Full text of Federal Reserve Bulletin : October 1926
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FEDERAL RESERVE
BULLETIN
OCTOBER, 1926
ISSUED BY THE
FEDERAL RESERVE BOARD
AT WASHINGTON
Bank Credit and the Marketing of Crops
Business Conditions in the United States
WASHINGTON
GOVERNMENT PRINTING OFFICE
1926
FEDERAL RESERVE BOARD
D. R. CRISSINGER, Governor.
EDMUND PLATT, Vice Governor
Ex ofiicio members:
A. W. MELLON,
ADOLPH C. MILLER.
CHARLES S. HAMLIN.
GEORGE R. JAMES.
EDWARD H. CUNNINGHAM.
Secretary of the Treasury, Chairman,
J. W. MCINTOSH,
Comptroller of the Currency.
WALTER WYATT, General Counsel.
WALTER L. EDDY, Secretary.
J. C. NOELL, Assistant Secretary.
E. M. MCCLELLAND, Assistant Secretary.
W. M. IMLAY, Fiscal Agent.
Director,
Division
of Research and
Statistics.
E. A. GOLDENWEISER, Acting Director, Division of
Research and Statistics.
Chief, Division of Examination, and&Chief Federal
Reserve Examiner.
E. L. SMEAD, Chief, Division of Bank^Operations.
J. F. HERSON,
FEDERAL ADVISORY COUNCIL
District No. 1 (BOSTON)
CHAS. A. MORSS, Vice President.
;
District No. 2 ( N E W YORK)___
JAMES S. ALEXANDER.
District No. 3 (PHILADELPHIA)
L. L. R U E .
District NO. 4 (CLEVELAND)
District No. 5 (RICHMOND)
District No. 6 (ATLANTA)
GEORGE A. COULTON.
JOHN F. BRUTON.
_ P. D. HOUSTON.
__
District No. 7 (CHICAGO)
____
_„__ FRANK O. WETMORE, President,
District No. 8 (ST. L O U I S ) .
BRECKINRIDGE JONES.
District No. 9 (MINNEAPOLIS)--^
_________'_
District No. 10 (KANSAS CITY)
District No. 11 (DALLAS)
District No. 12 (SAN FRANCISCO)
:
:-----:
__-___-__
THEODORE
WOLD.
P. W. GOEBEL.
B. A. M C K I N N E Y .
HENRY S. M C K E E .
OFFICERS OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
Boston
.
New York.
Frederic H. Curtiss
Pierre Jay...
.
Philadelphia
Cleveland
Richmond..
Atlanta
.
Chicago
R. L. Austin
George DeCamp
„
Governor
Chairman
Wm. W. Hoxton
Osear Newton
..- Wm. A. Heath..
Deputy governor
Cashier
W. Willett.
L. H. Hendricks.i
A. W. Gilbart.i
J. W. Jones.*
Ray M. Gidney.*
L. R. Rounds.1
O..-A. Mcllhenny.
W. G. McCreedy.i
H. F. Strater.
W. W. Paddock....
W. P. G. Harding......
H. Case
Benj. Strong
_. J.
L. F. Sailer
G. L. Harrison
E. R. Kenzel
Wm. H. Hutt.
..
Geo. W. Norris— . . . . . .
M. J. Fleming
E. R. Fancher
Frank J. Zurlinden.
C. A. Peple
__.__._ George J. Seay......
.
R. H. Broaddus
J. L. Campbell
_
M. B. Wellborn.........
Creed Taylor
C. R. McKay——..
..
J. B. McDougaL.
John H. Blair.......
Geo. H. Keesee.
John S. Walden, jr.»
M. W.Bell.
W.--G. Bachman.i
K. C. Childs.i
J. H. Dillard.i
D. A. Jones.»
O, J. Netterstrom.*
J. W. White.
Gray Warren.
Frank C. Dunlop.1
D. C. Biggs................ O. M. Attebery
Wm. McC. Martin
W. B. Geery
.
John R. Mitchell........... R. A. Young......
B.V. Moore—2
Harry Yaeger ......
C. A. Worthington..
M. L. McClure.—........ W. J. Bailey
R. R. Gilbert
C. C. Walsh
*
_ Lynn P. Talley.
R. B. Coleman......
J. U. Calkins.....
_ Wm. A. Day........
Isaac B. Newton.
Ira Clerk
L. C. Pontious
St. Louis.....
Minneapolis.
Kansas City..
Dallas
San Francisco.
1
2
Controller.
J. W. Helm.
Fred Harris.
W. N. Ambrose.
Assistant deputy governor.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE. ..BANES
Federal Reserve Bank of—
New York:
Buffalo branch...
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.
C. F. McCombs.
J. C. Nevin.
A. H. Dudley.
Marcus Walker.
Geo. R. DeSaussure.
A. E. Walker,
J. B. Fort, jr..
W. R. Cation.
W. P. Kincheloe
W. H. Glasgow.
A. F. Bailey.
Federal Reserve Bank of—
Minneapolis:
Helena branch
„
..
Kansas City:
Omaha branch
Denver branch
Oklahoma City branch
-..
Dallas:
El Paso branch.
...
...
Houston branch
...
San Francisco:
Los Angeles branch...........
Portland branch..
Salt Lake City branch.._.'_-.;*._
Seattle branch.
Spokane branch
...
...
Managing director t
R. E. Towle.
L. H. Earhart.
J. E. Olson.
C.E.Daniel.
•MI Crump.
D. P. Reordan.
R, B; Motherwell.
R.B. West.
W. L, Partner*
C; R. Shaw.
D. L.Davis.
SUBSCRIPTION PRICE OF BULLETIN
THE FEDEKAL RESERVE BULLETIN is the board's medium of communication
with member banks of the Federal reserve system and is the only official organ*
or periodical publication of the board. It contains, in addition to the regular
official announcements, the national review of business conditions, detailed
analyses of business conditions, research studies, reviews of foreign banking, and
complete statistics showing the condition of Federal reserve banks and member
banks. The, BULLETIN will be sent to all member banks without charge. To
others the subscription price, which covers the cost of paper and printing, is $2.
Single copies will be sold at 20 cents Outside of the United States, Canada,
Mexico, and the insular possessions, $2.60; single copies, 25 cents.
TABLE OF CONTENTS
The month:
Review of the month—Bank credit and the marketing of crops
.
Treasury finance. _
_,_ _
Business conditions in the United States.
__
Official:
,
Changes in State bank membership
. ___.
__
Changes in national bank membership
Fiduciary powers granted to national banks
.__
"__
Business statistics for the United States:
Industrial activity...
____
Commodity movements.
_.
Wholesale and retail trade
„
Estimate of crop production.
..
Foreign banking and business conditions:
Financial statistics for principal foreign countries-.
Discount rates of central banks
._._.____-.
Price movements in principal countries—
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 bills and securities and earnings thereon
Discount and open-market operations
Gold settlement fund.
-___
Discount rates of Federal reserve banks..
Member banks—
Reporting member banks—
Condition of reporting banks in leading cities
.
.
Condition of reporting banks in Federal reserve bank cities
Loans to brokers and dealers
All member banks—
Deposits, by size of city______
• __
Bank debits
._
Member banks and nonmember banks on par list and not on par list
____
Money in circulation
.
.
_—
Money rates in principal cities
.___
.
—
.
Gold and silver imports and exports
.
Foreign exchange rates
—
IV
Page
707
710
712
727
727
727
729
731
732
728
734
736
739
741
742
746
747
748
757
757
749
750
752
752
753
756
756
754
738
737
FEDERAL RESERVE BULLETIN
VOL. 12
OCTOBER, 1926
REVIEW OF THE MONTH
Increased demand for bank credit and for
currency during the past two months has been
in accordance with the usual
groVthincredit1 t r e n d a t t h i s t i m e o f t h e ^ ^
when the harvesting and marketing of crops and the increase in the volume
of trade is reflected in a growth of the demand
for accommodation both at member banks and
at the reserve banks. During the seven weeks
between the end of July and September 22 the
growth in loans of member banks in leading
cities was about $300,000,000, of which
nearly $200,000,000 was in loans for commercial
purposes. Both the increase in total loans and
in commercial loans was smaller this year
than for the corresponding period of last year,
chiefly by reason of a smaller increase after
July in the demand for credit for crop-moving
purposes. After the large movement of winter
wheat in June and July, aggregate marketings
of farm products fell off slightly in August instead of showing the usual increase, and the
recent course of prices for farm products has
been downward rather than upward as in 1925.
This smaller growth in the demand for member
bank credit, together with a smaller increase in
the demand for currency than is usual at this
season and a balance of imports in recent
gold movements, have been influences causing
the demand for reserve bank credit to increase less than in the corresponding months
of other recent years. Notwithstanding the
smaller growth in the demand for bank
credit and for currency this autumn, however,
money rates have advanced more than in either
of the two preceding years, and open-market
No. 10
rates on money were higher in September than
at any other time in the past two years. This
higher level of money rates is accounted for in
part by the fact that the demand for bank
credit, though it increased less than in the
corresponding seasons of 1924 and 1925, continued to be in larger volume than at any
previous time, and the volume of currency in
circulation was also larger than at this time
last year.
The demand for credit in connection with
crop moving represents in part funds required
by farmers to pay for the
creSdUUdemlnd*. harvesting of crops, and in
larger part funds for financing
the distribution and marketing of agricultural
products. Consequently, seasonal changes in
the volume of credit in the autumn months are
influenced by the time at which crops begin
to move to market and by the rapidity of this
movement. Figures prepared by the Department of Agriculture indicate that about 45
per cent of the commercial wheat and barley
crops is usually marketed during July, August,
and September, about 40 per cent of the commercial oats crop during August, September,
and October, and about 55 per cent of the
cotton crop during September, October, and
November. During these months the commercial stocks of farm products are being
built up and the credit required to carry these
stocks increases. This demand reaches its
seasonal peak in October and is followed by
the seasonal growth of credit and currency
requirements of wholesale and retail trade.
Thus it is the combined effect of crop moving
and trade requirements that usually brings
about the autumn peak in the aggregate volume of bank credit in use.
707
708
FEDERAL RESERVE BULLETIN
During the present autumn the demand for
bank credit is influenced by the fact that
prices for leading farm crops
are lower than a
Tear a£0 a n d
in T
that total yields for most leading crops except wheat are expected to be
smaller than last year. Commercial stocks of
some important farm products, however, carried
over from last season and continuing to require
financing are larger than at this time a year
ago. For w;heat, of which the carry-over is
about 20,000,000 bushels less than last year, the
increase in the total crop is officially estimated
at about 170,000,000 bushels, the increase
being entirely in winter wheat and largely
in the Kansas City and Dallas Federal reserve
districts. The crop of spring wheat is forecast
at about 60,000,000 bushels less than in 1925.
Anticipated crops of oats and rye are the smallest in several years. The corn crop is expected
to be smaller by about 200,000,000 bushels
than in 1925, with the carry-over of old corn
larger than usual. The carry-over of cotton is
jabout 2,000,000 bales larger than last year,
with official estimates indicating a current
crop about 300,000 bales smaller. Estimated
yields of leading fruit crops are considerably
larger than in 1925. Stocks of tobacco remaining in the hands of dealers and manufacturers are larger than in 1925, and production,
though expected to be larger than usual, is
forecast at about 5 per cent less than in 1925.
The largest credit requirements for financing
crop movements arise from the distribution
of wheat and cotton, and the volume of these
two crops to be carried and financed is expected to be larger than last year by about 20
per cent for wheat and about 10 per cent for
cotton. This increase in the quantity of the
crops to be financed will be offset, however, by
adecline of from 10 to 20 per cent in the price of
wheat and of more than 20 per cent in the price
of cotton. The production of leading crops
v in 1926, as estimated by the United States
Department of Agriculture, is compared in the
following table with production in preceding
years.
OCTOBER, 1926
PRODUCTION OF FARM CROPS
[In millions of units]
Crop
Wheat:
Total
Winter _.
Spring
Unit
1923
797
Bushels._.
572
do
225
do
Corn • _
3,054
do
Cotton
__ __ .__ __ Bales _ _ _ 1.0.1
1,306
Oats
Bushels
Rye
63
do. __.
198
B&rlev
do
416
Potatoes
do.
89
Hay, tame .;
.__ Tons
1924
1925
863
590
273
2,313
13.6
1, 523
64
178
425
98
666
396
271
2,905
16.1
1, 512
48.6
217
326
86.7
1926
l
839
626
212
2,698
15.8
1,264
41.9
195
352
78.9
1
September estimates of the United States Department of Agriculture.
Growth in the volume of bank credit at the
crop-moving season is accompanied by a shift
of bank loans from country
S e a s o n a l banks, which finance the farmdemand1 CrG l e r s a n d country merchants,
to city banks, which finance
the marketing agencies. The proceeds of the
loans made to the distributing agencies are in
part paid to farmers and country merchants,
with a consequent flow of funds at this season of
the year from banks in the financial centers to
country banks. This flow of funds from city
to country banks is a factor in the usual rise in
open-market rates for money during the
autumn months, and is reflected in a growth of
deposits of banks in rural districts during the
second half of the year. The extent of this
seasonal growth in deposits of country banks
depends in large part on the value of the
products sold by the farmers. The movement
of net demand deposits of member banks in
towns with a population of less than 5,000, as
shown by monthly figures currently compiled
by the reserve banks, is shown on the chart for
1924, 1925, and 1926, with a separate curve for
each year. The chart shows that these deposits, now approximating $1,665,000,000, are
about the same as a year ago and more than
$100,000,000 higher than two years ago. Their
decline during the first half of the year, the
season when the movement of funds is usually
away from rural districts, has been larger than
it was last year, apparently reflecting in part
a relatively large volume of purchases of farm
equipment and of consumption goods by rural
districts. A growth after midsummer was
shown in 1924 and 1925, the increase in 1924
being considerably larger than that in 1925.
MILLIONS OF DOLLARS
1900
MILLIONS OF DOLLARS
1900
NET DEMAND DEPOSITS
MEMBER BANKS IN SMALL CENTERS
1800
1800
deposits. During July and August of the
current year the net demand deposits of these
member banks in small centers increased, as
they have done in earlier years, but the increase
for the country as a whole was smaller than in
1925 or 1924, reflecting in part the relative
lateness of the cotton crop this year.
The autumn season, when crops are being
marketed and the proceeds deposited in the
•~
,
banks of the agricultural disC o u n t r y
1700
1700
1600
1500
,
/vvVv\wJ 14-00
Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.
The growth during the second half of each of
these years is shown in the table for the Federal
reserve districts where farm crops are of most
importance. The table brings out the fact that
the growth in both years was fairly general
throughout the agricultural districts. For
1925, however, the growth was less than for 1924
MEMBER BANKS IN SMALL CENTERS X
[In millions of dollars]
Growth ] n net dedeposits
mand
second
during
half of-
Federal reserve district
1924
Richmond _»
Atlanta
St Louis
Minneapolis
Kansas City
Dallas
709
RESERVE BULLETIN
OCTOBEE, 1926
-
-
-
—-
5.1
13.5
7.4
21.3
43.8
64.8
1925
10.3
89.4
4.7
3.8
17.2
36.7
1 Population under 5,000.
in all of these districts, except the Richmond
district, and also the Atlanta district/where
the effect of a large cotton crop and a growth
6i business activity in Florida was reflected in
a relatively large increase in country bank
.
.
' , • • • , .
,
,
banks and the tncts, is also the time when the
reserve banks demands for credit by customers
of these banks begin to decline and when funds
arising from the sale of farm products begin to
be available to these banks to meet the seasonal increase in demands upon them for currency, to build up larger balances at the financial centers, and to decrease their indebtedness
at the reserve banks incurred during the crop
growing season. Thus member banks in the
predominantly agricultural districts of St.
Louis, Minneapolis, Kansas City, and Dallas
increased their balances with correspondents
during the third quarter of 1924, when marketings were relatively large and prices relatively
high, by about $250,000,000. In the early
autumn of 1925, however, when their balances
with correspondents were about $200,000,000
lower than the year before and agricultural
conditions were somewhat less favorable, these
balances increased but little. That country
banks regularly decrease their borrowings at
the reserve banks during the autumn months,
as is brought out by the chart, which shows
aggregate borrowings at the reserve banks by
country banks in all districts other than New
York. The chart shows that borrowing by
country banks, after reaching its peak during
the summer, declines in subsequent months,
reflecting the seasonal movement of funds
between agricultural and industrial regions.
In this respect the movement of borrowings of
country banks from the reserve banks differs
from that of discounts for member banks in the
larger centers, where the autumn and early
winter demand for currency and credit causes
the volume of accommodation at the reserve
banks to increase in the last third of each year
710
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
and to reach its peak in late December at the the Federal Reserve Bank of New York. The
time of the maximum currency requirements effect of these shipments on the demand for
reserve bank credit was not felt at the time
of the holiday trade.
when the gold was withdrawn, but at the time
MILLIONS OF DOLLARS
MILLIONS OP DOLLARS
300 when the earmarked balance was being built
300
up. In their influence on conditions in the
money market, therefore, and on the demand
for reserve bank credit, gold movements in
recent weeks have had the effect of adding
200
200 funds to the market and thus offsetting in part
the seasonal growth in the demand for reserve
bank credit. Thus the fact that the volume
of reserve bank credit in use has increased less
this autumn than at this season in other recent
100
100
years reflects the influence in the same direction
of all the factors that determine changes in the
DISCOUNTS FOR COUNTRY BANKS
demand for reserve bank credit: A relatively
small growth in the demand for member bank
credit, a less than usual seasonal increase in
1923
1925
1926
the demand for currency, and the receipt of
Discounts for country banks.—Monthly averages of weeklyfiguresfor
banks outside weekly reporting cities in 11 Federal reserve districts, gold from abroad.
excluding the New York district.
The chart brings out the fact that country
bank borrowings at the reserve banks, after
declining throughout 1924, reached a low point
in the early part of 1925, and increased with
seasonal fluctuations in 1925 and in 1926. At
the present time discounts for this group of
banks are near the highest level for the current
year and larger than for the corresponding
period of last year. While borrowing by
country banks is in somewhat larger volume
than a year ago, the total volume of reserve
bank credit in use is at about the same level
as in September, 1925. It is too early to
estimate the probable growth in the demand for
reserve bank credit during the remainder of
this year, particularly because this demand
may be influenced by changes in the volume
and direction of gold movements. During the
eight months ending with August gold movements resulted in an import balance of about
$80,000,000. In August and the first half of
September gold exports exceeded gold imports,
but a large part of the gold exported represented
the withdrawal by the German Reichsbank of
gold previously earmarked for its account at
NOTES
Meeting of Federal Advisory Council.
The Federal Advisory Council held its third
meeting in 1926 in Washington on September
16 and 17.
Reprint of currency article.
The article entitled "Currency Under the
Federal Reserve System/' that appeared in
the BULLETIN for July, has been reprinted in
separate form and copies can be obtained by
addressing the Federal Reserve Board.
TREASURY FINANCE
September financing.—On September 7 the
Treasury announced an offering of nine
months7 33^ per cent Treasury tax certificates
of indebtedness, dated and bearing interest
from September 15, 1926, and maturing June
1.5, 1927. It was announced that Treasury
4
M per cent notes of Series B, 1926, maturing
September 15, 1926, of which $397,530,300
were outstanding at the opening of business
on that date, would be accepted in payment
OCTOBEB, 1926
FEDERAL RESERVE BULLETIN
711
for the new certificates and would be given were divided among the several Federal reserve
preferred allotment. The offering was made districts as follows :
to cover the Treasury's cash requirements, in
excess of the balance on hand and September TREASURY CERTIFICATES OF INDEBTEDNESS, DATED
tax receipts, until December. Federal reserve
SEPTEMBER 15, 1926, MATURING JUNE 15,
1927
banks, as fiscal agents of the Government,
were authorized to receive subscriptions and
Total
Total
subscriptions subscriptions
Federal reserve districtto make allotments on the following basis:
allotted
received
Subscriptions in amounts not exceeding $1,000
for one subscriber, 50 per cent; and subscrip$31,609,500
$111,144,000
Boston
.
tions in amounts over $1,000 for one subscriber, New
151,993,500
350,149,000
York
34,619,500
105,307,500
Philadelphia
•.___„__
—._
25 per cent; but in no case less than $500 on Cleveland
25,953,000
65,384,500
_____
8,518,500
28,390,500
Richmond
any one subscription. Subscriptions were
12,685,500
42,798,500
Atlanta
_-_•
closed at the close of business on September 9, Chicago
39,962,500
108,667,500
9,585,500
22,714,500
St. Louis
and amounted to $996,000,000, of which Minneapolis..
10,039,000
18,124,500
_
9,379,500
19,815,500
_
$145,000,000, representing subscriptions for Kansas City
13,384,500
37,000,500
which Treasury notes were tendered in pay- Dallas
30,939,000
87,163,500
San Francisco
ment, were allotted in full. Allotments totaled
996,660,000
378,669,500
Total
-..
$378,669,500. Subscriptions and allotments
10419—26t-
712
FEDERAL RESERVE BUIiLETTBT
OCTOBER, 1926
BUSINESS CONDITIONS IN THE UNITED STATES
NATIONAL SUMMARY
Industrial activity and distribution of com- corn, barley, hay, tobacco, and most fruit and
modities continued in large volume in August vegetable crops were above those made in
at a level higher than a year ago. The general August, while expected yields of oats and
level of wholesale prices receded further in spring wheat were slightly less. A cotton
August, reflecting price declines for agricultural crop of 15,810,000 bales was indicated on the
basis of the condition of the crop at the middle
commodities.
Production!—The index of production in of September. The crop, however, is later
basic industries, which is adjusted for the usual than last year, and ginnings up to September 16
seasonal variations, declined slightly in August, amounted to only 2,511,000 bales, compared
but this decline was accounted for by the fact with 4,282,000 bales prior to September 16,
that there were five Sundays in August as 1925.
against four in July. Textile-mill activity PERCENT
PERCENT
~
and production of steel ingots, zinc, and petro- 150 r
eum increased, while the output of pig iron
,<rw^
/ \ P a y rolls
100
100
Employment
50
50
50
FACTORY EMPLOYMENT
AND PAY ROLLS
1922
1923
1924-
1925
1926
Federal Reserve Board's indexes of factory employment and pay rolls.
(1919=100.) Latest figures, August, employment, 94.4; pay rolls,
107.7
1922
1923
1924
1925
1926
Index of 22 basic commodities adjusted for seasonal variations. (1919=
' 100.) Latest figure, August, 116
lumber, copper, cement, and sugar was
smaller than the month before. Automobile
production increased considerably in August
and was larger than in any month since April.
Factory employment and pay rolls, after
declining in July, increased in August, as is
usual at this season of the year. Building
activity, as measured by contract awards in 37
States east of the Rocky Mountains, was in
larger volume in August than in July or in any
other previous month with the exception of
August, 1925. In eastern and southeastern
States the volume of building was smaller in
August than a year ago, while in the Middle
West contracts awarded were larger. Contracts for residential structures were smaller
than last year, while those for industrial buildings and for public works and public utilities
were substantially larger.
Crop conditions improved in August, according to a statement by the Department of
Agriculture. September forecasts of yields of
Trade.—Volume of wholesale trade and of
sales at department stores increased in August,
and retail sales were larger than a year ago.
Stocks of dry goods and shoes carried by wholesale firms were smaller at the end of August
than last year, while those of groceries and
hardware were larger. Inventories of department stores increased in preparation for
autumn trade, but this increase was less than
is usual at this season, and at the end of the
month stocks were slightly smaller than a year
ago. Freight-car loadings in August continued
higher than in the corresponding months of
previous years, and for the weeks of August
28 and September 4 exceeded all previous
weekly records. Loadings of grain continued
large and shipments of merchandise in lessthan-car-load lots, miscellaneous commodities,
ore, and coke were considerably larger than in
the corresponding period of previous years.
Prices.—Wholesale commodity prices, according to the index of the Bureau of Labor
Statistics, declined by over 1 per cent in August,
reflecting largely price decreases for grains,
livestock, and. meat products. Prices of cloth-
OCTOBER,
713
FEDERAL KESEKYE BULLETIN
1926
ing materials, fuels and metals increased between July and August, while prices of cotton,
wool, sugar, building materials, and rubber
showed little change. \ In the first half of
September prices of grains, cattle, sugar, bituminous coal, and coke advanced, while prices
of raw cotton, silver, and bricks declined.
PER CENT
2001
PER GENT
"1200
150
150
100
100
SO
SO
ments at banks in New York City, and total
loans and investments on September 15 were
larger than at any previous time.
The volume of reserve-bank credit increased
by about $90,000,000 between August 18 and
September 22, partly in response to seasonal!
demands for currency. Discounts for member
banks rose in September to the highest figure
for the year, and acceptance holdings also
increased, while United States securities declined by about $55,000,000.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
2
WHOLESALE PRICES
1922
1924-
1923
1325
1926
Index of United States Bureau of Labor Statistics. (1913=100, base
adopted by bureau.) Latest figure, August, 149.2
Bank credit.—Increased demand for bank
credit in connection with the harvesting and
marketing of crops and autumn trade, together
with an increase in loans on securities, was
reflected in a considerable growth between the
middle of August and the middle of September in loans of member banks in leading cities.
The banks' holdings of investments also increased, though there was a decrease in invest-
1922
1923
1925
;192S;
Monthly averages of daily figures for 12 Federal reserve banks. Latest
figures are averages for first 23 days in September
Money rates continued to rise in September.
Rates on commercial paper advanced by onefourth of 1 per cent to 4 M>-4^ per cent, and
rates on security loans also averaged higher
than in August.
BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD
[Monthly average 1919=100]
Year and month
Production in
basic
industries i
1925
January
February
March
April
May
___
June
.--July
—.
August
September...
October
November...
December—
January. _.
February..
March
April _..._
May
June..—-.
y
August
127
124
120
119
111
110
113
109
111
116
115
121
120
120
123
122
117
118
2
118
116
Factory Factory
employ- pay
rolls
ment
94
Building contracts
awarded i
Railroad- Wholecar
sale
trade
i
Adjusted
D epartment-store
D epartment-store
stocks 1
Unadjusted
Unadjusted
Adjusted
103
109
110
107
107
105
102
105
104
111
112
112
119
120
189
219
196
216
211
236
218
205
183
204
164
166
172
169
151
173
188
225
235
210
229
276
123
125
117
129
123
117
122
123
121
121
121
130
79
76
83
79
79
83
83
87
94
101
86
80
108
101
121
136
128
126
95
98
121
165
145
124
131
121
133
124
126
128
125
134
145
'129
141
107
112
113
110
109
109
104
108
176
150
231
220
212
211
200
232
243
208
209
170
164
169
178
221
118
127
126
132
126
127
130
126
78
76
85
80
82
84
82
87
114
104
130
133
137
130
99
105
130
135
130
130
132
130
133
134
Adjusted
Bank
debits
outside'
of New
York
Cityi;
119
127
139
141
136
129
125
131
J43
149
154
129
134
135
137
136
137
135
133
131
133
134
137
139
119
118
118
120
118
122
124
120
125
- 131
142
143
138
131
124
130
141
140
141
139
138
138
133
131
126
128
131
131
124
127
136
126
122
124
* The indexes of production in basic industries, car loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of
building contracts and department-store sales and stocks are shown both with and without seasonal adjustments.
2 Revised.
714
OCTOBER, 1926
FEDERAL RESERVE BULLETIN
MONEY RATES
Money rates in the New York market were
generally higher in September than they have
been since early in 1924 except for the temporary rise in call money at the end of last
year. This fact is brought out by the chart,
which shows the course of the principal rates
since the beginning of 1925.
Prime commercial paper advanced early in
September from 4 3 ^ - 4 ^ per cent, the rate
which prevailed late in August and the highest
rate quoted in 1925, to 4y& per cent and later
in the month to 43^-4% per cent. The demand, which had been extremely quiet, increased somewhat as rates advanced, coming
PERCENT
PER CENT
D
call rate on security loans fluctuated between
4t}/2 and 5 per cent during September until
toward the end of the month, when 53^ per
cent prevailed, and time rates, which varied
early in the month from 4% to 5 per cent, depending on maturity, were later all at 5 per
cent. The accompanying table shows money
rates prevailing in the New York open market
during the last three months. A table showing rates of interest charged customers by
banks in various cities of the United States, as
reported by representative banks, will be found
on pages 754-755 of this issue of the BULLETIN.
These rates, in the larger cities of the country,
were generally higher in September than in
August.
MONEY RATES IN N E W YORK
Average yield
Month
September, 1925
July, 1926
August, 1926.-— _,_September, 1926_..-__
Week ending—
Sept. 4__.
Sept. 11
Sept. 18
Sept. 25
p
RATES
IN NEW YORK CITY
1925
1926
chiefly from Philadelphia and from country
districts. Supplies in the hands of dealers
continued small. Kates on bankers' acceptances remained as established on August 23,
except for an advance in the 1 to 15 day maturities from 3 ^ to 33^ per cent. Ninety-day
bills were offered at 3% per cent throughout
the month, as compared with 3% per cent in
the last part of August. The prices of both
short and long term Government securities
were stable during September, with their
yields about the same as in the preceding
month. The new issue of 9 months Treasury
certificates dated September 15 bore a rate of
33^ per cent, as compared with 3}/i per cent
earned by certificates of the same term issued
in September, 1925, and 3% per cent by those
issued in December with a year to run. The
CITY
Average rate
Prime
bank- U.S.
ers'
Treasaccept- ury
ances, notes per cent Call
Time
and
90
loans * loans 2
months days
certifi- Liberty
bonds
cates,
3-6
months
Prime
commercial
paper,
3.33
3.11
3.27
33.39
, 4 3.47
8
3
4jJ
3
3.
3
3.
3
28
25
3.34
ZVs L« 3.42
Ws * 3. 52
fv
3.98
3.93
3.95
3.96
4.62
4.27
4.52
5.02
4.36
4. 39
4.76
3.95
3.95
3.96
3.96
4.80
4.88
4.90
5.30
4.70
4.89
4.88
4.96
4.8&
12 Renewal rate.
Weekly average of daily average rates on principal maturities.
34 Issues maturing Dec. 15,1926.
Issues maturing Mar. 15,1927.
In the London market rates were somewhat
higher in September
than in August, with
three months7 bank bills quoted at 43^-4^- per
cent.
ACCEPTANCE MARKET
The market in bankers' acceptances was
quiet during the last part of August and first
part of September, but improved somewhat
later in the month. Both the supply of bills
and the demand for them were reported small
throughout August by New York and Boston
dealers, and in Chicago there was a marked
scarcity of new bills, although the demand was
fair. In September a better demand developed
in the New York market, principally for 90-day
bills. This demand came principally from outof-town purchasers and from local banks
OCTOBEK,
715
FEDEKAL BESEKVE BULLETIK
1926
which were buying for foreign clients. The
total purchases and sales of New York dealers
during the period from August 18 to September
15 was the smallest for any reporting period
since February. Rates on bills of all maturities of less than 120 days were increased by
one-fourth of 1 per cent on August 23, and the
buying rates of the Federal reserve bank were
also advanced. The following table shows the
rates in effect on bills of various maturities at
the beginning and end of the reporting period:
ACCEPTANCE RATES IN THE N E W YORK MARKET
Aug. 18, 1926
Sept. 15, 1926
Foreign flotations were also small as compared with other recent months, according to
the compilation of the Federal Reserve Bank
of New York, but larger than in August, 1925,
or in March of this year. Government issues
were about the same as in July, but those of
foreign corporations were only about one-half
as large, and the bulk of these were refunding
issues. The only individual new issues of as
much as $10,000,000 were floated by the
Republics of Peru and of Chile. A total of
$12,200,000 came from Germany and the rest
of the new securities from Belgium and Cuba.
The table below shows the foreign issues during
June, July, and August:
Maturity
Bid
Offered
Bid
Offered
FOREIGN
CAPITAL
ISSUES
lln millions of dollars]
30 days.
60 days.
90 days.
120 days
150 days
180 days
August, 1926 July, 1926
June 1926
Gov- Cor- Gov- Cor- Gov- Corern- po- ern- po- ern- poment rate ment rate ment rate
CAPITAL ISSUES
The volume of new domestic securities issued
in the United States in August was the smallest
for any month since September, 1923, amounting to $209,200,000, as shown by the compilation of the Commercial and Financial Chronicle. The decline in new flotations characterized all classes of corporations as well as of
municipalities, but was less marked in the case
of industrial corporations than of public utilities and railroads. The volume of refunding
issues during August was about equal to the
monthly average for the current year. The
following table shows the domestic securities,
both new and refunding, issued in August,
1925, and in July and August, 1926:
DOMESTIC CAPITAL ISSUES
[In millions of dollars]
August, 1926
July, 1926
AUgus fc, 1925
Refunding
New
Refunding
New
209.2
56.9
411.5
54.1
266.4
32.7
Corporate
141.1
Long-term bonds and
notes
107.9
Short-term bonds and
notes
. __• 9.0
Stocks...
24.2
Farm-loan issues
43
Municipal
•___ 63.8
56.4
316. 5
53.7
185. 6
29.3
52.7
211.6
34.9
123.6
19.1
.3
3.4
.5
10.5
94.4
6. 0
89.0
12.2
6.6
7.4
54.6
.5
80.3
.4
9.8
New
Total
Total new and refunding
266.1
465.6
.4
Refunding
299.1
3.4
New issues
33.2 8.0 31.8
Europe
9.2 2.4 11.0
Canada and Newfoundland.
3.0
Latin America _
24 0 2 6 20 8
United States insular possessions
Japan
Refunding issues
.4
24.3
Total new and refunding. _ 33.2 32.3 32.2
Grand total
65.5
56.4 44.5
26.3 14.0
20.1 7.5
20.8
50.2
35.6
12.7
14
2.2
5
10.0
6.0
62.4
94.6
10.5
55.0
4.5
54.7
109.7
SECURITY PRICES
The prices of representative common stocks
of industrial corporations, as shown by the
index of the Standard Statistics Co., advanced
early in September without, however, reaching the high levels of early August, and lost a
considerable part of this advance later in the
month. Railroad stocks continued throughout September about the same rate of increase
that has persisted since late in July, the index
reaching a new high point each week in the
month. Individual stocks among both groups
showed unusually erratic movements, which
are not reflected in the averages. The market
was more active than usual early in September,
as indicated by the volume of stock sales, and
less active later in the month. Bond prices
declined slightly below their August levels.
The following table gives indexes of stock
prices computed by the Standard Statistics
Co. of New York, the average price of 40 bonds
computed by Dow, Jones & Co., and the average number of shares of stock sold daily on
the New York Stock Exchange, for the last
six months and for September a year ago:
716
FEDERAL RESERVE
INDEX NUMBERS OF SECURITY PRICES
Price indexes of1—
Average
199 in- 31 rail- Total, price
of 40 2
dustrial road
230 • bonds
stocks stocks stocks
Average for— '
•••
September, 1925..,. .__. 139.9
April, 1 9 2 6 — — — — . 139.8
: May, 1926. —____—— 141,1
June, 1926
________ 147.4
July, 1926..
-.—--_. 152. 7
August, 1926.. .__..____ 159.2
September, 1926.------ 159.8
Average for week ending—
Sept/4.
.160.2
."-•' S e p t U l . _____-__158.9
159.6
Sept. 18
160.6
Sept. 25
Average
number
of shares
of stock
solddaily
(000
omitted) 3
115.8
118.5
120. 6
125.5
128.3
131.4
134.6
132.9
133. 6
135.1
141.0
145.6
151.1
152. 5
92.19
94.52
95.25
95.32
94. 87
95.03
95.03
1,711
1,339
1,083
1,614
1,626
1,871
1,654
136.8
133. 3
133.6
134.7
153.4
151.4
152.0
153.0
95. 07
95.11
95.02
94.94
1,806
1,831
1,676
1,579
OCTOBER, 192(>
prices for nonagrieultural commodities, which
are about 2 per cent lower than a year ago,
have shown little change during the last five
months. All of the principal groups are lower
than a year ago except that for fuel and lighting, which is nearly 6 per cent higher. The
most extensive declines have been those of
15 per cent for farm products, reflecting principally decreases for cotton, wheat, corn, and
cattle, and 12 per cent for miscellaneous,
1 For t h e industrial stocks, t h e average of 1917-1921 prices equals 100;:
for t h e rails t h e average of t h e high a n d low prices made in t h e 10 years,
1913-1922, equals 100. T h e indexes are weighted b y the number of shares
of each stock outstanding.
Prices used are closing quotations on Saturday.
••••'•. ; .'•"-•':. : -' I'/' • .•-;•••-•".•'-•'• ;
,
•
•
•
2 Arithmetic average o;f daily average closing prices, as published in
the Wall Street J o u r n a l Weekly averages are for week ending with
.Saturday.' i : ; ;
;; •.••.-•• \ , .^ '
; s Saturday omitted.. Weekly averages are for five days ending with
Friday preceding date given.
COMMODITY PRICES
The general level of wholesale commodity
prices, according to; the index of the Bureau
of Ldbpr Statistics, declined from July to
August By a,bout 1 per cent, an amount about
equal id itie decline during the preceding
irioiith. This dhange reflected a decrease of
2.5 per cent for agricultural commodities and
an increase of about one-half of 1 per cent for
nonagrieultural
commodities. The distribution of ] price changes among the principal
groups of commodities is shown by the table,
and comparative figures for the past 13 months
iare given ^n page 740.
commodities, largely on account of lower
prices for rubber. In the first three weeks of
September cotton, grains, brick, and meats
continued their gradual decline, while advances
were shown in fuel, sugar, and potatoes.
The following table shows the movement of
farm prices for 30 commodities since the beginning of 1925, as shown by index numbers
computed by the United States Department
of Agriculture, with separate figures for important classes of farm products.
INDEX NUMBERS OF FARM PRICES
[August 1909-July 1914=1003
INDEX NXJMB^RS OF COMMODITY PRICES
Year and
month
[1913=100]
August
July
All commodities-.
149.2
150.7
, Agricultural.. _ —.
Nonagrieultural _
144.5
153.1
148.2
152.3
F a r m products_________•_.—Foods..
___:_____;__
Clothing materials-..._ — -_
Fuels
.
.,._.___-,..-:_
Metals a n d metal products.
Building materials... -- _ ____•
.Chemicals arid d r u g s . . .
House furnishing goods _____
Miscellaneous __.-..___-
137.9
150.8
174.7
179.5
126.6
171.8
130. 8
160.8
121.8
140.8
153. 6
173. 3
177. 0
126.2
171,5
130.9
161.1
122.5
Percentage
change
1925
January
February...
—2.5 March..
+.6. April. __.
-L0
June
July
August
September..
October
November..
December. _
172
178
172
152
159
164
152
157
148
135
138
140
1926
January
February ....
March
April
May
-_
t. •*•'*•/
June
July
August _____
September. _
143
140
133
131
131
130
125
128
121
May
—2.1
-I. 8
+.8
+1.4
+.3
+.2
— 2
The decline in the general level of wholesale
Commodity prices since August of last year,
when theiy were at their highest point for the
year, amounts to about 7 per cent, as is brought
out by the chart. The chart shows also that
Grains
Fruits
and
vegetables
122
131
138
146
162
184
178
178
142
152
Meat
animals
Dairy Cotton
Total,
Un- 30
and
comand 'classipoultry cotton
modified
prodties
seed
ucts
194
123
126
145
146
139
139
148
149
143
141
136
136
154
142
134
131
132
132
134
139
141
154
162
163
182
183
195
189
184
183
186
186
178
171
144
139
94
96
94
94
87
86
88
96
90
90
95
92
146
146
151
147
146
148
149
152
144
143
144
143
214
218
220
253
240
216
195
166
136
140
146
147
146
148
154
152
144
148
i53
144
137
133
131
130
131
130
139
138
142
133
135
130
132
126
130
134
87
87
85
83
82
81
81
81
93
143
143
140
140
139
139
135
132
134
^194
FEDERAL RESERVE BULLETIN
OCTOBEK, 1926
717
The following table shows the outstanding
volume of mortgage loans at the end of August
held by 12 Federal land banks, 54 joint-stock
land banks, and 41 life-insurance companies
owning more than 82 per cent of the assets of
all life-insurance companies.
AGRICULTURAL CREDIT
Rediscounts of Federal intermediate banks
increased slightly during August, but repayments by agricultural credit corporations during the first half of September brought the
total below that of August 1. Direct loans
N E T FARM MORTGAGE LOANS OUTSTANDING
increased approximately $7,000,000 during
[ In thousands of dollars]
August, due largely to advances on tobacco.
Increased advances were also made upon wheat,
August 30; August 30,
canned fruits and vegetables, and wool.
1925
Loans based on raisins and rice were reduced. Total, all joint-stock land banks;
610,794
513,994
Loans on cotton, which reached their lowest Total, Federal land banks
1,053,336
985,160
41 life-insurance companies
1,510,000
1,577,000
point in the latter part of August, have started
to increase as the new crop has moved into
MINING AND MANUFACTURING ACTIVITY
market channels. Loans based on eligible
commodities. and rediscounts for the different
Volume of manufacturing showed the usual
financial institutions at the latest available date
in September are shown in the following table: seasonal increase between July and August,
and mining output in August was close to the
INTERMEDIATE CREDIT BANKS
highest on record. The Federal Reserve
Board's index of manufacturing production
[In thousands of dollars]
was 137 in August, as compared with 128 in
Sept. 18, Aug. 14, Sept. 19, July and 122 in August of last year, and the
1926
1925
1926
mining index for the corresponding months
was 139, 135, and 136. The index of producDirect loans outstanding o n Cotton
5,097
3,299 tion in basic industries, which is adjusted for
5,310
Tobacco. ____
_
11,016 , 16,222 the usual seasonal increases that occur be19,166
2,450
1,874
Wheat..
_
3,036
Canned fruits and vegetables _______
1,193
2,069 tween July and August, showed a slight de1,757
2,950
2,400
Raisins
1,600
148 crease from 118 in July to 116 in August.
Peanuts
_ _
1,818 This decrease may be attributed to the fact
2,194
Wool
___
...__.._.__
2,212
472
554
All other
__ _____
119
95 that there were five Sundays in August as com190
Factory employment
Total
33,672
25,644
27,925 pared with four in July.
and pay rolls also increased in August, following
Rediscounts outstanding for—
29,737
'Agricultural credit corporations.
30,459
21,096 the seasonal decline in the preceding month.
13
National banks
4
3
329
363
536 Industrial activity, as indicated by these
State banks
12,974
10,152 measures of production and employment, has
13,207
Livestock loan companies
•___
162
162
82
Savings banks and trust companiesshown movements to date this year correspondTotal..
43,962
31,869
\ 43,448
ing somewhat to those of the same period in
1924 and 1925. Activity in those two previous
Outstanding farm loans held by joint-stock years was large in the winter months, declined
land banks, Federal land banks, and reporting during the spring, and began to increase
life-insurance companies increased approxi- slightly in the late summer. The decline from
mately $5,000,000 for each of the three groups. the early months of the year to midsummer
An additional reduction in the rate of interest occurred this year but was nothing like so great
charged on farm loans has been announced by as in 1924 and 1925. The total volume of
the Federal farm loan board applying to the manufacturing production during the first
Omaha Federal land bank district. The rate eight months of 1926 has exceeded that of any
there was reduced from 5}£ per cent to 5 per previous corresponding period. Mining outcent, bringing the total number of districts which put for the period has been in somewhat smaller
are on a 5 per cent basis to six. Rates charged volume than in 1923, in which year the coal
on farm loans prevailing in the 12 Federal shortage caused by the strike of 1922 was being
land bank districts are as follows:
made up. Building, another form of productive activity, has also been in larger volume
District
Bate
District
, Rate
during this year to date than in any previous
1, Springfield
____
7. St. Paul..__.
5
corresponding period. The increase in build2. Baltimore
8.
Omaha
5
. &A
ing this year as compared with 1925 has been
3. Columbia
5
^A 9. Wichita.--__-__
4. Louisville
10. Houston
5
5
5. New Orleans
__
11. Berkley....
5
VA particularly large in industrial structures and
6. St. Louis...
5 a n d 5 K 12. Spokane
____.
• 5V
in public works and public utilities.
R i c e
' • • • • • _
2
718
FEDERAL RESERVE BULLETIN
Increases between July and August, even
after adjustments for seasonal variations,
occurred in textile mill activity, in the number
of hogs slaughtered, and in the production
of steel ingots, zinc, crude petroleum, sole
leather, and tobacco products. Automobile
output increased considerably and was greater
than in any previous August, and the production of rubber tires was the largest on record.
With the exception of a number of the textile
industries, lumber, and leather, most of the
important industries were operating at a
higher level than in August of last year.
Index numbers of production, employment,
and pay rolls, are shown on pages 729-730.
Textiles.— Activity in textile industries increased during August and September; buying was in larger volume, manufacturing
operations were increased, and prices advanced.
Cotton-goods prices, according to the Fairchild indexes, have risen slowly, with only one
weekly decline, since the middle of July, and
in September reached the highest levels since
May. Yarn prices have likewise advanced,
while those of raw cotton fell about the middle
of September to a new low point since 1921.
Prices of raw wool, tops, and worsted yarns
have risen slightly since the middle of August.
New openings of woolens and worsteds, however, at lower prices than those previously
prevailing, have resulted in further reductions
in average prices of piece and dress goods.
Further advances occurred in raw silk quotations during September, and the Fairchild silk
goods index rose slightly from the low level
reached in August.
Manufacturing operations in nearly all
branches of the textile industry were at higher
levels in August than in July, although they
continued below those of a year ago. Knit
goods was the only one of the chief textile
industries in which factory pay rolls were
greater than in August, 1925. Cotton consumption and spindle activity increased in
August over July and were greater than during August of last year. The production of
cotton textiles showed substantial increases in
eight of the nine classes reported over both
June and July, accompanying a growth in
total unfilled orders and a decline in total
stocks. Cotton finishers also reported increases in billings, orders, and shipments, all
of which were greater than a year ago. Wool
consumption and machinery activity increased
in August above the low level of July but
continued below the levels of last spring and
of a year ago. The greatest increase in
activity was in that of worsted spindles.
OCTOBER, 1926
Silk imports in August were larger than in any
previous month of the year, and deliveries to
mills exceeded those for any month since
January. Warehouse stocks in this country
are small, but those in Japan are unusually
heavy. Sales of silk goods by wholesalers in
the New York Federal reserve district increased
considerably between July and August and
were larger than in August, 1925. Sales of
clothing in the New York district were seasonally larger in August than in July, but those
of men's clothing were slightly smaller, and
those of women's dresses, coats, and suits were
considerably less than a year earlier. The
strike in the women's garment trade continued
during September. Orders for heavyweight
underwear for immediate delivery were large
in September, and buying of spring goods
began. Production, shipments, and orders of
underwear, which were at a low level in July,
increased in August. Activity in the hosiery
industry was also at a seasonal low ebb in
July, and production of all types except men's
cotton seamless and women's silk full-fashioned
hose was less than a year ago. Preliminary
August data indicate increases over July in
production, shipments, and new orders.
Hides, leather, and shoes.—-Reports indicate
increased activity in hide and leather markets
during September, after a period of quietness
in August, and operations in the shoe industry
have shown the usual seasonal expansion. A
large number of hides were sold on the Chicago
market in the latter part of September, and
prices strengthened. Production of most types
of leather has remained without much change
in recent months except in the case of goat and
kid leather, of which output has declined
steadily since March, following a substantial
increase in the months preceding. Stocks of
leather were further reduced in July. Production of sole leather and stocks in process of
manufacture increased in August and were
larger than in any month since October, while
tanners' finished stocks were reduced to a new
low level of less than 4,000,000 backs, bends,
and sides. Production of boots and shoes increased seasonally in all important districts
and for the country as a whole was in about
the same volume as a year ago. Sales of
shoes by wholesalers in August were larger
than in August, 1925, whereas stocks held at
the end of the month were in smaller volume
than a year earlier.
Metals.—Increasing production, active buying, and firm prices have characterized conditions in the iron and steel industry since the
middle of the summer. Production of steel
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
ingots increased considerably in August, exceeding all previous records for that -month,
and reports indicate a continuation of operations during September at close to the same
rate—about 86 per cent of capacity. A slight
decline in the unfilled orders of the United
States Steel Corporation is accounted for by
the large volume of production and shipments.
Pig-iron output was at a slightly lower rate in
August than in July, but was larger than in
August of the two preceding years. Shipments
of iron ore from Great Lakes ports during
August totaled 10,710,000 tons, the largest for
any month on record, making the total for the
season to date slightly larger than in the same
period of last year. Prices of steel products
have been strong, and quotations on sheets
were advanced during September. Pig-iron
prices, on the other hand, have been reduced
slightly by some producers. Buying of steel
for fourth-quarter, requirements has been under
way. Demand from automobile producers
has been especially active, and sales of structural steel continue in large volume. The
petroleum and agricultural implement industries have also been active buyers. Railroad
purchases, on the other hand, have continued
small.
Nonferrous metals markets were particularly
active during August and September. Prices
advanced, and for most metals production and
shipments increased, and stocks were reduced.
Mine production of copper was in practically
the same volume in August as in July, but
smelter output increased slightly. Zinc production and shipments likewise increased,
while stocks decreased in volume. The reported world's visible supply of tin was the
smallest in several years, and the price of
Straits tin in New York rose during August to
over 66 cents, the highest point since 1919,
and in September there was a continued advance to over 70 cents. The contract price
of lead was reduced by a leading producer in
September from 8.90 to 8.75 cents a pound.
Silver has been weak, influenced partially by
the published report of the Indian Currency
Commission, and the price fell to a new low
level since 1921.
Automobiles and tires.—Distribution of new
models accounted for a substantial increase
in production and sales of automobiles during
August. The output of passenger cars in the
United States totaled 379,111, an increase of
20 per cent as compared with July, and the
largest production for any month since April.
Comparisons with last August are vitiated by
the fact that Ford production was temporarily
10419—26t
-3
719
curtailed a year ago in preparation for work
on new models. Output of passenger cars
and trucks for the first eight months of the
year totaled 3,106,000, as compared with
2,737,000 in the same period of last year.
Production in the last quarter of 1925, however,
was unusually large. Retail sales of new cars
and sales of used cars by dealers reporting to
the Federal reserve banks of Chicago and
Philadelphia were smaller in August than in
July but greater than a year ago. Sales of
new cars at wholesale, on the other hand, were
larger than in July. Used-car stocks were considerably larger on August 31 than they were
a year earlier. During September two producers announced reductions in automobile prices.
Production of automobile tires increased
considerably in August and was larger than
in any previous month. Shipments of both
tires and tubes exceeded output by substantial
margins, and stocks were consequently reduced to the smallest volume since the early
part of the year. Activity in the tire industry
continued large during September. Crude
rubber prices rose from about 38 cents a pound
the middle of August to over 41 cents the
latter part of September. Prices of tires sold
to automobile manufacturers were reduced in
September.
Fuels.—The usual seasonal increase in the
production of coal continued during August
and September. Bituminous coal output was
larger in August than in the corresponding
month of either of the two preceding years.
Weekly output for September was in practically
the same volume as in 1925. Demand for
bituminous coal has continued large, and prices
advanced in September to the highest level of
the year. Exports increased further in August
and exceeded the large volume shipped in July.
Anthracite production was slightly smaller in
August than in July and much below the figure
for last August, which was at a record in
anticipation of the strike which began September 1. Output continued, however, at
over 8,000,000 tons for the sixth consecutive
month, the longest period since 1923 that
production has been maintained at this rate.
Anthracite prices have also advanced within
recent weeks. Quotations by independent
producers are below those of a year ago,
whereas the • •" company" prices are slightly
higher than they were at this time last year.
Production of both beehive and by-product
coke was somewhat smaller in August than in
July but continued greater than a year ago.
Demand for coke has increased somewhat in
recent weeks, &nd prices have advanced;
720
FEDERAL RESERVE BULLETIN
Production of crude petroleum continued
during August and the first week of September
the increase which began last May and was
larger than at any time in over a year. In the
following two weeks, however, there were
slight decreases in output. Production of
petroleum for the year to date has been smaller
than in the same period of 1925, and stocks
have declined to the lowest level since 1923.
Consumption of gasoline has been large, and,
despite a high rate of output, stocks at refineries have been steadily reduced since April.
According to the Oil, Paint, and Drug Reporter
indexes, prices of crude petroleum and of gasoline were reduced somewhat between the middle
of August and the middle of September.
Building materials.—Production of lumber
decreased in August and was in smaller volume
than in any; month since early in the spring.
Shipments likewise were smaller than in July.
Orders, shipments, and production for several
weeks have approximately equaled each other,
indicating that there has been little change in
unfilled orders and stocks. According to reports of the National Lumber Manufacturers
Association, the volume of lumber cut was
smaller during the months of June, July, and
August of this year than in corresponding
months of last year. This summer's shipments,
on the other hand, have been in larger volume
than production, whereas in previous summers
output has exceeded shipments and stocks
have accumulated. Prices of hardwoods advanced slightly in August and September, but
those of softwoods, after declining early in
August, remained without much change. Shipments, production, and orders of oak and maple
flooring increased in August, and in the case of
the latter continued slightly larger than a year
ago. For the former they were in practically
the same volume. Cement production and
shipments declined in August from the high
levels of July, although seasonal increases
usually occur at that time. Production and
shipments of paving brick were smaller in
August than in the corresponding month of
last year.
Food products.—Flour production during the
month of August was the largest for any single
month during the year. Plentiful supplies of
high quality winter wheat at a lower level of
prices have stimulated milling activity, and a
good volume of buying has taken place. Exports have also shown a considerable expansion and were in the largest volume in any
month since December, 1924. Trade with
Latin America has continued in good volume,
and southwestern mills.maintained a good vol-
OCTOBER, 1926
ume of business with the Continent and the
United. Kingdom.
Sugar meltings for the month of August declined for the second successive month, but
were in slightly larger volume than in the corresponding month of a year ago. A broad retail demand has resulted in firmer prices, and
quotations on refined sugar reached the highest level of the year in the middle of September. Stocks, which for several months have
been considerably larger than usual, have declined in the last two months but are still above
the holdings of a year ago.
Manufacture of meat products declined from
the previous month, but the total value of
sales billed during the month to domestic and
foreign customers by 41 packers in the United
States, as reported by the Chicago Federal
Reserve Bank, increased 1.5 per cent over July
and 2.2 per cent over a year ago. A brisk
retail demand for pork cuts was reflected in
firmer prices during the first half of September.
Slow buying on the part of foreign customers
and large runs of heavyweight hogs have been
accompanied by large holdings of lard. Instead of showing a marked decline in the month
of August cold-storage holdings of lard continued
at the high level reached in the previous month,
contrary to the usual seasonal trend.
BUILDING
After declining for three months, the volume
of building contracts awarded, as reported by
the F. W. Dodge Corporation, increased considerably in August, totaling in value for 37
States east of the Rocky Mountains $601,000,000. This figure has been previously exceeded in only one month—-August, 1925—
when the total was $611,000,000. Data for
the first half of September indicate that the
volume of contracts awarded was about the
same as in .the corresponding period of last
year. Contemplated new work, reported by
the same corporation, was valued at $571,000,000 in August—15 per cent smaller than
in July and 30 per cent less than a year ago.
Projects in contemplation furthermore were
smaller in value than contracts awarded during the month, whereas in other recent months
they have been larger.
Most of the increase in building contracts
as compared with July was in the New York,
Chicago, and St. Louis districts, and was fairly
evenly divided between residential and other
types of buildings. Building activity during
the summer has been particularly large in the
Middle Western States. Awards during Au-
OCTOBER, 1926
FEDERAL KESEEVE BULLETIN
gust in the New York district were nearly
$50,000,000 less than in the same month of last
year, and in the Atlanta district were $20,000,000 less, whereas there was an offsetting increase
in the area covered by the Chicago, St. Louis,
Minneapolis, and Kansas City Federal reserve
districts combined of about $70,000,000. Contracts for public works and public utilities were
especially large in July and August, and for
the year to date have shown an increase over
the same period of last year of $135,000,000,
or 22 per cent; the corresponding increase for
industrial building has been even larger—$165,000,000, or 56 per cent. Residential
building has been $65,000,000 greater, which
is an increase of only 4 per cent, and in August
residential contracts were smaller than a year
ago.
WHOLESALE AND RETAIL TRADE
Trade at wholesale and retail firms followed
in August the usual seasonal course characteristic of the late summer. Volume of
wholesale trade in six leading lines increased
about 6 per cent over July and was in about the
same volume as in August a year ago. As
a result of this growth in sales, stocks of
merchandise carried by wholesale dealers were
reduced and were only slightly above those
a year ago. Trade at retail stores reflected the
usual midsummer dullness, but total sales of
reporting stores exceeded those of a year ago.
Inventories carried by department stores
increased about 4 per cent in August, but this
was somewhat less than is usual in August, and
stocks were slightly smaller than at the end
of August a year ago. Further evidence of the
large volume of trade at both wholesale and
retail firms is indicated in the continuation of
railway shipments of merchandise and miscellaneous commodities at record high levels.
Wholesale trade.—Sales of shoes and dry
goods, which are subject to wide seasonal
changes, were 30 per cent larger than in July,
those of meats were somewhat larger, while
sales of groceries, hardware, and drugs showed
slight declines. Larger sales of dry goods than
in July were reported from all sections of the
country, but increases were largest in the St.
Louis district arid in the three southern Federal
reserve districts. Sales of clothing by firms in
the New York Federal reserve district were 116
per cent larger in August than in July, and
those in the St. Louis district were 86 per cent
larger. Compared with August a year ago, the
721
total volume of trade in leading lines this year
year continued at about the same level. Sales
of meats, shoes, hardware, and drugs were
larger, while sales of groceries and dry goods
declined slightly. Sales of agricultural machinery were about 9 per cent larger for the
country as a whole than last year, and increases
were particularly large in the Dallas Federal
reserye district.
This seasonal growth in sales was accompanied by a slight reduction in stocks of
merchandise carried by wholesale dealers.
Stocks of dry goods, shoes, hardware, and drugs
were smaller at the end of the month than at
the end of July, while those of groceries were
slightly larger. Compared with August, a year
ago, stocks of groceries, hardware, and drugs,
were larger, but inventories of dry goods and
shoes were less. Accounts receivable outstanding at the end of August for reporting dry goods
and shoe firms were larger than at the end of
July, while those for grocery and hardware
firms were smaller.
Retail trade.—Trade at retail stores in August
showed the regular midsummer dullness, but
sales continued as in the earlier months of this
year to be in larger volume than for the corresponding month of last year. Sales of department stores and mail-order houses were 7 per
cent and 10 per cent larger than in August, a
year ago, and sales were also larger for all reporting chain stores except music and candy
chains.
Department-store sales were larger than in
August, 1925, in all sections of the country except
in the Minneapolis Federal reserve district. The
largest increases, amounting to more than 8 per
cent, were in the Boston, New York, Atlanta,
and Dallas Federal reserve districts. These
sales were larger than in August of last year
for almost all lines of merchandise carried by
department stores.
In anticipation of the usual autumn growth
in sales, merchandise stocks of department
stores were built up in August, but the increase
was less than that which generally occurs, and
at the end of the month inventories were
slightly smaller than at the end of August, a
year ago. Stocks were smaller than a year ago
at stores in all sections of the country except
in the New York, Chicago, Richmond, and
Dallas Federal reserve districts, where they
were slightly larger.
With sales larger than last year, and stocks
smaller, the rate at which stocks were
turned over was faster than August, 1925,
722
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
Inspected slaughter of cattle and sheep durand for the 8 months ending with August
stocks were turned over 2.15 times as compared ing the first eight months of 1926 has been
higher than in the comparable period of a year
with 2.10 times in 1925.
ago, while that of hogs has declined. The
TRANSPORTATION
money value of the inspected slaughter of
cattle and hogs is above that of last year, but
Movement of freight in August continued at the value of sheep slaughtered is lower. The
a record high level for that month, total car production of dairy products, which in the
loadings exceeding 4,800,000 cars r compared first part of the year was above the level of a
with 4,709,000 cars in July and 4,679,000 year earlier, »has since declined. The level of
cars in August of last year. Shipments of prices has also been slightly below that of last
all commodities except livestock, coal, and year.
forest products were larger than a year
ago, but the most substantial increase was THOUSANDS OF CARS
THOUSANDS OF CARS
400
in shipments of grain and grain products, Aoor
' F R E I G H T GAR LOADINGS '
OF GRAIN AND GRAIN PRODUCTS
whicli were 4 per cent larger in August this
year than in 1925. Loadings of miscellaneous
commodities and shipments of merchandise
300
in less-than-car lots also continued in large 300
volume. Total loadings were larger than last
year in each of the seven transportation districts for which data are available, except in
200
the southern and southwestern districts, where 200
traffic was smaller than in the corresponding
month last year for the first time since January.
This increase in traffic was accompanied by
too
a reduction in the surplus freight cars available 100
for service to an average of 170,350 cars in
August, compared with an average 223,000
cars in July and 203,350 cars in August of last
19241923
year and 266,230 cars in 1924.
1925
1926
AGRICULTURE
The production of farm crops in 1926, on
the basis of official estimates summarized elsewhere in this issue of the BULLETIN, is expected to be smaller for most crops than that
of 1925, and agricultural prices are now at their
lowest level since 1924. For winter wheat,
howeverj the crop is larger than last year, and
new wheat marketed through August has been
in larger volume than in any other year since
1921, largely on account of large marketings in
July, as is brought out by the chart. Marketings of the feed crops of oats and barley have
been below the level of last year, reflecting in
part the decreased production of these two
crops. Receipts of corn during July and
August were slightly below last year, but rye
receipts were higher. The arrival of cotton
upon the markets has been delayed because of
the later season, and receipts at leading markets have been about 35 per cent smaller than
last year. Fruits and vegetables have been
marketed in greater volume than in 1925, and
estimates of production for the leading fruit
crops indicate the largest yield in several years.
Grains.—With the total United States wheat
crop estimated at 839,000,000 bushels, prices
have become established upon a world price
basis. While Liverpool prices for December
wheat were approximately 6 cents higher than
a year ago, at the middle of September, Minneapolis September wheat was 10 cents lower and
Kansas City September wheat 21 cents below
the corresponding quotations of a year ago.
Durum wheat, on the other hand, sold at 3
cents above bread wheat in August of this
year, compared with a price 28 cents under
bread wheat in the same month of last year.
The increased price this year is attributed to
the poor crops in Italy, Morocco, and Tunis,
as well as the decreased production in this
country.
On the basis of present estimates, it appears
that the yield in 18 countries of Europe will be
112,000,000 bushels below that of last year; in
three countries of Asia, 33,000,000 above; in
four countries of North Africa, 8,000,000 below;
and in two countries of North America,,
160,000,000 above. The apparent shortage in
the production of other countries has stimulated exports from the United States, and
OCTOBER, 1926
FEDERAL RESEBVE BUI4LETIN
this movement has assumed a considerable
volume, as compared with last year. Recent
monthly figures for exports of wheat and for
flour in terms of wheat are given in the following
table, together with comparisons for the two
previous years:
723
ture's September farm price of wheat, the
estimated production will have a value approximately $113,000,000 less than last year. The
States of North Dakota, South Dakota, Washington, Oregon, Idaho, and Minnesota show
a decline, while Montana shows a slight
increase.
WHEAT EXPORTS
Wet and cool weather over much of the Corn
[In thousands of bushels]
Belt has retarded the maturity of the corn crop,
and more sunshine and warm dry weather is
Month
1924
1925
1926
needed. Serious damage was reported by
September floods to corn planted on river
May...
7,208
12,976
12,423 bottom
lands. The drought in Kansas,
June...
10,258
10,758
11,076
July...
12,777
18,302 Nebraska, and Colorado, which had assumed a
7,600
August
11,832
35,485
21,106
serious importance in early August, was relieved
by rains after August 10, but many fields had
Wet weather has delayed threshing in the already become too badly burned to make any
spring-wheat belt, and some damage has been material recovery.
reported as a result of sprouting in the shock.
The condition of the corn crop improved
Unfavorable weather conditions in other sec- during the month of August, and the September
tions have also delayed the preparation of the 1 estimate of probable production, issued by
ground for the new winter-wheat crop. Wheat the Department of Agriculture, showed an
prices declined to the lowest levels of the year increase of 121,000,000 bushels over August 1
in early September and since that time have conditions. The estimated production of 2,689,shown some strength. The outcome of the 000,000 bushels is, however, 207,000,000 bushels
Canadian crop is still a considerable factor in less than the crop harvested last year and 151,the market, the Dominion Government in its 000,000 bushels below the five-year average
latest estimate having raised its figure from crop.
317,000,000 to 399,000,000 bushels. Wet and The level of corn prices in August declined
unseasonable weather has prevailed in the slightly, but additional gains were made during
western Provinces, however, and is retarding the first half of September. Although the estithreshing and marketing operations.
mated production for the current year is conOn the basis of August farm prices of winter siderably under that of last year, the market is
wheat, as quoted by the Department of Agri- faced with the prospect of a large carry-over
culture, and the September farm prices for from the old crop. The production of corn,
spring wheat, the money value of the 1926 according to latest estimates, reflects a marked
wheat erop is estimated at about $47,000,000 improvement of yield in the Southern States,
more than the value of last year's crop. The while yields in the mid-west corn States are
increase is largest in the winter-wheat regions under those of last year. The production of
and in those States where the yield was par- corn, on the basis of September 1 estimates,
ticularly low last year. On the basis of the shows an increase for 1926 as compared with
Department of Agriculture's August farm price last year in South Dakota, North Carolina,
of wheat, the value of the estimated production Georgia, Kentucky, and Tennessee, and a
in the States of Kansas, Oklahoma, Texas, decrease in all the other principal corn producOhio, Washington, Oregon, Indiana, and Colo- ing States.
The September 1 estimate of oats production
rado will exceed that of last year by about
$l§0,929,000. In the other principal winter- was reduced 47,000,000 bushels from the estiwheat producing States of Nebraska, Illinois, mate of a month earlier. During the first half
Pennsylvania, Missouri, Michigan, California, of September further deterioration of the crop
and Idaho the estimated value of the winter- was reported as a result of continued wet
wheat crop will be $27,392,000 under the pro- weather. The quality of the grain coming to
duction of last year, calculated upon the same market is below that of last year* and choice
grades are selling at a considerable premium.
basis.
In the seven principal spring-wheat States, Receipts at central markets have shown a
upon the basis of the Department of Agricul- decided falling off as compared with last year.
724
FEDERAL BESEKVE
OCTOBER, 1926
BULLETIN
Reduced yields of barley and flax, as com- stocker and feeder shipments in July fell off 18
pared with last year, are indicated by the per cent compared with last year, and during
September 1 estimates. The production of the first half of August shipments from 12 leadtame hay is reported as the smallest in any ing markets decreased 42 per cent. According
year since 1918, although improved conditions to the same authority, prospects indicate a conin August materially bettered the outlook. siderably lighter run of grass cattle during the
Pastures also showed considerable improve- early autumn months than was the case a year
ment during the month and on September 1 ago.
were above the condition reported on the Sheep and lamb conditions are reported good,
corresponding date last year.
but in many sections lambs are reported in
. Livestock.—Range conditions showed the lighter weight than usual at this time of the
usual seasonal decline in August, except that in year, and a larger per cent of the crop in the
the western sections of the Dakotas and Ne- range States, which is 2,000,000 larger than last
braska, which had been suffering from drought, year, will fall into the feeder class. Contractrain brought relief and conditions there im- ing of lambs has been fairly active in most secproved materially. Prospects for winter feed, tions, with prices ranging from 10 to 113^ cents.
according to the Department of Agriculture, Buyers are represented as being chiefly from
appear favorable, except in'limited local areas the mid-west States, as feeders in Colorado and
and in the territory west of the Continental western Nebraska have been hesitant in making
Divide.
their commitments. With a large lamb crop
The condition of range cattle continues gen- and a favorable range season, sheepmen have
erally good, although drought in the western experienced further improvement in their posiDakotas, southeastern Montana, and western tion. The value of animals slaughtered under
Kansas forced a heavy early movement from Federal inspection showed a slight decline of
those sections. Prices of the heavier grass cat- 4 per cent during the first eight months of
tle have suffered from competition of plentiful the current year as compared with the similar
supplies of corn-fed animals. The extent of period in 1925. The number marketed during
this increased marketing is indicated in a study this period increased from 7,972,000 in 1925 to
made by the Department of Agriculture for a 8,358,000 in 1926.
period from June 1 to August 21, this year and
last, which showed that the per cent of choice LIVESTOCK SLAUGHTERED UNDER FEDERAL INSPECTION
FIRST EIGHT MONTHS, 1925 AND 1926
and prime steers sold out of first hands for
slaughter in Chicago increased 53.5 per cent
Number
Value
over last year, good steers 38 per cent, and
medium steers 27 per cent, whereas common
and calves:
good steers showed a decrease of 27.5 per cent Cattle
1925.
9,769,354 $495,495,000
9,832,475
1926523,525,000
from last year.
Sheep and lambs:
Cattle prices strengthened during the last
19257,971,984
93,222,000
8,358,413
89,609,000
part of August and first half of September. Hogs:1926
1925.
28,951,453
776, 798,000
Heavier classes of beef, which had been $3 to $4
1926
27,040,024
829,702,000
und^r the level of prices prevailing last year,
materially improved their market position.
Despite the lower average price prevailing for
Marketing of hogs in August declined from
beef cattle during recent months, as compared the volume of the preceding month, but was
with last year, the money value of all cattle and above the level of the same period in 1925.
calves slaughtered under Federal inspection Prices were lower than in July, but brisk retail
during the first eight months of 1926 increased demands for pork cuts stimulated prices in the
6 per cent above the comparable period in 1925. latter part of the month, and continued imIn numbers slaughtered cattle show an increase provement was maintained in the first half of
of 211,000 animals, and calves show a decrease September. Storage holdings of pork products
of 148,000. The prices of lower grades and declined in August, although holdings of lard,
lighter animals did not decline appreciably and totaling 150,823,000 pounds, remained fairly
in several months were at a slightly higher level steady and were above the five-year average
than in 1925.
figure of September 1. Despite a decrease of
Bearing upon future supplies of fed cattle, 1,911,000 in numbers, the value of all hogs
the Department of Agriculture states that slaughtered under Federal inspection during
v
OCTOBER, 1926
PEDEKAL RESERVE BUIXETTN
the first eight months was about 7 per cent
larger than in the comparable period in 1925.
The average prices of livestock at the Chicago market for August, with comparisons, are
reported by the Chicago Federal Reserve Bank
as follows:
AVERAGE PRICES OF LIVESTOCK
[Per hundred pounds at Chicago]
Native beef steers (average)..
Fat cows and heifers. •„
_
Hogs (bulk of sales) _—
Yearling sheep
Lambs (average)
Months of—
Week
ended
Sept. 11,
1926
August,
1926
$10.30
6.35
11.75
11.00
14.35
$9.50
6.80
11. 55
10.80
14.10
July,
1926
'$9.40
6.75
12. 65
11.30
14.15
August,
1925
$12.10
6.20
13.15
11.25
14.80
Dairy products.—Prices of butter and cheese
advanced during August, although they were
still approximately 2 cents below the level of
the same month in 1925. Production showed
a falling off as compared with the same month
in the previous year. General rains, however,
in the latter part of August and early September have improved pastures materially, and
the condition of pastures, as reported by the
Department of Agriculture on September 1,
increased from the previous month, contrary
to the usual trend.
Cold-storage holdings of both butter and
cheese increased in August and were slightly
above the totals of September, 1925. The
increase during the month, however, was not
as great as in the preceding year, and receipts
at central markets also reflected the continued
decline in production.
During the first eight months of 1926 production of butter and cheese, as estimated by
the Department of Agriculture, was approximately 2 per cent less than in the corresponding period of a year ago. Prices during the
current year also have been slightly less. The
position of dairymen, however, has been improved by a lower level of feed prices this year
as compared with last year.
Cotton.—In the early weeks of September
weather conditions were more favorable for the
cotton cropland on the basis of the condition
of the crop on September 16 the Department
of Agriculture forecasts a yield of 15,810,000
bales. This is an increase of 644,000 bales from
the estimated yield at the beginning of September and only about 300,000 bales less than
the final harvest of 1925. The crop is generally later than last year, and picking, ginning,
and marketing have been delayed. Prior to
725
September 16 only 2,511,300 bales were ginned,
compared with 4,282,000 bales a year ago and
2,666,000 bales in 1924. Marketing, as indicated by receipts at leading towns from plantations and farms, up to the middle of September was about 35 per cent less than a year ago.
Demand from American spinners for the first
six weeks of the season was slightly larger than
in the corresponding period of last year, but
reports indicate that mills are purchasing
generally for early requirements rather than
for forward deliveries. Total exports for the
season to date are slightly in excess of those a
year ago. Increases were due mainly to larger
exports to the Continent and to Japan. In
England conditions arising from the coal
strike have been a factor in causing a curtailment in the textile industry, and takings of
American cotton by English spinners thus far
has been less than during the corresponding
period in 1925.
Largely as a result of the general improvement in the crop and a larger expected yield,
cotton prices declined almost continuously in
the first half of September, and on September
24 the price for contracts for delivery in
October and December declined below 15
cents for the first time since 1921.
Tobacco.—Improvement in the condition of
the tobacco crop occurred in almost all of the
principal growing sections in August, and on
the basis of the condition of the crop on
September 1 a final yield of 1,306,494,000
pounds was estimated, compared with an
expected production of 1,202,884,000 pounds
at the beginning of August. Although the
yield this year is about 5 per cent less than the
final production in 1925, the crop is still large
when compared with other recent years.
In Georgia, Florida, and South Carolina, where
the crop matures early, marketing was practically completed in August. Prices, which
were considerably higher than in 1925, offset in
part the lower yields, and total returns from
the crops in thQse States were generally satisfactory. In the New Bright district of North
Carolina marketing was also rapid, and in
August and the early weeks of September the
crop was being sold at good prices. In the
large producing sections of North Carolina,
Virginia, and Kentucky marketing has not
yet begun, but on the basis of present indications yields are expected to be good but somewhat smaller than last year.
Fruits and vegetables.—The movement of
fruits and vegetables to market this season has
been considerably above that of last season,
due largely to the increased movement of
726
FEDERAL RESERVE BULLETIN
potatoes, grapes, and apples. The level of
prices, which in the early part of the year were
distinctly higher than a year ago, have declined rapidly, and the level of prices during
recent months has been rather lower than
usual. This has been particularly true in the
case of leading fruit crops, inasmuch as supplies
have been very abundant. The production of
peaches, pears, and apples is the largest for
several years, and prices have reached comparatively low levels.
The estimated production of potatoes, on the
basis of September 1 conditions, is only 25,000,000 bushels above the short crop of last year.
Prices have continued firm and in the early
part of September were approximately 20 per
cent above the early September average for
the last five years. Continued wet weather in
many producing sections has delayed marketing, and some damage has been reported. The
estimated production of sweet potatoes is also
below the average, although the crop has
shown considerable improvement lately. Prices
are very nearly on the same level as that of a
year ago.
OCTOBER, 192G
BANKS SUSPENDED DURING AUGUST, 1926
Nonmember
Member *
All banks
Federal reserve
Num- Total
Numdistrict
Total 2 NumTotal
ber deposits
ber deposits 2 ber deposits *
All districts_..
Boston
New York.F hiladelphia
Cleveland
Richmond
Atlanta .
Chicago
St. Louis.
Minneapolis
Kansas City_.__
Dallas
San Francisco
51 $11,902,000
9
$2,303,000
1
1
5
6
1
28
9
1
140,000
2
569,000
4
2
1,141,000
453/000
140,000
53,000
937,000
938,000
311,000
8,191,000
1,332,000
42 $9,599,000
1
5
4
1
24
7
53,000
937,000
369,000
311,000
7,050,000
879,000
1
1
National banks; no suspensions of State member banks in August.
2 Figures represent deposits for the latest available date prior to the
suspensions, and are subject to revision when information for the date
of suspension becomes available.
During the first three weeks of September,
5 national banks and 21 nonmember State
banks—a total of 26 banks with deposits of
$7,458,000—were reported as having been closed
during the period; 15 banks which had previously been closed were reopened—6 each in
Georgia and Florida and 3 in South Dakota.
Commercial failures.—There were 1,593 commercial failures, with liabilities of $28,129,660,
BANK SUSPENSIONS AND COMMERCIAL
during August, according to reports by R. G.
FAILURES
Dun & Co. Both totals were smaller than for
Bank suspensions. — During August 51 previous months of this year. Failures during
banks, with deposits of $11,902,000, were August, 1926, are shown in the following
reported to the Federal reserve banks as having table, by class of enterprise:
been closed on account of financial difficulties.
COMMEBCIAL FAILURES DtTRING AUGUST, 1926
These totals are considerably smaller than
Liabilities
Number
those reported for July, when 138 banks, with
Class of enterprise
deposits of $52,164,000, were closed, but
1925 .
1926
1925
1926
compare with 14 banks, having deposits of
1,593
1,513 $28,129, 660 $37,158,861
All classes..
$1,837,000, reported closed in August 1925.
22,338, 628
365 12,515,585
Manufacturing
449
14,095,543
13, 460,130
1,071
1,069
More than one-half of the suspensions during Trading..
73
1, 518, 532
1,360,103
79
Agents, brokers, etc.
__
August were in the Minneapolis district, where
there were 28 banks closed during the month
The number and liabilities of commercial
as against 15 the month before; in the Atlanta failures during August, 1926, by Federal
district, where there were 97 suspensions in reserve districts, are presented in the following
July, only 5 banks were reported closed in table:
August. Twenty banks which had previously
been closed were reported to have resumed COMMERCIAL FAILURES DURING AUGUST, BY FEDERAL
RESERVE DISTRICTS
operations during the month—1 in the Philadelphia district, 11 in the Atlanta district, 1
Liabilities
Number
Federal reserve district
in the Chicago district, and 7 in the Minne1925
1926
1925
1926
apolis district. The number and deposits of
1,513 $28,129, 660 $37,158, 861
1,5
Total _
banks closed during August, 1926, are shown
in the following table, by class of bank; the Boston.. _______
179
139
3,070,752
2, 362, 284
York
212
5, 967, 571
5,183,046
316
figures for closed banks represent, so far as can New
Philadelphia. _.
45
748, 439
44
1, 630,058
153
4,871,170
138
Cleveland
2, 651,989
be determined, banks which have been closed Richmond.--.
1,565,924
107
1,433, 713
to the public by order of supervisory authori- Atlanta—___-_.
1,179,942
1,930,050
104
6,923,656
3,472,839
236
196
ties or by the directors of the bank, on account Chicago...--..
1,049,444
1, 326, 682
53
91
St. Louis
91
894, 217
631, 509
85
of financial difficulties, and it is not known how Minneapolis __
1, 610,394
127
1, 784,080
97
Kansas City. _.
many of the institutions thus reported may Dallas.1, 039,183
——
50
682,086
9, 731,162
San Francisco.
184
3,548,331
ultimately prove to be solvent.
727
FEDERAL RESERVE BULLETIN
OCTOBEE, 1926
Changes in State Bank Membership
Fiduciary Powers Granted to National Banks
The following list shows changes affecting State
During the month ended September 21, 1926, the
bank membership during the month ended September Federal Reserve Board approved applications of the
21, 1926, on which date 1,393 State institutions were national banks listed below for permission to exercise
members of the system:
one or more of thefiduciarypowers named in section 11
(k) of the Federal reserve act as amended, as follows:
ADMISSIONS
(1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6)
Total
Capital
Surplus resources
assignee; (7) receiver; (8) committee of estates of
lunatics; (9) in any other fiduciary capacity in which
State banks, trust companies, or other corporations
District No. 1
which come into, competition with national banks are
permitted to act under the laws of the State in which
Phoenix State Bank & Trust Co.,
the national bank is located.
Hartford, Conn
_
$1,600,000 $1,600,000 $28,352,673
District No. %
West Orange Trust Co., West
Orange, N. J
.
150,000
Murray Hill Trust Co., New York,
N. Y
--_-_. 1,000,000
First Bank of Utica, TJtica, N. Y , . _ . 1,250,000
25,500
175,500
1,000,000
1,250,000
2,050,291
19,367,466
District No. 8
Shamokin Banking & Trust Co.,
Shamokin, Pa
_
125,000
125,000
931,798
CHANGES
District No. 1
Consolidated w i t h n o n m e m b e r :
Phoenix Bank of Hartford, Conn, $1,000,000 $1,000, 000 $18,072,850
has consolidated with State Bank
& Trust Co. of Hartford, under
title Phoenix State Bank & Trust
Co., which has become a member.
District No. 2
Absorption of national bank: The
Irving Bank-Columbia Trust Co.,
New York, has absorbed the National Butchers & Drovers Bank
of New Y o r k - - - . _ , . - .
and changed its title to "Irving
Bank & Trust Co."
2,000,000
750,000
145,568
60,000
27,500
2,000
222,283
300,000
90,000
1,555,999
75,000
37, 500
1,264,314
100,000
25,000
894, 265
171, 956
25,000
10419—26f-
Ito9
Ito9
Ito9
Ito9
Ito9
1 to9
Ito9
Ito9
Ito9
Ito9
Ito9
1 to 9
lto-9
Ito3
5 to 8
1 to 9
Ito9
Ito9
1 to 9
Ito9
lto-9
Ito9
The Comptroller of the Currency reports the following increases and reductions in the number and capital
of national banks during the period from August 21
to September 24, 1926, inclusive.
Number of
banks
Aggregate of new charters, banks restored to
solvency, and banks increasing capital
;
Liquidations
Reducing capital2..
Total liquidations and reductions of capital.
Amount
of capital
$4,050,000
50,000
120,000
18
4,220,000
5, 765,000
40,000
5,805,<000
Consolidation of national banks under act of Nov.
100,000
14,500
914,048
7, 1918....
„
_...._._
Aggregate increased capital for period._.
Reduction of capital owing to liquidations, e t c
Net decrease..
District No. 12
Absorption of nonmember bank:
Gunnison Valley Bank, Gunnison, Utah, has absorbed, the
Bank of Centerfield, Utah, a
nonmember.
The Citizens National Bank
Pacific Avenue National Bank__
Pleasantville National Bank
Hummelstown National Bank__
Citizens National Bank
National Union Bank..
Norwood National Bank
First National Bank
do
Rockingham National Bank
Citizens National Bank...
First National Bank
„
do
/
Cannelton National Bank..
\
Columbus National Bank
National State Bank.
First National Bank
.
do
_ _
do
Hellman Commerical Trust and
Savings Bank, N. A.
12 Northwestern National B a n k _
New charters issued
Restored to solvency
..
Increase of capital approved1.
District No. 10
Withdrawal: Elgin State Bank,
Elgin, Nebr
„
.
2
3
3
3
3
3
4
5
5
5
5
6
7
8
8
10
10
10
10
12
Changes in National Bank Membership
District No. 9
Withdrawals:
Bank of New Richmond, New
Richmond, Wis
..
Bank of Commerce, Kalispell,
Mont.....
._-._
--.
Moccasin State Bank, Moccasin,
Mont
Powers
granted
Name of bank
14,448,070
District No. 7
Withdrawals:
Sparta State Bank, Cromwell,
Ind
__.
Auburn Park Trust & Savings
Bank, Chicago, 111
Rahway, N. J
Atlantic City, N. J_
Pleasantville, N. J_
Hummelstown, Pa.
Pottstown, Pa_ ___
Reading, Pa
Norwood, Ohio
Monroe, N. C__
Emporia, Va
Harrisonburg, Va__.
Orange, Va
Thomasville, Ga.._
Platteville, Wis
Cannelton, Ind—.__
Columbus, Miss__
Boulder, Colo
Blaekwell, Okla___
Enid, Okla
Holdenville, Okla__
Los Angeles, Calif__
Bellingham, Wash__
District No. 6
Absorbed by State member: Union
Banking Co., Monroe, Ga.
....
a member, has been absorbed by
the Bank of Monroe, Ga.
District
No.
Location
50,000
15, 500
311,621
230,000
4,220,000
• 5,805,000
1, 585,000
1 Includes one increase in capital of $25,000 incident to a consolidation
under
act of Nov. 7,1918.
2
Incident to a consolidation under act of Nov. 7, 1918-
728
FEDERAL RESEEVE BULLETIN
PRODUCTION OF CROPS, 1926
Estimates by the Department of Agriculture
at the beginning of September indicate substantially larger production than in 1925 for
wheat, fruits, and potatoes, and smaller production for most other crops. An increase of
231,000,000 bushels in the winter wheat crop
more than offsets the slight reduction in the
yield of spring wheat, and a total wheat crop
of 839,000,000 bushels is expected, as compared
with a final harvest of 666,000,000 bushels in
1925. Larger yields of winter wheat were
distributed in all of the growing areas, but in
the Kansas City and Dallas Federal reserve
districts production was 169,000,000 bushels
larger than in 1925, and this increase accounts
for more than one-half of the growth in total
production. In the Minneapolis Federal
reserve district, on the other hand; where
about 75 per cent of the spring wheat crop is
grown, growingi conditions were unsatisfactory
and the yield this year is expected to amount
to only 160,000,000 bushels, as compared with
202,000,000 bushels last year. Production
of corn is expected to be approximately
207,000,000 bushels smaller thanlast year. The
OCTOBER,
1926
crop, however, is late and the yield and quality
are still dependent to a considerable extent on
the date of the first killing frost. On the basis
of present indications the oat crop is expected
to be the smallest in the past four years,
and the yield of rye is smaller than for any
year since 1913. Present conditions indicate
a cotton crop of 15,810,000 bales, approximately 300,000 bales less than the final harvest
of 16,104,000 bales in 1925, the second largest
yield in the history of the industry. Although
the tobacco crop is expected to be smaller than
last year in nearly all the heavy producing
sections, the crop is still relatively large,
and stocks remaining in the hands of dealers
and manufacturers are heavy. Estimated
yields of leading fruit crops are considerably
larger than in 1925, and for several of the leading fruits yields are larger than at any previous
time. Indicated yields of potatoes are larger
than in 1925, but they are still smaller than
production in other recent years. Detailed
statistics showing the production of leading
crops in 1925 and estimated yields this year
for the country as a whole and for each Federal reserve district|are| given |in|the following
table:
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
Federal reserve district
Boston
_.
New York
Philadelphia
Cleveland..
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
_.
__
_ ._
__. __
.
.
.
Total
...
Bushels
10,400
30, 602
65, 074
227, 875
140,291
159,448
1,096, 997
404,167
288, 582
430,317
40, 050
11, 250
Bushels
9,469
28, 369
72, 959
192,713
180, 946
144, 484
909, 277
405, 383
302,497
318,471
123,125
10,179
Bushels
210
6,814
20, 711
29,384
26, 393
5,214
55, 960
49, 277
209,459
155, 968
6,820
100, 227
Bushels
179
5,196
21, 372
46, 563
32, 206
8, 669
68, 342
52, 212
169, 685
296, 365
36, 959
100, 843
2, 905, 053|.
2,697,872
666,437
838, 591
Oats
Federal reserve district
Boston
NQW York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
. __
,
._
,,,
,
„„
Spring wheat
Tobacco
Bushels
Bushels
6,666
20, 711
29, 292
26, 393
5,214
53, 673
49, 073
7,486
147, 257
6,706
43,087
5,037
21, 372
46, 435
32,206
8,669
65, 280
51,908
9, 598
285, 733
36,740
63, 504
395, 558
626,482
Bushels
210
148
Bushels
179
.159
92
128
2, 287
204
201,973
8, 711
114
57,140
3,062
304
160,087
10, 632
219
37,339
270,879
212,109
Cotton
Potatoes
Forecast
Forecast
Forecast
Forecast
Yield, 1925
Yield, 1925 Sept. 1,1926 Yield, 1925
Sept. 16,1926
Sept. l, 1926 Yield, 1925 Sept. 1,1926
Bushels
10,854
39,574
25,182
104,490
24,000
14,389
593,459
63,577
422, 773
159,468
15,451
38,906
1,512,123
Bushels
9,118
36,127
22,946
89,187
27,075
19,736
497,833
58,899
244,964
138,282
86,570
32,882
1,263,619
* Includes $,000 bales grown, in miscellaneous territory,
Winter wheat
Preliminary
Forecast,
Forecast
Forecast
Yield, 1925
estimate, Yield, 1925 Sept. 1,1926
Yield, 1925
Sept. 1,1926
Sept. 1,1926 Yield, 1925
1926
.
.
Total wheat
Pounds
52,985
2,605
57,400
159,555
611,192
127,167
45,210
312,183
2,640
2,730
Pounds
39,958
2,649
45,692
146,252
588,573
129,271
37,376
311,576
2,130
3,017
1,373, 667
1,306,494
Bushels
42,410
27,158
23, 252
19,789
24,931
8,421
50,852
10,373
50,115
29,402
2,117
37,082
325, 902
Bushels
42,272
33,785
22, 940
19,177
40,493
2,276
59,789
15, 591
50,760
24,707
49
39,718
351, 557
Bales
Bales
2,044
3,358
2,303
2,918
13,456
2=2,659
1,698
5,229
229
16,104
1,594
6,121
' 215
15,810
? Includes 18,000 bales grown in miscellaneous territory.
OCTOBEK, 1926
729
FEDERAL RESERVE BULLETIN
BUSINESS STATISTICS FOR THE UNITED STATES
INDEX OF PRODUCTION IN BASIC INDUSTRIES 1 .
[Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919—100]
Iron and steel
Year and month
General
index
Steel
ingots
Pig iron
Food products
Textiles
Cotton
Wheat
flour
Wool
Sugar
meltings
Lumber
Animals slaughtered
Cattle
Calves
Sheep
Hogs
1925
August
SeptemberOctober.
November.-.
December.-.
1926
January.....
February.. _.
March
April._-_-_..
May..._.__.
June
July
August
_,
109
111
116
115
121
102
106
113
116
130
117
123
130
136
149
91
103
111
116
120
90
95
98
97
95
94
100
96
79
80
107
143
167
135
203
97
93
99
84
99
138
129
147
131
166
89
86
88
76
88
108
120
115
96
89
116
116
125
117
133
120
120
123
122
117
118
2
118
116
131
130
131
135
134
130
127
121
149
152
157
147
138
135
130
137
114
119
120
117
100
103
94
102
89
84
87
84
83
81
2
79
81
83
90
100
97
93
110
2
131
105
164
147
120
114
115
118
113
111
96
102
106
108
109
110
107
97
146
157
137
115
108
127
118
119
95
105
121
118
109
114
98
94
91
81
103
104
91
93
107
125
125
122
124
124
116
115
119
109
Coal
Year and month
Tobacco products
Sole
leather
Newsprint
Cement
Petroleum
Manufactured
tobacco
Bituminous
Anthracite
Copper
109
114
121
126
130
120
1
1
2
3
135
139
136
138
139
122
121
129
129
137
105
111
115
116
117
207
204
198
194
188
206
208
198
200
196
91
95
106
95
85
173
183
169
165
195
94
96
99
89
94
129
130
117
124
109
114
115
113
2
34
120
117
105
116
115
110
141
145
143
141
140
2
139
148
143
144
135
139
136
137
123
123
132
115
123
126
126
122
122
125
120
219
181
187
179
205
215
235
213
193
193
188
190
194
194
197
205
80
84
97
88
196
188
207
205
196
214
187
199
102
100
98
95
96
101
95
95
1925
August...
_._„.
September
October..-.
November
December
1920
January .
...
February
March.
April.....
May..
-_
Jui|C ?r_-I____I_;
August
Nonferrous metals
._
Zinc
Cigarettes
87
92
92
96
1
This table contains for certain months the index numbers of production in basic industries together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of
construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for
December,
1922.
2
Revised.
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES*
[No seasonal adjustment.
Metals and
products
Year and month General
index Group
index
1925
August
September .
October
November.
December—
1926
January...,.
February..
March
April
r.
M a y . ______
June...
July
..
August.....
Iron
and
steel
Textiles and products
Group Fabrics Prodindex
ucts
Monthly average, 1919=100]
Lumber
and
products
Railroad
Paper
Autoand
mobiles printing
Foods Leather Stone,
and
and
clay,
prod- prodand
ucts
ucts
Tobacco
products
Chemicals
and
products
93.9
95.1
97. 0
97.2
97.1
86.1
87,4
89,4
91.0
92.6
85.4
86.6
88,4
89.9
91.6
94.0
94.1
96.9
97.3
97.2
93.6
93.3
97.7
99.1
99.3
915
95.1
95.8
95.0
94,6
99.9
102.2
102. 8
102.0
100.9
84.5
83.7
83.0
82.6
84.6
124.2
129.4
137.7
136.3
129.6
103.2
104.3
106.0
107.2
107.8
85.9
88.0
90.6
89.6
88.5
90.2
92.1
91.8
89.0
86.1
124.9
125. 3
124.7
123.1
121.0
85.0
87.1
90.1
89.7
90.1
72.6
75.4
76.4
77.4
77.6
96.3
97.0
97.3
96.4
95.5
95.1
93.5
92.6
94.2
94.6
94.3
93.1
92.7
2
91. 4
91.9
91.9
93.5
93.8
93.7
92.8
92.5
2
91.1
91.7
97.3
97.4
97.1
94.9
92.6
91.0
87.0
88.4
99.1
97.6
97.1
95.8
93.7
918
88.2
95.0
97.2
97.1
93.8
91.3
90.0
85.6
98.3
98.6
98.9
100.2
100.1
100.1
99.4
100.5
84.6
85.7
87.1
88.1
87. 8
86.7
85.7
84.9
130.2
133.0
136.3
132.1
127.1
125.2
2
122.0
125.1
107.5
106.7
107.4
106.8
106.9
106.8
106.4
106.6
86.5
85.7
84.9
82.5
83.6
85.5
85.7
86.0
87.9
89.5
88.3
83.9
82.6
82.4
85.5
89.5
114.4
114.6
116.8
121.8
127.4
129.7
127.3
129.7
80.4
84.2
83.3
79.8
79.4
82.1
79.1
76.7
76.9
77.0
77.0
77.3
76.0
76.3
75.1
75.6
* 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 pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925,
for certain revisions.
