Federal Reserve Bulletin, 1925-06

FEDERAL RESERVE BULLETIN JUNE, 1925 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Return of Great Britain to the Gold Standard Business Conditions in the United States Balance of Payments of the United States and of England WASHINGTON GOVERNMENT PRINTING OFFICE 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss W. P. G. Harding.. W. W. Paddock W. Willett. New York. Pierre Jay BenJ. Strong J R . . H F . . C Sa a i s l e er A L. . H W . . H G e i n l d b r a i r c U ks,* G. L. Harrison J. W. Jones.* E. R. Kenzel G. E. Chapin.* Ray M. Gidney. L. R. Rounds.1 Philadelphia- R. L. Austin Geo. W. Norris. Wm. H. Hutt C. A. Mcllhenny Cleveland D. C. Wills E. R. Fancher.. M Fra . n J. k F J l . e m Zu in rf g inden- J. C. Nevin. Richmond Wm. W. Hoxton George J. 8eay~ C. A. Peple Geo. H. Keesee. R. H. Broaddus John 8. Walden, Jr.» Atlanta Oscar Newton M. B. Wellborn. J. L. Campbell M. W. Bell. Creed Taylor Chicago Wm. A. Heath J. B. MoDougal. C. R. McKay W. C. Bachman.i John H. Blair K. O. Childs.i J. H. Dillard.i D. A. Jones.1 O. J. Netterstrom.i Clarke Washburne.* St. Louis Wm. McC. Martin D. C. Biggs O. M. Attebery J. W. White. W. B Geery Gray Warren. Minneapolis.. John R. Mitchell R. A. Young B. V. Moore Frank C. Dunlop.1 Harry Yaeger 2 Kansas City.. M. L. McClure W.J. Bailey O. A. Worthington. J. W. Helm. Dallas Lynn P. Talley B. A. McKinney.. R R. . R B . . G C i o lb le e m rt an Fred Harris. San Francisco John Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk L. O. Pontious * Controller. 2 Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch.. M. Crump. New Orleans branch . Marcus Walker. Houston branch D. P. Reordan. Jacksonville branch Geo. R. DeSaussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch R. B. Motherweli. Nashville branch J. B. Fort, jr. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch 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. Fuoua. 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—Return of Great Britain to the gold standard 369 British gold standard act and report of committee on currency 375 Business conditions in the United States 379 Balance of payments of the United States and of England in 1924 ___ __ 406 Special article: Earnings and expenses of member banks 402 Official: Changes in State bank membership 408 Changes in national bank membership 409 Fiduciary powers granted to national banks 408 Business statistics for the United States: Industrial activity 410 Commodity movements 413 Wholesale and retail trade 414 Foreign banking and business conditions: The Belgian National Bank in 1924. 416 Banking office of the Ministry of Finance of Czechoslovakia 417 Financial statistics for principal foreign countries 419 Foreign trade of principal countries 422 Price movements in principal countries— Federal Reserve Board wholesale price indexes 423 Wholesale prices in principal countries ^_ 424 Retail prices and cost of living in principal countries 425 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 426 Federal reserve note account 430 Holdings of earning assets ' 431 Discount and open-market operations of Federal reserve banks : 432 Gold settlement fund 442 Discount rates of Federal reserve banks 441 Member banks— Condition of reporting member banks in leading cities 433 Bankers' balances at reporting member banks in Federal reserve bank cities 434 Deposits of all member banks 435 All member banks—Abstract of condition reports on April 6, 1925 436 Bank debits 440 Money rates in principal cities 443 Money in circulation 441 Gold and silver imports and exports 444 Foreign branches of American banks 407 Foreign exchange rates and index 445 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 11 JUNE, 1925 No. 6 REVIEW OF THE MONTH The decision of the British Government to remove the embargo on the exportation of gold Restoration of a free gold market in London was announced by the Chanafter a period of 10 years has put Great Britain Great Britain's • ,i i once more on the gold standard. gold standard act . cenUor of ^ Ep xchequer on Restoration of ^ > April 28, when he stated that At th of E land s return gold standard. the law of 1920 prohibiting gold exports for a to a gold basis several other period of five years, except under special countries took similar action, and this, together license, would be permitted to lapse on Decemwith the fact that for more than a year many ber 31, 1925, and that for the remainder of this other European currencies have been stabilyear the Bank of England would be given a ized with reference tp gold, removes from the general license to export gold. Control of gold major part of the world's commerce and finance exports in Great Britain, which from the outthe uncertainties arising from wide and abrupt break of the war until the legal prohibition in fluctuations of exchanges. 1920 was by informal methods, has applied Free gold movements between countries that since that time to all gold except to newly have reestablished the gold standard will not mined gold produced in the British Dominions only limit fluctuations of exchange rates but and imported into England. will again relate changes in the gold holdings In removing restrictions upon gold exports of central banks to credit conditions at home the British Government adopted certain safeand abroad and thus make changes in their guards against the dissipation of the gold rereserve positions important factors in their serves through the reintroduction of gold coins credit policies. With the principal money marinto circulation and against the speculative kets of the world once more free gold markets hazards to which the pound sterling might be and the exchanges between them stable, the exposed in the period immediately following flow of funds between these markets will reresumption. These safeguards were incorspond more freely to differences in money rates porated in a bill " to facilitate the return to a and credit conditions. Credits in countries on gold standard and for purposes connected the gold standard become interchangeable practically at par with dollar credits, which therewith" to be known as the Gold Standard have been continuously equivalent to gold, and Act, 1925, which became law on May 13 and is short-time funds will thus tend to be distrib- reprinted on page 375. It was recognized that uted more nearly in response to current de- a return to the use of gold currency in domestic mands as reflected in higher rates. With the circulation was not necessary for the purpose removal of barriers arising from the risks of of the operation of the international gold exchange, borrowing particularly for purposes standard, and the Chancellor of the Exchequer of financing international trade will be drawn said that this use of gold would be an unwarto the markets where money is cheapest. rantable extravagance which the present finan- Thus the resumption of gold payments by the cial stringency does not permit England to chief trading countries of the world furnishes indulge in. In order to prevent the loss of gold a basis for the functioning of those forces which into circulation, the bill relieves the Bank of before the war operated to maintain a close England of the obligation to redeem its own contact between the money markets of the notes and currency notes in gold coin and world. relieves the mint of the obligation to coin gold 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

370 FEDEEAL RESERVE BULLETIN JUNE, 1925 bullion presented to it by anyone except the ing various alternatives reaches the conclusion Bank of England. The bank, however, is re- that the gold standard must be reestablished quired to sell gold in bars containing approxi- in England on the basis of the pre-war gold mately 400 ounces to any person at the price content of the sovereign. Neither devaluation of £3 17s. lOj^d. per ounce gold of standard nor the substitution- of the commodity price fineness, that is, in units of about £ 1,700. Thus, level for gold as the regulating principle of the while the bank is protected against a demand currency appeared to the committee to be defor gold coin for domestic circulation, it stands sirable. The committee's analysis of England's ready to meet all demands for gold bullion for position in foreign trade indicated that the export purposes. The provision of the bank existing volume of exports, visible and invisiact of 1844, under which the Bank of England ble, together with the income derived from foris obliged to purchase at a fixed price all gold eign investments, was undoubtedly sufficient offered, remains in force. to meet England's foreign debts and to pay for As a means of supporting sterling exchange in necessary imports, leaving a moderate balance case of speculative pressure the gold standard for foreign investments.2 uIn these circumbill furthermore authorizes the treasury to stances/' the committee continues, "a free u issue, either within or without the United gold market could readily be established and Kingdom and either in British or in any other maintained at the pre-war parity, provided currency, such securities bearing such rate of that by control of credit we adjusted the interinterest and subject to such conditions as to nal purchasing power of the pound to its repayment, redemption, or otherwise as they exchange parity, and restricted our foreign think fit/7 and to u guarantee in such manner investments to our normal export surplus/7 and on such terms and conditions as they think While the committee believed that the price proper the payment of interest and principal level in England was still too high relative to of any loan which may be raised for such purthe level in the United States, it was its opinion pose.7? All loans raised under this provision that the adjustment could be accomplished must be repaid within two years, and an}7 guarwithout serious disturbance, particularly in antee given by the treasury will also expire in view of the fact that sterling exchange at the two years from the date upon which it is given. time of the report in February was only 1^2 In furtherance of the objects of these proper cent below parity. visions, American credits aggregating $300,- On the subject of the amalgamation of the 000,000 have been established, the details of two kinds of note issue, the Bank of England which are discussed later in this review. note, issued only in exchange for gold, and the In reaching a decision to return to the gold currency note, issued by the treasury and standard at this time the British Government secured largely by Government obligations, was guided by the recommendathe committee recommended that no action be Report of tions of a committee * which, exp^rTs^6 of in addition to considering taken for the present, that the limit of the curwhether the time had come to rency issue, by which the actual maximum for amalgamate the treasury note issue with the one year becomes the legal maximum for the Bank of England note issue, also entered into next year* be maintained and that the Bank the question whether a return to the gold of England take over the currency notes at standard on the basis of the pre-war sovereign such a time in the future when experience will was desirable, and, if so, how and when the have demonstrated what amount can be kept steps required to achieve it should be taken. in circulation without resulting in a drain on In its report the committee expresses its the bank's gold reserves. As an immediate agreement with the principles laid down in 1918 step the committee recommended that the by the Cunliffe committee and after consider- 2 A statement of England's balance of payments for recent years is 1 Reprinted on pages 375-378. presented on page 406. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDEKAL KESEKVE BULLETIN 371 £27,000,000 of gold held against currency trade conditions, prices in Great Britain denotes be transferred to the bank and an equal clined considerably, while prices in the United amount of bank notes be substituted in the States advanced. From less than 4 per cent currency note account. This recommendation below par sterling exchange declined during the has been adopted and carried out. remainder of 1923 to a low point in January, Important factors placing Great Britain in a 1924, more than 12 per cent below par. An position to reestablish the gold standard have almost uninterrupted rise during 1924 and the been the balancing of the bud- early part of 1925 brought sterling to within 1 per cent of parity at the time of the announce- Financial policy , j .. ,-, n ,. • prior to resumption. £et> reduction in the floating ment of the resumption of gold payments. debt, funding of the indebtedness to the United States, rigid adherence to STERLING EXCHANGE IN NEW YORK the limitation upon note issue, and a policy of credit control. The budget not only has been balanced but there has been a surplus which PAR=$4.8665 enabled the Government to reduce the floating debt held in large part by the banks. Be- I tween the end of 1920 and the end of 1924 this debt was reduced by nearly 40 per cent, or £560,000,000, and the reduction was accom- $3 panied by substantial declines, especially during 1921 and the early part of 1922, in the investments, bill holdings, and deposits of the joint-stock banks. With the decline in their holdings of treasury bills, the banks were in a position to meet the increased credit demands of commerce and industry without increasing the total volume of bank credit in use. The policy of maintaining relatively high money rates, especially during the past year, and of discouraging excessive foreign lending contributed to the advance of sterling exchange toward parity. As a consequence of these developments the extent of further necessary adjustment in the exchange rate and in financial conditions following the announcement of the removal of the gold embargo was greatly diminished and the ability of Great Britain to maintain an effective gold standard greatly increased. Sterling exchange in the New York market since 1919, when the pegging of the exchanges was discontinued, has under- ^One wide fluctuations, as shown on the chart. The most rapid and continuous advance in sterling occurred between the middle of 1921 and the spring of 1923 when, owing partly to the operation of the factors already mentioned and to v Par 1919 1920 1921 1922 1924- 1925 In order to relieve the exchange market during the remainder of this year from demands for dollar exchange by the treasury, particularly in the autumn, when Great Britain's purchases of agricultural products abroad are heaviest, the Chancellor of the Exchequer announced that a sufficient amount of dollar exchan^ had been acquired to meet all payments on the American debt not only in June but also in December. It was recognized by the committee advising the Government on the problems connected with resumption that the ad- Provisions for vance of the pound sterling supporting ex- i , n change. since last summer may have been partly due to speculative buying, and that when parity was reached profit taking by speculators might throw a strain on the exchange. Against this danger the committee regarded as a proper safeguard the existence of adequate gold reserves and a resolute use of those reserves for the purposes for which they had been accumulated. The available reserves were in the committee's opinion amply sufficient, but if it were deemed wise to acquire also a foreign credit, the credit should be used only after a considerable amount Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

372 FEDERAL RESERVE BULLETIN JUNE, 1925 of gold had actually been exported, and the the Bank of England will place on its books use of this credit should be considered from the to the credit of the Federal Reserve Bank of point of view of the Bank of England's mone- New York an equivalent deposit in pounds tary policy as equivalent to a corresponding sterling. This deposit may be used from time loss from its own reserves. " Unless these pre- to time by arrangement with the Bank of cautions are taken, borrowing abroad will, as England in the purchase of eligible sterling has again and again happened when it has been commercial bills which shall be guaranteed by resorted to as a remedy for exchange difficulties, the Bank of England, and in that case discount merely aggravate the mischief which it has earned on the bills will be applied to the paybeen applied to cure.77 In announcing the ment of interest. establishment of the credits in America the If occasion arises for the use of this credit, Chancellor of the Exchequer said: support can be given to sterling exchange " These great credits across the Atlantic either through the purchase of sterling bills in Ocean have been obtained and built up as a New York or abroad, or gold can be shipped solemn warning to speculators of every kind and to other countries on British account. Thus of every hue and in every country of the re- the Bank of England could meet a foreign sistance which they will encounter and of the demand for gold without reducing its own reserves with which they will be confronted, if reserves, or it could replenish its reserves by they attempt to disturb the gold parity which withdrawing gold from this country or by Great Britain has now established.77 earmarking it in New York. The form in Two separate credits have been established which the credit would be used would depend in the United States—one hj the British Gov- upon the circumstances at the time. ,.. ernment and one by the Bank In making these arrangements with the Bank American credits. _ _ . -i. of England, the Federal Reserve Bank of New of England. A credit of $100,- York proceeded under authority of the Federal 000,000 was arranged by the British Governreserve act, which, in addition to granting the ment with J. P. Morgan & Co. and a credit reserve banks power to make contracts, auof $200,000,000 by the Bank of England with thorizes them under rules and regulations prethe Federal Reserve Bank of New ^JTork in scribed by the Federal Reserve Board to deal participation with other Federal reserve banks in gold coin or bullion at home or abroad, to and with the approval of the Federal Reserve purchase and sell in the open market at home Board. or abroad, cable transfers or bankers7 accep- Under its arrangement with the Bank of tances and bills of exchange of the kinds and England the Federal Reserve Bank of New York undertakes to sell gold on credit to the maturities eligible for rediscount; and, with Bank of England from time to time during the consent or upon the order and direction of the next two years, but not to exceed $200,- the Federal Reserve Board, to open and main- 000,000 outstanding at any one time. The tain accounts in foreign countries, appoint credit is to bear interest to the extent that it correspondents, and establish agencies in such is actually used at a rate 1 per cent above the countries wheresoever it may be deemed best New York reserve bank7s discount rate, with for the purpose of purchasing, selling, and cola minimum of 4 per cent and a maximum of 6 lecting bills of exchange, and, with the consent per cent, or, if the Federal reserve discount of the Federal Reserve Board, to open and rate exceeds 6 per cent, then at the discount maintain banking accounts for such foreign rate of the bank. The rate of interest to be correspondents or agencies. paid by the British Government on the credit In January of this year the Federal Reserve which it has established is to be determined in Bank of New York was authorized by the a similar manner. Upon the purchase of gold Federal Reserve Board to make the arrange- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDEEAL RESERVE BULLETIN 373 ments with the Bank of England which have parity for about a year in most of the principal been described. After the passage of the gold exchanges and by a narrowing of fluctuations standard act by the British Parliament in May, in the value of other currencies. Furthermore, the Federal Reserve Board approved in detail a number of European countries, though not in the arrangements made by the New York a position to restore freedom of gold move- Federal Reserve Bank. In giving approval the ments, have maintained the foreign value of board believed that the arrangement would their currencies at a fixed relationship to gold be an effective aid toward general resumption and consequently have conducted their foreign of gold payments. trade on a gold value basis. This growth in Commenting upon the participation of the the area, though still not world-wide, in Federal reserve system in the arrangements which gold has been restored to its rdle as made to facilitate the return a standard, provides a broader and more Comments of of Great Britain to the gold stable basis for international trade than has Advisory Council. standard, the Federal Advisory prevailed at any time since the disorganization Council, which held a regular meeting in Wash- of the world's currencies which set in with the ington on May 22, said in part: war. Reestablishment of the gold standard "It is with the deepest satisfaction that the removes from commerce between nations that council has noted the arrangements now made, element of risk which arose from the uncerwith the approval of the Federal Reserve tainties of fluctuating exchange rates, and free Board, between the Bank of England on the gold movements will exert an influence toward one hand and the several Federal reserve banks closer adjustment between price levels in difunder the auspices of the Federal Reserve Bank ferent countries. The significance of the of New York on the other. These arrange- restoration of the international gold standard ments, in the view of the council, will benefit should be measured not only by the benefits not only the two countries directly involved that will result from greater stability but also but they will inure to the advantage of the by contrast with the declines and fluctuations entire world. The council feels confident that in exchange that would have followed further in the annals of the Federal reserve system postponement of the decisions to resume gold these arrangements will be written down as one payments. These decisions give assurance that of its proudest and most constructive achieve- the exchanges of those countries which have ments. It is an impressive demonstration of returned to the gold basis will not be subject the efficiency of the Federal reserve act, as at to sharp advances and declines and that trade present constituted, that we are able to render with these countries, which include the largest assistance on a liberal scale without fear of purchasers of our agricultural products, can be adverse effect upon our own financial con- conducted and financed with greater confidence ditions.;; and on a more secure basis. Restoration of the gold standard in Great Restoration of an effective international gold Britain was accompanied by similar action by standard from the viewpoint of the banking Australia, New Zealand, the situation in the United States is of particular International Netherlands, and the Dutch importance, because for the first time since the trade and the gold Eagt Indies GoM nts Federal reserve system was established gold standard. i • o i movements, which for a decade have exerted had been resumed in Sweden a an abnormal influence upon the position of the year earlier and on June 1 South Africa rereserve banks, will be more largely controlled moved restrictions on gold exports. The by the traditional influences which regulated return to a gold basis over so wide an area was the flow of gold under normal conditions. preceded by a continuous advance toward gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

374 FEDERAL. RESERVE BULLETIN JUNE, 1925 Meeting of the Federal Advisory Council. paired and that, instead of making efforts to balance budgets by taxation, the temptation for debasement A regular statutory meeting of the Federal of currencies in many countries would have continued Advisory Council was held in Washington indefinitely. In such circumstances true wages, and on Friday, May 22, at which the various with that living standards, in competing countries would have been further reduced. We are familiar Federal reserve districts were represented. with the social consequences that would result from General business and financial conditions such conditions, and it is safe to conclude that we ourthroughout the country were discussed, as selves could not have escaped the effects of such a well as the recent arrangements between the development which, among other things, would have involved a further great addition to our gold holdings. Federal reserve banks and the Bank of England The advisory council, with these thoughts in mind, regarding a revolving credit to the latter instihas over and again expressed the view that America tution of $200,000,000. In this connection the should take every opportunity, that consistently and council issued the following statement: safely could be grasped, to aid foreign countries in their struggles toward regaining exchange stability, and that, when the time came to do so with confidence Since the last meeting of the Federal Advisory Counand safety, the Federal reserve system should do its cil Great Britain has taken the long-expected step of part. removing the embargo on the exportation of gold and, by reestablishing a free gold market in London, has once It is with the deepest satisfaction, therefore, that more anchored herself unreservedly to the gold standard. • the council has noted the arrangements now made, This event marks an epoch in the financial history of the with the approval of the Federal Reserve Board, postwar period. It means that the time has definitely between the Bank of England on the one hand and the come to an end when the world seemed to waver be- several Federal reserve banks, under the auspices of tween monetary systems frankly bottomed upon gold the Federal Reserve Bank of New York on the other. on the one hand and fluctuating exchanges and so- These arrangements, in the view of the council, will called " managed currencies " on the other. With the benefit not only the two countries directly involved, United States, England, the Dominions, Sweden, Hol- but they will inure to the advantage of the entire land, Germany, Austria, Hungary, and other countries world. The council feels confident that in the annals now returned to a gold basis or to gold exchange bases, of the Federal reserve system these arrangements will the sway of gold over the world's leading financial be written down as one of its proudest and most consystems once more has become an unchallenged fact. structive achievements. It is an impressive demonstration of the efficiency of the Federal reserve act, as For the United States this deve]opment is of the at present constituted, that we are able to render vastest importance. First, because we own approxiassistance on a liberal scale without fear of adverse mately one-half of the world's monetary gold; second, effect upon our own financial conditions. because, in order to preserve for ourselves conditions of a well-balanced prosperity, foreign markets absorb- Concentration of reserves and an elastic note issue ing our surplus production are an imperative necessity, planned on broad lines enabled us during these last and it is idle to expect that without exchange stability years to absorb a flood of gold in such a manner as to the purchasing power of foreign countries may regain deprive it of the inflationary effects which some of our its full capacity; third, in present world conditions the European friends had expected it inevitably to prosale of our vast excess production to foreign buyers duce. Conversely, we may now envisage with can only be maintained on anything like the present equanimity the possibility of an outgo of hundreds of scale as long as we continue freely to absorb foreign millions of dollars of our surplus gold. The same securities. Our ability to do so, however, will depend process that enabled us to deprive the inflow of gold upon the degree of credit these foreign countries will of its potential ill effects places us now in a position to command here. We have, therefore, a vital interest lose vast amounts of it without entailing the necessity in seeing the credit of our customers placed on the of a marked contraction of circulation or of forced strongest possible basis. deflation. While it would seem unnecessary to add to the weight of these three points, a true picture of the out- NOTE look is gained only if one considers what might have happened had England decided to continue the em- Redesignation of Governor of Federal Reserve Board. bargo on gold exports instead of restoring a free gold market. It would not seem an overstatement to Mr. D. R. Crissinger has been redesignated assume that in* such a case the world might have by the President to be governor of the Federal suffered another exchange collapse with all the uncer- Reserve Board for the year ending May 1, tainty to trade which that implies; that private and public credit in foreign lands would have been im- 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 375 BRITISH GOLD STANDARD ACT AND REPORT OF COMMITTEE ON CURRENCY There is presented below the text of the bill (3) Where by any appropriation act passed after passed by the British Parliament ato facilitate the commencement of this act power is conferred on the return to a gold standard and for purposes the treasury to borrow money up to a specified amount, connected therewith.1' Following the bill is any sums which may at the time of the passing of that act have been borrowed or guaranteed by the treasury the full text of the report of the committee of in pursuance of this section and are then outstanding experts on the currency and Bank of England shall be treated as having been raised in exercise of the note issues presented on February 5 and made power conferred by the said appropriation act and the amount which may be borrowed under that act shall public on April 28. be reduced accordingly. 3. This act mav be cited as the gold standard act, GOLD STANDARD ACT, 1925 1925. 1. (1) Unless and until His Majesty by proclama- REPORT OF THE COMMITTEE ON THE CURRENCY tion otherwise directs— AND BANK OF ENGLAND NOTE ISSUES (a) The Bank of England, notwithstanding anything in any act, shall not be bound to pay any note of the bank (in this act referred to as "a bank note") TREASURY MINUTE DATED JUNE 10, 1924 in legal coin within the meaning of section 6 of the The Chancellor of the Exchequer proposes to the Bank of England act, 1833, and bank notes shall not board that the following committee should be apcease to be legal tender by reason that the bank does pointed to consider whether the time has now come not continue to pay bank notes in such legal coin. to amalgamate the Treasury note issue with the Bank (b) Subsection (3) of section 1 of the currency and of England note issue, and, if so, on what terms and bank notes act, 1914 (which provides that the holder conditions the amalgamation should be carried out: of a currency note shall be entitled to obtain payment The Right Hon. Austen Chamberlain, M. P. (chairfor the note at its face value in gold coin), shall cease man); Sir John Bradbury, G. C. B.; Mr. Gaspard to have effect. Farrer; Sir O. E. Niemeyer, K. C. B.; and Mr. A. C. (c) Section 8 of the coinage act, 1870 (which entitles Pigou. any person bringing gold bullion to the mint to have it My lords concur. assayed, coined, and delivered to him), shall, except as respects gold bullion brought to the mint by the Bank of England, cease to have effect. TEXT OF REPORT (2) So long as the preceding subsection remains in force the Bank of England shall be bound to sell to any May it please your lordships, person who makes a demand in that behalf at the head (1) By Treasury minute of June 10, 1924, we were office of the bank during the office hours of the bank, appointed a committee to consider whether the time and pays the purchase price in any legal tender, gold has now come to amalgamate, the Treasury note issue bullion at the price of £3 17s. lOJ^d. per ounce troy with the Bank of England note issue, and, if so, on of gold of the standard of fineness prescribed for gold what terms and conditions the amalgamation should coin by the coinage act, 1870, but only in the form of be carried out. bars containing approximately 400 ounces troy of fine (2) We have held 9 meetings and have heard 13 gold. witnesses, including the governor of the Bank of 2. (1) Any money required for the purpose of ex- England, Mr. McKenna, Sir Robert Home, Professor change operations in connection with the return to a Cannan, Sir George Paish, Mr. Keynes and repregold standard may be raised within two years after the sentatives of the clearing banks, the Association of passing of this act in such manner as the treasury British Chambers of Commerce, and the Federation think fit, and for that purpose they may create and of British Industries. issue, either within or without the United Kingdom (3) The greater part of our evidence was taken and either in British or in any other currency, such se- during the months of June, July, and September, curities bearing such rate of interest and subject to 1924, when the sterling dollar exchange was still at a such conditions as to repayment, redemption, or other- discount of 10 to 12 per cent, but we heard the governor wise as they think fit, and may guarantee in such man- of the Bank of England a second time on the 28th of ner and on such terms and conditions as they think January, 1925. proper the payment of interest and principal of any On accepting office as Secretary of State for Foreign loan which may be raised for such purpose as aforesaid: Affairs, Mr. Chamberlain ceased to act as a member Provided that any securities created or issued under of the committee. Sir John (now Lord) Bradbury this section shall be redeemed within two years of the took the chair at the remaining meetings. date of their issue, and no guarantee shall be given under this section so as to be in force after two years THE CUNLIFFE COMMITTEE'S RECOMMENDATION from the date upon which it is given. (2) The principal and interest of any money raised (4) The natural starting point of our inquiry was under this act, and any sums payable by the treasury in the recommendation of the committee on currency fulfilling any guarantee given under this act, together and foreign exchanges after the war (the Cunliffe with any expenses incurred by the treasury in connec- committee), that the currency note issue should be tion with, or with a view to the exercise of, their powers transferred to the Bank of England when it had been under this section shall be charged on the consolidated ascertained, from experience in a free gold export fund of the United Kingdom or the growing produce market, what fiduciary issue is compatible with the thereof. maintenance of a central gold reserve of £150,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDERAL RESERVE BULLETIN JUNE, 1925 (5) These conditions have not yet been fulfilled, the internal purchasing power of the pound to its exand we have found it necessary to enter somewhat change parity, and restricted our foreign investments fully into the questions whether a return to the gold to our normal export surplus. standard on the basis of the pre-war sovereign is, in (14) Further, we were satisfied that the mere present circumstances, no less desirable than at the announcement that the power to prohibit the export time of the Cunliffe committee's report; and if so, of gold would not be continued beyond December 31, how and when the steps required to achieve it should 1925, would automatically and rapidly bring about be taken. the credit conditions necessary to effect these adjustments, and that the effective gold standard could thus THE GOLD STANDARD be restored without further danger or inconvenience (6) The alternatives are— than that which is inevitable in any period of credit (a) To return to the gold standard on the basis of restriction and falling prices. a devalued sovereign, i. e., the reestablishment of a (15) At that time the British and American price free gold market with a unit identical in name but of a levels appeared on the surface—though it is not safe to lesser gold content than the pre-war unit, and attempt to draw precise conclusions from a comparison (b) To attempt to find a basis for the currency unit of index figures compiled on different bases—to be other than gold. fairly well adjusted to the current rate of exchange; (7) The former need not, now that the current and it was, therefore, to be expected that a fall in exchange rates are already within a small percentage sterling prices of some 10 or 12 per cent, or a similar of the pre-war parity, be seriously considered. It rise in dollar prices, would have had to take place was never, in our opinion, a policy which the United before equilibrium could be secured with the exchanges Kingdom could have adopted. at the pre-war parity. (8) The latter, in the form of proposals for substi- (16) The problem as it then presented itself was tuting the price level of commodities in general for gold whether the undoubted advantages of an immediate as the regulating principle of the currency, has been return to parity were a sufficient compensation for the fully and carefully explained in evidence before us. We inconveniences—temporary though possibly severe need not here set out the arguments by which it is while they lasted—of the measure of " deflation" supported, which have been published and are now necessary to bring about the adjustment, or whether well known. "We need only say that, as a practical it would not be more prudent to pursue, at least for a present-day policy for this country, there is, in our few months longer, a waiting policy in the hope that opinion, no alternative comparable with a return to the the disparity would disappear through a rise in Ameriformer gold parity of the sovereign. In this conclu- can prices (of the probability of which there appeared sion we are supported by the overwhelming majority to be indications). of opinion, both financial and industrial, represented (17) Our provisional conclusion was that the return in evidence before us. to parity and resumption of the free gold market, (9) Starting from this fundamental position, we though it ought not to be much longer deferred, could propose to confine ourselves to answering the questions not be regarded as a matter of such extreme urgency when and how this restoration is to be brought about. as to justify a credit policy calculated to bring down (10) When we first began to consider our report in domestic prices if the same practical result could September last, the ruling rates of exchange on New reasonably be expected to be attained within a very York were still 10 to 12 per cent below gold parity, few months by a policy designed merely to prevent and there was some anxiety whether the normal autumn them from rising concurrently with a rise elsewhere. pressure would not result in a renewed depreciation of (18) The favorable course since September of the the pound, and whether the limitation on the amount dollar exchange (which now stands only 1^ per cent of the fiduciary issue of currency notes prescribed by below gold parity) and the fact that the restrictions on the Treasury minute of December 15, 1919, could be the fiduciary issue of currency notes have been mainmaintained over Christmas without giving rise to con- tained without inconvenience have, however, altered ditions necessitating a sharp rise of money rates. the situation. Indeed, if British domestic prices had (11) We entertained no doubt, however, even at already adjusted themselves to the improved exchange that time, of the ability of Great Britain, notwith- value of sterling, the problem would have been solved standing the fact that her international financial situa- and we are satisfied that the free export of gold could tion is in some respects less satisfactory than it was have been resumed forthwith without danger either before the war, to restore and maintain the gold stand- of appreciable depletion of our existing gold reserves ard at the pre-war parity, at any time it might be or of making recourse necessary to any special measthought prudent to do so. ures in restriction of credit. (12) In spite of the special influences which have, (19) The discrepancy between British and Ameriduring the last few years, exercised an adverse influence can gold prices which existed in September has not, (of which the principal are industrial stagnation and however, disappeared, though it has been reduced. the disturbance of international trade resulting from We must still be prepared to face a fall in the final post-war conditions, and the fact the we are paying price level here of a significant, though not very large, interest and sinking fund on our war debt to America amount, unless it should happen that a corresponding without as yet receiving an adequate counterpart from rise takes place in America, if the rate of exchange is our continental debtors), our existing volume of to be restored to and held at the pre-war parity. exports, visible and invisible, together with the income (20) In present conditions, however, this argument we derive from foreign investments is still undoubtedly against immediate action has not, in our opinion, great sufficient to meet our foreign debts and pay for our weight. For the adjustment of price levels required necessary imports, and even to supply a moderate to restore and maintain pre-war parity needs to be balance for new foreign investment. only some l}4 per cent larger than that required to (13) In these circumstances a free gold market could hold the exchange at its present rate. If the adjustreadily be established and maintained at the pre-war ment of price levels necessary to this end is long deparity, provided that by control of credit we adjusted ferred, the exchange will inevitably fall back to the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BUILLETTN 377 rate justified by the comparative price levels—or be- (27) In so far as this confidence in the future of low it, since the psychological causes which have oper- sterling has allowed the resumption of those normal rated to force it up will tend to act in the other direc- operations between New York and London which had * tion—and a period of fluctuating values is likely to been interrupted by political uncertainty and distrust ensue. To allow the exchange to fall back now with in the preceding 12 months, no reactionary consethe certainty of having later on to raise it again would quences are to be feared. be a short-sighted policy, injurious to trade and in- (28) There has, however, undoubtedly been a condustry. But, if this view is accepted and we are pre- siderable element of speculation in connection with pared to face any price adjustment which may be that movement, the extent of which can not be exactly necessary to maintain the present exchange rate, there determined. To this unknown extent there may be a is nothing to be said for refusing to accept the very tendency, when parity has been reached, for realizasmall (lj<jj per cent) extra adjustment involved in the tion of the speculative positions to throw a concenreestablishment of an effective gold standard. trated strain on the exchange. (21) The attitude of the Dominions and foreign (29) The proper safeguard against such a danger is countries toward the question of an early return to the in the size of the gold reserves and in the resolute use of gold standard is also a material consideration. The these reserves (if required) for the purposes for which Union of South Africa has already decided to take the they have been accumulated. step in the course of this summer. Other Dominions (30) We believe that the existing gold reserves are will undoubtedly follow our lead and may if we delay amply sufficient for this purpose, and that a conviction precede us. The same is true of Holland and Switzer- that there will be no hesitation in using them, even land and possibly other European countries. Although though this may involve a temporary increase in bank the convertibility of the new German currency into rate, will go far to obviate the danger we refer to. If, gold is under existing legislation suspended, a high however, it is thought necessary to make assurance degree of stability has been attained and the establish- doubly sure by the provision of a gold credit, we feel ment of the full gold standard—effectively and even strongly that recourse should not be made to it unless formally—may take place in the early future. and until substantial gold exports have taken place and (22) Economic conditions in America give promise are already producing their normal effects on the moneof a period of financial stability, thus reducing the risk tary situation at home, and in the event of the credit of dangerous reactions during the initial months of a being actually drawn upon, the amount drawn should,, free gold market; and prevailing sentiment there until it has been repaid, be treated from the point of viewwould be likely to be helpful. of the Bank of England's monetary policy as equivalent, (23) We therefore recommend that the early return to a corresponding loss from its own reserves. to the gold basis should forthwith be declared to be the (31) Unless these precautions are taken, borrowing, irrevocable policy of His Majesty's Government and abroad will, as has again and again happened when it that it should be definitely stated that the existing has been resorted to as a remedy for exchange diffirestrictions on the export of gold, which expire on the culties, merely aggravate the mischief which it has 31st December next, will not be renewed. A general been applied to cure. license should at the same time be given to export gold (32) In making these observations and suggesting sold by the bank for export and the bank should be- these precautions, we must not be understood as anticitween now and the date of expiry of the export prohibi- pating that either the steps which we propose should be tion avail themselves freely of it whenever the exchange taken at once to prepare the way for the return to a is below the normal export specie point, making good free gold market at the end of the year or the actual any consequential drafts upon the reserve in the return on that date may be expected to lead either to a Banking Department in accordance with traditional heavy loss of gold or to a serious consequential restricpractice. As from the date of the announcement until tion of domestic credit. British experience of the ressuch time as the arrangements governing the fiduciary toration of the gold standard after the French wars, issue can be put on a permanent basis, the existing 100 years ago, and the recent experience of continental limitation of that issue should be strictly maintained. countries which have taken steps, under far more diffi- (24) We are satisfied that this policy can, given the cult conditions, to rehabilitate their currencies, have loyal cooperation of the principal British institutions shown that a courageous policy in currency matters which control the supply of credit, be carried through surmounts apparently formidable obstacles with surwithout risk by the Bank of England without external prising ease. We believe that on this point history assistance. Indeed such assistance, if it took the form will repeat itself. It is possible that some temporary of foreign credits to be used on any considerable scale increase in money rates will be necessary to bring about to mitigate the effect of the policy upon credit condi- the necessary adjustment of sterling prices to the gold tions in the United Kingdom, would really serve to level. We are satisfied, however, that the assimilacounteract the very forces on the operation of which tion of British currency to the gold currencies of the we rely for its success. world is so necessary for the ultimate prosperity of (25) On the other hand, the existence of a substantial British trade that any temporary disadvantage, if American credit known to be available for use in sud- such arise, from the measures necessary to maintain den emergencies would tend to discourage speculation parity will be many times outweighed. and contribute to the creation of a general atmosphere (33) Indeed, such credit restriction as may become of confidence favorable to the smooth working of the necessary to adjust the general level of sterling prices operation. to a free gold market may well be less drastic than that (26) The appreciation of sterling which has taken which Vould be required in order to maintain a " manplace since November, 1924, has been due partly to the aged" pound in the neighborhood of parity. If the belief that an effective gold standard will shortly be gold standard is firmly reestablished, the danger of restored in this country, and only partly to a lessening apprehensions as to the future of exchange leading to of the difference between the purchasing power of sudden withdrawals of foreign balances or foreign insterling and of gold. vestment money will be eliminated, and the risk— Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDERAL EESEEVE BULLETTX JUXE. i925 inevitable under the present regime—of excessive lutely and proportionally than if there were no gold in British lending to foreign countries will be reduced. circulation. (34) With a free gold market, any tendency to lend (42) Any considerable flow of gold into domestic cirabroad more than we can afford leads to a drain of gold, culation would thus necessitate imports of the metal which, unless redressed by the sale of existing foreign which would place an unnecessary burden on our foreign investments, reacts on the. general credit situation in exchanges in a very difficult period. London in such a way as to put a stop to new foreign (43) We are of opinion that the use of gold for domesborrowing. tic circulation is a luxury which can well be dispensed (35) Under existing conditions the result of excessive with, and which we are in fact, at any rate during the lending to foreign countries instead of giving an imme- next few years, not likely to be able to afford. diate danger signal through its effect on the gold reserves (44) The payment of notes in gold coin upon demand is more obscurely reflected in the general disturbance is not in itself essential to the maintenance of the gold of the exchanges. standard under modern conditions. An obligation (36) We are of the opinion that unless a free gold upon the bank of issue to buy and sell gold at a fixed market is restored the danger of such overlencling on price is all that is necessary, and if in fact specie payforeign account in the near future will be considerable ments had been suspended during the war, we should and a situation may easily develop in which the pressure not have recommended their resumption. on our foreign exchanges, resulting from oyerlending to (45) We should be glad, though mainly for historical foreign countries, will necessitate a restriction of general and sentimental reasons, to make no formal change in credit. the existing position under which gold coin is still legally obtainable for notes, and we think that the THE AMALGAMATION OF THE NOTE ISSUES national habit of using paper currency, now firmly established, may suffice to prevent the absorption of (37) We return now to the recommendation of the any appreciable quantities of gold into domestic circu- Cunliffe committee with respect to the amalgamation lation, provided that the joint stock banks are able to of the note issues. We have to consider whether the assist such a policy by undertaking to abstain from assumption by the Bank of England of the currency asking for gold coin in exchange for notes either for note issue must await the experience of the problem of themselves or for their customers, and from holding maintaining a minimum gold reserve, whether of gold themselves, and in general by actively discouraging £150,000,000, as recommended by the Cunliffe com- the use of gold among their customers. mittee, or of some other figure. (46) If, however, there is any doubt whether this will (38) It is clear that throughout their report the Cun- be effective, then we are decidedly of opinion that steps liffe committee contemplated a much earlier removal must be taken forthwith by legislative enactment to of the prohibition of gold exports than has actually been prevent the internal circulation of gold coin, until such deemed expedient, and suggestions have been made to time as the gold standard has been firmly reestablished us that the amalgamation of the issues should precede for the purposes of international transactions. instead of following the restoration of the free gold (47) We think that, in any circumstances, all Bank of market* with a view to indicating that the policy of the England notes, including the £1 and 10s. notes ulti- Government is to restore parity and for the sake of the mately to be substituted for currency notes, should in effect of such an indication upon the foreign exchanges. future be payable in coin only at the head office of the (39) If our recommendation in regard to the non- bank, and not at the branch offices. renewal of the prohibition of gold exports is adopted (48) In any case the coinage of standard halfthe arguments for altering the sequence of events pro- sovereigns should not be resumed. posed by the Cunliffe committee cease to operate, and (49) Subject to this observation, we recommend that the precise date of amalgamation loses most of its the policy with regard "to the transfer of the currency importance. We associate ourselves with the decided note issue to the Bank of England should remain as preference expressed by the Cunliffe committee for the recommended by the Cunliffe committee. We should principle of a fixed fiduciary issue, and it is as true mention that the machinery of issue by the Bank of to-day as five years ago that the permanent fiduciary England of £1 and 10s. Bank of England notes can issue can not be fixed, except with reference to the not be improvised at short notice. We understand that actual conditions of a free gold market. It is hardly if the bank is to print its own notes at least a year will more feasible to legislate for a progressive reduction to be required to set up the necessary organization, and the final figure by definite stages, at any of which the this must be borne in mind in order that sufficient notice process may be subjected to unforeseen disturbances. may be given to the bank. As soon as parity is re- The Treasury can not escape from the responsibility stored we recommend that the bank be authorized to for the existing issue; we doubt whether the bank begin the provision of this machinery. Legislation would accept it until the time when effective control would also be required to enable the bank to issue notes can also be given to them. below £5, and to make those notes legal tender. (40) In this connection we think it necessary to (50) We anticipate that if the free gold market is observe that the ultimate dimensions both of the cen- restored at the end of 1925, the experience necessary tral gold reserve and of the fiduciary issue must be to to enable the amount of the fiduciary issue to be defisome extent dependent on whether, after the restora- nitely fixed will have been obtained by the end of 1927. tion of the gold standard, gold is or is not largely used The transfer of the issue could then take place early in for internal circulation. 1928. But it may well be possible to accelerate these (41) The figure of £150,000,000 suggested for the dates in the light of experience. gold reserve by the Cunliffe committee is based on the assumption that it will not be so used. If it were, a BRADBURY. lower figure would suffice, regard being had to the value GASPARD FARRER. of gold in circulation as an emergency reserve, as was O. E. NlEMEYER. demonstrated in 1914. On the other hand, the total A. C. PIGOU. note circulation would be pro tanto reduced and the N. E. YOUNG, Secretary. fiduciary portion would have to be smaller, both abso- FEBRUARY 5, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 379 BUSINESS CONDITIONS IN THE UNITED STATES Production in basic industries and factory employment continued at approximately the same level during April as in March. Factory pay rolls were smaller and wholesale prices declined sharply. Distribution of commodities was maintained at higher levels than a year ago. Production.—The output in basic industries declined less than 1 per cent in April. Decreased production of iron and steel, flour, and copper was largely offset in the Federal Reserve Board's production index by increases in mill consumption of cotton and in the production of newsprint and petroleum. The output of automobiles, which is not included in the index, has increased rapidly since December, and in April was the largest ever recorded. Automobile tire production was maintained at the high level reached in March. Number of men employed at industrial establishments remained practically the same in April as in March, but owing to less full-time operation, particularly in the textile, leather, and food industries, total factory pay rolls decreased about 2 per cent. Building contracts awarded during April were the largest on record both in value and in square feet. Estimates by the Department of Agriculture on May 1 indicated a reduction of 6 per cent from the April forecast in the yields of winter wheat and rye. The winter wheat crop is expected to be 25 per cent smaller than last year and the indicated yield of rye is 9 per cent less. Trade.—-Wholesale trade was smaller in all lines except hardware during April than in March. Compared with a year ago, sales of groceries and shoes were less, but sales of meats, dry goods, and drugs were larger. Sales at department stores and by mail-order houses showed more than the usual seasonal increase in April and were larger than during April, 1924. Wholesale stocks of groceries, shoes, and hardware were smaller at the end of April than a month earlier, while dry goods were larger. Merchandise stocks at department stores showed less than the usual seasonal increase in April, but were in about the same volume as a year ago. Freight-car loadings of merchandise were greater than in March and larger than in any previous April. Prices.—Wholesale prices, according to the index of the Bureau of Labor Statistics, declined 3 per cent in April, following an almost uninterrupted rise since the middle of 1924. All groups of commodities shared in the decline of prices except house furnishings and the miscellaneous group. The largest declines were in farm products and foods, which had shown the most rapid increases. During the first three weeks in May prices of grains, beef, hogs, flour, and rubber advanced, while declines occurred in cotton, wool, lumber, and iron prices. Bank credit.—At the middle of May total loans and investments of member banks in leading cities were near the level which has prevailed, with only minor fluctuations, since the first of the year. Loans, chiefly for commercial purposes, declined slightly between the middle of April and the middle of May, while loans on securities rose to a high point at the end of April P 1 E 5 R 0 CENT > PER C 1 E 5 N 0 T 2 PE 0 R 0 CENT 200 ft j 150 100 AT \/ 100 -100 50 50 50 - 50 PRODUCTION IN BASIC INDUSTRIES WHOLES/\LE PRICES 0 0 0 1922 1323 1924- 1925 1922 1923 1924 1925 Index of 22 basic commodities adjusted for seasonal variations. (1919= Index of United States Bureau of Labor Statistics. (1913=100, base 100.) Latest figure, April, 119 adopted by bureau.) Latest figure, April, 156.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN JUNE, 1925 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 10 FACTORY EMPLOYMENT AND PAYROLL 1922 1923 1924 1925 1922 1923 1925 Weekly figures for member banks in 101 leading cities. Latest figures, Index for 33 manufacturing industries. (1919=100.) Latest figure: May 13 Employment, 96; pay roll, 107.6 and decreased somewhat during the first two wreeks of May. Total investment holdings, which increased considerably during the first half of March, have declined somewhat since that time. Net demand deposits increased considerably from the low point at the end of March, but were still $500,000,000 less than at the middle of January. At the reserve banks there was a marked decline in the volume of member bank borrowing after the first week in May, and total earning assets of the reserve banks on May 20 were less than $1,000,000,000 for the first time since January. Acceptances and holdings of United States securities on that date were in about the same volume as a month earlier. Money conditions continued relatively easy during the latter part of April and the first part of May. At 3^-4 per cent, the open-market rate for prime commercial paper was slightly below the level for the preceding month. BUSINESS INDEXES OP THE FEDERAL RESERVE BOARD [Monthly average 1919-100] Produc- Department-store Department-store Bank Year and month t i i b n o a d n s u i i c s n - e F m m ac p e t l o n o r t y y - p F a a y c t r o o r ll y s a c B w o u n a il t r d r d a i e n c d t g s 1 R lo a a i c d lr a i o n r a g d s - i W t s r h a a o l d e l e e- Unad- sales * Ad- Unad st - ocks i Ad- o o d Y u f e t o b N s r i i e k d ts w e tries i justed justed justed justed City * 1924 January 120 100 108 170 118 80 110 126 115 131 105 February > . . _ 120 101 114 163 125 78 102 128 127 135 110 March 116 101 113 164 115 80 115 115 138 137 108 April 114 99 111 150 121 78 133 131 140 136 111 May 104 96 106 129 117 77 127 123 135 135 109 October 109 93 103 166 120 95 141 124 147 132 112 107 93 101 196 116 84 141 126 148 131 107 Decemb r ._ . 117 94 106 180 124 79 210 131 124 133 112 1925 January 127 95 103 168 123 79 108 124 119 134 120 February 124 96 109 159 125 76 101 131 127 135 121 March 120 96 110 178 117 83 121 120 138 137 120 April 119 96 108 176 129 , 135 332 140 136 122 79 1 The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variation!; 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

JUNE, 1925 FEDERAL RESERVE BULLETIN 381 BANK CREDIT were in about the same volume as a month earlier. Earning assets at the end of this Loans and investments of member banks in period were less than $1,000,000,000 for the leading cities, which have fluctuated but little first time since January and about $150,000,000 since the first of the year, showed practically below the high point for the year reached at no change between the middle of April and the the end of February. Deposits and Federal middle of May, and on May 13 were $18,614,- reserve notes declined slightly. The principal 000,000. Commercial loans declined during the resources and liabilities of the Federal reserve period in all except the Philadelphia, Chicago, banks for the period between April 22 and May and Kansas City districts, but were only about 20 and changes for this period and since May, $100,000,000 below the level prevailing since 1924, are shown in the following table: last autumn. Loans secured by stocks and bonds, which early in April decreased some- PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL what from the high point reached in March, RESERVE BANKS advanced in the last week in April to a new [In millions of dollars high point, but declined slightly in the first two weeks of May. The banks' investment Earning assets holdings have remained practically constant Feds 0 i 0 n 0 c , e 0 0 t 0 h e b e th lo i w rd t w h e e e k h i i g n h M le a v r e c l h o a f b o t u h t e $ l 1 a 7 t 0 te ,- r Date Pur- G er o n v - - T r o e- tal T d o e t - al e s n r e a o r l v t r e e e Total i Dis- chased ment serves posits circumonths of 1924. Net demand deposits, after counts accept- securi- lation declining rapidly during the first three months ties of the year, increased during April and the first two weeks of May, and on May 13 were Apr. 22 1,053 412 276 353 2,986 2,218 1,688 Apr. 29 1,028 400 267 349 2,187 1,684 more than $200,000,000 above the low point May 6 1,077 411 278 376 2,987 2,232 1,683 May 13 1,014 339 283 380 2,994 2,200 1,676 for the year. The following table shows the May 20.... „. 276 358 2,981 2,176 1,656 principal resources and liabilities of member Increase (+) or decrease (—): banks in leading cities for each week between Four weeks ending May April 15 and May 13, as well as changes for 20 -67 +5 -5 ! -42 -32 the four weeks and for the year ending May 13: Year ending May 20 +191 +220 +33 -259 +191 -230 LOANS, INVESTMENTS, AND DEPOSITS OP MEMBER 1 Including foreign loans on gold and all other earning assets. BANKS IN LEADING CITIES CONDITION OF ALL MEMBER BANKS In millions of dollars] Aggregate loans and investments of all mem- Loans andi nvestments Deposits ber banks on April 6, 1925, were $29,285,- 000,000, as shown by the quarterly reports of All condition recently become available and pub- Date Total L t o ie a s ns l l a o c o r o t a g h m n e e s l r - y , I m nv e e n s t t s - m N d a e e - n t d Time l r i e s p h r e e d s e o n n ts p a a n g e i nc 4 r 3 e 6 a s o e f o t f h i $ s 2 5 is 8 s ,0 u 0 e 0 . ,00 T 0 h i f s o r t o t t h a e l mercial past quarter and nearly $2,500,000,000 since the end of March of last year. Total deposits, Apr. 15 18,610 4,908 8,220 5,482 12,722 5,052 including demand, time, and United States Apr. 22 18,636 5,006 8,125 5,505 12,765 5,064 Apr. 29 18, 716 5,079 8,153 5,484 12,814 5,063 Government deposits and balances due to M M a a y y 6 13 _ 1 1 8 8 , , 6 6 1 6 4 8 5 5 , , 0 0 6 1 9 9 8 8 , , 1 1 1 4 6 7 5 5 , , 4 4 8 4 3 8 1 1 2 2 , ,8 7 1 9 6 4 5 5 , , 1 0 3 9 4 8 banks, were $31,227,000,000, showing a de- Increase (+) or de- cline of $1,135,000,000 since the end of 1924, crease (—): Four weeks end- but still nearly $3,000,000,000 above the level Ye in a g r M e a n y d 1 i 3 n . g ..- +111 -73 -34 +94 +82 of a year ago. This decline, which occurred May 13 +1,907 +912 +200 +795 +1,320 +831 largely in demand deposits, is explained in part by the hig;h level of deposits at the end At the Federal reserve banks member-bank of the year, which was to some extent due to borrowing after the first week in May de- the usual accumulation at that time of a large creased sharply, principally in the New York volume of checks for clearing and collection. district. Holdings of acceptances bought in Time deposits increased during the quarter by the open market and of United States securi- $322,000,000. ties, after increasing slightly during the first The increase in loans and investments for two weeks in May, declined, and on May 20 the year ending April 6 was almost equally Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

382 FEDERAL RESERVE BULLETIN JUNE, 1925 distributed between loans and investments, MONEY RATES which advanced by $1,214,000,000 and $1,239,- 000,000, respectively. Since the end of 1924, Money conditions in the New York market however, almost the entire increase was in the continued relatively easy during the latter part banks' loans, which increased during the period of April and the first part of May. An increasin all except the New York and Minneapolis ing volume of commercial paper, which had districts and on April 6 were over $200,000,000 been quoted at 4 per cent since the rise in higher than at the beginning of the year. The money rates at the end of February, was sold table below brings out the fact that the loans at 3^ per cent during April, and during the of banks in central reserve cities declined second week of May prevailing rates were during the past three months by about $200,- definitelyy established at from 3 %% to 4 pper 000,000 and their investments by about one- cent. The offering rate on 90-day bankers'' half that amount, while banks in other reserve acceptances remained steady through the latter cities and country banks reported increases part of April and the first part of May at 3 J^, both in their loans and in their investment while both Government short-term securities holdings. During the preceding nine months and bonds showed a slightly lower yield. The investments increased in all classes of banks, renewal rate on call loans has continued to while loans increased in banks of reserve cities fluctuate between 3J^ and 4 per cent since the and declined in country banks. first week in April. The table below shows the In the following table are shown the amounts rates prevailing in the New York market durof the principal resources and liabilities of all ing the past three months. member banks on April 6, 1925, and the extent of changes since December 31, 1924: MONEY RATES IN NEW YORK PRINCIPAL RE B S E O R U R B C A [ E I N n S K m A S il N , l i D o A n P s L o R I f A I L d B o I ll 6 L a , r I s T ] IE 19 S 2 5 OF ALL MEM- m p P c a e r 4 o i p r - m m c e e i r - a e , l P a b c n r a e i c n p m e k t s - e - , t d o i Y o n f e n i f e b i c e s c i t a n s l e e t d , - e d r- s - A L o y v i c n p i b e e e e e r n 4 l a r d r 3 t g t , ^ y e R a l l o e c o n a r a n a n l e l t w s e months! 90 days 4-6 bonds months April 6, 1925 m b e a A m n l k l b s er C r b e e c a s n i e n t t r y k r v a s e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry A M M A p v a a r e r y i r c l , a , h g 1 , 1 e 9 9 1 2 9 2 f 5 o 2 5 . r 5 . . w .. eek ending— 2 ! 2 2 2 2 . . . 7 7 7 8 8 3 4 3 . . 0 9 2 6 3 3 3 . . . 9 8 8 7 6 2 May 2, 1925..__ 4 2 2. 74 3.93 3.90 May 9, 1925 3M-4 2 2. 73 3.94 3.85 May 16, 1925 _ 3M4 2 2. 73 3.94 3.70 Total loans and investments . 29,285 7,349 10,295 11,641 May 23, 1925. 2 2. 73 3.93 3.75 T T o o t t a a l l l i o n a v n e s s t 1 m ents ___ 2 8 0 , , 8 3 9 9 5 0 2 5 , , 0 3 0 4 4 5 2 7 , , 8 4 8 1 4 1 4 7 , , 0 63 0 4 7 May 30, 1925 3M-4 2 2.73 3.95 United States securities. _ 3,916 1,079 1,399 1,438 Other bonds and stocks. _ 4,979 925 1,485 2,569 1 Issues maturing June 15, 1925. Tota D l e d m ep a o nd si t d s e .. p . osits 2 3 1 1 6 , , 2 6 2 0 7 7 8 5 , , 3 3 1 9 7 7 1 5 1, , 5 2 4 4 3 9 1 5 1, , 6 6 6 6 7 1 2 Issues maturing Sept. 15, 1925. Due to banks 4,081 1,697 1,863 521 Time deposits 10,127 1,140 3, 591 5,396 In the London money market rates hardened United States deposits... 412 83 252 77 perceptibly after the middle of April, and treasury bills were tendered at an average Changes since December 31, 1924 rate of 4.420 during the first week of May as compared with 4.280 a month earlier. Bill m b e a A m n l k l b s er C r b e e c a s n i e n t r t y k r v s a e l R b e c a s i n e ty k rv s e C b o a u n n k t s ry r 4 a ) t ^ e s p e r r o s c e e n d t u . ring the same time from 4J^ to ACCEPTANCE MARKET Total loans and investments.. +258 -311 +311 +258 Total loans 1 +208 -201 +244 +165 Total investments +50 -110 +67 +93 During the period from April 15 to May 20 United States securities.. +13 -76 +46 +43 Other bonds and stocks.. +37 -34 +21 +50 relatively quiet conditions prevailed in the Total deposits -1,135 -1,148 -29 +42 Demand deposits2 -1,160 -957 -102 -101 acceptance market, with the supply of bills Due to banks -467 -250 -189 -28 somewhat in excess of the demand. During Time deposits +322 +22 +156 +144 United States deposits- +170 +37 +106 +27 the first week of the period offering rates on 60 and 90 day unindorsed bills, which had 1 Including rediscounts and overdrafts. been temporarily lowered to 3 per cent by some 2 Including certified and cashiers' checks outstanding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 383 dealers, were again advanced'to 3% Ver cent. DOMESTIC CAPITAL ISSUES During the following four weeks until May 20, [In millions of dollars] when dealers advanced rates in New York and Chicago a further y% per cent, rates in all dis- March, 1925 February, 1925 March, 1924 tricts were steady at 3 per cent for 30-day bills and 3^ per cent for those of 60 and 90day maturities. In the New York market a New Re i f n u g nd- New Re i f n u g nd- New Re i f n u g ndlarger supply of bills was in excess of demand, and as a result dealers' portfolios reached Total corporate 248.0 70.3 374.2 48.2 252.9 11.5 their peak of the year during the first week Lo a n n g d - t n e o rm te s bonds 153.2 70.3 254.1 44.3 165.7 9.2 of May. Easier money conditions stimulated Short-term bonds and notes 14.5 24.2 3.0 32.5 both local and out-of-town demand to some Stocks 80.3 95.9 .9 54.7 2.3 extent, but offerings to the Federal reserve Farm-loan issues 11.5 3.0 9.4 2.2 Municipal- 108.3 2.0 75.3 3.0 99.0 1.4 bank nevertheless showed marked increase Total 367.8 75.3 458.9 51.2 354.1 12.9 over the preceding period. In the Chicago market demand was light and, in spite of only a moderate supply of bills, dealers' The total volume of foreign securities issued purchases increased over the preceding period, in the United States during March amounted while sales fell off. A further development to $68,000,000, according to the compilation of this situation in both markets was the of the Federal Reserve Bank of New York. increase in rates reported by some dealers at This is only 45 per cent of the volume floated the close of the period. In Boston and in February and the smallest monthly total Philadelphia the market was comparatively since June, 1924. In April the total volume inactive. of foreign securities floated here was $67,240,- Rates in the New York market on May 20 000, or about the same as in March. For the were 33^8 to 3M per cent bid and 3 to first four months of the current year foreign per cent offered on 30-day bills, 3M to ^g security flotations in the United States have per cent bid and 3^ to 3M per cent offered amounted to $362,000,000, an increase of on 60-day bills, 3^g per cent bid and 3M per $45,000,000 over the corresponding period of cent offered on 90-day bills, with Z% to ?>%1924. per cent bid and 3^2 per cent offered on the SECURITY PRICES longest maturities. During May the prices of representative CAPITAL ISSUES common stocks recovered from the low points reached during the last part of March and According to the compilation of the Com-in numerous cases materially exceeded the mercial and Financial Chronicle, about $370,- higher levels attained earlier in the year. The 000,000 of new domestic securities were issued price index of 232 stocks computed by the in the United States during March, 1925. This Standard Statistics Co. was on May 18 4.8 represents a decline, from new domestic financ- points higher than on April 27 and 1.6 points ing in February, of $90,000,000, which was due below the highest figure reached in 1925. entirely to smaller flotations of corporate securi- Though both industrials and rails shared in ties, since both farm loan and municipal issues the advance, the recovery was more marked in increased. Both new bonds and notes and new the case of the former, the average of 201 instock flotations were smaller than in February, dustrial stocks on May 18 being only 0.9 point public utility and railroad issues in particular below its high as compared with 3.7 points for accounting for most of the decrease. The the average of 31 rails. Increased market total volume of corporate refunding operations, activity accompanied rising prices during May, on the other hand, exceeded the preceding and the average number of shares sold daily month. The following table shows the domes- after the first week of May was at about the tic securities issued in March, 1925, as com-same rate as in February and March. Along pared with those of the previous month and with easier money rates, bond prices rose to of March, 1924: new high levels. The following table gives Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN JUNE, 1925indexes of stock prices computed by the Stand- INTERMEDIATE CREDIT BANKS ard Statistics Co. of New York, the average [In thousands of dollars] prices of 40 bonds computed by Dow, Jones & Co., and the average number of shares of May Apr. stock sold daily on the New York stock ex- 16,1925 18, 1925 change for the last five months: Direct loans outstanding on- Cotton _ 1,505 2,994 INDEX NUMBERS OF SECURITY PRICES Tobacco ' 20,306 19,433 Raisins 4,000 4,000 Wheat 656 1,019 Prunes 1,167 1 216 Price indexes of—1 Average C Pe a a n n n u e t d s fruit and vegetables 2 33 5 2 3 3 2 3 0 7 1 A p v r e i r c a e ge o n o f u f s m s h to b a c r e e k r s A Ri l c l e other... 2 1 1 5 9 6 25 7 6 5 d 2 s u 0 to s 1 t c r i k i n a s - l 3 s r t 1 o o r c a a k d i s l- sto 23 c 2 ks b o o f n 4 d 0 s2s (0 o 0 l t d e 0 d o d ) m a 3 i i l t y - Redisc T o o u t n a t l s outstanding for— 28, 594 29, 531 Agricultural credit corporations 20,533 17,842 National banks 8 8 Average for— State banks 678 666 January, 1925.. 125.8 112.6 122.0 90.91 1,774 Livestock loan companies 10,284 10,006 February, 1925 127.5 112.9 123.2 91.55 1,688 Savings banks and trust companies 50 96 March, 1925 ... 123.9 110.3 119.9 91.35 1,651 April, 1925 123.4 107.7 118.8 91.62 1,088 Total 31, 553 28, 618 May, 1925 127.8 110.0 122.5 92.79 1,607 May 4,1925 125.5 109.5 120.8 92.53 1,013 Federal land banks increased their mortgage May 11, 1925 127.0 108.4 12L5 92. 7o 1,665 May 18, 1925 128.5 110.5 123.2 93 02 1,493 loans during April by $8,396,250 to $962,- May 25, 1925 130.2 111.0 124.5 93.09 1,821 661,562, and joint-stock land banks by $9,- 164,736 to $486,246,552. 1 For the industrial stocks, the average of 1917-1921 prices equals 100; for the rails the average of the high and low prices made in the 10 years, 1913-1922, equals 100. The indexes are weighted by the number of shares AGRICULTURE of each stock outstanding. Prices used are closing quotations on Monday. In April and May agricultural developments 2 Arithmetic average of daily peak and low prices, as published in the Wall Street Journal. Weekly averages are for week ending with were characterized by more definite informa- Saturday, preceding date given. tion regarding the outlook for the new crops, a 8 Saturdays omitted. Weekly averages are for five days ending with Friday, preceding date given. further seasonal slackening in domestic marketing and exports of the 1924 crops, an increase in AGRICULTURAL CREDIT BANKS the shipments of early spring vegetable and fruit crops, and a slight recession in farm During April, 1925, intermediate credit prices. By May 1 spring plowing and planting banks closed direct loans aggregating $5,732.- were considerably further advanced than last 994 for all districts, as against $2,941,605 closed year and were well ahead of the average during March. The new loans were made progress by that date for the past 10 years. chiefly in the Springfield, Baltimore, and Early forecasts indicate that the winter wheat Berkeley farm-loan districts. Rediscounts were crop will be materially smaller than last year, closed in April amounting to $8,207,087, as and unofficial estimates show a larger cotton compared with $6,099,875 in the preceding acreage than in 1924, but the growing season to month. The total volume of direct loans out- date for that crop has not been favorable in all standing at the end of April, amounting to sections of the Cotton Belt. Marketing of the $29,107,159, showed a decrease of $5,582,695, 1924 crops, as measured by the Federal Reserve while the volume of rediscounts outstanding Board's index of receipts and shipments of farm increased by $5,737,025 to $30,142,281. The commodities, was seasonally smaller in April following table shows the volume of direct than in March, and all products except cotton, loans outstanding on May 16, the latest date fruits, and vegetables were shipped in smaller available, compared with the volume out- volume than in April last year. Exports of standing on April 18, classified by the com- all groups of agricultural products, except modities on which the loans were based. A grains and grain products and meat and dairy comparison of rediscounts for the same dates products, were in smaller volume in April than is also given, classified according to the in- in March. The volume of cotton, cotton prodstitutions for which the rediscounting was ucts, grain, and grain products exported condone. It will be noted that the increase in tinued to exceed that of the corresponding rediscounts represented chiefly increases in re period last year, and the Department of Agridiscounts for agricultural credit corporations. culture's index of the physical volume of all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 385 farm commodities exported was 8 per cent With the exception of slight damage from higher than in April, 1924. frosts in the Middle West and Northwest dur- Accompanying a general recession of prices ing the second week of May, weather condiin April, farm prices declined about 3 per cent. tions continued favorable for the other grain The greatest declines were in the prices of crops, and reports indicate that the abandongrains, but in the early weeks of May, following ment of a considerable winter wheat acreage is more definite information concerning the new likely to result in larger plantings of those wheat crop, part of this loss was recovered. cereal crops. As compared with April a year ago all groups The volume of grain received at primary except cotton were higher. markets in April showed a further seasonal decline, and all grains were shipped in smaller Grain. volume than last year. With a continuation Early forecasts based on the condition of the of grain exports in a volume 85 per cent larger frain crops on May 1 indicate that there will than last year, receipts of grains at seaboard e considerable reduction in the winter wheat cities were larger than in March and were 26 and rye crops in the United States this year. per cent larger than in April last year. Heavy Very dry weather during the autumn and exports of wheat have resulted in a considerable winter months, followed by some winter reduction of the visible supply, which amounted killing, resulted in one of the largest winter to 45,681,000 bushels at the end of April, as wheat acreage abandonments on record, compared with 60,007,000 bushels a month amounting to about 23 per cent of the total earlier and 51,461,000 bushels a year ago. acreage planted. The acreage remaining to Generally unsatisfactory reports regarding be harvested is 10 per cent less than in 1924. the new wheat crop and a reduction in the In addition to this heavy surrendering of available supply of the present crop resulted in acreage, the condition of the remaining crop a rise in the price of wheat from $1.49 a bushel on May 1 was one of the six lowest since 1890, for winter wheat and" $1.34 for spring wheat on and the estimated yield is 444,833,000 bushels, April 1, to $1.91 a bushel and $1.61 a bushel, as compared with a final harvest of 590,037,000 respectively, on May 15. bushels in 1924 and 585,266,000 bushels, the average for the past 10 years. Conditions Cotton. affecting the crop have varied considerably in In April and May rains in Texas and Okladifferent sections of the country. Slightly homa were very beneficial and relieved many larger yields than in 1924 are expected in the of the cotton-producing sections from the New York, Philadelphia, Atlanta, and St. drought which had continued since last au- Louis Federal reserve districts, but heavy tumn. While it is yet uncertain as to the declines are reported from all other districts, extent of the damage that was caused by the the most significant being in the Dallas, Mindry weather during the winter months in those neapolis, Kansas City, and San Francisco States, the growing season averages about 10 districts. The table shows the expected yields days earlier for the belt as a whole than last in 1925 and the final harvest in 1924 in the year, and by the middle of May planting had several Federal reserve districts. been practically completed. Early planted cotton has come up to a good stand and cul- WINTER WHEAT CROP tivation is progressing rapidly in the southern [In thousands of bushels sections of the belt. Fertilizers are being used in larger quantities than last year, and prac- Federal reserve district 1925 1924 tically all early reports indicate that the acreage is somewhat larger than in 1924. New York 8,296 7,505 Philadelphia 19,443 18,147 Marketing of the old cotton crop was in R C i l c e h ve m la o n n d d 2 26 7 , , 0 8 4 6 4 0 4 2 2 7 , , 5 4 1 9 3 7 smaller volume in April than in March, though Atlanta 4,722 4,112 consumption by American mills was larger Chicago... _ 61,130 65,262 St Louis 64,371 53,203 than in the earlier month. Exports were M Ka in n n sa e s a p C o i l t i y s 18 6 8 , , 2 8 7 7 0 9 28 1 4 4 , , 9 9 9 2 2 1 262,142 bales smaller in April than in the pre- Dallas 4,281 26,513 ceding month, but the greater part of the San Francisco 33,327 45,372 decline was seasonal. For the nine months United States 444,833 590,037 ending with April, consumption of cotton by American mills was only 100,000 bales or* * Based on Department of Agriculture repor tof May 1, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN JUNE, 1925 than for the corresponding period last year, but In the tobacco products industries the volexports were about 2,500,000 bales larger. ume of production in April was slightly smaller Because of this exceptionally large volume of | than in March, which was due in a large exports stocks remaining in the United States ! measure to the fewer working days in April at public warehouses are only about 155,000 | than in the preceding month. The output of bales larger than last year, and plantation and cigarettes and manufactured tobacco products, country town stocks are reported to be smaller on the other hand, was larger than in the same than a year ago. month last year, but the production of cigars Since the beginning of May reports indicate | was smaller. In recent }^ears the production that the demand for cotton goods has fallen off | of cigars has been declining, while the number and mills have curtailed operations, and, in i of cigarettes manufactured has been increasing response to these developments and to the im- rapidly. In April the output of cigarettes was provement concerning the new crop, the price about 60 per cent larger than the monthly of cotton declined to 22.8 cents a pound on average production in 1919, but the production May 15, the lowest price since last December. of cigars was about 20 per cent less. The chart shows' in greater detail the developments in Tobacco. the cigar and cigarette industries since January, Following the closing of the marketing sea- 1921. son in March and April, tobacco growers turned their attention to the new crop. Plant- PER CENT PER CENT ing was well adA^anced during April and the 200 1200 early weeks of May, and reports from the St. 180 4 180 L gr o o u w is t h F ed of e ra p l la re n s t e s r ve a n d d i st s r o ic il t i p nd re ic p a a t r e a t t i h o a n t t a h r e e 160 k CIGA it R E A TT ES i t"\ " . 0 fi N 160 /Y V further advanced for the season than in many ¥ years. In the Richmond Federal reserve dis- I 1 A \! ! ' \ li V 140 trict planting w^as practically completed in 120 120 May, and the condition of the North Carolina /\/7rA V crop is reported as about 75 per cent of normal. 100 10O \ Stocks of leaf tobacco in the hands of dealers s \ 80 80 and manufacturers at the beginning of April V reflected the seasonal increase that usually 60 60 occurs between January and April and w^ere 40 - PRODUCTION . 40 larger than stocks a year ago. Since the ex- MONTHLY AVERAGE, 1919 = 100 ceptionally heavy tobacco crop in 1923, stocks 20 20 in the hands of dealers and manufacturers have been unusually large, and the supply on hand 0 0 1921 1922 1923 1924 1925 at the beginning of April this year is the largest for any period in recent years. Detailed Fruits and vegetables. statistics of stocks of the principal types of Frosts early in May resulted in some damage tobacco on April 1, 1924, and 1925 are as to the fruit and vegetable crops in the Great follows: Lakes region, the upper Mississippi Valley, and the Northwest, and citrus fruits in Florida and STOCKS OF PRINCIPAL TYPES OF TOBACCO IN HANDS California are reported to be dropping from OF DEALERS AND MANUFACTURERS the trees because of dry weather. According [Millions of pounds] to reports by the Department of Agriculture the fruit and vegetable marketing season is Types Apr. 1,1925Apr. 1,1924 earlier this year and all early crops are being marketed faster than usual and prices are Chewing, smoking, snuff, and export types, total 1,522 working downward. Shipments of tomatoes, Burley 563 542 onions, and cabbage were seasonally larger in Dark—Kentucky and Tennessee 341 304 Bright—Virginia, North Carolina, South April than in March and were larger than in Carolina, and Georgia 544 583 April last year. Strawberries were marketed Cigar types, total 423 421 in the largest volume for that month on record, New England 113 105 Pennsylvania 119 127 amounting to 2,976 carloads, as compared Wisconsin 107 106 with 1,364 carloads in April, 1924, and 2,369 Aggregate—All tobaccos,. 2,036 1,977 carloads in April, 1922, the previous high Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.TUNE, 1925 FEDERAL RESERVE BULLETIN 387 record for April. For the third consecutive summer the price of hogs has advanced rapidly, month oranges were shipped in smaller volume reflecting the decrease in the supply on farms than in 1924, and in fact the April total was and lighter marketing. While sheep prices are 38 per cent less than in April, 1924. Contrary at about the same level as a year ago, they have to the usual seasonal decline in April, market- shown much wider fluctuations than in either ing of grapefruit increased and reached the of the past two years and are higher than the largest total on record for that month. For pre-war average. Beef-cattle prices, on the the season through April the movement of other hand, have shown very small changes grapefruit from Florida has amounted to since last year, and in April they averaged 19,100 cars, as compared with 17,003 cars last about the same as a year earlier. The acyear. companying chart shows the relative changes Exports of fruits and vegetables, as measured in the price of hogs, sheep, and beef cattle by the Department of Agriculture's index, since January, 1921. were 26 per cent smaller in April than in March, due mainly to seasonal declines in the foreign demand for practically all fruits. Prices averaged 6 per cent higher in April than in March and were 14 per cent higher than in April last year. Livestock. General improvement was evident in the condition of pastures and ranges in April, although sufficient rains have not been received to entirely relieve the drought-stricken areas of the Dallas Federal reserve district. The average condition of ranges in 17 Western States was 84 per cent of normal on May 1, as compared with 80 per cent on April 1 and 91 per cent last year. States showing the greatest declines from last year are Oklahoma, Texas, New Mexico, and Arizona, where the drought during the past autumn and winter has been most serious. Cattle and sheep reflected the improvement in ranges during April, but the average condition for the Western States is below that of last year, the greatest declines being in the States mentioned. Dairy products. A large movement of cattle from the drought Continuation of heavy withdrawals of butter areas of the Southwest into the grass pastures from storage in April resulted in a further of Kansas and Oklahoma is expected during reduction in stocks, which are now below the the spring and early summer, and in fact the levels of last year. Reduction in stocks of movement to date has been larger than in any butter from 65,700,000 pounds at leading marspring in recent years. Sheep have been kets at the beginning of January to 3,700,000 shipped in considerably larger numbers from pounds at the end of April, in view of a fairly the West to eastern markets than in the well sustained volume of production, indicated season of 1924. Last year an embargo on the one of the largest volumes of consumption on shipment of livestock from California caused record and was one of the most important a considerable reduction in the number of sheep factors characterizing the trade during the sold from that State, but this season the number winter and early spring. Heavy stocks are no of lambs, both live and dressed, was larger than longer causing any great concern to the trade in 1923. and interest is now centered on the heavy Marketing of all livestock except sheep, as producing season which began in May, although indicated by receipts at principal markets, was by the middle of that month the effects of the in fewer numbers in April than in March. As increased output had not been noted in the compared with last year receipts of cattle and trade. Stocks of other dairy products at the sheep were larger, while the number of hogs end of April, the latest date for which official marketed was 25 per cent smaller. Since last data are available, were lower than last year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL RESERVE BULLETIN JUNE, 1925 and reports by the Department of Agriculture Production of anthracite during April totaled indicate that production of these products is no 7,472,000 net tons, the highest since October, larger than last year. 1924, and 10 per cent above April, 1924. Under the influence of the larger consump- During the first part of May production contion of butter, rapid reduction in stocks, and tinued to expand; output for the week ending smaller production during the first four months May 9 reached 2,036,000 tons, an increase of of this year than in 1924, prices of butter 37 per cent over the week ending April 4, when strengthened steadily and are now higher than the recent low point in output was reached. last spring, notwithstanding the low levels that On May 1 both company and independent were maintained through the winter months prices were raised. when stocks were exceptionally large. The Reflecting a lower rate of production in iron table shows in more detail the major changes and steel, coke output fell off somewhat during that have taken place in the butter industry April and was the lowest since last November, during the first four months of 1925 and the but at about the same level as in April, 1924. same period a year ago. Curtailment was effected largely in beehive coke, where the April output of 806,000 tons PRODUCTION, STOCKS, AND PRICES OF BUTTER was one-fifth under March production. Output of by-product coke in April was 3,316,000 tons as compared with 3,468,000 tons in March, Production1 Stocks 2 (mil- Prices 3 (cents (millions of lions of pounds) per pound) or at about the same daily rate, and 10 per cent pounds) above April, 1924. Prices became somewhat more firm the first of the month, but weekly 1924 1925 1924 1925 1924 1925 output of beehive continued to fall off during May, production during the week ending January 42.6 46.6 15.2 45.7 51.0 40.0 May 9 totaling only 141,000 tons, as compared February 48.3 42.5 9.8 28.8 48.5 42.5 March 40.7 48.9 7.8 10.9 42.5 45.0 witn 212,000 tons for the week ending April 11. April 52.3 51.1 9.0 3.7 36.8 46.0 Petroleum. i Receipts at Boston, New York, Philadelphia, Chicago, and San Francisco during the month. Large increases in the production of crude * Cold-storage holdings at these markets at end of month. petroleum at the Smackover (Ark.) field in Trices of 92-score butter at New Ydrk on the last Friday ^n the month April resulted in a total output of approxi- MINING mately 62,250,000 barrels, the largest monthly Coal and coke. volume since the record production in the In contrast to the marked improvement re- autumn of 1923. In the early weeks of May ported in the anthracite markets, bituminous this heavy production continued, and for the coal operations at the middle of May showed week ending May 9 the daily average flow little change from the previous month. As on amounted to 2,238,350 barrels, the largest April 13, the Coal Age index of spot prices for daily average volume since November, 1923. bituminous coal on May 18 was again at its Average prices of crude petroleum, which had low point of $1.95, though a week previous it been advancing rapidly since the beginning of had risen as high as $2.01. This is in contrast the year, declined slightly in April under the to its high of $2.12 on January 12, after which influence of the heavy increase in production. the price decline, which was arrested in April, Throughout the second and third quarter of began. Output during April of 33,702,000 net 1924 production and imports of petroleum tons was the lowest since last July and one- were considerably in excess of consumption third under the January high. Nevertheless, and exports, and prices declined from April to it was 10 per cent above the figure for April, November. Late in the year, however, pro- 1924, the first month in the current year in duction declined, but consumption and imwhich production has exceeded the correspond- ports continued in heavy volume and exceeded ing month of 1924. Average production per production. Stocks were reduced and the working day, after falling from January 10 to price decline was checked. In the first three April 18, rose somewhat and for the week months of 1925 consumption continued to ending May 9 was 1,380,000 tons. This was exceed production, and the price of crude oil about the same rate of production as during advanced rapidly. Further details as to the the week ending March zo and made the sixth changes in the production and consumption of consecutive week in which daily output aver- crude petroleum are given in the chart, which aged above the corresponding week of 1924. shows developments through March, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL. RESERVE BUKLETTN 389 In the refined products industry the prin- above the corresponding month of 1924, while cipal effect in the rapid increase in the produc- zinc output, though below the high March protion of crude oil was a reduction in the price of duction, was again in excess of shipments from fuel and bunker oils. Production of all refined refineries, and stocks at the end of the month products increased in March, and the output increased to over 18,000 tons. of gasoline was in the largest monthly volume Silver production in the United States in on record. Stocks of gasoline and kerosene April is estimated at 5,125,000 ounces. Exwere larger than at the end of March, but cepting March, this is the lowest daily output stocks of lubricants, gas, and fuel oils were since last July. With China out of the market smaller. As compared with a year ago, how- and India purchasing in only small quantities, ever, the supply of all oils was larger. In view quotations for bar silver in New York fell to a of the rapid increase in the number of auto- low of 66J^ cents on April 23—2% cents under mobiles that are being produced, the large the high at the end of January. During the stocks of oils are not causing much serious first part of May the reentry of China into the concern in the industry, since it is expected market carried prices up 1% cents to 67% cents that the summer demand for these products on May 9, but on May 13 quotations were again will result in a considerable increase in con- 673^8, the price ruling four weeks earlier. sumption. Deliveries of tin to the United States during April were below any month of the current year, and stocks in New York at the end of MILLIONS OK BARRELS April were the lowest since November. Prices reacted sharply from the low point of the i Production and Imports -—— Consumpt on and Exports -/A middle of April, and on May 13 Straits tin A 1 was quoted at 54^ cents, as compared with 50^ on April 15 and 603^ on January 3. MANUFACTURING Food products. Wide fluctuations in the price of wheat and general uncertainty as to the outlook for the r>ETROLEUNa 1925 crop caused a further decline in the output of wheat flour in April, and the flour markets were characterized by a period of general dullness. Production of flour amounted to 8,183,- 1921 1922 1923 192^ 000 barrels, as compared with 9,307,000 barrels Nonferrous metals. in March, and was in the smallest monthly vol- Only moderate activity characterized the ume since June, 1922. Domestic buyers placed nonferrous metal markets during the latter orders only for immediate needs, and during the part of April and the first two weeks of May, early weeks of May a continuation of this buybut the recession in prices which began in ing policy was evident. Exports in April were January came to a halt, and at the middle smaller than in the preceding month and were of May quotations for copper, tin, lead, zinc, in the smallest volume for April since 1917. and silver were all above their lows for the year. Flour quotations followed somewhat the same On May 12 the price of refined electrolytic cop- course as wheat prices. Early in March spring per delivered at New York stood at 13^ cents patents at Minneapolis were quoted at $10.25 a as compared with its low of 13 3^ cents on barrel, and by the end of the first week in April April 17, but at this figure was still materially they had declined to $7.95 a barrel. Some of below the prices ruling during the early months these losses were recovered during subsequent of the year. Copper production in the United weeks, and on May 15 the price was $8.90 a States for April is estimated at 140,864,000 barrel, as compared with $6.70 last year. pounds, as compared with 149,802,000 pounds Although the large volume of sugar produced in March, when the peak of monthly produc- was slightly smaller in April than in March, the tion was reached. At this rate daily average decline was not as much as usually occurs in production was the lowest for any month of that month. As compared with earlier years, the current year, but still above any month in the April output was the largest on record for 1924. Production of lead in the United States that month. This heavy increase in producfell 8 per cent from March, but was 10 per cent tion during March and April has followed an Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDERAL RESERVE BULLETIN" JUNE,, 1925 exceptionally large crop of sugar in Cuba, which of items attracted a little interest. Operations is expected to approximate 4,925,000 tons, as in April, however, continued at a high rate. compared with 4,067,000 tons last year and Mill consumption of raw cotton in April was 3,603,000 tons in 1922-23. Prices of both raw the largest since May, 1923, and active spindle and refined sugar have fluctuated within very hours during the month were at 100 per cent narrow limits this year and have been con- of average single-shift capacity, as compared stantly below those of the spring of 1924. On with 99.6 per cent in March. Reports of cur- May 15 raw-sugar, duty paid, was quoted at tailment, either effected or in contemplation, 4.30 cents a pound in New York, as compared have been received during May. It is considwith 5.78 cents last year, and the price of ered by many that production has recently been refined sugar 5.60 cents a pound, as compared in excess of consumption. with 7.25 cents in May, 1924. Rapidly declining raw-wool prices have upset Meat packing showed about the usual sea- markets for woolen and worsted products in sonal decline in April and was in considerably recent weeks. Late in April the National smaller volume than in April last year. In Council of Wool Selling Brokers in Australia April last year approximately 4,073,000 hogs announced its decision to offer for sale 537,000 were slaughtered, but in April this year the bales of wool which it was holding. Prices, number was only 3,037,000, a decline of about which for some months had been falling rapidly, 25 per cent. The number of sheep and lambs declined further rather sharply, and a few slaughtered in April was the largest for that weeks later the council suspended sales until month since 1921. Stocks of meat products in July 1. The accompanying chart shows fluccold storage declined during April, but all products except pork were in larger volume than a year ago. The domestic demand for meats declined in April, but the value of sales, due mainly to higher prices, was considerably larger than last year. Exports of all principal meat products were smaller in April than in the preceding month and all products except fresh beef were shipped abroad in smaller quantities than in April, 1924. Textiles. During April and May cotton and wool mar- 200 kets were dominated by the influence of declining raw-material prices. Silk goods, hosiery, and underwear continued in good demand and clothing underwent the usual seasonal decline in activity. Rather sharp price recessions were 150 150 noted in many instances, and productive opera- M. A. M. J. J. A. S. O. N. D. J. F. M. A. M. J. J. A. S. O. N. D. tions were somewhat curtailed as compared 1924 1925 with earlier months this year, but weres in tuations in prices of raw wool, tops, and worsted general greater than at this time last year. yarns during 1924 and 1925. The sharp rise of In the cotton industry raw-cotton prices have all prices last fall and the subsequent declines been falling gradually since early in March and are graphically indicated. Yarn and top prices in May reached the lowest point since 1922. on May 16, the last date shown on the chart, Yarn and goods prices have also declined. The were down almost to the low points of last Fairchild cotton-goods index, after over a year summer, and domestic raw-wool quotations of relative stability in which it fluctuated be- were the lowest since the middle of 1922. Statween 16.125 and 15.322, fell from 15.565 on tistics recently announced by the Bureau of the April 25 to 15.111 on May 23. This decline Census indicate that stocks of raw wool in the brought the index down to the lowest point United States on March 31 were the smallest since October, 1922. Buying of yarns and recorded in recent years. The following table, goods has been in limited volume within recent which gives supplies of domestic and foreign weeks. Markets for both gray goods and fin- wools held on certain dates, shows particularly ished goods have been rather quiet, although small figures for the former. Similar figures toward the end of May low prices on a number showing inventories of manufacturers and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDEKAL RESERVE BULLETIN 391 dealers indicate new low records in both cases. Hosiery and underwear markets have con- Imports of raw wool during the first four tinued fairly active. The demand for silk months of the year were larger than in the cor- hosiery from England for shipment before new responding period of 1924, while consumption import duties become effective has been large. by mills wTas slightly smaller. Preliminary statistics for April indicate a particularly large volume of orders for women's STOCKS OF RAW WOOL IN THE UNITED STATES full-fashioned hosiery, with a small increase in [Actual weight in thousands of pounds] production and a reduction of manufacturers' stocks. Production of this class of hosiery in Total Domestic Foreign March was the largest recorded in the past two years. For all hosiery preliminary figures Mar. 31, 1925 212, 939 72, 667 140, 272 Dec. 31, 1924 . 262,496 131, 373 131,123 for April show an increase in orders but a Sept. 30,1924 . . .. .. 304, 215 185, 527 118,689 June 30, 1924 323, 713 182, 298 141,415 slight decrease in shipments. The underwear Mar. 31, 1924 273, 971 112, 701 161, 270 market has been featured by a heavy demand Dec. 31, 1923 315,471 148, 537 166, 934 Mar. 31, 1923 373, 534 81, 624 291, 910 for nainsook goods. Production and shipments Sept. 30,1922 420, 655 177, 656 242, 999 of knit underwear during March w^ere larger Buying of woolen and worsted goods was than in any of the preceding five months, and generally unsatisfactory all spring and recently orders were well maintained. has been further affected by declines in raw material prices. New and repeat orders for Iron and steel. goods received by manufacturers are com- During April activity in the iron and steel monly reported to be small and for prompt industry was considerably reduced below that delivery. Unfilled orders are not large and of previous months. New buying was in production has been curtailed in recent months. limited volume, productive operations de- Consumption by certain mills has fallen from creased steadily throughout the month, and 51,400,000 pounds, grease equivalent, in Janu- prices declined. Since the first of May, howary to about 43,500,000 pounds in April. ever, conditions have improved somewhat; During the same period the following declines larger buying was noted in steel scrap and in have occurred in percentages of active machin- pig iron, the reduction in operations was ery hours: Worsted spindles, from 76 per cent practically checked, and price recessions w^ere to 61 per cent; combs, 89 per cent to 67 per not so general. cent; and wide looms, 76 per cent to 67 per Daily average production of pig iron totaled cent. Activity of woolen spindles increased 108,632 tons in April, as compared with from January to March but decreased in April 114,975 tons in March, and the steel ingot to approximately the January level. The daily average fell from 161,482 tons to 137,982 index of pay rolls in the industry has decreased tons. Both of these figures were larger than from 129 in January to 116 in April. Employ- the corresponding averages of April, 1924, ment and pay rolls in the clothing industries and exceeded all except the very highest showed seasonal declines in April and were months of 1924. Twenty-five additional blast lower than in April of last year. furnaces were blown out during April, follow- Activity in the silk industry continued during ing a decrease of 10 in March. Ingot output, April and May at a high level, with only small which averaged about 79 per cent of capacity seasonal declines in the demand for some during April, continued at about 70 per cent products, owing to the opening of new fall during May. A few more blast furnaces were lines. The raw-silk market has been strong, blown out during the first half of May. with prices relatively stable. Quotations on Iron and steel prices declined during April thrown silk have advanced recently, and broad- and May, and the Iron Trade Review's comsilk prices are firm. Imports and deliveries of posite price fell to $38.21, the lowest point since raw silk to mills in April were below the large August, 1922. Declines in prices of finished figures recorded for March, but continued steel products were practically checked in large as compared with months prior to this May, but quotations on semifinished steel and year. Warehouse stocks have been reduced on pig iron were further reduced. Scrap-steel from over 60,000 bales at the end of February prices have risen as the result of a better to about 39,000 bales on April 30, the smallest demand. Reports indicate a further reducsince August 31, 1924. Reports indicate that tion of 25 cents in the price of iron ore, followboth thrown and broad silk mills operated at a ing a cut of 50 cents at the opening of the high rate of activity during April and May. season. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BUI^LETIN JUNE, 1925- Orders for certain iron and steel products Taxes collected on automobiles and motorwere reported to be somewhat more numerous cycles, other than trucks, totaled over $11,about the middle of April, but no substantial 000,000 in April, as compared with only increase in buying was noted. Structural $5,700,000 in March and $9,500,000 in April,. steel bookings in April were the largest since 1924. Sales of accessories and parts have December, and shipments were even greater. also increased considerably in recent months. Unofficial reports indicate a continuation of Crude rubber prices during May reached the active buying during May. The large output highest level since 1917. Except for a sharp of automobiles provides an important source recession in January, these prices have risen of demand for steel products, and automobile almost continuously during the past 12 months.. producers are reported to have third-quarter Quotations at New York reached 70 cents about requirements largely covered. Railroad buy- the middle of May, as compared with 19 centsing is only fairly active. Orders for both cars exactly a year before, the low point of 1924.. and locomotives for the year to date have Production and sales of tires have been large been less than during the same period of 1923 in recent months. In April factory output and and 1924. shipments of pneumatic casings were the largest on record. Stocks were also large, but Automobiles and tires. did not increase in April, as shipments equaled Production of automobiles in April was at a PER CENT new high record. The output of passenger 200 cars in the United States totaled about 376,000 in April, an increase of 115 per cent in the four months since last December, when production was the smallest since early 1922. As 150 shown by the accompanying chart the amount of pay rolls in the industry has increased over 56 per cent since last January and in April practically equaled the highest point ever reached. Employment has also increased considerably, but the index for April did not equal the figures for the first four months of 1924. Weekly reports of employment in Detroit manufacturing plants, however, indicate further substantial increases during May. Shipments and sales of automobiles have also been large and, in fact, according to reports, have made the high rate of production necessary in order to meet the demand. Freight-car load shipments of automobiles in 1919 1920 1921 1922 1923 192^ 1925 April were the largest ever recorded except in production, which is unusual for this early in March, 1924, and driveaways and shipments by the season. Reflecting active demand for boat both exceeded corresponding figures for products and rapidly increasing costs of raw any month since 1923, when there was a slight materials, tire manufacturers late in April shortage of freight cars. Sales of General announced increases in prices of tires of from Motors Corporation cars to dealers during 5 to 10 per cent, effective May 1. April totaled 85,695 cars, the largest figure since October, 1923, and dealers7 sales to users equaled Lumber. 97,359 cars, which was previously excelled Lumber cut in April, as reported to the only in April, 1923, when 105,778 cars were National Lumber Manufacturers Association, delivered to consumers. Middle Western deal- exceeded 1,300,000,000 feet. It exceeded the ers, reporting to the Federal Reserve Bank of cut in March and fell short of last year's Chicago, showed substantial increases in both April figures, but the differences in these wholesale and retail sales during April as monthly aggregates are too small to be parcompared with March. Further evidence of ticularly significant. It would appear that increases in factory sales of automobiles is production in the first four months of the year given by figures of internal revenue collections. has been in very nearly the same volume this. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL. RESERVE BULLETIN 393 year as last, reported figures indicating that the at the end of the month 5,276,115, and stocks in cut in these months has been this year a fraction process 5,331»,445, as compared with figures for of 1 per cent under that of 1924, and has in each March of 1,320,658, 5,056,772, and 5,256,152, period amounted nearly to 5,000,000,000 feet. respectively. Shipments in April as compared with March Sales of shoes during the spring have been this year and with April a year ago were fairly satisfactory. The following table shows in larger volume. In January and February, that production during the first four months this year as last, shipments ran above produc- of this year was somewhat greater than for the tion, while in March and April, this year as corresponding period in 1922 and 1924, allast, production ran above shipments. On the though much smaller than in 1923. Prefour months' account shipments this year liminary figures for April indicate a smaller totaled 4,929,000,000 feet, falling short of pro- seasonal decline from March than usual. duction by 27,000,000 feet. In the corre- Wholesale and retail shoe sales during April sponding period last year shipments were in showed seasonal increases as compared with nearly the same volume as production. Pro- March and were at close to the levels of a year duction of Douglas fir in April this year ex- ago. ceeded the April cut of 1924, and in both PRODUCTION OF SHOES years shipments of fir in April, as in the year to the end of April, exceeded production. [In thousands of pairs] April production and shipments of southern pine this year were in nearly equal volume, 1925 1924 1923 1922 production this year running slightly below and shipments above last year. On the four January. .. . 26,276 26,497 30, 744 25,119 months7 account in both years production of February 27,202 26,832 30,301 24,551 March _ ._ 29, 927 28,864 35,836 29,350 southern pine exceeded shipments, the excess April i 29, 700 28,004 31,868 26,852 this year being more considerable than last, Total, 4 months. - _._ 113,105 110,197 128, 749 105,872 and amounting to 77,000,000 feet on a total production of 1,625,000,000 feet. It is re- 1 Estimate. ported that distribution of lumber from retail BUILDING yards quickened in April in response principally to the increase in demand originating The value of building permits issued in 168 in the building industry, and that orders late selected cities during April exceeded $402,000,in May were in larger volume than usual. 000, showing an increase of $54,000,000, or 15.5 Nevertheless prices receded in the latter half per cent, over the March valuation, and of of April and the opening weeks of May, and $104,000,000, or 35.1 per cent, over last year's what is described as a " ragged spread in April total. This "great surge forward in prices'' of some lines in different markets building arranged for"-has gone far to offset, developed, with considerable lumber moving if it has not entirely eliminated, the decrease in at prices below prevailing levels. value of building permitted for in urban communities during the first quarter of this year Hides, leather, and shoes. as compared with the first quarter of 1924. Markets for hides and leather have been Adding in to the year's account the value of rather quiet recently. Sales of hides and April permits issued in the 168 cities reduced skins were small during April and May and the decrease for the year from $115,000,000 to prices remained practically unchanged. March $10,000,000, and it may be noted that comstatistics showed increases in stocks of all pilations on a slightly different basis as regards kinds of hides and skins except cattle hides, selection of cities show in fact aggregate value and most of them were larger than a year ago. for permits issued during the first four months The demand for leather has been light. of the year to have been greater this year than March production of the various kinds of last. It appears on all accounts that the leather was either larger or at about the same peak of the surge which came in March last level as in previous months of the year and in year has developed this year in April. most cases greater than a year ago. Stocks of Building contracts awarded during April in finished leather, except in the case of sole 11 Federal reserve districts, according to leather, increased during the month. Pre- compilations by the F. W. Dodge Co., repreliminary figures for April show production of sented an aggregate construction value of sole leather as 1,327,757, tanners' finished stocks $567,567,000, which exceeds the value of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN JUNE, 1925 March awards by 15.6 per cent, or nearly this index in any month of the period of more $77,000,000. Seven of the ten districts for than six years for which it has been calculated. which comparable figures are available cover- Loadings in April, totaling 4,068,678 cars, ing awards in April of 1924 showed an increase exceeded loadings in the preceding month by this year over last. For these 10 districts 66,304 cars, or 1.7 per cent, and exceeded combined the value of awards in April totaled loadings in the same month last year by $545,169,000, which exceeds the 1924 April 257,338 cars, or 6.8 per cent. They exceeded total by approximately $68,000,000.^ This the record April aggregate of 1923 by 144,751 # net increase covers slight decreases in the cars, or 3.7 per cent, and exceeded April Atlanta and Kansas City districts and a loadings in earlier years by much wider mardecrease of more than $34,000,000 in the New gins—by 943,759 cars over 1922, by 1,024,908 York district. Outside of the New York cars over 1921, by 850,770 cars over 1920, and district the net increase in the remaining nine by 986,355 cars over 1919, the percentage districts amounts approximately to $102,- excess over these earlier years ranging from 000,000. 26.4 to 33.6. April contracts awarded for residential Loadings of miscellaneous freight, including building in the 11 districts totaled $262,000,000, merchandise in less-than-carload lots, and of representing nearly one-half of the value of forest products were running in record or awards for all types of construction, and nearly record high volume during April, as exceeding the March total by $35,000,000. they had been doing for several months past. Excepting the New York district, residential Also the usual April increase in ore loadings building awards in April represented greater was much more considerable this year than in values this year than last in each district for earlier years, carrying the seasonally adjusted which 1924 data are available. index for this class of freight from 99.2 in March Measured in square feet contracted for, to 182.2 in April. Loadings of coal, although April awards in 27 Northeastern States totaled running somewhat below the usual volume for 73,221,000 feet, exceeding the March total by April, exceeded the total for March this year 8,800,000 feet, or 13.7 per cent, and exceeding and for April of 1924, while coke moved in last year's April total by approximately nearly the same volume as in 1924. April 10,000,000 feet, or 15.6 per cent. Increases of shipments of livestock and of grain and grain April over March, and of April of this year over products were in smaller volume this year. April of 1924, are shown for all classes of It was principally the large movement of construction in these States except "educa- miscellaneous and -less-than-carload lot freight tional" and "hospital and institutions." that brought the aggregate loadings for all The composite price index computed by the classes of freight combined to a record high Lumber Manufacturer and Dealer for soft- level in April. April loadings exceeded loadwood lumber declined from 31.515 in the middle ings in March in the eastern, Allegheny, of April to 30.733 on May 22, and the index Pocahontas, and northwestern districts, and for hardwood from 43.469 to 41.384. Prices fell below March loadings in the southern, of cement and of common brick remained un- central, and southwestern districts. Except changed in this period. The Bureau of Labor for a slight decrease in the central western index for wholesale prices of building materials, district, this year's loadings exceeded last which had moved from 182.8 in February to year's in each of these districts. 179.8 in March, receded to 174.4 in April. Freight continued to move in large volume The decline in April, representing principally during the opening weeks of May. Aggregate price shiftings for the lumber and structural loadings in the week ended May 9 and loadings steel items, brings the index back approxi- for each class of freight except grain and grain mately to the December, 1924, level, several products and livestock exceeded 1924 totals. points above the low (169) of the preceding In the first 18 weeks of the year, according July and August. to figures given out by the car service division of the American Railway Association, total TRANSPORTATION loadings exceeded loadings in the correspond- The Federal Reserve Board's index of total ing periods of 1924 and 1923 by 2.9 and 2.7 freight car loadings, adjusted for seasonal vari- per cent, respectively. For this period loadations, rose from 116.5 in March to 128.6 in ings of miscellaneous freight, merchandise in April, which is the highest point reached by less-than-carload lots, ore, and forest products Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 395 ran above, and loadings of grain and grain 1924, and 1,974 for 1923. The decline in numproducts, livestock, and coal below the aggre- ber of locomotives on order is reflected in the gates for the two earlier years, while loadings decline of unfilled orders for domestic delivery, of coke ran above the 1924 and below the 1923 as reported by the principal plants manufactotal. turing locomotives to the Department of Com- In April the roads maintained an average merce, from 2,111 at the end of April, 1923, to of 342,171 surplus freight cars available for 362 at the end of April, 1925. In this connecservice. This average exceeds the average tion may be noted the results of a detailed for March by more than 30,000 and the average analysis made by the Railway Age of statistics for February by more than 100,000 cars. A covering the annual increase in freight car slightly smaller surplus of 329,844 cars is capacity and in tractive power of Class I railreported for the first quarter of May. ways, which shows a very wide range of fluc- Practically no shortages of cars have been tuations from year to year in purchases by reported by the roads in the past year and a these roads, installations of freight cars varyhalf of heavy traffic. Since September of ing from 31 to 167 per cent and of locomotives last year, when the roads reported a total of from 41 to 175 per cent of the annual average 210,109 bad-order cars, the number of such of installations over the period from 1907 to cars has decreased from month to month, 1924. except for a slight increase in January, to TRADE 185,047 on March 1 of this year. For Class I Wholesale trade. railways the percentage unserviceable for Total sales in all principal lines of wholesale freight cars was 7.8, and for locomotives 19.1 trade except hardware and shoes were seasonally in March, and these percentages have been smaller in April than in March. The Federal almost unvarying in recent months. Reserve Board's combined index of wholesale Compilations by the Bureau of Railway trade declined 6 per cent, which was somewhat Economics give earnings of the roads in the more than the decline in April last year. first quarter of the year, computed on invest- Sales of dry goods were smaller in all Federal ment as shown by the carriers' books as reserve districts and grocery sales were smaller equivalent to an annual rate of 4.48 per cent— in all districts except Boston and Kansas City. earnings of roads in the eastern district being As compared with April last year, the aggreequivalent to 5.10 per cent, in the southern gate volume of wholesale trade was slightly district to 5.71 per cent, and in the western larger, due principally to larger sales of meats, district to 3.36 per cent. The Interstate dry goods, and drugs, Sales of meats were Commerce Commission reports of railway more than 10 per cent larger than in April, earnings, as summarized in Bradstreet's for 1924, and were in the largest volume for April the first quarter of the year, show in compari- within the past five years. Higher prices than son with the first quarter of 1924 a decrease a year ago for most meat products have been of $27,677,856 in operating revenue to $1,426,- an important factor in accounting for the 236,911 and a decrease of $34,122,308 in oper- larger dollar volume of sales. Sales of agriating expenses to $1,116,533,730, giving an cultural implements were 33 per cent larger increase in net operating revenue of $6,444,452. than last year and sales in the Atlanta and The operating ratio for the first quarter of the Minneapolis districts were 64 and 89 per cent year declined from 79.1 in 1924 to 78.3 per cent larger, respectively. in 1925. Merchandise stocks carried by wholesale Additions to equipment of Class I railways grocery, shoe, and hardware firms were smaller during the first quarter of 1925 included at the end of April than a month earlier, while 44,153 freight cars put in service, the corre- stocks of furniture and drugs were larger. As sponding number for 1924 being 37,652 and for compared with a year ago, stocks of groceries 1923, 39,172. On April 1 of this year these were substantially larger, while stocks of dry roads had on order 46,126 freight cars, the goods were considerably smaller in all districts number on order at this date last year being from which reports were received. Accounts 69,298 and in 1923, 107,453. Locomotives receivable outstanding at the end of April were put in service during the first quarter numbered smaller than last year for almost all lines except 430 for the present year, 661 for 1924, and 935 hardware, and the greatest declines compared for 1923, and locomotives on order April 1 with a year ago were reported from the Minnumbered 315 for the present year, 520 for neapolis Federal reserve district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

896 FEDERAL RESERVE BULLETIN JUNE, 1925 Retail trade. North Central States and the Mountain States Sales at retail stores increased in April and did both employment and earnings increase were considerably larger than during April of last during April, although employment increased year. These increases occurred notwithstand- also in the Pacific States and to a small extent ing the fact that the Easter buying season last in the Southeast. year was in April and this year it was largely in All the principal industrial groups except March. Actual dollar sales by mail-order nouses lumber, automobiles, and stone, clay, and glass were'slightly smaller than in March, but after products showed decreases in both employadjustment is made for the usual seasonal ment and pay rolls. The most important inchange that occurs in April they were 11 per creases were in the automobile industry—8 and cent larger and exceeded those of a year ago. 9 per cent, respectively. The largest de- Trade at department stores, as measured by creases were in clothing, food products, and the Federal Reserve Board's index, was 12 per leather and shoes. Many of these changes cent larger than in March and was larger than were partially seasonal. As compared with in any previous April. Larger sales than in April, 1924, both of the general indexes re- March occurred in all Federal reserve districts, flected decreases. The textile (excepting men's the largest increases being in the Boston and and women's clothing), automobile, paper and Minneapolis districts. As compared with April printing, and leather and shoe industries or last year, total sales were larger, but buying groups of industries had about the same volume was in smaller volume in the Boston and Cleve- of employment in April as a year ago, and pay land districts. Combined sales for March and rolls were larger. During April fewer wage April, the two months in which Easter pur- changes were reported than in any month of chases were made, were greater this year than this year, and none of them affected enough in 1924 and in fact reflected the largest volume employees to be significant. of Easter trading on record. SAVINGS DEPOSITS Total value of stocks at department stores was slightly larger at the end of April than a The aggregate savings deposits reported by month earlier, but the increase was less than 895 banks distributed throughout the United that which usually occurs in April. As com- States were $7,792,447,000 on May 1, as against pared with a year ago, total stocks were in $7,798,146,000 on April 1, 1925, and $7,299,about the same volume, although they were 103,000 on May 1, 1924. During April inlarger in the New York, Philadelphia, and Min- creases in savings deposits were reported in neapolis districts. Larger sales during the first only the Richmond, Atlanta, St. Louis, and four months of 1925 and somewhat smaller Dallas districts, while in the two preceding stocks than in the corresponding period last months increases were reported in all except year have resulted in a higher rate of stock the St. Louis district. A comparison of savturnover this year. Turnover was more rapid ings deposits on May 1, 1925, with a month than in 1924 in all Federal reserve districts and a year previous is shown, by Federal except New York and Cleveland, the highest reserve districts, in the following table. In rates being in the Minneapolis, New York, the Boston and New York districts the figures represent only deposits of mutual savings Chicago, and Boston districts. banks; in all other districts, where there are EMPLOYMENT but few mutual savings banks, savings deposits of other banks are included. Employment in manufacturing establishments showed no appreciable change between SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS March and April, according to the Federal [In thousands of dollars'! Reserve Board's index of factory employment, which was 96.0 in April as compared with 96.4 Number May 1, Apr. 1, May 1, of banks 1925 1925 1924 for March. Owing to a slackening in fulltime operations, partially caused by holidays, Boston 64 1,310,804 1,310,807 1, 247,828 New York 30 2,077,949 2,083, 503 1,941,969 the index of the amount of pay rolls in the Philadelphia.. 79 520,618 521,040 487,634 same establishments declined from 110.4 to R C i l c e h v m ela o n n d d 8 6 7 8 8 3 2 4 8 4 , , 5 4 4 8 0 2 8 33 2 6 8 , , 1 9 2 5 6 9 3 7 0 7 8 1 , , 9 1 4 3 1 1 107.6. In fact, according to figures collected Atlanta 93 242,350 239,231 226,449 Chicago 197 935,509 938,709 908,007 by the Bureau of Labor Statistics, from which St. Louis 31 142,115 140,968 137,545 these indexes were computed, the average per Minneapolis _. 14 94,723 95,214 90,369 Kansas City.. 55 108,597 110,316 104,878 cent of full-time operations decreased from 93 Dallas. _ 106 103,715 102,591 95,429 San Francisco 71 1,083,045 1,090,682 978,923 in March to 92 in April. Per capita earnings of workers also declined. Only in the East Total... 895 7, 792.447 7,798,146 7, 299,103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 397 PRICES In May prices of grains, beef, hogs, flour, coal, and rubber advanced, while declines Wholesale prices showed a sharp turn downoccurred in cotton, wool, lumber, and iron and ward in April, according to the index of the steel prices. Bureau of Labor Statistics. The decrease as Retail food prices show a decrease of less compared with March was 3 per cent. than 1 per cent in April, according to the Of the different commodity groups, farm Bureau of Labor Statistics index, and the level products declined in price by 5.1 per cent, food of prices is now about 7 per cent higher than products by 3.1 per cent, and declines occurred a year ago. Prices of all meats and rice in all the other groups except house furnishadvanced, while prices of eggs, flour, potatoes, ings and "miscellaneous/' which advanced, reand sugar declined. flecting largely a rise in the price of rubber. The cost of living, which has been declining When all commodities are classified into two since January, decreased slightly in April, groups, agricultural and nonagricultural comaccording to the index of the National Indusmodities, both groups show declines for April. trial Conference Board. As compared with a year ago, wholesale prices are now about 5 per cent higher; the COMMERCIAL FAILURES AND BANK prices of foods, farm products, miscellaneous SUSPENSIONS commodities, chemicals and drugs, and cloths and clothing are still on a higher level, while There were 1,939 commercial failures during the other groups are lower. April, involving liabilities of $37,188,622. When regrouped by stage of manufacture, Although the total number of failures was only all groups show declines; the 4.6 per cent de- slightly higher than in the preceding month, crease in raw materials reflected declines of 5.5 it was nearly 14 per cent larger than in the per cent in crops, 4.9 per cent in animal prod- same month last year, and was in fact the ucts, 4.6 per cent in forest products, and 3.1 largest reported for April since 1922. The per cent in mineral products. Producers' increase was largely in the trading class of goods decreased 2.7 per cent and consumers7 enterprise, in which there were 1,427 insolvengoods 1.4 per cent. Compared with a year cies in April this year as compared with 1,178 ago, the raw materials group is on a higher last year. Notwithstanding the larger number level because of the increase in crops and ani- of failures, the total liabilities in default, mal products. Consumers7 goods are also on although somewhat in excess of the total for a higher price level, while producers' goods March, were nearly 25 per cent below the total show a decline. for April of last year, and were the lowest recorded for the month of April since 1920. The In the following table are shown index numfollowing table shows the number and liabilities bers of wholesale prices in the United States of commercial failures, by classes of enterprise, as grouped by the Bureau of Labor Statistics as reported by R. G. Dun & Co.: and as regrouped by the Federal Reserve Board: COMMERCIAL FAILURES, CLASSIFIED FOR APRIL, 1924 WHOLESALE PRICES IN THE UNITED STATES AND 1925 [1913=100] Number Liabilities 1925 1924 1925 1924 1925 1924 April March April ary All classes 1,939 1,707 $37,188, 622 $48,904,452 All commodities 156 161 161 148 Bureau of Labor Statistics groups: Manufacturing 430 438 13,097,046 23,136, 875 Farm products 153 161 161 139 Trading 1,427 1,178 21, 535, 911 18, 718,944 Foods 154 159 157 137 Agents, brokers, etc 82 91 2, 555, 665 7,048, 633 Cloths and clothing 190 191 191 189 Fuel and lighting 169 174 177 179 Metals 129 134 136 139 Building materials 174 180 183 182 The comparatively low figure for total liabili- Chemicals and drugs 134 134 134 128 House furnishings _ 170 170 173 175 ties reflects a marked decrease in the number Miscellaneous _ 129 125 124 113 of large failures occurring in April of this year Federal Reserve Board groups: Raw materials 161 169 169 154 as compared with the same month of the pre- Crops 173 183 193 166 Animal products 141 148 136 119 ceding four years, as well as a lower average Forest products _ 187 196 201 195 amount of liabilities involved in such failures. Mineral products 168 173 175 174 Producers' goods 131 135 136 135 There were 45 large failures (involving liabili- Consumers' goods... 166 168 167 151 ties of $100,000 or more each) with aggregate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDERAL RESERVE BULLETIN 1925 liabilities of $15,332,375, in April this year, as bank in the Minneapolis district. In April of against 71 with liabilities of $29,060,961 in last year 71 banks, of which 62 were not memthat month last year. The decrease was most bers of the Federal reserve system, were remarked in the manufacturing class of failures. ported closed. The figures for bank failures Comparing March and April of this year, represent, so far as could be determined, banks failures were more numerous in the later month which had been declared insolvent or were in only the Boston, New York, Philadelphia, closed by order of supervisory authorities, and and San Francisco districts; liabilities were it is not known how many of the latter instilarger in April in the Boston, New York, tutions may ultimately prove to be solvent. St. Louis, and Dallas districts. Comparing April of this year and last, the number of fail- BANKS CLOSED DURING APRIL, 1925 ures was larger in the Cleveland, Chicago, Dallas, and San Francisco districts, and both [Amounts in thousands of dollars] the number and liabilities were larger in the All banks Member Nonmember Boston, New York, Philadelphia, and St. Louis f d d a i i i s s l t t u r r r i i e c c s t t s w . r e a c s I o n l r a d t r h g h e e a r B s t o h b s e a t e n o n n f o m d r i a s a i t n n r y i t c a t m i n t o h e n d e t , h n a u s n m i d n b c e e to r t t o h a f e l District 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 r p p i l t u a s l ! N ber C su a a r n p p d i l t u a s l liabilities were the largest since November, 1923. In the Atlanta district the total amount All districts 44 3,771 1,763 of indebtedness in default was the lowest since Cleveland 1 265 725 Richmond 304 2 205 October, 1920. Comparative data, by districts, Atlanta 1,247 14 1,127 120 for the month of April, are presented in the S C t h . ic L a o g u o is 1 6 4 2 3 1 31 1 3 4 1 3 following table: Minneapolis... 466 234 232 Kansas City... 160 160 Dallas 327 180 j 147 FAILURES DURING APRIL San Francisco.. 72 72 1 Includes 1 State member bank in the Atlanta district, with capital Number Liabilities and surplus of $150,000, and 1 State member bank with capital and surplus of $40,000 in the San Francisco district. Federal reserve district 1925 1924 1925 1924 FOREIGN TRADE Boston 229 161 $4, 995, 937 $2,875,171 Imports of merchandise during April totaled New York 386 308 12, 377,626 8,362,947 $348,698,000, a decrease of $36,792,000 as Philadelphia _... 96 63 1,605,999 1,548, 342 Cleveland 165 148 2, 604, 395 13,040,996 compared with March and an increase of Richmond 109 121 2,079, 733 3, 351, 299 Atlanta 87 110 981, 798 2, 491,189 $24,407,000 as compared with April, 1924. Chicago 307 250 6, 234, 526 10, 664, 228 Exports of merchandise were $399,049,000, a St. Louis 81 79 1, 694,044 1,033,327 Minneapolis - 75 105 678, 977 1, 254, 620 decrease of $54,385,000 as compared with Kansas City ._ _ 96 112 1, 096,191 1, 243, 363 Dallas 59 56 792,113 881,236 March and an increase of $52,113,000 as com- San Francisco 249 194 2, 047. 283 2,157, 734 pared with April of last year. Net exports for Total 1,939 1,707 37,188, 622 48, 904, 452 April were $50,351,000, compared with $68,- 000,000 during March and $23,000,000 in Reports to the Federal reserve banks in April April, 1924, and, with the exception of Febshow that there were 44 banks, with capital ruary of the current year, were the smallest and surplus of $3,771,000, declared insolvent net exports shown for any month since last or closed during the month, as compared with August. 41 banks, with capital and surplus of $1,881,- Total visible imports for the four months 000, in March. Of the total, 29, with capital ended April, 1925, were $1,462,531,000, an and surplus of $1,763,000, were nonmember increase of $6,000,000 over the amount shown banks and 15, with capital and surplus of for the 1924 period. Total visible exports were $2,008,000, were member banks. Two of the $1,875,895,000, an increase of $392,000,000 latter were member State banks and the re- over the first four months of 1924. Of this maining 13 were national banks. Three banks, increase, $222,000,000 was due to increased which had previously been closed, were re- exports of merchandise and $168,000,000 to ported to have resumed operations during the increased exports of gold. Silver imports and month. Two of these were national banks, exports for the two periods showed little one in the Chicago and one in the Minneapolis change. The net export balance rose from district, and the third was a nonmember State $27,000,000 in 1924 to $413,000,000 in 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 399 More than $300,000,000 of this net increase the month was to Germany and amounted to was due to the change in the direction of gold $15,130,000, or slightly more than 70 per cent movements, which shifted from net imports of of the total. The greatest increase was shown $157,000,000 in 1924 to net exports of $146,- in exports to India, which rose from $63,000 in 000,000 in 1925. March to $3,013,000 during April. A decline of $5,000,000, as compared with the preceding MERCHANDISE TRADE BALANCE OF THE UNITED month, was shown in exports to Argentina STATES and a decline of $1,700,000 in exports to Aus- [In thousands of dollars] tralia. Net exports declined by $5,000,000— from $17,767,000 in March to $12,734,000 dur- Month Imports I Exports E im xc p e o ss r t o s f E e x x c p e o s r s t o s f For the four months ended April, 1925, gold imports were $24,848,000, compared with 1924 January 295, 506 395,172 99, 666 $159,988,000 during the four months of 1924, February 332, 323 365, 775 33,452 March 320,482 339, 755 19,273 or less than one-sixth of the amount shown for April 324, 291 346,936 22, 645 the earlier period. The greatest decline was May 335,099 32, 111 June 274, 001 32, 988 $73,000,000 in imports from England. A de- July 278, 594 276,649 1,945 August 254,542 | 330,659 76,117 cline of $22,000,000 was shown in imports from September... 287,144 427,460 140, 316 the Netherlands, of $11,000,000 from Canada, October 310, 752 527,172 216,420 November... 296,148 493, 573 197,425 and of $9,000,000 from France. Decreased December 333,192 445, 748 112, 556 imports were shown for all the countries listed Year... 3,609,963 ! 4,590,987 981,024 except Mexico, which showed a very slight in- 1925 crease. Exports of gold for the first four January 346,165 446,443 100, 278 February 333,457 370, 678 37, 221 months of 1925 were $170,834,000. The larg- March 385,490 453,434 67, 944 est items were $60,000,000 to Germany and April 348, 698 399,049 50, 351 $56,000,000 to India. Shipments amounting to $27,000,000 were reported for Australia. TRADE BALANCE OF THE UNITED STATES FOR FOUR Net exports for the period were $146,000,000, MONTHS ENDED APRIL, 1924 AND 1925 compared with net imports of $157,000,000 a [In thousands of dollars] year ago. Imports of silver during April were $4,945,000 Me d rc is h e an- Gold Silver Total compared with $6,661,000 during March. The largest amount received from any one country 1924 was from Mexico and was $3,661,000, or 73 per Imports ... 1,272, 602 159,988 24,009 1,456, 599 Exports ____ 1, 447, 638 2,994 33,243 1, 483,875 cent of the total. Exports of silver were $9,- 323,000, compared with $7,917,000 during Net imports f—) or ex- March. Of the April exports, $5,041,000, or ports (+).... +175,036 -156,994 +9, 234 +27, 276 54 per cent of the total, was exported to India, 1925 $1,753,000 was sent to England, and $1,278,000 Imports 1, 413, 810 24,848 23,873 1.462, 531 Exports 1, 669, 604 170,834 35, 457 i; 875, 895 to Germany. Net imports (—) or exports (+) +255, 794 +145, 986 +11, 584 +413, 364 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES GOLD MOVEMENTS [In thousands of dollars] UNITED STATES 1925 Four months ended Total gold imports during April were $8,870,- April— 000, an increase of $1,500,000 as compared April March 1925 1924 with March. Imports from the Netherlands were $5,041,000, about 57 per cent of the total IMPORTS FROM— and the first imports of gold from that country to the United States since last November. England 13 2,936 3.078 76,263 France 6 9,259 Imports from England declined from $2,936,000 Germany 2 2 2,911 Netherlands 5,041 5,041 27,063 in March to only $13,000 during April. A de- Canada 2,054 2,777 10, 364 21,326 cline of more than $700,000 was shown in im- Mexico _ 816 513 2,241 1,992 Argentina 4,491 ports from Canada. Exports of gold during China . _ . . 25 45 1,073 All other... 767 950 4,000 15,610 April were $21,604,000, less by $3,500,000 than during March. The largest shipment during Total 8,870 7,337 24,848 159,988 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL. RESERVE BULLETIN JUNE, 1925 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED GOLD IMPOBTS INTO AND EXPORTS FROM GREAT STATES—Continued BRITAIN [In thousands of dollars] Three months ended Four months ended 1925 March— 1925 April— March February 1925 1924 April March 1925 1924 IMPORTS FROM— EXPORTS TO— France... £1,088 £29,475 England 50 6,160 Netherlands... 12,371 £17,150 60,264 £28,506 France 1,339 Rhodesia 175,750 186,362 553,833 577, 518 Germany 15,130 15,120 60,260 Transvaal 1,536,989 1,190,938 3,343,784 9,171,356 Netherlands... 4,318 United States. 37,220 2,880,548 4,246,069 5,692 Canada - 103 281 469 West Africa... 95,373 110,544 273,131 362,250 Mexico 455 461 1,656 1,188 Allother 3,690 28,282 35,492 28,791 Argentina 100 5,050 5,360 Uruguay 802 Total. 1,862,481 4,413,824 8,542,048 10,174,113 Venezuela 1,210 200 1,410 1,102 British India.. 3,013 63 55,770 EXPORTS TO— Hongkong 402 1,113 2,996 ""79 Australia 1,020 2,758 26,925 Belgium 9,841 97,345 41,346 All other 171 3,557 156 British India 1,459,490 3,371,939 6,960,005 2,534,985 Egypt 41,895 65, 703 177,356 1,285,000 Total.. 21,604 25,104 170,834 2,994 France 24,512 12,669 82,368 Netherlands 141 231,741 468,510 907,811 Net imports.. 156,994 Eussia 15,059 58, 772 342, 111 Net exports.. 12,734 17,767 145,986 Straits Settlements 24.726 2,000 34,226 149,569 Switzerland 37,323 " 40,823 132,384 United States 600,500 600,500 13,687,433 West Africa- 800 13,271 38,727 6,250 GREAT BRITAIN AHother 801,322 56,732 2,818,456 246, 645 Imports of gold into Great Britain during Total.. 3,014, 660 3,822,668 11,636, 685 19,073,791 March were £1,862,000, a decline of £2,551,000 Net imports.. 591,156 as compared with February. The greatest de- Net exports.. 1,152,179 3,094,637 8,899,678 crease was shown in imports from the United States, which declined from £2,881,000 in Feb- FOREIGN EXCHANGE ruary to a negligible amount in March. Imports from the Transvaal rose from £1,191,000 Sterling exchange, after the announcement in February to £1,537,000 in March. Exports on April 28 by the British Chancellor of the of gold during the month under review declined Exchequer that England would at once reesby £808,000. The greatest decrease was tablish a free gold market, rose from $4.8327 shown in exports to British India, which de- on the day of the announcement to $4.8626 on clined from £3,372,000 in February to £1,459,- May 25, or to 99.9 per cent of parity. Nether- 000 in March. Exports to the Netherlands lands florins, after a similar announcement on declined from £232,000 to a negligible amount, the same day by the Government, rose from and exports to Russia from £59,000 to £15,000. 40.07 cents per florin on April 28 to 40.20 on Exports to the United States were £600,000 May 6, and remained at about that level thereduring March and were reported for the first after. Swiss francs have stood somewhat time since last November. Net exports for above parity since April 6, and during May March were £1,152,000, as compared with net averaged 19.35 cents. Swedish kronor, which imports of £591,000 during February. stood at 26.95 cents per krona during April, or For the three months ended March, 1925, about one-half of 1 per cent above parity, gold imports showed a decline of £1,632,000 as averaged 26.75 cents during May. The Canacompared with the similar period of the pre- dian dollar went to a little above parity-on ceding year. The greatest decrease was £5,- the last day of April and stood at a premium 827,000, shown for the Transvaal; the great- during the first two weeks of May. German, est increase, £4,240,000, was shown for the Austrian, and Polish currencies, since the adop- United States. Exports declined from £19,- tion of their new monetary units, have main- 074,000 to £11,637,000. The largest changes tained their rates at par or a small fraction were a decrease of more than £13,000,000 in below. exports to the United States and an increase of French francs declined from 5.24 cents per nearly £4,500,000 in exports to British India. franc on May 1 to 5.00 cents on May 28; Bel- Net exports for the 1925 period declined by gian francs from 5.08 to 4.92 cents during the £5,800,000 as compared with the first quarter same period; and Italian lire from 4.12 cents on of 1924. May 1 to 3.97 cents on May 25. Danish and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 401 Norwegian crowns and Spanish pesetas showed yen averaged somewhat higher than during slight fluctuations. April. Argentine pesos, which showed a gradual ap- FOREIGN EXCHANGE RATES preciation since the 1st of April, rose from 87.60 cents on May 1 to 92.45 cents per peso on May [In cents] 29. Brazilian milreis declined from 10.62 cents on May 1 to 9.96 cents on the 15th, but rallied May, 1925 April, 1925 April, to 10.55 cents on the 22d. The Chilean peso Exchange v P al a u r e a 1 v 92 e 4 r- , rose from 11.32 cents per peso on May 1 to Low High Low High Aver- age age 11.54 cents on the 20th. Of the Far Eastern exchanges, the Shanghai Sterling 486.65 484. 50486. 26477.62 484.47 479.53 435.13 tael advanced during the first three weeks of French franc 19.30 5.00 5.24 5.13 5.26 5.19 6.16 German reichsmark 23.82 23.80 23.80 23.80 23.80 23.80 May as compared with April. Indian rupees Italian lira 19.30 3.97 4.12 4.09 4.12 4.10 4.44 rose from 36.01 cents on May 1 to 36.38 cents Netherlands florin.. 40.20 40.13 40.21 39.84 40.13 39.95 37.19 Swedish krona 26.80 26.74 26.77 26.78 26.95 26.94 26.38 on the 28th. Since last September the rupee Swiss franc 19.30 19.33 19.38 19.28 19.39 19.33 17.60 Canadian dollar 100.00 99.99 100. 02 99.91 100.00 99.94 98.09 has maintained a rate higher than the pre-war Argentine peso 96.48 87.60 92.45 85.66 87.57 86.88 74.80 parity of 15 rupees to the sovereign. Japanese Shanghai tael 66.85 73.96 74.69 73.02 73.63 73.23 69.74 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDERAL RESERVE BULLETIN JUNE, 1925 EARNINGS AND EXPENSES OF MEMBER BANKS Net profits of all member banks for the six payments of interest to depositors on an exmonths ending December 31, 1924, amounted ceptionally large volume of deposits. to $170,268,000 and represented an annual In the following table are shown the amounts rate of return of 7.5 per cent on their $4,537,- of the various items of member bank costs and 435,000 of capital, surplus, and undivided prof- earnings, together with the amounts per $100 its. While net profits were about $21,000,000 of average loans and investments. The table lower for the last half than for the first half of indicates an average rate of return of $6.46 the year, they were over $24,000,000 higher per $100 of earning assets in 1924. Of this than for the last half of 1923; decreased profits amount $5.48 was interest and discount refor the last six months of the year, as com-ceived, and, since such interest is earned pared with the first, both in 1923 and 1924,almost entirely on loans and investments, this resulted chiefly from the fact that a consider- figure approximates the average rate at which ably larger amount of losses was written off at bank funds were utilized. This rate compares the end of each year. with $5.66 for 1923, when the general level of The following table presents the principal interest rates was considerably higher. The items of earnings and costs of member banks decline in rate of interest return per $100 of as shown by their semiannual reports : loans and investments was partly offset in the total rate of return on earning assets by increased income from other sources, including EARNINGS AND COSTS OF ALL MEMBER BANKS, 1923 AND 1924 considerable profits from the advance in the value of securities. [In thousands of dollars] 1924 1923 ANALYSIS OF MEMBER BANK COSTS AND EARNINGS, 1924 AND 1923 First 6 Last 6 First 6 Last 6 months months months months (9,650 (9,566 (9,852 (9,755 1924 1923 banks) banks) banks) banks) I O n t t h e e re r s i t n c re o c m ei e ved 1 7 2 5 0 2 , ,6 7 9 9 6 1 7 1 6 5 1 1 , , 8 1 0 8 4 0 7 1 3 1 6 3 , , 6 8 5 6 2 3 7 : 5 1 7 1 , , 1 7 0 4 3 2 o A m m ( i 0 t o 0 t u e 0 n d t ) i A n p o g e f m r e a o $ a s u 1 s r 0 n e n 0 t t - s o A m m ( i 0 o t 0 t u e 0 n d t ) i A p n o e g f m r e o a $ a s u 1 r s 0 n n e 0 t - ts Gross earnings 873,487 912,984 850,515 868,845 Total expenses 623,351 657,173 602,022 630,632 Interest received $1,514,500 $5.48 $1,493,755 $5.66 Net earnings 250,136 255, 811 248,493 238,213 Other income 271,971 .98 225,605 .85 Total losses 83,209 114,134 88,195 118,932 Gross earnings (total). _1,786,471 6.46 1, 719,360 6.51 Recoveries 24,148 28, 591 30,548 26, 759 Salaries and wages 355,018 1.28 335,680 1.27 Net losses i_ 59,061 85, 543 57,647 92,173 Interest on borrowed money. 24,746 .09 42,151 .16 Interest on deposits 594,432 2.15 547,910 2.08 Net addition to profits 191,075 170,268 190,846 146,040 Taxes and other expenses 306, 328 1.11 306,913 1.16 Dividends declared 128,244 129,800 129,904 128,029 Total expenses 1,280, 524 4.63 1,232,654 4.67 i Total losses less recoveries on assets previously charged off. Net earnings 505,947 1.83 486, 706 1.84 For the entire year 1924 the net profits of Losses on loans 133,079 1.68 143,011 1.77 all member banks amounted to $361,343,000, L O o th ss e e r s lo o s n s e s s ecurities • 3 31 3 , , 0 1 6 9 8 6 2.41 3 27 6 , , 4 7 1 0 1 5 2.47 which was 8.04 per cent of their average capital Total losses 197,343 .71 207,127 .78 investment for the year. This represents an Net losses 3 144, 604 .52 149,820 .56 increase of $25,000,000 over the preceding Net addition to profits 361,343 1.31 336,886 1.28 year, when the profits of these banks were Dividends declared 258,044 257,933 $336,886,000 and the rate of return on average 1 Amount per $100 of average loans. capital investment was 7.69 per cent. Not- 2 Amount per $100 of average security holdings. withstanding the prevalence of lower interest s Total losses charged off less recoveries on assets previously charged off rates, gross earnings of these banks were This table shows that out of the total income $65,000,000 larger in 1924 than for the pre- of $6.46 per $100 of loans and investments in ceding year, owing to the higher level of earn- 1924, $4.63, or about 72 per cent, was absorbed ing assets and to increased income other than by the banks' expenses, leaving net earnings of interest received. A considerable portion of $1.83. Out of this amount 52 cents was charged the increase in gross earnings was absorbed by off for net losses—that is, total losses less an increase in expenses reflecting chiefly larger recoveries on assets previously charged off. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL EESBEVE BULLETIN 403 Remaining net additions to profits were $1.31 year before. The advance in the rate of net per $100 of earning assets, as against $1. 28 return on invested capital from 7.69 per cent in 1923. Among the expenses it will be noted to 8.04 per cent was the result not only of the that the principal decrease was in interest paid wider margin of profit per $100 of earning on borrowed money, reflecting the lower vol- assets, but also of a somewhat larger volume ume of the banks' borrowings and a generally of earning assets per unit of invested capital. lower level of rates paid. The principal in- The above table shows the ratio between crease was in interest paid on deposits, earning assets and invested capital in relation which reflected the higher level of deposits to the two rates of profit—that per unit of during the greater part of 1924. The rate of earning assets and that per unit of invested interest paid to all classes of depositors was capital. on||the average about 2 per cent in both In the following table are shown the actual years, but, owing to the relatively greater amounts of the principal items of member increase in deposits than in loans and invest- bank costs and earnings by districts, and also ments, the ratio of interest payments to $100 the amounts per $100 of average earning assets. of loans and investments was larger in 1924It will be noted that in all except the Cleveland than in 1923. and San Francisco districts the rate of interest Of the losses during the year, 67 per cent income per $100 of loans and investments was represented losses on loans and discounts and lower for 1924 than for 1923. Owing, how- 17 per cent were losses on security investments. ever, to the increased rate of earnings other The losses on loans and discounts amounted on than interest and discount received, total earnthe average for all banks to 68 cents per $100 ings per unit of loans and investments were of average loans and discounts, and losses on higher for 1924 than for the year before in six securities amounted to 41 cents per $100 ofof the districts. In 1924 the rate of total inaverage security holdings. come per unit of earning assets was highest in the Dallas and Kansas City districts, at $7.61 PROFITS OF MEMBER BANKS IN RELATION TO EARN- and $7.57, respectively, and lowest in the ING ASSETS AND INVESTED CAPITAL, 1924 AND Boston and New York districts, at $5.94 and 1923 $6.03, respectively. An analysis of the table [Averages in thousands of dollars] brings out the fact that the highest rates of net profits per $100 of earning assets were not 1924 1923 in the districts where the rates of gross return were highest, nor the lowest rates of net Average capital, surplus, and undivided profits L- 4,491,663 4,380,074 profits in those districts where the rates of Average loans and discounts * 19,498,525 18,688,291 gross return were lowest. This is due to vari- 8,163,266 7,713,985 Average security investments i ations in relative operating costs and to differ- Average earning assets1 27,661,79126,402,276 ences^ in the amounts of losses written off by Eatio of earning assets to capital, surplus, and un- the banks in the various districts. The rate divided profits 6.16 6.03 Profit per $100 of earning assets2 1.31 1.28 of operating costs ranged from about $4 per Ka p t r e o f o it f s r e 3 turns on capital, surpl _ us, and undivided 8.04 $100 of earning assets for both years in the Philadelphia district to about $5.80 in the 1 Averages of amounts on call dates. Kansas City district. Net losses were written 2 Identical with last ratio in preceding table. 3 Obtained by division of amount of profit by amount of invested off in the two years at the rate of 20 to 30 capital; equivalent to the product of the two preceding ratios. cents per $100 of earning assets by member banks in the Philadelphia district and at the Comparison between the banks' capital rate of $1.15 to $1.45 per $100 of earning investment (approximately measured by their assets in the Kansas City and Dallas districts. capital, surplus, and undivided profits) and These variations reflect dissimilarities in the their earning assets indicates that in 1924 conditions under which banks were operated there was a somewhat larger amount of funds in different parts of the country as well as in use per $100 of capital than in 1923, the differences in operating efficiency. ratio being $616 in 1924 as against $603 the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDERAL RESERVE BULLETIN JUNE, 1925 COSTS AND EARNINGS OF ALL MEMBER BANKS, YEARS ENDING DECEMBER 31, 1924 AND 1923 Boston district :New York district Philadelphia district 1924 1923 1924 1923 1924 1923 Amount Amount Amount Amount Amount Amount Amount per Amount per Amount per Amount per Amount per Amount per (000 $100 of (000 $100 of (000 $100 of (000 $100 of (000 $100 of (000 $100 of omitted) earning omitted) earning omitted) earning omitted) earning omitted) earning omitted) earning assets assets assets assets assets assets Interest received $106,995 $5.11 $105,358 $5.20 $394, 271 $4.82 $388,971 $5.14 $110,687 $5.37 $107,320 $5.55 Other income 17,432 .83 12,846 .64 98,750 1.21 76, 707 1.02 18,688 .90 13,584 .71 Gross earnings (total) 124, 427 5.94 118,204 5.84 493,021 6.03 465,678 6.16 129,375 6.27 120,904 6.26 Salaries and wages 22,406 1.07 20,544 1.02 90,592 1.11 84,139 1.11 22,305 1.08 20,446 1.06 Interest on borrowed money 1,135 .05 2,600 .13 3,165 .04 8,675 .11 1,650 .08 3,096 .16 Interest on deposits 47,405 2.26 42,811 2.11 165,707 2.02 152,404 2.02 40,122 1.95 35,784 1.85 Taxes and other expenses -- 19,407 .93 18,667 .92 74,933 .92 74,694 .99 19,255 .93 18, 349 .95 Total expenses....... 90, 353 4.31 84,622 4.18 334,397 4.09 319,912 4.23 83,332 4.04 77,675 4.02 Net earnings - 34,074 1.63 33,582 1.66 158,624 1.94 145,766 1.93 46,043 2.23 43,229 2.24 Losses on loans 9,910 i. 66 9,498 1.66 27,424 1.50 31,554 !.62 3,888 1.31 4,286 i. 37 Losses on securities 2,815 2.47 3,381 158 11,010 2.41 11,810 2.48 2,378 2.29 3,009 2.39 Other losses. - - 1,861 3,814 6,199 5,403 1,518 1,389 Total losses 14,586 .69 16,693 .82 44,633 .55 48,767 .64 7,784 .38 8,684 .45 Net losses3 11, 589 .55 10,618 .52 29, 244 .36 31,844 .42 4,074 .20 6,207 .32 Net additions to profits 22,485 1.07 22,964 1.134 129,380 1.58 113,922 1.51 41,969 2.03 37,022 1.92 Dividends declared 16,823 17, 458 79,124 76, 567 21,505 21,467 Cleveland district Richmond district Atlanta district 163,079 5.72 150,308 5.58 70,619 5.82 69,271 5.84 61,055 6.29 59,459 6.43 Other income 30,491 1.07 29,889 1.11 8,171 .67 6,606 .56 10,. 158 1.05 9,042 .97 Gross earnings (total) 193,570 6.79 180,197 6.69 78,790 6.49 75,877 6.40 71,213 7.34 68, 501 7.40 Salarips and wases 34,800 1.22 31,648 1.17 15, 329 1.26 14, 287 1.21 14,804 1.52 14,199 1.54 Interest on borrowed money 1,941 .07 2,763 .10 3,131 .26 3,816 .32 2,479 .26 3,319 .36 Interest on deposits - 70,062 2.46 62,910 2.34 23,726 1.95 21,843 1.84 19,596 2.02 17,864 1.93 Taxes and other expenses 31, 328 1.10 29,400 1.09 14,526 1.20 13, 492 1.14 14, 763 1.52 14,168 1.53 Total expenses --- 138,131 4.85 126,721 4.70 56, 712^ 4.67 53, 438 4.51 51, 642 5.32 49,550 5.36 Net earnings 55,439 1.94 53.476 1.99 22,078 1.82 22,439 1.89 19,571 2.02 18, 951 2.04 Losses on loans and discounts - - 6,546 1.35 7,658 1.43 5,080 1.53 5,171 !.56 7,077 1.90 5,469 1.73 Losses on securities 4,201 2.43 4,426 2.49 1,075 2.42 958 2.37 740 2.41 330 2.18 2,744 2,653 1,096 1,558 1,530 1,347 Total losses - - 13,491 .47 14,737 .55 7, 251 .60 7,687 .65 9,347 .96 7,146 .77 Net losses3 10, 526 .37 11,859 .44 5,574 .46 5,908 .50 7,566 .78 5,509 .59 Net additions to profits 44,913 1.57 41,617 1.544 16, 504 1.36 16, 531 1.39 12,005 1.24 13, 442 1.45 Dividends declared 27, 368 25,270 12, 737 13,191 11,958 11,878 Chicago district St. Louis district Minneapolis district Interest received - 220 864 5 44 220, 348 5.68 68,541 5.77 68, 778 5.92 51,816 6.00 56,457 6.37 Other income 35,094 .86 29,813 .77 9,332 .78 8,952 .77 5,845 .68 5,056 .57 Gross earnings (total) 255,958 6.30 250,161 6.45 77,873 6.55 77, 730 6.69 57,661 6.68 61, 513 6.94 Salaries and wages 51,839 1.28 49,448 1.28 16,240 1.37 15,569 1.34 12,923 1.50 13, 761 1.55 Interest on borrowed money 2,895 .07 4,893 .13 2,290 .19 2,642 .23 1,030 .12 1,980 .23 Interest on deposits 87 931 2.16 81,185 2.09 23, 779 2.00 22, 720 1.96 22,750 2.63 23, 334 2.63 Taxes and other expenses -- 47,450 1.17 49,436 1.27 14,197 1.19 15,171 1.30 10, 824 1.25 12, 703 1.43 Total expenses 190,115 4.68 184, 962 4.77 56,506 4.75 56,102 4.83 47,527 5.50 51, 778 5.84 Net earnings 65,843 1.62 65,199 1.68 21,367 1.80 21,628 1.86 10,134 1.18 9,735 1.10 o ses o loans nd discounts. _ 20,200 1.68 23,261 9,874 i 1.14 6,086 1.73 7,893 i 1.25 8,068 11.18 Losses on secur' ties 4,284 2.39 5,330 2.52 1,524 *.47 1,252 2.38 604 2.26 299 2.15 Other losses 3,177 2,796 3,97.9 1,050 692 786 Total losses 27 661 68 31, 387 .81 15,377 1.29 8,388 .72 9,189 1.06 9,153 1.03 Net losses3 21,103 .52 23,512 .61 10,595 .89 6,119 .52 7,364 .85 7,185 .81 Net additions to profit 44, 740 1.10 41,687 1.07 10, 772 .91 15, 509 1.34 2,770 .32 2,550 .29 Dividends declared 33,297 33, 605 13, 347 13,676 5,368 6,658 Kansas City district Dallas district San Francisco district Interest received - 70,095 6.57 75,445 6.70 52,899 6.82 54,083 7.01 143,579 6.14 137, 957 6.11 Other income 10, 703 1.00 8,354 .74 6,173 .79 5,632 .73 21,134 .91 19,124 .85 Gross earnings (total) 80,798 7.57 83, 799 7.44 59,072 7.61 59, 715 7.74 164,713 7.05 157,081 6.96 Salaries and wases 19,171 1.80 19, 758 1.75 14,465 1.86 14, 517 1. 88 40,144 j 1.71 37,364 1.66 Interest on borrowed money. _. 1,333 .12 2,783 .25 1,385 .18 2,321 .30 2,312 . 10 3,263 .14 Interest on deposits . 24,523 2.29 24, 623 2.18 13, 656 1.76 13,182 1.71 55,175 2.36 49, 250 2.18 Taxes and other expenses 16,831 1.58 18, 671 1.66 12,993 1.67 13, 275 1.72 29,821 1.28 28,887 1.28 Total expenses 61,858 5.79 65,835 5.84 42, 499 5.47 43,295 5.61 127,452 5.45 118, 764 5.26 Net earnings 18, 940 1.78 17,964 1.60 16, 573 2.14 16,420 2.13 37, 261 1.60 38, 317 1.70 L L o o s s s s e e s s o o n n l s o e a c n u s r i a ti n e d s d _ i . scounts. _ 14 1 , , 0 9 0 9 1 7 i 1 2. . 3 8 9 4 14, 8 7 7 4 4 7 1 2 . . 9 34 2 9,0 3 3 5 1 1 ! i 1 2. . 2 4 4 3 12,8 4 1 1 4 8 2.28 1 3 1 , , 2 1 1 5 3 9 2.53 4,324 2.74 2,612 1,253 2,035 3,625 3,958 Total losses 18,610 1.74 16,874 1.50 11,417 1.47 14, 930 1.93 17,997 .77 22,681 1.00 Net losses 3 14, 719 1.38 13, 428 1.19 8,751 1.13 11,046 1.43 13,499 .58 16, 585 .73 Net additions to profit 4,221 .40 4,536 .40 7,822 1.01 5,374 .70 23, 762 1.02 21, 732 .97 Dividends declared 8,532 9,885 8,289 9,961 19, 696 18,317 i Amount per $100 of average loans. »Total losses charged off less recoveries on assets previously charged off. ^Amount per $100 of average security holdings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 405 In the table below are shown, by districts, for the Boston district, lower than in any of for 1923 and 1924, the average capital invest- the other districts. This is explained by the ment of member banks during each year and relatively low rates of operating expense and the average volume of their earning assets. of losses written off in these two districts and, There are presented also ratios indicating the in the New York district, by the fact that the relation between the proportion of earning as- proportion of earning assets to invested capital sets to invested capital and the two rates of was comparatively high. In both years the profit—that per $100 of earning assets and that lowest rates of return on the capital investper $100 of invested capital. ment were in the Minneapolis, Kansas City, In both years the highest rates of net return and Dallas districts, where, despite a comon the banks' capital investment were in the paratively high rate of gross earnings per unit New York and Philadelphia districts, notwith- of earning assets, the margin of net profits standing the fact that in these districts the was diminished by high average rates of operaverage rate of gross earnings per unit of earn- ating expenses and of deductions for losses ing assets was, with the exception of the rate (chiefly on loans). PROFITS OF MEMBER BANKS IN RELATION TO EARNING ASSETS AND INVESTED CAPITAL, YEARS ENDING DECEMBER 31, 1924 AND 1923 [Averages in thousands of dollars] Boston New York Philadelphia Cleveland Richmond Atlanta district district district district district district 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 1924 ' 1923 Average capital, surplus, and undivided profits * _ 340,885 340, 517 1, 243, 295 1,198,578 424,236 392,147 506,341 486,374 223,499 173,733' 170,120 Average loans aud discounts * 1, 491, 579 1,443,956 5,496, 017 5,097,14, 1214,5,8611,155, 655 1,, 877, 379 1, 785,455 956, 311 923,308 789,102 744,443 Average security investments *„-. 604, 296- 580,823 2, 678, 294 2,463,933815,928 777,191 973,587 """ •"" 258,141 261,850 180,8221 180,692 Average earning assets l 2,095,875 2,024, 779 8,174, 311 7, 561,074 2,061, 789 1, 932,846 2,850, 966 2, 693,884 1, 214,452 1,185,158 969,924 925,135 Ratio of earning assets to capital, Pr s o u fi r t p l p u e s r , $ a 1 n 0 d 0 u o n f d e i a v r i n d in ed g a p s r s o e f ts it s 2 . .. 6 1. . 0 1 7 5 J 5 1. . 1 9 4 5 6 1. . 5 5 8 7 6 1 . .5 3 1 1 4 2 . .0 8 3 6 4 1 . .92 5 1. . 5 6 7 3 5 1 . .5 5 5 4 5 1 . .3 3 6 0 5 1 . .3 3 9 0 5 1. . 2 5 4 8 5 1. . 4 4 5 4 Rate of profit on capital, surplus, and undivided profits 3— 6.60 6.74 10.41 9.50 9.44 8.87 8.56 7.21 7.40 6.91 7.90 Chicago St. Louis Minneapolis Kansas City Dallas San Francisco district district district district district district 1924 1923 1924 1923 1923 1924 1923 1924 1923 1924 1923 Average capital, surplus, and undivided profits * 618, 983 608,287 196,661 193, 762 126,468 135, 543 163,260 173,262; 156,607 158, 617 312,225 299,368 Average loans and discounts 1 2,973,832 2,856,430 828, 587 633,201 684, 260 813,512 870,256' 629,398 623,422 1, 729, 713 1,, 675, 378 Average security investments » 1, 088, 369 1,019, 639 332, 586 230, 273 202,676 254, 047 256,157) 146,501 148,437 607,027 581, 572 Average earning assets * _ 4,062,201 3,876,069 1,188, 601 1,161,173 i3,474 886,936 1,067, 559 1,126,4131 775,8 771,859 2, 336, 740 2, 256, 950 Ratio of earning assets to capital, surplus, and undivided profits. __ 6.56 6.37 6.04 5.99 6.83 6.54 6.54 6.50 4.95 4.87 7. Profit per $100 of earning assets 2... 1.10 1.07 .91 1.34 .32 .29 .40 .40 1.01 .70 1.02 Rate of profit on capital, surplus, and undivided profits 8 7.23 6.85 5.48 8.00 2.19 1.88 2.59 2. 62 4. £ 3.39 7.61 7.26 i Averages of amounts on call dates. 3 Identical with last ratio in preceding table. 8Obtained by division of amount of profit by amount of invested capital; equivalent to the product of the two preceding ratios. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE BULLETIN JUNE, 1925 BALANCE OF PAYMENTS OF THE UNITED STATES AND OF ENGLAND IN 1924 The following table of the balance of pay- UNITED STATES ments of the United States col " A by the The computation of the balance of pay- Department of Commerce is pr '. under ments of the United Statesx for 1924 shows similar headings to those emp by the total credits of $1,865,000/000 against total Board of Trade for England, in o facildebits of $2,077,000,000, leaving a balance due itate comparison between the t\* Ties: foreign countries of $212,000,000. Informa- BALANCE OF PAYMENTS OF THE t FATES tion acquired through questionnaires confirmed the substantial accuracy of this calculation, as [In millions of dollars it showed that foreign deposits held by Amer- Items 1 1924 ican banks increased by $216,000 000 during the year. During the year merchandise exports ex- Excess of exports of merchandise and bullion.. 748 ceeded imports by $970,000,000; sales of securi- Invisible exports: ties amounted to $319,000,000, and interest pay- Net income from overseas investments 464 Net national shipping income 8 ments on foreign investments to $464,000,000. Miscellaneous.. -637 Payment by foreigners for these items was Total invisible exports -165 made to the extent of $308,000,000 by ship- Available for foreign investment 583 ments of gold and of American currency; to New foreign issues in the United States 1 828 the extent of $355,000,000 by remittances of immigrants and by charitable gifts; expend- 1 At issue price. : itures of tourists amounted to an additional ENGLAND $500,000,000 and securities purchased by The balance of payments for England in Americans to $909,000,000. 1924, as computed by the B^>rd 01 Trade, A comparison of the results of the year's inter- shows a debit balance in " %" trade of national trade with those of 1923 and 1922 indi- £341,000,000 and a credit pe in " incate that the volume of our merchandise exports visible" exports of £370,01 J, leaving a in recent years has been influenced apparently to net credit balance available xor investment a considerable extent by the volume of foreign overseas of £29,000,000. The actual amount credits obtained in the United States. In 1922 of foreign issues floated in London during the the United States took securities from abroad year was £134,000,000. Accounting for part to the net amount of $747,000,000,2 and in that of the difference by imperfections in the estiyear the excess of American exports of mer- mates, the rest may be ascribed to factors for chandise was $734,000,000. In 1923, when which there is no accurate statistical information. purchases and sales of foreign securities by In the closing months of 1923 it was reported Americans practically equaled each other, our that a large volume of funds was withdrawn favorable merchandise trade balance fell to from London to other financial centers, espe- $388,000,000, about half that of the previous cially New York, because of the prevailing year. In 1924, when our net security pur- uncertainty about the exchange position of chases rose to $590,000,000, the excess of ex- the pound. In 1924, when sterling exchange ports was $970,000,000. was rising, these funds, whether belonging to The expansion of our merchandise exports by Englishmen or foreigners, were largely reover $400,000,000, from $4,168,000,000 in 1923 turned to London. The Board of Trade points to $4,591,000,000 in 1924, while merchandise out that a considerable fraction of the proceeds imports declined by nearly $200,000,000 and of the foreign loans floated in London must have invisible debits on current account increased by remained there, while proceeds of loans floated in about $100,000,000, was thus chiefly due to a New York during the year were probably translarger extension of credit by United States, as ferred to some extent to London, both because indicated by an increase of $450,000,000 over of the higher interest rates obtainable in London the previous year in the amount of new foreign and because of the prospect of speculative profit bonds issued in the United States. on the advance in the exchange toward parity. Of the new issues offered in London during : '» The Balance of International Payments of the United States in 1924 the year, furthermore, a part represented reby Rufus S. Tucker, Department of Commerce, Trade Information funding operations causing no demand for fresh Bulletin No. 340. 8 This figure includes new foreign bond issues in the United States, capital and a part of these new issues may plus other foreign investments of American capital (securities only) minus the sales of securities to foreigners. also have been taken by f oreigners # Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 407 The following table gives for Great Britain Banking Corporation, New York City)— the Board of Trade figures corresponding to branches in China, Philippine Islands, and those given for the United .States in the table Straits Settlements; Bank of Central and already presented. Comparison shows that in South America, New York City (taken over recent years a larger proportion of exported in part by the Royal Bank of Canada) — British goods and services have been exchanged branches or representatives in Germany, Cenfor commodities imported from abroad and a tral and South America. Branches have been smaller proportion for securities. This is in opened since the beginning of 1923 in Hongdirect contrast to the situation shown for the kong and Dairen, China; Havana and Florida, United States. Cuba; and Milan, Italy; and a branch will soon open in Osaka, Japan. BALANCE OF PAYMENTS—ENGLAND fin millions of pounds sterling] FOREIGN BRANCHES OF MEMBER BANKS Bankers Trust Co., New York, N. Y.: Branches— 1913 1922 1923 1924 France: Paris. England: London. Excess of imports of merchandise Equitable Trust Co., New York, N. Y.: and bullion _ 158 171 203 341 Branches— Net national shipping income 94 110 115 130 England: London. Net income from overseas invest- France: Paris. ments 210 175 150 185 Commissions _ 25 30 30 40 Mexico: Mexico City. Other services 10 10 10 15 Chase National Bank, New York, N. Y.: Branches l— Total "invisible exports" on balance 339 325 305 370 Cuba: Habana. Panama: Panama City. Income available for investment Canal Zone: Cristobal. overseas 181 154 102 29 New overseas issues on London mar- Farmers Loan & Trust Co., New York, N. Y.: ket in year _ 198 135 136 134 Farmers Loan & Trust Co. (Ltd.), London, England (two offices)—a British company; all stock owned by Farmers Loan & Trust Co., FOREIGN BRANCHES OF AMERICAN New York, N. Y. BANKS Representatives— France: Paris. Following is a list of foreign branches oper- First National Bank, Boston, Mass.: ated by member banks of the Federal reserve Branches— Argentina: Buenos Aires. system and by banking corporations incorpo- Cuba: Habana. rated for the purpose of engaging in interna- Guaranty Trust Co., New York, N. Y.: tional and foreign banking under agreement Branches— with the Federal Reserve Board. In recent England: London (three offices), Liverpool. Belgium: Antwerp, Brussels. years several of these institutions have discon- France: Paris, Havre. tinued the operation of branches in certain National City Bank of New York, New York, N. Y.: countries, and several corporations engaged in Branches— foreign banking under agreement with the Fed- Argentina: Buenos Aires, Rosario. Belgium: Antwerp, Brussels. eral Reserve Board have been liquidated, and Brazil: Pernambuco, Rio de Janiero, Santos their branches have either been closed or taken (agency), Sao Paulo. over by other organizations. Since the begin- Cuba: Bayamo, Caibarien, Camaguey, Carning of 1925 branches have been discontinued, denas, Ciego de Avila, Cienfuegos, Florida, Guantanamo, Manzanillo, Matanzas, Santa by institutions now in existence, in the follow- Clara, Habana (subbranches: Galiano, ing places: Ponce, Porto Rico; Calle Rondeau, Cuatro Caminos, La Lonja), Nuevitas, Uruguay; Lyons, France; Soerabaya, Java; Pinar del Rio, Remedios, Sagua la Grande, Artemisa, Colon; and Placetas del Norte Sancti Spiritus, Santiago, Yaguajay. Chile: Santiago, Valparaiso. in Cuba. The following corporations organ- England: London (city branch and west-end ized under State law and formerly operating branch). foreign branches under agreement with the France: Paris, National City Bank (France) Federal Reserve Board have been liquidated: S. A. (subsidiary of National City Bank of New York). American Foreign Banking Corporation, New Italy: Genoa, Milan. York City (taken over in part oy the Chase Peru: Lima. National Bank, New York City)—branches Porto Rico: San Juan. in Cuba, Panama, the Canal Zone, Brazil, Uruguay: Montevideo. Venezuela: Caracas. and Mexico; Asia Banking Corporation, New York City (taken over b}^ the International 1 Formerly branches of the American Foreign Banking Corporation* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN JUNE, 1925 BRANCHES OF FOREIGN BANKING CORPORATIONS OPER- CHANGES—Continued ATING UNDER AGREEMENT WITH THE FEDERAL RESERVE BOARD Capital Surplus Total Equitable Eastern Banking Corporation (subsidiary of Equitable Trust Co., New York, N. Y.): District No. 7 Branches— Closed: China: Shanghai, Hongkong. City-Commercial Savings Bank, International Banking Corporation, New York, N. Y.: Mason City, Iowa $400,000 $65,000 $2,459,447 Farmers State Bank, Colfax, Ind._ 25.000 128.144 Branches— China: Canton, Dairen, Hankow, Harbin, District No. 9 Hongkong, Peking, Shanghai, Tientsin. Consolidated with nonmember bank: England: London. Wells-Dickey Trust Co., Minne- India: Bombay, Calcutta, Rangoon (Burma). apolis, Minn 500,000 225,000 6,064,623 Java: Batavia. District No. 10 Spain: Barcelona, Madrid. Republic of Panama: Colon, Panama. Voluntary withdrawal: Pender State Dominican Republic: Barahona, La Vega, Bank, Pender, Nebr 85,000 17,000 583,225 Puerto Plata, Sanchez, San Francisco de District No. 11 Macoris, San Pedro de Macoris, Santiago de Los Caballeros, Santo Domingo City. Absorbed by a national bank: Citizens Japan: Kobe, Tokyo, Yokohama, Osaka (not Su S c t c a e t e e d B ed a n b k y , a V n a a l t l i e o y n a M l i b ll a s n , k T : ex 30,000 5,500 152,456 yet opened). Josephine State Bank, Josephine, Philippine Islands: Cebu, Manila. Tex 30,000 7,000 103,419 Straits Settlements: Singapore. M Ci o ty ra G n u S a t r a a te n ty B a S n t k a , t e M B o a r n a k n , , C T h e i x ld . - .. 25,000 331,011 National City Bank (France) S. A. (subsidiary, in ress, Tex 100,000 15,500 921,743 Paris, of National City Bank of New York). Converted into national bank: First State Bank, Floydada, Tex.. 50,000 5,000 619,073 First State Bank, Bonham, Tex... 200,000 100,000 1, 697,562 Mercantile Bank & Trust Co., Dallas, Tex 500,000 150,000 9, 211,844 First State Bank, Hamlin, Tex.... 40,000 14,000 483,782 Changes in State Bank Membership F K a il r g m o e re rs S S ta ta te te B B a a n n k k , , K I i t l a g l o y r , e, T T ex ex .. . . . 4 2 0 5 , , 0 0 0 0 0 0 1 1 2 4 , ,0 5 0 0 0 0 2 1 9 6 9 0 , , 5 2 2 7 8 4 First Guaranty State Bank, Clif- The following list shows the State banks and trust Fi t r o s n t , S T ta e t x e .. B . ank, Grand Prairie, 40,000 11,000 412,424 companies which were admitted to membership in the Tex ._ 40,000 20,200 313,192 Federal reserve system during the month ended May First State Bank, Reagan, Tex.... 25,000 25,000 246,432 First Guaranty State Bank, Val- 21, 1925, on which date 1,513 State institutions were ley View, Tex 25,000 1,000 130, 302 members of the system; also other changes affecting First State Bank, West, Tex 50,000 4,500 380,468 State bank membership: G uaranty Bond State Bank, Robstown, Tex 50,000 15,000 611,977 Farmers Guaranty State Bank, ADMISSIONS Stephenville, Tex._ 100,000 10,000 805,760 Sudan State Bank, Sudan, Tex.... 25,000 2,500 252,993 First State Bank, Terrell, Tex 200,000 120,000 Capital Surplus Total Cl O os k e l d a : Liberty State Bank, Soper, 15,000 1,141,435 Absorbed by a State member: Citizens 101,285 National Bank, Longview, Tex 100,000 336,240 District No. 2 District No. IB Title Guaranty & Trust Co., Plain- Absorbed by a State member bank: field, N. J. $200,000 $40,000 $326,788 San Fernando Valley Savings Bank, Mount Pleasant Bank, Pleasantville, San Fernando, Calif 50,000 9,000 684,717 N. Y... 100,000 100,000 2,685,257 District No. S CHANGE OF TITLE Easton Trust Co., Easton, Pa 250,000 600,000 8,679,831 The Guaranty State Bank & Trust Co., Gatesville, Tex., to Guaranty Mahanoy Banking Trust Co., Ma- Bond Bank & Trust Co. hanoy City, Pa 200,000 212,500 2,034,681 The First Guaranty State Bank, Mertens, Tex., to First State Bank. Port Carbon State Bank, Port Carbon, The First Guaranty State Bank, Palmer, Tex., to First State Bank. Pa 50,000 5,000 439,921 The Kentucky Title Savings Bank & Trust Co., Louisville, Ky., to Kentucky Title Bank and Trust Co. The Farmers Guaranty State Bank, Clifton, Tex., to Farmers State CHANGES Bank. The First Guaranty State Bank, Jacksonville, Tex., to First State Bank. The Ohio Banking & Trust Co., Massillon, Ohio, to The Ohio-Mer- District No. 4 chants Trust Co. The Bank of Commerce, Sinton, Tex., to Commercial State Bank. Absorbed by a State member bank: Merchants National Bank, Massillon, Ohio -. $500,000 $300,000 $4,978,160 District No. 6 Fiduciary Powers Granted to National Banks Voluntary withdrawal: Farmers & Merchants Bank, Chipley, Ga 25,000 253,290 During the month ended May 21, 1925, the Federal Absorbed by a national bank: Farmers Bank, Winder, Ga 50,000 8,500 212,427 Reserve Board approved applications of the national Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 409 banks listed below for permission to exercise one or Changes in National Bank Membership more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: (1) The Comptroller of the Currency reports the follow- Trustee; (2) executor; (3) administrator; (4) registrar ing increases and reductions in the number and capital of stocks and bonds; (5) guardian of estates; (6) as- of national banks during the period from April 18 to signee; (7) receiver; (8) committee of estates of lunatics; May 22, 1925, inclusive: (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations which m n co a i m t t i t o e e n d a in l t o t b o a a n c c k t o m u i n s p d l e o e ti r c t a i t o t h e n e d . l w aw ith s o n f a t t h io e n a S l t a b te a n i k n s w a h r i e c h p t e h r e - b N b a e u r n m k o s - f o A f m ca o p u i n ta t l New charters issued 60 $6,595,000 Location t D N ri i o c s . - t Name of bank g P r o a w nt e e r d s 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 l i v t e al n c a y pproved 1 1 8 2,26 2 0 5 , , 0 0 0 0 0 0 Aggregate of new charters, banks restored to solvency, and banks increasing capital 79 8,880,000 Waterville, Me_ Peoples National Bank Ito9. Holyoke, Mass. Holyoke National Bank... 5 to 9. Liquidations. . .. 30 2,380,000 Derby, Conn Birmingham National 1 to 9. Reducing capital _.. 2 90,000 Bank. Carteret, N. J i First National Bank Do. Total liquidations and reductions of capital.. 32 2,470,000 Ballston Spa, N. Y...J do. Do. Newark, N. Y i Arcadia National Bank.._ Do. Consolidations of national banks under act of Nov. Whitehall, N. Y | Merchants National Bank. Do. 7,1918 -. . 0 0 Ocean City, N. J | Ocean City National Bank Do. Langhorne, Pa Peoples National Bank Do. Aggregate increased capital for period 8,880,000 Warren, Pa _ Citizens National Bank... Do. Reduction of capital owing to liquidations, etc 2,470,000 Hagerstown, Md First National Bank Do. Bristol, Va Dominion National Bank. Do. Net increase _. 6,410,000 Talladega, Ala Talladega National Bank. 5 to 9. Chicago, 111 Washington Park National 1 to 9. Bank. Waukegan, 111 First National Bank Do. Acceptances to 100 Per Cent Brighton, Colo First National Bank Ito4. Gl C e o n l w o. ood Springs, dc 1 to 3, 5 to 7. The following member institution has been author- Kansas City, Mo Traders National Bank... 1 to 7 and 9. ized by the Federal Reserve Board to accept drafts Kansas City, Mo Stockyards National Bank 1 to 9. and bills of exchange up to 100 per cent of its capital D D a a y ll t a o s n , , T e W x ash M Co e l r u c m an b t i i a le N N a a t t i i o o n n a a l l B B a a n n k k . Ito3 D . o. and surplus: The Pacific National Bank, San Fran* cisco, Calif. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULLETIN JUNE, 19H3 BUSINESS STATISTICS FOR THE UNITED STATES INDUSTRIAL ACTIVITY During April variations occurred in the less than usual in April of this year. This direction and extent of changes in activity was due largely to a sharp increase in the proamong different industries, and general indexes duction of automobiles to the largest figure on changed only slightly. The indexes of pro- record. Smaller increases were noted also in duction in basic industries, which is adjusted the output of lumber, cement, and brick. Profor seasonal variations, of manufacturing pro- duction of iron and steel decreased rather duction, and of employment in factory indus- sharply and that of food products was seasontries showed small and rather insignificant ally less. Among textiles, activity in the cotton declines. Factory pay rolls decreased to a industry increased a little during April, but in somewhat greater extent. On the other hand, woolen and worsted manufacturing operations building contracts were at a new high record, were reduced, and employment figures showed as was also the volume of check payments; sharp seasonal decreases in activity in the freight car loadings were heavy for this season clothing industry. Output of minerals showed of the year, and retail sales were large. Whole- in general no more than the usual seasonal sale prices declined rather sharply from the declines during April. In fact, production of high point reached in March. anthracite coal and petroleum increased. For Among the basic industries, declines in the all products in the mining index, output was iron and steel, wool, copper, and zinc industries greater than in April, 1924. were offset by increases in the mill consumption Agricultural movements declined as usual in of cotton, and in the production of newsprint Aprn, which is ordinarily the low month of the and petroleum and by small increases in ad- year. Owing largely to uncommonly small justed indexes for other industries, particu- receipts of corn at principal markets in April, larly bituminous coal, which showed less than the index for grain receipts was the lowest on the usual seasonal decline in output during record, and the total index for all products has April. The manufacturing index, which is not not been lower for several years. Cotton sight adjusted for differences in working days or receipts, which have been unusually large all otner seasonal changes, declined considerably season, decreased considerably in April. INDEXES OF INDUSTRIAL ACTIVITY PERCENT ( MONTHLY AVERAGE, 1919 = 100 ) PER CENT 1751 I 1175 150 150 125 125 100 100 75 50 50 — MANUFACTURING PRODUCTION -MINERAL PRODUCTION 25 25 1919 1920 1921 1922 1923 1924 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.TUNE, 1925 FEDERAL. RESERVE BULLETIN 411 INDEX OF PRODUCTION IN BASIC INDUSTRIES » [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=* 100] Iron and steel Textiles Food products Year and month G i e n n d e e r x al Animals slaughtered Lumber Pig iron Steel Cotton Wool Wheat Sugar ingots flour meltings Cattle Calves Sheep Hogs 1924 April 114 127 119 97 97 105 115 98 116 102 136 127 May 103 101 92 80 93 105 109 107 111 109 124 117 June 94 81 74 70 88 107 111 86 108 102 116 104 July 95 70 67 71 83 122 125 95 117 99 141 106 August 94 71 87 72 82 100 104 94 118 91 136 105 September 103 80 99 93 91 110 141 93 128 91 132 108 October 109 93 104 109 100 97 141 94 143 93 121 120 November. 107 97 109 105 102 84 111 93 129 82 122 116 December 117 119 133 111 102 82 91 99 155 87 130 128 1925 Jtiniiarv 127 134 2 151 115 100 94 132 100 140 90 121 147 February 124 143 150 114 99 103 104 96 157 91 107 125 March 120 136 2147 110 95 94 133 100 138 102 96 125 April 119 128 128 121 92 90 134 104 124 120 101 123 Coal Nonferrous metals Tobacco products Year and month B n it o u u m s i- An c t i h te ra- Copper Zinc le S a o th le er N p e ri w n s t - Cement P le e u tr m o- Cigars r C e i t g te a s - M to t a u b n r a u e c f d c a o c- 1924 April 94 97 127 114 62 111 169 189 88 157 91 May 90 101 125 121 57 116 172 192 95 173 96 June 85 100 124 111 54 103 173 187 91 163 94 July 89 106 133 109 63 102 193 185 98 155 97 August 87 95 132 106 62 101 190 190 95 157 93 September 103 105 130 104 68 107 186 191 100 162 98 October 110 95 133 108 71 110 183 185 97 158 99 November 104 91 140 108 71 104 187 183 96 145 89 116 100 137 121 76 103 182 182 92 170 94 1925 January 125 104 147 128 68 106 243 192 91 188 105 February 109 116 147 119 72 108 193 191 88 171 97 March 95 96 142 131 70 110 199 187 86 170 89 April 105 106 136 124 69 115 199 194 87 178 95 i This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 379, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. » Revised. REVISED INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES i [Monthly average, 1919=100] M p e r t o a d ls u c a t n s d Textiles and products Lum- Rail Paper Foods Leather Stone, To- Chem- G i e n n d e e r x a l I - i G n r d o e u x p s I a t r n e o d e n l G in r d o e u x p Fabrics P u r c o t d s - p u V r c o ip 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 c n o t d d s - p u a r c n o t d d s - c g a l l n a a d y ss , b p u a r c c o t c d s o - p i u a c r c n o a t d l d s s - 1924 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 93.2 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 9,3.2 87.9 116.1 91.1 74.1 1925 January 94.6 87.5 87.1 97.4 100.6 93.4 99.8 89.3 103.8 105.1 90.2 9a 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 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 April 96.0 89.2 88.7 100.8 96.5 100.6 88.8 121.7 104.7 83.7 88.8 123.2 81.7 75.4 i This table contains for certain months index numbers of employment, together with group indexes for important industrial components. The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in'detail and indexes for tne above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL. RESERVE BULLETIN JUNE, 1925 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES i [Monthly average, 1919=100] Metals and G in en 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 F a a n b d ri c p s rod P u u r c o c t t d s s - L p u a b r u n c e o m t d r d s - - v r R c o e l a a e h i d s i l - m A o u b t i o le - s P p a r i a n n i p n g d e t r - F p u a o r c n o o t d d d s - s L p e u a r a c n o t t d h d s e - r S c g a t l l o n a a n y s d s e , , b p u T a r c o o c t - c d s o - C p i a u h c r n c a e o d t l m d s s - - 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 96.8 102.3 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 98.7 100.0 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 1925 January . _ __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 97.0 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 99.7 March 110.4 97.2 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 April _ 107.6 94.4 93.9 108.0 111.7 103.5 107.9 95.4 156.2 137.1 98.5 91.5 149.9 74.2 97.6 1 This table contains for certain months index numbers of pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. INDEXES OF INDUSTRIAL ACTIVITY i [No seasonal adjustment. Monthly average 1919=100] Agricultural imovements Mineral production Year and month Ani- An- Bitu- Total s L t i o v c e k - p m ro a d l - Grains C to o n t- t V a e b g le e s - Fruits b T a o c - co Total t c h i r t a e - n m ou i- s P le e u tr m o- i P ro ig n C p o e p r - Zinc Lead Silver ucts coal coal 1924 January 105 123 98 91 83 120 90 238 138 108 135 179 118 132 126 114 111 February 96 101 101 120 41 123 102 133 130 104 122 176 121 130 112 124 115 March _. 81 98 90 87 33 138 92 75 128 110 106 189 136 129 122 134 121 April 77 97 129 54 34 113 93 17 110 93 78 189 127 131 114 125 97 May 87 98 148 62 34 119 178 20 114 106 83 196 103 130 121 137 123 June 87 95 165 67 19 146 140 6 111 105 81 191 79 127 111 143 111 July 100 96 166 118 21 137 148 2 113 106 86 194 70 129 109 138 95 August 121 90 127 218 38 107 144 63 116 97 92 196 74 132 106 139 104 September 152 109 107 195 175 165 163 127 124 106 109 189 81 126 104 146 2 117 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 2 119 122 93 112 127 130 2 85 292 140 101 134 188 132 2 147 128 2 146 117 February 2 88 94 92 76 79 121 2 72 161 119 98 100 171 126 2 137 119 2131 107 March 86 91 109 73 71 128 2 106 53 123 96 97 191 140 2 149 131 2 154 2 104 April 73 87 126 40 43 125 94 17 119 102 87 198 128 140 124 142 109 Manufacturing production Year and month Total s I a t r n e o e d n l A b m u i o l t e - o s - T ti e l x e - s p F u r o c o o t d d s - L b u e m r - p P r a i a n n p t d i e n r g L s e a h a n o th d es er P le e u tr m o- C b e a r m n i d c e k nt b T a o c - co R t b i u r e b r e - s 1924 January 122 126 196 116 109 128 122 172 118 118 152 February 123 131 228 106 105 132 117 166 123 103 154 March 127 145 237 100 105 141 120 94 180 140 109 162 April 122 122 231 98 98 149 126 181 154 106 152 May 112 96 193 89 100 162 120 171 167 122 144 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 87 172 102 142 107 84 182 166 123 158 September 112 96 178 112 143 109 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 126 145 142 121 118 145 122 199 111 118 171 February 119 132 169 114 98 134 114 186 107 105 176 March 133 147 223 122 '95 150 2130 204 136 116 2 190 April 132 128 260 119 155 130 168 113 191 *For description and early figures see BULLETIN for March, 1924. J Revised. J Preliminary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 413 COMMODITY MOVEMENTS With the March issue the publication in the BULLETIN of detailed statistics regarding A 1 p 9 r 2 i 5 l, M 1 a 9 r 2 c 5 h, A 1 p 92 r 4 il, movements and stocks of commodities was discontinued. Certain figures compiled bj the Transportation board's division of research and statistics are Revenue freight loaded and received from connections (cars loaded, 000 still published in order that users of these omitted): data may continue to have comparable series Classified by nature of products- Grain and grain products 144 161 163 of data. Information as to current figures for Livestock 122 119 129 Coal 607 637 536 any of the discontinued series will be furnished Coke 48 54 48 upon request. Forest products 339 351 331 Ore 126 52 90 Merchandise, 1. c. 1 _ 1,122 1,125 1,085 Miscellaneous 1,561 1,503 1,428 April, March, April, 1925 1925 1924 Total- 4,069 I 4,002 3,811 Grain and Flour Classified by geographical divisions— Receipts at 17 interior centers (000 Eastern 974 955 927 omitted): Allegheny 839 827 793 Wheat (bushels) 10,010 16,967 10,847 Pocahontas 191 177 157 Corn (bushels) 9,922 23, 802 18,107 Southern 658 678 583 Oats (bushels) 13,614 14, 733 16,004 Northwestern 555 501 513 Rye (bushels) 1,506 833 960 Central western 569 579 572 Barley (bushels) 2,038 3,372 2,804 Southwestern 283 267 Fl T ou o r t a ( l b g a r r a re in ls ) (bushels) 37 1 , ,6 0 8 9 8 0 59 2 , , 0 7 9 0 1 7 48 1 , ,9 7 5 22 7 Total. 4,002 3,811 Total grain and flour (bushels) _ _. 44, 687 9,115 57,. 528 BUILDING STATISTICS Shipments at 14 interior centers (000 omitted): Building permits issued in 168 cities, Wheat (bushels) 14,510 18,434 12, 933 grouped by Federal reserve districts: Corn (bushels) 13, 069 12,430 14,927 Number of permits- Oats (bushels) 20, 269 16,684 16.207 Boston (14 cities) 3,959 3,036 4,079 Rye (bushels) 2,065 349 999 New York (22 cities) 14,044 13,398 12,402 Barley (bushels) 1,767 2,085 2,121 Philadelphia (14 cities) 3,901 4,030 4,505 Cleveland (12 cities) 7,866 6,561 8,195 Fl T ou o r t a ( l b g a r r a re in ls ) (bushels) 5 2 1 , , 5 6 8 81 9 49 2 , , 9 7 8 6 3 2 47 2 , , 1 6 8 5 7 6 R A i t c la h n m ta o n ( d 1 5 ( c 1 i 5 ti c e i s t ) ies) 4 3, , 5 5 6 5 1 7 I 4 3 , , 2 8 9 8 9 7 4 4, , 7 0 5 2 1 6 Total grain and flour (bushels) _.. 63, 333 62,413 59,137 C St h . i L ca o g u o i s ( 1 (5 9 c c i i t t i i e e s s ) ) 16 3 , , 4 2 7 0 8 2 j 1 3 2, , 1 8 6 8 4 6 1 3 7 , , 8 13 9 1 2 Stocks at 11 interior centers at close of Minneapolis (9 cities) 3,020 1,712 2,605 month (000 omitted): Kansas City (14 cities) 3,591 4,073 3,614 Wheat (bushels) 31,976 40,656 44,477 Dallas (9 cities) 2,584 2,764 2,842 C orn (bushels) 20, 557 28,784 15,010 San Francisco (20 cities) 12,095 13, 227 12,382 Oats (bushels) 43, 541 56, 779 8,793 Rye (bushels) 9,191 10,190 18, 602 Total.. 78,858 | 73,037 ;0,424 Barley (bushels) 2,014 2,710 701 Value of permits (dollars, 000 Total grain (bushels) 107,279 139,119 87,583 omitted)— Re o c m B e W C R O i i a o y a p t h r t r e t t e l s 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 e s e l h h l s l s s e e ) s ) e ) l l a s s ) ) b oard centers (000 _. 14 3 2 3 , , , , 3 0 4 4 6 9 7 2 0 3 6 4 3 4 4 1 2 1 4 1 , , , , 3 5 4 2 3 8 4 7 1 3 1 0 5 9 8 1 1 3 , , 2 5 8 8 9 9 4 7 5 8 4 8 1 4 9 N B A P R C C S h t o i l h e t . e c l i w s i a l v L h c t a o n e a m o d Y n g l t u a a e o o o i n l ( n s r p 1 ( d ( k d 1 1 4 h ( 5 5 9 i ( c ( ( 1 a c 2 1 i c c 2 t i 2 5 i i i ( t t t e 1 c i i i c c e s e i e 4 i i t s ) s s t t i ) i i p ) ) e e e i s s s t ) i ) ) es) _. 1 3 3 2 7 1 1 1 1 1 6 8 0 7 7 4 1 , , , , , , , , 9 6 0 8 8 5 2 5 5 4 7 9 6 2 1 2 4 7 6 7 3 7 9 7 1 3 2 6 1 1 1 1 1 0 0 5 9 4 1 0 2 , , , , , , , , 1 4 4 3 7 2 0 0 1 7 8 3 1 8 1 2 4 4 0 1 6 3 6 4 2 6 2 6 1 1 1 1 9 2 9 8 4 6 1 0 , , , , , , , , 2 0 6 4 1 1 5 6 3 5 1 5 1 7 5 5 3 1 6 3 9 0 3 6 Fl T ou o r t a ( l b g a r r a re in ls ) (bushels) 23 1, , 9 9 3 3 1 ) 1 2 9 , , 4 9 8 5 2 4 1 1 7 , , 8 5 6 56 1 M D K a a i l n n l n s a a s e s a ( p C 9 o c i l t i i y t s i e ( ( s 1 9 ) 4 c c it i i t e ie s) s) 1 1 0 2 8 , , , 8 9 3 6 4 3 3 6 1 1 6 7 1 , , , 2 0 3 8 2 7 0 7 3 5 9 6 , , , 4 8 2 9 0 7 8 9 7 Total grain and flour (bushels)... 32,621 31,121 25, 932 San Francisco (20 cities) 41,594 40, 216 34,556 Stocks at 8 seaboard centers at close of Total. 402, 444 348,334 297,991 month (000 omitted): Wheat (bushels) 9,315 11,028 2,686 Building contracts awarded by Federal Corn (bushels) 682 834 1,002 reserve districts (dollars, 000 omitted): Oats (bushels) 1,656 1,298 713 Boston 37, 934 32, 284 31,516 Rye (bushels) 2,220 7,978 645 New York 135,159 87,050 169,637 Barley (bushels) 918 1,589 1,786 Philadelphia.. 50, 292 48,902 38,875 Cleveland 70,495 68,857 49, 788 Total grain (bushels) 14, 790 22, 727 6,832 Richmond 43, 299 59, 809 24, 516 W o h m ea i t t te fl d o ) u . r . .. production (barrels, 00 _ 0 . 8,183 9,307 9,521 A S C t h t . l i a L c n a o g t u a o is. 1 3 3 1 7 2 1 , , , 2 4 6 5 7 8 5 0 4 3 9 3 4 2 0 , , , 2 1 3 7 3 0 4 6 5 3 3 6 4 6 5 , , , 3 7 5 0 5 6 3 9 2 Tobacco Minneapolis. _ 13,141 10,490 11,347 To ( b p a o c u c n o d s s , a 0 le 0 s 0 a o t m l i o t o t s e e d - ) le : af warehouses D K a a l n l s a a s s City 1__ 2 1 2 3 , , 3 4 9 4 8 0 1 12 4 , ,0 8 8 1 5 9 15,074 Dark belt Virginia.. Bright belt Virginia Total (11 districts)... 567, 567 491, 011 2 477,377 Burley Western dark 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

414 FEDERAL RESERVE BULLETIN JUNE, 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] Percentage change Percentage change G er e a n l - Gro- Meat Dry Shoes Hard- Drugs i s n al es A p c ri o l m , p 1 a 9 r 2 e 5 d , e in n d s to « c o k f s at A p t r h i e l, index ceries goods ware with— 1925, compared with i- 1924 March, April, March, April, January 80 80 66 97 49 91 116 1925 1924 1925 1924 February... 78 77 63 98 49 90 109 March 80 80 62 90 65 104 118 April 78 79 61 81 69 108 114 Hardware: May 77 81 64 72 56 104 110 United States -- 0.4 -0.2 -1.5 -5.5 June 76 83 64 70 52 96 105 New York district -1.6 -6.1 17.9 -16.6 July 78 83 67 79 44 93 110 Philadelphia district 2.0 0.3 -1.0 -2.6 August 83 83 68 102 56 93 107 Cleveland district —5.6 —3.9 September.. 92 93 71 116 69 106 117 Richmond district -6.5 -9.2 8. 0 October 95 100 78 104 67 110 128 Atlanta district —4.5 8.8 November.. 84 89 69 88 57 98 109 Chicago district 6.3 -0.4 -1.6 -4.2 December _. 79 83 66 77 57 99 109 St. Louis district —4.9 15.3 1925 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 - 1 2 5 .3 .9 1 6 1 . . 2 8 January 79 80 71 82 43 89 116 Dallas district -10.8 -1.3 -2.6 -4.2 February... 76 73 69 88 46 91 109 San Francisco district -0.1 —0.4 March 83 79 73 96 63 107 121 Drugs: April 79 75 68 87 64 107 115 United States -4.8 0.6 1.5 New York district —12.9 —6.8 1.3 i For description of the wholesale trade index see FEDERAL RESERVE Philadelphia district —3.1 5.4 : BULLETIN for April, 1923. Cleveland district —0.5 -0.1 Richmond district -3.3 4.1 Atlanta district 3 5 7.9 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Chicago district -2.2 3.0 0.9 0.5 AND DISTRICTS St. Louis district -5.1 5.9 Kansas City district 0.2 6.0 Dallas district 1 2 3 2 —0 9 —1 9 Percentage change Percentage change San Francisco district -2.5 11.6 in April, 1925, in stocks at the Furniture: sales compared end of April, Richmond district -4.1 6.8 16.3 24.1 with— 1925, compared Atlanta district —3.6 8.9 with i— St. Louis district -11.9 -2.8 68.2 0.2 Kansas City district —4.4 21.8 March, April, March, April, San Francisco district —4 8 —7.5 1925 1924 1925 1924 Agricultural implements: United States2 . -0.5 32.7 Groceries: Atlanta district-A. 2.0 63.7 United States -5.3 -4.5 5.7 Minneapolis district 1.8 89.1 Dallas district . —32.8 —42.5 —0.6 —0.9 Boston district 1.6 -1.2 1.7 2.7 San Francisco district _ —21.3 7.0 New York district -3.1 -7.0 -10.2 11.7 Stationery ana paper: Philadelphia district -3.4 -2.2 -7.5 -1.0 New York district —3.6 -3.8 Cleveland district -2.9 -7.6 Philadelphia district -8.7 -4.4 0.2 4.6 A Ri t c la h n m ta o n d d is d tr i i s c t t rict - -8 2 . . 4 5 -4 2 . . 3 8 -11.9 7.2 A Sa tl n a n F t r a a n d c i i s s t c ri o c t district -1 0 . . 5 1 4 7 . . 7 6 Chicago district -8.6 -9.6 -4.1 11.7 Automobile supplies: St. Louis district -10.5 -1.6 -2.0 12.5 San Francisco district 6.9 —0.7 Minneapolis district —4 4 —2 7 Clothing: Kansas City district 1.3 -8.7 New York district -26.4 -6.9 Dallas district -10.7 -5.4 -6.9 3.4 St. Louis district 322.2 13.6 San Francisco district -9.8 -6.3 Cotton jobbers: Dry goods: New York district 0.7 -17.6 United States -9.3 7.4 0.0 -14.3 Silk goods:8 New York district -20.3 New York district —18.3 25.2 Machine tools: Philadelphia district -14.6 -6.3 0.2 -17.0 New York district -8.7 18.2 Cleveland district —9.5 —3.6 Diamonds: Richmond district —19.4 -6.4 -3.5 -21.3 New York district -12.4 18.6 Atlanta district -16.3 9.0 Jewelry: Chicago district -2.6 0.1 -0.0 -10.6 New York district -8.3 -13.2 1.6 15.4 St. Louis district -15.9 7.8 7.0 -13.3 Philadelphia district -2.5 -2.8 10.4 8.4 M D K a a in l n l n s a a e s s a d p C i o s i t l t r i y s ic d d t i i s s t t r r i i c c t t - -1 1 -2 8 3 . . . 5 8 1 - 1 8 8 6 . . 9 . 2 4 4.4 -14.0 Elec A P tr h t i l c i a l a a n l d t s a e u lp d p h i p s i l t a i r e i s d c : t istrict -0 3 . . 8 9 - 1 2 0 .1 .6 7.6 -0.5 San Francisco district -7.8 —6.6 St. Louis district 3.2 -0.5 -6.2 5.1 Shoes: Millinery: United States 2.5 -6.9 -3.9 -13.8 Kansas City district -39.0 -15.7 Stoves: Boston district -3.8 -0.9 -0.3 1.2 St. Louis district -8.4 1.6 -22.1 0.7 New York district 2.7 -7.9 6.4 9.5 Philadelphia district -12.4 -12.6 -0.0 -0.7 Cleveland district 20.3 -5.5 i Changes in total stocks for the United States are weighted averages Richmond district -16.3 -11.1 -0.4 0.3 computed on the basis of firms which have reported regularly to the Atlanta district -20.2 -8.1 Federal Reserve System since January, 1923 Chicago district -— 14.6 -12.9 -6.7 -22.8 1 Sales of^ agricultural implements for the United States are compiled St. Louis district -6.0 -6.8 -6.8 3.0 by the Chicago Federal Reserve Bank from reports of leading imple- Minneapolis district 18.9 35.3 ment manufacturers and include all their domestic business. San Francisco district -9.5 -14.0 *Stocks at first of month—quantity, not value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 415 RETAIL TRADE, BY REPORTING LINES 1 [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Year and month II 23 •si III 3 03 O 03 CO January 154 126 100 204 173 146 137 130 102 184 February. 167 128 101 200 179 150 140 132 112 190 March 184 115 91 184 170 147 140 118 110 182 April 205 131 111 208 190 149 136 153 103 205 May. 82 186 123 100 214 183 153 141 130 99 193 June. 75 169 120 104 203 176 146 134 132 94 181 July 72 177 123 214 179 147 129 123 97 181 August 91 180 118 211 181 151 141 138 102 179 September. 110 189 131 112 221 183 147 137 129 110 192 October... 124 199 124 109 234 188 156 137 122 102 194 November. 111 186 126 105 230 191 154 139 134 195 December 184 282 131 123 242 198 153 142 142 188 January.. 92 162 124 110 249 207 161 141 141 112 February. 99 175 131 116 243 209 161 140 149 120 207 March.... 105 188 120 103 235 185 159 135 127 116 186 April 107 210 132 114 260 208 164 139 152 126 210 1 For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924. »Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of Research and Statistics, Federal Reserve Board. DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919= 100] Sales without seasonal adjustment Sales with seasonal adjustment Number of re- Federal reserve district port- 1925 1924 1925 1924 insr firms Apr. Mar. Feb. Jan. Apr. Mar. Feb. Apr. Mar. Feb. Jan. Apr. Mar. Feb. United States 359 135 121 101 108 133 115 102 132 120 131 124 131 115 128 Boston 24 136 110 94 no 137 113 101 129 110 126 122 130 112 130 New York 63 140 124 107 120 137 118 103 136 122 140 132 134 116 129 Philadelphia 22 130 121 105 136 120 111 119 131 125 120 124 129 132 Cleveland 54 142 125 106 107 145 120 112 139 123 137 123 141 119 138 Richmond 23 132 119 89 93 128 109 88 129 115 120 113 125 105 113 Atlanta 35 109 99 84 83 107 94 83 106 100 111 102 104 95 104 Chicago _ 63 147 127 107 112 145 123 112 145 127 136 132 143 122 136 Minneapolis 23 116 97 81 92 115 94 77 110 99 115 107 111 97 105 Dallas 21 110 107 90 92 101 94 82 116 101 114 106 106 89 99 San Francisco 31 146 142 113 128 139 134 121 153 143 149 145 145 135 152 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919—100] Stocks without seasonal adjustment Stocks with seasonal adjustment Number Federal reserve district of re- 1925 1924 1925 1924 porting firms Apr. Mar. Feb. Jan. Apr. Mar. Feb. Apr. Mar. Feb. Jan. Apr. Mar. Feb. United States 314 140 138 127 119 140 138 127 136 137 135 134 136 137 135 Boston 24 127 126 115 112 128 128 115 134 127 123 124 125 129 123 New York 63 139 135 123 118 136 130 119 134 133 132 132 131 127 128 Philadelphia . . 13 183 183 167 147 162 162 152 180 179 177 164 159 161 162 Cleveland - 52 140 137 125 112 141 137 126 135 136 134 133 136 136 135 Richmond 19 132 131 118 109 134 134 121 128 125 126 129 130 128 129 Atlanta 22 115 114 107 99 124 125 123 113 113 111 110 122 124 127 Chicago . 51 155 157 145 137 161 162 144 149 158 156 154 155 164 155 Minneapolis 22 116 117 106 99 112 114 106 112 112 109 111 108 110 109 Dallas 19 125 122 113 103 125 126 118 125 121 121 120 125 125 126 San Francisco ._ 29 140 136 126 123 148 143 131 135 134 131 134 143 141 137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDERAL RESERVE BULLETIN JUNE, 1925 FOREIGN BANKING AND BUSINESS CONDITIONS THE BELGIAN NATIONAL BANK IN 1924 The statements of the Belgian National the sum of notes in circulation has not dimin- Bank in 1924 reflected the steady expansion of ished, in comparison with the preceding year, trade and industry at prices aoove those of if indeed, it has again increased, it is because preceding years. Total commercial loans aver- the vital needs of industry have demanded a aged about 60 per cent above 1923 and were certain increase in the intervention of the bank more than double the average of 1922. Com- of issue in the matter of discounting.77 mercial deposits were also substantially higher, The report reviews the evidence of the expanaveraging 30 per cent above 1923 and being sion of industrial activity during the last year. only slightly above the levels of 1922. Note Unemployment has been practically noncirculation averaged 7,608,000,000 francs, which existent, ship entrances at Antwerp rose was substantially above the level of any pre-from 17,353,000 tons in 1923 to 19,303,000 tons ceding year, and the figure for December 31, in 1924, and monthly production of pig iron, 1924, namely 7,873,000,000 francs, was the crude steel, and finished steel were larger. highest ever recorded. During the course of "Still, if the year 1924 was better than the year 1924, however, the volume of loans and of before, a slowing down in the rate of improvenotes in circulation showed little change, fol- ment is perceptible. There is striking evidence lowing the marked expansion which took: place of this in the principal production figures, during 1923. which show that the gain made in 1924 over The following table shows the yearly average 1923 was much less noticeable than that of 1923 figures for the principal items of the account compared with 1922. Further, certain prodfor 1920 to 1924: ucts, such as coal and finished iron, show that output was stationary if not falling off. The PRINCIPAL ITEMS IN THE STATEMENT OF THE BELGIAN impression is obtained from statistics as well as NATIONAL BANK from facts observed in the conduct of business [Yearly averages. In millions of francs] that we are touching the end of the reconstruction period and it appears that we are nearing a 1920 1921 1922 1923 1924 more normal situation.77 Recurring to the expansion of the circula- Gold and silver ._ 294 303 312 331 340 Foreign bills 60 23 19 18 18 tion, the report adds: "Nevertheless, intent Domestic bills 581 607 496 832 1,320 upon not permitting the fiduciary circulation Advances 114 146 185 223 413 Advances to State 1 5,500 5,500 5,400 5,300 5,200 to rise further, the bank has not ceased to C Pr i i r v cu a l te a ti d o e n posits 5 1 , , 3 41 5 3 1 6,1 5 4 0 7 3 6, 2 3 3 9 4 4 6,9 1 7 8 8 2 7,6 2 0 4 8 9 follow a rigorous discount .policy. It is under Total sight liabilities 7,167 7,171 7,106 7,329 7,950 the pressure of unavoidable necessities of monetary considerations that it acts in this * End of year figure. On Dec. 31, 1919, these advances to the State, which were made to retire German marks put in circulation during the fashion. Also, let us hope that the State may war, stood at their maximum of 5,800,000,000 francs. find it possible to accelerate the repayment of It will be noted that although the note its debt (to the bank) and so place at our discirculation in 1924 was about 2,257,000,000 posal new margins of credit which we can utilize francs above the average for 1920, private in improving the productivity of the country, deposits were more than 1,000,000,000 francs without risk of affecting unfavorably by suplower. The increase in the note circulation plementary issue the future of the national since 1920 is accounted for partly by a conver- currency. In this respect we must deplore the sion of deposits into currency, partly by the fact that in Belgium 'expansion of credit by increase in domestic bills, and, to a smaller the bank of issue7 means almost certainly a degree, by the growth in secured advances. 'corresponding expansion of the notes put in The loan to the State for the purpose of redeem- circulation,7 although this coincidence is by ing the German marks put in circulation during no means inevitable. the occupation and which forms the basis of "It is distinctly regrettable to remark that, about two-thirds of the circulation has been notwithstanding the incessant efforts employed steadily reduced. The increase in currency, already for many years to effect economy in the therefore, has been in response to the demands use of currency wherever possible, despite the of commerce and industry. In this connection multiplication of clearing houses, despite the the annual report of the bank remarks: "If increase in the number of deposit accounts in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 417 banks, the use of the check as a medium of BANKING OFFICE OF THE MINISTRY OF payment has not yet become habitual with us FINANCE OF CZECHOSLOVAKIA to a greater extent." Pending the organization of a central bank, After discussing at some length the diffi- as contemplated by the law of April, 1920, the culties caused by the fluctuations of exchange functions of such an institution continue to be rates, the report concludes that the only way exercised by the banking office of the Ministry to reduce them is through the " judicious and of Finance. The statements of the office for prudent use of an exchange reserve." This 1924 show a steady growth in the demand for consideration, among others, led to the deci- credit. Total loans, including discounts of sion of the Government to float a foreign loan commercial bills and securities and advances during the year. "A loan operation was there- on collateral, at the end of 1923 amounted to fore decided upon by the Government and used 1,997,000,000 crowns. After falling to 1,508,for a triple purpose, namely, the consolida- 000,000 at the end of January, they rose to tion of a part of the floating debt in the form 2,177,000,000 at the end of June and to 2,525,of certain securities representing war compen- 000,000 at the end of the year. The bank sation, the provision of credits for the Belgian rate, which stood at 5^ per cent at the opening Congo, and, finally, the protection of the franc. of the year, was reduced to 5 on January 28. A first series of the contemplated loan, amount- The rate was abruptly raised to 6J^ per cent ing to $50,000,000 nominally, was issued on March 10, "when the attack, that was December 18, 1924, on the American market; opened by the international speculators against the operation was a complete success and, under the French franc, reflected also upon the condifavorable conditions, placed an important sum tions in Czechoslovakia/7 to quote from the in dollars at the disposal of the country." Bulletin of the banking office. At the end of The national bank, on behalf of the Govern- May the rate was reduced to 6 per cent, at ment, undertook the utilization of this fund which level it remained through the remainder "with the view of insuring, as far as possible, of 1924, and, in fact, down to March 25, when the regularization of the exchange rate," and it was advanced to 7 per cent. Commenting will assume a part of the charges which the on the great increase in the total of credits, the operation entailed to the State. "The bank Bulletin remarks: "These firmer conditions is disposed to consider as forming part of its in the money market can easily be accounted unproductive reserve holdings,' in the large for, if we take into consideration the percentage sense of the word, a certain portion of the by which the activity of home industry has dollar balances which will be turned over to increased during the period.77 it in exchange for bills from its portfolio, and Accompanying the growth of credits by over the sums produced by the placing of these 25 per cent during the year, there was a change dollar balances will be credited to the State." in the character of the loans. Advances on These plans have been embodied in law. collateral fell from 952,000,000 on December "But if the voting of this law and the execu- 31, 1923, to 625,000,000 a year later, a net tion of this program are by way of forming a decline of 327,000,000 crowns. On the other solid rampart for our currency, we must still hand, discounts rose 854,000,000, the holdings report that they by no means constitute a of commercial bills rising from 667,000,000 to definite solution to the monetary problem of 1,313,000,000 and discounts of other securities our country. They do not at all relieve us from. 378,000,000 to 586,000,000. "This polfrom pursuing with incessant perseverance and icy,77 states the Bulletin, "not only bettered with much greater firmness the princples which the quality of the bills discounted, but also we have adopted as the basis of our efforts and stopped the steady increase in indebtedness of of our hopes in monetary matters. It is im- industry to the banks.77 possible to change, by technical measures, the In contrast to this increase in loans, the comdownward tendency of a currency if the bined holdings of gold and foreign assets dedecline is caused by economic causes. To clined during the year; " Gold and silver77 rose assure a currency's definite recovery, it is only from 1,033,000,000 to 1,050,000,000, necessary to influence the fundamental con- while "balances abroad and foreign currency,77 ditions that determine its value." which amounted to 1,003,000,000 at the end of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN 1925 1923, fell to 620,000,000 in July, but rose to foreign credits.'7 That this expansion was only 737,000,000 at the close of the year. This de- temporary was shown by the statement for the cline, amounting to 266,000,000, was " offset end of January, showing a decline for the by outstanding balances of exporters." month of 231,000,000 in bills and of 554,000,000 Among the liabilities, note circulation de- in discounted securities, while circulation declined, while deposits increased. At the end of clined by 893,000,000 and deposits by 667,- 1923 the former stood at 9,599,000,000, fell to 000,000. 7,533,000,000 on August 23, and rose again to By March 31, compared with the end of 8,810,000,000 at the end of the year. Deposits December, the metal holdings showed a small defell from 966,000,000 at the end of December, cline, but "balances abroad, etc.," had dropped 1923, to less than half that figure (438,000,000) a further 193,000,000 to 544,000,000, which was at the end of September, but nearly trebled lower than any month end in 1924. Total loans, during the next three months, to 1,164,000,000 however, had fallen 1,038,000,000 to 1,487,000,at the end of December. Against this remark- 000, which was 300,000,000 less than for the corable rise in circulation and deposits, in the same responding date a year before, while circulation three-month period, bills discounted increased had in the three-month period, dropped more 514,000,000, securities purchased 213,000,000, than 1,000,000,000 and deposits nearly 600,and "balances abroad'' rose 80,000,000. This 000,000, the figures for both items being con- "strong advance in the holding of bills in the siderably below the end of March, 1924. last three months of the year was due to the The Czechoslovakian crown has been very financing of the unusually heavy sugar crop, stable for months, the lowest rate for last means for which have been partially provided year being 2.8775 cents and the highest by credits in this country, partially through 3.0350 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

3vtm, 1925 FEDERAL. RESERVE BULLETIN 419 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 . April March Fe a b ry ru- April April March Fe a b ry ru- J a a r n y u ^ - Bank of England: Reichsbank: Issue department- Gold at home 896 798 700 636 Gold coin and bullion 154 127 127 126 Gold abroad ._ _. 118 205 207 199 Notes issued 174 147 147 146 Reserves in foreign exchange 338 334 302 278 Banking department- Bills of exchange and checks 1,496 1,578 1,737 1,771 Gold and silver coin 2 2 2 2 Miscellaneous assets _ 1,123 1,217 1,684 1,507 Bank notes 25 22 22 20 Deposits _ ._ 706 743 918 747 Government securities 37 39 42 43 Reichsmarks in circulation 2,452 2,315 2,106 1,901 Other securities 76 77 74 74 Rentenmarks in circulation 1,896 1,911 1,967 1,967 Public deposits 17 15 16 11 Reichbank clearings 4,165 4,095 3,637 3,936 Other deposits 105 106 106 111 Six Berlin banks: Ratio of gold and note reserve Cash 84 201 to deposit liabilities (per Bills... 883 887 cent) 22.1 19.8 19.4 18.4 Due from other banks 624 693 Bank notes in circulation 94 97 98 103 Miscellaneous loans 1,874 1,550 Currency notes and certificates 290 284 281 290 Deposits 3,571 3,340 Nine London clearing banks: Index of security prices (Jan. 2,1925 = Money at call and short notice. __ 112 108 121 100) (per cent) 95.54 97.60 101.47 111.37 Discounts and advances 1,039 1,043 1,055 1,015 Capital issues 24 31 26 102 Investments 278 283 287 332 Tota T l o c t l a e l a r d i e n p g o s sits 3 1, , 6 2 0 9 6 5 3 1, , 6 4 0 5 5 3 3 1 , , 3 6 1 4 6 3 3 1 , ,6 4 1 5 5 4 1 Figures for the six Berlin banks are for Dec. 31, 1924. Government floating debt: ITALY Total 728 742 760 755 Treasury bills 563 576 592 545 [Millions of lire] Temporary advances 165 166 168 210 Index of security prices (December, 1921=100) (per cent) 116.5 116.9 117.9 115.6 1925 1924 Index number of foreign exchange value of the pound sterling (per cent) _ 126.3 127.3 126.8 123.5 March Fe a b ry ru- J a a r n y u- March FRANCE [Millions of francs] Bank G s o o ld f r is e s s u e e r : ve1 _ _. _- 1,132 1,132 1,131 1,126 Total reserve 1,788 1,794 1,819 1,832 Bank of France: Loans and discounts _ 8,242 7,919 7,626 7,264 Gold reserve * 3,682 3,682 3,681 3,678 Note circulation for commerce 10,621 10,326 10,500 9,212 Silver reserve.------ -. 317 309 306 299 Note circulation for the State 7,073 7,145 7,146 7,607 W m ar e n a t dvances to t _ h e Gov _ ern- 23,250 21,800 21,900 22,700 Lead T i o n t g a l p d ri e v p a o t s e i t b s anks: 2,637 2,817 2,806 # 2,763 Note circulation 43,050 40,892 40, 792 39,824 Cash 955 1,246 1,048 Total deposits _ 2,105 2,052 i 2,028 2,437 Loans and discounts . 9,037 9,065 8,199 Commercial bank loans (3 banks) 14,761 | 14,677 14,813 "Dnft from correspond Ants 4,281 4,089 3,681 Commercial bank deposits (3 banks). 14,837 | 14,622 14, 705 Participations .. 411 404 306 Clearings, daily average of Paris Total deposits 13,465 13,284 11,947 banks _ 1,116 1,122 1,027 1,386 State note issue. _ 2,300 2,400 2,400 2,428 Price of 3 per cent perpetual rente._. 45.00 46.85 48.10 54.00 Index of security prices (per cent) 262 297 259 203 i Not including gold held abroad. 1 Not including gold held abroad. CANADA JAPAN [Millions of dollars] [Millions of yen] 1925 1924 1924 Febru- Janu- Febru- March ary ary March April March ary April Chartered banks: Bank of Japan: Gold coin and bullion i 52 52 53 54 Reserve for notes i 1,059 1,059 1,059 1,061 Current loans and discounts 1,140 1,131 1,114 1,186 Loans and discounts 275 339 311 527 Money at call and short notice... 316 330 319 313 Advances on foreign bills 61 62 81 126 Public and railway securities 569 570 542 470 Note circulation 1,272 1,289 1,297 1,333 Note circulation 158 158 155 171 Government deposits 249 301 299 479 Individual deposits 2,147 2,136 2,083 2,023 Private deposits 47 45 31 36 Gold reserve against Dominion notes. 120 125 131 99 Tokyo banks: Dominion note circulation 207 218 222 217 Cash on hand 343 135 110 117 Bank clearings 2 1,195 1,110 1,410 1,174 Total loans 2,411 2,392 2,392 2,467 Bank debits 2 2,005 1,915 2,230 1,974 Total deposits 1,932 1,896 1,861 1,839 Total clearings 2,870 2,843 2,552 2,318 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

420 FEDERAL RESERVE BULLETIN JUNE, 1925 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES 1925 1924 1925 1924 April March Fe a b ry ru- April April March Fe a b ry ru- April Austrian National Bank (millions Bank of Java (in thousands of of schillings): florins): Gold . 11 11 11 11 Gold.. 133,922 133, 645 153,902 Foreign bills (reserve). 347 320 320 367 Foreign bills _ 17,949 17, 670 16,494 Other foreign bills 148 172 153 Domestic bills 21,427 19, 557 35,231 Domestic bills, etc 106 105 128 213 Loans j 48, 580 54, 596 54,352 Note circulation 798 790 796 732 Note circulation _._ 276, 500271,153 272, 598 256,671 Deposits 24 30 32 70 Bank of Latvia (thousands of lats): National Bank of Belgium (mil- Gold 23,501 23, 532 23,567 20,686 lions of francs): Foreign exchange reserve 36,411 41,750 40,162 49,757 Gold 272 272 272 270 Bills 51,700 49,640 47,911 25,636 Foreign bills and balances abroad. 30 30 30 19 Loans _ 53, 373 52,222 53,010 31,236 Bills _ 1,374 1,318 1,325 1,379 Note circulation 29, 913 29, 730 28, 701 25,000 Note circulation 7,665 7,458 7,599 7,622 Government deposits 82,431 84,408 83,180 65,239 Private deposits _ 224 276 225 293 Other deposits 44,387 41,914 45, 741 37,000 National Bank of Bulgaria (mil- Bank of Lithuania (thousands of lions of leva): litas): Metallic reserve 68 68 95 Gold 32,978 32,862 31,062 24, 210 Foreign notes 2 6 1 Foreign exchange reserve 48,078 56,706 63,109 60,010 Balances abroad and foreign bills. 838 976 638 Loans and discounts 39,386 39,589 37,486 27,364 Commercial bills 315 310 166 Note circulation 88, 702 94,033 93,126 71,684 Commercial loans 523 521 364 Deposits 30,808 31,279 33, 682 36,965 Notes in circulation 4,278 4,380 5,178 Deposits 1,759 1,867 1,546 Netherlands Bank (millions of florins): Banking Office, Czechoslovakia Gold... 504 (millions of Czechoslovak crowns): Domestic bills 103 Gold and silver 1,030 1,030 1,029 1,045 Foreign bills 128 Balances abroad and foreign cur- Loans _ 150 rency 566 544 595 626 Note circulation _ Bills discounted 735 822 978 617 Deposits Advances on collateral 527 537 542 721 Note circulation 7,526 7,681 7,728 8,199 Bank of Norway (millions of Checking accounts 748 584 633 750 kroner): Gold Bank of Danzig (thousands of Loans and discounts Danzig gulden): Balances abroad On deposit with Bank of Eng- Note circulation land, foreign bills, etc 27,690 30,201 24,850 23,527 Deposits: Loans and discounts 16,829 16,459 16,401 8,827 State Notes in circulation. 30,095 31, 737 29,838 17,366 Private Total deposits ... _ 5,487 13, 750 9,491 9,408 Reserve Bank of Peru (millions of National Bank of Denmark (mil- libras): lions of kroner): Gold at home 4,025 4,184 4,094 4,248 Qdfd 209 209 209 210 Gold abroad 979 983 982 744 Bills 198 202 215 238 Bills 1,725 1,328 1,462 1,118 Loans 41 40 47 57 Notes in circulation 5,916 5,868 5,828 5,717 Foreign bills and balances abroad. 38 35 24 24 Deposits 810 492 673 318 Note circulation 465 452 453 469 Current accounts 30 46 64 62 Bank of Poland (millions of zlote): Gold 117 Bank of Finland (millions of fin- Foreign exchange, etc 259 marks) : Bills 307 Gold 43 43 43 43 Note circulation 563 Balances abroad, etc 1,133 862 913 656 Current accounts, etc.: Finnish and foreign government Treasury securities 405 474 474 501 Private Domestic bills __ 532 645 597 750 Note circulation 1,382 1,384 1,288 1,385 Bank of Portugal (millions of es- Current accounts- cudos): Private 84 68 50 25 Gold Treasury 245 116 227 115 Balances abroad.. 325 National Bank of Greece (millions Bills 155 of drachmae): Note circulation 1,716 Gold and balances abroad 2,536 2,080 2,847 Deposits 67 81 D N G Pr o o i i s v t v c e e a o r t c u e n i n r m d c ts e u e p n l a a o t n t s i d l i o o t s n l a o — n a s n s and securities 3 2 5 , , , 9 8 2 6 1 2 9 3 2 4 3 2 , , , 9 9 8 2 7 1 4 9 1 4 4 1 , , , 1 8 8 4 0 5 6 1 1 Na li t o G i n o s o n l o d a f l l B ei a ): nk of Rumania (mil- Sight 1,965 1,790 2,013 B G i o ll v s ernment loans __ Time 1,051 1,056 1,053 Note circulation National Bank of Hungary (bil- Deposits __ lions of Hungarian crowns): Gold 654 669 596 State Bank of Russia (note issuing Foreign exchange 2,082 1,984 1,989 department; thousands of cher- Bills, etc 1,486 1,514 1,677 vontsi): Note circulation ... 4,526 4,270 4,238 Gold Current accounts- Foreign currency Public 2,342 2,409 2,359 Loans and discounts Private 129 144 183 Bank notes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 421 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued 1925 1924 1925 1924 April March Fe a b ry ru- April April March Fe a b ry ru- April National Bank of the Kingdom of Serbs, Croats, and Slovenes Bank of Sweden (millions of kro- (millions of dinars): nor): F G B N C o i o u o a l r l l r t b e d s e r i r e g o c n n a i t d r c a u c c l u c a r o t r i u e o n n n t c s y an _ d balances 5 1, , 0 6 3 3 6 7 7 0 5 6 1 2 6 2 5 1, , 0 5 3 2 9 9 7 4 8 5 4 2 0 2 5 1, , 1 7 3 3 5 6 7 5 2 4 0 2 2 1 5 1, , 1 5 3 3 8 8 7 7 5 7 0 2 4 2 G B D G a o o o b l l m v i a d l S e n l e s r w c s n e i t e m i s d c i e s b n h a i t l b ls r s o ec ad u riti a e n s: d foreign 2 1 3 2 1 3 4 3 2 3 1 3 7 3 1 4 9 7 3 2 3 1 3 7 4 4 0 9 2 9 6 1 1 5 4 South African Reserve Bank Foreign 41 42 62 (thousands of pounds sterling): Note circulation 493 521 522 Gold coin and bullion 1,677 2,216 3,850 549 Deposits 253 237 269 221 Gold certificates 10,224 10,224 10,223 10,102 Total bills discounted 5,124 4,816 3,916 5,737 Swiss National Bank (millions of Domestic bills 351 668 1,497 2,524 francs): Foreign bills 4,313 3,358 878 1,353 Gold 481 498 536 Notes in circulation _ 10, 699 11,097 11,136 10,852 Domestic bills 261 269 255 262 Bankers' deposits _ 5,013 4,811 6,574 5,429 Loans 52 52 54 82 Balances abroad and due from Ban B B G k i a o l o l l l a d s f n S d c i e p s s a c o i a n u b n r ( o t m e a d d illions of pesetas): 2,5 9 3 3 3 6 0 1 2,5 9 3 3 3 6 9 0 2,5 8 3 9 2 0 4 8 N De o c p t o e o r r s c e i i t s r s p c o u n la d t e io n n ts _. 83 4 7 0 9 6 83 3 7 6 6 0 81 3 9 2 8 1 4 8 1 1 6 2 Note circulation 4,397 4,472 4,338 Current accounts _ 1,077 1,032 929 * Includes foreign government securities. DISCOUNT RATES OF 28 CENTRAL BANKS [Prevailing rates with date of last chang Country Rate I s n in 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 Apr. 15,1925 Rumania— 6 Sept. 4,1920 Belgium Jan. 22,1923 Finland 9 Mar. 6,1924 Java May 8,1925 Russia. 8 Apr. —,1924 Bulgaria Aug. 31,1924 France 7 Dec. 11,1924 Latvia 8 Feb. 16,1924 South Africa- Nov. —, 1924 Czechoslo- Germany 9 Feb. 26,1925 Lithuania... 7 Feb. 8,1925 Spain 5 Mar. 23,1923 vakia 7 Mar. 25,1925 Greece m Feb. 15,1925 Netherlands 4 Jan. 16,1925 Sweden Nov. 9,1923 Danzig 9 Mar. 6,1925 Hungary May 27,1925 Norway 6 May 9,1925 Switzerland- 4 July 14,1922 D En e g n l m an a d rk 7 5 J M an a . r . 1 5 7 , , 1 1 9 9 2 24 5 I I t n a d l i y a 9 6 J M u a n y e 2 2 1 , , 1 1 9 9 2 2 5 5 P P o o l r a tu n g d al 1 9 0 S N e o p v t . . 2 1 8 2 , , 1 1 9 9 2 2 4 3 Yugoslavia.. 6 June 23,1922 6H Changes.—Bank of Norway, from 6H per cent to 6 per cent on May 9, 1925; Imperial Bank of India, from 7 per cent to 6 per cent on May 21,1925; Hungarian National Bank, from 11 per cent to 9 per cent on May 27,1925; Bank of Italy, from 6 to 6^ per cent on June 2,1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

422 FEDERAL RESERVE BULLETIN JUNE, 1925 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] 12 months ended 1925 April—2 1925 12 mo A n p t r h il s — ended April March 1925 1924 France (million francs): April March 1925 1924 Imports 3,051 3,307 39,493 36,674 Exports 3,557 3,762 40,931 36,420 Germany (million gold marks): Imports 1,081 1,111 11,152 6,794 IMPORTS Exports 672 712 7,426 6,426 B B y y c c M M T T S F F C l o a e o i o o r a u i a n s m o u s t t n s n n i a c d a d I U e s F G i i u t l e t s l e m m s h r r . a f n l e t i E e a l a u o e l m a a i r a d y n u c t f f s m n l n e f s c a : t r u c m s d e u e o a t , f o e o r n p a a r e m K c u y e c n i d r s . a t i m u _ u u n l . f d s f r o g a o e e d d c o , s i t o d a t u m s i n r t e d u e s s f : f f s o o . d _ _ _ . . _ . . . . . 1 4 6 9 3 3 5 1 4 1 1 8 1 2 8 9 6 1 0 1 , , , , , , , , , , 0 4 8 3 3 0 5 5 5 8 1 2 2 7 0 0 0 4 9 1 2 6 4 7 5 6 6 0 1 6 3 1 1 4 4 7 5 6 1 1 1 8 4 0 5 6 2 9 7 0 2 4 3 5 2 , , , , , , , , , , , , 4 5 1 2 4 9 9 8 1 0 1 0 1 1 8 5 4 1 5 4 9 1 5 8 2 5 1 3 7 3 3 8 7 7 0 1 I 1 3 1 1 , , , 4 4 7 3 3 6 7 1 1 1 6 5 5 5 2 8 6 8 8 4 5 ' 5 6 1 9 3 2 2 4 6 4 6 2 4 , , , , , , , , , , , , 5 0 0 6 9 4 2 3 9 1 1 "3 8 8 6 8 7 9 5 7 7 2 0 5" 9 8 4 5 8 4 2 5 0 5 4 5 3 1 1 , , , 6 2 3 7 3 5 0 6 1 1 6 7 2 6 6 9 6 5 8 9 4 5 9 0 2 3 7 0 7 6 1 6 2 1 , , , , , , , , , , , , 4 8 9 2 6 7 0 6 0 8 2 4 5 2 4 9 2 2 6 9 8 6 4 1 3 9 9 6 3 0 5 9 2 6 9 8 J U S C a ' o a n s s p u n t t i a e e t t I I I E E E R E I a n e h r r m m m m d d x x l x l x e i i a ( e p p p p p p p p n n m K A x o o o o o o o g g o ( p r r i r t r i r r r ) f ) r l h n t t t : t : t r t o t t l s s s s s s s i o g i s r c o t . u d a . s n n s o a m y n e d ( ( n t t ) h d h : o o o u l u l s s a a a r n s n d ) d : s £ £ 1 6 5 6 1 1 0 4 5 0 2 0 9 , , , , , , , 3 9 7 1 8 2 3 4 1 2 0 0 0 7 5 5 1 6 6 9 5 0 7 8 0 8 8 1 8 9 7 1 1 8 5 4 5 0 2 2 , , , , , , , 4 4 6 8 3 7 8 3 1 8 3 0 8 0 7 6 1 5 8 8 7 7 3 6 1 3 1 1 1, , 0 8 7 3 1 9 5 0 9 6 4 7 1 4 8 5 2 1 6 1 0 , , , , , , , , , 5 8 9 3 4 9 7 8 4 5 8 3 5 7 6 6 4 9 3 6 3 9 7 3 4 6 6 1 1 , , 1 0 7 8 1 2 5 7 7 8 7 2 2 3 3 1 0 4 5 5 8 , , , , , , , , , 4 9 3 8 3 9 4 1 4 4 5 5 3 2 9 5 2 2 8 7 3 3 7 4 7 4 2 Total North America 93,352 91, 297 958,744 1,018,191 Tota C l a S n o a u d t a h America 4 3 6 3, , 1 6 2 6 0 1 5 3 8 4 , , 4 4 5 4 1 4 3 5 9 0 9 3 , ,2 5 4 6 8 2 4 43 2 7 1 , , 8 8 1 5 3 2 1925 12 m M o a n r t c h h s 2— ended Argentina 11,353 8,584 83,059 92,259 Tota J l a A pa s n ia and Oceania 10 2 0 3 , ,8 5 9 7 1 4 11 2 3 8, , 2 3 9 9 1 7 1, 3 0 4 5 6 3 , , 9 9 0 3 2 2 1,0 3 4 3 3 3 , , 9 5 6 5 1 3 tfarch Fe a b ry ru- 1925 1924 Total Africa 10,105 10,245 81,032 76,913 Denmark (million kroner): Imports 201. 191 2,432 2,079 Exports 186 166 2,203 1,796 By classes of commodities: Italy (million lire): Total _ 399,048 453,434 4,813,019 4,305,895 Imports 2,589 2,073 21,625 17,332 Crude materials 121,690 |1,415,776 1,284,606 Exports 1,480 1,403 15,162 11,826 Foodstuffs, crude, and food Netherlands (million guilders): animals 36,192 31,102 453,295 225,040 Imports 204 197 2,426 2,058 Manufactured foodstuffs. ., 39,386 55,597 564,776 Exports.. 146 136 1,707 1,384 Semimanufactured.._ 60,704 64, 543 636,411 591,308 Norway (million kroner): Finished manufactures 170,875 171,553 1,647,676 1,532,657 Imports 138 133 1,584 Miscellaneous 529 1,048 7,203 5,994 Exports 109 96 1,103 818 Reexports... _„.__ 7,454 7,901 87,322 85,353 Russia (thousand rubles): By countries: Imports 54,946 45,337 243,127 Total Europe 251,823 2,643,798 2,176,229 Exports 32,879 37,788 230,980 France 22,017 25,690 296,494 277,216 Sweden (million kroner): Germany 32,995 51,386 459,236 473,975 Imports 112 105 1,441 1,294 Italy 19,171 26,063 214,027 175,171 Exports 71 80 1,287 1,164 United Kingdom 73,148 84,999 1,058,235 886,916 Brazil (million milreis): i Total North America 92,723 100,297 1,112,434 1,073,382 Imports 300 251 2,717 2,237 Canada 49,315 51,179 616,767 634, 327 Exports 404 505 3,900 3,178 Total South America 35,899 33,548 344,156 277,986 Australia (thousand £ sterling): Argentina 12, 242 12,212 129,493 110,232 Imports 16,699 12,528 151,331 139,156 Total Asia and Oceania 54,667 58,961 637,544 714,411 Exports 18,605 19,174 149,702 116,986 Japan 12,751 21,388 224,101 294,639 India (million rupees): Total Africa 7,679 8,805 74,435 63,887 Imports 199 188 2,465 2,276 Exports 463 436 3,619 1 Figures for November and October, 1924, and for the 12 months ending November, 1924, and November, 1923. 2 Figures for Russia are for six months ending March, 1925. Prior to October, 1924, Russian foreign trade figures were computed on a 1913 price basis. INDEX OF OCEAN FREIGHT RATES Publication in the BULLETIN of the Federal Reserve Board's index of ocean freight rates is discontinued with this issue. Current figures will be furnished by the Federal Reserve Board at the request of those interested. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 423 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES The tables below give the all-commodities in terms of the American dollar (or gold) and the and group index numbers of wholesale prices in series indicates relative price levels in the several the five countries included in the Federal Re- countries when all prices are expressed in dollars. serve Board's indexes. In the first table the The wholesale price index of the Bureau of all-commodities index for each country is shown Labor Statistics for the United States, with both in terms of paper currency and converted the group indexes shown by that bureau and to a gold basis. The latter figure takes into the regrouping made by the Federal Reserve account the depreciation of the foreign currency Board, appears on page 397 of this issue. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES 1 On paper currency basis Converted to gold basis Year and month 9 U S n ta it t e e d s England France Canada Japan England France Canada Japan 1923, average _ _ r ._ 165 170 394 150 188 159 124 147 183 1924, average 159 176 446 147 200 160 121 145 166 1923 July... 159 168 391 " 151 183 158 119 147 179 Augusts , 159 164 391 150 179 154 115 146 176 September ._ 163 165 404 149 191 154 123 145 186 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 Wi 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 lftl 1925 January... . . 168 178 456 156 208 175 127 156 160 February . - . 167 178 457 158 204 175 125 157 168 March . „_ „ _ . . _ 169 175 463 153 197 171 124 153 162 April 164 171 460 148 188 168 124 148 157 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES 1 Grouped by stage of Grouped by Grouped by stage of Grouped by manufacture origin manufacture origin All All Year and month m c t o i o e m d s i - - te R m r a i a a w - ls d g u P o c r o e o d r - s s' g s C e o u o r o m s n d ' - - s g m D o ti e 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 Year and month m c t o o ie m d s i - - te R m r a i a w a - l - s d g u P o c r o e o d r - s s' g s C e o u o r o m s n d ' - - s g m D o ti e o o c s d - - s p g o I o m r o t d e - d s g p E o o o x r d - t s UNITED STATES FEANCE—contd. 1924—April 158 165 155 151 159 140 182 1925—January 456 482 442 435 437 546 464 November 160 165 147 162 161 150 169 February 457 482 445 438 439 547 467 December 165 171 151 165 166 149 171 March. _ 463 480 459 449 447 540 475 1925—January 168 176 151 167 170 147 175 April 460 477 460 445 444 541 470 M Fe a b r r c u h ary 1 16 6 9 7 1 1 8 7 0 7 1 15 5 2 3 1 16 6 6 3 1 17 6 2 9 1 14 4 6 7 1 18 7 0 8 CANADA April 164 171 149 163 166 142 174 1924—April 143 126 164 162 141 159 130 November., _ 148 137 155 161 147 160 161 ENGLAND December 149 139 153 163 148 159 164 1 1 9 92 2 4 5 — — N D A Ja e o p n c v r u e i e l m a m ry b b er er.-- 1 1 1 1 7 7 7 8 7 6 8 1 1 1 1 1 7 7 8 7 4 5 6 6 1 1 1 1 6 6 7 7 9 9 1 1 1 1 1 1 8 8 8 8 7 7 7 8 1 1 1 1 7 7 7 8 7 6 8 3 1 1 1 1 7 7 7 7 9 8 8 9 1 1 1 1 8 8 7 7 0 8 9 8 1925— M A F J e p a a b n r r i u r c l u a h r a y ry 1 1 1 1 5 5 5 4 6 3 8 8 1 1 1 1 4 4 3 5 2 9 4 1 1 1 1 1 5 5 5 5 2 3 2 3 1 1 1 1 6 6 6 6 9 9 8 8 1 1 1 1 5 4 5 5 2 7 8 7 1 1 1 1 6 5 5 6 1 9 8 1 1 1 1 1 8 7 7 6 0 9 1 1 February 178 175 173 187 179 177 179 JAPAN M Ap a r r i c l h 1 17 7 1 5 1 1 7 6 2 9 1 16 6 0 5 1 1 8 8 8 3 1 17 7 2 5 1 16 7 8 3 1 1 7 7 2 4 1924— N A o pr v il ember... 2 21 0 0 1 2 2 2 1 0 7 2 1 1 9 6 9 2 1 0 9 4 1 1 21 9 2 9 2 2 1 0 4 2 2 1 1 9 3 8 FRANCE December 209 216 218 201 210 202 214 1925—January _ 208 222 217 196 208 204 215 1924—April 428 430 446 421 418 480 434 February 204 223 208 193 204 205 213 November. __ 449 478 439 424 430 541 461 March 197 214 201 185 196 203 200 December 451 480 440 424 431 545 463 April 188 196 189 182 186 194 169 1 Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920, June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN JUNE, 1925 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [Pre-war=1001 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 « k l . o c i - a h o ! m D a e r n k - 1 T (B E l r a a o o n n d a f g d e r - d ) Finland France (F S m t G e t i a d c a e t a n e r i l - r s y 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* Bureau) 1923 July 1,789,300 504 2,408 949 207 157 1,080 407 88.8 566 145 235 86 145 August 1,657,400 529 2,292 942 207 155 1,080 413 85.8 567 142 231 89 158 September 1,779,400 514 2,266 943 202 158 1.089 424 101.7 569 145 234 95 157 October 1, 759, 700 515 2,263 960 205 158 1,077 421 117.9 563 148 237 73 157 November. .. 1, 779. 500 531 2,412 952 207 161 1,070 443 139.0 571 153 242 81 149 December 1,818,100 545 2,597 969 210 163 1,096 459 126.2* 122 577 154 244 95 157 1924 January 1, 874,800 580 2,711 974 210 165 1,071 494 117.3 571 156 250 107 169 February 1, 915,800 642 2,658 999 223 167 1,078 544 116.2 131 573 • 158 262 112 187 March 1, 912,000 625 2,612 1,021 227 165 1,094 499 120.7 130 579 155 266 110 193 April 1, 946, 500 555 2,798 1,008 228 165 1,095 450 124.1 579 154 267 109 181 May 1, 946, 500 557 2,551 1,001 225 164 1,090 459 122.5 119 571 153 263 104 175 June 1,828,200 565 2,811 968 219 163 1,088 465 115.9 133 566 151 264 101 166 July „ . 1, 913, 300 566 2,737 953 220 163 1,085 481 115. 0 145 567 151 271 102 169 August 2, 013,600 547 2,853 986 233 165 1,111 477 120.4 145 572 151 274 109 175 September 1, 937, 300 550 2,848 982 231 167 1,117 486 126.9 142 580 158 275 112 173 October 2,008,600 555 2.988 999 234 170 1,114 497 131.2 149 602 161 276 116 164 November 2,076, 600 569 3,132 1,013 231 170 1,120 504 128.5 154 621 161 277 117 164 December ._ _. 2,075, 400 566 3,181 1,024 232 170 1,139 507 131.3 160 640 160 278 118 168 1925 January 2,118,100 559 3,275 1,045 234 171 1,137 514 138.2 658 160 279 120 172 Februarv 2 108,100 551 3,309 1,048 234 169 1,141 515 136.5 660 158 281 121 178 March 2, 054,800 546 3,272 1,034 230 166 1,131 514 134.4 659 155 276 122 183 April .. . 2,005,800 538 1,019 220 163 513 131.0 658 151 267 119 197 May 216 Europe—Continued North and South America Asia and Oceania Africa Year and United month Spain Sweden S l w an i d tzer- o ( S S B f t t L u a a t r a t i e e b s s a - o u r Canada Pern t A ra u l s ia - ( C S h h h a a i i n n ) a g- D In E u d a t i s c e t h s c I ( u n C t d a tn i l a - ) ( J T a o p k a y n o) Ze N a e la w nd (Cairo) S A o fr u ic th a tics) 1923 July 170 16? 180 151 154 191 180 155 VO 192 176 123 124 August 171 175 150 154 187 175 153 171 190 175 120 ! 174 162 173 154 155 186 172 157 174 210 177 123 October 171 161 181 153 153 188 17 156 174 212 176 129 I 125 November . 173 160 182 152 153 191 173 157 177 210 175 134 December 176 160 183 151 154 192 174 158 179 210 173 136 1924 January 178 161 183 151 157 190 174 156 180 172 211 175 133 131 February 180 16? 183 152 157 189 170 160 178 208 180 135 March .. 180 16? 180 150 154 194 16'7 158 179 206 180 April 184 161 181 148 151 195 166 154 178 174 207 178 134 125 May._. 179 160 180 147 151 192 165 154 177 176 205 179 135 June - -. 179 158 178 145 152 192 163 152 178 176 199 180 131 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 17B 181 156 1925 January 191 169 171 160 165 199 163 160 178 171 213 178 157 130 February 192 169 171 161 165 194 163 159 17? 210 175 161 March 193 168 170 161 162 206 160 160 168 204 175 155 April 163 166 156 157 206 158 159 202 154 May 163 200 i 1 First of month figures. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 425 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 i s o a - - 2 F (P r a a r n i c s e ) m G a e n r y - I ( l t a M a n l i ) y - N la e e n r t d - h s - N w o ay r- S l z a w e n r i d - t- a C d a a n ^ - 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 1923 July 144 1,291,100 103 2,361 162 102 321 496 145 218 164 137 164 148 142 116 August 143 1,233,500 109 2,247 165 109 328 490 143 220 162 142 165 149 143 115 September... 146 1. 250,900 115 2,221 168 102 339 496 142 218 163 141 161 149 145 115 October 147 1,263,600 117 2,219 172 106 349 502 145 217 162 144 157 147 146 117 November 148 1,264, 700 121 2,365 173 104 355 503 149 221 166 144 157 147 147 120 December 147 1,286,000 124 2,547 176 107 365 151 499 149 226 167 145 156 152 147 118 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 Marcb 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 «145 610 157 283 168 147 149 152 146 120 March 148 1, 622,500 134 3,128 176 415 146 624 157 284 168 145 151 155 150 121 April 148 1,583,000 170 409 144 155 276 166 142 152 153 124 May 167 151 INDEX NUMBERS OF COST OF LIVING [Pro-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 an n d g ^ - l F a i n n d - F (P r a a r n i c s e ) m G a e n r y - I ( l t a M a n l i ) y - N la e e n r t d - h s - N w o a r y - l P an o- d Spain S d w en e- 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 1923 July 157 1,090 300 429 921 169 1,111 45 487 63 172 174 166 146 153 130 August 156 1,049,600 439 892 171 1,163 54 483 72 178 164 148 154 130 September.. 157 1,084,100 453 903 173 1,172 331 64 487 173 230 83 178 164 148 154 131 October 158 1,102,700 458 901 175 1,093 61 502 47 174 "l77" 164 149 152 132 November.. 157 1,114, 900 463 898 175 1,190 126 502 55 177 167 150 153 133 December... 158 1,124,900 470 909 177 1,170 345 125 499 178 231 80 182 168 150 "I52" 157 133 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 "l73" 166 145 150 134 May 154 1 220 900 485 916 171 1 121 115 518 126 180 166 143 150 134 June.. 154 1,244,200 492 923 169 1,147 366 112 518 173 244 124 186 168 143 149 153 133 July 155 1 239 100 493 909 170 1 154 116 512 127 182 In 169 143 156 132 August 155 1, 314,200 498 897 171 1,198 114 511 135 180 166 145 160 132 September.. 157 1, 316, 200 503 908 172 1,199 367 116 516 258 141 189 166 146 148 160 132 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 1,217 377 123 573 181 266 153 190 170 147 148 160 133 1925 January 158 1, 376, 200 521 931 180 1,199 124 580 150 188 178 168 149 157 133 Februarv 157 1 389 500 517 929 179 1,191 » 136 592 151 189 168 150 157 133 March 158 1, 366,000 511 923 179 1,210 386 136 602 179 271 151 190 167 148 159 133 April 158 1,343,200 506 175 1,201 137 151 "I77" 165 147 158 134 502 173 156 • » First of the month figures. * 1921=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

426 FEDERAL RESERVE BULLETIN JUNE, 1925 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOB APRIL AND MARCH, 1925 [Amounts in thousands of dollars] Total earning assets Total cash reserves Total deposits Fede in r a c l i r r e c s u e l r a v ti e o n notes Reserve percentages Federal reserve bank April March April March April March April March April March Boston __ __ _ _ 92,616 93,490 267, 326 257,937 135,812 136,016 209,881 201,576 77.3 76.4 New York 292,980 335,758 925,022 900,754 837,302 838,857 347,792 362,753 78.1 75.0 Philadelphia 88,762 91, 424 218, 492 219,264 129,784 128,146 154,902 159,780 76.7 76.2 Cleveland .- _- . - 109, 223 114,105 284. 312 276,106 175, 871 176,067 196,465 191,885 76.4 75.0 Richmond 56,932 47,943 92,186 103, 360 65,925 66,121 75,471 76, 375 65.2 72.5 Atlanta 36,349 31,587 172,706 177, 474 70,117 69,109 141,775 142,060 81.5 84.0 Chicago 142, 385 131,154 355,783 376, 244 313,067 316,310 164, 373 172,255 74.5 77.0 St. Louis 36,085 33,798 100,512 106,861 80,531 82, 334 49, 283 51,059 77.4 80.1 Minneapolis 34,025 30, 230 89, 381 98, 340 55, 238 57,366 64,922 66,814 74.4 79.2 Kansas City 45,837 43,725 111,332 117,921 90, 320 92,613 64,725 66,292 71.8 74.2 Dallas 31,370 32,894 84,064 86,384 63,198 65,947 43,573 45,049 78.7 77.8 San Francisco 93,502 92,747 277,512 279, 607 163,835 164,587 195, 367 195,325 77.3 77.7 Total: 1925 1,060,066 1,078,855 2,978,628 3,000,252 2,181,000 2,193,473 1,708,529 1,731,223 76.6 76.4 1924 940,493 951,774 3, 201,763 3, 222,877 2,004, 391 1,991,066 1,971,184 2,013,515 80.5 80.5 1923 1,164, 606 1,178,919 3,176, 630 3,190,625 1,944,805 1,960,540 2,236,378 2,253,189 76.0 75.7 1922 1,190,004 1,191,013 3,114,928 3,095,762 1, 822,788 1,794,895 2,190,447 2,195,131 77.6 77.6 1921 2,527,253 2,735,784 2,485,079 2,403,470 1,749,568 1,808,529 2,870, 645 2,979,486 53.8 50.2 1920 3,191, 945 3,211,936 2,084,077 2,058,293 1,998,732 2,032,787 3,071,754 3,040,440 U3.0 U2.7 i 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] I Total i Boston Y N o e r w k m Ri o c n h d - j I la A n t t - a | C ca h g i o - L S ou t. is M ap i o n l n is e- K C s a i a t n s y - ! Dallas F c S r is a a c n n o - Gold with Federal reserve agents: Apr. 22 1,563,377i I 175, S84 356,546 136,919; 170,365 44,063 135,348! 135,528 45,094 59,891 55,866 40,371 207,502 Apr. 29 1,547,1981! 179,668 356,495 134,381! 169,567 42,154 132,664 j 135,518 45,076 54,657 56,555! 39,763 200,700 May 6 1,564,821! | 190,441 356,424 140,129 168,921 40,504 131,5371 135,489 43,733 54,595 55,851 i 39,025 208,172 May 13. 1,581,0141 i 197,478 356,393 137,323! 171,637 40,680 128,658; 135,473 43,305 54,397 57,0881 38,433 220,149 May 20. 1,531,216 195,109 356,321 134,509! 171,303 39,001! 120,895 135,456 24, 520 54,081 52,834 j 35,649 211,538 Gold redemption fund with U.S. Treasury: Apr. 22 50,639|l 5,460 11,188 11,176 2,917 2,474' 1,233 3,956 5,233 500 3,279 1,792 1,431 Apr. 29. 51,345'I 3,815 9,940 12,945 4,502 3,315! 1,866 2,923 5,244 981 1,709 1,988 May6._. 49,114! I 7,296! 8,728 5,318! 3,797 3, 731 2,293 5,627 5,562 780 2*368! 1,955 1,659 May 13.. 47,968!! 5,462 7,675 8,155| 3,894 4,436' 1,770 4,393 5,439 678 2,6711 1,906 1,489 May 20.. 5C,679|I 8,508 6,345 9,915 3,035 4,873 i 1,764 3,022 5,801 700 3,5021 2,078 1,136 Gold held exclusively against Federal reserve notes: Apr. 22 614,016 I 181,344 367,734 148,095; 173,282 46,537 136,581 139,484 50,327 60,391 59,145| 42,163 208,933 Apr. 29 598,543! 183,483 366,435 147,326! 174,069 45,469 134,530 138,441 50,320 55,638 58,672} 41,472 202,688 May 6 613, 9351| 197,737 365,152 145,4471 172,718 44,235 133,830 141,116 49,295 55,375 58,219 40,9801 209,831 May 13 628,982 i| 202,940 364,068 145,4781 175,531 45,116 130,428 139,866 48, 744 55,075 59,759! 40,339 221,638 May 20 581,895j I 203,617 362,666 144,424 174,338 43,874 122,659 138,478 30,321 54,781 56,336! 37,727 212,674 Gold settlement fund with Federal Reserve Board: Apr. 22 632,337J 47,441 242,617 37,010| 65,275 16,992; 5,278i 99,791 14,340 10,694 43,7511 23,844 25,304 Apr. 29 636,928M 43,076 252,341 41,925' 70,036 12,190 8,480j 82,609 15,334 13,2231 42,9251 20,8241 33,965 May 6 611,846 43,159; 161, 799 49,549 70,348 18,195 15,318 118,901 18,363 13,979! 43,956 20,665 37,614 May 13 614,266 49,395 193,549 50,041i 80,327 12,332 13,958 110,494 11,705 16,801! 31,408 14,468 29,788 May 20 654,157 44,808 231,684 50,876! 82,329! 13,615 15,197 108,772 16,010 17,639 27,588 12,434 33,205 Gold and gold certificates held by banks: Apr. 22 _. 597,910! | 29,388' 324,582 21,846 33,687 21,845 10,2591 95,165 12,065 6,781 3,539 9,680 29,073 Apr. 29 615,631H 30,328: 335,647 21,579 34,584| 22,397 10,082) 101,096 11,283 6,959 3,636 9,742 28,298 May 6.. 619,750 ! 30,648 338,307 22,413; 34,974 22, 821 9,739! 101,4031 10,761 7,050 3,2471 9,778! 28,609 May 13 610,267ij 23,419; 335,095 21,915 35,705 21,089 6,990; 106,923 10,004 7,102 3,435! 9,905 28,685 May 20... 598,569;! 20,306 337,242 21,412 36,541 21,409 4,922' 101,704 8,151 7,192| 3,356 7,895 28,439 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 427 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C 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 M ap in o n li e s - K C s a a it n s y - Dallas F c S r is a a c n n o - Total gold reserves: Apr. 22 2,844,263 258,173 934,933 206,951 272,244 85,374 152,118 334,440 76, 732 77,866 106,435 75,687 263,310 Apr. 29 2,851,102 256,887 954,423 210,830 278,689 80,056 153,092 322,146 76,937 75,820 105,233 72,038 264,951 May 6 2,845,531 271,544 865,258 217,409 278,040 85,251 158,887 361,420 78,419 76,404 105,422 71,423 276,054 May 13 2,853,515 275,754 892, 712 217,434 291,563 78,537 151,376 357, 283 70,453 78,978 94,602 64,712 280,111 May20 2,834,62lj 268,731 931,592 216,712 293,208 78,898 142,778 348,954 54,482 79,612 87,280 58,056 274,318 Reserves other than gold: Apr. 22 141,491 14,845 34,215 5,116 7,1 4,057 15,570 18,063 20,391 2,308 3,480 9,413 6,229 Apr. 29 142,009 15,098 35,123 4,483 7,780 3,914 15,524 17,826 20,606 2,317 3,657 9,457 6,224 May 6 141,691 14,796 34,301 5,663 8,071 4,442 15,316 17.936 20,130 1,870 3,576 9,475 6,115 May 13 140, 721 14,287 33,679 5,955 7,526 4,444 14,938 17,974 20,221 1,801 3,828 9,734 6,334 May 20 145,974 13,813 34, 727 6,874 8,592 5,041 16, 203 17.937 20,421 1,733 4,166 10,320 6,147 Total reserves: Apr. 22 2,985, 754 273,018 969,148 212,067 280,048 89, 431 167,688 352,503 97,123 80,174 109,915 85,100 269, 539 Apr. 29 2,993, 111 271,985 989,546 215,313 286,469 83,970 168,616 339, 972 97, 543 78,137 108, 890 81, 495 27.1,175 May 6 _ 2,987,222 286,340 899,559 223,072 286,111 174,203 379,356 98,549 78,274 80,898 282,169 May 13 _ 2,994,236 290,041 926,391 223,389 299,089 82,981 166,314 375,257 90,674 80,779 98,430 74,446 286,445 May 20_ 2, 980,595 282,544 966,319 223,586 301,800 158, 981 74, 903 81,345 91, 446 68,376 280,465 Nonreserve cash: Apr. 22 55,757 5,569 15,119 2,321 2,745 3,955 4,937 7,139 4,113' 1,535 2,444 2,187 Apr. 29 54,536 6,032 14,252 2,073 2,678 3,826 4,915 7,111 3, 777 1,381 2,290 2,414 3,787 May 6 _. 53,3881 5,988 15,280 2,105 2,779 3,472 3,878 7,196 3,687 1,130 2,067 2,342 3,464 May 13 56,3661 6,422 16,966 1,764 2,785 3,557 4,629 6,804 3,956 1,217 2,352 2,630 3,284 May 20 _ 56,665 6,958 16,251 1,920 3,342 3,844 4,454 6,650 4,132 1,136 2,3111 2,494 3,173 Bills discounted: Secured by U. S. Government obligations- Apr. 22 219,920 14,339 73,944 23,483 27,211 11,542 3,689 35,294 6,422! 1,275 1,843 773 20,105 Apr. 29 215,871 14,854 65,893 22,143 30,062 14,096 2,336 36,372 6,752j 2,223 1,932 348 18,860 May 6 208,269 11,287 87,595 20,059 28,065 11,819 2,331 21,474 5,500| 1,190 1,8531 590 16,506 May 13 161,263 13,103 44,744 21,786 27,169 13,983 2,874 18,498 4,623 730 908| 236 12, 609 May 20 160,854) 12,881 40,796 22,961 23,470 13,367 3,944 23,420 4,942 1,572] 254 12, 551 Other bills discounted— i Apr. 22... 192,4551 19,521 35,308 12,548 14,790 31,545 17,571 19,612 10,603 4,564 5,544j 2,502 18,347 Apr. 29.... 184,114 14,423 21,805 14,965 14,318 35,367 20,159 20,903 9,378 4,504 6,187 3,083 19,022 May 6 202,333] 12,763 42,172 12,035 15,070 33,843 17,214 22,585 11,600 5,407 6,311 3,534 19, 799 May 13 177,459 1 10, 769 27, 765 11,669 12,581 33,966 16,622 19,614 9,988 5,515 6,119 3,476 19,375 May 20 _ 177,548 I 16, 782 11, 773 13,022 32, 631 18, 753 18, 937 13, 646 5,537 5,965 4,297 17,220 Total bills discounted: Apr. 22 412,375! 33,860 109,252 36,031 42,001 43,087 21,260 54,906 17,025 5,839 7,387 3,275 38,452 Apr. 29..._ 399,985j 29,277 87,698 37,108 44,380 49,463 22.495 57,275 16,130 6,727 8,119! 3,431 37,882 May 6__ 410,602 24,050 129, 767 32,094 43,135 45, 662 19,545 44,059 17,100 6,597 8,164| 4,124 36,305 May 13 338,722|| 23,872 72,50f 33,455 39, 750 47,949 19.496 38,112 14,611 6,245 7,027; 3,712 31,984 May 20... 338,402) 29,663 59,781 34,734 36,492 45,998 22,697 42,357 18,588 6,233 7,537) 4,551 29, 771 Bills bought in open market: Apr. 22 275, 5011 35, 300 64, 250 24,091 25,079 10, 634 11,934 35, 026 9,470 16,1 11,414 7,188 24,126 Apr. 29 266,828' 32, 993 57, 590 24, 241 24, 590 10, 375 ll| 993 37, 543 10,015 17, 308 11,675 7,094 21, 411 May 6.. 278,466}! 29, 981 83,186 24, 644 23,159 10,194 10,849 37,141 9,155 15,472 10, 240! 6, 640 17, 805 May 13 29,365 89, 572 25, 273 22, 306 9,597 10, 603 36,969 9, 297!12,960 14, 072! 6, 805 16,167 May 20 276,026! | 28,071 75, 080 24, 662 23, 861 10,488 10, 9811 39, 802 11,311 11, 310 15,451; 8,377 16, 632 U.S. Government securities: Bonds- Apr. 22 . 84,930! 2, 862 12,461! 1,416 11,000! 1,408 1,720 21,649 1,649 8,764 10, 398 8,682 3,121 Apr. 29 85,138; 2,661 12,461; 1,416 11,000 1,408 1,615 21, 649 1,649 8,764 10, 710 8.682 3,123 May 6 85, 227! 2,661 12, 376 i 1,452 11,000! 1,437 1,579 21, 649 1, 667! 8, 736 •10,821! 8,733 3,116 May 13 85, 377! I 1, 962! 11,084 1,178 10,502! 1,552 2,123 21, 041 2,710 8,736 11,472; 9,317 3, 700 Trea M su a r y y 2 n 0 otes- 85,529(i 1,262 9,794 904 10,003| I 1,668| 2,679 20,433 3, 754! 8, 736| 12,156! 9,858 4,282 Apr. 22.._ _. 244,202! 15,196 81, 892J 23,093 i 23, 262j 1, 940 1,381 30,180 7,427 8, 371 13, 509* 11, 385j 26, 566 Apr. 29 241, 980! I 15, 652 79,1971 23, 094; 23, 272 1, 9401 1,387 30,180 7,427 8,371 13, 509, 11, 385, 26, 566 Cert M M M ifi a a a c y y y at e 2 6 1 s 0 3 of indebtedness- 2 2 2 6 5 7 5 1 0 , , , 1 9 5 0 8 2 8 8 7 ! ! ! | | | 1 1 6 0 5 , , , 8 1 6 0 0 6 3 1 7 10 9 3 9 , , 0 3 9 9 1 7! 2 2 1 3 1 9 , , , 0 0 1 5 9 3 1 3 5 ! ! ! j 2 1 1 3 9 6 , , , 1 7 2 6 7 2 8 4 1 ! 3 2 1 , , , 5 9 7 4 2 0 8 7 5 ! j 8 5 1, , , 3 8 0 4 0 7 7 7 7 3 2 2 1 0 5 , , , 1 8 5 4 8 0 3 0 6 2 1 2 7 4 , , , 4 8 2 0 5 9 5 0 5 8 8 8 , , , 4 4 4 0 0 0 3 3 3 ! ! j 2 1 1 2 3 7 , , , 5 7 0 0 9 7 0 1 2 ; ! 1 1 1 1 5 8 , , . 6 3 0 2 8 0 0 9 4 J ! ! 3 2 3 6 0 4 , , , g 5 7 7 2 5 1 Apr. 22 23,949! 3,' 3, 312 197| 5, 670 37! 925 2,568 221 2, 0011 281 5,065 Apr. 29 21, 92111 3,412 1, 963 1961 5,670 37j 925 1,939 221 211j 2, 00l! 281 5, 065 May 6 24, 960 3,393 2,448 203; 5,668 43] 931 4,357 225 206i 2,143 279 5,064 M M a a y y 2 1 0 3 2 2 1 3 , , 7 6 4 1 5 2 ! ; j 3 3, , 1 2 8 9 3 5 2 1 , , 2 4 2 9 2 5 ! 1 1 1 0 5 6 5 ; ! 5 5 , , 5 4 8 9 1 4 s 1 1, , 1 0 1 2 4 2 2 1, , 3 8 8 7 4 8 4 59 0 1 8 2 2 0 0 7 7 2 2 , , 3 24 6 8 4 i 4 3 5 6 7 8 5 5 , ,1 2 6 6 5 7 Total U. S. Government securi- I fc. ties: Apr. 22 353,081 21,319 97, 665 24, 7061 39,932 3,385 4,026 54,397 9,297! 17, 346 20, 348 34,752 Apr. 29 349,039 ! 21, 725 93, 621 j 24, 7061 39,942 3,385 3,927 53,768 9, 297 17,346 20, 348 34, 754 May 6 375, 714! 21,155 118, 221! 24, 706| 39,942 3,385 3,857 56,186 9,297 17,345 20, 401 34, 755 May 13 379,977! 15,924 112, 397j 22,426? 35,804 4,342 8,222 49, 762 17,968; 17,346 24, 689 39, 585 May 20 358,382 11,248 80,173 20,145| 31, 665 5,299 12,600 43,323 26, 640! 17,346 28,935 44, 416 Foreign loans on gold: Apr. 22.... 10,500! 777 2,835 976' 1,124 557 430 1,449 483 346 735 Apr. 29 10,500; 777 2,835 9761 1,124 557 430 1,449 483! 346 368 735 May 6___. ._ 10,500 777 2,835 976! 1,124 557 430 1,449 346 368 735 May 13 10,500! 111 2,835 976! 1,124 557 430 1,449 483 346 368 735 May 20 10,5001 111 2,835! 976! 1,124 557 430 1,449 346 368 735 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDERAL RESERVE BULLETIN JUNE, 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 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 - la A n t t - a c C a h g i- o L S ou t. is M ap i o n l n is e- K C s a a it n s y - Dallas F c S r is a a c n n o - All other earning assets: Apr. 22 1,400 1,150 250 Apr. 29.._ 1,400 1,150 250 May 6 1,400 1,150 250 May 13 1,400 1,150 250 May20 2,250 2,250 Total earning assets: Apr. 22: , 052,857! 91,2561 274,002 86,954 108,136| 57, 663 37,650 145, 778 36,275i 40, 520 45,379 31,179 98,065 Apr. 29 , 027, 7521 84, 772 241, 744 88,181 110,036 63, 780 38,845 150,035 35, 925 41, 727 31, 241 94, 782 May 6 , 076,682! 75,963 334,009 83, 570107,360 59, 798 34, 681 138,835 36, 035 39, 760 45,538| 31, 533 89, 600 May 13 , 013, 5851 69, 938 277,313 83,280 62, 445 38, 751 126, 292 42, 359 36, 897 53,280 35, 574 88,472 May 20 985,560j 69, 759 217, 869 82,767 '3,142 62, 342 46, 708 126, 931 57,022 35, 235 60,000 42, 231 91,554 Uncollected items: Apr. 22 671,528 63, 402 150, 871 63,161 65, 520 55,529 33,669 84,143 37,104 14,476 38,138 25, 031 40,484 Apr. 29 592, 804 53,304 140, 265 53,902 52, 722 50,130 32,649 74, 902 32, 561 12,072 34, 368 22,194 33, 735 May 6 601, 598 52, 834 137, 923 56, 474 55, 816 51,016 28, 639 78,352 33,075 12, 643 22,494 35,452 May 13 690,032 66,223 175,483 61, 896 62, 635 56,071 31,150 83,821 34, 569 14,450 37, 909| 24, 563 41,262 May 20 674, 761 58,864 174,533 62, 774 61,010 54, 817 33,123 86,216 34,414 13,130 35, 887j 23, 544 36,449 Bank premises: Apr. 22 59,263 4,190 16, 579 1,122 7,573 2,446 2,780 4,118 3,049 4, 200' 1,833 3,274 Apr. 29 59, 266 4,1901 16,579 1,122 7,573 2,446 2,780 4,121 3,049 4, 200^ 1,833 3,274 May 6 59,283 4,190, 16, 594 1,122] 7,573 2,446 2,780 8,0991 4,121 3,04' 4,200i 1,833 3,276 May 13 59,498 4,190 16, 710 1,122 7,573 2,446 2,780 8,099 4,164 3, 049 4, 256 1,833 3,276 May 20 59, 701 4,190 16,709 1,122 7,573 2,446 2,780 8,099 4,349 3,049 4, 275; 1,833 3,276 All other resources: Apr. 22 23, 378 46 6,030 364 249 597 2,898 1,377 342 4,425 548! 1, 4,815 Apr. 29 22,286 79 6,348 373 259 629 2,897 1,237 338 3,092 547! 1,679 4,808 May 6 22, 715 51 6,851 401 258 636 2,895 1,221 332 3,045 578| 1,651 4,796 May 13 23,221 47| 6,984 398 269 644 2, 868! 1,420 339 3,205 591 1,664 4,792 May 20 23,199 601 7,081 400 279 663 2,834! 1,413 334 3,076 640 1,631 4,788 Total resources: Apr. 22 4,848,537 437,48l|l,431,749 365,989 464,271 209,621 249,622 599,039 179,075 144,179 200,6241 147,017 419,870 Apr. 29... 14,749,755 420,362 1,408, 734 360,964 459,737 204,781 250,702: 581,356 174,265 139,458; 196,979; 140,856 411,561 May 6. - 4,800,888 425,366Jl,410,216 366, 744j 459,897J 207,061! 247,076; 613,059 175, 799 137,9011 198,261! 140,751 418,757 May 13— 4,836,938 436,861jl,419,847 371, 849| 471, 335 208,144| 246,492' 601, 693 176,061 139,597] 196,818! 140,710 427,531 May 20 ..4,780,481 422,3751,398,762 372, 569i 467,146 208,05li 248, 880; 596, 200 175,154 136,971: 194,559 140,109 419,705 LIABILITIES Federal reserve notes in actual circulation: Apr. 22 1,687, 690 211,076 340,130 148,116 195, 602 74, 459 140,162 162, 784 48, 639 63,1 64, 403 43, 207 195,283 Apr. 29 1, 683, 880210,820 340, 293149, 633 198, 400 72, 520 139, 953 161,491 48, 241 63,314 63,385 42,057 193, 773 May 6 , 1, 682,971 212,657 338,326 149,001 194, 754 73,005 139, 447 161,146 47,291 63,397 64,109 42,801 197, 037 May 13 1,676,204 205,619 334,064 153,809 200,981 72, 307 139,473 159.860 46,929 63,186 41, 825 195,853 May 20 1, 656, 474201, 901 331,457 150,040 196,103 71,547 138, 272 158,936 46,833 61, 754 62, 951 41, 728 194, 952 Deposits: Member bank—reserve account- Apr. 22... _ 2,163,116 133,857 851, 754127, 911 174, 961 62,37 68, 277 312, 485 77, 056 53, 798 87, 730 58, 632 154,277 Apr. 29 , .__. 2,134, 562 130,357 840, 804129,183 173,859 64, 258 67,089 303, 241 77,150 51,131 86, 260 59, 661 151, 569 May 6 2,180, 024 134,175 839, 677133,488 174, 520 64, 907 68,928 334, 646 79, 339 49, 282 85,973 59, 381 155, 708 May 13. 2,153, 999 140, 528 836, 242127, 779 173,805 62, 575 66,842 315, 664 77,381 51,536 84, 502 57,668 159,477 May 20 2,118,163 134,873 816,072 131,088 173,888 64, 248 67, 583 311,008 75,417 50,182 82, 553 55, 981 155, 270 Government- Apr. 22 30,454 2,256 8,264 2,183 1,195 1,311 3,096 1,070 2,647 1,980 1,410 2,309 2,733 Apr. 29 27,059 1,197 5,422 922 1,573 2,417 3,928 642 2,208 1,906 1,700 1,878 3,266 May 6... 23, 980 830 5,254 2,746 2,842 1,434 2,501 .,176 1,334 1,694 1,451 1,127 1,591 May 13 19, 532 467 4,347 1,349 1,436 1,740 2,613 ,158 1,149 738 1,291 1,134 2,110 May 20 32, 732 1,657 5,223 2,565 4,064 1,746 2,932 ,042 3,874 1,110 2,822 2,607 3,090 Other deposits- Apr. 22 24,184 194 13, 511 370 1,106 137 121 .,544 1,337 243 950 227 4,444 Apr. 29.... 25, 764 263 14, 99' 381 1,087 177 153 .,746 1,212 254 643 202 4,649 May 6 28, 333 307 17, 551 512 1,315 199 213 1,297 1,058 293 673 202 4,713 May 13 26,499 406 15, 659 717 1,198 170 1,243 857 279 489 204 5,082 May 20 25, 527 529 15,166 433 1,232 167 163 1,454 773 232 460 157 4,761 Total deposits: Apr. 22 2, 217, 754 136, 307 873, 529 130,464 177, 262 63, 826 71,494 315,099 81, 040 56,021 90, 090 61,168 161, 454 Apr. 29 2,187, 385 131,817 861, 223 130,486 176, 519 66,852 71,170 305, 629 80, 570 53, 291 88, 603 61, 741 159,484 M M M a a a y y y 2 6 1 0 3 2 2 2 , , , 1 2 2 7 3 0 6 2 0 , , , 4 3 0 2 3 3 2 7 0 1 1 1 3 4 3 5 1 7 , , , 4 0 3 0 5 1 1 9 2 8 8 8 5 3 6 6 6 2 , , , 4 4 2 6 8 4 1 2 8 1 1 13 3 2 4 6 9 , , , 8 0 7 4 8 4 5 6 6 1 1 1 7 7 7 6 8 9 , , , 4 6 1 3 7 8 9 7 4 6 6 6 4 6 6 , , , 1 5 5 6 1 4 1 0 0 7 6 7 1 9 0 , , , 6 6 6 4 2 7 2 5 8 3 3 3 1 1 3 8 3 7 , , , 1 0 5 1 6 0 9 5 4 8 7 8 1 9 0 , , , 0 7 3 6 3 8 4 1 7 5 5 5 2 1 1 , , , 5 5 2 5 2 6 3 4 9 8 8 8 6 8 5 , , , 0 8 2 9 3 8 7 5 2 6 5 5 0 9 8 , , , 0 7 71 4 0 0 5 6 1 1 1 6 6 6 6 3 2 , , , 1 0 6 2 1 6 1 2 9 Deferred availability items: Apr. 22.... 598,159 65.121 124, 660 55, 734 54, 884 52, 924 23, 725 73, 583 33, 843 12, 590 32, 353 30,192 38, 550 Apr. 29 532, 714 52, 413 113, 537 49,140 48, 236 46, 969 25, 306 66, 581 29, 888 11,121 31, 210 24, 562 33, 751 May 6 _ 539, 846 52.122 115, 835 49, 253 49, 917 49,042 21, 741 67,126 31,174 11, 486 32, 265 24, 739 35, 146 May 13 614, 531 64, 528 135, 773 56,428 57, 314 52, 859 23,139 76, 060 34,127 12, 984 33,551 27, 365 40, 403 May 20 601,151 57, r~ 137, 087 56, 640 55, 230 51, 824 25, 665 76,028 32, 667 11.935 31, 953 27,104 37, 038 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 429 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Total Boston Y N o ew r - k 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 - la A n t t - a c C a h g i- o L S ou t. is M ap i o n l n is e- K C s a a it n s y - Dallas F c S i r s a a c n n o - Capital paid in: Apr. 22 114,693 8,050 31,345 11,150 12,956 5,970 4,613 15,535 5,104 3,252 4,337 4,212 8,169 Apr. 29 115,207 8,350 31,492 11,176 12, 956 5,987 4,613 15,541 5,104 3,247 4,337 4,230 8,174 May 6 115,226 8,350 31, 509 11,189 12,956 5,987 4,609 15, 538 5,104 3,245 4,336 4, " 8,170 May 13... 115, 270 8,350 31, 523 11,216 12,950 5,993 4,609 15, 543 5,107 3,245 4,329 4,235 8,170 May 20 115,448 8,478 31, 526 11,216 12,968 5,992 4,609 15, 544 5,104 3,246 4,344 4,244 8,177 Surplus: Apr. 22 217,837 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. 29 217, 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 May 6 217, 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 May 13 . 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 May 20 217,837 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: Apr. 22 12,404 545 3,336 466 1,105 741 678 1,612 478 990 464 646 1,343 Apr. 29 __. 12, 732 580 3,440 470 1,164 752 710 1,688 491 988 46: 674 1,308 May 6 12,671 543 3,315 496 1,131 786 687 1,704 528 1,007 477 676 1,321 May 13 13,066 581 3,490 492 1,189 774 696 1,739 540 1,020 493 687 1,365 May 20 13,149 575 3,482 528 1,199 826 706 1,762 515 1,015 499 696 1,346 Total liabilities: Apr. 22 _.4,848, 537 437\, 4811L,, 431, 749365,989 464, 271 209, 621 249, 622 599,039 179,075 144,179 200, 624 147,017 419, 870 Apr. 29 4, 749, 7554201,,362 1L,, 408, 734360,964 459, 737 204, 781 250, 702 581,356 174,265! 139,458 196,979 140, 856411,561 May 6 4,800, 888 425»,, 366L 1,, 410, 216366, 744459,897 207,061 247,076 613,059 175,799 137,901 198, 261 140, 751418, 757 May 13.. _. 4, 836, 938436, 861 [1, 419, 847371,849 471, 335 208,144 246,492 601,693 176,0611 139,597 196,818 140, 710427, 531 May 20 4, 780,481 422, 375 IL!, 398, 762372, 569467,146 208,051 248,880 596, 200 175,154 136,971 194, 559 140,109 419, 705 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined—per cent: Apr. 22 76.5 78.6 79.9 76.1 75.1 64.7 79.2 73.8 74.9 66.9 71.1 81.5 75.6 Apr. 29 77.3 79.4 82.4 76.9 76.4 60.2 79.9 72.8 75.7 67.0 71. 78.5 76.8 May 6 _ 76.3 82.3 74.9 78.1 76.6 64.3 82.5 76.1 76.4 68.3 71.6 78.2 78.6 May 13 77.2 83. 77. 78.8 79.2 60.7 79.5 78.5 71.8 70.3 65.9 73. 79.0 May 20 77.8 83.4 82.7 78.7 61.0 76.1 77.7 59.0 71.8 61.5 78.3 Contingent liability on bills purchased for foreign correspondents: Apr. 22 43,485 3,322 10, 709 4,176 4,804 2,380 1,841 6,196 2,065 1,482 1,796 1,571 3,143 Apr. 29 47, 656 3,539 12,743 4,448 5,117 2,535 1,961 6,600 2,200 1,578 1,913 1,674 3,348 May 6 45,337 3,426 11, 522 4,308 4,957 2,455 1,899 6,393 2,131 1,529 1,853 1,621 3,243 May 13 42, 828 3,223 11,036 4,050 4,660 1,786 6,010 2,003 1,437 1,742 1,524 3,049 May 20 39,007 2,928 10,123 3,680 4,233 2,097 1,622 5,460 1,820 1,306 1,583 1,385 2,770 Own Federal reserve notes held by Federal reserve bank: Apr. 22 .* 329,485 25,845 130,368 37, 580 18, 576 15,488 23,188 10, 292 6,264 3, 767 8,507 5,206 44,404 Apr. 29 316,805 27, 085 126, 616 34, 525 16,380 15,518 20, 780 8,531 6,145 3,132 8,614 5,248 44,231 May 6 317,038 28,821 126,015 39, 756 19,380 13,883 20, 859 9,870 6,251 2,883 8,336 5,065 35,919 May 13 309,872 36,096 124, 042 34,141 15, 769 13,437 15,635 10, 581 6,186 3,029 9,146 5,649 36,161 May 20 328, 537 40, 745 128,976 21,512 16,178 12,629 9,799 5,601 3,032 8,277 5,162 37, 730 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Total Wi d th ay in s 15 16 d a to y s 30 31 d a t y o s 60 61 d a t y o s 90 d F m a r y o o s m n t t h o 9 s 1 6 m O o v n er t h 6 s Bills discounted: Apr. 22____ 412, 375 306,278 24, 528 32, 719 22, 234 22, 575 4,041 Apr. 29 399, 985 294,009 23, 587 38, 079 24,087 15,802 4,421 May 6 410, 602 301, 583 22,889 40, 693 23, 857 18,191 3,389 May 13.... 338, 722 231, 963 25,208 38, 253 19, 853 20, 041 3,404 May 20..., _ 338,402 226, 029 25,151 39, 329 22,131 23, 074 Bills bought in open market: Apr. 22 _ 275, 501 100, 059 54,126 81,652 33, 698 5,966 Apr. 29 266,828 92,293 61,997 74, 789 32, 681 5,068 May 6 278,466 117,490 56,847 70, 384 29,120 4,625 May 13 282, 986 124, 639 60, 242 63, 048 30, 761 4,296 May 20 276, 026 109,929 60,153 63, 360 38, 381 4,203 United States certificates of indebtedness: Apr. 22.. 23, 949 1,391 16, 266 6,292 Apr. 29 21,921 61 15, 531 6,329 May 6 24,960 542 15, 261 9,157 May 13 23,612 567 15,066 7,979 May 20 21,745 77 15, 361 6,307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN JUNE, 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 el h p i h la ia - C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is a M p i o n l n is e-K C an it s y as Dallas F S ra an ncisco Net amount of Federal reserve notes received from Comptroller of Currency: Apr. 22 3,003,446 291,671 789,038 235,146 261,378 112,201 224,128 440,813 80,563 90,253 101,283 70,785 306,187 Apr. 29 2,999,734 300,255 785,449 232,608 261,380 110,293 222,943 441,229 80,046 90,478 100,372 70,177 304,504 May 6 2,993, 562 302,428 782, 881235, 357259,834 109,142 221,816 440, 323 79,202 89,917 100,568 302,656 May 13 - 2,979,174 307, 465776, 646231, 550259, 250 107, 318220,939 437,248 78,775 89, 218 100, 205 68,846 301,714 May 20 309, f *775,373 228,736 259,415 110,300 219,175 436,042 77,794 89,042 98,951 70,062 305,522 Federal reserve notes on hand: Apr. 22 -- 986,271 54,750 318, 540 49, 450 47,200 22,254 60,778 267,737 25, 660 22,657 28,373 22,372 66,500 Apr. 29 999,049 62, 350318,540 48,450 46,600 22,255 62, 210271,207 25,660 24,032 28,373 22,872 66,500 May 6 993, 553 60,950 318,540 46, 600 45,700 22, 254 61,510 269, 307 25,660 23, 637 28,123 21, 572 69,700 May 13..- 993,098 65, 750318, 540 43,600 42,500 21, 574 65,831 266, 807 25, 660 23, 891 27,873 21, 372 69,700 May 20 995, 397 67, 350 314,940 39,800 41,800 22, 575 68,274 267,307 25, 360 24,256 27,723 23,172 72,840 Federal reserve notes outstanding: Apr. 22 2,017,175 236,921 470, 498 185,696 214,178 89,947 163, 350173,076 54, 903 67,596 72,910 48,413 239, 687 Apr. 29 --2,000,685 237,905 466,909 184,158 214,780 88,038 160,733 170,022 54, 386 66,446 71,999 47,305 238,004 May 6 2,000,009 241,478 464, 341188.757 214,134 86,888 160,306 171,016 53,542 66,280 72,445 47,866 232,956 May 13 - 1,986,076 241,715 458,106 187,950 216,750 85,744 155,108 170,441 53,115 65, 327 72,332 47,474 232,014 May 20 1,985,011 242, 646460, 433188,936 217, 615 87,725 150,901 168,735 52, 434 64,786 71,228 46,890 232,682 Collateral security for Federal reserve notes outstanding: Gold and gold certificates- Apr. 22 277, 316 29,800 186,698 6,000 8,780 5,000 11,975 13,05! 16,011 Apr. 29 275,816 27,800 186,698 6,000 8,780 5,000 12,475 13,052 16,011 May 6 276, 316 27,800 186, 698 6,000 8,780 5,000 12,975 13,052 16,011 May 13 282, 316 28,800 186, 698 6,000 8,780 2,000 8,000 12,975 13,052 16,011 May 20 289,011 30, 300186,698 6,000 2,000 9,000 15,170 13,052 18,011 Gold redemption fund- Apr. 22 108,898 12,084 11, 530 11,585 2,768 6,348 4,884 3,119 1,339 3,506 4,36< 18,527 Apr. 29 115,266 17,868 28,797 13,992 10,787 3,859 5,164 4,874 2,601 1,105 4,195 3,75: 18,272 May 6 102, 622 13, 641 28,726 10,740 10,141 2,209 4,037 4,845 2,758 1,043 3,491 3,014 17,977 May 13 108, 400 9,678 28, 695 11,934 12,857 3, 385 7,658 4,829 2,330 1," 4,728 3,422 17,539 May 20 110, 224 15,809 28, 623 14,120 12,523 1,706 5,895 4,812 2,350 1,029 3,474 2,638 17, 245 Gold fund—Federal Reserve Board- Apr. 22 1,177,163 134,000 141,000 119,389 150,000 41, 295124,000 130,644 30,000 45,500 52, 360 20,000 188,975 Apr. 29 - 1,156,116 134,000 141,000 114,389! 150,000 38, 295122,500 130,644 30,000 40,500 52,360 20,000 182,428 May 6 1,185,883 149,000 141,000 123,389| 150,000 38,295 122,500 130,644 28,000 40,500 52, 360 20,000 190,195 May 13 1,190, 298 159,000 141,000 119,3891 150,000 35, 295113,000 130,644 28,000 40,000 52, 360 19,000 202, 610 May 20 1,131, 981 149,000 141,000 114,389 150,000 35, 295106,000 130,644 7,000 40,000 49,360 15,000 194, 293 Eligible paper- Amount required- Apr. 22 453,798 61,037 113,952 48,777 43,813 45,884 28,002 37,548 9,809 7,705 17,044 8,042 32,185 Apr. 29._ 453,487 58,237 110,414 49,777 45,213 45,884 28,069 34,504 9,310 11,789 15,444 7,542 37,304 May 6 435,188 51,037 107,917 48,628j 45, 213 46, 384 28,769 35,527 9,809 11,685 16, 594 8,841 24,784 May 13 405,062 44, 237101,713 50, 627 j45,113 45,064 26,450 34,968 9,810 10,930 15, 244 9,041 11,865 May 20 453,795 47, 537104,112 54, 427 46,312 48,724 30,006 33,279 27,914 10,705 18,394 11, 241 21,144 Excess amount held— Apr. 22 204, 763 8,123 45,103 1,516 23, 244 6,848 3,930 52,142 15,188 14,863 1,566 2,322 29,918 Apr. 29 185,757 4,033 20,691 4,303 22, 457 13,606 5,136 59,957 15,145 12,038 4,126 2,862 21,403 May 6 224, 702 2,994 86, 562 2,794 19, 666 9,059 632 45,338 15,145 10, 234 1,637 1,847 28,794 May 13 184,406 j 9,000 40, 228 1,105 16, 477 11,447 2,741 39,802 12, 674 8,128 5,657 1,403 35, 744 May 20 125, 403; 10,197 4~~ 752 12, 573 6,943 2,983 48,602 964 6,658 4,396 1,644 24,796 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 431 FEDERAL RESERVE BANKS—EARNING ASSETS HELD AND EARNINGS THEREON, APRIL, 1925 [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C a i n ty sas Dallas F c S i r s a a c n n o - HOLDINGS ON APR. 30, 1925 Total earning assets.__ 1,051,281 83, 951 262, 325 88, 076 106,056 65, 529 36,272 158,558 37,198 41,919 46, 815 31, 515 93,067 Bills discounted for members 429,440 29, 362 111, 737 37, 516 40,730 50, 934 19,917 66, 730 17, 376 6,910 8,214 3,705 36, 309 Bills bought in open market 261,623 32, 639 53,457 23, 728 24, 260 10, 653 12,102 37, 351 10, 042 17,317 11,711 7,094 21,269 United States securities 348,318 21,173 94, 296 24, 706 39, 942 3,385 3,823 53,028 9,297 17, 346 26,220 20, 348 34,754 Foreign loans on gold 10,500 777 2,835 976 1,124 557 430 1,449 483 346 420 368 735 All other earning assets 1,400 1,150 250 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s 146, 494 14, 626 12, 594 7,498 10, 597 28, 717 17, 859 22,911 10,300 4,463 5,986 2,406 8,537 Bankers' acceptances, foreign 57 5 52 Trade acceptances, domestic- 3,537 214 106 116 1,197 681 260 837 96 30 Secured by U. S. Government obligations _. _ . 1,257 204 19 83 303 370 147 83 1 1 14 32 Member bank collateral notes: Secured by U. S. Government obligations 232, 664 14, 318 82, 307 22,154 25, 905 15,003 711 42,498 6,979 2,203 1,939 559 18,088 0 therwise secured _ 45,431 16,711 7,665 2,723 6,163 940 401 243 275 740 9,570 Total discounted bills 429,440 29,362 111,737 37, 516 40,730 50, 934 19,917 66, 730 17,376 6,910 8,214 3,705 36, 309 Bills Bought Bankers' acceptances based on— Imports 111, 568 14, 968 22, 893 8,565 12,606 4,369 3,899 10,164 4,250 7,807 5,574 4,615 11, 858 Exports 96,089 9,885 20, 389 9,838 7,996 2,722 6,281 13,345 4,577 7,212 5,132 2,216 6,496 Domestic transactions 49,490 7,741 7,859 4,965 3,428 3,519 1,922 13, 257 833 2,094 850 178 2,844 Dollar exchange bills 2,550 45 390 360 230 43 585 382 204 155 85 71 All nthpr 1 154 1 154 Trade acceptances based on imports 772 772 Total purchased bills 261, 623 32, 639 53,457 23, 728 24,260 10, 653 12,102 37, 351 10,042 17, 317 11,711 7,094 21, 269 United States Securities United States bonds 85,037 2,662 12,461 1,416 11,000 1,408 1,514 21, 649 1,648 8,764 10, 710 8,682 3,123 Treasury notes _ 241, 818 15,118 79, 572 23, 093 23, 273 1,940 1,384 30,180 7,427 8,371 13,509 11,385 26, 566 Certificates of indebtedness 21,463 3,393 2,263 197 5,669 37 925 1,199 222 211 2,001 281 5,065 Total U. S. securities 348, 318 21,173 94, 296 24,706 39,942 3,385 3,823 53,028 9,297 17, 346 26, 220 20, 348 34, 754 DAILY AVERAGE HOLDINGS DURING APRIL Total earning assets 1 1, 060,066 92,616 292,980 88, 762 109, 223 56,932 36, 349 142,385 36,085 34,025 45, 837 31, 370 93, 502 Bills discounted 404,040 34, 214 119, 270 38,170 40, 344 41,423 19,361 50,045 15, 257 5,185 6,945 2,274 31, 552 Bills boueht 288, 989 36, 661 68,626 23,801 28,006 11,680 12, 614 37,660 11,192 11,118 12, 544 8,484 26, 603 United States securities 354,897 21,378 102,131 24, 503 39, 708 3,245 3,927 53,170 9,132 17, 364 25, 531 20, 228 34, 580 Foreign loans on gold 210,490 363 2,953 1,013 1,165 584 447 1,510 504 358 442 384 767 EARNINGS DURING APRIL Total earning assets 1 3,038 253 817 256 306 176 110 427 107 102 136 91 257 Bills discounted _ _ 1,217 98 340 110 116 136 64 165 50 17 23 7 91 Bills bought 743 94 175 61 72 30 33 97 29 29 33 22 68 United States securities 1,045 60 294 78 115 8 12 161 27 55 78 61 96 Foreign loans on gold 28 1 8 3 3 2 1 4 1 1 1 1 2 ANNUAL RATE OF EARNINGS Total earning assets 1 - - 3.49 3.33 3.39 3.51 3.41 3.77 3.67 3.65 3.61 3.64 3.60 3.53 3.35 Bills discounted 3.66 3.50 3.47 3.50 3.51 4.00 4.00 4.00 4.00 4.03 4.00 4.00 3.50 Bills bought 3.13 3.11 3.11 3.13 3.13 3.16 3.21 3.13 3.13 3.13 3.13 3.13 3.13 United States securities 3.58 3.41 3.50 3.89 3.51 3.03 3.55 3.69 3.55 3.86 3.72 3.65 3.37 Foreign loans on gold 3.25 • 3.50 3.38 3.39 3.39 3.38 3.38 3.38 3.43 3.25 3.38 3.39 3.39 1 Including average daily holdings of Federal intermediate credit bank debentures, earnings and annual rate of earnings thereon, as follows: Philadelphia, $1,275,000, $3,888 and 3,71 per cent; Kansas City, $375,000, $1,067 and 3.46 per cent. 2 Actual amount held was $10,500,000, the difference of $10,000 being due to adjustments between the Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN JUNE, 1925 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING APRIL, 1925 [Amounts in thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u 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 2,574,001 169,6241,315,407 182,067 207,164 204, 523 40,148 195, 356 52, 866 21, 789 26,601 7,810 150,646 Bills discounted for member banks __ _ 2,302,620 141,9191,181,903 165, 527 198,319 200, 212 34, 590 171, 244 48,665 7,881 18, 665 4,306 129,389 Bills bought in open market 219,287 22,946 108, 352 15, 267 7,254 3,746 4,023 13,941 3, 380 13, 551 4,158 2,783 19,886 United States securities bought in open market 45, 389 3,859 23,498 464 934 238 1,263 9,550 508 208 3,493 476 898 United States securities bought from other Federal reserve banks _ . ._ 2 1,955 2 567 439 140 176 88 88 106 105 88 158 Foreign loans on gold 4,500 333 1,215 419 481 239 184 621 207 149 180 157 315 Bills Discounted Rediscounted bills: Commercial, agricultural, and livestock paper, n. e. s. 215,612 85, 755 8,360 5,304 10,895 18, 6583 21, 494 36, 075 15,499 1,931 4,302 1,496 5,843 Demand and sight drafts (based on agricultural products) 885 106 411 313 55 Bankers' acceptances 56 5 51 Trade acceptances. _ 2,569 39 115 148 1,116 465 299 292 72 2 21 Secured by U. S. Government, obligations 707 89 73 60 333 72 56 1 13 10 Member bank collateral notes: Secured by U. S. Government obligations 1,770,316 56,0361,019,202 131,141 153,237 131, 596 8,771 133,736 31,933 5,600 13,600 1,371 84,093 Otherwise secured 312,475 154,226 28,861 33,006 49,160 3,848 1,085 750 349 750 1,124 39, 316 Total bills discounted 2, 302,620 141,9191,181,903 165, 527 198,319 200,212 34, 590 171,244 48,665 7,881 18,665 4,306 129, 389 Average rate (365-day basis)— per cent. ._ _ 3.73 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) 8.36 9.61 3. 95 8.93 7.82 42.00 8.54 20.00 25.61 31.86 24.44 48.34 11.48 Total reduced to a common maturity basis (exclusive of demand and sight drafts) 2, 301, 735 163,146 558, 728 176, 766 185, 549 173, 212 204, 525409, 633 144,882 30, 030 54,568 23, 086 177,610 Per cent of total 100.0 7.0 24.3 7.7 8.1 7.5 8.9 17.8 6.3 1.3 2.4 1.0 7.7 Number of member banks on Apr. 30< 9,540 420 862 742 869 609 501 1,408 625 868 1,054 834 748 Number of banks accommodated during the month 3,016 194 366 357 316 306 216 471 193 122 142 99 234 Per cent accommodated 31.6 46.2 42.5 48.1 36.4 50.2 43.1 33.5 30.9 14.1 13.5 11.9 31.3 Bills Bought in Open Market Bankers' acceptances: Foreign 172, 218 15, 653 91,520 10, 785 5,737 2,528 3,442 6,799 2,872 11,865 3,796 2,577 14, 644 Domestic 42,540 7,163 13,300 4,167 1,372 1,207 581 6,917 508 1,661 307 190 5,167 Dollar exchange 4,116 130 3,119 315 145 11 225 25 55 16 75 Trade acceptances—foreign 413 413 Total bills bought 219, 287 22,946 108,352 15,267 7,254 3,746 4,023 13,941 3,380 13, 551 4,158 2,783 19,886 Distribution, by rates charged (360-day basis): 21/Q D6F C6Dt 102 102 3 per cent , _ 131,335 5,059 101, 211 1,249 2,591 1.066 1,200 3,946 1,224 7/839 1,632 857 3,461 ty/% per cent 69,956 13,533 4,755 13,593 3,623 1,802 2,048 6,548 2,038 4,461 2,125 1,845 13,585 334 per cent . 13,976 2,852 1,541 258 902 878 206 2,806 118 1,183 401 81 2,750 1 999 1 368 131 137 363 3V^> D6r cpnt 1,350 ' 32 714 30 138 278 68 90 4 percent _ 569 569 Average rate (365-day basis)— per cent 3.16 3.17 3.10 3.17 3.19 3.19 3.26 3.22 3.16 3.17 3.18 3.18 3.17 Average maturity (in days) 31.73 29.54 19.30 63.16 54.11 47.17 51.95 53.12 54.30 45.00 53.03 56.59 26.88 Total reduced to a common maturity basis 219, 287 21,363 65,902 30,393 12,371 5,569 6,587 23,339 5,785 19,218 6,950 4,964 16,846 Per cent of total 100.0 9.8 30.0 13.9 5.6 2.5 3.0 10.6 2.6 8.8 3.2 2.3 7.7 United States Securities Bought in Open Market United States bonds 5,861 809 2,000 50 2,996 6 Treasury notes 26,401 2,453 18,269 464 934 238 264 1,290 416 208 497 476 892 Certificates of indebtedness 13,127 1,406 5,229 190 6,260 42 Total United States securities bought 45,389 3,859 23,498 464 934 238 1,263 9,550 508 208 3,493 476 898 1 Includes $250,000 Federal intermediate credit bank debentures. 2 Includes $444,000 foreign loans on gold. 3 Includes $555,096 discounted for the Federal intermediate credit bank of Columbia, S. C. 4 Banks in actual operation. Figures published prior to March, 1925, represented the number of banks shown by the capital stock records of the Federal reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 433 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 lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - Number of reporting banks: Apr. 15 . 736 42 106 55 76 73 36 100 33 25 71 49 70 Apr. 22.. 736 42 106 55 76 73 36 100 33 25 71 49 70 Apr. 29.. 736 42 106 55 76 73 36 100 33 25 71 49 70 May 6 736 42 106 55 76 73 36 100 33 25 71 49 70 May 13 . 736 42 106 55 76 73 36 100 33 25 71 49 70 Loans and discounts, gross: Secured by U. S. Government obligations- Apr. 15 200,093 8,586 80,501 12,040 19,822 6,636 7,885 31,184 12,925 2,798 4,027 3,264 10,425 Apr. 22 198,188 9,522 76,066 12,291 19,149 6,534 7,887 32,616 14,185 2,821 3,803 3,164 10,150 Apr. 29.. 200,943 8,445 83,643 12,307 19,040 6,261 7,668 31,880 11,790 2,864 3,781 3,085 10,179 May 6 193,354 8,880 76,367 12,211 18,802 6,348 7,747 31,167 12,469 2,763 3,772 3,039 9,789 May 13 191,422 8,466 75,391 12,830 18,374 6,090 7,664 32,856 10,475 2,692 3,792 2,993 9,799 Secured by stocks and bonds— Apr. 15.. 4,708,150 268,2222,118,958 324,767 436, 937 129,908 78,845 693,980 172,250 59,846 122,424 73,220 228,793 Apr. 22 4,807,328 278,5212,193,870 333,311 444,132 127,843 78,013 701,150 171,507 61,770 114,591 71,624 230,996 Apr. 29 4,878,309 281,7702,250,149 334,173 449,328 127,965 79,724 711,825 172,001 59,079 108,840 71,000 232,455 May 6 4,875,929 288, 5842,229, 680 339,359 455,760 128, 581 80,761 722, 253 169,715 58,914 105,149 71,024 226,149 May 13.. 4,828,073 289,7032,166,309 328,866 454,017 129,329 82,917 743,639 172,010 54,514 105, 712 71,288 229, 769 All other loans and discounts- Apr. 15 8,219, 978 667,7512,566,686 366,626 753,705 351,688 388,3411,217,403 313,930 182,871 314,095 226,369 870,513 Apr. 22 8,124,624 642,8962,534,897 365,896 750,510 353,065 383,6481,197,148 306, 984 178,837 317, 736 225,090 867, 917 Apr. 29 8,153,040 652,5102,575,3S0 364,927 746,422 353,527 379,5291,194,117 303,791 176,892 320,047 223,016 862,872 May 6 8,115,969 635,1582,541,903 360,723 741,402 352, 549 379,6041,227,718 302, 292 174,653 319,563 220,546 859,858 May 13 8,147, 298 635,3522,561, 750 367,214 742,118 351,338 382, 2101,228,986 307,589 174,593 316,124 217, 289 862, 735 Total loans and discounts—• Apr. 15 13,128, 221 944,5594,766,145 703,4331,210,464 488,232 475,0711,942,567 499,105 245,515 440,546 302,8531,109,731 Apr. 22 _ 13,130,140 930,9394,804,833 711,4981,213,791 487,442 469,548 L, 930,914492,676 243,428 436,130 299,8781,109,063 Apr. 29 13, 232,292 942, 7254,909,182 711,4071,214,790 487,753 466,9211,937,822 487,582 238,835 432,668 297,1011,105,506 May 6 13,185,252 932,6224,847,950 712, 2931,215,964 487,478 468,1121,981,138 484,476 236,330 428,484 294,6091,095,796 May 13 13,166,793 933, 5214,803,450 708,9101, 214,509 486, 757 472,7912,005,481 490,074 231,799 425,628 291,5701,102,303 U. S. pre-war bonds: Apr. 15 219,757 9,562 38,857 9,567 31,646 25,163 14,867 17,874 13,257 6,936 9,357 18,222 24,449 Apr. 22 220,104 9,442 39,317 9,567 31,577 25, 233 14,863 17,871 13,296 6,936 9,332 18, 222 24,448 Apr. 29.. 220,215 9,469 39,886 9,567 31,803 24,833 14,842 17,872 12, 749 7,176 9,358 18,212 24,448 May 6 219,948 9,573 39, 836 9,567 31,803 24,113 14,900 17,867 13,120 7,176 9,333 18,212 24,448 May 13 . 220,543 9,573 39,940 9,567 31,803 25,063 14,880 17,868 12,708 7,146 9,333 18,213 24,449 U. S. Liberty bonds: Apr. 15 1, 347, 935 73, 781 612, 381 53,190 151,155 35, 884 10,310 166, 225 24, 766 25, 643 47, 083 18,183 129, 334 Apr. 22. 1, 344, 906 74, 791 606, 283 52,154 153,161 35, 690 11,193 167, 944 23,462 25, 654 46, 231 17,891 130,452 Apr 29 1, 339,354 72, 950 600,183 52, 203 153,633 35, 905 13, 013 166, 536 23, 535 24, 936 47,230 17,180 132, 050 May 6 . 1, 346, 241 75, 395 603, 397 52,085 154, 047 34,149 13, 081 170, 267 24, 376 25, 356 47,085 17, 217 129, 786 May 13 ___ 1,355.068 76, 261 604, 991 53,044 156, 368 33,894 10, 560 172, 690 25,034 25, 443 46,020 18, 223 132, 540 IT. S. Treasury bonds: Apr. 15. _ 457,172 23, 259 171,890 26, 297 45, 438 11,926 5,263 60,973 19,322 11, 589 16, 406 9,212 55, 597 Apr. 22 463,830 21, 686 175, 551 23, 686 44,424 11,456 5, 836 64,110 19, 907 11, 792 20, 203 8,629 56, 550 Apr. 29... 453,186 21, 417 168, 556 22, 362 44, 838 11,456 5,158 63, 577 19, 778 11, 336 18,685 8,657 57, 366 May 6 ... 455, 499 22,212 173,408 21, 373 41, 790 12, 509 6,792 61, 792 17, 630 11, 428 18, 456 8,582 59, 527 May 13 452, 738 22,158 173, 713 21, 432 37, 542 12, 555 5,849 62, 200 17, 546 11, 328 19, 226 8,737 60, 452 U. S. Treasury notes: Apr. 15 444, 567 8,506 192, 285 15,167 49, 741 1,662 3,432 91, 090 12, 317 18, 346 17, 032 9,132 25, 857 Apr. 22... 468,455 7,491 222, 707 13, 062 47, 459 1,663 3,170 90,987 12, 339 18, 346 16, 505 9,032 25, 694 Apr. 29 __ 447, 374 7,899 208, 963 13, 262 44, 350 1,664 2,147 87, 588 12,095 18, 562 16, 265 9, 054 25, 525 May 6 406, 225 7,438 170, 281 13,168 42, 819 1,626 2,505 85, 882 12,133 18, 502 16, 538 9, 566 25, 767 May 13.. 407, 351 7, 226 171, 509 12, 315 43, 287 1,510 3,171 85,874 12, 098 18, 512 16, 476 9,435 25, 938 U. S. Treasury certificates: Apr. 15 129, 098 5,672 57, 655 5,998 10, 887 513 2,241 10,036 2,792 6, 596 3,199 3,545 19, 964 Apr. 22.. 118, 782! 6,135 55, 694 6,018 8,125 513 2,005 9,454 2,670 3,731 3,415 3, 678 17, 344 May29_. 115,699| 3,242 55, 343 6,064 8,877 513 2,834 9,080 2,546 3,682 3,185 3,284 17,049 May 6 1U, 953! 2.885 55, 990 6,067 8,330 513 2,372 9,003 2,547 2,952 3,134 2,824 15, 336 May 13.. 110,463 2,884 56, 004 5,996 7,967 467 1, 718 8,948 2,483 2, 852 3,067 3,035 15,042 Other bonds, stocks, and securities: Apr. 15 2, 883, 358 192, 8521,127, 405 258, 566 352, 432* 62, 692 41, 873 419, 972 100, 481 39, 025 75, 216 20,128 192, 716 Apr. 22 2,889,431 194, 583 1,127,417 260,152 353, 721 63,367 41, 645 421,109 100,980 39,139 74, 591 20, 271 192, 456 Apr. 29 2,907,916 195, 949 1,139, 977 258, 337 354. 229 63,133 44, 590 4-20,867 101, 087 39, 083 74, 787 20, 209 195, 668 • May 6 2, 943, 332 199, 34-11,185,469 257, 501 353,018 63, 008 42,609 412,807 102,412 39, 293 74, 702 19, 829 193, 343 May 13 .. 2, 901, 377| 199,152 1,141, 577 258, 327 349, 624 62, 645 45, 716 416, 941 101, 559 40,036 74,275 19, 764 191, 761 Total investments: Apr. 15 5, 481, 887' 313, 6322, 200, 473 368, 785 641, 299 137,840 77, 986J 766,170 172, 935 108,135 168, 293 78,422 447, 917 Apr. 22 5, 505, 508 314,128 2, 226, 969 364, 639 638, 467 137, 922 78, 712; 771, 475 172, 654 105, 598 170, 277 77, 723 446,944 Apr. 29 5, 483, 744 310, 926 2, 212, 908 361, 795 637, 730 137, 5041 82, 584| 765, 520 171, 790 104, 775 169, 510 76, 596 452,106 May 6 5, 483,198 316, 844 2, 228, 381 359, 761 631, 807 135, 918 82, 259! 757, 618 172, 218 104, 707 169, 248 76,230 448,207 May 13 5,447, 540 317, 254 2,187, 734 360, 681 626, 591 136,1341 81,894' 764, 521 171,428 105, 317 168,397 77,407 450,182 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN JUNE, 1925 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal reserve district Total New Phila- Cleve- Rich- St. Minne-Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas F ci r s a c n o - Total loans and investments: Apr. 15 18,610,1081,258,191 6,966, 618 1,072,218 1, 851, 766326,072 553,057 2,708,737672,040 353, 650 381.,, 275, 1 557,648 Apr. 22 18, 635,6481,245,067 7,031, 802 1,076,137 1, 852,256825,364 548,260 2, 702,389665,330 349,026 606,407 377',, 601,1 556,007 Apr. 29 18,716,0361,253,651 7,122,090 1,073,202 1,852,520625,257 549,505 2,703,342659,372 343,610 602,178 373i,, 697 ,1 557, 612 May 6 18,668,4501,249,466 7,076,331 1,072,054 1,847, 771623,396 550,371 2, 738, 756656, 694 341,037 597, 732370I,, 839 ,1544,003 May 13 18, 614, 3331,250, 775 6,991,184 1,069, 5911,841,100622, 891 554,685 2,770,002661,502 337,116 594,025 368,977 1., 552,485 Reserve balances with Federal reserve banks: Apr. 15 1, 599,356 93, 537 727,143 83,446 122, 777 40,774 38, 540 229,948 47,388 27,603 53,490 29, 982 104, 728 Apr. 22 1, 632,467 89,468 772,168 80,342 121,357 37,496| 38, 683 233, 391 46,280 25,927 54,989 103, 368 Apr. 29 1, 607,683 87,079 757,807 81.385 120,621 38, 876, 38,801 225,114 45, 781 24,146 53,975 30,393 103, 705 May 6 1, 646,046 90,230 756,230 85,643 120,898 39,119! 40,183 255,156 48,161 22,019 53, 444 29, 926 105,037 May 13 1, 616,133 95, 575 751, 526 80,421 118, 858 38, 399! 37, 646 235, 752 45,609 24, 310 52,162 107,039 Cash in vault: Apr. 15 277,064 21,034 76, 610 16,073 29,026 14,189; 10,802 52, 673 7,165 5,964 11, 793 10,323 21,412 Apr. 22 282,318 21,303 77,914 16,012 31,409 14,080 10,742 53,588 6,935 5,734 12,370 11,345 20, 886 Apr. 29 282,713 20, 741 77,948 15,434 30,918 14,107! 11,293 53,305 7,532 6,096 13,029 10,469 21,841 May 6 278, 749 20,596 77,696 15,450 30,218 14,084; 10,963 52,433 7,1""" 6,044 11,794 10,424 21,349 May 13 285, 552 21,605 78,607 16, 559 31,337 14,143' 11,152 52,885 7,534 5,992 13,399 10,533 21,806 Net demand deposits: Apr. 15 12, 722,421 868,593 5,538,659 758,721 989,246 353, 772 328, 608 1,709,461 406,200 228,311 487,595 278,581 774, 674 Apr. 22 12, 764,742 846,472 5,660,974 761,842 993,152 345, 590 322!, ," "739, 1 691,982399,062 225,670 480, 794273, 241 763,224 Apr. 29 12, 813,923 8"5"0",,134 5,751,616 758,050 990,866 348,554 3191,,4621,686,204 396,864 214,011 472,642 756,258 May 6 12, 793, 580 858,"75165,670,515 770,016 988,675 350, 796 3291,,802 1,726,855 395,122 214, 670 469,206 266,220 752,947 May 13 12,815, 759 872,," 5'14 5,639,972765,346 991,203 348,901 328,064 1, 753,676 213,034 467,394 267,624 769,142 Time deposits: Apr. 15 5,052,17 341,2961,190,376 174,635 719,697 186,932 195,688 943,197 203,833 106,158 137,633 93,905 758,826 Apr. 22 5,064,103 342,300 1., 198,124174,795 721,419 187,106 196,294 946,479 204,222 105,069 136,562 93,979 757, 754 Apr. 29 5,063,3391 342,1961,193,493 173,893 721,398 195,180 197,163 945, 708 203,351 103,593 138,146 94,036 755,182 May 6 5,098,4231 347,3211., 186,907174, 461 725,288 195,246 196,899 969,189 204,194 103,467 138,614 93,282 763,555 May 13 5,134,342 349,4481,., 203,681173,427 727,684 195,999 199, 750 980,283 204,508 103,293 138,550 93,158 764,561 Government deposits: Apr. 15 246,230 15,933 54,707 30,159 34,102 11,818 11,070 34,717 14,710 3,410 5,991 8,827 20, 786 Apr. 22 206,954 13,279 46,313 25,516 28,794 9,873 9,273 28,987 12,412 2,618 4,936 7,367 17,586 Apr. 29 209,433 13,272 46,313 25, 515 31,355 9,873 9,273 28,970 12,713 2,513 4,935 7,115 17,586 May 6. 191,909 12,541 43,058 23.386 26,623 9,232 8,630 27,016 11,540 2,321 4,590 6,617 16,355 May 13 184,637 12,035 41,321 22, 689 25,765 8,857 8,275 25, 709 11,062 2,237 4,407 6,578 15, 702 Bills payable and rediscounts with Federal reserve banks: Secured by U. S. Government obligations- Apr. 15 134,104 5,125 60, 782 6,978 22, 623 5,476 2,459 15,077 1,234 2,000 1,000 11, 350 Apr. 22 149, 333 3,925 60, 704 8,148 15,108 4,364 2,967 30, 993 1,788 1,166 650 19, 520 Apr. 29... 127, 567 4,025 48,390 5,761 19,018 4,362 1,654 21, 745 1,234 1,900 1,501 82 17, 895 May 6 132,053 1,859 72, 766 4,078 15, 243 3,097 1,718 14, 710 1,169 730 1,463 350 14, 870 May 13 2,940 29,280 4,954 15,259 5,928 1,314 13,140 1,471 570 313 11,820 All other- Apr. 15 100,549! 10, 394 33, 244 8,196 10,022 14, 270 5, 8221 3,761 4,758 301 1,416 124 8,241 Apr. 22 98, 613 14, 220 26,156 5,266 7,994 16, 299 6,582 4,142 5,310 1,590 1, 715 392 8,947 Apr. 29 83, 527 9,727 13, 767 6,424 18,119 8, 716! 3,501 4,537 337 1,243 9,230 May 6 101, 231 7,621 4,064 8, 546 15,169 5, 5941 5,478 5,272 1,474 1,711 947 10,047 May 13 72, 677 5,247 20,493 3,870 5, 235 15,964 3,0281 3,209 3,343 1,165 1,430 819 8,874 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES [In thousands of dollars] Federal reserve bank city Total (12 cities) 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 an it s y as Dallas F S r a a n ncisco Due to banks: Apr. 15 2, 318, 925 137,205 1,115, 690 189,990 51, 602 31,054 18, 762 392,127 89,055 55,116 107,182 32, 770 98,372 Apr. 22. 2, 210, 830 130,454 1,060,245 178,955 48, 976 30,082 17, 726 379, 623 85,482 51, 716 105, 525 30, 035 92,011 A M M p a a r y . y 2 6 1 9 3 2 2 2 , , , 3 2 21 1 3 4 1 3 , , , 0 2 2 5 2 4 3 5 0 1 1 1 2 3 2 8 2 6 , , , 4 8 5 1 6 9 0 5 8 1 1 1 , , , 0 0 1 9 5 1 0 4 1 , , , 0 6 6 0 5 8 3 2 0 1 1 1 7 7 7 5 5 9 , , , 1 1 7 5 6 9 3 8 7 4 4 5 9 9 1 , , , 1 2 6 2 1 0 1 3 2 2 3 3 2 9 1 , , , 2 5 7 1 6 7 5 1 9 1 1 18 8 8 , , , 4 7 6 0 9 2 3 4 8 3 4 7 2 6 1 , , 692 8 8 8 8 6 1 , , , 2 2 0 2 1 9 5 5 0 4 5 5 9 2 0 , , , 1 2 6 5 6 4 7 5 0 1 1 9 0 0 1 7 2 , , , 9 0 6 0 0 2 0 8 4 3 2 2 9 1 8 , , , 0 8 7 9 5 0 9 2 9 1 9 9 0 9 0 0 , , , 0 6 2 5 0 0 3 0 2 Due from banks: Apr. 15 658, 719 49, 652 114, 871 71,487 27,867 14,231 14, 231 179, 71 20, 963 43, 837 29, 231 61, 667 Apr. 22 613,164 49, 770 102, 903 62, 521 31,448 13,356 14,042 171, 5991 29, 871 18,031 41,164 25, 503 52, 956 Apr. 29 597, 606 50,461 101, 827 57,517 26, 780 13, 752 14, 270 167,484 29, 398 19, 284 41,161 21,808 53,864 May 6 626,453 45,571 101,807 66,160 23,443 14,342 13,494 187, 651 32, 362 21, 906 42,863 23,133 53, 721 May 13 647,125 42, 734 102, 947 66,418 29,000 15,132 15, 772 196, 613 32,304 22, 559 45, 833 26,471 51,342 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 435 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 Apr. 15 Apr. 22 Apr. 29 May 6 May 13 Apr. 15 Apr. 22 Apr. 29 May 6 May 13 Number of reporting banks 65 65 65 65 65 46 46 46 46 46 Loans and discounts, gross: Secured by U. S. Government obligations 75,354 71,152 78,744 71, 488 70, 369 23,200 24, 862 24, 212 23, 637 25, 445 Secured by stocks and bonds 1,878, 908 1, 952, 700 2, 010,156 1, 993, 543 1, 932, 954 516, 259 519, 887 528, 804 538, 895 555, 958 All other loans and discounts 2, 261,917 2, 231, 626 2, 268, 702 2, 236, 694 2, 259, 750 692, 644 683., 155 679, 851 699, 601 698, 722 Total loans and discounts. 4, 216,179 4, 255, 478 4, 357, 602 4, 301, 725 4, 263, 073 1, 232,103 1, 227, 904 1, 232, 867 1, 262,133 1, 280,125 United States pre-war bonds.. _ 28,130 28, 590 29,159 29,109 29, 213 1,936 1,933 1, 933 1,934 1,934 United States Liberty bonds... 515, 584 510, 689 505, 437 510, 402 512,184 84, 288 84,880 81,565 82,101 81,822 United States Treasury bonds __ 154, 855 159,133 152,128 157, 598 158, 004 29, 393 27, 583 27,001 26, 870 26, 731 United States Treasury notes... 175, 358 205, 780 192, 036 153, 869 156, 714 64,421 64, 315 61, 748 60, 559 60,441 United States Treasury certificates 56,142 54,181 53, 830 54, 477 54, 416 4,284 3,988 3,773 3,779 3,723 Other bonds, stocks, and securities 849,314 848,193 860, 865 905, 366 866, 977 199, 449 200,042 198, 629 191, 474 194,995 Total investments 1, 779, 383 1, 806, 566 1, 793, 455 1, 810, 821 1, 777, 508 383, 771 382, 741 374, 649 366, 717 369, 646 Total loans and investments 5, 995, 562 6,062, 044 6,151, 057 6,112,546 6, 040, 581 1, 615, 874 1, 610, 645 1, 607, 516 1, 628, 850 1, 649, 771 Reserve balances with Federal reserve bank _ _ 667, 097 713, 077 701, 552 698, 079 691, 995 156, 992 163, 467 159, 843 176, 320 159, 322 Cash in vault 61,886 63,132 63, 618 62, 291 63, 411 26, 634 27, 686 27, 535 26, 726 26, 281 Net demand deposits ._ 4,979, 657 5,106, 539 5, 203, 690 5,118/530 5, 081, 299 1,114, 770 1,114,886 1,120, 632 1,134,168 1,140,026 Time deposits _ 816,484 824, 971 821, 365 825, 758 840,068 462, 004 463, 352 462,843 480, 058 482, 442 Government deposits 42, 552 36, 000 36, 000 33, 489 32,140 19,177 15, 988 15, 988 14, 939 14,168 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations.. 47, 575 47, 690 33, 390 59, 550 22, 225 6, 967 11,158 1,760 1,300 1,630 All other 32, 937 25, 947 13,263 32,118 18, 475 620 619 185 1,086 805 Total borrowings from Federal reserve bank.. _ 80, 512 73, 637 46, 653 91, 668 40, 700 7,587 11, 777 1, 945 2,386 2,435 ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY Net demand deposits Time deposits Federal reserve district 1925 1924 1925 1924 Jan. 28 Feb. 25 Mar. 25 Apr. 22 Apr. 23 Jan. 28 Feb. 25 Mar. 25 Apr. 22 Apr. 23 Boston _. 1,330,862 1, 311,144 1, 270,144 1, 298, 7041,223, 749 702,350 718,442 721, 631 729, 635 636,067 New York 6,383,028 6,289,886 6,109,736 6, 334,929 5, 545,860 2,041,042 2,063,112 2,063,332 2,121,020 1,779,565 Philadelphia 1,139,390 1,134, 689 1,127, 880 1,155,613 1,034, 840 777, 518 789, 945 783,880 786,676 Cleveland 1,486,655 1,482,289 1,456,781 1,469, 584 1,372,134 1,272,991 1,292, 515 1, 299,175 1,300,882 1,173,887 Richmond 594, 503 588,437 569,755 565,450 553,192 486,866 494, 941 492,908 501,893 459,306 Atlanta _ 585,609 613,945 616,226 620, 420 507,849 356,070 374,021 386,835 388,125 342,430 Chicago 2,380,790 2,414, 286 2, 382,909 2, 384,717 2,169,812 1, 735, 7391, 743,459 1, 762, 2221, 767,731 1, 601,606 St. Louis 732,021 729,176 722,922 708, 335 638,408 438,340 438, 871 432, 651 435,041 406,682 Minneapolis 481,231 482,015 475,267 451,891 406,431 434,954 436,459 441, 252 439,950 399,043 Kansas City 861,150 871, 625 872, 756 719,296 300,970 302,798 305, 752 307,175 293,682 Dallas 660,847 680,428 635, 576 549,067 160, 584 166,895 163, 780 165, 531 156,696 San Francisco 1,291,093 1,289, 740 1,235,913 1, 251,037 1, 222,969 1,171,200 1,184,202 1,240, 735 1, 242,963 1,038, 658 Total 17,927,179 17,887, C 17, 503,15117, 715,08015,943,607 9,878,624 10,005,660 10,094,153 j 10,186,622 8,974, 591 Banks in cities and towns having a population of— Less than 5,000 1, 673,199 1, 681, 5311, 663,485 1, 637, 8841, 554,996 1,668,381 1, 678,232 1,684,816 1,691,055 1,582, 582 5,000 to 14,999.. 1,081, 342 1,087,366 1,086,008 1,088,048 1,048, 671 1,062, 598 1,072,914 1,079,743 1,081,730 1,008,034 15,000 to 99,999 2,170,162 2,211,432 2,225,264 2, 239, 7602,040, 730 1,990,335 2,021,190 2,048,373 2,044,266 1,863,827 100,000 and over 13,002,476 12, 907,33112, 528,39412, 749, 38811, 299, 210 5,157,310 5, 233,324 5, 281, 221 5,369,571 4, 520,148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

436 FEDERAL RESERVE BULLETIN JUNE., 1925 MEMBER BANKS—CONDITION ON APRIL 6, 1925 ALL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON APRIL 6, 1925, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Total trict trict trict trict trict trict trict trict trict trict trict trict United No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States (420 (857 (740 (869 (608 (505 (1,407 (624 (872 (1,056 (824 (749 (9,531 banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) EESOURCES L O o v a e n r s d r a a n f d ts . discounts. _1, 580,3 41 2 7 2 5,76 2 9 , , 0 3 3 3 9 11,351,9 2 ..4 9 _6 5 1,976,7 9 7 41 2 978,7 7 4 6 3 0 86 1 0 , , 9 2 4 9 3 2 3,079 2 , , 3 3 4 7 9 9 89 1 0 , , 3 1 9 7 5 8 611,1 7 8 2 9 8 809 1, , 7 8 7 1 2 8 64 2 8 , , 0 6 4 8 0 5 1L, 81 2 6 , , 3 0 0 6 5 3 20, 3 1 7 7 2 , , 0 6 1 8 4 8 United States Government securities... 240,043 1,254,255 255, 264 431,855 140,716 92,304 535,127 150,942 149, 217 171,049 121,368 373,857 3,915,997 Other bonds, stocks, and securities 386,742 1, 612,491 624,644 597, 777 129, 536 106,619 672,769 206,605 145, 818 133,999 41,695 320,545 4,979,240 Total loans and investments 3,307,534 8, 638,116 3,,333333,,149 3, 007,,345 1, 349, 755 1[,, 061,158 4,, 389,634 1, 349,130 906,953 1, 116,638 813, 788 3,513, 770 39,384,939 Customers' liability on account of acceptances 55,714 316,737 15,601 9,017 11,647 8,199 38, 778 574 1,081 111 1,322 18,317 477,098 Banking house, furniture, and fixtures._. 63,619 162,169 63,235 120,645 51,922 46,176 133, 642 35,843 25,211 41,488 39,112 96,339 879,401 Other real estate owned 6,617 11,168 8,783 17,645 12,139 11,206 25,439 9,046 16,085 16,571 13,719 18,410 166,828 Cash in vault __ 44,180 113, 513 40,186 56,821 26,873 24, 378 83, 775 20,820 20,006 27,193 23,405 42,147 523, 297 Reserve with Federal reserve banks Items with Federal 132,902 777,110 119,790 177,348 65,060 312,949 78,523 54,172 89,453 62,061 153,194 2,091, 545 reserve banks in Du p e ro ces fr s o o m f col b le a c n t k io s, n. 50,264 167,016 52,672 53,718 42,028 25,698 63,459 38,377 8,160 31,415 25,472 30,544 588,823 bankers, and trust Ex c c o h m an p g an es ie f s or clearing 84,469 169,194 122,145 169, 015 98,236 186,971 357,215 133, 538 122,753 240,836 179,811 226, 571 2,090,754 house, also checks on other banks in same place 34,423 848, 550 49, 973 39, 395 18,677 20,901 96, 249 18,858 9,254 19,878 9,845 45,091 1,211,094 Outside checks and other cash items 6,158 24,835 3,003 7,913 2,901 3,987 14, 515 3,183 6,246 5, 752 2, 959 26,804 108, 256 Redemption fund and due from United States Treasurer 2,349 4,175 2,862 4,238 3,099 2,007 4,223 1,994 1,521 1,928 2,187 2,511 33,094 United States securities borrowed l 170 1, 602 844 6,040 3,132 64 1 173 37 12,661 Other securities borrowed 1 123 35 2,359 85 58 2,660 Other assets 53,676 293,094 9,752 16,475 5,058 8,559 52,740 4,265 4,869 3,678| 4,246 22,403 478,815 Total. 2,741,895 11,525,677 2, 720,321 3, 681,296 1, 587,997 1,469,102 5,481,007 1, 597, 358 1,176, 374 1, 594,942 1,178,100 3,195,196 37,949, 265 LIABILITIES Capital stock paid in.. 150,342 516,131 139,890 212,950 113,878 94,668 295,221 110,151 69,715 95,298 94,875 184,383 2,077, 502 Surplus fund 131, 654 519,469 231,490 219,733 83, 596 57,621 220,920 58, 616 36,433 44,311! 42, 754 85, 479 1, 732, 076 Undivided profits, less expenses and taxes paid.. 79, 311 287,171 82, 894 92,613 37, 560 26,091 114, 589 30,063 15,989 19, 752 22, 501 50,927 859, 461 Due to Federal reserve banks 3,879 11,352 4,646 2,225 9,665 2,960 2,608 239 445 1,532 40,124 Due to banks, bank- 573 ers, and trust companies 165,350 1,409, 888 225,219 264, 707 130, 728 197, 758 610,888 197, 233 141,368 295,334 168,445 4,041, 256 Certified and cashiers' 234, 338 or treasurers' checks outstanding. 18,326 534, 307 16, 561 26,069 10, 556 9,628 49, 554 9,003 12,320 16,372 10,906 756, 757 Demand deposits 235,642 5>,, 293, 653 ,1 .065,978 1., 356,621 555,688 594,133 2,117,419 651,198 412, 005 756,029 605,840 1, 24035,,1 55855 15i,, 849, 791 Time deposits 733,041 2,082, 315 782, 709 1., 298,976 494, 553 382,108 1761,612 434, 778 441,834 305, 237 163, L, 246,185 101,,126, 980 United States deposits 35,902 84, 799 49,749 48, 567 22,934 18,188 56,497 26,881 8,562 13,561 16, 230 29, 749 411,619 Total deposits 193,140 9>,, 416,314 3,, 144,863 3!,, 997,165 1,334,134 1,304; 775 4,598,578 1,,319,3331,016,0891,386,978 966,1,585 3!,, 759,585 31,, 336,537 Bills payable (including all obligations representing money borrowed, other than rediscounts) 22, 747 130,375 32,052 26, 243 23,152 10, 718 27,506 9,516 1,580 3,117 2,306 21,871 311,183 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 51, 338 175, 747 10,100 22,045 28, 662 16, 526 56, 778 8,750 4,002 3,844 1,421 9,800 389,013 Letters of credit and travelers' checks sold for cash and outstanding 17,249 217 253 1,825 73 28 1,045 22,158 Acceptances executed for customers 58, 535 308,154' 12,904 8, 647! 11,126 12, 637 39, 880 592 745 119 1,622 19,539 474,500 1 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 437 ALL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON APRIL 6, 1925, BY FEDERAL RESERVE DISTRICTS—Con. [In thousands of dollars] Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Total trict trict trict trict trict trict trict trict trict trict trict trict United No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States (420 (857 (740 (869 (608 (505 (1,407 (624 (872 (1,056 (824 (749 (9,531 banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) LIABILITIES—COntd. Acceptances executed by other banks for account of reporting banks 2,938 31,509 4,514 522 893 671 1,452 337 251 43,087 Natidnal-bank notes outstanding 46,342 81,746 55, 263 58,384 39,720 83,597 39,566 29,735 38,053 43,088 49,567 648,959 United States securities borrowed 60 1,314 606 9,625 3,021 1,967 8,365 5,370 1,152 1,257 1,408 34,408 Other securities borrowed 99 50 100 454 519 1, 91 6 301 164 691 6,481 Other liabilities 5,441 40,448 5,429 7,011 2,829 2,374 29, 598 15, 245 1,442 1,944 1,499 10,650 123,910 Total.. 2, 741, 895 11,525,677,2, 720, 321 3, 681, 296 1, 587, 997 1,469,102 5, 481, 007 1, 597,358 1,176, 374 1, 594, 942 1,178,100 3,195,196 37, 949,265 I I I ! i I ALL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON APRIL 6, 1925, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks Total United States Other re- Country serve city banks (8,892 N (6 e 5 w b a Y n o k r s k ) (2 C 3 h b ic a a n g k o s) T b o a t n al k s (8 ) 8 ba b n a k n s k ( s 5 ) 51 banks) Ap b ( r a 9 . n ,5 6 k 3 , s 1 1 ) 925 De b c ( a 9 . n , 3 5 k 1 8 s , 7 1 ) 924 RESOURCES Loans and discounts... __. 4,196,436 1,147,093 5,343, 529 7,404,999 7,624,160 20, 372, 688 20,165,601 Overdrafts _ __ __. 1,619 203 1,822 5,563 9,629 17,014 15,708 United States Government securities _ 903,788 174,851 1,078, 639 1,399,450 1,437, 908 3,915,997 3,902, 793 Other bonds, stocks, and securities 772,578 152, 602 925,180 1,484,982 2, 569,078 4, 979,240 4,942,486 Total loans and investments.-. 5, 874,421 1,474, 749 7, 349,170 10,394. 994 11, 640.775 39,384,939 39,036,588 Customers' liability on account of acceptances 313, 453 37, 423 350, 876 112,078 14,144 477, 098 461, 736 Banking house, furniture, and fixtures 91,862 27,116 118,978 346,413 414,010 879,401 860, 614 Other real estate owned 2,665 101 2,766 54, 337 109, 725 166,828 161,133 Cash in vault 62,268 20, 986 83, 254 155, 753 284,290 523, 297 597,472 Reserve with Federal reserve banks 630, 785 152,498 783,283 720, 552 587, 710 2, 091, 545 2,227, 569 Items with Federal reserve banks in process of collection.. 120,227 29, 453 149, 680 346,249 92,894 588,823 724,926 Due from banks, bankers, and trust companies 71,036 134,442 205,478 841, 583 1,043, 693 2,090, 754 2,339,488 Exchanges for clearing house, also checks on other banks in sameplace.. -- _ 828,996 58, 875 887,871 251,846 71,377 1,211,094 1,935,114 Outside checks and other cash items 18,826 4,909 23, 735 60,297 24,224 108,256 133,666 Redemption fund and due from United States Treasurer.. 1,385 47 1,432 7,295 24, 367 33, 094 36,284 United States securities borrowed l 6,423 6,238 12, 661 19,087 Other securities borrowed i 476 2,184 2,660 2,541 O ther assets _ 283,038 42, 317 325, 355 119,071 34,389 478,815 460, 649 Total . 8, 298,962 1,982, 916 10, 281,878 13,317, 367 14, 350,020 37, 949,265 38,986,867 LIABILITIES Capital stock paid in 357, 800 91,000 448,800 698, 903 929,799 2,077, 502 2,037,481 Surplus fund 391,339 89, 260 480, 599 591,465 660,012 1, 732,076 1,707,486 Undivided profits, less expenses and taxes paid 206,195 52,412 258, 607 262,386 338,468 859,461 786, 759 Due to Federal reserve banks 231 231 10,140 29, 753 40,124 43, 648 Due to banks, bankers, and trust companies 1, 307, 565 389, 870 1, 697,435 1,852, 720 491,101 4, 041,256 4, 504, 315 Certified and cashiers' or treasurers' checks outstanding... 519,298 26, 534 545,832 132, 567 78,358 756, 757 1,082, 431 Demand deposits __ 3,995, 964 854, 709 4,850, 673 5,410, 669 5, 588,449 15,849, 791 16,684,038 Time deposits 787,997 351, 708 1,139, 705 3, 590, 512 5,396, 763 10,126,980 United States deposits 56,451 26, 578 83,029 251,968 76, 622 411,619 242,482 Total deposits 6, 667, 506 1, 649, 399 8, 316, 905 11,348, 576 11, 661, 046 31,336, 527 33,361,653 Bills payable (including all obligations representing money borrowed, other than rediscounts) 94, 493 4,300 98, 793 84, 043 128,347 311,183 289,253 Notes and bills rediscqunted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) ' 168,480 33,497 201,977 389,013 367,490 Letters of credit and travelers' checks sold for cash and outstanding 17,076 1,610 18, 686 3,074 22,158 21, 709 Acceptances executed for customers 305,455 38,470 343,925 117, 407 13,168 474, 500 460, 383 Acceptances executed by other banks for account of reporting banks 31,012 1,197 32, 209 9, 233 1,645 43, 087 37, 322 National-bank notes outstanding 26, 902 942 27, 844 143, 753 477,362 648,959 714,333 United States securities borrowed 970 970 17, 637 15,801 34, 408 48,017 Other securities borrowed 1,294 5,187 6,481 5,946 Other liabilities 31, 734 20, 829 52, 563 50,908 20,439 123,910 149,036 Total 8, 298, 962 1,982,916 10, 281,878 13, 317, 367 14,350, 020 37,949,265 38,986,867 Ratio of reserve with Federal reserve banks to net deposit liability (percent) _ 12.6 13.5 12.8 10.0 9.8 10.1 i Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN JUNE, 1925 STATE BANK AND TRUST COMPANY MEMBERS—ABSTRACT OF CONDITION REPORTS ON APRIL 6, 1925, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] D b N a i ( s n 3 o t k 8 r . i s l c • ) t D b N a i ( s 1 n o t 4 k r . 3 i s 2 c ) t D b N a i ( s n o 7 t k r . 3 i s 3 c ) t ; j I b D N a ( i 1 n s o 1 t k . r 8 s i 4 c ) tD b N a i ( s n o 5 t k r . 9 i s 5 c ) t D b N a i ( s 1 n o t 2 . k r 4 i 6 s c ) t D b N a i ( s 3 n o t 5 k r . 1 i s 7 c ) t D b N a i ( s 1 n o t 3 k . r 2 i s 8 c ) t D b N a i (1 n s o 0 t k . r 0 s 9 i ) ct D b N a i o ( s n 3 . t k 3 r 1 s i 0 c ) t b D N a ( i o 1 n s . 7 k t 5 r 1 s i 1 ) ctD N i ( o s 1 t 7 . r 5 i 1 c 2 t b U S T ( a 1 n t n o a ,5 i k t t t 2 a e e s 1 l s d ) RESOURCES Loans and discounts 520,7542,846,386 314,661 936,099 161,791 298,210 ,344,291 346,665 53,516 72,823 62,160 950,144 ', 907, 500 Overdrafts 155 98 292 209 1,137 661 635 104 131 255 943 5, 607 United States Government securities 72,830 537,770 54, 676 127, 684 7,941 9,843 241,890 54,463 8, 573 18,833 3,331 167,385 , 305,219 Stock of Federal reserve banks 2,214 13,497 3,433 5,590 996 1,490 6,618 1,954 290 358 433 3*450 40,323 Other bonds, stocks, and securities 112,974 625,943 175,925 209,436 22, 513 28, 685 361,312 84, 006 15, 730 10, 504 2, 631 151, 528 , 801,187 Total loans and investments -- 708,927 4,,024, 583 548, 793 1,279,101 193,450 339,365 1, 954, 772487,723 78, 213 102,649 68, 810 1, 273,450 ,059,836 Customers' liability on account of acceptances. _. 8,374 175, 847 321 5,655 3, 537 6,691 28,298 249 64 7,100 236,136 Banking house, furniture, and fixtures 13, 613 84,219 16,466 50,100 6, 783 17, 837 54, 398 14,846 2,051 2,1 3,006 49, 358 315,545 Other real estate owned 2,327 5,320 3,225 10,158 2,323 5,050 6,941 3,714 1,958 1,824 2,523 9,009 54,372 Gold and gold certificates 1,169 8,902 546 573 136 258 2,614 446 142 106 90 993 15,975 All other cash in vault 12, 883 41, 534 6,818| 18, 380 3,634 6,503 27, 549 6,743 2, 063 1, 2, 752 15,990 146,317 Reserve with Federal reserve b anks 44,969 386, 767 31, 697 74,298 10,279 23, 284 127,513 30,013 4,053 9,643 5,982 69, 773 818,271 Items with Federal reserve banks in process of collection 11,965 68,076 9,173 22, 445 7,280 8,376 20,149 13,903 591 5,458 779 177,284 Due from banks, bankers, and trust companies 17,653 72, 996 16, 082 50, 546 16,041 49,172 115,112 38,932 20,375 18, 483 80, 265 505,642 Exchanges for clearing house, also checks on other banks in same place 10, 361 354, 892 9,729 19,021 2,862 10, 018 41, 805 8,254 501 2,736 558 17, 461 478,198 Outside checks and other cash items 1,597 14, 252 429 5,43' 321 1,396 7,887 1,349 471 250 20,071 53, 728 United States securities borrowed 170 1, 598 602 844 6,040 3,132 64 1 173 37 12, 661 O O t t h h e e r r s a e s c se u t r s ities borrowed 24, 623 146, 286 5,459 10,2 1 4 2 7 3 1,732 7,21 3 2 5 35 2 , , 3 8 5 5 9 3 2,57 8 6 5 278 2,224 2,816 13,14 5 2 8 25 2 2 , , 6 4 6 4 0 8 Total . 858,4615,383, 674 648,908 1, 547, 682 248,980 476,0412,431,290 611,965 100,167 149,823 106,286 1,565,796 4,129,073 LIABILITIES Capital stock paid in 36,875 240,327 41,084 85,065 20,268 31,186 113,950 40,145 6,692 8,610 10,658 81,998 716,858 Surplus fund --. 40,235 203, 657 74, 655 101,680 13,107 18, 557 107,804 24,152 2,851 3,310 3,407 32,827 626,242 Undivided profits, less expenses and taxes paid 22,698 125,490 26,446 29,529 5,204 7,816 53,055 9,287 1,810 1,535 24,832 308,931 Due to Federal reserve banks. 429 3,452 1,291 974 2,205 1,837 505 15 1,229 7 30 56 10,801 Due to banks, bankers, and trust companies 25, 772 499, 316 29, 572 82,059 24,703 70,244 156,898 52,230 34,983 6,611 65,217 1,054,287 Certified and cashiers' or 6,682 treasurers' checks outstanding - 6,014 266, 616 3,761 15,045 3,55' 3,493 24,762 4, 503 803 1,821 858 23,692 354,925 Demand deposits 432,944 2,698, 359 289, 315 523,808 89,106 186,653 823, 689 242,868 34, 090 73,918 68,158 468,277 5,931,185 Time deposits 256,083 944, 217 147,097 668,072 74,990 123,938 1,, 030, 622 197,094 46,849 20, 578 13,896 820,207 4, 343, 643 United States deposits 5,239 39,643 24, 45" 19,413 1,130 6,051 27,931 15,152; 331 3,480 107 15,924 158,858 Total deposits -.. 726,4814,451, 603 495,493 11,309,371 195, 691 392,216 2I,, 064,407 511, 862 88, 755 134, 787 89,660 1,393,373 11, 853, 699 Bills payable (including all obligations representing money borrowed, other than rediscounts) 4,591 31,932 5,745 5,946 4,364 5,414 15, 628 4,544 300 39 319 13,163 91,985 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 15,913 103, 725 2,163 3,297 5,571 7,854 14,704 5,021 164 403 3,359 162,416 Letters of credit and travelers' checks sold for cash and outstanding 14, 631 90 50 26 151 29 638 15, 624 Acceptances executed for customers 8,250 178,065 5,398 3,525 10,330 28,225 265 64 7,470 241,739 Acceptances executed by other banks for account of reporting banks 11,430 221 258 164 444 73 90 13, 585 United States securities borrowed 170 1, 598 602 844 6,040 3,132 64 173 37 12, 661 Other securities borrowed 123 35 2,359 85 58 2,660 Other liabilities 2,513 22,814 2,694 5, 367j ""476 1,319 24,894 13,443 34 1,101 7,951 82, 673 Total. 858,461 5,383, 674 648,908 1, 547,682, 248,980 476,0412,431,290 611,965 100,167 149,823 106,286 1, 565, 796 14,129,073 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNK, 1925 FEDERAL RESERVE BULLETIN 439 STATE BANK AND TRUST COMPANY MEMBERS—ABSTRACT OF CONDITION REPORTS ON APRIL 6, 1925, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks Total United States Other Country reserve banks N (3 e 0 w b a Y n o k r s k ) ( C 9 h b i a c n a k g s o ) (39 T b o a ta n l ks) c (1 i 8 ty 5 b b a an n k k s s ) b ( a 1 n ,2 k 9 s 7 ) 19 b A 2 p a 5 r n ( . k 1 s , 6 ) 5 , 21 19 D b 2 e a 4 c n . ( k 1 3 s , 1 ) 5 , 44 KESOURCES Loans and discounts 2,161,416 551, 544 2,712,960 3,402,827 1,791, 713 7,907,500 7, 849, 546 Overdrafts 828 94 922 2,781 1,904 5,607 5,915 United States Government securities 380,351 105, 531 485, 882 579, 964 239,373 1, 305,219' 1, 319, 291 Stock of Federal reserve banks 10,123 2,835 12, 958 17, 692 9,673 40, 323 39,396 Other bonds, stocks, and securities 335,982 101,448 437,430 787, 236 576, 521 1,801,187 1,828,325 Total loans and investments 3, 888, 700 761,452 3, 650,152 4, 790,500 3, 619,184 11, 059, 836 11, 043,473 Customers' liability on account of acceptances 173,979 28, 223 202, 202 28,384 5,550 236,136 217,008 Banking house, furniture, and fixtures 53,881 14, 621 68, 502 164,880 82,163 315, 545 309,439 Other real estate owned 2,530 2,530 30, 221 21, 621 54,372 52,177 Gold and gold certificates 5,940 890 6,830 3,148 5,997 15,975 18, 420 All other cash in vault 25,439 6,017 31,456 62, 396 52,465 146, 317 170, 785 Reserve with Federal reserve banks 323, 354 62,158 385, 512 303,873 128,886 818,271 833,183 Items with Federal reserve banks in process of collection-.. 47, 878 10,305 58,183 94, 639 24,462 177, 284 237,993 Due from banks, bankers, and trust companies 41, 785 48,641 90,426 245, 271 169,945 505, 642 560,983 Exchanges for clearing house, also checks on other banks in same place 344,119 24, 387 368, 506 91,175 18, 517 478,19.8 853, 521 Outside checks and other cash items 11,018 2,632 13,650 33,861 6,217 53, 728 63,055 United States securities borrowed 6,423 6,238 12, 661 19,087 Other securities borrowed 476 2,184 2,660 2,541 Other assets 29, 535 169, 690 65,986 16, 772 252,448 237, 211 Total. 988,861 5,047, 639 5, 921,233 3,160, 201 14,129, 073 14,617,876 LIABILITIES Capital stock paid in 176,050 40, 250 216, 300 303, 868 196, 690 716, 858 703,445 Surplus fund 155,042 55, 250 210, 292 288,800 127,150 626, 242 619, 266 Undivided profits, less expenses and taxes paid 93,150 30, 618 123, 768 113,857 71, 306 308, 931 283, 695 Due to Federal reserve banks 231 231 3, 378 7,192 10,801 10,460 Due to banks, bankers, and trust companies 450, 621 113,181 563,802 403,876 86,609 1,054,287 1,235,623 Certified and cashiers' or treasurers' checks outstanding. _. 259, 643 13,007 272, 650 63, 393 18,882 354,925 483, 202 Demand deposits 2,120, 743 375, 281 2, 496,024 2,189,135 1,246,026 5,931,185 6, 325,863 Time deposits 445,191 292, 828 738,019 2,293, 586 1,312,038 4, 343,643 4, 224,966 United States deposits. 20, 334 10, 886 31, 220 110,893 16, 745 158, 858 91,441 Total deposits • 3,296,763 805,183 4,101,946 5, 064,361 3, 687,492 11, 853, 699 13, 371, 555 Bills payable (including all obligations representing money borrowed other than rediscounts) 16, 250 16, 250 45, 232 30, 503 91,985 86,949 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 101,864 9,650 111,514 28,946 21,956 162,416 171,094 Letters of credit and travelers' checks sold for cash and outstanding _ 14,517 88 14, 605 133 15,624 15, 589 Acceptances executed for customers 176, 395 28,150 204, 545 31, 707 5,487 241,739 225,151 Acceptances executed by other banks for account of reporting banks 11,334 11,407 2,094 84 13, 585 10, 758 United States securities borrowed 6,423 6,238 12, 661 19,087 Other securities borrowed 476 2,184 2,660 2,541 Other liabilities 17,413 19, 599 37,012 34,683 10,978 82, 673 108, 746 Total 4,058, 778 5,047, 639 5,921, 233 3,160, 201 14,129,073 14, 617,876 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 12.9 12.8 12.8 10.1 7.1 10.5 10.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BULLETIN JUNE, 1925 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CENTERS [In thousands of dollars] Number I 1925 1924 Federal reserve district of | centers | February March April February March April No. 1—Boston 2,157, 347 2, 279, 817 2, 326, 857 1, 973,432 2,147, 057 2,118, 054 No. 2—New York 23, 574, 730 27,165,007 24, 721,153 20, 511,857 22, 227,152 21,356,913 ,No. 3—Philadelphia... 1, 780, 071 2,105, 710 2, 024, 253 1, 723,139 1,873,812 1, 942, 356 No. 4—Cleveland 2, 048, 430 2,284,925 2,407,075 2,006,249 2,173,881 2, 275, 246 No. 5-—Richmond 675, 206 739, 378 747, 785 650, 035 699, 209 672,896 No. 6—Atlanta 976,073 1,120, 908 1,060, 994 947,847 987,094 970,084 No. 7—Chicago 4, 479, 475 5, 451, 905 5,131, 296 4,178, 246 4,807, 897 4, 643,076 No. 8—St. Louis 1,074, 542 1,160, 242 1,177, 677 981, 669 1,062, 671 1,033, 484 No. 9—Minneapolis 637, 553 748, 603 697, 614 523, 317 584, 754 552, 910 No. 10—Kansas City.- 1,024,111 1,169, 701 1,110, 810 937,931 1,020, 873 1,012,890 No. 11—Dallas 572, 869 612,140 527, 025 493, 840 492, 894 483,944 No. 12—San Francisco 2, 495, 365 2, 762, 696 2, 604,174 2, 470, 230 2, 662,187 2,456,815 Total 141 41, 495, 772 47, 601, 032 44,536,713 37,397,792 40, 739,481 39, 518, 668 New York City 1 22, 924, 386 26, 382, 213 23, 944, 580 19, 886, 015 21, 546, 482 20, 653, 978 Other cities 140 18, 571, 386 21,218,819 20, 592,133 17,511,777 19,192, 999 18, 864, 690 WEEKLY SUMMARY FOR BANKS IN 252 CENTERS [In thousands of dollars] 1925, week ending- 1924, week ending- Num- Federal reserve district ber of centers Apr. 22 Apr. 29 May 6 May 13 May 20 Apr. 23 Apr. 30 May 7 May 14 May 21 No. 1—Boston -_ 596,144 542, 262 617, 329 549, 397 619, 253 490, 358 502, 406 544, 753 503, 243 518,592 No. 2—New York 6, 275, 2105, 680, 066 7, 895, 4S5 5,980.137 6, 227, 5224, 480, 9905, 365, 969 5, 687, 6564, 887,162 5,305, 534 No. 3—Philadelphia 550, 485 498, 027 554, 336 519, 280 567, 595 516, 282 480, 946 497,803 473,871 492, 657 No. 4—Cleveland 652, 683 606, 830 699, 025 623, 631 633, 668 615,163 615, 984 600, 856 570, 318 599,131 No. 5—Richmond 296, 234 270, 864 322, 322 287, 773 291,840 251,002 263,112 292, 982 257,368 262, 593 No. 6—Atlanta 273, 770 226, 770 291, 944 257, 880 280,857 219,102 225, 577 239, 291 220,827 238, 598 No. 7—Chicago 1, 298, 714 1,156,030 1,488, 266 1,189, 9231, 268, 5191,147,343 1,092,494 1, 241, 5011,078, 505 1,161,612 No. 8—St. Louis.... 297,167 254, 000 302, 054 282, 800 296, 762 260, 943 245, 037 267, 669 266, 535 272, 590 No. 9—Minneapolis 177, 613 170,508 193, 676 187, 939 183, 297 142,489 137,462 163, 037 150, 551 155,047 No. 10—Kansas City 277, 390 269. 320 292, 722 277, 898 288, 036 255, 356 250, 542 271, 736 245, 385 254, 014 No. 11—Dallas 135, 280 130, 748 153, 556 135, 878 144, 892 130, 355 119, 456 129, 300 120, 624 130, 693 No. 12—San Francisco 637, 510 600, 418 642,199 631, 896 643, 625 590, 496 573, 443 552, 582 607, 554 598, 950 Total 252 11,468,200 10,405,843 13,452,914 j 10,924,43211,445,866 9, 099,8799, 872,42810, 489,166 9, 381,943 9, 990, 011 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston I 406,959 370, 222 418, 023 368, 761 423, 310 321, 093 329,298 362,292 330, 552 341,354 No. 2—New York ! 5,941,520 5,381,151 7, 546, 425 5, 657, 7655,885,404 , 210,8185, 066,364 5,365,599 4,604,878 4,995,531 Buffalo 82,145 69, 255 84, 656 80, 799 88, 346 67, 623I 67,292 71, 377 71, 364 74,442 No. 3—Philadelphia 418,080 371, 537 413,080 388,444 428, 954 399, 634 354,743 373,219 351,233 367, 772 No. 4—Cleveland 162,253 139,851 190, 957 151,222 158, 532 159, 397 161,010 152,331 136, 569 138, 598 Cincinnati 84,909 70,881 79,810 75,944 80,129 78,024 64,331 65, 662 68,235 76,246 Pittsburgh 206,143 213,735 222, 233 195,480 192, 386 195,783 219,121 202, 047 181,484 202,307 No. 5—Richmond 28,319 28,540 32,930 27, 569 26, 968 25,032 26,195 30, 519 25,835 27, 642 Baltimore 97.070 88, 064 106,184 92, 545 98,834 77,930 84,290 95,470 81,370 78, 360 No. 6—Atlanta 42,794 28,809 34,802 32, 896 41, 652 32,185 32,027 29,860 29, 623 37,049 Birmingham 31,171 25, 541 30,444 29, 245 28, 275 28, 727 26, 756 27, 241 25, 075 26, 262 Jacksonville 21,357 16, 954 22, 436 19,276 19, 790 13,770 13,707 16,049 15, 052 15,109 Nashville 18,768 17,315 21,098 17, 555 19, 560 17, 352 15, 046 18,184 16,243 17, 336 New Orleans 73,826 66, 297 94, 689 78,808 89, 409 57,965 72, 504 69,037 64.924 69,803 No. 7—Chicago 768,068 694, 351 975, 587 716,171 745, 396 667, 019 678,830 786,400 640,136 666, 589 Detroit I 218,732 187,054 186, 324 173,514 204, 701 194, 895 151,013 155,047 155,214 201, 331 No. 8—St. Louis 171,900 146, 300 179,100 161,100 173, 800 145,018 141,423 151,879 154, 627 156, 330 Little Rock 14,751 13,159 13, 908 13, 824 14,868 14,099 11,959 14, 644 13,933 13,434 Louisville 45,025 36, 937 40, 995 40, 630 41, 073 42, 989 35, 529 36,474 40,381 44,111 Memphis 31,547 26, 289 32, 395 30, 562 30, 324 31,464 28, 281 31,984 27, 798 28,277 No. 9—Minneapolis 89,443 82,186 97, 606 95, 295 92,190 69,486 68, 581 79,023 73,186 77,850 Helena 1,790 1, 532 2,143 2,491 1,996 1, 962 1,483 2,202 1,949 1,723 No. 10— Kansas City 85,955 70, 992 83, 603 77, 447 83, 535 71,400 68,010 76,478 62, 234 70, 606 Denver 40,374 39, 937 43, 653 38, 545 38, 926 42,008 34,342 39,935 34,092 34, 018 Oklahoma City 21,725 17,211 19,105 18,114 19,819 16,392 16,704 17,996 15, 719 17, 376 Omaha 37,233 48, 781 47, 456 46, 255 47. 422 40, 597 43, 509 42,001 41, 549 42, 323 No. 11—Dallas.. 41,881 37,856 46,033 40, 615 44, 262 37,078 34,085 39,047 34,923 38,886 El Paso 6,681 6, 553 7, 804 6,625 7, 087 7,047 6,599 7,696 6,905 7,735 Houston 27,935 27, 221 30,089 26, 248 29, 649 23, 731 26,143 23,979 23, 395 26, 667 No. 12—San Francisco 205,882 199, 444 205,168 194, 978 211, 587 183,097 181,838 172,076 180,905 190, 080 Los Angeles 179,362 179,793 184,039 184, 359 184, 693 175, 682 175,928 152, 761 181, 549 174,427 Portland 37,546 35, 777 37, 092 38,082 37, 481 37, 663 37,165 40, 776 37,908 36, 620 Salt Lake City 20,734 15, 322 17, 232 14, 618 15, 635 16,061 13,482 15, 528 13, 564 15,203 Seattle 45,701 38, 569 41, 604 43, 845 45, 247 40, 792 36, 638 39,710 42, 924 41, 935 Spokane 12,370 9 728 11,181 11,434 12, 227 10,311 9,109 11,210 10,474 10, 752 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JONB, 1925 FEDERAL, RESERVE BULLETIN 441 MONEY IN CIRCULATION [Source: U. S. Treasury Department circulation statements] [In thousands of dollars] Gold Standard Silver Treasury United Federal Federal National- c T ir o cu ta l l a- Date Total c b o u in ll a io n n d tiflcates d s o il l v la e r r s c c e a rt t i e f s i- no 1 t 8 e 9 s 0 of ary silver S n t o a t t e e s s re n s o e t r e v s e n b o an te k s. n b o a t n e k s c t d a i o o p l n i l t a a p r ( e s i ) r n 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 3,310,225 209,877 716,023 52.36 1922—Aug. 1 4, 337, 418 416, 282 171,985 58,378 268,802 1,508 229,956 284,343 2, lift, 350 65,032 725,782 39.47 1924—May 1 4,760,114 403,649 726,179 54,823 370,093 1,428 252,702 301,110 , 909,143 11,026 729,962 42.33 June 1 4,815,401 402,122 779,169 54,078 373,381 1,425 252,657 305,966 , 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 , 843,091 10,066 733,835 42.20 Aug. 1 4, 665,187 398,499 800,124 53,644 372,683 1,420 252,407 301,667 , 745,820 9,635 729,288 41.36 Sept. 1 4, 773,878 401, 794 872,807 53,915 385,499 1,417 253, 732 308, 111 ,746,230 9,229 741,144 42.28 Oct. 1 4,806,367 427,970 898,165 54,603 388,574 1,412 256,467 304,345 ,729,301 9,030 736,500 42.52 Nov.l 4,879,694 436,160 904,861 55,185 389,201 1,410 259,710 305,840 , 784,046 8,710 734,571 43.12 Dec. 1 4,993,570 437,971 933,688 65,606 389,113 1,407 263,102 304,418 ,862,055 8,471 737,739 44. OS 1925-Jan. 1 4,992,931 458, 206 970, 564 57,384 388,540 1,405 266, 298 295,233 , 841,621 8,238 705,442 44.03 Feb. 1 4, 751,538 455,169 929,650 55,533 360,808 1,401 256,898 283, 598 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. 1 4,776,167 469,448 914,968 54,666 371, 229 1,396 257, 559 285,780 1,702,212 7,506 711,403 41.99 May 1 4, 725,191 453, 211 918, 862 54, 398 376,442 1,392 258,446 281, 043 1, 676, 078 7,299 698,020 41,50 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 MAY 31, 1925 Paper maturing— Within 90 days After 90 days but within 9 months Federal reserve bank Commercial, Secured by a a n g d r ic li u v l e t s u t r o a c l k , U G n o i v te e d r n S m ta e t n e t s ac B c a e n p k ta e n r c s e ' s acc T ep ra ta d n e ces A an g d r ic li u v l e t s u t r o a c l k * paper, n. e. s. obligations paper Boston New York_-_. Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco. i 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

442 FEDERAL RESERVE BULLETIN JUNE, 1925 GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM APRIL 16, 1925, TO MAY 20, 1925, INCLUSIVE [ In thousands of dollars] Changes in ownership of gold through Transfers Daily settlements transfers and settle- Balance Federal reserve bank ments at i n c lo fu se n d of period Debits Credits Debits Credits Decrease Increase Boston 2,500 938,269 957,237 21,468 44,809 New York 21,000 3,079,981 3,113,280 54,299 231,684 Philadelphia... 10,000 887,071 899,359 2,288 50,876 Cleveland 1,000 775,842 800,185 23,343 82,330 Richmond 3,000 624, 667 609,706 11,961 13,616 Atlanta 5,000 387,342 384, 588 7,754 15,196 Chicago 12,000 ~2,"566~ 1,488,619 1,497,692 427 108,772 St. Louis 2,000 648,887 624,303 26, 584 16,009 Minneapolis 500 216,464 208,505 8,459 17,639 Kansas City... 500 1,000 466, 979 440, 805 25,674 27,588 Dallas... 295,076 281, 731 13,345 12,435 San Francisco.. 1,000 2,666" 344,221 336,027 7,194 33,204 Total five weeks ending- May 20, 1925 32,000 32,000 10,153,418 10,153,418 101,398 101,398 654,158 Apr. 22,1925 121,700 121,700 10,141,085 10,141,085 632,338 May 21,1924.... 71,500 71,500 9, 284,830 9,284,830 595,676 Apr. 24, 1924 89,000 89,000 9,306,784 9,306,784 623,181 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 b s y w L a o r a e n h s o s u e s c e u r r e e c d e i b p y ts Cattle loins 30-90 days 4-6 months Demand Time District and city May, Apr., May, May, Apr., May, May, Apr., May, Mav, Apr., May, May, Apr., May, May,Apr., May, May, Apr., May, May, Apr., May, 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 No. 1—Boston _ ... 4 -5 4 -41 5 4 5 4 -41 5 4 4 -4* 5 4*-4f 41 5 41 41 41 U 5 41-5 5 5* No 2—-New York 4-41 4 -5 4|-51 41-5 41-5 4 -5 4 -5 5 4 -4f 41-5 3|-5 3*-4* 31-5 3|-5 3|-5l 5 -5141-51 41-51 5 -51 Buffalo. 6 5 -6 51-6 6 6 4 6* 5 5 5 51-6* 51 6 5 -6 5 -6 5 -6 51-6 6 5 -6 51-6 5 -6 6 6 No 3—Philadelphia 41-41 41 5 41-41 41 5 4-41 5 4 -414-41 5 4 4 41 41-41 41-41 4 -514-51 5 -51 No. 4—Cleveland _. _ 5 -6 5 -6 5 -6 5 -6 51-6 5 -62 5 5 -6 5 -6 5 -6 5 -6 5*-6 5^-6 6 51-6 51-6 5 -6 51-6 51-6 C Pi i t n t c sb in u n r a g t h i _.. . 5 5 - - 6 6 5 5 1 - - 6 6 51-6 6 5 5 1 - - 6 6 5 5 1 - - 6 6 51-6 6 5 5 - - 5 6 1 5 5 - - 6 6 5 -5 6 1 5 5 - - 5 6 1 5 5 - - 5 6 1 5 -5 6 1 4 < 1 -5 6 1 5 5 -6 6 6 6 4 5 1 - - 5 6 -1 5 5 - - 6 6 6 6 51-7 6 6 6 6 6 i No. 5—Richmond 4 -5 5 5 -51 5 51-6 5 -6 41-5 41-5 5 41-6 5-6" 5 -51 5 5 -6 51-6 5 5 -6 5 5 6 3 Baltimore 41-51 51 4-1-51 51 41-6 41-6 51 4|-5 4f-5 5 -6 4|-5 51-51 6 -515 -51 51-51 5f 5i-6 No. 6—Atlanta 5 -6 5*-6 5 -6 5*-62 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 54-6 6 5 -6 5 -6 6 5 -6 5 -7* 6 Birmingham 6 5 -6 6 -7 6 5 -6 6 -7 5 -6 5 -6 5 -6 6 6 6 6 6 6 7 6 6 -7 6 -7 6 6 6 -7 Jacksonville __ 31-7 4 -7 7 3f-7 4 -7 7 5 -6 5 -6 6 5 -6 5 -6 6 5 -8 5 -8 6 41-8 5 -8 6 41-6 41-6 6 New Orleans 5 -6 5 -6 5 -6 5 -7 5 -6 51-6 5 -6 4-1-6 51-6 5 -6 5 6 51-6 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 5 -6 6 Nashville 51-6 51-6 6 5 5 6 51-6 51-6 6 51-6 5^-6 5 -6 51-6 51 6 6 51-6 5^-6 6 51-6 51-6 5^-6 No. 7—Chicago _ 41-5 41-51 41-5 41-51 5 5 5 -51 41-5 41-5 5 -51 4^-5 41-5 5 -5141-5 41-5 5 -5141-51 41-51 51 5 -51 5 -6 51 Detroit . . 52-6 5 -6 51 5 -6 52-6 51-6 5 -51 5 51 5 -6 5 -6 51-6 5-1-6 51-6 51-6 5 -6 5 -6 51 5 -6 51-6 51-6 No. 8—St. Louis ... 4 -5 41 5-51 4 -5 5 5 -51 5 -51 51 5^-6 5 51 5 -51 4 -5 5 5 -514 -5 51 51 5-51 5 51-6 5 -6 6 6 Louisville 6 6 6 6 6 5 5 5 6 6 6 6 6 6 6 6 6 6 Little Rock 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 6 6 5 -6 6 -7 6 6 6 -7 6 6 6 -7 6 -7 6 -7 6 -7 6 6 6 No. 9—Minneapolis 41-51 41-51 51 41-51 51 51 51 51-6 41-5 41—5f 51 41-51 41-6 Helena 8 8 8 8* 8 8 6 -8 6 -8 6 -8 6 -8 8 8 8 No. 10—Kansas City . . 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 6 6 6 6 6 6 5 -6 6 6 -7 6 -7 7 Omaha 4 -6 41-6 6 4 -6 41-6 6 6 6 6 5 -6 5 5 -6 3*-6 4 -6 6 -7 6 6 6 -7 6 6 6 -7 7 7 6 -8 D O e k n la v h e o r m a City . . _.. 5 -7 6 5 6 - - 6 7 6 -7 6 52-7 4 6 - - 5 7 6 6 6 -7 6 6 6 - - 7 7 6 6 - - 7 7 51-6 6 5 5 - - 6 6 6 6 5 -6 6 6 6 5 6 * -7 5 6 - - 6 7 6 -8 6 6 -7 7 6 6 - - 8 7 6 6 - - 7 8 6 -8 6 6 6 - - 8 8 7 6 - - 8 8 No. 11—Dallas. _ 5 -6 4 -6 5 -6 5 -6 4 -6 56-6 .5 -6 5 -6 5 -6 5 -6 5 -6 41-6 6 -7 5 -7 6 6 -7 5 -8 6 -7 5 -8 5 -8 6 -8 6 -8 7 -8 7 -8 El Paso 8 8 8 8 8 8 6 -8 6 -8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 8 Houston . 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 5 -6 41-5 5 -8 6 5 -6 5 -6 5 -7 6 5 -6 5 7 6 5 -6 5 -8 6 -7 6 -8 7 -8 6 -8 No. 12—San Francisco 5 -515 -51 51 5 -5* 5 -5* 51 5 -6 5 -6 51 5 -6 5 -6 6 5 6 5 -6 51-6 6 6 6 6 6 6 Portland 6 6 6 6 6 6 6 6 6 6 -7 6 -7 6 -7 6 -7 7 6 -7 6 -7 7 7 7 6 -7 6 -7 6 -61 6 -61 Seattle 6 6 6 6 6 6 5-61 6 6 6 6 6 6 2 6 6 6 6 7 7 7 6 Spokane 5 -7 5 -7 6 -7 4 -7 4 -6 6 -8 6 -7 6 -7 6 -7 6 6 -7 7 6 -8 8 7 6 -7 6 -7 7 6 -8 6 -8 7 7 6 -7 8 Salt Lake City 6 6 6 5 -6 5 -6 6 6 -7 6 -7 6 6 6 6 6 6 6 6 -7 6 7 7 7 -8 7 -8 8 Los Angeles 6 -7 6 -7 6 6 -7 6 -7 6 6 6 6 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 51-6 6 -7 co Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BUKLETTN JUNE, 1025 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Gold Silver Country April Four months ending April— April Four months ending April— 1925 1924 1925 1924 1925 1924 1925 1924 IMPORTS Belgium ... $8,900 France $5, 725 $742,113 $76, 771 $9, 258, 906 $62,416 $3, 001 167, 557 $18, 055 Germany . . .. 1,528 29, 265 1,628 2, 910, 822 653 1,627 1, 221, 027 Italy 806 4,360 2, 367,142 1,764 11,180 Netherlands . 5,041, 364 21,145, 536 5, 041, 364 27, 062, 942 Spain 12, 516 33, 903 28, 018 25,099 69, 994 55,153 Sweden 220 220 41, 934 864 1,768 143 England . _ 13,130 14, 292,179 3, 077, 907 76, 263, 280 31, 903 1,515 56, 683 22, 922 Canada 2,054,007 4, 041, 268 10, 363, 893 21, 325, 768 390, 625 637, 245 2, 440, 586 1, 950, 649 Central America '. 151, 778 209, 935 551, 713 720, 976 74, 234 31, 994 509,152 634, 570 Mexico. 815,814 549, 490 2, 240, 688 1, 992, 321 3, 661,424 2, 721, 520 15, 539, 307 13, 973, 849 West Indies. 33, 075 43, 069 138, 726 245,141 16,439 59 64, 592 40, 367 Argentina 5,029 4, 491,313 342 20, 760 Bolivia 163 402 163 37, 829 10, 988 67, 043 Chile 6,429 8,236 129, 511 124, 405 267, 744 111,432 746, 035 475, 745 Columbia _. 119,073 197, 903 564, 420 875, 229 6,621 9,983 29,042 47, 748 Ecuador 133, 290 90,821 208,377 334,383 8,309 4,646 12, 807 17,137 Peru 12, 631 76,123 402, 324 1, 027, 601 266, 501 225,503 2, 482, 308 5,024,198 Paraguay 187, 077 1 263 244 Uruguay 6,467 Venezuela 38, 681 20, 092 96.055 98, 210 89 53 181 2,002 China.__ 24, 851 350, 507 44, 906 1,072, 623 20 187 4,128 12, 022 Dutch East Indies 218, 692 187, 234 691, 564 831,522 109,140 110,591 280,310 318,192 Philippine Islands 146,487 3,096, 761 590, 709 3, 565, 384 2,218 1,294 10,138 8,151 British Oceania 15, 707 117, 226 125, 829 2,153, 407 19 117 145 642 Egypt 8,891 1,449, 906 595 183 Portuguese Africa, 18,132 7,172 226, 224 112,048 18, 711 10,418 58,122 41. 365 All other 5,947 207,993 40,070 1,634,075 14 16 103, 643 50', 456 Total 8,869,883 45,418,115 24,847,532 159,987, 519 4,944,807 3, 907, 745 23, 873,032 24,008,846 EXPOBTS France 1,339, 208 Germany 15,129,820 60,260,156 1, 278,423 2, 514,423 65, 202 Netherlands 4, 318,343 34, 551 Poland and Danzig 1,103,948 242, 200 242,200 Spain . .. 32,331 140,000 112,331 140,000 Sweden 1,232,728 700 England 6,159,602 1,753,470 97, 610 7,056,245 2,309, 607 Canada .102,885 82,367 280,921 468, 570 172,073 93,007 532,062 493, 224 Central America 1,000 3,200 26,000 17,415 27,275 Mexico _ 454, 535 544.350 1,656,016 1,187,839 137, 078 191,424 771,380 620, 528 West Indies 151,000 41,437 25, 635 75,277 42, 983 Argentina 100,000 ! 5,360,000 Bolivia. 20,000 Colombia 1,328 6,066 Ecuador 15,666 Peru. . 39,600 274,000 39,600 850, 000 Uruguay 802,290 Venezuela .. 1,210,616 i 600,666 1,410,010 1,101,600 9,340 655,340 British India 3,012,632 | 55,769,725 5,041,181 4,925,305 17, 519,879 17, 983, 204 China 613, 602 2,030,177 5,836,965 8, 514, 949 Dutch East Indies. 7,500 87,500 Australia _ 1, 020,144 26,925,176 Hongkong.. 402,000 23,820 2,996,105 79,010 127,863 823,935 397, 276 Philippine Islands 5,000 5,000 Japan ._ . . 1,275, 970 Egypt..., 498,240 All other 127,088 330, 713 15, 750 354 714 Total.. 21,603,945 1,390, 537 170,834,012 2,993, 769 9, 322, 618 7,801,689 35,464,646 33,242,324 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1925 FEDERAL RESERVE BULLETIN 445 FOREIGN EXCHANGE RATES I Noon buying rates for cable transfers in New York as published by Treasuiy. In cents per unit of foreign currency] COUNTRIES INCLUDED IN COMPUTATION OF GENERAL INDEX May, 1925 April, 1925 April, 1924 Par Monetary unit of ex- Average Low Average change Low High Low High High Rate Pe o r f c p e a n r t Rate P o e f r c p e a n r t General index1 63 63 Belgium Franc 19.30 4.900 5.0400 5.0800 5.0546 26.19 4.7200 5.7200 5.2319 27.11 Denmark 18. 7100 18.9500 18. 3100 18. 6600 18.4404 68.81 16.4400 16.8700 16.6446 62.11 France KFrraonnce 19.30 5.0000 5. 2400 5.1300 5. 2600 5.1877 26.88 5. 6600 6.7200 6.1573 31.90 Germany Reichsmark. 23.82 23.8000 23. 8000 23. 8000 23. 8000 23.8000 99.92 Great Britain Pound 486. 65 484. 5000486. 2600477. 6200484.4700 479. 5308 98.54 430. 2000439.4000 435.1281 89.41 Italy Lira.. 19.30 3.9700 4.1200 4.0900 4.1200 4.1030 21.26 4. 3600 4. 5000 4. 4408 23.01 Netherlands _. Florin.. 40.20 40.1300 40. 2100 39. 8400 40.1300 39.9488 99.38 36. 9800 37.4000 37.1931 92.52 Norway Krone- 26.80 16. 6300 17. 0200 15. 7700 16. 4800 16.1338 60.20 13. 6200 13.9500 13.7942 51.47 Spain Peseta. 19.30 14. 4200 14. 7000 14.2000 14. 5700 14. 2862 74.02 13.0300 14.1600 13. 6435 70.69 Sweden Krona. 26.80 26. 7400 26. 7700 26.7800 26.9500 26.9381 100. 52 26.2900 26.4900 26. 3804 98.43 Switzerland Franc. 19.30 19.3300 19. 3800 19.2800 19. 3900 19. 3323 100.17 17. 3800 17.8300 17.5996 91.19 Canada Dollar 100.00 99.9862 100. 0167 99.9053 100.0009 99.9439 99.94 97.8678 98.4914 98.0871 98.09 Argentina -.. Peso (gold). 96.48 87. 6000 92. 4500 85.6600 87. 5700 86.8835 90.05 72.9000 75. 6900 74. 8019 77.53 Brazil Milreis.. 32.44 9.9600 10. 6300 10. 5400 10.8100 10. 6342 32.78 11.0200 11. 4400 11.2288 34.61 Chile ----- Peso (paper) 2 19. 53 11. 2800 11. 5400 11.0400 11.3200 11.1692 57.19 9.8400 11.1900 10.5354 53.94 China Shanghai (tael). 2 66. 85 73.9600 74. 6900 73.0200 73.6300 73.2320 109.55 69.1600 70. 2200 69.7423 104.33 India Rupee. --. 48. 66 36. 0100 36. 3800 35.4300 35.9500 35. 6023 73.17 29.8600 30. 8700 30.4035 62.48 Japan Yen 49.85 41. 6900 42. 0700 41. 2600 42.1900 41. 7596 83.77 39.0900 42.1200 40.9300 82.11 OTHER COUNTRIES Austria -_ Schilling 14.07 14. 0450 14. 0720 14.0510 14.0710 14.0593 99.92 Bulgaria Lev _ _ 19.30 .7289 .7350 .7257 .7356 .7319 3.79 0.7131 0.7378 0. 7278 3 77 Czechoslovakia Crown 2.9623 2.9641 2. 9641 2. 9660 2.9648 2. 9263 2.9805 2.9567 Finland Markka 19.30 2. 5205 2. 5230 2. 5202 2. 5232 2. 5221 13.07 2. 5027 2.5118 2.5080 12.99 Greece Drachma 19.30 1. 7056 1.8800 1. 5973 1. 8996 1. 7774 9.21 1. 7054 2.0061 1.8413 9.54 Hungary Krone 20.26 .0014 .0014 .0014 .0014 .0014 .01 .0012 .0015 .0014 .01 Poland Zloty --- 19.30 19.1600 19. 2200 19.1700 19. 2200 19.1780 99.37 Portugal Escudo 108.05 4.9600 5. 0600 4. 9400 4. 9800 4.9554 4.59 3.1000 3.2300 3.1354 2.90 Rumania Leu 19.30 .4532 .4887 .4472 .4756 .4583 2.37 .5083 .5230 .5188 2.69 Yugoslavia Dinar 19.30 1. 6122 1. 6788 1. 6066 1. 6219 1. 6146 8.37 1. 2327 1. 2472 1. 2391 6.42 Cuba Peso 100.00 99. 9688 100. 0260 99.8854 100.0052 99. 9273 99.93 100.0031 100.0625 100 0396 100 04 Mexico do 49.85 49. 7063 49.9583 49.8000 49.9583 49. 8718 100. 04 48.1667 48. 3125 48. 2652 96.82 Uruguay do 103. 42 94. 2000 97.9400 93. 9100 94. 9300 94. 3773 91.26 77.0000 78.1300 77. 5073 74.94 China Mexican dollar . 2 48.11 53. 8500 54. 5500 53. 4000 53. 9200 53. 5550 111.32 50.1100 51. 2100 50.5235 105 02 Hongkong Dollar 2 47.77 54. 4600 54.8400 53. 8500 54. 5100 54.0973 113. 25 50.4600 51. 7000 51.1292 107.03 Straits Settlements.- Singapore dollar 56.78 56. 2100 56. 5000 55. 0800 56. 2500 55. 4204 97.61 50.0600 50.9500 50.5012 88.94 1 Weighted average, weighted on the basis of trade with each country for the 12 months ended March, 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. 21913 average. SILVER [Average price per fine ounce] April London (converted at average rate of exchange). New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Page Abstract of condition reports of all member banks 436-439 Germany: Page Acceptances: Cost of living and retail food prices 425 Banks granted authority to accept up to 100 per cent of capital Financial statistics _. _._ 419 and surplus _ __ 409 Foreign trade __ 422 Held and purchased by Federal reserve banks 1 431,432 Wholesale prices i 424 Market for 382 Gold imports and exports 399,444 Agricultural movements, index of 412 Gold settlement fund transactions 442 Agricultural credit banks, loans of 384 Gold standard for Great Britain: Agriculture, monthly statistics ._ 384 Discussion of. 369-373 Automobile industry _ 392 Federal advisory council on 374 Balance of payments for United States and England, 1924 406 Report of committee.. 375-378 Bank credit 379,381 Text of bill 375 Bank debits.... 440 Grain. 385 Bank suspensions 398 Great Britain: Bankers' balances in Federal reserve bank cities 434 Balance of payments for 1924 _ _. 406 Belgian National Bank, condition of 416 Financial statistics r 419 Branches, foreign, of American banks, list of 407 Foreigh trade 422 Building statistics 393 Gold imports andexports.. __ 400 Business and financial statistics: Gold standard 375-378 Abroad .__. 416-425 Retail food prices and cost of living 425 United States .' 379-101,410-415 Wholesale prices _ 423,424 Business failures 397 Imports and exports of gold and silver 399,444 Business indexes of the Federal Reserve Board . 380 Industrial statistics 410-412 Canada: Interest rates prevailing in various centers 443 Cost of living and retail food prices 425 Iron and steel .___ 391 Financial statistics 419 Italy: Foreign trade 422 Financial statistics 419 Wholesale prices 423,424 Foreign trade 422 Capital issues 383 Retail food prices and cost of living. 425 Chain stores, retail trade of.. 415 Wholesale prices 424 Charters issued to national banks 409 Japan: Coal and coke production. 388 Financial statistics : 419 Commercial failures 397 Foreign trade 422 Commodity movements. _ 413 Wholesale prices 223,424 Condition statements: Leather industry 393 All member banks 381,436-439 Livestock industry 387 Belgian National Bank 416 Lumber industry 392 Czechoslovakia report of banking office of Ministry of Fi- Mail-order houses, retail trade of 415 nance 417 Manufacturing: Federal reserve banks 426-429 Condition, by industries 389 Foreign central banks 419-421 Index of production * 412 Member banks in leading cities _ 433-435 Cost of living in principal countries. 425 Member banks: Cotton: Condition of 433-435 Raw. 385 Abstract 436-439 Manufacturing 390 Earnings and expenses 402-405 Crissinger, D. R., redesignated governor of Federal Reserve Number discounting 432 Board 374 Number in each district 432 Crops 385 State banks admitted to membership 408 Currency in circulation 441 Mineral products, index of 412 Czechoslovakia, report of banking office of Ministry of Finance. _ 417 Metals 389 Dairy products 387 Mining 388 Debits to individual account... 440 Money in circulation 441 Department-store business 415 Money rates 382,443 Deposits: National banks: Savings 396 Charters issued to ... 4.09 Time and demand, of member banks 435 Fiduciary powers granted to 408 Deposits, note circulation, and reserves of Federal reserve banks. 426 Pay rolls in factories, index of 412 Discount and open-market operations of Federal reserve banks.. 432 Petroleum industry 388 Discount rates: Prices: Central banks of issue 421 Food in principal countries 425 Federal reserve banks 441 Security 381 Prevailing in various centers 443 Wholesale... 379,397,423,424 Earning assets of Federal reserve banks 431 Production in basic industries 379,411 Earnings and expenses of member banks 402-405 Reserve ratio of Federal reserve banks 426 Employment, United States 396 Resources and liabilities: Index of 411 Federal reserve banks. 426-429 England. (See Great Britain.) Member banks in leading cities ,. 433-435 Factory employment and pay rolls, index of 412 Retail food prices 425 Failures, commercial and bank _ 397 Retail trade 396,415 Federal advisory council, meeting of 374 Savings deposits __ 396 Federal reserve banks: Security prices . 383 Condition of 426-429 Shoe industry 393 Discount and open-market operations of 432 Silver: Federal reserve note account 430 Imports and exports 444 Fiduciary powers granted to national banks 408 Price of 445 Financial statistics of principal foreign countries 419-421 State banks: Food manufacturing 389 Admitted to Federal reserve system 408 Food prices in foreign countries 425 Condition of member banks, abstract of 438 Foreign branches of American banks, list of 407 Textile industry 390 Foreign exchange 400,445 Time deposits of member banks 435 Foreign trade: Tobacco industry 386 Principal foreign countries 422 Trade: United States 1 398,422 Foreign 398 France: Retail 396,415 Cost of living and retail food prices 425 Wholesale 379,395,414 Financial statistics. ._ 419 Transportation 394 Foreign trade... 422 Wholesale prices 379,397,423,424 Wholesale prices 423,424 Wholesale trade 379,395,414 Fruits and vegetables 386 Wool and woolen industry 390 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS — BOUNDARIES OF FEDERAL RESERVE DISTRICTS ...-BOUNfcfcRIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis