Full text of Federal Reserve Bulletin : June 1925
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FEDERAL RESERVE BULLETIN JUNE, 1925 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Return of Great Britain to the Gold Standard Business Conditions in the United States Balance of Payments of the United States and of England WASHINGTON GOVERNMENT PRINTING OFFICE 1925 FEDERAL RESERVE BOARD Ex officlo members: D. R. CRISSINGBB, Governor EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. CHARLES S. GEORGE R. EDWARD H. Secretary of the Treasury, Chairman. J. W. MCINTOSH, Comptroller of the Currency. MILLER. HAMLIN. JAMES. CUNNINGHAM. WALTER WYATT, General Counsel. WALTER L. EDDY, Secretary. WALTER W. STEWART, Director, Division of Research and Statistics. E. A. GQLDENWEISER, Assistant Director, Division of P. HERSON, Research and Statistics. Chief, Division of Examination, and Chief Federal E. L. SMEAD, Chief, Division of Bank Operations. Reserve Examiner. J. C. NOBLL, Assistant Secretary. W. M. IMLAT, Fiscal Agent. J. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) _ CHAS. A. MORSS. District No. 2 (NEW YORK) PAUL M. WARBURG, President. District No. 3 (PHILADELPHIA) District No. 4 (CLEVELAND) L. L. R U E . _ _ District No. 5 (RICHMOND) GEORGE A. COULTON. JOHN M. MILLER, Jr. District No. 6 (ATLANTA) OSCAR WELLS. District No. 7 (CHICAGO) FRANK O. WETMORE. District No. 8 (ST. LOUIS) BRECKINRIDGE JONES. District No. 9 (MINNEAPOLIS) G. H. PRINCE. District No. 10 (KANSAS CITY) E. F. SWINNEY, Vice President District No. 11 (DALLAS) District No. 12 (SAN FRANCISCO) II _ W. M. MCGREGOR. HENRY S. M C K E E . OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank o— f Chairman Cashier Deputy governor Governor Boston New York. Frederic H. Curtiss Pierre Jay W. P. G. Harding.. BenJ. Strong W. W. Paddock J. H. Case R. F. Sailer G. L. Harrison E. R. Kenzel PhiladelphiaCleveland Richmond Atlanta Chicago R. L. Austin D. C. Wills Wm. W. Hoxton Oscar Newton Wm. A. Heath Geo. W. Norris. E. R. Fancher.. George J. 8eay~ J. B. MoDougal. Wm. H. Hutt M. J. Fleming Frank J. ZurfindenC. A. Peple R. H. Broaddus J. L. Campbell Creed Taylor C. R. McKay John H. Blair St. Louis Minneapolis.. Wm. McC. Martin John R. Mitchell D. C. Biggs R. A. Young Kansas City.. Dallas M. L. McClure Lynn P. Talley John Perrin W.J. Bailey B. A. McKinney.. J. U. Calkins San Francisco M. B. Wellborn. W. C. Bachman.i K. O. Childs.i J. H. Dillard.i D. A. Jones.1 O. J. Netterstrom.i Clarke Washburne.* J. W. White. Gray Warren. Frank C. Dunlop.1 O. M. Attebery W. B Geery B. V. Moore Harry Yaeger 2 O. A. Worthington. R.R.Gilbert R. B. Coleman Wm. A. Day Ira Clerk L. O. Pontious 2 * Controller. W. Willett. L. H. Hendricks,* A. W. GilbarU J. W. Jones.* G. E. Chapin.* Ray M. Gidney. L. R. Rounds.1 C. A. Mcllhenny J. C. Nevin. Geo. H. Keesee. John 8. Walden, Jr.» M. W. Bell. J. W. Helm. Fred Harris. W. N. Ambrose. Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank o— f New York: Buffalo branch Cleveland: Cincinnati branch Pittsburgh branch Richmond: Baltimore branch Atlanta: New Orleans branch . Jacksonville branch Birmingham branch Nashville branch Chicago: Detroit branch St. Louis: Louisville branch Memphis branch Little Rock branch... Managing director W. W. Schneckenburger. L. W. Manning. Geo. DeCamp. A. H. Dudley. Marcus Walker. Geo. R. DeSaussure. A. E. Walker. J. B. Fort, jr. W. R. Cation. W. P. Kincheloe. V. S. Fuoua. A. F. Bailey Federal Reserve Bank o— f Minneapolis: Helena branch Kansas City: Omaha branch Denver branch Oklahoma City branch Dallas: El Paso branch.. Houston branch San Francisco: Los Angeles branch Portland branch Salt Lake City branch Seattle branch Spokane branch Managing director R. E. Towle. L. H. Earhart. J. E. Olson. C. E. Daniel. M. Crump. D. P. Reordan. R. B. Motherweli. Frederick Greenwood. C. R. Shaw. W. L. Partner. SUBSCRIPTION PRICE OF BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal reserve banks and member banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2* Single copies will be sold at 20 cents. THE FEDERAL RESERVE BULLETIN in TABLE OF CONTENTS The month: Review of the month—Return of Great Britain to the gold standard British gold standard act and report of committee on currency Business conditions in the United States Balance of payments of the United States and of England in 1924 Special article: Earnings and expenses of member banks Official: Changes in State bank membership Changes in national bank membership Fiduciary powers granted to national banks Business statistics for the United States: Industrial activity Commodity movements Wholesale and retail trade Foreign banking and business conditions: The Belgian National Bank in 1924. Banking office of the Ministry of Finance of Czechoslovakia 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 All member banks—Abstract of condition reports on April 6, 1925 Bank debits Money rates in principal cities Money in circulation Gold and silver imports and exports Foreign branches of American banks Foreign exchange rates and index IV ___ __ Page. 369 375 379 406 402 408 409 408 410 413 414 416 417 419 422 ^_ 423 424 425 426 430 431 432 442 441 433 434 435 436 440 443 441 444 407 445 FEDERAL RESERVE BULLETIN VOL. 11 JUNE, 1925 REVIEW OF THE MONTH Restoration of a free gold market in London after a period of 10 years has put Great Britain once more on the gold standard. Restoration of A t t h ^ of E land>s r e t u r n gold standard. to a gold basis several other countries took similar action, and this, together with the fact that for more than a year many other European currencies have been stabilized with reference tp gold, removes from the major part of the world's commerce and finance the uncertainties arising from wide and abrupt fluctuations of exchanges. Free gold movements between countries that have reestablished the gold standard will not only limit fluctuations of exchange rates but will again relate changes in the gold holdings of central banks to credit conditions at home and abroad and thus make changes in their reserve positions important factors in their credit policies. With the principal money markets of the world once more free gold markets and the exchanges between them stable, the flow of funds between these markets will respond more freely to differences in money rates and credit conditions. Credits in countries on the gold standard become interchangeable practically at par with dollar credits, which have been continuously equivalent to gold, and short-time funds will thus tend to be distributed more nearly in response to current demands as reflected in higher rates. With the removal of barriers arising from the risks of exchange, borrowing particularly for purposes of financing international trade will be drawn to the markets where money is cheapest. Thus the resumption of gold payments by the chief trading countries of the world furnishes a basis for the functioning of those forces which before the war operated to maintain a close contact between the money markets of the world. No. 6 The decision of the British Government to remove the embargo on the exportation of gold was announced by the ChanGreat Britain's n • ,i i p gold standard act. c e U o r o f ^ Exchequer on April 28, when he stated that the law of 1920 prohibiting gold exports for a period of five years, except under special license, would be permitted to lapse on December 31, 1925, and that for the remainder of this year the Bank of England would be given a general license to export gold. Control of gold exports in Great Britain, which from the outbreak of the war until the legal prohibition in 1920 was by informal methods, has applied since that time to all gold except to newly mined gold produced in the British Dominions and imported into England. In removing restrictions upon gold exports the British Government adopted certain safeguards against the dissipation of the gold reserves through the reintroduction of gold coins into circulation and against the speculative hazards to which the pound sterling might be exposed in the period immediately following resumption. These safeguards were incorporated in a bill " to facilitate the return to a gold standard and for purposes connected therewith" to be known as the Gold Standard Act, 1925, which became law on May 13 and is reprinted on page 375. It was recognized that a return to the use of gold currency in domestic circulation was not necessary for the purpose of the operation of the international gold standard, and the Chancellor of the Exchequer said that this use of gold would be an unwarrantable extravagance which the present financial stringency does not permit England to indulge in. In order to prevent the loss of gold into circulation, the bill relieves the Bank of England of the obligation to redeem its own notes and currency notes in gold coin and relieves the mint of the obligation to coin gold 369 370 FEDEEAL RESERVE BULLETIN bullion presented to it by anyone except the Bank of England. The bank, however, is required to sell gold in bars containing approximately 400 ounces to any person at the price of £3 17s. lOj^d. per ounce gold of standard fineness, that is, in units of about £ 1,700. Thus, while the bank is protected against a demand for gold coin for domestic circulation, it stands ready to meet all demands for gold bullion for export purposes. The provision of the bank act of 1844, under which the Bank of England is obliged to purchase at a fixed price all gold offered, remains in force. As a means of supporting sterling exchange in case of speculative pressure the gold standard bill furthermore authorizes the treasury to u issue, either within or without the United Kingdom and either in British or in any other currency, such securities bearing such rate of interest and subject to such conditions as to repayment, redemption, or otherwise as they think fit/7 and to u guarantee in such manner and on such terms and conditions as they think proper the payment of interest and principal of any loan which may be raised for such purpose.7? All loans raised under this provision must be repaid within two years, and an}7 guarantee given by the treasury will also expire in two years from the date upon which it is given. In furtherance of the objects of these provisions, American credits aggregating $300,000,000 have been established, the details of which are discussed later in this review. In reaching a decision to return to the gold standard at this time the British Government was guided by the recommendaReport of tions of a committee * which, exp^rTs^ 6 o f in addition to considering whether the time had come to amalgamate the treasury note issue with the Bank of England note issue, also entered into the question whether a return to the gold standard on the basis of the pre-war sovereign was desirable, and, if so, how and when the steps required to achieve it should be taken. In its report the committee expresses its agreement with the principles laid down in 1918 by the Cunliffe committee and after consider1 Reprinted on pages 375-378. JUNE, 1925 ing various alternatives reaches the conclusion that the gold standard must be reestablished in England on the basis of the pre-war gold content of the sovereign. Neither devaluation nor the substitution- of the commodity price level for gold as the regulating principle of the currency appeared to the committee to be desirable. The committee's analysis of England's position in foreign trade indicated that the existing volume of exports, visible and invisible, together with the income derived from foreign investments, was undoubtedly sufficient to meet England's foreign debts and to pay for necessary imports, leaving a moderate balance for foreign investments.2 u I n these circumstances/' the committee continues, "a free gold market could readily be established and maintained at the pre-war parity, provided that by control of credit we adjusted the internal purchasing power of the pound to its exchange parity, and restricted our foreign investments to our normal export surplus/ 7 While the committee believed that the price level in England was still too high relative to the level in the United States, it was its opinion that the adjustment could be accomplished without serious disturbance, particularly in view of the fact that sterling exchange at the time of the report in February was only 1^2 per cent below parity. On the subject of the amalgamation of the two kinds of note issue, the Bank of England note, issued only in exchange for gold, and the currency note, issued by the treasury and secured largely by Government obligations, the committee recommended that no action be taken for the present, that the limit of the currency issue, by which the actual maximum for one year becomes the legal maximum for the next year* be maintained and that the Bank of England take over the currency notes at such a time in the future when experience will have demonstrated what amount can be kept in circulation without resulting in a drain on the bank's gold reserves. As an immediate step the committee recommended that the 2 A statement of England's balance of payments for recent years is presented on page 406. JUNE, 1925 FEDEKAL KESEKVE BULLETIN 371 trade conditions, prices in Great Britain declined considerably, while prices in the United States advanced. From less than 4 per cent below par sterling exchange declined during the remainder of 1923 to a low point in January, 1924, more than 12 per cent below par. An almost uninterrupted rise during 1924 and the early part of 1925 brought sterling to within Financial policy , j .. ,-, n , . • 1 per cent of parity at the time of the announceprior to resumption. £et> reduction in the floating ment of the resumption of gold payments. debt, funding of the indebtedness to the United States, rigid adherence to STERLING EXCHANGE IN NEW YORK the limitation upon note issue, and a policy of credit control. The budget not only has been balanced but there has been a surplus which PAR=$ 4.8665 enabled the Government to reduce the floating I debt held in large part by the banks. Between the end of 1920 and the end of 1924 this debt was reduced by nearly 40 per cent, or £560,000,000, and the reduction was accom- $3 1925 1919 1920 1921 1922 1924panied by substantial declines, especially during 1921 and the early part of 1922, in the inIn order to relieve the exchange market vestments, bill holdings, and deposits of the during the remainder of this year from dejoint-stock banks. With the decline in their mands for dollar exchange by the treasury, holdings of treasury bills, the banks were in a particularly in the autumn, when Great Britposition to meet the increased credit demands ain's purchases of agricultural products abroad of commerce and industry without increasing are heaviest, the Chancellor of the Exchequer the total volume of bank credit in use. The announced that a sufficient amount of dollar policy of maintaining relatively high money exchan^ had been acquired to meet all payrates, especially during the past year, and of ments on the American debt not only in June discouraging excessive foreign lending con- but also in December. tributed to the advance of sterling exchange It was recognized by the committee advising toward parity. As a consequence of these the Government on the problems connected developments the extent of further necessary with resumption that the adadjustment in the exchange rate and in finanProvisions for vance of the pound sterling cial conditions following the announcement supporting exi , n of the removal of the gold embargo was greatly change. since last summer may have diminished and the ability of Great Britain been partly due to speculative to maintain an effective gold standard greatly buying, and that when parity was reached increased. profit taking by speculators might throw a Sterling exchange in the New York market strain on the exchange. Against this danger since 1919, when the pegging of the exchanges the committee regarded as a proper safeguard was discontinued, has under- the existence of adequate gold reserves and a ^ O n e w i d e fluctuations, as resolute use of those reserves for the purposes shown on the chart. The most for which they had been accumulated. The rapid and continuous advance in sterling oc- available reserves were in the committee's curred between the middle of 1921 and the opinion amply sufficient, but if it were deemed spring of 1923 when, owing partly to the operwise to acquire also a foreign credit, the credit ation of the factors already mentioned and to should be used only after a considerable amount £27,000,000 of gold held against currency notes be transferred to the bank and an equal amount of bank notes be substituted in the currency note account. This recommendation has been adopted and carried out. Important factors placing Great Britain in a position to reestablish the gold standard have been the balancing of the bud- v Par 372 FEDERAL RESERVE BULLETIN of gold had actually been exported, and the use of this credit should be considered from the point of view of the Bank of England's monetary policy as equivalent to a corresponding loss from its own reserves. " Unless these precautions are taken, borrowing abroad will, as has again and again happened when it has been resorted to as a remedy for exchange difficulties, merely aggravate the mischief which it has been applied to cure.77 In announcing the establishment of the credits in America the Chancellor of the Exchequer said: " These great credits across the Atlantic Ocean have been obtained and built up as a solemn warning to speculators of every kind and of every hue and in every country of the resistance which they will encounter and of the reserves with which they will be confronted, if they attempt to disturb the gold parity which Great Britain has now established.77 Two separate credits have been established in the United States—one hj the British Gov,.. ernment and one by the Bank American credits. _ _ . -i. of England. A credit of $100,000,000 was arranged by the British Government with J. P. Morgan & Co. and a credit of $200,000,000 by the Bank of England with the Federal Reserve Bank of New ^JTork in participation with other Federal reserve banks and with the approval of the Federal Reserve Board. Under its arrangement with the Bank of England the Federal Reserve Bank of New York undertakes to sell gold on credit to the Bank of England from time to time during the next two years, but not to exceed $200,000,000 outstanding at any one time. The credit is to bear interest to the extent that it is actually used at a rate 1 per cent above the New York reserve bank7s discount rate, with a minimum of 4 per cent and a maximum of 6 per cent, or, if the Federal reserve discount rate exceeds 6 per cent, then at the discount rate of the bank. The rate of interest to be paid by the British Government on the credit which it has established is to be determined in a similar manner. Upon the purchase of gold JUNE, 1925 the Bank of England will place on its books to the credit of the Federal Reserve Bank of New York an equivalent deposit in pounds sterling. This deposit may be used from time to time by arrangement with the Bank of England in the purchase of eligible sterling commercial bills which shall be guaranteed by the Bank of England, and in that case discount earned on the bills will be applied to the payment of interest. If occasion arises for the use of this credit, support can be given to sterling exchange either through the purchase of sterling bills in New York or abroad, or gold can be shipped to other countries on British account. Thus the Bank of England could meet a foreign demand for gold without reducing its own reserves, or it could replenish its reserves by withdrawing gold from this country or by earmarking it in New York. The form in which the credit would be used would depend upon the circumstances at the time. In making these arrangements with the Bank of England, the Federal Reserve Bank of New York proceeded under authority of the Federal reserve act, which, in addition to granting the reserve banks power to make contracts, authorizes them under rules and regulations prescribed by the Federal Reserve Board to deal in gold coin or bullion at home or abroad, to purchase and sell in the open market at home or abroad, cable transfers or bankers7 acceptances and bills of exchange of the kinds and maturities eligible for rediscount; and, with the consent or upon the order and direction of the Federal Reserve Board, to open and maintain accounts in foreign countries, appoint correspondents, and establish agencies in such countries wheresoever it may be deemed best for the purpose of purchasing, selling, and collecting bills of exchange, and, with the consent of the Federal Reserve Board, to open and maintain banking accounts for such foreign correspondents or agencies. In January of this year the Federal Reserve Bank of New York was authorized by the Federal Reserve Board to make the arrange- JUNE, 1925 FEDEEAL RESERVE BULLETIN ments with the Bank of England which have been described. After the passage of the gold standard act by the British Parliament in May, the Federal Reserve Board approved in detail the arrangements made by the New York Federal Reserve Bank. In giving approval the board believed that the arrangement would be an effective aid toward general resumption of gold payments. Commenting upon the participation of the Federal reserve system in the arrangements made to facilitate the return Comments of of Great Britain to the gold Advisory Council. standard, the Federal Advisory Council, which held a regular meeting in Washington on May 22, said in part: " I t is with the deepest satisfaction that the council has noted the arrangements now made, with the approval of the Federal Reserve Board, between the Bank of England on the one hand and the several Federal reserve banks under the auspices of the Federal Reserve Bank of New York on the other. These arrangements, in the view of the council, will benefit not only the two countries directly involved but they will inure to the advantage of the entire world. The council feels confident that in the annals of the Federal reserve system these arrangements will be written down as one of its proudest and most constructive achievements. It is an impressive demonstration of the efficiency of the Federal reserve act, as at present constituted, that we are able to render assistance on a liberal scale without fear of adverse effect upon our own financial conditions.;; Restoration of the gold standard in Great Britain was accompanied by similar action by Australia, New Zealand, the International Netherlands, and the Dutch trade and the gold E a g t I n d i e s GoM nts standard. i • o i had been resumed in Sweden a year earlier and on June 1 South Africa removed restrictions on gold exports. The return to a gold basis over so wide an area was preceded by a continuous advance toward gold 373 parity for about a year in most of the principal exchanges and by a narrowing of fluctuations in the value of other currencies. Furthermore, a number of European countries, though not in a position to restore freedom of gold movements, have maintained the foreign value of their currencies at a fixed relationship to gold and consequently have conducted their foreign trade on a gold value basis. This growth in the area, though still not world-wide, in which gold has been restored to its rdle as a standard, provides a broader and more stable basis for international trade than has prevailed at any time since the disorganization of the world's currencies which set in with the war. Reestablishment of the gold standard removes from commerce between nations that element of risk which arose from the uncertainties of fluctuating exchange rates, and free gold movements will exert an influence toward closer adjustment between price levels in different countries. The significance of the restoration of the international gold standard should be measured not only by the benefits that will result from greater stability but also by contrast with the declines and fluctuations in exchange that would have followed further postponement of the decisions to resume gold payments. These decisions give assurance that the exchanges of those countries which have returned to the gold basis will not be subject to sharp advances and declines and that trade with these countries, which include the largest purchasers of our agricultural products, can be conducted and financed with greater confidence and on a more secure basis. Restoration of an effective international gold standard from the viewpoint of the banking situation in the United States is of particular importance, because for the first time since the Federal reserve system was established gold movements, which for a decade have exerted an abnormal influence upon the position of the reserve banks, will be more largely controlled by the traditional influences which regulated the flow of gold under normal conditions. 374 FEDERAL. RESERVE BULLETIN Meeting of the Federal Advisory Council. JUNE, 1925 paired and that, instead of making efforts to balance budgets by taxation, the temptation for debasement of currencies in many countries would have continued indefinitely. In such circumstances true wages, and with that living standards, in competing countries would have been further reduced. We are familiar with the social consequences that would result from such conditions, and it is safe to conclude that we ourselves could not have escaped the effects of such a development which, among other things, would have involved a further great addition to our gold holdings. The advisory council, with these thoughts in mind, has over and again expressed the view that America should take every opportunity, that consistently and safely could be grasped, to aid foreign countries in their struggles toward regaining exchange stability, Since the last meeting of the Federal Advisory Coun- and that, when the time came to do so with confidence cil Great Britain has taken the long-expected step of and safety, the Federal reserve system should do its removing the embargo on the exportation of gold and, part. It is with the deepest satisfaction, therefore, that by reestablishing a free gold market in London, has once more anchored herself unreservedly to the gold standard. • the council has noted the arrangements now made, This event marks an epoch in the financial history of the with the approval of the Federal Reserve Board, postwar period. It means that the time has definitely between the Bank of England on the one hand and the come to an end when the world seemed to waver be- several Federal reserve banks, under the auspices of tween monetary systems frankly bottomed upon gold the Federal Reserve Bank of New York on the other. on the one hand and fluctuating exchanges and so- These arrangements, in the view of the council, will called " managed currencies " on the other. With the benefit not only the two countries directly involved, United States, England, the Dominions, Sweden, Hol- but they will inure to the advantage of the entire land, Germany, Austria, Hungary, and other countries world. The council feels confident that in the annals now returned to a gold basis or to gold exchange bases, of the Federal reserve system these arrangements will the sway of gold over the world's leading financial be written down as one of its proudest and most consystems once more has become an unchallenged fact. structive achievements. It is an impressive demonof the Federal reserve For the United States this deve]opment is of the stration of the efficiency that we are able to act, as at present constituted, render vastest importance. First, because we own approxi- assistance on a liberal scale without fear of adverse mately one-half of the world's monetary gold; second, effect upon our own financial conditions. because, in order to preserve for ourselves conditions Concentration of reserves and an elastic note issue of a well-balanced prosperity, foreign markets absorbing our surplus production are an imperative necessity, planned on broad lines enabled us during these last and it is idle to expect that without exchange stability years to absorb a flood of gold in such a manner as to the purchasing power of foreign countries may regain deprive it of the inflationary effects which some of our its full capacity; third, in present world conditions the European friends had expected it inevitably to prosale of our vast excess production to foreign buyers duce. Conversely, we may now envisage with can only be maintained on anything like the present equanimity the possibility of an outgo of hundreds of scale as long as we continue freely to absorb foreign millions of dollars of our surplus gold. The same securities. Our ability to do so, however, will depend process that enabled us to deprive the inflow of gold upon the degree of credit these foreign countries will of its potential ill effects places us now in a position to command here. We have, therefore, a vital interest lose vast amounts of it without entailing the necessity in seeing the credit of our customers placed on the of a marked contraction of circulation or of forced deflation. strongest possible basis. While it would seem unnecessary to add to the weight of these three points, a true picture of the outNOTE look is gained only if one considers what might have happened had England decided to continue the em- Redesignation of Governor of Federal Reserve Board. bargo on gold exports instead of restoring a free gold market. It would not seem an overstatement to Mr. D. R. Crissinger has been redesignated assume that in* such a case the world might have by the President to be governor of the Federal suffered another exchange collapse with all the uncertainty to trade which that implies; that private and Reserve Board for the year ending May 1, public credit in foreign lands would have been im- 1926. A regular statutory meeting of the Federal Advisory Council was held in Washington on Friday, May 22, at which the various Federal reserve districts were represented. General business and financial conditions throughout the country were discussed, as well as the recent arrangements between the Federal reserve banks and the Bank of England regarding a revolving credit to the latter institution of $200,000,000. In this connection the council issued the following statement: JUNE, 1925 375 FEDERAL RESERVE BULLETIN BRITISH GOLD STANDARD ACT AND REPORT OF COMMITTEE ON CURRENCY There is presented below the text of the bill passed by the British Parliament a t o facilitate the return to a gold standard and for purposes connected therewith.1' Following the bill is the full text of the report of the committee of experts on the currency and Bank of England note issues presented on February 5 and made public on April 28. GOLD STANDARD ACT, 1925 1. (1) Unless and until His Majesty by proclamation otherwise directs— (a) The Bank of England, notwithstanding anything in any act, shall not be bound to pay any note of the bank (in this act referred to as " a bank note") in legal coin within the meaning of section 6 of the Bank of England act, 1833, and bank notes shall not cease to be legal tender by reason that the bank does not continue to pay bank notes in such legal coin. (b) Subsection (3) of section 1 of the currency and bank notes act, 1914 (which provides that the holder of a currency note shall be entitled to obtain payment for the note at its face value in gold coin), shall cease to have effect. (c) Section 8 of the coinage act, 1870 (which entitles any person bringing gold bullion to the mint to have it assayed, coined, and delivered to him), shall, except as respects gold bullion brought to the mint by the Bank of England, cease to have effect. (2) So long as the preceding subsection remains in force the Bank of England shall be bound to sell to any person who makes a demand in that behalf at the head office of the bank during the office hours of the bank, and pays the purchase price in any legal tender, gold bullion at the price of £3 17s. lOJ^d. per ounce troy of gold of the standard of fineness prescribed for gold coin by the coinage act, 1870, but only in the form of bars containing approximately 400 ounces troy of fine gold. 2. (1) Any money required for the purpose of exchange operations in connection with the return to a gold standard may be raised within two years after the passing of this act in such manner as the treasury think fit, and for that purpose they may create and issue, either within or without the United Kingdom and either in British or in any other currency, such securities bearing such rate of interest and subject to such conditions as to repayment, redemption, or otherwise as they think fit, and may guarantee in such manner and on such terms and conditions as they think proper the payment of interest and principal of any loan which may be raised for such purpose as aforesaid: Provided that any securities created or issued under this section shall be redeemed within two years of the date of their issue, and no guarantee shall be given under this section so as to be in force after two years from the date upon which it is given. (2) The principal and interest of any money raised under this act, and any sums payable by the treasury in fulfilling any guarantee given under this act, together with any expenses incurred by the treasury in connection with, or with a view to the exercise of, their powers under this section shall be charged on the consolidated fund of the United Kingdom or the growing produce thereof. (3) Where by any appropriation act passed after the commencement of this act power is conferred on the treasury to borrow money up to a specified amount, any sums which may at the time of the passing of that act have been borrowed or guaranteed by the treasury in pursuance of this section and are then outstanding shall be treated as having been raised in exercise of the power conferred by the said appropriation act and the amount which may be borrowed under that act shall be reduced accordingly. 3. This act mav be cited as the gold standard act, 1925. REPORT OF THE COMMITTEE ON THE CURRENCY AND BANK OF ENGLAND NOTE ISSUES TREASURY MINUTE DATED JUNE 10, 1924 The Chancellor of the Exchequer proposes to the board that the following committee should be appointed to consider whether the time has now come to amalgamate the Treasury note issue with the Bank of England note issue, and, if so, on what terms and conditions the amalgamation should be carried out: The Right Hon. Austen Chamberlain, M. P. (chairman); Sir John Bradbury, G. C. B.; Mr. Gaspard Farrer; Sir O. E. Niemeyer, K. C. B.; and Mr. A. C. Pigou. My lords concur. TEXT OF REPORT May it please your lordships, (1) By Treasury minute of June 10, 1924, we were appointed a committee to consider whether the time has now come to amalgamate, the Treasury note issue with the Bank of England note issue, and, if so, on what terms and conditions the amalgamation should be carried out. (2) We have held 9 meetings and have heard 13 witnesses, including the governor of the Bank of England, Mr. McKenna, Sir Robert Home, Professor Cannan, Sir George Paish, Mr. Keynes and representatives of the clearing banks, the Association of British Chambers of Commerce, and the Federation of British Industries. (3) The greater part of our evidence was taken during the months of June, July, and September, 1924, when the sterling dollar exchange was still at a discount of 10 to 12 per cent, but we heard the governor of the Bank of England a second time on the 28th of January, 1925. On accepting office as Secretary of State for Foreign Affairs, Mr. Chamberlain ceased to act as a member of the committee. Sir John (now Lord) Bradbury took the chair at the remaining meetings. THE CUNLIFFE COMMITTEE'S RECOMMENDATION (4) The natural starting point of our inquiry was the recommendation of the committee on currency and foreign exchanges after the war (the Cunliffe committee), that the currency note issue should be transferred to the Bank of England when it had been ascertained, from experience in a free gold export market, what fiduciary issue is compatible with the maintenance of a central gold reserve of £150,000,000. 376 FEDERAL RESERVE BULLETIN (5) These conditions have not yet been fulfilled, and we have found it necessary to enter somewhat fully into the questions whether a return to the gold standard on the basis of the pre-war sovereign is, in present circumstances, no less desirable than at the time of the Cunliffe committee's report; and if so, how and when the steps required to achieve it should be taken. THE GOLD STANDARD (6) The alternatives are— (a) To return to the gold standard on the basis of a devalued sovereign, i. e., the reestablishment of a free gold market with a unit identical in name but of a lesser gold content than the pre-war unit, and (b) To attempt to find a basis for the currency unit other than gold. (7) The former need not, now that the current exchange rates are already within a small percentage of the pre-war parity, be seriously considered. It was never, in our opinion, a policy which the United Kingdom could have adopted. (8) The latter, in the form of proposals for substituting the price level of commodities in general for gold as the regulating principle of the currency, has been fully and carefully explained in evidence before us. We need not here set out the arguments by which it is supported, which have been published and are now well known. "We need only say that, as a practical present-day policy for this country, there is, in our opinion, no alternative comparable with a return to the former gold parity of the sovereign. In this conclusion we are supported by the overwhelming majority of opinion, both financial and industrial, represented in evidence before us. (9) Starting from this fundamental position, we propose to confine ourselves to answering the questions when and how this restoration is to be brought about. (10) When we first began to consider our report in September last, the ruling rates of exchange on New York were still 10 to 12 per cent below gold parity, and there was some anxiety whether the normal autumn pressure would not result in a renewed depreciation of the pound, and whether the limitation on the amount of the fiduciary issue of currency notes prescribed by the Treasury minute of December 15, 1919, could be maintained over Christmas without giving rise to conditions necessitating a sharp rise of money rates. (11) We entertained no doubt, however, even at that time, of the ability of Great Britain, notwithstanding the fact that her international financial situation is in some respects less satisfactory than it was before the war, to restore and maintain the gold standard at the pre-war parity, at any time it might be thought prudent to do so. (12) In spite of the special influences which have, during the last few years, exercised an adverse influence (of which the principal are industrial stagnation and the disturbance of international trade resulting from post-war conditions, and the fact the we are paying interest and sinking fund on our war debt to America without as yet receiving an adequate counterpart from our continental debtors), our existing volume of exports, visible and invisible, together with the income we derive from foreign investments is still undoubtedly sufficient to meet our foreign debts and pay for our necessary imports, and even to supply a moderate balance for new foreign investment. (13) In these circumstances a free gold market could readily be established and maintained at the pre-war parity, provided that by control of credit we adjusted JUNE, 1925 the internal purchasing power of the pound to its exchange parity, and restricted our foreign investments to our normal export surplus. (14) Further, we were satisfied that the mere announcement that the power to prohibit the export of gold would not be continued beyond December 31, 1925, would automatically and rapidly bring about the credit conditions necessary to effect these adjustments, and that the effective gold standard could thus be restored without further danger or inconvenience than that which is inevitable in any period of credit restriction and falling prices. (15) At that time the British and American price levels appeared on the surface—though it is not safe to attempt to draw precise conclusions from a comparison of index figures compiled on different bases—to be fairly well adjusted to the current rate of exchange; and it was, therefore, to be expected that a fall in sterling prices of some 10 or 12 per cent, or a similar rise in dollar prices, would have had to take place before equilibrium could be secured with the exchanges at the pre-war parity. (16) The problem as it then presented itself was whether the undoubted advantages of an immediate return to parity were a sufficient compensation for the inconveniences—temporary though possibly severe while they lasted—of the measure of " deflation" necessary to bring about the adjustment, or whether it would not be more prudent to pursue, at least for a few months longer, a waiting policy in the hope that the disparity would disappear through a rise in American prices (of the probability of which there appeared to be indications). (17) Our provisional conclusion was that the return to parity and resumption of the free gold market, though it ought not to be much longer deferred, could not be regarded as a matter of such extreme urgency as to justify a credit policy calculated to bring down domestic prices if the same practical result could reasonably be expected to be attained within a very few months by a policy designed merely to prevent them from rising concurrently with a rise elsewhere. (18) The favorable course since September of the dollar exchange (which now stands only 1 ^ per cent below gold parity) and the fact that the restrictions on the fiduciary issue of currency notes have been maintained without inconvenience have, however, altered the situation. Indeed, if British domestic prices had already adjusted themselves to the improved exchange value of sterling, the problem would have been solved and we are satisfied that the free export of gold could have been resumed forthwith without danger either of appreciable depletion of our existing gold reserves or of making recourse necessary to any special measures in restriction of credit. (19) The discrepancy between British and American gold prices which existed in September has not, however, disappeared, though it has been reduced. We must still be prepared to face a fall in the final price level here of a significant, though not very large, amount, unless it should happen that a corresponding rise takes place in America, if the rate of exchange is to be restored to and held at the pre-war parity. (20) In present conditions, however, this argument against immediate action has not, in our opinion, great weight. For the adjustment of price levels required to restore and maintain pre-war parity needs to be only some l}4 per cent larger than that required to hold the exchange at its present rate. If the adjustment of price levels necessary to this end is long deferred, the exchange will inevitably fall back to the JUNE, 1925 FEDERAL RESERVE BUILLETTN rate justified by the comparative price levels—or below it, since the psychological causes which have operrated to force it up will tend to act in the other direction—and a period of fluctuating values is likely to ensue. To allow the exchange to fall back now with the certainty of having later on to raise it again would be a short-sighted policy, injurious to trade and industry. But, if this view is accepted and we are prepared to face any price adjustment which may be necessary to maintain the present exchange rate, there is nothing to be said for refusing to accept the very small (lj<jj per cent) extra adjustment involved in the reestablishment of an effective gold standard. (21) The attitude of the Dominions and foreign countries toward the question of an early return to the gold standard is also a material consideration. The Union of South Africa has already decided to take the step in the course of this summer. Other Dominions will undoubtedly follow our lead and may if we delay precede us. The same is true of Holland and Switzerland and possibly other European countries. Although the convertibility of the new German currency into gold is under existing legislation suspended, a high degree of stability has been attained and the establishment of the full gold standard—effectively and even formally—may take place in the early future. (22) Economic conditions in America give promise of a period of financial stability, thus reducing the risk of dangerous reactions during the initial months of a free gold market; and prevailing sentiment there would be likely to be helpful. (23) We therefore recommend that the early return to the gold basis should forthwith be declared to be the irrevocable policy of His Majesty's Government and that it should be definitely stated that the existing restrictions on the export of gold, which expire on the 31st December next, will not be renewed. A general license should at the same time be given to export gold sold by the bank for export and the bank should between now and the date of expiry of the export prohibition avail themselves freely of it whenever the exchange is below the normal export specie point, making good any consequential drafts upon the reserve in the Banking Department in accordance with traditional practice. As from the date of the announcement until such time as the arrangements governing the fiduciary issue can be put on a permanent basis, the existing limitation of that issue should be strictly maintained. (24) We are satisfied that this policy can, given the loyal cooperation of the principal British institutions which control the supply of credit, be carried through without risk by the Bank of England without external assistance. Indeed such assistance, if it took the form of foreign credits to be used on any considerable scale to mitigate the effect of the policy upon credit conditions in the United Kingdom, would really serve to counteract the very forces on the operation of which we rely for its success. (25) On the other hand, the existence of a substantial American credit known to be available for use in sudden emergencies would tend to discourage speculation and contribute to the creation of a general atmosphere of confidence favorable to the smooth working of the operation. (26) The appreciation of sterling which has taken place since November, 1924, has been due partly to the belief that an effective gold standard will shortly be restored in this country, and only partly to a lessening of the difference between the purchasing power of sterling and of gold. 377 (27) In so far as this confidence in the future of sterling has allowed the resumption of those normal operations between New York and London which had * been interrupted by political uncertainty and distrust in the preceding 12 months, no reactionary consequences are to be feared. (28) There has, however, undoubtedly been a considerable element of speculation in connection with that movement, the extent of which can not be exactly determined. To this unknown extent there may be a tendency, when parity has been reached, for realization of the speculative positions to throw a concentrated strain on the exchange. (29) The proper safeguard against such a danger is in the size of the gold reserves and in the resolute use of these reserves (if required) for the purposes for which they have been accumulated. (30) We believe that the existing gold reserves are amply sufficient for this purpose, and that a conviction that there will be no hesitation in using them, even though this may involve a temporary increase in bank rate, will go far to obviate the danger we refer to. If, however, it is thought necessary to make assurance doubly sure by the provision of a gold credit, we feel strongly that recourse should not be made to it unless and until substantial gold exports have taken place and are already producing their normal effects on the monetary situation at home, and in the event of the credit being actually drawn upon, the amount drawn should,, until it has been repaid, be treated from the point of viewof the Bank of England's monetary policy as equivalent, to a corresponding loss from its own reserves. (31) Unless these precautions are taken, borrowing, abroad will, as has again and again happened when i t has been resorted to as a remedy for exchange difficulties, merely aggravate the mischief which it has been applied to cure. (32) In making these observations and suggesting these precautions, we must not be understood as anticipating that either the steps which we propose should be taken at once to prepare the way for the return to a free gold market at the end of the year or the actual return on that date may be expected to lead either to a heavy loss of gold or to a serious consequential restriction of domestic credit. British experience of the restoration of the gold standard after the French wars, 100 years ago, and the recent experience of continental countries which have taken steps, under far more difficult conditions, to rehabilitate their currencies, have shown that a courageous policy in currency matters surmounts apparently formidable obstacles with surprising ease. We believe that on this point history will repeat itself. It is possible that some temporary increase in money rates will be necessary to bring about the necessary adjustment of sterling prices to the gold level. We are satisfied, however, that the assimilation of British currency to the gold currencies of the world is so necessary for the ultimate prosperity of British trade that any temporary disadvantage, if such arise, from the measures necessary to maintain parity will be many times outweighed. (33) Indeed, such credit restriction as may become necessary to adjust the general level of sterling prices to a free gold market may well be less drastic than that which Vould be required in order to maintain a " managed" pound in the neighborhood of parity. If the gold standard is firmly reestablished, the danger of apprehensions as to the future of exchange leading to sudden withdrawals of foreign balances or foreign investment money will be eliminated, and the risk— 378 FEDERAL EESEEVE BULLETTX inevitable under the present regime—of excessive British lending to foreign countries will be reduced. (34) With a free gold market, any tendency to lend abroad more than we can afford leads to a drain of gold, which, unless redressed by the sale of existing foreign investments, reacts on the. general credit situation in London in such a way as to put a stop to new foreign borrowing. (35) Under existing conditions the result of excessive lending to foreign countries instead of giving an immediate danger signal through its effect on the gold reserves is more obscurely reflected in the general disturbance of the exchanges. (36) We are of the opinion that unless a free gold market is restored the danger of such overlencling on foreign account in the near future will be considerable and a situation may easily develop in which the pressure on our foreign exchanges, resulting from oyerlending to foreign countries, will necessitate a restriction of general credit. THE AMALGAMATION OF THE NOTE ISSUES (37) We return now to the recommendation of the Cunliffe committee with respect to the amalgamation of the note issues. We have to consider whether the assumption by the Bank of England of the currency note issue must await the experience of the problem of maintaining a minimum gold reserve, whether of £150,000,000, as recommended by the Cunliffe committee, or of some other figure. (38) It is clear that throughout their report the Cunliffe committee contemplated a much earlier removal of the prohibition of gold exports than has actually been deemed expedient, and suggestions have been made to us that the amalgamation of the issues should precede instead of following the restoration of the free gold market* with a view to indicating that the policy of the Government is to restore parity and for the sake of the effect of such an indication upon the foreign exchanges. (39) If our recommendation in regard to the nonrenewal of the prohibition of gold exports is adopted the arguments for altering the sequence of events proposed by the Cunliffe committee cease to operate, and the precise date of amalgamation loses most of its importance. We associate ourselves with the decided preference expressed by the Cunliffe committee for the principle of a fixed fiduciary issue, and it is as true to-day as five years ago that the permanent fiduciary issue can not be fixed, except with reference to the actual conditions of a free gold market. It is hardly more feasible to legislate for a progressive reduction to the final figure by definite stages, at any of which the process may be subjected to unforeseen disturbances. The Treasury can not escape from the responsibility for the existing issue; we doubt whether the bank would accept it until the time when effective control can also be given to them. (40) In this connection we think it necessary to observe that the ultimate dimensions both of the central gold reserve and of the fiduciary issue must be to some extent dependent on whether, after the restoration of the gold standard, gold is or is not largely used for internal circulation. (41) The figure of £150,000,000 suggested for the gold reserve by the Cunliffe committee is based on the assumption that it will not be so used. If it were, a lower figure would suffice, regard being had to the value of gold in circulation as an emergency reserve, as was demonstrated in 1914. On the other hand, the total note circulation would be pro tanto reduced and the fiduciary portion would have to be smaller, both abso- JUXE. i925 lutely and proportionally than if there were no gold in circulation. (42) Any considerable flow of gold into domestic circulation would thus necessitate imports of the metal which would place an unnecessary burden on our foreign exchanges in a very difficult period. (43) We are of opinion that the use of gold for domestic circulation is a luxury which can well be dispensed with, and which we are in fact, at any rate during the next few years, not likely to be able to afford. (44) The payment of notes in gold coin upon demand is not in itself essential to the maintenance of the gold standard under modern conditions. An obligation upon the bank of issue to buy and sell gold at a fixed price is all that is necessary, and if in fact specie payments had been suspended during the war, we should not have recommended their resumption. (45) We should be glad, though mainly for historical and sentimental reasons, to make no formal change in the existing position under which gold coin is still legally obtainable for notes, and we think that the national habit of using paper currency, now firmly established, may suffice to prevent the absorption of any appreciable quantities of gold into domestic circulation, provided that the joint stock banks are able to assist such a policy by undertaking to abstain from asking for gold coin in exchange for notes either for themselves or for their customers, and from holding gold themselves, and in general by actively discouraging the use of gold among their customers. (46) If, however, there is any doubt whether this will be effective, then we are decidedly of opinion that steps must be taken forthwith by legislative enactment to prevent the internal circulation of gold coin, until such time as the gold standard has been firmly reestablished for the purposes of international transactions. (47) We think that, in any circumstances, all Bank of England notes, including the £1 and 10s. notes ultimately to be substituted for currency notes, should in future be payable in coin only at the head office of the bank, and not at the branch offices. (48) In any case the coinage of standard halfsovereigns should not be resumed. (49) Subject to this observation, we recommend that the policy with regard "to the transfer of the currency note issue to the Bank of England should remain as recommended by the Cunliffe committee. We should mention that the machinery of issue by the Bank of England of £1 and 10s. Bank of England notes can not be improvised at short notice. We understand that if the bank is to print its own notes at least a year will be required to set up the necessary organization, and this must be borne in mind in order that sufficient notice may be given to the bank. As soon as parity is restored we recommend that the bank be authorized to begin the provision of this machinery. Legislation would also be required to enable the bank to issue notes below £5, and to make those notes legal tender. (50) We anticipate that if the free gold market is restored at the end of 1925, the experience necessary to enable the amount of the fiduciary issue to be definitely fixed will have been obtained by the end of 1927. The transfer of the issue could then take place early in 1928. But it may well be possible to accelerate these dates in the light of experience. BRADBURY. GASPARD FARRER. O. E . NlEMEYER. A. C. PIGOU. N. E. YOUNG, Secretary. FEBRUARY 5, 1925. JUNE, 379 FEDERAL RESERVE BULLETIN 1925 BUSINESS CONDITIONS IN THE UNITED STATES Production in basic industries and factory employment continued at approximately the same level during April as in March. Factory pay rolls were smaller and wholesale prices declined sharply. Distribution of commodities was maintained at higher levels than a year ago. Production.—The output in basic industries declined less than 1 per cent in April. Decreased production of iron and steel, flour, and copper was largely offset in the Federal Reserve Board's production index by increases in mill consumption of cotton and in the production of newsprint and petroleum. The output of automobiles, which is not included in the index, has increased rapidly since December, and in April was the largest ever recorded. Automobile tire production was maintained at the high level reached in March. Number of men employed at industrial establishments remained practically the same in April as in March, but owing to less full-time operation, particularly in the textile, leather, and food industries, total factory pay rolls decreased about 2 per cent. Building contracts awarded during April were the largest on record both in value and in square feet. Estimates by the Department of Agriculture on May 1 indicated a reduction of 6 per cent from the April forecast in the yields of winter wheat and rye. The winter wheat crop is expected to be 25 per cent smaller than last year and the indicated yield of rye is 9 per cent less. Trade.—-Wholesale trade was smaller in all lines except hardware during April than in March. Compared with a year ago, sales of groceries and shoes were less, but sales of meats, dry goods, and drugs were larger. Sales at department stores and by mail-order houses showed more than the usual seasonal increase in April and were larger than during April, 1924. Wholesale stocks of groceries, shoes, and hardware were smaller at the end of April than a month earlier, while dry goods were larger. Merchandise stocks at department stores showed less than the usual seasonal increase in April, but were in about the same volume as a year ago. Freight-car loadings of merchandise were greater than in March and larger than in any previous April. Prices.—Wholesale prices, according to the index of the Bureau of Labor Statistics, declined 3 per cent in April, following an almost uninterrupted rise since the middle of 1924. All groups of commodities shared in the decline of prices except house furnishings and the miscellaneous group. The largest declines were in farm products and foods, which had shown the most rapid increases. During the first three weeks in May prices of grains, beef, hogs, flour, and rubber advanced, while declines occurred in cotton, wool, lumber, and iron prices. Bank credit.—At the middle of May total loans and investments of member banks in leading cities were near the level which has prevailed, with only minor fluctuations, since the first of the year. Loans, chiefly for commercial purposes, declined slightly between the middle of April and the middle of May, while loans on securities rose to a high point at the end of April > PER CENT PER CENT 150 150 100 j PER CENT 200 200 ft 150 \ AT / 100 -100 50 50 - 50 50 PRODUCTION IN BASIC INDUSTRIES WHOLES/ \LE PRICES 0 0 1922 1323 1925 Index of 22 basic commodities adjusted for seasonal variations. 100.) Latest figure, April, 119 0 1922 1924- (1919= 1923 1924 1925 Index of United States Bureau of Labor Statistics. (1913=100, base adopted by bureau.) Latest figure, April, 156.2 380 FEDERAL RESERVE BULLETIN JUNE, 1925 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 10 FACTORY EMPLOYMENT AND PAYROLL 1922 1923 1924 1922 1925 1925 1923 Weeklyfiguresfor member banks in 101 leading cities. Latest figures, Index for 33 manufacturing industries. (1919=100.) Latest figure: Employment, 96; pay roll, 107.6 May 13 and decreased somewhat during the first two wreeks of May. Total investment holdings, which increased considerably during the first half of March, have declined somewhat since that time. Net demand deposits increased considerably from the low point at the end of March, but were still $500,000,000 less than at the middle of January. At the reserve banks there was a marked decline in the volume of member bank borrowing after the first week in May, and total earning assets of the reserve banks on May 20 were less than $1,000,000,000 for the first time since January. Acceptances and holdings of United States securities on that date were in about the same volume as a month earlier. Money conditions continued relatively easy during the latter part of April and the first part of May. At 3 ^ - 4 per cent, the open-market rate for prime commercial paper was slightly below the level for the preceding month. BUSINESS INDEXES OP THE FEDERAL RESERVE BOARD [Monthly average 1919-100] Production in Factory Factory Building Railroad- Wholecar sale employ- pay rolls contracts basic awarded1 loadings i trade ment indus- Year and month tries i January February March April May 1924 >. October Decemb r ._ 1925 January February March April 1 . _ . Department-store sales * Unadjusted Adjusted Department-store stocks i Unadjusted Adjusted Bank debits outside of New York City * 120 120 116 114 104 109 107 117 100 101 101 99 96 93 93 94 108 114 113 111 106 103 101 106 170 163 164 150 129 166 196 180 118 125 115 121 117 120 116 124 80 78 80 78 77 95 84 79 110 102 115 133 127 141 141 210 126 128 115 131 123 124 126 131 115 127 138 140 135 147 148 124 131 135 137 136 135 132 131 133 105 110 108 111 109 112 107 112 127 124 120 119 95 96 96 96 103 109 110 108 168 159 178 176 123 125 117 129 79 76 83 108 101 121 , 135 124 131 120 332 119 127 138 140 134 135 137 136 120 121 120 122 79 The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variation!; the indexes of department-store sales and stocks are shown both with and without seasonal adjustments BANK CREDIT Loans and investments of member banks in leading cities, which have fluctuated but little since the first of the year, showed practically no change between the middle of April and the middle of May, and on May 13 were $18,614,000,000. Commercial loans declined during the period in all except the Philadelphia, Chicago, and Kansas City districts, but were only about $100,000,000 below the level prevailing since last autumn. Loans secured by stocks and bonds, which early in April decreased somewhat from the high point reached in March, advanced in the last week in April to a new high point, but declined slightly in the first two weeks of May. The banks' investment holdings have remained practically constant since the third week in March about $170,000,000 below the high level of the latter months of 1924. Net demand deposits, after declining rapidly during the first three months of the year, increased during April and the first two weeks of May, and on May 13 were more than $200,000,000 above the low point for the year. The following table shows the principal resources and liabilities of member banks in leading cities for each week between April 15 and May 13, as well as changes for the four weeks and for the year ending May 13: LOANS, INVESTMENTS, AND DEPOSITS OP BANKS IN LEADING CITIES MEMBER Deposits Loans andi nvestments Date Loans Total ties 18,610 18,636 18, 716 18, 668 18,614 4,908 5,006 5,079 5,069 5,019 All other loans, Invest- Net delargely ments mand commercial 8,220 8,125 8,153 8,116 8,147 +111 +1,907 -73 +912 +200 Time 5,052 5,064 5,063 5,098 5,134 5,482 5,505 5,484 5,483 5,448 12,722 12,765 12,814 12,794 12,816 -34 +94 +82 +795 +1,320 +831 At the Federal reserve banks member-bank borrowing after the first week in May decreased sharply, principally in the New York district. Holdings of acceptances bought in the open market and of United States securities, after increasing slightly during the first two weeks in May, declined, and on May 20 were in about the same volume as a month earlier. Earning assets at the end of this period were less than $1,000,000,000 for the first time since January and about $150,000,000 below the high point for the year reached at the end of February. Deposits and Federal reserve notes declined slightly. The principal resources and liabilities of the Federal reserve banks for the period between April 22 and May 20 and changes for this period and since May, 1924, are shown in the following table: PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS [In millions of dollars Earning assets Date Apr. 22 Apr. 29 May 6 May 13 May 20.... „. Increase (+) or decrease (—): Four weeks ending May 20 Year ending May 20 1 Federal re Gov- Total Total serve Purredenote Dis- chased ernTotal i counts accept- ment serves posits circulation securities 1,053 1,028 1,077 1,014 412 400 411 339 276 267 278 283 276 -67 +191 +220 353 349 376 380 358 +5 +33 2,218 2,187 2,987 2,232 2,994 2,200 2,981 2,176 2,986 -5 ! -259 1,688 1,684 1,683 1,676 1,656 -42 -32 +191 -230 Including foreign loans on gold and all other earning assets. CONDITION OF ALL MEMBER In millions of dollars] Apr. 15 Apr. 22 Apr. 29 May 6_ May 13 Increase (+) or decrease (—): Four weeks ending May 13...Year e n d i n g May 13 381 FEDERAL RESERVE BULLETIN JUNE, 1925 BANKS Aggregate loans and investments of all member banks on April 6, 1925, were $29,285,000,000, as shown by the quarterly reports of condition recently become available and published on page 436 of this issue. This total represents an increase of $258,000,000 for the past quarter and nearly $2,500,000,000 since the end of March of last year. Total deposits, including demand, time, and United States Government deposits and balances due to banks, were $31,227,000,000, showing a decline of $1,135,000,000 since the end of 1924, but still nearly $3,000,000,000 above the level of a year ago. This decline, which occurred largely in demand deposits, is explained in part by the hig;h level of deposits at the end of the year, which was to some extent due to the usual accumulation at that time of a large volume of checks for clearing and collection. Time deposits increased during the quarter by $322,000,000. The increase in loans and investments for the year ending April 6 was almost equally 382 FEDERAL RESERVE BULLETIN distributed between loans and investments, which advanced by $1,214,000,000 and $1,239,000,000, respectively. Since the end of 1924, however, almost the entire increase was in the banks' loans, which increased during the period in all except the New York and Minneapolis districts and on April 6 were over $200,000,000 higher than at the beginning of the year. The table below brings out the fact that the loans of banks in central reserve cities declined during the past three months by about $200,000,000 and their investments by about onehalf that amount, while banks in other reserve cities and country banks reported increases both in their loans and in their investment holdings. During the preceding nine months investments increased in all classes of banks, while loans increased in banks of reserve cities and declined in country banks. In the following table are shown the amounts of the principal resources and liabilities of all member banks on April 6, 1925, and the extent of changes since December 31, 1924: JUNE, MONEY RATES Money conditions in the New York market continued relatively easy during the latter part of April and the first part of May. An increasing volume of commercial paper, which had been quoted at 4 per cent since the rise in money rates at the end of February, was sold at 3 ^ per cent during April, and during the second week of May prevailing rates were definitely established at from 3 % to 4 p % per y cent. The offering rate on 90-day bankers'' acceptances remained steady through the latter part of April and the first part of May at 3 J^, while both Government short-term securities and bonds showed a slightly lower yield. The renewal rate on call loans has continued to fluctuate between 3J^ and 4 per cent since the first week in April. The table below shows the rates prevailing in the New York market during the past three months. MONEY RATES IN N E W [In millions of dollars] months April 6, 1925 All Total loans and investments . Total loans 1 ___ Total investments United States securities. _ Other bonds and stocks. _ Total deposits... Demand deposits 2 Due to banks Time deposits United States deposits... 29,285 20,390 8,895 3,916 4,979 31, 227 16, 607 4,081 10,127 412 Central reserve city banks 7,349 5,345 2,004 1,079 925 8,317 5,397 1,697 1,140 83 Reserve Country city banks 10,295 7,411 2,884 1,399 1,485 11, 249 5,543 1,863 3, 591 252 banks 11,641 7,634 4,007 1,438 2,569 11, 661 5,667 521 5,396 77 Changes since December 31, 1924 All member banks +258 Total loans and 1 investments.. +208 Total loans +50 Total investments +13 United States securities.. +37 Other bonds and stocks.. -1,135 Total deposits -1,160 Demand deposits2 -467 Due to banks +322 Time deposits +170 United States deposits1 2 Central reserve city banks -311 -201 -110 -76 -34 -1,148 -957 -250 +22 +37 Reserve Country city banks banks +311 +244 +67 +46 +21 -29 -102 -189 +156 +106 Including rediscounts and overdrafts. Including certified and cashiers' checks outstanding. YORK Yield Prime Prime on cer- Average Renewyield, com- bank- tificates on 43^ al rate mercial of inon per paper, cept- debted- cent call 4-e ances, ness, Liberty loans 4-6 months! 90 days bonds PRINCIPAL RESOURCES AND LIABILITIES OF ALL MEMBER BANKS, APRIL 6, 1925 member banks 1925 +258 +165 +93 +43 +50 +42 -101 -28 +144 +27 March, 1925 April, 1925.... May, 1925. Average for week ending— May 2, 1925..__ May 9, 1925 May 16, 1925 _ May 23, 1925. May 30, 1925 1 2 !2. 78 2. 78 2. 73 4.02 3.96 3.97 3.86 3.82 2 3.93 3.94 3.94 3.93 3.90 3.85 3.70 3.75 3.95 2 2 4 3M-4 3M4 3M-4 2. 74 2. 73 2. 73 2 2. 73 2 2.73 2 2 Issues maturing June 15, 1925. Issues maturing Sept. 15, 1925. In the London money market rates hardened perceptibly after the middle of April, and treasury bills were tendered at an average rate of 4.420 during the first week of May as compared with 4.280 a month earlier. Bill rates rose during the same time from 4J^ to 4)^ per cent. ACCEPTANCE MARKET During the period from April 15 to May 20 relatively quiet conditions prevailed in the acceptance market, with the supply of bills somewhat in excess of the demand. During the first week of the period offering rates on 60 and 90 day unindorsed bills, which had been temporarily lowered to 3 per cent by some JUNE, 1925 FEDERAL RESERVE BULLETIN 383 DOMESTIC CAPITAL ISSUES dealers, were again advanced'to 3% Ver cent. During the following four weeks until May 20, [In millions of dollars] when dealers advanced rates in New York and Chicago a further y% per cent, rates in all disMarch, 1924 March, 1925 February, 1925 tricts were steady at 3 per cent for 30-day bills and 3 ^ per cent for those of 60 and 90New Refund- New Refund- New Refunding ing ing day maturities. In the New York market a larger supply of bills was in excess of demand, 374.2 252.9 11.5 48.2 70.3 248.0 and as a result dealers' portfolios reached Total corporate Long-term bonds 9.2 254.1 and notes 153.2 70.3 their peak of the year during the first week 165.7 44.3 Short-term bonds of May. Easier money conditions stimulated 24.2 and notes 32.5 14.5 3.0 Stocks 95.9 54.7 80.3 2.3 .9 both local and out-of-town demand to some Farm-loan issues 2.2 11.5 9.4 3.0 extent, but offerings to the Federal reserve Municipal99.0 108.3 1.4 2.0 75.3 3.0 bank nevertheless showed marked increase 354.1 12.9 51.2 367.8 Total 75.3 458.9 over the preceding period. In the Chicago market demand was light and, in spite of The total volume of foreign securities issued only a moderate supply of bills, dealers' purchases increased over the preceding period, in the United States during March amounted while sales fell off. A further development to $68,000,000, according to the compilation of this situation in both markets was the of the Federal Reserve Bank of New York. increase in rates reported by some dealers at This is only 45 per cent of the volume floated the close of the period. In Boston and in February and the smallest monthly total Philadelphia the market was comparatively since June, 1924. In April the total volume of foreign securities floated here was $67,240,inactive. Rates in the New York market on May 20 000, or about the same as in March. For the first four months of the current year foreign were 33^8 to 3M per cent bid and 3 to per cent offered on 30-day bills, 3M to ^g security flotations in the United States have per cent bid and 3 ^ to 3M per cent offered amounted to $362,000,000, an increase of on 60-day bills, 3^g per cent bid and 3M per $45,000,000 over the corresponding period of cent offered on 90-day bills, with Z% to ?>% 1924. per cent bid and 3^2 per cent offered on the SECURITY PRICES longest maturities. During May the prices of representative common stocks recovered from the low points CAPITAL ISSUES reached during the last part of March and According to the compilation of the Com- in numerous cases materially exceeded the mercial and Financial Chronicle, about $370,- higher levels attained earlier in the year. The 000,000 of new domestic securities were issued price index of 232 stocks computed by the in the United States during March, 1925. This Standard Statistics Co. was on May 18 4.8 represents a decline, from new domestic financ- points higher than on April 27 and 1.6 points ing in February, of $90,000,000, which was due below the highest figure reached in 1925. entirely to smaller flotations of corporate securi- Though both industrials and rails shared in ties, since both farm loan and municipal issues the advance, the recovery was more marked in increased. Both new bonds and notes and new the case of the former, the average of 201 instock flotations were smaller than in February, dustrial stocks on May 18 being only 0.9 point public utility and railroad issues in particular below its high as compared with 3.7 points for accounting for most of the decrease. The the average of 31 rails. Increased market total volume of corporate refunding operations, activity accompanied rising prices during May, on the other hand, exceeded the preceding and the average number of shares sold daily month. The following table shows the domes- after the first week of May was at about the tic securities issued in March, 1925, as com- same rate as in February and March. Along pared with those of the previous month and with easier money rates, bond prices rose to new high levels. The following table gives of March, 1924: 384 FEDERAL RESERVE BULLETIN 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—1 Average number Average of shares price of stock of 40 2 sold daily 201 in- 31 rail232 bonds (000 omitdustrial road stocks stocks stocks ted) 3 Average for— January, 1925.. February, 1925 March, 1925 . . . April, 1925 May, 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 90.91 91.55 91.35 91.62 92.79 1,774 1,688 1,651 1,088 1,607 May May May May 125.5 127.0 128.5 130.2 109.5 108.4 110.5 111.0 120.8 12L5 123.2 92.53 92. 7o 93 02 93.09 1,013 1,665 1,493 1,821 4,1925 11, 1925 18, 1925 25, 1925 124.5 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. AGRICULTURAL CREDIT BANKS During April, 1925, intermediate credit banks closed direct loans aggregating $5,732.994 for all districts, as against $2,941,605 closed during March. The new loans were made chiefly in the Springfield, Baltimore, and Berkeley farm-loan districts. Rediscounts were closed in April amounting to $8,207,087, as compared with $6,099,875 in the preceding month. The total volume of direct loans outstanding at the end of April, amounting to $29,107,159, showed a decrease of $5,582,695, while the volume of rediscounts outstanding increased by $5,737,025 to $30,142,281. The following table shows the volume of direct loans outstanding on May 16, the latest date available, compared with the volume outstanding on April 18, classified by the commodities on which the loans were based. A comparison of rediscounts for the same dates is also given, classified according to the institutions for which the rediscounting was done. It will be noted that the increase in rediscounts represented chiefly increases in re discounts for agricultural credit corporations. JUNE, 1925- INTERMEDIATE CREDIT BANKS [In thousands of dollars] May Apr. 16,1925 18, 1925 Direct loans outstanding o n Cotton Tobacco ' Raisins Wheat Prunes Canned fruit and vegetables Peanuts Rice Allother... _ 29, 531 20,533 8 678 10,284 50 17,842 8 666 10,006 96 31, 553 Total 2,994 19,433 4,000 1,019 1 216 201 337 256 75 28, 594 Total Rediscounts outstanding for— Agricultural credit corporations National banks State banks Livestock loan companies Savings banks and trust companies 1,505 20,306 4,000 656 1,167 253 332 156 219 28, 618 Federal land banks increased their mortgage loans during April by $8,396,250 to $962,661,562, and joint-stock land banks by $9,164,736 to $486,246,552. AGRICULTURE In April and May agricultural developments were characterized by more definite information regarding the outlook for the new crops, a further seasonal slackening in domestic marketing and exports of the 1924 crops, an increase in the shipments of early spring vegetable and fruit crops, and a slight recession in farm prices. By May 1 spring plowing and planting were considerably further advanced than last year and were well ahead of the average progress by that date for the past 10 years. Early forecasts indicate that the winter wheat crop will be materially smaller than last year, and unofficial estimates show a larger cotton acreage than in 1924, but the growing season to date for that crop has not been favorable in all sections of the Cotton Belt. Marketing of the 1924 crops, as measured by the Federal Reserve Board's index of receipts and shipments of farm commodities, was seasonally smaller in April than in March, and all products except cotton, fruits, and vegetables were shipped in smaller volume than in April last year. Exports of all groups of agricultural products, except grains and grain products and meat and dairy products, were in smaller volume in April than in March. The volume of cotton, cotton products, grain, and grain products exported continued to exceed that of the corresponding period last year, and the Department of Agriculture's index of the physical volume of all JUNE, FEDERAL RESERVE BULLETIN 1925 farm commodities exported was 8 per cent higher than in April, 1924. Accompanying a general recession of prices in April, farm prices declined about 3 per cent. The greatest declines were in the prices of grains, but in the early weeks of May, following more definite information concerning the new wheat crop, part of this loss was recovered. As compared with April a year ago all groups except cotton were higher. Grain. Early forecasts based on the condition of the rain crops on May 1 indicate that there will e considerable reduction in the winter wheat and rye crops in the United States this year. Very dry weather during the autumn and winter months, followed by some winter killing, resulted in one of the largest winter wheat acreage abandonments on record, amounting to about 23 per cent of the total acreage planted. The acreage remaining to be harvested is 10 per cent less than in 1924. In addition to this heavy surrendering of acreage, the condition of the remaining crop on May 1 was one of the six lowest since 1890, and the estimated yield is 444,833,000 bushels, as compared with a final harvest of 590,037,000 bushels in 1924 and 585,266,000 bushels, the average for the past 10 years. Conditions affecting the crop have varied considerably in different sections of the country. Slightly larger yields than in 1924 are expected in the New York, Philadelphia, Atlanta, and St. Louis Federal reserve districts, but heavy declines are reported from all other districts, the most significant being in the Dallas, Minneapolis, Kansas City, and San Francisco districts. The table shows the expected yields in 1925 and the final harvest in 1924 in the several Federal reserve districts. f WINTER WHEAT CROP [In thousands of bushels Federal reserve district New York Philadelphia Cleveland Richmond Atlanta Chicago... _ St Louis Minneapolis Kansas City Dallas San Francisco United States 1925 8,296 19,443 27,860 26,044 4,722 61,130 64,371 6,270 188,879 4,281 33,327 7,505 18,147 42,513 27,497 4,112 65,262 53,203 14,921 284,992 26,513 45,372 444,833 590,037 * Based on Department of Agriculture repor tof May 1, 1925. 1924 385 With the exception of slight damage from frosts in the Middle West and Northwest during the second week of May, weather conditions continued favorable for the other grain crops, and reports indicate that the abandonment of a considerable winter wheat acreage is likely to result in larger plantings of those cereal crops. The volume of grain received at primary markets in April showed a further seasonal decline, and all grains were shipped in smaller volume than last year. With a continuation of grain exports in a volume 85 per cent larger than last year, receipts of grains at seaboard cities were larger than in March and were 26 per cent larger than in April last year. Heavy exports of wheat have resulted in a considerable reduction of the visible supply, which amounted to 45,681,000 bushels at the end of April, as compared with 60,007,000 bushels a month earlier and 51,461,000 bushels a year ago. Generally unsatisfactory reports regarding the new wheat crop and a reduction in the available supply of the present crop resulted in a rise in the price of wheat from $1.49 a bushel for winter wheat and" $1.34 for spring wheat on April 1, to $1.91 a bushel and $1.61 a bushel, respectively, on May 15. Cotton. In April and May rains in Texas and Oklahoma were very beneficial and relieved many of the cotton-producing sections from the drought which had continued since last autumn. While it is yet uncertain as to the extent of the damage that was caused by the dry weather during the winter months in those States, the growing season averages about 10 days earlier for the belt as a whole than last year, and by the middle of May planting had been practically completed. Early planted cotton has come up to a good stand and cultivation is progressing rapidly in the southern sections of the belt. Fertilizers are being used in larger quantities than last year, and practically all early reports indicate that the acreage is somewhat larger than in 1924. Marketing of the old cotton crop was in smaller volume in April than in March, though consumption by American mills was larger than in the earlier month. Exports were 262,142 bales smaller in April than in the preceding month, but the greater part of the decline was seasonal. For the nine months ending with April, consumption of cotton by American mills was only 100,000 bales or* 386 FEDERAL RESERVE BULLETIN JUNE, 1925 than for the corresponding period last year, but In the tobacco products industries the volexports were about 2,500,000 bales larger. ume of production in April was slightly smaller Because of this exceptionally large volume of | than in March, which was due in a large exports stocks remaining in the United States ! measure to the fewer working days in April at public warehouses are only about 155,000 | than in the preceding month. The output of bales larger than last year, and plantation and cigarettes and manufactured tobacco products, country town stocks are reported to be smaller on the other hand, was larger than in the same than a year ago. month last year, but the production of cigars Since the beginning of May reports indicate | was smaller. In recent }^ears the production that the demand for cotton goods has fallen off | of cigars has been declining, while the number and mills have curtailed operations, and, in i of cigarettes manufactured has been increasing response to these developments and to the im- rapidly. In April the output of cigarettes was provement concerning the new crop, the price about 60 per cent larger than the monthly of cotton declined to 22.8 cents a pound on average production in 1919, but the production May 15, the lowest price since last December. of cigars was about 20 per cent less. The chart shows' in greater detail the developments in Tobacco. the cigar and cigarette industries since January, Following the closing of the marketing sea- 1921. son in March and April, tobacco growers turned their attention to the new crop. Plant- PER CENT 1200 ing was well adA^anced during April and the 200 early weeks of May, and reports from the St. 180 180 CIGARETTES " \ 4 Louis Federal reserve district indicate that the k . fi N it A i 160 growth of plants and soil preparation are 160 /Y further advanced for the season than in many 140 ' \i 1 ! l years. In the Richmond Federal reserve disI A \! V 120 trict planting w^as practically completed in 120 May, and the condition of the North Carolina 100 /\/7rA 10O V crop is reported as about 75 per cent of normal. \ V s \ Stocks of leaf tobacco in the hands of dealers 80 80 and manufacturers at the beginning of April 60 reflected the seasonal increase that usually 60 occurs between January and April and w^ere 40 - PRODUCTION . 40 larger than stocks a year ago. Since the ex20 ceptionally heavy tobacco crop in 1923, stocks 20 in the hands of dealers and manufacturers have 0 0 been unusually large, and the supply on hand 1921 1922 1923 1924 1925 at the beginning of April this year is the largest for any period in recent years. Detailed Fruits and vegetables. statistics of stocks of the principal types of Frosts early in May resulted in some damage tobacco on April 1, 1924, and 1925 are as to the fruit and vegetable crops in the Great follows: Lakes region, the upper Mississippi Valley, and STOCKS OF PRINCIPAL TYPES OF TOBACCO IN HANDS the Northwest, and citrus fruits in Florida and California are reported to be dropping from OF DEALERS AND MANUFACTURERS the trees because of dry weather. According [Millions of pounds] to reports by the Department of Agriculture Apr. 1,1925 Apr. 1,1924 the fruit and vegetable marketing season is Types earlier this year and all early crops are being marketed faster than usual and prices are Chewing, smoking, snuff, and export types, 1,522 total working downward. Shipments of tomatoes, 563 542 Burley 341 304 onions, and cabbage were seasonally larger in Dark—Kentucky and Tennessee Bright—Virginia, North Carolina, South 544 Carolina, and Georgia 583 April than in March and were larger than in April last year. Strawberries were marketed 423 421 Cigar types, total 113 105 in the largest volume for that month on record, New England 119 127 Pennsylvania to 2,976 carloads, as compared 107 106 amounting Wisconsin with 1,364 carloads in April, 1924, and 2,369 1,977 Aggregate—All tobaccos,. 2,036 carloads in April, 1922, the previous high PER CENT t ¥ MONTHLY AVERAGE, 1919 = 100 V "0 .TUNE, 1925 FEDERAL RESERVE BULLETIN record for April. For the third consecutive month oranges were shipped in smaller volume than in 1924, and in fact the April total was 38 per cent less than in April, 1924. Contrary to the usual seasonal decline in April, marketing of grapefruit increased and reached the largest total on record for that month. For the season through April the movement of grapefruit from Florida has amounted to 19,100 cars, as compared with 17,003 cars last year. Exports of fruits and vegetables, as measured by the Department of Agriculture's index, were 26 per cent smaller in April than in March, due mainly to seasonal declines in the foreign demand for practically all fruits. Prices averaged 6 per cent higher in April than in March and were 14 per cent higher than in April last year. 387 summer the price of hogs has advanced rapidly, reflecting the decrease in the supply on farms and lighter marketing. While sheep prices are at about the same level as a year ago, they have shown much wider fluctuations than in either of the past two years and are higher than the pre-war average. Beef-cattle prices, on the other hand, have shown very small changes since last year, and in April they averaged about the same as a year earlier. The accompanying chart shows the relative changes in the price of hogs, sheep, and beef cattle since January, 1921. Livestock. General improvement was evident in the condition of pastures and ranges in April, although sufficient rains have not been received to entirely relieve the drought-stricken areas of the Dallas Federal reserve district. The average condition of ranges in 17 Western States was 84 per cent of normal on May 1, as compared with 80 per cent on April 1 and 91 per cent last year. States showing the greatest declines from last year are Oklahoma, Texas, New Mexico, and Arizona, where the drought during the past autumn and winter has been most serious. Cattle and sheep reflected the improvement in ranges during April, but the average condition for the Western States is below that of last year, the greatest declines being in the States mentioned. A large movement of cattle from the drought areas of the Southwest into the grass pastures of Kansas and Oklahoma is expected during the spring and early summer, and in fact the movement to date has been larger than in any spring in recent years. Sheep have been shipped in considerably larger numbers from the West to eastern markets than in the season of 1924. Last year an embargo on the shipment of livestock from California caused a considerable reduction in the number of sheep sold from that State, but this season the number of lambs, both live and dressed, was larger than in 1923. Marketing of all livestock except sheep, as indicated by receipts at principal markets, was in fewer numbers in April than in March. As compared with last year receipts of cattle and sheep were larger, while the number of hogs marketed was 25 per cent smaller. Since last Dairy products. Continuation of heavy withdrawals of butter from storage in April resulted in a further reduction in stocks, which are now below the levels of last year. Reduction in stocks of butter from 65,700,000 pounds at leading markets at the beginning of January to 3,700,000 pounds at the end of April, in view of a fairly well sustained volume of production, indicated one of the largest volumes of consumption on record and was one of the most important factors characterizing the trade during the winter and early spring. Heavy stocks are no longer causing any great concern to the trade and interest is now centered on the heavy producing season which began in May, although by the middle of that month the effects of the increased output had not been noted in the trade. Stocks of other dairy products at the end of April, the latest date for which official data are available, were lower than last year. 388 FEDERAL RESERVE BULLETIN and reports by the Department of Agriculture indicate that production of these products is no larger than last year. Under the influence of the larger consumption of butter, rapid reduction in stocks, and smaller production during the first four months of this year than in 1924, prices of butter strengthened steadily and are now higher than last spring, notwithstanding the low levels that were maintained through the winter months when stocks were exceptionally large. The table shows in more detail the major changes that have taken place in the butter industry during the first four months of 1925 and the same period a year ago. PRODUCTION, STOCKS, AND PRICES OF BUTTER Production 1 (millions of pounds) 1924 January February March April 42.6 48.3 40.7 52.3 1925 46.6 42.5 48.9 51.1 Stocks 2 (milPrices 3 (cents lions of pounds) per pound) 1924 15.2 9.8 7.8 9.0 1925 45.7 28.8 10.9 3.7 1924 51.0 48.5 42.5 36.8 1925 40.0 42.5 45.0 46.0 i Receipts at Boston, New York, Philadelphia, Chicago, and San Francisco during the month. * Cold-storage holdings at these markets at end of month. Trices of 92-score butter at New Ydrk on the last Friday ^n the month MINING Coal and coke. In contrast to the marked improvement reported in the anthracite markets, bituminous coal operations at the middle of May showed little change from the previous month. As on April 13, the Coal Age index of spot prices for bituminous coal on May 18 was again at its low point of $1.95, though a week previous it had risen as high as $2.01. This is in contrast to its high of $2.12 on January 12, after which the price decline, which was arrested in April, began. Output during April of 33,702,000 net tons was the lowest since last July and onethird under the January high. Nevertheless, it was 10 per cent above the figure for April, 1924, the first month in the current year in which production has exceeded the corresponding month of 1924. Average production per working day, after falling from January 10 to April 18, rose somewhat and for the week ending May 9 was 1,380,000 tons. This was about the same rate of production as during the week ending March zo and made the sixth consecutive week in which daily output averaged above the corresponding week of 1924. JUNE, 1925 Production of anthracite during April totaled 7,472,000 net tons, the highest since October, 1924, and 10 per cent above April, 1924. During the first part of May production continued to expand; output for the week ending May 9 reached 2,036,000 tons, an increase of 37 per cent over the week ending April 4, when the recent low point in output was reached. On May 1 both company and independent prices were raised. Reflecting a lower rate of production in iron and steel, coke output fell off somewhat during April and was the lowest since last November, but at about the same level as in April, 1924. Curtailment was effected largely in beehive coke, where the April output of 806,000 tons was one-fifth under March production. Output of by-product coke in April was 3,316,000 tons as compared with 3,468,000 tons in March, or at about the same daily rate, and 10 per cent above April, 1924. Prices became somewhat more firm the first of the month, but weekly output of beehive continued to fall off during May, production during the week ending May 9 totaling only 141,000 tons, as compared witn 212,000 tons for the week ending April 11. Petroleum. Large increases in the production of crude petroleum at the Smackover (Ark.) field in April resulted in a total output of approximately 62,250,000 barrels, the largest monthly volume since the record production in the autumn of 1923. In the early weeks of May this heavy production continued, and for the week ending May 9 the daily average flow amounted to 2,238,350 barrels, the largest daily average volume since November, 1923. Average prices of crude petroleum, which had been advancing rapidly since the beginning of the year, declined slightly in April under the influence of the heavy increase in production. Throughout the second and third quarter of 1924 production and imports of petroleum were considerably in excess of consumption and exports, and prices declined from April to November. Late in the year, however, production declined, but consumption and imports continued in heavy volume and exceeded production. Stocks were reduced and the price decline was checked. In the first three months of 1925 consumption continued to exceed production, and the price of crude oil advanced rapidly. Further details as to the changes in the production and consumption of crude petroleum are given in the chart, which shows developments through March, 1925. JUNE, 389 FEDERAL. RESERVE BUKLETTN 1925 In the refined products industry the principal effect in the rapid increase in the production of crude oil was a reduction in the price of fuel and bunker oils. Production of all refined products increased in March, and the output of gasoline was in the largest monthly volume on record. Stocks of gasoline and kerosene were larger than at the end of March, but stocks of lubricants, gas, and fuel oils were smaller. As compared with a year ago, however, the supply of all oils was larger. In view of the rapid increase in the number of automobiles that are being produced, the large stocks of oils are not causing much serious concern in the industry, since it is expected that the summer demand for these products will result in a considerable increase in consumption. MILLIONS OK BARRELS i Production and Imports -—— Consumpt on and Exports -/A A 1 above the corresponding month of 1924, while zinc output, though below the high March production, was again in excess of shipments from refineries, and stocks at the end of the month increased to over 18,000 tons. Silver production in the United States in April is estimated at 5,125,000 ounces. Excepting March, this is the lowest daily output since last July. With China out of the market and India purchasing in only small quantities, quotations for bar silver in New York fell to a low of 66J^ cents on April 23—2% cents under the high at the end of January. During the first part of May the reentry of China into the market carried prices up 1% cents to 67% cents on May 9, but on May 13 quotations were again 673^8, the price ruling four weeks earlier. Deliveries of tin to the United States during April were below any month of the current year, and stocks in New York at the end of April were the lowest since November. Prices reacted sharply from the low point of the middle of April, and on May 13 Straits tin was quoted at 5 4 ^ cents, as compared with 5 0 ^ on April 15 and 603^ on January 3. MANUFACTURING Food products. r >ETROLEUNa 1921 1922 1923 192^ Nonferrous metals. Only moderate activity characterized the nonferrous metal markets during the latter part of April and the first two weeks of May, but the recession in prices which began in January came to a halt, and at the middle of May quotations for copper, tin, lead, zinc, and silver were all above their lows for the year. On May 12 the price of refined electrolytic copper delivered at New York stood at 1 3 ^ cents as compared with its low of 13 3^ cents on April 17, but at this figure was still materially below the prices ruling during the early months of the year. Copper production in the United States for April is estimated at 140,864,000 pounds, as compared with 149,802,000 pounds in March, when the peak of monthly production was reached. At this rate daily average production was the lowest for any month of the current year, but still above any month in 1924. Production of lead in the United States fell 8 per cent from March, but was 10 per cent Wide fluctuations in the price of wheat and general uncertainty as to the outlook for the 1925 crop caused a further decline in the output of wheat flour in April, and the flour markets were characterized by a period of general dullness. Production of flour amounted to 8,183,000 barrels, as compared with 9,307,000 barrels in March, and was in the smallest monthly volume since June, 1922. Domestic buyers placed orders only for immediate needs, and during the early weeks of May a continuation of this buying policy was evident. Exports in April were smaller than in the preceding month and were in the smallest volume for April since 1917. Flour quotations followed somewhat the same course as wheat prices. Early in March spring patents at Minneapolis were quoted at $10.25 a barrel, and by the end of the first week in April they had declined to $7.95 a barrel. Some of these losses were recovered during subsequent weeks, and on May 15 the price was $8.90 a barrel, as compared with $6.70 last year. Although the large volume of sugar produced was slightly smaller in April than in March, the decline was not as much as usually occurs in that month. As compared with earlier years, the April output was the largest on record for that month. This heavy increase in production during March and April has followed an 390 FEDERAL RESERVE BULLETIN" exceptionally large crop of sugar in Cuba, which is expected to approximate 4,925,000 tons, as compared with 4,067,000 tons last year and 3,603,000 tons in 1922-23. Prices of both raw and refined sugar have fluctuated within very narrow limits this year and have been constantly below those of the spring of 1924. On May 15 raw-sugar, duty paid, was quoted at 4.30 cents a pound in New York, as compared with 5.78 cents last year, and the price of refined sugar 5.60 cents a pound, as compared with 7.25 cents in May, 1924. Meat packing showed about the usual seasonal decline in April and was in considerably smaller volume than in April last year. In April last year approximately 4,073,000 hogs were slaughtered, but in April this year the number was only 3,037,000, a decline of about 25 per cent. The number of sheep and lambs slaughtered in April was the largest for that month since 1921. Stocks of meat products in cold storage declined during April, but all products except pork were in larger volume than a year ago. The domestic demand for meats declined in April, but the value of sales, due mainly to higher prices, was considerably larger than last year. Exports of all principal meat products were smaller in April than in the preceding month and all products except fresh beef were shipped abroad in smaller quantities than in April, 1924. Textiles. During April and May cotton and wool markets were dominated by the influence of declining raw-material prices. Silk goods, hosiery, and underwear continued in good demand and clothing underwent the usual seasonal decline in activity. Rather sharp price recessions were noted in many instances, and productive operations were somewhat curtailed as compared with earlier months this year, but weres in general greater than at this time last year. In the cotton industry raw-cotton prices have been falling gradually since early in March and in May reached the lowest point since 1922. Yarn and goods prices have also declined. The Fairchild cotton-goods index, after over a year of relative stability in which it fluctuated between 16.125 and 15.322, fell from 15.565 on April 25 to 15.111 on May 23. This decline brought the index down to the lowest point since October, 1922. Buying of yarns and goods has been in limited volume within recent weeks. Markets for both gray goods and finished goods have been rather quiet, although toward the end of May low prices on a number JUNE,, 1925 of items attracted a little interest. Operations in April, however, continued at a high rate. Mill consumption of raw cotton in April was the largest since May, 1923, and active spindle hours during the month were at 100 per cent of average single-shift capacity, as compared with 99.6 per cent in March. Reports of curtailment, either effected or in contemplation, have been received during May. It is considered by many that production has recently been in excess of consumption. Rapidly declining raw-wool prices have upset markets for woolen and worsted products in recent weeks. Late in April the National Council of Wool Selling Brokers in Australia announced its decision to offer for sale 537,000 bales of wool which it was holding. Prices, which for some months had been falling rapidly, declined further rather sharply, and a few weeks later the council suspended sales until July 1. The accompanying chart shows fluc- 200 150 M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J . J . A. S. O. N. D. 1924 1925 150 tuations in prices of raw wool, tops, and worsted yarns during 1924 and 1925. The sharp rise of all prices last fall and the subsequent declines are graphically indicated. Yarn and top prices on May 16, the last date shown on the chart, were down almost to the low points of last summer, and domestic raw-wool quotations were the lowest since the middle of 1922. Statistics recently announced by the Bureau of the Census indicate that stocks of raw wool in the United States on March 31 were the smallest recorded in recent years. The following table, which gives supplies of domestic and foreign wools held on certain dates, shows particularly small figures for the former. Similar figures showing inventories of manufacturers and JUNE, 1925 FEDEKAL RESERVE BULLETIN dealers indicate new low records in both cases. Imports of raw wool during the first four months of the year were larger than in the corresponding period of 1924, while consumption by mills wTas slightly smaller. 391 Hosiery and underwear markets have continued fairly active. The demand for silk hosiery from England for shipment before new import duties become effective has been large. Preliminary statistics for April indicate a particularly large volume of orders for women's STOCKS OF R A W W O O L I N T H E U N I T E D S T A T E S full-fashioned hosiery, with a small increase in [Actual weight in thousands of pounds] production and a reduction of manufacturers' stocks. Production of this class of hosiery in Total Domestic Foreign March was the largest recorded in the past 212, 939 140, 272 two years. Mar. 31, 1925 72, 667 For all hosiery preliminary figures Dec. 31, 1924 . 262,496 131,123 131, 373 Sept. 30, 1924 . . . . .. 304, 215 118,689 for April show an increase in orders but a 185, 527 June 30, 1924 323, 713 141,415 slight decrease in shipments. 182, 298 The underwear Mar. 31, 1924 112, 701 161, 270 273, 971 Dec. 31, 1923 315,471 166, 934 market has been featured by a heavy demand 148, 537 Mar. 31, 1923 81, 624 291, 910 373, 534 Production and shipments 242, 999 for nainsook goods. Sept. 30, 1922 420, 655 177, 656 of knit underwear during March w^ere larger Buying of woolen and worsted goods was than in any of the preceding five months, and generally unsatisfactory all spring and recently orders were well maintained. has been further affected by declines in raw material prices. New and repeat orders for Iron and steel. goods received by manufacturers are comDuring April activity in the iron and steel monly reported to be small and for prompt industry was considerably reduced below that delivery. Unfilled orders are not large and of previous months. New buying was in production has been curtailed in recent months. limited volume, productive operations deConsumption by certain mills has fallen from creased steadily throughout the month, and 51,400,000 pounds, grease equivalent, in Janu- prices declined. Since the first of May, howary to about 43,500,000 pounds in April. ever, conditions have improved somewhat; During the same period the following declines larger buying was noted in steel scrap and in have occurred in percentages of active machin- pig iron, the reduction in operations was ery hours: Worsted spindles, from 76 per cent practically checked, and price recessions w^ere to 61 per cent; combs, 89 per cent to 67 per not so general. cent; and wide looms, 76 per cent to 67 per Daily average production of pig iron totaled cent. Activity of woolen spindles increased 108,632 tons in April, as compared with from January to March but decreased in April 114,975 tons in March, and the steel ingot to approximately the January level. The daily average fell from 161,482 tons to 137,982 index of pay rolls in the industry has decreased tons. Both of these figures were larger than from 129 in January to 116 in April. Employ- the corresponding averages of April, 1924, ment and pay rolls in the clothing industries and exceeded all except the very highest showed seasonal declines in April and were months of 1924. Twenty-five additional blast lower than in April of last year. furnaces were blown out during April, followActivity in the silk industry continued during ing a decrease of 10 in March. Ingot output, April and May at a high level, with only small which averaged about 79 per cent of capacity seasonal declines in the demand for some during April, continued at about 70 per cent products, owing to the opening of new fall during May. A few more blast furnaces were lines. The raw-silk market has been strong, blown out during the first half of May. with prices relatively stable. Quotations on Iron and steel prices declined during April thrown silk have advanced recently, and broad- and May, and the Iron Trade Review's comsilk prices are firm. Imports and deliveries of posite price fell to $38.21, the lowest point since raw silk to mills in April were below the large August, 1922. Declines in prices of finished figures recorded for March, but continued steel products were practically checked in large as compared with months prior to this May, but quotations on semifinished steel and year. Warehouse stocks have been reduced on pig iron were further reduced. Scrap-steel from over 60,000 bales at the end of February prices have risen as the result of a better to about 39,000 bales on April 30, the smallest demand. Reports indicate a further reducsince August 31, 1924. Reports indicate that tion of 25 cents in the price of iron ore, followboth thrown and broad silk mills operated at a ing a cut of 50 cents at the opening of the high rate of activity during April and May. season. 392 FEDERAL RESERVE BUI^LETIN Orders for certain iron and steel products were reported to be somewhat more numerous about the middle of April, but no substantial increase in buying was noted. Structural steel bookings in April were the largest since December, and shipments were even greater. Unofficial reports indicate a continuation of active buying during May. The large output of automobiles provides an important source of demand for steel products, and automobile producers are reported to have third-quarter requirements largely covered. Railroad buying is only fairly active. Orders for both cars and locomotives for the year to date have been less than during the same period of 1923 and 1924. Automobiles and tires. Production of automobiles in April was at a new high record. The output of passenger cars in the United States totaled about 376,000 in April, an increase of 115 per cent in the four months since last December, when production was the smallest since early 1922. As shown by the accompanying chart the amount of pay rolls in the industry has increased over 56 per cent since last January and in April practically equaled the highest point ever reached. Employment has also increased considerably, but the index for April did not equal the figures for the first four months of 1924. Weekly reports of employment in Detroit manufacturing plants, however, indicate further substantial increases during May. Shipments and sales of automobiles have also been large and, in fact, according to reports, have made the high rate of production necessary in order to meet the demand. Freight-car load shipments of automobiles in April were the largest ever recorded except in March, 1924, and driveaways and shipments by boat both exceeded corresponding figures for any month since 1923, when there was a slight shortage of freight cars. Sales of General Motors Corporation cars to dealers during April totaled 85,695 cars, the largest figure since October, 1923, and dealers7 sales to users equaled 97,359 cars, which was previously excelled only in April, 1923, when 105,778 cars were delivered to consumers. Middle Western dealers, reporting to the Federal Reserve Bank of Chicago, showed substantial increases in both wholesale and retail sales during April as compared with March. Further evidence of increases in factory sales of automobiles is given by figures of internal revenue collections. JUNE, 1925- Taxes collected on automobiles and motorcycles, other than trucks, totaled over $11,000,000 in April, as compared with only $5,700,000 in March and $9,500,000 in April,. 1924. Sales of accessories and parts have also increased considerably in recent months. Crude rubber prices during May reached the highest level since 1917. Except for a sharp recession in January, these prices have risen almost continuously during the past 12 months.. Quotations at New York reached 70 cents about the middle of May, as compared with 19 centsexactly a year before, the low point of 1924.. Production and sales of tires have been large in recent months. In April factory output and shipments of pneumatic casings were the largest on record. Stocks were also large, but did not increase in April, as shipments equaled PER CENT 200 150 1919 1920 1921 1922 1923 192^ 1925 production, which is unusual for this early in the season. Reflecting active demand for products and rapidly increasing costs of raw materials, tire manufacturers late in April announced increases in prices of tires of from 5 to 10 per cent, effective May 1. Lumber. Lumber cut in April, as reported to the National Lumber Manufacturers Association, exceeded 1,300,000,000 feet. It exceeded the cut in March and fell short of last year's April figures, but the differences in these monthly aggregates are too small to be particularly significant. It would appear that production in the first four months of the year has been in very nearly the same volume this. JUNE, 1925 year as last, reported figures indicating that the cut in these months has been this year a fraction of 1 per cent under that of 1924, and has in each period amounted nearly to 5,000,000,000 feet. Shipments in April as compared with March this year and with April a year ago were in larger volume. In January and February, this year as last, shipments ran above production, while in March and April, this year as last, production ran above shipments. On the four months' account shipments this year totaled 4,929,000,000 feet, falling short of production by 27,000,000 feet. In the corresponding period last year shipments were in nearly the same volume as production. Production of Douglas fir in April this year exceeded the April cut of 1924, and in both years shipments of fir in April, as in the year to the end of April, exceeded production. April production and shipments of southern pine this year were in nearly equal volume, production this year running slightly below and shipments above last year. On the four months7 account in both years production of southern pine exceeded shipments, the excess this year being more considerable than last, and amounting to 77,000,000 feet on a total production of 1,625,000,000 feet. It is reported that distribution of lumber from retail yards quickened in April in response principally to the increase in demand originating in the building industry, and that orders late in May were in larger volume than usual. Nevertheless prices receded in the latter half of April and the opening weeks of May, and what is described as a " ragged spread in prices'' of some lines in different markets developed, with considerable lumber moving at prices below prevailing levels. Hides, leather, and shoes. Markets for hides and leather have been rather quiet recently. Sales of hides and skins were small during April and May and prices remained practically unchanged. March statistics showed increases in stocks of all kinds of hides and skins except cattle hides, and most of them were larger than a year ago. The demand for leather has been light. March production of the various kinds of leather was either larger or at about the same level as in previous months of the year and in most cases greater than a year ago. Stocks of finished leather, except in the case of sole leather, increased during the month. Preliminary figures for April show production of sole leather as 1,327,757, tanners' finished stocks 393 FEDERAL. RESERVE BULLETIN at the end of the month 5,276,115, and stocks in process 5,331»,445, as compared with figures for March of 1,320,658, 5,056,772, and 5,256,152, respectively. Sales of shoes during the spring have been fairly satisfactory. The following table shows that production during the first four months of this year was somewhat greater than for the corresponding period in 1922 and 1924, although much smaller than in 1923. Preliminary figures for April indicate a smaller seasonal decline from March than usual. Wholesale and retail shoe sales during April showed seasonal increases as compared with March and were at close to the levels of a year ago. PRODUCTION OF SHOES [In thousands of pairs] 1924 1923 26,276 27,202 29, 927 i 29, 700 26,497 26,832 28,864 28,004 30, 744 30,301 35,836 31,868 25,119 24,551 29,350 26,852 113,105 110,197 128, 749 105,872 1925 January. February March April .. . Total, 4 months. 1 _ ._ - _._ 1922 Estimate. BUILDING The value of building permits issued in 168 selected cities during April exceeded $402,000,000, showing an increase of $54,000,000, or 15.5 per cent, over the March valuation, and of $104,000,000, or 35.1 per cent, over last year's April total. This "great surge forward in building arranged for"-has gone far to offset, if it has not entirely eliminated, the decrease in value of building permitted for in urban communities during the first quarter of this year as compared with the first quarter of 1924. Adding in to the year's account the value of April permits issued in the 168 cities reduced the decrease for the year from $115,000,000 to $10,000,000, and it may be noted that compilations on a slightly different basis as regards selection of cities show in fact aggregate value for permits issued during the first four months of the year to have been greater this year than last. It appears on all accounts that the peak of the surge which came in March last year has developed this year in April. Building contracts awarded during April in 11 Federal reserve districts, according to compilations by the F. W. Dodge Co., represented an aggregate construction value of $567,567,000, which exceeds the value of 394 FEDERAL RESERVE BULLETIN March awards by 15.6 per cent, or nearly $77,000,000. Seven of the ten districts for which comparable figures are available covering awards in April of 1924 showed an increase this year over last. For these 10 districts combined the value of awards in April totaled $545,169,000, which exceeds the 1924 April total# by approximately $68,000,000.^ This net increase covers slight decreases in the Atlanta and Kansas City districts and a decrease of more than $34,000,000 in the New York district. Outside of the New York district the net increase in the remaining nine districts amounts approximately to $102,000,000. April contracts awarded for residential building in the 11 districts totaled $262,000,000, representing nearly one-half of the value of awards for all types of construction, and exceeding the March total by $35,000,000. Excepting the New York district, residential building awards in April represented greater values this year than last in each district for which 1924 data are available. Measured in square feet contracted for, April awards in 27 Northeastern States totaled 73,221,000 feet, exceeding the March total by 8,800,000 feet, or 13.7 per cent, and exceeding last year's April total by approximately 10,000,000 feet, or 15.6 per cent. Increases of April over March, and of April of this year over April of 1924, are shown for all classes of construction in these States except "educational" and "hospital and institutions." The composite price index computed by the Lumber Manufacturer and Dealer for softwood lumber declined from 31.515 in the middle of April to 30.733 on May 22, and the index for hardwood from 43.469 to 41.384. Prices of cement and of common brick remained unchanged in this period. The Bureau of Labor index for wholesale prices of building materials, which had moved from 182.8 in February to 179.8 in March, receded to 174.4 in April. The decline in April, representing principally price shiftings for the lumber and structural steel items, brings the index back approximately to the December, 1924, level, several points above the low (169) of the preceding July and August. TRANSPORTATION The Federal Reserve Board's index of total freight car loadings, adjusted for seasonal variations, rose from 116.5 in March to 128.6 in April, which is the highest point reached by JUNE, 1925 this index in any month of the period of more than six years for which it has been calculated. Loadings in April, totaling 4,068,678 cars, exceeded loadings in the preceding month by 66,304 cars, or 1.7 per cent, and exceeded loadings in the same month last year by 257,338 cars, or 6.8 per cent. They exceeded the record April aggregate of 1923 by 144,751 cars, or 3.7 per cent, and exceeded April loadings in earlier years by much wider margins—by 943,759 cars over 1922, by 1,024,908 cars over 1921, by 850,770 cars over 1920, and by 986,355 cars over 1919, the percentage excess over these earlier years ranging from 26.4 to 33.6. Loadings of miscellaneous freight, including merchandise in less-than-carload lots, and of forest products were running in record or nearly record high volume during April, as they had been doing for several months past. Also the usual April increase in ore loadings was much more considerable this year than in earlier years, carrying the seasonally adjusted index for this class of freight from 99.2 in March to 182.2 in April. Loadings of coal, although running somewhat below the usual volume for April, exceeded the total for March this year and for April of 1924, while coke moved in nearly the same volume as in 1924. April shipments of livestock and of grain and grain products were in smaller volume this year. It was principally the large movement of miscellaneous and -less-than-carload lot freight that brought the aggregate loadings for all classes of freight combined to a record high level in April. April loadings exceeded loadings in March in the eastern, Allegheny, Pocahontas, and northwestern districts, and fell below March loadings in the southern, central, and southwestern districts. Except for a slight decrease in the central western district, this year's loadings exceeded last year's in each of these districts. Freight continued to move in large volume during the opening weeks of May. Aggregate loadings in the week ended May 9 and loadings for each class of freight except grain and grain products and livestock exceeded 1924 totals. In the first 18 weeks of the year, according to figures given out by the car service division of the American Railway Association, total loadings exceeded loadings in the corresponding periods of 1924 and 1923 by 2.9 and 2.7 per cent, respectively. For this period loadings of miscellaneous freight, merchandise in less-than-carload lots, ore, and forest products JUNE, 1925 ran above, and loadings of grain and grain products, livestock, and coal below the aggregates for the two earlier years, while loadings of coke ran above the 1924 and below the 1923 total. In April the roads maintained an average of 342,171 surplus freight cars available for service. This average exceeds the average for March by more than 30,000 and the average for February by more than 100,000 cars. A slightly smaller surplus of 329,844 cars is reported for the first quarter of May. Practically no shortages of cars have been reported by the roads in the past year and a half of heavy traffic. Since September of last year, when the roads reported a total of 210,109 bad-order cars, the number of such cars has decreased from month to month, except for a slight increase in January, to 185,047 on March 1 of this year. For Class I railways the percentage unserviceable for freight cars was 7.8, and for locomotives 19.1 in March, and these percentages have been almost unvarying in recent months. Compilations by the Bureau of Railway Economics give earnings of the roads in the first quarter of the year, computed on investment as shown by the carriers' books as equivalent to an annual rate of 4.48 per cent— earnings of roads in the eastern district being equivalent to 5.10 per cent, in the southern district to 5.71 per cent, and in the western district to 3.36 per cent. The Interstate Commerce Commission reports of railway earnings, as summarized in Bradstreet's for the first quarter of the year, show in comparison with the first quarter of 1924 a decrease of $27,677,856 in operating revenue to $1,426,236,911 and a decrease of $34,122,308 in operating expenses to $1,116,533,730, giving an increase in net operating revenue of $6,444,452. The operating ratio for the first quarter of the year declined from 79.1 in 1924 to 78.3 per cent in 1925. Additions to equipment of Class I railways during the first quarter of 1925 included 44,153 freight cars put in service, the corresponding number for 1924 being 37,652 and for 1923, 39,172. On April 1 of this year these roads had on order 46,126 freight cars, the number on order at this date last year being 69,298 and in 1923, 107,453. Locomotives put in service during the first quarter numbered 430 for the present year, 661 for 1924, and 935 for 1923, and locomotives on order April 1 numbered 315 for the present year, 520 for 395 FEDERAL RESERVE BULLETIN 1924, and 1,974 for 1923. The decline in number of locomotives on order is reflected in the decline of unfilled orders for domestic delivery, as reported by the principal plants manufacturing locomotives to the Department of Commerce, from 2,111 at the end of April, 1923, to 362 at the end of April, 1925. In this connection may be noted the results of a detailed analysis made by the Railway Age of statistics covering the annual increase in freight car capacity and in tractive power of Class I railways, which shows a very wide range of fluctuations from year to year in purchases by these roads, installations of freight cars varying from 31 to 167 per cent and of locomotives from 41 to 175 per cent of the annual average of installations over the period from 1907 to 1924. TRADE Wholesale trade. Total sales in all principal lines of wholesale trade except hardware and shoes were seasonally smaller in April than in March. The Federal Reserve Board's combined index of wholesale trade declined 6 per cent, which was somewhat more than the decline in April last year. Sales of dry goods were smaller in all Federal reserve districts and grocery sales were smaller in all districts except Boston and Kansas City. As compared with April last year, the aggregate volume of wholesale trade was slightly larger, due principally to larger sales of meats, dry goods, and drugs, Sales of meats were more than 10 per cent larger than in April, 1924, and were in the largest volume for April within the past five years. Higher prices than a year ago for most meat products have been an important factor in accounting for the larger dollar volume of sales. Sales of agricultural implements were 33 per cent larger than last year and sales in the Atlanta and Minneapolis districts were 64 and 89 per cent larger, respectively. Merchandise stocks carried by wholesale grocery, shoe, and hardware firms were smaller at the end of April than a month earlier, while stocks of furniture and drugs were larger. As compared with a year ago, stocks of groceries were substantially larger, while stocks of dry goods were considerably smaller in all districts from which reports were received. Accounts receivable outstanding at the end of April were smaller than last year for almost all lines except hardware, and the greatest declines compared with a year ago were reported from the Minneapolis Federal reserve district. 896 FEDERAL RESERVE BULLETIN Retail trade. Sales at retail stores increased in April and were considerably larger than during April of last year. These increases occurred notwithstanding the fact that the Easter buying season last year was in April and this year it was largely in March. Actual dollar sales by mail-order nouses were'slightly smaller than in March, but after adjustment is made for the usual seasonal change that occurs in April they were 11 per cent larger and exceeded those of a year ago. Trade at department stores, as measured by the Federal Reserve Board's index, was 12 per cent larger than in March and was larger than in any previous April. Larger sales than in March occurred in all Federal reserve districts, the largest increases being in the Boston and Minneapolis districts. As compared with April last year, total sales were larger, but buying was in smaller volume in the Boston and Cleveland districts. Combined sales for March and April, the two months in which Easter purchases were made, were greater this year than in 1924 and in fact reflected the largest volume of Easter trading on record. Total value of stocks at department stores was slightly larger at the end of April than a month earlier, but the increase was less than that which usually occurs in April. As compared with a year ago, total stocks were in about the same volume, although they were larger in the New York, Philadelphia, and Minneapolis districts. Larger sales during the first four months of 1925 and somewhat smaller stocks than in the corresponding period last year have resulted in a higher rate of stock turnover this year. Turnover was more rapid than in 1924 in all Federal reserve districts except New York and Cleveland, the highest rates being in the Minneapolis, New York, Chicago, and Boston districts. EMPLOYMENT Employment in manufacturing establishments showed no appreciable change between March and April, according to the Federal Reserve Board's index of factory employment, which was 96.0 in April as compared with 96.4 for March. Owing to a slackening in fulltime operations, partially caused by holidays, the index of the amount of pay rolls in the same establishments declined from 110.4 to 107.6. In fact, according to figures collected by the Bureau of Labor Statistics, from which these indexes were computed, the average per cent of full-time operations decreased from 93 in March to 92 in April. Per capita earnings of workers also declined. Only in the East JUNE, 1925 North Central States and the Mountain States did both employment and earnings increase during April, although employment increased also in the Pacific States and to a small extent in the Southeast. All the principal industrial groups except lumber, automobiles, and stone, clay, and glass products showed decreases in both employment and pay rolls. The most important increases were in the automobile industry—8 and 9 per cent, respectively. The largest decreases were in clothing, food products, and leather and shoes. Many of these changes were partially seasonal. As compared with April, 1924, both of the general indexes reflected decreases. The textile (excepting men's and women's clothing), automobile, paper and printing, and leather and shoe industries or groups of industries had about the same volume of employment in April as a year ago, and pay rolls were larger. During April fewer wage changes were reported than in any month of this year, and none of them affected enough employees to be significant. SAVINGS DEPOSITS The aggregate savings deposits reported by 895 banks distributed throughout the United States were $7,792,447,000 on May 1, as against $7,798,146,000 on April 1, 1925, and $7,299,103,000 on May 1, 1924. During April increases in savings deposits were reported in only the Richmond, Atlanta, St. Louis, and Dallas districts, while in the two preceding months increases were reported in all except the St. Louis district. A comparison of savings deposits on May 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 F E D E R A L R E S E R V E D I S T R I C T S [In thousands of dollars'! Number M a y 1, 1925 Apr. 1, 1925 M a y 1, 1924 64 30 79 68 87 93 197 31 14 55 106 71 1,310,804 2,077,949 520,618 828,540 344,482 242,350 935,509 142,115 94,723 108,597 103,715 1,083,045 1,310,807 2,083, 503 521,040 828,959 336,126 239,231 938,709 140,968 95,214 110,316 102,591 1,090,682 1, 247,828 1,941,969 487,634 771,131 308,941 226,449 908,007 137,545 90,369 104,878 95,429 978,923 895 7, 792.447 7,798,146 7, 299,103 of banks Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis _. Kansas City.. Dallas. _ San Francisco Total... JUNE, PRICES Wholesale prices showed a sharp turn downward in April, according to the index of the Bureau of Labor Statistics. The decrease as compared with March was 3 per cent. Of the different commodity groups, farm products declined in price by 5.1 per cent, food products by 3.1 per cent, and declines occurred in all the other groups except house furnishings and "miscellaneous/' which advanced, reflecting largely a rise in the price of rubber. When all commodities are classified into two groups, agricultural and nonagricultural commodities, both groups show declines for April. As compared with a year ago, wholesale prices are now about 5 per cent higher; the prices of foods, farm products, miscellaneous commodities, chemicals and drugs, and cloths and clothing are still on a higher level, while the other groups are lower. When regrouped by stage of manufacture, all groups show declines; the 4.6 per cent decrease in raw materials reflected declines of 5.5 per cent in crops, 4.9 per cent in animal products, 4.6 per cent in forest products, and 3.1 per cent in mineral products. Producers' goods decreased 2.7 per cent and consumers7 goods 1.4 per cent. Compared with a year ago, the raw materials group is on a higher level because of the increase in crops and animal products. Consumers7 goods are also on a higher price level, while producers' goods show a decline. 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 In May prices of grains, beef, hogs, flour, coal, and rubber advanced, while declines occurred in cotton, wool, lumber, and iron and steel prices. Retail food prices show a decrease of less than 1 per cent in April, according to the Bureau of Labor Statistics index, and the level of prices is now about 7 per cent higher than a year ago. Prices of all meats and rice advanced, while prices of eggs, flour, potatoes, and sugar declined. The cost of living, which has been declining since January, decreased slightly in April, according to the index of the National Industrial Conference Board. COMMERCIAL FAILURES AND BANK SUSPENSIONS There were 1,939 commercial failures during April, involving liabilities of $37,188,622. Although the total number of failures was only slightly higher than in the preceding month, it was nearly 14 per cent larger than in the same month last year, and was in fact the largest reported for April since 1922. The increase was largely in the trading class of enterprise, in which there were 1,427 insolvencies in April this year as compared with 1,178 last year. Notwithstanding the larger number of failures, the total liabilities in default, although somewhat in excess of the total for March, were nearly 25 per cent below the total for April of last year, and were the lowest recorded for the month of April since 1920. 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 APRIL, AND 1925 [1913=100] Number April 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... March 161 Liabilities 1925 ary 161 1924 1925 1,939 1,707 $37,188, 622 $48,904,452 430 1,427 82 438 1,178 91 13,097,046 21, 535, 911 2, 555, 665 23,136, 875 18, 718,944 7,048, 633 April All classes 156 1924 1924 1925 397 FEDERAL RESERVE BULLETIN 1925 148 153 154 190 169 129 174 134 170 129 161 159 191 174 134 180 134 170 125 161 157 191 177 136 183 134 173 124 139 137 189 179 139 182 128 175 113 161 173 141 187 168 131 166 169 183 148 196 173 135 168 169 193 136 201 175 136 167 154 166 119 195 174 135 151 Manufacturing Trading Agents, brokers, etc 1924 The comparatively low figure for total liabilities reflects a marked decrease in the number of large failures occurring in April of this year as compared with the same month of the preceding four years, as well as a lower average amount of liabilities involved in such failures. There were 45 large failures (involving liabilities of $100,000 or more each) with aggregate 398 FEDERAL RESERVE BULLETIN liabilities of $15,332,375, in April this year, as against 71 with liabilities of $29,060,961 in that month last year. The decrease was most marked in the manufacturing class of failures. Comparing March and April of this year, failures were more numerous in the later month in only the Boston, New York, Philadelphia, and San Francisco districts; liabilities were larger in April in the Boston, New York, St. Louis, and Dallas districts. Comparing April of this year and last, the number of failures was larger in the Cleveland, Chicago, Dallas, and San Francisco districts, and both the number and liabilities were larger in the Boston, New York, Philadelphia, and St. Louis districts. In the Boston district the number of failures was larger than for any month since the district record has been maintained, and total liabilities were the largest since November, 1923. In the Atlanta district the total amount of indebtedness in default was the lowest since October, 1920. Comparative data, by districts, for the month of April, are presented in the following table: FAILURES DURING APRIL bank in the Minneapolis district. In April of last year 71 banks, of which 62 were not members of the Federal reserve system, were reported closed. The figures for bank failures represent, so far as could be determined, banks which had been declared insolvent or were closed by order of supervisory authorities, and it is not known how many of the latter institutions may ultimately prove to be solvent. BANKS CLOSED DURING APRIL, 1925 [Amounts in thousands of dollars] All banks District All districts Cleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City... Dallas San Francisco.. Member Nonmember Num- Capital Num- Capital N and ber surplus ber surplus! ber 44 1,763 3,771 304 1,247 62 143 466 160 327 72 Capital and surplus 1 2 14 1 265 1,127 31 234 180 j 72 725 205 120 31 143 232 160 147 1 Includes 1 State member bank in the Atlanta district, with capital and surplus of $150,000, and 1 State member bank with capital and surplus of $40,000 in the San Francisco district. Liabilities Number 1925 Federal reserve district 1925 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total _... ._ _ 1924 1925 1924 229 386 96 165 109 87 307 81 75 96 59 249 161 308 63 148 121 110 250 79 105 112 56 194 $4, 995, 937 12, 377,626 1,605,999 2, 604, 395 2,079, 733 981, 798 6, 234, 526 1, 694,044 678, 977 1, 096,191 792,113 2, 047. 283 $2,875,171 8,362,947 1,548, 342 13,040,996 3, 351, 299 2, 491,189 10, 664, 228 1,033,327 1, 254, 620 1, 243, 363 881,236 2,157, 734 1,939 1,707 37,188, 622 48, 904, 452 Reports to the Federal reserve banks in April show that there were 44 banks, with capital and surplus of $3,771,000, declared insolvent or closed during the month, as compared with 41 banks, with capital and surplus of $1,881,000, in March. Of the total, 29, with capital and surplus of $1,763,000, were nonmember banks and 15, with capital and surplus of $2,008,000, were member banks. Two of the latter were member State banks and the remaining 13 were national banks. Three banks, which had previously been closed, were reported to have resumed operations during the month. Two of these were national banks, one in the Chicago and one in the Minneapolis district, and the third was a nonmember State FOREIGN TRADE Imports of merchandise during April totaled $348,698,000, a decrease of $36,792,000 as compared with March and an increase of $24,407,000 as compared with April, 1924. Exports of merchandise were $399,049,000, a decrease of $54,385,000 as compared with March and an increase of $52,113,000 as compared with April of last year. Net exports for April were $50,351,000, compared with $68,000,000 during March and $23,000,000 in April, 1924, and, with the exception of February of the current year, were the smallest net exports shown for any month since last August. Total visible imports for the four months ended April, 1925, were $1,462,531,000, an increase of $6,000,000 over the amount shown for the 1924 period. Total visible exports were $1,875,895,000, an increase of $392,000,000 over the first four months of 1924. Of this increase, $222,000,000 was due to increased exports of merchandise and $168,000,000 to increased exports of gold. Silver imports and exports for the two periods showed little change. The net export balance rose from $27,000,000 in 1924 to $413,000,000 in 1925. JUNE, 1925 More than $300,000,000 of this net increase was due to the change in the direction of gold movements, which shifted from net imports of $157,000,000 in 1924 to net exports of $146,000,000 in 1925. MERCHANDISE TRADE BALANCE STATES OF THE UNITED [In thousands of dollars] Imports Month 1924 295, 506 332, 323 320,482 324, 291 January February March April May June July August September... October November... December I Exports Excess of imports 395,172 365, 775 339, 755 346,936 335,099 Excess of exports 99, 666 33,452 19,273 22, 645 32, 111 32, 988 274, 001 278, 594 276,649 254,542 | 330,659 287,144 427,460 310, 752 527,172 296,148 493, 573 333,192 445, 748 Year... 1,945 76,117 140, 316 216,420 197,425 112, 556 3,609,963 ! 4,590,987 981,024 446,443 370, 678 453,434 399,049 100, 278 37, 221 67, 944 50, 351 1925 January February March April 346,165 333,457 385,490 348, 698 TRADE BALANCE OF THE UNITED STATES FOR FOUR MONTHS ENDED APRIL, 1924 AND 1925 [In thousands of dollars] Merchandise 1924 Gold Silver Total ... ____ 1,272, 602 1, 447, 638 159,988 2,994 24,009 33,243 1,456, 599 1, 483,875 Net imports f—) or exports ( + ) . . . . +175,036 -156,994 +9, 234 +27, 276 1, 413, 810 1, 669, 604 24,848 170,834 23,873 35, 457 1.462, 531 i; 875, 895 +255, 794 +145, 986 +11, 584 +413, 364 Imports Exports Imports Exports 399 FEDERAL RESERVE BULLETIN 1925 Net imports (—) or exports (+) the month was to Germany and amounted to $15,130,000, or slightly more than 70 per cent of the total. The greatest increase was shown in exports to India, which rose from $63,000 in March to $3,013,000 during April. A decline of $5,000,000, as compared with the preceding month, was shown in exports to Argentina and a decline of $1,700,000 in exports to Australia. Net exports declined by $5,000,000— from $17,767,000 in March to $12,734,000 durFor the four months ended April, 1925, gold imports were $24,848,000, compared with $159,988,000 during the four months of 1924, or less than one-sixth of the amount shown for the earlier period. The greatest decline was $73,000,000 in imports from England. A decline of $22,000,000 was shown in imports from the Netherlands, of $11,000,000 from Canada, and of $9,000,000 from France. Decreased imports were shown for all the countries listed except Mexico, which showed a very slight increase. Exports of gold for the first four months of 1925 were $170,834,000. The largest items were $60,000,000 to Germany and $56,000,000 to India. Shipments amounting to $27,000,000 were reported for Australia. Net exports for the period were $146,000,000, compared with net imports of $157,000,000 a year ago. Imports of silver during April were $4,945,000 compared with $6,661,000 during March. The largest amount received from any one country was from Mexico and was $3,661,000, or 73 per cent of the total. Exports of silver were $9,323,000, compared with $7,917,000 during March. Of the April exports, $5,041,000, or 54 per cent of the total, was exported to India, $1,753,000 was sent to England, and $1,278,000 to Germany. GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES [In thousands of dollars] GOLD MOVEMENTS UNITED STATES Total gold imports during April were $8,870,000, an increase of $1,500,000 as compared with March. Imports from the Netherlands were $5,041,000, about 57 per cent of the total and the first imports of gold from that country to the United States since last November. Imports from England declined from $2,936,000 in March to only $13,000 during April. A decline of more than $700,000 was shown in imports from Canada. Exports of gold during April were $21,604,000, less by $3,500,000 than during March. The largest shipment during Four months ended April— 1925 April March 1925 1924 IMPORTS FROM— England France Germany Netherlands Canada Mexico Argentina China All other... Total 13 6 2 5,041 2,054 816 _ . _. . 2,936 3.078 2,777 513 2 5,041 10, 364 2,241 25 767 950 45 4,000 76,263 9,259 2,911 27,063 21,326 1,992 4,491 1,073 15,610 8,870 7,337 24,848 159,988 400 FEDERAL. RESERVE BULLETIN GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED GOLD IMPOBTS STATES—Continued JUNE, INTO AND EXPORTS BRITAIN FROM 1925 GREAT [In thousands of dollars] Three months ended March— 1925 Four months ended April— 1925 March April March 1925 February 1925 £1,088 12,371 175,750 1,536,989 37,220 95,373 3,690 £17,150 186,362 1,190,938 2,880,548 110,544 28,282 £29,475 60,264 553,833 3,343,784 4,246,069 273,131 35,492 £28,506 577, 518 9,171,356 5,692 362,250 28,791 1,862,481 4,413,824 8,542,048 10,174,113 9,841 3,371,939 65, 703 12,669 231,741 58, 772 2,000 97,345 6,960,005 177,356 41,346 2,534,985 1,285,000 82,368 907,811 1924 1924 IMPORTS FROM— EXPORTS TO— England France Germany Netherlands... Canada Mexico Argentina Uruguay Venezuela British India.. Hongkong Australia All other Total.. Net imports.. Net exports.. 50 15,130 15,120 103 455 100 461 5,050 1,210 3,013 402 1,020 171 200 63 1,113 2,758 21,604 25,104 6,160 1,339 60,260 4,318 281 1,656 5,360 802 1,410 55,770 2,996 26,925 3,557 170,834 469 1,188 Total. 1,102 ""79 156 2,994 156,994 12,734 17,767 145,986 GREAT BRITAIN Imports of gold into Great Britain during March were £1,862,000, a decline of £2,551,000 as compared with February. The greatest decrease was shown in imports from the United States, which declined from £2,881,000 in February to a negligible amount in March. Imports from the Transvaal rose from £1,191,000 in February to £1,537,000 in March. Exports of gold during the month under review declined by £808,000. The greatest decrease was shown in exports to British India, which declined from £3,372,000 in February to £1,459,000 in March. Exports to the Netherlands declined from £232,000 to a negligible amount, and exports to Russia from £59,000 to £15,000. Exports to the United States were £600,000 during March and were reported for the first time since last November. Net exports for March were £1,152,000, as compared with net imports of £591,000 during February. For the three months ended March, 1925, gold imports showed a decline of £1,632,000 as compared with the similar period of the preceding year. The greatest decrease was £5,827,000, shown for the Transvaal; the greatest increase, £4,240,000, was shown for the United States. Exports declined from £19,074,000 to £11,637,000. The largest changes were a decrease of more than £13,000,000 in exports to the United States and an increase of nearly £4,500,000 in exports to British India. Net exports for the 1925 period declined by £5,800,000 as compared with the first quarter of 1924. France... Netherlands... Rhodesia Transvaal United States. West Africa... Allother EXPORTS TO— Belgium British India Egypt France Netherlands Eussia Straits Settlements Switzerland United States West AfricaAHother 1,459,490 41,895 24,512 141 15,059 24.726 37,323 600,500 800 801,322 Total.. 3,014, 660 Net imports.. Net exports.. 1,152,179 13,271 56,732 468,510 342, 111 34,226 149,569 " 40,823 132,384 600,500 13,687,433 38,727 6,250 2,818,456 246, 645 3,822,668 11,636, 685 19,073,791 591,156 3,094,637 8,899,678 FOREIGN EXCHANGE Sterling exchange, after the announcement on April 28 by the British Chancellor of the Exchequer that England would at once reestablish a free gold market, rose from $4.8327 on the day of the announcement to $4.8626 on May 25, or to 99.9 per cent of parity. Netherlands florins, after a similar announcement on the same day by the Government, rose from 40.07 cents per florin on April 28 to 40.20 on May 6, and remained at about that level thereafter. Swiss francs have stood somewhat above parity since April 6, and during May averaged 19.35 cents. Swedish kronor, which stood at 26.95 cents per krona during April, or about one-half of 1 per cent above parity, averaged 26.75 cents during May. The Canadian dollar went to a little above parity-on the last day of April and stood at a premium during the first two weeks of May. German, Austrian, and Polish currencies, since the adoption of their new monetary units, have maintained their rates at par or a small fraction below. French francs declined from 5.24 cents per franc on May 1 to 5.00 cents on May 28; Belgian francs from 5.08 to 4.92 cents during the same period; and Italian lire from 4.12 cents on May 1 to 3.97 cents on May 25. Danish and JUNE, 1925 FEDERAL RESERVE BULLETIN 401 Norwegian crowns and Spanish pesetas showed yen averaged somewhat higher than during slight fluctuations. April. Argentine pesos, which showed a gradual apFOREIGN EXCHANGE RATES preciation since the 1st of April, rose from 87.60 [In cents] cents on May 1 to 92.45 cents per peso on May 29. Brazilian milreis declined from 10.62 cents May, 1925 April, 1925 April, on May 1 to 9.96 cents on the 15th, but rallied Par 1924, Exchange to 10.55 cents on the 22d. The Chilean peso avervalue Low High Low High Aver- age rose from 11.32 cents per peso on May 1 to age 11.54 cents on the 20th. Of the Far Eastern exchanges, the Shanghai Sterling 486.65 484. 50 486. 26 477.62 484.47 479.53 435.13 5.24 19.30 5.00 5.13 5.26 6.16 5.19 tael advanced during the first three weeks of French franc German reichsmark 23.82 23.80 23.80 23.80 23.80 23.80 4.12 19.30 3.97 4.09 4.44 4.12 4.10 May as compared with April. Indian rupees Italian lira florin.. 40.20 40.13 40.21 39.84 40.13 39.95 37.19 rose from 36.01 cents on May 1 to 36.38 cents Netherlands 26.80 26.74 26.77 26.78 26.95 26.94 26.38 Swedish krona 19.30 19.33 19.38 19.28 19.39 19.33 17.60 on the 28th. Since last September the rupee Swiss francdollar 100.00 99.99 100. 02 99.91 100.00 99.94 98.09 Canadian 96.48 87.60 92.45 85.66 87.57 86.88 74.80 Argentine peso has maintained a rate higher than the pre-war Shanghai tael 66.85 73.96 74.69 73.02 73.63 73.23 69.74 parity of 15 rupees to the sovereign. Japanese 402 FEDERAL RESERVE BULLETIN JUNE, 1925 EARNINGS AND EXPENSES OF MEMBER BANKS Net profits of all member banks for the six payments of interest to depositors on an exmonths ending December 31, 1924, amounted ceptionally large volume of deposits. In the following table are shown the amounts to $170,268,000 and represented an annual rate of return of 7.5 per cent on their $4,537,- of the various items of member bank costs and 435,000 of capital, surplus, and undivided prof- earnings, together with the amounts per $100 its. While net profits were about $21,000,000 of average loans and investments. The table lower for the last half than for the first half of indicates an average rate of return of $6.46 the year, they were over $24,000,000 higher per $100 of earning assets in 1924. Of this than for the last half of 1923; decreased profits amount $5.48 was interest and discount refor the last six months of the year, as com- ceived, and, since such interest is earned pared with the first, both in 1923 and 1924, almost entirely on loans and investments, this resulted chiefly from the fact that a consider- figure approximates the average rate at which ably larger amount of losses was written off at bank funds were utilized. This rate compares with $5.66 for 1923, when the general level of the end of each year. The following table presents the principal interest rates was considerably higher. The items of earnings and costs of member banks decline in rate of interest return per $100 of loans and investments was partly offset in the as shown by their semiannual reports : total rate of return on earning assets by inE A R N I N G S AND C O S T S O F A L L M E M B E R B A N K S , 1923 creased income from other sources, including AND 1924 considerable profits from the advance in the value of securities. [In thousands of dollars] 1924 1923 ANALYSIS OF MEMBER BANK COSTS AND EARNINGS, 1924 AND 1923 First 6 months (9,650 banks) Last 6 First 6 Last 6 months months months (9,566 (9,852 (9,755 banks) banks) banks) Interest received Other income 752,696 120,791 761,804 151,180 736,652 113,863 757,103 : 11, 742 Gross earnings Total expenses 873,487 623,351 912,984 657,173 850,515 602,022 868,845 630,632 250,136 255, 811 248,493 238,213 83,209 24,148 114,134 28, 591 88,195 30,548 118,932 26, 759 59,061 85, 543 57,647 92,173 191,075 128,244 170,268 129,800 190,846 129,904 146,040 128,029 Net earnings Total losses Recoveries Net losses i_ Net addition to profits Dividends declared i Total losses less recoveries on assets previously charged off. 1924 1923 Amount Amount A m o u n t per $100 (000 (000 of omitted) ing earn- omitted) assets Amount per $100 of earning assets $1,514,500 271,971 $5.48 $1,493,755 225,605 .98 $5.66 .85 Gross earnings (total). _ 1,786,471 6.46 1, 719,360 6.51 1.28 .09 2.15 1.11 335,680 42,151 547,910 306,913 1.27 .16 2.08 1.16 4.63 1,232,654 4.67 Interest received Other income Salaries and wages Interest on borrowed m o n e y . Interest on deposits Taxes and other expenses Total expenses 355,018 24,746 594,432 306, 328 1,280, 524 Net earnings 505,947 Losses on loans Losses on securities Other losses 133,079 33,196 31,068 1.83 486, 706 1.68 2.41 143,011 36,411 27, 705 1.84 For the entire year 1924 the net profits of • all member banks amounted to $361,343,000, which was 8.04 per cent of their average capital Total losses 197,343 .71 207,127 .78 Net losses 3 144, 604 .52 149,820 .56 investment for the year. This represents an Net addition to profits 361,343 336,886 1.31 1.28 increase of $25,000,000 over the preceding Dividends declared 258,044 257,933 year, when the profits of these banks were $336,886,000 and the rate of return on average 1 Amount per $100 of average loans. $100 of security capital investment was 7.69 per cent. Not- 2 Amount percharged averagerecoveries holdings. previously charged off off less on assets withstanding the prevalence of lower interest s Total losses rates, gross earnings of these banks were This table shows that out of the total income $65,000,000 larger in 1924 than for the pre- of $6.46 per $100 of loans and investments in ceding year, owing to the higher level of earn- 1924, $4.63, or about 72 per cent, was absorbed ing assets and to increased income other than by the banks' expenses, leaving net earnings of interest received. A considerable portion of $1.83. Out of this amount 52 cents was charged the increase in gross earnings was absorbed by off for net losses—that is, total losses less an increase in expenses reflecting chiefly larger recoveries on assets previously charged off. 1.77 2.47 JUNE, 1925 FEDERAL EESBEVE BULLETIN 403 Remaining net additions to profits were $1.31 year before. The advance in the rate of net per $100 of earning assets, as against $1. 28 return on invested capital from 7.69 per cent in 1923. Among the expenses it will be noted to 8.04 per cent was the result not only of the that the principal decrease was in interest paid wider margin of profit per $100 of earning on borrowed money, reflecting the lower vol- assets, but also of a somewhat larger volume ume of the banks' borrowings and a generally of earning assets per unit of invested capital. lower level of rates paid. The principal in- The above table shows the ratio between crease was in interest paid on deposits, earning assets and invested capital in relation which reflected the higher level of deposits to the two rates of profit—that per unit of during the greater part of 1924. The rate of earning assets and that per unit of invested interest paid to all classes of depositors was capital. on||the average about 2 per cent in both In the following table are shown the actual years, but, owing to the relatively greater amounts of the principal items of member increase in deposits than in loans and invest- bank costs and earnings by districts, and also ments, the ratio of interest payments to $100 the amounts per $100 of average earning assets. of loans and investments was larger in 1924 It will be noted that in all except the Cleveland than in 1923. and San Francisco districts the rate of interest Of the losses during the year, 67 per cent income per $100 of loans and investments was represented losses on loans and discounts and lower for 1924 than for 1923. Owing, how17 per cent were losses on security investments. ever, to the increased rate of earnings other The losses on loans and discounts amounted on than interest and discount received, total earnthe average for all banks to 68 cents per $100 ings per unit of loans and investments were of average loans and discounts, and losses on higher for 1924 than for the year before in six securities amounted to 41 cents per $100 of of the districts. In 1924 the rate of total inaverage security holdings. come per unit of earning assets was highest in the Dallas and Kansas City districts, at $7.61 P R O F I T S O F M E M B E R B A N K S I N R E L A T I O N TO E A R N - and $7.57, respectively, and lowest in the ING A S S E T S AND I N V E S T E D C A P I T A L , 1924 AND Boston and New York districts, at $5.94 and 1923 $6.03, respectively. An analysis of the table [Averages in thousands of dollars] brings out the fact that the highest rates of net profits per $100 of earning assets were not 1923 1924 in the districts where the rates of gross return were highest, nor the lowest rates of net Average capital, surplus, and undivided profits L- 4,491,663 4,380,074 profits in those districts where the rates of 19,498,525 18,688,291 Average loans and discounts * This is due to vari8,163,266 7,713,985 gross return were lowest. Average security investments i ations in relative operating costs and to differ27,661,79126,402,276 Average earning assets 1 ences^ in the amounts of losses written off by Eatio of earning assets to capital, surplus, and unThe rate 6.16 6.03 the banks in the various districts. divided profits 2 1.31 Profit per $100 of earning assets 1.28 of operating costs ranged from about $4 per Kate of returns on capital, surplus, and undivided $100 of earning assets for both years in the 8.04 profits 3 _ Philadelphia district to about $5.80 in the 1 Averages of amounts on call dates. Kansas City district. Net losses were written 2 Identical with last ratio in preceding table. 3 Obtained by division of amount of profit by amount of invested off in the two years at the rate of 20 to 30 capital; equivalent to the product of the two preceding ratios. cents per $100 of earning assets by member Comparison between the banks' capital banks in the Philadelphia district and at the investment (approximately measured by their rate of $1.15 to $1.45 per $100 of earning capital, surplus, and undivided profits) and assets in the Kansas City and Dallas districts. their earning assets indicates that in 1924 These variations reflect dissimilarities in the there was a somewhat larger amount of funds conditions under which banks were operated in use per $100 of capital than in 1923, the in different parts of the country as well as ratio being $616 in 1924 as against $603 the differences in operating efficiency. 404 FEDERAL RESERVE BULLETIN JUNE, 1925 COSTS AND EARNINGS OF ALL M E M B E R BANKS, YEARS ENDING DECEMBER 3 1 , 1924 AND 1923 Boston district 1923 1924 New : 19 24 York district 1923 Philadelphia district 1924 1923 Amount Amount Amount Amount Amount Amount per Amount per Amount per Amount Amount per Amount per Amount per (000 $100 of (000 $100 of $100 of (000 (000 $100 of (000 $100 of (000 $100 of omitted) earning omitted) earning omitted) earning omitted) earning omitted) earning omitted) earning assets assets assets assets assets assets $4.82 $388,971 $106,995 $5.14 $110,687 $5.11 $105,358 $5.20 $394, 271 Interest received $5.37 $107,320 $5.55 .64 12,846 98,750 17,432 1.02 1.21 76, 707 .83 .90 18,688 Other income 13,584 .71 5.84 493,021 6.03 465,678 124, 427 Gross earnings (total) 5.94 118,204 6.16 129,375 6.27 120,904 6.26 20,544 1.11 84,139 1.11 22,305 1.02 90,592 1.07 22,406 Salaries and wages 1.08 20,446 1.06 8,675 .04 2,600 .11 .13 3,165 .05 1,135 Interest on borrowed money .08 1,650 3,096 .16 2.02 152,404 2.02 2.11 165,707 42,811 2.26 47,405 Interest on deposits 1.95 40,122 35,784 1.85 74,694 .92 .99 .92 74,933 .93 18,667 .93 19,255 Taxes and other expenses -- 19,407 18, 349 .95 4.23 83,332 4.18 334,397 4.09 319,912 4.31 84,622 Total expenses....... 90, 353 4.04 77,675 4.02 1.94 145,766 158,624 34,074 1.93 46,043 1.63 33,582 Net earnings 1.66 2.23 43,229 2.24 1 1.50 31,554 i. 66 27,424 9,910 9,498 !.62 3,888 Losses on loans 1.31 .66 i. 37 4,286 2 11,810 11,010 3,381 2,815 2.47 2.48 2,378 Losses on securities 3,009 2.41 2.29 158 .39 5,403 3,814 6,199 1,861 1,518 Other losses. 1,389 .55 44,633 .64 48,767 Total losses 7,784 .82 14,586 16,693 .38 .69 8,684 .45 3 29, 244 31,844 4,074 .36 10,618 .42 .20 .52 11, 589 Net losses 6,207 .32 .55 1.134 129,380 1.58 113,922 Net additions to profits 1.51 22,964 22,485 41,969 2.03 1.07 37,022 1.92 79,124 76, 567 21,505 Dividends declared 16,823 21,467 17, 458 Richmond district Cleveland district Atlanta district 70,619 5.82 69,271 5.84 5.58 61,055 6.29 163,079 59,459 6.43 5.72 150,308 .67 .56 .97 10,. 158 1.05 9,042 8,171 30,491 6,606 1.07 29,889 1.11 Other income 71,213 7.34 68, 501 78,790 6.49 75,877 6.40 6.69 7.40 193,570 6.79 180,197 Gross earnings (total) 14,804 15, 329 1.26 14, 287 1.21 1.17 1.52 14,199 1.54 34,800 1.22 31,648 Salarips and wases .10 3,131 2,479 .26 3,816 .26 2,763 3,319 1,941 .07 .36 .32 Interest on borrowed money 1.95 2.34 23,726 21,843 19,596 2.02 62,910 17,864 1.93 70,062 2.46 Interest on deposits 1.84 14, 763 1.52 14,168 1.53 14,526 1.20 31, 328 13, 492 1.10 29,400 1.14 1.09 Taxes and other expenses 5.32 49,550 56, 712^ 4.67 53, 438 4.51 51, 642 4.70 4.85 126,721 5.36 138,131 Total expenses --1.99 22,078 1.82 22,439 1.89 19,571 2.02 18, 951 2.04 1.94 53.476 55,439 Net earnings 5,080 1.53 5,171 1.43 7,077 1.90 !.56 7,658 5,469 1.73 1.35 6,546 Losses on loans and discounts - 958 2.49 740 1,075 2.42 2.37 4,426 330 4,201 2.41 Losses on securities 2.18 2.43 1,558 1,530 1,096 1,347 2,653 2,744 .60 7, 251 7,687 .55 9,347 .65 .96 14,737 .77 7,146 .47 13,491 Total losses - .78 .59 .46 .37 .50 .44 7,566 5,509 5,574 10, 526 5,908 11,859 Net losses 3 16, 504 1.544 1.36 16, 531 1.39 12,005 41,617 1.24 13, 442 1.45 1.57 44,913 Net additions to profits 12, 737 13,191 11,958 25,270 27, 368 Dividends declared 11,878 St. Louis district Minneapolis district Chicago district 68,541 5.77 5.68 68, 778 5.92 51,816 6.00 56,457 6.37 5 44 220, 348 Interest received 220 864 .78 .77 .77 .68 5,845 .57 9,332 8,952 5,056 29,813 .86 35,094 Other income 6.68 57,661 61, 513 6.94 77,873 6.55 6.45 77, 730 6.69 Gross earnings (total) 6.30 250,161 255,958 1.37 15,569 16,240 1.28 1.34 12,923 1.50 13, 761 1.55 49,448 1.28 Salaries and wages 51,839 2,290 .19 .13 2,642 1,030 .23 .12 1,980 .23 4,893 .07 Interest on borrowed money 2,895 23, 779 2.09 22,750 2.00 22, 720 2.63 23, 334 1.96 81,185 2.63 2.16 Interest on deposits 87 931 1.25 12, 703 10, 824 14,197 1.19 1.27 15,171 1.30 1.43 1.17 49,436 Taxes and other expenses -- 47,450 5.50 51, 778 5.84 47,527 56,506 4.68 184, 962 4.75 4.77 56,102 4.83 Total expenses 190,115 10,134 21,367 1.80 1.68 21,628 1.86 1.18 9,735 65,199 1.10 Net earnings 1.62 65,843 1.73 7,893 9,874 i 1.14 6,086 i 1.25 8,068 11.18 o ses o loans nd discounts. _ 20,200 1.68 23,261 604 *.47 2.38 1,524 1,252 2.52 2.26 299 5,330 Losses on secur' ties 2.39 4,284 2.15 692 1,050 3,97.9 786 2,796 3,177 Other losses .72 .81 9,189 1.06 9,153 1.03 15,377 1.29 8,388 31, 387 68 Total losses 27 661 3 .52 .89 .85 .61 7,364 7,185 .81 10,595 6,119 23,512 .52 Net losses 21,103 1.34 2,770 15, 509 .32 .91 1.07 10, 772 .29 2,550 41,687 1.10 Net additions to profit 44, 740 5,368 13,676 13, 347 6,658 33, 605 Dividends declared 33,297 Dallas district San Francisco district Kansas City district 7.01 143,579 6.14 137, 957 6.82 54,083 52,899 6.11 6.70 75,445 6.57 70,095 Interest received .85 .91 .74 .79 .73 19,124 21,134 1.00 8,354 6,173 5,632 10, 703 Other income 6.96 7.05 157,081 83, 799 7.44 59,072 7.61 59, 715 7.74 164,713 7.57 80,798 Gross earnings (total) 1.66 1.71 37,364 1.75 14,465 1.86 14, 517 1. 88 40,144 j 19, 758 1.80 19,171 Salaries and wases .18 2,321 3,263 .14 . 10 1,385 2,783 .12 2,312 .25 .30 1,333 Interest on borrowed money. _. 49, 250 1.76 13,182 2.18 2.36 13, 656 24, 623 2.29 24,523 Interest on deposits . 55,175 2.18 1.71 1.28 28,887 1.28 29,821 16,831 1.58 18, 671 1.66 13, 275 1.72 12,993 1.67 Taxes and other expenses 5.26 5.45 118, 764 5.79 65,835 5.84 42, 499 5.47 43,295 5.61 127,452 61,858 Total expenses 1.70 1.60 38, 317 37, 261 16,420 2.13 2.14 16, 573 1.60 17,964 1.78 18, 940 Net earnings 11,159 1.92 9,031 ! i 1. 43 12,814 i 1.84 14, 747 Losses on loans and discounts. _ 14, 997 2 2.74 3,213 2.53 4,324 2.28 2.24 418 351 2.34 874 .39 1,001 Losses on securities _. 3,958 3,625 2,612 1,253 2,035 22,681 1.00 17,997 .77 1.93 1.47 14, 930 11,417 1.50 16,874 1.74 18,610 Total losses .73 .58 16, 585 13,499 1.19 1.43 1.38 13, 428 8,751 1.13 11,046 14, 719 Net losses 3 23, 762 5,374 .70 1.02 21, 732 .97 7,822 .40 1.01 4,536 .40 4,221 Net additions to profit 19, 696 9,961 8,289 9,885 8,532 Dividends declared 18,317 »Total losses charged off less recoveries on assets previously charged off. i Amount per $100 of average loans. ^Amount per $100 of average security holdings. JUNE, 405 FEDERAL RESERVE BULLETIN 1925 In the table below are shown, by districts, for 1923 and 1924, the average capital investment of member banks during each year and the average volume of their earning assets. There are presented also ratios indicating the relation between the proportion of earning assets to invested capital and the two rates of profit—that per $100 of earning assets and that per $100 of invested capital. In both years the highest rates of net return on the banks' capital investment were in the New York and Philadelphia districts, notwithstanding the fact that in these districts the average rate of gross earnings per unit of earning assets was, with the exception of the rate for the Boston district, lower than in any of the other districts. This is explained by the relatively low rates of operating expense and of losses written off in these two districts and, in the New York district, by the fact that the proportion of earning assets to invested capital was comparatively high. In both years the lowest rates of return on the capital investment were in the Minneapolis, Kansas City, and Dallas districts, where, despite a comparatively high rate of gross earnings per unit of earning assets, the margin of net profits was diminished by high average rates of operating expenses and of deductions for losses (chiefly on loans). PROFITS OF MEMBER BANKS IN RELATION TO EARNING ASSETS AND INVESTED CAPITAL, YEARS ENDING DECEMBER 31, 1924 AND 1923 [Averages in thousands of dollars] New York district Boston district 1924 Philadelphia district 1923 1924 Average capital, surplus, and undivided profits * _ 1923 1924 340,885 340, 517 1, 243, 295 1,198,578 424,236 Cleveland district 1923 1924 392,147 506,341 Richmond district 1923 1924 Atlanta district 1923 1924 ' 1923 223,499 173,733' 170,120 486,374 1, 491, 579 1,443,956 5,496, 017 5,097,1411, , 245,8611,155, 655 1, 877, 379 1, 785,455 956, 311 923,308 789,102 744,443 , Average loans aud discounts * Average security investments *„-. 604, 296- 580,823 2, 678, 294 2,463,933 815,928 777,191 973,587 """ •"" 258,141 261,850 180,8221 180,692 l Average earning assets 2,095,875 2,024, 779 8,174, 311 7, 561,074 2,061, 789 1, 932,846 2,850, 966 2, 693,884 1, 214,452 1,185,158 969,924 925,135 Ratio of earning assets to capital, surplus, and undivided profits. Profit per $100 of earning assets 2.. Rate of profit on capital, surplus, and undivided profits 3— 6.15 1.07J 5.95 1.14 6.57 1.58 6.31 1.51 6.60 6.74 10.41 9.50 1924 Average capital, surplus, and undivided profits * Average loans and discounts 1 Average security investments » Average earning assets * _ Ratio of earning assets to capital, surplus, and undivided profits. __ Profit per $100 of earning assets 2 ... Rate of profit on capital, surplus, and undivided profits 8 1923 1924 618, 983 608,287 196,661 5.63 1.57 5.54 1.55 5.30 1.36 5.30 1.39 5.58 1.24 5.44 1.45 8.87 8.56 7.21 7.40 6.91 7.90 Minneapolis district St. Louis district Chicago district 4. 1.92 9.44 4.86 2.03 1923 1923 Kansas City district 1924 1923 Dallas district 1924 San Francisco district 1924 1923 312,225 299,368 1923 193, 762 126,468 135, 543 163,260 173,262; 156,607 158, 617 828, 587 633,201 684, 260 332, 586 230, 273 202,676 2,973,832 2,856,430 1, 088, 369 1,019, 639 813,512 254, 047 , 870,256' 629,398 623,422 1, 729, 713 1, 675, 378 256,157) 146,501 148,437 607,027 581, 572 4,062,201 3,876,069 1,188, 601 1,161,173 i3,474 886,936 1,067, 559 1,126,4131 775,8 771,859 2, 336, 740 2, 256, 950 6.56 1.10 6.37 1.07 6.04 .91 5.99 1.34 6.83 .32 6.54 .29 6.54 .40 6.50 .40 4.95 1.01 4.87 .70 7. 1.02 7.23 6.85 5.48 8.00 2.19 1.88 2.59 2. 62 4. £ 3.39 7.61 i Averages of amounts on call dates. 3 Identical with last ratio in preceding table. 8 Obtained by division of amount of profit by amount of invested capital; equivalent to the product of the two preceding ratios. 7.26 406 FEDERAL RESERVE BULLETIN JUNE, 1925 BALANCE OF PAYMENTS OF THE UNITED STATES AND OF ENGLAND IN 1924 UNITED STATES The computation of the balance of payments of the United States x for 1924 shows total credits of $1,865,000/000 against total debits of $2,077,000,000, leaving a balance due foreign countries of $212,000,000. Information acquired through questionnaires confirmed the substantial accuracy of this calculation, as it showed that foreign deposits held by American banks increased by $216,000 000 during the year. During the year merchandise exports exceeded imports by $970,000,000; sales of securities amounted to $319,000,000, and interest payments on foreign investments to $464,000,000. Payment by foreigners for these items was made to the extent of $308,000,000 by shipments of gold and of American currency; to the extent of $355,000,000 by remittances of immigrants and by charitable gifts; expenditures of tourists amounted to an additional $500,000,000 and securities purchased by Americans to $909,000,000. A comparison of the results of the year's international trade with those of 1923 and 1922 indicate that the volume of our merchandise exports in recent years has been influenced apparently to a considerable extent by the volume of foreign credits obtained in the United States. In 1922 the United States took securities 2 from abroad to the net amount of $747,000,000, and in that year the excess of American exports of merchandise was $734,000,000. In 1923, when purchases and sales of foreign securities by Americans practically equaled each other, our favorable merchandise trade balance fell to $388,000,000, about half that of the previous year. In 1924, when our net security purchases rose to $590,000,000, the excess of exports was $970,000,000. The expansion of our merchandise exports by over $400,000,000, from $4,168,000,000 in 1923 to $4,591,000,000 in 1924, while merchandise imports declined by nearly $200,000,000 and invisible debits on current account increased by about $100,000,000, was thus chiefly due to a larger extension of credit by United States, as indicated by an increase of $450,000,000 over the previous year in the amount of new foreign bonds issued in the United States. : '» The Balance of International Payments of the United States in 1924 by Rufus S. Tucker, Department of Commerce, Trade Information Bulletin No. 340. 8 This figure includes new foreign bond issues in the United States, plus other foreign investments of American capital (securities only) minus the sales of securities to foreigners. The following table of the balance ments of the United States col " A Department of Commerce is pr similar headings to those emp Board of Trade for England, in itate comparison between the t\* BALANCE OF PAYMENTS OF THE t of payby the '. under by the o facilTies: FATES [In millions of dollars Items 1 Excess of exports of merchandise and bullion.. 1924 748 Invisible exports: Net income from overseas investments Net national shipping income Miscellaneous.. 464 8 -637 Total invisible exports -165 Available for foreign investment New foreign issues in the United States 1 1 At issue price. ENGLAND 583 828 : The balance of payments for England in 1924, as computed by the B^>rd 01 Trade, shows a debit balance in " % " trade of £341,000,000 and a credit pe in " invisible" exports of £370,01 J, leaving a net credit balance available xor investment overseas of £29,000,000. The actual amount of foreign issues floated in London during the year was £134,000,000. Accounting for part of the difference by imperfections in the estimates, the rest may be ascribed to factors for which there is no accurate statistical information. In the closing months of 1923 it was reported that a large volume of funds was withdrawn from London to other financial centers, especially New York, because of the prevailing uncertainty about the exchange position of the pound. In 1924, when sterling exchange was rising, these funds, whether belonging to Englishmen or foreigners, were largely returned to London. The Board of Trade points out that a considerable fraction of the proceeds of the foreign loans floated in London must have remained there, while proceeds of loans floated in New York during the year were probably transferred to some extent to London, both because of the higher interest rates obtainable in London and because of the prospect of speculative profit on the advance in the exchange toward parity. Of the new issues offered in London during the year, furthermore, a part represented refunding operations causing no demand for fresh capital and a part of these new issues may also have been taken by f oreigners# JUNE, FEDERAL RESERVE BULLETIN 1925 The following table gives for Great Britain the Board of Trade figures corresponding to those given for the United .States in the table already presented. Comparison shows that in recent years a larger proportion of exported British goods and services have been exchanged for commodities imported from abroad and a smaller proportion for securities. This is in direct contrast to the situation shown for the United States. B A L A N C E OF Banking Corporation, New York City)— branches in China, Philippine Islands, and Straits Settlements; Bank of Central and South America, New York City (taken over in part by the Royal Bank of Canada) — branches or representatives in Germany, Central and South America. Branches have been opened since the beginning of 1923 in Hongkong and Dairen, China; Havana and Florida, Cuba; and Milan, Italy; and a branch will soon open in Osaka, Japan. PAYMENTS—ENGLAND FOREIGN BRANCHES OF MEMBER BANKS fin millions of pounds sterling] 1913 Excess of imports of merchandise and bullion _ Net national shipping income Net income from overseas investments Commissions _ Other services Total "invisible exports" on balance Income available for investment overseas New overseas issues on London market in year _ 158 94 1922 1923 1924 171 203 341 130 110 115 210 25 10 175 30 10 150 30 10 185 40 15 339 325 305 370 181 154 102 29 198 135 136 134 FOREIGN BRANCHES OF AMERICAN BANKS Following is a list of foreign branches operated by member banks of the Federal reserve system and by banking corporations incorporated for the purpose of engaging in international and foreign banking under agreement with the Federal Reserve Board. In recent years several of these institutions have discontinued the operation of branches in certain countries, and several corporations engaged in foreign banking under agreement with the Federal Reserve Board have been liquidated, and their branches have either been closed or taken over by other organizations. Since the beginning of 1925 branches have been discontinued, by institutions now in existence, in the following places: Ponce, Porto Rico; Calle Rondeau, Uruguay; Lyons, France; Soerabaya, Java; Artemisa, Colon; and Placetas del Norte in Cuba. The following corporations organized under State law and formerly operating foreign branches under agreement with the Federal Reserve Board have been liquidated: American Foreign Banking Corporation, New York City (taken over in part oy the Chase National Bank, New York City)—branches in Cuba, Panama, the Canal Zone, Brazil, and Mexico; Asia Banking Corporation, New York City (taken over b}^ the International 407 Bankers Trust Co., New York, N. Y.: Branches— France: Paris. England: London. Equitable Trust Co., New York, N. Y.: Branches— England: London. France: Paris. Mexico: Mexico City. Chase National Bank, New York, N. Y.: Branches l— Cuba: Habana. Panama: Panama City. Canal Zone: Cristobal. Farmers Loan & Trust Co., New York, N. Y.: Farmers Loan & Trust Co. (Ltd.), London, England (two offices)—a British company; all stock owned by Farmers Loan & Trust Co., New York, N. Y. Representatives— France: Paris. First National Bank, Boston, Mass.: Branches— Argentina: Buenos Aires. Cuba: Habana. Guaranty Trust Co., New York, N. Y.: Branches— England: London (three offices), Liverpool. Belgium: Antwerp, Brussels. France: Paris, Havre. National City Bank of New York, New York, N. Y.: Branches— Argentina: Buenos Aires, Rosario. Belgium: Antwerp, Brussels. Brazil: Pernambuco, Rio de Janiero, Santos (agency), Sao Paulo. Cuba: Bayamo, Caibarien, Camaguey, Cardenas, Ciego de Avila, Cienfuegos, Florida, Guantanamo, Manzanillo, Matanzas, Santa Clara, Habana (subbranches: Galiano, Cuatro Caminos, La Lonja), Nuevitas, Pinar del Rio, Remedios, Sagua la Grande, Sancti Spiritus, Santiago, Yaguajay. Chile: Santiago, Valparaiso. England: London (city branch and west-end branch). France: Paris, National City Bank (France) S. A. (subsidiary of National City Bank of New York). Italy: Genoa, Milan. Peru: Lima. Porto Rico: San Juan. Uruguay: Montevideo. Venezuela: Caracas. 1 Formerly branches of the American Foreign Banking Corporation* 408 FEDERAL RESERVE BULLETIN BRANCHES OF FOREIGN BANKING CORPORATIONS OPERATING UNDER AGREEMENT WITH THE FEDERAL RESERVE BOARD Equitable Eastern Banking Corporation (subsidiary of Equitable Trust Co., New York, N. Y.): Branches— China: Shanghai, Hongkong. International Banking Corporation, New York, N. Y.: Branches— China: Canton, Dairen, Hankow, Harbin, Hongkong, Peking, Shanghai, Tientsin. England: London. India: Bombay, Calcutta, Rangoon (Burma). Java: Batavia. Spain: Barcelona, Madrid. Republic of Panama: Colon, Panama. Dominican Republic: Barahona, La Vega, Puerto Plata, Sanchez, San Francisco de Macoris, San Pedro de Macoris, Santiago de Los Caballeros, Santo Domingo City. Japan: Kobe, Tokyo, Yokohama, Osaka (not yet opened). Philippine Islands: Cebu, Manila. Straits Settlements: Singapore. National City Bank (France) S. A. (subsidiary, in Paris, of National City Bank of New York). Changes in State Bank Membership The following list shows the State banks and trust companies which were admitted to membership in the Federal reserve system during the month ended May 21, 1925, on which date 1,513 State institutions were members of the system; also other changes affecting State bank membership: ADMISSIONS Capital Surplus Total JUNE, CHANGES—Continued Capital District No. 7 Closed: City-Commercial Savings Bank, Mason City, Iowa $400,000 Farmers State Bank, Colfax, Ind._ 25.000 Surplus $65,000 $2,459,447 128.144 500,000 225,000 6,064,623 85,000 17,000 583,225 30,000 5,500 152,456 30,000 25,000 7,000 103,419 331,011 100,000 15,500 921,743 50,000 200,000 5,000 100,000 619,073 1, 697,562 500,000 40,000 40,000 25,000 150,000 14,000 14,000 12,500 9, 211,844 483,782 299,528 160,274 District No. 10 Voluntary withdrawal: Pender State Bank, Pender, Nebr District No. 11 Absorbed by a national bank: Citizens State Bank, Valley Mills, Tex Succeeded by a national bank: Josephine State Bank, Josephine, Tex Moran State Bank, Moran, Tex... City Guaranty State Bank, Childress, Tex Converted into national bank: First State Bank, Floydada, Tex.. First State Bank, Bonham, Tex... Mercantile Bank & Trust Co., Dallas, Tex First State Bank, Hamlin, Tex.... Farmers State Bank, Italy, Tex... Kilgore State Bank, Kilgore, Tex.. First Guaranty State Bank, Clifton, Tex... First State Bank, Grand Prairie, Tex ._ First State Bank, Reagan, Tex.... First Guaranty State Bank, Valley View, Tex First State Bank, West, Tex G uaranty Bond State Bank, Robstown, Tex Farmers Guaranty State Bank, Stephenville, Tex._ Sudan State Bank, Sudan, Tex.... First State Bank, Terrell, Tex Closed: Liberty State Bank, Soper, Okla Absorbed by a State member: Citizens National Bank, Longview, Tex 40,000 11,000 412,424 40,000 25,000 20,200 25,000 313,192 246,432 25,000 50,000 1,000 4,500 130, 302 380,468 50,000 15,000 611,977 100,000 25,000 200,000 10,000 2,500 120,000 805,760 252,993 1,141,435 15,000 101,285 100,000 336,240 District No. 2 District No. IB Absorbed by a State member bank: San Fernando Valley Savings Bank, San Fernando, Calif $40,000 $326,788 100,000 100,000 2,685,257 250,000 600,000 8,679,831 200,000 212,500 2,034,681 50,000 5,000 439,921 $500,000 $300,000 $4,978,160 District No. S 50,000 9,000 684,717 CHANGE OF TITLE Easton Trust Co., Easton, Pa Mahanoy Banking Trust Co., Mahanoy City, Pa Port Carbon State Bank, Port Carbon, Pa CHANGES District No. 4 Absorbed by a State member bank: Merchants National Bank, Massillon, Ohio -. District No. 6 Voluntary withdrawal: Farmers & Merchants Bank, Chipley, Ga Absorbed by a national bank: Farmers Bank, Winder, Ga Total District No. 9 Consolidated with nonmember bank: Wells-Dickey Trust Co., Minneapolis, Minn Title Guaranty & Trust Co., Plainfield, N. J . Mount Pleasant Bank, Pleasantville, N. Y . . . $200,000 1925 The Guaranty State Bank & Trust Co., Gatesville, Tex., to Guaranty Bond Bank & Trust Co. The First Guaranty State Bank, Mertens, Tex., to First State Bank. The First Guaranty State Bank, Palmer, Tex., to First State Bank. The Kentucky Title Savings Bank & Trust Co., Louisville, Ky., to Kentucky Title Bank and Trust Co. The Farmers Guaranty State Bank, Clifton, Tex., to Farmers State Bank. The First Guaranty State Bank, Jacksonville, Tex., to First State Bank. The Ohio Banking & Trust Co., Massillon, Ohio, to The Ohio-Merchants Trust Co. The Bank of Commerce, Sinton, Tex., to Commercial State Bank. Fiduciary Powers Granted to National Banks 25,000 50,000 253,290 8,500 212,427 During the month ended May 21, 1925, the Federal Reserve Board approved applications of the national 409 FEDERAL RESERVE BULLETIN JUNE, 1925 banks listed below for permission to exercise one or Changes in National Bank Membership more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: (1) The Comptroller of the Currency reports the followTrustee; (2) executor; (3) administrator; (4) registrar ing increases and reductions in the number and capital of stocks and bonds; (5) guardian of estates; (6) as- of national banks during the period from April 18 to signee; (7) receiver; (8) committee of estates of lunatics; May 22, 1925, inclusive: (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks are perNum- Amount ber of mitted to act under the laws of the State in which the banks of capital national bank is located. Location Waterville, Me_ Holyoke, Mass. Derby, Conn Carteret, N. J i Ballston Spa, N. Y...J Newark, N. Y i Whitehall, N. Y | Ocean City, N. J | Langhorne, Pa Warren, Pa _ Hagerstown, Md Bristol, Va Talladega, Ala Chicago, 111 Waukegan, 111 Brighton, Colo Glenwood Springs, Colo. Kansas City, Mo Kansas City, Mo Dallas, Tex Dayton, Wash District No. Name of bank Peoples National Bank Holyoke National Bank... Birmingham National Bank. First National Bank do. Arcadia National Bank.._ Merchants National Bank. Ocean City National Bank Peoples National Bank Citizens National Bank... First National Bank Dominion National Bank. Talladega National Bank. Washington Park National Bank. First National Bank First National Bank dc Powers granted Ito9. 5 to 9. 1 to 9. Do. Do. Do. Do. Do. Do. Do. Do. Do. 5 to 9. 1 to 9. Do. Ito4. 1 to 3, 5 to 7. Traders National Bank... 1 to 7 and 9. Stockyards National Bank 1 to 9. Mercantile National Bank Do. Columbia National Bank. Ito3. New charters issued Restored to solvency Increase of capital approved 60 $6,595,000 1 25,000 18 2,260,000 Aggregate of new charters, banks restored to solvency, and banks increasing capital 79 8,880,000 30 2 2,380,000 90,000 Total liquidations and reductions of capital.. 32 2,470,000 Consolidations of national banks under act of Nov. 7,1918 -. . 0 Liquidations. Reducing capital _.. . . . Aggregate increased capital for period Reduction of capital owing to liquidations, etc Net increase _. 0 8,880,000 2,470,000 6,410,000 Acceptances to 100 Per Cent The following member institution has been authorized by the Federal Reserve Board to accept drafts and bills of exchange up to 100 per cent of its capital and surplus: The Pacific National Bank, San Fran* cisco, Calif. 410 FEDERAL RESERVE BULLETIN JUNE, 19H3 BUSINESS STATISTICS FOR THE UNITED STATES INDUSTRIAL ACTIVITY During April variations occurred in the direction and extent of changes in activity among different industries, and general indexes changed only slightly. The indexes of production in basic industries, which is adjusted for seasonal variations, of manufacturing production, and of employment in factory industries showed small and rather insignificant declines. Factory pay rolls decreased to a somewhat greater extent. On the other hand, building contracts were at a new high record, as was also the volume of check payments; freight car loadings were heavy for this season of the year, and retail sales were large. Wholesale prices declined rather sharply from the high point reached in March. Among the basic industries, declines in the iron and steel, wool, copper, and zinc industries were offset by increases in the mill consumption of cotton, and in the production of newsprint and petroleum and by small increases in adjusted indexes for other industries, particularly bituminous coal, which showed less than the usual seasonal decline in output during April. The manufacturing index, which is not adjusted for differences in working days or otner seasonal changes, declined considerably less than usual in April of this year. This was due largely to a sharp increase in the production of automobiles to the largest figure on record. Smaller increases were noted also in the output of lumber, cement, and brick. Production of iron and steel decreased rather sharply and that of food products was seasonally less. Among textiles, activity in the cotton industry increased a little during April, but in woolen and worsted manufacturing operations were reduced, and employment figures showed sharp seasonal decreases in activity in the clothing industry. Output of minerals showed in general no more than the usual seasonal declines during April. In fact, production of anthracite coal and petroleum increased. For all products in the mining index, output was greater than in April, 1924. Agricultural movements declined as usual in Aprn, which is ordinarily the low month of the year. Owing largely to uncommonly small receipts of corn at principal markets in April, the index for grain receipts was the lowest on record, and the total index for all products has not been lower for several years. Cotton sight receipts, which have been unusually large all season, decreased considerably in April. INDEXES OF INDUSTRIAL ACTIVITY PERCENT PER CENT ( MONTHLY AVERAGE, 1919 = 100 ) 1751 1175 I 150 150 125 125 100 100 75 50 50 — MANUFACTURING PRODUCTION - M I N E R A L PRODUCTION 25 25 1919 1920 1921 1922 1923 1924 1925 .TUNE, 411 FEDERAL. RESERVE BULLETIN 1925 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 Animals slaughtered Steel ingots Pig iron 1924 April May June July August September October November. December Textiles Wheat flour Wool Cattle 97 80 70 71 72 93 109 105 97 93 88 83 82 91 100 102 105 105 107 122 100 110 97 84 115 109 111 125 104 141 141 111 111 102 82 98 107 86 95 94 93 94 93 91 Calves Sheep Lumber Hogs 116 111 108 117 118 128 143 129 102 109 102 99 91 91 93 82 127 117 104 106 105 108 120 116 99 155 136 124 116 141 136 132 121 122 87 130 128 117 119 127 124 134 143 100 99 94 103 132 104 100 96 140 157 90 91 121 107 147 125 136 2 151 150 2147 115 114 120 119 1925 Jtiniiarv February March April 110 100 138 102 121 134 104 124 96 128 94 90 133 128 95 92 120 101 125 123 Nonferrous metals Coal Year and month Bituminous Anthracite Copper 94 90 85 89 97 101 100 106 127 125 124 133 Tobacco products Sole leather Zinc 1924 April May June July August September October November January February March April Sugar meltings 119 92 74 67 87 99 104 109 133 127 101 81 70 71 80 93 97 114 103 94 95 94 103 109 107 Cotton 87 103 110 104 116 125 109 95 105 1925 95 105 95 91 100 104 116 96 106 Newsprint 132 130 133 140 137 106 104 108 108 121 62 57 54 63 62 68 71 71 76 147 147 142 136 128 119 131 124 68 72 70 69 114 121 111 109 Cement Petroleum Cigarettes Cigars 111 116 103 102 169 172 173 193 189 192 187 185 88 95 91 98 101 107 110 104 103 190 186 183 187 182 190 191 185 183 182 95 100 97 96 92 106 108 110 115 243 193 199 199 192 191 187 194 91 88 86 87 Manufactured tobacco 157 173 163 155 157 162 158 145 170 188 171 170 178 91 96 94 97 93 98 99 89 94 105 97 89 95 i This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 379, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. » Revised. REVISED INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES i [Monthly average, 1919=100] Metals and products General index I Group index Iron and steel Textiles and products LumVipr Group Fabrics Prodindex ucts products Rail road vehicles Paper and Automobiles printing Foods Leather Stone, and and clay, prod- prodand ucts ucts glass Tobacco products Chemicals and products 1924 April May June July August September. October November. December.. 99.1 95.7 ! 92.6 89.1 ! 89.6 91.3 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 92.6 9,3.2 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 1925 January February.. March April 94.6 95.9 96.4 96.0 87.5 89.6 90.1 89.2 87.1 89.1 89.5 88.7 97.4 99.9 100.0 100.6 101.4 101.0 100.8 93.4 97.9 98.6 96.5 99.8 100.4 99.6 100.6 89.3 89.8 89.9 88.8 103.8 105.1 112.7 121.7 105.1 104.9 105.7 104.7 90.2 9a 9 92.5 92.5 88.8 109.7 110.7 116.8 123.2 87.0 87.7 88.5 81.7 74.0 74.6 75.5 75.4 86.8 83.7 i 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 tne above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. 412 FEDERAL. RESERVE BULLETIN JUNE, 1925 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES i [Monthly average, 1919=100] Metals and products General Iron and steel Textiles and products Lumber and products Rail Paper road Autoand vehi- mobiles printcles ing Foods Leather Stone, and and clay, prod- prodand ucts ucts glass Tobacco products Chemicals and products index 1924 January February March April May June July _. _. Group index 108.3 113.8 113.4 110.6 105.5 99.9 92.3 96.1 99.3 102.8 101.0 105.8 97.4 103.1 104.8 102.4 94.9 85.1 75.4 78.6 80.7 84.9 85.1 91.6 97.0 102.5 104.0 102.0 94.7 84.9 75.0 78.3 80.1 84.7 84.5 91.1 114.1 118.0 113.7 105.8 98.7 94.0 85.8 92.3 98.3 103.0 99.1 107.5 115.1 117.4 111.6 105.4 100.0 93.4 85.3 91.5 97.5 105.6 104.5 113.9 112.9 118.6 116.3 106.3 97.2 94.7 86.4 93.4 99.3 99.8 92.5 99.7 106.9 113.9 114.3 114.4 112.1 109.6 102.1 105.0 107.8 111.2 110.2 111.9 93.5 96.3 96.1 99.1 97.1 97.1 88.6 91.6 90.3 97.6 94.6 97.4 125.3 156.6 154.3 149.2 132.5 109.3 99.9 107.6 111.8 116.8 111.4 114.5 136.1 136.1 136.9 136.7 135.2 133.3 128.2 128.0 133.4 135.6 136.0 139.9 106.1 106.4 105.1 101.6 101.9 104.2 104.8 102.6 107.8 105.5 105.1 107.2 99.9 101.0 100.0 90.9 86.1 81.7 80.7 91.0 95.9 96.2 87.9 91.5 137.6 142.9 149.0 156.3 158.3 157.1 142.0 148.4 146.0 149.6 145.1 143.6 96.8 95.8 95.2 87.5 89.8 92.8 90.4 90.2 93.9 85.5 97.9 100.0 102.3 103.8 104.6 102.8 98.6 90.6 87.9 89.9 91.1 95.4 95.5 98.2 92.9 96.3 97.2 94.4 92.6 95.8 96.5 93.9 108.6 113.4 114.4 108.0 112.9 114.2 114.2 111.7 103.3 112.4 114.7 103.5 103.1 108.5 109.7 107.9 91.5 100.0 100.2 95.4 99.9 132.1 142.9 156.2 138.2 137.5 139.4 137.1 102.8 105.4 103.5 98.5 95.3 99.7 100.0 91.5 128.8 136.4 143.4 149.9 93.5 87.0 88.3 74.2 97.0 99.7 101.6 97.6 August September October November December 1925 January . _ _ 103.1 _ 108.9 February 110.4 March 107.6 April _ Group Fabrics Products index 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] Agricultural imovements Year and month 1924 January February March April May June July August September October November December 1925 January February March April AniLive- mal Total stock prod- Grains ucts Cotton Mineral production ToVegetables Fruits bacco Total Anthracite coal Bitumi- Petronous leum coal Pig iron 105 96 81 77 87 87 100 121 152 189 160 143 123 101 98 97 98 95 96 90 109 123 120 132 98 101 90 129 148 165 166 127 107 100 105 121 91 120 87 54 62 67 118 218 195 230 156 120 83 41 33 34 34 19 21 38 175 278 271 231 120 123 138 113 119 146 137 107 165 226 136 86 90 102 92 93 178 140 148 144 163 248 157 86 238 133 75 17 20 6 2 63 127 165 148 184 138 130 128 110 114 111 113 116 124 134 122 130 108 104 110 93 106 105 106 97 106 105 92 101 135 122 106 78 83 81 86 92 109 125 108 119 179 176 189 189 196 191 194 196 189 190 179 180 118 121 136 127 103 79 70 74 81 97 99 116 2 119 2 88 86 73 _. 122 94 91 87 93 92 109 126 112 76 73 40 127 79 71 43 130 121 128 125 2 85 2 72 2 106 94 292 161 53 17 140 119 123 119 101 98 96 102 134 100 97 87 188 171 191 198 132 126 140 128 Copper Zinc 132 130 129 131 130 127 129 132 126 137 136 135 128 119 131 124 114 124 134 125 137 143 138 139 146 148 145 143 126 112 122 114 121 111 109 106 104 108 109 121 147 2 137 2 149 140 Lead Silver 2 2 146 2 131 154 142 2 111 115 121 97 123 111 95 104 2 117 119 119 120 2 117 107 104 109 Manufacturing production Year and month Total January February March April May June July August September October November December January February March April Iron and steel Automobiles Textiles Food products Lum- Paper Leather Petro- Cement Toand and and ber printing shoes leum brick bacco Rubber tires 1924 122 123 127 122 112 97 97 104 112 123 112 116 126 131 145 122 96 75 67 87 96 108 108 124 196 228 237 231 193 151 163 172 178 178 141 126 116 106 100 98 89 77 81 126 119 133 132 145 132 147 128 142 169 223 260 121 114 122 119 1925 113 105 111 *For description and early figures see BULLETIN for March, 1924. 109 105 105 98 100 97 103 102 112 114 108 117 128 132 141 149 162 139 136 142 143 160 132 122 122 117 120 126 120 113 102 107 109 126 116 117 118 98 '95 145 134 150 155 122 114 2130 130 J Revised. 94 76 75 84 90 101 84 90 172 166 180 181 171 176 176 182 180 186 185 196 118 123 140 154 167 156 154 166 157 169 148 138 118 103 109 106 122 123 127 123 126 132 114 106 152 154 162 152 144 126 125 158 175 191 155 163 199 186 204 111 107 136 168 118 105 116 113 171 176 2 190 191 J Preliminary JUNE, 413 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 bj 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. April, 1925 Grain and Flour Receipts at 17 interior centers (000 omitted): Wheat (bushels) Corn (bushels) Oats (bushels) Rye (bushels) Barley (bushels) March, 1925 April, 1924 10,010 9,922 13,614 1,506 2,038 16,967 23, 802 14, 733 833 3,372 10,847 18,107 16,004 960 2,804 37,090 1,688 44, 687 59, 707 2,091 48,722 1,957 9,115 18,434 12,430 16,684 349 2,085 12, 933 14,927 16.207 999 2,121 51,681 2,589 49,983 2,762 47,187 2,656 Total grain and flour (bushels) _ . . Stocks at 11 interior centers at close of month (000 omitted): Wheat (bushels) C orn (bushels) Oats (bushels) Rye (bushels) Barley (bushels) 63, 333 62,413 59,137 31,976 20, 557 43, 541 9,191 2,014 40,656 28,784 56, 779 10,190 2,710 44,477 15,010 8,793 18, 602 701 Total grain (bushels) Receipts at 9 seaboard centers (000 omitted): Wheat (bushels) _. Corn (bushels) Oats (bushels) Rye (bushels) Barley (bushels) 107,279 Transportation Revenue freight loaded and received from connections (cars loaded, 000 omitted): Classified by nature of p r o d u c t s Grain and grain products Livestock Coal Coke Forest products Ore Merchandise, 1. c. 1 _ Miscellaneous Total 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) 139,119 87,583 14, 634 396 3,423 3,404 2,074 14,338 570 2,381 1,219 1,445 13,559 894 981 1,244 878 23,93) 1,931 19,954 2,482 17,556 1,861 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) 32,621 31,121 25, 932 9,315 682 1,656 2,220 918 11,028 834 1,298 7,978 1,589 2,686 1,002 713 645 1,786 Total grain (bushels) Wheat flour production (barrels, 000 omitted).... _. Tobacco Tobacco sales at loose-leaf warehouses (pounds, 000 omitted): Dark belt Virginia.. Bright belt Virginia Burley Western dark 14, 790 22, 727 6,832 8,183 9,307 9,521 Total grain (bushels) Flour (barrels) March, 1925 April, 1924 161 119 637 54 351 52 1,125 1,503 1,085 1,428 4,069 I Total- 144 122 607 48 339 126 1,122 1,561 4,002 3,811 Classified by geographical divisions— Eastern Allegheny Pocahontas Southern Northwestern Central western Southwestern 57,. 528 14,510 13, 069 20, 269 2,065 1,767 April, 1925 974 839 191 658 555 569 283 163 129 536 48 331 90 955 827 177 678 501 579 927 793 157 583 513 572 267 4,002 3,811 3,959 3,036 14,044 13,398 3,901 4,030 7,866 6,561 4,557 4,299 3,561 I 3,887 16, 202 j 12, 886 3,478 3,164 3,020 1,712 3,591 4,073 2,584 2,764 12,095 13, 227 4,079 12,402 4,505 8,195 4,751 4,026 17,131 3,892 2,605 3,614 2,842 12,382 78,858 | 73,037 ;0,424 Total. BUILDING STATISTICS Building permits issued in 168 cities, grouped by Federal reserve districts: Number of p e r m i t s Boston (14 cities) New York (22 cities) Philadelphia (14 cities) Cleveland (12 cities) Richmond (15 cities) Atlanta (15 cities) Chicago (19 cities) St. Louis (5 cities) Minneapolis (9 cities) Kansas City (14 cities) Dallas (9 cities) San Francisco (20 cities) Total.. Value of permits (dollars, 000 omitted)— Boston (14 cities) _. New York (22 cities) Philadelphia (14 pities) Cleveland (12 cities) Richmond (15 cities) Atlanta (15 cities) Chicago (19 cities) St. Louis (5 cities) Minneapolis (9 cities) Kansas City (14 cities) Dallas (9 cities) San Francisco (20 cities) Total. Building contracts awarded by Federal reserve districts (dollars, 000 omitted): Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis. Minneapolis.1_ Kansas City __ Dallas Total (11 districts)... 14,876 131, 219 30,954 27,697 18, 527 11,047 77,863 16, 527 10, 331 12, 946 8,863 41,594 402, 444 14,114 112,331 30, 716 25, 283 19, 024 11,480 60, 016 10,474 6,023 11,377 7,280 40, 216 14,616 69, 553 28,051 22,233 16,453 11,119 69, 656 10,170 5,408 9,277 6,899 34,556 348,334 297,991 37, 934 135,159 50, 292 70,495 43, 299 32,255 111,470 37, 684 13,141 13,440 22,398 32, 284 87,050 48,902 68,857 59, 809 34,274 90,305 32,136 10,490 14,085 12, 819 31,516 169,637 38,875 49, 788 24, 516 35,303 66, 562 34, 759 11,347 15,074 567, 567 491, 011 2 477,377 1 District No. 10, excluding Colorado. 2 Total, 10 districts. No figures available for Dallas district. 414 FEDERAL RESERVE BULLETIN JUNE, 1925 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919=100] General index 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 1925 January February... March April Groceries 79 76 83 79 80 66 63 62 61 64 64 67 68 71 78 69 66 80 73 79 75 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 71 69 73 68 77 80 79 81 83 83 83 93 100 89 83 82 88 43 46 63 64 89 91 107 107 116 109 121 115 96 87 i For description of the wholesale trade index see FEDERAL RESERVE BULLETIN for April, 1923. CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS Percentage change Percentage change in stocks at the in April, 1925, end of April, sales compared 1925, compared with— with i— March, 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 Boston district New York district Philadelphia district Cleveland district Richmond district Atlanta district Chicago district -— St. Louis district Minneapolis district San Francisco district Percentage change Percentage change in stocks at the in April, 1925, end «of April, sales compared 1925, compared with— with i - Dry Meat goods Shoes Hard- Drugs ware April, 1924 March, 1925 April, 1924 -4.5 -5.3 1.6 -3.1 -3.4 -2.9 -2.5 -8.4 -8.6 -10.5 —4 4 1.3 -10.7 -9.8 -1.2 -7.0 -2.2 -7.6 2.8 -4.3 -9.6 -1.6 —2 7 -8.7 -5.4 -6.3 -9.3 7.4 —18.3 -14.6 —9.5 —19.4 -16.3 -2.6 -15.9 -13.1 -2.5 -18.8 -7.8 25.2 -6.3 —3.6 -6.4 9.0 0.1 7.8 8.2 16.4 -8.9 —6.6 5.7 1.7 -10.2 -7.5 2.7 11.7 -1.0 -11.9 7.2 -4.1 -2.0 11.7 12.5 -6.9 3.4 0.0 -14.3 0.2 -17.0 -3.5 -21.3 -0.0 7.0 -10.6 -13.3 4.4 -14.0 2.5 -6.9 -3.9 -13.8 -3.8 2.7 -12.4 20.3 -16.3 -20.2 14.6 -6.0 18.9 -9.5 -0.9 -7.9 -12.6 -5.5 -11.1 -8.1 -12.9 -6.8 35.3 -14.0 -0.3 6.4 -0.0 1.2 9.5 -0.7 -0.4 0.3 -6.7 -6.8 -22.8 3.0 March, 1925 Hardware: United States -New York district Philadelphia district Cleveland district Richmond district Atlanta district Chicago district St. Louis district Minneapolis district Kansas City district Dallas district San Francisco district Drugs: United States 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 States2 . Atlanta district-A. 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. Louis district Cotton jobbers: New York district 8 April, 1924 0.4 -1.6 2.0 —5.6 -6.5 —4.5 6.3 —4.9 15.9 -2.3 -10.8 -0.1 -0.2 -6.1 0.3 —3.9 -9.2 8.8 -0.4 15.3 -4.8 —12.9 —3.1 —0.5 -3.3 3 5 -2.2 -5.1 0.6 —6.8 0.2 April, 1924 6.0 -1.5 17.9 -1.0 -5.5 -16.6 -2.6 -1.6 -4.2 -2.6 -4.2 8. 0 6.2 11.8 -1.3 —0.4 5.4 1.5 1.3 : -0.1 4.1 7.9 3.0 5.9 0.9 0.5 1 2 -2.5 3 2 11.6 —0 9 —1 9 -4.1 —3.6 -11.9 —4.4 —4 8 6.8 8.9 -2.8 21.8 —7.5 16.3 24.1 68.2 0.2 -0.5 2.0 32.7 63.7 89.1 —42.5 —0.6 —0.9 0.2 4.6 0.7 -17.6 1.8 —32.8 —21.3 7.0 —3.6 -8.7 0.1 -1.5 -3.8 -4.4 4.7 7.6 6.9 —0.7 -26.4 322.2 -6.9 13.6 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 March, 1925 -20.3 -8.7 18.2 -12.4 18.6 -8.3 -2.5 -13.2 -2.8 1.6 10.4 15.4 8.4 -0.8 3.9 3.2 -2.1 10.6 -0.5 7.6 -0.5 -6.2 5.1 -39.0 -15.7 -8.4 1.6 -22.1 0.7 i Changes in total stocks for the United States are weighted averages computed on the basis of firms which have reported regularly to the Federal Reserve System since January, 1923 1 Sales o^ agricultural implements for the United States are compiled f by the Chicago Federal Reserve Bank from reports of leading implement manufacturers and include all their domestic business. *Stocks at first of month—quantity, not value. 415 FEDERAL RESERVE BULLETIN JUNE, 1925 RETAIL T R A D E , BY R E P O R T I N G L I N E S 1 [Average m o n t h l y sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment II Year and month III 3 O January February. March April May. June. July August September. October... November. December January.. February. March.... April 23 •i s 03 03 C O 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 91 111 100 104 112 109 105 123 204 200 184 208 214 203 214 211 221 234 230 242 173 179 170 190 183 176 179 181 183 188 191 198 146 150 147 149 153 146 147 151 147 156 154 153 137 140 140 136 141 134 129 141 137 137 139 142 130 132 118 153 130 132 123 138 129 122 134 142 102 112 110 103 99 94 97 102 110 102 92 99 105 107 162 175 188 210 124 131 120 132 110 116 103 114 249 243 235 260 207 209 185 208 161 161 159 164 141 140 135 139 141 149 127 152 112 120 116 126 184 190 182 205 193 181 181 179 192 194 195 188 207 186 210 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 [Average monthly sales 1919= 100] Sales without seasonal adjustment Number of report- Federal reserve district Sales with seasonal adjustment 1924 1925 1925 1924 insr firms Philadelphia Cleveland Richmond Atlanta Chicago _ Minneapolis Dallas San Francisco Feb. Jan. Apr. Mar. 135 121 101 108 133 24 63 22 54 23 35 63 23 21 31 Boston New York Mar. 359 United States Apr. 136 140 130 142 132 109 147 116 110 146 110 124 121 125 119 99 127 97 107 142 94 107 no 137 137 136 145 128 107 145 115 101 139 106 89 84 107 81 90 113 120 105 107 93 83 112 92 92 128 Feb. Apr. Mar. Feb. Jan. Apr. Mar. 115 102 132 120 131 124 131 115 128 113 118 120 120 109 94 123 94 94 134 101 103 111 112 88 83 112 77 82 121 129 136 119 139 129 106 145 110 116 153 110 122 131 123 115 100 127 99 101 143 126 140 125 137 120 111 136 115 114 149 122 132 120 123 113 102 132 107 106 145 130 134 124 141 125 104 143 111 106 145 112 116 129 119 105 95 122 97 89 135 130 129 132 138 113 104 136 105 99 152 Feb. D E P A R T M E N T S T O R E S T O C K S , BY FEDERAL RESERVE D I S T R I C T S [Average m o n t h l y stocks 1919—100] Stocks without seasonal adjustment Number of reporting firms United States Boston New York Philadelphia . . Cleveland Richmond Atlanta Chicago Minneapolis Dallas San Francisco ._ . Apr. Mar. Feb. 314 Federal reserve district 140 138 24 63 13 52 19 22 51 22 19 29 127 139 183 140 132 115 155 116 125 140 126 135 183 137 131 114 157 117 122 136 Stocks with seasonal adjustment 1924 1925 1925 Jan. Apr. Mar. Feb. Apr. Mar. 127 119 140 138 127 136 115 123 167 125 118 107 145 106 113 126 112 118 147 112 109 99 137 99 103 123 128 136 162 141 134 124 161 112 125 148 128 130 162 137 134 125 162 114 126 143 115 119 152 126 121 123 144 106 118 131 134 134 180 135 128 113 149 112 125 135 1924 Feb. Jan. Apr. Mar. 137 135 134 136 137 135 127 133 179 136 125 113 158 112 121 134 123 132 177 134 126 111 156 109 121 131 124 132 164 133 129 110 154 111 120 134 125 131 159 136 130 122 155 108 125 143 129 127 161 136 128 124 164 110 125 141 123 128 162 135 129 127 155 109 126 137 Feb. 416 FEDERAL RESERVE BULLETIN JUNE, 1925 FOREIGN BANKING AND BUSINESS CONDITIONS THE BELGIAN NATIONAL BANK IN 1924 The statements of the Belgian National the sum of notes in circulation has not diminBank in 1924 reflected the steady expansion of ished, in comparison with the preceding year, trade and industry at prices aoove those of if indeed, it has again increased, it is because preceding years. Total commercial loans aver- the vital needs of industry have demanded a aged about 60 per cent above 1923 and were certain increase in the intervention of the bank more than double the average of 1922. Com- of issue in the matter of discounting.77 mercial deposits were also substantially higher, The report reviews the evidence of the expanaveraging 30 per cent above 1923 and being sion of industrial activity during the last year. only slightly above the levels of 1922. Note Unemployment has been practically noncirculation averaged 7,608,000,000 francs, which existent, ship entrances at Antwerp rose was substantially above the level of any pre- from 17,353,000 tons in 1923 to 19,303,000 tons ceding year, and the figure for December 31, in 1924, and monthly production of pig iron, 1924, namely 7,873,000,000 francs, was the crude steel, and finished steel were larger. highest ever recorded. During the course of "Still, if the year 1924 was better than the year 1924, however, the volume of loans and of before, a slowing down in the rate of improvenotes in circulation showed little change, fol- ment is perceptible. There is striking evidence lowing the marked expansion which took: place of this in the principal production figures, during 1923. which show that the gain made in 1924 over The following table shows the yearly average 1923 was much less noticeable than that of 1923 figures for the principal items of the account compared with 1922. Further, certain prodfor 1920 to 1924: ucts, such as coal and finished iron, show that output was stationary if not falling off. The P R I N C I P A L I T E M S I N T H E S T A T E M E N T O F T H E B E L G I A N impression is obtained from statistics as well as NATIONAL BANK from facts observed in the conduct of business [Yearly averages. In millions of francs] that we are touching the end of the reconstruction period and it appears that we are nearing a 1922 1921 1923 1924 1920 more normal situation.77 Recurring to the expansion of the circula312 331 294 340 303 Gold and silver ._ 19 60 23 Foreign bills 18 18 tion, the report adds: "Nevertheless, intent 832 607 496 1,320 581 Domestic bills 223 114 413 upon not permitting the fiduciary circulation 146 Advances 185 5,400 5,300 5,200 to rise further, the bank has not ceased to 5,500 5,500 Advances to State 6,978 7,608 6,147 6, 394 5,351 Circulation 234 182 249 follow a rigorous discount .policy. 503 1,413 Private deposits It is under 7,329 7,106 7,950 7,167 7,171 Total sight liabilities the pressure of unavoidable necessities of * End of year figure. On Dec. 31, 1919, these advances to the State, monetary considerations that it acts in this which were made to retire German marks put in circulation during the fashion. Also, let us hope that the State may war, stood at their maximum of 5,800,000,000 francs. find it possible to accelerate the repayment of It will be noted that although the note its debt (to the bank) and so place at our discirculation in 1924 was about 2,257,000,000 posal new margins of credit which we can utilize francs above the average for 1920, private in improving the productivity of the country, deposits were more than 1,000,000,000 francs without risk of affecting unfavorably by suplower. The increase in the note circulation plementary issue the future of the national since 1920 is accounted for partly by a conver- currency. In this respect we must deplore the sion of deposits into currency, partly by the fact that in Belgium 'expansion of credit by 7 increase in domestic bills, and, to a smaller the bank of issue means almost certainly a degree, by the growth in secured advances. 'corresponding expansion of the notes put in 7 The loan to the State for the purpose of redeem- circulation, although this coincidence is by ing the German marks put in circulation during no means inevitable. " I t is distinctly regrettable to remark that, the occupation and which forms the basis of about two-thirds of the circulation has been notwithstanding the incessant efforts employed steadily reduced. The increase in currency, already for many years to effect economy in the therefore, has been in response to the demands use of currency wherever possible, despite the of commerce and industry. In this connection multiplication of clearing houses, despite the the annual report of the bank remarks: "If increase in the number of deposit accounts in 1 JUNE, 1925 FEDERAL RESERVE BULLETIN banks, the use of the check as a medium of payment has not yet become habitual with us to a greater extent." After discussing at some length the difficulties caused by the fluctuations of exchange rates, the report concludes that the only way to reduce them is through the " judicious and prudent use of an exchange reserve." This consideration, among others, led to the decision of the Government to float a foreign loan during the year. "A loan operation was therefore decided upon by the Government and used for a triple purpose, namely, the consolidation of a part of the floating debt in the form of certain securities representing war compensation, the provision of credits for the Belgian Congo, and, finally, the protection of the franc. A first series of the contemplated loan, amounting to $50,000,000 nominally, was issued December 18, 1924, on the American market; the operation was a complete success and, under favorable conditions, placed an important sum in dollars at the disposal of the country." The national bank, on behalf of the Government, undertook the utilization of this fund "with the view of insuring, as far as possible, the regularization of the exchange rate," and will assume a part of the charges which the operation entailed to the State. "The bank is disposed to consider as forming part of its unproductive reserve holdings,' in the large sense of the word, a certain portion of the dollar balances which will be turned over to it in exchange for bills from its portfolio, and the sums produced by the placing of these dollar balances will be credited to the State." These plans have been embodied in law. "But if the voting of this law and the execution of this program are by way of forming a solid rampart for our currency, we must still report that they by no means constitute a definite solution to the monetary problem of our country. They do not at all relieve us from pursuing with incessant perseverance and with much greater firmness the princples which we have adopted as the basis of our efforts and of our hopes in monetary matters. It is impossible to change, by technical measures, the downward tendency of a currency if the decline is caused by economic causes. To assure a currency's definite recovery, it is necessary to influence the fundamental conditions that determine its value." 417 BANKING OFFICE OF THE MINISTRY OF FINANCE OF CZECHOSLOVAKIA Pending the organization of a central bank, as contemplated by the law of April, 1920, the functions of such an institution continue to be exercised by the banking office of the Ministry of Finance. The statements of the office for 1924 show a steady growth in the demand for credit. Total loans, including discounts of commercial bills and securities and advances on collateral, at the end of 1923 amounted to 1,997,000,000 crowns. After falling to 1,508,000,000 at the end of January, they rose to 2,177,000,000 at the end of June and to 2,525,000,000 at the end of the year. The bank rate, which stood at 5 ^ per cent at the opening of the year, was reduced to 5 on January 28. The rate was abruptly raised to 6J^ per cent on March 10, "when the attack, that was opened by the international speculators against the French franc, reflected also upon the conditions in Czechoslovakia/7 to quote from the Bulletin of the banking office. At the end of May the rate was reduced to 6 per cent, at which level it remained through the remainder of 1924, and, in fact, down to March 25, when it was advanced to 7 per cent. Commenting on the great increase in the total of credits, the Bulletin remarks: "These firmer conditions in the money market can easily be accounted for, if we take into consideration the percentage by which the activity of home industry has increased during the period.77 Accompanying the growth of credits by over 25 per cent during the year, there was a change in the character of the loans. Advances on collateral fell from 952,000,000 on December 31, 1923, to 625,000,000 a year later, a net decline of 327,000,000 crowns. On the other hand, discounts rose 854,000,000, the holdings of commercial bills rising from 667,000,000 to 1,313,000,000 and discounts of other securities from. 378,000,000 to 586,000,000. "This policy,77 states the Bulletin, "not only bettered the quality of the bills discounted, but also stopped the steady increase in indebtedness of industry to the banks.77 In contrast to this increase in loans, the combined holdings of gold and foreign assets declined during the year; " Gold and silver77 rose only from 1,033,000,000 to 1,050,000,000, while "balances abroad and foreign currency,77 which amounted to 1,003,000,000 at the end of 418 FEDERAL RESERVE BULLETIN 1923, fell to 620,000,000 in July, but rose to 737,000,000 at the close of the year. This decline, amounting to 266,000,000, was " offset by outstanding balances of exporters." Among the liabilities, note circulation declined, while deposits increased. At the end of 1923 the former stood at 9,599,000,000, fell to 7,533,000,000 on August 23, and rose again to 8,810,000,000 at the end of the year. Deposits fell from 966,000,000 at the end of December, 1923, to less than half that figure (438,000,000) at the end of September, but nearly trebled during the next three months, to 1,164,000,000 at the end of December. Against this remarkable rise in circulation and deposits, in the same three-month period, bills discounted increased 514,000,000, securities purchased 213,000,000, and "balances abroad'' rose 80,000,000. This "strong advance in the holding of bills in the last three months of the year was due to the financing of the unusually heavy sugar crop, means for which have been partially provided by credits in this country, partially through 1925 foreign credits.'7 That this expansion was only temporary was shown by the statement for the end of January, showing a decline for the month of 231,000,000 in bills and of 554,000,000 in discounted securities, while circulation declined by 893,000,000 and deposits by 667,000,000. By March 31, compared with the end of December, the metal holdings showed a small decline, but "balances abroad, etc.," had dropped a further 193,000,000 to 544,000,000, which was lower than any month end in 1924. Total loans, however, had fallen 1,038,000,000 to 1,487,000,000, which was 300,000,000 less than for the corresponding date a year before, while circulation had in the three-month period, dropped more than 1,000,000,000 and deposits nearly 600,000,000, the figures for both items being considerably below the end of March, 1924. The Czechoslovakian crown has been very stable for months, the lowest rate for last year being 2.8775 cents and the highest 3.0350 cents. 3vtm, 1925 419 FEDERAL. RESERVE BULLETIN 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) ENGLAND [Millions of pounds sterling] GERMANY [Millions of reichsmarks] 1925 April Bank of England: Issue departmentGold coin and bullion Notes issued Banking departmentGold and silver coin Bank notes Government securities Other securities Public deposits Other deposits Ratio of gold and note reserve to deposit liabilities (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) _ 1925 1924 March February 154 174 127 147 127 147 126 146 2 25 37 76 17 105 2 22 39 77 15 106 2 22 42 74 16 106 2 20 43 74 11 111 22.1 94 290 19.8 97 284 19.4 98 281 18.4 103 290 112 1,039 278 1,606 3,295 108 1,043 283 1,605 3,453 121 1,055 287 1,643 3,316 1,015 332 1,615 3,454 728 563 165 742 576 166 760 592 168 755 545 210 116.5 116.9 117.9 115.6 126.3 127.3 126.8 123.5 FRANCE [Millions of francs] Bank of France: 3,682 Gold reserve * 317 Silver reserve.------. War advances to the Govern23,250 ment _ _ 43,050 Note circulation 2,105 Total deposits _ Commercial bank loans (3 banks) Commercial bank deposits (3 banks). Clearings, daily average of Paris 1,116 banks _ Price of 3 per cent perpetual rente._. 45.00 3,682 309 3,681 306 21,800 21,900 40,892 40, 792 2,052 i 2,028 14,761 | 14,677 14,837 | 14,622 1,122 46.85 1,027 48.10 April April 3,678 299 22,700 39,824 2,437 14,813 14, 705 1,386 54.00 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 Six Berlin banks: Cash Bills... Due from other banks Miscellaneous loans Deposits Index of security prices (Jan. 2,1925 = 100) (per cent) Capital issues 1 2 Not including gold held abroad. Total for month. 201 887 693 1,550 3,340 101.47 26 111.37 102 Figures for the six Berlin banks are for Dec. 31, 1924. ITALY 1925 March February Banks of issue: 1 Gold reserve _ _. _- 1,132 1,788 Total reserve 8,242 Loans and discounts _ 10,621 Note circulation for commerce 7,073 Note circulation for the State 2,637 Total deposits Leading private banks: Cash Loans and discounts . "Dnft from correspond Ants Participations . . Total deposits State note issue. _ Index of security prices (per cent) 2,300 262 1924 Janu- March ary 1,132 1,794 7,919 10,326 7,145 2,817 1,131 1,819 7,626 10,500 7,146 2,806 955 9,037 4,281 411 13,465 2,400 297 1,246 9,065 4,089 404 13,284 2,400 259 # 1,126 1,832 7,264 9,212 7,607 2,763 1,048 8,199 3,681 306 11,947 2,428 203 Not including gold held abroad. 1924 1924 March Febru- Janu- March ary ary 1 97.60 31 636 199 278 1,771 1,507 747 1,901 1,967 3,936 84 883 624 1,874 3,571 95.54 24 700 207 302 1,737 1,684 918 2,106 1,967 3,637 [Millions of yen] 1925 52 1,140 316 569 158 2,147 120 207 1,195 2,005 798 205 334 1,578 1,217 743 2,315 1,911 4,095 January^ JAPAN 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 note2circulation Bank clearings Bank debits 2 March February [Millions of lire] 1 i Not including gold held abroad. 896 118 338 1,496 1,123 706 2,452 1,896 4,165 . 52 1,131 330 570 158 2,136 125 218 1,110 1,915 53 1,114 319 542 155 2,083 131 222 1,410 2,230 54 1,186 313 470 171 2,023 99 217 1,174 1,974 April Bank of Japan: Reserve for notes i Loans and discounts Advances on foreign bills Note circulation Government deposits Private deposits Tokyo banks: Cash on hand Total loans Total deposits Total clearings March February April 1,059 275 61 1,272 249 47 1,059 339 62 1,289 301 45 1,059 311 81 1,297 299 31 1,061 527 126 1,333 479 36 343 2,411 1,932 2,870 135 2,392 1,896 2,843 110 2,392 1,861 2,552 117 2,467 1,839 2,318 Gold abroad, gold coin and bullion in Japan. 420 FEDERAL RESERVE BULLETIN JUNE, 1925 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES 1925 April Austrian National Bank (millions of schillings): Gold . Foreign bills (reserve). Other foreign bills Domestic bills, etc Note circulation Deposits National Bank of Belgium (millions of francs): Gold Foreign bills and balances abroad. Bills _ Note circulation Private deposits _ National Bank of Bulgaria (millions of leva): Metallic reserve Foreign notes Balances abroad and foreign bills. Commercial bills Commercial loans Notes in circulation Deposits 11 347 148 106 798 24 1924 March February 11 320 172 105 790 30 11 320 153 128 796 32 11 367 213 732 70 272 30 1,325 7,599 225 270 19 1,379 7,622 293 68 2 838 315 523 4,278 1,759 68 6 976 310 521 4,380 1,867 95 1 638 166 364 5,178 1,546 1,030 1,030 1,029 1,045 566 735 527 7,526 748 544 822 537 7,681 584 595 978 542 7,728 633 626 617 721 8,199 750 Bank of Danzig (thousands of Danzig gulden): On deposit with Bank of England, foreign bills, etc 27,690 Loans and discounts 16,829 Notes in circulation. 30,095 Total deposits . . . _ 5,487 30,201 16,459 31, 737 13, 750 24,850 16,401 29,838 9,491 23,527 8,827 17,366 9,408 209 202 40 35 452 46 209 215 47 24 453 64 Banking Office, Czechoslovakia (millions of Czechoslovak crowns): Gold and silver Balances abroad and foreign currency Bills discounted Advances on collateral Note circulation Checking accounts National Bank of Denmark (millions of kroner): Qdfd Bills Loans Foreign bills and balances abroad. Note circulation Current accounts Bank of Finland (millions of finmarks) : Gold Balances abroad, etc Finnish and foreign government securities Domestic bills __ Note circulation Current accountsPrivate Treasury National Bank of Greece (millions of drachmae): Gold and balances abroad Government loans and securities D iscounts and loans Note circulation Private deposits— Sight Time National Bank of Hungary (billions of Hungarian crowns): Gold Foreign exchange Bills, etc Note circulation . . . Current accountsPublic Private 209 198 41 38 465 30 April April 272 30 1,318 7,458 276 272 30 1,374 7,665 224 1925 210 238 57 24 469 62 43 1,133 43 862 43 913 43 656 405 532 1,382 474 645 1,384 474 597 1,288 501 750 1,385 84 245 68 116 50 227 25 115 2,536 3,813 2,969 5,222 2,080 3,811 2,924 4,979 2,847 4,146 1,851 4,801 1,965 1,051 1,790 1,056 2,013 1,053 654 2,082 1,486 4,526 669 1,984 1,514 4,270 596 1,989 1,677 4,238 2,342 129 2,409 144 2,359 183 Bank of Java (in thousands of florins): Gold.. Foreign bills _ Domestic bills Loans j Note circulation _._ 276, 500 1924 March February 133,922 17,949 21,427 48, 580 271,153 April 133, 645 153,902 17, 670 16,494 19, 557 35,231 54, 596 54,352 272, 598 256,671 Bank of Latvia (thousands of lats): Gold Foreign exchange reserve Bills Loans _ Note circulation Government deposits Other deposits 23,501 36,411 51,700 53, 373 29, 913 82,431 44,387 23, 532 41,750 49,640 52,222 29, 730 84,408 41,914 23,567 40,162 47,911 53,010 28, 701 83,180 45, 741 20,686 49,757 25,636 31,236 25,000 65,239 37,000 Bank of Lithuania (thousands of litas): Gold Foreign exchange reserve Loans and discounts Note circulation Deposits 32,978 48,078 39,386 88, 702 30,808 32,862 56,706 39,589 94,033 31,279 31,062 63,109 37,486 93,126 33, 682 24, 210 60,010 27,364 71,684 36,965 Netherlands Bank florins): Gold... Domestic bills Foreign bills Loans Note circulation Deposits (millions of _ 504 103 128 150 _ Bank of Norway (millions of kroner): Gold Loans and discounts Balances abroad Note circulation Deposits: State Private Reserve Bank of Peru (millions of libras): Gold at home Gold abroad Bills Notes in circulation Deposits Bank of Poland (millions of zlote): Gold Foreign exchange, etc Bills Note circulation Current accounts, etc.: Treasury Private Bank of Portugal (millions of escudos): Gold Balances abroad.. Bills Note circulation Deposits National Bank of Rumania (millions of lei): Gold Bills Government loans __ Note circulation Deposits __ State Bank of Russia (note issuing department; thousands of chervontsi): Gold Foreign currency Loans and discounts Bank notes 4,025 979 1,725 5,916 810 4,184 983 1,328 5,868 492 4,094 982 1,462 5,828 673 117 259 307 563 67 325 155 1,716 81 4,248 744 1,118 5,717 318 421 FEDERAL RESERVE BULLETIN JUNE, 1925 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued 1925 April 1924 March February National B a n k of t h e K i n g d o m of Serbs, Croats, a n d Slovenes (millions of dinars): 72 72 72 Gold Foreign currency and balances 352 352 340 abroad 1,154 1,066 1,095 Bills 5,594 5,760 Note circulation _ 5,671 282 321 Current accounts 306 S o u t h African Reserve Bank (thousands of pounds sterling): 1,677 Gold coin and bullion 2,216 3,850 10,224 10,224 10,223 Gold certificates 5,124 Total bills discounted 4,816 3,916 351 Domestic bills 668 1,497 4,313 Foreign bills 3,358 878 10, 699 11,097 11,136 Notes in circulation _ Bankers' deposits _ 5,013 4,811 6,574 Bank of Spain (millions of pesetas): 2,536 Gold 2,536 31 Balances abroad 30 930 Bills discounted 939 4,397 Note circulation 4,472 1,077 Current accounts _ 1,032 1925 April 72 352 1,187 5,580 374 549 10,102 5,737 2,524 1,353 10,852 5,429 2,530 28 894 4,338 929 April B a n k of Sweden (millions of kronor): Gold Balances abroad and foreign bills i Domestic bills Government securities: Swedish Foreign Note circulation Deposits Swiss N a t i o n a l B a n k (millions of francs): Gold Domestic bills Loans Balances abroad and due from correspondents Note circulation _. Deposits 1924 March February April 233 234 234 265 124 137 379 149 370 91 13 41 493 253 13 42 521 237 261 52 49 830 76 269 498 255 54 269 52 36 836 70 536 262 82 32 819 481 14 62 522 221 41 886 112 * Includes foreign government securities. DISCOUNT RATES OF 28 CENTRAL BANKS [Prevailing rates with date of last chang Country Rate In effect since— Austria Belgium Bulgaria Czechoslovakia Danzig Denmark England 11 Apr. 25,1925 Jan. 22,1923 Aug. 31,1924 7 9 7 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 May June 19,1924 6,1924 11,1924 26,1925 15,1925 27,1925 21,1925 2,1925 Country Rate Japan Java Latvia Lithuania... Netherlands Norway Poland Portugal 8 7 4 6 10 9 In effect since— Apr. May Feb. Feb. Jan. May Nov. Sept. 15,1925 8,1925 16,1924 8,1925 16,1925 9,1925 28,1924 12,1923 Country Rate Rumania— Russia. South AfricaSpain Sweden SwitzerlandYugoslavia.. 6 8 5 In effect since— Sept. Apr. Nov. Mar. Nov. July June 4,1920 —,1924 —, 1924 23,1923 9,1923 14,1922 23,1922 4 6 9 6 6H Changes.—Bank of Norway, from 6H per cent to 6 per cent on May 9, 1925; Imperial Bank of India, from 7 per cent to 6 per cent on M a y 21,1925; Hungarian National Bank, from 11 per cent to 9 per cent on May 27,1925; Bank of Italy, from 6 to 6 ^ per cent on June 2,1925. 5 422 FEDERAL RESERVE BULLETIN JUNE, 1925 FOREIGN TRADE OF PRINCIPAL COUNTRIES FOREIGN COUNTRIES UNITED STATES [Thousands of dollars] 1925 12 months ended April— 1925 April March 12 months ended April—2 1925 1924 France (million francs): 39,493 36,674 Imports 3,051 3,307 Exports 3,557 40,931 36,420 3,762 Germany (million gold marks): Imports 11,152 6,794 1,081 1,111 IMPORTS Exports 672 7,426 712 6,426 United Kingdom (thousands £ By classes of commodities: sterling): 385,487 3,751,088 3,669,829 Total. ._. Imports 110,358 112,861 1,354,386 1,123,834 Crude materials . . 140,540 142,211 1,359,589 1,270,443 775,197 Exports 60,877 70,303 808,746 Foodstuffs, crude, and food Reexports 128,422 12,410 12,776 141,463 367,296 Canada (thousand dollars): 36,591 50,157 453,678 animals 551,082 Manufactured foodstuffs . . . 48,426 46,848 466,064 Imports 59,105 84,608 795,896 885,327 696,665 59,824 75,943 682,985 Semimanufactures Exports 60,709 95,888 1,091,553 1,053,953 760,720 Japan (million yen): 62,305 67,913 766,494 Finished manufactures 23,623 1,012 22,252 2,415 Miscellaneous _ Imports 258 313 2,469 2,353 By countries: Exports.. 168 151 1,953 1,448 Total Europe _. 98,006 112,097 11,154,104 1,092,949 South African (thousand £ 146, 518 France _. 11,816 14,153 I 152,125 sterling): 13,080 144, "" ' 355 151,249 11,506 Germany ' Imports 5,900 5,437 70,954 66,837 9,512 86,975 82,866 Italy Exports 4,326 8,487 70,974 74,427 367,099 United Kingdom _. 31,377 40,151 384,370 93,352 91, 297 958,744 1,018,191 Total North America 12 months 2 ended 34,444 399, 562 33,120 421,852 Canada 1925 March — 46,661 58,451 503,248 437,813 Total South America 83,059 11,353 92,259 Argentina 8,584 100, 574 113,397 1, 053,932 1,043,961 Total Asia and Oceania tfarch Febru1925 1924 ary 23,891 28,291 346,902 Japan 333, 553 81,032 10,105 10,245 76,913 Total Africa Denmark (million kroner): Imports 2,432 201. 2,079 191 Exports 186 166 2,203 1,796 By classes of commodities: Italy (million lire): Total _ 399,048 453,434 4,813,019 4,305,895 Imports 2,589 2,073 21,625 17,332 Crude materials Exports 121,690 |1,415,776 1,284,606 15,162 1,480 1,403 11,826 Foodstuffs, crude, and food Netherlands (million guilders): 36,192 31,102 453,295 225,040 animals Imports 204 197 2,426 2,058 55,597 564,776 Exports.. Manufactured foodstuffs. . , 39,386 146 136 1,707 1,384 591,308 Norway (million kroner): 60,704 64, 543 636,411 Semimanufactured.._ 170,875 171,553 1,647,676 1,532,657 Finished manufactures Imports 138 133 1,584 529 5,994 Miscellaneous 7,203 Exports 1,048 109 96 1,103 818 Reexports... _„.__ 7,454 85,353 Russia (thousand rubles): 87,322 7,901 By countries: Imports 54,946 45,337 243,127 251,823 2,643,798 2,176,229 Exports Total Europe 32,879 37,788 230,980 277,216 Sweden (million kroner): France 22,017 25,690 296,494 473,975 Germany 32,995 51,386 459,236 Imports 112 1,441 105 1,294 175,171 19,171 26,063 214,027 Italy Exports 1,164 80 1,287 71 886,916 Brazil (million milreis): i 73,148 84,999 1,058,235 United Kingdom 92,723 100,297 1,112,434 1,073,382 Total North America Imports 300 251 2,717 2,237 49,315 51,179 616,767 Canada 634, 327 Exports 404 505 3,900 3,178 35,899 33,548 344,156 277,986 Australia (thousand £ sterling): Total South America 12, 242 12,212 129,493 110,232 16,699 139,156 Argentina 12,528 151,331 Imports 54,667 58,961 637,544 714,411 Total Asia and Oceania 18,605 19,174 149,702 116,986 Exports 12,751 21,388 224,101 294,639 India (million rupees): Japan 7,679 8,805 63,887 Total Africa 199 188 2,465 74,435 2,276 Imports 436 463 3,619 Exports 1 Figures for November and October, 1924, and for the 12 months ending November, 1924, and November, 1923. 2 Figures for Russia are for six months ending March, 1925. Prior to October, 1924, Russian foreign trade figures were computed on a 1913 price basis. April March 1925 1924 INDEX OF OCEAN FREIGHT RATES Publication in the BULLETIN of the Federal Reserve Board's index of ocean freight rates is discontinued with this issue. Current figures will be furnished by the Federal Reserve Board at the request of those interested. JUNE, 423 FEDERAL RESERVE BULLETIN 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 397 of this issue. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES 1 Converted to gold basis On paper currency basis Year and month 1923, average 1924, average __ January... February . March April United States ._ England France Canada Japan England France Canada Japan 165 159 170 176 394 446 150 147 188 200 159 160 124 121 147 145 183 166 159 159 163 163 163 163 r 168 164 165 166 171 177 391 391 404 404 416 427 " 151 150 149 147 145 144 183 179 191 196 199 205 158 154 154 154 154 159 119 115 123 125 119 116 147 146 145 145 142 140 179 176 186 192 193 193 163 163 160 158 156 154 156 158 156 159 160 165 178 180 180 181 177 174 174 173 172 175 176 177 445 469 483 428 428 442 440 442 436 442 449 451 146 148 147 143 143 145 147 149 146 148 148 149 205 200 200 201 200 189 191 196 198 206 210 209 156 160 158 162 158 155 156 160 158 161 167 171 108 107 117 137 128 120 117 125 120 120 123 126 142 144 143 140 141 142 146 149 145 148 148 149 185 182 172 165 Wi 156 158 163 161 161 162 lftl 168 167 169 164 178 178 175 171 456 457 463 460 156 158 153 148 208 204 197 188 175 175 171 168 127 125 124 124 156 157 153 148 160 168 162 157 1923 July... Augusts September October November December. January February March.. April.. May June . July August September.. October November December 9 , ._ 1924 _ . . .. _ .. . . ... .. _ . _ 1925 . . . . . „_ „ _ . . _ FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES 1 Year and month All commodities Grouped by stage of manufacture Grouped by origin Export Con- DoRaw Pro- sum- mes- Im- goods ma- ducers' ers' tic ported terials goods goods goods goods 158 160 165 168 167 169 164 165 165 171 176 177 180 171 155 147 151 151 153 152 149 151 162 165 167 163 166 163 159 161 166 170 169 172 166 140 150 149 147 147 146 142 182 169 171 175 178 180 174 181 176 177 178 178 175 171 186 174 175 176 175 172 169 169 169 171 171 173 165 160 187 187 187 188 187 188 183 183 176 177 178 179 175 172 178 178 179 179 177 173 168 188 178 180 179 179 174 172 428 449 451 430 478 480 446 439 440 421 424 424 418 430 431 480 541 545 434 461 463 ENGLAND 1924—April November.-December 1925—January February March April FRANCE 1924—April November. __ December Grouped by stage of manufacture Grouped b y origin ExCon- DoIm- port Raw- Pro- sum- mesported goods ma- ducers' ers' tic terials goods goods goods goods FEANCE—contd. UNITED STATES 1924—April November December 1925—January February March April Year and month All commodities 1925—January February March. _ April 456 457 463 460 482 482 480 477 442 445 459 460 435 438 449 445 437 439 447 444 546 547 540 541 464 467 475 470 143 148 149 156 158 153 148 126 137 139 149 151 142 134 164 155 153 152 152 153 153 162 161 163 168 168 169 169 141 147 148 157 158 152 147 159 160 159 159 161 161 158 130 161 164 179 180 171 161 201 210 209 208 204 197 188 220 217 216 222 223 214 196 199 216 218 217 208 201 189 191 204 201 196 193 185 182 199 212 210 208 204 196 186 214 202 202 204 205 203 194 198 213 214 215 213 200 169 CANADA 1924—April November., _ December 1925—January February March April JAPAN 1924—April November... December 1925—January _ February March April 1 Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920, June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922. 424 FEDERAL RESERVE BULLETIN JUNE, 1925 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [Pre-war=1001 Europe Year and month Austria 1923 July August September October November. . . December Belgium GerEngmany land Bul- Cz«.cho Den-1 (Board Finland France (Federal SloStatisgaria vakia ! mark of tical Trade) Bureau) 407 1,789,300 1,657,400 1,779,400 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 2,597 949 942 943 960 952 969 207 207 202 205 207 210 157 155 158 158 161 163 1,080 1,080 1.089 1,077 1,070 1,096 413 424 421 443 459 88.8 85.8 101.7 117.9 139.0 126.2* 1, 874,800 1, 915,800 1, 912,000 1, 946, 500 1, 946, 500 1,828,200 June July „ . 1, 913, 300 2, 013,600 August 1, 937, 300 September 2,008,600 October 2,076, 600 November December ._ _. 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 3,181 974 999 1,021 1,008 1,001 968 953 986 982 999 1,013 1,024 210 223 227 228 225 219 220 233 231 234 231 232 165 167 165 165 164 163 163 165 167 170 170 170 1,071 1,078 1,094 1,095 1,090 1,088 1,085 1,111 1,117 1,114 1,120 1,139 494 544 499 450 459 465 481 477 486 497 504 507 117.3 116.2 120.7 124.1 122.5 115.9 115. 0 120.4 126.9 131.2 128.5 131.3 1925 January Februarv March April .. . May 559 551 546 538 3,275 3,309 3,272 1,045 1,048 1,034 1,019 234 234 230 220 216 171 169 166 163 1,137 1,141 1,131 514 515 514 513 Hungary (gold basis) NorItaly Nether- way Poland Russia* lands (Oslo) 138.2 136.5 134.4 131.0 1924 January February March April May 2,118,100 2 108,100 2, 054,800 2,005,800 North and South America Europe—Continued Year and month Spain July United States Switzer- (Bureau Canada Sweden land of Labor Statistics) 1923 August October November . December 1924 January February March .. April May._. June - -. July August September... October November... December... 1925 January February March April May 1 170 171 174 171 173 176 178 180 180 184 179 179 182 182 184 186 181 198 191 192 193 Pern 145 142 145 148 153 154 235 231 234 237 242 244 86 89 95 73 81 95 145 158 157 157 149 157 579 579 571 566 567 572 580 602 621 640 156 158 155 154 153 151 151 151 158 161 161 160 250 262 266 267 263 264 271 274 275 276 277 278 107 112 110 109 104 101 102 109 112 116 117 118 169 187 193 181 175 166 169 175 173 164 164 168 658 660 659 658 122 160 158 155 151 279 281 276 267 120 121 122 119 172 178 183 197 571 573 131 130 119 133 145 145 142 149 154 160 • Asia and Oceania Australia China (Shanghai) Dutch East Indies 162 161 160 160 180 175 173 181 182 183 151 150 154 153 152 151 154 154 155 153 153 154 191 187 186 188 191 192 180 175 172 17 173 174 155 153 157 156 157 158 161 16? 16? 161 160 158 157 160 163 167 167 168 183 183 180 181 180 178 173 171 170 169 169 170 151 152 150 148 147 145 147 150 149 152 153 157 157 157 154 151 151 152 153 157 154 157 158 161 190 189 194 195 192 192 192 193 190 192 191 195 174 170 16'7 166 165 163 163 162 162 163 163 165 156 160 158 154 154 152 152 149 149 153 155 157 180 169 169 168 163 171 171 170 166 163 160 161 161 156 165 165 162 157 199 194 206 206 200 163 163 160 158 160 159 160 159 178 16? 566 567 569 563 571 577 India (Calcuttn) Africa Japan New (Tokyo) Zealand (Cairo) South Africa VO 171 174 174 177 179 178 177 178 174 177 177 175 173 179 192 190 210 212 210 210 176 175 177 176 175 173 123 120 ! 123 129 I 134 136 124 172 178 179 174 176 176 179 180 179 181 180 17B 211 208 206 207 205 199 195 200 206 213 214 175 180 180 178 179 180 180 181 181 180 181 181 133 135 131 134 135 131 132 143 148 156 158 156 125 171 17? 168 213 210 178 175 175 157 161 155 154 130 204 202 125 125 133 i First of month figures. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics 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. JUNE, 425 FEDERAL RESERVE BULLETIN 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) Bel- BulAustria (Vienna) gium 2 garia England i Esthonia 2 Other countries France Ger(Paris) many Italy (Milan) Netherlands Norway Switzerland Canada^ Australia 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 India New (Bom- Zeabay) land South Africa 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 2,547 162 165 168 172 173 176 102 109 102 106 104 107 321 328 339 349 355 365 151 496 490 496 502 503 499 1924 January February Marcb 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 3,040 175 177 176 167 163 160 162 164 166 172 179 180 111 113 115 115 111 111 115 119 116 110 110 113 376 384 392 380 378 370 360 366 374 383 396 404 127 117 120 123 126 120 126 122 125 134 135 135 515 516 523 524 519 518 508 507 514 543 567 579 150 151 152 152 151 151 150 150 152 154 156 157 230 234 241 240 241 241 248 257 261 264 269 274 168 167 167 165 165 168 168 166 166 169 170 170 145 145 143 137 133 133 134 137 139 139 141 143 155 153 152 150 151 149 148 147 146 146 147 148 154 151 147 143 143 147 151 156 156 156 157 156 150 149 150 150 150 150 148 146 145 146 148 150 120 122 122 123 122 120 117 117 117 120 122 121 151 148 148 148 1,644,600 1,661,800 1, 622,500 1,583,000 140 137 134 3,131 3,163 3,128 178 176 176 170 167 113 408 410 415 409 137 «145 146 144 590 610 624 156 157 157 155 277 283 284 276 168 168 168 166 145 147 145 142 148 149 151 152 152 152 155 153 151 147 146 150 120 120 121 124 1925 January February March April May INDEX NUMBERS OF COST OF LIVING [Pro-war—100] Other countries European countries Massachusetts Austria (Vienna) Bel- Czech- Engoslogium vakia land^ Aus- India SwitNethFin- France Ger- Italy er- Nor- Po- Spain Swe- zer- Can- tra- (Bom- South den land a d a 1 lia bay) Africa land (Paris) many (Mi- lands way land lan) 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 1,111 1,163 1,172 1,093 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 1,199, 600 1 197 300 1 220 900 1,244,200 1 239 100 1, 314,200 1, 316, 200 1 330 700 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 1,143 1,141 1,121 1 121 1,147 1 154 1,198 1,199 1 219 1,222 1,217 1925 January Februarv March April 158 157 158 1, 376, 200 1 389 500 1, 366,000 1,343,200 521 517 511 506 502 931 929 923 180 179 179 175 173 1,199 1,191 1,210 1,201 158 331 345 365 366 367 377 386 45 54 64 61 126 125 487 483 487 502 502 499 110 104 107 112 115 112 116 114 116 122 123 123 510 517 521 522 518 518 512 511 516 546 563 573 124 » 136 136 137 580 592 602 230 178 231 179 236 173 244 258 181 179 266 271 63 72 83 47 55 80 172 174 178 178 174 " l 7 7 " 177 182 166 164 164 164 167 168 146 148 148 149 150 150 "I52" 153 154 154 152 153 157 130 130 131 132 133 133 121 127 126 127 126 124 127 135 141 150 152 153 178 176 190 180 195 " l 7 3 " 180 186 182 180 189 185 "174" 175 190 169 168 168 166 166 168 169 166 166 169 170 170 150 149 148 145 143 143 143 145 146 146 147 147 158 156 153 150 150 153 156 160 160 160 161 160 133 134 134 134 134 133 132 132 132 133 134 133 150 151 173 188 189 190 178 168 168 167 165 149 150 148 147 157 157 159 158 156 133 133 133 134 151 151 In "I77" 150 149 148 148 • 3 New index. * 1921=100. » First of the month figures. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible. 426 FEDERAL RESERVE BULLETIN JUNE, 1925 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOB APRIL AND MARCH, 1925 [Amounts in thousands of dollars] Total earning assets Federal reserve notes in circulation Total deposits Total cash reserves Reserve percentages Federal reserve bank March April Boston __ New York Philadelphia Cleveland .Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total: 1925 1924 1923 1922 1921 1920 __ _ _ _- . - March April April March March April April March 92,616 292,980 88,762 109, 223 56,932 36,349 142, 385 36,085 34,025 45,837 31,370 93,502 93,490 335,758 91, 424 114,105 47,943 31,587 131,154 33,798 30, 230 43,725 32,894 92,747 267, 326 925,022 218, 492 284. 312 92,186 172,706 355,783 100,512 89, 381 111,332 84,064 277,512 257,937 900,754 219,264 276,106 103, 360 177, 474 376, 244 106,861 98, 340 117,921 86,384 279, 607 135,812 837,302 129,784 175, 871 65,925 70,117 313,067 80,531 55, 238 90, 320 63,198 163,835 136,016 838,857 128,146 176,067 66,121 69,109 316,310 82, 334 57,366 92,613 65,947 164,587 209,881 347,792 154,902 196,465 75,471 141,775 164, 373 49, 283 64,922 64,725 43,573 195, 367 201,576 362,753 159,780 191,885 76, 375 142,060 172,255 51,059 66,814 66,292 45,049 195,325 77.3 78.1 76.7 76.4 65.2 81.5 74.5 77.4 74.4 71.8 78.7 77.3 76.4 75.0 76.2 75.0 72.5 84.0 77.0 80.1 79.2 74.2 77.8 77.7 1,060,066 940,493 1,164, 606 1,190,004 2,527,253 3,191, 945 1,078,855 951,774 1,178,919 1,191,013 2,735,784 3,211,936 2,978,628 3, 201,763 3,176, 630 3,114,928 2,485,079 2,084,077 3,000,252 3, 222,877 3,190,625 3,095,762 2,403,470 2,058,293 2,181,000 2,004, 391 1,944,805 1, 822,788 1,749,568 1,998,732 2,193,473 1,991,066 1,960,540 1,794,895 1,808,529 2,032,787 1,708,529 1,971,184 2,236,378 2,190,447 2,870, 645 3,071,754 1,731,223 2,013,515 2,253,189 2,195,131 2,979,486 3,040,440 76.6 80.5 76.0 77.6 53.8 U3.0 76.4 80.5 75.7 77.6 50.2 U2.7 i Calculated on basis of net deposits and Federal reserve notes in circulation. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Total Gold with Federal reserve agents: Apr. 22 Apr. 29 May 6 May 13. May 20. Gold redemption fund with U . S . Treasury: Apr. 22 Apr. 29. May6._. May 13.. May 20.. Gold held exclusively against Federal reserve notes: Apr. 22 Apr. 29 May 6 May 13 May 20 Gold settlement fund with Federal Reserve Board: Apr. 22 Apr. 29 May 6 May 13 May 20 Gold and gold certificates held by banks: Apr. 22 _. Apr. 29 May 6.. May 13 May 20... i Boston I New York Rich- I At- | Chimond j lanta cago 1,563,377i I 175, S84 1,547,1981! 179,668 1,564,821! | 190,441 1,581,0141 i 197,478 1,531,216 195,109 356,546 356,495 356,424 356,393 356,321 136,919; 134,381! 140,129 ! 137,323 134,509! 170,365 169,567 168,921 171,637 171,303 5,460 3,815 7,296! 5,462 8,508 11,188 9,940 8,728 7,675 6,345 11,176 12,945 5,318! 8,155| 9,915 2,917 4,502 3,797 3,894 3,035 614,016 I 181,344 598,543! 183,483 613, 9351| 197,737 628,982 i| 202,940 581,895j I 203,617 367,734 366,435 365,152 364,068 362,666 148,095; 147,326! 145,4471 145,4781 144,424 173,282 174,069 172,718 175,531 174,338 632,337J 636,928M 611,846 614,266 654,157 47,441 43,076 43,159; 49,395 44,808 242,617 252,341 161, 799 193,549 231,684 37,010| 41,925' 49,549 50,041i 50,876! 65,275 70,036 70,348 80,327 82,329! 597,910! | 615,631H 619,750 ! 610,267ij 598,569;! 29,388' 30,328: 30,648 23,419; 20,306 324,582 335,647 338,307 335,095 337,242 21,846 33,687 21,579 34,584| 22,413; 34,974 21,915 35,705 21,412 36,541 50,639|l 51,345'I 49,114! I 47,968!! 5C,679|I St. Louis Minne- Kan- Dallas sas apolis City ! 135,528 135,518 135,489 135,473 135,456 45,094 45,076 43,733 43,305 24, 520 59,891 54,657 54,595 54,397 54,081 1,233 1,866 2,293 1,770 1,764 3,956 2,923 5,627 4,393 3,022 5,233 5,244 5,562 5,439 5,801 500 981 780 678 700 136,581 134,530 133,830 130,428 122,659 139,484 138,441 141,116 139,866 138,478 50,327 50,320 49,295 48, 744 30,321 16,992; 5,278i 99,791 12,190 8,480j 82,609 18,195 15,318 118,901 12,332 13,958 110,494 13,615 15,197 108,772 10,2591 10,082) 9,739! 6,990; 4,922' 44,063 42,154 40,504 40,680 39,001! 2,474' 3,315! 3, 731 4,436' 4,873 i 46,537 45,469 44,235 45,116 43,874 21,845 22,397 22, 821 21,089 21,409 135,348! 132,664 j 131,5371 128,658; 120,895 95,165 101,096 101,4031 106,923 101,704 San Francisco 55,866 56,555! 55,851 i 57,0881 52,834 j 40,371 39,763 39,025 38,433 35,649 207,502 200,700 208,172 220,149 211,538 3,279 2*368! 2,6711 3,5021 1,792 1,709 1,955 1,906 2,078 1,431 1,988 1,659 1,489 1,136 60,391 55,638 55,375 55,075 54,781 59,145| 58,672} 58,219 59,759! 56,336! 42,163 41,472 40,9801 40,339 37,727 208,933 202,688 209,831 221,638 212,674 14,340 15,334 18,363 11,705 16,010 10,694 13,2231 13,979! 16,801! 17,639 43,7511 42,9251 43,956 31,408 27,588 23,844 20,8241 20,665 14,468 12,434 25,304 33,965 37,614 29,788 33,205 12,065 11,283 10,761 10,004 8,151 6,781 6,959 7,050 7,102 7,192| 3,539 3,636 3,2471 3,435! 3,356 9,680 9,742 9,778! 9,905 7,895 29,073 28,298 28,609 28,685 28,439 JUNE, 427 FEDERAL RESERVE BULLETIN 1925 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] New Total Total gold reserves: Apr. 22 Apr. 29 May 6 May 13 May20 Reserves other than gold: Apr. 22 Apr. 29 May 6 May 13 May 20 Total reserves: Apr. 22 Apr. 29 May 6 _ May 13 _ May 20_ Nonreserve cash: Apr. 22 Apr. 29 May 6 _. May 13 May 20 _ Bills discounted: Secured by U. S. Government obligationsApr. 22 Apr. 29 May 6 May 13 May 20 Other bills discounted— Apr. 2 2 . . . Apr. 2 9 . . . . May 6 May 13 May 20 _ Total bills discounted: Apr. 22 Apr. 29..._ May 6__ May 13 May 20... Bills bought in open market: Apr. 22 Apr. 29 May 6.. May 13 May 20 U . S . Government securities: BondsApr. 22 . Apr. 29 May 6 May 13 May 20 Treasury n o t e s Apr. 22.._ _. Apr. 29 May 6 May 13 May 20 Certificates of indebtednessApr. 22 Apr. 29 May 6 May 13 May 20 Total U. S. Government securifc. ties: Apr. 22 Apr. 29 May 6 May 13 May 20 Foreign loans on gold: Apr. 2 2 . . . . Apr. 29 May 6___. ._ May 13 May 20 Philadelphia Cleveland Boston York Atlanta Chicago 152,118 153,092 158,887 151,376 142,778 334,440 322,146 361,420 357, 283 348,954 76, 732 76,937 78,419 70,453 54,482 15,570 18,063 15,524 17,826 15,316 17.936 14,938 17,974 16, 203 17.937 20,391 20,606 20,130 20,221 20,421 89, 431 167,688 352,503 83,970 168,616 339, 972 174,203 379,356 82,981 166,314 375,257 97,123 97, 543 98,549 90,674 74, 903 Richmond St. MinneLouis apolis 2,844,263 2,851,102 2,845,531 2,853,515 2,834,62lj 258,173 256,887 271,544 275,754 268,731 934,933 954,423 865,258 892, 712 931,592 206,951 210,830 217,409 217,434 216,712 272,244 278,689 278,040 291,563 293,208 85,374 80,056 85,251 78,537 78,898 141,491 142,009 141,691 140, 721 145,974 14,845 15,098 14,796 14,287 13,813 34,215 35,123 34,301 33,679 34, 727 5,116 4,483 5,663 5,955 6,874 7,1 7,780 8,071 7,526 8,592 4,057 3,914 4,442 4,444 5,041 2,985, 754 2,993, 111 2,987,222 2,994,236 2, 980,595 273,018 271,985 286,340 290,041 282,544 969,148 989,546 899,559 926,391 966,319 212,067 215,313 223,072 223,389 223,586 280,048 286,469 286,111 299,089 301,800 55,757 54,536 53,3881 56,3661 56,665 5,569 6,032 5,988 6,422 6,958 15,119 14,252 15,280 16,966 16,251 2,321 2,073 2,105 1,764 1,920 2,745 2,678 2,779 2,785 3,342 3,955 3,826 3,472 3,557 3,844 4,937 4,915 3,878 4,629 4,454 7,139 7,111 7,196 6,804 6,650 4,113' 3, 777 3,687 3,956 4,132 219,920 215,871 208,269 161,263 160,854) 14,339 14,854 11,287 13,103 12,881 73,944 65,893 87,595 44,744 40,796 23,483 22,143 20,059 21,786 22,961 27,211 30,062 28,065 27,169 23,470 11,542 14,096 11,819 13,983 13,367 3,689 2,336 2,331 2,874 3,944 35,294 36,372 21,474 18,498 23,420 192,4551 19,521 184,114 14,423 202,333] 12,763 177,459 1 10, 769 177,548 I 16, 782 35,308 21,805 42,172 27, 765 12,548 14,965 12,035 11,669 11, 773 14,790 14,318 15,070 12,581 13,022 31,545 35,367 33,843 33,966 32, 631 33,860 29,277 24,050 23,872 29,663 109,252 87,698 129, 767 72,50f 59,781 36,031 37,108 32,094 33,455 34,734 42,001 44,380 43,135 39, 750 36,492 275, 5011 35, 300 266,828' 32, 993 278,466}! 29, 981 29,365 276,026! | 28,071 64, 250 57, 590 83,186 89, 572 75, 080 24,091 25,079 i 412,375! 399,985j 410,602 338,722|| 338,402) 84,930! 85,138; 85, 227! 85, 377! I 85,529(i 2, 862 2,661 2,661 1, 962! 1,262 244,202! 241, 980! I 265, 527! | 270,988! | 251,108! | 15,196 15, 652 15,101 10, 667 6,803 23,949! 21, 92111 24, 960 23, 612; 21, 745! j 3,' 3,412 3,393 3,295 3,183 24, 24, 25, 24, 241 644 273 662 24, 590 23,159 22, 306 23, 861 11,000! 11,000 11,000! 10,502! 10,003| I 81, 892J 23,093 i 23, 262j 79,1971 23, 094; 23, 272 103, 397! 23,051! 23, 274! 99,091 21,093! 19, 721 19,135! j 16,168 12,461! 12,461; 12, 376 i 11,084 9,794 3, 312 1, 963 2,448 2,222! 1,4951 1,416 1,416 1,452 1,178 904 197| 1961 203; 155! 106; Kansas City 77,866 106,435 75,820 105,233 76,404 105,422 78,978 94,602 79,612 87,280 Dallas San Francisco 75,687 72,038 71,423 64,712 58,056 263,310 264,951 276,054 280,111 274,318 3,480 3,657 3,576 3,828 4,166 9,413 9,457 9,475 9,734 10,320 6,229 6,224 6,115 6,334 6,147 80,174 109,915 78,137 108, 890 78,274 80,779 98,430 81,345 91, 446 85,100 81, 495 80,898 74,446 68,376 269, 539 27.1,175 282,169 286,445 280,465 1,535 1,381 1,130 1,217 1,136 2,444 2,290 2,067 2,352 2,3111 2,187 2,414 2,342 2,630 2,494 3,787 3,464 3,284 3,173 6,422! 6,752j 5,500| 4,623 4,942 1,275 2,223 1,190 730 1,843 1,932 1,8531 908| 1,572] 773 348 590 236 254 20,105 18,860 16,506 12, 609 12, 551 17,571 20,159 17,214 16,622 18, 753 19,612 10,603 20,903 9,378 22,585 11,600 19,614 9,988 18, 937 13, 646 4,564 4,504 5,407 5,515 5,537 5,544j 6,187 6,311 6,119 5,965 2,502 3,083 3,534 3,476 4,297 18,347 19,022 19, 799 19,375 17,220 43,087 49,463 45, 662 47,949 45,998 21,260 22.495 19,545 19.496 22,697 54,906 57,275 44,059 38,112 42,357 5,839 6,727 6,597 6,245 6,233 7,387 8,119! 8,164| 7,027; 7,537) 3,275 3,431 4,124 3,712 4,551 38,452 37,882 36,305 31,984 29, 771 10, 634 10, 375 10,194 9,597 10,488 11,934 ll| 993 10,849 10, 603 10, 9811 35, 026 9,470 37, 543 10,015 37,141 9,155 36,969 9, 297! 39, 802 11,311 16,1 17, 308 15,472 12,960 11, 310 11,414 11,675 10, 240! 14, 072! 15,451; 7,188 7,094 6, 640 6, 805 8,377 24,126 21, 411 17, 805 16,167 16, 632 1,408 1,408 1,437 1,552 1,668| 1,720 1,615 1,579 2,123 2,679 21,649 21, 649 21, 649 21, 041 20,433 8,764 10, 398 8,764 10, 710 8, 736 •10,821! 8,736 11,472; 8, 736| 12,156! 8,682 8.682 8,733 9,317 9,858 3,121 3,123 3,116 3, 700 1, 940 1, 9401 1, 905 1,381 1,387 1,347 5,077 8,807 30,180 7,427 30,180 7,427 30,180 7,405 25,843 14,850 21, 506 22, 295 8, 371 13, 509* 8,371 13, 509, 8,403! 13, 500 8,403! 17, 791; 8, 403j 22, 072! 11, 385j 11, 385, 11, 389! 15, 004! 18.620J 26, 566 26, 566 26, 575 30, 721 34, g 2, 0011 281 281 279 368 457 5,065 5, 065 5,064 5,165 5,267 20, 348 20, 348 20, 401 24, 689 28,935 34,752 34, 754 34, 755 39, 585 44, 416 368 368 368 368 735 735 735 735 735 158, 981 2, 727! 3, 548j 925 925 931 1,022 1,114 5, 670 5,670 5,668 5,581 5,494 37! 37j 43] 39,932 39,942 39,942 35,804 31, 665 3,385 3,385 3,385 4,342 5,299 4,026 3,927 3,857 8,222 12,600 557 557 557 557 557 430 430 430 430 430 s 2,568 1,939 4,357 2,878 1,384 17,025 16,130 17,100 14,611 18,588 1,649 1,649 1, 667! 2,710 3, 754! 221 221 225 408 591 2,308 2,317 1,870 1,801 1,733 211j 206i 207 207 2, 00l! 2,143 2, 248i 2, 364 4,282 I 353,081 349,039 ! 375, 714! 379,977! 358,382 10,500! 10,500; 10,500 10,500! 10,500 1 21,319 97, 665 24, 7061 21, 725 93, 621 j 24, 7061 21,155 118, 221! 24, 706| 15,924 112, 397j 22,426? 11,248 80,173 20,145| 777 777 777 111 111 2,835 2,835 2,835 2,835 2,835! 976' 9761 976! 976! 976! 1,124 1,124 1,124 1,124 1,124 9,297! 17, 346 54,397 53,768 9, 297 17,346 56,186 9,297 17,345 49, 762 17,968; 17,346 43,323 26, 640! 17,346 1,449 1,449 1,449 1,449 1,449 483 483! 483 346 346 346 346 346 428 FEDERAL RESERVE BULLETIN JUNE, 1925 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total All other earning assets: Apr. 22 Apr. 29.._ May 6 May 13 May20 Boston New York Cleveland Richmond Atlanta 91,2561 84, 772 75,963 69, 938 69, 759 274,002 241, 744 334,009 277,313 217, 869 86,954 108,136| 57, 663 37,650 88,181 110,036 63, 780 38,845 83, 570 107,360 59, 798 34, 681 62, 445 38, 751 83,280 82,767 '3,142 62, 342 46, 708 671,528 592, 804 601, 598 690,032 674, 761 63, 402 53,304 52, 834 66,223 58,864 150, 871 140, 265 137, 923 175,483 174,533 63,161 53,902 56, 474 61, 896 62, 774 65, 520 52, 722 55, 816 62, 635 61,010 55,529 50,130 51,016 56,071 54, 817 59,263 59, 266 59,283 59,498 59, 701 4,190 4,1901 4,190, 4,190 4,190 16, 579 16,579 16, 594 16, 710 16,709 1,122 1,122 1,122] 1,122 1,122 7,573 7,573 7,573 7,573 7,573 23, 378 22,286 22, 715 23,221 23,199 May 6 May 13 May 20 - 46 79 51 47| 601 6,030 6,348 6,851 6,984 7,081 364 373 401 398 400 437,48l|l,431,749 420,362 1,408, 734 425,366Jl,410,216 436,861jl,419,847 422,3751,398,762 365,989 360,964 366, 744j 371, 849| 372, 569i 4,848,537 14,749,755 4,800,888 4,836,938 ..4,780,481 Minne- Kansas apolis City 145, 778 150,035 138,835 126, 292 126, 931 36,275i 35, 925 36, 035 42, 359 57,022 40, 520 41, 727 39, 760 36, 897 35, 235 Dallas San Francisco 33,669 32,649 28, 639 31,150 33,123 84,143 74, 902 78,352 83,821 86,216 37,104 32, 561 33,075 34, 569 34,414 14,476 12,072 12, 643 14,450 13,130 2,446 2,446 2,446 2,446 2,446 2,780 2,780 2,780 2,780 2,780 8,0991 8,099 8,099 4,118 4,121 4,121 4,164 4,349 249 259 258 269 279 597 629 636 644 663 2,898 2,897 2,895 2, 868! 2,834! 1,377 1,237 1,221 1,420 1,413 464,271 459,737 459,897J 471, 335 467,146 209,621 204,781 207,061! 208,144| 208,05li 249,622 250,702: 247,076; 246,492' 248, 880; 45,379 31,179 31, 241 31, 533 35, 574 42, 231 98,065 94, 782 89, 600 88,472 91,554 37, 909| 35, 887j 25, 031 22,194 22,494 24, 563 23, 544 40,484 33, 735 35,452 41,262 36,449 3,049 3,049 3,04' 3, 049 3,049 4, 200' 4, 200^ 4,200i 4, 256 4, 275; 1,833 1,833 1,833 1,833 1,833 3,274 3,274 3,276 3,276 3,276 342 338 332 339 334 4,425 3,092 3,045 3,205 3,076 548! 547! 578| 591 640 1, 1,679 1,651 1,664 1,631 4,815 4,808 4,796 4,792 4,788 599,039 581,356 613,059 601, 693 596, 200 179,075 174,265 175, 799 176,061 175,154 144,179 139,458; 137,9011 139,597] 136,971: 200,6241 196,979; 198,261! 196,818! 194,559 147,017 140,856 140,751 140,710 140,109 419,870 411,561 418,757 427,531 419,705 Total resources: Apr. 22 Apr. 2 9 . . . M a y 6. M a y 13— M a y 20 St. Louis 250 250 250 250 , 052,857! , 027, 7521 , 076,682! , 013, 5851 985,560j Apr. 29 Chicago 1,150 1,150 1,150 1,150 2,250 1,400 1,400 1,400 1,400 2,250 Total earning assets: Apr. 22: Apr. 29 May 6 May 13 May 20 Uncollected items: Apr. 22 Apr. 29 May 6 May 13 May 20 Bank premises: Apr. 22 Apr. 29 May 6 May 13 May 20 All other resources: Apr. 22 Philadelphia 45,538| 53,280 60,000 38,138 34, 368 LIABILITIES Federal reserve notes in actual circulation: Apr. 22 Apr. 29 May 6 , May 13 May 20 Deposits: Member bank—reserve accountApr. 22... _ Apr. 29 , .__. May 6 May 13. May 20 GovernmentApr. 22 Apr. 29 May 6 . . . May 13 May 20 Other depositsApr. 22 Apr. 2 9 . . . . May 6 May 13 May 20 Total deposits: Apr. 22 Apr. 29 May 6 May 13 May 20 Deferred availability items: Apr. 2 2 . . . . Apr. 29 May 6 _ May 13 May 20 1,687, 690 1, 683, 880 1, 682,971 1,676,204 1, 656, 474 211,076 210,820 212,657 205,619 201, 901 340,130 340, 293 338,326 334,064 331,457 148,116 149, 633 149,001 153,809 150,040 195, 602 198, 400 194, 754 200,981 196,103 74, 459 72, 520 73,005 72, 307 71,547 140,162 139, 953 139, 447 139,473 138, 272 162, 784 161,491 161,146 159.860 158,936 48, 639 48, 241 47,291 46,929 46,833 63,1 64, 403 63,314 63,385 63,397 64,109 63,186 61, 754 62, 951 43, 207 42,057 42,801 41, 825 41, 728 195,283 193, 773 197, 037 195,853 194, 952 2,163,116 2,134, 562 2,180, 024 2,153, 999 2,118,163 133,857 130,357 134,175 140, 528 134,873 851, 754 840, 804 839, 677 836, 242 816,072 127, 911 129,183 133,488 127, 779 131,088 174, 961 173,859 174, 520 173,805 173,888 62,37 64, 258 64, 907 62, 575 64, 248 68, 277 67,089 68,928 66,842 67, 583 312, 485 303, 241 334, 646 315, 664 311,008 77, 056 77,150 79, 339 77,381 75,417 53, 798 51,131 49, 282 51,536 50,182 87, 730 86, 260 85,973 84, 502 82, 553 58, 632 59, 661 59, 381 57,668 55, 981 154,277 151, 569 155, 708 159,477 155, 270 30,454 27,059 23, 980 19, 532 32, 732 2,256 1,197 830 467 1,657 8,264 5,422 5,254 4,347 5,223 2,183 922 2,746 1,349 2,565 1,195 1,573 2,842 1,436 4,064 1,311 2,417 1,434 1,740 1,746 3,096 3,928 2,501 2,613 2,932 1,070 642 .,176 ,158 ,042 2,647 2,208 1,334 1,149 3,874 1,980 1,906 1,694 738 1,110 1,410 1,700 1,451 1,291 2,822 2,309 1,878 1,127 1,134 2,607 2,733 3,266 1,591 2,110 3,090 24,184 25, 764 28, 333 26,499 25, 527 194 263 307 406 529 13, 511 14, 99' 17, 551 15, 659 15,166 370 381 512 717 433 1,106 1,087 1,315 1,198 1,232 137 177 199 167 121 153 213 170 163 .,544 .,746 1,297 1,243 1,454 1,337 1,212 1,058 857 773 243 254 293 279 232 950 643 673 489 460 227 202 202 204 157 4,444 4,649 4,713 5,082 4,761 2, 217, 754 2,187, 385 2, 232, 337 2, 200, 030 2,176,422 136, 307 131,817 135, 312 141,401 137,059 873, 529 861, 223 862,482 856, 248 836,461 130,464 130,486 136, 746 129,845 134, 086 177, 262 176, 519 178,677 176,439 179,184 63, 826 66,852 66, 540 64, 510 66,161 71,494 71,170 71, 642 69, 625 70, 678 315,099 305, 629 337,119 318, 065 313, 504 56,021 53, 291 51, 269 52, 553 51, 524 90, 090 88, 603 88, 097 86, 282 85, 835 61,168 61, 741 60, 710 59, 006 58, 745 161, 454 159,484 162,012 166, 669 163,121 598,159 532, 714 539, 846 614, 531 601,151 65.121 52, 413 52.122 64, 528 57, r ~ 124, 660 113, 537 115, 835 135, 773 137, 087 55, 734 49,140 49, 253 56,428 56, 640 54, 884 48, 236 49, 917 57, 314 55, 230 81, 040 80, 570 81, 731 79, 387 80,064 52, 924 23, 725 73, 583 33, 843 46, 969 25, 306 66, 581 29, 888 49,042 21, 741 67,126 31,174 52, 859 23,139 76, 060 34,127 51, 824 25, 665 76,028 32, 667 12, 590 11,121 11, 486 12, 984 11.935 32, 353 31, 210 32, 265 33,551 31, 953 30,192 24, 562 24, 739 27, 365 27,104 38, 550 33, 751 35, 146 40, 403 37, 038 429 FEDERAL RESERVE BULLETIN JUNE, 1925 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Total Capital paid in: Apr. 22 Apr. 29 May 6 May 1 3 . . . May 20 Surplus: Apr. 22 Apr. 29 May 6 May 13 May 20 All other liabilities: Apr. 22 Apr. 29 __. May 6 May 13 May 20 Total liabilities: Apr. 22 Apr. 29 May 6 May 13.. May 20 Boston Philadelphia NewYork Richmond Cleveland At- lanta Chicago Minne- Kansas apolis City St. Louis Dallas San Francisco 114,693 115,207 115,226 115, 270 115,448 31,345 31,492 31, 509 31, 523 31, 526 11,150 11,176 11,189 11,216 11,216 12,956 12, 956 12,956 12,950 12,968 5,970 5,987 5,987 5,993 5,992 4,613 4,613 4,609 4,609 4,609 15,535 15,541 15, 538 15, 543 15, 544 5,104 5,104 5,104 5,107 5,104 3,252 3,247 3,245 3,245 3,246 4,337 4,337 4,336 4,329 4,344 4,212 4,230 4, " 4,235 4,244 8,169 8,174 8,170 8,170 8,177 217,837 217, 837 217, 837 217, 837 217,837 16,382 16,382 16, 382 16, 382 16,382 58, 749 58, 749 58, 749 58,749 58,749 20, 059 20,059 20, 059 20, 059 20,059 22,462 22, 462 22,462 22,462 22,462 11,701 11, 701 11, 701 11, 701 11, 701 8,950 8,950 8,950 8,950 8,950 30,426 30, 426 30,426 30,426 30,426 9,971 9,971 9,971 9,971 9,971 7,497 7,497 7,497 7,497 7,497 8,977 8,977 8,977 8,977 8,977 7,592 7,592 7,592 7,592 7,592 15,071 15, 071 15,071 15,071 15, 071 12,404 12, 732 12,671 13,066 13,149 . 8,050 8,350 8,350 8,350 8,478 545 580 543 581 575 3,336 3,440 3,315 3,490 3,482 466 470 496 492 528 1,105 1,164 1,131 1,189 1,199 741 752 786 774 826 678 710 687 696 706 1,612 1,688 1,704 1,739 1,762 478 491 528 540 515 990 988 1,007 1,020 1,015 464 46: 477 493 499 646 674 676 687 696 1,343 1,308 1,321 1,365 1,346 L, 437, 4811, 431, 749 365,989 \ L, 1,362 1, 408, 734 360,964 420, 425, 366 L, 410, 216 366, 744 », 1, 436, 861 [ 419, 847371,849 1, L, 422, 375 I! 398, 762 372, 569 464, 271 459, 737 459,897 471, 335 467,146 209, 621 204, 781 207,061 208,144 208,051 249, 622 250, 702 247,076 246,492 248,880 599,039 581,356 613,059 601,693 596, 200 179,075 174,265! 175,799 176,0611 175,154 144,179 139,458 137,901 139,597 136,971 200, 624 196,979 198, 261 196,818 194, 559 147,017 140, 856 140, 751 140, 710 140,109 419, 870 411,561 418, 757 427, 531 419, 705 _. 4,848, 537 4, 749, 755 4,800, 888 _. 4, 836, 938 4, 780,481 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined—per cent: Apr. 22 Apr. 29 May 6 _ May 13 May 20 Contingent liability on bills purchased for foreign correspondents: Apr. 22 Apr. 29 May 6 May 13 May 20 Own Federal reserve notes held by Federal reserve bank: Apr. 22 .* Apr. 29 May 6 May 13 May 20 76.5 77.3 76.3 77.2 77.8 78.6 79.4 82.3 83. 83.4 79.9 82.4 74.9 77. 82.7 76.1 76.9 78.1 78.8 78.7 75.1 76.4 76.6 79.2 64.7 60.2 64.3 60.7 61.0 79.2 79.9 82.5 79.5 76.1 73.8 72.8 76.1 78.5 77.7 74.9 75.7 76.4 71.8 59.0 66.9 67.0 68.3 70.3 71.8 71.1 71. 71.6 65.9 61.5 81.5 78.5 78.2 73. 75.6 76.8 78.6 79.0 78.3 43,485 47, 656 45,337 42, 828 39,007 3,322 3,539 3,426 3,223 2,928 10, 709 12,743 11, 522 11,036 10,123 4,176 4,448 4,308 4,050 3,680 4,804 5,117 4,957 4,660 4,233 2,380 2,535 2,455 1,841 1,961 1,899 1,786 1,622 6,196 6,600 6,393 6,010 5,460 2,065 2,200 2,131 2,003 1,820 1,482 1,578 1,529 1,437 1,306 1,796 1,913 1,853 1,742 1,583 1,571 1,674 1,621 1,524 1,385 3,143 3,348 3,243 3,049 2,770 329,485 316,805 317,038 309,872 328, 537 25,845 27, 085 28,821 36,096 40, 745 130,368 126, 616 126,015 124, 042 128,976 37, 580 34, 525 39, 756 34,141 18, 576 16,380 19,380 15, 769 21,512 15,488 23,188 15,518 20, 780 13,883 20, 859 13,437 15,635 16,178 12,629 10, 292 8,531 9,870 10, 581 9,799 6,264 6,145 6,251 6,186 5,601 3, 767 3,132 2,883 3,029 3,032 8,507 8,614 8,336 9,146 8,277 5,206 44,404 5,248 44,231 5,065 35,919 5,649 36,161 5,162 37, 730 2,097 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Total Bills discounted: Apr. 22____ Apr. 29 May 6 May 13.... May 20..., _ Bills bought in open market: Apr. 22 _ Apr. 29 May 6 May 13 May 20 United States certificates of indebtedness: Apr. 22.. Apr. 29 May 6 May 13 May 20 Within 15 days 16 to 30 days 31 to 60 days 61 to 90 days From 91 days to 6 months 412, 375 399, 985 410, 602 338, 722 338,402 306,278 294,009 301, 583 231, 963 226, 029 24, 528 23, 587 22,889 25,208 25,151 32, 719 38, 079 40, 693 38, 253 39, 329 22, 234 24,087 23, 857 19, 853 22,131 20, 041 23, 074 275, 501 266,828 278,466 282, 986 276, 026 100, 059 92,293 117,490 124, 639 109,929 54,126 61,997 56,847 60, 242 60,153 81,652 74, 789 70, 384 63, 048 63, 360 33, 698 32, 681 29,120 30, 761 38, 381 5,966 5,068 4,625 4,296 4,203 23, 949 21,921 24,960 23,612 21,745 1,391 61 542 567 77 Over 6 months 22, 575 15,802 18,191 16, 266 15, 531 15, 261 15,066 15, 361 4,041 4,421 3,389 3,404 6,292 6,329 9,157 7,979 6,307 430 FEDERAL RESERVE BULLETIN JUNE, 1925 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston New Phila- CleveYork delphia land RichSt. Minne- Kansas Dallas mond Atlanta Chicago Louis apolis City Net amount of Federal reserve notes received from Comptroller of Currency: 3,003,446 291,671 789,038 235,146 261,378 112,201 224,128 Apr. 22 2,999,734 300,255 785,449 232,608 261,380 110,293 222,943 Apr. 29 2,993, 562 302,428 782, 881 235, 357 259,834 109,142 221,816 May 6 2,979,174 307, 465 776, 646 231, 550 259, 250 107, 318 220,939 May 13 309, f * 775,373 228,736 259,415 110,300 219,175 May 20 Federal reserve notes on hand: 986,271 54,750 318, 540 49, 450 47,200 22,254 60,778 Apr. 22 -999,049 62, 350 318,540 48,450 46,600 22,255 62, 210 Apr. 29 993, 553 60,950 318,540 46, 600 45,700 22, 254 61,510 May 6 993,098 65, 750 318, 540 43,600 42,500 21, 574 65,831 May 13..995, 397 67, 350 314,940 39,800 41,800 22, 575 68,274 May 20 Federal reserve notes outstanding: 2,017,175 236,921 470, 498 185,696 214,178 89,947 163, 350 Apr. 22 Apr. 29 -- 2,000,685 237,905 466,909 184,158 214,780 88,038 160,733 2,000,009 241,478 464, 341 188.757 214,134 86,888 160,306 May 6 1,986,076 241,715 458,106 187,950 216,750 85,744 155,108 May 13 1,985,011 242, 646 460, 433 188,936 217, 615 87,725 150,901 May 20 Collateral security for Federal reserve notes outstanding: Gold and gold certificatesApr. 22 277, 316 29,800 186,698 6,000 8,780 5,000 5,000 275,816 27,800 186,698 6,000 8,780 Apr. 29 5,000 276, 316 27,800 186, 698 6,000 8,780 May 6 282, 316 28,800 186, 698 6,000 8,780 2,000 8,000 May 13 289,011 30, 300 186,698 6,000 May 20 2,000 9,000 Gold redemption f u n d 11, 530 11,585 2,768 6,348 Apr. 22 108,898 12,084 115,266 17,868 28,797 13,992 10,787 3,859 5,164 Apr. 29 102, 622 13, 641 28,726 10,740 10,141 2,209 4,037 May 6 108, 400 9,678 28, 695 11,934 12,857 3, 385 7,658 May 13 5,895 110, 224 15,809 28, 623 14,120 12,523 1,706 May 20 Gold fund—Federal Reserve Board1,177,163 134,000 141,000 119,389 150,000 41, 295 124,000 Apr. 22 1,156,116 134,000 141,000 114,389! 150,000 38, 295 122,500 Apr. 29 1,185,883 149,000 141,000 123,389| 150,000 38,295 122,500 May 6 1,190, 298 159,000 141,000 119,3891 150,000 35, 295 113,000 May 13 1,131, 981 149,000 141,000 114,389 150,000 35, 295 106,000 May 20 Eligible p a p e r Amount required453,798 61,037 113,952 48,777 43,813 45,884 28,002 Apr. 22 453,487 58,237 110,414 49,777 45,213 45,884 28,069 Apr. 29._ 435,188 51,037 107,917 48,628j 45, 213 46, 384 28,769 May 6 405,062 44, 237 101,713 50, 627 j 45,113 45,064 26,450 May 13 453,795 47, 537 104,112 54, 427 46,312 48,724 30,006 May 20 Excess amount held— 204, 763 8,123 45,103 1,516 23, 244 6,848 3,930 Apr. 22 185,757 4,033 20,691 4,303 22, 457 13,606 5,136 Apr. 29 224, 702 2,994 86, 562 2,794 19, 666 9,059 632 May 6 184,406 j 9,000 40, 228 1,105 16, 477 11,447 2,741 May 13 125, 403; 10,197 4~~ 752 12, 573 6,943 2,983 May 20 San Francisco 440,813 441,229 440, 323 437,248 436,042 80,563 80,046 79,202 78,775 77,794 90,253 90,478 89,917 89, 218 89,042 101,283 100,372 100,568 100, 205 98,951 267,737 271,207 269, 307 266, 807 267,307 25, 660 25,660 25,660 25, 660 25, 360 22,657 24,032 23, 637 23, 891 24,256 28,373 28,373 28,123 27,873 27,723 22,372 22,872 21, 572 21, 372 23,172 66,500 66,500 69,700 69,700 72,840 173,076 170,022 171,016 170,441 168,735 54, 903 54, 386 53,542 53,115 52, 434 67,596 66,446 66,280 65, 327 64,786 72,910 71,999 72,445 72,332 71,228 48,413 47,305 47,866 47,474 46,890 239, 687 238,004 232,956 232,014 232,682 11,975 12,475 12,975 12,975 15,170 13,05! 13,052 13,052 13,052 13,052 3,119 2,601 2,758 2,330 2,350 1,339 1,105 1,043 1," 1,029 70,785 306,187 70,177 304,504 302,656 68,846 301,714 70,062 305,522 16,011 16,011 16,011 16,011 18,011 3,506 4,195 3,491 4,728 3,474 4,36< 3,75: 3,014 3,422 2,638 18,527 18,272 17,977 17,539 17, 245 130,644 30,000 45,500 52, 360 20,000 130,644 30,000 40,500 52,360 20,000 130,644 28,000 40,500 52, 360 20,000 130,644 28,000 40,000 52, 360 19,000 130,644 7,000 40,000 49,360 15,000 188,975 182,428 190,195 202, 610 194, 293 4,884 4,874 4,845 4,829 4,812 37,548 9,809 34,504 9,310 35,527 9,809 34,968 9,810 33,279 27,914 52,142 59,957 45,338 39,802 48,602 7,705 11,789 11,685 10,930 10,705 15,188 14,863 15,145 12,038 15,145 10, 234 12, 674 8,128 964 6,658 17,044 8,042 15,444 7,542 16, 594 8,841 15, 244 9,041 18,394 11, 241 32,185 37,304 24,784 11,865 21,144 2,322 2,862 1,847 1,403 1,644 29,918 21,403 28,794 35, 744 24,796 1,566 4,126 1,637 5,657 4,396 431 FEDERAL RESERVE BULLETIN JUNE, 1925 FEDERAL RESERVE BANKS—EARNING ASSETS HELD AND EARNINGS THEREON, APRIL, 1925 [In thousands of dollars] Total Boston New York Phila- Clevedelphia land RichSt. Minne- Kansas mond Atlanta Chicago Louis apolis City Dallas San Francisco HOLDINGS ON APR. 30, 1925 Total earning assets.__ 1,051,281 83, 951 262, 325 88, 076 106,056 65, 529 36,272 158,558 37,198 41,919 46, 815 31, 515 93,067 429,440 261,623 348,318 10,500 1,400 Bills discounted for members Bills bought in open market United States securities Foreign loans on gold All other earning assets 29, 362 111, 737 32, 639 53,457 21,173 94, 296 2,835 777 37, 516 23, 728 24, 706 976 1,150 40,730 24, 260 39, 942 1,124 50, 934 10, 653 3,385 557 19,917 12,102 3,823 430 66, 730 37, 351 53,028 1,449 17, 376 10, 042 9,297 483 6,910 17,317 17, 346 346 8,214 11,711 26,220 420 250 3,705 7,094 20, 348 368 36, 309 21,269 34,754 735 146, 494 57 3,537 14, 626 12, 594 7,498 17, 859 22,911 10,300 4,463 5,986 2,406 106 116 10, 597 5 1,197 28, 717 214 681 260 837 96 8,537 52 30 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s Bankers' acceptances, foreign Trade acceptances, domesticSecured by U. S. Government obligations _. _ . Member bank collateral notes: Secured by U. S. Government obligations 0 therwise secured _ 1,257 204 19 83 303 370 147 83 1 1 14 232, 664 45,431 14, 318 82, 307 16,711 22,154 7,665 25, 905 2,723 15,003 6,163 711 940 42,498 401 6,979 2,203 243 1,939 275 559 740 18,088 9,570 Total discounted bills 429,440 29,362 111,737 37, 516 40,730 50, 934 19,917 66, 730 17,376 6,910 8,214 3,705 36, 309 111, 568 96,089 49,490 2,550 1 154 14, 968 9,885 7,741 45 22, 893 20, 389 7,859 390 1 154 8,565 9,838 4,965 360 12,606 7,996 3,428 230 4,369 2,722 3,519 43 3,899 6,281 1,922 10,164 13,345 13, 257 585 4,250 4,577 833 382 7,807 7,212 2,094 204 5,574 5,132 850 155 4,615 2,216 178 85 11, 858 6,496 2,844 71 261, 623 32, 639 53,457 23, 728 24,260 10, 653 12,102 37, 351 10,042 17, 317 11,711 7,094 21, 269 United States bonds Treasury notes _ Certificates of indebtedness 85,037 241, 818 21,463 2,662 15,118 3,393 12,461 79, 572 2,263 1,416 23, 093 197 11,000 23, 273 5,669 1,408 1,940 37 1,514 1,384 925 21, 649 30,180 1,199 1,648 7,427 222 8,764 8,371 211 10, 710 13,509 2,001 8,682 11,385 281 3,123 26, 566 5,065 Total U. S. securities 348, 318 21,173 94, 296 24,706 39,942 3,385 3,823 53,028 9,297 17, 346 26, 220 20, 348 34, 754 88, 762 109, 223 38,170 40, 344 23,801 28,006 24, 503 39, 708 1,165 1,013 56,932 41,423 11,680 3,245 584 36, 349 142,385 19,361 50,045 12, 614 37,660 3,927 53,170 447 1,510 36,085 15, 257 11,192 9,132 504 34,025 5,185 11,118 17, 364 358 45, 837 6,945 12, 544 25, 531 442 31, 370 2,274 8,484 20, 228 384 93, 502 31, 552 26, 603 34, 580 767 32 Bills Bought Bankers' acceptances based on— Imports Exports Domestic transactions Dollar exchange bills All nthpr Trade acceptances based on imports Total purchased bills 772 772 United States Securities DAILY AVERAGE HOLDINGS DURING APRIL Total earning assets 1 Bills discounted Bills boueht United States securities Foreign loans on gold 1, 060,066 404,040 288, 989 354,897 210,490 92,616 292,980 34, 214 119, 270 36, 661 68,626 21,378 102,131 2,953 363 EARNINGS DURING APRIL Total earning assets 1 Bills discounted Bills bought United States securities Foreign loans on gold _ _ 3,038 1,217 743 1,045 28 253 98 94 60 1 817 340 175 294 8 256 110 61 78 3 306 116 72 115 3 176 136 30 8 2 110 64 33 12 1 427 165 97 161 4 107 50 29 27 1 102 17 29 55 1 136 23 33 78 1 91 7 22 61 1 257 91 68 96 2 3.49 3.66 3.13 3.58 3.25 3.33 3.50 3.11 3.41 • 3.50 3.39 3.47 3.11 3.50 3.38 3.51 3.50 3.13 3.89 3.39 3.41 3.51 3.13 3.51 3.39 3.77 4.00 3.16 3.03 3.38 3.67 4.00 3.21 3.55 3.38 3.65 4.00 3.13 3.69 3.38 3.61 4.00 3.13 3.55 3.43 3.64 4.03 3.13 3.86 3.25 3.60 4.00 3.13 3.72 3.38 3.53 4.00 3.13 3.65 3.39 3.35 3.50 3.13 3.37 3.39 ANNUAL RATE OF EARNINGS Total earning assets 1 Bills discounted Bills bought United States securities Foreign loans on gold - - 1 Including average daily holdings of Federal intermediate credit bank debentures, earnings and annual rate of earnings thereon, as follows: Philadelphia, $1,275,000, $3,888 and 3,71 per cent; Kansas City, $375,000, $1,067 and 3.46 per cent. 2 Actual amount held was $10,500,000, the difference of $10,000 being due to adjustments between the Federal reserve banks. 432 FEDERAL RESERVE BULLETIN JUNE, 1925 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING APRIL, 1925 [Amounts in thousands of dollars] Total Volume of Operations Total discount and open-market operations Boston New York Philadelphia Cleveland Richmond Bills Discounted Rediscounted bills: Commercial, agricultural, 215,612 and livestock paper, n. e. s. Demand and sight drafts (based on agricultural 885 products) 56 Bankers' acceptances 2,569 Trade acceptances. _ Secured by U. S. Govern707 ment, obligations Member bank collateral notes: Secured by U. S. Govern1,770,316 ment obligations 312,475 Otherwise secured St. Louis 52, 866 21, 789 26,601 7,810 150,646 34, 590 171, 244 48,665 4,023 13,941 3, 380 7,881 13, 551 18, 665 4,158 4,306 129,389 2,783 19,886 1,263 9,550 508 208 3,493 476 898 88 184 621 106 207 149 105 180 88 157 158 315 18, 658 3 21, 494 36, 075 15,499 1,931 4,302 1,496 5,843 411 313 72 2 55 51 21 85, 755 8,360 5,304 10,895 39 115 148 5 1,116 465 299 292 73 60 333 72 56 106 89 San Francisco Minne- Kansas Dallas apolis City 1 10 13 Average rate (365-day basis)— per cent. ._ _ Average maturity (in days) Total reduced to a common maturity basis (exclusive of demand and sight drafts) Per cent of total Number of member banks on Apr. 30< Number of banks accommodated during the month Per cent accommodated Bills Bought in Open Market Bankers' acceptances: Foreign Domestic Dollar exchange Trade acceptances—foreign 56,036 1,019,202 131,141 153,237 131, 596 154,226 28,861 33,006 49,160 8,771 133,736 3,848 1,085 31,933 5,600 13,600 750 349 750 2, 302,620 141,919 1,181,903 165, 527 198,319 200,212 Total bills discounted 34, 590 171,244 48,665 7,881 18,665 4.00 20.00 4.00 25.61 4.00 31.86 4.00 24.44 558, 728 176, 766 185, 549 173, 212 204, 525 409, 633 144,882 17.8 6.3 24.3 8.1 8.9 7.5 7.7 625 862 1,408 742 609 869 501 30, 030 1.3 54,568 2.4 868 1,054 834 748 193 30.9 122 14.1 142 13.5 99 11.9 234 31.3 3.73 8.36 Distribution, by rates charged (360-day basis): 21/Q D6F C6Dt ,_ . 3V^> D6r c p n t _ Average rate (365-day basis)— per cent Average maturity (in days) Total reduced to a common maturity basis Per cent of total United States Securities Bought in Open Market United States bonds Treasury notes Certificates of indebtedness Total United States securities bought 3.50 9.61 2, 301, 735 163,146 100.0 7.0 9,540 420 3,016 31.6 194 46.2 172, 218 42,540 4,116 102 131,335 69,956 13,976 1 999 1,350 3.50 3. 95 366 42.5 3.50 8.93 357 48.1 3.50 7.82 316 36.4 4.00 42.00 306 50.2 4.00 8.54 216 43.1 471 33.5 91,520 13,300 3,119 10, 785 4,167 5,737 1,372 315 145 11 108,352 15,267 7,254 3,746 4,023 13,941 5,059 101, 211 13,533 4,755 2,852 1,541 131 1 368 714 ' 32 1,249 13,593 2,591 3,623 1.066 1,802 1,200 2,048 3,946 6,548 2,806 15, 653 7,163 130 2,528 1,207 3,442 581 6,799 6,917 2,872 1,371 1,124 84,093 39, 316 4,306 129, 389 4.00 48.34 3.50 11.48 23, 086 177,610 1.0 7.7 14, 644 5,167 11,865 1,661 3,796 2,577 25 307 55 190 16 3,380 13, 551 4,158 2,783 19,886 1,224 2,038 7/839 4,461 1,183 1,632 2,125 857 1,845 3,461 13,585 2,750 508 225 75 413 413 219, 287 Total bills bought 4 percent Chicago 2,574,001 169,624 1,315,407 182,067 207,164 204, 523 40,148 195, 356 Bills discounted for member 2,302,620 141,919 1,181,903 165, 527 198,319 200, 212 banks __ _ 3,746 219,287 22,946 108, 352 15, 267 7,254 Bills bought in open market United States securities bought 23,498 238 in open market 45, 389 3,859 464 934 United States securities bought from other Federal reserve 176 2 1,955 439 88 2 567 140 banks _ . ._ 481 239 333 4,500 1,215 419 Foreign loans on gold 3 per cent ty/% per cent 334 per cent Atlanta 22,946 102 258 137 30 902 878 206 118 363 278 138 401 81 68 90 569 569 3.16 31.73 3.17 29.54 3.10 19.30 3.17 63.16 3.19 54.11 3.19 47.17 3.26 51.95 3.22 53.12 3.16 54.30 3.17 45.00 3.18 53.03 3.18 56.59 3.17 26.88 219, 287 100.0 21,363 65,902 30.0 30,393 13.9 12,371 5,569 6,587 19,218 6,950 4,964 5.6 2.5 3.0 23,339 10.6 5,785 9.8 2.6 8.8 3.2 2.3 16,846 7.7 5,861 26,401 13,127 2,453 1,406 18,269 5,229 464 934 238 809 264 190 2,000 1,290 6,260 50 416 42 208 497 476 6 892 45,389 3,859 23,498 464 934 238 1,263 9,550 508 208 3,493 476 898 2,996 1 Includes $250,000 Federal intermediate credit bank debentures. Includes $444,000 foreign loans on gold. Includes $555,096 discounted for the Federal intermediate credit bank of Columbia, S. C. Banks in actual operation. Figures published prior to March, 1925, represented the number of banks shown by the capital stock records of the Federal reserve banks. 2 3 4 433 FEDERAL RESERVE BULLETIN JUNE, 1925 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal reserve district Total Boston Number of banks: Apr. 15 . Apr. 22.. Apr. 29.. May 6 May 13 . Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas City apolis Dallas San Francisco reporting Loans and discounts, gross: Secured by U. S. Government obligationsApr. 15 736 736 736 736 736 42 42 42 42 42 106 106 106 106 106 55 55 55 55 55 76 76 76 76 76 73 73 73 73 73 36 36 36 36 36 100 100 100 100 100 33 33 33 33 33 25 25 25 25 25 71 71 71 71 71 49 49 49 49 49 70 70 70 70 70 200,093 8,586 9,522 8,445 8,880 8,466 80,501 76,066 83,643 76,367 75,391 12,040 12,291 12,307 12,211 12,830 19,822 19,149 19,040 18,802 18,374 6,636 6,534 6,261 6,348 6,090 7,885 7,887 7,668 7,747 7,664 31,184 32,616 31,880 31,167 32,856 12,925 14,185 11,790 12,469 10,475 2,798 2,821 2,864 2,763 2,692 4,027 3,803 3,781 3,772 3,792 3,264 3,164 3,085 3,039 2,993 10,425 10,150 10,179 9,789 9,799 268,222 2,118,958 278,521 2,193,870 281,770 2,250,149 288, 584 2,229, 680 289,703 2,166,309 324,767 333,311 334,173 339,359 328,866 436, 937 444,132 449,328 455,760 454,017 129,908 127,843 127,965 128, 581 129,329 78,845 78,013 79,724 80,761 82,917 693,980 701,150 711,825 722, 253 743,639 172,250 171,507 172,001 169,715 172,010 59,846 61,770 59,079 58,914 54,514 122,424 114,591 108,840 105,149 105, 712 73,220 71,624 71,000 71,024 71,288 228,793 230,996 232,455 226,149 229, 769 2,566,686 2,534,897 2,575,3S0 2,541,903 2,561, 750 366,626 365,896 364,927 360,723 367,214 753,705 750,510 746,422 741,402 742,118 351,688 353,065 353,527 352, 549 351,338 388,341 383,648 379,529 379,604 382, 210 1,217,403 1,197,148 1,194,117 1,227,718 1,228,986 313,930 306, 984 303,791 302, 292 307,589 182,871 178,837 176,892 174,653 174,593 314,095 317, 736 320,047 319,563 316,124 226,369 225,090 223,016 220,546 217, 289 870,513 867, 917 862,872 859,858 862, 735 703,433 1,210,464 711,498 1,213,791 711,407 1,214,790 712, 293 1,215,964 708,910 1, 214,509 488,232 487,442 487,753 487,478 486, 757 475,071 469,548 466,921 468,112 472,791 1,942,567 L, 930,914 1,937,822 1,981,138 2,005,481 499,105 492,676 487,582 484,476 490,074 245,515 243,428 238,835 236,330 231,799 440,546 436,130 432,668 428,484 425,628 302,853 1,109,731 299,878 1,109,063 297,101 1,105,506 294,609 1,095,796 291,570 1,102,303 198,188 Apr. 22 200,943 Apr. 29.. 193,354 May 6 191,422 May 13 Secured by stocks and bonds— 4,708,150 Apr. 15.. 4,807,328 Apr. 22 4,878,309 Apr. 29 4,875,929 May 6 4,828,073 May 13.. All other loans and discounts8,219, 978 Apr. 15 8,124,624 Apr. 22 8,153,040 Apr. 29 8,115,969 May 6 8,147, 298 May 13 Total loans and discounts—• 13,128, 221 Apr. 15 Apr. 22 _ 13,130,140 13, 232,292 Apr. 29 13,185,252 May 6 13,166,793 May 13 U. S. pre-war bonds: Apr. 15 219,757 Apr. 22 220,104 Apr. 29.. 220,215 219,948 May 6 220,543 May 13 . U. S. Liberty bonds: Apr. 15 1, 347, 935 Apr. 22. 1, 344, 906 1, 339,354 Apr 29 1, 346, 241 May 6 . 1,355.068 May 13 ___ IT. S. Treasury bonds: 457,172 Apr. 15. _ 463,830 Apr. 22 453,186 Apr. 2 9 . . . 455, 499 May 6 . . . 452, 738 May 13 U. S. Treasury notes: 444, 567 Apr. 15 468,455 Apr. 22... 447, 374 Apr. 29 __ 406, 225 May 6 407, 351 May 13.. U. S. Treasury certificates: 129, 098 Apr. 15 118, 782! Apr. 22.. 115,699| May29_. 1U, 953! May 6 110,463 May 13.. Other bonds, stocks, and securities: 2, 883, 358 Apr. 15 2,889,431 Apr. 22 2,907,916 Apr. 29 2, 943, 332 • May 6 2, 901, 377| May 13 . . Total investments: 5, 481, 887' Apr. 15 5, 505, 508 Apr. 22 5, 483, 744 Apr. 29 5, 483,198 May 6 5,447, 540 May 13 New York 667,751 642,896 652,510 635,158 635,352 944,559 4,766,145 930,939 4,804,833 942, 725 4,909,182 932,622 4,847,950 933, 521 4,803,450 9,562 9,442 9,469 9,573 9,573 38,857 39,317 39,886 39, 836 39,940 9,567 9,567 9,567 9,567 9,567 31,646 31,577 31,803 31,803 31,803 25,163 25, 233 24,833 24,113 25,063 14,867 14,863 14,842 14,900 14,880 17,874 17,871 17,872 17,867 17,868 13,257 13,296 12, 749 13,120 12,708 6,936 6,936 7,176 7,176 7,146 9,357 9,332 9,358 9,333 9,333 18,222 18, 222 18,212 18,212 18,213 24,449 24,448 24,448 24,448 24,449 73, 781 74, 791 72, 950 75, 395 76, 261 612, 381 606, 283 600,183 603, 397 604, 991 53,190 52,154 52, 203 52,085 53,044 151,155 153,161 153,633 154, 047 156, 368 35, 884 35, 690 35, 905 34,149 33,894 10,310 11,193 13, 013 13, 081 10, 560 166, 225 167, 944 166, 536 170, 267 172, 690 24, 766 23,462 23, 535 24, 376 25,034 25, 643 25, 654 24, 936 25, 356 25, 443 47, 083 46, 231 47,230 47,085 46,020 18,183 17,891 17,180 17, 217 18, 223 129, 334 130,452 132, 050 129, 786 132, 540 23, 259 21, 686 21, 417 22,212 22,158 171,890 175, 551 168, 556 173,408 173, 713 26, 297 23, 686 22, 362 21, 373 21, 432 45, 438 44,424 44, 838 41, 790 37, 542 11,926 11,456 11,456 12, 509 12, 555 5,263 5, 836 5,158 6,792 5,849 60,973 64,110 63, 577 61, 792 62, 200 19,322 19, 907 19, 778 17, 630 17, 546 11, 589 11, 792 11, 336 11, 428 11, 328 16, 406 20, 203 18,685 18, 456 19, 226 9,212 8,629 8,657 8,582 8,737 55, 597 56, 550 57, 366 59, 527 60, 452 8,506 7,491 7,899 7,438 7, 226 192, 285 222, 707 208, 963 170, 281 171, 509 15,167 13, 062 13, 262 13,168 12, 315 49, 741 47, 459 44, 350 42, 819 43, 287 1,662 1,663 1,664 1,626 1,510 3,432 3,170 2,147 2,505 3,171 91, 090 90,987 87, 588 85, 882 85,874 12, 317 12, 339 12,095 12,133 12, 098 18, 18, 18, 18, 18, 346 346 562 502 512 17, 032 16, 505 16, 265 16, 538 16, 476 9,132 9,032 9, 054 9, 566 9,435 25, 25, 25, 25, 25, 5,672 6,135 3,242 2.885 2,884 57, 655 55, 694 55, 343 55, 990 56, 004 5,998 6,018 6,064 6,067 5,996 10, 887 8,125 8,877 8,330 7,967 513 513 513 513 467 2,241 2,005 2,834 2,372 1, 718 10,036 9,454 9,080 9,003 8,948 2,792 2,670 2,546 2,547 2,483 6, 596 3,731 3,682 2,952 2, 852 3,199 3,415 3,185 3,134 3,067 3,545 3, 678 3,284 2,824 3,035 19, 964 17, 344 17,049 15, 336 15,042 192, 852 1,127, 405 194, 583 1,127,417 195, 949 1,139, 977 199, 34-11,185,469 199,152 1,141, 577 258, 566 260,152 258, 337 257, 501 258, 327 352, 432 * 62, 692 353, 721 63,367 354. 229 63,133 353,018 63, 008 349, 624 62, 645 41, 873 41, 645 44, 590 42,609 45, 716 419, 972 421,109 4-20,867 412,807 416, 941 100, 481 100,980 101, 087 102,412 101, 559 39, 025 39,139 39, 083 39, 293 40,036 75, 216 74, 591 74, 787 74, 702 74,275 20,128 20, 271 20, 209 19, 829 19, 764 192, 716 192, 456 195, 668 193, 343 191, 761 313, 632 2, 200, 473 314,128 2, 226, 969 310, 926 2, 212, 908 316, 844 2, 228, 381 317, 254 2,187, 734 368, 785 364, 639 361, 795 359, 761 360, 681 641, 638, 637, 631, 626, 137,840 77, 986J 766,170 137, 922 78, 712; 771, 475 137, 5041 82, 584| 765, 520 135, 918 82, 259! 757, 618 136,1341 81,894' 764, 521 172, 935 172, 654 171, 790 172, 218 171,428 108,135 105, 598 104, 775 104, 707 105, 317 168, 293 170, 277 169, 510 169, 248 168,397 78,422 77, 723 76, 596 76,230 447, 917 446,944 452,106 448,207 450,182 299 467 730 807 591 77,407 857 694 525 767 938 434 FEDERAL RESERVE BULLETIN JUNE, 1925 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal reserve district Total Boston Total loans and investments: Apr. 15 Apr. 22 Apr. 29 May 6 May 13 Reserve balances with Federal reserve banks: Apr. 15 Apr. 22 Apr. 29 May 6 May 13 Cash in vault: Apr. 15 Apr. 22 Apr. 29 May 6 May 13 Net demand deposits: Apr. 15 Apr. 22 Apr. 29 May 6 May 13 Time deposits: Apr. 15 Apr. 22 Apr. 29 May 6 May 13 Government deposits: Apr. 15 Apr. 22 Apr. 29 May 6. May 13 Bills payable and rediscounts with Federal reserve banks: Secured by U. S. Government obligationsApr. 15 Apr. 22 Apr. 29... May 6 May 13 All otherApr. 15 Apr. 22 Apr. 29 May 6 May 13 New York Philadelphia Cleveland St. Minne- Kansas Richmond Atlanta Chicago Louis apolis City Dallas 18,610,108 1,258,191 6,966, 618 1,072,218 1, 851, 763 626,072 18, 635,648 1,245,067 7,031, 802 1,076,137 1, 852,258 625,364 18,716,036 1,253,651 7,122,090 1,073,202 1,852,520 625,257 18,668,450 1,249,466 7,076,331 1,072,054 1,847, 771 623,396 18, 614, 333 1,250, 775 6,991,184 1,069, 5911,841,100622, 891 1, 599,356 1, 632,467 1, 607,683 1, 646,046 1, 616,133 93, 537 89,468 87,079 90,230 95, 575 727,143 772,168 757,807 756,230 751, 526 83,446 80,342 81.385 85,643 80,421 277,064 282,318 282,713 278, 749 285, 552 21,034 21,303 20, 741 20,596 21,605 76, 610 77,914 77,948 77,696 78,607 16,073 16,012 15,434 15,450 16, 559 353, 650 349,026 343,610 341,037 337,116 606,407 602,178 597, 732 594,025 381,, 275 , 557,648 . 1 377, 6011 556,007 ', , 373, 697 1 557, 612 i, , 370, 839 1 I, ,544,003 368,977 1. 552,485 , 53,490 29, 982 104, 728 54,989 103, 368 53,975 30,393 103, 705 53, 444 29, 926 105,037 52,162 107,039 38, 540 38, 683 38,801 40,183 37, 646 229,948 233, 391 225,114 255,156 235, 752 47,388 46,280 45, 781 48,161 45,609 27,603 25,927 24,146 22,019 24, 310 29,026 14,189; 10,802 31,409 14,080 10,742 30,918 14,107! 11,293 30,218 14,084; 10,963 31,337 14,143' 11,152 52, 673 53,588 53,305 52,433 52,885 7,165 6,935 7,532 7,1""" 7,534 5,964 5,734 6,096 6,044 5,992 11, 793 12,370 13,029 11,794 13,399 122, 777 121,357 120,621 120,898 118, 858 40,774 37,496| 38, 876, 39,119! 38, 399! 553,057 2,708,737 672,040 548,260 2, 702,389 665,330 549,505 2,703,342 659,372 550,371 2, 738, 756 656, 694 554,685 2,770,002 661,502 San Francisco 10,323 11,345 10,469 10,424 10,533 21,412 20, 886 21,841 21,349 21,806 12, 722,421 12, 764,742 12, 813,923 12, 793, 580 12,815, 759 868,593 5,538,659 846,472 5,660,974 """,134 5,751,616 850, "15,670,515 858,756 , ' 872," 514 5,639,972 758,721 761,842 758,050 770,016 765,346 989,246 993,152 990,866 988,675 991,203 353, 772 345, 590 348,554 350, 796 348,901 328, 608 1,709,461 406,200 ! 739 1 322,,"" , 691,982 399,062 1,4621,686,204 396,864 319, 1,802 1,726,855 395,122 329, 328,064 1, 753,676 228,311 225,670 214,011 214, 670 213,034 487,595 480, 794 472,642 469,206 467,394 278,581 774, 674 273, 241 763,224 5,052,17 5,064,103 5,063,3391 5,098,4231 5,134,342 341, 2961 ,190,376 342, 300 1. 198,124 , 342, 1961 ,193,493 347, 3211. 186,907 , 349, 4481, , 203,681 . 174,635 174,795 173,893 174, 461 173,427 719,697 721,419 721,398 725,288 727,684 186,932 187,106 195,180 195,246 195,999 195,688 196,294 197,163 196,899 199, 750 943,197 946,479 945, 708 969,189 980,283 203,833 204,222 203,351 204,194 204,508 106,158 105,069 103,593 103,467 103,293 137,633 136,562 138,146 138,614 138,550 93,905 758,826 93,979 757, 754 94,036 755,182 93,282 763,555 93,158 764,561 34,102 11,818 11,070 28,794 9,873 9,273 31,355 9,873 9,273 26,623 9,232 8,630 25,765 8,857 8,275 34,717 28,987 28,970 27,016 25, 709 14,710 12,412 12,713 11,540 11,062 3,410 2,618 2,513 2,321 2,237 5,991 4,936 4,935 4,590 4,407 8,827 7,367 7,115 6,617 6,578 20, 786 17,586 17,586 16,355 15, 702 650 82 350 11, 350 19, 520 17, 895 14, 870 11,820 246,230 206,954 209,433 191,909 184,637 15,933 13,279 13,272 12,541 12,035 54,707 46,313 46,313 43,058 41,321 30,159 25,516 25, 515 23.386 22, 689 134,104 149, 333 127, 567 132,053 5,125 3,925 4,025 1,859 2,940 60, 782 60, 704 48,390 72, 766 29,280 6,978 8,148 5,761 4,078 4,954 22, 623 15,108 19,018 15, 243 15,259 5,476 4,364 4,362 3,097 5,928 2,459 2,967 1,654 1,718 1,314 15,077 30, 993 21, 745 14, 710 13,140 1,234 1,788 1,234 1,169 1,471 2,000 1,900 730 570 1,000 1,166 1,501 1,463 313 100,549! 98, 613 83, 527 101, 231 72, 677 10, 394 14, 220 9,727 7,621 5,247 33, 244 26,156 13, 767 8,196 5,266 14, 270 16, 299 20,493 4,064 3,870 10,022 7,994 6,424 8, 546 5, 235 5, 8221 6,582 8, 716! 5, 5941 3,0281 3,761 4,142 3,501 5,478 3,209 4,758 5,310 4,537 5,272 3,343 301 1,590 337 1,474 1,165 266,220 267,624 1,416 1, 715 1,243 1,711 1,430 18,119 15,169 15,964 124 392 947 819 756,258 752,947 769,142 8,241 8,947 9,230 10,047 8,874 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES [In thousands of dollars] Federal reserve bank city Total (12 cities) Boston Due to banks: Apr. 15 Apr. 22. Apr. 29 May 6 May 13 Due from banks: Apr. 15 Apr. 22 Apr. 29 May 6 May 13 New York Phila- Cleve- Richdelphia land mond 2, 318, 925 2, 210, 830 2, 214, 240 2, 311,053 2, 233,225 137,205 130,454 126,410 128, 865 132, 598 1,115, 690 1,060,245 1,090, 652 1, 111, 080 1,054,063 189,990 178,955 175,168 175, 797 179,153 658, 719 613,164 597, 606 626,453 647,125 49, 652 49, 770 50,461 45,571 42, 734 114, 871 102, 903 101, 827 101,807 102, 947 71,487 62, 521 57,517 66,160 66,418 51, 602 48, 976 49, 202 49, 613 51,121 27,867 31,448 26, 780 23,443 29,000 Atlanta St. Chicago Louis Minne- Kansas Dallas City apolis 31,054 30,082 29, 579 32, 215 31, 761 18, 762 17, 726 18,403 18,794 18, 628 392,127 379, 623 376, 692 421, 89,055 55,116 107,182 85,482 51, 716 105, 525 81,225 50,157 97,900 88,215 52, 265 102,008 86,090 49, 640 101, 624 14,231 13,356 13, 752 14,342 15,132 14, 231 14,042 14, 270 13,494 15, 772 179, 71 171, 5991 167,484 187, 651 196, 613 29, 871 29, 398 32, 362 32,304 20, 963 18,031 19, 284 21, 906 22, 559 San Francisco 32, 770 30, 035 28,852 31,099 29, 709 98,372 92,011 90,000 99, 202 100,653 43, 837 29, 231 41,164 25, 503 41,161 21,808 42,863 23,133 45, 833 26,471 61, 667 52, 956 53,864 53, 721 51,342 JUNE, 435 FEDERAL RESERVE BULLETIN 1925 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] C i t y of Chicago N e w York City Apr. 15 Number of reporting banks Apr. 22 Apr. 29 May 6 M a y 13 Apr. 15 Apr. 22 Apr. 29 May 6 M a y 13 65 65 65 65 65 46 46 46 46 46 Loans and discounts, gross: Secured by U. S. Govern75,354 ment obligations Secured by stocks and bonds 1,878, 908 All other loans and discounts 2, 261,917 71,152 1, 952, 700 78,744 2, 010,156 71, 488 1, 993, 543 70, 369 1, 932, 954 23,200 516, 259 24, 862 519, 887 24, 212 528, 804 23, 637 538, 895 25, 445 555, 958 2, 231, 626 2, 268, 702 2, 236, 694 2, 259, 750 692, 644 683., 155 679, 851 699, 601 698, 722 Total loans and discounts. 4, 216,179 4, 255, 478 4, 357, 602 4, 301, 725 4, 263, 073 1, 232,103 1, 227, 904 1, 232, 867 1, 262,133 1, 280,125 28, 590 510, 689 159,133 205, 780 29,159 505, 437 152,128 192, 036 29,109 510, 402 157, 598 153, 869 29, 213 512,184 158, 004 156, 714 1,936 84, 288 29, 393 64,421 1,933 84,880 27, 583 64, 315 1, 933 81,565 27,001 61, 748 1,934 82,101 26, 870 60, 559 1,934 81,822 26, 731 60,441 United States pre-war bonds.. _ United States Liberty b o n d s . . . United States Treasury bonds __ United States Treasury notes... United States Treasury certificates Other bonds, stocks, and securities 28,130 515, 584 154, 855 175, 358 56,142 54,181 53, 830 54, 477 54, 416 4,284 3,988 3,773 3,779 3,723 849,314 848,193 860, 865 905, 366 866, 977 199, 449 200,042 198, 629 191, 474 194,995 Total investments 1, 779, 383 1, 806, 566 1, 793, 455 1, 810, 821 1, 777, 508 383, 771 382, 741 374, 649 366, 717 369, 646 Total loans and investments 5, 995, 562 6,062, 044 6,151, 057 6,112,546 6, 040, 581 1, 615, 874 1, 610, 645 1, 607, 516 1, 628, 850 1, 649, 771 713, 077 63,132 5,106, 539 824, 971 36, 000 701, 552 63, 618 5, 203, 690 821, 365 36, 000 698, 079 62, 291 5,118/530 825, 758 33, 489 691, 995 63, 411 5, 081, 299 840,068 32,140 156, 992 26, 634 1,114, 770 462, 004 19,177 163, 467 27, 686 1,114,886 463, 352 15, 988 159, 843 27, 535 1,120, 632 462,843 15, 988 176, 320 26, 726 1,134,168 480, 058 14, 939 159, 322 26, 281 1,140,026 482, 442 14,168 47, 690 25, 947 33, 390 13,263 59, 550 32,118 22, 225 18, 475 6, 967 620 11,158 619 1,760 185 1,300 1,086 1,630 805 73, 637 46, 653 91, 668 40, 700 7,587 11, 777 1, 945 2,386 2,435 Reserve balances with Federal 667, 097 reserve bank _ _ 61,886 Cash in vault Net demand deposits ._ 4,979, 657 816,484 Time deposits _ 42, 552 Government deposits Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations.. 47, 575 All other 32, 937 Total borrowings from Federal reserve b a n k . . _ 80, 512 ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY T i m e deposits Net demand deposits Federal reserve district Jan. 28 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco Total _ _. 1,330,862 6,383,028 1,139,390 1,486,655 594, 503 585,609 2,380,790 732,021 481,231 861,150 660,847 1,291,093 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 1, 298, 704 6, 334,929 1,155,613 1,469, 584 565,450 620, 420 2, 384,717 708, 335 451,891 17,927,179 17,887, C Banks in cities and towns having a population of— 1, 673,199 Less than 5,000 1,081, 342 5,000 to 14,999.. 2,170,162 15,000 to 99,999 13,002,476 100,000 and over Feb. 25 1,235,913 Apr. 23 1,223, 749 5, 545,860 1,034, 840 1,372,134 553,192 507,849 2,169,812 638,408 406,431 719,296 635, 576 549,067 1, 251,037 1, 222,969 17, 503,151 17, 715,080 15,943,607 1, 681, 531 1, 663,485 1,087,366 1,086,008 2,211,432 2,225,264 12, 907,331 12, 528,394 1, 637, 884 1, 554,996 1,088,048 1,048, 671 2, 239, 760 2,040, 730 12, 749, 388 11, 299, 210 1924 1925 1924 1925 Jan. 28 Feb. 25 Mar. 25 Apr. 22 Apr. 23 702,350 2,041,042 777, 518 1,272,991 486,866 356,070 1, 735, 739 438,340 434,954 300,970 160, 584 1,171,200 718,442 2,063,112 789, 945 1,292, 515 494, 941 374,021 1, 743,459 438, 871 436,459 302,798 166,895 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, 735 729, 635 2,121,020 786,676 1,300,882 501,893 388,125 1, 767,731 435,041 439,950 307,175 165, 531 1, 242,963 636,067 1,779,565 1,173,887 459,306 342,430 1, 601,606 406,682 399,043 293,682 156,696 1,038, 658 9,878,624 10,005,660 10,094,153 j 10,186,622 8,974, 591 1,668,381 1,062, 598 1,990,335 5,157,310 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 1,582, 582 1,008,034 1,863,827 4, 520,148 436 FEDERAL RESERVE BULLETIN JUNE., 1925 MEMBER BANKS—CONDITION ON APRIL 6, 1925 ALL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON APRIL 6, 1925, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] District No. 1 (420 banks) District No. 2 (857 banks) District No. 3 (740 banks) District No. 4 (869 banks) District No. 5 (608 banks) District No. 6 (505 banks) District No. 7 (1,407 banks) District No. 8 (624 banks) District No. 9 (872 banks) District No. 11 (824 banks) District No. 10 (1,056 banks) District No. 12 (749 banks) Total United States (9,531 banks) EESOURCES Loans and discounts. _ 1, 580,322 5,769,3311,351,946 1,976,772 .._ 941 2,039 417 Overdrafts. 295 United States Government securities... 240, 043 1,254,255 255, 264 431,855 Other bonds, stocks, and securities 386, 742 1, 612,491 624,644 597, 777 978,743 760 Total. 890,178 1,395 611,189 728 809,818 648,685 1 816,063 20, 372,688 L, 1,772 2,305 2,040 17,014 140,716 92,304 535,127 150,942 149, 217 171,049 121,368 373,857 3,915,997 129, 536 106,619 672,769 206,605 145, 818 133,999 320,545 4,979,240 Total loans and in,345 1, 349, ,333, vestments 3,307, 534 8, 638,116 3,333,149 3, 007, Customers' liability on account of acceptances Banking house, furniture, and fixtures._. Other real estate owned Cash in vault __ Reserve with Federal reserve banks Items with Federal reserve banks in process of collection. Due from banks, bankers, and trust companies Exchanges for clearing house, also checks on other banks in same place Outside checks and other cash items Redemption fund and due from United States Treasurer United States securities borrowed l Other securities borrowed 1 Other assets 860,292 3,079,349 2,379 1,943 755 1, 061,158 4,, 389,634 1, 349,130 [, 41,695 906,953 1 , 116,638 813, 788 3,513, 770 39,384,939 55,714 316,737 15,601 9,017 11,647 8,199 38, 778 574 1,081 111 1,322 18,317 477,098 63,619 162,169 63,235 120,645 51,922 46,176 133, 642 35,843 25,211 41,488 39,112 96,339 879,401 6,617 44,180 11,168 113, 513 8,783 40,186 17,645 56,821 12,139 26,873 11,206 24, 378 25,439 83, 775 9,046 20,820 16,085 20,006 16,571 27,193 13,719 23,405 18,410 42,147 166,828 523, 297 132,902 777,110 119,790 177,348 65,060 312,949 78,523 54,172 89,453 62,061 50,264 167,016 52,672 53,718 42,028 63,459 38,377 8,160 31,415 25,472 84,469 169,194 122,145 169, 015 98,236 357,215 133, 538 122,753 34,423 848, 550 49, 973 39, 395 18,677 20,901 96, 249 18,858 9,254 19,878 9,845 45,091 1,211,094 6,158 24,835 3,003 7,913 2,901 3,987 14, 515 3,183 6,246 5, 752 2, 959 26,804 108, 256 2,349 4,175 2,862 4,238 3,099 2,007 4,223 1,994 1,521 1,928 2,187 2,511 33,094 602 844 6,040 3,132 64 1 173 37 12,661 5,058 35 8,559 2,359 52,740 85 4,265 4,246 58 22,403 2,660 478,815 170 53,676 293,094 9,752 1, 123 16,475 25,698 186,971 4,869 240,836 179,811 3,678| 153,194 2,091, 545 30,544 588,823 226, 571 2,090,754 2,741,895 11,525,677 2, 720,321 3, 681,296 1, 587,997 1,469,102 5,481,007 1, 597, 358 1,176, 374 1, 594,942 1,178,100 3,195,196 37,949, 265 LIABILITIES 94,668 295,221 110,151 Capital stock paid i n . . 150,342 516,131 139,890 212,950 113,878 69,715 95,298 57,621 220,920 Surplus fund 58, 616 131, 654 519,469 231,490 219,733 83, 596 36,433 44,311! Undivided profits, less expenses and taxes paid.. 37, 560 30,063 15,989 26,091 114, 589 79, 311 287,171 82, 894 19, 752 92,613 Due to Federal re2,608 239 9,665 2,960 serve banks 3,879 11,352 445 4,646 2,225 Due to banks, bankers, and trust companies 165,350 1,409, 888 225,219 264, 707 130, 728 197, 758 610,888 197, 233 141,368 295,334 Certified and cashiers' or treasurers' checks outstanding. 10, 556 9,628 49, 554 9,003 12,320 16,372 18,326 534, 307 16, 561 26,069 Demand deposits 235,642 5, 293, 653 1. 065,978 1 356,621 555,688 594,133 2,117,419 651,198 412, 005 756,029 > , , ., Time deposits 733,041 2,082, 315 782, 709 1., 298,976 494, 553 382,108 1 761,612 434, 778 441,834 305, 237 22,934 26,881 8,562 13,561 United States deposits 49,749 56,497 35,902 84, 799 48, 567 18,188 Total deposits 193,140 9,416,314 3,, 144,863 3, 997,165 1,334,134 1,304; 775 4, 598,578 1,,319,3331,016,0891,386,978 >, !, Bills payable (including all obligations representing money borrowed, other than rediscounts) 32,052 9,516 22, 747 130,375 10, 718 27,506 1,580 26, 243 23,152 3,117 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 8,750 28, 662 56, 778 4,002 3,844 10,100 22,045 16, 526 51, 338 175, 747 Letters of credit and travelers' checks sold for cash and 1,825 outstanding 253 217 17,249 73 Acceptances executed 592 12, 637 39, 880 8, 647! 11,126 745 119 for customers 58, 535 308,154' 12,904 1 Exclusive of securities borrowed by national banks. 94,875 42, 754 22, 501 1,532 168,445 184,383 2,077, 502 85, 479 1, 732, 076 50,927 573 234, 338 859, 461 40,124 4,041, 256 10,906 756, 757 43,155 i, 605,840 1, 205, 585 15, 849, 791 163, L, 246,185 10, 1,126, 980 29, 749 16, 230 411,619 !, 966,1,585 3, 759,585 31, 336,537 , 2,306 21,871 311,183 1,421 9,800 389,013 28 1,045 22,158 1,622 19,539 474,500 JUNE, 437 FEDERAL RESERVE BULLETIN 1925 ALL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON APRIL 6, 1925, BY FEDERAL RESERVE DISTRICTS—Con. [In thousands of dollars] District No. 1 (420 banks) District No. 2 (857 banks) District No. 3 (740 banks) District No. 4 (869 banks) District No. 5 (608 banks) District No. 7 (1,407 banks) District No. 6 (505 District No. 9 (872 banks) District No. 8 (624 banks) DisDisDistrict trict trict No. 10 N o . 11 No. 12 (1,056 (749 (824 banks) banks) banks) Total United States (9,531 banks) LIABILITIES—COntd. Acceptances executed by other banks for account of reporting banks Natidnal-bank notes outstanding United States securities borrowed Other securities borrowed Other liabilities Total.. 2,938 31,509 81,746 1,314 606 99 5,441 50 40,448 100 5,429 671 1,452 39,720 83,597 39,566 9,625 3,021 1,967 8,365 5,370 454 7,011 519 2,829 1, 2,374 29, 598 91 15, 245 55, 263 60 893 58,384 4,514 46,342 522 251 43,087 38,053 43,088 49,567 648,959 1,152 1,257 1,408 34,408 301 1,944 164 1,499 691 10,650 6,481 123,910 337 29,735 6 1,442 2, 741, 895 11,525,677,2, 720, 321 3, 681, 296 1, 587, 997 1,469,102 5, 481, 007 1, 597,358 1,176, 374 1, 594, 942 1,178,100 3,195,196 37, 949,265 I I I ! i I ALL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON APRIL 6, 1925, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks New York Total United States Total (88 banks) Other reCountry serve city banks (551 banks (8,892 Apr. 6,1925 Dec. 31,1924 banks) (9,531 banks) (9,587 1,147,093 203 174,851 152, 602 1,474, 749 37, 423 27,116 101 20, 986 152,498 29, 453 134,442 5,343, 529 1,822 1,078, 639 925,180 7, 349,170 350, 876 118,978 2,766 83, 254 783,283 149, 680 205,478 7,404,999 5,563 1,399,450 1,484,982 10,394. 994 112,078 346,413 54, 337 155, 753 720, 552 346,249 841, 583 7,624,160 9,629 1,437, 908 2, 569,078 11, 640.775 14,144 414,010 109, 725 284,290 587, 710 92,894 1,043, 693 20, 372, 688 17,014 3,915,997 4, 979,240 39,384,939 477, 098 879,401 166,828 523, 297 2, 091, 545 588,823 2,090, 754 20,165,601 15,708 3,902, 793 4,942,486 39,036,588 461, 736 860, 614 161,133 597,472 2,227, 569 724,926 2,339,488 58, 875 4,909 47 887,871 23, 735 1,432 71,377 24,224 24, 367 6,238 2,184 34,389 1,211,094 108,256 33, 094 12, 661 2,660 478,815 1,935,114 133,666 36,284 19,087 2,541 460, 649 (65 banks) Chicago (23 banks) 4,196,436 1,619 903,788 772,578 5, 874,421 313, 453 91,862 2,665 62,268 630, 785 120,227 71,036 828,996 18,826 1,385 banks) banks) RESOURCES Loans and discounts... Overdrafts _ __ United States Government securities Other bonds, stocks, and securities __. _ __. Total loans and investments.-. Customers' liability on account of acceptances Banking house, furniture, and fixtures Other real estate owned Cash in vault Reserve with Federal reserve banks Items with Federal reserve banks in process of collection.. Due from banks, bankers, and trust companies Exchanges for clearing house, also checks on other banks in sameplace.. -_ Outside checks and other cash items Redemption fund and due from United States Treasurer.. United States securities borrowed l Other securities borrowed i O ther assets _ 283,038 42, 317 325, 355 8, 298,962 Total . 251,846 60,297 7,295 6,423 476 119,071 1,982, 916 10, 281,878 13,317, 367 357, 800 391,339 206,195 231 1, 307, 565 519,298 3,995, 964 787,997 56,451 6, 667, 506 91,000 89, 260 52,412 389, 870 26, 534 854, 709 351, 708 26, 578 1, 649, 399 448,800 480, 599 258, 607 231 1, 697,435 545,832 4,850, 673 1,139, 705 83,029 8, 316, 905 698, 903 591,465 262,386 10,140 1,852, 720 132, 567 5,410, 669 3, 590, 512 251,968 11,348, 576 929,799 660,012 338,468 29, 753 491,101 78,358 5, 588,449 5,396, 763 76, 622 11, 661, 046 2,077, 502 1, 732,076 859,461 40,124 4, 041,256 756, 757 15,849, 791 10,126,980 411,619 31,336, 527 2,037,481 1,707,486 786, 759 43, 648 4, 504, 315 1,082, 431 16,684,038 94, 493 4,300 98, 793 84, 043 128,347 311,183 289,253 168,480 33,497 201,977 389,013 367,490 17,076 305,455 1,610 38,470 18, 686 343,925 3,074 117, 407 13,168 22,158 474, 500 21, 709 460, 383 31,012 26, 902 970 1,197 942 32, 209 27, 844 970 1,645 477,362 15,801 5,187 20,439 43, 087 648,959 34, 408 6,481 123,910 37, 322 714,333 48,017 5,946 149,036 14,350, 020 37,949,265 38,986,867 9.8 10.1 14, 350,020 37, 949,265 38,986,867 LIABILITIES Capital stock paid in Surplus fund Undivided profits, less expenses and taxes paid Due to Federal reserve banks Due to banks, bankers, and trust companies Certified and cashiers' or treasurers' checks outstanding... Demand deposits __ Time deposits United States deposits Total deposits Bills payable (including all obligations representing money borrowed, other than rediscounts) Notes and bills rediscqunted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) ' Letters of credit and travelers' checks sold for cash and outstanding Acceptances executed for customers Acceptances executed by other banks for account of reporting banks National-bank notes outstanding United States securities borrowed Other securities borrowed Other liabilities Total Ratio of reserve with Federal reserve banks to net deposit liability (percent) _ i Exclusive of securities borrowed by national banks. 31, 734 20, 829 52, 563 9, 233 143, 753 17, 637 1,294 50,908 8, 298, 962 1,982,916 10, 281,878 13, 317, 367 12.6 13.5 12.8 10.0 242,482 33,361,653 438 FEDERAL RESERVE BULLETIN STATE BANK AND TRUST COMPANY MEMBERS—ABSTRACT OF CONDITION RESERVE DISTRICTS JUNE, 1925 REPORTS ON APRIL 6, 1925, BY FEDERAL [In thousands of dollars] Total District District District; District District District District District District District District District United No.l No. 2 No. 3 I No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 N o . 10 N o . 11 No. 12 States (143 (38 • (124 (351 (132 (100 (33 (73 j (118 (59 (175 (175 (1,521 banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) RESOURCES Loans and discounts Overdrafts United States Government securities Stock of Federal reserve banks Other bonds, stocks, and securities Total loans and investments -Customers' liability on account of acceptances. _. Banking house, furniture, and fixtures Other real estate owned Gold and gold certificates All other cash in vault Reserve with Federal reserve b anks Items with Federal reserve banks in process of collection Due from banks, bankers, and trust companies Exchanges for clearing house, also checks on other banks in same place Outside checks and other cash items United States securities borrowed Other securities borrowed Other assets Total . 520,754 2,846,386 314,661 155 98 72,830 2,214 112,974 537,770 13,497 936,099 161,791 298,210 ,344,291 346,665 209 1,137 661 292 635 53,516 104 72,823 131 62,160 255 950,144 943 ', 907, 500 5, 607 3,331 433 167,385 3*450 , 305,219 40,323 2, 631 151, 528 , 801,187 68, 810 1, 273,450 ,059,836 54, 676 3,433 127, 684 5,590 7,941 996 9,843 1,490 241,890 6,618 54,463 1,954 8, 573 290 18,833 358 625,943 175,925 209,436 22, 513 28, 685 361,312 84, 006 15, 730 10, 504 708,927 4,,024, 583 548, 793 1 ,279,101 193,450 339,365 1, 954, 772 487,723 78, 213 102,649 8,374 175, 847 321 5,655 3, 537 6,691 28,298 249 13, 613 2,327 1,169 12, 883 84,219 5,320 8,902 41, 534 16,466 3,225 546 6,818| 50,100 10,158 573 18, 380 6, 783 2,323 136 3,634 17, 837 5,050 258 6,503 54, 398 6,941 2,614 27, 549 14,846 3,714 446 6,743 2,051 1,958 142 2, 063 44,969 386, 767 31, 697 74,298 10,279 23, 284 127,513 30,013 4,053 11,965 68,076 9,173 22, 445 7,280 8,376 20,149 13,903 591 17,653 72, 996 16, 082 50, 546 16,041 49,172 115,112 38,932 10, 361 354, 892 9,729 19,021 2,862 10, 018 41, 805 8,254 1,597 14, 252 429 5,43' 321 1,396 7,887 1,349 170 1, 598 123 10,247 602 844 35 7,212 6,040 2,359 35, 853 3,132 85 2,576 24, 623 146, 286 5,459 1,732 64 7,100 236,136 2,1 1,824 106 1, 3,006 2,523 90 2, 752 49, 358 9,009 993 15,990 315,545 54,372 15,975 146,317 9,643 5,982 69, 773 818,271 80, 265 505,642 5,458 779 20,375 18, 483 2,736 558 17, 461 478,198 471 250 20,071 53, 728 64 1 173 278 2,224 2,816 37 58 13,142 12, 661 2,660 252,448 501 177,284 858,461 5,383, 674 648,908 1, 547, 682 248,980 476,041 2,431,290 611,965 100,167 149,823 106,286 1,565,796 4,129,073 LIABILITIES 36,875 240,327 41,084 85,065 20,268 Capital stock paid in Surplus fund - - . 40,235 203, 657 74, 655 101,680 13,107 Undivided profits, less ex22,698 125,490 26,446 5,204 penses a n d taxes paid 29,529 429 3,452 1,291 D u e to Federal reserve banks. 974 2,205 D u e to banks, bankers, and 25, 772 499, 316 29, 572 t r u s t companies 82,059 24,703 Certified and cashiers' or treasurers' checks outstand6,014 266, 616 3,55' 3,761 15,045 ing 432,944 2, 698, 359 289, 315 523,808 89,106 D e m a n d deposits 256,083 944, 217 147,097 668,072 74,990 T i m e deposits 5,239 39,643 24, 45" 19,413 1,130 United States deposits 1,309,371 195, 691 Total deposits -.. 726,4814, 451, 603 495,493 1 Bills payable (including all obligations representing money borrowed, other than rediscounts) Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) Letters of credit and travelers' checks sold for cash and outstanding Acceptances executed for customers Acceptances executed by other banks for account of reporting banks United States securities borrowed Other securities borrowed Other liabilities Total. 31,186 18, 557 113,950 107,804 40,145 24,152 6,692 2,851 8,610 3,310 10,658 3,407 81,998 32,827 716,858 626,242 7,816 1,837 53,055 505 9,287 15 1,229 1,810 7 1,535 30 24,832 56 308,931 10,801 70,244 156,898 52,230 34,983 6,611 65,217 1,054,287 6,682 3,493 24,762 4, 503 803 1,821 186,653 823, 689 242,868 34, 090 73,918 123,938 1 030, 622 197,094 46,849 20, 578 ,, 6,051 27,931 15,152; 331 3,480 392,216 2, 064,407 511, 862 88, 755 134, 787 I, 4,591 31,932 5,745 5,946 4,364 5,414 15, 628 4,544 15,913 103, 725 2,163 3,297 5,571 7,854 14,704 5,021 14, 631 90 50 26 151 29 8,250 178,065 3,525 10,330 28,225 265 858 354,925 23,692 68,158 468,277 5,931,185 13,896 820,207 4, 343, 643 158,858 107 15,924 89,660 1,393,373 11, 853, 699 5,398 2,513 22,814 221 258 164 444 1, 598 123 5, 367j 602 844 35 1,319 6,040 2,359 24,894 39 319 13,163 91,985 164 403 3,359 162,416 638 15, 624 64 7,470 241,739 73 170 11,430 300 2,694 ""476 90 3,132 85 13,443 64 34 173 1,101 13, 585 37 58 7,951 12, 661 2,660 82, 673 858,461 5,383, 674 648,908 1, 547,682, 248,980 476,0412,431,290 611,965 100,167 149,823 106,286 1, 565, 796 14,129,073 JUNK, 439 FEDERAL RESERVE BULLETIN 1925 STATE BANK AND TRUST COMPANY MEMBERS—ABSTRACT OF CONDITION REPORTS ON APRIL 6, 1925, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks New York (30 banks) Total United States Chicago (9 banks) Total (39 banks) Other reserve city banks (185 banks) 551, 544 94 105, 531 2,835 101,448 761,452 28, 223 14, 621 890 6,017 62,158 10,305 48,641 2,712,960 922 485, 882 12, 958 437,430 3, 650,152 202, 202 68, 502 2,530 6,830 31,456 385, 512 58,183 90,426 3,402,827 2,781 579, 964 17, 692 787, 236 4, 790,500 28,384 164,880 30, 221 3,148 62, 396 303,873 94, 639 245, 271 9,673 576, 521 3, 619,184 5,550 82,163 21, 621 5,997 52,465 128,886 24,462 169,945 24, 387 2,632 368, 506 13,650 18, 517 6,217 6,238 2,184 16, 772 Country banks (1,297 banks) Apr. 6, 1925 (1,521 banks) Dec. 31, 1924 (1,544 banks) KESOURCES Loans and discounts Overdrafts United States Government securities Stock of Federal reserve banks Other bonds, stocks, and securities Total loans and investments Customers' liability on account of acceptances Banking house, furniture, and fixtures Other real estate owned Gold and gold certificates All other cash in vault Reserve with Federal reserve banks Items with Federal reserve banks in process of collection-.. Due from banks, bankers, and trust companies Exchanges for clearing house, also checks on other banks in same place Outside checks and other cash items United States securities borrowed Other securities borrowed Other assets 2,161,416 828 380,351 10,123 335,982 3, 888, 700 173,979 53,881 2,530 5,940 25,439 323, 354 47, 878 41, 785 1,791, 713 1,904 239,373 7,907,500 7, 849, 546 5,607 5,915 1, 305,219' 1, 319, 291 40, 323 39,396 1,801,187 1,828,325 11, 059, 836 11, 043,473 236,136 217,008 315, 545 309,439 54,372 52,177 15,975 18, 420 146, 317 170, 785 818,271 833,183 177, 284 237,993 505, 642 560,983 478,19.8 53, 728 12, 661 2,660 252,448 853, 521 63,055 19,087 2,541 237, 211 29, 535 Total. 169, 690 91,175 33,861 6,423 476 65,986 988,861 344,119 11,018 5,047, 639 5, 921,233 3,160, 201 14,129, 073 14,617,876 40, 250 55, 250 30, 618 216, 300 210, 292 123, 768 231 563,802 272, 650 2, 496,024 738,019 31, 220 4,101,946 303, 868 288,800 113,857 3, 378 403,876 63, 393 2,189,135 2,293, 586 110,893 5, 064,361 196, 690 716, 858 127,150 626, 242 308, 931 71, 306 10,801 7,192 1,054,287 86,609 354,925 18,882 5,931,185 1,246,026 1,312,038 4, 343,643 158, 858 16, 745 3, 687,492 11, 853, 699 703,445 619, 266 283, 695 10,460 1,235,623 483, 202 6, 325,863 4, 224,966 91,441 13, 371, 555 16, 250 45, 232 30, 503 91,985 86,949 28,946 21,956 162,416 171,094 133 5,487 84 6,238 2,184 10,978 15,624 241,739 15, 589 225,151 13, 585 12, 661 2,660 82, 673 10, 758 19,087 2,541 108, 746 3,160, 201 14,129,073 14, 617,876 LIABILITIES Capital stock paid in Surplus fund Undivided profits, less expenses and taxes paid Due to Federal reserve banks Due to banks, bankers, and trust companies Certified and cashiers' or treasurers' checks outstanding. _. Demand deposits Time deposits United States deposits. Total deposits • Bills payable (including all obligations representing money borrowed other than rediscounts) Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) Letters of credit and travelers' checks sold for cash and outstanding _ Acceptances executed for customers Acceptances executed by other banks for account of reporting banks United States securities borrowed Other securities borrowed Other liabilities 176,050 155,042 93,150 231 450, 621 259, 643 2,120, 743 445,191 20, 334 3,296,763 Total Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 4,058, 778 113,181 13,007 375, 281 292, 828 10, 886 805,183 16, 250 101,864 9,650 111,514 14,517 176, 395 88 28,150 14, 605 204, 545 11,334 17,413 12.9 11,407 31, 707 2,094 6,423 476 12.8 37,012 34,683 5,047, 639 19, 599 5,921, 233 12.8 10.1 7.1 10.5 10.3 440 FEDERAL RESERVE BULLETIN JUNE, 1925 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CENTERS [In thousands of dollars] No. No. ,No. No. No. No. No. No. No. No. No. No. 1925 Number I of | centers | February Federal reserve district March 2,157, 347 23, 574, 730 1, 780, 071 2, 048, 430 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 1924 April February March April 675, 206 976,073 4, 479, 475 1,074, 542 637, 553 1,024,111 572, 869 2, 495, 365 2, 326, 857 24, 721,153 2, 024, 253 2,407,075 747, 785 1,060, 994 5,131, 296 1,177, 677 697, 614 1,110, 810 527, 025 2, 604,174 1, 973,432 20, 511,857 1, 723,139 2,006,249 650, 035 947,847 4,178, 246 981, 669 523, 317 937,931 493, 840 2, 470, 230 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 2,456,815 141 41, 495, 772 47, 601, 032 44,536,713 37,397,792 40, 739,481 39, 518, 668 1 140 Total New York City Other cities 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 22, 924, 386 18, 571, 386 26, 382, 213 21,218,819 23, 944, 580 20, 592,133 19, 886, 015 17,511,777 21, 546, 482 19,192, 999 20, 653, 978 18, 864, 690 WEEKLY SUMMARY FOR BANKS IN 2 5 2 CENTERS [In thousands of dollars] Number of centers Federal reserve district No. No. No. No. No. No. No. No. No. No. No. No. 1—Boston 2—New York 3—Philadelphia 4—Cleveland 5—Richmond 6—Atlanta 7—Chicago 8—St. L o u i s . . . . 9—Minneapolis 10—Kansas City 11—Dallas 12—San Francisco Total -_ 1925, week e n d i n g Apr. 22 Apr. 29 May 6 May 13 1924, week endingMay 20 Apr. 23 Apr. 30 May 7 May 14 M a y 21 542, 262 596,144 617, 329 549, 397 619, 253 490, 358 502, 406 544, 753 503, 243 518,592 6, 275, 210 5, 680, 066 7, 895, 4S5 5,980.137 6, 227, 522 4, 480, 990 5, 365, 969 5, 687, 656 4, 887,162 5,305, 534 498, 027 550, 485 554, 336 519, 280 567, 595 516, 282 480, 946 497,803 473,871 492, 657 606, 830 652, 683 699, 025 623, 631 633, 668 615,163 615, 984 600, 856 570, 318 599,131 270, 864 296, 234 322, 322 287, 773 291,840 251,002 263,112 292, 982 257,368 262, 593 226, 770 273, 770 257, 880 280,857 219,102 225, 577 239, 291 220,827 291, 944 238, 598 1, 298, 714 1,156,030 1,488, 266 1,189, 923 1, 268, 519 1,147,343 1,092,494 1, 241, 501 1,078, 505 1,161,612 254, 000 297,167 282, 800 296, 762 260, 943 245, 037 267, 669 266, 535 302, 054 272, 590 170,508 177, 613 187, 939 183, 297 142,489 137,462 163, 037 150, 551 193, 676 155,047 269. 320 277, 390 277, 898 288, 036 255, 356 250, 542 271, 736 245, 385 292, 722 254, 014 130, 748 135, 280 135, 878 144, 892 130, 355 119, 456 129, 300 120, 624 153, 556 130, 693 600, 418 637, 510 631, 896 643, 625 590, 496 573, 443 552, 582 607, 554 642,199 598, 950 252 11,468,200 10,405,843 13,452,914 j 10,924,432 11,445,866 9, 099,879 9, 872,428 10, 489,166 9, 381,943 9, 990, 011 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston No. 2—New York Buffalo No. 3—Philadelphia No. 4—Cleveland Cincinnati Pittsburgh No. 5—Richmond Baltimore No. 6—Atlanta Birmingham Jacksonville Nashville New Orleans No. 7—Chicago Detroit No. 8—St. Louis Little Rock Louisville Memphis No. 9—Minneapolis Helena No. 10— Kansas City Denver Oklahoma City Omaha No. 11—Dallas.. El Paso Houston No. 12—San Francisco Los Angeles Portland Salt Lake City Seattle Spokane I 406,959 ! 5,941,520 82,145 418,080 162,253 84,909 206,143 28,319 97.070 42,794 31,171 21,357 18,768 73,826 768,068 I 218,732 171,900 14,751 45,025 31,547 89,443 1,790 85,955 40,374 21,725 37,233 41,881 6,681 27,935 205,882 179,362 37,546 20,734 45,701 12,370 418, 023 370, 222 368, 761 423, 310 321, 093 329,298 362,292 341,354 330, 552 5,381,151 7, 546, 425 5, 657, 765 5,885,404 , 210,818 5, 066,364 5,365,599 4,604,878 4,995,531 69, 255 84, 656 80, 799 67, 623 I 67,292 88, 346 74,442 71, 364 71, 377 371, 537 413,080 388,444 428, 954 399, 634 354,743 367, 772 351,233 373,219 139,851 190, 957 151,222 158, 532 159, 397 161,010 138, 598 136, 569 152,331 70,881 79,810 75,944 78,024 80,129 76,246 64,331 68,235 65, 662 213,735 222, 233 195,480 192, 386 195,783 202,307 219,121 202, 047 181,484 28,540 32,930 27, 569 25,032 26, 968 27, 642 25,835 26,195 30, 519 88, 064 106,184 92, 545 77,930 98,834 78, 360 84,290 81,370 95,470 28,809 34,802 32, 896 32,185 41, 652 29, 623 37,049 32,027 29,860 25, 541 30,444 29, 245 28, 727 28, 275 26, 262 26, 756 25, 075 27, 241 16, 954 22, 436 19,276 13,770 19, 790 15, 052 15,109 13,707 16,049 17,315 16,243 21,098 17, 555 17, 352 18,184 19, 560 17, 336 15, 046 66, 297 94, 689 78,808 57,965 89, 409 69,803 72, 504 64.924 69,037 694, 351 975, 587 716,171 745, 396 667, 019 678,830 666, 589 640,136 786,400 187,054 186, 324 173,514 204, 701 194, 895 151,013 201, 331 155,214 155,047 146, 300 179,100 161,100 173, 800 145,018 156, 330 141,423 154, 627 151,879 13,159 13, 908 13, 824 14,099 14,868 13,933 13,434 11,959 14, 644 36, 937 40, 995 40, 630 42, 989 41, 073 44,111 35, 529 36,474 40,381 26, 289 32, 395 30, 562 31,464 30, 324 28,277 28, 281 31,984 27, 798 82,186 97, 606 95, 295 69,486 92,190 77,850 68, 581 79,023 73,186 1, 532 2,143 2,491 1, 962 1,996 1,723 1,483 2,202 1,949 70, 992 83, 603 77, 447 83, 535 71,400 68,010 76,478 62, 234 70, 606 39, 937 43, 653 38, 545 38, 926 42,008 34,342 34, 018 39,935 34,092 17,211 19,105 18,114 19,819 16,392 16,704 17,996 15, 719 17, 376 48, 781 47, 456 46, 255 47. 422 40, 597 43, 509 42, 323 42,001 41, 549 37,856 46,033 40, 615 44, 262 34,085 37,078 38,886 39,047 34,923 7, 804 6,625 7, 087 6,599 6, 553 7,047 7,696 6,905 7,735 30,089 26, 248 26,143 27, 221 29, 649 23, 731 26, 667 23,979 23, 395 205,168 194, 978 211, 587 183,097 181,838 199, 444 190, 080 172,076 180,905 184,039 184, 359 184, 693 175, 682 175,928 179,793 174,427 152, 761 181, 549 37, 092 38,082 37,165 35, 777 37, 481 37, 663 36, 620 40, 776 37,908 17, 232 13,482 15, 322 14, 618 15, 635 16,061 15,203 15, 528 13, 564 38, 569 41, 604 43, 845 45, 247 40, 792 36, 638 41, 935 39,710 42, 924 9 728 11,181 11,434 12, 227 10,311 9,109 10, 752 10,474 11,210 441 FEDERAL, RESERVE BULLETIN JONB, 1925 MONEY IN CIRCULATION [Source: U . S. Treasury Department circulation statements] [In thousands of dollars] Date Total 3,402,015 '4,100,591 15,628,428 4, 337, 418 4,760,114 4,815,401 4, 755,403 4, 665,187 4, 773,878 4,806,367 4,879,694 4,993,570 4,992,931 4, 751,538 4,804,209 4,776,167 4, 725,191 1914—July 1 1917—Apr. 1 1920-Nov. 1 1922—Aug. 1 1924—May 1 June 1 July 1 Aug. 1 Sept. 1 Oct. 1 Nov.l Dec. 1 1925-Jan. 1 Feb. 1 Mar. 1 Apr. 1 May 1 Gold coin and bullion tiflcates 611,545 1,026,149 641, 794 1,348,818 495, 353 231,404 416, 282 171,985 403,649 726,179 402,122 779,169 396, 415 801,381 398,499 800,124 401, 794 872,807 427,970 898,165 436,160 904,861 437,971 933,688 458, 206 970, 564 455,169 929,650 462,925 913,900 469,448 914,968 453, 211 918, 862 Standard silver dollars 70,300 70,863 89, 725 58,378 54,823 54,078 54,017 53,644 53,915 54,603 55,185 65,606 57,384 55,533 55,264 54,666 54, 398 Silver certificates 478,602 459,680 60,385 268,802 370,093 373,381 364, 414 372,683 385,499 388,574 389,201 389,113 388,540 360,808 366,024 371, 229 376,442 Treasury United notes of ary silver States 1890 notes 2,428 1,997 1,628 1,508 1,428 1,425 1,423 1,420 1,417 1,412 1,410 1,407 1,405 1,401 1,398 1,396 1,392 159,966 191,351 261,556 229,956 252,702 252,657 252, 971 252,407 253, 732 256,467 259,710 263,102 266, 298 256,898 256,509 257, 559 258,446 337,845 330, 353 277,736 284,343 301,110 305,966 297,790 301,667 308, 111 304,345 305,840 304,418 295,233 283, 598 288,668 285,780 281, 043 Federal reserve notes Federal 356,448 3,310,225 2, lift, 350 , 909,143 , 897,636 , 843,091 , 745,820 ,746,230 ,729,301 , 784,046 ,862,055 , 841,621 1,688,662 1,734,606 1,702,212 1, 676, 078 3,170 209,877 65,032 11,026 10,438 10,066 9,635 9,229 9,030 8,710 8,471 8,238 7,987 7,756 7,506 7,299 bank notes. Total National- circulation per bank notes capita (in dollars) 715,180 697,160 716,023 725,782 729,962 738,629 733,835 729,288 741,144 736,500 734,571 737,739 705,442 711,832 717,159 711,403 698,020 34.35 39.54 52.36 39.47 42.33 42.78 42.20 41.36 42.28 42.52 43.12 44. O S 44.03 41.86 42.28 41.99 41,50 1 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. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MAY 31, 1925 Paper maturing— After 90 days but within 9 months Within 90 days Federal reserve bank Commercial, agricultural, and livestock paper, n. e. s. Secured by United States Government obligations Bankers' acceptances Boston New York_-_. Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Changes during the month—None. Trade acceptances Agricultural * and livestock paper 442 FEDERAL RESERVE BULLETIN JUNE, 1925 GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM APRIL 16, 1925, TO MAY 20, 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 C i t y . . . Dallas... San Francisco.. Total five weeks e n d i n g May 20, 1925 Apr. 22,1925 May 21,1924.... Apr. 24, 1924 Credits 2,500 21,000 10,000 1,000 3,000 5,000 12,000 2,000 500 500 1,000 32,000 121,700 71,500 89,000 ~2,"566~ 1,000 2,666" 32,000 121,700 71,500 89,000 Debits Credits 938,269 3,079,981 887,071 775,842 624, 667 387,342 1,488,619 648,887 216,464 466, 979 295,076 344,221 957,237 3,113,280 899,359 800,185 609,706 384, 588 1,497,692 624,303 208,505 440, 805 281, 731 336,027 10,153,418 10,141,085 9, 284,830 9,306,784 10,153,418 10,141,085 9,284,830 9,306,784 Changes in ownership of gold t h r o u g h transfers and settlements Decrease Balance in fund at close of period Increase 21,468 54,299 2,288 23,343 44,809 231,684 50,876 82,330 13,616 15,196 108,772 16,009 17,639 27,588 12,435 33,204 101,398 654,158 632,338 595,676 623,181 11,961 7,754 427 26, 584 8,459 25,674 13,345 7,194 101,398 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. [Rates prevailing during week ending with the 15th day of the month] Loans secured by stocks and bonds Customers' prime commercial paper Interbank loans 30-90 days District and city 4-6 months Loans secured by Liberty bonds Demand Loans secured by warehouse receipts Time Cattle lo i n s May, Apr., May, May, Apr., May, May, Apr., May, Mav, Apr., May, May, Apr., May, May, Apr., May, May, Apr., May, May, Apr., May, 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 City Omaha Denver . Oklahoma City No. 11—Dallas. El Paso Houston No. 12—San Francisco Portland Seattle Spokane Salt Lake City Los Angeles 4 -5 4-41 6 41-41 5 -6 5 -6 5 -6 4 -5 41-51 5 -6 6 _ __ 31-7 5 -6 51-6 . . . . . _.. _ . 52-6 4 -5 6 5 -6 41-51 8 5 -6 4 -6 6 5 -7 5 -6 8 5 -6 5 -51 6 6 5 -7 6 6 -7 5 4 5 4 -5 4|-51 41-5 6 5 -6 51-6 5 41-41 41 5 -6 5 -6 6 5 -6 5 -6 51-6 51-6 51-6 5 5 5 -51 51 5*-6 5 -6 5*-62 6 5 -6 6 -7 7 3f-7 4 -7 5 -6 5 -6 5 -7 6 5 51-6 41-5 41-51 41-5 5 -6 51 5 -6 41 5-51 4 -5 6 6 5 -6 6 5 -6 41-51 51 8 8* 8 6 5 -6 5 -6 41-6 6 4 -6 5 -6 6 6 -7 6 -7 52-7 4 -6 5 -6 5 -6 8 8 8 5 -6 5 -6 5 -6 5 -51 51 5 -5* 6 6 6 6 6 6 5 -7 6 -7 4 -7 6 5 -6 6 6 6 -7 6 -7 4 -41 4 -41 41-5 6 5 4 4 -5 5 6* 5 41 2 5 - 6 51-6 5 -6 6 5 -6 5 -6 51-6 51-6 5 -51 51-6 5 -6 41-5 4-1-51 51 41-6 5 -6 5 -6 5 -6 5 -6 6 -7 5 -6 7 5 -6 4 -7 5 -6 51-6 5 -6 6 51-6 5 5 41-51 52-6 51-6 5 -51 5 5 -51 5 -51 6 5 6 6 5 -6 5 -6 41-51 51 51 8 6 -8 8 5 -6 6 5 -6 6 41-6 6 6 4 -5 6 6 -7 6 6 -7 4 -6 56-6 .5 -6 8 8 6 -8 5 5 -6 5 -6 5 -5* 51 5 -6 6 6 6 6 5-61 6 4 -6 6 -8 6 -7 6 6 -7 5 -6 6 6 6 -7 4 4*-4f 5 41 4 -4f 41-5 5 51-6* 51 6 5 -6 5 5 5 4 -41 4-41 5 -6 5 -6 5 -6 5 -6 6 6 5 -6 5 -6 5 -51 5 -51 5 -51 5 -51 5 41-6 5-6" 5 -51 51 4|-5 4f-5 5 -6 5 -6 5 -6 5 -6 5 -6 6 6 6 5 -6 6 6 5 -6 5 -6 4-1-6 51-6 5 -6 5 6 51-6 6 51-6 5^-6 5 -6 51-6 5 5 -51 41-5 41-5 5 -51 51 5 -6 5 -6 51-6 5 5 51 5 -51 51 5^-6 5 6 5 6 6 6 5 -6 6 -7 51 51-6 6 -8 6 5 -6 5 -6 6 5 -6 6 5 -6 5 5 -6 6 6 6 5 -6 6 -7 6 - 7 6 6 -7 6 -7 51-6 5 -6 5 -6 5 -6 5 -6 5 -6 41-6 8 8 8 6 -8 8 6 5 -6 5 -6 41-5 5 -8 6 5 -6 51 5 -6 5 -6 6 6 6 -7 6 -7 6 -7 6 6 6 6 6 7 6 6 -7 6 -7 6 -7 6 6 6 6 -7 6 6 6 6 -7 6 -7 6 -7 4 -4* 4 -5 5 4-41 5 5 -6 5 -6 41-5 41-6 5 -6 5 -6 5 -6 5 41 3|-5 5 -6 4 5*-6 < 6 41-51 5 4|-5 5 -6 6 5 -8 5 -6 51-6 4^-5 5-1-6 4 -5 6 6 41-5 5 -6 3*-6 6 -7 8 5 -6 5 6 6 -7 6 6 -8 6 6 -7 41 41 U 5 41-5 3*-4* 31-5 3|-5 3|-5l 5 -6 51-6 6 5 -6 4 41 41-41 41-41 6 51-6 51-6 5^-6 6 5 -6 5 -6 5 6 5 -6 6 41-5-1 5 -6 5 5 -6 5 -6 51-6 51-51 6 -51 5 -51 4 6 5 -6 5 -6 5 -6 6 6 -7 6 6 7 6 41-8 5 -8 5 -8 6 5 -6 5 -6 5 -6 6 51-6 5^-6 51 6 41-5 5 -51 41-5 41-5 51-6 51-6 5 -6 5 -6 5 5 -51 4 -5 51 6 6 6 6 6 -7 6 6 41—5f 51 41-51 41-6 6 -8 6 -8 6 6 6 6 6 4 -6 6 -7 6 6 5* 5 -6 5 -6 6 6 - 7 6 -7 6 6 6 -7 5 -8 5 -7 8 8 8 8 6 5 -6 5 7 5 -7 6 5 -6 51-6 6 7 6 -7 6 -7 2 6 6 6 6 7 6 -7 6 -7 8 6 6 -7 6 6 -7 6 -7 6 -7 6 -7 5 5* 5 -51 41-51 41-51 5 -51 6 6 51-6 5 -6 4 -51 4-51 5 -51 5 -6 51-6 51-6 6 6 6 6 51-7 6 5 5 51-51 5f 6 5 -6 5 -7* 6 6 6 -7 6 41-6 41-6 6 5 -6 5 -6 6 51-6 51-6 5 -51 41-51 41-51 51 5 -6 51-6 5 51 5-51 6 6 6 6 -7 6 -7 6 -7 6 6 6 i 3 5i-6 6 6 -7 6 6 5^-6 51 5 -51 5 -6 51-6 51-6 5 -6 6 6 6 6 6 -7 8 6 6 -7 6 6 -8 6 -7 8 6 6 7 6 5 5 7 6 6 -7 6 6 6 7 -7 -8 8 -6 6 7 7 -8 6 -7 6 -7 7 6 -8 6-8 7 -8 8 7 -8 6 8 5 -6 6 6 -7 7 6 6 -7 6 6 -8 6 -7 6 -7 6 -8 6 -8 5 -8 6 -8 6 -8 8 8 8 5 -8 6 -7 6 -8 6 6 7 6 -7 6 -7 7 7 6 -8 7 7 7 7 -8 7 6 -7 6 -7 51-6 51 6 8 7 -8 -8 -8 -8 8 6 -8 6 6 7 7 6 -61 6 -61 6 6 -7 7 -8 6 -7 8 8 co 444 FEDERAL RESERVE BUKLETTN JUNE, 1025 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Silver Gold Country 1925 IMPORTS Belgium France Germany . . . . Italy Netherlands . Spain Sweden England . _ Canada Central America '. Mexico. West Indies. Argentina Bolivia Chile Columbia _ . Ecuador Peru Paraguay Uruguay Venezuela China.__ Dutch East Indies Philippine Islands British Oceania Egypt Portuguese Africa, All other 1924 1925 1924 Four months ending April— April Four months ending April— April 1925 1924 ... $5, 725 1,528 806 5,041, 364 12, 516 220 13,130 2,054,007 151, 778 815,814 33, 075 $742,113 29, 265 21,145, 536 6,429 119,073 133, 290 12, 631 38, 681 24, 851 218, 692 146,487 15, 707 20, 092 350, 507 187, 234 3,096, 761 117, 226 18,132 5,947 8,869,883 Total 14, 292,179 4, 041, 268 209, 935 549, 490 43, 069 5,029 163 8,236 197, 903 90,821 76,123 $76, 771 1,628 4,360 5, 041, 364 33, 903 220 3, 077, 907 10, 363, 893 551, 713 2, 240, 688 138, 726 402 129, 511 564, 420 208,377 402, 324 187, 077 $9, 258, 906 2, 910, 822 2, 367,142 27, 062, 942 28, 018 41, 934 76, 263, 280 21, 325, 768 720, 976 1, 992, 321 245,141 4, 491,313 163 124, 405 875, 229 334,383 1, 027, 601 $62,416 653 1,764 25,099 864 31, 903 390, 625 74, 234 3, 661,424 16,439 $3, 001 267, 744 6,621 8,309 266, 501 1,515 637, 245 31, 994 2, 721, 520 59 342 37, 829 111,432 9,983 4,646 225,503 1925 1924 $8,900 167, 557 1,627 11,180 69, 994 1,768 56, 683 2, 440, 586 509,152 15, 539, 307 64, 592 10, 988 746, 035 29,042 12, 807 2, 482, 308 1 263 244 $18, 055 1, 221, 027 55,153 143 22, 922 1, 950, 649 634, 570 13, 973, 849 40, 367 20, 760 67, 043 475, 745 47, 748 17,137 5,024,198 10,418 16 181 4,128 280,310 10,138 145 595 58,122 103, 643 6,467 2,002 12, 022 318,192 8,151 642 183 41. 365 50', 456 3, 907, 745 23, 873,032 24,008,846 2, 514,423 34, 551 242,200 65, 202 98, 210 1,072, 623 831,522 3, 565, 384 2,153, 407 1,449, 906 112,048 1,634,075 89 20 109,140 2,218 19 53 187 110,591 1,294 117 7,172 207,993 96.055 44, 906 691, 564 590, 709 125, 829 8,891 226, 224 40,070 18, 711 14 45,418,115 24,847,532 159,987, 519 4,944,807 EXPOBTS France Germany Netherlands Poland and Danzig Spain . . Sweden England Canada Central America Mexico _ West Indies Argentina Bolivia. Colombia Ecuador Peru. . Uruguay Venezuela . . British India China Dutch East Indies. Australia Hongkong.. Philippine Islands Japan ._ . . Egypt..., All other Total.. 15,129,820 . 32,331 140,000 .102,885 82,367 454, 535 544.350 1,339, 208 60,260,156 4, 318,343 1,103,948 112,331 1,232,728 6,159,602 280,921 1, 278,423 242, 200 140,000 7,056,245 532,062 17,415 771,380 75,277 700 2,309, 607 493, 224 27,275 620, 528 42, 983 274,000 39,600 850, 000 9,340 4,925,305 2,030,177 17, 519,879 5,836,965 655,340 17, 983, 204 8, 514, 949 127,863 823,935 5,041,181 613, 602 468, 570 1,000 1,187,839 97, 610 93,007 26,000 191,424 25, 635 39,600 100,000 ! 1,656,016 151,000 5,360,000 20,000 1,753,470 172,073 3,200 137, 078 41,437 6,066 1,328 15,666 1,210,616 i 3,012,632 | _ 7,500 1, 020,144 402,000 5,000 600,666 23,820 802,290 1,410,010 55,769,725 1,101,600 87,500 26,925,176 2,996,105 5,000 79,010 397, 276 1,275, 970 498,240 330, 713 127,088 21,603,945 1,390, 537 15, 750 354 170,834,012 2,993, 769 9, 322, 618 714 7,801,689 35,464,646 33,242,324 445 FEDERAL RESERVE BULLETIN JUNE, 1925 FOREIGN EXCHANGE RATES I Noon buying rates for cable transfers in New York as published by Treasuiy. In cents per unit of foreign currency] COUNTRIES INCLUDED IN COMPUTATION OF GENERAL INDEX M a y , 1925 Monetary unit Par of exchange Average Low High Low Franc Krone Franc Reichsmark. Pound Lira.. Florin.. KronePeseta. Krona. Franc. Dollar Peso (gold). Milreis.. Peso (paper) Shanghai (tael). Rupee. --. Yen 19.30 19.30 23.82 486. 65 19.30 40.20 26.80 19.30 26.80 19.30 100.00 96.48 32.44 2 19. 53 2 66. 85 48. 66 49.85 4.900 18. 7100 5.0000 23.8000 484. 5000 3.9700 40.1300 16. 6300 14. 4200 26. 7400 19.3300 99.9862 87. 6000 9.9600 11. 2800 73.9600 36. 0100 41. 6900 5.0400 18.9500 18. 3100 5. 2400 5.1300 23. 8000 23. 8000 486. 2600 477. 6200 4.1200 4.0900 40. 2100 39. 8400 17. 0200 15. 7700 14. 7000 14.2000 26. 7700 26.7800 19. 3800 19.2800 100. 0167 99.9053 92. 4500 85.6600 10. 6300 10. 5400 11. 5400 11.0400 74. 6900 73.0200 36. 3800 35.4300 42. 0700 41. 2600 OTHER Austria -_ Bulgaria Czechoslovakia Finland Greece Hungary Poland Portugal Rumania Yugoslavia Cuba Mexico Uruguay China Hongkong Straits Settlements.- Schilling Lev _ _ Crown Markka Drachma Krone Zloty - - Escudo Leu Dinar Peso do do Mexican dollar . Dollar Singapore dollar 14.07 19.30 19.30 19.30 20.26 19.30 108.05 19.30 19.30 100.00 49.85 103. 42 2 48.11 2 47.77 56.78 14. 0450 14. 0720 .7289 .7350 2.9641 2.9623 2. 5230 2. 5205 1.8800 1. 7056 .0014 .0014 19.1600 19. 2200 5. 0600 4.9600 .4532 .4887 1. 6122 1. 6788 99. 9688 100. 0260 49. 7063 49.9583 94. 2000 97.9400 53. 8500 54. 5500 54. 4600 54.8400 56. 2100 56. 5000 5.0800 18. 6600 5. 2600 23. 8000 484.4700 4.1200 40.1300 16. 4800 14. 5700 26.9500 19. 3900 100.0009 87. 5700 10.8100 11.3200 73.6300 35.9500 42.1900 Average Low High High Rate General index1 Belgium Denmark France Germany Great Britain Italy Netherlands _. Norway Spain Sweden Switzerland Canada Argentina -.. Brazil Chile ----China India Japan April, 1924 April, 1925 5.0546 18.4404 5.1877 23.8000 479. 5308 4.1030 39.9488 16.1338 14. 2862 26.9381 19. 3323 99.9439 86.8835 10. 6342 11.1692 73.2320 35. 6023 41. 7596 Per cent of par Rate 63 4.7200 5.7200 26.19 5.2319 68.81 16.4400 16.8700 16.6446 5. 6600 6.7200 26.88 6.1573 99.92 98.54 430. 2000 439.4000 435.1281 21.26 4. 3600 4. 5000 4. 4408 99.38 36. 9800 37.4000 37.1931 60.20 13. 6200 13.9500 13.7942 74.02 13.0300 14.1600 13. 6435 100. 52 26.2900 26.4900 26. 3804 100.17 17. 3800 17.8300 17.5996 99.94 97.8678 98.4914 98.0871 90.05 72.9000 75. 6900 74. 8019 32.78 11.0200 11. 4400 11.2288 57.19 9.8400 11.1900 10.5354 109.55 69.1600 70. 2200 69.7423 73.17 29.8600 30. 8700 30.4035 83.77 39.0900 42.1200 40.9300 Percent of par 63 27.11 62.11 31.90 89.41 23.01 92.52 51.47 70.69 98.43 91.19 98.09 77.53 34.61 53.94 104.33 62.48 82.11 COUNTRIES 14.0510 14.0710 .7257 .7356 2. 9641 2. 9660 2. 5202 2. 5232 1. 5973 1. 8996 .0014 .0014 19.1700 19. 2200 4. 9400 4. 9800 .4472 .4756 1. 6066 1. 6219 99.8854 100.0052 49.8000 49.9583 93. 9100 94. 9300 53. 4000 53. 9200 53. 8500 54. 5100 55. 0800 56. 2500 14.0593 .7319 2.9648 2. 5221 1. 7774 .0014 19.1780 4.9554 .4583 1. 6146 99. 9273 49. 8718 94. 3773 53. 5550 54.0973 55. 4204 99.92 3.79 0.7131 0.7378 0. 7278 2. 9263 2.9805 2.9567 13.07 2. 5027 2.5118 2.5080 1. 7054 9.21 2.0061 1.8413 .01 .0015 .0012 .0014 99.37 4.59 3.1000 3.2300 3.1354 2.37 .5083 .5230 .5188 1. 2327 1. 2391 1. 2472 8.37 99.93 100.0031 100.0625 100 0396 100. 04 48.1667 48. 3125 48. 2652 91.26 77.0000 78.1300 77. 5073 111.32 50.1100 51. 2100 50.5235 113. 25 50.4600 51. 7000 51.1292 97.61 50.0600 50.9500 50.5012 3 77 12.99 9.54 .01 2.90 2.69 6.42 100 04 96.82 74.94 105 02 107.03 88.94 1 Weighted average, weighted on the basis of trade with each country for the 12 months ended March, 1925. T h e method of construction was described and all index numbers since November, 1918, were published on page 1260 of t h e BULLETIN for October, 1922. 21913 average. SILVER [Average price per fine ounce] April London (converted at average rate of exchange). New York INDEX Page Abstract of condition reports of all member banks 436-439 Acceptances: Banks granted authority to accept up to 100 per cent of capital and surplus _ __ 409 Held and purchased by Federal reserve banks 1 431,432 Market for 382 Agricultural movements, index of 412 Agricultural credit banks, loans of 384 Agriculture, monthly statistics ._ 384 Automobile industry _ 392 Balance of payments for United States and England, 1924 406 Bank credit 379,381 Bank debits.... 440 Bank suspensions 398 Bankers' balances in Federal reserve bank cities 434 Belgian National Bank, condition of 416 Branches, foreign, of American banks, list of 407 Building statistics 393 Business and financial statistics: Abroad .__. 416-425 United States .' 379-101,410-415 Business failures 397 Business indexes of the Federal Reserve Board . 380 Canada: Cost of living and retail food prices 425 Financial statistics 419 Foreign trade 422 Wholesale prices 423,424 Capital issues 383 Chain stores, retail trade of.. 415 Charters issued to national banks 409 Coal and coke production. 388 Commercial failures 397 Commodity movements. _ 413 Condition statements: All member banks 381,436-439 Belgian National Bank 416 Czechoslovakia report of banking office of Ministry of Finance 417 Federal reserve banks 426-429 Foreign central banks 419-421 Member banks in leading cities _ 433-435 Cost of living in principal countries. 425 Cotton: Raw. 385 Manufacturing 390 Crissinger, D. R., redesignated governor of Federal Reserve Board 374 Crops 385 Currency in circulation 441 Czechoslovakia, report of banking office of Ministry of Finance. _ 417 Dairy products 387 Debits to individual account... 440 Department-store business 415 Deposits: Savings 396 Time and demand, of member banks 435 Deposits, note circulation, and reserves of Federal reserve banks. 426 Discount and open-market operations of Federal reserve banks.. 432 Discount rates: Central banks of issue 421 Federal reserve banks 441 Prevailing in various centers 443 Earning assets of Federal reserve banks 431 Earnings and expenses of member banks 402-405 Employment, United States 396 Index of 411 England. (See Great Britain.) Factory employment and pay rolls, index of 412 Failures, commercial and bank _ 397 Federal advisory council, meeting of 374 Federal reserve banks: Condition of 426-429 Discount and open-market operations of 432 Federal reserve note account 430 Fiduciary powers granted to national banks 408 Financial statistics of principal foreign countries 419-421 Food manufacturing 389 Food prices in foreign countries 425 Foreign branches of American banks, list of 407 Foreign exchange 400,445 Foreign trade: Principal foreign countries 422 United States 1 398,422 France: Cost of living and retail food prices 425 Financial statistics. ._ 419 Foreign t r a d e . . . 422 Wholesale prices 423,424 Fruits and vegetables 386 Germany: Cost of living and retail food prices Financial statistics _. Foreign trade __ Wholesale prices Gold imports and exports Gold settlement fund transactions Gold standard for Great Britain: Discussion of. Federal advisory council on Report of committee.. Text of bill Grain. Great Britain: Balance of payments for 1924 Financial statistics r Foreigh trade Gold imports andexports.. Gold standard Retail food prices and cost of living Wholesale prices _ Imports and exports of gold and silver Industrial statistics Interest rates prevailing in various centers Iron and steel Italy: Financial statistics Foreign trade Retail food prices and cost of living. Wholesale prices Japan: Financial statistics : Foreign trade Wholesale prices Leather industry Livestock industry Lumber industry Mail-order houses, retail trade of Manufacturing: Condition, by industries Index of production Member banks: Condition of Abstract Earnings and expenses Number discounting Number in each district State banks admitted to membership Mineral products, index of Metals Mining Money in circulation Money rates National banks: Charters issued to Fiduciary powers granted to Pay rolls in factories, index of Petroleum industry Prices: Food in principal countries Security Wholesale... Production in basic industries Reserve ratio of Federal reserve banks Resources and liabilities: Federal reserve banks. Member banks in leading cities ,. Retail food prices Retail trade Savings deposits Security prices . Shoe industry Silver: Imports and exports Price of State banks: Admitted to Federal reserve system Condition of member banks, abstract of Textile industry Time deposits of member banks Tobacco industry Trade: Foreign Retail Wholesale Transportation Wholesale prices Wholesale trade Wool and woolen industry Page 425 419 422 424 399,444 442 _._ i 369-373 374 375-378 375 385 _ _. 406 419 422 __ 400 375-378 425 423,424 399,444 410-412 443 .___ 391 419 422 425 424 419 422 223,424 393 387 392 415 389 412 * 433-435 436-439 402-405 432 432 408 412 389 388 441 382,443 ... 4.09 408 412 388 425 381 379,397,423,424 379,411 426 426-429 433-435 425 396,415 __ 396 383 393 444 445 408 438 390 435 386 398 396,415 379,395,414 394 379,397,423,424 379,395,414 390 FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE DISTRICTS ...-BOUNfcfcRIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O
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