Full text of Federal Reserve Bulletin : October 1925
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL RESERVE
BULLETIN
OCTOBER, 1925
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Financing the Crop Movement
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
J. F. HERSON,
Research and Statistics.
Chieff 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.
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
CHAS. A. MORSS.
District No. 2 ( N E W YORK)
District No. 3 (PHILADELPHIA)
PAUL M. WARBURG, President.
L. L. R U E .
District
District
District
District
District
District
GEORGE A. COULTON.
JOHN M. MILLER, Jr.
OSCAR WELLS.
FRANK O. WETMORE.
BRECKINRIDGE JONES.
G. H. PRINCE.
No.
No.
No.
No.
No.
No.
4
5
6
7
8
9
(CLEVELAND)
(RICHMOND)
(ATLANTA)
(CHICAGO)
(ST. LOUIS)
(MINNEAPOLIS)
District No. 10 (KANSAS CITY)
E. F. SWINNEY, Vice President
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)
W. M.v MCGREGOR.
HENRY S. M C K E E .
II
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
Governor
Chairman
Boston
New York..
Frederic H. Curtiss..
Pierre Jay
W. P. G. Harding..
Benj. Strong
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
R. L. Austin..
D. C.Wills. _
_
Geo. W.Norris..
E. R. Fancher...
George J. Seay
M. B. Wellborn
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.
J. U. Calkins
Wm. W. Hoxton
Oscar Newton
Wm. A. Heath
I J. B. McDougal.
John Perrin
1
Controller.
Cashier
Deputy governor
W. W. Paddock....
J. H. Case
L. F. Sailer
G. L. Harrison
E. R. Kenzel
W. Willett.
L. H. Hendricks.i
A. W. Gilbart.i
J. W. Jones.*
G. E. Chapin.i
Ray M. Gidney.1
L. R. Rounds.1
C. A. Mcllhenny.
W. G. McCreedy.i
J. C. Nevm.
Geo. H. Keesee.
John S. Walden, jr.*
M. W.Bell
W. C. Bachman.1
K. C. Childs.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.
W. N. Ambrose.
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
O. M. Attebery....
W. B. Geery
B.V.Moore J
Harry Yaeger
C. A. Worthington.
R.R.Gilbert
R. B. Coleman
Wm. A. Day
Ira Clerk....
L. C. Pontious
* Assistant deputy governor.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank o—
f
New York:
Buffalo branch
Cleveland:
Cincinnati branch
Pittsburgh branch
Richmond:
Baltimore branch
Atlanta:
New Orleans branch
Jacksonville branch
Birmingham branch
Nashville branch
Chicago:
Detroit branch
St. Louis:
Louisville branch
Memphis branch
Little Rock branch
Managing director
_. W. W. Schneckenburger.
L. W. Manning.
Geo. DeCamp.
_ A. H. Dudley.
Marcus Walker.
. Geo. R. DeSaussure.
A.E.Walker.
J.B.Fort,jr.
W. R. Cation.
W. P. Kincheloe.
V. S. Fuqua
A. F. Bailey.
Federal Reserve Bank o—
f
Minneapolis:
Helena branch
Kansas City:
Omaha branch
i
Denver branch
Oklahoma City branch
! Dallas:
El Paso branch
j
Houston branch
_
| San Francisco:
Los Angeles branch
Portland branch
Salt Lake City branch
Seattle branch
Spokane branch
Managing director
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C. E. Daniel.
M. Crump.
D. P. Reordan.
R. B. Motherwell.
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—Financing the crop movement
Treasury
financing
Business conditions in the United States
Livestock prices in 1924 and 1925
Official:
Rulings of the Federal Reserve Board —
Cotton seed as a readily marketable staple
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
Revision of the index of agricultural movements
Wholesale and retail trade
Estimate of crop production
Foreign banking and business conditions:
The National Bank of Hungary
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
Changes in membership in the Federal reserve system
All incorporated stock banks in the United States—condition on June 30, 1925
Bank debits
Member banks and nonmember banks on par list and not on par list
Money rates in principal cities
Money in circulation
Gold and silver imports and exports
Foreign exchange rates and index
IV
Page
711
714
716
735
737
738
738
738
:
740
743
739
744
739
746
747
750
751
753
754
755
758
759
760
772
772
761
762
763
764
766
770
771
773
771
774
775
FEDERAL RESERVE BULLETIN
VOL.
11
OCTOBER, 1925
REVIEW OF THE MONTH
Recent increases in the demand for credit
and currency, both at member banks and at
the Federal reserve banks, reFinancing the fl F r i m a r i lJy the larger finanp
crop movement
.
°
cial requirements at this time
of year arising from marketing of the crops.
Borrowing for commercial and agricultural
purposes began to increase this year a month
earlier than in 1924, partly as a result of the
earlier marketing of this year's crops, and
between the end of July and the middle of
September total borrowing of this character
increased considerably more than during the
same period of last year. Seasonal growth in
the demand for currency to pay for harvesting
of crops and to meet the somewhat larger pay
rolls of factory workers has been the principal
factor accounting for the larger borrowing by
member banks at the reserve banks during the
past two months. Demands upon the banks
generally increase as the crop-moving season
advances, and although the larger part of this
year's crops has not yet left the farm, marketing of crops is now under way and at a higher
average of prices than a year ago, and banking
developments during the past two months reflect
the growing demand for credit to finance this
movement of crops.
The volume of agricultural marketings since
early in 1925 has been smaller than last year,
as brought out by the chart,
which shows for all farm prodcrops
ucts the course of marketings
from year to year since 1922 and the seasonal
tendency of this volume to increase greatly from
the middle of the year until late in the autumn.
The increase since midsummer of this year
reflects primarily the movement of cotton, of
No. 10
which receipts at leading markets in August
and early September were greater than at the
same time in any other recent year and
exceeded those for the same period last year
by nearly 600,000 bales. This early movement of cotton has been principally due to
the fact that dry weather brought about early
maturing of the crop, which resulted in ginningsof 4,276,000 bales to the middle of September, 60 per cent larger than ginnings up to this
date a year ago. Livestock marketings, which
MARKETINGS OF FARM PRODUCTS
( 1919-100 )
100
50
50
1922
1923
1924
1925
had been exceptionally small in earlier months,
began to increase in August, a month earlier
than last year, but have been in smaller volume
than last year, chiefly because receipts of hogs
have been considerably smaller. Marketings
of grain, though seasonally larger, did not increase as much as usual and were more than onethird smaller than in 1924, owing principally
to the smaller crop of winter wheat in the
Southwest, while marketings of spring wheat
were larger than a year ago. Thus the
marketing agencies and the banks, while not
called upon in recent months to finance so
large a volume of farm products as last year,
have felt the increase in demands upon them
at an earlier period than usual.
711
712
FEDERAL KESERVE BULLETIN
The amount of bank credit required to
finance the crop movement is influenced by
the values of these crops,
r
and
values 1^1925^
sufficient information
has now become available
regarding the probable yield of farm crops in
1925 to enable comparisons on the basis of
current prices to be made between the crop
values for the current year and for earlier
years. The indicated aggregate production of
leading farm crops for 1925, as forecast by
the September estimates of the Department of
Agriculture and measured by the Federal
Reserve Board's annual index of crop production, is about 5 per cent smaller than for
1924, while average farm prices in September
were higher than at the same time a year ago,
so that the total indicated value of leading
crops appears to be close to what it was
last year. The table gives the production of
each of the leading crops for 1923 and 1924
and the estimated production for 1925, with
the estimated crop values for each year.
Crop
Unit
Bushels... 797
do
572
225
...do
.do
3,054
10.1
Bales
Bushels 1,306
Bushels... 416
.do.
198
63
...do
107
Tons
19252 1923
1924
1925
700
873
736
416
590
544
284
283
192
2,437 2,885 2,217
13.6 13.9 1,572
1,542 1,462
541
344
325
455
188
222
107
63
52
41
112
94 1,398
1,137
780
357
2,405
1,539
739
292
137
68
1,468
1,011
2,850
1,567
557
417
135
43
1,163
6,936 7,785
7,743
1924
1 Value for 1923 and 1924 based onfinalyields at December farm prices.
For 1925 value is based on September forecasts and September farm
prices.
1
September estimates of the TJ. S. Department of Agriculture.
According to 1925 estimates, the wheat crop
is about 20 per cent smaller in size than
that of 1924 and about 10 per cent smaller in
value, while the cotton crop is somewhat larger
than that of last year, and has an indicated
total value slightly larger than in 1924. The
corn crop is larger than last year, but its
greater value is not an important factor in
the demand for credit at this season, chiefly
because most of the corn is used on the
farm but also because the portion that is sold
usually comes to market later in the year.
Wheat and cotton, though they rank lower in
total value than corn, are the two crops that
require the largest amount of credit at cropmoving time. As shown in the table, the
aggregate value of farm crops has increased
considerably since 1923, the increase of 1924
over 1923 resulting from both the larger
production and higher average prices and the
value in 1925 reflecting a further rise in
prices.
The present level of average farm prices
is higher than at this season in five years,
and most of the important
Course of farm
agricultural commodities, inprices
cluding cotton, grain, and livestock, as shown by the chart, have shared in
the general advance that has taken place since
the beginning of 1922. The increase in the
price of cotton from 1922 to 1923, owing largely
to a succession of small crops, was an important
Production (in Value1 (in millions
millions of units)
of dollars)
1923
Wheat, total
Winter
Spring... .
Corn
Cotton
Oats Potatoes
Barley
Rye
Hay (all)
Total
OCTOBER, 1925
1OO
50
50 —
1922
1923
1924-
1925
factor in bringing about the higher average level
of prices for farm products that prevailed in
1923. The general level of grain prices did not
advance much until the middle of 1924, when
the market felt the influence of a smaller world
crop of wheat and of an exceptionally small corn
crop. Livestock prices, after declining during
the second half of 1922 and all of 1923, began
to rise toward the end of 1924, reflecting
primarily the increase in the price of hogs that
accompanied the decrease in the number of
hogs on farms while corn was scarce and high.
There was a decrease of 18 per cent in the
number of hogs on farms during 1924, and this
was an important factor in the early months of
1925 in bringing about a still higher price for
hogs, pork products, beef, and beef cattle, particularly the higher grades of corn-fed stock.1
Thus the present level of agricultural prices is
the outcome of developments which affected
the income of cotton farmers as early as 1922
and 1923, the wheat growers in 1924, and the
livestock industry in late 1924 and early 1925.
The continued improvement in the financial
condition of farmers that came about as a
^
result of the increased returns
Position
country banks
o f /f
.
r t ,-. e
h
-mo/i CI
9 24
S WaS
A fuller discussion of the course of livestock prices appears on p. 735.
loans on securities by more than $200,000,000,
and country banks belonging to the Federal
reserve system increased their bankers' balances
in financial centers by about $100,000,000.
Banks in the smaller cities of the country
reduced their borrowings at the reserve banks
during the year preceding the present cropmoving season in most of the Federal reserve
districts that are primarily agricultural in
character. The extent of this reduction is
shown by the table, which gives separately and
by districts the volume of discounts for weekly
reporting member banks, located chiefly in the
industrial and financial centers, and the nonreporting banks, outside those cities.
DISCOUNTS
AT F E D E R A L
RESERVE
BANKS
[In thousands of dollars]
July 30, 1924
July 29, 1925
an
°
*
"°P ,
important factor m placing the
country banks in a more liquid position at
the opening of the crop-moving season than
at the same time a year ago. Liquidation
of commercial and agricultural loans at these
banks continued, particularly in the wheatgrowing sections, and there was an increase
in the deposits of these banks in all sections of the country. Combined time and
net demand deposits of member banks in cities
having a population under 15,000 increased
$380,000,000, with about one-half of the increase in the Atlanta, Minneapolis, Kansas
City, and San Francisco districts, which are
largely agricultural and in which there had
been a decline in deposits of these banks during
the preceding year. The growth in deposits
of country banks in the agricultural districts
during the period was in excess of the local
demands for credit, and the banks used their
surplus funds largely in the purchase of investments, to make loans on securities, to increase
their balances with banks at the financial
centers, and in the repayment of borrowings at
the reserve banks. During the year ending
June 30, 1925, country national banks in the
South and West increased their investments and
1
713
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
Federal reserve
district
Boston
New York
Philadelphia.
Cleveland
Richmond...
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Total...
Increase or
ri decrease (—)
Reporting
member
banks
NonNonNonReRereport- porting report- porting reporting
ing
ing
mem- mem- mem- mem- member
ber
ber
ber
ber
banks banks banks banks banks
1,025
20,511
5,874
5,740
13,418
6,424
3,873
1,940
1,554
1,277
6,984
3,767
9,240
18,635
18,482
14,411
27,280
23,973
33,283
16,823
13, 779
13,372
14,006
18,224
10,225
85,360
22,892
36,533
18,456
5,411
38,330
8,694
1,376
1,257
1,915
29,422
16,384
25,270
28,370
16,982
30,826
17,263
24,515
14,833
5,379
5,448
7,228
15,987
9,200
64,849
17,018
30,793
5,038
-1,013
34,457
6,754
-178
-20
-5,069
25,655
7,144
6,635
2,571
3,546
-6,710
-8,768
-1,990
-8,400
-7,924
-6,778
-2,237
72,387 221,508 259,871 208,485 187,484 -13,023
During the period covered by the table
these nonreporting banks in the smaller cities
reduced their indebtedness at the Federal reserve banks in seven districts, which include most of the primarily agricultural
sections of the country. The largest proportional reductions in borrowings were made by
banks in the Minneapolis, Kansas City, and
Dallas districts. These reductions in indebtedness for the nonreporting member banks in
agricultural territory took place at a time
when in most of the other districts, including
the four northeastern industrial districts of
Boston, New York, Philadelphia, and Cleveland, both reporting member banks and non-
714
FEDERAL* BESEBVE BULLETIN
reporting member banks were increasing their
discounts at the reserve banks. During the
first eight weeks of the crop-moving season,
from the end of the period covered by the table,
the reporting member banks increased their
borrowing at the reserve banks by about
$200,000,000, while the non-reporting banks
decreased their borrowing by about $20,000000, almost all of the decrease being in the
districts that are primarily agricultural in
character. Since the interior country banks
entered the crop-moving season with surplus
funds in the financial centers, they have been
in position to meet increased local demands for
currency and credit without correspondingly
increasing the amount of their accommodation
at their local Federal reserve banks. The withdrawal of surplus funds from financial centers
bv interior banks, however, and the increased
demand for credit at the larger cities that has
accompanied the movement of crops to central
markets have been factors in the increased
discounting by member banks in the financial
centers.
During August and September the amount
of Federal reserve bank credit in use increased
$235,000,000, which is $75,000 000
>
S r e a t e r t h a n t h e in"
crease during this period last
year. The larger part of the increase this
year was in the form of discounts for member
banks, which increased $165,000,000, though
holdings of acceptances began to increase after
the middle of August, partly in consequence of
larger purchases of grain and cotton bills. The
chief factor in the increased use of Federal reserve bank credit was the increase during August of $65,000,000 in the total money in circulation, and a further increase in September reflected in a growth of $40,000,000 of Federal
reserve notes in circulation.
NOTES
Vice Governor of Federal Reserve Board.
OCTOBER, 1925
Meeting of Federal Advisory Council.
On September 21 the Federal Advisory
Council held its statutory autumn meeting
with the Federal Reserve Board at Washington.
TREASURY FINANCE
September financing.
On September 8 the Treasury announced an
offering of 334 per cent certificates of indebtedness, in the amount of $250,000,000 or thereabouts, dated and bearing interest from
September 15 and maturing nine months from
that date on June 15, 1926. Certificates
maturing on September 15, 1925, it was announced, would be accepted in payment for
the new issue at par, but* would not be given
preferred allotment. The offering was made
to cover the Treasury's cash requirements—in
excess of balances on hand and September tax
receipts—until December, when further financing will be necessary. The new certificates
were made acceptable in payment of income
and profits taxes payable at their maturity.
Federal reserve banks, as fiscal agents of the
Government, were authorized to receive subscriptions and to make allotments on the
basis which would be indicated by the Secretary
of the Treasury. Subscriptions were closed at
the close of business on September 10 and
amounted to $568,155,500. All subscriptions
in amounts not exceeding $1,000 were allotted
in full, and those in larger amounts on a graduated scale. Allotments totaled $251,936,000.
By Federal reserve districts, subscriptions and
allotments were in the following amounts:
TREASURY CERTIFICATES OF INDEBTEDNESS DATED
SEPTEMBER 15, 1925, MATURING JUNE 15, 1926
Federal reserve district
Total...
Boston
New York
PhiladelphiaCleveland
Richmond . . , .
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas.
San Francisco.
Subscriptions Allotments
$568,155,500
34, 220, 500
239, 570,500
48, 242,000
52, 317,000
15,827,000
26,219, 500
38,352, 500
14,456,000
11,201,000
8,691,000
19, 714,000
59,344, 500
$251,936,000
16,988,000
81,123,000
24,700,000
25,745, 500
7,610,000
15,618,500
25,415, 500
8,121,500
6,875,000
4,402,000
9,845,000
25,492,000
Refunding agreement with the Republic of Latvia.
Mr. Edmund Platt has been redesignated by
A refunding agreement covering the indebtthe President to be vice governor of the Federal edness of the Republic of Latvia to the United
Reserve Board for the year ending August 10, States was signed at the Treasury on Septem1926.
ber 24. " This indebtedness," it was announced
OCTOBER, 1925
FEDERAL RESERVE BULLETIN
by the Treasury, " represents obligations received in connection with the sale of war supplies by the Secretary of War and obligations
received from the American Relief Administration on account of relief supplies furnished
on credit." The amount to be refunded was
computed as follows:
Principal of obligation
$5, 132, 287. 14
Interest to Dec. 15,1922, at 4M per cent
647, 275. 62
Total
To be paid in cash
5, 779, 562. 76
4, 562. 76
To be funded into bonds
5, 775, 000. 00
Under the proposed agreement, which is subject to the approval of Congress and of the
Saeima of Latvia, bonds of Latvia will be issued maturing serially over a period of 62
years, with interest at 3 per cent to December
715
15, 1932, and at 33^ per cent thereafter. The
terms of the settlement, it is stated, are substantially the same as those of the settlement
with Poland and Great Britain, " except that
Latvia has the option to liquidate the amounts
due under the agreement on or before December 15, 1930, in part by semiannual cash payments" of from $30,000 to $50,000, for a total
amount of $400,000, the balance due in this
initial period of five years to be funded into
bonds similar to those provided in the agreement. It is noted that this is the seventh
funding agreement concluded by the World
War Foreign Debt Commission, following agreements already approved by Congress with
Great Britain, Finland, Hungary, Lithuania,
and Poland, and an agreement with Belgium,
which, together with the present agreement,
will be submitted to Congress at its next session.
716.
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
BUSINESS CONDITIONS IN THE UNITED STATES
Production of basic commodities declined in August to the lowest level of the year, but
was considerably higher than during the summer of 1924. Distribution of goods at wholesale
and retail continued in greater volume than a year ago. Seasonal growth in the demand for
credit, arising partly from financing of the crop movement, was reflected in an increase in the
volume of commercial borrowing.
Production.—The Federal Reserve Board's index of production in basic industries, which
is adjusted for seasonal variations, declined 4 per cent in August, but was 16 per cent higher
than a year ago. Output of steel and of bituminous and anthracite coal and activity in the
woolen industry increased in August, while mill consumption of cotton and the production of
flour and lumber decreased. Employment and earnings of factory workers were larger in August
than in July, but continued smaller than in June. Building contracts awarded during August,
owing chiefly to large awards in New York, exceeded all previous records.
Crop reports of the Department of Agriculture at the beginning of September, as compared
with forecasts a month earlier, indicated somewhat larger yields of spring wheat, oats, barley,
hay, and tobacco, and smaller yields of corn and potatoes. The mid-September cotton crop
estimate was 13,931,000 bales, compared with a forecast of 13,740,000 bales on September 1.
Trade.—Wholesale trade was 5 per cent larger in August than in July, owing to seasonal
increases in the sales of dry goods and shoes, and sales of all lines except groceries were greater
than those in August, 1924. Sales at department stores and at mail-order houses showed less
than the usual increases in August, but continued in greater volume than last year. Stocks of
merchandise at department stores increased in August and for the first time this year were
considerably larger than in the corresponding month a year ago. Wholesale firms in all leading
lines except drugs and hardware reported smaller stocks on August 31 than a month earlier.
Total freight-car loadings were larger during August than in any month since last October.
Coal shipments, preceding the anthracite strike, were especially heavy, less-than-carload-lot
shipments continued to increase, and the movements of livestock and grains were seasonally
greater than in July, although smaller than in August, 1924.
Prices.—Wholesale prices showed a further slight advance in August and were near the
high level reached in the spring of this year. Prices of agricultural commodities, which in
recent months have been above the average for all commodities, increased further, while prices
of other commodities declined slightly. Between the end of August and the latter part of
September prices of bituminous coal, pig iron, rubber and cotton advanced, and prices of spring
wheat, corn, raw sugar and wool declined.
PER CENT
PER CENT
PER CENT
I20O
1150
15OI
150
150
too
100
100
50
50
50
PRODUCTION IN
BASIC INDUSTRIES
1922
1923"
WHOLESALE PRICES
1924-
1925
Index of 22 basic commodities adjusted for seasonal variations,
(1919=100.) Latest figure, August, 113.
1922
1923
1924
1925
index of United States Bureau of Labor Statistics. (1913=-100, b a s e
adopted by bureau.) Latest figure, August, 160.
,717
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
BILLIONS OF DOLLARS
10
BILLIONS OF DOLLARS
10
1923
1924
1325
Weekly figures for 12 Federal reserve banks. Latest figures,Sept. 16
1922
1924-
1923
1925
Indexes for 34 manufacturing industries. (1919=100.)
figures, employment 93.9, pay rolls 104.8
Latest
Bank credit.—-At member banks in leading cities loans chiefly for commercial and agricultural purposes showed further seasonal increases during the first half of September, and at the
middle of the month were about $275,000,000 higher than at the end of July. Investment
holdings remained in about the same volume as during previous months, but loans on securities
increased and on September 16 were near the highest level of the year.
A further growth in the total of reserve bank credit in use occurred during the five-week
period ending September 23. Member bank borrowings increased in the early part of September, and after a temporary decline during the period of Treasury financing, increased to a larger
total than at any time since the beginning of 1924. The seasonal growth in the demand for
currency during August was reflected in an increase of $65,000,000 in total money in circulation.
Money rates showed a firmer tendency during the last week of August and the first three
weeks of September. The prevailing rate on prime commercial paper remained at 4 34 VeT
cent, but there was an increased proportion of sales at 4}^ per cent.
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
[Monthly average 1919=100]
Year and month
January
February
March
April
May
June
July
August
September
October.
November
December
Production in
basic
industries 1
Factory Factory Building
employ- pay rolls contractsJ
awarded
ment
D epartment-store
sales i
D epartment-store
stocks i
Unadjusted
Unadjusted
Ad-
justed
Ad-
justed
1924
_
121
121
117
114
104
94
95
94
103
109
107
117
100
101
101
99
96
93
89
89
91
93
92
94
108
114
113
111
105
100
92
96
99
103
101
106
170
163
164
150
129
125
121
133
150
166
196
180
110
102
115
133
127
120
91
93
119
141
141
210
126
128
115
131
123
120
123
118
131
124
126
131
116
127
139
141
136
127
123
126
137
148
148
124
132
135
137
136
136
134
131
126
128
132
132
133
105
109
108
111
109
103
108
108
107
112
107
112
127
124
120
119
111
94
96
96
96
95
94
93
94
103
109
110
108
108
105
103
105
168
159
178
176
151
171
189
228
108
101
121
136
128
126
95
93
124
131
121
133
124
126
128
125
119
127
139
141
136
129
124
131
134
135
137
136
137
135
133
131
120
121
120
122
119
122
125
120
1925
January.
February
March
April
May
June
July.
August
Bank
debits
outside
of New
York
Cityi
no
113
109
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.
718
FEDERAL RESERVE BULLETIN
BANK CREDIT
Between the end of July and the middle of
September the volume of loans for commercial
and agricultural purposes at member banks in
leading cities advanced by about $275,000,000.
This increase, which was largely seasonal in
character, was nearly $90,000,000 more than
for the corresponding period last year and
carried the total of these loans to the highest
point in more than four years. Loans on
securities also increased and at the end of the
period were only slightly below the previous
nigh point which was reached at the beginning
of July. The investment holdings of these
banks declined slightly, but were still on a
.comparatively high level as compared with
previous years, and on September 16 total loans
and investments were higher than ever before.
The following table shows the principal resources and liabilities of member banks in
leading cities for each week between July 29
and September 16, as well as the changes for
the seven weeks and for the year ending September 16:
LOANS,
INVESTMENTS, AND DEPOSITS OF
BANKS IN LEADING CITIES
MEMBER
[In millions of dollars]
Loans and investments
Date
Total
July 29
18,723
18,792
Aug. 5_
__
18,853
Aug. 12
18,851
Aug. 19__
18, 846
Aug. 26
18,918
Sept. 2
18,899
Sept. 9
19,061
Sept. 1 6 . . .
Increase (+) or decrease (—):
Seven weeks
ending Sept.
16
+338
Year e n d i n g
Sept. 16
+1,189
Deposits
All
other
Loans loans
on se- largely Invest- Net
curicom- ments demand
ties
mercial
5,204
5,238
5,258
5,263
5,267
5,302
5,235
5,301
8,013
8,071
8,113
8,110
8,108
8,173
8,207
8,297
+97
+284
+746
+275
5,506
5,483
5,482
5,478
5,471
5,443
5,457
5,463
12,818
12,834
12,903
12,811
12, 755
12,848
12,813
12,965
Time
5,174
5,178
5,183
5,195
5,204
5,199
5,203
5,185
+147
+168
+11
+176
+563
Changes in the loans and investments of member banks in leading cities for the seven weeks
ending September 16 are shown by districts
in the following table. Loans chiefly for commercial and agricultural purposes increased in
all except the Boston district, nearly one-half
the total increase occurring in the New York
OCTOBER, 1925
district, with substantial increases in most of
the other districts, particularly the Atlanta
district. The increase in loans on securities
during the period was largely for banks outside the New York district, particularly banks
in the Philadelphia and Chicago districts.
Decreases in investments, chiefly in the New
York district, were only partially offset by
increases in the Atlanta, St. Louis, Kansas City,
Dallas, and San Francisco districts.
C H A N G E S I N L O A N S AND I N V E S T M E N T S O F R E P O R T I N G
M E M B E R B A N K S , J U L Y 29, 1925, TO S E P T E M B E R
16, 1925
[Increases and decrease (—). In millions of dollars]
Federal reserve district
AH districts
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Changes in loans
ChanChanges in
ges in
All
loans
inve t
On
and inother,
vest- Total securi- largely ments
comments
ties
mercial
338
381
97
284
-43
-10
98
22
20
14
57
43
21
22
-5
17
39
-6
151
34
22
16
43"
49
17
22
-8
14
26
-2
35
24
1
7
4
24
-1
1
-9
4
-2
-4
116
10
21
9
39
16
18
21
1
9
28
-4
-53
-12
-2
-2
14
-6
4
3
13
At the reserve banks the volume of memberbank borrowing continued to increase during
the latter part of August and early in September. After a sharp decline in the middle of
the month, largely in the New York district
where a temporary surplus of funds was
caused by Treasury operations, discounts
again increased. On September 23 memberbank borrowing at the reserve banks was in
larger volume than since the beginning of
1924 and about $380,000,000 larger than a year
ago. There was a slight increase also in acceptances. Holdings of United States securities showed practically no change for the
period. Accompanying a seasonal increase
in the demand for currency, there was, in
September, an increase in Federal reserve
notes in circulation. The principal resources
and liabilities of the Federal reserve banks for
the period between August 19 and September
23 and changes for this period and since September 24, 1924, are shown in the following
table:
OCTOBER,
719
FEDERAL RESERVE BULLETIN
1925
PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL
RESERVE BANKS
MONEY RATES IN N E W YORK
[In millions of dollars]
Yield
Prime
Prime
commer- bankers' on certificates of
cial
accept- indebtedpaper,
ances,
4-6
90 days ness, 4-6
months
months
Earning assets
Date
FedTotal Total eral
reBills Gov- casli
Bills bought ernde- serve
renote
in
ment serves posits circuTotal discount- open
selation
ed
mar- curiket
ties
Aug. 19
1,091
Aug. 26
1,126
Sept. 2
1,126
Sept, 9
1,190
Sept. 16
1,119
Sept. 23
1,213
Increase (+) or decrease (—):
Five weeks
ending Sept.
23__.
+122
Year e n d i n g
Sept. 23
+285
559
580
577
639
488
641
195
202
213
214
212
238
+82
+381
+146
-251
2,905
2,888
2,898
2,881
2,882
2,871
2,237
2,237
2,236
2,245
2,230
2,267
1,616
1,616
1,638
1,680
1,677
1,670
-34
+43
323
332
326
327
409
323
+30
+54
-285
+72
-60
MONEY RATES
After the rise in commercial paper and acceptance rates at the end of August, these rates
in the New York market remained relatively
constant in September, with some evidence of
slightly firmer conditions. The commercial
paper market continued to be quiet, with
smaller supplies offered than is usual at this
season and the demand coming chiefly from the
Middle West and Northwest. While the prevailing rate on prime paper was 434 P e r cent,
an increased volume was sold at 43^ per cent.
Acceptance rates, after the rise at the end of
August, showed no further change, although
demand became more active and the current
supply of bills was hardly sufficient to meet this
demand. Prices of Government securities
showed little movement, the increased yield on
4-6 months certificates of indebtedness, shown
in the table below, being chiefly a matter of
variations of price between different issues.
The 3% per cent rate borne by the new issue
of certificates put out on September 15
reflected the hardening of money market conditions since June, when one-year certificates
were issued at 3 per cent. Call-loan rates
averaged higher in September than in August,
with sharp fluctuations connected with Government
financing
operations. Following
heavy income tax payments, the renewal rate
touched 5}i per cent on September 22, the
highest since January, 1924. The table below
shows the money rates prevailing in the New
York market during the last three months.
July, 1925
Aug., 1925
_.
Sept., 1925
Average for week
endingSept. 5__
Sept. 12
Sept. 19
,
Sept. 26
,
Average
yield on Renewal
4Mper rate on
cent
Liberty call loans
bonds
13.06
13.01
*3.00
2 3.33
k
3.95
3.98
3.98
4.09
4.19
4.62
13.01
2 3.27
2 3.32
2 3.33
3.97
3.99
3.98
3.68
4.15
4.50
3.95
4.70
1 Issues maturing Dec. 15, 1925.
2
Issues maturing Mar. 15,1926.
In the London market, money rates during
August and early September continued at the
lowest levels since February. The weekly
prevailing rate on 3 months7 bank bills fell
from 4 ^ to 3% per cent in August and recovered to 3yt per cent the first week in
September. Treasury bills were tendered at
an average rate as low as 3.76 per cent the
third week in August and later at 3.815 per
cent. The official Bank of England rate continued at 43^ per cent.
ACCEPTANCES
The acceptance market showed somewhat
greater activity during the first half of September than in August, following an increase in
rates at the end of the month. Dealers
advanced their rates on all maturities by onefourth of 1 per cent on August 28, so thatf 30day bills were quoted at 3% bid and
f
cent offered, 60-day bills at 3Y2 bid
offered, 90 and 120 day bills at 3 ^ bid
^3^
offered, and the longest maturities at 3 % bid
and 3% per cent offered. The New York
Federal Reserve Bank raised its official buying
rates on August 31 to 33^ per cent on 30-day
bills, 3\i per cent on 31-44 days, 3% per cent
on 45-90 day bills, 3 y2 per cent on 4 months and
3% per cent on 6 months bills. Increased
demand, chiefly by local banks, was reported
as a result of the higher market rates in New
York, Boston, and Philadelphia, with a smaller
increase in supply, which was expected to be
augmented by the appearance of more cotton
bills a little later in the season. On September
16 New York dealers7 portfolios had been
reduced to the lowest figure reported since the
spring of 1923. The Chicago market was
very dull throughout the period from August
720
FEDERAL. RESERVE BULLETIN
OCTOBER, 1925
20 to September 16, with a decline both in the Jones & Co., and the average number of shares
demand for and supply of bills as compared of stock sold daily on the New York Stock
Exchange for the last five months:
with the preceding period.
CAPITAL ISSUES
Domestic capital issues during July, 1925, as
reported by the Commercial and Financial
Chronicle, and foreign issues, as compiled by
the Federal Reserve Bank of New York, were
discussed in the September FEDERAL RESERVE
BULLETIN. The total volume of flotations in the
United States in that month, of approximately
$700,000,000, was larger than in any previous
month this year. The figures for domestic
issues during August are not yet available, but
the foreign issues were small, amounting to only
$33,887,500, as compared with $178,050,000 in
July. The former total was composed of
$24,000,000 of notes of the Tokyo Electric
Light Co. of Japan, $1,187,500 of preferred
stock of the International Utilities Corporation
of Canada, and $8,700,000 of bonds of the city
of Munich, Germany.
SECURITY PRICES
A decline in the prices of railroad common
stocks the last week in August, accompanied
by substantial increases in the prices of industrials, was followed by a rise in the prices of
nearly all groups of stocks in September. The
price index of 232 common stocks computed
by the Standard Statistics Co. was 4 points
higher on September 21 than on August 31,
making a new high record. The most pronounced advances over this period occurred in
the automobile accessory, automobile, tobacco,
and farm machinery groups of stocks, all of
which, except the tobacco stocks, had already
risen considerably in price since the spring of
the year. The indexes of coal, metals, railroad
equipment, shipping, textile, tire and rubber,
and traction gas and power stocks also showed
marked increases during the first three weeks
in September. Increased stock market activity
has accompanied this rise in prices, the average
volume of daily sales the third week in September being larger than for any week since
last March. The bond market was a little
stronger in September than in August, but the
average price of 40 bonds computed by Dow,
Jones & Co. was still below the levels of May,
June, and July. The following table gives
indexes of stock prices computed by the
Standard Statistics Co. of New York, the
average prices of 40 bonds computed by Dow,
INDEX NUMBERS OF SECURITY PRICES
Price indexes of—
l
Average
number
of shares
price of stock
201 in- 31 railof 40 2 sold daily
232 bonds
dustrial road
(000 omitstocks stocks stocks
ted) 3
Average for—
April, 1925
_
May, 1925
_
June, 1925
_
July, 1925
August, 1925
_
September, 1925
Average for week e n d i n g Sept. 8
Sept. 14__
Sept. 21___
Sept. 28...
_...
123.4
127.8
131.0
135.0
136. 0 •
139.9
107.7
110.0
109.7
111.0
114.3
215.8
118.8
122.5
124.7
128.1
129.7
132.9
91.62
92.79
93.14
92.50
91.70
92.19
1,088
1,607
1,313
1,353
1,458
1,711
136.9
141.4
140.7
140.4
114.7
116.0
116.4
116.0
130.5
134.0
133.7
133.3
92.01
92.14
92.32
92.26
1,204
1,596
1,869
1.735
1
For the industrial stocks, the average of 1917-1921 prices equals 100;
for the rails the average of the high and low prices made in the 10 years,
1913-1922, equals 100. The indexes are weighted by the number of shares
of each stock outstanding. Prices used are closing quotations on Monday.
2
Arithmetic average of daily peak and low prices, as published in
the Wall Street Journal. Weekly averages are for week ending with
Saturday preceding date given.
3
Saturdays omitted. Weekly averages are for five days ending with
Friday preceding date given.
AGRICULTURAL CREDIT
In August the intermediate credit banks
closed direct loans amounting to $5,145,000, or
68 per cent more than in July; rediscounts
amounted to $2,650,000, or 16 per cent less
than during July. In most instances rediscounts are advances made to facilitate production, while direct loans are made to cooperative associations for marketing purposes,
and it is usually in August and September that
a definite shift occurs from a demand for productive credit to a demand for marketing
credit. Of the direct loans closed in August,
the intermediate credit bank at Baltimore extended $1,500,000, chiefly on tobacco, and the
bank at Berkeley over $2,000,000, largely on
fruit and vegetable products. The Houston
Intermediate Credit iBank handled about 30
per cent of the rediscounts made during the
month.
At the beginning of the marketing season last
year cotton cooperative marketing associations were indebted to the intermediate credit
banks to the extent of more than $2,000,000 but
this year all loans were liquidated by the middle
of June. Despite the fact that cotton marketing is both earlier and heavier than last year,
borrowings by the associations fi;om the inter-
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
mediate credit banks were, in September, but 60
per cent of the volume outstanding on the
same date a year ago.
The following table shows the volume of direct loans outstanding on September 19, the
latest available date, as compared with a
month and a year earlier, classified by commodities on which such loans were based. The
rediscounts outstanding on the same dates are
also given and are classified by the types of rediscounting institutions.
INTERMEDIATE CREDIT BANKS
[In thousands of dollars]
Sept. 19, Aug. 15, Sept. 20,
1924
1925
1925
Direct loans outstanding o n Cotton
Tobacco
Wheat
Canned fruits and vegetables
Raisins
Prunes
Peanuts _ _
Wool.
Rice
Allother
_
5,148
17,559
1,393
1,336
5,000
50
Total
164
1,715
96
123
24,468
31,142
21,096
3
536
10,151
82
22,201
3
616
10, 593
83
12, 368
32
1,199
7,151
276
31,869
Rediscounts outstanding for—
Agricultural credit corporations
National banks
State banks
Livestock loan companies
Savings banks and trust companies.
148
1,818
27,925
Total
17,085
790
768
3,850
95
_-
3,299
16,222
1,874
2,069
2,400
33,496
20,906
533
Below is given a table which shows the net
mortgage loans outstanding by the 12 Federal
land banks, the joint-stock land banks, and
the mortgage holdings of 41 life-insurance
companies which own more than 82 per cent
of the assets of all life-insurance companies.
