Federal Reserve Bulletin, 1925-04

FEDERAL RESERVE BULLETIN APRIL, 1925 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Gold Exports and the Reserves of Foreign Banks Business Conditions in the United States The Bank of France in 1924 WASHINGTON GOVERNMENT PRINTING OFFICE 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency, EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART, Director, Division of Research W. M. IMLAY, Fiscal Agent. and Statistics. J. F. HERSON, E. A. GOLDENWEISER, Assistant Director, Division of Chief Division of Examination, and Chief Federal Research and Statistics, t Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) __ CHAS. A. MORSS. District No. 2 (NEW YORK) PAUL M. WARBURG, President. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) GEORGE A. COULTON. District No. 5 (RICHMOND) JOHN M. MILLER, Jr. District No. 6 (ATLANTA) OSCAR WELLS. District No. 7 (CHICAGO) FRANK O. WETMORE. District No. 8 (ST. LOUIS) BRECKINRIDGE JONES. District No. 9 (MINNEAPOLIS) G. H. PRINCE. District No. 10 (KANSAS CITY) E. F. SWINNEY, Vice President. District No. 11 (DALLAS) W. M. MCGREGOR. District No. 12 (SAN FRANCISCO) HENRY S. MCKEE. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss W. P. G. Harding W.W. Paddock W. Willett. New York Benj. Strong J. H. Case L. H. Hendricks.» Pierre Jay L. F. Sailer A. W. Gilbart.i G. L. Harrison J.W.Jones.» E. R. Kenzel G. E. Chapin.1 Ray M. Gidney.» L. R. Rounds.1 Philadelphia R. L. Austin Geo. W. Norris Wm. H. Hutt W. A. Dyer. Cleveland D. C. Wills E. R. Fancher M Fr . a n J. k F J l . e m Zu in rl g inden J. C. Nevin. Richmond Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.» Atlanta Oscar Newton M. B. Wellborn J. L. Campbell M. W. Bell. Creed Taylor Chicago Wm. A. Heath J. B. McDougal C. R. McKay W. C. Bachman.i John H. Blair K. C. Childs.i J. H. Dillard.i D. A. Jones.1 0. J. Netterstrom.i Clarke Washburne.i St. Louis Wm. McC. Martin _ D. C. Biggs.. 0. M. Attebery J.W. White. Minneapolis John R. Mitchell R. A. Young W B. . V B . M Ge o e o r r y e G Fr r a a n y k W C a . r D re u n n . lop.1 Harry Yaeger * Kansas City M. L.McClure W. J. Bailey C. A. Worthington J. W. Helm. Dallas Lynn P. Talley B. A. McKinney R. R. Gilbert R. B. Coleman. Val.J. Grund San Francisco John Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk L. C. Pontious 'Controller. » Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch,, Geo. DeCamp. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch.. D. P. Reordan. New Orleans branch Marcus Walker. Houston branch Fred Harris. Jacksonville branch Geo. R. DeSaussure, San Francisco: Birmingham Branch-- A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. Fort, jr. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch..... W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch V. S. Fuqua. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OP BULLETIN THE FEDERAL 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. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: Page Review of the month—Gold exports and the reserves of foreign banks 231 Business conditions in the United States 236 Special article: The Bank of France in 1924 257 Official: Changes in State bank membership 260 Fiduciary powers granted to national banks 260 Changes in national bank membership 260 Business statistics for the United States: Industrial activity 261 Commodity movements 264 Wholesale and retail trade 265 Foreign banking and business conditions: Gold reserves of principal countries 267 Central banks of issue organized since 1919 269 Financial statistics for principal foreign countries 270 Foreign^trade of principal countries 273 Price movements in principal countries— Federal Reserve Board wholesale price indexes 274 Wholesale prices in principal countries 275 Retail prices and cost of living in principal countries 276 Description of retail price indexes 276 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 278 Federal reserve note account 281 Holdings of earning assets.-. 282 Discount and open-market operations of Federal reserve banks 283 Gold settlement fund 293 Discount rates of Federal reserve banks 292 Member banks— Condition of reporting member banks in leading cities 284 Earnings and dividends of State bank and trust company members 290 Bankers' balances at reporting member banks in Federal reserve bank cities 285 Deposits of all member banks 286 All banks in the United States—condition at end of 1924 287 Bank debits 291 Money rates in principal cities. 294 Money in circulation 292 Gold and silver imports and exports - 295 Foreign exchange rates and index 296 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 11 APRIL, 1925 No. 4 Gold exports during the past four months are about $600,000,000—double the amount held the first gold movement in a decade that has before the war; in the next year these holdings increased the reserves of coun- declined to a level of about $260,000,000, at Gold exports i undertaking the reestab- which they remained until 1923, when more tres find, currency re- i • i ±. j* 1 i T_ • J? than half of the gold was sent abroad in an « lisnment ol a gold, basis lor effort to support the exchange value of the their monetary systems. This mark. In the summer of 1924, when the movement of gold is a further step in the Reichsbank was reorganized and the currency direction of monetary reorganization abroad was placed on a new basis, the reserves were at and has followed upon a series of finantheir low point of about $100,000,000, and cial and fiscal reforms, extending over a period since that time they have more than doubled. of years, carried through by certain foreign The extent of the decline in the Reichsbank countries and placing them in a position to reserve after the armistice and of the increase draw upon the United States for gold. Earlier since the low point of 1924 are shown in the steps in currency reform included the disconfollowing table: tinuance of note issue as a source of revenue, the introduction by some countries of new RESERVES OF THE REICHSBANK currency units with a fixed relationship to gold, the adoption of a definite plan for dealing with Date Total In vault Abroad the problem of reparations, and the mainte- OLD REICHSBANK nance by most European countries for a con- Oct. 31, 1918 $607,414,524 siderable period of the foreign value of their Oct. 31, 1919 260,460,742 Mar. 31, 1923 239,350,506 $200,058, 940 $39,291,566 currencies. In consequence of these develop- Apr. 30, 1924 105,243,191 101,399,120 3,844,071 ments foreign countries increased their ability NEW REICHSBANK Feb. 28, 1925 216,113,381 166,729,757 49,383,624 to borrow in the world markets, and credits Mar. 14, 1925 234, 680,119 171,707,423 62,972,696 thus established, largely in the United States, On March 15 the ratio of the Reichsbank's were used in part in the support of exchanges gold reserve, including gold in vault and gold and more recently for obtaining gold for export. held abroad, to its note liability was over 50 per Present gold exports are of interest not only cent. The reserve now required against notes because they represent a turn in the direction in circulation is fixed by the new Reichsbank of gold movements and have been a factor in law at not less than 40 per cent, of which threethe domestic credit situation, but also because fourths must be in gold and the remainder may of the character of the demand for gold and of be in foreign exchange. Under the present law, the circumstances that have given rise to gold therefore, any increase in note circulation beshipments to different parts of the world. yond the limits set by present reserves is depend- Germany has been the source of the largest ent upon additions to the gold reserve, and since demand for gold for purposes of monetary rethe new notes have beenrequired-both to replace construction and in addition to other forms of currency and to meet the growth in Growth in importing a considerable e" amount of gold has accumu- currency demand, the Reichsbank has added to its reserves both by importing gold and by lated abroad gold earmarked accumulating gold balances abroad. A large for account of the Reichsbank. As a result, part of the funds used by Germany to obtain the Reichsbank since the spring of last year has gold abroad was derived from the proceeds added about $130,000,000 to its gold reserve, of the 800,000,000-mark international loan and at the middle of March held in vault and floated last autumn; and another means of abroad a total of $235,000,000. At the time creating balances abroad was the return to of the armistice the Reichsbank's reserve was 231 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

232 FEDERAL RESERVE BTJIiLETIN APBIL, 1925 the United States and to other countries of Gold holdings of other European central foreign currencies which had been in general banks, which are shown for a series of years on use in Germany prior to the introduction of page 268, changed relatively the new Reichsmark. By these methods of Gold move- little in 1924, with the excepincreasing its gold reserves and by pursuing ments and tion of the Swedish Riksbank Swedish and a policy of credit control, the Reichsbank since and the Netherlands Bank. Dutch exchange. its reorganization has been able to meet the Both of these banks exported growth in the domestic currency demand and portions of their gold reserves during the year to maintain a reserve ratio well above the mini- for the purpose of maintaining their exchanges. mum required by law. Sweden, the first European country to resume In addition to Germany, ten other European gold payments, exported gold to the United countries, in dealing with their currency prob- States immediately after the removal of her relems, have established new strictions on gold exports. There was also a Reserves ooff banks f issue during the past movement of gold from Sweden to Germany o new banks of five years. All of these banks last autumn at a time when the exchange posiissue. operate under legal restrictions tion of the krona led Germany to make gold as to note issues and have certain requirements purchases in Sweden. Since that time the as to metallic reserves. The largest addition maintenance of Swedish exchange somewhat to reserves during 1924 by any one of these above par has checked the outward movement new banks was made by the Russian State of gold, and, in fact, there have recently been Bank, which has a 25 per cent metallic reserve some gold exports from this country to Sweden. requirement and on March 1, 1925, had are- Somewhat larger exports of gold have been serve percentage against notes in circulation of made since December to the Netherlands, 29 per cent. The aggregate amount of metallic which earlier in 1924 sent to the United States reserves held by the new banks of issue, in- about $50,000,000 of gold, the largest amount cluding the Reichsbank, on the latest available received in that year out of any reserve. The date was $390,000,000, of which $193,000,000 heaviest shipments of gold from the Netherhas been added since the opening of 1924. lands to this country were in April, 1924, when The table below shows the dates on which the Dutch exchange was at a lower point than at new central banks were organized, their present any|time in two years. Since then, as the renote liabilities, and their holdings of gold and sult of further gold shipments, together with other reserves. A statement of the legal pro- borrowing in this country, the New York rate visions regulating the note issue and the reserve on the guilder advanced almost continuously, requirements of these banks appears on page and at the end of the year was above par for the 269. first time since the unpegging of the exchanges NEW CENTRAL BANKS OF ISSUE in the spring of 1919. Latest available date (amounts in Outside Europe the first country to deterthousands of dollars) mine upon a definite date for the resumption Country Date opened Notes Metal- Other Ratio ofR o a t t h io e r of of gold payments was the in la c t i i r o c n u- s li e c r v re e - s se r r e v - es i •m r M e eA s 4 e i* an r il v i n e 1 cn s rese to rves Gold standard Union of South Africa, where to notes notes * in South Africa. the Government has announced Per ct. Per ct. its intention of following the recommendations Esthonia. Feb., 1919.. $5,765 $193 $2,045 3 35 Czechoslovakia- May, 1919..229,217 30,512 17,663 13 8 made by a commission of experts that South Yugoslavia Feb., 1920.. 92,290 1,439 5,637 2 6 Russia Oct., 1921. _283,157 83,432 213,750 29 75 Africa return to the gold standard at the middle Lithuania Sept., 1922. 9,313 3,114 6,411 33 69 Latvia - Nov., 1922 5,555 1,463 4,092 26 74 of this year. The commission also made a Austria Jan., 1923.. 111, 401 1,568 44, 780 1 40 Danzig Mar., 1924. 5,220 541 2,352 10 45 number of suggestions concerning the policy Hungary ._. Apr., 1924.. 59,332 8,522 27,847 14 47 Poland- —do. 99,216 25,124 41,914 25 42 to be pursued by the South African reserve Germany Oct., 1924__463,950 234,680 78,227 51 17 bank in facilitating the reestablishment and 1 Under the laws in the different countries the central banks count maintenance of a free gold market. South different classes of assets as reserves. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIL* 1925 FEDERAL RESERVE BULLETIN 233 Africa, as pointed out by the commission, Among the countries most recently withoffers only a limited field for the operation of drawing gold from the United States is Argena bankers' bank, and it was therefore recom- tina, whose improved trade and exchange mended that the reserve bank increase its position has enabled her to import gold, thus direct dealings with the public through open- reversing her export movement of 1924. market operations. Among the specific pro- Argentina, in addition to receiving gold from posals of the commission were that the reserve the United States, has accumulated considerbank be encouraged to invest in Treasury bills able amounts of earmarked gold in this to be issued by the Union Government, to country. This increase in gold reserves held establish preferential discount rates on trade at home and abroad has furnished a basis for acceptances for the purpose of broadening the enlarged note issues to meet the growth in the acceptance market, and to open branches in demand for currency arising from the expanthe principal cities of the Union and in London. sion of trade activity. A further recommendation was that the Union Movement of gold to India from the United Government gradually increase the proportion States, which was unusually large in January of its funds kept on deposit with the reserve and February, continued in March, though in bank and thus make the use of these funds by diminished volume. In 1924 India imported commercial banks depend upon their obtain- little gold in the first half of the year, but in the ing accommodation at the reserve banks.1 In second half India's gold imports were exanticipation of the possible demand for gold ceptionally large, and for the year as a whole for export when restrictions are removed, the they totaled the record amount of $140,000,000, reserve bank has since the opening of 1925 in- Changes in the volume of India's gold imports, creased its holdings of gold coin and bullion which from year to year absorb about onethrough the retention in South Africa of a porfourth of the world's gold output, reflect tion of the current gold production. Gold rechiefly changes in agricultural exports and are serves of the bank increased from $2 689,000 ; not closely related to currency requirements. at the beginning of January to $18,393,000 at Much of the gold imported by India in 1924, the middle of February. This policy of gold instead of being purchased in London, as had accumulation has been facilitated by the favorbeen the practice previously, was shipped able exchange position of the South African directly from South Africa to India. During pound. the past six months, partly as the result of the Australia has also recently pursued a policy retention of gold in South Africa, the Indian of increasing its gold holdings, through importdemand has been felt also in the United States. ing gold both from the United Gold exports states and from South Africa. With the exception of the exports to India, the to Australia, l movement of gold from the United States The Austraian pound has been Argentina, and • \. i ^ since December has been related to monetary India. a^ a premium not only over the conditions abroad, and the gold has been pound sterling, but also over added to the reserves of countries that are the dollar, and Australia imported from the gradually reestablishing a gold basis for their United States $6,000,000 of gold in January currencies. and $17.000000 in February. A step in the ; Conditions surrounding the present outflow direction of reestablishing unrestricted gold of gold differ from those prevailing at the time movements has been taken by the Australian of the gold export movement Government through authorizing the Common- Gold exports which occurred during the wealth Bank to export gold, provided these ex- in 1919-20 and period of 10 months immeports do not reduce the bank's reserve below the in 1925. diately following the removal level at the beginning of 1925. of the gold embargo in June, 1919. The two 1 The full text of the commission's report appeared in the BULLETIN periods differ both with respect to the circumfor March, 1925, p. 172. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

234 FEDERAL RESERVE BULLETIN APBIL, 1925 stances in foreign countries that have led to the bank uses its balance at the reserve bank to withdrawal of gold, and also with reference add gold to the earmarked account, and not to the banking and credit situation existing at the time when the gold is actually within the United States. The earlier outflow drawn for shipment. In March gold shipcame at a time when there was a large domestic ments to Germany represented withdrawals of demand for credit and for currency, when the gold previously earmarked at the Federal member banks were heavily in debt at the reserve banks for account of the Reichsbank, reserve banks, and the reserve ratio of the and thus shipments of this gold had no influreserve banks was approaching the legally ence on the current credit situation, since the required minimum. The present outward effect upon member banks and the money movement follows upon four years of net gold market had been felt earlier when the gold was imports amounting to $1,500,000,000, which earmarked. In recent weeks, however, gold were used by the member banks to repay a was being earmarked for Argentina, and this large part of their indebtedness to the reserve was an influence increasing the demand for banks and increased the gold holdings of the reserve bank credit. During the past year, reserve banks to over $3,000,000,000. In fact, as a result of improvement in financial and the gold position of the United States, as monetary conditions abroad and the consemeasured by the total stock of gold, is con- quent willingness of American investors to siderably stronger than the gold holdings purchase foreign securities, credits obtained of the reserve banks would indicate, because in the United States have been used in various during the past three years about $800,000,000 ways to strengthen the reserve position of of gold certificates has been paid into circula- foreign banks and to provide a broader gold tion. In contrast to the present export move- basis for their currencies. ment the gold exported in 1919-20 bore no relation to programs of monetary reform, but represent chiefly a withdrawal by Oriental and TREASURY FINANCE South American countries of balances accumulated during the period of the gold embargo. Consistently with the established policy of the Treasury in arranging debt maturities The extent to which foreign countries have to fall on quarterly tax-payment dates, the made use of credits in the United States as a Treasury's March financing, as announced on basis of their banking and cur- March 5, included an offering under the act Earmarked rency reserves is not fully indi- of September 24, 1917, of nine months 3 per gold. cated in the volume of gold cent Treasury certificates at par, dated March 16 and maturing December 15, 1925, and an exported. In building up their reserves foradditional offering at 100J^ of 4 per cent eign banks have acquired dollar credits, and Treasury bonds of 1944-1954, dated and have either kept them in the form of balances, bearing interest from December 15, 1924. which under the legal provisions of certain The combined offering was for $450,000,000 countries may be counted as part of their re- or thereabouts to provide for the cash requirements of the Treasury during the second quarserves, have converted them into earmarked ter of the year, in so tar as these requirements, gold, or have used .them to obtain gold for as nearly as could be forecast, were not tovered export. Earmarking of gold, as well as with- by balances on hand and prospective March drawal for export, gives rise to a demand for tax receipts. Some $560,000,000 of Treasury reserve bank credit, because in order to obtain certificates and notes were payable on March 16, and interest payable on the public debt the gold to be earmarked or exported the during March, April, and May would slightly member banks must draw upon their balances at exceed $300,000,000. On March 12 the Treasthe reserve banks. In the case of earmarking, ury announced that subscriptions for the comtherefore, the influence on the domestic credit bined offerings of certificates and bonds at situation is felt at the time when the member the close of business on March 10, when the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRII* 1925 FEDERAL RESERVE BULLETIN 235 books were closed, ran about $747,000,000. Subscriptions and allotments are shown, by Allotments were made on these subscriptions Federal reserve districts, in the table following: in the amount of $509,616,700. Of the total subsciptions, about $382,000,000 represented TREASURY BONDS OF 1944-1954, AND CERTIFICATES subscriptions for the 4 per cent bonds and OF INDEBTEDNESS OF SERIES TD-1925: SUBSCRIP- TIONS AND ALLOTMENTS BY FEDERAL RESERVE about $365,000,000 subscriptions for the 3 per DISTRICTS cent certificates. Cash subscriptions for the certificates totaled $271,000,000, and exchange Certificates Bonds tenders of Treasury certificates and notes Federal reserve m ne a w tu c r e in rt g if i M ca a te r s c h t o 1 ta 5 l , e 1 d 9 a 2 b 5 o , u in t $ p 9 a 4 y ,0 m 0 e 0 n ,0 t 0 f 0 o . r t A h l e l district Su t b io sc n r s ip- Allotments Su t b io sc n r s ip- Allotments exchange subscriptions for the certificates and all cash subscriptions not exceeding $1.000 were Total $365,230,000 $219,462,400 $382,326,400 $290,154,700 alloted in full, while cash subscriptions for larger Boston 20,046,000 10,724,000 26,880,800 21,529,900 New York 165,209,500 98,871,000 94,608,500 54,436,700 amounts were progressively reduced. For the Philadelphia 25,561,000 11,217,500 55,706,200 42,206,900 bonds, all subscriptions for amounts not ex- Cleveland 31,160,000 15,777,000 45, 659,700 32,195,600 Richmond 11,842,000 7,122,500 15,061,100 12,599,300 ceeding $10,000 were allotted in full, while all Atlanta 8,693, 500 5,843,500 17, 216,600 14,877,100 Chicago 33,314,000 26,862,500 51,177,300 48,361,700 subscriptions in larger amounts, including those St. Louis 12,875,500 8,322,000 25,155,600 22,036,800 for which payment was tendered in maturing Minneapolis 8,025, 500 5,511,000 8,944,200 7,667,500 Kansas City 9,438,500 5,816,000 9,629,800 8,275,000 treasury certificates and notes, were progres- Dallas 14,544,500 8,454,000 10,084,000 8,135,000 sively scaled down. San Francisco 24,520,000 14,941,000 22,202,600 17,833,200 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

236 FEDERAL RESERVE BULLETIN APRIL, 1925 BUSINESS CONDITIONS IN THE UNITED STATES Production in basic industries declined in February from the high rate of output in January, but continued above the level of a year ago. Notwithstanding a decline in prices of agricultural commodities; the average of wholesale prices rose slightly, owing to a further advance in prices of certain other commodities. Production.—The Federal Reserve Board's index of production in basic industries, which is adjusted to allow for differences in the number of working days and for seasonal variations, declined 2 per cent in February, but continued to be higher than at any time since the peak reached in May, 1923. Average daily output of iron and steel was exceptionally heavy, and copper production per day was the largest since 1918. There was a slight decline in activity in the woolen industry and more considerable reductions in the output of lumber, cement, bituminous coal, and crude petroleum. Production of automobiles increased 19 per cent in February, the largest monthly increase in nearly two years, but the output was still over 25 per cent smaller than a year ago. Factory employment increased by 2 per cent in February, considerable increases being reported for the automobile, iron and steel, and clothing industries, while the number of workers in the packing and cement industries declined. Earnings of indus* trial workers in February were larger than in January, reflecting in part the Resumption of full-time work after the inventory period. Reports to the Department of Agriculture of intentions to plant in 1925 indicate that the acreage of practically all grains and oi tobacco will be larger and that of white potatoes smaller than in 1924. Trade.—Total railroad freight movements continued at approximately the same daily rate in February as in January, and shipments of merchandise increased in recent weeks and were much larger than a year ago. Wholesale and retail sales were smaller during February than a year ago, owing partly to the fact that this year February had one less business day. Department-store sales were 1 per cent smaller in February than in the corresponding month of 1924. Wholesale trade in all lines, except hardware, was less than a year ago, and showed in February about the usual seasonal changes. Sales of groceries, meats, and drugs decreased, while sales of dry goods and shoes increased. Prices.—The slight rise in the wholesale price index of the Bureau of Labor Statistics was due to advances in the fuel and lighting group, largely in petroleum, and in building materials, while prices of all the other commodity groups declined. In the first three weeks of March prices of hogs, cotton goods, and rubber increased, while prices of many other commodities decreased, the largest decreases being those for wheat and other grains. Bank credit.—Loans of member banks in principal cities continued to increase between the middle of February and the middle of March and on March 11 were larger than at any PER CENT PER CENT 2001 1200 150 150 100 100 50 50 PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES 1922 1323 1924- 1925 1922 1923 1924- 1925 Index of 22 basic commodities adjusted for seasonal variations. (1919= Index of United States Bureau of Labor Statistics. (1913=100, base 100.) Latest figure, February, 124 adopted by bureau.) Latest figure, February, 160.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDERAL RESERVE BULLETIN 237 LIONS OF DOLLARS BILLIONS OF DOLLARS PER CENT PER CENT 150 150 100 100 • Investments Cbans on^*" Stocks and Bonds 50 50 FACTORY EMPLOYMENT MEMBER BANK CREDIT 1922 1923 1924- 1925 1922 1923 1924- 1925 Weekly figures for member banks in 101 leading cities. Latest figures Index for 33 manufacturing industries. (1919=100.) Latest figure, 95 March 11 time in the past four years. The volume of loans for commercial purposes has been at a high and almost constant level since last autumn, and loans on stocks and bonds, which have increased continuously since the summer of 1924, reached in March the largest amount on record. Increases in loans were accompanied by further reduction in the holdings of securities, particularly at banks in the financial centers. At the reserve banks demand for credit increased between the end of January and the middle of March, chiefly as the result of the export demand for gold and the growth in domestic currency requirements, with the consequence that earning assets increased. After March 15, however, temporary abundance of funds arising out of Treasury operations resulted in a sharp reduction in member bank borrowings. Somewhat firmer conditions in the money market in the latter part of February and the early weeks of March were indicated by a rise of the rate on four to six months' prime commercial paper from 3% to 4 per cent. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919^100] P ti r o o n d u in c- Factory Building Railroad Whole- Depar s t a m le e s n » t store Depa s r t t o m c e k n s t i store d B e a b n i k ts Year and month basic employ- contracts car sale outside of i t n ri d e u s s l - ment awarded i loadings» trade j U u n st a e d d - ju A st d e - d j U u n st a e d d - ju A st d e - d Ne C w it Y y o i rk 1924 January 120 98 170 118 80 110 126 115 131 105 February 120 99 163 125 78 102 128 127 135 110 March 116 99 164 115 80 115 115 138 137 109 August 94 87 133 111 83 93 118 126 126 108 September 103 90 150 117 92 119 131 137 128 107 October 109 91 166 120 95 141 124 147 132 112 November 107 91 196 116 84 141 126 148 131 107 December 117 93 180 124 79 210 131 124 133 112 1925 January 127 93 168 123 78 109 124 119 135 120 February 124 95 159 125 76 100 130 128 136 121 * The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations the indexes of department store sales and stocks are shown both with and without seasonal adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

238 FEDERAL RESERVE BULLETIN APRIL, 1925 BANK CREDIT During the four weeks ending March 18 commercial loans declined somewhat, owing chiefly Loans and investments of member banks in to decreases in the New York district, while leading cities, which increased almost consecured loans continued to increase, reaching tinuously throughout the greater part of last a point at the end of that period about year and during February of this year were at $900,000,000 higher than a year earlier. The a level not far below the high point reached in banks7 total investment holdings showed a January, increased further during the first marked increase for the first time since the three weeks of March, and on March 18, at decline began last autumn, reflecting increases $18,729,000,000, were in somewhat larger volduring the third week of March in all except ume than at any previous time. Accompanythe New York and Kansas City districts. ing the relatively large volume of industrial Further declines occurred in demand deand trade activity, commercial loans, which posits, which, at the end of the period, were last year declined by about $280,000,000 beabout $475,000,000 below the high point tween the peak of the preceding fall and the reached in January. A large part of this opening weeks of the year, have remained this decline was due to reductions in bankers7 year practically constant near the high point balances held by country banks with city reached last fall and in all except the Boston, New correspondents. Time deposits increased al- York, Philadelphia, Minneapolis, and Kansas most continuously, although at a somewhat City districts were, on March 18, at or above the slackened rate in comparison with the growth level of November 19, 1924. During the same of last year. The following table shows the period loans secured by stocks and bonds have principal resources and liabilities of member increased almost continuously and on the later banks in leading cities for each week between date were the highest on record. The increase, February 18 and March 18, as well as changes although general throughout all districts, was for the four weeks and for the year ending largest in the New York district. Total loans March 18: of reporting banks have increased by $387,000,- 000 since November. Accompanying this increase in loans, the investment holdings of LOANS, INVESTMENTS, AND DEPOSITS OF MEMBER some of the banks, chiefly those in New i ork BANKS IN LEADING CITIES City, have declined considerably, so that the [In millions of dollars] volume of the banks' security investments on March 18 was $100,000,000 less than last No- Loans and investments Deposits vember. In the following table are shown the changes in loans and investments of member Loans All banks in leading cities between November 19, Date cu s r e e - d l o o t a h n e s r , In- Net 1924, and March 18, 1925: Total by largely vest- de- Time stocks com- ments mand and mer- CHANGES IN LOANS AND INVESTMENTS OF MEMBER bonds cial BANKS IN LEADING CITIES, NOVEMBER 19, 1924, TO MARCH 18, 1925 1925 Feb. 18 18,575 4,930 8,241 5,404 12,995 4,936 [In millions of dollars] Feb. 25 18,538 4,949 8,193 5,396 12,932 4,951 Mar. 4 18,579 5,000 8,243 5,336 12,924 4,945 Mar. 11 18,619 4,980 8,265 5,374 13,058 4,954 Loans and investments (increase (+) or decrease(—)) Mar. 18 18,729 5,029 8,182 5,518 12,879 4,973 Increase (+) or de- Loans decrease (—): Federal reserve Four weeks enddistrict Total Com- b S y e c s u to re ck d s I m nv e e n s t t s - Ye i 1 n a 8 g r e M nd a i r n . g 1 8 Mar. +2 + , 1 1 5 0 4 9 + + 9 9 0 9 9 + - 1 5 8 9 9 +1 + , 1 0 1 1 4 1 +1 - , 1 4 1 6 6 1 + + 7 3 7 7 9 Total mercial and bonds Between the end of February and the end of Total +287 +387 -35 +422 -100 March the total volume of Federal reserve bank Boston _ +19 +30 -3 +33 -11 credit outstanding declined by about $90,- N Ph ew ila Y de o l r p k hia.... - + 1 1 28 7 + + 8 1 0 - - 2 9 1 8 + + 1 2 7 2 8 - + 2 1 08 6 000,000, and on March 25 was $1,041,000,000. Cleveland _ +30 +44 +16 +28 -14 The decrease reflected declines in the banks' Richmond +17 +7 +1 +6 +10 Atlanta +31 +24 +10 +14 +7 holdings of all principal classes of earning Chicago +83 +69 +18 +51 +14 St. Louis ___ +43 +14 +15 +29 assets. Notwithstanding the recent decline Minneapolis. -7 -12 -18 +6 +5 the volume of discounts at the end of March Kansas City +41 +34 -2 +36 +7 Dallas ___ +33 +21 +6 +15 +12 was about $175,000,000 above the low point San Francisco +108 +75 +57 +18 +33 reached in January. Further declines in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1925 FEDERAL BESBRVB BULLETIN 239 member bank reserve deposits during the vailing in the New York market during the past period accompanied reductions in member three months: bank reserve deposit liabilities. The principal resources and liabilities of the Federal reserve MONEY RATES IN NEW YOKK banks for the period between February 25 and [Per cent] March 25, 1925, and changes for this period and since March, 1924, are shown in the follow- Yield ing table: on cer- Prime Prime tificates Average PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL m c e o r m ci - al b e a r n s k ' - d o e f b t i e n d - - y 4 ie # l p d e o r n R ra e t n e e o w n al RESERVE BANKS paper, accept- ness cent call 4-6 ances, matur- Liberty loans [In millions of dollars] months90 days ing bonds June 15, 1925 Earning assets Federal January, 1925 ZY2 3 2.61 4.04 3.32 Date Total i c D ou is n - tsa c a c P h n c a u c e s r e p e - s t d - s m G i e e t c r i e o n e u n v s - r t - - s T e r o r e v t - a e l s p T o d o s e t i - a t l s l c s a n i e r t r o e r i c v t o - u e e n - A Fe v b e r M M M ra u g a a a a e r r r r y . . . f , o 7 1 2 1 , 4 r 1 1 9 , , w 1 9 1 2 9 2 9 5 e 2 2 5 e 5 5 k ending- 4 4 4 %K 2 2 2 2 . . . . 6 8 7 7 2 2 3 8 4 4 4 4 . . . . 0 0 0 0 2 2 3 5 3 4 4 3 . . . . 6 7 2 1 0 0 0 0 Mar. 28,1925 4 ZH 2.81 4.00 3.60 1925 Feb. 25 1,130 434 317 365 3,030 2,270 1,729 The advance of the New York Federal Mar. 4 1,101 401 304 383 2,996 2,238 1,727 Mar. 11 1,114 410 301 388 3,011 2,256 1,731 Reserve Bank's rediscount rate was followed Mar. 18 1,057 339 277 428 3,011 2,211 1,720 Mar. 25 1,041 378 307 344 3,008 2,184 1,709 by an announcement by the Bank of England that it would immediately raise its rate for Increase (+) or decrease (-): loans to the market from 4 3^ to 5*^ per cent. Four weeks •ending Mar. The bank's official discount rate was ad- 25 -89 -56 -10 -21 -22 -86 -20 vanced from 4 to 5 per cent on the following Year ending Mar. 25 +99 -104 +104 +87 -215 +177 -274 Thursday, March 5. Market rates quickly responded to this change, and the rate on three 1 Including foreign loans on gold and all other earning assets. months' bank bills, which had averaged 3% MONEY RATES per cent for three successive weeks, was quoted at 4:{%-4% for the week ending February 2, Firmer conditions in the New York money with a later decline to 4^ per cent in March. market toward the end of February were Treasury bills were tendered at an average of accompanied by increased borrowing by mem- 4.638 the last week in February, and 4.393 perber banks from the New York Federal Reserve cent the second week in March. Bank, and on February 27 the bank raised its rediscount rate from 3 per cent, the rate ACCEPTANCE MARKET which had been in effect since August 8, to 3% per cent. Immediately afterwards the With generally firmer money conditions durreserve bank's minimum buying rates on ing the latter part of February, an increase in bankers7 acceptances were advanced one- the supply of bills in the acceptance market eighth of 1 per cent. Open market rates on was reported by dealers in New York and other commercial paper and acceptances increased, cities. On February 27, following the advance following these reserve bank rate changes, and in its rediscount rate, the New York Federal thereafter remained constant during March. Reserve Bank raised its minimum buying rates The prices of short-term Government securi- on 60 and 90 day bills by one-eighth per cent. ties reflected the movement of rates, and the Bill dealers in New York thereupon increased yield on four to six months' maturities ad- their rates, and this was followed later by invanced slightly, but continuously, through creases in dealers' rates in Chicago and other March. Prices of Government bonds moved cities. The volume of bills in the New York hardly at all. however. The renewal rate on market increased temporarily after the rise call loans fluctuated about 4^ per cent early in rates and dealers' sales to the Federal in March, but later declined to 33^ per cent. Reserve Bank were large. During the two In general, money rates toward the end of weeks preceding March 18, however, demand March were higher than at any time since last slightly exceeded supply in most centers, owing May. The table below shows the rates pre- in part to increased purchases by out-of-town Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

240 FEDERAL RESERVE BULLETIN APRIL, 1925 banks. For the whole period from February The volume of foreign flotations in January 18 to March 18 New York dealers7 purchases was the smallest since June, amounting to exceeded their purchases during the preceding $74,500,000, according to the compilation of four weeks period by about 10 per cent and the Federal Reserve Bank of New York. This were larger than for any similar period in 1923 compares with $179,716,000 in December and or 1924. Their sales to other investors than $80,278,000 in January, 1924. The largest Federal reserve banks were less than in the issues were $12,000,000 of bonds by the August preceding four weeks and their sales to Federal Thyssen Iron & Steel Works and $15,000,000 of reserve banks three times as great. Dealers' bonds by the Bell Telephone Co. of Canada. portfolios on March 18 were almost 20 per cent SECURITY PRICES smaller than on February 18. Bills drawn in transactions covering cotton were mainly in The prices of representative common stocks evidence, with grain, silk, and copper next in averaged near the high points of 1924-25 importance. The bid and offered rates in the during the last week in February, declined New York market on March 18 ranged from somewhat the following week, and fell sharply 3M~3Ms P^ cent on 30-day bills and 3^-3^ during the last three weeks of March. The per cent on 60 and 90 day bills to 3^-3^ per decline was general and almost as marked in the cent on 180-day bills. case of railroad as in the case of industrial securities. Only a few groups of stocks, those of elec- CAPITAL ISSUES trical equipment, railroad equipment, telephone and telegraph, and farm machinery companies, According to the compilation of the Commeradvanced or remained relatively stable in price cial and Financial Chronicle, $533,000,000 of during the decline. On March 30 the prices of new domestic securities were issued in the many stocks averaged 15 to 25 points below the United States in January, 1925, exceeding the highest prices reached in 1925. The price decline December total by nearly $200,000,000 and the was in general accompanied by diminishing January, 1924, volume by $100,000,000. Muactivity in the market, but the average volume nicipal issues were unusually large, and among of sales during the week ending March 20 was corporate flotations the securities of industrial the largest in two months. Bond prices declined and public utility corporations predominated. gradually in March, but during the last week A single issue of $125,000,000 35-year debenof the month still averaged above the levels of tures was brought out by the American Tele- January. The following table gives indexes of phone & Telegraph Co. Railroad issues were stock prices computed by the Standard Statissmall, as they have been for the past few tics Co. of New York, the average prices of 40 months. In addition to the flotation of new bonds computed by Dow, Jones & Co., and the corporate securities, refunding issues equal to average number of shares of stock sold daily on over 18 per cent of the total were put out, in the New York Stock Exchange for the last four comparison with about 9 per cent of the cormonths: porate issues of January, 1924, intended for refunding purposes. The following table shows INDEX NUMBER OF SECURITY PRICES the domestic securities issued in January, 1925, as compared with those of the previous Price indexes of- A a v g e e rmonth and o D f O M Ja E n ST u I a C ry C , A P 1 I 9 TA 2 L 4 : ISSUES d 2 s u 0 to s 2 t c r i k i n a s - l 3 s r 1 t o o r a c a d k i s l- sto 23 c 3 ks b A p o o a r v n f i g e c d 4 e r e s 0 - * o d s b n f h s a e u o a s i r m l l t r y d o o e - c f s a k [In millions of dollars] (000 omitted) January, 1925 December, January, 1924 Average for— 1924 December, 1924.. 119.7 111.3 117.2 90.67 1,788 January, 1925 125.8 112.6 122.0 90.91 1,774 Re- Re- Re- February, 1925... 127.5 112.9 123.2 91.55 1,688 New funding New funding New funding March, 1925 123.9 110.3 119.9 91.35 1,651 Mar. 2, 1925 128.8 114.2 124.5 91.63 1,353 Mar. 9, 1925 127.0 113.1 122.9 91.60 1,751 Total corporate | 373.4 85.1 56.0 270.9 27.8 Mar. 16, 1925 123.5 110.7 119.7 91.44 1,499 Mar. 23, 1925 121.3 108.5 117.5 91.34 1,931 Long-term bonds Mar. 30, 1925.... 119.1 105.1 114.9 91.09 1,506 and notes 261.4 20.4 151.0 33.8 187.7 25.9 Short-term bonds 1 For the industrial stocks, the average of 1917-1921 prices equals 100; and notes 44.0 62.4 11.2 19.7 19.1 for the rails the average of the high and low prices made in the 10 years, Stocks 68.0 2.3 86.1 2.5 64.1 1913-1922, equals 100. The indexes are weighted by the number of shares of each stock outstanding. Prices used are closing quotations on Monday. Farm loan issues i 36.9 2.3 69.0 2 Arithmetic average of daily peak and low prices, as published in the Municipal I 122.8 86.3 3.4 93.4 Wall Street Journal. Weekly averages are for week ending with Saturday, preceding date given. Total 533.1 336.9 59.3 433.3 28.6 3 Saturdays omitted. Weekly averages are for five days ending with Friday, preceding date given. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRII* 1925 FEDERAL RESERVE BULLETIN 241 AGRICULTURAL CREDIT BANKS $2,684,000,000. The loans of the joint stock land banks have amounted to $468,000,000 Intermediate credit banks closed direct loans and the land mortgaged to 15,000,000 acres amounting to $1,442,866 during February, valued at $1,204,000,000. The following table 1925, as compared with $4,206,931 during summarized from the report shows the pur- January, and rediscounts of $3,607,068, as poses for which these loans have been granted: compared with $2,688,046 in January. The following table shows their direct loans out- FEDERAL LAND BANES AND JOINT STOCK LAND BANKS standing on March 14, 1925, compared with LOANS TO OCTOBER 31, 1924 those outstanding on February 14, classified [In thousands of dollars] by the commodities on which the loans were based, and a similar comparison for redis- Federal land Joint stock counts classified by borrowing organizations. banks land banks Total Class of loan INTERMEDIATE CREDIT BANKS Amount c P e e n r t Amount c P e e n r t Amount c P e e n r t [In thousands of dollars] To pay mortgages and other debts 748,474 77 393,625 84 1,142,099 79 Feb. 14, Mar. 14, For purchase of mort- 1925 1925 gaged or other land. 96, 529 10 49,081 11 145,610 10 For buildings and improvements, includ- Direct loans outstanding on- ing irrigation 52,219 5 15,504 3 67, 723 5 Cotton 11, 914 6,884 For implements and Tobacco . 21,650 22,875 equipment 9,967 1 5,725 1 15,692 1 Raisins 4,000 4,000 To purchase livestock. 19, 385 2 3,864 1 23, 249 2 Wheat 1,599 1,518 For fertilizer 1,005 186 1,191 Prunes 1,223 1,216 For bank stock 49,183 49,183 3 Canned fruit and vegetables 427 297 P R e ic a e n uts ... _- 3 3 0 5 0 0 3 3 1 5 3 0 Total 976, 762 100 467, 985 100 1,444,747 100 All other 149 97 AGRICULTURE Total 41, 612 37, 550 Rediscounts outstanding for— Aggregate value of crop and livestock pro- Agricultural credit corporations ._. 9,644 12,218 duction in the United States in 1924 was National banks 18 16 State banks 745 690 $12,404,000,000, as compared with $12,348,- Livestock loan companies 8,640 8,873 000,000 in 1923. Crop production amounted Savings bank and trust companies _ 152 151 to $11,404,000,000, but approximately $4,951,- Total 19,199 21, 948 000,000 worth of crops were fed to livestock. The value of livestock and livestock products The eighth annual report of the Federal was estimated at $5,951,000,000, as compared Farm Loan Board shows that 42 per cent of with $6,233,000,000 in 1923. The following the rediscounts outstanding on December 31, table shows the value of the principal groups of 1924, were secured by cattle, 21 per cent by crops and livestock raised in 1923 and 1924: other livestock, and 37 per cent by other general agriculture. Direct loans to the amount of $57,077,726 and rediscounts to the amount Value of $33,351,161 were closed during 1924. Commodities 1923 1924 Federal land banks increased their mortgage loans during February by $9,665,247 to Cereals $4,138,000, 000 $5, 220,000,000 $944,994,926 and joint stock land banks by Cotton and cottonseed 1, 657,000, 000 1, 701,000,000 $10,480,737 to $464,873,771. According to Hay and forage 1,619,000,000 1, 733,000,000 Fruit crops. _ 642,000, 000 626,000, 000 the annual report of the Federal Farm Loan Vegetables 1,169, 000,000 1,018, 000, 000 Dairy products 2,652, 000, COO 2, 586,000, 000 Board the Federal land banks closed loans to Animals raised 2,440,000,000 2, 267,000, 000 47,227 borrowers, aggregating $165,509,845 Poultry and poultry products. 1,038,000, 000 994,000,000 during 1924, and the joint stock land banks 11,390 loans, aggregating $74,586,761. From With the exception of the drought which has the organization of the Federal land banks to continued in the Southwest, weather conditions October 31, 1924, they have granted loans to were generally favorable for farm operations the amount of nearly $1,000,000,000 secured late in February and the early weeks of March. by the mortgaging of about 60,000,000 acres Reports to the Department of Agriculture by of land valued, together with buildings, at farmers of their intentions to plant in 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

242 FEDERAL RESERVE BULLETIN APRIL,, 1925 indicate that the acreage of all grains except the farm supply of wheat was the smallest since flaxseed, sweet potatoes, tobacco, peanuts, 1918. Rapid marketing of wheat and heavy and rice will be larger than the acreage har- exports were largely responsible for the large vested in 1924. The acreage of white potatoes reduction in farm stocks, but the small stocks is expected to be smaller and planting of hay of corn were due in a large measure to the no larger than last year. smaller crop than in 1923. Marketing of Marketing declined further in February, grains was in 31 per cent smaller volume in and exports were in the smallest volume since February than in January, and exports were last August. All commodities were shipped in the smallest since last July. As compared with smaller volume in February than in January, a year ago, combined receipts of all grains at the and all products except cotton and tobacco principal markets were lighter, but the aggregate were marketed in smaller volume than last volume of grain exports was about the same. year. Exports of all agricultural products Wheat exports, on the other hand, continued in except dairy products were smaller than in larger volume than in 1924, but this increase the preceding month, but, due to a continua- was offset by smaller shipments of other grains. tion of heavy shipments of cotton and wheat, After reaching a high point of slightly more the total volume of exports was larger than in than $2.17 a bushel late in January, cash wheat February last year. Prices of farm products, prices, as represented by quotations for No. 2 red as measured by the farm price index computed winter wheat at Chicago, declined rapidly until by the Department of Agriculture, were at the middle of February. During the third week about the same level in February as in Janu- of February they began a second rapid adary, but they were 7 per cent higher than last vance and reached a high point on March 3. year. Thereafter they declined rapidly, until the middle of the month to about 42 cents below the Grain high point of the year. Prices of other grains Winter wheat and other grain crops came followed those of wheat to a considerable extent, through the winter in fairly good condition, but the fluctuations were much less violent. though a few sections reported losses from Cotton freezing. Early in March there was some suffering from drought throughout the greater The American cotton crop in 1924 amounted part of the winter-wheat belt of the Southwest, to approximately 13,619,000 bales, as combut rains in the middle of March were very pared with 10,141,000 bales in 1923, and was beneficial to the crop in the Kansas City Fed- the largest yield since 1914, when 15,906,000 eral reserve district. In the Dallas district the bales were produced. Marketing has contin- (Irolight has continued and caused considerable ued at a rapid rate, and from the beginning of losses to the crop. Preparations for the plant- the season to the middle of March approxiing of the spring wheat crop progressed rapidly mately 13,180,000 bales moved from the planin March, and according to reports to the De- tations and small interior towns of the South partment of Agriculture on March 1 by farmers to market. For the same period last year of their intentions to plant, the acreage of approximately 9,960,000 bales moved into spring wheat will be 14 per cent greater than sight, or 3,220,000 bales less than this season. that harvested last year. The winter wheat This is about the difference in the size of the acreage sown last fall was 6.5 per cent greater two crops, indicating that stocks left on the than a year earlier, and after allowing for the plantations and interior towns of the South are average abandonment and considering the in- in about the same volume as last year. crease in the spring-wheat acreage, the Depart- Heavy shipments from the producing areas ment of Agriculture reports that the increase in have been due to the increased domestic and the total wheat acreage will be approximately foreign demand for raw cotton. Exports and 7 per cent, or 3,800,000 acres. Intended in- takings by American spinners for the season to creases of 2 per cent in the acreage of corn, 6 March 13 amounted to 11,588,000 bales, as per cent in the acreage of oats, and 23 per cent compared with 9,139,000 bales last year. Exm the acreage of barley are shown for the coun- ports, however, for the same period increased try as a whole. much faster than buying by American spinners Stocks of all grains except oats on farms on and in fact the number of bales exported for March 1, 1925, were smaller than a year earlier. the period to March 13 was 13 per cent larger Stocks of corn were the smallest since 1917, and than the total for the entire preceding crop Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL* 1&25 FEDERAL RESERVE BULLETIN 243 year. Preparations for the new crop made good According to reports to the Department of progress in the Southeastern States, where the Agriculture, an increase of approximately 10 weather was generally favorable in March and per cent in the total tobacco acreage is conwhere rains during the early winter months templated by growers, but the greatest inprovided ample moisture. In the Dallas Fed- crease is expected in the South Atlantic States, eral reserve district, on the other hand, con- particularly in Georgia, where the crop in 1924 tinuation of the drought retarded farm work, was good and prices were exceptionally favorand the outlook there is unsatisfactory. Early able. Preparations for the new crop are being reports indicate that, in view of the late au- advanced rapidly and good progress has been tumn and the generally mild winter throughout made in sowing plant beds. most of the Cotton Belt, conditions have been Production of all tobacco products was seafavorable for weevil hibernation and that in- sonally smaller than in January, and the output festation in the southeast is likely to be no of all products except cigarettes was smaller greater than last year. than in February last year. In the Philadel- Continuation of the demand for cotton from phia Federal reserve district cigar manufacboth domestic and foreign consumers and the turers have only a small amount of orders on unfavorable conditions for the crop in the hand and are operating on a basis of from 50 Southwest were partly responsible for a con- to 80 per cent capacity. siderable rise in the price of cotton in February and March. From 23.6 cents a pound on Jan- Fruits and vegetables. uary 23, the price of middling cotton at New Generally warm weather late in February Orleans advanced to 26 cents for the week in the fruit-growing sections of the South and ending March 6. Since that time the market Southeast caused early fruit buds to advance has declined slightly, reaching 25.4 cents a rapidly, and as a result considerable damage pound on March 20. A year ago the price was done by the low temperatures early in was 29.3 cents a pound. 'March. Reports from Georgia indicate that the peach crop suffered somewhat, but the Tobacco. extent of the damage is yet uncertain. In Marketing of tobacco in February was in Florida and California the citrus fruits were smaller volume than in January, and in the not seriously affected by the cold weather and Richmond Federal reserve district many of the were reported to be in good condition up to bright tobacco markets closed for the season the middle of March. Recent estimates by in February and March. Approximately 94 the Department of Agriculture indicate that per cent of the crop grown in Virginia had been because of the smaller size of oranges than sold or delivered to the Tobacco Growers' Co- expected earlier in the season the crop in operative Association for sale by March 1, as Florida will be below the original estimate of compared with about 90 per cent of the crop 13,400,000 boxes. for the same period last year. The quality of Marketing of fruits and vegetables declined the tobacco sold at the Virginia markets in in February, and fruits were moved to market February was below that of February, 1924, in much smaller volume than last year. Smaller and the average price was lower than last year. shipments of apples and oranges than in Jan- In the St. Louis district sales of all tobacco uary were the principal factors in the decline. were smaller in February than in January, but Total shipments of oranges this season have they were in considerably larger volume than been below those of last year, but the decline last year. In fact, sales of burley tobacco, the has been due entirely to the smaller crop in bulk of which is grown in the St. Louis district, California, since the movement from Florida were 13 per cent larger than last year, and through February amounted to 20,114 cars, as sales of the western dark crop were more than compared with 19,101 carslastyear. Shipments twice as heavy as in February, 1924. The quality of vegetables from Florida, on the other hand, of the crop in that district has been better than for the season through February were in about last year and prices have been higher. The 30 per cent smaller volume than last year. Burley Tobacco Growers' Cooperative Associa- The total volume of apples that was shipped ation, which markets the greater part of the for the season to the end of the first week in burley crop, has sold approximately 175,000,000 March was 26 per cent smaller than last, year, pounds since the opening of the season on De- and as a result of this smaller movement stocks cember 1, including the remainder of the 1922 crop of apples in storage are 33 per cent smaller than -and large quantities of the 1923 and 1924 crops. last year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN APRIL, 11)25 Livestock. Dairy products. With the exception of the range area in the Stocks of butter and cheese, which have Dallas Federal reserve district and a few sec- been a depressing factor on the market for tions in the southwestern part of the Kansas many months, continued to decline in Febru- City district, where the drought has continued, ary, but cold-storage holdings of butter at the pastures and ranges improved in February five principal markets are still about three and March, and the condition of livestock in times as heavy as a year ago. Stocks of cheese, those areas was higher at the beginning of on the other hand, have been reduced gradu- March than a month earlier. Spring move- ally since the high level of last September, and ments of cattle from the ranges of the South- are now slightly smaller than last year. Rewest to the grass pastures of Kansas, Okla- ceipts of butter at these markets, which are homa, and Nebraska, which usually begin the best available indicators of production early in March and continue to the end of for the entire country, were in 9 per cent June, are estimated by the Department of smaller volume in February than in January, Agriculture to be 12 per cent less than last which can be attributed in part to the fewer year. A total of 862,000 head, as compared working days in February. As compared with with 984,000 head last year, is expected to be 1924, receipts in February were 12 per cent shipped from the Southwest. Generally ex- smaller and continued lighter in the first week cellent returns from early spring lambing are of March than last year. reported from the sheep-raising sections of High prices for dairy feeds in relation to the San Francisco Federal reserve district, prices for butterfat have caused dairy proand the condition of the early spring-lamb ducers in the eastern regions of the United crop in other sections is generally favorable. States to curtail feeding considerably, with the According to estimates by the Department of result that milk production has been lighter. Agriculture, the number of spring Iambs avail- The Department of Agriculture reports that able for market before July 1 will be consider- this has caused a shortage in the city milk ably larger than last year and will compare supplies of the eastern section, and in order favorably with the average for the past five to fill their requirements heavy purchases years. of sweet cream have been made in the middle Marketing of livestock is seasonally smaller in west dairy States for shipment to the East. February than in January, but this year receipts The shipping of sweet cream curtailed butter were 21 per cent smaller than in January, which production, which was an important factor was the largest decline for that month on record. in causing light receipts at the principal mar- Marketing of hogs was in 25 per cent smaller kets early in March. volume, which accounts for a considerable part Notwithstanding heavy stocks, prices of of the unusually heavy decline in the total butter began to advance early in February, marketing between January and February. and by the middle of March they had ad- As compared with February last year, cattle vanced from 40 to 48 cents a pound for 90and calves were marketed in greater numbers, score butter at New York. On March 20 the but hogs and sheep were sold in smaller volume. price was 47.8 cents a pound, as compared The one less working day in February this with 47.5 cents a pound a year ago. year than in 1924 is largely responsible for the smaller sheep receipts at principal markets, MINING but the decline in hog receipts reflects the Coal and coke. smaller available supplies to be marketed this year. Continued mild weather and the approach of Prices of meat animals continued to advance spring accentuated the recession in the bituin February, when the Department of Agri- minous-coal industry which started in the culture's index of farm prices for meat animals middle of January, until both production and reached 126, the highest since November, 1920. prices during the second week of March In March the price of hogs continued to rise, touched the lowest levels since late in the and on March 20 it was $13.80, as compared summer of last year. The Coal Age index of with $7.30 a hundred pounds a year earlier. spot prices for bituminous coal has gone Prices of other animals are also higher than in under $2, on March 16 standing at $1.99, as 1924, but the greatest increase has been in compared with $2.04 one month earlier and the price of hogs, which may be attributed in a $2.12 on January 12. Weekly production of large measure to the smaller supply to be bituminous coal has declined steadily since the marketed this year. middle of January, except for the first week in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL,, 1925 FEDEBAL BESERVE BULLETIN 245 March, and for the week ending March 14 fined products increased. Refiners' stocks of was estimated to be 8,623,000 net tons, as all products except fuel oil were larger than at compared with 12,590,000 for the week ending the end of December, and supplies of all prod- January 10. The week ending March 14 ucts were larger than at the end of January made the fifth consecutive week in which last year. About the middle of March these average production per working day fell below stocks became a depressing factor on the that of the corresponding figures of the pre- market, and there was a general downward ceding three years. Total February produc- movement in quotations of all the principal tion of bituminous coal was 38,963,000 net refined products. The price of gasoline was tons, the lowest for any month since last reduced 1 cent a gallon on March 19 by several August and below any February since 1921. of the leading refining companies serving the The market for anthracite coal has also felt eastern and southern sections of the United the effects of mild weather, and with the States, and similar reductions were announced approach of spring independent prices have in California by several independent comfallen. Production for the month of February panies. is estimated at 7,176,000 net tons, as com- Metals. pared with 7,400,000 in January, and 7,621,000 in February of last year. The dullness which characterized the market February production of both by-product for nonferrous metals in the preceding month and beehive coke receded from the high Janu- continued during the last half of February and ary levels, the former standing at 3,125,000 the first half of March and was accompanied short tons, as compared with 3,411,000 in by further price recessions from the January January, and the latter at 1,054,000 as com- levels in copper, zinc, lead, tin, and silver. pared with 1,170,000. As compared with The price of refined electrolytic copper de- February of 1924, however, production of livered at New York, which stood at 14 J^ by-product coke was larger and of beehive cents on February 18 as compared with 15J^ smaller, both by about 150,000 tons. As cents on January 14, fell a further J^ cent compared with 276,000 tons for the week during the month and was quoted at 14 J^ cents ending February 7, which marked the high point on March 18. Due in part to the shorter of the current movement, production of beehive month, February copper production, estimated coke during the week ending March 14 was at 138,772,000 pounds, was 7 per cent below the 243,000 tons, or 12 per cent less. high January output, but with that exception exceeded any other month since the war. Petroleum. Production of lead during February was 14 per Rapid advances in the prices of crude petro- cent above the same month last year and only leum in January and February resulted in con- 5 per cent under the high January figure, while siderable expansion of operations in the pro- prices for both lead and zinc, after receding ducing areas of the South and Southwest. during February, stabilized during the first half In February the daily average output of crude of March. Shipments of slab zinc from reoil was about 2 per cent larger than in Jan- fineries during February, though under the uary, and during the first weeks of March daily preceding four months, were still in excess of production continued to increase, and for the production, and stocks at the end of the month week ending March 14 daily output amounted of about 17,000 tons were the lowest since the to 1,949,200 barrels, the largest daily average middle of 1923. * volume since January. In view of this rapid Silver production, estimated at 5,077,000' expansion in production and a growing hesi- ounces during February, was the lowest since tancy on the part of refiners to purchase light July, 1924, and materially below February of oil at more than the posted prices, crude-oil last year. With India the chief factor in the prices were reduced at several leading fields, market, quotations for bar silver in New York the most significant being the two successive reached a low of 67% cents on March 14—1% reductions of 15 cents each in the second and cents off from the end of January high point. third weeks of March by the Standard Oil Co. Prices immediately recovered to 68 cents, howof Louisiana of Smackover and Cotton Valley ever, and at that quotation on March 18 were crude oil. only % cent below the corresponding Feb- Activity in the refined products industries ruary quotation. Deliveries of tin in the continued, to increase during February, and United States during February exceeded the with rapidly advancing prices stocks of re- preceding month and were the highest since Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDEEAL. RESERVE BULLETIN APRIL, 1925 April, 1924, while stocks of 3,949 tons at the meat products were considerably smaller than end of the month were somewhat below the last year. Sales at meat-packing houses, on January figure, but still in excess of the three the other hand, reporting to the Chicago Fedpreceding months. Following fairly stable eral Keserve Bank were in larger volume than prices during February, recessions character- in February last year. ized the first half of March, and straits tin was Recent estimates by the Department of quoted at 53 cents on March 18, as compared Agriculture show that the production and conwith 57 cents a month previous and 60 J^ cents sumption of pork products in 1924 were slightly on January 3. smaller than the record volumes in 1923, but they continued larger than in other recent MANUFACTURING years, as is shown in the chart. Food products. I BILLIONS OF POUNDS Production of flour and meat products was PORK PRODUCTS seasonally smaller in February than in January, but the output of sugar was larger. The | EXPORTS DOMESTIC CONSUMPTION output of flour was in 13 per cent smaller volume than in January, the greater part of which decline was due to fewer working days in the later month. As compared with last year the actual output was smaller, but daily average output this year was approximately 3 per cent larger than in February. Wide fluctuations in the price of wheat were disturbing factors to the flour market in February and I early in March, and buying was less active and exports were slightly smaller. While wheat continues to go abroad in larger volume than last year, flour exports in February were 1922 1923 about 30 per cent smaller than last year, and, Textiles. with two exceptions, 1914 and 1917, the Feb- Buying of textile products was not particuruary volume was the smallest for that month larly heavy during February and the first for any year since 1913. three weeks of March. Production was fairly Although the volume of sugar produced in well maintained during the period for the pur- February was seasonably greater than in Jan- pose of filling orders previously received. uary, it was the smallest February output Cotton prices advanced somewhat, but recessince 1921. Grinding operations in Cuba in sions were noted in silk and wool quotations. February and early in March were at a high Toward the end of February increased point, and preliminary estimates indicate that activity was noted in markets for cotton the world crop of sugar in 1924-25 will exceed goods and yarns, and prices advanced some- 23,000,000 long tons, as compared with 20,660,- what. About the middle of March, however, 000 long tons in 1923-24. Prices of both raw buying slackened, and trading in general was and refined sugar were higher in the middle of somewhat quieter. Ginghams have been the March than a month earlier, but were about most active of the staple finished goods, and 2 cents a pound loWer than a year ago. during the first week of March gingham prjces Under the influence of the usual seasonal de- for fall were advanced 1 cent a yard by a large cline in the slaughter of cattle and sheep and a producer. Because of this and other increases, decline of 26 per cent in the number of hogs the Fairchild cotton-goods index rose more in slaughtered, the production of meat products the week ending March 7 than in any single was in 23 per cent smaller volume than in Jan- week since last November. Another increase uary and 8 per cent less than last year. Stocks the following week brought the index to 15.822, of beef, mutton, and lamb products were slightly the highest figure recorded since last August. smaller at the beginning of March than a month A slight decline was noted later in March. earlier, but stocks of pork products and lard These changes were very small, however, and were larger. As compared with a year ago, the index has been remarkably steady for stocks of all meat products except pork were about a year. The first advances of the year larger. Both the domestic and foreign de- in the Fairchild cotton-yarn index occurred in mand declined in February, and exports of the three weeks following February 21, but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDERAL RESERVE BULLETIN 247 reports indicate that the demand for yarns Demand continues to be greater for woolens continued to be somewhat limited. Mill than for worsteds. Production was at a slightly operations have been at a high rate, and the lower rate in February than in January, acdaily average consumption of raw cotton in cording to statistics of active machinery hours. February was the largest since 1923. The Worsted spindles, looms, and combs showed^a number of active cotton spindles also increased reduction in activity, while woolen spindles and the number of active hours equaled 100 and cards were more active. The decline in per cent of single-shift capacity. The accom- mill consumption of raw wool may be accounted Eanying chart shows the trend of consumption for by the smaller number of working days in y mills in cotton-growing States and in all February. Substantial increases in the numother States for the past five years. The ber of men's and boy's garments cut were noted southern mills consumed more in January, in January, and employment figures indicate 1925, than in any other month on record, a further seasonal enlargement of activity duralthough total consumption in that month has ing February in both the men's and women's been exceeded in previous years. Cotton clothing industries. finishers reported an increase in activity dur- Raw-silk markets, after a period of great acing February, and shipments and orders were tivity in January and early February, later smaller than in January only because of fewer weakened somewhat, and prices declined beworking days in February. tween the middle of February and the end of March. Imports of raw silk were heavy in T 5 H 0 O 0 U 1 SANDS OF BALES THOUSANDS OF BA 5 L O E C S February and exceeded mill takings, although they, too, were large. Stocks consequently increased and at the end of February almost 400 equaled the record-breaking supplies held on December 31. The thrown and broad silk industries, however, have been fairly active. A good demand for silk products is reported, and operations have continued at a relatively high rate. Many orders for future delivery have been booked, and some mills report sufficient unfilled orders to insure operations for about 80 days. Considerable improvement has been recently noted in the knit-goods markets. The demand for hosiery has been good, and manufacturing operations have increased. January 1920 1921 1922 1923 1925 production was greater than that of December, Weakness in the raw-wool market is an at- and preliminary reports indicate an increased tributed cause for slackened activity in the daily average output in February, particuwoolen and worsted industry. Raw-wool larly of women's hosiery. Shipments were prices in January reached the highest level greater than in January, but the volume of since 1920, but since February 1 they have been orders declined. Sales of underwear have rather steadily declining in nearly all the mar- likewise increased. January figures showed kets of the world. The Fairchild index of do- large increases in production, orders, and shipmestic wool prices fell from a maximum of 145.3 ments as compared with the three preceding on January 31 to 130.7 for the week ending months, accompanied by reductions in stocks. March 21. March auctions in London opened No important price changes in knit goods have with prices from 10 to 15 per cent,below closing occurred within recent weeks. quotations at the February sales, but a better Iron and steel. aemand developed during the course of the sales. In the second week of March manu- During February the iron and steel industry facturers opened their fall lines of dress goods. continued manufacturing operations at a high Advances from prices at the previous opening rate. Shipments were also large, and despite were noted where lines were comparable. reports of declines in buying, the unfilled orders Markets for both men's and women's wear of the United States Steel Corporation showed have been rather quiet recently, and reports do a further increase. Since the 1st of March not indicate active buying of the new fall lines. there are indications of reductions in the back- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL RESERVE BULLETIN APRIL, 1925 log of orders upon which most companies have in the United States during February totaled been operating in recent weeks, and the rate of 242,000 cars, as compared with 204,600 in Januproduction has slackened somewhat. The ary. This increase of over 18 per cent was the daily average output of pig iron and steel ingots largest monthly increase reported since early in February was the largest ever recorded in 1923. The February output, however, was 28 that month, but reports indicate that opera- per cent less than that of February, 1924. The tions were lower during the latter part of production of trucks, on the other hand, was March than they were a month earlier. Fur- greater than a year ago. naces in blast increased from 251 at the end Distribution of automobiles was likewise larger of January to 256 on February 28, the smallest in February than in January. Manufacturers, monthly increase since last August. producing 63 per cent of the total output, re- After the middle of March evidences of ported to the Federal Reserve Bank of Chicago greater activity in iron and steel markets were increases of 21 per cent in sales to dealers and noted, and reports indicated the beginning of of 33 per cent in dealers' sales to users. Dealbuying for spring needs. Some mills increased ers' sales were 87 per cent of their purchases, as operations. Buying, however, apparently did compared with a corresponding percentage of not increase to any material extent, and the 79 per cent in January. It is usual at this pemarket later became somewhat less active. riod of the year for this ratio to be below 100. Prices have been weak, and in recent weeks Dealers also reported increases in sales as comseveral reductions have been made. The Iron pared with February, 1924, both of new and of Age composite pig-iron price fell in March used cars. Stocks of new cars were smaller and from $22.50 to $21.88 a ton, and the correspond- of used cars* larger on February 28 than at the ing steel price fell to 2.531 cents a pound from end of February last year, frice changes in 2.546 cents. Prices of scrap material have also March were reported by two producers of highdeclined. priced cars, one announcing increases and the The automobile industry has recently been other decreases. the most active factor in the iron and steel Seasonal increases in production and declines market, and buying of sheets and strip steel in shipments of automobile tires and tubes by automobile producers has been on a larger during February resulted in an enlargement of scale than at any time since the spring of 1924. finished stocks of inner tubes to the largest Lower prices for sheets have stimulated large amount on record and of tires to the third largorders for second quarter needs. Railroads est. Crude rubber prices advanced steadily have recently bought rails in fairly large during February and March, rising above 40 quantities, but orders for cars and locomotives cents, the high point reached at the end of have been smaller than a year ago. According December. to Iron Age, car orders totaled only 21,000 cars in the first three months of the year, as com- Lumber. pared with 50,000 cars in the same months of Production of lumber in February, as reported 1924, and the output of and unfilled orders by the National Manufacturers Association, for locomotives are much smaller than a year totaled 1,126,600,000 feet, falling short of the ago. Structural steel awards were larger in January cut by some 98,000,000 feet and of the February than in January, but the total for cut in February, 1924, by .83,000,000 feet, but the year to date is much smaller than that for exceeding that recorded for February of any year the corresponding period last year. in the preceding decade. The Federal Reserve Board index for lumber production, corrected Automobiles and tires. for seasonal variation, which had risen from 128 After months of unsatisfactory business, in December to 145 in January, dropped back definite improvement was noted in the auto- to 127 in February, a point above that recorded mobile industry during February and March. for any preceding February of recent years, Dealers, distributors, and manufacturers have excepting 1924. Shipments m February totaled all felt the effects of the greater demand, and 1,133,200,000 feet, falling short of shipments in both sales and production have increased. January by 154,200,000 feet, and of shipments in They are, however, far below those for this time February, 1924, by 83,400,000 feet, and exceedlast* year, when the industry was passing ing production in February by 6,600,000 feet. through a period of activity never before or As reported by the West Coast Lumbermen's since excelled. Production of passenger cars Association, shipments of Douglas fir, which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL* 1925 FEDERAL RESERVE BULLETIN 249 exceeded production in December and January of both sole and upper leathers from cattle fell below production in February and, as hides decreased in January, whereas the outreported by the Southern Pine Association, put of uppers from calf, sheep, and goat skins shipments of southern pine, which were run- increased. Production of all kinds, except ning in volume very nearly equal to production calf leather, was smaller than a year before. during December, fell below production in both Both finished stocks and stocks in process were January and February. in every case lower than at the end of January, 1924. Preliminary figures for February show MILLIONS OF FEET MILLIONS OF FEET that the output of sole leather was 1,211,945 backs, bends, and sides, as compared with 1,296,319 in January and 1,242,656 in February, 1924. Tanners7 finished stocks and stocks in process were smaller than at the end of January. Shoe manufacturers have been busy recently producing and shipping goods for Easter business. Buying compares favorably with that of last year. The production of boots and shoes in February was slightly greater than in January, despite the smaller number of working days in the latter month, with the greatest increase in the St. Louis district. February output totaled about the same as in that month of last year. Sales of shoes at wholesale were seasonably greater in February than in January, but smaller than a year ago. 1921 1922 1923 1924- Lumber cut, shipments, and orders during BUILDING the first 10 weeks of the year, as reported by eight associations to the National Lumber Man- The value of building contracts awarded in ufacturers Association, are set forth in the ac- 11 Federal reserve districts, according to comcompanying diagram for the five years 1921- pilations of the F. W. Dodge Co., totaled 1925. For these weeks production, shipments, $311,000,000 for February, exceeding the Janand orders in 1925 were in smaller volume than uary total by 0.4 per cent. Nine districts in the corresponding period of 1924, the 1924 report for February larger values for contracts aggregates for shipments and orders being ex- representing projected building than they had ceeded by the totals for 1923. Production, reported for the month preceding, a material decrease being shown only for the New York shipments, and orders were in practically equal district. For this district February awards, volume during these weeks of 1925, whereas in aggregating $63,000,000, fell short of the Janthe corresponding period of the two preceding uary total of $110,000,000 by $47,000,000 and years shipments and orders both exceeded proshort of the February, 1924, total by duction by substantial amounts. $44,000,000, but were nevertheless somewhat Hides, leather, and shoes. in excess of the corresponding values for 1923 Hide and leather markets were somewhat and 1922. In January the New York district less active in February and March than earlier reported more than one-third and in February in the year, while the shoe industry, on the approximately one-fifth of the total values other hand, was passing through its usual representing projected building in the 11 period of large buying for Easter needs, districts. racker hides have been offered in small lots February contract values for the 10 districts on the Chicago market and prices have de- which have reported these values each month clined, partly because of the poor quality of beginning with January; 1923, indicated a value hides sold at this time of the year. Stocks of of projected building in very nearly the same hides and skins increased during January, but amount this year as last—$297,900,000 and continued smaller than they were a year before. $297,400,000, respectively—and some $20,000,- Sales of leather have likewise decreased, and 000 in excess of the 1923 February total. some prices have been reduced. Production Figured on the value of awards in seven dis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BULLETIN APRIL* 1925 tricts, which in February reported values ran to 126.7, and a second time in February totaling $233,000,000, the Federal Reserve last year. From the high point of February a Board index for value of building contracts year ago the index tended with some fluctuaawarded declined to 159 in February from 168 tions generally downward to 103.1 in June, a in January, 180 in December, and 196 in point below that of any month since August of November. 1922, and in the period since, again with some Contract awards in 27 northeastern States fluctuation, it has tended upward, very nearly in February called for 38,650,000 feet of to record high in February lor any month. In construction, which is 9 per cent below the fact, beginning with December of last year, and January figure and 20 per cent below the running well into March of this year, car loadfigure for February a year ago. February ings have been continuously maintained at aggregates this year for every class of con- record high, or nearly record high, levels for struction awards except " social and recrea- this season of the year. tional" were below those of a year ago. The Calculated for the principal classes of freight, largest of these classes, awards of residential February indexes indicated record high volume construction, totaled 23,734,000 feet in Feb- of shipments for this month for merchandise in ruary this year, the corresponding figure for less than carload lots and miscellaneous freight. last year being 28,037,000 feet, and for 1923, The index for ore also advanced very consider- 22,668,000 feet. ably in January over December, and again in A total of 46,809 building permits, repre- February over January, 1925. For gram and senting a valuation of $248,480,000 were grain products, livestock, and coal, however, issued in February in 168 selected cities, the the indexes continued to fall off in February, as corresponding figures for January being 38,735 they had done in January from the December and $212,812,160, and for February a year figures. ago 47,125 and $273,021,060. Grouped by February loadings of 3,619,000 cars for all Federal reserve districts, these cities reported classes of freight combined were 372,000 cars for permits issued larger valuations in Feb- below the January total and 165,000 cars ruary than in January in each district except below the total for February of last year, but New York. Cities of the New York district, these differences were largely accounted for which reported a valuation of nearly by a comparison of the number of days in the $129,000,000 for permits issued in February months, the decrease in loadings in February of 1924, and a valuation of over $78,000,000 this year as compared with January being for January permits this year, reported for less than the usual seasonal change. Miscel- February a valuation of $67,500,000. laneous freight and merchandise in less than The Bureau of Labor Statistics price index carload lots were loaded in nearly the same for building materials advanced from 179.3 in volume this year as in February a year ago, January to 182.8 in February. A slight price but grain and grain products, which were shifting downward, however, for hardwood and running above 1924 in January, fell below 1924 a practically stable price level for softwood lum- in February. With exception of the southber is indicated by the composite price indexes west district, February loadings this year in as reported for March 20 in comparison with each district were below 1924 aggregates for the figures for February 20. Wholesale prices all classes of freight combined, but, when of cement and bricks as reported March 20 allowance is made for the extra day in February were the same as recorded for the preceding of last year, the volume of traffic this year week and for February 20. appears to have been fairly maintained at last year's level very generally the country TRANSPORTATION over. Computations by the Bureau of Rail- Corrected for seasonal variation, the Federal way Economics show that for the year to date, Reserve Board's index of total freight car load- March 7, car loadings ran 15.2 per cent above ings advanced slightly above the exceptionally the average for this period in the six years high figure for January, rising to 124.9 from 1919-1924—grain and grain products running 122.9 and reaching a point equal nearly to last 9.3, coal and coke 6.1, forest products 25.8, year's February figure of 125.2 (with correc- and manufactured products 19.2 per cent tion made for the extra day in February, 1924). above this six-year average. For the week In the six years 1919-1924, for which the ended March 14 total car loadings of 924,000 monthly index has been computed, the figure cars slightly exceeded loadings this week, a for February this year has been exceeded only year ago, of 917,000 cars, the 1925 figures for twice—once in May of 1923, when the index the eastern, Alleghany, northwestern, and cen- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1926 FEDERAL RESERVE BULLETIN 251 tral western districts falling below, and for were in the sales of machine tools, clothing, the Pocahontas, southern, and southwestern dry goods, jewelry, shoes,, and groceries. districts, being above the 1924 total. Smaller sales of dry goods than in 1924 were Large surpluses of freight cars were available reported from all Federal reserve districts exin February as in January and throughout cept New York and Minneapolis, while grocery 1924, the surplus for February being 240,000 sales declined in all Federal reserve districts cars (99,000 box and 100,000 coal). Prac- except Dallas. tically no shortages have been reported for any Stocks of groceries, dry goods, and hardmonth during the past year. For the first ware at wholesale firms reporting from six quarter of March car surplus increased to Federal reserve districts were larger at the end 279,000 and for the second quarter to 296,000 of February than a month earlier. As comcars (101,000 box and 152,000 coal), the figures pared with February a year ago, stocks of grofor the corresponding periods last year being, ceries were larger, but stocks of shoes, dry respectively, 144,000 and 175,000 cars. Re- goods, and hardware were smaller. Outstandported shortages this year for the first two ing accounts at the end of February were larger quarters of March were only 159 and 130 cars, for most lines than at the end of January, but as compared with 2,000 and 600 cars reported were considerably smaller than a year ago, last year in these periods. particularly in the Minneapolis district, where During January Class I railways earned a net returns from the 1924 crops enabled retailers railway operating income of $65,842,000, giv- to liquidate a large part of their indebtedness ing a rate of return on property investment at wholesale firms. (annual basis) of 4.71 per cent, the corresponding figures for January last year being $51,387,- Retail trade. 000 and 3.79 per cent. In each of the seven Retail trade in February was in smaller regions for which data are compiled the roads volume than in January, but, when allowance earned higher rates of return this year than they is made for the fewer selling days in February, earned in January of last year. This year, as business at these stores was larger. The aggrein.January of last year, the highest rate of gate volume of sales at department stores and return is reported for roads in the Pocahontas cigar chain stores was slightly smaller than in region (7.35 per cent in 1925 and 4.69 per cent in 1924), and the lowest rate this year, as last, is reported for roads in the northwestern region (2.75 per cent in 1925 and 1.43 per cent in 1924). PERCENT 160 — MAIL. ORDER SAJ.ES TRADE Wholesale trade. 140 b Wholesale trade in February was about 3 per cent smaller in volume than in January. 120 The decline in February was due in part to the f smaller number of business days. Declines '/•LA / 100 occurred in the sales of meats, groceries, drugs, M/ stationery, machine tools, and diamonds, while i i there were increases in the distribution of dry 80 v; V goods, shoes, hardware, agricultural implements, i w jewelry, and electrical supplies. Sales of agri- 60 cultural implements were larger in all Federal reserve districts from which reports were received except in the Dallas district, where a —— Adjusted for Seasonal Variation continuation of the drought delayed farm —- - Without Seasonal Adjustment operations. 20 20 Compared with a year ago, the aggregate value of February trade was about 2.5 per cent less. Sales in all lines except furniture, 1921 1922 1923 1924- 1925 agricultural implements, and diamonds were February last year, but when adjustment is smaller than last year. Sales of meats were made for the extra selling day in February, 1924, about 10 per cent larger, while those of sales this year at these stores and all chain stores hardware were in about the same volume. were larger. The chart shows sales at mail- The greatest declines compared with last year order houses since 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDERAL RESERVE BULLETIN APRIL, 1925 Department-store sales, as measured by the stores at the end of February were larger in all Federal Reserve Board's index without seasonal districts except in the New York, Chicago, and adjustments, were 9 per cent smaller than in Dallas districts than at the end of January. January. Declines occurred in all Federal reserve districts except in the Atlanta district, EMPLOYMENT where they were in about the same volume as in January. These declines, however, were due Industrial employment showed a rather genalmost entirely to fewer selling days in Feb- eral increase in February, and the index of ruary, since practically all districts except factory employment rose to 94.6 from 93.3 in Chicago showed increased sales when allowance January. At the same time large increases is made for the shorter month. While the total were noted in factory pay rolls, which, accordvolume of sales after adjustment is made for the ing to reports of the Bureau of Labor Statisone less business day this year was about 2 tics, had decreased considerably in January per cent larger than last year, increases oc- because of curtailment for inventories and curred only in the New York, Richmond, At- repairs. The growth of employment and pay lanta, Minneapolis, and Dallas Federal reserve rolls was noted in every section of the country. districts. Sales at all departments except As compared with a year ago, however, both those carrying silks and velvets, boys7 wear, items had decreased by nearly 4 per cent. women's suits, misses ready to wear, corsets Particularly large increases were noted in the and brassieres, women's and children's hosiery, iron and steel and products, knit goods, clothinfants' wear, negilg6es, aprons and house ing, automobile, paper, and glass industries, dresses, women's and children's shoes, furni- with more moderate growth in lumber and ture, musical and radio instruments, were leather and shoes. Large decreases occurred smaller than last year. The greatest declines in musical instruments, animal products, and occurred at departments selling cotton dress cement. The decline of employment in the goods, ribbons, silverware and jewelry, wom- musical instruments industry oi over 15 per en's skirts, furs, sweaters, gloves, toys, and cent was largely due to reductions of forces sporting goods. among manufacturers of phonographs. The other decreases were of a seasonal nature. Stocks of merchandise at department stores Considerable unemployment is reported among showed about the usual seasonal increase in miners in the bituminous coal regions. Per February and were larger in all Federal reserve capita earnings were larger in most industries districts than at the end of January. Deduring February than in January, the greatest creases in the size of stocks in the Cleveland, increase being in automobiles. Establishments Richmond, Atlanta, Dallas, and San Francisco reporting to the Bureau of Labor Statistics Federal reserve districts from February a year operated at 93 per cent of full time in February, ago were offset by increases in the New York, with 83 per cent of a full force, as compared Philadelphia, and Chicago districts, with the with January percentages of 92 and 82, result that total stocks at department stores respectively. More wage reductions were were slightly larger than a year earlier. reported in the cotton-goods industry, affecting Analysis of these data by departments indian additional 16,000 workers. cates that inventories of cotton dress goods, ribbons, women's skirts, waists and blouses, SAVINGS DEPOSITS sweaters, millinery, women's and children's shoes, and luggage were more than 9 per cent The total of savings deposits reported by smaller than a year ago. The most significant 895 banks distributed throughout the United increases as compared with a year ago occurred States was $7,742,784,000 on March 1, 1925, at departments carrying neckwear, handker- as compared with $7,664,128,000 on February chiefs, boys' wear, radio and musical instru- 1, 1925, and $7,195,232,000 on March 1, 1924. ments. The rate of turnover for department This represents an increase of over 1 per cent stores in February, as measured by the rela- during February and of almost 8 per cent over tion of the volume of sales to average stocks, the year from March 1, 1924, to March 1, 1925. was higher than last year in all Federal reserve The St. Louis district was the only one which districts except in the Boston, Chicago, and did not show an increase over the month, and San Francisco districts, and the rate at which in the San Francisco district the unusually goods have been moving since the beginning large proportional increase of 4 per cent of the year is also higher for all districts except occurred. The Dallas, Eichmond, and Atlanta for the Boston, Chicago, and San Francisco districts all showed high rates of increases. A districts. Outstanding orders at department comparison of savings deposits on March 1, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDERAL RESERVE BULLETIN 253 1925, with a month and a year previous, is clined by 2.2 per cent. The rise in raw shown, by Federal reserve districts, in the materials reflects a large increase in the prices following table. In the Boston and New York of animal products and crops and a smaller rise districts the figures represent only deposits of in forest products, offset in part by a 1.2 per mutual savings banks; in all other districts, cent decline in mineral products. where there are but few mutual savings banks, In the following table are shown index savings deposits of other banks are included. numbers of wholesale prices in the United States, as grouped by the Bureau of Labor SAVINGS DEPOSITS Statistics and as regrouped by the Federal [In thousands of dollars] Reserve Board: Number Mar. 1, Feb. 1, Mar. 1, WHOLESALE PRICES IN THE UNITED STATES of banks 1925 1925 1924 [1913=100] Boston 64 1,302,424 1,295,931 1,235,079 New York 30 2,063,855 2,058,549 1,928,114 1925 1924 Philadelphia 79 519, 289 517,463 446,707 Cleveland 67 821,088 816,679 763,049 Richmond _ 88 334,520 329,862 298,464 Feb- Jan- De- Feb- Atlanta 94 239,155 235,614 224,582 ruary uary cember ruary Chicago 197 937,274 929, 765 903,350 St. Louis 31 141,164 141,167 135,929 D M K Sa a a i n l n n l n s a F a s e r s a a p n C o c i i l t s i y s co 1 5 7 0 1 6 1 4 4 1,0 1 8 9 9 0 8 2 5 7 , , , , 1 4 5 9 0 1 0 9 8 3 1 3 1,0 1 4 9 9 0 6 3 1 6 , , , , 8 9 9 2 8 5 7 7 6 7 9 6 9 1 8 8 8 0 9 8 0 2 , , , , 2 2 3 1 1 7 4 2 6 5 7 0 Bure F F a o a A u o r m l o d l f s c p L o r m a o b d m o u r o c d S t i s t t . a ie ti s stics groups: 1 1 15 6 6 7 2 1 1 1 1 6 6 6 3 0 0 1 1 15 5 5 7 8 7 1 1 1 5 4 4 2 3 2 Total 895 7,742,784 7,664,128 7,195, 232 C Fu lo e t l h a s n a d n l d i g c h lo ti t n h g ing __ 1 1 7 9 7 1 1 19 6 1 7 1 1 6 9 5 1 1 1 9 8 6 0 Metals 136 136 133 143 Building materials 183 179 175 182 PRICES Chemicals and drugs 134 135 135 131 House furnishings 173 173 172 176 The level of wholesale prices increased Miscellaneous 124 127 129 114 Federal Reserve Board groups: slightly in February, according to the index of Raw materials 169 167 161 156 Crops 193 196 186 176 the Bureau of Labor Statistics. The advances Animal products 136 133 129 116 of 5.7 per cent in fuel and lighting and of 2 per Forest products 201 193 187 195 Mineral products 175 172 169 177 cent in the building materials group were Producers' goods 136 134 132 139 Consumers' goods 167 169 167 155 largely offset by the declines in all other groups. Food prices, after a continuous advance since June, 1924, declined by 1.8 per cent in Feb- In March the prices of all grains declined ruary, and prices of farm products also turned considerably. Declines also occurred in sheep, downward following a four months7 rise. flour, eggs, silk, metals, and hides, while prices Small declines were shown for all the other of hogs, sugar, butter, and rubber advanced. commodity groups. The advances in fuel and Retail food prices, which have been steadily building materials and the declines in farm advancing since April, 1924, declined 1.9 per products and foods brought the average price cent in February, according to the index of the of agricultural and nonagricultural commodi- Bureau of Labor Statistics. This decline reties into close adjustment with the average for flected a decrease in prices of eggs, butter, all commodities, all the three indexes being sugar, milk, and such meats as sirloin steak and close to 160 in February. As compared with pork chops, while advances were shown in cheese, a year ago, the all-commodities index is 5.9 per bread, flour, corn meal, potatoes, coffee, and cent higher, the largest gproup increases oc- tea. As compared with a year ago the increase, curring in farm products, foods, and miscella- in retail prices has been about 3 per cent. neous commodities, while declines occurred in The cost of living also showed a decline in cloths and clothing, fuel and lighting, metals, February, following a continuous advance and house furnishings. since April, 1924. When regrouped by stage of manufacture, COMMERCIAL FAILURES AND BANK raw materials show a rise of 1.2 per cent in SUSPENSIONS February, reflecting advances in forest products, animal products, and mineral products, During the short month of February there while crops declined by 1.1 per cent. Pro- were 1,793 commercial failures, involving inducers' goods increased and consumers' goods debtedness aggregating $40,123,017, as redeclined slightly. Compared with a year ago, ported by R. G. Dun & Co. A decrease from raw materials and consumers7 goods each ad- the preceding month of 23 per cent in the vanced 7.9 per cent and producers' goods de- number of failures and of 26 per cent in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL, RESERVE BULLETIN APRIL, 1925 liabilities is thus indicated, but both totals were reported insolvent or closed, compared with 90 higher than in February of last year. Insolv- reported for February, 1924. Of the total encies were more numerous in February this for the month, 45 banks, with capital and year than last in all of the three classes 01 com- surplus of $2,236,000, were nonmember banks, mercial enterprise—manufacturers, traders, and and 17, with capital and surplus of $1,136,000, agents and brokers—and the liabilities were were member banks; one of these was a State smaller only among manufacturers, among bank and the remaining 16 were national whom a slight decrease was reported. The banks. Seven banks which had previously increase in aggregate indebtedness in default been reported insolvent or closed were reported during the month as compared with the same as resuming operations—one in the Richmond, month last year was the result of a somewhat three in the Chicago, and three in the Minnelarger number of large failures (involving apolis district. Although the figures for bank $100,000 or more in each case), both among failures represent so far as could be determined traders and agents and brokers. There were banks which had been declared insolvent or were in all 59 such failures in February this year, closed by order of supervisory authorities, it is with liabilities amounting to $18,551,896, as not known how many of the latter institutions compared with 53, with liabilities of $15,394,558 may ultimately prove to be solvent. last year. All districts, except the Dallas district, had BANKS CLOSED DURING FEBRUARY, 1925 fewer commercial failures in February than in January, and the liabilities aggregated less in [Amounts in thousands of dollars] all except the Minneapolis and Dallas districts. The number of failures for the month was higher All banks Member Nonmember this year than last in the Boston and Chicago d an is d t ric S t a s n , th F e r a li n a c b i i s l c it o i es d h is i t g r h ic e t r s , i n a t n h d e R b i o c t h h m o t n h d e N b u e m r - C su a a r n p p d i l t u a s l N b u e m r - C su a a r n p p d i l t u a s l N b u e m r - C su a a r n p p d i l t u a s l number and liabilities were larger in the New York, St. Louis, Minneapolis, and Dallas All districts 62 3,372 »17 1,136 45 2,236 districts. In the latter district both number Boston. 1 101 1 101 and liabilities were higher than for any month P R h ic il h a m de o l n p d hia 17 1 34 7 2 7 1 74 16 1 26 7 8 7 since December, 1923. Comparative data, by Atlanta 4 185 1 113 3 72 Chicago.. . _ - ._ 10 543 2 70 8 473 districts, for the month of February are pre- St. Louis 29 584 *9 584 sented in the following table: M Ka in n n sa e s a p C o i l t i y s 1 3 3 5 1 1 1 3 2 7 346 3 6 1 1 6 1 7 2 Dallas •11 742 «4 401 7 341 San Francisco 3 173 2 132 1 41 FAILURES DURING FEBRUARY 1 Includes 1 private bank for which no capital and surplus figure is Number Liabilities available. * Includes 2 banks closed in January and not previously reported. Federal reserve district 3 Includes 1 State member with capital and surplus of $57,000. 1925 1924 1925 1924 FOREIGN TRADE Boston.. 173 140 $2,095,778 $2,608, 111 New York... 324 300 13,046,091 5,594,337 Imports of merchandise into the United Philadelphia- 72 82 2,162,977 2,376,178 Cleveland 120 135 2,057,013 2,824,143 States during February amounted to $334,000,- R A i t c la h n m ta ond 1 1 2 2 4 1 1 1 2 2 9 8 1,596,383 2 3 , , 3 4 6 5 1 6 , , 0 9 3 3 0 7 000, a decrease of $12,000,000 as compared with Chicago 287 243 5,464,081 8, 733,400 January and an increase of $2,000,000 as com- St. Louis 107 97 3,343,246 1,489,558 Minneapolis.. 92 85 1,548,919 1,216,850 pared with February, 1924. Exports of mer- K D a a n ll s a a s s City.. 9 7 0 9 12 6 9 7 1 1 , , 6 0 7 9 0 3 , , 8 9 0 1 1 5 1 1 , , 9 2 6 8 8 0 , , 0 5 8 4 1 8 chandise were $371,000,000, a decline of San Francisco. 204 205 2,353,415 2,032,864 $76,000,000 as compared with January and an Total. _. 1,793 1,730 40,123,017 35,942,037 increase of $5,000,000 as compared with February of last year. Net exports for the month During February 62 banks, with capital under review were $37,000,000, as compared and surplus of $3,372,000, were reported to the with $100,000,000 in January and with $33,- Federal reserve banks as having been closed 500,000 a year ago. or declared insolvent. In the New York and The total visible balance of the United States Cleveland districts there were no suspensions for the first two months of 1925 shows an inreported, and the total number for the month crease of $129,500,000 as compared with the for all districts was considerably below that for first two months of 1924. This increase is the preceding month, in which 96 banks were almost wholly due to the fact that the gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL* 1925 FEDERAL RESERVE BULLETIN 255 balance has shifted from excess imports during the previous month is shown for British India the earlier period of $79,461,000 to excess ex- and amounted to $20,000,000. Exports to Gerports of $46,977,000. many were less by $5,000,000, to England by $4,000,000, and to the Netherlands by more MEECHANDISE TRADE BALANCE OF THE UNITED than $2,000,000. For Australia an increase is STATES shown of $10,400,000 over the preceding month, [In thousands of dollars] as against no exports a year ago. Net exports for February were $47,000,000 as compared Month Imports Exports E im xc p e o ss rt o s f E e x x c p e o s r s t s of w im it p h o r $ t 6 s 8 o ,5 f 0 $ 0 3 ,0 4 0 ,6 0 0 d 0, u 0 r 0 in 0 g d J u a r n in u g a r F y e , b a r n u d a r w y i , t h 1 9 n 2 e 4 t . For the past three months, since the outward 1924 movement of gold began, exports have totaled January 295,506 395,172 99,666 February 332,323 365,775 33,452 $163,764,000, while imports have totaled $18,- March 320,482 339,755 19,273 April 324,291 346,936 22,645 915,000, leaving an export balance of $144,- May_ - 302,988 335,099 32, 111 849,000. June : 274,001 306,989 32,988 July 278,594 276,649 1,945 Imports of silver during February were August 254, 542 330,659 76,117 September 287,144 427,460 140,316 $4,929,000, a decline of $2,410,000 as compared October. 310, 752 527,172 216,420 November 296,148 493,573 197,425 with January and of about $3,000,000 as com- December 333,192 445, 743 112,551 pared with February, 1924. Exports of silver Year 3,609,963 4,590,982 981,019 during February were $6,841,000, a decline of $4,544,000 as compared with January and of 1925 January 346,180 446,577 100,397 about $2,000,000 as compared with February a February 333,721 370,740 37,019 year ago. Net exports declined by $2,134,000 as compared with the previous month, but rose TRADE BALANCE OF THE UNITED STATES FOR TWO by about $935,000 as compared with the corre- MONTHS ENDED FEBRUARY, 1924 AND 1925 sponding month a year ago. [In thousands of dollars] GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES Merchandise Gold Silver Total [In thousands of dollars] 1924 Two Two E Im xp p o o r r t t s s 6 7 2 6 7 0 , , 8 9 2 4 9 7 80,2 7 4 8 7 6 1 1 3 7, , 0 8 8 8 6 1 7 7 7 2 8 1 , , 8 9 1 5 9 7 ar F y e , br 1 u 92 - 5 Jan 19 u 2 a 5 ry, m F en e o b d n r e t u h d - s m F en e o b d n r e t u h d - s Net imports (—) or ary, 1925 Iary,J1924 exports (+) +133,118 -79,461 +3,205 +56,862 1925 Imports 679,901 3,603 4,929 IMPORTS FROM— Exports 817,317 50,600 6,841 874,758 England 128 130 42,645- Net imports (—) or N Fr e a t n h c e e rlands . 71 71 5 5, , 9 0 1 8 7 4 exports (+) -f-137,416 +46,997 +1,912 +186,325 Canada 2,412 3,120 5,532 11,988 Mexico 394 517 911 955 Argentina 2,738 China 20 20 631 GOLD MOVEMENT Egypt 2 2 1,274 All other 795 1,180 1,975 9,015 UNITED STATES Total. 3,603 5,038 8,641 80,247 Total gold imports into the United States EXPORTS TO— during February amounted to $3,600,000, a England _ _. 1,032 5,078 6,110 decline of $1,400,000 as compared with January France _ _ 31 1,309 1,340 Germany 12,510 17,500 30,010 and of $31,500,000 as compared with February Netherlands 1,035 3,284 4,319 of last year. Imports from England, which a Poland and Danzig 1,104 1,104 Sweden 230 1,233 year ago were $19,700,000, declined to only Canada 49 70 119 219 $2,000 during February, while imports from M Ur e u x g ic u o ay. 39 5 7 2 3 7 4 5 3 0 7 8 4 0 0 2 233 Canada, amounting to $2,400,000, constituted British India 16,228 36,466 52,694 Hongkong _ 540 942 1,482 18 more than two-thirds of the total imports for Australia 16,793 6,354 23,147 the month. Total gold exports were $50,600,- AUother 599 427 1,026 "316 000, compared with $73,489,000 in January Total.. 50,600 73,526 124,126 786 and practically no exports in February of last Net imports . 79,461 year. The greatest decline as compared with Net exports.. 