» Revised.
730
OCTOBER, 1926
FEDERAL RESERVE BULLETIN
INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES»
[No seasonal adjustment. Monthly average, 1919=100]
Metals and
products
Year and month General
index
Group
index
Iron
and
steel
Textiles? and products
Group Fabrics Products
index
Lumber
and
products
Railroad
vehicles
Foods Leather Stone,
and
and
clay,
prod- prodand
ucts
ucts
glass
Paper
Autoand
mobiles printing
Tobacco
products
Chemicals
and
products
1925
August
September
October
November - December
104.5
103.9
111.3
111.7
112.1
89.7
88.7
96.2
97.7
101.7
88.8
87.7
$5.1
96.3
100.6
103.8
99.1
107.5
107.0
107.9
101.7
96.6
107.9
109.0
111.1
106.2
102.1
107.0
104.5
103.9
108.0
111.8
117.2
116.7
116.4
88.0
84.9
89.2
91-. 4
91.7
146.1
155.3
178.0
178.9
163.5
133.7
135.8
142.3
145.4
148.7
99.1
100.0
104.5
103.6
103.2
98.9
94.8
95.8
87.9
86.5
155.7
151.6
156.8
155.4
151.3
90.0
90.0
97.1
98.7
99.3
93.1
94.9
101.1
103.6
104.9
1926
January
-- February
M a r c h - . _ ._
April
May.
June..
July..
August
107.0
111 5
113.0
110.4
108.9
108.8
103.6
107.7
99,1
102.4
104.2
102.7
100.5
100.6
2
94.8
97.0
98.3
101.7
103.4
102.0
100.1
100.3
2 94.5
96.7
108.1
110.2
109.8
103.6
99.1
97.4
91.6
96.5
110.4
109.0
108.2
104.8
100.7
98.2
92.7
96.0
105.3
111.5
111.8
102.0
97.2
96.4
90.2
97.0
105.8
111.0
111.9
111.7
111.8
112.9
107.5
113.3
85.8
91.9
94.5
95.6
95.1
96.2
89.6
93.1
136.0
166.3
170. 7
165.4
157.3
147.7
2
136.7
152.7
145. 5
144.9
147.9
147.0
147.1
146.9
144.0
144.4
100.1
99.8
99.3
96.0
99.5
101.6
100.8
100.5
89.7
94.2
93.2
84.2
81.2
85.4
90.3
97.6
136.9
140.1
144.3
147.6
158.3
162.9
152.9
162.3
86.0
84.0
88.4
82.3
102.2
102.8
104.5
105.0
103.7
105.0
101.7
101.1
•81.7
87.1
83.6
82.8
* This table contains for certain months index numbers of pay roils, 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 pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925,
for certain revisions=
2 Revised.
INDEXES OF INDUSTRIAL ACTIVITY i
[No seasonal adjustment. Monthly average 1919=1001
Mineral production
Agricultural movements
Year and month
AniLive- mal Grains CotTotal stock
ton
products
1925
August
September .
October
November December—
104
152
166
149
148
1926
January..,.
February-_
March
April..... „.
May..—_June
July
August
108
88
85
75
85
91
107
106
117
105
106
119
101
101
110
117
116
119
137
168
152
118
133
149
108
135
92
79
65
52
54
84
170
157
ToVegetables Fruits bacco Total
75
234
310
277
239
107
204
233
116
122
244
391
177
114
74
64
52
43
20
12
106
94
123
95
121
170
134
101
80
77
92
89
173
115
177
204
171
165
223
326
344
273
88
58
16
30
Anthracite
coal
Bitumi- Petronous leum
coal
Pig
iron
Copper
Zinc
Lead
Silver
136
121
130
125
129
117
1
1
116
121
137
131
136
212
206
204
196
194
106
107
119
119
128
135
134
141
134
137
122
121
129
129
137
143
138
164
153
161
105
103
98
104
105
129
115
137
127
128
132
2
135
139
2
28
120
112
110
122
115
112
138
120
119
103
101
108
112
119
190
173
192
190
198
196
206
210
130
115
135
135
137
127
127
126
141
135
150
145
146
140
145
143
144
136
138
136
137
123
123
132
158
148
162
145
155
148
154
154
10&
107
110
105
107
115
99
107
Manufacturing production
Year and month
Total
August.
1925
OctoberNovemberDecember,.
January...
February..
March
April
May......
June
July
August
1
2
Iron
and
steel
122
126
141
129
128
118
120
134
134
129
125
142
137
134
132
144
131
154
144
140
132
129
139
Auto- Texmobiles tiles
153
193
270
225
191
104
107
118
114
119
186
220
263
266
258
236
218
262
120
115
122
113
103
105
99
109
Food
products
105
114
107
Lum- Paper Leather
Petro- Cement
Tobacand
and
and
ber
co
brick
printing shoes leum
167
160
172
139
133
128
128
139
136
138
222
209
218
212
216
207
191
206
173
152,
127
131
141
120
110
203
183
165
155
175
135
137
156
162
166
161
2
158
157
142
134
149
149
147
143
131
129
216
198
221
221
231
225
233
234
130
112
151
177
202
212
217
216
115
110
136
122
126
143
136
140
172
177
195
190
178
190
177
203
1926
137
104
92
90
2 102
104
For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN.
Revised.
Rubber
tires
731
FEDERAL KESEBVE BXJLLE01K
OCTOBER, 1920
COMMODITY MOVEMENTS
The following statistics are secured from
various sources and compiled in the form given
below by the board's Division of Research and
Statistics. Earlier figures (in most cases since
1919) can be obtained from previous issues of
the BULLETIN or upon application to the Division of Research and Statistics, Federal Reserve
Board.
August,
1926
Grain and Flour
Receipts at 17 interior centers (000 omitted):
Wheat (bushels)
Corn (bushels).
Oats (bushels)
______
Rye (bushels)—
Barley (bushels)
_
July,
1926
August,
1925
80,449
13,550
10,152
802
1,466
45,673
17,385
52,001
1,939
11,929
114,919
3,085
106,420
2,681
128,927
2,831
Total grain and flour (bush-els).
128,801
118,486
141,666
Shipments at 14 interior centers (000
omitted):
Wheat (bushels)
Corn (bushels)..
_„_
Oats (bushels)
_
Rye (bushels)
Barley (bushels).
__
35,514
8,320
8,104
739
1,358
29,113
9,347
11,709
2,751
859
26,797
8,170
19,139
645
6,535
54,035
4,177
53,778
3,633
61,287
3,648
72,830
70,127
77,705
40,575
16,286
8,942
3,297
17,426
20,484
29,189
8,319
2,218
20,508
4,905
46,349
3,541
2,077
105,497
77,635
77,380
Total grain (bushels).
Flour (barrels)
Total grain and flour (bushels).
Stocks at 11 interior centers at close of month
(000 omitted):
Wheat (bushels)
_
Corn (bushels).
_.
Oats (bushels)
_
Rye (bushels).
Barley (bushels)
_
.___.
Total grain (bushels).
Receipts at 9 seaboard centers (000 omitted):
Wheat (bushels)
— _ _
Corn (bushels)..
___
Oats (bushels)
_
_
Rye (bushels)___
Barley (bushels)
24,554
1,060
1,895
1,212
3,086
13,132
1,182
1,849
999
3,379
31,807
1,950
40,582
20,542
1,494
27,265
1,662
36,371
Stocks at 8 seaboard centers at close of month
(000 omitted):
Wheat (bushels)..,
Corn (bushels)
_.__
Oats (bushels)
Rye (bushels).__
Barley (bushels)...
Total grain (bushels) _
10,388
428
1,212
383
3,000
15,411
5,467
463
910
340
2,850
10,029
7,126
312
2,575
147
4,440
14,600
Wheat flour
omitted)
12,338
11,189
11,049
24,376
87
326
105
477
Total grain (bushels)
Flour (barrels)
Total grain and flour (bushels).
production
(barrels, 000
Tobacco
Tobacco sales at loose-leaf
(pounds, 000 omitted):
North Carolina....
South Carolina
Burley
._
Western dark
>
14,159
1,165
433
6,521
warehouses
_
_
11,812
27,282
26
July,
1926
August,
1925
Transpor tation
Revenue freight loaded and received from
connections (cars loaded, 000 omitted):
Classified by nature of p r o d u c t s Grain and grain products
Livestock
Coal.
Coke..
—
—
Forest products
____.
Ore
——
—
Merchandise, 1. c. 1
__
-Miscellaneous
Total—..
70,754
11,197
25,811
2,007
5,150
Total grain (bushels).
Flour (barrels)..
August,
1926
-
__.
Classified by geographical divisions—
Eastern..—_
__
Allegheny
_•
Pocahontas
Southern. _
_
Northwestern
Central western
_
Southwestern
Total.
.
_„
247
128
829
51
306
335
1,152
1,753
254
121
795
51
300
328
1,141
1,719
131
854
43
309
271
1,130
1,702
4,802
4,709
4,679
1,129
962
260
652
751
701
346
1,097
947
260
655
720
686
344
1,097
939
247
655
721
668
351
4,802
4,709
BUILDING STATISTICS
Building permits issued in 168 cities, grouped
by Federal reserve districts:
Number of permitsBoston (14 cities) ____
__
New York (22 cities)
Philadelphia (14 cities)
_
Cleveland (12 cities) _
Richmond (15 cities)—!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 c i t i e s ) . —
..
San Francisco (20 cities) ______
Total
-.
2,597
11,223
2,709
6,121
3,440
3,831
13,926
2,612
1,735
2,220
1,983
9,268
3,050
12,939
2,729
6,065
3,720
4,091
13, 471
2,973
2,075
3,003
2,227
11,466
62,783
61,665
67,809
13,724
99,935
15,333
21,614
10,886
101,385
18,841
• 21,785
13, 587
13,922
56,602
7,106
5,482
7,392
6,900
31, 671
14,763
124,672
15,073
25,557
15,549
16, 517
56,523
9,485
5,984
8,931
8,862
35,483
12,468
62,236
7,081
4,541
9,296
6,529
302,151 295,569 337,399
Building contracts awarded, by Federal
reserve districts (dollars, 000 omitted):
Boston
NewYork_-__
_
Philadelphia.-..
Cleveland
Richmond
Atlanta.
__.—
Chicago.--.
___
St. Louis...
Minneapolis.
Kansas City
__.
Dallas
Total (11 d i s t r i c t s ) . . —
2,748
10,417
2,336
6,668
3,672
4,241
13,363
3,113
1,803
2,282
2,085
10,055
42,098
39,228 46, 757
110, 671 207,673
'67 37,483 35,155
57; 361 66,749 67,498
29,252 25,009 37,591
31, 656 42,715 51,339
128,213 106,661 79,052
48,743 34,752 31,348
11,839 13,863 10, 469
23, 556 21,559 21,288
29, 716 20,242 23,186
.___. 600,809 518,932 611,356
732
FEDERAL RESERVE BULLETIN
OCTOBER,
1926
WHOLESALE AND RETAIL TRADE
WHOLESALE TRADE IN THE UNITED STATES, BY LINES»
[Average monthly sales 1919=100]
Gen- Groeral
Meat
index ceries
1925
January
February...
March
April
May.June.July
August
SeptemberOctober
NovemberDecember..
79
76
83
79
79
83
83
87
94
101
86
80
80
73
79
75
79
84
85
83
92
99
90
83
71
69
73
68
75
79
79
78
82
87
72
72
1926
January
FebruaryMarch
April. _
May_June
July
August
78
76
85
80
82
84
82
87
77
71
81
79
80
86
84
83
79
75
75
76
81
80
78
81
Percentage
Percentage
change in
change in sales stocks
at end
August, 1926, of August,
1926,
compared
compared
with—
with—
HardDry
Shoes
Drugs
goods
ware
82
85
106
112
118
92
75
43
46
63
65
54
54
47
65
72
77
59
54
89
90
107
107
101
105
99
98
109
122
103
101
116
109
121
115
106
110
111
108
120
134
110
111
79
85
93
77
78
77
78
101
43
50
73
59
60
59
52
69
.86
87
106
103
108
105
98
98
111
110
133
123
111
116
114
114
82
88
96
85
77
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
Percentage
change
in
1
change in sales stocks
at end
.August, 1926, of August,
1926,
compared
compared
with—
with—
July, August, July, August,
1925
1925
1926
1926
Groceries:.
2.9
-0.2
-1.9
8.0
United States
-1.3
-9.6
B oston district
-0.5
-7.4
3.7
New York district
-1.6
0.9
-3.6
3.6
Philadelphia district- _.
-2.6
. 2.5
-1.4
9.3
Cleveland district
-2.6
-2.8
1.0
2.3
Richmond district
-6.8
0.9
-4.8
Atlanta district _
7.6
9.4
4.1
5.0
-1.9
Chicago district
35.9
2.4
2.5 -13.9
St. Louis district
10.0
0.0
1.0
1.0
Minneapolis district. . .
5.2
-3.1
0.9
-12.1
Kansas City district. _.
16.0
0.7
3.8
9.4
Dallas district
-2.4
2.6
San Francisco district..
Dry goods:
-4.1
30.0
-12.4
United States
-3.0
2.1
14.4
New York district....
-39.5
-4.6
0.8
Philadelphia district. _.
20. *9
Cleveland district...__
-3.8
-9.8
45.5
0.3
Richmond district. _ —
-4.6
-9.7
65.4
0.3
10.7
52.2 -12.9
0.5
Atlanta district
-9.2
18.8
-9.5
-3.0
C hicago district _ _..
-18,4
67.9
- 7 . 2 -17. 8
St. Louis district.-.
21.0 -18.0
8.0
-2.0
Minneapolis district
23.4
-5.4
-8.2
-9.6
Kansas City district...
93.4
- 8 . 7 -12.0
-3.2
Dallas district
36.6
-1.5
San Francisco district.
Shoes:
32.3
5.0
United States..
37.1
Boston district
26.4
6.5
1.8
-26. 2
New York district
32.4
10.8
3.4
-12.8
Philadelphia district. .
29.6
12.3
2.4
-12.7
Cleveland district.-_._.
48.4
22.2
8.9
-5.6
Richmond district
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.
CHANGE IN CONDITION OF WHOLESALE TRADE, BY
LINES AND DISTRICTS—Continued
July, August, July, August,
1925
1925
1926
1926
Shoes—Continued.
Atlanta district _
Chicago district
St. Louis district..______
Minneapolis district.
San Francisco district-..
Hardware:
United States
.....
New York district. _ __
Philadelphia district
Cleveland district
Richmond district
Atlanta district
C hicago district
St. Louis district
Minneapolis district
Kansas City district _.."
Dallas district
San Francisco district...
Drugs:
United States
....
New York district
Philadelphia district. _..
Cleveland district
Richmond district
Atlanta district ___<_____
Chicago district
St. Louis district
Kansas City district. _ _
Dallas district....
..
San Francisco district—
Furniture:
Richmond district
Atlanta district
_j_
St. Louis district
Kansas City district...
San Francisco district—
Agricultural implements:
United States 2
Minneapolis district. _..
Dallas district.
Stationery and paper:
New York d;i s t r i c t . . . . .
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 d i s t r i c t . . . Jewelry:
New York district
Philadelphia district...
Electrical supplies:
Philadelphia district. _ _
Atlanta district
._
St. Louis district
.
San Francisco district—
Stoves:
St. Louis district
_
51.8
37.8
15.3
49.0
44.2
-M).l
-20.0
6.9
-0.3
-3.3
-4.0
-3.3
8.1
8.5
-0.3
2.6
-7.0
-2.3
18.5
3.0
-1.7
-1.9
-0.5
-12.0
-8.0
-18.2
-20.1
-41.0
0.3
-0.2
-1.5
5.9
7.1
-5.2
2.2
-1.7
-10.0
1.0
10.0
-1.8
-0.7
-1.2
-0. 2
0.3
1.4
-1.6
-1.5
-7.7
-3.0
-3.4
-2.8
8.3
-0.2
1.6
-9.5
3.5
-0.9
1.1
-3.4
0.0
-4.0
0.0
-0.4
4.3
0.6
-2.7
2.8
4.3
-5.2
8.2
0.9
25.1
-0.9
6.0
12.9
1.3
1.3
-1.4
6.3
-7.5
9.5
-3.8
19.2
3.8
-1.9
7.9
-3.2
3.9
-4.2
60.6
30.8
34.8
24.0
22.5
-2.0
1.5
2.0
-3.4
-4. 6 ,
-1.0
10.6
-10.4
-6.6
4.6
2.3
1.0
-4.1
-4.5
-2.6
34.6
-5.8
-3.9
53.0
-2.5
9.0
-31.0
45.6
-9.0
-1.8
25.0
-2.4
-3.1
4.5
6.5
7.3
-9.6
6.2
-0.8
-2.4
116.1
85.8
16.2
13.9
-18. 2
31.1
33.7
41. 3
-5.0
1.3
-23.3
24.9
63.3
-30.1
41. 3
-1.5
6.6
0.9
3.1
-5.7
3 3.2
0.3
-1.5
4 8.7
-8,2
18.5
-0.04
-5.9
12.7
0.3
-1.8
-3.9
15.7
12.4
28.2
-4.8
-20. 9
0.7
8.9
5.8
-11.6
-5.3
2
Sales of agricultural implements for the United States are compiled
by the Chicago Federal Reserve Bank from reports of leading manufacturers and include all of their domestic business.
3 Stocks at first of month; quantity, not value.
* Includes diamonds.
733
FEDERAL EESEBVE BULLETIN
OCTOBER, 1926
RETAIL TRADE, BY REPORTING LINES *
{Average*nionthly sales 1919*= 100]
Sales without seasonal adjustment
Sales with seasonal adjustment
Year and month
•3 a
s?
5 03 03
January
February
March
A.pril...
May...
June
July
August...
September
October
November
December
1925
._>.
....
.—
-_.
.
1926
January.,
...
February.
March
April
_„.....
May
June
._
July
August
108
101
121
136
128
126
95
98
121
165
145
226
108
105
119
117
95
102
87
89
114
170
144
168
250
233
252
258
254
254
259
243
245
318
272
332
151
156
177
195
191
187
183
195
191
237
220
427
155
146
160
159
163
167
166
171
169
179
167
225
122
119
131
134
143
134
136
142
142
151
136
212
107
100
127
177
149
152
122
120
129
164
114
104
130
133
137
130
99
105
116
111
130
121
105
113
286
287
302
329
322
309
312
295
166
170
199
202
214
204
206
204
178
172
194
191
188
184
195
193
127
127
142
150
160
152
155
148
108
97
143
166
174
153
145
121
104
128
136
141
139
214
162
175
188
210
195
184
181
202
202
215
195
280
124
131
121
133
124
126
128
125
134
145
129
141
110
116
103
114
106
120
117
118
120
131
116
140
249
243
233
255
254
257
269
255
258
309
270
318
207
209
185
208
201
203
201
205
206
219
211
231
161
161
159
164
166
170
164
171
172
175
177
185
141
140
135
139
140
137
137
145
142
145
138
157
141
149
127
152
129
142
134
153
135
145
126
143
112
120
116
126
116
125
140
143
136
117
111
114
193
207
188
210
202
197
185
202
204
209
205
191
101
103
Ii2
111
109
118
108
121
167
173
206
226
220
204
210
194
135
130
130
132
130
133
134
118
122
111
118
117
133
131
130
284
299
279
324
321
314
324
310
228
227
207
216
225
222
227
215
185~
189
192
196
191
187
194
192
146
151
147
156
157
156
157
151
142
145
143
143
151
144
159
155
122
126
124
130
131
149
145
136
199
205
204
226
228
218
214
193
105
107
» For description of the retail trade indexes see FEDERAL RESERVE BULLETINS for January and March, 1924.
* Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of
Research and Statistics, Federal Reserve Board.
DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS
[Average monthly sales 1919=100]
Number
of reporting
firms
Federal reserve district
United States.-_.
Boston
New York
Philadelphia
Cleveland '.
Richmond
Atlanta
Chicago
__._
Minneapolis
Dallas
San Francisco .
._
.
Sales without seasonal adjustment
1925
1926
Aug.
July
Sales with seasonal adjustment
1925
1926
June
May
Apr.
Aug.
July
Aug.
July
June
May
Apr.
Aug.
July
359
105
99
130
137
133
98
95
134
133
130
132
130
125
128
24
63
22
54
23
35
63
23
- 21
31
97
99
89
108
93
82
122
84
87
151
94
99
87
100
96
80
115
81
79
124
134
137
129
126
123
104
146
93
107
142
134
139
137
137
129
114
158
102
115
152
133
138
128
133
126
114
147
107
108
150
88
90
86
103
87
78
113
92
76
140
92
94
85
98
91
78
105
81
72
123
129
145
123
132
130
105
148
93
123
155
131
141
128
129
131
104
151
99
112
148
127
136
125
124
119
110
147
92
112
151
126
136
132
131
128
109
151
100
113
147
126
134
116
129
123
111
144
103
114
156
117
132
118
126
121
99
137
102
108
144
129
134
126
127
124
103
138
99
102
147
DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS
[Average monthly stocks 1919=. 100]
Number
of reporting
firms
United States
Boston.New York
Philadelphia
Cleveland
Richmond
Atlanta
__
Chicago
Minneapolis
Dallas
San Francisco _
...
-
1925
1926
Aug.
July
June
Stocks with seasonal adjustment
May
Apr.
Aug.
1925
1926
July
Aug.
July
June
May
Apr.
Aug.
July
314
130
125
131
138
143
131
125
131
133
138
138
139
131
133
24
63
13
52
19
22
51
22
19
29
111
128
175
124
118
109
153
97
116
135
111
124
171
119
119
108
136
94
110
129
116
131
177
127
126 •
110
147
101
114
132
123
138
184
133
132
116
153
106
125
139
125
142
201
134
131
125
159
110
130
145
114
124
179
126
118
113
149
111
123
133
113
120
164
120
119
103
140
107
111
129
116
132
177
124
120
109
147
98
110
134
121
135
184
125
127
115
146
99
118
135
122
138
183
130
134
115
155
106
120
138
123
138
189
132
134
119
154
102
123
139
122
137
198
129
128
122
153
107
129
140
120
128
182
126
120
114.
122
130
176
127
127
110
150
113
120
135
<JCO CO
Federal reserve district
Stocks without seasonal adjustment
132
734
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
FOREIGN BANKING AND BUSINESS CONDITIONS
FINANCIAL STATISTICS FOR FOREIGN COUNTRIES
CONDITION OF CENTRAL BANKS
[Figures are for the last report date of month]
1926
August
Austrian National Bank (millions
of schillings):
Gold
Total principal earning assets
Foreign bills of the reserve._Other foreign bills
Domestic bills
Treasury bills
Note circulation
Deposits. _-_-__.
National Bank of Belgium (millions of francs):
Gold
Foreign bills and balances in gold.
Foreign funds
Domestic bills
Loans to State .
Note circulation
._
Deposits
'
National Bank of Bulgaria (millions of leva):
Gold—
Total principal earning assets
Foreign bills, etc __ __ _
Domestic loans and discounts.
Advances to State
Note circulation _,Deposits.-Central Bank of Chile (millions of
pesos):
Gold at home
_ _.
Gold abroad
Loans and discounts
Note circulation ,_
Deposits
Czechoslovak National Bank (millions of Czechoslovak crowns):
Gold and silver
Foreign balances and currency-..
Loans and advances
Assets of Banking Office in liquidation
-.
-_
Note circulation
Deposits
.—
Bank of Danzig (millions of Danzig
gulden):
Balances with Bank of EnglandTotal principal earning assets
Foreign bills, etc
_
Loans and discounts
Note circulation
Deposits
__-__National Bank of Denmark (millions of kroner):
Gold—
Total principal earning assets
Foreign bills, etc
Loans and discounts
Advances to State _. - .Note circulation
Deposits
-.
National Bank of Egypt (thousands of Egyptian pounds sterling):
Gold
TRnffli^li £ov£rnin6iit securities
Egyptian government securities
Note circulation
Government deposits
Other deposits
July
1925
June
August
43
881
490
129
83
179
858
68
38
894
509
113
90
182
885
48
19
879
514
100
81
183
836
62
15
860
501
88
73
198
836
40
274
30
546
1,507
5,200
9,148
438
274
30
274
30
272
30
1,919
5,200
8,975
681
1,362
5,200
8,514
429
1,336
5,200
7,616
228
43
7,280
268
1,382
5,630
3,548
2,937
42
7,133
306
1,374
5,453
3,569
2,780
146
344
69
365
141
147
285
83
371
94
148
293
64
382
91
1,034
1,324
190
1,033
1,290
193
1,041
1,284
202
664
7,161
1,030
667
7,199
849
677
7,220
685
23
29
14
15
36
5
19
32
17
15
35
3
24
28
15
13
35
2
18
36
14
22
33
3
209
159
40
111
8
376
26
209
160
43
108
9
389
26
209
188
54
124
10
401
22
209
283
154
99
30
442
75
3,430
24,404
26,762
30,745
21,940
13,363
3,380
25,840
27,767
31,005
21,778
15,197
41
7,102
542
1,315
5,245
4,221
2,234
1
Notes issued, less amounts held in banking department and in currency note account.
1926
August
Bank of England (millions of
pounds sterling):
Issue department—
Gold coin and bullion___.___Notes issued
Banking department—
Gold and silver coin
Bank notes
Government securities
Other securities.
Public deposits
Other deposits
Ratio of gold and note reserve
to deposit liabilities (per
cent),_ _
3
Gold abroad.
Not including gold held abroad.
June
August
153
173
151
171
149
169
161
181
1
33
39
73
26
102
1
29
35
69
10
105
1
27
52
103
10
155
2
36
35
70
22
104
26.8
26.0
86
294
17.1
' 85
294
30.8
88
295
84
Bank notes in circulation J
Currency notes and certificates. _ 291
Bank of Esthonia (millions of Esthonian marks):
Gold
Foreign exchangeCash in foreign currency
Foreign correspondents' account.
_ __
Foreign bills
Loans and discounts
_ _
Note circulation
Deposits and current accounts. _ _
Bank of Finland (millions of Finnish marks):
Gold—_-_-__—
330
Balances abroad and foreign
972
credits
_ .
79
Foreign bills
_.
515
Domestic bills
262
State debts .
1,296
Note circulation
Demand liabilities _
_ - 423
Bank of France3 (millions of francs):
Gold reserve ----__-_ - --. _ .... 3,684
339
Silver reserve
578
Credits abroad. - .- _ - -.
36,450
Advances to the Government
55,147
Note circulation
_
3,329
Total deposits
_
German Eeichsbank (millions of
reichsmarks):
Gold at home .
1, 295
198
Gold abroad
Reserves in foreign exchange
498
Bills of exchange and checks _ 1,252
Miscellaneous assets...
688
Deposits
__ _ _
542
Reichsmarks in circulation
3,225
Rentenmarks in circulation
1,499
National Bank of Greece (millions
of drachmae):
Gold and balances abroad
Government loans and securitiesDiscounts and loans._.
Note circulation
Total deposits
.
National Bank of Hungary (millions of pengo):
Gold.
169
Foreign bills, etc
__
82
Loans and discounts
159
Advances to treasury...
152
Other assets
. ___ _
256
432
Note circulation
Deposits
178
180
Miscellaneous liabilities
2
July
1925
2 459
l
76
327
228
5,240
1,760
1,595
330
331
332
890
60
566
262
1,289
368
900
61
656
262
1,298
481
999
57
365
395
1,268
481
3,684
338
577
37,450
56,022
4,344
3,684
337
576
36,600
53,073
2,926
3,683
311
579
27,750
44,702
2,429
1, 232
260
495
1,199
646
538
3,107
1,501
1,232
260
325
1,288
522
527
2,971
1,520
1,045
93
357
1,765
471
701
2,595
1,834
1,935
3,814
3,166
4,530
4,215
2,531
3,793
3,304
5,303
3,733
121
107
165
152
245
395
176
191
50
174
125
157
308
399
156
232
141
94
162
152
231
424
159
167
OCTOEEK, 1 9 2 6
735
FEDEEAL BESERVE BULLETIN
CONDITION OF CENTRAL BANKS—Continued
1926
August
Bank of Italy 4 (millions of lire):
Gold reserve
Credit and balances abroad
Loans and discounts
Loans and advances to the government
__
Note circulation for commerceNote circulation for the State
Total deposits
Bank of Japan (millions of yen):
Gold at home and abroad
Advances and discounts
Advances on foreign bills
JL —
Government bonds
Total note and deposit liabilities.
Notes issued
Total deposits....
Bank of Java (millions of florins):
Gold
_
—.Total principal earning assets
Foreign bills.
___
Loans and discounts
Note circulation
Deposits
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve.
...
Bills
Loans
_ . . .
Note circulation
Government deposits
Other deposits..
_Bank of Lithuania (millions of
litas):
Gold
...
Total principal earning assets
Foreign currency
_._.
Loans and discounts. _——_
Note circulation
Deposits
.
Netherlands Bank (millions of
florins):
Gold
. . .
Total principal earning assets
Foreign bills
Loans and discounts
Note circulation
Deposits
Bank of Norway (millions of kroner):
Gold
.
Total principal earning assets....
Foreign balances and bills
Domestic credits._
Note circulation
Foreign deposits
Total deposits...
Reserve Bank of Peru (thousands
oflibras):
Gold at home .
Gold abroad
Bills . .
Note circulation
Deposits
Bank of Poland (millions of zloty):
<(Md
Foreign exchange, etc
Loans and discounts
Note circulation..
Current accountsPrivate.... _ .
.
Treasury
Liabilities in foreign currency
1925
July
June
August
1,135
541
9,017
1,136
570
10,762
1,132
593
10,372
6,729
11,591
6,729
2,426
6,729
11,613
6,730
2,532
7,068
12,363
7,068
2,538
1,058
326
42
286
1,918
1,264
654
1,058
369
40
294
1,973
1,280
693
1,057
475
52
263
2,141
1,372
769
194
96
26
70
335
49
200
80
23
57
326
43
24
35
68
51
30
79
53
24
37
67
50
30
80
54
24
36
67
50
30
80
56
24
33
61
48
29
72
51
31
66
23
43
74
20
31
67
24
43
74
20
30
71
27
44
79
19
34
65
26
39
80
16
420
395
216
179
838
37
426
418
224
195
814
76
427
395
199
196
809
64
414
449
243
206
863
26
147
412
72
340
334
8
185
147
417
77
340
340
9
183
147
420
81
339
343
5
184
3,950
696
2,964
6,649
941
4,026
694
2,928
6,779
792
130
108
372
560
135
91
378
511
1,058
362
46
286
1, 967
1, 233
734
( 86,
^ 12
22
132
136
32
104
315
49
July
June
August
Bank of Portugal (millions of escudos) :
Gold
_.._.
._...
Balances abroad._
Bills
Note circulation
Deposits
...
.
344
154
1,845
55
363
144
1,843
212
187
National Bank of Rumania (millions of lei):
Gold 8 ..
.
—
Bills
...Advances to State
.__
Note circulation
.
Deposits..
*
142
141
142
8,676
10,679 10,679 10,679
21,049 21,003 20,971
7,887 7, 762 7,783
137
7,901
10,787
20,153
7,966
State Bank of Russia (note-issuing
department; thousands of chervontsi):
14,827 14,769 14,683
Gold..
5,052 5,027 5,025
Foreign currency
.
59,871 56,955 53,059
Loans and discounts...
Bank n o t e s . . . . . . .
.
—- 80,042 75,162 72,663
46,938
70,277
August
National Bank of the Kingdom
of Serbs, Croats, and Slovenes
(millions of dinars):
Gold
—Foreign notes and credits
,
Loans and discounts
Advances to State
-.
Note circulation
Deposits
•
82
298
1,492
2,966
5,470
81
296
1,346
5,422
529
54
323
1,266
2,966
5,494
664
16,838
73
427
1,143
2,966
5,965
955
South African Reserve Bank
(thousands of pounds sterling):
Gold-..
—
Total principal earning assets....
Foreign bills
Domestic bills
-.
Note circulation
._
Deposits
—•
6,515
6,450
65
7,261
5,940
7,180
6,724
5,772
952
7,924
5,526
7,572
5,796
7,506
5,169
9,621
6,234
3,228
3,006
9,519
5,332
Bank of Spain (millions of pesetas):
Gold.—
.——
Silver
_..•
Balances abroad..
Bills discounted
—
Checks and drafts
Note circulation
_Deposits....
-
2,556
674
31
712
1,583
4,343
1,029
2,555
674
30
727
1,629
4,353
1,029
2,541
674
33
722
1,667
4,333
1,059
2,537
660
28
753
1,382
4,297
978
147
369
61
308
378
11
77
Bank of Sweden (millions of kroner)
Gold——
Total principal earning assets
Foreign bills, etc
Domestic credits
Note circulation
Deposits
—-
228
414
172
242
502
79
228
416
161
255
494
228
490
162
328
528
134
233
485
185
300
511
145
3,910
888
2,742
6,581
1,023
4,044
968
1,808
6,030
762
Swiss National Bank (millions of
francs):
Gold
Funds on demand abroad
...
Principal earning assets
Note circulation
—
Deposits
-
424
24
420
15
409
803
81
419
14
408
800
83
511
27
819
134
135
79
375
448
132
63
345
440
54,943
54,942
86,351
61,503
69,790
54,934
84,054
60,768
61,015
86
47
** Figures previous to July, 1926, are for 3 banks of issue.
.
1925
1926
77
1
69
43
2
23
Bank of the Republic of Uruguay
(thousands of pesos):
Gold
—
•
Loans and discounts
Note circulation
.
_——.
Deposits
—.
—
5
Not including gold held abroad.
803
59
61,545
69,949
736
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
CONDITION OF COMMERCIAL BANKS
1926
August
Chartered banks of Canada (millions of dollars):
Gold coin and bullion l
Current loans and discounts
Money at call and short noticePublic and railway securities....
Note circulation
Individual deposits.
Gold reserve against Dominion notes
Dominion note circulation_
Nine London clearing banks (millions of pounds sterling):
Money at call and short notice. _
Discounts and advances
.
Investments. _-._
Total deposits
Three commercial banks of
France (millions of francs):
Bills and National Defense Bonds.
Loans and advances
Demand deposits
118
1,098
247
1,634
1925
July
June
71
1,197
378
530
172
2,193
72
1,184
386
540
166
2,218
175
176
119
1,107
246
1,646
121
1,084
243
1,630
14,605
5,267
21, 691
I 22,572
1926
August
54
1,100
338
571
164
2,110
116
117
1,063
257
1,611
11,924
4,264
17,147
August
1925
July
June
August
Six Berlin banks 2 (millions of reichsmarks):
Bills and Treasury notes.
Due from other banks
Miscellaneous loans..
Deposits
Acceptances
1,397
703
3,076
4,857
232
1,013
583
2,721
4,140
260
Four private banks of Italy (millions of lire):
Cash.
Loans and discounts
Due from correspondents... _ _ <
Total deposits , .
Due to correspondents
1,243
10,258
5,456
2,499
13,384
1, 042
9,546
4,819
2,562
11, 976
124
2,535
1,933
3,573
137
2,352
1,900
2,936
Tokyo banks (millions of yen):
Cash on hand _
. _ _ .
Total loans
Total deposits Total clearings.
..
2
i Not including gold held abroad.
116
2,534
1,921
3,021
122
2,542
1,946
3,172
Bimonthly statements.
DISCOUNT RATES OF 31 CENTRAL BANK?
[Prevailing rates, with date of last change]
Country
Rate
In effect
since—
Country
Austria
Belgium
Bulgaria
Czechoslovakia—
Danzig..
Denmark
England
7
7
10
Aug. 7,1926
Apr. 23,1926
Aug. 31,1924
6
Jan. 13,1926
July 29,1926
June 24,1928
Dec. 3,1925
Esthonia
Finland
France......
Germany
Greece.
Hungary
India
I t a l y . . ------
5
5
Rate
%
6
10
I
In effect
since—
July
Oct.
Aug.
July
Aug.
Aug.
June
June
1,1925
29,1925
2,1926
6,1926
18,1925
26,1926
10,1926
18,1925
Country
Japan
.,__
Java
-_.
Latvia
Lithuania-..
Netherlands.
Norway
.
Peru
Poland . . . . . .
7
Change: Bank of Norway from 5H to 5 per cent on September 13,1926.
Rate
7.3
6
8
7
3H
5
6
10
In effect
since—
Apr.
May
Feb.
Feb.
Oct.
Sept.
Apr.
July
15,1925
3,1925
16,1924
1,1925
2,1925
13,1926
1,1923
7,1926
Country
Portugal
Rumania
Russia—--._
South AfricaSpain _-_--.
Sweden
Switzerland.
Yugoslavia..
Rate
8
6
8
5H
5
4H
6
In effect
since—
July
Sept.
Apr.
Nov.
Mar.
Oct.
Oct.
June
27,1926
4,1920
—,1924
21,1924
23,1923
9,1925
22,1925
23.1922
OCTOBER,
737
FEDEKAL BESERVE BULLETIN
1926
FOREIGN
EXCHANGE
RATES
[Noon buying rates for cable transfers, in New York, as published by Treasury.
Unit
Average
Par
Low
High
Rate
September, 1925
August, 1926
September, 1926
Country
In cents per unit of foreign currency]
Per
cent
of par
Average
Average
Low
High
Rate
Per
cent
of par
Low
High
Rate
Per
cent
of par
EUROPE
Austria..
___ Shilling.
Franc.
Belgium...
Bulgaria.. „ _ . _ .
Lev..
Czechoslovakia
Denmark
England
.
Finland
France.....
Germany
Greece
Hungary....
Italy
Netherlands
Norway....
Poland.
Crown
Krone
Pound
'Markka
I Franc.
j Reiehsmark-.____
Drachma
__i Pengo.
| Lira
FlorinKrone..
Zloty...
Portugal
Escudo_.
Rumania.__________! Leu
Spain..
Peseta. _
14.07 14.0720 14.0990 14.0837 100.10 14.0590 14.0970 14.0787 100.06 14.0570 14.0870 14.0694 100.00
19.30 2.6200 2. 8000 2.7228 14.11 2.6400 2.8900 2.7538 14.27 4.3200 4.5000 4.4040 22,82
. 7225 .7313 .7262 3.76 .7289
19.30
.7314 3.79
.7228 .7285 .7246 3.75
.7342
2.9611 2.9624 2.9618
2.9609 2.9621 2.9616
2.9615 2.9623 2.9618
\ 26.80 26.5400 26.5600 26.5540 99.08 26.5100 26.5700 26.544: 99.05 24.0100 25.2300 24.5188 91.49
486.65 485.1500 485. 7300 485.4168 99. 75 485.1800 486.2600 485.8608 99.84 484.1200 485.3000 484.6464 99.59
2.52 2.5198 2. 5219 2.5209 100.04 2.5198
19.30 2. 7500 3. 0000 2.85481 14.79 2. 6300
23.82 23.8000 23. 8200 23.8120 99.97 23.8000
19.30 1.1179 1.1866 1.1609 6.02 1.0973
17.49 17. 5300 17. 6100 17.5620 100.41 .17.5400
19.30 3. 5800 3.8200 3.6688 19.01 3.2300
40.20 40.0500 40.1000 40.0732
26.80 21. 9000 21. 9300 21.9140
19.30 10. 8500 11.0900 10.9676
2.5216 2.5206 100.02 2.5220 2.5252 2.5235
3.0600 2.8327 14.
4.6800 4.7400 4.7124 24.42
23.8300 23.8096 99.96 23.8000 23.8000 23.8000 99.92
1.175; 1.1160 5.78 1.4425j 1.4821 1.4613
17. 5900 17.5604 100.40
3.3800 3.2950 17.07 3.8400J 4.1900 4.0640
99.68 40.0500 40.1700 40.1123
81.77 21.9000 21.9400 21.9146
56.83 10.6500 11.1500 10.8573
108.05 5.1200 5.1500 5.1256 4.74 5.1200 5.1500 5.1300
.4929 .5386
. 4543 .4931
19.30
.5105 2.65
.4672
19.30 15.1300 15. 3200 15.2240 78.88 15.0600 15.5300 15.2942
7.57
21.06
99.78 40.1700 40.2800 40.2084 100.02
81.77 19.8800 22.2100 20.9320 78.10
56.26 16.6800 18.3900 17.5888 91.13
4.75
2.42
5.0800 5.2100 5.1356
.4790 .4959 .4890
14.2400 14.6200 14.3860
4.75
2.53
74.54
Krona_.
Franc.
Dinar..
26.80 26. 7300 26.7600 26.7476 99.80 26.7500 26.7700 26.7654 99.87 26.8000 26.8500 26.8244 100.09
19.30 19.3000 19.3300 19.3216 100.11 19.3000 19.3500 19.3235 100.12 19.3000 19.3500 19.3068 100.04
19.30 1. 7636 1. 7680 1. 7662 9.15 1.7640 1.7658 1.7649 9.14 1.7735 1.7870 1.7795 9.22
Dollar..
Peso...
Peso-
100.00 100.1240 100.1604 100.1382 100.14 100.1250 100.1696 100.1448 100.14 99.9188100.0498 99.9860 99.99
100.00 99.9250 99.9531 99.9362 99.94 99.8781 99.9656 99.9206 99.92 99.7938 99.9594 99.8500 99.85
49.85 48.6333 48.7833 48.7301 97. 75 48.5833 48.9000 48. 7823 97.86 49.3000 49.4933 49.3519 99.00
Argentina _
Brazil
Chile _.__-__
Uruguay._
Peso (gold).
Milreis.._._
Peso
__
Peso.
96.48 91.7800 92.8600 92.2012
32.44 14.8900 15.3400 15.1908
12.17 12.1100 12.1400 12.1292
103.42 100.1100 100. 7100 100.4096
China.. . . .
China
Hongkong_
Mexican dollar. __ 1 48.11 46.5800 49.2800 48.2468 100.28 49.0300 51.04Q0 50.1462 104. 23 56. 8000 59.0000 57. 5656 119. 65
Shanghai tael_. _. i 66. 85 62.9400 68.4300 66.6028 99.63 68. 0100 70.1000 68. 6931 102. 76 77.7000 79.5900 78. 4664 117.38
i 47. 77 49.2000 53.3100 52.2816 109.44 52. 6400 53.9500 53.1954 111. 36 58.1500 60.1600 59. 3152 124.17
Dollar-—.
Sweden
_
Switzerland.
Yugoslavia. _
NORTH AMERICA
Canada..
Cuba___.
Mexico..
SOUTH AMERICA
Rupee.
India...
Yen..
Japan.____
Straits Settlements. Singapore dollar. -
48. 66 36.3000 36.3700 36.3288
49.85 48.0600 48.7000 48.4000
56. 78 56. 0000 56. 0800 56.0736
95.57
46.83
99.66
97.09
91.7800 92.2100 91.9573
15.2900 15.5000 15.3715
12.0600 12.1400 12:1162
99.2800100.7700100.1900
95.31
47.38
99.56
96.88
90.7500 92.1600
12.9900 13.9900
11.8900J 12.0600
99.46001100. 5000
91. 7096 95. 06
13.5188 41.67
12.0156
99.9492 96.64
74.67 36. 3000 36. 4500 36. 3642 74.73 36.5600 36.6900 36. 6332 75. 28
97.09 47. 4000 48.0800 47.8031 95.89 40.4500 41.0500 40.7488 81.74
98.76 56. 0800 56. 2100 56.1512 98.89 56. 5000 56. 7800 56. 5876 99.66
1
Gold value of the unit in 1913, computed by multiplying silver content of unit by the New York average price of silver for the year, This
average price in 1913 was $0.61241 per fine ounce, with which prices in recent months compare as shown by the following table:
SILVER
[Average price per fine ounce]
Septembers August,
1926 '<
London (converted at average rate of exchange)
New York
Per cent of New York price to average price in 1913
.60867
99. 39
$0.62970
.62(
102.38
September,
1925
$0.71979
. 71885
117.38
738
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
GOLD AND SILVER MOVEMENTS
IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES
[Amounts in dollars]
Gold imports
Country of origin
or destination
January-August
August,
August,
1926
1926
January-August
Silver exports
1925
1926
All countries..- 11,978,690 154,918,497 55, 732,352 29, 743,113 76, 547, 713 197,488, 601
January-August
January-August
August,
August,
1926
1926
1925
1926
Silver imports
Gold exports
1926
1926
1925
1925
5,988,420 48, 924,135 44, 693, 552 8,040,512 65,331, 111 67,149, 329
EUROPE .
France
Germany'
Netherlands
Poland and Danzig.
Spain
Sweden
United Kingdom _.
8,200
4, GOO
188,390 6, 564,041
18,488 1,339,208
1,628 20,195, 031 22,170,880 67, 259,331
650
10,084,799
4,318,343
1,103, 948
392,431
60,236
68,618
1,002, 628
372
220
6,159,602
40,201 4,819,578
2,000
209,342
17,436
183,895
5,875
16,968
5,243
113,448
124,073
3,208
96,200
91,889
137, 700 1,497,302 7,193,035
2,761,457
806,061 3,811,514 5,640,874
750,000
191, 500 1,164,057 1,095,300
7,113,492 3,310,444 25,938,130 27,920, 246
51> 769
165,000
120, 573
164,201
119, 317 1, 229, 341 1,173, 896
97,940
39,434
700
894, 968 1,394, 828
162, 720
80,681
28, 265
210
5,001
823,841 2,075,396 3,567,490
753,400
NORTH AMERICA
Canada
Central America—
Mexico
West Indies
614, 611 80,101,916 22, 639,047 8,046,041 35,141,255
30,000 3, 004, 526
119,306 1,122,809 1,081,857
414,255 4, 217,981
547,836 15,913,227 3,364,394
5,888
460,327
205, 233
154,114
i
SOUTH AMERICA
Argentina _
Brazil
Chili
Colombia
Ecuador. _
Peru
Uruguay
Venezuela
3,607
52,963 16, 067,057
153, 037 1,050, 795
104, 770
877,186
167,206 2,012,116
2,466
4, 997
267,822
1,091,164
557,815
1,106,210
518,825
160,822
9,732,000 29,213,272
241
64, 519
13, 000
255, 000
270, 800
5,460,000
161, 687
1,003, 853
5,983
1, 999,878
15,000
280, 840 2,121,145 1,122, 656
4,911
59,049
122, 510
3, 394
1,190,981 14,190,355 7,373,685
_
1, 700,000
802,290
2,160,010
4,445
4,848
53,901
11, 886
3,274
475, 575
133,100
494, 505
ASIA AND OCEANIA
Australia
British India
British Malaya
China
Dutch East Indies
Hongkong
Japan
New Zealand _
Philippine Islands
13,950
119, 558
1,177,817 1, 573, 882
480,000
4,000,000
8,049
124,468
185,934
1,462,699 1,143,633
160
106,448
16, 579
268,116
26,925,176
469, 785 56, 531, 840
430,243 2,767,151 1,655,841
250, 655
200,414
242,000
958,240
693, 520
372, 543 3, 796,484 6,922,915
60,000
55,968 1,826,231 25,175, 519 31,294, 625
75,406
639,255
4,183 4,905, 398 33,306,216 20,489,226
641, 511
892,433
66, 587
3,084
51,248
80 159
246,695
88 191
160,736
25,000
AFRICA
Egypt
Portuguese Africa
All other countries.
Net imports
Net exports
2, 780
10,431
9,297
232,555
55, 609
11,990
350,386
48, 924
78,370, 784
498, 240
302, 518
17, 764,423
1,071, 350
141, 756, 249
7,100
31,116
75,401
2,052, 092 16,406,976 22, 455, 777
IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN, DISTRIBUTED BY COUNTRIES
[Amounts in pound sterling]
All countries...
Belgium _
France
Netherlands
Russia
Spain and Canaries.
Switzerland
United States .
Mexico
South America
British India
British Malaya
Egypt
Rhodesia...r
Transvaal.
West Africa
All other countries.
Net imports
_
Net exports
3,877,217 25,781,446 29,577,853 1,840,503 12,875,168 23,851,664
3,250
27,000
595,736
123,983
755
215,255 5,079,282
3,182,385
2,458,800
342
34,797
255,729 1,266, ,013
27,000 2,499,055
% 057,000
"396,265
145,605
636,300
523,717
26,773 4,275,412
435
5,857
9,730
128,559
118,345
1,371,155
380,648
103,359
2,078,142
956,358
21,000
267,000
348,030
433,608 6,269,079 7,462,540
4,526
5,226
6,800
374
154,973
83,132
53,672 1,012,702
134,786
335,382
264,691
81,230
9,470
13,610
4,525
88,043
164,759
112,360
5,086
55,288
74
4,441
47,444
5,793,315
300
75,978
103
458,024
663,430 3,208,887
1,640
229,888
1,365
147,112 2,758,695 2,950,746
183,497 1,772,375 1,271,820
69,900 2,164,984 11,616,112
119,870 1,228,066
452,173
183,101 1,399,443 1,405,830
3.561,655 20,142,188 14,522,854
848,596
813,618
97,251
789,130 6,873,389 9,086,477
50, 111
634
50,000
653
115
134,940
55,138 i
192,331
25,775
886,229 1,401,563
327
3,600
14,135
309,889
870
754,990
376
59,577
823
1,204
1,462
105,615
13,730
702,167
22,195
436,162 4,545,661 3,485,186
50,280
249,509
670
7,410
58, 245
37,144
20,000
90
506
231
62,295 1,275,164 4,296,590
2,036,714 12,906,278 5.72fi. 189
355,522
604,310 1,623,937
739
FEDERAL RESERVE BUIiLETXN
OCTOBER, 1926
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES
ALL COMMODITIES
[Pre-war=100]
Europe
France
Year and" month Austria
Bel(gold
gium
England
Den- (Board
Bul- Czechoslogaria vakia l mark 1
of
Trade)
Finland
1925
January....
February. _.
March.....
April.,
May.......
June
July......
August
September..
October.. j _ .
November-.
December..
147
146
143
139
138
141
137
131
127
127
125
125
551
546
538
537
552
559
567
577
575
569
565
3,275
3,309
3,272
3,244
3,177
3,225
3,041
2,870
2,834
2,823
2,822
2,913
1926
January....
Februarys _
March. ____
April
...
May
...
June
.
July.......
August. ___
September.
122
120
119
119
118
124
126
126
560,
556
583
621
692
761
876
836
2,901
2,899
2,844
2,774
2,938
2,842
2,838
Russia
Federal Reserve
Board
1,045
1,048
1,034
1,020
1,006
998
1,009
993
996
989
977
977
234
234
230
220
216
216
206
189
168
163
158
160
171
169
166
162
159
157
157
156
156
155
154
153
1,137
1,141
1,131
1,133
1,122
1,129
' 1,118
1,142
1,133
1,121
1,118
1,120
514
515
514
513
520
543
557
557
556
572
456
457
463
460
467
483
490
491
482
482
498
518
138
137
134
131
132
134
135
132
126
124
121
122
159
152
145
144
141
141
136
134
135
131
129
130
950
938
923
928
926
948
963
157
151
145
141
141
140
141
143
141
151
149
144
144
145
146
149
149
1,094
1,091
1,081
1,081
1,070
1,079
1,079
1,092
634
636
632
650
688
739
836
770
527
540
545
565
597
631
704
120
118
118
123
123
125
127
127
127
125
123
123
122
122
123
Europe—Continued
Year and month
Statistical
Bureau
GerHunmany
(Federal gary
Statis- (gold
tical
Bureau)
660
707
731
721
716
712
715
708
704
709
724
740
Aus- China Dutch
East
tralia (ShangIndies
hai)
279
281
276
267
260
258
254
245
231
221
217
218
120
121
122
119
118
119
120
124
127
128
137
155
153
149
145
143
143
144
141
139
214
211
204
198
196
195
196
196
142
146
146
167
181
175
167
173
Africa
India
(Calcutta)
Japan
(Tokyo)
1925
January
February
March
April
May
June..
July
August
September......
October
November. _____
December.......
172
178
183
195
197
191
188
175
173
174
175
179
191
192
193
190
191
187
188
184
185
187
186
187
169
169
168
163
162
161
161
159
157
154
155
156
171
171
170
166
163
162
161
160
159
159
157
157
160
161
161
156
155
157
160
160
160
158
158
156
166
165
162
157
159
159
158
159
157
157
161
164
199
194
206
206
200
200
198
200
205
205
204
163
163
160
158
159
163
162
162
162
163
165
170
160
159
160
159
158
157
163
160
160
159
158
158
178
177
179
175
174
173
175
176
175
177
174
173
171
172
168
169
164
157
160
157
158
160
164
163
213
210
1926
January
February. _
March.....
April
May
June.
_
July.
August
September.
183
190
194
196
197
189
183
182
186
183
183
179
179
177
178
153
152
149
150
151
150
148
147
156
155
151
148
147
145
145
146
156
155
152
151
152
152
151
149
164
162
160
161
157
156
156
154
206
205
204
204
206
204
204
204
202
161
160
163
168
167
163
162
164
163
164
163
160
156
157
161
172
170
167
U60
158
157
163
158
155
153
150
150
192
188
184
181
177
177
179
177
i First of month figures.
2
Poland
160
158
155
151
151
153
155
155
155
154
154
155
Asia and Oceania
North and South America
United
States
Switzer(Bureau
Spain Sweden land i of Labor Canada Peru
Statistics)
NorItaly Netherway
lands (Oslo)
204
202
199
200
198
200
201
200
198
194
New
Zealand 2
Egypt South
(Cairo) Africa
166
162
162
162
162
162
161
161
160
162
161
160
157
161
155
154
151
150
151
151
152
153
145
140
130*
159
159
157
156
156
155
134
134
134
133
128
129
129
129
124,
127
"12OY
Revised index.
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 bo
had upon request.
Wherever possible the indexes have been shifted from original bases tt> a 1913 base. Further information as to base periods, sources, numberof 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.
740
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
WHOLESALE PRICES—Continued
GROUPS OF COMMODITIES
(Pre-war=100)
UNITED STATES—BUREAU OF LABOR STATISTICS
Year and month
Clothing Fuel and
Foods materials
lighting
All com- Farm
modities products
1925—August
September
October
November....
December
1926—January
February
March.._.
April
May
___
June..
July.
August
160
160
158
158
156
156
155
152
151
152
152
151
149
159
160
158
160
157
156
153
151
153
154
157
154
151
163
160
155
154
152
152
150
144
145
144
144
141
138
190
189
190
188
187
186
184
181
177
176
175
173
175
Metals
House
Building Chemiand
furand nishing
metal materials cals
drugs
products
goods
170
169
172
175
175
177
179
175
174
179
179
177
180
172
127
127
128
130
130
129
128
128
127
125
125
126
127
174
174
176
177
178
177
176
173
172
171
172
172
135
136
135
135
135
133
132
132
130
131
131
131
131
Miscellaneous
169
168
168
166
166
165
164
164
163
162
162
161
161
138
135
138
142
138
135
133
128
127
125
123
123
122
NonAgriagricultural cultural
164
162
157
156
154
154
152
148
149
149
151
148
145
.
'
157
156
157
159
158
158
157
155
153
153
153
152
153
ENGLAND—BOARD OF TRADE
Not food
Food
All commodities
Year and month
February
March _
April.
May
June
July .
August
Cereals
Meat
and fish
Other
foods
Total
Other
Iron and minerals
and
steel
metals
Cotton
Other
textiles
Miscellaneous
156
164
164
160
166
152
123
132
207
177
157
151
149
144
- 144
145
146
149
149
162
159
151
152
158
155
153
154
154
148
144
148
150
150
151
152
165
156
151
149
157
154
152
153
167
170
156
157
166
161
158
156
146
144
141
139
138
142
146
146
119
118
118
117
117
120
125
125
131
131
130
130
129
145
160
161
175
174
165
162
164
161
158
160
176
172
168
162
160
158
157
155
153
149
147
144
140
141
143
144
1925—August
1926—January. _
Total
FRANCE—STATISTICAL BUREAU
Industrial materials
Foods
All commodities
Year and month
Total
1925—August
.___
1926—January... .
February.
March...
._April..
May—..—
June
_-_——_July.........
August
.-_..—_
..
._-
——
._
—_
Animal
foods
Vegetable
foods
Sugar,
coffee,
cocoa
Total
Minerals Textiles Sundries
557
501
500
496
500
603
519
634
636
632
650
688
739
836
770
543
532
536
537
535
546
554
575
567
544
541
546
589
645
739
797
754
548
567
565
608
657
699
840
784
707
708
700
712
751
802
932
837
627
646
645
653
680
753
922
546
548
574
610
660
718
687
941
925
914
929
990
1,030
1,217
643
631
646
681
725
S01
771
GERMANY—FEDERAL STATISTICAL BUREAU
Food products
Year and month
1925—August...
1926—JanuaryFebruary
March...
April—._
May.-..
June.....
July
August...
All commodities
Total
Grains
and
potatoes
Fats,
sugar,
meat,
and
fish
Industrial products
Colonial
goods,
coffee,
cocoa,
Total
etc.
Hides
and
leathers
Textiles
Metals
and
minerals
Coal
and
iron
132
130
120
147
175
135
123
190
134
121
120
118
118
123
123
125
127
127
115
112
113
122
123
125
129
129
101
98
134
134
134
132
133
132
132
137
185
183
180
180
179
177
176
174
130
130
128
125
124
124
124
123
113
110
107
107
106
106
106
112
176
172
165
158
153
152
148
143
128
'127
127
124
124
124
125
126
120
120
120
117
117
117
119
119
99
112
114
117
124
121
741
FEDERAL KESEEVE BULLETIN
OCTOBEK, 1 9 2 6
RETAIL FOOD PRICES AND COST OF LIVING
RETAIL FOOD PRICES
[Pre-war ==100]
Other countries
European countries
United
States
(51
Austria
cities) (Vienna)
1925
Jan
Feb...
Mar...
Apr__.
May_.
June...
July...
Aug...
Sept...
Oct__.
Nov...
Dec__.
151
148
148
148
149 j
152
157 !
157
156
158
164
162
1926
Jan....
Feb...
Mar...
Apr...
May...
June...
July...
Aug...
Sept...
161
158
157
159
158
157
154
153
119
117
114
114
113
116
115
117
Belgium
NethBul- Eng- France Ger- Greece Italy
er(Migaria land a (Paris) many (Ath.
ens)
lan) lands
140
137
134
127
122
127
130
135
140
144
146
148
3,131
3,163
3,128
3,100
3,032
3,083
2,906
2, 744
2, 710
2,698
141
141
137
2,773
2,771
2,719
2,652
2,808
2,717
2,713
2,785
Norway
Rus-3
sia
Switzerland
277
South
Can- Aus- India New
Zeaada3 tralia (Bom
bay) land Africa
178
176
176
170
167
166
167
168
170
172
172
174
408
410
415
409
418
422
421
423
431
433
444
463
137
145
146
144
141
146
154
154
153
151
147
146
,506
,510
.,562
.,478
.,443
,516
,515
,511
,544
L, 597
,676
,718
590
610
624
620
599
599
602
621
643
646
649
660
156
157
157
155
154
152
152
152
152
149
149
148
283
284
276
265
261
260
254
241
228
223
221
205
208
211
217
221
219
218
210
208
215
217
224
172
172
171
169
168
169
169
169
170
168
168
167
145
147
145
142
141
141
141
146
146
147
151
156
148
149
151
152
154
155
156
156
156
157
156
155
152
152
155
153
151
149
152
147
146
148
149
151
147
146
149
149
150
149
151
152
153
155
156
154
120
120
121
124
123
122
120
119
118
119
117
116
171
168
165
159
158
158
161
161
162
495
497
503
522
544
574
587
143
142
141
142
142
143
145
146
,760
,738
,805
,821
681
676
654
645
664
657
654
148
148
147
146
146
146
146
146
216
212
205
198
195
194
198
196
226
230
234
241
250
243
236
, 234
165
163
161
161
159
159
159
157
•155
154
153
152
149
149
150
155
154
159
163
163
162
159
151
150*
151
150
150
152
155
153
152
154
153
152
151
151
151
116
117
118
119
119
118
117
COST OF LIVING
[Pre-war =100]
Other countries
European countries
Massachusetts
Belgium
158
157
158
158
158
159
160
161
161
162
162
165
521
517
511
506
502
505
509
517
525
533
534
534
899
911
904
901
894
914
916
894
884
875
863
866
180
179
179
175
173
172
173
173
174
176
176
177
113
110
114
112
111
112
114
112
110
108
107
109
1,199
1,191
1,210
1,201
1,176
1,191
1,218
1,266
1,242
1,228
1,227
1,197
164
163
161
161
159
159
159
158
527
526
521
529
558
579
637
68!
684
854
845
832
832
837
861
876
878
175
173
172
168
167
168
170
170
172
110
110
110
111
110
1.10
111
•1,166
1,175
1,172
1,163
1,159
1,175
1,183
1,213
Czech- Eng- Esoslothovakia lands nia
Fin- France Ger- Greece Hunland (Raris) many (Athens) gary
Italy
(Milan)
Neth- Nor- PoSwiterSpain Swezerden land
lands way land
Canada 3
Aus- India South
tra- (Bom- Africa
lia bay)
1925
Jan..
Feb..
MarApr..
May.
June.
July..
Aug._
Sept.
Oct..
Nov__
Dec.
1926
Jan..
Feb..
Mar..
Apr..
MayJune.
July..
Aug..
Sept.
386
390
401
421
451
485
124
136
136
137
136
138
143
145
145
144
141
141
1,417
1,420
1,449
1,419
1,408
1,448
1,472
1,484
1,503
1,547
1,610
1,644
141
135
131
130
131
130
126
127
126
124
123
123
580
592
602
600
591
596
598
610
624
643
643
649
140
139
138
140
140
141
142
143
1,673
1,664
1,706
1,731
1,741
1,791
1,808
122
121
119
119
118
116
117
665
661
647
642
652
650
649
652
1 N e w index, on gold basis, J u l y , 1914=100.
2
179
271
179
259
179
248
177
234
174
225
171
218
1921 = 100.
145
146
147
146
143
144
146
149
149
152
157
173
188
178
189
192
191 ~~177~
188
190
190 " I 7 6 ~
190
190
189 ' " l 7 5 "
186
183
173
172
172
170
170
170
170
170
170
168
168
168
149
150
148
147
146
146
146
148
148
149
152
154
170
171
169
176
183
183
177
181
188
183
185
187
183
183
186
167
165
163
162
160
160
160
159
155
154
154
153
152
150
150
150
174
"I73"
"I72"
150
153
154
155
157
.....
157
157
159
il58
156
154
157
152
151
153
153
155
133
133
133
134
134
134
133
132
132
132
131
131
155
154
155
153
153
155
157
155
155
1^1
131
131
131
132
131
130
« First of the month figures.
NOTE.—Information as to the number of foods and items included, the original b.use 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.
742
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
BANKING AND FINANCIAL STATISTICS
FEDERAL RESERVE BANKS
AVERAGE DAILY CONDITION FOR AUGUST AND JULY, 1926
[Amounts in thousands of dollars]
Total bills and securities
Total cash reserves
Federal reserve notes Reserve percentages
in circulation
Total deposits
Federal reserve, bank
July
August
69,679
271,018
87,370
95,722
65,391
77,854
144, 567
66,000
43,371
60,102
56, 741
120,449
73,374
289,991
88,354
97,603
61, 111
69,430
151,979
63,324
36,482
62, 680
52,409
119,827
232,529
1,010,324
195,992
310,261
84,894
177,629
408,919
67,931
72,159
101,330
50,223
253,705
231,425
1,006,251
198,825
302,182
90,057
193,475
395,171
67,961
81,963
94,150
51,638
256,407
1,158, 264
1,092,264
836, 534
1,078,204
1,053,098
1,841,596
3, 233,862
1,166,564
1,065,252
825,999
1,119, 787
1,127,888
2, 012, 699
3,200,973
2,965,896
2,896,876
3,211,455
3,194,364
3,195, 502
2, 740,388
2,127,305
2,969, 505
2,921, 585
3, 248,713
3,181,220
3,158,276
2, 655,179
2,118,899
August
Boston _
N e w Y o r k . _ _ .-•
P h i l a d e l p h i a . ___
Cleveland
Richmond
Atlanta—
. ._ •__
Chicago
_- .
St. Louis
Minneapolis . . _
Kansas City..*...
Dallas
San Francisco __•
Total: 1926
..
•-1925-_-___•-_
1924
19231922
1921
1920
July
August
145,625
847,061
136,502
188,314
70,054
71,873
340,386
82,092
49,787
94, 619
57,595
169,4421
2, 253,350
2, 209,321
2,139,536
1,890,069
1,859,524
1, 691,137
1,885,062
July
August
July
141,742
392,971
121,833
195,898
72; 155
178,375
194,661
45,821
61,059
65,078
39,802
189,817
141,953
404,454
125,413
192,538
71,392
185,793
193,002
43,280
62,817
63,471
37,461
193,062
80.9
81. 5
75.9
80.8
59.7
71.0
76.4
53.1
65.1
63. 5
51.6
70.6
79.8
79.7
75.6
79.8
63.1
74.6
74.8
53.9
71.7
1, 699,212
1, 626,387
1, 757,470
2, 228,947
2,151,185
2, 512, 348
3,165,222
1, 714,636
1,635,694
1,825, 260
2,242,143
2,157,405
2,604, 750
3,143,465
75. 0
75.5
82.4
77. 6
79. 7
65.2
143.7
•74.7
76.1
82.6
76.4
78.2
61.7
*43.7
148,013
857,668
137,621
185,981
71,418
73,453 335,306
82,917
51, 538
92,651
57,478
168,376
2, 262,420
2,204,389
2,109, 552
1,919,779
1,882,118
1, 696,481
1,909,221
August
July
6O.;3
54.4
70.9
i Calculated on basis of net deposits a n d Federal reserve notes i n circulation.
FEDERAL RESERVE BANKS—RESOURCES
A N D LIABILITIES, BY
WEEKS
RESOURCES
[In thousands of dollars]
Total
Gold with
Federal
New
York
Phila- Clevedelphia land
Richmond Atlanta
St.
Minne- Kansas Dallas
hicago Louis
apolis
City
San
Francisco
168,837 17,166
168,787 17,965
168,750 16, 633
178,750 19,064
reserve
Aug. 25
Sept. 1.
______________
Sept. 8
_.._.
Sept. 15—
.
Gold redemption fund with
U. S. Treasury:
Aug. 25
Sept. 1_
Sept. 8
Sept. 15__
Gold held exclusively against
Federal reserve notes:
Aug. 25
._.
Sept. 1
Sept. 8
.
_.
Sept. 15_
-_.
__..
Gold settlement fund with
Federal Reserve Board:
Aug. 25
....
Sept. 1____
Sept. 8__-___
Sept. 15
_
Gold and gold certificates held
by banks:
Aug. 25
_
Sept. 1
Sept. 8
Sept. 15
Boston
45,300
44, 611
47,189
52,020
50, 401
52,390
51, 737
51, 500
18,531
18,966
20, 267
20, 860
184, 643
176, 673
179,205
188,977
2,794
3,271
2,503
2,409
4,585
2,300
2,641
2,564
1,656
1,622
2,326
2,154
2,509
2, 212
3,089
2,606
173,769
172,909
172,131
181,101
18,421 48,094 54,986
18/901 47,882 54, 690
17,491 49,692 54,378
19,906 54,429 54,064
20,187
20,588
22,593
23,014
187,152
178, 885
182, 294
191,583
22,084
21,194
20,954
21,010
143,179
136,971
158,736
148, 643
11,384
11,728
14,085
19,266
9,788
11,541
15,262
13, 754
38, 644
40,344
39,605
36, 849
12,365
12, 864
12,151
16,266
32, 313
33,233
37,399
30,490
4,118
4,004
3,950j
4,268
68,777
69, 379
67.564;
66,323!
18,682
18,26:
18,199
17,610
7,27<
7,216
7, 269
7,260
4,807
4,639
4, 207
4,487
126,941
124,035
122,281
118, 842
382, 345
352, 345
352,238
352, 238
100,003
97,839
98,124
97, 807
181,209
180, 523
181,790
180, 601
34,285
33,159
40, 242
43, 595
133, 251
128,018
129,975
124,993
55,153 10,114
53,622 12,297
53,954 13,065
61, 894 15,956
10, 343
8,925
7,930
11,831
5,631
7,108
7,995
9,428
3,413
2,913
2,260
4,45f
3,672
4,072
4,129
3,070
4,249
3,844
3,777
4,228
4,932
4,122
3,381
2,351
137,055
136,332
135,346
134,798
392,688!
361,270i
360,168]
364,069
105,634
104,947
106,119
107,235
184,622
183,436
184,050
185,056!
37,957
37,231
44,371
46, 665
137,500
131,862
133, 752
129,221
681,297 54,297
732,717 44,655
734, 727 61,070
696,619 45, 722
190, 706
255,856
214, 764
232, 842
54,603
54,951
55, 053
39, 365
83,863 28,071
80,579
81,270 24, 378
65,848 26,564
661,244
646,661
634,353
644,90
408,392
397,916
390,188
389,493
23,109
21,261
22,003
30,600
39,753
39,452
40,683
42,238
1,442,912
1,395,311
1,408,431
1,429,247
1,498,065
1,448,933
1,462,385
1,491,141
30,629
29,638
28, 770
30,732
14,372
14,519
11,353
11,083
1,255
936
858
842
10,107 31,224
10,136 30, 240
10,185 29,982
10,281 30,526
743
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Total gold reserves:
Aug. 25.
.
..
Sept..l__;
_.
Sept. 8
__
Sept. 15._._.
____
Reserves other than gold:
Aug. 25
Sept. 1 — _ _
Sept. 8.
Sept. 15-
% 840,606
2,828,311
2,83i, 465
2,832.661
Boston
New
York
St. Minne- Kansas
Phila- Cleve- Richdelphia land mond Atlanta Chicago Louis apolis City Dallas
221,981 991,786 183,346 308,238
210,625 1,015,042 181,159 303,467
225,186 965,120 183,175 306,003
211,252 986,404 177,200 293,142
80,400
80,551
80,102
84,312
163,702
157,060
158,656
154,499
385,725
379,259
398,431
396,067
48,487
48,890
49,775
56,782
8,111
9,655
8,247
9,867
5,598
5,595
5,925
6,188
9,567
9,487
8,354
8,807
22,412
22,542
21,554
22,266
20,209
20,442
19,206
17,969
234,826 1,019,276 191,447 316,349
222,771 1,041,898 190,017 313,122 86,146
237,000 990,229 191,792 314,250 86,027
223,083 1,011,885 184,958 303,009 90,500
173,269
166,547
167,010
163,306
137,281
138,032
130, 501
132,404
12,845
12,146
11,814
11,831
27,490
26,856
25,109
25,481
8,101
8,858
8,617
7,758
Total reserves:
Aug. 25.
Sept. 1
Sept. 8....
Sept. 15
2,977,887
2,966,343
2,961,966
_._____. 2,965,065
.
_
Non-reserve cash:
Aug. 25.
.
.._ .
Sept.l
Sept.8______.
Sept. 15
_
Bills discounted:
Secured by U. S. Government obligations—
Aug. 25.
.
Sept.l
.
Sept. 8.. _
Sept. 15
_.__.
Other bills discounted—
Aug. 25
Sept.l
.
_.
Sept. 8—__ _
Sept. 15
Total bills discounted:
Aug. 25.
Sept.l
Sept. 8
Sept. 1 5 —
.
_.__
Bills bought in open market:
Aug. 25
Sept.lSept. 8—
Sept. 15.
U. S. Government securities:
Bonds—
Aug. 25_____
Sept.l
__..
Sept. 8
....
Sept. 15
Treasury notes—
Aug. 25..
Sept. 1
Sept. 8
Sept. 15_.
....
Certificates of indebtedness—
Aug. 25
Sept. 1 —
.
Sept. 8
....
Sept. 15—
.
Total U.S. Government securities:
Aug. 25
.
.
Sept.l
__.._.
Sept. 15
Other securities:
Aug. 25--_._.
Sept. !____-__
Sept. 15_.
Total bills and securities:
Aug.25__
Sept. 1
___.
Sept. 8,...
______
Sept. 15..
Due from foreign banks:
Aug. 25..
_.
Sept. 1
.
Sept. 8 — .
Sept. 15
65,156 98,437 42,659
66,639 99,673 43,588
72,223 98,190 44,929
75,443 95,400 49,561
2,979
3,185
2,934
3,301
4,692
4,546
4,212
4,541
8,239
8,262
8,006
7,807
1,211
1,081
1,010
1,332
2,238
2,199
2,630
2,010
1,706
1,719
1,714
3,405
3,308
3,281
3,421
45,417 9,105
41,395 11,959
31,442 10,408
28,256 10,816
8,208
7,237
6,664
3,145
3,954
3,270
3,823
4,652
2,910
4,166
3,801
3,729
27,375
35,297
32,482
23,835
28,187
28,598
27,639
25,282
5,852
8,762 19,700
9,071 21,095 28,772
9,246 20,461 28,240
8,778 19,648 27,013
12,536
11,492
10,380
11,946
1,186
1,521
1,593
1,334
2,746
3,051
2,333
4,028
3,730
3,508
2,926
2,744
291,408
320,675
324,831
268,609
21,297
25,375
26,238
22,762
95,636
126,242
144,112
98,767
31,922
28,465
24,565
27,071
27,186
21,212
25,250
28,827
13,060
11,470
10,616
11,424
5,338
4,587
5,430
5,325
279,230
305,673
289,436
296,926
18,202
20,689
11,583
18,783
44,423
50,001
48,496
47,630
17,928
17,146
17,623
18,489
10,919
12,255
12,255
15,169
32,287
36,179
35,012
34,591
43,262
45,579
42,880
49,490
570,638
626,348
614,267
565, 535
39,499
46,064
37,821
41,545
140,059
176,243
192,608
146,397
49,850
45,611
42,188
45,560
38,105
33,467
37, 505
43,996
254,616
253,481
265,984
262,480
17,444
22,839
20,627
24,214
43,849
33,191
46,030
37,631
18,879
19,028
21,151
22,503
26,484
27,398
26,200
25,463
45,347 48,600 73,604 36,424 14,060 12,716 22,610
47,649 50,166 69,993 39,266 16,218 12,341 25.261
45,628 48,310 59,081 37,957 15,116 13,069 24.262
46,015 54,815 53,538
9,231 13,430 23,377
12,707 26,545 35,191 8,417
11,789 14,513 12,246
12,557 29,884 36,529 8,569 11,778 14,355 11,356
11,850
37, 784 8,657 11,317 14,616 11,599
11,291 29,094
7,621 11,306 14,559 11,998
45, 632
45,605
45,459
49,093
544
544
544
762
1,322
1,322
1,322
2,641
585
585
585
708
1,176
1,176
1,175
1,506
1,191
1,191
1,191
1,336
216,956
217, 702
220,418
147,435
7,580
7, 559
7,559
4,827
43,814 IS, 458 30,005
45,045 18,446 29.972
47,655 18,446 29.973
27,236 16,912 21,356
4,983
4,968
4,969
3,054
58,629
55,657
46,407
291,493
2,514
2,383
1,945
17,021
15,130
14,346
12,438
156,207
1,411
1,338
1,092
7, —
3,178
19,806
1,
1,582
1,290
2,669
321,21
318,964
312,284
488,021
10,638
10,486
10,048
22,610
60,266
60,713
61,415
186,084
20,454
20,369
20,123
25,428
35,214
34,986
34,326
42,668
7,842
7,741
7,450
7,059
1,150,17l|
1, 202, 493
1,196,235
1,319, 736
744
67,581
79,389
68,496
244,174
270,147
300,053
370,112
693
744
669
648
4,407 10,395
3,991
4,020 8,787
3,977 10,017
27,319
27,307
27,549
25,967
8,452
6,086
8,789
8,539
8,189
2,245
1,439
1,517
1,942
49,764
64,069
60,722
50,848
26,552
25,997
26,165
27,918
1,761
1,761
1,761
2,104
7,558
7,563
7,562
7,786
1,560 22, 599 15, 519
1,560 22,410 15,486
1,560 22, 514 15,486
13,681 11,117
1,
7,410
7,388
7,388
4,606
15,859 15,335 33,834
15,814 15,291 33,263
15,81f 15,291 33, 762
9,713 9,532 23,912
2,559
2,426
1,981
4,094
6,081
5,814
4,913
12,647
353
241
298
272
20,028
21,162
21,233
20,584
82 7,548
82 7,158
82 5,866
184 37,145
1,995
1,""
1,940
1,94r
2,000
700
700
700
700
91,183
87,1 "
85,462
95,491
99,803
77, 840
95,851 67,94' 82, 633
98,031 64,928 80,938
112,127 64,365 86,554
2,000
2,000
2,000
7,038
6,458
6,523
6,588
4,183
3,694
3,546
4,443
4,252
3,689
5,585
3,700
- 3,700!.
3,700;
3, 700;
250,689
242,358
249,675
252,599
408,137
68,135 103,129 50,898 257,727
401,801 69,332 69,824 104,219 51,850 248,816
419,985 68,981 75,157 102,402 52,935 256,198
418,333 74,751 78,744 99,941 57,368 259,187
52,918
49,328
45,483
52,352
4,033
San
Francisco
50,175
50, 730
49,613
71,410
3,936
3,732
3,046
6,297
21, 216
20,979
20,293
19,518
82
813
5,297 8,370
5,022 7,936
4,098 6,478
8,973 18,642
17,527 30,729 22,877 42,284
17,377 30,167 21,752 41,781
16,931 28,917
40,322
16,486
20,447 43,367
1,000
1,000
1,000
1,000
158,970
157, 252
146,478
163,830
66,057
68,814
66,907
63,922
44, 376 57,958 57, 733 118, 600
46,373
58,369 131, 847
44,364 56,602 56, 767 127,209
38,023 58,988 55, 822 122,133
744
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
FEDERAL RESERVE, BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
RESOURCES—Continued
[In thousands of dollars]
Total
Uncollected items:
Aug. 25
,._
Sept. 1
Sept. 8 ____,
Sept. 15
__.
Bank premises:
Aug. 25_.__
Sept. 1
Sept. 8
__.
Sept. 15
All other resources:
Aug. 25
__.
Sept. 1
_.__
Sept. 8____._.__
Sept. 15
Total resources:
Aug. 25
Sept. 1
_—
Sept. 8
Sept. 15
Boston
New
York
San
Phila- Cleve- RichSt. Minne- Kansas
delphia land mond Atlanta'Chicago Louis apolis City Dallas Francisco
618,510
620,052
667,549
895, 695
53,953
57,102
57, 417
78, 861
137,909
151, 241
154,141
215, 709
54,084
53,838
56,255
84, 755
62, 855
57, 270
62,232
87,465
50,702
48.480
52,491
71, 872
26, 035
25, 515
29,908
35, 241
87, 839
81,259
85, 837
115, 590
59,931
59,931
59,938
59,991
4,068
4,068
4,068
16, 740
16, 740
16,739
16, 739
1, 597
1, 597
1, 597
1, 597
7,409
7,409
7,409
7,409
2,364
2,364
2,364
2,364
2,902
2,902
2,901
2,944
7,933
7,933
7, r'"
16,626
16, 696
16, 754
13,476
64
66
169
61
4,961
4,922
4,978
2, 220
512
518
550
556
1,145
1,173
1,191
928
297
346
316
872
867
866
829
1,748
1,732
4, 874,736
4, 915, 587
4, 948, 594
5,306, 963
364, 935
367,648
370,839
400, 027
1,436, 289 340,009
1,497,184 334,499
1,477,189 337, 249
1, 629, 259 368, 691
490,307
477, 876 208, 791
485,446 209,052
514,966 232, 231
30,026 12,080
29, 233 11, 747
34, 846 15, 319
43,147 16,497
38,168
40, 633
47,131
53, 338
25,297 37, 562
27, 602 36,132
29,528 42,444
35,143 58,077
4,111
4, 111
4,111
4, 111
2,943
2,943
2,943
2,943
4,667
4,667
4,667
4,667
1, 793' 3,404
1,793 3,404
1,793 3,413
1,793 3,423
1,' 720
649
645
640
615
2,479
2,443
2,415
2,454
501
568
566
536
256! 3,142
267 3,149
251J 3,116
292 2,879
285, 325
282,455
285, 643
292, 851
675,022
659,463
670, 716
717,423
173, 722
175,829
179,031
190,170
131,224
134,411
141, 208
139,993
207,089
209,188
213, 567
220,100
137,987;
141,587;
142,993
152,132
423,840
426,656
435,661
449,120
LIABILITIES
Federal reserve notes in circulation:
Aug. 25..
-__..
Sept. 1
Sept.8
.__.
Sept. 15
Deposits:
Member
bank—reserve
account—
Aug. 25
Sept. l-_._.___
.
Sept. 8
i
Sept. 15.
Government—
Aug. 25
Sept.l
Sept. 8______^.
Sept. 15.
__...
Foreign bank—
Aug. 25
Sept. 1
,
Sept. 8
Sept. 15-__._
_-Other deposits—^
Aug. 25
.
Sept. 1__.__.
Sept. 8
Sept. 15._.
Total deposits:
Aug. 2 5 . .
Sept.l.
Sept. 8
.
Sept. 15—
Deferred availability items:
Aug. 25
:
Sept. 1
.
Sept. 8
Sept. 15
Capital paid in:
Aug. 25_.
Sept. 1
Sept. 8___
Sept. 15__.
—
Surplus:
Aug. 25
..
Sept. l.__.
Sept. 8
Sept. 1 5 . . - . . _ . . _
All other liabilities:
Aug. 25..--Sept. 1
Sept. 8
Sept. 15
Total liabilities:
Aug. 25
Sept. 1
Sept. 8
.
—.
Sept. 15
.
1,692,637 141, 733
1,702,902 143, 545
1, 746,524 147,072
1, 724,068 146, 773
384,433
389,097
393, 378
380,992
119,657
117,205
118,147
116, 606
200,879
199, 263
207,065
206,515
71,625
72,971
75,825
76,100
174, 568
173,357
174, 587
172,945
197, 651
201,149
210, 533
208, 545
46, 269
47,050
47, 633
47, 584
60,818
61,294
64,345
63,453
65, 283 40, 578
65,117 41,759
44,696
66,412 45,654
189,143
191,095
196, 560
192,489
2, 203,634
2, 223,902
2, 207,185
2,369,136
142,882
140,968
141,231
151,026
815, 748
864,941
841,022
941, 795
134, 697
131,163
133,157
140, 204
192,181 67,816
184,012 67,147
180,413 66, 786
191,121 67, 872
69,400
68, 263
67, 760
71,090
347,416
330,918
335, 536
356,136
80,180
80, 262
80,935
83,354
46,463
48,371
50,449
48,478
89,280
90,818
89,708
90,758
54,239
53,435
53, 756
56, 831
163,332
163, 604
166,432
170,471
25,618
24,326
5,565
4,084
1,280
1,093
100
439
2,010
1,055
65
185
1, 012
1,924
90
1,973
2,704
154
221
1,204
1,460
3,578
2,170
96
491
2,263
1,977
25
509
1,036
1,295
474
1,180
3,387
3,356
23
525
2,063
12,436
15,166
11, 339
15, 641
580
1,087
868
350
3,858
3, 518
3,-""
32
6,897
4,784
3,043
12,295
725
1,358
1,086
438
816
1,530
1,223
493
404
758
606
244
1,045
1,959
1, 565
632
328
615
491
244
458
366
148
16,291
18.926
18; 235
73
55
103
183
8,079
10, 323
8,842
17, 079
74
86
76
602
767
867
835
59
59
76
190
305
572
457
184
51
83
52
133
979
908
736
1,529
245
279
2, 257. 979
2, 282,320
2, 242, 324
2,417, 346
144,815
143, 203
142, 302
151, 998
834, 582
883, 566
856, 310
971, 201
137, 506
133,662
134,384
141, 313
194, 611
188, 233
182, 593
192, 531
70,252 70, 960
70, f " 70,378
67, 622
68, 527 71, 413
353, 018
335, 955
337,933
358, 788
561,967
568, 299
596, 902
802,314
51, 760
54,285
54, 771
74, 527
118, 389
125, 724
128,444
177, 834
49, 209
49, 961
50,986
76,990
56, 835
52, 420
57, 767
77,866
47, 860
45,913
46, 317
68, 293
24,895
23,804
27, 704
33,463
123,467
123,490
123, 711
123, 787
8,744
8,764
8,801
35, 656
35, 655
35, 717
35, 732
12,421
12,428
12, 432
12,465
13, 553
13, 547
13, 549
13, 551
6,082
6,082
6,108
6,109
5,011
5,023
5,033
5,033
220,310
220, 310
220, 310
220, 310
17,020
17,020
17,020
17,020
59, 964
59, 964
59,964
59,964
20,464.
20, 464
20, 464
20,464
22,894
22, 894
22, 894
22,894
11, 919
11, 919
11,919
11,919
8,700
8,700
8,700
18,376
18,266
18,823
19,138
803
851
910
908
3,265
3,178
3,376
3,536
752
779
1,535
1, 519
1,578
1,609
1,249
1,238
1,261
1,283
4,874,736
4,915,587
4,948,594
5,306, 963
364,935
367,648
370,839
400,027
1,436,289 340,009
1,497,184 334, 499
1,477,189 337,249
1, 629,259 368,691
106
1,954
2,091
151
308
558
446
180
267
500
400
161
. 527
987
788
318
380
154
158
201
548
121
118
1,398
1,470
39
33
48
78
5,815
6,057
5,567
5,574
83,016
83,133
81, 720
84,441
47,897
50, 282
51,490
50,354
93,086
94,850
91, 575
92,933
56, 608
55, 651
55,092
57,176
171, 628
172,739
172,938
176, 671
74, 433
72,497
72,329
100,154
28.443
29, 672
33, 683
42,151
10, 696
11,025
13, 555
14, 374
34,499
35,001
41,064
46,525
28,028
31, 372
30,384
36,447
36 920
36, 625
39,898
53, 690
16, 653
16, 657
16, 654
16,653
5,269
5,269
5,270
5,269
3,114
3,112
3,108
3,102
4,193
4,193
4,193
4,189
4,281 . 8,430
4,291
8,489
4,294
8,589
4,294
8,589
30,613
30, 613
30,613
8, 700 30, 613
9,570
9,570
9,570
9,570
7; 501
7,501
7, 501
7,501
8,979
8,979
8,979
8,979
7, 615
7,615
7,615
7,615
15,071
15,071
15,071
15,071
1,191
1,193
1,254
1,297
2,654
2,592
2,654
2,670
1,155
1,135
1,155
1,155
1,198
1,197
1,209
1,209
1,049
1,048
1,073
1,062
877
899
912
946
2,648
2,637
2,605
2,610
285,325 675,022
490,307
477,876 208,791 282,455 659,463
485,446 209,052 285,643 670,716
514,966 232,231 292,851 717,423
173,722
175,829
179,031
190,170
131,224
134,411
141,208
139,993
207,089
209,188
213,567
220,100
137,987 423,840
141,587
142,993 435,661
152,132 449,120
745
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued
LIABILITIES—Continued
[In thousands of dollars]
Total
Boston
New
York
Phila- Clevedelphia land
Richmond
Atlanta Chicago
St.
MinneLouis apolis
Kansas
City
Dallas
San
Francisco
MEMORANDA
Ratio of total reserves to Federal reserve note and deposit
liabilities combined (per
cent):
Aug. 25
Sept. 1
_______
Sept. 8
Sept. 15
Contingent liability on bills
purchased for foreign correspondents:
Aug. 25.
Sept. 1.
Sept. 8.__
Sept. 15..
Own Federal reserve notes held
by Federal reserve bank:
Aug. 25
Sept. 1_.
.
Sept. 18
Sept. 15
81.9
77.7
81. 9
74.7
83.6
81.9
79.2
74.8
47,845
44,875
44,824
44,228
3,686
3,416
3,416
3,416
12,630
12,241
12,191
11, 595
335, 265
333,144
309,583
347,295
25,195
26,477
27,196
36,656
/
108, 228
102,286
93,613
99,578
75.4
74.4
74.3
71.6 ;
74.4
75.7
75.9 .
71.7
80.0
80.8
80.6
75.9
60.6
60.0
60.0
62.6
70.6
68.3
68.7
66.8
74.1
74.8
76.6
73.7
53.1
53.3
53.3
56.6
62.7
62.6
64.9
69.2
65.1
65.2
64.7
62.7
52. 4
53.2
53.0
55.8
4,608
4,270
4,270
4,270
5,190
4,810
4,810
4,810
2, 571
2,382
2,382
2,382
1,940
1,798
1,798
1,798
6,645
6,158
6,158
6,158
2, 086
1,933
1,933
1,933
1,552
1,438
1,438
1,438
1,892
1,753
1,753
1, 753
1,574
1,573
1,573
3,347
3,102
3,102
3,102
31, 746
34,034
34, 777
36, 201
22, 502
23,333
18, 577
23,438
13,463
14,827
14, 265
14,224
33, 266
32,843
31,830
34,980
35,381
38,427
36,958
37,445
5,157
5,275
4,359
4,040
6,843
7,593
6,625
6,679
8,015
7,269
6,971
7,944
5, 785
5,778
5,383
5,518
39,684
35,002
29,029
40, 592
71.4
68.4
70.2
FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS' AND CERTIFICATES OF INDEBTEDNESS
[In thousands of dollars]
Total
Bills discounted:
Aug. 25
Sept. 1____
Sept. 8,
Sept. 15—
..
Bills bought in open market:
Aug. 25
_____
Sept. 1
_
Sept. 1 5 . - _•__•
Certificates of indebtedness:
Aug. 25_.
___
Sept. 1
Sept. 8
Sept. 15
Within
15 days
16 to 30
days
- 31 to 60
days
61 to 90
days
91 days to
6 months
Over .
6 months
138
142
122
129
570,638
626,348
614,287
565, 535
410,640
462,142
456,086
409, 370
34,495
42, 356
46,473
50,160
71,868
69,268
67,127
62, 940
42,803
42,264
36, 601
35,802
10,694
10,176
7,858
7,134
254,616
253,481
265, 984
262, 480
72,070
68, 967
83,834
81,131
52, 228
52,065
51,889
74, 669
67, 797
63,806
63,460
47,931
•55,138
54,493
56, 445
7, 718
9,514
11, 962
11,760 !
58, 629
55,657
6,407
291,493
730
192, C
58, 629
55,657 !
45,677 !
34,463 I
65,030
746
FEDERAL RESERVE
BULLETIN
OCTOBEE,
1926
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Boston
New
York
2, 865,326
2,871,780
2, 863, 816
2,912,691
220,028
217,122
215, 368
230, 329
785,981
784,703
780,311
773,890
837,424
835,734
807, 709
841,328
53,100
47,100
41,100
46,900
2,027,902
2,036,046
2,056,107
2,071,363
166,928
170,022
174, 268
183,429
492,661
491,383
486,991
480, 570
300,983
300, 983
304,134
304,134
35,300
35,300
35,300
35,300
171,698
171,698
171,698
171,698
102,911
105,023
102,055
92,072
17, 641
14, 735
12,981
9,542
1,039,018
989,305
1,002,242
1,033,041
Total
Federal reserve notes received
from comptroller:
Aug. 25
Sept. 1___-.
Sept. 8
----.
Sept. 15.
Federal reserve notes held by
Federal reserve agent:
Aug. 25
_.
Sept. 1___.
Sept. 8
:-._•
Sept. 15
.
Federal reserve notes issued to
Federal reserve bank:
Aug. 25
Sept. 1
Sept. 8
"—
Sept. 15
..._.
Collateral held as security for
Federal reserve notes issued
to Federal reserve bank:
Gold and gold certificates—
Aug. 25
Sept. 1
Sept. 8_.
Sept. 15
Gold redemption fund—
Aug. 25
Sept. 1
Sept. 8____---Sept. 15_
Gold fund, Federal Reserve
Board—
Aug. 25
..
Sept. 1
.__.
Sept. 8
..._
Sept. 15
Eligible paper—
Aug. 25
Sept. 1_,____•
Sept. 8
.
Sept. 15
Total collateral—
Aug. 25
Sept. 1. —
Sept. 8.
Sept. 15
--__-_
Phila- Cleve- Richdelphia land
mond
186,443
190,319
188, 604
186,487
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
113,038
113,413
118,345
117, 599
273,874
271,640
269,197
273,435
402,449
410,233
409,908
420, 607
70, 766
71,525
72,152
72, 544
83, 241
82,552
83,850
87,361
293, 320 35,040 46,220 27,950
293,320 39,080 44,320 25,615
293,320
28, 255
293, 320 33,680 46,140 27,275
66,040
65,440
62, 780
65,510
169,417
170,657
162,417
174,617
19,340
19,200
20,160
20,920
15,580 38, 680 21,837
13,665 39, 540 20,097
12,880 37, 620 16, 857
17,229
21,357
207,834
206,200
206,417
207, 925
233,032
239, 576
247,491
245,990
51,426
52,325
51,992
51,624
67,661 73,298
68,887 72,386
70,970 73, 654
70,132 74,356
46,363
47,537
50,079
51,172
228,827
226,097
225, 589
233,081
7,945
7,945
7,945
7,945
13,212
13,212
13,212
13,212
14,156
14,156
14,156
14,156
10,000
10,000
10,000
10,000
921
1,720
2,088
3,541
4,530
3,877
3,640
2,375
2,810
4,111
3,704
17, 727
17,470
17,065
16,837
46,860
47,860
47,860
47, 860
2,000
2,000
2,000
3,000
156,916
149,203
152,140
162,140
151,403
151,239
152,924
152,807
269, 601
266,916
264, 582
276,093
Atlanta
223, 381
222, 596 87, 798
225, 642 90,090
229, 953 90,324
111, 978 68,200 279, 727
111, 926 67,634 283, 797
283,289
111, 274
113,036 72, 529 288, 781
50, 900
57,700
57, 700
55,700
8,780
8,780
8,780
8,780
25, 655
25, 655
28, 805
28,805
14, 237
14,237
14,238
14,238
12,429
11, 743
13,010
11,821
3,630
2,504
4,437
2,790
6,014
8,781
5,737
4,755
3,192
3,142
3,105
3,106
74,000
74,000
74,000
74,000
186,000 91,297 160,000
156,000 86,297 160,000
156,000
160,000
156,000 90,097 160,000
5,000
5,000
7,000
12,000
113,000
105,000
110,000
106,000
165,645
165,645
165,645
175, 644
798,336
855,009
855,953
800,852
56,943
68,903
58,448
65,759
172,713
194, 558
223,230
170,809
57, 391
58,346
56,402
56,743
63,208
59,927
62, 504
68,943
55,546
58,768
57,074
55,981
75,017
79,966
78,239
83,866
108,710
106,390
96,778
92,334
44,835 25,825 27,142
47,832 27,880 26,611
46,610 26,355 27, 601
44,402 20,503 27,907
34,856
36, 578
35,861
35, 340
76,150
89,250
86, 851
78, 265
2,241,248
2,250, 320
2,264,384
2,230,099
183,884
192,938
180,729
184, 601
555,058
546,903
575,468
523,04"
157,394
156,185
154,526
154, 550
244,417
240,450
244,294
249, 544
89,831
91,927
97,316
99, 576
208,268
207,984
208,214
208, 859
277, 547
275,177
265, 528
271, 084
62,001
65,797
63,243
63,466
77,543
79,001
79,338
79,407
53,387
55, 544
56,128
56,200
260,793
265,923
266,056
267, 242
24, 647 8,706
24,647 11, 542
24, 540 9,827
24, 540 7,710
1^977
l | 819
8,300
8,300
7,300
9,300
30,000
30,000
32,000
37,000
71,125
72,491
73, 544
72, 523
747
FEDERAL, RESERVE BULLETIN
OCTOBER, 1926
FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, AUGUST, 1926
[In thousands of dollars]
|
Total
Cleve- Rich- Atlanta Chicago
land mond
San
St. Minne- Kansas
Louis apolis City Dallas Francisco
New
Boston York
Philadelphia
81,673 284,430
48,690 184,561
22,366 38,372
10,617 61,497
89,818
47,996
19,380
20,442
2,000
96,852
35,030
26,640
35,182
68,411
48,280
12,304
7,827
82,160 155,095
49,435 67,941
30,141 36,029
1,884 51,125
700
69,815
40,368
8,264
21,183
45,363
15,347
11,506
17,510
1,000
59,094
14,765
13,894
30,435
59,870
26,381
11,463
22,026
131,964
62,483
27,266
42,215
5,057
7,594
17,410
7
13,240
HOLDINGS ON AUGUST 31
Total bills and securities
Bills discounted
...
Bills bought in open market....
United States securities..
Other securities
Bills discounted
Rediscounted bills:
Commercial and agricultural paper n. e. s
Demand and sight draft. _
Bankers' acceptances
_.
Trade acceptances
Secured by U. S. Government obligations.:.
Member bank collateral notes:
Secured by U. S. Government obligations
__
Otherwise secured
...
Total discounted bills.
Bills Bought
Bills payable in dollars:
Bankers' acceptances based
on—
Imports
Exports
Domestic transactions _D ollar exchange
Shipments between or
storage of goods in
foreign countries
All other__...
Trade acceptances based on
imports
Bills payable in foreign currency
Total purchased bills
United States Securities
United States bonds....
Treasury notes
_
Certificates of indebtedness.
Total U. S. securities.....
DAILY AVERAGE HOLDINGS DURING AUGUST
Total bills and securities
Bills discounted
_
Bills bought
United States securities . . . _
Federal intermediate credit
bank debentures
EARNINGS DURING
AUGUST
Total bills and securities
Bills discounted
Bills bought
United States securities....
Federal intermediate credit
bank debentures
._
1,224,545
641,277
257,625
321,943
3,700
209,090
47
20
2,758
19,314
18,542
8,701
6,337
28,116
38,253
14
25,285
21,241
26
26
10
123
203
157
321
606
645
539
1,333
289
136
193
196
115
163
3
69
10
69
20
207
11
335,272
92,757
29,061 134,089
31,797
29,189
9,903
22,864
5,536
11,226
8,424
4,858
5,508
40,493
1,403
12,368
6,031
6,223
4,064
5,576
1,575
4,359
4,329
34,966
14,187
641,277
48,690 184,561
47,996
35,030
48,280
49,435
67,941
40,368
15,347
14,765
26,381
62,483
110,905
56,655
38,240
4,543
10,165
3,855
3,997
171
12,887
6,827
4,315
702
7,674
5,414
2,408
577
12,411
4,691
3,631
509
5,417
2,302
2,511
205
] 1,613
8,917
3,482
596
17, 270
7,666
6,491
721
4,128
1,886
1,027
467
4,646
3,617
1,683
49
7,678
2,495
1,836
129
5,484
2,807
1,859
36
11,532
6,178
5,000
381
43,686
2,024
4,131
47
12,217
725
3,300
7
4,525
1,819
50
4,883
650
3,791
90
656
100
1,486
25
1,756
1,277
3,845
330
529
170
529
1,043
873
257,625
22,366
38,372
19,380
26,640
12,304
30,141
36,029
8,264
11, 506
13,894
11,463
27,266
45,472
217,765
58,706
544
7,559
2,514
1,322
45,045
15,130
585
18,446
1,411
1,176
29,973
4,033
1,191
4,968
1,668
242
1,560
82
21,028
22,474
7,623
1,761
15,486
3,936
7,563
7,388
2,559
8,539
15,814
6,082
1,439
15,290
5,297
82
33, 762
8,371
321,943
10,617
61,497
20,442
35,182
7,827
1,884
51,125
21,183
17,510
30,435
22,026
42,215
69,679 271,018
36,653 163,270
20,887 38,263
12,131 69,458
87,370
45,851
18,267
21,246
95,722
33,666
24,806
37,243
65,391
44,918
11,640
8,828
77,854 144,567
47,585 54,591
27,654 35,401
1,911 54, 559
66,000
35,196
7,568
23,233
43,371
13,076
10,650
18,965
60,102
12,693
13,927
33,478
56,741
20,139
10,799
25,800
120,449
48,161
25,232
47,051
184
43
39
102
175
68
31
76
373
164
72
137
3.61
4.00
3.31
3.59
3.64
4.00
3.33
3.49
3.64
4.00
3.34
3.44
il, 158,264
555,799
245,094
353,903
2,000
3,377
1 3,606
1,846
691
1,059
217
125
57
35
826
512
109
205
275
156
51
62
297
114
70
113
210
153
33
24
6
10
677
700
248
162
78
6
455
185
100
170
209
120
21
68
137
44
30
61
2
2
ANNUAL RATE OF EARNINGS
Total bills and securities . . . .
Bills discounted..
Bills bought
United States securities
Federal intermediate credit
bank debentures
1
13.67
3.91
3.32
3.52
3.69
3.67
4.00
3.24
3.41
3.59
3.69
3.34
3.48
3.71 ,
4.00
3.31
3.42
3.73
3.65
4.00
3.30
3.56
3.78
4.00
3.31
3.28
3.74
4.00
3.33
3.52
3.42
3.71
4.00
3.33
3.66
3. 73
4.00
3.31
3.45
3.73
4.00
3.32
3,77
3.83
Figures include foreign loans on gold as follows: Average daily holdings, $90,013; earnings, $321; annual rate of earnings, 4.50 per cent.
748
FEDERAL RESERVE ' BULLETIN"'
OCTOBER,
1926-
FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING AUGUST, 1926
[Amounts in thousands of dollars]
Total
Total Volume of Opera tions.
Bills discounted for member banks
.
Bills bought:
In open m a r k e t . fc
From other Federal reserve b a n k s . .
U. S. securities bought:
In open market
From other Federal reserve banks..
Boston
Phila- Cleve- Rich- 'At- ChiMin- Kan- Dal- San
St. neapdelsas
Franphia land mond lanta cago Louis olis City las cisco
New
York
3,418,316 281,468 ,702, 960 .85,713 197,215 220,677 H, 677 245,043 123,010 36, 234 55,989 36,881 251,449*
3, 111, 184237,7491,614,477 .70,120 173, 261 112,125 12,262 208,411112,146 27, 755 :4,650 25,811 222,417"
226,240 42,811
27,010
25,051
28,331
250
658
62,473 10,921 14, 687
9,003
500 2,001
13,050
3,957
7,515 7,945 27, 505
600 L0,705
900
5,106
600
6, 260
1~~
677
4,481
200
437
4,172
765
m
6,804 7,239 6,394
500 1,901
300 26,840"
5
850 2,991
670 1,349
2,189«
Bills Discounted
Rediscounted bills:
1,801
8,606 6,928 4,597 15,712 57, 604 31,713 26,203 1,769 3,917 8,056 6,181
143,087
Commercial and agricultural paper n. e. s.
353
54
226
24
49
D e m a n d and sight drafts.
1,314
112
25
14
364
455
50
111
7
133
Trade acceptances, domestic
43
610
124
17
102
143
63
'~"I3 146
2*
Secured b y U..S. Gov't obligations
Member bank collateral notes:
2,434, 565 132,8411,, 465,213 L21, 336 .26,011 .10,922 2,122 160,480 66,196 18,097 16,023
S23 10,216 175,108.
Secured b y U. S. Gov't obligations
531, 255 103,065 140,546 41,813 42,479 85, 353
Secured bs^ eligible paper ?__
"',884 16,066 19,157 7 , , r "
* 6 9 7 7,362 40,944
~ " 21
Total.
Average rate (365-day basis), per cent.
Average maturity (in days):
Member bank collateral notes
Rediscounted bills
Number of member banks on August 31
Number of member banks accommodated
during month
._
Per cent accommodated.
3, 111, 184 237, 749 1, 614,477 170,120 173, 261 212,125 62,262 208,411112,146 27,755 44,650 25,811 222,417
3.94
4.00
3.79
4.00
4.00
5.15
53.05
9,377
5.63
44.97
416
3.56
57.07
906
8.61
45.37
765
5.70
47.97
857
3,016
32.2
155
37.3
326
36.0
362
47.
251
29.3
64,977
17,484
12,752
1,749
6,800
2,210 3,228
7,810
1,852
1,
99,821
61,442
14,476
10,851
17, 010
32, 711
9,172
7,887
5,305 4,717 13,514
6,181
3,254
4,938 4,669 4,116 10,76a
11,699
62,473 10,921 14, 68:
7,515 7,945 27, 505
5,106
6,804 7,239 6, 394 26,840
9,649
7,304
4,176
30,419
29
10,797
1,257
4,090
682
1,739
75
3,078
2,422
6,409
1,053
2,381
329
1,462
631
1,73:
2,425
1,039
1,263
54
952
35
10
1,923
2,055
343
1,010
104
1,755
1
754
4,305
9,109
3,538
4,975
995
3,640
510
433
1,048
2,533
675
366
1, 691 1,833 1,218 2,321
2,855 2,109 1,906 8, 752
450
860 1,157 1,844
1,030 1,331 1,140 10,162'
4665
64
778 1,101
909 3,286
10
41
10
8
35
3.48
38.04
3.50
62.44
3.45
60.58
3.57
46.76 53.36
3.49
57.19
3.42
57.05
3.41 3.47 3.46
56.23 53.43 59.96
3.4L
54. fe2-
6,069
2,060
1,747
311
2,905 2,832
1,836 1,517
1, 548 1,204
175
552
9,139
4,309
3,344
461
2, 243
933
346
266
2,200 3, 536 2,910
1,765 1,445 1,189
662
938 1,244
49
70
20
6,601
3,137
3,082:
25fr
3,627
1,001 1,345
495
3,982
1,243
75
2,103 1,250
25
1,787
284
7,515 7,945 21,324
5,106
6,804 7,239 6,394 15,141
4.00
4.00
4.00
2.76 12.28
51.74 53.72
58:
489
292
49.
4.00
7.77
50.79
618
234
47.9
220
35.6
4.00
4.00
4.00
10.81 4.25 12.94
65.52 62.53 55.30
799 1,009
130
16.3
4.00
6. 67"
75.64
726-.
236
28.0
167
23.1
2,570 2,278
4,378.
136
13.
Bills Bought in Open Market
From member banks
From nonmember banks, banking corporations, etc.:
Bought outright
__..
_•__.
Bought with resale agreement
.___.
total..
Rates charged:
3H per cent...
3M per cent....
Z% per cent.
__-___—
3K
per cent
Z5A per cent......
3M per cent
Z% per cent
4 per cent....
4M perr cent.
4A P© cent
4^- per cent
4^ per cent..--.
Average rate (365-day basis),
per cent.
Average maturity (in days)3Class
ss of
of bills:
bills:
Bill payable in dollars 3 —
Bills
Bankers' acceptances based on—
Imports
Exports
_.
D omestic transactions
Dollar exchange
Shipments between or storage of
goods in foreign countries
All other. _
.
Trade acceptances based on imports..
Bills payable in foreign currencies
Total.
226,240 42, 811
59,524 9,977
19,849 4,032
67,061 11, 245
2,213
93
36,956 8,714
1,243
56
1,202
3.47
54. 76
3.48
64.14
62,509
32, 540
23,429
3,461
12,172
4,628
4,925
242
39, 509
2,378
7,320 . 4, 582
6,670 3,051
2,829 1,560
800
265
10,694
1,350
94
164, 798 31,960
1,456
484
1,031
873
29,762 10,921 14, 687
U. S. Securities Bought in Open Market
Bought outright:
United States bonds
Treasury notes
____..
Certificates of indebtedness.
Bought with resale agreement-_.
TotaL
1
2 Includes
3 Includes
1,366
168
232
23, 285
250
13, 050
25,051
250
13,05C
$500,000 Federal intermediate credit bank debentures.
bills taken under a resale contract.
Exclusive of acceptances bought under a resale contract.
20C
103
32
20C
76f
612
65
6,260
6,260
850; 2,875!.
677
850; 2,991
749
FEDERAL RESERVE' BULLETIN"
OCTOBEE, 1926
REPORTING MEMBER BANKS IN LEADING
CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
FEDERAL RESERVE DISTRICT
Total
Boston
Number of
banks:
New
York
Philadelphia
Cleveland
RichSt. Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas
San
Francisco
reporting
Aug. 18__
Aug. 25__
_
Sept. 1
____
Sept. 8
Loans and discounts, gross:
1
Secured by U. S. Government obligations—
Aug. 18
____
Aug. 25
_...
Sept. 1
Secured by stocks and
bonds—
Aug. 1 8 . . _ . . _ . . . . . .
Aug. 25-_..___
Sept. 1_____
Sept. 8___
All, other loans and
discounts—
Aug. 18__
_.
Aug. 25___
Sept. 1
_.
Sept. 8
.
Total loans and discounts—
Aug. 18
Aug. 25
Sept. l.__
Sept. 8
...
U . S . Government securities:
Aug. 18___
________
Aug. 25
Sept. 1
_
Sept. 8
_
Other bonds, stocks, and
securities:
Aug. 18
Aug. 25
Sept. 1
______
Sept. 8________
Total investments:
Aug. 18
Aug. 25
_
___
Sept. 1
Sept.8_
Total loans and investments:
Aug. 18
___.,
Aug. 25
„
Sept. 1___
Sept. 8
_•_
Reserve balances with
Federal reserve bank:
Aug. 18
_
Aug. 25
...
Sept. 1_
_.
Sept. 8___
_
Cash in vault:
Aug. 18
_•_•.
Aug. 25
Sept. 1
_.,
Sept. 8_____.____
,_,
Net demand deposits:
Aug. 18
-__.,
Aug. 25_____
...
Sept. 1__
Sept. 8
_______„.
Time deposits:
Aug. 18
______
Aug. 25__
Sept. 1
Sept. 8
__..
Government deposits:
Aug. 18_____
Aug. 25
Sept. 1_.___
_____..
Sept. 8
65
697
697
697
38
144,189
144, 742
142,682
141,484
7,480
7,650
7, 647
7,378
65
65
51,117
50,884
48, 759
48,484
10, 327
10, 319
10, 730
10,669
20,402
20, 076
19, 648
19,473
5,252
5,087
4,996
5,459,098 332,354 2,, 302,426
5,496,345 327,844 2,
, 333, 240
5, 568,167 336,024 2, 375, 717
5, 551,695 357,472 2,335,395
397, 506
399,331
401, 685
408,268
557,989
552,341
562,839
566, 732
649,414 2,637, 752
643,216 2,639,758
640,422 2,672, 758
642,207 2, 689, 797
381,155
378,488
380,122
386,122
794,153
793, 547
796,349
797, 645
8,462,112
8,428,162
8,467,889
8, 504,894
14,065,399 989,248 4,991,295
14,069,249 978, 710 5,023,882
14,178, 738 984093
0 9 7 234
984, 093 55,097,
234
14,198,073 1,007,057 5,073, 676
2,497,054
2,485,785
2,468,942
2,469,541
142,674 1,
:f 027,714
140,1771, 023, 805
134,983 1,
., 014,279
134,5441,015,797
5,784
5,910
5,773
5,850
3,398
3,394
3,493
3,386
18, 368
19, r '
19, 053
18, 787
7,038
7,044
7,110
7,180
141,997
141,482
150, 246
144,314
108,088| 886,375
108,988 895,263
102,180 903,715
102, 822 901, 603
186,469
185, 530
187,942
189,931
367, 837
370,805
365, 736
368,863
389,17011, 284, 852
388, 615! 1, 256, 796
398,038J1, 258, 594
401,398 1, 264,369
323,456
321, 726
320, 754
319,403
154,479
154,134
159,428
160,225
338, 259
330, 019
325, 747
322, 977
231,842
233,052
233,874
233,154
514, 930
788,!, 988.,372,544
1
788,138 1, 365,964 517, 539
792, 537 1,378,""
'
521, 069
805,059 1,383, 850 518,173
503,042 2,189, 595
503, 513 2,171, ~~~
505, 991 2,181, 362
510, 070 2,184, 759
516,963
514,300
515,806
516, 514
231,343
232,188
236,660
236,655
452,445
450,982
445, 273
443,665
306,376 1., 208,630
308,
1,042 ,1 214,893
307,
', 466,1212,411
307,', 779.,1 210,816
61,863
61,909
62,021
63,113
68,437
69,244
69,079
67,673
105,033
104, 280
105,446
104,875
53,101
53, 206
51,425
51, 614
250,995
250,945
250,953
251, 526
89, 225
90,177
90,469
90, 759
23; 898
23,826
24,480
24,680
212,343
211, 227
213,830
211.485
115, 347
116,241
115,970
114,929
194, 258
194,457
195,915
195,634
76,999
77,032
75,905
76,294
463,338
462,172
464, 783
463,011
603, 251 2,949,876 692,879 346,690
604, 076 2, 934,9411 690,002 348,4291
606,163 2, 944,781 691,360 352,630
609,467 2,951,134 692,851 351,584
646,703
645,439
641,188
639,299
3,888
3,921
3,983
3,937
7,311
7,377
7,452
7,354
73, 466 110, 206 70, 646
74, 660 117, 087 71, 069
73, 739 115, 579 69, 609
73,044
291, 576
289, 510
288,892
284,728
83,847
81,165
80,176
80,296
287,030
284, 799
284,815
284, 686
70, 853
69,284
68,858
68,415
40,152
39,151
40, 701
40,184
305,355
307, 820
306, 206
306, 818
3,122,859 243,i, 274 ,
1 189,330 263, 340
., 186,
1 210 267,615
3.128, 762 244,-., 287
246,
763
1
,
181,147 268,987
3.129, 646 246^ 140 1,187,371
268,223
3,135,080
385,948
2,217,044
5,619,913
347,18'
5,614, 547 384,464 2,210,015 348, 780
5,598,588 381,746 2,195,426 349,163
5,604,621 380, 684 2, 203,168 348, 519
354, 727
356,707
356,636
357,364
.70,776
70,488
70,226
69,808
60,057
61,412
59,471
59, 213
454,926
456, 023
457,213
459, 557
114,053 46,910
113,793 46,997
113, 533
113, 224 47, 256
641,757
641, 506
641,451
642,050
141,629
139, 772
139,084
138,223
100,209
100, 563
100,172
99, 397
760,281
763,843^
763,419
766,375
175,916
175,702
175,554
176,337
'5 2,014,301 656,559
19,685,312 1,375,196 7, 208,339 1,
-470 657, 311
19,683, 796 1,363,174 7, 233,897 1,136, 918 2,007^
>,287 660,153
19, 777, 326 1,365,839 7,292,6601,
1, 387, 741 7, 276,844 1,153; 578 2,025,900
656, 396
1,643, 227
1,630,157
1,654,991
1,636,849
268,643
273,858
267,951
"' 178
92,842
94,465
92,984
93, 540
740,435
711, 920
763,483
738,416
79, 594
81,383
77,826
80,636
133, 756
136, 276
128,383
125,778
41,962
40, 533
41,191
41, 920
40,125
40,145
39, 768
38,582
20,492
20, 356
19, 709
20,420
76,259
77,129
74,665
81, 547
15,999
16,448
15, 506
16,026
30,144
31, 259
30, 505
33,443
13, 589
13,894
12,87"
14, 354
10, 863
10,839
10, 736
11,484
12,877,212
12,834,959
12,966, 203
12,961,645
878,259 5,460,153
867, 786 5,475,268
872,978!5,558,218
881,090 5, 531,506
758,2741,064,263
760,0341,062,420
765,1461,079,612
775,9171,069,152
5, 706,082
5, 702,100
5,712,378
5,711,807
422, 2411,
t, 314,001
421, ' '
L, 313,216
428,
[, 312, 238
433, 764 1,
L, 301,614
234,190!
233,858:
238,129:
241,921
822,246
825,353
825,323
826,537
13, 549
10,298j
10,298:
10,277i
13, 597
10,340
10,340
10,340
110,989
84,275
84,275
84,250
17,940
13,633
13,635
13,632
22,163
16,845
16,845
16,845
254, 019
265,386
247,443'
253, 749
44,438
46, 060
46,382
47,981
22,025
21,213
23,697
24,982
7,200
48^ 256j 6,882
' 7,802
52,698; 7,'95O
5,789
5,804
6,329
3,980
3,876
3,947
3,990
55,041
55, 782
56,989
56,282
909,743
918,006
916,067
918, 734
383,375 1,671,968
385,074 1,677,065
383, .3711], 677,194
384,L 073 1,673,827
29, 931
27,889
27,201
26,756
109,059
109,105
109,644
108,227
11, 596 9,844
12,142 10,475
11,415 10,091
12,368 10,955
19, 886
20,374
20, 549
21,404
375,455 337,836 1,845; 465 391,840 204,969 519,123
376, 855* 336,3011, 817, 360 391, 051202,119 519, 868
380,622; 335,5151,824,801! 396,982 204,868 514, 512
383,190 338, 210 1,835,356 400, 377 207,124 512,927
I
209,825 221,965 1,055, 948: 220, 750 115,866' 147, 282
209, 504
222, 26511,055, 714 220,690 117, 739 147, 300
r
209, , " 222,2901,055,767 219,098
148, 659
209,877 222,992 1, 056, 381 218, 241 118, 542| 149,476
118,927
4,141
5, 533
9,503 3,757
1,915
3,150 4,190
7,143
2,859
1,455
2,912
3,150 4,190
7,143
2,860
1,452
2,912
7,143
2,859
1,452
2,912
3,150 4,190
262,286
254,172
255,440
257,697
779,289
771, 725
777, 509
769,099
99,488
99,351
9,105
842, 280
835,422
835, 237
833,253
3,347
2, 544
2, "544
2,544
11,714
8,906
8,906
750
F E D E R A L RESERVE
BULLETIN
OCTOBER, 1926
REPORTING MEMBER BANES IN LEADING CITIES—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued
[In thousands of dollars]
FEDERAL RESERVE DISTRICT
Total
Boston
Bills payable and rediscounts with Federal reserve bank:
Secured by U. S. Government o b 1 i g ations—
Aug. 18
Aug. 25
Sept. 1
Sept. 8
All other—
Aug. 18
Aug. 25___
Sept. 1__,
Sept. 8
Total borrowings from
Federal reserve bank:
Aug. 18
Aug. 25
Sept. l.__
Sept. 8
__.
New
York
Philadelphia
Cleveland
194,288
202,104
244,949
246,563
8,150
9,850
13,476
14,801
92,997
78,849
109, 239
127,189
6,390
12, 535
9,575
19,459
12,040
12,206
16,932
135,582
146,859
167,271
157,967
14,864
14,720
16,852
28,326
32,928
38,074
37,071
8,616
9,387
9,030
9,817
329,870
23,014 121,323
24,570 111, 777
30,328 147,313
23,163 164,260
15,006
21,922
18,605
15,886
412,220
404,530
RichSt.
Minne- Kansas
mond Atlanta Chicago Louis apolis City Dallas
San
Francisco
2,883
4,001
3,204
4,036
24, 815
35,787
33,507
21, 623
5,085
5,171
7,101
5,976
5,380
6,430
5,930
955
3,220
2,716
3,066
1,384
1,417!
2,615
2,229
22,422
28,612
38,512
36,063
6,064
5,498
6,465
6,565
14,199 20,941
13,597 19,868
14,012 20,939
15,123 18,497
10,931
10,935
15,064
15,104
15,780
14,686
13,509
15,416
1,612
3,782
5,579
4,447
2,098
2,216
2,397
3,211
5,961
8,795
10,208
9,433
6,190
10,447
15,142
14,921
25,523
17,538
18,671
23, 497
17,567 23,824
18,839
20,380 24,143
17, 772 22, 533
35, 746
46,722
48, 571
36,727
20,865 7,
19, 857 9,162
20,610 12,009
21,392 10,377
3,053
5,436
5,113
6,277
7,345
10,212
12,823
11,662
28, 612
39, 059
53,654
50,984
5,242
6,368
2,649
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES
PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS
[In thousands of dollars]
CITY
Total
Boston
Number of reporting banks1.
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Loans and discounts, gross:
Secured by U. S. Government obligations—
Aug. 18.
Aug. 25
X
Sept. 1
Sept. 8
...
Secured by stocks and
bonds—
Aug. 18-_.__
Aug. 25
Sept. 1
Sept.8
All other loans and discounts—
Aug. 18
Aug.25.__
Sept. 1
Sept.8__
Total loans and discounts—
Aug. 18_.___
Aug. 25
Sept. 1
Sept. 8
U. S. Government securities:
Aug. 18
Aug. 25
Sept. 1
Sept. 8
Other bonds, stocks, and securities:
Aug. 18-.
Aug. 25
Sept. l.___
Sept. 8
New
York
Philadelphia
Cleveland
Richmond
Atlanta
St.
Minne- Kansas Dallas
Chicago Louis
apolis City
14
14
14
14
233
233
233
95,487
96,306
94, 591
94,297
San
Francisco
6,080
6,226
6,259
5,960
46,824
44,757
45,059
9,800
9,796
10,156
10,095
6,112
6,103
6,043
6,078
859
1,001
755
748
1,746
1,748
1,749
1,746
12,806
13,489
13, 659
13,396
4,943
4,998
5,047
1,205
1,215
1,205
1,207
976
1,000
1,029
1,064
2,070
2,069
2,078
2,085
1,913
1,892
1,903
1,812
3,896,673
3,931,298
3,995,250
3,972,948
!, 035,942
244,327 2,
5,059,592
240,052 2,
250, 555 2,102; 729
269,112 2,058,415
353,792
356,006
358,360
364,927
198, 710
197,824
201,886
201,888
20,389 13,446 671,788 133,199
22,191 13,403 681,485 131,878
23,615 10,843 688,944 133,434
134, 739
22,066 10,754
30,278 34,318 17,932 142, 552
32,123
18,045 143,716
32,299 32,056 17,898 142,631
31,747 33,252 17,924 141,140
5,166, 609
5,158,882
5,180,744
5,215,220
505, 2,2
499, 549 2, 303,
3,938
494,489 2,331,
1, 624
624
9,828
497, 565 2,349828
341,156
337,400
339, 877
344,652
388,166
390,066
390,159
392,150
73,838
75,017
74,166
73,173
716,198
699,077
696, 250
703,800
192,101
191,944
191,567
190, 237
84,147 100,722 67, 551 352,428
84,300
68,345 355,430
353,963
86,597 95,909
355,867
87,179 94,380
9,158,769
9,186,486
9, 270, 585
9,282,465
756,376 4,372,812
745,827 4,410,354
751,
:, 479,110
772,637 4,453,302
704,748
703,202
708,393
719,674
592,988
593,993 98, 209
598,088 98,536
600,116 95,987
69,,6431,400,792
7 0 , 6 6 9,394,051
1,,
70,2371,398,853
398853
70,1901,404,180
330,232
328,765
329,999
330,023
115,630 136,016 87, 553
117,638 134,281
501,038
120,101 128,994 88,474 498,497
120,133
88,708 498,819
1,516,410
1, 512,045
1,496,133
1,497,455
71,452
68,963
64,302
n64,355
906,987
905,138
896,421
898,025
68,350
65,697
64,710
64,789
161,405
163,349
161,751
162,274
45,935
45,968
46,009
46,250
31,120 35,177 15,496 100,631
31,429 34,393 15,319 101,127
31,553 35,014 14, 527 100,695
30,152
14,499 101,471
1,722,529
1,725,788
1,731,467
1,733,64
112,066
112, 614
114, 573
113, 871
877,992
876,041
873,799
877,773
220,341
224, 677
225,788
225,088
65, 608
66,414
66,350
66,419
3, 246
3,244
3,248
3,236
83,605 12,640
84,330 12,628
87,005 12, 596
86,793 12,653
54,451
55,518
57, 645
57,690
11,003
11,004
11, 553
11,004
7,333 208,873
7,325 208,454
6,580 210,328
7,092 212,531
67,891 19,661 23,597 4,279 84,251
67,565 19,856 24,233 • 4,222
67,116 19,436 23,991 4,367 85,888
66,810 20,081 23,160 4,595 83,194
751
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—PRINCIPAL RESOURCES AND LIABILITIES, BY
W EEKS—Continued
[In thousands of dollars]
CITY
Total
Total investments:
Aug. 18_____
Aug. 25_..._
_
3,237,833
Sept. 1
3, 227,600
Sept.8.__
3,231,096
Total loans and investments:
Aug. 18
. - . . - - _ . . . 12,397,708
Aug. 25.
.
12,424,319
Sept. 1
12,498,185
Sept. 8
_ . . . . . . . . 12, 513, 561
Reserve balances with Federal
reserve bank:
Aug. 18
__
. - . . 1,171,883
Aug. 25
1,151,149
Sept. 1
____•_
1,192,418
Sept. 8
.
1,175,393
Cash in vault:
Aug. 18
.
130, 214
Aug. 25
...
132,794
Sept. I - . - .
127,608
Sept. 8 . . .
.
137,601
Net demand deposits:
Aug. 18—
8,809, 549
Aug. 25
8,833, 627
Sept. 1
8,924,433
Sept.8__
8,908,131
Time deposits:
Aug. 18
2,818,408
Aug. 25
__. 2,810,702
2,825,922
Sept. 1
.
2,814,895
Sept.8__
Government deposits:
76, 674
Aug. 18
58,428
Aug. 2 5 . . . . .
58,429
Sept. 1
._.
58,426
Sept. 8
Bills payable and rediscounts
with Federal reserve bank:
Secured by U. S. Government obligations—
136, 337
Aug. 18.._._
_...
139, 591
Aug. 25
171,072
Sept. 1
.
178,129
Sept.-8__
All other—
Aug. 18..._.
91,184
Aug. 25
Sept. 1
.
106, 875
Sept. 8_____
101,053
Total borrowings from Federal
reserve bank:
219,033
Aug. 18
230,775
Aug. 25
277,947
Sept. 1
279,182
Sept. 8
Due to banks:
2,131,
580
Aug. 18.__
_______
2,078, 703
Aug. 25
2,219,199
Sept. 1
Sept. 8 . . . . .
. 2,199,804
Due from banks:
537,158
Aug. 18
.._..
524, 779
Aug. 25
_.
576, 677
Sept. 1
_.
_____...
566, 781
Sept. 8 . . . . . .
.______..
Boston
New
York
Phila- Clevedelphia land
183,518 1, 784,979
181,577 1, 781,179
178,8751, 770,220
178,2261,775,798
288,691 149, 213 15,886
290,374 150,744 15,872
153,355 15,844
289,877 153,212
939,8
.
742,201
,894 6,,157,791
191,533 993, 576 744,737
927,404 6,191,,
930; 178 6; 249,330 998,891 751,443
950,863 6,229,1001,
., 009,551 753,328
72,102
74,235
73,907
72,626
684,261
655,113
706, 460
684, 567
9,280
8,923
8,508
9,209
61, 765
62, 424
60, 787
65,312
Richmond
110,972
114,081
114,380
111, 876
Atlanta
San
Francisco
113,826
113,533
113,125
113,060
50,781
51, 285
50, 989
50, 233
58,774
58,626
59,005
58,141
87,', 979 ,1.771.070 444,058
88,,9981. 765,854 442,298
88,3701, 770, 932 443.124
88,2861,778,985 443,083
166, 411
168,923
171,090
170,366
194,790
192,907
187,999
186,837
177,690
179,755 30,714
174,174 31,456
177,092 32,319
10,397
9,360
12,020
13,448
17,495
17,483
17,957
15,837
7,432
7,581
7,177
6,690
44,191
44,290
43,714
43, 572
3,341
3,187
3,325
1,
1,725
1,533
1,856
2,139
2,339
2,247
2,479
1,255
1,414
1, 217
1,496
5,612
5,882
5,753
18,336
18,329
18,133
18,096
44,173
44,992
40, 963
40,205
6,655
6,311
7,190
8,957
6,128
6,754
6,714
5,989
13,252
13, 737 9,833
12,821 9,502
13,317 10,068
810
1,134
714
867
1,132
1,137
1,153
1, 252
72,479
74,561
70, 686
74,091
St. Minne- Kansas Dallas
Chicago Louis
City
apolis
370,278
371,803
372,079
374,805
20,377
21,059
20,048
22,161
19,775
19, 541
18, 894
19,094
184,882
184,970
186, 583
184, 665
107, 328 681,775
108,000
107,368 685,080
107,802 683,484
668, 276 4,910,936
4,936,162
660,838 4,
665258 5,012,380
665,258
5,
671, 616
616 4,979,941
4
676,825
678,231
682,367
692,279
289, 609
293,130
297,110
292,776
61,709
66, 591
64,996
64,611
53,;,. 1881,
, 217, 484
54,,2611, 217, 478
53,,213 1,223,137 268,087
52, 319 1, 238.249 271,158
95,822
95,815
99,133
99, 667
174,049 76,498 321,771
170,741 73,541 322,850
167,751 72,761 318,240
166,084 73, 582 305,849
212, 754
212, 376
218,614
224,287
863, 204
861, 545
865, 542
850,193
185,495
185, 229
193,189
192,205
453, 325
455,106
454,936
455, 482
30,946
30, 690
30, 682
30,527
29, 698
29, 672
29, 659
29,798
522,930
520,426
521,045
520,381
129,886
129,968
128,093
126, 641
53, 534
53,148
52,764
53,009
19,239 16,819 300,578
19,191 16,887 296,464
19, 237 16,738 295,423
19,092 16,355 296,925
17,418
13,242
13,244
13, 241
19, 795
15, 046
15, 046
15.046
12, 748
3,268
2,482
2, 482
2,482
291
223
223
223
1,326
1,000
1,000
1,000
4,088
3,264
3,264
3,264
3,501
2,665
2,665
2,665
897
676
675
675
3,318
2,521
2,521
2,521
7,850
8,650
12,176
13,426
75,050
64,010
88, 630
110, 730
175
345
100
1,260
83
3,083
83
0
1,100
665
500
18, 540
20,412
13,954
3,495
3, 659
3, 665
5,005
4,285
5,230
4,230
5,430
5,430
655
1,956
2,426
1,826
14, 656
14,626
16,331
7,863
24,655
28,012
33,037
33, 770
5,
11,575
8,715
5,344
8,581
9,362
9,009
9,804
3,522
3,250
3,975
3,950
5,180
4,261
3,747
7,126
2,541
1,150
.1,919
1, 676
2,102
855
2,985
3,180
10,758
10, 559
10,091
9,547
1,575
3,700
5,497
4,375
1,
2,002
1,859
1,850
1,425
3,565
4,158
3,543
5,732
9, 842
14,267
14, 369
22, 506 99,705
23,276 92,022
28, 507 121, 667
21,289 144,500
14,246
20,937
17, 724
15,148
3,697
3,595
4,075
5,210
5,263
4,344
6,830
7,209
2,541
2,250
2,584
2,176
20, 642
21,267
16,939
6,675
14,417 6,805
14, 224 7,930
15,096 10,927
13,832 9,805
2,624
3,958
4,285
3,676
1,475
3,650
4,243
3, 543
25,112
33,322
45,070
46,119
171,413 50,408 29,009
161,493
29,157
165,239 49,630
166,047 50, 782
14,753
15, 645
15, 584
17,230
362, 637
362,420
364, 596
385,706
82, 797
79, 207
80,138
83, 795
40, 725
41,541
44,398
47,145
109,523
101,856
101,429
109,450
24,548
22, 552
23,100
26,139
110,859
107,692
107,636
109,367
14,648
13, 878
14, 900
15, 838
11,948
11, 685
11, 998
12,212
146,653 25,083
150, 772 "24, 216
149, 880 24,700
149,386 25,159
18,711
17,210
19,428
19,564
44, 683
43,002
48,081
49, 236
18,965
18,423
21, 424
22, 789
52,527
46,973
52,872
53, 779
119,•,8641,
OUl ,
015,044
117,937 993,314
,
116, 569 1 122,212
120; 660 1,052,889
39,172
37, 631
50,134
88,619
88,024
93, 816
9,688
52,728
50,898
65,646
58, 225
23,421
22,067
23, 798
23, 811
2,116
1,609
1, ""
1,
7,908
6,012
6,012
6,012
19,380
23,480
30,803
31,750
752
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
LOANS TO BROKERS AND DEALERS SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS
IN NEW YORK CITY
[In thousands of dollars]
Demand and time loans
1926
Aug. 18
Aug. 25_
Sept. 1__
Sept. 8
•__
Demand loans
Total
For own
account
For account of
out-oftown
banks
For account of
others
Total
2,742,388
2,731,210
2,758,274
2,763,029
918,775
941,544
991,437
963,901
1,104,676
1,072,654
1,098,091
1,134.421
718,937
717,012
668,746
664,707
2,041,710
2,043,623
2,049,160
2,063,763
Time loans
For acof For acFor own count
count of
account out-oftown
others
banks
579,975
622,311
672,589
651,795
817,670
775,691
785,304
817,814
644,065
645,621
591,267
594,154
For acof For acFor own count
count of
account out-oftown
others
banks
Total
700,678
687,587
709,114
699,266
338,800
319,233
318,848
312,106
287,006
296,963
312,787
316,607
74,872
71,391
77,479
70,553
ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY
[In thousands of dollars]
Net demand deposits
1925
1926
M a y 26
June 23
J u l y 28
1,360,730
6,451,092
1,196,898
1,494,535
596,495
667,815
2,496,751
733,091
424,962
852,781
598,483
1, 264,388
1,376,357
6,443,053
1,187, 668
1, 520, 560
585,834
649, 584
2, 472,402
730, 589
437, 644
851,921
588,075
1, 266, 447
1,380,743
6,345,551
1,188,398
1,565,592
606,891
639, 592
2,495, 601
728,450
421,196
890. 483
589, 748
1, 259, 268
18,138, 021
Less t h a n 5,000
1, 648,122
5,000 to 14,999
_ 1,129,570
15,000 to 99,999 . _ . _ . 2,347, 585
100,000 and over
13,012,744
Boston
New York
Philadelphia
Cleveland _
Richmond—
Atlanta
Chicago _
St. Louis
Minneapolis
_
Kansas City
Dallas
San Francisco
Total...
Banks in cities and
towns having a population of—
Time deposits
1925
1926
Aug. 25
Aug. 26
M a y 26
June 23
J u l y 28
Aug. 25
1,352, 560
6, 294,454
1,191,063
1,562,309
603,215
632,909
2, 538, 008
715,929
409,868
890,851
584, 463
1,296,808
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
848,206
2,312,758
892,122
1,406,757
514,118
445,788
1,904, 508
481,644
433,102
321,807
165,099
1, 376, 204
852,245
2,350,454
894,481
1,411,006
518, 690
433,594
1,928,196
477,187
434,380
321,439
166,827
1, 378, 973
855,251
2,384,440
909, 625
1,461,811
522,510
440,615
1,941,063
481, 680
438,926
322,135
165, 299
1, 383,236
864,230
2,396,574
916,120
1,425,061
526, 228
437,902
1,946,900
488,909
439,558
323, 628
165, 277
1,376,318
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
18,110,134
18, 111, 513 18,072,437
17, 906, 629
11,102,113
11,167,472
11,306, 591 11,306,705
10,489,702
1, 634, 673
1,118,469
2,362, 562
12,994,430
1,653,006 1,663,745
1, 669,015
1,125,425 1,122,638
1,101,824
2, 369,847 2,343,498 . 2,388, 499
12,963,235 12,942,556 12,747,291
1,782,434
1,157,379
2, 203,014
5,959, 286
1, 788, 633
1,157, 523
2, 216,950
6,004,366
1,807,142
1,175,041
2,218, 712
6,105,810
1, 727,734
1,105,035
2,142,079
5,514,854
1,808,924
1,164,083
2,225,433
6,108,151
Aug. 26
753
FEDERAL RESERVE BULLETIN
•OCTOBER, 1926
DEBITS TO INDIVIDUAL ACCOUNTS. BY BANKS IN SELECTED CITIES
MONTHLY SUMMARY FOR BANKS IN 141 CENTERS
[In thousands of dollars]
Number
of
centers
Federal reserve district
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
1—Boston
.--.
2—New York
3—Philadelphia—
4—Cleveland
5—Richmond—__..
6—Atlanta
7—Chicago
8—St. Louis.__.-.
9—Minneapolis. __
10—Kansas C i t y 31—Dallas..—-..
12—Sam Francisco
1926
July
June
2,611,091
29,063,449
2,210,598
2, 553,924
797,444
1,106,449
5, 731,621
1,225,233
670,147
1, 225,456
546,463
2,896,365
Total...——_
N e w York City.
Other selected cities—_
1925
August
2, 664, 541
28, 566,396
2,268,816
2, 671,960
843,461
1,153, 753
5, 780,262
1,235,186
691,894
1,416, 650
571,088
3,069,482
July
June
August
2,209,153
26,968,491
1,931,381
2,358,705
689,434
1,051,129
5,430,166
1,091, 983
654,192
1,254,596
543,104
2,806,373
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
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
724,344
1,052,912
4,946,030
1,042,537
701,678
1,173,827
510,924
2,631, 514
141
50, 638,240
50,933,489
46,988,707
48,611,133
47,016,264
43,113,197
1
140
28,196,065
22,442,175
27,659,188
23,274,301
26, 233,317
20, 755,390
26,929,559
21,681, 574
25,457,692
21, 558,572
23,265,280
19,847,917
WEEKLY SUMMARY FOR BANKS IN 259 CENTERS
[In thousands of dollars]
Federal reserve district
No. 1—Boston
No.,2—New York
No. 3—PhiladelphiaNo. 4—Cleveland
No. 5—Richmond
No. 6—Atlanta
No. 7—Chicago
No. 8—St. Louis
No. 9—Minneapolis. __
No. 10—Kansas C i t y No. 11—Dallas.
„
No. 12—San Francisco
Total...-
Number
of
centers
1926
Aug. 25
Sept. 1
499,776
5,939,182
475,080
604,225
255,878
247,192
1,330,220
274,001
167,925
297,356
148, 702
662, 720
534,355
6,124,140
501,473
620,699
270,829
251,921
1, 243,922
261,808
169,999
318,738
152,538
618,993
259 10,902, 257 11,069,415
1925
Sept. 8
470,739
454,152
521,540
257,908
239,948
1,021,078
249,077
167,896
292, 535
149,200
635,906
9,443,865
Sept. 15
Aug. 26
Sept. 2
578, 575
6,588,865
577,109
491,464
5,361,632
451,039
605,896
296,738
294, 697
1,350,339
317,042
210,831
336,660
189,796
746,592
255,421
1,158,466
249,011
179,224
281,955
137, 535
595, 529
504,007
5,744,463
514,317
612,013
295, 729
283, 795
1,161,961
271,417
187, 716
302, 211
150,732
630, 595
429,690
4,503,402
433,641
512,291
269,133
274,156
978,207
252,215
187,991
257,075
138, 562
467,402
12,180, 847 10,027,638
10, 658,956
8,703, 765
•t. 16
589,480
6, 530,964
543,067
702,705
308,370
322,979
1,303,776
334,810
234,373
334,878
182,959
784,921
12,173,282
BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES
fin thousands of dollars]
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
No.
:
1—Boston
2—New York
Buffalo____
3—Philadelphia
4—Cleveland
Cincinnati
Pittsburgh
5—Richmond.
Baltimore
_
6—Atlanta
Birmingham
Jacksonville
Nashville
New Orleans
7—Chicago.-__.
Detroit.
8—St. Louis
__
Little Rock.
Louisville
Memphis.
___
9—Minneapolis
Helena___
10—Kansas City
Denver fc
Oklahoma C i t y .
Omaha— _
11—Dallas
_
El Paso
Houston..12—San Francisco. __
Los Angeles
Portland...
Salt Lake C i t y . .
Seattle....______
Spokane-_
364,413
337,816
5,651,604 5,817, 739
84,107
69,408
376, 519
353,380
158, 928
150,195
74,604
67,177
198,249
195, 654
30,054
27,355
84,932
79, 706
31,787
32, 524
30, 600
" 28,300
21,961
21,909
19,286
15,087
64,922
70, 729
760, 357
798, 730
187,320
234, 578
141, 700
143,000
15,871
16,208
38,542
49,276
28,117
25,189
88,146
94, 694
1,865
1,705
89,148
85,070
41,521
40,010
22,286
18, 584
47,120
46, 974
39,127
39,917
6,543
5,716
33,128
32,309
213,654
227,545
159,346
185,337
41, 582
41,751
15, 606
14,712
50,287
47,763
12,149
11, 421
318,454
396,393
4,697, 542 6,253,915
65,298
79,603
335,932
434,373
116, 741
183, 736
62,623
81, 940
161,862
198,783
28,982
34,686
78,585
88, 513
28, 864
38,650
27,820 * 33,950
19,767
24, 531
15, 927
19,272
63, 773
75, 510
597,323
817, 949
147,334
190,260
130, 500
172,000
15,078
22,123
35, 776
42,499
29,126
34,936
89,319
112,109
2,372
2,187
85,573
93,833
42, 944
46,125
17, 548
23,118
41,455
41, 623
41, 648
55,859
5,933
6,796
31,717
41, 551
217,223
233,427
180,912
198,050
39,888
49,636
14,968
16, 955
42, 792
54,352
11, 649
15,191
333,968
5,076,774
71,059
331,948
146,460
68,466
206,256
28, 573
86,449
35,331
29,640
21,803
15,104
67,083
684,405
198,390
139,200
15, 909
37,694
21,439
*92,133
1,933
83,104
40, 665
14, 757
46,103
35, 576
5,991
30, 975
194,972
164,597
36,201
14, 525
43,070
11, 537
-335,181
5,445,305
76,792
384,648
161,061
70, 735
191,621
38,149
102,273
34,888
30,270
22, 752
17,797
79,850
694, 910
179,346
151,300
15,387
35, 916
30,080
97, 996
2,041
. 82,812
39,368
18, 928
49,292
41,638
6,446
36,425
216,370
161,534
36, 610
16,242
52, 558
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
754
FEDEEAL, RESERVE BULLETIN
OCTOBER, 1926
MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES
The following table shows the prevailing rates charged customers on various classes of loans as reported
by representative banks in the cities indicated. These rates are not averages but are those rates at which
the bulk of the loans of each class are made by reporting banks. Since the publication of the rates for May
the forms used in making the reports on which the table is based have been modified and certain classifications
have been omitted.
Prevailing rates charged customers during week ending with the 15th
day of the month
District and city
Prime
commercial Interbank
loans
loans
Loans secured by
Loans
p r i m e s t o c k exsecured by
change collateral
warehouse
receipts
Demand
Time
1925—September..
1926—July— ______
August—...
September, _
Boston-
New York.
Year and month
DISTRICT 2
Buffalo..
DISTRICT 3
1925—September __
1926—July. „-__
August—...
September. _
1925—September..
1926—July
August—...
September _.
Philadelphia
1925—September..
1926—July
August—...
September..
Cleveland..
1925—September..
1926—July
-__.
August—...
September,.
1925—September..
1926—July
___.
August
September..
1925—September,.
1926—July—......
August
September..
Cincinnati _
Pittsburgh-
5K-6
5 -6
DISTRICT 5
1925—September,.
1926—July
August
September..
1925—September..
1926—July
August
September..
Richmond .
BaltimoreDISTRICT 6
Atlanta.
Birmingham.
Jacksonville..
Nashville.
New Orleans..
Chicago..
Detroit..
1925—September..
1926—July
_.
August
_.
September .
1925—September..
1926—July..
August
September.
1925—September.!
1926—July
August—...
September..
1925—September..
1926—July
August
September.
1925—September..
1926—July—.....
August
September.
1925—September.
1926—July
August.
September1925—September.
1926—July
August ...
September.
5 -5%
5 -5M
5 -7
4K-8
-7
5K-6
5 -6
5 -6
battle loans
OCTOBER, 1926
755
FEDERAL RESERVE BULLETIN
MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES—Continued
Prevailing rates charged customers during week ending with the 15th
day of the month
District and city-
St. Louis..
Little Rock..
Louisville..
Minneapolis.
Helena..
DISTRICT 10
Kansas City...
Denver.
Oklahoma City.
Omaha.
D alias.
DISTRICT 11
El^Paso.
Houston.
DISTRICT 12
San Francisco
Los Angeles. _
Portland.
Salt Lake City.
Seattle-
Spokane.
Year and month
Prime
commercial Interbank
loans
loans
1925—September..
1926—July
August
September..
1925—September..
1926—July
August
September..
1925—September..
1926—July.
August.
September..
1925—September..
1926—July...
August......
September..
1925—September-.
1926—July...
August •_.
September..
1925—September..
1926—July
....
August..
September..
1925—September-.
1926—July
...
August
.
September-.
1925—September..
1926—July.
August
September-.
1925—September-.
1926—July
..
August
September..
1925—September..
1926—July.
August
September..
1925—September.
1926—July
August
September..
1925—September-.
1926—July
August
September .
1925—September.
1926—July
August
September.
1925—September..
1926—July. _.
August
September.
] 925—September.
1926—July...
August
September.
1925—September.
1926—July
August
September.
1925—September.
1926—July
August
September.
1925—September.
1926—July
August
September.
Loans secured by
Loans
p r i m e stock exsecured by
change collateral
warehouse Cattle loans
receipts
Demand
Time
5 -5
5
H
5 -53^
5 -53^
%y
5 -6
6
6 -7
6
6
5 -6
5
5 -5K
5
5
43^-6
4H-6
6
6 -7
6 -7
6 -8
5 -6
5 -6
5 -6
53^-6
6
6 -7
6 -8
5 -6
4M-5
434-5
4^5
6 -8
6 -7
6 -7
6 -7
S
5
6
6
6
6 -8
6 -8
6 -8
6 -8
6 -8
5 -6
,5
5
5
5 -6
5
5
5 -6
5 -6
6 -7
6
6
6
6
6
6
6
6
6
-7
-7
-7
-7
-7
4 -6
5H-6
6 -7
6
-8
-7
-7
-7
6 -8
5
5
5
5
5 -6
5 -6
4H-5 "
5
6
6
6
6
-6
-6
-6
-6
-7
-7
-7
-7
5
5
5
5 -6
5 -6
5
5 -6
6
6
6
6
6
-7
5 -6
5 -7
6 -7
8
7 -8
5
5
5
5
-6
-6
-6
-6
5 -6
5 -6
5>
5 -53/
-7
-7
-7
-7
-7
-7
6 -7
6 -7
6
6
5
6
6
5
•6
6
-6H
-&A
-W
-6^
-7
-7
6 -7
6
6 -8
5 -8
5 -7
43^-6
6 -7
5
5
5
5
8
6 -8
8
6 -8
5
5
5
5
-6
-6
-6
-6
5
5
5
5
5
5
5
5
6
6
6
6
-6
-6
-6
-6
-7
-7
-7
-7
6
6 -7
7
7
7 .
6 -7
6
6 -7
6 -7
6 -7
6
6
6
6
6
-8
-7
-7
-7
-6
-7
-7
-7
6 -7
6 -7
6 -7
-7
-7
-7
-7
-7
7
7
7
6
6 -7
6 -7
6 -7
7
6 -7
6 -7
7
6 -7
6 -7
6 -7
6 -7
7
7
7
-7
-6
-6
6
6
6
6
-6
6
-7
-8
-8
-6
-6
-6
-6
-7
5 -7
5 -6
5 -6
V
5-6
5 -6
4M-5
4M6
6
6
5
5
5
5
6
7 -8
7 -8
7 -8
6
6
6
6
6
6
6
, 6
-7
-7
-7
-7
-8
-7
-7
-7
6 -8
6 -8
6 -8
6 -8
5^-7
7 -8
8
7 -8
6 -8
7 -8
6 -7
8 -9
8
6 -8
7 -8
7 -8
5 -8
7 -8
7
-7
6
7
756
OCTOBER, 1926.
FEDERAL RESERVE
MEMBER BANES AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST
NUMBER AT END OF AUGUST, 1926 AND 1925
Nonmember banks
Member
banks
1926
Federal reserve district:
Boston..
New York
Philadelphia
Cleveland
Richmond.. _.
Atlanta.
Chicago.—
St. Louis
Minneapolis
Kansas City :
Dallas
•_.
San Francisco. _.
Total
_.
New England States:
Maine
_
New Hampshire
Vermont
Massachusetts-..
Rhode Island
Connecticut
Eastern States:
New York..;
New Jersey
Pennsylvania
Delaware.__
Maryland
District of Columbia
Southern States:
Virginia
West Virginia
North Carolina
South Carolina--___
Georgia
Florida
1
1925
On par list
1926
244
416 421
404
906 869
510
765 751
857 864 1,075
688
587 606
489 501
336
1, 363 1,407 3,758
618 627 2,027
799 851 1,014
1,009 1,040 2. 585
843 854 '741
725 749
782
1925
Nonmember banks
Not on par
list i
1926
245
389
512
1.075
717
649
366 1,037
3,858
227
2,126
422
1,274 1,098
2,692
205
771
193
832
67
180
17
67
650
351
965
23
185
140
89
85
146
74
48
14
39
70
8
85
633
325
956
22
89
13
281
162
651
32
166
32
276
149
657
32
167
34
193
141
92
93
158
70
216
195
82
23
67
83
229
194
93
25
78
82
11
702
1,100
246
401
1,031
208
182
59
50
14
39 i
70 I
8
83
100
9
323
217
316
145
On par list
Not on par
list i
1925
1926
1925
1926
146
114
125
43
116
45
774
147
118
125
44
122
46
778
432
201
23
20
243
30
691
435
225
27
24
255
36
717
434
258
581
292
182
321
392
200
441
265
586
288
183
341
433
196
657
815
1,284
506
597
449
1,177
1,261
661
827
1,294
514
627
548
1,250
1,324
158
115
174
264
105
34
131
32
373
162
127
182
266
119
34
139
33
392
150
175
726
968
101
54
172
28
360
221
241
751
1,010
105
54
184
28
378
152
134
296
75
45
18
10
157
135
304
81
. 47
22
10
171
105
316
80
68
26
24
174
113
351
80
67
33
1925
9,377 9,540 14,1.64 14, 857 3, S0.7 3,940
62
55
46
183
21
65
Member
banks
97
10
339
256
376
159
Southern States—Continued.
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
Ut_ah__._
...
Arizona
Nevada
Total
1925
22
20
247 I 231
199
203
276
277
110
122
169
174
106
21
65
205
533
38
33
294
162
180
4
11
8
6
2
7
20
94
182
494
40
278
165
176
4
10
12
7
3
5
31
28
.__. 9, 377 9,540 14,164 14, 857 3,607
3,640
Incorporated banks other than mutual savings banks.
.
MONEY IN CIRCULATION
[Source: United States Treasury Department circulation statements]
[In thousands of dollars]
Date
Total
1914__July i
3,402,015
14,100,591
1917—Apr. 1
1920—Nov. l..__ i 5, 628,428
1922—Aug. 1
4,337,418
4, 784,025
1925—Sept. 1
4, 827,005
Oct. 1
4,900,839
Nov. 1
4,971, 765
Dec. 1
5,008,121
1926—Jan. 1
Feb. I . . . - 4,739, 537
Mar. l..._ 4,814, 217
4,805,885
Apr. 1
4,854,173
Mayl
4,870,885
June 1
4,834,711
July 1
Aug. 1
4,858,474
Sept. l . _ _ 4,864,086
Standard
Gold
coin and VjrOIQ CCisilver
bullion
dollars
611,545
641,794
495,353
416, 282
416,348
413,973
429.985
425,853
424,037
407,148
422,079
450,787
454,710
454,308
445,068
444, 061
428,018
1,026,149
1,348,818
231,404
171,985
1,036, 243
1,050,057
1,067,963
1,108, 743
1,114,331
1,035,774
1,076,070
1,089,003
1,099,213
1,074,175
1,057, 364
1, 072, 357
1,086,194
70,300
70,863
89, 725
58,378
54,173
54,693
54,769
54,685
54,860
53,167
52, 637
52,147
51,814
51,607
51,906
51, 766
51, 681
Silver
certifi-
Treasury
cates
1890
478,602
459,680
60,385
268,802
396, 700
394, 069
390,089
388,012
387,495
370,852
371,149
365,113
363,855,
370,003
377,741
384.134
385,598
notes of
2,428
1,997
1,628
1,508
1,381
1,379
1,376
L, 375
,373
1,371
1,369
1,367
1,364
1,359
1,356
1,354
1.352
Subsidiary
silver
United
States
notes
Federal
reserve
notes
159,966
191,351
261, 556
229,956
264, 450
267, 768
269,439
272, 217
274, 860
266,155
265,853
267,244
267.089
268,219
270,046
270, 218
271, 516
337,845
330,353
277,736
284,343
298,493
303,597
306, 575
305,986
292,998
288, 677
293,622
289,044
292,843
291,110
294,916
295,977
300, 735
356,448
3,310,225
2,115,350
1, 629,927
1, 670, 658
1,706, 622
1, 741,965
1,815,687
1, 672,2)23
1,672,027
1,639,211
1, 662, 620
1,693,834
1,679,384
1,679,379
1, 684,428
Federal
reserve
bank
notes
3,170
209,877
65.032
5i 580
6,460
6,314
6,185
6,On 8
5,900
5,808
5,720
5,640
5,549
5,453
5,289
5,211
National
bank
notes
715,180
697,160
715,023
725,782
680, 730
664, 351
66'/, 707
666,744
636, 422
638, 270
653, 603
646, 249
655,025
660,721
651,477
653, 930
649, 353
Total
circulation per
capita (ID
dollars)
34.35
39. 54
52.36
39.47
41.84
42.17
42.77
43.35
43.62
41.24
41.84
41. 73
42.11
42.21
41.85
42.01
42.02
i The figures for the several classes of money include mutilated currency forwarded to the Treasury for redemption and unassorted currency
held by the Federal reserve banks, and consequently do not add to the total which is exclusive of such currency.
757
FEDERAL RESERVE BULLETIN
OCTOBER, 1926
GOLD SETTLEMENT FUND
INTERBANK TRANSACTIONS, AUGUST 19 TO SEPTEMBER 15, 1926, INCLUSIVE
[In thousands of dollars]
Transfers
Transit clearing
Changes in ownership of gold
through transfers Balance
in fund
and settlements
Federal reserve
note clearing
Federal reserve bank
at close of
period
Debits
Boston
.._.
New York
Philadelphia. _.
Cleveland
Bichmond____.
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas C i t y Dallas
...
San Francisco..
Total four weeks e n d i n g Sept. 15, 1926..
..
Aug. 18, 1926....
Sept. 16, 1925
Aug. 19, 1925
1
Credits
7,000
35, 600
8,300
8,000
\ 000
600
54, 300
1,100
5, 000
13, 000
1,000
2,500
1,000
3, 000
800
4,400
8,100
600
6,000
600
13, 000
90,400
25, 000
47,100
33, 000
90,400
25, 000
47,100
33, 000
900
1
1
Debits
Credits
Debits
Credits Decrease Increase
731,362
2,434,721
643, 361
621,377
466,402
292, 051
1,121,229
462,270
153,407
416,039
246,281
299,930
731,071
2, 396, 603
640,497
630, 567
476,832
289, 251
1,141,892
467,639
163, 851
410,472
252,866
5,030
10, 631
5,785
8,318
3,159
4,557
5,437
1,403
1,593
2,115
1,391
3,189
5,006
16,130
5,803
3,451
3,051
3,551
6,573
2, 634
1,470
2, 280
1,170
1,489
6,715
13, 919
10, 046
2,777
7,888,430
7, 888,430
8, 528,790
8, 528, 790
7,309, 277 1 7, 309, 277
7, 618,332 1 7 618, 332
52,608
52, 827
52,608
52,827
46, 606
4,322
8,006
13,199
13, 700
8,421
402
6,964
45,722
232,842
39,365
65,848
26, 563
21,010
148, 643
19, 267
13,755
36,849
16, 267
30,489
696, 62®
661,404
636,568
663, 309
Includes Federal reserve note clearing.
DISCOUNT RATES OF FEDERAL RESERVE BANES IN EFFECT OCTOBER 1, 1926
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
L
___ __
__ __
Secured by
United States
Government
obligations
Bankers'
acceptances
Trade
acceptances
4
4
4
4
4
4
4
4
4
4
4
4
.4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
. 4'
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
Including bankers' acceptances dr&wn for an agricultural purpose and secured by warehouse receipts, etc.
•'
4
4
4
4
Agricultural
and livestock *
paper
4
4
4'
4
4
4
4
4
4
4
4
4
V
—
.....
®
©
O
FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL PXSERVEL BRANCH TERRITORIES
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
O
@FedFRASER