NET
FARM
MORTGAGE
LOANS
OUTSTANDING
[In thousands of dollars]
Aug. 31,
1925
July 31,
1925
Aug. 31,
1924
Total all joint-stock land banks. 513,994,000 508,800,000 426,467,000
Total 12 Federal land b a n k s - 985,160,000 980,638,000 898,179,000
1,510,000,0001, , 507,000,000 1,424,661,000
Insurance companies
L
AGRICULTURE
September forecasts indicated slightly larger
yields of most of the leading crops, except
corn, than were expected in August, but the
aggregate production of all crops is smaller
than in 1924. Farm prices, however, are
higher and the total value of leading crops
promises to be about the same as last year.
721
Estimated yield of spring wheat was 21,000,000
bushels larger at the beginning of September
than a month earlier, and the expected yield
is approximately the same as in 1924. Dry
weather in the Corn Belt States caused considerable deterioration in the corn crop in August,
and the indicated yields on September 1 was
2,885,000,000 bushels, 65,000,000 bushels less
than in August. As compared with the exceptionally poor crop of 1924, the expected production this year is about 450,000,000 bushels
larger. Cotton production, according to the
mid-September forecast, is estimated at 13,931,000 bales, an increase of 300,000 bales over
the final harvest of 1924. Further improvement in the condition of ranges and livestock
was evident in August and September, and
marketing of cattle and sheep continued larger
than last year.
As a result of a smaller aggregate production
this year, total marketing of crops thus far has
been less than in 1924. Receipts of grains,
animal products, and fruits were smaller than
in August last year, but marketings of cotton,
largely because of early maturity, was greater.
Total exports of farm products reflected the
usual seasonal increase in August, and they
were larger than last year, due almost entirely
to heavier foreign buying of cotton and
tobacco.
Farm prices were higher in August than in
any previous month since the autumn of 1920.
Grains, meat animals, and dairy and poultry
products were higher than in July, while those
of fruits, vegetables, and cotton continued at
the same level. Compared with August a
year ago, prices of all groups except cotton
were higher. Cotton prices averaged slightly
lower than in August, 1924, but when they are
considered in relation to the level that prevailed
throughout the autumn months of 1924, the
season for marketing last year's crops, they
were higher. In September prices declined by
approximately the same amount as in September last year but they continued higher
than in 1924.
Grains.
The spring wheat crop was officially estimated on September 1, at 284,000,000 bushels,
an increase of 21,000,000 bushels over the
August estimate and 1,000,000 bushels over
the 1924 spring wheat crop. The total wheat
crop was estimated at 700,000,000 bushels, as
compared with 873,000,000 bushels last year.
The latest Canadian crop estimate was
392,000,000 bushels, an increase of 130,000,000
722
FEDERAL RESERVE BULLETIN
bushels over that of 1924, and estimates of the
1925 wheat crop in Europe, excluding Russia,
show an increase as compared with last year of
267,000,000 bushels, or 26 per cent. The
world crop of wheat is expected to be 8 per cent
larger than the one harvested a year ago,
increases in Canada and Europe being partly
offset by smaller crops elsewhere, principally
in the United States and India. A material
increase in this year's oats crop, as compared
with the Ausust 1 estimate, was indicated by
the September crop report, which forecast a
crop of 1,462,000,000 bushels, 80,000,000
busnels less than last year's large yield. A
barley crop of 222,000,000 bushels was forcast,
one of the largest yields on record.
Receipts of wheat during August at 17
interior centers were slightly larger than in
July, but were less than one-half of the receipts
of the corresponding month a year ago and
totaled 46,000,000 bushels as compared with
43,000,000 bushels in July and 97,000,000 in
August, 1924, the decrease reflecting much
smaller receipts of winter wheat. Receipts of
wheat at terminals handling the bulk of the
northwestern spring wheat, however, increased
27 per cent in July and August as compared
with the corresponding months of last year,
indicating that spring wheat is moving to
market earlier this year.
At the middle of September farm prices of
grains averaged nearly 6 per cent lower than
in August, but continued slightly above the
levels of the corresponding period a year ago.
In the last week of September, prices of nearly
all grains declined further. Corn prices declined 11 cents from September 18 to 25,
reaching the lowest levels since June, 1924,
and wheat prices declined 9 cents a bushel
during the week September 18 to 25.
Cotton.
Rains near the middle of September were
very beneficial to the growing cotton crop,
especially in the Southeastern States, where
the drought had continued since early in the
summer, and on the basis of the condition of
the crop on September 16, the forecasts by the
Department of Agriculture indicated a final
crop of 13,931,000 bales, as compared with
13,740,000 bales two weeks earlier. As a
consequence of the drought, the crop matured
early and has been picked and ginned rapidly.
By the middle of September 4,276,000 bales
had been ginned, approximately 31 per cent
of the estimated yield, as compared with
2,666,000 bales, 19.5 per cent of the total crop,
OCTOBER, 1925
ginned prior to September 16 last year.
Marketing since the beginning of the harvesting season has been in larger volume than last
year, although a slightly smaller percentage of
ginnings this year was marketed prior to the
middle of September than in 1924. Movement into sight for the first seven weeks of the
season was 40 per cent larger than in 1924,
and sales in leading southern markets each
week since August 1 exceeded those of the
corresponding periods in 1924. Takings by
domestic mills and those in Canada for the
season through the middle of September
approximated 540,000 bales, as compared with
496,000 bales in 1924. Exports for each week
this season, with thee exception of that ending
September 11, w e r larger than last year,
and for the period through the middle of
September they amounted to 705,000 bales,
compared with 605,000 in 1924. Larger takings
by American spinners during the early weeks
of the season than a year ago resulted in larger
stocks at mills at the end of August than in
1924, but they were considerably smaller than
on that date for other recent years.
Following more definite information as to the
seriousness of the dry weather in the early
weeks of September, the price of cotton advanced almost continuously. The price of
spot cotton, middling grade, at New Orleans
was 24.2 cents a pound on September 1.8.
After the report oi the official estimate on
September 23 showing an increase in the expected yield the price declined, but during
the following week it advanced again and
closed at 22.6 cents on September 30.
Tobacco.
Forecasts by the Department of Agriculture
in September indicated a considerable increase
in the expected yield of tobacco from that of
the preceding month. Improvement occurred
principally in the Richmond Federal reserve
district, where the estimated yield of tobacco
increased from 470,206,000 pounds in August
to 523,182,000 pounds in September. In
Kentucky, the largest tobacco-growing State
in the country, the estimated production is 14
per cent less than in 1924 and 16 per cent
smaller than the average for the five years
1920-1924. Dry weather in sections of the
State caused considerable damage to the late
crop, and farmers cut a considerable part of it
in August and early in September to prevent
further damage. Harvesting of the 1924
crops began late in July, and early in August
markets opened in South Carolina and in
OCTOBER, 1925
several counties in the southern part of North
Carolina. Sales at these markets in August
were considerably larger than last year,
average prices paid the producers were higher
than in August, 1924, and the quality of the
crop marketed was better than that sold last
year.
In the manufactured tobacco industries,
production of all products was seasonally
smaller than in July and the output of both
large and small cigars was less than in August
a year ago, while that of cigarettes and manufactured tobacco products was larger. Production of small cigars was in the smallest
volume for August in any recent year. Manufacturers of cigars reporting to the Philadelphia
Federal Reserve Bank indicated that plants
in that district were operating at an average of
about 70 per cent of maximum output.
Fruits and vegetables.
Prices of fruits and vegetables have declined
since midsummer, but have held up better in
September than in August. Prices of potatoes,
peaches, and cabbages were above those of
last fall, while in other lines there was but
slight variation. There was a general increase
in supplies of fruits and vegetables during the
early autumn, but the total crop of most
vegetables, particularly white potatoes, is expected to be smaller than last year. Hot, dry
weather in August reduced the estimated yield
of white potatoes by 111,000,000 bushels below
the yield of last year, according to the September crop report. The decrease from the August
report (9,000,000 bushels) occurred chiefly in
Maine, New York, Wisconsin, and Minnesota.
Because of the early season, the late crop of
potatoes was moving to market in quantities
about sufficient to make up the deficiencies that
occurred in the early and intermediate potato
areas. Total shipments of potatoes to September 1, according to the Department of Agriculture, were 10 per cent less than for the corresponding season last year. Due to continued
drought the September crop report indicated
further reductions of nearly 10,000,000 bushels
in the estimated yield of sweet potatoes.
This estimate was 4,000,000 bushels above last
year's crop, which was the smallest since 1916.
The September crop report showed a slight
increase in the expected yield of apples,
peaches, and pears, but showed a slight
reduction in the grape crop. Apples have
suffered from drought in all States south of
Maryland and Kentucky, and decreases also
723
FEDERAL RESERVE BULLETIN
occurred in the Pacific Coast States. These
reductions were offset by moderate increases
in the North Central States. The total crop
is about 10 per cent less than last year, though
the commercial crop is larger by 6 per cent,
and equals the average of the 1920-1924
crops. The movement of the commercial
crop began during September and was in
advance of such movement last year.
PRODUCTION OF FRUITS AND POTATOES
Commodity
Apples (commercial
crop).
Peaches
Pears
Grapes
. ._
Potatoes:
White
Sweet
Unit
Forecast,
Sept. 1
Harvested, 5-year average,
1924
1920-1924
Barrels
30,400,000
28,600,000
30,400,000
Bushels... 47,700,000
18,000,000
do
2,150,000
Tons
53,100,000
18, 600,000
1, 780,000
46,500,000
17,100,000
i 2,030,000
Bushels... 344,000,000 455,000,000
75,600,000 71,900,000
do
418,000,000
96,200,000
i Three-year average, 1922-1924.
Livestock.
Ranges at the beginning of September were
in much better condition than a year ago and
winter feed prospects were generally very good,
according to the September livestock report of
the Department of Agriculture, which reported
the condition of ranges as 87 per cent normal
on the 1st of September, as compared with
83 per cent on August 1 and 75 per cent
normal September 1, 1924. Rains improved
the ranges and feed conditions of the Kansas
City and Dallas Federal reserve districts, but
eastern Texas still needs rain. On September
1 cattle in the range country, except in the
Southwest, were in very good to excellent condition, and in the Southwest, where rains had
improved the ranges, cattle were rapidly improving. The condition of cattle was 89 per
cent normal on September 1; a month earlier
it was 87 per cent and a year earlier 86 per
cent normal.
Sheep and lambs on the western ranges came
through the summer in unusually good condition, except in Texas and New Mexico, where
dry weather earlier in the year resulted in a
short lamb crop and has kept sheep thin. The
condition of sheep and lambs remained at 98
per cent normal during the month and were 12
per cent higher than the year previous.
Cattle and calves moved to market in larger
volume in August than in July, as is usually
the case. Receipts increased 14 per cent during the month and were 18 per cent larger than
724
FEDERAL RESERVE BULLETIN
in August, 1924. Shipments of stockers and
feeders showed the usual seasonal increases.
Hog receipts were nearly 9 per cent less in
August than in the preceding month and were
18 per cent smaller than the previous August.
Receipts of sheep and lambs during August
increased 21 per cent over the July receipts
and were about 5 per cent larger than in
August of last year.
Livestock prices were higher in August than
in July and averaged 28 per cent higher than
in August of last year. In the early weeks of
September, however, prices of cattle and hogs
declined approximately 5 per cent from the
previous month, but continued considerably
higher than a year ago. Prices of sheep in
September continued at the same levels as in
August while those of calves averaged about
3 per cent higher.
Dairy products.
Rains early in August were sufficient to keep
pastures in good condition during most of the
month but, in the last week in that month and
the early weeks of September dry and hot
weather adversely affected botn pastures
and production. Rains were needed in some
sections in order to provide good fall pastures.
Production of butter in August, as indicated
by receipts at five principal markets, showed
the usual seasonal decline from July. Receipts in August were 21 per cent less than in
July and 4 per cent smaller than in August a
year ago and with the exception of August, 1924,
receipts were the largest of any August in recent
years. Stocks of butter in cold storage showed
the usual seasonal increase during the month.
Below is given a table showing the stocks of
butter in storage during the heavy producing
season of May to September. During the
early part of September the reports of the
Department of Agriculture indicate that consumption of butter about equaled production,
as stocks increased but slightly.
COLD
S T O R A G E STOCKS O F B U T T E R
[In thousands of pounds]
Date
M a y 1.
June 1.
July 1.
Aug. 1_
Sept. 1
1922
1923
1924
3,830
13,202
67,410
103,151
112,039
3,248
10,112
62, 768
101, 774
102,957
8,913
22, 328
74,446
133,402
156,232
1925
3,739
13,036
63,68^
109,075
128, 449
Receipts of cheese were 13 per cent smaller
in August at five leading markets than in July,
OCTOBER,
1925
but were 12 per cent larger than in August,
1924. Cold-storage holdings increased 15 per
cent during the month and were practically
the same as a year earlier.
The price of 92-score butter on the New York
market was 48 cents a pound on September 18,
3.5 cents higher than a month earlier and 10.5
cents above that of the previous year. The
Department of Agriculture reports that foreign
markets have been strong and that because of
this there is little likelihood of imports in the
near future.
Coal and coke.
MINING
Fall seasonal demand and increased industrial activity, as well as the cessation of anthracite production, were contributing factors in
the revival which characterized the coal markets during the latter part of August and the
first three weeks of September. Prices for
bituminous coal continued the rise which characterized the preceding four weeks, and on
September 19 the Coal Age index of spot prices
reached $2.24, the highest point since February, 1924, as compared with the low of $1.93
on July 13. Production of bituminous coal
during August totaled 44,883,000 net tons, the
highest since January of the present year.
This was 25 per cent above August of last
year but 8 per cent under the same month in
1923. During the first part of September output continued at a high rate, average production per working day for the week ending September 12 being 1,850,000 net tons, as compared with 1,710,000 net tons for the week
ending August 15 and 1,639,000 during the
corresponding week of 1924. Total 1925 production of bituminous on September 12 reached
338,242,000 net tons, 6 per cent over the
corresponding period of last year.
Output of anthracite during August reflected
the high rate of production maintained in
anticipation of the strike, the monthly total
of 8,882,000 net tons being the largest since
March, 1923. During the first part of September mining operations were completely
stopped and company prices rose somewhat,
while many independents were reported as
being out of the market.
Total production of coke during August was
3,763,000 short tons, 60,000 tons above the
preceding month, when output was the lowest
since November, and 31 per cent above August,
1924. Contrary to the tendency during preceding months, when by-product coke formed
an increasingly larger proportion of total out-
OCTOBER, 1925
FEDERAL RESERVE BULLETIN
put, during August there was an actual falling
off of 10,000 tons from this source, while the
increased total for the month came entirely
in production of beehive. During the first
part of September, output of beehive continued to increase, production during the week
ending September 12 reaching 169,000 tons as
compared with 123,000 tons for the week ending August 15. Coke prices rose further during the period.
Petroleum.
Gradual declines in the daily average output
of crude petroleum, which began early in June,
continued through the week ending July 25.
In August the daily average production varied
from 2,139,200 barrels for the week ending
August 8 to 2,116,350 barrels for that ending
August 29, but the total production for August
was slightly smaller than in July. Despite this
falling off in June, July, and August from the
record volume of crude oil production of 68,082,000 barrels in May, the total output for
those months together exceeded that of any
preceding four months in the history of the
industry. Buying of petroleum has been in
larger volume this year than in 1924, and as a
result stocks were smaller at the end of July
than in January. Last year stocks increased
from 295,500,000 barrels to 318,122,000 barrels
in the same period. After remaining at about
the same level in June and July, the price of
petroleum declined in August, and, according
to the Oil, Paint, and Drug Reporter, the
average price of crude petroleum at three principal fields was $2.33 a barrel, as compared
with $2.48 a barrel in July and $1.78 a barrel
in August last year.
I n the refined-products industry production
continued in large volume in August, and the
output of gasoline and fuel oils exceeded that
of any previous month. In addition to the
large production of gasoline in the mid-continent fields, shipments of gasoline from California to eastern markets resulted in weakening
prices, and quotations at three principal refineries in August averaged 13.52 cents a gallon,
as compared with 15.13 cents in July and 16.96
cents in June. Stocks of gasoline were seasonally smaller at the end of July than a
month earlier, but were 10 per cent larger than
last year.
Nonferrous metals.
During the latter part of August and the first
half of September the markets for nonferrous
metals were moderately strong, and prices for
copper, tin, lead, and zinc remained at about
725
the levels that characterized the preceding
month. Production of copper in the United
States during August was 137,148,000 pounds, 3
per cent above the corresponding month last
year, but with the exception of July the lowest
monthly output during the current year. Statistics of stocks of refined copper at the end of
the month showed a further reduction to a new
postwar low. With smaller foreign demand,
buying for domestic account was the main
source of market activity,, and the price of
refined electrolytic copper delivered in New
York fluctuated between 1 4 ^ and 14% cents,
closing the period at 14% cents. Production
of lead during August was at about the same
rate as during July and 6 per cent above
August, 1924. The price of lead in New York,
which rose through the first part of August to
9.50 cents on August 20, remained at about that
figure during the following four weeks in contrast to zinc prices, which continued to rise
slightly through the first part of September, zinc
inSt. Louis being quoted at 7.75 cents on September 16 as compared with 7.625 cents four weeks
earlier. Production of zinc during August was
at about the July level, while shipments of slab
zinc from refineries rose to the largest volume
since January, with the result that stocks at the
end of the month were reduced to 17,032 tons,
the lowest since the end of February.
Quotations for bar silver made successive
new highs for the year during the latter part of
August and the first week of September, when
72 % was reached on September 5. Subsequently, Chinese demand, which had been the
principal factor in the advance, fell off and
quotations reacted to 70% cents on September 16, as compared with 70% cents on August
19. Deliveries of tin in the United States
during August were the largest since April
and stocks in New York at the end of the month
rose to the highest levels since the end of
March. Quotations for straits tin fell off
during August to 56 y% cents on September 1,
but rose subsequently to 59 cents on September 16, % cents under the high reached in the
first week of August and 13^ cents under the
high for the year reached on January 3.
MANUFACTURING
Food products.
The production of flour decreased somewhat
less than 2 per cent in August as compared with
July, and was almost 14 per cent less than the
production in August a year ago. Reports
from the Northwestern Miller indicate t h a t
milling operations have increased in September
726
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
FAIRCHILD PRICE INDEXES
owing to increased bookings which have come
principally from domestic buyers. Accompanying the decline in the wheat market late
Cotton Raw cotCotton
yarn
ton
in September the price of flour declined to the
lowest levels since early in July.
Sugar meltings in August amounted to Week ending—
Sept. 26
L5.149
42.90
23.96
Sept. 19
} 15.080
42.42
24.55
438,767 long tons and were 9 per cent less than
Sept. 12
14.888
1 40. 28
23.77
in July and 2 per cent smaller than in August
Sept. 5
! 14.817
39.38
1 22. 52
Aug. 15
| 14.907
41.00
23.83
of last year. Stocks of sugar, chiefly at refinAug. 1
14.805
41.66
25.22
June 27.
14. 551
40.48
24.25
eries, at the close of the month were 235,725 long
May 23.
39.94
15. I l l
23.52
Apr. 4
! 15.659
tons, a decrease of 27 per cent for the month.
43.31
24.69
Mar. 14
2x5.822
2 44. 75
25.81
2
In September the prices of both refined sugar
Mar. 7
15.768
43.86
26. 03
and raw sugar declined.
1
2
Low price, 1925.
The number of hogs slaughtered in August
High price, 1925.
were 13 per cent less than in July and 20 per Somewhat greater buying accompanied these
cent less than in August of last year, while the price advances, and early in September the
number of sheep slaughtered was more than 3 markets were more active than they have been
per cent smaller than in the previous month in several months. In fact, sales of gray goods
and August, 1924. August cattle slaughterings in the week ending September 12 were reported
were 6 per cent less than in July but were 3 per to be the largest in about two years. Manucent larger than in August a year ago. Domes- facturing operations were somewhat reduced
tic demand for pork continues seasonally good, during August, and both consumption and
while the market for dressed beef has improved spindle hours active were smaller than in any
sufficiently to prevent any accumulation of month since September, 1924. Some curtailstocks. Sales reported in dollar amounts by 47 ment in the South was made necessary by the
slaughtering companies in the United States to drought, which reduced the supply of water
the Federal Reserve Bank of Chicago aggre- power, and consumption by North and South
gated nearly 1 per cent more for August than Carolina mills in August was the smallest
tor July, and were 10 per cent above figures for recorded during the past 12 months. Cotton
the corresponding period last year. Septem- finishers reported decreases in the number of
ber 1 inventories of meat products showed a finished yards billed and in shipments during
decline from the holdings of August 1 and from August. Orders received were only slightly
September 1 a year ago and were less than the smaller than in July.
1920-1924 average for this season of the year.
Signs of improvement in the woolen industry
Textiles.
have been evident recently, despite continued
Slight improvement in the demand for tex- price declines. Reports indicate somewhat
tile products continued during August and greater interest in both the goods and the rawSeptember. In the cotton industry manu- wool markets. Betterment has been particufacturing operations were reduced somewhat, larly notable in the demand for worsted goods,
but prices nave been firm; in wool, production which for some months have been relatively
has increased while prices declined, and in silk, inactive as compared with the so-called woolen
prices have advanced and manufacturing lines. Bureau of Census statistics indicated
activity has been maintained at high levels.
an increase in the percentage of active worsted
Cotton-goods markets, as is usual at this spindle hours from 54 in July to 65 in August,
season, have been sensitive to changes in crop while woolen spindles increased only fractionconditions. Prices of goods and yarns declined ally. Worsted spindles have not been so active
somewhat in the latter part of August, but since March. Slight increases from the July
after the first week in September they rose. low points were also noted in the activity of
As shown in the following table, the Fairchild cards and of looms. Wool consumption likeindexes in the week of September 19 reached wise showed a small increase. The Fairchild
the highest levels since last spring. The indexes of worsted goods decreased slightly
advance in the yarn index in two weeks from further between August 15 and September 15.
the lowest point of the year to the highest The indexes for woolen goods remained unsince early in April was particularly notable. changed. Raw-wool markets have strengthComparative figures showing the highest levels ened somewhat recently. The Fairchild index
attained during the year are given below:
of domestic wool prices, however, declined
OCTOBER, 1925
FEDERAL RESERVE BULLETIN
further and in the week of September 19
reached the lowest point since June. Wool
imports in August totaled 34,448,589 pounds,
only a little less than the August, 1922, total,
the highest for that month since 1919.
Prices of raw silk advanced slightly in August
and September, reaching the highest level since
March, 1924. Eaw silk quotations, however,
as will be noted on the accompanying chart,
DOLLARS PER POI
have been fairly steady and relatively low during the past year, although demand for silk
products and manufacturing activity in recent
months have been probably the greatest on
record. Warehouse stocks at the beginning
of the year were unusually large, but they have
been reduced from 61,533 bales on December
31 to 32,017 bales at the end of August, only
about 2,000 more bales than a year before.
Deliveries to mills totaled 44,047 bales in
August, practically the same as in July. This
figure is to be compared with 29,888 bales in
August, 1924. Imports were maintained in
August at about the average for the preceding
12 months. Reports indicate a continuation
during August and September of the exceedingly active demand for thrown silks and silk
goods, with mills operating at a high rate, and
with a large volume of unfilled orders on hand.
Prices of finished products have strengthened
somewhat. Demand for rayon is good, and
much silk and rayon is being used in mixtures
with other textile fibers.
Buying of knit goods increased somewhat in
September, partly because of orders for fall
goods for immediate delivery. Demand for
women's silk full-fashioned hosiery and men's
fancy half-hose of silk and rayon mixtures was
reported to be good. Prices for 1926 are to be
announced shortly. Preliminary figures for
August indicate decreases in the production
and shipment of hosiery as compared with
July. Orders for full-fashioned hose increased,
727
while those for seamless hosiery decreased. In
August, the production of winter underwear
increased, while that of summer garments decreased.
Iron and steel.
Change for the better in the iron and steel
industry during August and September was
evidenced by increased buying, larger production, and firm or advancing prices. jBuying
of pig iron for fourth-quarter needs has been
rather active, and prices were advanced 50
cents a ton about the middle of September.
At the end of August 192 furnaces were in blast,
an increase over a month earlier, and since
September 1 other furnaces have been blown in.
Daily average production of pig iron in August
totaled 87,241 tons, a slight increase above the
July output, the lowest of the year. Steelingot production increased substantially from
a daily average of 118,753 tons in July to
131,694 tons in August. Reports indicate
further increases in September. Unfilled orders
of the United States Steel Corporation continued to decline in August, but by a smaller
amount than in any month since February.
Inquiries from railroads for locomotives,
cars, rails, and bridge material are reported
to have increased, and in a number of instances
orders have been placed. Railroad buying,
however, is still relatively slack. Demand
from building sources continues active, and
shipments of structural steel in August were
only slightly below the record amount shipped
in July. Demand for sheets continues good,
particularly from the automobile industry,
and shipments and production increased during August. Demand for tin plate from can
manufacturers has been rather large. Little
change has occurred in prices of steel products
within the past month, and the Iron Age
index of finished steel prices remained unchanged at 2.396 cents a pound from the middle of August through the third week of September.
Automobiles and tires.
Owing to the delay involved in the introduction of new models by certain plants, the total
output of automobiles during August was
considerably reduced. Sales were also smaller
because of the failure to supply the new models
to dealers. Reports indicate, however, that
the new models and lower prices rather generally announced by most producers in recent
months have proved popular and that the
consumer demand for cars has continued
728
FEDERAL RESERVE BULLETIN
active. Production of passengers cars in the
United States in August totaled 214,326, as
compared with 347,365 in July. The August
total was practically the same as that for
June, 1924, the low point of last year. The
decrease in the output of trucks was slight,
from 39,968 in July to 36,207 in August.
Shipments by manufacturers to dealers in
August, according to statistics reported by
manufacturers to the Chicago Federal Reserve
Bank, were reduced about 60 per cent as
compared with July. Dealers' sales to users
declined only about 20 per cent and were
nearly double their receipts from manufacturers. Figures reported by dealers to the
Chicago bank indicated increases in sales by
wholesalers but decreases in retail sales.
Dealers' stocks were substantially reduced.
Further price reductions were announced
during August and September, and most
manufacturers have in recent months either
reduced prices or placed improved models on
the market.
Shipments of automobile tires and tubes
declined considerably in August and were the
smallest for any month since early in the year.
Production was well maintained, and manufacturers' stocks, which had diminished rapidly
since March, until at the end of July they
equaled little more than a month's supply,
increased somewhat. Crude-rubber prices,
which declined sharply the first two weeks of
August, falling to as low as 74 cents a pound,
have more recently advanced again and on
September 18 were quoted at 96 cents a
pound. Crude-rubber imports in August
totaled 74,844,042 pounds, very little more
than in June and July, but considerably above
the figures for August of any recent years.
Lumber.
Both production and shipments of lumber,
as reported by the National Lumber Manufacturers' Association, fell off in August, although
both continued substantially in excess of last
year. The net July-August decreases in the
aggregates of production and of shipments
cover small and nearly equal increases in the
production and shipments of southern pine, as
reported by the Southern Pine Association for
172 mills. Douglas fir shipments, as reported
for 108 mills of the West Coast Lumberman's
Association, fell off from 508,000,000 feet in
July to 395,000,000 feet in August, or by 22
per cent, the decrease in production from
437,000,000 to 399,000,000 feet amounting to
less than 9 per cent. Compilations by the
OCTOBER, 1925
National Lumber Manufacturers' Association
show orders running above shipments during
July and August, and falling below shipments
in the opening weeks of September. For the
37 weeks of 1925, ended September 12, shipments amounted to 97 per cent and orders to
96 per cent of production.
Hides, leather, and shoes.
Markets for hides, leather, and shoes continue relatively active, with seasonal improvement noted in some instances. Buying of
hides and skins has generally been sufficient to
absorb offerings, and prices have changed but
slightly, small advances in some kinds about
offsetting declines in others. July 31 figures,
the latest available, indicate increases in stocks
of hides and skins during the preceding month,
and supplies of all except cattle hides were the
largest since 1923. Stocks disposed of during
July were reported to be rather large. Demand
for leather has been fair, although some decrease was noted in September. July figures
showed increases in upper leather production
LLIONS OF SIDES
MILLIONS OF SIDES
and stocks in process, but decreases in sole
leather. Shoe manufacturers' stocks of sole
leather and of cattle and calf upper leather and
tanners' finished stocks of sole leather increased
during July. August figures showed a slight
decrease in the production of sole leather, a
further reduction of stocks in process, but an
increase in tanners' finished stocks.
Boot and shoe manufacturers and wholesalers report a better demand for shoes this
year than during the corresponding season of
1924. Production in August showed a seasonal
advance, following an increase in July, and
the total for these months was considerably
above the corresponding figure for last year.
The increase in output as compared with July
was noted in all districts. Wholesalers reported
substantial increases in sales during August as
compared both with July and with the previous
August, while stocks on hand were considerably reduced. Sales of shoes by chain stores
were also somewhat larger than last year.
BUILDING
Contracts awarded in August represented a
value of new building greater than that of any
earlier month for which data have been compiled. The increase over July was on a very
large volume of new building initiated in July,
and was, it may be noted, contrary to the usual
seasonal trend. For the 11 Federal reserve
districts covered, by compilations of the F. W.
Dodge Co., August awards totaled $611,000,000, exceeding awards in July by $64,000,000,
or 12 per cent. The increase over July in the
New York district alone amounted to $83,000,000, or 66 per cent, and the net decrease of
$17,000,000 in the 10 remaining districts
covered increases in 5 districts (Richmond,
Chicago, St. Louis, Kansas City, and Dallas)
totaling $33,000,000, and decreases in 5 districts (Boston, Philadelphia, Cleveland, Atlanta, and Minneapolis) totaling $50,000,000.
On a value basis approximately one-third of the
new building contracted for during August in
the country as a whole was in the New York
district, the corresponding proportion for July
being less than one-fourth. Nevertheless, contracts for new building outside the New York
district were running generally in large volume,
the value of August awards being greater this
year than last in each district. For the 11
districts combined the increase over 1924
amounted to 67 per cent. For New York City
the increase over July is given as 72 per cent
and over August of last year as 143 per cent.
The Federal Reserve Board index for building
contracts awarded in seven districts, adjusted
for seasonal variation, increased from 189 in
July to 228 in August.
Of the total value contracted for in August,
44 per cent represented residential building,
the increase for this class of building over July
amounting to 16 per cent and over August of
1924 to 77 per cent. More than one-half of the
new building initiated in the New York district
was of this class, the increase over July amounting to 53 per cent and over August a year ago
to 137 per cent. In comparison with 1924 a
greater value of residential building was contracted for this year in each of the 11 districts.
In physical volume as well as in value new
building contracted for in August ran above
July and above August of last year. According
729
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
to compilations by the F. W. Dodge Co. for 27
Northeastern States, the excess, measured in
square feet, amounted to 14 per cent over July
and to 85 per cent over August, 1924. An
excess over last year is shown for each class of
construction and an excess, over July for each
class except for "industrial" and " educational''
buildings.
Building permits issued in 168 selected cities
during August represented projected building
in nearly the same volume as in July, but 38
per cent over August of last year.
A tendency of building material costs to
advance was in evidence during August, the
Bureau of Labor Statistics wholesale price
index for building materials rising from 170 in
July to 172 in August. Prices of lumber, cement, and bricks, however, were fairly stable
during the first half of September.
TRANSPORTATION
Following the usual seasonal trend in these
months, total freight-car loadings in August
exceeded loadings in July, the increase this
year on a large volume of traffic being sufficient in amount to raise slightly the Federal
Reserve Board index adjusted for seasonal
variations. Increases over July are reported
by the car-service division of the American
Railway Association for each class of freight
excepting ore. Coal moved in large volume
pending the advent of strike conditions in the
anthracite field, but substantial increases are
shown also for shipments of miscellaneous
and less-than-car-load merchandise, grain and
grain products, livestock, and forest products.
For all classes of freight combined, increase
over July is reported in each of the seven
transportation districts.
Loadings this year in August were in nearly
the same volume as in August of 1923, the
peak year for this month, and exceeded last
year's August loadings by 466,000 cars or 11
per cent. Coal loadings for the month this
year ran above 1924 by 181,000 cars, or 27
per cent. Coke, forest products, and ore also
moved in larger volume this year, while
am and grain products and livestock fell off.
n each of the seven districts aggregate loadm;_ \ this year in August ran above 1924.
'For the eight months ending with August,
loadings this year totaled 33,273,860 cars, exceeding 1924 by 1,861,732 cars, or 5.9 per cent,
and 1923 by 301,037 cars, or 0.9 per cent.
During July and August the surplus of
freight cars available for service declined from
730
FEDERAL RESERVE BULLETIN
311,572 cars on July 7 to 162,397 cars on
August 31, the surplus at the end of August
including 85,732 box cars and 40,427 coal cars.
Operating revenues of Class I railways in
July, according to compilations of the Bureau
of Railway Economics, were 8.4 per cent and
operating expenses 3.5 per cent above 1924,
the relatively less increase in expenses being
reflected in a decline of the operating ratio, or
percentage of expenses to revenues, from 76.81
per cent in July, 1924, to 73.29 per cent in
July of this year. Net railway operating
income totaled $99,462,733, the increase over
July, 1924, amounting to $25,094,567, or 33.7
per cent. Earnings during the seven months
ended July 31 were equivalent, on an annual
basis, to 4.53 per cent on property investment
as shown by the carriers books—carriers in
the eastern district earning at the rate of 5.15
per cent, in the southern district 5.69 per cent,
and in the western district 3.43 per cent.
OCTOBER, 1925
Value of merchandise stocks at wholesale
firms showed further declines at the end of
August and was less than at the end of any
previous month this year. Stocks of all
leading wholesale lines except hardware and
drugs were smaller at the end of August
than a month earlier, those of shoes showing
the greatest decline. When compared with a
year ago, stocks of groceries, meats, and drugs
were larger in value, while those of hardware,
dry goods, and shoes were smaller. Accounts
receivable outstanding at the end of August, as
indicated by all districts reporting, were
larger for dry goods, shoes, and hardware
than a month earlier. As compared with a
year ago, accounts receivable of grocery and
hardware firms were smaller, but those of
shoe establishments were larger.
Retail trade.
Trade at retail stores increased in August
and continued in a volume larger than last
year. Department-store sales were 3 per
TRADE
cent larger, and all reporting chain stores,
Wholesale trade.
Sales of wholesale firms in August, as except grocery and shoe chains, showed a
measured by the Federal Eeserve Board's larger volume of sales than in July. Comcombined index of wholesale trade, were 5 pared with a year ago, sales at department
per cent larger in value than in July. Sales stores were 6 per cent larger and those at
of d ^ goods and shoes increased substan- mail-order houses were 20 per cent larger.
Department-store sales were larger than in
tially, those of meats continued in about the
same volume, while sales of groceries, hard- August last year in all Federal reserve disware, and drugs were slightly smaller. Dry tricts, the most substantial increases being in
goods and shoe sales were seasonally larger in the New York, Richmond, St. Louis, and
all Federal reserve districts, the largest in- Kansas City districts, where they amounted
creases occurring in the southern and western to approximately 10 per cent. Analysis of
districts, and for the country as a whole, sales, by departments, from stores in seven
August sales of dry goods and shoes were the Federal reserve districts indicates that sales
largest for that month since 1923. Sales of of silks and velvets, linens, women's coats,
groceries were smaller in all districts except misses' ready-to-wear, furs, juniors' and girls'
Atlanta, St. Louis, Minneapolis, and Dallas, ready-to-wear, millinery, and toys and sportwhile those of hardware were smaller except in ing goods were more than 12 per cent larger
the three southern reserve districts and in the than in August, 1924, and that sales of musical
instruments and radios were nearly 50 per
San Francisco district.
Compared with August, 1924, the aggregate cent larger. Sales of departments carrying
volume of sales this year was 5 per cent larger. laces, trimmings, and embroideries, neckwear
Sales of all leading lines except groceries, and veilings, women's suits and skirts, waists
which were in approximately the same volume and blouses, and sweaters were substantially
as a year ago, were larger. Shoe sales were smaller than last year.
16 per cent larger than in August, 1924, for Merchandise stocks at department stores
the country as a whole, but the greatest increases began to increase in August in anticipation of
were in the St. Louis and Minneapolis dis- larger sales during the autumn months, and
tricts, where they amounted to 69 per cent. at the end of the month they were 6 per cent
Hardware sales were larger than a year ago larger than in July and 4 per cent larger than
in all districts except Philadelphia, Cleveland, a year ago. Stocks at stores in all Federal
and Richmond, the most substantial increase reserve districts were larger than a year ago,
the largest increases being in the New York
being in the Atlanta district.
OCTOBER, 1925
and Philadelphia districts.
Departments
carrying woolen dress goods, women's coats,
furs, juniors' and girls' ready-to-wear, women's
and children's hose, infants' wear, negligees,
aprons and house dresses, and luggage reported stocks more than 8 per cent larger
than last year, and those selling ribbons,
women's skirts, waists, and blouses, and sweaters, reported the most substantial decreases.
The increase in stocks in August was
accompanied by a rate of stock turnover
greater than in the corresponding month last
year. For the eight months ending with
August stocks were turned over 2.11 times,
compared with 2.05 times last year. Merchandise continued to move faster than in
1924 in all districts except Philadelphia, the
most substantial improvement being in the
southern reserve districts and in the San
Francisco district.
EMPLOYMENT
Employment and earnings of factory workers
increased in August, following a continuous
decline since March. The advance, however,
was largely seasonal, as July is ordinarily a
month of reduced employment and earnings,
and the Federal Reserve Board's indexes of
employment and pay rolls for August were
slightly below the corresponding figures for
June. Although the trend of these indexes
was downward from February to July, since
May the pay roll index and since June the
employment index have been at higher levels
than during corresponding months of last
year.
Increases in both employment and earnings
in August were noted in nearly all industries,
and no important group of industries showed
significant declines. Increases were noted,
furthermore, in all sections of the country
except the Mountain and Pacific areas, where
slight declines occurred. As compared with
August, 1924, of the 34 industries included in
the index, decreases have occurred only in
railroad car building and repairing, musical
instruments, and the food-products industries.
In the silk industry employment during August
was at the highest level since 1920 and earnings
exceeded the 1920 maximum. Reports to the
Bureau of Labor Statistics indicate an increase
of 2 per cent in percentage of full-time operations and of 4 per cent in percentage of full
force of employees in August as compared with
July. In the period between July 15 and
August 15 there were wage decreases averaging
about 10 per cent in the woolen and worsted
731
FEDERAL RESERVE BULLETIN
goods industry. Decreases were also reported
by a few establishments in cotton goods and in
textile dyeing and finishing. These reductions
were made largely by mills in the New England
and Middle Atlantic States.
SAVINGS DEPOSITS
Savings deposits reported by 901 banks
distributed throughout the United States
totaled $7,930,665,000 on September 1, 1925,
as compared with $7,913,137,000 on August 1
and $7,421,008,000 on September 1, 1924.
Increases occurred during August in all districts except New York and Richmond, where
there were slight declines. All districts showed
larger deposits on September 1, 1925, than a
year previous, the total increase over the year
amounting to about 7 per cent. A comparison
of savings deposits reported on September 1,
1925, August 1, 1925, and September 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 FEDERAL RESERVE DISTRICTS
[In thousands of dollars]
Number of
banks
Federal reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
j
|
j
I
I
'
j
;
Sept. 1,
1925
Aug. 1,
1925
64
30
79
68
87
93
196
31
26
55
102
70
1,326,980
2,095,847
525,850
851, 384
350,998
246,832
944,069
140,072
107,199
113, 566
108,343
1,119, 525
1,324,310 1,261, 004
2,098, 522 1, 977, 476
525, 637
490,249
790,843
846.903
322,413
352, 248
244, 953
229, 675
904, 772
938.904
139,720
138,576
106,679
99,139
112,310
106, 505
107, 313
98,110
1,115,638 1, 002, 246
901
7,930, 665
7, 913,137 7,421, 008
Sept. 1,
1924
COMMERCIAL FAILURES AND BANK
SUSPENSIONS
During the month of August commercial
failures were about 10 per cent fewer in
number than in July and involved liabilities
about 8 per cent, larger, according to reports
of R. G. Dun & Co. The number of failures
was lower in August than in July for all
classes of enterprise—manufacturing, trading,
and agents and brokers. Total liabilities also
were lower in August for the two latter classes,
but owing chiefly to increased indebtedness
involved in large manufacturing failures, the
732
FEDERAL RESERVE BULLETIN
total indebtedness of this class of insolvencies
was approximately doubled in August as compared with July, despite the decline in the
number of failures. Comparing August of
this year and last, th number of failures was
approximately the same for both months.
The total volume of indebtedness in default,
however, was nearly 50 per cent greater last
year, owing to indebtedness involved in failures
of large magnitude. Insolvencies for August
of this year and last, by class of enterprise,
are presented below:
COMMERCIAL
FAILURES,
CLASSIFIED
FOR
AUGUST,
1924 AND 1925
Number
1925
1,513
AH classes
Manufacturing
365
1,069
Trading
79
Agents and brokers, etc..
1924
Liabilities
1925
1,520 $37,158,861
414
1,024
82
22,338,628
13,460,130
1,360,103
1924
$55,153,981
29,924,175
16,360, 776
8,869,030
OCTOBER, 1925
of the year. There were 15 banks, with capital
and surplus of $576,000 reported to the Federal
Reserve Board as having been closed or declared
insolvent during the month, as compared with
25 banks, with capital and surplus of $1,054,000, reported for July. Of the suspensions in
August, 3 were member banks with capital
and surplus of $145,000, and 12, with capital
and surplus of $431,000, were nonmember
banks. Four banks which had previously
closed were reported to have resumed operations during the month, 1 in the Cleveland
district, 1 in the Chicago district, and 2 in the
Minneapolis district. The figures for closed
banks represent, so far as could be determined,
banks which have been declared insolvent or
have been closed by order of supervisory
authorities, and it is not known how many of
the latter institutions may ultimately prove
to be solvent.
BANKS CLOSED DURING AUGUST,
All banks
Member
1925
Nonmember
(national)
The number of commercial failures during
August was smaller than in that month last
Num- Capital Num- Capital Num- Capital
year in all except the Boston, Chicago, Minneaand
and
and
ber surplus ber surplus ber surplus
polis, Kansas City, and Dallas districts, and
was the same for both months in the St. Louis
All districts
12
$430,766
15 $575,766
*3 $145,000
district. The liabilities aggregated less in
August this year than last in all except the Atlanta .
1
1
55,000
55,000
......
3
47,170
47,170
Boston, Cleveland, Chicago, St. Louis, Dallas, St. Louis
4
106, 270
Minneapolis
_
_
1 | 30,000
76, 270
3
6
354,326
_
_
5
1
60,000
294,326
and San Francisco districts. In the New York Kansas City
1
1
13, 000
Dallas
13,000
district the number of insolvencies was the
i
lowest since September, 1920, and in the San i Includes one State member bank in the Atlanta district.
Francisco district the total liabilities in default
were the highest on record. Comparative data,
PRICES
by districts, for the month of August are preWholesale prices, according to the Bureau
sented in the following table:
of Labor Statistics, stood at 160 in August,
unchanged from the July figure. Movements
COMMERCIAL FAILURES DURING AUGUST
of the several groups were small, the decline
Liabilities
of 1.3 per cent in fuel and lighting and of 3.8
Number
per cent in miscellaneous commodities being
Federal reserve district
1925
1924
1925
1924
offset by slight advances in all the other groups
except house furnishings, which remained unBoston
__.
102 $2,362, 284 $1,635,381 changed.
139
New York
280
5,183, 046 28,414, 523
212
Under the grouping of agricultural and nonPhiladelphia..
748,439
45
63
1, 366,943
Cleveland
4,871,170
153
158
3,620,367 agricultural goods, the former continued their
Richmond
1, 565,924 4, 233, 075
101
1,179, 942 1,945,017 advance. In June, 1924, agricultural comAtlanta
102
6,923,656
183
3,461, 597
Chicago
196
1,049,444
St. Louis
91
91
922,409 modities stood at 135; from this point they
Minneapolis..
91
57
894, 217
939,258 advanced almost continuously to 160 in March,
Kansas City..
127
123
1,610,394
5,418,201
Dallas
66
52
1, 039,183
938,431 1925, and then declined to 154 in May.
After
San Francisco.
208
9, 731,162 2, 258, 779
206
that month they rose steadily to 163 in AuTotal...
1,520 37,158, 861 55,153,981 gust, the highest figure in nearly five years.
1,513
For August, nonagricultural commodities regisThe number of bank suspensions during tered a small decline, after having risen during
August was lower than in any previous montt the two previous months. As regrouped by the
733
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
Federal Reserve Board, all groups show an in- imports have risen by approximately the same
crease, except producers' goods, which declined amount, from $2,383,727,000 to $2,764,768,000,
2 per cent.
so that the net export balance of merchandise
For the past two months the all-commodity trade for the first eight months of 1925 was
index of the Bureau of Labor Statistics has about $320,000,000, compared with $314,000,stood at virtually the same level as in the first 000 last year. In this period of last year,
three months of the current year, but there however, the United States imported, net,
have been considerable net changes in a number $256,647,000 of gold, while this year it has
of the groups. The fuel and lighting and the exported $141,756,000, net. Net silver exmiscellaneous groups are higher as compared ports for the period have been about $2,000,000
with January; but metals, building materials, higher than last y^ear. While the excess
and house furnishing goods are lower. Under exports of merchandise and silver have been
the regrouping, crops and forest products are about the same in the two years, the shift in
materially lower than in January, but animal the movement of gold has raised the net balance
products are much higher. The result of these of visible exports for the first eight months of
cross currents in prices has been to bring the the year from $78,372,000 in 1924 to $483,918,August indexes of raw materials, producers' 000 in the current year.
goods and consumers7 goods, respectively, to
about the same figures as were registered in
MERCHANDISE TRADE BALANCE OF THE UNITED
STATES
January of the current year. Tables showing
the index numbers over a period of months
[In thousands of dollars]
will be found on page 751 and following.
Excess of
Excess of
Retail food prices, as shown by the index of
Month
Imports
Exports
imports
exports
the Bureau of Labor Statistics, continued their
advance, although the rise was less than in
either of the two preceding months. At January 1924
295, 506
395,172
99,666
332, 323
365,775
33,452
160.4 in August, they were about 6 per cent February
320,482
339, 755
19,273
March
324, 291
346, 936
22,645
April
above April of this year, almost 14 per cent
302, 988
335,099
32, 111
May
above April (the low month) of last year, and June
274, 001
306,989
32,988
278, 594
276, 649
1,945
July
at the highest figure since January, 1921.
254, 542
330, 659
76,117
August
287,144
427,460
140, 316
.._ .
In September, changes in wholesale prices September
310,752
527,172
216,420
October
have generally been small, with advances November
296,148
493, 573
197,425
333,192
445, 748
112, 556
rather more numerous than declines. Beef, December
Year
3,609,963
4, 590,987
981,024
refined sugar, cotton and silk products, steel
products, and rubber were higher, while hogs,
1925
346,165
446,443
100, 278
wool, hides, and gasoline were somewhat lower. January
333,457
370, 676
37,219
February
.
FOREIGN TRADE
March
April
May
June
July
August
Merchandise exports of the United States
in August, amounting to $383,000,000, were
$45,000,000 greater than in July and $53,000,000 greater than in August, 1924. Merchan- TRADE BALANCE
MONTHS
dise imports at $375,000,000 were $50,000,000
above those of July and $120,000,000 above
those of August last year. The value of the
August merchandise imports has been exceeded only twice since August, 1920, namely,
in March of the current year and. in March,
"1924
1923. The excess of merchandise exports Imports
Exports
-_was the smallest for any August since 1914
Net imports ( )
—
and amounted to $8,000,000, compared with
or exports (+)_
$76,000,000 last August.
1925
For the eight months of the current calendar Imports
Exports
year, total merchandise exports have amounted
Net imports ( )
—
to $3,084,478,000, or $400,000,000 more than
or exports (+)_
in the first eight months of 1925. Merchandise
385, 379
346, 081
327, 519
325,167
326,000
375, 000
453,653
398, 245
371,129
323,332
338,000
383,000
68,274
52,164
43, 610
1,835
12, 000
8,000
OF THE UNITED STATES FOR EIGHT
ENDED AUGUST, 1924 AND 1925
[In thousands of dollars]
Merchandise
Gold
Silver
Total
2,382, 727
2, 697, 034
263, 227
6,580
48, 688
69,400
2, 694, 642
2, 773, 014
+314, 307
-256, 647
+20,712
+78, 372
2, 764, 768
3, 084,478
55, 733
197,489
44, 692
67,144
2,865,193
3, 349, 111
+319, 710
+141, 756
+22,452
+483, 918
734
OCTOBER, 1925
FEDERAL RESERVE BULLETIN
GOLD MOVEMENT
UNITED STATES
Gold imports in August amounted to
$4,862,000 and exports to $2,136,000, both
sums being about one-half the figures for July.
Net gold imports were $2,726,000, compared
with $5,788,000 in July. For the eight months
ended July, 1925, the gold movement shows
net exports of $141,756,000, compared with
net imports of $256,647,000 in the same
period last year.
Practically all the gold received in July came
from other American countries. Canada sent
$3,450,000, Mexico $325,000, and most of the
remainder came in the form of small shipments
from a large number of Central and South
American States. Nearly half of the gold
received this year has come from Canada and
Mexico, although imports from Canada have
been much smaller than last year. Exports of
gold to Mexico, however, have been about
double the imports of gold from that country.
GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED
STATES
[In thousands of dollars]
Eight months ended August—
1925
August
July
1925
1924
130,876
10, 703
4,821
34,499
30,899
3,752
14,714
4,102
28,861
263,227
(IMPORTS FROM—
England
France
Germany
Netherlands.
Canada
Mexico
Argentina -
1
1
1
6,004
3,450
325
2
2,943
358
1,083
10,204
55, 732
221
122
167
764
Total.—
898
4,862
China
All other
4,820
6,564
2
10, 085
22,639
3,364
2
120
8,136
108
2,922
198
53
100
31
233
EXPORTS TO—
England
France
Germany
Netherlands
Canada
Mexico
Argentina
Colombia
Uruguay
Venezuela
British India.
Hongkong
British Oceania
All other
Total
Net imports.
Net exports
_- -
733
900
6,160
1,339
67, 259
4,318
2,761
7,113
5,460
2,000
802
2,160
56, 532
6,923
26, 925
7,737
2,136
4,416
197,489
2,726
5,788
1,114
2,298
5
1,102
1,663
151
247
6,580
256, 647
141, 757
Out of total gold exports of $2,136,000 in
August, $764,000 went to Mexico and nearly
$1,000,000 to various destinations in the Far
East, notably $410,300 to the Straits Settlements and $200,414 to China. Compared to
the movement earlier in the year, exports to
Germany were small, but were about twice
those for July.
Total exports for the first eight months are
just under $200,000,000. Of this, about onethird has gone to Germany, about one-third to
the Far East, and the remainder scattering, the
largest single movement in this group being to
Australia.
GREAT BRITAIN
Gold imports into England in August
amounting to £2,802,597 were only about onethird of those in July, and about one-half those
in June. These wide fluctuations are due largely to the irregularity of receipts from the Transvaal, which amounted to £1,512,857, compared
with £5,517,222 in July, £3,304,605 in June,
and only £129,208 in May. Gold to the value
of £1,001,775 was received from the Netherlands in August, following shipments of
£2,002,232 in July and £2,007,411 in June—a
total of over £5,000,000 in three months.
Gold exports amounted to £2,701,451 in
August, compared with £3,271,067 in July and
£1,616,455 in June. India took £514,751 in
August and £1,589,009 in July, and Switzerland, which had taken only £153,521 in July,
took £798,505 last month. The Netherlands
took over £300,000 in both months.
For the eight months of the current year
gross imports have amounted to £29,577,853,
compared with £27,307,930 through August of
last year, an increase of over £2,000,000. Imports from the South African fields have been
nearly £10,000,000 lower, but this has been
more than made up by a succession of large
shipments from other sources—£4,000,000 from
the United States in January and February,
£3,000,000 from Kussia (£2,000,000 in May
and £1,000,000 in July), and £5,000,000 from
the Netherlands in the three months, June,
July, and August. Comparatively little gold
came from these three countries to England in
the first eight months of 1924.
Exports for the first eight months of the current year at £23,851,664 were about £18,000,000 lower than in the same period of last year.
Shipments to the United States were £28,920,000 lower, but India, Switzerland, the Netherlands, and the group of "all other" countries,
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
735
which includes Germany, have taken much the 16th. The Netherlands florin and the
larger sums.
Swiss franc fluctuated narrowly at or slightly
For the eight months ended August, 1924, above par. Scandinavian rates have been
the gold movement showed net exports of advancing; the Danish crown touched 25.23
£14,486,189. Thefirstsix months of this year cents on the 5th, up nearly 3 cents from its low
showed a very small net export balance, but of August; the Norwegian crown reached 22.21
the large net import in July of £5,660,865, plus on the 9th, up 4 cents from its August low, but
net imports of £101,146 in August, has re-in both cases there were considerable recessions
sulted in a net balance of gold imports of later in the month. The Polish rate, after
£5,726,189 for the first eight months of this rising from a low of 16.77 in August to 18.39 on
year.
September 1, declined to 16.68 on the 25th.
Other European rates were generally firm.
GOLD IMPORTS INTO AND EXPORTS FROM GREAT
Both the Argentine peso and the Brazilian
BRITAIN
milreis have been rising. Far Eastern rates
were little changed. The Japanese yen rose
Eight months ended
from 40.45 on the 1st to 41.05 on the 17th>
1925
August—
but lost half this gain later in the month.
August
July
1925
1924
FOREIGN EXCHANGE RATES
IMPORTS FROM—
France
Netherlands
Rhodesia
Russia
Transvaal
United States...
West Africa
Allother
Total
[In cents]
131,176
69, 029
£123,983
5,079,282
1,405,830
3,182,385
14, 522,854
4,275,412
813,618
174,489
24, 522, 708
33,376
924,561
113, 528
2,802, 597
8,931,932
29, 577, 853
27,307, 930
6,800
514,751
17,944
10,726
359,415
7,485
1,589, 009
100,551
9,699
328,832
71,007
7,870,323
1,333,975
344,802
942, 111
233,300
798, 505
157,564
153,521
1,460
758, 550
2,342
922,064
128, 559
11,616,112
458,024
118,345
1,371,155
380,648
452,173
2,078,142
956,358
47,444
6,244,704
189, 275
148,854
29,877, 032
18,612
998,128
2,701,451
3,271, 067
23,851,664
41,794,119
101,146
5, 660, 865
5,726,189
£1,001,775
__
159,456
1, 512,857
4,081
91,986
32.442
_...
£22,993
2,002,232
189,280
1,000,000
5,517,222
£4,031
104, 679
1,605,047
EXPORTS TO—
Belgium
British India
Egypt
„..
France
Netherlands
Russia
Straits Settlements...
Switzerland
United States
West Africa
All other
Total
Net imports
Net exports
14,486,189
FOREIGN EXCHANGE
Fluctuations in exchange rates were comparatively narrow in September. Sterling declined from $4.8530 on September 1 to $4.8412
on the 19th, the highest figure in September
being below the lowest in August. Quotations
later in the month ran somewhat below $4.8450.
French francs were steady at about 4.7 cents;
Italian lire, which had been as low as 3.35 cents
in July, continued their advance to 4.13
cents on the 14th, from which there was a small
recession during the closing days of the month.
Belgian francs, after ruling steadily above 5
cents during the first four months of the year,
showed an average rate for August a half cent
below this figure, and in September the quotation fell from 4.50 cents on the 1st to 4.32 on
September,
1925
Exchange
August, 1925
Par
value
Low
High
Low
August,.
1924,
averHigh Aver- age
age
Sterling
486.65 484.12 484.30 485.43 485.81 485.69 449.95
4.68
French franc
19.30
4.74
4.66
4.74
4.69
5.46
German reichsmark. 23.82 23.80 23.80 23.80 23.80 23.80
3.84
Italian lira
19.30
4.19
3.58
3.77
4.44
3.66
Netherlands florin.. 40.20 40.17 40.28 40.14 40.30 40.24 38.80
Swedish krona
26.80 26.80 26.85 26.84 26.88 26.87 26.61
Swiss franc
19.30 19.30 19.35 19.37 19.42 19.40 18.82
Canadian dollar.... 100.00 99.92 100.05 100.01 100.07 100.03 99.85
Argentine peso
96.48 90.75 92.16 90.90 91.93 91.70 76.66
Shanghai tael
66.85 77.70 79.59 76.59 78.29 77.29 73.33
LIVESTOCK PRICES IN 1924 AND 1925
Readjustment in the livestock industry during recent years and particularly during 1924
has been followed by a substantial increase in
livestock prices since the middle of last year.
It was in the autumn and winter of 1921 that
prices of livestock, then considerably below
the average for all farm products, reached their
low point of the depression. In 1921 the
demand for meat and other animal products
was restricted by the prevailing low level of
employment and earnings in the manufacturing and mining industries, and exports were m
small volume. Since that time, with improved
industrial conditions, the demand for meat has
increased, and during 1924, partly in consequence of a diminished supply and higher
prices for corn, the number of meat animals
on farms was considerably reduced. In consequence of these developments, livestock prices
have risen rapidly since the middle of last year
736
FEDERAL RESERVE BULLETIN
and are now higher than at any time in about
five years and at about the same level as the
average for all farm products. The accompanying chart shows the movements of farm
prices of sheep, cattle, and hogs since January,
1922.
1922
1923
192V
1925
Jo
At the beginning of 1922 prices of sheep,
cattle, and hogs were at approximately the same
relative level, and the subsequent increase in
livestock prices has reflected changes that have
come about at different times in the several
branches of the industry. Improvement in the
demand for wool and lambs early in 1922 and
again in 1923, with increased industrial activity,
was accompanied by rapid advances in the price
of sheep and lambs. In 1924 quotations were
only slightly higher than in 1923, but in 1925
they advanced again, largely in consequence of
the larger demand for wool and lambs, and in
August prices of sheep and lambs at the country markets averaged 15 per cent higher than
in August of 1924.
Hog prices, on the other hand, were considerably lower in 1923 and the first half of
1924 than in 1922, reflecting primarily the
large number on farms—68,000,000 head in
1923 and 66,000,000 head in 1924, as a result
of the large corn crops in 1921 and 1922 and
relatively higher prices for hogs than for corn
in those years, improvement in the price of
OCTOBER, 1925
hogs in the summer and autumn of 1924 was
accompanied by a reduction in the total supply
of hogs in the country, and reflected the exceptionally poor corn crop in 1924, higher corn
prices than in either of the preceding three
years, and smaller expected pig crops in 1925.
The reduction in the number of hogs on farms
during 1924 amounted to 18 per cent. In
August, 1925, hog prices were 85 per cent
higher at country markets than in July, 1924,
and were at the highest level since five years
ago.
Improvement in the sheep industry in 1922
and 1923 and in the hog industry in the summer of 1924 was followed by increased prices
for beef cattle in the spring of 1925. Reductions in the number of beef cattle on farms in
the United States from 34,300,000 head in 1924
to 31,500,000 head at the beginning of 1925,
together with an increased demand for beef
that represented in part demand diverted from
pork in consequence of the rise in pork prices,
were followed by advances in beef cattle prices,
and these are now considerably higher than a
year ago. Prices of all grades of cattle have
increased, but the greatest increases have occurred in the prices of heavy choice grades of
corn-fed cattle. This fact is brought out by
the following tables, which give for the first
week in September, 1924 and 1925, the highest
prices paid at the Chicago markets for certain
grades of range cattle and heavy corn-fed
steers, and show that the best grades of cornfed stock increased in price more than 40 per
cent, against increases of less than 20 per cent
for the best grade of range cattle.
PRICES OF B E E F CATTLE
(PER
HUNDRED
POUNDS)
KILLING STEERS FROM RANGES
Grade
Sept. 4,
1924
Sept. 3,
1925
$9.00
7.75
Choice
Good to choice
$10. 50
9.25
$11.15
10.25
$16.10
14.50
HEAVY CORN-FED STEERS
Choice to prime
Good to choice
OCTOBER, 1925
FEDERAL RESERVE BULLETIN
737
RULINGS OF THE FEDERAL RESERVE BOARD
Cottonseed as a readily marketable staple.
The Federal Reserve Board has recently had
occasion toa rule on the question whether cottonseed is a readily marketable staple ;; or a
" nonperishable, readily marketable staple agricultural product" within the meaning of the
Federal reserve act and the board's Regulation A.
Inasmuch as cottonseed is an agricultural
product of such uses as to make it the subject
of constant dealings in ready markets, with
such frequent quotations of price as to make (a)
the price easily and definitely ascertainable
and (b) the staple itself easy to realize upon
by sale at any time, it unquestionably is u a
readily marketable staple." While cottonseed may ferment and deteriorate if exposed
to heat, yet, when stored under proper conditions, it may be preserved for years. When
so stored, therefore, or when shipped in such
a manner as to protect it adequately against
deterioration, it may be classed as a '" nonperishable, readily marketable staple agricultural product."
The board is of the opinion, therefore, that
(1) a bankers' acceptance secured by a warehouse receipt for cottonseed, or (2) a bill of
exchange payable at sight or on demand
drawn to finance the domestic shipment of
cottonseed and secured by bills of lading or
other shipping documents conveying or securing title to such cottonseed, is eligible for
rediscount by Federal reserve banks; provided the cottonseed upon which the instrument is based is stored or shipped under such
conditions as to protect it adequately from
deterioration, and provided the acceptance
or bill of exchange complies in all other respects with the requirements of the law and
the board's regulations.
The question whether such paper is desirable from a credit standpoint is, of course, a
question for determination by the Federal
reserve bank to which the paper is offered
for rediscount rather than by the Federal
Reserve Board.
The board was also requested to rule on the
question whether notes secured by warehouse
receipts covering cottonseed are eligible or
desirable for rediscount. The eligibility of
notes for rediscount does not depend upon
the existence or character of collateral security,
but upon the purpose for which the notes are
drawn or the purpose for which their proceeds
are used. The collateral securing notes offered
for rediscount is material only as bearing upon
the desirability of the paper from a credit
standpoint, which is a question for the determination of the Federal reserve bank to
which such notes are offered for rediscount.
Recent Wisconsin Statute Concerning Reserves
of State Member Banks
There is printed below a copy of a statute
recently enacted by the Legislature of the
State of Wisconsin, providing that State
banks and trust companies which are members
of the Federal reserve system may carry only
such reserves as are required of national banks.
This statute became effective June 15, 1925.
221.27. Every bank shall keep on hand at all
times at least 12 per cent of its total deposits, of
which such portion as the board of directors may
determine may be on deposit in banks approved by
the commissioner of banking as reserve banks; except
in the cases of banks which shall be approved by the
commissioner of banking as reserve banks, which
banks shall at all times keep on hand at least 20 per
cent of their total deposits in lawful money or on
deposit in banks subject to the approval of the commissioner of banking as reserve banks. Cash items
shall not be considered as a part of the reserve of any
bank. United States Government bonds owned by
any such bank to an amount not exceeding one-third
of the required reserve, may be considered as a part
of such required reserve: Provided, That any bank or
trust company incorporated under the laws of this
State which is or hereafter may become a member of
the Federal reserve bank system of the United States
of America shall be required to carry during the period
of such membership only such cash reserve funds as
may be required from time to time to be maintained
by national bank members of said Federal reserve
bank svstem.
738
FEDERAL RESERVE BULLETIN
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 vState bank membership during the month ended
September 21, 1925, on which date 1,470 State institutions were members of the system:
(6) assignee; (7) receiver; (8) committee of estates of
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
which come into competition with national banks are
permitted to act under the laws of the State in which
the national bank is located.
Location
ADMISSIONS
$400,000
$200,000 l$8, 319, 002
District No. 8
North Side Bank, St. Louis County, Mo.
25,000
6,250
31, 250
CHANGES
District No. 6
Closed: Orrville Bank & Trust Co.,
Orrville, Ala
District
No.
Winsted, Conn
Skowhegan, Me
Stamford, Conn
Tuckahoe, N. Y
Lewisburg, Pa
Northumberl a n d ,
1
1
2
2
3
3
Shamokin, Pa
Covington, Ky
Brookville, Pa
Hurlbut National Bank
Ito9
1 to 9
1 to 9
1 to 9
1 to 9
1 to 9
3
4
4
First National Bank
..
Peoples National Bank
First National Bank
Union National Bank
_
Northumberland
National
Bank.
Market Street National Bank_
First National Bank
_ \f
Jefferson County National
1 to 9
1 to 5,
7 to 9
1 to 9
6
7
7
8
8
8
First National Bank
American National Bank
Union National Bank
State National Bank
First National Bank
First. National Bank
1 to 9
Ito9
1 to 9
1 to 9
1 to 9
1 to 9
Pa.
.
.
$163,006
District No. 7
Absorption of nonmember: First State
Bank, Constantine, Mich., a nonmember (absorbed by Commercial
State Bank, Constantine, Mich., a
member)..
Closed: Peoples Trust & Savings Bank,
Perry, Iowa.
Changes in National Bank Membership
The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from August 22 to
September 18, 1925, inclusive:
Number of
banks
District No. 11
Voluntary withdrawal: Bank of Safford, Safford, Ariz___
i Surplus and undivided profits.
Change of title.—The Commercial State Bank, Constantine, Mich.,
changed its title to First Commercial Savings Bank upon taking over
the First State Bank, Constantine, Mich., a nonmember.
New charters issued
Restored to solvency
Increase of capital approved
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
Fiduciary Powers Granted to National Banks
Liquidations
Reducing capital
During the month ended September 21, 1925, the
Federal Reserve Board approved applications of the
national banks listed below for permission to exercise
one or more of the fiduciary powers named in section
11 (k) of the Federal ieserve act as amended, as follows:
(1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates;
Consolidations of national banks under act of Nov.
7, 1918
Aggregate increased capital for period
Reduction of capital owing to liquidations, etc
Net increase
_
Powers
granted
Name of bank
Chattanooga, Tenn.
Aurora, 111
Richmond, Ind
Frankfort, Ky
Rockport, Ind
Columbus, Miss...
District No. 2
Clinton Trust Co., Newark, N. J
OCTOBER, 1925
Total liquidations and reductions of capital..
Amount
of capital
18
0
13
$1,370, 000
0
1, 245,000
31
2, 615, OCO
11
1
1, 275,000
25, OCO
12
1, 300, OCO
0
0
2, 615, 000
1, 300, OCO
1,315,000
739
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS
[On the basis of the September estimates by the Department of Agriculture]
[In thousands of units]
Corn (bushels)
Federal reserve district
Forecast
Sept. 1,
1925
Yield,
1924
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco.
12,310
28,956
50, 506
138,991
136,114
176,332
721,019
346,256
268,121
452, 646
92,819
12,443
2,436, 513
Total..
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas
San Francisco .
Total.
Yield,
1924
Winter wheat (bushels) Spring wheat (bushels)
Forecast
Sept. 1,
1925
Yield,
1924
14,223
36,790
70, 769
236,331
147,872
Preliminary
estimate,
1925
Yield,
1924
Forecast
Sept. 1,
1925
Yield,
1924
190
7,757
18,285
42, 545
27,497
4,112
67,980
53, 394
257,976
295,244
26, 819
70, 874
325
8,188
22,624
33,148
31,110
f, 5,865
f63,554
63,327
211, 281
153,123
4,417
102, 607
7,505
18,147
42, 513
27,497
I 4,112
[ 65,262
53,203
14,921
284,992
26, 513
45,372
7,870
22,470
33,112
31,110
[ 5,865
'
59,331
63,019
p
6,614
142,255
4,276
39, 775
190
252
138
32
325
318
154
1,055, 773
410, 785
263,126
416, 673
50, 502
15,296
2,718
191
243,055
10, 252
306
25,502
4,223
308
204,667
, 10,868
141
r
62,832
2,885,108
Oats (bushels)
Federal reserve district
Total wheat (bushels)
872, 673
699,569
590,037
415,697
282,636
283,872
Hay (tons)
Tobacco (pounds)
Yield,
1924
Forecast
Sept. 1,
1925
Forecast
Sept. 1,
1925
8,326
36,015
23, 414
81, 572
22, 643
12,728
608, 284
60, 927
432, 684
174,026
52,149
29,132
9,719
40,063
25, 582
99,656
23,856
16, 695
562,804
60, 521
398,315
168,426
16,073
40,235
4,443
7,789
3,516
7,526
4,258
2,927
22,352
8,719
18, 527
17, 655
1,429
13,309
4,560
7,024
2,899
5,908
2,044
2,155
14,825
6,329
16,366
14,078
1,097
16,318
1, 541, 900
1,461,945
112,450
93, 603
i'Includes 12,000 bales grown in miscellaneous territory.
Forecast
Sept. 1,
1925
Yield,
1924
12,158
38,802
59, 700
147, 384
488, 240
110,326
39,248
338,335
2,200
4,020
13,038
40,212
59, 778
143,429
523,182
121,354
46,088
292, 770
2,690
3,976
494
1, 240, 513
1,247,011
Potatoes (bushels)
Cotton (bales)
Forecast
Sept. 1,
1925
Yield,
1924
55,519
52,581
29,223
21, 798
37,455
12, 661
81,801
20,930
76,808
31,159
2,936
31,913
41,380
36,433
23,228
20,378
25,996
9,542
55,674
13,894
51, 788
28, 789
2,724
34, 565
454,784
Forecast
Sept. 16,
1925
Yield,
1924
344,391
1,671
2,455
1,985
2,715
i 2,231
2 2,822
1,442
5,654
175
1,460
4,751
198
13,628
13, 931
2 includes 16,000 bales grown in miscellaneous territory.
REVISION OF THE INDEX OF
Owing to revisions in the statistics showing
receipts of dairy products, thereby increasing
their accuracy and representativeness, the
group index of marketing of animal products
has been somewhat revised. As a consequence,
slight changes were also necessary in the total
AGRICULTURAL MOVEMENTS
index of agricultural movements. The following table gives the revised figures of these two
indexes for all months for which they have
been compiled, i. e., since January, 1919. For
1925 figures see the table on page 742.
INDEXES OF AGRICULTURAL MOVEMENTS
Animal products
Total
1919
1920
1921
1922
1923
Yearly average.
100
91
105
110
108
January
February
March
April
May
June
July
August
September
October
November
December
108
72
71
77
82
87
94
99
115
142
128
123
105
83
81
61
71
82
81
82
103
118
124
104
105
88
91
77
89
97
101
117
127
146
111
108
99
91
84
73
101
98
94
108
137
160
139
131
114
81
89
78
86
86
92
110
128
158
144
130
1924
1919
1920
100
105
96
86
77
87
87
100
120
152
193
160
143
80
76
89
117
144
153
120
95
83
74
81
87
1921
100
63
80
77
102
130
119
95
80
67
72
85
70
97
106
122
135
110
114
95
105
1922
112
81
106
121
147
168
138
111
88
84
95
114
1923
1924
119
123
109
88
117
116
150
168
141
111
100
100
115
128
148
165
162
124
105
99
104
123
110
126
740
FEDERAL RESERVE BULLETIN
OCTOBER,1925
BUSINESS STATISTICS FOR THE UNITED STATES
INDUSTRIAL ACTIVITY
Industrial production was in general at a
lower level in August than in previous months
of the year. The Federal Reserve Board's
index of manufacturing production, which
measures total monthly output in certain industries, was ahout 6 per cent smaller in
August than in July, and was less than in any
preceding month of this year. The board's
mineral index, on the other hand, owing to
enlarged coal production preceding the anthracite strike, increased m August to the
highest level since January. The index of
production in basic industries, which includes
selected figures of both manufacturing and
mining output, and which is adjusted for
differences in length of months and other
seasonal variations, declined from 113 in July
to 109 in August, the lowest figure recorded
since last November. Factory employment
and pay rolls increased somewhat in August.
This was a normal advance following the
seasonal decline in July, and the indexes remained smaller than in June. All of these
industrial activity indexes were higher than
during the summer of 1924. High record
building contracts awarded during August
indicated a continuation of construction in
large volume. Distribution was well maintained in August at a higher level than last
year, according to statistics of freight-car
loadings and wholesale and retail trade.
Agricultural movements, however, were somewhat less than a year ago, owing largely to
smaller wheat receipts.
In manufacturing, steel, wool, and shoe industries showed increases in activity, while
notable decreases were noted in automobiles,
cotton, and food and tobacco products. Production of some commodities, such as pig iron,
lumber, and cement, did not show usual
seasonal advances. Among the minerals the
outstanding increases were in the output of
bituminous and anthracite coal in preparation
for the possible shortage in anthracite as a
result of the strike which began on September 1.
Movements of agricultural products, as a
whole, continued at a somewhat lower level
than last year. The later marketing of wheat
as compared with last season was largely
responsible for this divergence in August.
Cotton receipts were the largest recorded in
any August of the past seven years. Tobacco
sales were practically the same as those in the
corresponding month of previous years.
INDEXES OF INDUSTRIAL ACTIVITY
PERCENT
175
( MONTHLY AVERAGE, 1919 = 100 )
PERCENT
175
150
150
>
i
125
k/vW
125
\
100
rtio
f
i
'tt
i
75
W
V
i
75
50
50
-r
MANUFACTURING PR DDUCTION
vllNERAL PRODUCT ON
25
25
o
0
1919
1920
1921
1922
1923
192^
1925
741
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
INDEX OF PRODUCTION IN BASIC INDUSTRIES»
[Index and relatives for each industry adjusted for seasonal variations. Monthly average, 1919—100]
Iron and steel
Year and month
General
index
Food products
Lumber
Animals slaughtered
Pig iron
1924
July
August
September — _
October
November
December
1925
January.
February
March
April
May
June
July
August
Textiles
Steel
ingots
Cotton
Sugar
meltings
Wheat
flour
Wool
Cattle
Calves
Hogs
Sheep
95
94
103
109
107
117
70
71
80
93
97
119
67
87
99
104
109
133
71
72
93
109
105
111
83
82
91
100
102
102
122
100
110
97
84
82
125
104
141
141
111
91
95
94
93
94
93
99
117
118
128
143
129
155
99
91
91
93
82
87
141
136
132
121
122
130
106
105
108
120
116
128
127
124
120
119
111
110
113
109
134
143
136
128
113
107
105
102
151
150
147
128
121
115
110
117
115
114
110
121
103
98
99
91
100
99
95
92
91
88
87
90
94
103
94
90
88
102
122
132
104
133
134
115
117
117
107
100
96
100
104
104
95
107
97
140
157
138
124
114
126
131
138
90
9)
102
120
117
105
101
89
121
107
96
101
92
101
96
108
147
125
125
123
116
117
125
116
Tobacco products
Nonferrous metals
Coal
Year and mo nth
87
Bitumi- Anthracite
nous
Copper
Sole
leather
Zinc
Newsprint
Cement
Petroleum
Cigars
Cigarettes
Manufactured
tobacco
1924
89
87
103
110
104
116
Yugust
September
October
November
December
106
95
105
95
91
100
133
132
130
133
140
137
109
106
104
108
108
121
63
62
68
71
71
76
102
101
107
110
104
103
193
190
186
183
187
182
185
190
191
185
183
182
98
95
100
97
96
92
155
157
162
158
145
170
97
93
98
99
89
94
125
109
95
105
99
101
105
109
Tuly
104
116
96
106
106
101
116
119
148
147
142
136
135
136
140
136
128
119
131
124
127
117
121
122
68
72
70
69
64
66
71
69
106
108
110
115
112
110
108
105
243
193
199
199
193
197
215
207
192
191
187
194
212
210
204
206
91
88
86
87
88
93
94
91
188
171
170
178
175
188
179
173
105
97
89
95
96
97
101
94
1925
January.
February
March _
April
May
June
July
August.
1
i This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page
716, 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 E M P L O Y M E N T IN MANUFACTURING INDUSTRIES *
[Monthly average, 1919-100]
Metals and
products
General
index Group Iron
and
index steel
Textiles and products
Group Fabrics Prodindex
ucts
Lumber
and
products
1924
July
August
September
October
November
December
1925
January
February
March
April
May, ._
June
July
August
RailPaper
road Auto- and
vehi- mobiles printing
cles
ChemFoods Leather Stone, Toand
clay,
bacco icals
and
and
prod- prod- and
prod- prodglass
ucts
ucts
ucts
ucts
89 0
89.5
91.2
92.7
92.5
94.1
80.3
79.1
80.5
82.5
82.8
85.7
80.0
78.9
80.2
82.1
82.4
85.2
85.7
87.4
90.5
93.6
93.1
96.2
85.8
87.4
90.8
95.4
96.1
100.0
85.4
87.4
90.2
91.4
89.2
91.2
99.7
99.9
100.9
101.9
101.1
101.0
89.1
88.4
88.8
89.8
89.1
89.7
95.1
96.4
97.2
98.6
96.3
99.3
101.5
101.5
104.0
104.5
105.2
105.9
90.1
90.0
92.2
92.2
90.6
91.1
80.7
84.8
88.0
89.2
88.7
87.9
118.1
121.3
119.3
118.8
117.7
116.1
88.0
87.4
89.7
83.3
91.8
91.1
68.5
68.7
69.9
71.9
72.5
74.1
94.4
95 8
96.4
95.9
94.9
94.2
93.1
93.9
87.5
89.6
90.1
89.2
88.0
86.9
85.6
86.1
87.1
89. 1
89.5
88.7
87.5
86.3
84.9
85.4
97.4
99.9
100.0
98.9
96.4
9-5.4
93.3
94.0
100.6
101.4
101.0
100.8
99.1
97.5
93.1
93.6
93.4
97.9
98.6
96.5
92.9
92 8
93.4
94.5
99.8
100.4
9.9.6
100.6
99.8
100 1
99.3
99.9
89.3
89.8
89.9
88.8
84.9
84.7
84.5
103.8
105.1
112.7
121.7
128.5
122.8
122.2
124.2
105.1
104.9
105.7
104.7
103.8
103. 5
103.4
103.2
88.4
88.5
86.2
83.0
83.2
85.6
85.4
85.9
90.9
92.5
92.5
88.8
86.8
83.0
85.7
109.7
110.7
116.8
123.2
125.5
12ft. 9
121.3
124.9
87.0
87.7
88.5
81.7
87.0
85.8
85.9
85.0
74.0
74.6
75.5
75.4
73.2
72.9
73.0
84.5
90 2
72.6
i This table contains for certain months index numbers of employment, together with group indexes for important industrial components.
The general index is a weighted average of relatives for 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.
742
FEDEBAL
BtXLLETtH
OCTOBER, 1925
INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES »
[Monthly average, 1919-100]
Metals and
products
General
index Group
index
Iron
and
steel
Textiles and products
Lumber
ana
products
Group Fabrics Prodindex
ucts
Rail
road
vehicles
Autobiles
Paper
and
printing
II1O-
Foods Leather Stone,
ana
ana
and
prod- prod- clay,
ucts
glass
ucts
o_j
o_j
Tobacco
products
Chemicals
and
products
1924
July
August
September.
October
November.
December..
92.2
96.0
99.1
102.6
100.8
105.6
75.4
78.6
80.7
84.9
85.1
91.6
75.0
78.3
80.1
84.7
84.5
91.1
85.8
92.3
98.3
103.0
99.1
107.5
85.3
91.5
97.5
105.6
104.5
113.9
86.4
93.4
99.3
99.8
92.5
99.7
102.1
105.0
107.8
111.2
110.2
111.9
88.6
91.6
90.3
97.6
94.6
97.4
99.9
107.6
111.8
116.8
111.4
1115
128.2
128.0
133.4
135. 6
136.0
139.9
103.7
101.5
106.1
103.2
102.5
104.5
80.7
91.0
95.9
96.2
87.9
91.5
142.0
148.4
146.0
149.6
145.1
143.6
90.4
90.2
93.9
85.5
97.9
100.0
87.9
89.9
91.1
95.4
95.5
98.2
1925
January....
February
March
April
May
June
July
August
102.9
108.8
110.4
107.5
107.7
105.1
102.7
104.8
92.9
96.3
97.2
94.4
94.6
91.1
86.8
89.7
92.6
95.8
96.5
93.9
94.0
90.4
86.1
88.8
108.6
113.4
114.4
108.0
105.0
101.6
101.2
103.8
112.9
114.2
114.2
111.7
109.9
103.9
100.9
101.7
103.3
112.4
114.7
103.5
99.0
98.8
101.6
106.2
103.1
108.5
109.7
107.9
108.6
109.7
105.9
91.5
100.0
100.2
95.4
91.6
90 4
86.7
88.0
99.9
132.1
142.9
156.2
163.9
151.2
150.0
146.1
138.2
137.5
139.4
137.1
136.7
135. 5
133.8
133.7
100.4
103.9
102.7
97.6
100.9
103.8
102.8
102.9
95.3
99.7
100.0
91.5
90.3
85.1
89.0
98.9
128.8
136.4
143.4
149.9
154.6
154.3
145.9
155.7
93.5
87.0
88.3
74.2
90.9
90.3
89.0
90.0
97.0
99.7
101.6
97.6
98.4
95.7
95.6
93.1
ioao
i This table contains for certain months index numbers of pay rolls, together with group indexes for important industrial components. The
general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the
above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. See also page 668 of BULLETIN for September,
1925, for certain revisions.
INDEXES OF INDUSTRIAL ACTIVITY *
[No seasonal adjustment. Monthly average, 1919=-100]
Mineral production
Agricultural movements
Year and month
LiveTotal» stock
1024
July
August . . „.._
September....
October
November. ..._>
December. 1925
January
.
February
March.
April
May
June... . .
..
July
August
_
Animal
prod- Grains
ucts*
Cotton
118
218
195
230
156
120
38
175
278
271
231
148
2
107
165
226
136
86
144
163
248
157
86
113
106
194
97
106
105
92
101
92
109
125
108
119
196
189
190
179
180
74
81
97
99
116
132
126
137
136
135
109
106
104
108
109
121
138
116
124
134
122
130
70
63
127
165
148
184
139
146
148
145
143
104
117
119
119
120
127
79
71
43
28
130
121
128
125
135
85
72
106
94
136
292
161
53
101
98
96
102
1.11
134
100
97
87
91
188
171
191
194
216
132
126
140
128
115
148
137
149
140
140
128
119
131
124
127
146
131
154
143
147
117
107
104
109
111
142
92
1
140
119
123
118
125
125
139
151
122
106
117
110
107
73
100
120
152
193
160
143
96
90
109
123
120
132
124
105
99
104
124
118
88
86
72
79
122
94
91
87
86
89
90
108
123
139
83
88
164
88
104
86
91
162
150
119
112
76
73
40
62
75
99
133
21
12
14
75
Vegetables Fruits
137
Tobacco Total
17
«129
137
Anthracite
coal
116
121
Bituminous
coal
Petro- Pig
leum iron
86
96
102
116
212
105
»214
212
105
106
Copper
129
2136
135
Zinc
121
122
Lead Silver
151
»145
146
95
116
a 114
104
Manufacturing production
Year and month
Total
July
August
September.......
October
November.. .
December.... .
1924
1925
January
February. .
March „
April— .
May
June
July
August
Automobiles
Textiles
Food
products
Lumber
Paper Leather
and
Petro- Cement Toand
and
print- shoes leum
brick bacco
ing
97
10ft
113
124
113
117
67
87
96
108
108
124
163
172
178
178
141
126
81
83
98
113
105
11J
103
102
112
114
108
117
136
142
143
160
132
122
Hi
118
120
138
126
127
75
84
CO
101
84
90
17fi
127
120
134
132
129
145
132
147
128
121
112
109
118
142
169
223
260
250
239
239
153
121
114
122
119
109
105
107
104
118
98
95
88
87
94
97
92
145
134
150
155
164
160
164
167
135
125
142
142
136
133
125
*126
89
92
W
97
84
8?
85
•94
199
186
?04
201
212
?16
]?H
.
Iron
and
steel
126
i•119
182
180
18ft
185
196
222
Rubber
tires
154
166
157
169
148
138
127
123
126
132
114
106
126
158
175
191
155
163
111
107
136
168
196
184
186
190
118
105
116
113
119
133
135
127
171
176
190
191
195
194
J
202
»198
1
» For description and early figures see BULLETIN for March, 1924
> Revised.
Preliminary.
* Less than one-half of 1 per cent.
6
Indexes of movements of animal products and of total agricultural products revised. See page 739 for explanation and earlier figures.
743
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
COMMODITY MOVEMENTS
With the March issue the publication in
the BULLETIN of detailed statistics regarding
movements and stocks of commodities was
discontinued. Certain figures compiled by the
board's division of research and statistics are
August, July,
1925
1925
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.
August,
1924
August, July, August,
1925
1925
1924
Transportation—Continued
Grain and Flour
Receipts at 17 interior centers (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
45,673
17,385
52,001
1,939
11,929
42,662
9,828
17,596
403
96,536
17,958
31,871
4,736
3,791
.28,927
2,831
73,575
2,713
154,892
3,071
141,666
85,783
168,713
Shipments at 14 interior centers (000 omitted):
26,797
Wheat (bushels)
8,170
Corn (bushels)
19,139
Oats (bushels)
645
Rye (bushels)
6,535
Barley (bushels)
22,435
9,299
18, 247
3,381
1,998
54,390
9,210
9,882
2,274
1,888
61,287
3,648
55,362
3,691
77,643
4,077
Total grain and flour (bushels) _
77, 705
71,973
95,991
Stocks at 11 interior centers at close of month
(000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
20, 508
4,905
46,349
3,541
2,077
17,404
4,573
22,166
3,178
50,107
3,303
9,566
12,086
746
77,380
47,930
75,809
14,159
1,165
6,616
433
6,521
9,782
662
2,166
864
5,030
13,973
878
2,332
1,107
2,911
28,892
1,662
18, 504
1,703
21, 201
1,707
36,371
26,269
28,884
7,126
312
2,575
147
4,440
6,220
256
1,099
179
3,576
7,472
331
634
1,217
3,167
14,600
11, 330
10,196
10, 377
Revenue freight loaded and received from con
nections (cars loaded, 000 omitted—Con.
Classified by nature of products—Con.
Forest products
Ore
Merchandise, 1. c. 1
Miscellaneous
Total grain (bushels) _
Flour (barrels)
Total grain and flour (bushels).
Total grain (bushels).
Flour (barrels)
Total grain (bushels).
Receipts at 9 seaboard centers (000 omitted):
Wheat (bushels)
Corn (bushels)
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels).
Flour (barrels)
Total grain and flour (bushels) _
Stocks at 8 seaboard centers at close of month
(000 omitted):
Wheat (bushels)
Corn (bushels)
,
Oats (bushels)
Rye (bushels)
Barley (bushels)
Total grain (bushels) _
Wheat flour production (barrels, 000 omitted)
Tobacco sales at loose-leaf
(pounds, 000 omitted):
North Carolina
South Carolina
Burley
Western dark
warehouses,
8,552
24,672
119
91
11,812
27, 282
26
23
Transportation
Revenue freight loaded and received from connections (cars loaded, 000 omitted):
Classified by nature of productsGrain and grain products
Livestock
Coal
Coke
237
131
853
43
194
119
740
41
267
135
673
31
4,411
4,214
1,097
940
246
654
721
707
314
1,044
899
225
617
666
657
302
971
844
196
591
621
692
298
4,411
4,214
2,975
10,893
2,994
6,226
3,298
3,703
14,055
2,870
1,945
2,960
2,408
10,602
2,993
9,370
3,044
5,656
4,114
3,374
12,835
2,770
1,893
2,720
2,224
11, 576
67, 701 64,929
62, 569
BUILDING STATISTICS
Building permits issued in 168 cities, grouped
by Federal reserve districts:
Number of p e r m i t s Boston (14 cities)...
_
New York (22 cities)
Philadelphia (14 cities)
Cleveland (12 cities).
Richmond (15 cities)..
Atlanta (15 cities)
Chicago (19 cities)..
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities).
Dallas (9 cities)
San Francisco (20 cities).
Total
Value of permits (dollars, 000 omitted)—
Boston (14 cities)
New York (22 cities)
Philadelphia (14 cities)
Cleveland (12 cities)
Richmond (15 cities)
Atlanta (15 cities)
Chicago (19 cities)
_
St. Louis (5 cities)
Minneapolis (9 cities)
Kansas City (14 cities)
Dallas (9 cities)
San Francisco (20 cities)
3,050
12,939
2,729
6,065
3,720
4,091
13,471
2,973
2,075
2,895
2,227
11,466
14,765
124,672
15,073
25,557
15, 549
16, 577
56, 523
9,485
5,984
8,931
8,862
35,483
12,014
110,290
36,338
23,230
13, 669
16,256
60,118
8,265
6,244
9,989
6,627
33,156
13,124
51,304
26,896
17,649
12,933
14,174
46, 264
6,109
5,950
8,961
6,737
34, 351
337,461 336,196
244,452
Building contracts awarded, by Federal reserve districts (dollars, 000 omitted):
46, 757 55,319
Boston
_
207, 673 125,141
New York
35,155 44, 354
Philadelphia
_
67,498 88, 737
Cleveland
37,591 34,229
Richmond
51,339 61, 793
Atlanta
79,052 69, 232
Chicago
31,348 24, 540
St. Louis
10, 469 11,899
Minneapolis
21, 288 10, 688
Kansas City i
23,186 21,175
Dallas
28,490
87,430
25,616
41,476
29,364
34,837
62,327
22,312
8,130
11, 742
15,067
Total
Tobacco
219
1,053
1,539
4,679
Total
294
282
1,108
1,634
4,679
Total
Classified by geographical divisionsEastern
_
Allegheny
Pocahontas
Southern
Northwestern
Central western
Southwestern.._
311
272
1,129
1,702
Total (11 districts)
i Excluding Colorado.
611,356 547,107 366,791
744
FEDERAL RESERVE BULLETIN
OCTOBER,
1925
WHOLESALE AND RETAIL TRADE
WHOLESALE TRADE IN THE UNITED STATES, BY LINES»
[Average monthly sales 1919—100]
CHANGE IN CONDITION OF WHOLESALE TRADE, BY
LINES AND DISTRICTS—Continued
Percentage change Percentage change
in sales in Auin stocks at the end
gust, 1925. comof August, 1925,
pared with—
compared with i—
Gen- Groeral
Meat Dry Shoes Hard- Drugs
ware
goods
index ceries
1924
January
February—
March
April
May
June
July
August
SeptemberOctober
NovemberDecember-.
1925
January
February.-.
March
April
May
June
July
August
80
78
80
76
78
83
92
95
84
79
80
77
80
79
81
83
83
83
93
100
89
83
66
63
62
61
64
64
67
68
71
78
69
66
97
98
90
81
72
70
79
102
116
104
88
77
49
49
65
69
56
52
44
56
69
67
57
57
91
90
104
108
104
96
93
93
106
110
98
99
116
109
118
114
110
105
110
107
117
128
109
109
79
76
83
79
79
83
83
87
80
73
79
75
79
84
85
83
71
69
73
68
75
79
79
82
88
96
85
77
82
85
107
43
46
63
65
54
54
45
65
89
90
107
107
101
105
09
116
109
121
115
106
110
111
108
78
77
78
97
i For description of the wholesale trade index see FEDERAL RESERVE
BULLETIN for April, 1923.
CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES
AND DISTRICTS
Percentage change
in August, 1925,
sales compared
with—
July,
1925
Groceries:
United States
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
Dry goods:
United States
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
Shoes:
United States
August,
1924
Percentage change
in stocks at the end
of August, 1925,
compared with*—
July,
1925
August,
1924
-2.9
-6.0
-10.9
-2.9
-0.4
-3.8
8.0
-4.5
4.6
6.3
-1.5
8.6
-3.0
-0.7
-1.5
-5.5
—1.2
-0.2
0.9
1.7
-3.8
10.2
7.0
-7.7
5.0
-2.0
-3.4
-16.0
25.6
4.4
-0.5
-4.2
9.8
15.3
29.9
53.2
51.5
21.0
51.6
44.9
18.0
94.6
27.3
8.5
-8.5
-4.4
-2.1
5.9
5.7
9.8
8.0
21.0
-10.6
-1.0
4.6
-1.1
-0.6
-3.8
-9.8
-12.3
6.9
-3.4
-5.2
46.8
16.0
5.1
2.0
0.4
0.7
1.7
-0.4
-0.0
2.4
3.3
-0.3
-2.2
1.4
4.1
0.4
4.7
-13.0
-9.4
-3.2
-10.4
-18.7
27.9
20.8
Boston district
-9.3
-2.0
19.3
13.9
New York district
24.5
23.5
19.8
Philadelphia district
-0.3
0.5
39.6
22.0
Cleveland district
0.2
-15.6
86.8
14.6
Richmond district
-29.3
-16.3
46.9
7.4
Atlanta district
40.6
0.6
— 14. 6
Chicago district
-27.8
i Changes in total stocks for the United States are weighted averages
computed on the basis of firms which have reported regularly to the
Federal Reserve System since January, 1923
'a
Shoes—Continued.
St. Louis district
Minneapolis district
San Francisco district
Hardware:
United States
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district
Drugs:
United S t a t e s . ^
August,
1924
July,
1925
August,
1924
100.0
98.0
32.4
69.0
69.2
10.3
-2.6
7.9
-1.6
-5.6
-0.9
-6.8
12.3
12.1
-6.1
-4.0
-1.7
-3.2
6.1
2.4
4.5
2.9
-3.4
-5.3
-5.2
16.8
3.1
3.6
11.6
2.2
1.3
9.1
1.1
-3.2
-2.1
2.9
-1.6
-12.8
-3.7
-9.0
-10.3
-0.3
-1.6
-2.2
10.3
3.0
5.5
-2.8
0.3
0.0
6.6
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Kansas City district
Dallas district
San Francisco district
Furniture:
Richmond district
Atlanta district
St. Louis district
Kansas City district
San Francisco district
Agricultural implements:
United States»
-14.4
4.3
0.2
-2.9
3.4
4.8
0.2
-0.2
3.5
-1.8
-14.3
9.4
7.0
4.0
4.3
11.9
6.5
6.2
-0.7
—1.1
-0.8
8.6
-0.3
2.1
-20.3
50.6
23.2
32.5
13.1
5.6
29.6
26.5
13.1
2.0
-0.4
-29.5
-10.0
23.7
Atlanta district
Minneapolis district
Dallas district
San Francisco district
Stationery and paper:
New York district
Philadelphia district
Atlanta district
San Francisco district
Automobile supplies:
San Francisco district
Clothing:
New York district
St. Louis district
Cotton jobbers:
New York district
Silk goods:»
New York district
Machine tools:
New York district
Diamonds:
New York district
Jewelry:
New York district
Philadelphia district
Electrical supplies:
Philadelphia district
Atlanta district
St. Louis district
Pan Francisco district
MUlinery:
Kansas City district
Stoves:
St. Louis district
35.4
-27.0
9.2
—30.4
125.4
35.5
-27.5
67.2
-1.3
-0.5
-0.5
-4.8
20.0
25.7
8.2
-9.0
13.1
8.6
1.5
8.5
-6.0
-1.0
92.7
188.7
6.3
1.3
J
3.7
o.a
1.7
2.9
-15.4
12.3
10.2
38.4
-20.0
30.0
13.2
35.4
31.7
53.5
6.0
34.3
-2.4
1.0
3.5
-24.4
10.1
-12.6
43.2
27.7
9.1
-0.8
-7.2
-12.1
-14.4
-25.4
-0.2
34.4
1.2
55.3
19.9
<2.2
1.1
Sales of agricultural implements for the United States are compiled
by the Chicago Federal Reserve Bank from reports of fading implement manufacturers and include all their domestic business.
1
Stocks at first of month—quantity, not value.
* Includes, diamonds.
745
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
RETAIL TRADE, BY REPORTING LINES »
[Average monthly sales 1919=-100]
Sales with seasonal adjustment
Sales without seasonal adjustment
.2*3'3?
Year and month
•as
Hi
5 *a-a
5-q.e
S- 1 1II
1
•a.3
.a as
35
ill
1924
June
July
August
September
October
November
December
120
91
93
119
141
141
210
89
69
74
106
141
131
148
200
206
201
210
240
232
253
162
163
172
169
203
199
143
148
152
145
159
145
187
131
128
138
137
144
138
192
140
113
108
124
138
146
186
108
101
121
136
128
12fi
95
98
108
105
119
117
95
102
87
250
233
252
258
254
254
259
241
151
156
177
195
191
187
183
195
155
146
160
159
163
167
166
171
122
119
131
134
143
134
136
142
107
100
127
177
149
152
122
120
75
72
91
110
124
111
184
169
177
180
189
199
186
120
123
118
131
124
126
131
104
92
162
175
188
210
195
184
181
202
124
131
121
133
124
126
128
125
112
109
105
123
203
214
211
221
234
230
242
176
179
181
183
188
191
198
146
147
151
147
156
154
153
134
129
141
137
137
139
142
132
123
138
129
122
134
142
94
97
102
110
102
181
181
179
192
194
195
188
110
116
103
114
106
120
117
118
249
243
233
255
254
258
269
253
207
209
185
208
201
203
201
205
161
161
159
164
166
170
164
171
141
140
135
139
140
137
137
145
141
149
127
152
129
142
134
153
112
120
116
126
116
125
140
143
193
207
186
210
202
197
185
202
1925
January
February
March
April
May
June
July
August
---.
105
107
104
128
* For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924.
8
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= 1001
Number
of reporting
firms
Federal reserve district
United States
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta .
Chicago
Minneapolis
Dallas
San Francisco
Sales with seasonal adjustment
Sales without seasonal adjustment
1925
1925
1924
1924
July
June
May
Apr.
Aug.
July
Aug.
July
June
May
Apr.
Aug.
July
359
98
95
126
128
136
93
91
125
128
126
124
133
118
123
24
63
22
54
23
35
63
23
21
31
._
Aug.
88
90
86
103
87
78
113
92
78
140
92
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
136
140
134
142
132
109
149
116
110
146
86
83
85
101
78
72
108
89
70
136
89
93
82
94
,85
73
99
80
71
116
117
132
118
126
121
99
137
102
109
144
129
134
126
127
124
103
141
99
102
126
131
123
126
119
104
138
102
102
143
120
129
118
126
116
99
133
106
107
143
129
136
122
139
129
106
146
110
116
153
114
122
117
122
109
92
130
98
99
139
122
122
116
96
130
98
101
139
147
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly stocks 1919=100]
Federal reserve district
United States
Boston
..
New York
Philadelphia
Cleveland
. _ _
Richmond .
....
Atlanta
Chicago
Minneapolis
. ..
Dallas..
- _.
San Francisco
.-
Number
of reporting
firms
Stocks without seasonal adjustment
1925
1925
1924
Aug.
July
June
May
Apr.
314
131
125
129
136
24
63
13
52
19
22
51
22
114
124
179
126
118
113
149
111
124
134
113
120
164
120
119
103
140
106
111
129
112
128
174
129
123
107
143
109
114
128
125
134
179
136
124
114
153
115
123
134
19
29
Stocks with seasonal adjustment
1924
Aug.
July
Aug.
July
141
126
123
131
133
135
137
136
126
131
127
139
186
140
132
114
157
116
126
140
113
120
144
123
116
109
149
106
122
131
116
115
141
120
113
109
142
102
110
132
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
124
134
183
135
128
112
152
112
126
119
124
146
123
118
109
143
107
115
130
126
125
151
127
120
116
152
108
118
138
June May
Apr. Aug.
135
July
746
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
FOREIGN BANKING AND BUSINESS CONDITIONS
THE NATIONAL BANK OF HUNGARY
At the end of June the National Bank of
Hungary completed its first year. On June 24,
1924, this institution opened for business as the
bank of issue, replacing the Royal Hungarian
Note Issue Institute.
The following table shows selected items of
the statement during the past year:
SELECTED
ITEMS FROM THE STATEMENT
NATIONAL BANK OF HUNGARY
OF
THE
[In millions of crowns]
June 30,
1924
Gold coin and bullion. _
Reserve in foreign exchange
Domestic bills, etc
Advances on security
Advances to the treasury...
Note circulation
Demand liabilities:
Public
Private-
*.
December
31, 1924
532,842
1,933,356
1,976,888
June 30,
1925
246,947
681,268
1,192,516
17, 566
1, 980, 000
2,893,719
1,974, 781
4,513,990
633,195
2,091,871
1,428,972
976
1,959,220
4,583,175
755,240
380,470
1, 865,465
204, 003
1,874,357
183, 522
In the first year of operation, the gold holdings more than doubled and the reserves in
foreign exchange nearly tripled. During the
same period demand liabilities also nearly
doubled, owing to a large increase in the
deposits of the Hungarian treasury, while
private deposits were considerably drawn down.
Note circulation increased by 1,690,000,000,000
crowns, or over 50 per cent. In all these items
the movement occurred during the first six
months of operation, and changes during the
first half of 1925 were relatively small.
Credits are extended on domestic bills, warrants, and securities. From the middle of July,
1924, such loans increased very rapidly, partly
because the failure of crops resulted in the agriculture of the country making considerable
demands for credit, but also because of conditions inherited from the previous period of
monetary disorder. Speaking of this situation
the annual report of the bank says: " I t is true
that the harvest has at all times been followed
by an increase during the autumn months in the
value of the bills held by the bank of issue.
But this fact in itself would not serve as a sufficient explanation of the anomaly that between
the middle of July and the close of the year the
value of bills held increased by 90p,000,000,000
crowns, while during the same period the actual
circulation of bank notes increased by more
than 1,500,000,000,000 crowns. These facts
prove clearly the endeavor of the management
of the bank to do their best—so far as that
could be done without jeopardizing the stability
of the crown and of prices, a stability which was
in the universal interest of the whole country—
to relieve the crisis accompanying the process,
which was in effect nothing more nor less than
the feverish—but healing—condition inseparable from the diversion of the economic life of the
country into its normal channel."
On September 17, 1924, the bank raised its
rate from 10 to 12J^ per cent. The value of
bills held, however, rose week by week to its
highest point—1,984,000,000,000 crowns at the
end of November. In December the bank
undertook to restrict the number of applicants
presenting bills drawn to that institution.
These measures proved effective, so that on
March 27, 1925, the bank was able to reduce
ittf rate to 11 per cent and on May 27 to 9 per
cent.
The ratio of gold and foreign exchange to the
combined items of notes and demand liabilities
has risen from about 23 per cent on June 30,
1924, to over 40 per cent a year later, while the
ratio against note circulation alone has risen
from about 32 per cent to nearly 60 per cent.
The value of the crown was stabilized at the
rate of 346,000 to the pound sterling, a rate
which has been constantly maintained. As
a result of the advance of sterling toward
parity, the Hungarian crown has risen during
the past year by some 10 per cent in terms of
the American dollar, the rate now being
stabilized at about 0.0014 cent.
At the end of June, 1925, the total resources
and liabilities of the bank amounted to
9,647,426,861,968 crowns, equal to about
£27,882,000, or $135,000,000.
747
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
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]
1924
1925
August
July
June
August
Bank of England:
Issue departmentGold coin and bullion
Notes issued
___
Banking department—
Gold and silver coin
B a n k notes
Government securities
Other securities
Public deposits
Other deposits
Ratio of gold and note reserve
to deposit liabilities (per
cent)
Bank notes in circulation
Currency notes and certificates
Nine London clearing banks:
Money at call and short n o t i c e . . .
Discounts and advances
Investments
_
..
Total deposits..
Total clearings
Government floating debt:
Total
Treasury bills
Temporary advances
Index of security prices (December,
1921=100) (per cent)
—.
Index number of foreign exchange
value of t h e pound sterling (per
cent)
1925
161
181
162
182
155
175
126
146
2
36
35
70
22
104
2
37
34
69
21
103
2
30
39
79
14
118
2
21
41
77
17
105
30.8
88
295
31.6
90
301
24.0
91
292
18.5
103
289
117
1,063
257
1,611
3,039
115
1,080
260
1,633
3,499
113
1,056
267
1,624
3,323
102
1,026
320
1, 617
2,940
770
626
144
780
604
176
792
597
195
769
591
178
116.2
114.4
114.1
132.0
128.2
July
June
981
123
368
1,789
502
700
2,530
1,836
4,609
970
92
354
1,691
639
May
I
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 banks: *
Cash
Bills
D u e from other banks
Miscellaneous loans
1,045
93
357
1,765
471
701
2,595
1,834
4,433
959
56
339
1,648
964
581
2,609
1,864
4,103
115.8
131.6
August
128.3
167
1,095
2,252
4,127
Index of security prices (Jan. 2,1925=
100) (per cent)
Capital issues
1
564
2,474
1,856
4,302
73.99
25
70.97
37
80.43
44
77.80
43
Bimonthly statements.
ITALY
[Millions of lire]
1925
1924
July
June
•
May
July
1,132
1,988
9,755
12,208
7,068
2,685
1,132
1,777
9,675
11,949
7,068
2,811
1,132
1,777
7,837
10, 672
7,078
2,495
1,130
1,832
6,875
10,064
7,449
2,915
234
1,049
9,079
4,636
467
13,840
2,100
242
1,084
9,260
4,597
451
14, 014
2,100
262
1,029
8,430
3,775
374
12,367
2,428
212
FRANCE
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)
[Millions of francs]
Bank of France:
Gold reserve *.
Silver reserve
-----
War advances to t h e Government
Note circulation
_
Total deposits
Three commercial banks:
Demand deposits
Bills
Other loans
Clearings, daily average of Paris
banks
_
Price of 3 per cent perpetual rente
1
3,683
311
3,683
312
3,682
313
27,750
44,702
2,429
27,250
44,496
2,511
25,650
43,000
2,446
16,339
11,404
4,423
45.40
1,178
51. 00
1,356
42. 90
1 Not including gold held abroad.
N o t including gold held abroad.
JAPAN
CANADA
[Millions of dollars]
. [Millions of yen]
1925
July
Chartered banks:
Gold coin and bullion 1
Current loans and discounts
Money at call and short notice...
Public and railway securities
Note circulation
Individual deposits
Gold reserve against Dominion notes.
D ominion note 2circulation
Bank clearings
Bank debits»
* Not including gold held ahroad.
1
Total for month.
1925
1924
June
May
54
1,100
330
576
158
2,090
116
209
1,331
2,248
54
1,107
331
574
163
2,126
116
208
1,240
2,151
54
1,130
321
575
162
2,105
116
205
1,342
2,282
54
1,160
267
507
155
1,999
97
211
1,461
2,323
July
June
1,057
400
51
1,371
249
1,058
261
43
1,290
167
34
1,059
360
63
1,428
148
54
1,065
355
102
1,300
305
35
137
2,352
1,900
2,936
116
2,390
1,919
3,225
122
2,457
1,937
3,613
117
2,615
1,861
2,443
August
July
Bank of Japan:
Reserve for notes l
Loans and discounts
Advances on foreign bills.
Note circulation
Government deposits
Private deposits
Toyko banks:
Cash on hand
Total loans
Total deposits
Total clearings
1924
i Gold abroad, sold coin and bullion in Japan.
August
748
OCTOBER, 1925
FEDERAL RESERVE BULLETIN
CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES
August
July
June
11
465
104
85
837
30
11
427
124
95
828
33
11
345
lions of Hungarian crowns)—Con.
DepositsPublic
Private
323
800
100
Bank of Java (in thousands of
florins):
7,688
153
272
30
1, 208
7,403
210
270
17 j
1, 306
Bank of Latvia (thousands of lats):
7,641
227
Gold
158
5
468
395
477
4,129
1,966
151
3
520
347
469
4,155
1,927
90 !
1
591
252 ;
431 [
4,278
1,064
1,031
1,031
1,030
1,051
659
568
478
7,695
467
633
616
477
7,549
571
613
685
494
7,587
603
657 '
699 I
803 '
8,140
586
32,094
21, 809
33,444
3, 387
32,763
24,059
34,203
5,723
43,521
22, 677
32,948
8,767
23,050
15, 572
25, 305
9,882
209
76
23
148
442
75
209
80
36
109
449
64
209
111
39
65
468
28
210
277
52
25
471
84
272
30
1, 336
7,616
174
lions of leva):
Metallic reserve
Foreign notes
Balances abroad and foreign bills.
Commercial loans
Notes in circulation
Deposits
272
30
Banking Office, Czechoslovakia
Bank of Danzig thousands of
Danzig gulden):
On deposit with Bank of England, foreign bills, etc
Loans and discounts. _
Notes and circulation
Deposits
National Bank of Denmark (mil-
lions of kroner):
Gold
Bills
Loans
Foreign bills and balances abroad Note circulation
Deposits
Bank of Finland (millions of finmarks) :
Gold....
Balances abroad, etc
Finnish and foreign government
securities
Domestic bills
Note circulation .
DepositsPrivate
Treasury-
•
43
1,065
43
1,077
43
1,054
43
479
395
365
1,268-
395
352
1,252
395
403
1,286
494
806
1,273
93
95
51
149
2
30
2,367
3,794
3 277
5,182
2,612
3,951
2,050
4,422
1,999
1,028
1,891
1,073
633
2,092
1,429
4,583
450
1,383
1,438
3,660
33
158
National Bank of Greece (millions
of drachmae):
Gold and balances abroad
Government loans and securities.
Note circulation
Private depositsSight
Time
National Bank of Hungary (billions of Hungarian crowns):
Gold
^oreign exchange.
ills, etc
ote circulation
June August
1,665
161
1,874
184
631
2,171
1,564
4,991
630
2,004
1,563
4,744
1,817
131
ion
Foreign exchange reserve..
Bills
Loans
Note circulation
Government deposits
Other deposits
._
1,092
381
Qji
33,360
30,183 19, 761
18,040 19, 689
74,162 56,436
311, 088 294,141
Foreign bills
Domestic bills
Loans
Note circulation
National Bank of Bulgaria (mil-
(millions of Czechoslovak crowns):
Gold and silver
Balances abroad and foreign currency
Bills discounted
Advances on collateral
Note circulation
Deposits
July
National Bank of Hungary (bil15
501
88
73
836
40
National Bank of Belgium (millions of francs):
Gold
Foreign bills and balances abroad.
Bills
Note circulation
Private deposits
August
August
Austrian National Bank (millions
of schillings):
Gold
Foreign bills (reserve)
Other foreign bills
Domestic bills, etc
Note circulation
Deposits
1924
1925
1924
1925
23, 516
37, 010
70, 609
262, 628
I ti
Ml
23, 538
32,801
60,906
47,510
29,456
72, 209
51,306
23, 533
32, 762
58,888
48, 515
28,350
75,769
53,201
23, 523
32, 676
55,017
50, 211
29,043
84, 938
43, 605
23, 569
40, 458
39, 574
38, 817
25, 800
75, 556
47,365
33, 565
25, 931
38,981
79, 590
16, 434
33, 483
28,535
39,483
78, 497
19, 796
33, 351
34, 572
38,211
79,277
24, 592
25,116
49, 250
31,642
69, 207
37, 800
414
90
243
116
863
26
419
77
229
135
876
25
455
85
191
164
889
48
532
130
67
177
946
41
147
308
61
378
147
325
58
384
147
378
60
387
147
434
39
390
66
3
71
33
92
64
53
4,044
968
1,808
6,030
762
4,021
985
1,985
6,168
810
3,972
985
2,038
6,175
909
4,217
723
1,054
5,442
424
132
63
285
440
122
92
303
462
120
120
299
503
98
267
200
430
2
43
11
69
11
60
4
48
9
212
187
1,631
54
9
195
187
1,617
64
9
167
180
1,610
57
9
165
156
1,636
35
563
7,690
10,787
19, 576
7,818
563
7,571
10, 787
19,348
7,653
563
6,513
11,077
18,682
6,710
Bank of Lithuania (thousands of
litas):
Gold
Foreign exchange reserve.
Loans and discounts
Note circulation
Deposits
Netherlands Bank (millions of
florins):
Gold . .
.
Domestic bills
Foreign bills
Loans
Note circulation
Deposits.. .
..
..
. . .
Bank of Norway (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
National Bank of Rumania (millions of lei):
Gold
Bills
Government loans
Note circulation
Deposits
749
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued
1925
July
August
State Bank of Russia (note issuing
department; thousands of chervontsi):
Gold....
Foreign currency-_
Loans and discounts
Bank notes
16,838
4,685
46, 938
70, 277
National Bank of the Kingdom
of Serbs, Croats, and Slovenes
(millions of dinars):
Gold—
Foreign currency and balances
abroad
Bills
—
Note circulation.Deposits
June
16,657
4,685
44,618
67,750
397
944
5,661
627
372
934
5,644
528
3,494
7,127
5,418
24
3,260
1,250
3,244
8,822
4,414
152
2,913
1,250
9,520
5,523
South 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
73
100
10,284
5,025
Bank of Spain (millions of pesetas):
Gold
Balances abroad
Bills discounted
Note circulation
Deposits
Bank of Sweden (millions of kronor):
Gold
Balances abroad and foreign
72
bills and securities
Domestic bills
Swedish Government securities..
1,275 i
Note circulation
5,822
Deposits
224
Swiss National Bank (millions of
francs):
Gold
549
Domestic bills
10, 223
Loans
4,588
Balances abroad and due from
2,427
correspondents
487
Note circulation.-Deposits
1924
July
June August
2,537
29
764
4,277
993
2,537
29
841
4,274
1,042
2,535
32
815
4,395
233
234
235
251
185
244
13
511
144
161
277
13
494
179
139
365
13
523
229
102
343
14
528
167
511
291
42
508
276
45
263
49
505
274
66
48
819
134
44
824
111
834
111
j August
August
12, 280
9,969
26, 215
46,156
73
427
958
5,965
815
1925
1924
2,537
28
7534,297
978
1,675
10,587
5, 033
DISCOUNT RATES OF 31 CENTRAL BANKS
[Prevailing rates with date of last change]
Country
Rate
Austria
Belgium
Bulgaria
Czechoslovakia
Danzig
Denmark...
England
In effect
since—
9
Sept. 3,1925
5H Jan. 22,1923
Aug. 31,1924
10
7
9
hVi
4H
Mar.
Mar.
Sept.
Aug.
25,1925
6,1025
8,1925
6,1925
Country
Esthonia
Finland
France
Germany
Greece
Hungary
India
Italy
Rate
In effect
since—
Country
10
8
6
9
July 1,1925
Aug.14,1925
July 9,1925
Feb. 26,1925
Feb. 15,1925
May 27,1925
Sept.24,1925
June 18,1925
Japan
Java
Latvia.
Lithuania. . .
Netherlands.
Norway
Peru
Poland
9
5
7
Rate
7.3
6
8
7
4
5
6
12
In effect
since—
Apr.
May
Feb.
Feb.
Jan.
Sept.
Apr.
Aug.
15,1925
3,1925
16,1924
8,1925
16,1925
14,1925
1,1923
12,1925
Country
Rate
Portugal
Rumania
Russia...
8outh Africa.
Spain
Sweden
Switzerland
Yugoslavia. __
9
6
8
5
5
4
6
In effect
since—
Sept.
Sept.
Apr.
Nov.
Mar.
July
July
June
12,1923
4,1920
—,1924
—, 1924
23,1923
24,1926
14,1923
23,1922
Changes.—-Austrian National Bank, from 10 to 9 per cent on September 3,1925; National Bank of Denmark, from 6 to 5lA per cent on September
8, 1925; Bank of Norway, from 5% to 5 per cent on September 14, 1925; Imperial Bank of India, from 4 to 5 per cent on September 24, 1925.
750
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
FOREIGN TRADE OF PRINCIPAL COUNTRIES
FOREIGN COUNTRIES
UNITED STATES
[Thousands of dollars]
12 months ended
August-—
1925
12 months ending
August—
1925
August
B
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..
July
1925
1924
340,484
325,999 3,957,465
3,524,301
140,524
124,431 1,527,865
1,171,186
460,306
443,049
727,353
776,857
23, 635
411,232
532,506
636,270
749,154
24,053
36,702
29,786
65,302
65,664
2,506
42,366
34,231
58,983
64,836
1,152
93,069
9,841 I
13,820 !
7,036 !
33,196
76,188 !
38,915 !
41,487
5,249 !
111,992
32,183 !
|
3,263
EXPORTS
By classes of commodities:
Total
Crude materials
Foodstuffs, crude, and food
animals
Manufactured foodstuffs
Semimanufactures
Finished manufactures
Miscellaneous..
Reexports
By countries:
Total Europe
France
Germany
Italy.-_
United Kingdom
Total North America.. _
Canada
Total South America—
Argentina
Total Asia and Oceania.
Japan
Total Africa
_
1
2
379,862
339, 629 4,976,800 4,305,814
71,472
56,340 1,402,788 1,295,392
28,564
47,514
52,149
172,406
362
22, 555 486,961
204,501
563,304
43,339 589, 563
593,832
57,802 662,483
151,099 1, 737,783 1,555,684
6,402
512
7,654
7,982
90,121
7,395
155,027
14,402
23,588
12,268
57,738
101, 556
62,956
32,275
11,977
44,896
10,947
5,R76
August
France (million francs):
Imports
3,297
Exports..
3,258
Germany (million gold marks):
Imports.
303
Exports
727
Netherlands (million guilders):
Imports
_
192
Exports
173
United Kingdom (thousand £
sterling):
Imports
91,733
Exports
61,038
Reexports
13,500
Canada (thousand dollars):
Imports
81,974
Exports
112,414
Japan (million yen):
191
Imports
228
Exports
July
1925
3,034
3,484
39,255
42, 558
38,792
38,538
1,180
747
13,150
8,165
7,360
6,211
224
162
2,447
1,808
2,231
1,536
98, 745 1,339,462
64,826
787,853
11,376
149,201
1,202,432
791,708
133,908
81,492
837,761
103,280 1,143,358
833,616
1,072,540
July
Denmark (million kroner):
Imports
Exports
j_.
Italy (million lire):
Imports
Exports..
Norway (million kroner):
Imports
Exports.
Russia (thousand r u b l e s ) : l
Imports
Exports
Sweden (million kroner):
Imports
Exports
Brazil (million milreis): 2
Imports
Exports
Australia (thousand £ sterling):
Imports
_
Exports.
India (million rupees):
Imports
Exports
South Africa (thousand £ sterling):
Imports
Exports
2,550
2,108
2,327
1,600
12 m o n t h s ended
1925
Julyi
June
1925
1924
190
179
190
177
2,341
2,197
2,231
1,952
1,845
1,408
2,887
1,784
24,727
16,786
17, 764
12,918
128
78
120
87
1,547
1,162
907
66,672
36,141
60,802
50,597
511,189
117
134
103
130
1,408
1,328
1,405
1,209
269
277
307
370
3,038
3,945
2,282
3,364
12,211
7,085
12,224
9,378
155,629
156,881
142,527
118,427
177
283
163
341
2,381
4,119
2,326
3,599
5,506
5,704
5,148
7,794
66,433
73,785
75,137
Figures for Russia are for 10 months ending July, 1925.
Figures are for January and February, 1925, and for the 12 months ending February, 1924, and February, 1925.
171
211
1924
751
FEDERAL RESERVE BULLETIN
OCTOBER, 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 C O M M O D I T I E S
On paper currency basis
United
States
Year and month
France
Canada
165
159
170
176
394
446
150
147
163
163
160
158
156
154
156
158
156
159
160
165
178
180
180
181
177
174
174
173
172
175
176
177
445
469
483
428
428
442
440
442
436
442
449
451
168
167
168
163
162
163
165
164
1923, average
1924, average
England
178
178
175
171
166
164
163
161
456
457
463
460
467
483
490
2 491
Converted t o gold basis
Japan
England
France
Canada
Japan
188
200
159
160
124
121
147
145
183
166
146
148
147
143
143
145
147
149
146
148
148
149
205
200
200
201
200
189
191
196
198
206
210
209
156
160
158
162
158
155
156
160
158
161
167
171
108
107
117
137
128
120
117
125
120
120
123
126
142
144
143
140
141
142
146
149
145
148
148
149
185
182
172
165
161
156
158
163
161
161
162
161
156
158
153
148
149
147
148
150
208
204
197
191
189
195
195
197
175
175
171
168
166
164
163
161
127
125
124
124
125
119
119
119
156
157
153
148
149
147
148
150
160
168
162
160
159
161
161
162
1924
January
February
March
April
May
June
July
August
September .
October
November
December
January.
February *
March . __
April
May.
June
July
August
._
_
1925
_.
_
GROUPS OP COMMODITIES i
All
commodities
Year and month
Grouped by stage of
manufacture
Grouped by
origin
Export
ConDogoods
Pro- sum- mesImRaw
ma- ducers' ers'
tic ported
terials goods goods goods goods
158
168
163
162
163
165
164
164
177
169
169
189
170
168
149
152
148
145
144
146
144
156
166
163
163
165
169
171
160
170
165
164
165
167
166
139
146
141
139
143
146
143
177
180
173
171
173
174
172
ENGLAND
-
173
175
171
m
164
163
161
171
172
169
164
161
161
160
165
165
160
154
151
151
149
184
188
183
181
181
180
174
173
175
172
167
165
163
160
174
173
168
162
162
164
165
176
174
172
165
163
165
161
456
480
477
486
455
459
460
460
419
449
445
453
427
447
444
454
511
540
541
530
451
475
470
462
FBANCE
1924—August
1925—March
April
May
Year and month
Grouped by stage of
manufacture
Grouped by
origin
Export
Con- DoIm- goods
Pro- sum- mesRaw
ma- ducers' ers'
tic ported
terials goods goods goods goods
FRANCE—contd.
UNITED STATES
1924—August
1925—March
April
May
June.
July
August
1924—August
1925—March
April
May
June
July
August
All
commodities
442
463
460
467
483
490
491
1925—June
July
August 2
495
510
506
471
486
487
481
472
480
468
472
473
555
578
580
483
513
515
149
153
148
149
147
148
150
134
142
134
137
137
134
136
153
153
153
152
151
150
149
169
169
169
164
161
167
171
148
152
147
148
147
147
150
157
161
158
154
154
154
154
152
171
161
171
166
162
166
196
197
191
189
195
195
197
206
214
208
205
206
202
205
194
201
189
188
196
201
204
192
185
182
181
189
189
190
194
196
191
189
195
195
197
207
203
194
188
196
195
196
194
200
191
189
197
202
202
CANADA
1924—August
1925—March
April
May
June
July....
August
_.
JAPAN
1924—August
1925—March
April
May
June
July
August
1
Complete descriptions of these index numbers m a y be found in the following issues of the BULLETIN: Unitad States—May and J u n e , 1920,
J u n e , 1921, and M a y , 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September. 1922.
2
Provisional.
752
FEDERAL RESERVE BULLETIN
OCTOBER,
1925
WHOLESALE PRICES IN PRINCIPAL COUNTRIES
ALL COMMODITIES
[Pre-war-100]
Europe
Year and
month
Austria
(gold
basis)
Belgium
England
Bul- Czecho- Denslogaria vakia m a r k 1 (Board
of
Trade)
1924
January...
February.
March
April
May
June
July.
August.
September
October...
November
December.
1925
January.
February
March.
April
May.
June.
July
August
September
Germany Hun(Federal gary
France Statis- (gold
tical
Bureau)
NorItaly Nether- way P o l a n d Russia 1
lands (Oslo)
3; 132
3,181
974
999
1,021
1,008
1,001
968
953
986
982
999
1,013
1,024
210
223
227
228
225
219
220
233
231
234
231
232
165
167
165
165
164
163
163
165
167
170
170
170
1,071
1,078
1,094
1,095
1,090
1,088
1,085
1,111
1,117
1,114
1,120
1,139
494
544
499
450
459
465
481
477
486
497
504
507
117.3
116.2
120.7
124.1
122.5
115.9
115.0
120.4
126.9
131.2
128.5
131.3
123
131
130
125
119
133
145
145
142
149
154
160
571
573
579
579
571
566
567
572
580
602
621
640
156
158
155
154
153
151
151
151
158
161
161
160
250
262
266
267
263
264
271
274
275
276
277
278
107
112
110
109
104
101
102
109
112
116
117
118
169
187
193
181
175
166
169
175
173
164
164
168
559 3,275
551 3,309
546 3,272
538 3,244
537 3,177
552 I 3,225
559 3,041
567
1,045
1,048
1,034
1,020
1,006
998
1,009
992
234
234
230
220
216
216
206
189
168
171
169
166
163
159
158
158
157
1,137
1,141
1,131
1,133
1,122
1.129
1,118
514
515
514
513
520
543
557
558
138.2
136.5
134.4
131.0
131.9
133.8
134.9
131.8
159
152
145
144
141
141
136
658
660
160
158
155
151
151
153
155
155
279
281
276
267
260
258
254
245
120
121
122
119
118
119
120
124
172
178
183
195
197
191
188
175
173
580
642
625
555
557
565
566
547
550
555
2,711
2,658
2,612
2,798
2,551
2,811
2,737
2,853
2,848
566
Europe—Continued
Year and month
Finland
Spain Sweden Switzerland 1
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
1925
January. _
February. __
March
April
May
June-July
August
September.
191
192
193
190
191
187
188
184
168
163
162
161
161
159
North and South America
United
States
660
683
707
731
Africa
Asia and Oceania
Ari _
China
Dutch
India Japan
New Egypt South
(CalIndies cutta) (Tokyo) Zealand (Cairo) Africa
£3?; (SJang- East
tralia
Canada
hai)
Statistics)
183
183
180
181
180
178
173
171
170
169
169
170
151
152
150
148
147
145
147
150
149
152
153
157
157
157
154
151
151
152
154
157
154
157
158
161
190
189
194
195
192
192
192
193
190
192
191
195
174
170
167
166
165
163
163
162
162
163
163
165
156
160
158
154
154
152
152
149
149
153
155
157
171
171
170
166
163
162
161
160
159
160
161
161
156
155
157
160
160
165
165
162
157
159
159
158
160
199
194
206
206
200
200
198
200
205
163
163
160
158
159
163
162
160
159
160
159
158
157
163
160
180 !
178
177
178
174
177
177
175
173
179
178
177
176
175
174
173
172
178
179
174
176
176
179
180
179
181
180
176
211
208
206
207
205
199
195
200
206
213
214
213
175
180
180
178
179
180
180
181
181
180
181
181
133
135
136
134
135
131
132
143
148
156
158
156
171
172
168
169
164
157
160
157
213
210
204
202
199
200
198
200
178
175
175
175
175
174
157
161
155
154
151
150
151
151
131
126
125
133
130
130
1 First of month figures.
The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers
of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be
had upon request.
Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number
of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN.
753
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
WHOLESALE PRICES IN PRINCIPAL COUNTRIES
GROUPS OF COMMODITIES
U N I T E D S T A T E S — B U R E A U OF LABOR STATISTICS
[Pre-war=100]
Bureau of Labor Statistics groups
Federal Reserve Board groups
All
comCloths Fuel Metals Build- Chemmod- Farm
and
icals
ing
and
ities prod- Foods and
cloth- light- metal mate- and
prod- rials drugs
ucts
ing
ing
ucts
1923, average
1924, average
1924—August
September.
October
November.
December. _
1925—January
February. _
March
April
__
May
June
July
August
154
150
150
149
152
153
157
160
161
161
156
155
157
160
160
141
143
145
143
149
150
157
163
161
161
153
152
155
162
163
144
144
144
148
152
154
158
160
157
159
154
153
155
157
159
185
170
170
168
162
163
165
167
177
174
169
168
173
172
170
200
191
190
186
188
190
191
191
191
191
190
189
190
144
135
130
128
127
129
133
136
136
134
129
127
126
126
127
189
175
170
171
171
172
175
179
183
180
174
175
171
170
172
131
130
130
131
132
134
135
135
134
134
134
133
133
133
135
R a w materials
House
Pro- ConfurMisnish- cellaMin- Total duc- sumAniForest eral
ers'
ers'
ing neous Crops mal prodraw
goods goods
goods
prodprod- mateucts
ucts
rials
183
173
171
171
171
172
172
173
173
170
170
170
170
169
169
123
117
115
116
120
123
129
127
124
125
129
131
138
143
138
168
172
175
164
172
176
186
196
193
183
173
176
175
173
175
122
120
123
123
130
124
129
133
136
148
141
134
141
154
155
210
186
175
180
181
182
187
193
201
196
187
189
181
. 180
185
185
170
166
166
165
166
169
172
175
173
168
167
167
168
170
159
154
154
152
156
155
161
167
169
169
161
160
162
166
168
141
133
131
130
129
131
132
134
136
135
131
131
135
137
134
156
156
156
158
161
163
167
169
167
168
166
164
165
167
168
ITALY—RICCARDO BACCHI i
ENGLAND—BOARD OF TRADE
1925
1925
1924
Groups
1924
Groups
AuAugust July June May April gust
All commodities
157
166
Total food
164
Cereals
161
M e a t and fish.
174
Other foods
152
Total, not food123
Iron and steel
Other minerals and metals.. 132
Cotton. _
.. _ 207
177
Other textiles
156
Other articles .
158
166
159
154
185
153
125
132
210
176
157
158
167
163
154
185
152
126
130
214
175
154
159
167
163
153
185
155
128
132
216
181
153
163
169
162
159
186
159
131
133
227
193
156
165
166
167
153
176
165
141
140
230
196
158
August
All commodities
Vegetable foods
Other vegetable products
Animal foods
Chemicals
Textiles
Minerals and metals
Building materials
..
Sundries
.
_
117
144
138
135
77
111
81
112
115
AuJuly June May April gust
113
134
123
125
76
114
81
111
115
109
129
135
120
73
110
77
102
112
106
125
130
116
70
103
74
105
108
105
124
129
118
70
105
73
102
107
92
103
91
107
63
93
66
86
98
CANADA—DOMINION BUREAU OF STATISTICS
FRANCE—STATISTICAL BUREAU
All commodities
All foods
Animal foods
_.
Vegetable foods
Sugar, coffee, cocoa.
All industrial material.
Minerals
Textiles
Sundries
558
501
500
496
500
604
519
812
557
557
508
499
520
486
597
506
804
554
543
497
466
535
465
580
495
784
535
520
480
465
509
435
553
458
748
517
513
458
446
474
437
557
457
776
513
477
440
444
413
480
506
426
713
455
GERMANY—FEDE RAL STATISTICAL BUREAU
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
All commodities
Vegetable products
Animal products
Textiles
Wood products
Iron products
Nonferrous metals
Nonmetallic minerals
Chemicals
Raw materials, or partly manufactured
Manufactured, fully or chiefly..
Producers' goods
Consumers' goods
._
1
132
130
120
146
135
134
129
136
134
133
129
134
132
130
126
129
131
127
121
130
179
136
126
191
131
123
129
166
175
135
122
188
129
123
128
162
177
136
127
192
129
123
125
165
180
138
131
202
129
123
123
170
165
138
110
193
118
130
113
157
158
170
135
195
159
151
105
177
158
159
174
133
194
159
152
103
177
158
159
177
131
193
159
153
103
177
158
157
163
135
195
159
156
102
176
159
157
168
125
200
161
157
97
184
154
157
161
156
156
155
159
155
154
156
160
158
153
158
160
159
152
152
158
153
152
152
158
151
151
1920=100.
S W I T Z E R L A N D i—DR. J. L O R E N Z
120
111
99
131
175
135
123
190
134
121
124
165
160
173
138
193
159
150
107
178
158
1924
1925
Groups
All commodities
Consumers' goods
Agricultural products.
Industrial p r o d u c t s . . .
1
First of month figures.
SepSep- Autem- gust July June M a y tember
ber
159
160
174
115
160
161
176
119
159
162
177
121
159
163
178
122
161
170
181
118
180
754
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL CITIES
I N D E X N U M B E R S O F RETAIL F O O D P R I C E S
[Pre-war=100]
]European
United
States
(51
cities)
countries
Other countries
Eng- France Ger- Italy Neth- Norerland^ (Paris) many (Mi- lands way
lan)
Bel- BulAustria
(Vienna)* gium 2 garia
Rus- Switzersia * land
Aus- India New South
Zeatralia (Bom- land Africa
bay)
Canada i
1923
October
November
December
147
148
147
17,526
17,851
21, 849
117
121
124
2,219
2,365
2,547
172
173
176
349
355
365
151
502
503
500
145
149
149
217
221 «
226
167
169
172
162
166
167
144
144
145
157
157
156
147
147
152
146
147
147
117
120
118
1924
January
February
March
April
May
June
July
August
September...
October
November. _.
December
146
144
141
138
138
140
140
141
144
146
147
149
22, 941
23,336
23,336
23,361
23,797
24 267
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
164
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
27,168
27,065
26, 796
26,448
27,037
27,031
26,550
25,739
140
137
134
127
122
127
3,131
3,163
3,128
3,100
3,032
3,083
2,906
178
176
176
170
167
166
167
168
170
408
410
415
409
418
422
421
423
137
»145
146
144
141
146
154
154
590
610
624
620
599
599
602
156
157
157
155
154
152
152
152
277
283
284
276
265
261
260
254
205
208
211
217
221
219
218
210
208
168
168
168
166
165
167
167
165
145
147
145
142
141
141
141
146
148
149
151
152
154
155
156
152
152
155
153
151
149
152
147
146
147
147
149
149
150
149
120
120
121
124
123
122
120
119
1925
January
February
March
April
May
June..
July
August
September
INDEX NUMBERS OF COST OF LIVING
[Pre-war=100]
European countries
Massachu- Bel- Czech- Eng- Essetts gium oslo- land1 thovakia
nia
1923
October
November..
December...
158
157
158
458
463
470
901
898
909
175
175
177
1924
January
February
March
April
May
June..
July
August
September-.
October.
November..
December. . .
157
156
156
154
154
154
155
155
157
157
157
158
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
521
517
511
506
502
505
509
517
525
>899
911
904
901
894
914
916
894
180
179
179
175
173
172
173
173
174
1925
January
February
March
April....
May
June
July
August
September
------
"T<
94
98
104
108
109
113
110
114
112
111
Fin- France Ger- Hunland (Paris) many gary
Italy
(Milan)
Other countries
Neth- Nor- PoSwit- Can- Aus- India South
erSpain Swe- zer- ada 1 tra- (Bom- Africa
den land
lands way land
lia bay)
1,193
1,190
1,170 """345"
61
126
125 ~6,~813~
502
502
499 --178- " 2 3 l "
1,155
1,143
1,141
1,121
1,121
1,147
1,154
1,198
1,199
1,219
1,222
1,217
110
104
107
112
115
112
116
114
116
122
123
123
8,168
13,920
17,851
18,340
20,470
21,817
22,018
21,443
21,299
21,222
20, 782
20,569
510
517
521
522
518
518
512
511
516
546
563
573
124
»136
136
137
136
138
143
145
20,503
19, 740
19,282
18,806
18,853
18,776
18,142
18,344
580
592
602
600
591
596
598
1,199
1,191
1,210
1,201
1,176
1,191
1,218
1,266
365
366
367
377
386
390
179
236
173
244
176
258
181
266
179
271
179
259
47
55
80
174
177
182.
177
121
127
126
127
126
124
127
135
141
150
152
153
178
190
180
195
180
186
182
180
189
185
175
190
176
150
151
151
149
147
148
152
151
188
189
192
191
188
190
182
182
173 ~
171"
"I74"
178
"m
------
164
167
168
149
150
150
169
168
168
166
166
168
169
166
166
169
170
170
150
149
148
145
143
143
143
145
146
146
147
147
168
168
167
165
165
166
166
149
150
148
147
146
146
146
149
""I52"
150
149
"I48~
148
150
152
153
157
132
133
133
158
156
153
150
150
153
156
160
160
160
161
160
133
134
134
134
134
133
132
132
132
133
134
133
157
157
159
158
156
154
157
152
151
133
133
133
134
134
134
133
132
1 First of the month figures.
' Revised index.
21921 -100.
* January, 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.
755
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
BANKING AND FINANCIAL STATISTICS
FEDERAL RESERVE BANKS
AVERAGE DAILY CONDITION FOR AUGUST AND JULY, 1925
[Amounts in thousands of dollars!
Total earning assets
Total deposits
Total cash reserves
Federal reserve notes
in circulation
Reserve per-
Federal reserve bank
July
August
Boston.-New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas..
San Francisco
_
Total: 1925
1924
1923
1922
1921
1920
1
74,428
253,267
84,396
106,083
62,394
59,457
77,310
253,385
79,301
97,636
110, 288
! 1,092,264
i
836,534
I 1,078,204
1,053,098
1, 841, 596
3,233, 862
1,065,252
825,999
1,119,787
1,127,888
2,012,699
3, 200,973
2,896, 876
3, 211,455
3,194,364
3,195,502
2, 740,388
2,127,305
July
August
July
August
143,023
844,442
131,190
180,471
66,396
69,490
325,725
78,381
52,916
91,788
57,440
163,127
2, 209,321 2,204,389
2,139, 536 2,109, 552
1,890,069 1,919,779
1, 859, 524 1,882,118
1,691,137 1,696,481
1, 885,062 1,909,221
2,921,585
3,248, 713
3,181,220
3,158,276
2,655,179
2,118, 899
1,626, 387
1, 757,470
2, 228,947
2,151,185
2, 512,348
3,165, 222
August
July
80.4
81.6
78.3
78.3
61.0
71.3
78.7
46.1
63.6
65.2
57.4
73.2
80.2
81.1
80.0
80.0
58.2
72.9
78.4
53.6
68.2
65.7
55.9
74.1
1,635, 694
75.5
1,825, 260
82.4
2, 242,143
77.6
2,157,405
79.7
2,604, 750
65.2
3,143,465 »43.7
76.1
82.6
76.4
78.2
61.7
i 43. 7
164,856
342,159
149,746
211, 520
70,104
135, 286
146, 212
41,793
61, 661
63,644
40,116
199, 290
143,122
835,792
133,858
180,661
67,331
74,227
329,638
79,001
52,055
93,100
56,704
163,832
256,108
957,486
226,920
309,125
79,387
147,945
375,105
65,442
78,950
101,731
53, 508
269,878
247, 518
960,913
222,134
307,163
83,796
149,348
374,484
55,673
72, 279
102,260
55,605
265,703
54,427
123,332
62,717
39, 755
54, 373
49,840
107,478
120,680
70,913
45,203
56,151
49,004
July
August
176,467
335,620
152,608
206,131
69,930
133,358
152,460
43, 768
62,791
63,064
38,363
201,134
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
Boston
San
Francisco
New
York
Phila- Cleve- Richdelphia land
mond
355,808
355,808
355, 728
375, 728
133,848
131, 557
131, 738
129, 555
183.131
184.132
181, 707
180, 783
34,526
38,551
37,582
41, 580
107,879
110,917
126,052
128,866
135,139
135,139
135,074
135,074
14,931
15, 724
15,821
16, 299
45,234
45, 525
45,403
44, 977
9,718
8,491
7,478
11,545
14,634
4,340
4,533
5,719
3,438
3,193
4,658
4,435
2,444
2,563
2,640
2,867
2,680
2,957
2,277
2,919
5,731
4,681
3,904
3,007
2,064
794
1,248
1,347
2,362
1,811
1,713
1,870
526
299
206
273
148, 482
135,897
136, 271
135, 274
186, 569
187,325
186,365
185, 218
36, 970 110, 559
41,114 113,874
40, 222 128,329
44,447 131, 785
140,870
139,820
138,978
138, 081
16, 995
16,518
17, 069
17, 646
47,596
47,336
47,116
46,847
54,828 j
54,416
54,098
53, 7561
38,447 24,099 113, 513 6,708
34,436 30,184 121, 688 11, 586
30, 478 27, 219 130, 697 18,016
28,504
124,991 15,455
7
16, 760
18,998
22,727
12,919
Atlanta
Chicago
Minne- Kansas
St.
Louis apolis City i
Gold with Federal reserve agents:!
Aug. 26
1,444,444 154,062
Sept. 2
l , 4 4 1 , r ~ 151, 953
Sept. 9
! 1,451,175 150,809
Sept. 16
1,489, 568 147, 910
Gold redemption fund with
United States Treasury:
Aug. 26
3,437
Sept. 2
42, 787
4,7"
Sept. 9
44,340
5,876
Sept. 16
48, 019
8,182
Gold held exclusively against
Federal reserve notes:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Gold settlement fund with Federal Reserve Board:
Aug. 26
Sept. 2
Sept. 9___
Sept. 16
Gold and gold certificates held
by banks:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Total gold reserves:
Aug. 26
_.
Sept. 2
Sept. 9
Sept. 16
Reserves other t h a n gold:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
365,
364,
363,
387,
50, 739 29, 719 199,42849,633 30, 641 192,413
48,771 31,430 191,060
51,203 33,014 204, 579
4,089 1, 758
4, 783 1,895
5,327 2,127
2, 553 1,469
1,98a
2, 513
2, 559
2,106
31,477
32, 536
33, 557
34,483
201,416
194,926
193,619
206, 685
40,3591
32,403
38,266!
34, 751
11, 099
14,117
16,109
14,184
37, 670
36,125
46,501
32, 500
1,498,787
1,484,780
1,495,515
1, 537, 587
157,499
156, 719
156, 685
156, 092
665,842
689, 685
679, 480
636, 567
45,062
53, 489
56, 773
55, 377
213, 930
210,355
164,397
174, 529
41, 587
53,819
53, 923
57,198
76, <
72, 485
74,374
58,466
597, 524
602,230
595, 696
598,530
30,045
28,546!
26, 082]
25,4541
341,150
349,111
353,279
357,652
21, 619
20,349
19,316
18,924
44,579
44,932
45,302
45,983
6,850
7,223
7,636
8,109
3,504
3,442
2,534
2,341
97,160' 12, 535
96, 728! 11,414
90, 333! 11,043
88,214!
7,502
7,475
7,345
7,472
3,255
3,525
3,456
4,003
5,335
5,357
5,414
7,113
23,990
24,128
23,956
23,567
232,606
238,754
239,540
236,923
920,606
923,765
880,882
919,454
211,688
210,065
209, 510
211,396
307, 756
304, 742
306, 041
289, 667
82, 267
82,773
78, 336
81,060
138,162
147, 500
158,082
161,819
351,543|
358,236 39, 518
360,008) 46,128
351, 286] 42,799
71,858
73,809
77,188
67,238
98,442
90,344
95,820
92,510
47,911
52,010|
55,080j
55,780
263,076
255,179
264,076
262,752
6,225
8,251
6,220
7,f "
4,237
4,135
3,888
4,021
9,320
6,160
5,688
5,080
1,738
1,627
1,529
1,747
4,267
4,315
3,974
4,325
8,906
8,345
8, 502!
8, 237|
5, 420
5, 326
5, 393
5, 336
i
2, 762,153
2,776, 695
2, 770, 691
2,772,684
125,374
121, 205
110, 230
109,020
12,697» 33,522
12,849 31, 778
12,475 28,759
13, 654 25, 697
7, r""
6,515
7,118
16,026
15,908 (
15,1051
15, 620!
16,987
14,576
12,182 i
10,2161
756
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Total reserves:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Nonreserve cash:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Bills discounted:
Secured by U. S. Government obligations—
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Other bills discounted—
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Total bills discounted:
Aug. 26
Sept. 2
Sept. 9
Sept. 16.Bills bought in open market:
Aug. 26
Sept. 2
Sept. 9
Sept.16
U . S . Government securities:
Bonds—
Aug. 26
Sept.2
Sept. 9
Sept. 16
.
Treasury notes—
Aug. 26
Sept.2
Sept.9
Sept. 16
Certificates of indebtedness—
Aug. 26
Sept. 2
Sept.9
Sept.16
Total U . S . Government securities:
Aug. 26
Sept. 2
Sept. 9___
Sept.16
Foreign loans on gold:
Aug. 26
._..
Sept. 2
Sept. 9
Sept. 16
All other earning assets:
Aug. 26
Sept. 2
Sept.9.__
Sept. 16._
Total earning assets:
Aug. 26
Sept.2.__
__.
Sept. 9
Sept. 16
Uncollected items:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Bank premises:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
All other resources:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Boston
NewPhila- CleveYork delphia land
2,887,527 245, 303 954,128
2,897, 900 251, 603 955,543
2,880,921 252,015 909, 641
2,881,704 250,577 945,151
Richmond
Atlanta
Chicago
St. Minne- Kansas
Louis apolis City Dallas
217, 71
216, 225
215,198
216,476
313,981
312, 993
312, 261
297, 636
86,504
86,908
82,224
85,081
147,482
155,435
164,597
168,937
367,569
374,144
375,113
366,906
53,225
54,094
58,310
53,015
1,131
1,181
900
1,048
2,265
3,555
2,032
4,035
3,352
3,136
3,105
3,528
3,329
2,745
3,193
2,844
8,067
7,846
7,381
9,214
3,418
3,136
3,033
2,897
226
794
111
236
32,642
45, 677
38,896
14,348
13, 259
13,351
15,099
8,878
7,256
6,150
6,494
35,080
25, 622
30, 972
19,395
7,
8,287
7,297
51,416
46,237
43,614
51, 520
4,955
3^657
3,796
16,623
13,199
13, 569
16, 497
310, 690
320, 527
364, 841
228, 594
13, 673
14, 775
13, 542
12,013
135,152
153,435
185,108
70, 200
268, 985
256,363
274, 351
259,346
21, 834
12,947
11, 561
9,462
57. 682
42,057
69, 226
40,161
20, 280
20,073
23,182
25,315
20, 519
22,324
21, 596
30, 555
37,348
41,329
38,305
39,224
27,999
28,687
24,043
22,391
22,816
20,963
20, 958
24,184
22, 435
24,973
22,469
32,266
579, 675
576, 890
639,192
487, 940
35, 507
27,722
25,103
21,475
192, 834
195,492
254,334
110,361
48, 506
47,867
47, 293
48, 551
53,161
55, 213
t>7, 273
69,451
51, 696
54,588
51, 656
54,323
36,877
35,943
30,193
28,885
57,896
46, 585
51,930
43, 579
31, 031
32,632
30, 756
39, 563
201, 519
213,167
214,143
211,962
27, 600
34,343
36, 057
38,981.
21, 031
25, 035
22,146
11, 960
15,178
18,038
18, 576
19,961
18,360
18,008
17,302
18,077
4,858
5,148
5,003
5,142
69, 942
70, 403
55,418
557
557
557
537
4,912
4,912
4,912
1,257
611
611
611
585
8,746
8,746
8,746
7,965
230,255
230,996
236,801
245, 751
499
414
316
518
53,771
50, 516
51,361
50, 902
17,207
17, 207
17,207
17,228
32,306
25,274
19,910
108,080
7,491
4,370
4,375
5,206
1,543
1,423
1,228
89,700
332, 249
326,212
327,114
409,249
8,547 60,226
5,341 56, 851
5,248 57, 501
6,261 141,859
2,
77'
2,025
555
2,025
555
2,025
555
10, 500
7,500
7,500
7,500
28,
27,
24,
23,
V
12, 515 24,077 12,175
12, 831 26, 529 4,892
11,742 27,203
3,094
28,912 2,374
1,
1,486
1,191
1,665
1,665
1,665
829
11, 571
15,571
20, 571
21,189
4,019
4,019
4,019
4,253
11,296
11, 296
11, 297
11,965
54
54
54
50
10,331
6,331
1,331
1,792
39
39
39
17,872
17,872
17,872
17, 863
30, 648
30, 648
30, 648
30, 946
5,544
5,544
5,544
5,444
976
697
697
1,124
803
803
803
557
398
398
398
697
1,420
1,440
1,440
1,066
14,381
14.401
14.402
13, 860
430
307
307
307
20, 965
73,596 102,709
75,436 94,659
78, 717 99,794
96,835
1,126, 293
1,126,089
1,190, 269
1,119, 071
72, 431
67,961
66, 963
67, 272
276,926
279, 403
336, 006
266, 205
84, 882
86, 794
86,758
89,392
579, 518
628, 059
658, 563
50, 608
57, 753
58, 749
79,340
128, 617
142, 258
146, 079
224, 497
54, 438
60, 276
62, 689
86,164
61, 210
61, 245
61,333
61, 370
4,190
4,190
4,190
4,190
17,129
17,133
17,133
17,13-
1,218
1,248
1,252
1,252
21, 983
22,097
23, 260
20,305
111
123
115
90
6,856,910
7,198
4,002
271
298
36'
327
56,817 268,496
60, 355 260,505
63,582 269,469
64,017
1,175
690
716
2,260
1,874
1,865
2,358
2,350
2,002
1,813
1,797
2,491
2,585
2,350
2,608
2,380
1,409
3,316
3,064
710
2,480
937
1,069
2,520
1,862
1,923
2,006
28,485
32,087
31,467
29, 825
5,053
5,398
5,930
6,494
7,f"
6,134
8,807
7,925
18,109
22,311
23, 089
18,347
4,818
7,433
6,807
8,305
7,882
6,640 11, 500 46, 594
8,974 10, 669 54, 398
7, 945 9,848 54, 556
7,203 8,495 48,172
20,457 16,506
9,012
20, 776 17,995
8,411
22, 963 17, 342 10,779
23, 670
11, 251
19, 750
21,161
21,936
20,848
2,462
2,462
2,462
53
3,273
3,273
3,273
1,197
8,149
8,149
8,149
7,558
27,227
27, 227
27, 227
20, 269 28,873
7,752
7,752
7,752
8,220
368
368
368
77
77
77
2,500
2,713
2,788
2,833
1,729
287
79
5,095
5,095
5,095
4,933
42, 978
43, 245
43, 026
40,986
30,868
30, 868
30,868
30,163
15, 978
15, 978
15,978
18,278
32,137
32,324
32, 670
31,286
29, 279
29,349
29, 566
29,175
43,791
43,791
43,791
43,128
1,449
1,035
1,035
1,035
483
345
345
345
346
247
247
420
300
300
300
368
263
263
735
525
525
525
50,159
48, 692
50,456
49,184
110, 870
119, 875
120, 808
112, 673
33, 632
36,392
39, 335
54,369
21,118
21,126
19,785
19.117
19.118
19,117
3,009
2
I??
' 2,350
2,320
2,320
2,320
2,350
2,320
2,320
2,420
San
FranCisco
9,129
9,141
9,440
8,052
7,733
7,822
7,976
6,409
20, 295 21, 267 36,234
20,395 21, 247 36, 234
20,397 21, 303 36, 234
21,505 22,687 38,142
279
100
64, 203
63, 482
56, 644
55,140
126, 400
117, 394
123,194
114, 512
74, 557
68, 737
65,063
72, 445
44, 214
43, 808
47,493
50, 077
55, 703
59, 593
58, 257
57, 587
32, 56'
32, 493
37, 673
48,149
75, 035
82, 44'
78, 908
128,308
29, 992
33,907
36, 599
45, 742
12, 937
13,605
15, 578
18, 266
35, 536
38,012
41,160
48, 255
7,948
7,948
7,948
50, 527
53, 089
54, 494
76,719
2,446
2,446
2,446
2,446
2,780
2,780
2,780
2,780
8,099
8,099
8,099
8,099
4,702
4,703
4,706
4,706
3,047
3,047
3,047
3,047
4,495
4,495
4.576
4,612
1^833
1,833
3,323
3,323
3,323
3,323
422
517
627
285
591
560
1,287
607
2,430
2,450
2,403
2.356
1,325
1,316
1,345
1,300
346
349
351
338
2,987
2,993
2,997
4,629
721
736
741
711
1,540
1,492
I,'""
1,450
4,385
4,353
4,337
4,210
103,293 62, 655
104, 672j 65, 678
116, 026! 62, 601
119, 277 65, 307
53,
56,
58,
84,
678
6141
557
300
21,951
21,213
742
34, 852
v 28,
1,833
OCTOBER,
757
FEDERAL RESERVE BULLETIN
1925
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousanas of dollars]
Total
Boston
NewYork
Phila- Cleve- Richdelphia land mond
Atlanta
Chicago
San
Francisco
Minne- Kansas
St.
Louis apolis City Dallas
Total resources:
Aug.
Sept.
Sept.
Sept.
26
2
9
16
4, 727, 947 377, 598 1,400,277
4,781, 627 385,9181,414,446
4, 857, 960 385, 689 1,429,626
5, 062,931 405, 265 1,473,486
359, 657
366,022
367,164
394, 659
481,587
486, 299
497,451
513,481
206, 075 252,7911
211, 817 259,3851
206,157 267,290
233, 688; 280,206
586,495
591,246
594,040
628,339
166, 240
164, 926
168, 062
179,143
137, 956
139, 579
148, 548
145,902
201, 424
199,369
206, 393
210, 358
134, 650
135,587
147, 918
153,133
144, 774
144,708
145,950
144,968
40,762
40,521
40, 541
40,052
61,910
62,832
64,998
65,340
63,719
64,020
65,846'
65,749
40,970
43,216
45,755
46,172
198,215
204,408
209,108
207, 527
75,660 50,499
74,610 51,085
73,894 55,259
77,467 51,834
9,274
85,5481
87,623!