46,997 115,485 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL. RESERVE BULLETIN APRIL, 1925 GREAT BRITAIN FOREIGN EXCHANGE A moderate upward movement took place in Imports of gold into Great Britain during Jan- most of the leading exchanges during March uary were £2,266,000, a decline of £2,636,000 from the levels which prevailed in February. as compared with December and of £2,132,000 Sterling rose from $4.76 on March 2 to $4.79 as compared with January, 1924. A decrease on the 13th and maintained about that level of about £1,300,000 each was shown in the during the remainder of the month; French figures for the Transvaal and for the United francs from 5.05 cents per franc on the 3d to States, and of £85,000 for West Africa. An 5.32 on the 30th; Belgian francs from 5.01 increase of £28,000 was shown for France, cents on the 2d to 5.15 cents on the 30th; and of £25,000 for the Netherlands. Exports Italian lire from 3.99 cents per lira on the 3d of gold during January were £4,799,000, an to 4.14 cents on the 31st; Swiss francs from increase of £610,000 as compared with Decem- 19.22 cents per franc on the 3d to 19.29 cents ber and a decrease of £1,483,000 as compared on the 16th; the Danish krone from 17.85 Qents with January of last year. The largest in- on the 2d to 18.34 on the 30th; and the Norcrease during the month under review was wegian krone from 15.23 cents on the 2d to shown in figures for British India, which rose 15.83 cents on the 30th. German reichsmarks, from £1,688,000 in December to £2,129,000 Netherlands florins, and Swedish kronor rein January, and compare with £598,000 a mained practically unchanged throughout the year ago; while the greatest decrease was period. Canadian dollars maintained a level shown in figures for Russia, which declined of about 99.86 cents. from £1,922,000 in December to £268,000 in Of the South American exchanges the January, and compare with no exports a year Argentine peso declined from 90.63 cents on ago. Net exports for the month under review the 1st to 87.38 cents on the 31st; the Brazilian were £2,534,000, as compared with net immilreis from 11.17 cents on the 4th to 10.64 ports of £712,000 during December and an cents on the 31st; while the Chilean peso rose increase of £650,000 in net exports over from 10.77 cents on the 3d to 11.42 cents on January, 1924. the 19th. The Shanghai tael showed a slight recession, declining from 74.44 cents on the 2d to 72.85 GOLD IMPORTS INTO AND EXPORTS FROM GREAT cents on the 24th. Indian rupees fluctuated i BRITAIN between 35.45 and 35.76 cents per rupee, while Japanese yen rose from 39.60 cents on the 2d January, December, January, to 41.80 on the 16th. 1925 1924 1924 The new Austrian monetary unit, the schilling, was substituted for the paper krone early IMPORTS FROM— in March on the list of foreign exchange France--., £28,387 £400 Netherlands... 30,743 £3,858 quotations. 'The schilling is valued at 10,000 Rhodesia: 191,721 211,627 194,671 paper kronen and its fine gold content is Transvaal 615,857 1,883,917 4,046,271 United States.. 1,328,301 2,623,103 4,778 0.21172086 gram. West Africa..- 67,214 151,824 142,124 Allother. 3,520 24,818 6,217 FOREIGN EXCHANGE RATES Total.. 2,265,743 4,901,577 4,397,919 EXPORTS TO— March, 1925 February, 1925 February, Belgium 78,612 8,241 756 Exchange Par 1924, B Eg ri y ti p s t h India 2,12 6 8 9 , , 5 7 7 5 6 8 1,68 2 8 6 , , 3 3 7 5 6 0 5 70 9 0 7 , , 0 8 0 6 0 8 value Low High Low High A a v g e e r- aver- France 21,445 23,822 79,221 S A N U W R t u n e l r e l a s t i o s h t s i e t t t i e h s a d A r e l S f a S r r e n i t c t a d t a t l s e e s ments. 1,96 2 3 7 4 , , , 9 5 6 0 5 0 2 6 0 1,9 3 1 2 1 2 7 5 2 1 5 7 , , , , , 1 4 3 7 7 3 6 7 2 9 2 4 3 0 6 4,1 5 1 3 7 2 7 2 5 1 3 , , , , 7 7 5 7 3 7 7 2 7 4 4 1 I N F S G t r t a e m e e e l t r r n i h a l a m c i e r n n h k r a g l l n a f i r r n a a d n r s c e i fl c o h ri s n - . 4 4 2 1 1 8 0 3 9 9 6 . . . . . 2 8 3 3 6 0 2 0 0 5 4 2 3 7 3 5 3 9 6 . . . . . 9 0 8 8 2 9 5 0 3 0 4 2 3 7 4 5 9 3 8 . . . . . 1 3 9 8 8 4 2 9 0 6 4 4 2 7 4 5 0 3 5 . . . . . 1 0 8 0 7 3 3 0 1 8 4 2 4 7 4 5 3 0 9 . . . . . 1 4 8 3 3 6 1 0 1 3 4 4 2 7 4 5 0 3 7 . . . . . 2 1 1 8 2 8 1 7 0 4 4 3 3 4 4 7 0 . . . . 4 3 7 4 2 5 7 2 Total- 4,799,357 4,189,274 S S w w i e s d s i s fr h a n k c rona 2 1 6 9 . . 8 3 0 0 2 1 6 9 . . 9 2 4 2 2 1 6 9 . . 9 2 6 9 2 1 6 9 . . 9 2 3 1 2 1 6 9. . 3 9 0 5 2 1 6 9 . . 9 2 4 6 2 1 6 7 . . 1 3 8 7 N N e e t t e im xp p o o r r t t s s . . . 2,533, 614 712,303 A S C h r a g a n n e a n g d t h i i a a n n i e t d p ae e o l s l o lar...1 9 6 0 6 6 0 . . . 4 8 0 8 5 0 8 9 7 7 2 9 . . . 3 8 8 8 5 3 7 9 9 4 9 0 . . . 4 9 6 4 1 3 9 8 7 9 9 4 . . . 8 6 7 0 3 3 9 9 7 9 5 1 . . . 9 7 3 2 5 1 9 7 9 5 0 9 . . . 2 8 3 6 6 3 9 7 7 6 1 6 . . . 9 2 4 4 0 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL,, 1925 FEDEBAX. RESERVE BULLETIN 257 the complete or almost complete loss of a THE BANK OF FRANCE IN 1924 large volume of foreign investments, and the Throughout 1924 the note circulation of the suspension of productive activity of the major Bank of France and its discounts and advances industrial area during the period of military increased continuously, while the war advances operations, which was only gradually resumed to the Government showed a slight decline for after the cessation of hostilities. The supplies the year. of investment funds were further reduced The rapid increase in circulation and in dis- by an indeterminable volume of capital transcounts and advances was in continuation of a ferred abroad, which was, however, offset by movement which started in the last quarter of considerable foreign borrowings, notably in re- 1923. Discounts, including discounted treasury cent months. It should be borne in mind, furbills, which had stood at 2,511,000,000 francs thermore, that under conditions of unsteady at the end of September, 1923, rose to 3,725,- exchange rates and rising commodity prices, in- 000,000 francs at the end of November of the vestors are inclined to sell bonds and buy stocks same year—an increase of 50 per cent in two in the hope of conserving intact the real value months. This remarkable expansion was tem- of their capital and of maintaining or increasporarily checked in December, but was re- ing their income through the larger dividends sumed in January, 1924, with the consequence anticipated from the increased monetary profthat the discount rate was raised from 5 to 5^ its of industrial corporations. This results in per cent on January 10 and to 6 per cent the a diversion of funds from fixed-rate to dividendfollowing week, and the rate on advances was earning securities, with a consequent shortage increased from 6^ to 7 per cent. The wide of funds available for investment in bonds, and fluctuations in discounts between February and extremely high rates of returns even on gilt- May reflected chiefly operations in connection edged long-term obligations. with the bank's policy of supporting the ex- In the short-term market the principal influchange value of the franc, but during the sec- ence has been the expansion of the commercial ond half of the year there was a general upward demand for credit arising out of the growth movement in advances and discounts and in of industrial and trade activity. This demand note circulation, which after the end of June has been reflected at the Bank of France in the remained continuously above 40,000,000,000 growth of note circulation, which prior to 1920 francs, compared with the previous high point was due largely to borrowing by the Treasury, of 39,646,000,000 francs reached in the first but since that time has been mainly in response week of November, 1920. to the needs of commerce and industry. War With the volume of note circulation ap- borrowings by the Government have declined proaching the legal maximum of 41,000,000,000 gradually since 1920, as is shown on the chart, francs, the bank again was obliged to raise its while discounts and advances by the Bank of rates, the rate for advances being increased from France have increased considerably. 7 to 8 per cent in September, and that for dis- This expansion of currency since 1922 reflects counts from 6 to 7 per cent on December 11, the recovery of French trade and production the highest discount rate since 1873. The not only from the extreme depression of 1921tightness of short-term money reflected in the 22, but from the levels of 1920, the year in heavy demand for credit at the Bank of France which the legal limit of the circulation was was accompanied by an advance in long-term fixed at 41,000,000,000 francs. Some idea of money rates. Thus the 10-year internal Gov- the advance in production may be obtained by ernment loan of last November was sold to reference to a few representative statistics. yield over 8 per cent, and in the closing days Pig-iron and crude-steel production in 1924 of the year the 3 per cent perpetual rentes fell was more than double that of 1920 or 1921; the below 50, to figures slightly lower than any monthly average of coal output rose from reached since 1849. 2,890,000 metric tons in 1920 to 4,917,000 The fundamental reasons for the shortage metric tons last year; the monthly average of of long-term funds in France are the continuous ships cleared with cargo increased from 1,412,large demands by the Government first to 000 to 2,720,000 metric tons; and average daily finance the war and later to finance reconstruc- car loadings (exclusive of the Alsace-Lorraine tion. These demands upon the savings of lines) rose from 33,000 in 1920 to 53,000 last the nation, moreover, accompanied or followed year. This expansion of trade has been accomthe direct destruction of property by the war, panied by an advance in prices, which increased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDERAL RESERVE BTJULETIN APRIL, 1925 by 50 per cent between 1922 and the end of speculative movement of foreign origin." The 1924. It is the increased volume of trade, to- report continues: gether with the higher level of prices, that We did not fail promptly to oppose this speculation underlie the heavy demand for credit at the by raising our rates on discounts and loans, the former Bank of France and the growth of note circu- from 5 to 5J^ and then to 6 per cent and the latter lation to within a short distance of the legally from 6 to 7 per cent. The Government, for its part, resolved to present to permitted maximum. Parliament immediately a program including a rigorous In order to meet the currency demand with- reduction of budgetary expenditures as well as a new out being obliged to raise the legal limit of and very considerable fiscal effort. These operations did not suffice to check the rise of the exchanges, note issues, the Bank of France has undertaken which, by jumps more alarming every day, touched to withdraw its notes from circulation in the in the early days of March the extreme quotations of Saar Valley and in Madagascar, to be replaced 28 francs to the dollar and 120 francs to the pound by special issues, thus making available about sterling. The gravity of this unprecedented crisis determined the Government to ask us to pledge the 500,000,000 francs for domestic use. It has credit of the bank itself, to obtain abroad the resources also encouraged the increased use of the check, necessary to stop the panic by immediate intervention {>articularly by the Government in its payments in the market * * *. But, in order that such an or goods and services. intervention might have a lasting effect on the exchanges and that it might not risk ending in a setback full of danger to the franc itself, it was necessary that BILLIONS OF FRANCS BANK OF FRANCE BILLIONS OF FRANCS it be accompanied and supported by a most energetic effort toward financial soundness. Having received the most solemn assurance that the Government was resolved to employ its full authority to obtain as soon as possible a vote on the projects submitted to the 35 35 Chambers as well as all other measures indispensable to the balancing of the budget and of the treasury, the general council (of the bank) undertook the necessary negotiations without delay. In a few hours the bank 30 30 obtained at London, through the friendly intermediation of Lazard Brothers & Co., a credit of 4 millions of pounds sterling and immediately after, at New War Advances 25 to Government 25 York, a credit of 100 million dollars, granted by several banks grouped under the specifically designated leadership of Messrs. J. P. Morgan & Co. 20 These two credits, accorded for three months and renewable for three months longer, did not require any preliminary surrender of gold nor granting of any lien whatever. It was simply anticipated that if, at matur- 15 15 ity, the bank did not have at its disposal the necessary pounds or dollars to assure the repayment of the sums still due it would effect this repayment by an effective shipment of gold. 10 According to the wishes of the Government, we Discounts employed with complete independence of action the and Advances resources which this double credit assured us * * *. At the end of March the rates on the dollar and on the pound had been brought back, respectively, to about Deposits 18 francs and 78 francs. From this moment we were able to limit our intervention to checking several 1920 1921 1925 raids, and particularly to the progressive repurchase of foreign bills in order to provide funds for repaying our obligations. In spite of the repurchases, covering THE ANNUAL REPORT OF THE BANK OF of short sales of francs weakened still further the quo- FRANCE tations of the dollar and the pound, which fell on April 23 below 15 francs and 65 francs. These rates, the The report of the governor of the Bank of lowest registered during the year, obviously were the France at the annual meeting on January 29 result of an inevitable temporary reaction, but at that time excessive. Further, they presently rose again. is largely devoted to an account of the measures Under the influence of the purchases of commerce, taken early in 1924 to arrest the decline of the which found a momentary opportunity to supply itself exchange rate which had been almost con- at a cheap rate, the dollar and the pound rose again tinuous for two years and which had become rather rapidly to the quotations of about 18 and 80 francs, the levels at which we had begun our own so rapid in the last weeks of 1923 and early repurchases. 1924 as to indicate, in the words of the By this time we had completely reconstituted the report, "more and more clearly that the ex- quota of foreign bills used up since the beginning of change market was dominated by a large March, and in September, at the maturity of the Eng- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDERAL RESERVE BULLETIN 259 lish and American credits, we had made the necessary figure 800 millions below the legal minimum of 2 provisions for repayment, without being obliged to milliards but 400 millions above the amount of the make any draft upon our geld holdings. annuity repaid at the end of 1923. To effect this re- The English credit of 4 millions of pounds was re-payment, the Treasury, after the application of the paid by us at this date. As for the American credit of reserve and amortization account, employed the net 100 million dollars, as a precaution against eventuali- total of its 100 million dollar loan contracted on the ties we had secured its renewal for three more months, American market. * * * The net product of the to December 12, the date on which it was definitely American loan, about 89 million dollars, was transliquidated, the Government having by that time con- ferred to the credit of our account on the books of tracted in the American market a long-term loan of an J. P. Morgan & Co. in New York. We immediately equivalent sum for a period of 25 years. credited the Treasury with the value in francs of these The financial difficulties which had provoked this dollars on the basis of metallic parity of 5 francs 18, crisis were largely diminished, as was indispensable, by which furnished the resources necessary to complete its the voting of the bills proposed by the Government, repayment at the end of the year, as we have indicated. which marked a decisive step toward the reestablish- In so far as they remain among our assets these dollars ment of budgetary equilibrium, and by the exemption count there at their gold value and constitute, consefrom taxation of national defense bills and short-term, quently, a veritable increase in our cash. The bank treasury bills, which contributed very opportunely to is charged with using them on occasion under the bringing into the treasury of the State the resources same exceptional conditions as the credits granted it necessary for its regular provisioning * * *. at the beginning of the year. The dollars so expended The event proved that at no time had the country will form the subject of a settlement with the State, lost confidence in itself and that it had not taken in and we must, of course, give an account to the Treasury France any speculative position against the franc. for every dollar definitely spld of the difference be- If it be considered as a favorable sign that an opera- tween the sale price and the initial price of acquisition tion of very limited scope was sufficient to effect a of 5 francs 18. decline in the pound which at one time exceeded 50 It is likewise anticipated that well before the passing points, it is far more remarkable, in our opinion, that of the 25 years for which the American loan was consuch wide fluctuations could occur without causing a tracted it will come to pass that the strengthening of single failure in the French market. our monetary situation will no longer oblige us to conserve resources for intervention in the exchange market. After a review of the progress of trade and It is in view of this eventuality that the Treasury has industry during the year, and particularly of reserved the right of receiving back from us, for its the improvement in foreign trade which had own needs at the rate of 5 francs 18 each, the dollars brought the first excess of exports since 1875, which at that time have not been disposed of. the report continued: After mention of the increased demands for To this favorable balance of merchandise trade credit and currency which have appeared durshould be added other items not shown by customing the year, and of the drastic advances in house statistics, notably the increasing expenditures of foreign travelers in France. The resulting total of our discount rates thereby necessitated, the report credits and debits so presents a credit balance of some describes the measures taken to popularize the magnitude. This has already begun to make up the use of checks. It concludes with a reference arrears of our debit balances of the war and post war to the intent of the Government regarding the period, which have weighed so heavily in recent years upon the international value of our currency. reduction of expenditures to assure the balancing of the budget as a " condition indispensable The report then proceeds to an account of the to all financial soundness and all fiscal stability, bank's relations with the State arising out of without which there can be neither prosperity the American loan: founded on exact calculations of the costs of The repayment by the State on its advances from production for commerce and industry, nor the bank in execution of the conventions of 1920 had to be reduced for the year 1924 to 1,200 millions, a safety for savings.7' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL EESERVE BULLETIN APRIL, 1925 Changes in State Bank Membership Fiduciary Powers Granted to National Banks The following list shows the State banks and trust During the month ended March 21, 1925, the companies which were admitted to membership in the 'ederal Reserve Board approved applications of the Federal Reserve System during the month ended national banks listed below for permission to exercise March 21, 1925, when 1,541 State institutions were one or more of the fiduciary powers named in section members of the system;£also other changes affecting LI (k) of the Federal reserve act as amended, as State bank membership: ollows: (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of ADMISSIONS estates of lunatics; (9) in any other fiduciary capacity in which the State banks, trust companies, or other Capital I Surplus Total corporations which come into competition with national banks are permitted to act under the laws of the State in which the national bank is located. District No. 8 Central Trust Co., Harrisburg, Pa $400,000 | $600,000 $4,527,759 Dis- Powers District No. 8 i ft Place t N ri o c . t Name of bank granted Bank of Earle, Earle, Ark ..I 25,000 2,500 112,233 Dedham, Mass. Dedham National Bank Ito9. Augusta, Me First National Granite Do. CHANGES Bank. Philadelphia, Pa j Overbrook National Bank.. Do. Franklin, Ind__ ; Citizens National Bank Ito8. District No. 7 Cedar Falls, Iowa i Cedar Falls National Bank.. 1 to 7 and 9. Malcolm Savings Bank, Malcom, Jewell Junction, Iowa_| First National Bank.. Ito9. Iowa (reopened) $50,000 $304,885 Pine Bluff, Ark National Bank of Arkansas. Do. Citizens Bank, Delavan, Wis. (volun- Albany, Tex Albany National Bank 4. tary withdrawal) 50,000 $50,000 1,127, 945 Hood River, Oreg 12 First National Bank.. Ito9. District No. 8 Changes in National Bank Membership Southern National Bank, Memphis, Tenn. (absorbed by Fidelilty Bank The Comptroller of the Currency reports the followand Trust Co., Memphis, Tenn., a member) i 300,000 30,000 921, 720 ng increases and reductions in the number and capital of national banks during the period from February 21 District No. 9 to March 20, 1925, inclusive: Farmers & Merchants State Bank, Menahga, Minn, (absorbed by First National Bank of Menahga) 25,000 5,000 ! 214,917 N be u r m o - f Amount District No. 11 banks of capital Central State Bank, Dallas, Texas (succeeded by Central National New charters issued l $1,615,000 Bank) ._ 1,000, 000 5,982,118 Restored to solvency 0 Guaranty State Bank, Killeen, Tex. Increase of capital approvedl 4, 537,500 (consolidated with First State Bank, Killeen, Tex.) 30, 000 2,500 206,183 Aggregate of new charters, banks restored to Lockney State Bank, Lockney, Texas solvency, and banks increasing capital 39 6,152, 500 (closed) 50,000 2,500 299,11 Liquidations _ 1,400,000 District No. 12 Reducing capital2 _ _ 35,000 Butte County Bank, Arco, Idaho (ab- Total liquidations and reductions of capital- - 20 1,435,000 sorbed by First National Bank of Aroo) 1,000 148,98S Consolidations of national banks under act of Nov. Bank of Prineville, Prineville, Oreg. 7, 1918 14,185,000 (converted to national bank) 245,77 Bank of Emmett, Emmett, Idaho (vol- Aggregate increased capital for period._ 6,152,500 untary withdrawal 25,000 605,04: Reduction of capital owing to liquidations, etc. 1,435,000 Eldorado County Bank, Placerville, Calif, (voluntary withdrawal) 143, 000 1,820,25: Net increase. 4,717,500 Change of title.—The Guaranty State Bank and Trust Co. 1 Includes one increase in capital of $1,000,000 incident to a consoli- Waxahachie, Tex., has changed its title to First State Bank and Trusi dation under act of Nov. 7,1918. Co. 2 Incident to a consolidation under act of Nov. 7,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDEBAL RESERVE BULLETIN 261 BUSINESS STATISTICS FOR THE UNITED STATES INDUSTRIAL ACTIVITY Owing to the smaller number of working days than seasonal. A great increase in automoblei in!February, the aggregate output of commo- production helped to maintain the level of the dities was less than in January. Factory em- manufacturing index. The output of passenger ployment and pay rolls, on the other hand, cars, however, was still considerably below increased between January 15 and February that of a year ago. Production of automobile 15, but were smaller than a year earlier. The tires and tubes also increased in February and index of production in basic industries, which is was at a definitely higher level than last year. adjusted to allow for differences in working; The amount of lumber cut declined considerdays and other seasonal variations, declined ably in February, and, together with the output from 127 in January to 124 in February. of cement and brick, was less than in the same This figure compares with 121 in February, month of 1924. 1924. The decline in the unadjusted manufac- Although reductions were noted in the outturing index from 126 in January to 119 in Feb- put of most minerals because of fewer working ruary was largely due to the difference in work- dayvS in February, sharp curtailment in the ing days. The mineral index, however, de- mining of bituminous coal was chiefly responcreased from 140 to 119, which is more than sible for the great decline in the mineral index. a purely seasonal decline. Freight-car loadings The index fell to the lowest point since last and building activity continued practically un- August and was below the level of February, changed during January and February, and 1924. Petroleum production was likewise curwere about the same as a year ago. The tailed considerably, but the daily average outrecession in agricultural marketings was largely put of most of the other products changed little. seasonal, but somewhat greater than that Seasonal declines were noted in the mai'ketoccurring at the same period last year. ings of almost all agricultural commodities dur- Substantial increases in the rate of output ing February. As compared with February, in the iron and steel industry held the produc- 1924, cotton receipts and tobacco sales were tion indexes at high levels. This industry had larger, but marketing of livestock, grains, and the largest output for any February on record. fruits were sufficiently smaller to lower the The indexes for the textile industry showed general index to 88, compared with 96 a some decrease, which, however, was little more year INDEXES OF INDUSTRIAL ACTIVITY PERCENT ( MONTHLY AVERAGE, 1919=100 ) PERCENT 1751 1175 150 150 125 100 75 50 50 • MANUFACTURING PRODUCTION • MINERAL PRODUCTION 25 25 1919 1920 1921 1922 1923 1924 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN APRIL, 1925 INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES * [Not adjusted for seasonal variations. Monthly average, 1919-100] Year and month i G n e d r e a e n l x - G in M r d o p e e u r x t p o a d ls u c a I a t n r s n o d d n G i T n r e d o x e u t x p iles F a ab nd ri c p s rod P u u r c c o t t d s s - L p u a b u r c e n o m t r d d - s - M v o c e l t h e o i s r - p a b a n u O i i d i a r n l i r g r d n e - g - P p a r a i i n p n n d g e t r - F p u a o r c n o o t d d d s s - Le p u a a r c n t o t d h d s e - r S c t g a l l o n a a n y d s e , s , b p u T a r c c o o t c - d s o - C p u a c h ro n a c e l t d d m s s - isteel 1924 January 118 103 90 106 104 86 105 88 78 February 100 123 105 89 106 102 87 106 87 78 March 100 124 107 89 106 101 87 110 85 78 April 94 123 101 89 105 98 82 115 83 77 May. 119 90 87 104 97 79 117 82 74 June 117 81 85 103 99 73 115 83 70 July 79 113 76 85 101 99 74 111 82 67 August 82 114 78 85 101 98 78 110 82 68 September 86 115 80 86 103 101 81 108 86 71 October 87 114 81 88 104 102 82 109 81 71 November 85 114 80 88 105 102 81 109 87 72 December 92 112 82 88 105 103 80 108 87 73 1925 January 84 89 3 113 84 88 105 100 83 103 83 74 February.-, 94 114 87 »89 105 98 85 102 82 75 1 This table contains for certain months the index numbers of employment, together with group indexes for its important industrial components The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pages 1272-1279 of the BULLETIN for December, 1923. 2 Preliminary. 3 Revised. INDEX OF PRODUCTION IN BASIC INDUSTRIES » [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100] Iron and steel Textiles Food products General Year and month index Pig iron i S n t g e o e t l s Cotton Wool W fl h o e u a r t m S el u t g in a g r s Cattle An C i a m lv a e ls s slau S g h h e t e e p red Hogs Lumber 1924 January 120 120 131 112 89 97 95 133 119 136 February 120 132 148 102 100 100 127 94 137 93 116 130 March 116 132 146 92 101 107 115 90 112 90 132 124 April.. 114 127 119 97 97 105 115 98 116 102 136 127 May... 103 101 92 80 105 109 107 111 109 124 117 June 94 81 74 70 107 111 86 108 102 116 104 July 95 70 67 71 83 122 125 95 117 99 141 106 August 94 71 87 72 82 100 104 94 118 91 136 105 September.. 103 80 99 93 91 110 141 93 128 91 132 108 October 109 93 104 109 100 97 141 94 143 93 121 120 November.. 107 97 109 105 102 84 111 93 129 82 122 118 December.. 117 119 133 111 102 82 91 99 155 87 130 128 1925 January 127 134 150 115 100 94 * 132 100 140 121 145 February. .- 124 143 150 114 103 104 157 107 127 Coal Nonferrous metals Tobacco products Year and month Bi n t o u u m s i- An c t i h t r e a- Copper Zinc le S a o th le er N p e r w in s t - Cement P le e u tr m o- Cigars r C e i t g t a e - s M t a u n r u e f d ac* tobacco 1924 January 126 111 132 126 107 239 98 176 113 February 127 118 134 112 108 192 189 94 140 93 March 104 111 123 122 103 187 186 90 143 91 April 94 97 127 114 111 169 189 88 157 91 May 90 101 125 121 116 172 192 95 173 96 June 85 100 124 111 103 173 187 91 163 94 July 89 106 133 109 102 193 185 98 155 97 August 87 95 132 106 101 190 190 95 157 93 September 103 105 130 104 107 186 191 100 162 October 110 95 133 108 110 183 185 97 158 November 104 91 140 108 104 187 183 96 145 December 116 100 137 121 103 182 182 92 170 94 1925 January 125 104 2 147 128 106 243 192 91 188 105 February 109 116 148 119 72 108 193 191 88 171 97 i This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 236, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. »Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDERAL EESERVE 263 INDEXES OF INDUSTRIAL ACTIVITY » {No seasonal adjustment. Monthly average 1919-100] Agricultural movements Mineral production Year and month Ani- An- Bitu- Total L st i o v c e k - p m ro a d l - Grains C to o n t- t V ab eg le e s - Fruits b T ac o c - o Total c h i r t a e - n m ou i- s P le e u tr m o- i P ro ig n C p o e p r - Zinc Lead Silver ucts coal coal 1924 January 105 123 98 91 83 120 90 238 138 108 135 179 118 132 126 114 111 February 96 101 101 120 41 123 102 133 130 104 122 176 121 130 112 124 115 March 81 98 90 87 33 138 92 75 128 110 106 189 136 129 122 134 121 April. . 77 97 129 54 34 113 93 17 110 93 78 189 127 131 114 125 97 May 87 98 148 62 34 119 178 20 114 106 83 196 103 130 121 137 123 June 87 95 165 67 19 146 140 6 111 105 81 191 79 127 111 143 111 July 100 96 166 118 21 137 148 2 113 106 86 194 70 129 109 138 95 August 121 90 127 218 38 107 144 63 116 97 92 196 74 132 106 139 104 September 152 109 107 195 175 165 163 127 124 106 109 180 81 126 104 146 118 October 180 123 100 230 278 226 248 165 134 105 125 190 97 137 108 148 119 November 160 120 105 156 271 136 157 148 122 92 108 179 99 136 109 145 119 December 143 132 121 120 231 86 86 184 130 101 119 180 116 135 121 2143 »120 1925 January 118 122 93 112 2 127 130 74 *292 140 101 134 188 132 143 128 2148 2117 February 88 94 92 77 79 121 58 161 119 98 100 171 126 138 119 141 107 Manufacturing production Year and month Total s I a r t n e o e d n l m A o u b t i o le - s T ti e le x s - p F u r o c o o t d s d - L b u e m r - p P ri a a n n p t d i e n r g L s e a h a n o t d h es er P le e u tr m o- C b e a r m n ic d e k nt Tob co ac- R t b i u r e e b r s - 1924[ January 122 126 196 116 109 128 122 98 172 118 118 152 February . •„• . 123 131 228 106 105 132 117 96 166 123 103 154 March 127 145 237 100 105 141 120 94 180 140 109 162 April . . - 122 122 231 98 98 149 1 126 89 181 164 106 152 May 112 96 193 89 100 162 I 120 83 171 167 122 144 June 97 75 151 77 97 139 113 76 176 156 123 126 July 97 67 163 81 103 136 i 102 75 176 164 127 125 104 87 172 83 102 142 107 84 182 166 123 158 September 112 96 178 98 112 143 109 90 180 157 126 175 October 123 108 178 113 114 160 126 101 186 169 132 191 November 112 108 141 105 108 132 116 84 185 148 114 155 December 116 124 126 111 117 122 117 90 196 138 108 163 1925 January . 2 126 145 U42 121 2 118 2 145 1122 89 199 »111 118 171 February 119 132 169 114 98 134 116 107 105 176 1 For description and early figures see BULLETIN for March, 1924. * Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BTJLLE.CIN APBIL, 1925 COMMODITY MOVEMENTS With the March issue the publication in the Bulletin of detailed statistics regarding Febru- January, February, 1925 1925 ary, 1924 movements and stocks of commodities was discontinued. Certain figures compiled by the Transportation board's division of research and statistics are Revenue freight loaded and received still published in order that users of these from connections (cars loaded, 000 data may continue to have comparable series omitted): Classified by nature of products— of data. Information as to current figures for Grain and grain products 169 221 204 Livestock 123 159 137 any of the discontinued series will be furnished Coal 679 891 791 upon request. Coke 53 59 54 Forest products 320 312 335 Ore 45 44 39 Merchandise, 1. c. 1 976 1,016 971 Febru- January, Febru- Miscellaneous.. . . .. 1,255 1,289 1,252 ary, 1925 1925 ary, 1924 Total 3,619 3,992 3,784 Grain and Flour Cl s a i s o si n fi s e - d by geographical divi- Eeceipts at 17 interior centers (000 Eastern 854 909 919 omitted): Allegheny . 748 792 778 Wheat (bushels)... 19,428 24,166 21,433 Pocahontas 175 213 182 Corn (bushels) 21,191 36,359 45,667 Southern _ 585 620 602 Oats (bushels) _ 14,903 25, 589 21, 331 Northwestern 460 518 491 Rye (bushels) 2,823 2,134 1,938 Central western _ . ._ 530 641 566 Barley (bushels) 4,210 4,940 3,381 Southwestern _ 267 297 246 Total grain (bushels). 62, 555 93,188 93, 750 Total 3,619 3,992 3,784 Flour (barrels) 2,184 2,423 2,024 Total grain and flour (bushels) — 72, 384 104, 089 102,859 BUILDING STATISTICS Shipments at 14 interior centers (000 omitted): Wheat (bushels) 15, 770 19, 256 12,005 Building permits issued in 168 cities, Corn (bushels).. _ 10,676 11, 929 20, 520 grouped by Federal reserve districts: Oats (bushels) _____ 13,245 15, 089 14,311 Number of permits— Rye (bushels). 362 2,822 420 Boston (14 cities)... 1,458 1,333 1,272 Barley (bushels) 3,186 2,840 2,081 New York (22 cities). 6,179 5,212 8,370 Philadelphia (14 cities) 1,908 1,194 1,880 Total grain (bushels) _ 43, 240 51, 937 49,338 Cleveland (12 cities).. 3,892 2,611 3,082 Flour (barrels) 3,157 3,374 3,166 Richmond (15 cities) 2,991 2,075 2,905 Atlanta (15 cities) 3,538 2,903 3,133 Total grain and flour (bushels) 57,444 67,120 63,586 Chicago (19 cities) 8,238 St. Louis (5 cities) 2,5?5 1,802 2,035 Stocks at 11 interior centers at close of Minneapolis (9 cities) 816 660 789 month (000 omitted): Kansas City (14 cities) 2,182 1,545 2,063 Wheat (bushels) 44, 726 47, 628 62,471 Dallas (9 cities) 2,461 2,177 2,381 Corn (bushels) 27,018 22,928 15,330 San Francisco (20 cities) 10,021 10,797 12,217 Oats (bushels) _._ ___. 64, 208 64,557 15, 328 Rye (bushels) 9,906 9,270 17,919 Total 46,809 38,735 47,125 Barley (bushels) 2,542 2,928 1,204 Value of permits (dollars, 000 Total grain (bushels). 148, 400 147, 310 112, 252 omitted): Boston (14 cities) 9,153 7,737 8,828 Receipts at 9 seaboard centers (000 New York (22 cities) 67,537 78,341 128, 769 omitted): Philadelphia (14 cities) 14,162 8,719 9,973 Wheat (bushels) 13, 931 12,841 13,816 Cleveland (12 cities) 20,500 12,919 12,735 Corn (bushels) 891 987 2,974 Richmond (15 cities) 14,547 10,828 11,223 Oats (bushels) 1,817 1,241 1,301 Atlanta (15 cities) 12,653 7,233 8,142 Rye (bushels) _._ 848 1,955 408 Chicago (19 cities) 46,463 36, 546 37,550 Barley (bushels) 1,999 2,062 1,255 St. Louis (5 cities)... _. 10,313 5,703 6,002 Minneapolis (9 cities) 3,200 2,417 2,998 Total grain (bushels). 19,486 19,085 19, 755 Kansas City (14 cities) 11,013 4,648 6,344 Flour (barrels) 2,109 2,117 1,945 Dallas (9 cities) 6,290 6,257 6,281 San Francisco (20 cities) 32,649 31,464 34,176 Total grain and flour (bushels). _ _ 28,978 28,612 28,505 Stocks at 8 seaboard centers at close of Total 248,480 212,812 273,021 month (000 omitted): Wheat (bushels) __ 10, 904 9,493 4,659 Building contracts awarded, by Federal Corn (bushels) 955 1,369 1,007 reserve districts (dollars,000 omitted): Oats (bushels) 1,518 1,530 849 Boston 23,113 22,941 16,487 Rye (bushels) 9,583 3,852 1,020 New York 62,810 109,625 106,773 Barley (bushels) 1,834 1,531 1,555 Philadelphia.. __ 24,398 18,316 18,121 Cleveland 40,267 32,033 30,298 Total grain (bushels) _ 24, 793 17,774 9,090 Richmond _ 23,688 21,784 24,515 Atlanta 32,438 24,885 23,055 Wheat flour production (barrels, 000 Chicago 52,305 36,836 45,770 omitted) _._ 11, 705 St. Louis 25,000 14,648 18,053 Minneapolis _ 6,173 5,895 6,941 Tobacco sales at loose-leaf warehouses Kansas City * 7,719 7,469 7,408 (pounds, 000 omitted): Dallas - 12,972 15,119 Dark belt Virginia.__ 4,251 7,623 3,688 Bright belt Virginia 6,114 9,165 6,024 Total (11 districts) 310,883 309,551 »297,421 North Carolina 9,500 16, 591 16,670 Burley _ 16,907 39,950 14,949 Western dark 15,062 20,222 6,688 i District No. 10, excluding Colorado. » Total, 10 districts. No figures available for Dallas district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDERAL RESERVE BULLETIN 265 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES I CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919=100] Percentage change in February, 1925, Gen- sales compared i e n r d a e l x c G e r ri o e - s Meat g D oo ry ds Shoes Hard- | Drugs with— January, February, 1924 1925 1924 January 80 80 66 97 91 I 116 February 78 77 63 98 90 109 March 80 80 62 90 104 118 Shoes—Continued April 78 79 61 81 1 108 i 114 Atlanta district 21.7 1.3 May 77 81 64 72 104 110 Chicago district 28.0 -15.0 June 76 83 64 70 96 105 St. Louis district -19.1 17.9 July 78 83 67 79 93 110 Minneapolis district.... -1.8 -6.5 August 83 83 68 102 93 107 San Francisco district.. 15.2 -18.2 September... 92 93 71 116 106 117 Hardware: October 95 100 78 104 110 128 United States 1.4 -0.0 November... 84 89 69 88 109 New York district 2.4 -2.0 December... 79 83 66 77 109 Philadelphia district... -3.9 -6.1 Cleveland district 7.3 2.6 1925 Richmond district -13.5 -12.2 January 78 80 71 82 116 Atlanta district -12.3 3.6 February... 76 74 69 88 91 109 Chicago district 2.0 -3.4 St. Louis district 0.7 2.2 Minneapolis district—.. 16.4 24.3 * For description of the wholesale trade index see Federal Reserve Kansas City district... 10.3 13.0 Bulletin for April, 1923. Dallas district _... 0.3 10.9 San Francisco district.. 4.8 -9.1 Drugs: CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES United States -6.6 -0.7 AND DISTRICTS New York district -2.1 1.1 Philadelphia district... —4.4 7.7 Cleveland district -7.1 -4.4 Pe i s w r n a c l i e F e t n s e h t b a - r g u e c a o r m y c , h p a 1 a 9 n r 2 e g 5 d e , A R C S K t h i t a . c l i n a c L h s n a m o a g t u s a o o i n C s d d d i i d i s t s i y d t t s r r i t i s i d r c c t i t i r c t s i t c tr t ict... - - - - - 1 6 8 4 9 . . . . . 9 9 8 0 5 - - - 2 3 1 6 8 . . . . . 5 2 4 3 2 Dallas district -13.4 2.0 San Francisco district.. -10.3 4.3 January, February, Furniture: 1925 1924 Richmond district -12.4 3.2 Atlanta district 13.3 0.1 St. Louis district 9.3 5.1 Groceries: Kansas City district._. 31.8 6.3 United States -8.2 ! -4.1 San Francisco district.. 5.0 -10.2 Boston district -13.5 | -0.5 Agricultural implements: New York district -11.6 | -7.4 United States 44.0 28.0 Philadelphia district... -4.1 -3.2 Atlanta district ... 50.7 23.3 Cleveland district -8.7 j -12.5 Minneapolis district. _. 103.8 103.8 Richmond district -7.7 I -2.0 Dallas district -38.6 -23.5 Atlanta district -10.7 -2.7 San Francisco district. 61.2 0.9 Chicago district -4.3 -6.3 Stationery: St. Louis district -2.3 -2.9 New York district 2.0 -0.8 Minneapolis district.... 3.2 -2.3 Philadelphia district... -6.4 -0.6 Kansas City district... -12.5 -11.1 Atlanta district -4.8 1.0 Dallas district. -4.8 0.3 San Francisco district . -16.1 -9.8 San Francisco district- -14.4 -7.6 Automobile supplies: Dry goods: San Francisco district.. -2.4 -9.6 United States 6.9 -10.7 Clothing: New York district 10.0 7.5 New York district 40.9 -3.3 Philadelphia district... 6.9 -12.7 St. Louis district -49.9 -30.2 Cleveland district 15.1 -17.5 Machine tools: Richmond district 0.3 -20.3 New York district -1.5 -27.4 Atlanta district 13.8 -6.1 Diamonds: Chicago district -4.9 -15.9 New York district -2.3 5.1 St. Louis district 12.1 -7.1 Jewelry: Minneapolis district... 0.8 15.5 New York district 4.2 -10.8 Kansas City district... -0.3 -3.5 Philadelphia district.. 11.1 -8.6 Dallas district 24.4 -7.5 Electrical supplies: San Francisco district.. -8.0 -21.1 Philadelphia district.. -6.6 -15.7 Shoes: Atlanta district 4.2 16.2 United States 8.6 -5.1 St. Louis district 19.8 -4.0 Boston district -13.8 14.3 Millinery: New York district 5.8 0.8 Kansas City district.. 56.5 -10.4 Philadelphia district.. 0.9 -12.8 Stoves: Cleveland district 13.4 -9.6 St. Louis district 7.2 -15.8 Richmond district 43.4 -0.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN APRIL, 1925 RETAIL TRADE, BY REPORTING LINES 1 [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment u 34 Year and month 9 •3 a •ai •si III > §S (BMCO 1924 January no 205 126 141 119 154 126 100 204 173 146 137 130 102 184 February. 201 140 143 124 93 167 128 101 200 179 150 140 132 112 190 March 102 105 200 163 149 136 118 184 115 91 184 170 147 140 118 110 182 April 115 114 210 178 145 130 178 205 131 111 208 190 149 136 153 103 205 May 133 90 214 174 150 143 150 82 186 123 100 214 183 153 141 130 99 193 June 127 200 162 143 131 140 75 169 120 104 203 176 146 134 132 94 181 July 120 206 163 148 128 113 72 177 123 93 214 179 147 129 123 97 181 August 91 74 201 172 152 138 108 91 180 118 98 211 181 151 141 138 102 179 September 93 106 210 169 145 137 124 110 189 131 112 221 183 147 137 129 110 192 October 119 141 240 203 159 144 138 124 199 124 109 234 188 156 137 122 102 194 November 141 131 232 199 145 138 146 111 186 126 105 230 191 154 139 134 195 December 141 148 253 366 187 192 186 184 282 131 123 242 198 153 142 142 188 210 1925 January 109 108 250 151 155 122 107 162 124 110 249 207 161 141 141 112 193 February 100 105 236 156 146 119 100 175 116 246 209 161 140 149 120 207 1 For description of the retail trade indexes see Federal Reserve Bulletins for Januiry and March, 1924. * Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of Research and Statistics, Federal Reserve Board. DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Number of re- Federal reserve district port- 1925 1924 1925 1924 ing firms Feb. Jan. Dec. Nov. Oct. Feb. Jan. Feb. Jan. ! Dec. Nov. Oct. Feb. Jan United States. 359 100 109 210 141 141 102 110 130 124 131 126 124 128 126 Boston 24 94 113 215 140 137 101 120 126 126 135 128 124 130 133 New York.... 63 107 120 226 153 161 103 120 140 132 138 132 135 129 132 Philadelphia.. 22 101 105 213 153 144 111 110 125 119 133 118 126 132 125 Cleveland 54 106 107 207 139 134 112 109 137 123 131 128 122 138 125 Richmond 23 89 93 214 137 137 88 94 120 113 124 117 120 113 114 Atlanta. 35 84 83 173 113 120 83 85 110 102 106 98 100 104 104 Chicago 63 102 114 219 154 136 112 112 129 134 140 139 123 136 132 Minneapolis. - 23 81 92 162 111 116 77 88 115 107 110 103 103 105 103 Dallas 21 89 92 171 115 126 82 85 113 106 105 100 107 99 99 San Francisco. 31 113 128 238 144 157 121 132 149 145 151 142 144 152 149 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919=100] Stocks without seasonal adjustment Stocks with seasonal adjustment Number of re- Federal reserve district port- 1925 1924 1925 1924 ing firms Feb. Jan Dec. Nov. Oct. Feb. Jan Feb. Jan. Dec. Nov. ; Oct. Feb. Jan. United States. 314 128 119 124 148 147 127 115 136 135 133 131 132 135 131 Boston 24 115 112 120 141 135 115 111 123 124 123 122 120 123 123 New York 63 123 118 125 147 146 119 117 132 132 132 129 131 128 130 Philadelphia- 13 167 147 151 172 171 152 132 177 164 157 155 153 162 148 Cleveland 52 125 112 120 145 146 126 110 134 134 129 128 130 135 131 Richmond 19 118 109 118 145 143 121 104 126 129 130 127 124 129 124 Atlanta 22 107 99 96 123 126 123 109 111 110 107 110 112 127 121 Chicago 51 151 139 141 167 169 144 128 162 156 152 148 150 155 144 Minneapolis.. 22 106 99 99 123 121 106 97 109 111 108 112 111 109 110 D Sa a n l la F s rancisco 2 1 9 9 1 1 2 1 5 4 1 1 0 2 3 3 1 10 2 5 4 1 1 3 4 1 8 1 14 3 7 3 1 13 1 1 8 1 1 0 2 7 5 1 1 2 3 1 0 1 1 2 3 0 4 1 13 2 5 2 1 1 1 35 8 I 1 1 3 1 6 8 1 1 2 3 6 7 1 13 2 7 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDERAL RESERVE BULLETIN 267 FOREIGN BANKING AND BUSINESS CONDITIONS GOLD RESERVES OF PRINCIPAL COUNTRIES In the table below are presented for the during recent years, the combined holdings of period 1913-1924 figures showing the amount European central banks are now substantially of gold held as reserves by the central banks larger than they have been at the end of any and the Governments of all countries for year since 1917. In that year they were which information is available. Gold in cir- reported at $3,560,000,000, but in the followculation is shown for the United States only, ing year they dropped almost $500,000,000, as at the present time it is in this country owing principally to the loss of the Russian alone that gold and gold certificates are used reserve, and during 1919 they declined further in actual circulation. The figures in the table by $184,000,000, owing chiefly to losses by the are only approximately correct and do not German Reichsbank. From the low point of attempt to include gold held by commercial $2,879,000,000 at the end of 1919 gold reserves banks, by business concerns, and in private in Europe have increased by nearly $200,000,000 hoards. Changes in these items are likely to to the December, 1924, total of $3,075,000,000. have been considerable and may account to The present holdings of European banks and some extent for the growth in central gold treasuries are therefore about $250,000,000 reserves in recent years in excess of the gold in excess of the total reported holdings in currently produced. In addition to the in- 1913, which amounted to about $2,820,000,000. creases in the gold holdings in the table, a Official gold holdings are, therefore, little large amount of gold (more than $300,000,000 changed in aggregate since before the war. in the past three years) has been imported into The large loss of gold by Europe since before India and absorbed by the population without the war represents chiefly gold withdrawn from being reflected in the reported gold reserves. circulation, together with some gold withdrawal During the year 1924 the combined gold from the arts and from private and public holdings of all banks and public treasuries for hoards including plate or jewelry. In the prowhich figures are available, together with gold cess of redistribution sums equivalents tnose in circulation in the United States, increased lost by Russia, Germany, and Austria-Hungary by $371,000,000 to $9,379,368,000. The gold have been acquired by England, Sweden, the stock of the United States alone increased by Netherlands, Switzerland, and Spain, or, in the $300,000,000 to $4,547,407,000 and constituted case of part of the holdings of Austria-Hungary, 48.5 per cent of the world's total. The increase by the Danks and treasuries of the succession in gold circulation, mostly in the form of gold States. The £156,000,000 now held by Engcertificates, was $431,000,000, offset in part land is almost equal to the estimated total by a decline of $131,000,000 in the holdings of stock of £161,000,000 in 1913, the gold in cirthe Federal reserve banks and the Treasury. culation and in commercial banks having been The combined reported holdings of European collected in the Bank of England and in the countries increased by $86,000,000 during 1924 currency note reserve. to $3,074,816,000, the principal changes being Outside of Europe both Argentina and Japan the gains of $70,000,000 by Germany, $28,- show decreases from December, 1923, the 000,000 by Russia, $9,000,000 by Czechoslova- former of $19,000,000 and the latter of kia, $7,000,000 by Poland, and $7,000,000 by $14,000,000, but these again are relatively Hungary, whose holdings were not available negligible. in 1923. A number of European countries lost Gold movements in 1924, with the exception gold—Sweden, $9,000,000; Switzerland, $6,- of the imports to the United States, showed a 000,000; and the Netherlands, $31,000,000— general tendency toward a more even distribubut these movements represent only small tion of gold holdings, countries with strong subtractions from extremely strong reserves. reserves parting with a portion of their hold- Notwithstanding the magnitude of the gold ings and countries with small reserves showing movement from Europe to the United States increases for the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL RESERVE BULLETIN APRIL, 1925 GOLD RESERVES OF PRINCIPAL COUNTRIES, 1913-1924 [In thousands of dollars, converted at par of exchange] United States Czecho- Great slovakia: Britain: End of year T st o o t c a k l T F a r e e n d I a d n e s r i u n a r l y In la c ti i o rc n u- A N B u at s a i t o n ri k n a a n l A g B H u a a u r s i n t n a r k o - n - N B B a e a t l n i g o k iu n o m a f l N B B a u a t l n i g o k a n r o a i f a l M B o OO a i f n n ff ff i t k i s i h c i t e e n ry g N o m B a f t a D a i B o n r e k n kk n a - l F B in a o l n a f n k d F B ra a o n n f c k e G R b e e a i r c n m h k s a - nE c B u n a r a g n r n e l k d a n n o c d f y reserve of Fi- note banks nance reserves 1913. 1,924,361 262,443 1,661,918 251,421 59,131 10,615 19,666 6,948 678,856 278,687 170, 245 1914. 1,815,976 504,672 1,311,304 213, 757 56, 619 10,615 24,506 802,591 498,508 428,221 1915. 2,312,444 758,595 1,553,649 138, 758 50,759 11,773 29,833 8,299 967,950 581,954 389,205 1916. 2,864,842 973,233 1,891,609 58, 759 50,759 13,124 42,847 8,299 652,885 599,873 402,970 1917. 3,040,439 1,770,347 1, 270, 092 53, 717 50, 759 12,159 46,611 8,299 639, 682 572,768 422, 594 1918. 3,080,510 2,243,895 836, 615 53,074 51,145 12,352 52,159 664,017 538,861 523, 632 1919. 2,787,714 2,091,054 45, 111 51,417 7,141 60,807 8,299 694,847 259,519 583, 211 1920. 2, 928,848 2,216,154 712,694 Ul 51,438 7,141 4,053 8,299 685,517 260, 028 762,912 1921. 3, 656,989 3,021,266 635, 723 U6 51,451 7,334 12,545 61,192 ^8,299 690,141 237,102 763, 719 1922. 3,933,476 3,201, 540 731,936 51,901 7,415 20,874 61,173 8,371 708,403 227,436 751,579 1923. 4,247,201 3,249,852 997, 349 1,313 52,204 7,565 22, 574 56,171 8,242 709,479 111,247 754,400 1924. 4,547,407 3,118,636 1,428,771 1,560 52,543 7,700 31, 745 56,145 8,354 710,394 180,939 757,033 Banks of Italy, End of year B G t a i N r o n e n a k e a - c o l e f B t H a g i N o n a u n a r k n y - a - o l f N t S i N a a a o i n p c n n a i d l d a - l e y l s, B N l a e a n t n h k d e s o r- f N B o an rw k a o y f B P t a i o N o n l n a a k - a n o l d f B P a o g n r a k t l u o - f B m t a i N R o a n n u a n k a - - i o a l f R B S u t s a a s n t i k e an B S a p n a k i n of Sw R ba i e k n d s k i - sh B S e t a i r N w o l n a n a i k n t - a z d o l - f Y s t B i l N o a u a n v a g n - a i o k a l - Treasury 1913 5,211 288,103 12,846 8,760 29,242 786,800 92,490 27,372 32,801 1914 7,527 299, 759 83,663 11,181 9,261 29,714 803,400 110,444 29,088 45,922 1915 11,194 293,453 172,530 18,028 9,261 36,264 831,200 166,414 33,385 48,275 1916 11,580 255,772 236,217 33,027 9,261 22 758,396 241,424 49,183 66,585 1917 12,159 238,931 31,214 9,261 a 667,041 379,597 65,513 69,025 1918 10,422 243,566 277,155 32,691 9,263 2 430,072 76,532 80,041 1919 11, 001 203,441 256,204 39,590 1,667 9,266 200 472,041 75,350 99,779 1920 11,001 204,362 255, 729 39,472 2,858 9,266 329 474,228 75,516 104,780 12,352 1921 10,808 210, 739 243,600 39,475 5,955 9,267 329 484,984 73,631 106,058 14,282 1922 6,058 217,284 233,880 39,474 9,769 9,267 7,585 2,607 487,278 73,428 103,283 12,354 1923 7,250 215, 699 233,876 39,472 13,078 9.267 24,563 45,043 487,841 72,853 103,669 13,286 1924 7,557 7,460 218,382 202,854 39,457 19,949 9,267 26,020 73,050 489,292 63,508 97,642 13,965 Domestic South End of year o M c C f h b a i f a a a n i n r n n n i t a a d s e k d n t r s e a e c r : d e m A G v r e e g f o n u r e v t s n n e i c d o t r o i n n n n - e - c G B u t f u r e r u r e a a n e z r n d o a i c f l n : y - C G v m f e h c o u r i o v e s l n n e e i n d o a - r t n n n - p o g B U u f R u a b r a t e u n l h y - i - k c e : A re u N s s e t o r r t a v e l e ia s : N r b e e l a w a se n n r k d Z v s e e a- G r I r e m o n u s v d p e e e r i n e v a r e t n : e - h B G a J o o a o a n l t f d n p h v d t i k e e a h n o r n e o g n f f s - B Ja a o v n f a k E t B i N g o a o y n a n f - a p k l t F r A b J e s e o a a s t f d o r n e i n i n e c r d c k r v t k a - a s e : l Total ment bank 1913. 142,517 224,989 3 53,202 10,826 21,899 4 25,306 72,780 64,963 10,027 10,381 *39,905 5,421,248 1914. 137,872 213,906 3 26,601 1,330 13,483 38,932 27,739 30,202 64,062 12,418 21,750 5 43,799 5,921,145 1915. 169,128 228,939 3 14, 598 1,330 22,530 73,484 33, 092 41,361 68,187 18,804 35,096 «44, 772 6,862,300 1916. 176,064 251,158 3 14, 598 1,330 33,251 78,351 36,012 38,636 113,411 29,164 »34, 066 7,190,850 1917. 195,172 252,390 3 14, 598 9,039 42,003 85, 650 39,419 86,712 229,981 37,051 19,278 30,172 7,641,923 1918_ 190,688 15,571 23,413 46,718 104,143 39,419 63,842 225,821 51,600 16,312 33, 579 7,224,527 1919. 192,265 299,119 15, 571 24,384 56,756 116,796 38,932 96, 205 349,947 69,817 16,312 35,525 6,978,234 1920. 175,187 450,057 19,464 32,893 57,307 115,336 37,472 116,249 551,840 88,214 16,807 50,612 7,670,570 1921. 154,723 450,057 25,303 34,025 59,494 113,389 37,472 118,341 610,663 58,728 16,807 57,911 8,424,829 1922. 222,050 450,057 27,401 41, 874 56,807 116,499 38,367 118,341 605,678 61,306 16,619 50, 782 8,778,703 1923. 171,191 454,035 48, 665 41,875 56,812 121,088 38, 294 108,609 600.194 62,869 16,510 51,838 9,008,273 1924. 192,504 435,880 53, 799 41,875 56,812 121,200 38,051 108,609 585,738 53, 726 16,510 52,441 9,379,368 i Austrian account only. 2 Oct. 16-29. > Conversion fund. * Mar. 31,1914. s Includes a small amount of gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRII* 1925 FEDERAL RESERVE BULI^ETIN 269 CENTRAL BANKS OF ISSUE ORGANIZED of reserves. Following is a summary of the SINCE 1919 provisions for reserves and for cover in the 11 new central banks: Since the close of the World War 11 new cen- Esthonia.—(a) Not less than 50 per cent of tral banks of issue have been organized in Eu- the notes to be covered by discounted bills, rope. In nearly all cases the new banks repre- loans, and advances; (b) not less than 10 per sent a reorganization of previously existing in- cent by legal tender notes; (c) the remainder stitutions, some of which had been established by gold and silver coins, platinum, and foreign long before the war, while others were tempo- assets which are to be valued at purchase or rary organizations started during or after the market prices whichever is lower, and other war pending the passage of central banking assets, including State loan scrip. legislation. The national banks of Austria Czechoslovakia.—Pending the establishment and of Hungary and the banking office of the of a central bank the amount of note issue has Ministry of Finance in Czechoslovakia are been limited and the Government has made jointly successors to the old Austro-Hungarian efforts to build up metallic reserves. A bill Bank, the Czechoslovakian office being still in establishing a permanent bank of issue, with the preliminary stage of organization. The definite reserve requirements, has recently been National Bank of the Kingdom of the Serbs, introduced by the Government. Croats, and Slovenes took over the old Privi- Yugoslavia.—(a) Not less than one-third of leged National Bank of the Kingdom of Serbia; the notes to be covered by gold, silver, foreignthe new Russian State Bank, though it has the bank notes, and exchange; and (b) the remainder same name as its predecessor, is not connected by liquid domestic commercial assets. with the past in any other way; the Latvijas Russia.—(a) Not less than 25 per cent of the Banka is the outcome of a reorganization of notes to be covered by gold and platinum; and the State Savings and Credit Bank; the Bank (b) the remainder by stable foreign currencies, of Danzig succeeded the Danziger Zentral- merchandise easily realizable, and short-term kasse; the Bank Polski, the Polish National obligations. Loan Bureau, which had been established dur- Lithuania.—(a) Not less than one-third to be ing the period of German occupation; and the covered by gold; and (b) the rest by easily new Reichsbank is the outcome of a reorga- realizable assets. nization of the old institution of the same Latvia.—(a) Up to an issue of 100,000,000 name. lats, notes to be covered by 50 per cent in The establishment of these new banks was gold or stable foreign currencies; (b) between in every case a part of a program of fiscal and 100,000,000 and 150,000,000 lats, by 75 per monetary reform. One of the first duties of the cent gold or stable foreign currencies, and (c) new banks was to provide their countries with any amount above 150,000,000 lats, by 100 uniform currencies to take the place of the per cent gold or stable foreign currencies. various currencies that were in circulation im- Austria.—Notes to be covered by (a) " cash," mediately after the war. In many cases the (i. e., bullion, coin, stable foreign currency, and first step undertaken was to stamp the notes bills of exchange) to the extent of 20 per cent actually in circulation on a given date and then for the first five years; (b) 24 per cent for the as rapidly as possible to exchange them for next five years; (c) 28 per cent for a further notes of the new bank of issue and to announce five years; and (d) 333^ per cent thereafter. a date after which the old notes would cease Danzig.—Notes to be covered by (a) not less to be legal tender. than one-third in gold, Bank of England notes, Besides providing uniform currencies for or demand obligations of the bank in sterling; circulation in their respective countries, the and (b) the remainder in Danzig metal curnew banks of issue were confronted with the rency or in specially secured bills of exchange. problem of stabilizing the value of these cur- Hungary.—Same as given above for Austria. rencies at home and abroad. In order to Poland.—Notes to be covered by (a) not achieve this end, all the new banking laws im- less than 30 per cent in gold, stable foreign pose restrictions on the powers of note issue currencies, and bills in stable foreign exchange; of the new central banks and provide for cer- and (b) the remainder in specified commercial tain reserves in gold and in foreign currencies bills, silver on the basis of its gold value, to be maintained against notes in circulation, subsidiary cash not to exceed five per cent of and for a cover of easily realizable commercial the note issue, and non-interest bearing Treaspaper of specified kinds for the notes in excess ury notes up to the amount of 50,000,000 zlote. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULIxETTN APBIL, 1925 Germany.—The new Reichsbank law requires worth 19.47 cents; in Poland, the zloty, also against note issues (a) 40 per cent reserve, of valued at 19.30 cents; in Germany, the new which (1) 75 per cent must be in gold in vault, gold reichsmark with a value of 23.82 cents or or with foreign banks of issue but unpledged, the equivalent of the pre-war gold mark; (2) 25 per cent may be in foreign exchange and Yugoslavia has adopted the Servian dinar with (b) the remainder in eligible bills of exchange a value of 19.30 cents; and Austria is at present or checks. changing over to the new schilling, which has While gold payments have not been resumed a value of 14.07 cents. by any of the new banks of issue, the value of The majority of the new central banks are their currencies has been maintained at a fixed automonous private joint-stock banks, and relation to gold. The monetary units adopted their authority to make loans to the Governby the new banks are in many cases new, but ment is limited. The Eesti Pank and the generally bear names with national historic Latvijas Banka, however, are State institutions, associations; in Russia the unit is the cher- as is the Russian State Bank, and the Banking vonetz, with a value of $5.1460, or the equiv- Office in Czechoslovakia is temporarily a part alent of 10 gold rubles; in Lithuania, the lit, of the Ministry of Finance. In Yugoslavia, the with a value of 10 cents; in Latvia, the lat, operations of the central bank are under the 19.30 cents; in Danzig, the Danzig gulden, control of a government commissioner. FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES (Bank figures are for the last report day of month, except for'London clearing banks, which are daily averages) ENGLAND CANADA [Millions of pounds sterling] [Millions of dollars] 1925 1924 Febru- Janu- Decem Febru- 1925 1924 ary ary ber ary Bank of England: Janu- Decem-Novem Janu- Issue department- ary ber ber ary Gold coin and bullion 127 127 127 126 Notes issued 147 146 146 146 Banking department— Chartered banks: Gold and silver coin 2 2 2 2 Gold coin and bullion J 53 52 54 54 Bank notes 22 22 18 20 Current loans and discounts 1,114 1,123 1,139 1,177 Government securities 42 50 69 51 Money at call and short notice.._ 319 315 309 289 Other securities 74 74 104 68 Public and railway securities 542 536 497 436 Public deposits 16 23 9 13 Note circulation 155 166 177 157 Other deposits 106 107 166 110 Individual deposits 2,083 2,166 2,108 1,993 Ratio of gold and note reserve Gold reserve against Dominion notes.. 131 139 138 103 to deposit liabilities 19.3 18.4 11.5 18.0 Dominion note circulation 222 262 244 231 Bank notes in circulation 98 98 101 103 Bank clearings * 1,410 1,709 1,647 1,387 Currency notes and certificates 281 281 296 277 Bank debits 2.230 2,826 2,849 2,178 Nine London clearing banks: Money at call and short notice... 121 112 113 92 Discounts and advances 1,055 1,063 1,046 1,032 1 Not including gold held abroad. »Total for month. Investments 287 296 303 341 Total deposits 1,643 1,653 1,656 1,633 Total clearings 3,316 3,771 3,448 3,205 GERMANY Government floating debt: Total 760 786 846 797 [Millions of reichsmarks] Treasury bills 592 631 626 628 Temporary advances 168 155 220 169 Index of security prices (December, 1921-100) 117.9 117.5 117.5 114.3 1925 1924 Index number of foreign exchange value of the pound sterling 126.8 126.5 128.7 127.6 Febru- Janu- Decem- FRANCE ary ary ber [Millions of francs] Bank of France: Reichsbank: Gold reservel 3,681 3,681 3,681 3,677 Gold at home 700 636 552 Silver reserve 306 305 306 298 Gold abroad 207 199 207 Water advances to the Govern- Reserves in foreign exchange... 302 278 253 ment 21,900 21,200 22,600 23,100 Bills of exchange and checks... 1,737 1,771 2,064 Note circulation 40,792 40,516 40,604 39,345 Miscellaneous assets 1,684 1,507 1,654 Total deposits 2,028 2,012 1,973 2,331 Deposits 918 747 821 Commercial bank loans (3 banks) 14,635 14,320 15,139 Reichsmarks in circulation 2,106 1,901 1,941 Commercial bank deposits (3 banks). 14,511 14,406 15,093 Rentenmarks in circulation 1,967 1,967 1,980 Clearings, daily average of Paris Reichsbank clearings 3,637 3,687 banks 920 1,043 1,490 Index of security prices (per cent). 111.6 89.5 Price of 3 per cent perpetual rente 48.10 48.45 50.00 56.60 Capital issues 102 1 Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDERAL RESERVE BULLETIN 271 ITALY DENMARK [Millions of lire] [Millions of kroner] 1925 1924 1925 1924 Janu- Decem-Novem- January ber ber ary Febru- Janu- Decem- February ary ber ary Banks of issue: Gold reserve 1,131 1,132 1,132 1,120 Gold 209 209 209 210 Total, reserve- 1,820 1,826 1,831 1,832 Bills 215 214 187 248 L N o o a te n s c i a r n c d u l d at i i s o c n o u fo nt r s commerce 1 7 0 , , 6 5 2 0 6 0 1 8 0 , , 3 8 2 7 4 3 1 7 0 , , 5 6 8 4 4 6 9 7 , y 0 5 1 6 9 9 L Fo o r a e n i s gn bills and balances abroad 2 47 4 2 56 9 6 4 1 3 5 1 7 8 N To o t t a e l c d ir e c p u o la s t i i t o s n .. . for the Sta _ t „ e _ l.m. 2 7 , , 8 1 0 4 6 6 3 7 , . 1 2 9 4 4 2 2 7 , , 6 2 8 4 4 8 2 7 , , 5 7 7 5 3 0 N Cu o r te r e c n i t r c a u c l c a o ti u o n n t s . , . 4 6 5 4 3 4 6 5 7 6 4 8 7 2 8 4 8 50 2 Leading'iprivate banks: Cash. 973 D Lo u a e n f s r o a m nd l c d o i r s r c e o s u p n o t n s d ents . 8 4, ,6 09 3 2 7 FINLAND Participations [Millions of F. marks] Total deposits 12,649 State note issue _ . 2,400 2,400 2,400 2,428 Index of security^prices (per cent) 259 254 249 182 Gold 43 43 43 43 Balances abroad, etc 913 874 804 927 i Not including gold held abroad. Finnish and foreign government securities 474 474 486 601 JAPAN Domestic bills 597 598 540 623 Note circulation _ 1,288 1,205 1,250 1,376 [Millions of yen] Current accounts: Private-^ - - 50 63 46 24 Treasury— _. 227 284 158 342 1925 1924 Febru- Janu- Decem- Febru- GREECE ary ary ber ary [Millions of drachmae] Bank of Japan: Reserve for notesl 1,059 1,059 1,059 1,058 Gold and balances abroad . ._ 2,026 1,939 Loans and discounts.—. 311 325 573 469 Government loans and securities 3,953 4,162 Advances on foreign bills. 81 135 188 192 Discounts and loans 2,716 1,829 Note circulation— 1,297 1,390 1,694 1,349 Note circulation 4,866 4,513 Government deposits 299 224 193 471 Private deposits: Privateideposits 31 31 52 39 Sight 1,840 1,687 Tokyo banks: Time 1,065 1,031 Cash on hand 110 123 108 106 Total loans 2,392 2,398 2,375 2,451 Total deposits 1,861 1,859 1,854 1,820 HUNGARY Total clearings.. 2,552 2,632 3,561 2,300 [Billions of H. crowns] 1 Gold abroad, gold coin and bullion in Japan. Gold 596 510 533 CONDITION OF CENTRAL BANKS IN OTHER Foreign exchange - 1,989 1,967 1,933 COUNTRIES Bills, etc 1,677 1,849 1,977 Note circulation 4,238 4,450 4,514 AUSTRIA Current accounts: Public 2,359 2,012 1,865 [Billions of krone] Private --- - 183 127 204 -Gold 111 111 111 106 Foreign bills (reserve) 3,199 3,227 4,771 3,922 Other foreign bills 1,528 1,285 LATVIA Domestic bills, etc ~- 1,284 1,544 1,880 1,735 Note circulation 7,957 7,902 8,388 7,364 [Thousands of lats] Deposits 316 438 553 559 BELGIUM G Fo o r l e d ign exchange reserve. 4 23 0 , , 1 5 6 6 2 7 2 40 3 , , 8 5 7 8 6 7 4 2 2 3 , , 9 6 8 0 4 0 2 4 0 9 , , 1 0 1 3 7 0 [Millions of francs] Bills 47,911 46,860 44,798 23,194 Loans 53,010 50,831 48,660 24,629 Gold _.._ _ 272 272 272 270 Note circulation 28,701 27,898 30,727 23,000 Foreign bills and balances abroad 30 30 18 18 Government deposits 83,180 80,835 77,289 44,380 Bills 1,325 1,545 1,479 1,373 Other deposits 45,741 45,428 44,256 45,901 Note circulation 7,599 7,648 7,590 7,652 Private deposits -- 225 258 435 LITHUANIA CZECHOSLOVAKIA [Thousands of litas] [Millions of Cz. K.] Gold and silver . 1,029 1,029 1,050 1,040 Gold 31,062 30,947 30,779 20,457 B A N B C a i h d o l l e v l t a s e c a n k d n c c i i c i e n s r e s c g c s u a o a b o l u a c r n n t c o i t o c o a e o u d d n l n l a t a s n te d r a fo l reign currency. 7,7 9 6 5 5 2 3 7 4 9 3 8 8 2 5 7 1 , , 9 0 4 6 5 1 9 8 4 5 7 7 3 3 3 8 1 1 , , , 8 1 3 7 7 1 6 1 3 3 0 7 7 4 4 8,5 8 6 7 5 0 3 7 6 7 6 7 7 9 9 N D L Fo o e o r a p t e e n o i s g s c i n i a t r s n c e u d x l c d a h t i a i s o n c n o g e u n r t e s serv _ e. . 6 9 3 3 3 3 3 7 , , , , 1 6 1 4 2 8 0 8 6 2 9 6 3 9 2 6 9 8 4 2 , , , , 8 0 6 7 1 6 6 0 6 2 7 8 3 6 3 9 1 2 2 6 , , , , 3 9 2 6 4 8 5 8 9 2 8 1 6 2 2 5 8 7 2 5 , , , , 2 0 4 6 9 7 0 0 4 8 8 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN APRIL, 1925 NETHERLANDS RUSSIA [Millions of florins] [Note issuing department. Thousands of chervontsi] 1925 1924 1925 1924 Febru- Janu- Decem- Febru- Febru- Janu- Decem- February ary ber ary ary ary ber ary Gold 505 505 505 582 Gold 15,214 14,914 14,195 8,754 Domestic bills 115 120 229 Foreign currency 9,566 10,248 11,165 7,376 Foreign bills 125 112 25 Loans and discounts 31,281 31,289 34,013 16,101 Loans 157 172 142 Bank notes 56,055 55,025 59, 597 32,800 Note circulation... 881 893 935 984 Deposits _. _ 64 63 59 24 SOUTH AFRICA NORWAY [Thousands of pounds sterling] [Millions of kroner] Gold coin and bullion... 2,744 552 549 Gold certificates 10,223 10,223 10,102 Gold _ 147 147 147 147 Total bills discounted. 4,942 5,248 6,148 Loans and discounts 370 395 407 424 Domestic bills 1,991 2,055 2,113 Balances abroad... 31 28 36 16 Foreign bills 670 973 1,427 Note circulation 368 361 391 369 Notes in circulation 11,344 11,456 10,319 Deposits: Bankers' deposits 5,482 4,492 5,676 State . _ 24 31 8 41 Private 64 67 84 61 SPAIN [Millions of pesetas] PERU [Millions of libras] Gold 2,536 2,536 2,535 2,528 Balances abroad.. 30 31 33 31 Gold at home. 4,094 4,179 4,202 Bills discounted... 939 926 909 869 Gold abroad 982 1,060 805 Note circulation... 4,472 4,529 4,535 4,322 Bills _ 1,462 1,189 1,037 Current accounts. 1,032 957 912 1,023 Notes in circulation 5,838 5,660 Deposits. 673 498 409 SWEDEN [Millions of kronor] POLAND [Millions of zlote] Gold 234 234 237 272 Balances abroad and foreign bills 107 108 100 30 N B F C G o i u o o l r l l t r e s d e r i e g c n n i t r c e a u x c l c c a h o t a i u o n n n g t e s, , e e t t c c . . : 2 2 5 1 8 5 0 0 6 0 6 7 2 2 5 1 7 4 0 5 0 2 4 3 2 2 5 1 5 6 5 0 7 9 1 3 D N G o o o m t v e S F e e w o r c s n r i t e e r m i d c c ig u i e s b n l n h a i t l t l i s s o e n c ur . i ties: . . . _ . 4 3 4 9 7 1 2 3 0 3 3 4 4 9 8 1 3 0 3 3 4 5 5 3 3 1 5 7 8 3 3 5 7 4 2 1 0 2 3 4 Treasury 5 3 6 Deposits 269 291 304 198 Private 48 50 58 SWITZERLAND PORTUGAL [Millions of francs] [Millions of escudos] Gold 499 506 506 53G Gold Q g 9 9 D Lo o a m n e s s tic bills - - 23 50 7 30 5 4 2 31 7 1 0 22 58 4 Balances abroad . 325 298 348 24 Balances abroad and due from corre- Bills .. 155 154 164 spondents ... 27 70 88 37 Note circulation 1,716 1,728 1,764 1,449 Note circulation 760 825 914 878 Deposits . . 81 67 76 37 Deposits . 162 164 120 50 RUMANIA YUGOSLAVIA [Millions of lei] [Millions of dinars] Gold 563 563 555 Gold . 72 72 72 69 Bills 7,338 5,781 Foreign currency and balances abroad 356 375 385 350 Government loan. 11,249 10,787 11,099 Bills 1,178 1,208 1,289 1,252 Note circulation 19,198 19,487 17,844 Note circulation . _ 5,729 5,795 6,002 5,677 Deposits 7,411 6,818 6,463 Current accounts 413 345 307 287 DISCOUNT RATES OF 28 CENTRAL BANKS [Prevailing rates with date of last change] Country Hate I s n i n ef c f e ec - t Country Kate I s n i n ef c f e ec - t Country Rate I s n i n e c ff e ec - t Country Rate I s n in e c f e f — ect P.ct. P.ct. P.ct. P.ct. Austria 13 Nov. 6,1924 Esthonia 9 May 19,1924 Japan 8.03 Nov. 18,1919 South Africa Jan., 192& Belgium Jan. 22,1923 Finland 9 Mar. 6,1924 Latvia 8 Feb. 16,1924 Spain 5 Mar. 23,1923 Bulgaria 10 Aug. 31,1924 France 7 Dec. 11,1924 Lithuania .. 7 Feb. 8,1925 Sweden Nov. 9,1923 Czechoslo- Germany 9 Feb. 26,1925 Netherlands 4 Jan. 16,1925 Switzerland. July 14,1923 vakia 7 Mar. 25,1925 Greece Feb. 15,1925 Norway 6 Nov. 26,1924 Yugoslavia.J June 23,1922 Danzig 10 Sept 11,1924 Hungary 11 Mar. 27,1925 Poland 10 Nov. 28,1924 Denmark 7 Jan. 17,1924 India 7 Jan. 22,1925 Portugal 9 Sept. 12,1923 England 5 Mar. 5, 1925 Italy 6 Mar. 9.1925 Rumania Sept. 4,1920 Changes.—National Bank of Greece from 7H to $H per cent on February 15, 1925; Bank of Italy from 5}i to 6 per cent on March 9,1925; Banking office of the Ozechoslovakian Ministry of Finance from 6 to 7 per cent on March 25,1925; National Bank of Hungary from 12H to 11 per cent on March 27,1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRir, 1925 FEDERAL KESEBVE BULLETIN 273 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] 1925 1924 Twelve m Tw on el t v h e s 1925 1924 Fe a b ry ru- January m en o d n i t n h g s e F n e d b i r n u g - February ary Twelve Twelve months months Fe a b ry ru- January e F n e d b i r n u g - e F n e d b i r n u g - Fran I c m e p ( o m rt i s llion francs): 3,173 40,058 34,806 ary ary Exports 3,595 3,563 42,025 32,839 Germany (million gold marks): Imports 1,125 1,372 10,527 6,433 Exports 630 697 6,997 6,341 IMPORTS United Kingdom (thousand £ sterling): By c T F C la o o r s u o t s a d d e l s e s t u o m f f f a s c t , e o r m c ia r m l u s d . o — e d , i t a ie n s d : food 3 1 3 2 3 8 , , 7 6 2 0 0 3 3 1 4 4 6 7 , , 1 5 8 9 4 7 3 1 , , 6 2 6 9 1 0 , , 9 7 7 5 2 5 3 1 , , 7 3 8 4 7 2 , , 2 0 3 2 4 9 Can I E R a m d x e a e p p x o o ( p t r r h t t o s s o rt u s sand dollars): 1 6 1 1 9 3 0 , , , 3 8 1 5 3 4 8 0 8 1 6 1 2 9 3 8 , , , 2 0 9 8 5 0 4 1 7 1,3 8 1 2 0 4 1 1 0 , , , 0 5 7 2 3 4 6 8 9 1,1 7 1 1 7 2 0 5 5 , , , 4 4 0 6 5 1 6 0 9 * M Se a a m n n i i u m m fa a a c n l t s u u f r a e c d t u f r o e o s d stuffs _. 3 3 6 9 6 3 , , , 7 7 6 7 7 4 6 8 9 3 3 6 2 8 3 , , , 3 0 1 3 6 0 6 6 4 4 4 6 3 9 5 6 7 7 , , , 6 1 9 5 8 9 6 1 8 3 5 7 6 2 5 8 5 7 , , , 9 3 2 2 4 4 7 5 2 Japa I E n m x ( p p m o or r il t t l s s ion yen): 6 71 1 , , 1 4 6 3 4 0 5 7 8 5 , , 3 9 7 9 6 9 1,0 7 7 9 8 9 , , 9 2 9 32 8 1,042,936 By c F M o in u is i n c s t e h r l e i l e a d s n : m eo a u n s ufactures 6 2 2 , , 0 8 6 4 6 8 6 2 2 , , 2 8 6 13 8 75 2 9 1 , , 5 5 1 2 6 2 7 2 7 3 0 , , 0 6 7 1 4 2 Sout I E h m x p A p o o fr r r i t c t s s a . .. ( thousand _ £ ster- 2 1 8 6 4 4 2 1 2 4 8 7 2 1, , 9 4 0 5 2 7 2 1 , , 1 44 8 6 5 Total Europe 100,968 102,803 1,113,406 1,150,457 ling): I F G t r a e a l r y n m c a e n . y _ 1 1 8 4 2 , . , 2 8 0 6 8 7 0 7 2 1 1 8 3 1 , , , 4 9 4 6 2 0 4 3 2 1 1 8 3 5 0 8 2 , , , 1 7 1 5 8 1 8 5 1 1 1 8 4 6 8 9 0 , , , 5 3 8 8 9 8 3 1 0 I E m xp p o o r r t t s s _ _ 4 5 , ,3 5 0 5 0 0 4 5 , , 7 4 7 8 8 9 6 6 5 8 , , 9 8 7 1 7 1 5 75 7 , , 2 6 0 0 2 0 United Kingdom 33,893 35,178 370,210 400,631 Total North America 83,219 77, 546 981,937 1,028,585 1925 1924 1925 1924 Canada __. 33,651 32,950 400,896 421,890 Total South America 44,053 42,253 478,419 458,670 Twelve Twelve Tota A l r A ge si n a t i a n n a d Ocea _ nia 9 1 2 0 , , 4 2 3 1 8 2 112 6 , , 5 9 2 2 3 81,01 8 1 1 , , 9 9 2 26 0 1, 1 07 0 0 2 , , 4 9 3 2 3 5 January De b c e e r m- m en o d n i t n h g s m en o d n in th g s Japan _ 23,181 33,284 335,586 351,989 January January Total Africa _ 13,044 10, 651 76,947 79,085 Denmark (million kroner): EXPORTS Imports 204 229 2,399 2,050 Exports 183 179 2,187 1,730 By classes of commodities: Italy (million lire): Total _ 365, 782 446,577 4,642,393 4,286,066 Imports 1,828 2,495 20,047 17,298 Crude materials 128,697 168,194 1,376,618 1,269,323 Exports.. _ 1,119 1,775 14,589 11,139 Foodstuffs, crude, and food Netherlands (million guilders): animals 23, 554 25,873 413,827 233,829 Imports 211 220 2,397 2,014 M Se a m n i u m fa a c n t u u f r a e c d t u f r o e o d dstuffs 4 4 6 7 , , 2 7 7 7 7 7 5 5 8 4 , , 2 0 7 4 1 4 5 6 6 1 2 1 , , 6 7 4 1 1 8 5 5 9 8 4 6 , , 3 0 8 6 4 2 Norw Ex a p y o ( r m ts illion kroner): 140 136 1,684 1,328 Finished manufactures 117,894 133, 0591,584,095 1,515,422 Imports _ 109 139 1,557 Miscellaneous 636 997 6,857 6,177 Exports 95 95 1,083 861 Reexports 5,904 6,139 91,589 80,876 Sweden (million kroner): By countries: Imports.. 105 119 1,403 1,310 Total Europe 222,262 269,415 2,532,753 2,147,686 Exports __ 124 1,263 1,146 France 22,855 29,210 290,588 278,196 Brazil (million milreis): i I G ta e l r y many. _. 4 23 3 , , 0 7 6 8 1 5 4 2 9 2 , , 6 6 1 6 5 8 4 2 4 0 3 0 , , 8 02 8 2 4 3 1 5 7 6 4 , ,0 3 8 6 5 4 I E m x p po o r r t t s s _. 2 50 5 5 1 3 2 9 6 4 2 3 2 , , 8 6 4 7 9 3 3 2 , , 0 17 6 8 2 United Kingdom 85,757 113,136 1,021,911 886,297 Australia (thousand £ sterling): T T o o t t a a C l l a N S n o o a u r d t t a h h A A m m e e r r i i c c a a 2 7 3 5 5 9 , , , 4 1 1 6 2 2 3 5 2 3 3 7 7 1 7 , , , 0 7 9 6 4 4 3 5 8 1,0 3 6 9 2 1 1 3 4 , , , 1 9 4 4 4 2 6 9 1 1, 2 6 0 7 4 8 5 4 5 , , , 3 3 1 8 5 7 3 8 5 Indi I E a m x ( p p m o o i r r ll t t i s s on rupees): 1 1 4 3 , , 3 4 7 3 9 8 1 1 8 2 , , 3 3 9 5 4 6 1 12 4 9 5 , , 4 3 8 4 2 6 1 11 3 1 8 , , 2 5 2 6 5 4 Argentina 9,939 12,893 122,143 111,472 Imports 243 172 2,455 2,281 Total Asia and Oceania 42,559 60,885 629,778 714,094 Exports _ 390 361 3,848 3,488 Japan _ _. 15,803 27,875 225,524 301,690 Total Africa 5,330 6,584 69,718 63,751 i Figures for September and October, 1924, and for the 12 months ended October, 1924, and October, 1923. The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreign trade of the United States and monthly fluctuations in ocean freight rates prevailing between this country and principal European trade regions. For methods of construction of these indexes reference may be made to the FEDERAL RESERVE BULLETINS for July, 1920, and August, 1921. FOREIGN TRADE INDEX INDEX OF OCEAN FREIGHT RATES [1913=100] [January, 1920=100] 1925 1924 1925 1924 Fe a b ry ru- Ja a n ry u- ce D m e b - erve N m o b - er Fe a b ry ru- March Fe a b ry ru- Ja a n ry u- ce D m e b - er March Imports: Total 200.2 217.1 194.7 186.7 222.7 Un to it - ed States Atlantic ports R P C r a o o w n d s u u m c m e a r e te s r ' r s i ' g a g o ls o o o d d s s 2 1 1 7 6 4 6 2 1 . . . 4 7 5 2 1 1 9 8 3 6 6 4 . . . 9 4 7 2 1 1 2 8 5 5 6 3 . . . 4 3 2 2 1 1 5 5 3 8 0 8 . . . 0 8 0 3 1 1 2 6 6 3 8 5 . . . 7 0 1 U N Fr n e e t i n h te c e d h rl a K A n i t d n la s g n d t o i a c m nd Bel- 2 2 6 7 . . 2 0 2 27 7 . . 6 8 2 27 9 . . 6 8 2 2 9 7 . . 7 8 2 2 9 5 . . 6 9 Exp P T R C o r r o a o o t w t s n d a : s l u u m c m e a r e t s e r ' r s i g ' a o g ls o o d od s s 1 1 1 9 7 0 0 4 7 3 0 . . . . 0 1 8 2 1 1 1 1 2 8 2 1 3 1 7 7 . . . . 2 2 8 2 1 1 1 1 3 3 8 1 6 5 6 7 . . . . 7 3 0 4 1 1 1 1 5 6 8 0 5 6 4 4 . . . . 6 6 9 7 1 1 9 7 8 3 4 8 4 4 . . . . 4 1 9 7 M A Sc l g e l a i d n u E i d m t u e in r r o r a a p v n e ia ean 2 2 2 2 4 3 5 4 . . . . 2 5 6 8 2 2 2 2 0 3 5 5 . . . . 7 5 5 1 2 2 2 2 3 6 5 3 . . . . 8 6 9 5 2 2 2 2 3 6 5 3 . . . . 7 5 3 5 2 2 2 2 3 4 0 1 . . . . 8 8 5 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN APBID, 1925 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES The tables below give the all-commodities series indicates relative price levels in the several and group index numbers of wholesale prices in countries when all prices are expressed in dollars. the five countries included in the Federal Re- The wholesale price index of the Bureau of serve Board's indexes. In the first table the Labor Statistics lor the United States, with all-commodities index for each country is shown the group indexes shown by that bureau and both in terms of paper currency and converted the regrouping made by the Federal Reserve to a gold basis. The latter figure takes into Board, has been transferred from this section to account the depreciation of the foreign currency the section on business conditions in the United in terms of the American dollar (or gold) and the States and appears on page 253 of this issue. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES» On paper currency basis Converted to gold basis Year and month U S n ta i t t e e s d England France Canada Japan England France Canada Japan 1923 average 165 170 394 160 18S 159 124 147 183 1924, average - - 159 176 446 147 200 160 121 145 168 1923 July _ 159 168 391 151 183 158 119 147 179 159 164 391 150 179 154 115 146 176 September 163 165 404 149 191 154 123 145 186 163 166 404 147 196 154 125 145 192 November 163 171 416 145 199 154 119 142 193 December.. . _- 163 177 427 144 205 159 116 140 193 1924 163 178 445 146 205 156 108 142 185 February --- 163 180 469 148 200 160 107 144 182 March » « _. 160 180 483 147 200 158 117 143 172 April . 158 181 428 143 201 162 137 140 165 May ._ - 156 177 428 143 200 158 128 141 161 June - - - 154 174 442 145 189 155 120 142 156 July 156 174 440 147 191 156 117 146 158 August - - - - 158 173 442 149 196 160 125 149 163 September 156 172 436 146 193 158 120 145 161 N O o ct v o e b m er b er - . _ _ m 1 1 5 6 9 0 1 1 7 7 5 6 4 44 4 9 2 1 1 4 4 8 8 2 2 0 1 6 0 1 1 6 6 1 7 1 12 2 3 0 1 1 4 4 8 8 1 1 6 6 1 2 December -- - - - 165 177 451 149 209 171 126 149 161 1925 January - .- 168 178 455 156 208 175 127 156 160 February « 167 178 457 158 174 125 157 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES 1 Grouped by stage of Grouped by Grouped by stage of Grouped by manufacture origin manufacture origin All All Year and month m c t o i o e m d s i - - te R m r a i a a w - ls d g u P o c r o o e d - rs s ' g s C e o u r o o m s n d ' - - s g m D o t e i o o c s d - - s p g I o o m r o t d e - s d g p E o o o x r d - t s Year and month m c t o i o e m d s i - - t R e m r a i a a w - ls d g u P o c r o o e d - r s s' g s C e o u r o o m s n d ' - - s g m D o t e i o o c s d - - s p g o I o m r o t d e - s d g p E o o o x r d - t s UNITED STATES FRANCE—contd. 1924—February 163 169 158 157 164 148 189 1924—December 451 480 440 424 431 545 463 September 156 161 148 156 158 143 163 1925—January 456 482 442 435 437 546 464 October 159 165 146 158 160 146 167 February 457 482 446 438 439 547 467 N D o ec v e e m m b b e e r r 1 16 6 5 0 1 17 6 1 5 1 1 4 5 7 1 1 16 6 5 2 1 16 6 6 1 1 1 5 4 0 9 1 17 6 1 9 CANADA 1925—January 168 176 151 167 170 147 175 1924—February 148 131 168 168 146 167 135 February 167 177 153 163 169 147 178 September 146 133 153 162 145 155 150 ENGLAND N O o ct v o e b m er ber 1 1 4 4 8 8 1 1 3 3 7 7 1 1 5 5 1 5 1 1 6 6 1 1 1 1 4 4 7 7 1 1 5 6 7 0 1 16 6 1 0 1924—February 180 182 167 191 180 182 185 December 149 139 153 163 148 159 164 September 172 168 166 183 173 169 172 1925—January 156 149 152 168 157 159 179 October 175 171 168 187 175 174 174 February 158 151 152 168 158 161 180 November 176 174 169 187 176 178 178 December 177 175 171 187 177 179 180 JAPAN 1925—January 178 176 171 188 178 179 179 1924—February 200 214 202 192 199 205 211 February 178 175 173 187 179 177 179 September 198 198 202 196 200 189 200 FEANCE N O o ct v o e b m er ber 2 2 0 1 6 0 2 21 1 7 1 2 21 1 6 2 2 2 0 0 2 4 2 2 0 1 8 2 2 2 0 0 0 2 2 2 0 1 4 3 1924—February 469 478 485 453 443 595 522 December 209 216 218 201 210 202 214 September 436 464 441 402 420 516 443 1925—January 208 222 217 196 208 204 215 October 442 469 442 411 423 534 454 February November 449 478 439 424 430 541 461 1 Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920, June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APEII* 1926 FEDERAL RESERVE BTJLIiETTN 275 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [Pre-war—100] Europe Y m ea o r n a th nd Austria g B iu e m l- g B a u ri l a - C v z a s e k lo c i h - a o 1 - m D a e r n k - ^ B l E a o n o n a f g d r - ; d Finland France F m S e G t t i d a a c e e n t a r i r y - l s a ; - l b H ( g g a a u s o r i n l y s d - ) Italy N l e a t n h d e s r- ( N w O o s a r l y - o) Poland Russia1 Trade Bureau 1024 January 1,874,800 2,711 974 210 165 1,071 494 117.3 123 571 156 250 107 209 February 1,915,800 642 2,658 999 223 167 1,078 544 116.2 131 573 158 262 112 207 March 1,912,000 625 2,612 1,021 227 165 1,094 499 120.7 130 579 155 266 110 198 July... 1,913,300 566 2,737 953 220 163 1,085 481 115.0 145 567 151 271 102 184 August 2,013,600 547 2,853 233 165 1,111 477 120.4 145 572 151 274 109 184 September... 1,937,300 550 2,848 231 167 1,117 486 126.9 142 580 158 275 112 180 October 2,008,600 555 2,988 234 ^70 1,114 497 131.2 149 602 161 276 116 177 November... 2,076,600 569 3,132 1,013 231 170 1,120 504 128.5 154 621 161 277 117 173 December 2,075,400 566 3,181 1,024 232 170 1,139 507 131.3 160 640 160 278 118 172 1925 January-— 2,118,100 3,275 1,045 234 171 1,140 514 138.2 657 160 279 120 170 February ~ 2,108,100 551 1,048 234 169 515 136.5 660 158 281 121 March 1,034 230 Europe—Continued So N ut o h r t A h m an e d rica Asia and Oceania Africa Year and United month Spain Sweden S l w an it d z ^ er- o ( S B S f t t u L a a r t a t e i e b s a s - o u r Canada Peru t A ra u l s ia - ( C S h h h a a i i n n ) a g- D I E n u d a t i s c e t h s c I ( u n C t d a t i a l a - ) (T Ja o p k a y n o) Ze N a e la w nd (Cairo) A So fr u ic th a tics) 1924 January 178 161 183 151 157 190 174 156 180 172 211 175 133 131 February 180 162 183 152 157 189 170 160 178 208 180 135 March 180 162 180 150 154 194 167 158 179 206 180 136 July 182 157 173 147 153 192 163 152 174 179 195 180 132 125 August 182 160 171 150 157 193 162 149 177 180 200 181 143 September 184 163 170 149 154 190 162 149 177 179 206 181 148 October 186 167 169 152 157 192 163 153 175 181 213 180 156 133 November—. 181 167 169 153 158 191 163 155 173 180 214 181 158 December-.. 198 170 157 161 195 165 157 179 176 213 181 156 1925 January 191 169 171 160 165 199 163 160 171 213 178 157 130 February 198 171 161 165 194 163 159 172 210 161 March 170 206 160 * First of month figures. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN APRIL, 1925 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES INDEX NUMBERS OF RETAIL FOOD PRICES [Pre-war—100] European countries Other countries United States cit ( i 5 e 1 s) ( A V u ie s n tr n i a a ) g B iu e m l- * g B a u ri l a - l E an n d g * - n t E h ia s o - » - F (P ra ar n i c s e ) m G a e n r- y I ( l t a M a n l i y ) - N la e e n r t d - h s - N w o a r y - S l z a w e n r i d - t- a C d a a n - i t A ra u l s i - a ( I B b n a o d y m i ) a - N l Z a e e n a w d - A So fr u ic th a 1924 January 146 1,352,700 126 2,674 175 111 376 127 515 150 230 168 145 155 154 150 120 February 144 1,382,100 130 2,537 177 113 384 117 516 151 234 167 145 153 151 149 122 March 141 1,393,000 128 2,497 176 115 392 120 523 152 241 167 143 152 147 150 122 April 138 1,383,800 121 2,501 167 115 380 123 524 152 240 165 137 150 143 150 123 May 138 1,416,900 113 2,438 163 111 378 126 519 151 241 165 133 151 143 150 122 June . 140 1,445,700 118 2,687 160 111 370 120 518 151 241 168 133 149 147 150 120 July 140 1,436,200 123 2,626 162 115 360 126 508 150 248 168 134 148 151 148 117 August 141 1,565,200 124 2,727 164 119 366 122 507 150 257 166 137 147 156 146 117 September... 144 1,562,300 127 2,723 166 116 374 125 514 152 261 166 139 146 156 145 117 October 146 1,584,500 135 2,856 172 110 383 134 543 154 264 169 139 146 156 146 120 November... 147 1,619,800 140 2,994 179 110 396 135 567 156 269 170 141 147 157 148 122 December 149 1,624,800 139 3,040 180 113 404 135 579 157 274 170 143 148 156 150 121 t 1925 January. 151 1,644,600 140 3,131 178 113 408 137 590 157 277 168 145 148 152 147 120 February 148 1,661,800 176 410 157 283 168 145 149 152 120 March- 1,622,500 176 155 i " " 1 INDEX NUMBERS OF COST OFLIVING [Pre-war=l00] European countries Other countries Massas c e h t u ts - ( A V u ie s n tr n i a a ) g B iu e m l- v C o a z s k e l i o c a h - * - l E an ng d - ' l F a i n n d - F (P r a a r n i c s e ) m G a e n r y - I ( l t a M a n l i ) y - N la e e n r t d - h s - N w o ay r- l P an o d - Spain S d w en e- l S z a w e n r d i - t- a C d a a n ^ - A t l r i u a a s - - ( I B b n a o d y m i ) a - A So fr u ic th a 1924 January 157 1,174,000 480 917 177 1,155 110 510 121 178 176 169 150 158 133 February.. 156 1,1§4,000 495 917 179 1,143 104 517 127 190 168 149 156 134 March 156 1,199,600 510 908 178 1,141 365 107 521 179 236 126 180 168 148 150 153 134 April 154 1,197,300 498 907 173 1,121 112 522 127 195 173 166 145 150 134 May 154 1,220,900 485 916 171 1,121 115 518 126 180 166 143 150 134 June 154 1,244,200 492 923 169 1,147 366 112 518 173 244 124 186 168 143 149 153 133 July 155 1,239,100 493 909 170 1,154 116 512 127 182 171 169 143 156 132 August 155 1,314,200 498 897 171 1,198 114 511 135 180 166 145 160 132 September. 157 1,316, 200 503 908 172 1,199 367 116 516 176 258 141 189 166 146 160 132 October 157 1,330,700 513 916 176 1,219 122 546 150 185 174 169 146 160 133 November. 157 1,357,400 520 922 180 1,222 123 563 152 175 170 147 161 134 December.. 158 1,365,000 521 928 181 1,217 377 123 573 181 266 153 190 170 147 160 133 1925 January 158 1, 376,200 521 931 180 1,199 124 580 150 188 178 149 157 133 February- _ 157 1,389, 500 517 911 179 1,191 3 136 151 190 149 157 133 March 1, 366,000 179 159 » First of tho month figures. »1921=100. 3 New index. DESCRIPTION OF RETAIL PRICE INDEXES eludes 16 items of food, while the cost-of-living index includes food, clothing, fuel, lighting, and rent, United States.—The retail-food-price index con- weighted according to the theoretical weekly expendistructed by the Bureau of Labor Statistics is based upon ture of a normal person. the monthly average of retail prices of 43 articles of Belgium.—The retail-food and cost-of-living index food reported by dealers in 51 important cities. The numbers are constructed by the Ministry of Labor and method of weighting is by average family consumption published in the Revue du Travail. in 1918. The original base, 1913 = 100, has been The retail-food index is a monthly average on a shifted to July, 1914. base of 1921 = 100, calculated from the prices of 33 The cost-of-living index number for Massachusetts articles of food used in a family with an income of is calculated by the special commission on the neces- 40 francs. saries of life. It is a monthly average and includes 37 The cost-of-living index is the average of nine items of food, clothing, shelter, fuel, heat and light, Provinces, and consists of the retail prices of 56 items and sundries, weighted according to an estimated of food, clothing, rent, fuel, and lighting, as of the 15th budget for a hypothetical wage-earner's family of five of the month. The base is April, 1914. persons. The original base, 1913, has been shifted to Bulgaria.—The index of retail prices is based upon July, 1914. 41 items, including foods, tobacco, heating and light- Austria.—The Austrian indexes are computed by the ing, and soap, collected in four towns. It is a monthly Parity Commission, and are published in the Statis- average, and the original base, which is 1901-1910 = tische Nachrichten. The original base is July, 1914= 100, has been shifted to July, 1914. The weighting is 100, and the prices used are those of the 15th of the on the annual expenditure of an average family during month in Vienna. The retail-food index number in- the years 1908 to 1912. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRII* 1925 FEDERAL EESERVE BUTJTIETIN 277 Czechoslovakia.—The index number consists of the by the Central Statistical Bureau of Norway. The retail prices of 23 commodities, including foodstuffs, retail-food index is a 15th of the month figure and fuel, petroleum, and soap on the base of July, 1914 = consists of prices of 55 articles of food collected from 100. It is a middle-of-the-month figure, and is com- 31 towns. The cost-of-living index is quarterly, and piled by the Statistical pffice of the Republic of consists of items of food, fuel and lighting, clothing, Czechoslovakia, published in Rapports sur les Prix. rent, taxes, and sundries. England.—The British retail-food and cost-of-living Poland.—The index of cost of living for Poland is index numbers are constructed by the Ministry of constructed by the Central Office of Statistics, of Labor on the base of July, 1914. The figures are for Poland, and includes food, clothing, heating, lighting, the beginning of the month. rent, and sundries, weighted according to a theoretical The index of retail food consists of the prices of 21 budget for a working-class family of four persons in articles of food. The cost-of-living index consists of Warsaw. It is calculated in zlote, with 1914 = 100 as the retail prices of 41 items of food, clothing, rent, fuel the base, and is an end of the month figure. and lighting, and sundries. The indexes are weighted Spain.—The cost-of-living index for Madrid, comby the budgets of working-claps families. puted by the Central Statistical Bureau, includes 19 Esthonia.—The retail-food index of Esthonia, conitems of food and 8 items of fuel, lighting, and sunstructed by the Central Statistical Bureau of Esthonia, dries. The base is 1914=100. is based upon the prices of 24 articles of food in Reval. Sweden.—The index number of the cost of living in It is an unweighted arithmetic average of relatives, 1921 = 100. Sweden is computed by the Central Statistical Office. It is a quarterly figure, and includes the items of f ood, Finland.—The index of the cost of living is calculated rent, fuel and lighting, clothing, taxes, and sundries, by the Social Statistical Department of the Central weighted according to a family of four. The base is Statistical Office, and consists of 17 items of foodstuffs, clothing, rent, fuel, tobacco, newspapers, and taxes. July, 1914 = 100. Monthly reports are received from 21 centers. The Switzerland.—The Swiss index numbers of retail index is weighted according to a workingman's family food and cost of living are averages for the month, of normal size, the first half of the year 1914 equaling calculated by the Federal Office of Labor on the base 100. of June, 1914 = 100, and are published in Der Schwei- France.—The retail-food index for Paris, compiled by zerische Arbeitsmarkt. the French General Statistical Office, is a monthly The retail-food index consists of the prices of 8 average and consists of the retail prices of 11 items of groups of food in 33 towns, weighted by consumption food and 2 items of kerosene and alcohol. It is weighted of skilled workers. The cost-of-living index is comaccording to the average annual consumption of a posed of 37 items of foods, and in addition soap, heatworkingman's family of four persons, upon a base of ing, and lighting. July, 1914 = 100. Canada.—The index numbers of retail food and cost The index of the cost of living in Paris is quarterly, of living are computed from the actual cost per week including items of food, rent, clothing, heating, light- of a family budget in terms of average prices in 60 ing, and sundries. The system of weighting is that of a cities on the basis of July, 1914 = 100. The prices are theoretical budget and the base is the first half of the for the beginning of each month. The retail food year 1914. index is composed of 29 articles of staple foods, while Germany.—The retail-food and cost-of-living indexes the cost of living consists of 36 items of foods, starch, are constructed by the Federal Statistical Bureau of fuel and lighting, and rent. Germany, based upon reports from 71 towns. An aver- Australia.—The index numbers of Australia, conage price for each commodity for the whole country is structed by the Commonwealth Bureau of Census and calculated by taking the mean of the average prices in Statistics, are weighted according to a system of predifferent towns, weighted according to the population war aggregate expenditures in 30 towns. The original of the towns. The base is the average of October, 1913, base is 1911, which has been shifted to July, 1914. January, April, and June, 1914 = 100. The retail-food index consists of the retail prices of The retail-food index includes 13 items of food, and 46 articles of food and groceries on the 15th of the the cost-of-living index includes items of food, heat month. The cost-of-living index is quarterly, and is and light, rent, and clothing. A new index for cost based upon food, groceries, and housing. of living, increasing the necessary amount of food, was India.—The retail-food and cost-of-living index made in February, 1925. numbers in Bombay are computed by the Labor Office Italy.—The indexes of retail food and cost of living Secretariat, and weighted according to the aggregate in Milan, published in the Municipal Bulletin of the expenditure of the whole of India in July, 1914. city of Milan, are monthly averages, with the first The retail-food index is composed of the prices of half of 1914 taken as 100. For the retail-food index 17 articles of food in Bomba}^, and the cost of living is 18 articles of food are used, and for the cost of living 5 based upon the prices of 24 items of food, rent, clothitems of food, clothing, rent, heat and light, and sun- ing, and fuel and lighting. Both numbers are monthly dries. The system of weighting is that of the pre-war averages. budget for a week, of a family with three children. New Zealand.—The retail index number for 25 Netherlands.—The indexes for Netherlands are towns is computed by the Census and Statistics Office computed by the Central Statistical Bureau and pub- and includes 59 items of food. The weighting is based lished in the Maandschrift. The retail food index is a on the aggregate expenditure of the whole country monthly average. Prices of 28 articles of food are from 1909 to 1913. The original base, 1909-1913 = taken from six cities. The original base, 1893 = 100, 1,000, has been shifted to July, 1914=100. has been shifted to January-July, 1914. The cost-of- South Africa.—The South African index numbers living index is quarterly, weighted according to the are calculated by the Office of Census and Statistics budget of a working family in Amsterdam, and consists for nine principal towns. The original base is 1910 = of 13 food groups, clothing, heat and light, rent, and 1,000, and in the above tables 1914 = 100. The retailsundries. The base in 1911 = 100. food index includes the prices of 17 articles of food, Norway.—The Norwegian indexes of retail food and while the cost-of-living index is composed of food, fuel, cost of living on the base of July, 1914, are constructed light, rent, and sundries. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN APRIL, 1925 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOR FEBRUARY AND JANUARY, 1925 [Amounts in thousands of dollars] Total earning assets Total cash reserves Total deposits Fede in r a c l i r r e c s u e l r a v ti e o n notes Reserve percentages- Federal reserve bank February January February January February January February January February January Boston 89,073 101,042 257,161 245,088 139,048 141,612 194,570 191,272 77.1 73.6 New York 330,670 294,557 913,416 977,395 865,244 899,025 352,386 358,065 75.0 77.8 Philadelphia 78,606 74,027 230,328 234,489 129,144 131,363 157,815 156,295 sa 3 81.5 A S M D R C K S C t a h i l a t a . i c e n l i l n n a L v c h l n s a F n a e m o a s e g t r l u s a a a a o o i n n p n s C _ d c o d i i l t s i y c s o .- :. 1 1 1 4 4 3 2 3 2 0 3 1 0 3 2 8 0 5 4 0 5 , , , , , , , , , 5 5 6 0 9 7 9 5 0 0 8 3 5 5 0 6 5 2 4 4 4 5 0 3 5 7 2 1 1 1 4 4 4 3 2 2 1 2 3 9 2 9 5 8 2 1 4 8 , , , , , , , , , 7 3 4 4 3 1 6 7 6 3 2 1 3 0 3 8 8 4 7 2 4 0 9 1 3 0 5 2 2 3 1 1 1 1 1 7 8 6 8 0 8 0 1 2 0 0 9 8 2 4 5 9 0 , , , , , , , , , 5 0 0 3 7 1 6 8 6 9 1 6 0 1 3 8 6 2 6 9 7 6 6 5 3 3 3 2 3 2 1 1 1 1 1 8 7 5 7 1 2 0 7 0 8 4 6 4 4 3 2 7 3 , , , , , , , , , 3 0 5 8 4 9 1 5 7 1 9 9 5 7 0 6 6 4 4 4 5 0 3 3 8 1 7 3 1 1 1 8 5 6 9 6 6 7 6 7 4 7 8 2 7 7 8 6 , , , , , , , , , 0 4 7 6 5 0 3 6 6 6 3 1 4 5 2 0 7 6 9 6 6 3 3 6 9 9 4 3 1 1 8 6 9 6 5 6 2 7 6 3 8 2 8 7 6 0 8 9 , , , , , , , , , 9 3 8 4 1 2 1 2 5 1 8 8 9 3 0 2 5 0 4 9 7 8 2 5 7 6 3 1 1 1 1 7 4 5 6 6 8 4 7 9 6 6 3 7 6 4 0 9 5 , , , , , , , , , 1 4 4 0 9 6 3 7 3 9 7 3 6 2 5 4 4 3 8 9 2 0 2 2 2 0 3 2 1 1 1 8 5 6 5 6 0 8 8 3 0 8 5 1 9 4 8 9 9 , , , , , , , , , 6 8 7 8 4 1 6 5 8 8 1 7 0 1 5 9 8 0 9 7 3 5 2 7 0 0 1 8 8 7 7 8 7 7 7 7 3 8 2 4 8 6 1 4 4 . . . . . . . . . 4 4 7 7 1 1 0 8 8 6 8 8 8 7 7 7 6 7 1 9 5 2 0 6 4 3 3 . . . . . . . . . 9 6 6 3 1 7 3 2 a Total: 1925 1,050,323 1,072,077 3,041,913 3,072,677 2,233,531 2,276,911 1,714,929 1,754,356 77.0 76.2 1924 921,588 1,000,668 3,239,282 3,241,596 1,954,479 1,979,913 2,034,540 2,112,873 81.2 79.2 1923 1,152,862 1,191,191 3,208,682 3,201,969 1,969,757 1,981,717 2,244,733 2,288,527 76.1 75.0 1922 1,215,221 1,304,165 3,070,045 3,043,984 1,814,446 1,800,989 2,176,529 2,272,057 76.9 74.7 1921 2,869,233 3,034,655 2,343,537 2,287,274 1,804,476 1,822,600 3,068,578 3,177,656 149.6 147.5 1920 3,154,054 3,043,952 2,053,422 2,098,498 2,002,503 2,027,861 2,946,863 2,887,846 143.3 144.9 i Calculated on basis of net deposits and Federal reserve notes in circulation. FEDERAL RESERVE BANES—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars! Total Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is M ap i o n l n is e K C an it s y as Dallas F c S i r s a a c n n o - Gold with Federal reserve agents: Feb. 25 603,443 157,531 342,006 146,613 170,594 143,947 165,678 51,510 67,077 60,167 35,669 Mar. 4 597,655 159,313 341,950 143,212 168,171 62,361 141,186 165,640 49,941 66,398 59,601 38,057 201,835 Mar. 11 612,227 169,635 341,899 139,570 170,056 61,005 139,868 165,632 49,899 67,118 58,865 39,434 209,246 Mar. 18 _ 623,978 361,829 138,276 170,545 59,546 138,913 165,618 49,644 66,624 57,878 39,787 212,010 Gold redemption fund with U. S. Treasury: Feb. 25 44,486 5,225 10,453 7,803 2,479 552 2,316 4,148 3,798 1,212 2,298 2,003 2,199 Mar. 4 51,397 7,671 9,385 10,285 3,977 910 1,582 3,481 4,521 1,681 2,456 2,170 3,278 Mar. 11 57,195 6,652 13,513 13,141 4,159 1,395 2,301 2,704 4,529 729 2,825 2,292 2,955 Mar. 18 48,005 9,630 12,131 4,262 2,368 1,813 2,676 1,707 4r~ 3,340 2,267 2,545 Gold held exclusively against Federal reserve notes: Feb. 25 647,929 162,756 352,459 154,416 173,073 69,234 146,263 169,826 55,308 62,465 37, 672196,168 Mar. 4 _ 649,052 166,984 351,335 153,497 172,148 63,261 142,768 169,121 54,462 68,079 62,057 40,227 205,113 Mar. 11 669,422 176,287 355,412 152,711 174,215 62,400 142,169 168,336 54,428 67,847 61,690 41,726 212,201 Mar. 18 _ 671,983 172,938 373,960 142,538 172,913 61,359 141,589 167,325 53,942 67,592 61,218 42,054 214,555 Gold settlement fund with Federal Reserve Board: Feb. 25 668, 619 55,795 187,348 48,968 63,845 16,075 21,274 104,799 27,484 27,476 48,887 27,819 38,849 Mar. 4 658,315 53,579 201,690 46,088 55,626 18,571 12,757 98,470 30,413 25,471 47,969 29,459 38,222 Mar. 11 625,399 43,191 188,378 39,256 59,602 16,880 14,331 94,307 28,840 23,321 48,375 25,844 43,074 Mar. 18 624,265 49,099 186,832 41,607 61,546 10,955 14,964 101,851 21,025 24,343 49,965 27,780 Gold and gold certificates held by banks* Feb. 25 577,029 25,040 317,804 22,712 26,247 23,311 95,321 8,992 6,513 3,576 8,872 29,973 Mar. 4 553,523 25,915 291,578 23,409 27,420 23,191 9,171 94,150 9,747 6,488 3,320 8,966 30,168 Mar. 11 579,921 26,628 313,004 22,786 28,205 23,554 9,484 98,055 9,592 6,559 3,308 9,051 29, 695 Mar. 18 577,598 27,543 311,600 22,865 23,994 9,699 94,724 10,163 6,597 2,894 9,142 28,911 Total gold reserves: Feb. 25 2,893,577 243,591 857,611 226,096 263,165 108,620 176,205 369,946 91,784 102,278 114,928 74,363 264,990 Mar. 4 2,860,890 246,478 844, 603222,994 255,194 105,023 164,696 361,741 94, 622100,038 113,346 78, 652273,503 Mar. 11 2,874,742 246,106 856,794 214, 753262,022 102,834 165,984 92,860 97, 727113,373 76, 621284,970 Mar. 18 2,873,846 249,580 872,392 207,010 263,925 96,308 166,252 363,900 85,130 114,077 78,976 277,764 Reserves other than gold: Feb. 25 135,968 14,321 28,351 7,368 8,632 6,135 13,028 18,264 18,448 2,024 4,024 9,478 5,895 Mar. 4 135,095 15,846 29,514 5,557 8,390 5,679 12,587 18,800 18,023 1,723 3,890 9,084 6,002 Mar. 11 135,969 15,680 30,771 6,204 8,674 4,982 11,824 19,485 17,998 1,678 3,689 9,229 5,755 Mar. 18 136,748 15,270 30,300 5,562 9,291 5,145 13,205 18,593 18,954 1,782 3,653 9,168 5,825 Total reserves: Feb. 25 3,029,545 257,912 885,962 233,464 271,797 114,755 189,233 388,210 110,232 104,302 118,952 83,841 270,885 Mar. 4 2,995,985 262,324 874,117 228,551 263,584 110,702 177,283 380,541 112, 645101,761 117,236 87,736 279,505 Mar. 11 3,010,711 261,786 887,565220,957 270,896 107,816 177,808 110,858 99,405 117,062 85,850 290,725 Mar. 18 3,010,594 264,850 902,692 212,572 273,216 101,453 179,457 382,493 104,084 100,314 117,730 88,144 283,58© Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL* 1925 FEDERAL RESERVE BULLETIN 279 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m R o ic n h d - Atlanta c C a h g i- o L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F S r a a n ncisco Nonreserve cash: Feb. 25 55,533 3,936 18,058 1,907 2,681 5,132 8,180 3,747 749 2,040 2,422 3,869 Mar. 4. 55,567 4,598 17,326 1,970 3,348 5,293 7,699 3,758 691 2,033 2,288 3,677 Mar. 11 56,150 5,079 16,463 1,759 2,969 2,882! 5,409 8,604 3,720 990 2,168 2,332 3,775 Mar. 18 56,031 4,785 16,171 2,082 4,227 3,1041 5,228 7,610 3,645 839 2,116 2,231 3,993 Bills discounted: Secured by U. S. Government obligations— Feb. 25 283,332 15,983 184,206 18,271 32,714 8,156 525 10,474 2,978 318 1,234 351 8,122 Mar. 4 237,403 14,216 133,117 20,368 35,370 9,335 411 13,364 253 806 206 6,969 Mar. 11 246,598 14,482 142,168 20,465 37,083 9,223 1,067 8,615 2,505 108 551 131 10,200 Mar. 18 181, 615 13,035 71,810 19,372 9,147 4,764 9,740 4,392 118 884 351 11,133 Other bills discounted— Feb. 25 150,473 10,695 42,721 9,572 9,940 20,532 11,220 15,811 7,7*0 3,804 4,007 V 12,455 Mar. 4 163,463 10,931 44,240 8,962 10,460 20,769 17,637 18,362 6,018 3,730 3,772 2,363 16,219 Mar. 11 163,824 12,203 47, 111 11,127 13,534 21,198 13,502 18,245 4,658 3,791 3,577 2,067 12,811 Mar. 18 157,869 14,921 31,354 12,524 12,158 26,197 12,047 17,701 9,958 3,749 3,535 V 12,556 Total bills discounted: Feb. 25 433,805 26,678 226,927 27,843 42,654 28,688 11,745 26,285 10,758 4,122 5,241 2,287 20,577 Mar. 4 400,866 25,147 177,357 29,330 45,830 30,104 18,048 31,726 9,006 3,983 4,578 2,569 23,188 Mar. 11 410,422 26,685 189,279 31, 592 50,617 30,421 14,569 7,163 3,899 4,128 2,198 23,011 Mar. 18 339,484 27,956 103,164 31,896 49,027 35,344 16,811 27,441 14,350 3,867 4,419 1,520 23,689 Bills bought in open market: Feb. 25 317,246 41,961 80,070 20,231 34,105 4,975 5,550 40,492 17,450 2,638 11,635 16,132 42,007 Mar. 4 303, 641 41,392 67,285 23,836 31,966 8,712 9,170 39,750 15,215 5,798 12,576 12,559 35,382 Mar. 11 301,354 41,338 75,009 23,273 30,604 10,115 10,950 34,095 13, 675 7,639 13, 677 11,135 29,844 Mar. 18 276,711 39,724 52,620 23, 659 30,249 11,368 12,294 31,840 13,258 8,803 14,439 10,618 27,839 U. S. Government securities: Bonds— Feb. 25 75,780 12,460 1,415 10,948 1,407 1,550 19,649 1,277 8,122 4,350 3,116 Mar. 4 77,365 2,662 12,461 1,415 10,948 1,407 1,587 19, 649 1,418 8,866 8,128 5,708 3,116 Mar. 11 77,941 2,662 12,461 1,416 10,948 1,407 1,580 19,649 1,519 8,846 8,628 5,709 3,116 Mar. 18 79,260 2,662 12,460 1,416 10,948 1,407 1,701 19,649 1,549 8,776 8,965 6,611 3,116 Treasury notes— Feb. 25 263,445 16,161 89,910 23,163 25,018 1,802 1,121 35,049 7,787 9,206 13,846 12,203 28,179 Mar. 4 277,744 16,424 101,356 23,163 25,018 1,802 1,131 37,549 7,787 9,209 13,923 12,203 28,179 Mar. 11 283,360 17,216 99,469 27,041 25,558 1,841 1,149 7,968 9,419 14,186 12,487 28,727 Mar. 18 222,171 13,636 72,101 22,214 21,154 1,543 1,015 6,566 7,767 12,395 10,290 24,492 Certificates of indebtedness— Feb. 25 25,469 3,737 3,987 327 6,359 73 790 1,427 345 408 1,909 541 5,566 Mar. 4 27,626 3,804 6,036 327 6,359 73 791 1,447 345 428 1,909 541 5,566 Mar. 11 27,031 3,829 5,436 327 6,359 73 791 1,447 345 408 1,909 541 5,566 Mar. 18 126,819 3,795 85,092 14,854 6,246 79 868 6,557 37! 440 2,282 584 5,650 Total U. S. Government securities: Feb. 25 364,694 22,560 106,357 24,905 42,325 3,282 3,461 56,125 9,409 18,438 23,877 17,094 36,861 Mar. 4 382,735 22,890 119,853 24,905 42,325 3,282 3,509 58,645 9,550 18,503 23,960 18,452 36,861 Mar. 11 388,332 23,707 117,366 28,784 42,865 3,321 3,520 59,395 9,832 18,673 24,723 18,737 37,409 Mar. 18 _ 428,250 20,093 169,653 38,484 38,348 3,029j 3,584 55,204 8,48^ 16,983 23,642 17,485 33,258 Foreign loans on gold: Feb. 25... 10,500 3,055 l,032J 1,220 462 1,564 519 374 474 399 798 Mar. 4 10,500 3,055 1,050 1,208 462 1,564 525 368 462 399 798 Mar. 11 10,500 . 3,055 1,050 1,208 462 1,564 525 368 462 399 798 Mar. 18 10, 500 I. 3,055 1,050 1,208 6091 462 1,564 525 368 462 399 798 All other earning assets: Feb. 25 3,452 2,950 500 Mar. 4 3,452 2,950 500 Mar. 11 3,455 2, 950 500 Mar. 18 1,902 1,400 500 Total earning assets: Feb. 25 1,129,697 91,199 416,409 76,9611 120,304 37,548 21.218 124,466 38,136 25, 574 41, 727 35,912 100,243 Mar. 4 1,101,194 89,429 367,550 82,071 121,329 42,707 31,189 131,685 34,296 28, 654 42,076 33,979 96,229 Unco M M ll a a e r r c . . t e 1 1 d 1 8 items: 1 1 , , 1 0 1 5 4 6 , , 0 8 6 4 0 7 9 87 1 , , 7 7 7 3 3 0 3 3 8 2 4 8 , , 7 4 0 9 9 2 87,649 1 1 2 1 5 8 , , 2 8 9 3 4 2 4 5 4 0 , , 4 3 6 5 6 0 2 3 9 3 , , 5 1 0 5 1 1 1 11 2 6 1 , , 0 9 4 1 9 4 3 36 1 , , 1 6 9 2 5 0 3 3 0 0 , , 5 0 8 2 1 3 4 4 3 3 , , 4 4 9 6 0 2 3 3 2 0 , , 4 0 6 2 9 2 9 8 1 5 , , 0 5 6 8 2 4 Feb. 25 644,454 57,463 138,811 63,276 60,057 49,099 30,694 36,450 12,799 41,313 31,037 37,007 M Ma a r r . . 4 1 . 1 ... .. ( 6 6 2 5 7 9 , , 8 8 7 0 4 5 5 55 7 , , 4 7 9 0 0 3 1 1 3 4 6 3 , , 8 4 2 4 9 2 6 5 1 6 , , 3 32 7 1 6 5 5 8 1 , , 3 65 7 3 7 5 5 2 2 , , 6 6 6 0 1 8 3 32 0 . , 2 8 1 5 9 8 9 7 4 9 , , 9 1 6 6 0 8 3 3 5 2 , , 6 2 3 7 1 4 1 13 3 , , 2 6 9 4 5 7 4 4 7 1 , , 4 6 7 9 8 8 3 3 3 0 , , 0 5 4 7 3 8 3 3 6 9 , , 9 3 7 9 3 7 "M" ar. 1"8 ... 756,592 64,259 178, 658 72,908 66,800 65,323 39,507 98,050 40,284 15,456| 42,307 31,325 41,715 Bank premises: Feb. 25 58,332 4,190 16,304 1,114 7,573 2,446 2,780 3,619 3,039 4,067 1,! Mar. 4 58,363 4,190 16, 306 1,114 7,573 2,446 2,780 8,099 3,647 3,039 4,067 1,833 Mar. 11 58,751 4,190 16, 432 1,114 7,573 2,446 2,780 8,099 3,865 3,039 4,111 1,833 Mar. 18 58,775 4,190 16,450 1,114 7,573 2,446 2,780 8,099 3,871 4,111 1,833 All other resources: Feb. 25 24,450 167 8,073 368 433 515 2,071 2,086 323 3,125 708 1,825 4,756 Mar. 4 24,382 181 8,148 399 438 568 2,070 1,929 328 3,072 704 1,816 4,729 Mar. 11 24,817 122 8,796 480 450 537 2,060 1,882 331 3,016 604 1,816 4,723 Mar. 18. 20,491 5,193 314 206 561 2,011 1,752 34; 2,992 567 1,783 Total resources: Feb. 25 4,942,011 414,8671,483,617 377,090 462,845 207,175 251,128 617,489 192,507 149,588 208,807 156,870 420,028 Mar. 4.. 4,895,296 418,2121,420, 276375,481 454,649 211,917 249,473 624,913 190,305 150,864 213,594 161,230 424,382 Mar. 11... 4,892,363 418,610 l1j,457,407 368,280 458,635 210,808 249,777 599,850 182,243 150,326 209,133 154,343 432,951 Mar. 18 4,959,330 425,926 1,447,656385,479 470,854 223,237 262,134 614,053 188,849 152,663j 210,293 155,338 422,848 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL, RESERVE BUI>LETIN APRIL, 1925 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES [In thousands of dollars] Total Boston Y N o ew rk d P e h l i p l h a- ia C l l a e n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - Federal reserve notes in actual circulation: Feb. 25.._ 1,728,752 199,079 357,857 160,281 191,600 75,275 140,647 177,538 52,699 66,966 66,551 45,586 194,673 Mar. 4 1,727,383 200,657 359,297 157,067 187,616 76,043 141,005 175,479 52,384 67,331 67,048 45,909 197,547 Mar, 11 1,730,684 199,442 359,401 159,312 194,174 75,857 142,318 173,536 51,191 67,011 66,804 45,063 196,57& Mar. 18 1,720,369 199,912 362,608 156,646 188,459 76,131 142,507 171,211 50,636 66,771 66,002 44,967 194,519' Deposits: Member bank reserve account— Feb. 25 2,208,405 132,277 884,895 121,952 174,531 66,799 71,490308,336 83,877 55,919 87,217 64,229 156,883 Mar. 4 2,165,995 133,385 839,647 128,854 172,577 65,125 309,340 81,814 56,750 87,785 65,183 157,146 Mar. 11 2, 201,277 137,334 871,062 125,495 178,278 65,856 66,071 305,050 78,912 57,918 88,250 65,027 162,024 Mar. 18 2,175,515 135, 553 832,092 129,500 184,900 65,672 72,140 82,239 58,319 90,660 62,661 155,412 Government— Feb. 25 26,673 2,731 6,028 3,968 598 2,530 1,668 646 1,864 1,772 1,510 1,629 1,729 Mar. 4 39,465 3,284 5,841 3,118 2,817 2,500 2,732 8,327 2,552 1,325 1,925 1,805 3,209 Mar. 11 26, 332 2,481 5,907 1,501 2,122 555 2,940 2,658 2,034 1,044 1,682 1,182 2,226 Mar. 18 6,126 268 563 495 635 1,232 625 661 791 24f 74 Other deposits— Feb. 25 34, 558 159 23,336 653 1,182 181 213 1,818 767 300 246 5,006 Mar. 4 32,279 950 15,428 2,667 280 690 1,364 2,019 412 1,551 200 4,849 Mar. 11 27,929 135 14, 3171 314 1,101 182 143 1,216 1,258 427 934 180 7,722 Mar. 18 29,364 201 15,707 385 1,208 165 136 1,440 1,257 541 894 498 6,932 Total deposits: Feb. 25 2,269, 636 135,167 914,259 126, 573176,311 69,510 73,371 310,800 86,508 57,991 89,424 66,104 163,618 Mar. 4_ 2,237, 739 137, 619 860, 916133, 871178,061 67, 905 71,811 319,031 86, 385 58,487 91,261 67,188 165,204 Mar. 11 2, 255, 538 139,950 891,286 127,310 181, 501 66, 593 69,154 82,204 59,389 90,866 171,972 Mar. 18 2,211,005 136,022 848,362 129, 953186, 603 66, 472 73,508 308,432 84,157 59, 651 91, 799 63,233 162,813 Deferred availability items: Feb. 25 601,041 55,770 119,551 58,822 58,593 44,140 22,957 81, 646 37,721 12,928 39,082 32,662 37,169 Mar. 4 587, 762 55,095 108,155 53,100 52, 645 49, 686 22,492 82,952 35,988 13,343 41,551 35,635 37,120 Mar. 11 562, 750 54,332 114,020 50,178 46,572 50,104 24,133 69, 858 33,281 12,222 37, 734 30,451 39,865 Mar. 18 684,375, 65,099 143,825 67,386 59,395 62,347 31,959 86,917 38,495 14, 547 38,767 34, 651 40,987 Capital paid in: j Feb. 25 113,596' 30,576 11,068 12, 957 5,932 4,594 15.473 5,110 3,268 4,318 4,127 8,104 Mar. 4 113,738; 30,579 11,097 12,959 5,959 4,594 15.474 5,117 3,269 4,318 4,152 8,137 Mar. 11 114,254 8,078 31,125 11,097; 12,959 5,964 4,593 15,491 5,114 3,261 4,316 4,123 8,133 Mar. 18 114,450j 8,078 31,275 11,110 12, 959 5,966 4,595 15,485 5,105 3,263 4,307 4,183 8,124 Surplus: Feb. 25 217,837 16,382 58, 749 20,059 22,462 11, 701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 Mar. 4 217,837 16,382 58, 749 20,059 22,462 11, 701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 Mar. 11 217,837 16,382 58, 749 20,059 22, 462 11, 701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 Mar. 18 217,837 16,382 58, 749 20,059 22,462 11, 701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 All other liabilities: Feb. 25 11,149 400 2,625 287 922 617 609 498 455 799 1,393 Mar. 4 10,837 376 2,580 287 906 623 621 1,551 460 937 439 754 1,303 Mar. 11 11,300 426 2,826 324 967 589 629 1,615 482 946 436 725 1,335 Mar. 18 11,294 433 2,837 325 976 620 615 1,582 485 934 441 712 1,334 Total liabilities: F M e a b r . . 2 4 5 4 4 , , 9 89 4 5 2 , , 2 0 9 1 6 1 4 4 1 1 4 8: ,, , 2 8 1 6 2 7 1 1,4 4 8 2 3 0 , , 6 2 1 7 7 6 3 3 7 7 7 5 , ,4 0 8 9 1 0 4 45 6 4 2 , , 6 8 4 4 9 5 2 2 0 1 7 1 , , 1 9 7 1 5 7 2 24 5 9 1 , , 4 1 7 2 3 8 6 6 1 2 7 4 , , 4 9 8 1 9 3 1 1 9 9 2 0 , ,3 5 0 0 5 7 1 1 4 5 9 0 , , 5 86 8 4 8 2 2 0 1 8 3 , , 8 59 0 4 7 1 1 5 6 6 1 , , 8 2 7 3 0 0 4 4 2 2 0 4 , , 0 38 2 2 8 Mar. 11 4,892,363 418,610 1, 457,407 458,635 210,808 249,777 599,850 182,243 150,326 209,133 154,343 432,951 Mar. 18 4, 959,330 425,926 1,447,656 385, 479470,854 223,237 262,134 614,053 188,849 152,663 210,293 155,338 422, 848 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent): Feb. 25 75.8 77.2 69.6 81.4 73.9 79.3 88.4 79.5 79.2 83.5 76.3 75.1 75.6 Mar. 4 75.6 77.5 71.6 78.6 72.1 76.9 83.3 77.0 81.2 80.9 74.1 77.6 77.1 Mar. 11 75.5 77.1 71.0 77.1 72.1 75.7 84.1 78.8 83.1 78.6 74.2 77.0 78.9 Mar. 18 76.6 78.8 74.5 74.2 72.8 71.1 83.1 79.7 77.2 79.3 74,6 81.5 79.4 Contingent liability on bills purchased for foreign correspondents: Feb. 25 45,494 12,880 4,600 5,290 2,668 2,024 6,854 2,300 1,610 2,024 1,748 3,496 Mar. 4 47,781 14,216 4,734 5,444 2,746 7,054 2,367 1,657 1,799 3,598 Mar. 11 48,715 14,059 4,888 5,621 2,835 2,151 7,283 2,444 1,711 2,151 1,857 3,715 Mar. 18 51,853 16,462 4,992 5,740 2,895 2,196 2,496 1,747 2,196 1, < 3,794 Own Federal reserve notes held by Federal reserve bank: Feb. 25 323,921 139,706 26,760 16,506 17,081 19,944 11,554 7,420 2,472 49,200 Mar. 4 22, 793 135,893 30,573 20,867 15,022 19,485 10,990 6,667 2,187 6,997 45,393 Mar. 11 309,824 23,130 128,405 25,686 18,195 15,162 18,752 12,746 7,418 2,773 7,005 5,677 44,875 Mar. 18 311,469 23,733 120,9 26,658 23,199 13,429 19,342 13,213 7,718 2,744 8,120 5,677 46,696 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 281 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS [In thousands of dollars] Total Wi d th ay in s 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s t h t s o m O o v n e t r h 6 s Bills discounted: Feb. 25 433,805 353,789 17,440 31,629 20,620 8,378 1,949 Mar. 4 , - 400,866 313,410 22,110 34,378 19,969 8,870 2,129 Mar. 11 410,422 326,761 21,849 32,734 18,127 8,287 2,664 Mar. 18 339,484 249,721 22,587 37,440 18,180 8,671 2,885 Bills bought in open market: Feb.25 317,246 133,777 55,785 74,827 48,277 4,580 Mar. 4 303,641 102,303 50,998 85,836 57,534 6,970 Mar. 11 301,354 95,578 57,712 86,958 53,727 7,379 Mar. 18__ 276,711 73,193 55,777 85,048 55,970 6,723 United States certificates of indebtedness: Feb.25 25,469 200 482 3,022 21,765 Mar 4 27,626 2,362 196 3,282 21,786 Mar. 11 27,031 2,223 8,159 16,649 Mar. 18 126,819 100,500 9,475 16,844 Municipal warrants: Feb. 25 2 2 Mar. 4 2 2 Mar 11 2 2 Mar 18 2 2 r FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta C ca h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - ** m Net "amount of Federal reserve notes received from Comptroller of Currency: Feb. 25 3, 039,461 271,218 823,503 238,841 260,006 117,800 222,147 449,129 85,779 87.879 102,783 72,403 307,973 Mar. 4 3,047,852 280,000 821,130 241,440 260,083 116,469 224,386 449, 506 84,711 87,1991 102,818 73,070 307,040 Mar. 11 - 3, 030,974 282,322 813,746 237,798 257,669 115,124 224,068 447,819 84,269 87.880 102,282 72,447 305,550 Mar. 18 3, 016,434 278,495 809,488 234, 504260,358 113,665 224, 052 445, 561 84,014 88,386| 102,295| 71,801 303,815 Federal reserve notes on hand: Feb. 25 986,788 52,550 325,940 51,800 51,900 25,444 61,556 260,037 25,660 18,441 29,423 19,937 64,100 Mar. 4 997, 533 56,550 325,940 53, 800 51,600 25,404 63,896 263,037 25,660 17,681 28, 773 21,092 64,100 Mar. 11_ : 990,466 59,750 325,940 52,800 45,300 24,105 62,998 261, 537 25,660 18,096 28,473 21,707 64,100 Mar. 18 ._ 984,596 54,850 325,940 51, 200 48,700 24,105 62, 203261,137 25,660 18,871 28,173 21,157 62,600 Federal reserve notes outstanding; Feb. 25 2,052, 673 218, 668 497, 563187,041 208,106 92, 356 160, 591189,092 60,119 69,438 73,360 52,466 243,873 Mar. 4 2,050, 319 223,450 495,190 187,640 208,483 91,065 160,490 186,469 59,051 69,518 74,045 51,978 242,940 Mar. 11 2,040,5081 222, 572 487,806 184,998 212,369 91, 019 161,070 186,282 58,609 69,784 73,809 50,740 241,450 Mar. 18 2,031,838' 223,645 483,548 183,304 211,658 89,560 161, 849184,424 58,354 69,515 74,122 50,644 241,215 Collateral security for Federal reserve notes outstanding: Gold and gold certificates— Feb. 25... ___ 278, 016 30,300 186, 698 6,000 8,780 5,000 12,175 13,052 16,011 Mar. 4 _. 277,516 30,300 186, 698 6,000 8,780 5,000 11,675! 13,052 16,011 Mar. 11 277,916 30,300 6,000 8,780 5,000 12,075 13,052 16,011 Mar. 18 275,416 27,800 186, 698 6,000 8,780 5,000] 12,075! 13,052 16,011 Gold redemption fund— • Feb. 25 101,566 10, 231 29,308 13, 224 11,814 2,887 2,947| 5, 034 3,335 1,525 3,807 3,658 13,796 Mar. 4 104,131 17, 013 29,252 9,823 9,391 1,556 8,186 4, 995 2,266 846 3,241 4,046 13, 516 Mar. 11 105,587 13,335 29,201 11,181 11,276 3,210 6,868 4,987 2,824 1,566 4,505 3,423 13,211 Mar. 18. 110, 794 9,508 29,131 12,887 11,765 4,751 5,913: 4,973 3,569 1,072 3,518 3,776 19,931 Gold fund—Federal Reserve Board— Feb. 25 1,223,861 117,000 126,000 127,389 150,000 65,795 136,000; 160,644 36,000 52,500 56,360 16,000 180,173 Mar. 4 1, 216,008112,000 126,000 127,389 150,000 60,795 128,000! 160,645 36,000 52,500 56,360 18,000 188,319 Mar. 11 1,228,724 126,000 126,000 122,389 150,000 57,795 128,000 160,645 35,000 52,500 54,360 20,000 196,035 Mar. 18 1, 237,768126,000 146,000 119,389 150,000 54,795 128,000 160,645 34,000 52,500 54, 360 20,000 192,079 Eligible paper— Amount required— Feb. 25 449, 230 61,137 155, 557 40,428 37,512 23,674 16,644 23,414 8,609 2,361 13,193 16,797 49,904 Mar.4..._ 452,664 64,137 153,240 44,428 40, 312 28,714 19,304 20,829 9,110 3,120 14,444 13,921 41,105 Mar. 11 428,281 52,937 145,907 45,428 42,313 30,014 21,202 20,650 8,710 2,666 14,944 11,306 32,204 Mar. 18 407,860 60,337 121,719 45,028 41,113 30,014 22,936 18,806 8,710 2,891 16,244 10,857 29, 205 Excess amount held— Feb. 25_ 267,473 7,502 126,063 2,747 38,591 8,849 194 43,042 19,242 3,988 3,531 1,563 12,161 Mar. 4 218,319 2,402 68,514 4,978 34, 053 9,095 7,441 50,428 14, 576 6,271 2,565 1,133 16,863 Mar. 11 250,757 15, 086 97,803 3,020 37,279 9,357 3,801 40,063 11,222 8,492 2,713 1,932 19,989 Mar. 18 176,902 7,343 14,663 3,960 36, 238 16,355 5,639 40,179 17,956 9,414 2,439 1,136 21,580 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN APRIL, FEDERAL RESERVE BANKS—EARNING ASSETS HELD AND EARNINGS THEREON, FEBRUARY, 1925 [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F S r a a n ncisco HOLDINGS ON FEB. 28,1925 Total earning assets 1,124,362 94,048 374,068 93,154 116,590 43,012 26,715 132,046 35,747 28,188 43,404 36,154 101,236 Bills discounted for members 415,884 28,814 188,544 41,445 37,969 31,585 14,356 30,433 8,464 4,336 5,223 2,599 22,116 Bills bought in open market 315,300 42,482 63,802 22,822 35,076 7,542 8,372 42,924 17,314 4,997 13,304 15,204 41,461 United States securities 379,226 22,752 118,667 24,905 42,325 3,282 3,526 57,125 9,450 18,479 23,903 17,952 36,861 Foreign loans on gold 10,500 3,055 1,032 1,220 603 462 1,564 519 374 474 399 798 All other earning assets 3,452 2,950 c 500 Bills Discounted Rediscounted bills: Commercial and agricultural Tr p a a d p e e r a , c n c . e e p . t a s nces—domestic 10 2 9 , , 7 5 4 83 3 12,4 2 9 7 6 6 16,2 1 1 4 5 7 5,63 8 9 1 7,9 5 9 2 8 4 19,1 5 0 6 5 3 12>606 16,5 6 2 6 1 6 5,3 2 0 8 8 3 3,720 3,933 1,354 4,7 1 8 0 8 7 Secured by U. S. Government obligations 953 56 298 205 105 11 12 18 1 28 Member bank collateral notes: 219 Secured by U. S. Government obligations 262,153 152,986 27,858 28,261 9,212 561 13,184 2,851 563 1,212 340 9,312 Otherwise secured 40,452 15,823 19,140 7,867 888 2,500 1,088 51 10 63 60 904 7,881 Total discounted bills 415,884 28,814 188,544 41,445 37,969 31,585 14,356 30,433 8,464 4,336 5,223 2,599 22,116 Bills Bought Bankers' acceptances based on— Imports 122,761 17,883 20,024 7,874 19,933 2,432 1,915 11,710 6,013 1,778 4,831 7,815 20,553 Exports , 114,130 12,011 27,160 8,466 10,601 2,711 4,814 11,503 8,006 2,288 6,361 5,162 15,047 Domestic transactions 72,888 12,434 14,195 6,132 4,221 2,304 1,618 18,808 2,908 706 1,957 2,026 5,579 Dollar exchange bills 4,551 154 1,453 350 321 95 25 903 387 225 155 201 282 All other 591 591 Trade acceptances based on imports 379 379 Total purchased bills 315,300 42,482 63,802 22,822 35,076 7,542 8,372 42,924 17,314 4,997 13,304 15,204 41,461 Purchased Bankers' Acceptances, by Classes of Acceptors National banks 105,730 17,996 17,246 9,283 8,968 3,438 2,680 20,159 5,928 993 3,725 3,528 11,786 Other member banks 99,844 8,225 18,286 7,185 8,572 1,935 3,330 19,945 7,041 1,514 4,695 5,709 13,407 Nonmember banks and banking corporations 109,726 16,261 28,270 6,354 17,536 2,169 2,362 2,820 4,345 2,490 4,884 5,967 16,268 United States Securities United States bonds 76,741 2,662 12,461 1,415 10,948 1,407 1,569 19,649 1,318 8,866 8,122 5,208 3,116 Treasury notes 274, 756 16,287 100,069 23,163 25,018 1,802 1,122 36,049 7,787 9,205 13,872 12,203 28,179 Certificates of indebtedness 27,729 3,803 6,137 327 6,359 73 834 1,427 345 408 1,909 541 5,566 Total United States securities 379,226 22,752 118,667 24,905 42,325 3,282 3,525 57,125 9,450 18, 479 23,903 17,952 36,861 DAILY AVERAGE HOLD- INGS DURING FEBRUARY Total earning assets * 1,050,323 89,073 330,670 78,606 115,022 32, 504 20,965 130,657 38,950 25,634 43,003 40,555 }04,784 Bills discounted 338,493 19,723 147,396 30, 352 33,126 25,426 12,389 31,959 9,314 4,306 4,981 2,283 17,238 Bills bought 313,847 44,993 68, 218 19, 272 36,241 3,034 4,680 37,455 19,110 1,191 12,144 19, 798 47,711 United States securities 384,510 24,357 112,001 25,482 44,435 3,441 3,434 59,579 10,007 19,758 24,904 18,075 39,037 Foreign loans on gold 10,500 3,055 1,032 1,220 603 462 1,564 519 374 474 399 798 EARNINGS DURING FEBRUARY Total earning assets * 2,673 214 801 214 293 95 60 353 99 75 115 100 254 Bills discounted __ _ 889 53 341 82 89 78 38 98 29 13 15 7 46 Bills bought 694 97 150 44 80 7 12 83 42 3 27 44 105 United States securities. 1,058 64 303 80 121 8 9 168 27 58 71 48 101 Foreign loans on gold 25 7 2 3 2 1 4 1 1 1 1 2 ANNUAL RATE OF EARNINGS Total earning assets * 3.32 3.13 3.16 3.55 3.32 3.80 3.72 3.52 3.31 3.80 3.49 3.21 3.16 Bills discounted 3.42 3.50 3.01 3.50 3.50 4.00 4.00 4.00 4.00 4.01 4.00 4.00 3.50 Bills bought 2.88 2.82 2.87 2.98 2.87 3.05 3.20 2.89 2.88 3.04 2.89 2.86 2.87 United States securities 3.59 3.41 3.52 4.08 3.56 3.08 3.63 3.67 3.52 3.82 3.70 3.49 3.38 Foreign loans on gold 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 3.00 1 Includes municipal warrants and Federal intermediate credit bank debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRII* 1925 FEDERAL RESERVE BULLETIN 283 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING FEBRUARY, 1925 [Amounts in thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S r is a a c n n o - Volume of Operations Total discount and open-market operations '2,622,499 108,042 1,783,899 J 99,972 228,442 67,770 138,278 40,859 13,410 12,057 10,976 94,014 Bills discounted for member banks _ _ 2,313,146 74,7801,, 651,377 88,750 213,360 60,549 15,862 91,601 34,398 2,511 4,299 4,788 70,871 Bills bought in open market 246,475 32,356 97,435 10,322] 15,082 7,221 7,361 29,330 6,163 4,997 7,533 4,634 24,041 United States securities bought in open market 61,978 906 35,087 657 17,347 298 5,902 225 1,554 Bills Discounted Rediscounted bills: Commercial, agricultural, and livestock paper, n. e. s. 114,449 26,607 19,728 3,229 4,536 11,732 11,673 7,516 23,763 900 928 1,415 2,422 Demand and sight drafts (based on agricultural products) 1,403 22 176 710 486 Trade acceptances„ 1,580 217 240 37 278 391 71 119 192 35 Secured by U. S. Government obligations 422 20 19 93 226 Member bank collateral notes: Secured by U. S. Government obligations 1,814,030 47,9361,330,506 59, 759 188,858 41,815 1,220 83,900 9,712 1,481 3,250 725 44,868 Otherwise secured 381,262 300,884 25,725 19,573 6,385 20 130 120 2,162 23,534 Total bills discounted 2,313,146 74,780 1,651,377 88,750 213,360 60,549 15,862 91,601 34,398 2,511 4,299 4,788 70,871 Average rate (365-day basis)— per cent 3.44 3.50 3.03 3.50 3.50 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.50 Average maturity (in days) 6.53 9.60 4.20 11.49 5.02 13.76 37.71 15.46 41.36 40.68 32.21 28.25 10.61 Total reduced to a common maturity basis (exclusive of demand and sight drafts) 2,311,743 109,9871,061,900 156,178 164, 228 127,646 90,630 217,032 213,457 15,648 21,219 18,618 115,200 Per cent of total 100.0 4.8 45.9 6.8 7.1 5." 3.9 9.4 9.2 .9 .8 5.0 Number of member banks on Feb. 28 9,662 422 858 744 870 516 1,419 627 904 1,077 833 Number of banks accommodated during the month 2,415 164 318 327 264 238 408 172 60 84 47 164 Per cent accommodated 25.0 37.1 44.0 30.3 32.8 28.8 27.4 6.6 7.7 5.6 21.3 Bills Bought in Open Market | Bankers' acceptances: Foreign 184,839 23,506 77,881 7,073 11,950 5,130 6,209 14,098 4,878 4,066 6,130 4,230 19,688 Domestic 57,886 8,626 17,797 3,154 2,962 1,996 1,127 14, 634 953 706 1,318 390 4,223 Dollar exchange 3,495 224 1,502 95 170 95 25 332 225 85 14 130 Trade acceptances—Foreign 255 255 Total bills bought. 246,475 32,356 97,435 10,322 15,082 7,221 7,361 29,330 6,163 4,997 7,533 4,634 24,041 Distribution by rates charged (360-day basis): 2% per cent 10,087 131 1,648 1,597 824 577 1,002 2,239 2% per cent 8,924 1,159 975 972 4,066 120 215 359 1,058 3 per cent 188,581 25,246 85,285 9,068 9,232 4,641 4,324 17,197 3,739 3,522 4,617 3,139 18,571 ZH per cent 25,961 4,556 6,251 1,003 2,264 2,480 1,700 1,815 1,344 1,346 1,760 1,442 3H per cent 10,282 1,145 2,474 251 1,017 100 178 3,833 136 129 164 134 721 3JH$ per cent 593 75 418 100 3H percent— 547 44 243 250 10 Z% per cent * 141 141 4 per cent 1,359 -I- 1,159 200 Average rate (365-day basis)— Per cent 3.08 3.05 3.10 3.06 3.07 3.10 3.22 3.09 3.07 3.09 3.09 3.02 3.05 Average maturity (in days) 44.93 49.18 26.77 73.31 66.42 58.54 60.14 65.47 62.08 59.44 59.85 57.06 38.97 Total reduced to a common maturity basis 35,411 ! 58,044 16,842 22,295 9,406 9,852 42,731 | 8,514 6,611 10,034 5,885 20,850 Percent of total 14.4 j 23.5 6.8 9.0 3.8 4.0 17.3 | 3.5 2.7 4.1 2.4 8.5 United States Securities Bought in Open Market United States bonds 5,024 445 298 2,536 189 1,554 Treasury notes 26,628 791 | 20,985 49 2,000 2,767 36 Certificates of indebtedness 115 ! 14,102 163 15,347 Total United States securities bought 61,978 906 35,087 657 17,347 298 5,902 225 1,554 i Includes $900,000 Federal intermediate credit bank debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN APRIL, 1925 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal reserve district Total New Phila- Cleve- Rich- St. Minne-Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Number of reporting banks: Feb. 18 739 108 100 33 70 Feb. 25 , 739 108 100 70 Mar. 4 _ 739 108 100 70 Mar. 11 738 108 100 70 Loans and discounts, gross: Secured by U. S. Government obligations— Feb. 18 198,160 8,542 81,854 10,396 19,285 6,902 7,519 31,628 11,758 2,725 4,285 3,529 9,737 Feb. 25 202,744 7,922 82,353 10,393 19,628 6,407 7,533 31,200 12,739 2,777 4,105 3,676 14,011 Mar. 4... 206,242 7,.r" 82,704 11,757 19,689 6,576 10, 295 31,857 13,688 2,753 3,931 3,612 11,492 Mar. 11 194,758 8,515 77,019 11,686 20,402 6,922 31,225 11,530 2,794 4,104 3,334 9,839 Secured by stocks and bonds— Feb. 18—. 4,731,442 304,447 2,155,424 310,697 425,112 124,774 73,759 191,534 59,471 104,706 71,145 217,283 Feb. 25 4,746,733 294,2612,184,240 313,454 423,147 125,485 73,868 184,978 60, 034 107,020 72,373 214,024 Mar.4 4,793,880 305,140 2,213,646 316,313 433,136 126,837 73,171 692,908 181,857 60,045 102, 506 73,236 215,085 Mar. 11 4,785,495 298,492 2,169,989 318,127 433,775 127,237 75,566 722,641 180,278 61,036 104,795 75,759 217,800 All other loans and discounts— Feb. 18 8, 240,899 658,502 2, 597,509 359, 627 737,070 347,273 377,9441,218,741 312,798 204,928 338,847 237,880 849,780 Feb. 25 8,193,354 665599,,425 2, 541,326 361,352 739,858 349,781 379,11011,201,657 315,060 205,278 341,304 239,348 859,855 Mar.4 8, 243,173 6 4,6974, 2,,5,67,409 364,249 738,948 383,8411,216,269 316, 640206,344 343,485 241,205 865,500 Mar. 11 8,265,379 660,447777 22, 557700 ,2 24411 366,344 743,146 350,499 382,5631,212,871 325,123 204,891 345,081 237,825 866,318 Total loans and discounts— Feb. 18 13,170,501 971,491 4,834,787 680,720 1,181,467 478,949 4591,,222 1,,943,459 516, 090267,124 447,838 312, 554 L1,, 076, 800 Feb. 25 13,142,831 961,608 44,,807, 919 685,199 1,,, 182,633481,673 460,5111,926,706 512,777 452,429 315,397 1L,, 087,890 Mar.4 13, 243,295 962,702 44,,886633,,775599 692, 319 1.,, 191,773483,022 467,— .., 941,034512,185 269,142 449,922 318,053 1L,, 092,077 Mar. 11 13, 245,63f 967; 484 4,817, 249 696; 157 1,197,323 484,658 465, 517 1.,, 966,737516,931 268,721 453,980 316,9181,093,957 U. S. pre-war bonds: Feb. 18-_ 218,764 10, 683 37,474 9,568 31,536 25,180 14,928 17,357 13,275 7,246 9,336 17,544 24,637 Feb. 25 218,834 10, 533 37,494 9,568 31, 505 25,113 14,864 17,356 13,741 7,146 9,333 17,544 24,637 Mar.4__ 218, 360 10,183 37, 795 9,568 31, 502 25,163 14, 855 17,407 13,257 7,146 9,333 17,489 24,662 Mar. 11 218,482 10,208 37,874 9,568 31, 502 25,192 14,855 17, 606 13,257 7,146 9,333 17,489 24,452 U. S. Liberty bonds: Feb. 18 .-. 1,385,104 79,591 626,857 51, 750 170, 793 37,879 9,426 167, 593 24,724 25,974 43,125 14, 272 133,120 Feb. 25 1, 375,887 80,621 627,677 51, 046 172,183 38, 210 9,473 167,460 25,792 26,131 42,706 14, 585 120,003 Mar.4 i 1,363, 203 78,893 624, 026 51, 242 170, 548 36, 744 9,052 165,970 25,873 27,230 42,973 15,620 115,032 Mar. 11... 1,358,320 77,604 623,179 50, 628 160, 046 36, 802 7,647 166,967 28,824 27,057 42,856 16, 591 120,119 U. S. Treasury bonds: Feb. 18 355,438 16,724 153, 873 15,894 29,315 5,126 2,808 49,396 8,792 9,953 13,247 5,878 44,432 Feb. 25 351, 026 16,727 152,359 16,166 29, 680 5,340 2,799 49,028 5,519 9,932 14,605 5,795 43,076 Mar.4 349,100 17,168 152, 569 15,808 29,227 5,647 2,208 48,042 5,257 9,953 14,639 6,083 42,499 Mar. 11 353,964 19,973 147, 841 15,775 30, 204 5,547 2,966 49,253 8,145 9,952 14,704 6,484 43,120 U.S. Treasury notes: Feb. 18 498,452 8,552 220,475 20,486 56,413 2,358 3,272 98,602 12,942 18,410 21,107 9,246 26,589 Feb. 25 514,721 8,423 232,786 19,291 56,484 1,847 3,267 98,911 15,759 18,976 22,630 9,239 27,108 Mar.4 515,939 8,953 240,034 19,407 55,615 1,804. 3,277 94,611 15,791 17,979 22,647 9,164 26,657 Mar. 11 513,801 7,356 235,456 19,478 56,295 2,039 3,323 96,569 12,999 17,989 22,907 9,215 30,175 U. S. Treasury certificates: Feb. 18 _._, 116,945 1, 753 56,522 7,443 7,049 381 1,109 13, 545 5,720 3,628 2,008 17,148 Feb. 25 114,315 1,753 56,508 7,694 6,965 341 1,084 12,263 5,720 2,001 16,454 Mar.4 84,029 1,878 27,708 6,995 7,085 341 1,084 12,336 656 5,720 2,833 1,915 15,478 Mar. 11 112,287 2,878 55,937 6,220 7,116 341 1,084 12,433 637 5,710 2,820 1,915 15,196 Other bonds, stocks, and securities: Feb. 18 2,829,864 191.,, 926, 10,63,731 256,731 349,487 61,766 41,375 439,868 100,805 37,268 71,731 20,507 194,669 Feb. 25 2,820,751 1931,,7411,066,387 260,720 347,431 61,911 41,958 424,847 99,217 37,229 71,846 20,746 194,718 Mar.4 2,805,394 193, 770 1, 059,156 257,027 352,088 61, 556 41,174 417,089 98,611 38,421 72,578 21,198 192,726 Mar. 11 2,817,073 191,7201,,077,389 261,773 347,408 61,527 41,946 415,250 100,834 38,293 73,255 19,931 187,747 Total investments: Feb. 18 5,404,567 309,229 2,158,932 361,872 644,593 132, 690 72,918 786,361 161,177 104,571 162,174 69,455 440,595 Feb. 25 5,395,534 311,798 2,173,211 364, 485 644, 248 132,762 73,445 769,865 160,697 105,134 163,983 69,910 425,996 Mar.4 5,336,025 310,845 2,141,288 360,047 646,065 131,255 71,650 755,455 159,445 106,449 165,003 71,469 417,054 Mar 11 „.. 5,373,927 309,739 2,177,676 632, 571 131,448 71,821 758,078 164,696 106,147 165,875 71,625 420,809 Total loans and investments: Feb. 18 18,575,068 1,280,720 6,993, , 826,060611,639 532,140 2,729,820677,267 371,695 610,012 382,0091L, 517,395 Feb. 25 18,538,365 1,273,406 6,981,130 1,049,684 1,, 826,881614,435 533.956 2, 696, 571673,474 373,223 616,412] 385,30711,513,886 Mar.4 18,579,320 1,273,547 7,005,047 1,052,366 1, 837,838614,277 538.957 2,696,489671,630 375,591 614,925 389,5221L, 509,131 Mar. 11 18, 619,559 1,277,223 6,994,925 1,059,599 l,|829,894 616,106 537,338 2,724,815681,627 374,868 619,855 388,54311,514,766 Reserve balances with Federal reserve banks: Feb. 18 1,646,849 91,265 762,436 82,187 127,790 41,604 39,572 231,379 50,319 25,957 55,466' 105,427 Feb. 25 , 1,681, 619 87,944 805,435 75,375 121,945 41,073 43,926 232,635 51,849 28,036 53,516 31,684 108,201 Mar.4 1,626,637 89,257 758,608 80,597 114,552 38,403 40,152 231,121 50,415 28,536 55,581 32,666 106,749 Mar. 11 1,666,317 93,895 793,248 77,680 124,915 38,582 37,700 228,028 29,344' 53,877 32,4081 109,947 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN 285 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal reserve district Total Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Cash in vault: Feb.18 280,719 21,266 79,301 16,571 29,693 13,464 10,755 52,006 7,268 5,855 11,943| 10,688 21,909 Feb. 25 294,501 21,467 85,631 16,491 30,978 13,870 11,514 55,006 7,234 6,350 12,9961 11,131 21,833 Mar. 4 281,644 20,977 79,488 15,583 30,519 13,698 10,889 52,618 7,658 5,770 11,822 11,129 21,493 Mar. 11 289,451 21,709 81,627 16,300 14,389 11,223 53,774 7,588 6,015 12,591 11,575 22,062 Net demand deposits: Feb. 18 12,994,8071 874,586 5,647,701 749,076 1,,012,802 365,546 321.,, 0721,, 765,102417,316 247,246 496,641 293,366 804,353 Feb. 25 12,932,093 866,723 5,629,006 748,8311, 006,191366,303 321,,8881, 741,839420,569 250,879 494,044 290,296 795,524 Mar. 4 12,924,095 858,1485,645,901 755,149 999,585 366,590 318,835 1,, 733,450418,709 252,357 500,806 294,450 780,115 Mar. 11 13,057,942 868,295 55,,674,772 763,9051,006,361 370,132 325,1021,764,290 427,183 254,686 505,412 295,662 802,142 Time deposits: Feb. 18 4,936,315 336,420 1.,, 141,669183,080 713,773 188,070 190,848 928,616 210,776 105,080 136,960 95,565 705,458 Feb. 25 4,950,842 337,825 1.,, 145,316185,074 715,157 187,653 193,049 926,952 210,330 105,208 140,751 707,891 Mar. 4 4,945, 038 349,215 1,, 114,311 175,318 717,463 189,023 193,548 929,099 206,803 107,372 137,216 95,929 729,741 Mar. 11 4,954,192 348, 558 1.,, 136, 559175,055 715,120 188,167 194,516 934,486 205,785 107,494 137,444 94,540 716,468 Government deposits: Feb. 18 121, 238 22, 514 25,096 18,130 11,439 2,186 2,941 21,000 6,713 1,602 657 1,647 7,363 Feb. 25 112, 938 22, 515 25,096 10, 522 11,439 2,136 2,941 21,000 6,019 1,602 657 1,648 7,363 Mar. 4 113,391 22, 516 25,096 10,522 11,439 2,136 2,941 21,000 6,469 1,602 657 1,650 7,363 Mar. 11 113,118 22, 516 25,096 10, 522 11,439 2,130 2,676! 21,000 1,602 657 1,648 7,363 Bills payable and rediscounts with Federal reserve banks: Secured by U. S. Government o b 1 i g a tions— Feb. 18 133,061 1,385 92,635 2,500 21,401 2,852 51 4,170 210 45 637 200 6,975 Feb. 25 216,920 4,007 170,155 3,605 23,192 2,832 5,168 570 621 225| 6,545 Mar. 4 171,271 3,665 117, 550 5,110 25, 596 3,152 48 6,268 "160 115 237 lOOS 9,270 Mar. 11 184,071 3,465 130,074 5,650 27,105 2,586 827 3,372 17 25J 10,950 All other— Feb. 18 71,697 3,065 36,274 2,685 7,389 7,721 3,109 579 4,919 192 143 1,756| 3,865 Feb. 25 71,849 6,424 34,477 2,850 3,219 8,090 3,25l| 1,493 3,447 306 37 1,417 6,838 Mar. 4 83,543 6,815 36,293 3,472 4,205 8,156 9,7101 4,262 2,006 308 1,650! 6,600 Mar. 11 84, 539 8,417 37,356 5,47- 7,378 8,618 5,984 4,425 673 351 1, 245| 4, 549 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES • [In thousands of dollars] City Total (12 cities) Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Due to banks: Feb. 18 2, 525,251 130,418 1,215, 374 194,355 51,864 20, 241 416,825 100,012 128,203 45,276 118,978 Feb. 25 2,391,659 124,935 1,096,767 192,038 50,452 35,619 20,653 418,127 101,328 66, 530 126,054 47,876 111, 280 Mar. 4 2,494,693 132,623 1,,147,125 193,192 52,945 36,201 21,116 445,355 101,855 69, 267 128,286 47,452 119,276 Mar. 11 2,427,965 131,, 017 1.,, 132,050 183,745 53, 514 38,075 21,985 426,147 67,544 124,186 44, 573 105, 546 Due from banks: Feb. 18 641,120 36, 329 101,160 24, 671 15,427 13,352 166,232 31, 520 22,828 45, 912 36, 085 77, 974 Feb. 25 649,499 36, 569 110,917 59,412 28,215 18,917 15,272 167,994 17, 701 55,695 33, 766 71,803 Mar. 4 672, 077 42,252 106,064 65,101 29, 349 14,998 14,545 183,297 30, 566 22, 316 56,707 34, 355 72, 527 Mar. 11 637, 377 34,902 108, 409 59,476 22, 353 15,774 17,644 177,641 29,877 18,916! 55,144 35, 218 62,023 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL RESERVE BULLETIN APRIL, 1925 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] New York City City of Chicago Feb. 18 Feb. 25 Mar. 4 Mar. 11 Feb. 18 Feb. 25 Mar. 4 Mar. 11 Number of reporting banks 67 67 67 67 46 46 46 Loans and discounts, gross- Secured by United States Government obligations 76,876 77,495 77,882 72,187 23,936 23,384 23,740 Secured by stocks and bonds 1,932,059 1,964,734 1,982,463 1,932,836 521,085 518,604 515,868 542,490 All other loans and discounts 2,297,676 2,242,025 2,268,162 2,267,768 694,680 686,382 697,521 690,242 Total loans and discounts 4,306,611 4, 284,254 4,328,507 4,272,791 1,239,701 1,228,370 1,237,129 1,255,428 United States pre-war bonds 27, 047 27,067 27,068 27,147 1,938 1,938 1,938 1,937 United States Liberty bonds.. 533,971 532, 055 528, 071 527,397 82, 732 82,165 81,083 82,149 United States Treasury bonds 138,039 136, 526 136, 705 133,978 26,833 26,662 26,347 26,953 United States Treasury notes 202, 533 214,861 222,109 217,530 71,001 71,184 67,052 69,167 United States Treasury certificates 54,909 54,895 25,802 54,031 8,022 6,700 6.918 7,006 Other bonds, stocks, and securities 800,855 797,903 792,218 807,841 223,122 208,222 200,277 198,817 Total investments 1,757,354 1,763,307 1, 731,973 1,767,924 413,648 396,871 383, 615 Total loans and investments 6,063,965 6, 047, 561 6,060,480 6, 040,715 1,653,349 1,625, 241 1,620, 744 Reserve balances with Federal reserve bank.. 708,392 748,576 702, 776 737,116 162,576 161, 006 158,145 155,447 Cash in vault 63, 776 70,226 64,368 66,338 26,759 28,402 26,045 26,970 Net demand deposits 5,104,187 5,092,499 5,103,839 5,125,828 1,169,269 1,146,309 1,141,291 1,161,534 Time deposits 792,309 794,442 765,505 781,061 457,829 456,469 454,809 459,647 Government deposits 16,279 16, 279 16,279 16,279 14,343 14,343 14,343 14,343 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations _ 76,400 149, 550 98,450 112,500 970 1,668 718 1,618 All other 35,154 32, 789 34,696 36,141 270 1,000 1,600 710 Total borrowings from Federal reserve bank _ 111, 554 182,339 133,146 148,641 1,240 ,668 2.318 2,328 ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Federal reserve district 1924 1925 1924 1924 1925 1924 Nov. 26 Dec. 24 Jan. 28 Feb. 25 Feb. 27 Nov. 26 Dec. 24 Jan. 28 Feb. 25 Feb. 27 Boston -_ 1,327,141 1, 299, 657 1,330,862 1,311,144 1,212,245 694,406] 685,226 702,350 718,442 624,184 New York 6,496,559 6,527,806 6, 383,028 6,289, 8865,390, 662 2,066,104 2, 018, 700 2, 041,042 2,063,112 1,700,446 Philadelphia 1,151,727 1,129,471 1,139,390 1,134, 689 1,031, 623 765,488' 759, 663 777, 518 789,945 676, 562 Cleveland 1,486,119 1,468,404 1,486,655 1,482,289 1,371, 541 1, 269,256| 1, 245,613 1, 272,991 1,292, 515 1,166,985 Richmond _ 585,396 581,375 594,503 588, 437 563,760 483, 033] 478,845 494,941 452,378 Atlanta _ 540,472 561,575 585, 609 613,945 517, 520 350,96l| 348, 636 356, 070 374,021 324,089 Chicago 2,352,603 2,344,909 2,380,790 2,414,286 2,137,427 1,723, 047| 1,729,770 1,735,739 1, 743, 459 1, 581,142 St. Louis 710,319 732,021 729,176 643,005 436,085] 429,809 438,340 438, 871 406,098 Minneapolis .._ 503,546 493, 540 481,231 482,015 403,0301 420,176] 425,748 434,954 436,459 403,727 Kansas City 858,629 861,150 871,625 739,231 300, 293! 296, 288 300,970 302,798 292,437 Dallas 641,603 670,487 660,847 680,428 594,482 158,722] 158,107 160, 584 166,895 157,225 San Francisco. 1,322,964 1,310,823 1,291,093 1,289,740 1,241,758 1,128,308' 1,150,727 1,171,200 1,184,202 1,019,927 Total — 17,946,742 17,956,99517,927,179 17,887,660 15,846,284 9,795,879] 9,727,132 9,878,624 10,005,660 8,805,200 Banks in cities and towns having a population of— Less than 5,000 1,698,676 1,689,928 1,673,199 1,681,531 1,600,616 1,640,059 1,636,887 1,668,381 1,678, 232 1,574,568 5,000 to 14,999 _ 1,076,740 1,080,944 1,081,342 1,087,366 1,055,673] 1,045,668 1,042,716 1,062,598 1,072,914 992, 694 15,000 to 99,999.. _ 2,132,304 2,144,113 2,170,162 2,211,432 2,036,800 1,967,007 1,957,014 1,990, 3352,021,190 1,829,464 100,000 and over _ 13, 039, 022 13, 042,010 13, 002,476 1~2 ,9"0-7',, 33111,153,195 5,143,145] 5, 090, 515 5,157,310 5,233,324 4,408,474 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL, RESERVE BULLETIN 287 ALL BANKS IN THE UNITED STATES1—CONDITION ON DECEMBER 31, 19242 Comparative figures showing the condition made as of December 31, and in compiling the of all banks in the United States, other than figures the latest available data were used mutual savings banks and private banks not for such States. under State supervision, which have been compiled by the board and are presented in ALL BANKS IN THE UNITED STATES1—CONDITION ON the accompanying tables, indicate that on DECEMBER 31, 19242 December 31, 1924, loans and investments [Amounts in millions of dollars] reached the record total of $40,185,000,000— an increase of $575,000,000 over the amount reported for October 10 of the same year and b N e u r m o - f Loans and investments d T ep o o t s a i l ts an increase of $2,746,000,000 over the total for re i p n o g rt- s e i x v c e l u o - f December 31, 1923. Of the increase of banks Total Loans ments de b p a o n s k its $575,000,000 in loans and investments since the October call, $217,000,000 was in loans and All banks: discounts and $358,000,000 in investments. June, 1920 28,715 36,813 28,177 8,636 32,642 June, 1921 29,477 34,318 25,857 8,461 31,134 Total deposits, exclusive of bank deposits, June, 1922 29,092 34,166 24, 647 9,519 31,944 increased by $1,430,000,000 over the total June, 1923 29,342 37,359 26, 793 10,566 34,512 December, 1923.. 37,439 27,011 10,428 35,834 shown on October 10, 1924, and more than March, 1924 «.. _. 28,669 37,937 27, 288 10,649 35, 682 June, 1924 3 28,451 38,407 27, 222 11,185 36,841 $3,100,000,000 since December of last year. October, 1924«... 28,385 39, 610 27,958 11, 652 37,587 Borrowings of these banks from Federal December, 1924.. 28,287 40,185 28.175 12,010 39,017 Member banks: reserve and other banks increased by $72,000,- June, 1920 25,945 19,784 6,161 21,887 June, 1921 9,745 24,311 18, 206 6,105 21,612 000 since October 10, but were $490,000,000 June, 1922 24,358 17,296 7,062 22,366 less than a year earlier. June, 1923 9,856 26,675 18,880 7,795 23,837 December, 1923.. 9,774 26,738 19,052 7,686 24,974 The following table shows in summary form March, 1924 9,681 26,832 19.176 7,656 24,768 June, 1924 9,650 27,262 19,264 7,998 25,675 the amounts of loans, investments, and de- October, 1924__.. 9,635 28,451 19,820 8,631 26,282 posits of the banks for recent dates for which December, 1924.. 9,587 29,027 20,182 8,845 27,814 Non-member banks: figures are available. June, 1920 19,316 10,868 8,393 2,475 10,755 June, 1921 19,732 10,007 7,651 2,356 9,522 There are also given herewith figures repre- June, 1922 19,200 9,808 7,351 2,457 9,578 senting the principal resources and liabilities June, 1923 19,486 10,684 7,913 2,771 10,675 December, 1923.. 19,206 10,701 7,959 2,742 10,860 of these banks arranged by Federal reserve March, 1924 ».... 18,988 11,105 8,112 2,993 10,914 June, 1924« 18,801 11,145 7,958 3,187 11,166 districts. | October, 1924 »._. 18, 750 11,159 8,138 3,021 11,305 Calls for condition reports by the banking December, 1924.. 18,700 11,158 7,993 3,165 11,203 departments of several of the States were not 1 Revised figures. | ALL BANKS IN THE UNITEDISTATES i—PRINCIPAL RESOURCES AND LIABILITIES, BY FEDERAL RESERVE DISTRICTS, ON DECEMBER 31 1924 2 [Amounts in thousands of dollars] Federal reserve district N re u b p m a o n b rt k e i r s n g of L d o in o v is c e a c l r n o u d s u d r a i n a n f t n t g s s d , Investments T an o d t m al i e n n l v t o s e a s n t s - ba p c n T o l k o u s t s i a i t d v s l e , e p d e o e o x - s f - its Re a p d n a i d y s c a b o b i u l l e n ls ts Boston 676 1,941,838 2,808,676 2, 666,161 86,096 New York 1,329 6,733,861 3,472,025 10,205,886 9,844,677 156,147 Philadelphia 1,270 1,947,746 1,170,805 3,118,551 2,820,386 68,015 Cleveland 1,974 2, 714, 586 1,405,283 | 4,119,869 3,819,320 80,003 Richmond- 2,051 1,695,938 431,188 I 2,127,126 1,954,161 79, 613 Atlanta 1,983 1,258,243 249,557 1,507,800 1,512,813 46,709 Chicago 5,201 4, 538,445 2,004,726 6,543,171 6,422,265 95, 783 St. Louis 3,196 1,426,317 491,489 1,917,806 1,827,160 39,388 Minneapolis 3,217 1,125, 533 1,514,122 1,549, 690 23,622 Kansas City 3,989 1,399,738 1,786,687 1,890,633 22,187 Dallas 1,724 847,282 170,528 I 1,017,810 1,075,387 10,309 San Francisco 1,677 2,545,489 972,452 3,517,941 3,634,103 26,619 Total, Dec. 31, 1924. 28,287 28,175,016 12,010,429 40,185,445 39,016, 756 734,491 Total, Oct. 10, 1924.. 28, 385 27, 957, 929 11,651,750 39, 609, 679 37, 587,490 662,702 1 Exclusive of mutual savings banks and private banks not under State supervision. 1 Or dates nearest thereto for which figures are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDEBAL RESERVE BULLETIN APRIL, 1925 ALL BANKS IN THE UNITED STATES i—PRINCIPAL RESOURCES AND LIABILITIES ON OCTOBER 10, 1924, AND DECEMBER 31, 1924 2 [Amounts in thousands of dollars] N po u r m tin b g e r b o a f n r k e s - L in o c a lu n d s i a n n g d d o i v s e c r o d u r n af ts ts , Investments Total v e lo st a m ns e n a t n s d in- To c d t l e a u p l s o iv s d i e t e s po o s f i ts, b a e n x k - Re a p d n a i d y s c a b o b i u l l l e n s ts State Decem- Decem- October ber October December October December October December October December October ber Maine 112 112 143,697 140,266 122,439 119,945 266,136 260,211 246,951 247,520 6,623 5,301 New Hampshire... Vermont 86 85,316! 85,382 39,106 40, 111 124,422 125,493 112,165 113,905 2,696 3,00& Massachusetts 252 252 1,275,145! 1,285,945 409,275 1,684,420 1,684,573 1,600,873 1,602,793 16,821 70,378 Rhode Island 31 31 161,260 162, 567 128,230 131,497 289,490 294,064 280,540 283,240 454 1,055 Connecticut 143 144 250,5611 253,936 192,287 194,509 442,848 448,445 418,288 431,025 3,577 5,692 New York 975 984 5,851,760 5,975,445 2,831,763 2,905,703 8,683,523 8,881,148 7,996,959 8,520,771 98,795 139,679 New Jersey 458 466 872, 572 914,651 600,904 620,876 1,473,476 1, 535,527 1,440,337 1,534,651 14,447 22,255 Delaware 45 45 49,801 49,763 36,183 36,325 86,088 74,609 76,392 174 328 Pennsylvania 1,649 1,648 2,539,222 2,569,965 1,745,670 1,782,129 4,284,892 4,352,094 3,766,996 3,869,460 48,287 87,196 Ohio* 1,105 1,104 1,658,045 1,644,9921 616, 545 597,862 2,274, 590 2,242,854 2,220, 566 2,162,411 27,097 45,332 District of Columbia 44 44 140,485 148,162 60,445 61,734 200,930 209,896 202,123 211, 702 1,538 2,156- Maryland 232 231 353,536 345,926 173,045 181,343 526,581 527,269 490,638 496,618 4,177 10,72& Virginia 519 520 434,481 437,227 70,468 72,840 504,949 510,067 405,478 421,249 25,491 24, 594 West Virginia 348 348 300,901 310,015| 63,165 59,536 364,066 369,551 320,877 328,891 18,874 21,931 North Carolina 546 542 337,924 331,067! 36,441 38,150 374,365 369,217 331,397 351,873 33,631 15,740 South Carolina— 405 408 185, 555| 30,174 33,671 223,872 219,226 200,612 213,955 15,255 8,228 Georgia 660 652 315,205 314,199; 35, 524 36,586 350,729 350,785 316,081 323,367 23,194 18,101 Florida Alabama,.. 354 196,855: _ 45, 668 242,523 256,918 4,164 Mississippi- 259 357 151,504 143,762| 32,777 36,052 184,281 179,814 182,096 200,678 17,872 4,735 Indiana 1,103 577,275|. 184,212 761,487 744,262 17,365 Illinois 1,899 2,396,473 2,358,126! 871,781 905,266 3,268,254 3,263,392 3,009,147 3,128,459 21,428 28,824 Michigan 722 '722 623,456 632,483' 802,400 817,683 1,425,856 1,450,166 1,434,828 1,465,336 10,942 22,840 Wisconsin 984 571,297. 201,397 772,694 775,405 8,932 Iowa 1,607 1,582 ~"822,~930 800,203; ~~85~9(X)i 890,536 19,277 892,182 31,677 28,136 Tennessee. 558 319,471!. 45,315 364, 786 362,030 15,166 Arkansas.. 480 163,919. 25,816 189,735 207,385 3,342 Missouri... Kentucky. Minnesota 1,406 1,404 661,5901 201,635! 235,175 860,534 896,765 838,487 857,798 10,652 7,419 North Dakota.. 681 678 128,703 117,365 19,179; 30,596 147,882 147,961 |52, 389 173,324 14,695 5,342 South Dakota. 552 143,23l' I 21,513 164,744 185,995 7,121 Montana 247 245 77,656 75,400 31,946| 37,808 109,602 113,208 124,516 132,589 3,295 1,484 Nebraska. . 1,101 366,738 i 47, 414,600 419,805 Kansas 1,292 1,297 315,649 321,233 57,276! 67,765 372,925 410,319 442,559 5,369 3,202 Oklahoma.. 806 787 241,366 230,128 69,701! 79,218 311,067 309,346 352,319 380,228 7,138 1,579 Colorado.. 339 338 181,836 181,805 85,108 91,016 266,944 272,821 290,735 294,442 3,316 1,995 Wyoming.. 110 104 42,523 38,444 51,407 48,342 59,318 58,080 957 403 Louisiana 251 2491 312,552 325,139 45,565 50,222 358,117 375,361 346,017 383,955 15,942 10,996- Texas 1,517 1,505 721,928 746,384 148,171 149,592 870,099 895,976 888,501 934,717 15,795 7,828 New Mexico. 75 73 25,003 22,583 4,647 5,319 29,650 27,902 31,167 33,190 1,513 408 Arizona 58 45,611 12,156 12,188 57,767 58,276 64,821 69,94' 2,900 1,569 Utah 117 116 96,472 97,969 28,156 30,249 124,628 128,218 115,405 122,495 2,102 1,109 Idaho 173 172| 50,992 50,565 15,715 18,800 66,707 69,365 74,647 79,110 3,949 3,081 Nevada. 34 23,601 23,704 6,953 6,940 30,554 30,644 32,984 33,791 California... 673 6721 1,929,976 1,969,322 676,105 713, 763 2,606,081 2,683,085 2,652,353 2,744,377 13,061 17,122 Oregon 279 279 164,421 158, 762 77,419 79,628 241,840 238,390 262,676 255,063 3,139 2,548 Washington. 370 366 218,088 213,872 109,020 116,400 327,108 330,272 359,729 353,082 2,141 1,857 Total.. 28,385 28,287| 27,957,929 28,175,016 11,651,750 12,010,429 39,609,679 40,185,445 37,587,490 39,016,756 662,702 734,491 1 Exclusive of mutual savings banks and private banks not under State supervision. 2 Figures include those for State banks and trust companies as given in the following table, which in some cases represent the condition of bank* as oi dates prior to Oct. 10 and Dec. 31, respectively. 3 Includes 3 mutual savings bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDERAL RESERVE BULLETIN 289 ALL STATE BANKS AND TRUST COMPANIES i—PRINCIPAL RESOURCES AND LIABILITIES ON OCTOBER 10, 1924, AND DECEM- BER 31, 1924 2 [Amounts in thousands of dollars] N po u r m tin b g e r b o an f k re s - L in o c a l n u s d i a n n g d o d v i e sc rd o r u a n ft t s s, Investments Total v e lo st a m ns e n a t n s d in- To c p t l o a u s l s i i t v s d e e o p f o b si a t n s k e d x e - - R b ed il i l s s c p o a u y n a t b s l a e nd State October ce D m e b - er October December October December October December October December October ce D m e b - er Maine 54 54 82,069 79,188 68,272 64,305 150,341 143,493 140,965 139,586 5,231 3,153 New Hampshire.. . Vermont 40 40 54,037 54,487 16,726 17,317 70,763 71,804 68,105 69,045 1,162 1,680 Massachusetts 95 95 528,954 534,321 146,577 130,476 675,531 664,797 670,157 662,565 3,652 16,363 Rhode Island 14 14 120,466 122,060 105,335 106,169 225,801 228,229 228,259 229,250 200 200 Connecticut 82 82 111, 649 111,433 122,922 124,968 234,571 236,401 229,517 230, 606 2,210 3,660 New York 447 451 3,203,833 3,286,389 1,421,087 1,475,539 4,624,920 4,761,928 4, 556,627 4,618,812 27,720 17,293 New Jersey 211 213 515,137 543,626 311,169 320,616 826,306 864,242 814,792 877,176 6,627 8,728 Delaware 27 27 39,251 39, 551 27,510 27,096 66,761 66,647 58,357 59,301 72 168 Pennsylvania 782 780 1,200,465 1,219,532 781,688 798,060 1,982,153 2,017,592 1,804,313 1,860,408 22,764 35,105 Ohio 3 747 746 1,189,556 1,174,642 368,414 353,651 1,557,970 1,528,293 1,589,206 1,542,784 12,414 21,004 District of Columbia 31 31 71,835 76,105 27,370 27,770 99,205 103,875 99,881 103,188 491 924 Maryland 148 147 203,416 204,401 96,814 102,428 300,230 306,829 291,081 299,422 2,542 3,186 Virginia 337 338 173,038 172,255 16,953 17,795 189,991 190,050 152,881 156,998 12,327 11,601 West Virginia 224 224 171,081 176,476 25,612 23,824 196,693 200,300 179,145 186,147 9,480 10,613 North Carolina 463 458 214,014 206,547 17,557 18,252 231,571 224,799 211,997 224,453 20,519 9,338 South Carolina 324 329 110,677 102,665 11,609 14,053 122,286 116,718 110,950 117,041 10,187 4,362 Georgia 567 559 192,391* 190,461 15,766 17,081 208,157 207,542 186,503 188,788 18,535 14,527 Florida Alabama.. 252 98,301 11,922 110,223 127,591 2,562 Mississippi 324 321 106,411 99,536 ~~"I8,"839~ 20,394 "~I25~256~ 119,930 ~""l28,"*§17" 140,795 "I2,~683~ 2,804 Indiana... 856 361,252 81,962 443,214 452,845 13,831 Illinois 1,399 1,400 T44l~417~ 1,455,464 "567^324" 578,074 ~2,"668,~74T 2,033,538 1,976,552 2,047,016 14,844 20,222 Michigan 600 600 372,184 372,174 676,734 691,468 1,048,918 1,063,642 1,052,976 1,070,217 8,874 17,026 Wisconsin 828 335,734 110, 682 446,416 461,278 5,383 Iowa 1,261 1,238 578,579 561,571 22,235 23,432 600,814 585, 003 "616,618 617,519 ~~20~ 723* 18,173 Tennessee 452 175,740 17,051 192, 791 213, 561 9,755 Arkansas 393 110,966 10,222 121,188 136,030 2,348 Missouri Kentucky Minnesota 1,074 1,074 287,269 284,063 67,691 80, 655 354,960 364, 718 381,855 384,471 6,995 5,508 North Dakota 516 513 73,016 64,128 4,395 7,401 77,411 71, 529 74,499 87,547 11,911 4,595 South Dakota 438 94,394 4,686 99,080 118,745 5,222 Montana 157 154 ""38,~787~ 36,428 14,"65l" 18,301 "~~53~438~ 54,729 ~"~66,~667~ 64,385 1,873 998 Nebraska . 928 221, 792 14,888 236,680 262,183 3,861 Kansas 1,034 1,040 ~""l97,~667~ 197,693 19,356 25,094 216,363 222,787 248,588 <270,635 4,391 2,448 Oklahoma 385 380 46, 383 42,828 10,383 12,451 56, 766 55,279 68,110 79,395 2,702 877 Colorado 198 198 47,472 48,324 15,014 15,954 62,486 64,278 74,887 77,462 1,094 407 Wyoming 75 72 16,916 16,048 1,694 1,867 18,610 17,915 21,629 21,224 489 231 Louisiana 218 216 238,581 249,418 33,341 37,015 271,922 286,433 266,853 297,168 12,199 8,681 Texas 941 933 220,460 217, 738 25,207 23,138 245,667 240,876 285,692 303,584 7,403 2,939 New Mexico 42 40 7,910 7,080 1,014 1,172 8,924 8,252 9,250 9,354 635 264 Arizona 40 39 30,947 30,876 7,828 7,811 38,775 38,687 * 43,614 . * 46,123 « 1,930 « 1,138 Utah 96 95 67,920 68,120 16,981 17,882 84,901* 86,002 77,813 81,747 1,826 1,097 Idaho 106 105 19,224 18, 725 5,536 6,673 24, 760 25, 398 29,446 31,102 1,491 1,092 Nevada 23 23 14,761 14,974 2,661 2,553 17,422 17, 527 19, 762 20,683 California 407 409 1,403,407 1,436,055 480,190 511,176 1,883,597 1,947,231 1,973,094 2,047,801 4,664 11,807 Oregon 181 181 70,012 68,918 25,474 26, 000 95,486 94,918 108,218 102,690 1,668 1,875 Washington 259 255 72, 743 69, 774 34,822 36, 568 107, 565 106,342 120,894 114, 703 1,607 1,015 Total «20,316 720,244 «15,739,192 715,849,168 «6,180,080 7 6,352,162 821,919,272 722,201,330 621,787,012 722,328,539 • 368,672 7 335,791 1 Exclusive of mutual savings banks and private banks not under State supervision. 2 Or dates nearest thereto for which figures are available. 3 Includes 3 mutual savings banks. 4 Includes amounts due to banks. »Includes other liabilities. e Includes May 15,1924, and July 21,1924, figures for Tennessee and Nebraska, respectively, and June 30 figures for other States for which later figures are not available. 7 Includes June 30,1924, figures for New Hampshire, Florida, Missouri, and Kentucky. NOTE.—All figures used in the October column are for October 10, except as follows: Maine, September 27,1924; Rhode Island, September 11, 1924, New York, September 29, 1924; New Jersey, September 30,1924; Pennsylvania, September 17,1924; Maryland, October 2,1924; Louisiana, September, 29, 1924; Iowa, September 29, 1924; Michigan, October 8, 1924; Minnesota, October 31, 1924; North Dakota, September 17, 1924; Kansas, August 21, 1924; Utah, October 4,1924. All figures used in the December column are for December 31, except as follows: New York, November 15,1924; Tennessee, November 12, 1924; South Dakota, November 25, 1924; Kansas, December 26, 1924; and Oklahoma, December 23, 1924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN APRIL, 1925 STATE BANK AND TRUST COMPANY MEMBERS—EARNINGS AND DIVIDENDS ABSTRACT OP EARNINGS AND DIVIDENDS REPORTS FOR THE LAST SIX MONTHS OF 1924, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Total, six months ending— Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- District trict trict trict trict trict trict trict trict trict trict trict No.l No. 2 No. 3 No. 4 No. 5 No.6 No.7 No. 8 No. 9 No. 10 No. 11 No. 12 Dec. June 30, | Dec. 31, (36 (144 (72 (118 (61 (126 (353 (132 (100 (33 (182 (182 1924 1924 I 1923 banks) banks0] banks)banks) banks) banks) banks) banks) banks) banks0] banks)banks) (1,539 (1,570 I (1,587] banks) banks) ! banks) Capital stock paid in 33,000 232, 276 40,165 84,965 19,098 31, 285 112,609 40,280 6,692 8,610 11,785 82,205 702,970 697,075 676,228 Surplus fund 39,495 199, 016 72,906 101,317 13,869 18,367 107,031 24,598 2,812 3,308 3,510 32,983 619,212 589,669; 572,453 Total capital and surplus 72,495 431,292 113,071186,282 32,967 49,652 219,640 64,878 9,504 11,918 15,295 115,188 1,322,182 1,286,744 1,248,681 Gross earnings: Interest and discount.- 17,648 90,331 13,176 35,564 5,437 9,630 49,623 13,046 2,533 2,812 2,79536,990 279,485 274,414 Exchange and collection charges 62 528 23 121 48 455! 555 22 154 306 2,801 2, 566 2,855 Commissions 594 4,179 109 345 164 358, 1,860 512 100 25 30 618 8,894 7,288 7,341 Other earnings 2,813 27,391 4,593 10,039 916 1,827! 8,504 2,006 244 1,134 273 5,662 65,402 5511,778899Jj 522,111100 Total gross earnings. _ 21,017 122,429 17,901 46,069 6,565 12,270 60,542 16,033 2,935 3,252 43,576 356,582 336,057j 332,262 Expenses: Salaries and wages 3,828 23,894 3,436 8,358 1,3 2,608 12,398 3,424 881 1,030 10,508 72,424 68,600 67,572 Interest and discount on borrowed money.. 80 355 127 192 237 439 392 553 80 * 17 118 193 2,783 4,962: 7,,0646 Interest on deposits 8,917 40,646 5,183 17,293 1,966 3,253 22,046 5,052 1,040 1,266 484 16,942 124,088 114,033 109,888 Taxes 1,113 5,124 924 2,276 455 1,039! 3,490 1,245 144 209 228 1,729 17,976 14,689 17,923 Other expenses 2,140 13,895 1,932 4,809 765 1,8321 7,214 2,013 354 743 5,690 41,975 42,924 40,650 Total expenses 16,078 83,914 11,602 32,928 4,819 12,287 2,281 3,116 2,448 35,062 245,208 243,079 N et earnings sincelast report. 4,939 38,515 6,299 13,141 1,746 3,746 654 877 804 8,514 90,849 Recoveries on charged-ofl assets j, 600 2,380 851 455 216 63 316 158 810 8,846 7,570 Total net earnings and recoveries 5,539 40,895 7,150 13,596 1,962 3,340 15,943 4,338 717 1,193 962 9,324 104,959 99,695| 96,753 Losses charged off: On loans and discounts. 2,109 4,992 292 1,404 391 1,632 3,853 4,139 440 549 1,935 22,435 13,062 21,321 On bonds, securities, etc. 234 967 258 1,753 115 262 784 790 1 68 49 636 5,917 3,319 6,274 Other losses 235 2,129 148 687 42 302 338 46 358 325 911 6,220 6,140 4,740 Total losses charged off 2,578 3,844 548 2,196 5,336 5,267 487 975 1,073 3,482 34, 572 22,521 32,335 Net addition to profits 2,961 32,807 6,452 9,752 1,414 1,144 10,607 1929 230 218 »111 5,842 70,387 77,174 64,418 Dividends declared 2,315 19,576 3,677 5,572 994 2,027 7,595 1,858 225 483 396 4,285 49,003 46,405 46,281 Ratio of dividends declared to capital stock (annual basis)—per cent 14.0 16.9 18.3 13.1 10.4 13.0 13.5 9.2 6.7 11.2 6.7 10.4 13.9 13.3 13.7 Ratio of dividends declared to capital and surplus (annual basis)—per cent.. 6.4 9.1 6.5 6.0 6.0 8.2 6.9 5.7 4.7 8.1 5.2 7.4 7.4 7.2 7.4 Ratio of net profits to capital and surplus (annual basis)—per cent _. 8.2 15.2 . 10.5 8.6 4.6 9.7 4.8 3.7 10.1 10.6 12.0 10.3 i Deficit. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL* 1925 FEDERAL RESERVE BULLETIN 291 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CENTERS [In thousands of dollars] 1924 1925 1923 1924 Number Federal reserve district of centers December January February I December January February No. 1—Boston 2,467,796 2,685,491 2,157,347 2,287,912 2,189,052 1,973,432 No. 2—New York 28,106,044 28,500,616 23,574,730 22,801,386 22,814,899 20,511,857 No. 3—Philadelphia... 2,242,478 2,173,091 1,780,071 1,999,728 1,925,455 1,723,139 No. 4—Cleveland 2,466,903 2,511,678 2,048,430 2,331,503 2,227,515 2,006,249 No. 5—Richmond 795,584 767,253 675,206 804,167 733,878 650,035 No. 6—Atlanta 1,154,408 1,201,107 976,073 1,124,910 1,047,405 947,847 No. 7—Chicago 5,326,098 5,490,747 4,479,475 4,886,123 4,701,940 4,178,246 No. 8—St. Louis 1,259,637 1,306,725 1,074,542 1,194,752 1,130,859 981,669 No. 9—Minneapolis... 849,622 731,307 637,553 660,760 565,332 523,317 No. 10—Kansas City.. 1,189,358 1,211,359 1,024, 111 1,082,885 1,003,759 937,931 No. 11—Dallas 664,938 658,963 572,869 620,979 567,222 493,840 No. 12—San Francisco 2,634,300 2,720,698 2,495,365 2,652,946 2,590,948 2,470,230 Total 141 49,157,166 49,959,035 41,495,772 | 42,448,051 41,498,264 37,397,792 New York City 1 27,327,223 27,681,894 22,924,386 i 22,081,149 22,113,958 19,886,015 Other cities 140 21,829,943 22,277,141 18,571,386 | 20,366,902 19,384,306 17,511,777 WEEKLY SUMMARY FOR BANKS IN 250 CENTERS [In thousands of dollars] 1925, week ending— 1924, week ending— Number Federal reserve district of centers Feb. 25 Mar. 4 Mar. 11 Mar. 18 Feb. 27 Mar. 5 Mar. 12 Mar. 19 No. 1—Boston-_ 510,152 641,889 541,773 587, 625 438,992 579,045 476,386 No. 2—New York 5,518,672 6,621,710 6,059,127 6,848,334 4,304,532 5,942,679 4,588,948 5,213,160 No. 3—Philadelphia... 458,345 599,451 485,843 571,962 432,285 473,252 430, 230 514,539 No. 4—Cleveland 524,240 669,043 568,493 672,138 528,352 609,524 565,918 636,719 No. 5—Richmond 255,595 323,733 291, 566 304,420 227,423 295,301 261,662 277,327 No. 6—Atlanta 296,200 265,212 297,492 213, 713 239,970 240,618 246,818 No. 7—Chicago 1,052,390 1,294, 583 1,230,840 1,424, 566 1,004,151 1,190,095 1,081,668 1,170,926 No. 8—St. Louis 250,048 316,504 290,935 319, 642 225, 525 281,741 255,820 287,460 No. 9—Minneapolis... 214,947 184,064 220,010 123,477 164,412 147,496 155,157 No. 10—Kansas City.. 249,090 326,171 298,303 310, 666 232, 758 277,755 252,285 256,424 No. 11—Dallas 139,378 163,407 157,112 171, 573 112,713 125,150 128,690 No. 12—San Francisco 581,467 860, 554 647,022 686,914 538,896 756,978 613,354 TotaL 250 9,912,406 12,328,192 I 11,020,290 12,415,342 8,382,817 10,939,691 9,039,535 10,112,097 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston 359,354 436,996 369,163 393,120 290,345 397,622 314,226 381,838 No. 2—New York j, 268,535 i, 277,234 5,775,382 6,529,015 4,066,526 5,640,692 4,336,587 4,927,012 Buffalo... 61,446 79,430 68,540 71,506 56,722 73,166 59,596 73,131 No. 3—Philadelphia 346,336 461,915 366,324 439,398 314,250 352,471 316,826 383,652 No. 4—Cleveland 112,037 166,165 129,491 156,022 118,806 151,734 137,523 157,450 Cincinnati 64,118 81,550 72,810 90,968 61,396 74,433 65,528 80,159 Pittsburgh , 184,977 225,608 185,869 227,264 183,205 193,694 180,000 209,792 No. 5—Richmond 34,569 31,803 32,697 25,712 34,916 26,368 27,797 Baltimore 72,987 103,648 87,749 94,851 67,400 101,400 89,898 90,642 No. 6—Atlanta 32,009 39,813 35,326 39,968 29,525 32,355 29,915 36,936 Birmingham 26,548 31,334 27,775 30,493 22,945 24,953 25,564 27,489 Jacksonville 16,726 18,854 17,435 19,134 13,977 14,484 13,554 14,548 Nashville 16,440 20,091 18,442 21,397 15,140 17,833 18,864 20,182 New Orleans 63,252 93,407 77,442 93,434 69,149 73,814 80,952 No. 7—Chicago 627,419 804,638 737,576 913,891 576,101 703,662 649,372 691,410 Detroit _ 166,372 149,335 178,150 191,221 174,098 164,541 147,484 180,487 No. 8—St. Louis 137,600 181,500 155,900 183,700 127,073 164,093 144,907 169,682 Little Rock 14,086 15,383 15,453 15,689 12,174 14,964 14,655 15,016 Louisville. 37,678 47,087 48,911 48,510 32,479 40,311 37,809 42,925 Memphis 30,907 39,405 35,988 35,824 26,134 31,764 28,735 30,774 No. 9—Minneapolis 73,401 109,070 99,805 117,918 59,935 80,642 73,388 73,467 Helena 1,652 2,346 1,769 1,546 1,888 2,212 1,952 1,762 No. 10—Kansas City... 68,404 83,180 92,125 64,383 76,078 66,761 74,201 Denver-. 35,511 43,011 37,707 38,752 35,823 39,882 38,293 34,494 Oklahoma City 16,992 20,877 21,161 22,650 12,570 16,809 15,235 16,815 Omaha „_. 41,274 53,528 51,144 49,376 38,950 47,002 42,756 45,684 No. 11—Dallas 46,072 52,216 51,677 56,481 35,165 40,496 36,172 38,904 El Paso 6,690 10,688 9,918 7,365 7,437 8,425 9,142 7,784 Houston 34,407 39,275 33,690 42,722 25,393 25,673 26,109 28,813 No. 12—San Francisco.. 220,417 332,310 209,639 224,780 159,679 260,819 181,044 197,614 Los Angeles 164,745 254,633 193,517 194,067 169,660 245,185 191,949 210,602 Portland 29,829 40,834 34,037 40,025 31,746 39,669 36,366 36,771 Salt Lake City. 12,105 17,095 14,996 16,868 11,378 14,830 14,214 14,586 Seattle 36,242 45,091 43,188 57,178 35,498 38,447 44,319 53,588 Spokane.- 9.221 10,948 11,368 14,654 9,158 11.376 10.717 13.147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN APRIL, 1925 MONEY IN CIRCULATION [Source: U. S. Treasury Department circulation statements] [In thousands of dollars] Gold Standard Silver Treasury United Federal Federal National- c T ir o cu ta la l - Date Total c b o u in ll i a o n n d tiflcates d s o il l v la e r r s c c e a rt t i e f s i- no 1 t 8 e 9 s 0 of ary silver S n t o a t t e e s s re n s o e t r e v s e n b o a t n e k s n b o a t n e k s c t d a i o o p l n i l t a a p r e s ( ) i r n I9l4—july i 3,402,015 611,545 1,026,149 70,300 478,602 2,428 159,966 337,845 715,180 34.35 1917—Apr. 1 14,100,591 641,794 1,348,818 70,863 459,680 1,997 191,351 330,353 356,448 3,170 697,160 39.54 L920—Nov. 1 15,628,428 495,353 231,404 89,725 60,385 1,628 261,556 277,736 3,310,225 209,877 715,023 52.36 1922—Aug. 1 4,337,418 416,282 171,985 58,378 268,802 1,508 229,956 284,343 2,115,350 65,032 725,782 39.47 1924—Mar. 1 4,807,778 416,047 633,253 55,910 368,750 1,437 251,537 302,404 2,030,818 12,091 735,531 42.85 Apr. 1 4,812,861 408,062 687,252 55,202 367,113 ,433 251,639 304,846 1,988,585 11,588 737,141 42.85 May 1 4,760,114 403,649 726,179 54,823 370,093 ,428 252,702 301,110 1,909,143 11,025 729,962 42.33 June 1 4,815,401 402,122 779,169 54,078 373,381 ,425 252,557 305,966 ,897,636 10,438 738,629 42.78 Julyl 4,755,403 396,415 801,381 54,017 364,414 ,423 252,971 297,790 ,843,091 10,066 733,835 42.20 Aug. 1 4,665,187 398,499 800,124 53,644 372,683 ,420 252,407 301,667 ,745,820 9,635 729,288 41.36 Sept. 1 4,773,878 401,794 872,807 53,915 385,499 ,417 253,732 308, 111 ,746,230 9,229 741,144 42.28 Oct. 1 4,806,367 427,970 898,165 54,603 388, 574 ,412 256,467 304,345 :,729,301 9,030 736,500 42.52 Nov. 1 4,879,694 436,160 904,861 55,185 389,201 ,410 259,710 305,840 ],784,046 8,710 734,571 43.12 Dec. 1 4,993,570 437,971 933,688 55,606 389,113 ,407 263,102 304,418 , 862,055 8,471 737,739 14.08 1925—Jan. 1 4,992,931 458,206 970,564 57,384 388, 540 1,405 266,298 295,233 , 841,621 8,238 705,442 44.03 Feb.1 4,751,538 455,169 929,650 55,533 360,808 1,401 256,898 283,598 ,688,662 7,987 711,832 41.86 Mar. 1 4,804,209 462,925 913,900 55,264 366,024 1,398 256,509 288,668 1,734,606 7,756 717,159 42.28 1 The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency held by Federal reserve banks have been deducted only from the total. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MARCH 31, 1925 Paper maturing— After 90 days but Within 90 days within 9 months Federal reserve bank a C a n g o d r m i c li m u v l e e t s u rc t r o i a a c l l , k , U G S n o e i v c te u e d r r e n S d m t a b e t n y e t s ac B c a e n p k ta e n r c s e ' s acc T ep ra ta d n e ces A an g d ri c li u v l e tu st r o a c l k * paper, n. e. s. obligations paper Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis-_ Kansas City«_ Dallas San Francisco _ 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Changes during the month—None. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRII* 1925 FEDERAL RESERVE BULLETIN 293 GOLD SETTLEMENT FUND INTER-BANK TRANSACTIONS PROM FEBRUARY 19, 1925, TO MARCH 18, 1925, INCLUSIVE [In thousands of dollars] Changes in ownership Transfers Daily settlements t o r f a nsf g e o rs ld and t h s r e o t u tl g e h - Balance in Federal reserve bank ments f c u lo n s d e o at f period Debits Credits Debits Credits Decrease Increase Boston 13,500 743,673 768,295 11,122 49,099 New York 3,600 65,500 2,604,820 2,538,204 4,716 186,832 Philadelphia... 5,000 1,500 709,001 696,717 15,784 41,608 Cleveland 5,000 1,500 644,804 661,668 13,364 61,546 Richmond 5,000 1,500 479,263 461,710 21,053 10,955 Atlanta 11,500 316,581 323,345 4,736 14,963 Chicago 9,500 2,000 1,167,733 1,181,757 6,524 101,852 St. Louis 9,000 1,500 542,017 545,544 3,973 21,026 Minneapolis. _. 7,500 159,080 166,798 ""218" 24,342 Kansas City. _. 2,000 391,231 387,927 ~l,~304" 49,966 Dallas 1,000 100 277,250 283,440 5,290 27,780 San Francisco. 9,500 4,500 337,482 357, 530 15,048 34,298 Total four weeks ending- Mar. 18,1925 80,100 80,100 8,372,935 8,372,935 51,566 51,566 624,267 Feb. 18,1925 8,500 8,500 7,826,262 7,826,262 578,549 Mar. 19,1924 94,300 94,300 7,361,882 7,361,882 606,746 Feb. 20,1924 43,500 43,500 7,088,226 7,088,226 589,784 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES, MARCH 15, 1925 The following table shows the customary rates charged on loans comparison between the rates charged since February, 1924, and rates and discounts in the various cities in which Federal reserve banks and charged at earlier periods, it should be borne in mind that the earlier their branches are located, as reported by representative banks. These rates refer to an entire month, while the later figures cover only a rates are not averages but are those rates at which the bulk of paper of week. Attention is also called to the fact that the method of reporteach class is handled by reporting banks. Where it appears from the ing the rates has been somewhat modified and that slight changes in reports that no one rate clearly covers the bulk of the paper handled, the rates may reflect these modifications. a range of the rates most commonly charged is given. In making [Rates prevailing during week ending with the 15th day of the month] Customers' prime commercial paper Loans secured by stocks and bonds Loans secured by Loans secured by Interbank loans Liberty bonds warehouse receipts Cattle loans 30-90 days 4-6 months Demand Time District and city Mar.,{Feb., Mar., Mar., Feb., Mar., Mar.,Feb., Mar., Mar., Feb , Mar.,Mar., Feb., Mar., Mar., Feb., Mar., Mar., Feb., Mar., Mar., Feb., Mar., 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 No. 1—Boston 4 -5 4-4* 5 4 -5 4-4* 5 4 4 5 4*-5 5 4 414*-5 4*-5 No. 2—New York 4 -5 4 -5 5 4 -5 5 -51 4*-5 4*-5 5 -5* 4-4* 31-52 5 -5* *1 4*-5 4 -6 5 -5* Buffalo 5 -6 5 -6 5*-6 6 6 5 5 -5* 5 -6 5*-6 5 -6 5 -6 5*-6' 6 5*-6 6 6 No. 3—Philadelphia 41-4* 4-41 5 -51 4-4* 5 -514 -5 4-4* 5 4-4* 4-4* 5 4 -4* 4 5 4-4* 5 4-5* 4-51 No. 4— C P C i i l t e n t v c s e i b n l u a n r n a g d t h i 5 5 5 * - - - 6 6 6 5 5 5 * - - - 6 6 6 5 -6 6 6 5^6 4 5 5 * - - - 6 6 6 5 -6 6 6 5 5 - - 6 5 5* 4 5 5 * - - - 5 6 5 * 5 5 - - 5 6 * i 5 5 5 - - - 6 6 5* 5 5 5 - - - 6 5 6 * 5 5 5 * - - - 6 6 6 5 5 5 * - - - 5 6 6 * 5 5 5 - - - 6 6 5* 6 6 6 4 5 5 1 * - - - 4 6 6 * 5 5 5 * * - - - 6 6 6 6 6 6 5 -6 6 6 5 6 - - 7 6 6 6 II No. 5— B R a ic lt h i m m o o n re d 4 4f * - - 5 5 * ift 5*-6 5* 5 4f % -5* 4 5 * - -5 6 * 5 6 * 4 4* * - - 5 5 4 4 * * - - 5 5 5 5 1 -5 -5 * ! 5 4f - - 6 5 5 -6 5 5 * - - & 6 4 4f * - - 5 6 4 4* H - > 6 5*- 5 6 * 5 5 - - 6 5* 4 4 f * - - 5 6 * 5*-6 5* ""5* 5-5 5 f 5*-6 6 No. 6—Atlanta 5 -6 5-6 5 -6 5-6 5 -6 5 5 -6 5 -6 4*-6 5 -6' 5 -6 5 -6 6 5 -51 5-6 6 5 -6 4f-6 6 J N B a i e c r w k m s i o O n n r g v l h e il a a l m n e s 4 5 5 ^ - - 6 7 6 5 6 5 - - - 6 6 8 6 i - 7 7 5 5 4 - - - 7 6 7 5 4 5 - - - 8 6 6 6 -7 6 7 5 5 5 - - - 6 6 6 5 5 - - 6 6 6 5 5 * - - 6 6 6 5 5 - - 6 6 5 6 - - 6 8 6 5*-6 4 5 * - - 6 6 8 5 5 - - 6 8 6 6-7 6 6 5 6 5 - - - 6 8 7 5 6 -8 - 6 6 6 -7 6 6 4 5 * - - 6 6 6 6 5 - - 6 8 6 6 -7 6 6 W Nashville 5 -6 6 5*-6 6 6 5*-6 5*-6 6 5*-6 5*-6 5 -6 5*-6 5*-6 6 5 -6 5*-6 6 5*-6 5*-6 5*-6 No. 7— D Ch e i t c r a o g it o 4 5 2 - - 6 5 5 4 * - - 5 6 5-5* 4 5 - - 5 6 5 41 - - 6 5 5 It 4 4 * * - - 6 5* 4*- 5 5 5 - 5 5 1 i 4 5 - - 6 5 4 5 - - 5 6 5 6 4 5 ^ - * 6 4 5 - - 5 6 5 6 5 4 * - - 5 6 * 4 5 - - 6 5 6 6* 4*-6* 4 5* - - 5 6 * 5 -5 6 * 4*-5* . 5 . .. - . 5 . * 5* No. 8—St. Louis. 4-5* 4*-6 6 -5* 3|-5 5-5* 4*-5f 5* 5 -6 5-6 5-6 4-6 4-51 5* 5 -6 4-5* 5* 4-5| 5*-6 ~6~ N N o o . . 9 10 — — H L L M O - o i e K i t u l m n t a e l i n n e s n a e s v a h a a R i a s p l o l o e C c l k i i s ty 4 5 4 5 * * - - - - 6 6 6 6 5l 4 5 3 * * - - - 6 5 8 6 6 5 6 5 8 6 * 5 4 4 5 * * ~ - - - - 6 5 6 6 § ' 4 4 5 * - - - 5 6 8 6 6 6 1 5 5 * - - 5 8 6 6 6 6 * ' 5 5 5 ~ * * - - - 6 6 0 6 5 c ~ ! 5 5* - - 6 5 6 5 6 7 * 5 6 * - - 7 6 6 6 5 5 -6 5 4 5 * - - 6 6 6 6 6 4 5 4 * - - - 6 6 6 6 5 4 5 3* - - - 5 6 6 6 6 1 . 6 . . - . 7 5 . 6 6 . * 4 4 5 * - - - 5 5 6 6 * * 4 5 i - f 6 6 6 ..... 6 . 5 5 - - 7 6 6 6 5 - - 7 6 6 6 6 6 -7 - 6 6 6* 6 -7 7 6 6 - - 7 7 8 6 7 -8 7 Denver 5 -6 4 -6 5 3f-5 6 6-7 6 -7 7 5 -6 5*-6 6 5 -6 5-6 5 -6 4-8 6 -8 6 -7 6 -7 6-7 6 Oklahoma City.. 5 -7 5 -6 6 -7 5 -7 5 -7 6 -7 6-7 5 -7 6 5 -6 5 -6 6 6 5 -6 6 6-7 5 -6 6 6 -7 5 -7 6 6-8 8 8 No. 11—Dallas 4 -6 5 -7 5 4-7 4 -7 5 -5* 5 -6 5 -6 5 -6 4*-6 5 -6 6 5*-6 5-7 6 5 -7 5 -7 6 4*-7 5-8 6 -7 7-8 6 -7 7 El Paso 8 4 -6 8 8 8 8 6 -7 6 -7 7-8 8 8 8 8 8 8 8 6 -8 8 8 8 8 8 8 8 Houston 5 -6 6 -8 6 5 -6 5 -6 6 -7 4*-5 4*-5 4*-5* 5 -6 5 -6 6 -7 5 -6 4*-6 7 5 -6 6 -8 6 -7 5 -6 5 -6 6-7 6 -8 6-8 7-8 No. 12—San Francisco--. 5 -5* 5 -6 5*-6 5 -6 5 -5* 5*-6 5 -6 5*-6 5*-& 5 -6 5 -6 5*-6 5 -6 5-6 6 5 -6 4f-6 6 5 -6 5 -6 6 Portland 6 5 -5* 6 -6* 6 6 6-6* 6 6 6 6 -7 6-7 6-7 7 6 -7 5*-6 7 7 7 6-7 6 -6* 6 -6*6 -7 Seattle 6 6 6 6 6 6 6 6 6 6 6 6 -7 6 6 -7 6-7 6 -7 6 -7 7 7 Spokane 5 -7 5 -7 6 -7 4 -6 4-6 6 6-7 6-7 6-7 6 -7 6-7 7 8 8 8 6-8 6 7 6 -8 6 -7 7 7 6 -7 7 -8 Salt Lake City_. 6 6 6 6 5 -6 6 6 -7 6 -7 6 6 -7 6 6 6 6 7 6 -7 6-7 7 6 -7 7 7 7 -8 7-8 7*-8 Los Angeles 6 -7 6 -7 6 -6*6 -7 6-7 6-6* 6 6 6 6-7 6-7 6*-7 6 -7 6 -7 6*-7 6 -7 6 -7 6*-7 6 -7 6 -7 6*-7 6* 6-7 r Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1925 FEDERAL RESERVE BULLETIN 295 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Gold Silver Country February Two F m eb o r n u t a h r s y — ending February Two F m eb o r n u t a h ry s — ending 1925 1924 1925 1924 1925 1924 1925 1924 IMPORTS Belgium 6,266 6,266 France 2 964,069 71,046 5,083,690 3,137 3,216 31,145 13,995 Germany __ - 100 522, 498 100 522,498 350 1, 221, 027 974 1,221, 027 Italy 3,554 3,554 2,367,142 9,416 9,416 Netherlands 2,406 5,917,406 Spain 14,361 22,108 21,387 28,018 29, 025 42,422 44,461 55,153 Sweden 41,934 904 904 143 England 1,685 19,704,597 129,321 42,644,307 15,886 14,179 20,098 14,179 Canada 2,412,365 3,522,442 5,532,691 11,988,870 508,751 657,736 1,169,364 1,027,182 Central America 107,099 238,675 223,726 389,695 11,682 134,925 144,735 441,378 Mexico 394, 064 395,135 911,720 955,453 3,903,906 2,856,556 8, 111, 265 7,362, 111 West Indies _ . 11,227 79,810 60,209 154,054 6,794 9,418 34, 201 28,699 Argentina 2,534, 533 2,737,499 15 558 15, 558 Bolivia 1,772 26,158 1.772 26,158 Chile 30,604 90,299 38, 581 94,740 97, 252 223,454 286, 039 271,812 Colombia 124,139 94,113 301,303 478,298 5,954 14,163 12,943 27,672 Ecuador 75,087 75,087 92,571 4,498 4,498 4,408 Peru 235,851 575,190 389,693 679,407 288,878 2, 508,947 2, 215,807 3,080,980 Uruguay - 6,467 Venezuela 8,427 34,556 29,770 54,047 15 1,866 58 1,899 China 118,980 20,055 631,150 58 4,108 378 Dutch East Indies 42,795 447,250 283,334 644,288 22,752 126,474 99,867 207,601 Philippine Islands 97, 795 133,146 290, 331 290, 034 1,454 1,975 5,037 4,332 British Oceania . . 1,826,184 76,504 1,974,896 189 86 416 Egypt 787,865 1,631 1,274,321 129 Portuguese Africa 37,466 93,014 165,137 97, 233 10, 210 14,348 25,137 17, 501 All other 5,908 924, 399 15,147 1,105,478 27,740 39,165 51,118 Total 3,602, 527 35, 111, 269 8,640,327 80, 247, 029 4,928,916 7,900,409 12, 267,475 13,880,167 EXPORTS France 30,606 1,339,208 Germany _ 12,510,336 30,010,336 17,995 Netherlands. 1,034,600 4,318,343 Poland and Danzig 1,103,948 1,103,948 Spain 40,000 Sweden 230,100 1,232, 728 700 England 1,031,574 6,109,602 591,028 899,351 4,150,393 1,858,299 Canada 48,653 90,716 118,651 218,994 96,767 89,841 220,815 236,213 Central America - ._ _ 1,000 11,065 500 12,665 1,275 Mexico 397,519 94,919 740,192 232,614 251,342 142,628 388,741 298,931 West Indies 81,000 91,000 26,125 2,380 28,045 15,275 Argentina 110,000 210,000 Bolivia ._ 20,000 20,000 Colombia 2,253 3,503 Ecuador 15,000 Peru . 384,000 Venezuela - - 300,000 300,000 233,500 233,500 Uruguay 52,290 802,290 British India 16,228,118 52,694,386 3,938,567 4, 574,633 7,880,997 8,556,286 China 1,579,823 2,481,916 4,701,365 4,157,155 Dutch East Indies 35,000 50,000 Australia _ - 16, 792, 717 16,792,717 Hongkong 540,000 4,500 1,481,605 17, 500 345.435 32,000 823,935 64,250 Japan __ 417,711 1,275,970 British Oceania 100, 500 6,454,905 EAglly optther 252,747 15,000 49 2 8 , , 5 2 0 4 0 0 15,750 360 360 Total 50, 599, 708 505,135 124,125, 651 785,858 6,840,512 8,876,713 18,225,311 17,085,357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL RESERVE BULLETIN APRIL, 1925 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] COUNTRIES INCLUDED IN COMPUTATION OF GENERAL INDEX March, 1925 February, 1925 February, 1924 Country Monetary unit Par of Average Average exchange Low High Low High Low High Per Per Rate cent of Rate cent of par par General index 1 64 58 Belgium - Franc .. 5.0100 5.1500 5.0000 5.1800 5.0750 26.30 3.4200 4.1700 3.8370 19.88 D Fr e a n n m ce ark K Fr r a o n n c e 2 1 6 9 . .3 8 0 0 1 5 7 . . 0 8 5 5 0 00 0 1 5 8 . . 3 3 2 4 0 00 0 1 5 7 . . 1 7 3 70 0 0 0 1 5 7 . . 4 8 1 70 0 0 0 1 5 7 . . 2 8 7 0 9 6 6 4 6 27 6 . . 3 4 5 4 1 4 5 . . 1 6 0 3 0 0 0 0 1 4 6 . . 7 4 1 2 0 0 0 0 1 4 5 . . 4 9 1 9 9 8 1 3 5 22 9 . . 9 7 0 0 Op.rTnq.py Reichsmark 2139..3802 23.8000 23.8000 23.8000 23.8000 23.8000 99.92 2.0204 2.0233 2.0218 Great Britain Pound 486.65 476.2000 478.8600 475.7800 479.3300 477.2418 98.07 428.9600 435. 7300 430. 7709 88.52 Italy Lira 19.30 3.9900 4.1400 4.0300 4.1600 4.1082 21.29 4.2800 4.3900 4.3452 22.51 Netherlands Florin 40.20 39.8300 39.9900 40.0100 40.3100 40.1700 99.93 37.2300 37.7500 37.4161 93.07 Norway Krone 26.80 15.2300 15.8300 15.2100 15.3100 15.2541 56.92 13.1400 13.6100 13.3248 49.72 Spain Peseta 19.30 14.1700 14.2800 14.1500 14.3100 14.2245 73.70 12.5800 12.8900 12. 7357 65.99 Sweden Krona 26.80 26.9400 26.9600 26. 9300 26. 9500 26.9441 100.54 26.0500 26.3300 26.1826 97.70 Switzerland Franc 19.30 19.2200 19.2900 19.2100 19.3000 19.2550 99.77 17.3000 17.4600 17.3683 89.99 Canada . Dollar 100.00 99.8343 99.9081 99.7988 99.9189 99.8620 99.86 96.5800 97.0876 96.9380 96.94 Argentina Peso (gold) 96.48 87.3800 90.6300 89.6300 91.3100 90.3314 93.63 74. 7200 78.2500 76.4517 79.24 Brazil Milreis 32.44 10.6400 11.1700 10.9900 11.6300 11.2673 34.73 11.3900 12.2100 11.9757 36.92 Chile Peso (Daper) 319.53 10.7700 11.4200 10.6500 10.9500 10.8432 55.52 9.8500 10.4200 10.1335 51.89 China Shanghai tael _.. 3 66.85 72.8500 74.4400 74.7300 75.7500 75.2614 112.58 69.8900 72.5800 71. 2026 106.51 India Rupee 48.66 35.4500 35.7600 35.5900 35.8600 35.7309 73.43 29.7400 30.7500 30.3235 62.32 Japan ._ . Yen 49.85 39.6000 41.8000 38.5200 39.7300 39.0791 78.39 44.8600 46.0900 45.4265 91.13 OTHER COUNTRIES Austria _ Schilling 14.07 14.0470 14.0760 4 0.0014 «0.0014 «0.0014 <0.01 < 0.0014 * 0.0014«0.0014 Bulgaria Lev. 19.30 .7313 .7357 .7279 .7344 .7319 3.79 .7100 .7567 .7315 3.79 Czechoslovakia . Crown 2.9643 2. 9694 2. 9518 2.9704 2.9600 2.8854 2. 9070 2.9015 Finland Markka 19.30 2.52Q0 2.5239 2.5183 2.5220 2.5203 13.06 2.4873 2.5141 2.4987 12.95 Greece Drachma 19.30 1.4833 1.6321 1.5658 1.6954 1.6134 8.36 1.6411 1.7728 1.6983 8.80 Hungary Krone 20.26 .0014 .0014 .0014 .0014 .0014 .01 .0026 .0035 .0033 .02 Poland Zloty 19.30 19.1800 19. 2000 19.1700 19.2000 19.1800 99.38 Portugal Escudo 108.05 4.8900 4.9500 4. 8500 4.9600 4.9060 4.54 3.0500 3.3200 3.1639 2,93 Rumania Leu.__ 19.30 .4691 .4979 .4870 .5180 .5073 2.63 .5007 .5568 .5182 2.69 Yugoslavia Dinar 19.30 1.5821 1.6191 1.6017 1.6384 1.6216 8.40 1.1538 1.3131 1.2232 6.34 Cuba Peso 100.00 99.8906 100.0250 99.9799 100.0281 100.0114 100.01 99.9563 99.9906 91.9713 99.97 Mexico do. 49.85 49.3333 50.0333 48.9750 49.4667 49.2673 98.83 48.0156 48.4167 48.2222 96.73 Uruguay do 103.42 94.3400 96.5900 94.2800 97.8200 95.4572 92.30 76.8300 80.0700 78.2648 75.68 China Mexican dollar.. 3 48.11 53.2300 54.4000 54.4000 55.6700 55.0854 114.50 50.3200 51.7700 51.0109 106.03 Hongkong. Dollar 3 47.77 53. 7700 54.8800 54. 9600 55.7900 55.3495 115.87 50.3100 50.9400 50.6070 105.94 Straits Settlements . Singapore dollar. 56.78 54.6700 55. 7500 54.9600 55.5900 55.3423 97.47 50.1300 50.8500 50.5587 !•89.04 1 Weighted average, weighted on the basis of trade with each country for the 12 months ended January, 1925. The method of construction was described and all index numbers since November, 1918, were published on page 1260 of the BULLETIN for October, 1922. 2 Per billion paper marks. 31913 average. 4 Paper kronen. SILVER [Average price per fine ounce] February London (converted at average rate of exchange).. $0.69323 New York . 68846 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Paw Held and purchased by Federal reserve banks 282,283 Gold exports and the reserves of foreign banks 231 Market for 239 Gold imports and exports 231,255,295 Agricultural credit banks, loans by 241 Gold reserves of principal countries 231,267 Agricultural movements, index of 263 Gold settlement fund transactions 293 Agriculture, monthly statistics 241 Grain and flour 242,264 Annual report of the Bank of France 258 Great Britain: Automobile industry 248 Financial statistics 270 Bank credit 236,238 Foreign trade 273 Bank debits 291 Gold imports and exports 256 Bank of France, condition of, 1924 257 Retail food prices and cost of living 276 Bank suspensions _ 254 Wholesale prices _ 274 Bankers' balances in Federal reserve bank cities. 285 Imports and exports of gold and silver 231,255,295 Banks of issue organized since 1919 _ 269 Interest rates ..,.. 272,292,294 Building statistics 249,264 Iron and steel 247 Business and financial statistics: Italy: Abroad 267,270 Financial statistics 270. United States _ 236,261 Foreign trade 273 Business failures _ 253 Retail food prices and cost of living 276 Canada: Wholesale prices 275 Cost of living and retail food prices 276 Japan: Financial statistics 270 Foreign trade 273 Financial statistics 270 Wholesale prices 274 Foreign trade 273 Capital issues 240 Wholesale prices 274 Chain stores, sales of _ 251,266 Leather industry _ • 249 Charters issued to national banks _ 260 Livestock industry _ 244 Lumber industry. _ 248 Clearing-house bank debits 291 Coal and coke production _ 244 Mail-order houses, retail trade of _ 266 Commercial failures _ _ 253 Manufacturing: Condition, by industries 246 Commodity movements _ _ 264 Index of production 263 Condition statements: Member banks: All banks in the United States on December 31,1924 287 Condition of__ 284 Bank of France, 1924 257 Earnings and dividends of State bank members 290 Federal reserve banks 278 Number discounting 283 Member banks in leading cities 284 Number in each district 283 Cost of living in principal countries 276 State banks admitted to membership 260 Description of index ._ _ _ .. 276 Mineral production, index of ._-- 263 Cotton: Metals ._.. 245 Raw 242 Mining ._ 244 Manufacturing _ 246 Money in circulation 292 Currency in circulation. 292 Money rates 239,293,294 Dairy products - 244 National banks: Debits to individual account 291 Charters issued to 260 Department store business _ 252,266 Fiduciary powers granted to 260 Deposits: Ocean freight rates - 273 Savings _•-.. 252 Per capita currency circulation 292 Time and demand, of member banks _ 286 Petroleum industry * 245 Deposits, note circulation, and reserves of Federal reserve banks. 278 Discount and open-market operations of Federal reserve banks... 283 Prices: Discount rates: Food, in principal countries 276 Central banks of issue 272 Security 240 Federal reserve banks _ 292 Wholesale 236,253,274 Prevailing in various centers 294 Production in basic industries 236,262 Earning assets of Federal reserve banks 282 Reserve ratio of Federal reserve banks 278 Earnings and dividends of State bank and trust company mem- Reserves, gold, of principal countries 231,267 bers - 290 Resources and liabilities: Employment, United States _ ..- 252 All banks in United States — 287 Index of 262 Federal reserve banks 278 Failures, commercial and bank _ 253 Member banks in leading cities 284 Federal reserve banks: Retail food prices 276 Condition of 278 Description of index 276 D iscount and open-market operations of 283 Retail trade 251,266 Federal reserve note account _ 281 Savings deposits 252 Fiduciary powers granted to national banks _ 260 Security prices... - 240 Financial statistics of principal foreign countries „ 270 Shoe industry 249 Food manufacturing 246 Silver: Food prices in foreign countries 276 Imports and exports 295 Foreign exchange 256,296 Price of 296 Foreign trade: State banks: Principal foreign countries 273 Admitted to Federal reserve system 260 United States 254,273 Condition of all banks on December 31,1924 289 Index of 273 Earnings and dividends of member banks 290 France: Textile industry 246 Bank of France, annual report of 258 Time deposits of member banks 286 Cost of living and retail food prices 276 Tobacco industry 243 Financial statistics - 270 Trade: Foreign trade 273 Foreign 254,273 Wholesale prices 274 Retail - 251,266 Freight rates, ocean 273 Wholesale 236,251,265 Fruits and vegetables - 243 Transportation 250,264 Germany: Treasury finance 234 Cost of living and retail food prices 276 Wholesale prices 236,253,274 Financial statistics 270 Wholesale trade 236,251,265 •RWjgrn trade 273 Wool and woolen industry 247 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS 9 I MINN. MINNEAPOLIS ( S.DAK. — BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis