Federal Reserve Bulletin, 1925-07

FEDERAL RESERVE BULLETIN JULY, 1925 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Course of Bank Credit Business Conditions in the United States Mid-Year Summary of Banking Statistics WASHINGTON GOVERNMENT PRINTING OFFICE 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART, Director, Division of Research W. M. IMLAY, Fiscal Agent. and Statistics. J. F. HERSON, E. A. GOLDENWEISER, Assistant Director, Division of Chief, Division of Examination, arnd 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 C FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston ___ Frederic H. Curtiss W. P. G. Harding.. W. W. Paddock... W. Wiliett. New York Pierre Jay BenJ. Strong . J. H. Case.. L. H. Hendricks.1 L. F. Sailer A. W. Gilbart.i G. L. Harrison J. W. Jones.i E. R. Kenzel Q. E. Chapin.t Ray M. Gidney.i L. R. Rounds.* Philadelphia. : R. L. Austin Geo. W. Norris,. Wm. H. Hutt C. A. Mcllhenny Cleveland E. R. Fancher... M. J. Fleming J. O. Nevin. D. C. Wills Frank J. Zurlinden.. Richmond., George J. Seay... C. A. Peple Geo. H. Keesee. Wm. W. Hoxton. R. H. Broaddus John 8. Walden, Jr.» Atlanta M. B. Wellborn. J. L Campbell M. W. Bell. Os«ar Newton... Creed Taylor Chicago J. B. McDougal. C. R. McKay. W. C. Bachman.i Wm. A. Heath... John H. Blair K. O. Chllds.i J. H. Dillard.i D. A. Jones.i O. J. Netterstrom.i Clarke Washburne.» St. Louis Wm. McC. Martin- D. C. Biggs O.M. Attebery J. W. White. Minneapolis.. John R. Mitchell ._. R. A. Young B W . f V B . M G o ee o r r y e __ G Fr r a a n y k W C a . r D re u n n . lop.1 Harry Yaeger J Kansas City. M. L. McClure. W. J. Bailey C. A. Worthington.. J. W. Helm. Dallas C. C.Walsh.... Lynn P. Talley.. R.R.Gilbert Fred Harris. R. B. Coleman San Francisco. Jobn Perrin. J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk L. C. Pontioua .. Controller, 'Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS f 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. Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Ear hart. Pittsburgh branch Geo. DeCamp. Denver branch J. E. Olson. Richmond: Oklahoma City branch.- C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: £1 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. Motherwell. Nashvifie branch J. B. Fort, jr. ! Portland branch Frederick Greenwood. Chicago: i Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. | Seattle branch. C. R. Shaw. St. Louis: 8pokane branch Louisville branch W. P. Kincheioe. Memphis branch V. 8. Fuqua. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. It contains, in addition to the regulai official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal reserve banks and member banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: Page. Review of the month—Recent course of bank credit 447 Business conditions in the United States 452 Special articles: Statistical work of the Federal Reserve Board in 1924-25 471 Development of department-store trade statistics in 192^25 474 Mid-year summary of banking statistics 478 Official: Rulings of the Federal Reserve Board 483 Law department 484 Changes in State bank membership 487 Changes in national bank membership 487 Fiduciary powers granted to national banks 487 Business statistics for the United States: Industrial activity 488 Commodity movements 491 Wholesale and retail trade 492 Estimate of crop production^ 486 Foreign banking and business conditions: French commercial banking in 1924 494 Annual report of the National Bank of Austria 495 Annual report of the National Bank of the Kingdom of Serbs, Croats, and Slovenes 496 Financial statistics for principal foreign countries 498 Foreign trade of principal countries 501 Price movements in principal countries— Federal Reserve Board wholesale price indexes 502 Wholesale prices in principal countries 503 Retail prices and cost of living in principal countries 504 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 505 Federal reserve note account 508 Holdings of earning assets 509 Discount and open-market operations of Federal reserve banks 510 Gold settlement fund 521 Discount rates of Federal reserve banks 521 Member banks— Condition of reporting member banks in leading cities 511 Bankers' balances at reporting member banks in Federal reserve bank cities 512 Deposits of all member banks 513 Changes in membership in the Federal reserve system 517 Condition of all incorporated stock banks in the United States on April 6, 1925 514 Bank debits 519 Member banks and nonmember banks on par list and not on par list 520 Money rates in principal cities 522 Money in circulation 520 Gold and silver imports and exports 523 Foreign exchange rates and index 524 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 11 JULY, 1925 No. 7 in the autumn of 1920, and on April 6, 1925 REVIEW OF THE MONTH r it was $3000,000,000 larger than at the maxi- Member bank credit, after an unusually ; mum of that year. The larger volume of rapid increase during the latter half of 1924, member bank credit compared with 1920, has remained at a relatively when the commercial demand for bank credit Banking situa- stant level since the opention at mid-year. c . on „ , . . was unusually large, reflects almost entirely a k n ing of this year. An influence growth in the banks' investments, which now affecting the recent course of bank credit has stand at a record high level. Member bank been the outflow of gold, which during the past loans, after declining by $3,000,000,000 beseven months has amounted to about $175,- tween the autumn of 1920 and the spring of 000,000 and has caused member banks to in- 1922, increased continuously after that time crease their borrowings from the reserve banks. and are now slightly above the 1920 level. This is in contrast to the conditions prevailing While total member bank loans thus exceed during recent years, when member banks, their earlier high point in 1920, loans for comthrough the deposit of imported gold with the mercial purposes, as indicated by reports from reserve banks, obtained funds available for the member banks in leading cities, are still conrepayment of borrowings and as a basis of siderably below their level at that time. The increased extension of credit. For four years volume of this class of loans, which had deprior to 1925 continuous inward gold moveclined by more than $2,500,000,000 by the ments had been the principal factor in the middle of 1922, increased by $1,000,000,000 large growth of member bank credit, acduring the following year, and has remained companied by a decreased use of reserve bank relatively constant since the autumn of 1923. credit, but recently the direction of gold Thus it has not been primarily the growth in movements has been reversed, and gold exports commercial loans which has accounted for the have tended to check the growth of member large increase in the total outstanding credit bank credit and to increase the demand for of the reporting member banks. In fact, the reserve bank credit. two recent periods of most rapid growth in total Following the usual custom at mid-year, the loans and investments of these banks were in present review discusses some >of the broader 1922 and in 1924, when the demand for credit phases of general banking developments during for commercial purposes was relatively inactive, the past 12 months, with reference to the and of the growth of more than $4,000,000,000 trends in preceding years. Charts and tables in the total of their credit since the early part showing the recent course of banking figures of 1922 about three-fourths was an increase are presented on pages 478-482, and a review in holdings of investments and of loans on of the board's statistical work during the past securities. year appears on pages 471-474. Total loans and investments of all member The explanation of the fact that member banks, though showing little growth in 1925, bank credit in use has grown most rapidly are now approximately $2,500,- during periods when there was Course of 000,000, or 10 per cent, larger of E s m ur p p l lu o s y m fu e n n ds t . n0 g&ro w th in the demand . for member bank he spring of last year. than in t commercial credit lies in the For a period of two years this practice of member banks to make full and total has been above the high point reached prompt use of their available reserves and in 447 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDERAL RESERVE BULLETIN JULY, 1925 the nature of thg factors that influence their and excess reserves of member banks and of reserve position. By the middle of 1922 reserve banks at the peak of credit expansion member banks, through the use of imported in 1920, at the end of the subsequent loan gold and of currency returned from general liquidation in the spring of 1922, and on the circulation, had reduced to a low level their latest available date: borrowings at the reserve banks, and additional funds^ arising from subsequent gold imports [In millions of dollars] became available to meet increases in the All member banks Federal reserve banks1 demand for currency or, in the absence of b g a ro si w s th f o i r n c a u d r d r i e ti n o c n y a l r eq c u re i d re it m e e n x t t s e , n s to io s n e r b v y e a t s h a e Call date A se c r r t e v u - e a s l R re e s q e u rv ir e e s d E se x r r c e v e - e s s s A se c r r t e v u - e a s l R r e e q se u r i v re e d s E se x r r c e v e - e s s s member banks. In 1922 and in 1924 there Nov. 15,1920... 1,827 1,774 53 2,180 1,918 262 was a relatively small demand for additional Mar. 10,1922 1,723 1,662 61 3,094 1,502 1,592 Apr. 6, 1925 2,092 2,078 14 2,977 1,451 1,526 currency, and, therefore, gold imports were in large part available as a basis of growth of 1 On report dates nearest to corresponding call dates member bank credit. The member banks, of Keserve requirements of member banks order^to employ these funds in|the absence of increased by about $300,000,000 between an active demand for commercial credit, made November, 1920, and April of this year, as the loans on securities and purchased investments. result of a growth of about $4,000,000,000 in In contrast with the rapid growth of loans and time deposits and of $2,000,000,000 in demand investments of reporting member banks in deposits. During the same period the member 1922 and in 1924, the volume of their credit banks' lawful reserves with the reserve banks in 1923 was relatively constant, notwithstandincreased by a slightly smaller amount, so that ing the fact that gold imports in that year this increase has been no more than sufficient were larger than in either of the two other to meet the growth in reserve requirements. years. This was because in 1923 the increased The ratio of member bank reserves to their activity of business led to a growth in the dedeposit liabilities on which reserves are command for commercial credit and to a larger puted has consequently remained practically demand for currency, which absorbed the funds constant—at about 10 per cent—throughout arising from gold imports. At no time during the period of credit liquidation from 1920 to the period did member banks carry excess 1922, as well as the period of credit growth reserves at the reserve banks, and in 1925, in from 1922 to 1924. This is in sharp contrast order to meet the demand upon them for gold to the situation at the reserve banks, where for export, they were under the necessity of between 1920 and 1925 the grcwth of about increasing the volume of their accommodation $800,000,000 in reserves arising from gold at the reserve banks. imports was accompanied by a net decline in The continuous employment by member liabilities, with the consequence that required banks throughout this period of all their reserves decreased by over $450,000,000 and _ . available funds, either in the excess reserves increased by about $1,250,000,- Reserve posi- , « ,, . , 000. During this period the reserve ratio tion of member reduction ot their borrowings of the reserve banks rose from 43.6 to 76.3 per banks and of t the reserve banks or as a reserve banks. ,a . « . , . cent. Furthermore, the increase in excess J basis ior increasing their own reserves would have been considerably larger loans and investments, is brought out by the had the reserve banks not adopted the policy fact that their reserves at the reserve banks of paying out gold into circulation. This have at no time exceeded legal requirements policy accounts for the fact that, notwithstandby more than a negligible amount. The table ing the importation of $590,000,000 of gold below shows the actual and required reserves Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1025 FEDERAL RESERVE BULLETIN 449 between March, 1922, and April, 1925, there [In millions of dollars] was a slight decrease in the reserves of the Percentage Federal reserve banks. Loans and Earning reserve invest- assets of bank It is with reference to the difference in the Call date ments of Federal credit of all mem- reserve member reserve positions of the member banks and of ber banks banks1 bank credit the Federal reserve banks that the effect of the export of $175,000,000 of gold since last Decem- Nov. 15,1920 . .. 26,133 3,369 12.8 ber should be considered. The gold with- Mar. 10, 1922._ 23,419 1,177 5.0 Apr. 6, 1925 29,285 1,077 3.7 drawn for export came out of the gold reserves of the Federal reserve banks without having 1 On report dates nearest to corresponding call dates. an important effect on their reserve position Among the more important developments in because of the large excess of their reserves the member bank situation since the opening of over legal requirements. This situation is in the year has been a considerable contrast to that of 1919-20, the only other Decline in decline in demand deposits. bankers' balperiod of gold exports since the organization For member banks in leading ances. of the system, when the reserves were near the cities this decline has amounted legal minimum and gold exports wetre an im- to $600,000,000, of which $400,000,000 has been portant factor influencing the position of the at member banks in New York City. The reserve banks. Member banks, on the other larger part of this decline in demand deposits hand, which have no excess reserves, were at New York City banks has reflected the obliged to replenish their reserves after meeting the recent demand for gold for export by MILLIONS OF DOLLARS MILLIONS OF DOLLARS 33000000 BANKERS' BALANCES 3000 increasing their borrowings at the reserve REPORTING MEMBER ^ANKS IN 12 F. R. BANK CITICS banks. 2500 2500 Increase in the volume of member bank r \ credit, with a decreased use of reserve bank Total / credit, has been the outstanding 2000 A/ 2000 fact in banking developments Proportion between mem- during the past five years. ber bank cred- 1500 Other 1500 it and reserve During this period total loans Res C er i v ti e e B s a n - k */ ^ ^ \ n bank credit. and investments of member banks increased by more than 1<DO0 1000 $3,000,000,000, as shown by the table below, ^—->^York City while at the same time the volume of earning assets of the reserve banks declined by about 500 50© $2,300,000,000. As a consequence, the proportion of reserve bank credit to member bank 0 1923 192A- 1925 credit in use was 3.7 per cent in April of this year, in contrast with 12.8 per cent in 1920. reduction in bankers' balances held for out-of- The decline in the volume of earning assets at town correspondents, which, after increasing the reserve banks during the five-year period rapidly in the last half of 1924, as shown by represents a reduction in the volume of dis- the chart, have declined to about the level of counts for member banks, which now have the middle of last year. This reduction in outstanding a larger volume of credit than at bankers' balances has not represented a correany previous time, while the volume of reserve sponding movement of funds to the interior, bank credit has declined to less than one-third but rather a conversion by correspondent of the amount in 1920. banks of portions of their New York balances Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 FEDERAL. RESERVE BULLETIN JULY, 1925 into loans on securities in the New York market. Volume of borrowing by member banks at With the level of call-loan rates higher than a the reserve banks, after a period of seasonal year ago and considerably above the interest liquidation during the early rate paid on bankers7 balances, bankers in reserve °bLnksOf Weeks °f the year> increased the interior, who last year kept a larger part by $250,000,000 between the of their New York funds on deposit with their latter part of January and of June. At the city correspondents, used them this year more present time the volume of borrowing at the largely in loans on securities. reserve banks is larger than a year ago, and the The following table shows changes in the proportion of their discounts for banks at finanprincipal items for reporting member banks in cial centers is considerably larger than at that New York City and outside between the close time. This growth in discounts has furnished of last year and the middle of June, 1925, the reserve banks with a broader and more separating banks in New York City and out- effective contact with the member banks than side: at any time in more than a year. REPORTING MEMBER BANKS [In millions of dollars] NOTE New York City Outside Changes of personnel in the Dallas bank. Gov. B. A. McKinney, of the Federal D 3 e 1 c , . Ju 17 n , e Change D 3 e 1 c , . Ju 17 n , e Change Reserve Bank of Dallas, resigned on May 15, 1924 1925 1924 1925 1925. Mr. Lynn P. Talley, who has served as Federal reserve agent since early in 1923, was Loans on securities.. 2,041 2,058 +17 2,822 3,135 +313 appointed governor to succeed Mr. McKinney, All other loans 2,320 2,147 -173 5,886 5,861 -25 Investments 1,871 1,813 -58 3,660 3,726 +66 and Mr. C. C.Walsh was appointed chairman of Total loans and the board of directors and Federal reserve agent. investments... 6,232 6,018 -214 12,368 12,722 +354 Net demand deposits 5,401 5,053 -348 7,853 7,812 -41 TREASURY FINANCE Loans on securities, as brought out by the ISSUE OF ONE-YEAR CERTIFICATES table, changed but little at banks in New York Under the act approved September 24, 1917, City during the six months, while at reporting as amended, the Secretary of the Treasury banks outside of New York City the volume of on June 8 offered for subscription at par these loans increased by more than $300,000,000. through the Federal reserve banks one-year Investment holdings of the reporting banks are 3 per cent Treasury certificates, dated June 15, 1925, and payable June 15, 1926. As in the now slightly larger than at the beginning of the case of other recent issues, these certificates year, a decline of $58,000,000 at banks in New will be accepted at maturity in payment of York City being more than offset by an in- income and profits taxes. Any qualified crease of $66,000,000 at outside banks. Total depositary was permitted to make payment loans and investments of reporting member by credit for certificates allotted to it for itself and its customers. Treasury notes banks throughout the country are now somematuring June 15 were accepted at par in what above their level at the opening of the payment for the new issue. The offering year and larger than at any previous time. was for $125,000,000 or thereabouts. Sub- The relatively small increase in the volume of scriptions were closed on June 10 and totaled member bank credit in 1925 has reflected a $470,254,000. Allotments to the amount of considerable growth of loans and investments $124,247,000 were made, on subscriptions not exceeding $1,000 in full and on subscriptions in banks outside of New York City, together in larger amounts according to a graduated with a decline in the outstanding volume of scale of reduction. By Federal reserve districts credit at New York City banks. subscriptions and allotments were as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN" 451 whole, which exceeds several times the esti- Total sub- Total sub- Federal reserve district scriptions scriptions mate ($67,000,000) of last October. received allotted Customs receipts, totaling $547,561,226.11 Boston. __. $38,312,000 $10,054,000 ran within one-half of 1 per cent of the esti- New York 131,466, 000 18,437,000 mated yield, and miscellaneous receipts, total- Philadelphia... 48,436, 000 15,100,000 Cleveland 65,817,000 18, 283,000 ing $828,638,079.90, ran practically in the Richmond 20,975,000 4, 820, 500 Atlanta 22,192,000 8, 375, 500amount of the estimate. Income-tax receipts Chicago 56,408, 500 25,675, 500 of $1,760,537,823.68 exceeded estimates by fit. Louis 11,410, 000 4,305, 500 Minneapolis. _. 12,195,000 3,702,000 $100,000,000, or 6 per cent. Other miscel- Kansas City._ 8, 226,500 2,140, 500 Dallas 17, 636, 000 4, 668,000 laneous receipts, aggregating $643,411,567, San Francisco.. 37,180, 000 8, 685,500 covered several items yielding increases over Total. 470, 254,000 124, 247,000 estimates, including an increase of $34,000,000 in account with the railroads. Expenditures fell short of the estimate by $4,440,361.91, or PAYMENTS RECEIVED ON ACCOUNT OF FUNDED by approximately $1.25 per $1,000 of estimated INDEBTEDNESS OF FOREIGN GOVERNMENTS expenditures. On June 15, the Treasury received payments During the year the public debt was reduced from foreign Governments on account of their by $734,619,101.59, leaving the amount of the funded indebtedness to the United States as debt on June 30 at $20,516,193,887.90. This follows: reduction was effected (1) by sinking fund and Great Britain, fifth semiannual pay- other debt retirements chargeable against ment of interest, made in obliga- ordinary receipts to the amount of $466,538,tions of the United States $68, 310, 000. 00 113.83; (2) by application of the entire surplus Finland, fifth semiannual payment of of $250,505,238.33; and (3) by a reduction of interest, made in cash 133, 650. 00 $17,575,749.43 in the general fund balance at Hungary, third semiannual payment the end of the year below the balance on June of interest (except amount of interest to be funded), made in cash. - 14, 905. 6930, 1924. Lithuania, second semiannual pay- Regular maturities of the debt during the ment of interest (except amount of year amounted to $2,307,041,400, and new interest to be funded), $45,225, and issues (exclusive of a small amount of Treasury first annual installment of principal, $30,000; total, made in cash 75,225.00 savings certificates) floated at par amounted Poland, first payment, including to $1,882,167,000. The average annual in- $135,465.68 received January 13 on terest rate on the maturities was 4.446 per account of June 15 indebtedness, cent and on the new issues 3.557 per cent, the made in cash 500, 000. 00 reduction in interest rate being equivalent to a Obligations accepted in connection with the reduction in annual interest charges of British payment have been canceled, effect- $16,730,000. ing a corresponding reduction of the public During the year $1,047,088,500 of 4 per debt. cent 20-30 year bonds were issued. "This long-time financing/7 according to a statement RECEIPTS, EXPENDITURES, AND DEBT REDUC- by the Secretary of the Treasury, "removes the TION DURING THE FISCAL YEAR pressure on tne refunding operations which Ordinary receipts of the Government in the will be necessary in connection with the fiscal year ended June 30, according to a maturity of the third liberty loan on September statement issued by the Secretary of the 15, 1928. As a result of this and other debt Treasury, amounted to $3,780,148,684.42 and charges in the fiscal year, the short-dated expenditures chargeable against these receipts debt (maturing within five years) on June 30, to $3,529,643,446.09, giving a surplus of 1925, was $6,252,000,000, as against $8,074,- $250,505,238.33 on the years account as a 000,000 on June 30, 1924." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

452 FEDERAL RESERVE BULLETIN JULY, 1925 BUSINESS CONDITIONS IN THE UNITED STATES Production in basic industries and factory employment continued to decline in May and there was a further recession in wholesale prices. Distribution of commodities was in greater volume than at this time last year, but slightly less than in April. Production.—The Federal Reserve Board's index of production in basic industries declined 6 per cent in May to a level 12 per cent below the high point in January. There were further considerable decreases in the output of the iron and steel and woolen industries, and declines also occurred in the mill consumption of cotton and in copper, sole leather, and newsprint production. The number of automobiles manufactured during May fell slightly below the record figure of April. Employment at industrial establishments was slightly less in May than in the month before, with decreases, partly seasonal, in the clothing, boot and shoe, and iron and steel industries and increases in the industries producing automobiles, tobacco products, and certain building materials. Building contracts awarded during May were smaller in value and in square feet than those for April, but were larger than for any other month on record. Trade.—Department-store sales in May were smaller than in April, but somewhat larger than a year ago, and mail-order sales were 5 per cent larger than in May, 1924. Departmentstore stocks declined in May and were at the same level as a year ago. Wholesale trade was in about the same volume as the month before and about 3 per cent larger than a year ago, increases over last year in sales of meats and dry goods offsetting decreases in sales of groceries, shoes, hardware, and drugs. Wholesale stocks of groceries in dollar values were larger than a year ago, while stocks of dry goods and shoes were substantially smaller. Car loadings of miscellaneous products and merchandise decreased slightly during May, but were greater than a year ago. Prices.—Wholesale prices continued to decline in May, but the decrease was considerably smaller than for the preceding month. All groups of prices represented in the Bureau of Labor Statistics index declined except the house furnishings and miscellaneous groups. In the first three weeks of June prices of wheat, corn, flour, cotton goods, and pig iron declined, while quotations on sheep, nogs, gasoline, hides, and rubber advanced. Bank credit.—Borrowing for commercial purposes at member banks in leading cities declined further between the middle of May and the middle of June to a level lower than at any time this year, while loans on securities increased and reached a new high level in June. Investment holdings of these banks also increased, and total loans and investments at the middle of June were at the high point for the year. PER CENT PER GENT PER CENT PERC 150 150 200 1200 g *\ -150 / 100 \ / -100 -100 50 50 so -50 PRODUCTION IN BASIC JNDUSTRIES WHOLES/VLE PRICES I oi 0 0 1922 1S£3 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, 100.) Latest figure, May, 111 adopted by bureau.) Latest figure, May, 155.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 453 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 200 2 150 100 1922 1923 1924 1325 1922 1923 192*1- 1925 Weekly figures for 12 Federal reserve banks. Latest figures, June 24 Index of sales of 359 stores. (1919= 100.) Latest figures, May At the reserve banks there was an increase in member bank borrowing between May 20 and June 24, and on that date discounts for member banks were in larger volume than at anytime since the opening of the year. Further decreases in the holdings of acceptances and of United States securities brought the volume of open-market holdings in June to the lowest level since last summer. Conditions in the mone}^ market remained relatively steady during the latter part of May and first three weeks of June, notwithstanding the heavy Treasury operations in the middle of June. BUSINESS INDEXES OP THE FEDERAL RESERVE BOARD [Monthly average 1919=1003 Department-store Department-store Bank Produc- sales i stocks 1 debits Year and month t i i b n o a d n s u i s c in - e F m m ac p e t l n o o t r y y - p F a a y c t r o o r l y ls B a c w o u n i a l t r d r d a i e n c d g ts 1 l R o a a i d e l a i r n r o g a s d 1 - W tr s h a a o l d e l e e- Unad- Ad- Unad- Ad- o o Y u f t N o s r i e d k w e tries i justed justed justed justed City* 1924 January 121 100 108 170 118 80 110 126 116 132 105 February - 121 101 114 163 125 78 102 128 127 135 109 March 117 101 113 164 115 80 115 115 139 137 108 April 114 99 111 150 121 78 133 131 141 136 111 May 104 96 106 129 117 77 127 123 136 136 109 June 94 93 100 125 103 76 120 120 127 134 103 July... ._.. 95 89 92 121 111 78 91 123 123 131 108 August - 94 90 96 133 111 83 93 118 126 126 108 September 103 91 99 150 117 92 119 131 137 128 107 October 109 93 103 166 120 95 141 124 148 132 112 Norember 107 93 101 196 116 84 141 126 148 132 107 December -. - 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 83 121 121 139 137 120 April 119 96 108 176 129 79 136 133 140 136 122 May -. 111 95 108 151 123 79 128 124 135 135 119 i The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations-; the indexes ©f 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

454 FEDERAL. RESERVE BULLETIN JULY, 1925 BANK CREDIT country, reflect a somewhat less active state of industry and trade in these months com- REPORTING MEMBER BANKS pared with the early part of the year. Funds Borrowing for commercial purposes at mem- released by lessenea commercial requirements ber banks in leading cities declined further have been employed by the banks in granting between the middle of May and the middle loans on securities and to some extent in of June. The decline was largely in New purchasing investments. Loans on securities York, although slight decreases were reported increased during the period in all except the in;the majority of the Federal reserve districts. Richmond, St. Louis, Kansas City, and Dallas During the same period loans on securities districts, and on June 17 the total was increased in most districts, and the total of $162,000,000 higher than three months earlier. these loans for the country as a whole was at Total loans and investments showed little a new high point on June 17. The banks change for the period. increased their holdings of security investments, and on June 17 total loans and invest- CHANGES IN LOANS AND INVESTMENTS OF REPORTING ments were higher than at any previous MEMBER BANKS BETWEEN MARCH 18 AND JUNE 17, 1925 time—$1,869,000,000 above the total a year [In millions of dollars] earlier. A considerable decline in net demand deposits during the last two weeks of May Loans and investments was followed by a slightly larger increase in the first three weeks of June, so that the total showed a small increase for the period. The Federal reserve bank Loans following table shows the principal resources Total Commer- On secu- I m nv e e n s t t s and liabilities of member banks in leading cial rities cities for each week between May 13 and June 17, as well as changes for the five weeks and Boston +13 -22 +33 +2 New York.... +25 -71 +39 +57 for the year ending June 17: Philadelphia.. -2 +7 +10 -20 Cleveland +18 +1 +34 -16 Richmond +1 +8 -7 LOANS, INVESTMENTS, AND DEPOSITS OF MEMBER Atlanta +7 +10 +4 Chicago +47 -6 +52 BANKS IN LEADING CITIES St. Louis -40 -23 -10 -7 [In millions of dollars] Minneapolis.. -20 -28 + 10 Kansas City.. -18 -5 -20 +7 Dallas -25 -18 -4 -3 Loans and investments Deposits San Francisco. +5 -9 +8 +5 Total... + 10 -173 +162 +21 All Date Total s L e t o o c ie a u n s n ri s - l l a o c o m r t o a g h e m n e e r s l - r - y , m v I e e n s n - t t - s m d a e n - d Time ALL INCORPORA U T N E I D T ED S T S O T C A K T ES BANKS IN THE cial Figures as of April 6, 1925, for all banks in the United States, excepting mutual savings May 13-_ 18, 614 5,019 8,147 5,448 12, 816 5,134 May 20 18, 583 5,031 8,067 5,486 12, 694 5,158 banks and private banks not under State J M un ay e 2 3 7__ 1 1 8 8 , , 6 5 8 9 3 3 5 5, , 1 0 4 7 1 3 8 8, , 0 0 3 3 9 5 5 5, , 5 4 0 8 3 5 1 1 2 2 , , 6 7 4 9 5 1 5 5 , , 1 1 6 5 9 3 supervision, have become available and are June 10 18,711 5,135 8,055 5, 521 12?818 5,162 presented in detail on page 514 of this issue. June 17 18,740 5,192 8,008 5, 539 12, 865 5,188 Increase (+) or de- The figures show an increase from $40,202,crease (—): 000,000 to $40,813,000,000 in total loans and Five weeks ending June 17 +126 +173 -139 +91 +49 +54 investments of these banks since the end of Year ending June 17 +1, 869 +956 +133 +780 +982 +809 last year, the increase being much larger for nonmember banks than for member banks. In the following table are shown, by districts, There was a slight increase in individual dechanges in the loans and investments of posits of these banks, as the growth of demember banks in leading cities between the posits at nonmember banks more than offset middle of March and the middle of June. the decline at member banks. As is not unusual at this season of the year, FEDERAL RESERVE BANKS commercial loans of these banks declined by $173,000,000 during the three months, but At the reserve banks, member bank boron June 17 were still $130,000,000 above the rowings, which declined during May, particulevel of last summer. These declines, which larly in the New York district, showed inwere general* throughout the larger part of the creases between May 20 and June 24 in all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL. RESERVE BULLETIN 455 except the Minneapolis and Kansas City districts. The total for all districts was higher at the end of the period than at any previous time this year. The reserve banks' holdings of acceptances and United States securities declined during the period, bringing the total of their open-market holdings in June to the lowest level in nearly a year. Total earning assets at $1,034,000,000 on June 24 were $48,000,000 higher than at the beginning of the period. There were further slight declines in total reserves held and in the volume of Federal reserve notes in circulation. The principal resources and liabilities of the Federal reserve banks for the period between May 20 and June 24 and changes for this period and since June 25, 1924, are shown in the following table: PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL RESERVE BANKS [In millions of dollars] Earning assets Date i o May 20 986 May 27 1,054 June 3 -- -- - 1,064 June 10 1,065 June 17 _ 1,007 June 24 1,034 Increase (+) or decrease 5 weeks ending June 24 +48 Year ending June 24. _ +208 detnuocsid slliB 338 414 412 417 442 455 +117 +105 ni thguob slliB tekram nepo 276 278 285 275 246 242 -34 +197 -es tnemnrevoG seitiruc 8 358 349 3.54 360 306 325 -33 -105 vreser hsac latoT 2,981 2,982 2,958 2,965 2,968 2,959 -22 -313 stisoped latoT 2,176 2,202 2,222 2,226 2,245 2,210 +34 +102 etonevreser laredeF noitalucric average of the renewal rate on call loans continued to range between 3^ and 4 per cent, the limits within which it has fluctuated since the first week in April. The table below shows the rates prevailing in the New York market during the past three months: MONEY RATES IN NEW YORK Prime Prime Renewcom- bank- al rate mercial ers'ac- per on paper, cept- debted- cent call 4-6 ances, H£SS, Liberty loans months 90 days 4-6 bonds months April, 1925 ! 4 *2.78 3.96 3.86 May, 1925.... i 3^-4 3.93 3.82 June, 1925 ' 3.90 3.97 Average for week ending- June 6, 1925 3M 3.92 3.90 June 13, 1925 3.90 3.90 June 20, 1925 3%-i 12.70 3.90 3.75 June27, 1925 1 3M~4 * 2.84 3.90 4.10 1 Issues maturing Sept. 15, 1925. In the London money market the tendenc}r toward higher rates which was noticeable after the second week in April came to a peak at the middle of May, when the average rate at which Treasury bills were tendered was 4.673 as compared with 4.167 during the second week in April, while the rate on 3-month bank bills was 4fJ to 4% per cent as compared with 4J^ per cent on the earlier date. Thereafter rates 1,656 1,671 eased off, Treasury bills being tendered at 1,675 4.317 during the final week oi May, while 1,660 1,643 quotations for 3-month bank bills were down 1,634 to 4^ during the first week of June. -22 ACCEPTANCES -210 An increased demand for acceptances of i Including foreign loans on gold and all other earning assets. longer maturities, together with a falling off in the supply of new bills, followed the rise on MONEY RATES May 20 from 3J^ to 3M VGT cent i*1 kh° Stability, coupled with relative ease, charac- offering rate on 60-90 day acceptances in terized money conditions during the latter part Chicago and New York. The result of this of May and the first three weeks of June. situation was that during the period from May Prime commercial paper of 4-6 months ma- 21 to June 17 demand was on the whole more turities continued to be quoted at 3 % to 4 nearly equal to supply and rates on 90-day per cent, with banks outside New York pur- maturities remained unchanged. Short bills chasing most of the offerings at the lower at the end of the period were somewhat easier rate. The offering rate on 90-day bankers7 and longer maturities slightly firmer. The acceptances, which had steadied at ZY% per stongest demand was for 90-day bills, an actual cent for the previous four weeks, rose to 3^ scarcity of which was reported toward the end per cent during the latter part of May and of the period, while 30-60 day bills remained in remained at that figure during the first half of fair supply and composed the bulk of the June. The yield on Government securities, dealers' portfolios. In the New York market, both short-term and bonds, was steady through- after the rise in rate, the excess supply noted out May and the first part of June, with a in May was gradually reduced, and at the end slight tendency toward ease, while the weekly of the period dealers' portfolios were reduced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN JULY, 1925 to a new low point for the year, and offerings The total volume of foreign securities issued to the reserve bank were moderate. On June in the United States during April amounted to 12 in New York and on June 15 in Boston the $67,240,000, according to the compilation of buying rate of the Federal reserve bank was the Federal Reserve Bank of New York. This raised one-eighth of 1 per cent on 90-day bills. was at about the same rate as in March. In In Boston the supply continued in excess of May the volume of foreign securities floated demand through the first week in June, in the United States fell to $30,193,000, the accompanied by heavy offerings to the reserve smallest monthly total since June of last year. banks, a situation which was subsequently relieved by the improved demand during the SECURITY PRICES latter part of the period. In Philadelphia the During the second week of June average market was reported as relatively inactive. prices ot representative common stocks rose In Chicago the supply was moderate, while slightly above the levels reached on the upward demand showed considerable improvement movement which characterized April and May. over the preceding period. The price index of 232 stocks computed by the Rates in the New York market on June 17 Standard Statistics Co. reached a new high on were 33^s bid and 3 per cent offered on 30-day June 15—0.5 points above the previous high bills, 334 bid and 33/g per cent offered on 60- of February 9 and 10.4 points above the 1925 day bills, 3% bid and 334 per cent offered on low on March 30. This was due to the indus- 90-day bills, with 3^ to 3M bid and 3^ to trial rather than the railroad stocks, as the Z% per cent offered on the longest maturities. average of the 31 rails included in the index was 1.6 points below its May high on June 15 and CAPITAL ISSUES 4.8 points below the figures for the first week According to the compilation of the Com- in March. Despite the higher prices, which mercial and Financial Chronicle, about $475,- were made largely in the oil, automobile, 000,000 of new domestic securities were issued utility, and tobacco groups, market activity in the United States during April, 1925, an in- fell off during the first half of June, when the crease of over $100,000,000 as compared with average number of shares sold daily was 16 per March, and the largest volume since January. cent under the May average. Bond prices rose The flotation of $160,000,000 in securities to to new high levels over the end of May. The cover transfer of the Dodge Bros.7 motor prop- following table gives indexes of stock prices erties accounts for the increase, which was en- computed by the Standard Statistics Co. of tirely in corporate securities, as both farm New York, the average prices of 40 bonds comloans and municipal security issues fell off. puted by Dow, Jones & Co., and the average Railroad flotations were in about the same vol- number of shares of stock sold daily on the New ume as in the previous month, while public util- York Stock Exchange for the last five months: ity issues were smaller. The total volume of refunding operations was slightly larger in April INDEX NUMBERS OF SECURITY PRICES than in March. The following table shows the Price indexes of —l Average p d o a o f r m A ed e p s r t i w i l c , i 1 t s h e 9 c 2 u t 4 h r . o it s ie e s o is f s u t e h d e i p n r A ev p i r o i u l, s 1 9 m 25 o , n a th s c a o n m d - d 2 u 0 s 1 t r i i n al - 3 r 1 o r a a d il- st 2 o 3 c 2 ks A b p v o o r e f n i r 4 d c a e 0 s g 2 e s ( o 0 o n o f 0 l u f d 0 s m s h t o d o b a m a c r e i e k r i l s t y stocks stocks ted) 3 DOMESTIC CAPITAL ISSUES [In millions of dollars] Average for— January, 1925 125.8 112.6 122.0 90.91 1,774 February, 1925 127.5 112.9 123.2 91.55 1,688 April, 1925 March, 1925 April, 1924 March, 1925 123.9 110.3 119.9 91.35 1,651 April, 1925 123.4 107.7 118.8 91.62 1,088 May, 1925 127.8 110.0 122.5 92.79 1,607 New fu R in n e g d - - New fu R in n e g d - - New fu R in n e g d - - J J Ju u u n n n e e e J u 8 1 1 n 5 , , e 1 , 1 , 9 1 9 2 9 2 1 2 5 5 9 5 2 _ 5 __ 1 1 1 3 3 2 0 1 9 . . . 4 9 7 1 1 1 0 0 1 9 8 0 . . . 4 8 5 1 1 1 2 2 2 5 4 3 . . . 3 5 5 9 9 9 9 3 3 3 3 . . . . 1 1 1 1 4 6 8 5 1 1 1 1 , , , , 3 3 3 3 6 9 5 1 5 2 8 3 June 22, 1925 131.4 110.0 125.1 93.11 1,124 Total corporate 377.0 68.6 248.0 70.3 248.9 25.8 Long-term bonds 1 For the industrial stocks, the average of 1917-1921 prices equals 100; and notes 219.4 65.6 153.2 70.3 171.2 16.4 for the rails the average of the high and low prices made in the 10 years, Short-term bonds 1913-1922, equals 100. The indexes are weighted by the number of shares and notes 20.0 .2 14.5 33.2 1.3 of each stock outstanding Prices used are closing quotations on Mon- Stocks 137.6 2.8 80.3 44.5 8.1 day. Farm-loan issues 6.4 4.7 11.5 3.0 4.3 2 Arithmetic average of daily peak and low prices, as published in Municipal 90.9 5.3 108.3 2.0 134.6 1.0 the Wall Street Journal. Weekly averages are for week ending with Saturday, preceding date given. Total 474.3 78.6 367.8 75.3 387.8 26.8 8 Saturdays omitted. Weekly averages are for five days ending with Friday, preceding date given. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL, RESERVE BULLETIN 457 AGRICULTURAL CREDIT BANKS AGRICULTURE During May, 1925, intermediate credit banks Late in May and early in June the 1925 closed direct loans aggregating $9,415,270 for harvesting season began in the winter-wheat all districts; this amount was about 65 per sections of the Kansas City and Dallas Federal cent above the total for April. The new loans reserve districts and more definite information were made largely in the Baltimore, Louisville, became available as to the expected yield of all and Berkeley farm-loan districts. Rediscounts the small-grain crops. Dry weatlier during were closed in May amounting to $4,514,258, the autumn, followed by excessively low an amount nearly 50 per cent below the total temperatures during the winter, resulted in for April. The total volume of direct loans one of the largest acreage abandonments of outstanding on May 31, at $27,718,266, showed winter wheat on record, and the total yield of a decline of $1,388,893 from the total for the wheat is expected to be the smallest since 1917. end of April, while the volume of rediscounts Early reports indicate that the condition of increased by $2,118,213 during the month to the cotton crop on May 25 was the highest on an aggregate of $32,260,494 outstanding at the that date since 1918, and unofficial reports end of May. The following table shows the indicate a somewhat larger acreage than last volume of direct loans outstanding on June 13, year. In the principal livestock sections rains the latest date available, compared with the m May were very beneficial to pastures and volume outstanding on May 16, classified by ranges, and the condition of cattle and sheep commodities on which the loans were based. was higher than a month earlier and compared It shows declines in loans secured by each of favorably with that of last year. the specified groups of commodities except Marketing of grains, fruits, and vegetables raisins, the largest decline occurring in loans increased in May, but livestock, cotton, and on cotton. A comparison of rediscounts for tobacco were marketed in smaller volume than the same date is also given, classified according in the preceding month. Exports of agrito the institution for which the rediscounting cultural products were in smaller volume than was done. It will be noted that increases in April, but cotton and grains continued in occurred in the amount of rediscounts for agri- larger volume than last year. After reaching cultural credit corporations and for the live- a high point in March and April, farm prices stock loan companies. declined slightly, and in May the Department of Agriculture's farm price index was 147, as INTERMEDIATE CREDIT BANKS compared with 130 in May, 1924. The prices [In thousands of dollars] of cotton and meat animals declined during the month, while prices of grains and fruits June May and vegetables advanced. 13,1925 16,1925 Grain. Direct loans outstanding on— Cotton.. 260 1,505 Harvesting of the winter-wheat crop in the Tobacco 20,241 20,306 Dallas and Kansas City Federal reserve dis- Raisins 4,000 4,000 Wheat.. _ 436 656 tricts began late in May and early in June, P C r a u n n n e e s d fruit and vegetables 1,0 2 1 4 8 4 1,1 2 6 5 7 3 and by the middle of the latter month the first R Pe ic a e nuts „ _ 2 3 7 7 6 3 1 3 5 2 6 of the new crop reached the markets. Reports Allother _ 697 219 by the Department of Agriculture as of June 1 Total 27,199 28,594 indicate that there was a further decline in the condition of winter wheat in May, and the esti- Rediscounts outstanding for— Agricultural credit corporations _ 21,476 20,533 mated yield was reduced to 407,000,000 bush- N St a a t t i e o n b a a l n k b s a n . ks _ 66 6 7 67 S 8 els, the smallest crop since 1912. The spring- Livestock loan companies 10, 561 10,284 wheat crop is expected to be smaller than last Savings banks and trust companies _ 25 50 year, and the total wheat production is esti- Total 32, 735 31, 553 mated at 661,000,000 bushels as compared with 873,000,000 bushels last year. In the Minne- Federal land banks increased their mortgage apolis and Kansas City Federal reserve disloans during May by $6,051,729 to $968,713,- tricts, which produce more than one-half of the 291 and joint-stock land banks by $7,918,678 total wheat of the United States, the combined to $494,165,230. yield of winter and spring wheat is estimated Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 FEDERAL, RESERVE BULLETIN JULY, 1925 at 358,600,000 bushels as compared with a belt except Texas, where the dry weather final harvest of 553,000,000 bushels in 1924. during the winter and spring months seriously Smaller yields of oats and rye than last year retarded farm work. In the Southeastern are expected on the basis of early condition re- States rains during the winter and spring added ports, but the indicated yield of barley is considerable moisture to the soil and the crop slightly larger than in the previous year. Late in those States has made good progress to date, in May the corn crop was slightly damaged by though boll weevils are more in evidence than frost in sections of the Cleveland and Chicago a year ago. Fertilizers are being used in larger Federal reserve districts, but by the middle of quantities than in 1924. In Texas many areas June the crop was generally in good condition are still suffering from a lack of moisture, and except in sections of the Cleveland district, the southern part of the State is estimated to where the crop was suffering from dry weather. have received only about 9 inches of rainfall Details as to the expected yields of the princi- since the first of last October, as against a pal grain crops in the several Federal reserve usual rainfall of about 20 inches for the same districts are given in the table on page 486. period. Other sections in the central and Marketing of grain was in considerably eastern parts of the State have suffered likelarger volume in May than in April, and ex- wise, but the dryness thus far is reported not ceeded that of a year ago. Receipts of wheat to have been very injurious to the growing at leading interior centers were 86 per cent crop. larger than in April and were 10 per cent larger Marketing of the old crop, as measured by than in May last year. receipts at principal southern markets, spin- Corn and oats were marketed in greater ners' takings, and exports showed further volume than in the previous month, but re- seasonal declines in May. From the beginning ceipts were smaller than last year. Increased of the marketing season last August to the end marketing of wheat in May was in response to of May approximately 14,220,000 bales of larger exports, which, with the exception of cotton were marketed through the leading March, exceeded the volume of any rnonth southern centers, as compared with 10,820,000 since last December. As a result of more bales the year before. Exports for the same definite information as to the reduction in the period totaled 7,776,000 bales, as compared yield of wheat and the continuation of the with 5,329,000 bales in 1924. Consumption of large foreign demand, the price of both winter cotton by the American mills for the season to and spring wheat advanced rapidly in May and date has been slightly larger than last year and reached the highest level since March, and was stocks at mills at the end of May were about considerably higher than last year. Compari- 200,000 bales larger than a year earlier. A son of the prices of winter and spring wheat greater volume of exports, with a slight induring the first five months this year with crease in consumption and domestic mill stocks, those during the same period in 1924 is shown has practically accounted for the increase of in the following table: 3,500,000 bales in the size of the crop, and the supply of cotton that remains to come on the PRICE OF WINTER 1 AND SPRING 2 WHEAT market is estimated to be no larger than a year ago. Winter wheat Spring wheat Early in May the price of raw cotton declined to less than 23 cents a pound, but a continua- 1924 1925 1924 1925 tion of the unsatisfactory weather conditions in the Southwest was a strengthening factor in January.. $1.11 $2.01 $1.15 $1.82 the market during the remaining weeks of the February 1.13 1.98 1.18 1.79 month, and the price advanced to 24.6 cents a March 1.09 1.77 1.15 1.63 April 1.04 1.70 1.23 1.47 pound during the first week of June. At the May 1.07 1.89 1.16 1.61 close.of the third week in June it was 24.3 cents 1 No. 2, red winter, Chicago. a pound, as compared with 29.4 cents in 1924. 2 No. 1, northern spring, Minneapolis. Livestock. Cotton. Rains in May were very beneficial to the Early estimates by the Department of Agri- pastures and ranges in the drought-stricken culture indicated that the condition of the cot- areas of the Southwest, and there was considton crop on May 25 was the highest for that erable improvement in the condition of the date since 1918. The crop was planted about a cattle and sheep in most of the States except week earlier than usual in most sections of the New Mexico. In view, however, of the long Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 459 drought last winter, many cattle were moved production per working day, which reached a in the spring from the grazing areas of New low for the year of 1,253,000 net tons during Mexico, Arizona, and Texas to the grass pas- the week ending April 18, rose subsequently tures of Kansas and Oklahoma. Ranges and to 1,508,000 net tons at the end of May and pastures in the San Francisco Federal reserve was 1,436,000 net tons for the week ending district are in considerably better condition June 13. This was the tenth consecutive week than last summer, and the condition of the in which the rate of current 1925 production cattle and sheep is excellent. In fact, reports exceeded that of last year and brought total from California indicate that the condition of 1925 production to date to 214,706,000 net ranges is the best since 1915. Shearing of the tons, virtually the same as in the correspond- 1925 wool crop was practically completed in ing period of 1924. May and June and the lamb crop was good, The activity which characterized the anthrawith comparatively light losses. Shipments of cite markets during the previous month began lambs from California, both dressed and live, to subside somewhat after the middle of May. reached a seasonal peak near the middle of Total output during May reached 8,134,000 May, and to date the largest number of lambs net tons, as compared with 7,472,000 net tons on record had been shipped from that State. in April and 7,745,000 net tons in May of last In May marketing of livestock usually in- year. This is the highest monthly output since creases, but this year the number of cattle and October, 1923. Weekly production fell off macalves marketed from the early grass pastures terially after the middle of May, but rose again was considerably smaller than in April, al- during the week ending June 13 to 1,870,000 though the total volume of livestock that net tons, as compared with 2,036,000 net tons reached the market was 1 per cent greater for the week ending May 9. On June 1 comthan in the preceding month. The number pany prices on domestic grades were raised. of hogs marketed was about the same as in Output of both beehive and by-product coke April, but sheep receipts were 10 per cent continued to fall during May, ana the decline larger. Hogs continued to reach the market was again more pronounced in the case of the in about 25 per cent smaller volume than last former. Total May production of both cateyear, but the number of sheep marketed was gories was the lowest - since November, but 30 per cent larger than in May, 1924, and about 10 per cent over May of last year. receipts of cattle and calves amounted to After somewhat firmer prices during May, 1,737,000 head in May, as compared with quotations again declined after the first of 1,800,000 head a year earlier. Prices of live- June. Weekly production of beehive was stock were slightly lower in May than in either 136,000 tons for the week ending June 13, as April or March, but they continued about 30 compared with 141,000 tons during the week per cent higher than in 1924. At the end of ending May 9. the third week of June the price of hogs at Petroleum. Chicago was $12.90 a hundred pounds, as Increases in the output of crude petroleum compared with $7.20 the year before. Prices continued in May, and the total volume proof beef cattle and sheep were also higher, duced in that month was the largest on record, but the increase was greatest in the case of amounting to approximately 70,000,000 barrels. hogs. This rapid growth in production was due MINING mainly to the exceptionally heavy output at Coal and coke. the Smackover (Arkansas) field, which reached Despite a slight rise in output during the a peak of 392,820 barrels on May 25. The last half of May and the first half of June, the daily average production of crude for the enmarket for bituminous coal showed little change tire United States exceeded all previous records from the apathy which characterized the pre- during the last week in May, but since that ceding two months, and on June 15 the Coal time there has been a sharp decline in the Age Index of spot prices for bituminous coal Smackover output, and for'the week ending declined slightly to a low of $1.94, as compared June 13 the daily average flow amounted to with $1.95 on "April 13 and $2.01 during the 2,260,000 barrels, as compared with 2,346,900 corresponding week of 1924. Output durin barrels the last week in May. Prices of crude May of 35,474,000 net tons, as compared wit" petroleum averaged slightly lower than in 32,248,000 net tons in May of last year, showed April, though there was some improvement in a slight increase over April, but was below the early weeks of June following the slowing any other month since July, 1924. Average down in production at Smackover. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BULLETIN JULY, 1925 Gasoline and fuel oils were produced in earlier, while zinc, after rising over the end record volume in April, the latest month for of the month, was again down to the quotations which official data are available, and the out- prevailing at the middle of May. During the put of lubricating oil was in the second largest second week in June the price of refined elecvolume on record. The motoring season was trolytic copper delivered at N^w York, which considerably earlier this year than in 1924, had held at about 13% cents for the previous and notwithstanding the increase in gasoline six weeks after a low of 13J4 cents during the production stocks were smaller at the end of third week of April, again fell off to 133^ cents. April than a month earlier and were 5 per Following the publication of statistics showing cent smaller than at the end of April last materially reduced stocks of refined copper year. The demand for gasoline has been large on June 1 and some curtailment in May prothroughout the wint)er and spring months, and duction, large orders were reported in the as a result of this heavy demand stocks were market and quotations rose to 13% cents on smaller at the end of April this year than in the June 17, the highest since March 26. Output previous year. This is the first time in recent of copper in tne United States for May is years that stocks have fallen below the levels estimated at 139,514,000 pounds. This is of the preceding year. The rapid increase in larger than any month of last year but below the number of automobiles in the past eight average daily production for any month of years has been accompanied by a similar this year. As compared with the high monthly growth in the production of gasoline, as is production of March, 1925, May output shows shown in the accompanying chart. Consump- a curtailment of 7 per cent, but at the same tion of gasoline during the past winter and time was 6 per cent above May, 1924. Quoearly spring was due partly to an increase in tations on lead displayed a rising tendency throughout May, but receded slightly during the first half of June. May production of MILLIONS OF MOTOR VEHICLES MILLIONS OF BARRELS OF GASOLINE 25 1 1 250 lead in the United States was 5 per cent in PRODUCTION OF GASOLINE excess of April and 10 per cent over May, 1924. AND MOTOR VEHICLE REGISTRATION Zinc output during May was slightly in excess 20 / 200 of April, but at about the same daily rate, while shipments of slab zinc from refineries again fell off and were below any month since September of last year, with the result that 15 - — 150 stocks on hand at the end of the month increased further to over 21,000 tons. With both China and India active in the 10 100 market, silver prices recovered sharply during the period, and on June 16 quotations for bar silver in New Yqrk reached 69J^ cents, but the next day reacted to 68% cents. This was 50 the highest since January 31, when silver reached 6934 cents, and is 2% cents above the current low of April 23, and 2 cents above the quotation for May 13. In contrast to the large 1918 1919 1920 1921 1923 deliveries and stocks during the first quarter the use of closed automobiles, which makes of the year, deliveries of tin into the United winter motoring more comfortable. States during May were the lowest since last In view of the heavy demand for gasoline December, and stocks in New York at the end and the smaller stocks than last year, the of the month declined to the lowest point since price has been strengthening and averaged at November, 1923. Prices continued to rise, three principal refineries 13.75 cents a gallon quotation for straits tin being 56 cents on nrMay, as compared with 13.12 cents in April. June 17, as compared with 54J^ cents on May 13 and 50J^ cents on April 15. Nonferrous metals. Greater activity animated the nonferrous MANUFACTURING metal market during the last half of May and Food products. the first half of June, and at the middle of Production of wheat flour declined slightly June prices for copper, tin, lead, and silver in May to 8,151,000 barrels from 8,183,000 in were all on higher levels than four eeks April, which was at that time the smallest Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 461 monthly figure recorded since June, 1922. May, while stocks increased somewhat. Since Demand has been quiet for several weeks and the middle of May raw-cotton prices have prices, after rising in May, declined during the been stronger, and after June 6 yarn quotafirst three weeks of June, the quotation on tions, according to the Fairchild index, rose standard patents at Minneapolis falling from slightly from the low point reached on that $9.15 a barrel on May 29 to $8.50 on June 19, date. General trading in cotton goods inthe lowest figure recorded since early in April. creased about the middle of June and business Flour exports in May totaled only 690,228 in print cloths was rather large. Owing to barrels, the smallest for any month in recent substantial reductions in sheetings, the Fairyears. child cotton goods price index declined con- Sugar meltings during May were somewhat siderably in June, falling to 14.692 in the week smaller than the large meltings for March and of June 20, the lowest point since September, Aj>ril, but exceeded those of May, 1924. 1922. The high point of this year was 15.822 Prices rose a little in June, but no considerable for the week of March 14. advance above the level now maintained for Rather marked improvement was noted in several weeks at about 4^ cents a pound for domestic raw-wool markets in June, buying raw sugar and 5}4 cents a pound for refined increased, and prices rose. Buyers have been was noted. contracting for the new clip in Texas at prices Little change was noted in the meat-packing ranging from 41 to 48 cents a pound, dependindustry during May. The number of ani- ing upon quality and delivery date, which is mals slaughtered was slightly larger than in considered to be in line with quotations on the April, but the increase was no greater than Boston market. Active bidding in the middle seasonal. Slightly more cattle, calves, and western wool areas, however, has caused prices sheep were slaughtered in the first five months to rise to around 50 cents for the grower. The of this year than in the corresponding period western markets have not been so active. of last year, but the slaughter of hogs since The Fairchild index of domestic raw-wool January has been considerably less than a year prices rose from a low point of 102.116 for ago. Prices of meat products have fluctuated the week ending May 23 to 111.971 for the somewhat in recent weeks, but no material week of June 20. Over half of this increase change has been noted. Sales by meat packers occurred in the last week of the period. The were larger during May than in April and the indexes for foreign raw wools, for worsted highest recorded in any May of recent years. yarns, and for tops reached low points in the Cold-storage holdings of meat products were first half of June and later rose slightly. Hot reduced during May and were smaller than a weather in June somewhat stimulated demand year ago. Large reductions since last year for light-weight clothing, and manufacturers in stocks of pork and mutton more than offset of woolens and worsteds also shared in increases in those of lard. the improvement. Fall buying, however, has not been particularly active. Manufacturers Textiles. curtailed operations considerably in May, Conditions in textile markets recently have employment and pay rolls were reduced, mill varied somewhat among the different branches consumption of raw wool was over 8 per cent of the trade. Cotton and woolen goods have less than in April, and the percentages of loom continued rather dull, production has been and spindle hours active have not been smaller reduced, but raw material prices have been since last August. The Fairchild indexes of somewhat stronger. Demand for silk and for prices of woolen and worsted goods were the knit goods, however, has been fairly well same on May 14 as a month earlier. maintained, prices have been strong, and mill In the silk industry buying of finished goods operations active. continued active in May and June, operations Since April cotton mills have curtailed were maintained at a rather high rate, and operations somewhat. Mill consumption of prices were firm. The Yokohama raw-silk cotton and spindle activity during May were market has been more active than the New smaller than in any previous month of 1925, York market, but prices in the latter have although" still in excess of figures for all months shown little change. In fact, quotations on of 1924 except January. Decreases in May Kansai firsts have fluctuated at close to 6 cents occurred in all the important States. Un- since last August. At this time a year ago official reports indicate furtiier curtailment in quotations were below 5 cents, the lowest June. Shipments, orders, and billings of point for the postwar period. Imports of raw finished cotton fabrics were also reduced in silk in May were rather large for this season Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN JULY, 1925 of the year and exceeded those of all but two United States Steel Corporation declined further months since 1922. Deliveries to mills were in May to 4,049,800 tons, the smallest figure somewhat smaller than the large figures for since last November. March and April, but compared favorably Some activity was noted in the pig-iron with those of previous months. Thrown and market during May and early June, as large broad silk mills in the Philadelphia district are consumers covered third-quarter requirements. operating at close to 90 per cent of capacity Contracts were made at a level of prices lower and report sufficient unfilled orders to insure than at any time since 1922. The Iron Age a maintenance of this rate for several weeks. composite pig-iron price for the week of June Warm weather in June brought about con- 23 was $19.13, the lowest figure since the siderable activity in summer-weight under- spring of 1922. Steel prices have also declined wear, which was felt by retailer, wholesaler, further and the Iron Age composite of finished and manufacturer. Markets for winter-weight steel quotations on June 23 was 2.424 cents,, garments, however, have been rather dull. In the lowest figure recorded since late in 1922. April production of winter underwear re- Reflecting the great building activity, buying mained practically unchanged at the high of structural steel has been particularly heavy figures attained in March, and output of in recent weeks. Awards in the second week women's summer garments increased. Orders of June totaled about 59,000 tons, the largest and shipments were somewhat smaller while for any week this year. Automobile manustocks increased. Hosiery has been in good facturers during June placed some rather large demand, and sales of full-fashioned hosiery for orders for sheets and strip steel. There have women have been particularly large. In April been some substantial orders for rails, but in orders and production of this type of hosiery general the railroads have not been active made of silk showed a substantial increase as factors in the market. compared with March. For the total of all kinds of hosiery, production and shipments Automobiles and tires. decreased slightly in April while orders in- Production and distribution of automobiles^ creased. Preliminary figures for May indicated although not as great as in April, continued slight decreases in shipments and production large during May. Production of passenger and increases in unfilled orders on hand. cars in the United States and Canada for the first five months of the past three years i& Iron and steel. shown in the following table: Recessions in production and prices in the iron and steel industry continued during May. Buying of pig iron, however, increased some- 1925 1924 1923 what, and reports indicated a check to the 1 decrease in production in early June, but J F a e n b u r a u r a y ry . - 1 j 2 21 5 2 2, 8 9 0 2 3 1 2 3 9 4 3 3 , , 8 4 2 6 4 0 2 2 2 6 8 0 , , 8 3 7 3 2 6 prices were in many instances reduced further. March i 332 151 357,045 327,059 April - J 391,302 346,405 351,649 The daily average production of pig iron in May ._-! 3S2,714 286,324 358,685 May fell to 94,542 tons from 114,975 tons in Total, 5 months 1 1,571,891 1,627,058 1, 526,601 March, the maximum month since 1923. Total, calendar year 3, 262, 764 3, 702,569 ! This decline, however, was not as great as in the same period last year, and the rate of out- Although production in both April and May put is well in excess of that of a year ago. of this year exceeded that of any previous- The number of furnaces in blast was reduced month on record, the output for the first five by 24 in May, to 197, 49 per cent of the total months did not equal the corresponding total number of stacks in the country. This is the for 1924. Production of trucks has been well smallest number recorded active since October maintained and during the first five months of 31, when 182 were in blast. The decline in this year exceeded totals for the corresponding the daily average production of steel ingots period of any previous year. during May was only 3^2 per cent, as com- Shipments of automobiles from factories in pared with decreases of 15 per cent in April May were also less than during April, but and 24 per cent in May, 1924. Reports indi- fairly large as compared with previous'months. cate that steel output was at the rate of from Shipments by boat were particularly heavy. 65 to 70 per cent of capacity on June 1 and Sales by dealers to users of General Motors that little change has occurred since that date. Corporation cars during May exceeded division The industry was operating at below 50 per sales to users. Both figures were slightly cent in June, 1924. Unfilled orders of the smaller than in April, but much larger than a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

,TULY, 1925 FEDERAL RESERVE BULLETIN 463 year ago. Sales of cars by wholesalers in the hides offered for sale improved during June, Middle West, reporting to the Federal Reserve and prices advanced on some hides to the Bank of Chicago, were larger than in May, highest figures since February. Stocks of cat- 1924, while retail sales were slightly smaller. tle hides decreased in April, but those of calf, Stocks of new cars on May 31 were smaller goat, and sheep skins rose to the highest figures than on April 30 and considerably less than a since last fall. Demand for heavy leather has year before. A few reductions have been an- been rather quiet, but some types of upper nounced in prices of automobiles in recent leather have been in request. Buying by shoe weeks, but no general decline in prices has manufacturers for fall demands has not yet occurred. begun to any appreciable extent. Sole-leather Crude rubber prices rose in June to new high production declined in May as compared with records, over three times as high as those pre- April, but was larger than a year ago. Tanvailing a year ago. Imports increased in May ners' finished stocks increased to the largest to 82,727,000 pounds, as compared with figure since October 31, and stocks in process 72,813,000 pounds in April. The May figure have not been greater at any time since the was the largest since last October. Ship- close of 1923. April figures, the latest availments of pneumatic tires and tubes in May able for the other principal kinds of leather, were the largest on record. Production show declines in production and increases in changed little as compared with April, and tanners' finished stocks. stocks were reduced considerably, although The shoe industry is now in the midst of its ordinarily no substantial reduction in stocks is dull season, and sales and production are small. made until June or July. On June 1 tire Preliminary figures indicate the usual seasonal manufacturers again increased prices, supple- decline during May in shoe production in all menting the increase made on May 1. districts. The figure was greater than that of May of 1922 and 1924 and less than that of L»mber. 1923. Reports indicate that some rush orders No important new developments were noted have been received for summer and sport shoes, in the lumber industry. Lumber cut in May, particularly white goods, but fall buying has as reported to the National Lumber Manu- not commenced. Prices have shown no apprefacturers' Association by 524 mills, totaled ciable change. Sales and stocks of shoes for 1,455,000,000 feet, exceeding the April cut May were reported by selected wholesalers to by 135,000,000 feet, or 10 per cent. Ship- be smaller than those of May, 1924. Shoe ments from these same mills in May totaled chains also reported decreases in May sales as 1,395,000,000 feet, falling below April ship- compared with April and with May of last ments by 119,000,000 feet and below pro- year. duction in May by 60,000,000 feet. Pro- BUILDING duction in May was running below and shipments above 1924. Production during the In the building industry, values and square first five months of the year totaled 6,410,- feet represented by May awards of contracts 000,000 feet, exceeding shipments by 87,000,- were, as compared with the high aggregates for 000 feet. In the corresponding period of 1924 April, in smaller volume. May contracts production in somewhat larger volume ex- awarded in 11 Federal reserve districts repreceeded shipments by 176,000,000 feet. Both sented, according to compilations by the production and shipments of Douglas fir were F. W. Dodge Co., an aggregate value of greater in May than in April, shipments ex- $509,000,000, which was $59,000,000, or 10 ceeding production in both months. Ship- per cent, below the corresponding figure, ments of southern pine were very nearly equal $568,000,000, for April, and May awards in to production in May as in April, totals for 27 Northeastern States called for 69,000,000 May being somewhat below those for April square feet of construction, which fell short of and for May of last year. Aggregate stocks in the April aggregate of 73,000,000 feet by southern pine mills increased slightly during approximately 6 per cent. These declines are, May. however, fairly covered within the irregular ranges of seasonal variation from month to Hides, leather, and shoes. month in the building industry, and they are Hides and skins have been in fairly active reckoned upon a very large volume of building demand during recent weeks, while leather and activities. In comparison with May of last shoe markets have been passing through a pe- year, awards in the 11 districts this year riod of seasonal quietness. The quality of represented an aggregate value greater by Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL RESERVE BULLETIN JULY, 1925 $63,000,000, or 14 per cent, and awards in the to compilations by the F. W. Dodge Co., 21 27 Northeastern States called for an aggregate per cent below last year's aggregate. Cities of construction greater by 11,000,000 feet, or 19 outside New York show for these months a gain per cent. of 16 per cent. In comparison with 1924, May During the first five months of the year permits issued in 208 cities covered larger values awards in the 10 districts for which com- in 131 cities and smaller values in 77 cities. parable figures are available totaled $2,100,- The Bureau of Labor Statistics index of 000,000, exceeding the corresponding figure for wholesale prices of building materials, which 1924 by $187,000,000; but this net increase declined from 182.8 in February to 179.8 in covers a decrease for the New York district March and to 174.4 in April, shifted slightly of $157,000,000, the increase in the 9 remaining downward in May to 173.6. The Lumber districts combined amounting to $344,000,000. Manufacturer and Dealer's Softwood index Practically the whole of the decrease this year declined from 31,032 at the end of April to in comparison with last for the New York 30,526 at the end of May and to 29,733 for the district developed during February, March, week of June 12. Only slight changes are reand April, awards in May as in January run- corded for the hardwood index, which shifted ning even with 1924. Over the five-month from 41,867 at the end of April to 41,116 at period construction values represented by the end of May and remained unchanged in contract awards in each district for which data the opening weeks of June. are available, excepting New York, have been greater this year than last. TRANSPORTATION For residential construction, May awards in the 11 Federal reserve districts amounted to From the April record high point of 128.6, $237,000,000, or nearly 47 per cent of the total the Federal Reserve Board's index of freightvalue of awards in the districts for all classes car loadings, adjusted for seasonal variation, of construction, and exceeded last year's fell off to 122.5 for May, although 132,000, May aggregate of $199,000,000 by $38,000,000, or approximately 3 per cent, more cars were or 19 per cent. In the 10 districts for which loaded in May than in April, and 183,000, or 1924 data are available awards calling for resi- nearly 5 per cent, more than in May a year dential construction during the first five months ago. Loadings in May of this year were someof the year totaled $968,000,000, or 46 per cent; what under the 1923 figure, but were largely of contract values for all classes of construction, in excess of the totals for the four earlier years. and exceeded the 1924 total for these months For these earlier years May loadings averaged by $26,000,000, or approximately 3 per cent. under 3,400,000 cars, the corresponding aver- For each class of construction, excepting age for the three years 1923-1925 being in "educational" and "hospitals and institu- round numbers 4,200,000 cars. These avertions/7 the aggregate square feet contracted ages indicate fairly the dimensions of May for in 27 Northeastern States this year in May shipments in the several years of the two exceeded the corresponding 1924 figure. periods, although, of course, changes in volume In May, as in April, the valuation of build- of traffic have been irregularly reflected in ing permits issued in 168 selected cities ex- the several classes of freight and in the geoceeded last year's totals. May permits issued graphical distribution of freight hauls. in these cities covered construction values By classes of freight fluctuations in volume totaling $341,000,000, which exceeds the 1924 of traffic have been as follows: Miscellaneous figure by $48,000,000, or 16 per cent. In freight, including merchandise in less-than-careach Federal reserve district, excepting the load lots, moved in nearly the same volume Richmond and Minneapolis districts, the total in May as in the two preceding months of this value of building covered by permits issued year, and in larger volume than in any May during May this year in these cities exceeded of the five preceding years; forest products fell the corresponding figure for last year. Permits off in May from the April total, but moved in issued in these cities during the first five nearly the same volume this year as in 1924 months of the year covered construction and 1923; coal loadings also fell off in May, values aggregating $1,553,000,000, which ex- but were in larger volume this year than last; ceeds last year's total by $38,000,000. ore shipments, although they were excep- Permit valuations in New York City for tionally large in April, forcing the adjusted May show a substantial gain over 1924, but index number for the month to 182.2, in May aggregate valuations for permits issued during exceeded loadings in any earlier year excepth e first five months of 1925 were, according ing 1923; coke shipments were below the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 465 April, but above the 1924 figure; loadings of sponding percentages for 1924 being 79.50 and livestock in May were below the total for any 79.23. * month of the past three years, the adjusted TRADE index for this class of freight being forced Wholesale trade. down to 86.1, while shipments of grain and Wholesale trade in May was in about the grain products in May exceeded April but fell same volume as in April and about 3 per cent below May, 1924, shipments. larger than a year ago, according to the com- The May increase in car loadings over April bined index oi the Federal Reserve Board. and over May of last year was fairly evenly Wholesale sales of groceries and meats were distributed in the several districts. In each larger in May than in April, while sales of dry district except the southern the roads loaded goods, shoes, hardware, and drugs were smaller. more cars in May than in April, and in each As compared with a year ago, sales of meats and district except the central western they loaded dry goods were larger and sales of groceries, more cars in May this year than last. shoes, hardware, and drugs were smaller. The In the week ended June 6 the roads loaded principal increases in dry goods sales were in the 84,081 more cars, and in the week of June 13 New York, Kansas City, St. Louis, and Atlanta 84,604 more cars than in the corresponding districts. Sales of meats, largely in conseweeks of 1924, aggregate loadings in these quence of higher prices, were in the largest weeks being close to the 1923 totals. In the dollar volume for any month in the last five week of June 13 increases over 1924 are shown years, except October, 1924. Sales of agrifor each class of commodity except grain and cultural implements were 20 per cent larger grain products and livestock, each district than last year, the largest increase for any showing an increase over 1924 for all classes district being 42 per cent for the Atlanta of freight combined. Total loadings for the district. year to June 6, according to compilations by Merchandise stocks carried by wholesale the Bureau of Railway Economics, exceeded grocery firms at the end of May, as measured in the 6-year average for this period by 15.7 per dollar values, were larger than a year ago, but cent for all classes of freight combined, the smaller than at the end of April. Stocks of excess over the 6-year average amounting, dry goods, shoes, hardware, and drugs were for manufactured products, to 20.5 per cent smaller than in April and smaller than a year and for forest products to 24.9 per cent. ago, the decrease as compared with last year Net-ton miles for March totaled 35,334,- being greatest for dry goods and shoes. Ac- 617,000, the corresponding total for March of counts receivable outstanding at the end of last year being in excess of 36,000,000,000, May were somewhat larger for groceries than and for March of 1923 in excess of 39,000,- in April, but somewhat smaller for dry goods 000,000. Throughout May the roads main- and shoes, and for all three of these lines actained a freight-car surplus well in excess of counts receivable were smaller than a year ago. 300,000 cars, and no car shortages developed in any section of the country. In general this Retail trade. has been the situation during the past year Sales at retail stores decreased in May, as and a half of very heavv traffic. On May 1 compared with April, and were somewhat the roads reported a total of 190,000 bad-order larger than during May of last year. Sales cars, which is above the number reported last at department stores were slightly larger than year but below the totals reported on this date last year, mail-order sales were about 5 per in each of the three preceding years. The per- cent larger, and chain-store sales were larger centage of freight cars serviceable on June 1 for all lines except shoes and cigars. (91.6) and of locomotives (83) was somewhat Trade at department stores, as measured above the 6-year average for these percent- by the Federal Reserve Board's index, was ages. about 5 per cent less than in April, which is Rate of return on property investment about the same decline as occurred between earned by the roads in the first four months of these months last year. May sales were the year was 4.38 per cent. Roads in the east- smaller than April sales in all districts except ern district earned 5.10 per cent, southern San Francisco, and, as compared with May of roads 5.66 per cent, and western roads 3.13 per last year, the principal increases were in the cent. The operating ratio (i. e., the ratio of Chicago and Dallas districts and the principal operating expenses to operating revenues) was decrease in the Boston district. Departments 78.27 per cent for April and 78.28 per cent for selling silks and velvets, and more especially the four months ended April 30, the corre- musical instruments and radio equipment, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN JULY, 1925 showed the largest increases over May, 1924,automobile industry is important, and in the while sales by departments selling women's Mountain and Pacific States, where there was suits, women's skirts, furs, waists and blouses, increased employment. Pay-roll increases were and sweaters were substantially smaller. also noted in those same areas and likewise in Total value of stocks at department stores the Middle Atlantic and West North Central was less at the end of May than at the end of sections. April in all Federal reserve districts and was, Only in the automobile, tobacco, ice-cream, for the whole country, about the same as in cement, and brick industries were there any May last year. The decrease from April to appreciable increases in employment during May in both years was about 3j/o per cent. May, but pay rolls showed substantial increases Departments carrying ribbons, women's suits in these industries and, in addition, in hardand skirts, waists and blouses, sweaters, and ware, heating apparatus, silk, men's furnishgloves showed the largest declines in stocks ings, lumber, and bread and bakery products. from last year, while stocks of handkerchiefs, As compared with a year ago, of the important leather goods, and juniors' and girls' ready-to- groups of industries employment and pay rolls wear were substantially larger. are now greater in textile fabrics, leather, and The rate of stock turnover was lower in automobiles and lower in clothing, railway May than in April, this year as last year, but equipment, and building materials. Between was somewhat higher than in May of last April and May the percentage of operations to year. The rate of stock turnover for the year full capacity as measured by the force of emto date continued for all districts combined to ployees was reduced about 1 per cent, but as be above that for a year ago, with every dis- measured by time of operations there was no trict showing a more rapid turnover this year change for all industries taken as a whole. than last year except the Boston, Philadel- No wage changes of importance were reported phia, and Cleveland districts. in May. SAVINGS DEPOSITS EMPLOYMENT The aggregate savings deposits reported by Factory employment declined slightly in 890 banks distributed throughout the United May in nearly all important industries and on States were $7,829,129,000 on June 1, comthe whole was practically the same as a year pared with $7,790,730,000 on May 1 and ago. Total pay rolls in corresponding estab- $7,311,316,000 on June 1, 1924. No signifilishments remained practically unchanged be- cant changes occurred during May, all districts tween April and May, but were a little larger showing small increases except the Minneapolis than a year ago. The Federal Reserve Board's district, which reported a slight decline. A indexes of employment and pay rolls for recent comparison of savings deposits on June 1, 1925, years are shown on the accompanying chart. with a month and a year previous is shown, by Federal reserve districts, in the following table. In the Boston and New York districts the figures represent only deposits of mutual savings banks; in all other districts where there are but few mutual savings banks, savings deposits of other banks are included. SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] N b b a e u n r m k o s - f Ju 1 n 9 e 2 5 1, M 1 a 9 y 2 5 1, Ju 1 n 9 e 2 4 1, Boston 64 1,314,076 1,310,741 1, 249, 697 New York 30 2,079,086 2,077, 949 1,945,064 Philadelphia.. 79 521,359 520, 618 487, 460 Cleveland 69 840,150 830,990 780,451 Richmond . 87 347,000 344,482 309, 589 1322 t923 1925 Atlanta 93 246,299 242,350 227, 512 Chicago 196 946,019 935,085 911, 733 According to the statistics compiled by the St. Louis 31 142,633 142,115 139, 369 Bureau of Labor Statistics, from which these K M a i n n s n a e s a p C o i l t i y s . . . . 5 1 1 4 1 9 0 4 0, , 0 7 7 6 3 9 1 9 0 4 0 , , 7 0 2 5 3 7 8 97 7 , , 2 1 1 8 6 5 are computed, the decrease of employment in Dallas 105 100,8S0 99,950 92,948 San Francisco 71 1,096,785 1,091, 670 983,092 May occurred in all sections of the country except the East North Central, where the Total... 890 7,829,129 7, 790, 730 7,311,316 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDEEAL RESERVE BULLETIN 467 PRICES while prices of sheep, wool, gasoline, rubber, and hides have advanced. Wholesale prices declined further in May, Retail food prices, which have been declining according to the index of the Bureau of Labor since January, increased one-half of 1 per cent Statistics, but the decrease was less than 1 per in May, as shown by the index of the Bureau cent in May as compared with a 3 per cent of Labor Statistics. Prices of onions, potatoes, decline in April. Prices of all groups except oranges, and eggs advanced, while price dehouse furnishings and miscellaneous commodicreases occurred in sugar, butter, lard, pork ties decreased slightly during the month. chops, corn meal, milk, and bacon. Prices of house furnishings remained un- According to the index of the National changed, while miscellaneous commodities ad- Industrial Conference Board, the cost of living vanced about 2 per cent, reflecting increases increased in May. The average prices of in prices of cattle feed and rubber, which more food and clothing advanced somewhat, while than offset the decline in leather prices. fuel declined. Compared with May, 1924, prices have advanced 5.7 per cent. Farm products, foods, and miscellaneous commodities are consider- COMMERCIAL FAILURES AND BANK ably higher than a year ago; smaller increases SUSPENSIONS are shown for the cloths and clothing and chemicals and drugs groups, while fuel and lighting, During May there were 1,767 commercial metals, and building materials are now below failures, involving liabilities of $37,026,552. the 1924 level. Although the number of insolvencies was When regrouped by stage of manufacture, nearly 9 per cent lower than in April and someraw materials and consumers' goods both what lower than in May of last year, the liashow declines of 1 per cent. The decline in bilities were only slightly less than in April raw materials reflects a 4.4 per cent fall in and somewhat above the total for Ma}^, 1924. prices of animal products, and slight declines Comparing April and May, the most marked in forest and mineral products, while, on the decline in the number of failures occurred in other hand, crops advanced nearly 2 per cent. the trading class, in which there were 1,286 In the following table are shown index insolvencies in May as against 1,427 the month numbers of wholesale prices in the United States before; there was a corresponding reduction in as grouped by the Bureau of Labor Statis- the total indebtedness involved in this class of tics and as regrouped by the Federal Reserve failures. In the manufacturing class of enter- Board: prise, while the number of failures was somewhat lower in May than in the month previous, WHOLESALE PRICES IN THE UNITED STATES the indebtedness was considerably higher. [1913=100] Failures were more numerous in May this year than in that month last year in the trading 1925 class and less numerous in the other two classes. The liabilities were smaller than a year earlier May April March May only for the group of agents and brokers. The following table shows the number and liabili- All commodities 155 ties of commercial failures, by classes of enter- Bureau of Labor Statistics groups: Farm products 152 153 161 130 prise, as reported by R. G. Dun & Co.: Foods 153 154 159 137 Cloths and clothing 188 390 191 187 Fuel and lighting ._ 168 169 174 177 Metals... 127 129 134 134 COMMERCIAL FAILURES, CLASSIFIED FOR MAY, 1924 B C u he il m di i n c g al s m a a n te d r i d a r l u s g . s _ 1 13 7 3 4 1 13 7 4 4 1 13 8 4 0 1 1 8 2 0 7 AND 1925 House furnishings 170 170 170 173 Miscellaneous _ 131 129 125 112 Federal Reserve Board groups: Raw materials 160 161 169 152 Number Liabilities Crops 176 173 183 167 Animal products 134 141 148 115 Forest products 186 187 196 195 1925 1924 1925 1924 Mineral products 167 168 173 171 Producers' goods 131 131 135 133 Consumers' goods 164 166 168 150 All classes 1,767 1,816 $37,026,552 $36,590,907 Manufacturing. 400 507 18,183,856 17,756,977 In June price declines have occurred in hogs, Trading 1,286 1,215 15,819,957 15,346,023 Agents, brokers, etc 81 94 3,022,739 3,487,907 flour, cotton, coke, iron and steel, and lumber, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL RESERVE BULLETIN JULY, 1925 Comparing May of this year and last, fail- many of the latter institutions may ultimately ures were less numerous this year in 6 of the prove to be solvent: 12 Federal reserve districts—the New York, Atlanta, Chicago, Minneapolis, Kansas City, BANKS CLOSED DURING MAY, 1925 and Dallas districts. Liabilities were lower this year in all except the Boston, Eichmond, All banks Member Nonmember St. Louis, Dallas, and San Francisco districts. a T n o y t a m l o li n a t b h i li s t i i n e c s e i J n u n d e e , f a 1 u 9 lt 2 3 w , i e n r e b o lo t w h e t r h e t h P a h n i la in - N b u e m r - C su a a r p n p i d l t u a s l N b u e m r - s C u a a r p n p i d l t u a s l N b u e m r - s C u a a r p n p i d l t u a s l delphia and Chicago districts. Comparative data, by districts for the month of May, are All districts... 56 $3,341,000 112 $1,616,000 44 $1,725,000 presented in the following table: Philadelphia 1 280,000 1 280,000 Cleveland 1 254,000 1 254,000 Eichmond 13 582,000 1 31,000 12 551,000 Atlanta 2 78,000 2 78,000 FAILURES DURING MAY Chicago 6 668,000 2 494,000 4 174,000 St. Louis 3 48,000 3 48,000 Minneapolis 12 411,000 2 125,000 10 286,000 Kansas City 6 430,000 2 285,000 4 145,000 Number Liabilities Dallas 12 590, 000 4 427,000 8 163, 000 Federal reserve district 1925 1924 1925 1924 1 Includes 2 State member banks with capital and surplus of $494,170 in the Chicago district and 2 State member banks with capital and surplus of $92,350 in the Dallas district. Boston . __ _ _ ._ 177 136 $2,563,135 $1,863,187 N Ph e i w la d Y e o lp rk hia — 34 6 7 7 39 5 2 5 8 1 , , 9 1 5 0 9 8 , , 0 2 7 6 7 4 9 1 , , 0 2 1 8 9 3, , 2 6 4 4 8 1 FOREIGN TRADE Cleveland -- 153 147 4,496,342 4,514,298 Richmond 131 126 5, 752,331 3,682,106 Imports of merchandise during May were Atlanta 97 113 1,418,655 1,717,606 $328,000,000, a decline of $21,000,000 com- Chicago 197 236 2,896,011 5,369,806 St. Louis 89 62 1,369, 633 174,163 pared with April, an increase of $25,000,000 Minneapolis 99 104 1,371,418 3,254,555 Kansas City 120 172 1,956,280 2,528,904 compared with May, 1924, and the smallest Dallas 56 58 1,956, 651 720,652 figure reported since last November. Exports San Francisco 234 215 3,178, 749 2,462, 739 of merchandise during May were $370,000,000, Total 1,767 1,816 37,026,552 36,590,905 a decline of $29,000,000 compared with April, an increase of $35,000,000 compared with May There were 56 banks, with capital and sur- of last year, and practically the same amount plus of $3,341,000, reported to the Federal re- as that shown for February, 1925. Net exserve banks as closed or declared insolvent ports for May were $42,000,000, a decline of during May, as against 44 reported for the $8,000,000 compared with April and an inpreceding month and 82 for May, 1924. Of crease of $10,000,000 compared with last May. the total, 44, with capital and surplus of $1,725,000, were nonmember banks and 12, MERCHANDISE TRADE BALANCE OF THE UNITED with capital and surplus of $1,616,000, were STATES member banks, four of these being State mem- fin thousands of dollars] ber banks and the remaining eight national banks. These figures represent a slight de- Month Imports Exports E im xc p e o ss r ts of E e x x c p e o s r s t s of crease in member bank suspensions from the total of 15 reported for April, and an increase 1924 in the number of nonmember bank suspen- January 295,506 395,172 99,666 sions from a total of 29 in that month. The February 332,323 365,775 33,452 March 320,482 339, 755 19,27S largest increases were in the Richmond and April 324,291 346,936 22,645 Dallas districts. Four banks which had pre- J M u a n y e 3 2 0 7 2 4 , , 9 © 8 0 8 1 3 3 3 0 5 6 , , 0 9 9 8 9 9 3 3 2 2 , , 1 9 1 8 1 8 viously been closed were reported to have re- July 278,594 276,649 1,945 August 254,542 330,659 76,117 sumed operations during the month; one of September. _ 287,144 427,460 140,316 these was a national bank in the Atlanta dis- N Oc o t v o e b m er ber-.. 2 3 9 1 6 0 , , 1 7 4 5 8 2 4 5 9 2 3 7 , , 5 17 7 2 3 2 1 1 9 6 7 , , 4 4 2 2 0 5 trict, one a nonmember bank in the Chicago December... 333,192 445, 748 112,556 district, and two were nonmember banks in Year.. 3,609,963 4,590,987 981,024 the Minneapolis district. The figures for bank 1925 failures represent, so far as could be determined, banks which have been declared in- J F a e n b u r a u r a y ry 3 35 4 3 6 , , 4 1 5 6 7 5 4 37 4 0 6 , , 6 4 7 4 6 3 1 3 0 7 0 , , 2 2 i 7 9 8 solvent or have been closed by order of super- M Ap a r r i c l h 3 3 8 4 5 8 , , 4 7 1 0 6 4 4 3 5 9 3 8 , , 6 9 5 0 3 8 6 60 8 , , 2 2 0 37 4 visory authorities, and it is not known how_ May 328,000 370,000 42,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 469 For the five months ended May, 1925, total May, being the first exports of gold to that imports of merchandise rose by $166,000,000 country since November, 1924. Net exports compared with the similar period of 1924;during May were $1,986,000, a decline of $10,while exports of merchandise rose by $257,000,- 748,000 as compared with April. 000. The total visible imports during the first For the five months ended May, 1925, total five months of 1925 declined by $1,000,000 gold imports were $36,252,000, compared with compared with 1924, while total visible exports $201,061,000 in 1924, or about 18 per cent of rose by $437,000,000, giving an increase of the amount shown for the earlier period. Total $438,000,000 in the net balance on the export exports for the five months of 1925 were side. Of this increase, $90,000,000 is due to$184,224,000, compared with $3,587,000 for the increase in the net balance on account of mer- similar period of 1924. The largest amounts chandise; but by far the most important factor to individual countries were $66,710,000 to is the change in the movement of gold, which Germany, $56,199,000 to British India, and during the 1924 period showed net imports of $26,925,000 to Australia. Net exports for the $197,000,000, as against net exports of $148,- 1925 period were $147,972,000, compared with 000,000 for 1925. ;^gg net imports of $197,474,000 during the first five months of 1924. TRADE BALANCE OF THE UNITED STATES FOR FIVE MONTHS ENDED MAY, 1924 AND 1925 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED [In thousands of dollaTs] STATES [In thousands of dollars] Merchan- Gold Silver Total dise 1925 Fire months ended May— May April 1925 1924 Imports.. 1,575,590 201,061 29,648 1,806,299 Exports.. 1, 782, 737 3,587 42,929 1,829, 253 Not imports (—) IMPORTS FROM— exports (-f) +207,147 —197,474 +13,281 +22,954 England 1,736 13 4,814 97,256 1925 France 483 6 559 9,345 Germany 2 2 4,810 Imports.. 1, 741, 742 36,252 27,263 1,805, 257 Netherlands 5,043 5,041 10,085 32,118 Exports.. 2, 039, 680 184,224 41,993 2,265,897 Canada 2,750 2,054 13,114 23,805 Mexico 246 816 2,487 2,419 Net imports (—) Argentina 4,513 exports (H-) +297,938 +147,972 +14, 730 +460, 640 China.. 75 25 120 1,826 All other... 1,071 913 5,071 24,969 GOLD MOVEMENTS Total 11,404 8,870 36, 252 201,061 UNITED STATES EXPORTS TO— England 6,160 Total gold imports during May were $11,- France 1,339 404,000, compared with $8,870,000 during Germany . 6,450 15,130 66,710 Netherlands _- 4,318 April, an increase of slightly more than $2,- Canada 2,123 103 2,404 612 Mexico 624 455 2,280 1,634 500,000. Imports from Great Britain rose Argentina 100 100 5,460 from a negligible amount to $1,736,000, and Colombia 2,000 2,000 Uruguay 802 imports from Canada rose from $2,054,000 Venezuela 650 1,210 2,060 1,102 British India 429 3,013 56,199 during April to $2,750,000 during May. By Hongkong 1 402 2,997 83 far the largest imports from any individual Australia 1,020 26,925 All other 1,013 171 4,570 156 country during May, as well as during April, Total.... 13,390 21,604 184, 224 3,587 were from the Netherlands—$5,000,000 for each of the two months under review. Total Net imports - 197,474 Net exports _ 1,986 12,734 147,972 gold exports during May were $13,390,000, compared with $21,604,000 during April, a de- GREAT BRITAIN cline of $8,214,000. Exports to Germany declined from $15,130,000 to $6,450,000; to India Total gold imports into Great Britian during from $3,013,000 to $429,000; and to Venezuela April were £1,030,000, compared with £1,862,from $1,210,000 to $650,000, and there were no 000 during March, a decline of £832,000, or of exports to Australia as against about $1,000,- 45 per cent. Imports from the Transvaal de- 000 in April. Exports to Canada rose from clined from £1,537,000 to £715,000, or to less $103,000 to $2,123,000, while exports to than one-half as much as during the preceding Colombia of $2,000,000 were reported during month. Imports from Rhodesia declined from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN JULY, 1925 £176,000 to £158,000 and imports from th^ the four months of 1924 to £13,628,000 for the United States from £37,000 to £13,000. Im- four months of 1925, a decline of £10,789,000, ports from France rose by £27,000 and from or of 44 per cent. Exports to the United West Africa by £ 11,000. Total exports of gold States showed the greatest decrease—from during April were £1,992,000, compared with £17,995,000 to £600,500, or from 74 per cent £3,015,000 during March, a decline of £1,023,- of the total exports to slightly more than 4.4 000. Exports to British India declined from per cent of the total. Exports to Egypt de- £1,459,000 in March to £687,000, considerably clined by more than £1,000,000. Exports to less than one-half the amount for the previous British India rose from £3,317,000 to £7,647,month. There were no exports to the United 000, or to about two and one-third times as States in April, compared with £600,500 during much as the earlier figure. Net exports for March. Increases were shown in exports to the 1925 period were £4,055,000, compared Switzerland, which rose from £37 to £355,000; with £9,454,000 for the corresponding period to Netherlands, which rose from £141 to in 1924. £49,000; to Egypt, which rose from £42,000 FOREIGN EXCHANGE to £60,000. Net exports declined from £1,152,000 during March to £961,000 during Sterling exchange during June showed April; very narrow fluctuations and averaged about $4.86. French francs declined from 5.02 cents per franc on June 1 to 4.51 on the 30th. GOLD IMPORTS INTO AND EXPORTS FROM GREAT Belgian francs declined from 4.90 cents on the BRITAIN 1st to 4.48 cents on the 30th. Italian lire declined from 4.04 cents per lira on the 3d to 3.51 Four months ended 1925 April— cents on the 30th. Danish kroner rose from 18.73 cents on June 2 to 20.16 on the 30th, April March 1925 1924 and Norwegian kroner during the same period 1 rose from 16.74 to 17.88 cents. Swedish kronor IMPORTS FROM— fluctuated between 26.75 and26.80 cents. Swiss France £28, 417 £1,088 £57,892 £300 francs continued above parity and fluctuated Netherlands 7,450 12,371 67,714 56,463 between 19.35 and 19.42 cents. The Canadian Rhodesia 157,771 175, 750 711, 604 769,435 Transvaal 715,178 1, 536,989 4,058,962 13, 582,834 dollar maintained its level practically at par. United States 12,726 37, 220 4, 258, 795 8,529 West Africa - 106,398 95, 373 379, 529 502,447 Argentine pesos declined from 92.17 cents Allother _ 2,653 3,690 38,145 42, 666 per peso on the 1st to 90.73 on the 10th, but Total ..- 1,030, 593 1,862, 481 9, 572, 641 14, 962, 674 rallied to 91.78 on the 30th. Brazilian milreis EXPORTS TO— rose from 10.56 cents on June 1 to 11.14 cents Belgium 4,317 8,892 101, 662 45, 446 on the 18th, while Chilean pesos maintained a British India 687,026 1,459,490 7,647,031 3,317,124 level between 11.22 and 11.43 cents per peso. Egypt 59, 711 41,895 237,067 1, 299,000 France 4,345 24, 512 62,971 85,130 Of the Far Eastern exchanges, the Shanghai Netherlands.... 48, 845 141 517,355 907, 811 Russia 24, 507 15,059 366, 618 tael rose from 74.84 cents per tael on the 1st Straits Settlements 11,065 24, 726 45, 291 161,916 to 77.71 on the 27th. Indian rupees showed Switzerland 354,772 37,323 395, 595 132,384 United States 600, 500 600, 500 17,995,148 little change. , Japanese yen declined from West Africa 4,915 800 43,642 8,825 Allother 792,110 801, 322 3, 610, 566 464, 251 41.58 cents on the 1st to * 40.30 on the 11th, but rallied to 40.80 on the 18th. Total __.. 1,991,613 3,014, 660 13,628,298 1 24,417,035 Net exports.. 961, 020 1,152,179 4, 055, 657 9, 454,361 FOREIGN EXCHANGE RATES [In cents] For the first four months of the year total imports of gold were £9,573,000, compared June, 1925 May, 1925 May, with £14,963,000 during the first four months Exchange v P a a lu r e Aver- a 19 v 2 e 4 r , of the previous year, a decline of £5,390,000, Low High Low High age age or of 36 per cent. Imports from the Transvaal declined to less than one-third of the amount Sterling 486. 65 485. 74 486.21 484. 50 486. 26 485.47 436.08 shown for the 1924 period, or from 91 per cent French franc 19.30 4.51 5.02 5.00 5.24 5.16 5.79 German reichsmark 23. 82 23.80 23.80 23.80 23. 80 23.80 of the total imports to 42 per cent of the total. Italian lira 19.30 3.51 4.04 3.97 4.12 4.07 ~4.~ 44 Imports from the United States rose from N Sw et e h d e is rl h a n k d ro s n f a lorin.. 2 4 6 0 . .2 8 0 0 4 2 0 6 . . 0 7 5 5 4 2 0 6 .1 .8 8 0 2 40 6 .1 .7 3 4 2 40 6 .2 .7 1 7 2 40 6 .1 .7 8 5 2 37 6 .4 . 1 50 £9,000 to £4,259,000, or from 0.06 per cent of Swiss franc 19.30 19.35 19.42 19.33 19.38 19. 35 17.72 Canadian dollar 100.00 99.99 100.01 99.99 100.02 100.00 98.30 the total imports to 44 per cent of the total. Argentine peso 96.48 90.73 92.17 87.60 92.45 90.24 74.63 Total exports declined from £24,417,000 for Shanghai tael 66.85 74.84 77.77 73.96 74.69 74.26 70.88 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 471 STATISTICAL WORK OF THE FEDERAL RESERVE BOARD IN 1924-1925 Principal developments during the year.— year, under the direction until December, 1924, During the year ending in June, 1925, the of L. B. Mann, and thereafter of W. J. principal developments in the statistical work Carson. Wholesale firms reporting sales of the Federal Keserve Board have related monthly to the board now number about to the scope and character of the data col- 1,400, representing 302 cities, and having an lected and to methods of compilation and form annual business in excess of $2,000,000,000. of presentation. Statistics "of bank failures Monthly reports concerning stocks of goods in the United States have been made more on hand, expressed in dollar amounts, have complete by the inclusion of suspension data been received from an increasing number of for nonmember, as well as member banks. firms, including firms in three districts not for- There has been a considerable expansion merly represented—the New York, Cleveland, during the year of foreign banking statistics and St. Louis districts. Beginning in the May published in the BULLETIN; statements of BULLETIN comparative data on wholesale condition for about 30 central banks are now stocks have been published monthly in the published, of which about 25 have been BULLETIN for 13 different lines, the lines for added during the year, and more information which information is fullest being groceries, is published also about the condition of foreign dry goods, shoes, hardware, and drugs. commercial banks and about other financial Retail trade statistics have also been further developments abroad. developed during the year; the number of During the year the board's index of em- department stores reporting monthly sales has ployment in manufacturing industries was increased from about 550 to about 675, with a revised, particularly in the light of information smaller increase in the number of stores reportcontained in the latest Census of Manu- ing stocks on hand expressed in dollar amounts; factures, as was explained in the May BULLE- department stores in seven districts have also TIN. In the same issue appears also the begun to report sales of merchandise for 45 differboard's newly constructed index of pay roll ent departments, and though these data have not in manufacturing industries, based on actual been published in the BULLETIN they have been figures reported to the Bureau of Labor released for publication since January.1 Since Statistics for more than 50 manufacturing January also a new report has been issued on industries with nearly 3,000,000 employees the 10th of each month giving the percentage and a weekly pay roll of about $75,000,000. increase or decrease in department-store sales The work of developing this index was done for the preceding month as compared with the by Woodlief Thomas. same month of a year ago, based upon a In pursuance of the policy of limiting the prompt sales report made early in each month amount of space given in the BULLETIN to by about 520 stores. The method of representdata not directly related to banking and ing the relation of monthly sales to stocks on financial conditions, especially those compiled hand, in order to show the stock turnover, or and published by other agencies and available rate at which stocks of merchandise are sold and in other publications, the publication of replenished, has been changed during the year statistics regarding movements of commodities in order to make the information more usable. was considerably reduced in March of this An account of this change, together with availyear by discontinuing series readily accessible able figures showing the rate of turnover for elsewhere, and only data relating to a few each year since 1919, was published in the commodities compiled by the Federal reserve FEDERAL RESERVE BULLETIN for May. The system continue to appear monthly in the monthly turnover figures, though not published BULLETIN. For similar reasons the prep- in the BULLETIN, are included in the statement aration and publication of the board's foreign released for publication by the board toward trade index has been discontinued, as well the end of each month. Data covering sales by as the publication of the ocean freight index. chain stores (59 chains) represent the same With the return of the pound sterling to six lines as a year ago, and the same number parity and the increasing stability of other of chains, except for absorption of one chain ioreign currencies, computation of the board's by another in a few cases, but the number of general index of foreign exchange has also stores represented has increased during the been discontinued. year from about 23,800 to about 27,400. The Trade statistics, on the other hand, have had considerable development during the i For a detailed account of changes in the board's reporting service relating to department stores see page 474 of this BULLETIN. 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472 FEDERAL RESERVE BULLETIN JULY, 1925 different Federal reserve banks, in their as measured by their total loans and investsummary statements mailed to reporting stores ments and in other ways, is indicated in the and in their monthly reviews of business, mid-year summary of banking statistics on publish a considerable amount of detailed pages 47S-482 of this issue of tie BULLETIN.2 data for retail trade city by city, giving sepa- Domestic banking and financial statistics rately, however, no cities for which reports from published in the BULLETIN, but not menless than three stores are available. tioned in the table, include debits to indi- Scope of board's statistical work.—The vidual accounts as reported weekly by banks in scope and character of the statistical work of about 253 centers, by Federal reserve districts, the board as at present conducted is indicated with a monthly summary, by districts, for banks by the following tables, with supplementary in 141 centers for which reports have been reinformation included in the accompanying ceived since 1919, with debits for New York comment. They relate primarily to banking City and for the other 140 cities given sepastatistics, domestic and foreign, wholesale rately. At monthly intervals prevailing money trade, retail trade, industrial production, and rates in each of the 34 Federal reserve bank factory employment and pay rolls. The and branch cities are published. domestic banking statistics are compiled by The number of banks on par list and not on the board's Division of Bank Operations. par list, by States and by Federal reserve districts, is published in the board's annual DOMESTIC BANKING STATISTICS report, and the publication of current data in [A, annual; M, monthly; Q, quarterly; S, semiannual; W, weekly] the BULLETIN has been resumed with the current issue of the BULLETIN. Intervals at which designated items are Other financial data published regularly available relate to the volume of operations of the Federal Group of banks s P p o a r u i l n r c r c e e i- s - P lia r t p i i b n e a i s c l li i - - e B a rs n a ' c n b e k a s - l- a p E n i e n a d n g r s n e s e x - s - F u a re il s - i r s m e e s t p t e l o r e v r m e ts e , b n m a t n o f k n u s e n , y d , t i r n a g n o c s l i a d r c c t u a i l o n a n d ti s o s n i t , l h v r F e o r e u d g e e h x r p al t o h r r e t e s s g e a o r n v ld d e notes in circulation and on hand, capital issues All banks in the United A A A M. during the month, the course of security States, i Al i l n i n th c e o r U po n r i a te te d d S s t t a o t c e k s . b 2 anks Q g Q3 f p o r r i c t e h s e , U an n d i te w d h o S l t e a s t a e l s e . and retail price indexes All member banks Q«— - ?vV- S M. Reporting member banks w _ Analysis and research with reference to the W _. Federal reserve banks w W w s banking and other financial statistics which 1 Excepting (1) Federal reserve banks, Federal land banks, and Federal have been described is to a considerable intermediate credit banks, and (2) a certain number of nonreporting extent the work of the entire staff of the private banks, not under State supervision, which varies somewhat from year to year, but which was reported by the comptroller to be Division of Research and Statistics. Analysis 461 in June, 1924. Available in annual report of Comptroller of the of statistics of member bank earnings and Currency. 2 Same exclusions as in note 1; and also mutual savings banks and expenses, changes in membership in the Federal private banks not under State supervision. 3 Call dates. reserve system, and bank failures is primarily 4 Call dates. Total reserves of all member banks, however, are avail- the work of Walter It. Stark, and studies able weekly in the Federal reserve bank statements. * Call dates. Total time deposits of all member banks are also avail-of money rates and of the condition of the able monthly. Also "net demand deposits against which reserves are computed." See pages 481 and 513 of this BULLETIN. money market are made by Dorothy Brown 6 For reporting member banks in Federal reserve bank cities only. Riefler and Winfield Riefler. Studies of branch All the information referred to in the forego- and chain banking and of the workings of State ing table is given separately in the BULLETIN guarantees of bank deposits are made by John for each district of the Federal reserve system, Cummings. Development of certain new except that for all banks in the United States. phases of banking statistics, especially in their The information for all incorporated stock relation to organized security and commodity banks is also given separately in the BULLETIN markets, is pursued by Carl E. Parry, who also for each State.1 participates in the editorial work of the FED- The relative importance of the various ERAL RESERVE BULLETIN. groups of banks enumerated in the table, The following table, with the supplementary comment which follows, indicates the scope of 1 For State member banks taken by themselves the information for the foreign banking statistics assembled by the 09,11 dates is published, by States, in the abstract of condition reports of State bank and trust company members issued by the boa*d, and for national banks it is given, by States, in the Comptroller's abstract of 2 For back figures for the principal series see pages 120-153, annual recondition reports of national banks. port of the Federal Reserve Board for 1924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 473 board, principally from the published reports of intervals between December, 1917, and Deforeign banks, and regularly published in the cember, 1921, when monthly publication of BULLETIN. The information for the six Berlin these data was started. At present, in adbanks is available every two months, while all dition to the banking data covered by the the rest is on a monthly basis, but the latest table, the BULLETIN carries regularly certain month available is not the same for all the other items of foreign financial information, banks. In the current issue of the BULLETIN covering note issues, bank clearings, and the information is given on pages 498-500. security prices. Prevailing discount rates are regularly published for the central banks of about 30 countries, foreign exchange rates for FOREIGN BANKING STATISTICS about 10 countries, index numbers showing the percentage of parity for the currencies of Published regularly in Federal Covering period 34 countries, and indexes of prices for 30 Reserve Bulle- since— countries. The board's own wholesale price tin since— indexes for five countries, including the United States, prepared for the purpose of facilitating Bank or group of banks: Bank of England December, 1921 January, 1921. international price comparisons, appear 9 London clearing banks do Do. Bank of France. do. Do. monthly in the BULLETIN. The preparation, 3 French commercial banks __ August, 1924 June, 1923. analysis, and use of these statistics of foreign German Reichsbank _ March, 1925. OctGber, 1924. 6 Berlin commercial banks.. June, 1925.. ._ December, 1924. banking, and other foreign financial statistics, Italian banks ®f issue December, 1921..- January, 1921. Italian commercial banks ... do Do. is in the immediate charge of R. B. Warren. Bank of Japan. do. Do. The following tables show the scope of the Tokyo banks.. do. Do. Chartered banks of Canada. February, 1923 | Do. board's reporting service on wholesale and Central banks in other countries: | retail trade and of statistics used on production Austrian National Bank I March, 1925.. November, 1924. and agricultural movements: National Bank of Belgium do Do. National Bank of Bulgaria.. May, 1925 January, 1925. Ba v n a k k i i n a g . Office* Czechoslo- i March, 1925. November, 1924. STATISTICS OF WHOLESALE TRADE Bank of Dantzig May, 1925... January, 1925. National Bank of Denmark. J March, 1925. November, 1924. Bank of Finland...- do. Do. Number of estab- Nationa Bank of Greece I do. October, 1924. lishments report- Number National Bank of Hungary do Do. ing on— of cities Bank of Java June, 1925. February, 1925. report- Bank of Latvia March, 1925. November, 1924. ing i Bank of Lithuania do. Do. Sales Stocks Netherlands Bank do. Do. Bank of Norway ...do. Do. B B N S B B R S N Sw o t a e a a a a a d S a u s n n n n t t i o t l i s e i t k k e k k o o m o h s r v v n n B o o o o N e A e a a o f f f f a n l l a f f n B e S S P P r t B B S s k i i p w o o a c o . a e a a n l r a e n o r n a t i n n k d b u n a f n k k e l s g d R o R , n o a o B f f u e C l f a s P s R r t e n s o e h u r i k r a e v a m u t e . s . K a . , B n i a n i a n a g n d . - k _ . A A M M — p p a a . r r r r d i i d d d d d c c l l o o , , o o o o h h , , 1 1 9 9 1 1 2 9 9 2 5 2 2 5 5 5 .. . . . J N N D O a o o e c n c t v v u o e D D D D D e e a b m m m o r o o o o e y b . r . . . . b b , , e e e r 1 1 r r , 9 , , 9 2 1 2 1 1 4 9 5 9 9 2 . . 2 2 4 4 4 . . . G M D H A S D F S C A C h t u l r o u a r g r a e o o o y u r r t t r t a t e c n o t d i g i h o c o s e g t m i w s 2 i n u t r o n 2 n 2 u i o a l o e e g t j r r b d s r u o e e y i s r b 2 l a 2 e 2 b a . l e n s r i . u d s m p p p p a l l i e p e m e s r en . t . s 3 1 1 1 1 4 4 9 9 6 6 0 5 6 8 3 7 3 0 1 9 9 4 7 4 6 9 7 (3) 4 9 3 6 1 1 7 4 8 6 7 0 2 1 1 1 5 6 2 7 1 ( 7 9 9 7 6 1 1 6 6 5 Silk goods 9 3 Machine tools „ 6 2 Diamonds 7 The table shows that the number of central Jewelry and diamonds 10 3 banks covered by the board's statistics has E M le il c l t i r n i e c r a y l supplies 22 6 8 1 3 2 been increasing and that there has also been Stoves . 7 (3) 2 some increase in the number of countries for Total ... «1,444 294 which data are published in the BULLETIN with reference to commercial banks. Be- 1 Reports in all cases on sales, but not in all cases on stocks. 1 For each of these lines indexes for the United States as a whole are sides series specified in the table as running prepared and published, and these are the lines included in the board's general index of wholesale trade. For current figures see page 492 of this back continuously in earlier issues of the BULLETIN, and for back figures for the general index see pages 163-165 of BULLETIN, in some cases to January, 1921, the annual report of the Federal Reserve Board for 1924. 3 Less than 5 establishments. there are figures for certain months in the 4 Includes the 7 establishments reporting diamonds separately. « Of these firms, 769 have reported sales, in dollar amounts, for each various articles on foreign banking develop- month since 1919, and are accordingly included in the board's general ments that appeared in the BULLETIN at index of wholesale trade. About 160 establishments now report stocks in dollar amounts. 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474 FEDERAL RESERVE BULLETIN JULY, 1925 STATISTICS OF RETAIL TRADE the current issue of the BULLETIN. The basic data, relating to 45 industries, are obtained Number of stores almost entirely from the United States Bureau Number included in— of re- of Labor Statistics, which collects such data p s o to rt r i e n s g l Stocks for 52 industries, classified into 12 groups, index 2 index2 with more than 9,000 reporting establishments having over 2,800,000 employees and Department stores, United States. 717 359 314 pay rolls approximating $75,000,000 per week. Federal reserve districts: Boston 65 24 24 The following table, taken from a recent report New York 64 63 63 of the Bureau of Labor Statistics, gives by Philadelphia 154 22 13 Cleveland. 71 54 52 groups of industries the number of reporting Richmond 55 23 19 Atlanta 49 35 22 establishments for April 15, 1925, with the Chicago... _ 90 63 51 number of employees on pay roll and amount St. Louis 22 Minneapolis - 23 23 of pay roll. Kansas City 34 Dallas _ 24 San Francisco __ 66 STATISTICS OF FACTORY EMPLOYMENT AND PAY ROLLS 4 mail-order houses 27 grocery chains 21,185 5 five and ten cent chains. 2,059 Report Number Amount 9 drug chains 533 Group ing estab- on of 3 cigar chains 2,908 lishments pay-roll pay-roll 6 shoe chains ._ 471 4 music chains 55 5 candy chains - 212 Food and kindred products 1,054 177, 807 $4, 362,697 Textiles and their products 1,787 586,930 11,558,466 1 Number reporting for May, 1925. Iron and steel and their products... 1,551 613, 875 17,922,313 3 Indexes for department stores include only stores which have re- Lumber and its products. 1,067 210, 533 4,589,460 ported since 1919. Leather and its products 359 121,071 2, 701, 616 Paper and printing 804 152, 653 4,911,312 STATISTICS OF PRODUCTION J ^ND AGRICULTURAL S C t h o e n m e, i c c a l l a s y , a n a d n d a l g li l e a d ss p p r r o o d d u u c c t t s s 2 6 5 1 1 6 1 8 09 2, , 1 3 4 2 1 7 2 2, , 3 8 0 6 2 8 , , 3 5 4 9 6 5 MOVEMENTS Metal products other than iron and steel... 42 15,203 372,569 Late Tobacco products 194 40,390 618,508 Index sour P c r e i s n c o i f p d al ata m S (c c o o o d m p i e - - b c P y o e v i r e n i r o d e d e d x f B ( ig J u u u l r l l e y e - s fi B g a u c r k es V M e i h sc ic e l l e l s a n f e o o r u l s a n i d n d t u ra st n r s ie p s ortation 9 39 2 4 0 4 2 9 3 0 4 , , 1 4 0 5 9 2 1 6 5 , , 9 5 6 9 4 1 , , 5 9 2 20 3 ties) tin) Total. 9,039 2,835, 491 74, 764, 225 Production in Government 122 1913-1925 ' p. 489 Annual DEVELOPMENT OF DEPARTMENT STORE basic indus- agencies, trade report, tries. associations, pp. 163 TRADE STATISTICS IN 1924-25 and trade -165;B journals. Dec, Since 1919 the Federal reserve system has 1922, p. 1414. been collecting information from more than Manufacturing do 247 1919-1925 p. 490 Annual 300 department stores distributed throughout production. report, pp. 163 the United States showing the volume of sales -165. Mineral pro- do 38 1919-1925 p. 490 Annual each month and stocks on hand at the end of duction. report, the month. This information is reported by pp. 163 -165. the cooperating stores to the Federal reserve Agricultural do . .. <40 1919-1925 p. 490 Annual movements. report, banks in each of the 12 Federal reserve dispp. 163 tricts, which in turn send it to the Federal -165. Reserve Board, where a retail report covering 1 Pig iron, steel ingots, cotton, wool, wheat flour, sugar meltings, the entire United States is compiled and pubanimals slaughtered (cattle, calves, sheep, hogs), lumber, bituminous coal, anthracite coal, copper, zinc, sole leather, newsprint, cement, lished. The value of this material to the repetroleum, cigars, cigarettes, manufactured tobacco. 2 Included in 11 groups, as follows: Stone and clay products (3), metals porting stores and to the Federal reserve sys- (3), vehicles (4), tobacco products (3), textiles (4), rubber products (2), tem has been increasing, and in 1924 and 1925 food products (7), lumber (2), paper and printing (7), leather and shoes (3), chemicals and allied products (4). efforts were made to secure the data more 3 Anthracite coal, bituminous coal, crude petroleum, pig iron, copper, zinc, lead, silver. promptly. Efforts also were made to increase * Included in 8 groups, as follows: Livestock (4), animal products the number of cooperating stores and to (5), grains (6), cotton (2), vegetables (5), fruits (9), tobacco (6), miscellaneous (3). assemble the statistics of both sales and stocks A full description of the indexes of employ- for each of the different departments mainment and pay rolls in manufacturing industries tained by department stores. appeared in the May BULLETIN, with the In order to assemble statistics on the volume latest revisions and back figures to 1919. of sales as promptly as possible, each reporting Current figures both for manufacturing as a store makes a preliminary report to the Federal whole and for each of the principal industries reserve bank of its district by the 6th of each represented, appear on pages 489 and 490 ofmonth, giving sales during the current month Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 475 and the same month in the previous year. New York, Philadelphia, Cleveland,1 Chicago, After assembling the reports from each store and San Francisco Federal reserve districts.2 in its district the Federal reserve bank tele- These statistics are reported by the cooperating graphs the total dollar sales for all stores to the stores in dollar amounts and sent to the Federal Federal Reserve Board, where the sales from reserve banks, where the data for each departall reserve districts are totaled and percentage ment are totaled for all stores and the totals changes from the same month of the previous sent to the Federal Reserve Board for publicayear are computed for each district and for the tion in the national retail trade report. This entire country. This combined report for the report gives for each department percentage United States is telegraphed to each Federal changes from the same month of the previous reserve bank on the 8th of the month and a year for each Federal reserve district and for the national report is prepared and sent to the re- total for all reporting districts. Approxiporting stores and published on the 10th of mately 250 department stores in the six disthe month. tricts mentioned above have reported sales by In January, 1925, this report was prepared departments, and a somewhat smaller number for the first time on the basis of reports from of firms have reported stocks. The following 374 stores giving sales for the month of De- table, utilizing the data for May, shows the cember. The number of stores cooperating different departments for which information is in the preparation of this report has increased available and the form in which changes in rapidly, and in June, 1925, reports were re- sales and stocks are published each month: ceived from 523 firms with sales in May of approximately $124,000,000. The form in Percentage change which this report is prepared is shown in the in May, 1925, from May, 1924, following table, which is a copy of the report in— Departments issued giving sales in May, 1925: Sales, Stocks, 6 5 districts districts Silks and velvets _. 18.6 -0.5 Number of stores reporting Percent- Woolen dress goods -3.9 1.8 age of Cotton dress goods.. -9.8 -4.0 increase Linens. _. -2.1 1.8 or de- Domestics 1.8 1.5 Districts c c r o e m as - e L N a e c c e k s w , e tr a i r m , m ve i i n l g in s g , s and embroideries.. - - 1 1 1 1. . 9 8 - - 3 2 . . 4 2 Total Increase Decrease pared Ribbons -12.3 -18.0 with Notions _ -2.6 -2.2 May, Toilet articles, drugs -3.7 7.3 1924 Handkerchiefs 1.8 10.3 Silverware, jewelry -7.3 -0.7 Leather goods _ 5.5 9.0 Boston.-- -1.6 Art goods, including needlework _ -5.2 0.4 New York 1.3 Men's clothing -5.1 4.1 Philadelphia... -3.3 Men's furnishings, including hats and caps... 3.5 1.6 Cleveland -0.7 Boys' wear -0.5 6.3 Richmond -1.3 Women's coats -4.9 5.8 Atlanta -0.7 Women's suits. -26.7 -20.7 Chicago 0.4 Women's skirts -50.9 -31.4 St. Louis -0.5 Women's dresses 4.2 -4.3 Minneapolis __. 6.4 Misses' ready-to-wear -3.4 4.2 Kansas City. _. 2.5 Furs -37.1 -5.6 Dallas 3.0 Juniors' and girls' ready-to-wear _ -0.7 11.2 San Francisco. 2.6 Waists and blouses -33.1 -21.2 Sweaters -26.0 -14.9 United States 523 216 306 0.2 Milline/y 2.0 0.5 Mail-order houses _ 9.4 Gloves.-. -9.5 -13.9 Five and ten cent chains. 7.8 Corsets and brassieres -8.2 -5.3 Women's and children's hosiery 2.4 1.0 Knit underwear -3.9 -3.0 Silk and muslin underwear, including petti- Statistics of sales and stocks by departments. coats _ -9.4 -2.2 Infants' wear -3.2 7.7 —Prior to January, 1925, department stores Negligees, apron?, house dresses _. 5.5 -0.1 Women's and children's shoes 4.0 -1.5 reported only total sales and stooks for the Men's and boys' shoes -4.7 -6.8 entire store/but the value of more detailed Furniture, beds, mattresses, and springs 3.9 -0.4 Draperies, lamps, shades 3.2 -0.8 information as to sales and stocks by individual Floor coverings -3.4 2.5 China and glassware - 3.1 -9.5 departments was recognized, and in coopera- House furnishings 0.4 -2.9 tion with the Controllers7 Congress of the Na- Toys and sporting goods 3.8 -1.5 Luggage --. _ 3.8 -1.5 tional Retail Dry Goods Association, which had Books and stationery 2.2 1.1 Musical instruments and radio 206.6 0.8 previously collected these data, the Federal reserve system began to compile data showing 1 Only sales by departments i .ported from stores in the Cleveland Federal reserve district. the volume of sales and stocks for 45 different 2 Plans for the collection of these data are in the process of development departments from stores located in the Boston, am:noonngg ccooooppeeirating stores in the Atlanta and Dallas Federal reserve districts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FEDERAL EESERVE BULLETIN JULY, 1925 Statistics of turnover of stocks at depart- the sum of stocks at the beginning and at the ment stores.—In view of the importance of end of the month. Average stocks for the the relationship between stocks and sales at period from the beginning of the year through department stores, the Federal Reserve Board, the current month are computed by adding in cooperation with the Federal reserve banks stocks on December 31 and at the end of each and the Controllers' Congress of the National succeeding month of the period and dividing Retail Dry Goods Association, decided early the total by the number of periods included, in 1925 to add to the regular retail trade e. g., average stocks for the six months ending reports data showing the rate of turnover June 30 are computed according to the foleach month and the cumulative rate from the lowing formulae: beginning of the year through the current Average stocks = Dec. 31+Jan. 31+Feb. 28 + month. The rate of turnover tor each month Mar. 31+Apr. 30+May 31+June 30-J-7 is computed by dividing total sales by average stocks during the month, and the rate for the The nature of the national retail trade reperiod from the beginning of the year through port is illustrated by the following statement the current month is calculated by dividing tor May from 667 stores, which gives the total sales for the period by average stocks. information for the United States as a whole vStocks are reported at retail (selling) prices, for each Federal reserve district and for each and average stocks for the month are one-half of 70 cities: CONDITION OF RETAIL TRADE DURING MAY, 1925 Federal reserve district N c e w o r t f e i t s i a h n a s — c l e e r s e c , a o p s m e e r p o a c r r e d e n e d t - St c w m o o r f c i e o t k i a h n n s s — c t e h r a e , c t a o p s m e e e r n p o d a c r r e d e n o e d t f - Pe i t m t r n u o c o r a e n n v n M o t e t h v a r a ) g a e y g r e e o f o ( s f s t r t o s o a c t c l h k e k e s s Pe t f d o d o r r v a a o c e t t a e m e e r v n ) e t ( f a s r o J t g a o r a g e c n e y k o . e s f t t a u o s 1 r a c r l n k t t e o o - s s Pe t i s a 1 o n r t 9 t c a g 2 e p n e 4 n c u d n t a r i d a c l n g e h g n o e a d f s a e o m r o s f r o y d d o e n u e u a t r r t h s r - - M 19 a 2 y 4 , t 3 J o 1 a , n M 1 . 9 a 3 2 y 1 4 la m S st o a m y n e t e h ar m L o a n s t t h 1924 1925 1924 1925 April May District No. 1: Boston __ -3.7 -3.1 —1.5 —1.6 34.6 33.8 163.6 160.2 5.2 5.1 All other —2.3 -0.5 —0.8 —1.8 22.5 22.3 110.3 110.9 3.7 5.7 District (49 stores) —3.5 -2.6 —1.4 —1.7 31.8 30.8 150.0 147.5 4.7 5.2 Providence -3.5 1.6 —0.5 —1.5 24.4 24.0 133.2 136.9 New Haven -6.1 0.5 0.9 -0.7 22.1 20.7 108.5 109.9 District No. 2: New York and Brooklyn 2.0 3.1 3.1 -2.6 33.8 33.7 164.8 164.6 5.1 5.0 Bridgeport ._ -5.2 -0.8 8.0 2.6 24.6 21.9 125.3 117.8 4.7 7.0 Buffalo 4.6 2.8 5.5 —4.6 26.5 26.5 125.6 129.4 4.7 5.2 Newark 0.3 4.2 3.4 -5.8 31.7 30.3 156.8 153.1 6.7 6.8 Rochester.. _ 5.6 6.2 7.0 -4.2 28.5 27.8 138.6 138.3 4.3 3.4 Syracuse —6.2 —1.0 3.4 —0.6 29.4 26.5 134.4 130.2 All other 1.7 1.1 —2.9 0.8 18.1 19.2 85.7 92.1 5.8 5 3 D istrict (64 stores) 1.8 3.1 3.2 -2.8 31.2 30.9 151.8 152.0 5.2 5.2 District No. 3: Philadelphia -3.2 —2.4 1.1 -5.2 31.0 29.7 155.3 150.0 Allentown1 -2.8 — 1.0 -2.2 -0.2 20.5 20.2 106.4 105. 7 Altoona -7.6 -3.0 —1.6 -3.8 22.7 22.0 109.8 113.9 Chester 4.3 1.0 12.8 — 1.3 Harrisburg _ -0.6 -0.3 2.1 —3. 3 19.9 20.0 93.2 91.2 1 Johnstown -7.3 —5.2 —16.7 — 1.1 19.2 21.1 110.1 110.6 Lancaster 2.0 — 1.2 4.7 0.1 22.8 22.7 113.0 110.8 Reading -8.3 -3.2 -8.6 -1.8 19.6 20.0 91.2 98.1 Scranton _ _ . -5.0 -4.3 3.6 2.5 26.1 24.6 127.6 122.0 Trenton —9 6 -5.8 7.6 -0.5 26.9 24.5 125.6 118.9 Wilkes-Barre -5.5 -3.2 -2.7 -3.2 27.9 25.9 133.5 126.1 Williamsport _ - — 11.1 -5.7 -6.5 -2.8 18.3 17.3 86.8 86.5 Wilmington —7:1 0.8 10.3 -3.0 18.5 16.8 81.6 76.7 York -7.2 -5.1 0.5 -3.9 22.2 20.7 109.6 107.1 Allother -8.3 -2.3 5.2 -3.9 22.7 19.7 94.3 87.2 District (154 stores) -3.9 -2.5 0.3 —4.0 27.7 26.7 137.7 133.8 District No. 4: Cleveland -2.5 —1.7 —1.1 -2.8 28.0 27.3 145.0 141.5 5.5 7.8 Akron 3.4 4.3 -3.1 -3.4 25.7 27.7 123.0 132.3 9.2 Canton -18.3 -15.0 -29.5 -21.3 15.1 15.0 71.3 64.4 Cincinnati 5.0 3.1 -4.0 -5.6 25.0 27.2 118.7 129.2 6.5 5.5 Columbus 4.7 9.7 5.0 -2.1 27.9 30.2 133.3 139.5 5.5 6.6 Dayton . -3.9 -3.1 -2.8 0.2 23.1 23.1 121.1 119. 5 5.4 4.3 New Castle -10.1 -4.9 Pittsburgh .- -1.0 -2.5 -0.6 1 -2.5 26.2 25.8 134.2 127.9 4.9 6.2 'Includes Bethlehem and Easton. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 477 CONDITION OF RETAIL TRADE DURING MAY, 1925—Continued Federal reserve district N c e w o r t f i e t s i a h n a s — l c e e r s e c , a o p s m e e r p o a c r r e d e n e d t - St c w m o o r f c e i o k t i a h n n s s — c t e h r a e , c t a o p s m e e e r n p o d a r c r e d e o n e d f t - Pe i t m t n r o u c o r a e n n v n M o t e t h v a r a ) a g e y g r e e o f o ( s f s r t s t o o a c t c l h k e k e s s Pe t f d o d o r r v a a c o a t e t e m e e v r n ) e t ( a f s r o J a t g o r a g e c n e y k o . s e f t t a o u s 1 r a c r l n k t t e o o - s s Pe i t s a 1 o r n t t 9 c g a 2 e p n e 4 n c u n d t a r d i a c l n g e h g o e n a f d s a e o m r s f o r o y d d o n e e u u a t r t h t r s - - M 19 a 2 y 4 , t 3 J o 1 a , n M 1 . 9 3 a 2 y 1 4 la m s S t o a n m y t e h e ar m L o a n s t t h 1924 1925 1924 1925 April May District No. 4.—Continued. Toledo 2.0 -3.9 -7.5 -1.2 18.0 20.2 95.3 97.2 5.3 6.0 Wheeling —6.1 —6.9 —5.2 —4.9 22.3 22.1 111.3 110.6 3.2 Youngstown _ -5.8 —1.1 1.4 —10.0 33.6 30.5 166 1 163.2 4.0 All other 1.1 2.6 2.6 -0.6 20.0 19.2 90.7 89.0 5.4 3.9 District (71 stores) . -0.8 -1.1 -1.9 -3.1 26.0 26.0 128.8 127.6 5.3 6.3 District No. 5: Richmond 3.8 12.0 6.8 -3.1 26.2 25.0 127.5 129.2 4.2 4.4 Baltimore —2.9 1.2 —1.5 —6.6 26.5 25.8 131.2 130.6 4.8 4.8 Washington. . 3.4 3.3 -8.3 -3.6 24.9 28.1 121.2 134.5 3.5 3.4 All other —4.6 0.7 -6.7 -3.7 20.4 21.0 91.2 100.9 5.5 5.1 District (29 stores)... -0.5 2.8 -3.7 -5.0 25.1 25.8 122.0 127.9 4.3 4.3 District No. 6: Atlanta 4.4 3.8 -19.5 -5.4 27.2 35.3 129.4 148.8 2.7 2.4 Birmingham 0.3 2.5 -6.3 -3.4 23.9 28.3 109.2 122.6 4.6 8.1 Chattanooga -19.0 -21.0 -20.9 0.3 18.5 18.5 91.6 95.9 3.0 3.0 Jackson 0.9 —1.5 -3.1 —2.5 22.1 23.2 101.1 101.8 Nashville -12.6 -4.3 -13.1 -0.7 27.2 27.7 110.7 123.9 2.9 1.9 New Orleans.. 1.9 0.9 -4.2 -2.7 21.4 22.6 108.3 115.4 7.9 8.2 Savannah -2.8 6.2 —10.4 -3.1 21.8 23.3 90.7 107.7 4.0 3.7 All other. 3.9 4.3 -2.6 -2.0 21.6 23.8 102.6 117.0 3.8 2.4 District (49 stores) -0.9 -0.0 -9.4 —2.8 23.1 25.6 109.0 120.5 4.8 4.9 District No. 7: Chicago 3.5 -3.0 -1.2 —1.8 35.9 34.5 178.4 175.0 Detroit 8.1 4.0 —1.7 3.3 34.1 39.2 172.3 182.7 Des Moines 12.3 9.1 —2.3 Indianapolis 0.5 —0.6 4.7 -0.7 36.9 37.0 187.6 191.4 4.6 4.4 All other 0.1 -0.3 -4.1 -3.7 19.9 21.4 94.9 98.3 3.8 3.4 District (90 stores) 3.5 1.8 -1.3 -1.5 29.1 31.3 144.7 148.7 7.1 District No. 8: St. Louis . . -0.3 4.1 2.2 -0.4 25.3 24.6 133.1 137.4 7.4 4.7 Evansville ___ _.. .. -10.6 -2.3 -10.5 -5.4 16.0 15.1 78.2 81.4 2.8 1.5 Little Rock ... -2.3 6.1 -4.5 -3.1 23.4 23.9 102.5 109.0 1.6 1.0- Louisville _ __ -8.9 -3.0 -16.5 -5.2 25.4 27.6 124.2 136.5 3.4 2.4 Memphis 6.8 8.0 1.1 0.7 18.8 21.1 90.3 97.2 5.2 4.3« Quincy —5.0 -1.9 —4.3 -4.3 20.3 20.1 92.7 114.7 District (22 stores) -0.8 3.7 — 1.4 -1.2 23.8 24.1 120.9 127.1 6.2 4. a District No. 9: Minneapolis (23 stores) -3.4 2.5 -0.1 -2.7 35.0 33.9 161.6 162.9 S.I 4,2? District No. 10: Kansas City -6.4 —0.7 —1.3 -7.7 2.9 2.1 Denver -0.4 6.2 0.5 — 1.2 7.2 9.0 Lincoln 4.5 6.0 1.9 — 1.9 3.6 4.4 Oklahoma City 2.0 7.5 0.1 — 1.0 6.0 6.3 Omaha 26 7 28.8 18.1 -4.7 Wichita 6.0 9.6 -0.9 -4.5 3.0 1.4 All other 2.5 1.6 0.5 -4.3 6.5 6.1 District (34 stores) 1 7 6 3 0 7 —3 3 &1 4.8 District No. 11: Dallas ... . 3.6 8.6 0.3 -0.8 18.5 19.5 92. T 103.6 7.3 7.9 Fort Worth —3.9 5.5 0.0 0.6 17.5 16.4 81.1 83.4 5.5 5.8 Houston 5.5 7.2 -6.2 -2.2 21.9 24.0 103.9 115.3 7.9 7.5 All other. _ . —1.7 7.1 2.5 -5.7 23.7 22.5 103.1 110.8 4.7 3.9 District (24 stores) 0.9 7.4 -0.2 -2.3 20.4 20.6 95.8 104.3 6.3 6.7 District No. 12: San Francisco . .. 5.0 3.1 -0.6 -6.8 25.3 26.6 116.5 120.5 P. 6 8.5 Los Angeles_..•. 4.1 3.4 -4.9 -0.9 24.8 27.4 116.3 133.8 7.1 8.0 Oakland.. . _.. 5.5 4.9 0.4 -3. 0 21.2 22.5 104. 7 108.5 6.8 2.9 Salt Lake City > -2.2 5. 1 11.0 -4.6 18.9 17.7 82.0 82.6 6.3 6.2 Seattle -2.0 -0.8 -4.8 -3.5 25.6 26.8 120.8 124.9 6.7 7.4 Spokane .. -12.2 -9.1 -5.7 2.9 17.0 16.0 79.6 77.3 5.3 5.4 District (58 stores) 3.1 2. 1 -2.3 -3.7 24.1 25.4 112.1 il9. 3 7.5 7.(3 United States (667 stores) 0.1 1.2 -1.0 -2.9 27.6 27.9 134.5 136. 2 5.7 6.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN JULY, 11)25 MID-YEAR SUMMARY OF BANKING STATISTICS The following charts and tables present in of particular importance in any general view sumniary form a statistical record of recent of banking developments, namely, the amount banking developments in the United States of money in circulation and the amounts of such as usually appears in the mid-year issue gold moving into and out of the country. of the BULLETIN. The table on this page The banking items selected for presentation enumerates the principal groupings of banks in the charts are primarity those which are for which comparable data are collected at considered to be most nearly representative of regular intervals, the most comprehensive the amount of bank credit outstanding from group being all banks in the United States, time to time, of which total loans and investfor which only annual data are available. znents or total earning assets, is for many ; The next group in order of comprehensiveness pumoses the item of most general significance. differs from all banks chiefly by the non- Dat relating to deposit liabilities are also preinclusion of mutual savings banks and private sented. The extent to which the information banks not under government supervision. afforded by the frequent reports of reporting This groap has been designated as all incorp- member banks in leading cities is representaorated stock banks. Loans and investments of tive of the situation for all member banks, this class of banks, for which figures are which report less frequently, is indicated by available four times a year, are about 15 per the first two charts. They show that, in gencent less than for all banks; that is, about eral, for all member banks the principal items $7,000,000,000 less in 1924. Data for all almost always move during any given time in member banks of the Federal reserve system, the same direction as' for reporting member which hold about 60 per cent of total loans banks, but the extent of movement frequently and investments of all banks, are also avail- differs. The table which follows these charts able quarterly, while figures for about 730 gives for selected dates the actual figures upon member banks in 100 leading cities, which which the charts are based, with correspondhold about 38 per cent of loans and invest- ing figures for each Federal reserve district. ments of all banks and about 63 per cent of Since reporting member banks include no those of member banks, are reported weekly. banks in small cities and towns, statistical The table below brings out, by presenting information regarding the latter is available relative figures on a common base, that the only for dates of call, except to the extent that growth of bank loans and investments in information relating to deposits, which becomes recent years is reflected in reports for all available monthly, is classified in such a way classes of member and nonmember banks. as to show data by size of cities. A table This is in contrast to the course of Federal showing deposits of member banks by size of reserve bank credit, the volume of which has city is here presented on the basis of monthly remained relatively constant in recent years reports, and it brings out the point that in the at a comparatively low level. smaller cities deposits have increased much In addition to the banking data, charts less, both absolutely and relatively, during the are presented relating to two other matters past year than in the larger cities. TOTAL LOANS AND INVESTMENTS FOR DIFFERENT GROUPS OF BANKS Total loans and investments (in millions of dollars) Percentages of June, 1919, amounts All in- All in- A s s a e U u l S i n l s n l d n s t a b a i r i t o t t a h e e i n n n e p s d s k o - s 1 s - S U c b i s r t n o t a a a n o r t t n t i p e c e h t k o d e k s e s - 2 d m b e a A m l n l k b s er m p b o a e R n r m e t k i - b n s e g 3 r F r b e e a s d e n e r k v ra s e l A s s u a e U l i S n l s l n n d a s t b a i r i t o t t a h i e e n n p n e d s s o k - s 1 s - U S c b s i r n t o t a n a a o r t n i t t p c e t e h k e k o d s e s d - 2 m ba e A n m k l b l s e 8 r F r b e e a s d e n e r k v ra s e l End of June: 1919 37, 319 32,121 22, 602 14, 675 100.0 100. 0 100.0 100.0 100.0 1920 42, 288 36, 813 25,945 ! 16, 935 113.3 114.6 114.8 115.4 135.2 1921 40,157 34, 31S 24,311 I 15, 331 107. 6 106. 8 107.6 104.5 87.1 1922 40, 306 34, 166 24, 358 15,188 108.0 106.4 107.8 103.5 50.0 1923 43, 960 37, 359 26, 675 16, 543 117.8 116.3 118.0 112.7 48.6 1924—March 31 . . 37,937 26, 832 16. 580 118.1 118.7 113.0 42.9 June 30 _ 45, 577 38, 407 27, 262 16, 969 122.1 119.6 120.6 115.6 34.1 October 10 39, 610 28, 451 18,151 123.3 125.9 123.7 43.5 December 31 . . _ 40, 202 29, 027 18, 599 1, 125.2 128.4 126.7 53.1 1925—April 6 40, 813 29, 285 18, 621 5 1, 127.1 129.6 126.8 45.8 1 Does not include Federal reserve banks or a certain number of nonreporting private banks. Includes banks in insular possessions. ' Differs from all banks in that it excludes mutual savings banks and private banks not under State supervision. Does not include banks in insular possessions. 8 Dates nearest to call dates. 4 Oct. 8. * Apr 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 479 ALL MEMBER BANKS BILLIONS OF DOLLARS BILLIONS OF DOLLARS 30 30 25 25 20 20 15 15 10 10 1913 1920 1921 1922 1923 1924- 1925 ALL REPORTING MEMBER BANKS BILLIONS OF DOLLARS BJLLIOHS OF DOLLARS 20 20 18 18 16 12 12 10 10 Investments Loans on Securities* 1919 T920 1921 1922 1923 1924 1925 NOTE.—Investments, " all other loans," and "total loans" prior to 1921 estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 FEDERAL RESERVE BULLETIN JULY, 1925 ALL MEMBER BANKS AND REPORTING MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS [In millions of dollars] L d o is a c n o s u a n n ts d Investments in L v o e a s n t s m a e n n d ts d D e e p m os a i n ts d 2 Time deposits A a c t s c e o F r m v e e d m b e o r a a d n l a k r t s e io - n _ _ [ District and date l Re- Re- Re- Re- Re- Re- All port- All port- All port- All port- All port- All portmem- ing mem- ing mem- ing mem- ing mem- ing mem- ing ber mem- ber mem- ber mem- ber mem- ber mem- ber membanks ber banks ber banks ber banks ber banks ber banks ber banks banks banks banks banks banks All districts: End of June— 1919 15, 534 7,068 22,602 14,675 13, 899 10,286 4,343 1,757 1,818 1.351 1920 19, 784 6,161 25,945 16,935 15,716 11,347 5,911 2,692 2,432 1,946 1921 ._. 18, 206 11,885 6,105 3,447 24,311 15,331 13,856 10,046 6,367 2,933 1,751 1,215 1922 17, 296 10,783 7,062 4,405 24,358 15,188 15,035 11,124 7,175 3,380 461 165 1923 18,880 11,850 7,795 4,693 26,675 16, 543 15,161 11,104 8,378 4,000 837 491 Mar. 31,1924... 19,176 12,065 7,656 4,515 26,832 16,580 15,587 11,171 8,890 4,235 482 253 June 30,1924.... 19, 264 12,142 7,998 4,827 27, 262 16,969 16,293 11,837 9,204 4,414 350 106 Oct. 10,1924.... 19,820 12, 729 8,631 5,422 28,451 18,151 16,383 12,805 9,597 4,696 266 104 Dec. 31, 1924.... 20,181 13, 068 8,845 5,531 29,027 18, 599 17,766 13, 254 9,805 4,849 314 154 Apr. 6, 1925 20,390 13,137 8,895 5,484 29,285 18,621 16,607 12,635 10,127 5,055 391 215 Boston: J M un a e r. 3 3 0 1 , , 1 1 9 9 2 2 4 4 . . . . .. 1 1, , 4 4 5 5 0 8 8 8 5 4 6 9 5 61 6 0 8 3 2 2 9 5 3 2 2 , , 0 0 2 6 6 0 1 1 , , 1 1 4 7 9 5 1 1 , , 1 2 9 5 5 5 8 7 2 8 0 0 6 6 3 5 3 7 2 2 8 9 9 7 2 1 2 6 • 2 7 Oct. 10,1924.. _. 1,536 926 636 337 2,172 1,263 1,296 875 703 330 7 Dec. 31, 1924.... 1,543 941 630 321 2,172 1,263 1,328 892 686 317 29 11 Apr. tf. 1925 1,581 958 627 315 2,207 1,274 1,254 847 733 350 37 20 New York: Mar. 31. 1924... 5,278 4,330 2,414 1,774 7,693 6,104 5,607 4,824 1,745 942 94 70 June 30, 1924.... 5,452 4,472 2,669 2,019 8,121 6,492 6,102 5,360 1,786 988 42 19 Oct. 10,1924.... 5,625 4,682 2,929 2,275 8,554 6,957 5,778 5,710 1,978 1,106 75 64 Dec. 31, 1924.... 5,901 4,892 2,949 2,276 8,849 7,168 6,738 5,957 2,012 1,157 81 58 Apr. 6, 1925 5,771 4,740 2,867 2,191 8,638 6,931 5,828 5,487 2,082 1,182 129 93 Philadelphia: Mar 31,1924... 1,220 638 774 292 1,994 930 660 129 39 13 June 30,1924—. 1,241 645 792 313 2,033 958 1,030 693 706 134 27 7 Oct. 10, 1924.... 1,287 681 852 354 2,139 1,035 1,063 739 743 159 17 5 Dec. 31,1924.... 1,289 673 375 2,170 1,048 1,094 753 774 182 36 13 Apr. 6, 1925 1,352 715 370 2,232 1,085 1,083 766 783 172 33 11 Cleveland: Mar. 31, 1924__. 1,864 1,136 935 531 2,799 1,667 1,330 883 1,172 628 41 22 June 30, 1924.... 1,877 1,145 962 556 2,840 1,701 1,352 911 1,233 674 29 11 Oct. 10, 1924.... 1,900 1,156 1,041 656 2,941 1,811 1,374 993 1,252 693 20 4 Dec. 31, 1924.... 1,903 1,148 1,031 647 2,934 1,795 1,367 973 1,247 680 42 25 Apr 6, 1925 1,978 1,209 1,030 647 3,007 1,856 1,383 984 1,299 723 37 14 Richmond: Mar. 31,1924.. 469 257 122 1,216 591 . 556 328 455 161 56 33 June 30,1924__. 954 468 244 115 1,197 583 j 541 325 466 169 54 21 Oct. 10, 1924... 959 472 261 130 1,220 603 552 350 479 180 33 9 Dec. 31,1924... 960 476 268 136 1,228 612 596 366 483 182 34 15 Apr. 6, 1925--. 979 492 270 137 1,250 629 566 357 494 188 39 18 Atlanta: Mar. 31, 1924 ._ 787 424 183 79 970 503 512 270 334 178 45 25 June 30,1924 _ _ 764 414 173 74 937 488 489 263 354 187 34 12 Oct. 10, 1924... 780 426 177 73 957 499 513 285 353 188 24 7 Dec. 31, 1924... 816 459 184 75 1,000 535 585 317 360 192 16 6 Apr. 6, 1925 478 199 77 1,061 555 604 324 382 198 17 6 Chicago: Mar. 31,1924 __ 2,922 1,794 1,019 3,941 2,432 1,939 1,520 1,590 810 60 26 June 30, 1924.. 2,952 1,793 1,062 650 4,014 2,443 2,094 1,577 1,645 842 45 8 Oct. 10, 1924... 3,078 1,933 1,148 749 4,227 2,682 2,167 1,769 1,678 872 27 1 Dec. 31, 1924... 3,039 1,916 1,181 772 4,220 2,687 2,236 1,744 1,732 922 38 13 Apr. 6, 1925—. 3,082 1,944 1,208 769 4,290 2,712 2,167 1,688 1,762 942 50 28 St. Louis: Mar. 31,1924.. 856 468 325 152 181 620 587 344 409 202 34 17 June 30, 1924.. 844 456 318 153 162 608 601 353 408 199 22 4 Oct. 10, 1924... 874 480 313 147 186 627 618 361 424 215 24 7 Dec. 31,1924__. 885 500 341 164 226 663 676 414 431 212 10 2 Apr. 6, 1925_ __ 892 498 357 173 249 672 405 435 204 13 4 Minneapolis: Mar. 31, 1924 __ 640 242 215 854 326 404 84 13 1 June 30,1924 __ 611 227 214 79 825 306 404 85 14 1 Oct. 10, 1924... 629 261 238 88 868 349 422 237 413 91 9 Dec. 31,1924... 630 272 276 108 907 380 439 261 430 102 4 Apr. 6, 1925. _. 612 251 295 109 907 360 424 237 442 106 4 Kansas City: Mar. 31, 1924.. 823 416 236 124 059 540 695 409 294 131 21 6 June 30, 1924... 800 404 240 125 040 528 708 403 299 136 20 5 Oct. 10, 1924... 795 413 264 150 060 563 745 464 297 134 8 1 Dec. 31, 1924... 801 436 280 155 081 591 780 483 296 133 5 Apr. 6, 1925.... -I 812 447 305 169 117 615 772 490 305 137 6 3 * For reporting member banks the figures are for report dates nearest to the designated date of call. > For all member banks individual demand deposits, including certified and cashiers' checks, are shown; for reporting member banks, net demand deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 481 ALL MEMBER BANKS AND REPORTING MEMBER BANKS—PRINCIPAL RESOURCES AND LIABILITIES, BY DISTRICTS- Continued [In millions of dollars] L d o is a c n o s u a n n ts d Investments in L v o e a s n tm s a e n n d ts D de e p m o a s n it d s Time deposits A a c s t c e o F rv m e e d m e b r o a a d n l a k t r i s e o - n District and date Re- Re- Re- Re- Re- Re- All port- All port- All port- All port- All port- All portmem- ing mem- ing mem- ing mem- ing mem- ing mem- ing ber mem- ber mem- ber mem- ber mem- ber mem- ber membanks ber banks ber banks ber banks ber banks ber banks ber banks banks banks banks banks banks Dallas: Mar. 31, 1924 629 279 148 68 111 347 556 232 150 88 9 o June 30, 1924 597 263 136 60 733 323 517 212 153 88 16 4 Oct. 10, 1924 626 277 142 63 767 340 590 240 155 90 8 2 Dec. 31, 1924 645 305 145 67 791 372 638 289 151 89 3 2 Apr. 6, 1925.. 651 304 163 79 814 383 617 280 164 93 1 San Francisco: Mar. 31, 1924.. 1,740 1,013 582 358 2,322 1,371 1,238 713 1,024 593 48 31 June 30, 1924 1,722 1,006 578 358 2,300 1,364 1,208 727 1,093 615 31 12 Oct. 10, 1924 1,731 1,022 630 400 2,360 1,422 1,265 782 1,122 638 14 4 Dec. 31, 1924... 1,769 1,050 680 435 2,449 1,485 1,289 805 1,203 681 16 10 Apr. 6, 1925 1,818 1,101 694 448 2,513 1,549 1,249 770 1,246 760 25 17 ALL MEMBER BANKS—DEPOSITS, BY MONTHS AND BY SIZE OF CITIES AND TOWNS [In thousands of dollars] Net demand deposits Time deposits Banks in cities and towns having a population Banks in cities and towns having a population Date of— of— Total Total Less than 5,000 to 15,000 to 100,000 and Less than 5,000 to 15,000 to 100,000 and 5,000 I 14,999 99,999 5,000 14,999 99,999 1923 April 15,800,089 1,600,260 1,064,974 2,083,927 11,050,928 8,251,449 1,471,697 912,597 1,703,235 4,163,920 May 15,892, 721 1,600,150 1,071,369 2,060,199 11,161,003 8,291,044 1,479,695 918, 983 1, 705, 538 4,186,828 June 15,756,419 1,584, 610 1,064, 716 2,054,058 11,053,035 8,388,238 1, 525, 672 928,862 1, 716,627 4,217,077 July 15, 708,401 1, 576,283 1,057,790 2,042,429 11,031,899 8,342, 526 1, 529,470 942,937 1, 743,416 4,126, 703 August 15,528,823 1,597,831 1,059,082 2,009,748 10,862,162 8,435,984 1, 538,023 951,382 1, 760,116 4,186,463 September.. 15,626, 715 1, 651,366 1,078,381 2,020,329 10,876,639 8,472,963 ., 545,446 953, 605 1, 765,350 4,208, 562 October 15,905,528 1,685, 758 1,087,187 2,036,259 11,096,324 8,525,549 ., 548, 543 959,151 1, 782, 775 4,235,080 November... 15,896,997 1,686,630 1,085,991 2,022,888 11,101,488 8, 567, 762 , 556,064 969,545 1, 789,448 4,252, 705 December... 15,830,303 1, 666,021 1,090,301 2,054,471 11,019, 510 8, 585,263 , 553,144 963,170 1, 784, 735 4,284,214 1924 January 15,942,846 1, 626,219 1,073,144 2,046,474 11.197,009 8, 693, 793 I, 569,463 981,949 1,807, 711 4,334, 670 February 15,846,284 1, 600, 616 1,055, 673 2,036,800 11,153,195 8,805, 200 i, 574,568 1,829,464 4,408,474 March 15,814,628 1, 581,537 1,048,119 2.030,409 11,154,563 8,896,163 , 581,069 1,001,166 1,846,822 4,467,106 April _. 15,943, 607 1, 554,996 1,048, 671 2,040, 730 11,299,210 8,974, 591 :, 582,582 1,008,034 1,863,827 4, 520,148 May 15, 980,053 1,523,980 1,018,428 2,021,309 11,416,336 9,041,246 1,584, 618 1,011,065 1,877,262 4, 568,301 June 16,394,382 1, 512,480 1,021, 564 2.004,410 11,855,928 9,148,320 1,588,443 1,016,429 1,890,041 4, 653,407 July 16, 709, 765 1, 513,044 1,012,351 2,016,896 12,167,474 9,268,975 "., 602, 515 1,018,929 1,911,831 4, 735, 700 August 17,040,218 1, 550,338 1,023, 543 2,034,430 12,431,907 9,368,116 , 616, 638 1,025,816 1,935,459 4, 790,203 September.. 17,360,107 1,615,347 1,044,404 2,052,893 12, 647,463 9, 516,948 :, 623, 732 1,032,321 1,940, 792 4, 920,103 October 17, 764,499 1, 678, 287 1,066,959 2, 093,059 12,926,194 9, 674,581 , 633,480 1,039, 513 1, 958,130 5,043,458 November.. . 17, 946, 742 1, 698, 676 1,076, 740 2,132,304 13,039,022 9, 795,879 , 640,059 1,045, 668 1,967,007 5,143,145 December... 17,956,995 1, 689,928 1,080,944 2,144,113 13.042,010 9, 727,132 , 636,887 1,042,716 1,957,014 I 5,090, 515 1925 January 17,927,179 1, 673,199 1,081,342 2,170,162 13,002,476 9,878,624 1,062,598 1,990,335 5,157, 310 February 17,887, 660 1,681, 531 1,087,366 2,211,432 12,907,331 10,005,660 1,678,232 1,072,914 2,021,190 5, 233,324 March 17, 503,151 1, 663,485 2,225,264 12, 528,394 10,094,153 1,684,816 1,079,743 2,048,373 5, 281,221 April ___ 17, 715,080 1,637,884 1,' 2, 239, 760 12, 749,388 10,186,622 1,691,055 1,081,730 2,044,266 5,369, 571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL RESERVE BULLETIN JULY, 1925 ALL FEDERAL RESERVE BANKS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 3500 3500 3000 3000 2500 2500 2000 2000 1500 1500 1000 10Q0 500 500 1919 1920 1921 1922 1923 1924 1925 MONEY IN CIRCULATION GOLD IMPORTS AND EXPORTS BILLIONS OF DOLLARS BILLIOMS OF DOLLARS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 7 7 120 100 80 20 60 80 80 1fil9 1920 1921 1922 1923 1924- 1925 1919 1920 1921 1922 1923 1924 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDEBAL RESERVE BULLETIN 483 RULINGS OF THE FEDERAL RESERVE BOARD Right of member bank in computing its reserve to payable in dollars due from any part of that deduct balances due from foreign branches of legal entity, regardless of where located, is domestic banks from balances due to other banks. believed to be a proper deduction from bal- The Federal Reserve Board has recently ances due to other banks in computing reserves been requested to rule on the question whether under the provisions of section 19. balances due from foreign branches of banks The board also considered another question located in this country can be treated as a very closely related to that just discussed, part of the item "due from banks" to be de- namely, whether a member bank in calculating ducted from the item "due to banks" in com- its own reserve requirements may deduct balputing reserves of member banks under section ances due from its own foreign branch. The 19 of the Federal reserve act. board has frequently held that a bank and its - In a ruling published on page 963 of the branches constitute but one legal entity, and FEDERAL RESERVE BULLETIN for October, since section 19 refers to balances due to and 1919, the Board ruled that balances due from from other banks the board rules that balances foreign banks could not be deducted by a due from a foreign branch of a member bank member bank in computing its reserve. In to its home office are not properly deductible accord with this position the board now rules from balances due to other banks in computing that a balance due from a foreign branch of a the reserves of the member bank. domestic bank may not be deducted from The board's rulings may be set out in brief balances due to banks by a member bank in form as follows: computing its reserve when the balance due (1) Balances payable in foreign currency due from the foreign branch is payable in foreign from a foreign branch of a domestic bank may currency. The board believes that the phrase not be deducted by a member bank in com- "the net difference of amounts due to and puting its reserve from balances due to other from other banks" contained in section 19 of banks. the act has reference only to balances payable (2) Balances payable in dollars due from in dollars and does not include balances pay- a foreign branch of a domestic bank may able in foreign currency. If, however, the bal- be deducted by a member bank in comance due from a foreign branch of a domestic puting its reserve from balances due to other bank is payable in dollars instead of in foreign banks. currency, such balance may properly be de- (3) Balances payable either in dollars or in ducted by a member bank from balances due foreign currency due to a member bank from to other banks. The foreign branch of a do- its own foreign branch may not be deducted mestic bank and the domestic bank itself con- from balances due to other banks by a member stitute but one legal entity, and a balance bank in computing its reserve. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 FEDERAL RESERVE BULLETIN JULY, 1925 LAW DEPARTMENT Rights of a Federal reserve bank in action against the affirming a judgment for the Plaintiff below of the maker of a promissory note held by the reserve bank District Court of the United States for the Northern as collateral security for the indebtedness of a mem- District of Texas, in an action upon a promissory note. ber bank. Plaintiff in error, defendant below, a resident of Texas, executed his promissory note payable to the There is published below an opinion rendered order of a national bank domiciled in Texas. The recently by the Supreme Court of the United note was endorsed, before maturity, to defendant in States, in the case of Sowell v. Federal Reserveerror, also domiciled in Texas, as collateral security Bank of Dallas, which involves certain points for an indebtedness owing by endorser to defendant in error, in excess of the amount of the note. Three prinof interest to both the Federal reserve banks cipal grounds of error are assigned: (1) That the Disand member banks. trict Court was without jurisdiction as the plaintiff Sowell, a resident of Texas, executed his below was an endorsee of the note sued upon and as its promissory note payable to the order of a endorser could not have brought suit upon the note against the maker in that court (Judicial Code, sec. 24, national bank domiciled in Texas. The note subdivision first (c); (2) that defendant in error as was indorsed before maturity to the Federal holder of the note failed to present the note for pay- Reserve Bank of Dallas^ also domiciled in ment at the endorser bank where it was payable and Texas, as collateral security for an indebted- where the maker had funds on deposit sufficient to pay it; (3) that the District Court refused to stay the suit ness owing by the indorsing bank to the Feduntil such time as the defendant should exhaust other eral reserve bank in excess of the amount of collateral held by it as security for the indebtedness of the note. The Federal reserve bank brought the endorser. action against the maker of the note in the Dis- Suit being brought by a Federal reserve bank, trict Court of the United States for the Northern incorporated under the laws of the United States, it is a suit arising under the laws of the United States District of Texas and recovered judgment (Judicial Code, section 24, first (a)). American thereon. This judgment was affirmed by the Bank & Trust Co. v. Federal Reserve Bank of Atlanta, United States Circuit Court of Appeals for the 256 U. S. 350. And as the defendant in error is not Fifth Circuit and on May 25, 1925, by the Su- a national bank subject to the provisions of the Judicial Code, sec. 24, subdivision sixteenth, the preme Court of the United States. The following District Court had jurisdiction of the suit unless important points were decided by the United jurisdiction is excluded by the so-called " Assignee States Supreme Court in rendering its decision: Clause," Judicial Code, sec. 24, subdivision first (c), which reads as follows: (1) The so-called " assignee clause" of sec- "No District Court shall have cognizance of any tion 24 of the Judicial Code is not to be applied suit (except upon foreign bills of exchange) to recover to limit jurisdiction of suits arising under the upon any promissory note or other chose in action in laws of the United States. favor of any assignee, or of any subsequent holder if such instrument be payable to bearer and be not (2) A provision in a promissory note that made by any corporation, unless such suit might the maker waives protest, notice thereof, and have been prosecuted in such court to recover upon diligence in collecting excuses the holder from said note or other chose in action if no assignment had presenting the note for payment, even though been made, * * *" It is unquestioned that where the sole ground of the holder has knowledge of a deposit of the jurisdiction is diversity of citizenship, such jurisdiction 'maker-with the payee bank sufficient to pay is excluded by the operation of this clause, and the the note at maturity. question now presented is whether the clause has a like (3) A Federal reserve bank may enforce a effect where the sole ground of jurisdiction is that the suit arises under the laws of the United States. note held by it as collateral security to secure No inference as to the meaning of the assignee the indebtedness of a member bank to it, with- clause can be drawn from its relative position in sec. out waiting until it can be determined whether 24, and that of the clause giving jurisdiction of suits the other collateral held by the Federal reserve arising under the laws of the United States. Judicial Code, sec. 295. bank is sufficient to pay the indebtedness of the The history of the clause, however, shows clearly member bank. that its purpose and effect, at the time of its enact- The following is the opinion of the Supreme ment, were to prevent the conferring of jurisdiction on the Federal courts, on grounds of diversity of citizen- Court: ship, by assignment, in cases where it would not other- SUPREME COURT OF THE UNITED STATES wise exist, and not to deprive the Federal courts of jurisdiction where it was conferred on grounds other No. 367. OCTOBER TERM, 1924 D. S. Sowell, Plaintiff in Error,] In Error to the United than diversity of citizenship. vs. I States Circuit Court The assignee clause was incorporated in the judiciary Federal Reserve Bank of [ of Appeals for the act of 1789, sec. eleven, in substantially its present form. Under that act, jurisdiction could be invoked Dallas, Texas J Fifth Circuit only by the United States, aliens, and in cases of [May 25, 1925] diversity of citizenship. There was, therefore, no Mr. Justice STONE delivered the opinion of the court. scope for its application in cases where jurisdiction de- Writ of error to the United States Cirpuit Court of pended upon the subject matter of the suit. Jurisdiction in cases arising under the laws of the United Appeals for the Fifth Circuit to review its judgment. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 485 States (except for a brief period under the act of Feb- the United States. (American Bank and Trust Co. v. ruary 13, 1801, (2 Stat. 92, 93) ) was not conferred Federal Reserve Bank, supra, p. 356.) We hold that the until the act of March 3, 1875, (18 Stat. 3, 470). district court had jurisdiction over the cause. Before that date jurisdiction over suits brought by The note sued on contained a provision that the Federal corporations was denied unless their charters maker waived "protest, notice thereof and diligence expressly authorized them to sue in the Federal courts. in collecting." The Negotiable Instruments Law in Where such authority was granted, the assignee clause force in Texas gives effect to stipulations waiving prewas held to be inapplicable and not to defeat the juris- sentment, protest or notice of dishonor, contained in diction. Commercial National Bank v. Simmons, 6 the body of the instrument, and provides that they Federal cases 226, No. 3,062; Bank of United States v. are binding on all parties to it. (Revised Statutes, Planters Bank of Georgia, 9 Wheatoh 904. In that Texas, sec. 82, Art. 6001-a(3), 109, 110, 111.) Plaincase, the court, in holding that the Bank of the United tiff in error was, therefore, bound by his waiver and States might bring suit on a note endorsed to it by a the circumstance that defendant in error had knowlcitizen of the same State as that of the defendant edge of a deposit of the plaintiff in error with the maker of the note, pointed out that the purpose of the payee bank sufficient to meet the note at maturity, assignee clause was to prevent extending the jurisdic- did not, contrary to the express terms of the waiver, tion of the court by the mere process of assignment impose a duty on defendant in error to present the note and not to limit a jurisdiction conferred on other for payment. Defendant's rights were unimpaired by grounds. The court said, at page 909: its failure to make due presentation of the note or to "It was apprehended that bonds and notes, given in give notice of its dishonor. the usual course of business, by citizens of the same The contention of plaintiff in error that suit should State, to each other, might be assigned to the citizens have been stayed until defendant in error had exof another State, and thus render the maker liable to hausted its other collateral, is not founded upon any a suit in the Federal courts. To remove this incon- special equities growing out of fraud, agreement among venience, the act which gives jurisdiction to the courts the parties, or suretyship, or other special relationship, of the Union over suits brought by the citizen of one giving rise to any equity in the maker of the note. State against the citizen of another, restrains that The note was held by defendant in error, together with jurisdiction, where the suit is brought by an assignee, other collateral as security for the debt of the payee to cases where the suit might have been sustained, had who is insolvent and indebted to plaintiff in error in no -assignment been made. But the bank does not an amount exceeding the note. In such a stiuatioa sue in virtue of any right conferred by the judiciary there is no scope for the marshalling of the security act, but in virtue of the right conferred by its charter. at the behest of the maker of the note. The equitable It does not sue because the defendant is a citizen of a doctrine of marshalling rests upon the principle that different State from any of its members, but because a creditor having two funds to satisfy his debt, may its charter confers upon it the right of suing its debtors not by his application of them to his demand, defeat in a circuit court of the United States." another creditor, who may resort to only one of the funds. Mr. Justice Story applied the same rule in the case The debtor may not ordinarily invoke the doctrine, of a claim assigned to the United States holding that for by doing so he would disregard the express provithe assignee clause was not applicable, (United States sions of his contract on which the creditor is entitled v. Green, 4 Mason 426),resting his decision both on theto rely. The plaintiff is bound to pay his obligation meaning and effect of the assignee clause, and on the according to its tenor. He can not deny his own coneffect of the act of 1815, Chap. 253, conferring general tract merely because his creditor has acquired other jurisdiction on the Federal courts over suits brought rights with which he may satisfy his debt and because by the United States. he wishes to avail himself of an equitable set-off against the payee of the note. Had plaintiff set up By the act of 1875 (18 Stat. 336), jurisdiction of the any defense to the note, good as to the payee, such as Federal courts was extended generally to all suits fraud, or failure of consideration, he might, under the arising under the laws of the United States. Where law of some jurisdictions, have urged such cases as such is the ground of jurisdiction, the assignee clause appears to us to be inapplicable, just as it had been McBride v. Potter, 169 Mass. 7, or Second National held to be in cases in which the like jurisdiction wTas Bank v. Magee, 241 S. W. (Texas) 287, or Van Winkle t etc. Co. v. Citizens Bank, 89 Texas, 147, as a basis for conferred by special corporate charter provisions or the claim that because of his special equities affecting where jurisdiction was given generally over suits the inception of the note, the defendant in error should brought by the United States. exonerate him by resorting to the other collateral, if The precise question seems not to have been exshown to be sufficient to pay the note. pressly passed upon by this court since the act of 1875. It, however, was necessarily involved in Wyman v. But plaintiff shows only the obligation of his note, Wallace, 201 U. S. 230, in which the assignee clausepresumptively valid both in the hands of the payee would have defeated the jurisdiction attaching because and the defendant in error, and claims that since he of diversity of citizenship, but in which the jurisdiction has an equitable setoff good against the payee of the was, nevertheless, upheld because the case was one note, he should be relieved of his own obligation until arising under a law of the United States. the collateral of the payee bank has first been applied We think that a reasonable interpretation of the to its satisfaction. But these circumstances, which language of the clause in the light of its history, its do not in any way affect the validity of negotiable obvious purpose at the time of its enactment, and paper as such, can afford no foundation for equitjudicial declarations as to its meaning and effect, and able relief to the maker or for depriving the creditor the fact that the provision for jurisdiction generally of the full benefit of his security in accordance with over suits arising under the laws of the United States his contract. To engraft upon the note the equity was enacted later, and without any exceptions, lead to here asserted against an innocent holder would be the conclusion that it should be so applied as not to to disregard its terms and impair its negotiability. limit jurisdiction arising from the nature of the sub- Such authority as there is rejects it. Hamsley v. ject matter of the suit, as is the case in suits brought National Park Bank, 147 Ga. 96; Hass v. Bank 6/ by or against corporations organized under the laws of Commerce, 41 Neb. 754; Citizens Bank v. Giddings, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDEBAL RESERVE BULLETIN JULY,1925 84 Northwestern (Nebraska) 78; Third National ing and liquidation of banks; providing means and Bank v. Harrison, 10 Fed. 243. And see Union agencies for carrying out the provisions hereof; and Bank of Georgetown v. Laird, 2 Wheaton 390; Myers v. providing penalties for violation of the act," be Kendall (La.), 76 So. 801. In any event, the other amended as follows: debtor of defendant in error was not before the court, SEC. 2. Be it further enacted, That this act shall not and for that reason plaintiff was not entitled to the appl}T to branch banks, offices, or agencies now mainrelief sought. Dorr v. Shaw, 4 Johns, Ch. 17,18. tained and operated by any corporation, firm, or indi- There is no error in the record and the judgment vidual doing or carrying on a banking business in the of the Circuit Court of Appeals is affirmed. State of Tennessee in places other than the county of this State wherein such banking business is carried on. SEC. 3. Be it further enacted, That no corporation, Amendment to Tennessee law re branch banking. firm, or individual now or hereafter doing or carrying on a banking business in the State of Tennessee shall There was published in the BULLETIN for have, maintain, create, or operate any branch bank, March, 1925, a digest of State laws relating office, or agency for the purpose of receiving deposits, to branch banking, prepared by the counsel's paying checks, making loans, or receiving or discounting office of the Federal Reserve fioard with the bills or notes in any place whatsoever other than the county of this State wherein such banking business is assistance of the counsel to the various Federal carried on. reserve banks. In this connection attention is SEC. 4. Be it further enacted, That this act take effect called to the following statute recently enacted from and after its passage, the public welfare requiring by the State of Tennessee restricting the estab- it. Passed and approved April 6, 1925. lishment of branches by banks in that State: An act to amend chapter 20 of the public acts of 1913, Recent Connecticut statute concerning reserves ol being entitled "A general act relating to banks and State member banks. banking; creating a banking department of the State of Tennessee, and through this department There is printed below a copy of a statute of regulating, examining, controlling, and supervising the State of Connecticut, which was approved banks and banking and liquidation of banks; pro- May 29, 1925, and becomes effective July 1, viding means and agencies for carrying out the provisions hereof; and providing penalties for violations 1925, excepting from the reserve requirements of the act," so as to prohibit the maintenance or oper- of State law banks and trust companies which ation of branch banks, offices, or agencies by any are members of the Federal reserve system: corporation, firm, or individual carrying on a banking business in any place other than the county in which An act concerning reserves and cash balances of State such banking business is carried on. banks and trust companies which are members of the SECTION 1. Be it enacted by the General Assembly of Federal reserve system. the State of Tennessee, That chapter 20 of the public acts Be it enacted by the senate and house of representatives of the General Assembly of the State of Tennessee of in general assembly convened: The provisions of the gen- 1913, entitled "A general act relating to banks and eral statutes relating to reserves and cash balances of banking, creating a banking department of the State of State banks and trust companies shall not apply to any Tennessee, and through this department regulating, bank or trust company which is a stockholder in any examining, controlling, and supervising banks and bank- Federal reserve bank. ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS On the basis of the June estimates by the leading crops in the different Federal reserve Department of Agriculture, the following table districts. A more detailed report of crop conhas been prepared showing the production of ditions in each district is given on page 457. [In thousands of units] Total wheat Winter wheat Spring wheat (bushels) (bushels) (bushels) Oats (bushels) Hay (tons) Federal reserve district Y 1 i 9 e 2 l 4 d, F J o u 1 r n 9 e 2 e c 5 a 1 s , t Y 1 i 9 e 2 l 4 d, F J o u 1 r n 9 e e 2 c 5 a 1 s , t Y 1 i 9 e 2 l 4 d, F J o u 1 r n 9 e e 2 c 5 a 1 s , t Y 1 i 9 e 2 l 4 d, F J o u 1 r n 9 e e 2 c 5 a 1 s , t Y 1 i 9 e 2 l 4 d, F J o u 1 r n 9 e e 2 c 5 a 1 s , t Boston 190 294 190 294 8, 326 4,443 4,021 New York 7,757 8,538 7,505 8,246 252 292 36, 015 36,368 7,789 6,811 Philadelphia.. 18,285 19,807 18,147 19,663 138 144 23, 414 24,847 3,516 3,029 Cleveland 42, 545 25,357 42,513 25, 323 32 34 81,572 84,047 7,526 5,701 Richmond 27, 497 26,055 27,497 26,055 22,643 23,645 4,258 3,730 Atlanta _ 4,112 5,009 4,112 5,009 12, 728 16,140 2,927 Chicago. _ 67,980 57,881 65, 262 54,430 2,718 3,451 487, 274 22, 352 14,944 St. Louis _ 53, 394 57,842 53, 203 57, 573 191 269 60,927 58,656 8,719 6,948 Minneapolis. __ 257,976 185,120 14, 921 5,262 243, 055 179,858 432,684 320, 742 18, 527 15, 762 Kansas City... 295, 244 173,479 284,992 164,641 10, 252 174,026 171,172 17,655 15,200 Dallas 26,819 4,961 26, 513 4,838 306 123 52,149 23,978 1,429 1,523 San Francisco . 70,874 96, 542 45, 372 36,116 25, 502 60,426 29,132 39,603 13, 309 15,279 Total 872,673 660,885 590,037 407,156 282,636 253,729 1,541,900 1,295,456 112, 450 95,837 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 487 Changes in State Bank Membership Fiduciary Powers Granted to National Banks The following list shows the State banks and trust During the month ended June 21, 1925, the Federal companies which were admitted to membership in the Reserve Board approved applications of the national Federal reserve system during the month ended June banks listed below for permission to exercise one or 21, 1925, on which date 1,493 State institutions were more of the fiduciary powers named in section 11 (k) members of the system; also other changes affecting of the Federal reserve act as amended, as follows: State bank membership. (1) Trustee; (2) executor; (3) administrator; (4) regis- ADMISSIONS trar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates of Capital | Surplus re T so o u t r a c l es lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations District No. 10 j which come into competition with national banks are Empire Trust Co., St. Joseph, Mo...l $200,000 ! $40,000 ! $2,706,843 permitted to act under the laws of the State in which the national bank is located. CHANGES District No. 2 Ab C s o o . r , b N ed e w b y Y o M rk a , n N uf . a Y ct . u , r a e r m s em T b ru e s r t : I Location 1 I t N r D i o c i . t s- Name of bank g P r o a w nt e e r d s Fifth National Bank, New York, N. Y $1,200,000 !$l,300,000 $26,101,994 Con G ve o Y r t t o h e r d a k m , N i N n . t a Y o t i . o . n n a a l t io B n a a n l k, b N a e n w k: 1,500,000 449,170 19, 479, 457 P B a u l f m fa e lo r, , N M . a Y ss _ . P C a o l m m m er u N ni a ty ti - o S n o a u l th B an S k ide Na- 1 1 t t o o 9 9. . Pacific Bank, New York, N. Y____ 1,000,000 1, 500,000 45, 658, 354 Fonda, N. Y... Na ti t o io n n a a l l B M an oh k. awk River Bank 1 to 8. District No. 5 Geneseo, N. Y Genesee Valley National Bank 1 to 9. Absorbed by nonmember: Carolina New York, N. Y Pacific National Bank 1 to 9 N B . a n C k & Trust Co., Henderson, I 100,000 I 7,000 474, 777 V A Pe i r n a d r e m l l a o R n r i e d v , , e P N r, a . N J . Y V A Fi i r r n d s e m t la N o n r a e d t i N N on a a a t t i l i o o B n n a a a l l n k B B a a n n k k 1 1 1 t t t o o o 9 9 9 . . . District No. 7 1 \ Findlay, Ohio American-First National Bank _ 1 to 7 Insolvent: Farmers State Bank, La | and 9, Fontaine, Ind 35,000 |._ 131, 709 L W e i x ll i i n a g m to s n o , n , V W a . Va | I 5 5 N Fi a r t s i t o N na a l t i B on an al k B o a f n C k ommerce._ 1 1 t t o o 9 9 . . District No. 8 Eldon, Iowa .._; 7 First National Bank 1 to 9. V A o b A s l v u o C F e n r a o n n b t r l a o e u m u d r l e m y i e a B r b b , w s y i a A a i n t n B r h k k C a , d a t o n r i S o a u k t n w n . a t a L l y & l o s b u : B a i T n s a , r n k u M : k s , t G o M r C a _ a n _ o g d . . - ' , . . ! | I I 20 5 0 0 , , 0 0 0 0 0 0 10 5 0 0 , , 0 0 0 0 0 0 3,1 6 1 7 6 8 , , 1 6 8 1 9 2 L E D T A Po i l o b y n d c p e e c o a e r r o r t d s k e a l b e a n l , e l u , , o I n r o K N , g , w , I a e W d a n b T a s r a e h s n o h n . _. _.! | j I 1 1 1 1 8 7 0 2 0 2 . N F F . G ._ i i a r r r . a t s s . . i y d t t d o - s o o C n N . H a i a l t a t i i z r B o b e n a n o n a s r k l N N B o a a a f t t i i n T o o k n n o a a p l l e k B B a a a n n k k . . . . 1 1 1 1 1 1 t t t t t t o o o o o o 9 9 9 9 9 9 , . . . . . Magnolia, Ark j 50,000 50,000 884,985 District No. 9 Closed: American Bank of Laurel, Mont 25,000 2, 500 211,018 Changes in National Bank Membership District No. 11 Converted into national bank: The Comptroller of the Currency reports the follow- First State Bank, Emhouse, Tex. 30,000 20,000 170, 232 ing increases and reductions in the number and capital First State Bank, Robstown, Tex . 25,000 25,000 378, 701 of national banks during the period from May 23 to Cameron Count v Bank, La June 19, 1925, inclusive: Feria, Tex 35,000 5,000 454,140 First State Bank, Kaufman, Tex. 100,000 SO, 000 611,674 First State Bank, Weatherford, Fi T T rs e e t x x State Bank, Santa Anna, 1 3 2 5 5 , , C C O O O O 3 20 0 , , 0 0 0 0 0 0 8 5 3 38 2 , , 0 9 2 8 5 9 b N b e a u r n m k o s - f o A f m ca o p u i n ta t l First State Bank, Lamesa, Tex__ eo,ooo 30,000 1, 382, 80S Succeeded by a national bank: First V Cl o S T o l t e s u a e x n t d e t : a B r F y a i r n s w k t , i t S P h t a d a d r t a e u w ca B a h l a : , n T k M , e c x T C e u a r s ta u i e n , 50,000 1, 7 0 4 86 3 , , 6 8 8 9 8 7 N R In e e c s w r t e o a c r s e h e d a r o t t f o e r c s s a o p i l s i v s t e a u n l e c d a y ppr _ o v _ ed 2 1 0 3 5 $2 2 , , 5 7 4 0 5 0 , , 0 0 0 0 '0 0 0 Ab C s o o u rb n e t d y B by a n n k o , n B m ro em ke b n e r B : o F w a , rm O e k r l s a. 3, COO 250, 386 Aggregate of new charters, banks restored to State Bank, Ganado, Tex 1, COO 103, 536 solvency, and banks increasing capital 38 5, 245, 000 District No. 12 Liquidations 14 1, 950, 000 Voluntary withdrawal: The Farmers Reducing capital * __ _ . 4 270, 000 Co B n a v n fc k r , t c S d t ar, i n Id to a ho n ational bank _ : . 25, 000 13,000 208,578 Total liquidations and reductions of capital _ 18 2,220,000 Standard Bank of Orange County, Fulierton, Calif 50,000 11,500 722,125 Co 7 n , s 1 o 9 l 1 i 8 dations of national banks under act of Nov. 1 2, 500, 000 Change of title.—Commercial Guaranty State Bank, Nacogdoches, Aggregate increased capital for period... 5, 245,000 n> ex., to Commercial State Bank; Guaranty State Bank & Trust Co., Reduction of capital owing to liquidations, etc 2,220,000 Kails, Tex., to Security State Bank & Trust Co.; Peoples Guaranty State Bank, Tyler. Tex., to Peoples State Bank; Guaranty State Bank, Net increase 3, 025, 000 Rockwall, Tex., to Security State Bank of Rockwall. Correction.—-In the June BULLETIN, under "Admissions," the Mahanov Banking Trust Co., Mahanoy City, Pa., should read: Merchants 1 Includes one reduction in capital of $200,000 incident to a consolida- Banking Trust Co., Mahanoy City, Pa. tion tnder act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL RESERVE BULLETIN JULY,1925 BUSINESS STATISTICS FOR THE UNITED STATES INDUSTRIAL ACTIVITY * Rather marked recessions in industrial ac- In nearly all, except the food and tobacco tivity were noted during May, although products industries, production was greater increases commonly occur in that month. in May of this year than it was a year ago. One factor in the reductions as shown by avail- The increases in the automobile, rubber tire, able statistics was the smaller number of work- and petroleum refining industries since last year ing days than usual in May of this year, were particularly large. Textiles and iron and owing to the five Sundays in the month. The steel were also more active than in May, 1924, unadjusted general manufacturing index, which when operations were considerably curtailed. ordinarily shows an increase between April Owing to seasonal increases in the output and May, decreased this year from 132 to 128, of coal and a sharp increase in crude petroleum and the index of production in selected basic production to the largest figure on record, the industries, which is adjusted to allow for usual index of mineral production rose from 118 in seasonal changes, declined from 119 to 111. April to 126 in May. Copper production Factory employment also declined slightly. continued the decline noted in April, while The mineral index and the index of agricul- zinc output was slightly larger than in April. tural movemerts showed seasonal increases. The index continued above the level of a year Freight-car loadings did not increase as much ago. in May as usual. Retail trade declined, while Marketing of agricultural products was sales by wholesale firms remained practically somewhat greater during May than in April, unchanged. but in general less than a year ago. A sub- In manufacturing, nearly all industries were stantial increase over April was noted in reless active in May than in April, with partic- ceipts of grains at principal markets, and moveularly heavy recessions in iron and steel, ments of animal products, vegetables, and cotton, and wool. The production of auto- fruits were also larger. Cotton sight receipts mobiles declined about 4 per pent from the and tobacco sales showed seasonal declines. record-breaking figure for April Output of As compared with last May, marketings of rubber tires increased, and the building mate- all groups of commodities except vegetables rials industries were seasonally more active. were smaller this year. INDEXES OF INDUSTRIAL ACTIVJTY PERCENT ( MONTHLY AVERAGE, 1919*100 ) PER CENT 175 175 1 RH 150 A A 125 K 126 , ^ i 100 \ 100 J i i J I 1 [ f • j 7c i/ V r 50 50 MANUFACTURING PRODUCTION MINERAL PRODUCTION 25 0 o 1919 1920 1921 1922 1923 1924- 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDEBAL EESERVE BULLETIN 489 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 in en d e e r x al Animals slaughtered Lumber Pig iron i S ng te o e t l s Cotton Wool W fl h o e u a r t m S e u lt g in ar gs 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 January 127 134 151 115 100 94 132 100 140 90 121 147 February... 124 143 150 114 99 103 104 96 157 91 107 125 March 120 136 147 110 95 94 133 100 138 102 96 125 April 119 128 128 121 92 90 134 104 124 120 101 123 May 111 113 121 103 91 88 115 104 114 i 117 92 116 Coal Nonferrous metals Tobacco products Sole News- Petro- Year and month B n it o u u m s i- Acithera" C°PPer Zinc leather print Cement leum Cigars r C e i t g te a s - M to t a u b n a r u e c f d c a o c- 1924 April 94 97 127 114 111 169 189 88 157 91 May 90 101 125 121 116 172 192 95 173 96 June 85 100 124 111 103 173 187 91 163 94 July 89 106 133 109 102 193 185 98 155 97 August 87 95 132 106 101 190 190 95 157 93 September 103 105 130 104 107 186 191 100 162 98 October 110 95 133 108 110 183 185 97 158 99 November 104 91 140 108 104 187 183 96 145 89 December 116 100 137 121 103 182 182 92 170 94 1925 January 125 104 148 128 106 243 192 91 188 105 February 109 116 147 119 108 193 191 88 171 97 March 95 96 142 131 110 199 187 86 170 89 April.... 105 106 136 124 116 199 194 87 178 95 May 99 106 133 127 112 193 212 88 175 96 1 This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 452, together with the series of relatives used in constructing the index. In making tha final index the relatives are adjusted to allow for seasonal fluctuations and ar« weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. REVISED INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES * [Monthly average, 1919=100] G in en d e e r x al G in r M d o p e u e r x p o ta d l u s c s a I a t t r n s n e o d d e 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 ro P d u r u c o c t d t s s - L p u a b u r n c e o m d r t d s - - v r R c o e l a a h e 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 n c o t d t d h s - er S c g a t l l o n a a n d y s e s , , b p u T a r c o c o- t c d s o - C p i u a h c r n c o e a d t l m 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 81.3 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 92.0 88.7 117.7 91.8 72.5 December 94.3 85.7 85.2 96.2 100.0 91.2 101.0 89.7 99.3 105.9 93.2 87.9 116.1 91.1 74.1 1925 January .. ... 94.6 87.5 87.1 97.4 100.6 93.4 99.8 89.3 103.8 105,1 90.2 90.9 109.7 87.0 74.0 February 95.9 89.6 89.1 99.9 101.4 97.9 100.4 89.8 105.1 104.9 89.6 92.5 110.7 87.7 74.6 March 96.4 90.1 89.5 100.0 101.0 98.6 99.6 89.9 112.7 105.7 86.8 92.5 116.8 88.5 75.5 April 96.0 89.2 88.7 98.9 100.8 96. 5 100.6 88.8 121.7 104.7 83.7 88.8 123.2 81 7 75 4 May 95.0 88.0 87.5 96.4 99.1 92.9 99.8 84.9 128.5 103.8 83.8 86.8 125.5 87.0 73.2 1 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 the 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

490 FEDERAL RESERVE BULLETIN JULY, 1025 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES i [Monthly average, 1919=100] Metals and G i e n n d e e r x al products 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 d t s s - L p u a b r u n c o e m t d d r s - - v r R c o e l a a h e 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 n c o t t d h d s e - r! S c g a t l l o n a a n s y d e s , , b p u T a r c o c o t c d - s o - C p i a u h c r n c o a e d t d l m s s - - 1924 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 97.5 107.8 90.3 111.8 133.4 107.8 95.9 146.0 93.9 91.1 October 102.8 84.9 84.7 103.0 105.6 111.2 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 91.5 138.2 102.8 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 May 107.8 94.6 94.0 105.0 109.9 99.0 108. 91.6 163.9 136.7 101.8 90.3 154.6 90.9 98.4 I 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] I Agricultural movements 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 Lead Silver ucts coal coal 1924 April 77 97 129 54 34 113 93 17 110 93 78 189 | 127 131 114 125 | 9? 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 90 166 118 21 137 148 2 113 106 86 194 70 129 109 138 i 95 August., 121 90 127 218 38 107 144 63 116 97 92 196 i 74 132 106 139 I 104 September 152 109 107 195 175 165 163 127 124 106 109 189 81 126 104 146 ! 117 October 189 123 100 230 278 226 248 165 134 105 125 190 97 137 108 148 j 119 November 160 120 105 156 271 136 157 148 122 92 108 179 136 109 145 i 119 December 143 132 121 120 231 86 86 184 130 101 119 180 135 121 143-1 120 1925 January 119 122 93 112 127 130 85 292 140 101 134 188 132 2 148 128 146 | 117 February 88 94 92 76 79 121 72 161 119 98 100 171 126 137 119 131 107 March 86 91 109 73 71 128 106 53 123 96 97 191 140 149 131 154 j 104 April 73 87 126 40 43 125 94 17 118 102 87 194 128 140 124 143 ! 109 May 80 142 62 28 135 136 4 126 111 91 222 115 138 127 151 I 115 Manufacturing production Year and month Total s I a t r n e o e d n l A b m i u l o t e o - s - T ti e le x s - p F u r o c o o t d s d - L b u e m r - p P r a i a n n p t d i e n r g L s e a h a n o t d h es er P le e u tr m o- C b e a r m n ic d e k nt b T ac o c - o R t b i u r e b e r - s 1924 April 122 122 231 149 126 89 181 154 106 152 May 96 193 100 162 120 83 171 167 122 144 June 75 151 77 97 139 113 76 176 156 123 126 July 97 67 163 81 103 136 102 75 176 154 127 125 August.. _. 104 87 172 83 102 142 107 84 182 166 123 158 September 112 96 178 98 112 143 109 90 180 157 I 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 1925 January ._ 126 145 142 121 118 145 122 89 199 111 118 171 February 119 132 169 114 98 | 134 114 92 186 107 105 176 March _ 133 147 223 122 95 150 130 99 204 136 116 190 April.. 132 128 260 119 155 130 97 201 168 113 191 May _ 128 121 250 110 87 1 164 125 87 196 119 193 1 For description and early figures see BULLETIN for March, 1924. Revised. 8 Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 491 COMMODITY MOVEMENTS With the March issue the publication in Tobacco the BULLETIN of detailed statistics regarding movements and stocks of commodities was Tobacco sales at loose-leaf warehouses, (pounds, 000 omitted): discontinued. Certain figures compiled by the Burley Western dark board's division of research and statistics are still published in order that users of these Transportation Revenue freight loaded and received data may continue to have comparable series from connections (cars loaded, 000 of data. Information as to current figures for omitted) : Classified by nature of products— any of the discontinued series will be furnished Grain and grain products Livestock upon request. Coal Coke.... Forest products Ore May, April, May, Merchandise, 1. c. 1. 1925 1925 1924 Miscellaneous Total Grain and Flour Classified by geographical divisions- Receipts at 17 interior centers (000 Eastern omitted): Allegheny Wheat (bushels) 18, 666 10,010 16,899 Pocahontas Corn (bushels).-. 12,828 9^ 922 16,356 Southern _. Oats (bushels) 14, 536 13, 614 15, 479 Northwestern Rye (bushels) 4, 554 1,506 2,488 Central western Barley (bushels) 2, 662 2,038 2,204 Southwestern _. Total grain (bushels) 53, 246 37, 090 53,426 Total. Flour (barrels) 2,114 1,688 2,520 Total grain and flour (bushels).-. 62,757 44, 687 64, 767 BUILDING STATISTICS Shipments at 14 interior centers (000 Building permits issued in 168 cities, omitted): grouped by Federal reserve districts: Wheat (bushels) 21, 567 14,510 17,187 Number of permits— Corn (bushels) •_ 9, 017 13, 069 16, 388 Boston (14 cities) 3,892 3,959 4,158 Oats (bushels) 20,505 20, 269 15, 788 New York (22 cities) 12, 933 14, 044 12,190 Rye (bushels) 6,564 2, 065 4, 532 Philadelphia (14 cities) 3,431 3,901 4,283 Barley (bushels) 2,113 1, 767 1,724 Cleveland (12 cities) 7,109 7,866 7,483 Richmond (15 cities) 4,104 4,557 5,422 Total grain (bushels) 59, 766 Atlanta (15 cities) 4,000 3,561 3,716 Flour (barrels) 2, 650 S C t h . ic L a o g u o i s ( 1 (5 9 c c i i t t i i e e s s ) ) 1 3 5 , , 0 2 2 0 0 1 1 3 6 , , 4 2 7 0 8 2 1 3 6 , , 0 4 9 03 0 Total grain and flour (bushels).-. Minneapolis (9 cities) 2,516 3,020 2,601 Kansas City (14 cities) 3,272 3,591 3,319 Dallas (9 cities) - 2,277 2,584 2,397 Stocks at 11 interior centers at close of San Francisco (20 cities) 11,056 12,095 10,956 month (000 omitted): Wheat (bushels). Total | 72,811 78, 858 76,018 Corn (bushels) Value of permits (dollars, 000 Oats (bushels). omitted— . Rye (bushels) Boston (14 cities).. 19, 774 14,876 14, 988 Barley (bushels) New York (22 cities) 98,273 131,219 88,704 Philadelphia (14 cities). 21, 527 30,954 16,085 Total grain (bushels) Cleveland (12 cities) 25.177 27, 697 22, 865 Richmond (15 cities) 15, 065 18, 527 17, 206 Atlanta (15 cities) 14,169 11,047 9,602 Receipts at 9 seaboard centers (000 Chicago (19 cities) 74,971 77,863 62, 661 omitted): St. Louis (5 cities) 9,543 18, 527 8,415 Wheat (bushels) 12,098 14, 634 22,483 Minneapolis (9 cities) 5,494 10,331 6,033 Corn (bushels) 694 396 1,526 Kansas City (14 cities) 10, 214 12, 946 8,366 R B O a y a r e ts l e ( y ( b b u u ( s b s h h u e e s l h l s s ) e ) ls) 4 7 , , 7 0 8' 6' 3 3 2, , , 0 4 4 7 0 2 4 4 3 2 1 1 , , , 9 3 0 7 7 5 9 4 0 D Sa a n ll a F s r a ( n 9 c c i i s t c i o e s ( ) 2 . 0 cities) 3 7 8 , , 6 8 6 4 9 2 41 8 , , 8 5 6 9 3 4 31 6 , , 0 9 2 0 3 9 Total - ! 340, 718 402,444 292,857 Total grain (bushels). 25, 39t Flour (barrels) 1,289 Building contracts awarded, by Federal reserve districts (dollars, 000 omitted): Total grain and flour (bushels)... 31,190 Boston 43,639 37,934 New York 112, 585 135,159 112,287 Philadelphia 37, 638 50,292 34,494 Stocks at 8 seaboard centers at close of Cleveland 52,084 70,495 47,538 month (000 omitted) : Richmond. 35,450 43,299 26,640 Wheat (bushels) 7,504 9,315 3,371 Atlanta 50,694 32,255 42,014 Corn (bushels) 544 682 644 Chicago 97, 707 111,470 68,008 Oats (bushels) 1,790 1,656 96C St. Louis 35,041 37,684 23,000 Rye (bushels) 1,275 2,220 541 Minneapolis 16,876 13,141 12,368 Barley (bushels).. 1,071 917 1,363 Kansas City l 12,447 13,440 12,800 Dallas... 14,541 22,398 29, 213 Total grain (bushels) 12,184 14, 790 6,879 Total (11 districts).. 508, 702 567, 567 445,451 Wheat flour production (barrels, 000 omitted) 8,151 8,183 9,765 1 District No. 10, excluding Colorado. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN JULY, 1925 CHANGE IN CONDITION OP WHOLESALE TRADE, BY LINES WHOLESALE AND RETAIL TRADE AND DISTRICTS—Continued WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1 Percentage change Percentage change Average monthly sales 1919-100] in May, 1925, in stocks at the sales compared end of May, 1925, with— compared withl— i G n e d r e a e n l x - c G er r i o e - s Meat g D oo ry ds Shoes H w a a r r d e - Drugs A 1 p 9 r 2 i 5 l, M 19 a 2 y 4 , A 1 p 9 r 2 i 5 l, M 19 a 2 y 4 , 1924 Shoes—Continued. J M A F a e p n a b r r u i r c l a u h r a y ry 8 8 7 7 0 0 8 8 8 8 7 7 0 0 7 9 6 6 6 6 6 3 2 1 9 9 9 8 7 8 0 1 4 4 6 6 9 9 9 5 1 1 9 0 9 0 1 4 0 8 1 1 1 1 0 1 1 1 9 8 4 6 A M C St h t . i l i n a c L n n a o e g t u a a o i p s d d o i d l i s i s i t s t s r r i t d i c r c i i t c t st t rict - - 1 2 -6 6 4 6 . . . . 5 9 0 6 -1 - 2 3 5 3 1 3 . . 3 . . 6 0 8 - - 3 7 . . 4 6 - - 2 1 4 7. . 5 3 May 77 81 64 72 56 104 110 San Francisco district -6.2 -12.2 June. .___.» 76 83 64 70 52 96 105 Hardware: J A u u ly gust 8 7 3 8 8 8 3 3 6 6 8 7 1 7 0 9 2 4 5 4 6 9 9 3 3 1 1 1 0 0 7 United States - -5.6 -2.3 -4.2 -6.2 S N D O e e o c p c t v o t e e e b m m m e b r b b e e e r r r 9 9 8 7 2 5 4 9 1 9 8 8 0 8 9 3 0 7 7 6 6 1 8 9 6 1 10 1 8 7 4 6 8 7 6 5 5 6 9 7 7 7 1 11 0 9 9 0 6 8 9 1 1 1 1 1 2 0 0 7 8 9 9 N C P R h e l i e c i w v l h a e m d Y la e o o n l n p r d d k h i d d d a i i i s s s d t t t r i r r i s i i c t c c r t t t ict - - - - 7 5 0 1 . . . . 6 8 8 6 -1 - - - 9 2 2 3 . . . . 2 6 3 8 -1 - - - 5 1 3 1 . . . . 0 8 7 9 - - - 1 2 - 7 3 3 4 . . . . 7 8 2 1 Atlanta district -5.0 6.0 J F a e n b u r a u r a y r 1 y 925 7 7 9 6 8 7 0 3 7 6 1 9 8 8 2 8 4 4 3 6 8 9 9 0 1 1 1 0 6 9 M C St h . i i n c L n a o e g u a o i p s d o d i l s i i s t s r t d i r c i i t c st t rict -1 - - 1 7 1 . . . 2 5 7 -1 5 5 . . . 0 2 3 - - 3 2. . 9 1 — 9 8 . 0 6 March 83 79 73 96 63 107 121 Kansas City district -6.6 8.6 A M p a r y i l _. ._ „ — . 7 7 9 9 7 7 5 9 6 7 8 5 8 7 5 7 6 5 4 5 1 1 0 0 7 1 1 1 1 0 5 7 P Sa a n ll a F s r a d n is c t i r s i c c o t district - - 4 0. . 3 1 - - 2 4 . . 9 5 —2 1 —0 4 Drugs: 1 For description of the wholesale trade index see FEDERAL RESERVE United States -7.1 -3.4 -2.4 -0.8 BULLETIN for April, 1923. New York district -8.2 -13.7 Philadelphia district -4.1 5.7 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Cleveland district -8.0 -1.8 AND DISTRICTS Richmond district -4.3 1.6 Atlanta district -3.9 4.8 Chicago district -5.0 1.1 -0.3 0.8 St. Louis district -5.3 6.2 Pe i s r n a c l e e n s M ta a g c y o e , m c h p 1 a a 9 n r 2 e g 5 d e , Pe i e n r n c d e s n o t t o f a c g M k e s a y c a , h t 1 a 9 n t 2 h g 5 e e , D S K a a a n l n l s a F a s r s a d n i C s c t i i r t s y i c c o t d d is i t s r t i r c _ ic t t -1 -9 0 . . 2 2 -3 8 9 . . . 1 2 6 -3.3 1.7 with— compared with i— Furniture: Richmond district 0.2 7.2 4.0 18.8 Atlanta district __ -18.4 13.8 April, May, April, May, St. Louis district -10.8 10.2 -14.0 31.4 1925 1924 1925 1924 Kansas City district -12.3 10.8 San Francisco district 2.1 -3.3 Agricultural implements: Groceries: United States» -4.9 20.0 United States "... -5.1 -3.0 -4.5 6.9 Atlanta district -16.1 42.1 Boston district 8.0 -1.6 12.2 Minneapolis district -13.9 35. 1 New York district. 11.3 -0.4 —9. 4 8.0 Dallas district _ 54.1 13.4 -0.9 0.9 C Ph le i v la e d la e n lp d h i d a i s d tr i i s c tr t ict 3 2 . . 8 3 - - 3 6 . . 4 5 - - 6 4. . 7 1 - - 1 0 . . 0 0 Stati S o a n n e r F y r a a n n c a is c p o a p d e is r t : rict 4.2 23.6 Richmond district 3.0 0.5 -10.1 1.2 New York district._ -8.8 -2.0 Atlanta district -2.9 -2.6 Philadelphia district -4.6 -5.2 -2.8 -1.8 Chicago district...- 4.3 -6.6 -5.1 12.1 Atlanta district -6.3 5.5 St. Louis district— .- 1.6 0.6 -12. 1 -12.6 San Francisco district 0.6 0.4 Minneapolis district 5.1 -0.5 Automobile supplies: Kansas City district. 3.6 -3.7 San Francisco district 1.4 5.3 D Sa a n ll a F s r a d n is c t i r s i c c o t district - 3 0 . . 9 3 - - 1 3 . . 3 6 -6.5 2.6 Clot N h e in w g : York district -38.9 0.9 Dry goods: St. T.oniscifstrict -32.6 46.9 United States -9.2 6.4 -1.3 -13.6 Cotton jobbers: New York district 5.0 -14.8 New York district -8.7 25.6 Silk goods: * Philadelphia district 0.2 — 1.7 -4.3 -16.8 New York district —0.3 — 17 6 Cleveland district -11.9 -1.5 -29.9 -11.0 Machine tools: Richmond district -14.6 -5.4 -2.3 -19.6 New York district 28.5 21.3 Atlanta district -14.6 13 7 Diamonds: Chicago district -10.9 2.1 -0.7 -10.7 New York district -11.3 5.9 M St. i n L n o e u a i p s o d li i s s t d ri i c st t rict -3 7 . . 5 3 1 9 3 . . 5 8 -2.8 -8.2 Jew N el e ry w : York district 36.8 -5.1 -4.0 14.8 Kansas City district -7.5 21.4 Philadelphia district 17.0 7.3 12.6 1.8 Shoe D S s a a : n ll a F s r a d n is c t i r s i c c o t district -8 0 . . 8 4 -1 -1 4 . . 6 1 -0.9 -13.4 Elec A P tr h t i l c i a l a a n l d t s a e u l p d p h i p s i l t a i r e i d c s: t istrict -6 4 . . 5 4 2 3 4 . . 5 5 -5.5 -9.5 United States -15.1 -2.7 -3.5 -12.6 St. Louis district -14.5 -6.1 -6.4 6.0 Millinery: B N Ph o e i s w l t a o d Y n e o l d p r i k h st i r d a i i c s d t t i r s i t c r t ict - - - - 2 1 1 7 4 9 . . . 4 2 6 -6 2 8 .7 . . 0 7 -7 8 3 . . . 5 5 9 1 4 6 - . 0 6 Stov S K e t s a . : n L s o a u s i C s i d t i y s t d ri i c s t trict -3 -3 1 . . 0 6 1 1 7 5 . . 1 6 48.3 -2.0 Cleveland district -23.4 -16.5 -2.2 Richmond district -17.2 -20.8 2.3 J Sales of agricultural implements for the United States are compiled 'Changes in total stocks f©r the United States are weighted averages by the Chicago Federal Reserve Bank from reports of leading imple computed on the basis of firms which have reported regularly to the ment manufacturers and include all their domestic business. Federal Reserve System since January, 1923. s Stocks at first of month—quantity, not value. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 493 RETAIL TRADE, BY REPORTING LINES 1 [Average monthly sales 1919=100] Sales without seasonal adjustment Year and month is ! B- HI? iahcg niahc « 141 143 149 145 150 143 148 152 145 159 145 187 155 146 160 159 163 ahcri niahc Sb<3 o 119 124 136 130 143 131 128 138 137 144 138 192 122 119 131 134 143 iiahc B niahc Sales with seasonal adjustment fl B- " P Sin 0 f 3 l' S _ a O CO GO 99 173 93 179 118 170 178 190 150 183 140 176 113 179 108 181 124 183 138 188 146 191 186 198 107 207 100 209 127 185 177 208 149 201 hcg ahc en "S »5 J§.S o'oa || ge OS C Q 1924 January 110 205 126 84 154 126 100 204 146 137 130 102 184 February 102 96 201 140 97 167 128 101 200 150 140 132 112 190 March 115 105 200 163 184 115 91 184 147 140 118 110 182 April 133 114 210 178 205 131 111 208 149 136 153 103 205 May _.. 127 90 214 174 82 186 123 100 214 153 141 130 99 193 June 120 89 200 162 75 169 120 104 203 146 134 132 94 181 July 91 69 206 163 72 177 123 93 214 147 129 123 97 181 August. 93 74 201 172 91 180 118 98 211 151 141 138 102 179 September 119 106 210 169 110 189 131 112 221 147 137 129 110 192 October 141 141 240 203 124 199 124 109 234 156 137 122 102 194 November 141 131 232 199 111 186 126 105 230 154 139 134 89 195 December 210 148 253 366 184 282 131 123 242 153 142 142 98 188 1925 January 108 108 250 151 92 162 124 110 249 161 141 141 112 193 February 101 105 233 156 175 131 116 243 161 140 149 120 207 March 121 119 255 177 105 188 121 103 235 159 135 127 116 186 April. 136 117 264 195 107 210 133 114 260 164 139 152 126 210 May 128 95 254 191 195 124 106 253 166 140 129 116 202 * For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924. 1 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 [Averago monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Number of re- Federal reserve district port- 1925 1924 1925 1924 ing firms May Apr. Mar. Feb. Jan. i May I Apr May Apr. Mar. Feb. Jan. May Apr United States. 359 128 136 j 121 101 108 127 133 124 133 121 131 124 123 131 I Boston.. 24 128 136 110 110 i 132 ! 137 120 129 110 126 122 125 130 New York.... 63 132 140 124 107 120 132 137 129 136 122 140 132 128 134 Philadelphia.. 22 121 134 125 101 105 124 136 117 122 135 125 120 120 124 Cleveland 54 132 142 125 ioe 107 133 145 126 139 123 137 123 128 141 R A C D M h i a t i c l i l n a c h la n n a m s e g ta a o o p n o d lis. _ 3 2 2 6 2 5 3 3 3 1 i | { 1 1 1 1 1 0 0 0 4 1 8 7 4 2 7 I ! | 1 1 1 1 1 1 3 0 1 4 6 2 9 0 7 1 1 1 2 9 1 9 0 7 9 9 7 7 1 8 8 0 8 9 4 1 7 9 0 1 9 8 9 9 1 2 2 3 3 2 1 1 1 1 1 1 0 3 0 0 6 4 4 9 5 1 1 1 1 1 2 0 4 1 0 8 7 5 5 1 1 1 1 1 9 1 3 0 0 9 6 5 7 6 1 1 1 1 1 2 0 4 1 1 9 6 5 0 6 1 1 1 1 1 2 0 9 0 5 7 0 9 1 1 1 1 1 1 1 2 1 3 1 1 0 5 6 4 1 1 1 1 1 0 1 0 3 0 7 3 2 2 6 1 1 1 1 9 1 2 0 0 9 5 8 7 4 1 1 1 1 1 2 0 0 1 4 5 4 6 1 3 San Francisco. 31 148 146 142 113 128 146 139 143 153 143 149 145 141 145 DEPARTMENT STOBE STOCKS, BY FEDERAL RESERVE DISTfi.'CTS [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 May Apr. Mar. Feb. Jan. May Apr. May Apr. Mar. Feb. Jan. May Apr. United States . 314 135 140 139 127 119 136 141 135 136 137 135 134 136 136 Boston . . _ 24 125 127 126 115 112 126 128 124 124 127 123 124 126 125 New York 63 134 139 135 123 118 131 136 134 134 132 132 132 130 131 Philadelphia 13 172 186 185 167 147 152 162 176 183 182 177 164 156 159 Cleveland 52 136 140 137 125 112 138 141 135 135 136 134 133 137 136 Richmond 19 124 132 131 118 109 130 134 126 128 125 126 129 132 130 Atlanta 22 109 114 113 107 99 121 124 112 112 112 111 110 124 122 Chicago . . 51 150 155 156 145 137 154 162 152 149 158 156 154 156 156 Minneapolis 22 115 116 117 106 99 113 112 111 112 112 109 111 109 108 Dallas 19 123 126 125 113 103 120 125 122 126 124 120 119 119 125 San Francisco .. 29 135 140 136 126 123 141 148 134 135 134 131 134 141 143 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL RESERVE BULLETIN JULY, 1925 FOREIGN BANKING AND BUSINESS CONDITIONS FRENCH COMMERCIAL BANKING IN 1924 current account represent largely current commercial borrowing, and changes in the volume Active trade and industry in France during of these loans are a better indicator of general 1924, at a price level substantially above that credit conditions than changes in the volume of preceding years, was reflected in an in- of bills, since these contain a large and varying creased demand for credit from the com- proportion of Government borrowings.2 mercial banks, as well as for currency from the The abrupt decline in deposits after August, Bank of France. Changes in the position of 1924, mentioned above, was accompanied the Bank of France during the year were dis- between that date and the end of the year by a cussed in the April FEDERAL RESERVE BUL- reduction in bill holdings of nearly 1,800,- LETIN, and additional information on the 000,000 francs, and a rise of about 350,000,000 credit situation of the country can be obtained francs in loans on current account, and of by a study of the movements of the more 150,000,000 in collateral loans, which may be important items of three large commercial considered as an indication of a considerable banks,1 together with comments in the re- growth in the demand for longer commercial cently published annual reports of these banks, credits. That a part of the funds loaned to whose combined resources constitute a con- commercial borrowers was obtained by the siderable proportion of the total volume of banks through the sale of treasury bills is sugbank credit in France. gested by the following statement from the Demand for credit at commercial banks.— annual report for 1924 of the Societe Generale: Demand deposits of the three institutions uOn the 31st of last December we observed in rose steadily from 12,875,000,000 francs at our bill portfolio by comparison with the prethe end of "1921 to 15,634,000,000 francs at ceding year a noteworthy increase in commerthe end of August, 1924. From this peak cial bills, which, under the pressure of the needs they fell off rapidly, and in December were of our clientele, have gradually replaced a por- 14,406,000,000 francs, the lowest figure for tion of the treasury bills which we formerly the year. The principal assets corresponding held for our account." to deposit liabilities are bills, loans on current The growth in the credit at the commercial account, and collateral loans. Of these, bills banks was accompanied by an increased deare by far the most important, representing mand for currency, which led to a larger volume about two-thirds of demand deposits. The of borrowing from the Bank of France for the bills are short-term paper, which by reason of purpose of meeting the public's currency reits acceptability at the Bank of 1 ranee cor- quirements. Discounts of the Bank of France responds to the paper eligible in this country and advances—exclusive of advances to the for discount at the Federal reserve banks. Government—which at the end of September, The proportion of bills to demand deposits is about the same at present as in pre-war years, 2 Commenting on the proportion of the floating debt held by the commercial banks, the annual report of the Credit Lyonnais for 1923 remarked but the composition of the portfolios has that although its portfolio at the end of that year contained more commaterially changed, since they consist at pres- mercial paper than at the end of 1922, nevertheless, treasury bills and national defense bills of less than three months maturity still formed ent largely of treasury bills and of national the major part of its portfolio. The report continues that on the assumption that two-thirds of the defense bills. The reports of the banks in- bill holdings of all the commercial banks represent treasury bills, this dicate that the proportion of commercial paper would hardly account for more than about a quarter of the total of these bills then outstanding, and it further adds that an increase in the offerto Government paper has been growing in ings of commercial paper to the banks might further reduce this proportion. recent years. Statements of the volume of outstanding treasury and national defense Next to bills the principal form of credit at bills are not currently available. The latest published detailed statement of the floating debt is that of the "inventory" of the Ministry of the French banks are loans on current account, Finance, giving its condition on July 31, 1924, as follows: advances on collateral having become less Francs Ordinary treasury bills _ 5,213,047,000 important since 1913, although they have risen National defense bills 56,287,000,000 substantially since the end of 1921. Loans on Deposits of funds with the treasury 6,781,200,000 A dvances from the B ank of France 23,000,000,000 91, 281, 247,000 1 Socie"te Gene" rale pour Favoriser le D6veloppement du Commerce et de l'lndustrie en France, Le Comptoir National d'Escompte de Paris, Of the 56,000,000,000 of national defense bills, 71 per cent were of the Le Credit Lyonnais. These are the largest commercial banks publish- 12-month type, 19 per cent of the 6-month, 5 per cent of the 3-month, and ing monthly statements 5 per cent of the 1-month type. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 495 1923, were 4,640,000,000 francs, increased by Comparing the figures of December 31, 1924, the end of November to over 6,000,000,000 with those of the end of 1922, which may confrancs, an increase of about 30 per cent in two veniently be taken as marking the end of the months. In January, 1924, the bank raised its depression, the three commercial banks showed discount rate from 5 to 6 per cent and its rate a growth of about 1,150,000,000 francs in on advances from 6)^ to 7 per cent, but its deposits, against a decrease in bills of 78,000,000 discounts and advances continued to increase francs,3 an increase of 1,133,000,000 francs and were at the end of March 7,862,000,000 in loans on current account, and of 342,000,000 francs, an increase of 3,200,000,000 francs in six francs in loans against collateral security. months. During the same period the bank's For the same period the discounts and advances deposits increased by over 1,000,000,000 francs of the Bank of France increased by 3,700,000,and its note circulation hj about 2,300,000,000 000 francs, while its deposits declined by about francs. During the second quarter of the year 300,000,000 francs, and its note circulation discounts and advances declined by 1,500,000,- rose by 4,200,000,000 francs. Increased finan- 000 francs to 6,338,000,000 francs in June, being cial requirements of business were thus met reflected chiefly in a similar decline of deposits, largely through the issue of notes by the Bank while the volume of notes outstanding remained of France, the deposits of customers at comalmost unchanged. During the second half of mercial banks showing a relatively small the year discounts and advances and note increase. circulation of the bank continued to increase; in Recent developments.—During the first part September the rate on advances was raised of 1925 the circulation of the Bank of France from 7 to 8 per cent and in December the dis- and its advances to the State increased, while count rate was advanced from 6 to 7 per cent. discounts and advances, after reaching a new At the end of 1924 the discounts and advances high point of 8,979,000,000 francs at the end of of the Bank of France at 8,171,000,000 francs April, declined to 7,584,000,000 francs at the were at the highest month-end figure recorded end of May, which is approximately the level up to that date, representing an increase of of last September. This contraction in the 3,500,000,000 francs over September, 1923. bank's loans to trade and industry has not been During the same period note circulation in- accompanied by a corresponding reduction in creased by 3,000,000,000 francs, while the note circulation, owing to the increase in bank's deposits changed relatively little. advances to the Government. In the third The following table shows selected items for week of June these advances to the Governthe three commercial banks and of the Bank ment stood at 25,250,000,000 francs, or 4,050,of France over a period of years and brings out 000,000 francs above the year's low figure the extent to which the credit requirements shown for the end of January, with note cirarising from the business expansion following culation about 3,000,000,000 francs higher. the depression of 1921-22 was met by borrow- The bank's discounts and advances, on the ing at the Bank of France, principally in the other hand were about 2,000,000,000 francs form of bank notes. lower. At the commercial banks demand deposits rose by about 400,000,000 francs during the SELECTED ITEMS OF THREE FRENCH COMMERCIAL BANKS AND OF THE BANK OF FRANCE first quarter of 1925, while loans on current [In millions of francs] account and advances on collateral security each declined by about 100,000,000 francs and bill holdings rose by 680,000,000 francs. Three b c a o n m k m s ercial Bank of France End of year Loans Dis- War ANNUAL REPORT OF THE NATIONAL BANK p T o d o s e i t - t a s l i Bills o c n r o a e u c n c - n u t t r- p D os e i - ts v c a o a a n u n d c n d - e ts s v S a a t n t a d o c t - e e s l c N a i t r o i c o t u e n - The extraord O i F n a A ry U ST e R co IA n , o m 19 i 2 c 4 and financial improvements in Austria during the year 1923 1913._ 5,427 3,493 1,467 979 2,296 5,714 raised expectations for their continuance which 1918 6,921 4,623 1,550 2,478 2, 250 17,150 30, 250 1919 11, 783 8,303 2, 566 3,204 2,721 25, 500 37, 275 1920 13,180 8,985 3,095 3,575 5,511 26, 600 37,902 3 This does not necessarily indicate a reduction in holdings of com- 1921 13, 095 9,876 2,354 2,743 4,745 24, 600 36, 487 mercial bills. The report of the Societe Generale, whose statements 1922 13, 694 10, 574 2,107 2,309 4,483 23, 600 36, 359 showed a decline in bill holdings from 3,441,000,000 francs in December, 1923 14, 714 10, 552 2,791 2,384 6,060 23,300 37, 905 1923, to 3,133,000,000 francs at the end of 1924, stated that their portfolio 1924 14, 729 9,798 3,240 1,973 8,171 22, 600 40, 604 contained a notable increase in commercial paper, and that for the first time since the war the movement of commercial paper showed that the number of such bills presented was above that of 1913, representing total 1 Includes time deposits. values three and one-half times as great. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL. RESERVE BULLETIN JULY, 1925 proved too high and failed to make allowances revised to such an extent that comparable for inevitable fluctuations. Taken as a whole, figures for the end of 1923 are not available; at however, the year 1924 was very favorable, the close of 1924 they amounted to 131,000,000 especially as regards budget and currency gold crowns. Note circulation increased by policy. Improvement in the state revenues, 88,000,000 to 582,000,000 gold crowns, while especially from the tobacco monopoly, cus- deposits declined by 7,000,000 to 38,000,000 toms, and the turnover tax on commodities, gold crowns. made possible a series of tax reforms, including the lowering of certain taxes which were hampering the economic life of the country. At the close of 1924 there remained available ANNUAL REPORT OF THE NATIONAL BANK OF THE KINGDOM OF SERBS, CROATS, AND from the proceeds of the League of Nations SLOVENES loan—and not including the 20,000,000 gold crowns of the Swiss Government loan which The annual report states that relations had not yet been realized—210,000,000 gold between the National Bank and the state durcrowns, which had not needed to be drawn on ing 1924 continued excellent. The state debt during the entire year. This fortunate con- to the bank was 4,656,000 dinars larger than dition of affairs came about as a result of the in 1923, but at no. time did the state exhaust fact that, although the balance of trade, was its whole credit with the bank and had at all very unfavorable, the balance of payments was times an unused margin of over 33,000,000 vastly improved by the inflow of foreign capital. dinars. The bank is no longer issuing notes The bank was able to meet the demands of pri- for the account of the state, and its issue on its vate business and also the increasing demands own account is now strictly limited. The of the state for foreign exchange by using ex- question of reducing the state debt to the bank change bills resulting from private operations, must be settled by determining whether state and in addition to increase its own holdings of finances can carry a sum for this purpose in the foreign exchange. The consequent mainte- budget, which would be slow but practicable; nance of the stability of the exchanges and or whether state debts should be consolidated, the bank's increasing supply of foreign bills which would be speedier but perhaps dangermade possible the adoption of the new currency, ous to the economic life of the country. the schilling, the resumption of gold coin As in most other continental European mintage, and other monetary reforms. countries, money rates in Yugoslavia have The most serious obstacle in the way of been very high. The National Sank last year economic recovery in Austria is the lack of undertook to secure the cooperation of the capital. While short-term credits are becom- commercial banks in regulating the interest ing more adequate, only long-term loans can paid on loans and charged on deposits. Folmeet the imperative needs of many important lowing is the account of the bank's procedure industries. as given in the annual report: A grave financial crisis, aggravated by the The question of the discount rate was the subject of strike of bank employees, took place during very prolonged discussions in the chief executive comthe first half of the year. The portfolio of mittee last year. As is well known, it remained at 6 the National Bank rose from 1,759,000,000,000 per cent, as it was before the war and after the war paper crowns on April 15 to 3,328,000,000,000 until now. The interest rate on mortgage loans was raised on October 24, last year, from 7 to 8 per cent. on August 7, an increase of about 90 per cent In the report for 1922 it was mentioned that the bank in 3 months. This excessive demand for credit discount rate has no longer the same importance in the led to the raising of the bank rate from 9 to 12 bank's circulation policy as in ordinary circumstances, per cent in June, and again to 15 per cent when it affects the increase or decrease of the circulation. It has lost that importance now because there in August. Thereafter discounts declined to is a great disparity between private and bank discount 2,202,000,000,000 paper crowns by the begin- rates, so that the increase or decrease of the bank's disning of November, and the bank rate was count rate does not affect private capital, which is the lowered to 13 per cent. Toward the end of main credit reservoir. It is estimated that the total volume of bank credit in the country amounts to about the year the money market became considerably 12,000,000,000 dinars. The bank's share in this easier. amount is 1,500,000,000 dinars. The greater part of Reserves in gold and in sterling and dollar the bank's credit (1,300,000,000 dinars) bears interest at 6 per cent, and the rest at 8 per cent, while the credit exchange increased during the year by 34,000,of the other banks amounting to 10,500,000,000 is lent 000 gold crowns to 339,000,000 gold crowns. at much higher rates. Mortgages of the State Mort- The item "loans and discounts" has been gage Bank pay 6 per cent on their loans of 88,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 497 dinars, 7 per cent on 433,477,000, and 10 per cent on it has the right to refuse credit to those intermediaries 169,327,000 dinars. who, by the high rate of interest, prevent their clients Banks participate in this amount both as debtors from prospering. At the bank's meeting, which disand creditors—as debtors for saving deposits and as cussed the whole question, 18 per cent was generally creditors for loans which they lend at discount. considered as fair. But, in granting additional credit, Thus, there are two rates of interest charged by the the bank had to know what was a fair rate of private banks. The National Bank had to take an interest in interest, in order to be able to inform the banks that these two rates charged and paid by its clients, for it would have to rescind their credits if the fair rate were according to them the security of any bank and of its not adhered to, and give credit to individuals directly. business may be gauged with a fair degree of certainty. This intention of the bank seems to have been misunder- By its rules of credit the bank must take notice of the stood by a number of banks and was interpreted interest rates charged and paid by its clients, and to mean that the bank intended to lay down the refuse or take back the credits of those charging or rate of private interest. But this the bank neither paying too high rates. In order to enforce this rule, to intended nor ought to do. It can and ought, however, which all its clients agreed when obtaining credit from to refuse credit to those who do not convert the bank's the bank, it was necessary to ascertain what might be credits to ends which the bank both legally and natuconsidered the private rate on credits and deposits, and rally ought to further. It ought also to refuse credit the difference between those and the offiical rate had to those who abuse its credits and do not put them to to be fixed by the National Bank. productive uses—trade, industry, craft, etc. Further, The inquiry which the bank conducted from the the bank should not grant credit to those who exceed books of its clients' banks led to unexpected results. the proper limits of their work, seeking for over-great The rate of interest is charged and paid according to and unjustified gain, and who misuse their position as the circumstances at the moment. The rate for creditors to ruin their debtors. It was quite justified credits varies throughout the country from 18-30 per in wishing to know and desiring the banks to settle cent—18 per cent being the exception and 24 per cent among themselves the fair rate of interest which may the average rate. The rate for deposits fluctuates be charged by banks for their services. It regards an between 6 and 18 per cent in the main, but 12 per cent exaggerated rate of.interest as unsound, and the work is normal. In the same towns and under practically on which it is charged as unsound also, and therefore is the same conditions there are all rates within the of the opinion that its credit should not be granted limits mentioned. In cases where the bank partici- for use in unsound work. It knows very well that it pates also in the profit, the rate even exceeds 30 per is impossible to decree one rate for the whole Kingdom, cent. Credits are also given privately and at a rate but it knows that it has the right to demand of its higher than that of the dearest banks. clients, the banks, that they should settle among themselves uniform conditions for payment and charging of Hitherto the rate was to some extent tolerable, beinterest, just as they have always done and still do in cause it represented something of a premium of secuother business, such as the charging of commission. rity against the fall of the dinar. Now that the dinar This would avoid too great competition and put busihas begun to rise, this exaggerated rate has become a ness on a sound footing. This is the aim with which the danger to users of credit, for, owing to the constant bank invited its clients, the private banks, to come to improvement of the dinar, they both lose their former an understanding as to the methods of regulating the gains from any fall of the dinar, and are even in danger private rate of interest. of absolute failure. The National Bank considers that Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL RESERVE BULLETIN JULY, 1925 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] I 1925 1924 April I March | May Febru- _| May April March ary Bank of England: Issue department- Reichsbank: Gold coin and bullion 155 154 127 126 Gold at home 959 896 798 700 B • a nk N i o n t g e s d i e s p s a u r e t d m . e _ n _ t . — 175 174 147 146 R G e o s ld er v a e b s r o in ad f or . eign exchange 33 56 9 3 1 3 18 8 2 3 0 3 5 4 3 20 0 7 2 Gold and silver coin 2 2 2 2 Bills of exchange and checks 1,648 1,496 1,578 1,737 Bank notes _ 26 25 22 20 Miscellaneous assets 964 1,123 1,217 1,684 Government securities 37 37 39 42 Deposits 581 706 743 918 Other securities 75 76 77 73 Reichsmarks in circulation. ._ 2,609 2,452 2,315 2,106 Public deposits 16 17 15 15 Rentenmarks in circulation 1,864 1,896 1,911 1,967 Other deposits 1 7 105 106 105 Reichbank clearings . _ 4,103 4,165 4,095 3,637 Ratio of gold and note reserve 6 Berlin banks: to deposit liabilities (per Cash . . .. 104 85 cent).. _ 23.0 22.1 19.8 18.5 Bills... 658 624 Bank notes in circulation.. 90 94 97 103 Due from other banks 1,010 883 Currency notes and certificates 292 290 286 Miscellaneous loans _ 2,101 1,874 Nine London clearing banks: Deposits 3,943 3,571 Money at call and short notice... 104 112 108 101 Index of security prices (Jan. 2,1925 = Discounts and advances 1,049 1, 039 1,043 1,024 100) (per cent) 77.80 95.54 97.60 101.47 Investments 274 278 283 327 Capital issues 43 24 31 26 Total deposits.. 1,598 1,606 1,605 1,618 Total clearings.. _ 3,320 3,295 3,453 3,410 Government floating debt: 1 Figures for the six Berlin banks are for Dec. 31, 1924. T T r o e t a al sury bills 7 5 3 8 7 1 5 7 6 2 3 8 5 7 7 4 6 2 5 7 7 4 0 2 ITALY Temporary advances _. 156 165 166 172 [Millions of lire] Index of security prices (December, 1921=100) (per cent) 115.1 116.5 116.9 115.3 Index number of foreign exchange value of the pound sterling (per cent) _ 127.1 126.3 127.3 124.4 FRANCE [Millions of francs] Banks of issue: Gold reserve1 , Total reserve Bank G o o l f d F re ra s n er c v e e : l 3,682 3,682 3,682 3, 679 N Lo o a te n s c i a r n c d u l d at i i s o c n o u f n o t r s commerce Silver reserve _ 314 317 309 299 Note circulation for the State War advances to the Govern- Total deposits ment 23, 850 23, 250 21, 800 22, 700 Leading private banks: Note circulation 42, 703 43,050 40, 892 39, 556 Cash Total deposits. 2,176 2,105 2,052 2,225 Loans and discounts Three commercial banks: Due from correspondents Demand deposits 14,893 14,837 14,496 Participations Bills 10,483 10, 597 Total deposits __ Other loans 4,278 4,072 State note issue Price of 3 per cent perpetual rente 44.60 45.00 46.85 52.00 Index of security prices (per cent) 1 Not including gold held abroad. 1 Not including gold held abroad. CANADA JAPAN [Millions of dollars] [Millions of yen] 1925 1924 1925 1924 April March April May April March May ary Chartered banks: Bank of Japan: Gold coin and bullion i 57 52 52 54 Reserve for uotes * 1,059 1,059 1,059 1,062 Current loans and discounts 1,120 1,140 1,131 1,185 Loans and discounts 212 275 339 449 Money at call and short notice 349 316 330 314 Advances on foreign bills. 40 61 62 83 Public and railway securities 564 569 570 484 Note circulation 1,209 1,272 1,289 1,287 Note circulation 151 158 158 162 Government deposits 219 249 301 411 Individual deposits 2,145 2,147 2,136 2,055 Private deposits _. 41 47 45 45 Gold reserve against Dominion notes. 116 120 125 97 Tokyo banks: Dominion note circulation 206 207 218 229 Cash on hand 137 343 135 128 Bank clearings 2 1,279 1,195 1,110 1,268 Total loans 2,412 ; 2,411 2,392 | 2,556 Bank debits 2 2,229 2,005 1,915 2,029 Total deposits 1,967 ! 1,932 1,896 | 1,888 Total clearings 2,977 •• 2,870 2,843 j 2,636 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

JULY, 1925 FEDERAL RESERVE BULLETIN 499 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES 1924 1925 1924 May April March May May April March May Austrian National Bank (millions Bank of Java (in thousands of of schillings): florins): Gold 11 11 11 Gold 184,500 184,904 133,922 147,686 Foreign bills (reserve) 347 320 334 Foreign bills 18,152 17,949 15,311 Other foreign bills 133 148 172 Domestic bills 20,464 21,427 35,488 Domestic bills, etc 93 106 105 Loans. 40, 605 48, 580 56, 739 Note circulation 817 798 790 756 Note circulation... 283,000 276,499 271,153 253, 525 Deposits 16 24 30 64 Bank of Latvia (thousands of lats): National Bank of Belgium (mil- Gold 23, 513 23,501 23, 532 20,892 lions of francs): Foreign exchange reserve 33, 703 36,411 41, 750 49,090 Gold 272 272 272 270 Bills 53,370 51, 700 49, 640 29,412 Foreign bills and balances abroad. 30 30 30 18 Loans 52,126 53, 373 52, 222 33,218 Bills ..[ 1,223 1,374 1,318 1,299 Note circulation 29,410 29,913 29, 730 25,300 Note circulation i 7, 7,665 7,458 7, 020 Government deposits 91, 806 82,431 84, 408 70, 685 Private deposits ...| 221 j 224 276 205 Other deposits 44,092 44,387 41,914 37, 702 National Bank of Bulgaria (mil- | I Bank of Lithuania (thousands of lions of leva): litas): Metallic reserve !. 68 94 Gold 33,176 32,978 32, 862 24,353 Foreign notes . 2 2 1 Foreign exchange reserve 41,192 48,078 56, 706 59,773 Balances abroad and foreign bills.|. 759 838 596 Loans and discounts 38,461 39,386 39, 589 30, 956 Commercial bills 311 315 172 Note circulation 84,780 ! 88,70294,033 70, 978 Commercial loans __. 449 523 370 Deposits _ 26, 905 30,808 31, 279 42,264 Notes in circulation 4,171 4, 278 5,055 Deposits 1,950 1, 759 1,196 Netherlands Bank (millions of florins) : Banking Office, Czechoslovakia Gold 479 479 504 531 (millions of Czechoslovak crowns): Domestic bills 89 95 93 175 Gold and silver 1,031 1,030 1,030 1,045 Foreign bills 169 147 132 94 Balances abroad and foreign cur- Loans __ 160 153 162 142 rency 551 566 544 660 Note circulation 875 896 898 Bills discounted 737 735 822 625 Deposits . 44 40 43 Advances on collateral 501 527 537 767 Note circulation 7,437 7,526 7,681 8,078 Bank of Norway (millions of Checking accounts 625 748 584 kroner): Gold 147 | 147 147 147 Bank of Danzig (thousands of Loans and discounts 336 350 355 425 Danzig gulden): Balances abroad 59 57 51 20 On deposit with Bank of Eng- Note circulation— 375 380 379 land, foreign bills, etc. 34, 043 27, 690 30, 201 23,945 Deposits: Loans and discounts 22,417 16,829 16,459 16,062 State 28 Notes in circulation 30, 853 30, 095 31, 737 18,414 Private Total deposits 7,282 5,487 13, 750 17,300 Reserve Bank of Peru (millions of National Bank of Denmark (mil- libras): lions of kroner): Gold at home 3,979 4,025 4,184 4,263 Gold .._. 209 209 209 210 Gold abroad _ 990 979 983 700 Bills 182 198 202 255 Bills 1,983 1,725 1,328 1,151 Loans. 40 41 40 55 Notes in circulation 6,000 5,916 5,868 5,737 Foreign bills and balances abroad. 38 38 35 22 Deposits 810 492 Note circulation.. 467 465 452 481 Current accounts 35 30 46 69 Bank of Poland (millions of zlote): Gold 119 117 117 72 Bank of Finland (millions of fin- Foreign exchange, etc 173 216 259 214 marks) : Bills 297 295 307 127 Gold. 43 43 43 Note circulation 557 567 563 245 Balances abroad, etc j 1, C 1,133 862 540 Current accounts, etc.: Finnish and foreign government Treasury 2 10 10 securities 407 405 474 501 Private. _ 71 62 18 Domestic bills 431 532 645 916 Note circulation ] 1,336 j 1,382 1,384 1,361 Bank of Portugal (millions of es- Current accounts— | cudos): Private | 35 I 84 i 1 Gold _ 9 Treasury | 256 245 I 128 Balances abroad 203 246 274 67 National Bank of Greece (millions Bills 170 164 161 175 of G d o ra ld c h a m n a d e b ): alances abroad 2,536 2, 823 N De o p te o s c i i t r s culation _ 1,6 6 2 3 7 1,6 8 7 1 1 1,5 4 5 5 3 Government loans and securities- 3,813 4,004 National Bank of Rumania (mil- N D o is t c e o c u i n rc ts u l a a n ti d o n loans 2 5 , , 9 2 6 2 9 2 4 1 , , 6 8 1 0 3 6 lions of lei): Private deposits- Gold _ 563 563 T Si i g m h e t 1 1, , 0 9 5 6 1 5 1 1, , 8 0 0 6 4 3 B N G i o o ll t v s e e r c n ir m cu e l n a t t i l o o n ans __ 1 1 0 9 7 , , , 3 7 0 5 8 8 5 7 9 1 19 0 7 , , , 3 7 0 0 8 7 7 7 1 National Bank of Hungary (bil- Deposits 7,765 6,750 lions of Hungarian crowns): Gold... 649 654 State Bank of Russia (note issuing Foreign exchange 2,130 2,082 1,984 department; thousands of cher- Bills, etc 1,459 1,486 1,514 vontsi): Note circulation 4,494 4,526 4,270 Gold 16,798 17, 994 16,188 8,841 Current accounts- Foreign currency... 5,100 4,689 6,828 9,875 Public 2,307 2,342 2,409 Loans and discounts 38,307 36, 319 33,929 18,282 Private 234 129 144 Bank notes | 61, 554 60,439 59,030 36,700 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 FEDERAL RESERVE BULLETIN JULY, 1925 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued 1925 1924 1925 1924 May April March May May April March May National Bank of the Kingdom Bank of Sweden (millions of kroof Serbs, Croats, and Slovenes nor): (millions of dinars): Gold _ . 234 233 234 248 Gold 72 72 72 72 Balances abroad and foreign Foreign currency and balances bills i 136 124 137 71 abroad 368 352 340 353 Domestic bills _ 363 386 379 446 Bills 994 1,066 1,095 1,190 Government securities: Note circulation 5,771 5 671 5,594 5,524 Swedish - . 13 13 13 14 Current accounts 312 306 282 355 Foreign .__ 40 41 42 49 South African Reserve Bank Note circulation 500 493 521 523 (thousands of pounds sterling): Deposits . 243 253 237 255 Gold coin and bullion 4,763 1,677 2,216 549 T N G o o o t l t a d e D F l s o o c b i r e m i n e l r l i t e s g c i s f i n d t i r c i c i c b a s u i t c b l l e o a l i s s l t u l i n s o t n ed _ 1 9 3 3 0 , , , , 9 3 0 5 7 7 5 6 6 6 2 3 6 9 1 1 4 5 0 0 , , , , 1 3 2 6 3 2 1 2 9 5 4 3 4 9 1 1 1 4 3 1 0 , , , , 8 3 0 2 6 5 1 9 2 6 8 6 7 4 8 1 1 4 2 0 0 , , , , 7 3 1 8 8 0 7 0 7 7 8 8 2 3 0 Sw fr i a s G D n s c o o s l N m ) d : a es t t i i o c n b a i l l ls Bank (m — illions of 4 25 8 7 2 4 2 8 6 0 1 4 26 8 9 1 2 5 6 3 4 0 Bankers' deposits 5,760 5,013 4,811 5,671 Loans __ 52 52 52 64 Balances abroad and due from Bank of Spain (millions of pesetas): correspondents _ 47 49 36 29 Gold 2,536 2,536 2,536 2,533 Note circulation 822 830 836 877 Balances abroad 30 31 31 29 Deposits -. 80 76 70 89 Bills discounted ._ _ 812 862 930 841 Note circulation 4,295 4,364 4,397 4,343 Current accounts 1,125 1,119 1,077 920 i Includes foreign government securities. DISCOUNT RATES OF 30 CENTRAL BANKS [Prevailing rates with date of last change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria 11 Apr. 25,1925 Esthonia 9 May 19,1924 Japan 7.3 Apr. 15,1925 Rumania 6 Sept. 4,1920 Belgium 5^ Jan. 22,1923 Finland 9 Mar. 6,1924 Java 6 May 3,1925 Russia 8 Apr. —,1924 Bulgaria 10 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 5H Nov. 9,1923 Danzig 9 Mar. 6,1925 Hungary May 27,1925 Norway 6 May 9,1925 Switzerland. July 14,1922 Denmark 7 Jan. 17,1924 India 9 June 18.1925 Poland— 10 Nov. 28,1924 Yugoslavia.. 6 June 23,1922 England 5 Mar. 5,1925 Italy 5 June 18,192o Portugal 9 Sept 12,1923 7 Changes.—Bank of Italy, from 6}4 per cent to 7 per cent on June 18, 1925; Imperial Bank of India, from 6 per cent to 5 per cent on June 18,1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 501 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] 1925 12 months ended May— 1925 12 months ended May— May April 1925 May April 1924 France (million francs): Imports i_. 2,969 3,051 39, 284 37,332 Exports 3,640 3,557 41, 211 37,124 Germany (million gold marks): By classes of commodities: Imports. 1,081 Total 328,000 348,704 3,773, 218 3,600,271 Exports 672 Crude materials 135,737 140, 540 1,229,683 United Kingdom (thousands £ Foodstuffs, crude, and food sterling): animals 34,168 36, 591 450,304 375,941 Imports 104,270 110,358 1,337, 059 1,158, 321 Manufactured foodstuffs.. 39,896 48,426 455, 366 541, 769 Exports 64, 200 60, 877 802,685 773,974 Semimanufactures 56,206 59,824 690, 560 672, 243 Reexports. 14,490 12, 410 142,863 129,769 Finished manufactures.... 60,892 62,305 765, 697 757, 077 Canada (thousand dollars): Miscellaneous. 517 1,012 22, 337 23, 558 Imports 75, 895 59,105 799, 692 873,120 By countries: Exports 97,475 60, 709 1,084, 626 1,083, 216 Total Europe 90,097 98,006 1,161,952 1,074,976 Japan (million yen): France 10,405 11,816 152,125 146,518 Imports 204 258 2,447 2,376 Germany _ 9,514 11,506 144,355 151,249 Exports 170 168 1,946 1,510 Italy 8,514 9,986 86,975 82,866 South Africa (thousand £ United Kingdom 31, 575 31,377 384,370 367,099 sterling): Total North America 89,132 93.352 958, 744 1,018,191 Imports. . 5,900 Canada __ 37, 560 33,120 399,562 421,852 E xports . 4,326 Total South America 32,848 46,661 503,248 437,813 Argentina 3,823 11.353 83,059 92,259 Total Asia and Oceania... 108, 585 100, 5741,053,932 1,043,961 Japan 22, 567 23,891 346,902 333,553 1925 12 months ended Total Africa. _. 4,753 10,105 81,032 76,913 April— April March 1925 1924 By c T la o s t s a e l s of commodities: 371,420 4,840,687 4,324,624 Denmark (million kroner): Crude materials... 65,640 83,908 1,404, 578 1,308,354 Imports 185 201 2,409 2,115 Foodstuffs, crude, and food Exports 175 186 2,198 1,854 animals 36,192 476, 283 209,681 Italy (million lire): Manufactured foodstuffs. _ 41,161 39,386 568,457 569,257 Imports 2,600 2,589 22,660 17,482 Semimanufactured 58,938 60,704 642,450 594,405 Exports 1,343 1,480 15,306 12,308 Finished manufactures 163,057 170,875 1,663, 267 1,609, 352 Netherlands (million guilders): Miscellaneous 335 529 7,287 5,943 Imports 194 204 2,429 2,077 Reexports ... 8,663 7,454 77,886 87, 633 Exports _ 157 146 1,730 1,423 By c T o o u t n a t l r i E e u s: rope 175,785 2,658,158 2,200,063 Norw Im ay p o ( r m ts illion kroner): 119 138 1,570 I G F t r a e a l r n y m ce a ny _ 2 2 1 0 8 4 , , , 5 7 0 3 2 2 1 7 2 2 3 1 2 2 9 , , , 0 9 1 1 9 7 7 5 1 3 4 2 5 0 1 9 5 9 , , , 0 9 6 1 0 5 0 7 9 2 3 1 7 7 7 8 9 6 , , , 7 2 4 6 7 7 5 7 0 Russ I E i m a x p p ( o o th r r t t o s s usand rubles) :l 58, 2 8 2 5 3 54,9 1 4 0 6 9 26 1 4 , , 1 5 2 6 6 0 810 United Kingdom 62,990 73,148 1,059, 538 900,925 Exports 29,725 32,879 218, 754 Tota C l a N n o a r d t a h America _ 1 6 0 6 7 , ,4 8 7 1 1 7 4 9 9 2, , 7 3 2 1 3 5 1, 6 1 3 3 5 0 , , 4 8 5 6 6 5 1, 6 0 1 5 6 7 , , 3 8 0 8 6 5 Swe I d m en p o ( r m ts illion kroner): 130 112 1,431 1,366 Tota A l r S g o e u n t t h in A a merica 3 1 5 2 , , 6 26 9 3 0 3 1 5 2 , , 8 2 9 4 9 2 3 1 5 3 5 2 , , 0 9 7 1 9 5 2 1 8 0 0 8 , , 3 7 0 9 3 8 Braz E il x ( p m o i r l t l s ion milreis) :2 71 1,297 1,170 Tota J l a A pa s n ia and Oceania.._ 4 8 4 , , 1 9 3 1 3 2 5 1 4 2 , ,7 6 5 6 1 7 6 21 2 6 8 , ,5 2 7 6 5 9 7 2 2 9 1 0 , , 6 6 8 8 7 7 I E m x p po o r r t t s s 3 3 1 3 6 3 3 4 0 0 0 4 3 2 , , 8 8 6 1 4 2 2 3, , 2 2 9 6 7 7 Total Africa 7,362 7,679 76,159 64,687 Aust I r m al p i o a r ( ts thousand£ sterling) 16, 699 Exports 18, 605 1 Figures for Russia are for six months ending April, 1925. Prior to India (million rupees): 1924 Russian foreign trade figures were computed on a 1913 price basis. Imports 175 199 2,436 2,270 * Figures for November and December, 1924, and for the 12 months Exports 321 463 3,997 3,926 ending December, 1924, and December, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL RESERVE BULLETIN JULY, 1925 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 467 of this issue. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES' On paper currency basis Converted to gold basis Year and month United England France Canada Japan England France Canada Japan States 1923, average . 165 170 394 150 188 159 124 147 183 1924, average 159 176 446 147 200 160 121 145 166 m 1923 July 159 168 391 151 183 158 119 147 179 August . _ - 159 164 391 150 179 154 115 146 176 September.. . . - 163 165 404 149 191 154 123 145 186 October 163 166 404 147 196 154 125 145 192 November ._ . 163 171 416 145 199 154 119 142 193 Dp.f^Tnhfir 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. 156 177 428 143 200 158 128 141 161 June 154 174 442 145 189 155 120 142 156 July ___ 156 174 440 147 191 156 117 146 158 August _ 158 173 442 149 196 160 125 149 163 September 156 172 436 146 198 158 120 145 161 October 159 175 442 148 206 161 120 148 161 November 160 176 449 148 210 167 123 148 162 December 165 177 451 149 209 171 126 149 151 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 "May 163 166 467 149 166 125 149 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES i Grouped by stage of Grouped by Grouped by stage of Grouped by manufacture origin manufacture origin Year and month m c t A o o ie m l d s l i - - t R e m r a i a w a - 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 ^ D o f o o c d " - s i g I o m od - s g p E o o x o r - d t s Year and month I t A i o e l s l te R m r a i a a w - ls d g u P o c r o o e d r - s s' g s C e o u o r o m s n d ' - - s g m D o 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 UNITED STATES FRANCE—COntd. 1924—May-- 156 163 151 151 158 133 183 1925—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 February 167 177 153 163 169 147 178 May 467 485 460 453 454 530 461 A M p a r r il ch. 1 1 6 6 9 4 1 1 8 7 0 1 1 1 5 4 2 8 1 1 6 6 3 6 1 16 7 6 2 1 1 4 4 6 1 1 1 7 8 4 0 CANADA May _ 163 171 145 163 165 139 172 1924—May 143 127 160 162 141 159 132 December ! 149 139 153 163 148 159 164 ENGLAND 1925—January 156 149 152 168 157 159 179 1 19 9 2 2 4 5 — — D F M J e a e a b n c y u e ru m ar a y b ry er 1 1 1 1 7 7 7 7 7 8 7 S 1 1 1 1 7 7 7 7 8 5 5 6 1 1 1 1 6 7 7 7 6 1 1 3 1 1 1 1 8 8 8 8 8 7 7 5 1 1 1 1 7 7 7 7 7 9 8 9 1 1 1 1 7 7 7 7 9 7 9 1 1 1 1 1 8 8 7 7 1 0 9 9 A M M Fe p a a b r y r i r c l u h ary ._.. 1 1 1 1 5 4 4 5 3 8 9 8 1 1 1 1 5 4 3 3 1 2 4 7 1 1 1 1 5 5 5 5 3 3 2 2 1 1 1 1 6 6 6 6 9 9 4 8 1 1 1 14 4 5 5 8 7 8 2 1 1 1 1 6 5 6 5 1 8 1 4 1 1 1 1 6 7 7 8 1 1 1 0 March 175 172 165 188 175 173 174 JAPAN A M p a r y il . 1 1 7 6 1 6 1 16 6 4 9 1 15 6 4 0 1 18 8 1 3 1 16 7 7 2 1 16 6 2 8 1 1 7 6 2 5 1924— D M e a c y ember 2 2 0 0 9 0 2 21 1 6 4 2 1 1 9 8 9 2 1 0 9 1 3 2 1 1 9 0 7 2 2 1 0 6 2 2 1 1 9 4 2 FRANCE 1925—January 208 222 217 196 208 204 215 February 204 223 208 193 204 205 213 1924—May 428 430 437 425 417 481 425 March 197 214 201 185 196 203 200 December... 451 480 440 424 431 545 463 April.. 188 196 189 182 186 194 169 1925—January 456 482 442 435 437 546 464 May 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, 1822. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 503 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [Pre-war—100] Europe Y m ea o r u a th nd Austria g B i e u l m - g B a u ri l a - C v z a S e k lo c i - a h o * m D a e r n k - i ( T B E l r a n a o o n g f d a d - e rd Finland France I ( F S B m t G e t i u a a d c e r t n e a e r i l r y - s a a - u 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^ 1923 July 1,789,300 504 2,408 207 157 I 1,080 407 88.8 566 145 235 145 August 1, 657,400 529 2, 292 942 207 155 i 1,080 413 85.8 567 142 231 158 September I, 779,400 514 2,266 943 202 158 I I. 089 424 101.7 569 145 234 157 October 1,759, 700 515 2,263 205 158 1,077 | 421 117.9 563 148 237 157 D N e o c v e e m m b b e e r r 1 1 , , 7 8 7 1 9 8 . , 5 1 0 0 0 0 5 5 3 4 1 5 2 2, , 4 5 1 9 2 7 9 9 6 5 9 2 A 2 U 1 1 0 1 1U 6 1 3 1 1 . , 0 0 9 7 6 0 I | 4 45 4 9 3 1 1 3 2 9 6 . . 2 0 122 5 5 7 7 7 1 1 1 5 5 3 4 2 2 4 4 2 4 1 1 5 4 7 9 1924 January 1, 874,800 580 2,711 974 210 165 1,071 494 117.3 123 571 156 250 107 169 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. 1 125 579 154 267 109 180 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 1<1. 3 160 640 160 278 118 168 1925 January... 2,118,100 559 3,275 1, 045 234 171 1, 137 514 138. 2 I. 658 I 160 279 120 172 February.. % 108,100 551 3,309 1.048 234 169 1,141 515 I l)d.5 I. 660 | 158 281 121 178 March % 054,800 546 3,272 1,034 230 166 1, 131 514 ! 131.4 . 659 I 155 276 122 183 April 2,005,800 538 3,244 1,019 220 163 1,133 i Hl.O I. 151 267 119 195 May 1,985,400 537 1,006 216 159 135.5 I. 151 260 118 191 June _. 997 216 !. Europe—Continued j North and South America Asia and Ocenai; Africa Year and United month Spain Sweden S l w a i n t d zer- States ! Canada Peru t A ra u l s i - a ( C S h h h a a i i n n ) a g- I D n K u d a t i s c e t h s ( J T a o p k a y n o )! j Ze N a e la w nd ( E C g a y ir p o t ) S A o fr u i t c h a Statistics) 1923 July.. 170 162 180 151 154 ! 191 ! 180 155 i 192 176 123 124 August 171 162 175 150 154 I 187 | 175 153 190 175 120 September. _. 174 162 173 154 155 ; 186 I 172 157 210 177 123 October 171 161 I 181 153 153 188 ! 171 156 212 176 129 125 November... 173 160 [ 182 152 153 191 | 173 157 210 175 134 December.._ 176 160 I 183 151 154 I 192 174 158 210 173 136 1924 January 178 161 183 151 157 190 174 156 211 175 133 131 February 180 162 183 152 157 189 170 160 208 180 135 March 180 162 180 150 154 194 167 158 206 180 13fi April 1S4 161 181 148 151 195 166 154 207 178 134 126 May 179 160 180 147 151 192 165 154 205 179 135 June 179 158 178 145 152 192 163 152 199 180 131 July. 182 157 173 147 153 192 163 152 195 180 132 125 August 182 160 171 150 157 193 162 149 200 181 143 September- 184 163 170 149 154 190 162 149 206 181 148 October 186 167 169 152 157 192 163 153 213 180 156 133 November... 181 167 169 153 158 191 163 155 214 181 158 December... 198 170 157 161 195 165 157 213 181 156 1925 January 191 169 171 160 165 199 163 160 213 178 157 130 February 192 169 171 161 165 194 163 159 210 175 161 March 193 168 170 161 206 160 ! 160 204 175 155 April 190 163 166 156 157 206 158 I 159 202 154 130 May 162 155 159 200 158 164 i 199 151 June.. 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

504 FEDERAL RESERVE BULLETIN JULY, 1925 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES INDEX NUMBERS OF RETAIL FOOD PRICES [Pre-war—100 European countries Other countries United States I ci ( t 5 ie 1 s) ( A V u ie s n tr n i a a ) g B iu e m l- * g B a u ri l a - l E an n d g * - S t ? T J" i ( F P r a a r n is c ) e m G a e n r- y I ( l t M a a n l i ) y - N la e e n r t d - h s - N w o a r y - S l z a w e n r i d - t- a C d a a n - i 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 2,547 176 107 365 151 500 149 226 167 145 156 152 147 118 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 March 141 1,393,000 128 2,497 176 115 392 120 523 152 241 167 143 152 147 150 122 April 138 1,383,800 121 2,501 167 115 380 123 524 152 240 165 137 150 143 150 123 May. 138 1,416,900 113 2,438 163 111 378 126 519 151 241 165 133 151 143 150 122 June 140 1,445,700 118 2,687 160 111 370 120 518 151 241 168 133 149 147 150 120 July 140 1,436,200 123 2,626 162 115 360 126 508 150 248 168 134 148 151 148 117 August 141 1,565,200 124 2,727 164 119 366 122 507 150 257 166 137 147 156 146 117 September... 144 1,562,300 127 2,723 166 116 374 125 514 152 261 166 139 146 156 145 117 October 146 1,584,500 135 2,856 172 110 383 134 543 154 264 169 139 146 156 146 120 November 147 1,619,800 140 2,994 179 110 396 135 567 156 269 170 141 147 157 148 122 December 149 1,624,800 139 3,040 180 113 404 135 579 157 274 170 143 148 156 150 121 1925 January 151 1,644,600 140 3,131 178 113 408 137 590 156 277 168 145 148 152 147 120 February 148 1,661,800 137 3,163 176 410 »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 1,583,000 127 3.100 170 409 144 620 155 276 166 142 152 153 124 May 149 122 167 418 154 265 165 141 151 June 149 INDEX NUMBERS OF COST OF LIVING [Pre-war-=100] European countries Other countries Massas c e h t u ts - ( A V u ie s n tr n i a a ) g B iu el m - C v o z a s e k lo c ia h - - l E a n n g d - 1 l F a i n n d - ( F P r a a r n i c s e ) m G a e n r y - I ( l t M a a n l i ) y - N la e e n r t d - h s - N w o ay r- l P an o- d Spain S d w en e- S l z a w e n r i d - t- C ad a a n - » 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 ,111 45 487 63 172 174 166 146 153 130 August 156 1,049,600 439 892 171 ,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 "l56~ 154 131 October 158 1,102, 700 458 901 175 L, 193 61 502 47 174 "l77" 164 149 152 132 N De o c v e e m m b b e e r— r.. . 1 1 5 5 7 8 1 1 , , 1 1 1 2 4 4 , , 9 9 0 0 0 0 4 4 6 7 3 0 8 9 9 0 8 9 1 1 7 7 5 7 1 1 , , 1 1 9 7 0 0 345 1 1 2 2 6 5 4 5 9 0 9 2 178 231 5 8 5 0 1 18 7 2 7 1 16 6 8 7 1 1 5 5 0 0 "l52" 1 1 . 5 5 7 3 1 1 3 3 3 3 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 ,143 104 517 127 190 168 149 156 134 March 156 , 199, 600 510 908 178 ,141 365 107 521 179 236 126 180 168 148 "l50" 153 134 April 154 , 197,300 498 907 173 ,121 112 522 127 195 "I73" 166 145 150 134 May 154 ,220,900 485 916 171 ,121 115 618 126 180 166 143 150 134 June 154 , 244, 200 492 923 169 ,147 3G6 112 518 173 244 124 186 168 143 "l49" 153 133 July 155 , 239,100 493 909 170 L, 154 116 512 127 182 "In" 169 143 156 132 August 155 L, 314, 200 498 897 171 1,198 114 511 135 180 166 145 160 132 September.. 157 ,316,200 503 908 172 1,199 367 116 516 176 258 141 189 166 146 ~~I48~ 160 132 October 157 . 380. 700 513 916 176 1,219 122 546 150 185 "In" 169 146 160 133 November.. 157 1, 357,400 520 922 180 .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 13a February 157 1,389,500 517 929 179 1,191 3 136 592 151 189 168 150 157 133 March 158 1,366,000 511 923 179 1,210 388 136 602 179 271 151 190 167 148 159 133 April 158 1,343,200 506 175 1,201 137 600 151 189 "177" 165 147 158 134 May.. 158 502 173 1,176 132 147 165 146 156 134, June 506 154 'First of the month figures. 51921-100. '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} hifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 505 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOR MAY AND APRIL, 1925 [Amounts in thousands of dollars] Total earning assets Total cash reserves Total deposits Federal reserve notes Reserve percentin circulation ages Federal reserve bank May April May April May April May April May April Boston _ . .- 75, Oil 92,616 282,833 267,326 137,639 135,812 207,150 209,881 82.0 77.3 New York 271,401 292,980 944,354 925,022 844,384 837,302 337,745 347, 792 79.9 78.1 Philadelphia 85,655 88,762 223,379 218,492 131,199 129, 784 154,867 154,902 78.1 76.7 98,638 109,223 298,970 284,312 175,310 175,871 200,543 196,465 79.5 76.4 R C i l c e h v m ela o n n d d 63,563 56,932 83, 635 92,186 66,248 65,925 72,803 75,471 60.1 65.2 Atlanta 41,951 36,349 165, 655 172,706 71,207 70,117 139,182 141,775 78.7 81.5 Chicago 137,716 142,385 367,275 355,783 322,326 313,067 160,148 164,373 76.1 74.5 St. Louis 52,072 36,085 81,114 100,512 80,454 80,531 47,241 49,283 63.5 77.4 Minneapolis.- 37,135 34,025 82,048 89,381 52,558 55,238 62,346 64,922 71.4 74.4 Kansas City 54,125 45,837 99,156 111,332 87,955 90,320 63,293 64,725 85.6 71.8 Dallas 38, 673 31,370 71,806 84,064 60,803 63,198 41,981 43,573 69.9 78.7 an Francisco 93,292 93,502 277,127 277,512 161,271 163,835 197,577 195,367 77.2 77.3 Total: 1925 1,049,232 1,060,066 2,977,352 2,978,628 2,191,354 2,181,000 1, 684,876 1,708,529 76.8 76.6 1924 839, 571 940,493 3,221,809 3,201,763 1,980,210 2,004,391 1,915,449 1,971,184 82.7 80.5 1923 lf173,194 1,164, 606 3,180,433 3,176,630 1,948,878 1,944,805 2,243,195 2,236,378 75.9 76.0 1922 1,188,849 1,190,004 3,126, 773 3,114,928 1,877,269 1,822,788 2,153,053 2,190,447 77.6 77.6 1921 2,353,794 2, 527,253 2,541,640 2,485,079 1, 717,423 1, 749,568 2, 787,379 2,870,645 56.4 53.8 1920 — 3,255,859 3,191,945 2,078,822 2,084,077 1,987, 323 1,998,732 3,089, 737 3,071,754 142.4 143.0 1 Calculated on basis of net deposits and Federal reserve notes in circulation. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollarsl Total Boston Y N o e r w k P a p d h h e i i l l 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 c S i r s a a c n n o - _L Gold with Federal reserve agents: May 27 1,521,237 191,895 356, 278134,088 170,405 37,315 123,185 135,444 25,061 54,375 52,405 34,974 205,812 June 3__ 1, 504,694 189,174 356, 243135,831 170,039 36,156 120,398 135,429 18,382 54,252 51,828 32,952 204,010 June 10 1, 516, 627 184,948 356, 243140, 202 180, 330 34, 701 116, 266 135,429 23, 738 53,949 55,332 33, 231 202,258 June 17 1, 500,333 181,190 356,159 142,450 179,964 33,006 109,612 135, 384 24,081 53,362 54,126 26,871 204,128 Gold redemption fund with U.S. Treasury: May 27. 62,460 11, 602 9,874 14, 280 2,684 5,440 6,696 1,510 1,124 3,473 2,122 1,757 June 3 62,312 13, 681 9,046 16,134 3,940 2,280 1,717 5,574 2,207 1,018 3,679 1,673 1,363 June 10 _._ 65,861 17, 240 7,906 18,343 4,523 2,736 1,575 4,504 2,368 l,f " 1,816 1,775 1,979 June 17 _ 38,062 5,225 6,610 4,977 3,687 3,357 1,659 3,453 1,819 1,406 2,596 1,644 1,629 Gold held exclusively against Federal reserve notes: May 27. 1, 583, 697 203,497 366,152 148,368 173,089 42, 755 125,083 142,140 26,571 55,499 55,878 37,096 207, 569 June 3-. -. 1, 567,006 202,855 365, 289151, 965173,979 38.436 122,115 141,003 20, 589 55, 270 55,507 34, 625205, 373 June 10 * •_ 1, 582,488 202,188 364,149 158, 545184,853 37.437 117,841 139,933 26,106 55,045 57,148 35,006 204, 237 June 17 1, 538, 395 186,415 362, 766 147,427 183, 651 111,271 138,837 25,900 54,768 56, 722 28,515 205, 757 Gold settlement fund with Federal Reserve Board: May 27..-. 651, 8S5 35, 733258, 468 47,899 87,108 13, 584 14,081 99,096 12,700 20,103 25,852 7,543 29, 718 June 3 657,496 37, 974241,154 49,143 93, 543 12,899 17, 787106, 501 9,415 12, 753 29, 752 12, 570 34, 005 June 10 637, '< 44,143 217, 314 42, 770 81, 705 22,070 16, 796115,817 7,640 13,840 33,710 7, 579 34, 515 June 17 _. 678,157 40, 376257, 668 50, 537 65, 704 11,875 17, 540129,392 15,386 14,880 33,800 12,813 28,186 Gold and gold certificates held by banks: May 27 602,429 22,401 331,170 20, 650 36, 674 21,814 4,437 107,830 10,091 7,159 3,443 7,890 28, 870 June 3 593, 638 21,195 327, 823 21,455 37,463 21, 741 4,076 103, 786 9,840 7,302 3,144 7,774 28,039 June 10 600, 706 21,834 331,448 21,843 38,094 22,099 4,290 104,219 10,438 7,225 3,355 7,758 28,103 June 17 604, 515 24,452 333,481 22,171 38, 717 22, 307 4,142 103,013 10,521 7,211 3,240 8,762 26,498 Total gold reserves: May 27. 2,838,011 261,631 955,790 216,917 296,871 78,153 143,601 349,066 49,362 82,761 85,173 52,529 266,157 June 3 _ 2,818,140 262,024 934,266 222,563 304,985 73,076 143,978 351,290 39,844 75,325 88,403 54,969 267,417 June 10. , 2,821,093 268,165 912,911 223,158 304,652 81,606 138,927 359,969 44,184 76,110 94,213 50,343 266,855 June 17. 2,821,067 251,243 953,918 220,135 288,072 70,545 132,953 371,242 51,807 76,859 93, 762 50,090 260,441 Reserves other than gold: May 27 143,814 14,450 31,570 7,280 8,534 4,397 16,323 17,718 20,295 1,523 4,812 10,624 6,288 June 3 _ 139,397 12,852 31,789 7,832 8,404 4,905 14,926 17,367 19,031 1,253 4,344 10,110 6,584 June 10 144,159 12,701 35,094 7,673 7,824 5,148 16,147 18,673 19,350 1,312 4,557 9,611 6,069 June 17 146,659 12, 753 35,870 7,771 9,617 5,226 16,034 18,186 20,449 1,318 4,387 9,426 5,622 Total reserves: May 27 2,981,825 276,081] 987,360; 224,197 305,405 82,550 159,924 366,784 69,657 84,284 89,985 63,153 272,445 June 3 2,957,537 274,876 966,055' 230,395 313,389 77,981 158,904 368,657 58,875 76,578 92,747 65,079 274,001 June 10 2,965,252 280,866 948,005 230,831 312,476 86,754 155,074 378,642 63,534 77,422 98,770 59,954 272,924 June 17 2,967,726 263,996 989,788! 227,906 297,689 75,771 148,987 389,428 72,256 78,177 59, 516 266,063 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN JULY, 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 a p d h h e i ia l l - - C l l a e 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 c S r is a a c n n o - Nonreserve cash: May 27 52,450 5,884 15,844 1,590 2,353 3,538 4,605 6,163 3,788 1,098 2,075 2,455 3,057 June 3 48, 557 5,154 14,241 1,699 2,995 3,072 3,771 5,804 3,977 814 2,070 2,150 2,810 June 10 - - 54, 963 5,575 18,083 1,488 2,617 3,126 4,644 6,570 4,220 1,078 2,125 2,554 2,883 June 17 _ 54,613 5,246 17,658 1,869 3,721 3,103 3,968 6,646 4,121 906 2,156 2,381 2,838 Bills discounted: Secured by U. S. Government obligations- May 27 216,007 14,863 76,443 28,107 33,382 12,888 1,758 25,991 8,327 588 1,406 310 11,944 June 3 - - - 207,758! 16,586 74,225 20,720 29,203 13, 910 3,467 24,209 9,229 685 1,945 435 13,144 June 10 222,808| 11, 753 98, 222 23,006 28,336 12,171 1,345 26,849 6,059 413 1,240 542 14,872 June 17 248,122 12, 574 89,035 26, 543 32,583 16,101 4,634 38,478 4,325 879 1,291 1,004 20,675 Other bills discounted— May 27 197,992 18,839 34,003 13,526 14,186 33,466 16,574 19,112 12,288 5,104 6,100 4,750 20,044 June 3 ' - 204,584 22,531 30,281 15,085 15,101 34,999 18,788 19,045 16,470 4,729 5,774 4,855 16,926 June 10 194,326 19.753 27,4oO 12,813 15,631 34,014 18,489 20,440 11,885 4,555 5,924 5,378 17, 984 June 17 193,842 15,051 29, 222 12,598 17,126 36,384 19, 260 18,108 11,698 4,167 6,137 5,478 18, 613 Total bills discounted: May 27 413,999 33,702 110,446 41, 633 47, 568 46, 354 18, 332 45,103 20,615 5,692 7,506 5,060 31, 988 June 3 412, 342 39,117 104, 506 35,805 44,304 48,909 22, 255 43,254 25, 699 5,414 7,719 5,290 30, 070 417,134 31,506 123, 682 35,819 43, 967 46,185 19, 834 47,289 17,944 4,968 7,164 5,920 32,856 June 17 441,964 27, 625 118,257 39,141 49, 709 52, 485 23, 894 56, 586 16,023 5,046 7,428 6,482 39,288 Bills bought in open market: Mav27 278.413 37,422 66, 675 21, 610 24, 872 10, 794 10,172 39,095 12,136 10, 674 15, 452 8,719 20, 792 June 3 284,954 37,127 64,522 21,781 25, 764 10,905 10,453 38,994 12,077 18, 907 14, 097 8,885 21,442 June 10 - 274,952 34,087 64,881 19,929 24, 207 9,933 13, 833 34, 537 11,475 20, 221 11, 702 8,416 21, 731 June 17 246,083 34, 685 30, 858 18, 849 22, 072 9,903 18, 654 29, 841 11,144 19, 718 16,178 13,063 21,118 U. S. Government securities: Bonds- May 27 - - 85, 012 584 8,542 637 9,520 1,779 3,183 20,325 4,766 8,736 12, 259 9,834 4,847 June 3 84,338 584 8,542 637 9,520 1,780 3,148 20,336 4,766 8,736 11,459 9,983 4,847 June 10 83,900 583 8,542 637 9,520 1,780 3,089 20, 398 4,766 8,736 10,958 10,044 4, 847 June 17 83,366 584 8,542 637 9,521 1,780 3,141 20,608 4,766 8,737 10, 259 9, 943 4,848 Treasury notes- Ma v 27 241, 904 673 51,957 17, 236 12, 724 4,344 12,425 20, 735 29, 607 8,403 22, 790 22,124 38, 886 June 3 248, 200 561 58, 457 17, 236 12, 724 4,343 12, 426 20, 735 29, 514 8,403 22, 790 22,125 38, 886 June 10 254,030 863 60,200 17, 244 12, 982 4,441 12, 706 21, 217 30, 202 8,599 23, 253 22, 640 39, 683 June 17 191,151 756 40, 452 17,151 9,916 3,394 9,503 16,038 22,828 6,499 16, 330 17,152 31,132 Certificates of indebtedness— May 27 22, 298 3,079 1, 276 60 5,409 103 1,203 1, 945 726 206 2,381 544 5,366 June 3 21, 567 3,030 1,276 60 5,409 102 1,233 981 819 207 2,381 703 5,366 June 10 . 21, 918 3,034 1,456 60 5,409 102 1,233 1,308 819 206 2,381 544 5,366 June 17 31, 882 3,123 9,276 60 6,109 102 1, 232 2,004 819 206 2, 931 654 5,366 Total CJ. S. Government securities: May 27 349, 214 4,336 61, 775 17,933 27, 653 6,226 16, 811 43,005 35,099 17, 345 37, 430 32, 502 49, 099 June 3 354,105 4,175 68, 275 17, 933 27, 653 6,225 16, 807 42, 052 35, 099 17, 346 36, 630 32. 811 49, 099 June 10 _ 359, 848 4,480 70,198 17, 941 27, 911 6,323 17,02S 42, 923 35, 787 17, 541 36, 592 33, 228 49, 896 June 17 306, 399 4,463 58, 270 17, 848 25, 546 5,276 13, 876 38,650 28, 413 15, 442 29,520 27, 749 41, 346 Foreign loans on gold: 10,500 777 2,835 976 1,124 557 430 1,449 483 346 420 36S 735 JMunaye 32.7 -. 10, 500 777 2,835 976 1,124 557 430 1,449 483 346 420 368 735 June 10- 10, 500 777 2,835 976 1,124 557 430 1,449 483 346 420 368 735 June 17 10, 500 777 2,835 976 1,124 557 430 1,449 483 346 420 368 735 All other earning assets: May 27 2,250 2,250 June 3 2,250 2,250 „...-.,) June 10 2,250 2, 250 June 17.. ..- 2,250 2,250 Total earning assets: May 27 1,054, 376 76, 237 241, 731 84,402 101,217 63,931 45, 745 128,652 68,333 34,057 60,808 46, 649 102,614 June 3 1, 064,151 81,196 240,138 78,74c 98,845 66, 596 49,945 125, 749 73,358 42,013 58,866 47, 354 101,346 JurielO. _._ _ ... 1,064, 684 70,850 261,596 76,915 97, 209 62,998 51,125 126,198 65,689 43,076 55,878 47,932 105,218 June 17 1,007,196 67, 550 210,220 79,064 98,451 68,221 56,854 126, 526 56,063 40, 552 53,546 47,662 102,487 Uncollected items: May 27 584,282 53,238 134,493 58,101 54,743 49,471 29,076 75,941 28,401 12, 749 34,109 20,987 32,973 June 3 683, 820 60, 705 172,727 66,622 61, 615 52,05f> 27,362 88,139 38, 613 14,183 41, 723 24,646 35, 399 June 10._. _ 618, 656 53,327 137,955 57,961 54, 691 52, 582 33,194 77,758 34,030 14,693 37,756 25,141 39,568 June 17 811,856 79, 781 204,762 77,654 75, 770 65,847 35, 395 106,085 38,562 15, 655 41, 793 27,468 43,084 Bank premises: May 27 59,867 4,190 16,872 1,122 7, 573 2,446 2,780 8,099 4,351 3,049 4,275 1,833 3,277 June 3 _ . 59,874 4,190 16,873 1,122 7,573 2,446 2,780 8,099 4,357 3,0-19 4,275 1,833 3,277 June 10-. _ 59,976 4,190 16,885 1,139 7, 573 2,446 2,780 8,099 4,364 3,049 4,339 1,833 3,279 June 17 60,162 4,190 16,890 1,139 7,573 2,446 2,780 8,099 4,545 3,049 4,339 1,833 3,279 AH other resources: May 27 23, 792 55 7,424 421 298 717 2,798 1,410 330 3,383 594 1, 585 4,777 June 3 _ __ __ 23,518 46 7,397 434 275 687 2,752 1,376 326 3,204 627 1,624 4,770 June 10 23,949 138 8,042 446 290 676 2,721 1,374 327 2,889 615 1, 651 4,780 June 17 21,136 67 5,878 153 288 667 2,677 1,361 320 2,855 470 1,627 4,773 Total resources: May 27 4,756, 592 415, 6851,403,724 369,833 471, 589 202,653 244,928 587,049 174,860 138,620 191,846 136,662 419,143 June 3 4,837,457 426,1671,417,431 379,017 484,722 202,838 245, 514 597,824 179, 506 139,841 200,308 142,686 421,603 June 10 _. .4, 787,480 414,9461,390,566 368,780 474,856 208, 582 249, 538; 598,641 172,164 142, 207 199,483 139,065 428,652 June 17 4,922,689 420,8301,445,196 387, 785 483,492 216,055 250,661 638,145 175,867 141,194 200,453 140,487 422, 524 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUL.Y, 1925 FEDERAL RESERVE BULLETIN 507 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES [In thousands of dollars] Total Boston Y N o e r w k a P p d h h e i i l a l - - C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n is e-K C a i n t s y as Dallas F c S i r s a a c n n o - Federal reserve notes in actual circulation: May 27 670,635 203,609 332,023 156,923 204,923 70,693 136,452 158, 521 46,459 61,607 62, 262 40,843 196,320 June 3-__ 674, 686 202, 271 334, 243 156,370 202,998 71,111 136,425 158, 511 46,371 62, 056 63, 211 40,975 200.144 June 10 659, 673 194,620 327, 287 156, 249206,938 70, 814136, 702 157,884 45,139 62, 271 63,136 39,988 198, 645 June 17 643,047 189, 493 327, 221 155, 323201,069 70,461 135, 970 156,876 45,093 62, 287 62, 850 39, 259 197.145 Deposits: Member bank reserve account- May 27 , 138,174 131, 790 842, 707 125,978 174,651 63, 290 68,325 304,166 79, 371 52, 313 82, 761 56,848 155, 974 June 3 , 146,921 136, 626 832,881 130,342 182,056 61,995 71,831 305,000 76,115 51, 797 83, 637 61, 397 153, 244 June 10 , 156,090 138, 723 830, 593 127,913 175,091 64,768 70,003 316,469 75,920 53,395 86, 656 57, 746 158, 813 June 17 , 212, 772 150, 627 851,090 131,465 176, 532 64,496 69, 296 341,134 76, 763 52,661 85,426 58, 201 155, 081 Government- May 27 38,624 I,1 5,365 2,905 2,756 4,333 6,421 3,599 1,159 1,844 2,791 3,486 June3 39,032 1,701 7,607 1,593 4,294 2,347 2,499 10, 045 2,086 1,384 2,134 1,237 2,105 June 10 44,404 4,254 8,451 1,.""" 6,434 4,619 3,807 5,856 2,300 939 1,650 1,583 2,943 June 17 5,364 133 217 344 179 925 641 27 690 312 Other deposits— May27 25,076 15,281 1,249 163 136 1,109 962 258 441 164 4, 597 June3 36,192 923 17,241 3,576 1,538 133 2,447 2,147 316 1,410 185 4,888 June 10 25,112 290 14,164 510 1,176 202 207 1,337 1,392 304 466 175 4,889 June 17 26,466 345 13,894 1,007 ir~ 333 210 2,044 400 646 340 4,964 Total deposits: May27 ,201,874 134,073 863, 353128, 376178,805 66,209 72,794 311, 696 83,932 53, 730 85, 046 59, 803 164,057 J J u u n n e e 3 10 r , 2 22 2 5 2 , ,1 6 4 0 5 6 1 1 4 39 3 , , 2 2 6 5 7 0 8 8 5 5 7 3 , , 7 2 2 0 9 8 1 12 3 9 3 , , 3 9 2 9 3 1 1 18 8 2 9 , , 9 7 2 0 6 1 6 6 5 9, , 5 r 89 7 74 4 , , 4 0 6 1 3 7 3 32 1 3 7 , , 4 6 9 6 2 2 8 7 0 9 , , 3 61 4 2 8 5 5 4 3 , , 4 6 9 3 7 8 8 88 7 , , 1 7 8 7 1 2 6 5 2 9 , , 5 8 0 1 4 9 1 1 6 6 0 6 , , 2 6 3 4 7 5 June 17 , 244, 602 151,105 865, 201132, 641178, 274 65,008 70, 431344,117 78,289 53,849 86, 099 59, 231 160,357 Deferred availability items: May 27 537,025 52,459 114,469 52, 694 51,168 47, 225 21, 397 69,032 28,844 11, 532 30,1 23, 425 34, 091 June 3 593, 749 59,143 131, 692 57, 506 55,119 47,307 20,316 74,020 37,157 12, 529 36,075 36, 596 Cap J J i u u ta n n l e e p 1 1 ai 7 0 d in: 6 55 8 4 7 , ,1 5 5 1 6 7 5 51 4 , , 1 5 0 4 0 0 1 1 1 5 6 8 , , 1 9 4 0 3 7 6 5 7 0 , , 9 7 9 0 5 2 4 67 8 , , 4 4 9 3 0 4 4 6 9 2 , , 0 5 0 9 2 8 2 2 9 4 , , 4 9 7 0 4 3 8 6 9 9 , , 3 2 0 2 1 3 3 31 6 , , 8 7 3 8 3 1 1 1 3 3 , , 2 2 1 9 6 7 3 3 7 3 , , 6 7 4 1 7 2 2 2 6 9 , ,3 9 6 5 4 0 3 4 8 0 , , 3 6 7 8 3 8 J J M u u n n a e y e 2 3 1 7 0 1 1 1 1 1 1 5 5 5 , , , 5 5 52 3 2 7 9 5 8 8 8 , , , 4 4 4 8 7 8 6 8 6 3 3 3 1 1 1 , , , 5 5 5 5 5 5 5 5 5 1 1 1 1 1 1 , , , 2 2 2 1 1 1 6 6 2 1 1 1 2 2 2 , , , 9 9 9 6 6 6 8 8 8 5V V ,9"93 4 4 4 , , , 6 6 6 1 2 2 4 3 3 1 1 1 5 5 5 , , , 5 5 5 4 4 4 7 7 8 5 5 5 , , , 1 1 0 0 0 9 4 0 7 3 3 3 , , , 2 2 2 4 3 3 4 7 6 4 4 4 , , , 3 3 3 3 2 2 8 6 6 4 4 4, , , 2 2 2 9 9 8 7 5 6 8 8 8 , , , 1 1 1 8 9 8 1 3 7 June 17 115, 543 8,486 31, 570 11,217 12,977 5,995 4,618 15, 550 5,096 3,235 4,323 4, 293 8,183 Surplus: May 27 217,837 16,382 58,749 20,059 22,462 11,701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 June3.__ 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 June 10 217,837 16, 382 58, 749 20, 059 22, 462 11,701 8, 950 30,426 9,971 7,497 8,977 7,592 15, 071 June 17 217,83' 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: May27.___ _.. 13, 696 684 3, 575 565 1,263 832 721 1,826 550 1,010 534 713 1,423 June3. 13, 501 635 3,463 543 1,249 846 737 1,828 559 1,025 538 716 1,362 June 10 14,320 651 3,624 567 1,297 887 772 1,899 564 1, 349 560 734 1,416 June 17 14, 504 1,264 3,548 550 1,276 888 789 1,875 585 1,029 557 748 1,395 Total liabilities: May 27 4, 756,592 415,6851,403,724 369,833 471,589 202,653 244,928 587,049 174,860 138, 620191,846 136,662 419,143 June 3 4, 837, 457 426,167 1,, 417,,431 379, or 484, 722202,838 245,514 597,824 179, 508 139,841 200, 308142, 686421,603 June 10 4, 787, 480 414,946 1,390,566 368, 780474,856 208,582 249,538 598,641 172,164 142, 207199,483 139,065 428,652 June 17 4,922,689 420,8301,445,196 387,785 483,492 216,055 250,661 638,145 175,86^ 141,194 200,453 140,487 422,524 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent): May 27 81.8 82.6 78.6 79.6 60.3 76.4 78.0 53. 73.1 61.1 62. 75.6 June 3 75. 80.5 81.0 79.5 79.8 56.9 75.3 77.4 46.5 66.3 61.7 76.0 June 10 76.3 83.1 80.3 80.6 80.2 61.8 73.6 78.6 50.9 66.2 65.0 60.3 74.7 June 17 76.3 77.5 83.0 79.1 78.5 55.9 72. 77. 58.6 67.3 65.9 60.4 74.4 Contingent liability on bills purchased for foreign correspondents: May 27 35, 780; 2,775 8,410 3,487 4,011 1,987 1,537 5,174 1,725 1,237 1,500 1,312 2, 625 June 3 35, 069 2,61" 9,250 3,289 3,784 1,875 1,450 4,881 1,627 1,167 1,415 1, 238 2,476 June 10... 34,034 2,530 9,080 3,179 3,658 1,812 1,402 4,717 1,572 1,128 1,367 1,1961 2, 393 June 17 33,482 2,530 8,528 3,179 3,658 1,812 1,402 4,717 1,572 1,128 1,367 1,196! 2, 393 Own Federal reserve notes held by Federal reserve bank: May 27 302,458 38,073 122, 503 30,993 14,094 15,346 13, 759 8, 875' 5,712 3,338 8,93' 5, 372 35, 456 June 3 288,952 29, 290 118, 560 32,189 17,354 13, 769' 13,079 10, 621! 5,421 2, 851 8,110 4, 918 32, 790 June 10 310,135 29,095 127, 71 33, 781 19, 704 15,351 12,620 10,352 6,009 3,034' 8, 389 5,285 38, 798 June 17 312,261 25,264 129,852 35,254 22, 508 14,509 13,228 10,240' 5,697 3,270! 5,603 38,767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN JULY, 1025 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS, AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y 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 e t r h 6 s Bills discounted: May 27 413,999 302,955 22,653 37,938 23,386 24,523 2,544 June 3 _ . 412,342 295,716 27,948 37,611 23,093 26,512 1,462 June 10 417,134 303,262 26,274 35,885 22,580 27,911 1,222 June 17 _ 441,964 330,730 23,860 34,825 23,488 28,381 680 Bills bought in open market: May 27 - . 278,413 • 105,406 56,877 64,199 48,181 3,750 June 3 - _ . 284,954 101,805 61,614 63,887 50,804 6,844 June 10 274,952 106,694 50,124 65, 730 44,696 7,708 June 17 246,083 86,923 45,275 65,788 41,417 6,680 United States certificates of indebtedness: May 27 22, 298 50 16,231 6,017 June 3 _ . . -.-. 21, 567 1 15,395 6,171 June 10 21,918 184 15, 257 6,477 June 17 - 31,882 8,094 10,805 5,865 7,118 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars.] Total Boston Y N o e r w k d P e h l i p l h a- ia C la le n v d e- m Ri o c n h d - Atlanta c C a hi g - o L S ou t. is M ap in o n li e s - K C a i n t s y as Dallas F c S i r s a a c n n o - Net amount of Federal Reserve notes received from Comptroller of Currency: May 27.... 2, 958, 665306,032 769,466 223,316 259,217 108,614 218,465 436,203 77, 531 88,336 98,722 69,387 303,376 June 3 2,955,645 303,311 767.743 230,559 258, 652 107,455 217,678 434,439 76, 752 87,713 99,344 303,134 June 10 -.. 2,974,405 302,085 766.744 227,430 279,642 110,960 216, 546431, 743 76,108 87,411 99,348 8,145 308,243 June 17 2,963,134 301, 327 765,213 224,577 277,377 109,764 215,892 432,623 75,750 87,823 98,342 67,734 306,712 Federal reserve notes on hand: May 27 985, 572 64,350 314,940 35,400 40,200 22, 575 68,254 268,807 25,360 23,391 27,523 23,172 71,600 June 3 992,007 71,750 314,940 42,000 38,300 22, 575 68,174 265,307 24,960 22,806 28,023 22,972 70,200 June 10 1,004,597 78,370 311, 740 37,400 53,000 24, 795 67,224 263, 507 24,960 22,106 27,823 22,872 70,800 June 17 1,007,826 86, 570308,140 34,000 53,800 24,794 265,507 24,960 22,266 27,423 22,872 70,800 Federal reserve notes outstanding: May 27 1,973,093 241, 682454, 526 187,916 219,017 150,211 167,396 52,171 64,945 71,199 46,215 231, 776 June 3 1,963,638 231, 561452,803 188,559 220,352 84,880 149,504 169,132 51,792 64,907 71,321 45,893 232,934 June 10 1,969,808 223,715 455,004 190,030 226,642 86,165 149,322 168,236 51,148 65,305 71, 525 45, 273237,443 June 17 _ 1,955,308 214,757 457,073 190,577 223, 577 84,970 149,198 167,116 50,790 65, 557 70,919 44,862 235,912 Collateral security for Federal reserve notes outstanding: Gold and gold certificates— May 27 31,050 6,000 8,780 2,000 9,000 13,975 13,052 18,011 June 3-_. 287,666 31,050 6,000 8,780 2,000 9,000 13,075 13,052 18,011 June 10 287,666 31,050 6,000 8,780 2,000 9,000 13,075 13,052 18,011 June 17 __. _. 286,016 31,050 5,600 8,780 2,000 9,000 12,775 13,052 17,061 Gold redemption fund— May 27 105,154 11,845 28, 580 13,699 11,625 3,020 4,799 2,086 1,323 3,045 2,963 16,984 June 3. 9,124 28,545 10,942 11,259 1,861 4,784 1,307 1,200 4,468 3,441 16,703 June 10 110,983 14,898 28,545 12,813 11,550 3,406 8,266 4,784 1,663 1,897 3,972 2,720 16, 469 June 17 __ 104,643 11,140 28,461 9,961 11,184 4,711 7,612 4,740 1,306 1,310 4,766 3,310 16,142 Gold fund—Federal Reserve Board- May 27 1,127, 517 149,000 141,000 114, 389 150,000 32,295 109,000 130,645 9,000 40,000 49,360 14,000 188,828 June 3 1,118,996 149,000 141,000 118,889 150,000 32,295 107,000 130,645 4,000 40,000 47,360 11,500 187, 307 June 10 _.1,117,978 139,000 141,000 121,389 160,000 29,295 99,000 130,645 9,000 39,000 51,360 12,500 185, 789 June 17 1,109,674 139,000 141,000 160,000 26,295 93,000 130,644 10,000 39,000 49,360 6,500 187,986 Eligible paper— Amount required- May 27 451,856 49, 787 98,248 53,828 48,612 48,724 27,026 31,952 27,110 10, 570 18,794 11,241 25,964 June3 458,944 42, 387 96, 560 52,728 50,313 48,724 29,106 33, 703 33,410 10,655 19,493 12,941 28,924 June 10 453,181 38,767 98,761 49,828 46,312 51,464 33,056 32,807 27,410 11,356 16,193 12,042 35,185 June 17 454,975 33,567 100,914 48,127 43, 613 51,964 39, 586 31, 732 26, 709 12,195 16, 793 17,991 31,784 Excess amount held— May 27 216,494 21,337 67,392 975 22,983 8,245 871 51, 962 4,610 5,655 3,989 2,514 25,961 June 3 216,828 33,857 60,955 540 17, 577 3,187 48,320 3,542 13, 507 2,151 1,195 22,014 June 10 . 218,457 26,826 77,949 1,150 20,736 4,280 332 48,823 1,585 13, 713 2,480 2,278 18, 305 June 17 204,420 28,743 31,387 971 27,714 9,441 2,822 54,408 284 12,417 6,668 1,535 28,030 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 509 FEDERAL RESERVE BANKS—EARNING ASSETS HELD AND EARNINGS THEREON, MAY, 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 C ca h g i o - L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F S r a a n ncisco HOLDINGS ON MAY 31, 1925 Total earning assets 1,100,098 84,559 248,886 89,101 99,141 67,720 52,286 139,631 71,055 33,778 62,389 46,925 104,627 Bills discounted for members- 451,273 42,686 108,494 46,282 44,736 50,274 24,886 57,294 23,492 5,422 9,416 5,220 33,371 Bills bought in open market 287,960 36,814 75,782 21, 660 25, 628 10,664 10,181 39,022 11,981 10,664 15,423 8,719 21,428 United States securities 348,115 4,282 61,775 17,933 27,653 6,225 16.789 41,866 35,099 17, 346 37,430 32,618 49,099 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 2,250 2,250 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s 162,612 24,205 9,617 8,207 9,646 30,064 18, 039 21,852 16,906 4,702 5,851 3,455 10,068 Trade acceptances, domestic. 3,067 206 163 125 834 545 293 732 151 18 Secured by U. S. Government obligation53 1 087 199 351 330 123 28 7 17 32 Member bank collateral notes: Secured by U. S. Government obligations 227,157 18,076 72,961 27,399 31,533 13,867 5,422 34,158 6,211 608 3,168 422 13, 332 Otherwise secured - 57, 350 25,753 10,551 2, 372 5,468 1,009 524 217 112 80 1,343 9,921 Total discounted bills 451, 273 42, 686 108,494 46,282 44,736 50, 274 24,886 57,294 23,492 5,422 9,116 5,220 33, 371 Bills Bought Bankers' acceptances based on— Imports --- 128, 672 15,910 36,050 8,115 12, 254 5,367 3,794 14,089 5,952 5,021 6,282 4,126 11,712 Exports 109,028 12,064 25, 262 8,891 9,198 2,666 5,439 17, 207 4,809 4,631 7,856 4,023 6,982 Domestic transactions 43,127 8,800 9,444 4,264 3,908 2,551 908 7,096 1,095 958 1.120 500 2,48* Dollar exchange bills 3,205 40 1,098 390 268 80 40 630 125 54 ' 165 70 245 All other 3 233 3,233 Trade acceptances based on imports 695 695 Total purchased bills.. 287,960 36,814 75,782 21,660 25, 628 10, 664 10,181 39,022 11,981 10,664 15,423 8,719 21,422 United States Securities United States bonds 85,073 583 8,542 637 9,520 1,779 3,131 20, 325 4,766 8,736 12, 258 9,950 4,846 Treasury notes 241.797 658 51,957 17, 236 12,724 4,344 12, 425 20, 735 29,514 8,403 22,790 22,124 38,887 Certificates of indebtedness - 21, 245 3,041 1,276 60 5,409 102 1,233 806 819 207 2,382 544 5, 366 Total U. S. securities 348,115 4,282 61,775 17,933 27,653 6,225 16,789 41,866 35,099 17,346 37,430 32,618 49,099 DAILY AVERAGE HOLDINGS DURING MAY Total earning assets l. 1,049, 232 75,011 271,401 85,655 98, 638 63, 563 41,951 137, 716 52,072 37,135 54,125 38,673 93,292 Bills discounted 398,413 28,703 105, 318 37,625 39,619 47,695 20, 538 49,590 18,500 6,167 7,740 4,298 32,620 Bills bought 277,523 32,124 73,982 24,028 24,182 10,578 10,977 38,481 10,727 13, 275 13, 556 7,724 17,889 United States securities 360,922 13, 407 89, 266 21, 273 33,713 4,733 10,006 48,196 22, 362 17, 346 32,288 26,284 42,048 Foreign loans on gold.. _- 10, 500 777 2, 835 976 1,124 557 430 1,449 483 347 420 367 735 EARNINGS DURING MAY Total earning assets * 3,121 210 786 256 286 205 128 427 159 114 165 116 269 Bills discounted 1,249 86 313 112 118 162 68 169 63 21 26 14 97 Bills bought 742 86 196 65 65 28 29 103 29 35 36 21 49 United States securities 1,095 36 268 71 100 13 30 151 6f 57 102 80 121 Foreign loans on gold.. 30 9 3 3 1 1 1 1 2 ANNUAL RATE OF EARN- INGS Total earning assets l 3.50 3.30 3.41 3.51 3.41 3.80 3.69 3.65 3.58 3.62 3.60 3.55 3.39 Bills discounted 3.69 3.50 3.49 3.50 3.50 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.50 Bills bought 3.16 3.16 3.13 3.17 3.17 3.18 3.21 3.15 3.15 3.15 3.13 3.16 3.24 United States securities 3.57 3.18 3.54 3.92 3.48 3.14 3.58 3.68 3.45 3.84 3.70 3.59 3.37 Foreign loans on gold 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3.50 3. 50 3.49 3.50 i Includes average daily holdings of Federal intermediate credit bank debentures, earnings, and annual rate of earnings thereon, as follows: Philadelphia, $1,753,1)00, $4,930, and 3.31 per cent; Kansas City, $121,000, $364, and 3.54 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL. RESERVE BULLETIN JULY, 1925 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING MAY, 1925 [Amounts in thousands of dollars] i Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - K C a i n t s y as Dallas F c S i r s a a c n n o - Volume of Operations Total (all classes) 2,427, 991 159, 7721,190, 648 140, 651 159,423 187,795 56,631 201,030 85,691 9,993 40,826 25,845 169,686 Bills discounted for member banks 1,980, 725 122, 5161, 002,188 128, 755 142, 225 177, 578 36,397 164, 614 50, 863 4,811 12,009 6,485 132,284 Bills bought in open market 296, 237 33, 745 147,106 9,719 15,182 7,214 6,618 25, 278 8,335 4,399 12,120 5,506 21,015 Bills bought from other Federal reserve banks 6 6 U. S. securities bought in open market 70, 274 3,511 41, 348 577 2,016 163 713 11,138 741 783 5,889 1,348 2 047 U.S. securities bought from other Federal reserve banks... 79,149 2,840 12, 903 25, 752 10, 808 12, 506 14,340 Bills Discounted Rediscounted bills: Commercial, agricultural, and livestock paper, n. e. s. 120, 208 5,896 8,423 5,424 8,194 16, 7352 17, 939 19, 281 25,415 2,447 2,818 2,231 5,405 Demand and sight drafts 633 84 375 95 79 Trade acceptances 1,783 175 117 66 569 370 227 154 70 35 Secured by U. S. Government obligations 481 16 172 212 64 5 6 2 4 Member bank collateral notes: Secured by U. S. Government obligations . 1,493,924 116,429 775,104 92, 728 109, 501 119,982 16,605 142, 924 24,005 2,116 8,878 1,845 83,807 Secured by eligible paper 3__- 363, 696 218, 544 30, 537 23, 789 40,279 1,478 2,250 992 248 311 2,314 42,954 Total bills discounted 1,980, 725 122, 5161,002,188 128, 755 142, 225 177, 578 36, 397 164,614 50, 863 4,811 12, 009 6,485 132, 284 Average rate (365-day basis)— percent 3.71 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): Member bank collateral notes 3 6.58 7.35 5.46 9.19 7.19 3.40 12.77 13.05 9.09 10.96 6.64 9.68 6 62 Rediscounted bills 58.10 45.16 40.78 55.31 53.28 58.66 48.80 55.92 57.42 96.50 102. 27 102.14 92.57 Number of member banks on May 31 9,550 420 866 746 866 607 501 1,406 626 862 1,050 848 752 Number of banks accommodated during the month 3,209 189 387 378 313 325 237 497 204 145 155 149 230 Per cent accommodated 33.6 45.0 44.9 5,0.7 36.1 53.5 47.3 35.3 32.6 16.8 14.8 17.6 30.6 Bills Bought in Open Market From— Member banks 72,155 12,304 17,985 3,853 6,991 2,817 2,661 8,912 3, 317 1,818 4,176 2,395 4,926 Nonmember banks, banking corporations, etc.— With resale agreement 140, 402 13, 491 112, 823 6,151 7,937 Allother 83, 680 7,950 16, 298 5,866 8,191 4,397 3,957 10, 215 5,018 2,581 7,944 3,111 8,152 Total bills bought.... 296, 237 33, 745 147,106 9,719 15,182 7,214 6,618 25, 278 8,335 4,399 12,120 5,506 21, 015 Rates charged: 3 per cent 175, 660 6,226 130, 022 1,238 5,470 2,631 2,726 7,208 3,243 2,052 7,264 1,852 5,728 3^8 P^r cent 94,871 21,875 14,861 7,904 8,946 3,286 3,053 12,835 4,883 2,291 4,631 3,548 6,758 Zx/i per cent... 23, 258 4,966 1,477 377 746 1,297 306 5,020 202 225 106 8,529 3 % per cent 1 149 588 97 200 215 49 V/i per cent 766 90 649 20 7 4 per cent 533 533 Average rate (365-day basis)— per cent 3.15 3.17 3.10 3.25 3.16 3.17 3.23 3.19 3.15 3.15 3.13 3.15 3.18 Average maturity (in days) * 50.67 64.04 44.38 58.95 52.60 48.52 47.96 53.20 49.52 47.59 40.81 52.36 47.18 Class of bills:* Bankers' acceptances- Based on imports 54, 298 7,368 11,593 3,586 4,682 2,568 2,209 6,247 2,195 1,556 3,887 1,994 6,413 Based on exports 51, 764 4,795 10,992 3,475 5,825 2,353 2,874 6,086 3,726 1,779 4,238 2,249 3,372 Based on domestic transactions 25, 589 4,585 5,103 2,583 2,951 1,447 685 3,605 1,081 590 896 424 1,639 Dollar exchange 1, 841 35 608 168 70 40 285 50 165 21 324 Unclassified ._ 21,875 3,471 5,519 1,556 776 810 2,904 1,283 474 • 2,934 818 1,330 Trade acceptances—foreign- 468 468 Total 155, 835 20, 254 34, 283 9,719 15,182 7,214 6,618 19,127 8,335 4,399 12,120 5,506 13, 078 United States Securities Bought in Open Market United States bonds 5,477 444 4,741 287 5 Treasury notes 54,865 3,426 40,216 577 2,016 163 89 2,804 690 783 998 1,061 2,042 Certificates of indebtedness 9,932 85 1,132 180 8, 334 51 150 Total United States securities bought 70, 274 3,511 41,348 577 2,016 163 713 11,138 741 783 5,889 1,348 2,047 1 Includes $1,600,000 Federal intermediate credit bank debentures. 2 Includes $250,000 discounted for the Federal intermediate credit bank of Columbia, S. C. 3 Including bills taken under a resale agreement. 4 Exclusive of acceptances bought under a resale contract. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 511 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal reserve district Boston m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Number of reporting banks: May 20 736! 106 100 70 May 27 7361 106 100 70 June 3 734 104 100 70 June 10 7331 103 100 70 Loans and discounts, gross: Secured by U. S. Government obligations- May 20 183,107 8,905 66,909 13,061 18,504 6,193 7,779 31.951 10, 253 2,720 3,763 2,999 10,070 May 27 178,163' 7,685 66, 257i 13, 244 18, 588 6,333 8,965 27, 362 10, 212 2,697 3,748 3,332 9,740 June 3 175, 776| 8,031 65,133 13, 585 18,502 6,204 7,678 26.952 10,127 2,862 3,718 3,:"" 9, 715 June 10 178, 730! 7,912 67,476 13,174 18,256 6,225 7,903 27,900 10, 285 2,856 3 3,235 9,625 Secured by stocks and bonds- May 20 4, 847,438 292,1352,173,009 330,491 459, 250 128, 934 82, 260 749,761 171,762 53, 874 107,107 71, 276 227, 579 May 27 4,894, 846 300, 942 2,196, 278 331, 357 470, 53, 128,037 87, 581 755,299 170,553 53,993 103, 624 71, 420 225, 227 June 3 4,965,001 325, 760 2, 216,025 333, 782 471, 516 127, 752 85, 709 772,949; 167,537 59, 111 105, 063 69,992 229, 805 June 10 4,956,034 322,1312,!, 196, 309 339,909470,998 129,016 87,043 769,619', 169,013 68,894 102,996 70,149 229,957 All other loans and discounts— May 20 8,066, 563 636, 548 2, 5606,6,9 (4 365, 519 739,978 348, 239 380, 360 1,, 223, 063302, 888 171,539 317,375 214, 793 859, 567 May 27 8, 034, 921 639, T" \ 504, 864 360,854 736,005 351, 469 378, 037 l, 204, 067298,173 172,845 318,459 212, 511 857, 652 J J u u n n e e 3 10 8 8, , 0 0 5 3 4 9 , , 8 3 4 9 9 5 6 V 6 S 3 3 ^ 2 M 8 , , , 4 V 3 2 7 9 -» 4 . 2 ^ 2 j , , 4 O ; 9 i 8 ly , 5 O 6 OO 4 3 3 5 6 6 0 , , 6 6 9 6 0 2 7 7 4 4 2 7 , , 8 2 0 7 6 9 3 3 5 5 1 2 , , 9 6 4 2 0 7 3 3 7 7 5 5 , , 2 9 8 88 8 i 1 ; , , 2 2 1 1 2 8 , , 9 3 1 0 7 8 2 29 9 5 4 , , 6 9 5 7 8 7 1 1 7 7 4 4 , , 6 2 2 7 7 2 1 3 3 1 1 8 8 , , 6 9 5 4 9 32 21 1 3 2 , , 8 3 0 8 8 4 8 86 5 0 5 , , 3 34 4 1 5 Total loans and discounts— May 20 13, 097,108 937, 588 4, 746, 612709, 071 , 217, 732483, 366 470, 399 2,004, 775484,903 228,133 428,245 289.068 1,, 097, 216 May 27 Jl3,107, 948, 612!4, 767, 399 705,455 , 225,128485,839 474, 583 1986, 728478,938 229,535 425,831 287, 263 1, 092, 619 June 3. 13,180,172 966,165J4, 792, 516 704, 057 , 232, 824485,896 468, 675 2,012, 818 472, 322236,245 427,724 286.069 1, 094,861 June 10 13,189, 613 968, 472 4, 762,349 713, 745 , 236, 533 470, 934 2,0'1 5-;», 827475, 275246,377 425,538 286; 768 1, 099,927 U. S. pre-war bonds: May 20 220, 201 9,665 39,854 9,808 31, 803 24,838 14,954 17,866 12, 708 9,333 18, 212 24, 264 May 27 218, 674 9,691 39,879 9,595 30,806 25,:""" 14, 893 17, 794 12, 708 9,333 17, 679 24,112 June 3... 218, 740 9,691 39, 822 9,594 30, 805 25,188 14, 894 17, 644 12, 707 9,357 17, 980 24,162 June 10 218,355 9,791 39,473 9,620 30,805 25, 213 14,890 17, 644 12,707 6,811 9,358 17,982 24,061 U. S. Liberty bonds: May 20 1,378,812 76,101 597, 658 55,105 158,183 34, 263 14,185 175,045 40, 570 25, 641 46,457 18,101 137, 503 May 27 1,352,943 76, 304 588, 674 55,821 160,875 33, 758 14, 547 174, 619 23,351 24, 987 47,486 18, 229 134, 292 June 3 1, 366,190 76,399 607, 818 56,181 158, 719 33,826 12, 512 170, 509 21, 367 24,971 18,104 137,436 June 10 1, 378, 873 77, 225 612, 663 52, 720 164, 501 12,368 170, 579 22, 076 25,060 48,822 17,952 138, 099 U. S. Treasury bonds: May 20 446, 437 22,100 179, 639 21, 357 35,061 12,204 5,843 61, 959 14,077 11,228 18,455 8,758 55, 756 May 27 449, 741 22,153 178, 652 21, 276 34, 535 11, 407 5,584 63,491 13, 986 11, 740 18,17 9,288 59,450 J Ju u n n e e 3 10 4 4 4 4 5 1 , , 7 5 6 7 1 4 2 2 2 0 , , 0 9 7 9 6 6 1 1 8 7 1 8 , , 4 1 1 0 4 7 2 21 0 , , 8 3 6 9 8 6 3 32 3 , , 0 9 8 6 1 8 1 1 1 0 , , 1 3 3 8 4 4 6 5, , 0 5 9 6 0 3 6 62 5 , , 3 55 8 1 5 1 14 3 , , 1 2 9 3 4 9 1 1 1 1 , , 9 9 2 2 0 0 1 17 8 , , 2 5 7 2 3 9 8 8, , 4 9 0 4 9 4 5 5 5 5 , , 2 6 0 8 7 7 U. S. Treasury notes: May20 425,425 7,223 193,964 12,300 42,822 1,526 3,287 85,485 9,217 18.357 16,169 9,058 26, 017 May27 426, 327 7,227 198, 029 12, 770 40,658 1,423 3,172 84, 520 11,055 18.358 14, 547 25,636 June 3 432, 574 7,224 205, 941 12, 650 38, 507 1,424 2,666 84, 740 11, 521 18,358 14, 913 9,001 25, 629 June 10 438, 902 7,575 207, 524 12,093 41, 758 1,488 3,177 85,269 11, 907 18,360 15,161 9,022 25, 568 U. S. Treasury certificates May20 108, 670 2,931 56,439 6,177 7,419 1, 583 8,409 2,273 2,852 3,098 2,860 14,141 May 27 106,162 2,932! 55,679 6,053 7,453 457 1, 589; 6,727 2,202 2,752 3,904 2,726 13, 688 June3 113,103 2,874i 62, 669 6,053 7,461 1,957 1,5411 6,726 2,752 3,019 2,726 13,332 June 10 112,722 1,873 64,104 6,057 7,532 V 1, 542 6, 443 1^919 2,752 2,983 2,571 12,977 Other bonds, stocks, and securities: May 20 .._.. 2,906, 566 199,070 1,132,441 258,490 355,536 62,837 47,203 418,984 108,554 40,605 75,411 19,694 187,741 May 27 2,931,498 200,1651,131,183 261,971 358,822 61,887 44, 421 421,040 124,838 41,073 76,099 19, 774 190, 225 June 3 2, 927,063 197, 5561,138, 477 260, 381 352,3061 62, 711 44,047 428, 217 115,891 41,106 75, 755 19,653 190,963 June 10 2, 930, 546 198,2641,135,495 262,002 350,087 62, 603 43, 937 430, 792 113,899 41,102 76,848 19,458 196,059 Total investments: May 20 5,486,111 317,090:2,199,995 363, 237 630,824 136,156 87,055 767,748 187, 399 105, 579 168,923 76,683 445, 422 May 27 5,485,345 318,472 2,192, C96 367,486 633,149 134,220 84,206 768,191 188,140 105,806 169, 548 76, 628 447,403 June 3 5, 503, 244 315,820 2,232,834 365,727 620, 879 136, 490 81,750 773,221 177, 718 106,003 169, 665 446, 729 June 10 5, 521,159 315, 724 2,240, 673 363,888 627, 651 138, 215 81,477 773, 278 175, 702106,005 170, 701 75,394 452, 451 Total loans and investments: May 20 18, 583, 219 254,678 6,946,607 1,072,308 1.,, 848, 556 619, 522 557,454 2, 772, 523672, 302333, 712 597,168 365, 7511, 542, 638 May 27 18, 593, 275 267, 084 6,959,495 11,072,94111,858, 277 620, 059 558,789 2, 754:,, 9"1 9" 667,078 335,341 595,37" 363,891 1,540,022 June 3 18, 683,416 281,985 7,025, 350 11, 069, 7841,853, 703 622, 386 „5.5,0„,,4 2_5_ 2,, 7,8v6,J,,039 650,040342, 248 597, 389 362,477 1,, 541, 590 June 10 18, 710, 772 284,196 7, 003,, 002222 ,11 077,6331,864,184 626, 083 552,411 2, 789,105 650,977352, 382 596, 239362,1621, 552, 378 Reserve balances with Federal reserve banks: May 20 1,591,110 91,455 734,938 82,502 119,746 38, 263 235,555 44,214 22,926 50,556 27,383 104,584 May 27 1,608,346 87,796 757,123 78,190 123, 286 38,263 40,885 223,556! 49,766 25,405 50,446 28, 238 105,392 June 3 1,611,039 90,197 747, 764 80,147 128, 761 38,131 43, 227 226,710! 44,242 24,632 51,147 33,061 103,020 June 10 1,619,400 93,461 745,379 79,038 122, 254 39, 387 40,977 237,082! 44,597 25,850 54,354 28,989 108,032 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN Jur,Y, 1925 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal reserve district Total Boston Y N o et r f k r d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s -K C an it s y as Dallas Francisco Cash in vault: May 20 .._. 275,694 20,869 77,106 16, 586 29,993 13,665 10,926 50,524 6,971 5,487 12,083 10,559 20,925 May 27 _.. 284,987 20,986 82,188 16, 759 30,925 14, 758 10,497 49,297 7,552 5,968 12, 781 10,867 22,409 June 3 277,619 20, 610 77,493 15,872 30,258 14,832 10,071 51,144 7,718 5,527 11,941 10,550 21,603 June 10 286,025 21,648 80,228 16, 392 31, 921 14,382 10, 979 51,540 7,380 5,947 12,807 10, 722 22,079 Net demand deposits: May 20 12,694,068 861,609 5, 558,676 773,307 347,039 325,574 1745,277 389,278 209,154 467,957 260,803 758,908 May 27 12,644, 776 856,881 5,549,665 763,425 346,496 331,216 1,721,958 383, 504217,112 468,175 258,407 754,038 J J u u n n e e 3 10 1 12 2 , , 8 7 1 9 8 1 , , 3 3 1 1 9 5 8 8 — 7 6, 4 2 , 2 , ,26 " 6 2 4 • 4 8 4 5 , 5 6 , 2 5 7 8 , 5 0 , 4 6 9 90 7 76 7 7 1 , , 9 0 —3 2 6 8 1; 1 . . , , 0 0 0 0 9 5 , , 3 1 9 0 9 43 35 5 7 0 , , 7 1 1 0 1 0 3 3 3 2 4 91 :, ,, , 47 6 6 4 1 2 , 7 7I 5 7 6 0 , , 0 0 7 1 0 0 3 3 8 8 2 8 , , 1 0 6 2 6 4 2 2 3 2 4 2 , , 9 3 4 0 4 44 4 7 7 4 4 , , 6 16 3 3 9 2 2 6 5 4 9 , , 6 2 5 4 9 7 7 7 4 5 9 9 , , 3 3 4 8 1 4 Time deposits: May 20 5,158,152 350, 2801.,211,027 174,892 733,035 197,898 205,351 985,942 204,737 103,403 135,708 92,895 762,984 May 27 5,169,061| 354, 474 1., 212,333 173, 705 735, 503197,988 204,808 986,104 205,468 103,328 138,570 93,292 763,488 June3 5,153,317 357, 5691,., 197,585 180,588 730,356 199,336 200,318 983,149 206,069 102, 660 136,010 93,223 766,454 June 10 5,161,930 359, 2451L, 196,067 180,325 731,405 197,420 199,875 985,776 205,859 102, 600 138,257 94,544 770,557 Government deposits: May20 137,973 9,047 31,002 16,951 19,169 6, 638 6,222 19,309 8,009 1, 676! 3, 242 4,933 11,775 May 27 139, 667 9,032 31,002 18,299 11ft9 ,3911O2 6a ,<7->9C\8Q 6,222 19,309 8,006 1,676 3,304 4,932 11,775 June3 138,296 9,031 31,002 17,078 19,247 6,638 6,222 19,291 7,'" 1, 676| 3,304 4,933 11,775 June 10 125,007 8,130 28,354 15,375 17,379 5,981 5,598 17,466 7, 1,507 2,972 4,439 10, 598 Bills payable and rediscounts with Federal reserve banks: Secured by U. S. Government obligations- May 20 84,809 2,485 25,870 5,148 11,853 3,757 2,586 17,910 1,296 330 1,109 12,465 May 27 129,303 2,850 59,090 9,718 21,147 3,443 985 20,265 1,856 714 9,235 June 3 123,918 6,300 58,595 3,546 14,932 4,647 2,607 17,575 1,361 105 1,176 75 12,999 June 10 150,869 2,895 83,080 5,563 16,540 4,541 582 20,254 1,186 25 551 252 15,400 All other- May 20. 68,315 11,395 12,057 3,160 4,754 12,992 6,159 2,709 6,206 1,263 1,025 1,249 5,346 May 27 88,756 13,700 24,985 4,546 6,405 13,471 3,232 3,005 6,406 731 1,067 1,098 10,105 June3 90,695 15,908 20,372 6,117 7,969 14,272 4,894 2,633 12,108 416 671 1,166 4,169 June 10 78,509 12,834 17,860 4,517 8,494 12,843 4,677 4,577 5,994 361 70S 1,115 4,529 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES [In thousands of dollars] Federal reserve bank city Total 12 cities) Boston Y Ne o w rk - d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - 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 s a a it n s y - Dallas F c S i r s a a c n n o - Due to banks: May 20 2,183,160 127,r, 876 11,024,944 174,591 50,824 31, 039 16,696 398,326 84,898 48,856 99,729 29,182 96,199 May 27 2,129,422 119,>, 9741 1,003,927 173,112 50,046 28,4171 13,632 385,726 85, 521 49,309 100,445 26,123 93,190 June 3 2,298, 244 128,464 11,082,096 188,167 52,330 30,573} 20,325 419,050 93,373 55,280i 104,254 29,050 95,282 June 10 2,249,570 126,262 1,078,105 177,800 49,673 30,253 18,980 403,779 86,814 53,657 101,795 26,248 96,204 Due from banks: May 20 634,989 40,346 110, 780 59,486 29,946 16,694 15,115 197,750 30,150 19,629 41,010 25,637 48,446 May 27 615,115 43,900 106,747 59,007 25,270 12,753 17,095 188, 548 31,618 17,466 45,805 23,384 43, 522 June 3 658,406 47,423 104,308 74,966 29,192 15,381 13,164 196,452 32,717 25,568 46,113 28, 260 44,862 June 10 632,820 43,532 105,536 63,380 26,493 14,919 12,843 189,314 33,973 25,317 44,730 26, 598 46,185 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUDY, 1925 FEDERAL RESERVE BULLETIN 513 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 May 20 May 27 June 3 June 10 May 20 May 27 June 3 June 10 Number of reporting banks 65 65 63 62 46 46 46 Loans and discounts, gross: Secured by U. S. Government obligations - 61, 396 60, 890 60, 033 62, 079 24,709 20, 253 19,910 20,807 Secured by stocks and bonds 1,934, 277 1,955, 583 1,978, 235 1,955, 553 558,942 569,954 583,455 581,0?6 All other loans and discounts 2, 205, 848 2, 203,185 2, 208, 378 2,193,835 694,409 685,600 685,984 689,964 Total loans and discounts.. 4,201,521 4, 219, 658 4, 246, 646 4,211,467 1, 278,060 1, 275, 807 1, 289, 349 1, 291,847 United States pre-war bonds 29,127 29,127 29,095 28,746 1,933 1,933 1,933 1,933 United States Liberty bonds 503, 564 494. 660 515,883 521,793 84,161 84,191 84, 377 84,719 United States Treasury bonds 163, 201 162,254 161,660 166,146 25,958 26, 384 27,895 25,961 United States Treasury notes... 179,927 183, 992 191,955 193,538 60,165 60,015 60,033 60,455 United States Treasury certificates - 54, 851 54,091 61,081 61,466 3, 685 2,171 1, 848 2,102 Other bonds, stocks, and securities. 847,459 846, 361 855, 517 850, 983 195, 594 196,454 204, 889 205, 260 Total investments 1, 778,129 1, 770, 485 1, 815,191 1,822,672 371, 496 371,148 380, 975 380, 430 Total loans and investments.. 5, 979, 650 5,990,143 6, 061, 837 6, 034,139 1, 649, 556 1, 646,955 1, 670, 324 1, 672, 277 Reserve balances with Federal reserve bank... 679, 280 698, 306 689, 541 688, 236 159,147 153, 674 155, 509 157, 002 Cash in vault 62,122 66,097 61, 826 64, 335 25, 067 23, 768 24,001 24,839 Net demand deposits 4, 997, 676 4, 986, 571 5, 070,105 5,029, 378 1,141,693 1,134, 008 1,160, 648 1,166, 223 Time deposits 845, 759 846,184 822, 917 817, 442 484, 754 484, 541 477, 963 480,067 Government deposits 24,114 24,114 24,114 21, 701 10, 618 10, 618 10, 712 9,646 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations. 13,000 48, 325 50,175 75, 515 1,260 4,455 2,415 2,290 All other 10, 005 22,903 18, 461 17, 519 730 990 750 Total borrowings from Federal reserve bank 23, 005 71, 228 68, 636 93,034 1,990 5,445 2,695 3,040 ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Federal reserve district 1925 1924 1925 1924 Feb. 25 Mar. 25 Apr. 22 May 27 May 28 Feb. 25 Mar. 25 Apr. 22 May 27 May 28 Boston _ 1,311,144 1,270,144 1,298,704 1,313,510 1,228,359 718,442 721,631 729,635 745,103 646,626 New York 6, 289, 886 6,109,736 6, 334,929 6, 236, 627 5, 623, 3342,063,112 2,063, 332 2,121,020 2,154,206 1,781,915 Philadelphia 1,134, 689 1,127,880 1,155, 613 1,159,071 1,053,662 789,945 783,880 786,676 796, 502 688,508 Cleveland 1,482,289 1,456, 781 1,469, 584 1,463,643 1, 371, 5431, 292, 5151,299,175 1,300,882 1,314,938 1,200,514 Richmond 588,437 569, 755 565,450 560,248 544,002 494,941 492,908 501,893 501,137 459,585 Atlanta. 613,945 616,226 620,420 646, 362 486,031 374,021 386,835 388,125 407, 256 346,620 Chicago-- 2,414, 286 2,382,909 2,384, 717 2, 391,294 2,192,644 1,743,459 1,762, 222 1,767,731 1,814,574 1,619,885 St. Louis 729,176 722,922 708,335 700, 591 634,033 438,871 432,651 435,041 437,801 411,730 Minneapolis 482,015 475, 267 451,891 439,619 397,771 436,459 441, 252 439,950 435,891 395,669 Kansas City 871,625 872,756 838,824 824,391 714, 321 302,798 305,752 307,175 309,873 296,659 Dallas 680,428 662,862 635, 576 605,626 522,820 1.66,895 163,780 165, 531 166,006 154,085 San Francisco 1, 289, 7401, 235,913 1,251,037 1, 230, 203 1, 211, 533 1,184,202 1, 240,735 1,242,963 1, 251,953 1,039,450 Total —_ 17,887,660 17,503,151 17,715, C 17,571,185 15,980,053 10,005,660 10,094,153 10,186,622 10,335, 240 9,041,246 Banks in cities and towns having a population of— Less than 5,000 _.. 1,681,531 1,663,485 1,637,884 1,613,945 1,523,980 1,678,232 1,684,816 1,691,055 1,584,618 5,000 to 14,999 1,087,366 1,086,008 1,088,048 1,078,411 1,018,428 1,072,914 1,079,743 1,081,730 1, 082, 783 1,011,065 15,000 to 99,999 2, 211, 432 2, 225,264 2, 239,760 2, 266,800 2,021,309 2,021,190 2,048,373 2,044,266 2,086, 284 1,877,262 100,000 and over _.12,907,331 12, 528,39412,749,388 12, 612,02911,416,336 5, 233,324 5,281,221 5,369, 571 5,473,253 4, 568,301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN JULY, 1925 ALL INCORPORATED STOCK BANKS IN THE UNITED STATES—CONDITION ON APRIL 6, 1925 Comparative figures showing the condition of ALL INCORPORATED STOCK BANKS 1—CONDITION ON all banks in the United States, other than mu- APRIL 6, 1925 2 tual savings banks and private banks not under [Amounts in millions of dollars] State supervision, which have been compiled by the board and are presented in the accom- Loans and investments Total panying tables, indicate that on April 6, 1925, Num- deposloans and investments reached a new record ber of its, exreport- clusive total of $40,813,000,000, an increase of $611,- ba in n g ks Total Loans I m nv en e t s s t o d f e p b o a s n - k 000,000 over the amount reported on Decem- its ber 31, 1924, and an increase of $2,876,000,000 over the total for March 31, 1924. Of the All banks: increase of $611,000,000 since the December June, 1920 28,715 36,813 28,177 8,636 32,642 call, $490,000,000 was in loans and discounts • June, 1921 29,477 34,318 25,857 8,461 31,134 June, 1922 29,092 34,166 24,647 9,519 31,944 and $121,000,000 in investments. Total de- June, 1923 29.342 37,359 26,793 10,566 34, 512 December, 1923__ 28', 980 37,439 27,011 10,428 35, 834 posits, exclusive of bank deposits, were $46,- March, ]924 3____ 28, 669 37,937 27,288 10,649 35, 682 000,000 higher than on December 31, and $3,- June, 1924 3 .28,451 38,407 27,222 11,185 36,841 October, 1924 3___ 28,385 39, 610 27,958 11, 652 37, 587 430,000,000 higher than at the end of March, December, 1924 3. 28, 266 40, 202 28, 243 11,959 39,066 April, 1925 28,107 40, 813 28, 733 12,080 39,112 1924. Borrowings from the Federal reserve Member banks: and other banks increased by $86,000,000 since June, 1920 9,399 25,945 19, 784 6,161 21,887 June, 1921 9,745 24, 311 18, 206 6,105 21, 612 the end of last year, but were $154,000,000 June, 1922 9,892 24,358 17, 296 7,062 22,366 lower than a year ago. J D u e n c e e , m 1 b 92 e 3 r, 1923. _ 9 9, , 7 8 7 5 4 6 2 2 6 6 , , 6 7 7 3 5 8 19,052 7 7, , 6 7 8 9 6 5 2 24 3 , , 9 8 7 3 4 7 The following table shows in summary form J M un ar e c , h 1 , 9 2 19 4 24 9 9, , 6 6 5 8 0 1 2 27 6 , , 2 8 6 3 2 2 1 1 9 9 , , 1 2 7 6 6 4 7 7 , , 6 9 5 9 6 8 2 2 4 5 , , 7 6 6 7 8 5 the amounts of loans, investments, and depos- October, 1924 9,635 28,451 19, 820 8,631 26, 282 December, 1924.. 9,587 29,027 20,182 8,845 27, 814 its of the banks for recent dates for which April, 1925 9,531 29, 285 20,390 8,895 27,145 figures are available. Nonmember banks: June, 1920 19,316 10, 868 8,393 2,475 10, 755 There are also given herewith figures rep- Juhe, 1921 19,732 10,007 7,651 2,356 9,522 June, 1922 19, 200 9,808 7,351 2,457 9,578 resenting the principal resources and liabilities June, 1923 19,486 10, 684 7,913 2,771 10,675 of these banks arranged by Federal reserve December, 1923.. 19, 206 10, 701 7,959 2,742 10, 860 March, 1924 3 18,988 11,105 8,112 2,993 10,914 districts and by States. June, 1924 3 18,801 11,145 7,958 3,187 11,166 October, 1924 3... 18, 750 11,159 8,138 3,021 11,305 Calls for condition reports by the banking December, 1924 3_ 18,679 11,175 8,061 3,114 11, 252 departments of several of the States were not April, 1925.. 18, 576 11,528 8,343 3,185 11,967 made as of April 6, and in compiling the figures * All banks in the United States except mutual savings banks and the latest available data were used for such private banks not under State supervision. States. 2 3 O Re r v d is a e te d s f n i e g a u r r e e s s t . thereto for which figures are available. ALL INCORPORATED STOCK BANKS i-PRINCIPAL RESOURCES AND LIABILITIES, BY FEDERAL RESERVE DISTRICTS, ON APRIL 6, 1925 2 [Amounts in thousands of dollars] Federal reserve district N p b o u o a f m r n t r i k b n e s e - g r L o d in v i o s c e a c l r n u o d s d u r a i a n n f n t t g s s d , Investments i T nv o e ta a s l t n m l d o e a n n t s s b e a x n d c k T e l u p o d s o t e i a v s p i l e o ts s o , it f s a p c n R a o d y e u d a b n b i i s t l l s - l e s Boston 680 1,988,831 871,641 2,860,472 2,645,598 84,078 New York 1,331 6,697,371 3,370,878 10,068,249 9,570,219 234,775 Philadelphia 1,272 ! 2,044,947 1,180, 774 3,225,721 2,871,178 58,887 Cleveland 1,968 ! 2,813, 602 1,407,560 4,221,162 3,927,435 65,441 Richmond 2,034 1, 726,424 439, 599 2,166,023 1,943,631 86,096 Atlanta 1,980 1,369,841 277,814 1,647, 655 1,670,023 43,695 Chicago 5,181 4,621,096 2,068,654 6,689, 750 6,461,629 120,740 St. Louis 3,172 1,476, 562 471,743 1,948,305 1,860, 676 34,688 Minneapolis 3,173 1,099, 647 414,082 1,513, 729 1, 552,898 19,384 Kansas City 3,958 1,429, 686 387, 665 1,817,351 1,884,821 16,344 Dallas 1,703 852,389 192,049 1,044,438 1,078,266 7,250 San Francisco 1,655 2, 612,866 697,066 3, 609,932 3, 645,914 39,839 Total, Apr. 6, 1925._. 28,107 : 28, 733, 262 12,079, 525 40,812, 787 39,112,288 811,217 Total, Dec. 31, 1924 3. 28,266 28,242,794 11,958,899 40,201,693 39,066,190 725,073 1 All banks in the United States except mutual savings banks and private banks not under State supervision. 2 Or dates nearest thereto for which figures are available. 3 Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUL,Y, 1925 FEDERAL RESERVE BULLETIN 515 ALL INCORPORATED STOCK BANKS *—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31,1924, AND APRIL 6, 1925 2 [Amounts in thousands of dollars] N re u b p m a o n b rt k e i s r n g of L i o n a cl n u s d a in n g d o d v i e s r c d o r u a n f t t s s , Investments To i t n a v l e l s o t a m n e s n t a s nd s T i o v t e a l o f de b p a os n i k t d s e , p e o x s c i l t u s - an R d e d b i a i s l b c ls l o e u p n a t y s - State Dec. Apr, Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr Maine 112 112 140,266 143,430 119,945 125, 798 260,211 269, 228 247, 520 248,468 5,301 6,097 New Hampshire. Vermont 85,382 86,317 40, 111 40,121 125,493 126,438 113,905 111, 986 3,006 3,840 Massachusetts. _. 252 251 1, 285,945 1, 317, 529 393,41 1,684, 573 1, 710,944 1,602, 793 1, 578, 74070,378 66, 552 Rhode Island 31 31 162, 567 166,922 131,497 132, 335 294, 064 299, 257 283, 240 284,690 1,055 803 Connecticut 144 150 253,936 263,396 194, 509 198,833 448,445 462, 229 431, 025 437, 212 5,692 5,931 New York 5,975,445 5,917,906 2,905,703 2,800,619 8,881,148 8,718, 585 8, 520, 771 8, 267,835139,679 216,226 New Jersey. _. 466 473 914,651 945,204 620,876 622, 781 1, 535, 527 1, 567,985 1, 534, 651 1, 504,159 22, 255 31,809 Delaware 45 45 49,763 54,161 36,325 34,857 86, 088 89,018 76, 392 74,694 328 589 P O e h n io n s 3 ylvania. I 1 f , 1 104 1 1 , , 6 1 4 0 5 0 2 1 , , 6 5 4 6 4 9 , , 9 9 9 6 2 5 2 1 , , 6 7 8 0 6 8 , , 6 6 8 4 1 0 1, 5 7 9 8 7 2, , 1 8 2 6 9 2 1, 6 7 0 8 8 4 , , 6 4 1 3 5 9 4 2 , , 3 2 5 4 2 2 , , 0 85 9 4 4 4 2 , , 4 3 7 1 1 7 , , 1 2 2 5 0 5 3 2, , 1 8 6 6 2 9 , , 4 4 6 1 0 1 3 2 , , 9 2 6 3 5 1 , , 5 4 1 5 7 8 8 4 7 5 , , 1 3 9 3 6 2 * 5 4 8 3 , , 6 1 6 2 9 4 District of Columbia.-_ 44 44 148,162 153,857 61, 734 64, 482 218,339 211, 702 217,934 2,156 2,318 Maryland 231 231 345,926 356,496 181,343 186,870 527, 269 543, 366 496,618 498,108 10, 726 9,115 Virginia 520 518 437, 227 445, 73" 72,840 72,408 510, 067 518,145 421, 249 417,132 24, 594 28, 230 West Virginia 348 345 310, 015 301.439 59, 536 60,028 369, 551 361,467 328,891 330,871 21,931 13,923 North Carolina.. 542i 534 331,067 342, 525 38,150 41,41 369, 217 383, 942 351, 873 344, 444 15, 740 26, 567 South Carolina 408 403 185, 555 187,834 33, 671 30, 598 219,226 218,432 213,955 206,605 8,228 8,601 Georgia 639 314,199 320.440 36, 586 38,636 350,785 359, 076 323, 367 322, 540 18,101 17,375 Florida 316 294,384 93,209 387, 593 472, 217 1,402 Alabama 354 354 196,855 202,960 45,668 44,927 242, 523 247,887 256, 918 249, 586 4,164 4,945 Mississippi- 357 35' 143, 762 148, 765 36, 052 39,453 179,814 188,218 200, 678 204, 349 4,735 4,577 I I I W M l o n l w d i i i n s c i a c o h a o i n i s g n a s a i n n . . _ . 1 1 , , 1 5 9 7 0 8 8 2 3 2 4 2 1 1 , , 8 5 9 7 9 5 2 8 9 8 7 5 2, 6 5 8 5 3 3 7 0 7 5 7 2 0 1 8 , , , , , 1 4 2 2 2 2 8 0 9 7 6 3 3 7 5 2, 6 5 7 3 6 9 9 9 4 9 4 1 , , , , 8 0 2 1 5 1 7 3 4 4 1 8 9 8 2 1 0 0 9 8 1 5 1 4 0 7 , , , , , 6 3 2 3 2 8 1 3 6 9 3 ! 3 6 7 9 8 2 1 6 1 0 0 0 3 5 7 , , , , 9 1 7 2 7 6 2 5 9 4 7 0 3 1 , , 8 7 7 4 2 9 7 6 5 6 0 2 1 0 3 , , ,, , , 1 5 6 6 3 3 9 6 9 6 4 2 3 1 , , 3 8 0 0 5 6 7 2 , 4 , 7 , 2 1 7 5 : 4 0 1 3 1 , , 8 7 7 1 4 4 9 7 2 6 4 2 5 8 5 , , , , , 4 1 4 3 2 5 0 3 8 6 5 2 9 6 2 3 1 , , 8 7 1 9 5 8 2 1 8 8 7 9 , , , , 6 8 3 7 9 3 0 1 5 2 4 5 2 2 2 1 8 8 8 2 7 , , , , , 1 9 3 8 8 6 3 2 3 4 6 6 4 2 0 2 2 5 8 3 0 3 , , . . 7 6 6 6 6 9 2 2 7 2 7 3 Tennessee.. 558 550 319,471 322,860 45, 315 46,919 364, 786 369,779 362, 030 365,905 15,166 7,185 Arkansas.. 480 479 163,919 167, 756 25,816 27,113 189, 735 194,869 207, 385 202, 068 3,342 4,519 Missouri... 1,588 924, 245 291,308 1,215, 553 1,115,817 12, 578 Kentucky.. Minnesota 1,404 1,388 661, 590 633,522 235,175 243,774 896, 765 877,296 857, 798 858,163 7,419 6,781 North Dakota. 678 669 117,365 117,36C 30, 596 37,346 147,961 154,706 173,324 170,689 5,342 4,380 South Dakota. 552 539 143,231 139,54r 21, 513 26,064 164, 74'• 165,607 185,995 186,855 7,121 5,386 Montana 245 237 75,400 76,31- 37,80£ 39,281 113,208 115,595 132,589 128,229 1,484 1,450 Nebraska. . 1,101 1,100 366,738 370,873 47,865 55,593 414, 600 426,466 419,805 435, 743 6,603 6,074 Kansas 1,297 1,285 321,233 324,31 67, 76; 73,391 388,998 397, 706 442, 559 417, 693 3,202 2,837 Oklahoma- 787 780 230,128 237, We 79,21 89,095 309,346 326, 258 380,228 380,371 1,579 2,303 Colorado. . 338 335 181,805 182,17C 91,01 92,203 272,821 274,373 294,442 296,485 1,995 1,778 Wyoming.. 104 99 38,444 37,96; io — 48,342 48,05C 58,080 52, 111 403 582 Louisiana 249 245 325,139 329,82£ 50,222 50,471 375,36: 380,296 383,955 364,350 10,996 14,913 Texas 1,505 746,384 749,99£ 149,592 171,070 895,976 921,069 934,717 944, 601 7,828 5,547 New Mexico.. 73 22, 583 22,832 5,31' 6,014 27,902 28,84 33,190 31,487 408 432 Arizona.. 58 5', 46,088 45,306 12,18 13,134 58,27i 58,44C 69,917 70,110 1, 569 1,716 Utah-,.. 116 114 97,969 100,316 30,24 30,408 128,21* 130, 72' 122,495 117,886 1,109 2,125 Idaho 172 163 50,565 48,83f 18,80C 17,983 69, 365 66,81? 79,110 71,723 3, 2,423 Nevada.. 34 33 23,704 24, 251/ 6,94C 7,338 30,644 31,59. 33, 791 32,703 California 672 664 1,969,322 2,022,31! 713, 763 730,224 2, 683,0SI 2,752,54: 2, 744,377 2, 761,754 17,122 24,783 Oregon 279 279 158,762 160,46 79, 62* 82, 683 238,391 243,14- 255,063 252,575 2,548 6,756 Washington _ 366 364 213,872 225, 77! 116,40C 120, 725 330,27: 346,498 353,082 362,84C 1,85' 2,336 Total.. 28,266 28,10' 28, 242, 794 28, 733,26! 11,958,89£ 12,079,525 40,201, 69; 40,812,78: 39,066,190 39,112,288 725,071 811,217 1 All banks in the United States except mutual savings banks and private banks not under State supervision. 2 Figures include those of State banks and trust companies as given in the following table, which in some cases represent the condition of banks as of dates other than Dec. 31, 1924, and Apr. 6, 1925, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN JUDY, 1925 STATE BANKS AND TRUST COMPANIES»—PRINCIPAL RESOURCES AND LIABILITIES ON DECEMBER 31, 1924, AND APRIL 6, 1925 2 [Amounts in thousands of dollars] Number of re- Loans and discounts, Total loans and in- Total deposits, exclu- Rediscounts and porting banks including overdrafts Investments vestments sive of bank deposits bills payable State ce D m e- ber April December April De b c e e r m- April December April December April ce D m e- ber April Maine 54 54 79,188 80, 346 64,305 68,868 143,493 149,214 139, 586 139,431 3,153 4,031 New Hampshire.. Vermont 40 54,487 54,966 17,317 17,379 71,804 72,345 69,045 68, 562 1,680 2,024 Massachusetts 95 534,321 548, 986 130,476 133, 662 664,797 682, 648 662, 565 666, 544 16,363 22,161 Rhode Island 14 122, 060 126,032 106,169 106, 265 228, 229 232, 297 229, 250 230, 733 200 Connecticut 82 111,433 116,371 124,968 130,318 236,401 230, 606 240,159 3,348 New York 451 448 3,286, 389 3, 292,4581,475, 539 1,369, 764 4, 761,928 4, 662, 222 4, 618,812 4, 753,112 17, 293 53,295 New Jersey 213 215 543,626 563,098 320,616 318,379 864,242 881,477 877,176 853,011 8,728 16,165 Delaware 27 27 39, 551 43, 594 27, 096 25, 385 66, 647 68, 979 59,301 58,471 168 163 Pennsylvania.. 780 779 1, 219, 5321, 300,144 798,060 802, 316 2, 017, 592 2,102, 460 1, 860,408 1,925, 506 35,105 22,825 Ohio 746 743 1,174, 642 1,218,454 353, 651 358, 945 1, 528, 293 1, 577,399 1, 542, 784 1, 588, 349 21,004 18,810 District of Columbia. __ 31 31 76,105 79, 779 27, 770 29, 028 103, 875 108, 807 103,188 107,646 924 590 Maryland 147 147 204, 401 210, 542 102, 428 105, 753 306, 829 316, 295 299,422 300, 539 3,186 4,966 Virginia 338 336 172, 255 173, 341 17, 795 17, 903 190, 050 191, 244 156, 998 155,806 11,601 11,077 West Virginia 224 222 176, 476 173,160 23, 824 24, 036 200, 300 197,196 186,147 186, 525 10, 613 8,041 North Carolina 458 450 206, 547 213,683 18, 252 20, 556 224, 799 234, 239 224,453 219,330 9,338 15,716 South Carolina 329 329 102, 665 106,112 14, 053 12, 664 116,718 118, 776 117,041 113,456 4,362 5,480 Georgia 559 548 190, 461 191,693 17,081 16, 700 207,542 208,393 188, 788 185, 967 14, 527 13,532 Florida 260 168,419 36, 354 204, 773 278, 721 1,240 Alabama. _ . 252 252 98,301 103, 259 11,922 12,079 110, 223 115,338 * 127, 591 4 123, 221 2,562 2,880 Mississippi. 321 321 99, 536 103, 915 20,394 20, 845 119, 930 124, 760 140, 795 141, 932 2,804 2,848 Indiana. __ 856 361,252 81,962 443,214 452,845 13,831 Illinois 1,400 1,455, 464 1,462, 646 578, 074 590, 245 2, 033, 538 2, 052,891 2, 047,016 2, 043,891 20, 222 19, 724 Michigan.. 600 372,174 393, 400 691,468 730, 007 1,063, 642 1,123,407 1,070, 217 1,118, 569 17,026 18,276 Wisconsin. 828 827 335, 734 344, 583 110, 682 115, 548 446,416 460,131 461, 278 476, 312 3,958 Iowa 1,238 1,217 561, 571 550,011 23,432 27,391 585, 003 577,402 4 617,519 4 603, 223 18,173 16,479 Tennessee. 452 445 175, 740 177,173 17,051 18,013 192, 791 195,186 213, 561 215, 544 9,755 4,310 Arkansas.. 393 392 110,966 113, 520 10, 222 10,297 121,188 123, 817 136, 030 129, 979 2,348 Missouri... 1,457 555,193 188,171 743, 364 738,439 11,478 Kentucky. Minnesota 1,074 1,061 284.063 277,379 80, 655 81,732 364,718 359, 111 384,471 387,680 5,508 4,693 North Dakota.. 513 508 64,128 63,966 7,401 9,963 71, 529 73, 929 87,547 85,403 4,595 3,791 South Dakota.. 438 426 94,394 91, 697 4,686 7,843 99,540 118,745 119,147 5,222 3, 776 Montana 154 152 36,428 36,678 18, 301 18, 776 54, 729 55,454 64,385 62, 971 998 940 Nebraska... 928 928 221,792 223,015 14,888 17,751 236,680 240, 766 262,183 275,181 3,861 2,962 Kansas 1,040 1,029 197,693 198,540 25, 094 27,529 222, 787 226,069 270,635 249,766 2,448 2,250 Oklahoma.. 380 379 42,828 43, 782 12, 451 13,371 55, 279 57,153 79,395 73,560 877 1,075 Colorado... 198 198 48,324 49,125 15,954 15,486 64,278 64,611 77,462 77,162 407 666 Wyoming.. 72 67 16,048 15,442 1,867 1,956 17,915 17,398 21,224 19,302 231 480 Louisiana 216 212 249,418 253, 658 37,015 286,433 290,586 297,168 282,016 8,681 10,271 Texas 933 910 217,738 213,480 23,138 26,131 240,876 239,611 * 303, 584 4 297,721 2,939 2,898 New Mexico.. 40 7,080 6,977 1,172 1,380 8, 252 8,357 9,354 8,952 264 257 Arizona 39 39 30,876 30,297 7,811 8,648 38,945 * 46,123 4 46,316 « 1,138 « 1,395 Utah 95 93 68,120 69, 431 17,882 18, 764 86,002 88,195 81,747 78,988 1,097 1,557 Idaho 105 106 18,725 19,578 6,673 25,398 27,460 31,102 31,297 1,092 1,185 Nevada 23 23 14,974 15,478 2,553 2^617 17, 527 18,095 20,683 19,931 California 409 401 1,436,055 1, 477,895 511,176 526,376 1,947,231 2,004,271 2,047,801 2,067,025 11,807 16,405 Oregon 181 180 68,918 69,077 26,000 27,265 94,918 96,342 102,690 103,048 1,875 3,112 Washington. 255 253 69,774 72, 594 36,568 37,154 106,342 109,748 114,703 117,307 1,015 1,336 Total. e20, 223 720, 097 915,916,946 ' 16,256,667 «6,300, 67362,331,017 622,217,578 22,587,684^22,377,973 22,755,752 326,373 365,422 1 Exclusive of mutual savings banks and private banks not under State supervision. 2 Or dates nearest thereto for which figures are available. 3 Includes 3 mutual savings banks. 4 Includes amounts due to banks. 8 Includes other liabilities. 6 Includes June 30,1924, figures for New Hampshire, Florida, and Kentucky. 7 Includes Jufle 30,1924, figures for New Hampshire and Kentucky; Dec. 31, 1924, figures for Indiana and Missouri. NOTE.—All figures used in the December column are for Dec. 31, except as follows: New York, Nov. 15.1924; Tennessee, Nov. 12,1924; South Dakota, Nov. 25,1924; Kansas, Dec. 26,1924; and Oklahoma, Dec. 23,1924. All figures used in the April column are for Apr. 6, except as follows: Maine, Maryland, and Nebraska, Mar. 31, 1925; Rhode Island, Feb. 26, 1925; New York, Mar. 25, 1925; Pennsylvania, Apr. 9, 1925; Ohio, Mar. 30, 1925; Florida, Apr. 18, 1925; Iowa, May 1, 1925; North Dakota, Mar. 14, 1925; Minnesota, Mar. 20, 1925; Kansas, Mar. 23, 1925; Louisiana, Apr. 3,1925; and Utah, Mar. 27,1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 517 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, DECEMBER 31, 1924, TO APRIL 6, 1925 On April 6, 1925, there were 9,531 member and 8 converted into national banks. Two banks of the Federal reserve system in active banks previously suspended, 1 a State and 1 operation, as indicated by the reports of con- a national bank, were reopened. dition submitted as of that date. Of this num- Of the losses to membership, 27 were the ber 8,010 were national banks and 1,521 were result of mergers between member banks. State banks and trust companies. There was These mergers occurred either between member a net reduction of 33 national banks and 23 banks of the same class, as in the case of 16 State member banks since the end of 1924, a national banks which were consolidated with total decline of 56. other national banks, or between members of ^The decrease of 56 banks was the net result different classes, as in the case of 6 national of 55 additions to membership and 111 losses, banks which were consolidated with State excluding from these such changes as were in- member banks. It will be noted in addition volved in the movement of banks between the that 7 national banks were succeeded by State two classes of members, which have no effect banks which became members of the system, on total membership in the system. These without effect on total membership. As gains and losses in membership are classified against 6 national banks merged with State for the first three months of the year in the member banks, 2 out of the total of 27 mergers following table: were State banks which were absorbed by national banks. CHANGES IN ACTIVE MEMBERSHIP IN THE FEDERAL Eight vState member banks withdrew from RESERVE SYSTEM, DECEMBER 31, 1924, TO APRIL 6, the system during the priod. Seven of these 1925 withdrawals were voluntary, the banks availing Member banks themselves of their option to discontinue membership upon advance notice to the Federal Number Reserve Board, and 1 was compulsory. In Resources (in'thou- addition 1 State member bank and 14 national Na- State Total d sa o n ll d a s r s o ) f banks were absorbed by or succeeded by tional nonmember banks. Suspension or insolvency accounted for Active membership Dec. 31,1924 _ 8,043 1,544 9,587 38, 986,867 the loss of 58 member banks between the end Additions to membership: Primary organization of na- of 1924 and April 6, 1925, as against 33 for tional banks 37 37 6,408 Conversion of nonmember the previous quarter and 78 for the same banks to national 8 S 2,856 quarter last year. Of the total for the more Admission of State banks.. 8 16,818 Resumption following sus- recent period, 47 were national banks and 11 pension 1 1 2 1,797 Conversion within the sys- State member banks; in all of the Federal tem i 7 (70, 518) reserve districts excepting the Boston, New Total additions 53 9 55 27,879 York, and Philadelphia districts there were Losses to membership: Merger of member banks— member banks that suspended operations. I I n n t t r e a rc c l l a a s s s s 1 6 6 3 2 1 8 9 (1 ( 1 1 2 1 , , 2 5 7 7 7 3 ) ) The largest number was in the Minneapolis Absorption or succession of district, where there were 15 such banks; but member banks by nonmember - - - 14 1 15 10,475 there were 9 in the Dallas district, 8 in the Voluntary liquidation (terminal) . . 3 3 2,406 Chicago district, and 7 each in the Richmond, Withdrawal 8 8 7,790 Atlanta, and San Francisco districts. Suspension or insolvency 47 11 58 35,054 Conversion within the sys- The three remaining losses to membership tem * 7 (70,518) were the result of voluntary liquidation* Total losses _ ._ 86 32 111 55, 725 which terminated the existance of the institu- Net change —33 -23 -56 2-l,037,602 Active membership Apr. 6,1925.. 8,010 1,521 9,531 37,949, 265 tions. In the following table are shown in detail 1 2 I C n o c m lu p d e e n s s c a h ti a n n g g e i s te i m n s r . esources due to reorganization, growth, or con- the changes in membership in the Federal traction, etc., in addition to changes enumerated. reserve system, by districts, between December 31, 1924, and April 6, 1925: Of the 55 additions, 37 represent newly organized national banks and 16 were State 1 In all cases in which voluntary liquidation resulted, as far as could banks which joined the system, 8 of these be determined, in some other outcome than the final termination of the having been admitted as State institutions institution, the change was classified^according to the ultimate status of the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL, RESERVE BULLETIN JULY, 1925 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, BY DISTRICTS AND BY CLASS OF BANKS, DECEMBER 31, 1924, TO APRIL 6, 1925 Number Resources all districts ( s d i a n o n l t l d h a s r o s o u ) f - tr d A i i c s ll - ts B to o n s- 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 a M p n o i e n l - i - s K C s a a it s n y - Dallas F c S i r s a a c n n o - Total membership: Dec. 31, 1924 38,986, 867 9,587 419 855 738 871 617 510 1, 408 624 885 1,066 828 766 Apr. 6, 1925 ... . . _. 37,949, 265 9, 531 420 857 740 869 608 505 1,407 624 872 1,056 824 749 Net increase (+) or decrease 1-1,037,602 -56 +1 +2 +2 -2 -9 5 i -13 -10 -4 -17 National bank membership: Dec. 31, 1924 24,368,991 8,043 383 711 666 752 555 382 1,055 492 785 1.033 645 584 Apr. 6, 1925 23, 820,192 8,010 382 714 667 751 549 381 1,056 492 772 1,023 649 574 Net increase (+) or decrease i -548,799 -33 -1 +3 + 1 -1 -6 -1 +1 -13 -10 +4 -10 State bank membership: Dec. 31, 1924 14, 617, 876 1, 544 38 144 72 119 62 128 353 132 100 33 183 182 \pr. 6,1925 14,129,073 1,521 38 143 73 118 59 124 351 132 100 33 175 175 Net increase (-(-) or decrease i -488, 803 —23 -1-2 -1 +1 -1 o =4 _2 -8 -7 Changes in national bank membership: Total additions 81, 649 53 1 6 5 2 3 4 7 2 ft 1 12 5 Primary organization 6,408 37 1 5 5 1 1 3 7 2 5 1 3 3 Conversion of State member banks 70, 518 7 1 1 4 1 Conversion of nonmember banks 2,856 8 1 1 5 1 Absorption of State member bank 2 375 (2) (1) (1) Resumption following suspension _ 1,492 1 1 Total losses __ _ 51, 684 86 2 3 4 . 3 9 5 8 2 18 11 8 15 Voluntary liquidation (terminal) 2, 406 3 1 1 1 Suspension or insolvency.. 1 6 5 6 15 3 6 5 Merger between national 28,909 47 banks 3 . _ _ 3 2 4 2 4 2 3 Absorption by State mem- (77, 409) * 16 Su b c e c r e s b s a io n n k s by State mem- 10,902 6 1 2 3 ber banks Absorption or succession by nonmember banks. - 9,467 14 1 3 1 2 1 3 3 Change in State bank membership: Total additions _._ 30,006 9 2 1 1 1 1 1 1 1 Admission of State banks.. 16, 818 8 2 1 1 ___ _ 1 1 1 1 Succession to national banks Absorption of national banks2 11, 824 5 (7) (1) (2) 5 (1) (3) Absorption of nonmember banks 1,059 (3) (1) (2) Resumption following suspension 305 1 1 Total losses 85, 836 32 2 — 1 3 4 3 1 1 9 8 Voluntary liquidation (terminal) Suspension or insolvency. _ , -v| 6,145 11 1 2 2 1 3 2 Merger between State i . . Ab m s e o m rp b ti e o r n b an b k y s 3 national a. (35,164) 3 1 1 1 Co b n a v n e k r s sion to national 375 2 1 1 Ab b s a o n r k p s tion or succession 70, 518 7 1 1 4 1 by nonmember banks... 1,008 1 1 Withdrawal 7,790 8 1 1 1 1 1 3 1 Includes changes in resources due to reorganization, growth or contraction, etc. in addition to changes enumerated. -~_- -—-, .fere succeeded by a single national bank. ^Includes one bank in the St. Louis district which was included among national bank decreases of previous quarter (as voluntary liquidation— full information not then available). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDERAL RESERVE BULLETIN 519 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CENTERS [In thousands of dollars] 1925 1924 Number Federal reserve district of centers March April May March April May No, 1—Boston. 2,279,817 2,326,857 2, 273,167 2,147,057 2,118,054 2,052,772 No. 2—New York 27,165,007 24,721,153 26,976, 549 22,227,152 21, 356, 913 22,124,834 No. 3—Philadelphia... 2,105,710 2,024, 253 2,071,159 1,873,812 1,942,356 1,894, 928 No. 4—Cleveland 2,284,925 2,407,075 2,240,047 2,173,881 2,275, 246 2,122,402 No. 5—Richmond 739,378 747,785 718,890 699,209 672,896 665, 057 No. 6—Atlanta 1,120,908 1,060,994 1,096,908 987, 094 970, 084 916,882 No. 7—Chicago, 5,451,905 5,131,296 5,248,800 4,807,897 4, 643,076 4,746, 250 No. 8—St. Louis 1,160,242 1,177, 677 1,141,405 1,062, 671 1, 033, 484 1,057,603 No. 9—Minneapolis... 748,603 697,614 694,973 584, 754 552,910 596,115 No. 10—Kansas City.. 1,169,701 1,110,810 1,089,204 1,020,873 1,012,890 1,000,236 No. 11—Dallas 612,140 527,025 506,060 492,894 483, 944 466, 066 No. 12—San Francisco 2,762,696 2,604,174 2, 519,105 2,662,187 2,456,815 2,401,209 Total 141 47,601,032 44,536,713 j 46,576,267 | 40,739,481 39, 518, 668 40,044,354 New York City 1 26,382,213 23,944,580 26,179,393 21, 546,482 20, 653,978 21,405, 560 Other cities 140 21,218,819 20,592,133 20,396,874 19,192, 999 18,864,690 18, 638,794 WEEKLY SUMMARY FOR BANKS IN 253 CENTERS [In thousands of dollars] 1925, week ending— 1924, week ending- Number Federal reserve district of centers May 27 June 3 June 10 June 17 May 28 June 4 June 11 June 18 No. I—Boston 541,024 591,416 539,010 562,776 471,994 486, 772 489,491 526, 055 No. 2—New York 6,162,106 6, 547,230 5,861, 620 6,770,093 4,898, 543 4,833, 529 5,051,988 6,018, 540 No. 3—Philadelphia... 527, 603 552,082 483,387 623,628 463,256 434,199 450, 215 548, 536 No. 4—Cleveland 606,823 603,812 711,835 553,874 539, 282 567, 591 616, 262 No. 5—Richmond 275,381 286, 545 297,449 331,681 240,765 250,359 265,113 293, 222 No. 6—Atlanta 240,211 236, 562 281,163 271,463 197,402 204, 640 219, 730 223, 787 No. 7—Chicago 1, 259, 527 1,302,407 1,133,379 1,387,083 1,068,061 1,023,281 1,024, 966 1,167,080 No. 8—St. Louis 283,068 325, 586 282,216 314,225 238,428 280,802 256, 573 275,609 No. 9—Minneapolis 164,189 185,790 187, 550 200, 263 128,812 151,328 148,286 163,742 No. 10—Kansas City.. 274, 556 296,981 289,416 310,434 234,094 239, 507 239,055 254,350 No. 11—Dallas 124,838 121,053 156,424 151,284 112, 523 108, 254 124, 715 127,646 No. 12—San Francisco 590, 556 576, 660 599,284 678,883 543,057 525,623 547,178 625,581 Total 253 11, 051,695 11, 629,135 10, 714,710 12,313, 648 9,150,809 9,077, 576 9, 384, 901 10,840,410 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston 368,314 407, 353 355,406 361,989 311,515 326, 296 324,493 348,094 No. 2—New York 5,858, 704 6, 222,083 5, 546, 330 6,413, 519 4,623,301 4, 540, 627 4, 769,462 5, 703, 293 Buffalo 83,637 78, 553 72,933 88,073 67,919 65, 694 64, 783 76,257 No. 3—Philadelphia. _. 399,485 430, 605 354, 843 478, 033 350,294 323, 246 326, 225 419, 960 No. 4—Cleveland 142,827 161,401 142,889 197,415 130,457 129, 689 139,001 156,101 Cincinnati 75,837 73, 577 76,737 90,163 66,625 66,068 63, 514 75,050 Pittsburgh 197,601 190,108 186,026 208,161 189,676 183,646 181,667 191,197 No. 5—Richmond 25, 619 25,299 31,497 34,852 23,361 25,466 28, 221 27,681 Baltimore . 88,713 99,305 92, 526 113,427 77,940 79,470 80,425 94, 600 No. 6—Atlanta 30,164 28,136 36,615 38,158 27,811 27,063 29,631 30, 512 Birmingham... 27, 282 24,782 30,988 31,980 21,145 22, 726 24, 270 25, 743 Jacksonville 19,110 17,024 23,431 20,665 11,902 12, 279 13,937 15, 839 Nashville 16, 332 15, 391 19,132 19, 950 14,605 14, 883 17, 790 18, 509 New Orleans.__ 74,137 75, 299 80, 217 75,736 58,118 61,853 62,848 62,027 No. 7—Chicago. _ 734, 587 843,138 672, 792 845,859 651, 543 634,987 603, 972 704,802 Detroit 228, 552 173,415 155,876 227,492 151,030 131, 245 136,045 167,387 No. 8—St. Louis 168,100 215,400 159,000 177,800 141,448 187,113 153,400 165,800 Little Rock.... 12, 593 12,781 15,204 15,003 12,338 11, 612 12,074 12,990 Louisville 42,905 39, 825 40,108 56,102 33,364 32,153 34,626 " 39,914 Memphis 24,105 25, 229 32, 274 29,362 23,684 23, 772 27,497 28,324 No. 9—Minneapolis _ _. 84,029 89, 516 89,243 98,746 62,047 68,108 69, 555 76,814 Helena 1,872 1,801 2,372 1,918 1,527 2,151 1,989 1,897 No. 10—Kansas City... 72,851 82, 627 78,997 86,684 65,628 65,639 63, 223 71,476 Denver 38,048 46,062 38,901 40,413 32, 525 34,197 34,337 35, 535 Oklahoma City 23,680 18,791 19,201 21,157 14,999 17, 252 15, 750 15, 784 Omaha 45,438 46,115 47,676 50,428 38,987 34, 848 39,811 43, 797 No. 11—Dallas 36,033 33,020 46, 726 47,405 31,700 29, 713 34, 228 37, 074 El Paso 6,752 6,305 8,337 7,184 7,019 7,822 8,640 8,505 Houston 25, 685 23, 588 29,948 31, 366 22,450 21,057 23,370 26, 055 No. 12—San Francisco. _ 193, 557 193, 504 194, 216 229, 990 175,495 180, 637 165, 526 201, 987 Los Angeles 170,835 162, 384 169,346 186, 989 166,958 141, 281 158,877 179,949 Portland 35,163 30, 595 37,956 44,371 31,536 31, 544 34, 813 38,188 Salt Lake City. 14,154 15,166 13,807 15, 293 12,433 13,138 14,876 14, 644 Seattle 42,498 44, 667 43, 511 52, 371 36,485 39,994 44,826 50,337 Spokane 9,780 11,923 11, 995 12,898 8,792 10, 779 11, 254 11,217 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL, RESERVE BULLETIN JULY, 1925 MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT THE END OF MAY, 1925 AND 1924 Nonmember banks Nonmember banks Member Member banks 1 On par list Not l o is n t 2 par banks * On par list Not li o s n t 2 par 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 Federal reserve district: Southern States—Con. Boston 420 421 244 232 Kentucky 147 147 439 451 19 g New York 866 850 385 362 Tennessee 117 122 240 290 222 185 Philadelphia 746 731 515 516 Alabama 125 132 31 36 201 187 Cleveland 866 874 1,080 1,078 11 5 Mississippi 44 43 24 27 274 269 Richmond 607 627 714 824 704 669 Arkansas 124 128 257 301 100 59 Atlanta 501 532 370 383 1,106 1,113 Louisiana. .. 46 49 37 47 169 181 Chicago 1,406 1,433 3,877 4,009 235 174 Texas 772 752 727 847 95 36 St. Louis 626 633 2,154 2,300 370 280 Middle Western States: Minneapolis 862 945 1,311 1,730 997 632 Ohio 445 450 663 663 Kansas City 1,050 1,105 2,712 2,779 208 195 Indiana 267 271 828 829 8 g Dallas 848 846 780 905 178 121 Illinois ._ -_ 583 590 1,300 1,311 19 15 San Francisco 752 788 828 863 60 51 Michigan 289 287 515 541 93 66 Wisconsin 186 187 631 678 175 132 Total . 9,550 9,785 14,970 15,981 3,869 3,240 Minnesota.. 347 374 564 766 479 303 433 452 1,257 1,332 34 27 New England States: Missouri- 191 193 1,335 1,389 34 25 Maine 62 63 49 49 Western States: New Hampshire 55 55 14 14 North Dakota 165 181 231 355 268 137 Vermont 46 46 39 35 South Dakota 125 137 251 313 159 124 Massachusetts 182 182 70 71 Nebraska 184 190 760 780 176 163 Rhode Island 21 20 8 9 Kansas 265 270 1,014 1,023 4 5 C onnecticut 65 66 83 72 Montana 120 147 106 115 10 5 Eastern States: Wyoming 34 44 55 70 12 10 New York 633 628 276 263 Colorado 140 146 188 195 6 6 New Jersey 320 306 145 133 New Mexico 35 41 32 36 3 5 Pennsylvania 951 942 658 653 Oklahoma, 399 435 375 382 5 5 D elaware 22 22 33 35 Pacific States: Maryland .. . _ 89 93 167 169 Washington 157 160 173 189 32 25 District of Columbia 15 15 32 36 Oregon 136 135 114 116 27 25 Southern States: California 301 307 351 362 1 Virginia 193 195 229 268 95 64 Idaho 84 109 77 74 West Virginia 140 142 196 206 10 4 Utah 49 51 66 66 North Carolina 92 96 93 142 341 319 Arizona 22 23 33 41 4 3 South Carolina 93 101 24 30 258 282 Nevada . -._ 10 11 23 24 159 182 77 72 407 Florida 70 67 80 75 160 149 Total. 9,550 9,785 14,970 15,981 3,869 3, 240 1 Figures for 1925 represent the number of member banks in actual operation; those for 1924 represent the number shown by the capitalstock records of the Federal reserve bank. The number shown by the capital-stock records on May 31, 1925, was 9,650. 2 Incorporated banks other than mutual savings banks. MONEY IN CIRCULATION [Source: U. S. Treasury Department circulation statements] [In thousands of dollars] Date Total c b o G u in l o l i l a o d n n d G ti o fi l c d a c te e s r- St d s a o i n l l v l d a e a r r r s d c S c e i a r lv t t i e e f s i r - T n r o e 1 t a 8 e 9 s s u 0 o r f y a b r U y D s S il l v al e - r U S n n t o a i t t t e e e s d s F r n e e s o d e t e r e r v s a e l F r b e e s d a e n e r r k v a e l Na n b t o a io t n e n k s al- c t c a i T i p o r n o i c t u t a p a l a l ( e i - r n notes dollars) 1914 July l 3,402,015 611,545 1,026,149 70,300 478,602 2,428 159,966 337,845 715,180 34.35 £v<i* VVI4J A • • <• •• •• ~»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 1917—Apr. 1 1920—Nov. 1 15,628,428 495,353 231,404 89,725 60,385 1,628 261,556 277,736 3,310,225 209,877 715,023 52.36 1922—Aug. 1 4,337,418 416,282 171,980 58,378 268,802 1,608 229,956 284,343 2,115,350 65,032 725,782 39.47 1924—June 1 4,815,401 402,122 779,169 54,078 373,381 1,425 252,557 305,966 1,897,636 10,438 738,629 42.78 July 1 4,755,403 396,415 801,381 54,017 364,414 1,423 252,971 297,790 1,843.091 10,066 733,835 42.20 Aug. 1 - 4,665,187 398,499 800,124 53,644 372,683 1,420 252,407 301,667 1,745,820 9,635 729,288 41.36 Sept. 1 4,773,878 461,794 872,807 53,915 385,499 1,417 253, 732 308, 111 1,746,230 9,229 741,144 42.28 Oct. 1 4,806,367 427,970 898,165 54,60S 388,574 1,412 256,467 304,345 1,729,301 9,030 736,500 42.52 NQV. 1 4,879,694 436,160 904,861 55,185 389,201 1,410 259,710 305,840 1,784,046 8,710 734,571 43.12 Dec.l 4,993,570 437,971 933,688 55,606 389,113 1,407 263,102 304,418 1,862,055 8,471 737,739 14.08 1925—Jan. 1 4,992,931 458,206 970,564 57,384 388,540 1,405 266,298 295,233 1,841,621 8,238 705,442 44.03 Feb.l 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 Mayl 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 Junel 4,774,313 437,612 972,438 53,908 380,681 1,390 259,894 284,799 1,679,833 7,109 696,649 41.89 > 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDLY, 1925 FEDERAL. RESERVE BULLETIN 521 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JUNE 30, 1925 Paper maturing— After 90 days but Within 90 days 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 1 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 montfi—None. GOLD SETTLEMENT FUND INTER-BANK TRANSACTIONS FROM MAY 21, 1925, TO JUNE 17, 1925, INCLUSIVE [In thousands of dollars] Changes in ownership Transfers Daily settlements of gold through trans- Balance in fers and settlements fund at Federal reserve bank close of period Debits Credits Debits Credits Decrease Increase Boston 21,500 657,708 660, 275 18,933 40,376 New York 13,400 107, 000 2,485, 004 2, 420,932 29, 528 257, 668 Philadelphia 15,000 1,000 675, 202 3,160 50, 536 Cleveland 21,000 638, 533 656,406 3,127 65,704 Richmond 14, 000 3,500 488, 257 491, 791 6,966 11, 875 Atlanta.... 9,000 4,000 299,943 298,127 6,816 17, 540 Chicago. _ 22, 000 1,157, 586 1,205,205 25, 619 129,392 St. Louis 2,000 2,700 522,747 519,824 2,223 15,387 Minneapolis 2, 000 3,000 173, 672 169,913 2,759 14,880 Kansas City 2,000 7,700 380,130 380, 642 33,799 Dallas -. 1,000 3,000 240,751 232,130 6,621 12,814 San Francisco 11,000 2,000 295,129 287,055 17,074 28,186 Total four weeks ending- June 17,1925 133,900 133,900 8, 014, 662 8,014, 662 64, 519 64, 519 678.157 May 20,1925 26, 000 26, 000 8, 001,726 8,001, 726 654.158 June 18,1924 76, 000 76, 000 7, 235,418 7, 235,418 574,152 May 21,1924 66, 500 66, 500 7,376, 282 7,376,282 595, 676 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES Cn to to 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 L L oa ib n e s r s t e y c u b r o e n d d s by w L a o r a e n h s o u s s e e c u r r e e c d e i b p y ts Cattle lc District and city 30-90 days 4-6 months Demand Time June, May, June, June, May, June, June, May, June, June, May, June, June, Mav, June, June, May, June, June, May, June, June, May, June 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 -5 4*-5 4 -5 4 -5 4*-5 4 4 41 4 5 4*-4i 5 4 4* 3 -3* 4 -5 4*-5 5 No 2—New York 4-4* 4-4* 4 -5 41-5 4*-5 4 -5 4 -5 4-4f 4-41 3|-5 2 -5 3|-5 5 -5* 4*-5 4*-5* 5 -5* Buffalo 6 6 5 -6 6 6 6 5 5 5 5*-6 5*-6 5 -6 5*-64 5 -6 5 -6 5*-6 6 5*-6 5 -6 5 -6 6 No 3—Philadelphia 4 -4f 41-4* 4*-5 4-4* 41-4* 4*-5 4 -5 4-4* 4 -5 4-4* 4* 4 4 4* 4 -5 41-4* 4*-5 4-5* 4 -5* No. 4—Cleveland 5*-6 5 -6 5 -6 5*-6 5 -6 5 -6 5 5 -6 5 -6 5 -6 5 -6 5*-6 5*-6 5*-6 5*-6 5*-6 5*-6 5 -6 5 -6 5*-6 Pittsburgh 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 5 -6 n6 5 -6 5 -6 6 5 -6 5 -6 6 6 6 6 No. 5— B C R a i i n c lt h c im m in o o n n r a e d ti . . _ __ 4 5 * - - 6 5 5 * 4 4 5 f - - - 5 5 6 * 5 - 6 5* 4 5 5 * * - - -5 6 6 * 4 5 2 *- -5 6 * 5 5 * - - 6 5 6 * 4 4 5 * * - - - 5 6 5 * 4 4 5 * * - - - 5 6 5* 4f-5 5 6 l 5 - 4 5 5 f * 4 5 * - - 6 5* 51-5* 5 5 - - 6 6 5 4* 3 -5 5 * 5 5 * - - 6 6 5* 5 5 - - 6 5 5 * * 4 5 * - - 5 5 5 * * 5 5* 1 - -5 6 6 * 6 -7 5 5 1 5*-7 5 5 ! 4 5 1 |- - 6 6 6 t w eJ No. 6—Atlanta 5 -6 5-6 4*-64 5 -6 5 -6 4*-6 5 -6 5 -6 5 -6 5 -8 5*-6 5 -6 5 -6 5*-6 5 -7 5 -6 5 -6 5 -7 5 5 -6 6 Birmingham 6 6 5 -6 6 6 5 -6 5 -6 5 -6 5 -6 6 6 6 6 6 6 6 6 6 6 6 6 Jacksonville 3*-8 3J-7 6 3*-8 3f-7 6 5 -6 5 -6 6 5 -8 5 -6 6 4 -8 5 -8 6 4*-8 41-8 6 4*-8 4*-6 6 N N a e s w h v O il r l l e eans 5 5* - -6 5i 5 5 * - -6 6 5 5 * - -6 6 5 -6 5 5 7 5 5*-6 6 5 5* - - 6 6 5 5 * - - 6 6 5 5 * - - 6 6 5 5* - - 6 6 5 5 * - - 6 6 5 5 - - 6 6 5*-62 5 5* - - 6 6 5 5 * 4 - - 6 6 5*-6 5 5 * - - 6 6 5 5* * - - 6 6 5*-6 5 5* - - 6 6 5*-6 6 W No. 7—Chicago 4*-5 4*-5 4*-5 4*-5 4*-5 5 5 5 -5*4*-5* 4*-5 4*-5* 4*-5 4*-5 4*-5 4*-5 4*-5 4*-5* 4*-5* 4*-5* 5 5 -6 5 -5* 5* No. 8— D St e tr L o o i u t is 4 4 * - - 5 6 * 4 5 - - 5 6 5 -6 5 4 5 - - 5 6 * 4 5 - - 5 6 5 5 3 - - 6 515 -5 5 * 5 5 - - 5 5 * * 5 5 1 - - 5 5 * * 5 6 5 5 -6 5 5 5 - - 6 5* 4 5* - - 5 6 4 5* - - 5 6 4 5 |- - 6 5* 4 5 - - 5 6 * 4 5 - - 5 6 5 5 - - 6 5* 5 5 - - 6 5* 5 5 - - 6 5* 5 5 * * - - 6 6 5 -6 5 -6 6 i f Louisville 6 6 6 6 6 6 5 5 5 6 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 5 -6 6 5 -6 6 6 6 6 6 6 6 6 6 -7 6-7 6-7 6 6 7 No 9—Minneapolis 4*-5l 4if 5if 51-5* 5* 5* 5f-6 4£-5* 41-5 51-5* 41-5* 51-5* Helena g 8* 8 8 6 -8 6 -8 7 6*-8* 6 -8 8 8 8 3 No. 10—Kansas Citv 5 -6 5 -6 6 5 -6 5 -6 6 6 5 -6 6 4*-6 5 -6 6 6 5 -6 6 6 6 6 5 -6 6 6 6 -7 6 -7 7 Omaha ._ 41-6 4 -6 5 -6 41-6 4 -6 5 -6 6 6 5*-6 5 -6 5 -6 5 -6 6 3*-6 6 6 6 6 6 6 6 5*-8 7 6 -7 Denver 6 6 4 -6 5* 6 6 -6* 6 6 -7 5 -6 6 6 5 -6 5* 6 5* 5* 6 6 -7 7 6 -7 6 -7 6 6 -7 Oklahoma City. 5 -7 5 -7 V7 5 -7 5 -7 6 6 -7 6 -7 6 -7 5*-6 5*-6 6 6 6 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -8 6 -8 6 -8 7 -8 No. 11—Dallas 5 -6 5 -6 5 -6 5 -6 4f-6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -8 5 -6 6 -7 6 -7 5 -7 6 -7 6 -8 5 -8 5 -8 7 -8 6 -8 7 El Paso ... 6 -8 8 6 -8 8 8 6 -7 6 -8 6 -7 6 -8 8 8 8 8 8 6 -8 8 8 6 -8 8 8 8 8 Houston 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 5 4*-5* 5 -6 5 -8 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 6 -8 7 -8 No. 12—San Francisco 5 -5* 5 -5* 4*-6 5 -5* 5 -5*4*-6 4*-6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5*-6 5*-6 6 5*-6 6 6 6 Portland 6 6 6 6 6 6 6 6 6 6 -7 6 -7 6 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 7 7 6 -7 6 -6-i-6 -7 6 Seattle 6 6 6 6 6 6 5 -6*5 -6* 6 6 6 6 6 6 6 6 6 6 -7 7 7 6 -7 6 S S p al o t k L an ak e e City . - 5 -7 6 5 -7 6 6 6 3|-7 6 4 5 - - 7 6 6 6 6 6 - - 7 7 6 6 - - 7 7 6 6 6 -7 6 6 6 7 6 7 6 6 -8 6 8 7 6 6 - - 7 7 6 -7 6 7 -8 7 6 6 - - 7 7 6 -8 6 6*-8 7 7 6 - - 7 8 7 -8 7 7 7* 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 7 5*-6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1925 FEDEEAL RESERVE BULLETIN 523 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Gold Silver Country May Five months ended May May Five months ended May 1925 1924 1925 1924 1925 1924 1925 1924 IMPORTS Belgium . _ 8,900 France 482, 586 85,948 559,357 9,344,854 4,654 20,191 172,211 38,246 Germany 1,899,645 1,628 4,810,467 1,627 1,221,027 Italy. ... 4,360 2,367,142 11,180 Netherlands .. 5,043,435 5,055,110 10,084,799 32,118,052 Spain 14,383 33,903 42,401 27,644 69,994 82,797 Sweden 6,084,414 220 6,126,348 1,768 143 England 1, 736,216 20, 992,852 4,814,123 97, 256,132 20, 771 27,279 77, 454 50,201 Canada 2, 750,311 2,479,020 13,114,204 23,804,788 945, 514 433, 677 3,386,100 2,384,326 Central America.. 145,151 267,493 696,864 988,469 153,342 34, 526 662,494 669,096 Mexico. -. 246,239 426, 791 2,486,927 2,419,112 1,929,585 3, 272,005 17,468,892 17,245,854 West Indies 38,314 4,618 177,040 249,759 12, 567 3,103 77,159 43,470 Argentina 21,906 4, 513,219 5,711 26,471 Bolivia- . 402 163 10,988 67,043 Chile 8,681 59,314 138,192 183,719 47,062 38,185 793,097 513,930 Colombia 151,882 116,128 716,302 991.357 5,262 1,528 34,304 49,276 Ecuador ... _ 1,117 82,970 209,494 417,353 4 4,300 12,811 21,437 Peru 110,464 251, 558 512,788 1, 279,159 159,030 1, 622,352 2,641,338 6, 646, 550 Paraguay 187,077 1, 263, 244 Uruguay 6,467 Venezuela 18, 329 13, 591 114, 384 111,801 41 23 222 2,025 China 74,612 753,484 119, 518 1,826,107 55 3,567 4,183 15, 589 Dutch East Indies 309, 921 277, 016 1, 001,485 1,108,538 83,704 112, 502 364,014 430, 694 HPhoinlgipkpoinnge Islands 150,193 1,9 1 0 2 0 0 , 0 7 0 9 0 2 740, 902 3 1 , , 6 9 8 0 6 0 , , 1 0 7 0 6 0 1,598 10,138 9,749 British Oceania 23,875 81, 247 149,704 2,234,654 1,451 145 2,093 Egypt 8,891 1,449,906 595 183 Portuguese Africa 109,446 76,921 335, 670 188,969 13,973 11, 621 72,095 52,986 Allother 3,279 8,449 43,349 1, 642,524 14,616 18,319 118, 259 68,775 Total 11,404,051 41,073, 650 36,251, 583 201,061,169 3,390,180 5, 639, 582 27, 263, 212 29, 648,428 EXPORTS France 1,339,208 107,000 107,000 Germany 6,450,127 66, 710,283 250,000 2, 764,423 65,202 Netherlands 4,318,343 34, 551 Poland and Danzig 1,103,948 146,000 388, 200 Spain 50,000 162,331 140,000 Sweden 1,232, 728 700 England _ 6,159, 602 136, 790 3,415, 700 7,193,035 5, 725,307 Canada _ 2,122,995 143,147 2,403,916 611,717 165,083 109,954 697,145 603,178 Central America 750,000 750,000 1,000 2,970 3,100 12,520 30,375 Mexico 624,105 446,143 2,280,121 1,633, 982 144, 216 279,449 915, 596 899,977 West Indies 500 151,500 2,387 1,265 77,664 44,248 Argentina 100,000 5, 460, 000 Bolivia 20,000 Colombia 1, 999 878 1,999,878 1,100 7,166 Ecuador 15,000 Peru ! 36,000 28,000 75,600 878,000 TJnieuav 802, 290 Venezuela 650,000 2,060,010 1,101,600 655,340 British India 429,300 56,199,025 3,241, 578 4,104,184 20, 761,457 22 087,388 China . 2, 342, 239 1, 571, 725 8,179,204 10,086,674 Dutch East Indies 90,000 177,500 Australia 26,925,176 Hongkong 1,000 4,000 2, 997,105 83,010 68,498 64,340 892,433 461,616 Philippine Islands 20, GOO 25,000 Japan.. 1,275,970 Egypt _ ... 498,240 All other 102,062 432, 775 15, 750 700 714 700 Total 13,339,967 593, 290 184,223,979 3,587,059 6, 535,761 9,686,517 41,992, 542 42,928,841 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL RESERVE BULLETIN JDLY, 1925 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] June, 1925 May, 1925 May, 1924 Par Countries Monetary unit of ex- Average Average change Low High Low High Low High Rate P o er f p ce a n r t Rate P o e f r c p e a n r t Austria.. Schilling 14,07 14.0470 14.0620 14.0450 14.0720 14.0599 99.93 Belgium. Franc 19.30 4.4800 4.9000 4.9000 5.0800 5.0225 26.02 4.4300 5.3900 4.8646 25.21 Bulgaria Lev 19.30 .7286 .7372 .7289 .7350 .7318 3.79 .7178 .7309 .7231 3.75 Czechoslovakia. Crown. 2.9615 2.9633 2.9623 2.9641 2.9632 2. 9279 2.9576 2. 9392 Denmark Krone. 26.80 18.7300 20.1600 18.7100 18,9500 18. 8076 70.18 16.7900 17.0400 16. 9242 63.15 Finland........ Markka 19.30 2. 5207 2. 5230 2. 5205 2. 5230 2. 5218 13.07 2.5009 2. 5109 2. 5067 12.99 France Franc __ 19.30 4.5100 5.0200 5.0000 5. 2400 5.1632 26.75 5.1100 6.5000 5. 7919 30.01 Germany Reichsmark. 23.82 23.8000 23.8000 23.8000 23.8000 23. 8000 99.92 Great Britain.. Pound... 486.65 485. 7400 486.2100 484.5000 486. 2600485.4720 99.76 430. 9200 438. 6400 436.0808 89.61 Greece.. Drachma 19.30 1. 5812 1.7069 1. 7056 1.8800 1. 7926 9.29 1.8571 2.1679 2.0091 10.41 Hungary Krone 20.26 .0014 .0014 .0014 .0014 .0014 .01 .0011 .0013 .0012 .01 Italy-. Lira 19.30 3. 5100 4.0400 3.9700 4.1200 4.0672 21.07 4.3400 4.4900 4.4396 23.00 Netherlands... Florin- 40.20 40.0500 40.1800 40.1300 40. 2100 40.1848 99.96 37. 3300 37. 5000 37.4058 93.05 Norway. Krone.. 26.80 16. 7400 17.8800 16. 6300 17.0200 16. 8196 62.76 13.6900 14.0300 13.8662 51.74 Poland _ Zloty 19.30 19.1700 19. 2100 19.1600 19. 22O0 19.1872 99.42 Portugal Escudo 108.05 5.0300 5.1100 4.9600 5.0600 5.0024 4.63 2.9400 3.1200 3.0373 2.81 Kumania Leu 19.30 .4596 .4758 .4532 .4887 .4722 2.45 .4236 .5219 .4902 2.54 Spain Pesta 19.30 14.5200 14.6400 14.4200 14.7000 14.5332 75.30 13. 6100 13. 8800 13. 7962 71.48 Sweden Krona 26.80 26.7500 26.8000 26.7400 26. 7700 26. 7532 99.83 26. 3700 26. 5600 26.5000 98.88 Switzerland. Franc 19.30 19.3500 19.4200 19. 3300 19.3800 19. 3464 100.24 17. 6100 17. 8100 17. 7246 91.84 Yugoslavia.. Dinar 19.30 1.6463 1. 7571 1.6122 1.6788 1. 6268 8.43 1.2236 1. 2479 1. 2353 6.40 Canada Dollar... 100.00 99.9932 100.0127 100.0167 99. 9975 100.00 98.1948 98. 5077 98.3048 Cuba _. Peso 100.00 99. 9375 100.0000 100.0260 99. 9974 100.00 100.0094 100.0625 100. 0375 100.04 Mexico .....do. 49.85 49.1417 49.9000 49. 7063 49. 9583 49. 8962 100.09 48.1458 48.3125 48.2265 96.74 Argentina do (gold) 96.48 90.7300 92.1700 87.6000 92. 4500 90. 2444 93.54 74. 2000 75. 3300 74. 6308 77.35 Brazil Milreis 32.44 10.5600 11.1400 9.9600 10. 6300 10. 3080 31.78 10.4900 11.4100 11.0458 34.05 Chile Peso (paper) i 19. 53 11.2200 11.4300 11.2800 11. 5400 11. 3972 58.36 10.5900 11.1400 10.9719 56.18 Uruguay do 103.42 96.3900 98.0000 94. 2000 97. 9400 96.0228 92.85 77. 5700 78. 3400 78.0273 75.45 China Mexican dollar.. * 48.11 54.7700 57.9000 53.8500 54.5500 54. 2324 112.73 50.6800 51.9600 51.3058 106.64 China.. Shanghai tael i 66.85 74. 8400 77. 7100 73.9600 74.6900 74. 2588 111.08 69. 7700 71.9200 70. 8777 106.02 Hongkong-.. Dollar i 47. 77 54.8900 58.1300 54.4600 54.8400 54.6240 114. 35 51.4500 52.3600 51.7965 108.43 India.... Rupee-- _ 48.66 36.3800 36.6000 36.0100 36.3800 36. 2324 74.46 30.3200 30. 7200 30. 5796 62.84 Japan. Yen.. 49.85 40.3000 41.5800 41. 6900 42.0700 41.9136 84.08 39. 8400 40.3700 40.1865 80.61 Straits Settlements.. Singapore dollar 56.78 56. 3800 56. 7200 56. 2100 56.5000 56. 3680 99.27 50.0000 50. 7500 50. 5312 88. 99 1 1913 average. SILVER [Average price per fine ounce] May London (converted at average rate of exchange). New York . . 67915 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Page Imports and exports: Page Held and purchased by Federal reserve banks 510,519 Gold and silver 469,523 Market for _ _ 455 Merchandise _ ..- 468 Agricultural movements, index of.. .._ 490 Industrial statistics _ _ 488 Agriculural credit banks, loans of— _._ 457 Interest rates prevailing in various centers _ 622 Agriculture, monthly statistics 457 Iron and steel _ 462 Annual report: Italy: National Bank of Austria _ __ 495 Financial statistics _ 498 National Bank of the Kingdom of Serbs, Croats, and Slovenes. 496 Foreign trade 501 Automobile industry _ 462 Retail food prices and cost of living _ 504 Bank credit. " 447,454 Wholesale prices 503 Bank debits... _ _ 519 Japan: Bank suspensions _ 468 Financial statistics 498 Bankers' balances in Federal reserve bank cities _ 449,512 Foreign trade 501 Branch banking, amendment to Tennessee law relating to. __ 486 Wholesale prices 502 Building statistics... 463,491 Law department: Business and financial statistics: Amendment to Tennessee law relative to branch banking 486 Abroad... 494 Connecticut statute concerning reserves of State member United States 452-470,488-491 banks _. _ 486 Business failures._ _ 467 Decision of United States Supreme Court in case of Sowell v. Business indexes of the Federal Reserve Board 453 Federal Reserve Bank of Dallas—Rights of a Federal reserve bank in action against the maker of a promissory Canada: note held by the reserve bank as collateral security for the Cost of living and retail food prices 50*4 indebtedness of a member bank 484 Financial statistics 498 Leather industry 463 Foreign trade _. 501 Livestock industry 458 Wholesale prices _ 502 Lumber industry 463 Capital issues _ 456 Mail-order houses, retail trade of 493 Chain stores, retail trade of _. 493 Manufacturing: Changes in membership in Federal reserve system 517,518 Condition, by industries 460 Charters issued to national banks 487 Index of production 490 Coal and coke production 459 Member banks: Commercial failures 467 Condition of 480,511-513 Commodity movements 491 Number discounting 510 Condition statements: Number in each district.. 510 All banks in the United States on April 6,1925.. 514 State banks admitted to membership 487 All State banks and trust companies on April 6,1925 _ 516 Membership in Federal reserve system, changes in 517,518 Federal reserve banks 505-507 Mid-year review of banking statistics 478 Member banks 480,511-513 Mineral products, index of 490 Cost of living in principal countries... _ 504 Metals 460 Cotton: Mining 459 Raw 458 Money in circulation 520 Manufacturing. 461 Chart showing 482 Crops: Money rates 455,522 Condition _ 457 Par list, number of banks on 520 Estimate of production by Department of Agriculture... 486 Pay rolls in factories, index of 490 Currency in circulation.. _. 520 Petroleum industry 459 Debits to individual account 519 Prices: Department-store business 465,493 Food, in principal countries 504 Review of _ 474 Security ._. 456 Deposits: Wholesale- _ 452,467,502,503 Savings 466 Production in basic industries._ 452,489 Time and demand of Federal reserve banks. 513 Reserve ratio of Federal reserve banks 448,505 Time and demand of member banks 481 Reserves: Deposits, note circulation, and reserves of Federal reserve banks. 505 Recent Connecticut statute concerning reserves of State Discount and open-market operations of Federal reserve banks.. 510 member banks 486 Discount rates: Right of member banks in computing reserves to deduct Central banks of issue. 500 balances due from foreign brancnes of domestic banks from Federal reserve banks 521 balances due to other banks. 483 Prevailing in various centers 522 Resources and liabilities: Earning assets of Federal reserve banks. 509 All banks in the United States 514-516 Employment, United States.. 466,489 Federal reserve banks 505-507 England. (See Great Britain.) Member banks 480,511 Factory employment and pay rolls, index of 490 Retail food prices 504 Federal reserve note account 508 Retail trade 476,493 Fiduciary powers granted to national banks 487 Review of banking statistics, mid-year 478 Financial statistics for principal foreign countries „ 498-500 Review of department-store trade statistics 474 Food manufacturing __ 460 Review of statistical work of the Federal Reserve Board 471 Food prices in foreign countries 504 Rulings of the Federal Reserve Board: Foreign branches of domestic banks, balances due from, right of Right of member banks in computing reserves to deduct balmember banks to deduct from balances due to other banks 483 ances due from foreign branches of domestic banks fiom Foreign exchange 470,524 balances due to other banks 483 Foreign trade: Savings deposits 466 Principal foreign countries 501 Security prices _. 456 United States 468,501 Serbs, Croats, and Slovenes, Kingdom of, annual report of 496 Shoe industry __ 463 France: Silver: Commercial banking in 1924 _ _ __ 494 Imports and exports 523 Cost of living and retail food prices _. 504 Prices of 524 Financial statistics .... 498 State banks: Foreign trade. „ _ 501 Admitted to Federal reserve system 487 Wholesale prices 502 Condition of all banks on Apr. 6,1925 516 Germany: Statistical work of the Federal Reserve Board, review of 471 Cost of living and retail food prices. 504 Stocks at department stores 493 Financial statistics 498 Supreme Court of United States, decision of, in case of Sowell v. Foreign trade. 501 Federal Reserve Bank of Dallas. 484 Wholesale prices 503 Textile industry _ 461 Gold imports and exports 469,523 Time deposits 481,513 Chart showing • 482 Trade: Gold settlement fund transactions. 521 Foreign 468,501 Grain, crop and marketing 457,491 Retail 465,493 Great Britain: Wholesale 452,465,492 Financial statistics 498 Transportation... 464,491 Foreign trade.. _ 501 Treasury financing 450 Gold imports and exports _ 469 Wholesale prices 452,467 Retail food prices and cost of living _ 504 Wholesale trade 452,465,492 Wholesale prices , ,.,__ , , _, 502 Wool and woolen industry 461 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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