87,252
56,009
56,074
58,331
58,096
159,197
156,711
158, 798
158,015
3,1
953
1,016
482
1,422
1,030
1,616
210
1,386|
1,5161
816
53
1,237
414
1,167
144
2, 302
1,636
2,177
293
1,279
117
125
387
183
4,507
4,747
4,726
4,941
423,197
427,033
439, 622
445, 271
LIABILITIES
Federal reserve notes in actual
circulation:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Deposits:
Member bank—reserve account—
Aug. 26
Sept. 2
Sept. 9
Sept.16
Government—
Aug. 26
Sept. 2
Sept. 9
Sept.16
Other deposits—
Aug. 26
Sept. 2
Sept. 9
Sept.16
Total deposits:
Aug. 26
Sept. 2
Sept. 9
Sept.16.
Deferred availability items:
Aug. 26
Sept. 2
Sept. 9
Sept.16
Capital paid in:
Aug. 26
Sept. 2
Sept. 9
Sept.16
Surplus:
Aug. 26
Sept. 2
Sept. 9
.
Sept. 16
.__.
All other liabilities:
Aug. 26
Sept. 2
Sept. 9
Sept.16
Total liabilities:
Aug. 26
Sept. 2
Sept. 9
Sept.16
I
1,615,887
1,637,725
1,680,115
1,677,299
160,033
160,735
162,330
158,469
345,083 145,170 216,305
349,528 151,518 225,252
350, 615 150,142 224, ~~~
69,606
72,014
74,465
75,666
2,183,487
2,186,593
2,195,648
2,197,663
141,187
142,428
139,217
143,728
837,535
840,294!
846,377!
833,865!
129,928
131,841]
127,763|
134,767
176,586
179,019
183,609
177,654
65,454
69,623
62,608
66,458
25,321
22,786
3,528
1,312
1,197
1,473
214
5,580
959
1,973
263
2,587
2,690
3,056
263
3,405
808
1,991
555
2,761
2,091
625
613
817
2,058
1,888
190
24,363
23,814
26,072
29,007
280
285
351
265
14,293
13,281
13,694
16,478
268
290
420
513
1,086
1,046
1,279
1,238
248
189
325
268
123
171
192
1,050
1,071
1,742
1,811
1,' 366
206
213
226
413
2,236,538
2,235,728
2,244,506
2,230,198
142,779
143,910
141,041
144,207
857,408
854,534
862,044
850, 606
132,783f
134,821
131,239
135,543
179,665
182,123
186,776
179,082
69,407
70,620
64,924
67,281
78,481
81,438
78,756
81,152
328,428
331,224
330,960
330,433
80,630
76,842
76,176
79,315
52,127
52,328
57,101
52,457
91, 761
88,181
89,903
88,450
57,363
56,613
59,885
58,423
166,006
163,094
165, 701
163,249
528,297
561,085
585, 596
807,583
24,847 65,596
24,821 67,689
29,271 69,405
37,000 105,187
29,082
31,820
35, 588
43,971
12,153
12,656
14,652
16,320
32,106!
33,336
36, 790;
42,314
23,640
23,079
29,581
35, 853
34,409
35,005
40,233
49,919
116,324
116,363
116,380
116,423
49,268
55, 725
56, 717
77,028
8,601
8,596
8,596
8,596
8,174
8,174
8,191
217,837
217,837
217,837
217,837
13,064
12,889
13, 526
13,591
4, 727, 947
4, 781, 627
4,857,960
5,062,931
338,702 145,603 216,525
110,323 49,278 48,839 48,756
121,036 54,047 51,343 50,528
124,072 52,380 48,830 48,077
178,155 76, 951 72,832 72,053
31,866
31,900
31,900
31, 919
11,507
11,494
11,494
11,501
13,052 5,971
13,058 5,979
13.058 5,979
13.059 5,980
22,462 11,701
22,462 11,701
22,462 11,701
22,462 11,701
16,382
16,382
16,382
16,382
58, 749
58, 749
58,749
58,749
20,059
20,059
20,059
20,059
535
570
623
583
3,229
3,144
3,333
3,442
427
431
474
463
1,044
1, f""
1,073
1,078
934
975
1,011
1,007
377, 598 1,400,277
385,9181,414,446
385,689 1,429,626
405,2651,473,486
359,657
366,022
367,164
394,659
481, 587
486,299
497,451
513,481
206,075
211, 817
206,157
233,688
62.4
60.9
59.0
59.5
135,068
138,713
144,824
147,631
75,597 326,561
79,176 320,184
77,939,' 324,230
80,153 328,374
248
4,582
1,101
1,117
1,464
1,145
15,607
15,607
4* 617 15,615
15, 619
4,617
8,950 30,426
8,950 30,426
8,950 30,426
8,950 30,426
5,126
5,125
5,127
5,121
3,199
3,199
3,200
3,202
4,307
4,305'
4,304
4,304;
4,318
4,318
4,316
4,314
9,971
9,971
9,971
9,971
7,497
7,497
7,497
7,497
8,977
8,977
8,977
8,977
7,592 15,071
7,592 15,071
7,592 15,071
7,592 15,071
1,664
855 1,592
872! 1,684
856| 1,706
647
659
713:
1,070
1,067
1,100
1f'"
5541
550'
573
564j
767
769
789
779
1,308
1,281
1,335
1,314
252, 791 j 586,495 166,240
259,385 591,2461 164,926
267,290 594,040) 168,062
280,206 628,339 179,143
137,956
139,579
148,548
145,902
201,424
199,369
206,393
210,358
134,650
135, 587
147,918
153,133
423,197
427,033
439,622
445, 271
MEMORANDA
Ratio of total reserves to deposit
and Federal reserve note liabilities combined (per cent):
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Contingent liability on bills purchased for foreign correspondents:
Aug. 26
Sept. 2
Sept. 9
Sept.16
Own Federal reserve notes held
by Federal reserve bank:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
75.0
74.8
73.4
73.7
81.0
82.6
83.1
82.8
79.8
79.7
75.1
78.7
78.2
77.2
76.1
75.8
79.3
78.6
75.8
73.7
31,128
31,148
34, 646
34, 665
2,358
2,305
2,583
2,583
7,870
8,422
9,168
9,187
2,963
2,895
3,246
3,246
3,409
3,331
3,734
3,734
1,650
1,850
1,850
299,720
287,864
273,428
18, 636
17,775
18,136
19,' ~
116,909
111,477
113,415
117, 722
38, 772
38, 915
31, 747
34,941
14,459
15,560
13,837
16, 398
13,959
13, 216
11, 756
14, 693
69.1
70.6
73.6
73.8
77.7
78.6
78.7
77.2
43.8
46.1
50.0
44.4
64.5
65.5
64.5
58.6
66.1
62.2
64.1
62.8
57.8
60.5
60.2
61.2
73.7
70.9
71.9
72.3
1,306|
1,2761
1,431
1,431
4,397|
4,2961
4,816'
4,816
1,466
1,432
1,605
1,605
1,051
1,027
1,152
1,152
1,274
1,245
1,396
1,396
1,115
1,090
1,222
1,222
2,230
2,179
2,443
2,443
20,671
20,154
20, 528
21,130;
12,418
11, 707
12, 520
13,429
4,979
5,013
4,290
4,557
3,978
3,647
3,819
3~~
7,564
6,596
6,209
6,738
6,578
5,355
4,775
5,339
40,797
38,449
32,396
40,196
758
FEDERAL RESERVE BULLETIN
OCTOBER, 1925-
FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS
[In thousands of dollars]
Total
Within 15
days
16 to 30
days
31 to 60
days
61 to 90
days
From 91
days to 6
months
Over 6
months
Bills discounted:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Bills bought in open market:
Aug. 26
Sept. 2
Sept. 9
Sept. 16..
United States certificates of indebtedness:
Aug. 26..-Sept. 2
Sept. 9
Sept. 16
579,675
576,890
639,192
487,940
438,256
434,304
505,311
352,410
27,961
37,050
36,084
38,305
62,041
55,633
56,659
55,644
39,568
40,916
33,024
34,858
11,625
201,519
213,167
214,143
211,962
62,084
60,683
58,274
50,778
37,205
34,973
36,335
43,260
53,601
62,690
64,095
61, 111
36,469
39,900
41,988
45,022
32,306
25,274
19,910
4,280
18,190
14,176
94,110
17,144
2,000
2,000
1,275
550
3,169
3,406
2,961
4,129
224
178169'
163-
12,160
14,921
13,451
11,791
7,945
6,560
5,713
1,128
1,498
8,63&
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal reserve notes received
from comptroller:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Federal reserve notes held by
Federal reserve agent:
Aug. 26
Sept. 2
Sept. 16
Federal reserve notes issued to
Federal reserve bank:
Aug. 26
.
Sept. 2
Sept. 9
Sept. 16
Collateral held as security for
Federal reserve notes issued to
Federal reserve bank:
Gold and gold certificates—
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Gold redemption fund—
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Gold fund, Federal Reserve
Board:
Aug. 26
Sept. 2
Sept. 9
Sept. 16
Eligible paper—
Aug. 26
Sept. 2
Sept. 9
1
Sept. 16
1
Total collateral—
Aug. 26
!
Sept. 2
.
!
Sept. 9
Sept. 16
I
Boston
New
York
Philadelphia
San
Cleve- Rich- Atlanta Chicago St. Minne- Kansas Dallas Franland mond
Louis apolis City
cisco
2,908,605 276,549 770,231 219,775 274,584
2,917,358 280,440 766,860 217,485 273,185
766,923 216,665 271,459
2,907,442
2,946,295 275,797 764,797 £14,883 287,836
992,998 97,880 314,620 35,400 43,600
991,769 101,930 310,300 33,400 41,320
953,899 98,230 303,980! 33,400 32,370
970,667 97,630 296,460! 29,800 46,470
1,915,607
1,925,589
1,953, 543
1,975, 628
178,669
178, 510
180,466
178,167
455, 611
456,560
462,943
468,337
184,375
184,085
183,265
185,083
109,804
113,730
112,761
114,919
210,039
216,077
216,1521
216,346
70,101 85,135 99,016
69,894 85,426! 98,349
68,991 84,804 98,588
87,798 98,220
26,239 54,300 268,457
28,500 57,210 271,507
26,540 50,800 ! 268,007
24,560 47,585 271,507
230,984 83, 565 155, 739
231,865 85,230 158,867
239,089 86,221 165,352
241,366 90,359 168,761
157,192
156,415
158,470
158,397
65,910
65,333
64,622
72,303
301,812
302,657
301,304
314,72a
24,360
24,360
24,160
24,160
19,247
18,947
15,987
18,970!
27, 733
27,733
26,533
25,733
18,362
16,762
14,092
20, 792
62,800
59,800
59,800
67,000
45,741
45, 534
44,831
44, —
425,649
427,922
426,477
429,904
65,888
66,479!
68,817j
68,828!
71,283
70, 616
72,055
72,487
47,548
48, 571
50,530
51,511
239,012
242,857
241, 504
247, 723
I
309,098
309,098
310,698
308, 701
34,700
34,700
35,300
35,300
101,659
113,963
112,018
110,150
10,362
17,253
15,509
12,610
28,110
28,110
28,030
1,033,687
1,018,932
1,028,459
1,070, 717
109,000
100,000
100,000
100,000
141,000
141,000
141,000
161,000
747,811
745,197
808,848
669, 519
63,107
62,065
61,160
60,456
188,156
184,411
244,867
100, 757
57, 751
58, 581
55,978
62,856 i
70,815
72, 953
84,150
87,079
55,993
59,657
55,084
57,865
2,192,255
2,187,190
2,260,023
2,159,087
217,169
214,018
211,r"
208,366
543,964
540,219
600,595
476,485
191,599!
190,138|
187,7161
192,4111
253,946
257,085
265,857
267,862
90, 519
98,208
92,666
99,445
5,200
5,200
5,200
4,800;
8,780
8,780
8,780
8,780
21,160
21,160
21,160
21,160
9,000
9,000
10,000
10,000
11, 759
9,468
13, 649
11,866
14.351
15.352
12,927
12,003
4,071
3,096
5,127
4,125
5,879
4,917
4,052
7T"
116,889
116,889
112,889
112,889
160,000
160,000
160,000
160,000
18,733
18, 733
18,733
11,775
11, 775
11,775
11,775
13,052
13,052
13,052i
13,052
4,494
4,494
4,429
4,429
1,656
1,449
546
1,024
1,182
1,473
1,351
925
3,379
4,273
3,411
2,843
3,486
4,408
3,697
5,378
12,930
19, 670
19,290
19,051
9,295 93,000 130,645
14,295 97,000 130,645
11,295 112,000 130,645
16,295 111,000 130, 645
1,500
2,500
3,500
3,500
31,000
31,000;
31,000;
31,000
47,360
45,360
45,360
48,360
7,500
7,500
9,000
10,500
186,498
172,743
171,770185,528
49,324 81,871 43,177 27,776| 23,074 20, 504
48,710 73,036 37,445 27,334! 26,900 19,066
41,887 78,930 33,616 31,0211 25,2211 20, 565
40,944 72,392 41,856 31,162! 25,849 19,696
66,263
75,039
76,369
68,607
157,203
159,627
167,939
169,810
217,010 58,108
208,175 53,169
214,004 49,437
207,466 58,155
73,Olo'
72,859
76,424
76,139
17,136
73,813
76, 533 {
73,992|
77,052!
50,223
49, 707
51,995
52,710
265,691
267,452
267,429
273,186
759
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
FEDERAL RESERVE BANKS—EARNING ASSETS HELD AND EARNINGS THEREON, AUGUST, 1925
Lin thousands of dollars]
Total
Boston
New Phila- CleveYork delphia land
Richmond Atlanta
Chicago
St.
Louis
Minneapo- Kansas Dallas
City
lis
Francisco
HOLDINGS ON AUG. 31,
1925
"Total earning assets
Bills discounted for members
Bills bought in open market
'United States securities
Foreign loans on gold
All other earning assets
j
|
!
j
1,129,307j
577,201
212,040
330,246
7,500
2,320:
78,895
38,220
33, 743
6,377
555
257,611
178,647
16, 728
60, 211
2,025
186,407i
2,232
22,404
18
12, 509
394
86,587!
47,8151
17,883
17,872!
697
2,320
102,502 69,597
52, 369 58,801
18,6831 4,854
30, 648! 5,544
802
65,683 122,129
37,891! 51,383
13, 088 26, 709
14, 397 43, 002
307
1,035
73,927
31,150
11, 564
30. T "
345
26,677
209!
20,067
657
20,172
104
44,882 58,002
7,627
8,188
20,468 17,837
15,978 32, 238
300
248
49,059
10,717
8,759
29, 320
263
120,433
54, 393
21, 724
43, 791
525
6,446
7,904
4
12, 200
16
3'
25
Bills Discounted
Rediscounted bills:
Commercial and agricultural
• paper, n. e. s
Trade acceptances, domestic.
Secured by U. S. Government obligations
Member bank collateral notes:
Secured by U. S. Government obligations
j
Otherwise secured
!
Total discounted bills
8,687 10,196 34,109
338
54
435
5,036
65
211
327
116!
43
18
307,906
79, 572
15, 656 129,553 j 28,064!
36,191! 10,945|
31,842
9, 685
15,853
8,174
9,478
1,411
30,569
47
8,905
1,951
577,201
38,220 178, 647
47,815
52,369
58,801
37,891!
51,383
118,194
58, 558
31,049
2,953
445
16,349
9,914
7,202
278
9,006
3,927!
2,365
424
445.
7,411
6,458
3,547
467
10,621
4,183
3,295
328
2,406
772
l,67i
7,628
4, 582
803
75 s
15,479
6,882
3,894
454
212,040
33, 743
16,728
17,883
18,683
4,854
13,088|
26,709
11,564 20,468
17,837
69,845
230,237
30,164
557
414
5,406
4,912
53,756
1,543
611
17,207
54
8,746
11, 571
10, 331
1,'
4,019
1,654
11,298
1,445
21,071
19,118
2,813
3,272
27,227
369
8,150
7,751
77
9,130
20,395
2,713
7,794
21,247
279
2,462
36,234
5,095
330,246
6,377
60,2111
17,872
30, 648
5,544
14,397
43,002
30,868
15,978
32,238
29,320
43, 791
84,396 106,083
49,433 56,612
14,001 17,697
17,872 30,661
968
1,113
62, 394
50,532
5,757
5,548
557
1, C
2,752
395
31,150| 8,188
1,078;
66!
1,595
1,189
32, 561
9,518
7,627! 10,717
54, 393
Bills Bought
Bankers' acceptances based on—
Imports
Exports
Domestic transactions
Dollar exchange bills
All other
Trade acceptances based on imports
Total purchased bills
841
561L
6,314
4,013
952
285
12, 591 11,712
5,154
4,722
2,521
1,327
202
76
5,645
1,874
1,180
60
13, 032
6,077
2,287
304
256
8, 759 21,724
United States Securities.
United States bonds
Treasury notes
'Certificates of indebtedness
Total U. S. securities
DAILY AVERAGE HOLDINGS DURING AUGUST
Total earning assets1
Bills discounted
Bills bought
United States securities
Foreign loans on gold
1,092, 264
544,917
205,605
329,151
10, 469
253,267
167,977
24,156
58,299
2.835
59,457 120,680
31,198 52,034
" '"
25,374
41,823
1,449
70,913 45,203 56,151
27,614 8,788 7,556
11,939 20,082 15,998
30,882 15,987 32,177
478
346
420
49,004 110,288
10,390 46, 290
19,412
29,280 43,858
368
728
EARNINGS DURING
AUGUST
"Total earning assets *
Bills discounted
Bills bought
United States securities....
Foreign loans on gold
3,290,
1,701
565
990
28
212
109
79
22
2
749
499
3.55
3.68
3.24
3.54
3.50
3.36
3.60
3.23
3.13
3.50
3.48
3.50
3.19
3.56
3.50
255
147
39
308
168
176
204
172
16
15
1
186
106
37
42
1
3.85
4.00
3.24
3.17
3.50
3.68
4. OOi
383
1771
70! !
132!
4|
218
94
33
90
1
139
30
55S
168
26
149
35
24
319
138
53
126
2
3.61
4.00
3.23
3.87
3.50
3.52
4.00
3.23
3.56
3.50
3.59
4.00
3.21
3.56
3.50
3.40
3.50
3.23
3.37
3.50
ANNUAL RATE OF
EARNINGS
Total earning assets 1
Bills discounted
_
Bills bought
United States securities
Foreign loans on gold
_
3.56
3.50
3.26
4.00
3.50
3.42
3.50
3.23
3.39
3.50
•I
3.24
3.39
3.50
3. 73 3.62
4.00
4.00
3.22
3.22
3.73
3.44
3. 50,
3. 50
1
Figures for Philadelphia include average daily holdings of Federal intermediate credit bank debentures, $2,122,000; earnings, $6,011; and
annual rate of earnings, 3.33 per cent.
760
FEDERAL KESERVE BULLETIN
OCTOBER,1925
FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING AUGUST, 1925
[Amounts in thousands of dollars]
Total
Volume of Operations
Total (all classes)
13,433,053
Boston
New
York
Phila- Clevedelphia land
Richmond
223,886 1, 834, 280 U90,746 353,381 175,135
Atlanta
Chicago
68,485 173,405 101,199
Total bills discounted- _ 3,199, 367 187,139 1, 770,897 174,444 340, 962 171,882
Bills Bought in Open Market
From member banks
From nonmember banks,
banking corporations, etc.:
With resale agreement
All other
Total bills bought
Rates charged:
3 per cent
33^ per cent
Vyi per cent
.
3/^ per cent
3Yi per cent..
3% per cent
3% per cent
4 per cent
Averagerate (365-day basis)—
per cent
Average maturity (in days) •_.
Class of bills: 4
Bankers' acceptancesBased on imports
Based on exports
Based on domestic
transactions
Dollar exchange
Unclassified
Trade acceptances—foreign...
Total
_
U. S. Securities Bought in
Open Market
United States bonds. . . .
Treasury notes
Certificates of indebtedness...
Total U. S. securities
bought
1
2
3
26,480
25,381
232, 206
93,313
7,558
16,485
11,857
14,423
11,515
12,808
5,899
209, 773
22,105
190
138
28
99
422
120
6,569
105
118
210
31,188
106
45
3,250
3,770
3,611
73
48
25
55, 734
6,224
11, 539
1,696
9,839
766
6,658
2,441
164,615
40,247
59, 370 147,871
93,313
16, 485
14,423
12,808
209, 773
16
2
4, 765
64
4
78
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
4.94
55.87
6.20
54.35
3.65
54.08
8.47
54.64
4.75
47.33
3.51
57.34
9.13
55.89
11.95
56.24
7.08
55.31
13.08
54.54
8.14
61.82
9.43
64.67
6.97
64.15
9,541
421
869
751
864
606
502
1,407
627
851
1.040
854
749
2,979
31.2
163
38.7
313
36.0
347
46.2
309
35.8
313
51.7
199
39.6
484
34.4
220
35.1
124
14.6
135
13.0
172
20.1
200
26.7
47,451
5,624
1,848
4,095
8,016
1,032
3,340
8,099
2,696
3,379
3,070
1,688
4,764
55,188
85, 575
8,398
15, 111
37,326
2,527
9,927
4,045
2,048
5,264
1,556
11,024
4,862
8,478
8,445
4,211
7,908
9,433
188, 214
29,133
41, 701
14,022
12,061
3,080
8,604
20,679
7,558
11,857
11,515
5,899
22,105
80, 518
36,418
62,841
4,198
3,142
285
58
754
4,933
8,038
12,994
1,561
1,441
23
49
94
40,295
312
528
56
471
30
9
1,333
4,242
8,182
206
59
2,925
4,498
4,078
145
415
581
669
1,818
12
3,277
1,125
3,305
158
79
7,400
5,680
5,933
1,147
415
104
2,912
1,010
3,586
25
25
4,646
2,966
4,175
28
30
12
3,722
2,746
4,887
47
94
19
2,642
1,022
2,027
86
33
89
5,852
4,110
11,328
739
68
8
3.26
57.13
3.29
69.51
3.09
29.32
3.26
65.04
3.25
60.24
3.27
49.67
3.47
49.64
3.26
53.79
3.25
59.77
3.23
54.87
3.25
58.77
3.24
50.62
3.24
49.69
62,609
29, 280
9,384
4,853
1,258
916
6,202
4,882
4,698
2,753
827
442
4,183
2,208
9,027
3,292
3,874
1,318
6,163
1,773
7,052
1,669
2,913
1,566
7,028
3,608
23, 753
2,493
14,232
659
3,411
253
2,834
1,103
100
595
403
2,417
521
2,824
326
1,204
256
1,501
310
525
100
1,588
4,616
358.
1,830
876
285
1,205
2,290
157
1,474
1,191
97
1,506
929
50
441
2,070
246
1,245
133, 026
20, 735
4,375
14,022
12,061
3,080
8,604
19,123
7,558
11,857
11, 515
5,899
14,197
1,814
23,017
15,640
90
15,845
5,026
1
37
14
255
4
129
529
1,598
5,794
3,912
100
28
255
100
67
684
5,470
415
117
40,471
7,392
20,871
1
37
14
388
4,441
190
28
422
6,569
118
660
Includes $2,000,000 Federal intermediate credit bank debentures.
Includes $229,000 discounted for the Federal intermediate credit bank of Spokane, Wash.
Including bills taken under a resale contract.
* Exclusive of acceptances bought under a resale contract.
San
Francisco
28,469
Bills discounted for member
3,199, 367 187,139 1, 770, 897 174,444 340,962 171, 882 59,370 147,871
banks
29,133
3,080
8,604 20, 679
Bills bought in open market._
188, 214
41, 701 14, 022 12,061
Bills bought from other Fed1
1
eral reserve banks
U.S. securities bought in open
1
37
14
4,441
20, 871
388
40, 471 i 7,392
market
321
222
159
279
414
810
123
3,000
Foreign loans on gold
Bills Discounted
Rediscounted bills:
Commercial, agricultural,
and livestock paper,
7,593 18, 675 19, 789 27, 746
144, 474
5,077
9,719
9,291
n. e s
10
210
463
Demand and sight drafts.
819
24
165
13
339
167
81
Trade acceptances
1,657
Secured by U. S. Govern210
43
18
ment obligations
134
58
630
Member bank collateral notes:
Secured by U. S. Govern119, 521
119, 270
58, 975 1, 588, 949 121, 389
ment obligations
548, 974
71, 395
731
172, 318 47,954 261, 011 33,311 31, 474
7,672
Secured by eligible paper 3 . 2, 503,169 118, 414
Averagerate (365-day basis)—
per cent
Average maturity (in days):
Member bank collateral
notes
Rediscounted bills.
Number of member banks on
Aug 31
Number of member banks accommodated during month.
Per cent accommodated _.
St.
Minne- Kansas
Louis apolis City Dallas
1
761
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
REPORTING MEMBER BANKS IN LEADING CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
Federal reserve district
Total
delphia
Number of reporting banks:
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Loans and discounts, gross:
Secured by U. S. Government obligations—
Aug. 19.
Aug. 26
Sept. 2
Sept. 9
Secured by stocks and
bonds—
Aug. 19
Aug. 26
-.
Sept. 2
Sept. 9
All other loans and
discounts—
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Total loans and discounts—
Aug. 19
Aug. 26
Sept. 2
Sept. 9
U .S. pre-war bonds:
Aug. 19...
Aug. 26
Sept. 2
Sept. 9
U. S. Liberty bonds:
Aug. 19.
Aug. 26
Sept. 2
Sept. 9
U. S. Treasury bonds:
Aug. 19
Aug. 26_.
Sept. 2
Sept. 9
U. S. Treasury notes:
Aug. 19.
Aug. 26
Sept. 2
Sept. 9_
U. S. Treasury certificates:
Aug. 19
Aug. 26..
Sept. 2__
_
Sept. 9
Other bonds, stocks, and
securities:
Aug. 19
Aug. 26
Sept. 2__
Sept. 9
Total investments:
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Total loans and investments:
Aug. 19
Aug. 26
Sept. 2__
Sept. 9 . - . .
Reserve balances with
Federal reserve bank:
Aug. 19
Aug. 26
Sept. 2_
Sept. 9
Richmond
St.
Minne- Kansas
San
Atlanta Chicago Louis apolis City Dallas Francisco
102
102
102
102
728
728
727
727
173, 242
173, 292
190,288
171, 525
Cleveland
10,177
10,362
10,097
10,164
100
100
100
100
19,101
5,577
6,467
6,829
6,525
7,337
7,281
7,331
7,306
29,718
30,093
30,374
29,460
490,682
492,768
495,750
490,442
130,500
130,303
133,851
136,281
92,917
92,422
94,506
92,803
794, 616
799,995
799, 251
799, 534
67
67
67
67
3,421
3,648
3,488
3,603
3,140
3,192
3,182
3,138
8,398
8,299
8,074
8,155
170,403 66,902 121,162
170,515 66,921 118,321
172,142 67,321 115,904
171,814 68,064 112, 234
77,717
78,065
77,704
78,847
248,291
244,954
246,507
244,621
162,210
163, 693
170, 728
173, 657
335,888
334,530
332, 981
330, 786
208, 517
210,459
210,102
213,985
859, 233
864,265
875, 503
876,937
231,522
233,090
240, 540
244,153
460,471
456,499
452,373
446,623
289,374 1,115,922
291, 7161,, 117, 518
290, 9881 ,130,084
295,97 , 129, 713
9701
7,025
8,731
8,105
7,154
64, 575
61,155
79,174
62,142
12,721
12, 762
12,126
12,345
18, 743
18,826
19,017
5,089, 665
5,093, 566
5, 111, 535
5,063,063
322,332 ,244,493
328,185 ~, 238,124
322,972 2,247, 572
322,242 ",205,791
329, 650
332,993
338,055
340,390
8,110,412
8,108,328
8,173, 611
8, 207,542
2,467,089
634,347 ' 468,396
637,323 2,498, 555
635,978 2, 510, 214
380,188 761, 743 370, 728
383,233 761, 737 372, 502
382, 824 763,110 372, 635
385,814 768,041 373,422
,
386, 797 . 232,884311, 066
390,055 1, 217, 553 307, 558
1,
394, 7181 225,029 310,103
404, 735 1,221, 699 312, 274
13,373,319
13,375,186
13,475,434
13,442,130
966, 578 :, 776,15"
»,
4,
972,
,
5,894 4, 767, 675
:
970,392 4i, 825,301
:
968; 384 4, 778,14"
722,559 1, 271,168506,805
,
728,""" , 273,331 509, 272
733,005 1,277,877 513,315
738,549 1, 277,584 516,228
.
487,051 057,218 488,494
489, 758 2,047, 641 486,804
496, 555 ,054,654 490,350
504, 844 , 050, 693491, 242
2,410
2,476
2,491
2,432
9,010
8,998
9,082
17,090
17,090
17,090
17,090
23,899
23,899
23,903
23,930
25, 65'
25, 788
25,775
25, 712
48,698
49,071
49,019
17,854
17,724
17,405
17,641
142,149
142,288
142,407
143,107
11,475
11,275
11,341
11,364
12,308
12,308
12, 27"
12,27'
17, 712
17, 525
17,631
17,264
7,192
7,21"
7,251
7,248
49,407
48, 542
48, 674
48,451
72,764
72, 719
72,995
72, 752
6,480
6,467
6,486
6,481
19,410
19,410
19,410
19, 410
17,458
17, 385
17, 622
17, 594
8,360
8,461
6,217
8,085
25, 74S
27,709
28,192
27, 412
2,146
2,147
2,158
2,106
7,799
7,627
7,252
7,324
504
521
553
553
2,581
2,581
2,381
2,381
4,028
3,466
3,853
3,809
2,370
2,370
2,311
1,962
16,945
17, 058
17,224
17,10a
62,165
62,406
61, 562
60,479
48, 059
50,283
52, 391
51, 574
420,919
420,933
420,820
429,095
111, 081
110, 841
110,985
110,950
43,138
42, 769
42, 721
42, 841
78, 541
79,471
80,441
80, 768
21,953
21,987
22,156
21,922
191,474
189, 207
192, 263
192, 309
352, 942
131,302
350,480 640, 641 128, 754
345,104 638, 675 127, 013
344,855 636, 710 125, 753
86,442
89,160
91,138
90,312
745, 770
746, 814
744,940
753, 789
164,982
164,510
164, 797
164, 658
109,990
109, 667
109,375
109, 432
175, 718
175, 543
177, 700
177, 322
74,819
74,849
72, 430
73, 948
449, 617
448, 70S
452, 663
452,312
573,493 2,802,988 653,476
578,918 2, 794,455 651,314
587,693 2, 799, 594 655,147
595,156 2,804,482 655,900
341, 512
342, 757
349,915
353, 585
636,189
632,042
630, 073
623, 945
26, 750
23,911
24,379
28, 572
55,219
57,185
52,153
54,462
219,469
219,394
219, 618
218,326
9,941
9,966
9,965
9,965
39,834
39, 784
39, 782
39,809
9,690
9,690
32,325
32,325
33,281
32,281
25,588
25, 628
24, 738
24, 638
14,883
14,888
14,890
14,929
17,606
17, 608
17, 679
17, 608
12,707
12, 707
12, 70;
12,70;
6,811
6,811
6,811
1,387, 550
1,380,072
1,378,031
1,377, 865
80,986
80, 63"
80,395
79, 888
605,383
601,046
601, 662
601,163
50,820
50, 702
50, 980
50,427
171,876
172,024
170,475
170,564
34,843
32,079
32,072
32,068
13,365
13, 852
13,809
13,753
172,913
172, 535
171,255
171,920
22,735
22, 699
22, 725
22,603
432, 532
433, 896
433,419
433, 819
20,450
20,292
20,349
20,487
197,645
199, 615
199,446
199,243
18,038
16,966
16,938
16,938
33, 676
33,968
33,897
34.749
5,216
5,151
5,131
5,103
5,644
5,645
5,545
5,605
53, 769
55,392
54,939
55,090
395, 990
386, 728
386,412
4,542
4,541
4,541
4, 640
192, 636
190, 598
182,806
181, 521
8,012
8,038
7,784
7,795
36,339
36, 309
36,302
36, 354
2,008
2,008
2,028
2,023
2,345
2,345
2,345
2,345
98, 940
98, 793
98, 251
97,494
2,110
2, llf
2,101
2,234
40, 889
41,443
41,112
40, 564
6,549
6,549
6,325
5,926
11, 537
11,439
11,494
12,090
1,482
1,482
1,482
1,442
259, 833
258, 535
253, 387
254, 079
354, 929
354, 576
353, 226
350, 672
2, 943, 548
2, 942, 989
2,926, 491
2, 943, 042
210,432 1,,
.
205, 992 1,
.
.
206, 016 1,
.
206, 454 1,
141, 024
145,989
130, 523
141,899
5,478,136 328,461 2, 217, 411
5,471,134 323, 538 2, 218,475
5,442, 538 323, 372 ^ 195, 331
2,
,
5,456,958 323,, 668], 204,199
;
2,
18,851,455 1, 295,039 6,993, 568. 075, 501
1,
,
1,911,850
18, 846, 320 1,296,432 6,986, 1, 079,468
4681,913,9721
18,917,972 lf 293, 764 7, 020, 1, 078,109 lj
,916,5521
18,899, 088 1,292, 052 6, 982, 346
\,- -,914,294
404 1
1.636, 351
1.637, 599
1, 635,350
1, 650,8231
92,960
94, 708
96, 246
93,671
745, 78;
749, 065
749,344
759,379
80,556
80,039
81, 242
79, 232
125, 795
121, 088
123,374
129,929
638,107
638,026
640,328
641,981
37, 726
40,377
43, 646
38,193
42, 523
43,424
44,989
43, 569
250,878
247, 743
242,343
245, 584
43,371
44,875
44, 605
43,246
364,193 1, 565,
366, 565 1, 566,
363,418 1, 582,
369,918 1, 582,
28,322
28,975
28, 554
29,356
539
221
747
025
106,464
106,209
104,475
105,63a
762
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
Federal reserve district
Total
Boston
NewYork
Philadelphia
Cash in vault:
266,519
Aug. 19
270, 757
Aug. 26
!
266,670
Sept. 2
287, 742
Sept. 9
Net demand deposits:
112,810,743
Aug. 19
12, 754, 531
Aug. 26
i 12, 847, 657
Sept. 2
112, 812,832
Sept. 9
T i m e deposits:
5,194,979
Aug. 19
5, 204,002
Aug. 26
5,199, 405
Sept. 2
5, 202,579
Sept. 9
Government deposits:
51, 639
Aug. 19
51,668
Aug. 26
51, 340
Sept. 2
34, 423
Sept. 9
_
Bills payable and rediscounts w i t h
Federal
reserve bank:
Secured b y U. S.
Government obligations—
219, 492
Aug. 19
231, 828
Aug. 26
248, 472
Sept. 2
290, 347
Sept. 9
All other—
138,001
Aug. 19
138, 247
Aug. 26
124, 696
Sept. 2
151, 498
Sept. 9
19,453
19, 649
19,910
20, 615
75,434
76,132
75, 595
81,603
882,921 5, 520,830
i,
872, 626 5, 495, 751
i,
I,
878, 428 5, 539, 632
877, 011 5,485, 357
14, 857
14,967
14, 025
14, 874
28, 287
29,120
29, 524
32,190
Richmond
13,:
13,892
13, 660
14, 706
756, 552 1, 017,438 355, 207
760,404 1, 014,303 354, 781
"•":,
761, 715 . 018,888 366, 709
1,
762, 389 i; 013, 661367, 201
.
,
180, 555
181, 329
182, 378
185,001
4,990
7,862j
5,019
7,862
7,862
4,990
5,251
3,335
369,413 1 188,711
.,
370, 454 1
1,188, 481
375, 625 1,, 181, 868
L
i,
376,, 976 i., 182,420
>
I.
4,053
4,053
4,053
2, 705
Cleveland
Atlanta
St.
Chicago Louis
San
Minne- Kansas! Dallas
City I
apolis
Francisco
5, 736
6,113j
5,680|
6,6571
12,075!
12, 664!
11,8211
9,684
9,949
10, 068
11,042
20, 730
20, 791
20,444
21,819
342,965 1,790,1161 377,041 222,165
341,
,780,967! 376,225 222,809
,790,093 382,003 232, 326
346,127 1,
355; 107 1, 790, 514. 384,800240, 261
516,363
514,072!
506,584
501,728
254,833
255,082
255,058
263,609
774,312
765,896
770, 094
771,194
140, 804
140,753,
139, 542|
139,856;
95,648
94,276
95,032
95,113
775,703
774, 980
775,508
774,662
914
914
609
609
4871
487!
487j
2,083
2,083
3,983
3,983
3,983
2,653
11, 234
11, 228
10, 016
11,149
48, 891
49, 276
48, 641
52,440|
6,976
7, 286
7, 759
756,802
756, 848
759, 720
755,780
201,882
201, 426
199,947
198,645
201,794
209,900
207,061
206,715
976,657
975,800
973,988
978,127
9,446
9,446
9,446
6,296
1,815
1,815
1,815
1,209
3,787
3,787
3,787
2,515
10, 915
10,915
10, 915
7,266
1,304
1, T" '
1,304
870
207, 245
209,599
208, 493
208, 864
99,765
100,156
100, 243
100, 420
1,
3,844
4,450
5,500
3,300
119,131
138, 351
171, 082
10, 823
10, 470
12,209
7,685
4,
, , 4,137 374
20,955! 6,126 7, 374i
21, 415 5,109 5,593
33, 306 5,141 4,761
32,014
28, 371
18,882
23,107
3,980
4,928
4,241
4,804
4,715
1,650
1, 215
3,323
1,223]
148!
2,079!
637I
337
1,214
587
762
24,760
27,011
33, 291
32, 439
16,492
15, 503
6,439
5,919
30, 648
44, 468
28,312
56,343
14,395
11,860
11,888
15,643
17, 211 16, 530
13, 309 15, 452
14,832 19,062
14,894! 16,448
11,920
10,117
9,220
11,878
9,857
519
959
665
1,183
1,169
1,691
2, 2771
2, 432
2, 463
2,502
2,106
3,712
4,464
7,305
9,455
12,031
12,052
13, 284
11,079
6^544
6,812
REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES
|In thousands of dollars]
Federal reserve bank city
Total
(12 cities)
Due to banks:
Aug. 19
Aug. 26
Sept. 2
Sept. 9
Due from banks:
Aug. 19
Aug. 26
Sept. 2
Sept. 9
2,128, 617
2,109, 259
2,174,977
2,149,842
562, 519
544, 250
568,927
571,028
Boston
NewYork
117, 364 L, 000,050
1,
114,933 991,957
122,120 1, 024, 068
L,
123, 516 985, S98
43,602
36,630
38,732
36,162
97,168
90, 513
97, 405
92, 205
Philadelphia
Cleveland
RichSt. Minne- Kansas Dallas
San
mond Atlanta Chicago Louis apolis
City
Francisco
171, 643
169, 264
177, 277
169, 620
51, 612
47, 737
52, 292
51, 507
30, 360
29,244
30, 728
30,627
23,037
24,247
25, 214
27,821
364,950 81,110 47, 672 107, 560
367,478 78,070 51,013 106,516
372,171 78, 504 55, 296 105,932
371, 649
61, 430 108,064
55,099
59, 411
63, 560
56,445
25,146
23,789
25,965
24,751
15,133
14, 339
14, 332
14,566
12, 599
12,419
12, 843
14,216
156, 969
155, 482
159,721
165,266
24,883
-„, ,
24,4031
28,381
17, 341
19, 258
21, 243
22,554
42,476
41,974
40,067
43,273
24, 680
23,340
28,976
34,568
108, 579
105, 460
102, 399
102,944
20,508
18,950
25, 370
29,056
51,595
45, 225
45,286
44,153
763
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
C i t y of Chicago
N e w York C i t y
Aug. 19
Number of reporting banks
Aug. 26
Sept. 9
Aug. 26
A u g . 19
61
_.
Loans and discounts, gross:
Secured by U. S. Government obligations.
Secured by stocks and bonds_._
All other loans and discounts
61
46
Sept. 2
Sept. 9
46
46
59,550
1,997, 796
2,157,236
56,031
1,994, 738
2,160,808
73,846
2, 005, 346
2,189,558
57,188
1, 962,033
2,201,941
22,288
599, 985
683,836
22,435
604, 911
682,359
22, 778
603, 610
684,344
21,788
602,145
682,189
4,214, 582
Total loans and discounts
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
Sept. 2
4,211,577
4, 268, 750
4,221,162
1,306,109
1, 309,705
1,310, 732
1,306,122
29,098
506, 719
182,198
180, 755
38,198
854,184
29,098
502, 784
184,890
178, 765
38, 752
855, 724
29, 096
503,396
184, 722
171,009
38,421
837, 671
29,098
503,126
184, 629
169, 689
37, 873
851,819
1,916
90, 617
19,448
57,980
3,165
188, 370
1,917
94,073
18,112
57,893
3,165
188,419
1,917
95,160
17, 723
58,040
3,186
187,127
1,917
95,736
17, 787
57,842
3,249
194,806
_..
_.
Total investments
1, 791,152
1, 790, 013
1, 764,315
1, 776, 234
363,153
371,337
Total loans and investments
6, 005, 734
6, 001, 590
6,033, 065
5,997,396 j
1,667,605
1, 673, 284
1, 673,885
1,677,459
690,187
60, 340
4, 979,868
795,949
6,171
697, 913
61,388
4, 963,880
795,408
6,171
691, 682
60,480
5,003, 837
788,477
6,171
703,318
64, 669
4, 950, 382
786,975
4,120
167, 049
22,879
1,179,102
472, 737
5,645
172, 978
23,104
1,191, 568
468, 878
5,645
163, 925
22, 376
1,190,142
466, 362
5,645
164,135
23, 950
1,191,337
470,115
3,759
86,265
27,188
95, 015
40, 239
107, 065
24, 552
142, 740
52,706
8,965
5,945
11,770
3,070
1,551
1,885
2,821
1,746
113,453
135, 254
131,617
195,446
14,910
14,840
3,436
4,567
Reserve balances with Federal reserve bank..
Cash in vault
_
Net demand deposits
Time deposits
Government deposits
Bills payable and rediscounts with Federal
reserve bank:
Secured by U. S. Government obligations.
All other
Total borrowings from Federal reserve
bank
__
361,496
363,
579
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
1924
1925
1925
1924
M a y 27
J u n e 24
J u l y 29
Aug. 26
Aug. 27
M a y 27
June 24
J u l y 29
A u g . 26
Aug. 27
1,313,510
6,236, 627
1,159, 071
1,463,643
560,248
646,362
2, 391,294
700, 591
439, 619
824,391
605, 626
1,230, 203
1,337,475
6,276, 324
1,159, 036
1,482,254
558,817
621,453
2,425,469
693, 028
451,240
836,559
588, 601
1,240,484
1,368, 029
6, 302,126
1,154,112
], 517, 902
566,353
635, 930
2,448, 515
693,094
435, 645
864, 546
581,038
1, 250,178
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
1,286,094
6,219,902
1,107,114
1,467,908
547,400
483,981
2, 378,145
637, 219
397, 066
756,814
510, 092
1,248,483
745,103
2,154, 206
796, 502
1, 314,938
501,137
407,256
1,814, 574
437,801
435,891
309,873
166, 006
1,251, 953
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
693,671
1,882, 782
725, 033
1,256,184
477,894
352,396
1,645,640
417, 571
408, 794
299, 705
160,201
1,048,245
17, 571,185
17,670, 740
17,817,468
17,906,629
17,040, 218
10,335,240
10,420, 784
10,413,112
10,489,702
9,368,116
Banks in cities and
towns having
a
population o—
f
Less than 5,000... 1,613,945
5,000 to 14,999
1,078,411
15,000 to 99,999.... 2,266,800
100,000 and over.. 12, 612,029
1, 614,416
1,077, 714
2,265,177
12, 713,433
1,624, 359
1, 085, 632
2,295, 050
12,812,427
1,669,015
1,101,824
2,388,499
12, 747,291
1, 550, 338
1, 023, 543
2, 034,430
12,431, 907
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
1,105,035
2,142,079
5,514,854
1,616, 638
1,025,816
1,935,459
4, 790,203
Boston
_
New York _
Philadelphia
Cleveland
Richmond
Altanta
Chicago
St. L o u i s . .
Minneapolis..
Kansas City
Dallas
San Francisco
Total
_
1, 692, 920
1,082, 783
2, 086,284
5,473,253
764
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, APRIL 6, 1925, TO
JUNE 30, 1925
Between April 6 and June 30 there was an ber banks. The additions and losses to memincrease of 7 m the number of member banks bership which determined these net changes
in the Federal reserve system and a growth of are classified for the second quarter of the year
$1,156,000,000 in their resources, and at the in the acccmpanying table.
end of June active membership, as indicated
The increase in the number of national banks
by the banks7 reports of condition, comprised was the net result of 103 additions and 47
8,066 national banks and 1,472 State banks losses. The additions resulted largely from
and trust companies, a total of 9,538 banks, conversions of State banks into national banks
with aggregate resources of $39,105,000,000. in the State of Texas. There were, in all disWhile the resources of national and State mem- tricts, 41 nonmember banks and 33 member
ber banks increased about equally during the State banks which converted into national
three-month period, there was a net increase banks, and out of the total of 74 such changes
of 56 in the number of national banks and a in status 60 occurred in the State of Texas.
net decrease of 49 in the number of State mem- Other additions included 27 banks newly organized and 2 banks, previously suspended,
CHANGES IN ACTIVE MEMBERSHIP IN THE FEDERAL which resumed operations.
Of the losses, 8 reRESERVE SYSTEM, APRIL 6,1925, TO JUNE 30,1925
sulted from mergers between1 member banks,
1 from voluntary liquidation, and 15 from the
absorption (or succession) of national banks by
Member banks
nonmember banks. There were 23 suspenNumber
sions during the period, as against 48 in the
Resources
(in thoufirst three months of the year and 27 in the
sands of
Nasecond quarter of 1924.
dollars)
tional State Total
The decline in the number of member State
1,521
Active membership Apr. 6, 1925. 8,010
9,531 37,949,265 banks was the net result of 13 additions and
Additions to membership:
62 losses. The additions represented the adPrimary organization of national banks
2,886 mission of nonmember State banks to mem27
27
Conversion of nonmember
Of the losses, 33 represented State
23,994 bership.
41
41
banks to national
32,667 banks which obtained charters under the naAdmission of State banks
13
13
Resumption following suspension
2
267 tional bank act (31 of these being banks in the
2
Conversion within the sysState of Texas) and 6 were State members
(75,619)
33
tem 1
_
which were merged with other member banks.
59,814
Total additions
103
13
83
There was 1 voluntary liquidation * during the
Losses to membership:
period, 7 absorptions (or successions) of State
Merger of member banks:
(41,172) members by nonmember institutions, and 8
Intra-class
4
3
7
Inter-class
3
7
(54,423)
suspensions, as against 11 in the preceding
Absorption of member banks
by nonmember banks (or
succession)
15
7
22
17,536 quarter and 1 in the second quarter of 1924.
Voluntary liquidation (terSeven member State banks availed themselves
1
2
1,941
minal)
7
3,437 of their option of withdrawing upon advance
7
Withdrawal
26,944 notice.
23
8
31
Suspension or insolvency
Conversion within the sys33
(75,619)
tem 1
In the following table are shown in detail
62
47
76
49,858 the changes in membership in the Federal reTotal losses
-49
+56
+7 2+1,155,760 serve system, by districts, between April 6 and
Net change
1,472
9,538
39,105,025 June 30, 1925:
Active membership June 30,1925. 8,066
1
2
Compensating items.
Includes changes in resources due to reorganization, growth, contraction, etc., in addition to changes enumerated.
i Instances in which, as far as could be determined, voluntary liquidation resulted in some other outcome than the final termination of the
institution, were classified according to the ultimate status of the b a n k .
765
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, BY DISTRICTS AND BY CLASS OF BANKS, APRIL 6, 1925,
TO JUNE 30, 1925
Number
Resources,
all districts
(in thouAll
sands of
disdollars)
tricts
Boston
37, 949, 265
39,105, 025
9,531
9,538
Net increase (+) or dei + l , 155, 760
crease (—)
Net increase (+) or decrease (—)
_.
MinSt.
Louis neapolis
23, 820,192
24,338,831
8,010
8,066
1+518, 639
+56
14,129, 073
14, 766,194
1,521
1,472
740
749
869
865
608
607
505
501
+9
-4
-1
-4
714
720
667
671
751
748
549
549
381
380
1,056
1,057
+6
382
382
857
866
+9
420
420
+7
National bank membership:
Apr. 6, 1925.
__
June 30, 1925
Chicago
Kansas
City
Dallas
San
Francisco
|
Total membership:
Apr. 6, 1925
June 30, 1925 . .
New Phila- Cleve- Rich- AtdelYork phia land mond lanta
1,407
1,404
+4
-3
-1
+1
143
146
73
78
118
117
124
121
351
347
132
129
100
98
-3
-4
-3
-2
Q
624
621
872
859
1,056
1,048
824
847
749
751
-3
—13
-8
+23
+2
492
492
772
761
1,023
1,015
649
711
574
580
-11
-8
+62
+6
175
136
175
171
State bank membership:
Apr. 6, 1925—
June 30, 1925
Net increase (+) or decrease (—)
Changes in national bank membership:
Total additions
Primary organization
Conversion of State member banks
Conversion of nonmember
banks
Absorption 2 State memof
ber banks
Absorption of nonmember
banks
_
Resumption following suspension
Total losses...
__
Voluntary liquidation (terminal)
Suspension or insolvency..
Merger 3
between national
banks
Absorption by State member banks
Succession by State member banks
Absorption by nonmember
banks (or succession)
Changes in State bank membership:
Total additions
Admission of State banks..
Succession to national
banks
Absorption of national
banks 2
Absorption of nonmember
38
38
1+637,121
-49
+3
+5
106, 530
2,886
103
27
9
8
4
3
75, 619
33
41
3,480
-i
-1
5
3
1
2
8
2
1
1
1
2
(3)
551
47
381
21, 961
1
3
2
1
1
1
23
3
3
2
(2, 261)
4
1
50, 943
4
2
8,844
15
83, 610
32, 667
13
13
5
5
50, 943
(4)
(2)
-4
98, 055
2
1
1, 560
5,267
3
3,480
3
75,619
33
8,692
3,437
7
7
2
1
8
(38,911)
3
3
64
4
10
5
1
29
4
(1)
1
1
1
11
2
4
1
9
1
14
3
2
1
(1)
62
5
3
1
2
1
1
1
1
4
7
1
1
5
5
2
2
2
(I)
l
1
3
4
1
1
3
3
2
1
41
--
1
4
1
1
1
1
1
I
1
31
1
i
1
1
2
Includes changes in resources due to reorganization, growth or contraction, etc., in addition to changes enumerated.
Number not increased; both number and resources counted among losses by absorption for the other class of bank.
Counted only among losses in number; resources of member banks not diminished under ordinary circumstances.
3
(1)
(1)
2
82,129
2
1
-39
31
banks (or succession)
Resumption following suspension
Total losses...
Voluntary liquidation (terminal)
Suspension or insolvency..
Merger between State
member banks 3
_.
Absorption by national
banks
!
Conversion to national
banks
i
Absorption by nonmember
banks (or succession). _ !
Withdrawal
33
33
1
23, 994
59
58
1
1
5
2
1
766
FEDERAL KESERVE BULLETIN
OCTOBER, 1925
ALL INCORPORATED STOCK BANKS IN THE UNITED STATES—CONDITION ON
JUNE 30, 1925
Comparative figures showing the condition vision, will aggregate $33,569,000,000 and their
of all banks in the United States, other than investments $15,375,000,000, a total of $48,mutual savings banks and private banks not 944,000,000, or $3,686,000,000 more than reunder State supervision, snow a continuous ported in June a year ago.
rise in loans and investments, which on June
Some of the State banking departments did
30, 1925, reached a new record total of $41,- not make a call for condition reports as of June
561,000,000, an increase of $748,000,000 over 30, and in compiling the figures the latest availthe total reported on April 6, 1925, and an able data were used for such States.
increase of $3,154,000,000 over the total for
STOCK
June of last year. Of the increase of $748,- ALL INCORPORATEDJUNE 30, BANKS —CONDITION ON
1925 2
000,000 since April 6, $689,000,000 was in loans
[Amount in millions of dollars]
and discounts and only $59,000,000 in investLoans and investments Total
ments. Total deposits, exclusive of bank
Numdeposits,
deposits, were $1,479,000,000 higher than on
ber of
exclureportInApril 6 and $3,750,000,000 above the amount
ing
Total Loans vest- sive of
bank
reported at the end of June, 1924. Borrowings
D£Liiks
ments deposits
from Federal reserve and other banks went up
$110,000,000 between April 6 and June 30 of All banks:
June, 1920
28, 715 36,813 28,177
32,642
8,636
this year and $140,000,000 between June, 1924,
June, 1921
31,134
29,477 34,318 25,857
8,461
June, 1922
31,944
29,092 34,166 24, 647
9,519
and June, 1925.
June, 1923
34,512
29,342 37, 359 26, 793 10, 566
June, 1924
36, 841
28,451 38,407 27, 222 11,185
The table below shows in summary form the
October, 1924...
28,385 39, 610 27,958 11, 652
37, 587
amounts of loans, investments, and deposits
December, 1924.
39,066
28, 266 40, 202 28,243 11,959
April, 1925
39,112
28,073 40,813 28,775 12,038
of all incorporated stock banks in the United
June, 1925
40, 591
27,944 41, 561 29,464 12,097
States for recent dates since June, 1920. Member banks:
9,399 25,945 19,784
June, 1920
6,161
21,887
There are also given figures representing the
June, 1921
_
9,745 24,311 18,206
21,612
6,105
June, 1922
22,366
9,892 24, 358 17, 296
7,062
principal resources and liabilities of these
June, 1923
9,856 26,675 18, 880
23,837
7,795
June, 1924
25, 675
9,650 27, 262 19, 264
7,998
banks, arranged by Federal reserve districts
October, 1924...
9,635 28,451 19, 820
26,282
8,631
and by States.
December, 1924.
27,814
9,587 29,027 20,182
8,845
April, 1925
27,145
9,531 29, 285 20,390
8,895
In addition to the tables covering incorJune, 1925
28,403
9,538 29, 702 20,814
8, 888
porated stock banks, there is presented a table Nonmember banks:
June, 1920
19,316 10, 868
8,393
10,755
2,475
showing loans, investments, deposits, and
9,522
June, 1921
19, 732 10,007
7,651
2,356
9,578
June, 1922
19, 200
7,351
9,808
2,457
borrowings of mutual savings banks as of
10,675
June, 1923
19,486 10,684
7,913
2,771
11,166
June, 1924
18,801 11,145
7,958
3,187
June 30, 1925. It will be noted that since
11, 305
October, 1924...
18,750 11,159
8,138
3,021
June, 1924, loans of these banks have increased
11,252
December, 1924.
18,679 11,175
8,061
3,114
11,967
April, 1925
18, 542 11, 528
8,385
3,143
$405,000,000, investments $134,000,000, and
12,188
June, 1925
18,406 11,859
8,650
3,209
deposits $452,000,000. If the figures for the
mutual savings banks are added to those for 1 Exclusive of private b a n k s n o t u n d e r State supervision a n d of all
savings a n s except 3 in Ohio
1 in California, separate
other banks, the total loans of all banks in the m u t u a l for which bareknot available except a n dJuDe calls. T h e principal
figures
for
assets a n d liabilities of these 4 b a n k s as of J u n e , 1925, are included
United States at the end of June, 1925, ex- w i t h figures for m u t u a l savings b a n k s as given in t h e last table.
cepting private banks not under State superOr dates nearest thereto for which figures are available.
1
2
767
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
ALL INCORPORATED STOCK BANKS i—PRINCIPAL RESOURCES AND LIABILITIES, BY FEDERAL RESERVE DISTRICTS, ON
JUNE 30, 1925 2
[Amounts in thousands of dollars]
Loans and
discounts,
including
overdrafts
Number
of reporting
banks
Federal reserve district 3
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
_.
St. Louis
Minneapolis. __
Kansas City.-.
Dallas
San Francisco .
679
1,339
1,273
1,963
1,992
1,977
5, 204
3,124
3,127
3,919
1, 698
1,649
Total, June 30, 1925 V
Total, Apr. 6, 1925K.
Investments
Rediscounts
and bills
payable
875,662
3,386,891
1,213,136
1,412, 857
427,155
287, 008
2,018,206
491,242
418,715
394, 733
178,906
992, 240
2,916,951
10,393,225
3, 290,949
4, 281,457
2,175,469
1, 700,211
6,816, 591
1,978, 212
1,510,468
1, 823,900
1,013,970
3, 659,476
2, 747, 793
10,489,039
2,927,278
4,005,354
1,929, 287
1,699,988
6, 713,421
1, 896,136
1, 551,423
1,909,718
1,007,938
3, 714,046
83, 245
219,453
80, 241
70, 276
119,446
57, 358
119, 249
55,050
22,459
22, 516
19,126
52,181
12,096, 751
12,038, 223
41, 560, 879
40,813, 564
40, 591,421
39,112, 288
920, 600
811,217
2,041,289
7,006,334
2,077,813
2, 868, 600
1, 748, 314
1,413, 203
4, 798,385
1,486,970
1,091,753
1,429,167
835,064
2, 667, 236
29,464,128
28, 775,341
27,944
28,073
Total
deposits,
exclusive of
bank
deposits
Total loans
and
investments
1
Exclusive of private banks not under State supervision and of all mutual savings banks except 3 in Ohio and 1 in California, separate
figures for which are not available for April, 1925. T h e principal assets and liabilities of these 4 banks as of June, 1925, are included with figures
for mutual savings banks as given in the last table.
2
Or dates nearest thereto for which figures are available.
3
Figures for State banks and trust companies in the States of Indiana, Michigan, Kentucky, Tennessee, Missouri, Mississippi, and Louisiana
were not reported b y Federal reserve districts and accordingly were prorated on the basis of such data as were available.
ALL INCORPORATED STOCK BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON APRIL 6 AND JUNE 30, 1925 2
[Amounts in thousands of dollars]
State
Number of
reporting
banks
April
Maine
__
New Hampshire..
Vermont
Massachusetts
Rhode Island
Connecticut
June
Loans and discounts,
including overdrafts
April
June
Investments
April
June
61,405
184,879
69, 709
59, 759
36,139
31,062
218,339
543,3661
518,145
361,467
383,942
218, 432
219,096
559,020
516,836
361, 240
381,026
215,416
217,934
498,108
417,132
330,871
344,444
206, 605
3,535
215, 704 2,318
520,557 9,115 12, 920
418,435 28,230 30,816
324,652 13,923 17,831
323,873 26, 567 43, 217
196,390 8,601 14,192
41,118
101,413
42, 784
40,13"
359,076
387, 593
247,887
188,218
361,260
436,624
248, 764
192, 737
322,540
472, 217
249, 586
204,349
312, 474 17,3751 23,649
530,178 1, 402! 1,353
236, 285 4,945! 11,103
190,594 4, 577[ 12, 566
44
231
518
345
534
369
153,857
356,496
445, 737
301.439
342, 525
187, 834.
157,691
374.141
447,127
301,481
344,887
184,354
64,482
186,870
72,408
60,028
41, 417
30, 598
Georgia
Florida
Alabama _. _
Mississippi .
639
316
354
357
320.440
294,384
202,960
148, 765
320.142
335, 211
205, 980
152, 600
38, 636
93,209
44,927
39,453
599,981
2,391, 548. 2,483, 288
706,093
746, 626
599,271
599,445
794,813
915,164
819,425
207,979
103,250
Tennessee.
Arkansas..
Missouri...
Kentucky.
550
479
322, 860
167, 756
1,558
175, 426
901,312
46,919
27,113
7,507
2,581
4,032
63,199
772
6,230
9,094,2951
1,607,260;
75,5701
4, 010, 605
2,303, 782
District of Columbia.
Maryland
Virginia
West Virginia
North Carolina
South Carolina
727
985
1,558
Juno
8,267,835
1,504,159
74, 694
3,965,517
2, 231,458
6,162,209 2,800, 619 2,811, 271
1, 019,184
618,120
622, 781
54,950
33,830
34,857
2,711,805 1, 784,439 1,839,567
1, 758,178
601,692
608,615
1,
April
8,973,480
1,637, 304
88, 780
4,551,372
2,359,870
5,917,966
945,204
54,161
2, 686,681
1, 708,640
Indiana
Illinois
Michigan._
Wisconsin.
Iowa
June
8, 718, 585
1, 567,985
89,018
4,471,120
2,317, 255
981
473
45
1,645
1,100
New York
New Jersey
Delaware
PennsylvaniaOhio
April
247,6321 6,097
89,766'.
117,050! 3,840
1,663, 786i 66,552
803
5,931
450, 044!
251
31
150
40,121
393,415
132,335
198,833
June
Eediscounts
and bills
payable
267,300
104, 547
111,1
130, 017
1, 751, 239 1,578,740
305,312
284,690
437, 212
472,601
147,425
61,414
89,874
1,352,435
169, 285
272,183
125,798
April
Total deposits, exclusive of bank deposits
126,438
1,710,944
299, 257
462, 229
86,317
1,317,529
166,922
263,396
112
Total loans and
investments
119,875
43,133
40,143
398,804
136,027
200,418
216,226 203.175
31,809 28,107
1,168
589
58, 669 91, 948
43,124 37, 693
758,422
783, 014
3,306, 712 3,354,199 3,127,895 3,273,075 53, 622
851, 832 1, 525, 518 1, 598,458 1, 519,325 1,610,844 20, 623
800,519 8,797
798,304
208, 518
807,250
807,963
23, 667
898,063
888, 671
183,033
870,911
25,970
317, 41"
369, 779
194, 869
201,396
1,218, 729
365,905
202, 068
195, 765
1,155,984
7,185
4,519
18, 513
38, 764
34,936
10, 520
10,857
25,006
7,818
872,147 6,781
858,163
877, 296
875, 471
633,522
624,490
1,388 1,370
243, 774
250, 981
Minnesota
4,936
162,196
170, 689
154,706
152, 950
669
658
117,360
117, 784
37, 346
35,166
North Dakota..
5,957
180, 487 5J386
186, 855
165, 607
163, 488
539
526
26, 064
26, 546
South Dakota.
139, 543
136, 942
2,094
129, 881 1,450
128, 229
115, 595
118,187
23'
235
39,281
39, 364
Montana.
76, 314
78, 823!
1 Exclusive of private banks not under State supervision and of all mutual savings banks except 3 in Ohio and 1 in California, separate figures
for which are not available for April, 1925. The principal assets and liabilities of these 4 banks as of June, 1925, are included with figures for
mutual savings banks as given in the last table.
2 Figures include those of State banks and trust companies as given in the following table, which in some cases represent the condition of banks
as of dates other than Apr. 6,1925, and June 30,1925, respectively
768
FEDERAL, RESERVE BULLETIN
OCTOBER, 1925
ALL INCORPORATED STOCK BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON APRIL 6 AND JUNE 30, 1925—Con.
[Amounts in thousands of dollars]
State
Number of
reporting
banks
April
June
Loans and discounts,
including overdrafts
April
June
Investments
April
June
Total loans and
investments
April
June
Total deposits, exclusive of bank deposits
April
April
June
6,074
2,837
2,303
1,778
582
June
Nebraska
Kansas.
Oklahoma. __
Colorado
Wyoming- _.
1,100
1,285
780
335
1,087
1,279
773
334
96
370,873
324.315
237,163
182,170
37, 963
367,581
325, 938
247,388
178, 262
38,152
55, 593
73,391
89,095
92,203
10,087
56, 908
75, 659
88, 527
92, 915
10,990
426, 466
397, 706
326,258
274,373
48,050
424,489
401,597
335, 915
271,177
49,142
435, 743
417, r "
380,371
296, 485
52, 111
441, 762|
418, 948!
384,559
294, 263
53, 662
Louisiana...
Texas
New Mexico.
245
1,489
71
247
329,825
749,999
22,832
321, 614
734,158
21,449
50,471
171, 070
6,014
50,269
158, 282
5,763
380,296
921, 069
28, 846
371, i
892,440
27,212
364,350
944,601
31,487
362, 297 14, 913 10,792
877,992| 5,547 15,897
816
29,176! 432
57
114
163
33
664
279
364
57
115
161
34
662
279
360
45,306
45, 631
100,530
100.316
50,418
25,179
24, 257
2,022,318 2, 071,180
161, 964
160,461
227,466
225, 773
13,134
30,408
17, 983
7,338
730, 224
82, 683
120, 725
59, 621
58,440
70,110
69, 020| 1,716
130, 724
129,158
117,886
114,1871 2,125
66, 819
69,559
71, 723
73, 097 2,423
31, 595
32,146
32, 703
34, 633
729, 733 2, 752,542 2, 800,913 2, 761, 754 2,831, 270
243,144]
81,385
243, 349
252,575
255,959
345, 651
118,185
362,840
359, 930
Arizona
Utah
Idaho
Nevada
California
Oregon
Washington.
Total i.
13, 990
28, 628
19,141
6,967
28,073 27, 944 28, 775, 341 29,464,128 12,038,223 12,096,751 40,813,564 41,560,879
4,214
5,082
5,801
2,977
684
2,490
3,265
3,734
1,112,288 40,591,421 811,217 920,600
1
Exclusive of private banks not under State supervision and of all mutual savings banks except 3 in Ohio and 1 in California, separate figures
for which are not available for April, 1925. The principal assets and liabilities of these 4 banks as of June, 1925, are included with figures for mutual
savings banks as given in the last table.
S T A T E B A N K S A N D T R U S T C O M P A N I E S i — P R I N C I P A L R E S O U R C E S A N D LIABILITIES O N APRIL 6 A N D J U N E 30, 1925 2
[Amounts in thousands of dollars]
State
Number
of reporting
banks
April
Maine
New Hampshire..
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Delaware
Pennsylvania..
June
54
Loans and discounts,
including overdrafts
April
80,346
54,966
548,986
126,032
116,371
June
82,911
24, 265
57,1311
567,865
127, 649
122,211
Investments
April
17,379
133,662
106,265
130, 318
June
63, 530
18, 066
17,401
138,421
108, 847
132, 700
Total loans and
investments
April
149, 214
72,345
682, 648
232, 297
246, 689
June
146,441
42, 331
74,532
706,286
236, 496
254,911
Total deposits,
exclusive of bank
deposits
April
139,431
68, 562
666, 544
230,733
240,159
June
Rediscounts
and bills payable
! April
June
138, 008 4,031
5,130
38, 360|
2,024 1,891
71,181
694, 853 22,161 20, 616
233, 839
246, 404
3,386
3,458,183 1,369,764 1,380,987 4, 662, 222 4,839,170 4,753,112 5,167,160 53, 295 50,938
612, 379
924,870
881,477
312,491
318,379
916, 634| 16,165 14,411
853, 011
68,234
68,979
24,377
43, 857
58, 471
25,385
58,390
163
620
1,312,402
870,390 2,102, 460 2,182,792 1,925, 506 1, 950, 040 22, 825 40, 253
802, 316
359,826 l,577,3r" 1, 629,387 1,588,349 1, 654,687 18,810 17,735
1, 269, 561 358,945
Ohio 3
215
27
779
743
448
217
27
775
743
District of Columbia.
Maryland
Virginia
West Virginia
North Carolina
South Carolina
31
147
336
222
450
295
31
79,779
210, 542
145
173,341
336
221 ' 173,160
213, 683
441
106,112
298
79,979
221, 907
177,999
172, 748
214,970
103, 447
29, 028
105,753
17,903
24,036
20, 556
12, 664
29,168
101, 796
17, 018
24, 239
16, 687
12, 770
108,807
316, 295
191, 244
197,196
234, 239
118, 776
109,147
323,703
195,017
196,987
231, 657
116, 217
107, 646
300, 539
155, 806
186, 525
219,330
113,456
590 1,010
106, 518
314, 436 4,966 4,596
156, 662 11, 077 15,006
181,931 8,041 10, 213
205,859 15, 716 24,906
104,883 5,480 9,906
Georgia
Florida
Alabama
Mississippi.
548
260
252
321
543
261
252
323
191, 693
168, 419
103, 259
103,915
196, 293
193,851
106, 214
106,163
16,700
36,354
12, 079
20, 845
16, 093
11, 705
21, 985
208,393
204,773
115,338
124.760
212,386
232,681
117,919
128,148
185,967
278, 721
* 123, 221
141,932
179,869 13, 532 18,163
316,988 1,240
1,162
*116, 629 2,880 7,096
130, 088 2,848 8,549
373,944
1, 462,646 1, 524,947
435,479
455,902
344,583
550, 011
590, 245
688,705
115, 548
27,391
Indiana...
Illinois....
Michigan..
Wisconsin.
Iowa
Tennessee.
Arkansas..
Missouri...
Kentucky.
1,398
603
827
1,217
846
1,399
603
826
445
392
3, 292,458
563, 098
43, 594
1, 300,144
1, 218, 454
177,173
113, 520
1,427
118,346
563, 214
18, 013
10, 297
557,740
709,921
114,746
10,035
207,902
457,906
13, 812
2, 052,891 2,082,687 2, 043,891 2,146, 680 19, 724 18, 707
1,124,184 1,165, 823 1,118, 569 1,180,984 18, 276 16, 822
460,131
463, 740
476,312
478, 747 3,958 5,348
577, 402
16, 479
* 603, 223
195,186
123,817
128,381
771,116
215, 544
129,979
124, 275
800,240
4,310
3,832
8,892
21,910
Minnesota
1,061 1,050
277,379
279,278
81,732
87, 046
359, 111
366,324
387,680
391, 545
4,693
5,326
508
498
63,966
65,471
North Dakota..
9,963
9,637
73,929
75,108
85,403
82,441
3,791
4,079
426
415
91, 697
90, 223
South Dakota.
7,843
8,394
99, 540
98, 617
119,147
114, 480
3,776
4,350
152
150
36, 678
38, 466
Montana
55,454
18,776
18,995
57, 461
62,971
64,009
940
1,210
i Exclusive of private banks not under State supervision and of all mutual savings banks except 3 in Ohio and 1 in California, separate figures
orwhich are not available for April, 1925. The principal assets and liabilities of these 4 banks as of June, 1925, are included with figures for
mutual savings banks as given in the last table.
:
Or dates nearest thereto for which figures are available.
'Includes 3 mutual savings banks.
769
FEDERAL RESERVE B U L L E T I N
OCTOBER, 1925
STATE BANKS AND TRUST COMPANIES—PRINCIPAL RESOURCES AND LIABILITIES ON APRIL 6 AND JUNE 30, 1925—
Continued
[Amounts in thousands of dollars]
Number
of reporting
banks
State
April
Nebraska
Kansas
Oklahoma
Colorado
Wyoming _ _
Loans and discounts,
including overdrafts
June
June
April
April
Total deposits,
exclusive of bank
deposits
Total loans and
investments
Investments
June
June
April
Rediscounts
and bills payable
June
April
April
June
928
1,029
379
198
67
915
1,021
380
197
64
223,015
198,540
43,782
49,125
15,442
221,455
196,744
48,396
48,962
15, 566
17,751
27, 529
13,371
15, 486
1,956
19,474
27, 555
14,085
15,998
2,144
240,766
226, 069
57,153
64, 611
17,398
240,929
224,299
62,481
64,960
17,710
275,181
249,766
73, 560
77.162
19,302
276,881
238, 966
77, 753
76,366
19,454
2,962
2,250
1,075
666
480
2,844
3,593
2,099
984
599
Louisiana
._
Texas
New Mexico
212
910
38
214
846
35
253, 658
213,480
6,977
247, 545
193,199
6,166
36,928
26,131
1,380
36,926
20, 271
1,129
290, 586
239, 611
8,357
284,471
213,470
7,295
282, 016
* 297, 721
8,952
281, 547
232,146
7,570
10, 271
2,898
257
8,285
7,159
370
Arizona
Utah
Idaho
Nevada 6
California
Oregon
Washington
39
93
106
23
401
180
253
39
94
104
24
394
180
248
30, 297
69,431
19, 578
15,478
1,477,895
69,077
72, 594
30,479
70,748
19, 929
15, 651
1, 507, 622
71, 563
74,155
8,648
18, 764
7,882
2,617
526,376
27, 265
37,154
9,509
17, 510
8,456
2,477
527, 032
25, 805
34, 658
38,945
88,195
27,460
18,095
2, 004, 271
96,342
109, 748
39,988
88, 258
28,385
18,128
2, 034, 654
97,368
108,813
« 46,316
78,988
31, 297
19,931
2, 067,025
103, 048
117,307
* 45,925
77, 676
31, 488
21,168
2,116, 745
103, 754
117,364
51,395
1,557
1,185
«1, 633
2,098
1,789
16, 405
3,112
1, 336
22,436
3.194
2,411
_
7
Total*
20,063 8 19,878 716,298,746
8
16,784,662 7 6, 289, 715 8 6,371,129 7 22,588,461
8
23,155,791 7 22,755,752
8
23,576,795 7 365,422> 441,619
1
Exclusive of private banks not under State supervision and of all mutual savings banks except 3 in Ohio and 1 in California, separate figures
for which are not available for April, 1925. The principal assets and liabilities of these 4 banks as of June, 1925, are included with figures for mutual
savings banks as given in the last table.
4
Includes amounts due to banks.
5
Includes other liabilities.
6
Includes one mutual savings bank.
7
Includes June 30,1924, figures for New Hampshire and Kentucky; Dec. 31,1824, figures for Indiana and Missouri.
s Includes June 30,1924, figures for Kentucky; Apr. 6,1925, figures for Tennessee and Iowa.
NOTE.—All figures used in the April column are for Apr. 6, except as follows: Maine, Maryland, and Nebraska, Mar. 31,1925; Rhode Island,
Feb. 26,1925; New York, Mar. 25,1925; Pennsylvania, Apr. 9,1925; Ohio, Mar. 30,1925; Florida, Apr. 18,1925; Iowa, May 1,1925; North Dakota,
Mar. 14, 1925; Minnesota, Mar. 20, 1925; Kansas, Mar. 23, 1925; Louisiana, Apr. 3, 1925; and Utah, Mar. 27, 1925. All figures used in the June
column are for June 30, except as follows: Alabama, June 23,1925; Iowa, May 1,1925; Tennessee, Apr. 6,1925; Kentucky, June 30,1924; and Kansas,
June 2,1925.
MUTUAL SAVINGS BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1925
[In thousands of dollars]
Number of
banks
State
Loans and
discounts
Investments
Total loans
and investments
Total
deposits
Rediscounts
and
bills
payable
Maine
New Hampshire
Vermont..
__
Massachusetts
Rhode Island
Connecticut
38
28,642
87,638
116,280
108,715
42
19
196
14
76
65,022
59,167
1,060,870
63, 761
285, 767
86,315
28,337
645,489
87,212
251,412
151,337
87,504
1,706,359
150,973
537,179
141,092
84,055
1,608,380
146,491
505,394
251
New York
New Jersey
Pennsylvania
Delaware.
Maryland
147
27
9
2
16
2,243,821
111, 500
73,378
8,860
55,143
1,492,376
118,202
292,069
14,606
105, 727
3,736,197
229, 702
365,447
23,466
160,870
3,531, 458
218, 613
356,197
21,804
154,156
25
3
5
7
5
36,830
15,926
2,962
6,075
36,935
4,289
2,662
51,025
73, 765
20,215
5,624
57,100
77,346
19,523
5,764
56,989
1
4
41,687
23,658
36,041
10,733
77,728
34,391
75,894
35,099
611
614
4,183,069
3,778,424
3,351,068
3,217,112
7,534,137
6,995,536
7,146,970
6,695,350
Ohio
Indiana
Wisconsin
Minnesota
__
California
Washington
__ .
Total: June 30,1925....
June 30, 1924
_
.
52
328
238
770
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
[In thousands of dollars]
1924
1925
Number
of centers
Federal reserve district
June
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
August
July
June
August
2, 374, 832
27, 764, 381
2, 296, 834
2,459, 218
774, 907
1, 059, 350
5, 523,074
1,170, 648
762, 780
1, 210, 741
524, 937
2, 689,431
1—Boston
2—New York
3—Philadelphia..
4—Cleveland
5—Richmond
6—Atlanta.
7—Chicago. _
8—St. Louis.
9—Minneapolis
10—Kansas C i t y 11—Dallas
12—San Francisco
Total
July
_..
141
1
140
New York City
Other cities
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
528,809
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
2,040, 544
22,639, 521
1,936, 205
2,105, 227
673, 372
872,788
4, 582, 549
1,035,196
613, 515
963,496
447, 735
2, 319,693
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
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
48,611,133
47,016,264
43,113,197
40,229,841
40,131,073
38, 691,819
26,929, 559
21, 681, 574
25,457, 692
21, 558, 572
23, 265, 280
19, 847,917
21, 925, 659
18,304,182
21,468,874
18,662,199
20, 915,784
17, 776,035
WEEKLY SUMMARY FOR BANKS IN 255 CENTERS
[In thousands of dollars]
1925, week ending—
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
Number
of centers
Aug. 26
Sept. 2
491,464
5, 361, 632
451, 039
605,896
260, 466
255,421
1,156,989
246, 720
179, 224
278, 767
132,326
595, 529
504,007
429, 690
5, 744, 463 4, 503,402
514, 317
433, 641
612, 013
512,291
295, 729
269,133
283, 795
274,156
1,159, 659
977,057
269,166
249,478
187, 716
187,991
299, 301
254,126
145, 647
132, 690
630, 595
467,402
255 10, 015,473 10, 646, 408
Sept. 9
1924, week ending—
Sept. 16
Aug. 27
Sept. 3
Sept. 10
Sept. 17
589,480
6, 530,964
543,067
702, 705
308, 370
322,979
1,301, 704
331,260
234,373
331,088
175, 755
784,921
455, 674
4,982,173
418,476
512,076
247,967
199,705
1,050,921
221, 707
137, 598
262,264
119,853
477,101
409, 756
4,360, 821
407,715
468,602
240, 606
201,414
939,930
225,015
146,687
252,693
129,813
523, 511
473, 990
4,951,493
437,389
533,839
265,419
230,300
1,012,012
257, 675
187,976
305,136
150,013
514,228
545,410
5,305, 972
508, 576^
611,913
278,032
255,422
1,204,947
279, 776
207,769
301,264
168,287
673, 722
8,691,057 12,156,666
if 085, 515
8, 306, 563 9, 319,470 10,341,090
BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
No. 1—Boston
No. 2—New York
Buffalo
No. 3—Philadelphia....
No. 4—Cleveland
Cincinnati
Pittsburgh.
No. 5—Richmond
Baltimore
No. 6—Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
No. 7—Chicago
Detroit
No. 8—St. Louis
Little Rock
Louisville
Memphis
No. 9—Minneapolis
Helena
No. 10—Kansas City
Denver.
_
Oklahoma C i t y .
Omaha
No. 11—Dallas
El P a s o . . .
Houston
No. 12—San Francisco. _.
Los Angeles
Portland.
Salt Lake City..
Seattle
Spokane
333, 968
335,181
5, 076, 774 5,445, 305
71,059
76, 792
331,948
384,648
146, 460
161, 061
68,466
70,735
206, 256
191, 621
28, 573
38,149
86, 449
102, 273
35, 331
34,888
29, 640
30, 270
21,803
22, 752
15,104
17, 797
67,083
79,850
684,405
694, 910
198,390
179, 346
139, 200
151, 300
15,909
15, 387
37,694
35, 916
21,439
30, 080
92,133
97, 996
1,933
2,041
83,104
82. 812
39, 368
40, 665
14, 757
18, 928
46,103 !
49,292
41, 638
35,576 I
5,991
6,446
30,975
36,425
194,972
216, 370
164,597
161,534
36, 201
36, 610
14,525
16, 242
43, 070
52, 558
11, 537
12, 030
288.167
4, 243, 690
62, 898
318, 798
114,234
61,898
165,120
30, 094
93,904
30, 961
26, 840
22, 250
16,476
77,973
575, 840
146, 368
132,800
14, 034
39,983
29,464
96,120
2,183
71, 040
35,453
15, 998
42, 227
38,425
6,220
30,127
139.168
110,118
36, 645
13,010
44, 263
11, 092
400,104
6,195, 788
80, 601
399,369
184, 572
86, 354
198, 566
37, 727
99, 568
41,980
37,100
24, 793
21, 683
88,537
772, 709
202, 541
183, 700
21, 221
42, 079
43, 907
119,194
2,388
91, 350
44,167
20, 786
50,126
54, 620
7,326
41,493
261,417
217,441
46, 329
16, 601
57, 224
13,817
314, 556
4, 743,145
56,302
310,918
113, 608
60,486
185, 395
27, 756
93,400
27, 675
22,155
11, 375
13, 875
63, 615
635, 276
167,942
127,070
11,093
33.223
22,443
66, 547
1,594
80, 397
38,008
14, 544
38,952
30, 526
6,115
26,967
145,020
129,495
32, 705
13,420
36, 229
9,201
276, 913
4,126, 685
58, 273
308,904
110,894
55,246
156,259
28,000
82, 690
26, 588
23,651
10,837
15,994
58,978
587,122
127, 739
119,193
15,304
35,848
27,360
79,479
2,211
76,848
32,201
16, 011
38,706
35, 755
6,369
30,250
167,485
137, 306
30, 540
12,168
47, 257
9,697
320, 626
4, 667,157
64,831
321,616
123, 640
68, 762
160,174
29,328
83, 680
29, 232
25,191
12, 375
17.137
65, 523
609, 345
114,111
145,949
15,119
38,199
27,428
97, 701
2,563
90,181
41,317
23,099
49, 648
42, 518
33, 500
152,152
131,393
41,075
14, 249
38, 701
11,264
371,849
5,017,848
68,331
381,931
163,674
74,544
185,072
27,099
92.404
33,495
26,246
14, 698
18,204
78,152
715, 098
181,987
161, 718
15,708
40.405
30,923
108,477
2,591
97,171
37,800
17, 650
49, 711
48, 342
7,872
38,812
227,557
184,939
42, 057
15, 208
44,724
12,643
FEDERAL. RESERVE
OCTOBER, 1925
771
BULLETIN
MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST
NUMBER AT THE END OF AUGUST, 1925 AND 1924
Nonmember banks
Member
banksi
Nonmember banks
O n par list
Not on par
list 2
1925
1924
1925
245
389
512
1,075
717
366
3,858
2,126
1,274
2,692
771
832
232
370
522
11
1,077
702
771
379 1,100
246
3,985
2,259
401
1,637 1,031
2,764
208
886
182
854
59
710
1,109
187
316
704
200
137
56
9,540 9,733 14,857
15, 736 3,940
3,419
1925
1924
Federal reserve district:
421
Boston
421
851
New York
_.
869
Philadelphia
736
751
Cleveland
873
864
Richmond
'624
606
524
Atlanta
501
Chicago
1,407 1,427
629
St> Louis
627
928
Minneapolis
_
851
Kansas City..
1,040 1,094
843
Dallas
854
783
San Francisco
749
Total.
Member
banks l
New England States:
Maine
New Hampshire
Vermont
M assachusetts
Rhode Island
Connecticut
Eastern States:
New York
New Jersey
Pennsylvania
Delaware
Maryland
•_.
District of C olumbia.
Southern States:
Virginia
West Virginia
North Carolina
South Carolina
Georgia...
Florida
62
55
46
183
21
65
62
55
46
182
21
66
633
325
956
22
89
13
193
141
92
93
158
70
630
306
946
22
91
15
50
14
39
70
8
83
276
149
657
32
167
34
267
139 i
658 i
35 I
169 |
34 I
195
142
96
100
178
68
229
194
93
25
78
82
247
198
121
29
71
74
1924
49
15
35
71
8
72
97
10
339
256
376
159
83
10
335
282
404
148
O n par list
Total
1924
1925
1924
1925
1924
147
118
125
44
122
46
778
147
121
129
43
127
48
752
435
225
27
24
255
36
717
448
273
38
26
290
46
829
22
231
199
276
110
169
99
187
271
69
181
54
441
265
586
288
183
341
433
196
449
269
584
288
186
368
451
192
661
827
1,294
514
627
548
1,250
1,324
662
829
1,302
537
666
726
1,324
1,382
7
20
94
182
494
40
38
17
72
146
334
25
30
162
127
182
266
119
34
139
33
392
177
135
188
266
143
43
144
38
433
221
241
751
1,010
105
54
184
28
378
324
296
774
1,026
115
62
190
37
379
278
165
176
4
10
12
157
135
304
81
47
22
10
159
136
305
106
51
23
11
174
113
351
80
67
33
23
184
114
362
73
65
41
24
s
9,540
9, 733
14,857
15, 736
3,940
Southern States—Con.
Kentucky
Tennessee.
Alabama
Mississippi
Arkansas.
Louisiana
Texas
Middle Western States:
Ohio
._
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
Western States:
North Dakota
South Dakota
. Nebraska
._
Kansas
Montana
Wyoming
Colorado
New Mexico
Oklahoma
Pacific States:
Washington
Oregon
California
Idaho
Utah
Arizona.
Nevada.
1925
Not on par
list 2
•
169
128
167
5
5
11
6
4
5
27
3 |
3,419
1 Figures for 1925 represent the number of member banks in actual operation; those for 1924 represent the number shown by the capital stock
records of the Federal reserve bank. The number shown by the capital stock records on Aug. 31, 1925, was 9,607
2
Incorporated banks other than mutual savings banks.
MONEY IN CIRCULATION
[Source: U. S. Treasury Department circulation statements]
[In thousands of dollars]
Date
1914—July 1
1917—Apr. 1
1920—Nov. 1
1922—Aug. 1
1924—Sept. 1
Oct. 1
Nov. 1
Dec. 1
1925—Jan. 1
Feb. 1
Mar. 1
Apr. 1
Mayl
June 1
July 1
Aug. 1
Sept. ]
Total
Gold
coin and
bullion
LTOIQ cer-
3,402,015
14,100,591
15,628,428
4, 337,418
4,773,878
4,806,367
4,879,694
4,993,570
4,992,931
4,751,538
4,804,209
4, 776,167
4,725,191
4,774,313
4,734,236
4, 719, 519
4,784,025
611,545
641,794
495,353
416,282
401,794
427,970
436,160
437,971
458,206
455,169
462,925
469,448
453, 211
437,612
428,102
428, 248
416,348
1,026,149
1,348,818
231,404
171,985
872,807
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
tificates
Standard
silver
dollars
70,300
70,863
89,725
58,378
53,915
54,603
55,185
55,606
57,384
55, 533
55,264
54, 666
54,398
53,908
54,294
54,165
54,173
Silver
Treasury
certificates
notes of
1890
478,602
459, 680
60,385
268,802
385, 499
388,574
389,201
389,113
388,540
360,808
366,024
371,229
376,442
380, 681
379,796
388,016
396,700
2,428
1,997
1,628
1,508
L, 417
1,412
1,410
1,407
L, 405
L, 401
1,398
1,396
1,392
1,390
1,387
1, 384.
1,381
•
United
States
ary silver notes
QiiVtcirii
oUDSlQl"
159,966
191,351
261, 556
229,956
253, 732
256,467
259,710
263,102
266,298
256,898
256,509
257,559
258,446
259,894
262,607
261, 750
264,450
337,845
330,353
277,736
284,343
308, 111
304, 345
305,840
304,418
295, 233
283,598
288,668
285,780
281,043
284,799
279,943
284,806
298,493
Federal
reserve
notes
356,448
3,310, 225
2,115,350
1,746, 230
1,729,301
1,784,046
1,862,055
1,841,621
1,688,662
1,734,606
1,702,212
1,676,078
1,679,833
1,636,192
1,601,884
1,629,927
Total
Federal National- circulareserve
bank
tion per
bank
notes capita (in
notes
dollars)
3,170
209,877
65,032
9,229
9,030
8,710
8,471
8,238
7,987
7,756
7,506
7,299
7,109
6,921
6,777
5,580
715,180
697,160
715,023
725,782
741,144
736, 500
734,571
737, 739
705,442
711,832
717,159
711, 403
698,020
696,649
681,709
678,178
680,730
34.35
39.54
52,36
39.47
42.28
42.52
43.12
44.08
44.03
41.86
42.28
41.99
41.50
41.89
41.49
41.31
41.84
i The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorte d currency
held by Federal reserve banks have been deducted only from the total.
772
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT SEPTEMBER 30, 1925
Paper maturing—
After 90 days but
within 9 months
Within 90 days
Federal reserve bank
Commercial,
agricultural,
and livestock
paper, n. e. s.
Boston
New York
Philadelphia. _
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _
Kansas City__
Dallas
San Francisco.
1
Secured by
United States
Government
obligations
Bankers'
acceptances
3J^
33^
33^
3J^
33^
33^
33^
4
4
4
4
4
4
4
3^
3^
3^
3^
4
4
4
4
4
4
4
zy2
33^
3M
Agricultural *
Trade
acceptances
33^
3^
and livcSLuuii
paper
33^
3H
3^
3^
4
4
4
4
4
4
4
3^
4
4
4
4
4
4
4
33^
4
4
4
4
4
4
4
3^
Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.
Changes during the month—None.
GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS FROM AUGUST 20, 1925, TO SEPTEMBER 16, 1925, INCLUSIVE
[In thousands of dollars]
Daily settlements
Transfers
Federal reserve bank
Debits
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis-..
Kansas City,..
Dallas
San Francisco..
Total 4 weeks'ending—
Sept. 16, 1925
Aug. 19, 1925
Sept. 17, 1924
Aug. 20, 1924
2,000
600
5,000
Credits
Debits
1,000
5,000
~2~506"
607,907
2,215,361
624,741
575,305
476,498
287,435
1,044,351
451,387
165,052
370,255
237,172
253,813
47,100
33,000
70,500
4,000
47,100
33,000
70,500
4,000
7,309, 277
7,618,332
6,798,858
7,164, 556
5,000
7,000
18,500
3,000
36,000
2,000
1,500
1,000
2,300
1,800
Credits
617,201
2,125, 529
631,686
566,374
481, 735
323, 677
1,074,351
465,082
163,615
361, 258
247,052
251,717
7,309,277
7, 618,332
6,798,858
7,164, 556
Changes in ownership
of gold through
transfers and settle- Balance in
fund at
ments
close of
period
Decrease Increase
7,294
54,432
"I,"945"
6,931
1,437
7,197
1,737
29, 242
12,500
12,995
8,880
4,596
74,593
74, 593
53,377
174, 529
57,198
58,466
28, 504
27,694
124,991
15,454
12,919
34, 751
14,185
32,500
634, 568
663,308
611,303
604,191
o
MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES
The following table shows the customary rates charged on loans and
discounts in the various cities in which Federal reserve banks and their
branches are located, as reported by representative banks. These rates
are not averages but are those rates at which the bulk of paper of each
class is handled by reporting banks. Where it appears from the reports
that no one rate clearly covers the bulk of the paper handled, a range of
the rates most commonly charged is given. In making comparison be-
9
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]
Loans secured by stocks and bonds
Customers' prime commercial paper
Interbank loans
District and city
4-6 months
30-90 days
Sept. Aug. Sept. Sept. Aug.
1925 1925 1924 1925 1925
No. 1—Boston
No. 2—New York
Buffalo
No. 3—Philadelphia....
No. 4—Cleveland
Pittsburgh
Cincinnati
No. 5—Richmond
Baltimore
No. 6—Atlanta
Birmingham
Jacksonville
New Orleans._.
Nashville
No. 7—Chicago..
Detroit...
No. 8—St. Louis
Louisville
Little Rock
No. 9—Minneapolis
Helena
No. 10—Kansas City....
Omaha.
Denver
Oklahoma City
No. 11—Dallas
El Paso
Houston
No, 12—San Francisco-.
Portland
Seattle
Spokane
Salt Lake City.
Los Angeles
4 -5
4-4*
5 -6
4*-5
5 -6
5-6 5 -6
5 -6 5 -6
54-6 5 -6
44-54
41-5
5 -6
4J-5
54-6
6
5 -8
5 -6
54-6
4 -5
44-6
44-5
6
5 -6
5
4 -6
6
5 -7
4J-6
44-8
5 -6
5 -5
6 -7
6
5 -7
5 -6
5 -6
6
4 -6
44
3f-5 I
54-6
4-44
54-6
5 -6
54-6
5
H
5 -6
5 -6
41-8
5 -54 4 -64
6
54-6
44-5 4 -5
44-6 5 -6
44-5 3|-5
44-51
8
5 -5
4 -6
4 -6
6 -7
4 -6
6 -8
5 -6
5 -5|
6 -7
6
5 -7
5-6
6 -7
6
44-8 4 -6
5 -7
5
5-7
5
44-5 44-5
4H5 44-6
44-5
6
6
Q
O
6
6
44-5
o
o
5 -54 5 -6
4 -6 41-6
6 4 -6
5 -7 6 -7
44-6 4 -6
8
44-8
5 -6 5 -6
5 -6
4J-8
5 -7
6
4 -5
44-6
4 -5
6
6
44-5
8
5-6
44-6
41-5
6-7
6 -7
4 -6
5 -6
8
8
5 -6
5 -6
5 -54 5 -54 44-54
44-54
a
0
6
6
6
6
6 -7 41-7 4 -7
6-7
6 6 -7
6
6-7
6 -7
6 -7
5 -6
44-6
4J-6
Demand
Time
J Loans secured by
!
warehouse
receipts
1
Cattle loans
Sept. Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Sept. ( Aug. Sept.
1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 I 1924 1925 1925 1924 1925 ! 1925 1924
41-5 4 -5
44
41-5 4-4^ 3f-5
c
6
44-5
44 4-44
54-6 5 - 6 54-6
5 -6 5 -6 5 -6
5 -6 5 -6 54-6
5 -54 54-6 5 -54
f
44-54 44-54 4f5i
5 - 6 5 -6 5 -6
6
Loans secured by
Liberty bonds
4
4
4
4 -5 44-5 4 -41
5
5
5
44 4 -44
44
5
5
5
6
5 -6 5 -6
5 -54 5 -54 5 -54
5
5
44-5f
5-6
5 -6
5 -6
5 -6
54-6
5 -54
5
5 -54
5
54-6
54
6-8
6
54-6
6 -64
6-7
5 -6
6 -7
44-6
5-6
6
5-64
6 -7
6 -7
6
44-5!
5 -6
5 -6
5 -6
5 -6
54-6
4 -5
5
5 -54
5
6
54
6 -8
6
54-6
6 -7
6 -7
5 -6
6 -8
44-6
5 -6
6
5 -64
6 -7
6 -7
5
5 -6
5 -6
5 -6
44-6
6
5
44-5
41-54
5
6
54
44-4! 4|-5
4 -4* 4-44 4HM
5 -6 54-6 5-6
44 4 -5 4-44
5 -6 5 -6 5 -6
6
5 -6 5 -6
5 -54 5 -54 54-6
5 -6 5 -6 44-6
5
5
44-6 5 -6 4
6
6
6
4 -8 4-8 44-8
5 -6 44-6
5 -6
54-6 54-6 5-6
44-54 44-54 44-54
5 -6 5 -6 5-6
5 -54 5 -5J 5 -6
5
6
6
5 -6
5
44
41-5 41-41 2 -4f
5 -6 5 -6 5 -6
44
54-6
5 -6 5-6 5-1
5 -54
541 5 -54
54-6 5 -54 5 -6
5 -54 4-54 4J-6i
5-6 5 -6 5 -6
56
6
6 6 -8
6
5 -8 4 -7 5 -8
5 -6 5 -7 5 -6
54-6 54-6 54-6
44-5 41-5 4 -5
5 -6 54-6 44-6
44-54 44-5 4-54
6
54
54
6
44-5
6 |
6
44-5
4
44-541
hrj
4!
*1 44-5 ! 34-4 44-54 41-66
144 5-644 34-4! 4i-56 44-5
6
4-44
6
44-6
5£-6
6 j
6 54-6
54-6
5-6 5-6 1 6
6
6
5 -fit
54! 54-6 5 -7 54-7 54-7
54-6 | 5 -6
5
54 54-6
6 54-5!
54-5! 54-5!! 44-54
6
5-6 5 -6 5 -6 5 -6
5 -7 5-6
6
6
6
6
6
6
44-8 4 -7 5 -8 44-8 44-7 5 -8
5 -6 5 -7 5 -6 5 -6 5 -7 5 -7
54-6 54-6 54-6 54-6 54-6 54-6
44-5 44-54 44-54 5 -6 5 -54 44-5 5 -6
. .. 4
6
5 - 6 j 5 -6 I 55 -6 5 -6 5 -6 54-6
5 -6
44-54 5 -54| 44-54 41-54 44-54 5-6
6
6
6 I 6
6
6 16-7
6 6 -7 6 -7
?
44-54 44-5!| 44-54
4H>4[ 44-54 6 -8
6
5 -6 5 -6 44-5 5 -6 5 -6 5 -6
5-6
4|-6
54-6 5 -6 5 -6 5 -6 4i-6 41-6
6-8
6 5 -6 54-6 5 -6 5 -6 ""si 5 -6
6 -7 6 -7
6 6 -8 6 -8
6 6 -7 6 -7
4 -6 5 -6 5 -6 4 -6 5 -6 5 -6
6 5 -8
6 -8 7 -8
8
8
8
8
8
8
44-5 5 -6 5-6 5 -6 5 -6 5 -6 5 -6 5-6
5-6
54-6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6
6 -7 6 -7 6 -7
6 6 -7
7 6 -7
6
6
6
6
6
6 -7
7
7
6 6 -7
7
7
6 -7
7
6 6-7
6
6 -7 6 -7 6-7
6 -7 6-7 6 -7
6 -8
6
4 -6
5 -6
6-7
5-8
5 -6
6
6 -7
6 -7
7
6-7
I
8
i 5 -6
I
54-6
6
67-7
6 -7
8
5 -6
5 -6
6 -7
6
6 -7
7
6 -7
5-6
6
6-7
6 -7
5-8
8
5-6
6
6 -7
7
6 -7
6 -7
6 -7
5 -6
54-6
6 -7
6 -7
5 -8
8
5 -6
6
6 -7
7
6 -8
6 -7
6 -7
5 -6
6 -7
6 -7
6 -8
5-8
8
5 -54
6
6 -7
6 -7
7 -8
7
d
5-54 5 -54
5 -6
6 -64
6 -7
7
6 -7
02
6 -7
54-7
6 -8
6 -8
6 -8
8
7 -8
6 -7
54-7
6 -7
6-8
7 -8
8
7-8
6 -7
7 -8
6 -7
6-8
6 -7
7 -8
7 -8
8 -10
5 -8
6
6
6 -7
00
774
FEDERAL RESERVE
BULLETIN
OCTOBER, 1925
GOLD AND SILVER IMPORTS AND EXPORTS
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES
August
Eight months ended August
Imports
Exports
Countries
1924
1925
1924
Exports
1925
1924
Imports
1925
1924
$197,488, 601
$263,226,690
$55,732,352
10,702,910
4,821,127
2, 735, 792
34,499,147
6,564,041
1,628
4,360
10,084,799
53,302
6,191, 559
130,876,061
30,898, 595
1,479,051
3, 752,313
282,493
14, 714, 219
303, 321
1,522, 111
588,717
1,903,171
7,836
193, 557
68 618
220
4,819,578
22,639,047
1,081,857
3,364,394
460,327
2,466
267,822
1,091,164
557,815
1,106, 210
1925
GOLD
All countries.France
Germany
Italy
Netherlands
Poland and Danzig
Spain
Sweden
England
Canada
Central America
Mexico
West Indies
Argentina
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
Straits Settlements
China
Dutch East Indies
Hongkong
Philippine Islands
British Oceania
Egypt
Portuguese Africa
All other
$2,135, 690
$18,149,981
$4,861,736
601,891
2,100
687
220, 640
$2,397,457
_.
-
10,901
30,000
215,171
167, 362
435,685
764,184
2,000
1, 663,136
42, 930
198,000
410, 300
200, 414
115, 000
52, 790
10,019
6, 744,546
2,421,409
175,932
466, 869
14, 668
6,251,000
3,556
156, 517
78,815
138, 207
1,335
3,450,205
110,333
324,539
128, 699
2,466
1,997
85, 303
119,027
234,869
27, 555
_ __
32, 535
625,887
155, 772
$6,579,709
4,880
1,339,208
67,259, 331
1, 050, 000
4,318, 343
1,103,948
392, 431
1,002, 628
6,159, 602 '
2,761,457
750,000
7,113,492
165,000
5,460,000
15,000
1,999,878
15,000
184, 880
195,000
1,113,899
1,000
2, 297,557
1,101, 600
1, 663,136
802, 290
2,160,010
56,531, 840
1, 655,841
200,414
693,520
6, 922,915
25,000
26,925,176
498,240
160,822
13,950
119, 558
1,573,882
152,926
14, 340
5,534
2,042
36, 797
183, 037
4,102,016
1, 497, 417
2,500,000
4, 222,495
2, 464,412
1,451,008
337, 584
1,126, 476
67,149,329
48,688,060
44,693, 552
56, 777
1, 221, 035
183,895
5,875
104, 618
265, 111
4, 667,802
1, 304, 401
29,383,039
57,059
32, 304
173,818
886,987
98,402
9,549,997
2,202
16, 625
607, 273
124,073
91,889
5, 640,874
1,095,300
27,920,246
120,573
2,000
28,747
1,122,656
59,049
7,373, 685
4,848
55,968
4,183
641,511
88, 855
171,755
88,191
129,989
150, 840
10,535
5,000
209,139
54, 205
1,102
5,535
4,375
8,632,067
8,284,991
7,041,630
7,273, 298
69,399,769
1,225
2,489
181
107,000
65,202
21, 821
9,517
1,109, 020
186,115
4, 713,969
6,080
5,833
19, 739
1,041
774, 710
136, 582
3, 743,558
11,194
2,000
16,587, 713
1,055,572
34, 275
i, 337,567
48, 638
2,300
7,193,035
1,173,896
97,940
1,394,828
80,681
2,300
116, 377
14, 736
762, 962
55
48, 7 6
3 59
2,420, dlO
788
3,274
133,100
264
67, 285
13,114
900, 000
655, 340
35,467, 703
11, 217, 071
91,555
1,143,633
186,175
11,990
350, 386
57, 610
SILVER
All countries
France
Germany
Poland and Danzig
Spain
England
Canada.
Central America
_
Mexico.
_
West Indies
Argentina
Bolivia
Chile
Colombia
Peru
Venezuela
British India
China
Dutch East Indies
Hongkong
Japan
Portuguese Africa
All other
305,126
130,000
2, 721, 490
138,024
2,000
139, 816
560
196, 001
64,900
177, 406
855
2,300
1,604
22,000
5, 606,573
.
1,636
56, 500
2, 563,548
4,786, 719
3, 567, 490
753,400
31, 294, 625
20,489,226
630,282
1, 275,970
8,684
17, 687
7,085
9,429
892,433
2,022
73,101
775
FEDERAL RESERVE BULLETIN
OCTOBER, 1925
FOREIGN EXCHANGE RATES
[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]
September, 1925
Countries
Monetary unit
Par of
exchange
August , 1925
Average
Low
High
Low
High
Rate
Austria
Belgium
Bulgaria..
Czechoslovakia
Denmark
Finland
France
Germany _
Great Britain
Greece
Hungary
Italy
Netherlands
_ _.
Norway
Poland.!
Portugal
Rumania
Spain
Sweden
Switzerland .
Yugoslavia
Canada
Cuba
Mexico
Argentina
_.
Brazil
Chile.
Uruguay
China
Do
Hongkong
India
Japan.
Straits Settlements...
1
Schilling
Franc
Lev
Crown
Krone .
Markka
Franc
Reichsmark..
Pound
Drachma
Krone
Lira .
Florin .
Krone
Zloty
Escudo
Leu
Peseta
Krona
Franc
Dinar
Dollar
Peso
_ _
. do
Peso (gold).
Milreis
Peso (paper)
Peso
Mexican dollar
Shanghai tael
Dollar
Rupee
Yen
._
Singapore dollar...
14.07
19.30
19.30
26.80
19.30
19.30
23.82
486. 65
19.30
20.26
19.30
40.20
26.80
19.30
108. 05
19.30
19.30
26.80
19.30
19.30
100. 00
100. 00
49.85
96. 48
32.44
i 19. 53
103. 42
i 48.11
i 66. 85
i 47. 77
48.66
49.85
56.78
1913 average.
August, 1924
14.0570
4.3200
.7289
2.9609
24. 0100
2. 5220
4.6800
23. 8000
484.1200
1. 4425
.0014
3. 8400
40.1700
19.8800
16. 6800
5. 0800
.4790
14. 2400
26.8000
19.3000
1. 7735
99.9188
99. 7938
49. 3000
90. 7500
12.9900
11. 8900
99. 4600
56.8000
77. 7000
58.1500
36. 5600
40.4500
56. 5000
14. 0870 14.0390 14. 0800 14 0624
4. 5265
4. 5000
4.4700
4. 6100
.7333
.7342
.7306
.7361
2.9621
2. 9618
2. 9610
2. 9627
25. 2300 22. 3000 25. 0000 23.3015
2. 5252
2. 5227
2. 5210
2. 5254
4. 6600
4. 6912
4. 7400
4.7400
23. 8000 23.8000 23. 8000 23.8000
485. 3000 485. 4300 485. 8100 485. 6900
1.4821
1.4809
1. 5725
1. 5406
.0014
.0014
.0014
. 0014
4.1900
3. 5800
3. 6573
3. 7700
40. 2800 40.1400 40. 3000 40. 2419
22. 2100 18.1600 20. 8200 18. 8027
18. 3900 16. 7700 18. 9000 17. 9527
5. 2100
5. 0900
5.1800
5.1300
.4959
.4948
.5117
.5226
14. 6200 14. 2900 14. 4600 14.4104
26.8500 26. 8400 26.8800 26.8715
19. 3500 19. 3700 19. 4200 19. 4019
1. 7854
1. 8135
1. 7870
1. 7946
100. 0498 100. 0134 100. 0713 100. 0334
99.9594 99. 8177 99. 9313 99. 8907
49. 4933 49. 2433 49. 7000 49. 5826
92.1600 90. 9000 91. 9300 91. 7042
13.9900 11. 7500 12. 7700 12.1335
12.0600 11.8000 12. 0600 11. 9138
100. 5000 99. 2000 100. 6800 99. 8935
59. 0000 55. 8200 57. 5800 56. 5546
79. 5900 76. 5900 78. 2900 77. 2938
60.1600 56.5000 58. 5000 57. 3088
36. 6900 36. 5700 36. 6800 36. 6227
41. 0500 40. 3600 41. 3300 40. 9877
56. 7800 56. 5800 56. 8400 56. 7035
Per
cent
of par
99 95
23.45
3.80
86.95
13.07
24.31
99.92
99.80
7.98
.01
18.95
100.10
70.16
93.02
4.75
2.65
74.67
100. 27
100. 53
9.30
100. 03
99.89
99.46
95.05
37.40
61.00
96.59
117. 55
115. 62
119. 97
75.26
82.22
99.87
Average
Low
High
Per
cent
of par
Rate
5.0219
.7328
2. 9789
16. 2115
2. 5129
5.4635
26.02
3.80
441. 0100 455. 7555 449. 9458
1. 7167
1. 8598
1. 7947
.0012
.0013
.0013
4. 3300
4.5300
4. 4446
38. 2300 39.1400 38. 8035
13. 5700 14. 0200 13. 8665
19.1800 19. 2700 19. 2254
2.9704
2. 8600
3.1100
.4369
.4962
.4605
13. 2500 13. 5300 13. 4088
26. 5600 26. 6700 26. 6142
18. 5900 19. 0100 18. 8219
1.1920
1. 2363
1. 2646
99. 6834 100. 0042 99. 8537
99. 8750 99. 9313 99. 9194
48. 7500 49. 0417 48. 9031
74. 7700 78. 6500 76. 6558
9. 9162
9.5800 10. 0900
9. 7800 10. 2300 10. 0004
76. 2500 80. 5500 78. 5162
51. 6400 53. 8800 52. 7200
72. 4800 74. 3600 73. 3254
52. 7200 53. 7000 53. 3154
31. 9900 32. 4300 32. 2642
41. 0600 41. 5500 41. 2608
50. 7800 52. 3300 51. 7623
92.46
9.30
.01
23.03
96.53
51.74
99.61
2.75
2.39
69.48
99.31
97.52
6.41
99.85
99.92
98.10
79.45
30.57
51.21
75.92
109. 58
109. 69
111.61
66.31
82.77
91.16
4. 6400
.7233
2. 9495
16.1000
2. 5090
5.1300
5.2500
.7430
3.0005
16. 4200
2. 5161
5. 7000
60.49
13.02
28.31
SILVER
[Average price per fine ounce]
September
London (converted at average rate of exchange).
New York
,
$0. 71979
.71885
August
$0. 70594
. 70550
INDEX
Acceptances:
Held and purchased by Federal reserve
banks
759, 760
Market for
719
Agricultural credit banks, loans of
721
Agricultural movements, index of
742
Revision of
739
Agriculture, monthly statistics
721
Automobile industry
727
Bank credit
718
Bank debits
770
Bank suspensions
731
Bankers' balances in Federal reserve bank cities762
Building statistics
729, 743
Business and financial conditions:
Abroad
746
United States
716-736, 740-745
Business failures
731
Canada:
Cost of living and retail food prices
754
Financial statistics
747
Foreign trade
750
Wholesale prices
751
Capital issues
720
Chain stores, retail trade of
730, 745
Changes in membership in Federal reserve
system
764
Charters issued to national banks
738
Coal and coke production
724
Commercial failures
731
Commodity movements
743
Condition statements:
All banks in the United States on June 30_ _ 766
All State banks and trust companies on
June 30
768
Federal reserve banks
755
Member banks in leading cities
761
Mutual savings banks
769
National Bank of Hungary
746
Cost of living in principal countries
754
Cotton:
Raw
722
Manufacturing
726
Cottonseed
737
Crops:
Condition
721
Estimate of production
739
Financing the movement of
711
Currency in circulation
771
Dairy products
724
Debits to individual account
770
Debt of Latvia, funding of
714
Department-store business
745
Deposits:
Savings
731
Time and demand of member banks
763
Deposits, note circulation, and reserves of Federal reserve banks
755
Discount and open-market operations of Federal reserve banks
760
776
Discount rates:
Central banks of issue
749
Federal reserve banks
772
Prevailing in various centers
773
Earning assets of Federal reserve banks
759
Employment, United States
731
Index of
741
England. (See Great Britain.)
Factory employment and pay rolls, index of
742
Failures, commercial and bank
731
Federal Advisory Council, meeting of
714
Federal reserve banks:
Condition of
755
Discount and open-market operations of
760
Federal reserve note account
758
Fiduciary powers granted to national banks
738
Financial statistics for principal foreign countries
747
Food manufacturing
725
Food prices in foreign countries
754
Foreign exchange
735, 775
Foreign trade:
Principal foreign countries
750
United States
733
France:
Cost of living and retail food prices
754
Financial statistics
747
Foreign trade
750
Wholesale prices
751
Fruits and vegetables
723
Germany:
Cost of living and retail food prices
754
Financial statistics
747
Foreign trade
750
Wholesale prices
751
Gold imports and exports
734, 774
Gold settlement fund transactions
772
Grain and
flour
743
Great Britain:
Financial statistics
747
Foreign trade
750
Gold imports and exports
734
Retail food prices and cost of living
754
Wholesale prices
751
Hungarian National Bank, condition of
746
Imports and exports:
Gold and silver
734, 774
Merchandise
733
Interest rates prevailing in various centers
773
Iron and steel
727
Italy:
Financial statistics
747
Foreign trade
750
Retail food prices and cost of living
754
Wholesale prices
751
Japan:
Financial statistics
747
Foreign trade
750
Wholesale prices
751
Latvia, debt of, funding of
714
Leather industry
728
INDEX
Page
Livestock industry
Prices in 1924 and 1925
Lumber industry
Mail-order houses, retail trade of
Manufacturing:
Condition, by industries
Index of production
Member banks:
Changes in membership in Federal reserve
system
Condition of
Number discounting
Number in each district
State banks admitted to membership
Merchandise trade balance of the United States,
Mineral production, index of
Metals
Mining
Money in circulation
Money rates
Mutual savings banks, condition of
National banks:
Charters issued to
Fiduciary powers granted to
Par list, number of bapks on
Pay rolls in factories, index of
Petroleum industry
Platt, Edmund, redesignated vice governor of
Federal Reserve Board
Prices:
Food, in principal countries
Livestock, 1924 and 1925
Security
Wholesale
777
Page
723 Production in basic industries
741
735 Reserve ratio of Federal reserve banks
755
728 Resources and liabilities:
All banks in the United States on June 30_ _ _ 766
745
Federal reserve banks
755
Member banks in leading cities
761
725
754
742 Retail food prices
Retail trade
730, 745
Revision of index of agricultural movements
739*
764 Rulings of the Federal Reserve Board:
761
Cottonseed
737
760 Savings deposits
731
760 Security prices
720
738 Shoe industry
728
733
742 Silver:
Imports and exports
774
725
Price of
775
724
771 State banks:
Admitted to Federal reserve system
738
719
Condition of all banks in the United States. 768
769
Stocks a t department stores
745
726
738 Textile industry
763
738 Time deposits of member banks
722, 743
771 Tobacco industry
742 Trade:
Foreign
733, 750
725
Retail
730, 745
Wholesale
730, 744
714
Transportation
729
financing
714
754 Treasury
751, 753
735 Wholesale prices
730
720 Wholesale trade
726,
732 Wool and woolen industry
FEDERAL RESERVE DISTRICTS
m
*mmmm
I
r—+
t.--,.-1—\.
'BOUNDARIES OF FEDERAL RESERVE DISTRICTS
-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
o
@FedFRASER