Full text of Federal Reserve Bulletin : November 1925
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FEDERAL RESERVE
BULLETIN
NOVEMBER, 1925
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Gold and the International Money Markets
Business Conditions in the United States
WASHINGTON
GOVERNMENT PRINTING OFFICE
1925
FEDERAL RESERVE BOARD
Ex officio members:
D. R. CRISSINGER, Governor,
EDMUND PLATT, Vice Governor.
A. W. MELLON,
Secretary of the Treasury, Chairman.
J. W. MCINTOSH,
Comptroller of the Currency.
ADOLPH C.
CHARLES S.
GEORGE R.
EDWARD H.
MILLER.
HAMLIN.
JAMES.
CUNNINGHAM.
WALTER WYATT, General Counsel.
WALTER L. EDDY, Secretary.
WALTER W. STEWART, Director, Division of Research
and Statistics.
E. A. GOLDENWEISER, Assistant Director, Division of
F. HERSON,
Research and Statistics.
Chief, Division of Examination, and Chief Federal
E. L. SMEAD, Chief, Division of Bank Operations.
Reserve Examiner.
J. C. NOELL, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
J.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
District No. 2 ( N E W Y O R K ) . . .
CHAS. A. MORSS.
PAUL M. WARBURG, President.
District No. 3 (PHILADELPHIA)
District
District
District
District
District
District
No. 4
No. 5
No. 6
No. 7
No. 8
NO. 9
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)
II
L. L. R U E .
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
(ST. LOUIS)
(MINNEAPOLIS)
GEORGE A. COULTON.
JOHN M. MILLER, Jr.
OSCAR WELLS.
FRANK O. WETMORE.
_ BRECKINRIDGE JONES.
G. H. PRINCE.
—
E. F. SWINNEY, Vice President.
W. M. MCGREGOR.
HENRY S. M C E E E .
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
W. P. Q. Harding..
Benj. Strong
R. L. Austin
Geo. W. Norris
. E. R. Fancher.
_
Richmond
Atlanta..
Chicago.
| Wm. W. Hoxton
Oscar Newton
Wm A. Heath
_
j George J.Seay
! M. B. Wellborn..
J. B. McDougaL.
St. Louis
Minneapolis..
Wm. McC. Martin..
John R. Mitchell.—
D.C. Biggs
R. A. Young....
Kansas City
Dallas
San Francisco
M. L. McClure.
C. C.Walsh
W.J. Bailey....
Lynn P. Talley.
_. John Perrin
1
Deputy governor
Governor
Frederic H. Curtiss.
Pierre Jay
Boston
New York..
Philadelphia
Cleveland
Chairman
J. U. Calkins
Controller.
Cashier
W. Willett.
L. H. Hendricks.i
A. W. Gilbart.i
J. W. Jones.»
G. E. Chapin.i
Ray M. Gidney.*
L. R. Rounds.1
C. A. Mcllhenny. 1
W. G. McCreedy.
J. C. Nevm.
Geo. H. Keesee.
John S. Waldenjr.»
M. W. Bell.
W. W. Paddock
J. H. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel.
Wm. H. Hutt
M. J. Fleming
Frank J. Zurlinden.
C. A. Peple
R. H. Broaddus
J. L Campbell
Creed Taylor
C. R. McKay
John H. Blair
W. C. Bachman.1
K. CChilds.i
J. H. Dillard.i
D. A. Jones.1
O. J. Netterstrom.1
J.W. White.
Gray Warren.
Frank C. Dunlop.1
J. W. Helm.
Fred Harris.
O. M. Attebery
W. B. Geery
B.V.Moore
Harry Yaeger J
C. A. Worthington.
R.R.Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk
L. C. Pontious
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
L. W. Manning.
Geo. DeCamp.
A. H. Dudley.
Marcus Walker.
Geo. R. DeSaussure.
A. E. Walker.
._ J. B. Fort, jr.
W. R. Cation.
W. P. Kincheloe.
V. S. Fuqua,
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
Dallas:
El Paso branch
Houston branch
San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
v
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
M. Crump.
D. P. Reordan.
R. B. Motherwell.
W. L. Partner.
C. R. Shaw.
SUBSCRIPTION PRICE OF BULLETIN
is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ
or periodical publication of the board. It contains, in addition to the 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.
THE FEDERAL RESERVE BULLETIN
in
TABLE OF CONTENTS
The month:
Review of the month—Gold and the international money markets
Business conditions in the United States
Classification of loans and investments of all member banks on June 30
Official:
Changes in State bank membership-_>
Changes in national bank membership
Fiduciary powers granted to national banks
Business statistics for the United States:
Industrial activity
Commodity movements
Wholesale and retail trade
Estimate of crop production
Foreign banking and business conditions:
Recent developments in the Netherlands Bank
Financial statistics for principal foreign countries
Foreign trade of principal countries
Price movements in principal countries—
Federal Reserve Board wholesale price indexes
Wholesale prices in principal countries
Retail prices and cost of living in principal countries
Banking and financial statistics:
Federal reserve banks—
Condition of Federal reserve banks
Federal reserve note account
Holdings of earning assets
_
Discount and open-market operations of Federal reserve banks
Gold settlement fund
Discount rates of Federal reserve banks
Member banks—
Condition of reporting member banks in leading cities
Banker's balances at reporting member banks in Federal reserve bank cities
Deposits of all member banks
Earnings and dividends of State bank and trust company members
Bank debits
Member banks and nonmember banks on par list and not on par list
Money rates in principal cities
Money in circulation
Gold and silver imports and exports
Foreign exchange rates
IV
Page
779
~ 783
831
803
804
804
805
808
809
804
811
813
816
1
817
818
820
821
825
826
827
832
831
828
829
830
832
833
834
835
834
836
837
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
VOL. 11
REVIEW OF THE MONTH
In October, for the first time since the restoration of a free gold market in London, the
United States received a conGold move- siderable volume of gold from
ments since re-
sumption
•,
-,
^ u
,
,
abroad. Gold movements to
and from the United States
during the five months following the resumption of gold payments by Great Britain were
on a relatively small scale and the inflow and
outflow were so. evenly balanced that net imports from May to September were only about
$1,500,000. Net imports for October, however, are now estimated at about $23,000,000.
Gold movements during the six months since
last April are of particular interest, because
they followed after a period of six years during
which the. United States was the only free
gold market and the direction of gold movements was not closely related either to fluctuations in the exchange rates on different currencies, or to the comparative level of money
rates prevailing in the different money markets. During the past six months, with the
return of England and other important countries to the gold standard, exchanges and
money rates have once more become important
factors affecting the movements of gold. During the five months from May to September
sterling exchange was above the point at which
shipments to the United States would be profitable, and the reserves of the Bank of England
increased through the receipt of gold from
South Africa and also from certain European
countries. With the seasonal demand for foreign exchange to pay for agricultural imports,
however, and the recent reductions of money
rates in the London market, sterling declined
in October to the point where gold shipments
to other countries became profitable. As a
No. 11
consequence, gold moved from London in an
amount larger than the entire addition to the
reserves of the Bank of England since last
spring, together with the newly mined gold
more recently received in London from South
Africa. The inflow of gold from England to the
United States has been accompanied by an outflow of the metal to Canada in response to a rise
in Canadian exchange to the gold export point.
Similar shipments of gold to Canada to correct the exchange position were made in 1922,
but, under the conditions then prevailing, these
gold shipments were among the very few made
in response to changes in an exchange rate,
while in recent weeks movements of exchanges
have caused simultaneous gold imports from
England and gold exports to Canada. Notwithstanding these exports, gold imports in
October from England and also from Japan
have been sufficient to result in the largest
addition to the gold supply of the United
States for any month in more than a year.
Gold imports, as has been frequently pointed
out in these reviews, have been for the past
few years one of the principal
Gold imports fa c t O rs in the relationship beand the reserve t w e e n ^
banks.
member
bankg
an(j
the federal reserve banks.
Large and continuous imports of gold for a
period of four years from 1920 to 1924 enabled
the member banks not only to repay a large
part of their indebtedness to the reserve
banks, but also greatly to increase their available reserves and consequently to enlarge their
own credit operations. The net export of
about $175,000,000 of gold during the five
months from December, 1924, to April, 1925,
on the other hand, was an important factor in
the growth of member bank indebtedness to
the reserve banks during the current year.
779
780
FEDERAL EESERVE BULLETIN
Gold imports during October, therefore, have
come at a time when member banks have a
considerable volume of accommodation at
the reserve banks and also at the season of
the year when there is a growth in the demand
for currency. In the immediate situation
these imports have had the effect of lessening
the demand by member banks for reserve bank
credit to meet seasonal requirements.
The receipt of gold from England at this
time of the year is in accordance with the usual
course of events prior to the establishment of
the Federal reserve system, when agricultural
exports to England in the autumn months,
together with the demand in this country for
gold to meet seasonal currency requirements,
resulted in pressure on sterling exchange and
in consequent gold imports. Since the establishment of the Federal reserve system
there has not been a time until this autumn
when the effects of the system's operation upon
the relationships between the New York and
London markets could be fully observed. The
ability of the reserve banks to meet seasonal
demands for currency together with the growth
of foreign trade financing in this country,
particularly through the use of the acceptance, has diminished the pressure on sterling
exchange at the time when American crops
are marketed. Thus, the gold imports to this
country during October of this year represent
primarily a further phase in the adjustment
between the two principal money markets to
the restoration of free gold movements.
The closer relationship between the international money markets that has come about in
consequence of the reestablishMoney rates in m e n t of g ^ payments has been
London and New
reflected during recent months
York.
in the course of money rates in
London and New York. In March of this year,
in anticipation of resumption, the Bank of
England raised its rate from 4 to 5 per cent,
and following the restoration of the gold standard the higher rates in the London money
market and the confidence in the stability of
sterling led to a movement of funds to London
and an accumulation of gold at the Bank of
NOVEMBER, 1925
England. As a result of this inflow of funds
and the inactive demand for credit, conditions
in the London market became easier during
the summer, and between May and September
the bill rate declined by 1 per cent.
1923
19241925
Both lines show open-market rates for 90-day bankers' acceptances.
The chart brings out the fact that the bill
rate in London, which had been considerably
above the New York acceptance rate for more
than a year, was in September about the same
level as the New York rate, as the result of
the decline in the London rate and an advance
in the New York rate. These changes in openmarket rates in London were followed by reductions in the Bank of England discount rate
from 5 to 4J^ per cent on August 6 and to 4
per cent on October 1. Thus during the first
five months after the resumption of gold payments the Bank of England was able to make
two reductions in its discount rate. Gold exports in October have resulted in an advance
of market rates in London and in a closer adjustment between bank rate and market rates
than has prevailed for several months.
Reductions in discount rates have occurred
Rate reduc- since the opening of this year
tions at central in many other European central
banks.
banks. The Netherlands Bank,
after reducing its rate from 5 to 4J^ per cent at
the end of 1924, made further reductions to 4
per cent on January 16 and to 3 J^ per cent on
October 2,1925. The Swedish Riksbank, which
had resumed gold payments a year earlier than
NOVEMBER,
the Bank of England, also reduced its rate on two
occasions in 1925—from 5 J^ to 5 per cent on July
24 and from 5 to 4 J^ per cent on October 9. The
National Bank of Switzerland, where exchange
for a considerable period has remained near
parity, maintained its rate * at 4 per cent
throughout the larger part of the year, but
made a reduction to 3J^ per cent in October.
Discount rates at the more important European
central banks, together with changes made during 1925, are shown in the table below:
DISCOUNT
RATES
Country
England:
At opening of 1925...
Mar. 6-Aug. 6
_._
Aug. 7-Oct. 1
Oct. 2
Netherlands:
At opening of 1925...
Jan. 17-Oct. 2
Oct. 2
Switzerland:
At opening of 1925—
Oct. 23
Sweden:
At opening of 1925...
July25-Oct. 9
Oct. 10
Germany:
At opening of 1925...
Feb. 27
Austria:
At opening of 1925...
Apr. 26-July 24
July 25-Sept. 3
Sept. 4
AT EUROPEAN
DURING 1925
Rate
4
5
4
4H
4
4
5
4H
10
9
13
11
10
9
CENTRAL
BANKS
Country
Hungary:
At opening of 1925...
Mar. 28-May 27
May28-Oct. 21
Oct. 22
France:
At opening of 1925...
July 10
Italy:
At opening of 1925. ._
Mar. 10-June 2
_.
June 3-June 8
June 9
Denmark:
At opening of 1925—
Aug. 24-Sept. 8.
Sept. 9
Norway:
At opening of 1925—
May 10-Aug. 25
Aug. 26-Sept. 14
Sept. 15
Finland:
At opening of 1925...
Aug. 15 to Oct. 29
Oct. 30
Rate
12H
11
9
7
7
6
6
RESERVE POSITION OF CERTAIN EUROPEAN
BANKS
CENTRAI
[In thousands of dollars]
Bank
Bank of England:
Apr. 29,1925
Oct. 28, 1925
German Reichsbank:
Apr. 30, 1925
Sept. 30,1925
Netherlands Bank:
Apr. 27, 1925
Oct. 19, 1925
Swedish Riksbank:
Apr. 30, 1925
Sept. 30, 1925
Swiss National Bank:
Apr. 30, 1925
Oct. 15, 1925
Reported
for- Notes in
Gold eign
holdcirculaexings change
tion
holdings
757,918 0)
731,347| (i)
Ratio to note
and deposit
liabilities of
reserves in—
DeGold
and
Gold foreign
exchange
Pe? Per
cent cent
! 1,870,123 596,287 30.7
1,841,216 553,418 30.5
241,576! 80,525 U,035,696 168,133 20.1
279,816 75,967 1,067,728 147,740 23.0
26.8
29.3
16,172 51.2
13,668 45.4
66.9
71.9
68,376 31.2
28,930 35.2
47.7
66.2
14,699
23,414
58.4
57.7
192,748 58,956
168,179! 98,040
62,552 33,179
62,099 54,788
92, 665 4* 9,541
90, 799 10,923
3561558
132,189
147,601
160,177
152,795
53.0
51.5
* Not reported.
* Combined Bank of England notes and currency notes in actual
circulation.
8 Combined Reichsbank notes and Rentenbank notes in circulation.
* Demand assets abroad plus sums due from correspondents.
7
7
6
5H
6
5
9
8
With the restoration of free-gold market in
several countries, changes in the gold holdings
of European central banks have once more
become important factors in their discount
policies. The following table
Reser
je posi- shows the holdings of gold and
#
tion of central
foreign exchange, notes in cirbanks.
culation, deposits and ratio of
reserves to note and deposit liabilities for the
central banks in England, Netherlands, Sweden,
Switzerland, and Germany at the time of the
resumption of gold payments and on the latest
available date this autumn. For greater ease
of comparison the amounts have been converted
into dollars at par of exchange.
781
FEDERAL RESERVE BULLETIN
1925
Gold reserves of the Bank of England, after
increasing by about $43,000,000 following resumption, declined, and by the middle of October were at a level below that at the end of
April. Those of the Banks of Sweden and of
Switzerland showed little change for the period,
while those of the Bank of Netherlands declined and those of the German Keichsbank
increased considerably. The Netherlands
Bank's loss of reserves has been due to a policy
of converting a part of its gold reserves into
foreign exchange holdings to be used when
required in support of Dutch exchange.1 The
German Reichsbank increased its gold holdings by about $50,000,000 during the period,
in pursuance of the policy of strengthening its
gold position. Foreign exchange holdings of
the Reichsbank decreased somewhat during the
period, part of it having been converted into gold,
but the ratio of reserves to liabilities, whether
figured on the basis of gold alone or of gold
i For discussion of the policy of the Netherlands Bank and comments
from its latest annual report see page 811.
782
FEDERAL RESERVE BULLETIN
and exchange holdings, increased substantially during the five months.
Large flotations of foreign loans in the
United States have continued in 1925 and
have been a factor in enabling
i/uniled StetTs! t h o s e E u r 0 P e a n countries now
operating on a gold-exchange
standard to maintain and strengthen the
reserve position of their central banks. The
total volume of foreign securities floated
in tHis country reached a record total of
$1,050,000,000 in 1924, exclusive of refunding
issues, and flotations for the first nine months
of 1925, amounting to $728,000,000, indicate
a continuation of foreign borrowing on a large
scale. The extent to which member banks
have purchased foreign securities is indicated
by the fact that the holdings of such securities
by national banks alone increased by nearly
$100,000,000, or 37 per cent, between the summer of 1924 and 1925. For all member banks,
including State banks and trust companies as
well as national banks, the total volume of
foreign investments on June 30, 1925, was
$500,000,000, representing 1.7 per cent of their
total loans and investments and 5.6 per cent
of their total security holdings.2 The amounts
refer to bank investments in longer-term foreign
securities and are exclusive of short-term
credits extended to foreign borrowers. In
view of the large volume of foreign flotations
in this country in recent years, these figures
of member bank holdings of foreign securities
indicate that for the most part the foreign
issues have been absorbed by the investing
public.
NOVEMBER, 1925
held by the reserve banks with foreign banks,
and "Due to foreign banks,77 including all the
amounts held by foreign correspondents with
the Federal reserve banks. Agency and correspondent relationships have existed between
the Federal reserve banks and certain foreign
central banks since 1916, as has been currently
reported in the FEDERAL RESERVE BULLETIN
and in the annual reports. The volume of
transactions with foreign central banks has
always been relatively small. On October 7,
1925, amounts due from foreign banks totaled
$639,000 and amounts due to foreign banks
were $8,306,000, representing balances held for
12 foreign correspondents. In addition to
carrying balances for foreign correspondents,
the reserve banks purchase bills for account of
these correspondents, and the amounts of such
purchases are shown in the condition statement as a contingent liability. On October 7,
1925, this item amounted to $35,697,000.
"Foreign loans on gold/7 which have been
shown separately since the beginning of 1925,
represent loans to foreign central banks
against gold as collateral.
Other changes in the statement made on
October 7 were the substitution for the term
" Other earning assets77 of the item "Other
securities,77 consisting at present of Federal
intermediate credit bank debentures; and the
change of the caption "Total earning assets77
to "Total bills and securities.77 The latter
term has been adopted as a more accurate description of the total of the discounts, acceptances and securities acquired by the reserve
banks under the provisions of sections 13 and
14 of the Federal reserve act, which are the
Change in weekly statement.
only
items included therein.
In order to give the public more complete
information on transactions between the Federal reserve banks and foreign central banks,
NOTE
two items were added to the weekly condition
Mr. D. C. Wills, chairman of the board of
statement of the Federal reserve banks on
directors
and Federal reserve agent at the
October 7, 1925. The items are "Due from
Federal Reserve Bank of Cleveland since the
foreign banks/' which includes all the balances organization of the system, and member of the
Federal Reserve Board from September 29,
2
A classification of member bank loans and investments on June 30,
1920, to March 3, 1921, died on October 22.
1925, is shown on page 831.
783
FEDERAL RESERVE BUU^ETIN
NOVEMBER, 1925
BUSINESS CONDITIONS IN THE UNITED STATES
Production in basic industries and factory employment increased in September. Distribution of commodities, both at wholesale and at retail, continued in large volume, and the
level of prices remained practically unchanged.
Production.—The Federal Reserve Board's index of production advanced 3 per cent in
September, notwithstanding the suspension of anthracite mining. The volume of output
increased considerably in the iron and steel, bituminous-coal, and textile industries, while the
decreases which occurred in some other industries were relatively small. Automobile production
was larger than in August, but continued to reflect the effects of curtailment incidental to
changes in models. Number of employees on factory pay rolls in September was larger than
in August in nearly all reporting industries. Building contracts awarded during September did
not equal the record level of August, but continued large as compared with earlier months.
Total contracts awarded during the first nine months of this year were nearly as large as for
the entire year 1924.
Crop conditions, as reported by the Department of Agriculture, showed considerable
improvement in September, and the indicated yields of cotton, corn, oats, barley, and hay
were larger than a month earlier, while forecasts of wheat and tobacco production were slightly
smaller. Marketing of crops increased further in September, but was smaller than last year.
Trade.—Wholesale trade was 9 per cent larger in September than in August, and sales in
all lines except dry goods were larger than a year ago. Sales of department stores and mailorder houses showed considerably more than the usual increase in September and were larger
than a year ago. Stocks of merchandise at department stores also increased in September
more than usual and at the end of the month were 4 per cent greater than a year ago. Wholesale firms in all leading lines except groceries reported smaller stocks on September 30 than a
month earlier.
Total and merchandise freight-car loadings in September were larger than during the
same month of any previous year. Coal shipments were smaller than in August, owing to the
anthracite strike, and shipments of coal and of grain products were smaller than in September
of last year.
Prices.—The level of wholesale prices; as measured by the index of the Bureau of Labor
Statistics, declined slightly in September. Among groups of commodities, grains, woolen
goods, and furniture showed price declines, while prices of coal and building materials advanced. In the first half of October prices of grains, wool, and rubber increased, while prices
of sheep, hogs, sugar, and cotton declined.
PER CENT
1501
PER CENT
1150
PER CENT
PER CENT
200
200
150 —
100
100
100
100
50
50
50
50
PRODUCTION IN
BASIC INDUSTRIES
1922
WHOLES/ \LE PRICES
1925
1323
Index of 22 basic commodities adjusted for seasonal variations.
(1919«100.) Latest figure, September, 112
66276—25t
2
1922
1923
1924
1925
Index of United States Bureau of Labor Statistics. (1913=100, base
adopted by bureau.) Latest figure, September, 160
784
FEDERAL, RESERVE BULLETIN
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
2
2
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
10
1922
Weekly figures for 12 Federal reserve banks. Latest figures, October 21
NOVEMBER, 1925
1924-
1923
1925
Weekly figures for banks in 101 leading cities. Latest figures, October 14
Bank Credit.—At member banks in leading cities the volume of loans, both for commercial purposes and on securities, increased further between September 16 and October 14; and
at the middle of October total loans of these banks were nearly $650,000,000 larger than at
the end of July. During the same period net demand deposits of these banks increased by about
$360,000,000, but were below the level of the beginning of the year, while the volume of their borrowings at the reserve banks increased by about $200,000,000 to the highest point of the year.
Total volume of reserve bank credit outstanding was larger in October than at any other
time during 1925, reflecting increases during the two preceding months both in discounts for
member banks and in acceptances bought in open market. This growth has been due primarily
to the seasonal increase during the period of about $100,000,000 in currency in circulation, and
there has also been a considerable increase in member bank reserve balances, accompanying
a growth in their deposits.
In October the rates on prime commercial paper were firmer and the renewal rate on call
loans averaged higher than in September.
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
[Monthly average 1919=100]
Year and month
Production in
basic
industries i
Factory Factory Building Railroad- Wholesale
employcontracts
car
ment
Pay roiis awarded * loadings l trade
D epartment-stor e
sales l
Department-store
stocks i
Unadjusted
Unadjusted
Ad-
justed
Ad-
justed
Bank
debits
outside
of New
York
Cityi
1924
August
September
October
November
December
January
February
March
April
May
June
_
July
_
August
September
_
94
103
109
107
117
89
91
93
92
94
96
99
103
101
106
133
150
166
196
180
111
117
120
116
124
93
119
141
141
210
118
131
124
126
131
126
137
148
148
124
126
128
132
132
133
108
107
112
107
112
127
124
120
119
111
110
113
2108
112
94
96
96
96
95
94
93
94
103
109
110
108
108
105
103
105
104
168
159
178
176
151
171
189
228
224
123
125
117
129
123
117
122
123
121
108
101
121
136
128
126
95
98
122
124
131
121
133
124
126
128
125
134
119
127
139
141
136
129
124
131
143
134
135
137
136
137
135
133
131
133
120
121
120
122
119
122
125
120
122
1925
95
1
The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations;
the indexes of department-stores sales and stocks are shown both with and without seasonal adjustments.
'Revised.
NOVEMBER,
785
FEDERAL RESEEVE BULLETIN
1925
BANK CREDIT
CHANGES
IN
LOANS,
INVESTMENTS,
AND
FEDERAL
RESERVE BANK ACCOMMODATION OF REPORTING
Commercial loans of member banks in leadMEMBER BANKS, JULY 29, 1925-OCTOBER 14, 1925
ing cities continued to increase between the
[In millions of dollars]
middle of September and the middle of October
and on October 14 were $475,000,000 larger
than at the end of July. This advance reLoans
Mem
flected, largely, a seasonal increase in the
ber
bank
Loans
All
demand for credit, but was somewhat in
borFederal reserve
and
Investother,
districts
investexcess of the increase for a similar period last
On se- largely ments rowing
at rements Total curities
comyear. Loans on securities also showed further
serve
merbanks
cial
increase, reaching a new high point at the end
of September, followed by a slight decline
-44
604
All districts
647
475
172
208
during the first half of October. Investment
Boston
46
19
25
-19
47
holdings of reporting member banks continued New York
223
-46
101
65
205
270
since the end of Jufy at a high level, with Philadelphia...
42
-16
48
10
5
57
27
-10
Cleveland
12
24
22
36
relatively little change, while net demand de- Richmond
25
-4
14
15
6
29
72
11
7
54
15
61
posits increased by about $360,000,000 to a Atlanta
63
Chicago
37
80
-17
43
point not far below the level of the opening St. Louis
25
18
25
-1
7
19
23
19
Minneapolis. _.
-4
weeks of the year.
-17
-9
Kansas City...
3
-18
-9
29
19
4
23
4
The following table shows the principal re- Dallas..
50
32
13
San Francisco..
37
4
sources and liabilities of member banks in
leading cities for each week between September
16 and October 14, as well as the changes for the
The volume of reserve bank credit in use
four weeks and for the year ending October 14: increased considerably after the end of July
LOANS, INVESTMENTS, AND DEPOSITS OF MEMBER and reached the highest point of the year at
the middle of October. Notwithstanding a
BANKS IN LEADING CITIES
slight decline during the following week, the
[In millions of dollars]
total volume outstanding was still about $200,Deposits
Loans and investments
000,000 larger than two months before. This
growth in reserve bank credit was the result of
Ail
increases both in discounts for member banks
Loans other
Date
Net
and in holdings of acceptances bought in the
loans, Investon
deTime
Total securi- largely ments
mand
open market, and was accompanied by incomties
mercial
creases in Federal reserve note circulation and
in member bank reserve balances.
Sept. 16
19,061
Sept. 23
19,048
19, 272
Sept. 30
19,264
Oct. 7
Oct. 14
19,327
Increase (+) or decrease (—):
Four weeks
ending Oct. 14. +266
Year e n d i n g
Oct. 14
+1,095
5,301
5,314
5,471
5,428
5,377
8,297
8,318
8,361
8,389
8,488
+76
+191
+797
+282
12,965
12, 760
13,046
12,973
13,178
5,185
5,189
5,234
5,248
5,248
-i
+213
+63
+16
+134
+516
5,463
5,416
5,440
5,447
5,462
[In millions of dollars]
In the following table are shown, for member
banks in leading cities, changes in loans, investments, and borrowings at the reserve banks,
by districts, for the period between the end of
July and the middle of October. There were
increases in total loans in all except the Kansas
City district, owing for the most part to increased commercial loans. Loans on securities
increased in all except the Boston, Minneapolis,
and Kansas City districts, while investment
holdings declined in several of the districts.
Borrowings at the reserve banks increased in
all except the Minneapolis district.
PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL
RESERVE BANKS
Bills and securities
Date
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Increase (+) or decrease (—):
Four w e e k s
ending Oct.
21
Year ending
Oct. 21
Federal
reTotal
Bills Gov- cash Total serve
depos- note
Bills bought ernreits circudisin
ment serves
Total countopen securlamar- ities
ed
tion
ket
1,213
1,257
1,265
1,276
1,230
641
633
644
644
+17
-38
+252
+380
2,871
2,866
2,862
2,870
2,889
2,267
2,268
2,283
2,288
2,284
1,670
1,685
1,701
1,716
1,695
238
268
284
287
293
323
343
324
336
324
+55
+1
+18
+17 i
+25
+123 I -259
-243
+82 j
-57
786
NOVEMBER, 1925
FEDERAL RESERVE BULLETIN
MONEY RATES
ACCEPTANCES
The acceptance market during the five-week
Money rates showed little change early in
October except for an increase in the weekly period ending October 21 was characterized by
average renewal rate on call loans to slightly an increasing supply of bills with a moderate7
over 5 per cent. Later in the month firmer demand, which resulted in a growth of dealers
conditions were evidenced by a slight rise in the portfolios. This was particularly true of the
prevailing rate on prime commercial paper and New York market, for a more active demand
in the yield on short-term Government se- was reported from Boston and Philadelphia,
curities. The demand for commercial paper while the Chicago market continued dull on
continued light and came chiefly from middle both the supply and demand sides. The
western and New England banks; the supply increase in the total volume of bills in the
increased slightly after the first week of market was attributed in part to seasonal inOctober. Acceptance rates on the shorter crease of cotton bills and in part to firmer
maturitiesli;were unchanged, although the monejr conditions. The only changes in bill
volume of bills in the market and in the hands rates in New York were an7 increase of oneof the Federal reserve banks increased seasonal- eighth of 1 per cent in dealers rates on 120-day
ly, but dealers raised their rates on 120 and 180 and longer maturities, and an increase in the
day bills by one-eighth of 1 per cent at the New York Federal Reserve Bank's minimum
end of September. Toward the end of October buying rate on bills of 45 days or shorter
call rates were slightly lower than earlier in maturities from Zy% to 3Ji per cent. On
the month, but the average renewal rate for October 22 rates were quoted in the New York
October was \i per cent higher than for market as 3% per cent bid and 3J^ offered for
September. The table below shows the money 30-day bills, 3J^ bid and 3% offered for 60-day
rates prevailing in the New York market during bills, Sy8 bid and Zy2 offered for 90-day bills,
3% and 3% offered for 120-day bills, and
the last three months.
4 bid and 3% per cent offered for five and six
months' bills.
MONEY RATES IN N E W YORK
Prime
Yield
Average
Prime
commer- bankers'
on certi- yield on
Renewal
cial
Mp
ficates
of
accept- indebted- 4M
rate on
paper,
cent
ances,
call
loans
4-6
ness, 4-6 Liberty
months 90 days months
bonds
CAPITAL ISSUES
Domestic securities were issued in smaller
volume during August than in any preceding
month of the year, as has been the case in the
month of August for each of the past five years.
August, 1925
13.01
4.19 New issues amounted to $262,000,000 and
4-4^
13.00
September, 1925. _.
2
4.62 refunding issu*es to $32,000,000, compared with
3.33
October, 1925
4.02
3.53
4.87 a total of $530,000,000 in July, according to the
Average for week
ending—
compilation of the Commercial and Financial
Oct. 3_,
4.00
3.43
5.10
Oct. 10
4.00
3,56
5.05 Chronicle; and there were only $34,000,000 of
Oct. 17
4.02
3.55
5.06 foreign flotations recorded by the Federal
Oct. 24
4.02
3.54
4.50
Oct. 3 1 . _
4.05
3.52
4.75 Reserve Bank of New York in August as compared with $178,000,000 in July and $49,000,1
Issues maturing Dec. 15,1925.
000 in August, 1924. Of the domestic securi* Issues maturing Mar. 15, 1926.
ties, both corporate and municipal issues were
Following the reduction in the official dis- small, but the latter were larger than in the
count rate of the Bank of England from 4J^ corresponding month of last year. Those of
to 4 per cent on October 1, money rates in public utility corporations, amounting to $112,the London market declined to the lowest 000,000, exceeded the volume offered by this
point since July, 1924, but later recovered group in July of this year or in August of any
somewhat. The average rate on three-month of the last five years, the largest single corporate
bank bills was 3 ^ - per cent during the weekeT issue being $25,000,000 debentures of the Interending October 2, but increased to 3 ^ V national Telephone & Telegraph Co. Railroad
cent the third week in the month. Treasury and industrial offerings, however, were respecbills were tendered at that time at an average tively but one-third and one-half as large as
those of July.
rate of 3.74 per cent.
787
FEDERAL RESERVE BULLETIN
NOVEMBEB, 1925
The following table shows the domestic securities issued in August, 1925, as compared
with those of the previous month and of August,
1924:
DOMESTIC CAPITAL ISSUES
[In millions of dollars]
August, 1925
New
Refunding
July, 1925
New
Refunding
August, 1924
New
Refunding
prices declined slightly, on the average, after
the third week in September, but remained
somewhat above the August levels. The following table gives indexes of stock prices com?uted by the Standard Statistics Co. of New
"ork, the average prices of 40 bonds computed by Dow, Jones & Co., and the average
number of shares of stock sold daily on the
New York Stock Exchange for the last six
months.
INDEX NUMBERS OP SECURITY PRICES
Total corporate
Long - term
b o n d s and
notes
Short - term
b o n d s and
notes
Stocks...
Farm loan issues
Municipal
_.
Total
157.0
92.9
185.6
29.3
305.1
74.7
123.6
19.1
179.8
32.2
7.4
54.6
.5
76.1
.4
9.8
8.6
33.9
6.0
12.2
7.6
34.3
1.0
107.3
4.0
3.2
18.9
106.4
3.0
129.4
262.2
32.5
437.5
92.9
265.3
93.8
115.1
Price indexes of—*
88.9
Average
price
201 in- 31 rail- Total, of 40
dustrial • road
232
bonds 2
stocks stocks stocks
.9
Average for—
,
May, 1925
June, 1925
_._
July, 1925
_
August, 1925
September, 1925
October, 1925
Average for week ending—
Oct. 5
Oct. 13
Oct. 19
Oct. 26
_
_._
127.8
131.0
110.0
109.7
122.5
124.7
92.79
93.14
Average
number
of shares
of stock
sold daily
(000 omitted) *
1,607
1,313
111.0
128.1 92.50
1,353
135.0
The volume of foreign securities offered in
114.3
129.7 91.70
1,458
136.0
the United States in September was again
115.8
132.9
92.19
1,711
139.9
116.2
137.2
92.17
2,302
145.8
large, amounting to $155,358,000, but $70,143.2
000,000 of this total represented an issue of
115.4
1,956
135.1 92.22
145.2
114.8
136.3 92.13
1,945
notes by the Canadian Government to refund
116.8
144.2
136.2
92.11
2,413
117.9
141.0
150.5
92.23
2,455
an obligation previously floated in this country. Of the rest, $29,700,000 of bonds were 1
For the industrial stocks, the average of 1917-1921 prices equals 100;
offered by the Argentine Government, $19,- for the
rails the average of the high and low prices made in the 10 years,
000,000 by the Central Bank of Agriculture of 1913-1922, equals 100. The indexes are weighted by the number of shares
of each stock outstanding. Prices used are closing quotations on MonGermany, and $15,000,000 by the Free State day.
2
Arithmetic average of daily peak and low prices, as published in
of Bavaria.
the Wall Street Journal. Weekly averages are for week ending with
SECURITY PRICES
Saturday preceding date given.
3 Saturdays omitted. Weekly averages are for five days ending with
Friday preceding date given.
The prices of representative industrial shares,
as indicated by the index of 201 common stocks
AGRICULTURAL CREDIT
computed by the Standard Statistics Co., declined slightly during the last two weeks in
In September the intermediate credit banks
September from the high point reached in the closed direct loans amounting to $15,788,000,
middle of the month, rose sharply during the or more than three times the direct loan exfirst two weeks in October to a new high point, tensions of August; rediscounts amounted to
and again declined slightly. Meanwhile the $2,350,000, or 11 per cent less than rediscounts
prices of railroad shares fell gradually until the in the preceding month. The banks at
third week in October, when they advanced Baltimore, Columbia, New Orleans, and Berketo slightly higher levels than were reached at ley handled nearly 82 per cent of the direct
their previous high point in August. The most loans, made in September to cooperative
pronounced price rise in October occurred in marketing associations. The bank at Baltithe stocks of automobile and automobile ac- more extended $3,500,000, primarily on tobaccessory manufacturing companies, which, as a co. The loans by the banks at Columbia and
group, maintained their high levels through New Orleans were based chiefly on cotton and
the third week of the month. Various other totaled $8,143,000, while the advances of the
groups, including chain stores, chemical, ma- bank at Berkeley exceeded $1,237,000, largely
chine manufacturing, and mail-order companies, on fruit and vegetable products. As in August,
made marked advances, followed by recessions the Houston Intermediate Credit Bank granted
in price. The two weeks ending October 24 the banks a larger volume of rediscounts than
were characterized by new records for stock- any other bank, about 35 per cent of the month's
market activity, with average daily sales total, while the Spokane bank was second, with
amounting to nearly 2 500 000 shares. Bond 19 per cent of the total.
788
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
NET FARM-MORTGAGE LOANS OUTSTANDING
September was the first month since April
[In thousands of dollars]
that direct loans exceeded those for the corresponding period of last year. September
I Sept. 30, Aug. 31, Sept. 30,
was also the first month since March that
1924
1925
1925
direct loans have exceeded rediscounts. The
weekly statement of October 10 showed that Total all joint-stock land banks..
519,237 513,994
430,066
12 Federal land banks
985,160
905, 536
the combined figure for direct loans and Total
Life insurance companies
1, 510,000 1,432,779
rediscounts exceeded $70,725,000, a new high
record, although both types of advances have
AGRICULTURE
at other times exceeded their respective
Forecasts
by
the
Department of Agriculture
figures of October 10. In the week ending
October 17 net rediscounts outstanding de- on the basis of crop conditions on October 1
creased about $900,000, while direct loans indicated considerable improvement during
increased $800,000, making a net decline of September, and yields of most of the leading
nearly $100,000 in the combined total of crops except wheat and tobacco were estimated
rediscounts and direct loans from the high to be larger than a month earlier. Rains in the
mark recorded the preceding week. As a regions of the drought in the Corn Belt, toresult of increased marketings early in October, gether with the absence of early frosts, resulted
loans on tobacco were nearly $4,000,000 in considerable improvement in the prospects
larger on October 17 than at the beginning of for the corn crop, and the expected yield is
approximately 2,918,000,000 bushels, as comthe month.
The following table shows the volume of pared with a final harvest of 2,437,000,000
direct loans outstanding on October 17, the bushels last year and 2,935,000,000 bushels, the
latest available date, as compared with a average yield for the past five years. A total
month and a year earlier, classified by com- cotton crop of 15,226,000 bales, the third
modities on which such loans were based. largest yield on record, was estimated on the
The rediscounts outstanding on the same dates basis of the condition of the crop on October 18,
are also given and are classified by the types and the yield per acre is expected to be considerably larger than last year. Further improveof rediscounting institutions.
ment in the condition of ranges and livestock
INTERMEDIATE CREDIT BANKS
was evident in September, and the average
fin thousands of dollars]
condition of all western ranges and livestock
was considerably higher than a year ago.
Oct. 17, Sept. 19, Oct. 18,
Prior to September marketing of this year's
1925
1924
1925
crops was in considerably smaller volume than
in 1924, but receipts of cotton, vegetables,
Direct loans outstanding o n 14,059
3,299
9,520 fruits, and tobacco increased rapidly in SepCotton
19,479
16,222
18,107
Tobacco
-.2,971
2,383 tember, and the aggregate volume of all agri1,874
Wheat
2,257
1,060
2,069
Canned fruits and vegetables.
1,800
4,500 cultural products was 45 per cent larger than in
2,400
Raisins
500
Prunes
August and about the same as in September,
146
148
Peanuts
1,750
379
1,818
Wool....
1924. Exports of agricultural products, as
Rice
measured by the Department of Agriculture's
95
"257
All other
...—
combined index, increased 56 percent in Septem27,925
42, 551
Total.
ber.
As compared with September of last year,
Rediscounts outstanding for—
18,234
21,096
Agricultural credit corporations
11,880 agricultural exports were 19 per cent smaller.
24
3
National banks
32 The chart shows the exports of agricultural
468
State banks
1,073
536
9,272
7,021 products since 1922.
10,151
Livestock loan companies
82
82
Savings banks and trust companies.
310
Farm prices, as measured by the Depart28, 080 31,869
20,316 ment
Total.
of Agriculture's index of prices at
country markets, were slightly lower in October
Below is given a table which shows the net than in September, but they continued about
mortgage loans outstanding by the 12 Federal 4 per cent higher than in October of last year.
land banks, the joint-stock land banks, and Prices of fruits and vegetables, and dairy and
the farm-mortgage holdings of 41 life-insur- poultry products advanced in October, while
ance companies which own more than 82 per those of grains, livestock, and cotton declined.
cent of the assets of all life insurance com- As compared with a year ago, nearly all groups
except grains and cotton were higher.
panies:
FEDERAL RESERVE BULLETIN
NOVEMBER, 192I3
CENT
PER CENT
250!
EXPORTS OF AGRICULTURAL PRODUCTS
250
( JULY 1909-JUNE 191^100 )
200
150
100
789
By the close of the third week in October
wheat prices showed considerable recovery
from the declines which began in the latter
part of September. Futures were still lower
than last year, but cash wheat prices were
much more stable and were at considerable
premiums over futures. Prices in the United
States were higher than those prevailing in
foreign markets, and local market conditions
were the principal factors in the market.
Cotton*
1922-23
1923-24
1924- -'25
^Grains.
According to the October crop report the preliminary estimate of spring wheat was 282,000,000 bushels, which was 1,000,000 bushels less
than last year's yield, and the total production
of all wheat was estimated at 697,000,000
bushels, about 80 per cent of last year's final
harvest. The indicated yield of corn increased
33,000,000 bushels and the crop was expected
to be 20 per cent larger than last year, though
somewhat less than the 1920-1924 average.
According to the Department of Agriculture
the intended seeding of winter wheat was 9.7
>er cent greater than last autumn. Reports
rom the winter-wheat belt indicate that inclement weather had prevented plowing and
seeding in some sections and that the acreage
may be smaller than the earlier reports indicated.. The wheat which was sown early was
germinating well. In many sections this early
sown winter wheat was up with a good stand
and was in excellent condition.
Receipts of wheat at interior markets were
29 per cent larger than in August, but were considerably smaller than in September of last
year, as were also receipts from the beginning
of the crop year. During the week ending
October 17 a considerable quantity of Canadian
wheat which had paid the duty of 42 cents per
bushel was received at Minneapolis. The following table shows the receipts, exports, and
imports for September, for three months ending
with September, and for similar periods last
year:
J
WHEAT MOVEMENTS
[In thousands of bushels]
1
to July 1 to
Septem- Septem- July 130,
Sept. 30,
ber, 1925 ber, 1924 Sept.
1925
1924
Receipts
ExportsImports.
1
58,891
12,992
1,372
83,148
39,246
311
147,225
37,601
2,661
Export and import wheat includes flour in terms of wheat.
226,309
67,952
1,752
Estimates by the Department of Agriculture
based on the condition of the cotton crop on
October 18 indicated a final yield of 15,226,000
bales, the third largest crop in the history of
American cotton-growing industry. A total of
46,448,000 acres was planted, but 2,217,000
acres were estimated to have been abandoned,
leaving a total of 44,231,000 acres to be harvested, as compared with 40,115,000 acres
harvested last year. Picking and ginning continued at a rapid rate during the early weeks
of October, and a total of 9,520,000 bales was
ginned prior to October 18, compared with
7,616,000 bales for the same period last year.
Rains early in October delayed picking somewhat and damaged the cotton in thefields,but
they also relieved the drought and resulted in
considerable improvement in the growing crop.
Early maturity and harvesting has been followed by larger domestic marketings and exports than in 1924. Total receipts at leading
southern markets for the season to October 16
were 25 per cent larger than for the same
period last year, takings by domestic and Canadian spinners were 15 per cent larger, and
exports were approximately 1,696,000 bales, as
compared with 1,508,000 bales in 1924. Following more definite information early in October of a final yield larger than earlier expectations, the price of cotton, as indicated by the
quotations on spot cotton, middling grade, at
the New Orleans market, declined rapidly and
fluctuated near 20 cents a pound during the
two weeks ending October 23. Qn October 26,
following the Government's estimate, the price
of cotton declined below 20 cents and reached
the lowest point in recent years. Further declines occurred during the last day of the month
and on October 31 spot cotton at New Orleans
closed at 18.05 cents a pound.
Tobacco.
Estimates by the Department of Agriculture
at the beginning of October indicated a slightly
smaller yield of tobacco than was expected a
month earlier and, as compared with the average
harvest of the past five years, production is expected to be 8 per cent smaller. Reductions in
790
FEDERAL RESERVE BULLETIN
the total expected production this year from the
final harvest in 1924 are due principally to smaller
yields in Kentucky and Virginia, where the
crops are 15 per cent and 23 per cent smaller,
respectively. Marketing of the early harvested
crop in Georgia and South Carolina proceeded
rapidly in September and by the end of the
month many markets in those States had
closed. In North Carolina marketing increased rapidly and total sales were 31 per
cent larger than in September, 1924, though
the quality of the crop averaged lower than
early season expectations and prices were somewhat lower than in the corresponding month of
last year. Harvesting proceeded rapidly in the
St. Louis Federal reserve district, and the types
that were cut early because of the drought were
curing satisfactorily.
In the tobacco manufacturing industries the
output of all products was larger in September
than in August, but all products except cigarettes were manufactured in smaller volume
than in September of last year. Production of
small cigarettes continued in exceptionally large
volume, exceeding all previous months except
July, 1925. Cigar manufacturers in the Philadelphia Federal reserve district operated
plants at an average rate of about 70 per cent
of capacity in September. The demand for
cigars was somewhat larger than in the previous month and the corresponding month last
year.
Fruits and vegetables.
Yields of fruits and vegetables, as forecast
by the October crop report, showed but little
variation from those of the preceding month.
White potatoes were estimated at 344,000,000
bushels, which is the smallest crop since 1919,
and production of sweet potatoes was expected
to be 22 per cent below the 1920-1924 average.
The commercial apple crop was estimated to
be slightly below the average of the past five
years, while that of pears, peaches, and grapes
was somewhat larger than the five-year average.
Early maturity and good demand favored
early marketing of fruits and vegetables, and
supplies of these crops increased rapidly at
leading markets throughout September and
early weeks of October. White potatoes
moved to market in 11 per cent larger volume
in September than in the same month last
year, though total shipments from the beginning of the season to October 10 were 6 per
cent less than for the same period last year.
Car-lot shipments of grapes were 32 per cent
greater than a year ago, California furnishing
about 95 per cent of the total, and apple shipments from the beginning of the season to
NOVEMBER, 1925
October 10 were considerably larger than
during the same period last year. In Virginia
and West Virginia the apple crop has been
disappointing in most districts, due primarily
to the small size and the poor color of the apples.
The outlook for the crop in New York, Michigan, and the Pacific Coast States improved
during the month, but in the Ozark region of
Missouri and Arkansas hot weather materially
damaged the crop and the total production
is slightly smaller than was expected at the
beginning of September.
Prices have shown remarkable stability in
a year of large supplies. Most leading fruits
and produce are selling at prices that are
higher than last season, and further advances
have been noted in recent weeks. In September apple prices were about the same as
quotations of a year earlier, but during the
first half of October they began to advance.
Potato prices in September were nearly twice
as high as last year, and after the October crop
report confirmed earlier estimates of a very
light crop they advanced rapidly. Prices of
most all other vegetables were higher than last
year.
Livestock.
Western ranges improved during September,
especially in the Dallas Federal reserve district
and in Oklahoma, where rains during the latter
half of the month were very beneficial. A
report from the Department of Agriculture
states that there appeared to be sufficient hay
and feed to meet the needs during the coming
winter. Cattle generally reflected the improved
condition of the ranges and in the Southwest
showed marked improvement. Because of the
excellent range conditions during the greater
part of the past summer in most of the range
States, cattle at the beginning of October
were generally in good condition, and reports
indicated that there has been some restocking
where financing could be obtained. Sheep, like
cattle, were in excellent condition at the
beginning of October, with those in the southwestern States showing much improvement.
Lambs were somewhat heavier than usual and
were being marketed "grass fat" rather than
moving as feeders.
The movement of western cattle to market
was earlier this year than usual, August
receipts having been 18 per cent larger than in
the previous year. September receipts, contrary to usual developments, were smaller than
in August, and were also smaller than in September, 1924. Sheep and hogs displayed the usual
seasonal increase in September over August,
but were considerably smaller than in Sep-
NOVEMBER,
tember a year ago. The following table shows
the movement of the three classes of meat
animals to market. The usual seasonal movement of feeders and stockers occurred, though
reshipments were smaller than for the corresponding period last year.
RECEIPTS
OF
LIVESTOCK
, Septem- I August,
! ber, 1925 | 1925
Cattle and calves.
Hogs.Sheep
York was 6 cents a pound during the six weeks
period, and on October 16 the wholesale price
was quoted at 53 cents a pound. This price
was 13 cents a pound higher than the one
quoted for the same date the preceding year.
Despite higher prices, consumptive demand has
continued large.
Coal and coke.
[In thousands]
2,157 |
2,741 i
2,627
2,245
2,549
2,064
September, 1924
2,566
3,216
3,027
Prices of all meat animals declined during the
month of September and the early part of
October, though on October 16 they were still
considerably above last year's prices. The
largest decline occurred in the price of hogs
and amounted to $2 per hundred pounds, a
part of which was recovered near the middle
of October. Declines in the price of cattle and
sheep were considerably less than for hogs, and
on October 16 they were 15 per cent and 31
per cent higher, respectively, than a year ago.
Dairy products.
Favorable weather improved forage conditions during September. The hay crop estimate was increased about 4,500,000 tons, according to the October crop report, although it
was still 12 per cent smaller than the 1924 crop.
Pastures, though considerably improved, were,
as compared with other years, in very poor
condition.
Production of butter, as indicated by receipts
at five principal markets, in September showed
the usual seasonal decline from August, but
was considerably larger than for any September of recent years except 1924. Movement
of butter from storage began during September
and was heavier than last year. Cold-storage
holdings of butter decreased 11 per cent during the month and were 114,167,000 pounds on
October 1, as compared with 153,271,000
pounds on the same date the preceding year.
Cheese receipts declined seasonally from
August, but were the largest for any September
for which records are available. Cold-storage
holdings of American cream cheese were the
largest ever recorded. This was the first time
for which figures are available that such holdings increased during September over August.
During September and the early weeks of
October prices of cheese and butter showed
advances. Those of cheese were very moderate,
while the increase on 92-score butter at New
791
FEDERAL, RESERVE BULLETIN
1925
MINING
Increased activity characterized the markets
for bituminous coal and coke during the last
part of September and the first half of October,
while production of anthracite continued in
suspension as a result of the strike which
began September 1. In contrast to the first
three weeks of anthracite suspension, when
prices for bituminous rose rapidly, during the
succeeding four weeks prices fell off somewhat
and then stabilized, the Coal Age index of
spot prices for bituminous coal standing at
$2.13 on October 19, as compared with $2.24
at the peak on September 21. Production of
bituminous in September was 46,817,000 net
tons, the highest monthly output since January and the highest September total since 1920.
During the first part of October production
continued to increase, average output per
working day reaching 1,949,000 net tons during the week ending October 10, as compared
with 1,850,000 net tons for the week ending
September 12. Total 1925 production of
bituminous on October 10 was 383,050,000 net
tons, 6 per cent over the corresponding output
during 1924, but 15 per cent under that for 1923.
Production of anthracite was at a standstill
during September and October, and prices r©se
somewhat as the suspension continued. Total
1925 anthracite production on October 10 was
61,693,000 net tons, 123^ per cent under the
corresponding output in 1924.
Accompanying increased activity in iron and
steel, output of coke advanced during September to 3,927,000 short tons, the highest since
May of this year and 28 per cent above September, 1924. The increase over August amounted
to 163,000 short tons, of which 144,000 was
contributed by increased output of beehive.
During the first part of October coke wras
reported in increased demand as a substitute
for anthracite, and production of beehive
continued to increase, output for the week
ending October 10 totaling 193,000 net tons, as
compared with 169,000 net tons during the
week ending September 12 and 123,000 net
tons four weeks earlier. Coke prices rose
further during the period, and Connellsville
coke on October 23 was quoted at $7.50 a ton,
as compared with $3.50 a month earlier.
792
FEDEBAL, RESERVE BULLETIN
Petroleum.
Production of crude petroleum declined
steadily in September, and for the week
ending October 24 the daily average output
was the smallest since the middle of April.
Total production in September declined to
64,907,000 barrels, the smallest monthly
volume since April. Declines occurred in
almost all fields in September and early
in October, though the greatest were in California, where the daily average output declined
from 673,000 barrels for the week ending
September 5 to 652,000 barrels for the week
ending October 24. Stocks were reduced further in August and at the end of the month were
smaller than at the end of any month since
March, 1924. Notwithstanding the falling
off in production and the reduction in stocks,
prices, according to the Oil, Paint, and Drug
Reporter's weekly average price, declined
from $2.03 a barrel in the middle of August
to $1.52 a barrel in October.
Production of gasoline and lubricating oil
increased in August, and the output of gasoline
reached a record of 972,689,000 gallons, while
the output of lubricating oil exceeded
112,000,000 gallons, the second largest volume
on record. Heavy shipments of gasoline from
California via the Panama Canal to the
Atlantic seaboard markets resulted in further
reductions in gasoline prices, which in
September averaged at three refineries 12
cents a gallon, as compared with 13.5 cents in
August and 9.8 cents a year earlier. Stocks
of gasoline, kerosene, and lubricating oils
were lower at the end of August than in July
and gasoline stocks were the lowest since
January. Although the decline in gasoline
stocks during the summer months was due
to seasonal factors, the decline this year from
the end of May to the end of August was less
than that which occurred last year during the
same period. Consumption of gasoline was
exceptionally heavy this year, but production
also increased rapidly, and stocks were not
relied upon to meet the deficiency to the
same extent as in 1924.
Nonferrous metals.
With the exception of copperj^and silver,
markets for nonferrous metals were active
during the four weeks ending October 14, and
prices for tin and zinc reached new highs for
the year on that date.. The market for copper,
on the other hand, showed no sustained movement in either direction and the price of refined
electrolytic copper delivered at New York
fluctuated between 1 4 ^ and 14% cents, clos-
NOVEMBER, 1925
ing the period at the higher figure. Statistics of
copper stocks at the end of September showed
a new post-war low for refined metal that was
balanced by an increase in blister, leaving total
stocks in the hands of refineries at about the
same figure as on August 31. Production of
copper in the United States during September
was 134,786,000 pounds, the lowest since
September, 1924. Lead was quoted at 9J^
cents in New York on October 14, a price which
had prevailed with practically no variation
during the preceding eight weeks, and lead
output in the United States during September
was at about the same daily rate as in August.
Production of zinc during September was in
about the same volume as in the two preceding
months, but shipments of slab zinc from refineries were the largest since last December,
with the result that stocks declined to 11,796
tons, the lowest since April, 1923, and prices
continued the rise that characterized the preceding period to 834 cents on October 14, as
compared with 1% cents on September 16.
The silver market was quiet over the period,
with some demand reported in India, and
China reported as alternating between a buying and selling position. Quotations for bar
silver in New York fluctuated between 7 0 %
and 72 cents, closing the period at 7134 cents r
as compared with 70% cents four weeks earlier.
Deliveries of tin in the United States during
September were slightly under August and
stocks in New York at the end of the m o n t h
fell off to the lowest point since June. Quotations for tin, after displaying some weakness
during the third week of September, began a.
sustained advance toward the close of the
month that continued during the first half, of
October. On October 14 straits tin was quoted
at 62 y> cents, as compared with 59 cents" on
September 16, and 2 cents over the previous
high for the year reached on January 3.
MANUFACTURING
Food products.
There was more than the usual seasonal
increase in flour production in September in
nearly all Federal reserve districts except the
Chicago district, but production was generally
under that of September of last year. The
production in September was 13,700,000
barrels, as compared with 10,196,000 barrels
for August and 13,795,000 barrels for the
previous September. Since the first of October, however, production has declined, and
the steadier position of wheat has not been accompanied by a substantial increase in buying.
With the exception of May, 1925, the exports
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
of wheat flour were the smallest for any month
since July, 1924. Very little flour was going
to Europe, Latin America and the Orient
having taken most of that shipped.
Flour advanced with the recent recovery in
wheat, and on October 23 standard patents
at Minneapolis were $8/40 a barrel, 20 cents
higher than the preceding month and 45 cents
above the quotations of a year ago.
As a consequence of increased supplies and
prospects of a larger world production of
sugar in 1925-26, prices of sugar declined to
new low levels in September, and since early in
October quotations for duty-paid raw sugar
have been less than 4 cents per pound, and
shortly after the 20th they declined to the
lowest price since January, 1922. Refined
sugar followed raws and was quoted around
5 cents per pound. All commitments were
for immediate needs. Meltings in September
were the smallest since February of this year
and were 15 per cent smaller than in September
of last year. Stocks, principally at refineries,
showed similar decreases and were smaller
at the close of September than for any similar
date during the last six months.
Slaughterings under Federal inspection increased about 5 per cent in September over
August, gains being registered in all types of
animals except calves. There was a decrease
in slaughterings of 6 per cent when compared
with September, 1924, the decrease occurring in
hogs and sheep. Stocks of all meats in cold storage were seasonally low, but were especially so
in pork products, as the following chart shows.
THOUSANDS OF POUNDS
THOUSANDS OF POUNDS
1200
1200
1000
1000
800
eoo
400 -
200
1922
1923
192**
1925
On July 1 pork and lard stocks were the
largest in recent years, while on October 1
they were the smallest on record for that date
since 1917.
Sales of meats increased in September and
were 12 per cent larger than in September,
793
1924. Foreign demand, as well as domestic
buying, improved in September, and the value
of exports was larger than in the previous
month or in the same month of last year,
although the physical quantity of exports was
larger in September, 1924, than in September
of this year.
Textiles.
Textile industries have in general been more
active in recent weeks than during the summer.
Demand has been fairly steady, manufacturing
operations have been increased, and prices
have been firm. The greatest improvement
has probably been in the woolen and worsted
industry; cotton goods have also shown greater
activity; and the silk industry has continued
at the high level noted for several months.
Demand for cotton goods and yarns was
affected by weakness in raw-cotton prices
during September and October, but, considering this disturbing influence, buying continued
fairly steady. Manufacturing activity increased in nearly all important States in
September from the low point reached in
August, although reports indicate that operations have been somewhat limited in the
Carolinas, owing to power scarcity caused by
drought. The number of spindle hours active
during September was greater than during
August in all important States except North
Carolina, New Hampshire, and Connecticut,
and consumption increased in all except New
New Hampsnire and Maine. Consumption by
all the mills in the country was greater than in
September of 1920 and 1924, but has been exceeded slightly by figures for that month of all
other years since 1914. Owing to lower rawcotton prices, quotations on cotton goods and
yarns declined in October, and the Fairchild
indexes, which on October 3 were the highest
since last spring, declined slightly in the three
weeks following. The declines in the goods
and yarn indexes, however, have not been as
great as in the raw-cotton indexes, which
about the middle of October fell to the lowest
point since 1922. Finishers of cotton fabrics
reported an increase of orders in September to
the largest total since last March. Billings
and shipments also showed substantial increases.
Stronger raw-wool markets, with advancing
prices, steady buying of woolen and worsted
goods, and increased manufacturing activity
have been outstanding factors affecting the
wool industry in recent weeks. Manufacturing operations increased in September for the
second successive month, and preliminary
794
FEDERAL RESERVE BULLETIN
reports indicate that mill consumption of raw
wool was the largest since March. The increase has been particularly noticeable recently
in ^worsted spindles, which were nearly 71
per cent active in September, as compared
with a low point of 53 per cent in June and
with 67 per cent in September, 1924.1 Woolen
spindles were 82 per cent active, but have
shown little increase recently and were less
active than a year ago. Loom activity increased and was greater than last year.
Manufacturers report an active demand for
staple goods, both for spring and fpr immediate ^delivery. There has been a large rush
call for blue cheviots in men's wear. Worsteds
have been decidedly in best demand. Rawwool markets have been fairly active recently,
reflecting greater strength abroad. The Fairchild index of domestic wool prices, which
declined from the middle of July to the end
of September, advanced for three successive
weeks in October. Wool imports totaled
18,948,156 pounds in September and since
April have been larger than in the corresponding months of 1924, but the amount of wool
in bond in Massachusetts showed a steady and
large decline in each month from May 31 to
September 30.
Demand for silk and silk goods has been
rather large, continuing the great activity
noted in this industry for several months.
Silk goods have been bought in substantial
amounts at steady prices. Manufacturing
operations have continued large, with broadsilk looms at about 90 per cent of single-shift
capacity. Spindles are running at more than
the one-shift capacity. Deliveries of raw silk
to mills in September totaled 41,684 bales,
slightly less than in the longer months of
July and August, but large as compared with
previous months. Imports increased considerably, totaling 7,632,820 pounds, the largest
figure for any month in the postwar period.
As a consequence of the excess of imports
over mill takings, warehouse stocks increased
-considerably.
Raw-silk prices fluctuated
slightly during October at around the highest
levels reached since early in 1924.
Knit-goods industries have also noted rather
active business in recent weeks. Orders for fall
and winter goods have been satisfactory, and
jeports indicate seasonal increases in production. Women's full-fashioned silk hosiery has
continued in good request. Manufacturers
have advanced prices on full-fashioned silk
hosiery 50 cents a dozen. Preliminary Septem-
NOVEMBER, 1025
ber data for the Philadelphia and Atlanta
districts indicate an increase in orders, production, and shipments of men's and women's
hosiery, but the output of boys' and misses'
hosiery by mills in the Atlanta district decreased. Production of summer underwear
showed a seasonal increase in September, and
the output of winter garments also increased
slightly.
Iron and steel.
Improvement in the iron and steel industry
during September and October was evidenced
by increases in orders, production, and prices.
Buying of various iron and steel products has
grown larger, and in September for the first
time since February unfilled orders of the
United States Steel Corporation increased.
Daily average production of pig iron equaled
90,873 tons and of steel ingots equaled 134,342
tons in September, as compared with July
figures, the smallest of the year, of 85,936 tons
and 118,753 tons, respectively. Output was
greater than in September, 1924, but the increase from the low point was not as great this
year as last. There was an increase from 192
furnaces in blast on September 1 to 200 on
October 1. During October reports indicate
further increases in operations of steel mills.
Prices have been firmer and many producers
have advanced quotations on pig iron by 50
cents to $1 a ton. Coke prices were also
rather considerably
raised in October; Connellsville coke1 for prompt delivery was quoted
at $7.50 on October 20 as compared with $3.75'$4.25 a month earlier. The Iron Age index of
pig-iron prices rose steadily from $19.13 in the
week of September 8 to $19.88 in the week of
October 20. A few increases in prices of steel
products have been made. Late in October
automobile body sheets were advanced about
$3 a ton.
Railroads have entered the steel market and
with increased orders for cars, locomotives,
and rails have reenforced the continuing large
demand from construction and automobile industries. Railroad car orders in September
were larger than in any other month this year,
but were still small relative to those of September, 1924. Car awards in the first part of
October also were rather numerous. Buying
of rails has been the most active feature of
railroad purchasing, many of the large roads
have placed substantial orders, and new inquiries are frequent. Building activity was
reflected in the maintenance oi bookings and
shipments of fabricated structural steel at high
NOVEMBER, 1925
FEDERAL KESEBVE BULLETIN
795
levels. Sales of sheets, which were rather
small in July and August, increased considerably in September; at the same time unfilled
orders were increased to the greatest total
since March, and production was the largest
since January. All items except stocks continued considerably greater than in the corresponding period of last year.
price advances of from 10 to 20 per cent.
Shipments of tires were considerably smaller in
August and September than in the spring and
summer months; production was rather well
maintained, however, and manufacturers7
stocks have increased considerably from the
low point at the end of July.
Automobiles and tires.
As has been true for several months past,
lumber cut continued in September to run in
larger volume this year than last, an inconsiderable decrease in production being shown by reports to the National Manufacturers7 Association
for September as compared with August. Softwood production in September exceeded both
shipments (by 1.8 per cent) and orders (by 6.4
per cent), and for the 42 weeks of this year ending October 17 aggregate production of softwoods slightly exceeded shipments (by 1.7 per
cent). For hardwoods, shipments and orders
in September, as in August, exceeded production. Although in the aggregate softwood production exceeded shipments in September,
shipments of Douglas fir, as reported
for 104
mills of the West Coast Lumbermen7s Association, and shipments of Southern pine, as reported for 169 mills of the Southern Pine Association, exceeded production. These two associations report approximately seven-tenths of
the reported softwood output. Of the seven
other reporting associations; four report for
September production in excess of shipments
and#three shipments in excess of production.
Automobile factories continued busy during
September and the first part of October,
producing cars largely to supply current demand. Sales likewise were fairly well maintained at high levels. Production of passenger
cars in the United States increased from 214,383
in August to 262,036 in September. Although
the September figure is slightly larger than
that of September, 1924, it is rather small as
compared with the spring and summer months
of this year, and apparently the drastic curtailment of output caused by model changes in
August continued partly into September.
Reports indicate that many companies had
record outputs in September. A new daily
maximum output was reported for the Ford
Motor Co. about the middle of October.
Production of trucks totaled 57,883 in September, as compared with 46,247 last April,
previously the maximum output on record.
Manufacturers7 sales in September were
also very large. Those of the General Motors
Co. to their dealers totaled 88,379, a new
monthly record. Dealers7 sales to users were
nearly as great, 83,612, but were not equal to
sales during last April and May. Internal
revenue taxes paid on automobile and motorcycle sales in September totaled $11,800,416,
as compared with $12,333,000 in July, the maximum monthly collections recorded, and $9,278,014, in September, 1924. Reports from certain middle western dealers to the Chicago
Federal Reserve Bank showed a decrease in
sales in September as compared with August,
and as compared with September of last year a
decrease in retail sales but a substantial increase
in those of wholesalers. Exports of automobiles
totaled 22,822 in September, as compared with
33,244 in August. Exports for the first nine
months of this year totaled 218,212 cars. The
total for the entire 12 months of 1924 was
178,883, the largest figure for any year.
Crude-rubber prices advanced further in
October, again rising to over $1 a pound.
September imports totaled 59,061,732 pounds,
much less than in any month since February,
and slightly smaller than in September a year
ago. In October tire producers announced
Lumber.
Hides, leather, and shoes.
Shoe sales have been rather large in recent
weeks, and hide markets have been active,
but the demand for leather has been only fair.
Sales of hides and skins on Chicago markets
in September were fairly large and prices
remained steady. Raw stocks of cattle hides
at the end of August were the smallest since
the records began in 1920; stocks of calf and
goat and kid skins, on the other hand, were
the largest since 1923.
Production of sole leather was smaller in
September than in any month since June,
1924. Stocks in process also decreased considerably, and tanners7 finished stocks, which
have been steadily increasing since February,
were reduced. August figures, the latest available, showed smaller finished stocks of all
upper leathers, in most cases the smallest on
record, and increased production of all except
calf and kip leather. Offal has been in good
demand and has advanced in price. Prices
of other leathers have not changed.
796
FEDERAL RESERVE BULLETIN
Buying of boots and shoes continues large.
Preliminary figures indicate that September
production will exceed that of September in
a<ny of the three preceding years. Sales of
shoes by wholesalers increased in September
and for the fourth consecutive month were
larger than in the corresponding month of
1924. Chain shoe stores also had larger sales
than a year ago, and sales of women's shoes in
reporting department stores showed a similar
increase.
BUILDING
While cost values of building and engineering
contracts awarded during August and September indicated that the volume of construction
being bought under new contracts during these
months was decreasing nearly in proportion to
the usual seasonal trend, the decrease over the
month of approximately 7 per cent was upon a
record large volume of construction. Adjusted
for seasonal variation, the Federal Reserve
Board's index, figured on cost values of contracts awarded in 1919 as 100, stood at 224 in
September, or practically at the very high level
of the preceding month. In May the index
stood at 151. It advanced to 171 in June
and to 189 in July. On a cost-value basis,
September awards this year of $566,000,000
in 11 Federal reserve districts ran above 1924
by $209,000,000, or 59 per cent.
Of the total value of awards for all classes of
construction, the value of awards for residential building constituted 45 per cent, the September total of $256,000,000 being 72 per cent
above last year's total. Larger values for residential awards were reported this year in each
of the 11 Federal reserve districts for which
data are compiled.
It is noted oy the American Contractor that
reports to the F. W. Dodge Co. of contracts
awarded during the first nine months of 1925
indicate that the value of construction started
in this period exceeded total awards during the
12 months of 1924 in three of the seven regions
for which totals are compiled. These regions
include the New England States as a group;
the Pittsburgh district, comprising western
Pennsylvania, West Virginia, Ohio, and Kentucky; and the Central West, comprising
Illinois, Indiana, Iowa, Wisconsin, Michigan,
Missouri, Kansas, Oklahoma, and Nebraska.
Compilations given by the American Contractor show percentage changes for cost values
of contracts awarded in these several regions
and in Texas as follows:
NOVEMBER, 1925
Percentage change
Region
September, 1925,
compared with—
August,
1925
New England
New York State and northern New Jersey
_
Middle Atlantic States
Southeastern States
Pittsburgh district
The Central West
The Northwest
Texas
_
1
1
Year to
October
1, 1925,
Septem- compared
ber, 1924 with 1924
-3
+57
-37
—7
+23
-14
+28
+23
-16
+56
+8
0)+84
+20
+26
+58
+44
+11
(2)
+36
+100
+50
+43
+37
Practically equal in amount.
Data not available.
In each of these several areas, excepting New
England and the Pittsburgh district, estimated
cost of construction for " contemplated new
work," as reported to the F. W. bodge Co.,
exceeded the value of contracts awarded in
September.
A similar seasonal trend of building activity
is indicated in the reports covering permits
issued in 168 selected cities. Although, as
compared with the August reports for these
cities, a somewhat larger number of permits
were issued in September, the valuation put
upon these permits was 9 per cent under the
August total. In each of the preceding six
months of this year, March to August, inclusive, permits issued covered larger aggregate
valuations. Nevertheless, the September valuation ran above that for September of last
year by 32 per cent, and in the selected cities
of each Federal reserve district, excepting the
Philadelphia, Chicago, and San Francisco districts, permits were issued for a greater aggregate value this year.
Compilations by S. W. Straus & Co., coyering valuations of permits issued in 369 cities,
give an aggregate value in excess of $3,300,000,000 for permits issued this year to October
1, a value 17 per cent in excess of last year's
total, the gain for the month of September,
1925 over 1924, amounting to 38 per cent.
For New York City a total valuation of
$738,000,000 is reported for permits issued to
October 1, the gain over 1924 amounting to 11
per cent, and the September-September gain
to 91 per cent.
The physical volume of building and engineering activities covered under new contracts
in 27 northeastern States, according to compilations of the F. W. Dodge Co., also show
a seasonal decline over the month from August
NOVEMBER, 1925
FEDERAL. RESERVE BULLETIN
to September (of 7 per cent) and a volume of
building largely in excess of last year—square
feet contracted for in September of this year
being 66 per cent above 1924. Residential
building contracted for in these States fell off
from 46,000,000 feet in August to 38,000,000
feet in September, the corresponding figures for
September, 1924, being 24,000,000 feet. Contrary to the general seasonal trend the volume
of industrial building increased in September
from 4,200,000 feet in August to 7,700,000 feet
in September, being more than double last
year's total of 3,200,000 feet.
Reports to the National Association of Real
Estate Boards of transfers and conveyances of
real estate in September in 41 centers indicate
" a continuance through that month of the high
degree of activity which characterized August."
Material and labor costs, as compiled by the
American Appraisal Co., for wood frame and
reinforced concrete construction tended slightly
upward in September (by only a fraction of 1 per
cent), and costs for steel frame with brick
construction slightly downward. The Bureau
of Labor Statistics index for wholesale prices of
building materials advanced from 172.4 in
August to 174.1 in September.
797
tions by the Bureau of Railway Economics
show for the year to October 10 total car loadings for all classes of freight combined 14 per
cent above the six-year average. In this period
loadings of forest products and of manufactured products have run 20 per cent above the
six-year average, loadings of coal and coke 3
per cent, and loadings of grain and grain products 0.4 per cent.
Freight-car surplus declined from 238,000
cars for the first quarter of August to 147,000
cars for the first quarter of September. The
surplus increased in the second quarter of September and fell off in each succeeding quarter
to 136,000 cars in the first quarter of October.
Total operating revenues of Class I railways
in August were 9.2 per cent and operating expenses 4.1 per cent above the corresponding
totals for 1924, the increase in net operating
income for the month amounting to 23.5 per
cent. The operating ratio (percentage of expenses to revenue) in August was 70.02 per
cent, and for the eight months ended August
31, 75.78 per cent, the corresponding figures
for 1924 being 73.48 and 78.13 per cent.
Rate of return earned in August on the investment of the carriers, as shown by their
books, was equivalent to an annual rate of
TRANSPORTATION
4.65 per cent, the rate earned by carriers in the
eastern district being 5.22 per cent, in the
Measured in car loadings, freight continued southern district 5.86 per cent, and in the
to move during September in nearly the same western district 3.62 per cent.
volume as in August—increases for livestock,
coke, and merchandise offsetting decreases for
TRADE
grain and grain products, coal, forest products, Wholesale trade.
Sales in all leading lines of wholesale trade
and ore. Loadings increased in September
over August in each district for which totals increased in September and the total volume of
are compiled except in the eastern and Alle- trade, as measured by the Federal Reserve
gheny districts, although the net increase for Board's combined index of wholesale trade,
all districts combined was less than the usual was 9 per cent larger than in August. Wholeseasonal change, as shown by the Federal Re- sale trade usually increases in September as
serve Board index. Comparing September this retailers begin to build up their stocks in anyear with September of 1924, increases are ticipation of autumn trade, but the increase
shown for each district except the Central West this year between August and September was
and the Southwest. Coal loadings fell off by greater than that which usually occurs. Sales
110,000 cars—from 853,000 cars in August to of groceries, shoes, hardware, and drugs in743,000 in September—very little anthracite creased more than 10 per cent in September,
moving either in revenue or nonrevenue load- while those of meats and dry goods were about
ings. Merchandise loadings, including less 5 per cent larger. Sales of all leading lines
than carload freight, increased by 126,000 except dry goods were larger than in August
cars—from 2,831,000 to 2,951,000 cars. As in in nearly all Federal reserve districts.
Compared with September of last year,
each preceding month of this year, excepting
February, for which comparison is affected by sales were 3 per cent larger and were in the
the extra day last year, total loadings in Sep- largest September volume since 1920. Sales
tember for all classes of freight combined ex- in all leading lines except dry goods were larger
ceeded loadings in 1924, although loadings of than in 1924, but meat and shoe sales showed the
grain and grain products, livestock, and coal largest increases. Sales of drugs were larger in
were in smaller volume this year. Compila- all districts except New York, and hardware
798
FEDERAL RESERVE BULLETIN
sales were larger in all districts except Philadelphia, Cleveland, Richmond, Chicago, and
Dallas, the most substantial increase being
in the Atlanta district. Agricultural-implements sales continued to be much larger than
in 1924, although they were smaller in the
Minneapolis and Dallas Federal reserve districts.
As a consequence of increased sales in September, stocks of merchandise at wholesale
firms, as measured in dollar values, showed a
further reduction and were smaller at the end
of the month than for any previous month
this year. Stocks of all leading lines except
groceries were smaller, those of meats, dry
oods, and drugs showing the largest declines.
LS compared with a year ago, stocks of dry
goods, shoes, and hardware were smaller in
value, while those of groceries, meats, and
drugs were larger. Accounts receivable at
wholesale firms, as indicated by all districts
reporting, were larger at the end of September
than in August. Compared with a year ago,
accounts outstanding at shoe and drug firms
were larger but those at grocery, dry goods,
and hardware firms were smaller.
f
Retail trade.
Trade at department stores and mail-order
houses showed more than the usual seasonal
increase in September, and was larger than in
September of last year. Sales at 5-and-10-cent
and drug chain stores were slightly smaller than
in August, but those of other reporting chain
stores were as large or larger than in the previous month. Compared with a year ago, sales
of all reporting chains were larger.
Department-store sales were larger than in
September of last year in all Federal reserve
districts except the three southern reserve districts and the Cleveland district. For the
nine months ending with September sales were
larger than for the corresponding period last
year in all districts except Philadelphia, the
largest increases occurring in the Chicago and
Kansas City Federal reserve districts, where
they amounted to 5 and 6 per cent, respectively.
Analysis of sales, by departments, from stores
in seven Federal reserve districts indicates that
sales were more than 10 per cent larger than
in September of last year for silks and velvets,
toilet articles and drugs, women's dresses,
juniors7 and girls7 ready to wear, negligees,
aprons, and house dresses, furniture, toys and
sporting goods, luggage, and musical instruments and radios. Sales of departments carrying woolen dress goods, laces, trimmings
and embroidery, women's coats, women's suits
NOVEMBER, 1925
and skirts, waists, and blouses, and gloves were
substantially smaller than in September, 1924.
Total value of merchandise stocks at department stores increased further in September and
were larger than at the end of September, 1924.
Departments carrying domestics, toilet articles
and drugs, furs, women's and children's hose,
infants' wear, and luggage reported stocks more
than 7 per cent larger than last year, and those
selling ribbons, women's suits, skirts, waists,
and blouses reported the greatest decreases.
For the nine months ending September,
department store stocks were turned over 2.36
times, as compared with 2.30 times during the
corresponding period in 1924. Goods moved
faster in all Federal reserve districts except
New York and Philadelphia, where the rate of
turnover was slightly less. Since sales and
stocks in September increased in about the
same proportion, as compared with September
last year, the ra-te of stock turnover for the
month was practically the same as last year.
EMPLOYMENT
Employment in industrial establishments
increased during September for the second
consecutive month and likewise continued at
higher levels than a year ago. Because of the
Labor Day holiday in the pay-roll period
covered by the September reports, the total
amount of wage payments in the same establishments was somewhat smaller than in
August. Increases in number employed were
noted in nearly all the important industries,
with the largest growth in automobiles and
musical instruments. Decreases were few and
largely limited to seasonal changes. As compared with September, 1924, large decreases
were noted only in the meat packing, sugar
refining, millinery, and car building and repairing industries. In automobiles and tires, silk
goods, hosiery and knit goods, dyeing and finishing textiles, machine tools, agricultural implements, and glass manufacturing employment was much larger than a year ago, and in
nearly all other industries there were smaller
increases. Employment in certain important
industries—iron and steel, cotton, wool, and
dyeing and finishing textiles—has been for
three or four months at somewhat lower levels
than earlier in the spring, although greater
than during corresponding months of 1924. On
the other hand, the number employed in a few
industries, such as silk, knit goods, shoes,
automobiles, cement, brick, and lumber, in
September compared favorably with or exceeded previous months of large employment
during the past two years.
Increased employment was noted during
September, as compared with August, in all
geographical divisions except New England
and the Mountain States, and, as compared
with a year ago in all except the west, south
central, and the mountain regions. Since
the summer of 1924 the greatest increase has
been in the east north central division, reflecting the growth of employment in the
automobile industry. No wage changes of
significance have been reported recently to the
Bureau of Labor Statistics. The anthracite
strike, which began September 1,' continued
throughout October. Bituminous mines report
the largest production for September in several
years, indicating increased employment. Agricultural labor has been in demand, and work
in the construction industry, both on roads and
buildings, continues to be a large source of
employment. Railroad employment has increased since March and during the summer
months was greater than a year earlier.
SAVINGS DEPOSITS
Savings deposits reported by 898 banks distributed throughout the United States totaled
$7,971,672,000 on October 1, 1925, as compared
with $7,932,155,000 on September 1, 1925, and
$7,473,277,000 on October 1,1924. The largest
increase in savings deposits in September occurred in the Atlanta Federal reserve district,
amounting to 3.5 per cent, and increases of over
1 per cent were reported from the St. Louis,
Minneapolis, and Dallas districts. On the other
hand, deposits in the Philadelphia, Cleveland,
Richmond, and Kansas City districts declined
during the month. All districts reported larger
deposits than a year previous. A comparison
of savings deposits reported on October 1,1925,
September 1, 1925, and October 1, 1924, is
shown, by Federal Reserve districts, in the following table. In the Boston and New York
districts the figures represent only deposits of
mutual savings banks; in all other districts
where there are but few mutual savings banks,
savings deposits of other banks are included.
SAVINGS
DEPOSITS,
BY F E D E R A L R E S E R V E D I S T R I C T S
[In thousands of dollars]
NumFederal reserve district ber of Oct. 1,1925 Sept. 1,1925 Oct. 1,1924
banks
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-Kansas City...
Dallas
SanJjFrancisco..
Total. . . .
799
FEDERAL RESERVE BULLETIN
NOVBMBEE, 1925
64 1, 329,853 1, 326,980
30 2,114, 729 2,095, 847
79
524, 607
525, 850
69
856,060
856, 390
86
348, 551
350, 998
93 ! 255,457
246, 832
194
945, 985
944,078
31
142, 582
140,072
26
108, 809
107,191
56
114,110
113,957
100
105, 330
104, 282
70
1,125, 735 1,119, 525
7, 971, 655 7, 932,155
1,263,800
2,002,659
491,103
799, 292
323, 212
231,065
905,926
138, 247
100,436
108,065
96, 569
1,012,903
7, 473, 277
PRICES
Wholesale prices in September, as shown by
the index of the Bureau of Labor Statistics,
stood at 159.7, practically the same figure as
in July and August, but about 7 per cent
above September of last year. Price movements of the separate commodity groups for
the month were also narrow. Cloth and
clothing, fuel and lighting, and metals were
practically unchanged; building materials,
chemicals, and foods rose by 1 per cent or
less, while farm products, house furnishings,
and the miscellaneous group were slightly
lower. Of these groups, only metals and
house furnishings are lower than a year ago,
but considerable advances have occurred only
in the miscellaneous group, in farm products,
and in food.
For the past three months advances and
declines in the indexes of the several commodity groups composing the wholesale price
index of the Bureau of Labor Statistics have
been mutually compensatory, with the consequence that the all-commodity index has
remained practically constant at 160. Between July and September farm products
declined slightly, but foods rose over 1 per cent
to 160.3, the highest figure recorded since
January, 1921. Compared with July, building
materials, cloth and clothing, metals, and
chemicals and drugs have risen slightly, and
the index of the last named group is at its
highest point since the spring of 1923. On the
other hand, miscellaneous commodities and
the fuel and lighting group have declined
steadily for the past three months, and house
furnishings at 167.5 shows the lowest figure since
April, 1919. A table of these index numbers
will be found on page 819.
At the end of the third, week in October
prices of few commodities showed important
changes from the quotations of a month before.
Butter and eggs were higher and coke had
doubled in price, although other fuels showed
little change. ,aCotton and sugar were lower.
ICOMMERCIAL FAILURES AND BANK SUSPENSIONS
During September 1,465 commercial failures,
involving liabilities of $30,687,319, were reported by R. G. Dun & Co., bringing the total
number for the third quarter of the year to
4,663 and the aggregate liabilities to $102,351,371. The number of failures during the
three-month period was about 5 per cent
larger than in the same period last year—in
fact was larger than in the third quarter of
any previous year except 1922. Total lia-
800
FEDERAL RESERVE B U L L E T I N
bilities for the quarter were, however, nearly
20 per cent lower than for the same period
last year and, with the exception of the third
quarter of 1923, were lower than for any
previous quarter in five years.
The increase in the number of insolvencies
for the quarter was due almost entirely to
an increase in the number of failures among
trading enterprises. The liabilities involved
in this class of commercial failures were also
considerably larger than in the same period
last year, in contrast to the liabilities of failed
manufacturing organizations, which showed a
marked decline for the period as compared
with the third quarter of last year. Commercial failures are shown by class of enterprise in the following table for the third
quarter of 1924 and 1925:
COMMERCIAL FAILURES, CLASSIFIED FOR THE
QUARTER OF 1924 AND 1925
Tsjiimbpr
Number
Class of enterprise
THIRD
Liabilities (in thousands of dollars)
1924
All classes
69,415
38,907
17,941
The usual seasonal tendency for failures to
become less frequent after the opening of the
year has prevailed during past months, and
both the number and total liabilities for September were the lowest for the year. The
aggregate indebtedness in default was less than
for any month of the past two years and, except for the month of September last year, the
same was true of the number of failures. Declines during recent months, both in number
and liabilities, have been most marked among
the trading class of enterprise. In the following table commercial failures are shown, by
class of enterprise, for the month of September,
1924 and 1925:
COMMERCIAL FAILURES, CLASSIFIED FOR SEPTEMBER
1924 AND 1925
Number
Liabilities
Class of enterprise
1925
All classes
Manufacturing.. _
Trading
Agents, brokers, etc
The number of insolvencies and the aggregate indebtedness in default were larger in
September than during the preceding months
in the Boston, New York, Philadelphia, and
Richmond districts; the number was larger
also in the Chicago and San Francisco districts, and the liabilities higher in the Atlanta
and St. Louis districts. Comparing September of this year and last, the number ol failures was larger this year in all except the
Philadelphia, Atlanta, Chicago, and St. Louis
districts, whereas the aggregate indebtedness
was higher only in the Boston, Richmond,
Atlanta, and San Francisco districts. In the
Atlanta and St. Louis districts the number of
failures for the month was the smallest since
October, 1920, and August, 1923, respectively,
and in the Minneapolis and Kansas City districts total liabilities were the lowest since
October, 1920, and November, 1922, respectively. Comparative data, by districts, for
the month of September are presented in
the following table:
COMMERCIAL FAILURES DURING SEPTEMBER
126,263
Manufacturing
Trading
Agents, brokers, etc
1,465
388
1,015
62
1924
1925
1,306 $30,687,319
360
883
63
8,167,172
14,989,871
7,530,276
1924
$34,296,276
19,468,185
10,125,648
4,702, 443
NOVEMBER, 1925
Liabilities
Number
Federal reserve district
1925
Boston
New York
Philadelphia. _.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco..
Total.
144
257
64
131
101
61
202
54
66
88
46
251
1,465
1924
1925
94 $7,700,181
238 6,623,159
928,390
73
102 1,439,015
84 2,330,536
85 1,538, 988
213 4,500, 402
71 1,138, 071
405,371
54
853,793
78
412,370
34
180 2,817,043
1,306
30,687, 319
1924
$1,119, 242
9,374,964
1, 315, 533
3,259,688
1,212, 869
1, 375,317
8, 945,494
3,586,174
453,528
1,339,489
580,455
1,733,523
34, 296, 276
During September 29 banks, with capital and
surplus of $1,677,335, were reported to the Federal reserve banks as having been closed or
declared insolvent. Both these totals were
above the low figures for the year which were
reported for the preceding month. Of the
suspensions during September, five, with capital and surplus of $442,130, were national banks
and one, with capital and surplus of $56,800,
was a State member bank. The remaining 23
banks, with capital and surplus of $1,178,405,
were nonmember banks. Two banks in the
Minneapolis district, which had previously been
closed, were reported to have resumed operations during the month. The figures for closed
banks represent, as far as could be determined,
banks which have been declared insolvent or
NOVEMBER,
have been closed by order of supervisory
authorities, and it is not known how many of
the latter institutions may ultimately prove to
be solvent.
MERCHANDISE TRADE BALANCE OP THE UNITED
STATES
[In thousands of dollars]
Month
BANKS CLOSED DURING SEPTEMBER,
All banks
Federal reserve
district
All districts
Cleveland
Richmond
Chicago. _
._
St. Louis
Minneapolis
_
Kansas City
San Francisco
1
Member
(national)
Nonmember
Capital
Num- Capital
Num- Capital
and
and Numand
ber surplus
ber surplus
ber surplus
i
23 $1,178,405
i 6 $498,930
29 , 677,335
1
.;
1
i
i
18
2
6
9
2
107,190
30,250
544, 710
39,300
293,090!
580,7701
82,025|
Imports
Exports
1925
56,800
145,830
296,300
107,190
30,250
487, 910
39,300
147, 260
284,470
82,025
Includes one State member bank in the Chicago district.
FOREIGN TRADE
In September imports of $350,005,000 and
exports of $420,319,000 were the largest since
March of this year. Imports were $10,000,000
above those of August and exports were
$40,457,000 higher. Compared with September of last year, imports were about $63,000,000
higher and exports about $7,000,000 smaller.
The excess of exports for September was
$70,314,000, $30,526,000 larger than that of the
month before, but only about half that for September of last year.
For the first nine months of 1925 both imports and exports of merchandise were much
larger than last year, imports having risen by
$409,683,000 and exports by $378,653,000.
Due to the larger increase in imports than
in exports, the surplus of exports for the nine
months declined from $454,623,000 to $423,593,000. Owing to the changes in the movement of gold, from net imports of $258,724,000
in the first three-quarters of 1924 to net exports
of $144,443,000 for the first nine months of
this year, and to an increase of about $1,500,000
in silver exports, the total visible balance of
trade has risen from an export balance of
$219,873,000 for the first nine months of 1924
to one of $593,478,000 for the corresponding
period of this year, an increase of $373,605,000.
801
FEDERAL RESERVE BULLETIN
1925
Excess of
imports
Excess of
exports
1924
January
February
March
April
May
June
July.
August
September...
October
November...
December
295,506
332,323
320,482
324,291
302,988
274,001
278, 594
254, 542
287,144
310,752
296,148
333,192
395,172
365,775
339,755
346,936
335,099
Year...
3,609,963
4,590,987
981,024
346,165
333,457
385,379
346,091
327,519
325,216
325,648
340,074
350,005
446,443
370,676
453,653
398,255
370,945
323,348
339,646
379,862
420,319
100,278
37,219
68,274
52,164
43,426
1925
January
February
March
April
May
June
July
August
September. .
276,649
330,659
427,460
527,172
493,573
445,748
33,452
19,273
22,645
32, 111
1,945
76,117
140,316
216,420
197,425
112, 556
13,998
39,788
70,314
TRADE BALANCE OF THE UNITED STATES FOR N I N E
MONTHS ENDED SEPTEMBER, 1924 AND 1925
[In thousands of dollarsl
Merchandise
Gold
2,669,871
3,124,494
269, 883
11,159
55,771
79,745
2,995,525
3,215,398
+454,623
-258,724
+23,974
+219,873
3,079,554
3, 503,147
59,830
204, 273
49,194
74, 636
3,188,578
3,782,056
Net imports (—) or
exports (+)
--- +423, 593
+144,443
+25,442
+593,478
Imports
Exports
1924
Net imports (—) or
exports (+)
Import s.
Exports
1925
Silver
Total
GOLD MOVEMENT
UNITED STATES
Imports of gold in September, .valuedr"at
$4,128,000, were somewhat smaller than for
August, and, as in August, about three-fourths
came from Canada. Exports for September
amounting to $6,784,000 were more than three
times as large as for August. Practically all
the gold exported in September went to the
Far East. For the month there was a net gold
802
FEDERAL RESERVE BULLETIN
export of $2,656,000, compared with net imports of $2,726,000 in August.
For the nine months ended September gross
imports of gold amounted to approximately
$60,000,000 and gross exports to $204,000,000,
leaving a net export balance of $144,000,000,
compared with net imports of $259,000,000 in
the same period of last year. About one-third
of the gold exported has gone to Germany,
one-third to the Far East, and nearly one-half
of the remainder to Australia.
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED
STATES
[In thousands of dollars]
9 months ended
September—
1925
Country of origin or
destination
September
August
1925
1924
4,824
6,585
2
10,085
25, 539
3,609
IMPOSTS FROM—
England
France
Germany
Netherlands.
Canada
Mexico.—
Argentina. .
China.
All other
Total
4
21
1
1
2,900
245
3,450
325
2
958
1,083
120
9,094
130,893
10,704
4,821
34, 501
33, 558
4,250
16,189
4 603
30, 364
4,128
4,862
59,860
269,883
260
221
135
382
50
167
764
EXPORTS TO—
England
France
Germany. _
Netherlands
Canada..
Mexico
Argentina
Colombia. .
Uruguay
Venezuela
British India
Hongkong
Australia
All other
Total
Net imports,.
Net exports
•
.
_
2,225
1,209
198
53
2,523
733
6,784
2,136
6,160
1,339
67, 519
4,318
2,896
7,495
5,510
2,000
802
2,160
58,757
8,132
26,925
10,260
204, 273
For the nine months ended September,
imports have been £2,690,000 above last year,
the great decline in receipts from the Transvaal
being more than made up by increased imports
from the Netherlands, Russia, and the United
States. Exports, on the other hand, have been
smaller than last year's by £15,847,000. For
the period, exports to the United States have
been about £29,000,000 less, but exports to
Switzerland are nearly £3,000,000 larger, to
India about £3,700,000 larger, to the Netherlands about £800,000 larger, while the increase
in shipments to unspecified destinations, which
includes Germany, are about £5,500,000
greater. Exports to the Straits Settlements are
about four times as great as last year, while
South American countries, to which no exports
were reported in the first nine months of either
1923 or 1924, have taken about £350,000 net.
For the nine months ended September, 1925,
the balance shows net imports of £3,882,740,
compared with net exports of £14,714,240 for
the same period of last year.
Net movements between England and the
gold standard countries of the Continent have
practically balanced. For the nine months, the
figures show no imports from Sweden and net
exports of only £100; net imports from the
Netherlands have amounted to £3,288,079, but
net exports to Switzerland have totaled
£3,101,191.
GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN
1,362
2,799
destination
1,102
3,691
1,856
284
11,159
144,413
ENGLAND
September
August I
1925
1924
IMPORTS FROM—
France
Netherlands.._
Rhodesia
Russia
Transvaal
United States.
West Africa.._
Allother
£123,983
£8,191
109,909
£4, 513 £1,001,775 5,083, 795
54, £
159,456 1,460,699 1,800,851
3,182,385.
640, 332| 1, 512,857 15,163,186 24,610,964
38,990
4,081 4, 275,412
126,896
91,986 940, 514 1,027,857
32,442 182,170 125,414
7,681
Total
Gold imports into England in September
amounted to £834,291, the smallest for any
month of the year. Practically all this gold
came from Africa, receipts from European
countries, which had been considerable in the
months immediately preceding, being negligible. Exports for the month, £2,737,740, practically the same sum as in August, were chiefly
to Switzerland, India, and the Netherlands.
The figures for the month show net exports of
£1,903,449, compared with net imports of
£101,146 in August.
Nine months ended September—
1925
C o u n t r y of origin or
258, 724
2,726
2,656
65
NOVEMBER, 1925
834, 291 2,802,597 30,412,144 27,722,176
EXPORTS TO—
Belgium. _
British India
Egypt
France..
Netherlands
Russia
Straits Settlements
Switzerland
United States
West Africa
Allother
Total
Net imports..
Net exports..
521, 205
88,181
424,561
i
3*2,787
.1 1,023,049
I
1.170
287,706
6,800 128,559
514,75112,137,317
77,807
8,459,254
17,944 458,024 1,333,975
10,726 206,526 359, 705
359, 415 1,795,716! 953, 631
380,648:.
233,300; 804,960 192, 722
798,505 3,101,191! 148, 854
'956,358 29,877,032
48, 614!
23, 522
1,460
758,550| 6,571,4911 1,009,914
..--- 2,737,740 2,701,451 26,589,404 42,436,416
1,903,449-
101,146; 3,882,740
!
14,714,240
NOVEMBER,
FOREIGN EXCHANGE
For the first three weeks of October sterling
exchange was relatively low, the quotation
being about $4.84, but in the latter part of the
month the rate rose to 484.79 on the 26th. A
similar advance was noticeable in the Netherlands' rate, which was below parity for the first
three weeks of the month, but rose with the
pound after the 22d. The Canadian dollar,
which was quoted slightly below par on the
first day of the month, rose steadily to 100.15
on the 27th. At this figure it was above the
gold shipping point for the United States, with
the consequence that gold has moved to Canada
from both London and New York, and there
were simultaneously gold shipments from London to New York and from New York to
Montreal. ^ The Swiss and Swedish quotations
declined slightly during the month.
French francs were weak throughout the
month. From 4.73 cents on October 1 they
fell to below 4.09 cents on the 24th, the lowest
figures since March, 1924, and more than a cent
below the quotation of 5.43 cents in January.
From this figure it rallied to 4.24 cents on the
29th. Italian lire fluctuated narrowly at about
4 cents, and Belgian francs at about 4.50, the
prevailing figure for the past three months.
Movements in the Norwegian and Danish rates
were rather wide, the latter fluctuating between 24 cents on the 5th and 25.13 on the 20th,
the range being about the same as in September. Other European rates were steady, except for some decline in the Greek drachma.
FOREIGN EXHANGE
RATES
[In cents]
October, 1925
Exchange
Par
value
Sterling...
. — 486. 65
French franc
19.30
German reichsmark. 23.82
Italian lira
19.30
Netherlands florin.. 40.20
Swedish krona
I 26.80
Swiss franc
19.30
C anadian doll ar
100. 00
Argentine peso
j 96.48
Shanghai taeL.
66.85
Low
483.99
4.09
23.80
3.92
40.18
26.75
19.26
99.99
92.24
76.94
High
484. 79
4.73
23.81
4.05
40.25
26.85
19.30
100.15
93.96
78.38
September, 1925
Low
484.12
4.68
23.80
3.84
40.17
26.80
19.30
99.92
90.75
77.70
September,
1924,
High Average
485.30
4.74
23.80
4.19
40.28
26.85
19.35
100.05
92.16
79.59
484.65
4.71
23.80
4.06
40.21
26.82
19.31
99.99
91.71
78.47
446. 05
5.30
4.38
38.45
18.88
99.94
80.03
75.27
Among the South American rates, the Brazilian milreis was strong, rising from 14.05 cents
on the 1st to 15.13 cents on the 28th, up about
50 per cent from last May's low quotation of
9.96 cents. Argentine and Chilean rates were
firm. The present quotation of the Argentine
peso is nearly 20 cents above the average of
80S
FEDERAL RESERVE BULLETIN
1925
October, 1923, more than 10 cents above last
year, and less than 3 per cent from parity, while
the Uruguay peso, which has had a similar advance, touched 101.95 cents on October 31,
parity being 103.42 cents. Far Eastern rates
were firm.
Changes in State Bank Membership
The following list shows the State banks and trust
companies which were admitted to membership in the
Federal reserve system and other changes affecting
State bank membership during the month ended
October 21, 1925, on which date 1,468 State institution©
were members of the system.
ADMISSIONS
Capital
Su rpl us
res ourc es
District No. 1
Quincy Trust Co., Quincy, Mass...
$150,000
$38,000
$4
928, 055
300,000
175, 000
1
615, 795
25,000
24,000
District No. 3
Liberty Trust Co., Allentown, P a . .
District No. 7
Utica State Savings Bank , Utica,
Mich....
673, 309
CHANGES
District No. 1
Merged with State Street Trust
Co., Boston, Mass., a member:
National Union Bank, Boston,
Mass.
$1, 000,000 $1,000,000 ! $18,694,130
District No. 4
Voluntary withdrawal: Farmers
Bank & Trust Co., Georgetown,
Ky
100,000
District No. 5
Voluntary withdrawal: Continental Trust Co., Washington, D. C.
1, 000, 000
100,000
4,492,395
District No. 6
Reopened: Orrville Bank & Trust
Co., Orville, Ala
Closed: Bank of Bowersville, Bowersville, Ga._
_
25,000
30,000
163,006
25,000
District No. 7
Closed: Peoples Trust & Savings
Bank, Perry, Iowa._
50,000
District No. 9
Closed: Farmers & Merchants State
Bank, Eureka, Mont
Voluntary withdrawals:
Farmers & Merchants State
Bank, Hecla, S. Dak
Manistique Bank, Manistique,
Mich
District No. 12
Absorbed by nonmember:
Bank of St. Helena, St. Helena,
Calif..Security State Bank, Buhl,
Idaho.-—
Voluntary liquidation: Ladd &
Tilton Bank, Portland, Oreg
25,000
75,000 ;
5,000 |
!
i
6,600 j
106,756,2
85,555
681,484
21,000
233,512
25,000
5,000
309,858
50,000
50,000
874,17S
85,000
43,500
982,845
25,000
1,250
107,613
1,000,000 1,000,000
27,563,010
804
FEDERAL RESERVE BULLETIN
NOVEMBER,
1925
Fiduciary Powers Granted to National Banks
Changes in National Bank Membership
During the month ended October 21, 1925, the FedThe Comptroller of the Currency reports the followeral Reserve Board approved applications of the national banks listed below for permission to exercise one ing increases and reductions in the number and capital
or more of the fiduciary powers named in section 11 of national banks during the period from September 19
(k) of the Federal reserve act as amended, as follows: to October 23, 1925, inclusive:
(1) Trustee; (2) executor; (3) administrator; (4)
registrar of stocks and bonds; (5) guardian of estates;
I Num- Amount
(6) assignee; (7) receiver; (8) committee of estates of
I ber of of capital
lunatics; (9) in any other fiduciary capacity in which
! banks
State banks, trust companies, or other corporations
which come into competition with national banks are
charters issued
$1,225,000
permitted to act under the laws of the State in which New
Restored to solvency
50,000
the national bank is located.
Increase of capital approved 1
1,860,000
Location
District
No.
Rumford, Me_
Lowell, Mass..
Danville, Vt.._
Rutland, Vt
|
Sayville, N . Y
j
Hillside, N. J
I
Niagara Falls, N.Y_|
Troy, N. Y
Farmville, Va
j
Oneonta, Ala
|
Wetumpka, Ala
•
Cloverdale, Ind
j
Brady. Tex
!
Galveston, Tex
j
Name of bank
Rumford National Bank
Union National Bank
Caledonia National B a n k , . .
Baxter National Bank
Oystermen's National Bank.
Hillside National Bank
Cataract National Bank
.
National State Bank
Peoples National Bank
First National Bank
„.
First National Bank
First National Bank
Brady National Bank
City National Bank
Powers
granted
Ito9
Ito9
Ito9
(1 to 3, 5 to
\ 7 and 9.
Ito9
Ito9
Ito8
Ito9
1 to 9
/I to 3
\5 to 9
1 to 9
Ito9
1 to 3 and 5
1 to 9
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
3,135,000
33
Liquidations
Reducing capital..
Total liquidations and reductions of capital. _ I
850,000
45,500
16
895, 500
Consolidations of national banks under act of Nov. |
7, 1918
|
1,950,000
Aggregate increased capital for period
__
Reduction of capital owing to liquidations, etc
3,135, 000
895, 500
Net increase
_|.
j.
_
|.._
|
2,239, 500
1
Includes one increase in capital of $150,000 incident to a consolidation under act of Nov. 7,1918.
ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS
[On the basis of the October estimates by the Department of Agriculture]
[In thousands of units]
i
Corn (bushels)
Federal reserve district
| Total wheat (bushels)
Forecast Yield, 1924 Forecast Yield, 1924 I! Preliminary
Forecast
Yield, 1924 Oct.
estimate, Yield, 1924 Oct.
1,1925
Oct. 1,1925
1,1925
1925
Boston.
..
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
12,3J 0
28,956
50,506
138,991
136,114
176,332
721,019
346,256
268,121
452,646
92, 819
12,443
14,157
36,509
70,670
234, 778
151,130
169,837
1,070,331
410,628
274,587
399,453
70, 295
15, 461
42, 545
27,497
4,112
67,980
53, 394
257,976
295, 244
26,819
70,874
Total—
2,436, 513
2,917,836
872, 673
Oats (bushels)
Federal reserve district
Yield, 1924
Boston
New York
Philadelphia....
•Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City....
Dallas
San Francisco..
Total
Winter wheat (bushels) Spring wheat (bushels)
Forecast
Oct. 1,
1925
Yield,
1924
60,927
432,684
174,026
52,149
29,132
59,724
403,141
166, 561
16,093
40,525
1, 541,900
1,470, 384
112, 450
9,905
40,512
25,419
100,068
24,580
17,161
336
8,210
22,639
Hay (tons)
4,443
7,789
3,516
7,526
4,258
2,927
22, 352
8,719
18, 527
17,655
1,429
13,309
8,326
36,015
23,414
81,572
22, 643
12,728
190
7,757
18,285
* Includes 17,000 bales grown in miscellaneous territory.
336
33,152
31,110
5,865
63, 779
63,351
207,960
152,448
4,427
103,995
7,870
22,470
33,112
31,110
5,865
59, 331
63,019
6,614
142, 255
4,276
39, 775
2,718
191
243,055
10, 252
306
25, 502
4,448
332
201,346
697, 272
590,037
415, 697
282,636
281, 575
Tobacco (pounds)
Forecast
Oct. 1, Yield, 1924
1925
4,744
7,296
2,954
5,309
3,036
2,392
15, 832
6,793
16, 997
13, 687
2,337
16, 758
12,158
38,802
59,800
147,384
488,240
110,326
98,135
1, 240, 513
39, 248
338,335
2,200
4,020
2
190
252
138
32
7,505
18,147
42,513
27,497
4,112
65, 262
53,203
14,921
284,992
26, 513
45,372
Forecast
Oct. 1,
1925
13,100
40,433
57,564
140,346
512,975
123,119
46, 256
287,989
2,699
Potatoes (bushels)
Yield,
1924
55,519
52, 581
29, 223
21,798
37,455
12,661
81,801
20,930
504
31,159
2,936
31,913
1, 228,972
454, 784
Forecast
Oct. 1,
1925
169
40
10,193
151
64,220
Cotton (bales)
i,
Yi
41,818
33,622
24,164
23,645
22, 666
9,514
55,478
13,794
51,543 I.
29,943
2,789
35,251
344,227 I
340
1Q94
iy
^
! Forecast
i ^ c t ' 1 °»
!
1925
1,671
2,455
2,018
3,167
12,231
*3,244
1,442 i
5,654 !
175 1
1,537
5,049
211
13,628 ,
15,226
Includes 18,000 bales grown in miscellaneous territory.
805
FEDEEAL. RESERVE BULLETIN
NOVEMBER, 1925
BUSINESS STATISTICS FOR THE UNITED STATES
INDUSTRIAL ACTIVITY
Production of industrial products during
September was greater than in August,
although the anthracite strike and the smaller
number of working days tended to reduce output in the later month. Largely as a result of
the strike, the index of mineral production
declined from 136 in August to 122 in September. Slight decreases, attributable chiefly to
the fewer days in the month, were also noted
in the output of crude petroleum, copper, zinc,
and lead. The amount of bituminous coal
mined increased considerably and was the
largest for any September since 1920.
The index of manufacturing production increased about 4 per cent from August to
September and was about 10 per cent larger
than a year ago. Much of this increase was
in the output of automobiles, but production
was also greater than in August in the iron and
steel, textile, food products, and tobacco
industries, and above that of a year ago in
most of the important groups of industries
except food products. The increase in the
past year has been particularly great in those
industries directly related to building and to
automobile production—lumber, cement, brick,
petroleum, refining, and rubber tire manufacturing. The index of production in basic
industries, which includes products of both
manufacturing and mining, and which is
adjusted for seasonal variations, increased,
despite the negligible output of anthracite,
from 108 in August to 112 in September. This
is to be compared with 103 in September, 1924.
Marketing of farm products was seasonally
large in September, and for the first time since
March the index of agricultural movements
was equal to that for the corresponding month
of the previous year. Movements of grain and
livestock were considerably smaller than a year
ago, as they have been for some months, but
receipts of cotton and cottonseed were abnormally large for so early in the season. Sales
of tobacco at loose-leaf warehouses and shipments of vegetables were also greater than in
September of previous years.
Freight-car loadings continued larger than
in 1924, despite smaller shipments of coal
and grain. Building contracts awarded were
smaller in September than the record maximum
in August, but were large as compared with
previous months, and the total for the first
9 months of this year almost equaled that for
the entire 12 months of 1924. Factory employment and pay rolls and wholesale and retail sales also continued larger than a year ago.
INDEXES OF INDUSTRIAL ACTIVITY
PER CENT
1175
( MONTHLY AVERAGE, 1919 = 100 )
PERCENT
175!
150
150
100
75
50
50
•
. . . .
MANUFACTURING PRODUCTION
MINERAL PRODUCTION
25
25
1919
1920
1921
1922
1923
1924
1925
806
FEDERAL RESERVE BULLETIN
NOVEMBER,
1025
INDEX OF PRODUCTION IN BASIC INDUSTRIES »
[Index and relatives for each industry adjusted for seasonal variations. Monthly average, 1919—100]
1
Year and month
Iron and steel
Food products
Textiles
General
index
Animals slaughtered
Lumber
Sugar
meltings
Wheat
flour
Wool
P i g iron
1924
August
September.....
October
November
December
94
103
109
107
117
71
80
93
97
119
87
99
104
109
133
72
93
109
105
111
82
91
100
102
102
|
100
110
104
141
141
111
91
94
93
94
93
99
118
128
143
129
155
91
91
93
82
87
136
132
121
122
130
105
108
120
116
128
1925
January
February
March
April
May
June
July
August
September
127
124
120
119
111
110
113
2 108
112
134
143
136
128
113
107
105
102
106
151
150
147
128
121
115
110
117
123
115
114
110
121
103
100
99
95
92
91
88
87
95
!
!
j
94
103
94
90
88
102
122
87
109
132
104
133
134
115
117
117
107
143
100
96
100
104
104
95
107
97
93
140
157
138
124
114
128
131
138
129
90
91
102
120
117
105
101
89
86
121
107
96
101
92
101
96
108
120
147
125
125
123
116
117
125
116
116
Coal
Year and month
91
103
i
!
i
I
!
!
!
[
Nonferrous metals
Bituminous
Anthracite
87
103
110
104
116
95
105
95
91
100
125
109
95
105
99
101
105
100
114
104
116
96
106
106
101
2
113
2 115
Tobacco products
Sole
leather
Copper I
Zinc
Newsprint
Cement
Petro- i
leum
|
Cigars
Cigarettes
Manufactured
tobacco
1924
August
September
October
November
December
__.
132 !
130 j
133 !
140
137
106
104
108
108
121
101
107
110
104
103
190
186
183
187
182
190
191
185
183
182
157
162
158
145
170
93
98
99
SQ
91
148 j
123
119
131
124
127
117
121
122
121
106
108
110
115
112
110
108
105
111
243
193
199
199
103
197
215
207
204
192
191
187
194
212
210
204
206
208
18S
171
170
178
175
188
179
173
183
105
97
8995
i'6
97
10!
94
96-
1925
January..
February.
March
April
May
June
July
August
September
5
147 I
142
136
135
136
140
136
138
!
j
i
i
i
!
1
This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page
783, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal
fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922.
» Revised.
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES»
[Monthly average, 1919=100]
Metals and
products
General
index ! Group Iron
and
j index
steel
1924
August
September.
October
November .
December..
1925
January
February..
March
April
May
June
July
August
September.
Textiles and products
Group Fabrics Prodindex
ucts
Lumber
and
products
Railroad
vehicles
I Paper
Autoand
mobiles printI ing
89.5 !
91.2 I
92.7
92.5
94.1 |
79.1
80.5
82.5
82.8
85.7
78.9
80.2
82.1
82.4
85.2
87.4
90.5
93.6
93.1
96.2
87.4
90.8
95.4
96.1
100.0
87.4
90.2
91.4
89.2
91.2
100.9
101.9
101.1
101.0
88.4
88.8
89.8
89.1
89.7
96.4
97.2
98.6
96.3
99.3
94.4 !
95.8
96.4
95.9
94.9
94.2
93.1
93.9
95.1
87.5
89.6
90.1
89.2
88.0
86.9
85.6
86.1
87.4
87.1
89.1
89.5
88.7
87.5
86.3
84.9
S5.4
97.4
99.9
100.0
98.9
96.4
91 1
93.3
94.0
94.1
100.6
101.4
101.0
100.8
99.1
97.5
93.1
93.6
93.3
93.4
97.9
98.6
96.5
92.9
92 8
93.4
94.5 I
95.1
99.8
100.4
99.6
100.6
99.8
100 1
99.3
99.9
102. 2
89.3
89.8
89.9
88.8
84.9
84.7
84.5
84.5
83.7
103.8
105.1
112.7
121.7
128.5
122 8
122.2
124.2
129.4
101.5
104.0
104.5
105.2
105.9
Foods Leather Stone,
and
and
clay,
prod- prodand
ucts
ucts
glass
Tobacco
products
Chemicais
and
products
90.0
92.2
92.2
90.6
91.1
84.8
88.0
89.2
88.7
87.9
121.3
119.3
118.8
117.7
116.1
87.4
89.7
83.3
91.8
91.1
68.7
69.9
71.9
72.5
74.1
105. 1 i 88.4
88.5
! 86.2
I 83.0
! 83.2
| 85.6
85.4
i 85. 9
88.0
90.9
92.5
92.5
88. S
86.8
83.0
85.7
90.2
92.1
109.7
110.7
116.8
123.2
125.5
125. 9
121.3
124.9
125.3
87.0
87.7
88.5
81.7
87.0
85.8
85.9
85.0
87.1
74.0
74.6
75.5
75.4
73.2
72.9
73.0
72.6
75.4
104.9 I
105.7
104.7
103.8
103.5
103.4
103. 2
104.3
i This table contains for certain months indet numbors of employment, together with group indexes for important industrial components.
The general indox is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes
for the above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. See also page 668 of BULLETIN for
September, 1925, for certain revisions.
807
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
INDEX O F PAY R O L L S IN M A N U F A C T U R I N G I N D U S T R I E S 1
[ M o n t h l y average, 1919-100]
Textiles and products
j General
! index
1924
Group Fabrics Prod- I
index
ucts
I
August
September.. _.
October
November
December...
1925
January
February
March
April
May
June
July
August
September
Chem"1
| 96.0
99.1
102.6
j 100.8
105.6
102.9 !
108.5
2 110.1
2
107. 3
- J 2 107.4
__j 2 104.8
2102.4
_! 2104.5
___j M03.9
2
92.3
98.3
103.0
99.1
107.5
91.5
97.5
105.6
104.5
113.9
93.4
99.3
99.8
92.5
99.7
108.6
113.4
114.4
108.0
105.0
101.6
101.2
103.8
99.1
112.9
114.2
U4.2
111.7
109.9
103.9
100. 9
101.7
96.6
103.3
112.4
114.7
103.5
99.0
98,8
101.6
106. 2
102.1
1 T h i s table contains for certain m o n t h s index n u m b e r s of p a y rolls, together w i t h group indexes for i m p o r t a n t industrial components. T h e
general index is a weighted average of relatives for 34 individual industries. T h e m e t h o d of construction was described in detail a n d indexes for t h e
above groups since J a n u a r y , 1919, were published on pages 324-325 of t h e B U L L E T I N for M a y , 1925. See also page 668 of B U L L E T I N for S e p t e m b e r ,
1925, for certain revisions.
2 Revised.
I N D E X E S OF INDUSTRIAL ACTIVITY 1
[No seasonal a d j u s t m e n t .
M o n t h l y average, I919=-100J
Agricultural movements
Ani-
Year and month
ToFruits bacco
p
ucts
1924
August
September...
October
November
December.......
1925
January
February-March
April
May
June
July
August
September
Mineral production
Bitumi-
nous
coal
124 I
104
124
158
120
92
109
125
108
119
89
90
108
123
139
164
150
119
101
112
76
73
40
62
75
99
133
149
134
100
97
87
91
96
102
116
121
105
._
Petro- Pig
leum Iron
196
189
190
179
180
74
81
97
99
116
188
171
191
194
216
212
214
212
206
132
128
140
128
115
105
105
106
107
Manufacturing production
Year and month
july
August
September
October..
November
December
January
February
March
April
May
June
July
August
September
1
Total
Iron
and
steel
Automobiles
Tex*
tiles
Food
products
Petroleum
176
182
180
186
185
196
154
166
157
109
148
138
127
123
126
132
1)4
106
125
158
175
191
155
199
186
204
201
212
216
222
222
111
107
136
168
196
184
186
190
188
118
1C5
116
113
119
133
135
127
131
171
176
190
191
195
194
202
2
203
Tobacco
1924
„_._
97
105
113
124
113
117
67
87
96
108
108
124
103
172
178
178
141
126
81
83
98
113
105
11.1
103
102
112
114
108
117
101
84
90
127
120
134
132
129
125
126
2
121
3 125
145
532
147
128
121
112
109
118
120
142
109
223
260
250
239
239
153
193
121
114
122
119
109
105
107
104
107
118
98
05
88
87
94
97
92
101
89
92
99
97
84
82
85
94
3 93
1925
For description and
early figures see BULLETIN for3 March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN.
1
Revised.
Preliminary.
« Less than one-half of 1 per cent.
Rubber
tires
808
FEDERAL BESEBVE BULLETIN
NOVEMBER,
COMMODITY MOVEMENTS
With the March issue the publication in the
BULLETIN of detailed statistics regarding movements and stocks of commodities was discontinued. Certain figures compiled by the
board's division of research and statistics are
still published in order that users of these
data may continue to have comparable series
of data. Information as to current figures for
any of the discontinued series will be furnished
upon request.
September,
1925
Grain and Flour
Receipts at 17 interior centers (000 omitted): j
Wheat (bushels)...
_
J 58,891
Corn (bushels)
_-..! 12,925
Oats (bushels)
I 29,154
Rye (bushels)
j 6,639
Barley (bushels)
! 14,993
Total grain (bushels) _
Flour (barrels)
Total grain and flour (bushels)
August,
1925
45,673 I
17,385 i
52,001 I
1,939
11,929
September,
1924
83,148
21, 585
55, 535
14, 290
13, 965
_j 122, 602 128,927 I 188,523
2,831 I 2,975
j 2,824
September,
1925
1923
September,
1924
August,
1925
Transportation
Revenue freight loaded and received from
connections (cars loaded, 000 omitted):
Classified by nature of p r o d u c t s Grain and grain products
224
Livestock
„
146
Coal
743
Coke
50
Forest products
302
Ore
247
Merchandise, 1. c. 1.
1,137
Miscellaneous
i 1,820
Total
237
131
853
43
311
272
1,129
1,702
I
i
!
!
i
!
293
160
779
37
292
204
1,074
1,669
.; 4,670
4,679
4,507
Classified by geographical divisions—
:
Eastern
j 1,028
Allegheny
| 904
Pocahontas
"
! 249
Southern
_
._
696
Northwestern
731
Central western..
736
Southwestern
._-_-I_"~~~_I_~
326
1,097
940
246
654
721
707
314
1,022
890
207
627
692
751
318
4.679 I
4,507
Total
___j 4,670
BUILDING STATISTICS
135,309 141,606 | 201,909
Shipments at 14 interior centers (000 omitted):
28,510 26, 797
Wheat (bushels)
7,859 ! S, 170
Corn (bushels)
20,005 ! 19,139
Oats (bushels)
2,495 !
645
Rye (bushels)
10, 544 : 6,535
Barley (bushels)
Building permits issued in 168 cities, grouped
by Federal reserve districts:
Number of p e r m i t s Boston (14 cities)
_.
2,863 3,050
3,343
New York (22 cities)
11, 688 12, 939 10, 257
Philadelphia (14 cities)
2,712 2, 729
2,978
Cleveland (12 cities).
, 6,204 6,065
6,196
69,413 : 61,287 j 102,339
Total grain (bushels) _
Richmond
(15
cities)..
3,468
3,720
4,480
4,
270
I
3,
048
i
4,
289
Flour (barrels)
Atlanta (15 cities)
, 4,834 4, 091
3,646
Chicago (19 cities)
14,388 13, 471 13, 629
Total grain and flour (bushels) _
88, 630 ! 77, 705 j 121, 638
St. Louis (5 cities)
2,618 2,973
3.016
Minneapolis (9 cities)
2, 116 2,075
1,980
Stocks at 11 interior centers at close of month
Kansas City (14 cities)
2,841 2,895
3,342
(000 omitted):
Dallas (9 cities)
._
2,408 2,227
2,362
35,719 20,508 i 62,062
Wheat (bushels)
San Francisco (20 cities)
12, 077 11, 466
12, 744
3,97G
4,905 I 3, 978
Corn (bushels)
56,670 46,349 | 42, 190
Oats (bushels)
Total.
3,541 ! 10, 704
7,147
Rye (bushels)
2,077 | 2,910
Barley (bushels)
! 4,856
Value of permits (dollars, 000 omitted)—
Boston (14 cities)
18,947 14, 763
Total grain (bushels)
_
108.. 368 I 77,380 121,845
New York (22 cities)
105,946 124, 672
Philadelphia (14 cities)
14, 656 15,073 I
Receipts at 9 seaboard centers (000 omitted):
Cleveland (12 cities)
20,437 25,557
24,211
Wheat (bushe s)
_. 24,843 ! 14,159
Richmond (15 cities)
12,298 15, 549
1,786 ; 1,165
1,509
Corn (bushels)
Atlanta
(15
cities).
20,
021 16,517
5,063 ! 6,616
5,768
Oats (bushels)
Chicago (19 cities)
48,181
,523
4,833 |
433
4,147
Rye (bushels)
St.
Louis
(5
cities)
9,180
9,485
6,079
i
6,521
5,025
Barley (bushels)
Minneapolis (9 cities)
j 5,691 5,
Kansas City (14 cities)
8,931
42, 604 28, 892 40, 659
Total gra 7 n (bushels) _
Dallas (9 cities)
8,862
1,662
Flour (barrels/
!• 2,833
2,478
35, 483
San Francisco (20 cities)
Tota grain and flour (bushels)_| 55,353 i 36,371 j 51,811
Total
306,506 1337,399 I 232,296
Stocks at 8 seaboard centers at close of month {
Building
contracts
awarded,
by
Federal
re(000 omitted):
!
serve districts (dollars, 000 omitted):
Whe at (bushels)
.
-J 5,531
Boston
45, 499 46, 757 29, 035
Cor n(bushels)..
36"
New York
_
133,016 207, 673
Oats (bushels)
Philadelphia
__
1 31,235 35,155 32,130
Rye (bushels)
—
Cleveland
_
_.
57,176 67,498 47,947
Barley (bushels)
- | 3,825
Richmond
_
25,240 37, 591 27,725
Atlanta
71,167 51,339 28,770
Total grain (bushels)
_
Chicago
__
_
116,918 79,052 54,596
Wheat flour production (barrels, 000 omitted).
St. Louis
41, 292 31,348 20,875
Tobacco
Minneapolis
7,882
12, 460 10, 469
Kansas City i
_
9,700
Tobacco sales at loose-leaf warehouses (pounds,
12,417 21,288
Dallas
19, 780 23,186 14,519
000 omitted):
North Carolina
Total (11 districts)
J566,120 fell, 356 357,042
South Carolina
_
Burley
Western dark.
i Excluding Colorado.
49, 934
10, 569
16,221
16, 222
9,393
NOVEMBER,
809
FEDERAL RESERVE BULLETIN
1925
WHOLESALE AND RETAIL TRADE
WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1
[Average monthly sales 1919—100]
I Gen- Gro- !
Dry Shoes Hard- Drugs
eral
Meat
ware
goods
index ceries |
CHANGE IN CONDITION OF WHOLESALE TRADE, BY
LINES AND DISTRICTS—Continued
Percentage change Percentage change
in stocks at the end
in sales in September,
1925, I of September, 1925,
compared with— j compared with—•
August, Septem- ; August, Septemept
ber, 1924 | 1925
1925
ber, 1925
116
109 Shoes—Continued.
St. Louis district
-10.2
-18.2
-9.1
14.8
118
Minneapolis district
1.0
29.2
114
San
Francisco
district..
19.6
18.1
110
56
105 Hardware:
52
United States
2.7 |
-0.5 |
11.5
110
— 1.6
44
107
50
New York district
19.0
7.5 |_
-13.1
117
69
Philadelphia district...
5.0
-1.8 I
-6.5
128
67
Cleveland district
-5.4 j .
14.9
109
57
- 9 . 1 j "-6.TI" "-15. "O
Richmond district
—7.
7
109
57
15.5 L
Atlanta district
10.8
-1.2 !
-3.7
9.2
0.3
Chicago district
1925
10.3
1.4
St. Louis district
13.2 ;
-0.4
79
80 I
71
82
43
89
116
January
6.3
Minneapolis district....
2. 6 !.
76
73 ! 69
109
February..-.
88
46
90
8.4 I
Kansas City district
2.0 i
83
121
79 j
March
73
96
63
107
12.6 |
Dallas district.
-0.6
5. 4
-3.2 i
79
115
75 I
April
68
85
65
107
4.2 !
San Francisco district..
6.4 |.
79
106 Drugs:
79 i
May
~-.
75
77
54
101
83
110
84 I
June
79
82
54
105
2.5
11.8 l
United States..
83
111
85 ! 79
85
45
99
July.—
87
108
83 ;
August.
78
105
65
P7
17.7
-13.2 i
New York district
95
120
94 |
82
112
73
108
September- 4.2
7.9 I
Philadelphia district
7.5
14.2 i
Cleveland district
11.7
8.8
I
Richmond
district
i For description of the wholesale trade index see FEDERAL RESERVE
13.1
13.1 !
Atlanta district
.
BULLETIN for April, 1923. j „
J . ,;
8.0
8.4 |
Chicago ri ist riet
5. I
13.1 !
St. Louis district
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
5.3 !
9.8 i
Kansas City district
AND DISTRICTS
2.7 !
15.2
Dallas district
...
3.6
1.2 j
13.0
San Francisco district
Percentage change Percentage change
in stocks at the end Furniture:
in September,
7.4 i
15.6 !
Richmond district ,
-12. 9
-14.2 |
of September, 1925,
1925, sales com17.3 i
14.0 I
Atlanta district
compared with 1 —
pared with—
-18. 3 ! "27.~6~i
St. Louis district
-0.8 I
Kansas City district.
14.? |
August, Septem- August, I Septera11.2 !
-1.8 i
San Francisco district
ber, 1924
1925 j ber, 1924 Agricultural
1925
implements:
2
27.4
United States
-8.8
Groceries:
12.8 ;
0.9
6.8
65.6 ,
Atlanta district
United States.
-50.7
— 10.2 i
Minneapolis district
Boston district
3.7
-11.9
8.9
2.1
-8.0
33.0
Dallas district
_.
-4.0 ;
New York district
18.4
-3.4
1.8
-15.1
San Francisco district
45.5 i
Philadelphia district...
5.1
-8.0
1.2 Stationery and paper:
I
Cleveland district...__.„
13.0
-2.6
9.4 ';.
12.6 I
New York district
___j
Richmond district
10.2
-0.5
1.8
12.4
-1.9 j
9.7 !
7.1
Philadelphia district
!
Atlanta district
14.3
7.2
85.9 !
49.7 !_
Atlanta district
|
8.2 I
Chicago district
-3.8
5.4
1.6
San Francisco district
\
7.6 j
11.6 L
19.0 !
St. Louis district
8.8
13.9
15.1
Automobile supplies:
j
!
-2.9 i
Minneapolis district
-0.5
San Francisco district
:
-2.3!
-1.2
12.3 I
Kansas City district...
3.7
Clothing:
15.4 !
Dallas district
4.3
-3.9
4.9
- 8 . 4 I -17.1
New York district.....
9.5 I
San Francisco district..
-0.6
-39.4 !
17.4
St. Louis district
Dry goods:
Cotton jobbers:
6.4 |
-3.8
-8.9
-5.0
United States
4.3
New York district.....
18.0 ;
-12.9
Silk goods: *
New York district
8.4 I
5.8
6.3 I
New York district
5.7
» 21. 1
Philadelphia district...
31.8
-10.1
-1.9
-1.6
Machine tools:
Cleveland district
15.9
-9.5
27.5
New York district
Richmond district
-17.5
-13.4
2.3
-9.0
Diamonds:
i
I
Atlanta district
2.1
6.4
New York district
....!
5.1;
-3.2
-7.2
Chicago district
-1.4
-11.9
11.3
Jewelry:
i
6.2
-0.2
St. Louis district
-2.1
-13.8
-3.2
New York district
* -4.0
21.7
-11.4
Minneapolis district....
-11.9
Philadelphia district
1
13.7
-4.3
0.8
Kansas City district...
-4.1
1.0
14.5 |
:
Dallas district....
-13.3
-4.2
-14.7
2.8 Electrical supplies:
Philadelphia
district
j
28.7
I
6
.
2
-12.0
0.7
7
.
4
0
.
7
San Francisco district..
Atlanta district
j
19.6 j
59.6
Shoes:
-6.6 !
St. Louis district
._.!
34.2
-16.7
4.3
-11.2
-1.8
United States
11.5
6.3
San Francisco district
!
17.0 !
9.6
Boston district..
13.7
8.9
-1.3
2.7
Millinery:
I
New York district
6.3
1.2
34.6
Kansas City district
] -10.0 j -29.6
Philadelphia district..
10.0
-15.4
-5.2
-0.8
Stoves:
!
I
Cleveland district.21.7
3.8
St. Louis district
I
28.9 j
0.4
-17.9
-10.2
-1.2
-7.5
-25.4
Richmond district
-5.3
i
14.9
Atlanta district
4.1
J
Sales
of
agricultural
implements
for
the
United
States
are
compiled
22.6
-9.2
4.5
Chicago district
-23.5
by the Chicago Federal Reserve Bank from reports of leading imple
i Changes in total stocks for the United States are weighted averages ment
manufacturers and include all their domestic business.
a
computed on the basis of firms which have reported* regularly to the
Stocks at first of month—quantity, not value.
Federal Reserve System since January, 1923
* Includes diamonds
1924
January
February
March...
April
May
June
July
August
September...
October
November.-.
December...
80
78
80
78
77 !
76 !
78
83
92
95
84
79
80
77 i
80 i
79 |
81 i
83 ]
83 ;
83 !
93 |
100 i
97
98
90
81
72
70
79
102
116
104
88
77
49 i
49 |
65 I
91 !
90 !
104 |
108
104
96
93
93
106
110
98
99
. „ „ . . .
810
FEDERAL RESERVE BULLETIN
NOVEMBER,
1925
RETAIL TRADE, BY REPORTING LINES 1
[Average monthly sales 1919=100]
Sales without seasonal adjustment
Year and month
Sales with seasonal adjustment
ill &
IS
1924
July
August
September
October
November
December
1925
January
February
March
April.
May
June
July
August
September..
-
j
!
!
|
}
I
|
69
74
106
141
131
148
206
201
210
240
232
253
163
172
169
203
199
366
95
98
122 i 113
250
233
252
258
254
254
259
243
243
151
156
177
195
191
187
183
195
191
91
93
119
141
141
210
|
|
i 108 I
j 101 i
! 121 j
136
128
126
148
152
145
159
145
187
| 155
j 146
160
! 159
I 163
i 167
! lf?6
| 171 !
! 169 !
128
138
137
144
138
192
122
119
131
134
143
134
136
107
100
127
177
149
152
122
1
1
For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924.
Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of
Research and Statistics, Federal Reserve Board.
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS
[Average monthly sales 1919=100]
Federal reserve district
Sales without seasonal adjustment
Number
of reporting
1925
firms
United States..
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
MinneapolisDallas
San Francisco..
Sept. Aug.
359
24
63
22
54
23
35
63
23
21
31
July
Sales with seasona
1924
June
May
Sept.
1924
1925
Aug.
Sept.
Aug.
July
June
May
Sept.
Aug.
122
98
95
126
128
119
93
134
125
128
126
124
131
118
118
130
111
115
105
89
144
104
110
139
88
90
86
103
87
78
113
92
78
140
«2
94
85
98
91
78
105
81
72
123
134
132
127
128
123
98
139
103
98
134
128
132
121
132
117
104
139
107
108
148
115
127
109
117
106
94
132
102
114
130
86
83
85
101
78
72
108
89
70
136
130
146
137
129
123
100
152
104
110
149
117
132
118
126
121
99
137
102
109
144
129
134
126
127
124
103
138
99
102
147
126
131
123
126
119
104
141
102
102
143
120
129
118
126
116
99
133
106
107
143
127
145
134
132
124
106
139
102
114
139
114
122
117
122
10$
92
130
98
99
139
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly stocks 1919=100]
I
Num-!
ber
Federal reserve district
Stocks without seasonal adjustment
\— -
of reporting
firms '| Sept.
•
Stocks with seasonal adjustment
,-
1925
1924
1925
I
1924
1
Aug.
July
June
May ! Sept.
Aug.
Aug.
Sept. Aug.
July
June
May
Sept.
Aug
United States.
126
133
131
133
135
137
128
126
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
Minneapolis.-.
Dallas
San Francisco..
113
120
144
123
116
109
149
106
122
131
118
131
181
128
122
111
149
115
116
134
120
128
182
126
120
114
143
113
117
132
122
130
176
127
127
110
150
112
120
135
118
134
180
132
131
112
152
114
120
135
124
134
183
135
126
117
155
111
122
133
118
124
148
126
116
108
119
124
146
123
118
109
148 i
110
114
133
143
107
115
130
FEDEKAL RESERVE BULLETIN
NOVEMBER, 1925
811
FOREIGN BANKING AND BUSINESS CONDITIONS
RECENT DEVELOPMENTS IN THE NETHERLANDS BANK
ANNUAL REPORT
The annual report of the president of the
Netherlands Bank for the year ended March
31, 1925, presented on June 30, 1925, contains
the following comment upon the bank's activities during the period immediately preceding
the return to the gold standard:
The noticeable relaxation on the money market
made the management of the Netherlands Bank
decide to reduce the bank rates on two occasions, viz,
as from December 13, 1924, from 5 per cent to 43^
per cent and as from January 15, 1925, from 4J^
per cent to 4 per cent for discounting domestic bills,
while the rate for other transactions with the bank
was, on both occasions, similarly reduced by one-half
per cent. Private discount rates were, as a rule, lower
than the official bank rate and fluctuated between 5
per cent (October, 1924) and \% per cent (February,
1925) * * *.
We believed that there was sufficient reason for the
reduction of the discount rates, partly because we
considered that we were strong enough, with our still
very large gold stock and the very ample foreign bill
portfolio, to venture a return to the gold standard,
particularly now that the Government had rendered
such strong cooperation—and, it is with appreciation
that we can record it, also a number of municipal corporations—in preventing the creation of a fresh volume
of artificial purchasing power, while our general
economic position presented no difficulties in this
respect. Further, our industries would be thereby
assisted, and we also considered that discount rates
which are not too high form a favorable factor for the
development of our money market.
We have also been able to assist the discount market
in another way. As early as in April, 1922, we had
arrived at a general arrangement with the leading banks
and bankers in the Amsterdam and Rotterdam money
markets with regard to the discounting of bills in which
foreign interests were involved; we stated that, as a
rule, bills were only eligible for discount if the discounting bank could clearly show what Dutch interest
was involved in these bills. Beside the soundness of
the bill, the Netherlands interest would be paramount
when deciding whether it would be eligible for discount. Now that the Netherlands have gradually
gained in importance as an economic center, and particularly in view of the fact that the international
character has developed so much more, we felt that
we should not hinder this development by too strict
views on discountabilit}^ especially now that our monetary position had become so much stronger. We therefore informed the principal banks and bankers on
March 10,1925, that from that moment we had adopted
the principle, when judging of the discountability of a
bill in which foreign interests are involved, that the
accepting bank or firm should in general keep the
Dutch interests in view and that the credits in question
should in no case be in conflict with Dutch interests.
We believe that we have already observed that the
application of these broader principles have led to a
further development of our discount market. * * *
The second measure was the shipment of gold to
the United States, not with the object of thereby directly supporting the rate of exchange, but in the
expectation of the now probably no longer distant
return to the gold standard. It was our aim to be
so liquid in that case, especially having regard to the
possibility of the issue of checks on a gold basis, as
to be able to issue readily any amount of foreign currency that could be required of us, particularly with
a view to the large amount of foreign deposits which
are still being held in this country.
RECENT DEVELOPMENTS
The following table shows the movement of
the most important items of the bank's statement over recent years:
ITEMS OF THE NETHERLANDS BANK
[In millions of florins]
Oct. 5,
1925
Gold
Silver
Foreign bills
Domestic bills
Commercial ^advances..
Deposits _.._"_._
_.
Note circulation
418
23
243
102
126
25
908
Dec. 29, Dec. 31, I Dec. 31,
1923
1913
1924
505
13
117
120
172
59
935
582
8
27
252
180
39
1,066
'
i
!
i
'
i
I
151
9
14
67
86
4
313
At the end of 1913 the bank held approximately a 50 per cent ratio of gold to notes.
During the course of the war gold holdings increased very rapidly to a maximum of 726,000,000 florins in April, 1918, in which month
the note circulation amounted to 937,000,000
florins and deposits to 69,000,000 florins, giving a ratio of gold to notes of about 77 per cent,
and of gold to notes and deposits of about 72
per cent. In the same month holdings of foreign bills amounted to only 4,000,000 florins.
From this date gold holdings steadily declined
to the end of September, 1925. From April,
1918, to October 5, 1925, the total reduction
in the gold stock amounts to 308,000,000 florins,
of which the reduction from the end of 1923 to
the present is 164,000,000 florins. On the
other hand, the holdings of foreign bills have
increased by 196,000,000 florins since April,
1918, and by 216,000,000 florins since the end
of 1923. In effect, therefore, about two-thirds
of the reduction in the gold stocks has been
compensated by the increase in foreign bills,
which, under the operations of the gold standard are, of course, readily convertible into gold.
812
FEDERAL RESERVE BULGUETTN
There has also been a considerable reduction
of the note circulation, particularly since the
end of 1923. This item reached its maximum
in November, 1918, when it amounted to
1,082,000,000 florins. During 1921, 1922, and
the first half of 1923 the circulation declined,
reaching 910,000,000 florins in June of that
year; but a rapid expansion in demand for
central bank credit in the closing months of
1923 raised it to 1,066,000,000 florins in December. From that time the decline has been
almost continuous to the present and is approximately equal to the reduction of the gold
stock during that period. From the end of
1923 to the present the note circulation has
fallen by about 155,000,000 florins and the gold
stock by about 164,000,000 florins. The latter
movement, as was explained above, represents
mainly a conversion of gold into foreign bills.
On October 5 the ratio of gold to notes was 49
per cent, and to notes and deposits nearly 45
per cent. The combined figure of gold and
foreign bills was above 70 per cent of the total
note and deposit liabilities.
This decline in the note circulation has been
the result of a corresponding reduction in domestic loans and discounts. In May, 1920,
these amounted to 459,000,000 florins; by
August, 1923, they had fallen to 274,000,000
florins, but in the last half of 1923 they rose
rapidly to 432,000,000 florins in December,
this increase, as was mentioned above, necessitating a large increase in the note circulation. Since that time they have been steadily
NOVEMBER, 1925
reduced by about 125,000,000 florins to 206,000,000 florins at the end of September of
this year.
These movements have found their reflection in the bank rate. In the opening days of
the war the rate was raised from 3J^ per cent
to 6 per cent. On August 20, 1914, it was
lowered to 5 per cent and on July 1, 1915, to
43^ per cent. At this figure it remained unchanged not only through the rest of the war,
but throughout the years 1919, 1920, and 1921,
when high rates prevailed in most other
monetary centers. On July 18, 1922, the rate
was lowered to 4 per cent, at which figure it
remained until December 12, 1923, when it
was raised to 4J^ per cent. This advance
was in response to the heavy borrowing at the
bank, resulting in the increase in loans and
in circulation mentioned earlier in this article.
In two months, from the end of October to
the end of December, 1923, the discounts of
the bank rose from 155,000,000 florins to
252,000,000. On January 25, 1924, the rate
was further advanced to 5 per cent. These
heavy borrowings were repaid rapidly after
the first quarter of 1924; on December 13
the rate was reduced to 4J^ per cent and a
month later (January 15, 1925) to 4 per cent.
At this figure it stood at the time of the declaration of the return to the gold standard,
and until October 2, when, on the day following the reduction of the Bank of England's
rate from 43^ per cent to 4, it was further
reduced to 33^ per cent.
NOVEMBER, 1925
FEDERAL RESERVE
813
BULLETIN
FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES
Bank figures are for the last report date of month, except for London clearing banks, which are daily averages]
ENGLAND
GERMANY
[Millions of pounds sterling]
[Millions of reichsmarks]
1925
1924
September August
Bank of England:
Issue d e p a r t m e n t Gold coin and bullion
Notes issued
Banking d e p a r t m e n t Gold and silver coin
Bank notes
_
Government securities
Other securities
Public deposits
Other deposits
Ratio of gold and note reserve
to deposit liabilities (per
cent)
Bank notes in circulation 1
_
Currency notes and certificates
_.
Nine London clearing banks:
Money at call and short notice
Discounts and advances...
Investments
Total deposits
Total clearings
Government floating debt:
Total
Treasury bills
Temporary advances
ndex of security prices (December,
N 1921 ==100) (per cent)
Index number of foreign exchange
value of the pound sterling (per
If cent)
_
159
178
2
34
37
76
27
102
27.4
89
293
112
1,075
255
1,613
2,996
775
644
131
116.0
July
|
Sep-
161
181
162 i
182 !
127
146
2
36
35
70
22
104
2
37
34
69
21
103
2
22
42
77
14
111
30.8 !
88 1
295 !
31.6
90
301
117 ! 115 |
1,063 | 1,080 !
260 1
257 I
1,611 ; 1,633 !
3,039 | 3,499 |
770 I
626 ;
144 i
780 !
604 !
176 !
116.2 I 114.4 i
130.9 | 131.6 I 132.0
19.5
101
285
108
1,020
314
1,612
2,976
( i : 1 1 JJ,
( f
3
M O f f (
C
3,683 i
312 |
311
17,147
2,511 I
951
47.70
971
45.40
1,178
51.00 |
1
1,045
1,076
99
319
1,717
460
620
2,649
1,833
4,382
93
357
1,765
471
701
2,595
1,834
4,433
70.35
31
3,680
301
1,742
August
970
92
354
1,691
639
564
2,474
1,856
4,302
4,609
122
1,013
583
2,333
4,140
167
1,095
609
2,252
4,127
70.97 i 73.99
25
37 !
80.43
44
1925
| August! July j June I August
Banks of issue: 1
Gold reserve
Total reserve
Loans and discounts
Note circulation for commerce
Note circulation for the State
Total deposits
_
Leading private banks:
Cash
Loans and discounts
Due from correspondents...
Participations
Total deposits
State note issue
Index of security prices (per cent)
1
924
52.20
j
i
• 1,132 | 1,132
j 2,007 | 1,988
! 10,412 j 9,755
12,363 12,208
7,068 7,068
2,538 2,685
1,007
8,814
4,621
499
2,100
13, 375
2,100
234
1,132 i
1,777 |
9,675 !
11,949 !
7,068
2,811 j
1,131
1,833
6,881
9,955
7,398
2,973
927
1,049 ;
8,416
9,079
4,636 1 3,929
382
467 !
13,840 i 12,427
2,100 i 2,400
230
242 !
Not including gold held abroad.
JAPAN
[Millions of yen]
1925
July
54
54
1,100
1,100
1,107
2,110
2,090
2,126
1,248
2,090
1,331
2,248
1,240
2,151
116
209
330
576
158
116
209
1924
ugust: July
September
June August
54
338
571
164
Sep-
1924
1925 •
Not including gold held abroad.
Total for month.
981
123
368
1,789
502
700
2,530
1,836
ITALY
CANADA
[Millions of dollars]
1
June
[Millions of lire
Not ncluding gold held abroad.
Chartered banks:
Gold coin and bullion l
Current loans and discounts
;
Money at call and short notice...
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion notes.
Dominion note circulation
Bank clearings 2
Bank debits »
July
Bimonthly statements.
127.1
17,007 i 14,999
I 11,959 ! 11,033
I 4,571 | 4,095
Pg]
banks
—
Price of 3 per cent perpetual rente
Reichsbank:
Gold at home
Gold abroad
Reserves in foreign exchange
Bills of exchange and checks
Miscellaneous assets
Deposits
_
Reichsmarks in circulation
_
Rentenmarks in circulation
Reichsbank clearings
6 Berlin b a n k s : 1
Cash
Bills
_
Due from other banks
Miscellaneous loans
Deposits
Index of security prices (Jan. 2,1925=
100) (per cent)
Capital issues
115.6
27,750 ! 27,250 ! 23,000
44,702 I 44,496 j 40, 339
2,429
Sei
tern]iber August
774
619
155
1 Notes issued, less amounts held in banking department and in
currency note account.
FRANCE
[Millions of francs]
Bank of France: 1
3,683
Gold reserve
310
Silver reserve
War advances to the Govern28, 900
ment
45, 557
Note circulation..
_
2,176
Total deposits
Three commercial banks:
Demand deposits
.._
Bills
_
Other loans
.
1925
331
574
163
116
208
54
1,143
278
512
166
1,992
98
214
1,253
1,967
Bank of Japan: l
Reserve for notes . _
Loans and discounts
Advances on foreign bills..
Note circulation.
Government deposits
Private deposits
Tokyo banks:
Cash on hand
Total loans
Total deposits
Total clearings
1
1,057
311
83
1,322
232
33
| 1,057 ; 1,058
261
! 400 '
51
43
!
| 1,371 ' 1,290
167
249
|
34
32 1
1,064
113
2,343
1,888
3,364
1 137
I 2,352
| 1,900
! 2,936
116
2,390
1,919
3,225
!
120
I 2,607
! 1,892
! 2,721
Gold abroad, gold coin and bullion in Japan.
326
63
1,312
216
33
814
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
CONDITION OF CENTRAL BANKS IN OTHER
1925
Sep-'
tember
August
July
1924
1925
1924
September
September August! July
September
Austrian National Bank (mil-
lions of schillings):
Gold
...
. .
Foreign bills (reserve)
_
Other foreign bills
Domestic bills, etc
. _
._ _
Note circulation
Deposits
National Bank of Hungary (bil11
373
15
501
88
73
836
40
11
465
104
85
837
30
285
800
89
272
30
1,264
7,582
245
272
30
1,336
7,616
174
272
30
1,413
7,688
153
270
17
1,327
7,526
265
Bank of Java (in thousands of
florins):
Gold
Foreign bills
Domestic bills
Loans...
Note circulation
152
3
542
412
480
4,221
1,954
158
5
468
395
477
4,129
1,966
86
2
734
270
448
4,362
1,354
Bank of Latvia (thousands of lats):
Gold.
Foreign exchange reserve
Bills....
Loans
_
Note circulation
Government deposits
_
Other deposits
1,031
1,031
1,051
659
568
478
7,695
467
633
616
477
7,549
571
657
780
753
8,223
438
National Bank of Bulgaria (millions of leva):
Metallic reserve
Foreign notes
Balances abroad and foreign bills.
Commercial bills
flnmnifirpiftl loans
Notes in circulation
Deposits
Banking Office, Czechoslovakia
(millions of Czechoslovak crowns):
Gold and silver
_ _ 1,030
Balances abroad and foreign cur702
rency
559
Bills discounted
_. .
467
Advances on collateral
7,839
Note circulation
484
Deposits
Bank of Danzig (thousands of
Danzig gulden):
On deposit with Bank of England, foreign bills, etc
Loans and discounts. _
Notes and circulation
Deposits
42,891
18,522
35,296
9,343
32, 094
21,809
33,444
3,387
32,763
24,059
34, 203
5,723
29,594
15,372
27,937
13,376
209
71
21
125
430
61
209
76
23
148
442
75
209
80
36
109
449
64
210
227
61
36
473
70
76
228
1,693
3,066
2,250
2,613
1,584
93
252
1,715
3,076
2,250
2,522
1,673
43
1,165
43
1,065
43
1,077
43
455
395
363
1,279
395
365
1,268
395
352
1,252
494
844
1,279
87
220
33
158
93
95
7
23
2,528
3,796
3,313
5,303
2,652
3,970
2,227
4,654
2,114
1,016
1,921
1,072
Bank of Estonia (millions of
Estonian marks):
Cash in foreign currency
Loans
Bills discounted
Advances on current accounts
Bank notes issued
Deposits of the exchequer .
Deposits
__
Bank of Finland (millions of finmarks) :
Gold
Balances abroad, etc
Finnish and foreign government
securities
Domestic bills. _
Note circulation
Deposits—
Private
Treasury
_
National Bank of Greece (millions
of drachmae):
Gold and balances'abroad
Government loans^and securities.
Discounts and loans
Note circulation
Private depositsSight
Time
631
2,334
1,734
5,103
631
630
2,171 | 2,004
1,564 j 1,563
4,991 j 4,744
540
1,386
1,757
4,116
2,048
152
1,817
131
1,665
161
1,054
362
132,310 132,941
32, 010 30,183
17,627 18,040
86,230 74,162
315,127 311,088
149,941
18,634
37,566
89,994
264, 642
23,551
33,967
61,594
48,479
29,441
70,864
52,817
23,538
32,801
60,906
47,510
29,456
72,209
51,306
23, 533
32, 762
48,515
28,350
75, 769
53,201
23, 584
40, 076
41, 598
39,974
25,800
77,220
46, 698
Bank of Lithuania (thousands of
National Bank of Denmark (mil-
lions of kroner):
Gold
Bills...
Loans
Foreign bills and balances abroad .
Note circulation.
Deposits
lions of Hungarian crowns):
Gold
Foreign exchange..
Bills, etc
Note circulation
DepositsPublic
Private
15
503
73
83
841
30
National Bank of Belgium (millions of francs):
Gold
Foreign bills and balances abroad .
Bills
Note circulation
_. _
Private deposits
COUNTRIES
2,250
litas):
Gold
Foreign exchange reserve
Loans and discounts
Note circulation
Deposits
Netherlands Bank
florins):
,Gold
Gld
Domestic bills
Foreign bills
Loans
Note circulation
Deposits
33,648
24, 768
•_. 41,735
81,091
- . . 13,451 I
33,565
25,931
38,981
79,590
33,483
28,535
39,483
78,497
16,434 I 19,796
25,382
50,503
32,405
74,481
35,558
(millions of
kroner):
Gold
Loans and discounts
Balances abroad
Note circulation
DepositsState
Private.
__.
Reserve Bank of Peru (millions of
libras):
Gold at home
Gold abroad
Bills
Notes in circulation
Deposits
Bank of Poland (millions of zlote):
Gold
Foreign exchange, etc
Bills.
Note circulation
_
Current accounts, etc.—
Treasury
Private
Bank of Portugal (millions of escudos):
Gold .
Balances abroad
Bills
Note circulation
. . . . .
Deposits
418
83
243
128 |
879 I
34 |
414
90
243
116
863
26
419
77
229
135
876
25
529
136
40
194
972
22
147
309
66
372
147
308
61
378
147
325
58
384
147
429
35
389
19
65
66
71
53
58
4,030
953
1,929
6,067
788
4,044
968
1,808
6,030
762
4,021
985
1,985
6,168
810
4,237
695
1,118
5,548
382
132
72
292
397
132
63
285
440
122
92
303
462
100
234
234
460
12
93
2
43
11
69
6
52
9
212
187
1,631
54
Q
195
187
1,617
64
9
189
164
1. 662
40
565
7,901
10,787
20,153
7,966
563
7,690
10, 787
19, 576
7,818
6, 563
597
11, 072
18,871
6,689
National Bank of Rumania (millions of lei):
Gold
Bills .
Government loans
Note circulation
Deposits
_ _
566
8,339
10, 787
20, 649
7,830
815
FEDERAL RESERVE BULLETIN
N O V E M B E R . 1JH!.~
CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued
1925
September August
State Bank of Russia (note issuing
department; thousands of chervontsi):
Gold...
Foreign currency
Loans and discounts
Bank notes
_._
1924
July
September
16, 838
4,685
46,938
70, 277
16,657
4,685
44,618
67, 750
13,140
10,017
30,047
51,887
74
73
73
72
419
995
6, 097
583
427
958
5,965
815
397
944
5, 661
627
391
1,327
5,968
229
3, 585
6,036
6,234
6
2,843
3,000
3,494
7,127
5,418
24
3,260
1,250
551
10,223
4,227
2,397
450
385
9,519
5,234
885
9,520
5,523
1,380
10,418
4,565
National Bank of the Kingdom
of Serbs, Croats, and Slovenes
(millions of dinars):
Gold
Foreign currency and balances
abroad
Bills .
Note circulation
Deposits
_
_
S o u t h African Reserve Bank
(thousands of pounds sterling):
Gold coin and bullion
Gold certificates
Total bills discounted .
Domestic bills
Foreign bills
Union Government treasury bills.
British Government treasury
bills..
Notes in circulation
Bankers' deposits.
1924
1925
September August
B a n k of Spain (millions of pesetas):
Gold.
Balances abroad
Bills discounted
Note circulation
Deposits
Bank of Sweden (millions of kronor):
Gold
Balances abroad and foreign
bills and securities
Domestic bills
Swedish Government securities..
Note circulation
Deposits
Swiss National Bank (millions of
francs):
Gold
Domestic bills
Loans
Balances abroad and due from
correspondents
Note circulation
Deposits
July
September
2,537
28
695
4,376
965
2,537
28
753
4,297
978
2,537
29
764
4.277
993
2,535
31
855
4,458
892
232
233
234
247
204
229
13
551
107
185
244
13
511
144
161
277
13
494
179
99
344
14
564
129
491
290
42
511
291
42
508
276
45
505
285
76
45
845
87
48
819
134
44
824
111
52
891
91
DISCOUNT RATES OF 31 CENTRAL BANKS
[Prevailing rates with date of last change]
Country
• Rate
In effect
since—
Austria.,
i
Sept.
Belgium
i
Jan.
Bulgaria
i 10 Aug.
Czechoslo- I
Mar.
vakia
;
Mar.
Danzig
I
Denmark...! bY2\ Sept.
Oct.
England
| 4
3,1925
22,1923
31,1924
25,1925
6,1925
8,1925
1,1925
In effect
since—
Country
July 1,1925
Oct. 29,1925
July 9,1925
Feb. 26,1925
Feb. 15,1925
Oct. 21,1925
Sept.24,1925
June 18,1925
Japan
Java
Latvia
Lithuania...
Netherlands.
Norway
Peru
Poland
Rate
7.3
6
8
7
In effect
since—
Country
Rate
Apr. 15,1925
Portugal
Rumania
Russia
South Africa.
Spain
Sweden
SwitzerlandYugoslavia..
9
6
8
May
Feb.
Feb.
3H Oct.
5
6
12
Sept.
Apr.
Aug.
3,1925
16,1924
8,1925
2,1925
14,1925
1,1923
12,1925
In effect
since—
Sept.
Sept.
Apr.
5H Nov.
5
Mar.
4 ^ Oct.
Oct.
6
June
12,1923
4,1920
—,1924
—,1924
23,1923
9,1925
22,1925
23,1922
Changes—"Batik, of England, from 4 ^ to 4 per cent on Oct. 1, 1925; Netherlands Bank, from 4 to 3H Per cent on Oct. 2, 1925; Bank of Sweden,
from 5 to 4 ^ per cent on Oct. 9, 1925. National Bank of Hungary, from 9 to 7 per cent on Oct. 21, 1925; Swiss National Bank from 4 to 3}i per cent
on Oct. 22, 1925; Bank of Finland, from 8 to 7V2 per cent on Oct. 29, 1925.
816
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
FOREIGN TRADE OF PRINCIPAL COUNTRIES
FOREIGN COUNTRIES
UNITED STATES
[Thousands of dollars]
12 months ended
September—
1925
12 months ended
September—
1925
Septenr
August
ber
August
1925
IMPORTS
By classes of commodities:
Total
_
Crude materials
Foodstuffs, crude,and food
animals..
._
Manufactured foodstuffs. _.
Semimanufactures
Finished manufactures
Miscellaneous
By countries:
Total Europe
France
Germany
Italy
United Kingdom
Total North America
Canada
Total South America
Argentina
.
Total Asia and Oceania
Japan
Total Africa
>019,647
350,005
340,484
142,198
140,524 1, 573,092
45,247
33,110
58,021
65,370
6,059
100,370
12,843
15,067
6,724
31,288
76,548
37,356
44,321
5,603
123,239
47,970
5,526
36,702
29,786
65,302
65,664
2,506
476,633
437,646
732,062
775,805
25,027
100,547 1, 203,845
14,287
154,348
13,770
149,901
6,046
99,850
32,312
407,185
71,706
959,875
36,282
427,139
41,932
517,360
5,152
77,927
119,732 1, 248,889
35,727
365,924
6,567
90,297
1925
1924
1924
France (million francs):
3,297
Imports
39, 325
4,317
40,415
3,850
Exports
3,258
43,224
39,241
Germany (million gold marks) :
7,472
1,104
1,303
Imports
13,627
8,381
Exports
6,195
3,557,800
780
727
Netherlands (million guilders):
192
Imports
1,190,018
174
Exports
413,904 United Kingdom (thousand £
sterling):
537,428
97,925
Imports
91,733 1,336,285 1,219,961
639, 277
790,525
60,735
Exports..
61,038
785,304
752,614
134,553
Reexports
13,500
150,161
10,526
24,559
Canada (thousand dollars):
81,974
852,524
826,353
78,663
Imports
1,073,266
109,574 112,414 1,170,480 1,086,089
Exports.
147,216
143,605 Japan (million yen):
2,390
164
2,573
Imports
77,659
1,684
228
2,183
Exports
344,376
1,007,814
406,029
446,972
12 months ended
1925
72,937
August—i
961,366
328,821
67,381
1924
1925
July
August
EXPORTS
Denmark (million kroner):
Imports
Exports
Crude materials
71,472 1,406,373 1,291,866 Italy (million lire):
131,579
Imports
Foodstuffs, crude, and food
Exports
28,564
animals
___
243,393
455,857
34,179
Norway
(million kroner):
592,606
47, 514
Manufactured foodstuffs..
52,659
565,645
Imports
662,951
52,149
Semimanufactures
50,058
598,349
Exports
Finished manufactures
143,470 172,406 1,754,926 1,557,650
Russia (thousand rubles) :
362
Miscellaneous
7,769
753
6,327
Imports
Reexports
_
_
7,395
7,621
89,365
88,610
Exports
By countries:
Sweden
(million kronor):
Total Europe
228,379 180,873 2, 705,456 2,253,853
Imports
France
_
20,545
282,100
279,935
18,212
Exports
52,117
375,080
34,114
497,437
Germany
2
12,793
175,659 Brazil (million milreis):
11,601
222,235
Italy
Imports
90,334
63,099 1,056,101
United Kingdom
Exports
Total North America
102,819 101,375 1,158,266 1,041,005
668,576
688,465 Australia (thousand £ sterling) :
60,781
Canada
_
63,338
Imports
290,015
38,125
Total South America
382,514
29,006
Exports..
107, 634
14,390
139,993
Argentina
9,661
700,355 India (million rupees):
50,790
641,656
Total Asia and O c e a n i a . . .
53,107
Imports
_
263,443
13, 238
224,812
Japan
18,012
Exports
_
66,610
8,701
81,819
Total Africa
7,008
South Africa (thousand £ sterling):
1
Imports
Figures for Russia are for eleven months ending August, 1925.
1
Exports
Figures are for April and May, 1925, and for the 12 months ending
May, 1924, and May, 1925.
B y classes of commodities:
Total
420,319
379,862 4,969,661
4,351,840
163
161
190
179
2,306
2,168
2,253
1,994
1,391
1,597
1,851
1,391
24,657
17,343
18,032
13,127
120
87
129
78
1,541
1,145
932
45,700
51,300
66,672
36,141
556,889
437,324
119
127
117 I
134
1,413
1,329
1,406
1,223
365
280
328
246
3,415
4,013
2,297
3,369
12,211 1 156, 088
7,085 j 160,474
142,821
120,663
2,363
4,159
2,362
3,617
12,501
10,442
188
292
177 '
283
5,506
5,704
817
FEDEEAL RESERVE BULLETIN
NOVEMBEE, 1925
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
The tables below give the all-commodities
and group index numbers of wholesale prices in
the five countries included in the Federal Reserve Board's indexes. In the first table the
all-commodities index for each country is shown
both in terms of paper currency and converted
to a gold basis. The latter figure takes into
account the depreciation of the foreign currency
in terms of the American dollar (or gold) and
the series indicates relative price levels in the
several countries when all prices are expressed in
dollars.
FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES
(1913=100)
ALL COMMODITIES
Converted to gold basis
On paper currency basis
Year and month
1923, average.
1924, average.
United
States
165
159
England
170
176
England
Canada
394
446
150
147
France ! Canada
159
160
188
200
124
121
January
February..
March
April
May
June
July
August
September.
147
145
183
166
142
144
143
140
141
142
146
149
145
148 I
148;
149 I
185
182
172
165
161
156
158
163
161
161
162
161
156
157
153
148
149
147
148
150 i
146
160
168
162
160
159
161
161
162
161
!
1924
January
February..
March
April
May
June
July
August
September.
October
November.
December..
Japan
163
163
160
158
156
154
156
158
156
159
160
178
180
180
181
177
174
174
173
172
175
176
165
177
168
167
168
163
162
163
165
164
165
178
178
175
171
166
164
163
161
158
445
469
483
428
428
442
440
442
436
442
449
451
i
i
i
j
!
i
i
146
148
147
143
143
145
147
149
146
148
148
149
205
200
200
201
200
189
191
196
198
206
210
209
156
160
158
162
158
155
156
160
158
161
167
171
108
107
117
137
128
120
117
125
120
120
123
126
156
158
153
148
149
147
148
150
146
208
204
197
191
189
195
195
197
197
175
175
171
168
166
164
163
161
158
127
125
124
124
125
119
119
119
118
|
!
|
'
1925
456 i
457 !
463
460
467
483 ;
490 I
491 I
»482 !
GROUPS OP COMMODITIES i
I Grouped by stage of
, All
Year and month j m ° o m :.
Raw ProI ties
ma- ducers'
Year and month
Con
Export
"
terials goods
DoIm- goods
mes- ported
tic
goods
goods
FRANCE—COntd. j
UNITED STATES
1924—September . _
1925— April
May
June
July.
August
September..
1925—July
I
August
I
September 2 .!
490
491
482
510
506
499
486
487
485
472
480
463
472
473
461
578
580
584
513
515
516
146
148
149
147
148
150
146
133
134
137
137
134
136
129
153
153
152
151
150
149
149
162
169
164
161
167
171
170
145
147
148
147
147
150
145
155
158
154
154
154
154
154
150
161
171
166
162
166
152
197
191
189
195
195
197
197
198
214
208
205
206
202
205
206
202
201
189
188
196
201
204
203
196
185
182
181
189
189
190
190
200
196
191
189
195
195
197
189
203
194
188
196
195
196
196
200
200
191
189
197
202
202
208
CANADA
ENGLAND
172
172
1924—September __
1925—April.
May
June
July
August
September. _
162
162
164
165
163
FRANCE
1924—September-.
1925—April..
May
June
Grouped by
origin
436
460
467
483
516
541
530
555
165
163 ;
165 '
1924—September. _ I
1925— April
May
|
June
i
July
August
I
September.-|
JAPAN
!
1924—September-J
154
March
j
I 1925—April
May
443
June
July
470
August
462
September. _
483
161
* Complete descriptions of these indtx number* may be found in the following issues of the BULLETIN: UniUd States—May and June, 1920,
June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922
•Provisional.
818
FEDERAL RESERVE BULLETIN
NOVEMBER,
1925
WHOLESALE PRICES IN PRINCIPAL COUNTRIES
ALL COMMODITIES
[Pre-war-100]
Europe
Year and
month
wT
Den- 1 (mB £ ra H
Bel- ! Bul- jCzechoslo° rd
gium | garia |
i^ mark
Fin
Trade)
lraae)
1924
January.
February
March
April....
May....
June
July.....
August.
September.
October...
November.
December.
1925
January.
February
March
April...
May...
June...
July...
August. _.
September
October.
580 I 2,711
642
625
555
557
565
566
547
550
555
569
566
I
I
i
j
I
!
i
J
I
!
2,658
2,612
2,798
2,551
2,811
2,737
2,853
2,848
2,988
3,132
3,181
559
3,275
551
3,309
546
3,272
538 ! 3,244
537
""
3,177
552
3,225
559
.
3,041
567 I 2,870
577
974
999
1,021
1,008
1,001
968
953
1,013 !
1,024 i
1,045
1,048
1,034
1,020
1,006
998
1,009
993
996
Europe—-Continued
Year and month
I
!
I
j
|
|
|
I
I
I many
| Statis' tical
'Bureau)
Hungary
(gold
basis)
123
131
130
125
119
133
145
145
142
149
154
160
" 'TPronnn
F r a n c e (Federal
land
210
223
227
228
225
219
220
233 !
231 !
234
231 |
232
165
1,071 !
167
1,078 I
165
1.094 !
165 I 1.095 !
164 | 1,090
163
1,088
163 I 1,085
165
1,111
167 ! 1,117
170
1,114 |
170
1,120 I
170
1,139 j
494
544
499
450
459
465
481
477
486
497
504
507
117.3
116.2
120.7
124.1
122.5 I
234
234
230
220
216
216
206
189
168
163
171
169
166
163
159
158
158
157
156
514 i
515 j
138.2
136.5
1,137
1,141
1,131
1,133
1,122
1,129
1,118
1,142
1,133
115.9
115.0
120.4
126.9
131.2
128.5
131.3
514 I 134.4
513
520
543
557
558
556
j
!
!
I
!
131.0
131.9
133.8
134.8
131.7
125.9
• North and South America'
United
i States
Switzer-1
te
(Bureau
1
Sweden
Spain
land of Labor Canada
Statis- !
! tics)
!
|
I
i
159
152
145
144
141
141
136
134
135
i way iPolandiRussia*
! (Oslo) !
!
Italy
!
!
!
!
'
i
j
j
571
573
579
579
571
566
567
572
580
602
621
640
i
i
!
]
!
;
!
!
!
!
658 j
660
!
|
|
!
i
j.
658
660
707
731
267
263
264 j
271
274
275
276
277
278
107
112
110 I
109 :
104
101
102
109
112
116
117
118
187
193
181
175
166
169
175
173
164
164
168
279
281
276
267
260
258
254
245
231
120
121
122
119
118
119
120
124
127
172
178
183
195
197
191
188
175
173
174
156
158
155
154
153
151
151 •
151
158
161 j
161
160 i
i
250
160
158
155
151
151
153
155
155
156
Africa
Asia and Oceania
I
j China I Dutch India Japan j New \ Egypt South
i(Shang-| East | (Cal- (Tokyo)!Zealand!
(Cairo) Africa
! hai) Indies cutta)
1924
January
February...
March
April
May
June
July..
August
September _
October
November.,
December..
178
180
180
184
179
179
182
182
184
186
181
198
161
162
162
161
160
158
157
160
163
167
167
168
183
183
180
181
180
178
173
171
170
189
169
170
169
168
163
162
161
161
159
157
171
171
170
166
163
162
161
160
159
159
!
j
|
I
|
|
I
i
i
I
151
152
150
148
147
145
147
150
149 I
152
153 !
157 !
157
157
154
151
151
152
154
157
154
157
158
161
190
189
194
195
192
192
192
193
190
192
191
195
160
161
161
156
155
157
160
160
160
165
165
162
157
159
159
158
160
157
199
194
206
206
200
200
198
200
205
205
1925
January
February...
March
April
May.
June.July
August
September..
October
1
191
192
193
190
191
187
188
184
185
!
!
;
I
i
:
!
!
i
;
I
I
;
I
!
i
I
i
;
!
i
174 !
170 I
167
166
165
163
163
162
162
163
163
165
!
!
j
j
!
I
I
I
j
•
I
I
163 |
163
160
158
159
163
162
162
162
156
160
158
154
154
152
152
149
149
153
155
157
180
160
159
160
159
158
157
163
160
160
178
177
176
175
174
173
178
177
178
174
177
177
175
173
179 !
i
;
!.
.
!.
!
!
!
!
|
|
!
172
178
179
174
176
176
179
180
179
181
180
176
211
208
206
207
205
199
195
200
206
213
214
213
171
172
168
169
164
157
160
157
158
213
210
204
202
199
200
198
200
201
!
|
I
I
!
I
175
180
180
178
179
180
180
181
181
180
181
181
I
i
\
j
!
!
;
;
!
I
!
;
178
175
175
175 !
175 '
174 I
175
131
133
135
136
134
135
131
132
143
148
156
158
156
157
161
155
154
151
126
"125
133
I
I.
j.
130
130
.
150 I151 I.
151 L
152 !.
First of month figures.
The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers
of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be
had upon request.
Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number
of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN.
NOVEMBER,
FEDERAL RESERVE
1925
819
BULLETIN
WHOLESALE PRICES IN PRINCIPAL COUNTRIES
GROUPS OP COMMODITIES
U N I T E D STATES—BUREAU OF LABOR STATISTICS
[Pre-war=100]
Bureau of Labor Statistics groups
Federal Reserve Board groups
: AH
Raw materials
I eomCloths Fuel Metals
and Buildi1 rnod- Farm I
and
and metal
ing
ities prod- I Foods clothlightprod- mateucts !
ing
ing
rials
ucts
1923, average
i
1924, average
!
1924—September. _ I
October
1
November.. I
December...!
1925—January
'
February __.i
March
i
April
May
June
i
July
August
!
September..:
154
150
149
152
153
157
160
161
161
156
155
157
160
160
160
141
143
143
149
150
157
163
162
161
153
152
155
162
163
160
144
144
148
152
154
158
160
157
159
154
153
155
157
159
160
200
191
187
188
190
191
191
191
191
190
188
188
189
190
189
185
170
168
162
163
165
168
178
174
169
168
173
172
170
1G9
144
135
128
127
129
133
136
136
134
129
127
126
126
127
127
Chem- House
furMisicals nishcellaand
drugs ing
goods
189
175
171
171
172
175
179
183
180
174
175
171
170
172
174
E N G L A N D — B O A R D OF T R A D E
131
130
131
132
134
135
135
135
134
134
133
133
133
135
136
183
173
171
171
172
172
173
173
170
170
170
170
169
L69
168
Pro- ConsumAni- Forest Min- Total ducers'
ers'
raw
mal
eral
Crops prodprod- prod- mate- goods goods
ucts
rials
ucts
123
117
116
120
123
129
127
125
125
129
131
138
143
138
135
168
172
164
172
176
186
196
193
183
173
176
175
173
175
169
210
186
180
181
182
129 | 187
193
133
201
136
196
148
187
141
189
134
181
141
180
154
155 I 185
155 i 184
Sep- AuSepi tem- gust
July June May temI ber
ber
156
166
159
166
170
151
121
130
204
179
157
157
166
164
161
174
152
123
132
207
177
157
FRANCE—STATISTICAL
Aircommodities
All foods
Animal foods
Vegetable foods.
Sugar, coffee, cocoa
All industrial material
Minerals
Textiles
Sundries
i 556
; 492
486
; 490
495
607
522
807
< 564
558
501
500
496
500
604
519
812
«7
158
166
159
154
185
153
125
132
210
176 !
157
!
158
167
163
154
185
152
126
130
214
175
m
159
167
163
153
185
155
128
132
216
181
153
167
171
175
159
177
165
141
140
219
206
159
BUREAU
557
508
499
520
486
597
506
804
554
i 1924
1925
Septern-
Groups
AlFcommodities.
Total food
Cereals...
Meat and fish.
Other foods
Total, not food
Iron and steel
Other minerals and metals..
Cotton
Other textiles.
Other articles
156
156
158
161
163
167
169
167
168
166
164
165
167
168
169
I T A L Y — C H A M B E R OF C O M M E R C E
1925
Groups
159
141
154 | 133
152
130
156
129
155
131 |
161
132
167
134
169
136
169
135
131 I
161
160
131 j
162
135
166
137 !
168
134 i
166
131 i
185
170
166
165
166
169
172
175
173
168
167
167
168
170
172
122
120
123
130
124
543
497
466
535
465
580
495
784
535
520
480
465
509
435
553
458
748
517
486
449
459
430
457
515
412
747
466
All commodities
All foods
Vegetable foods
Animal foods
All industrial products
Textiles
Chemicals
Minerals and metals
Building materials
Vegetable products
Sundries
.
SepMay tember
! 67. 7 i 685 1 668
I
| 686 ! 652
|
665 j 617
I
715 j 700
684 | 675
827 821
\ 620 616
] 657 j 645
692 664
674 | 664
658 I 649
634 i
622
594
661 i
639
759
581
609
642
673
611
619
607
577
648
625
736
567
602
631
643
603
547
532
482
606
553
675
498
544
559
488
540
C A N A D A — D O M I N I O N B U R E A U OF S T A T I S T I C S
All commodities
|
Vegetable products
_|
Animal products
j
Textiles
_
Wood products
Iron products
I
Nonferrous metals
j
Nonmetallic minerals
j
Chemicals.
j
Raw materials, or partly manu- i
factured
I
Manufactured, fully or chiefly.Producers' goods
Consumers' goods
157
160
142
191
159
150
107
178
158
160
173
138
193
159
149
107
178
158
158 i
170 ! i
135
195 i
159 j
151 ; J
105
177 i
158 |
159
174
133
194
159
152
103
177
158
159
177
131
193
159
153
103
177
158
154
161
126
192
159
155
97
183
155
151
159
150
157
157
161
156
156
155 156
159 ! 160
155 ! 158
154 j 153
158
160
159
152
150
157
149
149
GERMANY—FEDERAL STATISTICAL BUREAU
SWITZERLAND i—DR. J. LORENZ
All commodities
Total food products
Grains and potatoes
Fats, sugar, meat, and fish..
Colonial goods, coffee, cocoa,
etc
Total industrial products
Hides and leathers
Textiles
|
Metals and minerals
Coal and iron
Domestic goods
_.
Imported goods.
_
126
122
107
150
132
130
120
147
135
134
129
136
134
133
129
134
132
130
126
129
127
121
111
139
181
134
125
189
132
121
118
165
175
135
123
190
134
121
125
165
179
136
126
191
131
123
129
166
175
135
122
188
129
123
128
162
177
136
127
192
129
123
125
165
161
139
124
193
119
129
121
158
1925
Groups
All commodities
Consumers' goods
Agricultural products
Industrial products _ _
i First-of-month figures.
Sep- AuOc
tober i tember gust
159
! 173
| 117
! 160
159
174
117
159
1924
July
160
161
174 I 176
115 I 119 |
160
159 i
OcJune tober
162 |I
177 I
121 I
159
169
180
124
175
820
FEDEKAL RESERVE BULLETIN
NOVEMBER, 1925
RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES
INDEX NUMBERS OF RETAIL FOOD PRICES
[Pre-war=100]
1European countries
United
States
(61
BulBelAustria
cities) (Vienna)*
gium 2 garia
1924
January
February
March
April
May
June
July
August September...
October
November
December
1925
January
February
March .
April
May
June
-.
July
August
September...
October
Other countries
Eng- France Gerland i (Paris) many
Italy
(Milan)
Netherlands
Norway
Russia i
Switzerland
Canada i
Aus- India New
Zeatralia (Bombay) land
South
Africa
146
144
141
138
138
140
140
141
144
146
147
149
22,941
23,336
23,336
23,361
23,797
24,287
23,499
25, 050
25,100
25.365
26,482
26,806
126
130
128
121
113
118
123
124
127
135
140
139
2,674
2,537
2,497
2,501
2,438
2,687
2.626
2,727
2,723
2,856
2,994
3,040
175
177
176
167
163
160
162
1G4
166
172
179
180
376
384
392
380
378
370
360
366
374
383
396
404
127
117
120
123
126
120
126
122
125
134
135
135
515
516
523
524
519
518
508
507
514
543
567
579
150
151
152
152
151
151
150
150
152
154
156
157
230
234
241
240
241
240
248
257
261
264
269
274
180
201
203
207
213
206
210
225
219
206
203
205
168
167
167
165
165
168
168
166
166
169
170
170
145
145
143
137
133
133
134
137
139
139
141
143
155
153
152
150
151
149
148
147
146
146
147
148
154
151
147
143
143
147
151
156
156
156
157
156
150
149
150
150
150
150
148
146
145
145
148
150
120
122
122
123
122
120
117
117
117
120
122
121
151
148
148
148
149
152
157
157
156
27,168
27,065
26, 796
26, 448
27,037
27,031
26,550
25, 739
25,294
140
137
134
127
122
127
130
135
3,131
3,163
3,128
3,100
3,032
3,083
2,906
2,744
178
176
176
170
167
16fi
167
168
170
408
410
415
409
418
422
421
423
431
137
»145
146
144
141
146
154
154
153
590
610
624
620
599
599
602
621
156
157
157
155
154
152
152
152
152
277
283
284
276
265
261
260
254
241
205
208
211
217
221
219
218
210
208
215
168
168
168
166
165
167
167
165
165
145
147
145
142
141
141
141
146
146
148
149
151
152
154
155
156
156
156
152
152
155
153
151
149
152
147
146
148
147
147
149
149
150
149
151
120
120
121
124
123
122
120
119
118
INDEX NUMBERS OF COST OF LIVING
[Pre-war»100]
European countries
Massachi- Bel- Czech- Eng- Essetts gium
oslotovakia land i nia
1924
January
February
March
April .
May
June
July
August
September..
October .
November..
December...
1926
January _- ,
February
March
April
May
June
July
August
September...
October
157
156
156
154
154
154
155
155
157
157
157
158
480
495
510
498
485
492
493
498
503
513
520
521
917
917
908
907
916
923
909
897
908
916
922
928
177
179
178
173
171
169
170
171
172
176
180
181
158
157
158
158
158
159
160
161
161
521
517
511
506
502
505
509
517
525
533
>890
180
179
179
175
173
172
173
173
174
911
904
901
894
914
916
894
884
I.
95
94
98
104
108
109
113
110
114
112
111
112
114
Other countries
Swit- Can- Aus- India South
Fin- France Ger- Hun- Italy Nether- Nor- Po- Spain Swezertra- (Bomland (Paris) many gary (Miden
lan) lands way land
land ada 1 lia bay) Africa
1,155
1,143
1,141
1,121
1,121
1,147
1,154
1,198
1,199
1,219
1,222
1,217
1,199
1,191
1,210
1,201
1,176
1,191
1,218
1,266
1,242
365
366
367
377
386
390
110
104
107
112
115
112
116
114
116
122
123
123
123
101
118
107
104
128
140
138
135
141
141
143
510
517
521
522
518
618
512
511
516
546
563
573
124
U36
136
137
136
138
143
145
145
141
135
132
130
131
130
126
127
126
580
592
602
600
591
596
598
610
179
236
173
244
176
258
181
266
179
271
179
259
179
248
121
127
126
127
126
124
127
135
141
150
152
153
178
176
190
180
195
180
186
182
171
180
189
185 ""l74"
175
190
169
168
168
166
166
168
169
166
166
169
170
170
150
149
148
150
145
143
143
149
143
145
146 '~148~
146
147
147 ~~148~
158
156
153
150
150
153
156
160
160
160
161
160
133
134
134
134134
133
132
132
132
133
134
133
150
151
151
149
147
148
152
151
152
188
178
189
192
191 ""l77"
188
190
190
176
190
190
168
168
167
165
165
166
166
164
149
150
148
147
146
146
146
148
148
157
157
159
158
156
154
157
152
151
153
133
133
133
134
134
134
133
132
132
150
8
1 First of the month figures,
Revised index.
* January, 1921-100
2 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.
821
FEDERAL RESERVE BULUETI-N
NOVEMBER, 1925
BANKING AND FINANCIAL STATISTICS
FEDERAL RESERVE BANKS
AVERAGE DAILY CONDITION FOB SEPTEMBER AND AUGUST, 1925
[Amounts in thousands of dollars]
Total earning assets
Total deposits
Total cash reserves
Federal reserve notes
in circulation
Reserve per-
Federal reserve bank
September
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
__
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas..
San Francisco .
75,716
294,676
90,061
113,033
64,527
59,755
123, 384
64,141
47,045
61,038
50,193
120,329
1,163,898
930,965
1,123,472
1,113,343
1, 740,474
3,329,481
Total: 1925..
1924..
1923..
1922..
1921..
1920..
1
August
September
74,428
253,267
84,396
106,083
62,394
59,457
120, 680
70,913
45, 203
56,151
49, 004
110, 288
1,092, 264
836, 534
1, 078, 204
1,053, 098
1,841, 596
3, 233,862
August
241,173
927, 626
215,163
309, 026
87, 540
164,216
365, 695
60,050
76, 012
97,157
64, 500
264, 649
247, 518
960,913
222,134
307,163
83, 796
149,348
374,484
55, 673
72, 279
102, 260
55, 605
265, 703
2,872,807
3,156, 623
3,187, 000
3,192,420
2,836, 396
2,139, 280
2, 896,876
3,211,455
3.194, 364
3.195, 502
2, 740,388
2,127, 305
September
August
I Sep- August
i tember
September
143,529
837,174
132,921
178, 536
67,813
77,786
327, 393
78,398
53, 952
91, 293
60,190
165, 374
143,122
835, 792
133,858
180, 661
67,331
74, 227
329, 638
79, 001
52,055
93,100
56, 704
163,832
159,703
352, 528
150,215
223, 566
76,146
147,960
145,574
40, 276
65, 221
65,854
46, 084
206, 501
2,214,359
2,188,401
1, 9C8,193
1,866,300
1, 716,162
1, 912, 070
2, 209,321
2,139, 536
1,890, 069
1,859, 524
1,691,137
1, 885,062
1,679,628
1, 7S0,498
2,264,090
2,225, 457
2,493,910
3, 275, 535
164, 856
342,159
149,746
211, 520
70,104
135, 286
146, 212
41,793
61,661
63, 644
40,116
199,290 |
79.5
78.0
76.0
76.9
60.8
72.7
77.3
50.6
63.8
61.8
60.7
71.2
80.4
81.6
78.3
78.3
61.0
71.3
78.7
46.1
63.6
65.2
57.4
73.2
1,
1, 757; 470
2, 228, 947
2,151,185
2, 512, 348
3,165, 222
73.8
80.1
76.4
78.0
67.4
U3. 3
75. 5
82.4
77.6
79.7
65.2
143.7
Kansas
City
Dallas
Calculated on basis of net deposits and Federal reserve notes in circulation.
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS
RESOURCES
[In thousands of dollars]
Total
Gold with Federal reserve
agents:
Sept. 23
_
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Gold redemption fund with
U. S. Treasury:
Sept. 23___.
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Gold held exclusively against
Federal reserve notes:
Sept. 23
—
Sept. 30
Oct. 7
Oct. 14
Oct. 21
_
Gold settlement fund with
Federal Reserve Board:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Gold and gold certificates held
by banks:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Boston
New
York
Phila- Clevedelphia land
Richmond
Atlanta
Chicago
MinneSt.
Louis apolis
127,464
127,854
130, 349
130, 512
127,947
182,535
181,750
181,022
181,446
181,181
45,471
50,687
54,752
53, 459
52,725
129,218
128,710
133,638
132,528
126,317
135,074
135,003
115,003
114,953
114,953
16,280
15,925
19,701
19,462
15,596
45,289
44,416
44,420
46,555
54,025
10,202 8,161
13,886 9,712
12,600 12,861
11,223 13,853
10,002 5,578
3,607
2,880
4,162
2,339
3,201
3,151
1,830
1,766
1,866
1,771
2,019
2,077
2,502
2,385
2,996
2,087
4,943
3,838
2,690
5,628
1,158
1,613
1,334
996
1,409
1/
1,884
1,563
186,142
184,630
185,184
183,785
184,382
48,622
52.517
56.518
55, 325
54,496
131, 237
130,787
136,140
134,913
129, 313
268, 325
260, 222
253,001
234, 956
256, 714
45,027 68,861
53,766 74,866
46,965 58, 241
35,765 71,412
37,919 52,300
31,035
34,276
35,161
35,985
33,580
347,076
339, 641
341,508
342,133
350,285
20,758
21,089
22, 244
23,862
24, 447
300,728
300,609
300,609
300,527
345,527
1,405,694
1,381,941
1,365,341
1,372,943
1,399,178
144,931
121,931
119,610
117,417
114,381
48,726
54,197
58,906
57,112
54,143
10,535
7,641
9,165
10,511
12,805
1,454,420
1,436,138
1,424,247
1,430,055
1,453,321
155,466
129,572
128,775
127,928
127,186
310,930
314,495
313,209
311,750
355,529
719,341
736,603
748, 208
733,661
701,960
32,788
43,103
46,863
38, 356
54,192
591,784
587,226
588, 933
602, 348
623,103
26,337
26,781
28,354
31,815
36, 359
135, 625
137,566
143, 210
144, 365
133, 525
47,195 8,391
46,883 8,690
47, 535 9,273
50,805 9,664
50,805 10,346
50,262
49,527
43, 257
42, 349
42,028
33,410
32,783
32,181
31,637
31,185
195,032
192,746
190,799
202,098
193,313
3,401
4,311
4,754
4,609
1,'
1,619
1,710
1,648
1,521
1,923
2,711
3,094
2,764
2,334
137,161 17,438 46,617 53,348 34,879 196,955
139,946 17,538 40,300 52,928 34,402 195,457
118,841 21,035
47,568 33,891 193,893
117,643 20,458 48,638 47,103 33,285 204,862
120,581 17,005 56, 314 46,637 32,706 195,647
26, 342 107, 705
28,867 102,573
28,037 124,645
29, 326 141,126
24, 204 135,072
j
2,748
2,618
2.578
2,611
2,691
San
Francisco
87,719
89,615
84,179
86, 320
87,905
27,791
36,293
40,378
36,681
12,687
23,959
21,637
26,224
26,194
18,447
32,040
27,913
29, 740
28, 226
24, 511
20,690
15,128
17, 783
18,787
17, 348
34,778
37,959
41,170
36,847
34,986
9,827
9,437
9,283
10,873
12, 406
7,406
7,621
7,420
8,004
7,790
7,147i
7,238
7,321
7,431
7,567
23,192
4,915
4, 350
3,722
4, 526
24,888
25,108
27,976
822
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
I
Total
Total gold reserves:
Sept. 23
Sept. 30
Oct. 7Oct. 14
-_
Oct. 21
Reserves otherTthan gold:
Sept. 23
Sept. 30
Oct. 7
-.
Oct.14
-.Oct. 21
Total reserves:
Sept. 23
Sept. 30
Oct. 7
- Oct. 14
Oct. 21
-.-.
Nonreserve cash:
Sept. 23
Sept. 30
Oct. 7
Oct. 1 4 Oct. 21
-.
Bills'ldiscounted:
Secured by United States
Government
obligationsSept. 23
Sept. 30
Oct. 7.
Oct. 14
Oct. 21
Other bills discounted—
Sept. 23
Sept. 30
Oct. 7.
Oct. 14
Oct. 21.
Total bUls discounted:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Bills bought in open market:
Sept. 23
Sept. 30
Oct. 7
Oct. 1 4 . . . .
Oct. 21
U. S. Government securities:
BondsSept. 23
Sept. 30
Oct. 7 . .
Oct. 14
Oct. 21
Treasury n o t e s Sept. 23
Sept, 30Oct. 7
Oct. 14.
__
_
Oct. 21
Certificates of indebtedSept. 23..
Sept, 30.
Oct. 7 . . .
Oct. 14..
Oct. 2 1 . .
Total U. S. Governmentfsecurities:
Sept.23
Sept. 30
Oct.7__
.._.
Oct. 14__
Oct. 21
Other securities:
Sept.23.
Sept. 30
Oct. 7_
Oct. 14.
Oct.21__
i Boston
2, 785, 545
2, 759, 967
2,761, 388
2, 766, 064|
2, 778, 384 217,737
105,
105,
101,
103,
110,
394!!
5671
093 i
723!
912
2,870,939!
2, 865, 534;
2,862,481!
2, 869, 787
2,889, 296
New
York
| P h i l a - j Cleve• delphia | land
926, 331 i
914,358!
907, 7181
888,839|
962,528!
24, 422!
24, 771;
24,851:
25, 249:
25,912J
227,865
213, 032
217, 659
211, 667
233,33"
950, 753
939,129
932, 569
914,088
988,440
201,410'
212,421
212,419
203,992
195.891
Richmond
Atlanta
St.
Louis
302,198 88,048 160, 327 332, 585
306,379 95,483 162, 272 332,134
290,960 100,952 166,755 327, 665
306,002 100, 974 166,850 345,089
18,422! 156,208 343, 558
287,48^"
Minne- !
55, 0561
63, 268 i
70, 696!
68,012|
42,098'
77,!
75, 558
79, 627
82,836
82,551
Kansas
City
j San
Dallas j Francisco
89, 376
85, 756
81, 658
79,051
75, 674
62,716!
56,768|
58,995
59. 503
57, 621
254,925
256,114
259, 951
266,817
258, 609
555 j
068 j
775|
825!
4901
7, 465
7, 837!
6, 557'
7, ir
8,455
4,0121
3, 728;
3, 900;
4,019|
5,062!
7,183
7,419
6,037
6,840
7,413
15,850|
15,305
14, 893
15,152
15,459
8,9771
9, 300!
9, 218!
9,463!
9,184!
1,544
1,420
1,' "
1,810|
1, 8671
4,454
5,069
3,f~~
3,502
3,761
7,122
6, 210;
5,155
5, 673!
5,903i
5,536
5,864
5,672
5,505
5,806
206,965
217,489
218,194
209, 817
202, 381
309,i
314, 216
297, 517
313,119
295,942
92,060
99,211
104,8521
104,9931
103,484
167,510
169,69l|
172,792j
173,690!
163,621
348,435
347,439!
342, 558'
360,241
359,017
64,033)
72, 568
79,914
77,475
51,282
79, 526
76,978
81,096
84, 646!
84,418!
93,830
90,825
85, 557
82, 553
79,435
9,838
62,978|
64,150l
65,176
63, 524
260,461
261,978
265,623
272, 322
264, 415
2,965
3, 518
2,369
2,381
4,108
3, 3201
2, 696)
2,909
2,907
3, 367J
2,561
2,169|
2,76l|
3, 241]
3, 579|
8,903
8, 099
7,641
7, 580
8,137
3,323
2,829
2,613
2,754
2,9021
715
558
565
9791
800!
2,047
2,043
1,964
2,099
2,173
1,839
1,640
1,615
1,566
2,044
3,380|
3,056;
5, 635
6,397
9,160|
33,374|
32,643!
43,142!
39,505|
34,172^
7,346
6,815J
5, 370!
6,125!
9,2051
803!
1, 466;
2,952!
1,178!
4, 636!
5,262
1.210
3,302
3,376
5,45'
2, 084
1, 502!
2,126
2,788
3,353,
37,059
28, 741
24,969
23,086
21,503
7,540
7,256
6,823
8,506
6,051
6,148
5,989
6, 846
4,898
22, 375
22, 753
27, 861
26, 782
35,995
12,151
8,750
10, 558
10,199
13,963
8,135!
7,648
8,115
9,634
8,251
59,434
51,494
52, 830
49, 868
57,498
21, 499 12,022
26,135 16,078
28,117 16,472
27, 674 17, 691
25, 886 20, 307
20, 769
24,016
25,016
22, 772
24,097
5,
5,
5,
5,
6,
51,872i
48,189!
48,4091
48, 045
53,734!j
4,328
3, 911
4,214
3, 420
4,700
18, 295i
17,083i
18,039;
17, 3831
18,147:
1,125
1,039
1,058
1,085
1, 215
337, 649!
316, 7941
320,381
308, 213!
293,172
13, 071
20, 532
14,509
17, 991
12, 758
159,791!
148,9221
144,058
125, 834 j
101,664!
26, 977:
25, 442|
22,9171
24, 563!
30, 833 j
32, 851! 15, 65
33, 794! 12, 671
41,1751 10, 226
43, 451, 13, 91
45, 698| 14,733!
303,078; i
316, 394
323, 648
335,335
309, 789!
24, 797
29,484
23,1531
34, 602|
17,015
72,974|
80,138
87, 798!
89,046 1
60, 302
21,
18,
22,
26,
27,
511|
506
368
530
627
27,2091
25, 822!
32, 868!
34,394
35, 821
35, 875;
35,956|
36,122!
34,351 j
35, 019)
26,163! 25,405 29,300!
25, 9041 30, 523' 29,144j
19, 086! 33, 54l! 24,038!
23, 678i 28,2481 20, 628!
20, 725| 34,952! 25,467;
4, 529;
4,478 1
3, 568
3,407;
3,462!
640, 727:
633,188;
644,029|
643, 548
602,961!
37, 868
50,016
37, 662|
52,593;
48,488|
43,9481
45, 285
51,093
58,460
60, 060
59, 616
74,043
77, 845
81, 519
51, 526
46, 348|
48,270!
49, 752!
29, 543!
28,960
24, 721
30,075
29, 885
58, 779
63,166
76,683!
67, 753!
69,124'
35,959
29, 408
26, 753i
34, 672;
5, 332!
5,944!
6, 520!
4, 585!
238, 493|
268,310
283,944 ;
287, 014!
293, 259!
41, 626
49.246
51, 759j
54.445
59, 563
232, 765!
229, 060!
231, 856j
214, 880!
161,966!
i
27,1511
28, 753!
31,055J
30,624i
23,016
20, 478
19, 787
19,456!
19,159|
20,147
18, 348
18, 682
20, 243
17,156
15,651
4,719
4,604
4,967
5,133
5, 038!
16,623
19, 657
20, 587
21,921
26, 717
29,900!
35, 374J
38,961!
37, 514
33, 652!
1,6
9
2,670
11,028
21, 816J
23,659}
25,0191
24, 641
21, 8971
17, 3691
i
55, 610!
55, 658j
55,618!
55, 638|
55,9071
537
537
537
537
537
1, 257|
1,257!
1,257;
1,257|
1,2571
585
585
585
585
585
7,965
7,965
7,965
7,965
7,965
l,19ll
1,191
1,191
1,19ll
1,19l|
835
19,928!
19,928!
19,928!
19,928|
19,928J
1,197!
1,197
1,197;
1,197!
1,321
7, 558!
7, 558|
7,558
7,558
7, 558
8,118
8,137
8,138
8,137
8,139
6,358i
6,361!
6, 373!
6,3911
6, 50l|
53
53
54
56
56
251,603!
268,155
249,811*
261,122
248, 366
2,093
2, 5211
2,2381
2, 574
2, 290
58,492'
73, 737!
54, 268
64,842
52,978
18,428
18,428
18,428
18,428
18,428
21, !
21,990
21.989
21.990
21,989
22,069)
4| 252
4, 253
4, 253
18,873!
18. 873!
18, 873
18, 873
18, 873
9,020
9,020
9,020
9,020
9,020
22,905
22,980
22,980
22,980;
22,980;
22,143|
22,944
22,944
22, 943
22, 528
38,942
38,942
38,941
38,942
38,942
15,919
19,093
18, 695
19,473
19, 532,
4, 7061
4, 706
4, 896
4,805
5,570
755
4,299
2,344
4,229
1,265
50j
50
50
50
50
1,021
1,021
1,021
1, 021
1,022'
323,132
342,906
324,124
336,233
323,805
7,336
7,764
7,671
7,916
8,397
60,504
79,293
57,869
70,328
55,500
19,063
19,063
19,063
19,063
19,063
2,420
2,420
2,420
2,420
3,220
29, 773i
2,320
2,320
2,320
2,320
3,1201
30.975
30.976
30,975
30,976]
30, 976'
48, 627!
4, 253]
5,444
5,444
5,443
5,444
5,444
12, 396
12,398
12, 398
12,398
12,402
22,069!
23,480!
23, 8791
23, 683!
861
885
1,046
1,096
1,652
1,742!
1,227
1,610
844
1,055!
14,120
14,172
14,279
14,330
14,923
43,739
43,224
45,018
44,651
44,666
1.7541
1,875
1,998'
1,998!
1,998!
20,163
20,163
20,163
20,163
20,287
16,578
16,578
16,578
16,578
16,578
32,777
32,992
33.116
33,115
33.117
100!.
100!.
100;.
100! 100!
_J
___!
700
4
00
1,890
28,501
29,305
30,017
29,734!
30,919
2,451
2,604
2, 661
2,650
2, 562
4,937
4,937
4,937
4,937
4,937
43,932
43,932
43, 932
43,935
43,935
823
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Foreign loans on gold:
Sept. 23
Sept. 30
Oct. 7__
Oct. 14
Oct. 21_
Total bills and securities:
Sept. 23
Sept. 30
Oct. 7_...
Oct. 14...
Oct. 21_
Due from foreign banks:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Uncollected items:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21___
Bank premises:
Sept. 23.__
Sept. 30
Oct. 7
Oct. 14
Oct. 21
All other resources:
Sept. 23
Sept. 30
Oct. 7
_
Oct. 14
Oct. 21___
Total resources:
Sept. 23
Sept. 30
Oct. 7.__
Oct. 14
Oct. 21_
8,100
10,200
10,604
6,400
6,300
Boston
599
755
792
474
466
,212,872 87,429
,257,024 107,781
, 265,121 97,884
,275,615 115,428
., 229,545 98,199
707
639
639
639
640
New
York
Phila- Clevedelphia land
Richmond
Atlanta
Chicago
MinneSt.
Louis apolis
Kansas
City
San
Francisco
Dallas
753
949
995
595
867
1,091
1,092
-685
674
429
540
541
339
334
332
418
439
262
258
1,118
1,408
1,477
373
469
492
294
290
267
337
353
211
208
324
408
428
257
252
284
357
357
224
221
567
714
749
448
441
322,607 91,102
339,860 86,067
323,669 87,119
317,560 92,230
242,183 101,376
110,250
110,365
126,353
126,662
128,820
62,118
59,215
57,299
59,186
60,568
60,618
63,207
60,026
66, 588
71,783!
133,536
143,172
162,139
150,801
148,311
58,881
57,550
52,733
58,238
77,065
45,836
47,878
48,092
43, 271
42,253
66,851
68,385
72,319
71,345
73,318
48,942
53,388
54,961
57,283
59,698
124,702
120,156
122, 527
117,023
125, 971
91,840
77,965
85, 201
107, 299
93, 294'
36,481
34,699
40,038
44,458
39,365
15,696
14, 890!
17, 510
18,8761
17,417
38,972
40,225
45,281
48,172
27,185
27,112
30,589
37, 618
28,457 j
38,951
38, 587
39,968
54, 566
47,051
4,708
4,708
4,709
4,718
4,724
3,047
3,046
3,047
3,047
3,047
4,612
4,613
4,646
3,324
3,324
3,324
3,324
3,324
481
445
376
338
332
2,872
2,805
2,905
3,260
2,890
789
741
733
737
856
1,834!
1,834
1,834!
1,834!s
1, 834
I
1,425!
1,348j
1, 364!
1,337|
1,342i
167,907
172,799
180,383
187,981
175,670
147,692
146,155
153,215
154,079
150,825
207,101
206,832
210,500!
209,587
206,766
151,063;
148,300
154,513
164,814;
156,899
434,069
430,780
438,202
453,986
447,390
65, 816
66, 544
67,261
66,716
66,439
46,955
46,048
47,997
47,993
47,178
203, 462
204,270
206, 655
205,799
203,818
53, 501 90,832
51,218 87,348
80, 440 55, 672 88,994
81,862 55, 572 85,943
77,315 53, 023 84, 592
59,794
58,717
61, 871
61,196
60, 956
158,161
156, 049
159, 403
163,899
162, 565
2,187
2,754
1,728
1,701
707
639
639
639
640
685,239
655,053
713,311
920,079
59,257
59,833
66, 597
86, 746
149,676
143, 759
157,119
228, 511
185,524
61,8561
63, 833
63,131
91,885
91885
70, 719:
64,927
58, 921
63,131
87471
87,471
72,473
60, 513
60, 537
62,960
73,427|
68,597
39,885
34,692
41, 786
41,050
45,074
61,399
61,401
61,475
61, 535
61, 552
4,190
4,190
4,190
4,190
4,190
17,159
17,161
17,163
17,179
17,179
1,252
1, 252
1, 289!
1,289i
1,296
7,948
7,948
7,948
7,948
7,948
2,446
2,446
2,446
2,446
2,446
2,780
2,780
2,780
2,780
2,780
8,099
18,044
17,700
18,062
18, 583
17,751
97
166
160
142
3,375
3,354
3,509
3,761
3,716
284
291
309
328
321
285
283
306
317
331
568
587
603
594
549
2,334
2,265
2,248
2,275
2,208
1,363|
1,3531
1,444|
1, 375
997
4,901,072
4, 905, 540
4, 969, 498
5,194, 283
5,035,186
383,157
388,844
390, 710
421, 611
408,966
1,462, 572 362,584
1,460, 985 369,971
1,452. 707 371,100
1,499,121 396,634
1,455,829 377,308
496,038
495,251
497,624
537,898
509,622
221,025
224, 692
231,069
243, 553
239,011
275, 688
274,804
282,393
289,624
289,045
592,176
586,127
607,082
635,395
617,855
4,' 685
4,180
4,131
4,099
4,101
4,067
LIABILITIES
Federal reserve notes in actual
circulation:
Sept. 23
Sept. 30
Oct. 7 . . .
Oct. 1 4 . . .
Oct. 21
Deposits:
Member
bank—reserve
accountSept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Government—
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
_
Foreign b a n k Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Other depositsSept. 23.
Sept. 30
Oct. 7
Oct. 14
Oct. 21
1, 670,348
1, 685,114
1,701,128
1, 715, 532
1,694,948
156,010
157, 679
158,333
163,475
164,246
349, 210
355, 684
353, 669
355, 695
349, 515
146, 569
146,113
145, 925
148, 255
144,387
224, 452
223, 929
225, 076
229, 540
222, 611
76,700
78, 789
82, 572
84,311
85,180
150, 277
152, 655
156, 854
157, 598
156, 298
145,182
145,833
147, 026
147, 051
147,323
39, 567 66,148
40,395 67,175
41,116 68,644
41,164 67,935
40,595 67,358
2, 207, 090
2,209,937
2, 238,154
2,229,825
2,206,347
142,834
143,620
142,818
144,586
147,472
859,457
863,184
854,193
838,394
824, 281
127, 733
131,997
136,286
131,919
133, 284
175, 651
177,157
176, 748
186,759
180,087
65, 888
65,347
68,819
68,758
67, 451
78,499
78,744
80,286
81,436
79, 616
320, 434
318,310
332, 624
329, 501
335, 705
74,306
78,246
32,169
31,302
16, 732
32, 643
46,132
857
3,158
1,104
3,025
4,368
14,841
7,753
2,546
2,958
12,301
1,472
2,207
1,138
1,424
1,727
1,699
1,756
1,138
5,944
4,822
2,240
3,409
933
2,873
2,538
1,988
2,142
144
2,477
4,574
1,827
1,487
5,103
4,406
2,680
1,176
2,305
1,669
3,862
2,028
908
1,637
741
2,061
2,303
831
1,517
955
1,106
1,400
1,947
1,793
507
915
2,717
2,383
2,138
754
1,592
4,674
7,464
7,530
8,306
7,091
11,424
168
147
195
133
158
5,809
6,085
6,380
5,779
9,866
211
184
245
167
199
242
212
283
192
228
120
105
140
95
113
93
81
108
74
88
313
273
364
248
295
104
91
121
83
98
75
65
87
59
70
91
79
106
72
85
79
69
92
63
75
159
139
185
126
149
20; 731
19,210
19,865
18,622
20,043
146
90
131
75
116
10,180
9,107
9,718
8,989
10,437
147
94
263
1,054
144
1,013
1,263
1,076
958
1,091
256
164
166
213
61
95
98
71
55
138
835
894
989
1,291
1,088
1,072
771
1,151
503
857
174
169
362
152
295
1,244
1,632
795
593
585
104
98
91
34
5,481
4,824
5,045
4,648
5,197
824
FEDERAL RESERVE BUL.LET1N
NOVEMBER, 1925
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES—Continued
[In thousands of dollars]
New
York
2,267,454!
2,267,979
2,283,057
2,288,181
2,283,946 j
144,005
147,015
144,248
147,819
152,114
890,287
886,129
872,837
856,120
856,885
129,563
134,482
137,932
134, 564
135,354
178,605
180,388
179,245
193,853
186,228
614,787
603,9771
636,162
840,828
705,9541
57, 519
58,457
62,428
84, 537
66,769
128,780
124,914
131, 751
192, 666
154,768
54,377
57,351
55,176
81,730
65,391
56,311
54,256
56, 571
77, 672
63,971
116,433!
116,440!
116,4611
116,487,
116, 629,
8,600
31,949
31,953
31, 967
31,967
32, 044
11, 501
11, 501
11, 501
11,515
11, 521
13,0581
13,058i
13,058
13, 058
13,053
5,980|
5,9841
5,984
5,984
5,986
217,837;
217,837
217,837
217,837
217,837
16,382
16,382|
16,382
16,382
16,382
58, 749
58,749
58,749
58, 749
58,749
20,059
20,059
20,059
20, 059
20, 059
22,462
22, 462
22,462
22, 462
22,462
14, 213
14,193
14,853
15,418
15,872
641
705
713
792
849
3,597
3,556
3,734
3,924
515
465
507
511
596
1,150
1,158
1,212
1,313
1,297
4,901,072
4,905,540
4,969,498
.._' 5,194,283
5,035,186
383,157
388,844
390,710
421,611
1, 462, 572 362, 584
1, 460,985 369,971
1,452, 707 371,100
1,499,121 396, 634
1,455,829 377,308
496, 038
495, 251
497, 624
537, 898
509, 622
Total deposits:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
_
Deferred availability items:
Sept. 23
Sept. 30
Oct. 7
Oct. 14_
Oct. 21
Capital paid in:
Sept. 23
Sept. 30
Oct. 7__
Oct. 14
Oct. 21_
Surplus:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
All other liabilities:
Sept. 23
Sept. 30._
Oct. 7
Oct. 14__
Oct. 21
Total liabilities:
Sept. 2 3 . _ Sept. 3O.__
Oct. 7 .
Oct. 14
Oct. 2 1 . _ .
Phila- Cleve- Rich- j Atdelphia land mond lanta
Boston
Total
8, 606!
Chicago
St. Minne- Kansas
Louis apolis City
San
Dallas Francisco
68,504 80,675 323,409
69,025 81,065 320,964
70,058 80,609 339,080
71,939 84,042 335,446
70,163 84,416 339,768
76,658
81,413
83,381
86,310
54,658 92,998 61,908 166,184
53,089 90,576 60,683 163,150
90,850 62,568 165,387
57,844 87,7i4 62, 265 170, 265
55, 691
63,782 172,585
75,754
71, 516
73,027
104,888
82, 625
35, 877
35,214
40,092
44, 659
38,827
15, 090
14, 088
15,885
16,477
15, 958
34,431
35,854J
38,4691
41,235
39, 705
29,494
28,827
31,185
41, 755
33,124
39,783
38, 746
41,473
53,239
46,180
4,613
4,614
4,614
4,630
4,646
15,629
15, 617
15,623
15, 623
15,630
5,126
5,126
5,126
5,126
5,126
3,194
3,192
3,189
3,187
3,186
4,271
4,268
4,268
4,265
4,264
4,321
4,330
4,331
4,332
4,332
8,191
8,191
8,194
8,194
8,235
11,701
11,701
11, 701
11, 701
11,701
8,950
8,950
8,950
8,950
8,950
30,426
30,426
30,426
30, 426
30,426
9,971
9,971
9,971
9,971
9,971
7,497
7,497
7,497
7,497
7,497
8,977
8,977
8,977
8,977
8,977
7,592
7,592
7,592
7,592
7,592
15, 071
15,071
15, 071
15,071
15,071
1,041
1,0281
1,061
1,055
1,045
901
931
954
997
1,776
1,771
1,900
1,961
708
680
697
751
853
1,105
1,114
1,138
1,139
1,135
613
675
793
820
840
877
891
1,378
1,352
1,422
1,418
1,501
221, 025 275, 688 592,176 167, 907
224, 692 274,804 586,127 172, 799
231,069 282,393 607,082 180,383
243, 553 289,624 635,395 187, 981
239,011 j 289,045) 617,855 175, 670
147,692
146,155
153, 215
154, 079
150,825
207,101
206,832
210, 500
209, 587
206, 766
151, 063
148,300
154, 513
164, 814
156,899
434,069
430,780
438,202
453,986
447,390
64.2
59.0
58.0
59.1!
57.2
70.5
71.3
71.4
72.4
70.2
57, 099 30,272
58,165 26, 589
59, 693 30,412
33,407
64,936 33,700
719
I
!
MEMORANDA
Ratio of total reserves to de- j
posit and Federal reserve j
note liabilities combined (per j
cent):
Sept. 23
Sept. 30
Oct. 7
_._
Oct. 14
_
Oct. 2 1 . . .
_
Contingent liability on bills
purchased for foreign correspondents:
Sept. 23
Sept. 30
Oct. 7
_
Oct. 14
Oct. 21
_-..
Own Federal reserve notes held
by Federal Reserve bank:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
._
Oct. 21
_
72.9!
72.5!
71.8;
71.71
72. 6|
76.0
69.9
71.9
68.0
73.
76.7
75.6
76.0
75.4
81.9
75.0
77.5
76.9
74.2!
72.31
76.8
77.7
73.6
74.0
72.4
34,027
33,581
35,697
36,876;
36,796;
2,583
2,506
2,485
2,734
2,734|
8, 549
11,183
9,910
9,834
3, 246
3,149
3,123
3,435
3,435
3,734
3,623
3,593
3,956
3,952
316,812,
295,179
293,813
295,216
317,556
19,178
15, 509
14,884
17,949
21, 242
124,016
112,085
116,301
112,825
121,798i
36,423
37,069
36,052
33,885
36,188]
16,266
17,203
16; 828
15,539
22,602
!
63.4
67.1
68.7
67.2
66.6
72.5
72.6
72.8
71.9
68.0
74.4
74.4
70.5
74.7
73.7
55.1
59.6
64.2
60.8
42.4
65.8
64.0
64.6
67.3
68.6
59.1
57.8
54.1
53.5
51.9
1,431
1,515
1,515
4,816
4,673
4,
5,098
5,098
1,605
1,558
1,545
1,"
1,152
1,117
1,108
1,219
1,219
i,:
1,354
1,343
1,478
1,478
15,310 22, 625
13,096 21,140
13,719 20, 533
12,9C7 23,149
12,824
16,945
16,377
14,027
15,593
14,298
6,563
5,980
6,695
6,908
6,811
3, 652,
3,612
3,787
3,901
3,708
7,329
6,876
6,769
6,607
1,850
1,795
1,780
1,958
1,958
M77
V
1,222
1,185
1,175
1,288
1288
5,391
5, 672
5,990:
5,450!
6,514'
2,443
2,370
2,351
2,586
2,586
43,114
40, 560
40,443
41,219
825
FEDERAL RESERVE BULLETIN
^NOVEMBEE, 1925
FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS
[In thousands of dollars]
Total
Bills discounted:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Bills bought in open market:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Certificates of indebtedness:
• Sept. 23
-.Sept. 30
Oct. 7
Oct. 14
Oct. 21
640,727
633,188
644, 029
643, 548
602,961
238, 493
268, 310
283,944
287, 014
293, 259
15, 919
19,093
19,473
19, 532
Within 15
days
16 to 30
492,635
500,588
507,220
459,734
74, 270
85,686
92,931
93,426
80, 794
days
38, 323
36,430
35, 822
36, 789
37, 573
46, 240
49, 306
46,870
48,851
47, 263
31 to 60
days
62,630
59,502
58, 608
61,79
58, 431
74,242
67,752
81, 579
4,316
2,551
4,345
2.146
91 days to
6 months
61 to 90
days
517
1,815
41, 407
41,776
42, 216
35, 519
35, 242
5,547
5,886
5,105
5,074
7,486
49, 444
55,955
55,939
64,225
67,122
10,108
11,374
13,962
12,760
16,501
1,684
1,839
1,711
1,247
4,689
Over 6
months
185
608
1,690
1,959
1,128
8,681
8,249
9,227
8,675
10,882
5,206
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollarsj
i
Federal reserve notes received
from comptroller:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 2 1 . .
Federal reserve notes held by
Federal reserve agent:
Sept. 23
Sept. 30
Oct. 7
Oct. 14.
Oct. 21
Federal reserve notes issued to
Federal reserve bank:
Sept. 23
Sept. 30
Oct. 7
Oct. 14
._
Oct. 2i...*_:
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificatesSept. 23
._
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Gold redemption f u n d Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Gold fund, Federal Reserve
Board—
Sept. 23
Sept. 30
Oct. 7
Oct. 14
_
Oct. 21
Eligible p a p e r Sept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
Total collateralSept. 23
Sept. 30
Oct. 7
Oct. 14
Oct. 21
1
Cleveland
Boston
New
York
2,950,946
2,940,580
2,944, 762
2, 951, 640
2, 943, 706
272,818
269,818
267,497
268,304
265, 268
764,086
758,629
758,670
757,220
754,893
216,792
214,182
213,177
211,340
208, 775
285, 588
284, 902
282, 974
284,499
286, 833
963,786
960,287!
949,821
940,892
931,202
97, 630
96, 630
94,280
86,880
79, 780
290,860
290,860
288,700
288,700
283, 580
33,800
31,000
31,200
29, 200
28,200
1,987,160
1,980, 293
1, 994, 941
2,010,748
2,012,504
175,188
173,188
173, 217
181,424
185,488
473, 228
467, 769
469,970
468, 520
471,313
307,901
307, 731
307,731
307, 731
307, 731
35,300
35,300
35,300
35,300
35,300
105,346
115,490
110,905
102,930
100,639
9,631
16, 631
14,310
12,117
9,081
Philadelphia
Richmond
St. Minne- Kansas
Louis apolis City Dallas
San
Francisco
Atlanta
Chicago
113,809
116,925
120,850
126,758
126,524
224,257
222, 720
224,007
226,037
229,827
430,704
431,787
431,130
432, 221
429, 698
69,490
69,735
73,211
72,972
72,106
89,250
89,377
91,081
90,216
89,686
98,878
99, 603
99,813
98,906
98,585
71,698
71,072
72,469
71,925
71,474
313,576
311,830
309,883
311,242
310,037
44,870
43, 770
41,070
39,420
41, 620
21, 799
25, 040
24,559
29,480
28, 520
51,355
48,925
46, 620
45,290
49,840
268,577
269, 577
270,077
269,577
268,077
23,360
23,360
25,400
24,900
24,700
19,450
18,590
18,650
18,380
18,620
25, 733
26,183
25, 783
25, 583
25,483
19,352
19,352
18, 482
18, 482
17, 782
67,000
67, 000
65,000
65,000
65,000
182, 992
183,182
181,977
182,140
180,575
240, 718
241,132
241,904
245,079
245,213
92,010
91, 885
96, 291
97, 278
98,004
172, 902
173, 795
177, 387
180, 747
179,987
162,127
162, 210
161,053
162, 644
161, 621
46,130
46,375
47,811
48,072
47,406
69,800
70, 787
72,431
71, 836
71,066
73,145
73, 420
74,030
73,323
73,102
52, 346
51, 720
53, 987
53,443
53, 692
246, 576
244, 830
244, 883
246, 242
245,037
186, 698
186, 698
186, 698
186,698
186, 698
4,800
4,800
4,800
4,800
4,800
8,780
8,780
8,780
8,780
8,780
21,160
21,160
21,160
21,160
21,160
10,000
10,230
10,230
10,230
10,230
10,975
10, 575
10,575
10,575
10,575
13,052
13, 052
13, 052
13,052
13,052
28,030
27,911
27,911
27,829
27,829
8,775
11,165
12,160
10,323
12, 758
13, 755
12, 970
12, 242
12, 666
12,401
3,016
5, 027
4,092
2,799
2,065
7,218
8,480
7,408
6,298
5,087
4,429
4,359
4,359
4,309
4,309
1,805
1,850
1,626
1,387
1,521
1,237
1,364
1,368
1,503
1,973
3,902
3,167
3,897
2,989
2,668
4,774
4,147
3,545
3,001
3,549
18, 774
18,419
17, 987
17, 709
17,398
992,44: 100,000 86,000
958, 720 70, 000 86,000
946, 705 70,000 86, 000
962,282 70,000 86,000
990,808 70,000 131,000
113, 889
111, 889
113,389
115,389
110,389
160,000
160,000
160,000
160,000
160,000
21, 295
24,500
29,500
29,500
29,500
112,000 130, 645
110,000 • 130, 644
116, 000 110, 644
116,000 110,644
111, 000 110, 644
3,500
3,500
7,500
7,500
3,500
31, 000
30, 000
30,000
32,000
39,000
46,360
46, 360
39,360
39,360
39,360
11,500
11, 500
11,500
11,500
10,500
176,258
174,327
172,812
184,389
175, 915
79,494 234,179
860,064 99,262 227, 745
885,379 89,421 233,736
885,602 107,038 216,538
847,507 89,336 149,696
59,185
56,027
54,038
59,146
67, 680
77,590
77,347
93,172
94,974
97,151
52,958
51,803
50,900
50,140
53,37C
46,093 88,596
48,488 98,344
45.159 115,566
51,952 105, 093
56,550 102,650
38,330
36,905
32,061
37, 755
56,474
28,702
30,654
30,586
26,026
25,054
33,607
34,773
38,555
37,839
39, 757
20,138
23,582
24,562
27,298
28,530
80,066
75,134
77,623
71,803
81,259
224,425
221,193
209,031
224,455
203,717
186,649
183,881
184,387
189,658
195,627
260,125
259,097
274,194
276,420
278,332
98,42S
102,49C
105,652
103,59S
106,09c
54,610
52,830
51,762
57,217
72,070
73,991
75,070
75,006
72,581
79,079
83,869
84,300
81,812
80,188
81,785
53,548
56,365
56,743
58,935
59,715
275,098
267,880
268,422
273,901
274,572
i
2,244,632
2,242,005
2,250,720
2,258,545
2,246,685
534,907
528,354
534,345
517,065
495,223
175,311
177,198
178,797
184,480
182,867
223,670
233,347
230,569
220,046
217,603
17,136
17,136
17,136
17,136
17,136
826
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANKS—HOLDINGS
NOVEMBER, 1925
OF BILLS AND SECURITIES AND EARNINGS THEREON, SEPTEMBER, 1925
[In thousands of dollars]
Total
HOLDINGS ON SEPT. 30,
1925
Total bills and securities
1, 257,024
Bills discounted for members
633,188
Bills bought in open market
268, 310
United States securities
342,906
Other securities
2,420
10,200
Foreign loans on gold.
Bills Discounted
Rediscounted bills:
Commercial and agricultural
paper n e s
205,736
Trade acceptances, domestic.
2,290
Secured by U. S. Government obligations
992
Member bank collateral notes:
Secured by U. S. Government obligations
315,802
Otherwise secured
108,368
Total discounted bills
Bills Bought
633,188
Bills payable in dollars:
Bankers' acceptances based
on—
Imports
139, 246
Exports
_ 85, 519
Domestic transactions... 37,633
Dollar exchange
3,394
All other
525
Trade acceptances—
Based on imports
678
Domestic
45
Bills payable in foreign currencies
1,270
Total purchased bills
268,310
United States Securities
United States bonds ._ . _ . 55,658
268,155
Treasury notes.
19,093
Certificates of indebtedness
Total U. S. securities
342,906
DAILY AVERAGE HOLDINGS
DURING SEPTEMBER
Total bills and securities i
1,163,898
Bills discounted
594, 083
224,135
Bills bought
United States securities
335,359
7,954
Foreign loans on gold
EARNINGS DURING
TEMBER
Boston
New
York
107,781 339,860
50,016 229,060
49,246 28,753
7,764 79,293
755
2,?54
29,422
62
26,624
229
Phila- Cleve- Richdelphia land mond
86,067 110.365
43,948 59,616
19,787 18,682
19,063 30,976
2,320
1,091
949
59,215
48,627
4,604
5,444
At-,
lanta
Chicago
San
St. Minne- Kansas
Louis apolis City Dallas Francisco
63,207 143,172
28,960 63,166
19,657 35,374
14,172 43,224
57,550
35,959
959
20,163
540
418
1,408
469
47,878 68,385
8,750
5,944
25, 019 26,135
16, 578 32,992
100
408
337
53,388
7,648
16,078
29,305
120,156.
51,494
24,016
43,932
357
714
7,301
68
11,021
425
30,297
228
22,037
133
28,973
721
24,211
366
4,250
7,355
5,583
22
8,662
36
65
177
310
120
45
107
2
45
21
78
148, 922 25,377
53,285 11,137
33,617
14,376
12,361
5,431
2,936
3,734
32,598
829
6,708
4,567
1,464
228
1,165
185
1,481
541
28,66a
14,055
50, 016 229,060 43, 948 59,616
48,627
28,960
63,166
35,959
5,944
8,750
7,648
51,494
1,596
448
2,560
10,855
6,696
1,841
265
19,154
11,151
4,460
£09
819
140
14,143
7,910
2,725
241
15,942
7,794
2,121
278
9,434
4,976
1,417
251
12,968
7,107
3,629"
312
22
20,510
23, 641 13,154
15, 069 11,422
10,063 2,709
473
221
525
7,917
7,841
3,556
473
422
45
9,623
4,965
2,552
271
256
255
1,015
49,246
28,753
19, 787 18,682
4,604
19,657
35, 374
959
25,019
26,135
16, 078
24,016
537
2,521
4,706
1,257
73, 737
4,299
585 7,965
18,428 21, 990
1,021
50
1,191
4,253
889
12,398
885
19,928
22, 069
1,227
1,197
18,873
93
7,558
9,020
8,137
22,980
1,875
6,361
22, 944
53
38,942
4,937
7,764
79, 293 19,063
30,976
5,444
14,172
43, 224
20,163
16, 578 32, 992 29, 305
43, 932
113,033 64, 527 59, 755 123, 384 64,141
62,888 53,611 30,833 50,224 34,947
18, 436 5,002 14, 382 29, 207 2,667
30,850 5,493 14, 214 42, 865 26,158
326
421
859
369
1,088
75,716
29, 331
39, 203
6,600
582
294,676
204,356
18,867
69, 309
2,144
90,061
49, 068
19, 459
18,467
747
3,407
1,787
610
978
25
210
84
107
17
2
837
588
52
190
7
264
141
53
61
2
326
181
50
92
3
206
176
14
15
1
182
101
40
40
1
379
165
79
132
3
198
115
7
75
1
139
22
64
52
1
178
28
53
96
1
148
30
32
85
1
1340*
156
59
123
2
3.56
3.66
3.32
3.55
3.94
3.37
3.50
3.31
3.08
3.97
3.45
3.50
3.33
3.34
3.93
3.56
3.50
3.29
4.00
3.93
3.51
3.50
3.28
3.65
3.94
3.88
4.00
3.32
3.19
3.93
3.70
4.00
3.34
3.42
3.93
3.74
4.00
3.29
3.74
3.96
3.75
4.00
3.24
3.46
3.94
3.60
4.00
3.29
3.88
3.93
3.55
4.00
3.29
3.60
3.93
3.59
4.00
3.32
3.57
3.94
3.44
3.503.28
3.43
3.94
47, 045 61,038
6,899 8,499
23, 533 19,770
16, 351 32,405
317
262
50,193 120,329
9,165
54,26211, 726 21, 883
29, 025 43,622
562
277
SEP-
Total bills and securities L_
Bills discounted
Bills bought
United States securities
Foreign loans on gold
ANNUAL RATE OF EARNINGS
Total bills and securities *
Bills discounted
Bills bought
United States securities
Foreign loans on gold
1
Figures include Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $2,320,000; earnings, $6,818;
annual rate of earnings, 3.57 per cent; Kansas City, average daily holdings, $47,000; earnings, $149; annual rate of earnings, 3.89 per cent.
NOVEMBER,
827
FEDERAL RESERVE BULLETIN
1925
FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING SEPTEMBER, 1925
[Amounts in thousands of dollars]
Total
Boston
New
York
Phila- Clevedelphia land
Richmond Atlanta
Total Volume of Operations _. 14,188,287 214,267 2,429,807 212,852 335,016 229,522
Chicago
St. Minne- Kansas
Louis apolis City Dallas
73,395 222,731 107,874
Bills discounted for member
banks
3,526,517 161,057 2,015,926 196,940 307,202 226,771 57,736 180,395 106,105
Bills bought:
In open market
9,877
214,570 35,199
72,012 9,240
2,375 10,349 20,173
From other Federal reserve banks
9,656
44
3,149
U. S. securities bought:
In open market.
1,645
424,744 16, 111 340,496 5,221 16,848
233 1,650 19,990
From other Federal reserve banks
10,000
800
1,700
600 1,200
400 1,800
124
729
373
Foreign loans on gold
289
143
2,700
200
251
111
Bills Discounted
Rediscounted bills:
Cornel., agricultural, and
livestock paper, n. e. s._
181,914
Demand and sight drafts.
3,690
Trade acceptances
1,565
Secured by U. S. Government obligations
427
Member bank collateral notes.
Secured by U. S. Government obligations...*
2,720,419
Secured by eligible papera
618,502
5,908
22,801
4,289
56
155
55
9,657
70
431
10
48
16, 674 2 21,234 41,515 48,265
1,148
159
123
381
214
102
147
62,286 1,780,421 116, 761 207,195 143,253
92,797 212, 549 75,835 89,801 66,483
33,119 144,812 30,887
254,005
11,628
25,593
12,666
224,498
9,862
15,123
8,687
21, 673
3,271
3,192
7,469
2,488
5,748
6,845
800
89
1,400
108
500
94
800
189
1,560
3
4,470
4
1,665
2,219
21
3,876
87
27
2
92
1
41
21
10
22, 661 136,581
13,525 2,174
46,645
9,574
9,654
410
19, 871
1,207
6,687
2,053
168,404
52,094
57,736 180,395 106,105
55
11,628
25,593
12,666
224, 498
3.70
3.50
3.50
3.50
3.50
4.00
4.00
4.00
4.00
4.00
4.00
4.00
3.50
5.11
52.39
9,545
6.24
42.14
419
3.90
55.25
874
7.95
51.63
752
5.71
48.53
864
2.91
54.49
606
10.29
55.95
500
12.64
52.27
•1,410
7.86
48.80
629
12.35
63.52
849
5.81
65.46
1,040
12.05
50.51
854
7.04
60.63
748
2,729
28.6
174
41.5
309
35.4
348
46.3
301
34.8
274
45.2
128
25.6
487
34.5
226
35.9
75
8.8
143
13.8
100
11.7
164
21.9
Total bills discounted. . . 3,526,517 161,057 2,015,926 196,940 307,202 226,771
Average rate (365-day basis) %_
Average maturity (in days):
Member bank collateral
notes
.
Rediscounted bills
No. member banks Sept. 30...
Number of member banks accommodated during month.
Per cent accommodated..
San
Francisco
Bills Bought in Open Market
From member banks
From nonmember banks,
banking corporations, etc.:
With resale agreement
All other
59,980
16,063
1,686
1,538
5,290
513
5,341
9,521
4,731
7,089
3,618
4,590
85, 763
68,827
5,867
13,269
69,203
1,123
7,702
4,587
1,862
5,008
791
9,861
5,131
8,034
5,069
9,902
7,181
Total bills bought
214,570
35,199
72,012
9,240
9,877
2,375
10,349
20,173
9,862
15,123
8,687
21,673
3,291
6,714
17,684
6,189
171
1,259
70,157
143
55
142
187
69
126
2,054
1,092
5,051
917
2,059
2,507
3,723
1,509
74
244
548
1,509
666
4,450
3,498
568
21
1,855
5,953
10,147
1,519
295
1,092
4; 057
3,944
654
1,483
5,515
6,610
1,397
41
456
2,324
4,496
1,388
1,610
4,514
14,104
1,060
72
79
8
379
25
115
77
21
313
3.43
58.48
3 42
48.06
3.43
51.80
2
3.44
63.36
3.43
53.82
Rates charged:
3 per cent...
_.
zy% per cent
3M per cent
_
3iH? per cent
33^ per cent
ZV% per cent
3f| per cent
Z% per cent
3/i? per cent . _
4 per cent
Average rate (365-day basis) %.
Average maturity (in days) 4 ..
Olass of bills:
Bills payable in dollars4—
Bankers' acceptances
based on —
Imports
Exports
Domestic transactions
Dollar exchange..
Unclassified
Trade acceptancesDomestic
Foreign
Bills payable in foreign
currencies
Total
U. S. Securities Bought in
Open Market
United States bonds
Treasury notes
'Certificates of indebtedness...
Total
1
126
15,899
107,527
69,948
16,765
742
187
1,992
244
1,140
3.42
56.63
931
219
3.45
67.23
3.31
19.85
3.41
59.24
3.43
53.60
3.51
65.52
1,138
3.45
44.43
52,252
37,071
12,339
6,705
723.
626
2,698
4,426
3,746
2,576
206
182
4,010
3,026
7,283
6,939
3,279
3,499
7,569
3,521
4,796
2,247
5,603
3,324
22,176
1,718
14,484
6,443
405
3,440
293
2,060
56
1,495
45
1,360
1,986
1
1,548
225
1,540
2,597
320
2,243
1,641
75
1,368
1,448
241
2,344
628
151
865
2,037
200
607
9,862
15,123
8,687
11,771
53
142
716
53
142
911
256
655
128,807
29,332
2,809
9,240
9,877
2,375
10,349
19,382
1,616
59,530
363,598
1,694
14,417
36,232
304,264
21
5,200
9,618
7,230
233
431
704
515
309
1,152
18,529
1,645
469
7,000
405
1,185
898
470
4,669
609
1
1,908
4,936
424,744
16, 111
340,496
5,221
16,848
233
1,650
19,990
1,645
7,469
2,488
5,748
6,845
2
Includes $100,000
Federal intermediate credit bank debentures.
Includes $850,000 discounted for the Federal intermediate credit bank of
3
^Columbia, S. C.
Includes bills taken under a resale contract.
* Exclusive of acceptances bought under a resale contract.
828
FEDERAL EE SERVE BULIiETIN
NOVEMBER. 192;>
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
Federal reserve district
Total
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta
Chi-
St.
Louis
Minneapolis
Kansas Dallas
City
San
Francisco
Number of reporting banks:
102
72
Sept. 16
727
102
72
Sept. 23
725
102
72
Sept. 30
|
725
102
72
Oct. 7
—
i
724
102
Oct. 14..
I
724
•72
Loans and discounts, gross:
Secured by U. S.
Government obligations—
12,534 19,208 6,497
10, 245
66,083
Sept. 16
177,392
69,005
12,123
Sept. 23.
180,540
10,068
19,337 6,540
88,640
11,411
10,245
19,667 7,757
Sept. 30
200,171
81,459
11,642 19,762 6,407
11,213
Oct. 7
192,919
72,782
12, 539! 19,935 6,570
10,928
Oct. 14.
184,625
Secured by stocks and
bonds324,749 2,235,416 348,981 491, 595 133,956
Sept. 16.
5,123,533
325,847 2,247,937 355,021 497,707 134,313
Sept. 23
5,133,144
336,977 2,347,847 358,412 504,615 134, 778
Sept. 30
5,270,752
Oct. 7
5,235,361 320,736 2,276,523 373, 558
142,318
Oct. 14
5,191,759
306,813 2,258,004 373,019 501,705 141,397
All other loans and
discounts642,670 2, 551,275
772, 643 374,777
Sept. 16
8,296,995
650,523 2,546,436 384,317 770, 501 377,047
Sept. 23
8,317,998
380,851
664,863 2,562,579
769,482 377,663
Sept. 30
| 8,361,191
669,476 2, 572,683 383,586 772,035 378,409
Oct. 7
! 8,388,939
693,932 2; 640,473 385,144 775,439 380,004
Oct. 14
~
Total loans and discounts977,664 4,852,774 746,9181,283,446 515,230
Sept. 16
113,597,920
986,438 4,863,378 751,461 1, 287, 545 517,900
Sept. 23
113,631,682
Sept. 30
.|13,832,114 1,012,085 4,999,066 750,6741,293,764 520,198
768,786 1,299,886 527,134
Oct. 7
13,817,219 1,001,42514,930,665
770,7021,297,079 527,971
Oct. 14.—
13,864,610 1,011,673,4,971,259
U. S. pre-war bonds:
9,965
39,809
32,281 24,644
Sept. 16
\ 218,302
9,965
39,809
9,690
32,731 25,763
Sept. 23
I 219,292
39,784
9,690
9,786j
32,731 25,763
Sept. 30
j 220,065
8,955
39,809
9,612!
32,731 25, 763
Oct. 7
218,851
8,985
39,943
9,612
33,081 25,763
Oct. 14
I 219,516
U. S. Liberty bonds:
I
596, 526 49,978 170,383 29,489
Sept. 16
_
! 1,368,694
592,121 50,849 169, 599 29,105
Sept. 23-_
I 1,365,496
591,943 49,967 169,600 29, 228
Sept. 30-_
! 1,367,044
590, 210 50, 538 169,903 29,24"
Oct. 7
1,388,629
592, 528 50, 388 169,408 29,226
Oct. 14
1,391,483
U. S. Treasury bonds:
i
8,079
20, 643 200, 334 15,875
Sept. 16
436,362
20,347 199,638 15, 797 35, 314 7,653
Sept. 23
436,452
22, 593 196,461 15,801 34, 371 7,60"
Sept. 30
431,546
19,932 198,391 15, 239 34, 309 7,537
Oct. 7
428,753
19, 746 194,404 15,231 34,255 7,53"
Oct. 14
422,520
U. S. Treasury notes:
4,615 182, 246
7,796
34, 725 2,023 !
Sept. 16__
385,171
4,826 178,872
33,132 2,023
7,982
Sept. 23
373,791
4,418 177,990
34, 247 2,024
7,946
Sept. 30
382,549
4,545
179,128
34, 273 2,024
Oct. 7.
_
369,454
4,494 179,090
34,131 2,0241
7,830
Oct. 14._
372,379
U. S. Treasury certificates:
Sept. 16.Sept. 23-_
Sept. 30
Oct. 7
Oct. 14
__
Other bonds, stocks, and
securities:
Sept. 16.
Sept. 23.
Sept. 30Oct. 7.
Oct. 14.
Total investments:
S e p t . 16.
Sept. 2 3 . . S e p t . 30-_
Oct. 7
Oct. 14. __
118,299
110,459
97,903
97,466
2,936,682
2,910,410
2,940,820
2,943,301
2,958,921
5,463,510
5,415,900
- - . . 5,439,927
5,447,359
5,462,285'
7,'
6,211
7,261
7,339
7,254
17,112
16, 812
16,460
17, 233
16,12'
5,703
5,305
4,810
4,806
4,950
100,
lOO!
100|
100,
67
67
67
67
ioo!
|
30,542
31,512|
30,696'
30,430
30,361
7,228
7,028
6,918
7,451
6,654
2,426
2,433
2,548
2,432
2,436
3,705
3,662
3,666
3,789
3,831
3,144
3,231
3,069
3,059
3,175
8,323
8,241
8,202
7,939
8,029
96,380 813,713!
97,094 804,325|
98,549 820,554!
97,400 826,851
99,749 822,928
173,101
172,718
174,229
178,867
180,945
68,935
65,020
66,406
65,155
64,293
110,354
111,851
108,439
108,161
110,306
80,957
78,852
79,101
81,253
80, 770
245,396
242,459
240,845
256,450
251,830
411,7081 ,222,912
416,318 1, 240,355
418,997 1,243,248;
424,182
,182 11,249,732;
426, ,066 1, 244,8361
323,652
322,886
325,385
324,818
324,380
178,846
178,017
178,917
180,974
180,580
331,189
327,305
324,313
324,600
321,145
217, 717
218,977
220,624
222,747
227,861
884,20&
885,316
894,269
885,697
7,457
7,360
7,352
7,336
7,385
515,545 2,067,167| 503,981
520,772 2,076,192! 502,632
524,898 2,094,498! 506,532
528,918 2,107,013! 511,136
533,200 2,098,125! 511,979
250,207 445,248
245,470 442,818
247,871 436,418
248,561! 436,550
247,309 435,282
301,818 j 1,137,922:
301,060 1,136,016
302,7941,143,316
307,059] 1,150,086
311,8061,148,225
14,899
14,407
14,986
14,866
14,885
17,608
17,607
17.607
17.608
17,607
12,707
12,707
12,729
12,707
12,707
6,896
6,896
6,896
6,836
6,971
8,784
8,698
8,99S
8,999
17,090
17,090
17,090
17,090
17,090
23,929
23,929
24,005
23,875
23,874
14,041
14,265
14, 349
15,012
14,970
170, 206
172,595
170,695
172.148)
171, 854
22, 788
22, 585
22, 742
22, 574
22, Sir
48, 583
48, 788
55,240
48, 685
48, 710
17,277
16, 676
16,178
16, 493
16,477
144, 397
143, 556
144,491
144,833
146,148
5,764
5,774
5,781
5,775
5,776
55,875
54,966
54,570
54, 311
54,003
11, 24'
11, 202
11,001
10, 651
10, 638
25, 769
25,9591
25, 712
25.604
25.605
12,283
12, 277
12,277
12, 277
12, 277
15,994
16, 711
16,173
16,206
16,225
7,101
7,903
7,104
7,325
7,132
49,333
48, 870
47,807
46,800'
45, 296
2,347
2,347
2,344
2,344
2,344
73,215
68,215
76, 513
62, 676
66,475
6,73'
6,582
6,938
6,581
6,582
19,346 16, 758
18, 871 15, 364
18, 871 16,048
16,027
18,869 15,987
8,225
7,848
7,847
8,498
8,497
27,138
27, 729
27,363
26,401
26, 056
1,821
1,821
1,821
1,821
1,821
5,623
5,879
4,759
4,554
4,605
25,906
24,893
23,473
24, 111
23, 472
23,178
21,936
18, 724
18,478
18,412
3,160
2, 8631
2,362!
2, 362
2,456
8,244
6,244
4,
4,592
4,600
12,442
10, 574
6,937
7,548
3,648
2,782
2,602
2,450
2.440
203, 348 1,
L, 141, 39
1, 131, 282
201,., 926 L,
5,424
1,
L, 142,123
202,
L, 145, 529
203,:, 7711,
203,858 1 162,316
253, 256
252, 398
254, 573
254,942
250, 844
347,850
343, 237
347,026
345,978
345,013
63,137
62,195
61, 518
61, 329
61, 823
52, 585
52, 051
52,846
52, 389
52, 785
425, 041
418,948
429,418
428, 769
425,316
112, 441
112, 310
111, 265!
109,923
109,950
42, 443
42, 335
42, 561
42, 696
43,102
325,311 2,177,
322, 673 2,158,534
,
, ,
323, 381 2,164, 76
348, 581 2,170, 301
348,321 2,184,408
342, 298
342,021
342, 787
342, 568.
338.228 \
642,251
635,949
636, 699
635,672
130, 532
129, 602
128, 502
123,262
97, 880
95,088
95,200
94,978
Q I sen
754,387
742,905
755, 740
742,321
742.803
169,568
168,1681
167,2771
164,886
165.129!
108,558
108,159
108,138
108,103
108,645
3,979
5,139
3,800
3,816
3,78:
80,96' 20, 891 193, 33279,072 21, 604 193, 052
80,412 21,932 194, 722
80,84 22,197 194,937
80,16 24, 560 199,19$
175,065 76,207 464,035
173, 772 77,000 462,029
180, 671 74,910 461, 861
174,574 76,157 460,957
173, 862 78, 361 464,039-
829
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Federal reserve district
Total
New
York
Boston
Total loans and investi ments:
Sept. 16
Sept. 23
Sept. 30
Oct. 7
_
Oct. 14
Reserve balances with
Federal reserve bank:
Sept. 16
Sept. 23
_
Sept. 30
Oct. 7
Oct. 14
Cash in vault:
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Net demand deposits:
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Time deposits:
Sept. 16
_
Sept. 23
Sept. 30-...
Oct. 7
Oct. 14
Government deposits:
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Bills payable and rediscounts with Federal reserve bank:
Secured by U. S. Government o b 1 i g a tions—
Sept. 16
_.
Sept. 23
Sept. 30
Oct. 7
Oct. 14
All o t h e r Sept. 16
Sept. 23
Sept. 30...
Oct. 7
Oct. 14
_
19,061,430
19,047,582
19,272,041
19,264,578
19,326,895
|
Phila- I Clevedelphia
land
Richmond
1,302,975 7,030,,192 1,089,,2161L, 925,697 645,762
1,309,1117,021,,9121,,093,
1,4821L, 923,494 647, 502
1,335,466 7,163,,827 li,093,4611L, 930,463 648,700
1,350,006 7 , 1 ,9651,
0 0 , ,,111,"" L, 935,558 655,396
1,359,994 7,155,6671,,108,9301L, 931,379 656,800
Atlanta
Min- Kansas
neCity Dallas
apolis
673,549
670,800
673,809
676,022
677,108
358,765
353,629
356,009
356,664
355,954
620,313
616,590
617,089
611,124
609,144
24,492
247,077
241,107 42,561 26,429
240,620 45, 771 24,232
250,008 *47,819 28,052
250,204 48,873 27,680
52,919
57,180
53,523
55,621
51,047
29,919
29,040
104,113
105,135
103,331
106,200
106,435
V
10,681
11,256
11,564
10,993
11,764
21,529
21,227
21,176
21, 763
22,954
613,!, 425 2, 821,554
615,860 2; 819,097
850,238
620,098 2,850]
623,I, 896 2, 849,334
628,1,560 2, 840,928
1,628,072
1,647,998
1,649,288
1,661,552
1,652,174
96,128
94,736
97,133
94,496
95,304
739,705
769,620
773,489
759,745
746,500
82,064
76,417
79,916
83,125
80,076
122,076
122,154
121,527
122,494
130,909
38,607
39,043
38, 782
40,485
43,002
45,127
43,916
42,279
43,588
43,104
277,054
283,360
284,282
291,797
301,355
20,344
19,828
19,325
20,043
20,360
76,350
79,516
79,451
82,480
83,309
16,068
15,564
15,339
15,684
16,771
30,734
32,505
30,278
32,079
34,304
13,823
14,099
14,094
14,996
15,250
10,284
10,567
15,138
10,869
12, 111
San
Francisco
St.
Louis
Chicago
50,973
51,158
50,047
54, 758
55,515
12,964,967
12,760,126
13,046,369
12,973,110
13,178,316
895,203 5,588,598
884,654 5,477,205
907,939 5,661,419
916, 758 5,557,320
934,513 5,681,409
763,8781,009,301
761,3781,006,059
770,677 1,015,487
776,2771,006,317
776,90511,029,381
365,518
365, 691
371,378
378,882
383,746
360,273 1,809,424
352,9901
360,>, "632
" "1,798,854
370,1,585 1, 797,109
373,!, 574 1,808,789
8,165
8,189
8,034
8,799
392,204
381,418
384,846
392,290
399,404
5,184,829
5,188,643
5,233,986
5,248,478
5,247,740
363,1671,183,465
362,5801,179,843
362,2981,182,225
377,2031,176,316
371,8211,182,491
181,030
178,525
188,238
190,7271
190,427
751,693
756,855
760,204
755,979
748,669
198,324
198,362
198, 718
199,792
199,385
202,185
202,785
207,109
207,978
211,315
977,563
983,651
985,959
991,026
992,950
210,081
209, 689
210,404
212,674
213,167
378,\, 025 1,., 601,957
378,060 i;,598,045
377,704 1,,605,177
383; 216 1,611,043
390,1671,612,264
29,135
29,700
6,091
6,261
6,015
6,415
6,276
12,208
13,214
13,666
13,683
13,942
234,408
232,533
229.129
233,859
230,327
497,991
495,852
503,720
504,140
488,494
268,519 779,650
269,195 764,282
270,318 771,970
271,677 767,896
281,617 790,157
104,571
104,443
107.130
107,858
109,452
140,108
138,194
138,028
136,188
140,036
1
8,562
8,558
8, 556
8,280|
7,547
1,207
94,820 777,822
95,426 778,290
95,281 798,392
96^ 093 79i;934
143,456
143,954
142,381
196,120
173,057
13,463
13,462
13,463
12,923
11,482
5,251
5,251
5,251
59,679
52,010
17,897
17,895
17,897
17,227
15,450
29,824
30,067
28,493
28,784
25,411
1,:
1,209
1,209
4,528
3,932
11,090
ll,322j
11,322
10,813
9,476,
23,001
23,001
23,001
21, 741
17,931
5,108
5,108
5,108
4,933
4,470
3,048
3,048
3,048
2,761
2,488
2,1341
2,174
2,174
2,119
1,946
157,648
260,784
235,576
244,922
233, 734
3,575
3,270
9,395
4,325
7,135
56, 551
143,852
129,926
125,986
108,636
7,288
10,560
8,826
7,126
8,735
26,307
20,295
19,940
28,138
30, 749
7,430
6,433
3,927
7,878
5,334
2,263)
1,960:
5,5221
5,343
13,547
27, 667
26,877
35,357
32,217
3,843
2,171
2,696
2,162
2,471
2,785
330
1,055
655
545
717
4,685
628
2,230
2,094
1^434
1,794
2,476
29,064
35,661
26,406
27,700
25,455
145, 683
194,160
207,953
210,193
234,216
18,608|
21, 604j
16,685
28,070;
4,773[
26,736
60,022
67,016
67,574
77,763
18,588
14,218
11,387
15,360
19, 611
24,624
20,896
19,478
27,014
28,303
17,465
16,243
16,644
17,803
16, 726
11,723
16,0581
17,118
10, 751
15,1981
10,269
10, 648
16,080
19,147
13,963
19,161
19,161
17,880
14,253
12,011
1,212
1,091
1,097
587
687
1,582
2,300
2,540
2,682
1,735
1,389
1,543
1,742
2,408
3,567
8,161
13,372
15,367
15,929
16,582
22,859
22,859
22,332
20,914
R E P O R T I N G M E M B E R BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES
[In thousands of dollars!
Federal reserve bank city
Total
(12 cities)
Boston
Due to banks:
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
Due from banks:
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
San
St.
Minne- Kansas
City
Louis apolis
Dallas
Fiaucisco
2,307,176
2,175,813
2, 330,021
2, 286, 248
2, 308,369
127,393
120,461
127,189
131,711
137,449
1, 111, 759
1,026,469
1,137,278
1,078, 398
1, 077, 304
185,357
176,469
186, 514
185,142
197,417
51,181
46,144
47, 536
49, 698
52, 974
34,109
33,923
33,985
37,236
37, 210
29,654
28, 307
25,888
30, 359
28, 520
372,476
361,181
378, 690
374,211
377, 265
82,913
82,243
85,165
87,447
85,410
55,935
55,176
56, 206
57, 976
54,257
104,923
101,870
106,483
107,022
106,832
35, 639
40,119
40, 753
40, 921
45,028
115,837
103,451
104,334
106,127
108,703
636,659
592,844
620,187
599, 559
688,768
43,903
37,397
41, 225
35, 390
41,175
103,199
98, 563
112,342
102,442
117,273
61, 594
60,524
66, 587
67, 277
72,456
27,897
25,901
22,445
23, 772
27, 517
17,477
18,982
19,320
17, 597
20,155
12, 496
13,680
13,178
14,343
14,461
180, 049
163, 826
165, 336
164,879
195,199
28, 927
30,007
31,834
33, 759
34,746
22,386
20, 272
24, 248
23,492
26,305
49, 009
42,210
44,192
42, 706
48,463
33, 318
31,092
31, 513
27, 989
36,836
56,404
50, 390
47,967
45,913
54,182
830
FEDERAL RESERVE BULLETIN
NOVEMBER,
1925
REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES , BY WEEKS
[In thousands of dollars]
New York City
Sept. 16
Number of reporting banks
Sept. 23
61
Loans and discounts, gross:
Secured by U. S. Government obligations
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
Sept. 30
City of Chicago
Oct. 7
61
Oct. 14
61
Sept. 16
Sept. 23
Sept. 30
Oct. 7
Oct. 14
61
46
46
46
46
46
63,745
83,335
76,067
67,350
60,770
1,984,543 2,002,979 2,108,688 2,037,173 2,016,467
2,245,549 2,240,125 2, 252, 945 2, 261,610 2,327,428
22,892
618,058
676,208
23,530
607, 689
700,843
22,739
623,400
697,348
22,025
630,087
700,920
625,370
692, 643
4, 290,862 4,306,849 4,444,968 4,374, 850 4,411,245 1,317,158 1,332,062 1,343,487 1,353,032 1,340,696
U. S. pre-war bonds
U. S. Liberty bonds
U. S. Treasury bonds
U. S. Treasury notes
U. S. Treasury certificates
Other bonds, stocks, and securities
29,098
499,364
184,277
170,135
13,068
846, 682
29,098
495,187
183,432
167,321
13,828
837,107
29,098
497,803
180,448
166,479
13,478
844, 522
29,098
498,188
181,070
167, 639
13, 810
846,482
29,232
499,189
179,026
167,532
12,904
863,057
1,917
94, 261
17,557
58,170
1,206
191,773
1,917
96, 661
16,702
53,163
1,165
185,510
1,917
95,889
16,308
61,926
838
195, 622
16, 541
48,785
893
194, 506
1,916
97,133
16,487
52,089
853
190,365
364,884
355,118
372,500|
359,5781
358,843
1,917
Total investments
1,742,624 1,725,973 1, 731,828 1,736,287 1, 750,940
Total loans and investments
6,033,486 6,032,822 6,176,796 6, 111, 1376,162,185 1, 682, 042 1,687,180 1,715,987 1,712, 610J 1,699,539
Reserve balances with Federal reserve
bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with Federal reserve bank:
Secured by U. S. Government obligations
Allother
Total borrowings from Federal reserve bank
682,981 714,784 718, 570 704,378 687,290 168,372 160,208
171,782 174,171
64,336
61, 717
65,826
66, 758
24,345
22,498
63,196
23, 685
24,003
27,179
5,038,323 4,944,013 5,110,543 5,016,658 5,119, 659 1,183,376 1,176,056 1,208,293 1,196,103 1, 200,351
789, 016 784,436J 795,406 785,652 791,150 470,389 475,317 477,156
479, 200
4,120
4,120
4,120i
44,284
42,084
9,916
9,9161
9,916
9,2841
7,331
34, 640
23, 541
121, 040
56,119
102,740
62,885
99, 570
62,834
82,070
73,069
6,562
9,111
2,411
8,681
4,996
5,791
20,886
1,510
58,181
177,159
165, 625
162,404
155,139
10, 948
11,522
13,677
22, 677
22,396
ALL MEMBER BANKS—DEPOSITS, BY, FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY
[In thousands of dollars]
Time deposits
Net demand deposits
Federal reserve district
Total
Sept. 23
Sept. 24
June 24
July 29
Aug. 26
Sept. 23
Sept. 24
1,349,913
6, 234, 042
1,170,496
1,510,469
571,001
728,625
2,469,803
684, 599
441,593
884,027
590, 664
1,271,397
1,370,418
6,222, 943
1,175,162
1,499, 245
591, 505
734,046
2,465, 508
704, 765
458, 587
867,688
632, 784
1,312,039
6,306,369
1,124,642
1,469,391
555, 070
496,371
2,394,725
650,141
424,319
786,470
562,283
1,278,287
762,492
2,141,081
808,481
1,344,751
508,488
407,643
1,826,655
441,929
434,484
309,948
167,218
1,267,614
768,278
2,122,663
813,352
1,338,749
510,498
403,184
1,820, 550
446,439
431,226
311,108
168,600
1,278,465
771,237
2,158,054
824,826
1,342,131
509,526
416,629
1,824,630
450,158
430,029
315,444
168,110
1,278,928
764,554
2,161,364
825,637
1,341,591
512,045
414,260
1,835,341
451,391
433,357
311,337
178,543
1,282,689
702,771
1,965,839
736,982
1, 255, 257
351,089
1,662,370
417,352
409,905
299,667
160, 260
1,075,075
17,670,740 17,817,468 17,906,629 18,005,279 17,360,107 10,420,784 10,413,112 10,489,702 10,512,109
9,516,948
July 29
1,368,029
6,302,126
1,154,112
1, 517,902
566,353
635,930
2,448, 515
693,094
435,645
451,240
864,546
836,559
581,038
588,601
1,240,484 1,250,178
1,337,475
6,276,324
1,159,036
1,482,254
558,817
621,453
2,425,469
Banks in cities and towns
having a population of-—
1,614,416 1,624,359
Less than 5,000
1,077,714 1,085, 632
5,000 to 14,999
2,265,177 2, 295,050
15,000 to 99,999
12,713,433 12,812,427
100,000 and over-
1924
1925
Aug. 26
June 24
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1924
1925
1,669,015 1,741,700 1,615,347
1,101,824 1,135,747 1,044,404
2,388,499 2,376,042 2,052,893
12,747,291 12,751,790 12,647,463
1,715,247
1,091,481
2,081,760
5,532,296
1,721,922
1,096,064
2,103,663
5,491,463
1,727,734 1,736,100
1,105,035 1,121,890
2,142,079 2,126,395
5,514,854 5,527,724
1,623,732
1,032,321
1,940,792
4,920,103
NOVEMBER,
831
FEDERAL RESERVE BULLETIN
1925
ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS
JUNE 30, 1925
ON
Consolidated statements giving the classification of loans and of investments for all member
banks on June 30, 1925, have recently become available and are given in the accompanying
tables. They represent the'first aggregates of loans, by classes, for all member banks that have
ever been made and published by the Federal Reserve Board, and the first aggregates of investments, by classes, for all member banks that have ever become available. The data are shown
separately in each case for member banks in each of the central reserve cities, New York and
Chicago, and also for banks in reserve cities and for so-called country banks outside central
reserve and reserve cities.
CLASSIFICATION OP LOANS AND DISCOUNTS OF ALL MEMBER BANKS, AS OF JUNE 30, 1925
[In thousands of dollarsj
Secured by
U.S.
Government
obligations
Class of banks
Central reserve city banks:
New York City
Chicago
Other reserve city banks.._
Country banks
_._
Total.
Secured by
Secured by
real estate
other bonds mortgages or
other real
and stocks
estate liens
All other
loans
Total-
57, 759
22,387
87, 719
75, 478
2,192,034
584,973
2,186,950
1, 510, 211
83,501
34,393
1,184,175
1,036,253
1,977,018
556,652
4,006,897
5, 202,314
4,310,312
1,198, 405
7,465, 741
7, 824,256
243, 343
6,474,168
2,338,322
11, 742, 881
20, 798, 714
CLASSIFICATION OF STOCKS, BONDS, AND OTHER SECURITIES OF MEMBER BANKS, AS OF JUNE 30, 1925
[In thousands of dollars]
Foreign securities
Domestic securities
Class of banks
Central reserve city banks:
New York City
Chicago
Other reserve city b a n k s . . .
Country banks
Total
_
State,
U. S. Gov- county,
and
ernment
securities municipal
bonds
911,604
155, 834
1, 341, 016
1, 393,916
191,537
40, 888
342,996
453,485
3,802,370 1,028,906
All other
bonds
Stock of
Federal
reserve
bank
Other
foreign
bonds
Stock of
Other Bonds of and se- Total securities
other
domestic foreign curities,
corpora- securigovern- includments ing those
tions
ties
of municipalities
409,460
66, 893
702,863
1, 605, 546
22,883
5,228
38, 998
47,858
65,859
8,013
134, 077
67, 385
31,706
4,655
165,992
179,146
40,428
22,486
92,663
171,726
32,924
3,460
47, 781
89, 039
1,706,401
f- 307,457
•; 2,866,386
4, 008,101
2, 784, 762
114,967
275, 334
381,499
327,303
173, 204
8,888, 345
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT OCTOBER 31, 1925
Paper maturing—
After 90 days but
within 9 months
Within 90 days
Federal reserve bank
Boston
__.
New York
Philadelphia-.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Commercial,
agricultural,
and livestock
paper, n. e. s.
4
4
4
4
4
4
4
Secured by
United States
Government
obligations
Bankers*
acceptances
j
4
4
4
4
4
4
4
»Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
Changes during the month—None.
Trade
acceptances
33^
33^
4
4
4
4
4
4
4
Agriculturall
and livestock
paper
832
FEDERAL, RESERVE BULLETIN
NOVEMBER, 1925
STATE BANK AND TRUST COMPANY MEMBERS—EARNINGS AND DIVIDENDS
ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS FOR THE FIRST SIX MONTHS OF 1925, BY FEDERAL RESERVE DISTRICTS
[In thousands of dollars]
District
No. 1
(38
banks)
District
No. 2
(146
banks)
District
No. 3
(78
banks)
District
No. 4
(117
banks)
District
No. 5
(58
banks)
District
No. 6
(120
banks)
District
No. 7
(347
banks)
District
No. 8
(129
banks)
District
No. 10
(33
banks)
District
No. 9
(94
banks)
Total six months
Disendingtrict
No. 12 June
Dec.
June
(171 30,1925 31,1924 30,1924
banks) (1,466
(1,539 (1,570
District
No. 11
(135
banks)
banks)
Capital stock paid in
Surplus fund
Total capital and surplus
Gross earnings:
Interest and discount
Exchanged and collection
charges
C ommissions
_
Other earnings
Total gross earnings
Expenses:
Salaries and wages
Interest and discount on
borrowed money
Interest on deposits
Taxes
Other expenses
Total expenses
Net earnings since last report._
Recoveries on charged-off
assets
Total net earnings and
recoveries
Losses charged off:
On loans and discounts
On bonds, securities, etc. Other losses
Total losses charged off..
Net addition to profits
Dividends declared
Ratio of dividends declared
to capital stock (annual
basis)—per cent. _. _
Ratio of dividends declared to
capital and surplus (annual
basis)—per cent
Ratio of net profits to capital
and surplus (annual basis)—
per cent
banks)
banks)
36,875 243,004 42,550 85,715 20,175 30,930 113,619 39,795
40,268 206,053 76,821 102,491 13,118 18,765 108,338 24,023
6,012
2,574
77,143 449,057 119,371 188,206 33,293 49,695 221,957 63,818
8,586 12,058 10,292 115,938 1,349,414 1,322,182 1;286,744
18,025 93,073 14,531 35,319
522
36
603 3,313
2,792 25,120
32
145
4,597
2,002
2,884
434
543
2,611
52
64
185
24
42
1,058
6,849 14,064 65,168 17,170
2,303
4,008
5,934 10,648 52,345 13,582
113
280
8,331
21,456 122,028 19,305 44,043
8,725
3,333
48
126
741
412
fiOfi
777 2,093
2,227 10,124
3,952 23,231
3,638
8,440
1,280
2,581 12,978
3,367
578
876
189
650
8,571 41,200
711 4,729
2,152 14,289
245
218
5,403 17,363
1,889
1,080
2,166 5,266
257
2,184
335
915
348
531
3,554 23,249
838 4,179
2,070 7,785
495
5,229
744
2,560
36
1,010
123
327
11
1,272
145
878
15, 575 84,099 12, 505 33,203
5,881 37,929
572
1,323
6,453 39, 252
7,793 81,678 716,871 702,970 697,075
2,499 34,260 632,543 619,212 589,669
2,284 37,144 287, 771 279,485 274,414
45
22
96
663 10,206
9,391 48, 722 12,395
2,074
3,182
1,878
4,673 16,446
4,775
229
826
826
971
65
1,305
785
64
108
81
7,171 11,811
1,943
4,833 17, 751
5,560
293
934
769
585
487
180
24
38
1,035
236
144
2,061
491
454
1,705
176
389
198
16
25
214
1,415
3,006
2,270
3,418 14,745
1,609 7,054
3,290
2,029
1,053
834
114
6,432
886
925
2,001
8,243
512
1,841
242
4,452 31,009
2,471 18,670
6, 659
3, 698
9,970
5,438
1,701
899
290
139
83
2,801
8,894
65,402
2,566
7,288
51, 789
71,790
72,424
68,600
66
330
3,376
2,783
4,962
342 18,047 127,424 124,088 114,033
128 1,551 16,452 17,976 14,689
422 5,526 44f 356 41,975 42,924
1,621 35, 660 263, 398 259,246 245, 208
4,971
160
2,629
8,226
65,217
2,447 45,002 363,843 356, 582 336, 057
6,800 10, 840
371
305
218
7,335
9,342 100,445J
97,336
90,849
7,623
8,846
907
9,972 106, 880 104,959
99,695
88
273
1
217
1,386
360
309
13,062
3,319
6,140
239
306
491
2,055|
22,621
34, 572
22, 521
54
162
628
462
416
107
7,917
4,156
84, 259
46, 755
70, 387
49,003
77,174
46,405
630
6,435
15, 596
3,751
3,274
22,435
5,917
6,220
13.4
15.4
17.4
12.7
8.9
10.4
12.4
10.2
5.4
10.6
2.7
10.2
13.0
13.9
13.3
6.4
8.3
6.2
5.8
5.4
6.5
6.4
6.4
3.8
7.7
2.1
7.2
6.9
7 4
72
*
11.5
13.8
11.2
10.6
10.2
13.8
13.3
10.3
1.3
10.4
8.1
13.7
12.5
10.6
12.0
GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS FROM SEPTEMBER 17, 1925, TO OCTOBER 21, 1925, INCLUSIVE
[In thousands of dollars]
Changes in ownership
Daily settlements
Transfers
Federal reserve bank
!
JBoston.
New York...
Philadelphia .
Cleveland
Richmond . . .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas..
San Francisco.
Total 5 weeks ending—
Oct. 21,1925
Sept. 16, 1925
Oct. 22, 1924
Sept. 17, 1924.
Debits
Credits
17,000
8,900
16,500
20,000
6,000
7,000
38,500
7,500
3,000
1,500
3,000
10,500
2,500
114,000
1,000
500
1,000
139,400
51,100
80,000
71,500
Debits
Credits
of gold through transfers and settlements
Decrease
1,012,579
3,377,101
907,530
845,670
726,268
479,745
1,587,052
745,401
246,398
527,939
3,000
1,025,265
3,408,845
912,810
832,336
706,178
477,546
1,567,973
743,668
231,871
551, 681
403, 225
381, 721
378,547
~I6,~674"
139,400
51,100
80,000
71,500
11,243,119
9,291,504
9,752,076
8,696,041
11,243,119
9,291,504
9,752,076
8,696,041
105,537
8,000
2,000
2,900
4,500
Increase
27,186
73,356
20,780
6,166
"l5,"090"
4,801
11,421
3,767
14,427
20,742
" "2,-664'
105,537
Balance in
fund at
close of
period
54,192
256,714
37,919
52,300
33,581
24,204
135,072
12,687
18,447
24,517
17,340
34,986
701,959
636,568
607,378
611,303
NOVEMBER, 1925
833
FEDEEAL RESERVE BULLETIN
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
[In thousands of dollars]
Number
of
centers
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia...
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
_.
8—St. Louis
9—Minneapolis. _.
10—Kansas City..
11—Dallas
12—San Francisco
1925
July
August
2, 364, 323
26,277, 206
2,138, 248
2, 564, 444
795,146
1,092,009
5,470,821
1,138, 480
706,012
1, 241,009
Total
New York City
Other cities
1924
September
July
August
September
1,989,773
21, 556,426
1, 748, 702
1,979, 554
674,370
848,971
4,469,357
959,857
596,031
1,083,918
449, 553
2, 335, 307
1,974,984
21,387,861
1, 794,021
1,996, 688
648, 670
959,071
4,435, 346
1,003,066
773,680
1,097,173
566,180
2, 335, 245
2, 699, 757
2,137, 700
24,018, 796
1, 926,109
2, 246,826
724, 344
1,052,912
4,946,030
1,042, 537
701, 678
1,173,827
510, 924
2,631, 514
141
47,016, 264
43,113,197
45, 241,613 j 40,131,073
38, 691,819
38,971,985
1
140
25, 457, 692
21, 558, 572
23, 265, 280
19,847, 917
24, 369,457
20,872,156
20,915,784
17, 776, 035
20, 734,467
18,237, 518
2,155,120
25,113, 684
2,025, 711
2,308, 524
757, 569
1,250,762
5,118,833
1,191,608
848,355
1,154, 720
602,466
2, 714, 261
2,111,283
22,184, 731
1,902, 728
2,139, 964
676,364
914,053
4,654,974
994,401
634,515
1,070, 984
455,924
2, 391,152
21,468,874
18, 662,199
WEEKLY SUMMARY FOR BANKS IN 254 CENTERS
[In thousands of dollars]
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
2—New York
3—Philadelphia
4—Cleveland
5—Richmond
6—Atlanta
7—Chicago
8—St. Louis
9—Minneapolis
10—Kansas City
11—Dallas
.._
12—San Francisco..
Total
Num- !
ber of r ;—
centers j Sept. 23
1925, week ending—
Sept. 30
Oct. 7
Oct. 14
1924, week ending—
Oct. 21
Sept. 24
Oct. 1
Oct. 8
Oct 15
Oct. 22
734. 250
641,368
524,426 497 214
585, 637
774,521
565, 273
531, 548
569,776
513,859
6,312,480 6,457,252 7,371,745' 5,488, 953 7,173, 708 5,078,103 5,826,130 5,235,699 4,672,441 5, 520, 529
595, 734
503,227
598, 050
624,083
495,880
519,143
510, 718
455,036
499,730 447, 375
718, 703
624, 085
700,146
777,097
614,965
609, 342
644,791
560,115
616, 746 599, 723
338, 238
291, 302
301,079
334,487
299,479
269,040
300,913
250,658
288, 732 270, 476
353, 078
266,328
318,434
337,259
316, 742
253,429
314,129
238, 560
264, 229 258, 004
1,314,352 1, 375,654 1,435,424 1, 244, 216 1,415,963 1,105,180 1,135,875 1,128, 317 1, 093,386 1, 249,609
354,040
312, 570
315,748
351,942
322, 651
267,243
330,528
253, 510
289,942 293, 209
216,749
253,330
218, 284
239,854
220,919
214,036
221, 761
202, 242
251,233 261 425
325,186
317,468
307,044
336,167
293, 391
290,613
292,852
275, 234
303,977 294 953
193, 209
185,676
166, 578
179, 649
169,129
164,368
169, 870
161,153
175,555
167 959
778, 713
65*, 359
686, 691
702, 701
635, 740
578,104
695,871
576, 627
599,461
592,948
11,678,041 12,030, 597 13,464,929 110,667,338 13,197, 571
9, 670, 277 10, 658,871 ! 10,178,047 ;9,449,113 ilO, 815,851
BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
No.
Xo.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston..
2—New York
Buffalo
3—Philadelphia
4—Cleveland
C incinnati
Pittsburgh
5—Richmond
Baltimore
6—Atlanta
B irmingham
Jacksonville
Nashville
New Orleans
7—Chicago
Detroit
8—St. Louis
Little Rock
Louisville
Memphis
9—Minneapolis
Helena
10—Kansas City
Denver
Oklahoma City..
Omaha
11—Dallas
"
El Paso
Houston
12—San Francisco...
Los Angeles
Portland
Salt Lake C i t y Seattle
Spokane
390,034
403,886
6,001,422 6,113,456
80,289
87, 248
380,147
462,615
148, 055
172,169
84, 448
82,159
202,693
244,493
33,120
37,654
99,852
92, 667
41,193
41, 925
37, 740
34,140
25,803
27,441
19,196
18, 344
87,417
97,185
768,392
875,197
234, 777
206,099
168,400
180,300
19, 659
23,986
40, 307
42, 721
48,956
113,128
113,453
2,013
3,786
89,153
85,878
44, 992
40, 397
18, 708
18, 765
46, 689
48, 600
49, 532
55, 536
6,851
41,409
41, 210
233, 482
233, 713
190,230
188,451
42, 506
40,188
17, 623
18,025
49,482
51, 346
12, 446
12, 650
439, 711
520,448 351,630
355,322
380,395
560,545
339,248 333,002
5, 972, 082 5,177,925 6,803,931 4,807,922 5, 509, 039 4,919,608 4,403, 731 5, 207,416
74,473
72,104
100,294
86,097
66,964
78,597
95,739
63, 250
373,202
384, 652
463,130
370, 968
368, 748 327,139
445,115 330,513
145,168
159, 672
186, 761
151, 562
148, 370 152,837
180,176
132,444
76, 243
69,232
90,110
71,492
92, 000
65, 514
72,040
78,107
204,999
194,229
269,482
196, 566
191,102 186,978
225,707 184,761
30,786
30, 552
38,964
33, 509
27,451
31, 703
40,295
28, 752
91,330
107,282
91,317
85,650
98,410
104,953
80,800
38,322
42, 291
41, 991
31,908
33,379
48, 743
33,814
34,158
35,880
29, 702
32, 670
29, 274
31, 594
36, 500
28, 707
15,443
12, 621
28, 866
26,800
14.599
12, 639
31, 093
13,383
19,334
20,870
18,475
18,358
18, 647
19, 991
15,352
81, 372
93,042
89, 482
90,3690,440
83,838
102,714
75,107
755, 552
734,608
716,157
909,846
683,218 642,450
838,967 658,406
181,636
20,0,295
148,446
176,285
139,495 154,831
239,793 176,075
173,301
196,200
171,400
154,530
163,852 163,122
194, 000 143,456
21,560
24,937
21, 060
17, 509
21,391
22,347
23, 316
16, 300
41, 724
41, 770
39, 789
36, 949
36,143
37,462
49, 613
38, 710
41,040
50,449
45, 901
28, 211
33, 517
35, 290
47,331
25,098
125,808
112, 346
121,016
103, 622
122, 71 & 129, 719
104, 538 100,496
2,741
3,828
2,755
2,291
2,856
2,315
2,563
2,549
94,909
79,158
86,029
93, 255
89,181
99,192
86, 566
41,676
52,449
42,813
41, 635
40,711
40,489
43,367
39, 245
22, 236
16, 664
21,185
20,139
21,968
19, 738
21, 841
15, 918
50,686
44, 202
44, 368
50,098
47,884
45, 057
53, 241
46, 902
58,400
47, 745
58, 574
53, 291
51,480
48, 330
66, 657
45,840
8,000
6,984
7,976
7,718
9,083
7,430
8,401
6,584
37,394
38, 063
32, 912
38, 277
34, 907
35,817
38, 246
36, 949
207, 426
187, 715
228, 749
195, 418
183, 583 186, 387
270,307 194, 710
178, 681
151,857
167,817
187, 570
167,144
160, 732
201,891
152, 223
47,363
40, 753
45,461
47,873
42,068
47,219
49,327
38,437
16,771
20, 772
15,673
17,166
16, 753
14,186
19, 694
14,107
46,129
47, 215
46,912
41,725
43,658
54,311
41, 209
12,274
10, 910
13,163
12,102
11, 649
13,435
14, 764
11,143
834
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST
NUMBER AT THE END OF SEPTEMBER, 1925 AND 1924
Nonmember banks
Member
banks l
1925
1924
1925
1924
419
874
752
864
606
500
1,410
629
849
1,040
854
748
420
853
738
873
623
520
1,426
629
921
1,090
842
783
244
389
511
1,074
716
367
3,836
2,124
1,247
2,681
772
825
232
375
520
1,078
753
378
3,980
2,250
1,599
2,764
880
853
9,545
9,718
14,786
15,662
Federal reserve district:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis .
Minneapolis
Kansas City
Dallas
San Francisco
Total
On par list
New England States:
Maine
New Hampshire.
Vermont
M assachusetts
Rhode Island
Connecticut.
Eastern States:
New York
New Jersey
Pennsylvania
Delaware
__
Maryland
District of Columbia
Southern States:
62
55
46
181
21
65
62
54
46
182
21
66
50
14
39
69
8
83
49
15
35
71
8
72
636
327
957
22
89
13
631
307
948
22
91
15
277
148
655
32
167
34
272
139
657
35
169
34
193
141
92
93
158
70
195
142
95
100
174
68
231
194
91
24
78
83
245
198
105
29
70
74
Virginia
West Virginia
North Carolina
South Carolina
Florida
Nonmember banks
Member
banks*
Not on par
list 2
1924
1925
11
5
705
723
1,101 1,109
247
187
400
321
1,053 '
750
203
202
183
142
60
57
3,963
3,496
1924
147
118
124
45
122
46
779
147
121
129
43
127
48
752
435
225
27
24
257
36
718
447
272
38
26
286
46
823
22
234
199
275
109
169
99
11
199*
186
271
73
181
59-
441
265
588
290
184
341
432
198
449
269
584
287
187
366
450
191
661
825
1,293
510
623
537
1,235
1,322
662
831
1,303
538
661
708
1,316
1,377
8
20
94
185
504
40
37
817
73
149
350
24
32
161
126
182
267
118
34
138
33
391
175
135
188
266
140
41
144
37
432
219
231
745
1,006
105
54
185
27
375
310
293
771
1,031
116
64
188
37
379
284
168
174
3
10
11
6
3
5
191
133170
5
157
135
303
81
47
21
10
159
136
307
103
51
24
11
172
112
347
80
67
33
23
182
115
363
73
65
40
24
31
29
28*
27
2
9,545
9,718
14,786
15,662
3,963
Ohio
._
Illinois
Michigan
Minnesota
._
Missouri. . . _
Western States:
North Dakota
South Dakota
Nebraska
Kansas
Montana
Wyoming
98
10
339
258
376
159
83
10
348
282
404
148
Colorado. .
' New Mexico
Oklahoma
Pacific States:
Washington _ _ _
Oregon
California
Idaho.. _. _
Utah
Arizona.. _ . _
_
Nevada
Total.
Not on par
list 2
1925
Southern States—Contd.
Kentucky _
Tennessee
Alabama
Mississippi..
Arkansas _
Louisiana..
Texas
Middle Western States:
Indiana
On par list
1925
1924
1925
1924
10
6
4
4
4
3,496
1 Figures for 1925 represent the number of member banks in actual operation; those for 1924 represent the number shown by the capital-stockrecords of the Federal reserve b a n k . T h e n u m b e r shown b y t h e capital-stock records on September 30, 1925, was 9,605.
2
Incorporated b a n k s other t h a n mutual-savings b a n k s .
MONEY IN CIRCULATION
[Source:: U, S. (Treasury IDepartment^circulationlstatements]
|[In thousands |of [dollars]
Date
1914—July 1
1917—Apr. 1
1920—Nov. 1
1922—Aug. 1
1924—Oct. 1
Nov. 1
Dec. 1
1925—Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
Junel
Julyl .
Aug. 1
Sept. 1
Oct. 1
Total
3,402,015
14,100,591
15,628,428
4,337,418
4,806,367
4,879, 694
4,993,570
4,992,931
4,751,538
4,804,209
4,776,167
4,725,191
4,774,313
4,734,236
4,719,519
4,784,025
4,827,005
Standard
Gold
coin and vjroia cersilver
bullion tificates
dollars
611,545
641,794
495,353
416,282
427,970
436,160
437,971
458,206
455,169
462,925
469,448
453,211
437,612
428,102
428,248
416,348
413,973
1,026,149
1,348,818
231,404
171,985
898,165
904,861
933,688
970,564
929,650
913,900
914,968
918,862
972,438
1,003,285
1,014,311
1,036,243
1,050,057
70,300
70,863
89,725
58,378
54, 603
55,185
55,606
57,384
55, 533
55,264
54,666
54,398
53,908
54,294
54,165
54,173
54,693
Silver
certificates
478,602
459,680
60, 385
268,802
388, 574
389,201
389,113
388,540
360,808
366,024
371,229
376,442
380, 681
379,796
388,016
396,700
394,069
Treasury
notes of
1890
% 428
L,997
1,628
L.508
1,412
1,410
L,407
L, 405
L,401
L, 398
L, 396
L, 392
1,390
L,387
1,384
L381
1,379
United
States
a r y silver
notes
QITKOI/H
DUDSI cu-
159,966
191,351
261,556
229,956
256,467
259,710
263,102
266,298
256,898
256,509
257,559
258,446
259,894
262,607
261,750
264,450
267,768
Federal
reserve
notes
337,845
330,353
356,448
277,736 3,310,225
284,343 2,115,350
304,345 1,729,301
305,840 1,784,046
304,418 1,862,055
295,233 1,841,621
283,598 1,688,662
288,668 1,734,606
285,780 ,1,702,212
281,043 1,676,078
284,799 1,679,833
279,943 1,636,192
284,806 1,601,884
298,493 1,629,927
303, 597 1,670, 658
Total
Federal National- circulareserve
bank
tion per
bank
notes capita (in
notes
dollars)
3,170
209,877
65,032
9,030
8,710
8,471
8,238
7,987
7,756
7,506
7,299
7,109
6,921
6,777
5,580
6,460
715,180
697,160
715,023
725,782
736,500
734,571
737, 739
705,442
711,832
717,159
711, 403
698,020
696,649
681,709
678,178
680,730
664, 351
34.35
39.54
52. 3&
39.47
42.52
43.12
44.08
44.03
41.86
42.28
41.99
41.50
41.89
41. 4&
41.31
41.84
42.17
i Thefiguresfor the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency
held by Federal reserve banks have been deducted only from the total.
MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES
l?he following table shows the customary rates charged on loans and
discounts in the various cities in which Federal reserve banks and their
branches are located, as reported by representative banks. These rates
are not averages but are those rates at which the bulk of paper of each
class is handled by reporting banks. Where it appears from the reports
that no one rate clearly covers the bulk of the paper handled, a range of
the rates most commonly charged is given. In making comparison be-
tween the rates charged since February, 1924, and rates charged at
earlier periods, it should be borne in mind that the earlier rates refer to
an entire month while the later figures cover only a week. Attention
is also called to the fact that the method of reporting the rates has
been somewhat modified and that slight changes in the rates may
reflect these modifications.
[Rates prevailing during week ending with the 15th day of the month]
Customers' prime commercial paper
Loans secured by stocks and bonds
Interbank loans
4-6 months
30-90 days
District and city
Oct., Sept., Oct.,
1925 1925 1924
No 1—Boston
N o 2—New Y o r k
Buffalo..
No. 3—Philadelphia
No 4—Cleveland
Pittsburgh
Cincinnati
No. 5—Richmond
"Baltimore
No. 6—Atlanta
Birmingham
Jacksonville
New Orleans
Nashville
No. 7—Chicago..
Detroit
No. 8—St. Louis...
Louisville
Little Rock
No. 9—Minneapolis
Helena
No. 10—Kansas City
Omaha..
Denver.
Oklahoma City
N o . 11—Dallas..
E l Paso
Houston. . .
No. 12—San Francisco
Portland... .
Seattle .
Spokane
Salt Lake City
Los Angeles
_ .
.
. .
4 -5 41-4*
41-5 41-5
5 -6 5 -6
5 44-5
54-6 54-6
6 5 -6
6 R -fi
54-6 1 54-6
44-54I 4i-fi*
5-6
5 -6
6
6
6 -8 5 -8
5 -6 5 -6
54-6
. . 44-5 4 3 -5
44-6
. . 44-5
2
6
6
5 -6 5 -6
44 44-41
8
8
5
5
5 4 -6
6
6
5 -7 5 -7
41-6 41-6
44-8
5*~6 5 -6
44-54 5 -54
6 -7 6 -7
6
6
5 -7 5 -7
5 -6 5 -6
6
6
1925
41 41-5
34-5
34-5
6
6
8
5 -6
4 -6
44-6
6 -7
4 -6
8
5 -6
44-5
6
6
5 -7
6
6
Oct.,
1925
4
Sept., Oct.,
1925 1924
4
4 -5
5
6
5
4-44
44
5
5
5 -6
6 5 -6
5 -6
5
-5J
54-6
54
5
54
44-5!
5 -6 5 -6 5 - 6
6 -7 5 -6 5 -6
34-7 5 -6 5 -6
5 -6 5 -6 5 -6
6 54-6 54-6
44-54 5 -54 5 -54
44-6
34-5 5 -54 5-54
6
5
6
6
6 54-6 54-6
44-54
54
54
g 6 - 8 6 -8
8*
54-6 5 -54 5 -6
6
6
6 4 -6 44-6
6 54-6
6
6
44 6 -64 6 -64
5 -7 5 -7 6 -7 6 -7 6-7
44-6 44-6 4 -6 5 -6 5 -6
44-8 4^8
8 6 -7 6 -7
5 44-6
5 -6 5 -6 5 -6
44-54 5 -54 44-5 44-6 5 - 6
6
6
6
6
6
6
6 6 -64 5 -64 5 -64
41-64 41-7 6 -7 6 -7 6-7
6
6 4 -6 6 -7 6-7
6
6 6 -7
6
6
41-5
6
5 -6
5
4-44
5 -6 5f-6
" 6
5 -6
6
54-6
5-54 5 -6
4#-5l 44-54
5 -6 5 -6
6
5 -6
34-8 4 -8
5 -6 5 -7
6
i 5i
4-5
44-6
Sept., Oct.,
1925 1924
41-5
41-5
6
44-5
54-6
5 -6
5 -6
5 -54
44-54
5 -6
6
44-8
5 -7
5
44-5
41-6
41
34-6
iU\
Loans secured by
Liberty bonds
Oct.,
1925
Sept., Oct.,
1925 1924
Oct.,
1925
4
5
4 | 44-4! 44-4!
44-4! 41-4! 4 -41 4 - 5 44-5
5 5 -6 5 -6 54-6 5 -6
4 -5
5
6
44-5
5 -6
6
44
5 -6
5 -6
54 5 -54
44~5 54-6 5-6
5
5
5 -6
44-6
6
^6
5 -6
6 4 - 8 4-8
44-54 5 -6 5 -6
6 54-6 54-6
5 -54 44-5
44-54
5 -6
5
5 -54
5
6
6 5 —6 5 -6
54-6
7
5-6 5 - 6 5-6
5 5 -6
54-6
6
6
6 -7
6 -7 5 -6 6 -7
4 -6 5 -6 5 -6
6 -8 7 -8 7-8
6 5 -6
44-5
5 -6 5 - 6 54-6
6 6 -7 6 -7
6
6
6
6 6 -7 6-7
6
6 -7 6 -8
6
if
4*-44
5 -6
5 -6
5 -54
5 -6
5 -51
44-6
6
5 -8
5 -6
5 -6
44-54
44-6
l-tt
5
6
44-6
5 -6
6
6 -7
4 -6
7-8
5 -6
5 -6
6 -7
Sept., Oct.,
1925 1924
5
41-5
5 -6
Loans secured by
warehouse receipts
Time
Demand
Oct.,
1925
3 4f-R
5
24-4!
5 -6 5 -6
5
34-5
6 54-6
6
5 -6
Sept. Oct., Oct.,
1925
44-5
44-5
1924
4*
44-5
5 -6
1925
Sept., Oct.,
1925 1924
4p>
41-5
6
5
54-6
54-6
|r 6
6
5 -6
5 -6 5 -6
6
54 5 -54 !_54-6
54 5 -54
54
54-6
54-6 54-6 5 -6 54-6
54 5-6
6
5 -54 5 -54 44-54 54-5! 54-5! 44-54
5 -6 5 - 6 5 -6 5 =7 5 -7 5 -6 5 -6
6
6 6 -7
6
6
6
6
44-8 5 - 8 6 -7
44-8 6 -8 44-8
5 =6 5 -6 5 -6 5 -6 5 - 6 5 -6 5 -6
54-6 54-6 54-6 54-6 54-6 54-6 54-6
44-5 44-5 4 -6 44-5 44-5 44-5 44-5
5 -6 44-6
5 -6 5 -6
44-5 44-54 4-54
44-54
6
6
54
54
54
6
6
6
6
6 6 -7
6
44-5 44-5 44-54
44-6
5
54-6
6
4
6
5 -6
41-6
~5~HT 5 -6
6 6 -7
5 -6 5 -6
7 -8
8
44-6 5 -6
5 -6 5 -6
6 -7 6 -7
6
6
6
8
8
6
6
6 6 -7-
34-4
1*
5 -6
6 -7
5 -7
8
5 -6
5 -6
6 -7
6
8
6
6 -8*
6
5-6"
6 -7
5 -6
6 -8
5 -6
6
6 -7
6
6 -8
t-f
8
6 5 -6 5 - 6
6
41-6
6 -7
5 -6
6-8 6 -7 6 -7
5 -8 5 -8 5 -6
8
8
8
5 -6 5 -6 5 -6
6
5 -6 5 -6
6 -7 6 -7 6 -7
6 6 -7
7
7
7
7-8
44-54
54-6
6
5 -7
54
6
5 -6
6
44-8
5 -6
54-6
5 -6
5 -6
41-54
6
6
5 -6
6
6 -7
6 -7
5 -8
8
5 -6
6
6 -7
7
6 -7
Cattle lo
I Oct.,
1925
Sept., Oct.,
1925 1924
4 -5
6
44-6
54-6
g
3
6 -7
54
5 -51
5 -6
6
44-7
5 -7
54-6
5-6
5 -6
W
cj
5 -54 5 -6
5 -6
44-54 5 -6
5 -6
6
6
6
6 -7
8
8
8
6
6 -7
5 -6 6 -7 6 -7 6 -7
7 54-7 6 -7
6 -7
6 -8 6 -7 6 -8 6 -8
6-8 6 - 8 6 -8 7 -8
5 -7 7 - 8 6 -8 7 -8
8
8
8 8 -10
5 -6 6 - 8 7 -8 6 -8
6
6 -7
6 -7
7
6 -64 6 -64
7
6 -7
a
6 -7
7-7*
00
CO
836
FEDERAL RESERVE BULLETIN
NOVEMBER, 1925
GOLD AND SILVER IMPORTS AND EXPORTS
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED
BY COUNTRIES
September
Nine months ended September
Exports
Countries
1924
Imports
1924
1925
Exports
1925
Imports
1924
1925
1924
1925
GOLD
All countries.France
Germany
Italy___
Netherlands
Poland and Danzig Spain
_
Sweden
England
Canada
Central America
Mexico
West Indies
-.
Argentina
Chile
Colombia
_
Ecuador-r-.
Peru.
Uruguay
Venezuela
British India
Straits SettlementsChina..
Dutch East Indies..
Hongkong
Philippine Islands-British Oceania
Egypt.
Portuguese Africa...
Allother
$4,579,501
11,760
All countries.
France
Germany.Poland and Danzig-
10, 345, 205
Spain
England
Canada
Central America
Mexico
West Indies
Argentina
Bolivia
Chile...
Colombia
Peru
Venezuela
British India
_.
China
Dutch East I n d i e s . .
Hongkong
Japan
Portuguese Africa...
All other
$6,784,201
65,407
$6, 656,155
$4,128,052
$11,159, 210
$204, 272,802
$269,882,845
$59,860, 404
1,468
20,756
65,407
10, 704, 378
4,821,127
2,735,792
34,501,147
6, 584, 797
1,628
4,360
10,084, 799
17, 580
1, 339, 208
67, 519,526
1,050,000
4, 318, 343
1,103,948
392,431
1, 002, 628
6,159, 602
2,896,772
750, 000
7,495, 647
175, 000
5,510,000
15,000
1,999, 878
15,000
53,413
6,191,559
130,892,628
33,557, 577
1, 650.773
4,249,547
302,000
16,189,465
337,779
1,715,148
654,082
2, 253,755
7,836
221, 291
68, 618
220
4,823,922
25, 538,560
1, 243, 674
3, 609,631
484,741
2,466
349, 448
1, 208,426
625, 449
1, 225,992
2(30,195
2,000
.......
195, 000
16, 567
2,658,982
177, 722
497, 234
19, 507
1, 475, 246
34, 458
193,037
65, 365
350, 584
4,344
2,899,513
161, 817
245, 237
24,414
27,734
13, 388
1,101, 600
3, 690,895
500, 535
205,176
63,687
7,000
-1,855,840
77, 475
129,029
71, 854
4,000
182, 666
42, 880
157, 696
16,150
3,243
126, 689
4,814
48, 557
7, 487, 317
7, 082, 962
4,504, 024
79, 744,974
5,064
4,953
151,858
758,616
247, 865
135, 315
502,010
382,155
10, 000
50,000
12, 700
2,027, 759
7,000
1, 705,000
44,858
693, 414
1, 509,448
108, 694
2, 225,136
2,197, 894
100, 000
137, 500
1, 208, 531
594, 354
134,100
213,008
201, 036
202, 400
113,296
485
1,494
1,658
243, ltK)
5, 617, 338
2,086,451
2,101, 020
3,824,945
70, 500
81, 626
117, 262
67, 634
119,782
47
36,053
957, 392
244 554
4, 237,919
48
4,897
310, 281
14, 575
1,125,708
57
5,868
765, 476
139, 376
3,041,061
28,279
2,380
38, 372
172,416
2,478
225, 387
30
128
87,050
50,342
69,948
975
27,093
32,096
9,692
17,914
1, 361,764
1,000
2,799,567
802, 290
2,160,010
58,756,976
3, 853, 735
300, 414
831,020
8,131, 446
25, 000
26,925,176
498,240
260, 512
74,636,646 |
4,161,844
887, 500
18,097,161
1/164,266
34,275
1,550, 575
48, 638
2,300
7,193,035
1, 374,932
300, 340
1, 508,124
81,166
2,300
14,608
900,000
655, 340
41,085,041
13, 303,522
4,932
376,200
33, 395,645
24, 314,171
700, 782
1,275,970
962, 381
2,022
'"74,"076
4, 602,551
1,702,593
2, 500,000
4, 351,524
2,536, 266
1,455,008
520,250
1,169, 356
55,771,022
61,841
1, 221,035
104,665
301,164
5, 625,194
1,548,955
33,620,958
57,107
32,304
178,715
1,197, 268
112,977
10, 675,705
2,259
174, 210
13,950
119, 558
1,637, 569
1, 301,329
202,325
15, 233
477,075
62, 424
49,197, 576
5,875
16,753
694,323
124, 073
97, 757
6, 406, 350
1, 234,676
30,961, 307
148.852
4,380
67,119
1, 295,072
61,527
7,599,072
4,878
55,968
4,183
691.853
115,948
203, 851
97,883
147,903
837
FEDERAL KESERVE BULLETIN
NOVEMBER, 1925
FOREIGN EXCHANGE RATES
[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]
October, 1925
Countries
Monetary unit
Par of
exchange
1
Schilling....
Franc
Lev.
Crown
Krone
Markka
Franc ReichsmarkPound.
Drachma
Krone.
Lira
Florin
Krone
Zloty
Escudo
Leu
Krona
Franc.
Dinar
Dollar
Peso.
14.07
19.30
19.30
"~26.~8o'
19.30
19.30
23.82
486.65
19.30
20.26
19.30
40.20
26.80
19. 30
108.05
19.30
19.30
26.80
19.30
19.30
100.00
100. 00
Peso...
49.85
Peso (gold)
96.48
Milreis32.44
1
Peso (paper)
19. 53
Peso.
103.42
Mexican dollar.._ i 48.11
Shanghai tael
* 66.85
Dollar
1 47. 77
Rupee.48.66
Yen
49.85
Singapore dollar..
56.78
Average
Average
Low
High
Low
High
Rate
Austria
Belgium
Bulgaria
Czechoslovakia
Denmark
Finland
France
Germany
Great Britain
Greece
{
Hungary
Italy
!
Netherlands
I
Norway
Poland.
.--I
Portugal
j
Rumania
Spain
Sweden
_
Switzerland-.
Yugoslavia
Canada
.
Cuba
Mexico
[
Argentina
Brazil
I
Chile
—|
Uruguay
j
China
China
j
Hongkong
_
India
Japan
Straits Settlements
September, 1924
September, 1925
14.0630 14.0880
4.4700 4.5600
.7256
.7319
2. 9607 2. 9622
24.0000 25.1300
2. 5216 2. 5236
4. 0900 4. 7300
23.8000 23.8100
483.9900 484. 7900
1.2938 1. 4473
.0014
.0014
3. 9200 4.0500
40.1800 40. 2500
19. 5800 20. 6100
16. 5500 16. 7200
5.0600 5.1100
.4740
.4812
14. 3000 14. 4100
26. 7500 26. 8500
19. 2600 19.3000
1.7700 1. 7771
99. 9944 100.1500
99.8177 99.9938
49. 0667 49. 2833
92.2400 93. 9600
14.0500 15.1500
12.0200 12.1100
99. 6100 101. 9500
57. 0600 57.8300
76. 9400 78. 3800
58. 9300 59.6500
36. 5700 36. 6300
40. 8100 41. 4200
56. 3300 56. 6900
14.0570 14.0870 14. 0694
4.3200 4.5000
4.4040
.7289
.7342
.7314
2.9609 2.9621 2.9616
24,0100 25. 2300 24. 5188
2. 5220 2. 5252 2. 5235
4.6800 4. 7400 4. 7124
23.8000 23.8000 23.8000
484.1200 485. 3000 1484.6464
1.4425
1. 4821 1.4613
.0014
.0014
.0014
3. 8400 4.1900 4.0640
40. 1700 40.2800 40. 2084
19.8800 22. 2100 20.9320
16. 6800 18.3900 17. 5888
5.0800 5.2100 5.1356
.4790
.4959
.4890
14. 2400 14. 6200 14.3860
26. 8000 26. 8500 26.8244
19.3000 19. 3500 19. 3068
1. 7735 1.7870 1. 7795
99.9188 100.049* 99.9SG0
99.7938 99.9594 99.8500
49.3000 49.4933 49.3519
90.7500 92.1600 91. 7096
12.9900 13.9900 13. 5188
11.8900 12.0600 12.0156
99.4600 100. 5000 99.9492
56.8000 59.0000 57. 5656
77.7000 79. 5900 78. 4664
58.1500 60.1600 59. 3152
36. 5600 36. 6900 36. 6332
40.4500 41. 0500 40. 7488
56. 5000 56. 7800 56. 5876
Per
cent of
par
100.00
22.82
3.79
Low
High
4.7900 5.0900
.7289
.7364
2.9845 3.0001
16.3900 17.3600
2.5090 2.5123
5.2400 5.4200
. Per
Rate iI cent of
par
4.9380
.7310
2.9932
16.9544
2.5109
5.3016
25.59
3.79
91.49
63.26
13.08
13.01
24.42
27.47
99.92
99.59 443.3100 449.1400 446.0536
91.66
1. 7348 1.8290 1. 7778
7.57
9.21
.0013
.0013
.01
.0013
.01
4.3500 4.4300 4.3820
21.06
22.70
100. 02 38.1600 38.6900 38.4508
95.65
78.10 13.6900 14.2000 13.8296 . 51.60
99. 58
91.13 19.1800 19.2500 19.2188
2.94
4.75 2.9900 3.4600 3.1808
.4938
.5178 I
2.68
.5344
2.53
68.60
74.54 13.1200 13.4900 13. 2396
99.26
100. 09 26.5500 26.6300 26. 6028
97.83
100.04 18. 7500 19. 0800 I 18.8820
1.2728 1. 3990 j 1.3515
7.00
9.22
99.94
99.99 99. 8115 100.0029 99.9431
99.93
99.85 99.9193 99.9323 j 99.9281
98.26
99.00 48. 7708 49.1042 48.9818
82.95
95.06 77.8600 81.7200 I 80.0272
31.10
41. 67 9.7600 10. 5700 < 10.0904
9.6500 10.9600 10. 4368 i 53.44
61.52
80.69
96.64 81.2900 85.2300 83.4448
112.04
119. 65 53.4600 54.2500 53.9044
112. 59
117. 38 73.9000 76.3200 75. 2080
111.91
124.17 53. 2100 53. 7700 53. 4596
66.83
75.28 32.1800 32.9300 32. 5188
81.44
81.74 39.9600 41. 2000 40. 5972
90.73
99.66 51.0000 52.0000 51. 5144
1913 average.
SILVER
[Average price per fine ounce]
October
London (converted at average rate of exchange)
New York..
$0. 71924
.71421
September
$0. 71979
,71885
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