Federal Reserve Bulletin, 1925-05

FEDERAL RESERVE BULLETIN MAY, 1925 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Trade and Industry in the First Quarter of 1925 Business Conditions in the United States Business and Banking Conditions in Europe 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 Governm. A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman, 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, Divisionjof 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. Reserve Examiner. E. L. SMEAD, Chief, Division of BanklOperations. 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. PierreJay Benj. Strong J.H. Case L. H. Hendricks.1 New York.. L. F. Sailer A. W. GilbarU G. L. Harrison J. W. Jones.* E. R. Kenzel G. E. Chapin.i Ray M. Gidney.» L. R. Rounds.1 Philadelphia R. L. Austin Geo. W. Norris. Wm. H. Hutt W. A. Dyer. Cleveland E. R. Fancher.. M. J. Fleming J.C.Nevin. D. C. Wills Frank J. Zurlinden. Richmond George J. Seay.. C. A. Peple Geo. H. Keesee. Wm. W. Hoxton. R. H. Broaddus John S. Walden, jr.* Atlanta M. B. Wellborn. J. L. Campbell M. W. Bell. Oscar Newton Creed Taylor Chicago J. B. McDougal. C. R. McKay W. C. Bachman.J Wm. A. Heath... John H. Blair K. C. Child8.i J. H. Dillard.i D. A. Jones.* O. J. Netterstrom.i Clarke Washburne.i St. Louis Wm. McC. Martin- D. C. Biggs O. M. Attebery J.W. White. Minneapolis... John R.Mitchell... R. A. Young W B. . V B .M G o e o er 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. R. R. Gilbert R. B. Coleman. B. A. McKinney.. Val. J. Grund San Francisco. John Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk L. C. Pontious 1 Controller. ' Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES 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. 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: 1 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 OF 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—Trade and industry in the first quarter of 1925 297 Business conditions in the United States 302 Business and banking conditions in Europe 323 Special articles: Indexes of factory employment and pay rolls 324 Turnover of stocks at department stores 331 Official: Changes in State bank membership 333 Fiduciary powers granted to national banks 333 Changes in national bank membership 333 Business statistics for the United States: Industrial activity *. 334 Commodity movements 337 Wholesale and retail trade 338 Foreign banking and business conditions: Annual reports of central banks for 1924 340 Financial statistics for principal foreign countries 345 Foreign trade of principal countries 348 Price movements in principal countries— Federal Reserve Board wholesale price indexes 349 Wholesale prices in principal countries 350 Retail prices and cost of living in principal countries 351 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 352 Federal reserve note account 356 Holdings of earning assets 357 Discount and open-market operations of Federal reserve banks 358 Gold settlement fund 364 Discount rates of Federal reserve banks 363 Member banks— Condition of reporting member banks in leading cities 359 Bankers' balances at reporting member banks in Federal reserve bank cities 360 Deposits of all member banks 361 Bank debits 362 Money rates in principal cities 365 Money in circulation 363 Gold and silver imports and exports 366 Foreign exchange rates and index 367 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 11 MAY, 1925 No. 5 REVIEW OF THE MONTH the value of exports for the period is represented by the increase in the value of ex- Industrial activity, as reflected in the output ports of cotton, wheat, and copper. For these of basic industries, has been considerably commodities, furthermore, the relative imporgreater during the first quarter of 1925 than tance of the foreign demand as compared with for the first three months of the domestic has been greater for the period Production and 4 a has been near the prices of basic 192 ; an since last summer than it was for the correrecord levels of the early commodities. sponding period in 1923-24. Exports of cotton part of 1923. Though proincreased 49 per cent in quantity and repreduction declined somewhat in February and sented 51 per cent of the American crop, as March from the high point reached in January, against 46 per cent a year ago. Exports of the volume remained as large as at any time in copper increased a little more than 17 per cent 1924. The high level of production during the in quantity, and represented 45 per cent of first quarter of this year was the outcome of an North and South American production for the advance during the latter part of last year at a period, against 39 per cent a year ago. Exports rate more rapid than could be sustained, as of wheat increased 153 per cent in quantity is indicated by the recent recession and the and represented 19 per cent of the crop, against declines in prices of certain raw materials. 8 per cent a year ago. Except in the case of During the period of increasing output of basic wheat, the increased value of exports was due commodities since the summer of 1924, while almost altogether to an increase in the quantity production rose to a level as high as at the exported and not to an advance in prices. peak in 1923, prices of these commodities, though they advanced, continued to be con- Increased exports of these products have siderably below the 1923 level. The demand been in response to a larger demand from a for commodities, both at home and abroad, has number of important foreign countries. Since been larger during the first quarter of 1925 the first of August 56 per cent more cotton has than a year ago and has been reflected in a been exported to Great Britain, 44 per cent larger volume of distribution to domestic con- more to Germany, and 45 per cent more to sumers and in increased export trade. Japan. Copper exports, for the eight months Larger foreign demand for American prod- ending with February have been in larger volucts since the middle of last year resulted in a ume to Belgium, Germany, Italy, and the Nethtotal value of exports 11 per erlands; in decreased quantities to Sweden, Foreign demand China, and Japan, and in about the same volcent larger in the last half of for American 1924 than in the last half of ume to France and to Great Britain, Copper products. the year before, and 15 per manufactures have also been exported in somecent larger in the first quarter of 1925 than for what greater volume than a year ago, the most the corresponding quarter a year ago. For the notable increases in demand coming from Great period of eight months ending in February the Britain and Cuba, while the demand from increase in exports has represented principally Canada, France, and Brazil declined. All the larger foreign takings of crude materials and wheat-importing countries of Europe, by reafoodstuffs, in some cases at considerably higher son of short crops, have been under the necesprices.. Ninety per cent of the net increase in sity of importing more wheat than usual, and 297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN MAY, 1925 have taken larger quantities from the United accompanied by larger production, both ship- States; the largest increases, as measured in ments and production, however, remaining subbushels, were in exports to Great Britain, the stantially below the extraordinary levels of a Netherlands, Belgium, Italy, and Germany. year ago. Stocks of new cars in the hands of Increased purchases by most importing coun- dealers and manufacturers are much smaller tries of Continental Europe have reflected than at the end of the first quarter a year ago, better industrial and financial conditions in and there has been some decrease in the number these countries, with improved ability to of producers and dealers. The demand for borrow funds abroad, and with some increase automobile tires, having had no recession in the purchasing power of ultimate consumers. in the first half of 1924, was larger in the Among the domestic industries, which have second half of that year and for the first quarbeen the source of a considerable part of the ter of 1925, but prices were somewhat lower increase in the domestic de- than a year ago, notwithstanding the marked Building and man d f or materials, are the increase in the price of crude rubber. Stocks au omo 1 e m- t tion industry and more of tires and tubes declined seasonally last cons ruc dustnes. i-i summer, but increased somewhat at the end recently the automobile inof 1924, and at the end of the first quarter of dustry. Building activity has been expanding 1925 were 25 per cent larger than for the coralmost continuously since 1921 and has absorbed responding period a year ago, reflecting in part in recent years about 18 per cent of the annual anticipation by producers of a large replaceoutput of the steel mills, together with large ment demand for tires by automobile owners, quantities of other building materials, and has whose number has increased rapidly during the been responsible for a considerable part of the past two years. The relative importance of increase in railroad shipments. Production of the demand for automobiles and tires in the building materials in the third quarter of last total demand for goods by consumers is indiyear exceeded all previous high records, and cated by the estimate that in recent years the during the winter showed no more than a total outlay for cars and tires has exceeded 10 seasonal recession. Recent demand for buildper cent of the amount spent for merchandise ing and building materials, as indicated by at retail stores. contracts awarded, has been larger than a year Volume of merchandise distribution, as reago. For at least two years increased demand flected in sales at wholesale and at retail and for residential construction and for other types in railroad shipments, has been of nonindustrial building has represented the Distribution of at a higher level during the bulk of new construction. The record value of commodities. first quarter of 1925 than for awards in March for the country as a whole, the corresponding period a year which was shown notwithstanding the 50 per earlier. Indicators of trade activity, in concent decline in contracts for residential constructrast to those of industrial activity, have shown tion in New York City, reflected large increases much less marked fluctuations in recent years in construction in all the other districts of the and, in general, have had a continued upward country. The sustained demand for building movement. The fact that in 1924 distribution materials has helped to maintain production in of goods to ultimate purchasers was in more basic industries at its recent high level. constant volume than the output of basic com- In the automobile industry the recession in modities made it possible for producers, as the demand, which began about a year ago and year progressed, to dispose of stocks accumuwas accompanied from April through Decemlated early in the year when production was in ber by a substantial decrease in the rate of excess of current consumption, and this was a production, has recently come to an end, and factor in bringing about renewed industrial seasonal expansion in the rate of distribution activity in the latter half of the year. In 1925 during the first quarter of this year has been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 299 also distribution of commodities has continued Federal reserve districts, have also been as in a volume that has not shown a decline cor- large for the quarter as they were a year ago. responding to the recent recession of produc- Stocks of merchandise at department stores tion from the high point reached in January increased more than usual during March, but and the less active demand for certain basic at the end of the month were no larger than materials. The position of the principal trade indicators during the first quarter of 1925 and their course during the three preceding years are shown in the charts. Check payments, re- CHECK PAYMENTS ( Seasonally Adjusted ) 1922 1923 1924 1925 100 Combined index of sales by wholesale dealers. Monthly average, 1919=100 for the corresponding date of 1924. Stocks of 80 1922 1923 1924 groceries carried by wholesalers at the prevail- Debits to individual accounts at 140 centers outside New York City. ing higher prices were larger in value at the Monthly average, 1919=* 100 end of March than a year ago, while stocks of fleeting the volume of business transactions as shoes, dry goods, and hardware were smaller. measured in dollars, have recently been at a record level, more than 10 per cent above either of the two preceding years. Car loadings of merchandise and miscellaneous freight, which measure railroad shipments in physical volume, were about 5 per cent larger during the first PER CENT 40 A 140 1001 DEPARTMENT STORE SALES 1 V ( Seasonally Adjusted \ 120 120 v/v 80 1923 1924 1925 Sales at department stores. Monthly average, 1919=* 100 100 100 Sales by mail-order houses and by manu- CAR LOADINGS facturers of agricultural implements, which are ( SeasonaJly Adjusted ) indicative of the extent of the 80 | 80 1922 1923 1924 1925 Buying power farmers' demand for goods, of farmers and Total merchandise and miscellaneous less-than-car-load lots. Monthly have been considerably larger average, 1919=»100 industrial workduring the first quarter of this ers. quarter of 1925 than in 1924 and were, in fact, year than for the same period considerably higher than for the corresponding of either of the two preceding years. Inperiod of any previous year. Wholesale trade, creased buying power of farmers has arisen as indicated by reports from about 750 firms out of the better returns since last June from throughout the country, and sales at more the crops raised during 1924 and more recently than 600 department stores in the different from livestock marketed. The increase has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL BESERVE BUI^LETIN MAY, 1925 been particularly large in certain portions of manufacturing activity, is also an indicator of the cotton belt and in those wheat-producing changes in the current buying power of & regions where last year's yield was satisfactory. large part of industrial and city population. Marketing of agricultural products in general, Volume of bank credit during the first which was exceptionally heavy in the last half quarter of 1925 has continued at the high level of 1924, continued during the early months of reached at the close of last this year in a volume larger than a year Member bank i tments year Loang and nves and reserve bank ,. , -, , ago, and at the prevailing prices has yielded 7 credit member banks in principal somewhat larger returns to producers. The cities were larger in April than income of factory workers has also advanced at the beginning of the year, though demand almost continuously during the past eight deposits had declined by about $600,000,000 months and in March w^as more than 20 per from the high point in the middle of January. cent above the low point of last June. Even This decline in demand deposits at a time of a at its present level, however, the pay roll sustained volume of borrowing at the banks has of factory workers is lower than in March, been due primarily to the withdrawal of gold 1924. The relatively high and sustained infor export and to the reduction in balances come of factory workers in 1923 and in the carried by country banks with their city early part of 1924, shown on the chart, was the correspondents. The reduction in these balsource of a considerable part of the buying ances, which amounted to about $400,000,000 PER CENT PER CENT during the first three months of the year, has 120 been due chiefly to the employment of these balances by the city banks in loans on securities 100 V / mr for account of the country banks, rather than to withdrawals of funds from financial centers for use in the interior. With the rise in the A/ rate for call money during the period the 80 80 ' \ country banks have employed a larger pro- FACTORY PAYROLL portion of their funds held with city correspondents in making loans in the security market. 60 -~^- ... 60 1922 1923 1924 1925 The figures for loans on stocks and bonds of the Index of amount of pay rolls in manufacturing industries. Monthly reporting member banks reflect this transfer average, 1919=100 of funds from idle balances to loans on power reflected in the sales of chain and departsecurities. There was a continuous growth of ment stores during that period. In the second this class of loans until the middle of March and quarter of 1924 pay rolls declined sharply, but the increase has been chiefly at banks outside of this decline continued for a relatively brief New York City. Since that time, however, period and was followed by a rapid growth up with the recession of activity on the btock to the present time. The Federal Reserve exchange and the decline in security values, the Board's index of factory pay roll, described volume of loans on stocks and bonds has deelsewhere in this issue, covers nearly 9,000 creased. Loans for commercial purposes have establishments in about 50 industries, with continued throughout the period at about the 2,800,000 employees and a weekly pay roll of level reached last autumn and considerably about $75,000,000; fluctuations in the index, above the amount of these loans a year ago. therefore, may be regarded as representative The banks7 holdings of investment securities, of changes in the income of workers in manuwhich had been in record volume in the aufacturing industries as a whole, and the index, tumn of 1924, declined by about $300,000,000 by which primarily reflects changes in extent of the beginning of March, most of the decline Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 301 being at banks in New York City. Since that Reserve Bank of New York, and the proportime investments have increased by about tion of total discounts for the system held by one-half the previous decline, and, in contrast the New York bank was consequently much to the decline, the recent growth has been larger in the middle of April than in January. general throughout the country. During recent weeks the outward movement At the Federal reserve banks, earning assets of gold diminished in volume and the larger in the middle of April were about $100,000,000 part of the gold which was exported represented withdrawals of portions of the gold above the level of three months earlier, when previously earmarked for account of. the Gerthe seasonal liquidation at the turn of the man Reichsbank, and therefore caused no year had come to an end. This growth of increase in the demand for reserve bank credit. reserve bank credit in use, with relatively As a consequence of the recent falling off in little change in demand for currency or in the demand arising from gold exports and of the volume of reserve balances, reflected chiefly a smaller demand for currency, earning assets borrowing by member banks for the purpose of of the reserve banks declined somewhat since meeting the export demand for gold. Keserve the beginning of March, and on April 22 were bank holdings of United States securities and considerably below the high point reached in of acceptances declined after the middle of the latter part of February. January, but discounts for member banks increased considerably and were in April near NOTE the high level for the year reached at the end Conference of governors. of February when discounts were larger than On April 6-8 the governors of the Federal at any time since May, 1924. A large part reserve banks met in Washington for their of the growth in discounts was at the Federal semiannual conference. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

302 FEDERAL RESERVE BULLETIN MAY, 1925 BUSINESS CONDITIONS IN THE UNITED STATES Production in basic industries was smaller in March than in the two preceding months, but was as large as at any time in 1924. Distribution of merchandise both at retail and wholesale was in greater volume than a year ago. Wholesale prices, after increasing since the middle of 1924, remained in March at about the same level as in February. Production.—The Federal Reserve Board's index of production in basic industires declined in March to a level 5 per cent below the high point reached in January. Iron and steel production and cotton consumption showed less than the usual seasonal increase during March, and activity in the woolen industry declined. There was a further decrease in the output of bituminous coal. Increased activity in the automobile industry was reflected in larger output, employment, and pay rolls. In general, factory employment and pay rolls increased during the month. Value of building contracts awarded in March was the largest on record, notwithstanding the recent considerable reduction in awards in New York City. Trade.—Wholesale trade in all principal lines increased in March, and the total was larger than a year ago. Sales at department stores and by mail-order houses increased less than is usual at this time of the year. Stocks of shoes and groceries carried by wholesale dealers were smaller at the end of March than a month earlier, and stocks of dry goods, shoes, and hardware were smaller than last year. Stocks of merchandise at department stores showed more than the usual seasonal increase and were somewhat larger than last year. Prices.—Wholesale prices of most groups of commodities included in the index of the Bureau of Labor Statistics declined somewhat in March, but, owing to an advance of food prices, particularly of meats, the general level of prices remained practically unchanged. Prices of many basic commodities, however, were lower at the middle of April than a month earlier. Bank credit.—Volume of loans and investments at member banks in principal cities continued at a high level during the five-week period ending on April 15. Total loans declined, reflecting chiefly a reduction in loans on stocks and bonds, and also some decrease in loans for commercial purposes. Investment holdings, which early in March had been nearly $300,000,000 below the high point of last autumn, increased by the middle of April by about half this amount. Demand deposits, after declining rapidly between the middle of January and March 25, increased during the following weeks, but on April 15 were still $633,000,000 below the maximum reached in January. PERCENT PERCENT PER CENT PER(:ENT 150 150 200 200 J N A H\Vr k 150 •a 150 ir\r\ 100 10O 50 PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES o | o 1 0 Q 1922 1923 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, 13ase 100.) Latest figure, March, 120 adopted by bureau.) Latest figure, March, 161 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 303 BILLIONS OF DOLLARS ULLIONS OF DOLLARS BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2 10 1922 1923 1924- 1925 1922 1923 1924- 1925 Weekly figures for 12 Federal reserve banks. Latest figures for April 22 Weekly figures for member banks in 101 leading cities. Latest figures April 15 At the reserve banks the volume of earning assets on April 22 was about $75,000,000 below the high point at the end of February, but continued above the level of a year ago. Discounts for member banks were about twice as large in April as at the exceptionally low point in the middle of January, while total United States securities and acceptances held were in smaller volume than at any time during the year. Somewhat easier money conditions in April were indicated by a decline of one-eighth of 1 per cent in the open-market rate on 90-day acceptances to 3J-6 per cent and by sales of prime commercial paper at below 4 per cent. BUSINESS INDEXES OP THE FEDERAL RESERVE BOARD [Monthly average 1919=100] Year and month P t i t i b r n r o o a i d n e d s u s i u i c s n i c - - F m ac e t n o t ry a c B w o u n a i t l r r d d a i e c n d t g s 1 K lo a a i c d l a r in o r g ad s» - W t s r h a a o l d e l e e- D j U u e n s p t a e a d d r - t s m al e e n s j t 1 u - A s s t t d o e - r d e D j U u e n s p t a a e d r d s - t t m oc e k n s t j 1 - u A s s t t d o e - r d e o o d B C Y f u e a t i N o b s t n r i i y e k k d t 1 s w e 1924 January 120 100 108 170 118 110 126 115 131 105 February 120 101 114 163 125 102 128 127 135 110 March 116 101 113 164 115 115 115 138 137 108 April 114 99 111 150 121 133 131 140 136 111 September 103 91 99 150 117 119 131 137 128 107 October.. 109 93 103 166 120 141 124 147 132 112 November ._ 107 93 101 196 116 141 126 148 131 107 Decemb i 117 94 106 180 124 210 131 124 133 112 1925 January 127 103 168 123 109 124 119 134 120 February.- 124 109 159 125 101 131 127 135 121 March 120 110 178 117 121 121 138 137 120 1 The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations; the indexes of department-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

304 FEDERAL RESERVE BULLETIN MAY, 1925 BANK CREDIT tricts, however, discounts were higher on April 22 than at the end of February and in all After increasing almost continuously from districts were above the level of the opening the middle of last year, loans of member banks weeks of the year. United States security in leading cities declined between March 11 holdings, which had declined since the autumn and April 15, and on the latter date were in of last year, showed a slight increase from the about the same volume as at the beginning of low point for the year which was reached at the year. Commercial loans of the banks have the end of • March. Acceptance holdings remained practically constant since last audeclined somewhat during the period. The tumn, and the changes in total loans since that principal resources and liabilities of the Federal time have reflected chiefly changes in the reserve banks for the period between March volume of loans secured by stocks and bonds. 25 and April 22, 1925, and changes for this After a continued advance until the middle of period and since April, 1924, are shown in the March, these loans declined by about following table: $121,000,000 and on April 15 were only slightly above the opening of the year. The decrease was almost entirely in the Boston, New York, PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS and Chicago districts. Investment holdings of the banks, which were declining during the [In millions of dollars] first two months of the year, increased considerably after the beginning of March. Net Earning assets Fedd p $ th 3 e o e m 3 i n 6 a p t , 0 n e r 0 d r e i 0 a o , d c 0 d e h 0 p e 0 a o d n s lo i d o t w s n $ e i 6 J r n 3 a 3 n t t h , u h 0 a a 0 e n r 0 y m ,0 a i 0 1 t d 0 d 4 t l . h e b e e T o lo b f h w e e A g i p f n t o h r n l i e l i l o n w g w h i i e o g n r h g f e Date Total*co D u is n - ts c a a h c P n a c u c s e r e e p - s d t- s m G i e e t c r e i 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 ts l e l c s r a n i a e t r o l r i c v o t r u e e n e - table shows the principal resources and liabilities of member banks in leading cities for 1925 each week between March 11 and April 15, Mar. 25 1,041 378 307 344 3,008 2,184 1,709 Apr. 1 1,086 400 316 358 2,983 2,196 1,710 as well as changes for the five weeks and for Apr. 8 . 1,076 391 311 2,977 2,187 1,714 the year ending April 15: Apr. 15 1,039 395 274 358 2,986 2,208 1,698 Apr. 22 1,053 412 276 353 2,986 2,218 1,688 Increase (+) or decrease (—): LOANS, INVESTMENTS, AND DEPOSITS OF MEMBER Four weeks end- BANKS IN LEADING CITIES Y i e n a g r Ap e r n . d 2 i 2 ng +12 +34 -31 +9 -22 +34 -21 Apr. 22 +166 -61 +136 +79 -229 +217 -253 fin millions of dollars] 1 Including foreign loans on gold and all other earning assets. Loans and investments Deposits MONEY RATES Loans o A th l e l r Net Money conditions in the New York market Date secured loans, de- were slightly firmer near the first of April, Total sto b c y ks la c r o g m el - y I m nv e e n s ts t- m d a e n - d Time with the movement of funds to the interior, and mer- posits but later in the month rates declined somebondsi cial what. Commercial paper continued to be quoted generally at 4 per cent, but a growing 1925 Mar. 11 18,619 4,980 8,265 5,374 13,058 4,954 volume was sold at 3% per cent. Dealers M M a a r r . . 2 1 5 8 1 1 8 8 , , 7 6 2 1 9 8 5,000 8 8 , , 1 1 8 4 2 0 5 5 , , 5 4 1 7 8 8 1 1 2 2 , , 8 5 7 8 9 8 4 5 , ,0 9 3 7 4 3 lowered their rates on 90-day bankers' ac- Apr. 1..... ... 18,704 4,978 8,228 5,498 12, 756 5,053 ceptances early in April, and after a tem- Apr. 8 18,621 4,922 8,215 5,484 12,635 5,055 Apr. 15 18,610 4,908 8,220 5,482 12, 722 5,052 porary return to the former offering rate of Increase (+) or de- 3% per cent they declined further to S}4 P$r crease (—): Five weeks end- cent and were quoted for a few days as low as ing Apr. 15 -9 -72 -45 +108 -336 Year ending Apr. 3 per cent. Prices of short-term Government 15 _ +1,9 +823 +243 +932 +1,382 +801 securities to some extent reflected the decline in money rates and Government bonds showed a 1 Including loans secured by United States obligations. slightly lower average yield for April than for At the Federal reserve banks during the March. The renewal rate on call loans again four weeks ending April 22 discounts for fluctuated about 33^ per cent after the first of member banks increased and on that date the month rise. The table below shows the were nearly at the high point for the year. In rates prevailing in the New York market all except the New York and Cleveland dis- during the past three months: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 305 MONEY RATES IN NEW YORK 30-day bills, 3H~3M per cent bid and 3-3 K per cent offered on 60 and 90 day bills, and [Per cent] 3^-3:^8 per cent bid and 3%-3f2 per cent offered on the longest maturities. Yield Prime Prime on cer-Average com- bank- tificates yield CAPITAL ISSUES mercial ers' ac- of in- on4M paper, cept- debted-per cent call 4-6 ances, ness, Liberty According to the compilation of the Commonths 90 days 4-6 bonds months mercial and Financial Chronicle about $460,- 000,000 of new domestic securities were issued February, 1925 3H 12.62 4.02 3.60 in the United States in February, 1925, which March, 1925 4 1 2.78 4.02 3.97 is less by $74,000,000 than the issues in January. Average for week ending- Apr. 4, 1925 4 3H-3J4 2 2.80 3.96 4.40 This decline was entirely in the flotation of Apr. 11, 1925 4 3^| 2 2.84 3.97 3.94 Apr. 18, 1925... 4 3 -V/% 2 2 79 3.95 3.60 farm loan and municipal securities, the volume Apr. 25, 1925 _ 4 3H 12.75 3.95 3.80 of corporate securities brought out in February being practically equal to the January issues. 1 Issues maturing June 15, 1925. 2 Issues maturing Sept. 15, 1925. While the volume of new bonds and notes was somewhat smaller than in January, the volume In the London money market rates declined of new stocks was larger. Railroad issues after hardening over the first of the month and account almost entirely for the increase, for Treasury bills were tendered at an average public-utility offerings were considerably less rate of 4.167 per cent the second week in April, than those of January, which included the compared with 4.393 per cent the second week unusually large single issue of the American in March. Bill rates declined comparably Telephone & Telegraph Co., and industrial from 4^ per cent to 4^ per cent. issues also declined. The total volume of corporate refunding operations was smaller in ACCEPTANCE MARKET February than in January. The following table shows the domestic securities issued in During the first week of the period from February, 1925, as compared with those of the March 19 to April 15 relatively quiet conditions previous month and of February, 1924: prevailed in the acceptance market, with the supply of bills somewhat in excess of the demand. Later both the supply and demand for DOMESTIC CAPITAL ISSUES bills slackened in New York, although Boston [In millions of dollars] reported an increasing demand from out-oftown banks. On April 1 some New York February, 1925 January, 1925 February, 1924 dealers reduced their rates on 30 and 60 day bills, and on April 2 on 90-day bills, by y% per New Re i f n u g nd- New Re i f n u g nd- New Re i f n u g ndcent. Their portfolios increased to the highest point for the year on April 8, however, and Total corporate 374.2 48.2 373.4 85.1 227.3 19.3 similar increases were reported from Boston, Long-term Philadelphia, and Chicago in spite of a seasonal bonds and notes 254.1 44.3 261.4 20.4 137.6 12.4 falling off in the volume of new bills in the Short-term bonds and market. This reduction in the supply of bills, notes 24.2 3.0 44.0 62.4 31.0 6.7 with some uncertainty as to rates, made a Stocks 95.9 .9 68.0 2.3 58.7 .2 very quiet market in the latter part of the Farm loan issues 9.4 36.9 4.7 Municipal 75.3 3.0 122.8 2.1 94.3 .4 period. Over the whole reporting period New York dealers' purchases and sales were smaller Total 458.9 51.2 533.1 87.2 326.3 19.7 than for any similar period since September. Their portfolios on April 15 were 70 per cent The total volume of securities issued in the larger than a month previous. Boston dealers, United States was considerably augmented in on the other hand, reported only slightly February by foreign flotations, which amounted smaller purchases and larger sales than during to $152,500,000, according to the compilation the four weeks ending March. 18, with port- of the Federal Reserve Bank of New York. folios somewhat smaller. In both cities dealers7 This is twice the amount of those issued in sales to Federal reserve banks were only half January, but less than in February of last year as large as during the preceding period. Rates or in September, October, or December, 1924. in the New York market on April 15 were The largest single issues were $35,000,000 Z% per cent bid and 3 per cent offered on Canadian National Railway bonds, $35,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL, RESERVE BULLETIN MAY, 1925 Republic of Poland bonds, and $25,000,000 AGRICULTURAL CREDIT BANKS Argentine Government bonds. In March the Intermediate credit banks closed direct loans volume of foreign securities floated here was amounting to $2,941,605 during March, 1925, much reduced, amounting to $69,350,000, the as compared with $1,442,866 during February, smallest total for any month since last June. and rediscounts of $6,099,875 as compared with $3,607,068 in February. The increase in loans SECURITY PRICES was chiefly in the Baltimore district, while re- During April the prices of representative discounts increased in eight out of the twelve common stocks recovered slightly from the districts, that is, in all except Springfield, Louislow points reached at the end of March. ville, Wichita, and Spokane. The following The price index of 233 stocks, computed by table shows the volume of direct loans outthe Standard Statistics Co., was 4.5 points standing on the latest available date, April higher on April 20 than on March 30, but still 18, compared with those outstanding on 5.4 points below the highest figure reached in March 14, classified by the commodities on 1925. Nearly all groups of stocks except which the loans were based. It will be obmetals and sugars shared in this rise, the served that loans outstanding based on cotton most pronounced advance occurring in the and tobacco were reduced between these dates. automobile stocks. Market activity dimin- A similar comparison is given for rediscounts, ished and the number of shares sold daily showing a considerable increase during the in April averaged 500,000 below the average period, particularly in rediscounts for agriculfor March or February. Bond prices were tural credit corporations. stable in April, with a slight rise toward the end of the month as money rates weakened. INTERMEDIATE CREDIT BANKS The following table gives indexes of stock [In thousands of dollars] prices computed by the Standard Statistics Co. of New York, the average prices of 40 Apr. 18, Mar. 14, bonds computed by Dow, Jones & Co., and 1925 1925 the average number of shares of stock sold daily on the New York stock exchange for the Direct loans outstanding on- Cotton 2,994 6,884 last four months: Tobacco 19,433 22,875 Raisins _ 4,000 4,000 Wheat.. . . .. 1,019 1,518 INDEX NUMBER OF SECURITY PRICES Prunes 1,216 1,216 Canned fruit and vegetables- 201 297 Peanuts _ _ 337 313 Rice-_ 256 350 Price indexes ofl— Aver- All other 75 97 age num- Total 29, 531 37, 550 Aver- s b h e a r re o s f Rediscounts outstanding for— i s n t t 2 o r d 0 i c u a 0 k s l s - s r t a 3 o i c 1 l k - s stocks b p o o a r n f g i d c 4 e e s 0 2 d s o s a ( t m 0 o o i o l 0 l c f i y d 0 t k - 3 A N S L Sa t i g a a v v t r t e i i i e n o s c t g n b u o s a l a c t n l u b k k b r a l a a s n o l n k a c k s n r s e a c d n o i d m t c t p r o a u r n p s i t o e r c s a o .. t m io p n a s n _ ies _ _. 1 1 0 7 , , 0 8 6 0 4 6 9 6 2 8 6 6 1 8 2, , 8 6 1 2 7 9 1 5 1 3 0 6 1 8 ted) Total 28,618 21,948 Average for— Federal land banks increased their mort- January, 1925,_. 125.8 112.6 122.0 90.91 1.774 February, 1925. 127.5 112.9 123.2 91.55 1,688 gage loans during March by $9,270,336 to March, 1925 123.9 110.3 119.9 91.35 1,651 April, 1925 91.62 1,088 $954,265,312 and joint-stock land banks by $12,208,045 to $477,081,816. Apr. 6,1925... 123.5 107.9 118.9 91.23 1,187 Apr. 13,1925.. 123.2 107.0 118.4 91.34 1,048 Apr. 20,1925.. 123.9 108.5 119.4 91.54 1,159 AGRICULTURE Apr. 27, 1925.. 122.9 107.5 118.4 91.93 1,193 In March and early April weather conditions 1 For the industrial stocks, the average of 1917-1921 prices equals 100; for the rails the average of the high and low prices made in the 10 years, continued very favorable for agricultural de- 1913-1922, equals 100. The indexes are weighted by the number of shares velopments throughout the country except in of each stock outstanding. Prices used are closing quotations on Monday. 2 Arithmetic average of daily peak and low prices, as published in the sections of the Kansas City and Dallas Federal Wall Street Journal. Weekly averages are for week ending with Saturday, preceding date given. reserve districts, where the effects of the 3 Saturdays omitted. Weekly averages are for five days ending with drought were still serious. In these districts, -Friday, preceding date given. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDEKAL, RESERVE BULLETIN 307 however, rains were more general late in April, the assumption of an average abandonment, but a lack of sufficient moisture was evident a crop of 474,255,000 bushels was forecast, for this season of the year. Early crop reports which is about 20 per cent less than the crop by the Department of Agriculture indicate harvested last year. A report from Kansas on that the condition of the winter wheat crop at April 10 indicates an abandonment of about 24 the beginning of April was the lowest on record per cent as compared with an abandonment of for that date except in April, 1917. The 4 per cent in 1924, and 15.9 per cent, the aversupply of farm labor is somewhat larger than age for the five years, 1914-1920. The prolast year, but average farm wages are at about longed drought in the Southwest is a condition the same level as in 1924. favorable to heavy abandonment in that Marketing of the 1924 crops was in slightly region also. The condition of rye was reported smaller volume in March than in February and as being 84 per cent of a normal, which is half was 6 per cent greater than in the correspond- a point above the condition a year ago and 3.1 ing month last year. Receipts of animal per cent less than the 10-year average. The products, fruits, and vegetables increased in seeding of spring grains has progressed at a March, while all other groups declined. rapid rate, and by April 15 practically all spring Prices of livestock, cotton, fruits, and vege- planting was completed save in the northern tables advanced in March and the Department parts of the Minneapolis Federal reserve of Agriculture's index of farm prices reached district. The weather has been favorable for the highest level since the autumn of 1920. the sowing of large oats and corn acreages. The chart shows the movement of farm prices Some of the abandoned winter wheat area is since January, 1922. being planted to these two crops. All grains except corn were marketed in smaller 1 P 6 ER 0 C E I NT PER 1 C E 1 N 6 T 0 volume in March, and the combined index INDEX OF FARM PRICES of the movement of all grains in March was the ( AUGUST, 1909-JULY, 1914-100 ) smallest for that month sinoe 1919. Although 150 150 corn receipts increased in volume over February, they were 18 per cent less than the amount marketed in March, 1924. The most drastic 140 140 decrease occurred in the shipments of rye, which declined 70 per cent from the February figure. The month of March was marked by the large 130 130 volume of future trading in grain on the Chicago Board of Trade, which amounted to total 120 120 sales of 3,200,000,000 bushels, the largest on record. Wheat exports continued relatively large in March, and for the season to 110 April 11 have been over two and one-half times as large as during the corresponding period in 1924. Flour exports, however, have been about 1OO one-fifth less in 1924-25, so that the total 1922 1923 1924- 1325 wheat and flour exports have exceeded the Exports of all groups of agricultural commo- 1923-24 figures by only 73 per cent. dities except cotton, which showed a seasonal decline, were larger in March than in Febru- Wheat prices continued to fluctuate widely ary, and grains and cotton continued to exceed during March and April. They declined durthe volume of last year. For the first quarter the greater part of March, reaching a low level of 1925 total exports of farm commodities have of $1.49 a bushel on April 3. Following the exceeded the volume of the corresponding publication of the Government report on crop period in 1924, 1923, or 1922 and compare conditions on April 9, they recovered, reaching favorably with the volume exported in the $1.73 on April 17. This price movement was first three months of 1921 and 1920. also reflected by the other grains. Grain. Cotton. The condition of the winter wheat crop on With the exception of the drought, which April 1, as reported by the Government crop has continued in the greater part of Oklahoma reporting board, was 68.7 per cent of normal, and Texas since last autumn, weather condi- 12.5 points below the 10-year average and 14.3 tions were generally favorable in other sections below the corresponding figure in 1924. On of the Cotton Belt during the winter and early Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL. RESERVE BULLETIN MAY, 1925 spring months and preparations for the new 1924. For the eight months ending with March crop were advancea rapidly. Rains late in exports of raw cotton were 2,300,000 bales, or March and early in April were very beneficial 49 per cent larger than for the same period in to some sections of Texas, but there is still a the previous year. All of the principal imdeficiency of moisture for this season of the porting countries of American cotton have year in the greater part of the cotton-growing taken more cotton than in 1924, but the greatterritory in the Southwest. Planting was est increases have been by the United Kingdom, largely completed in the southernmost areas of Germany, and Japan. Despite the fact that the belt by the middle of April and the plants the 1924 crop was the third largest in the are coming up in sections where the crop was history of American cotton production, it has seeded early. Fertilizer sales in eight cotton- been marketed at an exceptionally steady level growing States during the eight months ending of prices. The accompanying table shows the March 31 indicate that the amount of fer- production and distribution of cotton for the tilizer that is being used this year is larger than eight months ending March 31, 1924, and 1925* in 1924. Early reports by the Department of Agriculture show that the number of boll Tobacco. weevils that survived the winter varies con- In March and the early weeks of April siderably in different sections, but that the marketing by the growers of the 1924 tobacco emergence of weevils in South Carolina, crop was practically completed and many loose- Georgia, and southern Louisiana was heavier leaf markets and cooperative receiving stations than in 1924 or 1923, but lighter than in 1922, were closed. Sales at all markets showed more when the number that lived through the winter than a 70 per cent decline from February and was the largest on record. were 40 per cent smaller than in March of the previous year. The Virginia crop amounted PRODUCTION, CONSUMPTION, EXPORTS, AND STOCKS to 136,391,000 pounds and sold for nearly OP COTTON $28,000,000, as compared with a crop of 151,303,000 pounds in 1923 which sold for Percent- $30,000,000. The crop was marketed at an age 1923-24 1924-25 change average price of $20.48 a hundred pounds as from last year compared with $19.75 a hundred pounds in the previous year. In the St. Louis Federal Bales Bales reserve district loose-leaf warehouses closed in Production- 10,170,694 13,618,751 33.9 March except in the dark-fired district, where Consumption: i August 492,483 357,455 -27.4 about 15 per cent of the crop remains to be de- September _ 485,665 435,216 -10.4 October 543,260 532,629 -2.0 livered. Exports of tobacco since the begin- November 532,702 492,233 -7.6 ning of the marketing season last August have December 463,789 532,047 14.7 January 578,468 589,725 1.9 been in considerably smaller volume than in M Fe a b r r c u h ary. 5 4 0 8 8 5 , , 6 8 7 4 7 0 5 5 5 8 0 2 , , 1 6 3 7 2 4 1 8 9 . . 1 9 the previous season, and the decline during the first quarter of this year was more rapid 4,090,884 4,072,111 -.5 than during the closiiig months of 1924. Exports: August— 244,415 277,647 13.6 Preparations for the new crop made good September 689,435 737,485 7.0 progress in March and April under favorable October. . 774,320 946,506 22.2 November 767,289 1,306,550 70.3 weather conditions. Plant beds are in good December 845,731 1,075,923 27.2 January 546,853 1,076,075 96.8 condition in the St. Louis district, but in the February. _. 482,146 811,838 68.4 Richmond district insects are reported to have March _. 332,168 734,697 121.2 damaged many of the young plants. 4,682, 357 6,966,721 48.8 The output of all tobacco products was Stoc A ks t , m M il a ls r. 31: 1,503,852 1,644,793 9.4 seasonally larger in March than in February At warehouses 2,000,552 2, 237,115 11.8 and the production of cigarettes was larger 3,504,404 3,881,908 10.8 than in the corresponding month of any previous year. The demand for cigars in the early i Excludes linters. weeks of April, as reflected in reports from Marketing of the 1924 crop continued at a manufacturers in the Philadelphia Federal rerapid rate during the first quarter of 1925, and serve district, was about the same as in March, by the end of March the supply of cotton but it was smaller than a year ago. Stocks of remaining on farms and at small interior both finished goods and raw materials at the towns of the South was about the same as a factories are moderate and at about the same year earlier, despite the much larger crop in levels at the end of March. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 309 Fruits and vegetables. April 1, except in New Mexico, where a gain of Up to April 14 there appeared to have been 1 point was reported. The condition of sheep no material harm to the deciduous fruits as a also declined in Texas and New Mexico. result of premature blooming. The greatest Range cattle in the San Francisco, Minneapolis, damage reported was to the peach crop in the and northern parts of the Kansas City Federal central part of the Richmond Federal reserve reserve districts are in relatively better flesh district and the northern sections of the St. because of a larger feed supply and better Louis district. Early cherries in the Yakima moisture conditions. Their condition on April Valley of Washington and plums and cherries 1 was uniformly below that on the same date in in Virginia have been damaged also to a con- 1924, however, except in California, where a siderable extent. The condition of citrus 10 point gain was indicated. The demand for fruits improved during the month of March summer pastures in the Kansas City Federal in California, but showed an unusual decline reserve district was reported as much keener in Florida. Oranges in the latter State de- than last year because of the lack of precipitaclined 6 points to 85 per cent of normal, while tion in the Southwest. Shipments of cattle grapefruit declined 5 points to 85 per cent. from the latter region into Kansas and northern These figures are 8 and 4 points, respectively, Oklahoma will greatly exceed those of last lower than the condition on April 1, 1924. year according to railroad reports of cars The general movement of spring produce ordered. Orders this year call for 12,600 cars, from the South has been one to three weeks compared with 8,730 cars last year. Flockearlier this year than uusal. Strawberries masters in the Kansas City district were preparfrom Louisiana and Alabama, Bermuda onions ing for a heavy lamb crop, and the bulk of the from Texas, and cabbage from Alabama, spring wool clip was under contract at prices well Louisiana, and South Carolina were coming above those received for last year's spring crop. in volume by mid-April. Shipments of old and The short corn crop is reflected in both the new cabbage, southern onions, new potatoes, hog and cattle situation. Market receipts of and strawberries were greatly in excess of the hogs declined 23 per cent in March from the movement during the same month of 1924, preceding month, a decrease that is over 20 per but receipts of old onions, tomatoes, and cent greater than the average for the same northern potatoes fell considerably below last period during the last five years. Receipts of season's corresponding figures. Fruit moved cattle and calves during March were relatively to market during March 35 per cent larger in large, but a recent estimate by the Bureau of volume than in February, but at a slightly Agricultural Economics showed that the numlower rate than last year. Receipts of grape- ber of cattle on feed in 11 Corn Belt States was fruit increased over last year, while the receipts 12 per cent less than in 1924. The shipments of lemons, oranges, and apples were consider- of stockers and feeders from 33 markets during ably lower. The following table compares November, December, January, and February the carload shipments of the principal fruits of the current season were also 12 per cent less during the current season with the correspond- than last year. ing period last year: Indications that the consuming public has been turning from pork products at recent prices to cheaper substitutes has been reflected in the Total Total decline of the price of hogs. The high level this last season season of $13.80 reached on March 20 was not mainto Apr. 4 to Apr. 5 tained, and by April 24 the price had fallen to $12.10, in spite of light runs of hogs. Beef Apples 98,788 132,459 Grapefruit. 16,116 15,322 prices have centered about the $11 mark ever Lemons 4,712 5,159 since the latter part of January, save for a small Oranges. __ 40, 850 48,170 decline during the latter part of March. On April 3 the old level was again reached and Livestock. continued to the middle of the month. The Except for a few scattered rains, the drought price a year ago was $9.50. Sheep prices in the range country of the Southwest remained continued to fall during April and March. unbroken up to the middle of April, and the Dairy products. situation was becoming critical in many sections. The condition of range cattle in this In March, the butter trade was characterized region declined several points from March 1 to by a reduction of stocks, a seasonal increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

310 FEDERAL. RESERVE BULLETIN MAY, 1925 in production, a marked increase in imports, to fall during the four weeks ending April 11, and a small decline in price. Butter in and for that week was 1,315,000 net tons, as storage decreased from 28,800,000 pounds compared with 1,440,000 tons four weeks on March 1 to 10,900,000 on April 1. The previous. Output per working day during the latter figure is only slightly over 1,000,000 first two weeks in April, however, for the first pounds larger than the five-year average for time since early January, was above that for that date. In addition to clearing the market the corresponding weeks of 1924. of excessive stocks, the trade absorbed a Production of anthracite coal during March large increase in imports. During January was 7,058,000 tons, a figure well below March and February, imports and exports practically of last year and the lowest monthly output canceled each other, there being an excess of since November, 1924. Following the spring imports of only 53,000 pounds. In March, reduction in company prices, the market however, the net imports were considerably stiffened somewhat and output for the week over 1,000,000 pounds. Production, as in- ending April 11 rose to 1,723,000 tons, dicated by the receipts at five principal the highest total since the third week in markets, was seasonally larger than in January February. or February. Under the pressure of heavy Total production of by-product coke during imports and increased production, the price March reached 3,468,000 net tons, a new high declined from the 48-cent level reached in the record for monthly production, but output of middle of March to 44 cents in the middle bee-hive fell off somewhat to 1,006,000 net of April. That figure, however, is still 8 cents tons. Total coke production for March of above the price paid on the corresponding date 4,474,000 tons was about 300,000 'tons above in 1924. February and above any month since March, The production of cheese continued during 1924, with the exception of January of this March at about the same rate that has pre- year. Further price recessions from the high vailed during the last four months. Stocks levels of the first of the year occurred during continued to decline as is usual at this time of March. Weekly production of bee-hive coke year. While they were slightly below the continued to fall off during the four weeks amount in storage on April 1, 1924, they ending April 11, output for that week totaling were still 45 per cent larger than the five-year 214,000 tons, as compared with 243,000 for average. Prices were firm and averaged a the second week in March. fraction of a cent above the February quotations. Petroleum. In the first quarter of 1925 output of crude MINING petroleum was slightly larger than during the Coal and coke. last three months oi 1924 and larger than Bituminous coal markets have felt the effects production in the corresponding period a year of spring weather, and the recession in both ago, but less than during the second and third production and prices which started in Jan- quarters of 1924. Prices of crude oil have uary has continued through the latter half of advanced rapidly since the low level of last March and the first half of April. As com- December, and at the end of March they were pared with $1.99 on March 16, the Coal Age about as high as at the end of March, 1924. index of spot prices for bituminous coal on Since the first of April, however, they have April 13 stood at $1.95, and at that level was declined somewhat, and the paying of prejust under the low point reached in July, 1924. miums for stored oil in the mid-continent field Output has also fallen off, so that in spite of has practically ended. While stocks of pethe greater number of working days, the total troleum at the end of March were smaller than March production of bituminous coal, reported the high levels of the last quarter of 1924, they as 37,626,000 net tons, was somewhat under were 3 per cent larger than in the spring of last the February figure and below the correspond- year. Further analysis of the fluctuations in ing month of last year as well as any month the production, stocks, and price of crude since September, 1924. Average production petroleum is made possible by the following of bituminous coal per working day continued table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 311 PRODUCTION, STOCKS, AND PRICE OF CRUDE PETROLEUM blister copper, on the other hand, increased and on March 31 were estimated at 523,256,000 pounds, as compared with 475,056,000 pounds P q d r u u t o i a r o d r i n n u te g c r - S q e t u o n c a d k r t s o e f r at A p v p r e i e r c r a e ge d at u r t i h n e g e M nd a rc o h f w D a e s c e 1 m 2 b p e e r. r ce P n ro t d a u b c o t v io e n t h o e f h l i e g a h d f s b i a n a n r t r d h e s o l s o u ) f - ( s b i a n a n r t d r h e s o l o s u ) f - q d u b u a a r r r i t r n e e r g l l J m a a n d u e a r a y n o e u w t p h u ig t, h w a h n i d le f o zi r n t c h p e r f o i d rs u t c t t i i m on e i s n in M ce a l r a c s h t July exceeded shipments from refineries, with 1924 | the result that stocks at the end of the month First quarter I 57,213 338, 531 $2.13 increased to slightly over 17,000 tons. Second quarter. I 60,175 351,218 2.33 Third quarter 60,875 363,700 1.81 Silver production during March was esti- Fourth quarter 57,621 351,950 1.59 mated to be 5,236,000 ounces, the lowest daily 1925 output since last July. With only moderate First quarter j 57,867 348,180 2.11 demand from India, the silver market reacted further and on April 2 quotations for bar silver 1 Prices are the average of the representative price computed by the Oil, Paint, and Drug Reporter. in New York dropped to 66% cents, 23^ cents under the high for 1925 reached at the end of Late in 1924 prices of gasoline began to ad- January. Subsequent advances carried prices vance, and in December and the early months over 67 cents, and on April 15 quotations were of 1925 production increased rapidly. At the 673^ cents, as compared with 68 cents on March end of February stocks were 8 per cent higher 18. Deliveries oi tin in the United States than a year earlier and were the largest since during March were slightly under January and the end of May, 1924. Under the influence February, but above any other month since of this rapid expansion in production and its April, 1924, while stocks in New York at the subsequent increase in stocks, gasoline prices end of March increased from 3,949 to 5,184 declined slightly in March, but the^ were still tons. Prices continued to recede and on April higher than during the corresponding month 15 straits tin was quoted at 50^ cents, as in 1924. Stocks of other refined products are compared with 53 cents on March 18 and 60 J^ also higher than last year, but more favorable cents on January 3. weather than in 1924 has resulted in an early demand for gasoline and other oils from MANUFACTURING motorists. Food products. Metals. The production of flour and pork products Further recession in prices characterized the continued to decline in March, but the melting nonferrous metal markets during the last half of sugar and the slaughter of beef and mutton of March and the first half of April, and quota- showed seasonal increases over the, February tions for copper, lead, zinc, tin, and silver all figures. In the case of flour production, made new lows for the current year during the data indicate a 9 per cent decline over Febperiod. This movement, which started in Jan- ruary, in spite of the greater number of workuary, is in contrast to the general advance ing days. Reports indicate that this decline which took place during the closing months of has continued for at least the first two 1924. The price of refined electrolytic copper weeks in April. An important factor in limitdelivered at New York, which stood at 14)4 ing milling activity has been the erratic fluctuacents on March 18 as compared with 15 Y% otnions of the prices of both wheat and flour. January 14, was quoted at 133^ cents on April Flour stocks during January and February 15. This drop of % cent took place in the were about the same size as in 1923 and 1924. closing week in March and was nearly equal Flour exports, which averaged 963,000 barrels to the total decline during the preceding two during the first two months of the quarter, months. Copper production in the United increased to 1,387,000 barrels in March. States for March is estimated at 150,766,000 The effect of the short corn crop on the pounds, or 2,000,000 pounds over the January supply and price of pork products became output, which was the previous high month. evident during the first quarter of this year. Stocks of refined copper in North and South There has been a decline in the slaughtering of America at the end of March were estimated hogs during each succeeding month following to be 244,696,000 pounds, or 28,000,000 pounds the high mark in December, which set a record under the figures for the end of December, for monthly killing since Federal inspection 1924. This is the third successive quarter in was first begun. The slaughter for the whole which these stocks have declined. Stocks of quarter was 11 per cent less than for the same Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

312 FEDEEAL RESERVE BULLETIN MAY, 1925 quarter in 1924. Additional data on the pork ported to be sold up through May and into situation are given in the table below: June or July on certain cloths. Mill consumption of raw cotton totaled 582,674 bales in March as compared with 483,928 in March, 1925 1924 1924. The daily average consumption and the number of spindles active were both smaller Hogs on farms, Jan. 1 (number) 54,234,000 66,130,000 Hogs slaughtered in March (number) 3,299,344 4,536,372 than during February, and the percentage of Average price of live hogs in March (cents per pound) 13.68 | 7.38 spindle hours active to total single-shift Average price of lard in March (cents per capacity declined from 100.0 to 99.6. Among pound) 16.89 11.24 Average price of smoked hams in March New England mills, on the other hand, more (cents per pound) 26.90 18.90 Lard in storage, Apr. 1 (pounds) 150,094,000 85,722,000 spindles were active than in February, and Pork in storage, Apr. 1 (pounds) 827,403,000 932,408,000 consumption of cotton was larger than in any Lard exported in March (pounds) 63,280,809 100,726,290 Pork exported in March (pounds) 51,886,632 64,643,468 month since June, 1923. Prices of cotton goods and yarns have slowly declined since The slaughter of cattle, calves, and sheep the middle of March. The Fairchild cottonwas seasonally larger in March than in Febru- goods index for the week ending April 25 was ary, but less than in January except in the case 15.565, compared with 15.822 in the week of of calves. When the three months are con- March 14. The yarn index in the same period sidered, the calf slaughter was also the only fell from 44.75 to 41.96. The goods index one to differ greatly from that of the first was the lowest since December and the yarn quarter in 1924. The 1925 total was 13 per index has not been lower, except during one cent greater than for the previous year. week in September, since 1922. Stocks of both beef and mutton continued Dullness in woolen and worsted markets their customary decline at this time of the continued during March and April, buying year, although they were still larger than the was cautious, operations were decreased, and amount in cold storage a year ago. This was prices were reduced. The raw wool and top especially true of beef, where the holdings were markets have been particularly weak and 30 per cent larger in March than on the same prices have declined almost steadily since the date in 1924. first of the year, when the highest levels since The increase in the volume of beef exports 1920 were reached. The following table shows which began in January, continued in March. the Fairchild indexes of prices in the wool The exports during each month of 1925 have industry for certain dates. been consistently larger than for the same months in 1924 and 22 per cent larger for the Apr. 25, Mar. 14, Jan. 17, Apr. 26, quarter as a whole. Index 1925 1925 1925 1924 Refined sugar production in the United States increased sharply in volume over February. Domestic wool 112.344 134.729 144. 772 115.119 Data from leading refining centers indicate Foreign wool.. 130.943 156. 728 158. 604 125.803 Worsted yarn. 204.500 206.833 225.166 204. 833 an increase of approximately 75 per cent. Tops... 130. 450 141.650 145.150 123. 500 Worsted goods 2 278.125 278.125 276.493 2 275. 740 Stocks at the end of March also increased Woolen goods1 2 258. 750 260.416 248. 333 2 231.250 about 34 per cent over the previous month. The higher prices received in March were not 1 All-year numbers. 2 Quotation on nearest available date. maintained. The decline continued through Domestic raw-wool prices have fallen about the middle of April. 22 per cent from the high point of the year Textiles. and are lower than they were a year ago. Yarns Textile markets have been generally quiet and tops have also declined considerably since since February. Buying of most textile fabrics January, and the former are lower than in April, and materials has been rather light, production 1924. Woolen and worsted suitings are mo re # has been reduced, and prices have declined. stable, but prices of woolens have been much The silk industry, on the contrary, has been higher this season than during 1924. Figures more active, and the demand for hosiery also for April, however, indicate a cessation in the has been considered satisfactory. advance of both woolens and worsteds. Mill Practically all branches of the cotton goods activity decreased further during March, and, and yarn markets have been dull for several despite the difference in working days, conweeks. Although mill operations were slightly sumption of raw wool was smaller than in decreased during March, production has con- February. The percentage of active hours to tinued at a fairly high rate to fill orders pre- total single-shift capacity declined for looms, viously booked. Some mills, in fact, are re- combs, and worsted spindles, but increased in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 313 the case of carpet and rug looms, cards and Orders have been small for several weeks, and woolen spindles. Clothing manufacturers have prices have declined. Daily average producrecently opened new fall lines of suits and over- tion of both pig iron and steel ingots, however, coats at prices a little higher than those of the was larger during March than during February. preceding season, and early reports indicate The ingot output averaged 160,782 tons per fairly active buying. In February there was a day, almost equaling the March, 1924, figure of seasonal increase in the number of men's suits 161,075, the largest on record. Pig-iron proand overcoats cut by clothing manufacturers duction averaged more than a year ago, but less and figures also exceeded those of February, than in the most active months of 1923. Ten 1924. Employment declined during March in furnaces were blown out of blast between the men's clothing industry but increased in March 1 and April 1. During April additional women's clothing. furnaces were closed down, and operations of Silk products have been in especially good steel mills were reduced to an average of below demand recently, and the industry is operat- 75 per cent for the industry, as compared with ing at a high rate of activity. Deliveries of 92 per cent in March. Unfilled orders of the raw silk to American mills in March totaled United States Steel Corporation were reduced 45,157 bales, the largest monthly figure during March by 421,000 tons to 4,863,564 on record. Imports were fairly large but did tons, as compared with 4,782,807 tons a year not equal deliveries, and the unusually large before. stocks in warehouses were considerably re- Iron and steel prices have been declining duced. Mills have had to rush production in almost steadily since February, and the Iron order to supply the demand for certain goods, Trade Keview's composite on April 22 was and some throwing and weaving mills are re- $39.05, as compared with the February maxiported to be working night shifts. The raw- mum of $41.22 and the low point reached early silk market has also been fairly active; prices in November of $38.56. The following table fell during March but rose again in the early shows the Iron Age indexes for pig iron and finpart of April. ished steel for certain dates. It will be noted Demand for knit goods in recent months that both prices are only slightly above the low has been considered satisfactory and mills have points of the last two years. been actively producing to fill orders. During April some slackening in buying was noted, Finished steel Pig iron but orders are sufficient to continue opera- (cents per pound) (dollars per ton) tions. Employment and pay rolls in the knitgoods industry have increased steadily since Apr. 21, 1925-... 2.474._ 20.75. Mar. 24,1925 - 2.531 21.88. last summer. Preliminary statistics for March Maximum, 1925 2.560 (Jan. 6) 22.50 (Jan. 13). indicate further increases in production, Minimum, 1924 -- .. 2.460 (Oct. 14) 19.21 (Nov. 3). Maximum, 1924 2.789 (Jan. 15) 22.88 (Feb. 26). shipments, and orders of hosiery, follow- Minimum, 1923 2.446 (Jan. 2). 20.77 (Nov. 20). Maximum, 1923 2.824 (Apr. 24) 30.86 (Mar. 20). ing those of February. In the East, the heaviest demand is apparently for full-fash- Iron-ore prices were announced by a large ioned silk hosiery for women. An important producer on April 4 at a reduction of about manufacturer recently announced prices on 50 cents a ton below last year's quotation. silk hosiery as unchanged for the remainder Quotations were reduced 80 cents last year, of the year. Buying of underwear for and the present price is the lowest since 1916. the fall season has been generally greater Building construction and automobile prothan a year ago. Production and shipments duction have in recent weeks been relatively during February were larger than in any of the most active sources of demand for iron and the preceding three months. New orders steel products. Increased production of autowere smaller than in the earlier months, but mobiles since the first of the year has been exceeded shipments, and unfilled orders were reflected in greater demand for sheets. Strucfurther increased. Stocks of the most imtural steel orders increased during March, and portant lines were reduced. shipments were larger than in any month of last year except July. Weekly figures for Iron and steel. April also indicate rather large awards. Pur- New buying of iron and steel is well below chases by railroads continue to be much smaller production and shipments, producers are rapidly than in the past two years, although some filling orders previously booked, and consumers fairly large orders for locomotives were placed .are busily engaged using these shipments. early in April. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN MAY, 1925 Automobiles and tires. and was somewhat above production in March Improvement in the automobile industry of last year. It was below production in continued during March and April. The small March of 1923 and considerably in excess of volume of production during the latter part of production in March of 1922. It was also 1924 resulted in a considerable decrease in the somewhat in excess of shipments in March, stocks of cars held by both dealers and manu- after running below shipments during the four facturers. In recent months dealers have de- preceding months. Although production ran manded a large number of cars to supply actual above shipments in March of last year also, it demand and also to prepare for the usual spring fell below shipments in March of 1923 and sales. Production has increased rapidly. The slightly below in March of 1922. For the output by American companies in the United period of 15 weeks beginning with the week of States during March totaled 319,000 passenger January 3 and ending April 11, shipments as cars and 43,000 trucks, an increase of nearly reported by eight associations to the National one-third over February. The passenger car Lumber Manufacturers Association exceeded, figure was 7 per cent below that of March, and orders fell slightly below, production. 1924, but the production of trucks was the From incomplete reports it appears that during largest for any month on record except May, the week ended April 4 shipments were run- 1923. Reports indicate that production in ning above, and in the week of April 11 below April has been at an even higher rate. Em- orders. On a percentage basis shipments in ployment and pay rolls in the automobile in- the earlier of these weeks amounted to 106 per dustry have increased rapidly in recent months, cent and in the week following to 97 per cent of but are still considerably below the level of a cut. In both weeks orders as reported by the year ago. mills covered were keeping even pace with production, being equal in each week to 100 per Increases in retail sales of automobiles during cent of cut. Production of southern pine in March are indicated by the figures of sales of March exceeded production in the four prethe General Motors Corporation cars by dealceding months and in March of last year, and ers to consumers, which totaled 70,492 in exceeded shipments in March, as in January March, 39,579 in February, and 57,205 in and February of this year, and in March of March, 1925. Sales by the company to last year. Stocks of southern pine increased dealers totaled 75,585 in March, considerably from 909,851,000 feet at the close of December more than in February and about the same as a to 992,809,000 feet at the close of March. In year ago. Reports of Middle Western dealers March this year, as in February, production of to the Federal Reserve Bank of Chicago showed Douglas fir exceeded shipments by a small substantial increases in sales of both new and margin, although production in March this year used cars during March. Stocks of new cars at (396,496,000 feet) was less by nearly 100,000,000 the end of the month were only about one-half feet than in March, 1923. March shipments of the number on hand a year before. Sales of 391,421,000 feet were in much smaller volume by dealers, reporting to the Chicago bank, were than in March, 1923, when they totaled 566,902,of practically the same volume as their receipts 000 feet. A general resumption of building from manufacturers. Consequently their inoperations in large cities during the two weeks ventories showed little change between Febended April 10, with the advent of favorable ruary 28 and March 31. weather, is noted by the Lumber Manufacturer Automobile tires and tubes have been in good and Dealer as having quickened actual distribudemand, and manufacturing activity is at a tion from retail yards and as being reflected in inhigh rate. Production and shipments increased creased wholesale demand for softwoods, but considerably in March and almost equaled the without material effect upon the price situation. most active months of last year. Stocks held by manufacturers were the highest on record. Hides, leather, and shoes. Reports indicate that supplies of high-pressure inner tubes are particularly heavy. The crude- Hide and leather markets were not partirubber market has been exceedingly active and cularly active during March and April, although prices have risen rapidly, reaching 45 cents a sales and prices compared favorably with pound about the middle of April. A slight those of a year ago. Cattle-hide prices at the recession was noted the following week. Chicago market remained steady in April, with sales rather small until the middle of the Lumber. month. The calf-skin market was weak. Lumber production in March exceeded pro- Stocks of raw hides and skins changed only duction in any preceding month since October, slightly during February. Supplies disposed Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 315 of were generally smaller than in February, remaining districts for which comparable data 1924. Prices of upper leathers generally are available covering the two periods. Condeclined in April, while quotations on sole tracts awarded in these months for residential leather advanced somewhat. Production of construction in the New York district fell off sole leather during March was larger than in from $250,000,000 in 1924 to $123,000,000 in either January or February and exceeded 1925, the decrease for this class of construction figures for March, 1924. Furthermore, stocks in the first quarter of the year, 1925 compared in process have increased considerably since with 1924, amounting to $127,000,000. This the first of the year and at the end of March considerable shrinkage is offset in a small were larger than at any time since December amount by an increase of $4,000,000, or 3 per 31, 1923. Tanners7 finished stocks have cent, for all other classes of construction comchanged little in recent months. Stocks held bined. by shoe manufacturers, however, were larger Building contracts awarded in 11 Federal at the end of February than on any date in reserve districts during March represented an the last four years. Production of cattle aggregate value of $491,000,000, exceeding the upper leather in February was the largest for corresponding value for February of $311,000,any month since February, 1924, and finished 000 by 57.9 per cent. Increase for March, stocks increased. which is normally the peak month of the year, Shoe manufacturers during March were in over February is shown for each of the 11 the midst of their usual pre-Easter period of districts covered by the data, except the Dallas activity. Production increased about 9 per district, in which the March total falls slightly cent as compared with February and was below that for the preceding month. Exclusive slightly larger than a year ago. Output in of the Dallas district, for which data are not the St. Louis district reached a high point in available covering March, 1924, the value of February and declined during March. Spring building contract awards in 10 districts amountbusiness was considered to be fairly satis- ed to $478,000,000 in March of this year, being factory. Salesmen have started out with fall substantially in excess of the total of $431,000,lines, but it is too early to determine the 000 in these districts for the same month last character of the demand. Sales by whole- year. Except for the very considerable desale shoe dealers were slightly smaller in March crease in the New York district (from $169,than in March, 1924. Wholesale stocks in- 000,000 in March of 1924 to $87,000,000 in creased between February 28 and March 31, March of this year), and a slight decrease in the but were considerably smaller than a year Minneapolis district, an increase for March this earlier. year over last is shown for each of these districts. BUILDING March awards of building contracts in 27 In considering activity during the first Northeastern States, according to compilations quarter of the year in the building industry, the of the F. W. Dodge Co., called for 64,400,000 large fact to which attention is very generally feet of construction, the corresponding figure directed is the decline from the high level of for February being 38,650,000 feet and for last year in volume of building operations in March of last year 68,425,000 feet.. The inthe New York district. This decline is of crease over February amounts to 66.6 per cent, course largely determined by operations in and and the decrease in comparison with March of around New York City. It is principally in last year to 5.9 per cent. Each class of convolume of residential construction and is suffi- struction shows an increase for March over cient to affect materially the totals for the February, and each class of construction except country as a whole and for all classes of con- "educational" and "social and recreational" struction. To take one measure of building shows a decrease in comparison with March a activity, by way of illustration, the value of year ago. building contracts awarded for all classes of In March a total of 73,037 building permits, construction during the first quarter of the representing an aggregate value of $348,000,000, year in 10 Federal reserve districts increased were issued in 168 selected cities. In comparifrom $1,029,000,000 in 1924 to $1,070,000,000 son with the preceding month the value of in 1925. But this net increase of $41,000,000, permits issued in these cities was greater in or 4.1 per cent, covered a decrease of $124,000,- March by 40.2 per cent. In comparison with 000, or 32.2 per cent, for the New York district March of last year it is less by 18.8 per cent, (from $383,000,000 to $259,000,000), and an but this decrease is attributable entirely to the increase of $165,000,000, or 25.5 per cent (from effect of the decrease shown for cities of the $646,000,000 to $811,000,000), in the nine New York district. For the cities of this dis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE BULLETIN MAY, 1925 trict the value of permits issued fell off from 11,613,257 cars. Actual loadings for these $217,000,000 in March of 1924 to $112,000,000 three months exceeded the corresponding total in March of this year, giving a decrease of for 1924 of 11,590,418 cars and make a new $105,000,000. Increases are shown for the high record for this season of the year. cities of each other Federal reserve district, Computations by the Bureau of Railway excepting Dallas, the net increase for these Economics show that loadings in the week eleven districts amounting to $81,000,000. ended April 4 were running 18.5 per cent and No considerable shifting of building costs was in the week ending April 11 21.3 per cent above apparent in March in consequence of changes the six-year average for these weeks, and well in wage scales, but a slight decrease is indicated in excess of last year's figure. For the year to by the Bureau of Labor index of wholesale date April 11 loadings ran 15.3 per cent above prices of building materials, which declined the six-year average. from 182.8 in February to 179.8 in March. During March the roads maintained an aver- As reported on April 17, however, prices of age surplus of 310,223 cars (105,030 box and lumber, cement, and bricks were substantially 161,140 coal cars) which exceeds the surplus at the same level as in the middle of March. reported for any month since July, 1924. In the first quarter of April this large surplus in- TRANSPORTATION creased to 344,258 cars. A total of 185,047 bad-order cars was reported for March 1, which For all classes of freight combined, March is below the number reported for any month loadings were running in nearly the same since May, 1924. volume this year as last, the total of 4,002,374 Net ton mileage in January of 37,039,784 cars exceeding the corresponding total for exceeded the figure for any preceding January March a year ago by 39,369 cars, or 1 per cent. of the past six years excepting 1923, when the In comparison with earlier years, March loadroads reported for January 37,706,628 net tonings fell short of the total for March of 1923 miles. by 119,000 cars, but exceeded the March totals In the first two months of the year gross for the four preceding years, the excess over revenues of the roads totaled $939,752,112, ex- 1922 being 316,000 cars; over 1921, 889,000 ceeding the Bureau of Railway Economics cars; over 1920, 187,000 cars; and over 1919, six-year average by 8.5 per cent. Expenses for 987,000 cars. This year, as last, the Federal the same period totaled $754,349,637, being 2 Reserve Board's index of total freight-car per cent below the six-year average. On proploadings adjusted for seasonal variations and erty investment the roads earned a rate of 4.76 for the extra day in February of last year fell per cent, the rate of return being 5.43 per cent off sharply in March. The drop this year was in the eastern, 5.67 per cent in the southern, from 124.9 in Februarv to 116.5 in March and and 3.72 per cent in the western districts. last year from 125.2 to 115.4. Increased activity in the construction of new The net increase of 39,369 in March car railway mileage indicated in applications of loadings this year over last covered decreases several roads to the Interstate Commerce Comaggregating 106,268 cars for grain and grain mission for authority permitting construction products, livestock, coal, coke, and forest in Oklahoma, Utah, Texas, Kentucky, and products; increases aggregating 144,448 cars Indiana is noted by the Railway Age as being for merchandise in less-than-carload lots and of particular interest at this time. The applimiscellaneous freight, and an increase of 1,188 cations noted cover a total of 485 miles of new cars for ore. In explanation of the decline in line. loadings of agricultural products, it is noted TRADE that these products were moving in large Wholesale trade. bulk during the last quarter of 1924 and in January of this year, each month showing con- Aggregate sales at wholesale firms in the siderable excess over the corresponding total first quarter of 1925 were in approximately the for the previous year. For all classes of freight same volume as last year. Slight increases combined March loadings this year in the occurred in the sales of meat, but these were Pocahontas, southern, central western, and offset by reductions in the sales of groceries, southwestern districts exceeded, and in the dry goods, and shoes. eastern, Allegheny, and northwestern districts Sales in all principal lines were larger in fell below last year's totals. March than in February, and the Federal Loadings for the first quarter of 1925 totaled Reserve Board's combined index of wholesale Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1925 FEDERAL RESERVE BULLETIN 317 trade increased 10 per cent, the greater part occur in that month in all Federal reserve disof which increase was due to more selling days tricts except Philadelphia. As compared with than in February. Increases in all lines were March last year, buying at these stores was general throughout most Federal reserve dis- approximately 5 per cent larger. A contricts, but shoe sales showed the largest siderable part of this increase may be attributed increase, which varied from 22 per cent in the to the earlier Easter trading season and to the Richmond district to 67 per cent in the Phila- more favorable weather this year. Statistics delphia district. reflecting sales by departments indicate that Substantially larger sales than in March buying of silks and velvets, woolen dress goods, last year were indicated in all leading lines, men's clothing, boys7 wear, women's coats and except groceries and shoes, and the total suits, misses', girls', and infants' ready-to-wear, volume of trade was 5 per cent larger. Grocery and women's and children's shoes was substansales were larger in all southern and western tially larger than in March last year and that Federal reserve districts, but declined in the sales of notions, women's skirts, furs, and Boston, New York, Philadelphia, and Cleve- furniture showed the greatest declines from the land districts. Sales of agricultural imple- previous year. ments continued larger than last year for Merchandise stocks at department stores the country as a whole, but they were smaller showed more than the usual seasonal increase in the Dallas Federal reserve district. Machine in March, but were no larger than at the end tool sales were about 12 per cent smaller than of March last year. Increases over February last year. were reported from all Federal reserve dis- Wholesale stocks of groceries and shoes were tricts, but heavier stocks than at the end of smaller at the end of March than a month March, 1924, in the New York, Philadelphia, earlier, but stocks in all other lines increased Minneapolis, and Dallas districts were offset in March, and total stocks for all principal by reductions in practically all other districts. lines were 3 per cent heavier than a month Departments carrying cotton dress goods, earlier. As compared with March, 1924, ribbons, women's suits and skirts, furs, waists stocks of groceries, meats, and drugs were and blouses, and sweaters had substantially larger, but dry goods, shoes, and hardware smaller stocks than a year ago, while those selling showed substantial decreases. Larger stocks toilet articles, handkerchiefs, leather goods, inof meat than last year are due to both higher fants' wear, negligees and house dresses, musical prices and a larger physical volume. Out- instruments, and radio outfits showed the standing accounts at the end of March were largest increases. larger than at the end of February for all During the first three months of this year lines, except groceries, and were larger for average stocks were slightly smaller than for hardware and drugs than last year in nearly the corresponding period in 1924, and the all Federal reserve districts from which re- average rate of stock turnover at department ports were received, except Minneapolis, where stores was higher than last year. Goods accounts receivable at all wholesale firms, ex- moved faster in all Federal reserve districts cept shoe firms, are smaller than a year ago. except in the Boston and San Francisco districts, the greatest increases being in the Retail trade. Richmond, Atlanta, and Dallas districts. Out- Trade at department stores in the first standing orders at the end of March were quarter of 1925 was in slightly larger volume generally smaller than at the end of February, than in 1924. Declines in sales in the Boston, averaging for all districts 6.8 per cent of total Philadelphia, Cleveland, and Atlanta Federal purchases in 1924, as compared with 7.8 per reserve districts were more than offset by incent at the end of February. creases in nearly all the other districts. Sales at mail-order houses were 11 per cent larger than EMPLOYMENT in the first three months of 1924 and buying at all reporting chain stores except cigar chains ex- Factory employment and pay rolls showed ceeded the volume for the same period a year ago. small, rather general increases during March, Sales at department stores, as measured by according to the Federal Reserve Board's rethe Federal Reserve Board's index, were 20 vised index of employment and new index of per cent larger in March than in February, pay rolls in manufacturing industries. These and increases occurred in all Federal reserve indexes are presented and described in this districts. After adjustment is made, for the issue of the BULLETIN (pp. 324-330). The greater number of business days in March, charts given there show that both employment however, the increases were less than usually and earnings of factory workers have increased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL. RESERVE BULLETIN MAY, 1925 since last summer, but that they are still below as during the month preceding, savings dethe level of a year ago. According to data col- posits increased in all Federal reserve dislected by the Bureau of Labor Statistics, from tricts except St. Louis. A comparison of savwhich these indexes are almost entirely com- ings deposits on April 1, 1925, with a month puted, increases in employment were noted in and a year previous is shown, by Federal reserve the more important manufacturing sections of districts, in the accompanying table. In the the country, and pay rolls increased in all but Boston and New York districts the figures repthe west north central section. resent only deposits of mutual savings banks; By industries, the greatest increase in em- in all other districts, where there are but few ployment and pay rolls occurred in automobile mutual savings banks, savings deposits of other manufacturing. Furthermore, weekly figures banks are included. from Detroit indicate continued rapid growth in that industry. The iron and steel, paper PRICES and printing, and stone, clay, and glass groups Wholesale prices in March, according to the of industries also showed increases m both emindex of the Bureau of Labor Statistics, reployment and pay rolls. In textiles, larger mained at about the same level as in February. figures in silk, dyeing and finishing, knit goods, The index number for March was 161.0, as and women's clothing were largely offset by compared with 160.6 for February. Only declines in woolen goods and men's clothing. two of the nine groups of commodities shown Employment in the lumber industry declined by the Bureau of Labor Statistics increased but pay rolls increased. Food products showed during the month, namely, foods, which rose seasonal decreases in both number employed 1.3 per cent, and miscellaneous commodities, and earnings. which increased 0.7 per cent, largely because Because of a more rapid augmentation of of the advance in the price of rubber. Prices pay rolls than of employment, per capita of fuel and lighting declined 1.7 per cent, those weekly earnings increased in most industries of building materials 1.6 per cent, those of during March, and were also larger than a metals 1.4 per cent, and those of houseyear ago. No wage changes of significance furnishings 1.4 per cent. Prices of houseoccurred in March, according to the Bureau furnishings were lower in March than at any of Labor Statistics reports, and also there were time since 1919. no changes in average per cent of full-time or On the basis of a classification of all comfull-capacity operations. modities into agricultural and nonagricultural, the former show an increase for the month and SAVINGS DEPOSITS the latter a decrease, with the consequence The total of savings deposits reported by that in March these two groups were not as 893 banks distributed throughout the United close to each other and to the general average States was $7,785,682,000 on April 1, 1925, as as in February. compared with $7,743,790,000 on March 1, As compared with a year ago, wholesale 1925, and $7,285,294,000 on April 1, 1924. prices are now 7.4 per cent higher, the prices This represents an increase of one-half of 1 perof farm products, foods, miscellaneous comcent during March and of 7 per cent during modities, and chemicals and drugs being the year ending April 1, 1925. During March, higher, while the prices of other commodity groups declined. SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS When regrouped by stage of manufacture, raw materials show a rise of 0.3 per cent, [In thousands of dollars] reflecting an advance of 8.5 per cent in animal products, while crops declined 5.4 per cent, and Number Mar. 1,1925Apr. 1,1924 of banks smaller decreases occurred in forest products and mineral products. Producers7 goods de- Boston 64 1,310,807 1,302,424 1,241,474 clined 1 per cent and consumers7 goods rose New York.... 30 2,083, 503 2,063,855 1,948,347 Philadelphia- 79 521,040 519,289 485,844 nearly 1 per cent. Compared with a year Cleveland 67 823,401 818,954 765,143 ago all groups, except mineral products and Richmond 87 336,126 334, 520 302,960 Atlanta 94 239, 589 239,155 225,477 producers7 goods, are on a higher level. Chicago 197 938,709 937,274 910,641 St. Louis 31 140,968 141,164 136,244 In the following table are shown index num- Minneapolis. . 14 93,814 92,413 89,688 Kansas City.. 54 108,326 107,357 102,437 bers of wholesale prices in the United States, Dallas 105 98,719 96,958 91,339 as grouped by the Bureau of Labor Statistics San Francisco 71 1,090,682 1,090,427 985,700 and as regrouped by the Federal Keserve Total... 7,785,684 7,743, 790 7, 285,294 Board: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDEKAL, RESERVE BULLETIN 319 WHOLESALE PRICES IN THE UNITED STATES any year since 1920. The marked decline between this year and last was due chiefly to the [1913-100] occurrence in March last year of one large commercial failure in Virginia, involving $40,000,- 1925 1924 000. Of the total number of failures during the first three months of this year, 1,318, with March r F u e a b r - y u J a an r - y March liabilities of $40,617,985, were manufacturing enterprises, and 4,387, with total liabilities of All commodities 161 161 160 150 $63,316,412, were trading concerns. Compar- Bureau of Labor Statistics groups: Farm products 161 161 163 137 ing this quarter with the last quarter of last Foods 159 157 160 141 year, insolvencies were more numerous for Cloths and clothing 191 191 191 191 Fuel and lighting 174 177 167 181 poth classes of enterprise. In the case of trad- Metals 134 136 136 144 Building materials 180 183 179 182 ing concerns, total liabilities also were larger Chemicals and drugs 134 134 135 130 in this quarter, but for the manufacturing class House furnishings 170 173 173 175 Miscellaneous 125 124 127 113 they were somewhat smaller. Federal Reserve Board groups: Raw materials.._ 169 167 154 In the Boston, Cleveland, Richmond, and Crops _ 183 193 196 165 Chicago districts the number of failures was Animals products 148 136 133 118 Forest products 196 201 193 194 larger in March than in either the preceding Prod M uc in e e rs r ' a l g o p o ro ds ducts. _ 1 1 7 3 3 5 1 1 7 3 5 6 1 13 7 4 2 1 1 7 3 9 7 month of this year or the same month of last Consumers' goods 167 169 153 year, and in the New York, Kansas City, and San Francisco districts the number of failures, In April the prices of grains continued to although less than in March last year, was decline. Declines also occurred in hogs, cot- larger than in February this year. The total ton, wool, butter, sugar, coal, coke, pig iron, amount of indebtedness involved in suspenand nonferrous metals, while prices of rubber sions exceeded the totals for February this year and newsprint advanced. and March last year in only the Boston, Cleve- Retail food prices remained at the same land, and Minneapolis districts; in the Atlanta, level in March as in February, according to Chicago, and Kansas City districts total inthe index of the Bureau of Labor Statistics, debtedness, although less than in March last and are about 5 per cent higher than a year year, was larger than in February. Comparaago. Prices of eggs, potatoes, canned salmon, tive data, by districts, for the month of March oleomargarine, milk, and bread declined, while are presented in the following table: prices of pork chops, butter, cheese, bacon, oranges, ham, and rice advanced. FAILURES DURING MARCH COMMERCIAL FAILURES AND BANK SUSPEN- Number Liabilities SIONS Federal reserve district During the month of March 1,859 commer- 1925 1924 1925 1924 cial failures, involving liabilities amounting to $34,004,731, were reported by R. G. Dun & Boston 163 $4,203,160 $2, 729,443 New York 348 363 6, 543,180 26,870,199 Co. The number was larger than in the Philadelphia.. 58 83 1, 639,315 1, 724, 650 Cleveland 173 144 3,132,010 3,037,892 shorter month preceding, in which only 1,793 Richmond 127 105 2,640,261 42,232,527 failures were reported, and was somewhat in Atlanta 116 128 1,802,227 5, 111, 223 Chicago 309 251 6,805, 675 8,296,645 excess of the total for March, 1924. The total St. Louis 86 100 531,515 1,313, 655 Minneapolis.. 82 77 1.924,921 979,270 indebtedness in default was less in March than Kansas City.. 113 1,782,243 1,851,517 in February and, with the exception of Novem- Dallas 74 682,936 950, 677 San Francisco. 205 216 2,317,288 2, 553,328 ber, 1924, was lower than in any month since Total... 1,859 1,817 34,004,731 ! 97,651,026 September, 1923. Failures during the first quarter of the year numbered 5,969, as against 5,655 for the same During March there were 41 banks, with quarter of last year. With the exception capital and surplus aggregating $1,881,000, of the first quarter of 1922, the total was which were reported to the Federal reserve higher than that in the first quarter of any banks as having been declared insolvent or year since 1915. In contrast, the aggregate closed. Both totals were considerably lower liabilities involved in failures during the quar- than for last month, during which 62 banks, ter just ended, amounting to $128,481,780, as with total capital and surplus of $3,372,000, against $184,865,571 for the same period last were reported. Of the total number reported year, was lower than in the same quarter of in March, 34, with capital and surplus of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL. RESERVE BULLETIN MAY, 1925 $1,366,000, were nonmember banks, and 7, $170,000,000 in merchandise, of $148,000,000 with capital and surplus of $515,000, were in gold, and of $700,000 in silver, giving an member banks. One of the latter was a mem- aggregate increase of $318,000,000 in visible ber State bank and the remainder were na- exports. Net exports for the first three months tional banks. Five banks, which had previ- of the current year were 7.7 times as great a& ously been reported closed, were reported as for the earlier period. resuming operations during the month—two in the Chicago district and one each in the MERCHANDISE TRADE BALANCE OF THE UNITED Atlanta, St. Louis, and Minneapolis districts. STATES In contrast to commercial insolvencies, fewer [In thousands of dollars] bank suspensions were reported in the first quarter of this year than during the same Month Imports Exports Excess of Excess of .imports exports quarter of last year. The respective totals were 199 and 302. The figures for bank fail- 1924 ures represent so far as could be determined January 295,506 395,172 99,666banks which had been declared insolvent or February 332,323 365,775 33,452, March 320,482 339,755 19,273 were closed by order of supervisory authori- April 324, 291 346, 936 22, 646- May 302,988 335,099 32, 111 ties, and it is not known how many of the June 274,001 306, 989 32, 988latter institutions may ultimately prove to be July 278, 594 | 276, 649 1,945 August 254, 542 I 330,659 76,117 solvent. September... 287,144 427,460 140, 316 October 310,752 527,172 216, 420 November... 296,148 I 493, 573 197,425 December 333,192 445, 748 112,556 BANKS CLOSED DURING MARCH, 1925 Year... 3,609,963 | 4,590,987 981, 024 [Amounts in thousands of dollars] 1925 January 346,165 446,430 100, 265 All banks Member Nonmember February 333,681 370, 740 37, 059* March 385,487 453,434 67, 947 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 TRADE BALANCE OF THE UNITED STATES FOR THREE MONTHS ENDED MARCH, 1924 AND 1925 All districts 41 1,881 17 515 34 1,366 [In thousands of dollars] Cleveland 1 29 1 29 Richmond 7 516 2 251 5 265 Merchan- Chicago..- __ 5 156 5 156 dise Gold Silver Total St. Louis 9 476 i 1 35 8 441 Minneapolis 9 253 1 66 8 187 Kansas City 4 88 1 32 3 56 D Sa a n ll a F s rancisco 3 3 2 1 0 6 2 1 1 102 3 2 20 5 2 9 I E m x p po o r r t t s s 1924 1,1 9 0 4 0 8 , , 3 7 1 0 1 2 114 1 , ,6 5 0 6 3 9 2 2 5 0 , , 4 1 4 0 1 1 1 1 , , 1 0 2 82 7, , 9 7 8 4 1 6 . 1 Includes 1 State member bank with capital and surplus of $35,000. Net imports (—) or exports (+) +152,391 -112, 936 +5,340 +44, 765 FOREIGN TRADE 1925 Imports 1, 065,333 15, 978 18, 928 1,100, 239s Imports of merchandise during March were Exports 1, 270,604 149,408 26,142 1, 446,154 valued at $385,487,000, an increase of $51,- Net imports (—) or export (+) +205, 271 +133,430 +7, 214 +345, 915 806,000 over February, of $65,002,000 over March, 1924, and the largest figure shown, for any month since March, 1923. Merchandise GOLD MOVEMENT exports amounted to $453,434,000, an increase UNITED STATES of $82,694,000 over February, of $113,679,000 over last March, and the largest figure shown Net gold exports for March were $17,767,000,. since last November. Net exports were $67,- slightly less than 38 per cent of the amount 947,000, as compared with $37,059,000 for shown for February. Total gold imports into February. the United States during March were $7,337,- The visible trade balance for the first three 000, slightly more than twice as large as during months of 1925 as compared with the similar the preceding month, and comparing with period of last year shows on the import side $34,322,000 during March of last year. As an increase of $117,000,000 in merchandise, compared with February, the greatest ina decline of $99,000,000 in gold, and a decline crease was shown in imports from Great of $1,000,000 in silver, which works out as an Britain, which rose from $2,000 to $2,935,000, increase of $17,000,000 in visible infports. On and compared with $19,327,000 in March, the export side there is shown an increase of 1924. Slight increases were also shown for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

321 MAY, 1925 FEDERAL RESERVE BULLETIN Canada and for Mexico. Total gold exports England, and considerable declines were also during March were $25,104,000, slightly less shown for France, the Netherlands, Canada, than one-half as large as in February, and com- and Argentina. Gold exports rose from paring with $817,000 during March of last $1,603,000 during the three months of 1924 to year. The greatest decreases were shown in $149,230,000 in 1925. The largest amounts, exports to British India, which declined by both absolutely and relatively, were shown for $16,000,000, and to Australia, which declined British India, Germany, and Australia, which, by $14,000,000. The largest item was the ex- taken together, received 83 per cent of all the port to Germany, which amounted to about gold exported during the first three months of 60 per cent of the total and showed an increase 1925. of $2,500,000 over February, as against Imports of silver during March were $6,661,- $2,360,000 of imports from Germany in March 000, as compared with $4,929,000 during of last year. Gold exports to Germany in February, $3,767,000 coming from Mexico and March were out of the gold previously ear- $1,263,000 from Paraguay. Exports of silver marked and, therefore, had no effect on the were $7,917,000 during March as compared gold position of the reserve banks or of the with $6,841,000 during February. The largest German Reichsbank. Exports to England item was $4,598,000, sent to British India, and declined from $1,032,000 during February to somewhat more than $1,000,000 were sent $50,000 during March. There were no gold both to Germany and to England. exports to the Netherlands in March, while in the three preceding months exports to that GREAT BRITAIN country had aggregated $5,643,000. For the three-month periods ending March, Total gold imports into Great Britain during 1925 and 1924, gold imports declined from February were £4,414,000, compared with $114,569,000 to $15,978,000, about 14 per cent £2,266,000 during January and with £3,293,000 of the figure shown for the earlier period. The during February of last year. The greatest ingreatest decline was shown in imports from crease was shown in imports from the United States, which rose by £1,552,000, more than doubling the amount for January and compris- GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES ing about two-thirds of the total February imports. Since the beginning of the inflow of [In thousands of dollars] gold from the United States in December, imports from that country have made up about 60 Three months end- 1925 ed March— per cent of all the gold imported into Great Britain during those three months. Imports March February 1925 1924 from the Transvaal during February almost doubled as compared with January, and im- IMPORTS FROM— ports from West Africa rose by about £43,000. England 2,936 3,066 61,972 Exports of gold during February were France 71 8,517 Germany 2,882 £3,823,000, as compared with £4,799,000 dur- N Ca e n th a e d r a lands.. 2,777 2,412 8,309 1 5 7 , , 9 2 1 8 7 4 ing January and £7,157,000 during February Mexico 513 394 1,424 1,443 of last year. The largest actual amount ex- Argentina 4,487 China 20 722 ported as well as the largest increase was Egypt 7 9 1,450 All other 1,104 795 3,079 9,895 shown in exports to India, which made up 88 per cent of the February total, were £1,243,000 Total _ 7,337 3,603 15,978 114, 569 greater than in January, and compared with EXPORTS TO— £1,048,000 for February of last year. Ex- England 50 1,032 6,160 ports to the United States during February France 31 1,339 Germany "l5,"l20 12, 510 45,130 of last year were £5,399,000, compared with Netherlands 1,035 4,318 Poland and Danzig _ 1,104 1,104 no exports since last November. Exports to Sweden 230 1,233 Egypt also showed a decline, from £70,000 in Canada 59 49 178 386 Mexico 461 397 1,201 644 January to £66,000 in February, as compared A U r r g u e g n u t a in y a 5,050 1 5 1 2 0 5,2 8 6 0 0 2 with £300,000 in February of last year. Net British India 63 16,228 52,757 imports during February were £591,000, com- Hongkong 1,113 540 2,594 56 Australia 2,758 16,793 25,905 pared with net exports of £2,534,000 during Allother 430 1,249 "517 January, and of £3,864,000 during February, Total.. 25,104 50,600 149,230 1,603 1924. Net imports.. 112,966 For the first two months of the current year Net exports.. 17,767 46,997 133,252 imports declined by about £1,000,000 as com- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL RESERVE BULLETIN MAY, 1925 pared with the corresponding period a year ago. all the exchange rates were narrower than A decline of £5,000,000 in imports from the they have been during any month since the Transvaal was offset by a gain of £4,000,000 in official "pegging" was removed early in 1919. imports from the United States. Exports for The advance in sterling, which began in the same period declined by £5,000,000, a de- August of last year has continued almost withcrease of £9,500,000 to the United States being out interruption since that time, and on April 29, nearly offset by an increase of £4,000,000 to following the announcement of Great Britain's India. The most notable change in the move- return to the gold standard, the pound crossed ment of gold during the two periods was the $4.84. The French and Belgian franc and cessation in exports to the United States and the Netherlands florin stood at about the same the very large increase in imports from the average level as during March. The Norwe- United States. gian krone made considerable advance, from an average of 15.43 cents during March to a GOLD IMPORTS INTO AND EXPORTS FROM GREAT high of 16.37 cents on April 18. BRITAIN Of the South American exchanges, Argentine pesos, Brazilian milreis, and Uruguayan 1925 Two F m eb o ru n a th ry s — ended p M e a so rc s h , d w ec h li i n le e d C h s i o le m an ew p h e a s t o s a a s d v c a o n m c p ed ar e s d li gh w t i l t y h . Since the middle of March the Mexican peso February January 1925 1924 has averaged a little above parity. In the Far East, the Shanghai tael and the Indian IMPORTS FROM— rupee showed slight recessions, while the Japan- France. £28,387 £28,387 ese yen rose from the March average of 40.97 Netherlands £17,150 30, 743 47,893 £11, 758 Rhodesia 186,362 191, 721 404,864 cents per yen to 42.19 cents on April 16. Transvaal 1,190,938 615,857 1,806,795 7,011,053 United States... 2,88C, 548 1, 328,301 4, 208,849 5,092 As compared with April, 1924, all the leading West Africa HO, 544 67,214 177, 758 240,007 European exchanges except the French and Allother 28,282 3,520 31,802 18,391 the Belgian francs and the Italian lira showed Total. 4,413, 824 2,265, 743 6,679,567 7, 691,165 considerable advances. The South American EXPOItfTS TO— countries, with the exception of Brazil, stood Belgium 9,841 78, 612 88,453 ! 34,256 at higher levels, as did also the exchanges of B Eg ri y ti p s t h India 3,37 6 1 5 , , 9 7 3 0 9 3 2,12 6 8 9, , 5 7 7 5 6 8 5,5 1 0 3 0 5 , , 5 4 1 6 5 1 I i 1 1 , , 0 6 0 4 0 6 , , 0 1 0 4 0 5 the Far East. France 12, 669 21,445 34,114 79,221 Netherlands _ 231, 741 236, 628 468,369 779,211 Russia _._ 58, 772 268,280 327,052 FOREIGN EXCHANGE RATES Spain and Canaries 15,566 17,186 32, 752 50 Straits Settlements 2,000 7,500 9,500 111, 529 [In cents] Switzerland 3,500 3,500 132,384 United States 9,532,004 West Africa _... 13,271 24, 656 37,927 5,770 Allother - 41,166 1,943,216 1,8 117,980 April, 1925 March, 1925 Total.. 3,822,668 4, 799, 357 8, 622,025 13,438,550 Exchange Net imports.. 591,156 Net exports.. 2,533, 614 1,942,458 5,747,385 FOREIGN EXCHANGE Sterling 486. 65 477.62 484.47 476.20 478.86 477. 63 429.06 French franc 19.30 5.13 5.26 5.05 5.32 5.18 4.68 German reichsmark 23.82 23.80 23.80 23.80 23.80 23.80 Continued narrowing in ranges of fluctua- Italian lira... 19.30 4.09 4.12 3.99 4.07 "~4.~28 tion, slightly higher levels than in March, and N Sw et e h d e is rl h a n k d ro s n f a lorin.. 4 2 0 6 . .8 2 0 0 3 2 9 6 . . 8 7 4 8 2 4 6 0 . . 9 1 5 3 3 26 9 . . 9 8 4 3 1 3 2 9 6 .9 .! 9 3 26 9 . . 9 9 5 2 J 3 2 7 6 . . 0 2 7 9 considerably higher than in April of last year Swiss franc 19.30 19.28 19.39 19.22 19.29 19.26i 17.29 Canadian dollar 100.00 99.91100.00 99.83 99.91 99.87! 96.96 characterized the foreign exchanges during the Argentine peso 96.48 85.66 87. 51 87.38 90.63 89. 711 76.55 first three weeks of April. Ranges of nearly Shanghai tael 66.85 73.02 73.63 72.85 74.44 73.36! 70.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 325 BUSINESS AND BANKING CONDITIONS IN Compared with the first quarter of 1924,. EUROPE British imports rose by £50,000,000 to £352,- 000,000, a gain of 16 per cent, while exports International trade.—The improvement increased £15,000,000 to £209,000,000, or 8 noted in European trade in 1924 and especially per cent, the exports for March having been in the last half of the year has been maintained exceeded only twice since January, 1921. during the first quarter of 1925. The tonnage French exports for the quarter are approxiof ships entered and cleared during the second mately the same as a year ago, but as imports semester showed a substantial increase not are materially lower, the trade balance is more only over the first half year (an increase which favorable than in the early months of 1924. might be interpreted as seasonal), but also over Figures for only the first two months are the corresponding period of 1923. For the available for Germany, the Netherlands, and first two months of the current year, France Sweden, and for all these countries trade is and Germany (Hamburg) report entrances and much larger than in the corresponding periods clearances not only greater than in the same of each year. German imports were almost period last year, but well above the figures for twice as large, and exports 50 per cent larger 1913. For England the same fact holds true than in 1924. Swedish and Dutch exports as to ships entered, but clearances, although have each risen about 15 per cent above the about the same as in 1924, are somewhat below first two months of last year. 1923 and 1913, reflecting reduced coal ship- Several causes have contributed to this inments. crease in international trade. The remarkable This growth in shipping reflects an increase improvement in German trade is the result of in the volume of international trade. The in- the betterment in the country's international crease in imports into various European coun- relations, the stabilization of the currency, tries was especially marked in the last half of and the large foreign loans and credits made 1924. In that period British imports were available to the Crerinan Government and £682,000,000, compared with £598,000,000 in industry. In a number of other European the first half-year and £559,000,000 in the last countries also currency stabilization has inhalf of 1923; German imports were 4,840,- creased the confidence of foreign investors 000,000 gold marks, compared with 4,408,000,- and has facilitated the flotation of loans, the 000 gold marks for the preceding six months proceeds of which have been used to meet the and only 2,898,000,000 gold marks in the last demand for foodstuffs and raw materials. half of 1923; and substantial gains were re- The rise in the price of several raw materials, ported in the import figures of other European and especially of cereals, has had the effect of countries. These larger figures of international increasing the purchasing power of areas trade, however, reflect advances in commodity which in previous years had been suffering prices as well as growth in the physical volume from depression. It is to this increased purof trade. chasing power of industrial Europe and of Exports also increased for most European agricultural communities in many parts of countries in the last half-year. British ex- the world that the marked increase in interports increased from £388,465,000 to £406,- national trade is chiefly attributable. 900,000, or 5 per cent compared with the first Industrial activity.—While foreign trade of half. French exports for the same period, European countries has increased, some inhowever, showed a small decline. German ex- dustries have not shown a corresponding ports rose from 2,827,000,000 marks in the first improvement. The British coal and iron half to 3,721,000,000, a gain of over 30 per cent, industries, which during the period of passive while imports in the same period increased less resistance in the Ruhr experienced a period of than 10 per cent. Italian exports rose from considerable activity, have had a decided 6,672,000,000 lire to 7,646,000,000, or 14 per setback with the resumption of German procent; those of Czechoslovakia by 17 per cent; duction. British coal production was nearly those of the Netherlands by 19 per cent; and at Capacity in the first quarter of 1923 and those of Sweden by about 46 per cent. The 1924, but recently has been running below growth in exports in the last half of the year either of those years, with prices about oneis partly seasonal, but the exports of the last half what they were in the spring of 1923 and half of 1924 were also materially larger than about 30 per cent below the spring of last year. in the corresponding period of the year before. In Germany both coal and lignite production In the early months of the current year the is substantially larger than last year, but there volume of trade has remained at high levels. are indications that stocks of coal are accumu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

324 FEDERAL, RESERVE BULLETIN MAY, 1925 lating. British pig-iron production, which ran have raised their rates—Lithuania from 6 to up to 714,000 long tons in May, 1923, has since 7 per cent on February 8, Greece from 7J^ to been steadily declining, dropping to 569,000 8J^ per cent on February 15, and the Bank of tons in January of this year. During the same England from 4 to 5 per cent on March 5; period the French output was steadily rising, following the raising of the Bank of England's from 306,000 metric tons in February, 1923, rate, that of the note issuing department of to 669,000 metric tons in January, 1925. The Czechoslovakia was raised from 6 to 7 per rate of output of pig iron for England and cent on the 25th and of the Bank of Italy from France combined is thus about what it was 5J^ to 6 on the 9th. The present position of €arly in 1923, as the increase in French pro- central bank rates in European countries is duction has approximately offset the decline shown by the chart. in British production. Both countries, how- The high rates prevailing at many conever, show a moderate decline in February com- tinental central banks, together with various pared with January. Monthly German figures practices in effect in different countries for for the period are not available; but in the rationing and restricting credit, indicate, that, first half of 1923 the output of the Rhineland though progress has been made toward imwas very small, while now it is a material fac- provement of monetary and financial conditor in the world market. The slump in the tions, there is still a widespread scarcity of output of British pig iron and the current re- working capital in continental Europe. ports of keen competition for orders among the continental producers are thus the result in part of increased production on the Continent. Credit conditions.—The growth in European INDEXES OF FACTORY EMPLOYMENT AND trade and production in recent months has PAY ROLLS been reflected in increased demand for credit to finance current operations, and money has Wages paid to factory workers are an important factor in the consumers' demand for CENTRAL BANK! DISCOUNT RATES commodities, and changes in the aggregate amount of such payments indicate, although 10 10 they do not of course accurately measure, fluctuations in the volume of manufacturing 9 9 9 9 9 production. These changes are also one factor in the shifting demand for currency as well as in the credit requirements of current business. A measure of the fluctuations in factory pay rolls will, therefore, it is believed, furnish a useful addition to existing indicators of changes in business conditions, and the Federal Reserve Board has accordingly compiled an index of the amount of pay rolls in manufacturing industries, similar to the index of factory employment which has appeared currently in the BULLETIN for over a year. The employment index itself has been revised in some respects on the basis of data which have recently become available. The new index of pay rolls and the revised index of employbeen tight on the Continent except in Switzer- ment are presented in this article. land and the Netherlands. In other countries In many respects changes in amount of rates are either still at very high levels or have pay rolls are more responsive to changes in recently been advanced. Within recent months business activity than are changes in number there have been some reductions in the dis- employed. In times of decreased production, count rates of central banks in Germany, establishments often retain workers on their Austria, Hungary, and Poland, but the rate pay rolls at part-time, and in time of expanin Germany is still 9 per cent and in the other sion the increased production may be affected three countries it is even higher. In France in part by additions to the hours of labor rather the bank rate was advanced from 6 to 7 per than to the working force. Changes of this cent in December, and since the first of the character, though they do not affect employcurrent year five other European countries ment figures, are reflected in decreases or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1925 FEDERAL RESERVE BULLETIN 325 increases of wage payments. The pay-roll in- Data and methods.—In general, the data and dex, therefore, is at times a better indicator of methods employed in constructing the index changes in the volume of industrial activity of factory pay rolls are similar to those used and in the purchasing power of consumers than in making the board's index of employment, is the employment index, which reflects primar- the data and methods of construction of which ily changes in the number of persons employed were described in the FEDERAL RESERVE BULin factories. Aggregate pay rolls, furthermore, LETIN for December, 1923. Until recently no are affected by changes in wage rates and in single agency collected employment data which this respect take account of one factor in pur- satisfactorily represented the entire country chasing power of consumers which is not either industrially or geographically. To secovered by the employment index. This in- cure a sufficiently broad basis for the index it creases the usefulness of the pay roll index as was necessary to combine data from several an indicator of changes in purchasing power sources. Statistics compiled by the United but decreases its value as an index of business States Bureau of Labor Statistics, the Interactivity. state Commerce Commission, the United States The new indexes of employment and pay Employment Service, the New York, Massarolls are shown together on Chart A, and chusetts, Illinois, Wisconsin, and Iowa departmonthly figures since 1919 for the general in- ments of labor, and the Federal Reserve 6ank dexes and for certain group indexes are given of Philadelphia were combined to make indexes in Tables II and III. The statistics from for 33 different industries. PERCENT CHART A. CHART B. PER 150 A / \ \ i Payrol A Earn 100 ~^ \ \ , HA,,-' V 100 I \ Employr Emplo/ment 50 50 FACTORIES RAILROADS 0 1919 1920 1921 1922 1923 1924- 1925 1919 1920 1921 1922 1923 1924 1925 which these indexes are constructed were se- The source data from which the indexes cured, particularly in the earlier years, from a were constructed were in terms of monthwide variety of sources. For the period since to-month percentages of change, or link rela- 1923, however, they have been composed al- tives, which were multiplied together in order most entirely of data compiled by the United to secure for each industry continuous series States Bureau of Labor Statistics. These or chains of relatives from the various sources. statistics are now collected from nearly 9,000 In combining these chains into industry inestablishments in 52 industries and cover about dexes, the series for each State were weighted 2,800,000 employees, with a weekly pay roll in accordance with the relative importance of about $75,000,000. figures are used from of that State in the particular industry. The 45 of these industries reclassified into 33 indus- data from the United States Bureau of Labor tries, which are in turn divided into 11 groups. Statistics, which covered several sections of the The indexes may be considered as representa- country, were given the greatest weights which, tive of conditions in manufacturing indus- furthermore, were increased as these statistics.betries as a w;hole, which during 1923 employed came more comprehensive. The resulting inon the average 8,800,000 workers and paid out dexes were expressed in terms of relatives with weekly wages averaging over $200,000,000. the monthly average for 1919 as the base or 100. The indexes for railroad workers shown on The general index was a weighted average of these Chart B cover figures for about 1,800,000 relatives for individual industries. This second workers with average weekly earnings of nearly set of weights was based upon the relative $60,000,000. importance of the several industries as indi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

326 FEDERAL RESERVE BULLETIN MAY, 1925 cated by the figures for total wages paid from making later adjustments in the employment the 1919 and 1921 census of manufactures. index. It was found advisable, however, to Comparisons later made with similar figures vary from the standard methods in some cases from the 1923 census showed no changes large in order to secure a better agreement with enough to make necessary a revision of weights. census figures in levels and trends. When- By this method of weighting, indexes were ever adjustments were made in the figures secured for 11 industrial groups and for a few for an industry, therefore, this was done with subgroups as well as for a combination of all consideration of the particular nature of the industries. Table I gives a list of industries, discrepancies in the index in question. groups, and subgroups, together with their Revisions in the employment index.—The respective weights used botn in the employ- indexes of employment in different industries ment and in the pay-roll indexes. have also been adjusted to bring them into Census adjustments.—Indexes thus derived agreement with 1923 census figures, and at were adjusted as to level on the basis of data the same time important changes in the comfrom the biennial census of manufactures. position of the indexes have been made. Since Partly because of the inadequacy of the sta- the statistics of the 1923 census of manufactistics in many cases and to a certain extent tures have become available it has been possibecause of the tendency toward a mathematical ble to make careful tests of the representativebias in the method of combining the links, the ness of the employment data of the Bureau of industry chain relatives, although reflecting Labor Statistics for individual industries in 50 1919 1920 1921 1922 1923 1924 1925 1919 1921 1925 with a fair degree of accuracy month-to-month 1923 and to determine whether, with the rechanges, tend over longer periods of time to cent expansion of scope of these data, they are depart from the general trends of employment adequate without being supplemented by adin the given industries. This bias or trend, ditional information previously obtained by when it appeared in a given industry, was the Federal Reserve Board from other sources. corrected by the use of figures from the These tests showed, in the first place, that biennial census of manufactures, which show the bureau's figures on the whole agreed fairly for 1919, 1921, and 1923 the average number well with the census figures and that the employed each month and the total yearly bureau's figures and those of the Federal Rewages paid in each industry. The standard serve Board were constantly becoming more procedure for making the necessary adjust- closely similar. It was found advisable, therements in employment between 1919 and 1921 fore, to compute the board's revised index for were described and illustrated in some detail some industries from the bureau's data alone, in the December, 1923, BULLETIN. In gen- beginning as early as January, 1923, while in eral, if the index for 1921 was below the other industries greater agreement with the relatives (on a 1919 base) for the census census figures was obtained by including data figures of that year, the index was raised, from some of the State agencies in 1923. In beginning in 1919 with a small increment of 1924, however, the Bureau of Labor Statistics' increase, which was enlarged each month until relatives and the board's more complicated the end of 1921. This same general procedure indexes for corresponding industries were in was followed in the pay-roll index and in such close agreement that the former were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, FEDERAL RESERVE 327 substituted for the latter in every industry more comprehensive data were available at the except two. Series from the Labor Bureau time the employment index was first computed. representing stamped and enameled ware and The board's indexes, on the other hand, are from the New York Department of Labor for expressed as relatives of 1919. The chief purbrass, copper, and aluminum products were pose of using 1919 as a base year has been to combined to secure an index for nonferrous retain comparability with the board's other metals. Likewise, figures for piano and organ business indexes, which use 1919 as a basis. manufacturing as reported by the Bureau of Final adjustments by means of census figures Labor Statistics were combined with data for have improved the board's indexes considerably musical instruments collected by the Federal in the direction of making them more repre- Reserve Bank of Philadelphia from Pennsyl- sentative both of industrial activity as a whole vania and New Jersey in order that the New and more especially of activity in individual Jersey manufacturers of phonographs, who do industries. For individual industries, therenot report to the Labor Bureau, might be fore, the board's indexes are in most cases included. Chart C shows indexes of employ- fairly reliable indicators of conditions for the ment and pay rolls and census relatives for entire postwar period, including the period the iron and steel and textile groups. Com- from 1919 to July, 1922, as well as that from parison with the census curves gives some idea July, 1922, to date, which is covered both by of the extent to which the indexes are repre- the board's indexes for individual industries sentative of their respective industries. and by those of the Bureau of Labor Statistics. As a result of these revisions in the employ- Other employment and pay-roll indexes.— ment index and the use of similar data and Employment and pay-roll indexes are pubmethods in constructing the pay-roll index, lished by most of the State agencies collecting the board's indexes substantially agree with such statistics. Their results are comparable those of the Bureau of Labor Statistics since with national indexes in broad fluctuations, the beginning of 1923 and agree almost exactly but in month-to-month movements there are since January, 1924. In addition to the two important variations caused by local pecuexceptions noted above, however, there are liarities in business conditions and by differfurther differences between the two sets of ences in relative importance of industries. In indexes. Some of these are due to omission Chart B are shown indexes of the number and by the board of data from certain industries earnings of employees of Class I railroads. included by the Bureau of Labor Statistics. Only annual figures were available for 1919, These omissions were m^de in cases where and earnings were reported only quarterly in there were no continuous series going back to 1920 and the first half of 1921. These indexes 1919. The most important of the industries show movements, varying in detail, but fairly omitted are sugar refining, petroleum refining, similar to those noted in the corresponding inautomobile tires, and shipbuilding. The effects dexes for factory workers. Other measures of of these differences in composition upon the employment and pay rolls have been computed movements of the two indexes are in fact in- by Prof. W. A. Berridge, of Brown University, significant. Slight differences between the two who assisted the board in constructing its first sets of indexes are also due in some cases to employment indexes, and have been published differences in grouping. For example, the by the Harvard Review of Economic Statistics, board's indexes for the lumber and products the Brown Bureau of Business Research, a*id group include musical instruments, and for in some of Professor Berridge's published iron and steel products include electrical ma- studies.1 These are comparable in general chinery and agricultural implements, while the features with the board's indexes, but differ bureau placed these industries in the miscel- considerably in detail owing to greater comprelaneous group. hensiveness of the board's data and the biennial Another difference between the indexes of adjustments made by the board on the basis of the board and the bureau is in the base period. census returns. The Bureau of Labor Statistics uses the year 1923 as a base, partly because it was a reprei "Cycles of Unemployment in the United States, 1903-1922," W. A. sentative year industrially, but largely because Berridge (Pollak Foundation for Economic Research; Houghton, it was the only full year for which the bureau's Mifflin Company, 1923) and "Purchasing Power of the Consumer," Berridge, Winslow, and Flynn (A. W. Shaw Company, 1925). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

328 FEDERAL RESERVE BULLETIN MAY, 1925 Table I.—INDUSTRIES INCLUDED AND WEIGHTS USED IN EMPLOYMENT AND PAY-ROLL INDEXES Industries W fo i m p n e r l d i o e e g e n y m h x t - t - s W fo in r e r o d i p g l e a l h x y ts - Industries W fo i m p n e r l d i o e e g e n y m h x t - t - s W fo in r e r o d i p g l e a l h x y ts - I. METALS AND PRODUCTS—weight for group 34.5 33.0 IV.—18. RAILROAD VEHICLES 8.0 10.0 A. Iron and steel products—weight for sub- V.—19. AUTOMOBILES 4.5 6.0 group 22.5 26.0 VI. PAPER AND PRINTING—weight for group 8.0 8.0 1. Iron and steel, crude and inter- 20. Paper and pulp 2.0 2.0 mediate 8.0 10.5 21. Paper containers 1.0 0.5 2. Machinery 13.0 14.0 22. Printing and publishing 5.0 5.5 3. Hardware 0.5 0.5 VII. FOOD AND PRODUCTS—weight for group 7.5 7.5 4. Heating apparatus.. 1.0 1.0 23. Animal products 3.0 3.0 B. 5. Nonferrousmetals 2.0 2.0 24. Flour and gristmill products 0.5 0.7 II. TEXTILES AND PRODUCTS—weight for group.. 34.0 30.0 25. Bread and bakery products 2.5 2.6 A. Fabrics and materials—weight for sub- 26. Confectionery and ice cream 1.5 1.2 group 13.5 11.0 VIII. LEATHER AND PRODUCTS—weight for group. 4.5 4.0 6. Cotton 7.0 5.0 27. Leather, tanning, etc 1.0 1.0 7. Wool 3.5 3.0 28. Boots and shoes 3.5 3.0 8. Silk _ 2.0 2.0 IX. STONE, CLAY, AND GLASS—weight for group. 3.5 3.5 9. Dyeing and finishing 1.0 1.0 29. Lime, stone, and cement 0.5 0.7 B. Textile procucts—weight for subgroup.. 10.5 9.0 30. Clay products 2.0 1.8 10. Knit goods 3.0 2.0 31. Glass 1.0 1.0 11. Men's clothing 3.0 3.0 X.—32. TOBACCO PRODUCTS 3.0 1.5 12. Men's furnishings. 1.0 0.7 XI.—33. CHEMICALS AND DRUGS 1.5 1.5 13. Women's clothing 2.5 2.5 14. Millinery and lace goods 1.0 0.8 Total . 100.0 100.0 III. LUMBER AND PRODUCTS—weight for group.. 12.0 10.0 15. Sawmills and planing mills— 9.0 7.0 16. Furniture.. 2.0 2.0 17. Musical instruments 1.0 1.0 Table II.-REVISED INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES [Monthly average, 1919=100] | Textiles and products Lum- Rail- Paper Foods Leather Stone, To- Chem- G in en d e e r x al G in r d o e u x p I a r n o d n G in r d o e u x p Fabrics P u r c o t d s - p a u b r n o c e d t d r s - v r c o e l a h e d s i- m A o u b t i o le - s p a r in n in g d t- p u a r n c o d t d s - p u a r n c o d t d s - g c a l l n a a d s y s , b p u a r c o c t c d s o - p u Ii a c r / c t n o aa t d d il s se steel 1919 average— 100,0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1920 average 103.2 110.3 110.4 100.5 98.5 103.0 96.2 107.0 102.3 110.5 95.9 91.7 104.5 98.9 101.0 1921 average 82.1 66.7 66.5 95.7 96.7 94.4 80.6 77.9 62.0 95.9 87.1 81.9 88.4 97.8 76.5 1922 average 90.4 77.5 76.8 99.7 98.1 101.7 102.2 77.4 83.3 99.1 88.0 91.1 104.6 94.8 73.0 1923 average 104.0 98.6 98.4 107.5 110.0 104.4 108.1 105.7 116.1 104.7 95.1 99.2 122.0 93.7 81.0 1924 average 95.0 87.3 86.9 95.4 95.9 I 94.7 102.6 90.3 108.0 104.2 92.3 88.0 119.5 88.8 74.0 1919 January. 98.0 106.5 107.8 92.7 93.0 92.4 88.4 104.6 85.7 97.8 104.8 97.2 77.7 111.7 117.7 February... 95.0 102.6 103.5 86.5 82.6 91.5 89.2 101.7 86.6 97.4 101.4 97.4 74.2 110.4 116.2 March 95.2 99.8 100.5 89.3 86.4 93.1 92.2 99.6 88.4 97.8 100.3 96.7 80.3 110.6 107.7 April -- 95.7 97.9 98.4 93.2 92.5 94.0 92.6 97.4 92.0 96.8 96.4 95.4 95.1 108.4 100.8 May 96.4 95.2 95.2 97.1 99.7 93.7 95.0 97.1 93.7 95.6 94.5 96.8 107.6 106.8 95.4 June 97.5 94.1 93.9 100.3 104.2 95.3 96.0 96.5 98.1 98.0 95.6 97.6 112.2 98.5 94.6 July 99.6 96.6 96.1 I 104.5 106.8 101.4 98.6 98.4 102.4 99.5 97.3 98.4 106.4 86.5 91.5 August 101.7 101.1 100.6 i 104.5 106.8 101.6 103.1 98.0 105.0 100.8 98.8 101.3 112.9 77.9 91.5 September.. 103.8 103.0 102.8 106.1 105.7 106.6 107.9 100.3 110.0 101.8 100.5 102.6 107.3 86.2 93.9 October 102.8 94.2 93.1 107.3 106.0 108.9 111.1 101.0 113.1 101.9 101.7 103.5 109.6 91.5 94.6 November.. 105.5 100.9 100.3 107.8 106.4 109.5 112.2 102.1 113.2 104.3 103.6 105.7 106.4 106.1 96.9 December... 108.4 108.0 107.9 110.1 110.0 110.4 113.4 103.4 110.6 107.8 105.8 107.5 104.1 105. 6 99.2 1920 January 109.8 113.5 113.7 111.9 111.3 112.7 110.6 104.6 115.6 109.5 100.7 108.8 99.7 102.5 100.0 February-.. 108.6 113.2 113.5 110.9 109.4 112.8 111.1 102.2 117.4 108.2 97.0 106.7 95.5 97.5 99.2 March 110.6 116.0 115.8 113.4 110.6 117.0 112.1 104.0 117.9 110.0 97.4 107.3 99.1 99.5 100.0 April 109.1 114.8 114.7 112.6 109.6 116.3 105.8 103.5 116.0 109.7 95.1 104.8 104.5 100.1 100.0 May -.— 107.1 111.5 111.4 110.4 108.4 113.0 99.5 106.1 112.4 109.6 95.2 101.8 112.2 96.7 98.5 June ... 105.9 113.5 113.3 106.6 105.8 107.7 93.4 108.6 109.3 109.6 96.0 97.1 112.2 97.3 99.2 July 102.8 113.8 113.7 98.1 94.6 102.6 86.6 107.6 109.7 111.6 96.5 89.3 110.1 94.9 102.3 August 102.6 111.8 111.6 95.7 91.6 101.0 95.4 111.4 102.6 111.8 96.3 87.3 106.5 94.7 103.9 September.. 101.4 110.9 110.7 96.0 92.2 100.8 91.9 111.3 96.0 112.3 96.2 78.6 104.9 99.5 102.3 October 98.9 108.4 108.1 92.6 90.2 95.7 89.1 111.6 84.7 112.8 95.3 76.0 102.3 99.0 106.2 November.. 93.8 102.9 103.3 83.0 82.5 83.7 82.5 109. 5 75.5 112.0 94.5 72.2 105.3 102.6 103.1 December—. 87.2 93.3 94.7 74.5 75.4 73.3 76.4 103.7 71.1 108.9 91.2 70.4 ; 101.3 103.1 96.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1925 FEDERAL, RESERVE BULLETIN 329 Table II.—REVISED INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued [Monthly average, 1919=100] Metals and G i e n n d e e r x al G in r d o p e u r x p oduc s I a t t r s n e o e d n l G i T n r e d o x e u t x p iles and prod u u c c °t t s s " p L a u b r u n c o e m d t d r s - - v R r c o e a l a h e i d s l i - - m A o u b t i o l - es p P a r i a n n i p n g d e t r - F p u a o r n c o o d t d d s - s L p e u a r a n c o t t d h d s e - r b p u T a r c c o o t c d - s o - C p u i a h c r c n o a e t d l m d s s - - 1921 January 79.8 82.5 83.5 73.4 73.1 73.8 75.3 92.8 36.8 103.9 83.2 69.0 83.6 96.5 90.8 February... 81.6 78.8 80.1 86.5 87.1 85.6 77.9 83.1 44.8 102.5 84.2 75.0 72.6 93.0 85.4 March 82.3 75.3 76.2 91.9 91.0 93.0 79.9 74.9 54.4 101.0 84.9 77.7 78.5 90.0 83.9 April 81.6 69.9 70.2 95.5 95.4 95.7 80.3 68.5 67.4 95.5 81.8 77.1 88.2 95.7 79.2 May 81.7 67.5 67.4 96.5 98.6 93.8 81.2 69.6 71.4 89.9 83.7 80.1 94.5 97.9 76.9 June 81.0 63.5 63.2 97.3 99.9 93.8 81.2 68.6 68.2 90.4 84.4 83.1 95.1 99.8 75.4 July 79.6 57.6 57.1 97.4 100.6 93.2 78.5 71.5 68.3 90.8 86.3 84.8 94.6 96.8 72.3 August 80.8 58.9 58.0 98.5 101.2 95.1 79.0 75.8 68.7 92.0 86.7 88.0 91.5 97.4 70.0 September.. 83.0 59.4 58.4 103.2 103.5 102.8 80.6 79.1 68.4 93.5 90.7 88.0 93.5 101.5 69.2 October 84.5 61.0 59.8 104.2 103.8 104.8 82.5 82.8 68.0 95.4 94.2 86.8 91.3 103.0 72.3 November. . 85.0 62.7 61.6 102.2 103.4 100.6 85.5 85.3 65.8 97.4 95.1 85.8 89.6 101.6 73.1 December... 84.3 63.5 62.6 101.8 103.0 100.2 85.0 83.4 61.9 98.0 90.3 87.7 88.0 100.7 69.2 1922 January 83.8 63.4 62.7 101.5 102.1 100.7 91.7 77.3 61.0 100.1 84.6 89.5 81.3 88.1 68.5 February... 85.6 66.1 65.5 103.3 100.1 107.5 96.1 76.8 65.2 99.2 84.9 90.4 79.7 92.3 68.5 March 86.6 69.0 68.3 99.9 92.6 109.2 99.9 78.5 69.9 97.9 85.6 88.3 90.3 93.9 70.0 April 86.2 72.2 71.8 96.5 89.7 105.3 99.0 77.3 75.7 95.1 81.2 84.2 100.9 88.5 70.0 May 88.4 75.2 74.7 95.1 90.9 100.5 103.8 79.1 84.0 97.2 82.3 83.9 112.2 91.5 70.8 June 89.8 77.5 76.9 94.5 91.6 98.3 106.8 82.3 89.4 96.6 83.9 85.4 113.8 92.2 70.0 July 86.9 78.2 77.4 94.0 92.3 96.2 105.5 39.2 91.4 96.7 87.0 88.9 112.5 97.3 72.3 August. 89.6 79.5 78.5 96.4 94.2 99.2 106.0 52.8 92.6 98.8 89.9 93.1 113.5 96.5 73.9 September.. 92.5 82.0 81.2 100.0 99.5 100.7 104.2 70.6 91.6 100.2 89.8 95.4 113.8 99.0 75.4 October 96.2 85.6 84.7 102.4 103.2 101.4 105.1 92.2 91.3 101.4 93.6 95.9 112.9 100.0 77.4 November.. 98.7 88.9 88.1 104.8 108.6 99.9 105.2 99.8 92.8 102.3 96.9 98.0 113.3 99.3 79.6 December... 100.4 92.3 91.6 107.6 112.0 101.8 102.4 103.0 95.1 104.3 96.0 100.1 111.4 99.1 80.2 1923 January 101.4 93.0 109.3 113.0 104.6 103.8 104.6 101.2 103.8 90.9 103.1 110.2 95.8 81.7 February... 103.1 96.2 110.6 113.5 107.0 105.9 103.8 109.0 104.2 91.3 104.9 111.0 95.2 82.3 Mareh 105.3 99.8 99.0 112.4 114.6 109.5 107.6 105.8 114.3 105.4 92.4 105.0 115.9 96.1 83.0 April 105.3 100.7 99.9 111.6 114.5 107.8 108.5 104.5 119.2 105.4 89.4 102.2 123.5 93.3 80.7 May 105.4 101.1 100.7 110.3 114.1 105.3 108.7 106.0 121.2 104.4 90.5 100.0 127.6 93.2 81.0 June 105.5 101.6 101.6 108.4 112.3 103.4 110.3 108.2 120.1 104.9 93.4 95.6 128.4 93.1 80.1 July 104.1 100.1 100.0 | 104.8 107.7 101.0 110.3 108.0 117.3 104.4 95.9 94.7 126.7 90.8 79.5 August 104.2 100.0 100.3 ! 104.5 105.7 103.0 109.7 108.7 117.8 103.5 96.8 99.0 127.4 89.0 79.9 September.. 104.2 99.4 99.8 105.3 106.0 104.4 109.1 107.2 118.0 103.9 99.0 98.2 126.3 93.5 80.0 October 104.2 98.4 98.7 105.0 105.4 104.5 108.7 106.9 118.5 105.0 102.0 97.8 125.1 94.6 81.0 November.. 103.2 96.7 97.1 103.9 105.9 101.4 108.2 105.4 118.9 105.4 101.1 96.6 122.5 95.6 81.1 December... 101.6 94.6 94.5 104.1 106.7 100.7 106.6 99.3 118.1 106.1 98.8 119.3 94.7 81.2 1924 January 100.2 93.5 103.9 104.0 103.9 103.5 94.1 123.6 105.7 94.8 93.4 113.6 91.0 80.5 February... 101.2 95.7 95.2 105.4 104.5 106.5 105.7 91.3 126.4 105.3 94.8 93.8 113.8 91.6 80.3 March 101.2 96.9 96.2 103.7 102.3 105.4 105.4 90.7 128.8 105.2 93.3 94.1 119.7 90.3 79.4 April 99.1 95.5 95.1 98.9 98.1 99.8 105.9 91.5 123.4 104.6 89.9 89.1 125.0 87.2 78.2 May 95.7 89.6 89.3 94.8 94.9 94.7 104.6 91.1 111.6 104.1 88.8 85.1 126.4 87.0 75.0 June 92.6 85.0 84.8 91.9 92.0 91.8 101.7 89.6 99.8 103.3 90.7 80.5 124.1 86.9 69.1 July 89.1 80.3 80.0 85.7 85.8 85.4 99.7 89.1 95.1 101.5 90.8 80.7 118.1 88.0 68.5 August 89.6 79.1 78.9 87.4 87.4 87.4 99.9 88.4 96.4 101.5 91.0 84.8 121.3 87.4 68.7 September.. 91.3 80.5 80.2 90.5 90.8 90.2 100.9 88.8 97.2 104.0 93.4 88.0 119.3 89.7 69.9 October 92.9 82.5 82.1 93.6 95.4 91.4 101.9 89.8 98.6 104.5 94.0 89.2 118.8 83.3 71.9 November.. 92.6 82.8 82.4 93.1 96.1 89.2 101.1 89.1 96.3 105.2 92.6 88.7 117.7 91.8 72.5 December... 94.3 85.7 85.2 96.2 100.0 91.2 101.0 89.7 99.3 105.9 93.2 87.9 116.1 91.1 74.1 1925 I January 94.6 87.5 87.1 97.4 100.6 93.4 99.8 89.3 103.8 105.1 90.2 90.9 109.7 87.0 74.0 February... 95.9 89.6 89.1 99.9 101.4 97.9 100.4 89.8 105.1 104.9 89.6 92.5 110.7 87.7 74.6 March 96.4 90.1 89.5 100.0 101.0 98.6 99.6 89.9 112.7 105.7 86.8 92.5 116.8 88.5 75.5 Table III.—INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES [Monthly average, 1919=100] Metals and Textiles and products G i e n n d e e r x al G in r d o p e u r x o p duc I a t r s n o d n | G in r d o e u x p Fabrics P u r c o t d s - p L u a b r c u n o e t m d d r s. - - v R r c o e a l a h e i d s l i - - m A o u b t i o le - s • P p a i r a n i n p n g d e t r - F p u a o r n c o o t d d d s - s L p e u a r a n c o t t d d h s - er C p u i a h c r c n o e a t d m l d s s - steel 1919 average 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1920 average 123.5 127.0 126.5 121.4 123.3 125.2 123.2 120.0 135.3 112.6 1921 average 83.6 60.7 60.0 102.6 104.9 79.3 83.1 64.0 114.5 97.3 1922 average 89.2 69.5 68.4 102.5 108.1 93.3 81.4 88.0 118.5 93.7 1923 average 113.2 102.3 101.9 117.5 114.6 112.8 111.7 134.6 131.3 105.8 1924 average 104.1 90.3 89.9 102.5 101.4 109.9 94.9 124.1 134.6 104.9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

330 FEDERAL RESERVE BULLETIN MAY. 1925 Table HI.—INDEX OP PAY ROLLS IN MANUFACTURING INDUSTRIES—Continued [Monthly average, 1919=100] Metals and products Textiles and products L b u e m r - Rail- Paper Foods Leather Stone, To- C ic h a e l m s - General and road Auto- and and and clay, bacco and index G in r d o e u x p I a r n o d n G in r d o e u x p Fabrics P u r c o t d s - p u r c o t d s - v c e l h es i- mobiles p i r n in g t- p u r c o t d s - p u r c o t d s - and p u r c o t d s - p u r c o t d s steel 1919 January 97.3 109.3 109.4 81.9 85.1 77.9 84.5 125.1 79.8 94.0 98.3 95.8 76.9 102.9 111.4 February 91.3 103.5 103.7 72.3 66.4 79.5 84.0 102.2 85.6 93.6 97.2 92.4 72.8 98.3 104.8 March 91.8 99.4 100.0 77.8 71.7 85.2 85.7 102.4 87.2 94.5 98.2 90.9 80.8 102.3 97.1 April 91.5 94.3 94.7 83.6 83.6 83.6 89.6 99.1 90.5 94.2 94.2 87.8 89.4 95.8 92.9 May 92.3 89.6 89.5 89.6 95.7 82.1 94.5 98.2 95.2 93.2 94.1 91.5 95.3 100.2 90.1 June 94 7 87.2 88.0 99.0 108.1 87.9 101.3 92.7 92.3 98.8 96.5 94.8 110.3 90.8 91.0 July 97.6 89.3 89.8 107.5 111.4 102.7 104.2 92.5 97.5 101.0 96.2 98.3 105.3 83.9 92.1 August 102.7 101.3 102.3 112.3 112.5 112.1 107.8 87.6 100.0 104.6 99.0 104.7 109.8 79.1 90.9 September... 108.2 106. 9 106.6 115.9 112.1 120.6 112.1 95.3 111.7 110.6 102.3 106.1 113.4 95.0 99.2 October 103.6 95.9 94.4 113.4 110.2 117.4 105.8 94.9 123.6 93.4 102.8 108.1 114.3 98.8 105.3 November... 109.7 106.1 105.1 115.6 110.9 121.3 112.8 103.6 120.9 98.0 108.0 110.6 116.9 124.8 111.7 December.... 119.2 117.4 116.9 130.8 132.4 128.8 118.6 106.6 115.6 124.4 113.6 119.2 110.9 128.3 114.0 1920 January 123.7 124.0 123.8 136.1 135.1 137.4 128.9 103.8 128.9 128.1 110.5 122.2 110.3 117.7 116.0 February 121.7 123.6 123.4 134.7 130.7 139.5 128.4 102.2 126.2 126.5 105.6 115.8 102.3 107.3 113.6 March 130.3 134.4 133.9 142.2 135.1 150.9 137.0 110.2 134.8 134.1 111.9 121.9 110.0 120.2 120.7 April.... 127.2 130.2 129.4 139.3 135.2 144.3 130.9 111.1 129.5 130.8 102.8 120.3 124.0 117.8 122.2 May 129.4 128.7 128.1 136.4 135.7 137.3 130.1 123.1 136.8 135.1 114.6 118.0 137.6 120.2 122.4 June 131.0 133.9 133.1 134.2 137.3 130.4 130.1 127.6 129.7 135.6 118.3 118.5 142.0 121.2 126.2 July... 125.3 131.1 130.1 120.8 120.6 121.0 125.1 116.6 129.0 135.7 117.1 110.1 138.8 110.7 128.2 August 127.7 130.9 130.1 118.8 118.8 118.8 130.6 140.2 128.5 138.8 115.7 106.9 137.9 109.9 132.5 September... 125.9 131.9 130.7 116.1 118.2 113.6 126.5 136.3 122.7 139.7 115.9 92.7 137.3 116.0 128.6 October 122.4 128.3 127.5 106.2 100.5 113.1 122.2 138.2 116.6 143.3 115.9 85.5 138.9 117.4 136.0 November... 113.4 120.4 120.3 91.0 90.0 92.2 110.3 136.2 82.2 141.5 114.6 81.0 140.4 120.8 132.0 December 104.5 106.9 108.1 81.4 81.9 80.7 102.1 132.7 74.6 134.9 108.7 79.4 132.6 117.8 116.9 1921 January, 88.9 89.5 90.3 77.5 73.5 82.4 79.8 110.7 32.2 127.5 100.2 73.6 100.7 102.4 107.8 February 87.8 80.0 80.7 94.9 90.2 100.8 82.4 95.9 36.6 121.6 100.0 87.4 81.3 95.5 94.7 March 88.6 75.0 75.6 104.2 96.6 113.5 84.6 88.3 50.4 120.8 99.6 86.5 87.0 95.3 94.0 April 86.0 66.7 66.4 106.4 102.8 110.8 82.3 77.6 75.8 114.0 92.3 83.1 96.7 96.7 88.6 May 84.4 62.9 62.4 104.5 106.9 101.6 80.1 75.1 81.4 105.6 96.2 84.3 102.2 104.0 85.9 June 82.9 55.4 54.3 105.8 108.9 102.1 83.0 73.6 79.6 108.3 94.5 90.2 101.4 105.7 83.4 July 79.0 47.5 46.3 104.9 106.2 103.3 73.7 70.7 79.6 108.9 95.7 90.2 93.5 98.6 81.2 August 81.3 49.2 47.7 107.8 104.1 112.3 79.8 77.4 76.5 109.7 94.6 95.2 95.7 98.2 75.5 September... 81.3 48.0 46.6 111.1 107.5 115.5 76.9 76.6 72.9 111.6 98.5 93.3 93.5 101.8 74.2 October 81.0 49.6 48.0 105.1 101.9 109.1 75.3 83.8 65.8 113.3 102.6 89.2 92.4 97.4 78.7 November. _. 79.9 51.3 49.7 101.2 100.8 101.7 75.5 84.1 60.6 114.1 98.7 85.9 90.7 89.9 79.2 December.... 82.1 53.4 52.1 107.3 108.3 106.1 78.6 83.6 56.1 118.1 94.6 95.6 91.0 93.9 75.6 1922 January 77.6 51.4 50.1 103.0 102.2 103.9 80.4 72.4 40.8 115.1 88.9 96.8 78.5 81.7 74.8 February 80.6 54.8 53.8 107.4 99.8 116.8 85.3 73.1 61.5 111.3 87.5 97.5 73.3 80.3 73.9 March.. 82.9 58.3 57.1 103.2 89.3 120.2 90.2 79.9 66.2 116.7 89.1 92.0 80.2 86.3 75.6 April... 81.4 60.8 59.7 95.0 86.3 105.7 88.8 75.4 79.5 114.0 82.9 86.0 90.0 75.3 76.1 May 85.2 64.9 63.7 94.2 89.4 100.1 92.0 80.1 90.5 116.5 88.7 • 85.3 105.8 87.1 76.8 June _ _ 88.4 68.5 67.4 95.7 90.3 102.3 94.8 86.2 97.4 116.5 91.8 88.2 111.3 91.9 76.6 July 85.1 67.2 65.9 98.4 92.8 105.3 92.2 50.9 97.3 115.2 93.7 91.0 113.1 96.9 80.8 August 89.9 71.9 70.6 101.2 94.6 109.3 96.8 65.7 104.9 117.8 93.4 96.6 114.3 96.5 84.3 September._ 94.3 76.2 74.9 105.3 101.3 110.2 96.7 83.0 101.3 121.8 98.1 98.2 116.9 99.7 85.6 October 97.9 81.8 80.8 105.1 101.5 109.6 99.0 96.9 102.8 123.5 101.0 97.0 115.7 99.7 89.4 November. _. 102.2 86.8 85.8 109.3 112.4 105.5 101.5 105.0 105.4 125.2 106.1 100.5 118.2 105.1 92.2 December... 105.0 91.6 90.7 112.3 116.0 107.8 101.5 108.2 108.1 129.0 103.5 105. 5 119.1 104.4 94.9 1923 January 103.9 90.9 115.6 116.1 115.1 104.1 102.9 127.7 98.7 107.9 114.1 98.0 95.2 February. _. 107.5 95.6 94.7 119.2 117.6 121.2 102.8 103.5 122.5 128.3 98.0 110.2 115.1 94.6 95.8 March 112.7 100.7 99.4 123.8 120.2 128.1 107.4 110.2 133.4 131.7 101.0 111.8 128.2 98.1 98.8 April 113.5 102.7 101.5 120.6 121.5 119.5 111.3 109.8 140.2 132.4 97.9 106.9 141.6 94.2 99.6 May... 117.5 108.2 107.7 123.7 130.0 116.0 114.8 113.8 143.2 133.5 103.6 106.4 151.7 93.3 102.0 June _. 117.5 108.7 120.9 125.9 114.7 117.2 117.7 137.9 132.7 107.5 100.7 152.2 96.0 101.9 July 113.3- 102.6 102.3 115.1 118.3 111.2 115.6 113.4 133.3 130.7 108.9 98.0 147.3 92.8 102.0 August 113.6 104.4 104.6 114.0 115.9 111.7 114.4 115.8 136.5 125.8 106.3 104.9 151.6 84.6 100.8 September.. 114.1 103.8 104.2 114.8 119.1 109.6 116.2 112.7 134.3 129.9 110.7 104.5 151.5 94.2 101.2 October 117.1 105.7 106.2 116.7 117.7 115.4 118.3 118.3 145.7 132.5 112.2 104.1 154.9 101.1 107.6 November. _ 114.8 102.6 102.9 111.6 115.9 106.4 119.1 114.8 145.8 133.5 114.0 98.8 152.1 101.1 106.0 December. _. 113.3 101.3 101.1 113.9 120.3 106.1 116.8 105.8 139.7 136.5 111.5 99.7 146.6 103.5 105.6 1924 January 108.3 97.4 97.0 114.1 115.1 112.9 106.9 93.5 125.3 136.1 106.1 99.9 137.6 102.3 February. _. 113.8 103.1 102.5 118.0 117.4 118.6 113.9 96.3 156.6 136.1 106.4 101.0 142.9 95.8 103.8 March _ 113.4 104.8 104.0 113.7 111.6 116.3 114.3 96.1 154.3 136.9 105.1 100.0 149.0 95.2 104.6 April 110.6 102.4 102.0 105.8 105.4 106.3 114.4 99.1 149.2 136.7 101.6 90.9 156.3 87.5 102.8 May 105.5 94.9 94.7 9§.7 100.0 97.2 112.1 97.1 132.5 135.2 101.9 86.1 158.3 89.8 98.6 June __ 99.9 85.1 84.9 94.0 93.4 94.7 109.6 97.1 109.3 133.3 104.2 81.7 157.1 92.8 90.6 July 92.3 75.4 75.0 85.8 85.3 86.4 102.1 88.6 99.9 128.2 104.8 80.7 142.0 90.4 87.9 August _ 96.1 78.6 78.3 92.3 91.5 93.4 105.0 91.6 107.6 128.0 102.6 91.0 148.4 90.2 89.9 September.. 99.3 80.7 80.1 98.3 97.5 99.3 107.8 90.3 111.8 133.4 107.8 95.9 146.0 93.9 91.1 October 102.8 84.9 84.7 103.0 105.6 99.8 111.2 97.6 116.8 135.6 105.5 96.2 149.6 85.5 95.4 November. _ 101.0 85.1 84.5 99.1 104.5 92.5 110.2 94.6 111.4 136.0 , 105.1 87.9 145.1 97.9 95.5 December. _. 105.8 91.6 91.1 107.5 113.9 99.7 111.9 97.4 114.5 139.9 107.2 91.5 143.6 100.0 98.2 January192S 103.1 92.9 92.6 108.6 112.9 103.3 103.1 91.5 99.9 138.2 102.8 95.3 128.8 93.5 07.0 February. _. 108.9 96.3 95.8 113.4 114.2 112.4 108.5 100.0 132.1 137.5 105.4 99.7 136.4 87.0 ©9.7 March 110.4 99.2 96.5 114.4 114.2 114.7 109.7 100.2 142.9 139.4 103.5 100.0 143.4 88.3 101.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

331 MAT, 1925 FEDERAL EESEEVE BULLETIN TURNOVER OF STOCKS AT DEPARTMENT mond districts. In 1921 the volume of sales STORES declined somewhat less than stocks, with the result that the rate of turnover increased to The rate at which stocks of merchandise 3.41 and goods moved at about that same are sold and replenished is an important factor rate in 1922 and 1923. In 1924, on the other affecting the expenses of operating retail firms hand, average stocks increased more than and in determining the amount of credit that sales and the rate of turnover dropped to is required to finance retail trade. In view 3.33. The following table shows the average of the importance of this relationship between rate of stock turnover each year since 1919: stocks and sales at department stores the Federal Reserve Board, in cooperation with ANNUAL RATE OF STOCK TURNOVER AT DEPARTMENT the Federal reserve banks and the Controllers' STORES. Congress of the Retail Dry Goods Association, decided to add to the regular retail trade Rate of reports data showing the rate of turnover each Year turnover month and the cumulative rate from the beginning of the year through the current 1919 3 47 1920._. 3.08 month. The rate of turnover for each month 1921 3 41 1922 _ 3 38 is computed by dividing total sales by average 1923 3.38 stocks during the month, and the rate of 1924 3.33 turnover for the period from the beginning of the year through the current month is calcu- While fluctuations in the rates at which lated by dividing total sales for the period by goods flowed through retail channels after 1919 average stocks. have followed somewhat the same general course throughout the country, a comparison Since 1919 more than 300 department stores of these data by different sections of the coundistributed throughout the United States have try shows that the rate of turnover is highest reported statistics on sales and stocks reguin the New York, Boston, and Chicago Federal larly to the Federal reserve system. These reserve districts, followed by the Philadelphia, firms represent about 27 per cent of the total Cleveland, and Richmond districts, and is department-store business, which approximates slowest in the San Francisco, Dallas, Minneapo- $5,500,000,000 a year, and the data from them lis, and Atlanta districts. In 1923 the average for a number of years makes it possible to annual turnover of stocks at department stores study the relation between the volume of varied from 3.92 times in the New York dissales, the size of stocks, and the number of trict to 2.53 times in the Atlanta district, and times that stocks were turned over each year. in 1924 stores in the New York district turned Sales during each month and stocks of merover their stock 3.96 times, while those in the chandise on hand at the end of the month are Atlanta district turned over their stock only expressed in dollars and the annual rate of turn- 2.53 times. The following table shows the over has been computed for each Federal reserve average rate of turnover for stores in the different district by dividing total sales for the year Federal reserve districts in 1923 and 1924: by average monthly stocks. These district data were weighted according to the relative importance of retail trade in each district to ANNUAL RATE OF STOCK TURNOVER, BY FEDERAL RESERVE DISTRICTS obtain the average turnover for the entire country. The results of this analysis show Rate of turnover that in 1919 stores turned over their stocks District 3.47 times, a higher rate than for any year 1923 1924 since that time. In 1920 sales did not increase in proportion to stocks and as a result the Boston 3.79 3.73 rate of turnover declined to 3.08, which was a New York 3.92 3.96 Philadelphia 3.39 3.27 lower average rate than for any other year Cleveland _ _ _ 3.37 3.18 for which data are available. Stocks were Richmond 3.07 3.13 Atlanta, __ 2.54 2.53 moved more slowly in 1920 in all reporting Chicago 3.55 3.44 Minneapolis 2.79 2.76 Federal reserve districts, though the greatest Dallas 2.82 2.84 slowing down was in the Cleveland and Rich- San Francisco 3.07 2.98 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

332 FEDERAL RESERVE BULLETIN , 1925 Although the average rate of stock turnover RATE OF STOCK TURNOVER BY FEDERAL RESERVE is highest in the eastern and the Chicago Fed- DISTRICTS AND CITIES WITHIN EACH DISTRICT, eral reserve districts, and lowest in the southern SINCE 1919 and western districts, there is considerable Federal reserve district 1919 1920 1921 1922 19231924 variation in the rate for the different cities of Boston: the several Federal reserve districts. Gen- Boston 3.90 3.60 4.23 4.04 4.07 4.04 Outside 2.91 3.22 3.50 2.91 2.95 2.83 erally the rate is most rapid in the larger cities District 3.64 3.50 4.03 3.75 3.79 3.73 and slowest in the smaller centers, where mer- New York: New York and Brooklyn 4.14 3.59 3.97 4.03 4.08 4.19 chants can not replenish stocks so quickly from Bridgeport. 3.09 3.06 3.13 3.00 3.25 3.20 Buffalo 2.95 2.76 3.12 3.20 3.32 3.23 wholesalers. In 1924 the highest rate of turn- Newark... 3.44 2.99 3.72 3.81 3.87 4.04 over was in the cities of Indianapolis, Des Rochester 2.83 2.49 3.22 3.55 3.67 3.55 Syracuse. 2.87 2.57 3.13 3.43 3.63 3.48 Moines, Detroit, Chicago, Boston, New York, Other cities 2.36 2.27 2.32 2.36 2.27 2.33 District 3.86 3.38 3.82 3.88 3.92 3.96 and Newark, in all of which stocks were turned Philadelphia: over more than four times. Philadelphia 4.73 4.88 4.84 4.51 4.56 4.15 Lancaster _ 2.89 2.89 2.62 2.46 2.51 2.58 In order to analyze the rate of turnover for Other cities 2.99 2.81 3.10 2.73 2.69 2.72 District 3.68 3.65 3.68 3.38 3.39 3.27 stores at which there is a considerable variation Cleveland: in the volume of sales, the firms were grouped Cleveland 4.63 4.16 4.13 4.07 3.91 3.70 Akron. 3.80 3.36 2.98 3.16 3.33 3.15 according to the size of the annual volume of Canton. _ 1.76 1.44 1.59 1.62 1.83 1.67 Cincinnati 2.62 2.41 2.48 2.57 2.76 2.99 sales, and an analysis of the data shows that Columbus 3.45 3.15 3.54 3.48 3.48 3.49 there is a direct relation between the volume Dayton 2.81 2.80 3.08 3.40 3.26 3.03 Pittsburgh 3.15 2.92 3.13 3.39 3.50 3.20 of sales at each establishment and the rate of Toledo 2.46 2.19 2.52 2.76 2.81 2.39 Wheeling 2.30 2.14 2.50 2.71 2.83 2.75 stock turnover. In 1924 stores with a volume Other cities 2.87 2.64 2.75 2.99 3.25 3.26 of sales of more than $25,000,000 had an aver- District 3.25 2.99 3.13 3.29 3.37 3.18 Richmond: age stock turnover of 4.02 times, while firms Baltimore 3.52 3.03 3.57 3.41 3.30 3.39 Richmond 3.89 3.26 3.44 3.50 3.21 2.94 selling less than $500,000 worth of merchan- Washington 3.68 2.89 3.68 3.18 3.05 3.24 dise turned over their stocks only 1.77 times. All others.. 2.89 2.51 2.88 2.52 2.38 2.27 District 3.50 2.93 3.48 3.21 3.07 3.13 Variations in the rate of stock turnover for Atlanta: Atlanta 3.06 2.70 2.36 2.65 2.78 stores with annual sales ranging from less than Birmingham 2.44 2.38 2.45 2.77 2.81 $500,000 to more than $25,000,000 are shown Nashville 2.42 2.52 2.48 2.55 2.56 New Orleans 2.69 2.85 2.65 2.63 2.58 in the following table: Savannah 2.47 2.22 2.11 2.25 2.36 Other cities 2.58 2.26 2.35 2.34 2.23 District 2.59 2.59 2.47 2.54 2.53 Chicago: ANNUAL RATE OF STOCK TURNOVER, BY DIFFERENT Chicago 4.14 4.15 4.15 4.24 SIZED FIRMS Detroit 3.47 4.17 4.36 4.25 Des Moines 5.09 4.55 4.76 4.60 Indianapolis 4.19 4.18 3.15 4.69 Milwaukee 4.28 4.22 3.27 2.88 Rate of turnover Other cities 2.47 2.42 2.52 2.42 District 3.66 3.55 3.44 Minneapolis: 1923 1924 Minneapolis. 3.95 3.44 3.73 3.80 3.81 3.68 Helena 2.33 1.97 2.10 2.52 2.38 2.25 St. Paul... 2.61 2.40 2.59 2.43 2.37 2.37 Firms selling— Other cities 2.24 2.10 2.21 2.19 2.25 2.22 Under $500,000 1.90 1.77 District 2.92 2.65 2.86 2.82 2.79 2.76 $500,000 to $1,000,000 2.40 2.42 Dallas: $1,000,000 to $2,000,000-. 2.51 2.50 Dallas. 2.82 2.81 2.84 2.80 2.76 $2,000,000 to $5,000,000- 3.16 3.15 Fort Worth 2.59 2.61 2.58 2.63 2.65 $5,000,000 to $10,000,000. 3.41 3.32 Houston 2.68 2.66 2.77 3.03 2.98 $10,000,000 to $25,000,000 3.82 3 69 Other cities 2.85 3.05 2.88 2.82 2.95 Over $25,000,000 4.06 4.02 District 2.77 2.82 2.78 2.82 i2.84 San Francisco: San Francisco 2.98 2.69 2.88 2.93 2.95 !2.91 Los Angeles 2.78 2.71 2.95 3.19 3.45 !3.27 Detailed statistics showing the rate of stock Salt Lake City 3.58 3.20 3.30 2.62 2.72 2.25 Seattle 3.05 2.51 2.90 3.19 3.14 3.17 turnover by Federal reserve districts and cities Spokane. 2.59 2.23 2.18 2.06 2.15 2.05 within each district since 1919 are given in the Oakland 2.36 2.29 2.51 2.34 2.45 2.45 District 2.84 2.61 2.84 3.02 3.07 2.98 following table: United States 3.47 3.08 3.41 3.38 3.33 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 333 Changes in State Bank Membership Fiduciary Powers Granted to National Banks The following list shows the State banks and trust During the month ended April 21, 1925, the Federal companies which were admitted to membership in the Reserve Board approved applications of the national Federal reserve system during the month ended April banks listed below for permission to exercise one or 21, 1925, on which date 1,533 State institutions were more of the fiduciary powers named in section 11 (k) members of the system; also other changes affecting of the Federal reserve act as amended, as follows: (1) State bank membership: Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6) as- ADMISSIONS signee; (7) receiver; (8) committee of estates of lunatics; Capital Surplus Total re- (9) in any other fiduciary capacity in which the State sources banks^ trust companies, or other corporations which come into competition with national banks are per- District No. 2 mitted to act under the laws of the State in which the Longacre Bank, New York, N. Y $200,000 $75,108 $2,887,332 national bank is located. Community Trust Co., Middleport, N.Y 100,000 10,000 362,927 District No. 3 Excelsior Trust Co., Philadelphia, Pa.. 300,000 400,000 5,572,930 Location Di N s o tr . ict Name of bank g P r o a w nt e e r d s District No. 11 Central State Bank, Sherman, Tex 100,000 10,000 516,625 Maiden, Mass 1 First National Bank.... Ito9 North Attleborough Manufacturers National Ito9 CHANGES Mass. 1 Bank. Charlestown, N. H Connecticut River Na- Ito9 District No. 2 1 tional Bank. Yorkville Bank, New York, N. Y. Bellows Falls, Vt National Bank of Bel- 4 to 9 (merged with Manufacturers Trust 1 lows Falls. Co., New York, N. Y., a member) $200,000 $800,000 $36,225,224 Enosburg Falls, Vt 1 First National Bank Ito9 West Orange, N. J 2 do Ito9 District No. 5 Highland Falls, N. Y... 2 .. do Ito9 Liberty Bank of Baltimore County, Dallastown, Pa 3 do Ito9 Baltimore, Md. (absorbed by a non- DuBois, Pa 3 Du Bois National Bank. Ito9 member bank) _ 25,000 25,000 1,007,797 Erie, Pa 4 Second National Bank.. land 4 Scranton, Pa 3 First National Bank... Ito9 District No. 6 Strasburg, Va 5 Massanutten National Ito9 Bank of Cave Spring, Cave Spring, Ga., Bank. (voluntary withdrawal) $25,000 $25,000 $188,724 Orlando, Fla 6 First National Bank Ito9 American State Bank, Athens, Ga. Seabreeze, Fla 6 do . . Ito9 (closed) _ 100,000 20,000 954, 255 Vincennes, Ind 8 . do Ito9 Salina, Kans 10 Farmers National Bank. 5 and 8 District No. 7 Kansas City 10 New England National Ito9 Citizens State Bank, Early, Iowa Bank & Trust Co. (consolidated with State Bank of Oakland, Calif 12 New First National Ito9 Early, Iowa, a member) 30,000 5,000' 329,476 Bank. District No. 8 Commercial Bank, Bertrand, Mo. (voluntary liquidation) 25,000 2,000 120,736 Changes in National Bank Membership District No. 11 The Comptroller of the Currency reports the follow- Farmers & Mechanics State Bank, Childress, Tex. (succeeded by a na- ing increases and reductions in the number and capital tional bank) 50,000 60,000 1,941,975 of national banks during the period from March 21 to First State Bank, Wills Point, Tex. April 17, 1925, inclusive: (converted into a national bank) 100,000 50,000 629,926 Como State Bank, Como, Tex. (converted into a national bank) 25,000 25,000 205, 375 L Se u ( ( c b c c u o o b r n n o it v v c y e e k r r t t S e e S t d d t a a t i i t e n n e t t o o B B a a a a n n n n k k a a , , t t i i o o L L n n u u a a b b l l b b b b o o a a c c n n k k k k , , ) ) T T e e x x . . 2 1 0 0 0 0 , , 0 0 0 0 0 0 2 1 0 0 , , 0 0 0 0 0 0 2,6 9 0 5 1 3 , , 7 3 7 9 4 0 N b b a e u r n m k o s - f o A f m ca o p u i n ta t l Farmers State Bank, Olney, Tex. (con- Fi v rs e t r t S ed ta t i e n t B o a a n n k a , ti S o y n l a v l e s b t a e n r, k T ) ex. (con- 40,000 8,500 763,610 New charters issued 26 $2,295,000 Fi v rs e t r te S d ta i t n e to B a a n n k a , t i B on a a y l C ba it n y k , ) Tex. (ab- 35,000 2,000 220,910 I R n e c s r t e o a r s e e d o t f o c s a o p lv it e a n l c a y pproved 1 0 8 7,075,000 0 sorbed by a nonmember bank) 75,000 3,000 494,657 Citizens National Bank, Longview, Tex. Aggregate of new charters, banks restored to (absorbed by a member bank) 100,000 336,230 solvency, and banks increasing capital 44 9,370,000 District No. 12 Li quidations 16 1,320,000 Farmers & Merchants Bank, Filer, Reducing capital 3 130,000 Ci I t d iz a e h n o s ( S ab ta so te r b B ed a n b k y , a G na o t o i d o i n n a g l , b I a d n a k h ) o .. 25,000 1,000 159,406 Total liquidations and reductions of capital.. 19 1,450,000 Ya ( (c v k l o i o m l s u e a n d t ) a T r r y u l s i t q u C id o a ., t io Y n a ) kima, Wash, 2 2 0 5 0 , , 0 0 0 0 0 0 5 1 0 5 , , 0 0 0 0 0 0 1, 1 5 9 5 5 9 , , 2 7 2 1 2 0 Co 7 n , s 1 o 9 l 1 i 8 dations of national banks under act of Nov. 1 100,000 Aggregate increased capital for period 9, 370,000 Change of title.—The First Guaranty State Bank, Seymour, Tex., has Reduction of capital owing to liquidations, etc 1,450,000 changed its title to First State Bank. The Chattanooga Savings Bank, Chattanooga, Tenn., has changed Net increase 7,920,000 its title to Chattanooga Savings Bank & Trust Co. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN MAY, 1925 BUSINESS STATISTICS FOR THE UNITED STATES INDUSTRIAL ACTIVITY Business activity during March, when allow- March, and the index of agricultural moveances are made for seasonal variations, was ments has also tended downward. probably somewhat less than during February. The iron and steel industry continued to , Exact comparisons of March statistics with operate at a high rate during March. Silk those of other months, however, are com- deliveries to American mills were the largest plicated by the fact that March this year on record, and total cotton consumption was had five Sundays, which reduced the number fairly large, although the daily average was of working days; furthermore, the usual less than in February. The woolen industry seasonal changes in some lines were probably showed decreases in wool consumption, spindle affected by the fact that Easter this year was activity, employment, and pay rolls. Output later than usual, but at the same time was of food products was somewhat smaller than in earlier than a year ago. Production in basic February. Automobile production has shown industries, which is adjusted for seasonal the most rapid increase in recent months, changes, declined to 120 in March, as com- but in March was still smaller than a year pared with 124 in February and 127 in January. earlier. On the other hand, the preliminary figure for Among minerals, decreases in amount of coal the unadjusted manufacturing index increased mined has been most marked. Production to 133 over 126 in January. The difference of nonferrous metals, on the other hand, has on trend of the two indexes is due primarily continued rather high. Receipts of livestock to three factors—(1) the seasonal adjustments, and grains showed seasonal declines in March (2) the influence of the sharp decline in coal and were less than a year ago. Cotton sight output on the basic production index, and (3) receipts on the other hand, have been unthe influence of increases in production of usually well maintained, and were much larger automobiles, shoes, and building materials in March than a year earlier. Vegetable and in the manufacturing index. The mineral fruit shipments have shown the usual seasonal index declined from 140 in January to 123 in increases, while tobacco sales have declined. INDEXES OF INDUSTRIAL ACTIVITY PERCENT ( MONTHLY AVERAGE, 1919 = 100 ) PER CENT 175 1175 150 150 125 100 75 50 50 —— MANUFACTURING PRODUCTION ----MINERAL PRODUCTION 25 25 1919 1920 1921 1922 1923 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1925 FEDERAL BESERVE BULLETIN 335 INDEX OF PRODUCTION IN BASIC INDUSTRIES I [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 Animals slaughtered Lumber Pig iron i S n t g e o e t l s Cotton Wool W fl h ou e r at m S e u lt g in ar gs Cattle Calves 1924 January 120 120 131 112 97 95 133 119 136 February... 120 132 146 102 100 100 127 94 137 116 130 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 94 143 121 120 November. _ 107 97 109 105 102 84 111 129 122 116 December.. 117 119 133 111 102 82 91 155 87 130 128 1925 January 127 134 150 115 100 94 132 100 140 90 121 145 February... 124 143 150 114 99 103 104 96 157 91 107 127 March 120 136 146 110 95 94 133 100 138 102 > 96 125 Coal Nonferrous metals Tobacco products Sole News- Petro- Year and month B n it o u u m s i- An c t i h te ra- Copper Zinc leather print Cemen 1 leum Cigars r C e i t g t a e - s M to t a u b n a r u e c f d c a o c- 1924 January 126 111 132 126 107 183 176 113 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 89 December 116 100 137 121 103 182 182 92 170 94 1925 January. 125 104 147 128 106 243 192 91 188 105 February 109 116 3 147 119 108 193 191 171 97 March 95 96 142 131 110 199 187 170 1 This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 302, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. a Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

336 FEDEBAL RESERVE BULLETIN MAT, 1925 INDEXES OF INDUSTRIAL ACTIVITY * [No seasonal adjustment. Monthly average 1919—100] 1 Agricultural movements Mineral production Year and month Ani- An- Bitu- Total s L t i o v c e k - p m r a od l - Grains C t o o t n - t V a e b g l e e - s Fruits b T a o c - c oi ! lTofttatlnl t c h i r t a e - n m o i u - s P l e e t u ro m -. i P r i o g 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 i 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 i 111 105 81 191 79 127 111 143 111 July 100 96 166 118 21 137 148 2 j 113 106 86 194 70 129 109 138 95 August 121 90 127 218 38 107 144 63 i 116 97 92 196 74 132 106 139 104 September 152 109 107 195 175 165 163 127 1 124 106 109 189 81 126 104 146 116 October 189 123 100 230 278 226 248 165 134 105 125 190 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 86 184 130 101 119 180 116 135 121 143 120 1925 January 118 122 93 112 127 130 74 292 140 101 134 188 132 143 128 148 117 February 2 87 94 92 »76 79 121 58 161 119 98 100 171 126 138 119 141 107 March 86 91 109 73 71 128 93 53 123 96 97 191 140 150 131 165 111 Manufacturing production Year and month Total s I a t r n e o d e n l A b m u il o t e - o 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 r a i a n n p t d i e n r g Le s a a h n t oe d he s r P l e e t u ro m - C b e a r m n i e c d n k t b T a o c - co 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 98 149 126 89 181 154 106 152 May - 112 96 193 89 100 162 120 83 171 167 122 144 June 97 75 151 77 97 139 113 76 176 156 123 126 July ... 97 67 163 81 103 136 102 75 176 154 127 125 August.— 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 90 196 138 106 163 1925 January... 126 145 142, 121 118 145 122 i 89 199 111 118 171 February... 119 132 169" 114 98 134 2 114 92 278 107 105 176 March 133 147 223 122 96 150 127 136 116 «138 1 For description and early figures see BULLETIN for March, 1924. 2 Revised. 8 Preliminary. INDEX OF EMPLOYMENT this BULLETIN. Corresponding indexes of The indexes of employment in manufacturing factory pay rolls are presented for the first time industries usually presented at this place have in the same article. Monthly figures for the beenrevised. A full explanation of the revisions pay-roll indexes, as well as for the employment and new monthly figures for all industrial groups indexes, will be regularly published in this from 1919 to date are given on pages 324-330 of space in future issues of tne JBULLETTN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDEKAL RESERVE BULLETIN 337 COMMODITY MOVEMENTS With the March issue the publication in the BULLETIN of detailed statistics regarding M 1 a 9 r 2 c 5 h, Feb 1 r 9 u 2 a 5 ry, M 1 a 9 r 2 c 4 h, movements and stocks of commodities was discontinued. Certain figures compiled by the Grain and Flour—Continued 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 161 169 177 Livestock 119 123 132 any of the discontinued series will be furnished Coal 637 679 708 upon request. Coke 54 53 58 Forest products 351 320 354 Ore 52 45 51 Merchandise, 1 c 1 1,125 976 1,086 March, February, March, Miscellaneous 1,503 1,255 1,397 1925 S 1925 1924 Total "4,002 3,619 3,963 Grain and Flour Receipts at 17 interior centers (000 omit- Classified by geographical divited): sions- Wheat (bushels) 16,969 19,428 18,289 Eastern 955 854 978 Corn (bushels) 23,815 21,191 29,059 Allegheny 827 748 836 Oats (bushels) 14,733 14,903 18,704 Pocahontas . 177 175 171 Rye (bushels) 833 2,823 1,677 Southern 678 585 633 Barley (bushels) 3,359 4,210 2,993 Northwestern . 501 460 512 Central western 579 529 569 Total grain (bushels) 59,709 62,555 70, 722 Southwestern 286 267 263 Flour (barrels) 2,133 2,184 2,005 Total 4,002 3,619 3,963 Total grain and flour (bushels) _ .. | 69,309 72,384 79, 743 Shipments at 14 interior centers (000 BUILDING STATISTICS omitted): Wheat (bushels) 18,393 15, 770 12,450 Corn (bushels) 12,428 10, 676 15,675 Oats (bushels) 16,625 13,245 15,461 Building permits issued in 168 cities, Rye (bushels) _ 361 362 1,026 grouped by Federal reserve districts: Barley (bushels) ._ 1,912 3,186 2,052 Number of permits- Boston (14 cities). 3,036 1,458 2,599 Total grain (bushels). 49,719 43,240 46, 665 New York (22 cities) 13,398 6,179 20,247 Flour (barrels) 2,831 3,157 3,194 P C h le il v a e d la e n lp d h ( ia 1 2 ( 1 ci 4 t i c e i s t ) ies).. _ 6 4 , , 5 0 6 3 1 0 3 1 , ,9 8 0 9 8 2 3 5 , , 6 2 8 4 2 1 Total grain and flour (bushels) _ _. 62,458 57,444 61,039 Richmond (15 cities) 4,299 2,991 3,832 Atlanta (15 cities) - 3,887 3,. 538 3, 740 Stocks at 11 interior centers at close of Chicago (19 cities) 12,886 8,238 12, 610 month (000 omitted): St. Louis (5 cities). 3,164 2,525 3,110 Wheat (bushels) 40,656 44, 726 53,717 Minneapolis (9 cities) 1,712 816 1,721 Corn (bushels) 28,784 27,018 20,263 Kansas City (14 cities) 4,073 2,782 2,773 Oats (bushels) _. 56,779 64,208 14,413 Dallas (9 cities) 2,764 2,461 2,783 Rye (bushels) 10,190 9,906 18,804 San Francisco (20 cities) 13,227 10,021 13,562 Barley (bushels) _ 2,710 2,542 1,352 TotaL. 73,037 46, 809 75,900 Total grain (bushels). 139,119 148,400 108,549 Value of permits (dollars, 000 Re o c m B W R e C O i i y a o a p t h e t r r t t e s l e n s e d a ( y ( b t ( ) b a b : u u t ( ( u s b b s s h u u h 9 h e s s e e l h h l s l s s e e s ) ) e ) l l a s s ) ) board centers (000 1 2 1 1 4 , , , , 4 2 3 3 5 4 1 8 3 7 5 9 1 8 0 13 1 1 , , , 8 8 9 8 9 9 4 9 1 3 1 8 9 7 1 1 3 1 1 2 , , , , 8 8 4 2 4 9 7 1 7 8 7 4 4 4 2 om A N B P C C R i h l o h t t i e e t c l i w i s e a l v c h t a d n o a e m d Y ) g n t l — a a e o o o n l ( n r p ( 1 d ( k d 1 1 4 h 5 9 i ( ( c ( a 1 c 2 1 c i 2 i t 2 5 i t ( i t i 1 e c c i c e e s 4 i i i s t ) t s t i ) c i i ) e e e i s t s s ) i ) ) es) — 1 3 2 6 1 1 1 1 0 5 0 2 4 9 1 , , , , , , , 3 7 2 0 1 0 4 3 1 8 1 1 2 8 1 6 3 6 4 4 0 6 2 4 1 1 1 7 9 0 6 4 4 2 , , , , , , , 1 5 4 1 5 6 5 5 0 4 6 6 5 3 3 0 7 3 2 3 7 2 2 2 1 5 1 1 8 3 3 7 5 8 3 , , , , , , , 5 1 3 0 2 8 7 4 1 3 9 9 6 9 6 1 5 9 0 2 0 Fl T ou o r t a ( l b g a r r a re in ls ) (bushels). 1 2 9 , , 4 9 8 5 2 4 1 2 9 , , 1 4 0 8 9 6 1 2 9 , , 1 9 0 4 5 0 S M K t a . i n n L n s o a e u s a i p C s o i ( l t 5 i y s c ( i ( 1 t 9 i 4 e c s c i ) t i i t e ie s) s) 1 1 6 1 0 , , , 3 0 4 7 7 2 7 4 3 1 1 3 0 1 , , , 2 0 3 0 1 1 1 3 3 8 4 8 , , , 2 7 3 3 0 5 1 9 3 Total grain and flour (bushels) 31,121 28,978 29,414 S D a a n l la F s r a ( n 9 c c i i s t c ie o s ) (20 cities). 40 7 , , 2 2 1 8 6 0 3 6 2 , ,6 2 4 9 9 0 3 8 9 , , 4 3 7 60 4 St m oc o k n s th a t ( 8 00 s 0 e a o b m o i a t r t d e d c ) e : nters at close of Total i 348,334 248,480 429,160 W B C R O a o y a h r e r t e l s n e a ( ( y b t ( b b u u ( ( u s b b s h s u u h h e s s e e l h h l s l s e e ) s ) l ) l s s ) ) 1 7 1 1 1 , , , , 2 9 5 0 8 9 8 7 2 3 8 9 8 8 4 1 9 0 1 1 , , , , 9 5 9 8 5 5 3 8 0 1 5 4 4 8 3 4 1 1 1 , , , , 1 9 7 5 0 7 0 7 3 8 1 2 2 2 2 Bu re il s B N P d e h i o e r n v i w s g l e t a o c Y d d n o e i o s n l r t p t r k r h i a c i c a ts ts ( a d w ol a la rd rs e , d 0 , 0 0 b y o m Fe it d t e e r d a ) l : 3 4 8 2 8 7 , , , 2 9 0 8 0 5 4 2 0 6 2 2 2 4 3 , , , 1 3 8 1 9 1 3 8 0 1 2 2 6 8 7 8 , , , 0 8 9 9 1 7 5 5 2 Cleveland 68,857 40,267 43,311 Total grain (bushels). 22,727 I 24,793 9,458 Richmond _ 59,809 25,409 Atlanta 34,274 32,438 29,422 Wheat flour production (barrels, 000 Chicago _ 90,305 52,305 60,406 omitted) i 9,307 10,189 10,578 St. Louis 32,136 25,000 24,826 Minneapolis 10,490 6,173 10,828 Tobacco sales at loose-leaf warehouses Kansas City 1 14,085 7,719 12,150 (p D ou a n rk d s b , e 0 l 0 t 0 V o i m rg i i t n t i e a d ): J I 670 4,251 2,352 Dallas. 12,819 12,972 N Br o i r g t h h t C b a e r lt o l V in ir a ginia | 736 9 6, , 1 5 1 0 4 0 2 3 , , 5 8 9 5 9 8 Total (11 districts) . 491,011 310,883 2 431,234 Burley . 2,676 16,907 6,240 Western dark 10,474 15,062 8,653 1 District No. 10, excluding Colorado. 2 Total, 10 districts. No figures available for Dallas district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

338 FEDERAL RESERVE BULLETIN MAT, 1925 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919=100] i G e n e r d a n e - l x c G e r ri o e - s Meat g D o r o y ds Shoes H w a a r r d e - Drugs Pe i s n r a c l e e M s n t a a r g c c e o h m , c h p 1 a a 9 n r 2 e g 5 d e , Pe i e n r n c d e s n t t o a o c g f k e s M c a h t a a r n t c h g h e e , with— 1925, compared with— 1924 January 80 80 66 97 49 91 116 Febru- March, Febru- March, February... 78 77 63 98 49 90 109 ary, 1925 1924 ary, 1925 1924 March 80 80 62 90 65 104 118 April....... 78 79 61 81 69 108 114 May 77 81 64 72 56 104 110 Hardware: June 76 83 64 70 52 96 105 United States. 18.3 3.0 3.9 July 78 83 67 79 44 93 110 August 83 83 68 102 56 93 107 New York district 20.2 -4.0 2.5 -19.9 September.. 92 93 71 116 69 106 117 Philadelphia district... 31.0 2.4 2.3 October 95 100 78 104 67 110 128 Cleveland district.. 11.3 5.4 -1.1 November. . 84 89 69 88 57 98 109 Richmond district 15.6 2.6 -1.7 -2.6 December.. 79 83 66 77 57 99 109 Atlanta district — 5.4 15.2 Chicago district 33.9 4.1 8.2 4.8 1925 St. Louis district 9.5 7.8 0.2 -11.5 January 79 80 71 82 43 89 116 Minneapolis district— 8.2 -0.6 February __. 76 73 69 88 46 91 109 Kansas City district... 17.7 20.4 March 84 79 74 96 63 107 121 Dallas district 2.5 16.7 -0.9 San Francisco district.. 13.1 -6.8 BU i L F L o E r T d IN e s f c o r r ip A ti p o r n i l, o f 1 t 9 h 2 e 3. wholesale trade index see FEDERAL RESERVE Drug U s n : ited States 11.3 2.9 0.1 New York district 6.8 -0.1 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Philadelphia district... 9.0 7.2 AND DISTRICTS Cleveland district 10.4 -2.4 Richmond district 7.9 2.2 Pe i s w r n a c i l t e e h M n s — t a a r g c c e o h m , c h p 1 a a 9 n r 2 e g 5 d e , Pe w i e 1 r n 9 n c i 2 d t e 5 h s , n t — o ta o c g f k i c e s o m M c a h t p a a a r n t r c h e g h d e e , A S K D C t h a t a . l l i n a L c l s a n a o a s g t u s a o d i s i C d d s i d i t i s r t s i t y i t s r c r t i i t r c d c i t c t is t trict... 1 1 1 8 0 2 2 9 . . . . . 0 4 9 2 1 1 3 9 5 0 1 . . . . . 7 3 8 9 2 -0.4 San Francisco district- 19.9 17.1 Febru- March, Febru- March, Furniture: ary, 1925 1924 ary, 1925 1924 Richmond district -10.7 -8.3 1.4 -0.5 Atlanta district 15.5 14.8 Groc U e n ri i e t s e : d States. 8.6 -0.7 -2.3 6.3 K S S a t a . n n L s F o a r s u a i n s C c d i i t s i y c s t o r d i d c is t is tr t i r c ic t. t . . . . 3 2 7 2 . . . 6 3 2 - 3 2 1 3 . . . 7 9 9 27.2 -20." I N B e o w st o Y n o d r i k s t d ri i c s t trict 4 6 . . 4 6 -1 -0 0 . . 7 2 - - 3 7. . 0 4 1 4 1 . . 8 7 Agri U cu n l i t t u e r d a l S i t m at p e l s e 2 ments: 28.6 48.1 A C P R C h l h t i e c l i i a l v h c a n a e m d t g l a a e o o n l n d p d d d i h i s s d i t d a t r i r i s i s i d c t c t r t i r t i s i c t c t r t ict 1 1 7 6 3 0 2 . . . . . 6 2 1 4 2 - - 4 3 5 2 1 . . . . . 7 5 6 1 6 - - 4 5 0 . . 2 . 2 1 I 1 1 4 4 3 . . . 1 2 3 A M S D a t a i n l n l a l n a n F s e t r a a a d p n i d o c s i t l i s r s i t s i c r c o i t d c t d is is t t r r i i c c t t - .. -2 4 5 7 6 1 3 4 .9 . . . 8 0 3 -3 2 5 6 2 4 7 0 . . . . 1 7 0 1 -5.9 St. Louis district 3.7 8.8 1.7 3.4 Stationery and paper: Minneapolis district 9.2 5.2 New York district 3.6 -6.4 Kansas City district 11.9 0.2 Philadelphia district... 12.8 -4.7 —0.6 —0.7 Dallas district 1.6 5.9 -2.9 3.0 Atlanta district -11.0 -10.0 San Francisco district 19.0 5.4 San Francisco district.. 15.7 -4.5 Dry goods: Automobile supplies: United States 9.2 6.8 0.2 -17.3 San Francisco district.. 14.3 -12.1 N P C h l e e i w l v a e d Y la e o n l r p d k h d i d a i i s s d t t r i r i s i c c tr t t ict 1 1 7 1 5 . . . 5 7 5 - - 2 3 2 6 . . 7 6 .2 0.2 -19.6 Clot N S h t i e . n w L g : o Y u o is r k d i d s i t s r t i r c i t ct 2 9 5 5 . . 0 1 8 5 0 . . 8 5 A Ri t c la h n m ta o n d d i s d tr i i s c t t rict 2 5 1 . . 2 7 2 6 5 . . 0 8 0.4 -22~2 Cott N on ew jo Y bb o e rk rs : district. 7.1 2.8 -8.2 -16.2 C St h . ic L a o g u o i s d d is i t s r t i r c i t c t - -1 1 7 1 . . 5 0 - 1 4 1 .1 .2 2 3. . 0 1 - -1 1 6 2 . . 8 3 Silk N g e o w od Y s: o 3 rk district 12.7 32.4 -8.2 -14.4 M Ka in n n sa e s a p C o i l t i y s d d i i s s t t r r i i c c t t -3 3 . . 1 0 2 1 0 2 . . 1 3 Mac N hi e n w e Y to o o r l k s: district 30.1 -12.3 D Sa a n ll a F s r a d n i c st i r s i c c o t district -1 2 2 2 . . 0 3 - 1 8 3 . . 1 9 1.6 -19.2 Diam N o ew nd Y s: ork district -18.9 12.9 Jewelry: Shoe U s: nited States 35.5 -3.1 -0.5 -15.4 N Ph e i w la d Y e o l r p k h i d a i s d t i r s ic tr t ict. _ 9 9. . 0 1 -1 -6 4 . . 6 7 4 1 . . 3 2 1 0 4 . . 6 0 N B P C h o e le i w s l v t a o e d Y n la e o n l d r p d i k h s t i d d r a i i i s c s d t t t i r . r s - i i _ t c c r _ t t i . ct 4 3 4 6 2 7 4 8 . . . . 4 4 2 3 - 1 6 4 2 7 . . . 1 . 4 0 5 - — 2 O 2 . . . 1 0 o j - -1 1 -6 0 0 . . . 7 7 9 Elec A S P tr t h t i . l c i a l L a a n l o d t u s a e u i l s d p p i h d p s i i l t a s i r e t i r c s d i : t c is t trict.. - 1 1 0 1 . . 1 . 3 9 -10 7 . . 5 3 -7.0 " - T 5 3 .1 R A i t c la h n m ta o n d d is t d r i i s c t t r _ ic . t _ 2 26 1 . . 6 8 9 6. . 0 2 -2.3 -16.2 Mill K in a e n r s y a : s City district.. 1.5 -2.5 S C t h . i L ca o g u o i s d d is i t s ri t c r t i - c — t- 4 7 4 7 . . 0 8 -1 1 1 1 . . 3 9 - - 3 2 . . 6 8 -2 1 5 0 . . 1 0 Stov S e t s . : 'Louis district 25.0 17.6 -33.3 -20.0 Minneapolis district 27.1 19.0 -4.6 San Francisco district 23.2 -9.3 2 Sales of agricultural implements for the United States are compiled i Changes in total stocks for the United States are weighted averages by the Chicago Federal Reserve Bank from reports of leading implecomputed on the basis of firms which have reported regularly to the ment manufacturers and include all their domestic business. Federal Reserve System since January, 1923. 3 Stocks at first of month—quantity, not value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 339 RETAIL TRADE, BY REPORTING LINES 1 [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Year and month 31 II .9'a 'O CO W S3 g*3"S S3 fl oo 1924 I January 110 205 126 141 119 154 126 100 204 173 146 137 February 102 96 201 140 143 124 93 167 128 101 200 179 150 140 March.. _ 115 105 200 163 149 136 118 184 115 91 184 170 147 140 April 133 114 210 178 145 130 178 205 131 111 208 190 149 136 May 127 90 214 174 150 143 150 82 186 123 100 214 183 153 141 June.. . 120 89 200 162 143 131 140 75 169 120 104 203 176 146 134 July 91 69 206 163 148 128 113 72 177 123 214 179 147 129 August 93 74 201 172 152 138 108 91 180 118 211 181 151 141 September 119 106 210 169 145 137 124 110 189 131 112 221 183 147 137 October.. __ 141 141 240 203 159 144 138 124 199 124 109 234 188 156 137 November 141 131 232 199 145 138 146 111 186 126 105 230 191 154 139 December 210 148 253 366 187 192 186 184 282 131 123 242 198 153 142 1925 January 109 108 250 151 155 122 107 92 162 124 110 249 207 161 141 February 101 105 236 156 146 119 100 99 175 131 116 246 209 161 140 March _. 121 120 255 177 160 131 127 105 188 121 103 235 185 159 i 135 sniahc B )sniahc CO 130 132 118 153 130 132 123 138 129 122 134 142 141 149 127 sniahc cis )sniahc 102 184 112 190 110 182 103 205 99 193 94 181 97 181 102 179 110 192 102 194 89 195 98 188 112 193 120 207 116 186 1 For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924. 2 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 Mar. Feb. Jan. Dec. Mar. Feb. Jan. Mar. Feb. Jan. Dec. Mar. Feb. Jan. United States . 359 121 101 109 210 115 102 110 121 13l 124 131 115 128 126 Boston. 24 110 94 110 215 113 101 120 110 126 122 135 112 130 133 New York 63 124 107 120 226 118 103 120 122 140 132 138 116 129 132 Philadelphia 22 121 roi 105 213 120 111 110 131 125 120 133 129 132 125 Cleveland 54 125 106 107 207 120 112 109 123 137 123 131 119 138 125 Richmond 23 119 89 93 214 109 88 94 115 120 113 124 105 113 114 Atlanta 35 99 84 83 173 94 83 .85 100 111 102 106 95 104 104 Chicago 63 129 108 113 219 123 112 112 128 137 133 140 122 136 132 Minneapolis 23 97 81 92 162 94 77 88 99 115 107 110 97 105 103 Dallas 21 107 90 92 171 94 82 85 101 114 106 105 89 99 99 San Francisco 31 143 113 128 238 134 121 132 144 149 145 151 135 152 149 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stock 1919=100] Stocks without seasonal adjustment Stocks with seasonal adjustment Number Federal reserve district o p f o r r t e - - 1925 1924 1925 1924 ing firms Mar. Feb. Jan. Dec. Mar. Feb. Jan. Mar. Feb. Jan. Dec. Mar. Feb. Jan. United States 314 138 127 119 124 138 127 115 137 135 134 133 137 135 131 Boston. _ 24 126 115 112 120 128 115 111 127 123 124 123 129 123 123 New York 63 135 123 118 125 130 119 117 133 132 132 132 127 128 130 Philadelphia 13 183 167 147 151 162 152 132 179 177 164 157 161 162 148 Cleveland _ 52 137 125 112 120 137 126 110 136 135 133 129 136 135 131 Richmond 19 131 118 109 118 134 121 104 125 126 129 130 128 129 124 Atlanta 22 114 107 99 96 125 123 109 113 111 110 107 124 127 121 Chicago .. 51 156 145 137 141 162 144 128 157 155 154 152 164 155 144 Minneapolis 22 117 106 99 99 114 106 97 112 109 111 108 110 109 110 Dallas 19 122 113 103 105 126 118 107 121 121 120 122 125 126 124 San Francisco ..__ 29 137 126 123 124 143 131 125 134 131 134 135 141 137 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

340 FEDERAL. RESERVE BULLETIN MAY, 1925 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORTS OF CENTRAL BANKS FOR 1924 Summaries of annual reports of a number tural borrowers the long-time credits which of foreign central banks for 1924 are presented they required and in making available for below. These summaries are based in most similar future investment those moneys (for cases on the reports of the banks received by example, from savings banks, public and prithe Federal Reserve Board, but in a few cases vate funds, and Government treasuries), which on accounts of these reports appearing in the before the war were directed voluntarily or by press. A summary of the annual report of law into long-time investments, especially into the Bank of France was published in the mortgages. April issue of the BULLETIN. The policy of the Reichsbank was greatly strengthened by the inauguration of the Dawes THE GERMAN REICHSBANK plan. 'This assured the Reichsbank directorate As a result of the stabilizing of the currency the greatest and most practical support without and the reconstruction of Government finances, in any way injuring its autonomous position; the economic condition of Germany showed and at the same time hastened the restoration of marked improvement during 1924. The ac- the gold standard. In order to safeguard its cumulation of savings and the creation of new policy of stabilization, the Reichsbank created capital increased slowly. The credit policy of the German Gold Discount Bank, which supplied the Reichsbank took account of the fact that to German industries considerable sums of gold because of the widespread dearth of capital, capital partly out of their own resources and the continuation of German business and in- partly through rediscounting abroad, so that dustry without the aid of the Reichsbank the German credit and currency situation was would be almost impossible. But to avoid the greatly improved. danger of inflation and to maintain the sta- After the successful flotation of the 800,bility of the mark, the Reichsbank was obliged 000,000 gold-mark loan in October, the way was to restrict its credits to the bare necessities of opened ior a series of private foreign credits. those who applied, especially in view of the Because, however, an unrestricted grant of extensive demands of commerce and industry foreign credits, for example, of a short-term charas opposed to those of agriculture and of ex- acter or for purely consumptive purposes, might port. The policy of the bank had the expected have been perilous for the newly established result. In order to provide the needed working currency, provision was made for the creation capital, commodities and exchange bills were of foreign credits according to definite prinplaced on the market in large amounts by ciples for purposes which were clearly recogbusiness firms, so that the commodity price nized to be essential. Another criterion by level underwent a considerable recession. In which the value of these credits to German prothe interests of creating a wider credit market duction was judged was the following: So far as outside of the Reichsbank, its directors gave they were applied to increasing exports they special attention to reducing interest rates and served their purpose best when upon their maturcosts of operation, and to the wise use of the ity they provided out of the transaction itself so-called public funds. The extensive credit the supply of foreign exchange necessary to dissupport, which, outside the strict limits of its charge the obligation. So far as they were prescribed activities, the Reichsbank extended used in merely replacing working capital to agriculture during the early part of the year, already consumed, no objections under the rule had to be discontinued for reasons of financial were to be raised, provided it was a matter of a policy as well as because of the expressed wish long-time loan under safe conditions. of the experts who were putting the Dawes The satisfactory development of the money plan into operation, that the Reichsbank market and of the Reichsbank is best shown by should as soon as possible be free from the the fact that the rate of interest for call money burden of carrying these credits. The bank on the Berlin Stock Exchange, which in Janudirectors encountered serious difficulties in ef- ary had stood for a year at about 100 per cent, fecting this change; in arranging for agricul- fell almost uninterruptedly until it reached 10 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 341 per cent, the level at which the bank discount 000 kronor. On the other hand, borrowings by rate had stood during the entire year. these institutions from the central bank were The gold stock of the Reichsbank, which in rather higher last year than the year before. In April had fallen to 442,000,000 gold marks, 1923 such borrowings stood at 291,500,000 rose by the end of the year to about 760,000,000 kronor in January, fell to 173,000,000 kronor gold marks, chiefly by the inflow of gold from in August and rose to 360,000,000 kronor in foreign countries. The volume of foreign ex- December. In 1924, they were 312,000,000 in change held by the bank has been increased since January, rose to 380,000,000 in June, fell again the flotation of the so-called Dawes loan, by to 261,000,000 in November, and closed the practically the entire supply of foreign exchange year at 394,000,000 kronor. formerly held by private business, so that gold and foreign exchange together total 2,065,000,- THE BANK OF JAPAN 000 gold marks. The annual report of the Bank of Japan for THE SWEDISH RIKSBANK 1924 deals principally with developments which have attended the process of reconstruction The fact that the Riksbank was the first following the earthquake of September, 1923. European bank of issue to return to the gold The year 1924 opened with continued heavy standard invests its report for 1924 with a imports, largely of materials for reconstruction special interest. According to the annual purposes to which customs exemption had been report, the Riksbank was exempted by decree extended until the end of March. The unfrom the obligation of redeeming its notes in usual volume of imports resulted in the accugold up to March 31, 1924. Late in Feb- mulation of large stocks of goods, the tie-up ruary, the governing board of the bank applied of a considerable amount of credit, and a furfor a prolongation of this suspension until Sep- ther decline in the exchange value of the yen, tember 30; the Government, however, recom- prices in the country remaining relatively high mended a postponement only until May 31. throughout the year. The Bank of Japan's On March 22 the bank committee proposed discounts and advances, which aggregated the resumption of specie payments on the 364,000,000 yen on June 30, 1923, increased original date (April 1,1924) and the abrogation rapidly after the earthquake and at the beof the export embargo on gold, with the reten- ginning of 1924 amounted to 853,000,000 yen. tion of an embargo on gold imports except for The total declined to 245,000,000 yen in Septhe account of the bank of issue. This protember, the low point for the year, but inposal was accepted. By law of May 14, 1923, creased again to 724,000,000 yen on December the King was authorized, upon recommendation 31, 1924. The bank's rate for emergency disof the governing board and after consultation counts was lowered from 8.76 per cent to 8.03 with the national debt office, to exempt the per cent on December 22, the rate on other Riksbank from the obligation to maintain free discounts having remained at 8.03 per cent coinage of gold up to March 1, 1924. No since November 19, 1919. The bank's note provision was made during the year for renew- issue decreased during the summer, but ining this law. creased in the latter part of the year and on The removal of the export embargo was fol- December 31, at 1,662,000,000 yen, was not fowed by a small loss of gold, the reserves far below the high point of the previous Delalling from 271,839,100 kronor at the end of cember. 1923 to 236,970,200 kronor at the end of last year. During the year, the gold holdings THE SWISS NATIONAL BANK averaged 49.8 per cent of the note circulation; the lowest ratio was 43.7 per cent, recorded In its annual report for 1924 the Swiss Nain the last week in September, the highest, tional Bank makes a number of observations 58 per cent, on January 26. on the conditions prevailing in Swiss indus- The report includes tables showing the situa- try and finance. There has been a recovery tion of the combined commercial banks. The in several fields of activity, notably the total deposits of these institutions have been watchmaking, building, and hotel and transsteadily declining, amounting to 4,389,000,000 port industries. Unemployment shows a dekronor in January, 1923, 3,959,000,000 in Jan- cline. Export industries, however, are sufferuary, 1924, and dropping to 3,675,000,000 at ing from the low level of prevailing prices. the end of 1924. For the same months the Referring to the international position of the combined loans and discounts were 4,888,000,- Swiss franc, the report continues: "The trade 000 kronor, 4,466,000,000 kronor, and 4,316,000,- balance—that is, the visible part of our bal- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

342 FEDEKAL EESEBVE BULLETIN MAY, 1925 ance of payments—is about what it was before time, a movement certainly not of a nature to the war; the tourist business, the transit trade, disclose very favorable prospects for our franc. banking operations, and the other invisible It touched its highest quotation in the middle items of the balance of payments appear to of March at 5.80%. make up for the deficit in the trade balance, " Convinced that in the long run, the econoso that from this point of view, so important mic life could prosper only if we succeeded in for the steadiness of the Swiss franc, we may stabilizing the Swiss franc as near gold parity say that the situation does not look unfavor- as possible, the Confederation and the Naable." tional Bank endeavored to better the situation The Swiss money market—At no time during of our exchange. the year was money tight in Switzerland. "In similar circumstances before the war, The official discount rate, which was raised on the raising of the discount rate would have July 14, 1923, from 3 to 4 per cent, was not been the first means to which we would have changed in the course of last year. The resorted to protect the franc. However, the rate on secured advances remained also at 5 disturbances caused by the war had considerably per cent during the entire year. During the reduced the effectiveness of this remedy, at two preceding years, 1923 and 1922, the aver- least in its international function, because they age discount rate in Switzerland had been, did not—and the same fact is true to-day—perrespectively, 3.47 per cent and 3.39 per cent, mit the free exchange of gold. The discount and the rate on secured advances 4.47 per cent rate is only slowly recovering its old functions, and 4.39 per cent. In the money market the in proportion as conditions tend to become rate stood at 3% per cent in December, 1923, normal again. The experiment tried in July, fell to 3>^ per cent by the beginning of Feb- 1923, had demonstrated that advances in this ruary, and rose to 3% per cent in April. After rate, within the limits which we could take into weakening to 3^ per cent early in June, it consideration in this country, do not exercise a again touched 3% per cent at the end of July Sreponderant influence on the exchange, which and remained about 3% per cent during Au- uctuates so widely as to make ineffective relagust and September, falling gradually to 3^ tively small differences in the rate of interest. per cent at the end of 1924. In the long-time On the other hand, it was necessary to take capital market the year 1924 began with a into consideration the undesirable consequences tendency toward higher interest rates. In which an advance in the official rate would en- March the Federal railways placed a 5 per tail, within the country itself, in causing an cent loan at an issue price of 9834 f°r 150,000,- increase in the rates demanded by the banks 000 francs; but in the second quarter the 53^ from their customers as well as the rates of per cent rate was general. Later in the year interest in the capital market. the market became easier, but it was only in " It was therefore necessary to resort to other the last weeks of the year that a noticeable means to better the situation. The National weakening in the long-time interest rate was Bank began, not without meeting a certain revealed by a marked rise in the quotations on amount of objection, by increasing its requiregilt-edged securities. ments as to the quality of the paper accepted "The demands made upon the financial for discount. Its object, in taking this measure, market by foreign issues did not reach propor- was to hinder the extension of too large credits tions sufficient to exercise a notable influence abroad and to restrict the demands upon the on the situation, although the rates of interest fiduciary issue on account of long-time loans. generally offered to assure the placing of these Further, the Federal council at the end of March issues substantially exceeded those prevailing contracted in America a loan of $30,000,000 at in our country. Notwithstanding these advan- 5H per cent, and the Federal railways placed in tageous conditions, the public showed itself Switzerland a loan of 150,000,000 francs at 5 rather cool toward foreign loans, except, per- per cent. haps wnere the operations were particularly " To the effect of these measures were added attractive, such as the loan for the financial those of favorable circumstances, which, in a restoration of Germany.'7 general way, were not dependent upon either The exchange rate.—" The situation in the the Confederation or the National Bank. exchange market was not very propitious at For the first time since the cessation of hostilithe beginning of the year. The dollar, which ties there was produced, under the influence of is of special interest to us, was quoted at that interest rates, an international movement of time at 5.71 francs, or about 10 per cent above capital whose magnitude eventually exceeded par. It (the dollar) continued to rise for some that which occurred before the war. The rate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDEBAL RESERVE BULLETIN 343 of interest having fallen in New York, funds been achieved. Despite the currency crisis of ceased to flow from Europe to America, those last September to November, the bank was which had been placed overseas in the short- able to maintain its discount rate at 6 per money market began on the contrary to flow cent, believing that to raise the rate would back and we even saw American money taking aggravate the crisis. To increase the metallic the road to our continent, as confidence in the stock of the bank, gold has been bought to European situation increased. At this same the value of 88,153,000 lei, and foreign curtime money tightened in the Swiss money rencies and securities have been increased by market, ana toward the end of the first half 8,160,000 francs and £64,320. Gold obtained year there was a marked increase in the demand from the liquidation of the Austro-Hungarian for discount accommodation at the National Bank amounted to 7,546,000 lei. Bank. "So to a declining tendency in the dollar BANK POLSKI itself there were added certain circumstances especially favorable to the Swiss franc. The The Bank of Poland, which was opened dollar rate, already fallen to 5.60 at the end of about the end of last April, has issued a report June, was hardly more than 5.30 at the begin- covering th§ first eight months of its operaning of August. Toward the end of November tions, the period ending December 31. At it had touched par, and at the end of December the opening, the reserve against the bank it had even fallen below parity. notes issued amounted to 249,500,000 zlote, of " The improvement of our exchange, how- which 70,300,000 were represented by actual ever, is not due exclusively to the factors just gold and 179,200,000 by foreign currency and mentioned. The progress realized in the resto- exchange. Toward the end of the year the ration of the finances of the Confederation, the stock of gold increased to 103,300,000 zlote Cantons, and the communes also doubtless and the stock of foreign currency and excontributed to it, as well as the recovery in change to 253,600,000. The circulation intrade and the increase in the tourist business." creased from 245,000,000 zlote on May 31 to Referring to the prospects of a return to the 550,900,000 on December 31. The ratio of gold standard, the report concludes: "As soon the gold reserve against notes issued fluctuated as a larger number of countries having a pre- between 60 and 70 per cent, being twice as ponderant economic importance have restored high as the ratio required by law; on Decemgold to circulation, the National Bank will also ber 31 it was 64.9 per cent. Loans rose from be able to consider the gradual reintroduction 92,400,000 on April 26 to 315,600,000 at the of the effective circulation of gold, first of its end of the year. On November 27 the disown free will, and then after that experiment count rate was reduced from 12 to 10 per cent. has been tried, to the legal obligation of con- Net profits were 11,970,000 zlote, of which 10 vertibility. The abolition of the forced circu- per cent was placed in the reserve fund; lation (of paper money) will mark the last 8,000,000 zlote assigned to dividends together stage in the return to a sound money situation with an extra dividend aggregating 12 per such as we possessed before the war.'7 cent per annum; and the balance of 2,750,000 zlote was turned over to the Treasury. THE BANK OF SPAIN THE BANK OF FINLAND The annual report of the Bank of Spain for the year 1924 shows relatively small changes in The annual report of the Bank of Finland, the principal items. Total loans and advances covering its one hundred and thirteenth finanincreased by about 500,000,000 pesetas, or cial year, shows that holdings of gold and something over 10 per cent, and note circula- Finnish silver coin increased from 43,251,000 tion by 200,000,000 pesetas, or about 4 per finmarks in December, 1923, to 43,832,000 at cent. the end of 1924, the increase being due to a THE NATIONAL BANK OF RUMANIA gain of about 600,000 finmarks in gold. At the same time, the assets in foreign currency, The bank in its report announces its inten- which had been as low as 337,000,000 finmarKs tion to continue the policy of increasing the in September, 1923, rose to 932,000,000 in value of the currency by means of deflation, February, 1924, dropped again to 373,000,000 but it proposes to proceed slowly, in order to in June, and closed the year at 808,000,000 avoid the hardships that would otherwise re- finmarks. Holdings of Finnish Government sult. The stabilization of the currency has securities declined steadily throughout the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

344 FEDEKAL RESERVE BULLETIN MAY, 1925 year, from 548,000,000 in December, 1923, to first, was lowered to 10 per cent in September, 482,000,000 a year later. Domestic securities and again to 9 per cent in March, while market rose from 627,500,000 finmarks in January to rates were lowered from 14 to 12 per cent in 1,006,000,000 in June, but fell again to 551,- September and again to 11 per cent in March. 000,000 in December, compared with 717,- Legal reserve for note circulation consists of 000,000 in December, 1923. The note circu- gold coins, and notes and demand obligations lation averaged below the levels of 1923, for of the Bank of England; as a matter of fact which year the maximum was reached in almost the entire reserve consists of these de- March, with 1,555,128,000 finmarks; the maxi- mand obligations. mum for last year reached also in March, was Net profits amounted to 1,002,000 gulden, 1,399,552,000. The minimum for 1923 was of which one-fourth was transferred to surplus; 1,333,031,000 (November), against a mini- another part was set aside for the payment of a mum of 1,227,704,000 in November, 1924. 7 per cent dividend; and the remainder was The gold reserve of 43,300,000 finmarks (De- carried forward. cember, 1924) is carried at its nominal value. The monthly bulletin of the bank shows that BANK OF LITHUANIA at the prevailing rate of exchange the current value of this gold is 331,700,000 finmarks, The introduction of the new monetary unit giving the circulation an actual gold cover of the litas, equal at parity to 10 cents, has given about 26 per cent in addition to which " foreign Lithuania a comparatively stable currency. correspondents and credits abroad" amounted Notes in circulation increased from 60,000,000 to 793,900,000 finmarks and foreign bills and lits on December 31, 1923, to 93,000,000 lits bank notes to about 10,000,000 finmarks. on December 31, 1924, and have remained at about that level during the first three months THE BANK OF DANZIG of 1925. At the end of March the circulation represented 59.3 per cent of the total liabilities The Bank of Danzig was opened in March, and deposits 19.3 per cent. At least one-third 1924, during the period of transition into the of the circulation must be covered by gold— new gulden currency. Its first task was to the actual proportion of the gold reserve on stabilize the gulden, and in this undertaking March 31 was 34.9 per cent. This, added to it was aided by the stock of foreign exchange, dollar, sterling, and other stable currencies which it took over from the Danziger Zentral- to the value of 56,700,000 lits, together with kasse. The notes in circulation were well minor items of State coins and silver, makes covered by liquid assets with the Bank of up 57.<3 per cent of the total assets. Loans J England and by other foreign bills. and discounts make up 25 per cent more Note circulation rose from 1,450,000 gulden and are 8,000,000 lits greater than the deon the opening day to 31,900,000 gulden on posits. December 31. Discounted bills stood for The year showed a net profit of 2,850,000 lits, several months at about 14,000,000 gulden on out of which 12 per cent dividends were account of the business depression and only voted to stockholders, 723,000 lits went to the toward the end of the year rose to 17,100,000 State, and 528,000 lits to reserves, which then gulden. The discount rate, 12 per cent at totaled 625,000 lits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL. EESEBVE BULLETIN 345 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 GERMANY [Millions of pounds sterling] [Millions of reichsmarks] 1925 1924 1925 March Febru- Janu- March ary ary March Febru- January ary Bank of England: Issue department— Ban N k G i o o n l t g d e s c d i o s e i s p n u a e a r d n t d m b e u n l t l - ion 1 1 2 4 7 7 1 14 2 7 7 1 1 4 2 6 7 1 1 4 2 6 6 Reic G h o sb ld a n a k t : home 798 700 636 B G a o n ld k n an o d te s s ilver coin 22 2 22 2 22 2 2 2 1 R G e o s ld er v ab es r o i a n d foreign exchange- 2 33 0 4 5 3 2 0 0 2 7 2 1 7 9 8 9 Government securities 39 42 50 48 Bills of exchange and checks.. 1,578 1,737 1,771 Other securities 77 74 74 75 Miscellaneous assets...• 1,217 1,684 1,507 R P O u a th b ti e l o i r c o d f d e g e p p o o l o s d s i t i a s ts n d note reserve _ 10 1 6 5 10 1 6 6 1 2 0 3 7 1 2 0 7 1 R R e ei n c . t D h e s e n m p m o a a s r i r k t k s s s i i n n c c i i r r c c u u l l a a t t i i o o n n . 2 1 , , 3 9 7 1 1 4 5 1 3 2 1 , , 1 9 9 0 6 1 6 7 8 1 1 , , 9 9 7 6 0 4 7 1 7 to deposit liabilities (per Reichsbank clearings 4,095 3,637 3,936 cent) 19.8 19.4 18.4 17.6 Index of security prices (per cent) 97.60 101.47 111.37 Bank notes in circulation 97 98 98 103 Capital issues 31 26 102 Currency notes and certificates 284 281 281 282 Nine London clearing banks: D M i o s n co ey u n a t t s c a a n ll d a a n d d v a sh n o ce rt s notice—. 1,0 1 4 0 3 8 1,0 1 5 2 5 1 1,0 1 6 1 3 2 1,00 9 9 4 ITALY Investments 283 287 296 336 Total deposits 1,605 1,643 1,653 1,603 [Millions of lire] Total clearings 3,453 3,316 3,771 3,379 Government floating debt: Total 742 760 786 774 1925 1924 Treasury bills 576 592 631 588 Temporary advances 166 168 155 186 Index of security prices (December, Febru- Janu- Decem- Febru- 1921=100) (percent) 116.9 117.9 117.5 114.2 ary ary ber ary Index number of foreign exchange value of the pound sterling (per cent) 127.3 126.8 126.5 127.7 Banks of issue: Gold reserve - _ 1,132 1,131 1,132 1,122 Total reserve 1,794 1,819 1,826 1,838 FRANCE Loans and discounts 7,919 7,626 8,324 7,484 Note circulation for commerce 10,326 10,500 10,873 8,852 [Millions of francs] Note circulation for the State i... 7.145 7,146 7,242 7,749 Total deposits 2,817 2,806 3,194 2,517 Ban G k o o l f d F re ra se n r c v e e : ! 3,681 3,681 3,677 Lead C i a ng sh private banks: 8 1 , , 9 0 6 6 9 0 923 Silver reserve 309 306 305 298 Due from correspondents 3,951 3,577 War advances to the Govern- Com N T m o o m e t t a e r e c l n c i d t a ir e l c p b u o a l s a n i t t k i s o l n oans (3 banks) 2 4 2 1 0 f , , O 8 8 0 9 5 0 2 2 4 2 1 0 2 1 4 , , , , 0 9 6 7 2 7 0 9 8 7 0 2 4 2 1 2 0 1 4 , , , , 0 2 5 6 0 1 1 3 0 2 6 5 3 2 1 3 9 2 5 , , , , 2 9 7 0 5 0 4 2 0 0 2 1 S In t d at e eT P x a on o r to t f at i le s c e i di p c se u a sp t u r o i i e o t s y n i t s s p . rices (per cent) 2,4 2 0 9 0 7 2,4 2 0 5 0 9 1 2 2 , , 4 9 2 0 0 5 0 3 4 2,4 1 2 9 8 6 Commercial bank deposits (3 banks).. 14,622 14, 511 14,992 Cl b e a a n ri k n s gs, daily average of Paris 1,122 1,027 920 1,794 * Not including gold held abroad. Price of 3 per cent perpetual rente 46.85 48.10 48.45 55.32 JAPAN 1 Not including gold held abroad. [Millions of yen] CANADA [Millions of dollars] 1925 1924 1925 1924 March Febru- Janu- March ary ary Febru- Janu- Decem- February ary ber ary Bank of Japan: j D B G B C a a h o o n n l a m d k k I N G M P r C n t i u r e n u o o d c d o e b r i l r t l e s i n d o e e e r l v e b d i e e n a c i r c c i y n r d v t i o n b i t a s r e u n i a o a c 2 n n l a t g a u t n o d l e g s c l a a k a s d a a n r n c s t a l i e d s : i i l n r i o p l c a s a n b o w t u n n s u l d a d D i a l t y l s t o d s i i s o h o m is e n o n c c i l r n o u t i u r o n i n t n o i t e t s n i s c o e t e .. s . . 2 1 1 1 , , , , 1 9 1 1 3 5 2 1 1 3 1 1 3 5 3 7 1 5 2 6 2 0 0 5 8 0 1 8 5 2 2 1 1 , , , , 2 0 4 1 3 2 5 1 1 3 8 1 1 2 1 5 4 3 5 0 3 4 0 2 9 3 2 1 5 2 2 1 1 , , , , 8 7 1 1 2 3 5 1 1 2 6 0 2 6 1 5 3 3 6 5 6 9 2 3 5 2 6 9 6 2 2 1 1 , , , , 1 0 2 1 4 2 3 1 1 8 0 7 7 2 6 0 0 5 6 7 0 4 7 5 0 2 3 4 3 Tok T T A N T L P y R G C o o o r o o a e d o o i t t a t s s v t v v b a a a h e e n a e a l l a l r s n c r t o n v l c d e n i c o a n e k l r e m e e a n c d s p f s h a n d u : e o e o r a s l p o r n i s a d n n o n i t n t i d t g s i s s o d o f s i c o t t e n s o e r p e s u o i n g * s t n i s t s . bills.. j 2 2 1 1 1 , , , , , 8 3 8 0 2 3 3 1 9 4 9 5 8 6 4 3 3 0 2 3 6 9 2 5 9 9 5 1 2 2 1 1 1 , , , , , 3 5 2 0 8 3 2 1 9 5 9 5 6 8 3 1 9 1 2 2 1 1 1 7 9 9 1 0 2 2 1 1 1 , , , , , 6 3 3 8 0 3 2 1 1 3 9 9 5 5 3 2 2 3 2 2 8 1 5 4 0 9 9 5 3 2 2 1 1 1 , , , , , 4 2 3 8 0 2 5 5 1 4 2 4 3 0 6 4 0 1 2 9 8 7 2 6 8 1 1 1 7 1 Not including gold held abroad. 2 Total for month. ' Gold abroad, gold coin and bullion in Japan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

346 FEDERAL RESERVE BULLETIN MAY, 1925 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES 1925 1924 1925 1924 March Fe a b ry ru- Ja a n ry u- March March Fe a b ry ru- Ja a n ry u- March Austrian National Bank (millions Bank of Latvia (thousands of lats): of schillings): Gold 23, 532 23,567 23, 587 19,663 Gold 11 11 11 11 Foreign exchange reserve 41, 750 40,162 40, 876 46,182 Foreign bills (reserve) 320 320 323 395 Bills 49,640 47,911 46,860 24,052 Other foreign bills _ 172 153 129 Loans. 52,222 53,010 50,831 27,667 Domestic bills, etc 105 128 154 173 Note circulation. 29, 730 28,701 27,898 23,649 Note circulation _ 790 796 790 715 Government deposits 84,408 83,180 80, 335 52,839 Deposits 30 32 44 75 Other deposits 41,914 45,741 45,428 42,230 National Bank of Belgium (mil- Bank of Lithuania (thousands of lions of francs): litas): Gold 272 272 272 270 Gold. _ . .. 32,862 31,062 30,947 24,134 Foreign bills and balances abroad 30 30 30 18 Foreign exchange reserve 56,706 63,109 62,667 56,747 Bills 1,318 1,325 1,545 1,387 Loans and discounts 39, 589 37,486 38,062 25,488 Note circulation 7,458 7,599 7,648 7,652 Note circulation 94,033 93,126 94, 708 71,247 Private deposits 276 225 258 368 Deposits 31, 279 33, 682 29, 816 32,660 National Bank of Bulgaria (mil- Netherlands Bank (millions of lions of leva): florins): Metallic reserve 68 68 98 Gold 504 504 505 569 Foreign notes. _ 6 5 1 Domestic bills 93 103 115 254 Balances abroad and foreign bills 976 932 770 Foreign bills 132 128 125 23 Commercial bills 310 293 160 Loans . 162 150 157 158 Commercial loans 521 513 360 Note circulation 898 881 893 1,018 Notes in circulation 4,380 4,458 4,748 Deposits 43 64 63 17 Deposits 1,867 2,008 1,824 Bank of Norway (millions of Banking Office, Czechoslovakia kroner): (millions of Czechoslovak crowns): Gold 147 147 147 147 Gold and silver __ 1,030 1,029 1,029 1,043 Loans and discounts 355 370 395 413 Balances abroad and foreign cur- Balances abroad 51 31 28 23 rency ... 544 595 643 662 Note circulation 380 368 361 380 Bills discounted.. 822 978 1,083 673 Deposits: Advances on collateral 537 542 553 747 State 11 24 31 12 Note circulation 7,681 7,728 7,917 8,280 Private 86 64 67 76 Checking accounts 584 633 497 650 Reserve Bank of Peru (millions of Bank of Danzig (thousands of libras): Danzig gulden): Gold at home. _ 4,184 4,094 4,179 4,214 On deposit with Bank of Eng- Gold abroad 983 982 1,060 760 land, foreign bills, etc 30,201 24,850 21,977 19,320 Bills 1,328 1,462 1,189 1,085 Loans and discounts 16,459 16,401 17,230 1,231 Notes in circulation 5,868 5,828 5,838 5,681 Notes in circulation.. 31,737 29,838 29,740 14,239 Deposits 492 673 498 372 Nat T io o n ta a l l d B ep a o n s k its of Copenhagen 13,750 9,491 5,740 780 Bank of Poland (millions of zlote): — (millions of kroner): Gold 117 107 104 Gold 209 209 209 210 Foreign exchange, etc 259 206 242 Bills 202 215 214 236 Bills 307 286 270 Loans. 40 47 56 57 Note circulation __ 563 550 553 Foreign bills and balances abroad. 35 24 29 25 Current accounts, etc.: Note circulation 452 453 456 463 Treasury 11 5 3 Current accounts... _ 46 64 67 73 Private _ 89 48 50 Bank of Finland (millions of fin- Bank of Portugal (millions of esmarks) : cudos): B G Fi a o n l l a n d n is c h e s a a n b d ro f a o d re , i g e n tc g . overnment 8 4 6 3 2 9 4 1 3 3 8 4 7 3 4 7 4 9 3 8 B B G a i o l l l l a s d nces abroad 2 1 7 6 9 1 4 3 1 2 5 9 5 5 2 1 9 5 9 4 8 1 4 6 9 9 5 Do se m c e u s r t i i ti c e b s ills 4 6 7 4 4 5 4 5 7 9 4 7 4 5 7 9 4 8 5 70 0 4 1 N De o p te o s c i i t r s culation 1,69 6 8 7 1,71 8 6 1 1,72 6 8 7 1,49 5 1 7 Note circulation 1 384 1,288 1,205 1,400 National Bank of Rumania (mil- Current accounts- lions of lei): Private 68 50 53 28 Gold 563 563 563 561 Treasury 116 227 284 239 Bills _ 7,307 7,243 7,294 5,936 Government loans 10,787 10,787 10,787 11,099 National Bank of Greece (millions Note circulation 19, 071 19,122 19,198 17,832 of drachmae): Deposits 6,750 7,588 7,411 6,621 D G G i o o s l v c d e o r u a n n n m d ts e b a n a n t l d a lo n l a c o n e a s s n s a a n b d ro s a e d curities . 2 3 2 , , , 8 0 9 1 2 8 1 4 0 2 3 2 , , , 0 8 8 6 4 3 7 4 5 4 2 1 , , , 0 8 0 3 4 7 8 2 2 St v d a o e t p n e a t B s r i t a ) m : n e k n t o ; f R th u o s u s s i a a n ( d N s ot o e f is s c u h in er g - P N r o iv te a t c e i rc d u e l p a o tio si n ts- 4,979 4,847 4,701 Gold 16,188 15,214 14,914 8,784 T Si i g m h e t 1 1 , , 7 0 9 5 0 6 1,8 6 6 8 8 7 1 1 , , 6 0 2 5 0 0 L B Fo o a r a n e n k ig s n n a o n c t d e u s r d r i e s n c c o y u _ nts 3 5 6 3 9 , , , 8 9 0 2 2 3 9 8 0 3 5 9 1 6 , , , 5 2 0 6 8 5 6 1 5 3 5 1 1 5 0 , , , 2 2 0 8 4 2 9 8 5 3 1 7 3 6 , , , 7 8 8 4 0 9 4 0 5 National Bank of Hungary (bil- South African Reserve Bank lions of Hungarian crowns): (thousands of pounds sterling): Gold 669 596 510 Gold coin and bullion 2,216 3,850 2,744 549 Foreign exchange 1,984 1,989 1,967 Gold certificates 10,224 10,223 10,223 10,102 Bills, etc.. 1,514 1,677 1,849 Total bills discounted 4,026 3,916 4,942 6,450 NCoutrere cnitr cauclcaotiuonn.ts- 4,270 4,238 4,450 D Fo o r m eig es n t i b c i l b l i s lls 3,3 6 5 6 8 8 1,4 8 9 7 7 8 1,9 6 9 7 1 0 2 1, , 6 6 4 9 0 2 Public 2,409 2,359 2,012 Notes in circulation 11,097 11,136 11,344 10,845 Private 144 183 127 Bankers' deposits 4,811 6,574 5,482 5,147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 347 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued 1925 1924 1925 1924 Febru- Janu- Febru- Janu- March ary ary March March ary ary March Bank of Spain (millions of pesetas): Swiss National Bank (millions of B G a o l l a d nces abroad 2,53 3 6 1 2,53 3 6 0 2,53 3 6 1 2,52 3 8 0 fra G nc o s ld ): 481 498 506 536 N B C i u o l r l t s e r e d c n i i t s r c c a o u c l u c a n o t t i u e o n d n ts 4 1 , ,0 3 9 7 9 3 7 7 0 4 1 , , 4 0 9 3 7 3 2 2 9 4,5 9 9 2 2 5 9 6 7 4 1 , ,0 3 7 0 2 8 9 2 5 L D B o a o c a l m o a n r n e s r c s e e t s i s p c o b a n i b d l r l e s o n a t d s and due from . 2 5 6 3 2 9 6 25 3 5 5 2 4 30 5 7 4 2 0 22 5 7 3 9 0 Bank of Sweden (millions of kro- Note circulation 836 819 825 901 nor): Deposits _ _ 70 80 164 51 Gold _ 234 234 234 271 National Bank of the kingdom of Balances abroad and foreign bills1 137 149 151 101 Serbs, Croats, and Slovenes Domestic bills 379 370 390 371 (millions of dinars): Government securities: Gold - - _. 72 72 72 72 Swedish 13 13 13 14 Foreign currency and balances Foreign 42 42 43 77 abroad 340 352 375 350 Note circulation 521 493 483 557 Bills 1,095 1,154 1,208 1,229 Deposits 237 269 291 201 Note circulation 5,594 5,760 5,795 5,586 Current accounts 282 321 345 244 1 Includes foreign government securities. DISCOUNT RATES OF 28 CENTRAL BANKS [Prevailing rates with date of last change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria 11 Apr. 25,1925 Esthonia 9 May 19,1924 Japan 7.3 Apr. 15,1925 South Africa- 5K Nov.—,1924 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 m Feb. 15,1925 Norway m Nov. 26,1924 Yugoslavia- 6 June 23,1922 Danzig 9 Mar. 6,1925 Hungary ii Mar. 27,1925 Poland Nov. 28,1924 Denmark 7 Jan. 17,1924 India 7 Jan. 22,1925 Portugal 10 Sept. 12,1923 England 5 Mar. 5,1925 Italy 6 Mar. 9,1925 Rumania 9 Sept. 4,1920 6 Changes.—Bank of Japan, from 8.03 per cent to 7.30 per cent on Apr. 15,1925; Austrian National Bank, from 13 to 11 per cent, April 25,1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

348 FEDERAL, RESERVE BULLETIN MAT, 1925 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] 12 months ended 1925 March— 1925 12 m M on a t r h c s h — ended March Fe a b ry ru- 1925 1924 Febru- France (million francs): March ary 1925 1924 Imports 3,307 3,346 39,742 35,951 Exports 3,762 3,595 41,401 34,845 Germany (million gold marks); IMPORTS I E m xp p o o r r t t s s , 1,1 7 1 1 1 2 1,1 6 2 3 5 1 ! I 1 7 0 , , 2 5 5 27 3 6 6 , , 6 3 2 6 2 2 By classes of commodities: United Kingdom (thousand £ T C Fo o ru o ta d d l s e t u m ff a s t , e c ri r a u l d s e .. , and food 3 1 8 4 5 2, , 2 4 1 8 1 7 3 1 3 2 3 8 , , 6 7 0 2 3 0 3 1, , 3 7 2 2 9 6 , , 6 9 4 8 1 3 3 1 , , 7 3 0 0 9 2 , ,5 7 6 9 4 0 ste I E r m x li p p n o o g r r ) t t : s s 1 7 1 0 2, , 8 3 6 0 1 3 1 6 1 9 0 , , 3 1 3 4 0 8 1,3 8 3 1 0 0 , , 1 7 9 3 4 6 1,1 7 2 7 4 5 , , 1 2 1 0 8 1 animals 50,157 36, 778 452,374 364,875 Reexports 12,776 13,858 140, 824 129,080 Manufactured foodstuffs.. 46,848 39, 776 476,302 552,705 Canada (thousand dollars): Semimanufactures 75,943 63, 649 677, 628 707,088 Imports 84,608 61,430 796,933 893,335 Finished manufactures 67,913 62,848 768,720 759,051 Exports 95,888 71,164 1, 081,362 1,058,763 Miscellaneous 2,415 2,066 22,429 23,507 Japan (million yen): By countries: Imports 313 284 2,459 2,297 Total Europe 112,097 100,968 1,140,131 1,114,958 Exports 151 164 1,933 1,445 France 14,153 14, 880 152,945 147,540 South Africa (thousand £ ster- Germany 13,080 12,077 142,462 155,366 ling) : Italy.. 9,512 8,262 84,197 82,977 Imports 5,437 5,300 67, 673 58,105 United Kingdom 40,151 33,893 381,888 379,701 Exports 8,487 4,550 71,634 74,448 Total North America 91,297 83,219 959,818 1,027,174 Canada 34,444 33, 651 424,926 Tota A l r S g o e u n t t h in a America 58 8 , , 4 5 5 8 1 4 4 1 4 0 , , 0 2 5 1 3 2 49 7 1 9 , , 1 1 1 5 5 0 44 9 9 9 , , 7 8 0 6 9 7 1925 12 F m e o b n ru th a s ry e — nded Total Asia and Oceania 113,397 92,438 1,058,068 1,039,772 Japan 28,291 23,181 347,768 335,314 Febru- Janu- Total Africa 10,245 13, 044 77,960 78,175 ary ary 1925 1924 EXPORTS Denmark (million kroner) : By classes of commodities: Imports 188 204 2,419 2,060 Total 453,434 365, 7824,760,841 4,284,451 Exports 166 183 2,188 1,775 Crude materials 121,690 128, 6971,412,399 1,275,018 Italy (millionlire): Foodstuffs, crude, and food Imports 1,828 17,286 animals 31,102 23, 554 430,505 229,441 Exports 1,119 11,483 Manufactured foodstuffs... 55,597 46, 277 568,016 589,044 Netherlands (million guilders): Semimanufactured 64,543 47, 777 626,526 590,239 Imports 197 ! 211 2,408 2,037 Finished manufactures 171,553 117, 8941,624,449 1,513,604 Exports. 136 140 1,694 1,359 Miscellaneous 1,048 636 7,128 6,016 Norway (million kroner): Reexports 7,901 5,904 91,159 81,090 Imports 109 1,587 By countries: Exports 95 1,101 876 Total Europe 251,823 222, 2622,615,902 2,152,197 Sweden (million kroner): France 25,690 22, 855 294,392 279,604 Imports 105 1,418 1,313 Germany 51,386 43, 785 459,114 367,391 Exports 80 1,284 1,156 Italy 26,063 23,061 212,946 174,362 Brazil (million milreis):l United Kingdom 84,999 85, 7571,050,798 879,678 Imports 251 2,237 Total North America 100,297 75,125 1,104,437 990,299 Exports . 505 3,178 Canada 51,179 39,122 615,783 639,779 Australia (thousand £ sterling): Total South America 33,548 25, 463 333,464 275,658 Imports... 13,438 145,822 138,312 Argentina 12,212 9,939 126,155 110,662 Exports 14,379 160, 939 114,053 Total Asia and Oceania 58,961 42, 559 632,159 712,661 India (million rupees): Japan 21,388 15, 803 225,303 299,623 Imports 243 2,455 2,281 Total Africa 8,805 5,330 74,138 63,631 Exports 401 3,860 3,488 1 Figures for November and October, 1924, and for the 12 months ending November, 1924, and November, 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 March Fe a b ry ru- Ja a n ry u- ce D m e b - er March April March Fe a b ry ru- Ja a n ry u- April Imports: United States Atlantic ports Total 209.2 200.2 217.1 194.7 195.3 to- Raw materials 164.1 166.4 186,4 185.4 151.1 United Kingdom 26.1 27.0 27.8 29.8 28.1 Producers' goods 274.5 272.5 296.9 226.3 269.4 French Atlantic 27.2 26.2 27.6 27.6 26.5 Consumers' goods 200.8 141.7 134.7 153.2 165.3 Netherlands and Bel- Exports: gium 26.7 24.8 25.1 25.6 24.5 Total 119.1 103.8 127.8 136.7 90.4 Scandinavia 24.0 23.5 23.5 23.5 23.7 Raw materials 102.1 94.1 123.2 135.3 69.1 Mediterranean 24.6 24.2 20.7 23.8 20.5 Producers' goods 213.9 177.0 181.2 186.0 155.8 All Europe - ... . 26.0 25.6 25.5 26.9 25.3 Consumers' goods 129.0 100.2 117.2 117.4 129.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1025 FEDERAL BESEEVE BULLETIN 349 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 for 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 318 of this issue. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES 1 On paper currency basis Converted to gold basis Year and month England France Canada Japan England France Canada Japan 1 1 9 9 2 2 3 4 , , a a v v e e r r a a g g e e 1 1 5 6 9 5 1 17 7 6 0 4 3 4 9 6 4 1 14 5 7 0 I i 2 1 0 8 0 8 1 1 6 5 0 9 1 12 2 1 4 1 14 4 5 7 1 1 8 6 3 6 1923 July 159 168 391 151 ! 183 158 119 147 179 August 159 164 391 150 179 154 115 146 176 September 163 165 404 149 i 191 154 123 145 186 October 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 January 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 1«1 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 156 172 436 146 198 158 120 145 161 October 159 175 442 148 206 161 120 148 161 November 160 176 449 148 210 167 123 148 162 December 165 177 451 149 209 171 126 149 161 1925 January 168 178 456 156 208 175 127 156 160 February 167 178 457 «158 204 175 125 157 168 March 169 174 463 153 171 124 153 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 Year and month m c t A o i o e m d l s l i - - te R 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 - ed s g p E o o x o - r d t s Year and month m c t A o o i m e l d l s - i- te R 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 o r 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—March. _ 160 166 157 154 161 145 179 1925—January 456 482 442 435 437 546 464 October 159 165 146 158 160 146 167 February 457 482 445 438 439 547 467 November.-_ 160 165 147 162 161 150 169 March 463 481 459 449 447 543 476 December 165 171 151 165 166 149 171 1925—January 168 176 151 167 170 147 175 CANADA February 167 177 153 163 169 147 178 1924—March 147 129 167 168 145 165 132 March 169 180 152 166 172 146 180 October 148 137 151 161 147 157 160 November 148 137 155 161 147 160 161 ENGLAND December 149 139 153 163 148 159 164 1924—March 180 183 167 187 180 178 185 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 March. 153 142 153 169 152 161 171 December 177 175 171 187 177 * 179 180 1925—January 178 176 171 188 178 179 179 JAPAN February 178 175 173 187 179 177 179 March. 174 172 165 188 175 173 174 1924—March- 200 211 203 193 200 199 207 October 206 211 212 202 208 200 204 FRANCE November. .. 210 217 216 204 212 202 213 1924—March 483 483 507 474 460 596 524 December. .. 209 216 218 201 210 202 214 October 442 469 442 411 423 534 454 1925—January 208 222 217 196 208 204 215 November. __ 449 478 439 424 430 541 461 February 204 223 208 193 204 205 213 December 451 480 440 424 431 545 463 March » 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

350 FEDERAL RESERVE BULLETIN MAY, 1925 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 - i B l E a o o n n a g f d r - ; d Finland France F m S e t G 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 la e n th d e s r- ( N O w o s a l r y o - ) Poland Russia* Trade Bureau 1924 January 1,874,800 580 2,711 974 210 165 1,071 494 117.3 123 571 156 250 107 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 1,094 499 120.7 130 579 155 266 110 196 April 1, 946, 500 555 2,798 1,008 228 165 1,095 450 124.1 125 579 154 267 109 188 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 2,988 234 170 1,114 497 131.2 149 602 161 276 116 177 November. 2, 076, 600 3,132 1,013 231 170 1,120 504 128.5 154 621 161 277 117 173 December.. 2, 075,400 3,181 1,024 232 170 1,139 507 131.3 160 640 160 278 118 172 1925 January 2,118,100 559 3,275 1,045 234 171 1,137 514 138.2 160 279 120 170 February.. 2,108,100 551 3,309 1,048 234 169 1,141 515 136.5 660 159 281 121 170 March 2, 054,800 546 1,034 230 166 514 134.4 276 122 April 1,019 220 Europe—Continued North and South America Asia and Oceania. Africa Year and United month Spain Sweden S la w n i d tzer- o ( S B f t L u a r t a e e b a s o u rCanada Peru t A ra u l s i - a ( C S h h h a a i i n n ) g a - D In E u d a t i s c e t h s c I ( u n C t d a t i a l a - ) ( J T a o p k a y n o) Ze N a e l w and ( E C g a y ir p o t ) S A o fr u i t c h a Statistics) 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 April 184 161 181 148 151 195 166 154 178 174 207 178 134 126 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. 198 168 170 157 161 195 165 157 179 176 213 181 156 ! 1925 January. ~ 191 169 171 160 165 199 163 160 178 171 213 178 157 ! 130 February.. 192 169 171 161 165 194 159 172 210 161 ! March 183 168 170 161 162 206 160 168 204 155 ! April 166 206 1 First of month figures. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities and period of the month to which the figuresr efer 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

MAY, 1925 FEDERAL RESERVE BULLETIN 351 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- 2 g B a u ri l a - l E an n d g - i n t E h ia o s- - 2 F (P ra a n ri c s e ) m G a e n r y - I ( l t M a 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 1 - t A ra u l s i - a ( I b B n a d o y i m ) 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 1925 January 151 1,644,600 140 3,131 178 113 408 137 590 156 277 168 145 148 152 147 120 February 148 1,661,800 137 3,163 176 410 3145 610 157 283 168 147 149 152 120 March 148 1,622,500 134 176 415 284 168 155 121 April 1, 583,000 170 153 INDEX NUMBERS OF COST OF LIVING [Pre-war=100] 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- C v o z a s e k lo c ia - h- l E a n n g d - 1 l F a i n n d - F (P ra a n ri 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 - l P an o d - Spain S d w e e n - S l z a w e n r i d - t- a C d a a n 1 - A t l r u i 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 1,194,000 495 917 179 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 J J u u l n y e 1 1 5 5 4 5 1 1, , 2 2 4 3 4 9 , , 2 1 0 0 0 0 4 4 9 9 2 3 9 90 2 9 3 1 1 6 7 9 0 1 1 , , 1 1 4 5 7 4 366 1 1 1 1 2 6 5 5 1 1 2 8 173 244 1 12 2 7 4 1 1 8 8 6 2 "in" 1 1 6 6 8 9 1 14 4 3 3 149 1 1 5 5 3 6 1 1 3 3 3 2 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 1,199 367 116 516 176 258 141 189 166 146 148 160 132 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 1,199 124 580 150 188 178 168 149 157 133 February... 157 1,389, 500 517 929 179 1,191 3 136 592 151 189 168 150 157 133 March 158 1,366,000 511 923 179 1,210 386 145 271 151 180 167 159 133 April 1,343, 200 506 175 158 1 First of the month figures. 21921=100. 3 New index. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

352 FEDERAL RESERVE BULLETIN MAY, 1926 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOB MARCH AND FEBRUARY, 1925 [Amounts in thousands of dollars] Total earning assets Total cash reserves Total deposits Fede in ra c l i r r e c s u e l r a v t e io n notes Reserve percentages Federal reserve bank March February March February March February March February March February Boston 93,490 89,073 257,937 257,161 136,016 139,048 201,576 194,570 76.4 77.1 New York 335,758 330,670 900,754 913,416 838,857 865,244 362,753 352,386 75.0 75.0 Philadelphia , 91,424 78,606 219,264 230,328 128,146 129,144 159,780 157,815 76.2 80.3 Cleveland 114,105 115,022 276,106 269,019 176,067 178,326 191,885 184,922 75.0 74.1 Richmond 47,943 32, 504 103,360 120, 863 66,121 68, 643 76,375 76,198 72.5 83.4 Atlanta.... 31,587 20,965 177,474 184,306 69,109 67,716 142,060 140,742 84.0 88.4 Chicago 131,154 130,557 376,244 388,067 316,310 317, 664 172,255 179,352 77.0 78.1 St. Louis... 33,798 38,950 106,861 105, 716 82,334 84,436 51,059 53,460 80.1 76.7 Minneapolis 30,230 25,634 98,340 102,683 57,366 57,069 66,814 67,032 79.2 82.7 Kansas City 43, 725 43,003 117,921 119,135 92,613 92, 553 66,292 66,640 74.2 74.8 Dallas 32,894 40,555 86,384 80, 596 65,947 67,009 45,049 46,479 77.8 71.0 San Francisco 92, 747 104,784 279,607 270, 623 164,587 166, 679 195,325 195,333 77.7 74,8 Total: 1925 1,078,855 1,050,323 3,000, 252 3,041,913 2,193,473 2,233,531 1,731, 223 1,714, 929 76.4 77.0 1924 951, 774 921,588 3, 222,877 3,239,282 1,991,066 1,954,479 2,013, 515 2,034, 540 80.5 81.2 1923 1,178,919 1,152,862 3,190, 625 3, 208,682 1,960, 540 1,969, 757 2, 253,189 2,244, 733 75.7 76.1 1922 1,191,013 1,215,221 3,095, 762 3,070,045 1,794,895 1,814,446 2,195,131 2,176,529 77.6 76.9 1921 2,735, 784 2,869, 233 2,403,470 2, 343, 537 1,808, 529 1,804,476 2,979,486 3,068,578 50.2 M9.6 1920 3,211,936 3,154,054 2,058, 293 2,053,422 2,032,787 2,002, 503 3,040,440 2,946,863 U2.7 M3.3 1 Calculated on basis of net deposits and Federal reserve notes in circulation. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Total Boston 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 Chicago St. Louis 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 - Gold with Federal reserve agents: I Mar. 25 1,600,051 159,692 361, 766 135,217 169, 759 50, 529 136,074 165, 596 48,940 66, 694 56,812 39,136 209,836 Apr. 1.. 1,588,385 157, 205 361, 704 132,848 170, 577 49,021 135,369 165, 571 47,820 67,056 57,882 39,289 204,043 Apr. 8 1,513,503 163,678 321,638 134,134 170,172 47,438 136,905 115, 563 46,884 66,844 57,558 40,478 212,211 Apr. 15 .1,554,000 174, 593 331, 612 135, 228 170,093 45, 770 135, 776 135,550 46,856 67,204 56, 546 39,999 214,773 Gold redemption fund with U. S. Treasury: Mar. 25 54,811 12,432 10, 741 6,187 3,958 2,168 1,904 3,762 4,497 647 4,000 2,304 2,211 Apr. 1 51,957 14,192 9,524 7,548 2,019 2, 533 2,006 2,809 4,599 1,051 2,432 1,471 1,773 Apr. 8 50,428 7,010 8,442 8,387 3,220 3,074 1,882 5,826 5,084 1,019 2,364 1,760 2,360 Apr. 15 54,419 7,418 12,398 9,547 2,123 3,802 2,466 4,911 5,005 425 2,934 1,618 1,772 Gold held exclusively against Federal reserve notes: | Mar. 25 II, 654,862 172,124 372,507 141,404 173, 717 52, 697 137,978 169,358 53,437 67, 341 60,812 41,440 212,047 Apr. 1 1,640,342 171,397 371, 228 140,396 172, 596 51, 554 137,375 168,380 52,419 68,107 60,314 40, 760 205,816 Apr. 8. 1,563,931 170,688 330,080 142,521 I 173,392 50, 512 138, 787 121,389 51,968 67,863 59,922 42,238 214,571 Apr. 15 1,608,419 182,011 344,010 144,775 I 172,216 49, 572 138,242 140,461 51,861 67, 629 59,480 41,617 216, 545 Gold settlement fund with Federal Reserve Board: A A A M p p p a r r r r . . . . 8 1 1 2 5 . 5 .. 6 6 6 6 1 3 1 9 9 7 5 2 , , , , 4 0 2 7 0 0 9 7 9 9 2 6 4 4 4 3 2 3 4 6 , , , , 9 8 3 9 1 1 4 5 4 9 1 4 2 2 2 1 2 9 3 2 8 1 2 2 , , , , 3 2 9 5 0 7 8 4 3 6 2 9 4 4 5 5 3 9 2 3 , , , , 2 4 5 0 5 8 8 8 6 3 6 8 6 6 6 60 9 1 1 , , , , , 9 3 9 5 5 9 8 0 3 3 7 2 1 1 1 1 8 6 7 8 , , , , 5 4 2 5 4 6 7 5 2 5 0 6 1 1 1 4 6 4 1 , , , , 0 8 0 2 0 7 5 6 7 4 3 0 1 1 9 6 1 0 2 7 9 5 , , , , 4 3 1 3 7 1 9 1 5 3 9 8 2 1 2 1 4 3 8 7 , , , , 1 0 5 0 3 7 0 9 1 9 0 2 2 1 1 1 0 4 6 9 , , , , 3 7 3 5 2 3 9 9 4 1 3 8 4 4 4 4 6 8 5 4 , , , , 0 7 2 4 7 6 3 9 7 3 8 0 2 2 2 2 2 3 2 2 , , , , 6 2 3 7 4 7 9 8 6 9 0 0 3 3 3 3 5 7 5 0 , , , , 3 0 5 2 9 8 6 1 6 9 0 2 Gold and gold certificates held by banks: Mar. 25 593,059 28,066 324, 553 23,064 30,354 24,920 10, 273 93, 262 10,641 6,621 2,786 9,330 29,189 Apr. 1 590,300 28,564 317,460 23,105 31, 500 23,386 10,206 96,067 11,269 6,652 3,908 8,873 29,310 Apr. 8 582, 675 28,911 314, 583 21,002 32,148 22,655 10,365 92,059 12,037 6,671 3,565 9,458 29,221 Apr. 15 599,055 28,934 322, 754 21, 559 32,844 22,022 10,252 100,409 11,285 6,853 3,784 9,571 28,788 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL, RESERVE BULLETIN 353 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y N o e r w k j j d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago . Louis e City Dallas F c S i r s a a c n n o - -I- Total gold reserves: Mar. 25 2,867,330 243,144 895, 609 207,724 266,024 95,159 162,511 354,938 88,078 94, 286 109,675 73, 550 276,632 Apr. 1 2,845,934 236, 780 909,991 216,087 265,489 91,496 162,458 331,922 82, 267 91,490 112,460 73, 279 272,215 Apr. 8 2,839,382 243,513 217,006 275,042 91,437 160,206 332,761 87,136 93,927 107,977 74,086 279,352 Apr. 15 2,844,483 255, 286 889,746 215, 422 266,047 90, 059 154,497 346, 069 80, 238 89, 080 109, 027 73,467 275,545 Reserves other than gold: Mar. 25 1 140,822 16,107 31,801 5,799 9,056 5,096 13,630 18,953 19,011 1,802 3,784 9,478 6,305 Apr. 1 136,747 14,841 31,190 4,345 8,780 4,586 14,749 18,457 19,104 1,820 3,467 9,382 6,026 Apr. 8.. 137,226 16,039 31,180 4,433 8,259 3,656 14,116 18,430 19,076 2,062 3,817 9,500 6,658 Apr. 15. 141,044 15,694 32,660 4,958 14,968 18,825 19,936 1,913 3,571 9,560 5,991 Total reserves: Mar. 25 3,008,152 259,251 927,410 213,523 275,080 100,255 176,141 373,891 107,089 96,088 113,459 83,028 282,937 Apr. 1 2,982,681 251,621 941,181 220,432 274,269 96,082 177,207 350,379 101,371 93,310 115,927 82,661 278,241 Apr. 8 2,976,608 259,552 908,119 221,439 283,301 95,093 174,322 351,191 106,212 111.794 83,586 286,010 Apr. 15 2,985,527 270,980 922,406 220,380 275,035 94,039 169,465 364,894 100,174 90,993 112,598 83,027 281,536 Nonreserve cash: Mar. 25 56, 501 4,609 16,802 2,097 2,779 2,974 5,803 7,946 3,883 962 2,238 2,502 3,906 Apr. 1 51,673 4,434 13,497 1,960 3,575 2,962 5,092 7,670 3,552 916 2,036 2,298 3,681 Apr. 8 54,215 5,002 14,949 1,841 2,853 3,468 5,215 7,855 3,878 920 2,544 2,375 3,315 Apr. 15 56,630 5,476 15,481 2,037 3,806 3,709 4,516 7,921 3,929 1,532 2,269 2,549 3,405 Bills discounted: j Secured by U.S. Government obligations- Mar. 25 214,570 14,592 96,536 27,141 25,038 9,089 3,653 23,294 4,333 328 270 224 10,072 Apr. 1 204,186 18,243 58,891 26,858 32,309 12,240 5,157 30,094 5,556 243 2,190 173 12,232 Apr. 8 192,600 16,477 75,917 20,100 22,234 11,442 3,228 25,070 5,134 238 1,702 129 10,929 Apr. 15 206,132 17,140 74,792 22,372 34,034 12,066 3,078 21,059 5,919 2,268 1,122 152 12,130 Other bills discounted— Mar. 25 163,071 13,291 40,285 13,967 11,969 25,283 11,743 20,304 5,491 3,764 4,017 1,327 11,630 Apr. 1. 195,739 22,868 40,186 15,018 13,077 27,495 14,674 27,799 8,652 3,785 3,924 1,265 16,996 Apr. 8. 198,689 20,214 53,037 12,752 14,759 27,679 13,471 24,805 7,685 3,885 4,415 1,367 14,620 Apr. 15 189,170 15,744 41,003 15,400 17,237 28,586 15.819 18,343 9,509 4,161 5,089 1,647 16,632 Total bills discounted: Mar. 25 377,641 27,883 136,821 41,108 37,007 34,372 15,396 43,598 9,824 4,092 4,287 1,551 21,702 Apr. 1 399,925 41,111 99,077 41,876 45,386 39,735 19,831 57,893 14,208 4,028 6,114 1,438 29,228 Apr. 8 391,289 36,691 128,954 32,852 36,993 39,121 16,699 49,875 12,819 4,123 I 6,117 1,496 25,549 Apr. 15. 395,302 32,884 115,795 37,772 51,271 40,652 18,897 39,402 15,428 6,429 6,211 1,799 28,762 Bills bought in open market: Mar. 25 306,905 41,092 62,209 24, 279 30,913 12,834 13,302 43, 282 13,193 9,343 15,304 11,050 30,104 Apr. 1 316,378 41,261 73,197 25,367 31, 875 13,054 13,284 42,831 13,381 8,728 14,117 10,463 28,820 Apr. 8 310, 685 39,316 83, 534 24,102 29,342 12,224 12,830 39, 650 11, 741 8,229 12, 730 8,845 28,142 Apr. 15 274, 058 35,303 57,504 24,197 28, 507 12,024 13,074 35,910 11,334 8,258 12, 741 8,666 26,540 U. S. Government securities: I Bonds— Mar. 25 81,696 2,662 12,460 1,416 11,001 1,407 1,717 19, 649 1,599 8,785 9,202 8,681 3,117 Apr. 1 81,942 2,662 12,460 I 1,416 11,001 1,407 1,721 19, 649 1,599 8,764 9,464 8,682 3,117 Apr. 8 82, 631 2,662 12,460 I 1,416 11, 001 1,407 1,764 19,649 1,648 8,764 10,061 8,681 3,118 Apr. 15 84,896 2,662 12,460 I 1,416 11,000 1,408 1,901 21,649 1,649 8,764 10,184 3,121 Treasury notes- Mar. 25 233, 728 14, 373 77,323 I 22,490 22,162 1,615 1,054 30,401 6,905 8,162 12,906 I 10,821 25, 516 Apr. 1 245, 970 14, 425 89,497 ! 22,490 22,162 1,615 1,070 30,401 6,905 8,162 12,906 I 10,821 25,516 Apr. 8 250,177 14,428 93,688 I 22,490 22,162 1,615 1,082 30,401 6,906 8,162 12,906 I 10,821 25, 516 Apr. 15 244, 780 14,868 85,682 I 22,950 22, 738 1,903 1,381 29,451 7,251 8,162 13,252 11,109 26,033 Certificates of indebtedness- Mar. 25 28,327 4,113 4,486 i 365 6,286 ! 959 2,594 457 2,302 5,691 Apr. 1 29, 922 3,868 7,012 365 6,286 I 976 1,891 457 2,302 5,691 Apr. 8. 29,432 3,891 5,396 i 365 6,286 ! 82 i 2,985 386 457 2,301 606 5,691 Apr. 15 28,156 3,887 5,067 i 340 6,194 I 75 I 1,097 2,268 397 420 2,257 557 5,597 Total U. S. Govern- I ment securities: Mar. 25 343, 751 21,148 94,269 24, 271 39,449 3,-104 3,730 52, 644 8,890 17,404 24,410 I 20,108 34.324 Apr. 1.. 357, 834 20,955 108,969 24,271 39,449 3,104 3,767 51,941 8,890 17, 383 24,672 | 20,109 34, 324 Apr. 8. 362,240 20,981 111, 544 24,271 39,449 3,104 3,832 53,035 8,940 17,383 25,268 | 20,108 34.325 Apr. 15.,_ 357, 832 21,417 103, 209 24,706 39, 932 4,379 53,368 9,297 17,346 25,693 20,348 34,751 Foreign loans on gold: Mar. 25 10,500 j 3,055 I 1,050 1,208 462 1,564 525 j 368 462 Apr. 1 10,500 ! 3,055 I 1,050 1,208 462 1,564 525 I 368 462 399 798 Apr. 8-__ 10,500 3,055 I 1,050 1,208 462 1,564 525 I 368 462 399 798 Apr. 15 10,500 3.055 I 1,050 1,208 609 | 462 1,564 525 i 368 462 399 798 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

354 FEDERAL, RESERVE BULLETIN MAY, 1925 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [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 ChicagoSt. Louis M ap i o n l n i e s - K C an it s y as Dallas F S r a a n ncisco All other earning assets: Mar. 25 1,902 1,400 500 Apr. 1 1,902 1,400 500 Apr. 8 1,902 1,400 500 Apr. 15 1,652 1,400 250 Total earning assets: Mar. 25 _... 1,040,699 90,123 296, 354 92,108 108, 577 50, 919 32, 890 141, 088 32,432 31, 209 44,963 33,108 86,928 Apr. 1 _.1, 103, 327 284,298 93,964 117, 918 56,502 37,344 154, 229 37,004 30, 509 45,865 32, 409 93,170 Apr. 8 1,, 076, 616 327,087 83,675 106, 992 55, 058 144,124 34, 025 30,105 45, 077 30,848 88,814 Apr. 15.... 1,, 039,344 89,604 279,563 89,125 120, 918 56,671 36,812 130,244 36, 584 32,403 45,357 31, 212 90,851 Uncollected items: Mar. 25 602,247 54, 052 131,129 58, 851 54, 613 55,414 29, 471 31, 647 12,835 35, 659 24,006 34, 585 Apr. 1 607,198 55, 623 141, 884 57, 773 52,196 50,828 27, 056 83, 594 31, 915 11, 963 37,101 23,320 33,945 A A p p r r . . 8 15 .. 6 7 0 8 2 6 , , 2 6 0 1 6 8 5 7 1 2 , , 8 8 1 8 7 7 1 1 3 9 6 6 , , 9 7 2 0 9 2 5 7 5 4 , , 5 5 6 5 3 8 5 7 0 5 , , 6 0 4 4 2 2 54, 077 3 35 0 , , 1 4 7 6 1 0 95,859 3 4 5 1 , , 2 3 1 8 5 1 1 1 3 6 , , 3 2 4 1 4 8 3 4 7 1 , , 0 1 3 1 2 4 2 2 4 7 , , 6 73 6 4 0 4 3 4 6 , , 6 32 0 7 0 Bank premises: Mar. 25 58, 816 4,190 16,454 1,114 7,573 2,446 2,780 8,099 3,875 3,040 4,142 1,833 3,270 Apr. 1.-.. 58, 863 4,190 16, 497 1,112 7,573 2,446 2,780 3,875 3,046 4,142 1,833 3,270 Apr. 8 58, 967 4,190 16, 569 1,112 7,573 2,446 2,780 3,881 3,046 4,165 1,833 3,273 Apr. 15 59, 241 4,190 16, 570 1,112 7,573 2,446 2,780 8,099 4,118 3,046 4,200 1,833 3,274 All other resources: Mar. 25 _. 20, 710 75 5,401 315 225 555 2,002 1,746 312 2,944 549 1,736 4,850 Apr. 1 20, 653 39 5,403 330 215 549 1,997 1,645 345 2,967 564 1,747 4,852 Apr. 8 20, 998 48 5,550 392 226 534 1,983 1,629 348 3,149 577 1,703 4,859 Apr. 15 22, 257 5,978 360 243 579 2,894 1,331 342 3,376 546 1,690 4,852 Total resources: Mar. 25 4, 787,125 412,300 1, 393, 550368, 008 448,847 212, 563 249,087 612, 755 179, 238 147,078 201,010 146, 213 416,476 Apr. 1 4, 807, 607 419, 2341,402, 760 375, 571 455, 746 209,369 251,476 605, 616 178, 062 142, 711 205,635 144, 268 417,159 Apr. 8_- 4, 790, 022 417, 6671,408, 976 364, 022 451, 587 210, 676 248, 583 589, 567 183, 725 146,427 201,189 145,005 422, 598 Apr. 15 4, 949, 205 443,133 1, 436, 927387, 572 482, 617 222, 267 251,638 608,348 186,362 147, 694 206, 084 148, 045 428,518 LIABILITIES Federal reserve notes in actual circulation: Mar. 25 1,709,146 201,408 357, 293 154,768 193,442 75,166 141,107 169,188 49,648 66,367 65,473 43, 871 191,415 Apr. 1 1, 709,670 206,102 357,560 155,655 189,426 75,344 141,572 166,675 49,528 66,251 65,056 43,910 192, 591 Apr. 8 1,714,161 209,539 348,102 156,578 196, 473 75,401 143, 676 165,317 49,482 66,153 65,344 44,477 193,619 Apr. 15 1,698,090 207,690 342,070 153,327 196,552 75,357 142,011 163,862 49,201 64, 892 64,441 43,410 195,277 Deposits: Member bank reserve account— Mar. 25 2,118, 581 130,727 809,136 126,044 163,306 63,850 320, 680 78,945 55,386 86,811 60,827 156,043 Apr. 1 2,132,779 131,527 807,154 134, 297 179,646 65,489 70,598 308,566 78,764 51,550 88,018 60,886 156,284 Apr. 8 2,140,760 130,15 ( 835,784 126, 274 168,791 65,871 67,429 305, 269 79,988 54,621 86,644 60,541 159,398 Apr. 15 2,141,443 138, 715 812,900 132,475 178,873 67,606 308,503 77,617 55,490 87,145 60,010 155,843 Government— Mar. 25 29,379 2,346 8,237 1,137 2,001 833 3,208 4,525 1,524 1,037 553 1,761 2,217 Apr. 1 34,377 3,538 5,589 2,090 1,278 1,615 4,447 3,870 1,915 2,126 3,880 1,823 2,206 Apr. 8 21,878 1,578 5,073 342 2,451 828 1,990 1,257 1,906 1,633 1,639 901 2,280 Apr. 15 37,027 1,943 7,567 4,324 3,195 3,061 1,615 2,045 3,265 1,257 2,641 1,660 4,454 Other deposits— Mar. 25 36,309 313 18,475 1,208 2,106 2,318 731 1,491 1,601 290 844 411 6,521 Apr. 1 28, 501 44 14,485 894 1,167 162 143 2,513 964 294 698 253 6,884 Apr. 8 24, 340 74 12,530 342 1,240 147 136 1,183 903 297 610 262 6,616 Apr. 15 29,476 146 16, 526 452 1,112 208 494 2,428 816 305 641 188 6,160 Total deposits: Mar. 25,. 2,184,269 133,386 835,848 128,389 167,413 67,001 70,765 326,696 82,070 56,713 62,999 164,781 Apr. 1 2,195,657 135,109 827,228 137,281 182,091 67,266 75,188 314,949 81,643 53,970 92,596 62,962 165,374 Apr. 8 2,186,978 131,802 853,387 126,958 172,482 66,846 69,555 307,709 82,797 56,551 88, 893 61,704 168,294 Apr. 15 2,207,946 140,804 836,993 137,251 183,180 69,535 69,715 312, 976 81,698 57,052 90,427 61,858 166,457 Deferred availabilityitems: Mar. 25 549,438 52,554 107,377 53,307 j51,521 52,040 23,023 69,210 31,981 12, 285 33,579 26,877 35,684 Apr. 1_. 558, 250 53,119 124, 974 51,103 j47,780 48,413 20,543 76, 295 31,368 10, 788 34,251 24,964 34,652 Apr. 8 : 544,276 51,380 114,239 48,931 !46,132 50,049 21,146 68,783 35,907 12,016 33,215 26,360 36,118 Apr. 15. 698,694 69,705 164,397 65,386 | 59,000 25,693 84,019 39,935 14,060 37,505 30,342 42,263 Capital paid in: Mar. 25 114,492 8,078 31,302 11,110 12,959 5,966 4,601 15,487 5,104 3,260 4,305 4,195 8,125 Apr. 1 114,492 8,050 31,315 11,098 12,958 5,966 4,598 15, 502 5,104 3.261 4,300 4,198 8,142 Apr. 8 114,481 8,050 31,318 11,098 12,958 5,968 4,599 15,495 5,104 3,260 4,295 4,201 8,135 Apr. 15.... 114, 586 8,050 31,343 11,150 12,958 5,967 4,613 15, 504 5,104 3,252 4,295 4,213 8,137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 355 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LI ABILITIE S—C ontinued [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 St. Louis M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Surplus: Mar. 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 Apr. 1 217,837 16,382 58,749 20,059 22,462 11,701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 Apr. 8 217,837 16,382 58,749 20,059 22,462 11,701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 Apr. 15 217,837 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: Mar. 25 11,943 492 2,981 375 1,050 641 1,748 464 956 468 679 1,400 Apr. 1.— 11,701 472 2,934 375 1,029 679 625 1,769 448 944 455 642 1,329 Apr. 8_._ .- 12,289 514 3,181 398 1,080 711 657 1,837 464 950 465 671 1,361 Apr. 15 -. 12,052 502 3,375 399 1,076 707 656 1,561 453 941 439 630 1,313 Total liabilities: Mar. 25 4,787,125 412,300 1,393, 550 368,008 448,847 212, 563 249,087 612,755 179,238 147,078 201,010 146,213 416.476 Apr. 1 4,807,607 419,234 1,402,760 375, 571 455,746 209,369 251,476 605,616 178,062 142,711 205,635 144,268 417,159 Apr. 8 4,790,022 417,667 1,408,976 364,022 451,587 210,676 248,583 589,567 183,725 146,427 201,189 145,005 422,598 Apr. 15... 4,949,205 443,133 1,436,927 387,572 482,617 222,267 251,638 186,362 147,694 206,084 148,045 428,518 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent): Mar. 25 77.3 77.4 77.7 75.4 76.2 70.5 83.1 75.4 81.3 78.1 73.8 77.7 79.4 Apr. 1 76.4 73.7 79.4 75.2 73.8 67.4 81.8 72.7 77.3 77.6 73.5 77.3 77.7 Apr. 8 76.3 76.0 75.6 78.1 76.8 66.9 81.8 74.2 80.3 78.2 72.5 78.7 79.0 Apr. 15 76.4 77.8 78.2 75.8 72.4 64.9 80.0 76.5 76.5 74.6 72.7 78.9 77.8 Contingent liability on bills purchased for foreign correspondents: Mar. 25 51,743 15,020 5,180 5,956 3,004 2,279 7,718 2,590 1,813 2,279 1,968 3,936 Apr. 1 50,384 14,611 5,046 5,802 2,926 2,220 7,518 2,523 1,766 2,220 1,917 3.835 Apr. 8. 45,281 12,421 4,635 5,330 2,688 2,039 6,906 2,317 1,622 2,039 1,761 3,523 Apr. 15 44,897 12,037 4,635 5,330 2,039 6,906 2,317 1,622 2,039 1,761 3, 523 Own Federal reserve notes held by Federal reserve bank: Mar. 25—. 309,077 21,421 123,526 28,227 15,829 15,627 20,174 10,486 8,002 2,857 7,782 6,121 49,025 Apr. 1 310,293 22,640 123,820 28,571 18,764 14,441 20,338 12,429 7,502 2.606 7,770 4,836 46, 576 Apr. 8 306,012 23,876 131,350 26,933 14, 111 13,961 18,840 9,846 6,612 3,241 8.258 4,568 44,416 Apr. 15 327,271 26,640 133,980 33,678 18,954 13,637 20,701 11,231 6,465 2,946 9,149 44, 560 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS [In thousands of dollars] From 91 Total Wi d th ay in s 15 16 to 60 31 d a to y s 60 61 d a to y s 90 d m ay o s n t t h o s 6 m O o v n e t r h 6 s Bills discounted: Mar. 25 _ 377,641 288,426 21,070 36,922 18, 674 9,131 3,418 Apr. 1 _._ 399,925 296,809 24, 682 38, 264 25, 616 10,983 3,571 Apr. 8 391, 289 289,091 24,867 25,722 11,010 3,905 Apr. 15 395,302 294,842 26,847 35,439 21, 294 13,145 3,735 Bills bought in open market: Mar. 25 306,905 54,769 92,773 64,381 8,313 Apr. 1 -- 316, 378 97,244 57,817 92,273 8,064 Apr. 8 310,685 106,137 60,478 88, 501 47,558 8,011 Apr. 15 274,058 58,633 41,184 7,202 United States certificates of indebtedness: Mar. 25 - 28,327 535 14, 703 13,089 Apr. l.__ 29,922 2,817 14, 702 12,403 Apr. 8 -.- 29,432 1,223 16,028 12,181 Apr. 15 - 28,156 1,339 12,087 14,730 Municipal warrants: Mar. 25 2 2 Apr. 1 2 2 Apr. 8... - 2 2 Apr. 15 2 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

356 FEDERAL RESERVE BULLETIN MAY, 1925 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 lp il h a i - a C l l a e 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 an it s y as Dallas F S r a a n ncisco Net amount'of Federal reserve notes received from Comptroller of Currency: Mar 25 3,009,108 274,879 806,759 237,445 257,571 113,647 225,114 446,211 83,310 88,955 101,428 71,949 301,840 Apr 1 3,005,024 272,392 802,920 235, 076 262,390 112,640 225,388 444,641 82,690 89,318 100,699 71,103 305,767 Apr. 8 - 3,008,943 281,065 797,992 239,361 260, 784 112,016 224,524 445,200 81,754 90,245 101,975 71,092 302,935 Apr 15 3,007,407 286,380 794,590 237,455 264,306 111,448 223,555 443,630 81,326 89,605 101,963 71,412 301,737 Federal reserve notes on hand: Mar 25 990,885 52,050 325,940 54,450 48,300 22,854 266,537 25,660 19, 731 28,173 21,95' 61,400 Apr 1 985,061 43,650 321,540 50,850 54,200 22,855 63,478 265,537 25,660 20,461 27,873 22,357 66,600 Apr 8 988,770 47,650 318,540 55,850 50,200 22,654 62,008 270,037 25,660 20,851 28,373 22,047 64,900 Apr. 15 982,046 52,050 318,540 50,450 48,800 22,454 60,843 268,537 25,660 21,767 28,373 22,672 61,900 Federal reserve notes outstanding: Mar 25 2,018,223 222,829 480,819 182,995 209,271 90,793 161,281 179,674 57,650 69,224 73,255 49,992 240,440 Apr. 1 2,019,963 228,742 481,380 184,226 208,190 89,785 161,910 179,104 57,030 68,857 72,826 48,746 239,167 Apr 8 2,020,173 233,415 479,452 183,511 210,584 89,362 162,516 175,163 56,094 69,394 73,602 49,045 238,085 Apr 15 2,025,361 234,330 476,050 187,005 215,506 88,994 162,712 175,093 55,666 67,838 73,590 48, 740 239,837 Collateral security for Federal reserve notes outstanding: Gold and gold certificates- Mar. 25 275,416 27,800 186,698 6,000 8,780 5,000 12,075 13,052 16,011 Apr. 1 274,916 27,800 186,698 6,000 8,780 5,000 11,575 13,052| 16,011 Apr 8 274,916 27,800 186,698 6,000 8,780 5,000 11,575 13,052' 16,011 Apr. 15 277,316 29,800 186,698 6,000 8,780 5,000 11,975 13,052 16,011 Gold redemption fund- Mar. 25 110,274 15,892 29,068 9,828 10,979 3,234 5,074 4,952 2,865 1,142 4,452 3,125 19,663 Apr 1 109,526 13,405 29,006 12,459 11,797 1,726 4,369 4,926 3,245 1,504 3,522 4,278 19,289 Apr 8 107,181 9,878 28,940 10,745 11,392 3,143 7,905 4,918 3,309 1,292 3,198 3,467 18,994 Apr. 15 117, 518 15,793 28,914 13,839 11,313 4,475 6,776 4,906 2,881 1,652 4,186 18,795 Gold fund—Federal Reserve Board- Mar. 25 1,214,361 116,000 146,000 119,389 150,000 47,295 126,000 160.644 34,000 52,500 52,360 20,000 190,173 Apr. 1 1,203,943 116,000 146,000 114,389 150,000 47,295 126,000 160.645 33,000 52,500 54,360i 19,000 184,754 Apr 8 1,131,406 126,000 106,000 117,389 150,000 44,295 124,000 110,645 32,000 52,500 54,360, 21,000 193,217 Apr. 15 1,159,166 129,000 116,000 115,389 150,000 41,295 124,000 130,644 32,000 52,500 52,360 20,000 195,978 Eligible paper— Amount required— Mar. 25 418,172 63,137 119,053 47,778 39,512 40,264 25,207 14,078 8, 710 2,530 16,443} 10,856 30,604 Apr. 1 431, 578 71,537 119,676 51,378 37,613 40,764 26, 541 13,533 9,210 1,801 14,944! 9,457 35,124 Apr. 8 506,670 69,737 157,814 49,377 40,412 41,924 25,611 59,600 9,210 2,550 16,044 i 8,567 25,824 Apr. 15 471,361 59, 737 144,438 51,777 45,413 43,224 26,936 39,543 8,810! 17,0441 8,741 25,064 Excess amount held— Mar. 25 230,392 5,838 59,959 7,744 26,891 5,607 2,847 72,544 13,170 10,5411 2,970 1,564 20, 717 Apr. 1 245,984 10,835 34,589 2,498 37,594 10,173 5,498 86,945 17,177 10,682 5,111 2,322 22,560 Apr. 8 168,370 6,270 38,936 2,295 25,586 7,564 2,761 29,681 14,036 9,532 2,610 1,635 27,464 Apr. 15 169,652 8,450 13,818 2,438 34,215 7,792 3,812 35,515 16,651 13, 795 1,738 1,626 29,802 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDEEAL RESERVE BULLETIN 357 FEDERAL RESERVE BANKS-EARNING ASSETS HELD AND EARNINGS THEREON, MARCH, 1925 [In thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e i l i l - a a- C la le 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 a M p n o e in - li - s K C s a a it n s y - Dallas F c S r is a a c n n o - HOLDINGS ON MAR. 31,1925 Total earning assets 1,083,303 110,533 299,657 93,458 109,329 54,119 36,113 149,248 34,925 30,313 '43,447 32,171 89,990 Bills discounted for members.. 397,810 49,235 111,712 42, 322 37, 279 37,725 19,004 52,310 12,577 4,070 4,128 1,456 25,992 Bills bought in open market 312, 947 40,346 73, 610 24,415 31, 393 12, 681 12, 881 43,429 12,933 8,490 13,685 10,208 28,876 United States securities 360,144 20,952 111, 280 24, 271 39,449 3,104 3,766 51, 945 8,890 17,383 24,672 20,108 34,324 Foreign loans on gold . 10, 500 3,055 1,050 1,208 609 462 1,564 525 368 462 399 798 All other earning assets 1,902 1,400 2 500 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s _ 139,655 28, 586 17,385 6,616 9,502 21, 509 11, 692 22, 795 7,483 3,785 3,463 1,192 5,647 Trade acceptances, domestic. 2,992 320 126 144 815 586 109 797 67 28 Secured by U. S. Government obligations 1,077 196 28 80 279 252 129 81 2 1 1 28 Member bank collateral notes: Secured by U. S. Government obligations 206, 518 20,133 72,406 27, 270 24,457 11,455 5,532 28, 466 5,025 238 200 173 11,163 Otherwise secured 47, 568 21,767 8,212 2,226 3,923 1,542 171 47 464 90 9,126 Total discounted bills 397,810 49, 235 111,712 42,322 37, 279 37,725 19,004 52,310 12,577 4,070 4,128 1,456 25,992 Bills Bought Bankers' acceptances based on— Imports 126, 339 17, 349 27,922 8,491 15,153 4,618 4,088 12,187 5,226 3,552 5,422 6,260 16", 071 Exports _ 114,946 13, 221 28,728 9,405 11, 294 2,711 6,671 14, 253 5,776 3,726 6,432 3,461 9,268 Domestic transactions 65, 761 9,612 13,867 6,374 4,686 5,260 2,122 16,334 1,469 972 1,381 373 3,311 Dollar exchange bills 4,039 164 1,231 145 260 92 655 462 240 450 114 226 All other 1,284 1,284 .. _ Trade acceptances based on imports 578 578 Total purchased bills 312,947 40,346 73, 610 24,415 31, 393 12,681 12,881 43,429 12,933 8,490 13,685 10,208 28,876 Purchased Bankers' Acceptances, by Classes of Acceptors National banks 96,833 15, 769 18,189 9,709 6,682 5,564 4,008 17,508 4,253 1,871 3,789 2,456 7,035 Other member banks 96, 540!i 8,674 17, 989 7,933 8,558 3,218 4,635 20,838 5,421 2,788 3,848 3,050 9,588 Nonmember banks and banking corporations..-. 119, 574 15, 903 37,432 6,773 16,153 3,899 4,238 5,083 3,259 3,831 6,048 4,702 12,253 United States Securities i T U r n e i a te s d u r S y t n at o e t s e s b o _ nds 2 8 4 1 7 , , 9 5 3 6 8 3 1 2 4 , ,4 6 0 6 5 2 1 91 2 , , 1 4 0 6 8 1 2 1 2 , , 4 4 1 9 6 0 1 2 1 2 , , 1 0 6 0 3 0 1 1 , , 4 6 0 1 7 5 1 1 , , 7 0 1 7 9 0 1390,, 460419 1 6 , , 5 9 9 0 8 6 8 8, , 1 7 6 6 2 4 1 9 2 , , 4 90 6 6 4 1 8 0 , , 6 8 8 2 1 1 2 3 5 , , 1 5 1 1 7 6 Certificates of indebtedness 30, 643 3,885 7,711 365 6,286 82 977 1,895 386 457 2,302 606 5,691 Total United States securities 360,144 20,952 111, 280 24,271 39,449 3,104 3,766 51,945 8,890 17, 383 24,672 20,108 34,324 DAILY AVERAGE HOLDINGS DURING MARCH Total earning assets * 1,078, 855 93,490 335, 758 91,424 114,105 47,943 31,587 131,154 33,798 30,230 43,725 32,894 92,747 Bills discounted- -. 391, 654 30, 313 153,332 37,122 40,167 33, 342 16,179 34,950 10,202 4,093 4,492 2,082 25,380 Bills bought 298,114 41, 200 62,768 23,627 31, 370 10, 807 11, 375 38, 332 13,986 7,810 14,088 11,630 31,121 United States securities 375, 928 21,977 116, 603 27,476 41, 360 3,185 3,571 56,308 9,076 17,959 24,182 18, 783 35,448 Foreign loans on gold 10,500 3,055 1,049 1,208 609 462 1,564 525 368 463 399 798 EARNINGS DURING MARCH Total earning assets * 3,128 260 946 270 325 152 98 397 100 94 131 95 260 Bills discounted- 1,197 90 443 111 120 113 55 119 35 14 15 7 75 Bills bought 775 107 163 62 81 29 31 100 36 20 36 30 80 United States securities 1,119 63 331 88 121 8 11 174 28 59 76 57 103 Foreign loans on gold 29 9 3 3 2 1 4 1 1 2 1 2 ANNUAL RATE OF EARN- INGS Total earning assets * 3.41 3.28 3.32 3.47 3.36 3.73 3.65 3.57 3.48 3.67 3.52 3.39 3.31 Bills discounted 3.60 3.50 3.41 3.50 3.50 4.00 4.00 4.00 4.00 4.02 4.00 4.00 3.50 Bills bought 3.06 3.05 3.06 3.07 3.05 3.11 3.20 3.08 3.05 3.10 3.07 3.02 3.03 United States securities 3.50 3.39 3.34 3.79 3.45 3.04 3.53 3.64 3.57 3.85 3.70 3.55 3.41 Foreign loans on gold 3.27 3.27 3.27 3.28 3.27 •3.27 3.27 3.28 3.30 3.27 3.28 3.28 i Includes average daily holdings of Federal intermediate bank debentures, earnings and annual rate of earnings thereon, as follows: Philadelphia, $2,150,000, $6,106 and 3.34 per cent; Kansas City, $500,000, $1,451 and 3.42 per cent; also includes $162 municipal warrants held by Federal Reserve Bank of Minneapolis. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

358 FEDERAL RESERVE BULLETIN MAY, 1925 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING MARCH, 1925 [Amounts in thousands of dollars] Total Boston Y N o ew rk P p d h h e i l i l - a 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 i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - Volume of Operations Total discount and open-market operations.__ 3,711,694 218,109 2,267,802 242,120 339,185 172,488 45,791 193,796 44,393 10,466 18,906 14,142 144,496 Bills discounted for member banks - _> _2,870,496 184, 9311,711,872 159,181 308,947 163,055 35,363 132,271 36,265 1,665 7,546 4,302 125,098 Bills bought in open market 259,331 30,945 108,935 13,377 15,833 9,038 9,290 26,558 7,325 6,529 8,712 5,039 17,750 United States securities bought in open market 575,867 2,233 445,249 68, 962 13,715 471 874 34,073 503 2,062 2,384 4,573 1,192 Foreign loans on gold 6,000 1,746 600 690 348 264 894 300 210 264 228 456 Bills Discounted Rediscounted bills: Commercial, agricultural, and livestock paper, n. e. s_ 218,554 117,722 6,834 5,144 10,196 15,700; 16,448 25,134 14,419 926 1,086 1,461 3,484 Demand and sight drafts (based on agricultural 1,444 1 15 144 564 666 54 Trade acceptances 2,312 271 125 132 912 378 183 236 42 33 Secured by U. S. Government obligations 891 104 186 182 185 106 92 14 22 Member bank collateral notes: Secured by U. S. Government obligations _ i2,330,570 66,8341,530, 005 110, 549 281, 634 115,504 14, 715 106,119 20,176 611 5,836 588 77,999 Otherwise secured __j 316,725 174,908 43,170 16,022 31,273 3,767 690 1,050 128 624 1,587 43,506 Total bills discounted.....2,870,496 184, 9311, 711,872 159,181 308, 947 163,055 35,363 132,271 36,265 1,665 7,546 4,302 125,098 Average rate (365-day basis)—per cent. __ _ 3.68 3.50 3.50 3.50 3.50 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.50 Average maturity (in days).. 6.12 7.20 3.16 9.35 4.82 8.21 27.35 20.95 27.30 66.91 19.69 39.28 11.10 Total reduced to a common maturity basis (exclusive of demand and sight drafts) 2,869,052 217, 649 883,860 243,181 243,363 218,801 157,400 452,717 159,269 18,202 24,276 23,341 226,993 Per cent of total 100.0 7.6 30.8 8.5 8.5 7.6 5.5 15.8 5.6 .6 .8 .8 7.9 Number of member banks on Mar. 31 9,535 420 854 741 870 610 505 1,411 624 870 1,056 825 749 Number of banks accommodated during the month 2,731 194 365 335 278 273 179 489 186 79 90 68 195 Per cent accommodated—„ _ _ 28.6 46.2 42.7 45.2 32.0 44.8 35.4 34.7 29.8 9.1 8.5 8.2 26.0 Bills Bought in Open Market Bankers' acceptances: Foreign.. _. . 195,559 23,159 84,199 8,904 12,533 5,719 7,545 16,369 6,006 5,010 7,000 4,807 14,308 Domestic 59,930 7,656 22,055 4,473 3,260 3,319 1,734 9,844 1,189 1,479 1,337 147 3,437 Dollar exchange 3,477 130 2,316 40 11 345 130 40 375 85 5 Trade acceptances—foreign 365 365 Total bills bought 259,331 30,945 108,935 13,377 15,833 9,038 9,290 26,558 7,325 6,529 8,712 5,039 17,750 Distribution, by rates charged (360-day basis): 3 per cent 122,523 1,744 91,218 908 5,591 3,080 3,420 2,598 2,654 3,286 3,725 2,038 2,261 3^ per cent . 103,475 15,522 12,362 10,564 8,497 3,962 4,637 19,095 4,174 2,938 4,750 2,795 14,179 334 per cent 25,939 12,949 3,639 1,456 1,636 1,996 368 1,402 497 305 237 206 1,248 S% per cent __ 4,410 665 313 139 3,293 33^ per cent 1,716 65 1,157 310 109 13 62 3iHs per cent 157 157 4 per cent _.__.. 865 865 4% per cent 17 17 4§i per cent ._ 48 48 4$f per cent 94 94 « 4TV Per cent...- 87 87 Average rate (365-day basis)— per cent 3.18 3.19i 3.15 3.19 3.18 3.19 3.24 3.22 3.17 3.15 3.15 3.16 3.19 Average maturity (in days) 42.26 46.39 25.33 66.76 59.41 49.16 51.44 72.82 55.33 46.04 51.81 53.10 36.66 Total reduced to a common maturity basis _ 259,331 33,968 65,280 21,129 22,258 10,512 11,307 45,763 9,590 7,113 10,680 6,332 15,308 Per cent of total 100.0 13.1 25.2 8.1 8.6 4.1 4.4 17.6 3.7 2.7 2.5 5.9 United States Securities Bought i in Open Market United States bonds 7,818 52 396 280 1,483 1,384 4,224 1 Treasury notes » 54,556 1,627 42,77S 3,878 54C 38 52 3,75C 182 292 586 284 548 Certificates of indebtedness 513,493 60( 402,47C 65,084 13,123 9 426 30,322 41 28$ 414 61! 643 Total United States securities bought 575,867 2,23c 445,24£ 68,962 13, 111 47 874 34,07c 503 2,065 2,384 4,57:J 1,192 1 Exclusive of $44,000,000 Treasury notes sold under repurchase agreement and subsequently repurchased. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 359 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal reserve district Total Boston Y N o e r w k d P e h l i p l h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in ol n i e s -Ka C n it s y as Dallas F c S r is a a c n n o - Number of reportingbanks: Mar. 18 737 107 70 Mar. 25 737 107 70 Apr. 1 _. 736 106 70 Apr. 8 _. 736 106 70 Loans and discounts, gross: Secured by U. S. Government obligations- Mar. 18 202,842 8,556 81,476 12,310 20,455 6,578 7,620 13,060 2,850 4,042 3,344 9,862 Mar. 25 202,736 8,624 80, 079 13,582 20,249 6,326 7,673 32,866 13,419 2,809 4, 017 3,335 9,757 Apr. 1 198,162 9,618 75,639 12,179 20,338 6,879 7,566 33,045 2,806 3,961 3,378 10,055 Apr. 8 _. 197,554 8,523 k',77,359 12,028 19,680 6,740 8,578 31,351 12,932 2,831J 4,074 3,315 10,143 Secured by stocks and bonds— Mar. 18 _. 4,826, 590 294, 6032,194, 569 322,097 435, 703 127, 726 76,236 717,340 174,996 59,754 122,110 75,986 225,470 Mar. 25 _ 4, 796, 510 291, 2682.179, 941 323,845 441,113 127, 303 75,485 694, 739 178,005 59, 472 130,761 74,070 220, 508 Apr. 1.. 4, 779, 344 295, 2852.180, 937 329, 715 436, 891 128,494 73,131 672,889 178,138 60,047 123, 225 75, 532 225, 060 Apr. 8 4, 725,112 286, 2242,105,441 335,007 434,007 130,191 77,413 697,643 176,089 60, 818 121, 687 74,830 225, 762 All other loans and dis- I counts- Mar. 18 8,181,712 663,5712,521, 268 359,938 745,178 346,335 380,917 216,026 319,282 199,418 327, 320232,537 869,922 Mar. 25.. 8,140, 389 659, 7622,490,965 364, 592 747,257 350,433 383,589 208,386 313,489 197,081 327,393 234,679 862, 763 Apr. 1 _ 8, 227, 641 660,484 2, 577, 593 363,909 750, 560 351, 234390,044 221,908 307,775 191, 568325,046 226,133 861,387 Apr. 8 8,214, 618 663,4582, 556,857 368, 270 755, 313 355,101 392,438 214,760 309,329 187,123 320,801 226,169 Total loans and discounts- Mar. 18 13,211,144 966,730 797,313 694,345 201,336 480, 639 464, 773 , 966, 055507, 338262, 022453,472 311,8671,105,254 Mar. 25. 13,139,635 959,654 750,985 702,019 208, 619484,062 466, 747 , 935, 991504,913 259, 362462,171 312, 0841, 093, 028 Apr. 1.. 13, 205,14" 965,387 834,169 705,803 207, 789486,607 470,741 , 927,842498, 611 254,421 452,232 305, 0431, 096, 502 Apr. 8 13,137, 284 958, 205 739, 657 715,305 209,000 492,032 478,429 , 943, 754498,350 250, 772446, 562304,314L, 100,904 U. S. pre-war bonds: Mar. 18 219,624 10,108 37, 974 9,568 31, 512 25,163 14,831 18, 064 13, 257 7,146 9,357 18,212 24,432 Mar. 25 _. 218,949 10,108 38,384 9,568 31,428 24.163 14,831 18, 057 13, 257 7,146 9,358 18,212 24, 437 Apr. 1 220, 792 9,858 38,881 9,568 31, 682 25.164 14,852 18,108 13, 481 7,206 9.332 18,212 24,448 Apr. 8 _ 219,935 9,563 38,881 9,568 31, 767 25,163 14,849 17,874 13,257 9,357 18, 212 24,448 U. S. Liberty bonds: Mar. 18 1,358,133 74,462 618,385 51,785 161,019 34, 595 8,567 165, 599 31, 473 27,056 42,920 16,420 125,852 Mar. 25 1, 351,379 72, 816 611, 762 52,180 160,912 35, 649 9,120 164,418 30,729 26,990 43,657 17,723 125,423 Apr. 1.. 1,349, 643 73, 707 607.450 52, 339 159,223) 35,613 10, 389 161,834 27,182 26,995 45,234 18,839 130,838 Apr. 8 1,340,848 73, 724 605,407 51,956 151,856 34,680 163, 457 24, 681 26, 755 46,511 IS,193 133,739 U. S, Treasury bonds: Mar. 18 490,045 28,371 176.451 32,258 47,833 17,848 8,776 67,841 19,005 11,918 17,813 8,980 52,951 Mar. 25 468,624 25,495 173,830 30,191 43,090| 12,269 7,451 63.681 18,631 11,867 17,124 8,452 56,543 Apr:l 464,399 24,728 172,566 43,178| 11, <r~~ M63 65,750 19, 666 11,856 16,078 9,518 54,625 Apr. 8 457,98; 24,637 172,866 27,647 46,173 j 11,718 4,6 62,318 19,306 11,762 15,679 9,382 51,806 U. S. Treasury notes: Mar. 18 481,969 8,397 209,697 19,490 54,3751 1,725 4,135 94.682 13,517 17,621 20,357 8,972 29,001 Mar. 25 . 464, 251 8,097 198,551 15,768 53, 786! 1, 774 4,105 95,116 13,530 17,621 20, 263 9,151 Apr. l._ 457,383 7,317 193, 776 17,047 50,866 i 1,7043,456 97,528 11,991 17,321 19,857 9,410 27,110 Apr, 8 455, 093 8,456 193,55r 15, 662 50,5141 1,745 3,458 98,127 12,522 17,321 18, 602 9,272 25,857 U. S. Treasury certificates: Mar. 18 145,281 6,061 57, 74' 7,184 13,9011 4,274 2,195 12,030 3,391 7,109 3,250 5,020 23,119 Mar. 25 139,284 6,326 57,913 7,009 12,348! 1,762 2,380 10,970 3,152 6,896 3,502 4,630 22,396 Apr. 1.. 131,006 4,266 57, 551 11,743! 1,711 2,393 10,231 3,043 6,896 3,240 2,736 20,207 Apr. 8 132,539 5,772 57,495 6,939 10,896 1,711 3,213 10,308 2,989 6,896 3,104 3,615 19,601 Other bonds, stocks, and securities: Mar. 18 2,822,830 192,202 1,076,329 261,481 349,636 61,800 42,272 418,367 38,764 70,434 20,664 191,592 Mar. 25 .__. 2,835,834 1"9 3,854 1,087,674 261,276 346, 506 61,521 42,090 420,417 98,715 38,754 72,355 20,155 192,517 Apr. 1 2,875,158 193, ., 109,311258,803 355,907 62,351 41,097 423,613 99,673 39,530 75,525 19,861 196,245 Apr. 8 2,877,61 193,402 1,, 122,744 258,105 356,035 62,262 40,476 416,619 100,663 39,196 75,630 19,910 192,572 Total investments: Mar. 18 5,517,882 319,601 2,176, 583 381, 766 658,276 145,405 80,776 776,583 179,932 109, 614164,131 78,268 446,947 Mar. 25 5,478,321 316,696 2,168,114 375,992 648,070 137,138 79,977 772,659 178,014 109, 274166,259 78,323 447,805 Apr. 1 5,498,381 313,118 2,179»,, 53—5 373,128 652, 599 138,432 78,350 777,064 175,036 109,804 169,266 78,576 453,473 Apr. 8 5,484,016 315, 554 2,190i,,950 369,877 647, 241 137,279 76, 578 768,703 173,418 108,926 168,883 78,584 448,023 Total loans and investments: Mar. 18 _ 18,729,026 1,286,33:6,973,8961,076, 1111,859,612 626,044 545,5452,742,638 687,270 371,636 617,603 390,1351,552,201 Mar. 25 18,617,956 1,227766i, ~3~50 6,919,0991,078,0111,856,689 621,200 554466,, 7 72<242 2,,770088,,665500682,927 368,636 628,430 390,4071,540,833 Apr. 1 18, 703,528 1,278,505> 77,,013,~70411,078,9311,860,388 625, 039549,09: 2,704,906 673,647 364,225 621,498 383,6191,549,975 Apr. 8 18,621,300 1,273, 75!6,930,60 1,085,182 1., 856,243629,311 555,007 2, 712,457671,768 359,698 615,445 382,898 :1, 548,927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

360 FEDERAL RESERVE BULLETIN MAY, 1925 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal reserve district 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 - la A n t t - a 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 c S r is a a c n n o - Reserve balances with Federal reserve banks: Mar. 18 1,638,270 91,155 752, 221 81,189 129,100 38,637 43,565 228,709 51,427 29,697 56,225 30,724 105,621 Mar. 25 1,588,274 87,250 730,363 78,470 110,900 38,058 39,062 241,214 48,382 27,275 52,728 29,423 105,149 Apr.l 1,604,993 89,876 729,369 84,462 124,777 39,083 42,141 230,500 48,483 23,319 54,401 30,373 108,209 Apr. 8 „ 1,609,198 86, 722 753,221 79,341 115,695 39, 716 38,556 227, 754 49, 073 26,460 52,687 30,178 109,795 Cash in vault: Mar. 18 276,578 20, 731 76, 860 15, 876 29, 975 14,609 10,554 51,179 7,425 5,682 11,860 10,801 21,026 Mar. 25 280,774 20,810 79,013 15, 733 30,219 13,637 12,144 51,472 7,338 5,872 12,340 10,731 21,465 Apr.l 268,172 20,147 73, 750 14, 519 28, 329 13,154 10,384 51,841 7,178 5,991 11,814 10,358 20,707 Apr. 8 288,502 21,510 81,327 17,510 31,024 14,222 11,68f 53,877 7,280 6,255 12,543 9,994 21,275 Net demand deposits: Mar. 18, 12,879,055 856,265 5, 577,298 753,649 997,402 354,824 326,059 1., 740,088422,661 246,758 500, 252287,761 816,038 Mar. 25 12,588,309 843,118 5,456,669 742,181 978,864 350,227 319,336'., 694,312416,663 243,335 500,321 286,197 757,086 Apr.l 12, 755,540 850,569"5 5,6,06,065 758,484 997,043 351,599 317,8871,678, 617407, 910237, 794499, 617279, 424 770,531 Apr. 8 _ 12,635,199 847',, 021 55,,487,220 765, 780 984, 050 356,567 323, 756 1,688; 482405,236 236, 538490,535 279,666 770, 348 Time deposits: Mar. 18 4,973,465 355,813 1,149,362 173, 342 719,784 186,690 193, 225 937,766 202,896 108,205 137,788 93,982 714,612 Mar. 25 5,033,508 3""5 2,4'"6.11 ,11.66,611 175,643 719,888 187,007 195,119 940,142 202,516 104,793 136,991 94,789 757, 548 Apr. 1 5,053,072 350,6631",183,191 176,492 718, 379188, 111197, 71," 936,407 203,631 105,273 138,474 95,010 759,726 Apr. 8 5,055,057 349>,,522 11,,182,485 171,598 723,421 187, 593198,178 941,941 204,086 106,080 136,921 93,398 759,834 Government deposits: Mar. 18 317,825 25, 741 70,936 37,961 42, 733 14,412 12,966 46, 282 4,060 7,126 10,499 26,211 Mar. 25 317,698 25, 741 70, 936 37,923 42,8C6 14,412 12, 965 45,984 18, 925 4,117 7,175 10,503 26,211 Apr.l 317, 758 25, 741 70, 936 37, 984 42,806 14,412 12, 964 45,984 18, 925 4,117 7,175 10, 503 26,211 Apr. 8 300,898 22,736 67,470 36, 573 41, 082 14, 085 12,806 43,241 18,063 3,878 7,075 10,282 23,607 Bills payable and rediscounts with Federal reserve banks: Secured by U. S. Government o b 1 i g a tions— Mar. 18 117,212 2,704 56,865 4,440 27,333 3,420 4,069 5,160 940 501 180 11,600 Mar. 25 138, 617 2,510 78,573 10,046 15,170 2,480 2,967 17,270 580 1 50 8,970 Apr.l 126,338 4,794 40, 740 9,390 21,393 5,967 4,575 23,644 1,203 2,442 50 12,140 Apr. 8 116,018 4,785 59,484 5,285 7,723 4,900 2,609 18,228 584 1,770 10, 650 All other- Mar. 18 78,530 10,275 22,266 6,672 5,760 13,777 4,681 3,870 6,289 319 200 4,421 Mar. 25 79,756 8,409 29,721 6,852 5,489 12,642 3,613 6,488 1,176 35 438 207 4,686 Apr.l 110,134 18,026 32,644 6,882 5,570 13,574 5,595 14,146 4,576 349 55 8,717 Apr. 8 99,127 15,594 33,117 5,341 7,603 13,483 3,646 3,270 "723 90 6,004 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES [In thousands of dollars] City Total (12 cities) New Phila- Cleve- Rich- At- Chi- St. Minne- Kansas San Boston York delphia land mond lanta cago Louis apolis City Dallas Francisco Due to banks: Mar. 18 2,373,598 125i,, 570: 1, 125,841187,433 48,732 35,424 20,120 416, 621 94,360 65,101 114,684 39,509 100,203 Mar. 25 2,234,834 120>,, 648^ 1,,038,390 177, 529 .46,675 33,064 19, 528 402,240 89,092 62,379 110,788 37,773 96,728 Apr.l 2,509,249 133,587 1L,, 271,002190,980 50, 711 31, 703 19,410 413,043 92, 777 60,073 111,015 36,691 98,257 Apr. 8 .- 2,299,805 124,05011,085,443 176,084 50, 500 33,378 19,412 411,901 94,444 58,168 108,483 101,250 Due from banks: Mar. 18 631,606 35,399 112,979 60,808 23,142 14,529 14,053 178,929 32,747 21,287 44,405 31,286 62,042 Mar. 25 584,031 33,455 109,327 54,342 22,957 15,605 15, 738 157,459 29,018 19,639 45, 677 27,435 53,379 Apr.l 631,438 37,124 115,166 75,845 21,997 15,312 14,004 164,631 32,061 25,564 45,049 28,892 55,793 Apr. 8 598,456 33,560 102, 642 57,544 25,665 13,969 14,578 171,924 34, 272 18,455 46,638 26,904 52,305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL, RESERVE BULLETIN 361 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 Mar. 18 Mar. 25 Apr. 1 Apr. 8 Mar. 18 Mar. 25 Apr. 1 Apr. 8 Number of reporting banks 66 .66 65 65 46 46 46 46 Loans and discounts, gross: Secured by U. S. Government obligations- 76,606 75,096 70,551 71,819 23,167 24,249 24, 618 23,352 Secured bv stocks and bonds 1,957,655 1,943,464 1,943,030 1,874,086 535,280 513,867 495, 737 518,045 All other loans and discounts 2,221,075 2,188,751 2,273,302 2,248, 547 695,482 692,394 701,172 692,019 Total loans and discounts 4,255,336 4,207,311 4,286,883 4,194,452 1,253,929 1, 230, 510 1,221,527 1,233,416 United States pre-war bonds 27,247 27,657 28,154 28,154 1,938 1,936 1,936 1,936 United States Liberty bonds 523,188 516,540 512,208 510,984 81,267 83,034 81,973 82, 500 United States Treasury bonds. 153,847 155,634 154,890 155,632 36,284 32,867 35,162 30, 643 United States Treasury notes 191,977 180,650 176,799 176, 630 67,098 67, 066 69,828 71,118 United States Treasury certificates 56,104 56,270 55,908 55,902 5,062 4,568 4,495 4,564 Other bonds, stocks, and securities 807,702 816,907 835,453 846,077 200,603 202,406 206, 759 199, 230 Total investments 1,760,065 1,753,658 1,763,412 1,773,379 392,252 391,877 400,153 389,991 Total loans and investments 6,015,401 5,960, 969 6,050,295 5,967,831 1, 646,181 1, 622,387 1,621,680 1, 623,407 Reserve balances with Federal reserve bank. _ 690, 543 671,732 677,657 697,204 162,302 163,831 157,602 154,024 Cash in vault _ 62,359 64,340 59,786 65,189 25,975 26,008 25,083 26, 601 Net demand deposits 5,024,954 ' 4,916,055 5,055,400 4,946,408 1,153,690 1,115,616 1,098,896 1,108 372 Time deposits __ . 791,868 807,350 811,608 812,868 461,993 463, 252 456,408 463,987 Government deposits 54,066 54,066 54,066 51,779 26, 510 26,306 26,306 24,418 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations. 40,650 61,495 22,055 47,500 1,406 7,466 14,934 4,918 All other 21, 558 28,911 31,852 32,499 150 330 8,755 4,185 Total borrowings from Federal reserve bank 62,208 90,406 53,907 79,999 1,556 7,796 23,689 9,103 ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Fede d r i a s l t r r i e c s t erve 1924 1925 1924 1924 1925 1924 Dec. 24 Jan. 28 Feb. 25 Mar. 25 Mar. 26 Dec. 24 Jan. 28 Feb. 25 Mar. 25 Mar. 26 Boston 1,299,657 1,330,862 1,311,144 1,270,144 1,198,151 685,226 702,350 718,442 721,631 637,392 New York 6,527,806 6,383,028 6,109,736 5,406,973 2,018,700 2,041,042 2,063,112 2,063,332 1,750,663 Philadelphia 1,129,471 1,139,390 1,134,689 1,127,880 1,035,633 759,663 777,518 789,945 783,880 676,705 Cleveland 1,468,404 1,486,655 1,482,289 1,456, 781 1,373,024 1,245,613 1,272,991 1,292,515 1, 299,175 1,169,002 Richmond 581, 375 594, 503 588,437 569, 755 550,456 478,845 494,941 492, 908 454,463 Atlanta 561, 575 585,609 613,945 616, 226 503,475 356,070 374,021 386,835 335,050 Chicago 2,344,909 2,380,790 2,414, 286 2, 382,909 2,172,537 1,729,770 1,735,739 1,743,459 1,762, 222 1,589, 788 St. Louis 710,319 732,021 729,176 722, 922 635,996 429,809 438,340 438,871 432, 651 407,875 Minneapolis 493, 540 481,231 482,015 475, 267 413,952 425,748 434,954 436,459 441,252 400,852 Kansas City 858, 629 861,150 871, 625 872,756 738,708 296,288 300,970 302,798 305,752 293,369 Dallas... 670,487 660,847 680,428 662,862 568,800 158,107 160,584 166,895 163,780 155,257 San Francisco 1,310,823 1, 291,093 1, 289,740 1, 235,913 1,216,923 1,150,727 1,171,200 1,184,202 1, 240, 735 1,025,747 Total 17,956,995 17,927,179 17,887, 660 17, 503,151 15,814,628 9,727,132 9,878,624 10,005, 660 10,094,153 8,896,163 Banks in cities and towns having a population of— Less than 5,000. _ 1,689,928 1,673,199 1,681,531 1,663,485 1,581,537 1,636,887 1,668,381 1,678, 232 1,684,816 1,581,069 5,000 to 14,999.... 1,080,944 1, 081,342 1,087,366 1,086,008 1,048,119 1,042,716 1,062, 598 1,072,914 1,079, 743 1,001,166 15,000 to 99,999._ 2,144,113 2,170,162 2, 211,432 2, 225,264 2,030,409 1,957, 014 1,990,335 2,021,190 2,048,373 1,846,822 100,000 and over. 13,042,010 13,002,476 12,907,331 12,528,394 11,154, 563 5,090,515 5,157,310 5,233,324 5,281,221 4,467,106 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

362 FEDERAL RESERVE BULLETIN MAY, 1925 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOB BANKS IN 141 CENTEBS [In thousands of dollars] 1025 1924 Number Federal reserve district of centers January February March January February March No. 1—Boston 2,685,491 2,157,347 2,279,817 2,189,052 1,973,432 2,147,057 No. 2—New York 28,500,616 23,574,730 27,165, 007 22,814,899 20,511,857 22,227,152 No. 3—Philadelphia... 2,173,091 1,780,071 2,105,710 1,925,455 1,723,139 1,873,812 No. 4—Cleveland 2,511,678 2,048,430 2,284,925 2,227,515 2,006,249 2,173,881 No. 5—Richmond 767,253 675,206 739,378 733,878 650,035 699,209 No. 6—Atlanta 1,201,107 976,073 1,120,908 1,047,405 947,847 987,094 No. 7—Chicago 5,490,747 4,479,475 5,451,905 4,701,940 4,178,246 4,807,897 No. 8—St. Louis 1,306,725 1,074,542 1,160, 242 1,130,859 981,669 ; 1,062,671 No. 9—Minneapolis... 731,307 637,553 748,603 565,332 523,317 584, 754 No. 10—Kansas City.. 1,211,359 1,024, 111 1,169,701 1,003,759 937,931 i 1,020,873 No. 11—Dallas.. 658,963 572,869 612,140 567,222 493,840 I 492,894 No. 12—San Francisco 2,720,698 2,495,365 2,762,696 2,590,948 2,470,230 2,662,187 Total 141 | 49,959,035 41,495,772 47,601,032 41,498,264 j 37,397,792 40,739,481 New York City.. 1 27,681,894 22,924,386 26,382,213 22,113,958 19,886,015 ! 21,546,482 Other cities 140 22,277,141 18,571,386 21,218,819 19,384,306 17,511,777 i 19,192,999 WEEKLY SUMMARY FOR BANKS IN 253 CENTEBS [In thousands of dollars] i 1925, week ending- 1924, week ending- Number Federal reserve district of centers Mar. 25 Apr. 1 Apr. 8 Apr. 15 Mar. 26 Apr. 2 Apr. 9 Apr. 16 No. 1—Boston _ 540,573 563,268 588,919 594,397 510,995 576,131 534,280 585,618 No. 2—New York 6,209,215 6,386,042 5,835,060 5,144,836 5,297,420 5, 557,216 4,878,103 5,332,207 No. 3—Philadelphia _. 522,162 532,709 528,945 495,083 478,210 507,927 440,417 543,940 No. 4—Cleveland 612,168 690,431 648,975 759, 506 580,143 635, 523 584,974 702,136 No. 5—Richmond 261,405 307,735 309,837 299,162 250,344 290,138 276,909 280,922 No. 6—Atlanta 255,284 270, 547 262,883 220,947 256, 565 237,713 256,650 No. 7—Chicago 1, 276, 611 1,348, 018 1, 222,421 1,220,195 1,167,233 1,211,888 1,055,136 1,153, 278 No. 8—St. Louis 270,126 277, 512 318,810 320,063 246,296 275,118 251, 388 281,671 No. 9—Minneapolis... 168,659 176,803 191,247 172,726 141,392 138,497 141,831 145,277 No. 10—Kansas City.. 275,366 296,015 295,037 289,190 257,324 253,105 249,790 274,173 No. 11—Dallas 159,378 147,524 148,849 147,319 122,142 130,256 130,069 138,419 No. 12—San Francisco 609,247 605,766 624,209 583, 645 615, 784 , 566, 543 630,983 Total 253 11,160,194 11,602,370 10,975,192 10,359,445 9,856,091 10,448,148 9,347,153 10,325,274 BANK DEBITS FOB FEDEBAL BESEBVE BANK AND BBANCH CITIES No. 1—Boston. 369, 527 378, 303 393, 950 407, 253 348, 957 384,330 360,930 396,835 No. 2—New York 5,916,853 6,026,815 5, 512, 715 4,846,987 5, 031, 599 5,236, 234 4, 601, 907 5, 029, 478 Buffalo.. 67,867 81, 374 82,197 78, 608 62, 528 73,618 65, 555 75,418 No. 3—Philadelphia 401, 644 393,849 387, 672 365, 324 358,894 369,042 310,966 414, 515 No. 4—Cleveland. 127,281 159,045 148, 330 228, 566 125, 949 156, 224 142,101 205,353 Cincinnati 76, 590 90,176 86, 698 97,670 72,458 74, 396 69,239 92,145 Pittsburgh 225,364 244,736 212, 576 214, 447 204,558 211,440 181,678 189, 652 No. 5—Richmond 27, 653 30,294 28, 394 26,389 27,192 28,880 27,887 29,556 Baltimore 71,177 108,320 100,170 105,907 73,764 98,149 79, 269 83,017 No. 6—Atlanta 37,314 35,770 32,158 33, 629 31,499 31,874 32,189 34,138 Birmingham 28, 256 30, 746 30,009 30, 632 25, 747 28, 948 26,455 26, 870 Jacksonville 18,072 18, 694 19,903 19, 222 13,427 14,358 13,846 19,238 Nashville 18, 756 18,674 19,886 19,698 15,334 16,225 17,190 19,117 New Orleans.,... 73,663 84,027 74,462 79, 09X 68, 748 96,282 76, 238 81,141 No- 7—Chicago 797,438 861, 216 761,387 726,210 707,432 787,922 646,354 679,330 Detroit 184,805 180,700 152,179 186,816 189,344 157,304 129, 215 185, 552 No. 8—St. Louis 150,100 161, 500 195, 700 188, 200 140, 517 166, 504 142,877 162, 067 Little Rock 13, 272 13,854 14,845 15,110 12,451 12, 293 14, 310 15, 064 Louisville 41,552 38,832 40, 314 52,033 36,324 36,383 34,427 41,841 Memphis 30, 784 30,610 31, 715 31, 088 28, 276 30,890 29,724 32, 727 No. 9—Minneapolis 86,247 90,468 104, 231 90, 246 71, 028 66,047 65, 361 70, 765 Helena 1,382 1,844 2,058 1,787 2,303 1,973 2,145 1,901 No. 10—Kansas City... 77,422 83,904 85,847 81, 772 65,082 68,155 64,150 76,703 Denver.._ 37,280 42,204 43,521 37, 793 51,064 39, 512 42,474 36,640 Oklahoma City. 19,331 19,213 18,861 18,804 14, 544 13, 642 14, 665 16, 292 Omaha.. 46,210 42,676 45,363 43,958 41,015 41,882 43,019 41, 519 No. 11—Dallas 54, 716 42,969 45,674 44,218 36,023 41,078 39, 236 39,012 El Paso 6,978 7,357 7,154 7,325 7,262 7,014 7,481 7,785 Houston 32,558 29, 774 27,992 30,367 23,927 25,093 23,114 27,740 No. 12—San Francisco.. 206,314 208,083 202,278 204,105 166,987 190, 615 172, 223 198,376 Los Angeles 172, 202 173,838 182,998 176,401 178,686 183,250 165,503 175,460 Portland 32,142 35,916 38,439 43,754 36,161 42,841 37,385 41,442 Salt Lake City. 13,290 16,417 15,419 18,383 12, 521 17,590 14,813 14,173 Seattle 46,289 40, 218 40,138 57, 741 45,463 42, 538 37,211 53,475 Spokane 9,712 9,921 10,797 14,092 10,543 10,167 10,461 14,792 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAT, 1925 FEDERAL RESERVE BULLETIN 363 MONEY IN CIRCULATION [Source: U. S. Treasury Department circulation statements] [In thousands of dollars] Total Date Total c b o G u in l o l i a l o d n n d r t i i n f \ i r c \ a te no s r S d t s a o il n l v l d a e a r r s rd c S c e i a r l t v t i e e f s i r - T n r o e 1 t a 8 e 9 s s u 0 o r f y a S r u y b s s i i l d v i e - r U S n n t o a i t t t e e e s s d F re n e s o d e t e r e r v s a e l F re n b e s o d a e t n e r e k r v s a e l Na n b t o a io n te n k s al- c t c a i i o p r n c it u a p l a e ( - i r n dollars) 1914—July 1 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 «4,100,591 641,794 1,348,818 70,863 459,680 1,997 191,351 330,353 356,448 3,170 697,160 39.54 1920—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 1,508 220,956 284,343 2,115,350 65,032 725,782 39.47 1924—Apr. 1..... 4,812,861 408,062 687,252 55,202 367,113 1,433 251,639 304.846 1,988,585 11, 588 737,141 42.85 May 1 4,760,114 403,649 726,179 54,823 370,093 1,428 252, 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 1,425 252,557 1,897,636 10,438 738,629 42.78 July 1 4,755,403 396,415 801,381 54,017 364,414 1,423 252,971 297,790 1,843,091 10,066 733,835 42.20 Aug. 1 4,665,187 398,499 800,124 53,644 372,683 ,420 252,407 i 301,667 1,745,820 9,635 729,288 41.36 Sept. 1 4, 773,878 401, 794 872,807 53,915 385,499 L,417 253,732 308, 111 1,746,230 9,229 741,144 42.28 Oct. 1 4,806,367 427,970 898,165 54,603 388,574 ,412 256,467 I 304,345 1,729,301 ! 9,030 736,500 42.52 Nov.l.... 4,879,694 436,160 904,861 55,185 389,201 ,410 259,710 305,840 1,784,046 I 8,710 734,571 43.12 Dec.l 4,993,570 437, 971 933, 688 55,606 389,113 ,407 263,102 304,418 1,862,055 j 8,471 737,739 44.08 1926—Jan. 1 4,992,931 458,206 970,564 57,384 388,540 ,405 295,233 1,841,621 8,238 705,442 44.03 Feb.l-—. 4, 751,538 455,169 929,650 55,533 360,808 ,401 256,898 283, 598 1,688, 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 Apr. l._.. 4,776,167 469,448 914,968 54,666 371,229 ]L,396 257,559 285,780 1,702,212 i 7,506 711,403 41.99 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 APRIL 30, 1925 Paper maturing— After 90 days but Within 90 days within 9 months Federal reserve bank Commercial, Secured by agricultural, United States and livestock Government paper, n. e. s. obligations Boston New York Philadelphia. _. Cleveland Richmond Atlanta. Chicago St. Louis Minneapolis Kansas City Dallas San Francisco— * 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

364 FEDERAL RESERVE BULLETIN MAY, 1925 GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM MARCH 19, 1925, TO APRIL 15, 1925, INCLUSIVE [In thousands of dollars] Changes in ownership of gold through Transfers Daily settlements transfers and settle- Balance in Federal reserve bank ments c fu lo n s d e o a f t period Debits Credits Debits Credits Decrease Increase Boston 16,000 722,753 743,996 5,243 44,342 New York 9,700 83,000 2,455,741 2,424,124 41,683 222,982 Philadelphia.. 4,500 3,500 715,223 728,202 11,979 49,088 Cleveland—.__ 11,500 500 604,758 618,200 2,442 Richmond 8,000 7,500 484,375 4,959 18,465 Atlanta 14,000 303,981 307, 794 10,187 6,003 Chicago^ _ 35,000 1,121,047 1,136,394 19,653 105,198 St. Louis 4,000 4,500 500, 553 495, 620 4,433 17,092 Minneapolis- _ 2,000 159,979 152, 733 9,246 14,597 Kansas City— 4,500 382,377 372,175 5,702 45,763 Dallas 5,000 2,200 251,850 249, 649 5,001 22, 279 San Francisco. 6,000 10,000 282,297 276,131 2,166 30,213 Total four weeks ending- Apr. 15, 1925 115, 700 115,700 | 7,989,393 7,989,393 61,347 61,347 637,009 Mar. 18,1925 80,100 80,100 ! 8,372,935 8,372,935 624,267 Apr. 16,1924 84,000 84,000 ! 7,398,236 7,398,236 671,220 Mar. 19,1924 94,300 94,300 | 7,361,882 7,361,882 606,746 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES 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 Interbank loans Lo L a i n b s e r s t e y c u b r o e n d d s by w L a o r a e n h s o u s s e e c u r r e e c d e i b p y ts Cattle loans District'and city 30-90 days 4-6 months Demand Time Apr., Mar., Apr., Apr., Mar., Apr., Apr., Mar., Apr., Apr., Mar., Apr., Apr.,Mar., Apr., Apr., Mar., Apr., Apr., Mar., Apr., Apr., Mar., Apr., 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1924 1924 No 1—Boston 4 -44 4 -5 5 4 -44 4 5 5 4 -44 4 5 44 44-5 5 4i 44 44 4i_5 44-5 No 2 New York 4 -5 4|-5 41-5 4^-5 4 -5 44-5 5 4-4f 4 -4f 5 31-41 44-4| 41-54 33^51 44-5 5 -54 41-51 44-5 5 -54 Buffalo 5 -6 5 -6 54-6 6 6 4 6* 5 5 5 54-6 5 -6 5 -6 5-6 5 -6 5 -6 6 54-6 " fi 6 6 No ^ PhiladelDhia 44 41-44 5 44 5 4 -44 4 -5 5 4-4* 4 -44 5 4 4 -4f 4| 5 4 -54 4 -5* 5-6" 5 -6 54-6 5 V 5*-62 54-6 5 5 h\ 5-6 5-6 5 -6 54-6 54-6 6 54-6 54-6 6 54-6 5 -6 54-6 Pittsburgh 5 -6 5 -6 6 5 -6 5 -6 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 5 -6 6 6 6 6 Cincinnati 54-6 54-6 54-6 54-6 6 5 -6 5 -54 5 -54 5 -54 545 -6 5 -54 54-6 5 -6 5 -5| 54-6 6 6 6 No *> Tfciphrnond 5 44-5 54-6 5 -6 54-6 5 -54 5 -6 5-6' 5 -6 5 -6 4i-6 54-6 5 -6 5 -6 54-6 5 6 Baltimore 4|-5| 54 4f-54 4f-54 *54 44-6 44-5 51-54 4f-5 4|-5 5 -6 4|-5 4f-5 51-54 5 -54 5 -51 51-54 54 5f-6 No 6—Atlanta - -- 5 -6 5-6 5 -6 5 -6 5 -6 5 -6 5 5 -6 5 -6 44-6 5 -6 5 -6 5 -6 6 5 -6 5 -6 6 5-6 6 Birmingham 5 -6 5 -6 6-7 5 -6 5 -7 6 -7 5 -6 5 -6 5 -6 6 6 5 -6 6 6 6 -7 6 -7 6 -7 6 -7 6 6 6-7 No 7 J NN C a e h a c ws i k c h s a v o O g i n o lr v llee il a l n e s - _.- 4 4 5 5 4 |- - - - 6 7 6 5 4 5 5 4 - - - 5 6 6 54-6 6 4 5 4- -6 5 5 4 5 5 4 - - - 5 6 6 5 -5 6 6 4 4 5 4 4 - - 6 6 5 4 5 5 c 4 4 - - - 5 6 6 ft 4 54-6 6i 4 5 5 4 4 - - - 6 5 6 4 5 54 - - - 5 6 6 5 5 4 - - 6 6 5 4 5 5 4 4 - - - 6 5 6 4 5 54 - - 5 - 6 6 4 6 6 5 4 5 5 4 4 - - -6 5 6 4 5 5 K 4 - - - 6 5 6 0 4 6 6 4 A4 5 5 1 4 2 4 - - - 5 6 6 6ft 4 4 4 5 5 A2X 4 4 - - - 5 6 b 6 ft 4 54-6 6 54 5 -6 44-54 5 -54 d Detroit - 5 -6 5 -6 51 5 -6 5 -6 5 41-6' 54 5 -6 5-6 54-6 54-6 5 -6 54-6 5 -6 5 -6 51 54-6 54-6 54-6 No. 8 St. Louis P 4-5J 5 -54 5 4-54 5-54 54-6 5 -6 5 -6 5 4 -6 54 4-54 54 5 54-6 6 6 6 Louisville. 1 a 5* e a a a a No Q T L V it T tl i e n n R ea o o c o k lis 5 -6 4 5 * 1 -6 l 6 54 5 -6 5 -6 6 54 6 54 6 54-6 6 5 -6 5 -6 6 6 44-5 6 6 -7 54 44-6 6 44-5 6 f 6 -7 ? 6 -7 5 -7 6 -7 6 6 6 -7 2 8* 8 8* 2 8 8 6 -8 7* 7 6 -8 8 8 8 g No 10—Kansas City. 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 44-6 6 6 5 -6 6 6 5 -6 6 5-6 5-6 6 6 -7 6 -7 7 Omaha 44-6 44-6 6 44-6 44-6 51-6 6 54-6 6-64 5 5 54-6 4 -6 4 -6 6 6 6 6 64-7 7 7 8 Denver - . 5 -6 5-6 6 4 -5 5 6 6 -7 6 -7 6 -7 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 5 -6 6 6 -8 6 -8 6 -7 6 -8 6 -7 6 -7 Oklahoma City 6 -7 5 -7 6 -7 6 -7 5 -7 6 -7 6 -7 6 -7 6 5 -6 5 -6 6 6 6 6 6 -7 6 -7 6 6 -7 6 -7 6 6 -8 6 -8 7 -8 No 11—Dallas - - 4 -6 4 -6 5 4 -6 4 -7 5 -6 5 -6 5 -6 5 -6 5 -6 44-6 6 5 -7 54-6 6 5 -8 5 -7 6 5 -8 44-7 8 7 -8 7 -8 7 -8 El Paso 8 8 8 8 8 8 6 -8 6 -7 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 Houston 5 -6 5 -6 ip. 5 -6 5 -6 54-7 5 -6 44-5 44-6 6 5-6 54-6 5 -7 5 -6 54-6 5 -7 5 -6 54-7 5 -8 5 -6 6 7 -8 6 -8 6 -8 No. 12—San Francisco 5 -54 5 -54 5 -54 5 -6 6 5 -6 5 -6 54-6 5 -6 5-6 6 5 -6 5 -6 54 6 5 -6 54-6 6 5 -6 6 P S o ea rt t l tl a e nd 6 6 6 6 6* 6 6 6 6 6 -7 6 6 6 6 6 6 -6 6 4 6 -7 6 6 -7 6 6 -7 6 64-7 6 6 6 4 - - 7 7 6 6 6 -7 6 7 6 -7 7 6 -64 6 -64 6 -64 SDokane 5 -7 5 -7 6 -7 4 -6 4 -6 6 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 8 8 6 -7 6 -8 7 -8 6 -8 6 -8 7 -8 6 -7 7 6 -7 Salt Lake City 6 6 6 5 -6 6 7 6 -7 6 -7 6 6 6 -7 6 6 6 7 6 -7 6 -7 7 7 6 -7 7 7 -8 7 -8 g Los Angeles - 6 -7 5-7 6 -64 6-7 6-7 6 -64 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 -7 64 7 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

366 FEDERAL RESERVE BULLETIN MAY, 1925 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Gold Silver Country March Three m M o a n rc t h h — s ending March Three m M o a n rc th h s — ending 1925 1924 1925 1924 1925 1924 1925 1924 IMPORTS "Belgium ! $2,634 $8,»00 $3,433,103 $71,046 $8, 516, 793 73,996 $1,059 105,141 $15,054 Germany - L - . 2,359,059 100 2,881,557 974 1, 221,027 Italy - J 3,554 2, 367,142 9,416 Netherlands .j.. 5,917,406 Spain J 21,387 28, 018 434 44,895 55,153 Sweden.. ; 41,934 904 143 England _ ._ $2,935,456 19,326,794 3,064,777 61,971,101 4,682 7,228 24,780 21,407 Canada , 2,777,195 5, 295,630 8,309,886 7, 284,500 880, 597 286, 222 2,049,961 1, 313,404 Central America 176, 209 121,346 399,935 511,041 290,183 161,198 434,918 602, 576 Mexico , _. 513,154 487,378 1,424,874 1,442,831 3, 766, 618 3,890, 218 11,877,883 11, 252,329 West Indies .. 45,442 48,018 105,651 202,072 13,952 11,609 48,153 40,308 Argentina ! 1,748,785 4,486,284 4,860 20,418 Bolivia .. - 402 402 9,216 3,056 16, 988 29, 214 Chile 84,501 21,429 123,082 116,169 192,252 92, 501 478, 291 364,313 Colombia... 144,044 199,028 445,347 677,326 9,478 10,093 22,421 37, 765 Ecuador 75,087 92, 571 4,498 4,408 Peru 272,071 389,693 951,478 1,717,715 2, 215,807 4, 798, 695 Paraguay 187,077 187,077 1, 263,244 1,263,244 Uruguay. _ 6,467 Venezuela . .. 27,604 24,071 57,374 78,118 34 50 92 1,949 China 90,966 20,055 722,116 11,457 4,108 11,835 Dutch East Indies.. I§9,538 472,872 644,288 71,303 171,170 207,601 Philippine Islands. _ 153,891 178,589 444, 222 468,623 2,883 2,525 7,920 6,857 British Oceania. 33,618 61,285 110,122 2, 036,181 40 109 126 525 Egypt . ___ 7,260 175, 585 8,891 1,449,906 466 183 595 183 Portuguese Africa 42,955 7,643 208,092 104,876 14, 274 13,446 39,411 30, 947 All other- 18,976 471, 595 34,123 1, 577,073 64,464 7,405 103, 629 58, 523 Total 7,337,322 34,322,375 15,977, 649 114, 56J, 404 6, 660, 750 6, 220,934 18,928,225 20,101,101 EXPORTS France 1,339,208 Germany : 15,120,000 45,130, 336 1, 218,005 65,202 1, 236,000 65,202 Netherlands 4,318,343 34, 551 34, 551 Poland and Danzig 1,103,948 Spain 40,000 80,000 Sweden i 1,232, 728 700 England 50,000 6,159,602 1,152,382 353,698 5,302,775 2, 211,997 Canada 59,385 167,209 178, 036 386,203 139,174 164,004 359,989 400, 217 Central America 1,000 1,550 14, 215 1,275 Mexico 461,289 410,875 1,.2O1,481 643,489 245, 561 130,173 634,302 429,104 West Indies 60,000 151,000 5,795 2,073 33,840 17,348 Argentina. 5,050,000 5,260,000 Bolivia 20,000 Colombia . 1,235 4,738 Ecuador 15,000 Peru L . 192,000 576,000 Uruguay. „ 802, 290 1 Venezuela - 200,000 201,600 200,000 501, 600 412, 500 646,000 British India. 62, 707 52, 757,093 4,597,701 4,501,613 12,478,698 13,057,899 China 521,998 2,327, 617 5,223,363 6,484,772 Dutch East Indies 30,000 80,000 Australia 2,757,910 25,905,032 Hongkong 1,112, 500 37,690 2,594,105 55,190 205,163 823,935 269,413 Japan.. 1,275,970 Egypt _ 498, 240 Allother 100,625 203,625 15,750 360 Total 25,104,416 817,374 149,230,067 1,603, 232 7,916,717 8,355,278 26,142,028 25,440,635 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAY, 1925 FEDERAL RESERVE BULLETIN 367 FOREIGN EXCHANGE RATES [Noon buying takes for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] COUNTRIES INCLUDED IN COMPUTATION OF GENERAL INDEX April, 1925 March, 1925 March, 1924 Par Monetary unit of ex- Average Average change Low High Low High Low High Rate Pe o r f p c a e r nt Rate P o e f r c p e a n r t General index L 63 58 Belgium Franc 19.30 5.0400 5.0800 5.0100 5.1500 5.0662 26.25 3.1600 4. 3300 3.8650 20.03 Denmark Krone 26.80 18.3100 18.6600 17.8500 18. 3400 18.0692 67.42 15.3000 16. 2100 15.6788 58.50 France Franc 19.30 5.1300 5. 2600 5. 0500 5. 3200 5.1807 26.84 3.4900 5. 5200 4. 6812 24.25 Germany... ___ Reichsmark. _ 23.82 23.8000 23.8000 23. 8000 23.8000 23.8000 99.92 2.0213 2.0223 2.0220 Great Britain Pound 486. 65 477. 6200484.4700 476.2000 478.8600 477. 6250 98.15 426. 3200 430. 3600429. 0631 88.17 Italy Lira... 19.30 4. 0900 4.1200 3. 9900 4.1400 4. 0719 21.10 4.1300 4. 3800 4. 2769 22.16 Netherlands Florin 40.20 39.8400 40.1300 39.8300 39. 9900 39. 9212 99.31 36.8600 37. 2800 37.0650 92.20 Norway Krone 26.80 15. 7700 16.4800 15.2300 15.8300 15.4346 57.59 13.3100 13.7900 13.5527 50.57 Spain Peseta 19.30 14. 2000 14. 5700 14.1700 14. 2800 14. 2219 73.69 12.1300 13. 5800 12. 7327 65.97 Sweden _ Krone 26.80 26. 7800 26. 9500 26. 9400 26. 9600 26. 9496 100. 56 26.0500 26.4900 98.09 Switzerland Franc 19.30 19. 2800 19.3900 19. 2200 19. 2900 19. 2646 99.82 17. 2200 17.4400 17. 2900 89.59 Canada Dollar.... 100.00 99.9053 100.0009 99. 8343 99. 9081 99. 8714 99.87 96.5167 97. 6895 96. 9569 Argentina Peso (gold) 96.48 85. 6600 87. 5000 87. 3800 90. 6300 89. 7115 92.98 75. 2700 77. 5900 76. 5527 79.35 Brazil Milreis 32.44 10.5400 10. 8100 10. 6400 11.1700 11.0381 34.03 10.4900 12.0600 11. 4462 35.28 Chile. _ Peso (paper) 319. 53 11. 0400 11. 3200 10. 7700 11.4200 11.0985 56.83 9. 4200 10.1200 9. 7712 50.03 China Shanghai (tael) 3 66. 85 73.0200 73. 6300 72.8500 74. 4400 73. 3612 109. 74 69. 5800 70. 3600 69. 9965 104. 71 India... Rupee _ 48.66 35.4300 35.9500 35.4500 35.7600 35. 6662 73.30 29. 6600 29. 9600 29.8623 61.37 Japan __ Yen 49.85 41. 2600 42.1900 39. 6000 41. 8000 40.9669 82.18 41.9300 44. 8000 42. 9015 86.06 OTHER COUNTRIES Austria S chilling 14.07 14. 0510 14.0710 14. 0470 14.0760 14.0583 99.92 0. 0014 0. 0014 0. 0014 0.01 Bulgaria . Lev . .. 19.30 .7257 .7356 .7313 .7357 .7335 3.80 .7263 .7488 .7375 3.82 Czechoslovakia Crown ._ 2. 9641 2.9660 2.9660 2. 9694 2. 9665 2. S791 2.9930 2. 9015 Finland Markka ~19.~36" 2. 5202 2. 5232 2. 5200 2. 5239 2. 5214 13.06 2. 4996 2. 5188 2. 5074 12.99 Greece _. . Drachma 19.30 1. 5973 1. 8996 1. 4833 1. 6321 1. 5484 8.02 1. 4513 1. 7331 1. 6297 8.44 Hungary Krone 20.26 .0014 .0014 .0014 .0014 .0014 .01 .0012 .0024 .0015 .01 Poland Zloty 19.30 19.1700 19. 2200 19.1800 19. 2000 19.1831 99.39 Portugal Escudo 108.05 4.9400 4. 9800 4.8900 4. 9500 4. 9296 4.56 3. 0400 3. 2400 3.1262 2.89 Rumania Leu .. . ... 19.30 .4472 .4756 .4691 .4979 .4866 2.52 .5157 .5296 .5225 2.71 Yugoslavia Dinar 19.30 1. 6066 1. 6219 1. 5821 1. 6191 1. 6006 8.29 1. 2172 1. 2609 1. 2372 6.41 Cuba. Peso 100.00 99. 8854 100.0052 99. 8906 100. 0250 99. 9504 99.95 99. 9594 100. 0719 100. 0505 100. 05 Mexico do 49.85 49. 8000 49. 9583 49. 3333 50. 0333 49. 7439 99.79 48. 0781 48. 3125 48. 2309 96.75 Uruguay do 103. 42 93. 9100 94. 9300 94. 3400 96. 5900 95.3146 92.16 75.4900 77. 5600 76. 6927 74.16 China Mexican dollar 3 48.11 53.4000 53.9200 53. 2300 54. 4000 53.6488 111.51 50.1500 50. 5900 50. 3858 104. 73 Hongkong Dollar 3 47. 77 53.8500 54. 5100 53. 7700 54.8800 54. 2692 113. 61 50. 3000 50. 6400 50. 4927 105. 70 Straits Settlements.. Singapore dollar 56.78 55.0800 56.2500 54. 6700 55.7500 55.1008 97.04 49.9700 50.5000 50. 2777 88.55 1 Weighted average, weighted on the basis of trade with each country for the 12 months ended February, 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, a 1913 average. SILVER [Average price per fine ounce] April March London (converted at average rate of exchange). $0.67786 $0. 68701 New York .67245 .68175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINN MEWEXPOLISj S.DAK. "—•BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE B'RANCH 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