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FEDERAL RESERVE
BULLETIN




JUNE, 1926
ISSUED BY THE

FEDERAL RESERVE BOARD
AT WASHINGTON

Survey of the Year Since England Returned
to Gold
Branch Banking in the United States
Earnings and Expenses of Member Banks

WASHINGTON
GOVERNMENT PRINTING OFFICE
1926

FEDERAL RESERVE BOARD
Ex officio members:

D. R. CRISSINGER, 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.

J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.

Director,

Division

of Research and

Statistics.

E. A. GOLDENWEISER, Acting Director, Division of
Research and Statistics.
Chief, Division of Examination, and Chief Federal
Reserve Examiner.
E. L. SMEAD, Chief, Division of Bank Operations.

J. F. HERSON,

FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)

....

- CHAS. A. MORSS, Vice President

District No. 2 ( N E W YORK)

District No. 3 (PHILADELPHIA)-

JAMES S. ALEXANDER.

»

__..

L. L. R U E .

District No. 4 (CLEVELAND)..
District No. 5 (RICHMOND)...
District N O . 6 (ATLANTA)

GEORGE A. COULTON.
JOHN F . BRUTON.
P . D. HOUSTON.

District No. 7 (CHICAGO)

FRANK O. WETMORE, President.

District
District
District
District
District

BRECKINRIDGE JONES.
THEODORE WOLD.
P. W. GOEBEL.
B. A. M C K I N N E Y .
HENRY S. M C K E E .

No. 8 (ST. LOUIS)
No. 9 (MINNEAPOLIS)
No. 10 (KANSAS CITY)
No. 11 (DALLAS)
N O . 12 (SAN FRANCISCO)




.
__.-

OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—

Frederic H. Curtiss
Pierre Jay

Boston
New York...

R. L. Austin...

Philadelphia

...

„• George DeCamp... ___._.

Cleveland

W. P. G. Harding..
Benj. Strong

W. W. Paddock
J. H. Case
L.-F. Sailer....
G. L. Harrison......
E. R. Kenzel

Geo. W. Norris

Wm. H. Hutt

E. R. Fancher

M. J. Fleming..
Frank J. Zurlinden.
C. A. Peple
R. H. Broaddus
J. L. Campbell
..
Creed Taylor..
0. R. McKay
John H. Blair

Richmond

Wm. W. Hoxton

George J. Seay....

Atlanta.

Oscar Newton

M..B. Wellborn...

Chicago

Wm. A. Heath..^.......

J. B. McDougal

St. Louis
Minneapolis..

Wm.McC. Martin
D. C.
John R. Mitchell.-..-..... R. A. Young

Kansas City..,
Dallas........

M. L. McClure-C. C. Walsh

W. J. Bailey—Lynn P. Talley.

San Francisco.

Isaac B. Newton.

J.'XJ. Calkins

W. Willett.
L. H. Hendricks.*
A. W. Gilbart.i
J.W. Jones.*
Ray M. Gidney.
L. R. Rounds.*
C. A. Mcllhenny.
W. G. McCreedy.i
H. F. Strater.
Geo. H. Keesee.
John S. Walden, jr.*
M. W. Bell.
W. C. Bachman.i
K. C.Childs.1
J. H. Dillard.i
D. A. Jones.*
O. J. Netterstrom.i
J. W. White.
Gray Warren.
Frank O. Dunlop.1

O. M. Attebery
W. B. Geery..
B.V.Moore
Harry Yaeger * . . .
C. A. Worthington..
R. R. Gilbert.......
R. B. Coleman
Wm. A. Day...
Ira Clerk
L. C. Pontious
2

i Controller.

Cashier

Deputy governor

Governor

Chairman

J.W. Helm.
Fred Harris.
W. N. Ambrose.

Assistant deputy governor.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
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.
0. F. McCombs.
J. C.Nevin.
A. H. Dudley.
Marcus Walker.
Geo. R. DeSaussure.
A. E. Walker.
J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe
W. H. Glasgow.
A. F. Bailey.

Federal Reserve Bank of—
Minneapolis:
Helena branch..
Kansas City:
Omaha branchy
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. Motherwell.
. . . R. B.West.
W. L. Partner.
C. R. Shaw.
D. L. Davis.

SUBSCRIPTION PRICE OP BULLETIN

THE FEDEKAL RESERVE BULLETIN is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. It contains, in addition to the regular
official announcements, the national review of business conditions, detailed
analyses of business conditions, research studies, reviews of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
banks. The BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2.
Single copies will be sold at 20 cents. Outside of the United States, Canada
Mexico, and the insular possessions, $2.60; single copies, 25 cents.




TABLE OF CONTENTS
The month:
page
Review of the month—Survey of the year since England returned to gold
375
Business*conditions in the United States
380
Special articles:
Branch banking in the United States
__
._
401
Earnings and expenses of member banks
409
Annual report of Bank of Japan
426
Annual report of Bank of Hungary
_••
-_ _ _
428
Annual report of National Bank of the Kingdom of Serbs, Croats, and Slovenes.-.:
!.._
431
International trade of selected countries in 1925 and 1924_
;____
433
Official:
Law department—
Authority of Congress for erection of Detroit branch bank building,
415
:
Authority of Congress for erection of Baltimore branch bank building.
415
Act limiting use of words "'Federal," " United States," or " reserve "__
•_•
415
State laws relating to segregation of assets of savings departments of banks and trust companies
416
Changes in State bank membership
;
.
____
420
Changes in national bank membership
.
.
420
Fiduciary powers granted to national b a n k s . . . . . .
__.
__
_ ;_
420
Business statistics for the United States:
Industrial activity
_
.
421
Commodity movements
:
.
___
423
Wholesale and retail trade
....
424
Foreign banking and business conditions:
Financial statistics for England, France, Germany, and Canada_ . _
_
.__
434
Foreign trade of principal countries
.
_
'___.
437
Industrial statistics for England, France, Germany, and Canada
__
438
Price movements in principal countries—
Wholesale prices in principal countries..
...
..
;
440
Retail prices and cost of living in principal countries
..._.-_
...
__
_.
442
Banking and financial statistics:
Federal reserve banks—
Condition of Federal reserve banks
443
Federal reserve note account.
:_
.
.
,
_
446
Holdings of bills and securities and earnings thereon
:
_______
447
Discount and open-market operations of Federal reserve banks
.
448
Gold settlement fund
.-_...
_
_____
.__----__-______
462
Discount rates of Federal reserve banks
462
Member banks—
Reporting member banks—
Condition of reporting member banks in leading cities..
_.
449
Bankers' balances at reporting member banks in Federal reserve bank cities. _.
450
Loans to brokers and dealers secured by stocks and bonds made by reporting member
banks in New York City
,..
.
.
._._.
450
All member banks—
Deposits
. '_'
,
___451
Abstract of condition reports on April 12, 1926__
378,452
Bank debits
___--__
._._______._-___.____-._-.-..
456
Member banks and nonmember banks on par list and not on par list
...
_.
457
Money in circulation
;
___.
__._.—
_
.__
__
457
Money rates in principal cities.-..
.
—
;_—•—.
458
Gold and silver imports and exports
•_ _ . .
460
Foreign exchange rates
.—
. —.
;
_
461
IV




FEDERAL RESERVE BULLETIN
VOL. 12

JUNE, 1926

REVIEW OF THE MONTH

During the period of more than a year since
the restoration of the gold standard in Great
Britain many other countries
Developments have reestablished the relations M p b e t w e e n t]aeir
currencies
and gold by adopting the socalled gold-exchange standard, and at the
present time gold is once more the standard of
value in most of the trading countries of the
world. International movements of gold have
continued on a large scale since April of last
year and, in general, have tended to diminish
somewhat the stock of gold in countries with
large reserves and to increase the reserves of
countries with inadequate reserves. Gold
movements, however/ though much freer than
before, are in most countries still under government or central bank control and subject to
various restrictions and regulations. The volume of international trade in commodities has
been larger than in other recent years, and the
flow of funds between the principal money
markets has been more responsive to differences in the level of money rates than was the
case before the restoration of a free gold market. Notwithstanding the larger volume of
international trade and the closer relationship
between the markets of the world, commodity
prices in different countries have shown little
tendency to approach a common level; the
movement of prices, however, in most of the
countries of the world during the past 12
months has been uniformly downward, particularly for agricultural commodities. Exchange
rates on most of the more important currencies
have fluctuated less during the past year than
at any time since the close of the war; in fact,
for the stabilized currencies fluctuations have
remained within the narrow limits of the so-




No. 6

called gold points. Credit conditions during
the past year have been generally characterized
by a more adequate supply of short-term funds,
following upon the acute shortage of the preceding year, but the supply of funds for investments continued to be limited. With the
return of greater currency stability and the
greater ease in the money markets, credit
policies of central banks in many European
countries during the year have become less
restrictive and there has been evidence of the
gradual restoration of more normal banking
and credit conditions.
During the sixteen months ending in April,
1926, gold holdings of the United States
declined by about $60,000,000
Gold moveand the gold stock of England
ments
by about $25,000,000 while
that of Germany increased by more than
$170,000,000. In the United States exports
of gold in the early months of 1925, largely
to Germany, were followed for several months
by relatively small gold movements and then,
during the first quarter of 1926, by considerable receipts of gold, chiefly from Canada.
In England gold imports exceeded gold exports by approximately $48,000,000 during
the four months following the restoration of a
free gold market, but this inflow was followed
by a loss of over $50,000,000 of gold in the
subsequent eight months, with the consequence that at the end of a year of free gold
movements England's stock of gold was
slightly smaller than at the time when the
prohibition of gold exports was removed. The
loss of gold during the year, however, has not
been at any time in sufficient volume to cause
the Bank of England to make use of the
credits established in this country as a safeguard against possible depletion of the gold
375

376

FEDEBAL RESEBVE BULLETIN

reserve. The gold reserves of Germany increased continuously during the year, first
through the use of the proceeds of the international loan, aijd later by the transfer to
Germany in gold of balances accumulated
abroad through private loans or in the ordinary course of the country's foreign trade.
Throughout the year, there has been an exceptionally heavy demand for gold from India
as the result of a series of good crops. Aggregate imports of gold to India in 1925 reached
the record figure of $200,000,000, or about
one-half of the total production of new gold,
which was larger in 1925 than in any year
since 1917. The other half of the gold produced during the year was not quite sufficient
to meet the demand for gold for industrial
purposes, with the consequence that the total
volume of gold held as reserves in the principal
countries of the world declined somewhat
during the period.1
The restoration of the free gold market has
been a factor in facilitating the international
movement of merchandise
International ^ h i n 1 9 2 5 f o r a l l c o u n t r i e s
trade
'
combined, was valued at more
than $46,000,000,000, an increase of about 12
per cent over 1924. Increases were shown for
almost all countries both on the import side
and on the export side, with the increase in
imports being larger for the United States and
leading European countries and the increase
in exports larger for India and Canada. The
largest growth in both exports and imports was
for Germany, where it amounted to more than
one-third. Both for Great Britain and for the
United States merchandise imports increased
more than merchandise exports, the exports
increasing byfabout $320,000,000, or about 7
per cent, for each offthese countries. In jboth
Denmark and Norway, notwithstanding the
rise in the exchanges during the year, the increase in exports was greater than the increase
in imports, while in France, Italy, and Poland,
whose exchanges were generally lower in 1925
than the year before, the increase in imports

JUNE, 1926

nevertheless exceeded that in exports.1 In the
early months of 1926 the aggregate volume of
international trade according to available figures appears to have been somewhat lower than
that for the corresponding months a year ago.
The year following the restoration of the
free gold market in Great Britain has been
characterized by a downward
C o u r s e o f movement of prices in England
prices
and in most other European
countries, as well as in the United States. An
important factor in this international decline of
the average of commodity prices has been a recession in the prices of farm products, which had
advanced considerably during the preceding
year. World prices of other commodity groups,
however, and particularly of some of the important industrial products, like steel, also declined
during the year. The course of wholesale
commodity prices in England and in the United
States since the beginning of 1924 is shown
on the chart. In the latter part of 1924 and
PER CENT

180

~

1180

England _

160

United Statesj

140

120

120
WHOLESALE PRICES

_J

I

—4100

1924
1925
Index numbers of Board of Trade for England and Bureau of
Labor Statistics for the United States

early in 1925, prior to the removal of the gold
embargo, prices, according to official index
numbers, were higher in England than in the
United States, and the difference was larger
than could be accounted for by the depreciation of sterling exchange. In February, 1925,
when the committee of experts made its recommendation that England return to the

i Detailedfiguresfor the foreign trade of 19 countries in 1924 and 1925,
expressed in dollars, are given in the table on p. 433. For more recent
For detailed table of gold reserves of principal countries from 1913 months, correspondingfiguresfor certain countries are given on pp. 438
to the end of 1925 see FEDERAL RESERVE BULLETIN for April, 1926, p. 271.
and 439.
1




JUNE, 1926

FEDERAL RESERVE BULLETIN

377

As a consequence of greater monetary stagold standard, the value of the pound sterling
was only 1 y% per cent below gold parity, while bility and the removal or relaxation of restricthe price level in the United States was 5 per Reiations he- strictions on gold movements
cent lower than in England. The committee, tween money and on dealings in foreign
mar e s
exchange, transfers of funds
in fact, pointed out that a readjustment of
prices between the two countries was inevi- between the principal money markets, in
table, because British prices had not declined response to differences in the levels of interest
in 1924 and the beginning of 1925 in propor- rates, were in exceptionally large volume during
tion to the rapid rise in sterling exchange, and the past year. The chart compares the course
that the necessary readjustment would be of the rate on bankers' bills in the London
rendered only slightly more severe by a rise of
sterling to parity. At the end of April, when
the gold standard act was adopted and sterling
rose practically to par, prices had turned
downward in both countries, but the difference
in price levels between the two countries had
narrowed somewhat, because in England prices
had declined more rapidly than in the United
States, and in April, 1926, according to the
index numbers, British prices were about 5 per
cent lower than American prices. In England
the decline in prices during the year was some— - N E W YORK TIME LOAN. RATE
— i - LONDOH BILL RATE
what larger in industrial than in agricultural
commodities, while in the United States the
decline in the prices of farm products was
19241926
much larger than the reduction in the prices
market with the movement of the rate for
of nonagricultural commodities. Price retime loans on mixed collateral made in the
cessions for the year in other countries were of New York market. The rates shown in the
varying degree, the largest declines occurring chart are indicative in a general way of the
relative returns obtainable for short-term funds
WHOLESALE PRICES IN SELECTED COUNTRIES
[Pre-war=100]
in the New York and London markets. During
the months immediately following upon the
Net
change
April, 1926 April, 1925 (per cent)
restoration of the gold standard rates in London
United States
- 3 were higher than in New York, and London not
151
156
144
151
Netherlands
123
131
Germany
»
—6 only received a considerable volume of gold
150
—8
Sweden
163
—11 from abroad but also held large balances for
148
Switzerland*
___
166
162
144
—12 American banks accumulated in part during
England
198
267Norway a
—26
141
Denmark
216
- 3 5 the period of the previous year's rise of sterling
exchange toward parity. In August, however,
i First of April figures.
2 First of M a y figures.
rates in New York advanced as the result of a
in Norway and Denmark and the smallest, seasonal demand for credit and currency and
next to the United States, in the Netherlands. the growing demand for funds in the security
In Germany prices declined considerably less market. At the same time money rates in
than in England, and the decline in the average London declined, partly because of the inflow
reflected much larger reductions in the prices of of gold, but also on account of the domestic defoods than in the prices of industrial products. pression in business. With time money in New
Changes in the price level between April, 1925 York much higher than the bill rate in London,
and 1926, for some of the principal foreign balances were transferred in large volume from
London to New York, and this movement
countries are shown in the table.




378

FEDERAL RESERVE BULLETIN

tended to depress sterling exchange and to cause
in October a movement of gold to New York.
The loss of the balances and of Jbhe gold,
together with the seasonal currency demand,
and the removal of restrictions on foreign
loans, tightened the market in London and in
the latter months of 1925 the bill rate in
London was as high as the rate on time loans
in New York and at times even higher, so
that the transfer of funds to this country was
no longer profitable. In the first five months
of 1926 the spread between the rates has not
been large for any considerable period, and
the movement of funds and of gold between the
two markets has been on a relatively small scale.
Central bank policy in England during the
year following upon the passage of the gold
standard act appears to have
policy t F a l

h a d t h e effect

°f

maintainin

g

a fairly stable volume of credit
in the London money market. During the
period of gold imports into England in the
three months succeeding the removal of the
gold embargo the Bank of England sold
securities in sufficient volume to offset the
receipts of gold from abroad. Consequently,
deposits of the Bank of England, which constitute a large part of the reserves of the
British commercial banks, remained practically
constant. During the following period of gold
exports, on the other hand, the Bank of England put funds into the market by increasing
its own security holdings, with the consequence
that there was no decline in the deposits held by
the central bank for the commercial banks.
This open-market policy of the Bank of England was supported by corresponding changes
in the discount rate, which stood at 5 per cent
in April, 1925, was reduced to 4 ^ per cent on
August 6 and to 4 per cent on October 1, and
then on December 3 was advanced again to 5
percent, the rate in effect at the present time.
In other European countries the more normal credit conditions that have prevailed
during the past year have resulted in general
reductions of central bank discount rates, and
in the relaxation of the rigid methods of rationing credit that had been adopted during the
period of acute shortage of funds. The German Reichsbank reduced its rate from 10 to 9




JUNE, 1926

per cent in February, 1925, and again to 8 per
ent in January and to 7 per cent in March
of this year. In addition, the Reichsbank
adopted policies in regard to the handling of
clearings and of deposit accounts that made the
use of central bank facilities less expensive
to its customers. Short-term money rates in
Germany declined considerably during the year,
though rates for long-term money have continued to be high. The Reichsbank also used
its influence during the year in an endeavor to
reestablish in Germany the regular commercial
acceptance market which had been completely
demoralized during the period of monetary disorganization. The bank has furthermore paid
particular attention to the maintenance of an
adequate supply of foreign bills, in order to
assist the country's foreign trade and to maintain the international value of German currency.
The recovery of Europe's financial machinery from the disorganization following the war
has thus made definite progress during the year
since Great Britain's return to gold, not only
in those countries which have themselves
reestablished the gold standard, but also in
countries which are still going through a period
of transition. With the growth of confidence
and of monetary stability and with the increased freedom of movement of gold and of
liquid funds in response to differences in the
level of money rates, financial conditions
abroad have become an increasing influence in
the domestic credit situation of the United
States and consequently a more clearly defined
factor to be taken into consideration in shaping
this country's domestic credit policy.
FINAL DECISION IN ATLANTA PAR CLEARANCE
CASE

On June 7 the Supreme Court of the United
States refused to grant a writ of certiorari
bringing before it for review the case of
Pascagoula National Bank v.. Federal Reserve
Bank of Atlanta. As a result of this action
by the Supreme Court, the decision of the
Circuit Court of Appeals, rendered on February 11, 1926, which was published on page
174 of the

FEDERAL RESERVE BULLETIN

for

March, 1926, becomes final, thus terminating
the litigation in favor of the Federal Reserve
Board and the Federal Reserve Bank of
Atlanta on all points involved.

379

FEDEKAL RESERVE BTJLELETIN

.JUNE, 1926

of about $200,000,000 at reporting member
banks in leading cities and an increase of about
$71,000,000 at other member banks located for
The Federal Advisory Council held its sec- the most part in relatively small centers.
ond meeting in 1926 in Washington on May 21.
Total loans of member banks in leading
cities, following a growth of about $1,170,000,000 in 1925, showed a decrease of about $340,CONDITION OF ALL MEMBER BANKS 000,000, for the first quarter of 1926. This
decrease reflected a decline of more than
The aggregate loans and investments of all $500,000,000 in loans on securities, only partly
member banks on April 12, 1926, as shown by offset by increased commercial loans, and was
reports of condition which have recently be- accompanied by 7a growth of about $140,000,come available, were $31,070,000,000—about 000 in the banks investment holdings and by
$130,000,000 less than at the end of 1925 but a decline in deposits and in the volume of
nearly $1,800,000,000 larger than in April of borrowing from the Federal reserve banks and
that year. Loans declined by $270,000,000 other banks.
during the first quarter of 1926, while investAt member banks in smaller centers total
ment holdings increased by $140,000,000. loans, which had increased by about $930,The decrease in total loans and investments 000,000 in 1925, advanced further in the first
was accompanied by a decline of about $170,- quarter of 1926, and at the end of the period
000,000 in the volume of the banks' borrowings, were about $1,000,000,000 larger than at the
and by a decline of $1,358,000,000 in total beginning of 1925; investment holdings of these
deposits; the decline in deposits, largely in de- banks remained at approximately the same
mand deposits, is explained partly by the high level as at the end of 1925—about $150,000,000
level
of deposits of the end of the year, which above the level at the beginning of that year.
w a s to some extent due to the usual accumulaA comparison of figures for weekly reporttion at that time of a large volume of checks for ing member banks, located in leading cities
clearing and collection; time deposits showed throughout the country, with figures for other
an increase of $302,000,000 for the period, and member banks, located for the most part in
United States Government deposits an increase smaller centers, is presented in the following
of $75,000,000, while amounts due to banks table:
and bankers declined by $371,000,000. Principal resources and liabilities of all member PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER
BANKS
banks for April 12, 1926, are shown in the following table. A complete statement of condi[In millions of dollars]
tion for April 12, 1926, is published on page
452 of this issue.
Loans and investments BorNOTE

Meeting of Federal Advisory Council.

PRINCIPAL

RESOURCES AND LIABILITIES
MEMBER BANKS

OF

ALL

Total

rowings
at
InvestLoans ments Federal
reserve
banks

29,026
31,199
31,070

20,181
22,275
22,006

8,845
8,924
9,064

314
750
577

18,599
19,697
19,497

13,068
14,235
13,897

5,531
5,462
5,600

154
555

10,427
11, 502
11,573

7,113
8,040
8,109

3,314
3,462
3,464

160
195

[In millions of dollars]
Change since—
Apr. 12,
Dec. 31,
1926

1925

Loans and investments.Loans
Investments, total
United States securities
Other bonds and stocks
Deposits, total....
_
United States Government deposits.
Due to banks...
___.
_-..
Demand deposits
_
Time deposits._.
_.__
Bills payable and rediscounts
..--

31,070
22,006
9,064
3,831
5,233
32,870
379
3,849
17,687
10,955
841

—130
-269
+139
+70
+69
-1,358
+75
-371
-1,364
+302
-171

Apr. 6,
1925
+1,785
+1,617
+168
-85
+253
+1,644
-32
-232
+1,080
+828
+141

The decrease in member bank credit outstanding between December 31, 1925/ and
April 12, 1926, was the net result of a decline
98738—26-—-2




All member banks:
End of 1924
..._
_..
End of 1925
_
____
Middle of April, 1926
Weekly reporting member banks:
End of 1924
__.
End of 1925-.
Middle of April, 1926
Other member banks:
End of 1924
__.
End of 1925
___
Middle of April, 1926
...

Changes
All member banks:
December, 1924-December, 1925. +2,173 +2,094
December, 1925-April, 1926.—_
-129
-269
Weekly reporting member banks:
December, 1924-December, 1925. +1,098 +1,167
-338
December, 1925-April, 1926
-200
Other member banks:
+927
December, 1924-December, 1925. +1,075
December, 1925-April, 1926
+69
+71

+79
+140

+436
-173

-69
+138

+401
-167

+148
+2

+35
-6

380

FEDERAL RESERVE BULLETIN

JUNE, 1926

BUSINESS CONDITIONS IN THE UNITED STATES
NATIONAL SUMMARY

There was a slight decline in the activity of
industry and trade in April, and a further reduction in the general price level. Commercial
demand for bank credit continued large and
the volume of security loans, after a rapid
decline since the turn of the year, remained at
a constant level.
Production.—-Production in basic industries,
according to the Federal Keserve Board's
index, decreased 1 per cent in April, slight
increases in production of lumber and pig iron
being more than offset by declines in output in
other industries. Particularly large recessions were shown in the production of steel
ingots and in textile mill activity. Automo-

cast, compared with a final yield of 398,000,000
bushels in 1925.
Trade.—The volume of wholesale trade in
April was seasonally smaller than in March
for all lines except meats. Compared with a
year ago, sales of groceries, meats, and drugs
were larger in April, while sales of dry goods,
shoes, and hardware were smaller. Department-store sales increased less than usual and

50

50
With Seasonal Adjustment
Without Adjustment

50

1922

1923

1924

1925

1926

Index of 22 basic commodities adjusted for seasonal variations. (1919=
100.) Latest figure, April, 122

bile production, not included in the index,
continued in large volume. Factory employment and pay rolls declined slightly in April,
particularly in the food, tobacco, textile, and
boot and shoe industries. The value of building contracts awarded during April was smaller
than in March and practically the same as in
April of last year. Awards for the first two
weeks in May, however, showed increases as
compared with the same weeks in 1925.
Keports by the Department of Agriculture
indicate that up to the 1st of May 68 per cent
of spring plowing and 56 per cent of sowing and
planting was completed, compared with about
83 per cent and 66 per cent last year. On the
basis of the condition of winter wheat on
May 1, a yield of 549,000,000 bushels is fore-




19241925
1926
1922
1923
Index of sales of 359 stores. (1919=100.) Latest figures, April, adjusted 129, unadjusted 133

were somewhat smaller than a year ago. Sales
of mail-order houses were slightly smaller than
in March, but continued to be larger than in
the corresponding month of 1925. There was
some decrease in the stocks of merchandise
held by wholesale firms during the month, and
inventories of department stores showed less
than the usual seasonal increase, though they
were larger than a year ago. Weekly freightcar loadings decreased in the early part of April,
but later increased, and the volume of shipments for the month of April as a whole and
for the first two weeks in May was larger than
in the corresponding periods of any previous
year.
Prices.—Wholesale commodity prices, according to the Bureau of Labor Statistics
index, declined slightly from March to April.
Increases in the farm products and foods
groups, which had been declining for several
months, were more than offset by decreases
in other groups. The greatest declines were
in the prices of clothing materials. In the
first three weeks of May prices of wheat, cattle,
sheep, cotton goods, pig iron, bricks, and rubber

381

FEDERAL RESERVE BUIiLETIN

JUNE, 1926

Withdrawals of funds from New York were
declined, while those of hogs, raw silk, and
reflected in an increase between the middle of
crude petroleum increased.
April and the middle of May in borrowings by
member banks from the Federal Reserve Bank
of New York, while borrowings at most of the
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

2

1922

1923

1924-

1925

1926

Index of United States Bureau of Labor Statistics. (1913=100, base
adopted by bureau.} Latest figure, April, 151

Bank credit,—Commercial demand for bank
credit at member banks in leading cities continued in large volume between the middle of
April and the middle of May. Liquidation of
security loans, which had been rapid since the
beginning of the year, did not continue after
the middle of April, and the volume of these
loans remained fairly constant at a level about
$450,000,000 below the peak at the end of
1925. There was some addition to the banks'
investments, and the total of their loans and
investments was about $1,000,000,000 larger
than at the same period of last year.

1922

1923

1924

1925

1926

Monthly averages offdaily figures for 12 Federal reserve banks.
figures^are averages for first 22 days in May

Latest

other reserve banks declined. Op^en-market
holdings of the reserve banks remained fairly
constant during the period, and there was little
change in the total volume of reserve-bank
credit outstanding.
Money rates late in April reached the lowest
level for a year, but in May conditions in the
money market became somewhat firmer.

BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
[Monthly average 1919=100]

Year and month

Production in
basic
industries i

Factory Factory Building Railroads Wholeemploy- pay
contractsl
car
sale
rolls awarded
ment
trade

1925
January....
February..—_—
March
April—.—
May
June
_-.
July
August--,.
September-.—...
October..
November
December.——

127
124
120
119
111
110
113
109
111
116
115
121

103
109
110
107
107
105
102
105
104
111
112
112

164
166
172
169
151
173
188
225
235
210
229
276

123
125
117
129
123
117
122
123
121
121
121
130

1926
January
___
February———..
March-———
April..

120
120
123
122

107
112
113
110

243
208
209
170

118
127
126
132

87
94
101
86
80

Department-store
sales1

Department-store
stocks i

Unadjusted

Unadjusted

Adjusted

Adjusted

Bank
debits
outside
of New
York
City i

108
101
121
136
128
126
95
98
12t
165
145

124
131
121
133
124
126
128
125
134
145
129
141

119
127
139
141
136
129
125
131
143
149
154
129

134
135
137
136
137
135
133
131
133
134
137
139

119
118
118
120
118
122
124
120
123
128
122
124

114
104
130
133

130
135
130
129

125
132
143
143

141
140
141
139

126
128
131
131

* 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-stores sales and stocks are shown both with and without seasonal adjustments.




382

FEDERAL RESERVE BULLETIN
MONEY RATES

Money rates in the New York market during
May were at their lowest levels since last summer, although some rates were higher late in
the month than at the beginning. Prime commercial paper, however, was quoted at 4-43^
per cent early in May and later at a flat 4 per
cent for the first time since last August, with
an increasing number of names going at 3% per
cent. The supply continued small and an
active demand came from the Middle West,
Pennsylvania, and New England.
The offering rate on 90-day bankers7 acceptance
which declined to 3 % per cent on April 23, the
lowest rate in effect since May a year ago, recovered to S}{ per cent in the middle of May,
and rates on other maturities moved correspondingly except for 30-day and shorter bills,
which remained unchanged after their late
April decline. The average yield on United
States, certificates of indebtedness also recovered slightly in the middle of May from its
decline to about 3 per cent in April. Liberty
bonds continued to rise in price and their yield
during May was but little above the low point
for 1925 reached last June. Call rates on
stock-exchange loans averaged higher in the
latter part of May than of April, but time rates
were about the same, and both remained below
the levels of the previous nine months. The
table below shows money rates prevailing in the
New York market during the last three months:
MONEY RATES IN N E W YORK CITY
Average yield
on—

Month

May, 1925
March, 1926—.
April, 1926
May, 1926
Week e n d i n g May 1.
May 8
May 15
May 22
May 29

Prime
commercial
paper,
4-6
months

3M-4

4 -4M
4 -4M
4
4

Average rate
on—

Prime U. S.
bank- Treasers'
ury
accept- notes
V4
Call x Time2
ances,
and per cent loans
90
loans
certifi- Liberty
bonds
cates,
3-6
months
3.93
2.73
3 3.03 } 3.98
4 3.25
3.94
44 3.08
3.93
3.17
4
3.03
3.92
4
3.12
3.92
4
3.92
3.19
4
3.94
3.19
4
3.94
3.18

3.82
4.55
4.06
3.81

3.88

3.60
3.70
3.90
3.75
3.90

4.00
4.03
4.05
4.00
4.03

4.72

4.29
4.05

JUNE, 1926

middle of May, as compared with 4 ^ per cent
in the middle of April.
ACCEPTANCE MARKET

The acceptance market was active in New
York and Boston after the middle of April,
with rather limited supplies of bills moving
freely at offered rates. Dealers lowered their
rates on April 22 by one-eighth of 1 per cent,
and again on April 23 by one-fourth of 1 per
cent, and on April 27 the Federal reserve banks
reduced their buying rates for the first time
since January, t h e market demand for bills
at the new rates declined, and during early
May New York dealers' portfolios increased to
the largest volume of holdings recorded, with
larger sales to the Federal reserve banks.
After May 18, when dealers raised their rates
one-eighth of 1 per cent on all maturities over
30 days, demand increased somewhat, aiid on
May 20 Federal reserve banks further lowered
their rates on bills of over 60 days maturity
to an equality with offering rates in the market. In New York the average weekly purchases and sales of dealers during the whole
reporting period from April 15 to May 19
were the largest since last Octobei*, but in
Philadelphia and Chicago relatively quiet conditions prevailed. Bills chiefly in evidence in
the eastern markets involved transactions in
silk, sugar, tobacco, and rubber, and in Chicago
were based on a considerable variety of products, including grain, rubber, packing-house
products, and iron ore. The following table
shows bill rates in the New York market at
the beginning and end of the reporting period.
ACCEPTANCE RATES IN THE N E W YORK
Maturity

MARKET

April 14, 1926

May 19, 1926

Bid

Bid

Offered

Offered

30 days_.
60 days..
90 days..
120 days.
150 days.
180 days.

CAPITAL ISSUES

The volume of new domestic securities
issued in April, according to the compilation of
the Commercial and Financial Chronicle, was
1
Renewal rate.
considerably smaller than in any previous
2
Weekly average of daily average rates on principal maturities.
3
Issues maturing June 15,1926.
month of 1926 or in April, 1925. They
«Issues maturing Sept. 15,1926.
amounted to $392,800,000, with an additional
In the London money market rates were $100,000,000 of issues for refunding purposes.
firmer at the beginning of May, but declined Foreign issues, on the other hand, were the
slightly later in the month. Three months7 largest of the current year, altogether totaling
bank bills were quoted at 4^- per cent in the $137,050,000, according to the compilation




383

FEDERAL RESERVE -BULLETIN

JUNE, 1926'

SECURITY PRICES
of the Federal Reserve Bank of New York, as
compared with $67;240>000 in April last year.
The prices of representative common stocks,
The small volume of domestic flotations is ac- which
about one-half of their
counted for by a decline in those of corpora- March recovered
decline
during
April, again declined
tions, for the amount of municipal offerings during the first two weeks
of May, but incompared favorably with the average of re- creased somewhat the following
The
cent months and of 1925. Industrial issues, in low point reached in May by theweek.
price
index
particular, were but little more than one-half of 231 1 stocks computed by the Standard
their volume in March, and while both public Statistics Co. was about 3 points above its
utility and railroad issues showed considerable April
point. The increases later in the
increases, a large proportion of the former was monthlow
brought
railroad stock prices to higher
for refunding purposes. This is the first levels than they reached
in April, but industrials
month since August, 1925, in which the total made smaller gains. The
were pretty
amount of public utility flotations has exceeded widely distributed amongincreases
the
various
those of industrial corporations. The follow- of industrial stocks, but were not large groups
any
ing table shows the domestic securities, both group. At the end of May railroad instock
new and refunding, issued in April, 1925, and prices were near those prevailing last Novemin March and April, 1926:
ber and industrials near those of last September. The market was inactive during
DOMESTIC CAPITAL ISSUES
May, as indicated by the average volume of
[In million of dollars]
sales, which was less than for any month since
April, 1925. Bond prices, already at the
April , 1925
April , 1926
March, 1926
highest levels since 1917, continued to advance
in May. The following table gives indexes of
ReReRestock prices computed by the Standard
New fund- New fund- New funding
ing
ing
Statistics Co. of New York, the average price
of 40 bonds computed by Dow, Jones & Co.,
78.8
Total.____-._
_. .392. 8 100.8 558. 2 38.8 470.1
and the average number of shares of stock
Corporate
99.1 416.1 37.2 374. 6
68.6 sold daily on the New York Stock Exchange
284.6
Long-term bonds and
notes
228.1 81.2 218. 2 34.9 219.4
65.6 for the last six months and for May a year
Short-term bonds and
notes
24.1
. 2 ago:
27.4
17.2
20.0
1.0
Stocks
Farm loan issues
Municipal.

29.1
2.3
105.9

0.7
1.7

173.8
29.3
112.8

1.3
.2
1.4

135.2
6.4
89.1

2.8
4.7
5.5

The bulk of the foreign flotations in this
country during April were issued by LatinAmerican governments, provinces, and municipalities, and by Canadian corporations.
The former accounted for over $71,000,000
and the latter for about $34,000,000 out of a
total of $122,250,000 new issues. The following table shows the foreign offerings during
February, March, and April:
FOREIGN CAPITAL ISSUES
[In millions of dollarsl
April, 1926

March, 1926 February,1926

Government

Corporate

Government

Corporate

Government

Total new issues.
__. 76.3
5.0
Europe—-—___.
Canada and Newfoundland
__.-.
Latin America _____-_. 71. 3
International..
Refunding issues
~~2.Y

45.9
10.2

23.2
3.7

21.7
14.9

44.0
42.0

33.7
2.0

6.0
13. 5

4.8

12.0

3. 0

57.9

!6.2

Total new and refunding. ______




79.1

Corporate
20.4
14.0

2.0

6.4

40.0

3.6

~2.T

21.7

84.0

24.0

INDEX NUMBERS OF SECURITY PRICES
Price indexes of*—
Average
201 in- 31 rail- Total, price
232
of 40
dustrial2 road
stocks stocks stocks 2 bonds 3
Average for—
127. 8
May, 1925__
December, 1925 ___. 151.6
January, 1926
_. .153.7
February, 1926
. 154/9
March, 1926
144.0
April, 1926-___-_-__._. 139.8
May,1926
141.1
Average for week ending—
May!
143.3
May8
140.6
May 15
138.5
May 22
140.3
May 28.
142.9

Average
number
of shares
of stock
sold daily
(000
omitted)*

110.0
125.4
125.5
123. 5
119.4
118.5
120.6

122.5
144.0
145.5
145.7
136.7
133.6
136.0

92.*79
92.76
93.46
94.31
93.94
94. 52
95.25

1,607
1,883
1,766
1,806
1,790
1,339
1,083

120. 4
118.7
118.8
121. 8
123.1

136. 6
134.1
132.7
139. 4
137.1

95.19
95.12
95.29
95. 30
95.35

1,284
936
936
1,098
1,363

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 Saturday.
2
The number of industrial stocks used in the index was reduced to 200
and the total number to 231 after May 15,1926, on account of the merger
of two of the companies whose shares are included.
3 Arithmetic average of daily average closing prices, as published in
the Wall Street Journal. Weekly averages are for week ending with
Saturday.
f Saturday omitted. Weekly averages are for five days ending withFriday preceding date given.

384

FEDERAL RESERVE BULLETIN"
AGRICULTURAL CREDIT

JUNE,

1926

Loans closed by Federal and joint-stock
The consolidated statement of the 12 Federal land banks were in smaller volume during April
intermediate credit banks for April shows a than in the preceding month. Federal land
decrease in outstanding direct loans from banks increased their net outstanding loans
$47/700,-000 to $40,819,000 and an increase in from $1,027,361,000 to $1,033,044,000, while
joint-stock land banks increased from $579,rediscounts from $36,290,000 to $40,755,000.
All banks showed a net decrease in outstand- 457,000 to $587,169,000. The following table
ing direct loans with the exception of the Balti- shows the outstanding volume of net mortgage
more bank, where additional advances were loans at the end of April held by 12 Federal
made upon tobacco. Slight increases were land banks, 53 joint-stock land banks, and 41
made in outstanding advances based on wool, life-insurance companies owning more than 82
rice, and canned fruits and vegetables; the more per cent of the assets of all life-insurance
important reductions were made in loans based companies:
on tobacco, wheat, and cotton. All types of
N E T FARM MORTGAGE LOANS OUTSTANDING
direct loans, with the exception of advances on
raisins and wool, displayed a further reduction
[In thousands of dollars]
in the first half of May. Loans on raisins
remained unchanged and wool advances conApril 30,
April 30,
1926
1925
tinued their seasonal increase as shearing operations made a new crop available.
all joint-stock land banks.
587,169
486; 247
Rediscounts, which increased approximately Total,
Total, Federal land banks
1,033,044
962,662
1, 552,000
1,483,000
$4,465,000 during April, represented chiefly 41 life-insurance companies .
advances to agricultural credit corporations,
and the largest part of these funds were loaned
AGRICULTURE
in the Columbia (S. C.) and New Orleans districts. Slight decreases were shown in outAgricultural developments in April and the
standing rediscounts in the following districts: early weeks of May were delayed by continuaSpringfield, Louisville, Wichita, and Berkeley. tion of unseasonable weather inmost sections
During the first half of May rediscounts exhib- of the country. Up to the 1st of May only
ited only a nominal increase. Changes in 68 per cent of spring plowing for the entire
rediscount rates have recently been made in United States had been completed and only 56
two districts-—the St. Paul bank reducing its per cent of spring sowing and planting. Last
rate from 5 ^ to 5 per cent and the Columbia *year approximately 83 per cent of spring plow(S. C.) bank increasing its rate from 5 to 5J4 ing and 66 per cent of sowing and planting
per cent.
were completed by May 1. The cotton crop
Loans based on eligible commodities and averages from ten days to three weeks later
rediscounts for the different financial institu- than in 1925 and a similar situation prevails in
tions for the latest date in May are shown in the the grain-growing sections of the country.
In the West and Southwest the average conaccompanying table:
dition
of ranges is materially better than a year
- INTERMEDIATE CREDIT BANKS
ago and livestock generally are in the best
[In thousands of dollars]
condition in several years. In the eastern sections of the country, however, pastures in the
M a y 15, Apr. 17, M a y 16,
1925
1926
1926
early spring months were adversely affected
by cold and dry weather and the average
Direct loans outstanding on—
condition is considerably lower than a year
1,505
19,680
23,985
Cotton.
20, 306 ago.
12,874
12, 298
1,369
656
577
Wheat
-.
Marketing of agricultural products in April
412
253
449
Canned fruits and vegetables.
3,600
4,000 was seasonally smaller than in March, but ;was
3,600
Raisins
_.
,
1,166
Prunes.,.
— '
Shipments
332 larger than in April of last year.
44
65
Peanuts.
--.
179
108
264
Wool..
.
—978
156 of spring fruits and vegetables increased in
934
Rice.-...340
41 April but, due to the lateness of the season,
266
All other...
_*.-_
28, 594 the total volume of these crops that reached
43, 731
38,112
Total.
the markets was considerably smaller than last
Rediscounts outstanding for—
20, 533 year.
27,127
28, 517
Agricultural credit corporations
Exports of farm products were in
8
13
3
National banks......._-.__-_-__--.-.
678 slightly smaller volume in April than in March
471
452
. State banks.
10,284 and were about 9 per cent smaller than in
12, 276
12,088
Livestock loan companies..
50
15
Savings banks and trust companies.
April of last year. The decline, however, be31,553
41,
267
Total..
tween March and April this year was not as




JUNE, 1926

FEDERAL KESEEVE BUIiLETUsT

large as in 1925. Smaller exports in April this
year than in April, 1925, were due principally
to the large reduction in exports of grains and
grain products, which have been smaller each
month this season than in 1925. Exports of
meats, on the other hand, including pork and
beef products, were larger in April than in the
corresponding month of last year.
Farm prices in April remained at about the
same level as in March, but in May the Department of Agriculture's index of 30 farm commodities declined from 140 to 139. The largest
declines were in the prices of fruits and vegetables and cotton and cottonseed. As compared with May, 1925, prices averaged 6 per
cent lower, and all groups except fruits and
vegetables and livestock showed declines.
Grains.
Favorable rain in the winter wheat belt in
early May greatly^ improved the condition of
the growing crop. With an unusually small
amount of winter-killed wheat and generally
favorable conditions, prospects indicate a
much larger crop than last year. The May 1
estimate of the Department of Agriculture
forecasts a yield of 548,908,000 bushels of
winter wheat, which is 38 per cent more than
the yield of 1925, but 2 per cent less than the
average production for the last 10 years. The
condition of the crop is reported as 84 per cent
of normal as compared with 77 on May 1,
1925, and 83.6 per cent, the average condition
on the same date for the last 10 years. The
largest increase is forecast for the hard winter
wheat region comprising chiefly the States of
Kansas, Oklahoma, Nebraska, and Texas;
while in the soft winter-wheat area the main
producing States, with the exception of Ohio,
show an indicated decrease in yield as compared with 1925. The North and South Atlantic group of States also show decreases as
compared with last year, and inasmuch as
these two groups do not produce a surplus over
local needs, larger demands upon the surplus
producing areas will be necessitated upon the
basis of indicated yields. With favorable
weather conditions, it is expected that harvesting of winter wheat will be started in
Texas and Oklahoma about June 1. In the
Pacific Northwest, where the crop is from a
month to six weeks earlier than usual, harvesting is expected to begin about the middle of June.
The dry soil conditions prevailing in the
spring-wheat area were relieved by rains during
the middle of May, but in many localities lack
of subsoil moisture is apparent and frequent
Tains will be necessary to insure satisfactory




385

progress of the growing crop. The droughty
conditions have delayed germination and
growth, giving the crop a late start. The
acreage sown to hard spring wheat is estimated
to be under the acreage of last year, while an
increase in the area devoted to durum wheat
is reported.
After falling to the lowest level of the year
in the early part of April, wheat prices made a
recovery of approximately 12 cents, but lost
about one-half of this gain during the last two
weeks of the month. Prices during the first
half of May were held within a fairly narrow
range, with the exception of No. 2 dark hard
winter at Kansas City, which reached the
lowest level since last July. While milling
demand has not been on a large scale, export
orders have been increasing and domestic
supplies in both this country and in Canada
are at low levels.
The market for com has continued weak
and new low levels were reached in the first
part of May. Spring activity in the fields
has held supplies from the market, curtailed
receipts having held down supplies at the
primary markets so that they are not unduly
large for this time of the year. Feeders and
industrial interests have been buying moderately. Unfavorable weather was encountered
during much of the planting season in the
South and some replanting was necessary.
In the central -and north sections of the corn
belt generally favorable conditions for planting
were encountered. Deficient soil moisture,
however, was reported in Iowa and other areas.
A fairly, active demand was maintained in
the oats market during the first half of May,
particularly in the northwest markets, where
stocks were considerably reduced by lake
shipments. Condition of the growing crop
varies considerably, as the early dry weather
delayed the growth in many sections, and
damage from high winds is also reported.
Kains during the middle of May greatly
improved the situation, but the crop, as a
whole, is somewhat late. Harvesting of the
oats crop in Texas was reported during the
first half of May, and it was expected that this
grain would begin to reach the market during
the first part of June.
Flax prices showed a slight increase during
April and maintained a fairly firm level during
the first half of May.
Cotton.
Unseasonable weather continued throughout the Cotton Belt in April and the early
weeks in May, and the cotton crop generally

386

FEDERAL RESERVE BULLETIN

is reported to be from 10 days to three weeks
later than last year. Low temperatures delayed germination of the early planted cotton
in many sections and, as a consequence,
considerable replanting has been necessary.
Early estimates indicate that the acreage
planted thus far in all sections is about the
same as in 1925, when 48,090,000 acres were
planted and 46,053,000 acres were harvested.
Conditions in the cotton-manufacturing industry in almost all countries which use a
relatively large amount of American cotton
are generally unsatisfactory, and as a result,
demand for American cotton has declined and
the market generally has been weak. For
the season August 1 to January 1 takings by
spinners in the United States and Canada
"were 23 per cent larger than in the preceding
year, and total takings by all spinners of the
world were 19 per cent larger than a year
earlier. From January to the middle of May,
however, takings have been smaller than in
the spring of last year, and for the season
August 1 to the middle of May takings by
American and Canadian spinners were only
5 per cent larger than last year, and total
takings by all spinners of the world were only
2 per cent larger. As a result of this falling
off in demand, stocks of cotton in the United
States have not been reduced as much since
the beginning of the year as in the corresponding period in 1925, and at the end of April
stocks at mills and warehouses were 62 per
cent larger than on the corresponding date in
1925. At the beginning of the year stocks at
mills in the United States were 3Q per cent
larger than a year earlier, but smaller takings,
since the first of the year resulted in a reduction in mill stocks, and at the end of April
they were only 8 per cent larger than in April
1925. This reduction in mill takings and in
exports have resulted in an accumulation of
stocks at public warehouses, and at the end of
April they were 112 per cent larger than in 1925.
Prices continued to fluctuate within narrow
limits in April and May, and on May 21 the
closing price for spot cotton middling grade at
New Orleans was 18.4 cents, as compared with
18.6 cents a month earlier. In view of the fact,
however, that a large amount of the cotton that
remains in the South is of a very low grade,
prices are considerably lower than those offered
for middling and the better grades.
Tobacco.
Preparation for the 1926 tobacco crop was
somewhat delayed by weather conditions in




JUNE, 1926;

April and May, and up to the first of May
transplanting was from one to two weeks late
in some sections. In North Carolina tobacco
plants were adversely affected by the cold and
dry weather in the spring months and are
generally small, but they are in sufficient
numbers to provide for a slightly increased
acreage. In the St. Louis Federal reserve
district weather conditions in the early weeks
of May were generally favorable for farm
work and preparations for the new crop
advanced rapidly. Cold weather, however,
has delayed transplanting, and up until themiddle of May very little had been done.
Stocks of leaf tobacco in the hands of dealers
and manufacturers at the beginning of April
showed the seasonal increase that usually
occurs between January and April, and werematerially larger than a year ago. In the past
four years tobacco stocks have been increasing
rapidly, and at the beginning of April this year
they were the largest in recent years. Detailed
statistics of stocks of the principal types of
tobacco on April 1, 1924, 1925, and 1926, are
shown in the following table:
STOCKS OF PRINCIPAL TYPES OF TOBACCO IN HANDS,
OF DEALERS AND MANUFACTURERS
[Millions of pounds]
Types
Aggregate—all tobaccos.
.
Chewing, smoking, snuff, and export
types, total
Burley
Dark—Kentucky and Tennessee
Bright—Virginia, North Carolina,
South Carolina, and Georgia
Cigar types, total
New England.
_
Pennsylvania
Wisconsin

Apr. 1,
1926

Apr. 1,
1925

Apr. 1,
1924

2,040

2, 036

1,977"

1,532
1,578
323

1, 522
583
341

1,486,
542;
304

548
433
114
118
115

544
'423
113
119
107

583.
421
105
127
106*

This rapid accumulation of stocks in recent
years has caused increased efforts to market a.
larger proportion of the crop in foreign countries, and, as a result, exports for the first four
months in 1926 have been greater than thosein the corresponding four months in 1925.
Index numbers prepared by the Department
of Agriculture showing the volume of tobacco
exports for each of the first four months in
1925 and 1926 are shown in the following table:
1926
January. _
February.
March...
April

144
148
111
137

1925
110r»
74,
106,

JUNE, 1926

FEDERAL RESERVE BULLETIN

In the tobacco-manufacturing industries,
production in April was seasonally smaller
than in March. As compared with April,
1925, the production of cigars and cigarettes
was larger, but the output of manufactured
tobacco products was smaller. The output of
cigarette s amounted to 6,973,000,000 and
continued to exceed the output of the corresponding month in any previous year.
Fruits and vegetables.
Citrus groves in Florida are reported in
generally good condition, arid the picking of
Valencia oranges in California was well under
way during the first half of May. Deciduous
fruits, on the whole, came into bloom without
serious damage from frost except in localized
areas. The berry movement has been greatly
delayed, compared with last season, and the
same is true for most of the early vegetable
shipments, as unfavorable weather conditions
early in the season delayed progress of the crop.
Vegetable prices declined during April as the
seasonal increase in supplies arrived at the
markets. Tomatoes, peppers, and cabbages,
however, maintained their position fairly well,
and the general level of prices was higher than
a year ago. The principal producing sections,
with the exception of those on the Pacific coast,
were late in getting shipments under way. The
lateness of the new potato crop enabled holders
of old stock to make a favorable disposal of
their supplies, but prices declined from their
high level in the second week of April and, with
the exception of a few scattered price recoveries,
the general trend has been downward as supplies of new stock became more liberal.
Despite an increased acreage in onions, shipments from the South have been lighter than
last year, because of weather conditions, hail
damage, and restricted marketing. The price
received by growers is reported to be approximately 25 per cent under last season's level.
Cabbage shipments from various sections
entered the market in orderly fashion and
prices were sustained satisfactorily.
Car-lot shipments of oranges during the
first four months of 1926 have been slightly
higher than the corresponding period in 1925;
car-lot shipments of lemons have been 20 per
cent larger, while grapefruit has been marketed
in a volume about 35 per cent smaller than in
the previous year. Demand for good quality
apples was fairly active, but heavy stocks of
on-grade fruit are still held in storage and
low prices have prevailed. Car-lot shipments have been much heavier than last year.




387

Livestock.

Range conditions continued favorable during April, and the Department of Agriculture
reports the condition of the ranges on May 1
as 94 per cent of norinal, as compared with 91
per cent a month earlier and 84 per cent a year
ago. While conditions on the whole continued favorable during the first half of May, reports indicated that pastures in certain areaswere suffering from lack of rain, particularly in
eastern Montana. The favorable range situation is reflected in the condition of the cattle
and sheep, which the Department of Agriculture places at 94 and 99 per cent of normal,
respectively. This compares with a condition
of 86 per cent for cattle and 93 per cent for
sheep on May 1, 1925.
Total receipts of livestock at the principal
markets during April were in smaller volume
than in the previous month and less than in
April, 1925. Shipments from markets, reflecting chiefly the seasonal movement to pastures, were larger for cattle and sheep than in
March, but were slightly under the amount
taken in April last year. Shipments of hogs,
which showed a decrease from March, were
larger than in April, 1925.
Average prices for beef cattle were slightly
lower than in March, and heavy finished stock
reached the lowest level of the year. Spreads
in prices between stock suitable for further
feeding and finished animals narrowed to such
an extent that feeders were proceeding cautiously. The market is expressing a demand
for young beef of good finish, and all offerings
of this class have been given a preference over
the heavier stock. While April beef prices
were 40 to 80 cents per hundredweight lower
than a year ago, better pasture conditions and
lower feed costs tend to improve the situation.
Average prices on fat cows and heifers showed
a gain of 30 cents at the close of the first half
of May, while native beef steers showed a
slight loss.
The lamb trade worked back to higher levels
in April and averaged approximately 50 cents
higher than in the previous xnonth. Supplies
have been limited, and the early lamb situation is such that May market receij3ts are expected to be lower than last year. A further
gain of 75 cents \^as made during the first half
of May, average prices for lambs in the week
ending May 15 being given at $14.40. In the
range section lambing has proceeded under
generally favorable conditions and a high percentage of lambs is reported. Very little contracting of lambs has taken place, although

388

FEDERAL* RESERVE BULLLETI!N'

JUNE, 1926

buyers have nnade occasional offers at 9}4 and showed an increase of 2 per cent over the corre10 cents a pound. A few sales of wool are re- sponding week last year, and for the first and
ported, with prices being quoted about 35 second weeks of May an increase of 3 and 0.37
cents, but the bulk of the crop is still unsold. per cent, respectively. Stocks in storage on
Material advances were made in the hog May 1 totaled 17,490,000 pounds, which commarket during April and the first half of May, pares with 5,488,000 pounds for the five-year
particularly in the heavier weights, which average on the same date. Contrary to the
hitherto had been purchased at a considerable usual storage movement in April, holdings
discount compared with the lighter-weight ani- showed an increase for the month, as conmals. The average price of hogs for April at trasted with a decrease of 7,136,000 pounds in
Chicago was $12.25, compared with $12.05 in April, 1925.
March and $12.60 in April, 1925. Advances
The low point of the year in the cheese
in May brought up the average price for the market was reached in the middle of April,
week ending May 15 to $13.35. Relative to in- and since that time a firmer trend has been in
creased supplies for autumn and winter market- evidence and prices at the end of the first half
ing, the Chicago Federal Reserve Bank reports of May were %-% cents a pound higher.
the results of a special survey which indicates Production has been maintained at a. high
that losses of young pigs have more than level but demand has also continued active.
counterbalanced the increase in farrowing, re- Cold-storage holdings on May 1 showed a
ducing the total crop of spring pigs in the Chi- decrease of approximately 2,500,000 pounds
cago district 3 per cent below that of last spring. for the month, but total holdings were 9,000,000
The number of marketable hogs remaining on pounds greater than on the same date last
farms May 10, according to this same report, year and nearly double the five-year average.
shows a decline of 9.5 per cent from the corresponding date in 1925.
MINING
The average prices of livestock at the ChiProduction of minerals was seasonally less in
cago market for April, with comparisons, is
than in March, owing partly to the
reported by the Chicago Federal Reserve Bank April
difference
in the number of working days. On
as follows:
a daily average basis, recessions were noted in
the output of bituminous coal, copper, and
AVERAGE PRICES OF LIVE STOCK
lead, while production of anthracite, crude
[Per hundred pounds at Chicago]
petroleum, and zinc increased. As compared
with April, 1925, increases in bituminous coal,
Months of—
anthracite, copper, lead, and zinc more than
Week
ended
offset declines in crude petroleum, iron ore,
May
March, April,
15, 1926 April,
and silver, and as a consequence the total
1926
1926
1926
index for April of this year was larger than
$10.20 that of a year before.
$9.35 $9.40
Native beef steers (average)
Fat cows and heifers
Hogs (bulk of sales)
Lambs (average) __

7.25
13.35
14.40

6.95
.12. 25
13.65

7.20
12.05
13.15

7.35
12.60
14.15

Coal and coke.

Commercial stocks of bituminous coal in the
hands of consumers wqre estimated to be
Dairy products.
40,000,000 net tons on April 1 of this year.
Butter prices reached the lowest level of the This was the lowest estimate since that for
year in April, when 92-score butter was quoted June 1, 1925, and with that exception the
at 38 cents in the New York market. A firmer lowest since early in 1923. At the prevailing
trend was in evidence during May, however, rate of consumption this amounted to 26 days'
and quotations reached 41 cents during the supply. During April the usual seasonal
second week of the month, which level was recession affected both production and prices,
maintained through the third week as well. the latter declining to the lowest levels since
Production, which during the first quarter of the war. Output, on the other hand, was comthe year has been running about 10 per cent paratively well maintained, reaching 40,079,000
above that of last year, began to show a rela- net tons, except in 1923 the highest April figure
tive decrease during the latter part of April and since the war, though seasonally under the
first half of May. Output, as reported by the totals for recent months. During the first
American Association of Creamery Butter half of May the opening of the lake movement
Manufacturers, for the week ending May 1, and the cessation of British production stimu-




389

FEDERAL RESERVE BULLETIN

JUNE, 1926

lated the market somewhat, and the Coal Age
index of spot prices for bituminous coal rose to
$1.93 on May 17, as compared with $1.91 on
April 12. Production continued to decline,
however, daily average output per working
day being 1,548,000 tons for the week ending
May IS, as compared with 1,571,000 tons
during the second week in April and 1,392,000
tons during the corresponding week last year.
Total 1926 output of bituminous to May 15
amounted to 205,770,000 net tons, with the
exception of 1923 the largest for the period of
any postwar year.
April production of anthracite amounted to
8,217,000 net tons, a total slightly under
March, when 8,790,000 net tons were produced,
but higher than any other April since the war.
Failure of the old-line companies to make the
customary spring reduction in prices is reported to have resulted in a slower retail
demand, and the premium on coal from
independents was reduced.
Output of coke fell off 352,000 tons to 4,583,000 short tons during April, the lowest since
October but, except for 1923, higher than any
other April since the war. In spite of the fact
that the reduction from March was equally
distributed between beehive and by-product
output of the latter remained the third highest
for any month on record. During the first
MILLIONS OF TONS

BITUMINOUS COAL

MILLIONS OF TONS
70

fv

Petroleum.

In April the daily average output of-crude
petroleum was larger than in March, and in the
first three weeks of May production continued
to increase. For the week ending May 15 the
daily output amounted to 1,999,000 barrels,
the largest production since the last week in
December. As compared with a year ago,
however, the daily average output continued
considerably smaller. Stocks of crude petroleum east oi California were approximately the
same at the end of March as at the end of
February, but were 7 per cent smaller than at
the end of March a year ago. Prices continued
at about the same level in April as in March,
but in the first two weeks of May the large
increase in production was followed by a slight
recession in prices. Near the end of May,
however, demands from refiners began to
increase and prices of petroleum reached the
highest level of this year.
In the refined-products industry, production
in March, the latest month for which statistics
are available, was generally larger than in
February. Production of gasoline was in the
second largest volume on record, exceeding
969,530,000 gallons. Stocks of gasoline and
kerosene at the end of March were larger than
at the end of February, but stocks of gas and
fuel oil and lubricating oils were smaller.
Compared with March, 1925, supplies of gasoline, gas and fuel oils,, and lubricating oils
were considerably larger, but stocks of kerosene were 35 per cent smaller. Comparison of
stocks at the end of each of the first three
months in 1925 and 1926 of petroleum products is shown in the following t able:
STOCKS AT OIL REFINEEIES IN UNITED STATES

[In thousands of gallons]
Gasoline

10

Kerosene

Gas and
fuel oil

Lubricatsing oil

1926
Jan. 31
Feb. 28
Mar. 31

MSL.

1922

1923

192^.

1825

1926

half of May production of beehive continued
to decline, output for the week ending May 15
being 204,000 tons, as compared with 228,000
tons for the week ending April 10 and 136,000
tons during the corresponding week in May,
1925. Quotations for coke receded further
during May, Connellsville coke being quoted
at $2.75 on May 18, as compared with $3 on
April 13 and $3.15 on May 12, 1925.




1,749,023
1,858,659
1,936,336

287,618
287,994
293,907

977,178
900,670
851,234

316,859
332,139
320,876

1,453,197

394, 638
435,376
456,064

773,853
795,872
801,757

280,183
286,431

1925
Jan. 31.
Feb. 28
Mar. 31

1, 618,891
1, 747,199

Although actual stocks of gasoline, as
shown by statistics in the above table, are
materially larger than in 1925, they amount to
only 73 days' supply at the current rate of
consumption, as compared with 81 days7
supply a year ago. This reduction in the

390

FEDEKAL RESERVE BULLETIN

relative supply of gasoline has resulted in
a rapid increase in prices,, which are generally
higher now than a year ago. Detailed statistics showing prices in April and May, 1925 and
1926, at refineries and service stations are
given in the following table:
PRICES OF GASOLINE
[Cents per gallon]
Gasoline at—
Refineries 1
1926
Apr. 3_
Apr. 10.
Apr. 17.
Apr. 24.
May 1_
May8_
May 15.
May 22.

11. 51
11.63
11. 63
11. 69
11.97
12.50
12.44
13.44

1925
12.59
12.22
12.41
12.25
12.31
12.50
12.94
12.94

Service stations 2
1926
22.27
22.32
22.32
22. 32
22. 72
23.12
23.12
23. 62

1925
22.72
22. 52
22.52
22.52
22.52
22. 32
22.72
22.62

1 Oil, Paint and Drug Reporter—average price at 4 representative refining2 centers.
Oil, Paint and Drug Reporter—average price for 10 sections of the
United States.

Nonferrous metals.

April output of nonferrous metals in the
United States continued close to the high levels
that characterized March, in spite of the somewhat lower prices that were established during
that month. Production of copper in the
United States amounted to 146,012,000 pounds
during April, the highest for that month since
the war, and at about the same daily rate as
in March. Consumption continued high, knd
at the end of the month stocks of refined copper
in the hands of producers showed a decline of
2,600 tons. During the first half of May quotations for refined electrolytic copper delivered
at New York continued to fluctuate around the
level of 1 3 % cents, which prevailed during the
greater part of April. Though output of lead
during April was at the lowest daily rate since
September, it established a new high for that
month, as did zinc, output of which was likewise somewhat curtailed from the levels prevailing in recent months. Shipments of slab
zinc from refineries, though slightly above
last year, were well under output, with the
result that stocks on hand at the end of the
month increased to 25,990 tons, the highest
since the end of November, 1924. Quotations
for both lead and zinc continued to fall during
the period, lead at 7% ceiits in New York and
zinc at §%-&/& cents in St. Louis being both
about 2 cents under the high levels of last




JUNE, 1926"

November and on a par with the lows for
1925 reached in April of that year.
On continued selling from China, quotations
for bar silver in New York fell to 63 cents on
April 22, 9% cents under the recent September
high, but reacted subsequently under the stimulus of support from both China and India, and
on May 19 stood at 65 cents, up % cents from
April 14. In spite of large deliveries of tin to
the United States, which in April were the
second largest since February, 1925, stocks in
New York at the end of the month were the
lowest since November, 1923. Quotations for
Straits tin of 6134 cents on May 19 were 4 ^
cents under the March high, but still above
the levels during the five years precedingOctober of last year.
MANUFACTURING

Manufacturing production declined about 1
per cent in April, according to the board's new
production index, based upon statistics of
daily average output. The volume of manufacturing in April, although less than in March,
continued at around the same high level that
has been maintained, except for a seasonal
recession in December and January, since lask
October. The April index was also higher
than that for April, 1925. Eeports from many
industries, however, indicate decreasing activity in buying and rather general curtailment of
operations. In April decreases were noted insteel, textiles, food, and tobacco products, and_
shoes, more than offsetting increases, largely
seasonal, in automobiles, lumber, stone, clay,
and glass products, and nonferrous metals.
Prices of manufactured products, particularly
of iron and steel and textiles, have been,
declining in recent months.
Food products.

The output of meat products during April:
declined as a result of the seasonal decline in
livestock marketing. The total value of sales,
however, reported by 42 meat-packing companies to the Chicago Federal Reserve Bank,
exceeded those of March by nearly 1 per cent,
and were 8 per cent larger than in April, 1925. A
firmer market for pork products was in evidence
and prices advanced; quotations on beef
products remained relatively stable and lamb
prices advanced. Lard stocks increased approximately 5,000,000 pounds during tne
month, but the May 1 holdings were considerably below those of last year, totaling 98,315,000
pounds, as compared with 151,499,000 a year*
ago.

JUNE, 1926

391

FEDEEAL RESERVE BULLETIN

Buying in the flour trade continued slow
during April as purchases were based largely on
immediate needs. The prospect of a large
wheat crop appears to make buyers hesitant
and very little future business is being placed.
Mill production showed a reduction from March
in practically all sections with the exception of
the Pacific coast, which operated at very low
capacity in March. April production, however, was above that of a year ago in all sections except in the Southwest. Milling activity
maintained this slight gain during the first half
of May, but Buffalo mills failed to maintain
their output and reached the lowest rate of
operations in the past 12 months. Some interest was displayed in buying for the export
trade during the latter part of April, and this
reached a fairly satisfactory volume in the first
half of May, northwest mills securing a good
share of the business.
Sugar prices advanced slightly during April,
following the passage of legislation in Cuba
providing for a 10 per cent reduction in output.
Large stocks in Cuba, the United States, and
Europe are holding back active trade, and prices
fluctuated within a narrow range during the
first three weeks in May, with the majority of
the refiners quoting the product at 5.60 cents.
Sugar meltings declined in April and were approximately 15 per cent below the corresponding period a year ago. Stocks at the end of the
month totaled 461,857 long tons, as compared
with 290,061 a month earlier and 280,444 a
year ago.

Merchants of New York, give some indication
of the trend of production, stocks, and unfilled orders in cotton mills. Figures are reported by kinds of goods, those published in the
accompanying table are totals for nine classes.
The almost continuous decrease in unfilled
orders since last fall was noted for all of these
classes except pajama checks and osnaburgs.
Since January production has decreased while
stocks have increased.
COTTON TEXTILES
[In thousands of yards]
Totals for 9 classes of goods
Month
Production

Stocks

Unfilled
orders

1925
September_--_----October
November
December.
•___

176, 252
174,349
221, 599
188,834

219,466
206,807
217,521
229,817

339,314
304,292
286,019
237,161

1926
January.-.
February,
March
__
April
~---

229,453
199,153
197,474
193,119

220,486
208,154
211, 352
234,247

279, 025
239,957
228,503
201,412

Cotton finishers reported that billings,
orders, and shipments were seasonably less in
April than in March, but greater than in April,
1925. Trade reports indicate that buying continued in small volume in May, and prices
showed further declines. The Fairchild yarn
index for the week of May 21 was 33.26, the
lowest since April, 1922, and the goods index
Textiles.
was 12.953, lower than at any time in the
Limited volume of buying and declining period covered by the index, 1922 to date.
prices continued in textile industries during
Raw wool markets have continued dull and
April and May and production was also gen- prices have declined further, reaching new low
erally curtailed. Prices of most of the im- records since 1922. Buying of the new clip
portant textile fibers and products are nowfrom producers has not been active, although
lower than at any time since early 1922 or,late. one important clip in the West was sold at
1921. Employment and pay rolls in textile 343^ cents a pound, as compared with 42
manufacturing plants declined in April, the cents last year. Takings of foreign wool,
indexes for the textile group of industries falling however, have been large, and imports for the.
to levels below those of any month since last first four months exceeded those for the correSeptember and lower than in April, 1925.
sponding period of last year and the year beCurtailment of manufacturing in the cotton fore. Stocks of foreign wools in dealers'
industry during April was indicated by declines hands increased slightly in the first quarter of
in the mill consumption of raw cotton, in the year, but this increase was more than offset
spindle activity, and in employment and pay by a seasonal decline in dealers' supplies of
rolls. These indicators were likewise lower domestic wool. Dealers' stocks were larger
than a year previous. Consumption and active than a year ago. Manufacturers' stocks,
spindle hours were smaller in April than in according to the quarterly reports, changed
March in every State, but larger than in April, little during the past year. Manufacturing
1925, in a few of the Southern States. Sta- operations in the woolen industry were further
tistics recently made available for the first time, curtailed during April, and the activity of
issued by the Association of Cotton Textile some machines was less than at any time last




392

FEDERAL RESERVE BULLETIN

year. Daily average consumption of raw wool
was also smaller in April than in previous
months of the year. The Fairchild indexes of
woolen and worsted goods prices remained unchanged between April 15 and May 15. Clothing industries report unsatisfactory business.
Employment and pay rolls showed seasonal
declines in March and were less than a year
ago. Sales of men's clothing by wholesalers
in the New York Federal reserve district in
April were 15 per cent smaller than in April,
1925, and sales of women's coats and suits and
*of women's dresses also decreased considerably.
Prices of raw silk continued to decline in
April and reached the lowest level in the postwar period, except for a short time in 1924.
They advanced slightly early in May, making
up, however, only a negligible portidn of the
decline noted since February. The Fairchild
silk goods price index decreased between April
1 and May 1 for the third consecutive month.
Buying of silk products has been in limited
volume and manufacturing operations have
been curtailed. Deliveries of raw silk to mills
were smaller in April than in any month since
December, 1924. They exceeded imports,
however, and warehouse stocks were reuuced
to the lowest level since August, 1924. Sales
of silk goods by wholesalers in the New York
Federal reserve district during April were 27
per cent smaller than in March and 15 per cent
smaller than in April, 1925. Stocks held by
these wholesalers were over 50 per cent greater
than a year previous.
Full-fashioned hosiery continues to be in
greater demand than the seamless types, and
production of women's full-fashioned hosiery
in March was greater than in any month on
record, whereas output of all classes was in
only slightly larger volume than a year before.
Stocks at the end of March were rather large
as compared with previous months. Preliminary April figures from the hosiery industry
indicate slight declines in production, shipments, and orders as compared with March.
Hosiery prices were reduced somewhat during
April and May. No change of importance has
been reported "in the knit underwear market.
March^ figures showed increases in production
and shipments and decreases in orders.
Iron and steel.
Reflecting the decline in orders noted in
previous months, the production of steel was
reduced in April and May. Daily average
output of pig iron, on the other hand, was
greater in April than in any month since July,
1 23, and one more furnace was in blast on




JUNE, 1926

May 1 than on April 1. Steel-ingot production
decreased considerably, but continued larger
than in the same month of previous years.
Unfilled orders of the United States Steel Corporation declined for the fourth. consecutive
month and were smaller on April 30 than on
the corresponding date of any recent year.
Reports indicate that production of steel in
May has been reducea somewhat below the
average for April, but orders have compared
favorably with those received in the preceding
month.
Prices of pig iron were reduced by several
producers early in May, quotations on sheets
were also lowered, and scrap prices continued
to decline. The Iron Age index of pig iron
prices was $20.04 on May 25 and that of finished steel prices was 2.403 cents; both of
these indexes were at the lowest level since last
October. They compare with the respective
high points of the year, $21.54 and 2.453 cents,
reached in January.
Structural steel bookings were larger in April
than in any previous month of the year, but
the total for the first four months was not as
large as that for the corresponding period of
1924 and 1925. Shipments, on the otter hand,
have exceeded those of previous years. Railroad buying, which has been larger this year
than in 1925, slackened somewhat in April,
according to statistics of orders for locomotives,
freight cars, and railway steel castings. Buying of rails, however, was fairly active in May.
Production, shipments, and orders reported by
independent sheet manufacturers declined in
April as compared with March, but continued
larger than a year ago. Stocks of sheets have
steadily increased during recent months.
Automobiles and tires.

Production and distribution of automobiles
were maintained at high levels during April.
Output of passenger cars in the United States
equaled 382,631, exceeding the March total
by a margin of less than 3,000 cars. Truck
production increased from 47,788 to 50,272.
Total output for the first four months of 1926
exceeded that for any previous four-month
period. Sales apparently were greater than
output in April, as reports indicate reductions
in stocks. Stocks continued, however, much
larger than a year ago. Reports by dealers in
the Middle West to the Federal Reserve Bank
of Chicago for April showed the largest volume
of sales at wholesale on record, retail sales
which have been exceeded only in April, 1924,
and then by a narrow margin, the largest
used car sales on record, substantial diminution

JUNE, 1926

of stocks of new cars, which, however, remained considerably larger than a year ago,
and little change in stocks of used cars. The
General Motors Corporation reported retail
sales of its cars by dealers of 136,643 in April,
the largest on record. Factory sales to dealers,
totaling 122,742 cars, were smaller than
dealers sales to users for the first time this
year. Employment in Detroit factories declined steadily during April and May, reaching a level only slightly above that of a year
previous.
Production of automobile tires and tubes
was slightly smaller in April than in the
preceding month and in the same month of
last year. Shipments continued small as
compared with those of a year ago and were
considerably below output for the sixth consecutive month, and consequently manufacturers' stocks again increased to new high
records. The crude-rubber market was weak
during May and prices declined, although at a
slower rate than in March and April. Cruderubber imports totaled 77,378,000 pounds in
April, less than the March total, but greater
than that for April, 1925.
Lumber.
Total lumber production in April of hard and
soft woods combined, as reported to the
National Lumber Manufacturers Association
by 494 mills, exceeded April shipments by
these mills, and exceeded production in March
as reported to the National Association by 507
mills. Production in April was in nearly
the same volume this year as last, although the
April production of last year represented the
output of a larger number of mills. April
shipments, also, were in nearly the same
volume this year as last. Shipments of
Douglas fir in April, as reported by 100 milk to
the West Coast Lumbermen^ Association,
exceeded production by these mills, and
exceeded by a narrow margin shipments
in April, 1925, as reported by 113 mills of
this association. April shipments of southern pine also, as reported by 163 mills to the
Southern Pine Association, exceeded production by these mills. In April, as in March,
both production and shipments of southern
pine were in smaller volume this year than last.
Hides, leather, and shoes.

Leather and shoe industries were seasonally
less active in April than in March and also
quieter than in April, 1925. Hide markets
became somewhat more active in April and
May, and prices advanced, quotations on light




393

FEDERAL RESERVE BULIiETIN

native cowhides rising to the highest level
since the first week in January. Leather
markets, however, continued quiet. Production of sole leather was in the same volume in
April as in March and stocks in process also
remained practically unchanged, while tanners7 finished stocks were further reduced.
All items were lower than a year before.
March figures for upper leather showed increases during the month in finished stocks of
all except sheep and lamb skins. As compared
with a year ago, total finished stocks were
smaller and stocks in process were larger in
all cases, production of goat and kid leather
was greater, while that of leather from cattle
hides and from sheep skins was smaller.
Production of boots and shoes declined in
April by a somewhat greater amount than in
1924 and 1925; shipments and orders also
decreased, and all were lower than a year ago.
Some of this decrease may be attributed to the
fact that, owing to an earlier Easter, the buying season was somewhat more advanced this
year than in the two preceding years. Total
production for the first four months of the
year, however, was less than in the corresponding period of any previous year since 1922.
Employment and pay rolls in the shoe industry
were also considerably reduced in April as
compared with previous months. Sales of
shoes at wholesale declined considerably in
April from the large total reported in March
and were less than a year ago, but the four
months7 total
exceeded that of last year.
Wholesalers7 stocks on April 30 were considerably Smaller than a year previous.
BUILDING

Building and engineering contracts awarded
in April in 11 Federal reserve districts comprising 37 Eastern States, according to the compilations of the F. W. Dodge Corporation,
represented an aggregate cost value 4.6 per cent
below the value of March contracts in this area
and 5 per cent above the value of awards in
April of last year. In its review of construction operations started in April, the {Dodge
Corporation states that ".the spring peak of
contracts usually falls in April, 77
but apparently
was reached in March this year.
Adjusted for seasonal variations, the Federal
Reserve Board7s index for building contracts
awarded declined from 181.5 in March to 147.5
in April. This very considerable decrease
leaves the index at a point indicating that the
volume of building brought under contract
in April this year was 47.5 per cent greater

394

FEDERAL RESERVE BULLETIN

than the average for this month in the three
years 1921, 1922, and 1923. After rising to
the record high level of 239.5 in December, the
index declined to 210.1 in January and to 180.2
in February.
The value of contracts awarded during the
four months from January 1 to May 1 amounted
.to $2,015,000,000, exceeding awards last year
in these months by $337,000,000. In each of
these months, as also in the opening weeks of
May, the value of awards this year ran above
1925—by $148,000,000 in January, by $79,000,000 in February, by $107,000,000 in March,
by $3,000,000 in April, and by $37,000,000 in
the two weeks ended May 14. Increase over
the month last year and decrease over the
month this year brought the volume of building in the two years to nearly the same level.
Decreases for the month in value of building
contract awards are shown in the totals for
seven Federal reserve districts (Philadelphia,
Cleveland, Richmond, Atlanta, Chicago, St.
Louis, and Dallas), substantial increases in the
totals for two districts (Boston and New York)
and small increases in the totals for two districts (Minneapolis and Kansas City). The
seven districts showing decreases for the month,
with the exception of Atlanta, show decreases
also over the year, Atlanta and the four remaining districts showing increases over 1925.
In five districts a larger volume in April than
in the month preceding of residential construction was brought under contract and in six
districts a smaller volume, giving a narrow
margin of net increase for this class of construction in the 11 districts as a whole. In
comparison with April of last year also a narrow
margin of increase is shown for the value of
residential contracts.
A net decrease of 1.1 per cent for the month
and of 10.8 per cent in comparison with April
of last year is shown for the valuation of permits issued in April in 168 selected cities.
Compilations by the F. W. Dodge Corporation
covering estimated construction costs represented by building permits issued in 205
cities show increases over April, 1925, for 77
and decreases for 128 of these cities.
As measured by the index of the New York
Federal Reserve Bank the cost of building continued in April at the level of the preceding
month and was somewhat above the level of
April, 1925. In the computation of this index
decreases for the month in the cost of building
materials fairly offset increases recorded in
labor costs. The wholesale price index of the
Bureau of Labor Statistics for building ma-




JUNE, 1926

terials fell off from 175.5 in March to 173.2 in
April, the corresponding figure for April, 1925,
being 174.4.
TRANSPORTATION

With allowance for seasonal variations,
freight-car loadings in April for all classes of
freight combined were in record volume.
Fewer cars were loaded by the carriers in April
than in March, but the decrease was less than
the usual seasonal decrease for this month,
and the Federal Reserve Board's index for
total loadings, adjusted for seasonal variations, advanced from 126.4 in March to 131.6,
a record high figure for this index in any
month. For the year to May 15 loadings
this year totaling 18,803,765 cars exceeded
loadings in the same weeks of 1925 by 368,871
cars. Loadings of miscellaneous freight, including merchandise in less-than-car lots and
covering principally shipments of manufactured products, continued in April in nearly the
same volume as in March, and were in larger
volume than has been recorded for this month
in any earlier year. April loadings of grain,
coal, coke, and miscellaneous freight were in
larger volume this year than in April of 1925,
and loadings of livestock, forest products,
and ore in smaller volume this year. Loadings in the several transportation districts
for which separate totals are compiled, were
in smaller volume in April than in March in
each district excepting the southwestern, and
in larger volume this year than in April of
last year in each district excepting the northwestern.
In April the roads maintained an average
surplus of 280,000 freight cars available for
service (including 110,000 box and 125,000
coal cars).
Total operating revenues of Class I roads
in March were 9 per cent above and operating
expenses 5.1 per cent above the corresponding
figures for March, 1925, and net railway
operating income in March ran above 1925
by 28.8 per cent. The operating ratio or
percentage of operating expenses to operating
income in March decreased from 77.55 in
1925 to 74.74 in March of this year. For the
three months ended March 31, according to
compilations by the Bureau of Railway Economics, operating revenues were 3.1 per cent,
operating expenses 1.7 per cent, and net railway operating income 9.3 per cent above the
corresponding aggregates for this period of
1925. In these three months carriers earned
at the rate of 4.80 per cent, annual basis, on

investment as shown by their books. This
rate is somewhat above the rate of return
(4.50 per cent) earned in the same period of
1925. Carriers in the eastern district earned
at the rate of 5.53 per cent during this period
in 1926, .and at the rate of 5.17 per cent in
1925; carriers in the southern district at the
rate of 5.85 per cent this year and 5.74 per
cent in 1925; and carriers in the western
district at the rate of 3.66 per cent this year
and 3.35 per cent in 1925.
Wholesale trade.

TRADE

Total sales of wholesale firms in leading
lines, reporting to the Federal reserve system
from all sections of the country, were seasonally
smaller in April than in March. The decline
of 4 per cent in the Federal Reserve Board's
composite index.of. wholesale trade was somewhat smaller than that which occurred between
March and April in 1925. Declines in the
volume of sales between March and April
were shown for all reporting lines of wholesale
trade and for nearly all the Federal reserve
districts.
As compared with April of last year, the
total volume of wholesale trade was 4 per
cent larger. Substantial increases occurred
in sales of groceries, meats, and drugs, but
sales of dry goods, shoes, and hardware showed
declines. Sales of dry goods and shoes were
smaller than in April, 1925, in all Federal
reserve districts except the San Francisco
district, but the largest declines were reported
in eastern and middle-western districts. The
decline in the dollar volume of dry goods
sales during the year was due in part to the
reduction in the prices of textiles.
Value of merchandise stocks carried by
wholesale firms was smaller in all lines at the
end of April than at the end of March. Smaller
inventories of groceries were indicated in all
Federal reserve districts from which, reports
were received except the Boston and St. Louis
districts, but the largest declines were in the
New York and Atlanta districts. As compared with April a year ago, stocks in nearly
all lines, except groceries, were smaller. Dry
goods firms reported reduced inventories in
practically all districts from which reports
were received, and stocks of shoes were also
smaller in all except the St. Louis district.
Accounts receivable outstanding at the end
of April were smaller than in 1925 for all lines,
except groceries and drugs.




395

FEDERAL RESERVE BULLETIN

JUNE, 1926

Retail trade.

Sales at retail stores which made reports to
the Federal reserve system were larger in
April than in March, but the increase was
smaller than that between Mtarch and April
of last year. This difference is partly due to
the fact that a large part of the Eastern trading
season, this year was in March, and consequently trade did not show the usual expansion in April. For the two months combined
sales were larger for all classes of reporting
retail stores than during the corresponding
period in 1925.
As compared with April of last year, department-store sales were smaller in all Federal
reserve districts except the Atlanta, St. Louis,
and San Francisco districts, and the largest
declines, ranging from 5 to 7 per cent, were in
the Philadelphia, Cleveland, and Richmond
districts. Statistics furnished for 45 separate
departments at stores in seven Federal reserve
districts show that sales of 24 departments
were smaller than in April of last year and
those of 21 departments ^were larger.
Total value of merchandise stocks at department stores increased less than usual in
April and at the end of the month was about
the same as at the end of March. Compared
with April a year ago, total inventories were,
about 2 per cent larger, but increases were
not reported for all Federal reserve districts.
In the Boston, Philadelphia, Cleveland, Minneapolis, and Kansas City districts stocks were
smaller, but in all other districts they were
larger. Analysis of statistics from individual
departments indicates that stocks at 18 departments were larger and that those at 27
departments were smaller.
Stocks were turned over at a slightly slower
rate in April this year than in April, 1925, but
the rate of turnover for the four months ending in April was about the same as for the
corresponding period of last year.
EMPLOYMENT
Factory employment and pay rolls in April
showed decreases, largely of a seasonal nature,
amounting to about 1 per cent for number employed and 2 per cent for amount of pay rolls.
Both indexes remained slightly greater than in
April of last year. Decreases were noted in
nearly all industries, the chief exceptions being
lumber, stone and clay products, and railroad
car building and repairing. Employment, and
particularly pay rolls, usually decrease in

396

FEDERAL RESERVE BUIiliETHST

April. Despite this recession the level of employment and pay rolls continued at close to
that observed since last fall. As compared
with a year ago both employment and pay
rolls have increased in the iron and steel, automobile, musical instruments, paper and printing, and glass industries, and decreased in the
textile, slaughtering, milling, stone and clay,
and boot and shoe industries.
According to reports of the Bureau of Labor
Statistics the decline was rather general in all
sections of the country except in the West
South Central, the Mountain, and the Pacific
States, Per capita earnings were less in April
than in March, but greater than in April, 1925.
Wage increases affecting an appreciable number of employees was reported in sugar refining,
iron and steel, railroad car building and repairing, and shipbuilding. No general tendency toward wage changes, however, was
evident.
PRICES
Wholesale prices in recent weeks have in
general shown comparatively little change, the
decline from March to April, as reported by
the Bureau of Labor Statistics, amounting for
all commodities to less than one-third of 1 per
cent, the smallest month-to-month change
since January. The decline is accounted for
primarily by a decrease in the prices of products of nonagricultural origin, for the index
for farm products and that for foods both advanced somewhat. This advance represented
primarily higher prices for wheat, meat, and for
miscellaneous farm products and foods. The
decline in prices for nonagricultural commodities, which amounted for the group to about
1}£ per cent, reflected generally lower prices
for almost all the major groups other than farm
products and foods, i. e., clothing materials,
fuels, metals and metal products, house furnishings, building materials, chemicals, and
miscellaneous commodities, with the decline
for each of the last three of these groups exceeding 1 per cent.
The index for all commodities was in April at
the lowest level since October, 1924, and was a
little more than 2 per cent below the lowest
figure for 1925, that for May. Most groups
were lower than at the lowest point in 1925,
that for May, with clothing materials down 6.1
per cent, farm products 4.6 per cent, and housefurnishings and miscellaneous commodities
down 4 per cent. Building materials and foods
were at the same levels as in May of last year,
and fuel was about 3 per cent higher.




JUNE, 1926

In May price changes were in general small,
except for a sharp rise in fuel, owing to higher
prices for petroleum and gasoline. Metals,
particularly iron and steel, were lower. Tables
giving the index numbers for prices appear on
page 440.
COMMERCIAL FAILURES AND BANK SUSPENSIONS
COMMERCIAL FAILURES

During April 1,957 .commercial failures
involving liabilities aggregating $38,487,321
were reported by R. G. Dun & Co. The
number of failures, although somewhat smaller
than in March, was slightly larger than in
April last year and compared with 1,707 for
April, 1924, and 1,520 for that month in 1923.
Notwithstanding the slight decrease in the
number of insolvencies during April as compared with March, total liabilities showed an
increase of nearly 26 per cent for the month,
and were higher than in April last year. The
increase in indebtedness in default was chiefly
among manufacturing enterprises, where there
was a considerable increase in the number of
large insolvencies; during the month there
were 37 such insolvencies (each with liabilities
of $100,000 or more), with total liabilities of
$10,345,816, as compared with 21, with liabilities of $6,617,945, in April last year.
Both the number and liabilities of trading
organizations that failed were smaller in April
this year than last, and both the number and
liabilities of insolvent agejits and brokers were
larger. Failures during April, 1926, are shown
in the following table by class of enterprise:
COMMERCIAL FAILURES DURING APRIL,
Number

1926

Liabilities

Class of enterprise

All classes
Manufacturing
__
Trading
Agents, brokers, etc

>

1926

1925

1,957

1,939

494
1,378
85

430
1,427
82-

1926

1925

$38, 487, 321 $37,188,622
16,733,792
19, 093, 768
2, 659,761

13,097,046
21, 535,911
2,555,665

The number of failures was larger in April
than in the preceding month or in April last
year in the New York, Richmond, St. Louis,
and Kansas City districts, and was larger in
April than in March, but smaller tfcan in April
last year in the Cleveland, Minneapolis, and

397

FEDERAL RESERVE BUIXETIN

JUNE, 1926

Dallas districts; in the other districts the
number of failures was smaller than in March
or i$ April last year. Liabilities were larger in
April than in March in seven districts—all
except the Cleveland, Atlanta, St. Louis,
Minneapolis, and Kansas City districts—but
were smaller than in April, 1925, in the Boston,
New York, Atlanta, Chicago, St. Louis, and
Dallas districts. In the Atlanta district both
the number and liabilities were the smallest
since October, 1920. Comparative data, by
districts, are presented in the following table:
COMMERCIAL FAILURES DURING APRIL, BY FEDERAL
RESERVE DISTRICTS

banks in the St. Louis district, 3 in the Minneapolis district, and 1 in the Kansas City district, which had previously been closed, were
reported to have resumed operations during
the month. The number and deposits of
banks closed during April, 1926, are shown in
the following table, by class of bank; the
figures for closed banks represent so far as can
be determined banks which have been closed
to the public by order of supervisory authorities, or by the directors of the bank, on account of financial difficulties, and it is not
known how many of the institutions thus reported may ultimately prove to be solvent:
BANK SUSPENSIONS DUEING APRIL,

Number
Federal reserve district

All banks
1&26

1925

1926

Total...

1,957

1,939

$38,487,321

$37,188, 622

Boston
New York
Philadelphia..
Cleveland
Richmond....
Atlanta..
Chicago——__.
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.

223
404
55
200
134
54
275
84
82
135
66
245

229
386
96
165
109
87
307
81
75

3,778,915
10,733,680
2,831,463
3,306,131
3,320,683
451,677
5,767,251
1,656,577

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

249

1,861,132
716,438
3,216,773

1925

BANK SUSPENSIONS

During April 54 banks, with, total deposits
of $13,868,000, were reported to the Federal
reserve banks as having been closed on account
of financial difficulties. These totals compare
with 51 banks, with deposits of $10,707,000,
closed during March and 48 banks, with deposits of $16,055,000, closed in April, 1925.
Of the banks closed in April this year, 5, with
deposits of $1,430,000, were national banks,
and 1, with deposits of $2,212,000, was a
member State bank—a total of 6 member banks
with deposits of $3,642,000, as against 6 member banks with deposits of $794,000 closed in
March. There were 48 nonmember banks,
with deposits of $10,226,000, that suspended
in April, as compared with 45 banks, having
deposits of $9,913,000 that suspended the
month before.
Suspensions were most numerous in the
Minneapolis district, where 18 banks were
closed both in March and April, and in the
Chicago district, where 11 banks were closed
in April as against 5 in March. In the St.
Louis district the number of suspensions decreased from 12 in March to 6 in April. Four




1926

Liabilities
Member 1

Nonmember

Federal reserve
district
NumTotal
Total
NumTotal
Number deposits 2 ber deposits 2 ber deposits 2
All districts
Cleveland
Richmond. _____
Atlanta_
__
Chicago._
St. Louis
__
Minneapolis
Kansas City
Dallas

54 $13,868,000
1
5
1
11
6
18
9
3

325,000
1,798,000
65,000
3,732,000
1, 666, 000
4, 207, 000
1,793,000
282, 000

6 $3,642,000

1 2,212,000
1
388,000
3
731,000
1
311,000

48 $10,226,000
1
5
1
10
5
15
8
3

325,000
1,798,000
65,000
1,520,000
1,278,000
3,476,000
1,482,000
282,000

1 Comprises 5 national banks with deposits of $1,430,000 and 1 State
member bank (in the Chicago district) with deposits of $2,212,000.
2 Figures represent deposits for latest available date prior to the suspension, and are subject to revision when information for the date of
suspension becomes available.

FOREIGN EXCHANGE

Sterling rose to $4.8672 on May 15, which
is 7 points above parity and the highest rate
quoted since December, 1914. From the
April low rate of $4.8593 on April 15, sterling
advanced to $4.8638 on the 29th, which was
the high rate for the month; then on May 5,
while the general strike was in progress in
England, declined to $4.8532, this being the
lowest quotation since January 11 last; rallied
to $4.8672 on the 15th; thereafter fluctuated
between $4.8637 and $4.8665, and stood at
$4.8657 at the end of the month. Fluctuations since the beginning of the year have
shown a tendency to become narrower, but
during May they covered a wider range than
in any month since January.
Italian lire, after having been stable for eight
months at slightly more than 4 cents per lira,
declined sharply on May 14 to 3.52 cents, but
later rallied strongly to 3.97 cents on the 21st,
after which they declined again to 3.73 cents
on the 28th. The Italian Government, which

398

FEDEEAL RESERVE BULLETIN

had been supporting the lira, withdrew its
support, while another factor in the decline
was the large seasonal demand for foreign
exchange from commercial sources. French
francs continued their downward movement
from 3.29 cents per franc on May 1 to 2.83
cents on May 18, which was a new low record
for all time. The franc rallied to 3.25 cents
on the 21st, when the Morgan loan was drawn
upon for its support, and further to 3.38 cents
on the 24th. After this it declined to 3.19 cents
on the 28th and stood at 3.21 at the close of
the month- The Belgian franc also showed a
considerable recession. It declined from 3.87
cents per franc on April 10 to 3.21 cents on
May 4, when for the first time since October
13, 1925, it Ml below the French franc; and to
2.80 cents on the 18th, the lowest rate ever
recorded; then rose to 3.24 on the 21st and
stood at 3.09 on the last day of the month.
Between the middle of March, when the
recent decline in the Belgian franc began,
and the end of May note circulation of the
National Bank of Belgium increased by more
than 625 million francs, rising to something
over 8 billions. A considerable upward movement during the last two months took place
in Spanish pesetas, which rose from 14.11
cents on April 1 to 14.50 cents late in the month
and then, after. a slight recession, to 15.20
cents on May 28.
Danish and Norwegian currencies maintained slightly higher levels during May than
during April. The Danish krone has risen
from an average of 87 per cent of parity for
last August, when the upward movement
began, to 98 per cent of parity for May;
while the Norwegian krone during the'same
period has risen from 70 per cent to 81 per
cent of its gold parity. The Netherlands
florin during May maintained the level which
it reached during the latter part of April, and
averaged 40.20 cents during May, as compared
with 40.13 cents during the previous month.
Swedish kronor have stood at about 26.77
cents per krona since the middle of April.
Swiss francs rose to 19.30 cents, or gold parity,
on April 8; to 19.33 cents on April 27; and
to 19.36 cents on May 6. This high level is
attributed partly to the export of capital to
Switzerland from France and Belgium, and
partly to the beginning of the summer tourist
season, which brings in large sums of foreign
money.
The German reichsmark, Austrian schilling,
and Hungarian pengo showed only nominal




JUNE,

1926

fluctuations, and continued to be quoted
very slightly below their gold parities. The
Polish zloty, after having declined at a fairly
uniform rate from 12.60 cents per zloty on
April 5 to 10 cents on May 12, declined sharply
to 9.38 cents on the 13th and continued its
downward movement to 9.03 cents on May 21.
Since August last it has declined to less than
half its par value.
,
The Canadian dollar has stood above par
since # April 13. It declined from the April
high quotation of $1.0016 on April 24 to
$1.0002 on May 1, then rose to $1.0014 on
May 7, and averaged $1.0007 for May as
compared with $1.0004 for April. Of the
South American exchanges, Argentine pesos
declined from 92.16 cents on April 22 to 90.73
cents by the end of the month, rallied to 91.60
cents on May 14, and during the remainder of
the month fluctuated between 91.09 and 91.53
cents. Brazilian milreis rose from 13.73 cents
on April 'l3 to 15.17 cents on May 26, and
averaged 14.68 cents for May as compared
with 14.01 cents for April. Chilean pesos
were steady at a level slightly below that
maintained during April.
In the Far East there was considerable
buying of silver by Chinese speculators against
Japanese yen, thus reversing the operation
which prevailed during April. The Japanese
yen, which had risen to 47.43 cents on April
28, declined to 46.44 cents on May 5, made a
substantial rally to 47.20 cents on the 13th,
and stood slightly above 47 cents during the
remainder of the month, averaging, however,
46.95 cents for May as compared with 46.64
cents for April. The Shanghai tael and the
Indian rupee were somewhat higher during
May than during April.
FOREIGN EXCHANGE

RATES

[In cents]
May, 1926
Par
value

Low High Aver-

April, 1926

May,
1925,
aver-

Sterling
*._
>.47
486. 65 485. 32 486. 72 486.15 485.93 486. 38 486. 22 485.
Belgian franc.
3.87 3.67 5.02
19.30 2.80 3.40 3.12
Danish krone
26.09
26.20 26.16 26.20 26.17 18.81
French franc.
19.30 2.83
3.15 3.29 3.50 3.39 5.16
German reichsmark 23.82 23. 80 23.81
23.80 23.81 23.80 23. 80
Italian lira. __
19.30 3.52 4.02 3.87 4.02 4.02 4.0: 4.07
Netherlandsflorin._ 40.20 40.17 40.25 40.20 40.09 40.21 40.13 40.18
Swedish krona
26.74 26.78 26.76 26.77 26.82 26.79 26.75
Swiss franc...
19.30 19.33 19.37 19. 35 19.26 19.33 19.30 19.35
Canadian dollar..__ 100. 00 100. 01100.14 100.07 99. 79 100.16 100. 04 100.
).0O
Argentine peso.
96.48 90.89 91. 60 91.31
92.16 90.79 90.24
Shanghai tael
66.85 71.29 72.64 71.78 69. 35 72.05 70.87 74. 26
Japanese yen.
49.85 46.44 47.20 46.95 45.88 47.43 46.64 41.91

399

FEDERAL RESERVE BULLETIN

JUNE, 1926

GOLD MOVEMENTS

FOREIGN TRADE

UNITED STATES
Total imports and exports of merchandise
and the merchandise trade balance of the
United States by months in 1925 and 1926, Total imports and exports of gold during
also the trade balance, including imports and April and March, 1926; by countries of origin
exports of gold and silver, for the four months or destination, and comparative figures for the
ended April, 1925 and 1926, are shown in four months ended April, 1926, and 1925, are
shown in the following table:
the tables following:
MERCHANDISE

Month

TRADE BALANCE OF THE UNITED
STATES
[In thousands of dollars]
Imports

Exports

Excess of
imports

G O L D I M P O R T S I N T O AND E X P O R T S FROM T H E U N I T E D
STATES

[In thousands of dollars]

Excess of
exports
4 month ended April—

1926

1925
Year...
January
February
March
April. __-__--.
May
June.....
July
....
August
September. _.
October
November..,
December.._.
1926
January
_.
February
March!
April,..—...

346,165
333,387
385,379
346,091
327,519
325,216
325,648
34.0,086
349,954
374,074
376,432
396,640

4,909,845
446,443
370,676
453,652
398,254
370,945
323,348
339,660
379,823
420,368
490,567
447,804
468,305

416,753
388,329
443,098
397,963

397,213
352,877
374,420
387,871

4,226,591

683,254
100,278
37,289
68,273
52,163
43,426
14,012
39,737
70,414
116,493
71,372
71,665
19,540
35,452
68,678
10,092

Country of origin or
destination
April

March

1926

1925

IMPORTS

Total

13,126

43,413

101,305

24,848

8
60
10, 694
163
1,003
8
311
247

2
39,278
145
531
2,503
185
178

3,078
77
10,654
552
1,951
130
402
692

162
470

186
405

18
131
77,637
627
2,359
12,301
1,287
749
4,000
709
1,487

Total...

17,884

4,225

29,047

170, 834

Germany. _
_____
Canada.
Central America
Mexico
Bolivia
Venezuela
British India
British Malaya..
Hongkong...
Allother

303
16,290
600
408

348
53
200
728
300
300
22
535
1,355
384

1,192
16,437
1,814
2,149
300
1, 600
379
1,857
2,312
1,007

60,260
281

39,188

72, 258

England
France
___
Canada
Central America
Mexico
_ _
Chile
_ _
Peru
Dutch East Indies - _.
Japan
Philippine Islands. _.
All other______ _______

591
6,721

EXPORTS

TRADE BALANCE OF THE UNITED STATES FOR FOUR
MONTHS ENDED APRIL, 1925 AND 1926
[In thousands of dollars]

Total

Imports
Exports

1925

__. 1,459,744
1,875,316

Net imports (—) or exports (+)
____. +415, 573
Imports
Exports

Merchandise

Gold

1,411,022
1,669,025

24,848
170,834

+258, 004 +145, £

Silver

23,874
35,457

Net imports
Net exports.

2
4
165
112
4,758

1,656
20
1,410
55,770
298
2,996
48,143
145, 986

+11,583

1926
__.

Net imports (—) or exports ( + ) .
........




1, 773, 925
1,574,888

1,646,143
1,512,381

101, 305
29,047

26,477
33,460

GREAT BRITAIN

-199,037

-133, 762

- 7 2 , 258

+6,983

Following is a table showing gold imports
into and exports from Great Britain for April

400

FEDERAL RESERVE BULLETIN

and March, 1926, and for four months ended
April, 1926 and 1925:
GOLD

IMPORTS

INTO

AND EXPORTS
BRITAIN

OF INTERNASTATES
1922-

1925 i

GREAT

Items

1922

1923

1924

1925

CURRENT ITEMS

April

March

1926

1925

IMPOETS

Total.

ESTIMATED COMPARATIVE BALANCE
TIONAL PAYMENTS OP THE UNITED

4 months ended April—

1926

Country of origin or
destination

FROM

JUNE, 1926

-

Belgium.._-__
Netherlands
Russia
Rhodesia
Transvaal
United States
West Africa
Allother.——

1,477,017 £1,290,113
28,900

179,705

160,969
1,165,245
500
106,692
14,711

183,371
767,779
22,020
109, 208
28,030

10,745,504
595,736
208, 605
2,431,800
708, 736
6,305,741
26, 733
406,955
61,198

£9,572,641
67,714
711,604
4,058,962
4,258, 795
379, 529
96,037

Visible current items: Merchandise 2___
+734
Invisible current items:
Interest on inter ally debt
+126
Private interest and dividends __
Ocean
freights payments
Governmental
__
. _ —16
-300
Services to tourists
Charitable and missionary expenditures.. - 7 5
-325
Immigrants' remittances___
+50
Motion-picture royalties__
-308
Total, invisible current items

Total..-..

Net exports
N e t imports...

+160
+355
—8

+8

—5
-500
-55
-300
+70

—560
-50
-310

+75

-343

+79 +652

+323

- 3 6 3 -795
+358 +205
+23 +45
+91 +23
+50 - 5 0

-920
+321
+140
+27
-62

+159 - 5 7 2

-494

-238 —294 —258
- 2 +36
-8

+134

-246 - 2 9 6 -222

+168

MOVEMENT OF CAPITAL

716, 757
182,469
105,033
58,630
105,550
45,000
220,075
760,260

2,619,629

7, 347,719 . 13,628,298

9,095
691,871
267,385
190,788
290, 670
13, 600
10,000
1,146,220

17,270
1, 555, 515
585,674
2,023,026
832,161
27,200
129,000
2,177,873

1,329,516

3,397, 785

101,662
7, 647,031
62, 971
517,355
45,291
395,595
17,430
4,840, 963
4,055, 657

Balance of Payments of the United States
The following table shows the international
balance of payments of the United States
for 1925 compared with the balance for 1922,
1923, and 1924, as estimated by the Department of Commerce and published in April in
its Trade Information Bulletin, No. 399.
This bulletin sets forth the basis on which
these estimates are made and contains tables
giving some of the underlying data in detail.




+666

+159
+305

+167
+250
—8
—19
-400
-70
-290
+60

-310 -318

Total, current items other than gold
+426
andsilver_-_
*.

EXPORTS

Belgium ._ _ _.
British India—
France
Netherlands
Straits S e t t l e m e n t s Switzerland _ _
South America
Allother
_

+389 +970

New foreign securities exclusive of refunding.. -637
Sale and purchase of outstanding securities. _ - 1 1 0
Foreign bonds paid ofl
+78
+31
Principal of interally debt
United States currency
-638
Total, capital items
GOLD AND SILVER

Gold.
Silver

—

_
Total, gold and silver
Total, all items

_.

-458

Change in foreigners' bank deposits as revealed by questionnaires
+375
Eesidual difference (representing errors and
omissions)
-83

-58 -142

+34

-3

+3

+216

-61

-55

+74

-64

1 In constructing this table, the estimates for the years 1922,1923, and
1924, as shown in Trade Information Bulletins, Nos. 144, 215, and 340,
were revised in the light of more recent information and rearranged in
order to make all the data comparable.
2 The figures for merchandise exports include estimates for unrecorded
parcel-post packages and those for merchandise imports include estimates
of smuggled goods.

JUNE, 192G

FEDEKAL RESEBVE BULLETIN

401

BRANCH BANKING IN THE UNITED STATES
In the December, 1924, issue of the BULLETIN
the Board published compilations covering the
extent of branch banking developments in the
several States to June of that year. During
the period of 18 months, from this date to the
end of December, 1925, the number of banks
operating branch offices and the number of
offices operated increased somewhat, but at
the end of 1925, as in June, 1924, only a relatively small proportion of the banks in the
country were engaged in any form of branch
banking—even to the extent of operating outside teller-window offices within the home city
of the parent bank. The area within which
branch banking has shown a more considerable
development,
the so-called "branch banking
area/ 7 comprised the same territory in December last as in June of 1924.
It was found in the earlier inquiry that, on
the average, out of 1,000 banks of all classes,
24 were operating branch offices, and the increase over the period following to the end of
1925 raised this proportion from 24 to 27 out
of 1,000 banks. Within the branch-banking
area the proportion was, of course, higher,
varying from State to State. In California,
for example, approximately one bank in six,
on the average, operates one or more branch
offices, and in Massachusetts the proportion is
nearly one in five. Figured precisely the proportion in each of these States in December was
somewhat above that found by the earlier inquiry. The extent of branch banking development is more accurately indicated, however,
by the number of branch offices and the size
of individual branch systems than it is by the
number of parent banks. In the period under
review the number of branch offices increased
by 329—from 2,243 in June, 1924, to 2,572 in
December, 1925—and the average size of
branch systems or number of branches per
parent bank increased from 3.2 to 3.5 branches.
Three States during 1925 enacted legislation
relating to the establishment and maintenance
of branch offices by banking institutions. In
Tennessee a statute was enacted forbidding any
bank to establish or operate a branch outside
the county in which the parent bank is located,
existing branches being excepted from this pro- |
hibition; in Oregon the prohibition against es- |




tablishment of branches outside the home city
of the parent bank was extended to include
trust companies as well as banks; and in New
Jersey a statute was enacted authorizing banks
and trust companies to estabish home-city
branches, subject to approval of the State commissioner, but providing that the commissioner
shall not approve the establishment of any
branch unless national banking associations in
New Jersey shall at the time be permitted by
act of Congress to establish branches. It is
provided further in this New Jersey statute that
banks establishing branches shall have a specified amount of capital in addition to the amount
required for such corporations which do not
maintain branches; that savings banks establishing branches shall have a surplus of not
less than 5 per cent of their deposits and in
addition a surplus of $50,000 for each branch
established; and that no branch shall be maintained in any city or town of less than 25,'000
population, nor more than one branch in a
community of 25,000 to 50,000, nor more than
two branches in places of 50,000 to 100,000 population. At the time of enactment of this statute no provisions in New Jersey laws expressly
permitted or prohibited branch banking, and
the provisions of the 1925 statute do not apply
to branches already established.
Except as modified by the statutes enacted
in these three States, the legal status of branch
banking remained at the end of 1925 unchanged
as set forth in the summary of State laws relating to branch banking, published in the
March, 1925, issue of the BULLETIN'. The
status of branch banking in the different States
on December 31, 1925, may be briefly summarized as follows: 21 States—including New
Jersey, whose authorization, as noted above,
is conditioned upon enactment of Federal
legislation—expressly b ^ statute or by implication of statutory provisions permit lianks to
establish branches under more or less restrictive regulations; 17 States prohibit the establishment of branches: and 10 States have included in their banking codes no provisions
either permitting or prohibiting the establishment of branches. These three groups of
States are listed below:

402

FEDEKAL RESERVE BULLETIN

JUNE, 1926

STATES CLASSIFIED WITH REFERENCE TO BRANCH BANKING PROVISIONS IN STATE LAWS
AS OF DECEMBER 31, 1925

States which permit es- States which prohibit es- States which do not ex^
tablishment of branches
tablishment of branches
pressly provide for es(17):
(21):
tablishment of branches
Alabama.
Arizona.
(10):
Arkansas.
California.
Iowa.
Colorado.
Delaware.
Kansas.
Connecticut.
Georgia.
Kentucky.
Florida.
Louisiana.
Montana.
Idaho.
Maine.
Nebraska.
Illinois.
Maryland.
New Hampshire.
Indiana.
Massachusetts.
North Dakota.
Minnesota.
Michigan.
Oklahoma.
Missouri.
Mississippi. 1
South Dakota.
Nevada.
New Jersey.
Vermont.
New Mexico.
New York.
Oregon.
North Carolina.
Texas.
Ohio.
Utah.
Pennsylvania.
Washington.
Rhode Island. 2
Wisconsin.
South Carolina.
Tennessee.
Virginia.
3
West Virginia.
Wyoming.2'3
2

i Conditional upon legislation by Congress.

Branches authorized by implication.

States which have enacted prohibitory or restrictive legislation have commonly permitted
existing branches to be maintained, and under
this permission* as shown in the following tabulations, banks continue to operate branches in
States listed as prohibiting branch banking,
and continue to operate branches outside the
home city or county of the parent bank in
States which do not at present permit the
establishment of such branches.
Branch-banking developments during the
period from June, 1924, to December, 1925,
are summarised in the following tables, in
which revised figures for the earlier date are
given in comparison with corresponding totals
for the end of 1925. Of the 735 banks operating branch offices in December, as shown in
Table 1, 603 were State banks, including 405
nonmember and 198 State member banks, and
132 were national banks, each of these general
classes showing some increase over the period
in the number of banks operating branch
offices.
Banks operating branches a?:e classified in
Table 2 as u operating home-city
offices only
(including additional offices77 of national
/banks), and offices outside the home city.
While the total number of parent banks increased by 49 in the period, the number operating only branches outside the home city fell off
from 273 to 263, this decrease being more than
offset by an increase from 375 to 429 in the
number of banks operating only home city
offices, and an increase from 38 to 43 in the




3 No branch offices in operation.

number operating offices both in and outside
the home city. In December only 12 national
banks were operating branches outside the
home city, the number of State banks, member
and nonmember, operating such branches being
294. In June, 1924, 11 national and 300 State
banks were operating outside branches. Details for States for December, 1925, are given
in Table 8.
TABLE 1.—BANKS OPERATING BRANCH OFFICES, D E C E M B E R , 1925, AND J U N E , 1924

Number of banks *

Total
Class of bank
December,
1925

June,
1924

Total_
27, 701 28,447
Member, total _. _ 9,489 9,650
National- __ __ 8,048 8,080
1, 441 1, 570
State
Nonmember
18, 212 18,797
State, total member
and nonmember
2
19, 653 20, 367
1

Operating
branch offices

Percentage
operating
branch
offices

DeDecem- June, In- cem- June,
ber, 1924 crease ber, 1924
1925
1925
735

686

49

2.7

2.4

330
132
198

299
108
191

31
24
7

3.5
1.6
13.7

3.1
1.3
12.2

405

387

18

2.2

2.1

603

578

25

3.1

2.8

Except certain nonreporting private banks not under State supervision,
and mutual savings banks.
2
The total number of nonmember banks is given as of Dec. 31, except
as follows: New Hampshire, June 30; New York, Nov. 14; Tennessee,
Oct. 26; Kentucky, June 30; Iowa, Dec. 30; Kansas, Dec. 10; Oklahoma,
Dec. 26; and Texas, Sept. 28.

403

FEDEEAL RESERVE BULLETIN

TABLE 2.—BANKS OPERATING BRANCH OFFICES IN
AND OUTSIDE THE HOME CITY OF THE PARENT BANK,
DECEMBER, 1925, AND JUNE, 1924

TABLE 3.—BRANCH SYSTEMS, CLASSIFIED BY NUMBER
OF BRANCH OFFICES OPERATED, DECEMBER, 1925
AND JUNE, 1924

N u m b e r of banks operating
branch offices

Banks operating specified number of
branch offices

Class of parent bank and location of
branch office

Total.—
Only in home city. __ _
In and outside home city
Only outside home city

;__ _

National banks:
TotaL
Only in home city
I n and outside home city _
Only outside home city
State member banks:
Total
Only in home city.:
I n and outside home c i t y . . . . . .
Only outside home city _.
Nonmember banks:
Total
Only in home city
I n and outside home city
__'__ .
Only outside home city—__ .

June,
1924

Increase

735
429
43
263

686
375
38
273

49
54
5
-10

132
120
2
10

108
97
2
9

24
23

197
149
18
30

191
137
16
38

6
12
2
-8

406
160
23
223

387
141
20
226

19
19
3
-3




1925

TotaL _

1

In December, as in June, 1924, more than
half (55 per cent) of the banks classified as
engaged in branch banking were operating
only one branch each. These one-branch
systems were widely distributed through the
branch-banking States, and in a "majority of
these States outnumbered systems of two or
more branches—as, for example, in North
Carolina with 26 one-branch systems in a total
of 39 systems of all sizes; Georgia with 14
in a total of 22; Tennessee with 16 in a total of
24; Virginia with 23 in a total of 33; Louisiana
with 19 in a total of 36; Massachusetts with
35 in a total of 50; and Pennsylvania with
57 in a total of 79 systems. The 22 larger
systems shown in Table 3, including all systems of 20 or more branches each, were located
in the following States: 9 of them in California; 1 in Georgia;.4 in New York; 1 in
Ohio; and 7 in Michigan.
In Table 4 the number of branch offices
located in and outside of the home city of the
parent bank is given for national, State
member, and nonmember banks. It may be
noted that the increase of 329 in the number
of branch offices from June, 1924, to December,
1925, has been principally in the number of
home-city branches, which increased in this
period from 1,472 to 1,752, or by 280, while
outside offices increased from 771 to 820, or by
49. Similar data are given, by States, in
Table 9 for December, 1925.
98738—26——3

Decem- June,
ber,
1924

1 branch office
2 branch offices
3 branch offices
4 branch offices _

5 to 9 branch offices
10 to 19 branch offices
20 offices and over

Percentage

Number

Size of system

In- Decem- June,
1924
crease ber,
1925

735

686

49

100.0

100.0

404
131
57
41
46
34
22

377
132
55
32
49
25
16

27
-1
2
9
-3
9
6

55.0
17.8
7.8
5.6
6.3
4.6
3.0

55.0
19.2
8.0
4.7
7.1
3.6
2.3

TABLE 4.—BRANCH OFFICES LOCATED IN AND OUTSIDE THE HOME CITY OF THE PARENT BANK, D E CEMBER, 1925, AND JUNE, 1924
Branch offices
Percentage
distribution

Number
Class of parent bank
December,

June,
1924

In-

December,

June,
1924

1925

1925

Total
TotaL. _.

2,572

2,243

329

100.0

100.0

Member, total.
NationalState

1,612
332
1,280

1,385
248
1,137

227
84
143

62.7
12.9
49.8

61.7
11.1
50.7

960

858

102

37.3

38.3

Nonmember. _ _

In home city of parent bank
Total....

1,752

1,472

280

100.0

100.0

Member, total.
National—
State.,—.

1,290
310

1,073
227
846

217
83
134

73.6
17.7
55.9^

72.9
15.4
57.5

Nonmember...

462

399

63

26.4

27.1

Outside home city of parent bank
Total.-..
Member, total.
NationalState.
Nonmember...

771

49

100.0

100.0

312
21
291

10
1
9

39.3
2.7
36.6

40.5
2.7
37.7

498

459

39

60.7

59.5

820
CO

December, 1925

CO

1926

ototo
o to to

JUNE,

404

FEDEKAL RESERVE BULLETIN"

Increase in the number of branch offices
during the period under review has been
largely confined to a few States, more than
two-thirds of this increase (236 out of 329) is,
in fact, credited to three States—California,
New York, and Michigan. In California
the number of banks operating branches increased by one (from 99 to 100) and the
number of branches by 102 (from 538 to
640); in New York the number of parent
banks increased by 7 (from 74 to 81), and
the number of branches by 82 (from 359
to 441); and in Michigan the number of
parent banks increased by one (from 63 to
64) and the number of branches by 52 (from
332 to 384). These totals and corresponding
figures for other States in which banks operate
branches are given in Table 5, which gives also
the maximum size of branch systems in the
several States at the beginning and end of the
period covered. One California system, which
in June, 1924, was operating 88 branches, had
increased the number of its branches to 98 by
the end of 1925. In December one New York
bank was operating 58 branches, all of these
offices being located in New York City; one
Ohio bank was operating 51 branches; and one
Michigan bank 46 branches. No bank located
in any other State was operating more than 20
branches, the maximum number of branches in
any one system ranging from 1 to 5 in 14
States, and from 6 to 20 in 12 States.
Outside of California the larger branch systems have been* built up in urban communities
in States which permit State banks to establish
branches in the home city of the parent bank,
and in these communities national banks have
been permitted under an administrative ruling
of the Comptroller
of the Currency to open " additional offices v for the accommodation of customers in making deposits and cashing checks.
Only strictly routine business maybe transacted
in these national bank offices. All matters
involving the exercise of discretion, as, for example, the granting of a loan, must be referred
to the parent bank. The extent to which




JUNE, 1926

branch banking of this more or less restricted
character has developed under State laws, and
for national banks under the administrative
ruling of the Comptroller, is shown for selected
cities in Table 6, which classifies urban systems by class of parent bank and by number of
branch offices operated by individual banks.
TABLE 5.—NUMBER OF BANKS OPERATING BRANCH
OFFICES, NUMBER OF OFFICES OPERATED, AND M A X IMUM SIZE OF BRANCH SYSTEMS, BY STATES, D E CEMBER, 1925, AND JUNE, 1924

Banks operating
branch offices

Branch offices

Maximum
size of
branch
systems 1

Decem- June, I n ber, 1924

Decem- June, Inber, 1924

1925

1925

Decem- June,
ber, 1924
1925

State

Total _

735

California
New York
Pennsylvania _._.-.
Michigan
Ohio

100
81
79
64
52

Massachusetts
North Carolina
Louisiana
Virginia
Maryland

.

24
24
23
14
11

District of Columbia

10

Alabama. _ _
Delaware-Indiana ____
Kentucky..
Minnesota .

74

2,572 2,243

329

538
359
91
332
203

102
82
21
52
10

640
441
112
384
213

50
39
35
33
32

Tennessee. __
Maine
Georgia __
New Jersey.
Mississippi..

Rhode Island...
South CarolinaArizona
Wisconsin
...
Washington

49

14
3
2
5
21

'

5
3
3

-1
1

-3
____

Arkansas
Nebraska
__.
Florida
New Hampshire.
Oregon
1

Maximum number of branches operated by any one bank.

57
4
53

20
4
19
12
4
18
4
12

11
9
10
2
2
15
10
5
5
5
2
1
1

405

FEDERAL RESERVE BUIiLETIN

JUNE, 1926

TABLE 6.—SIZE OF BRANCH SYSTEMS-—NUMBER OF NATIONAL, STATE MEMBER, AND NONMEMBER BANKS
OPERATING SPECIFIED NUMBER OF BRANCH OFFICES AND NUMBER OF OFFICES OPERATED IN AND OUTSIDE
THE HOME CITY FOR SELECTED CITIES: DECEMBER, 1925
Number of banks with branches
City and class of bank

Number operating
1
2
3
4
5-9
branch branches branches branches branches

New York, total _
National
State member
Nonmember __ __

56
18
24
14

13
5
4
4

14
6
4
4

Detroit, total. _ . . .
National
State member
Nonmember

18
2
10
6

2
1

2

Los Angeles, total
National...
State m e m b e r .
Ncnmember

12
5
2
5

2
1

15
1
8
6

4

2

1
3

2

8
1
5
2

2

2
1
1

48
12
9
27

33
10
6
17.

_

Philadelphia, total
National
State member
Nonmember
Buffalo, total
National
__ _
Statei Trvfymhftr

Nonmember...

Cincinnati, total _
National....!
State member
Nonmember ___ _
New Orleans, total..
National
.___
State member, ._
Nonmember. __
_
Baltimore, total
_ _
National. _ _
State member
Nonmember
Boston, total
National
State member
Nonmember..
Toledo, total
National
State member.
Nonmember
Nashville, total
>.
National
State member....
Nonmember
Atlanta, total
National
_ . __
State member
Nonmember _
Oakland total
National
State member
Nonmembftr




3
1

.

and over

370
96
212
62

370
96
212
62

1

3

7

1

2
1

7

46
4
46
13

278
5
247
26

278
5
247
26

2
2

2
1

90
10
90
42

276
29
132
115

189
28
69
92

87
1

5
2
3

2

4

2

3
1

2
2

1

1

2

1

1

2
9
2
1
6

5
1
4

3

3

1
2

1
2

i

3
1
2

1
1

In the Outside
home the home
city
city

58
21
58
12

1
2

Total

3
1
2

1
1
1

Number of branches
operated

11
3
5
3

7

2
1
1

l

98
3
98
23

228
3
191
34

71
62
9

129
25

51
2
51
1

82
2
78
2

70
2
66
2

12

4
2
4
4

72
14
15
43

34
5
34

57
5
52

,

72

57
5
52

3

2

2

2

11

43

43

1
1

2

2

1
1

11
4

32
11

32
11

5

1

1

2

1

19

41

41

4
1

1

1

1
1

1

19
7

34
7

34
7

2

1

1

12
2
12
7

40
6
16
18

39
6
16
17

10
10
4
1

39
26
10
3

38
26
10
2

13
4
2
,7

5
2

4
2
2

15
6
6
3

1

2
4
3

1

8

2

1

3
5

1
1

1

6
3

3
2

3

1

1
1
2
1
1

1
2
1

3

I

1
1

4

9

35

35

1

1
3

9
9

13
22

13
22

13
3

28
5

17
5

1
1

2
2
1
1

l
x

!

i

4
1

1
2
2

1

1
1

3
2

1

1
• i

i

12

14
15
43

2
1

6
5

ea
23
157

2

11

CO

Cleveland, total
National
State member
Nonmember....

_

4

3
1

2

O

_

1

4

size
(number of
branches
20
of one
10-19
branches branches system)

I-* CO CO

Total,

h-*CO

(Cities arranged by number
of branches in 1925)

San Francisco, total
National.........
State m e m b e r . .
Nonmember

Maxi-

1
1
1

I

11

13

23

12

H

20
4

26
6

5
5

21
1

20

20

2

13
1

25
1

16
1

9

2

13*

24

15

9

20

406

FEDERAL RESERVE

JUNE, 1926

TABLE 6.-—SIZE OF BRANCH SYSTEMS—NUMBER OP NATIONAL, STATE MEMBER, AND NONMEMBER BANKS
OPERATING SPECIFIED NUMBER OF BRANCH OFFICES AND NUMBER OF OFFICES OPERATED IN AND OUTSIDE
THE HOME CITY FOR SELECTED CITIES: DECEMBER, 1925—Continued
Number of banks with branches
City and class of bank
(Cities arranged by number
of branches in 1925)

Providence, total
National
State member
Nonmember

Total

Maxi-

Number of branches
operated
size
Number operating
(number of
branches
20
In the Outside
of one
1
4
5-9
2
3
10-19
home the home
system) Total
branch branches branches branches branches branches branches
and over
city
city

5

4

1

1

12

22

22

4
1

2
2

1

1

12
2

20
2

20
2

2

2
1

5
4
5
4

22
6
6
10

19
6
6

Richmond, total
National
State member

10
3
2
5

5
2
2

2

Washington, total
National
State member
Nonmember

10
5

5
3

2
1

1

2
• 1

4
4

20
9

20

5

2

1

1

1

4

11

11.

X

1
1

I

7

3
3

In Tables 7, 8, and 9 data relating to banks TABLE 7.—NUMBER OF BANKS OPERATING AND N O T
OPERATING BRANCH OFFICES, BY STATES: DECEMoperating branches and to branches maintained , BER,
1925
are given, by States, for December, 1925. In
Number of banks
these tables the States have been classified into
four groups: (1)Those permitting State-wide
Oper- Not opState
ating
erating
Total
branch banking; (2) those restricting branch
branches branches
systems to city or county &reas; (3) those permitting branch offices or agencies but not full
United States
_
735
26,966
27,701
power branches; and (4) those prohibiting State-wide branch banking permitted:
7
establishment of branches, although permitting
46
Arizona-_53
100
536
636
California
existing branches established prior to the pres40
5
45
Delaware
546
23
569
Georgia
___
_ __
ent law to be maintained. It will be noted
197
32
229
Maryland
79
that in a few States the number of branch
1
80
New Hampshire
544
39
583
North Carolina
offices constitutes a considerable proportion of
8
South Carolina. __
_
346
354
Rhode Island
8
22
30
the total banking offices of the State, including
Virginia.—
33
487
520
in this total independent ."• unit" banks, head Branch banking restricted as to locality:
212
35
247
Louisiana
offices of branch systems, and branch offices.
111
Maine
87
24
198
50
248
Massachusetts
In California, for example, the number of
482
14
496
New Jersey .
905
81
986
branches (640) slightly exceeds the number of
New York
52
1,040
1,092
Ohio
banks (636), branches constituting 50 per cent
551
24
527
Tennessee
_
offices or agencies permitted,
of all the banking offices in the State. In Branch
but not branches:
4
Kentucky
606
610
Michigan 35 per cent and in New York 31 per
64
651
715
Michigan _ _
cent of all banking offices are branches, all of
327
338
11
Mississippi
_ _
1,070
1,072
Nebraska
2
New York's 441 branches and all but 4 of
79
1,566
1,645
Pennsylvania..
Michigan's 384 branches being home-city Now prohibited—branches established
prior to existing law:
branches. The proportions of branches to
351
5
356
Alabama
485
2
483
Arkansas
total banking offices for these States are much
1
329
330
Florida
_
1,091
1,087
larger than for any other States. In Ohio, the
4
Indiana
1,351
3
1,348
Minnesota
_
State reporting the fourth largest number of
274
1
273
Oregon '
360
6
354
Washington
__,. __
branches, it is 16.3 per cent, in Pennsylvania
983
976
7
Wisconsin
6.4 per cent, and for all other branch banking District of Columbia
44
34
10
1
11,217
11,217
Other
States
States combined it averages 6.4 per cent.




1
Includes States expressly prohibiting branch banking—Colorado,
Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas,
and Utah; and other States in which no branches are in operationIowa, Kansas, Montana, North Dakota, Oklahoma, South Dakota
Vermont, West Virginia, and Wyoming.

407

FEDERAL RESERVE BTTKLETIN

JUNE, 1926

TABLE 8.—BANKS OPERATING BRANCH OFFICES I N AND OUTSIDE THE HOME CITY, BY CLASS OF BANK, BY
STATES: DECEMBER, 1925
Number of banks operating branch offices
VTember banks

Nonmember banl
State

In
and
In
outTotal home side
city
only home
city
only

Outside
home
city
only

National

State

In
OutIn
and
side
out- home
Total home
city side city Total
only home only
city

United States
State-wide branch banking permitted:*
Arizona _ _
California
Delaware _ .
Georgia
Maryland
New Hampshire
North Carolina .
S outh C arolina.
Rhode Island . . . - - .
Virginia..
Branch banking restricted as to locality:
Louisiana
MaineMassachusetts
New Jersey 2
New York
Ohio.
Tennessee..
Branch offices or agencies permitted but
not branches:
Kentucky 3 .
____
Michigan
Mississippi
._
Nebraska3
Pennsylvania.. . . .
Now p r o h i b i t e d —
branches establishedi
prior to existing law:
Alabama.
Arkansas
Florida
Indiana Minnesota..
..
Oregon
Washington
Wisconsin
District of Columbia...

735

7
100
5
23
32
1
39
8
8
33

429

38
1
5
13
3
3
3
15

35
24
50
14
81
52
24

10
1
44
6
81
38
10

4
64
11
2
79

4
61
1
2
67

5
2
1
4
3
1
6
7
10

43

263

1
15

6
47
4
16
16
1
33
5
3
15

2
3
3
2
3

3

25
21
6
5

6
2

8
12

2

3
10
12

120

19

16

2
4

1
4

2
2
8

2

3
1

2
2
1

7

1

1
13
2
24
3
6

3
9
1
2
19

10

13
1

1

. 24
3
6

3

9
1

2
19

1

1
5

197

2
18
1
7
2
1
4
2
4
2

149

7
1
1
2

18

30

406

1
6

1
5

1

5

5
63
4
14
26

1
1
1
2

7
3
16
6
37
23
3

5
1
16
4
37
16
1

1
33
1

1
33

16

14

2

3
1
2
1
5

1

1

1
5

5

1
3
1
1

160

23

223

15

9

39
4
11
16

5
3

• 7

3

33
4
4
23

1

2

2
6

3

15
2
20
19
3

5

30
4
2
14

1

1

5

2
2

27
21
21
6
20
26
15

22
9

19
1

3

1
o

44

34

16

1

4
2
1
3

2

3
1
5

1
5

2
2

1

5
2
1
1

3
3
7
10

132

In
In
In
and OutIn
and Outside
side
home out- home
home
outcity side city Total city side home
city
only home only
only home only
city
city

2

22
19
6

1

3

1
2

6
10

4
2
1
1

3
1
5

1
2

1

3

1
Includes all States in which one or more banks operate a branch or branches located outside the home city of the parent bank, and in which
State-wide branch banking is not expressly prohibited by statute. The laws of New Hampshire, in which one State bank operates a branch
outside the home city, contain no express provision relating to establishment of branches. No Wyoming or West Virginia banks operate
branches.
2
Branches may not be established unless at the time of establishment national banking associations in New Jersey are permitted by acts of
Congress
to establish branches.
3
No express provision relating to establishment of branches by State banks. The Kentucky Court of Appeals has held that banks may have
agents to receive and forward money and transact other necessary business. In Nebraska two national banks operate each one additional homecity 4office.
Other States expressly prohibiting branch banking include Colorado, Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas,
and Utah; and States without express statutory provision in which no branches are in operation include Iowa, Kansas, Montana, North Dakota,
Oklahoma, South Dakota, and Vermont.
•




408

FEDERAL RESERVE BULLETIN

JUNE, 1926

TABLE 9.—NUMBER OF BRANCHES' IN AND OUTSIDE THE HOME CITY, BY CLASS OF BANK, BY STATES: DECEMBER,

1925
Number of branches
Of member banks
Of nonmember
State
Total

In Outside
home home
city
city
Total

United States

...

State-wide branch banking permitted:1
Arizona
California
Delaware
Georgia
Maryland
New Hampshire
North" Carolina
South Carolina
Rhode Island
Virginia
Branch banking restricted" as to locality:
Louisiana
Maine
Massachusetts
New Jersey 1
New York
Ohio
Tennessee
Branch offices or agencies permitted but
not branches:
Kentucky *
Michigan
Mississippi
Nebraska 1
Pennsylvania
Now prohibited—branches
established
prior to existing law:1
Alabama
Arkansas
Florida
Indiana
Minnesota
Oregon
Washington
_ _
Wisconsin
District of Columbia
1

See note attached to Table 8.




2, 572

1,752

820

21
640
15
56
95
3
69
19
25
50

1
315
1
11
41

20
325
14
45
54
3
62
14
17
23

95
50
88
21
441
213
58

46
3
81
11
441
187
27

12
384
25
2
112

12
380
1
2
98

19
3
1
8
10
1
7
9
20

7
5
8
27

7
10
1
9
20

49
47
7
10
26
31

4
24
14

State

STational
In Outside
home home Total
city
city

332

310

22

47

42

5

6
6

5
6

1

3
4
11

3
4
10

37
3
116
4
8
7
20
1
2
24

1
8

8
37
1
116
4
8

2

7

* 20

:
1

2
24

1,280

980

300

960

11
335
1
14
16
3
9
2
20
6

1
135
1
2
16

10
200

10
258
14
36
73

41
8
27
8
257
149
6

35
1
27
6
257
131
4

5
314
12

5
314

22

20

1
1
5
6

1

19
3
1
1
1
6

In Outside
home home Total
city
city

10
1
3
2
9

10
2
9

1
3

5

5

2
6

1
6

12
3
8
1
15

In Outside
home home
city
city
462

138
4
19
3

498
10
120
14
32
54

57
13
5
33

3
11
11
2
17
4
68
52
15

35
40
7
6

18
4 2

46
42
24
10
68
60
44

50
12

46

12

•- 1

4
11

2

66

54

12

1

18
3
1
3

2

2
1
11

1
11

6
7
2

1

54
13
2
22

8
29

18
3
1
2

FEDEKAL RESERVE BULLETIN

JUNE, 1926

409

EARNINGS AND EXPENSES OF MEMBER BANKS
In the last six months of 1925 member banks
in the Federal reserve system had combined
net earnings of $283,645,000, or nearly $17,000,000 more than in the first half of the year.
Net profits, after charging off losses as well as
allowing for expenses, were $211,348,000, an
increase of $3,000,000. The growth reflected
an increase in gross earnings, which arose from
the fact that the banks held a larger volume of
loans and investments and obtained on them a
somewhat higher average rate of return. The
increase in gross earnings was more than
$56,000,000, but was offset in large part by
increases of about $40,000,000 in expenses arid
about $13,000,000 in the net* amount charged
off for losses. The costs and earnings of member
banks for six-month periods since the* beginning
of 1924 are summarized in the following table:
COSTS AND EAENINGS, ALL MEMBER BANKS, D E CEMBER 31, 1923, TO DECEMBER 31,
1925
[In thousands of dollars]
1925

Gross earnings
Expenses..
Net earnings
Losses (net) 1 .

__

Net addition to profits.
1

1924

Last six
months
(9,482
banks)

First six
months
(9,530
banks)

Last six
months
(9,566
banks)

987,170
703,525

930,924
663, 792

912,984
657,173

873,487
623,351

283, 645
72,297

267,132
58,996

255,811
85, 543

250,136
59,061

211,348

208,136

170,268

191,075

First six
months
(9,650
banks)

Total losses less recoveries.

For the entire year 1925 the combined net
profits of member banks were $419,484,000,
or nearly $60,000,000 more than in 1924, and
represented a rate of return of 8.93 per
cent
2
on $4,699,751,000 of invested
capital.
This
rate compared with 8.04 3 per cent for 1924,
when net profits amounted to $361,343,000.
Gross earnings for the year showed an increase of more than $130,000,000 over 1924,
of which about $100,000,000 represented an
increase in receipts for interest and discount,
the chief source of the banks' income. Other
Total losses less recoveries on assets previously charged off.




i

earnings, including profits from advances in
security prices, commissions, etc., increased
by about $30,000,000.
Total expenses were nearly $90,000,000
more than for 1924 and net earnings about
$45,000,000 more. Net profits increased about
$13,000,000 more than net earnings because
the net amount of losses charged off was less
than it had been in 1924 by about this amount.
This decrease in net losses reflected both a
reduction in the total amount charged off and
an increase in the amount realized from assets
previously charged off.
The following table shows for the years 1924
and 1925 the amounts of the various items of
member bank costs and earnings and also the
amount of each item per $100 of earning assets.
A primary purpose of the latter figures, which
appear regularly in Federal reserve studies of
this subject, is to promote separate consideration of changes in the volume of earning assets
in comparing the various items. The table
shows that in 1925 the banks received interest
amounting to $5.40 per $100 of loans and investments, which approximates the average
rate at which funds were loaned or invested/
as against $5.48 in 1924. The average rate of
return in 1925, though somewhat less than
that of 1924, yielded $100,000,000 more income
from interest because it was received on a
larger volume of loans and investments. The
fact that the average rate at which funds were
loaned or invested was slightly lower in 1925
than in 1924, notwithstanding the fact that
the level of quoted short-term interest rates
was, on the average, slightly higher, was due
in part4 to the influence of generally lower bond
yields, and in part to the fact that time loans
made at the relatively high rates of late 1923
carried over into early 1924, while such loans
made at the relatively low rates of 1924 carried
over into early 1925.
2
Includes capital, surplus, and undivided profits. Average of
amounts
given in reports of condition for five call dates during the year.
3
The ratios presented in this and in previous analyses of member bank
earnings and expenses are computed on the basis of aggregate data derived from abstracts of member bank reports of condition and of earnings
and dividends.
4
An exact statement of the effect of current changes in yield of bonds
on the average rate of return on the security holdings of banks is rendered
impossible by the absence of information regarding the time (or price)
at which the securities were purchased, and by the apparent lack of
uniformity in accounting treatment of security holdings.

410

FEDERAL RESERVE BULiLETlN

ANALYSIS OF MEMBEB BANK COSTS AND EARNINGS,
1925 AND 1924
Amount (in thousands Amount per $100 of
earning assets
of dollars)
1925

1924

1925

1924

Total loans
and invest$29,916,525 $27,661,791
ments 1-_____
Interest received..-__.___
Other income
Gross earnings (total)
Salaries and wages -.-___.
Interest on borrowed
money
•Interest on deposits.
Taxes...
Other expenses
Total expenses

1, 615, 595
302,499

1, 514,500
271, 971

$5.40
1.01

$5.48
.98

1,918,094

1, 786,471

6. 41

6.46

372,741

355,018

1.25

1.28

25,954
643,158
102,411
223,053

24,746
594,432
97,341
208,987

.09
2.15
.34
.74

.09
2.15
.35
.76

1,367,317

1, 280, 524

4.63
1.83

133,079
33,196
31,068

2.61
3.39

2.68
3.41

193,099
131,293

197,343
144, 604

.65
.44

.71
.52

Capital, surplus, and undivided profits
omitted)
_
_.

419,484
272,686

361,343
258,044

1.40

1.31

Loans i (000 omitted)-Investments l (000 omitted)
Earning assets 1 (000 omitted) _.__

128, 774
35,127
29,198

Total losses..
Net losses 4
Net addition to profits...
Dividends declared

_...
_

1

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 I N G
A S S E T S AND I N V E S T E D C A P I T A L , 1925 AND 1924

4.57

505,947 |

Losses on loans
Losses on securities
Other losses

$4,699,751,000, and showed a relative^ small
increase for the year, so that there was, on the
average, $637 of member-bank credit in
use per $100 of invested capital in 1925 as
against $616 in 1924. As a consequence of
the larger volume of earning assets relative to
invested capital aiid the higher margin of
profit per $100 of earning assets, the rate of
return on invested capital increased from 8.04
per cent for 1924 to 8.93 per cent for 1925. In
the following table are shown, for both years,
the volume of earning assets and of invested
capital, together with the rates of profit per
unit of earning assets and per unit of invested
capital:

1.84

550, 777

Net earnings

JUNE, 1926

Average of amounts from reports of condition during the year.
2 Amount per $100 of loans.
3
Amount
per $100 of security holdings.
4
Total losses charged off less recoveries on assets previously charged
off.

[In thousands of dollars]
1925
1

1924

(000
__. $4,699,751

$4,491, 663

. 21,022,170
8,894,355

19,498,525

29,916,525

27,661,791

6.37
1.40

6.16
1.31

8.93

8.04

Earning assets per $1 of capital, surplus, and
undivided profits
Profit per $100 of earning assets 2
Profit per $100 3of capital, surplus, and undivided profits

Gross earnings per $100 of earning assets 1 Averages of amounts from reports of condition during the year.
2
Identical with amount shown under similar caption in preceding
were slightly smaller in 1925 than in 1924, the table.
decline in interest received per $100 of earning 3 Obtained by division of amount of profit by amount of invested
assets having been only partially offset by in- capital; equivalent to the product of the two preceding ratios.
creases in other forms of earnings including
In tables on subsequent pages are shown the
commissions and appreciation in security amounts of the principal items of member
values. Total expenses per $100 of earning bank costs and earnings by Federal reserve
assets declined somewhat, however, and the districts, and also amounts per $100 of earning
average rate of net earnings was approxi- assets for 1924 and 1925.
mately the same for the two years. Losses
It has been noted earlier that the amounts
charged off on loans were 61 cents per $100 of interest received per $100 of earning assets
of loans and losses on securities were 39 cents approximate the average rates at which the
per $100 of securities. The net amount of member banks have placed their funds. Varilosses charged off* was somewhat smaller in ations between districts reflect in part geo1925 than the year before, so that the margin graphical differences in levels of interest rates
of net profits, which this year was $1.40 per and in part variations in the composition of
$100 of earning assets, was somewhat larger the banks' earning assets, consisting, as these
than last year when the margin was $1.31.
7 do, of loans and investments yielding various
During the year the volume of the banks
rates of return. The average rates of interest
2
loans and investments, at $29,916,525,000, was received per $100 of earning assets were lowest
about $2,250,000,000 larger than for the year in the New York and Boston districts, at $4.79
before; invested capital, as measured by capital, and $5.02, and highest in the Dallas and Kansurplus, and undivided profits, amounted to sas City districts, at $6.75 and $6.41. Since
interest and discount received constitute the
1
Total losses charged off less recoveries on assets previously charged
major portion of the banks' earnings, the disoff.2
Average of amounts given in reports of condition for five call dates
tricts in which member banks had relatively
during the year.




FEDERAL RESERVE BULLETIN

.JUNE, 1926

high or low rates of interest income generally
showed rates of gross earnings correspondingly
high or low.
The rate of interest received per $100 of
earning assets was lower in 1925 than the year
before for all districts except Philadelphia,
where the rate was the same in both years.
The effect was to reduce gross earnings in most
districts, despite the offsetting influence of increases in other earnings, but gross earnings
were higher in the Boston, Atlanta, and St.
Louis districts.
Expenses were lower in 1925 than in 1924
for all districts except the Philadelphia, Richmond, and St. Louis districts. Expenses were
lowest in the Philadelphia, New York, and
Boston districts, and highest in the Kansas
City, San Francisco, and Dallas districts, owing
chiefly to differences in expenditures for salaries
and wages and for miscellaneous expenses, and
in some degree to differences in tax payments
in proportion to the volume of earning
..•assets. . '
. Net losses per $100 of earning assets, in 1925
as in 1924, were lowest in the Philadelphia,
New York, and Cleveland districts and highest
in the Kansas City, and Dallas districts. They
were smaller in the more recent year in all districts, except Richmond.
The margin of profit, after allowing for expenses and for amounts charged off for losses,
was largest in the Philadelphia, Atlanta, and
New York districts and smallest in the Minneapolis and Kansas City districts. The margin
of profit was larger in 1925 than in 1924 for
all except the Philadelphia, Cleveland, and
Richmond districts.
Another table on a subsequent page shows
for 1924 and 1925 for each Federal reserve
98738—26




-4

411

district the rate of return on the banks' invested capital. The table presents comparisons between the volume of earning assets
and the volume of invested capital, and also
between the margin of profit per $100 of earning assets and the rate of profit per $100 of
invested capital. The rate of return on the
banks' capital was highest in the New York,
Atlanta, and Philadelphia districts, where the
banks had relatively large margins of profit
per $100 of earning assets and, except in the
case of Philadelphia, comparatively large
amounts of earning assets outstanding per $100
of invested capital. As was the case in 1924,
the rate of return in 1925 was lowest in the
Minneapolis, Kansas City, and Dallas districts. Comparison of 1924 and 1925 shows
a larger volume of earning assets per $100 of
invested capital in 1925 for all districts,
and
increased rates of profit on the banks7 invested
capital for most districts. These increased
rates of profit are explained by larger margins
of profit per unit of earning assets, together
with a larger volume of earning assets per
unit of invested capital. The rate of return
was lower in 1925 than in 1924 only in the
Philadelphia, Cleveland, and Richmond districts, and in these districts the decreases were
comparatively small. The most marked increases were in the Atlanta, St. Louis, Minneapolis, and Kansas City districts where,
chiefly as a result of lower expenses and net
losses in relation to the volume of earning
assets, the banks had larger margins of profit
and where there were also considerable increases in the volume of earning assets per
unit of invested capital.
The following tables give the data for 1925
and 1924 in detail, by districts:

412

F E D E R A L RESERVE

J U N E , 1926

BULLETIN

ANALYSIS OF MEMBER BANK COSTS AND EARNINGS, BY DISTRICTS, YEARS ENDING DECEMBER 31, 1925 AND 1924

1924

1925

Philadelphia district

New York district

Boston district

1924

1925

1924

1925

Amount
Amount
Amount
Amount
Amount
Amount
Amount per $100 Amount per $100 Amount per $100 Amount per $100 Amount per $100 Amount per $100
of earn- (000
(000
(000
of earn(000
of earnof earnof earn(000
of earn(000
ing
omitted)
omitted)
ing
omitted)
ing
ing
ing
omitted)
ing
omitted)
omitted)
assets
assets
assets
assets
assets
assets
_„_ $114,044

Interest received..
Other income—-

21,456

Gross earnings
Salaries and wages
Interest on borrowed money
Interest on deposits
Taxes.
_ -.
Other expenses
_
Total expenses
Net earnings. _
Losses on loans...
Losses on securities
Other losses.Total losses

_
_
_
_

Net losses 3___.
Net addition to profits _ - . .
Dividends declared- _

-

$5. 02 $106,995
17,432
.95

$5.11 $429,767
.83 109,764

._-_

Gross earnings
Salaries and wages
Interest on borrowed money
Interest on deposits
Taxes_
_
Other expenses
Total expenses
Net earnings..

_

$4.82 $121,363
1. 21 19,676

$5.37 $110,687
.87
18,688

$5.37
.90

135,500

5.97

124,427

5.94

539,531

6.02

493,021

6.03

141,039

6.24

129,375

6.27

23,402
1,689
51, 260
5,805
14, 251

1.03
.07
2.26
.26
.63

22,406
1,135
47,405
5,720
13,687

1.07
.05
2.26
.27

1.08
.07
1.98
.27
.67

90, 592
3,165
165, 707
21,155
53, 778

1.11
.04
2.02
.26

.65

96,436
6,016
177, 340
24,049
60,055

24,222
2,068
44, 995
6,964
14, 014

1.07
.09
1.99
.31
.62

22,305
1,650
40,122
6,193
13,062

1.08
.08
1.95
.30
.63

96,407

4.25

90,353

4.31

363,896

4.06

334,397

4.09

92, 263

4.08

83, 332

4.04

39,093

1.72

34, 074

1.63

175,635

1.96

158, 624

1.94

48, 776

2.16

46,043

2. 23

9,523
5,205
2,023

• 1.58

9,910
2,815
1,861

1.66
2.47

32,553
12,647
6,019

1.53
2.44

27,424
11,010
6,199

1.50
2.41

3,407
3,087
1,491

1.24
2.36

3, 888
2,378
1,518

1.31
2.29
.38

2.82

.66

16, 751

.74

14,586

.70

51,219

.57

44,633

.55

7,985

.35

7,784

12, 349

.54

11,589

.55

29, 666

.33

29,244

.36

4,119

.18

4,074

.20

26,744
17,889

1.18

22,485
16,823

1.07

145,969
87, 301

1.63

129,380
79,124

1.58

44,657
23, 748

1.97

41,969
21,505

2.03

$170, 519
30, 863

$5.63 $163,079
1.02
30,491

Atlanta district

Richmond district

Cleveland district
Interest received
Other income.___,._

$4.79 $394,271
1.22
38,750

$5.72
1.07

$73,134
8,312

$5.79

$70,619
8,171

$5.82

.66

.67

$69,470
14,217

$6.21
1.27

$61,055
10,158

$6.29
1.05

201,382

6.65

193, 570

6.79

81,446

6.45

78, 790

6.49

83,687

7.47

71,213

7.34

36, 531
2,497
74, 711
10,965
21, 545

1.21
.08
2.47
.36
.71

34, 800
1,941
70,062
10,658
20, 670

15,928
3,035
25, 753
5,449
8,906

1.26
.24
2.04
.43
.71

15,329
3,131
23, 726
5,377
9,149

1.26
.26
1.95
.44
.75

16,083
1,680
23,493
5,476
10,837

1.44
.15
2.10
.49
.97

14,804
2,479
19, 596
5, 556
9,207

1.52
.26
2.02
.57
.95

146,249

4.83

138,131

1.22
.07
2.46
.37
.72
4.85

59,071

4. 68

56, 712

4.67

57, 569

5.14

51,642

5.32

55,133

1.82V

55,439

1.94

22,375

1.77

22,078

1.82

26,118

2.33

19, 571

2.02

1.36
2.42

6,546
4,201
2, 744

1.35
2.43

6,133
598
1,300

1.62
2.23

5,080
1,075
1,096

1.53
2.42

6,689
724
2,159

1.74
2.34

7,077
740
1,530

1.90
2.41

Losses on loans
Losses on securities
Other losses

____
___;

7,272
4,267
2,904

Total losses

..._>_.

14,443

.48

13,491

.47

8,031

.64

7,251

.60

9,572

.85

9,347

.96

10,605

.35

10,526

.37

6,386

.51

5,574

.46

7,678

.69

7,566

.78

44, 528
26, 875

1.47

44,913
27,368

1.57

15,989
13,058

1.27

16, 504
12, 737

1.36

18,440
11, 561

1.65

12,005
11,958

1,24

Net losses 3_
Net addition to profits—____;
Dividends declared._____

1
Amount per $100 of loans.
2
Amount per $100 of security holdings.
3 Total losses charged off less recoveries on assets previously charged off.
NOTE—Statement of amounts per $100 of earning assets in even dollars and cents results in some instances in slight discrepancies between component figures and the related totals




413

FEDERAL RESERVE BULLETIN

JUNE, 1926

ANALYSIS OF MEMBER BANK COSTS AND EARNINGS, BY DISTRICTS, YEARS ENDING DECEMBER 31, 1925 AND 1924—
Continued
St. Louis district

Chicago district
1924

1925

1925

Minneapolis district
1925

1924

1924

Amount
Amount
Amount
Amount
Amount
Amount
Amount per $100 Amount per $100 Amount per $100 Amount per $100 Amount per $100 Amount per $100
of earn(000
of earn(000
(000
(000
of earnof earnof earn(000
(000
of earning
omitted)
ing
omitted)
omitted)
ing
ing
ing
omitted)
omitted)
omitted)
ing
assets
assets
assets
assets
assets
assets
Interest received. __
Other income

$234,367
40,551

Gross earnings._.

$5.37 $220,864
.93
35,094

$5,44
.86

$71,591
11,823

$5.68
.94

$68,541
9,332

$5.77
.78

$51,098
6,183

$5.69
.69

$51,816
5,845

$6.00
.68

274,918

6.30

255,958

6.30

83,414

6.62

77,873

6.55

57,281

6.38

57,661

6.68

Salaries and wages._ __
Interest on borrowed money
Interest on deposits __
Taxes.
__._
"Other expenses

55,048
2,628
95,057
17,119
33,417

1.26
.06
2.18
.39
.77

51,839
2,895
87, 931
16,546
30,904

1.28
.07
2.16
.41

1.34
.16
2.04
.40

.76

12,923
1,030
22,750
3,651
7,173

1.50
.12
2.63
.42

.78

12,631
500
22,410
3,440
6,827

1.41
.06
2.49
.38

.81

16,240
2,290
23,779
4,847
9,350

1.37
.19
100
.41

.76

16,903
2,026
25,742f
5,019
10,226

Total expenses..

203,269

4.66

190,115

4.68

59,916

4.75

56,506

4.75

45,808

5.10

47,527

5.50

1.64

65,843

1.62

23,498

1.86

21,367

1.80

11,473

i .54
.24

20,200
4,284
3,177

i .68
2.39

7,198

i .79
2.21

9,874
1,524
3,979

11.14
2.47

Net earnings...
Losses on loans.
Losses on securities
Other losses

______

17,148
2,867
3,234

.

Total losses...
Net losses 3._.

71, 649

.

Net addition to profits
Dividends declared

_

2

733

1,331

10,134

1.18

7 893

11
25
2
.26

948

604
692

.53

27,661

.68

9,262

.73

15,377

1.29

8,754

.97

9,189

15,617

.36

21,103

.52

6,597

, .52

10,595

.89

6,523

.73

7,364

.85

56,032
34,409

1.28

44, 740
33,297

1.10

16,901
11,674

1.34

10,772
13,347

.91

4,950
5,301

.55

2,770
5,368

.32

_ $71,520
_
9,734

Gross earnings

1.28
i l 18
2.22

23,249

Kansas City district
Interest received—.
Other income
_

7 158
648-

.83

$6.41
.87

$70,095
10,703

Dallas district
$6.57
1.00

$54,815
6,467

$6.76
.80

$52,899
6,173

1.06

San Francisco district
$6.82 $153,907
23,453
.79

$6.01 $143,579
.92
21,134

$6.14
.91

81,254

7.28

80,798

7.57

61,282

7.56

59,072

7.61

177,360

6.93

164,713

7.05

19,130
790
25,173
5,231
11,941

1.71
.07
2.25
.47
1.07

19,171
1,333
24,523
5,126
11,705

1.80
.12
2.29
.48
1.10

14,803
990
14,155
4,473
8,325

1.83
.12
1.75
.55
1.03

14,465
1,385
13,656
4,473
8,520

1.86
.18
1.76
.57
1.10

41,624
2,035
63,069
8,421
22,709

1.63
.08
2.46
.33

1.71
.10
2.36
.34

.89

40,144
2,312
55,175
8,039
21,782

62,265

5.58

61,858

5.79

42,746

5.27

42,499

5.47 ^137,858

5.39

127,452

5.45

18,989

1.70

18,940

1.78

18, 536

2.29

16,573

2.14

39,502

1.54

37,261

1.60

11,989
1,263
2,031

1 1.48
2.41

14,997
1,001
2,612

11 84
2.39

8 320
318
2,092

11 27
2.20

9 031
351
2,035

11 43
2.24

11 384
2,770
3,666

1

11 159
3,213
3,625

1

Total losses...

15,283

1.37

18,610

1.74

10,730

1.32

11,417

1.47

17,820

.70

17,997

.77

Net losses 3

11,388

1.02

14,719

1.38

8,092

1.00

. 8, 751

1.13

12,273

.48

13,499

.58

7,601
8,254

.68

4,221
8,532

.40

10,444
10,434

1.29

7,822
8,289

1.01

27,229
22,182

23,762
19,696

1.02

Salaries and wages
Interest on borrowed money
Interest on deposits
Taxes
Other expenses
„__
Total expenses
Net earnings._
Losses on loans
Losses on securities
Other losses.-

_.

_

Net addition to profits . . .
Dividends declared

61
2.39

, 1.06.

.93

65
2.53

* Amount per $100 of loans.
Amount per $100 of security holdings.
Total losses charged off less recoveries on assets previously charged off.

2
3

NOTE—Statement of amounts per $100 of earning assets in even dollars and cents results in some instances in slight discrepancies between component figures and the related totals




414

FEDERAL RESERVE BULLETIN

JUNE, 1926

PROFITS OF MEMBER BANKS IN RELATION TO EARNING ASSETS AND INVESTED CAPITAL, YEARS ENDING*
DECEMBER 31, 1925, AND 1924
Boston district
1925

1924

New York district
1925

1924

Philadelphia
district
1925

1924

Cleveland
district
1925

Richmond
district

1924

Capital, surplus, and undividedprofi; s i (000 omitted) $360,013 $340,885 $1,342,693 $1,243,295 $459,888 $424,236 $526,349

1925

Atlanta district

1924

1925

1924

$179,127 $173,733

$234,200

., 877,379 996,727 956,311 903,927 789,102
Loans i (000 omitted)
1,631,8081,491,579 6,094,355 5,496,0171., 392, 510 1,245,861 2,006,2581,
— """ 604,296 2,871,371 2,678,294 "-^801 815,9281
,9281; 020)279 973,587 265,536 258,141 215, 642 180, 822
Investments* (000 omitted)
Earning assetsi (000
2,270,344 2,095,875 8,965,726 8,174,311 2,261,311 2,061,789 3,026,537 2,850,966 1,262,263 1,214,4521,119,569
omitted)
Earning assets per $1 of capital, surplus, and undivided
profits.—
Profit per $100 of earning
assets
_
Profit per $100 of capital, sur-2
plus, and undivided profits

6.31

6.15

6.68

1.18

1.07

1.63

7.43

6.60

10.87

Chicago district
1925

1924

Capita,!, surplus, and undivided
profits i
(000
omitted)
. . . . $633,721

6.57

10.41

St. Louis district
1925

$199,927

1924

4.92

4.86

5.75

5. 63

5.39

5.30

6.25

5.58

1.97

2.03

1.47

1.57

1.27

1.36

1.65

1.24

9.71

9.89

8.46

8.87

6.83

7.21

10.29

6.9J

Minneapolis
district

Kansas City
district

Dallas district

San Francisco
district

1925

1925

1925

1925

1924

1924

Profit per $100 of capital, sur-2
plus, and undivided profits

6.89

6.56

6.30

6.04

1.

1.10

1.34

.91

7.
.55

.32

8.84

7.23

8.45

5.48

4.05

2.19

7.02

4.78

653, 284
157,120

1, 729, 713
629,3981L, 853, 903 L,
146,501 706,023 607,027

810,404

775,899 2,559,926 2,336,740

6.54

5.09

4.95

7.92

7.48

.40

1.29

1.01

1.06

1.02

2.59

6.56

4.99

8.42

7. 61

* Averages of amounts from reports of condition during the year
2
Obtained by dividing net profits by average amount of invested capital; equivalent to the product of the two preceding ratios.




1924

$196,661 $122,115 $126,468 $159,043 $163,260 $159,260 $156,607 $323,415 $312, 225

Loans * (000 omitted)._
3,169,291 2,973,832 907,195 862,620 604, 988 633,201 807,924 813,512
Investments i (000 omitted)... 1,195,9631,088,369 353,130 325,981 293,253 230,273 308,701 254,047
Earning assets 1 (000
863,4741,116, 625 1,067,559
omitted)
___._._. 4,365,254 4,062,201 1,260,325 1,188,601
Earning assets per $1 of capital, surplus, and undivided
profits..
Profit per $100 of earning

1924

FEDERAL EESEKVE BULLETIN

JUNE, 1926

415

LAW DEPARTMENT
Authority of Congress for erection of Detroit branch
bank building.
The following is a copy of a joint resolution
of Congress approved April 14, 1926, authorizing the Federal Reserve Bank of Chicago to
erect a building for its Detroit branch costing
not more than $600,000, exclusive of the cost
of vaults, permanent equipment, furnishings,
and fixtures:
[PUBLIC RESOLUTION—No. 15—69TH CONGRESS]

[S. J. Res. 61]
Joint Resolution Authorizing the Federal Reserve Bank of Chicago to
enter into contracts for the erection of a building for its branch establishment in the city of Detroit, Michigan.

Resolved by the Senate and House of Representatives
of the United States of America in Congress assembled,

Limitation upon use or words "Federal," "United
States," or "reserve."
The following act of Congress, which was
approved May 24, 1926, is designed to prohibit
the offering for sale as Federal farm loan bonds
any securities not issued under the terms of
the Federal farm loan act, to limit the use of
the words "Federal," "United States," or
"reserve," and to ^prohibit false advertising.
Attention is called to the fact that this act
makes unlawful, with certain specified exceptions, the use of the word "Federal," the words
"United States," or the word "reserve," or a
combination of such words as a portion of the
corporate title or trade name of any person,
firm, or corporation engaged in the banking,
loan, building and loan, brokerage, factorage,
insurance, indemnity, or trust business, and
also makes unlawful any advertisement or representation by a nonmember bank that it is a
member of the Federal reserve system.

That the Federal Reserve Bank of Chicago be, and it
is hereby, authorized to enter into contracts for the
erection of a building for its Detroit branch on the site
now owned, provided the total amount expended in
the erection of said building, exclusive of the cost of
the vaults, permanent equipment, furnishings, and fixtures, shall not exceed the sum of $600,000: Provided,
[PUBLIC NO. 279—69TH CONGRESS]
however, That the character and type of building to be
erected, the amount actually to be expended in the con[S. 2606]
struction of said building, and the amount actually
to be expended for the vaults, permanent equipment, AN ACT To prohibit offering for sale as Federal farm loan bonds any
furnishings, and fixtures for said building shall be sub- securities not issued under the terms of the Farm Loan Act, to limit
ject to the approval of the Federal Reserve Board.
the use of the words "Federal," "United States," or "reserve," or a
combination of such words, to prohibit false advertising, and for other
Approved, April 14, 1926.
purposes.
Authority of Congress for erection of Baltimore branch
bank building.
The following is a copy of a joint resolution
of Congress approved April 17, 1926, authorizing the Federal Reserve Bank of Richmond
to erect a building for its Baltimore branch
costing not more than $1,025,000:

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assem-

bled, That no bank, banking association, trust company, corporation, association, firm, partnership, or
person not organized under the provisions of the act of
July 17, 1916, known as the Federal Farm Loan Act,
as amended, shall advertise or represent that it makes
Federal farm loans or advertise or offer for sale as
Federal farm loan bonds any bond not issued under the
provisions of the Federal Farm Loan Act, or make use
of the word "Federal" or the words "United States"
or any other word or words implying Government
[PUBLIC RESOLUTION—No. 16—69TH CONGRESS]
ownership, obligation, or supervision in advertising or
[H. J. Res. 1911
offering for sale any bond, note, mortgage, or other
Joint Resolution Authorizing the Federal Reserve Bank of Richmond to security not issued by the Government of the United
contract for and erect in the city of Baltimore, Maryland, a building States or under the provisions of the said Federal Farm
for its Baltimore branch.
Loan Act or some other act of Congress.
SEC. 2. That no bank, banking association, trust
Resolved by the Senate and House of Representatives company, corporation, association, firm, partnership,
of the United States of America in Congress assembled, or person engaged in the banking, loan, building and
That the Federal Reserve Bank of Richmond be, and
brokerage, factorage, insurance, indemnity, or
it is hereby, authorized to contract for and erect in the loan,
business shall use the word "Federal," the words
city of Baltimore a building for its Baltimore branch, trust
"United States," or the word "reserve," or any comprovided the total amount expended in the erection of bination
of such words, as a portion of its corporate,
said building shall not exceed the sum of $1,025,000: firm, or trade
name or title or of the name under which
Provided, however,That the character and type of build-it does business:
Provided, however, That the provisions
ing to be erected, the amount actually to be expended of this section shall
apply to the Federal Reserve
in the construction of said building, and the amount Board, the Federal not
Loan Board, the Federal
actually to be expended for the vaults, permanent Trade Commission, orFarm
any other department, bureau,
equipment, furnishings, and fixtures for said building or independent establishment
the Government of
shall be subject to the approval of the Federal Reserve the United States, nor to any ofFederal
reserve bank,
Board.
Federal land bank, or Federal reserve agent, nor to
the Federal Advisory Council, nor to any corporation
Approved, April 17, 1926.




416

FEDEKAL RESERVE BULLETIN

organized under the laws of the United States, nor
to any bank, banking association, trust company,
corporation, association, firm, partnership, or person
actually engaged in business under such name or title
prior to the passage of this act.
SEC. 3. That no bank, banking association, or trust
company which is not a member of the Federal reserve
system shall advertise or represent in any way that it is
a member of such system or publish or display any
sign, symbol, or advertisement reasonably calculated
to convey the impression that it is a member of such
system.
SEC. 4. That any bank, banking association, trust
company, corporation, association, firm, or partnership
Violating any of the provisions oLthis act shall be guilty
of a misdemeanor and shall be subject to a fine of not
exceeding $1,000. Any person violating any of the
provisions of this act, or any officer of any bank,
banking association, trust company, corporation, or
association, or member of any firm or partnership violating any of the provisions of this act who participates
in, or knowingly acquiesces in, such violations shall be
guilty of a misdemeanor and shall be subject to a fine
of not exceeding $1,000 or imprisonment not exceeding
one year, or both. Any such illegal use of such word
or words, or any combination of such words, or any
other violation of any of the provisions of this act,
knay be enjoined by the United States district court
Ihaving jurisdiction, at the instance of any United
^States district attorney, any Federal la,nd bank, joint•stock land bank, Federal reserve bank, or the Federal
Farm Loan Board or the Federal Reserve Board.
SEC. 5. That if any clause, sentence, paragraph, or
part of this act shall for a,ny reason be adjudged by any
oourt of competent jurisdiction to be invalid, such
judgment shall not affect, impair, or invalidate the
remainder of this act, but shall be confined in its operation to the clause, sentence, paragraph or part thereof
directly involved in the controversy in which such
judgment shall have been rendered.
Approved May 24, 1926.
STATE LAWS RELATING TO SEGREGATION OF
ASSETS OF SAVINGS DEPARTMENTS

The following compilation, which was prepared in the office of counsel to the Federal
Reserve Board with the assistance of counsel
to the several Federal reserve banks, is intended
to show briefly the laws of each State with
regard to the segregation of the assets of savings departments of banks and trust companies:
CALIFORNIA

The laws of California authorize banks to carry on a
departmental business, transacting the business of
savings banks, trust companies and commercial banks.
Segregation of capital.—"When a bank desires to
do a departmental business, it shall first obtain the
consent of the superintendent of banks, and in its
application therefor, file a statement making a segregation of its capital and surplus for each department.
Such capital and surplus, when so apportioned and
approved by the superintendent of banks, shall be considered and treated as the separate capital and surplus
of such department as if each department was a separate bank. Thereafter a bank may, from time to time,




JUNE, 1926

with the previous consent and approval of the superintendent of banks and subject to the provisions of
section nineteen of this act, change any segregation and
apportionment of capital and surplus previously made
and make a new segregation and apportionment of its
capital and surplus."
Segregation of reserves.—"Every bank shall maintain for each department total reserves equal in amount
to that required by this act for the respective business
conducted, and shall keep separate and distinct the
total reserves of any department from that of any other
department; and all deposits made with other banks,
whether temporary or otherwise, shall be assets of the
respective departments by which they were made, and
shall be so carried on the books of such other banks, and
shall be repaid only upon the order of the department
to whose credit they stand. No department shall
receive deposits from any other department of the same
corporation; except that a trust department, in proper'
cases, may make deposits of trust or any other funds,
under its control with the savings department or the
commercial department of the same corporation;
provided, however, That any bank having departments
shall have the right to sell and transfer any bonds, securities or loans from one department to another upon
receipt of the actual value thereof, if such bonds, securities or loans are, under the provisions of this act, a
legal investment for the department purchasing the
same."
Segregation of assets.—" JEvery bank having different
departments shall keep separate books of account for
each department of its business, and shall be governed
as to all deposits, reserves, investments, and transactions relating to each department by the provisions
in this act specifically provided for the respective kind
of business.
" It shall keep all investments relating to the savings
department entirely separate and apart from the
investments of its other department or departments.
*
*
*
#. . * .
*
*
"Every bank shall keep entirely separate and apart
in each department the cash, securities, and property
belonging to such department, and shall not mingle the
cash, securities and property of one department with
that of another.
"All money and assets belonging to each department,
whether on hand or with other banks, and the investments made, shall be held solely for the repayment of
the depositors and other claimants of each such department, as herein provided, until all depositors and other
claimants of each such department shall have been
paid, and the overplus then remaining shall be applied
to any other liabilities of such bank." (Banking Laws
of 1925, sections 23, 25, 26, and 27; Henning's General
Laws, 1920, act 409, sections 23, 25, 26 and 27.)
COLORADO

The Colorado law formerly provided that any person,
copartnership, or corporation conducting a savings
department in connection with banking or other business shall keep the books, funds, securities, and all
other assets of such savings department separate and
apart, and such assets shall constitute a trust fund for
the payment of savings depositors. No department
of any bank shall receive deposits from another department or borrow from or loan to the same. (Banking
Laws of 1923, sec. 46; Comp. Laws of 1921, sec. 2701.)
This act, however, was repealed by act of March 21,
1923; and there is now no law in Colorado requiring
the segregation of savings deposits. (Session Laws of
Colorado, 1923, p. 187.)

417

FEDERAL RESERVE BULLETIN

JUNE, 1926

CONNECTICUT

MASSACHUSETTS

Segregation of assets.-—The laws of Connecticut
require all banks and trust companies receiving savings
deposits to invest such deposits according to the requirements of the laws concerning investments of deposits
in savings banks. Said investments shall be segregated
and not mingled with other assets of such bank or trust
company and shall be for the exclusive protection of
depositors in the savings department and shall not be
held for or used to pay any other obligation of the bank
or trust company until after the payment of all depositors in the savings department. (Banking Laws of
1923, sec. 3928; General Statutes, 1918, chap. 202,
sec. 3928.)

Segregation of savings deposits of foreign banks.—
" Every foreign banking association or corporation
which was on June 10, 1906, transacting business in
this Commonwealth and which receives any deposits
or transacts any business in the manner of a savings
bank, or in such a manner as might lead the public to
believe that its business is that of a savings bank,
shall have a savings department in which all business
transacted in such manner in this Commonwealth
shall be done. All money received in said manner
shall be a special deposit and shall be placed in said
savings department, and all loans or investments
thereof shall be made in accordance with the laws
governing the investment of deposits in savings banks.
"Such funds and the investments or loans thereof
shall be appropriated solely to the security and payment
of such deposits, and shall not be mingled with the
investments of the capital stock or other money or
property belonging to such association or corporation
or be liable for the debts or obligations thereof.-..• The
accounts and transactions of said savings departments
shall be kept separate and distinct from the general
business of the association or corporation."
Segregation of deposits in savings departments.—
"Every such corporation [trust company] soliciting or
receiving deposits (a) which may be withdrawn only
on presentation of the pass book or other similar form
of receipt which permits successive deposits or withdrawals to be entered thereon; or (b) which at the
option of such corporation may be withdrawn only
at the expiration of a stated period after notice of
intention to withdraw has been given; or (c) in any
other way which might lead the public to believe that
such deposits are received or invested under the same
conditions or in the same manner as deposits in savings
banks; shall have a savings department in which ,all
business relating to such deposits shall be transacted.
Every such corporation subject to this section shall
have an investment committee of not less than three
members, elected by and from the board of directors,
and such committee shall hold meetings at least once
in each month.
*
*
*'
*
*
*
*
"Such deposits and the investments or loans thereof
shall be appropriated solely to the security and payment of such deposits, shall not be mingled with the
investments of the capital stock or other money or
property belonging to or controlled by such corporation,
or be liable for the debts or obligations thereof until
after the deposits in said savings department have been
paid in full. The accounts and transactions of said
savings department shall be kept separate and distinct
from the general business of the corporation." (Banking Law 1923, pp. 13 and 29. General Laws of Massachusetts, 1921, ch. 167, sees. 41, 42, and ch. 172, sees.
60 and .62.)

GEORGIA

Separate records.—The laws of Georgia require
banks doing both a commercial and savings business
to keep separate records of its savings deposits; but
do not expressly require the segregation of. assets nor
give the savings depositors a prior lien on the assets
of the savings department. (Banking Laws of 1923,
pr 85; Park's Annotated Code of Georgia, 1922 Supp.,
vol. 8, sec. 2280 (u. u.).)
KENTUCKY

Separate records.—The laws of Kentucky require
any bank combining the business of a commercial and
savings bank to keep separate books for each kind of
business; but do not expressly require the segregation
of assets nor give the sayings depositors a prior lien
on the assets of the savings department. (Banking
Laws of 1924, p. 22; Ky. Code 1922, sec. 590.)
MAINE

Segregation of assets.—Every trust company receiving savings deposits or using the term "savings"
in connection with its business shall segregate and at
all times keep on hand so segregated assets at least
equal to the aggregate amount of its savings deposits,
and in the case of a trust company which also acts as
surety upon bonds or other obligations the amount of
its assets so segregated shall be at least 15 per cent in
excess of the aggregate amount of its savings deposits.
The bank commissioner may require all such assets as
appear to be carried in excess of their true value to be
charged down to the true value.
Assets segregated and held for security of savings
deposits*—Assets so segregated; shall be held in trust
for the security and payment of savings deposits and
shall not be mingled with other assets of the trust
company, or be liable for the obligations thereof until
after the savings depositors shall have been paid in full.
All other assets of the company shall be held equally
and rat ably for the payment of all claims Including
any balance to savings depositors after applying to
their payment the assets segregated.
How segregated assets shall be held and segregated.—Assets segregated for the benefit of the savings department shall be so held and recorded as to
identify them as the assets held for the security of such
deposits. All securities representing such assets shall
be plainly stamped "savings department," provided,
however, that in lieu thereof it shall be lawful to record
in the investment book a description of assets so held
sufficient to identify them. (Banking Laws of 1923,
pp. 55 and 56; Public Laws of Maine 1923, chap. 144,
sees. 89, 90, and 91.)




MICHIGAN

Segregation of savings deposits.—"Any bank combining the business of a commercial bank and a savings
bank shall keep separate books of account for each
kind of business: provided, that all receipts, investments and transactions relating to each of said classes
of business shall be governed by the provisions and
restrictions herein specifically provided for the respective kinds of banks: provided, further, that all the investments relating to the savings department shall be
kept entirely separate and apart from the other business of the bank, and that the 12 per cent reserve required by the provisions of this act to be kept on the

418

FEDERAL RESERVE BULLETIN

savings deposits, shall be kept separate and distinct on
the books of the bank from the reserve required on the
commercial deposits, and that such portion of said
savings deposits as are on hand unloaned or deposited
with other banks or reserve agents and the investments made with the funds deposited by savings depositors shall be held solely for the payment of the depositors of said funds."
Penalty for failure to segregate savings deposits.—
"Any bank combining the business of a commercial
bank and a savings bank which shall not keep separate
accounts as required by the preceding section or shall
not keep the investments of the savings department
separate or shall not in every respect comply with the
requirements of such section, shall be liable to the
State in the penalty of fifty dollars for each and every
failure, neglect, or refusal to comply with the provisions of said section, to be recovered in a suit to be
brought by the attorney general in the name of the
people of the State of Michigan in the circuit court
of any county in which such bank may be situated."
(Banking Laws of 1925, pp. 31 and 32. Compiled
Laws of Michigan, Ann. Supp. 1922, sec. 7998 and
Compiled Laws of Michigan, 1915, sec. 7999.)
MINNESOTA

Lien on investments.—A State bank or trust company incorporated and authorized to do business under
the laws of Minnesota may establish and maintain a
savings department and may solicit and receive deposits in such department. Savings deposits received
by such bank or trust company using the word ' savings' or 'savings bank' in its title shall be invested
only in authorized securities as defined by the law of
Minnesota and such bank or trust company shall keep
on hand at all times such securities as deposits in savings banks may be invested in to an amount at least
equal to the amount of such deposits and these securities shall be representative of and the fund for, applicable first and exclusively to the payment of such
deposits. (Banking Law of 1925, pp. 13 and 37.
General Statutes of Minn. 1923, sees. 7651 and 7667.)
NEW HAMPSHIRE

Separate departments.—"Every such corporation
[bank or trust company] receiving savings deposits or
transacting the business of a savings bank, shall conduct the business as a separate department, which
shall be amenable to the laws governing savings banks."
(Banking Laws of 1925, p. 30; Public Laws of New
Hampshire 1926, ch. 264, sec. 9.)
NEW MEXICO

Separate accounts.—Banks are authorized to operate
commercial departments and savings departments and
also trust departments; and every bank having different
departments is required to keep separate accounts for
each department of its business; but there is no provision expressly giving the savings depositors a prior lien
on the assets of the savings department. (Banking
Laws of 1923, p. 20; laws of 1915, ch. 67, sec. 53.)
NEW YORK

JUNE, 1926

Separate books of account.-—The laws of Ohio
authorize banks to operate commercial, trust and
savings departments and require a bank'operating such
departments to keep separate books of account for each
department; but there is no provision expressly giving
the savings depositors a prior lien on the assets of the
savings department. (Banking Laws 1925, p. 49;;
acts of 1919, vol. 108, p. 110, sec. 116.)
OKLAHOMA

Segregation of capital for commercial and savings
departments.—"All trust companies incorporated under the laws of this State are hereby authorized to
establish a commercial banking and savings department, in which they shall be permitted to receive
money on deposit, with or without interest, including
savings accounts, trust funds and sinking funds; provided, that before a trust company is authorized to
accept deposits, as above provided, the board of
directors of such trust company shall, by resolution,
as a primary protection to the depositors in said commercial banking and savings department, set aside a
portion of the capital stock of said trust company, the
amount of which in no case shall be less than the
amount of capital stock required to organize a State
bank in the city or town in which said trust company
is located. A certified copy of said resolution shall be
filed with the State bank commissioner and a certificate
of the board of directors of said trust company shall be
filed with said bank commissioner, certifying that the
amount of capital stock necessary to create a commercial banking and savings department has been set
aside, according to the laws of the State of Oklahoma,
and thereupon the State banking board may, in its
discretion, cause to be issued a certificate to said trust
company, authorizing it to establish a commercial
banking and savings department in said trust company/'
Segregation of resources of commercial and savings
departments.—"The capital stock set aside for the commercial banking and savings department and all deposits and all investments and loans and securities
held in the commercial banking and savings department shall be appropriated solely to the security and
payment of the deposits in the commercial banking
and savings department, and shall not be mingled with
the investment of the remaining capital stock or other
money or property belonging to or controlled by such
trust company, or be liable for the debts or obligations
thereof until after the deposits in said commercial
banking and savings department have been paid in
full. The accounts and transactions of said commercial
banking and savings department shall be kept separate
and distinct from the general business of the corporation.
"The capital stock of said trust company appropriated
to the commercial banking and savings department,
together '.faith- the stockholders' liability thereunder,
shall be held as security for the payment of all deposits made in the commercial banking and savings
department, and, in addition thereto, the persons making
such deposits, or entitled to said deposits, shall have
an equal claim with the other creditors of such trust
company upon the remaining capital and other property
of the corporation, together with the stockholders'
liability thereunder." (Session Laws, 1925, pp. 8687.)

The laws of New York give a preference to deposits
in banks and trust companies made by savings banks,
savings and loan associations, State land banks, and
credit unions. Banks and trust companies, however,
OREGON
are not authorized to receive savings deposits as such.
(Birdseye, Cummings and Gilbert's Cons. Law, 2d
Segregation of capital.—"When a bank or trust
ed. vol. 1, p. 711, sec. 278, p. 783, sec. 414, p. 791, sec. company desires to do a departmental business it
437, vol. 12, p. 74, sec. 279 and p. 82, sec. 456.)
shall first obtain the consent of the superintendent of.




banks, and in its application therefor shall file a statement making a segregation of its capital and surplus
for the commercial and savings departments. Such
capital and surplus, when so apportioned and approved
by the superintendent of banks, shall be considered
and treated as the separate capital and surplus of such
department as if each department was a separate
bank. Thereafter a bank or trust company may, from
time to time, with the previous consent and approval
of the superintendent of banks and subject to the provisions of section 40 of this act, change any segregation
and apportionment of capital and surplus previously
made and make a new segregation and apportionment
of its capital and surplus."
Separate books to be kept.—" Any State bank or
trust company combining any of the business of a commercial bank, trust company and savings bank shall
keep separate books or accounts for each department
of its business and shall be governed as to all deposits,
reserves, 'investments and transactions relating to
each department by the provisions of this apt specifically provided for the respective kind of business, and
shall keep all moneys received as such savings deposits
and the funds and securities in which the same are
invested at all times segregated from and unmingled
with the other moneys and funds of such bank or
trust company and treated as if such department were a
separate bank, and all bonds, warrants, notes, mortgages, deeds and other securities of every nature of
such savings department shall be marked, stamped or
labeled ' savings department' or some similar words,
and the same shall be held solely for the repayment of
the depositors of such department. * * *.-"
Savings deposits given prior lien on savings assets.—
In the event of the insolvency or liquidation of a
bank or trust company maintaining a savings department, the depositors of the savings department of such
bank or trust company shall have a first and exclusive
lien on all assets of such savings department and in the
distribution of such assets the same shall be first
applied to satisfy the amount due such depositors after
the payment of expenses of liquidation of the savings
department of such bank or trust company, and the
assets of such savings department shall be held and
liquidated for the exclusive benefit of. such depositors
and the assets of such savings department shall not be
applied for the benefit of depositors or creditors of any
other department of such bank or trust company;
provided, that after the depositors of such savings
department shall have been paid in full and the remaining assets of such department may be used for
the payment of depositors of the commercial department of such bank or trust company. (Banking
Laws of 1925, pp. 16, 51, and 57; Laws of Oregon, 1925,
ch. 207, sees. 44, 133 and 143.)
KHODE ISLAND

Segregation of savings deposits.—Every bank or
trust company which receives savings deposits shall
invest all deposits so received according to the requirements of the chapter of the laws of Rhode Island
pertaining to investments by savings banks and such
deposits invested or uninvested shall be set apart for
the exclusive protection of the savings depositors and
shall not be held for or be used to pay any other obligation of the bank or trust company until after the payment of all savings deposits. Uninvested funds of the
savings department of such bank or trust company
shall be kept in a separate distinct deposit account in
such manner that the same can be readily identified as
clearly belonging to the segregated assets of the savings deposit. Every bank or trust company shall




419

FEDERAL RESERVE BULLETIN

JUNE, 1926

keep an accurate account wherein shall appear a complete list of the assets set apart for the exclusive protection of savings deposits held by it, showing,the par
value, book value, and as often as a report is made
to the bank commission shall enter into such account
the fair market value of each of the investments of said
assets. (Banking Laws of 1925, p. 43; General Laws
of 1923, ch. 272, sec. 4000 (clause XVI) sec. 1 (a) (e)
and (f).)
TEXAS

Segregation of savings deposits.—All State banks
or banking and trust companies establishing or maintaining a savings department or using the words
'savings' as part of its corporate title shall keep the
business of such department entirely separate and
distinct from the general business of such bank or
banking and trust company and shall keep all moneys
received as savings deposits and securities in which the
same may be invested at all times segregated from and
unmingled with the other accounts and funds of the
bank or banking and trust company.
Lien on assets of savings department.—In the case
of the insolvency or liquidation of any State bank or
banking and trust company which shall establish or
maintain a savings department its savings depositors
shall have an exclusive prior lien upon all the assets of
such savings department and shall be first paid and the
remainder of such assets, after they have been paid in
full, shall be applied to the payment of claims of
general creditors. (Banking Laws of 1923, pp. 21
and 23; Texas Revised Statutes, 1925, arts. 430 and
433.)
WASHINGTON

Separate books of account.—Any bank or trust
company combining the business of a commercial
banking and a savings bank shall keep with the separate
departments separate books of account for eacn kind
of business. There is no provision, however, giving
the savings depositors a prior lien on the assets of the
savings department. (Banking Laws of 1921, p. 35.
Remington's Compiled Statutes of Washington, 1922,
sec. 3246.)
WISCONSIN

Segregation of time deposits.—Trust company
banks are authorized to receive time deposits and issue
their notes, certificates, debentures and other obligations therefor, payable at a future date only, not earlier
than 30 days from date of such deposits and such deposits shall at all times be held or invested separately
from other funds or property held by the corporation
and in case of insolvency or liquidation all such funds
and investments shall be primarily liable and used for
the payment of such deposits. (Banking Laws of
Wisconsin, 1925. p. 57; Wisconsin Statutes, 1919,
sees. 2024-77 (k).)
WYOMING

Segregation of deposits.—Any bank or trust company organized under the laws of Wyoming may
operate a savings department; provided, that such
bank dr trust company which maintains a savings
department shall keep separate books of accounts for
each kind of its business; and provided further, that
all investments relating to the savings department shall
be kept entirely separate and apart,from the other
business of the bank and that such portion of said
savings deposits as are on hand unloaned or deposited
with other banks and the investments made with the
funds deposited by savings depositors shall be held
solely by such bank or trust company for the payment
of depositors of said funds. (Laws of Wyoming,
1925, p. 212, sec. 30.)

420

FEDERAL RESERVE BULLETIN

JUNE,

1926

Fiduciary Powers Granted to National Banks

Changes in State Bank Membership

During the month ended May 21, .1926, the FedThe following list shows changes affecting State
bank membership during the month ended May 21, eral Reserve Board approved applications of the
1926, on which date 1,417 State institutions were national banks listed below for permission to exercise
one or more of the fiduciary powers named in section 11
members of the system:
(k) of the Federal reserve"act as amended, as follows:
ADMISSIONS
(1) Trustee; (2) executor; (3) administrator; (4)
registrar of stocks and bonds; (5) guardian of estates;
Capital Surplus
(6) assignee; (7) receiver; (8) committee of estates of
lunatics; (9) in any other fiduciary capacity in which
District No. %
State banks, trust companies, or ^other corporations
Morsemere Trust Co., Morsemere, N. J_. $100,000 $25, GOO $125,000 which come into competition with national banks are
Trade Bank of New York, New York,
N. Y.
_- 500,000 250,000 3,729, 538 permitted to act under the laws of the State in which
the national bank is located.
First Trust & Deposit Co., Oriskany
Falls, N. Y
.
- 100, 000
Erasmus State Bank, Brooklyn, N. Y____ 200, 000

20,000
70,000

1,221,407
418,192

._ 250,000

350,000

3,950,978

District No. 8
Broadway Trust Co., St. Louis, M o . . . — 200, 000

20, 000

2,357,358

District No. 4

Windber Trust Co., Windber, Pa._

CHANGES
District No. 2

Change of title: Bank of Europe, New
York, N. Y., has changed its title to
Bank of Europe Trust Co.; Federation
Bank of New York, N. Y., has changed
its title to Federation Bank and Trust
Co.
District No. 4.

Voluntary withdrawal: Farmers & Mer$50,000
chants Bank, Sylvania, Ohio-.
Union Trust Co., Cleveland, Ohio, a
member, has absorbed the following
member: State Banking & Trust Co.,
750,000
Cleveland, Ohio

$30,000 $1, 069,781

315,000 15,803,076

District No. 6

Voluntary withdrawal: Plains Bank,
Plains, Ga
.
.__Change of title: The Citizens Bank, West
Point, Ga., has changed its title to
Citizens Bank & Trust Co,

•50,000

12,000

342,304

590

125,930

District No, 8

First State Bank, Palmyra, 111., a member, has absorbed the following nonmember: Palmyra State Bank, Palmyra, III
25,000
Change of title:
The Kentucky Title Bank & Trust
Co., Louisville, Ky., has changed
its title to Kentucky Title Trust Co.
The Shaw State Bank, St. Louis, Mo.,
has changed its title to Shaw Bank.

50,000

District
No.

1 to 3,5 to 7
Medomak National Bank
and 9.
Aquidneck National Ex- 1 to 9.
change Bank and Savings
Co.
People Trust Co. of Brooklyn,
Ito9.
N . B . A...
First National Bank
_. 1 to 9.
Lincoln National Bank_
. 1 to 9.
Pitman National Bank and 1 to 9.
Trust Co.
1 to 9.
First National Bank
Citizens National Bank
_. 1 to 3
and 9.
Merchants and Manufactur- 1 to 9.
ers National Bank.
Peoples First National Bank _ _ 1 to 9.
First National Bank
1 to 9.
Delta National Bank
1 to 9.
First National Bank
1 to 9.
Lake County National Bank.. Ito9.
First National Bank
1 to 9.
Coldwater National Bank,
2, 3, 5, and
8.
American National Bank
Ito9.
1 to 9.
Boatmen's National Bank
United States National Bank. 2, 3, 5, and
8.
2, 3, 5, and
First National Bank
8.
Ito9.
First National Bank.

Waldoboro, Me
Newport, E. I
Brooklyn, N.Y.___.
Camden, N. Y_._..
Newark, N. J._
Pitman, N. J
Orwigsburg, Pa
Mansfield, Ohio
Sharon, Pa
Charleston, S. C_...
Crewe, Va .
Yazoo City, Miss...
Blue Island, I1L___.
Liberty ville, 111
Akron, Iowa
__.
Coldwater, Mich...
Marshfield, Wis_...
St. Louis, Mo
Iron M o u n t a i n ,
Mich.
Negaunee, Mich
Houston, Tex
Logan, Utah

First National Bank

5, 710

156,400

25,000

4,559

273,154

200,000

50,000

2,012,187

50,000
25,000

1,000
15,000

305, 756
• 180,162

District No. 11

Voluntary withdrawal: First State Bank
& Trust Co., Waco, Tex
__..
Converted into national banks:
First State Bank, George West, Tex..
First State Bank, Balls, Tex
Change of title:
The Guaranty State Bank, Hedley,
Tex.j has changed its title to Security State Bank.
The Guaranty State Bank, Mount
Pleasant, Tex.,tias changed its title
to Guaranty Bond State Bank.
District No. 12
Voluntary withdrawals:
Genesee Exchange Bank, Genesee,
Idaho
...
Blackfoot City Bank, Blackfoot,
Idaho.
____
__._.




1 to 9.

Changes in National Bank Membership

Number of
banks

District No. 10

Withdrawal: Meadow Grove State Bank,
Meadow Grove, Nebr

Powers
granted

Name of bank

The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from April 24 to
May 21, 1926, inclusive:

District No. 9

Belgrade State Bank, Belgrade, Mont., a
member, has absorbed the following
nonmember; Farmers Bank, Belgrade,
Mont...
_:
-__-

Location

New charters issued
_
__
Restored to solvency __
Increase of capital approved
_
Aggregate of new charters, banks restored to
solvency, and banks increasing capital.__.

12
0
12

$3,050,000
0
1,470,000

24

4, 520,000

Liquidations
Reducing capital *

16
2

1,697, 500
55,000

18

1,752,500

2

1,550,000
4,520,000
1, 752,500

_

Total liquidations and reductions of capital—
Consolidation of national banks under act of Nov.
7,1918
___
Aggregate increased capital for period
_
Reduction of capital owing to liquidations, etc
25,000

12,500

601, 659

50,000

10,000

664,113

Amount
of capital

Net increase

_

2,767,500

1 Includes one reduction in capital of $50,000 incident to a consolidation
under act of Nov. 7, 1918.

421

FEDERAL. RESERVE BTJLX.ETIH

JUNE, 1926

BUSINESS STATISTICS FOR THE UNITED STATES
INDEX OF PRODUCTION IN BASIC INDUSTRIES i
[Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100]
Iron and steel
Year and month

General
index

Steel
ingots

Pig iron

Food products

Textiles

Cotton

Wheat
flour

Wool

Sugar
meltings

Lumber

Animals slaughtered
Cattle

Calves

Sheep

Hogs

1925
April
Mav
.. ...
June .
'...
July
August
.
September
October. .
November
December

119
111
110
113
109
111
116
115
121

128
113
107
105
102
106
113
116
130

128
121
115
110
117
123
130
136
149

121
103
98
99
91
103
111
116
120

92
91
88
87
90
95
98
97
95

'90
88
102
122
94
100
96
79
80

134
115
117
117
107
143
167
135
203

104
104
95
107
97
93
99
84
99

124
114
126
131
138
129
147
131
166

120
117
105
101
89
86
88
76
88

101
92
101
96
108
120
115
96
89

123
116
117

1926
January
.
•..*.
February
March
_ ____
April. _ _ _ „ _ _ — — -

120
120
123
122

131
130
131
135 . ••

149
152
157

114
119
120
117

89
84
87
84

83
90
100
97

164
147
120
114

96
102
106
108

146
157
137
115

95
105
121
118

91
81
* 103
104

125
122
124
124

147

Nonferrous metals

Coal

Cement

Petroleum

Manufac •
tured
tobacco

Anthracite

105
99
101
105
109
114
121
126
130

103
103
98
113
120
1
1
2
3

136
135
136
140
135
139
136
138
139

124
127
117
121
122
121
129
129
137

69
64
66
71
69
62
69
63
59

115
112
110
108
105
111
115
116
117

199
193
197
215
207
204
198
194
188

194
212
210
204
206
208
198
200
196

87
88
93
94
91
95
106
95
85

178
175
188
179
173
183
169
165
195

95
96
97
101
94
96
99
89
94

129
130
117
124

2
34
120
117

141
145
143
141

144
135
139
136

56
60
60
58

115
123
126
126

219
181
187
179

193
193
188
190

80
84
97
88

196
188
207
205

102
100
98
95

1925

January
February._
March ;
April

Newsprint

Bituminous

April
May
July
August
September. . .
October
November
December,

Tobacco products
Sole
leather

Year and month

116
116
125
117
133

...

1926
....
.

Copper

Zinc

Cigars

Cigarettes

i This table contains for certain months the index numbers of production in basic industries 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.
'a Revised.
INDEX OF E M P L O Y M E N T IN MANUFACTURING I N D U S T R I E S i
[No seasonal adjustment. Monthly average, 1919=100)

Year and month General
index

1925
April...;:; :
May....
June
July
August...

Metals and
products
Group
index

Iron
and
steel

OctoberNovember..
December.,

95.9
94.9
94.2
93.1
93.9
95.1
97.0
97.2
97.1

89.2
88.0
86.9
85.6
86.1
87.4
89.4
91.0
92.6

88.7
87.5
86.3
84.9
85.4
86.6
88.4
89.9
91.6

1926
January.....
February. _.
March
April.—

96.3
97.0
97.2
96.4

92. 6
94.2
94.6
94.3

93.8
93.7

91.9

Textiles and products
Group Fabrics Prodindex
ucts

96.4
95.4
93.3
94.0
94.1
96.9
97.3
97.2

100.8
99.1
97.5
93.1
93.6
93.3
97.7
99.1
99.3

96.5
92.9
92.8
93.4
94.5
95.1
95.8
95.0
94.6

97.3
97.4
97.1
94.9

99.1
97.6
97.1
95.8

97.2
97.1
93.8

Lumber
and
products

Railroad
vehicles

100.6
99.8
100.1
99.3
99.9
102.2
102.8
102.0
100.9

84.9
84.7
84.5
84.5
83.7
83.0
82.6
84.6

121.7
128.5
122.8
122.2
124.2
129.4
137. 7
136.3
129.6

104.7
103.8
103.5
103.4
103.2
104.3
106.0
107.2
107.8

83.0
83.2
85.6
85.4
85.9
88.0
90.6
89.6
88.5

83.0
85.7
90.2
92.1
91.8
89.0
86.1

123.2
125.5
125.9
121.3
124.9
125.3
124.7
123.1
121.0

81.7
87.0
85.8
85.9
85.0
87.1
90.1
89.7
90.1

75.4
73.2
72.9
73.0
72.6
75.4
76.4
77.4
77.6

98.7
100.0

84.6
85.7
87.1
88.1

130.2
133.0
136.3
132.1

107.5
106.7
107.4
106.8

86.5
85.7
84.9
82.5

87.9
89.5
88.3
83.9

114.4
114.6
116.8
121.8

80.4
84.2
83.3
79.8

76.9
77.0
77.0
77.3

95.0

Paper
Autoand
mobiles printing

Foods Leather Stone,
and
and
clay*
prod- prodand
ucts
ucts

Tobacco
products

Chemicals
and
products

i This table contains for certain months index numbers of employment, together with group indexes for important industrial components. T h e
general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for
the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925,
for certain revisions.




422

FEDERAL RESERVE

JUNE, 1926

INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES»
[No seasonal adjustment. Monthly average, 1919=* 100]
Metals and
products
Year and month General
index

Group
index

Iron
and

Textiles and products
Group Fabrics Prodindex
ucts

Lumber
and
products

Railroad
vehicles

Paper
Autoand
mobiles printing

Foods Leather Stone,
and
clay,
and
prod- prodand
ucts
glass
ucts

Tobacco
products

Chemicals
and
products

1925
April
May
June
July.
August
September
October
November
December.

107.3
107.4
104.8
102.4
104.5
103.9
111.3
111. 7
112.1

94.4
94.6
91.1
86.8
89.7
88.7
96.2
97.7
101.7

93.9
94.0
90.4
86.1
88.8
87.7
95.1
96.3
100.6

108.0
105.0
101.6
10L2
103.8
99.1
107.5
107.0
107.9

111.7
109.9
103.9
100.9
101.7
96.6
107.9
109.0
111.1

103.5
99.0
98.8
101.6
106.2
102.1
107.0
104.5
103.9

107.9
108.6
109.7
105.9
108.0
111.8
117.2
116.7
116.4

95.4
91.6
90.4
86.7
88.0
84.9
89.2
91.4
91.7

156.2
163.9
151.2
150.0
146.1
155.3
178.0
178.9
]63.5

137.1
136.7
135. 5
133.8
133.7
135.8
142.3
145.4
148.7

94.0
97.2
100.0
98.9
99.1
100.0
104.5
103.6
103.2

91.5
90.3
85.1
89.0
98.9
94.8
95.8
87.9
86.5

149.9
154.6
154.3
145.9
155.7
151.6
156.8
155.4
151.3

74.2
90.9
90.3
89.0
90.0
90.0
97.1
98.7
99.3

97.6
98.4
95.7
95.6
93.1
94.9
101.1
103.6
104.9

1926
January
_.
February. _.
March
April..
_

107.0
111.5
113.0
110.4

99.1
102.4
104.2
102.7

98.3
101.7
103.4
102.0

108.1
110.2
109.8
103.6

110.4
109.0
108.2
104.8

105.3
111.5
111.8
102.0

105.8
111.0
111.9
111.7

85.8
91.9
94.5
95.6

136.0
166.3
170.7
165.4

145.5
144.9
147.9
147.0

100.1
99.8
99.3
96.0

89.7
94.2
93.2
84.2

136.9
140.1
144.3
147.6

86.0
84.0
88.4
82.3

102.2
102.8
104.5
105.0

i This table contains for certain months index numbers of pay rolls, together with group indexes for important
r
general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the
„*,„„
.
. .I-I^I--J.
. . . . . . . . •>«' o n r . r i u ^ ^ ^ — „ *~_n/r— moC See also p . 688 of BULLETIN for September, 1925,
{ _ _ T. w ... .. " ." »
above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925.
for certain revisions.
INDEXES OF INDUSTRIAL ACTIVITY »
[No seasonal adjustment. Monthly average 1919-100]
Mineral production

Agricultural movements
Year and month

1925
April
May. _
June
July
August
. _.
September
October
November. _
December
1926
January
February
March . .
April

AniLive- mal Grains Cot- Vege- Fruits To- Total
Total stock
prodton tables
bacco
ucts

94
136
92
151

Anthracite
coal

194
216
212
214

128
115
105
105

140
140
139
136

12^I
12' f
IT 7
12

143
147
151
145

109
111
116
114

136

117

116

212

106

135

143

105

138
164

103
98
105

91

119

133

149
96

234
310

204
233

244
391

171
165

121
130

1
1

110

108

277

116

177

223

2

135

239

88

98

326

125

129

93
117

101
101

149

105

117

125
135
142
110

75

107

17
5
1

122

73

148

106

108

99

96

92

114

106

80

344

88
85
75

81
91
83

93
116
119

79
65
52

74
64
52

94
123
95

77
92
89

273
88
58

Lead Silver

87
91
96
102

40
62
75
99

12
14

Zinc

99
108
103
113

123
139
164
150

43

Copper

117
124
124
129

87
86
88
86

72
79
83
88
104
152
166

Bitumi- Petro- Pig
nous leum iron
coal

121
137

206
204

131

196

194

107
119

134
141

119

134

122
12
}
129

128

137

137

161

144

158

109

148
164
148

3110

3

136

129

2

138

190

130

141

115
137
127

28
120
112

120
119
103

173
192
190

115
135
135

135
150
145

131V
138
136

153

104

107

105

Manufacturing production
Year and month
Total

April
May
June
July
August
September. . . -.
October..
November
December
_.
January
February..
March
April

Iron
Auto- ~ rexand
steel mobiles tiles

1925
133
130
•> 126
126
122
126
141
129
128

128
121
112
109
118
120
134
134
138

129
125
142
136

144
131
154
144

1926

250239
239
153
193
270
225
191
186
220
266

Food
products

88

Leather Petro- Cement TobacLum- Paper
and
and
and
ber printing
co
shoes leum brick

119
109
105
107
104
107
118
114
119

87
94
97
96
105
114
98
107

155
165
160
164
167
160
172
139
133

142
136
133
125
128
128
139
136
138

98
86
84
87
97
97
103
84
85

201
212

120
115
122
113

104
92
99
90

135
137
156
162

142
134
149
149

83
85
95
86

216

188
213
202
207
207
191
206
173
1S2

113
119
133
135
127
131
141
120
110

191
195
194
202
203
183
165
155
175

216
198
221
221

130
112
151
120

115
110
136
122

172
177
195
190

222
222
218

1 For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN.
3
2 Less than one-half of 1 per cent.
Revised.




Rubber
tires

FEDERAL RESERVE

JUNE, 1926

COMMODITY

The following statistics are secured from
various sources and compiled in the form given
below by the Board's Division of Research and
Statistics. Earlier figures (in most cases since

423

BULLETIN

MOVEMENTS

1919) can be obtained from previous issues of
the" BULLETIN or upon application to the Division of Research and Statistics, Federal Reserve
Board.
April, March, April,
1925
1926
1926

April, March, April,
1925
1926
Transportation

Grain and Flour
Receipts at 17 interior centers (000 omitted):
Wheat (bushels)...
_
14,289 15,163
Corn (bushels)
. 12,523 20,428
Oats (bushels)—.
14,735 12,328
Rye (bushels).,..
1,301 1,032
Barley (bushels)
2,528 2,958
Total grain (bushels)
Flour (barrels)
_.
Total grain and flour (bushels) ___

10,010
9,922
13,614
1,506
2,038

45,376 51,908
1,998 2,009

37,090
1,688

60,949

44,687

Shipments at 14 interior centers (000 omitted):
Wheat (bushels)
_,_. 10,097 11,923
Corn (bushels)
8,604 8,529
Oats (bushels)—.
___
13,521 13,448
Rye (bushels)
753
691
Barley (bushels)
1,923
1,895

14, 510
13,070
20,269
2,065
1,767

54,366

Total grain (bushels)
34,808 36, 575
Flour (barrels)
-—___.___. 2,723 3,121
Total grain and flour (bushels) __
47,059 50, (519
Stocks at 11 interior centers at close of month
(000 omitted):
Wheat (bushels)......
Corn (bushels).
Oats (bushels)..
Rye (bushels)._
_____..
Barley (bushels)
_
Total grain (bushels)....

24,085
27,248
43,165
13,201
4,351

25,555
30,987
46,745
12,938
4,686

112,050 120,910

Receipts at 9 seaboard centers (000 omitted):
Wheat (bushels).....
Corn (bushels)-_.
Oats (bushels).
:._....
Rye (bushels)
_
__
Barley (bushels)
....

8,041
1,193
1,184
2,265

7,779
708
2,256
618
2,682

Total grain (bushels)
. 16,977 14, 043
1,628 2, Oil
Flour (barrels)
.__.__.__
Total grain and flour (bushels).....___. 24,303 23, 093
Stocks at 8 seaboard centers at close of month
(000 omitted):
Wheat (bushels)
.
Corn (bushels)
__
Oats (bushels)...
_
_
Rye (bushels)
.
Barley (bushels)
___

1 816
597
1,166
71
2,346

3,310
861
1,101
140
2,273

8,817

9,091

Tobacco sales at loose-leaf warehouses (pounds,
000 omitted):
Dark belt Virginia
___
Bright belt Virginia.--._.._
North Carolina..
84
Burley......
-_-_.
14,994
Western dark
_

3,182
19, 593

Total grain (bushels)

._

Wheat flour production (barrels, 000 omitted)

7,6

Tobacco




51,681
2,589

Revenue freight loaded and received from
connections (cars loaded, 000 omitted):
Classified by nature of products—
163
Grain and grain products
120
Livestock
. _. ______
714
Coal
54
Coke
-. -328
Forest products..
66
Ore
1,146
Merchandise, I.e. 1.
Miscellaneous
___ 1,571
Total
._
......... 4,161
Classified by geographical divisions1,022
Eastern
_
868
Allegheny.
'
__ .„.„„_
213
Pocahontas
663
Southern
510
Northwestern...
568
Central western
317
Southwestern...
_
4,161
Total

: 178
124
804
64
344
50
1,194
1,583
4,341

144
123
613
48
338
126
1,124
1, 559
4,075

1,062
887
226
718
523
625
299
4,341

974
839
195
658
555
539
315
4,075

2,063
3,131
12,391 9, 553
3,697 2, 775
5,981
7.712
4,098 3,921
5,028 4,953
14,782 10,184
3,194
2,951
2,529 1,368
2,738 3,107
2,636 2,601
10,556 12,199
72,492 61,656

3,959
14,076
3,901

63,333

BUILDING STATISTICS
Building permits issued in 168 cities, grouped
by Federal reserve districts:
Number of permitsBoston (14 cities)
New York (22 cities)
_
Philadelphia (14 cities)
Cleveland (12 cities)
Richmond (15 cities)
107,279
Atlanta (15 cities)
Chicago (19 cities)
St. Louis (5 c i t i e s ) — — — . . . . . .
Minneapolis (9 cities)..__.__
14, 634
Kansas City (14 cities).....
396
Dallas (9 cities)
3,423
San Francisco (20 cities)
3,404
Total—
_...
2,074
Value of permits (dollars, 000 omitted)—
23, 931
Boston (14 cities) _
1,931
New York (22 cities)
Philadelphia (14 cities)...
_._._-..
32, 621
Cleveland (12 cities)
_._
Richmond (15 cities)
_
_..
Atlanta (15 cities)
Chicago (19 cities)
_
St. Louis (5 cities)—
.
9,315
Minneapolis (9 cities)
,
682
Kansas City (14 cities)
__
1,656
Dallas (9 cities)
2,220
San Francisco (20 cities)
918
Total....
—
14,790 Building contracts awarded, by Federal reserve districts (dollars, 000 omitted):
8,185
Boston
New York.
_
_
Philadelphia.
Cleveland
Richmond..
.
Atlanta...
..
Chicago
St. Louis.--.-.
.
Minneapolis
Kansas City
346
Dallas
.___
3,960
Total (11 districts)
...
31,976
20, 557
43,541
9,191
2,014

16,129
128,887
18,528
20,092
17,851
15,911
73,511
9,502
6,948
9,356

8,097
35,058
359,870

4,557
3,561
17,202
3,478
3,020
3, 591
2,584
12,095
79,890

10,532 14,876
130,067 131,461
20, 794 30, 954
27,431 27,697
22,006 19,127
14,361 11,047
66,828 77, 863
11, 587 16, 527
4,284 10,331
9,639 12,956
10,197
36,286 41, 594
364,012 403. 297

41,788 32,476 37,935
173,176 158,454 135,159
36,376 45, 719 50,291
65,121 70,495
39,006 57,935 43,299
54,310 61,081 32,255
87,690 91,359 111, 470
30,697 33,527 37,684
15,965 15,029 13,141
14,074 13,897 13,440
20, 584 23,281 22,398
570,614 597,879 567, 567

424

FEDERAL RESERVE BULLETIN

JUNE,

WHOLESALE AND RETAIL TRADE
WHOLESALE TRADE IN THE UNITED STATES, BY LINES*

CHANGE IN CONDITION OF WHOLESALE TRADE, BY
LINES AND DISTRICTS—Continued

[Average monthly Sales 1919=100]

Meat

79
76
83
79

80

71

73
79
75

69
73
68

79
83

79
84

75
79

83

85

79

87
94

83
92

101
86

99
90
83

78
82
87
72

1925
January
February
March April
May
June... . . .
July
August
September— , __
October
November .
December
.
1926
January
February
March

80
78
76
85

...

April
2

Percentage change Percentage 1 change
in sales, April,
in stocks at end

GenGroeral
index ceries

••

82

77
71
81
80

Dry Shoes Hard- Drags
ware
goods

82
88
96
85

43
46
63
65

89
90
107
107

116
109
121
115

77
82
85
106
112

54
54

101
105

106
110

47

99

111

65
72

98
109

108
120

72

118
92
75

77
59
54

122
103
101

134
110
111

79
75
75
80

79
86
93
77

43
50
73
59

86
87
106
103

111
110
133
123

For description of the wholesale trade index see FEDERAL RESERVE

BULLETIN for April, 1923.

CHANGE IN CONDITION OF WHOLESALE TRADE, BY
LINES AND DISTRICTS

Groceries:
United States . .
Boston district
N e w Y o r k __•
P h i l a d e l p h i a 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

Percentage change
in sales, April,
1926, compared
with—

Percentage 1 change
in stocks at end
of April, 1926,
compared with—

March,
1926

March,
1926

—1.0
—1.4
-8.8
—1.9
—3.3
-1.7
—9.2
0.9

—10.1
1.0
3.3
-2.0
3.3
—16.7
—24.6
-16.7
-13.7
-15.2
—14.2
-15.2
-27.2
-11.0
-17.0
-14.1
-12.7
-19.3
-17.7
-21.9
—27.0
—15.7
-27.4

April,
1925

6.2

-3.4

2.6

-13.2
-3.3

—0.3
-0.2
-0.1
1.2
7.4
13.2

5.6

April,
1925

2.9

13.7
-7.7
6.5

-6.4
—11.6
-4. 8

-1.5
22.3

0.9

2.5

-1.0
5.0
12.0
5.5

-7.0
-1.9
q 3

-11.0
2.0
4.9
6.7

-8.9

-0.7

—7.5

-3.4
-9.7
-3.3
-1.3
-14.8
-13.3
-10.0
-10.0
-6.1
1.1

-1.9

-0.7

5.0
-2.0
0.3

-21.4
23.1
-5.1
—14.7
-1.0
-3.3
-5.7

-9.0
-7.8
-18.8
-11.5
—17.5
-2.8

-1.6
-4.4
-6.4
1.9

-21.7
-18.2
—14.3
-23.4

4.3

T-14. 1

-3.6
2.9
0.5
7.9

1926, compared
with—

March,
1926

Shoes—Continued.
Atlanta district...
—27.7
Chicago district_.__
St. Louis district
-7.7
Minneapolis district
' -16.0
San Francisco district
-7.6
Hardware:
United States
—2.4
6.4
New York district
3.5
Philadelphia district
-9.8
Cleveland district
-5.5 *
Richmond district
-8.3
Atlanta district....
-0.9
Chicago district_.
__
St. Louis district
._ -11.7
0.0
Minneapolis district
-13.5
Kansas City district
-8,9
Dallas district
-0.9
San Francisco district
Drugs:
—10.8
United States.
-13.4
New York district
-11.6
Philadelphia district
-3.5
Cleveland district
-9.4
Richmond district
Atlanta district
-4.9
Chicago district __ __ _
—9.1
St. Louis district
-9.8
Kansas City district
—9.0
Dallas district
• -6.0
San Francisco district
Furniture:
-5.5
Richmond district
-9.1
Atlanta district
St. Louis district
____ -20.7
-20.7
Kansas City district
-13.9
San Francisco district
Agricultural implements:
—16.6
United States 2
-11.0
Minneapolis district..
—19.3
Dallas district
Stationery and paper:
—4.6
New York district...
Philadelphia district
-8.2
Atlanta district
-14.9
San Francisco district
Automobile supplies:
—1.5
San Francisco district
Clothing:
-38.4
New York district
919.5
St. Louis district
__
Cotton jobbers:
-11.4
New York district
Silk goods:
New York district
-27.0
Machine tools:
New York district
-15.2
Diamonds:
-21.3
New York district
Jewelery:
New York district: __
—16.0
Philadelphia district
. -16.0
Electrical supplies:
Philadelphia district * - 1 1 . 7
Atlanta district .
—18.4
St. Louis district
4.0
San Francisco district___.
—4.4
Stoves:
St. Louis district
__„ —10.5

April,
1925

-29.6
-14.7
-20.0
1.0

of April, 1926,
compared with—

March,
1926

1.7
5.8
-7.7
-5.0

-3.8
-0.6
-3.7
-4.5
-1.2
13.0
-14.3
-4.6
-9.0
-13.2
-6.8
5.4

-0.5
-1.6
-0.5

3.3
0.0
5.5
11.70.9

-0.4

2.5
3.5
-4.8
—5.4

April,
1925

-1.7
-0.7
1.0
25.5
-4.0
6.9
-1.2

-21.7
-27.9
9.4
-24.0

.

-4.2
1.9
-9.8
6.0
4.6
—9.4
-5.4
•1.0
12.5
-0.5
4.7

12.6

5.5

0.3

3.4

-0.9
1.9

-3.4
1.5

—3. 6
24.4
7.0

48.7
—1.2

1.0
—2.9

34.0
—1.8

0.3

-3.0

1.8

-12.8
—11.0
-15.9
-19.3
-1.5
—11.1
12.0
27.7
6.6
-3.8

4.1

-9.6
—1.0
—26.0
0.5
-12.6
-14.5

0.1
-1.2

-9.8
3

57.8

7.3
9.2
-6.3
4.6

4.4
2.4

1.3
50.8
14.0
1.5

-2.3
—4.8
-4.9

4-8.2
-13.4
-19.6
34.6
-7.2

-1.0
10.3
-16.4
-1.0
4.6
1
Changes in total stocks for the United States are weighted averages by the Chicago Federal Reserve Bank from reports of leading manufacand include all of their domestic business.
computed on the basis of firms which have reported regularly to the turers
8
Stocks atfirstof month; quantity, not value.
Federal
reserve system since January, 1923.
2
* Includes diamonds.
Sales of agricultural implements for the United States are compiled




425.

FEDERAL RESERVE

JUNE, 1926

RETAIL TRADE, BY REPORTING LINES)
[Average monthly sales 1919=100]
Sales without seasonal adjustment
Year and month

Sales with seasonal adjustment
T5t-n

'3 a

•s-S

rd-5

23

sa

31

a o3

1925
January
February
_.
March...
April.
-_._.
May
._
June..
_--....
July.....
August
September
OctoberNovember
December
...

108
101
121
136
128
126
95
98
121
165
145
226

108
105
119
117
95
102
87
89
114
170
144
166

250
233
252
258
254
254
259
243
245
318
272
332

151
156
177
195
191
187
183
195
191
237
220
427

155
146
160
159
163
167
166
171
169
179
167
225

122
119
131
134
143
134
136
142
142
151
136
212

107
100
127
177
149
152
122
120
129
164
136
188

104
128
136
141
139
214

1926
January. _..__
February
....
March
April..

114
104
130
133

116
111
130
121

286
289
302
333

166
170
199
202

178
172
196
193

127
127
142
150

108
97
143
166

101
103
112
111

92
99
105
107

162
175
188
210
195
184
181
202
202
215
195
280

124
131
121
133
124
126
128
125
134
145
129
141

110
116
103
114
106
120
117
118
120
131
116
140

249
243
233
255
254
257
269
255
258
309
270
318

207
209
185
208
201
203
201
205
206
219
211
231

161
161
159
164
166
170
164
171
172
175
177
185

141
140
135
139
140
137
137
145
142
145
138
157

141
i49
127
152
119
142
134
153
135
145
126
143

112
120
116
126
116
125
140
143
136
117
111
114

193
207
186
210
202
197
185
202
204
209
205
191

167
173
206

130
135
130
129

118
123
112
118

284
301
278
329

228
227
207
216

185
189
194
199

146
151
147
156

142
145
143
143

122
126
124
130

199
205
204

i1 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]
Number
of reporting
firms

Federal reserve district

United States
Boston
. .
New York .
. .. ..
Philadelphia
Cleveland
Richmond--.
-Atlanta
Chicago .
Minneapolis .
.
Dallas
San Francisco
..
_. __

Sales with seasonal adjustment

Sales without seasonal adjustment
1926

1926

1925

Apr.

Mar.

Feb.

Apr.

359

133

130

104

136

121

101

108

24
63
22
54
23
35
63
23
21
31

133
138
128
132
126
114
146
107
108
150

119
131
138
127
130
108
145
94
111
158

93
108
103
106
91
92
119
76
93
117

136
140
134
142
132
109
149
116
110
146

110
124
125
125
119
99
127
97
107
142

94
107
101
106
89
84
107
81
90
113

110
120
105
107
93
83
112
92
92
128

Mar. Feb.

Jan.

1925

Mar.

Feb.

Apr.

Mar.

Feb.

129

130

135

133

121

131

124

126
134
116
129
123'
111
143
103
102
156

118
129
149
125
126
109
144
96
105
160

125
141
128
136
122
121
151
108
118
154

129
136
122
139
129
106
146
111
116
153

110
122
135
123
115
100
127
99
101
143

126
140
125
137
120
111
136
115
114
149

122
132
120
123
113
102
132
107
106
145

Apr.

Jan.

DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly stocks 1919=100]
Stocks without seasonal adjustment

Number
Federal reserve district

United States .
Boston

»

New York -.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago . .
Minneapolis
Dallas .
San Francisco




.
-

»

--;

of reporting
firms

1926
Apr.

Stocks with seasonal adjustment
1926

1925

Mar. Feb.

Apr.

Mar.

Feb.

Jan.

Apr.

Mar.

1925
Feb.

Apr.

Mar.

Feb.

Jan.

314

143

143

132

141

139

127

119

139

141

140

136

137

135

134

24
63
13
52
19
22
51
22
19
29

125
142
201
134
131
125
157
110
130
145

124
142
201
137
128
122
162
110
128
141

113
128
183
124
121
112
153
101
118
132

127
139
186
140
132
•114
157
116
126
140

126
135
185
137
131
113
156
117
125
136

115
123
167
125
118
107
145
106
113
126

112
118
147
112
109
99
137
99
103
123

122
137
198
129
128
122
152
107
129
140

124
139
197
136
123
121
163
106
127
139

121
138
195
134
128
116
165
104
125
137

124
134
183
135
128
112
152
112
126
135

127
132
182
136
125
112
158
112
124
134

123
132
177
134
126
111
156
109
120
131

124
132
164
133
129

110
154
111
119
134

426

FEDERAL RESERVE BUI^LETIN

JUNE, 1926

FOREIGN BANKING AND BUSINESS CONDITIONS
ANNUAL REPORT OF THE BANK OF JAPAN

The annual report of the Bank of Japan for
1925, presented by the governor at the meeting of the shareholders on February 25, contains the following account of its operations
during the past year, and survey of the economic situation.
In the general monetary situation an easier
tendency developed during the past year.
Security prices rose; the export trade was
active; exchange rates tended toward recovery;
the purchasing power of the agricultural community was somewhat increased by abundant
crops; and favorable progress was made in the
return of business to normal after the great
earthquake. Still the readjustment was far
from complete in all branches; business enterprise remained generally inactive; commodity
prices moved downward; the home market
was depressed; and there was general complaint of hard times.
At the beginning of the year, as in the preceding year, certain sections of the business community were looking forward7 to the appearance
of a "reconstruction boom/ but the work of
rebuilding the capital did not make the progress anticipated. A spiritless condition developed in the share market; the prices of rice,
raw silk, and cotton yarns declined; many
factories in the textile manufacturing and
other industrial centers were still operated on
a part-time basis; there were some failures of
banks and companies; and trade was at a low
ebb.
Favorable developments abroad somewhat
influenced our stock exchange, but business
had not recovered sufficiently from the earthquake to show a similar favorable trend. A
significant feature of the situation was the great
crop of silk cocoons, rice, and barley, accompanied by very high prices for cocoons and
fairly high prices for rice. The anticipation of
increased purchasing power in the country districts caused some of the manufacturers at the
centers of the textile and other industries to
make provision for better times. Unexpectedly, however, the price of rice fell after the
autumn on account of the prospect of a large
new crop, while favorable forecasts of the
American cotton yield caused a slump in the
price of cotton yarns. Raw silk also, which
was in active demand at a comparatively high
price level owing to prosperous conditions in
the United States, declined in price as a result




of the recovery of the yen, which began during
the latter part of October. These circumstances led to a general business depression.
The index number for wholesale prices in Tokyo
fell from 282 for December, 1924, to 256 for
the corresponding month in 1925. The markets for futures were quiet, indicating a general
decline in speculative activity; only the share
market, stimulated by easy money and a prosperous export trade, toward the end of the
year, showed activity in which the shares of
the stock exchange took a leading part.
The general business conditions just described caused both a decrease in the demand
for new money and an easier money market.
Discount rates for ordinary commercial paper
in April varied on the Tokyo market from 2.2 *•
sen to 2.5 sen per diem, which is 0.2 sen to 0.3
sen lower than those of the corresponding
period of last year. The rates for prime commercial paper even declined to about 2 sen per
diem. The volume of the bank's advances
and notes decreased almost to pre-earthquake
levels. The official discount rate was lowered
by the bank on April 15 from 2.2 sen to 2 sen,
and the rediscounting rate for " emergency
bills" was also reduced to 2 sen. Other banks
carried the movement still further, until in
May the discount rates for ordinary commercial paper in Tokyo ranged from 2 sen to 2.3
sen per diem, while the rate for overnight call
money dropped to 0.9 sen. Some local district
associations of banks reduced the rates of
interest agreed upon to be paid on deposits.
The yield on Government bonds and debentures began to decline. The rates on advances
to silk reelers, varying from 2.4 sen to 2.6 sen,
were also 0.2 sen lower than last year. A far
greater amount of money was required to lay
in the spring cocoons than in 1924; yet the
market experienced no appreciable tightness.
In the meantime many oi the banks invested
their idle funds; issue after issue of debentures
in the home market brought the total of the
year's flotations to 730,000,000 yen. Under
the circumstances the demand for money to
finance the customary summer settlement and
to move the summer and autumn cocoon crops
caused temporary activity in the money market; but as the requirements of domestic
i A sen is one one-hundredth of a yen (49.85 cents) and is thus worth
about one-half of 1 cent in United States money. The rate is quoted
for 100 yen per diem.

JUNE, 1926

FEDERAL RESERVE

business were still small easy conditions soon
returned. The requirements of the autumn
season and the export trade had no effect upon
the general market situation, so that, even in
December, little stringency was noted. The
rate on overnight call money did fall for a
short time in the middle of the month to 1.25
sen, and though it began to rise in the latter
half, it did not go beyond 2.2 to 2.45 sen in
the closing days of December when the rates
ruling for ordinary commercial paper on the
Tokyo markets were from 2.1 sen to 2.5 sen
per diem. Thus the year closed with a very
quiet money market.
The recurrence of boycott and civil war in
China had comparatively little effect upon our
trade with that neighboring country. Trade
returns for the year, including those of Chosen
and Taiwan, show exports to the unprecedented
high value of 2,377,000,000 yen, and imports
to the value of 2,734,000,000 yen. There were
heavy shipments of raw silk, owing to a rather
large crop of cocoons and to the trade prosperity in the United States. Low domestic prices
and the depreciation of the yen opened a very
extensive foreign market to our cotton goods
that shared to a marked degree the general
increase in our export of commodities. Record
imports of raw cotton followed a decline in the
price of raw material and increased activity
in the export of the manufactured goods.
The extension of the period of customs exemption for foreign-grown rice resulted in its
importation in increasing quantities. Gains
were also shown by the figures for such commodities as wool and sugar. On the other hand,
there was a decline in the entries of machinery
and reconstruction materials, while the fall
in the value of the yen and business depression
checked importation in many other lines.
It is well to note that an excess of imports for
the first half year of 577,000,000 yen, including
figures for Chosen and Taiwan, was reduced
month by month in the second half, so that the
unfavorable balance of trade for the whole
year was only 356,000,000 yen.
Foreign exchange rates showed signs of
recovery at the beginning of the y§ar, owing
to a reaction from the slump at the end of the
year previous and to the stimulus given by the
announcement of the Government regarding
its exchange policy. It was inevitable that the
earthquake at Tajima and the accumulating
demands for exchange to pay for imports
should have caused temporary downward
fluctuations in the rate; but the improvement
in trade, the importation of capital, the




427

shipment of gold held at home, and the buying
of yen by foreigners, all combined to maintain
a nrm tone in the market on the whole, and
caused an upward tendency in rates. The
quotations of the Yokohama Specie Bank were
raised from Is. 7 ^ d . per yen on London and
$38.50 per 100 yen on New York at the beginning of January to Is. 9j^d. and $43.50 by
the end of the year.
National loans, exclusive of rice purchase
notes, were issued to the extent of 822,000,000
yen during the year. Redemptions, including
purchases out of the sinking fund, amounted
to 538,000,000 yen, and left a net increase
in the debt of 283,000,000 yen. Announcement by the Government of a fixed policy of
not offering loans for public subscription except
those required for conversion purposes, and
favorable monetary conditions were reflected
in an advance in the price of national bonds and
success in conversion operations. The system
of dealing in futures in national debt, municipal
bonds and debentures, inaugurated by the
Tokyo exchange in November, will, if properly
managed, do much toward facilitating transactions in these securities.
Turning to the work of the bank, we find
that advances, while fluctuating from time to
time, showed a decline with the advance of
the year and in May reached the minimum
for the year at 169,000,000 yen, which is
259,000,000 yen less than the corresponding
amount in 1924.
Subsequent increases
brought the total to 697,000,000 yto at the
end of the year, which shows, however, a
decrease of 26,000,000 yen from the corresponding figure of last year. Similarly note circulation reached its minimum for the year in May
at 1,070,000,000 yen, a decrease of 73,000,000
yen as compared with last year; while at the
end of the year the volume increased to 1,631,000,000 yen, being 30,000,000 yen less than at
the close of 1924.
After the reaction of 1920, the business of
the country met with the earthquake disaster,
from which many serious consequences followed. The process of readjustment developed
on the whole in a favorable manner, especially
during the past year, when fairly good progress
was made in certain directions. We may cite
the fair improvement in foreign trade, the
partial recovery of the yen, a plentiful crop,
the increased purchasing power of the farming
community, the growth of bank deposits and
postal savings, the easy money market, the
lower interest rates, the rising security prices,
the slight increase in the volume of new capital

428

FEDEEAL RESERVE BULLETIN"

issues, and the new high record for the bank
clearings of the country. But it goes without
saving that recovery from a blow such as that
dealt our industries by the earthquake disaster
can not be completed in a brief period. Trade
and industry still remain in a state of inactivity;
and even if reasonable progress in general
recovery has been made, it is too early to
speak of business as completely rehabilitated.

JUNE, 1926

Prices and wages are not yet sufficiently* adjusted to permit sound management of various
types of industry; a very large volume of capital remains tied up; bank advances still remain
in excess of deposits; so that while business
conditions during the year show some improvement, they do not warrant the painting of
too rosy a picture.

ANNUAL REPORT OF THE NATIONAL BANK OF HUNGARY

The annual report of the National Bank of
Hungary for 1925, submitted to the general
assembly on February 15, 1926, contains the
following summary of the operations of the
bank, and the economic conditipn of the
country.
The most important economic event of the
past year was the final and complete stabilization of the international value of our currency.
During the early part of the year sterling
continued to appreciate, until toward the end
of April the process came to an end with the
attainment of gold parity. The legal and
economic measures taken since then have reestablished sterling in the position among gold
currencies which it had previously held. In
consequence of the stabilization of our own
currency on a sterling basis, Hungarian crowns
also ceased to appreciate in value. How
firmly the international position of our currency
is now established, may be seen from the reserves of the bank in precious metal and foreign
exchange, which increased by 861,000,000,006
crowns, from 2,479,500,000,000 to 3,340,500,000,000 in the course of the year. In these
circumstances it became possible and opportune to proceed further with the reorganization
of the Hungarian currency by introducing a
new legal monetary; unit with a suitable intrinsic value. After long discussions Act
XXXV of 1925 was passed. This act establishes a new Hungarian monetary unit to be
called the pengo, the value of which is expressed
in relation to the paper crown by the ratio of
1 to 12,500, and in relation to gold by the
ratio of 3,800 pengos to 1 kilogram of fine gold.
The act came into force on November 21 last,
and put an end to the stabilization of Hungarian crowns on a sterling basis at a fixed
rate of exchange of 346,000 to the pound sterling. Since that date the rate of exchange of
the crown has been left to develop freely in
accordance with its intrinsic value. The value
assigned by the new currency law to the paper
crown is the value which it had attained as a




result of the gradual abolition of restrictions
on dealings in foreign exchange and in Hungarian legal tender, and also of the impediments
which had previously stood in the way of a
free exchange of goods through imports and
exports.
Now that tKe after-effects of the great war
are beginning to pass, we can obtain a better
insight into the economic life of the country and
form a surer judgment of its real condition.
This is particularly true of the balance of
payments of Hungary which, compared with
the preceding year, was distinctly favorable.
As regards the international money market,
the movement of capital and the fluctuation
of interest rates, the most striking phenomenon
has been an influx of capital into this country.
Though the increased need of capital on the
continent of Europe compels Hungarian borrowers to face formidable competition, the
fact remains that the efforts made in Hungary
to restore equilibrium to our finances have
yielded fruit, and that foreign capital displays
an interest in our affairs which the country
has well deserved. In the course of the past
year a loan of $10,000,000 was obtained by a
group of Hungarian cities, and quite recently
the Hungarian Land Mortgage Institute has
achieved great success with its issue of mortgage
bonds abroad. These two instances represent
the first steps taken toward inducing foreign
capital to make investments in this country
in the form of long-term loans. There has
also been evidence o"f the willingness of foreign
capitalists to offer short-term funds in Hungary,
in addition to the usual seasonal credits granted
to some branches of industry. While it may
be desirable and even necessary that the
capital engaged in production should be thus
supplemented by help from abroad, we should
not close our eyes to the dangers or ignore the
damage which might result from a too liberal
use of foreign credit, particularly on short
term. The borrowing of Hungarian institutions needs to be fully justified by the condi-

JUNE, 1926

FEDERAL RESERVE BULLETIN

tions of production and the possibilities of
marketing the product. The experiences of
the second half of last year induced the management of the bank to mak§ use of all the means
available to them in order to bring about more
healthy conditions by a deliberate credit
policy.
The doctrine that the consolidation of the
public finances of a country is one of the most
essential elements of confidence in currency
stability has been proved once again in our
case. The fact that the fiscal year 1924-25
closed with a surplus of.some 63,000,000 gold
crowns, and that the estimates for 1925-26
again present an absolute balance, has been
and will continue to be one of the most powerful factors in the stabilization of the currency.
Moreover the favorable development of the
public finances has enabled the State to resume
its capital investments, for which, in addition to
the surplus of 63,000,000 gold crowns already
mentioned, the Council of the League of
Nations has agreed that 50,000,000- gold
crowns may be appropriated out of the surplus
of the League of Nations loan, both in the
current and in the coming year. Altogether
there are 182,000,000 gold crowns of money
which will not be needed for the original
purpose of covering budget deficits. The
capital investments of the Government and
the expenditure on public works to be carried
out by the municipalities will probably not
have their full effect until the spring of the
present year; but they should result in a further
strengthening of our economic position and in a
consequent improvement of our balance of
payments.
At the beginning of the business year now
under review the prospects of private enterprises in this country did not seem particularly
bright, on account of the unfavorable harvest
of 1924. But during the spring the condition
of the new crops steadily improved and the
general temper of the country became more
confident. The summer fully justified the
hopes which had been entertained for the
harvest of 1925. The harvests of the principal
cereals yielded nearly 9,000,000 quintals more
than in the previous year, and there was a
proportionately large increase in the yield of
the other chief agricultural products. But the
advantages of a large crop were counterbalanced by a considerable decline in price,
and the protective duties imposed by those
States which are the natural markets for
Hungarian flour and Hungarian wheat placed
formidable obstacles in tne way of the free




429

development of our export trade in agricultural
products, especially as a variety of circumstances combined t"o delay the negotiations for
the conclusion of commercial treaties.
Other developments also had a detrimental
effect in several respects upon industrial production during the past year. The output
of coal, which showed a decline as compared
with that of the previous year, bears witness
to the curtailment of industrial production.
But it should not be forgotten that the same
thing is true not only in this country but all
over Europe. If the states of Europe should
succeed in adopting an economic and commercial policy that would put an end to the attitude of extreme isolation still maintained in
certain countries, there can be no doubt that
there would be a favorable increase of production in Hungary as elsewhere. Yet this is not
all that is required. It is also esseritial that
the position of private enterprise should be
strengthened by every influence that can be
brought to bear. Further reductions of taxation would contribute to this end, and the
productive investments to be made by the
state, the municipalities and parishes should
also prepare the way for an improvement in
the condition of private enterprises.
Shortage of capital has been felt on the
Bourse, even more severely than before.
Very little business has been done and prices
have declined.
An event of the first importance to the
economic life of the country was the introduction during the past year of a Government measure intended to insure that balance
sheets reflect accurately the true condition of
affairs. It is equally important that the
question of valorization or reconversion into
gold values should be settled.
The situation described above dictated the
credit policy which we had to pursue. We
had to use every means at our disposal to
overcome as far as possible the obstacles
placed in the way *of production by adverse
credit conditions, and to enable the producer
to obtain credit at a rate of interest not beyond
his capacity. The attainment of this object
was rendered possible by the fact that the
volume of discounted bills in the portfolio of
the bank, after shrinking as usual at the beginning of the year, expanded again only very
slightly during the last six months of the year.
At the end of 1924 our discounts amounted
to 1,976,000,000,000 crowns. There followed
a gradual decline to 1,326,000,000,000 in the
middle of June. But the expansion which

430

FEDERAL RESERVE BULLETIN

came as expected during the autumn was far
smaller than had been anticipated, partly because there were delays and interruptions in
the marketing of the harvest, and partly on
account of the foreign credits which were
placed at the disposal of the mills. The highest
point was reached at the end of September,
when the value of our portfolio amounted to
1,734,000,000,000 crowns. During the month
of October there was a considerable reduction,
and since then the total of domestic bills discounted has varied from 1,500,000,000,000
to 1,700,000,000,000 crowns.
This circumstance, combined with the increase in metal reserves, which continued with
only slight interruptions throughout the year,
the gradual decline of commodity prices, and
the situation on the money market, established
the conditions under which it became possible
progressively to reduce the bank rate. This
was done in three stages during the course of
the year.
The first opportunity presented itself in the
month of March when the rate stood at 1 2 ^
per cent. Money appeared to be easy, though
not in all the various branches of the market,
and short credits were being freely offered.
Although this abundance of funds was in any
case only relative and was to some extent illusory, being due to the caution inspired by a
general lack of confidence, and by the uncertainty which results from economic stagnation,
the board of directors felt justified in reducing
the bank rate, though for the time being only
slightly, to 11 per cent. When it was seen that
this reduction Jiad no unfavorable influence on
the reserve position of the bank, while in consequence of the corresponding reduction of
open-market rates of interest it was definitely
of advantage to production, a further reduction of 2 per cent was made on May 28 to 9
per cent. Yet another reduction was made in
October. At that time it had become clear
that the marketing of the harvest would not
result in any great expansion of the bank's
portfolio of discounted bills. This fact, and
more especially the unusual fall in discounts
during the month of October, suggested that
there must be other influences at work besides
the general economic depression and the delayed marketing of the harvest to reduce our
stock of bills to such a remarkably low level.
The primary cause appeared to be the extensive
use of short credit offered and supplied by foreign capital. There was also some danger that
the bank rate might lose any effective connection with the credit life of the country, and




JUNE, 1926

that the quality of the bills brought to the
bank for discount might deteriorate. Partly
to guard against these disadvantages, and
partly to insure that the whole field of production should reap the benefit of cheapened
credit, the board of directors reduced the bank
rate as from October 22 to 7 per cent.
The endeavors of the bank to lead back the
credit life of the country into normal channels
were not confined to the reduction of the official
rate. The difficulties standing in the way of
production were particularly evident in the
Provinces, and we therefore tried through our
branches to make arrangements for the standardization of interest rates on a lower level in
the various provincial markets. These arrangements immediately resulted in a substantial improvement.
In spite of the difficulties and complaints
voiced by producers, there is no mistaking the
favorable tendency of monetary conditions.
At the beginning of the year first-grade bills
could only be placed at a rate of interest in the
neighborhood of 20 per cent. In the last
month of the year the rate had fallen to 9 or 10
per cent. The reduction of provincial discount
rates is not less striking. Both the influx of
foreign capital and the accumulation of capital
at home have contributed to this result. It is
worth remarking that in the course of the year
there has been an increase of 94 per cent in the
amount of savings and current account deposits.
A reduction in open-market rates of interest
amounting to 50 per cent of the rates in force
a year ago must certainly be described as a
gratifying result. But at the same time, if
we look at the absolute level of interest rates,
we shall be compelled to admit that there is
justification for the complaints which come
from agriculture, industry, and commerce.
The high rates which still prevail undoubtedly
involve a serious burden on producers, and one
of the most important problems for the economic life of Hungary is to devise means for
further necessary reductions in the general
level of interest rates. If is true that there
are serious obstacles in the way. Some of
them arise from the exaggerated demands of
savings depositors who have been encouraged
by inflation to expect high rates. Others are
the result of an unduly expanded credit organization, the expenses of which are out of all
proportion to the relatively insignificant capital
brought into use. All these things must be
adjusted and proper proportions restored. We
can not afford to wait until the slow processes

JUNE, 1926

FEDERAL RESERVE BULLETIN

431

of capital accumulation have achieved the de- tions, which is one of the most effective means
sired result. It is necessary that there should of promoting a sounder and healthier developbe a reasonable increase ija share capital, and ment of credit conditions.
also some amalgamation of existing instituANNUAL REPORT OF THE NATIONAL BANK OF THE KINGDOM OF SERBS, CROATS,
AND SLOVENES

The annual report of the National Bank of
the Kingdom of Serbs, Croats, and Slovenes
for 1925 contains the following summary of the
bank's operations and activities, and of the
economic situation of the country.
Business with the State.—During the past
year the State has incurred no new debts
at the national bank and has floated no new
foreign loans. The State debt to the bank
remains, therefore, unchanged at 2,96.6,000,000
dinars. The repayment of this debt is closely
bound up with the revaluation of the dinar,
which has not yet been undertaken. There
has been some steady improvement in State
finances, but it is useless to attempt the stabilization of the value of the dinar until the
finances of the State are in order.
Movement of the dinar.—There has been a
gradual rise in the value of the dinar during
the past two years. To avoid a speculative
rise, the bank undertook the purchase of all
bills which came on the market and tended
to push up the value of the dinar. It succeeded in checking the rise and in stabilizing
the dinar by the end of the year.
The bank's check policy.—Business in checks
is steadily becoming a more important part
of the bank's work; thus the bank is becoming
a more powerful factor in determining the
rate of the dinar and its stabilization. By
agreement with the minister of finance the
bank bought with its bank notes a third of
all the export bills, and having received the
equivalent of the bills in dinars, used the
bills for State payments abroad or turned
them over to the ministry of finance for State
payments at home, while the surplus was sold
on the exchange. To maintain the value of
the dinar, bills were sold when there was a
great demand for them; and bills were bought
and dinars were put into circulation when
the supply of bills was large, especially during
the export season. This policy of stabilization was successful, owing to the fund of bills
which has been created in the course of the last
few years.
Mention must be made of the inaccurate
and malicious rumor that the national bank
buys bills with some reserve notes of its own,




the amount of which is not included in the
report of the circulation issued weekly. We
may state that all notes which the bank issues,
whether for its own or for State business, are
included in the circulation as regularly announced.
The rate of interest.—The discount rate of
the bank remained steady at 6 per cent, while
the rate on secured loans was 8 per cent.
The private discount rate remained high,
although not nearly so high as in the preceding year, and varied between 8 and 16
per cent. Money is especially dear outside
the large centers. This is due, not to money
scarcity, for there is certainly a sufficient supply, but to high taxes, the high cost of living,
high running expenses, and the uncertainty of
business. In 1924 the national bank took
measures to fix the private rate of interest by
agreements among the commercial banks. This
policy was successful; competition for savings
deposits was reduced to a minimum, which
allowed the banks to decrease their interest
charges on loans. A general reduction in money
rates can come about only from a uniform
system of State and local taxation throughout the kingdom and from lowered costs of
living.
The corn yield.—The corn yield was better
than the previous year, both as regards
quantity and quality. The area sown was
greater and the yield was higher. But in
spite of this the year saw no greater income
than in 1924. Prices for agricultural products were low because of large crops throughout
the world. Exports of wheat, flour, prunes,
hops, and tobacco increased consider ably, while
exports of cattle and stock-raising products
declined. Export business was fairly good,
but import trade encountered many difficulties. Prices were high as a result of the high
customs duties. Sales of commodities were
reduced among the general public because
the price of agricultural products was low on
the world market while prices for manufactured goods were rising. Thus, there is a
large surplus of goods on hand for 1926, and
goods will not be ordered in as large quantities
as formerly.

432

FEDERAL RESERVE BULLETIN

The balance of payments.—Up to the present
time our balance of payments has been and still
is constantly unfavorable. Much work and
lasting tranquillity will be necessary if this
balance is to be made favorable. Our young
industries are having many difficulties in maintaining themselves against foreign competition
from the older European industries with their
long experience, large capital, and skilled
technical workers. At present the textile
industry is the best protected and most successful industry in the country. The brewing
industry is working profitably. The milling
industry scarcely maintains itself.
Sugar
manufacturing has had a serious crisis resulting from the fall of sugar prices throughout
the world. The small iron industry which
exists is struggling against almost unsurmountable difficulties, as are also the paper industry and some others. Generally speaking
the great needs of industry are credit and
State protection.
The money market and credit.—-The money
market was characterized last year by the
large amount of available money. This was
shown at the national bank by the amount of
its loans and current accounts. The same
thing was true of the other large banks.
Many of them made little use of discounts at
the national bank and even had large amounts
standing there to their current accounts.
This abundance of money was created by the
increase of savings deposits, by the liquidation of the loans of earlier years, and by the
withdrawal of private money from various
enterprises, either because some of these
were liquidated or had failed, or because
private loans were concluded abroad. In
addition, large amounts were withdrawn from
business in bills, which was no longer profitable for the banks after the stabilization of
the dinar. Lastly, export trade needed less
money because of the fall in the price of home
products.
Nevertheless the credit crisis described in the
report for 1924 was not remedied by the
money abundance of 1925. There was a constant lack of capital for long-term business.
The banks, having succeeded in making their
funds liquid, were reluctant to undertake new
business, and preferred to save their money in




JUNE, 1926

case bad days should come again. This reacted very unfavorably on economic progress
and work in general. If new business were
undertaken at all conditions were made very
hard. Requirements for trade and industry
are usually for longer than three months, but
money for the longer period was almost impossible to obtain.
The greater liquidity of the portfolio of the
national bank made it possible to grant new
credits. By June of last year the bank had
already granted to exporters and those preparing to export, credits to the amount of
374,775,000 dinars. When granting seasonal
credits the management sent a circular letter
to all its branches explaining the aim of such
grants, namely, to place at the disposal of the
commercial world for the summer and autumn
seasons, in addition to the regular credits, supplementary sums to be used exclusively for the
work of selection, preparation, and export of
home products.
Our money market is still far from being able
to supply the two great financial needs of
mortgage and industrial credit. To satisfy
these needs more active work should be undertaken at the Bourse with securities and bonds.
This, however, is impossible for the present,
since there is not sufficient capital; and for this
purpose recourse will for a long time have to
be made to other countries.
*
*
*
*
*
On December 31, 1925, the metal cover of
the bank amounted to 460,000,000 dinars.
This included gold, silver, foreign money, and
deposits abroad. Notes in circulation on the
same date amounted to 6,000,000,000 dinars,
giving the unsatisfactory reserve percentage of
7.59 metallic coyer. This, however, is reckoning the reserve in gold values and the notes in
paper values. Reducing the reserves to the
corresponding paper values raises the gold
holdings from 76,000,000 dinars to 825,000,000
dinars and the total reserve to 2,111,000,000
dinars. Computed thus the metal cover is over
34 per cent. Adding to this other foreign
holdings in dollars, pounds, and Swiss francs,
the percentage rises to over 40 per cent. This
shows that the bank could, without foreign
help, stabilize the dinar, effect its devaluation,
and introduce a quasi-gold standard.

JUNE, 1926

433

FEDERAL RESERVE BULLETIN

INTERNATIONAL TRADE OF SELECTED COUNTRIES IN 1925 AND 1924

The international trade of the world in. 1925,
as indicated by figures for 19 countries, was
more than 12 per cent larger than in 1924.
In the accompanying table figures for each
year are given in dollars, which represent for
each country the volume of its exports and
imports as reported in terms of its domestic currency and reduced to dollar values on the basis
of the average rate of exchange for the year.
The total international trade of these countries, including both exports and imports, exceeded $46,500,000,000 in 1925, an increase of
more than $5,000,000,000 over the preceding
year. That the increase was widespread is
shown by the fact that all countries on the
list except two had a larger total foreign trade
last year than the year before, and for more
than half of these countries the increase exceeded 10 per cent. The increase was proportionally largest for Germany, where it
amounted to about 38 per cent, but it equaled
or exceeded 12 per cent in Canada, Denmark,
Finland, Hungary, India, Italy, and Norway.
The largest absolute amount of increase was
also for Germany, where it amounted to
nearly $1,500,000,000, with the increase for
the United Kingdom exceeding $1,000,000,000
and that for the United States more than
$900,000,000. Both the exports and the im-

ports of almost all countries increased substantially but for the larger countries of the
Western Hemisphere, including the United
Kingdom, Germany, the United States, and
Italy, the larger increase was on the import
side. The increase in exports was greatest
for Germany, where it exceeded $500,000,000,
an increase of 34 per cent. Both England and
the United States increased their total exports
by the same amount, about $320,000,000, and
by about the same percentage, although the
total exports of the United States remained
slightly larger than those of the United
Kingdom.
The larger increase in imports than in exorts for the United States and for leading
luropean countries, taken as a group, reflects
in part the large increase in exports of nonEuropean countries, especially Canada, India,
and Japan. Increased exports from Canada
and India partially account for the movement
of gold to those two countries in the course of
the year.
Figures available for the early months of
1926, some of which are given on page 438 of
this issue of the BULLETIN, indicate that the
total foreign trade in these countries in the
first quarter was smaller than during the
corresponding quarter of 1925.

S

INTERNATIONAL TRADE OF SELECTED COUNTRIES
[Amounts in millions of dollars]
Increase (+) or
decrease (—)

Volume of foreign trade
Country

Belgium
Canada...
_
Czechoslovakia
__ _
Denmark
Finland
_
_
__
France
' _
Germany..
Hungary
_.
_ _
India
- «
Irish Free State
__
Italy...... _____
__,
___
Japan.
Netherlands
Norway
Poland
_
_
_. . __
Sweden
.
.
Switzerland
United Kingdom _ __. _ __
United States....
Total...
_---




Total

Imports

Percentage increase (+)
or decrease (—)

Exports

1925

1924

1925

1924

1925

1924

1,539
2,173
1,080
858
279
4,262
5,233
292
2,296
459
1, 767
1,924
1,712
438
544
750
903
10,865
9,137

1,463
1,855
972
756
243
4,263
3, 781
258
1,991
513
1, 469
1,754
1, 538
364
529
712
833
9, 797
8,201

847
890
522
443
139
2,097
3,129
150
820
269
1,040
869
986
251
296
386
509
6,389
4,227

816
798
469
396
118
2,091
2,213
142
775
292
845
1,010
903
216
285
378
456
5,641
3,610

692
1,283
558
415
140
2,165
2,104
142
1,476
190
727
1,055
726
186
248
364
394
4,476
4,910

647
1,057
503
360
125
2,172
1,568
116
1,216
221
624
744
635
148
244
334
377
4,156
4,591

46, 511

41,292

Total

Imports

+76

+31
+92
+53
+47
+21

+318
+108
+102
+36
I

+1,452
+34
+305
-54
+298
+170
+174
+74
+15
+38
+70

+1, 068
+936
+5,209

+6
+916
+8
+45
-23
+195
-141

+83
+35
+11

+8
+53
+748
+617

Exports

Total

Imports

ports

+45 +5.2
+226 +17.1
• +55 +11.1
+55 +13.5
+15 +14. 8
-.02
+536 +38. 4
+26 +13.2
+260 +15.3
- 3 1 -10.5
- 1 0 3 +18.3
+311 +9.7
+91 +13.3
+39 +20.3
+4 +2.8
+30 +5.3
+17 +8.4
+320 +10.9
+319 +H.4
+12.6

+3.8
+11.5
+11. 3
+11. 9
+17.8
+.03
+41.4
+5.6
+5.8
-7.9
+23.1
-13. 9
+9; 2
+16.2
+3.9
+2.1
+11.6
+13.3
+17.1

+7.0
+21.4
+10.9
+15.3
+12.0
-.03
+34.2
+22.4
+21.4
-14.0
+16.5
+41.8
+14.3
+26.4
+1.6
+9.0
+4.5
+7.7
+6.9

Ex-

434

FEDERAL RESERVE BULLETIN

JUNE, 1926

FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES
Bankfiguresare for the last report date of month, except for London clearing banks, which are daily averages]
ENGLAND
[Millions of pounds sterling]

GERMANY

[Millions of reichsmarks]

1926
April

March

Bank of England:
Issue department—
Gold coin and bullion ____
145
Notes issued
__
165
Banking department—
Gold and silver coin
1
Bank notes..__
24
Government securities
39
Other securities
68
Public deposits
19
Other deposits
_
__
Ratio of gold and note reserve to deposit liabilities
(per cent).._
21.8
Bank notes in circulation *_
_____
85
Currency notes and certificates,
294
Nine London clearing banks:
Money at call and short notice...
116
Discounts and advances
1,062
Investments.
245
Total deposits
____________ 1,590
Total clearings
3,308
Government floating debt:
710
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) 2

1925

]

1926

April

145
165

143
163

154
174

1
22
37
87
35
94

1
22
38
79
16
106

2
25
37
76
17
105

18.5
87
295

18.9
85
284

22.1
94
290

110
1,064
247
1,588
3,491

110
1,073
255
1,606
3,140

112
1,039
278
1,606
3,295

550
160

704
565
139

729
582
147

728
563
165

116.2

116.0

117.6

116. 5

100.0

100.0

Reichsbank:
Gold at home
Gold abroad
_
Reserves in foreign exchange
Bills of exchange and checks
_
Miscellaneous assets.
__.___.
Deposits....
Reichsmarks in circulation
Rentenrnarks in circulation
Reichsbank clearings
6 Berlin banks: 1
Cash
Bills
Due from other banks
Miscellaneous loans
___
Deposits..—.—_—
Index of security prices (Jan. 2,1925=
100) (per cent)
Capital issues.—.
1

April

March

1,231
260
391
1,214
873
607
3, 086
1,556

1,228
263
481
1,216
923
625
3,160
1,573
4,411

82. 22
55

81.40
28

1925

Febru- April
ary
1,192
190
,461
1,346
783
586
2,822
1,587
3,886

118
338
1,496
1,123
706
2,452
1,896
4,165

109
1,243
631
2,400
4,530

104
1,010
658
2,101
3,943

72.61
20

95.54
24

Bimonthly statements.
ITALY

[Millions of lire]
1926

1925

JanuMarch February
ary

March

1

Notes issued, less amounts held in banking department and in currency
note account.
Banks of issue:
2
New series.
Gold reserve i
,
.
FRANCE
Total reserve
Loans
and
discounts
[Millions of francs]
Note circulation for commerce... _
Note circulation for the State
Bank of France: 1
Total deposits
•_
3,682
Gold reserve
__. 3,684 3,684 3, 684
Leading
private banks:
329
317
334
331
Silver reserve
Cash_
War advances to the G overnmen t 35,150 35, 000 34, 500 23,250
Loans and discounts
52,208 51,492 50,991 43,050
Note circulation.
Due from correspondents
2,105
Total deposits
__ 2,827
2,834 3,013
Participations
Three commercial banks:
Total deposits
Demand deposits
19,766 20,162 14,893
State
note issue
10,340
14,202
Bills..
__
4,402 Index of security prices (per cent)
Other loans
5,853
Clearings, daily average of Paris .
banks
._.
Price of 3 per cent perpetual rente
1

1,784 1 1, 758
47.25 47.02

1, 574
49.00

1,116
45.00

N ot in clu din g gold held abroa d.
CANADA
[Millions of dollars]

1

Not including gold held abroad.




2

11,585
7,065
2,302

1,132
1,788
8,242
10, 621
7,073
2,637

1,104
9,014
4,674
618
13,693
2,100
204

9,090
4,472
568
13,393
2,100
194

993
9,155
4,388
568
13,263
2,100
205

1,035
9,225
4,303
422
13, 749
2,300
262

i Not including gold held abroad.
JAPAN
[Millions of yen]

61
1,123
396
564
164
2,166
. 121
197
1,242
2,132

1925

1925
April

Janu- March
March February
ary
61
1,171
375
577
164
2, 231
95
183
1,348
2,309

1,134
1,998
10,205
11,131
7,066
2,278

1926
1926

Chartered banks:
Gold coin and bullionl
_
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 debits2

1,134
2,016

1,134
1,996
10,093
11,229
7,066
2,334

62
1,123
377
563
161
2,168
127
214
1,331
2,368

Total for month.

52
1,140
316
569
158
2,147
120
207
1,195
2,005

Bank of Japan:
Gold at home and abroad...
Advances and discounts
_.
Advances on foreign bills
:
Total note and deposit liabilities.
Notes issued
_____
' Total deposits
Tokyo banks:
Cash on hand
.
Total loans
Total deposits
Total clearings
_____

March

Febru- April
ary

1,058
370
60
1,966
1,236
730

1,057
299
99
1,977
1,181
796

1,057
330
147
2,062
1,293
769

1,059
268
47
1,929
1,168
761

127
2,468
1,926
3,440

112
2,445
1,936
3,295

116
2,449
1,959
3,246

343
2,411
1,932
2,870

435

FEDEKAIi RESERVE BULLETIN

JUNE, 1926

CONDITION OF CENTRAL BANES'IN OTHER COUNTRIES
1926

April

Austrian National Bank (millions
of schillings):
Gold
Total principal earning assets...Foreign bills '
Domestic bills
Treasury bills
Total note and deposit liabilities.
Notes
_____ . _
Deposits
__
National Bank of Belgium (millions of francs):
Gold
—
Foreign bills and balances
abroad
Domestic bills
Loans to State
Total notes and deposits.'._
__
Notes
Deposits
_

March February

1926

April

15
840
558
99
183
857
830
27

15
825
550
92
183
842
816
26

15
838
541
111
186
840
812
28

11
810
495
106
209
822
798
24

274

274

274

272

30
1,479
5,200
8,282
7,924
358

30
1,306
5,200
7,868
7,^495
373

30
984
5, 200
7, 577
7,415
162

30
1,374
5', 200
7,902
7,665
237

National Bank of Smlgana (millions of leva):
Gold
_—_
Total principal earning assets
Foreign bills etc
Domestic loans and discounts.
Advances to State
__ ___
Total notes and deposits
Notes
Deposits
--__
-.Czechoslovak If aiional Bank (millions of Czechoslovak crowns):
Gold and silver
Balances abroad and foreign currency
- Loans and advances
Assets of Banking Oflice in liquidation
Note circulation
Deposits--------

1925

42
7,208
429
1,229
5,550
6,342
3,466
2,876

42
7,157
441
1,216
5, 500
6,357
3,410
2,947

40
7,349
759
1,158
5,432
6,397
4,171
2,226

1,072
1,177
202
701
7,024
886

Bank of Danzig (millions of Danzig
gulden):
Balances with Bank of EnglandTotal principal earning assets
Foreign bills, etc
Loans and discounts___
Total note and deposit liabilities.
Notes'
Deposits
....

17
33
19
14
36
33
3

18
34
19
15
37
34
3

16
34
19
15
36
32
4

13
32
15
17
35
30
5

National Bank of Denmark (millions of kroner):
Gold
Total principal earning assets....
Foreign bills, etc
Loans and discounts___
Advances to State _____
Total note and deposit liabilitiesNotes
Deposits
_

209 ,
221
46
162
13
437
411
26

209
205
60
130
15
447
411
36

209
203
78
110
15
441
399
42

209
319
44
239
36
495
465
30

332

332

332

1,182
65
551
262
1,968
1,386
582

1, 227
80
«509
262
1,994
1,350
644

1,132

Bank of Finland (millions of Finnish marks):
331
Gold
--—
----Balances abroad and foreign
1,073
credits
59
Foreign bills 532
Domestic bills
262
State debts Total notes and demand liabilities. 1,830
1,362
Note circulation
468

D emand liabilities

98738—26




5

532
401
1,999
1,382
617

April

National Bank of Greece (millions
of drachmae):
Gold and balances abroad
_.
Government loans and securities..
Discounts and loans__
_ .
Total note and deposit liabilities
Note circulation...
Total deposits
_
National Bank of Hungary (millions of pengos):
Gold
Foreign bills, etc
Loans and discounts. .
Advances to Treasury...
Other assetsNote circulation
Deposits..
Miscellaneous liabilities.

89
153
168
152
254
411
184
191

Bank ol Java (millions of florins):
Gold
Total principal earning assets __ . .
Foreign bills. _.
Loans and discbunts
Total note and deposit liabilities..
Notes
Deposits

200
73
21
52
380
334
46

1925

March February

April

1,794
3,730
3,209
8,231
4,231
4,000

"2,050
3,730
3,216
8,362
4,257
4,105

2,550
3,810
3,062
8,817
5,241
3,576

85
154
139
154
263
380
189
196

76
173
149
154
275
394
207
199

52
167
119
158
291
362
198
199

202
71
20
51
382
328
54

203
83
20
63
402
338
64

134
79
18
61
323
276
47

.

Bank of Latvia (millions of lats):
Gold..
Foreign exchange reserve
Bills.
Loans
Note circulation
Government deposits .
Other deposits

24
38
68
51
30
85
54

24
34
70
51
30
79
54

24
31
65
51
29
78
50

24
36
52
53
30
82
44

Bank of Lithuania (millions of
litas):
Gold
____
Total principal earning assets
Foreign bills
Loans and discounts
Total notes and deposits
Notes.. .
Deposits

30
81
34
47
108
87
21

30
86
38
48
113
90
23

30
79
30
49
107
82
25

33
87
48
39
120
89
31

Netherlands Bank (millions of
florins):
Gold
_____
_____
Total principal earning assets
Foreign bills
_
Loans and discounts
Total note and deposit liabilities _
Notes
Deposits

428
399
184
215
857
817
40

429
386
177
209
856
821
35

432
406
203
203
895
818
77

479
395
147
248
936
896
40

Bank of Norway (millions of kroner):
Gold
Total principal earning assets
Foreign exchange
Domestic credits
Total note and deposit liabilities.
Notes
Deposits
_-_-.
______

147
370
87
283
474
343
131

147
383
87
296
487
350
137

147
376
90
286
478
330
148

147
407
57
350
490
380
110

3,906
701
2,871
6,452
1,032

4,010
728
2,515
6,375
823

4,047
759
2,565
6,473
752

4,025
979
1,725
5,916
810

Beserve Bank of Peru (millions of
libras):
Gold at home
Gold abroad
Bills
Note circulation
Deposits _

36

FEDERAL RESERVE BULLETIN

JUNE, 1926

CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued
1925

1926
April

Bank of Poland (millions of zlote):
Gold
Foreign exchange, etc
Loans and discounts
Note circulation
_ „__
Current accounts—
Private _. _.
Treasury
.
Liabilities in foreign currency
Bank of Portugal (millions of escudos):
Gold
Balances abroad
Bills . .
. .
_ -Note circulation
Deposits
___
National Bank of Rumania (millions of lei):
Gold
Bills
Note circulation
Deposits
State Bank of Russia (note-issuing
department; thousands of chervontsi):
Gold
Foreign currency
Loans and discounts
Banknotes
National Bank of the Kingdom
of Serbs, Croats, and Slovenes

(millions of dinars):
Gold
Foreign bills . . . . _ - _
Loans and discounts
Advances to State
Totalnoteand deposit liabilities.
Note circulation
Deposits..-.

March February

1926

April

134
51
354
393

134
49
369
389

134
60
367
377

117
216
333
567

87

79

88

62

62

64

62
10
11

9
391
151
1,842
70

9
368
138
1,799
70

9
246
164
1,671
81

568
8,162
17,043
20,777
8,086

568
8,249
17,013
20,343
8,086

568
8,199
17,013
19,989
8,784

563
7,355
16,724
19,089
. 7,765

14,657
4,998
55,112
73,463

14,751
5,043
54,980
72,409

15,335
4,981
54,114
75,892

17,994
4,689
36,319
60,439

79
334
1,376
2,966
6,281
5,767
514

78
347
1,323
2,966
6,299
5,683
616

77
353
1,330
2,966
6,228
5,718
510

72
352
1,264
2,966
6,263
5,671
592

April

South African Reserve Bank
(thousands of pounds sterling):
Gold
Total principal earning assets
Foreign bills
Domestic bills
Total note and deposit liabilities.
Notes
—
Deposits
Bank of Spain (millions of pesetas):
Gold
—
Balances abroad.
..
Bills discounted
Note circulation
peposits
Bank of Sweden (millions of kroner):
Gold
....—
—
Total principal earning assets
Foreign bills, etc
....
Domestic credits
__
Total note and deposit liabilities.
Notes
Deposits
Swiss National Bank (millions of
francs):
Gold
Total principal earning assets
Total note and deposit liabilities .
Notes
„__
Deposits
.

1925

April
March February

9,391 7,751 8,116
5,355 6,515 7,413
4,142 5*, 412 5,587
1,213 1,103 1,825
13,145 13,703 14,315
7,344 7,526 8,194
5,801 6,177 6,121

11,901
5,124
4,77a
351
15, 726
10,699
5,027

2,537
31
784
4,336
1,041

2,537
30
703
4,331
1,118

2,537
29
779
4,373
1,295

2,536
31
862
4,364
1,119

229
471
174
297
642
498
144

230
492
180
312
668
527
141

230
476

23S
569
124
445
748
493
255

418
399
877
797
80

418
398
878
808
70

427
385

652
489
163

775
94

480
369
906
830
76

DISCOUNT RATES OF 31 CENTRAL BANKS
[Prevailing rates, with date of last change]
Country
Austria
Belgium.
Bulgaria.
Czechoslovakia
Danzig.
Denmark
England —

Bate

10
6

b

In effect
since—
Mar. 31,1926
Apr. 23,1926
Aug. 31,1924
Jan.
May
Sept.
Dec.

13,1926
11,1926
8,1925
3,1925

Country
Esthonia
Finland
France
Germany
Greece
Hungary.
India
Italy

Bate
10
7H
6
6H
10
7
5
7

In effect
since—
July
Oct.
July
June
Aug.
Oct.
May
June

1,1925
29,1925
9,1925
7,1926
18,1925
21,1925
20,1926
18,1925

Country
Japan...
Java
Latvia-..L_.
Lithuania...
Netherlands
Norway
Peru
Poland......

Bate

In effect
since—

7.3 Apr. 15,1925
6
May 3,1925
8
Feb. 16,1924
Feb. 1,1925
Oct. 2,1925
Apr. 20,1926
Apr. 1,1923
6 Aug. 12,1925
12

k

Country

Rate

Portugal.—
Rumania
Russia-..—
South Africa
Spain.
Sweden.....
Switzerland.
Yugoslavia..

9
6
8

6

In effect
since—
Sept.
Sept.
Apr.
Nov.
Mar.
Oct.
Oct.
June

12,192$
4,1920
—,1924
21,1924
23,192a
9,1925
22,1925
23,1922

Change: Bank of Danzig from 8 to 7 per cent on May 11,1926; Bank of India from 6 to 5 per cent on May 20,1926; German Reichsbank
f rom 7 to 6H per cent on June 7,1926.




437

FEDERAL RESERVE BXTM.EIIK

JUNE, 1926

FOREIGN TRADE OF PRINCIPAL COUNTRIES
UNITED STATES

FOREIGN COUNTRIES—Continued

[Thousands of dollars]

[Thousands of dollars]

1926
April

March

1926

By classes of commodities:
Total

397,964 443,098 4,461,541

3,748,383

198,351 1,921,309

1,379,623

521,580
410,043
784,587
824,870

453,574
466,102
682,706
766,378

117,119 1,260,191
153,660
14,456
184,238
18,383
97,905
8,957
414,318
37,126
984,188
97,536

1,153,972
152,117
144,346
87,067
384,294
958,414
399,572
503,376

Crude materials *
_ 164,800
Foodstuffs, crude, and food
47,122
animals
39,249
Manufactured foodstuffs
70,610
Semimanufactures
76,182
Finished manufactures
By countries:
Total Europe
_.. 104,808
France
_. 11,648
17,101
Germany
L.
7,639
Italy
________
United Kingdom
— . 33,271
90,929
Total North America..
38,434
Canada...
51,247
Total South America. _
8,027
Argentina
_
Total Asia and Oceania
139,864
Japan.
Total Africa..
11,115

51,102
40,153
74,697
78,795

40, 382 472,130
63,613 548,388
81,283
12,677
153,235 1, 567,800 1,051,589
344,604
22,901 406,482
81,032
11,595

EXPORTS

By classes of commodities:
Total

387,871 374,420 4,753,168

Crude materials *
80,506
Foodstuffs, crude, and food
animals
_ 14,595
38,170
Manufactured foodstuffs
Semimanufactures .* _ _
_ 57,910
188,017
Finished manufactures
8,673
Keexports
By countries:
175,732
Total Europe
21,924
France....
21,345
Germany..
14,811
Italy...—
70,614
United Kingdom
99,272
Total North America
56,746
Canada
37,181
Total South America™
Argentina
-._. 10,878
66,460
Total Asia and Oceania
21,000
Japan
9,226
Total Africa
_

4,812,365

83,031 1,288,767 1,422,518
453,288
15,596 258,798
564,728
40,526 546,407
636,698
53,520 642,897
172,267 1,917,853 1,647,961
98,639
87,172
9,480
164,373 2,364,223 2,644,108
24,000 278,124
296,552
21,116
459,195
12,260
217,101
168,373
67,941
972,828 1,058,974
100,567 1,160,152 1,112,337
684,765
62,446
617,184
421,595
35,413
344,153
150,054
11,878
129,493
714,010
65,826
236,688
22,323
226,175
93,464
8,242
74,438

FOREIGN COUNTRIES

April

1925

IMPORTS

Canada (thousand dollars):
Imports
_
Exports
Japan (million yen):
Imports
_.
Exports
________

March

_

.—
—
£ ster—_.

1925

795,835
1,092,553:

2,454
2,384

2,480
1919

287
188

235
161

12 months ended
March—

March February
Belgium (million francs):
Imports
__...
Exports
Denmark (million kroner):
Imports...__.__—_
Exports....
Czechoslovakia (million crowns):
Imports..__
Exports
Esthonia (million Esthonian
marks):
Imports..
Exports...
_.
,
Finland (million finmarks):
Imports....
Exports
Hungary (thousand gold crowns):
Imports
Exports
Italy (million lire):
Imports
Exports
Netherlands (million guilders):
Imports
Exports
Norway (million kroner):
Imports
Exports
...._
Poland (million zloty):
Imports
_.
Exports
---_..
Russia (thousand rubles):
Imports
Exports
_
Sweden (million kroner):
Imports
.
,—
Exports
Switzerland (million francs):
Imports
._
...
Exports
Australia (thousand £ sterling):
Imports
_..
...
Exports..—.....
....
E g y p t (thousand E g y p t i a n
pounds):
Imports...—....
_—

1926

67,801 100; 855 936,020
60,915 113,966 1,328,743

1926

France (million francs):
50,923
Imports....
— 5,020 5,095
40,920
Exports
— 4,353 4,960
48,562
Germany (million gold marls):
Exports..—.
687
11,353
11,168 India (million rupees):
729
Imports...
_
__
7,460
927
9,423
Exports
———...
782
Imports.-..—...
United Kingdom (thousand £
Exports.,;——
sterling):
South Africa (thousand
Imports—..——^..-.
102,492 106,864 1,284,447 1,352,010
ling):
814,348
Exports.
..— -..— 52,749 66,400 745,868
Imports
.—
141,307
R e e x p o r t s . — — — . — 11,264 12,086 150,374
Exports—.—
1
Includes miscellaneous.




12 months ended
April—

1926

12 months ended
April—

1926

1925

1,902
1,477

1,356
1,103

18,248
14,571

17,523
14,129

143
143

134
124

1,917
1,809

2,439
2,212

1,531
1,411

1,281
1,475

17,336
18,134

16,870
18,369

9,432
9,618

8,665
8,571

683
229

273
181

5,450
5,485

4,800
5,180

70,568
49,110

62,702
50,293

746,400
725,700

759,300
594,100

2,417
1,457

2,249
1,356

26,229
18,200

21,697
15,244

212
143

197
130

2,459
1,780

2,425
1,709

107
84

85
72

1,320
980

1,584
1,140

111
133

131

1,404
1,489

1,677
1,274

56,992
57,404

53,600
43,180

776,447
583,127

129
90

78

1,449
1,366

1,463
1,298

209
160

200
144

2,601
1,963

2,560
2,034

14,465
13,844

11,404
15,957

155,695
150,115

151,315
146,272:

4,530
4,199

4,162
4,897

57,774
51,683

52,814
08,158.

223
379

180
351

2,261
3,854

6,643
5,014

6,363
5,167

70,307
81,187

67,539
73,326

438

FEDERAL RESERVE BULLETIN

JUNE,

1926

INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA
ENGLAND
PRODUCTION

Raw
iotton,
visible
FinPig Crude ished supply 2
iron steel steel

Goal

Thousand long tons

MilThous.
lion
long tons sq.yd

936 13,102 1,253

67,735 1,724

1,942 1,675 1,260

1926
First quarter..

68,430 1,604

2,128

575
608
570
575
510
493
445
449
474
494
503

605
652
685
598
652
585
590
477
640
652
654
607

567
527
581
498
566
497
532
440
556
564
553
552

1,261
1,324
1,260
1,201
1,069
940
784

534
502
569
539

640
704
784
661

555
583

25,392
21, 387 •
20, 956
18,328
24,595
-I1 16,171
18,908
20,174
17,207
23,679
19,718
20,157

1926
January. __.__.
February
March
April
....

25,474
21,602
2.1,353
19,600
2

i Five weeks.

542

Iron
Cotand
ton Raw Raw
steel
cot- wool
man- Coal manufacton
ufactures
tures

Thous.

1925
First quarter__

1925
January...
February
March
ApriL_—____
May
June
July--.
August
_September.—
October...—
November _ __
December....

UNEMPLOYMENT

TRANSPORTATION

Million
pounds

871
1,091
1,243

4,366
4,344
4,392
4,360
4,652
3,734
4,442
3,272
3,902
4,382
4,632

406
426
421
337
375
342
375
348
364
371
329
386

1,181
1,186
1,114
1,089

337
339
407
313

4,148'
4,-340
4,703
4,291

360
370
407
285

End-of-month and end-of-quarter figures.

Among Among
tradeunion- insured
ists ^ trades

Million
Thous. Thous Thous.
ster- ton
pounds tons £ ling
miles

Per cent

235 30, 541 15,215 26, 620

1,114 1,083 13,191 1,13:
325
299
312
297
322
276
307
288
273
369
322
341

British
railways
Raw 3leared
wet
with Freight- Freighthides cargo
train re- train
ceipts traffic

4,700

Caapital

Thous.
£ sterling

9.1

11. 2 108,301

10.4

10.5 78,108

482

290 33,603 15,222

297
202
166
146
96
69
63
66
80
181
237
287

8,472
8,625
13,444
10,285
13,422
13,522
11,691
10,476
11,281
8, 935
11, 884
10,755

5,360
4,765
5,090
4,983
5,415
5,065
5,645
4,809
5,234
5,727
5,113
5,082

8,925
8,4Q8
9,287
8,338
8,600
8,000
9,284
7,588
8,714
9,217
8,805
8,625

1,621
1,530
1,549
1,474
1,512
1,370
1,665
1,339
1,489
1,610
1,524
1,570

9.0
9.4
9.0
9.4
10.1
12.3
11.2
11.4
11.4
11.3
11.0
11.0

11.2
11.3
11.1
10.9
10.9
11.9
11.
12.1
12.0
11.4
11.0
10.5

194
149
139
125

12,412
11,417
9,774
12,281

5,143
4,796
5,283
5,224

8,724

1, 601

10.6
10.4
10.1

11.1 29,236
10.5 26,617
9.8 22, 255

107
103
81
108

3 Figures include Irish Free State.

4

49,192
35, 731
23,378
21, 266
49, 758
27, 897
18,576
2,650
33, 664
26,362
31,874
24,240

Figures for quarters are average.

FRANCE
EXPORTS

PRODUCTION

Coal i

1925
First auarter

!

1926
TTirQf m i a r t p r

!

November

1926
January
February

Unem- Demands
ployed
for emreceiving
Ships Freight- Receipts munici- ployment
not
of princi- pal aid in
cleared
car
filled^
with
load- pal rail- Paris 3
ways
ings
cargo

Thous. Thous. Average Thous.
daily
metric tons
number francs
tons

metric tons

15,711 :

1,995

1,784

213

7,865

11,442 109,778

16,387

2,242

2,017

218

7,942

11,720 107,55]

5,392
4,936
5, 383
5,020
4,916
4,907 :
4 509
4, 894
5,189
5,503
5,168
5,207

669

608
569
607
587
596
600
625
617
632
668
647
659

208
220
213
218
191
148
106
73
73
93
144
194

2,277
2,895
2,693
2,223
2,429
2,578
2,442
2,293
2,667
2,453
2,537
2,648

3,519
3,979
3,944
3,669
3,819
3,730
3 709
3,809
4,651
4,643
3,985
4,006

43, 699
32,518
33, 561
31,164
22, 227
18, 297
16,827
12, 254
18, 477
23, 774
31,871
64,488

376
460
312
451
447
399
400
473
538
685
834
797

1,470
1,567
1,619
1,219
1, 469
1,380
1,366
1,481
1,636
2,041
1,596
1, 453

2,595
2,442
2, 756
3, 019
3,404
3,266
3, 620
3, 224
3, 388
3, 413
2,902
2,805

61, 361
63, 352
62,990
58,944
58,946
59,683
58,037
60,143
64,107
66, 542
65,957
63, 437

689, 555
727,161
712,880
4
920,965
696,115
729 848
4
938, 393
788,189
4
1,038,267
807, 393
755,764
4
997, 533

5,364
5,190
5,833

763
707
772

661
630
726
683

229
226
218
210

2,271
2,752
2,919
2,593

3,629
4,145
3,946
4,183

43,424
49,673
13,954
30, 514

545
193

1,432
1,605

2,823
2,429
3,064
3,225

60,808
66,179
67, 329
63,831

774,896
845, 890
4 854, 374
1,081,574

--

. . _• •-

December

Thousand

Raw
Raw
Coal
cotton
silk
confor con- for con- for
sump- sump- sumption
tion
tion

Thousand metric tons Thous.
bales

1925

February _
March
April —-__.
May
June
- -July
August
September
October

Pig
iron

TRANSPORTATION

IMPORTS

Cotton
stock at
Crude Havre2 Total Total
volume volume
steel

__

April

637
689
686
706
703
724
713
717
739
740
748

768

1 Coal and lignite, including Lorraine and the Saar.
2 Bale of 50 kilos. End-of-month and end-of-quarter figures.




Metric tons

1,148

4,656

2,129,596

417

9,692

8, 316 64,772 2,475,160

157

6,633

409
466
417
370
243
171
111
97
75
78
103
191

8, 563
9,521
9, 692
. 8,344
6,899
6 932
7,178
6,101
6, 338
7,070
7,264
5,206

252
250
157
117

8, 547
7,398
6,633
6,080

7,793

62,568

3 End-of-month and end-of-quarter figures.
Five weeks.

4

Number

439

FEDERAL RESERVE BULLETIN

JUNE, 1926

GERMANY
SHIPPING

PKODTJCTION

MaIron
chinery Dyes
and
and
and
Pig Crude iron
elec- dyesteel manutrical stuffs
factures
sup-

LigGoal nite

Coal

910
873
991
896
961
941
886
766
735
742
760
717

11,19012.,222
10, 61111
61111,115
11,42411
10', 08510,067

631
717

January
February
March
April..-.,.—

Arrivals of
vessels
in
Hamburg

Coal

Unem- Busiployed ness
Among persons
failtrade receiv- ures
unioning
ists 2
state
aid*

Thous.
net
reg.
tons

103,723 30,110 3,128,900 43,477 2,076111,653

873,952

1926
First quarter J33,225 35,172 2,037 2,5571,234,089
1925
January
11,92912,375
February
[10,535 11,153
11,41212,081
March.
10,36210,719
April...
10,437 10,437
May
9,89110,388
June
11,24011 """
July....
August
-. 11,06111,463
September— 11,35511,,949
!,759
11,95012,759
October
November. _. 11,189 11,940
11,36712,712
December

Iron
ore

Metric tons

Thousand metric tons

1925
First quarter 33,876 35,609 2,774 3,546

Half
Raw manCotufacwool tured ton
silk

UNEMPLOYMENT

Per
cent

Number

945,208 2,494,386 4,105

7.1 465,761 2,295

142,920 38,062 3, 563,332 36,881 1,114 80,3771,956,9431,231,546 3,813

22.01,942,048 5,961

304,492
241,445
328,015
248,574
277,901
238,818
264,433
291,848
308,040
358,831
321,694
374,706

35,301 9,719 1,376,02115,1,015
32,623 9,421 727, 09110,687
35; 799 10,970 1.., 025, 78817,775
,73811,122 921,70412', 106
, .533 12,1271., 257, 527 10,478
38,31011,3821;.,216,095 8,195
38', 225 13', 439 1,350,706 11,327
37,852 11,309 1,319,332 8,462
48,898 10,880 1,243,768 5, 560
50,230 14,289 1,163,36612,466
39,21212,6661,029, 540 6,121
37,854 11,358 1,014,91116,361

697
645
734
704
652

1,386
1,272
1,447
1,394
1,590
1,396
1,442
1,436
1,272
1,419
1,305
1,277

8.1 593,024 796
7,3 540,460 723
5.8 465,761 776
4.3 319,656 T687
3.6 233,463 807
3.5 195,099 766
3.7 197,248 797
4.3 230,727 751
4. 266,078 914
5.8 363,961 1,164
10.7 673,315 1,343
19.41.., 498,6811,660

791 391,172
816 376,553
950 466,364

44,187 11,798 1,005,44016,«
1,967
45,496 12,030 1,379,351 "
53; 237 14; 234 i; 178; 5411%, 377

362 34,099 582, 730 379,644 1,291
421 24,754 735,479 423,726 1,226
331 21,524 638,734 428,176 1,296
1,350

22. 6 2,030,64.6 2,092
22. 0 2,055,928 1,998
21.41,942,048 1,871
1,781,509 1,302

1,181
1,155
1,209
1,064
1,115
1,109
1,031
899
880
928
876
764

723
838
833
448
431

47,047 940,637
31,997 926,532
32,609 1,,078,039
•36,378 I!,278,172
26,004 942,720
19,185 1,, 244,230
19,678 I!,262,951
18,3771, 860,420
17,598 814,823
36, 695 817,994
49,416 655,907
40,629 665,082

2

1 End-of-month and end-of-quarter figures.

881,067
727? 671
885,648
769,728
816,793
669,648
380,686
230,130
558, 688
556,203
626,777
505,326

Figures for quarters are averages.

CANADA
Receipt at
Receipts stockjrards in
Toronto and
of
wheat Winnipeg
at
Fort
William
Planks Preand Cattle Hogs and served Wood
Coal Pig Crude
pulp Wheat Coal
iron steel Port
boards
Arthur
PRODUCTION

Thous.
bushels

Thousand
tons
1925
First q u a r t e r . .
1926
First quarter._
1925
January
February
__.
March
„__.
April.
May
June
_.
July
______
August
September
October
_.
November
December
1926
January..
February..
March
April
_

1,492
1,150
788
557
670
738
748
998
1,197
1,572
1,664
1,561

Million
feet

Thousand
pounds

Thous, Thous. Thous. Thousand Jan.17,
Per NumJ
bush920=
dollars
lbs.
cent
ber
tons
els
100

l:

172 18, 798 128, 538 272,110 423, 975 37,074 447,519 14,672

160

180 17,715 146,347 190,846

28
30
64

1,226
1,068

1 Figures for quarters are a verages.




Number

27
37
108
88
100
63
22
25
37
109
73
62

4,145
6,172
8,481
8,082
7,060
4,114
6,662
1,178
45, 688
53,226
51.535
53,453

UnemployRail- Index
m e n t Busiof among
road emrefailploy- tradeMa- ceipts ment
ures 1
Raw chin1 union
memcotton ery
bers 1

46,126 110,379136,242 15,241129,,554
34,377 81,853 120,645 9,898 143,,593
48,035 79,878167,088 11,935 174,,372
41,168 72,327 112,869 4,946 94,611
42,213 63,504 182, 893
337 143,550
45,095 72,536 212,054 7,946 162,526
51,026 57,122 220, 747 9,803148,625
64,885
:,022 13,179 148,742
73,233 38,041 237, 917 18,837 192,829
83,129 48,917 210,774 20,123 198,421
88,560 61,240 194,564 18,900195,
~~"
5,675
58,575 68,898165,097 17,293 186,
6,837

6,103
4,146
4,423
4,953
14,883
9,784
13,097
15,336
15,876
41,—
34,840
57,008

3,832 37,977 6,847 86,947

85.7

96,215

90.6

1,263 14,658 1,910 28,260
1,297 10,338 1,910 27,851
1,272 12,981 3,027 30,836
816 8,059 2,248 29,763
1,299 8,849 2,431 30,197
1,297 6,313 2,692 30,971
1,519 4,159 2,745 35,004
4,343 2,882 35,685
1^595 5,746 2,703 40,922
1, ' " 10,582 2,782 46,615
1,308 15,649 2,375 43,771
1,377 19,371 2,453 35,838

83.9
86.1
87.0
87.2
90.8
94.5
96.8
96.3
96.6
98.3
97.1

10.2
9.5
8.5
8.7
7.0
.6.1
5.2
4.4
5.7
5.1
5.7
7.9

64
59
46
38
43
44
38
30
41
45
45
54

89.6
90.7
91.
91.4

8.1
8.1

57
45
40
37

69 10.536 53,831 71,833 126,
12,375166,689 13,199 1,209 19,209 2,462
53 3,968 40,981 57,898 158,876 9,999 156,477 14,002 1,120 14,990 2,571
59 3,211 51,535 61,115
80 1,807 44,136 51,486

31,136
29,889
35,190
32,851

9.4

57
48

440

FEDERAL RESERVE BTJLiLETIJSr

JUNE,

1926

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL C O M M O D I T I E S
I Pre-war-100]
Europe

fear and month Austria
(gold
basis)

1925
January
February
March
April.....
May
June _
July
August
___.
September
October
November
December „
1926
January
February
March
April
May

,__

Belgium

Bulgaria

England
Czecho- Denslo- l mark i (Board
of
vakia
Trade)

1,045
1,048
1,034
1,020
1,006

577
575
569
565

3f275
3,309
3,272
3,244
3,177
3,225
3,041
2,870
2,834
2,823
2,822
2,913

996
989
977
977

168
163
158
160

560
556
583
621

2,901
2,899
2,844
2,774

966
950
938
923

157
151
145
141
141

147
146
143
139
138
141
137
131

559
551
546
538
537
552
559
567

127
127
125
125
122
120
119
119
118

A

998

1,009
993

1925

January
March

April
May
June
July
Aunust
September
October _
November
1926
January
February
March
April
May

...

156
155
154
153

1,137
1,141
1,131
1,133
1,122
1,129
1,118
1,142
1,133
1,121
1,118
1,120

151
149
144
144

1,094
1,091
1,081
1,081

171
169
166
162
159
158
158
157

United
States
Switzer(Bureau
Russia i Spain Sweden land * of Labor Canada
Statistics)

172

191

178
183
195
197
191
188
175

192
193
190
191
187
188
184

169
169
168
163
162
161
161
159

456

171

160

171
170
166
163
162
161
160

161
161
156
155
157
160
160

173
174

185
187

157
154

159
159

175
179

186
187

155
156

157
157

183
190
194
196

186
183
183
179

153
152
149
150

156
155
151
148

166
165
162
157
159
159
158
160

Peru

199
194
206
206
200
200
198
200

Nether- Norway Poland
lands (Oslo)

457
463
460
467
483
490
491

138
137
134
131
132
134
136
132

159
152
145
144
141
141
136
134

658
660
659
658
660
683
707
731

160
158
155
151
151
153
155
155

556
672
606
633

482
482
498
518

126
124
121
122

135
181
129
130

721
716
712
715

634
,636
632
650

527
540
545
565

120
118
118
123

127
125

707
704
693
692

514

515/

123

258
254
246

120
121
122
119
118
119
120
124

155
154
154
155

231
221
217
218

127
128
137
155

153
149
145
143

214
211
204
198
196

142

1

Australia

163
163
160
158
159
163
162
162

205
205

162
163

158
156

161
164

204
203

165
170

156
155
152
151

164
162
160
161

206
205
204
204
208

161
160
163
167

279
281
276
267

260

Japan
New Egypt South
(Tokyo) Zealand (Cairo) Africa

China Dutch
(Shang- East
Indies
hai)

India
(Calcutta)

178
179
175
174
173
175
176

171
172
168
169
164
157
160
157

213
210
204
202
199
200
198
200

178
175
175
175
175
174
175
175

175
176

152
153

160
159
160
159
158
157
163
160

160
159
158
158

164
163
164
163
160

• 177

'

157
161
155
154
151
150
T51
151

175
175

158
160

174
173

164
163

198
194

176
176

145
140

172
170

163
158
155

192
188
184
181

175
175
174

134
134
134
133

153

146
144
167

Africa

Asia and Oceania

157
157

160
158

Italy

514
513
520
543
557
557

North and South America

Europe—Continued

Year and month

234
234
230
220
216
216
206
189

GerHunmany
gary
(Federal
(gold
StatisStatis- Federal Rebasis)
tical
tical
serve Bureau)
Bureau Board
France

Finland

201
200

130
130
127
124

124

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 t h e office of the Division of Research and Statistics of the Board, a n d m a y b e
had upon request.
Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, n u m b e r
of commodities, and period of the month to which the figures refer m a y be found on page 48 of the January, 1924, issue of the BULLETIN.




441

FEDERAL RESERVE BULLETIN

JUNE, 1926

GROUPS OF COMMODITIES
(Pre-war—100)
U N I T E D S T A T E S - B U R E A U OF LABOR STATISTICS

Year and month

All com- Farm
modities products

Foods

ChemiMetals
Fuel
Clothing
Building
cals
and
and
materials lighting
metal materials
and
products
drugs

House
furnishings

Miscellaneous

NonAgriagricultural cultural

1925—April....

156

153

154

190

169

€29

174

134

171

129

156

155

November
December
1926—January
February
March
April_.._.

158
156
156
155
152
151

154
152
152
150
144
145

160
157
156
153
151
153

188
187
186
184
181
177

175
175
177
179
175
174

130
130
129
128
128
127

176
177
178
177
176
173

135
135
133
132
132
130

166
166
165
164
164
163

142
138
135
133
128
127

156
154
154
152
148
149

159
158
158
157
155
153

ENGLAND—BOARD OF T R A D E
Food
Year and month

All commodities
Total

Cereals

Not food
Meat
and
fish

Other
foods

Total

Iron
and
steel

Other
minerals
and
metals

Cotton

Other
textiles

Other
articles

1925—April......

162

167

161

158

182

159

131

133

227

193

156

November,
December.
1926—January
February.
March
April

154
153
151
149
144
144

165
167
162
159
151
152

152
158
1S4
148
144
148

167
173
165
156
151
149

175
169
167
170
156
157

148
146
146
144
141
139

119
118
119
118
118
117

130
131
131
131
130
130

182
175
175
174
165
162

181
178
176
172
168
162

158
156
153
149
147
144

FRANCE—STATISTICAL B U R E A U
Foods
All commodities

Year ami month

1925—April
November. .*_..
December...
1926—January.,
February.
March
„
April

_____.*
.

s.

«,.._« ;-,_„.

Total

Industrial materials

Animal
foods

Vegetable
foods

Sugar,
coffee,
cocoa

Total

513

458

446

474

437

557

633
634
636
632
650

510
538
543
546
548
574

496
535
532
536
537
535

522
537
544
541
546
589

502
529
548
567
565'

682
709
707
708
700
712

Minerals Textiles Sundries

457

627
646
645

776

513

941
925
914
929

611
647
645
643
631
646

G E R M A N Y — F E D E R A L STATISTICAL BUREAU
Food products
Year and month

All commodities

Total

Grains
and
potatoes

Fats,
sugar,
meat,
and
fish

Industrial products
Colonial
goods,
cocoa,
etc.

Total

Hides
and
leathers

Textiles

Metals
and
minerals

Coal
and
iron

1925—April.......

131

127

121

130

180

138

131

202

129

123

November..
December..
1926—January....
FebruarysMarch
April
,.

121
122
120
118
118
123

115
116
115
112
113
122

99
103
101

142
137
134
134
134
132

181
183
185
183
180
180

133
131
130
130
128
125

120
116
113
110
107
107

188
182
176
172
165
158

130
128
128
127
126
124

120
120
120
120
120




112

117

442

FEDERAL RESERVE BULLETIN

JUNE, 1926

RETAIL FOOD PRICES AND COST OF LIVING
RETAIL FOOD PRICES
[Pre-war=10Q]
European countries
United
States Austria
BuiBel(51
cities) (Vienna) i gium* garia
1925
Jan....
Feb...
Mar—
Apr...
May...
June
July...
Aug...
Sept...
Nov...
Dec...
1926
Jan....
Feb...
Mar...
Apr...
May

161
158
157
159

119
117
114
114
113

Eng- France Ger- Greece Italy
land 8 (Paris) many (Ath- (Miens)
lan)

Netherlands

Norway

Russia*

Switzer*
land*

Canada*

Australia

India New South
(Bom* Zea- Africa
bay) l a n d

3,131
3,163
3,128
3,100
3,032
3,083
2,906
2,744
2t 710
2,698
2,698
148 2,785

178
176
176
170
167
166
167
168
170
172
172
174

408
410
415
409
418
422
421
423
431
433
444
463

137 1,506
145 1,510
146 1,562
144 1,478
141 1,443
146 1,516
154 1,515.
154 1,511
153 1,544
151 1,5S7
147 1,676
146 1,718

590
610
624
620
599
599
602
621
643
646
649
660

156
157
157
155
154
152
152
152
152
149
149
148

277
283
284
276
265
261
260
254
241
228
223
221

205
208
211
217
221
219
218
210
208
215
217
224

172
172
171
189
168
169
169
B9
170
168
168
167

145
147
145
142
141
141
HI
14§
146
147
151
156

148
149
151
152
154
155
156
156
156
157
156
155

1S2
152
155
153
151
149
152
147
146
148
149
151

147
148
140
140
150
149
151
152
153
155
156
154

120
120
121
124
1231
122
121
11®
IIS
119
117
116

141
141
137

171
168
165
159
158

480
495
497
503

143
142
141
142
142

681
676
654
645

148
148
147
146

216
212
205
198
195

226
230
234
241

165
163
161
161

157
155
154
153

155
154
159
163

151
150
151
150
150

154
153
152

116
117
118
1W

140
137
134
127
122
127
130
135
140
144

151
148
148
148
149
152
157
15?
156
158
164
162

Other countries

2,773
2,771
2,719
2,652

COST O F LIVING
[Pre-war=1003
European countries
Massachu- Bel- Czech- Eng- Esoslothosetts gium
vakia land 3 nia
1925
Jan...
Feb...
Mar..
May..
June..
July..
Aug
Sept..
Oct...
Nov..
Dec...
1926
Jan...
Feb...
Mar...
Apr...
May..

158
157
158
158
158
159
160
161
161
162
162
165

521
517
511
506
502
505
509
517
525
533
534
534

164
163
161
161

527
526
521
529
558

911
904
901
894
914
916
894
884
875
863

854
845
832

Other countries

Neth- Nor- PoSwit- Can- Aus- India
Fin- France Ger- Greece Hun- Italy
zer- ada * tra- (Bom- South
(Mi- er- way land Spain Sweden land*
land (Paris) many (Athens) gary lan) lands
lia bay) Africa

180
179
179
175
173
172
173
173
174
176
176
177

1,199
1,191
1,210
1,201
1,176
1,191
1,218
1,266
1,242
1,228
1,227
1,197

175
173
172
168
167

1,166
1,175
1,172
1,163

386

390

161"
"421'

451

124 1,417
136 1,420
136 1,449
137 1,419
136 1,408
138 1,448
143 1,472
145 1,484
145 1,503
144 1,547
141 1,610
141 1,644

141
135
132
130
131
130
126
127
126
124
123
123

140 1,673
139 1,664
138 1,706
140
140

122
121
119

580
592
602
600
591
596
598
610
624
643
643
649

179

177

"234"

661
647
642

174

225

179

179

271

248

145
146
147
146
143
144
146
149
149
152
157
173

188
189
192
191
188
190
190
190
190
189
186
183

170
171
169
176

188
183
185
187

178
"l77"
~176~
"175*

174
"l7§"

173
172
172
170
170
170
170
170
170
168
16*
168

149
150
148
147
146
146
146
148
14S
149
152
154

167'
165
163
162

155
154
154
153

150
153
154
155

157
157
159
158
156
154
157
152
151
153
153
155

13S
133
133
134
134
134
133
132
132
132
131
131

155
154
155
153
153

131
131
131
131

» First of the month figures.
* New index, on gold basis, July, 1914-100.
* Revised index.
a 1921-=-100.
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.




443

FEDERAL RESERVE BULLETIN

JUNE, 1926

BANKING AND FINANCIAL STATISTICS
FEDERAL RESERVE BANKS
AVERAGE DAILY CONDITION FOR APRIL AND MARCH, 1926
[Amounts in thousands of dollars]
Total bills and
securities

Federal reserve bank
Boston_____
•_.__
New York
_ __
Philadelphia
._._—Cleveland
Richmond
___
Atlanta Chicago-..
...
St. Louis _
Minneapolis. _
_
Kansas City._.._. ___
Dallas.
San Francisco
.
Total: 1926
_.
1925..
1924
1923.
1922
._
1921__..____
1920 :.._
1

Total cash reserves

April

March

79,266
240,931
92,134
112,971
63,720
72,969
158, 377
60,745
41,424
67,313
50,291
118,750
1,158,891
1,060,066
940,493
1,164,606
1,190,004
2,527,253
3,191,945

85,343
274,928
99,405
108,604
59, 645
72,818
151,354
63,668
31,P79
63,669
49,148
116,778
1,176,439
1,078,855
951, 774
1,178,919
1,191,013
2, 735, 784
3,211,936

March

April
233,655
1,011,136
214,783
291,138
87,179
195,375
357,943
66,353
81,363
85,469
56,804
251,596
2,932,794
2,978, 628
3,201, 763
3,176,630
3,114,928
2,485,079
2,084,077

Federal reserve notes
in circulation

Total deposits
April

234,001
993,348
207,561
298,609
95,386
175,353
361,923
63,763
96,370
92,106
61,773
253, 692
2,933,885
3,000,252
3,222,877
3,190, 625
3,095,762
2, 403,470
2,058, 293

148,224
851,678
137,832
180,681
69,314
80, 744
325,392
83,538
54,663
88,278
61,580
169,922
2,251,846
2,181,000
2,004,391
1,944,805
1,822, 788
1,749,568
1,998,732

March

March

April

148,287
862,833
134, 749
181, 208
70,073
84,476
330,484
84, 561
57, 580
89, 574
63,315
169,584
2,276,724
2,193,473
1,991,066
1,960, 540
1,794,895
1,808, 529
2,032, 787

Reserve percentages
April

155,444
373,257
148,126
203,094
77,995
161,578
164,160
37,038
64, 395
64,374
38,006
185,949
1,673,416
1,731,223
2,013, 515
2,253,189
2,195,131
2,979,486
3,040,440

147,926
369,267
145,268
200, 651
74,939
182,485
168,754
37,066
63,846
62,964
36,598
185,431
1,675,195
1, 708,529
1,971,184
2,236,378
2,190,447
2,870,645
3,071,754

March

78.9
82.8
75. 9
76.3
60.4
74.2
72.4
55.0
68.7
56.5
57.9
70.8
74.7
76.6
80.5
76.0
77.6
53.8
143.0

77.0
80.4
73.4
77.7
64.4
71.3
73.2
52.4
79.0
59.8
61.0
71.4
74.3
76.4
80.5
75.7
77.6
50.2
142.7

Calculated on basis of net deposits and Federal reserve notes in circulation.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
•
[In thousands of dollars]
RESOURCES
Boston

New
York

1,437,742
1,414,141
1,471,677
1,475,479

120, 678
133,261
129,205
126,471

383,700
328, 700
368,595
368,453

52,247
45,892
46,657
48,330

10,144
12,120

Total
Gold with Federal reserve
agents:
Apr.28
_
May 5
____.
May 12
May 19.
_
Gold redemption fund with
XL S. Treasury:
Apr. 28...
.
May5
_.
May 12
May 19 .
Gold held exclusively against
Federal reserve notes:
Apr. 28
.
May 5
___.
May 12.
_
May 19-____
_.
Gold settlement fund with
Federal Reserve Board;
Apr. 28
_.
May 5-__
May 12-__
May 19
.
Gold and gold certificates held
by banks:
Apr. 28_____
_____
May 5 '
__.
May 12
_*_..
May 19
Total gold reserves:
Apr. 28...
May 5
_
May 12
May 19
____
Reserves other than gold:
Apr. 28
„__
May 5
_
May 12May 19....Total reserves:
Apr. 28
May 5
May 12...
_.
May 19.
Nonreserve cash:
Apr. 28
——.-_.
May 5May 12.
__.„
May 19.-

1,489, 989 125,847
1,460,033 140,147
1,518,334 139,349
1,523,809 138,591

170,526
170,200
171,927
171,142

46,427
44,985
43,418
46,329

158,765
162,128
165,302
160,945

129,297
149,268
149,232
159,182

14,068
14,916
18,103
17,840

45,684
48,210
49,399
51,015

44,134
43,434
44,172
43,226

23,452
22,884
25,698
'25,050

179,203
176,792
182,597
184,781

11,572 12,837
10,290 5,431
8,962 6,743
7,800 8,334

2,831
3,824
2,661
2,084

1,750
2,273
2,762
3,620

3,261
3,617
3,042
3,169

5,467
4,443
3,257
2,255

859
555
688
362

2,155
2,352
2,780
2,9ir

2,479
2,784
1,578
2,074

1,375
1,299
1,314
1,320

2,492
2,138
2,726
2,280

134,645
124,794
130,772
129,379

173,357
174,024
174,588
173,226

48,177
47,258
46,180
49, 949

162,026
165,745
168,344
164,114

134, 764
153,711
152,489
161,437

14,927
15,471
18,791
18,202

47,839
50,562
52,179
53, 927

46,613
46,218
45,750
45,300

24,827
24,183
27,012
26,370

181,695
178,930
185,323
187,061

134,818 14, 793
146, 604 17,268
131,604 13,472
138,125 7,325

11,012
15,087
14,533
14,212

23, 724 8,492 26, 769
28,358 11,041 30,245
28,187 8,216 33,496
32,212 11,973 28,620

4,090 75,074 19,417
3,701 78,177 18,732
83,066 18,618
4,433 79,827 18,291

7,101
6,716
6,882

6,439
5,812
6,388
6,145

10, 968
11,037
9,619
9, 722

29,338
28,960
29,553
29,786

79,202
344, 656 49,137
79,386 195,920 378,492 51,471
79,154 199, 037 367,159
78,556 194,104 379,389 43,818

65,952
72,365
73,594
74,837

76,776
80,388
80,325
83,657

44,287
46,261
44,847
48, 065

237,802
238,135
248,372
245,467

395,272
338,990
377,557
376,253

57,065
52,778
43,217
36,446

255, 789 46,510 64,183 23,781 24,482
221,236
64,103 24,443 26,474
212,398 59,419 51,195 24,893 26,324
215,890 53,400 60,820 19, 972 25,557

615,686
632,397
638,292
646,301

36,096
34, 794
35,221
35,800

349,053
365, 716
367, 651
375,037

156,983
158,045
163,159
162,251
2,954,076
2,950, 581
2,966,739
2,976,913
57,937
57,198
60,486
57,851

San
Francisco

121,808
119, 363
124,029
121,045

691,418
700,106
646, 954
644,552

2, 797,093
2,792,536
2,803,580
2,814, 662

98738—26—6




5,169

Phila- Cleve- RichSt. M n n e Kansas
delphia land mond Atlanta Chicago Louis apolis City Dallas

22,460
22,489
22,222
24,243

48,406
48,578
48, 622
47,684

219, 008 1,000,114 203,615 285,946
227,719 925,942 209,752 286, 705
217,787 957,606 212,413 272,405
210,837 967,180 207,022 281, 730
6,300
7,126
8,108
7,719

7,244
7,685

6,024
7,699
7,418
7,715

8,171
7,776
7,789
8,319

10,049
9,340
9,354
9,220

19,1
20,398
20,871
20,005

20,035
19,655
20,281
20, 523

3,262
3,090
3,237
3,047

4,842
4,997
5,385
5,138

5,759
5,883
5,958
6,182

8,843
9,058

239,957 1,043,984 209,915 291,970
248,602 968,297 216,878 294,404
239,061 1,002,032 220,521 279,823
231,537 1,011,165 214,741 289,445

87,373
87,162
86,943
86,875

200,647
205,260
208,391
203,324

364,346
398,890
388,030
399,394

69,172
71,126
71,162
64,341

69,214
75,455
76,831
77,884

81,618
85,385
85,710
88,795

50,046
52,144
50,805
54,247

245,834
246,978
257,430
255,165

4,698 4,601 9,093
4,356 5,045 11,205
4,057 4, 581 12,847
3,992) 5, 239 10,147

3,722
3,663
3,924
3,724

1,147
1,090
1,248
1,183

2,294
2,236
2,256
2,357

2,653
2,218
2,581
2.328

3,458
3,057
3,148
3.203

20,949
20,883
21,274
20,700

4,582
4,037
4,070
3,771

43,870
42,355
44, 426
43,985

17, 030
15,831
17,261
16, 749

1,699
1,490
1,515
1,618

2,960
2,970
3,540

444

FEDERAL RESERVE BULLETIN

JUNE, 1926

FEDERAL RESERVE BANKS—RESOURCES AND U A B I U T I E S ^ B Y WEEKS—Continued
[In thousands of dollars]
RESOURCES—Continued
Total
Bills discounted:
Secured by U. S. Government obligations—
Apr. 28
May 5
May 12..
May 1 9 — .
Other bills discounted—
Apr. 2 8 — .
May 5.
May 12
May 19
.
Total bills discounted:
Apr. 28
—
May 5
May 12
May 19
Bills bought in open market:
Apr. 28
—
May 5
May 1 2 . . . . —
May 19
U. S. Government securities:
Bonds—
Apr.
A
p 28.
Maay 5
May 12
May 19
Treasury notes—
Apr. 28
May 5
May 12
•-..
May 19
Certificates of indebtedApr. 28.—
May 5
M a y 12
M a y 19
Total U. S. Government
securities:
Apr. 2 8 . . . . . : . . . . . . ,
May 5
—•
......
M a y 12
..
May 19
Other securities:
Apr. 28
May 5_.._
May 12_.
May 19
„.
Foreign loans on gold:
Apr. 28
May 5 . . . . . . . .
Mayl2_
Mayl9_
Total bills and securities:
Apr. 28.

May 5.

II.I.—II!

Mayl2__._
Mayl9_.
Due from foreign banks:
Apr. 28.
_•
May 5
May 12..
.
May 19..
Sl^ll^^
Uncollected items:
Apr. 28
May 5_
_.
...
May 12
May 19.
I.I——II.
Bank premises:
Apr.28.___
May 5—.
May 1 2 . . . . . . . . . . . . . . . . . . . .
M a y 19
AD other resources:
Apr. 28
May 5
May 1 2 . . .
May 19
Total resources:
Apr. 2 . . . . .
May 5......
May 12
May 19

.,




Boston

New
York

275,223'
302,280
251,674
260,670

9,343
10,325
10,186
10,406

112,319

238,445
244,901
224,740
229,191

Phila- Clevedelphia
land

Richmond

St.
Atlanta Chicago Louis

5,360
4,850
4,660
4,725

14,884
16,212
14,911
15,537

8,077
8,181
7,724
7,064

25,060
31,008
22,786
19,787

23,722
26, 236
22, 227
26,233

6,946
7,465
7,120
8,182

20,618
21,151
18,628
19,832

9,584
9,976
9,389
8,520

46,352
55,952
46,184
44,228

19,170
16,138
13,940
11,887

10,751
9,510
9,417
9,252

9,781
8,654
7,778
8,060

22,880
18,203
18,996
19,579

11, 207 10, 407
12, 206 10, 468
12, 456 10, 463
12, 706 10, 493

4,358
4,358
4,358
4,358

3,556

30,943
33,917
32,711
30,149

13,192
16,299
13,751
16,801

43,117 36,195
45, 224 35,144
43,065
44,233 33, 441

61, 263
67,114
55, 216
54,479

84,204
95,695

15,764
9,043
11,986
22,063

28,317
28,138
22,841
19,594

19,397
18,528
18,462
18,163

16,577
17,222
18,256
14,823

28,338
29,682
28,670
30,600

513,668
547,181
476,414
489,861

25,107
19,368
22,172
32,469

140,636
166,176
107,045
115, 289

199,017
213, 384
228,162

18,880
18,404
23,491
17,808

99,092
100,923
102,529

21,292
24,944
23,398
24,441

32,536
31,821
27,982
29,885

3,659
3,323

18,702
16, 477
15,718
15, 643

8,878
7,071
6,807
6,807

25,474
21,300
22, 439
22,985

23, 591
20,731
21,193
20,518

8,219
7,079
7,458
7,287

263

3,58!
3,583
3,582
3,582

11,762
11,762
11, 762
11, 762

3,088
3,087
3,088

11,
11,
11,
11,

541
542
542
607

3,201
3,200
3,200
3,200

272
533

25.914
25.915
25,915
25,915

3,199
3,199
4,799
5,799

5,400
5,883

2,644
2,916
2,915
2,916

17,325
18, 052
18, 053
18,052

3,737
4, 058
4,058
4,058

249
249
249

19, 480
19, 453
22, 048
22,093

10,335
11, 091
11,091
11,091

6,057
6,549
6,549
6,549

13,653
14, 645
14, 660
14,660

9,486

150,684
162,513
163, 223
164,988

6,183

36, 275
41, 463
39, 563
40,983

140,121
133, 721
132,116
131,108

8,307
7,824
7,824
7,824

25,831
27, 545
25,824
25,121

17,991
17, 720
17,720
17,719

8,244
7,522
7,523
7,524

2,405
2,085
2,085
2,085

2,950
3,153
3,253
3,278

13, 542 12,208
11,885 11, 452
11,860 11, 452
11,530 11, 452

3,793
3,793
3,793

11, 574
10,583
10, 623
10, 623

73,868
80, 770
77,149
77,866

23, 723
23,723
23,723
23, 723

37,110
37,116
37,118
37,183

9,343
9,343
9,343
9,343

3,462

396,262
398, 625

17,289
17,290
17, 289
17,589

25, 742
57, 253 25, 742
59,823 27,342
28,342

19,828
19,828
19,828
19,828

37, 434
37,739
37,989

3,571
3,575
3,575
2,125

4,635
4,635
4"~"
3,885

3,774
4,060

616
570
562
562

2,219
2,055
2,028
2,028

.769
71:
703
703

867
803
792
792

429

1,114,233
1,168,C
1,112,874
1,126,264

61,892
55,632
63,514
68,428

236,227
307,258
256,403
269,536

90,546
85,889
84,109
84,854

107,515
101,452
123,012
110,583

324
300
296

1,110
1,027
1,014
1,014

348
323
318
318

259
240
237
237

316
292

61,767
62,036
59,607
60,775

66,015
60,992
57,689
62,042

144,900
146,125
137,246
135,549

58,031
59,380
57,345
62,180

46,703
44,171
41,625
40,634

392
392

13,
14,
14,
14,

244
261
261
261

22, 285
23,893
23,893
23,893

9,627
8,610
8,610
8,610

23,157
21,549
21,549
21,549

33, 278 49,800
33, 339 49,800
33, 334 49,800
33,364 49,800

500
500
500
500

560
560
560
1,260

8,100
7,500
7,401
7,401

San
Francisco

3,717
4,295

2,615
2,460
3,457

14,779
15,542
14,395
13,633

Dallas

1,507
1,795
1,665
1,456

5,734

10,530
9,937
8,476
9,432

34,259
29,834
51,128
42,142

19,504 ' 13,187
58, 257 11,560
70,181 10, 744
74,353 12,313

h

30,320
33,197
22,505
24,330

27,791
26,902
27,827

50,836
46, 319 47,056
45, 364 69, 384
45,990 56,965

Minne- Kansas
apolis
City

289

284
262
259
259

559
518
511
511

68,119
68,387
66,073
67,362

52,927
52,231
50,760
50,203

119,591
124,473
115,491
114,118

660
.686
778
767

778
767
638,910
644,473
690,879
720,133

57,738
59,730
67,399
65, 952

153,863
150,376
169,243
173, "~-

57,767
57,675
61,463
67,602

60, 520
60, r"
63,823
67,810

52, 745
54,608
56,656
60,86.9

35,938
32,105
31,846
36,081

76, 937
83,549
85,451
91,554

32,073
32,893
34,657
36,627

11, 644
12,438
14,221
13,670

38,779
40,471
40,583
40,016

23, 751
23,795
25,136
24,655

37,155
36,213
40,401
42,215

59,537
59,554
59,651
59,657

4,068
4,068
4,068
4,068

16,715
16,714
16,714
16,714

1,
1,532
1,558
1,559

7,409
7,409
7,409
7,409

2,364
2,364
2,364
2,364

2,775
2,775
2,814
2,814

7,933

4,111
4,111
4,111
4, 111

2,943
2,943
2,943
2,94r

4,653
4,654
4, 654
4,654

1,793
1,793
1,793
1,793

3,241
3,258
3,290
3,295

16,231
16,831
16,804
16,997

95
93
96
101

4,816
5,446
5,538
5,504

418
416
418
342

923
928
941
949

324
318
315
309

1,078
It'"'
1,077

1,406
1,362
1,494
1,807

498
483
512
520

2,300
2,364
2,150
2,076

649
641
63!
679

405
400
404

3,319
3,300
3,227
3,228

1,473,295 361,877 471,297
372,162 1,464,608 363,880 467,783
378,208 1,467,969 369,584 478,006
373,85" 1,493,517 370,716 479,736

209,271
210,844
209,942
215,184

311,054
307,257
30'6,398
310,584

604,615
649,064
633,001
646,384

167,607
171,656
171,711
171,503

133,951
138,461
139,018
138,390

196,112
201,774
199,908
203,863

131,-575
132,581
131,479
133,624

412,599
417,278
422,987
421,224

4,841,584
4,897,349
4,908,211
. . . . . 4,958,582

7,933
7,933

445

FEDERAL RESERVE BULLETIN

JUNE, 1926

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousand of dollars]
LIABILITIES

Federal reserve notes in ac> tual circulation:
Apr. 28..
May 5
May 12
May 19......
.........
pdsits:
Member bank-reserve accountApr. 28
Mays......
..
May 12
May 19
..
GovernmentApr. 2 8 . . . . . . .
May 5...
May 12
May 19
Foreign bankApr. 28...
May 5
May 12
May 19
Other deposits—
Apr. 28
May 5
May 12.....
.....
May 19..._
—Total deposits:
Apr. 28
—
May 5-..
May 12
May 19
Deferred availability items:
Apr. 28 ±
May 5 . . . . — . . May 12......
May 19
Capital paid in:
Apr. 28
-.——
May 5 . . . . . . .
•May 12
May 19.
Surplus:
Apr. 28
May 5
_.._.....May 12
May 19
All other liabilities:
Apr. 28
May 5
May 12..-..
May 19...........
Total liabilities:
Apr. 28
May 5...
May 12
- May 19

San
Phila- Cleve- KichSt. Minne- Kansas
delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco

Total

Boston

New
York

1,661,982
1,672,016
1,675,535
1,665,240

144,882
142,715
140,060
138,579

361,438
369,322
367,812
382,085

142,689
139,588
142,891
136,946

201,413 72,448 187,925 171,852
196,303 72,642 188,236 179,409
198,854 72,756 186,802 183,216
190,708 71,413 185,116 177,966

36,885 62,526 61t 739 35,721 182,464
36,845 63,034 62,293 35,912 185,717
37,404
62,010 35,506 185,558
38,034 61,562 61,844 35,241 185,746

2,202,831
2,230,801
2,193,512
2,236,640

140,353
143,559
143,891
142,680

874,771
851,821
843,694
853,106

132,827
137,354
133,697
138,477

174,345 65,850 73,920 312,539
176,005 67,475 74,462 340,277
179,547 64,627 74,007 319,546
185,756 67,062 76,518 334,386

83,250
85,492
81,689
81,078

16,412
27,785
27,484
19,750

914
1,072
1,987
954

3,108
4,046
5,649
3,274

503

5,009
6,227
4,955
4,950

307
35J
351
368

2,080
1,872
1,599
1,433

383
439
439
460

17,874
22,225
19,733
19,303

94
105
110
159

8,745
12,742
10,396
9,246

97
229
220
341

1

2,242,126
2,286,038
2,245,684
2,280,643

141,668
145,087
146,339
144,161

888,704
870,481
861,338
867,059

133,810
139,651
137,054
140,383

579,167
581,175
627,899
653,606

55,208
57,832
65,247
64,560

122,129
122,186
122,408
122,464

8,772
8,772
8,772
8,772

35,184
35,190
35,223
35,262

11,953
11,953
12,129
12,137

13,472
13,472
13,487
13,487

6,046
6,066

220,310
220,310
220,310
220,310

17,020
17,020
17,020
17,020

59,964
59,964
59,964
59,964

20,464 22,894
20,464 22,894
20,464 22,894
20,464

15,870
15,624
16,375
16,319

782
736
770
765

3,145
2,993
3,169
3,200

418
2,283
1,285

2,461
744
1,021
775

1,357
1,144
1,645
1,857

432
494
495
518

214
245
245
257

161
185
185
194

1,
1,520
8,138
1,560
4,797
1,344
2,736
174
553
199
633
199
633
664 - 208

944
947

61
142
171
76

90
109
87
101

928
977
820
1,083

I,
1,085

176,139
75,528
179,729 68,606 75,900
183,300 66,064 75,924
188,644 68,170 78,670

124,860 52,309 55,907
126,658 51,540
140,463 56,336 57,968
145,947
62,498

49,245 33,078
50,549 28,616
52,093 29,139
56,514 32,275

261
324
323
289

315,100 84,668
350,025 87,535
325,796 83,771
338,869 82,919
30,319
70,295 31,553
74,570 34,797
34,795

46,805 83,028 56,303 158,840
49,190 87,309 56,845 161,012
49,568 85,192 55,337 162,717
50,611 90,911 56,942 159,113
1,639
2,764
2,047
1,830

1,115
1,392
1,687
895

997
1,291
1,263
1,335

1,837
1,762
941
2,360

129
148
148
155

157
180
180
189

141
162
162
170

278
319
319
334

165
215
207
187

182
123
116
119

31
57
46
60

6,276
6,255
6,168
6,557

48,738 84,482
52,317 89,004
51,970 87,175
52,783 92,114

57,472
58,355
56,808
58,507

167,231
169,348
170,145
168,364

10,951 35,838 25,778 37,349
11,357 36,394 25,758 36,677
12,484
26,511 41,683
12,267 35,791 27,311 41,500

6,066

4,945
4,936
4,940
4,931

16,413
16,417
16,418
16,456

5,244
5,274
5,274
5,274

3,141
3,150
3,149
3,145

4,256
4,262
4,262
4,251

4,303
4,303
4,299
4,289

8,400
8,391
8,389
8,394

11,919
11,919
11,919
11,919

8,700
8,700
8,700
8,700

30,613
30,613
30,613
30,613

9,570
9,570
9,570
9,570

7,501
7,501
7,501
7,501

8,979
8,979
8,979
8,979

7,615
7,615
7,615
7,615

15,071
15,071
15,071
15,071

2,312
2,305

1,094
1,102
1,248
1,132

818
842
874

740
661

2,083
2,075
2,141
2,149

652
684
710
720

1,472
1,439
1,503
1,505

1,027
1,062
1,044
1,102

878
892

2,398

921
879
895
911

1,473,295 361,877
4,841,584
4,897,349 372,162 1,464,608 363,880
4,908,211 378,208 1,467,969 369,584
4,958,582 373,857 1,493,517 370,716

471,297
467,783
478,006
479,736

209,271
210,844
209,942
215,184

311,054
307,257
306,398
310,584

604,615
649,064
633,001
646,384

167,607
171,656
171,711
171,503

133,951
138,461
139,018
138,390

75.9
77.7
78.8
77.4

77.3
78.3
73.2
76.3

62.0
61.7
62.
62.2

76.2
77.7
79.3
77.1

74.8
75.3
76.2
77.3

56.9
57.2
58.7
53.2

62.2
65.4
67.0
68.1

55.8
56.4
57.5
57.7

53.7
55.3
55.0
57.9

70.3

81.9

83.5
78.1
81.5
80.9

66,568
65,509
64,735
61,974

5,182
5,065
4,939
.4,746

17,, 063
17,, 126
17,553
16,638

6,478
6,331
6,174

7,296
7,131

2,728
2,666
2,600
2,498

9,342
9,130
8,903
8,555

2,932
2,866
2,794

6,681

3,614
3,532
3,444
3,310

2,182
2,133
2080

2,659
2,599
2,535
2,435

2,387
2,332
2,275
2,186

4,705
4,598
4,484
4,309

339,025
328,962
322,772
320,081

14,783
14,533
15,982
14,728

16,275
19,460
14,436
21,196

17,402
16,767
15,086
15,800

29,527
28,934
29,912
26,681

17,906
22,839
22,612
27,583

4,
5,131
5,359
5,866

4,966
5,065
4,731
4,850

6,422
5,668
5,669
5,789

5,192
4,433

196,112 131,575 412,598
201,774 132,581 417,279
199,908 131,479 422,987
203,863
421,224

MEMORANDA

Ratio of total reserves to Federal reserve note and deposit
liabilities combined (per
cent):
Apr. 2 8 . . . . .
Mayo.
May 12
.:
May 19
Contingent liability on bills
purchased for foreign correspondents:
Apr. 28
May 5____
May 12
....
May 19
Own Federal reserve notes held
by Federal reserve bank:
Apr. 28
May 5 . . . .
May 12
May 19




75.7
74.5^
75.71
75.4

83.7
86.4
83.5:

155,247 29,519
141,978 31,175
142,251 28,538
125,220 32,899

5,470

72.4
72.1

32,979
32,343
33,999

446

FEDERAL RESERVE BULLETIN

JUNE, 1926

FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILXS AND CERTIFICATES OF INDEBTEDNESS

[In thousands of dollars]
Within
15 days

Total
Bills discounted:
Apr. 28
May5____
.___.
May 12
May 19
Bills bought in open market:
Apr. 28
May5__
May 12
i
May 19
__
Certificates of indebtedness:
Apr. 28
May 5_
May 12
_._
May 19

16 to 30
days

31 to 60
days

91 days to
6 months

61 to 90
days

513,668
547,181
476,414
489,861

381,970
406,382
340,706
352,257

30,154
33,955
32,237
34, 552

51,743
55,749
51,145
49,407

28,445
27,379
26,983
25,574

17,280
20,917
22, 557
26,069

199,017
213,384
228,162
226,492

126,997
136,092
123,897

56, 093
36,959
36,946
38, 335

38,275
33,098
42,420
54,232

14,192
12,669
10,019
8,341

4,048
3,661
2, 685
1,687

140,121
133, 721
132,116
131,108

1,720
1,120
600

4,689
58,330

50,203
50,203
51, 675
50,203

55,168
52, 527

Over 6
months

Total

4,076
2,799
2,786
2,002

513,668
547,181
476,414
489,861
199,017
213, 384
228,162
226, 492

21,882
21,941
22,105
21,975

140,121
133,721
132,116
131,108

FEDERAL RESERVE NOTES—FEDEKAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]

Total

Federal reserve notes received
from comptroller:
Apr. 28
May 5
May 12
May 19
Federal reserve notes held by
Federal reserve agent:
Apr. 28
»._..-.
May 5
__.__-_.
May 12
May 19
_.
Federal reserve notes issued to
Federal reserve bank:
Apr. 28
May 5«.__
____
May 12
_
May 19
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificatesApr. 28
_____
May 5
May 12
May 19
_.
Gold redemption fund—
Apr. 28
___..__
May 5
____._.
May 12
.•_
May 19
Gold fund, Federal Reserve
BoardApr. 28
_
May 5
May 12
May 19
Eligible p a p e r Apr. 28
i
May 5.
May 12
,
May 19
Total collateralApr. 28
May 5
May 12
May 19




Boston

New- Phila- Cleve- Rich- Atlanta Chicago St.
Minne- Kansas
mond
York delphia land
Louis apolis City Dallas

San
Francisco

2,856,089
2,848,364
2,837,464
2,842,659

210,365
207,948
203,892
201,157

758,165
759,260
764,503
776,865

210,328
213,203
210,869
212, 285

271,338
269,793
267,220
263,434

122,390
121,449
119,882
120, 753

270,187
268,250
287,704
262,347

409,995
408,585
408,665
409,086

65,048
65,756
64,943
64,680

85, 425 115, 711
84,951 115,011
85,260 114,249
84,876 113,303

55,650
55,082
54,396
55,748

281,487
279,076
275,881
278,125

855,082
847,386
839,157
857,338

50,700
50,700
47,850
47,850

241,480
247,960
254,440
269,560

38,120
42,440
39,440
42,440

53,650
54,030
53,930
51,530

32,540
32,040
32,040
33,540

52, 735
51,080
50,990
50, 550

220,237
206,337
202,837
203,537

23,220
23, 780
22,180
20, 780

17,933
16,852
17,863
18,464

47,550
47,050
46,570
45,670

14, 737
14, 737
13,037
15,037

62,180
60,380
57,980
58,380

2,001,007
2,000,978
1,998,307
1,985,321

159, 665
157,248
156, 042
153,307

516,685
511,300
510,063
507,305

172, 208
170,763
171,429
169,845

217,688
215,763
213,290
211,904

89,850
89,409
87,842
87,213

217,452
217,170
216,714
211,797

189,758
202,248
205,828
205,549

41,828
41,976
42, 763
43, 900

67,492
68, 099
67,397
66,412

68,161
67, 961
67,679
67,633

40, 913
40, 345
41,359
40, 711

219,307
218,696
217,901
219,745

318,953
303,554
305,054
304, 653

35,300
35,300
35,300
35,300

186,698
171,698
171,698
171,698

400
400
400

8,780
8,780
8,780
8,780

25,655
25,655
25, 655
25,655

13, 237
13,238
13,238
13,237

8,445
8,045
8,045
8,045

13,212
13,212
13, 212
13,212

17,226
17,226
18, 726
18, 726

10,000
10,000
10,000
10,000

99.441 11,378
104, 790 18, 961
106,175 14, 905
96.442 12,171

26,002
26,002
25,897
25,755

11,911
8,466
11,132
8,548

11,746
11,420
13,147
12,362

4,272
2,830
4,263
2,174

4,028
9,390
7,564
6,708

3,653
3,623
3,587
3,537

1,623
1,371
1,558
1,295

1,472
998

4,274
3,574
2, 812

2, 726
2,158
3,472
2, 824

16,356
15,997
15, 651
15,399

1,019,348
1,005,797
1,060,448
1,074,384

74, 000
79,000
79,000
79,000

171,000
131,000
171,000
171,000

109,497
110,497
112,497
112,497

150, 000
150,000
150, 000
150,000

16, 500
16, 500
13,500
18,500

141,500
139,500
144, 500
141,000

125, 644
145, 645
145,645
155,645

4,000 31,000 39,860
5,500 34,000 39,860
8,500 34,000 41,360
8,500 36,000 39,360

3,500
3,500
3,500
3,500

152,847
150, 795
156,946
159,382

688,773
736,862
682,765
694,851

43,987
37,772
45,663
50,277

150,551
211, 568
167,472
178,207

55,152
51, 610

50,560
63,193 51,067
50, 088 84,534 47,379
52, 538 71,288 50,722

60,533
55,673
52,366
55,941

84,679
87, 693
76,253
74,867

30,857 25,919 31,119 19,148
32,347 23, 529 30,519 18, 588
28, 639
27,925 17,129
32,837 20,015 28,975 16, 544

67, 569
73,303
64,334
62,640

2,126, 515
2,151,003
2,154,442
2,170,330

164,665
171,033
174,868
176,748

534,251
540,268
536,067
546,660

176,960
170,973
174,117
173,583

219, 298 213,976
239,225
233,393 96,052 217,801 236,961
256,461 90, 797 217,668 225,485
234, 049
242,430 97,051

44,925
47,263
46,742
50, 677

IF

71,603
71,739
70,382
71,030

42, 600 246,772
73, 953 41,472 250, 095
72,097 42,827 246,931
72,201 41,594 247,421
75,253

447

FEDERAL RESERVE BULLETIN

JUNE, 1926

FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, APRIL, 1926
[In thousands of dollars]
New
Boston York

Total

Philadelphia

Cleve- Richland mond

Atlanta

Chicago

San
Min- Kansas
St.
Louis neapolis City Dallas Francisco

HOLDINGS ON APR. 30,1926
Total bills and securities._
1,187,370
Bills discounted for members
571,673
Bills bought in open market
209,676
United States securities
393,104
Other securities
.
_ _ 4,635
8,282
Foreign loans on gold
Bills Discounted
Rediscountod bills:
Commercial and agricultural
paper, n. e. s___
Demand and sight drafts.___
Bankers' acceptances
Trade acceptances, domestic.
Secured by U. S. Government obligations
Member bank collateral notes:
Secured by U. S. Government obligations
Otherwise secured
Total discounted bills

171,065
180
8
3,015

631

2,274

94,500 104,863
53,305 48,064
13,128 18,801
23,723 37,110
3,575
888
769

8,110

8,110

12,669

58, 595 308,116
18,948 196,408
21, 726 31,766
17,290 77,668

1

62,380
44,346
8,251
9,343

13,341

25,820

440

68,114 146,345
38,471 62,957
25,288 23,333
3,463 58,918
560
332
1,137

60,705
26,623
7,983
25,742

27,123
41

12,220
54

28,019

357

68,398
21,068
10,572
36,434

53,625
9,985
9,564
33,785

115,713
45,094
20,246
49,800

324

291

573

3,542

11,400
14

7,705
19

13,006
52

8
103

130

233

587

440

308

719

268

85

5

1

343

270

349

112

478

328,936
66,630

10,650 164,921
23,242

30,141
10, 261

30,135
3,658

13, 985
3,831

3,938
6,712

33,238
869

11,679
1,924

571,673

18,948 196,408

53, 305

48,064

44,346

38,471

62,957

1,839

46,016
6,404
19,018
19,828
500
266

37

190

176

11

9

1,640
1,214

6,458
3,020

1, 584
629

20,567
11,270

26,623

6,404

21,068

9,985

45,094

Bills Bought
Bills payable in dollars:
Bankers' acceptances based
on—
Imports
Exports
Domestic transactions...
Dollar exchange
Shipments between or
storage of goods in
foreign countries
All other.
Trade acceptances based on
imports _. ,
Bills payable in foreign currencies
Total purchased bills

94,995
51,623
31,811
3,009

11,148
3,185
4,981
270

14, 279
7,083
4,164
272

4,003
4,487
1,840
418

9,189
4,845
2,347
341

2,945
1,827
2,302
135

10,882
9,601
3,538
707

10, 276
5,469
5,139
484

3,443
1,658
1,025
100

7,822
4,545
2,806
61

5,742
2,151
974
5

4,514
2,918
361
106

10,752
3,854
2,334
110

25,251
1,205

2,105
37

,4,823
472

2,370
10

1,104

1,017
25

559
1

1,943
22

1,699
58

3,299
485

1,700

1,665

2,967
95

435
238

569
1, 213

134

975

209,676

21, 726

31,766

13,128

18,801

8,251

25,288

23,333

7,983

19,018

10, 572

9,564

20,246

98,518
160,640
133,946

3,583
5, 672
8,035

11, 762
41, 710
24,196

3,088
2,797
17,838

11,542
17, 734
7,834

3,200
3,918
2,225

264
249
2,950

25,914
20,251
12,753

3,200
10,760
11,782

9,486
6,333
4,009

11,207
14,211
11,016

10,914
13,816
9,055

4,358
23,189
22,253

393,104

17, 290

77, 668

23, 723

37,110

9,343

3,463

58,918

25, 742

19,828

36,434

33,785

49,800

92,134 112,971
53, 295 56,207
11,677 20, 698
22, 272 35,137
825
929

63,720
45,066
10,000
8,194
460

72,969 158,377
44,354 75, 266
18,198 29,486
9,509 52,435
1,190
348

60,745
28, 236
6,433
25,702
374

41,424
6,386
15, 552
18,958
278

67,313
19,044
12, 616
35,314
339

50, 291
7,400
10, 399
32,188
304

118,750
46,1588
23,197
48,266
599

United States Securities
United States bonds
Treasury notes
_
Certificates of indebtedness......
Total U. S. securities
DAILY AVERAGE HOLDINGS DURING APRIL
Total bills and securities x
Bills discounted
Bills bought
United States securities
Foreign loans on gold

..__

1,158,891
539, 594
235,956
369, 779
8,687

79, 266 240,931
28,450 129, 202
36,958 40, 742
13,198 68, 606
660
2,381

EARNINGS DURING APRIL
Total bills and securities 1-______
Bills discounted _
Bills bought . . .
United States securities
Foreign loans on gold

3,627
1,767
704
1,109
31

244
94
110
38
2

749
417
120
203
9

293
175
35
67
3

3.81
3.98
3.63
3.65
4.50

3.74
4.00
3.62
3.49
4.50

3.78
3.93
3.59
3., 60
4. 50

3.87
4.00
3. 61
3.68
4. 50

356
185 ,
62
106
3

203
148
30
23
2

232
146
55
28
1

502
248
88
162
4

190
93
19
76
2

130
21
46
61
1

209
63
38
107
1

153
24
31
97
1

366
153
70
141
2

3.87
4.00
3. 65
3.38
4.50

3.86
4.00
3.65
3.61
4.50

3.86
4.00
3.65
3. 76
4.50

3.80
4.00
3.63
3.61
4.50

3.82
4.00
3.62
3.92
4.50

3.77
4.00
3.64
3.69
4.50

3.71
4. 00
3.66
3.65
4.50

3.75
4.00
3.64
3.57
4.50

ANNUAL RATE OF
EARNINGS
Total bills and securities l
Bills discounted _Billsbought. _
_
United States securities..
Foreign loans on gold

:___

3.83
4.00
3. 63
3.65
4.50

i Figures include Federal intermediate credit bank debentures as follows: Philadelphia, average daily holdings, $4,065,000; earnings $13 187
annual rate of earnings, 3.94 per cent. Atlanta, average daily holdings, $560,000; earnings, $1,618; annual rate of earnings, 3.52 per cent
Minneapolis'
average daily holdings, $250,000; earnings, $779; annual rate of earnings, 3.79 per cent.
*- >




448

FEDEEAL RESERVE

JUNE,

1926

FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING APRIL, 1926
[Amounts in thousands of dollars]
Boston

Total

Phila- Cleve- Rich- Atdelland mond lanta
phia

New
York

Chicago

MinSt.
Louis neapolis

San
Kansas Dallas Francisco
City

3,322,005 80,568 L, 640,290 178,958 237, 614 66,331 16,451 258,210 09,172 37,033 57,328 22> 148 217,902

Total Volume of Operations

Bills discounted for member banks
2,873,341 24,989 L, 485,442 161,145 216,726 55,411 73,665 207,018 102,377 16,406 43,143 11,344 175,675
Bills bought:
260,514 44, 246 101,197
9,738 12,980 6,515 6,522 25,367 5,561 6,550 7,252 5,419 29,167
In open market
40,707
1,048
11,008
10,027
From other Federal reserve banks _.
492 16, 515 1,129
488
85,889 5,584 20,891 4,780 7,310 3,651 4,752 18,734
625 3,169 5,679 4,597 6,117
U. S. securities bought in open market
U. S. securities bought from other Federal
763 6,895
739
523
579
180
225 14,969 5,866
359
58,354 5,696 21,560
^treserve banks
30
25
48
27
67
192
37
53
'700
28
. 75
22
96
Foreign loans on gold
Bills Discounted
Rediscounted bills:
Commercial and agricultural paper,
n. e. s
Demand and sight drafts
Trade acceptances, domestic
.Secured by U. S, Government obligations
Member bank collateral notes:
Secured by U. S, Government obligations
Secured by eligible paper 4
-

152,446
427
1,846

2,891

5,503

39

164

1,891

72

6

8,721 10, 252 16,428 23,598 32,517 26,761 2,163 10,562
201
14
77
560
191
248
195
14
151
108
96

202

246

54

342

195

2,217,027 40,730 1,316,882 108,846 183,485 163,677 30,510 149,537 63,655 7,683 22,046
499, 704 81, 257 162,887 43, 383 22, 333 74,913 18,986 24,802 11, 267 6,546 10,326

6,000 3 7,050
88
47
25
151
673

5

3,379 126,597
1,220 41, 784

— 2,873,341 124,989 1,485, 442 161,145 216,726 255,411 73, 665 207,018 102,377 16,406 43,143 11, 344 175, 675

Total bills discounted
Average rate (365-day basis), per cent
Average maturity (in days):
Member bank collateral notes

—

Number of member banks on Apr. 30
Number of member banks accommodated
Per cent accommodated

4.00 "~4.00

4.00

8.13 1L26
10.25
52. 21 52.28 85.11
622
1,377
816

10.40
74.07
1,018

4.00

3.96

4.00

3.81

4.00

4.00

4.00

4.00

5.40
59.35
9, 410

8.63
49.04
417

3.57
55.76
889

9.36
50.92
758

6.80
51.69
860

2.63
58.54
590

11.38
68.08
492

3,155
33.5

179
42.9

392
44.1

388
51.2

312
36.3

301
51.1

189
38.4

501
36.4

212
34.1

112
13.7

209
20.5

163
19.2

197
27.2

57,042

8,325

9,071

2,450

6,429

2,305

4,146

8,007

2,172

4,219

2,922

2,470

4,526

136,781 27,905
66,691 8,016

81,926
10,200

7,288

6,551

4,210

2,376

3,389

2,331

4,330

2,949

17,708
6,933

260,514 44,246

101,197

9,738 12,980

6,515

9,242
8,118
6,522 25,367

5,561

6,550

7,252

5,419 29,167

4,435 1,487
8,224 1,047
2
9
198,793 39,367
40,226 2,289
54
7,139
594
1,094
3.56
3.60
39.33 33.03

1,224

100
542

287

258
565

34
199

4,722
1,155

3,566
1,056
41<
126
24
3.65
49.26

338
1,246
7
10,784
16,346
425
7
14
3.60
38.55

6,702 2,259 3,163 3,673
3,643 1,001 1,585 1,461
3,027
719
636 1,008
120
501
75
674 1,356
1,097 2,027 1,591
225
38
388

2,896
1,247
259
25

5,765
2,435
1,181
307

992

1,771

6,515

6,522 16,125

5,561

6,550

7,252

5,418 11,459

4.00

4.00

14. 56 8.15
81.02 80.06
847
724

Bills Bought in Open Market
From member banks
From nonmember banks, banking corporations, etc.:
With resale agreement
All other...
.——
Total bills bought
Rates charged:
31^ per cent

...

3J^ per cent
35^ per cent -3?€ P^r cent
3% Der cent
4 per cent
Average rate (365-day basis),fi per cent_____
Average maturity (in days)
Class of bills:
Bills payable in dollars «—
Bankers' acceptances based on—
Imports
_
Exports
Domestic transactions
Dollar exchange
Shipments between or storage
of goods in foreign countries
All other
Trade acceptances based on im-

195
697

25
357

5,640
3,453
1(

8,892
2,344

4,285
1,166

400
3.55
22.59

3.62
47.07

61
3.62
3.62
45.04 39.63

98,249
491
•

79]

682

89
28(

50

2,172

4>592 10,376
1,162 8,664
15(
3,492
249

3.62
39.25

447
166

3.65
48.11

4,184
614
116

5
3.57
37.94

4,136
1,486
452
U
175
3.67
51.82

552

3.62
41.26

46,046
28,415
20,188
2,976

5,522
2,962
2,932
270

3,914
5,395
3,908
538

2,832
2,97(
1,304
599

5,068 2,066 2,186
2,589 • 1,833 1,286
2,129 1,527 1,558
381
153

24,623
70

4,655

5,12S
47
34C

2,023
10

2,376

123,733 16,341

19,271

9,738 12,980

33,576
36,006
16,307

2,013
1,946
1,625

7,275
10,50C

3,lli

2,30C
1,621
85£

3,29C
2,24
1,77

1,72
1,28
64

2,974 4,02o
1,052 10,036
72
4,673

426
198

1,438
1,19<
537

3,375
1,658
645

2,57C
1,49C
53

2,594
2,556
967

85,889

5,584

20,893

4,78C

7,31

3,65

4,752 18,734

625

3,169

5,67

4,59

6,117

340
437

Bills payable in foreign currencies
Total._...-

635

832

936

437

U. S. Securities Bought in Open Market
United States bonds..., „

-

,

Certificates of indebtedness—
Total U S securities

—...

®

1 Includes Federal intermediate credit bank debentures as follows: Philadelphia, $2,000,000; Minneapolis, $500,000.
a Includes $200,000 discounted for the Federal intermediate credit bank of Columbia, S. C.
a Includes $157,000 discounted for the Federal intermediate credit bank of Spokane, Wash
* Includes bills taken under a resale contract.
* Exclusive of acceptances bought under a resale contract.




449

FEDERAL KESERVE B U L I J E T X N

JUNE, 1926

REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
Federal reserve district
Total
Boston

Number of reporting banks:
Apr. 21
707
Apr. 28
706
May5_____
_
705
May 12
.
705
Loans and discounts, gross:
Secured by U. S. Government obligations162,271
Apr. 21
163, 749
Apr. 28
172,301
May 5.,
167, 988
May 12
Secured by stocks and
bonds—
5,262, 50'
Apr. 21
5,289,965
Apr. 28
5,318,982
May 5___
5,295,208
May 12
All other loans and discounts8,446,006
Apr. 21
Apr. 2 8 . —
__. 8.495,157
May 5.
_._. 8,513,461
8.498,158
Mayl2__
Total loans and discounts—
13, 870, 784
Apr. 21.
13, 948, 871
Apr. 28
14, 004, 744
May 5
13,961,354
May 12
_
U. S. Government securities:
2, 544,196
Apr. 21
2, 533,270
Apr. 28.
May 5 . . .
.
_____.. 2, 539,257
2, 563,493
May 12
Other bonds, stocks, and
securities:
3,034,921
Apr. 2 1 . . .
3,042,865
Apr. 28..
3,055,208
May 5
3,106,698
M yl
Total investments:
5,579,117
Apr. 21
5, 576,135
Apr. 28
5,594,465
May 5
5,670,191
May 12
Total loans and investments:
.9,449,901
Apr. 21
.._
Apr. 28..
._ .9,525,006
May 5_____
_ .9,599,209
.9, 631,545
May 12
Reserve balances with Federal reserve bank:
1,597,978
Apr. 21
1,638,210
Apr. 28..
1,657,721
May 5 . . . .
1,632,065
May 12..
Cash in vault:
Apr. 21
275,037
Apr. 28
276,149
276,752
May 5
•
May 12
_
Net demand deposits:
Apr.21_...
.2,813,570
.2,829,008
Apr. 28.
„
.2,881,714
May 5
_
.3,022,956
May 12.
Time deposits:
Apr. 21
5,546,752
5,555,469
Apr. 28.
5,562,208
May 5
May 12
..___ 5,559,015




New
York

Philadelphia

Cleveland

RichSt. Minne- Kansas Dallas
mond Atlanti Chicago Louis apolis
City

97
97

67

52, 742
57,208
62,117
58,722

11, 588
11, 865
11,972
11,895

320, 5972,218,071
323,077 2,274,363
327,306 2,294,363
329,65' 2, 227,990

407,761
403, 778
404,208
411, 56"

539,279 137,890 103, 562 807, 612
545, 202 139,440 98,081 791,205
544,657 138, 881 104,160 786, 941
537,822 140,077 102,344 817,328

652,292 2,675,100
652,704
1,849
646,724 2,727,970
643,455 2,709,009

376,838
382,942
375,501
381,443

780, 503
780,440
779,128
789,790

10,239
9,426
8,583
8,607

19,93!
19,625
19,711
19,613

5,020
5,094
4,640
4,884

7,719
6,311
6,032
5,841

23,634 11,663
22,671 11,706
27,369 12,181
26,498 11,401

2,525
2,546
2,542
2,561

3,784
3,685
3,755

201,102 61,840 102,646
199,064 62,272 98,214
201,331 61,059 97, 742
199,502 61,600 104,711

San
Francisco

49
49
49
49

3,100 10,318
3,074 10,254
2,990 10,479
4,002 10,209
77,520
74,883
73,966
74,99}

284,627
280,386
284,368
287,619

375,966
376, 615
381,462
376,893

407,952
407,285
401,163
405,312

, 241,967312,692 169,953 320,538 233,100 899,105
, 259, 528313,483 170,895 319,816 231,080 900,520
,263,494 312,895
318, 750 231,407 905, 998
, 261,953 311,760 164,830 319,355 228,489

796,18' , 339, 721518, 876
:, 128 ,945,913
4,
985,207 5,031,420i 798, 585 , 345, 267521,149
982,613 5,084,450 791, 681 . 343,496 524,983
804, 905 347,225 521,854
4,
981, 719
~'~ 4,995,721

519, 233
511,677
511,355
513,497

073, 213 525,457
,073,404 524,253
, 077,804 526,407
105,779 522, 663

234,318
235,713
232,570
228,991

426,968
421,999
420,177
427,821

63,375
60,788
59,992
60, 421

71, 567
71,204
71,037
71,184

111,056
112,406
112,355
111, 631

52,426
53, 677
53,611
52,769

258,615
259,294
258,153
263,732

229,918 1,191,795 252,931
234,390 1,188,947 254,105
1,191,927 252,963
241,255 1,197,869 256,801

344,190 61,104 55,104 440,133 106,044
346,268 60,484 56,896 437,766 105.626
344,498
56,998 439,222 107,187
380,819 67,473 56,428 434,732 107,713

42,091
42,816
43,388
44,854

77,022
81,397
81,244
81,830

23,815
22,586
24,157
24,241

210,774
211,584
212,485
212,683

386,034 2,206,576
387,223 2,200,717 356,948
395,295 2,213,185 355,915
395,742 2,233,213 357,194

631,996 129,866
748,823
633,287 128,536 100,784 747,262
626,357 129,088 100,644 750,372
135,658
750,573

156,116 1,014, 781
152, 833 1,011,770
156, 602 1,021,258
154,487 1,035,344

106,157
102, 843
102, 952
100,393

287, 806
287,019
281,859
287, 866

68, 762
68,052
66, 642
68,185

44, 845
43,888
43,646
41,640

308, 690
309, 496
311,150
315, 841

313,720 1,194,050
309,0371,191,160
308,363 1,200,845
307,4821,203,697

169,419
166,414
167,179
168,134

113,658
114,020
114,425
116,038

188,078 76,241
193,803 76,263 470,878
193,599 77,768 470,638
193,461 77,010 476,415

, 369,162r, 152,489 155,275
, 372,430', 232,137 155,533
, 377,908', 297, 635 147,596
,377,461 ', 228,934 162,099

971,717
978,554
969,853
015,910

648,742
649,685
654,071
657,512

619,182
612,461
611,999
611,565

822,036
820,666
828,176
856,352

694,876
690,667
693,586
690,797

347,976
349,733
346,995
345,029

615,046
615,802
613,776
621,282

39,069
38, 567
41,174
38, 682

43,597
41,369
41,733
44,829

225,805
230,476
255,664
236,075

46,848
49,123
49,764
47,628

24,925
20,479
23,171
22,905

53,766
50,520
53,814
52,822

13,632 11,393
13,653 11,373
13,295 11,159
13,783 11,341

49,134
48,324
49,192
49,670

7,716
8,090
8,186

6,377
6,245
5,852
6,013

12,295 9,373 20,166
12, 630 10,105 20,844
12,015 9,720
12,741 10,058 21,208

350,511 724,057 402,675 214,933
346,613 724,789 409,923 213,434
350,001 746,402 412,601 213,919
357,867 782,499 406,216 213,170

474,828 269,356 751,241
469,028 •264,369 743r448
472,713 264, 111 745,459
483,128
762,900

03,500
93,273
97,759
96,296

728,327
774,140
751,383
742,930

82,757
81,474
84,946
82,270

119,461
121, 612
119,565
124,896

20,919
20,587
20,503
20,746

77,329
78,086
79,302
80,505

16,527
15,770
15,920
16,833

30,283
30,816
30,768
31,404

884,819 5,592,538
883,681 " 622,013
626,078
900,652 5', 648,744

776,649
774,584
778,334
786,365

010,169
012,956
016,719
040,262

,245,387
., 249,601
., 249,170
., 238,999

227,964
227,299
227,607
228,751

267,026 219,900
806,212 206,796 221,874
804,769 206,042 221,151
207,029 220,492

403,148
408,747
417,110
416,048

361,794
364,170
365,155
372,844

038,288
030,873
034,993
032,253

216,916
215,651
215,643
216,903

109,836
109,682
108,294
108,576

146,167
146,402
146,433
145,939

389,9611,663,439
385,3001,662,038
386,1311,671,483
384,4921,680,112

30,130
28,308
29,141
27,792

100,902
100,575
100,489
99,913

109,793
108,869
109,607
114,940

826,284
831,757
830,507
837,120

450

FEDERAL RESERVE BTJLLETHST

JUNE, 1926

PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS-Continued
[In thousands of dollars]
Federal reserve district
Total

New
York

Boston

Government deposits:
Apr. 21
Apr. 28.-...
May 5
May 12
Bills payable and rediscounts with
Federal
reserve bank:
Secured by U. S. Government obligationsApr. 21
Apr. 28
May 5
May 12
All otherApr. 21
Apr. 28...
May 5
May 12
____.
Total borrowings from Federal reserve bank:
Apr. 21....
....—.
Apr. 28_
May 5
,
M a y 12_.__,_.__

240,734
240,827
231,747
219,707

122,175
191,38"
222,146
170,904

Philadelphia

47,958

38,030
38,864
37,309
35,448

46,041
43,736

29,379
29,379
28,199
28,789

2, 050
19,587
890 92,550
1,615 122, 538
1,215

125, 755
114,255
121,490
102,283

7,579
10, 729
4,059
6,494

12,883
17,917
18,488
13,678

7,406
6,668
6,159
6,006

247,930
305,642
343,636
273,187

9,629 32,470
11,619 110,467
5,674 141,026
7,709 80,560

14, 644
14, 236
11,577
10,289

Cleveland

Richmond Atlanta Chicago

San
Francisco

St.
Minne- Kansas Dallas
Louis apolis
City

29,539
29,522
28, 337
26, 947

9,321 11,901
8,681 11,005
8,947 11,399
10,841

21,713
21,710
20, 763
19, 248

8,159
8,148
7,819
7,411

4,219
4,219
4,039
3,843

8,305
8,305
7,974
7,573

7,259
7,—
6,619

18, 773
21,909
19,349
39, 696

5, 7371 4,433
5,314} 2,541
5,425! 2,207
6,349; 1,615

19, 530
21,409
25,429
15,284

5,987

2,630
2,45^5
2,830
2,655

7,450
4,145
3,555
2,766

715 28,045
915 25,589
1,194 26, 796
1,009 22,881

6,lH
5,7!

24, 951
24,951
23,952
22, 754

12,124 15,328
9,464 10, 241
11,09l!
10,995 9,798

21,506
17,723
16,687
11,197

14,762 10,530
13,036, 6,352
16,679 7,833
15, 271

1,107
1,251
1,297
1,025

7,006
7,625
8,748
7,265

1,897
3,540
3,477
2,713

13,627
9,70918,079
12,353

30,897
31,373
28, 242
50,691

25, 939
20,264
18,894
12,812

34,292 16,517
34,445 12,454
42,108 13, 623
30,555 11,757

3,737
3,706
4,127
3,680

14,456
11, 770
12, 303
10,031

2,612
4,455
4,671
3,722

41, 672
35,298
44,87535,234

21, 065
15, 555
16,516'
16,147

REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS* BALANCES
[In thousands of dollars]
Federal reserve bank city
Total (12
cities)

Due to banks:
Apr. 21
Apr. 28
May5.._-___
May 12
Due from banks:
Apr. 21
Apr. 28
May 5
May 12

PhilaBoston New York delphia

2,195,375
2,179,936
2, 277,209
2,181, 926

139,306
130,353
135,463
130,841

1,079,477
1,078,359
1,109,224
1,052,136

180,597
178,849
187,024
180,967

587,479
600,915
619,203
597,225

45,809
39,352
39,798
44, 265

106,592
111,629
101, 200
100,410

70,310
62,821
75, 707
60,579

Cleve- Richland
mond

Atlanta

46,109
45,850
47,545
44,684

25,414
47,667
19,188 364,449
16,795 366,957 83,928 48,535 90,374 24,861
18,855 402,844 88,392 50,347 94,174 27,220
16,417
85,142 56,505 93, 764 24,655

30,793
30,188
31,899
31, 977

26,256 15, 890
30,411 17,123
27,585 16,274
24,656 16,344

11,020
13, 609
14,882
13,930

Chicago

150,848
161,398
173,945
167,236

St.
Louis

27,392
30,782
30,682
30,301

Minne- Kansas Dallas
apolis
City

19,791
24,857
21,077
24,477

38,990
39,201
48,317
38,905

21, 761
21,066
22,402
25,304

San
Francisco

88,578
84,887
84,222
84,630
52,820
47,334
50,818

LOANS T O B R O K E R S AND DEALERS, S E C U R E D BY S T O C K S AND B O N D S , M A D E BY R E P O R T I N G M E M B E R BANKS
IN N E W YORK CITY
[In thousands of dollars]
Demand and time loans

1926
Apr. 21
Apr. 28May 5
May 1 2 - - - - . . .

Demand loans

Total

For own
account

For account of
out-oftown
banks

For account of
others

2,464,679
2,463, 697
2,489,391
2,480,280

885,590
897,940
974,957
888,427

1,044,378
1,023,681
1,007,731
1,056,284

534,711
542,076
506,703
535, 569




Total

1,655,909
1,<672,651
1,721, 935
1,737,698

For own
account

458,497
466,270
554,280
487,197

Time loans

For ac-.
count of For acout-of- count of
town
others
banks

720,577
717,018
710,037
769,192

476,835
489,363
457, 618
481,309

Total

For own
account

For account of
out-oftown
banks

808,770
791,046
767,456
742, 582

427,093
431,670
420,677
401,230

323,801
306,663
297,694
287,092

For account of
others

VI, 876
52,713
49,085
54, 260

451

FEDERAL RESERVE BULLETIN

JUNE, 1926

REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
New York City
Apr. 28

Apr. 21
Number of reporting banks

Total loans and discounts
U. S. Government securities _..
Other bonds, stocks, and securities

May 5

May 12

Apr. 21

59

59

59

59

46

47,808
1, 933,007
2,348,291

52,313
1,986,592
2,370,143

57,233
2,008,062
2,401,540

53,855
1,944,663
2,378,138

17,509
600,493
680,872

4,329,101

4,409,048

4,466,835

4,376,656

895, 058
893, 042

895, 045
887,681

905,449
889,364

919,615
894,442

__

Loans and discounts, gross:
Secured by TJ. S. Government obligations.
Secured by stocks and bonds
All other loans and discounts. __
__

City of Chicago

» '

Apr. 28

May 5

May 12

46

46

16,421
585,556
694,167

21,105
581,318
697,113

20,487
608,411
702,148

1,298,874

1,296,144

1,299,536

1,331,046

157,980
205,763

164,349
203,743

165,892
205,114

170,210
200,063

Total investments.__

1,788,100

1,782, 726

1,794,813

1,814,057

363, 743

368,092

371,006

370,273

Total loans and investments

6,117,201

6,191,774

6,261,648

6,190,713

1,662,617

1, 664,236

1,670,542

1,701,319

667, 760
62,241
5,011,375
828,166
42, 828

711,897
63,835
5,038,589
833, 534
42,828

690,639
64, 656
5,045,593
835,962
41,113

681,870
154,563
65,222
21,241
5,060,270
1,127,654
824,853 •
505,451
39, 057
9,345

158,173
21,181
1,138,409
501,776
9,342

182,876
20,876
1,160,974
502,690
8,903

161,832
21,024
1,177,730
501,395
8,514

Bills payable and rediscounts with Federal
Reserve bank:
Secured by U. S. Government obligations
All other
__

7, 512
8,176

81,732
13,151

113,950
13,897

57,125
9,230

6,080
3,194

6,420
2,211

5,040
4,728

4,634
5,250

Total borrowings from Federal reserve
bank__
_ __
.....

15, 688

94,883

127,847

66,355

9,274

8,631

9,768

9,884

Reserve balances with Federal reserve b a n k . .
Cash in vault
Net demand deposits. _.
Time deposits
;___
Government deposits
.._.__

ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY
[In thousands of dollars]
Net demand deposits
1926

Federal reserve district

Boston
New York
Philadelphia.
Cleveland. .1
Richmond
Atlanta
Chicago..
__
St. Louis..
Minneapolis
Kansas City
Dallas
San Francisco
Total

.

1925

1926

1926

Jan. 27

Feb. 24

Mar. 24

Apr. 28

Apr. 22

Jan. 27

Feb. 27

Mar. 24

Apr. 28

1,374,330
6,455,855
1,190,601
1,495,667
613,437
760,379
2,429,995
760,201
452,173
862,059
659,, 813
l,31i,604

1,350,075
6,371,738
1,170,180
1,507,999
620,320
756,985
2,469,183
745,970
457,021
862,546
654,003
1,294,977

1,337,219
6,370,129
1,169,750
1,467,382
605,734
726,842
2,412,260
733,071
452,286
842,218
637,392
1,259,406

1,364, 018
6.415,786
1,195,490
1,481,605
591, 611
697,133
2,463,012
742,039
430,343
827,071
605,845
1,250,410

1,298,704
6,334,929
1,155,613
1,469,584
565,450
620,420
2,384,717
708,335
451,891
838,824
635,576
1,251,037

801,024
2,230,372
869,084
1,354,620
513,875
438,920
1,883,018
466,253
441,449
314,084
167,330
1,322,578

813,127
2,251,868
876,312
1,364,418
516,626
446,715
1,883,284
467,704
440,772
320,650
171,024
1,340,365

820,818
2,283,991
875,945
1,379,613
518,652
441,056
1,892,013
472,818
439,126
319,296
169,159
1,357,039

835,447
2,316,911
887,115
1,400,234
516,044
446,396
1,883,491
479,354
436,566
321,296
165,668
1,359,637

, 18,366,114

18,260,997

18,013,689 18,064,363 17,715,08C

Banks in cities and towns
having a population
of—
1,720,826 1,724.373 1,701,022
Less than 5,000
1,158,992 1,157,660 1,140,139
5,000 to 14,999
15,000 to 99,999
, 2,405,814 2,399,216 2,367,207
13,080,482
12,979,748 12,805,321
100,000 and over..—_.




Time deposits

1,663,116 1,637,884
1,127,913 1,088,048
2,354,817 2,239,760
12,918,517 12,749,388

Apr. 22
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

10,802,607 10,892, 865 10,969,526 11,048,159 10,186,622

1,761,695
1,129,972
2,169,045
5,741,895

1,774,543
1,143,579
2,181,037
5,793,706

1,781,595
1,147,134
2,192,271
5,848,526

1,782,813
1,151,394
2,202,327
5,911,625

1,691,055
1,081,730
2,044,266
5,369,571

ALL MEMBER BANKS—CONDITION ON APRIL 12, 1926 .
ALL MEMBER BANKS (7,99.4 NATIONAL BANKS AND 1,418 STATE BANKS AND TRUST COMPANIES)—ABSTRACT OF CONDITION REPORTS ON APRIL 12, 1926
BY FEDERAL RESERVE DISTRICTS
[In thousands of dollars]
. Federal reserve district

total

(9,412
banks)

PhilaBoston New York delphia

Cleveland

Richmond

Minne- Kansas
Atlanta Chicago St. Louis apolis
City

Dallas

San
Francisco

(885
banks)

(860)
banks

(592
banks)

(492
banks)

(850
banks)

(724

(418
banks)

(756
banks)

(1,379
banks)

(622
banks)

(817
banks)

(1,017
banks)

%

RESOURCES

21,989,048 1,685,565 6,378,0611,551,442 2,115,6221,029,758 990,232 3,292,919 970,713 574,719 793,039 666,208 i.
1,940,770
17,260
2,001
445
1,025
665
2,186
2,505
1,574
653
1,639
558
1,194
2,815
3,831,078 274,882 1,172,065 244,897 413,813 134,889 109,802 484,972 141,291 147,845 199,322 120,791
__
_ 5,232,617 430,125 1,660,837 614,937 600,497 132,775 138,891 722,401 221,201
145,859 44,451 354,014
31,070,003 3,391,130 9,212,964 2,411,7213,130,957 1,298,087 1,241, 111 4,502,797 1,334,779 889; 846 1,139,414 833,089 2,684,108
Total loans and investments
Customers' liability on account of acceptances
9,661 10,284
8,.974 27,761
644
1,612
52, 206 341,395 11,622
2,413
79
* ""
19,608
955,563
64,815 190,713 72,044 129,680 57,790 50,371 144,223 38,326 24,916 43,690 41,734 97,261
Banking house, furniture and
fixtures
__
173,906
13,030 10,731 17,958 11,175 11,246 28,360
8,060 15,280 17,026 13, 611 20,942
Other real estate owned
6,487
540,261
Cash in vault
_
44, 631 117,315 42,552 57,975 26,992 27,969 85,997 22,576 20,149 27,988 22,915 43,202
2,135,948 143,796 781,876 131,910 177,825 66,746 77,529 321,071 82,611 53,592 83,990 58,172 156,830
Reserve with Federal reserve banks
722,055
Items with Federal reserve banks in process of collection
71,297 40,081
7,758 36,011 28,467 38,413
60,507 232,188 59,783 68,966 47,715 30,869
Due from banks, bankers, and trust companies
____
1,933, 501 90,542 187,772 118,656 161,630 94,614 172,755 337,713 114,311 104,869 188,641 135,343 226,655
Exchanges for clearing house, also checks on other banks in same
1,450,457
42,849 1,018,269 57,831 41,928 21,083 26,534 114,598 23,304 10,581 20,122 11,855 61,503
142,939
35,801
3,188 10,905
5,316
2,708
Outside checks and other cash items
5,619
3,695
5,581
3,316
5,053
32,349
32,879
4,158
2,823
2,007
2,027
2,178
Redemption fund and due from United States Treasurer _
2,361
4,276
2,997
4,386
1,453
1,774
2,439
13,770
1,181
2,205
2,523
1,147
4,170
2,372
United States securities borrowedl
51
1
22
1,870
90
45
1,657
Other securities borrowed *__..
.60
18
9,189
416,029
53,371 10,891
Other assets
___
4,584
3,439
3,905
28, 758 246, 797 10, 295 14,415
6,044
24,341
Total.-.
_-_
_
_—
40,075,440 2,933, 663 12,382, 278 934,337 3,828,744 1, 647, 990 1, 666,165
5, 726,809 1,682,750 1,141, 111 1,567,228 1,156, 674 3,407,691

Loans and discounts
Overdrafts
_..•
United States Government securities
Other bonds, stocks, and securities

_

I

_

.

_.

LIABILITIES

Capital stock paid in
,„_.
Surplus fund
_
_
_.
Undivided profits, less expenses and taxes paid
Reserved for taxes, interest, etc., accrued
___
Due to Federal reserve banks/
_.
Due to banks, bankers, and trust companies-Certified and cashiers' or treasurers' checks outstanding.
Demand deposits.._
.
___-_-_
Time deposits...__._
__._
United States deposits
Total deposits
_
Agreements to repurchase United States Government or other
securities sold
___
Bills payable (including all obligations representing money
borrowed, other than rediscounts)
Notes and bills rediscounted (including acceptances of other
banks and foreign bills of exchange or drafts sold with indorsement).
___
__.
Letters of credit and travelers' checks sold for cash and outstanding
Acceptances executed for customers.
Acceptances executed b y other banks for account of reporting
banks..
National-bank notes outstanding
United States securities borrowed
.
Other securities borrowed
Other liabilities_._
_
_._
Total..
_—_.
1

Exclusive of securities borrowed by national banks.




2,162,434 154,704
559,881 150,650 216, 215 116, 223 98,705 304,495 113,647
93,662
97,760 190,161
1,880,620 138,061 600,435 254, 629 232, 776
85, 001 64,794 234,694 60,920 35,292 43,388 43,733 86,897
783,012
271,140
80,803
19,005 23,627 43,318
14, 247
75, 894
33,233 24,746 89,900
29, 000
23,695
132,688
38,472
7,502 18,362
4,400
3,285
3,560
4,419
6,237
10,460
2,031
10,265
2,413
47,893
14,429
6,061
2,083
1
10,606
5,157
339
4,281
1,630
3,801,513 163,937 1,400,580 205, 560 235,195 127, 679 185,701 603,805 178,568 114,388
122,468
17,954 32,587
12,069 45,423
863,466
10,495
10,358
10,339
15; 200
22,991 630,798
10,525 44,727
16,823,148 1,338,455 5, 676,1701,, 134, 235 1,392,895 587,123 702,928^2,244,196
779,308 612,480 1,:
, 255,100
10,954, 747 812,461 2,253,128
388,458 517,887 432,954 1,
,367,987
479,134 438; 964 315,685 169,4651,,'
71,037 47,298 41,796
379,450
20,542 35,324
53, 727
21,124
9,499
12,496 34,676
16,123
1,046,142 2,,291,3913, 096,088 1,274,9141,356,277 4,t, 829,5021.
983,2801,348,970 929,064 2,944,046
32,870,211 2,395,85210:
,374,691
1,496
11,312
540
573
43
10
543
132
72
314
15,800
500
265
142,315 50,290 48,006
2,409
33,024
21,872 41,257
7,311
10,308
419,853
18,243
16,719
421,005

30,498

186,791

21,056

23,772

27,236

33,196

23,266
470,292

908
53,978

16,748
323,241

798
8,154

668
9,136

423
10,456

46
13,302

2,459
26,940

14,429

3,261

9,699

55
651

44
2,150

82
76

17,178
107
1,708

928
20,500

55,002
43,804
3,819
1,046
1
2,755
417
459
2,000
2
212
487
648,954
81,224
55,570 85,264
39,260
40,317
46,771
28,705 35,095 42,913 48,028
39,381
651
1,889
3,855
12,173
3,530
7,465
4,396
167
125
1,132
2,747
1,251
' 5,923
65
249
1,411
374
8
444
1," "
434
27
605
107
331
146,993
60,057
6,041
3,123
21,047
1,402
4,165
26,108
4,887
6,623
2,003
V
40,075,440 2,933,663 12,382,278 2,934,337 3,828,744 1,647,9901,666,165 5,726,809 1,682,7501,141, 111 1,567,228 1,156,674 3,407,691

d
H

s
s

ALL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON APRIL 12, 1926, AND DECEMBER 31, 1925, BY CLASSES OF BANKS

I-*
CO

Central reserve city banks
Total United States

Other reserve cities
Total

Apr. 12, Dec. 31,
1926
1925
(9,412
banks)
banks)

a

I

[In thousands of dollars]

New York

Country banks

Chicago

12, Dec. 31, Apr. 12, Dec. 31, Apr. 12, Dec. 31,
Apr. 12, Dec. 31, Apr.
1926
1925
1926
1925
1925
1926
1926 (77 1925 (83
(56
(20
(544
(549
(63
(21
banks)
banks) banks) banks) banks) banks)
banks)

Apr. 12, Dec. 31,
1925
1926
(8,857
(8,791
banks)
banks)

RESOURCES

Loans and discounts
.
21,989, 048 22,257,',763
Overdrafts
____.
17,260
17, 522
United States Government securities
3,831,078 :-, 761, 065
Other bonds, stocks, and securities..
„„„_
_-_.„.
5, 232, 617 5,163,166
.
Total loans a n d investments..:.....
_•
.
31,070,003 31.,189,516
Customers' liability on account of acceptances
498,143
486,259
Banking house, furniture, and fixtures-„,
955, 563 927, 357
Other real estate owned
170, 763
173,906
Cash in vault.
„
540, 261 574,532
Reserve with Federal reserve banks
2,135,948 2, 238,233
Items with Federal reserve banks in process of collection
722, 055 825, 543
Due from banks, bankers, and trust companies
1, 933, 501 2,155,306
Exchanges for clearing house, also checks on other banks in same place. 1,450,457 2,195,466
Outside checks and other cash items--.
142,939 159,060
Redemption fund and due from United States Treasurer....
32, 982
32,879
United States securities borrowedl
11,152
13, 770
Other securities borrowed L___-_
.
2,160
1,870
435,082
Other assets
..__„
416,029
Total _

6,201,182 4,, 503,741 4,:, 943,477 ,1,205,246 1,257,705 7,992,229 891,883 8,287,832 8,164,698
9385
9,136
2, 549
1,447
342
5,588
529
6,148
2,207
1,030,185 864,316 875,223 145,873 154,962 1,421, 707 333,589 1,399,182 1,397,291
867,931 778,509 713,332 165, 209 154, 599 1, 550,085 1, 567,801 2,738,814 2,727,434
86112,434,96412,298,888
2,434,964
8,101,847 6,,148,013 6,534,1,2391,516,8571,567i', 60810, 970,169 10, 798,861
"
"
17,853
25,498
"
12,177
367, 237 338,047 - ' 21,151
110,537
113,053
127, 604 109, 721 101,701 26,242 25,903
371, 568 362,241 448,032 437,512
2,813
242
116,877
3,093
50,793
119,575
255
51,276
2,838
62,207
16,017
316,569
81,998
297,864
175,965
16, 561 164,173
65,437
628,961
862, 969 622,765 713,300 148,816 149, 669 747,087
617,280
746,303
29, 289
125,656
229, 707 176, 718 188,759
113,980
40,948 402,068 470,180
213,185 80, 513 95,905 109,167 117, 280 812,030 886,207 931,791 1,055,914
1, 676, 640 993,042 1., 583,837 63,667 92,803
81,846 103,710
311,902
415,116
18,373
31,292
49,880
23,414
24, 500
25,380
77,888
71,286
222
24,053
1,546
1,457
23,780
1,487
59
7,383
7,420
5,320
5,757
5,832
8,013
1,328
743
832
1,127
40,211
36,903
273,395
293,741 233,094 260,348 40,301
101,130
105,731

5,708,987
1,976
1,010,189
943. 718
7,664,870
363, 545
135,963
3,055
78,224
77.1, 581
206, 007
189,680
1,056, 709
48,239
1,679

40, 075,440 41,425, 295 10, 792,947 12,009,447 8, 798,256 9,918,437 1,994,691 2,091,010 14,134,387 14,211,78415,148,10615,204,064
LIABILITIES

Capital stock paid in
_•_.._
2,162,434 2,105,308 485,842 460,650 390,000 369, 750 95,842 90, 900 729, 677 704,438 946,915 940,220
Surplus fund
_-___•
__-_
1,880,620 1,832, 691 550,359
521,076 451,889 431,376
98,470
618,939
701,228 692,676
89, 700
629,033
Undivided profits, less expenses and taxes paid
.783,012 739,934 217,461
227,722 186,873 189, 589 30, 588
214,903
337,653 297,309
38,133
227,898
Reserved for taxes, interest, etc., accrued
,
132, 688 108,903
38,122
26223
39,288
13,065
42,253
38,258
23,877
14,245
55,142
Due to Federal reserve banks
_
47, 893
51,112
83
72
72
37,209
83
13/820
34,764
13, 057
D u e to banks, bankers, and trust companies
3, 801, 513 4,169,470 1, 688,
1,848, 459 1
,306,1811, 471,856
506,417
814,594
448,670
376, 603
863,466 1, 225,758
Certified and cashiers' or treasurers' checks outstanding
___._.
632,
084
885,511 611,903
,
108,290
20,181
231,957
855,
726
29,
785
149,655
81,727
7
16,823,148 17;
Demand deposits
_
_„_..
,824, 702 5,126, 534 5,858,039 4, 242,
242
242, 714
975,152 5,795, 629 880,410 5,900,985
714 4,
:, 882,887 883,820
10, 954, 747 J10,653,
"
Time deposits
„ fc_»
028 1,178, 658 1,169,855 786
595 782, 700 392,063 387,155 3, 989,947
836,548 5,786,142 5,646,625
786, 595
United States deposits...
304,131
14,822
379,450
73,645
67,325
177,493
52,993
58,82,3
253,901
58,224
.., ,. 11,661
__,.__ ___,
55,664
Total deposits-_„.
:
33,870,217 31,228,201
9,885,592 7 003, 129
1,56811, 954,822 12,310; 51212, 437,787
~ 8,052,075 1,690,008 1,783,517 11,866,
8,693,137
Agreements to repurchase United States Government or other securities sold
„.,
„
7,081
3,735
8,132
870
15,800
2,476
1,715
• 5,757
367
196
8,328
Bills payable (including all obligations representing money borrowed,
other than rediscounts)
^__.
„
527,898
185,332 101,405 164,975
419,853
143,912
166,475 167,695
174,871
20,357
8,061
109,466
Notes and bills rediscounted (including acceptances of other banks
483,914
and foreign bills of exchange or drafts sold with indorsement)..
421,005
229,786 173,105 220,981
8,805 113,756
146, 5Q1 119,015 107,627
15,129
188,234
21,965
Letters of credit and travelers' checks sold for cash and outstanding..
23,266
2,569
4,080
2,140
16,226
18, 795 16,446
600
242
2,928
18,586 356,369 320, 761 337,170 24, 555 19,199
Acceptances executed for customers.-.
>_
._
470, 292 486, 548
114,668
10,308
14,093
116,086
53, 608 345,316
Acceptances executed by other bjanks for account of reporting banks..
55,002
43,194
8,472
1,908
41, 778
3,072
44,850
1,428
2,015
6,743
45,102
647, 951
National-bank notes outstanding...__
___„
28,015
146, 684
4,450
29,175
1,181
30,356
469,805 472,726
144,869
32,465
43,858
United States securities borrowed-.-!9, 381
185
1,050
4,710
1,375
21,996
6,085
16,150
17,376
20,397
1,235
5,785
5,923
Other securities borrowed...
„.
150
1,989
150
192
342
3, 784
3,876
1,567
150
146, 993 131, 650
Other liabilities...
„..„.„_„„
9,079
33,195
17,440
64,755
50,635
24,260
21,024
59,991
57,978
Total
.....
40,075,440 41,425,295 10, 792,947 12,009,447 8,798,256 9,918,437 1,994,691 2,091,010 14,134,387 14, 211, 784 15,148,106 15, 204, 064
^Exclusive of securities borrowed b y national banks.




CO

ALL NATIONAL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON APRIL 12, 1926, AND DECEMBER 31, 1925, BY CLASSES OF BANKS
[In thousands of dollars]
Central reserve city banks
Total
United States

Apr. 12,
1926
(7,994
banks)

Total

New York

Chicago

Other reserve
cities

Country banks

Dec. 31, Apr. 12, Dec. 31, Apr. 12, Dec. 31, Apr. 12, Dec. 31, Apr. 12, Dec. 31, I Apr. 12, Dec. 31,
1925
1925
1926
1926
1925
1926
1925
1926
1925
1925
1926
(42
(25
(8,048
(36
(32
(11
(7,638
(10
(363
(368
(7,595
banks) banks) banks) banks) banks) banks) banks) banks) banks) banks)
banks)

RESOURCES

296,857 13, 531,253 2,768, 281 3, 076,764 2,150,344 2,427,p,281
Loans and discounts
.
428
10, 9451
10, 550
431
671
Overdrafts-..
-•_•_
2, 537, 669 2, 520,050 563,758 582,729 513,465 527,242
United States Government securities,-.
Other bonds, stocks and securities.,
,
.
.-_. 3,267| 147 3,250,128 429,219 417,695 375, 098 367,844
19,112,618 19,311,981 3,,761,939 4 ,077,887 1,039,335 1,333,798
Total loans and investments
„
...
265,066 277, 513 180,369 190,181 166, 689 178,666
Customers'liability on account of acceptances
621,236
605,935 67,203 . 64,874 50,199 48,112
Banking house, furniture, and
fixtures
___
339
300
113,969
113,723
140
136
Other real estate owned
38, 594
40, 534 29,424 31,114
Cash in vault
_.-.
_.__
.
„_. 366, 715 388,856
1,288, 664 1, 376, 992 385,170 441,437 301,500 357, 777
Keserve with Federal reserve banks
487,345 572,090 123,580 143,686 104,654 116,324
Items with Federal reserve banks in process of collection
„_____
1, 449, 278 1,616,534 103,035 115, 052 27, 042 36, 967
Due from banks, bankers, and trust companies —
Exchanges for clearing house, also checks on other banks in same place
858,016 1,236,439 604,335 898,100 564,118 844, 611
71,311 20,404
11, 532 18,180
Outside checks and other cash items
.__
_
____
.
8,577
1, 679
32,982
32,879
1,457
Redemption fund and due from United States Treasurer
1,546
1,487
215, 528 235,094 143,409 164, 631 127,569 149,430
Other assets
--Total

.

-

617,937 649,483 4, 220,305 4,217,800 6,308,271
243
2,900!
2,496
7,374
50,293 55,487 811,373' 765,450 1,162,538
54,121 49,851 716,385 730,256 2,121,543
733,594 755,089 ,750,963 5,716,003 9,599,736
11,515
78,450
77,639
6,247
13,680
16,762 196,224 190, 568 357,809
17,004
199
19,435
20^874
94,234
164
9,420 91,191
97,987
9,170
83, 670 83, 660 425, 004 434, 567 478,490
18,926 27,362
80,372
340,327
75,993 78,085 567,947 620, 551 778,296
40,217 53,489 193,057 263,722
60, 624
2,955 29,878
2,224
18,518
34,410
222
59
23, 780
7,420
7,383
15,840 15, 201 53,804
18,315
52, 357

6,236, 689
7, 355
1,171,871
2,102,177
9,518,093
9,693
350,493
92,510
250,335
500,988
88,077
880,931
74,617
25,369
24,053
18,106

24, 880,114 25,839,450 5,430, 007 6,149, 799 4,430,303 5,096,003 999, 704 1,053,796 7,696,766 7,856,387 11,753,34111,833,264

LIABILITIES

Capital stock paid in
__
.____.._ 1,409,634 378,301 248,442 234,700 195,800 184,750
1,187,968
165,879 313,320 295,540 271,900 261,640
Surplus fund
,
500,294
476,001 102,996 116,506
91,165
97,998
Undivided profits, less expenses and taxes paid
_._
63,318
59,161
15,021
18,236
9,823 11,997
Reserved for taxes/interest, etc., accrued...
_
35,785
38,321
8
8
Due to Federal reserve banks
_._
._
2, 765, 785 973,2481,113,4491,151,285 835,517 871,773
Due to banks, bankers, and trust companies
.,.
481, 816
675,878 346,562 468,245 337,124 453,497
Certified and cashiers' or treasurers' checks outstanding
_.__„
10,451,412 11, 145,805 2,459, 561 2,915,233 1, 967,406 2,382,048
Demand deposits
_._.
1,197,861 " 045,762 376,425 387,673 310,953 321,441
Time deposits
-231,863
190,948 39,037
43,593 33,328 37,304
United States deposits
30,164,533 31 009,962 4,335,034
3,484,338 4,066,071
034 4,966,037
4,
Total deposits
.—,__—_•
.
Agreements to repurchase United States Government or other securities
2,497
35
400
35
400
sold..
.
—
Bills payable (including all obligations representing money borrowed,
265,590
384,377
68,561
167,
520
63,500
147,163
other than rediscounts)
_.
—
Notes and bills rediscounted (including acceptances of other banks and
258,713 264, 505 94,107 86,757 84,437 81,464
foreign bills of exchange or drafts sold with indorsement)
,
7,523
4,834
5,099
7,753
Letters of credit and travelers* checks sold for cash and outstanding
2,912
2,664
257,929 162,245 173,569 149,533 163,516
246,199
Acceptances executed for customers.
._._._....-39,595 31,355 31, 594 29,447 28, 522
39,493
Acceptances executed by other banks for account of reporting b a n k s — —
647, 951 32,465 30,356 28,015 29,175
National-banknotes outstanding..-.
..__
—
25,611
32, 706
1,235
4,710
United States securities borrowed.
.__.
.._
..
185
3,625
4,053
150
342
192
Other securities borrowed
----—49, 951 20, 207
55, 515
19,223
15,741
Other liabilities....__—~
——17,058
24,880,114 25,839,450 5,430,007 6,149,799 4,430,303 5,096,003
Total...
——




52, 642
41,420
11,831
5,198
277,932
9,438
492,155
65,472
5,709
850,706

5,061
9,670
1,922
12,712
1,908
4,450
1,050
150

49,950 412,519 399,232 748,673
744,369
33,900 313,157 313,417 561,491
556,922
18,508 130,121 125,926 267,177 233,569
6,239 23,964
21,800
24,333
19,125
9,627
9,965
26,158
28,348
|
368,774 419,608
279, 512J1, 283,52 ,402,355
61,191
83,478
14, 748-1 74,063 124,155
533,185.3, 428,325 , 510,440 4,563,526 4, 720,132
,394,718
452,8461
4,368,690
4,263,371
66,2321,
3,
-44,396
43,572
6,289 148,430 103,783
545,416
899,966 6 596,853 6,545
9,433,635 9,558,509
20,357

71,835

87,550

5,293 73,904
2,435
10,053 78,905
3,072
6,744
1,181 146,684
, 1,375 13,983
150
862
1,317
23,781

95,244
2,220
76,054
6,048
144,869
14,565
735
22, 523

1,634

796

125,194

129,307

82,504
204
8,306
1,953
472, 726
12,056
2,548
10,370
999,704 1,053,796,7,696,766 7,856,387 11,753,34111,833,264
90,702
293
5,049
1,394
469,805
10,393
3,041
11,527

STATE BANK AND TRUST COMPANY MEMBERS—ABSTRACT OF CONDITION REPORTS ON APRIL 12, 1926, AND DECEMBER 31, 1925, BY CLASSES OF BANKS
[In thousands of dollars]

Total United States

Dec. 31,
1925
(1,441
banks)

Apr. 12,
1926
(41
banks)

Dec. 31,
1925
(41
banks)

Apr. 12,
1926
(31
banks)

Country banks

Chicago

New York

Total
Apr. 12,
1926
(1,418
banks)

Other reserve cities

Central reserve city banks

Dec. 31, Apr. 12, Dec. 31,
1925
1926
1925
(10
(31
(10
banks) banks) banks)

Apr. 12, Dec. 31,
1926
I 1925
(181
(181
banks)
banks)

| Apr. 12,
! 1926
| (1,196
j banks)

Dec. 31,
1925
(1,219 .
banks)

RESOURCES

Loans and discounts
_
Overdrafts
United States Government securities..
Other bonds, stocks, and securities

Total loans and investments

.__
;

„

__.._.- 8,692,191
..
6,315

8, 726, 510 2,940,706 3,124,418 2,353,397 2, 516,196 587,309
286
1, 776
6,972
1,019
1,305
1,850
1,293,409 1,241,015
446,431 447,456 350,851 347, 981 95, 580
1,965,470 1, 913,038 514,499
450,236 403,411 345,488 111, 088
11,957,385 11,887,535 3,902,941 4,933,980 3,108,678 3,211,441 794,363
221,193
220,630 183,176 177,056 171,358 167,420 11,818
9,238
53, 589
334,327
321,422
59, 522
68,760
62,730
78
..
2,698
59,937
57,040
2,677
2,755
2,754
1,033
7,183
18,436
17, 499
7,029
8,170
5,814
167, 240
27,140
156, 047
26,787
32, 601
33,294
861,241 386,411 421, 532 321,265 355, 523 65,146
847, 284
253,453
234, 710.*
72,064
72,435 10, 363
82,427 i 86,021
33,174
__..
538, 772
484,223
86, 645
53,471
98,133

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 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..
Total..

592,441
74,139
13, 770
1,870
200, 501

959, 027
87,749
11,152
2,160
199, 988

452,374 778, 540
27,835 | 38,348
129,9

.129,110

428,924
11,686

739,226
15,923

105,525

110,918

23,450
16,149
24,461

608,222 3, 771,924 3, 674,083 1,979,561 1,928,009
2,030
1,762
3,248
3,092
74
225,420
99,475 610, 334 568,139 236, 644
625,257
104, 748 833,700 837, 545 617,271
813,519 5,319,306 5,083,859 2,835,338 3,780,716
8,160
5,930
32,087
35,414
9,636
87,019
90,223
175,344 171,673
9,141
24,367
25,341
31,841
29,919
56
6,339
6,928
3,542
3,927
987
59,895
54,006
69,440
74,051
6,154
127,973
66,009 322,083 311,736 138, 790
37,579
33,608
13, 586 118, 675 1129,853
174,983
39,195 244,083 '265,656 153,495
118,845
41,408
8,013
1,127
18,192 i 51,927

39,314
22,425

151,394
43,478
5,832
832
48,773

21,222
4,896
5,757
743
18, 588

29,093
5,923
5,320
1,328
22,105

994,987 1,0037,2141 6,437,621 6,355,397 3,394,76i 3,370,800

1.5,195,326 15,585,845 5,362,940 5,859, 648 4,367,953 4,822,434
- LIABILITIES

Capital stock paid in
.
Surplus fund
_
Undivided profits, less expenses and taxes paid.
__
Reserved for taxes, interest, etc., accrued..
Due to Federal reserve banks
.
Due to banks, bankers, and trust companies
Certified and cashiers' or treasurers' checks outstanding
Demand deposits...
Time deposits
United States deposits.
Total deposits.
___-_
Agreements to repurchase United States Government or other
securities sold
.
Bills payable (including all obligations representing money borrowed, other than rediscounts).._
>__•
Notes and bills rediscounted (including acceptances of other
banks and foreign bills 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 other account of reporting banks.__„
United States securities borrowed
___
Other securities borrowed
_
Other liabilities.—^
Total




...

_..

752,800
692,652
282, 718
69,370
12,108
1,035, 728
381,650
6,371, 736
4, 756,886
147, 587

237,400
727, 007
225,950 194,200 185,000 43,200
666,812
237,039
225, 536 179,989 169, 736 57,050
114,465
263, 933
95, 708
91, 591 18, 757
111, 216
7,867
49,742
24,267
11, 880
19,886
16,400
12, 791
72
75
75
72
1,196,222
575,015
697,174 470, 664 600, 083 104, 351
549,880
285, 522
417,266 274,779 402, 229 10, 743
6, 678, 897 2,666,973 2, 942,806 2,275, 308 2, 500,839 391, 665
802,233
4,607,266
782,182 475, 642 461,259 326, 591
28, 288
5,952
113,183
30, 052
22,336
21, 519

839,303

13,705,695 13,158,239 4,358,103 4,869,555 3,518,801 3,936,004
13,303

5,097

8,293

3,335

8,097

2,968

196

154,263

143,521

40,905

17,812

37,905

17,812

3,000

162,292

219,409

94,127

143,029

15,513
224,093

14,442
228,619

13,752
183, 071

13,696
182,800

13,534
171,228

13,562
173, 654

15, 509
13, 770
1,870
91,478

14,013
11,152
2,160
81, 699

13,747

13,256

13,747

13,256

37, 771

33, 577

29,676

17,454

139,517

15,195,326 15, 585,845 5,362,940 5,859,648 4,367,953 4,822,434

;

40,950
55,800
19, 625
8,006
97/091
15,037
441,967
320,923
8, 533
883,551
367

195,851
317,158 305,206 198,242
135, 754
315,876 305, 522 139, 737
63,740
88,977
70,476
97, 777
9,403
20,453
13,925
31,178
8,861
3,855
8,606
3,430
79,896
380, 817 412, 239
24,812
20, 536
75, 592 107,802
2,367/304 2, 369,970 1, 337,459 1, 366,121
2, 537,101 2,441,830 1,417,552 1,383,254
9,421
13,828
73, 710
105,471
5,469,715 5,409,406 3,877,877 3,879,378
4,929

1,688

81

74

72,077

87,321

41,281

38,388

5,459

3,512

39,852

51,257

28,313

25,123

218
11,843

134
9,146

1,454
35,763

708
40,032

307
5,259

38
5,787

8,095 ' 16,123

1,728
8,013
1,127
40,974

695
5,832
832
37,468

34
5,757
743
12,733

62
5, 320
1,328
10,654

994,987 1,037,214 6,437,621 6,355,397 3,394,765 3,370,800

Cm

456

FEDERAL RESERVE BULLETIN

JUNE, 1926

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CITIES
[In thousands of dollars]
Number
of
centers

Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

1—Boston
2—New York
3—Philadelphia4—Cleveland5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis...
10—Kansas City..
11—Dallas—.....
12—San Francisco

1926
February

February

3,268,963

1,161,433
553, 791
2,955,186

2,157,347
23,574,730
1,780,071
2,048,430
675,206
976,073
4,479,475
1,074,542
637,553
1,024, 111
572,869
2,495,365

2,606,609
33,824,813
2,324,295
2,472,654
799,954
1,311,891
6,055,020
1,259, 111
694, 637
1,218, 619

1,892,279
2,157,107
723,140
1,118,098
5,033,017
1,123,586
599,145
1,038,821
563, 647
2,934,783

Total

April

March

2,175,114

New York City
Other selected cities...

1925

2,686,824
30,125,626
2, 243,742
2,540,997
773,032
1,240,398
5,641,085
1,220,948

March

April

2,279,817
27,165,007
2,105,710
2,284,925
739,378
1,120,908
5,451,905
1,160,242
748,603
1,169,701
612,140
2,762,696

2,326,857
24,721,153
2,024,253
2,407,075
747,785
1,060,994
5,131,967
1,177,677
697,614
1,110,810
527,025
2,604,174

141

44,892,403

56,439,629

51,811,316

41,495,772

47,601,032

44,537,384

1
140

24,812, 705
20,079,698

33,005,537
23,434,092

29,299,814
22, 511, 502

22,924,386
18,571,386

26,382,213
21,218,819

23,944,580
20,592,804

WEEKLY SUMMARY FOR BANKS IN 258 CENTERS
[In thousands of dollars]
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.

1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richomond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis. _.
10—Kansas C i t y 11—Dallas........
12—San Francisco,
Total

Number
of
centers

1925

1926
Apr. 28
613,189
7,304,069
521,960
652,248
292,138
1,282,270
283,307
155,301
274,020
156, 937
664,956

May 5
718.046
7,933, 762
593.047
684,514
332,446
303,192
1,550,659
315,451
309,017
157, 539
736, 206

May 12

May 19

604,663
6,232,715
,528,886
628,411
297 391
283^ 511
1,312,174
296,152
177,890
291,387
149,176

678,813
6,468,137
558,364
655,003
315,753
287,346
1,364,393
317,235
180,817
301,584
154,334
702,081

Apr. 29
542,262
498,027
606,830
270,864
226,770
1,160,967
254,000
170, 508
274, 558
135, 981
602, 720

258 12,463,078 13,822,487 11,486, 622 11,983,860 10,423,553

May 6

May 13

617,329
7,895,485
554,336
699,025
322,322
291,944
1,494,881
302,054
193, 676
299,285
157,709
645,071

549,397
5,980,137
519,280
623,631
287,773
257,880
1,195,948

May 20
619,253
6,227,522
567,595

187,939
284,298
141,298
635, 775

291,840
280,857
1,274,633
296,762
183,297
294,533
152,257
646,705

13,473,117 10,946,156

11,468,922

BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
[In thousands of dollars]
1925

1926J
Apr. 28
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......
DetroitNo. 8—St. Louis.
Little Rock
Louisville
Memphis..
No. 9—Minneapolis
Helena
No. 10—Kansas City
Denver.Oklahoma City.
Omaha
No. 11—Dallas
__.__
El Paso
HoustonNo. 12—San Francisco. __
Los Angeles
Portland. __
Salt Lake City _
Seattle
Spokane




438,820
6,979,094
75,701
393,196
162,998
76, 957
215,873
25,880
102,042
32,973
32, 670
24,768
16,742
72,119
769,613
206,136
154,500
16,124
49,398
28,575
76, 464
1,448
74,415
35,410
16,917
42, 748
47,175
7,146
32,116
228, 631
186,917
34,579
17,230
43,943
11,733

May 5
507,944
7,560,753
82,560
448,282
164,721
89,415
223,553
33,394
104,386
32,825
36,750
27,577
21,439
84,435
999,518
200,427
181,000
17,113
42,124
36,187
93,133
2,085
85,118
43,961
21,219
43, 251
47,272
7, 703
31, 278
264,769
192,141
43,194
15, 886
48, 282
15, 757

May 12

May 19

Apr. 29

May 6

418,787
5,905,937
77, 503
392,019
147,467
78,699
201,360
25,967
98,023
37,832
31,240
24,988
19,414
78,549
785,221
193,437
164,900
17.227
41,030
33,027
87,712
1,945
81.228
35,917
18, 665
45,906
44, 773
7,686
26, 871
217, 976
192, 371
47,481
14, 304
48, 856
13,082

475,166
6, 111, 425
81,050
416,099
159,957
84,305
193,328
30,414
99,703
40,669
32,330

370,222
5,381,151
69,255
371,537
139,851
70,881
213,735
28,540
88,064

418,023
7,546,425
84,656
413,080
190,957
79,810
222,233
32,930
106,184
34,802
30,444

19,581
74.544
819,663
193,896
181,300
18,023
45,814
31, 944
87,997
1,756
85.545
37,433
20,064
46,919
43,573
7,184
32,025
233,290
194,089
42,483
16,012
48, 737
12,520

25,541
16,954
17,315
66,297
694,351
1.87,054
146,300
13,159
36, 937
82,186
1,532
70, 992
39,937
17,211
48,781
37,856
6,553
27,221
199,444
179,793
35, 777
15, 322
9,728

May 13
368,761
5, 657,765
80,799
388,444
151,222
75, 944
195,480
27,569
92,545

975,587
186,324
179,100
13,908
40, 995
32, 395
97,606
2,143
83,603
43, 653
19,105
47,456
46,033
7,804

29,245
19,276
17,555
78,808
716,171
173,514
161,100
13,824
40,630
30,562
95,295
2,491
77,447
38,545
18,114
46,255
40, 615
6,625

205,168
184,039
37,092
17,232
41, 604
11,181

194' 978
184, 359
38,082
14, 618
43, 845
11,434

21,098

May 20
423,310
5,885,404
88,346
428,954
158,532
80,129
192,386
26,968
98,834
41, 652
28,275
19,790
19,560
89,409
745,396
204,701
173,800
14,868
41,073
30,324
92,190
1,995
83,535
19,819
47,422
44,262
7,087
211* 587
184, 693
37,481
15,635
45,247
12,227

457

FEDERAL RESERVE BULLETIN

JUNE, 1926

MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST
NUMBER AT END OF APRIL, 1926 AND 1925
Nonmember banks
Member
banks
On par list

Not on par
list i

1926

1925

1926

245
397
513
1,070
692,
360
3,779
2,052
1,104
2,627
758
785

243
385
520
1,077
10
722
663
367 1,108
3,880
256
414
2,168
1,349 1,067
2,727
203
178
810
831
64

11
708
1,107
235
359
969
205
170
60

9,410 9,540 14,382 15,079 3,963

3,824

1926

1925

Federal reserve district:
417
Boston _ .
„
420
889
862
New York
742
758
Philadelphia
_.
.
869
860
Cleveland. _: „
609
590
Richmond
492
501
Atlanta
1,377 1,408
Chicago
622
625
St. Louis
868
816
Minneapolis
1,018 1,054
Kansas City
834
Dallas
_ . 847
724
748
San Francisco
Total
New England States:
Maine...
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut . . .
Eastern States:
New York
New Jersey
Pennsylvania
Delaware..
Maryland
District of Columbia
Southern States:
Virginia
.___ >
West Virginia
North Carolina.
South Carolina

_.

_.

Florida
1

Nonmember banks

62
56
46
180
18
66

62
55
46
182
21
65

49
14
39
70
8
84

49
i4
39
70
8
81

641
341
959
23
89
13

632
317
949
22
89
14

278
157
657
32
167
32

276
146
662
33
168
33 '

185
141
90
87
148
75

194
140
94
93
161
69

215
196
85
22
73
94

228
197
99
24
77
79

102
9
327
225
370
165

Member
banks

1925

98
9
340
261
378
160

Southern States—Continued.
Kentucky.
Tennessee
Alabama
Mississippi . .
Arkansas
Louisiana
Texas
Middle Western States:
Ohio
Indiana
>
Illinois „
Michigan
Minnesota
Missouri .
Western States:
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Pacific States:
Washington
Oregon
California
Idaho
Utah
Arizona
Nevada

.

_

.

_

„•

Total

1926

1925

146
116
125
43
118
45
777

-147
117
124
44
124
46
756

437
261
586
289
185
326
401
199

446
267
583
289
186
351
434
191

159
122
178
264
108
34
132
33
376

165
126
185
264
121
34
140
35
405

153
133
293
76
46
19
10

155
136
299
84
49
22
10

On par list

N o t on p a r
list i

1926

1926

428
213
26
21
244
30
706

1925

1925

21
239
200
277
121
174
93

19"
218
201
273
97
169*
87

657
662
819
829
1,280 1,300
511
516
632
607
486
577
1 193 1,259
1^283 1,341

9
20
93
195
512
42
35

8
19
93
174
469
34
31

171
247
199
257
764
735
988 1,021
102
107
54
58
• 172
189
32
28
364
375

286
166
176
4
12
8
6
3
5

252
15S
173
4
10
11
7

33
31

32
27
1

4

3

9,410 9,540 14,382 15,079 3,963

3,824

172
107
315
81
68
26
24

440
243
31
24
260
36
• 756

173
114
354
77
66
33
23

5-

Incorporated banks other than mutual savings banks.

MONEY IN CIRCULATION
[Source: United States Treasury Department circulation statements]
[In thousands of dollars]

Date

Total

1914—July 1 . . .
3,402,015
» 4,100,591
1917—Apr. 1.
15,628,428
1920—Nov. 1 . . . . .
4,337,418
1922—Aug. 1
1924—Dec. 1 . . . . . 4,993,570
1925—May l.____ 4,725,191
4,774,313
June 1.
J u l y l . . . . . 4,736,464
4,719,519
Aug. 1__...
4,784,025
Sept. 1
Oct. 1 . . . . . 4,827,005
4,900,839
Nov. 1
Dec. 1_.._. 4,971,765
6,008,121
1926—Jan. 1
Feb. I . . . . 4,739,537
Mar. 1 . . . . 4,814,217
4,805,885
Apr. 1
4,854,173
May 1

Gold
Standard
silver
coin a n d Gold cer*
bullion
dollars

Silver
certificates

611,545
641,794
495,353
416,282
437,971
453,211
437,612
423,860
428,248
416,348
413,973
429,985
425,853
424,037
407,148
422,079
450,787
454,710

478,602
459,680
60,385
268,802
389,113
376,442
380,681
382,780
388,016
396,700
394,069
390,089
388,012
387,495
370,852
371,140
365,113
363,855

1,026,149
1,348,818
231,404
171,985
933,688
918,862
972,438
1,004,823
1,014,311
1,036,243
1,050,057
1,067,963
1,108,743
1,114,331
1,035,774
1,076,070
1,089,003
1,099,213

70,300
70,863
89,725
58,378
55,606
54,398
53,908
54,289
54,165
54,173
54,693
54,769
* 54,685
54,860
53,167
52,637
52,147
51,814

Treasury
notes of
1890

Subsidiary
silver

United
States
notes

Federal
reserve
notes

Federal
reserve
DtulK
hnnlr
notes

2,428
1,-997
1,628
1,508
1,407
1,392
1,390
1,387
1,384
1,381
1,379
1,376
1,375
1,373
1,371
1,369
1,367
1,364

159,966
191,351
261,556
229,956
263,102
258,446
259,894
262,009
261,750
264,450
267,768
269,439
272,217
274,860
266,155
265,853
267,244
267,089

337,845
330,353
277,736
284,343
304,418
281,043
284,799
282,578
284,806
298,493
303,597
306,575
305,986
292,998
288,677
293,822
289,044
292,843

356,448
3,310,225
2,115,350
1,862,055
1,676,078
1,679,833
1,636,108
1,601,884
1,629,927
1,670,658
1,706,622
1,741,965
1,815,687
1,672,223
1,672,027
1,639,211
1,662,620

3,170
209,877
65,032
8,471
7,299
7,109
6,921
6,777
5,580
6,460
6,314
6,185
6,058
5,900
5,808
5,720
5,640

Total •
National circulabank
tion per
capita (in
notes
dollars)
715,180
697,160
715,023
725,782
737,739
698,020
696,649
681,709
678,178
680,730
664,351
667,707
666,744
636,422
638,270
653,603
646,249
655,025

34.35
39.54
52.36
39.47
44.03
41.50
41.89
41.51
41.31
41.84
42.17
42.77
43.35
43.62
41.24
41.84
41.73
42.11

1
Thefiguresfor the several classes of money include mutilated currency forwarded to the Treasury for redemption and unassorted currency held
by the Federal reserve banks, and consequently do not add to the total which is exclusive of such currency.




458

FEDERAL RESERVE BULLETIN"

JUNE, 1926

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 the 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 hand.led by reporting banks.
Where it appears from the reports that no one rate clearly covers the bulk of the paper handled, a range of
the rates most commonly charged is given.
Rates prevailing during week ending with the 15th day of the month
District and city

Customers' prime
commercial paper

Year and month

30-90

. days
DISTEICT 1

Boston.

1925—May
1926—March
April....
May
1925—May
1926—March
April
May
1925—May
1926—March.
April
May

New York

Buffalo

.
___

_

4-6
months

4 -5
' 4M-5
4^-5
4 -5

4 -5

4 -4
434-5
4H-5
4M-5
6
5 -6
5 -6
5 -6

4K-5
4H-5
434-5
4M-5
6
5 -6
6
5 -6

Interbank
loans

Loans
secured
by
Liberty
bonds

Loans secured by
other stocks and
bonds
Demand

Time

Loans
secured
by warehouse
receipts

4J4-4M
43^-5
43^-5

4H-5
4 -5

4^5
4 -5
43^-5
5
5 -6

3%-5
4J4-5

4 -4M
4M-5
4 -5
4 -4M

4^5

5 -6
6
5 -6

5
5
5
5

3M-5

4^5

5 -53
5 -5H
5 -6
5 -6
6
6
6

-6
-6
-6
-6

DISTRICT 3

Philadelphia—„_.
DISTRICT 4

Cleveland... _._

Cincinnati

•.

Pittsburgh...

1925—May....
1926—March
April
May.
1925—May...
1926—March
April
. May
1925—May
1926—March
April
May
1925—May
1926—March
April
May__

___
_

_
_

_
____

_.

__._
_
.__
_
_

5
H-5
4H-5

._

5 -6
534-6
534-6
514-6
5 -6

K -6
5^-6
53^-6
5K6

4 -434

5
4M-5
5
5 -6
5
5

5 -6
6

4 -5
5 -6
5)4-6
5 -6

5
5- -6
6
5 -6
4M-5H
5K-5M
5M5M

5
5 -6
5

434

5 -6
5 -6
5 -6
534-6
5H-7
6 -7
6 -7

5 -6
5 -6
5 -6
5 -5
5
5 -6

6
6
6

5 -6

3

4
5
5

4 -4H
4H-5

5 -6

5 -6
6
6
6

5 -6
6
6

4^-6

5
4M-5
5 -5
5 -5H

DISTRICT 5

Richmond

1925—May
1926—March..
April
May______•
1925—May__.
1926—March
April_____
May

Baltimore

DISTRICT 6

Atlanta

-

Birmingham

Jacksonville

Nashville

New Orleans
DISTRICT 7

Chicago

_

Detroit---




1925—May
1926—March
April...
_
May
1925—May-..-...
1926—March
April
_
May
1925—May
1926—March....
April
May..
1925—May....
1926—March
April.
May.
1925—May..—
1926—March
April
May

_._

_
___

5 -6
5 -6
5 -6

5 -6
4%-6
434-6
4K6

5 -6
5 -6
5 -6

5 -6
5 -6
5 -6
3M-7
4H-8
4H8
5 -7
5

__
j 5 -7
,53^-6
_
___! 53^-6
— 5 -6
5 -6
5 -6
5 -6

1925—May—
1926—March
—
April
_._
May
,
__
1925—May
„_._._—_
1926—March
April
May
-

4)4-5
4H-5
5 -6
5 -6
5 -6

434-534
4H-5
434-5

5
5
5
5
5
5
5
5
5

-6
-6
-6
-6
-6
-6
-6
-6
-6

5 -6
5i|-6

5
5
5
5

-7
-6
-6
-8

434-5
5
5
4H-5
5 -6
5 -6
5 -6

5 -6
5 -hy
5

-53

5
5
5
5

5
5
5
5
~V
-53
-5
-5

5 ^6

5 -6

5M
6
-6

5
5
5
5

5
5
5
6

-6
-8
-8
-7

-6
-8
-8
-8
6

5 -6
6 -8
5 -7
5H-6
5 .-6

5 -8
5 -8
6 -8
5-6

6 -8
5 -7
534-6
5K-6

534-6
534-6

-6
-6
-6
,-6

514-6
5 -6
5 -6
5 -6
5 -6

434-5
4M5

434-5
5

5
5
5
5

434-8

-6

5
5
5
5.

-6
-6
-6
-6

J4

5 -5
5 -5

4

5 -6
5 -6
5 -6

514-6
5 -6
5 -6
5 -6

5 -6
5
5J
5

Cattle
loans

459

FEDERAL RESERVE BULLETIN'

JUNE, 1926

MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES—Continued
Rates prevailing during week ending with the 15th day of the month
District and city

Year and month

1925—May _._
1926—March.
April..
Apr]
Ma}
1925—May.._
1926—March.
April...
May...
1925—May...
1926—March.
April...
May...

St. Louis..

Little Rock.

Louisville.

Customers' prime
commercial paper
30-90
days

4-6
months

4 -5
4H-5
4yt-5%
4 -534
5 -6

4 -5
414-5

6
6
6
6
6

5 ~6
6
6

Interbank
loans

5
5
5
5
5

-5
-53
-6
-6
-6
6

Loans
secured
by
Liberty
bonds

5 -6
5 -6
5 -&

5 -7
5

Loans secured by
other stocks and
bonds
Demand
4

1925—May.. .
March.
April
May...
1925—May...
1926—March.
April...
May_._

.

Helena.

4H-5M
4%
4M-5s

-5M
-534
-534

6

-7

5 -6

5

-6

5 -534
5 -534
434-534

53

8
7
8

6
6

-7
-7

5 -6
6
6
6
6

-7
-7
-7
-7

5 -6
6
5 -6
5 -6
6
6 -8
6 -8
6 -8

4M-51/?
5
5
5

4M-5

4 -5

Cattle
loans

6
6
6
6

DISTRICT 9

Minneapolis

-5

4 -6
434-6
6
6
6 -7
6 -7

Time

Loans
secured
by warehouse
receipts

•4Bi
4^-534
6 -8

DISTRICT 10
Kansas City

Denver. __.

Oklahoma City- - ~—

Omaha....

.......

DISTRICT 11

Dallas

—

El Paso

Houston.. _

1925—May. „
1926—March.
April...
May...
1925—May...
1926—March.
April...
May.-.
1925—May.. .
1926—March.
April...
May...
1925—May...
1926—March.
April _._,
May...
1925—May...
1926—March.
April...
May...
1925—May...
1926—March.
April...
May...
1925—May...
1926—March.
April...
May...

4^-6
6
5 -7
5 -7

4

..-.

Los Angeles

Portland

Salt Lake City

Seattle.——

Spokane

.




—

1925—May...
1926—March.
April...
May...
1925—May...
1926—March.
April...
May...
1925—May...
1926—March.
April...
May...
1925—May...
1926—March.
April...
May...
1925—May...
1926—March.
April...
May___
1925—May...
1926—March.
April...
May...

-6
-6
-6
-6
-8
-7
-7
-8
5
5 -6

5
4
4
4

6 -7
5 -6
6
5 -6

6
6
7
5
5
5
5

-6
-6
-6
-6
8
-8
-8
-8
-8
-6
-6
-6

5 -6
5
5 -6
5 -6

5
5
5
5
6
6
6
6

-6
-6
-6
-6
-7
-7
-7
-7

5 -6
5 -6
534-6
534-6
6 -7
6 -7
6 -7

6

-7

6

-7
-7
-7
6

5
4
5
4
6
6
6
6

5 -6

8
-8
5^-8
5 -6
5 -6
5 -6
5 -6
5
5
5
5
6

5 -6
5 -6
5 -6
434-6
534
5H-7
534-6

-6

DISTRICT 12

San Francisco

-6
-6
-6
-6
'6
6
534-6
6
534-6
6
6
6
5 -6
5 -6
5 -6
5

6
6
6

534-7
6

-534
-6
-6
-5V2
-7

5 6
4M-6

6

-7

6
6
6
6

6

6
6
6
6

6
4M-6
5 -6
6

5 -6
6
6 -7

6
6

-7
-7

5
5
6

-634
-7
-634

6

-7

6 -8
6

6

534-7
534-6
53^-8
6 -7

-7

6 -8
.6. -7

7
7
6 -7
634-7

7
5
5
5
4

8
-8
-6
-6
-6
-6

6
-7
6
6
-7

6
7
5 -7
6 -1

6
6

5
5
5
5

-6
-6
-6
-6

5 -6

5 -6

6
6
6
6

6
6
6

-7
-7
-7
-7

6-7
6
6
6

-7
-7
-7
7

6
6-8
6 -8
7

6
6
6
6

7
7
7
7

6
6

-7
7
7
-7

6
6

-8
-7
7
7

-9
-10
-8
-8
-8
-8

7
—7

7
-7
-7
-7

7
6 -8
7

-7
-8

8
7
6
6
6
6

7-8

6

6

6 -8
6 -10
6
6 -S

-7
-7

5 -7

5 -m
4

-7

534-7
534-7
6 -7

5 -6
5 -6

6 -a

6

6
6
6
6

5 -7
5 -6
6
6

5
5
5
5

7
7
7
7

-8
-8
-8
-8

7
-7
7
7

460

FEDEKAL KESERVE BULLETIN

JUNE, 1926

GOLD AND SILVER EXPORTS AND IMPORTS
EXPORTS FROM AND IMPORTS INTO THE UNITED STATES, DISTRIBUTED BY COUNTRIES
April
Imports

Exports

Countries of origin or destination
1925
GOLD

All countries
;
France
Germany
Netherlands
Poland and Danzig
Spain
Sweden __
England
•Canada __ _
"Central America
Mexico
„
West Indies
Argentina
Brazil
CJhile
. .
Colombia
Ecuador.
__
.
Peru
Uruguay. __ _
>_
:
Venezuela
British India
British Malaya
China
Dutch East Indies
Hongkong
Japan
Philippine Islands _
Australia
New Zealand
_
_
Egypt
Portuguese Africa
All other

Four months ending April

1926

$21,603,945 $17,883,865
15,129,820

303,191

32,331
102,885
-..

454,535
100, 000
7,350

. .
- -

1,210,010
3,012,632
119,513
7,500
402,000

.

16, 290,386
" 600,000
407,861
21,000
30,000

2,475
4,205
164,747
60,000

1925

Exports
1926

5,725
1,528
5,041,364

60,381
252

12,516
220
8,194
13,130
2, 343, 671 10,694,299
162, 505
151,778
1,002,960
526,150
54,139
33, 075
298
6,429
119, 073
133,290
12, 631

8,067
119,763
89,404
311,090

38,681

75,612

24, 851
218,692

247,301
162,372

15,707

16,700

18,132
6,753

109,936
2,360

7,612,045

4,944,807

6, 312,429

1,278,423
242,200

38,331

62,416
653

82,748
3,856

1, 753,470
172,073
3,200
137, 078
41,437

240,652
160, 578
10,334
108,335
2,040

25,099
31,903
542,067
74,234
3, 509,982
16,439

225

1926

1925

1926

$8,869,883 $13,125,633 $170,834,012 $29,046,673 $24,847,532 $101,305,066

146,487

5,000
1, 020,144

1925

Imports

1,339,208
60,260,156
4,318,343
1,103,948
112,331
1,232,728
6,159,602
280,921

18,488
1,192,452

1,656,016
151, 000
5,360, 000
49,850

16,436,709
1,814,491
2,148,936
141, 614
102,000
135, 000

15,000

5,983

802,290
1,410,010
55,769, 725
298,138

1,6o6,666

87,500
2,996,105
5,666

379,285
1,856,993
250,655
290,220
2,312,082
60, 000

76,771
1,628
5,041,364

131,321
605

33,903
220
3,077,907
10, 653, 557
551, 713
1,951,024
138, 726

27,603
372
17,897
77, 637,431
627,260
2,358,800
103,387
575

4,997
129, 511 * 12,301,169
450, 796
564,420
395,454
379,914
402,324
1,286,548
96, 055

215,833

13,950
44,906
691, 564

748,709
4,000,000
709,233
8,051
59,915
2,857
220, 581
16,209

2, 725

301,765

590, 709
76, 504
49, 325
8,891
226,224
25,885

35,464,646

33,460,445

23,873,032

26,477,391

167,557
1,627

195,540
7,993

69,994
56, .683
2, 592,028
509,152
15,387,865
64,592
10,988
746,035
29, 042
3,745, 552
55,968
4,128
280, 310

48,304
50,750
1, 626,896
516, 596
13,573,368
39,868
28,116
775,355
29, 766
9,051,459

58,122
93,389

65, 679
82,763

26,925,176
498,240

SILVER

9,322,618

All countries .
France

_

Poland and Danzig_
Spain
England
Canada... _ __
Central America „
Mexico
West Indies
Bolivia
«.
>
Chile
Colombia
_
Peru
_
British India
China
Dutch East Indies —
TTongicnng

Portuguese Africa.- _ . _ >
All other




_ ...

•

.
39,600
5,041,181
613,602
._

4,183,464
2, 793,701
66,587

354

8,023

267,744
6,621
266,501

30,288
551,325
62,900
3,280,973
11, 025
17,177
243, 723
2,680
1,876,934

20
109,140

113,952

18,711
13,277

21,169
13,679

2, 514,423
242,200

4,981
459,312.

7,056,245
532,062
17,415
771,380
75,277

343,112
636,323
12,934
509,816
23,260

39, 600
17,519,879
5,836,965

1,464
475, 575
16,265,719
14,652,248

823,935

66,587

35,265

9,114

384,938

461

FEDEEAL EESEEVE BXTIiETIN

JDNE, 1926

FOREIGN EXCHANGE RATES
[Noon buying ]rates for cable transfers in New York, as published by Treasury. In cents per unit of foreign currency]
May, 1926

Countries

Par
Monetary unit of ex-1
change

Average
Low

High
Kate

Schilling...... 14.07
Franc
— 19.30
Lev
. . . . . 19.30
Crown
Krone
26.80
Markka
- 2.52
Franc
19.30
Reichsmark__- 23.82
Pouud--——— 486. 65
D r a c h m a . . - . . 19.30
Pengo
17.49
19.30
Lira..40.20
Florin
Krone
. . 26.80
19.30
Zloty—
Escudo
•-. 108.05
Leu
_. 19.30
19.30
Peseta-26.80
Krona
19.30
Franc
19.30
Dinar
Dollar.
100.00
100.00
do._
49.85
Peso (gold)—. 96/48
32.44
Milreis
12.17
Peso—
.....do
103.42
Mexican dollar 148.11
Shanghai taeL i.85
Dollar.
147.77
Rupee
...
48.66
Yen
. „ 49.85
Straits Settle- Singapore dol- 56.78
ments.
lar.

Austria
Belgium
Bulgaria
Czechslovakia.
Denmark
Finland
France
Germany
Great BritainGreece
Hungary
ItalyNetherlands. _.
Norway.
Poland
Portugal
Rumania
Spain
Sweden
Switzerland--.
Yugoslavia
Canada
Cuba
Mexico
Argentina
Brazil
Chile
Uruguay
China
Do
Hongkong
India...'.

1

April, 1926

Average

Average
Low

Per
cent
of par

14.0500 14.0930 14.0735 100.03
2.8000 3.4000 3.1176 16.15
.7211
.7290
.7238 3.75
2.9613 2. 9624 2.9617
26.0900 26. 3000 26. 2020 97.77
2, 5203 2. 5217 2. 5209 100. 03
2. 8300 3.3800 3.1508 16.33
23.8000 23.8100 23.8028 99.93
485.3200 486.7200 486.1544 99.90
1. 2287
1.3490 1. 2742 6.60
17. 5100 17. 5900 17. 5584 100. 39
3. 5200 4. 0200 3. 8728 20.07
40.1700 40.2500 40.1980 100.00
21. 5100 21. 8400 21. 6568 80.81
9. 0300 :10.3400 9. 5836 49.66
5.1100 . 5.1400 5.1256 4.74
1 .3256 n .4012
. 3710 1.92
14. 3600 15. 2000 14. 5348 75.31
26.7400 26.7800 26. 7612 99.86
19.3300 19.3700 19. 3464 100. 24
1.7609 1.7628 1. 7617 9.13
100.0104 100.1362 100.0744 100. 07
99.9446 99.94
99,9063
48.2787 96.85
47. 6167
90.8900 91.6000 91. 3100 94.64
14.3800 15.1700 14. 6784 45.25
12.0200 12.0800 12. 0372 98.91
102. 5900 103.3000 103. 0012 99.60
51.7300 52. 6800 52.0716 108. 23
71.2900 72. 6400 71. 7764 107. 37
54. 5500 55. 7700 55.0800 115. 30
36.1500 36.3700 36. 2592 74.52
46.4400 47.2000 46.9472 94.18
56.0800 56.4200 56. 2004

May, 1925

High
Rate

14.0530
3.3800
.7208
2.9615
26.1600
2.5198
3. 2900
23. 8000
485. 9300
1.2367
17. 5400
4.0200
40.0900
21.4200
10.3000
5.1300
.3784
14.1100
26. 7700
19. 2600
1. 7603
99.7948
99.8581
48. 5500
89. 9600
13. 7300
12.0300
101.6000
50. 5500
69.3500
53.4800
35.9700
45.8800
56. 4200

Per
cent
of par

14.0880 14.0662 99.97
3.8700 I 3.6742 19.04
.7263 i .7232 3.75
2.9622 1 2.9618
26. 2000 i 26.1738 97.66
2. 5220 I 2.5208 100.03
3.5000 , 3.3885 17.55
23.8100 1 23.8019 99.92
486. 3800 486.2185 99.91
1.3278 1. 2762 6.61
17. 6100 17.5631 100.42
4.0200 4.0200 20.83
40.2100 40.1258 99.82
21.9400 21. 6181 80.66
12. 6000 11. 3292 58.70
5.1500 5.1396 4.76
.4159
.4030 2.09
14. 5000 14.2881 74.03
26.8200 26. 7904 99.96
19. 3300 19. 3004 100.00
1.7615 1. 7609
100.1611 100.0385 100*. 04
99. 9563 99. 9213 99; 92
48. 7167 48. 6571 97.61
92.1600 90. 7873 94.10
14, 4300 14.0085 43.18
12.1800 12.1165 99.57
103. 5200 102. 7138 99.32
53. 4000 51. 4431 106.93
72. 0500 70.8746 106.02
55. 7100 54.6377 114.38
36.2800 36.1823 74.36
47.4300 46.6442 93.57
56. 6700 56.5535 99.60

Low

High

Per
cent
of par

Eate

14.0450
4.9000
.7289
2.9623
18.7100
2. 5205
5. 0000
23.8000
484.5000
1.7056

14.0720
5.0800
.7350
2.9641
18.9500
2.5230
5.2400
23.8000
486.2600
1.8800

3.9700
40.1300
16.6300
19.1600
4.9600
.4532
14.4200
26.7400
19.3300
1.6122

4.1200
40.2100
17.0200
19.2200
5. 0600
.4887
14. 7000
26. 7700
19.3800
1.6788
100.0167
100.0260
49.9583
92.4500
10. 6300
11. 5400
97.9400
54. 5500
74. 6900
54.8400
36.3800
42.0700
56.5000

49. 7063
87. 6000
9.9600
11.2800
94.2000
53.8500
73. 9600
54.4600
36. 0100
41.6900
56.2100

14.0599
5.0225
.7318
2.9632
18.8076
2.5218
5.1632
23.8000
1485.4720
I 1.7926

99.93
26.02
3.79
"7018
13.07
26.75
99,92
99.76
9.29

4.0672 21.07
40.1848 99.96
16.8196 62.76
19.1872 99.42
5. 0024 4.63
.4722 2.45
14. 5332 75.30
26. 7532 99.83
19. 3464 100,24
1. 6268 8.43
99. 9975 100.00
99. 9974 100.00
49.8962 100.09
90. 2444 93.54
10.3080 31.78
11.3972 58.36
96. 0228 92.85
54. 2324 112.73
74. 2588 111.08
54.6240 114.35
36. 2324 74.46
41. 9136 84.08
56. 3680 99.97

1913 average.
SILVER
(Average price per fine ounce.)
April

London (converted at average rate of exchange).
New York




. 64760

462

FEDEBAL RESERVE BULLETIN

JUNE, 1926

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JUNE 1, 1926
Paper maturing—After 80 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

Boston. ______
New York_._.
Philadelphia..
Cleveland. _
Richmond
Atlanta...
Chicago
St. Louis
Minneapolis-_
Kansas City...
Dallas
___.
San Francisco
1

Bankers'
acceptances

Trade
acceptances

4
4
4
4
4
4
4
4
4
4

4
4
4
4
4
4
4
4
4
4

4
4
4
4
4
4
4
4
4
4

Agricultural
and livestock i
paper

Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.

GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS FROM APRIL 22 TO MAY 19, 1926
[In thousands of dollars]

Transfers

Transit clearing

Federal reserve
note clearing

Federal reserve bank
Debits
Boston
__.
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-_.
Kansas City...
Dallas.
San Francisco..
Total four weeks endingMay 19,1926
Apr. 21,1926May20,1925.
Apr.22,19251

Includes Federal reserve note clearing.




Credits

8,500

500
15,500

5,000
1,000
3,000
2,000
500

500
1,000
500

1,000

2,500

1,000
500

1,000

"Debits

Credits

892,632
2,707,781
717,594
677,376
561,740
334,311
1,257,477
523,118
151,534
373,102
236,780
276,397

900,331
2,639,441
728,539
688,105

8,709,842

8,709,842

342,863
1,284,858
515,940
157,808
376,461
234,725
279,791

22,000

22,000

39,000
26,000
53,500

9,227,077
39,000 9,227,077
26,000 i 8,001,726 11 8,001,726
8,016,203
53,500 18,016,203

Debits
5,109
8,885
6,218
7,280
3,339
5,318
3,745
1,085
1,595
1,959
1,277
3,180

41,905

Credits

Changes in ownership of gold
through transfers Balance
and settlements. in fund
at close
of period
Decrease Increase

2,784
14,230
4,826
3,555
4,226
4,205
6,452
2,772
1,109
1,935
1,415
1,481

2,626
47,495

48,990

56,402

41,905

1,873
2,991

1,117

695

215,889
53,400
60,820
19,971
25,558
138,125
7,325
14,213
32,212
11,973
28,621

56,402

644,553

4,553
6,504
5,939
29,588
4,788
4,335

617,879
654,158
632,338

INDEX
Acceptances:
'
.
.
Page
Held and purchased by Federal reserve
banks
„_
447,448
Market for__
382
Agricultural credit banks, loans of
_
384
Agricultural movements, index of________
422
Agriculture, monthly statistics
'_
384
Annual reports:
Bank of Hungary____-__
428
Bank of J a p a n .
426
National Bank of the Kingdom of Serbs,
Croats, and Slovenes
431
Atlanta par clearance case, final decision of
Supreme Court___
_
378
Automobile industry
392
Balance of payments of the United States
( 400
Baltimore branch building, act authorizing erection of__
4.15
Bank credit______
381
Bank debits—.____
456
Bank suspensions
397
Bankers' balances in Federal reserve bank
cities450
Branch banking in the United States
401? 408
Brokers, loans to
._ 450
Building statistics.
393, 423
Business and financial conditions:
Abroad _ _ ___ __
434-442
United States.
380-400,421-425
Business failures
396
Business indexes of the Federal Reserve Board381
Canada:
Cpst of living and retail food prices____
442
Financial statistics—434
Foreign t r a d e .
__ 437
Industrial statistics
439
Wholesale prices
:._.
440
Capital issues
.
.
382
Chain stores, retail trade of
425
Charters issued to national banks
420
Coal and coke production...
388
Commercial failures
396
Commodity movements
423
Condition statements:
Abstract of condition reports of member
banks
379,452-455
Federal reserve banks
443
Foreign banks__
_-_ 434-436
Member banks in leading cities.
449
Cost of living in principal countries.
442
Cotton:
Raw
385
Manufacturing
391
Currency in circulation
_
..
457
Dairy p r o d u c t s - . . . . . 388
Debits to individual accounts
456
Department-store business
425
Deposits, time and demand, of member banks. _
451
Deposits, note circulation, and reserves of
Federal reserve banks
. _•
443
Detroit branch bank building, act authorizing
erection of
._
__ 415




Discount and open-market operations of Federal
reserve banks___
448
Discount rates:
Central banks of issue
____
436
Federal reserve banks
462
Prevailing in various centers
;
458
Earnings on bills and securities held by Federal
reserve banks____
447
Earnings and expenses of member b a n k s - . . - - 409-414
Employment, United States __
;
395
Index of___
421
Factory employment and pay rolls, index of
422
Failures, commercial and b a n k .
396
'•' Federal," act limiting use of word.
415
Federal advisory council, meeting of _
378
Federal intermediate credit banks, loans of____
384.
Federal reserve banks:
Condition of
443
Discount and open-market operations of___
448
Federal reserve note account.
446
Fiduciary powers granted to national banks
420
Financial statistics for principal foreign countries
_J___
.
434-436
Food manufacturing.
390
:
Food prices in foreign c o u n t r i e s . - 442
Foreign exchange
397, 461
Foreign trade:
International trade of selected countries in
1924 and 1925
...
433
Principal foreign countries
:
437
United States
399,437
Balance of payments-----___
400
France:
Cost of living and retail food prices—
442
Financial statistics
434
Foreign t r a d e .
...
437
Industrial statistics.
438
Wholesale prices.
;
440
Fruits and vegetables
387
Germany:
'
Cost of living and retail food prices
_ 442
Financial statistics
434
Foreign t r a d e .
437
Industrial statistics. _
439
Wholesale prices
440
Gold imports and exports
399, 460
Gold settlement fund transactions
462
Gold standard in Great Britain, survey since
restoration of
375
Grain and flour.
...
385, 423
Great Britain:
Financial statistics
_.
434
Foreign trade
437
Gold imports and exports
.__.
399, 460
Gold standard, survey of
375
Industrial statistics
.
438
Retail food prices and cost of living.___.
442
Wholesale prices
'.
._ 440
Imports and exports:
Gold and silver
. . _ _ _ 399,460
Merchandise
399
I

II

INDEX

Page National banks:
Industrial activity, index of
422
Abstract of condition reports
454
Charters issued to
420
Industrial statistics for England, France, Germany, and Canada
438,439
Fiduciary powers granted to _ _.. _
420
Interest rates prevailing in various centers
458 Par list, number of banks on
___ 457
International trade of selected countries
433 Pascagoula National Bank, par clearance case
Iron and steel manufacturing
392 .of--.. —
----- ~
378
Italy:
Pay rolls in factories, index of
422
Financial statistics
434 Petroleum industry
389
Foreign trade
_
437 Prices:
Retail food prices and cost of living,
442
Food, in principal countries
442
Wholesale prices
^___!
440
Security.
383
Japan:
,
Wholesale
380,396,440
Financial statistics
;
434 Production in basic industries, index of
380, 421
Foreign trade
____
437 "Reserve," act limiting use of word
_. 415
443
Wholesale prices..:
440 Reserve ratio of Federal reserve banks
Resources and liabilities:
Law department:
Federal reserve banks_
____
443
Act limiting use of words "Federal,"
Member banks in leading cities- _ _
449
"United States," and "reserve"
415
Retail food prices
442
Authority of Congress for erection of Baltimore and Detroit branch bank buildings. 415 Retail trade.
395
State laws relating to segregation of assets
Savings departments of State banks, laws reof savings departments of banks and trust
lating to segregation of assets of
416-419
companies
;
416 Security prices
--- 383
Leather industry
393 Shoe industry
393
Livestock industry
387 Silver:
Imports and exports
460
Loans to brokers and dealers in securities
450
Price of
461
Lumber industry
393
Mail-order houses, retail trade of
_ _ 425 State banks: ?
Abstract of condition reports
455
Manufacturing:
Admitted to system
420
Condition, by industries. __.
_ __ 390
Index of production
422 State laws relating to segregation of assets of
savings departments of banks and trust comMaturity distribution of bills and certificates of
panies
.
416-419
indebtedness
446
Stocks at department stores.. _ _
425
Member banks:
Condition of______
449 Supreme Court decision in Atlanta par clearance
case
_--_
378
Abstract of, as of April 12, 1926
379, 452-455
391
Deposits, time and demand
451 Textile industry
__ 451
Earnings and expenses of
409-414 Time deposits of member banks
_______
386, 423
Number discounting
448 Tobacco industry.
Number in each district_ _ _ 448 Trade:
Foreign.399, 400, 437
State banks admitted to system
420
International, of selected countries
433
Merchandise trade balance of the United States 399
Retail—
395, 425
Metals
^
390
Wholesale
395, 424
Mineral production, index of
;
422
;
394, 423
Mining
____
___ 388 Transportation—
380, 396, 440
Money in circulation
__.
457 Wholesale prices
__ 391
Money rates
382, 458 Wool and woolen industry____




FEDERAL RESERVE DISTRICTS

/—H

BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL P X S E R V E BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY




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