Federal Reserve Bulletin, 1925-10

FEDERAL RESERVE BULLETIN OCTOBER, 1925 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Financing the Crop Movement Business Conditions in the United States WASHINGTON GOVERNMENT PRINTING OFFICE 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor* A. W. MELLON, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART, Director, Division of Research W. M. IMLAY, Fiscal Agent. and Statistics. J. F. HERSON, E. A. GOLDENWEISER, Assistant Director, Division of Chief Division of Examination, and Chief Federal Research and Statistics. f 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.v MCGREGOR. District No. 12 (SAN FRANCISCO) HENRY S. MCKEE. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss.. W. P. G. Harding.. W. W. Paddock.... W. Willett. Pierre Jay Benj. Strong J. H. Case L. H. Hendricks.i New York.. L. F. Sailer A. W. Gilbart.i G. L. Harrison J. W. Jones.* E. R. Kenzel G. E. Chapin.i Ray M. Gidney.1 L. R. Rounds.1 Philadelphia R. L. Austin.. Geo. W.Norris.. Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.i Cleveland D. C.Wills. __ E. R. Fancher... M. J. Fleming J. C. Nevm. Frank J. Zurlinden. Richmond Wm. W. Hoxton George J. Seay _. C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta Oscar Newton M. B. Wellborn J. L. Campbell M. W.Bell Creed Taylor Chicago Wm. A. Heath I J. B. McDougal. C. R. McKay W. C. Bachman.1 John H.Blair K. C. Childs.i J. H. Dillard.i D. A. Jones.1 O. J. Netterstrom.1 St. Louis Wm. McC. Martin. D. C. Biggs O. M. Attebery.... J. W. White. W. B. Geery Gray Warren. Minneapolis John R. Mitchell.... R. A. Young B.V.Moore Frank C. Dunlop.1 Harry YaegerJ Kansas City M. L. McClure. W. J. Bailey C. A. Worthington. J. W. Helm. C.C.Walsh.... R.R.Gilbert Fred Harris. Dallas Lynn P. Talley. R. B. Coleman San Francisco John Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk.... L. C. Pontious 1 Controller. * Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch _. W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. i Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch _ A. H. Dudley. ! Dallas: Atlanta: El Paso branch M. Crump. New Orleans branch Marcus Walker. j Houston branch _ D. P. Reordan. Jacksonville branch . Geo. R. DeSaussure. | San Francisco: Birmingham branch A.E.Walker. Los Angeles branch R. B. Motherwell. Nashville branch J.B.Fort,jr. Portland branch Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch Louisville branch W. P. Kincheloe. Memphis branch V. S. Fuqua Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal reserve banks and member banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: Page Review of the month—Financing the crop movement 711 Treasury financing 714 Business conditions in the United States 716 Livestock prices in 1924 and 1925 735 Official: Rulings of the Federal Reserve Board — Cotton seed as a readily marketable staple 737 Changes in State bank membership 738 Changes in national bank membership 738 Fiduciary powers granted to national banks 738 Business statistics for the United States: Industrial activity 740 Commodity movements : 743 Revision of the index of agricultural movements 739 Wholesale and retail trade 744 Estimate of crop production 739 Foreign banking and business conditions: The National Bank of Hungary 746 Financial statistics for principal foreign countries 747 Foreign trade of principal countries 750 Price movements in principal countries— Federal Reserve Board wholesale price indexes 751 Wholesale prices in principal countries 753 Retail prices and cost of living in principal countries 754 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 755 Federal reserve note account 758 Holdings of earning assets 759 Discount and open-market operations of Federal reserve banks 760 Gold settlement fund 772 Discount rates of Federal reserve banks 772 Member banks— Condition of reporting member banks in leading cities 761 Banker's balances at reporting member banks in Federal reserve bank cities 762 Deposits of all member banks 763 Changes in membership in the Federal reserve system 764 All incorporated stock banks in the United States—condition on June 30, 1925 766 Bank debits 770 Member banks and nonmember banks on par list and not on par list 771 Money rates in principal cities 773 Money in circulation 771 Gold and silver imports and exports 774 Foreign exchange rates and index 775 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 11 OCTOBER, 1925 No. 10 REVIEW OF THE MONTH which receipts at leading markets in August and early September were greater than at the Recent increases in the demand for credit same time in any other recent year and and currency, both at member banks and at the Federal reserve banks, re- exceeded those for the same period last year Financing the pi il the larger finan- by nearly 600,000 bales. This early movefl r mar y crop movement F . J ° ment of cotton has been principally due to cial requirements at this time the fact that dry weather brought about early of year arising from marketing of the crops. maturing of the crop, which resulted in gin- Borrowing for commercial and agricultural ningsof 4,276,000 bales to the middle of Septempurposes began to increase this year a month ber, 60 per cent larger than ginnings up to this earlier than in 1924, partly as a result of the date a year ago. Livestock marketings, which earlier marketing of this year's crops, and between the end of July and the middle of MARKETINGS OF FARM PRODUCTS September total borrowing of this character ( 1919-100 ) increased considerably more than during the same period of last year. Seasonal growth in the demand for currency to pay for harvesting of crops and to meet the somewhat larger pay rolls of factory workers has been the principal 100 factor accounting for the larger borrowing by member banks at the reserve banks during the past two months. Demands upon the banks 50 50 generally increase as the crop-moving season advances, and although the larger part of this 1922 1923 1924 1925 year's crops has not yet left the farm, market- had been exceptionally small in earlier months, ing of crops is now under way and at a higher began to increase in August, a month earlier average of prices than a year ago, and banking than last year, but have been in smaller volume developments during the past two months reflect than last year, chiefly because receipts of hogs the growing demand for credit to finance this have been considerably smaller. Marketings movement of crops. of grain, though seasonally larger, did not in- The volume of agricultural marketings since crease as much as usual and were more than oneearly in 1925 has been smaller than last year, third smaller than in 1924, owing principally as brought out by the chart, to the smaller crop of winter wheat in the which shows for all farm prod- Southwest, while marketings of spring wheat crops ucts the course of marketings were larger than a year ago. Thus the from year to year since 1922 and the seasonal marketing agencies and the banks, while not tendency of this volume to increase greatly from called upon in recent months to finance so large a volume of farm products as last year, the middle of the year until late in the autumn. have felt the increase in demands upon them The increase since midsummer of this year at an earlier period than usual. reflects primarily the movement of cotton, of 711 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL KESERVE BULLETIN OCTOBER, 1925 The amount of bank credit required to farm but also because the portion that is sold finance the crop movement is influenced by usually comes to market later in the year. the values of these crops, Wheat and cotton, though they rank lower in r values 1^1925^ and sufficient information total value than corn, are the two crops that has now become available require the largest amount of credit at cropregarding the probable yield of farm crops in moving time. As shown in the table, the 1925 to enable comparisons on the basis of aggregate value of farm crops has increased current prices to be made between the crop considerably since 1923, the increase of 1924 values for the current year and for earlier over 1923 resulting from both the larger years. The indicated aggregate production of production and higher average prices and the leading farm crops for 1925, as forecast by value in 1925 reflecting a further rise in the September estimates of the Department of prices. Agriculture and measured by the Federal The present level of average farm prices Reserve Board's annual index of crop pro- is higher than at this season in five years, duction, is about 5 per cent smaller than for and most of the important Course of farm 1924, while average farm prices in September agricultural commodities, inprices were higher than at the same time a year ago, cluding cotton, grain, and liveso that the total indicated value of leading stock, as shown by the chart, have shared in crops appears to be close to what it was the general advance that has taken place since last year. The table gives the production of the beginning of 1922. The increase in the each of the leading crops for 1923 and 1924 price of cotton from 1922 to 1923, owing largely and the estimated production for 1925, with to a succession of small crops, was an important the estimated crop values for each year. Production (in Value1 (in millions millions of units) of dollars) Crop Unit 1923 1924 19252 1923 1924 1925 Wheat, total Bushels... 797 873 700 736 1,137 1,011 Winter do 572 590 416 544 780 Spring... . ...do 225 283 284 192 357 Corn .do 3,054 2,437 2,885 2,217 2,405 2,850 Cotton Bales 10.1 13.6 13.9 1,572 1,539 1,567 Oats - Bushels 1,306 1,542 1,462 541 739 557 Potatoes Bushels... 416 455 344 325 292 417 Barley .do. 198 188 222 107 137 135 Rye ...do 63 63 52 41 68 43 Hay (all) Tons 107 112 94 1,398 1,468 1,163 Total 6,936 7,785 7,743 1OO 1 Value for 1923 and 1924 based on final yields at December farm prices. For 1925 value is based on September forecasts and September farm prices. 1 September estimates of the TJ. S. Department of Agriculture. 50 — 50 According to 1925 estimates, the wheat crop is about 20 per cent smaller in size than that of 1924 and about 10 per cent smaller in 1922 1923 1924- 1925 value, while the cotton crop is somewhat larger factor in bringing about the higher average level than that of last year, and has an indicated of prices for farm products that prevailed in total value slightly larger than in 1924. The 1923. The general level of grain prices did not corn crop is larger than last year, but its advance much until the middle of 1924, when greater value is not an important factor in the market felt the influence of a smaller world the demand for credit at this season, chiefly crop of wheat and of an exceptionally small corn because most of the corn is used on the crop. Livestock prices, after declining during Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 713 the second half of 1922 and all of 1923, began loans on securities by more than $200,000,000, to rise toward the end of 1924, reflecting and country banks belonging to the Federal primarily the increase in the price of hogs that reserve system increased their bankers' balances accompanied the decrease in the number of in financial centers by about $100,000,000. hogs on farms while corn was scarce and high. Banks in the smaller cities of the country There was a decrease of 18 per cent in the reduced their borrowings at the reserve banks number of hogs on farms during 1924, and this during the year preceding the present cropwas an important factor in the early months of moving season in most of the Federal reserve 1925 in bringing about a still higher price for districts that are primarily agricultural in hogs, pork products, beef, and beef cattle, par- character. The extent of this reduction is ticularly the higher grades of corn-fed stock.1 shown by the table, which gives separately and Thus the present level of agricultural prices is by districts the volume of discounts for weekly the outcome of developments which affected reporting member banks, located chiefly in the the income of cotton farmers as early as 1922 industrial and financial centers, and the nonand 1923, the wheat growers in 1924, and the reporting banks, outside those cities. livestock industry in late 1924 and early 1925. The continued improvement in the financial DISCOUNTS AT FEDERAL RESERVE BANKS condition of farmers that came about as a [In thousands of dollars] ^ result of the increased returns July 30, 1924 July 29, 1925 Increase or cou P n o tr s y i t b i a o n n k s o f/. f°r t,-h.e * -9m24 o /i CI"°PS, WaS an ri decrease (—) important factor m placing the a c th t o e u t n h o t e r p y e s n a b i m n a g e n k o s t f im i t n e h e a a c m r y o e o p a r - e r m o l a i v q g i u n o i g . d s L p e i o a q s s u o it i n i d o a n t t h io a a n n t Fede d r i a s l t r r i e c s t erve p b m o R a b e r n e e t m i k r - n s - g r b m e N a i b p n e o n e o m g n k r r - t s - - p b m o a R b e r n e e t m i k r - n s - g r b m e N a i b p e n o n e o m g n k r r - t s - - p b m o a R b e r n e e t m k i r - n s - g r b m e N a i b p e n o n e o m g n k r r - t s - of commercial and agricultural loans at these Boston 1,025 9,240 10,225 16,384 9,200 7,144 banks continued, particularly in the wheat- New York 20,511 18,635 85,360 25,270 64,849 6,635 Philadelphia. 5,874 18,482 22,892 28,370 17,018 growing sections, and there was an increase Cleveland 5,740 14,411 36,533 16,982 30,793 2,571 Richmond... 13,418 27,280 18,456 30,826 5,038 3,546 in the deposits of these banks in all sec- Atlanta 6,424 23,973 5,411 17,263 -1,013 -6,710 Chicago 3,873 33,283 38,330 24,515 34,457 -8,768 tions of the country. Combined time and St. Louis 1,940 16,823 8,694 14,833 6,754 -1,990 Minneapolis.. 1,554 13, 779 1,376 5,379 -178 -8,400 net demand deposits of member banks in cities Kansas City.. 1,277 13,372 1,257 5,448 -20 -7,924 Dallas 6,984 14,006 1,915 7,228 -5,069 -6,778 having a population under 15,000 increased San Francisco 3,767 18,224 29,422 15,987 25,655 -2,237 $380,000,000, with about one-half of the in- Total... 72,387 221,508 259,871 208,485 187,484 -13,023 crease in the Atlanta, Minneapolis, Kansas City, and San Francisco districts, which are During the period covered by the table largely agricultural and in which there had these nonreporting banks in the smaller cities been a decline in deposits of these banks during reduced their indebtedness at the Federal rethe preceding year. The growth in deposits serve banks in seven districts, which inof country banks in the agricultural districts clude most of the primarily agricultural during the period was in excess of the local sections of the country. The largest propordemands for credit, and the banks used their tional reductions in borrowings were made by surplus funds largely in the purchase of invest- banks in the Minneapolis, Kansas City, and ments, to make loans on securities, to increase Dallas districts. These reductions in indebttheir balances with banks at the financial edness for the nonreporting member banks in centers, and in the repayment of borrowings at agricultural territory took place at a time the reserve banks. During the year ending when in most of the other districts, including June 30, 1925, country national banks in the the four northeastern industrial districts of South and West increased their investments and Boston, New York, Philadelphia, and Cleveland, both reporting member banks and non- 1A fuller discussion of the course of livestock prices appears on p. 735. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL* BESEBVE BULLETIN OCTOBER, 1925 reporting member banks were increasing their Meeting of Federal Advisory Council. discounts at the reserve banks. During the On September 21 the Federal Advisory Council held its statutory autumn meeting first eight weeks of the crop-moving season, with the Federal Reserve Board at Washington. from the end of the period covered by the table, the reporting member banks increased their borrowing at the reserve banks by about TREASURY FINANCE $200,000,000, while the non-reporting banks September financing. decreased their borrowing by about $20,000- On September 8 the Treasury announced an offering of 334 per cent certificates of indebted- 000, almost all of the decrease being in the ness, in the amount of $250,000,000 or theredistricts that are primarily agricultural in abouts, dated and bearing interest from character. Since the interior country banks September 15 and maturing nine months from entered the crop-moving season with surplus that date on June 15, 1926. Certificates funds in the financial centers, they have been maturing on September 15, 1925, it was announced, would be accepted in payment for in position to meet increased local demands for the new issue at par, but* would not be given currency and credit without correspondingly preferred allotment. The offering was made increasing the amount of their accommodation to cover the Treasury's cash requirements—in at their local Federal reserve banks. The with- excess of balances on hand and September tax drawal of surplus funds from financial centers receipts—until December, when further financing will be necessary. The new certificates bv interior banks, however, and the increased were made acceptable in payment of income demand for credit at the larger cities that has and profits taxes payable at their maturity. accompanied the movement of crops to central Federal reserve banks, as fiscal agents of the markets have been factors in the increased Government, were authorized to receive subdiscounting by member banks in the financial scriptions and to make allotments on the basis which would be indicated by the Secretary centers. of the Treasury. Subscriptions were closed at During August and September the amount the close of business on September 10 and of Federal reserve bank credit in use increased amounted to $568,155,500. All subscriptions $235,000,000, which is $75,- in amounts not exceeding $1,000 were allotted in full, and those in larger amounts on a gradu- 000>000 Sreater than the in" crease during this period last ated scale. Allotments totaled $251,936,000. By Federal reserve districts, subscriptions and year. The larger part of the increase this allotments were in the following amounts: year was in the form of discounts for member banks, which increased $165,000,000, though TREASURY CERTIFICATES OF INDEBTEDNESS DATED SEPTEMBER 15, 1925, MATURING JUNE 15, 1926 holdings of acceptances began to increase after the middle of August, partly in consequence of Federal reserve district Subscriptions Allotments larger purchases of grain and cotton bills. The chief factor in the increased use of Federal re- Total... $568,155,500 $251,936,000 serve bank credit was the increase during Aug- Boston 34, 220, 500 16,988,000 New York 239, 570,500 81,123,000 ust of $65,000,000 in the total money in circu- Philadelphia- 48, 242,000 24,700,000 Cleveland 52, 317,000 25,745, 500 lation, and a further increase in September re- Richmond ..,. 15,827,000 7,610,000 Atlanta 26,219, 500 15,618,500 flected in a growth of $40,000,000 of Federal Chicago 38,352, 500 25,415, 500 St. Louis 14,456,000 8,121,500 reserve notes in circulation. Minneapolis.. 11,201,000 6,875,000 Kansas City.. 8,691,000 4,402,000 Dallas. 19, 714,000 9,845,000 San Francisco. 59,344, 500 25,492,000 NOTES Vice Governor of Federal Reserve Board. Refunding agreement with the Republic of Latvia. Mr. Edmund Platt has been redesignated by A refunding agreement covering the indebtthe President to be vice governor of the Federal edness of the Republic of Latvia to the United Reserve Board for the year ending August 10, States was signed at the Treasury on Septem- 1926. ber 24. " This indebtedness," it was announced Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 715 by the Treasury, " represents obligations re- 15, 1932, and at 33^ per cent thereafter. The ceived in connection with the sale of war sup- terms of the settlement, it is stated, are subplies by the Secretary of War and obligations stantially the same as those of the settlement received from the American Relief Adminis- with Poland and Great Britain, " except that tration on account of relief supplies furnished Latvia has the option to liquidate the amounts on credit." The amount to be refunded was due under the agreement on or before Decemcomputed as follows: ber 15, 1930, in part by semiannual cash payments" of from $30,000 to $50,000, for a total Principal of obligation $5, 132, 287. 14 amount of $400,000, the balance due in this Interest to Dec. 15,1922, at 4M per cent 647, 275. 62 initial period of five years to be funded into Total 5, 779, 562. 76 bonds similar to those provided in the agree- To be paid in cash 4, 562. 76 ment. It is noted that this is the seventh funding agreement concluded by the World To be funded into bonds 5, 775, 000. 00 War Foreign Debt Commission, following agree- Under the proposed agreement, which is sub- ments already approved by Congress with ject to the approval of Congress and of the Great Britain, Finland, Hungary, Lithuania, Saeima of Latvia, bonds of Latvia will be is- and Poland, and an agreement with Belgium, sued maturing serially over a period of 62 which, together with the present agreement, years, with interest at 3 per cent to December will be submitted to Congress at its next session. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716. FEDERAL RESERVE BULLETIN OCTOBER, 1925 BUSINESS CONDITIONS IN THE UNITED STATES Production of basic commodities declined in August to the lowest level of the year, but was considerably higher than during the summer of 1924. Distribution of goods at wholesale and retail continued in greater volume than a year ago. Seasonal growth in the demand for credit, arising partly from financing of the crop movement, was reflected in an increase in the volume of commercial borrowing. Production.—The Federal Reserve Board's index of production in basic industries, which is adjusted for seasonal variations, declined 4 per cent in August, but was 16 per cent higher than a year ago. Output of steel and of bituminous and anthracite coal and activity in the woolen industry increased in August, while mill consumption of cotton and the production of flour and lumber decreased. Employment and earnings of factory workers were larger in August than in July, but continued smaller than in June. Building contracts awarded during August, owing chiefly to large awards in New York, exceeded all previous records. Crop reports of the Department of Agriculture at the beginning of September, as compared with forecasts a month earlier, indicated somewhat larger yields of spring wheat, oats, barley, hay, and tobacco, and smaller yields of corn and potatoes. The mid-September cotton crop estimate was 13,931,000 bales, compared with a forecast of 13,740,000 bales on September 1. Trade.—Wholesale trade was 5 per cent larger in August than in July, owing to seasonal increases in the sales of dry goods and shoes, and sales of all lines except groceries were greater than those in August, 1924. Sales at department stores and at mail-order houses showed less than the usual increases in August, but continued in greater volume than last year. Stocks of merchandise at department stores increased in August and for the first time this year were considerably larger than in the corresponding month a year ago. Wholesale firms in all leading lines except drugs and hardware reported smaller stocks on August 31 than a month earlier. Total freight-car loadings were larger during August than in any month since last October. Coal shipments, preceding the anthracite strike, were especially heavy, less-than-carload-lot shipments continued to increase, and the movements of livestock and grains were seasonally greater than in July, although smaller than in August, 1924. Prices.—Wholesale prices showed a further slight advance in August and were near the high level reached in the spring of this year. Prices of agricultural commodities, which in recent months have been above the average for all commodities, increased further, while prices of other commodities declined slightly. Between the end of August and the latter part of September prices of bituminous coal, pig iron, rubber and cotton advanced, and prices of spring wheat, corn, raw sugar and wool declined. PER CENT PER CENT PER CENT 15OI 1150 I20O 150 150 100 too 100 50 50 50 PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES 1922 1923" 1924- 1925 1922 1923 1924 1925 Index of 22 basic commodities adjusted for seasonal variations, index of United States Bureau of Labor Statistics. (1913=-100, base (1919=100.) Latest figure, August, 113. adopted by bureau.) Latest figure, August, 160. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN ,717 BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 10 1923 1924 1325 1922 1923 1924- 1925 Weekly figures for 12 Federal reserve banks. Latest figures,Sept. 16 Indexes for 34 manufacturing industries. (1919=100.) Latest figures, employment 93.9, pay rolls 104.8 Bank credit.—-At member banks in leading cities loans chiefly for commercial and agricultural purposes showed further seasonal increases during the first half of September, and at the middle of the month were about $275,000,000 higher than at the end of July. Investment holdings remained in about the same volume as during previous months, but loans on securities increased and on September 16 were near the highest level of the year. A further growth in the total of reserve bank credit in use occurred during the five-week period ending September 23. Member bank borrowings increased in the early part of September, and after a temporary decline during the period of Treasury financing, increased to a larger total than at any time since the beginning of 1924. The seasonal growth in the demand for currency during August was reflected in an increase of $65,000,000 in total money in circulation. Money rates showed a firmer tendency during the last week of August and the first three weeks of September. The prevailing rate on prime commercial paper remained at 4 34 VeT cent, but there was an increased proportion of sales at 4}^ per cent. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919=100] D epartment-store D epartment-store Bank Produc- sales i stocks i debits Year and month t i i b n o a d n s u i i s c n - e F m m ac p e t l n o o r t y y - p F a a y c t r o o r l y ls a c B w o u n a i r t l r d d a e i c n d t g s J Unad- Ad- Unad- Ad- o o Y f u t o s N r id e k w e tries 1 justed justed justed justed Cityi 1924 January 121 100 108 170 110 126 116 132 105 February 121 101 114 163 102 128 127 135 109 March 117 101 113 164 115 115 139 137 108 April 114 99 111 150 133 131 141 136 111 May 104 96 105 129 127 123 136 136 109 June 94 93 100 125 120 120 127 134 103 July 95 89 92 121 91 123 123 131 108 August 94 89 96 133 93 118 126 126 108 September 103 91 99 150 119 131 137 128 107 October. _ 109 93 103 166 141 124 148 132 112 November 107 92 101 196 141 126 148 132 107 December 117 94 106 180 210 131 124 133 112 1925 January. 127 94 103 168 108 124 119 134 120 February 124 96 109 159 101 131 127 135 121 March 120 96 110 178 121 121 139 137 120 April 119 96 108 176 136 133 141 136 122 May 111 95 108 151 128 124 136 137 119 June no 94 105 171 126 126 129 135 122 July. 113 93 103 189 95 128 124 133 125 August 109 94 105 228 93 125 131 131 120 1 The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations; the indexes of department-stores sales and stocks are shown both with and without seasonal adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN OCTOBER, 1925 BANK CREDIT district, with substantial increases in most of the other districts, particularly the Atlanta Between the end of July and the middle of district. The increase in loans on securities September the volume of loans for commercial during the period was largely for banks outand agricultural purposes at member banks in side the New York district, particularly banks leading cities advanced by about $275,000,000. in the Philadelphia and Chicago districts. This increase, which was largely seasonal in Decreases in investments, chiefly in the New character, was nearly $90,000,000 more than York district, were only partially offset by for the corresponding period last year and increases in the Atlanta, St. Louis, Kansas City, carried the total of these loans to the highest Dallas, and San Francisco districts. point in more than four years. Loans on securities also increased and at the end of the period were only slightly below the previous CHANGES IN LOANS AND INVESTMENTS OF REPORTING MEMBER BANKS, JULY 29, 1925, TO SEPTEMBER nigh point which was reached at the beginning 16, 1925 of July. The investment holdings of these banks declined slightly, but were still on a [Increases and decrease (—). In millions of dollars] .comparatively high level as compared with previous years, and on September 16 total loans Changes in loans Chanand investments were higher than ever before. ges in Chan- The following table shows the principal re- Federal reserve district a l n o d a n i s n- On ot A h l e l r, i g n e v s e i n t sources and liabilities of member banks in vest- Total securi- largely ments ments ties comleading cities for each week between July 29 mercial and September 16, as well as the changes for the seven weeks and for the year ending Sep- AH districts 338 381 97 284 -43 tember 16: Boston -10 -6 -2 -4 -4 New York 98 151 35 116 -53 Philadelphia 22 34 24 10 -12 Cleveland 20 22 1 21 -2 LOANS, INVESTMENTS, AND DEPOSITS OF MEMBER Richmond 14 16 7 9 -2 BANKS IN LEADING CITIES Atlanta 57 43" 4 39 14 Chicago 43 49 24 16 -6 [In millions of dollars] St. Louis 21 17 -1 18 4 Minneapolis 22 22 1 21 Kansas City -5 -8 -9 1 Dallas 17 14 4 9 3 Loans and investments Deposits San Francisco 39 26 -2 28 13 All other At the reserve banks the volume of member- Date Loans loans Total o c n t u i e r s s i e - - la c m r o g e m e r l - - y I m nv e e n s t t s - de N m e a t nd Time b th a e n k la t b t o er r ro p w ar i t n g o f c A on u t g i u n s u t e d a nd to e i a n r c ly re i a n se S e d p u t r e i m ng cial ber. After a sharp decline in the middle of the month, largely in the New York district July 29 18,723 5,204 8,013 5,506 12,818 5,174 where a temporary surplus of funds was Aug. 5_ __ 18,792 5,238 8,071 5,483 12,834 5,178 Aug. 12 18,853 5,258 8,113 5,482 12,903 5,183 caused by Treasury operations, discounts Aug. 19__ 18,851 5,263 8,110 5,478 12,811 5,195 again increased. On September 23 member- Aug. 26 18, 846 5,267 8,108 5,471 12, 755 5,204 Sept. 2 18,918 5,302 8,173 5,443 12,848 5,199 bank borrowing at the reserve banks was in Sept. 9 18,899 5,235 8,207 5,457 12,813 5,203 Sept. 16... 19,061 5,301 8,297 5,463 12,965 5,185 larger volume than since the beginning of Increase (+) or de- 1924 and about $380,000,000 larger than a year crease (—): Seven weeks ago. There was a slight increase also in acending Sept. 16 +338 +97 +284 +147 +11 ceptances. Holdings of United States securi- Year ending ties showed practically no change for the Sept. 16 +1,189 +746 +275 +168 +176 +563 period. Accompanying a seasonal increase in the demand for currency, there was, in Changes in the loans and investments of mem- September, an increase in Federal reserve ber banks in leading cities for the seven weeks notes in circulation. The principal resources ending September 16 are shown by districts and liabilities of the Federal reserve banks for in the following table. Loans chiefly for com- the period between August 19 and September mercial and agricultural purposes increased in 23 and changes for this period and since Sepall except the Boston district, nearly one-half tember 24, 1924, are shown in the following the total increase occurring in the New York table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 719 PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL MONEY RATES IN NEW YORK RESERVE BANKS [In E m ar i n ll i i n o g n s a o ss f e d ts ollars] Fed- c m o p P m a o c 4 r p i i n - m a m 6 e t l h r e e , r s - b 9 a P a a 0 c n n r c d i c k e m e a e p s y r e t , s - s ' i f n o n m i e n c Y d o s a e s c i n t b e , e e t l t 4 s r h d e t - s i d 6 o - - f A y L b 4 i i v e c o M b l e e n d e r n p d a r t o t e g s y n r e c R r a e a ll n t e l e o w o a n n a s l eral Date Total B d i i l s l - s b B o i u i n l g ls ht m G er o e n n v - t - s T e c r o a r e v s t - a l e i l s p T o d o s e t i - a ts l c s n i e r r o r e c v t - u e e - J A u u l g y . , , 1 1 9 9 2 2 5 5 _. 1 1 3 3 . . 0 0 6 1 3 3. . 9 9 8 5 4 4 . . 1 0 9 9 co e u d nt- o m p a e r n - c s u e r - i- lation Sept., 1925 2 * 3 3 .0 .3 0 3 3.98 4.62 ket ties Average for week ending- Sept. 5__ 13.01 3.97 4.15 Aug. 19 1,091 559 195 323 2,905 2,237 1,616 Sept. 12 2 3.27 3.99 4.50 Aug. 26 1,126 580 202 332 2,888 2,237 1,616 Sept. 19 , k 2 3.32 3.98 3.95 Sept. 2 1,126 577 213 326 2,898 2,236 1,638 Sept. 26 , 2 3.33 3.68 4.70 Sept, 9 1,190 639 214 327 2,881 2,245 1,680 Sept. 16 1,119 488 212 409 2,882 2,230 1,677 Sept. 23 1,213 641 238 323 2,871 2,267 1,670 1 Issues maturing Dec. 15, 1925. Increase (+) or de- 2 Issues maturing Mar. 15,1926. crease (—): Five weeks ending Sept. In the London market, money rates during 23__. +122 +82 +43 -34 +30 +54 August and early September continued at the Year ending Sept. 23 +285 +381 +146 -251 -285 +72 -60 lowest levels since February. The weekly prevailing rate on 3 months7 bank bills fell from 4^ to 3% per cent in August and re- MONEY RATES covered to 3yt per cent the first week in September. Treasury bills were tendered at After the rise in commercial paper and acceptan average rate as low as 3.76 per cent the ance rates at the end of August, these rates third week in August and later at 3.815 per in the New York market remained relatively cent. The official Bank of England rate conconstant in September, with some evidence of tinued at 43^ per cent. slightly firmer conditions. The commercial paper market continued to be quiet, with ACCEPTANCES smaller supplies offered than is usual at this season and the demand coming chiefly from the The acceptance market showed somewhat Middle West and Northwest. While the pre- greater activity during the first half of Septemvailing rate on prime paper was 434 Per cent, ber than in August, following an increase in an increased volume was sold at 43^ per cent. rates at the end of the month. Dealers Acceptance rates, after the rise at the end of advanced their rates on all maturities by one- August, showed no further change, although fourth of 1 per cent on August 28, so thatf 30demand became more active and the current day bills were quoted at 3% bid and f supply of bills was hardly sufficient to meet this cent offered, 60-day bills at 3Y bid 2 demand. Prices of Government securities offered, 90 and 120 day bills at 3^ bid ^3^ showed little movement, the increased yield on offered, and the longest maturities at 3% bid 4-6 months certificates of indebtedness, shown and 3% per cent offered. The New York in the table below, being chiefly a matter of Federal Reserve Bank raised its official buying variations of price between different issues. rates on August 31 to 33^ per cent on 30-day The 3% per cent rate borne by the new issue bills, 3\i per cent on 31-44 days, 3% per cent of certificates put out on September 15 on 45-90 day bills, 3 y per cent on 4 months and 2 reflected the hardening of money market con- 3% per cent on 6 months bills. Increased ditions since June, when one-year certificates demand, chiefly by local banks, was reported were issued at 3 per cent. Call-loan rates as a result of the higher market rates in New averaged higher in September than in August, York, Boston, and Philadelphia, with a smaller with sharp fluctuations connected with Gov- increase in supply, which was expected to be ernment financing operations. Following augmented by the appearance of more cotton heavy income tax payments, the renewal rate bills a little later in the season. On September touched 5}i per cent on September 22, the 16 New York dealers7 portfolios had been highest since January, 1924. The table below reduced to the lowest figure reported since the shows the money rates prevailing in the New spring of 1923. The Chicago market was York market during the last three months. very dull throughout the period from August Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDERAL. RESERVE BULLETIN OCTOBER, 1925 20 to September 16, with a decline both in the Jones & Co., and the average number of shares demand for and supply of bills as compared of stock sold daily on the New York Stock with the preceding period. Exchange for the last five months: CAPITAL ISSUES INDEX NUMBERS OF SECURITY PRICES Domestic capital issues during July, 1925, as reported by the Commercial and Financial Price indexes of— l Average number Chronicle, and foreign issues, as compiled by of shares t d h is e c u F s e s d e e d r a in l R th e e s e S r e v p e t e B m a b n e k r o F f E D N E e R w A Y L o R r E k S , E w R e V r E e d 2 s u 0 to s 1 t c r k i i n a s - l 3 s r 1 t o o r a c a d k i s l- sto 23 c 2 ks b p o o r f n i c d 4 e 0 s2 s ( o o 0 l 0 t f d e 0 s d d t ) o o a m 3 c il k i y t- BULLETIN. The total volume of flotations in the United States in that month, of approximately Average for— $700,000,000, was larger than in any previous April, 1925 _ 123.4 107.7 118.8 91.62 1,088 month this year. The figures for domestic May, 1925 _ 127.8 110.0 122.5 92.79 1,607 June, 1925 _ 131.0 109.7 124.7 93.14 1,313 issues during August are not yet available, but July, 1925 135.0 111.0 128.1 92.50 1,353 August, 1925 _ 136. 0 • 114.3 129.7 91.70 1,458 the foreign issues were small, amounting to only September, 1925 139.9 215.8 132.9 92.19 1,711 $33,887,500, as compared with $178,050,000 in Average for week ending- Sept. 8 136.9 114.7 130.5 92.01 1,204 July. The former total was composed of Sept. 14__ 141.4 116.0 134.0 92.14 1,596 Sept. 21___ _... 140.7 116.4 133.7 92.32 1,869 $24,000,000 of notes of the Tokyo Electric Sept. 28... 140.4 116.0 133.3 92.26 1.735 Light Co. of Japan, $1,187,500 of preferred stock of the International Utilities Corporation 1 For the industrial stocks, the average of 1917-1921 prices equals 100; for the rails the average of the high and low prices made in the 10 years, of Canada, and $8,700,000 of bonds of the city 1913-1922, equals 100. The indexes are weighted by the number of shares of Munich, Germany. of each stock outstanding. Prices used are closing quotations on Monday. 2 Arithmetic average of daily peak and low prices, as published in the Wall Street Journal. Weekly averages are for week ending with SECURITY PRICES Saturday preceding date given. 3 Saturdays omitted. Weekly averages are for five days ending with Friday preceding date given. A decline in the prices of railroad common stocks the last week in August, accompanied AGRICULTURAL CREDIT by substantial increases in the prices of industrials, was followed by a rise in the prices of In August the intermediate credit banks nearly all groups of stocks in September. The closed direct loans amounting to $5,145,000, or price index of 232 common stocks computed 68 per cent more than in July; rediscounts by the Standard Statistics Co. was 4 points amounted to $2,650,000, or 16 per cent less higher on September 21 than on August 31, than during July. In most instances redismaking a new high record. The most pro- counts are advances made to facilitate pronounced advances over this period occurred in duction, while direct loans are made to coopthe automobile accessory, automobile, tobacco, erative associations for marketing purposes, and farm machinery groups of stocks, all of and it is usually in August and September that which, except the tobacco stocks, had already a definite shift occurs from a demand for prorisen considerably in price since the spring of ductive credit to a demand for marketing the year. The indexes of coal, metals, railroad credit. Of the direct loans closed in August, equipment, shipping, textile, tire and rubber, the intermediate credit bank at Baltimore exand traction gas and power stocks also showed tended $1,500,000, chiefly on tobacco, and the marked increases during the first three weeks bank at Berkeley over $2,000,000, largely on in September. Increased stock market activity fruit and vegetable products. The Houston has accompanied this rise in prices, the average Intermediate Credit iBank handled about 30 volume of daily sales the third week in Sep- per cent of the rediscounts made during the tember being larger than for any week since month. last March. The bond market was a little At the beginning of the marketing season last stronger in September than in August, but the year cotton cooperative marketing associaaverage price of 40 bonds computed by Dow, tions were indebted to the intermediate credit Jones & Co. was still below the levels of May, banks to the extent of more than $2,000,000 but June, and July. The following table gives this year all loans were liquidated by the middle indexes of stock prices computed by the of June. Despite the fact that cotton market- Standard Statistics Co. of New York, the ing is both earlier and heavier than last year, average prices of 40 bonds computed by Dow, borrowings by the associations fi;om the inter- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 721 mediate credit banks were, in September, but 60 Estimated yield of spring wheat was 21,000,000 per cent of the volume outstanding on the bushels larger at the beginning of September same date a year ago. than a month earlier, and the expected yield The following table shows the volume of di- is approximately the same as in 1924. Dry rect loans outstanding on September 19, the weather in the Corn Belt States caused considlatest available date, as compared with a erable deterioration in the corn crop in August, month and a year earlier, classified by com- and the indicated yields on September 1 was modities on which such loans were based. The 2,885,000,000 bushels, 65,000,000 bushels less rediscounts outstanding on the same dates are than in August. As compared with the excepalso given and are classified by the types of re- tionally poor crop of 1924, the expected prodiscounting institutions. duction this year is about 450,000,000 bushels larger. Cotton production, according to the INTERMEDIATE CREDIT BANKS mid-September forecast, is estimated at 13,- [In thousands of dollars] 931,000 bales, an increase of 300,000 bales over the final harvest of 1924. Further improve- Sept. 19, Aug. 15, Sept. 20, ment in the condition of ranges and livestock 1925 1925 1924 was evident in August and September, and marketing of cattle and sheep continued larger Direct loans outstanding on- Cotton _ 3,299 5,148 than last year. Tobacco 16,222 17,085 17,559 As a result of a smaller aggregate production Wheat 1,874 790 1,393 Canned fruits and vegetables 2,069 768 1,336 this year, total marketing of crops thus far has Raisins 2,400 3,850 5,000 Prunes 50 been less than in 1924. Receipts of grains, Peanuts _ _ 148 164 animal products, and fruits were smaller than Wool. _- 1,818 1,715 533 Rice in August last year, but marketings of cotton, Allother 95 96 123 largely because of early maturity, was greater. Total 27,925 24,468 31,142 Total exports of farm products reflected the Rediscounts outstanding for— usual seasonal increase in August, and they Agricultural credit corporations 21,096 22,201 12, 368 National banks 3 3 32 were larger than last year, due almost entirely State banks 536 616 1,199 to heavier foreign buying of cotton and Livestock loan companies 10,151 10, 593 7,151 Savings banks and trust companies. 82 83 276 tobacco. Total 31,869 33,496 20,906 Farm prices were higher in August than in any previous month since the autumn of 1920. Grains, meat animals, and dairy and poultry Below is given a table which shows the net products were higher than in July, while those mortgage loans outstanding by the 12 Federal of fruits, vegetables, and cotton continued at land banks, the joint-stock land banks, and the same level. Compared with August a the mortgage holdings of 41 life-insurance year ago, prices of all groups except cotton companies which own more than 82 per cent were higher. Cotton prices averaged slightly of the assets of all life-insurance companies. lower than in August, 1924, but when they are considered in relation to the level that prevailed NET FARM MORTGAGE LOANS OUTSTANDING throughout the autumn months of 1924, the [In thousands of dollars] season for marketing last year's crops, they were higher. In September prices declined by Aug. 31, July 31, Aug. 31, 1925 1925 1924 approximately the same amount as in September last year but they continued higher Total all joint-stock land banks. 513,994,000 508,800,000 426,467,000 than in 1924. Total 12 Federal land banks- 985,160,000 980,638,000 898,179,000 Insurance companies 1,510,000,0001L,, 507,000,000 1,424,661,000 Grains. The spring wheat crop was officially esti- AGRICULTURE mated on September 1, at 284,000,000 bushels, September forecasts indicated slightly larger an increase of 21,000,000 bushels over the yields of most of the leading crops, except August estimate and 1,000,000 bushels over corn, than were expected in August, but the the 1924 spring wheat crop. The total wheat aggregate production of all crops is smaller crop was estimated at 700,000,000 bushels, as than in 1924. Farm prices, however, are compared with 873,000,000 bushels last year. higher and the total value of leading crops The latest Canadian crop estimate was promises to be about the same as last year. 392,000,000 bushels, an increase of 130,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN OCTOBER, 1925 bushels over that of 1924, and estimates of the ginned prior to September 16 last year. 1925 wheat crop in Europe, excluding Russia, Marketing since the beginning of the harvestshow an increase as compared with last year of ing season has been in larger volume than last 267,000,000 bushels, or 26 per cent. The year, although a slightly smaller percentage of world crop of wheat is expected to be 8 per cent ginnings this year was marketed prior to the larger than the one harvested a year ago, middle of September than in 1924. Moveincreases in Canada and Europe being partly ment into sight for the first seven weeks of the offset by smaller crops elsewhere, principally season was 40 per cent larger than in 1924, in the United States and India. A material and sales in leading southern markets each increase in this year's oats crop, as compared week since August 1 exceeded those of the with the Ausust 1 estimate, was indicated by corresponding periods in 1924. Takings by the September crop report, which forecast a domestic mills and those in Canada for the crop of 1,462,000,000 bushels, 80,000,000 season through the middle of September busnels less than last year's large yield. A approximated 540,000 bales, as compared with barley crop of 222,000,000 bushels was forcast, 496,000 bales in 1924. Exports for each week one of the largest yields on record. this season, with the exception of that ending Receipts of wheat during August at 17 September 11, were larger than last year, interior centers were slightly larger than in and for the period through the middle of July, but were less than one-half of the receipts September they amounted to 705,000 bales, of the corresponding month a year ago and compared with 605,000 in 1924. Larger takings totaled 46,000,000 bushels as compared with by American spinners during the early weeks 43,000,000 bushels in July and 97,000,000 in of the season than a year ago resulted in larger August, 1924, the decrease reflecting much stocks at mills at the end of August than in smaller receipts of winter wheat. Receipts of 1924, but they were considerably smaller than wheat at terminals handling the bulk of the on that date for other recent years. northwestern spring wheat, however, increased Following more definite information as to the 27 per cent in July and August as compared seriousness of the dry weather in the early with the corresponding months of last year, weeks of September, the price of cotton adindicating that spring wheat is moving to vanced almost continuously. The price of market earlier this year. spot cotton, middling grade, at New Orleans At the middle of September farm prices of was 24.2 cents a pound on September 1.8. grains averaged nearly 6 per cent lower than After the report oi the official estimate on in August, but continued slightly above the September 23 showing an increase in the exlevels of the corresponding period a year ago. pected yield the price declined, but during In the last week of September, prices of nearly the following week it advanced again and all grains declined further. Corn prices de- closed at 22.6 cents on September 30. clined 11 cents from September 18 to 25, Tobacco. reaching the lowest levels since June, 1924, Forecasts by the Department of Agriculture and wheat prices declined 9 cents a bushel in September indicated a considerable increase during the week September 18 to 25. in the expected yield of tobacco from that of Cotton. the preceding month. Improvement occurred Rains near the middle of September were principally in the Richmond Federal reserve very beneficial to the growing cotton crop, district, where the estimated yield of tobacco especially in the Southeastern States, where increased from 470,206,000 pounds in August the drought had continued since early in the to 523,182,000 pounds in September. In summer, and on the basis of the condition of Kentucky, the largest tobacco-growing State the crop on September 16, the forecasts by the in the country, the estimated production is 14 Department of Agriculture indicated a final per cent less than in 1924 and 16 per cent crop of 13,931,000 bales, as compared with smaller than the average for the five years 13,740,000 bales two weeks earlier. As a 1920-1924. Dry weather in sections of the consequence of the drought, the crop matured State caused considerable damage to the late early and has been picked and ginned rapidly. crop, and farmers cut a considerable part of it By the middle of September 4,276,000 bales in August and early in September to prevent had been ginned, approximately 31 per cent further damage. Harvesting of the 1924 of the estimated yield, as compared with crops began late in July, and early in August 2,666,000 bales, 19.5 per cent of the total crop, markets opened in South Carolina and in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 723 several counties in the southern part of North occurred in the Pacific Coast States. These Carolina. Sales at these markets in August reductions were offset by moderate increases were considerably larger than last year, in the North Central States. The total crop average prices paid the producers were higher is about 10 per cent less than last year, though than in August, 1924, and the quality of the the commercial crop is larger by 6 per cent, crop marketed was better than that sold last and equals the average of the 1920-1924 year. crops. The movement of the commercial In the manufactured tobacco industries, crop began during September and was in production of all products was seasonally advance of such movement last year. smaller than in July and the output of both large and small cigars was less than in August PRODUCTION OF FRUITS AND POTATOES a year ago, while that of cigarettes and manufactured tobacco products was larger. Prod vo u l c u t m io e n fo o r f A s u m g a u l s l t c in ig a a n rs y r w e a c s e n i t n y e t a h r e . sm M a a l n le u s - t Commodity Unit F S or e e p c t. a s 1 t, Har 1 v 9 e 2 s 4 ted, 5 1 -y 9 e 2 a 0 a g - r e 1 a , 9 v 24 erfacturers of cigars reporting to the Philadelphia Federal Reserve Bank indicated that plants Ap c p ro le p s ) . (commercial Barrels 30,400,000 28,600,000 30,400,000 in that district were operating at an average of Peaches Bushels... 47,700,000 53,100,000 46,500,000 Pears do 18,000,000 18, 600,000 17,100,000 about 70 per cent of maximum output. Grapes . ._ Tons 2,150,000 1, 780,000 i 2,030,000 Potatoes: White Bushels... 344,000,000 455,000,000 418,000,000 Fruits and vegetables. Sweet do 75,600,000 71,900,000 96,200,000 Prices of fruits and vegetables have declined i Three-year average, 1922-1924. since midsummer, but have held up better in September than in August. Prices of potatoes, Livestock. peaches, and cabbages were above those of Ranges at the beginning of September were last fall, while in other lines there was but in much better condition than a year ago and slight variation. There was a general increase winter feed prospects were generally very good, in supplies of fruits and vegetables during the according to the September livestock report of early autumn, but the total crop of most the Department of Agriculture, which reported vegetables, particularly white potatoes, is ex- the condition of ranges as 87 per cent normal pected to be smaller than last year. Hot, dry on the 1st of September, as compared with weather in August reduced the estimated yield 83 per cent on August 1 and 75 per cent of white potatoes by 111,000,000 bushels below normal September 1, 1924. Rains improved the yield of last year, according to the Septem- the ranges and feed conditions of the Kansas ber crop report. The decrease from the August City and Dallas Federal reserve districts, but report (9,000,000 bushels) occurred chiefly in eastern Texas still needs rain. On September Maine, New York, Wisconsin, and Minnesota. 1 cattle in the range country, except in the Because of the early season, the late crop of Southwest, were in very good to excellent conpotatoes was moving to market in quantities dition, and in the Southwest, where rains had about sufficient to make up the deficiencies that improved the ranges, cattle were rapidly imoccurred in the early and intermediate potato proving. The condition of cattle was 89 per areas. Total shipments of potatoes to Septem- cent normal on September 1; a month earlier ber 1, according to the Department of Agricul- it was 87 per cent and a year earlier 86 per ture, were 10 per cent less than for the corre- cent normal. sponding season last year. Due to continued Sheep and lambs on the western ranges came drought the September crop report indicated through the summer in unusually good confurther reductions of nearly 10,000,000 bushels dition, except in Texas and New Mexico, where in the estimated yield of sweet potatoes. dry weather earlier in the year resulted in a This estimate was 4,000,000 bushels above last short lamb crop and has kept sheep thin. The year's crop, which was the smallest since 1916. condition of sheep and lambs remained at 98 The September crop report showed a slight per cent normal during the month and were 12 increase in the expected yield of apples, per cent higher than the year previous. peaches, and pears, but showed a slight Cattle and calves moved to market in larger reduction in the grape crop. Apples have volume in August than in July, as is usually suffered from drought in all States south of the case. Receipts increased 14 per cent dur- Maryland and Kentucky, and decreases also ing the month and were 18 per cent larger than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL RESERVE BULLETIN OCTOBER, 1925 in August, 1924. Shipments of stockers and but were 12 per cent larger than in August, feeders showed the usual seasonal increases. 1924. Cold-storage holdings increased 15 per Hog receipts were nearly 9 per cent less in cent during the month and were practically August than in the preceding month and were the same as a year earlier. 18 per cent smaller than the previous August. The price of 92-score butter on the New York Receipts of sheep and lambs during August market was 48 cents a pound on September 18, increased 21 per cent over the July receipts 3.5 cents higher than a month earlier and 10.5 and were about 5 per cent larger than in cents above that of the previous year. The August of last year. Department of Agriculture reports that foreign Livestock prices were higher in August than markets have been strong and that because of in July and averaged 28 per cent higher than this there is little likelihood of imports in the in August of last year. In the early weeks of near future. September, however, prices of cattle and hogs MINING declined approximately 5 per cent from the Coal and coke. previous month, but continued considerably Fall seasonal demand and increased indushigher than a year ago. Prices of sheep in trial activity, as well as the cessation of anthra- September continued at the same levels as in cite production, were contributing factors in August while those of calves averaged about the revival which characterized the coal mar- 3 per cent higher. kets during the latter part of August and the first three weeks of September. Prices for Dairy products. bituminous coal continued the rise which char- Rains early in August were sufficient to keep acterized the preceding four weeks, and on pastures in good condition during most of the September 19 the Coal Age index of spot prices month but, in the last week in that month and reached $2.24, the highest point since Februthe early weeks of September dry and hot ary, 1924, as compared with the low of $1.93 weather adversely affected botn pastures on July 13. Production of bituminous coal and production. Rains were needed in some during August totaled 44,883,000 net tons, the sections in order to provide good fall pastures. highest since January of the present year. Production of butter in August, as indicated This was 25 per cent above August of last by receipts at five principal markets, showed year but 8 per cent under the same month in the usual seasonal decline from July. Re- 1923. During the first part of September outceipts in August were 21 per cent less than in put continued at a high rate, average produc- July and 4 per cent smaller than in August a tion per working day for the week ending Sepyear ago and with the exception of August, 1924, tember 12 being 1,850,000 net tons, as comreceipts were the largest of any August in recent pared with 1,710,000 net tons for the week years. Stocks of butter in cold storage showed ending August 15 and 1,639,000 during the the usual seasonal increase during the month. corresponding week of 1924. Total 1925 pro- Below is given a table showing the stocks of duction of bituminous on September 12 reached butter in storage during the heavy producing 338,242,000 net tons, 6 per cent over the season of May to September. During the corresponding period of last year. early part of September the reports of the Output of anthracite during August reflected Department of Agriculture indicate that con- the high rate of production maintained in sumption of butter about equaled production, anticipation of the strike, the monthly total as stocks increased but slightly. of 8,882,000 net tons being the largest since March, 1923. During the first part of Sep- COLD STORAGE STOCKS OF BUTTER tember mining operations were completely [In thousands of pounds] stopped and company prices rose somewhat, while many independents were reported as Date 1922 1923 1924 1925 being out of the market. Total production of coke during August was May 1. 3,830 3,248 8,913 3,739 3,763,000 short tons, 60,000 tons above the June 1. 13,202 10,112 22, 328 13,036 July 1. 67,410 62, 768 74,446 63,68^ preceding month, when output was the lowest Aug. 1_ 103,151 101, 774 133,402 109,075 Sept. 1 112,039 102,957 156,232 128, 449 since November, and 31 per cent above August, 1924. Contrary to the tendency during pre- Receipts of cheese were 13 per cent smaller ceding months, when by-product coke formed in August at five leading markets than in July, an increasingly larger proportion of total out- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 725 put, during August there was an actual falling the levels that characterized the preceding off of 10,000 tons from this source, while the month. Production of copper in the United increased total for the month came entirely States during August was 137,148,000 pounds, 3 in production of beehive. During the first per cent above the corresponding month last part of September, output of beehive con- year, but with the exception of July the lowest tinued to increase, production during the week monthly output during the current year. Staending September 12 reaching 169,000 tons as tistics of stocks of refined copper at the end of compared with 123,000 tons for the week end- the month showed a further reduction to a new ing August 15. Coke prices rose further dur- postwar low. With smaller foreign demand, ing the period. buying for domestic account was the main source of market activity,, and the price of Petroleum. refined electrolytic copper delivered in New Gradual declines in the daily average output York fluctuated between 14^ and 14% cents, of crude petroleum, which began early in June, closing the period at 14% cents. Production continued through the week ending July 25. of lead during August was at about the same In August the daily average production varied rate as during July and 6 per cent above from 2,139,200 barrels for the week ending August, 1924. The price of lead in New York, August 8 to 2,116,350 barrels for that ending which rose through the first part of August to August 29, but the total production for August 9.50 cents on August 20, remained at about that was slightly smaller than in July. Despite this figure during the following four weeks in confalling off in June, July, and August from the trast to zinc prices, which continued to rise record volume of crude oil production of 68,slightly through the first part of September, zinc 082,000 barrels in May, the total output for inSt. Louis being quoted at 7.75 cents on Septemthose months together exceeded that of any ber 16 as compared with 7.625 cents four weeks preceding four months in the history of the earlier. Production of zinc during August was industry. Buying of petroleum has been in at about the July level, while shipments of slab larger volume this year than in 1924, and as a zinc from refineries rose to the largest volume result stocks were smaller at the end of July since January, with the result that stocks at the than in January. Last year stocks increased end of the month were reduced to 17,032 tons, from 295,500,000 barrels to 318,122,000 barrels the lowest since the end of February. in the same period. After remaining at about the same level in June and July, the price of Quotations for bar silver made successive petroleum declined in August, and, according new highs for the year during the latter part of to the Oil, Paint, and Drug Reporter, the August and the first week of September, when average price of crude petroleum at three prin- 72 % was reached on September 5. Subsecipal fields was $2.33 a barrel, as compared quently, Chinese demand, which had been the with $2.48 a barrel in July and $1.78 a barrel principal factor in the advance, fell off and in August last year. quotations reacted to 70% cents on September 16, as compared with 70% cents on August In the refined-products industry production 19. Deliveries of tin in the United States continued in large volume in August, and the during August were the largest since April output of gasoline and fuel oils exceeded that and stocks in New York at the end of the month of any previous month. In addition to the rose to the highest levels since the end of large production of gasoline in the mid-con- March. Quotations for straits tin fell off tinent fields, shipments of gasoline from Caliduring August to 56 y% cents on September 1, fornia to eastern markets resulted in weakening but rose subsequently to 59 cents on Septemprices, and quotations at three principal refinber 16, % cents under the high reached in the eries in August averaged 13.52 cents a gallon, first week of August and 13^ cents under the as compared with 15.13 cents in July and 16.96 high for the year reached on January 3. cents in June. Stocks of gasoline were seasonally smaller at the end of July than a MANUFACTURING month earlier, but were 10 per cent larger than Food products. last year. The production of flour decreased somewhat Nonferrous metals. less than 2 per cent in August as compared with During the latter part of August and the first July, and was almost 14 per cent less than the half of September the markets for nonferrous production in August a year ago. Reports metals were moderately strong, and prices for from the Northwestern Miller indicate that copper, tin, lead, and zinc remained at about milling operations have increased in September Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN OCTOBER, 1925 owing to increased bookings which have come FAIRCHILD PRICE INDEXES principally from domestic buyers. Accompanying the decline in the wheat market late Cotton Cotton Raw cotin September the price of flour declined to the yarn ton lowest levels since early in July. Sugar meltings in August amounted to Week ending— Sept. 26 L5.149 42.90 23.96 438,767 long tons and were 9 per cent less than Sept. 19 } 15.080 42.42 24.55 in July and 2 per cent smaller than in August Sept. 12 14.888 1 40. 28 23.77 Sept. 5 ! 14.817 39.38 1 22. 52 of last year. Stocks of sugar, chiefly at refin- Aug. 15 | 14.907 41.00 23.83 Aug. 1 14.805 41.66 25.22 eries, at the close of the month were 235,725 long June 27. 14. 551 40.48 24.25 tons, a decrease of 27 per cent for the month. May 23. 15. Ill 39.94 23.52 Apr. 4 ! 15.659 43.31 24.69 In September the prices of both refined sugar Mar. 14 2x5.822 2 44. 75 25.81 Mar. 7 15.768 43.86 2 26. 03 and raw sugar declined. The number of hogs slaughtered in August 1 Low price, 1925. 2 High price, 1925. were 13 per cent less than in July and 20 per Somewhat greater buying accompanied these cent less than in August of last year, while the price advances, and early in September the number of sheep slaughtered was more than 3 markets were more active than they have been per cent smaller than in the previous month in several months. In fact, sales of gray goods and August, 1924. August cattle slaughterings in the week ending September 12 were reported were 6 per cent less than in July but were 3 per to be the largest in about two years. Manucent larger than in August a year ago. Domesfacturing operations were somewhat reduced tic demand for pork continues seasonally good, during August, and both consumption and while the market for dressed beef has improved spindle hours active were smaller than in any sufficiently to prevent any accumulation of month since September, 1924. Some curtailstocks. Sales reported in dollar amounts by 47 ment in the South was made necessary by the slaughtering companies in the United States to drought, which reduced the supply of water the Federal Reserve Bank of Chicago aggrepower, and consumption by North and South gated nearly 1 per cent more for August than Carolina mills in August was the smallest tor July, and were 10 per cent above figures for recorded during the past 12 months. Cotton the corresponding period last year. Septem- finishers reported decreases in the number of ber 1 inventories of meat products showed a finished yards billed and in shipments during decline from the holdings of August 1 and from August. Orders received were only slightly September 1 a year ago and were less than the smaller than in July. 1920-1924 average for this season of the year. Signs of improvement in the woolen industry Textiles. have been evident recently, despite continued Slight improvement in the demand for tex- price declines. Reports indicate somewhat tile products continued during August and greater interest in both the goods and the raw- September. In the cotton industry manu- wool markets. Betterment has been particufacturing operations were reduced somewhat, larly notable in the demand for worsted goods, but prices nave been firm; in wool, production which for some months have been relatively has increased while prices declined, and in silk, inactive as compared with the so-called woolen prices have advanced and manufacturing lines. Bureau of Census statistics indicated activity has been maintained at high levels. an increase in the percentage of active worsted Cotton-goods markets, as is usual at this spindle hours from 54 in July to 65 in August, season, have been sensitive to changes in crop while woolen spindles increased only fractionconditions. Prices of goods and yarns declined ally. Worsted spindles have not been so active somewhat in the latter part of August, but since March. Slight increases from the July after the first week in September they rose. low points were also noted in the activity of As shown in the following table, the Fairchild cards and of looms. Wool consumption likeindexes in the week of September 19 reached wise showed a small increase. The Fairchild the highest levels since last spring. The indexes of worsted goods decreased slightly advance in the yarn index in two weeks from further between August 15 and September 15. the lowest point of the year to the highest The indexes for woolen goods remained unsince early in April was particularly notable. changed. Raw-wool markets have strength- Comparative figures showing the highest levels ened somewhat recently. The Fairchild index attained during the year are given below: of domestic wool prices, however, declined Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 727 further and in the week of September 19 while those for seamless hosiery decreased. In reached the lowest point since June. Wool August, the production of winter underwear imports in August totaled 34,448,589 pounds, increased, while that of summer garments deonly a little less than the August, 1922, total, creased. the highest for that month since 1919. Iron and steel. Prices of raw silk advanced slightly in August and September, reaching the highest level since Change for the better in the iron and steel March, 1924. Eaw silk quotations, however, industry during August and September was as will be noted on the accompanying chart, evidenced by increased buying, larger production, and firm or advancing prices. jBuying of pig iron for fourth-quarter needs has been DOLLARS PER POI rather active, and prices were advanced 50 cents a ton about the middle of September. At the end of August 192 furnaces were in blast, an increase over a month earlier, and since September 1 other furnaces have been blown in. Daily average production of pig iron in August totaled 87,241 tons, a slight increase above the July output, the lowest of the year. Steelingot production increased substantially from a daily average of 118,753 tons in July to 131,694 tons in August. Reports indicate further increases in September. Unfilled orders of the United States Steel Corporation conhave been fairly steady and relatively low durtinued to decline in August, but by a smaller ing the past year, although demand for silk amount than in any month since February. products and manufacturing activity in recent Inquiries from railroads for locomotives, months have been probably the greatest on cars, rails, and bridge material are reported record. Warehouse stocks at the beginning to have increased, and in a number of instances of the year were unusually large, but they have orders have been placed. Railroad buying, been reduced from 61,533 bales on December however, is still relatively slack. Demand 31 to 32,017 bales at the end of August, only from building sources continues active, and about 2,000 more bales than a year before. shipments of structural steel in August were Deliveries to mills totaled 44,047 bales in only slightly below the record amount shipped August, practically the same as in July. This in July. Demand for sheets continues good, figure is to be compared with 29,888 bales in particularly from the automobile industry, August, 1924. Imports were maintained in and shipments and production increased dur- August at about the average for the preceding ing August. Demand for tin plate from can 12 months. Reports indicate a continuation manufacturers has been rather large. Little during August and September of the exceedchange has occurred in prices of steel products ingly active demand for thrown silks and silk within the past month, and the Iron Age goods, with mills operating at a high rate, and index of finished steel prices remained unwith a large volume of unfilled orders on hand. changed at 2.396 cents a pound from the mid- Prices of finished products have strengthened dle of August through the third week of Sepsomewhat. Demand for rayon is good, and tember. much silk and rayon is being used in mixtures with other textile fibers. Automobiles and tires. Buying of knit goods increased somewhat in Owing to the delay involved in the introduc- September, partly because of orders for fall tion of new models by certain plants, the total goods for immediate delivery. Demand for output of automobiles during August was women's silk full-fashioned hosiery and men's considerably reduced. Sales were also smaller fancy half-hose of silk and rayon mixtures was because of the failure to supply the new models reported to be good. Prices for 1926 are to be to dealers. Reports indicate, however, that announced shortly. Preliminary figures for the new models and lower prices rather gener- August indicate decreases in the production ally announced by most producers in recent and shipment of hosiery as compared with months have proved popular and that the July. Orders for full-fashioned hose increased, consumer demand for cars has continued Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN OCTOBER, 1925 active. Production of passengers cars in the National Lumber Manufacturers' Association United States in August totaled 214,326, as show orders running above shipments during compared with 347,365 in July. The August July and August, and falling below shipments total was practically the same as that for in the opening weeks of September. For the June, 1924, the low point of last year. The 37 weeks of 1925, ended September 12, shipdecrease in the output of trucks was slight, ments amounted to 97 per cent and orders to from 39,968 in July to 36,207 in August. 96 per cent of production. Shipments by manufacturers to dealers in Hides, leather, and shoes. August, according to statistics reported by manufacturers to the Chicago Federal Reserve Markets for hides, leather, and shoes con- Bank, were reduced about 60 per cent as tinue relatively active, with seasonal improvecompared with July. Dealers' sales to users ment noted in some instances. Buying of declined only about 20 per cent and were hides and skins has generally been sufficient to nearly double their receipts from manufac- absorb offerings, and prices have changed but turers. Figures reported by dealers to the slightly, small advances in some kinds about Chicago bank indicated increases in sales by offsetting declines in others. July 31 figures, wholesalers but decreases in retail sales. the latest available, indicate increases in stocks Dealers' stocks were substantially reduced. of hides and skins during the preceding month, Further price reductions were announced and supplies of all except cattle hides were the during August and September, and most largest since 1923. Stocks disposed of during manufacturers have in recent months either July were reported to be rather large. Demand reduced prices or placed improved models on for leather has been fair, although some dethe market. crease was noted in September. July figures showed increases in upper leather production Shipments of automobile tires and tubes declined considerably in August and were the smallest for any month since early in the year. LLIONS OF SIDES MILLIONS OF SIDES Production was well maintained, and manufacturers' stocks, which had diminished rapidly since March, until at the end of July they equaled little more than a month's supply, increased somewhat. Crude-rubber prices, which declined sharply the first two weeks of August, falling to as low as 74 cents a pound, have more recently advanced again and on September 18 were quoted at 96 cents a pound. Crude-rubber imports in August totaled 74,844,042 pounds, very little more than in June and July, but considerably above the figures for August of any recent years. and stocks in process, but decreases in sole Lumber. leather. Shoe manufacturers' stocks of sole Both production and shipments of lumber, leather and of cattle and calf upper leather and as reported by the National Lumber Manufac- tanners' finished stocks of sole leather increased turers' Association, fell off in August, although during July. August figures showed a slight both continued substantially in excess of last decrease in the production of sole leather, a year. The net July-August decreases in the further reduction of stocks in process, but an aggregates of production and of shipments increase in tanners' finished stocks. cover small and nearly equal increases in the Boot and shoe manufacturers and wholeproduction and shipments of southern pine, as salers report a better demand for shoes this reported by the Southern Pine Association for year than during the corresponding season of 172 mills. Douglas fir shipments, as reported 1924. Production in August showed a seasonal for 108 mills of the West Coast Lumberman's advance, following an increase in July, and Association, fell off from 508,000,000 feet in the total for these months was considerably July to 395,000,000 feet in August, or by 22 above the corresponding figure for last year. per cent, the decrease in production from The increase in output as compared with July 437,000,000 to 399,000,000 feet amounting to was noted in all districts. Wholesalers reported less than 9 per cent. Compilations by the substantial increases in sales during August as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 729 compared both with July and with the previous to compilations by the F. W. Dodge Co. for 27 August, while stocks on hand were consider- Northeastern States, the excess, measured in ably reduced. Sales of shoes by chain stores square feet, amounted to 14 per cent over July were also somewhat larger than last year. and to 85 per cent over August, 1924. An excess over last year is shown for each class of BUILDING construction and an excess, over July for each Contracts awarded in August represented a class except for "industrial" and " educational'' value of new building greater than that of any buildings. earlier month for which data have been com- Building permits issued in 168 selected cities piled. The increase over July was on a very during August represented projected building large volume of new building initiated in July, in nearly the same volume as in July, but 38 and was, it may be noted, contrary to the usual per cent over August of last year. seasonal trend. For the 11 Federal reserve A tendency of building material costs to districts covered, by compilations of the F. W. advance was in evidence during August, the Dodge Co., August awards totaled $611,000,- Bureau of Labor Statistics wholesale price 000, exceeding awards in July by $64,000,000, index for building materials rising from 170 in or 12 per cent. The increase over July in the July to 172 in August. Prices of lumber, ce- New York district alone amounted to $83,000,- ment, and bricks, however, were fairly stable 000, or 66 per cent, and the net decrease of during the first half of September. $17,000,000 in the 10 remaining districts covered increases in 5 districts (Richmond, TRANSPORTATION Chicago, St. Louis, Kansas City, and Dallas) Following the usual seasonal trend in these totaling $33,000,000, and decreases in 5 dis- months, total freight-car loadings in August tricts (Boston, Philadelphia, Cleveland, At- exceeded loadings in July, the increase this lanta, and Minneapolis) totaling $50,000,000. year on a large volume of traffic being suffi- On a value basis approximately one-third of the cient in amount to raise slightly the Federal new building contracted for during August in Reserve Board index adjusted for seasonal the country as a whole was in the New York variations. Increases over July are reported district, the corresponding proportion for July by the car-service division of the American being less than one-fourth. Nevertheless, con- Railway Association for each class of freight tracts for new building outside the New York excepting ore. Coal moved in large volume district were running generally in large volume, pending the advent of strike conditions in the the value of August awards being greater this anthracite field, but substantial increases are year than last in each district. For the 11 shown also for shipments of miscellaneous districts combined the increase over 1924 and less-than-car-load merchandise, grain and amounted to 67 per cent. For New York City grain products, livestock, and forest products. the increase over July is given as 72 per cent For all classes of freight combined, increase and over August of last year as 143 per cent. over July is reported in each of the seven The Federal Reserve Board index for building transportation districts. contracts awarded in seven districts, adjusted Loadings this year in August were in nearly for seasonal variation, increased from 189 in the same volume as in August of 1923, the July to 228 in August. peak year for this month, and exceeded last Of the total value contracted for in August, year's August loadings by 466,000 cars or 11 44 per cent represented residential building, per cent. Coal loadings for the month this the increase for this class of building over July year ran above 1924 by 181,000 cars, or 27 amounting to 16 per cent and over August of per cent. Coke, forest products, and ore also 1924 to 77 per cent. More than one-half of the moved in larger volume this year, while new building initiated in the New York district am and grain products and livestock fell off. was of this class, the increase over July amount- n each of the seven districts aggregate loading to 53 per cent and over August a year ago _ \ this year in August ran above 1924. m; to 137 per cent. In comparison with 1924 a 'For the eight months ending with August, greater value of residential building was con- loadings this year totaled 33,273,860 cars, extracted for this year in each of the 11 districts. ceeding 1924 by 1,861,732 cars, or 5.9 per cent, In physical volume as well as in value new and 1923 by 301,037 cars, or 0.9 per cent. building contracted for in August ran above During July and August the surplus of July and above August of last year. According freight cars available for service declined from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN OCTOBER, 1925 311,572 cars on July 7 to 162,397 cars on Value of merchandise stocks at wholesale August 31, the surplus at the end of August firms showed further declines at the end of including 85,732 box cars and 40,427 coal cars. August and was less than at the end of any Operating revenues of Class I railways in previous month this year. Stocks of all July, according to compilations of the Bureau leading wholesale lines except hardware and of Railway Economics, were 8.4 per cent and drugs were smaller at the end of August operating expenses 3.5 per cent above 1924, than a month earlier, those of shoes showing the relatively less increase in expenses being the greatest decline. When compared with a reflected in a decline of the operating ratio, or year ago, stocks of groceries, meats, and drugs percentage of expenses to revenues, from 76.81 were larger in value, while those of hardware, per cent in July, 1924, to 73.29 per cent in dry goods, and shoes were smaller. Accounts July of this year. Net railway operating receivable outstanding at the end of August, as income totaled $99,462,733, the increase over indicated by all districts reporting, were July, 1924, amounting to $25,094,567, or 33.7 larger for dry goods, shoes, and hardware per cent. Earnings during the seven months than a month earlier. As compared with a ended July 31 were equivalent, on an annual year ago, accounts receivable of grocery and basis, to 4.53 per cent on property investment hardware firms were smaller, but those of as shown by the carriers books—carriers in shoe establishments were larger. the eastern district earning at the rate of 5.15 per cent, in the southern district 5.69 per cent, Retail trade. and in the western district 3.43 per cent. Trade at retail stores increased in August and continued in a volume larger than last TRADE year. Department-store sales were 3 per cent larger, and all reporting chain stores, Wholesale trade. except grocery and shoe chains, showed a Sales of wholesale firms in August, as larger volume of sales than in July. Commeasured by the Federal Eeserve Board's pared with a year ago, sales at department combined index of wholesale trade, were 5 stores were 6 per cent larger and those at per cent larger in value than in July. Sales mail-order houses were 20 per cent larger. of d^ goods and shoes increased substantially, those of meats continued in about the Department-store sales were larger than in same volume, while sales of groceries, hard- August last year in all Federal reserve disware, and drugs were slightly smaller. Dry tricts, the most substantial increases being in goods and shoe sales were seasonally larger in the New York, Richmond, St. Louis, and all Federal reserve districts, the largest in- Kansas City districts, where they amounted creases occurring in the southern and western to approximately 10 per cent. Analysis of districts, and for the country as a whole, sales, by departments, from stores in seven August sales of dry goods and shoes were the Federal reserve districts indicates that sales largest for that month since 1923. Sales of of silks and velvets, linens, women's coats, groceries were smaller in all districts except misses' ready-to-wear, furs, juniors' and girls' Atlanta, St. Louis, Minneapolis, and Dallas, ready-to-wear, millinery, and toys and sportwhile those of hardware were smaller except in ing goods were more than 12 per cent larger the three southern reserve districts and in the than in August, 1924, and that sales of musical San Francisco district. instruments and radios were nearly 50 per Compared with August, 1924, the aggregate cent larger. Sales of departments carrying volume of sales this year was 5 per cent larger. laces, trimmings, and embroideries, neckwear Sales of all leading lines except groceries, and veilings, women's suits and skirts, waists which were in approximately the same volume and blouses, and sweaters were substantially as a year ago, were larger. Shoe sales were smaller than last year. 16 per cent larger than in August, 1924, for Merchandise stocks at department stores the country as a whole, but the greatest increases began to increase in August in anticipation of were in the St. Louis and Minneapolis dis- larger sales during the autumn months, and tricts, where they amounted to 69 per cent. at the end of the month they were 6 per cent Hardware sales were larger than a year ago larger than in July and 4 per cent larger than in all districts except Philadelphia, Cleveland, a year ago. Stocks at stores in all Federal and Richmond, the most substantial increase reserve districts were larger than a year ago, being in the Atlanta district. the largest increases being in the New York Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 731 and Philadelphia districts. Departments goods industry. Decreases were also reported carrying woolen dress goods, women's coats, by a few establishments in cotton goods and in furs, juniors' and girls' ready-to-wear, women's textile dyeing and finishing. These reductions and children's hose, infants' wear, negligees, were made largely by mills in the New England aprons and house dresses, and luggage re- and Middle Atlantic States. ported stocks more than 8 per cent larger than last year, and those selling ribbons, SAVINGS DEPOSITS women's skirts, waists, and blouses, and sweat- Savings deposits reported by 901 banks ers, reported the most substantial decreases. distributed throughout the United States The increase in stocks in August was totaled $7,930,665,000 on September 1, 1925, accompanied by a rate of stock turnover as compared with $7,913,137,000 on August 1 greater than in the corresponding month last and $7,421,008,000 on September 1, 1924. year. For the eight months ending with Increases occurred during August in all dis- August stocks were turned over 2.11 times, tricts except New York and Richmond, where compared with 2.05 times last year. Mer- there were slight declines. All districts showed chandise continued to move faster than in larger deposits on September 1, 1925, than a 1924 in all districts except Philadelphia, the year previous, the total increase over the year most substantial improvement being in the amounting to about 7 per cent. A comparison southern reserve districts and in the San of savings deposits reported on September 1, Francisco district. 1925, August 1, 1925, and September 1, 1924, is shown, by Federal reserve districts, in the EMPLOYMENT following table. In the Boston and New York Employment and earnings of factory workers districts the figures represent only deposits of increased in August, following a continuous mutual savings banks, in all other districts decline since March. The advance, however, where there are but few mutual savings banks, was largely seasonal, as July is ordinarily a savings deposits of other banks are included. month of reduced employment and earnings, and the Federal Reserve Board's indexes of SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS employment and pay rolls for August were [In thousands of dollars] slightly below the corresponding figures for June. Although the trend of these indexes w M a a s y d t o h w e nw pa a y r d r o f l r l o m in d F e e x b r a u n a d r y si t n o c e J u J l u y n , e sin th c e e Federal reserve district b N be a u r n m k - o s f Se 1 p 92 t. 5 1, Au 1 g 9 . 2 5 1, Se 1 p 9 t 2 . 4 1, employment index have been at higher levels than during corresponding months of last Boston j 64 1,326,980 1,324,310 1,261, 004 New York | 30 2,095,847 2,098, 522 1, 977, 476 year. Philadelphia j 79 525,850 525, 637 490,249 Cleveland I 68 851, 384 846.903 790,843 Increases in both employment and earnings Richmond I 87 350,998 352, 248 322,413 in August were noted in nearly all industries, A Ch tl i a c n ag ta o ' 1 9 9 3 6 9 2 4 4 4 6 , , 0 8 6 3 9 2 9 24 3 4 8 , . 9 9 0 5 4 3 2 90 2 4 9 , , 7 6 7 7 2 5 and no important group of industries showed St. Louis 31 140,072 139,720 138,576 Minneapolis 26 107,199 106,679 99,139 significant declines. Increases were noted, Kansas City 55 113, 566 112,310 106, 505 furthermore, in all sections of the country D Sa a n l la F s r ancisco j 1 7 0 0 2 1,1 1 1 0 9 8 , ,3 5 4 2 3 5 1, 1 1 0 1 7 5 , , 6 3 3 1 8 3 1, 0 9 0 8 2 , , 1 1 2 0 46 except the Mountain and Pacific areas, where Total ; 901 7,930, 665 7, 913,137 7,421, 008 slight declines occurred. As compared with August, 1924, of the 34 industries included in COMMERCIAL FAILURES AND BANK the index, decreases have occurred only in SUSPENSIONS railroad car building and repairing, musical instruments, and the food-products industries. During the month of August commercial In the silk industry employment during August failures were about 10 per cent fewer in was at the highest level since 1920 and earnings number than in July and involved liabilities exceeded the 1920 maximum. Reports to the about 8 per cent, larger, according to reports Bureau of Labor Statistics indicate an increase of R. G. Dun & Co. The number of failures of 2 per cent in percentage of full-time opera- was lower in August than in July for all tions and of 4 per cent in percentage of full classes of enterprise—manufacturing, trading, force of employees in August as compared with and agents and brokers. Total liabilities also July. In the period between July 15 and were lower in August for the two latter classes, August 15 there were wage decreases averaging but owing chiefly to increased indebtedness about 10 per cent in the woolen and worsted involved in large manufacturing failures, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN OCTOBER, 1925 total indebtedness of this class of insolvencies of the year. There were 15 banks, with capital was approximately doubled in August as com- and surplus of $576,000 reported to the Federal pared with July, despite the decline in the Reserve Board as having been closed or declared number of failures. Comparing August of insolvent during the month, as compared with this year and last, th number of failures was 25 banks, with capital and surplus of $1,054,approximately the same for both months. 000, reported for July. Of the suspensions in The total volume of indebtedness in default, August, 3 were member banks with capital however, was nearly 50 per cent greater last and surplus of $145,000, and 12, with capital year, owing to indebtedness involved in failures and surplus of $431,000, were nonmember of large magnitude. Insolvencies for August banks. Four banks which had previously of this year and last, by class of enterprise, closed were reported to have resumed operaare presented below: tions during the month, 1 in the Cleveland district, 1 in the Chicago district, and 2 in the COMMERCIAL FAILURES, CLASSIFIED FOR AUGUST, Minneapolis district. The figures for closed 1924 AND 1925 banks represent, so far as could be determined, banks which have been declared insolvent or Number Liabilities have been closed by order of supervisory authorities, and it is not known how many of 1925 1924 1925 1924 the latter institutions may ultimately prove to be solvent. AH classes 1,513 1,520 $37,158,861 $55,153,981 Manufacturing 365 414 22,338,628 29,924,175 Trading 1,069 1,024 13,460,130 16,360, 776 BANKS CLOSED DURING AUGUST, 1925 Agents and brokers, etc.. 79 82 1,360,103 8,869,030 Member All banks Nonmember The number of commercial failures during (national) August was smaller than in that month last y po ea li r s , i n K a a ll n e s x as c ep C t i t t y h , e B an o d s to D n a , ll C a h s ic d a i g s o tr , i c M ts i , n n a e n a d - N b u e m r - s C u a a r n p p d i l t u a s l N b u e m r - s C u a a r n p p d i l t u a s l N b u e m r - s C u a a r n p p d i l t u a s l was the same for both months in the St. Louis district. The liabilities aggregated less in All districts 15 $575,766 *3 $145,000 12 $430,766 August this year than last in all except the Atlanta . 1 55,000 1 55,000 Boston, Cleveland, Chicago, St. Louis, Dallas, St. Louis 3 47,170 ...... 47,170 Minneapolis __ 4 106, 270 1 | 30,000 3 76, 270 and San Francisco districts. In the New York Kansas City __ 6 354,326 1 60,000 5 294,326 district the number of insolvencies was the Dallas 1 13, 000 1 13,000 i lowest since September, 1920, and in the San i Includes one State member bank in the Atlanta district. Francisco district the total liabilities in default were the highest on record. Comparative data, PRICES by districts, for the month of August are pre- Wholesale prices, according to the Bureau sented in the following table: of Labor Statistics, stood at 160 in August, unchanged from the July figure. Movements COMMERCIAL FAILURES DURING AUGUST of the several groups were small, the decline of 1.3 per cent in fuel and lighting and of 3.8 Number Liabilities per cent in miscellaneous commodities being Federal reserve district 1925 1924 1925 1924 offset by slight advances in all the other groups except house furnishings, which remained un- Boston __. 139 102 $2,362, 284 $1,635,381 changed. New York 212 280 5,183, 046 28,414, 523 Under the grouping of agricultural and non- Philadelphia.. 45 63 748,439 1, 366,943 Cleveland 153 158 4,871,170 3,620,367 agricultural goods, the former continued their Richmond 101 1, 565,924 4, 233, 075 Atlanta 102 1,179, 942 1,945,017 advance. In June, 1924, agricultural com- Chicago 196 183 6,923,656 3,461, 597 modities stood at 135; from this point they St. Louis 91 91 1,049,444 922,409 Minneapolis.. 91 57 894, 217 939,258 advanced almost continuously to 160 in March, K D a a n ll s a a s s City.. 1 6 2 6 7 12 5 3 2 1 1 , , 6 0 1 3 0 9 , , 3 1 9 8 4 3 5, 9 4 3 1 8 8 , , 4 2 3 0 1 1 1925, and then declined to 154 in May. After San Francisco. 206 208 9, 731,162 2, 258, 779 that month they rose steadily to 163 in Au- Total... 1,513 1,520 37,158, 861 55,153,981 gust, the highest figure in nearly five years. For August, nonagricultural commodities regis- The number of bank suspensions during tered a small decline, after having risen during August was lower than in any previous montt the two previous months. As regrouped by the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 733 Federal Reserve Board, all groups show an in- imports have risen by approximately the same crease, except producers' goods, which declined amount, from $2,383,727,000 to $2,764,768,000, 2 per cent. so that the net export balance of merchandise For the past two months the all-commodity trade for the first eight months of 1925 was index of the Bureau of Labor Statistics has about $320,000,000, compared with $314,000,stood at virtually the same level as in the first 000 last year. In this period of last year, three months of the current year, but there however, the United States imported, net, have been considerable net changes in a number $256,647,000 of gold, while this year it has of the groups. The fuel and lighting and theexported $141,756,000, net. Net silver exmiscellaneous groups are higher as compared ports for the period have been about $2,000,000 with January; but metals, building materials, higher than last y^ear. While the excess and house furnishing goods are lower. Under exports of merchandise and silver have been the regrouping, crops and forest products are about the same in the two years, the shift in materially lower than in January, but animal the movement of gold has raised the net balance products are much higher. The result of these of visible exports for the first eight months of cross currents in prices has been to bring the the year from $78,372,000 in 1924 to $483,918,- August indexes of raw materials, producers' 000 in the current year. goods and consumers7 goods, respectively, to about the same figures as were registered in MERCHANDISE TRADE BALANCE OF THE UNITED January of the current year. Tables showing STATES the index numbers over a period of months [In thousands of dollars] will be found on page 751 and following. Retail food prices, as shown by the index of the Bureau of Labor Statistics, continued their Month Imports Exports E im xc p e o ss rt o s f E e x x c p e o s r s t s of advance, although the rise was less than in either of the two preceding months. At 1924 January 295, 506 395,172 99,666 160.4 in August, they were about 6 per cent February 332, 323 365,775 33,452 above April of this year, almost 14 per cent March 320,482 339, 755 19,273 April 324, 291 346, 936 22,645 above April (the low month) of last year, and May - 302, 988 335,099 32, 111 June 274, 001 306,989 32,988 at the highest figure since January, 1921. July 278, 594 276, 649 1,945 August 254, 542 330, 659 76,117 In September, changes in wholesale prices September .._ . 287,144 427,460 140, 316 have generally been small, with advances October 310,752 527,172 216,420 November 296,148 493, 573 197,425 rather more numerous than declines. Beef, December 333,192 445, 748 112, 556 refined sugar, cotton and silk products, steel Year 3,609,963 4, 590,987 981,024 products, and rubber were higher, while hogs, 1925 wool, hides, and gasoline were somewhat lower. January 346,165 446,443 100, 278 February . 333,457 370, 676 37,219 March 385, 379 453,653 68,274 FOREIGN TRADE April 346, 081 398, 245 52,164 May 327, 519 371,129 43, 610 June 325,167 323,332 1,835 Merchandise exports of the United States July 326,000 338,000 12, 000 in August, amounting to $383,000,000, were August 375, 000 383,000 8,000 $45,000,000 greater than in July and $53,000,- 000 greater than in August, 1924. Merchan- TRADE BALANCE OF THE UNITED STATES FOR EIGHT dise imports at $375,000,000 were $50,000,000 MONTHS ENDED AUGUST, 1924 AND 1925 above those of July and $120,000,000 above [In thousands of dollars] those of August last year. The value of the August merchandise imports has been ex- Me d rc is h e an- Gold Silver Total ceeded only twice since August, 1920, namely, in March of the current year and. in March, "1924 1923. The excess of merchandise exports Imports 2,382, 727 263, 227 48, 688 2, 694, 642 was the smallest for any August since 1914 Exports -_- 2, 697, 034 6,580 69,400 2, 773, 014 and amounted to $8,000,000, compared with Net imports (—) or exports (+)_ +314, 307 -256, 647 +20,712 +78, 372 $76,000,000 last August. For the eight months of the current calendar 1925 Imports 2, 764, 768 55, 733 44, 692 2,865,193 year, total merchandise exports have amounted Exports 3, 084,478 197,489 67,144 3, 349, 111 to $3,084,478,000, or $400,000,000 more than Net imports (—) in the first eight months of 1925. Merchandise or exports (+)_ +319, 710 +141, 756 +22,452 +483, 918 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN OCTOBER, 1925 GOLD MOVEMENT Out of total gold exports of $2,136,000 in August, $764,000 went to Mexico and nearly UNITED STATES $1,000,000 to various destinations in the Far East, notably $410,300 to the Straits Settle- Gold imports in August amounted to ments and $200,414 to China. Compared to $4,862,000 and exports to $2,136,000, both the movement earlier in the year, exports to sums being about one-half the figures for July. Germany were small, but were about twice Net gold imports were $2,726,000, compared those for July. with $5,788,000 in July. For the eight months Total exports for the first eight months are ended July, 1925, the gold movement shows just under $200,000,000. Of this, about onenet exports of $141,756,000, compared with third has gone to Germany, about one-third to net imports of $256,647,000 in the same the Far East, and the remainder scattering, the period last year. largest single movement in this group being to Practically all the gold received in July came Australia. from other American countries. Canada sent $3,450,000, Mexico $325,000, and most of the GREAT BRITAIN remainder came in the form of small shipments from a large number of Central and South Gold imports into England in August amounting to £2,802,597 were only about one- American States. Nearly half of the gold third of those in July, and about one-half those received this year has come from Canada and in June. These wide fluctuations are due large- Mexico, although imports from Canada have ly to the irregularity of receipts from the Transbeen much smaller than last year. Exports of vaal, which amounted to £1,512,857, compared gold to Mexico, however, have been about with £5,517,222 in July, £3,304,605 in June, double the imports of gold from that country. and only £129,208 in May. Gold to the value of £1,001,775 was received from the Nether- GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED lands in August, following shipments of STATES £2,002,232 in July and £2,007,411 in June—a total of over £5,000,000 in three months. [In thousands of dollars] Gold exports amounted to £2,701,451 in August, compared with £3,271,067 in July and 1925 Eig e h d t A m u o g n u t s h t s — end- £1,616,455 in June. India took £514,751 in August and £1,589,009 in July, and Switzerland, which had taken only £153,521 in July, August July 1925 1924 took £798,505 last month. The Netherlands took over £300,000 in both months. (IMPORTS FROM— For the eight months of the current year England 1 1 4,820 130,876 France 1 6,004 6,564 10, 703 gross imports have amounted to £29,577,853, Germany 2 4,821 compared with £27,307,930 through August of Netherlands. 10, 085 34,499 Canada 3,450 2,943 22,639 30,899 last year, an increase of over £2,000,000. Im- Mexico 325 358 3,364 3,752 Argentina - 2 2 14,714 ports from the South African fields have been China 120 4,102 nearly £10,000,000 lower, but this has been All other 1,083 898 8,136 28,861 more than made up by a succession of large Total.— 4,862 10,204 55, 732 263,227 shipments from other sources—£4,000,000 from EXPORTS TO— the United States in January and February, England 6,160 £3,000,000 from Kussia (£2,000,000 in May France 1,339 Germany 221 122 67, 259 and £1,000,000 in July), and £5,000,000 from N Ca e n th a e d r a lands 167 108 4 2 , , 3 7 1 6 8 1 1,114 the Netherlands in the three months, June, Mexico 764 2,922 7,113 2,298 July, and August. Comparatively little gold Argentina 5,460 5 Colombia 2,000 came from these three countries to England in Uruguay 802 the first eight months of 1924. Venezuela 100 2,160 1,102 British India. _- - 198 31 56, 532 1,663 Exports for the first eight months of the cur- Hongkong 53 233 6,923 151 British Oceania 26, 925 rent year at £23,851,664 were about £18,000,- All other 733 900 7,737 247 000 lower than in the same period of last year. Total 2,136 4,416 197,489 6,580 Shipments to the United States were £28,920,- Net imports. 2,726 5,788 256, 647 000 lower, but India, Switzerland, the Nether- Net exports 141, 757 lands, and the group of "all other" countries, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 735 which includes Germany, have taken much the 16th. The Netherlands florin and the larger sums. Swiss franc fluctuated narrowly at or slightly For the eight months ended August, 1924, above par. Scandinavian rates have been the gold movement showed net exports of advancing; the Danish crown touched 25.23 £14,486,189. The first six months of this year cents on the 5th, up nearly 3 cents from its low showed a very small net export balance, but of August; the Norwegian crown reached 22.21 the large net import in July of £5,660,865, plus on the 9th, up 4 cents from its August low, but net imports of £101,146 in August, has re-in both cases there were considerable recessions sulted in a net balance of gold imports of later in the month. The Polish rate, after £5,726,189 for the first eight months of this rising from a low of 16.77 in August to 18.39 on year. September 1, declined to 16.68 on the 25th. Other European rates were generally firm. Both the Argentine peso and the Brazilian GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN milreis have been rising. Far Eastern rates were little changed. The Japanese yen rose 1925 Eight A m u o gu n s th t— s ended b fr u o t m l os 4 t 0 . h 4 a 5 lf o th n i s t h g e a in 1 s la t t t e o r 4 in 1 . t 0 h 5 e o m n o n th th e . 17th> August July 1925 1924 FOREIGN EXCHANGE RATES IMPORTS FROM— [In cents] France £22,993 £123,983 £4,031 Netherlands £1,001,775 2,002,232 5,079,282 104, 679 Rhodesia __ 159,456 189,280 1,405,830 1,605,047 September, Russia 1,000,000 3,182,385 1925 August, 1925 Au- U Tr n a i n te s d v a S al tates... 1, 51 4 2 , , 0 8 8 5 1 7 5,517,222 1 4 4, , 2 5 7 2 5 2 , , 4 8 1 5 2 4 24, 5 3 2 3 2 , , 3 7 7 0 6 8 Exchange Par g 19 u 2 s 4 t , ,. West Africa 91,986 131,176 813,618 924,561 value aver- Allother 32.442 69, 029 174,489 113, 528 Low High Low High Aver- age age Total _... 2,802, 597 8,931,932 29, 577, 853 27,307, 930 EXPORTS TO— Sterling 486.65 484.12 484.30 485.43 485.81 485.69 449.95 French franc 19.30 4.68 4.74 4.66 4.74 4.69 5.46 Belgium 6,800 7,485 128, 559 71,007 German reichsmark. 23.82 23.80 23.80 23.80 23.80 23.80 British India 514,751 1,589, 009 11,616,112 7,870,323 Italian lira 19.30 3.84 4.19 3.58 3.77 3.66 4.44 Egypt „.. 17,944 100,551 458,024 1,333,975 Netherlands florin.. 40.20 40.17 40.28 40.14 40.30 40.24 38.80 France 10,726 9,699 118,345 344,802 Swedish krona 26.80 26.80 26.85 26.84 26.88 26.87 26.61 Netherlands 359,415 328,832 1,371,155 942, 111 Swiss franc 19.30 19.30 19.35 19.37 19.42 19.40 18.82 Russia 380,648 Canadian dollar....100.00 99.92 100.05 100.01 100.07 100.03 99.85 Straits Settlements... 233,300 157,564 452,173 189, 275 Argentine peso 96.48 90.75 92.16 90.90 91.93 91.70 76.66 Switzerland 798, 505 153,521 2,078,142 148,854 Shanghai tael 66.85 77.70 79.59 76.59 78.29 77.29 73.33 United States 956,358 29,877, 032 West Africa 1,460 2,342 47,444 18,612 All other 758, 550 922,064 6,244,704 998,128 LIVESTOCK PRICES IN 1924 AND 1925 Total 2,701,451 3,271, 067 23,851,664 41,794,119 Net imports 101,146 5, 660, 865 5,726,189 Readjustment in the livestock industry dur- Net exports 14,486,189 ing recent years and particularly during 1924 has been followed by a substantial increase in FOREIGN EXCHANGE livestock prices since the middle of last year. Fluctuations in exchange rates were com- It was in the autumn and winter of 1921 that paratively narrow in September. Sterling de- prices of livestock, then considerably below clined from $4.8530 on September 1 to $4.8412 the average for all farm products, reached their on the 19th, the highest figure in September low point of the depression. In 1921 the being below the lowest in August. Quotations demand for meat and other animal products later in the month ran somewhat below $4.8450. was restricted by the prevailing low level of French francs were steady at about 4.7 cents; employment and earnings in the manufactur- Italian lire, which had been as low as 3.35 cents ing and mining industries, and exports were m in July, continued their advance to 4.13 small volume. Since that time, with improved cents on the 14th, from which there was a small industrial conditions, the demand for meat has recession during the closing days of the month. increased, and during 1924, partly in conse- Belgian francs, after ruling steadily above 5 quence of a diminished supply and higher cents during the first four months of the year, prices for corn, the number of meat animals showed an average rate for August a half cent on farms was considerably reduced. In conbelow this figure, and in September the quota- sequence of these developments, livestock prices tion fell from 4.50 cents on the 1st to 4.32 on have risen rapidly since the middle of last year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN OCTOBER, 1925 and are now higher than at any time in about hogs in the summer and autumn of 1924 was five years and at about the same level as the accompanied by a reduction in the total supply average for all farm products. The accom- of hogs in the country, and reflected the expanying chart shows the movements of farm ceptionally poor corn crop in 1924, higher corn prices of sheep, cattle, and hogs since January, prices than in either of the preceding three 1922. years, and smaller expected pig crops in 1925. The reduction in the number of hogs on farms during 1924 amounted to 18 per cent. In August, 1925, hog prices were 85 per cent higher at country markets than in July, 1924, and were at the highest level since five years ago. Improvement in the sheep industry in 1922 and 1923 and in the hog industry in the summer of 1924 was followed by increased prices for beef cattle in the spring of 1925. Reductions in the number of beef cattle on farms in the United States from 34,300,000 head in 1924 to 31,500,000 head at the beginning of 1925, together with an increased demand for beef that represented in part demand diverted from pork in consequence of the rise in pork prices, were followed by advances in beef cattle prices, Jo and these are now considerably higher than a 1922 1923 192V 1925 year ago. Prices of all grades of cattle have increased, but the greatest increases have oc- At the beginning of 1922 prices of sheep, curred in the prices of heavy choice grades of cattle, and hogs were at approximately the same corn-fed cattle. This fact is brought out by relative level, and the subsequent increase in the following tables, which give for the first livestock prices has reflected changes that have week in September, 1924 and 1925, the highest come about at different times in the several prices paid at the Chicago markets for certain branches of the industry. Improvement in the grades of range cattle and heavy corn-fed demand for wool and lambs early in 1922 and steers, and show that the best grades of cornagain in 1923, with increased industrial activity, fed stock increased in price more than 40 per was accompanied by rapid advances in the price cent, against increases of less than 20 per cent of sheep and lambs. In 1924 quotations were for the best grade of range cattle. only slightly higher than in 1923, but in 1925 they advanced again, largely in consequence of the larger demand for wool and lambs, and in PRICES OF BEEF CATTLE (PER HUNDRED POUNDS) August prices of sheep and lambs at the coun- KILLING STEERS FROM RANGES try markets averaged 15 per cent higher than in August of 1924. Sept. 4, Sept. 3, Grade 1924 1925 Hog prices, on the other hand, were considerably lower in 1923 and the first half of Choice $9.00 $10. 50 1924 than in 1922, reflecting primarily the Good to choice 7.75 9.25 large number on farms—68,000,000 head in 1923 and 66,000,000 head in 1924, as a result HEAVY CORN-FED STEERS of the large corn crops in 1921 and 1922 and relatively higher prices for hogs than for corn Choice to prime $11.15 $16.10 in those years, improvement in the price of Good to choice 10.25 14.50 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 737 RULINGS OF THE FEDERAL RESERVE BOARD Cottonseed as a readily marketable staple. The board was also requested to rule on the The Federal Reserve Board has recently had question whether notes secured by warehouse occasion to rule on the question whether cot- receipts covering cottonseed are eligible or tonseed is aa readily marketable staple;; or a desirable for rediscount. The eligibility of " nonperishable, readily marketable staple agri- notes for rediscount does not depend upon cultural product" within the meaning of the the existence or character of collateral security, Federal reserve act and the board's Regula- but upon the purpose for which the notes are tion A. drawn or the purpose for which their proceeds Inasmuch as cottonseed is an agricultural are used. The collateral securing notes offered product of such uses as to make it the subject for rediscount is material only as bearing upon of constant dealings in ready markets, with the desirability of the paper from a credit such frequent quotations of price as to make (a) standpoint, which is a question for the dethe price easily and definitely ascertainable termination of the Federal reserve bank to and (b) the staple itself easy to realize upon which such notes are offered for rediscount. by sale at any time, it unquestionably is ua readily marketable staple." While cottonseed may ferment and deteriorate if exposed Recent Wisconsin Statute Concerning Reserves to heat, yet, when stored under proper conof State Member Banks ditions, it may be preserved for years. When so stored, therefore, or when shipped in such There is printed below a copy of a statute a manner as to protect it adequately against recently enacted by the Legislature of the deterioration, it may be classed as a '" non- State of Wisconsin, providing that State perishable, readily marketable staple agribanks and trust companies which are members cultural product." of the Federal reserve system may carry only The board is of the opinion, therefore, that such reserves as are required of national banks. (1) a bankers' acceptance secured by a ware- This statute became effective June 15, 1925. house receipt for cottonseed, or (2) a bill of exchange payable at sight or on demand 221.27. Every bank shall keep on hand at all times at least 12 per cent of its total deposits, of drawn to finance the domestic shipment of which such portion as the board of directors may cottonseed and secured by bills of lading or determine may be on deposit in banks approved by other shipping documents conveying or se- the commissioner of banking as reserve banks; except curing title to such cottonseed, is eligible for in the cases of banks which shall be approved by the commissioner of banking as reserve banks, which rediscount by Federal reserve banks; probanks shall at all times keep on hand at least 20 per vided the cottonseed upon which the instru- cent of their total deposits in lawful money or on ment is based is stored or shipped under such deposit in banks subject to the approval of the comconditions as to protect it adequately from missioner of banking as reserve banks. Cash items shall not be considered as a part of the reserve of any deterioration, and provided the acceptance bank. United States Government bonds owned by or bill of exchange complies in all other re- any such bank to an amount not exceeding one-third spects with the requirements of the law and of the required reserve, may be considered as a part the board's regulations. of such required reserve: Provided, That any bank or trust company incorporated under the laws of this The question whether such paper is desir- State which is or hereafter may become a member of able from a credit standpoint is, of course, a the Federal reserve bank system of the United States question for determination by the Federal of America shall be required to carry during the period reserve bank to which the paper is offered of such membership only such cash reserve funds as may be required from time to time to be maintained for rediscount rather than by the Federal by national bank members of said Federal reserve Reserve Board. bank svstem. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL RESERVE BULLETIN OCTOBER, 1925 Changes in State Bank Membership (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which The following list shows the State banks and trust State banks, trust companies, or other corporations companies which were admitted to membership in which come into competition with national banks are the Federal reserve system and other changes affect- permitted to act under the laws of the State in which ing vState bank membership during the month ended the national bank is located. September 21, 1925, on which date 1,470 State institutions were members of the system: Dis- Powers ADMISSIONS Location t N ri o c . t Name of bank granted Winsted, Conn 1 Hurlbut National Bank Ito9 Skowhegan, Me 1 First National Bank .. 1 to 9 Stamford, Conn 2 Peoples National Bank 1 to 9 Tuckahoe, N. Y 2 First National Bank 1 to 9 District No. 2 Lewisburg, Pa 3 Union National Bank _ 1 to 9 Northumberl and, 3 Northumberland National 1 to 9 Clinton Trust Co., Newark, N. J $400,000 $200,000 l$8, 319, 002 Pa. Bank. Shamokin, Pa 3 Market Street National Bank_ 1 to 9 District No. 8 Covington, Ky 4 First National Bank _ \ f 1 7 t t o o 5 9 , North Side Bank, St. Louis County, Mo. 25,000 6,250 31, 250 Brookville, Pa 4 Jefferson County National 1 to 9 Chattanooga, Tenn. 6 First National Bank 1 to 9 CHANGES Aurora, 111 7 American National Bank Ito9 Richmond, Ind 7 Union National Bank . 1 to 9 Frankfort, Ky 8 State National Bank 1 to 9 District No. 6 R C o o c lu k m po b r u t, s , I n M d iss... 8 8 F F i i r r s s t t . N N a a t t i i o o n n a a l l B B a a n n k k . 1 1 t t o o 9 9 Closed: Orrville Bank & Trust Co., Orrville, Ala $163,006 Changes in National Bank Membership District No. 7 Absorption of nonmember: First State The Comptroller of the Currency reports the follow- Bank, Constantine, Mich., a non- ing increases and reductions in the number and capital member (absorbed by Commercial of national banks during the period from August 22 to State Bank, Constantine, Mich., a member).. September 18, 1925, inclusive: Closed: Peoples Trust & Savings Bank, Perry, Iowa. District No. 11 N be u r m o - f Amount banks of capital Voluntary withdrawal: Bank of Safford, Safford, Ariz___ New charters issued 18 $1,370, 000 i Surplus and undivided profits. Restored to solvency 0 0 Increase of capital approved 13 1, 245,000 Change of title.—The Commercial State Bank, Constantine, Mich., changed its title to First Commercial Savings Bank upon taking over Aggregate of new charters, banks restored to the First State Bank, Constantine, Mich., a nonmember. solvency, and banks increasing capital 31 2, 615, OCO Liquidations 11 1, 275,000 Fiduciary Powers Granted to National Banks Reducing capital 1 25, OCO Total liquidations and reductions of capital.. 12 1, 300, OCO During the month ended September 21, 1925, the Federal Reserve Board approved applications of the Consolidations of national banks under act of Nov. national banks listed below for permission to exercise 7, 1918 0 0 one or more of the fiduciary powers named in section Aggregate increased capital for period 2, 615, 000 11 (k) of the Federal ieserve act as amended, as follows:Reduction of capital owing to liquidations, etc 1, 300, OCO (1) Trustee; (2) executor; (3) administrator; (4) reg- Net increase _ 1,315,000 istrar of stocks and bonds; (5) guardian of estates; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

739 OCTOBER, 1925 FEDERAL RESERVE BULLETIN ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS [On the basis of the September estimates by the Department of Agriculture] [In thousands of units] Corn (bushels) Total wheat (bushels) Winter wheat (bushels) Spring wheat (bushels) Federal reserve district Y 1 i 9 e 2 ld 4 , F S o e 1 r p 9 e 2 t c . 5 a 1 s , t Y 1 i 9 e 2 l 4 d, F S o e 1 r p 9 e 2 t c . 5 a 1 s , t Y 1 i 9 e 2 l 4 d, e P s i t r 1 n i e m 9 a l 2 i r a m 5 y te - , Y 1 i 9 e 2 l 4 d, F S o e 1 r p 9 e 2 t c . 5 a 1 s , t Boston 12,310 14,223 190 325 190 325 New York 28,956 36,790 7,757 8,188 7,505 7,870 252 318 Philadelphia... 50, 506 70, 769 18,285 22,624 18,147 22,470 138 154 Cleveland 138,991 236,331 42, 545 33,148 42, 513 33,112 32 Richmond 136,114 147,872 27,497 31,110 27,497 31,110 Atlanta 176,332 4,112 f, 5,865 I 4,112 [' 5,865 Chicago 721,019 1,055, 773 67,980 f63,554 [ 65,262 59,331 2,718 4,223 St. Louis 346,256 410, 785 53, 394 63,327 53,203 63,019 191 308 Minneapolis... 268,121 263,126 257,976 211, 281 14,921 p 6,614 243,055 204,667 Kansas City... 452, 646 416, 673 295,244 153,123 284,992 142,255 10, 252 , 10,868 Dallas 92,819 50, 502 26, 819 4,417 26, 513 4,276 306 141 San Francisco. 12,443 15,296 70, 874 102, 607 45,372 39, 775 25,502 r 62,832 Total.. 2,436, 513 2,885,108 872, 673 699,569 590,037 415,697 282,636 283,872 Oats (bushels) Hay (tons) Tobacco (pounds) Potatoes (bushels) Cotton (bales) Federal reserve district Y 1 i 9 e 2 l 4 d, F S o e r 1 p e 9 t 2 c . 5 a s 1 t , Yi 19 e 2 l 4 d, F S o e 1 r p 9 e 2 t c 5 . a 1 s , t Y 1 i 9 e 2 l 4 d, F S o e 1 r p 9 e 2 t c . 5 a 1 s , t Y 1 i 9 e 2 l 4 d, F S o e 1 r p 9 e 2 t c 5 . a 1 s , t Y 1 i 9 e 2 l 4 d, F S o e 1 p r 9 e t 2 . c 5 a 1 s 6 t , Boston 8,326 9,719 4,443 4,560 12,158 13,038 55,519 41,380 New York 36,015 40,063 7,789 7,024 38,802 40,212 52,581 36,433 Philadelphia- 23, 414 25, 582 3,516 2,899 59, 700 59, 778 29,223 23,228 Cleveland 81, 572 99,656 7,526 5,908 147, 384 143,429 21, 798 20,378 Richmond 22, 643 23,856 4,258 2,044 488, 240 523,182 37,455 25,996 1,671 1,985 Atlanta 12,728 16, 695 2,927 2,155 110,326 121,354 12, 661 9,542 2,455 2,715 Chicago 608, 284 562,804 22,352 14,825 39,248 46,088 81,801 55,674 St. Louis 60, 927 60, 521 8,719 6,329 338,335 292, 770 20,930 13,894 i 2,231 2 2,822 Minneapolis... 432, 684 398,315 18, 527 16,366 2,200 2,690 76,808 51, 788 Kansas City... 174,026 168,426 17, 655 14,078 4,020 3,976 31,159 28, 789 1,442 1,460 Dallas 52,149 16,073 1,429 1,097 494 2,936 2,724 5,654 4,751 San Francisco . 29,132 40,235 13,309 16,318 31,913 34, 565 175 198 Total. 1, 541, 900 1,461,945 112,450 93, 603 1, 240, 513 1,247,011 454,784 344,391 13,628 13, 931 i'Includes 12,000 bales grown in miscellaneous territory. 2 includes 16,000 bales grown in miscellaneous territory. REVISION OF THE INDEX OF AGRICULTURAL MOVEMENTS Owing to revisions in the statistics showing index of agricultural movements. The followreceipts of dairy products, thereby increasing ing table gives the revised figures of these two their accuracy and representativeness, the indexes for all months for which they have group index of marketing of animal products been compiled, i. e., since January, 1919. For has been somewhat revised. As a consequence, 1925 figures see the table on page 742. slight changes were also necessary in the total INDEXES OF AGRICULTURAL MOVEMENTS Total Animal products 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924 Yearly average. 100 91 105 110 108 100 100 112 119 123 January 108 105 105 99 114 105 80 109 100 February 72 83 88 91 81 96 76 63 70 81 88 100 March 71 81 91 84 89 86 89 80 97 106 117 115 April 77 61 77 73 78 77 117 77 106 121 116 128 May 82 71 89 101 86 87 144 102 122 147 150 148 June 87 82 97 98 86 87 153 130 135 168 168 165 July 94 81 101 94 92 100 120 119 110 138 141 162 August 99 82 117 108 110 120 95 95 114 111 111 124 September 115 103 127 137 128 152 83 80 95 88 105 October 142 118 146 160 158 193 74 67 84 99 November 128 124 111 139 144 160 81 72 95 110 104 December 123 104 108 131 130 143 87 85 105 114 126 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN OCTOBER,1925 BUSINESS STATISTICS FOR THE UNITED STATES INDUSTRIAL ACTIVITY Industrial production was in general at a large volume. Distribution was well mainlower level in August than in previous months tained in August at a higher level than last of the year. The Federal Reserve Board's year, according to statistics of freight-car index of manufacturing production, which loadings and wholesale and retail trade. measures total monthly output in certain in- Agricultural movements, however, were somedustries, was ahout 6 per cent smaller in what less than a year ago, owing largely to August than in July, and was less than in any smaller wheat receipts. preceding month of this year. The board's In manufacturing, steel, wool, and shoe inmineral index, on the other hand, owing to dustries showed increases in activity, while enlarged coal production preceding the an- notable decreases were noted in automobiles, thracite strike, increased m August to the cotton, and food and tobacco products. Prohighest level since January. The index of duction of some commodities, such as pig iron, production in basic industries, which includes lumber, and cement, did not show usual selected figures of both manufacturing and seasonal advances. Among the minerals the mining output, and which is adjusted for outstanding increases were in the output of differences in length of months and other bituminous and anthracite coal in preparation seasonal variations, declined from 113 in July for the possible shortage in anthracite as a to 109 in August, the lowest figure recorded result of the strike which began on September 1. since last November. Factory employment Movements of agricultural products, as a and pay rolls increased somewhat in August. whole, continued at a somewhat lower level This was a normal advance following the than last year. The later marketing of wheat seasonal decline in July, and the indexes re- as compared with last season was largely mained smaller than in June. All of these responsible for this divergence in August. industrial activity indexes were higher than Cotton receipts were the largest recorded in during the summer of 1924. High record any August of the past seven years. Tobacco building contracts awarded during August sales were practically the same as those in the indicated a continuation of construction in corresponding month of previous years. INDEXES OF INDUSTRIAL ACTIVITY PERCENT ( MONTHLY AVERAGE, 1919 = 100 ) PERCENT 175 175 150 150 i >k / vW 125 125 \ rtio 100 f 'tt i i i 75 V W 75 50 50 MANUFACTURING PRDDUCTION -r vllNERAL PRODUCTON 25 25 o 0 1919 1920 1921 1922 1923 192^ 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 741 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 a g r s Cattle Calves Sheep Hogs 1924 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 9) 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 88 115 104 114 117 92 116 June 110 107 115 98 88 102 117 95 126 105 101 117 July 113 105 110 99 87 122 117 107 131 101 96 125 August 109 102 117 91 90 87 107 97 138 89 108 116 Coal Nonferrous metals Tobacco products Year and month B n it o u u m s i- An c t i h te ra- Copper Zinc le S a o th le er N p e ri w n s t - Cement P le e u tr m o- Cigars r C e i t g te a s - M to t a u b n r a u e c f d c a o c- 1924 Tuly 89 106 133 109 63 102 193 185 98 155 97 Yugust 87 95 132 106 62 101 190 190 95 157 93 September 103 105 130 104 68 107 186 191 100 162 98 October 110 95 133 108 71 110 183 185 97 158 99 November 104 91 140 108 71 104 187 183 96 145 89 December 116 100 137 121 76 103 182 182 92 170 94 1925 January. 125 104 148 128 68 106 243 192 91 188 105 February 109 116 147 119 72 108 193 191 88 171 97 March _ 95 96 142 131 70 110 199 187 86 170 89 April 105 106 136 124 69 115 199 194 87 178 95 May 99 106 135 127 64 112 193 212 88 175 96 June 101 101 136 117 66 110 197 210 93 188 97 July 105 116 1 140 121 71 108 215 204 94 179 101 August. 109 119 136 122 69 105 207 206 91 173 94 i This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 716, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. »Revised. INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES * [Monthly average, 1919-100] Metals and G i e n n d e e r x al G in r d o p e u r x o p duc s I a t t r s n e o e d n l G i T n r d e 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 e h i d s l i - - m A o u b t i o le - s P p a i r a n n i p n g d e t- r F p u a o r n c o o t d d d s - s L p e u a r a n c o t t d d h s e - r S c g a t l l o n a a n d y ss , e, b p u T a r c o c o t c - d s o - C p i u a h c r c n o a e t d l m d s s - - 1924 July 89 0 80.3 80.0 85.7 85.8 85.4 99.7 89.1 95.1 101.5 90.1 80.7 118.1 88.0 68.5 August 89.5 79.1 78.9 87.4 87.4 87.4 99.9 88.4 96.4 101.5 90.0 84.8 121.3 87.4 68.7 September 91.2 80.5 80.2 90.5 90.8 90.2 100.9 88.8 97.2 104.0 92.2 88.0 119.3 89.7 69.9 October 92.7 82.5 82.1 93.6 95.4 91.4 101.9 89.8 98.6 104.5 92.2 89.2 118.8 83.3 71.9 November 92.5 82.8 82.4 93.1 96.1 89.2 101.1 89.1 96.3 105.2 90.6 88.7 117.7 91.8 72.5 December 94.1 85.7 85.2 96.2 100.0 91.2 101.0 89.7 99.3 105.9 91.1 87.9 116.1 91.1 74.1 1925 January 94.4 87.5 87.1 97.4 100.6 93.4 99.8 89.3 103.8 105.1 88.4 90.9 109.7 87.0 74.0 February 95 8 89.6 89. 1 99.9 101.4 97.9 100.4 89.8 105.1 104.9 88.5 92.5 110.7 87.7 74.6 March 96.4 90.1 89.5 100.0 101.0 98.6 9.9.6 89.9 112.7 105.7 86.2 92.5 116.8 88.5 75.5 April 95.9 89.2 88.7 98.9 100.8 96.5 100.6 88.8 121.7 104.7 83.0 88.8 123.2 81.7 75.4 May, ._ 94.9 88.0 87.5 96.4 99.1 92.9 99.8 84.9 128.5 103.8 83.2 86.8 125.5 87.0 73.2 June 94.2 86.9 86.3 9-5.4 97.5 92 8 100 1 84.7 122.8 103. 5 85.6 83.0 12ft. 9 85.8 72.9 July 93.1 85.6 84.9 93.3 93.1 93.4 99.3 84.5 122.2 103.4 85.4 85.7 121.3 85.9 73.0 August 93.9 86.1 85.4 94.0 93.6 94.5 99.9 84.5 124.2 103.2 85.9 90 2 124.9 85.0 72.6 i This table contains for certain months index numbers of employment, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 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. See also page 668 of BULLETIN for September, 1925, for certain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

742 FEDEBAL BtXLLETtH OCTOBER, 1925 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES » [Monthly average, 1919-100] Metals and products Textiles and products L b u e m r - Rail Auto- Paper Foods Leather Stone, To- C i h ca e l m s - G i e n n d e e r x al G in r d o e u x p s I a t r n e o d e n l G in r d o e u x p Fabrics P u r c o t d s - p u a r c n o t a d s - vr c oe l ah e d s i- b II i 1 l O e - s par in nin g dt- p u oa_ r jn c o t ad s - p u oa_ r jn c o t ad s - c g al l na a dy ss , bp u ar c oc t cd s o- p u a r c n o t d d s - 1924 July 92.2 75.4 75.0 85.8 85.3 86.4 102.1 88.6 99.9 128.2 103.7 80.7 142.0 90.4 87.9 August 96.0 78.6 78.3 92.3 91.5 93.4 105.0 91.6 107.6 128.0 101.5 91.0 148.4 90.2 89.9 September. 99.1 80.7 80.1 98.3 97.5 99.3 107.8 90.3 111.8 133.4 106.1 95.9 146.0 93.9 91.1 October 102.6 84.9 84.7 103.0 105.6 99.8 111.2 97.6 116.8 135. 6 103.2 96.2 149.6 85.5 95.4 November. 100.8 85.1 84.5 99.1 104.5 92.5 110.2 94.6 111.4 136.0 102.5 87.9 145.1 97.9 95.5 December.. 105.6 91.6 91.1 107.5 113.9 99.7 111.9 97.4 1115 139.9 104.5 91.5 143.6 100.0 98.2 1925 January.... 102.9 92.9 92.6 108.6 112.9 103.3 103.1 91.5 99.9 138.2 100.4 95.3 128.8 93.5 97.0 February 108.8 96.3 95.8 113.4 114.2 112.4 108.5 100.0 132.1 137.5 103.9 99.7 136.4 87.0 99.7 March 110.4 97.2 96.5 114.4 114.2 114.7 109.7 100.2 142.9 139.4 102.7 100.0 143.4 88.3 101.6 April 107.5 94.4 93.9 108.0 111.7 103.5 107.9 95.4 156.2 137.1 97.6 91.5 149.9 74.2 97.6 May 107.7 94.6 94.0 105.0 109.9 99.0 108.6 91.6 163.9 136.7 100.9 90.3 154.6 90.9 98.4 June 105.1 91.1 90.4 101.6 103.9 98.8 109.7 90 4 151.2 135. 5 103.8 85.1 154.3 90.3 95.7 July 102.7 86.8 86.1 101.2 100.9 101.6 105.9 86.7 150.0 133.8 102.8 89.0 145.9 89.0 95.6 August 104.8 89.7 88.8 103.8 101.7 106.2 ioao 88.0 146.1 133.7 102.9 98.9 155.7 90.0 93.1 i 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 34 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. See also page 668 of BULLETIN for September, 1925, for certain revisions. INDEXES OF INDUSTRIAL ACTIVITY * [No seasonal adjustment. Monthly average, 1919=-100] 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 ab eg le e s - Fruits b T ac o c - o Total t c h i r t a e - n m ou i- s P le e u t m ro- i P ro ig n C p o e p r - Zinc Lead Silver ucts* coal coal 1024 July 100 96 162 118 21 137 148 2 113 106 86 194 70 129 109 138 95 August .. „.._ 120 90 124 218 38 107 144 63 116 97 92 196 74 132 106 139 104 September.... 152 109 105 195 175 165 163 127 124 106 109 189 81 126 104 146 117 October 193 123 99 230 278 226 248 165 134 105 125 190 97 137 108 148 119 November. ..._> 160 120 104 156 271 136 157 148 122 92 108 179 99 136 109 145 119 December. - 143 132 124 120 231 86 86 184 130 101 119 180 116 135 121 143 120 1925 January . 118 122 89 112 127 130 85 292 140 101 134 188 132 148 128 146 117 February 88 94 90 76 79 121 72 161 119 98 100 171 126 137 119 131 107 March. 86 91 108 73 71 128 106 53 123 96 97 191 140 149 131 154 104 April 72 87 123 40 43 125 94 17 118 102 87 194 128 140 124 143 109 May 79 86 139 62 28 135 136 125 1.11 91 216 115 140 127 147 111 June... .. .. 83 88 164 75 12 142 92 1 125 106 96 212 105 139 117 151 116 July 88 86 150 99 14 110 151 «129 116 102 »214 105 2136 121 »145 a 114 August _ 104 91 119 133 75 107 122 73 137 121 116 212 106 135 122 146 104 Manufacturing production Year and month Total I s a r t n e o e d n l A b m u il o t e o - s - T ti e le x s - p F u r o c o o t d s d - L b u e m r - P p a r i a n n i p n g d e t r - 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 e b r s - 1924 July 97 67 163 81 103 136 Hi 75 17fi 154 127 126 August 10ft 87 172 83 102 142 118 84 182 166 123 158 September....... 113 96 178 98 112 143 120 CO 180 157 126 175 October 124 108 178 113 114 160 138 101 18ft 169 132 191 November.. . 113 108 141 105 108 132 126 84 185 148 114 155 December.... . 117 124 126 11J 117 122 127 90 196 138 106 163 1925 January 127 145 142 121 118 145 135 89 199 111 118 171 February. . 120 132 169 114 98 134 125 92 186 107 105 176 March „ 134 147 223 122 95 150 142 W ?04 136 116 190 April— . 132 128 260 119 88 155 142 97 201 168 113 191 May 129 121 250 109 87 164 136 84 212 196 119 195 June ]?H 112 239 105 94 160 133 8? ?16 184 133 194 July 126 109 239 107 97 164 125 85 222 186 135 J202 August . i•119 118 153 104 92 167 *126 •94 190 127 »198 » For description and early figures see BULLETIN for March, 1924 > Revised. 1 Preliminary. * Less than one-half of 1 per cent. 6 Indexes of movements of animal products and of total agricultural products revised. See page 739 for explanation and earlier figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 743 COMMODITY MOVEMENTS With the March issue the publication in still published in order that users of these the BULLETIN of detailed statistics regarding data may continue to have comparable series movements and stocks of commodities was of data. Information as to current figures for discontinued. Certain figures compiled by the any of the discontinued series will be furnished board's division of research and statistics are upon request. August, July, August, August, July, August, 1925 1925 1924 1925 1925 1924 Grain and Flour Transportation—Continued Receipts at 17 interior centers (000 omitted): Revenue freight loaded and received from con Wheat (bushels) 45,673 42,662 96,536 nections (cars loaded, 000 omitted—Con. Corn (bushels) 17,385 9,828 17,958 Classified by nature of products—Con. Oats (bushels) 52,001 17,596 31,871 Forest products 311 294 Rye (bushels) 1,939 403 4,736 Ore 272 282 219 Barley (bushels) 11,929 3,791 Merchandise, 1. c. 1 1,129 1,108 1,053 Miscellaneous 1,702 1,634 1,539 Total grain (bushels) _ .28,927 73,575 154,892 Flour (barrels) 2,831 2,713 3,071 Total 4,679 4,411 4,214 Total grain and flour (bushels). 141,666 85,783 168,713 Classified by geographical divisions- Eastern _ 1,097 1,044 971 Shipments at 14 interior centers (000 omitted): Allegheny 940 899 844 Wheat (bushels) 26,797 22,435 54,390 Pocahontas 246 225 196 Corn (bushels) 8,170 9,299 9,210 Southern 654 617 591 Oats (bushels) 19,139 18, 247 9,882 Northwestern 721 666 621 Rye (bushels) 645 3,381 2,274 Central western 707 657 692 Barley (bushels) 6,535 1,998 1,888 Southwestern.._ 314 302 298 Total grain (bushels). 61,287 55,362 77,643 Total 4,679 4,411 4,214 Flour (barrels) 3,648 3,691 4,077 Total grain and flour (bushels) _ 77, 705 71,973 95,991 BUILDING STATISTICS Stocks at 11 interior centers at close of month Building permits issued in 168 cities, grouped (000 omitted): by Federal reserve districts: Wheat (bushels) 20, 508 17,404 50,107 Number of permits- Corn (bushels) 4,905 4,573 3,303 Boston (14 cities)... _ 3,050 2,975 2,993 Oats (bushels) 46,349 22,166 9,566 New York (22 cities) 12,939 10,893 9,370 Rye (bushels) 3,541 3,178 12,086 Philadelphia (14 cities) 2,729 2,994 3,044 Barley (bushels) 2,077 746 Cleveland (12 cities). 6,065 6,226 5,656 Richmond (15 cities).. 3,720 3,298 4,114 Total grain (bushels). 77,380 47,930 75,809 Atlanta (15 cities) 4,091 3,703 3,374 Chicago (19 cities).. 13,471 14,055 12,835 Receipts at 9 seaboard centers (000 omitted): St. Louis (5 cities) 2,973 2,870 2,770 Wheat (bushels) 14,159 9,782 13,973 Minneapolis (9 cities) 2,075 1,945 1,893 Corn (bushels) 1,165 662 878 Kansas City (14 cities). 2,895 2,960 2,720 Oats (bushels) 6,616 2,166 2,332 Dallas (9 cities) 2,227 2,408 2,224 Rye (bushels) 433 864 1,107 San Francisco (20 cities). 11,466 10,602 11, 576 Barley (bushels) 6,521 5,030 2,911 Total 67, 701 64,929 62, 569 Total grain (bushels). 28,892 18, 504 21, 201 Flour (barrels) 1,662 1,703 1,707 Value of permits (dollars, 000 omitted)— Boston (14 cities) 14,765 12,014 13,124 Total grain and flour (bushels) _ 36,371 26,269 28,884 New York (22 cities) 124,672 110,290 51,304 Philadelphia (14 cities) 15,073 36,338 26,896 Stocks at 8 seaboard centers at close of month Cleveland (12 cities) 25,557 23,230 17,649 (000 omitted): Richmond (15 cities) 15, 549 13, 669 12,933 Wheat (bushels) 7,126 6,220 7,472 Atlanta (15 cities) 16, 577 16,256 14,174 Corn (bushels) , 312 256 331 Chicago (19 cities) _ 56, 523 60,118 46, 264 Oats (bushels) 2,575 1,099 634 St. Louis (5 cities) 9,485 8,265 6,109 Rye (bushels) 147 179 1,217 Minneapolis (9 cities) 5,984 6,244 5,950 Barley (bushels) 4,440 3,576 3,167 Kansas City (14 cities) 8,931 9,989 8,961 Dallas (9 cities) 8,862 6,627 6,737 Total grain (bushels) _ 14,600 11, 330 San Francisco (20 cities) 35,483 33,156 34, 351 Wheat flour production (barrels, 000 omitted) 10,196 10, 377 Total 337,461 336,196 244,452 Tobacco Building contracts awarded, by Federal reserve districts (dollars, 000 omitted): Tobacco sales at loose-leaf warehouses, Boston _ 46, 757 55,319 28,490 (pounds, 000 omitted): New York 207, 673125,141 87,430 North Carolina 11,812 8,552 Philadelphia _ 35,155 44, 354 25,616 South Carolina 27, 282 24,672 Cleveland 67,498 88, 737 41,476 Burley 26 119 Richmond 37,591 34,229 29,364 Western dark 23 91 Atlanta 51,339 61, 793 34,837 Chicago 79,052 69, 232 62,327 Transportation St. Louis 31,348 24, 540 22,312 Minneapolis 10, 469 11,899 8,130 Revenue freight loaded and received from con- Kansas City i 21, 288 10, 688 11, 742 nections (cars loaded, 000 omitted): Dallas 23,186 21,175 15,067 Classified by nature of products- Grain and grain products 237 194 267 Total (11 districts) 611,356 547,107 366,791 Livestock 131 119 135 Coal 853 740 673 Coke 43 41 31 i Excluding Colorado. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN OCTOBER, 1925 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES» CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919—100] Percentage change Percentage change Gen- in sales in Au- in stocks at the end in er d a e l x c G e r r o i - es Meat g D oo ry ds Shoes H w a a r r d e - Drugs g p u ar s e t, d 1 w 9 i 2 t 5 h . — com- o c f o m A pa u r g e u d s t w , it 1 h 9 i 2 — 5, 'a August, July, August, 1924 1924 1925 1924 January 80 80 66 97 49 91 116 February— 78 77 63 98 49 90 109 Shoes—Continued. March 80 80 62 90 65 104 118 St. Louis district 100.0 69.0 -2.6 7.9 April 78 79 61 81 69 108 114 Minneapolis district 98.0 69.2 May 77 81 64 72 56 104 110 San Francisco district 32.4 10.3 June 76 83 64 70 52 96 105 Hardware: July 78 83 67 79 44 93 110 United States -1.6 4.5 1.1 -1.6 August 83 83 68 102 56 93 107 New York district -5.6 2.9 -12.8 September- 92 93 71 116 69 106 117 Philadelphia district -0.9 -3.4 -3.2 -3.7 October 95 100 78 104 67 110 128 Cleveland district -6.8 -5.3 -2.1 -9.0 November- 84 89 69 88 57 98 109 Richmond district 12.3 -5.2 2.9 -10.3 December-. 79 83 66 77 57 99 109 Atlanta district 12.1 16.8 Chicago district -6.1 3.1 -0.3 -2.2 1925 St. Louis district -4.0 3.6 -1.6 10.3 January 79 80 71 82 43 89 116 Minneapolis district -1.7 11.6 February.-. 76 73 69 88 46 90 109 Kansas City district -3.2 2.2 A M p a r r i c l h 8 7 3 9 7 7 9 5 7 6 3 8 9 8 6 5 6 6 5 3 1 1 0 0 7 7 1 1 2 1 1 5 D Sa a n l la F s r a d n i c st i r s i c c o t district 6 2 . . 1 4 9 1 . . 1 3 3.0 5.5 May 79 79 75 77 54 101 106 Drugs: J J u u n ly e 8 8 3 3 8 8 4 5 7 7 9 9 8 8 2 5 5 4 4 5 1 0 0 9 5 1 11 1 1 0 United States.^ -2.8 0.3 0.0 6.6 August 87 83 78 107 65 97 108 New York district -14.4 -14.3 Philadelphia district 4.3 9.4 Cleveland district 0.2 7.0 i For description of the wholesale trade index see FEDERAL RESERVE Richmond district -2.9 4.0 BULLETIN for April, 1923. Atlanta district 3.4 4.3 CHANGE IN CONDITIO A N N D O F D W IST H R O I L C E T S S ALE TRADE, BY LINES K C St h a . i n c L s a o a g s u o i s C d i d i t s i y t s r t d i r c i i t c s t trict -0 4 0 . . . 2 8 2 1 6 6 1 . . . 2 5 9 -0.8 8.6 Dallas district 3.5 -0.7 -0.3 2.1 Percentage change Percentage change San Francisco district -1.8 —1.1 in August, 1925, in stocks at the end Furniture: sales compared of August, 1925, Richmond district -20.3 5.6 3.7 o.a with— compared with*— Atlanta district 50.6 29.6 St. Louis district 23.2 26.5 -0.4 -29.5 July, August, July, August, Kansas City district 32.5 13.1 1925 1924 1925 1924 San Francisco district 13.1 2.0 Agricultural implements: Groceries: United States» -10.0 23.7 United States -2.9 -0.7 -3.4 0.7 Atlanta district 35.4 125.4 Boston district -6.0 -1.5 -16.0 1.7 Minneapolis district -27.0 35.5 New York district -10.9 -5.5 -0.4 Dallas district 9.2 -27.5 -1.3 -0.5 Philadelphia district -2.9 —1.2 5.1 -0.0 San Francisco district —30.4 67.2 Cleveland district -0.4 -0.2 2.0 2.4 Stationery and paper: Richmond district -3.8 0.9 0.4 3.3 New York district -0.5 8.2 Atlanta district 8.0 1.7 Philadelphia district -4.8 -9.0 1.5 8.5 Chicago district -4.5 -3.8 -0.3 1.4 Atlanta district 20.0 13.1 St. Louis district 4.6 10.2 -2.2 4.1 San Francisco district 25.7 8.6 Minneapolis district 6.3 7.0 Automobile supplies: Kansas City district -1.5 -7.7 San Francisco district -6.0 -1.0 Dallas district 8.6 5.0 0.4 4.7 Clothing: San Francisco district -3.0 -2.0 New York district 92.7 6.3 Dry goods: St. Louis district 188.7 1.3 United States 25.6 4.4 -0.5 -4.2 Cotton jobbers: New York district 1.7 2.9 -15.4 New York district 9.8 8.5 Silk goods:» Philadelphia district 15.3 -8.5 4.6 -3.8 New York district 12.3 10.2 38.4 Cleveland district 29.9 -4.4 -1.1 -9.8 Machine tools: Richmond district 53.2 -2.1 -0.6 -12.3 New York district -20.0 30.0 Atlanta district 51.5 5.9 Diamonds: Chicago district 21.0 5.7 6.9 -3.4 New York district 13.2 35.4 St. Louis district 51.6 9.8 -13.0 -5.2 Jewelry: Minneapolis district 44.9 8.0 New York district 31.7 6.0 <2.2 Kansas City district 18.0 21.0 Philadelphia district 53.5 34.3 -2.4 1.1 Dallas district 94.6 -10.6 -9.4 -3.2 Electrical supplies: San Francisco district 27.3 -1.0 Philadelphia district 1.0 -12.6 -0.8 -7.2 Shoes: Atlanta district 3.5 43.2 United States 46.8 16.0 -10.4 -18.7 St. Louis district -24.4 27.7 -12.1 -14.4 Pan Francisco district 10.1 9.1 Boston district 27.9 20.8 -9.3 -2.0 MUlinery: N P C h l e e i w l v a e d Y l e a o l n p r d k h i d d a i i s s d t t r i r i s i c t c t r t ict 3 2 1 9 3 9 . . . 6 5 3 2 1 1 2 9 3 . . . 8 0 9 -0 0 .3 .2 -1 2 5 0 4 . . . 6 5 5 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 st t rict 3 5 4 5 . . 4 3 1 1 9 . . 2 9 -25.4 -0.2 Richmond district 86.8 14.6 -16.3 -29.3 Atlanta district 46.9 7.4 Chicago district 40.6 0.6 — 14. 6 -27.8 J Sales of agricultural implements for the United States are compiled by the Chicago Federal Reserve Bank from reports of fading implei Changes in total stocks for the United States are weighted averages ment manufacturers and include all their domestic business. computed on the basis of firms which have reported regularly to the 1 Stocks at first of month—quantity, not value. Federal Reserve System since January, 1923 * Includes, diamonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 745 RETAIL TRADE, BY REPORTING LINES » [Average monthly sales 1919=-100] Sales without seasonal adjustment Sales with seasonal adjustment Year and month .H2*3i'3? •as S-111II •a.3 5 *a-a .a as ill 35 5-q.e 1924 June 120 89 200 162 143 131 140 75 169 120 104 203 176 146 134 132 94 181 July 91 69 206 163 148 128 113 72 177 123 214 179 147 129 123 97 181 August 93 74 201 172 152 138 108 91 180 118 211 181 151 141 138 102 179 September 119 106 210 169 145 137 124 110 189 131 112 221 183 147 137 129 110 192 October 141 141 240 203 159 144 138 124 199 124 109 234 188 156 137 122 102 194 November 141 131 232 199 145 138 146 111 186 126 105 230 191 154 139 134 195 December 210 148 253 187 192 186 184 131 123 242 198 153 142 142 188 1925 January 108 108 250 151 155 122 107 92 162 124 110 249 207 161 141 141 112 193 February 101 105 233 156 146 119 100 175 131 116 243 209 161 140 149 120 207 March 121 119 252 177 160 131 127 105 188 121 103 233 185 159 135 127 116 186 April 136 117 258 195 159 134 177 107 210 133 114 255 208 164 139 152 126 210 May 128 95 254 191 163 143 149 195 124 106 254 201 166 140 129 116 202 June 12fi 102 254 187 167 134 152 184 126 120 258 203 170 137 142 125 197 July 95 87 259 183 166 136 122 104 181 128 117 269 201 164 137 134 140 185 August ---. 98 241 195 171 142 120 128 202 125 118 253 205 171 145 153 143 202 * For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924. 8 Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of Research and Statistics, Federal Reserve Board. DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919= 1001 Sales without seasonal adjustment Sales with seasonal adjustment Number of re- Federal reserve district port- 1925 1924 1925 1924 ing firms Aug. July June May Apr. Aug. July Aug. July June May Apr. Aug. July United States 359 98 95 126 128 136 93 91 125 128 126 124 133 118 123 Boston ._ 24 88 92 134 128 136 86 89 117 129 126 120 129 114 New York 63 90 94 132 132 140 83 93 132 134 131 129 136 122 Philadelphia 22 86 85 127 121 134 85 82 118 126 123 118 122 117 122 Cleveland 54 103 98 128 132 142 101 94 126 127 126 126 139 122 122 Richmond 23 87 91 123 117 132 78 ,85 121 124 119 116 129 109 116 Atlanta . 35 78 78 98 104 109 72 73 99 103 104 99 106 92 96 Chicago 63 113 105 139 139 149 108 99 137 141 138 133 146 130 130 Minneapolis 23 92 81 103 107 116 89 80 102 99 102 106 110 98 98 Dallas 21 78 72 98 108 110 70 71 109 102 102 107 116 99 101 San Francisco 31 140 123 134 148 146 136 116 144 143 143 153 139 139 147 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919=100] Stocks without seasonal adjustment Stocks with seasonal adjustment Number Federal reserve district o p f o r r t e - - 1925 1924 1925 1924 ing firms Aug. July June May Apr. Aug. July Aug. July June May Apr. Aug. July United States 314 131 125 129 136 141 126 123 131 133 135 137 136 126 131 Boston .. 24 114 113 112 125 127 113 116 120 122 118 124 124 119 126 New York 63 124 120 128 134 139 120 115 128 130 134 134 134 124 125 Philadelphia 13 179 164 174 179 186 144 141 182 176 180 183 183 146 151 Cleveland . _ _ 52 126 120 129 136 140 123 120 126 127 132 135 135 123 127 Richmond . .... 19 118 119 123 124 132 116 113 120 127 131 126 128 118 120 Atlanta 22 113 103 107 114 114 109 109 114 110 112 117 112 109 116 Chicago 51 149 140 143 153 157 149 142 143 150 152 155 152 143 152 Minneapolis . .. 22 111 106 109 115 116 106 102 113 112 114 111 112 107 108 Dallas.- . - _. 19 124 111 114 123 126 122 110 117 120 120 122 126 115 118 San Francisco .- 29 134 129 128 134 140 131 132 132 135 135 133 135 130 138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN OCTOBER, 1925 FOREIGN BANKING AND BUSINESS CONDITIONS THE NATIONAL BANK OF HUNGARY value of the bills held by the bank of issue. But this fact in itself would not serve as a suffi- At the end of June the National Bank of cient explanation of the anomaly that between Hungary completed its first year. On June 24, the middle of July and the close of the year the 1924, this institution opened for business as the value of bills held increased by 90p,000,000,000 bank of issue, replacing the Royal Hungarian crowns, while during the same period the actual Note Issue Institute. circulation of bank notes increased by more The following table shows selected items of than 1,500,000,000,000 crowns. These facts the statement during the past year: prove clearly the endeavor of the management of the bank to do their best—so far as that SELECTED ITEMS FROM THE STATEMENT OF THE could be done without jeopardizing the stability NATIONAL BANK OF HUNGARY of the crown and of prices, a stability which was in the universal interest of the whole country— [In millions of crowns] to relieve the crisis accompanying the process, which was in effect nothing more nor less than June 30, December June 30, 1924 31, 1924 1925 the feverish—but healing—condition inseparable from the diversion of the economic life of the Gold coin and bullion. _ *. 246,947 532,842 633,195 country into its normal channel." Reserve in foreign exchange 681,268 1,933,356 2,091,871 Domestic bills, etc 1,192,516 1,976,888 1,428,972 On September 17, 1924, the bank raised its Advances on security 17, 566 976 Advances to the treasury... 1, 980, 000 1,974, 781 1,959,220 rate from 10 to 12J^ per cent. The value of Note circulation 2,893,719 4,513,990 4,583,175 bills held, however, rose week by week to its Demand liabilities: Public 755,240 1, 865,465 1,874,357 highest point—1,984,000,000,000 crowns at the Private- 380,470 204, 003 183, 522 end of November. In December the bank undertook to restrict the number of applicants In the first year of operation, the gold hold- presenting bills drawn to that institution. ings more than doubled and the reserves in These measures proved effective, so that on foreign exchange nearly tripled. During the March 27, 1925, the bank was able to reduce same period demand liabilities also nearly ittf rate to 11 per cent and on May 27 to 9 per doubled, owing to a large increase in the cent. deposits of the Hungarian treasury, while The ratio of gold and foreign exchange to the private deposits were considerably drawn down. combined items of notes and demand liabilities Note circulation increased by 1,690,000,000,000 has risen from about 23 per cent on June 30, crowns, or over 50 per cent. In all these items 1924, to over 40 per cent a year later, while the the movement occurred during the first six ratio against note circulation alone has risen months of operation, and changes during the from about 32 per cent to nearly 60 per cent. first half of 1925 were relatively small. The value of the crown was stabilized at the Credits are extended on domestic bills, war- rate of 346,000 to the pound sterling, a rate rants, and securities. From the middle of July, which has been constantly maintained. As 1924, such loans increased very rapidly, partly a result of the advance of sterling toward because the failure of crops resulted in the agri- parity, the Hungarian crown has risen during culture of the country making considerable the past year by some 10 per cent in terms of demands for credit, but also because of condi- the American dollar, the rate now being tions inherited from the previous period of stabilized at about 0.0014 cent. monetary disorder. Speaking of this situation At the end of June, 1925, the total resources the annual report of the bank says: "It is true and liabilities of the bank amounted to that the harvest has at all times been followed 9,647,426,861,968 crowns, equal to about by an increase during the autumn months in the £27,882,000, or $135,000,000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 747 FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES [Bank figures are for the last report date of month, except for London clearing banks, which are daily averages] ENGLAND GERMANY [Millions of pounds sterling] [Millions of reichsmarks] 1925 1924 1925 August July June August August July June May Bank of England: Reichsbank: I Issue department- Gold at home 1,045 981 970 959 Gold coin and bullion 161 162 155 126 Gold abroad 93 123 92 56 Notes issued ___ 181 182 175 146 Reserves in foreign exchange 357 368 354 339 Banking department— Bills of exchange and checks 1,765 1,789 1,691 1,648 Gold and silver coin 2 2 2 2 Miscellaneous assets 471 502 639 964 Bank notes 36 37 30 21 Deposits _ 701 700 564 581 Government securities 35 34 39 41 Reichsmarks in circulation.. 2,595 2,530 2,474 2,609 Other securities 70 69 79 77 Rentenmarks in circulation 1,834 1,836 1,856 1,864 Public deposits 22 21 14 17 Reichsbank clearings 4,433 4,609 4,302 4,103 Other deposits 104 103 118 105 6 Berlin banks: * Ratio of gold and note reserve Cash 167 to deposit liabilities (per Bills 1,095 cent) 30.8 31.6 24.0 18.5 Due from other banks Bank notes in circulation 88 90 91 103 Miscellaneous loans 2,252 Currency notes and certificates 295 301 292 289 4,127 Nine London clearing banks: Index of security prices (Jan. 2,1925= Money at call and short notice... 117 115 113 102 100) (per cent) 70.97 73.99 80.43 77.80 Discounts and advances 1,063 1,080 1,056 1,026 Capital issues 37 25 44 43 Investments _ .. 257 260 267 320 Total deposits.. 1,611 1,633 1,624 1, 617 Total clearings 3,039 3,499 3,323 2,940 1 Bimonthly statements. Government floating debt: Total 770 780 792 769 ITALY Treasury bills 626 604 597 591 Temporary advances 144 176 195 178 [Millions of lire] Index of security prices (December, 1921=100) (per cent) —. 116.2 114.4 114.1 115.8 Index number of foreign exchange 1925 1924 value of the pound sterling (per cent) 131.6 132.0 128.2 128.3 July June May July • FRANCE [Millions of francs] Banks of issue: Gold reserve1 1,132 1,132 1,132 1,130 Total reserve 1,988 1,777 1,777 1,832 Bank of France: Loans and discounts 9,755 9,675 7,837 6,875 Gold reserve *. 3,683 3,683 3,682 Note circulation for commerce 12,208 11,949 10, 672 10,064 Silver reserve ----- 311 312 313 Note circulation for the State 7,068 7,068 7,078 7,449 War advances to the Govern- Total deposits 2,685 2,811 2,495 2,915 ment 27,750 27,250 25,650 Leading private banks: Note circulation _ 44,702 44,496 43,000 Cash 1,049 1,084 1,029 Total deposits 2,429 2,511 2,446 Loans and discounts 9,079 9,260 8,430 Three commercial banks: Due from correspondents 4,636 4,597 3,775 Demand deposits 16,339 Participations 467 451 374 Bills 11,404 Total deposits 13,840 14, 014 12,367 Other loans 4,423 State note issue ____ 2,100 2,100 2,428 Clearings, daily average of Paris Index of security prices (per cent) 234 242 262 212 banks _ 1,178 1,356 Price of 3 per cent perpetual rente 45.40 51. 00 42. 90 1 Not including gold held abroad. 1 Not including gold held abroad. JAPAN CANADA . [Millions of yen] [Millions of dollars] 1925 1924 1925 1924 July June May July August July June August Cha G rte o r ld e d c o b i a n n a k n s d : bullion1 54 54 54 54 Ban R k e o s f e r J v a e p a fo n r : notesl 1,057 1,058 1,059 1,065 N I M P C n u u o d o b r t i n e r l v e i e c i c y n d i t a r u a c n l a t u o d l c l a a d a r n t a l e s i l i o p l a a n o w n n s a d d it y s s d s h i e s o c c r u o t r u n i n t o i t e s t s ice... 2 1, , 1 0 3 5 1 0 9 3 7 5 0 0 0 6 8 2 1 , , 1 1 3 5 1 0 2 3 7 6 7 6 1 4 3 2 1 , ,1 1 3 5 1 3 0 2 7 6 0 5 1 5 2 1 1 , , 1 9 2 5 1 6 9 6 0 5 0 9 7 7 5 L A N P G r o d o o i a v v t v e n a e a s n r c t e n c i a r m e n d c s d u e e p o l n d a o n t t i s i s d f o i c o t e n o s r p e u o i n g s t n i s t s bills. 1,3 4 2 7 0 5 4 1 0 1 9 1,2 2 1 9 4 3 6 6 0 3 4 1 7 1,4 3 1 2 6 6 5 4 8 0 3 4 8 1,3 3 3 1 0 3 5 0 0 0 5 5 5 2 B D G B a a o o n n l m d k k i r n d c e i l e s o e e b n a r i r v t n i s e n o » g a te g s 2 a c i i n rc st u l D at o io m n inion notes. 2 1 , ,3 2 2 1 3 4 0 1 1 8 9 6 2 1 , , 1 2 2 1 4 5 0 1 0 1 8 6 2 1 , ,3 2 2 1 4 8 0 1 2 2 5 6 2 1 , ,4 3 2 6 2 1 9 1 3 1 7 Toy T T T k C o o o o a s t t t b a a a h a l l l o n l d c o n k l e e a s p h a n : o r a s i s n n i d t g s s 2 2 1 , , , 9 3 9 1 3 5 0 3 6 2 7 0 2 3 1 , , , 2 9 3 1 1 2 1 9 9 5 6 0 2 3 1 , , , 6 4 9 1 1 3 5 2 3 7 7 2 2 2 1 , , , 4 6 8 1 4 6 1 1 3 1 5 7 * Not including gold held ahroad. 1 Total for month. i Gold abroad, sold coin and bullion in Japan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN OCTOBER, 1925 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES 1925 1924 1925 1924 August July June August August July June August Austrian National Bank (millions National Bank of Hungary (bilof schillings): lions of Hungarian crowns)—Con. Gold 15 11 11 11 Deposits- Foreign bills (reserve) 501 465 427 345 Public 1,817 1,665 1,874 1,092 Other foreign bills 88 104 124 Private 131 161 184 381 Domestic bills, etc 73 85 95 323 NDeopteo sciitrsculation 83 40 6 83 30 7 82 33 8 8 1 0 0 0 0 Ba fl n o k ri ns o ): f Java (in thousands of ion Qji 33,360 I ti Ml National Bank of Belgium (mil- Foreign bills 30,183 19, 761 23, 516 lions of francs): Domestic bills 18,040 19, 689 37, 010 Gold 272 272 272 270 Loans 74,162 56,436 70, 609 Foreign bills and balances abroad. 30 30 30 17 j Note circulation 311, 088 294,141 262, 628 B NPr i o l i l tv s ea tcei rdcueplaotsioitns 7 1 , , 6 1 3 1 7 3 6 4 6 7,6 1 8 5 8 3 7 1, , 4 2 2 0 1 0 3 0 8 7 1 , , 6 2 3 4 2 0 1 7 6 Ban G k o o ld f Latvia (thousands of lats): 23, 538 23, 533 23, 523 23, 569 Foreign exchange reserve.. 32,801 32, 762 32, 676 40, 458 National Bank of Bulgaria (mil- Bills 60,906 58,888 55,017 39, 574 lions of leva): Loans ._ 47,510 48, 515 50, 211 38, 817 Metallic reserve 158 151 90 ! Note circulation 29,456 28,350 29,043 25, 800 Foreign notes 5 3 1 Government deposits 72, 209 75,769 84, 938 75, 556 Balances abroad and foreign bills. 468 520 591 Other deposits 51,306 53,201 43, 605 47,365 395 347 252 ; Commercial loans 477 469 431 [ Bank of Lithuania (thousands of Notes in circulation 4,129 4,155 4,278 litas): Deposits 1,966 1,927 1,064 Gold 33, 565 33, 483 33, 351 25,116 Foreign exchange reserve. 25, 931 28,535 34, 572 49, 250 Banking Office, Czechoslovakia Loans and discounts 38,981 39,483 38,211 31,642 (millions of Czechoslovak crowns): Note circulation 79, 590 78, 497 79,277 69, 207 Gold and silver 1,031 1,031 1,030 1,051 Deposits 16, 434 19, 796 24, 592 37, 800 Balances abroad and foreign currency 659 633 613 657 ' Netherlands Bank (millions of Bills discounted 568 616 685 699 I florins): Advances on collateral 478 477 494 803 ' Gold .. . .. .. 414 419 455 532 Note circulation 7,695 7,549 7,587 8,140 Domestic bills 90 77 85 130 Deposits 467 571 603 586 Foreign bills 243 229 191 67 Loans 116 135 164 177 Bank of Danzig thousands of Note circulation 863 876 889 946 Danzig gulden): Deposits.. . . .. 26 25 48 41 On deposit with Bank of England, foreign bills, etc 32,094 32,763 43,521 23,050 Bank of Norway (millions of Loans and discounts. _ 21, 809 24,059 22, 677 15, 572 kroner): Notes and circulation 33,444 34,203 32,948 25, 305 Gold 147 147 147 147 Deposits 3, 387 5,723 8,767 9,882 Loans and discounts 308 325 378 434 Balances abroad 61 58 60 39 N l a io ti n o s n o a f l k B ro a n n er k ) : of Denmark (mil- N D o e t p e o c s i i r t c s u - lation 378 384 387 390 Gold 209 209 209 210 State 3 33 64 Bills 76 80 111 277 Private 66 71 92 53 Loans 23 36 39 52 Foreign bills and balances abroad - 148 109 65 25 Reserve Bank of Peru (millions of Note circulation 442 449 468 471 libras): Deposits 75 64 28 84 Gold at home 4,044 4,021 3,972 4,217 Gold abroad 968 985 985 723 Ba m n a k r ks o ) f : Finland (millions of fin- • NBiolltses in circulation... . 6 1 , ,8 0 0 3 8 0 6 1 , ,9 1 8 6 5 8 2 6 , ,1 0 7 3 5 8 5 1, , 0 4 5 4 4 2 Gold.... 43 43 43 43 Deposits _ 762 810 909 424 Balances abroad, etc 1,065 1,077 1,054 479 Finnish and foreign government Bank of Poland (millions of zlote): securities 395 395 395 494 Gold 132 122 120 98 Domestic bills 365 352 403 806 Foreign exchange, etc 63 92 120 267 Note circulation . 1,268- 1,252 1,286 1,273 Bills 285 303 299 200 Deposits- Note circulation 440 462 503 430 Private 33 93 51 2 Current accounts, etc.— Treasury- 158 95 149 30 Treasury 2 11 11 4 Private 43 69 60 48 National Bank of Greece (millions of drachmae): Bank of Portugal (millions of es- N G P G r o o o i l t v v d e e a r t c a e n i n r m d d cu e e b l n p a a t o l t a i l s o o n i n a c t n s e - s s a a n b d r o s a e d curities. 3 3 2 5 , , , 7 1 3 2 8 9 6 7 2 4 7 7 2 4 3 2 , , , , 6 4 9 0 1 5 2 5 2 1 2 0 cu N B B G do i a o o l s l l l t a d ) s e : n c c i e r s c u a l b a r t o io a n d 1,6 2 1 3 1 8 1 9 2 7 1,6 1 1 1 9 8 7 9 5 7 1,6 1 1 1 6 8 0 9 7 0 1,6 1 1 3 6 5 6 9 5 6 Sight 1,999 1,891 Deposits 54 64 57 35 Time 1,028 1,073 National Bank of Rumania (millions of lei): National Bank of Hungary (bil- Gold 563 563 563 lions of Hungarian crowns): Bills 7,690 7,571 6,513 Gold 631 630 633 450 Government loans 10,787 10, 787 11,077 ^oreign exchange. 2,171 2,004 2,092 1,383 Note circulation 19, 576 19,348 18,682 ills, etc 1,564 1,563 1,429 1,438 Deposits 7,818 7,653 6,710 ote circulation 4,991 4,744 4,583 3,660 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 749 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued 1925 1924 1925 1924 August July June August j August July June August State Bank of Russia (note issuing Bank of Spain (millions of pesetas): department; thousands of cher- Gold 2,537 2,537 2,537 2,535 vontsi): Balances abroad 28 29 29 32 Gold.... 16,838 16,657 12, 280 Bills discounted 753- 764 841 815 Foreign currency-- _ 4,685 4,685 9,969 Note circulation 4,297 4,277 4,274 4,395 Loans and discounts 46, 938 44,618 26, 215 Deposits 978 993 1,042 Bank notes 70, 277 67,750 46,156 Bank of Sweden (millions of kro- National Bank of the Kingdom nor): of Serbs, Croats, and Slovenes Gold 233 234 235 251 (millions of dinars): Balances abroad and foreign Gold— 73 73 72 bills and securities 185 161 139 102 Foreign currency and balances Domestic bills 244 277 365 343 abroad 427 397 372 Swedish Government securities.. 13 13 13 14 Bills — 958 944 934 1,275 i Note circulation 511 494 523 528 Note circulation.- 5,965 5,661 5,644 5,822 Deposits 144 179 229 167 Deposits 815 627 528 224 Swiss National Bank (millions of South African Reserve Bank francs): (thousands of pounds sterling): Gold 511 508 505 Gold coin and bullion 3,494 3,244 549 Domestic bills 291 276 263 274 Gold certificates 7,127 8,822 10, 223 Loans 42 45 49 66 Total bills discounted 5,418 4,414 4,588 Balances abroad and due from Domestic bills 24 152 2,427 correspondents 48 44 Foreign bills.. 3,260 2,913 487 Note circulation.-- 819 824 834 Union Government treasury bills. 1,250 1,250 Deposits 134 111 111 British Government treasury bills 100 1,675 Notes in circulation 9,520 10,284 10,587 Bankers' deposits 5,523 5,025 5, 033 DISCOUNT RATES OF 31 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 In si n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria 9 Sept. 3,1925 Esthonia 10 July 1,1925 Japan 7.3 Apr. 15,1925 Portugal 9 Sept. 12,1923 Belgium 5H Jan. 22,1923 Finland 8 Aug.14,1925 Java 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria 10 Aug. 31,1924 France 6 July 9,1925 Latvia. 8 Feb. 16,1924 Russia... 8 Apr. —,1924 Czechoslo- Germany 9 Feb. 26,1925 Lithuania. .. 7 Feb. 8,1925 8outh Africa. Nov. —, 1924 vakia 7 Mar. 25,1925 Greece Feb. 15,1925 Netherlands. 4 Jan. 16,1925 Spain 5 Mar. 23,1923 Danzig 9 Mar. 6,1025 Hungary 9 May 27,1925 Norway 5 Sept. 14,1925 Sweden 5 July 24,1926 Denmark... hVi Sept. 8,1925 India 5 Sept.24,1925 Peru 6 Apr. 1,1923 Switzerland 4 July 14,1923 England 4H Aug. 6,1925 Italy 7 June 18,1925 Poland 12 Aug. 12,1925 Yugoslavia. __ 6 June 23,1922 Changes.—-Austrian National Bank, from 10 to 9 per cent on September 3,1925; National Bank of Denmark, from 6 to 5lA per cent on September 8, 1925; Bank of Norway, from 5% to 5 per cent on September 14, 1925; Imperial Bank of India, from 4 to 5 per cent on September 24, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN OCTOBER, 1925 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] 12 months ended 1925 August-— 12 months ending 1925 August— August July 1925 1924 August July 1925 1924 France (million francs): Imports 3,297 3,034 39,255 38,792 Exports.. 3,258 3,484 42, 558 38,538 Germany (million gold marks): Imports. 303 1,180 13,150 7,360 B cla T s o se t s a l of commodities: 340,484 325,999 3,957,465 3,524,301 Neth E e x r p la o n r d ts s (million guilders): 727 747 8,165 6,211 Imports _ 192 224 2,447 2,231 Crude materials.. 140,524 124,431 1,527,865 1,171,186 Exports 173 162 1,808 1,536 Foodstuffs, crude, and food United Kingdom (thousand £ animals 36,702 42,366 460,306 411,232 sterling): Manufactured foodstuffs... 29,786 34,231 443,049 532,506 Imports 91,733 98, 745 1,339,462 1,202,432 Semimanufactures 65,302 58,983 727,353 636,270 Exports 61,038 64,826 787,853 791,708 Finished manufactures 65,664 64,836 776,857 749,154 Reexports 13,500 11,376 149,201 133,908 Miscellaneous 2,506 1,152 23, 635 24,053 Canada (thousand dollars): By countries: Imports 81,974 81,492 837,761 833,616 Total Europe 93,069 Exports 112,414 103,280 1,143,358 1,072,540 France 9,841 I Japan (million yen): I U G ta n e l r i y t m ed a n K y ingdom : 3 1 3 7 3 , , ,8 1 0 2 9 3 0 6 6 ! ! I E m x p p o or r t t s s 1 2 9 2 1 8 2 1 1 7 1 1 2 2 , , 1 5 0 5 8 0 2 1, , 6 3 0 2 0 7 Total North America._ 76,188 ! Tota C l a S n o a u d t a h America—- 3 41 8 , , 4 9 8 1 7 5 ! 1925 12 mo J n u th ly s i ended Argentina 5,249 ! Total Asia and Oceania 111,992 July June 1925 1924 Japan _ 32,183 | Total Africa.. 3,263 ! Denmark (million kroner): Imports 190 190 2,341 2,231 EXPORTS Exports j_. 179 177 2,197 1,952 By classes of commodities: Italy (million lire): Total 379,862 339, 6294,976,800 4,305,814 Imports 1,845 2,887 24,727 17, 764 Exports.. 1,408 1,784 16,786 12,918 Crude materials 71,472 56,340 1,402,788 1,295,392 Norway (million kroner): Foodstuffs, crude, and food Imports 128 120 1,547 By c M F M S R o i e e a u n a i m e s n n n i c x s i i u t e m p m h r f l i o e a l e a a d a r c s l n t n s : t s u m u e f o r a a e u c n d s t u u .. f f r a o e c o s t d u s r t e u s ffs 1 4 2 5 7 7 7 8 2 2 , , , , , 5 3 5 1 4 3 1 6 9 4 0 6 4 4 5 9 6 2 1 4 2 5 5 2 3 7 7 1 , , , , , 5 3 9 0 8 5 1 3 9 8 0 5 2 9 9 2 2 5 1, 4 6 5 7 9 8 8 6 0 3 9 6 7 2 , 7 , , , , 1 , 9 4 6 5 2 7 6 8 5 6 8 1 1 3 4 3 3 1, 2 5 5 5 0 6 5 9 6 4 5 3 3 , , , , , 6 5 4 3 8 8 0 0 0 3 4 1 4 2 2 R Sw us e s I I E E E d i m m e a x x x n p p p p p ( o o o o o t ( h r r r r m r t t t t o t s s s s i s u l . l s i a o n n d k r r u on b e le r) s : ):l 6 3 6 6 , , 6 1 1 1 7 4 7 3 1 2 1 8 4 7 6 50 0 , , 5 8 1 1 9 0 8 3 0 7 2 7 0 3 51 1 1 1 1 , , , , 1 4 3 1 6 0 2 8 2 8 8 9 1 1, , 2 4 9 0 0 0 9 5 7 Total Europe 155,027 Brazil (million milreis): 2 France 14,402 Imports 269 307 3,038 2,282 Germany 23,588 Exports 277 370 3,945 3,364 Italy.-_ 12,268 Australia (thousand £ sterling): United Kingdom 57,738 Imports _ 12,211 12,224 155,629 142,527 Total North America.. _ 101, 556 Exports. 7,085 9,378 156,881 118,427 Canada 62,956 India (million rupees): Total South America— 32,275 Imports - 177 163 2,381 2,326 Argentina 11,977 Exports 283 341 4,119 3,599 Total Asia and Oceania. 44,896 South Africa (thousand £ ster- Japan 10,947 ling): Total Africa _ 5,R76 I E m x p p o or r t t s s 5 5, , 7 5 0 0 4 6 5 7 , , 1 7 4 9 8 4 6 7 6 3 , , 4 7 3 8 3 5 75,137 1 Figures for Russia are for 10 months ending July, 1925. 2 Figures are for January and February, 1925, and for the 12 months ending February, 1924, and February, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 751 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES The tables below give the all-commodities to a gold basis. The latter figure takes into and group index numbers of wholesale prices in account the depreciation of the foreign currency the five countries included in the Federal Re- in terms of the American dollar (or gold) and serve Board's indexes. In the first table the the series indicates relative price levels in the all-commodities index for each country is shown several countries when all prices are expressed in both in terms of paper currency and converted dollars. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES (1913=100) ALL COMMODITIES On paper currency basis Converted to gold basis Year and month United States England France Canada Japan England France Canada Japan 1923, average 165 170 394 150 188 159 124 147 183 1924, average 159 176 446 147 200 160 121 145 166 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 _ _ 165 177 451 149 209 171 126 149 161 1925 January. _. 168 178 456 156 208 175 127 156 160 February * 167 178 457 158 204 175 125 157 168 March . __ 168 175 463 153 197 171 124 153 162 April 163 171 460 148 191 168 124 148 160 May. 162 166 467 149 189 166 125 149 159 June 163 164 483 147 195 164 119 147 161 July 165 163 490 148 195 163 119 148 161 August 164 161 2 491 150 197 161 119 150 162 GROUPS OP 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 l s i - - te R 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 m D o ti e o o c s d - - s p g o I o m r o t d - e s d g p E o o o x r d - t s Year and month m c t A o o ie m d l s l i - - te R 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 m D o t e o i o c s d - - s p g o I o m r o t - d ed s g p E o o o x r d - t s UNITED STATES FRANCE—contd. 1924—August 158 164 149 156 160 139 177 1925—June 483 495 471 481 468 555 483 1925—March 168 177 152 166 170 146 180 July 490 510 486 472 472 578 513 April 163 169 148 163 165 141 173 August2 491 506 487 480 473 580 515 May 162 169 145 163 164 139 171 June. 163 189 144 165 165 143 173 CANADA July 165 170 146 169 167 146 174 1924—August 149 134 153 169 148 157 152 August 164 168 144 171 166 143 172 1925—March 153 142 153 169 152 161 171 April _. 148 134 153 169 147 158 161 ENGLAND May 149 137 152 164 148 154 171 1924—August 173 171 165 184 173 174 176 June 147 137 151 161 147 154 166 1925—March 175 172 165 188 175 173 174 July.... 148 134 150 167 147 154 162 April - 171 169 160 183 172 168 172 August 150 136 149 171 150 154 166 M Ju a n y e m 1 1 6 6 4 1 1 1 5 5 4 1 1 1 8 8 1 1 1 1 6 6 7 5 1 1 6 6 2 2 1 16 6 3 5 JAPAN July 164 161 151 180 163 164 165 1924—August 196 206 194 192 194 207 194 August 163 160 149 174 160 165 161 1925—March 197 214 201 185 196 203 200 161 April 191 208 189 182 191 194 191 FBANCE May 189 205 188 181 189 188 189 1924—August 442 456 455 419 427 511 451 June 195 206 196 189 195 196 197 1925—March 463 480 459 449 447 540 475 July 195 202 201 189 195 195 202 April 460 477 460 445 444 541 470 August 197 205 204 190 197 196 202 May 467 486 460 453 454 530 462 1 Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: Unitad States—May and June, 1920, June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September. 1922. 2 Provisional. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN OCTOBER, 1925 WHOLESALE PRICES IN PRINCIPAL COUNTRIES ALL COMMODITIES [Pre-war-100] Europe Y m ea o r n a th nd A b ( u g a s o s t i l r s d i ) a g B iu e m l- g B a u ri l a - C v z a s e k lo c i - a ho- m D a e r n k - 1 (B E la o o n n a f g d r - d l F a i n n d - France (F S m t G e t i a a d c e t n a e r i l r - y s a - l H ( g g a u o r n l y d - Italy Ne l t an h d e s r- ( N O w s o a l y r o - ) Poland Russia1 Trade) Bureau) 1924 January... 580 2,711 974 210 165 1,071 494 117.3 123 571 156 250 107 169 February. 642 2,658 999 223 167 1,078 544 116.2 131 573 158 262 112 187 March 625 2,612 1,021 227 165 1,094 499 120.7 130 579 155 266 110 193 April 555 2,798 1,008 228 165 1,095 450 124.1 125 579 154 267 109 181 May 557 2,551 1,001 225 164 1,090 459 122.5 119 571 153 263 104 175 June 565 2,811 968 219 163 1,088 465 115.9 133 566 151 264 101 166 July. 566 2,737 953 220 163 1,085 481 115.0 145 567 151 271 102 169 August. 547 2,853 986 233 165 1,111 477 120.4 145 572 151 274 109 175 September 550 2,848 982 231 167 1,117 486 126.9 142 580 158 275 112 173 October... 555 999 234 170 1,114 497 131.2 149 602 161 276 116 164 November 3; 132 1,013 231 170 1,120 504 128.5 154 621 161 277 117 164 December. 566 3,181 1,024 232 170 1,139 507 131.3 160 640 160 278 118 168 1925 January. 559 3,275 1,045 234 171 1,137 514 138.2 159 658 160 279 120 172 February 551 3,309 1,048 234 169 1,141 515 136.5 152 660 158 281 121 178 March. 546 3,272 1,034 230 166 1,131 514 134.4 145 155 276 122 183 April 538 3,244 1,020 220 163 1,133 513 131.0 144 151 267 119 195 May. 537 3,177 1,006 216 159 1,122 520 131.9 141 660 151 260 118 197 June. 552 I 3,225 998 216 158 1.129 543 133.8 141 683 153 258 119 191 July 559 3,041 1,009 206 158 1,118 557 134.9 136 707 155 254 120 188 August 567 992 189 157 558 131.8 731 155 245 124 175 September 168 173 Europe—Continued North and South America Asia and Oceania Africa United Year and month Spain Sweden S l w a i n t d z e 1 r- States Canada £ t A r 3 a ri l _ ? i a ; (S C J h h a a i i n n ) g a - D I E n u d a t i s c e t h s c I ( u n C t d a t i a l a - ) (T Ja o p k a y n o) Ze N a e l w and ( E C g a y ir p o t ) A So fr u ic th a Statistics) January 178 161 183 151 157 190 174 156 180 ! 172 211 175 133 131 February... 180 162 183 152 157 189 170 160 178 208 180 135 March 180 162 180 150 154 194 167 158 179 206 180 136 April 184 161 181 148 151 195 166 154 178 174 207 178 134 126 May 179 160 180 147 151 192 165 154 177 176 205 179 135 June 179 158 178 145 152 192 163 152 178 176 199 180 131 July 182 157 173 147 154 192 163 152 174 179 195 180 132 125 August 182 160 171 150 157 193 162 149 177 180 200 181 143 September _ 184 163 170 149 154 190 162 149 177 179 206 181 148 October 186 167 169 152 157 192 163 153 175 181 213 180 156 133 November.. 181 167 169 153 158 191 163 155 173 180 214 181 158 December.. 198 168 170 157 161 195 165 157 179 176 213 181 156 1925 January. _ 191 171 160 165 199 163 160 178 171 213 178 157 130 February. __ 192 171 161 165 194 163 159 177 172 210 175 161 March 193 168 170 161 162 206 160 160 176 168 204 175 155 April 190 163 166 156 157 206 158 159 175 169 202 175 154 130 May 191 162 163 155 159 200 159 158 174 164 199 175 151 June-- 187 161 162 157 159 200 163 157 173 157 200 174 150 July 188 161 161 160 158 198 162 163 160 198 151 August 184 159 160 160 160 200 160 157 200 151 September. 159 205 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

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 753 WHOLESALE PRICES IN PRINCIPAL COUNTRIES GROUPS OF COMMODITIES UNITED STATES—BUREAU OF LABOR STATISTICS [Pre-war=100] Bureau of Labor Statistics groups Federal Reserve Board groups All Raw materials m c it o i o m e d s - - F p u r a c o r t d m s - Foods C c a l i l o n n o t g t d h h - s l F i a i g n u n h g e d t l - M m p u a r e e c n o t t t d a d a s l - l s B m r i u i a n a i t g l l e s d - - C d i a c h r n u a e d g l m s s -H g n f o i i u o n s o r u g h d - s - s e n c M e e o l i l s u a - - s Crops p A m r n a o i l d - - F p o r r o e d s - t p M e r i r o n a d - l - m T r a o a t t w a e- l g d P e o u r r o c s o d - ' - s g s C o e u o r o m s n d ' - - s ucts ucts rials 1923, average 154 141 144 200 185 144 189 131 183 123 168 122 210 185 159 141 156 1924, average 150 143 144 191 170 135 175 130 173 117 172 120 186 170 154 133 156 1924—August 150 145 144 190 170 130 170 130 171 115 175 123 175 166 154 131 156 September. 149 143 148 186 168 128 171 131 171 116 164 123 180 166 152 130 158 October 152 149 152 188 162 127 171 132 171 120 172 130 181 165 156 129 161 November. 153 150 154 190 163 129 172 134 172 123 176 124 182 166 155 131 163 December. _ 157 157 158 191 165 133 175 135 172 129 186 129 187 169 161 132 167 1925—January 160 163 160 191 167 136 179 135 173 127 196 133 193 172 167 134 169 February. _ 161 161 157 191 177 136 183 134 173 124 193 136 201 175 169 136 167 March 161 161 159 191 174 134 180 134 170 125 183 148 196 173 169 135 168 April __ 156 153 154 190 169 129 174 134 170 129 173 141 187 168 161 131 166 May 155 152 153 168 127 175 133 170 131 176 134 189 167 160 131 164 June 157 155 155 173 126 171 133 170 138 175 141 181 167 162 135 165 July 160 162 157 189 172 126 170 133 169 143 173 154 . 180 168 166 137 167 August 160 163 159 190 170 127 172 135 169 138 175 155 185 170 168 134 168 ENGLAND—BOARD OF TRADE ITALY—RICCARDO BACCHI i 1925 1924 1925 1924 Groups Groups g A u u s - t July June May April g A u u s - t g A u u s - t July June May April g A u u s - t All commodities 157 158 158 159 163 165 All commodities 117 113 109 106 105 92 Total food 166 166 167 167 169 166 Vegetable foods 144 134 129 125 124 103 Cereals 164 159 163 163 162 167 Other vegetable products ._ 138 123 135 130 129 91 Meat and fish. 161 154 154 153 159 153 Animal foods 135 125 120 116 118 107 Other foods 174 185 185 185 186 176 Chemicals 77 76 73 70 70 63 Total, not food- 152 153 152 155 159 165 Textiles 111 114 110 103 105 93 Iron and steel 123 125 126 128 131 141 Minerals and metals 81 81 77 74 73 66 Other minerals and metals.. 132 132 130 132 133 140 Building materials . . 112 111 102 105 102 86 Cotton. _ .. _207 210 214 216 227 230 Sundries 115 115 112 108 107 98 Other textiles 177 176 175 181 193 196 Other articles . 156 157 154 153 156 158 CANADA—DOMINION BUREAU OF STATISTICS FRANCE—STATISTICAL BUREAU All commodities 160 158 159 159 157 157 Vegetable products 173 170 174 177 163 168 Animal products 138 135 133 131 135 125 All commodities 558 557 543 520 513 477 Textiles 193 195 194 193 195 200 All foods 501 508 497 480 458 440 Wood products 159 159 159 159 159 161 Animal foods _. 500 499 466 465 446 444 Iron products 150 151 152 153 156 157 Vegetable foods 496 520 535 509 474 413 Nonferrous metals 107 105 103 103 102 97 Sugar, coffee, cocoa. 500 486 465 435 437 480 Nonmetallic minerals 178 177 177 177 176 184 All industrial material. 604 597 580 553 557 506 Chemicals 158 158 158 158 159 154 Minerals 519 506 495 458 457 426 Raw materials, or partly manu- Textiles 812 804 784 748 776 713 factured 157 155 156 158 152 152 Sundries 557 554 535 517 513 455 Manufactured, fully or chiefly.. 161 159 160 160 158 158 Producers' goods 156 155 158 159 153 151 Consumers' goods ._ 156 154 153 152 152 151 GERMANY—FEDE RAL STATISTICAL BUREAU 1 1920=100. SWITZERLAND i—DR. J. LORENZ All commodities 132 135 134 132 131 120 Total food products 130 134 133 130 127 111 Grains and potatoes 120 129 129 126 121 99 1925 1924 Fats, sugar, meat, and fish.. 146 136 134 129 130 131 Tota C l o i e n l t o c d n u i s a t l r g ia o l o d p s r , o c d o u ff c e t e s , cocoa, 1 1 7 3 5 5 1 1 7 3 9 6 1 1 7 3 5 5 1 13 7 6 7 1 1 8 3 0 8 1 1 6 3 5 8 Groups t S e b e m e p r - - g A u u s - t July June May t S e b e m e p r - - Hides and leathers 123 126 122 127 131 110 Textiles 190 191 188 192 202 193 All commodities 159 160 161 162 163 170 Metals and minerals 134 131 129 129 129 118 Consumers' goods 174 176 177 178 181 Coal and iron 121 123 123 123 123 130 Agricultural products. 115 119 121 122 118 Domestic goods 124 129 128 125 123 113 Industrial products... 160 159 159 161 180 Imported goods 165 166 162 165 170 157 1 First of month figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDERAL RESERVE BULLETIN OCTOBER, 1925 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL CITIES INDEX NUMBERS OF RETAIL FOOD PRICES [Pre-war=100] ]European countries Other countries United States cit ( i 5 e 1 s) (V A i u e s n t n ri a a )* g B iu e m l- 2 g B a u ri l a - l E an n d g ^ - F (P ra a n ri c s e ) m G a e n r- y I ( l t M a a n l i y ) - N la e e n r t d - h s - N w o a r y - R si u a s - * S l z a w e n r i d - t- a C d a a n - i t A ra u l s ia - ( 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 October 147 17,526 117 2,219 172 349 502 145 217 167 162 144 157 147 146 117 November 148 17,851 121 2,365 173 355 503 149 221 « 169 166 144 157 147 147 120 December 147 21, 849 124 2,547 176 365 151 500 149 226 172 167 145 156 152 147 118 1924 January 146 22, 941 126 2,674 175 376 127 515 150 230 180 168 145 155 154 150 120 February 144 23,336 130 2,537 177 384 117 516 151 234 201 167 145 153 151 149 122 March 141 23,336 128 2,497 176 392 120 523 152 241 203 167 143 152 147 150 122 April 138 23,361 121 2,501 167 380 123 524 152 240 207 165 137 150 143 150 123 May 138 23,797 113 2,438 163 378 126 519 151 241 213 165 133 151 143 150 122 June 140 24 267 118 2,687 160 370 120 518 151 240 206 168 133 149 147 150 120 July 140 23, 499 123 2,626 162 360 126 508 150 248 210 168 134 148 151 148 117 August 141 25 050 124 2,727 164 366 122 507 150 257 225 166 137 147 156 146 117 September... 144 25,100 127 2,723 166 374 125 514 152 261 219 166 139 146 156 145 117 October 146 25,365 135 2,856 172 383 134 543 154 264 206 169 139 146 156 145 120 November. _. 147 26, 482 140 2,994 179 396 135 567 156 269 203 170 141 147 157 148 122 December 149 26,806 139 3,040 180 404 135 579 157 274 205 170 143 148 156 150 121 1925 January 151 27,168 140 3,131 178 408 137 590 156 277 205 168 145 148 152 147 120 February 148 27,065 137 3,163 176 410 »145 610 157 283 208 168 147 149 152 147 120 March 148 26, 796 134 3,128 176 415 146 624 157 284 211 168 145 151 155 149 121 April 148 26,448 127 3,100 170 409 144 620 155 276 217 166 142 152 153 149 124 May 149 27,037 122 3,032 167 418 141 599 154 265 221 165 141 154 151 150 123 June.. 152 27,031 127 3,083 166 422 146 599 152 261 219 167 141 155 149 149 122 July 157 26,550 2,906 167 421 154 602 152 260 218 167 141 156 152 120 August 157 25,739 168 423 154 152 254 210 165 146 147 119 September 170 208 146 INDEX NUMBERS OF COST OF LIVING [Pre-war=100] European countries Other countries Massas c e h t u ts - g B iu el m - C v o z a s e k l c o i h a - - l E a n n g d - 1 t E n h i s o a - - l F a i n n d - F (P ra a n ri c s e )m G a e n r- y H ga u r n 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 - la P n o d - Spain S d w en e- l S z a w e n r d i - t- a C d a a n - 1 A t l r i u a a s - - ( I b B n a o d y m i ) a - A So fr u ic th a 1923 October 158 458 901 175 1,193 61 502 47 174 177 164 149 152 132 November.. 157 463 898 175 1,190 126 502 55 177 167 150 153 133 December... 158 470 909 177 ------ 1,170 """345" 125 ~6,~813~ 499 --178- "23l" 80 182. 168 150 ""I52" 157 133 1924 January 157 480 917 177 1,155 110 8,168 510 121 178 176 169 150 158 133 February 156 495 917 179 1,143 104 13,920 517 127 190 168 149 156 134 March 156 510 908 178 1,141 365 107 17,851 521 179 236 126 180 168 148 150 153 134 April 154 498 907 173 1,121 112 18,340 522 127 195 173 ~ 166 145 150 134 May 154 485 916 171 1,121 115 20,470 518 126 180 166 143 150 134 J Ju u l n y e.. 1 1 5 5 4 5 4 49 9 2 3 9 9 2 0 3 9 1 17 6 0 9 "T< 1 1, , 1 1 5 4 4 7 366 1 1 1 1 2 6 2 2 1 2 , , 8 0 1 1 7 8 5 5 1 1 2 8 173 244 1 1 2 2 4 7 1 18 8 6 2 171" 1 1 6 6 8 9 1 1 4 4 3 3 149 1 15 5 6 3 1 1 3 3 3 2 August 155 498 897 171 94 1,198 114 21,443 511 135 180 166 145 160 132 September-. 157 503 908 172 98 1,199 367 116 21,299 516 176 258 141 189 166 146 "I48~ 160 132 October. 157 513 916 176 104 1,219 122 21,222 546 150 185 "I74" 169 146 160 133 November.. 157 520 922 180 108 1,222 123 20, 782 563 152 175 170 147 161 134 December. .. 158 521 928 181 109 1,217 377 123 20,569 573 181 266 153 190 170 147 148 160 133 1925 January 158 521 >899 180 113 1,199 124 20,503 580 150 188 178 168 149 157 133 February 157 517 911 179 110 1,191 »136 19, 740 592 151 189 168 150 157 133 A M p a r rc il h .... 1 1 5 5 8 8 5 5 0 1 6 1 9 9 0 0 4 1 1 1 7 7 9 5 1 1 1 1 2 4 1 1 , , 2 2 1 0 0 1 386 1 1 3 3 6 7 1 18 9 , , 8 2 0 8 6 2 6 6 0 0 2 0 179 271 1 1 5 4 1 9 1 1 9 9 2 1 "m 1 1 6 6 7 5 1 14 4 7 8 150 1 1 5 5 9 8 1 13 3 4 3 May 158 502 894 173 111 1,176 136 18,853 591 147 188 165 146 156 134 June 159 505 914 172 1,191 390 138 18,776 596 179 259 148 190 ------ 166 146 154 134 July 160 509 916 173 1,218 143 18,142 598 152 182 166 146 157 133 August 161 517 894 173 1,266 145 18,344 151 182 149 152 132 September 525 174 151 1 First of the month figures. ' Revised index. 21921 -100. * January, 1921-100. NoTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 755 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOR AUGUST AND JULY, 1925 [Amounts in thousands of dollars! Total earning assets Total cash reserves Total deposits Fed i e n ra c l i r r e c s u e l r a v ti e o n notes Reserve per- Federal reserve bank August July August July August July August July August July Boston.-- _ 74,428 77,310 247, 518 256,108 143,122 143,023 164,856 176,467 80.4 80.2 New York 253,267 253,385 960,913 957,486 835,792 844,442 342,159 335,620 81.6 81.1 Philadelphia 84,396 79,301 222,134 226,920 133,858 131,190 149,746 152,608 78.3 80.0 Cleveland 106,083 97,636 307,163 309,125 180,661 180,471 211, 520 206,131 78.3 80.0 Richmond 62,394 83,796 79,387 67,331 66,396 70,104 69,930 61.0 58.2 Atlanta 59,457 54,427 149,348 147,945 74,227 69,490 135, 286 133,358 71.3 72.9 Chicago 120,680 123,332 374,484 375,105 329,638 325,725 146, 212 152,460 78.7 78.4 St. Louis 70,913 62,717 55,673 65,442 79,001 78,381 41,793 43, 768 46.1 53.6 Minneapolis 45,203 39, 755 72, 279 78,950 52,055 52,916 61, 661 62,791 63.6 68.2 Kansas City 56,151 54, 373 102,260 101,731 93,100 91,788 63,644 63,064 65.2 65.7 Dallas.. 49,004 49,840 55,605 53, 508 56,704 57,440 40,116 38,363 57.4 55.9 San Francisco 110, 288 107,478 265,703 269,878 163,832 163,127 199, 290 201,134 73.2 74.1 Total: 1925 ! 1,092,264 1,065,252 2,896, 876 2,921,585 2, 209,321 2,204,389 1,626, 387 1,635, 694 75.5 76.1 1924 i 836,534 825,999 3, 211,455 3,248, 713 2,139, 536 2,109, 552 1, 757,470 1,825, 260 82.4 82.6 1923 I 1,078,204 1,119,787 3,194,364 3,181,220 1,890,069 1,919,779 2, 228,947 2, 242,143 77.6 76.4 1922 1,053,098 1,127,888 3,195,502 3,158,276 1, 859, 524 1,882,118 2,151,185 2,157,405 79.7 78.2 1921 1, 841, 596 2,012,699 2, 740,388 2,655,179 1,691,137 1,696,481 2, 512,348 2,604, 750 65.2 61.7 1920 3,233, 862 3, 200,973 2,127,305 2,118, 899 1, 885,062 1,909,221 3,165, 222 3,143,465 »43.7 i 43. 7 1 Calculated on basis of net deposits and Federal reserve notes in circulation. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] San 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 i o n l n is e- K C a i n t s y a s i F ci r s a c n o - Gold with Federal reserve agents:! Aug. 26 1,444,444 154,062 355,808 133,848 183.131 34,526 107,879 135,139 14,931 45,234 50, 739 29, 719199,428- Sept. 2 l,441,r~ 151, 953 355,808 131, 557184.132 38,551 110,917 135,139 15, 724 45, 525 49,633 30, 641192,413 Sept. 9 ! 1,451,175 150,809 355, 728 131, 738181, 707 37,582 126,052 135,074 15,821 45,403 48,771 31,430 191,060 Sept. 16 1,489, 568 147, 910 375, 728 129, 555180, 783 41, 580128,866 135,074 16, 299 44, 977 51,203 33,014 204, 579 Gold redemption fund with United States Treasury: Aug. 26 3,437 9,718 14,634 3,438 2,444 2,680 5,731 2,064 2,362 4,089 1, 758 1,98a Sept. 2 42, 787 4,7" 8,491 4,340 3,193 2,563 2,957 4,681 794 1,811 4, 783 1,895 2, 513 Sept. 9 44,340 5,876 7,478 4,533 4,658 2,640 2,277 3,904 1,248 1,713 5,327 2,127 2, 559 Sept. 16 48, 019 8,182 11,545 5,719 4,435 2,867 2,919 3,007 1,347 1,870 2, 553 1,469 2,106 Gold held exclusively against Federal reserve notes: Aug. 26 1,498,787 157,499 365, 526 148, 482 186, 569 36, 970110, 559140,870 16, 995 47,596 54,828 j31,477 201,416 Sept. 2 1,484,780 156, 719 364, 299 135,897 187,325 41,114 113,874 139,820 16,518 47,336 54,416 32, 536194,926 Sept. 9 1,495,515 156, 685 363, 206 136, 271 186,365 40, 222128,329 138,978 17, 069 47,116 54,098 33, 557193,619 Sept. 16 1, 537, 587 156, 092 387, 273 135, 274 185, 218 44,447 131, 785138, 081 17, 646 46,847 53, 756134,483 206, 685 Gold settlement fund with Fed- i eral Reserve Board: Aug. 26 665,842 45,062 213, 930 41, 587 76, < 38,447 24,099 113, 513 6,708 16, 760 40,3591 11, 099 37, 670 Sept. 2 689, 685 53, 489 210,355 53,819 72, 485 34,436 30,184 121, 688 11, 586 18,998 32,403 14,117 36,125 Sept. 9___ 679, 480 56, 773 164,397 53, 923 74,374 30, 478 27, 219130, 697 18,016 22,727 38,266! 16,109 46,501 Sept. 16 636, 567 55, 377 174, 529 57,198 58,466 28,504 7 124,991 15,455 12,919 34, 751 14,184 32, 500 Gold and gold certificates held by banks: Aug. 26 597, 524 30,045 341,150 21, 619 44,579 6,850 3,504 97,160' 12, 535 7,502 3,255 5,335 23,990 Sept. 2 602,230 28,546! 349,111 20,349 44,932 7,223 3,442 96, 728! 11,414 7,475 3,525 5,357 24,128 Sept. 9 595, 696 26, 082] 353,279 19,316 45,302 7,636 2,534 90, 333! 11,043 7,345 3,456 5,414 23,956 Sept. 16 598,530 25,4541 357,652 18,924 45,983 8,109 2,341 88,214! 7,472 4,003 7,113 23,567 Total gold reserves: Aug. 26 _. 2, 762,153232,606 920,606 211,688 307, 756 82, 267138,162 351,543| 71,858 98,442 47,911 263,076 Sept. 2 2,776, 695238,754 923,765 210,065 304, 742 82,773 147, 500358,236 39, 518 73,809 90,344 52,010| 255,179 Sept. 9 2, 770, 691239,540 880,882 209, 510306, 041 78, 336158,082 360,008) 46,128 77,188 95,820 55,080j 264,076 Sept. 16 2,772,684 236,923 919,454 211,396 289, 667 81,060 161,819 351, 286] 42,799 67,238 92,510 55,780 262,752 Reserves other than gold: Aug. 26 125,374 12,697» 33,522 6,225 4,237 9,320 16,026 16,987 1,738 4,267 8,906 5, 420 Sept. 2 121, 205 12,849 31, 778 6,160 8,251 4,135 7, r"" 15,908 ( 14,576 1,627 4,315 8,345 5, 326 Sept. 9 110, 230 12,475 28,759 5,688 6,220 3,888 6,515 15,1051 12,182 i 1,529 3,974 8, 502! 5, 393 Sept. 16 109,020 13, 654 25, 697 5,080 7,f " 4,021 7,118 15, 620! 10,2161 1,747 4,325 8, 237| 5, 336 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE BULLETIN OCTOBER, 1925 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y Ne o w r - k d P e h l i p l h a- ia C l l a e n v d e- R m i o c n h d - la A n t- ta c C a h g i- o Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F S r a a n n- Cisco Total reserves: Aug. 26 2,887,527 245, 303954,128 217, 71 313,981 86,504 147,482 367,569 53,225 73,596 102,709 56,817 268,496 Sept. 2 2,897, 900 251, 603955,543 216, 225 312, 993 86,908 155,435 374,144 54,094 75,436 94,659 60, 355 260,505 Sept. 9 2,880,921 252,015 909, 641215,198 312, 261 82,224 164,597 375,113 58,310 78, 717 99,794 63,582 269,469 Sept. 16 2,881,704 250,577 945,151 216,476 297, 636 85,081 168,937 366,906 53,015 96,835 64,017 Nonreserve cash: Aug. 26 51,416 4,955 16,623 1,131 2,265 3,352 3,329 8,067 3,418 1,175 2,260 2,350 2,491 Sept. 2 46,237 13,199 1,181 3,555 3,136 2,745 7,846 3,136 690 1,874 2,002 2,585 Sept. 9 43,614 3^657 13, 569 900 2,032 3,105 3,193 7,381 3,033 716 1,865 1,813 2,350 Sept. 16 51, 520 3,796 16, 497 1,048 4,035 3,528 2,844 9,214 2,897 2,358 1,797 2,608 Bills discounted: Secured by U. S. Government obligations— Aug. 26 310, 690 13, 673135,152 28, 226 32,642 14,348 8,878 35,080 2,380 710 2,520 28,485 Sept. 2 320, 527 14, 775 153,435 27, 794 13, 259 7,256 25, 622 7, 1,409 2,480 1,862 32,087 Sept. 9 364, 841 13, 542185,108 24, 111 45, 677 13,351 6,150 30, 972 8,287 3,316 937 1,923 31,467 Sept. 16 228, 594 12,013 70, 200 23, 236 38,896 15,099 6,494 19,395 7,297 3,064 1,069 2,006 29, 825 Other bills discounted— Aug. 26 268, 985 21, 834 57. 682 20, 280 20, 519 37,348 27,999 22,816 22, 435 5,053 5,930 18,109 Sept. 2 256,363 12,947 42,057 20,073 22,324 41,329 28,687 20,963 24,973 5,398 6,494 8,807 22,311 Sept. 9 274, 351 11, 561 69, 226 23,182 21, 596 38,305 24,043 20, 958 22,469 7,f" 7,925 23, 089 Sept. 16 259,346 9,462 40,161 25,315 30, 555 39,224 22,391 24,184 32,266 4,818 6,134 18,347 Total bills discounted: Aug. 26 579, 675 35, 507 192, 834 48, 506 53,161 51, 696 36,877 57,896 31, 031 7,433 6,640 11, 500 46, 594 Sept. 2 576, 890 27,722 195,492 47,867 55, 213 54,588 35,943 46, 585 32,632 6,807 8,974 10, 669 54, 398 Sept. 9 639,192 25,103 254,334 47, 293 t>7, 273 51, 656 30,193 51,930 30, 756 8,305 7, 945 9,848 54, 556 Sept. 16.- 487, 940 21,475 110,361 48, 551 69,451 54,323 28,885 43, 579 39, 563 7,882 7,203 8,495 48,172 Bills bought in open market: Aug. 26 201, 519 27, 600 21, 031 15,178 18,360 4,858 12, 515 24,077 12,175 20,457 16,506 9,012 19, 750 Sept. 2 213,167 34,343 25, 035 18,038 18,008 5,148 12, 831 26, 529 4,892 20, 776 17,995 8,411 21,161 Sept. 9 214,143 36, 057 22,146 18, 576 17,302 5,003 11,742 27,203 3,094 22, 963 17, 342 10,779 21,936 Sept.16 211,962 38,981. 11, 960 19,961 18,077 5,142 28,912 2,374 23, 670 11, 251 20,848 U.S. Government securities: Bonds— Aug. 26 557 4,912 611 8,746 V 1,665 20, 965 3,273 8,149 9,129 7,733 2,462 Sept.2 69, 942 557 4,912 611 8,746 1, 1,665 21,118 3,273 8,149 9,141 7,822 2,462 Sept. 9 70, 403 557 4,912 611 8,746 1,486 1,665 21,126 3,273 8,149 9,440 7,976 2,462 Sept. 16 . 55,418 537 1,257 585 7,965 1,191 829 19,785 1,197 7,558 8,052 6,409 53 Treasury notes— Aug. 26 230,255 499 53,771 17,207 11, 571 4,019 11,296 19.117 27,227 7,752 20, 295 21, 267 36,234 Sept.2 230,996 414 50, 516 17, 207 15,571 4,019 11, 296 19.118 27, 227 7,752 20,395 21, 247 36, 234 Sept.9 236,801 316 51,361 17,207 20, 571 4,019 11, 297 19,117 27, 227 7,752 20,397 21, 303 36, 234 Sept. 16 245, 751 518 50, 902 17,228 21,189 4,253 11,965 20, 269 28,873 8,220 21,505 22,687 38,142 Certificates of indebtedness— Aug. 26 32,306 7,491 1,543 54 10,331 39 1,420 368 77 2,713 279 5,095 Sept. 2 25,274 4,370 1,423 54 6,331 39 1,440 3,009 368 77 2,788 5,095 Sept.9 19,910 4,375 1,228 54 1,331 39 1,440 2I?? 368 77 2,833 287 5,095 Sept.16 108,080 5,206 89,700 50 1,792 1,066 2,500 1,729 79 4,933 Total U.S. Government securities: Aug. 26 332, 249 8,547 60,226 17,872 30, 648 5,544 14,381 42, 978 30,868 15, 978 32,137 29, 279 43,791 Sept. 2 326,212 5,341 56, 851 17,872 30, 648 5,544 14.401 43, 245 30, 868 15, 978 32,324 29,349 43,791 Fore S S ig e e n p p t t l . . o 1 9 a 6 _ n _ s _ on gold: 3 40 2 9 7 , , 2 1 4 1 9 4 5 6, , 2 2 6 4 1 8 14 57 1 , , 8 5 5 0 9 1 1 1 7 7 , ,8 8 7 6 2 3 3 3 0 0 , , 9 6 4 4 6 8 5 5 , , 4 5 4 4 4 4 1 1 3 4 , . 4 8 0 6 2 0 4 43 0 , , 9 0 8 2 6 6 3 30 0 , , 1 8 6 6 3 8 1 1 8 5 , , 2 9 7 7 8 8 3 3 2 1 , , 2 6 8 7 6 0 2 2 9 9 , , 1 5 7 6 5 6 4 4 3 3, , 7 1 9 2 1 8 Aug. 26 ._.. 10, 500 77' 2, 976 1,124 557 430 1,449 483 346 420 368 735 Sept. 2 7,500 555 2,025 697 803 398 307 1,035 345 247 300 263 525 Sept. 9 7,500 555 2,025 697 803 398 307 1,035 345 247 300 263 525 Sept. 16 7,500 555 2,025 697 803 398 307 1,035 345 300 525 All other earning assets: Aug. 26 2,350 ' 2,350 Sept. 2 2,320 2,320 Sept.9.__ 2,320 2,320 Sept. 16._ 2,420 2,320 100 Total earning assets: Aug. 26 1,126, 293 72, 431 276,926 84, 882 103,293 62, 655 64, 203 126, 400 74, 557 44, 214 55, 703 50,159 110, 870 Sept.2.__ __. 1,126,089 67,961 279, 403 86, 794104, 672j 65, 678 63, 482117, 394 68, 737 43, 808 59, 593 48, 692 119, 875 S Se e p p t t . . 9 16 1 1 , , 1 1 9 1 0 9 , , 2 0 6 7 9 1 6 6 6 7 , , 2 96 7 3 2 3 2 3 6 6 6 , , 0 2 0 0 6 5 8 8 6 9 , , 7 3 5 9 8 2 1 1 1 1 9 6 , , 0 2 2 7 6 7 ! 6 6 2 5 , , 6 3 0 0 1 7 5 5 6 5 , , 1 6 4 4 0 41 11 2 4 3 , , 1 5 9 1 4 2 6 72 5 , , 0 4 6 4 3 5 4 50 7 , , 4 0 9 7 3 7 5 57 8 , , 2 5 5 8 7 7 4 5 9 0, , 4 1 5 8 6 4 1 1 2 1 0 2 , , 8 6 0 7 8 3 Uncollected items: Aug. 26 579, 518 50, 608 128, 617 54, 438 53, 678 50, 527 32, 56' 75, 035 29, 992 12, 937 35, 536 21,951 33, 632 Sept. 2 628, 059 57, 753 142, 258 60, 276 56, 6141 53, 089 32, 493 82, 44' 33,907 13,605 38,012 21,213 36,392 S S e e p p t t . . 9 16 658, 563 7 58 9 , , 3 7 4 4 0 9 2 1 2 4 4 6 , , 4 0 9 7 7 9 8 62 6 , , 1 6 6 8 4 9 8 5 4 8 , , 3 5 0 5 0 7 7 54 6 , , 7 4 1 9 9 4 3 4 7 8 , , 1 6 4 7 9 3 1 7 2 8 8 , , 3 9 0 0 8 8 4 3 5 6 , , 7 5 4 9 2 9 1 18 5 , , 2 5 6 7 6 8 4 48 1 , , 1 2 6 5 0 5 v 3 2 4 8 , , 8 7 5 4 2 2 3 5 9 4 , , 3 3 6 3 9 5 Bank premises: Aug. 26 61, 210 4,190 17,129 1,218 2,446 2,780 8,099 4,702 3,047 4,495 1,833 3,323 Sept. 2 61, 245 4,190 17,133 1,248 7,948 2,446 2,780 8,099 4,703 3,047 4,495 3,323 Sept. 9 61,333 4,190 17,133 1,252 7,948 2,446 2,780 8,099 4,706 3,047 4.576 1^833 3,323 Sept. 16 61, 370 4,190 17,13- 1,252 7,948 2,446 2,780 8,099 4,706 3,047 4,612 1,833 3,323 All other resources: Aug. 26 21, 983 111 6,85- 271 422 591 2,430 1,325 346 2,987 721 1,540 4,385 Sept. 2 22,097 123 6,910 298 517 560 2,450 1,316 349 2,993 736 1,492 4,353 Sept. 9 23, 260 115 7,198 36' 627 1,287 2,403 1,345 351 2,997 741 I,'"" 4,337 Sept. 16 20,305 90 4,002 327 285 607 2.356 1,300 338 4,629 711 1,450 4,210 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 757 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousanas of dollars] San Total 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 - L S o t u . is M ap i o n l n is e- K C a i n t s y as Dallas F ci r s a c n o - Total resources: Aug. 26 4, 727, 947 377, 598 1,400,277 359, 657481,587 206, 075252,7911 586,495 166, 240 137, 956 201, 424 134, 650423,197 Sept. 2 4,781, 627 385,9181,414,446 366,022 486, 299 211, 817 259,3851 591,246 164, 926 139, 579199,369 135,587 427,033 Sept. 9 4, 857, 960 385, 689 1,429,626 367,164 497,451 206,157 267,290 594,040 168, 062 148, 548206, 393 147, 918 439, 622 Sept. 16 5, 062,931 405, 265 1,473,486 394, 659513,481 233, 688;280,206 628,339 179,143 145,902 210, 358 153,133 445, 271 LIABILITIES I Federal reserve notes in actual circulation: Aug. 26 1,615,887 160,033 338,702 145,603 216,525 69,606 135,068 144, 774 40,762 61,910 63,719 40,970 198,215 Sept. 2 1,637,725 160,735 345,083 145,170 216,305 72,014 138,713 144,708 40,521 62,832 64,020 43,216 204,408 Sept. 9 1,680,115 162,330 349,528 151,518 225,252 74,465 144,824 145,950 40, 541 64,998 65,846' 45,755 209,108 Sept. 16 1,677,299 158,469 350, 615 150,142 224, ~~~ 75,666 147,631 144,968 40,052 65,340 65,749 46,172 207, 527 Deposits: Member bank—reserve account— Aug. 26 2,183,487 141,187 837,535 129,928 176,586 65,454 75,597 326,561 75,660 50,499 9,274 56,009 159,197 Sept. 2 2,186,593 142,428 840,294! 131,841] 179,019 69,623 79,176 320,184 74,610 51,085 85,5481 56,074 156,711 Sept. 9 2,195,648 139,217 846,377! 127,763| 183,609 62,608 77,939,' 324,230 73,894 55,259 87,623! 58,331 158, 798 Sept.16 2,197,663 143,728 833,865! 134,767 177,654 66,458 80,153 328,374 77,467 51,834 87,252 58,096 158,015 Government— Aug. 26 1,312 5,580 2,587 3,405 2,761 817 3,1 1,422 1,386| 1,237 2, 302 Sept. 2 25,321 1,197 959 2,690 2,058 808 2,091 953 1,030 1,5161 414 1,636 Sept. 9 22,786 1,473 1,973 3,056 1,888 1,991 625 1,016 1,616 816 1,167 2,177 Sept.16 3,528 214 263 263 190 555 613 248 482 210 53 144 293 Other deposits— Aug. 26 24,363 280 14,293 268 1,086 248 123 1,050 206 1,101 117 4,507 Sept. 2 23,814 285 13,281 290 1,046 189 171 1,071 1,279 213 1,117 125 4,747 Sept. 9 26,072 351 13,694 420 1,279 325 192 1,742 226 1,464 387 4,726 Sept.16 29,007 265 16,478 513 1,238 268 1,811 1,' 366 413 1,145 183 4,941 Total deposits: Aug. 26 2,236,538 142,779 857,408 132,783f 179,665 69,407 78,481 328,428 80,630 52,127 91, 761 57,363 166,006 Sept. 2 2,235,728 143,910 854,534 134,821 182,123 70,620 81,438 331,224 76,842 52,328 88,181 56,613 163,094 Sept. 9 2,244,506 141,041 862,044 131,239 186,776 64,924 78,756 330,960 76,176 57,101 89,903 59,885 165, 701 Sept.16. 2,230,198 144,207 850, 606 135,543 179,082 67,281 81,152 330,433 79,315 52,457 88,450 58,423 163,249 Deferred availability items: Aug. 26 528,297 49,268 110,323 49,278 48,839 48,756 24,847 65,596 29,082 12,153 32,106! 23,640 34,409 Sept. 2 561,085 55, 725 121,036 54,047 51,343 50,528 24,821 67,689 31,820 12,656 33,336 23,079 35,005 S S e e p p t t. . 16 9 8 58 0 5 7 , , 5 5 8 9 3 6 5 7 6 7 , , 0 7 2 1 8 71 1 7 2 8 4 , , 1 0 5 7 5 2 5 76 2 , , 3 9 8 5 0 1 4 7 8 2 , , 8 8 3 3 0 2 4 7 8 2 , , 0 0 7 5 7 3 2 3 9 7 , , 2 0 7 0 1 0 1 6 0 9 5 , , 4 1 0 8 5 7 3 4 5 3 , , 9 5 7 8 1 8 1 1 6 4 , , 3 65 2 2 0 4 36 2 , , 3 7 1 90 4 ; 2 35 9 , ,5 8 8 5 1 3 4 4 9 0 , , 9 2 1 3 9 3 Capital paid in: Aug. 26 116,324 8,601 31,866 11,507 13,052 5,971 4,582 15,607 5,126 3,199 4,307 4,318 Sept. 2 116,363 8,596 31,900 11,494 13,058 5,979 15,607 5,125 3,199 4,305' 4,318 8,174 Sept. 9 116,380 8,596 31,900 11,494 13.058 5,979 4* 617 15,615 5,127 3,200 4,304 4,316 8,174 Sept.16 116,423 8,596 31, 919 11,501 13.059 5,980 4,617 15, 619 5,121 3,202 4,304; 4,314 8,191 Surplus: Aug. 26 217,837 16,382 58, 749 20,059 22,462 11,701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 Sept. 2 217,837 16,382 58, 749 20,059 22,462 11,701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 Sept. 9 . 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 Sept. 16 .__. 217,837 16,382 58,749 20,059 22,462 11,701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 All other liabilities: Aug. 26 13,064 535 3,229 427 1,044 934 1,664 1,070 5541 767 1,308 Sept. 2 12,889 570 3,144 431 1, f"" 975 855 1,592 647 1,067 550' 769 1,281 Sept. 9 13, 526 623 3,333 474 1,073 1,011 872! 1,684 659 1,100 573 789 1,335 Sept.16 13,591 583 3,442 463 1,078 1,007 856| 1,706 713: 1f'" 564j 779 1,314 Total liabilities: Aug. 26 4, 727, 947377, 598 1,400,277 359,657 481, 587206,075 252, 791 j 586,495 166,240137,956 201,424 134,650 423,197 Sept. 2 4, 781, 627 385,9181,414,446 366,022 486,299 211, 817 259,385 591,2461 164,926 139,579 199,369 135, 587 427,033 Sept. 9 4,857,960 385,689 1,429,626 367,164 497,451 206,157 267,290 594,040) 168,062 148,548 206,393 147,918 439,622 Sept.16 5,062,931 405,2651,473,486 394,659 513,481 233,688 280,206 628,339 179,143 145,902 210,358 153,133 445, 271 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent): Aug. 26 75.0 81.0 79.8 78.2 79.3 62.4 69.1 77.7 43.8 64.5 66.1 57.8 73.7 Sept. 2 74.8 82.6 79.7 77.2 78.6 60.9 70.6 78.6 46.1 65.5 62.2 60.5 70.9 Sept. 9 73.4 83.1 75.1 76.1 75.8 59.0 73.6 78.7 50.0 64.5 64.1 60.2 71.9 Sept. 16 73.7 82.8 78.7 75.8 73.7 59.5 73.8 77.2 44.4 58.6 62.8 61.2 72.3 Contingent liability on bills purchased for foreign correspondents: Aug. 26 31,128 2,358 7,870 2,963 3,409 1,306| 4,397| 1,466 1,051 1,274 1,115 2,230 Sept. 2 31,148 2,305 8,422 2,895 3,331 1,650 1,2761 4,2961 1,432 1,027 1,245 1,090 2,179 Sept. 9 34, 646 2,583 9,168 3,246 3,734 1,850 1,431 4,816' 1,605 1,152 1,396 1,222 2,443 Sept.16 34, 665 2,583 9,187 3,246 3,734 1,850 1,431 4,816 1,605 1,152 1,396 1,222 2,443 Own Federal reserve notes held by Federal reserve bank: Aug. 26 299,720 18, 636116,909 38, 772 14,459 13,959 20,671 12,418 4,979 3,978 7,564 6,578 40,797 Sept. 2 287,864 17,775 111,477 38, 915 15,560 13, 216 20,154 11, 707 5,013 3,647 6,596 5,355 38,449 Sept. 9 273,428 18,136 113,415 31, 747 13,837 11, 756 20, 528 12, 520 4,290 3,819 6,209 4,775 32,396 Sept. 16 19,' ~ 117, 722 34,941 16, 398 14, 693 21,130; 13,429 4,557 3~~ 6,738 5,339 40,196 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL RESERVE BULLETIN OCTOBER, 1925- FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] From 91 Total Wi d th ay in s 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 d m ay o s n t t h o s 6 m O o v n e t r h 6 s Bills discounted: Aug. 26 579,675 438,256 27,961 62,041 39,568 11,625 224 Sept. 2 576,890 434,304 37,050 55,633 40,916 178- Sept. 9 639,192 505,311 36,084 56,659 33,024 7,945 169' Sept. 16 487,940 352,410 38,305 55,644 34,858 6,560 163- Bills bought in open market: Aug. 26 201,519 62,084 37,205 53,601 36,469 12,160 Sept. 2 213,167 60,683 34,973 62,690 39,900 14,921 Sept. 9 214,143 58,274 36,335 64,095 41,988 13,451 Sept. 16.. 211,962 50,778 43,260 61, 111 45,022 11,791 United States certificates of indebtedness: Aug. 26..-- 32,306 4,280 17,144 2,000 3,169 5,713 Sept. 2 25,274 18,190 2,000 550 3,406 1,128 Sept. 9 19,910 14,176 1,275 2,961 1,498 Sept. 16 94,110 4,129 8,63& FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C a i n ty sas Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Aug. 26 2,908,605 276,549 770,231 219,775 274,584 109,804 210,039 425,649 70,101 85,135 99,016 65,910 301,812 Sept. 2 2,917,358 280,440 766,860 217,485 273,185 113,730 216,077 427,922 69,894 85,426! 98,349 65,333 302,657 Sept. 9 2,907,442 766,923 216,665 271,459 112,761 216,1521 426,477 68,991 84,804 98,588 64,622 301,304 Sept. 16 2,946,295 275,797 764,797 £14,883 287,836 114,919 216,346 429,904 87,798 98,220 72,303 314,72a Federal reserve notes held by Federal reserve agent: Aug. 26 992,998 97,880 314,620 35,400 43,600 26,239 54,300 268,457 24,360 19,247 27, 733 18,362 62,800 Sept. 2 991,769 101,930 310,300 33,400 41,320 28,500 57,210 271,507 24,360 18,947 27,733 16,762 59,800 953,899 98,230 303,980! 33,400 32,370 26,540 50,800! 268,007 24,160 15,987 26,533 14,092 59,800 Sept. 16 970,667 97,630 296,460! 29,800 46,470 24,560 47,585 271,507 24,160 18,970! 25,733 20, 792 67,000 Federal reserve notes issued to Federal reserve bank: Aug. 26 . 1,915,607 178,669 455, 611184,375 230,984 83, 565155, 739 157,192 45,741 65,888 71,283 47,548 239,012 Sept. 2 1,925,589 178, 510456,560 184,085 231,865 85,230 158,867 156,415 45, 534 66,479! 70, 616 48, 571242,857 Sept. 9 1,953, 543 180,466 462,943 183,265 239,089 86,221 165,352 158,470 44,831 68,817j 72,055 50,530 241, 504 Sept. 16 1,975, 628 178,167 468,337 185,083 241,366 90,359 168,761 158,397 44, — 68,828! 72,487 51,511 247, 723 Collateral held as security for I Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— Aug. 26 309,098 34,700 5,200 8,780 21,160 9,000 11,775 13,052 18,733 Sept. 2 309,098 34,700 5,200 8,780 21,160 9,000 11, 775 13,052 18, 733 Sept. 9 310,698 35,300 5,200 8,780 21,160 10,000 11,775 13,052i 18,733 Sept. 16 308, 701 35,300 4,800; 8,780 21,160 10,000 11,775 13,052 17,136 Gold redemption fund— Aug. 26 101,659 10,362 28,110 11, 759 14.351 4,071 5,879 4,494 1,656 1,182 3,379 3,486 12,930 Sept. 2 113,963 17,253 28,110 9,468 15.352 3,096 4,917 4,494 1,449 1,473 4,273 4,408 19, 670 Sept. 9 112,018 15,509 28,030 13, 649 12,927 5,127 4,052 4,429 546 1,351 3,411 3,697 19,290 Sept. 16 110,150 12,610 11,866 12,003 4,125 7T" 4,429 1,024 925 2,843 5,378 19,051 Gold fund, Federal Reserve Board: Aug. 26 1,033,687 109,000 141,000 116,889 160,000 9,295 93,000 130,645 1,500 31,000 47,360 7,500 186,498 Sept. 2 1,018,932 100,000 141,000 116,889 160,000 14,295 97,000 130,645 2,500 31,000; 45,360 7,500 172,743 Sept. 9 1,028,459 100,000 141,000 112,889 160,000 11,295 112,000 130,645 3,500 31,000; 45,360 9,000 171,770- Sept. 16 1,070, 717100,000 161,000 112,889 160,000 16,295 111,000 130, 645 3,500 31,000 48,360 10,500 185,528 Eligible paper— Aug. 26 747,811 63,107 188,156 57, 751 70,815 55,993 49,324 81,871 43,177 27,776| 23,074 20, 504 66,263 Sept. 2 745,197 62,065 184,411 58, 581 72, 953 59,657 48,710 73,036 37,445 27,334! 26,900 19,066 75,039 Sept. 9 1 808,848 61,160 244,867 55,978 84,150 55,084 41,887 78,930 33,616 31,0211 25,2211 20, 565 76,369 Sept. 16 1 669, 519 60,456 100, 757 62,856 i 87,079 57,865 40,944 72,392 41,856 31,162! 25,849 19,696 68,607 Total collateral— Aug. 26 !2,192,255 217,169 543,964 191,599! 253,946 90, 519157,203 217,010 58,108 73,Olo' 73,813 50,223 265,691 Sept. 2 . ! 2,187,190 214,018 540,219 190,138| 257,085 98,208 159,627 208,175 53,169 72,859 76, 533 { 49, 707267,452 Sept. 9 2,260,023 211,r" 600,595 187,7161 265,857 92,666 167,939 214,004 49,437 76,424 73,992| 51,995 267,429 Sept. 16 I2,159,087 208,366 476,485 192,4111 267,862 99,445 169,810 207,466 58,155 76,139 77,052! 52,710 273,186 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 759 FEDERAL RESERVE BANKS—EARNING ASSETS HELD AND EARNINGS THEREON, AUGUST, 1925 Lin thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is n M ea i p n o - - K C an it s y as Dallas Franlis cisco HOLDINGS ON AUG. 31, 1925 "Total earning assets 1,129,307j 78,895 257,611 86,587! 102,502 69,597 65,683 122,129 73,927 44,882 58,002 49,059 120,433 Bills discounted for members j 577,201 38,220 178,647 47,8151 52, 369 58,801 37,891! 51,383 31,150 8,188 7,627 10,717 54, 393 Bills bought in open market | 212,040 33, 743 16, 728 17,883 18,6831 4,854 13, 088 26, 709 11, 564 20,468 17,837 8,759 21, 724 'United States securities ! 330,246 6,377 60, 211 17,872! 30, 648! 5,544 14, 397 43, 002 30. T" 15,978 32, 238 29, 320 43, 791 Foreign loans on gold j 7,500 555 2,025 697 802 307 1,035 345 248 300 263 525 All other earning assets 2,320: 2,320 Bills Discounted Rediscounted bills: Commercial and agricultural • paper, n. e. s 186,407i 22,404 12, 509 8,687 10,196 34,109 26,677 20,067 20,172 5,036 6,446 7,904 12, 200 Trade acceptances, domestic. 2,232 18 394 54 435 338 209! 657 104 4 16 Secured by U. S. Government obligations 1, C 65 211 327 116! 43 18 3' 25 Member bank collateral notes: Secured by U. S. Government obligations j 307,906 15, 656 129,553 j 28,064! 31,842 15,853 9,478 30,569 8,905 2,752 1,078; 1,595 32, 561 Otherwise secured ! 79, 572 36,191! 10,945| 9, 685 8,174 1,411 47 1,951 395 66! 1,189 9,518 Total discounted bills 577,201 38,220 178, 647 47,815 52,369 58,801 37,891! 51,383 31,150| 8,188 7,627! 10,717 54, 393 Bills Bought Bankers' acceptances based on— Imports 118,194 16,349 9,006 7,411 10,621 2,406 7,628 15,479 6,314 12, 591 11,712 5,645 13, 032 Exports 58, 558 9,914 3,927! 6,458 4,183 772 4, 582 6,882 4,013 5,154 4,722 1,874 6,077 Domestic transactions 31,049 7,202 2,365 3,547 3,295 l,67i 803 3,894 952 2,521 1,327 1,180 2,287 Dollar exchange bills 2,953 278 424 467 328 75 s 454 285 202 76 60 304 All other 445 445. Trade acceptances based on imports 841 561L 256 Total purchased bills 212,040 33, 743 16,728 17,883 18,683 4,854 13,088| 26,709 11,564 20,468 17,837 8, 759 21,724 United States Securities. United States bonds 69,845 557 4,912 611 8,746 1,' 1,654 21,071 3,272 8,150 9,130 7,794 2,462 Treasury notes 230,237 414 53,756 17,207 11, 571 4,019 11,298 19,118 27,227 7,751 20,395 21,247 36,234 30,164 5,406 1,543 54 10, 331 1,445 2,813 369 77 2,713 279 5,095 'Certificates of indebtedness Total U. S. securities 330,246 6,377 60,2111 17,872 30, 648 5,544 14,397 43,002 30,868 15,978 32,238 29,320 43, 791 DAILY AVERAGE HOLD- INGS DURING AUGUST Total earning assets1 1,092, 264 253,267 84,396 106,083 62, 394 59,457 120,680 70,913 45,203 56,151 49,004 110,288 Bills discounted 544,917 167,977 49,433 56,612 50,532 31,198 52,034 27,614 8,788 7,556 10,390 46, 290 Bills bought 205,605 24,156 14,001 17,697 5,757 " '" 25,374 11,939 20,082 15,998 19,412 United States securities 329,151 58,299 17,872 30,661 5,548 41,823 30,882 15,987 32,177 29,280 43,858 Foreign loans on gold 10, 469 2.835 968 1,113 557 1,449 478 346 420 368 728 EARNINGS DURING AUGUST "Total earning assets * 3,290, 212 749 255 308 204 186 383 218 139 168 149 319 Bills discounted 1,701 109 499 147 168 172 106 1771 94 30 26 35 138 Bills bought 565 79 39 16 37 70! ! 33 55S 24 53 United States securities.... 990 22 176 15 42 132! 90 126 Foreign loans on gold 28 2 1 1 4| 1 2 ANNUAL RATE OF EARNINGS Total earning assets1 3.55 3.36 3.48 3.56 3.42 3.85 3.68 3. 73 3.62 3.61 3.52 3.59 3.40 Bills discounted _ _ 3.68 3.60 3.50 3.50 3.50 4.00 4. OOi 4.00 4.00 4.00 4.00 4.00 3.50 Bills bought 3.24 3.23 3.19 3.26 3.23 3.24 3.24 3.22 3.22 3.23 3.23 3.21 3.23 United States securities 3.54 3.13 3.56 4.00 3.39 3.17 3.39 3.73 3.44 3.87 3.56 3.56 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 3.50 3.50 •I 1 Figures for Philadelphia include average daily holdings of Federal intermediate credit bank debentures, $2,122,000; earnings, $6,011; and annual rate of earnings, 3.33 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL KESERVE BULLETIN OCTOBER,1925 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING AUGUST, 1925 [Amounts in thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S r is a a c n n o - Volume of Operations Total (all classes) 13,433,053 223,886 1, 834, 280 U90,746 353,381 175,135 68,485 173,405 101,199 28,469 26,480 25,381 232, 206 Bills discounted for member banks 3,199, 367 187,139 1, 770, 897 174,444 340,962 171, 882 59,370 147,871 93,313 16,485 14,423 12,808 209, 773 Bills bought in open market._ 188, 214 29,133 41, 701 14, 022 12,061 3,080 8,604 20, 679 7,558 11,857 11,515 5,899 22,105 Bills bought from other Federal reserve banks 1 1 U.S. securities bought in open market 40, 471 i 7,392 20, 871 1 37 14 388 4,441 190 28 422 6,569 118 Foreign loans on gold 3,000 222 810 279 321 159 123 414 138 99 120 105 210 Bills Discounted Rediscounted bills: Commercial, agricultural, and livestock paper, n. e s 144, 474 9,719 9,291 5,077 7,593 18, 675 19, 789 27, 746 31,188 3,250 3,770 3,611 2 4, 765 Demand and sight drafts. 463 10 210 106 73 64 Trade acceptances 1,657 13 339 24 819 165 167 81 45 4 Secured by U. S. Government obligations 18 210 43 48 25 Member bank collateral notes: 630 134 58 16 78 Secured by U. S. Government obligations 58, 975 1, 588, 949 121, 389 119, 521 119, 270 11, 539 9,839 6,658 Secured by eligible paper3. 2, 550483,, 196794 118, 414 172, 318 47,954 26711,, 309151 33,311 317,, 647724 731 556,, 272344 1,696 766 2,441 14604,,264175 Total bills discounted- _ 3,199, 367 187,139 1, 770,897 174,444 340, 962 171,882 59, 370 147,871 93,313 16, 485 14,423 12,808 209, 773 Averagerate (365-day basis)— per cent 3.70 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 4.94 6.20 3.65 8.47 4.75 3.51 9.13 11.95 7.08 13.08 8.14 9.43 6.97 Rediscounted bills. 55.87 54.35 54.08 54.64 47.33 57.34 55.89 56.24 55.31 54.54 61.82 64.67 64.15 Number of member banks on Aug 31 9,541 421 869 751 864 606 502 1,407 627 851 1.040 854 749 Number of member banks accommodated during month. 2,979 163 313 347 309 313 199 484 220 124 135 172 200 Per cent accommodated _. 31.2 38.7 36.0 46.2 35.8 51.7 39.6 34.4 35.1 14.6 13.0 20.1 26.7 Bills Bought in Open Market From member banks 47,451 5,624 1,848 4,095 8,016 1,032 3,340 8,099 2,696 3,379 3,070 1,688 4,764 From nonmember banks, banking corporations, etc.: With resale agreement 55,188 8,398 37,326 1,556 7,908 All other 85, 575 15, 111 2,527 9,927 4,045 2,048 5,264 11,024 4,862 8,478 8,445 4,211 9,433 Total bills bought 188, 214 29,133 41, 701 14,022 12,061 3,080 8,604 20,679 7,558 11,857 11,515 5,899 22,105 Rates charged: 3 per cent 80, 518 4,933 40,295 1,333 2,925 581 3,277 7,400 2,912 4,646 3,722 2,642 5,852 33^ per cent 36,418 8,038 312 4,242 4,498 669 1,125 5,680 1,010 2,966 2,746 1,022 4,110 Vyi per cent . 62,841 12,994 528 8,182 4,078 1,818 3,305 5,933 3,586 4,175 4,887 2,027 11,328 3/^ per cent 4,198 1,561 56 206 145 158 1,147 25 28 47 86 739 3Yi per cent.. 3,142 1,441 471 59 415 12 79 415 25 30 94 33 68 3% per cent 285 23 30 104 12 19 89 8 3% per cent 58 49 9 4 per cent 754 94 660 Averagerate (365-day basis)— per cent 3.26 3.29 3.09 3.26 3.25 3.27 3.47 3.26 3.25 3.23 3.25 3.24 3.24 Average maturity (in days) •_. 57.13 69.51 29.32 65.04 60.24 49.67 49.64 53.79 59.77 54.87 58.77 50.62 49.69 Class of bills:4 Bankers' acceptances- Based on imports 62,609 9,384 1,258 6,202 4,698 827 4,183 9,027 3,874 6,163 7,052 2,913 7,028 Based on exports 29, 280 4,853 916 4,882 2,753 442 2,208 3,292 1,318 1,773 1,669 1,566 3,608 Based on domestic transactions 23, 753 3,411 1,103 2,417 2,824 1,501 525 4,616 876 2,290 1,191 929 2,070 Dollar exchange 2,493 253 100 521 326 100 358. 285 157 97 50 246 Unclassified 14,232 2,834 595 1,204 310 1,588 1,830 1,205 1,474 1,506 441 1,245 Trade acceptances—foreign... 659 403 256 Total _ 133, 026 20, 735 4,375 14,022 12,061 3,080 8,604 19,123 7,558 11,857 11, 515 5,899 14,197 U. S. Securities Bought in Open Market United States bonds. . . . 1,814 255 529 90 255 684 1 Treasury notes 23,017 1,598 15,845 4 100 5,470 Certificates of indebtedness... 15,640 5,794 5,026 1 37 14 129 3,912 100 28 67 415 117 Total U. S. securities bought 40,471 7,392 20,871 1 37 14 388 4,441 190 28 422 6,569 118 1 Includes $2,000,000 Federal intermediate credit bank debentures. 2 Includes $229,000 discounted for the Federal intermediate credit bank of Spokane, Wash. 3 Including bills taken under a resale contract. * Exclusive of acceptances bought under a resale contract. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 761 REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal reserve district Total Cleve- Rich- At- St. Minne- Kansas San delphia land mond lanta Chicago Louis apolis City Dallas Francisco Number of reporting banks: Aug. 19 728 102 100 67 Aug. 26 728 102 100 67 Sept. 2 727 102 100 67 Sept. 9 727 102 100 67 Loans and discounts, gross: Secured by U. S. Government obligations— Aug. 19. 173, 242 10,177 64, 575 12,721 18, 743 5,577 7,337 29,718 7,025 2,410 3,421 3,140 8,398 Aug. 26 173, 292 10,362 61,155 12, 762 18,826 6,467 7,281 30,093 8,731 2,476 3,648 3,192 8,299 Sept. 2 190,288 10,097 79,174 12,126 19,017 6,829 7,331 30,374 8,105 2,491 3,488 3,182 8,074 Sept. 9 171, 525 10,164 62,142 12,345 19,101 6,525 7,306 29,460 7,154 2,432 3,603 3,138 8,155 Secured by stocks and bonds— Aug. 19 5,089, 665 322,332 ,244,493 329, 650 490,682 130,500 92,917 794, 616170,403 66,902 121,162 77,717 248,291 Aug. 26 -. 5,093, 566 328,185~, 238,124 332,993 492,768 130,303 92,422 799,995 170,515 66,921 118,321 78,065 244,954 Sept. 2 5, 111, 535 322,9722,247, 572 338,055 495,750 133,851 94,506 799, 251172,142 67,321 115,904 77,704 246,507 Sept. 9 5,063,063 322,242",205,791 340,390 490,442 136,281 92,803 799, 534171,814 68,064 112, 234 78,847 244,621 All other loans and discounts— Aug. 19 8,110,412 2,467,089 380,188 761, 743 370, 728 386, 797 ., 232,884311, 066162,210 335,888 208, 517 859, 233 Aug. 26 8,108,328 634,347' 468,396 383,233 761, 737 372, 502 390,0551, 217, 553307, 558163, 693 334,530 210,459 864,265 Sept. 2 8,173, 611 637,3232,498, 555 382, 824 763,110 372, 635 394,71811, 225,029310,103 170, 728 332, 981 210,102 875, 503 Sept. 9 8, 207,542 635,9782, 510, 214 385,814 768,041 373,422 404, 7351,221, 699312, 274173, 657 330, 786 213,985 876,937 Total loans and discounts— Aug. 19 13,373,319 966»,, 578 :4,, 776,15" 722,559 1,, 271,168506,805 487,051 057,218 488,494 231,522 460,471 289,374 1,115,922 Aug. 26 13,375,186 9725,,894 4:,, 767, 675728,""" , 273,331509, 272 489, 7582,047, 641486,804 233,090 456,499 291,7161,, 117, 518 Sept. 2 13,475,434 970,392 4:i, 825,301 733,0051,277,877 513,315 496, 555 ,054,654 490,350 240, 540 452,373 290,9881,130,084 Sept. 9 13,442,130 968; 384 4, 778,14" 738,549 1., 277,584516,228 504, 844 , 050, 693491, 242244,153 446,623 295,997701, 129, 713 U .S. pre-war bonds: Aug. 19... 219,469 9,941 39,834 32,325 25,588 14,883 17,606 12,707 9,010 17,090 23,899 Aug. 26 219,394 9,966 39, 784 32,325 25, 628 14,888 17, 608 12, 707 6,811 8,998 17,090 23,899 Sept. 2 219, 618 9,965 39, 782 9,690 33,281 24, 738 14,890 17, 679 12, 70; 6,811 9,082 17,090 23,903 Sept. 9 218,326 9,965 39,809 9,690 32,281 24, 638 14,929 17, 608 12,70; 6,811 17,090 23,930 U. S. Liberty bonds: Aug. 19. 1,387, 550 80,986 605,383 50,820 171,876 34,843 13,365 172,913 22,735 25, 65' 17,854 142,149 Aug. 26 1,380,072 80, 63" 601,046 50, 702 172,024 32,079 13, 852 172, 535 22, 699 25, 788 48,698 17,724 142,288 Sept. 2 1,378,031 80,395 601, 662 50, 980 170,475 32,072 13,809 171,255 22, 725 25,775 49,071 17,405 142,407 Sept. 9 1,377, 865 79, 888 601,163 50,427 170,564 32,068 13,753 171,920 22,603 25, 712 49,019 17,641 143,107 U. S. Treasury bonds: Aug. 19 432, 532 20,450 197,645 18,038 33, 676 5,216 5,644 53, 769 11,475 12,308 17, 712 7,192 49,407 Aug. 26_. 433, 896 20,292 199, 615 16,966 33,968 5,151 5,645 55,392 11,275 12,308 17, 525 7,21" 48, 542 Sept. 2 433,419 20,349 199,446 16,938 33,897 5,131 5,545 54,939 11,341 12, 27" 17,631 7,251 48, 674 Sept. 9 433, 819 20,487 199,243 16,938 34.749 5,103 5,605 55,090 11,364 12,27' 17,264 7,248 48,451 U. S. Treasury notes: Aug. 19. 4,542 192, 636 8,012 36,339 2,008 2,345 72,764 6,480 19,410 17,458 8,360 25, 74S Aug. 26 395, 990 4,541 190, 598 8,038 36, 309 2,008 2,345 72, 719 6,467 19,410 17, 385 8,461 27,709 Sept. 2 386, 728 4,541 182,806 7,784 36,302 2,028 2,345 72,995 6,486 19,410 17, 622 6,217 28,192 Sept. 9_ 386,412 4, 640 181, 521 7,795 36, 354 2,023 2,345 72, 752 6,481 19, 410 17, 594 8,085 27, 412 U. S. Treasury certificates: Aug. 19 98, 940 2,110 40, 889 6,549 11, 537 1,482 2,146 7,799 504 2,581 4,028 2,370 16,945 Aug. 26.. 98, 793 2, llf 41,443 6,549 11,439 1,482 2,147 7,627 521 2,581 3,466 2,370 17, 058 Sept. 2__ _ 98, 251 2,101 41,112 6,325 11,494 1,482 2,158 7,252 553 2,381 3,853 2,311 17,224 Sept. 9 97,494 2,234 40, 564 5,926 12,090 1,442 2,106 7,324 553 2,381 3,809 1,962 17,10a Other bonds, stocks, and securities: Aug. 19 2, 943, 548 210,432 1.,, 141, 024259, 833 354, 929 62,165 48, 059 420,919 111, 081 43,138 78, 541 21,953 191,474 Aug. 26 2, 942, 989 205, 992 1., 145,989258, 535 354, 576 62,406 50,283 420,933 110, 841 42, 769 79,471 21,987 189, 207 Sept. 2__ 2,926, 491 206, 016 1., 130, 523253, 387 353, 226 61, 562 52, 391 420,820 110,985 42, 721 80,441 22,156 192, 263 Sept. 9 2, 943, 042 206, 454 1., 141,899254, 079 350, 672 60,479 51, 574 429,095 110,950 42, 841 80, 768 21,922 192, 309 Total investments: Aug. 19 5,478,136 328,461 2, 217, 411 352, 942 131,302 86,442 745, 770164,982 109,990 175, 718 74,819 449, 617 Aug. 26 5,471,134 323, 538 2, 218,475 350,480 640, 641 128, 754 89,160 746, 814164,510 109, 667 175, 543 74,849 448, 70S Sept. 2 5,442, 538 323, 372 ^2,, 195, 331345,104 638, 675 127, 013 91,138 744,940 164, 797 109,375 177, 700 72, 430 452, 663 Sept. 9 5,456,958 323;,, 668] ,2 ,204,199 344,855 636, 710 125, 753 90,312 753, 789164, 658 109, 432 177, 322 73, 948 452,312 Total loans and investments: Aug. 19 18,851,4551, 295,039 6,993, 568. 1,, 075, 5011,911,850 638,107 573,493 2,802,988653,476 341, 512 636,189 364,1931, 565, 539 Aug. 26 18, 846, 3201,296,432 6,986, 1, 079,4466881,913,9721 638,026 578,918 2, 794,455651,314 342, 757 632,042 366, 5651, 566, 221 S S e e p p t t . . 9 2_ . _ -.. 1 18 8 , , 8 9 9 1 9 7 , , 9 0 7 8 2 8 l 1, f 2 2 9 9 2 3 , , 0 7 5 6 2 4 6 7 , , 0 9 2 8 0 2 , , 34 1 6 , 07 \ 8, , 1 - 4 0 0 9 -4 , , l9 91 j1 1 6 4 , , 5 2 5 9 2 4 1 6 6 4 4 1 0 , , 9 3 8 2 1 8 5 5 8 9 7 5 , , 6 15 9 6 3 2 2 , , 8 7 0 9 4 9 , , 4 5 8 9 2 46 6 5 5 5 5 , , 1 9 4 0 7 0 3 3 5 4 3 9 , ,9 5 1 8 5 5 6 6 2 3 3 0 , , 9 0 4 7 5 3 3 3 6 6 3 9 , , 4 9 1 1 8 8 1 1 , , 5 58 8 2 2 , , 0 7 2 4 5 7 Reserve balances with Federal reserve bank: Aug. 19 1.636, 351 92,960 745, 78; 80,556 125, 795 37, 726 42, 523 250,878 43,371 26, 750 55,219 28,322 106,464 Aug. 26 1.637, 599 94, 708 749, 065 80,039 121, 088 40,377 43,424 247, 743 44,875 23,911 57,185 28,975 106,209 Sept. 2_ 1, 635,350 96, 246 749,344 81, 242 123,374 43, 646 44,989 242,343 44, 605 24,379 52,153 28, 554 104,475 Sept. 9 1, 650,8231 93,671 759,379 79, 232 129,929 38,193 43, 569 245, 584 43,246 28, 572 54,462 29,356 105,63a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL RESERVE BULLETIN OCTOBER, 1925 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal reserve district Total Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. i s M ap i o n l n is e- K C a i n t s y a s I ! Dallas Fra S n a c n isco Cash in vault: Aug. 19 266,519 19,453 75,434 14, 857 28, 287 13,: 11, 234 48, 891 5, 736 12,075! 9,684 20, 730 Aug. 26 270, 757 19, 649 76,132 14,967 29,120 13,892 11, 228 49, 276 6,976 6,113j 12, 664! 9,949 20, 791 Sept. 2 ! 266,670 19,910 75, 595 14, 025 29, 524 13, 660 10, 016 48, 641 7, 286 5,680| 11,8211 10, 068 20,444 Sept. 9 287, 742 20, 615 81,603 14, 874 32,190 14, 706 11,149 52,440| 7, 759 6,6571 11,042 21,819 Net demand deposits: Aug. 19 112,810,743 882,921 5i,, 520,830 756, 552 1, 017,438355, 207 342,965 1,790,1161 377,041 222,165 516,363 254,833 774,312 Aug. 26 12, 754, 531 872I,, 626 i5,, 495, 751 760,4"0•4" :1,, 014,303 354, 781 341, ,780,967! 376,225 222,809 514,072! 255,082 765,896 Sept. 2 i 12, 847, 657 878,428 5, 539, 632 761, 715 .1, 018,888366, 709 346,127 1,,790,093 382,003 232, 326 506,584 255,058 770, 094 Sept. 9 112, 812,832 877,011 5,485, 357 762, 389 i.;, 013, 663167, 201 355; 107 1, 790, 514. 384,800240, 261 501,728 263,609 771,194 Time deposits: Aug. 19 5,194,979 369,413 1., 188,711 180, 555 756,802 201,882 201,794 976,657 207, 245 99,765 140, 804 95,648 775,703 Aug. 26 5, 204,002 370, 454 11,188, 481 181, 329 756, 848 201, 426 209,900 975,800 209,599 100,156 140,753, 94,276 774, 980 S S e e p p t t . . 9 2 5 5 , , 1 2 9 0 9 2 , , 5 4 7 0 9 5 3 37 7 6 5 > i , ,, , 6 9 2 7 5 6 L i 1 .I, ,, . 1 1 8 8 2 1 , , 4 2 8 0 68 1 1 8 8 2 5 , , 0 3 0 7 1 8 7 7 5 5 9 5 , , 7 7 8 2 0 0 1 1 9 9 9 8 , , 9 6 4 4 7 5 2 2 0 0 6 7, , 0 7 6 1 1 5 9 9 7 7 3 8 , , 9 12 8 7 8 2 2 0 0 8 8 , , 8 49 6 3 4 1 1 0 0 0 0 , , 4 2 2 4 0 3 1 1 3 3 9 9 , ,8 5 5 4 6 2 ; | 9 9 5 5 , , 1 0 1 3 3 2 7 7 7 7 4 5, , 5 6 0 6 8 2 Government deposits: Aug. 19 - 51, 639 4,053 7,862j 4,990 9,446 1,815 3,787 10, 915 1,304 914 4871 2,083 3,983 Aug. 26 51,668 4,053 7,862 5,019 9,446 1,815 3,787 10,915 1, T" ' 914 487! 2,083 3,983 Sept. 2 51, 340 4,053 7,862 4,990 9,446 1,815 3,787 10, 915 1,304 609 487j 3,983 Sept. 9 _ 34, 423 2, 705 5,251 3,335 6,296 1,209 2,515 7,266 870 609 1, 2,653 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations— Aug. 19 219, 492 3,844 10, 823 , , 4,1374, 374 32,014 3,980 4,715 1,223] 337 24,760 Aug. 26 231, 828 4,450 119,131 10, 470 20,955! 6,126 7, 374i 28, 371 4,928 1,650 148! 1,214 27,011 Sept. 2 248, 472 5,500 138, 351 12,209 21, 415 5,109 5,593 18,882 4,241 1, 215 2,079! 587 33, 291 Sept. 9 290, 347 3,300 171, 082 7,685 33, 306 5,141 4,761 23,107 4,804 3,323 637I 762 32, 439 All other— Aug. 19 138,001 16,492 30, 648 14,395 17, 211 16, 530 12,031 11,920 10,117 1,183 2, 432 3,712 Aug. 26 138, 247 15, 503 44, 468 11,860 13, 309 15, 452 12,052 9,220 519 1,169 2, 463 4,464 Sept. 2 124, 696 6,439 28,312 11,888 14,832 19,062 13, 284 6^544 11,878 959 1,691 2,502 7,305 Sept. 9 151, 498 5,919 56,343 15,643 14,894! 16,448 11,079 6,812 9,857 665 2, 2771 2,106 9,455 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES |In thousands of dollars] Federal reserve bank city Total (12 cities) Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in ol n is e- K C an it s y as Dallas Fra S n a c n isco Due to banks: Aug. 19 2,128, 617 117, 364 L1,, 000,050 171, 643 51, 612 30, 360 23,037 364,950 81,110 47, 672 107, 560 24, 680 108, 579 Aug. 26 2,109, 259 114,933 991,957 169, 264 47, 737 29,244 24,247 367,478 78,070 51,013 106,516 23,340 105, 460 Sept. 2 2,174,977 122,120 1L,, 024, 068177, 277 52, 292 30, 728 25, 214 372,171 78, 504 55, 296 105,932 28,976 102, 399 Sept. 9 2,149,842 123, 516 985, S98 169, 620 51, 507 30,627 27,821 371, 649 61, 430 108,064 34,568 102,944 Due from banks: Aug. 19 562, 519 43,602 97,168 55,099 25,146 15,133 12, 599 156, 969 24,883 17, 341 42,476 20,508 51,595 Aug. 26 544, 250 36,630 90, 513 59, 411 23,789 14, 339 12,419 155, 482 -„, , 19, 258 41,974 18,950 45, 225 Sept. 2 568,927 38,732 97, 405 63, 560 25,965 14, 332 12, 843 159,721 24,4031 21, 243 40,067 25, 370 45,286 Sept. 9 571,028 36,162 92, 205 56,445 24,751 14,566 14,216 165,266 28,381 22,554 43,273 29,056 44,153 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 763 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 Aug. 19 Aug. 26 Sept. 2 Sept. 9 Aug. 19 Aug. 26 Sept. 2 Sept. 9 Number of reporting banks _. 61 61 46 46 46 Loans and discounts, gross: Secured by U. S. Government obligations. 59,550 56,031 73,846 57,188 22,288 22,435 22, 778 21,788 Secured by stocks and bonds_._ 1,997, 796 1,994, 738 2, 005, 346 1, 962,033 599, 985 604, 911 603, 610 602,145 All other loans and discounts 2,157,236 2,160,808 2,189,558 2,201,941 683,836 682,359 684,344 682,189 Total loans and discounts 4,214, 582 4,211,577 4, 268, 750 4,221,162 1,306,109 1, 309,705 1,310, 732 1,306,122 U. S. pre-war bonds _.. 29,098 29,098 29, 096 29,098 1,916 1,917 1,917 1,917 U. S. Liberty bonds _. 506, 719 502, 784 503,396 503,126 90, 617 94,073 95,160 95,736 U. S. Treasury bonds 182,198 184,890 184, 722 184, 629 19,448 18,112 17, 723 17, 787 U. S. Treasury notes.- 180, 755 178, 765 171,009 169, 689 57,980 57,893 58,040 57,842 U. S. Treasury certificates. 38,198 38, 752 38,421 37, 873 3,165 3,165 3,186 3,249 Other bonds, stocks, and securities 854,184 855, 724 837, 671 851,819 188, 370 188,419 187,127 194,806 Total investments 1, 791,152 1, 790, 013 1, 764,315 1, 776, 234 361,496 363, 579 363,153 371,337 Total loans and investments 6, 005, 734 6, 001, 590 6,033, 065 5,997,396 j 1,667,605 1, 673, 284 1, 673,885 1,677,459 Reserve balances with Federal reserve bank.. 690,187 697, 913 691, 682 703,318 167, 049 172, 978 163, 925 164,135 Cash in vault _ 60, 340 61,388 60,480 64, 669 22,879 23,104 22, 376 23, 950 Net demand deposits 4, 979,868 4, 963,880 5,003, 837 4, 950, 382 1,179,102 1,191, 568 1,190,142 1,191,337 Time deposits 795,949 795,408 788,477 786,975 472, 737 468, 878 466, 362 470,115 Government deposits 6,171 6,171 6,171 4,120 5,645 5,645 5,645 3,759 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations. 86,265 95, 015 107, 065 142, 740 8,965 11,770 1,551 2,821 All other 27,188 40, 239 24, 552 52,706 5,945 3,070 1,885 1,746 Total borrowings from Federal reserve bank __ 113,453 135, 254 131,617 195,446 14,910 14,840 3,436 4,567 ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Fede d r i a s l t r r i e c s t erve 1925 1924 1925 1924 May 27 June 24 July 29 Aug. 26 Aug. 27 May 27 June 24 July 29 Aug. 26 Aug. 27 Boston _ 1,313,510 1,337,475 1,368, 029 1,349,913 1,286,094 745,103 762,492 768,278 771,237 693,671 New York _ 6,236, 627 6,276, 324 6, 302,126 6,234,042 6,219,902 2,154, 206 2,141,081 2,122, 663 2,158,054 1,882, 782 Philadelphia _ 1,159, 071 1,159, 036 1,154,112 1,170,496 1,107,114 796, 502 808, 481 813,352 824, 826 725, 033 Cleveland 1,463,643 1,482,254 ], 517, 902 1,510,469 1,467,908 1, 314,938 1, 344, 751 1,338, 749 1,342,131 1,256,184 Richmond 560,248 558,817 566,353 571,001 547,400 501,137 508,488 510,498 509,526 477,894 Altanta 646,362 621,453 635, 930 728,625 483,981 407,256 407,643 403,184 416,629 352,396 Chicago 2, 391,294 2,425,469 2,448, 515 2,469, 803 2, 378,145 1,814, 574 1,826, 655 1,820, 550 1,824,630 1,645,640 St. Louis.. 700, 591 693, 028 693,094 684,599 637, 219 437,801 441,929 446,439 450,158 417, 571 Minneapolis.. 439, 619 451,240 435, 645 441,593 397, 066 435,891 434,484 431,226 430,029 408, 794 Kansas City 824,391 836,559 864, 546 884,027 756,814 309,873 309, 948 311,108 315,444 299, 705 Dallas 605, 626 588, 601 581,038 590,664 510, 092 166, 006 167, 218 168, 600 168,110 160,201 San Francisco 1,230, 203 1,240,484 1, 250,178 1,271,397 1,248,483 1,251, 953 1,267, 614 1,278,465 1, 278, 928 1,048,245 Total 17, 571,185 17,670, 740 17,817,468 17,906,629 17,040, 218 10,335,240 10,420, 784 10,413,112 10,489,702 9,368,116 Banks in cities and towns having a population of— Less than 5,000... 1,613,945 1, 614,416 1,624, 359 1,669,015 1, 550, 338 1, 692, 920 1,715,247 1, 721, 922 1,727,734 1,616, 638 5,000 to 14,999 1,078,411 1,077, 714 1, 085, 632 1,101,824 1, 023, 543 1,082, 783 1,091,481 1,096,064 1,105,035 1,025,816 15,000 to 99,999.... 2,266,800 2,265,177 2,295, 050 2,388,499 2, 034,430 2, 086,284 2,081, 760 2,103, 663 2,142,079 1,935,459 100,000 and over.. 12, 612,029 12, 713,433 12,812,427 12, 747,291 12,431, 907 5,473,253 5, 532,296 5,491,463 5,514,854 4, 790,203 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

764 FEDERAL RESERVE BULLETIN OCTOBER, 1925 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, APRIL 6, 1925, TO JUNE 30, 1925 Between April 6 and June 30 there was an ber banks. The additions and losses to memincrease of 7 m the number of member banks bership which determined these net changes in the Federal reserve system and a growth of are classified for the second quarter of the year $1,156,000,000 in their resources, and at the in the acccmpanying table. end of June active membership, as indicated The increase in the number of national banks by the banks7 reports of condition, comprised was the net result of 103 additions and 47 8,066 national banks and 1,472 State banks losses. The additions resulted largely from and trust companies, a total of 9,538 banks, conversions of State banks into national banks with aggregate resources of $39,105,000,000. in the State of Texas. There were, in all dis- While the resources of national and State mem- tricts, 41 nonmember banks and 33 member ber banks increased about equally during the State banks which converted into national three-month period, there was a net increase banks, and out of the total of 74 such changes of 56 in the number of national banks and a in status 60 occurred in the State of Texas. net decrease of 49 in the number of State mem- Other additions included 27 banks newly organized and 2 banks, previously suspended, CHANGES IN ACTIVE MEMBERSHIP IN THE FEDERAL which resumed operations. Of the losses, 8 re- RESERVE SYSTEM, APRIL 6,1925, TO JUNE 30,1925 sulted from mergers between member banks, 1 from voluntary liquidation,1 and 15 from the absorption (or succession) of national banks by Member banks nonmember banks. There were 23 suspen- Number sions during the period, as against 48 in the Resources first three months of the year and 27 in the (in thou- Na- State Total s d a o n l d la s r s o ) f second quarter of 1924. tional The decline in the number of member State banks was the net result of 13 additions and Active membership Apr. 6, 1925. 8,010 1,521 9,531 37,949,265 Additions to membership: 62 losses. The additions represented the ad- Primary organization of na- mission of nonmember State banks to memtional banks 27 27 2,886 Conversion of nonmember bership. Of the losses, 33 represented State banks to national 41 41 23,994 Admission of State banks 13 13 32,667 banks which obtained charters under the na- Resumption following sus- tional bank act (31 of these being banks in the pension 2 2 267 Conversion within the sys- State of Texas) and 6 were State members tem 1 _ 33 (75,619) which were merged with other member banks. Total additions 103 13 83 59,814 There was 1 voluntary liquidation * during the Losses to membership: period, 7 absorptions (or successions) of State Merger of member banks: Intra-class 4 3 7 (41,172) members by nonmember institutions, and 8 Inter-class 3 7 (54,423) suspensions, as against 11 in the preceding Absorption of member banks by nonmember banks (or quarter and 1 in the second quarter of 1924. succession) 15 7 22 17,536 Voluntary liquidation (ter- Seven member State banks availed themselves minal) 1 2 1,941 of their option of withdrawing upon advance Withdrawal 7 7 3,437 Suspension or insolvency 23 8 31 26,944 notice. Conversion within the system 1 33 (75,619) In the following table are shown in detail the changes in membership in the Federal re- Total losses 47 62 76 49,858 serve system, by districts, between April 6 and Net change +56 -49 +7 2+1,155,760 Active membership June 30,1925. 8,066 1,472 9,538 39,105,025 June 30, 1925: 1 Compensating items. i Instances in which, as far as could be determined, voluntary liqui- 2 Includes changes in resources due to reorganization, growth, contrac- dation resulted in some other outcome than the final termination of the tion, etc., in addition to changes enumerated. institution, were classified according to the ultimate status of the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 765 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, BY DISTRICTS AND BY CLASS OF BANKS, APRIL 6, 1925, TO JUNE 30, 1925 Number Resources, all districts ( s d i a n o n l t l d a h s r o s o u ) f - tr d A i i c s ll t - s B to o n s- Y N o ew rk P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - D la a s l- F c S r i a s a c n n o - | Total membership: Apr. 6, 1925 37, 949, 265 9,531 420 857 740 869 608 505 1,407 624 872 1,056 824 749 June 30, 1925 .. 39,105, 025 9,538 420 866 749 865 607 501 1,404 621 859 1,048 847 751 Net increase (+) or decrease (—) i+l, 155, 760 +7 +9 +9 -4 -1 -4 Q -3 —13 -8 +23 +2 National bank membership: Apr. 6, 1925. __ 23, 820,192 8,010 382 714 667 751 549 381 1,056 492 772 1,023 649 574 June 30, 1925 24,338,831 8,066 382 720 671 748 549 380 1,057 492 761 1,015 711 580 Net increase (+) or decrease (—) _. 1+518, 639 +56 +6 +4 -3 -1 +1 -11 -8 +62 +6 State bank membership: Apr. 6, 1925— 14,129, 073 1,521 38 143 73 118 59 124 351 132 100 33 175 175 June 30, 1925 14, 766,194 1,472 38 146 78 117 58 121 347 129 98 33 136 171 Net increase (+) or decrease (—) 1+637,121 -49 +3 +5 -1 -i -3 -4 -3 -2 -39 -4 Changes in national bank membership: Total additions 106, 530 103 9 4 5 2 2 1 3 3 64 10 Primary organization 2,886 27 8 3 3 1 1 2 4 5 Conversion of State member banks 75, 619 33 1 31 1 Conversion of nonmember banks 23, 994 41 1 2 1 1 3 29 4 Absorption of State member banks 2 3,480 (3) (1) (1) (1) Absorption of nonmember banks _ Resumption following suspension 551 2 1 1 Tota V l o lo lu s n se ta s r .. y . liqui _ d _ ation (ter- 82,129 47 3 3 5 3 1 1 14 11 2 4 minal) 381 1 1 M Su e s r p g e e n r s io b n e tw o e r e i n n so n l a v ti e o n n c a y l .. 21, 961 23 2 2 3 1 9 3 2 1 banks 3 (2, 261) 4 1 2 1 Absorption by State member banks 50, 943 4 2 1 1 Succession by State member banks Absorption by nonmember banks (or succession) 8,844 15 1 1 4 7 2 Changes in State bank membership: Total additions 83, 610 13 5 5 1 2 Admission of State banks.. 32, 667 13 5 5 1 2 Succession to national banks Absorption of national banks 2 50, 943 (4) (2) (1) (I) Absorption of nonmember banks (or succession) Resumption following suspension l Total losses... 98, 055 62 2 1 1 3 4 3 2 1 41 4 Voluntary liquidation (terminal) 1, 560 1 1 Suspension or insolvency.. 5,267 8 1 3 1 -- 1 Merger between State Ab m s e o m rp b ti e o r n b an b k y s 3 nationa _ l . (38,911) 3 1 1 1 banks ! 3,480 3 1 I Conversion to national banks i 75,619 33 1 31 1 Absorption by nonmember banks (or succession). _ ! 8,692 7 1 1 5 Withdrawal 3,437 7 i 1 2 1 2 1 1 Includes changes in resources due to reorganization, growth or contraction, etc., in addition to changes enumerated. 2 Number not increased; both number and resources counted among losses by absorption for the other class of bank. 8 Counted only among losses in number; resources of member banks not diminished under ordinary circumstances. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

766 FEDERAL KESERVE BULLETIN OCTOBER, 1925 ALL INCORPORATED STOCK BANKS IN THE UNITED STATES—CONDITION ON JUNE 30, 1925 Comparative figures showing the condition vision, will aggregate $33,569,000,000 and their of all banks in the United States, other than investments $15,375,000,000, a total of $48,mutual savings banks and private banks not 944,000,000, or $3,686,000,000 more than reunder State supervision, snow a continuous ported in June a year ago. rise in loans and investments, which on June Some of the State banking departments did 30, 1925, reached a new record total of $41,- not make a call for condition reports as of June 561,000,000, an increase of $748,000,000 over 30, and in compiling the figures the latest availthe total reported on April 6, 1925, and an able data were used for such States. increase of $3,154,000,000 over the total for June of last year. Of the increase of $748,- ALL INCORPORATED STOCK BANKS1—CONDITION ON JUNE 30, 19252 000,000 since April 6, $689,000,000 was in loans and discounts and only $59,000,000 in invest- [Amount in millions of dollars] ments. Total deposits, exclusive of bank Loans and investments Total deposits, were $1,479,000,000 higher than on Num- deposits, April 6 and $3,750,000,000 above the amount r b e e p r o r o t f - In- exclureported at the end of June, 1924. Borrowings D i £ n L g iiks Total Loans m ve e s n t t - s s b iv a e n k of from Federal reserve and other banks went up deposits $110,000,000 between April 6 and June 30 of All banks: this year and $140,000,000 between June, 1924, June, 1920 28, 715 36,813 28,177 8,636 32,642 June, 1921 29,477 34,318 25,857 8,461 31,134 and June, 1925. June, 1922 29,092 34,166 24, 647 9,519 31,944 June, 1923 29,342 37, 359 26, 793 10, 566 34,512 The table below shows in summary form the June, 1924 28,451 38,407 27, 222 11,185 36, 841 amounts of loans, investments, and deposits October, 1924... 28,385 39, 610 27,958 11, 652 37, 587 December, 1924. 28, 266 40, 202 28,243 11,959 39,066 of all incorporated stock banks in the United April, 1925 28,073 40,813 28,775 12,038 39,112 States for recent dates since June, 1920. Mem Ju b n er e , b 1 a 9 n 2 k 5 s: 27,944 41, 561 29,464 12,097 40, 591 There are also given figures representing the June, 1920 9,399 25,945 19,784 6,161 21,887 June, 1921 _ 9,745 24,311 18,206 6,105 21,612 principal resources and liabilities of these June, 1922 9,892 24, 358 17, 296 7,062 22,366 banks, arranged by Federal reserve districts June, 1923 9,856 26,675 18, 880 7,795 23,837 June, 1924 9,650 27, 262 19, 264 7,998 25, 675 and by States. October, 1924... 9,635 28,451 19, 820 8,631 26,282 December, 1924. 9,587 29,027 20,182 8,845 27,814 In addition to the tables covering incor- April, 1925 9,531 29, 285 20,390 8,895 27,145 porated stock banks, there is presented a table June, 1925 9,538 29, 702 20,814 8, 888 28,403 Nonmember banks: showing loans, investments, deposits, and June, 1920 19,316 10, 868 8,393 2,475 10,755 June, 1921 19, 732 10,007 7,651 2,356 9,522 borrowings of mutual savings banks as of June, 1922 19, 200 9,808 7,351 2,457 9,578 June 30, 1925. It will be noted that since J J u u n n e e , , 1 1 9 9 2 2 4 3 1 1 9 8 , , 4 8 8 0 6 1 1 1 0 1 , , 6 1 8 4 4 5 7 7, , 9 9 1 5 3 8 2 3, , 1 7 8 7 7 1 1 1 1 0 , ,6 1 7 6 5 6 June, 1924, loans of these banks have increased October, 1924... 18,750 11,159 8,138 3,021 11, 305 December, 1924. 18,679 11,175 8,061 3,114 11,252 $405,000,000, investments $134,000,000, and April, 1925 18, 542 11, 528 8,385 3,143 11,967 deposits $452,000,000. If the figures for the June, 1925 18,406 11,859 8,650 3,209 12,188 mutual savings banks are added to those for 1 Exclusive of private banks not under State supervision and of all other banks, the total loans of all banks in the mutual savings banks except 3 in Ohio and 1 in California, separate figures for which are not available except for JuDe calls. The principal United States at the end of June, 1925, ex-assets and liabilities of these 4 banks as of June, 1925, are included cepting private banks not under State super- wi 2 t h O r f i d gu a r t e e s s n fo e r a r m es u t tu th a e l r s e a to v i f n o g r s w b h a i n ch k s f a ig s u g re i s v e a n r e i n a v th a e il l a a b s l t e. table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 767 ALL INCORPORATED STOCK BANKS i—PRINCIPAL RESOURCES AND LIABILITIES, BY FEDERAL RESERVE DISTRICTS, ON JUNE 30, 1925 2 [Amounts in thousands of dollars] Federal reserve district3 N p b o o u a f r m n ti r k b n e s - e g r L d o in v i o s c e a c l r n u o d s d u r a i n a n f n t t g s s d , Investments i T nv o e ta a s l t n m d lo e a n n t s s ex d d c e e T b l p u p a o o s o n t i s s a v k i i l t e t s s , of a p n R c a d o e y u d a b n i b i s t l l s - e ls Boston 679 2,041,289 875,662 2,916,951 2, 747, 793 83, 245 New York 1,339 7,006,334 3,386,891 10,393,225 10,489,039 219,453 Philadelphia- 1,273 2,077,813 1,213,136 3, 290,949 2,927,278 80, 241 Cleveland 1,963 2, 868, 600 1,412, 857 4, 281,457 4,005,354 70, 276 Richmond 1,992 1, 748, 314 427,155 2,175,469 1,929, 287 119,446 Atlanta 1,977 1,413, 203 287, 008 1, 700,211 1,699,988 57, 358 Chicago _. 5, 204 4, 798,385 2,018,206 6,816, 591 6, 713,421 119, 249 St. Louis 3,124 1,486,970 491,242 1,978, 212 1, 896,136 55,050 Minneapolis. __ 3,127 1,091,753 418,715 1,510,468 1, 551,423 22,459 Kansas City.-. 3,919 1,429,167 394, 733 1, 823,900 1,909,718 22, 516 Dallas 1, 698 835,064 178,906 1,013,970 1,007,938 19,126 San Francisco . 1,649 2, 667, 236 992, 240 3, 659,476 3, 714,046 52,181 Total, June 30, 1925 V 27,944 29,464,128 12,096, 751 41, 560, 879 40, 591,421 920, 600 Total, Apr. 6, 1925K. 28,073 28, 775,341 12,038, 223 40,813, 564 39,112, 288 811,217 1 Exclusive of private banks not under State supervision and of all mutual savings banks except 3 in Ohio and 1 in California, separate figures for which are not available for April, 1925. The principal assets and liabilities of these 4 banks as of June, 1925, are included with figures for mutual savings banks as given in the last table. 2 Or dates nearest thereto for which figures are available. 3 Figures for State banks and trust companies in the States of Indiana, Michigan, Kentucky, Tennessee, Missouri, Mississippi, and Louisiana were not reported by Federal reserve districts and accordingly were prorated on the basis of such data as were available. ALL INCORPORATED STOCK BANKS i—PRINCIPAL RESOURCES AND LIABILITIES ON APRIL 6 AND JUNE 30, 1925 2 [Amounts in thousands of dollars] N re u b p m a o n b r k t e i s n r 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 T i o n t v al e s lo tm an e s n t a s nd T si o v t e a l o f d e b p a o n s k i ts d , e e p x o c s l i u ts - Ee a p d n a i d y s c a b o b i u l le l n s ts State April June April June April June April June April June April Juno Maine __ 112 147,425 125,798 119,875 267,300 247,6321 6,097 7,507 New Hampshire.. 61,414 43,133 104, 547 89,766'. 2,581 Vermont 86,317 89,874 40,121 40,143 126,438 130, 017 111,1 117,050! 3,840 4,032 Massachusetts 251 1,317,529 1,352,435 393,415 398,804 1,710,944 1, 751, 239 1,578,740 1,663, 786i 66,552 63,199 Rhode Island 31 166,922 169, 285 132,335 136,027 299, 257 305,312 284,690 803 772 Connecticut 150 263,396 272,183 198,833 200,418 462, 229 472,601 437, 212 450, 044! 5,931 6,230 New York 981 5,917,966 6,162,209 2,800, 619 2,811, 271 8, 718, 585 8,973,480 8,267,835 9,094,2951 216,226 203.175 New Jersey 473 945,204 1, 019,184 622, 781 618,120 1, 567,985 1,637, 304 1,504,159 1,607,260; 31,809 28,107 Delaware 45 54,161 54,950 34,857 33,830 89,018 88, 780 74, 694 75,5701 589 1,168 Pennsylvania- 1,645 2, 686,681 2,711,805 1, 784,439 1,839,567 4,471,120 4,551,372 3,965,517 4, 010, 605 58, 669 91, 948 Ohio 1,100 1, 708,640 1, 758,178 608,615 601,692 2,317, 255 2,359,870 2, 231,458 2,303, 782 43,124 37, 693 District of Columbia. 44 153,857 157,691 64,482 61,405 218,339 219,096 217,934 215, 704 2,318 3,535 Maryland 231 356,496 374.141 186,870 184,879 543,3661 559,020 498,108 520,557 9,115 12, 920 Virginia 518 445, 737 447,127 72,408 69, 709 518,145 516,836 417,132 418,435 28,230 30,816 West Virginia 345 301.439 301,481 60,028 59, 759 361,467 361, 240 330,871 324,652 13,923 17,831 North Carolina 534 342, 525 344,887 41, 417 36,139 383,942 381,026 344,444 323,873 26, 567 43, 217 South Carolina 369 187, 834. 184,354 30, 598 31,062 218, 432 215,416 206, 605 196,390 8,601 14,192 Georgia 639 320.440 320.142 38, 636 41,118 359,076 361,260 322,540 312, 474 17,3751 23,649 Florida 316 294,384 335, 211 93,209 101,413 387, 593 436,624 472, 217 530,178 1, 402! 1,353 Alabama _. _ 354 202,960 205, 980 44,927 42, 784 247,887 248, 764 249, 586 236, 285 4,945! 11,103 Mississippi . 357 148, 765 152, 600 39,453 40,13" 188,218 192, 737 204,349 190,594 4, 577[ 12, 566 Indiana 599,981 183,033 783, 014 758,422 18, 513 Illinois 1, 2,391, 548. 2,483, 288 915,164 870,911 3,306, 712 3,354,199 3,127,895 3,273,075 53, 622 38, 764 Michigan._ 727 706,093 746, 626 819,425 851, 832 1, 525, 518 1, 598,458 1, 519,325 1,610,844 20, 623 34,936 Wisconsin. 985 599,271 599,445 207,979 208, 518 807,250 807,963 798,304 800,519 8,797 10, 520 Iowa 1,558 794,813 103,250 898,063 888, 671 23, 667 Tennessee. 550 322, 860 46,919 369, 779 365,905 7,185 Arkansas.. 479 167, 756 175, 426 27,113 25,970 194, 869 201,396 202, 068 195, 765 4,519 10,857 Missouri... 1,558 901,312 317, 41" 1,218, 729 1,155,984 25,006 Kentucky. Minnesota 1,388 1,370 633,522 624,490 243, 774 250, 981 877, 296 875, 471 858,163 872,147 6,781 7,818 North Dakota.. 669 658 117,360 117, 784 37, 346 35,166 154,706 152, 950 170, 689 162,196 4,936 South Dakota. 539 526 139, 543 136, 942 26, 064 26, 546 165, 607 163, 488 186, 855 180, 487 5J386 5,957 Montana. 23' 235 76, 314 78, 823! 39,281 39, 364 115, 595 118,187 128, 229 129, 881 1,450 2,094 1 Exclusive of private banks not under State supervision and of all mutual savings banks except 3 in Ohio and 1 in California, separate figures for which are not available for April, 1925. The principal assets and liabilities of these 4 banks as of June, 1925, are included with figures for mutual savings banks as given in the last table. 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 Apr. 6,1925, and June 30,1925, respectively Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL, RESERVE BULLETIN OCTOBER, 1925 ALL INCORPORATED STOCK BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON APRIL 6 AND JUNE 30, 1925—Con. [Amounts in thousands of dollars] Number of Loans and discounts, Total loans and Total deposits, exclure b p a o n rt k i s ng including overdrafts Investments investments sive of bank deposits State April June April June April June April June April June April June Nebraska 1,100 1,087 370,873 367,581 55, 593 56, 908 426, 466 424,489 435, 743 441, 762| 6,074 4,214 Kansas. 1,285 1,279 324.315 325, 938 73,391 75, 659 397, 706 401,597 417, r" 418, 948! 2,837 5,082 Oklahoma. __ 780 773 237,163 247,388 89,095 88, 527 326,258 335, 915 380,371 384,559 2,303 5,801 Colorado 335 334 182,170 178, 262 92,203 92, 915 274,373 271,177 296, 485 294, 263 1,778 2,977 Wyoming- _. 96 37, 963 38,152 10,087 10,990 48,050 49,142 52, 111 53, 662 582 684 Louisiana... 245 247 329,825 321, 614 50,471 50,269 380,296 371, i 364,350 362, 297 14, 913 10,792 Texas 1,489 749,999 734,158 171, 070 158, 282 921, 069 892,440 944,601 877,992| 5,547 15,897 New Mexico. 71 22,832 21,449 6,014 5,763 28, 846 27,212 31,487 29,176! 432 816 Arizona 57 57 45,306 45, 631 13,134 13, 990 58,440 59, 621 70,110 69, 020| 1,716 2,490 Utah 114 115 100.316 100,530 30,408 28, 628 130, 724 129,158 117,886 114,1871 2,125 3,265 Idaho 163 161 50,418 17, 983 19,141 66, 819 69,559 71, 723 73, 097 2,423 3,734 Nevada 33 34 24, 257 25,179 7,338 6,967 31, 595 32,146 32, 703 34, 633 California 664 662 2,022,318 2, 071,180 730, 224 729, 733 2, 752,542 2, 800,913 2, 761, 754 2,831, 270 Oregon 279 279 160,461 161, 964 82, 683 81,385 243,144] 243, 349 252,575 255,959 Washington. 364 360 225, 773 227,466 120, 725 118,185 345, 651 362,840 359, 930 Total i. 28,073 27, 94428, 775, 34129,464,128 12,038,223 12,096,751 40,813,564 41,560,879 1,112,288 40,591,421 811,217 920,600 1 Exclusive of private banks not under State supervision and of all mutual savings banks except 3 in Ohio and 1 in California, separate figures for which are not available for April, 1925. The principal assets and liabilities of these 4 banks as of June, 1925, are included with figures for mutual savings banks as given in the last table. STATE BANKS AND TRUST COMPANIES i—PRINCIPAL RESOURCES AND LIABILITIES ON APRIL 6 AND JUNE 30, 1925 2 [Amounts in thousands of dollars] Number Loans and discounts, Total loans and Total deposits, Rediscounts of reporting including overdrafts Investments investments exclusive of bank and bills paybanks deposits able State April June April June April June April June April June ! April June Maine 54 80,346 82,911 63, 530 149, 214 146,441 139,431 138, 008 4,031 5,130 New Hampshire.. 24, 265 18, 066 42, 331 38, 360| Vermont 54,966 57,1311 17,379 17,401 72,345 74,532 68, 562 71,181 2,024 1,891 Massachusetts 548,986 567,865 133,662 138,421 682, 648 706,286 666, 544 694, 853 22,161 20, 616 Rhode Island 126,032 127, 649 106,265 108, 847 232, 297 236, 496 230,733 233, 839 Connecticut 116,371 122,211 130, 318 132, 700 246, 689 254,911 240,159 246, 404 3,386 New York 448 3, 292,458 3,458,183 1,369,764 1,380,987 4, 662, 222 4,839,170 4,753,112 5,167,160 53, 295 50,938 New Jersey 215 217 563, 098 612, 379 318,379 312,491 881,477 924,870 853, 011 916, 634| 16,165 14,411 Delaware 27 27 43, 594 43, 857 25,385 24,377 68,979 68,234 58, 471 58,390 163 620 Pennsylvania.. 779 775 1, 300,144 1,312,402 802, 316 870,390 2,102, 460 2,182,792 1,925, 506 1, 950, 040 22, 825 40, 253 Ohio 3 743 743 1, 218, 454 1, 269, 561 358,945 359,826 l,577,3r" 1, 629,387 1,588,349 1, 654,687 18,810 17,735 District of Columbia. 31 31 79,779 79,979 29, 028 29,168 108,807 109,147 107, 646 106, 518 590 1,010 Maryland 147 145 210, 542 221, 907 105,753 101, 796 316, 295 323,703 300, 539 314, 436 4,966 4,596 Virginia 336 336 173,341 177,999 17,903 17, 018 191, 244 195,017 155, 806 156, 662 11, 077 15,006 West Virginia 222 221 ' 173,160 172, 748 24,036 24, 239 197,196 196,987 186, 525 181,931 8,041 10, 213 North Carolina 450 441 213, 683 214,970 20, 556 16, 687 234, 239 231, 657 219,330 205,859 15, 716 24,906 South Carolina 295 298 106,112 103, 447 12, 664 12, 770 118, 776 116, 217 113,456 104,883 5,480 9,906 Georgia 548 543 191, 693 196, 293 16,700 16, 093 208,393 212,386 185,967 179,869 13, 532 18,163 Florida 260 261 168, 419 193,851 36,354 204,773 232,681 278, 721 316,988 1,240 1,162 Alabama 252 252 103, 259 106, 214 12, 079 11, 705 115,338 117,919 * 123, 221 *116, 629 2,880 7,096 Mississippi. 321 323 103,915 106,163 20, 845 21, 985 124.760 128,148 141,932 130, 088 2,848 8,549 Indiana... 846 373,944 457,906 13, 812 Illinois.... 1,398 1,399 1, 462,646 1, 524,947 590, 245 557,740 2, 052,891 2,082,687 2, 043,891 2,146, 680 19, 724 18, 707 Michigan.. 603 603 435,479 455,902 688,705 709,921 1,124,184 1,165, 823 1,118, 569 1,180,984 18, 276 16, 822 Wisconsin. 827 826 344,583 115, 548 114,746 460,131 463, 740 476,312 478, 747 3,958 5,348 Iowa 1,217 550, 011 27,391 577, 402 * 603, 223 16, 479 Tennessee. 445 177,173 18, 013 195,186 215, 544 4,310 Arkansas.. 392 113, 520 118,346 10, 297 10,035 123,817 128,381 129,979 124, 275 3,832 8,892 Missouri... 1,427 563, 214 207,902 771,116 800,240 21,910 Kentucky. Minnesota 1,061 1,050 277,379 279,278 81,732 87, 046 359, 111 366,324 387,680 391, 545 4,693 5,326 North Dakota.. 508 498 63,966 65,471 9,963 9,637 73,929 75,108 85,403 82,441 3,791 4,079 South Dakota. 426 415 91, 697 90, 223 7,843 8,394 99, 540 98, 617 119,147 114, 480 3,776 4,350 Montana 152 150 36, 678 38, 466 18,776 18,995 55,454 57, 461 62,971 64,009 940 1,210 i Exclusive of private banks not under State supervision and of all mutual savings banks except 3 in Ohio and 1 in California, separate figures orwhich are not available for April, 1925. The principal assets and liabilities of these 4 banks as of June, 1925, are included with figures for mutual savings banks as given in the last table. :Or dates nearest thereto for which figures are available. 'Includes 3 mutual savings banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 769 STATE BANKS AND TRUST COMPANIES—PRINCIPAL RESOURCES AND LIABILITIES ON APRIL 6 AND JUNE 30, 1925— Continued [Amounts in thousands of dollars] of N r b u e a p m n o k b r s e ti r ng L in o c a l n u s d i a n n g d o d v is e c r o dr u a n f t t s s , Investments To in ta v l e s lo tm an e s n a ts nd ex T c o lu t d a s e l i v p d e o e s p o i o t f s s b it a s n , k a R nd ed b a is i b l c l l o s e u p n a t y s - State April June April June April June April June April June April June Nebraska 928 915 223,015 221,455 17,751 19,474 240,766 240,929 275,181 276,881 2,962 2,844 Kansas 1,029 1,021 198,540 196,744 27, 529 27, 555 226, 069 224,299 249,766 238, 966 2,250 3,593 Oklahoma 379 380 43,782 48,396 13,371 14,085 57,153 62,481 73, 560 77, 753 1,075 2,099 Colorado 198 197 49,125 48,962 15, 486 15,998 64, 611 64,960 77.162 76,366 666 984 Wyoming _ _ 67 64 15,442 15, 566 1,956 2,144 17,398 17,710 19,302 19,454 480 599 Louisiana . _ 212 214 253, 658 247, 545 36,928 36,926 290, 586 284,471 282, 016 281, 547 10, 271 8,285 Texas 910 846 213,480 193,199 26,131 20, 271 239, 611 213,470 * 297, 721 232,146 2,898 7,159 New Mexico 38 35 6,977 6,166 1,380 1,129 8,357 7,295 8,952 7,570 257 370 Arizona 39 39 30, 297 30,479 8,648 9,509 38,945 39,988 « 46,316 * 45,925 51,395 «1, 633 Utah 93 94 69,431 70,748 18, 764 17, 510 88,195 88, 258 78,988 77, 676 1,557 2,098 Idaho 106 104 19, 578 19, 929 7,882 8,456 27,460 28,385 31, 297 31, 488 1,185 1,789 Nevada 23 24 15,478 15, 651 2,617 2,477 18,095 18,128 19,931 21,168 California6 _ 401 394 1,477,895 1, 507, 622 526,376 527, 032 2, 004, 271 2, 034, 654 2, 067,025 2,116, 745 16, 405 22,436 Oregon 180 180 69,077 71, 563 27, 265 25, 805 96,342 97,368 103, 048 103, 754 3,112 3.194 Washington 253 248 72, 594 74,155 37,154 34, 658 109, 748 108,813 117,307 117,364 1, 336 2,411 Total* 7 20,0638 19,878716,298,746 816,784,662 7 6, 289, 7158 6,371,129 7 22,588,4618 23,155,7917 22,755,7528 23,576,7957 365,422> 441,619 1 Exclusive of private banks not under State supervision and of all mutual savings banks except 3 in Ohio and 1 in California, separate figures for which are not available for April, 1925. The principal assets and liabilities of these 4 banks as of June, 1925, are included with figures for mutual savings banks as given in the last table. 4 Includes amounts due to banks. 5 Includes other liabilities. 6 Includes one mutual savings bank. 7 Includes June 30,1924, figures for New Hampshire and Kentucky; Dec. 31,1824, figures for Indiana and Missouri. s Includes June 30,1924, figures for Kentucky; Apr. 6,1925, figures for Tennessee and Iowa. NOTE.—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. All figures used in the June column are for June 30, except as follows: Alabama, June 23,1925; Iowa, May 1,1925; Tennessee, Apr. 6,1925; Kentucky, June 30,1924; and Kansas, June 2,1925. MUTUAL SAVINGS BANKS—PRINCIPAL RESOURCES AND LIABILITIES ON JUNE 30, 1925 [In thousands of dollars] Redis- State N b b a e u n r m k o s - f L d o is a c n o s u a n n ts d I m nv e e n s t t s - a T n o d m ta e i l n n l v o ts e a s n t s - de T p o o t s a i l ts c b o a i u n l n d ls ts payable Maine 38 28,642 87,638 116,280 108,715 New Hampshire 42 65,022 86,315 151,337 141,092 Vermont.. __ 19 59,167 28,337 87,504 84,055 52 Massachusetts 196 1,060,870 645,489 1,706,359 1,608,380 Rhode Island 14 63, 761 87,212 150,973 146,491 Connecticut 76 285, 767 251,412 537,179 505,394 251 New York 147 2,243,821 1,492,376 3,736,197 3,531, 458 New Jersey 27 111, 500 118,202 229, 702 218, 613 Pennsylvania 9 73,378 292,069 365,447 356,197 Delaware. 2 8,860 14,606 23,466 21,804 Maryland 16 55,143 105, 727 160,870 154,156 25 Ohio 3 36,830 36,935 73, 765 77,346 Indiana 5 15,926 4,289 20,215 19,523 Wisconsin __ 7 2,962 2,662 5,624 5,764 Minnesota 5 6,075 51,025 57,100 56,989 California __ . 1 41,687 36,041 77,728 75,894 Washington _ 4 23,658 10,733 34,391 35,099 Total: June 30,1925.... . 611 4,183,069 3,351,068 7,534,137 7,146,970 328 June 30, 1924 614 3,778,424 3,217,112 6,995,536 6,695,350 238 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN OCTOBER, 1925 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 June July August June July August No. 1—Boston 2, 374, 832 2,364,323 2,137, 700 2,040, 544 2,111,283 1,989,773 No. 2—New York 27, 764, 381 26, 277,206 24,018, 796 22,639, 521 22,184, 731 21, 556,426 No. 3—Philadelphia.. 2, 296, 834 2,138, 248 1, 926,109 1,936, 205 1, 902,728 1, 748,702 No. 4—Cleveland 2,459, 218 2, 564,444 2, 246, 826 2,105, 227 2,139,964 1,979, 554 No. 5—Richmond 774, 907 795,146 724, 344 673, 372 676, 364 674,370 No. 6—Atlanta. 1, 059, 350 1, 092,009 1,052,912 872,788 914,053 848,971 No. 7—Chicago. _ 5, 523,074 5,470, 821 4, 946, 030 4, 582, 549 4, 654,974 4,469,357 No. 8—St. Louis. 1,170, 648 1,138,480 1,042, 537 1,035,196 994,401 959,857 No. 9—Minneapolis 762, 780 706,012 701, 678 613, 515 634, 515 596,031 No. 10—Kansas City- 1, 210, 741 1, 241,009 1,173,827 963,496 1,070, 984 1,083,918 No. 11—Dallas 524, 937 528,809 510,924 447, 735 455,924 449, 553 No. 12—San Francisco 2, 689,431 2, 699, 757 2, 631, 514 2, 319,693 2,391,152 2, 335,307 Total _.. 141 48,611,133 47,016,264 43,113,197 40,229,841 40,131,073 38, 691,819 New York City 1 26,929, 559 25,457, 692 23, 265, 280 21, 925, 659 21,468,874 20, 915,784 Other cities 140 21, 681, 574 21, 558, 572 19, 847,917 18,304,182 18,662,199 17, 776,035 WEEKLY SUMMARY FOR BANKS IN 255 CENTERS [In thousands of dollars] 1925, week ending— 1924, week ending— Number Federal reserve district of centers Aug. 26 Sept. 2 Sept. 9 Sept. 16 Aug. 27 Sept. 3 Sept. 10 Sept. 17 No. 1—Boston 491,464 504,007 429, 690 589,480 455, 674 409, 756 473, 990 545,410 No. 2—New York 5, 361, 632 5, 744, 463 4, 503,402 6, 530,964 4,982,173 4,360, 821 4,951,493 5,305, 972 No. 3—Philadelphia... 451, 039 514, 317 433, 641 543,067 418,476 407,715 437,389 508, 576^ No. 4—Cleveland 605,896 612, 013 512,291 702, 705 512,076 468,602 533,839 611,913 No. 5—Richmond 260, 466 295, 729 269,133 308, 370 247,967 240, 606 265,419 278,032 No. 6—Atlanta 255,421 283, 795 274,156 322,979 199,705 201,414 230,300 255,422 No. 7—Chicago _. 1,156,989 1,159, 659 977,057 1,301, 704 1,050,921 939,930 1,012,012 1,204,947 No. 8—St. Louis. 246, 720 269,166 249,478 331,260 221, 707 225,015 257, 675 279, 776 No. 9—Minneapolis... 179, 224 187, 716 187,991 234,373 137, 598 146,687 187,976 207,769 No. 10—Kansas City_. 278, 767 299, 301 254,126 331,088 262,264 252,693 305,136 301,264 No. 11—Dallas __ 132,326 145, 647 132, 690 175, 755 119,853 129,813 150,013 168,287 No. 12—San Francisco 595, 529 630, 595 467,402 784,921 477,101 523, 511 514,228 673, 722 Total 255 10, 015,473 10, 646, 408 8,691,057 12,156,666 if 085, 515 8, 306, 5639, 319,470 10,341,090 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston 333, 968 335,181 288.167 400,104 314, 556 276, 913 320, 626 371,849 No. 2—New York 5, 076, 774 5,445, 305 4, 243, 690 6,195, 788 4, 743,145 4,126, 685 4, 667,157 5,017,848 Buffalo 71,059 76, 792 62, 898 80, 601 56,302 58, 273 64,831 68,331 No. 3—Philadelphia.... 331,948 384,648 318, 798 399,369 310,918 308,904 321,616 381,931 No. 4—Cleveland 146, 460 161, 061 114,234 184, 572 113, 608 110,894 123, 640 163,674 Cincinnati 68,466 70,735 61,898 86, 354 60,486 55,246 68, 762 74,544 Pittsburgh. 206, 256 191, 621 165,120 198, 566 185, 395 156,259 160,174 185,072 No. 5—Richmond 28, 573 38,149 30, 094 37, 727 27, 756 28,000 29,328 27,099 Baltimore 86, 449 102, 273 93,904 99, 568 93,400 82, 690 83, 680 92.404 No. 6—Atlanta 35, 331 34,888 30, 961 41,980 27, 675 26, 588 29, 232 33,495 Birmingham 29, 640 30, 270 26, 840 37,100 22,155 23,651 25,191 26,246 Jacksonville 21,803 22, 752 22, 250 24, 793 11, 375 10,837 12, 375 14, 698 Nashville 15,104 17, 797 16,476 21, 683 13, 875 15,994 17.137 18,204 New Orleans 67,083 79,850 77,973 88,537 63, 615 58,978 65, 523 78,152 No. 7—Chicago 684,405 694, 910 575, 840 772, 709 635, 276 587,122 609, 345 715, 098 Detroit 198,390 179, 346 146, 368 202, 541 167,942 127, 739 114,111 181,987 No. 8—St. Louis 139, 200 151, 300 132,800 183, 700 127,070 119,193 145,949 161, 718 Little Rock 15,909 15, 387 14, 034 21, 221 11,093 15,304 15,119 15,708 Louisville 37,694 35, 916 39,983 42, 079 33.223 35,848 38,199 40.405 Memphis 21,439 30, 080 29,464 43, 907 22,443 27,360 27,428 30,923 No. 9—Minneapolis 92,133 97, 996 96,120 119,194 66, 547 79,479 97, 701 108,477 Helena 1,933 2,041 2,183 2,388 1,594 2,211 2,563 2,591 No. 10—Kansas City 83,104 82. 812 71, 040 91, 350 80, 397 76,848 90,181 97,171 Denver. _ 40, 665 39, 368 35,453 44,167 38,008 32,201 41,317 37,800 Oklahoma City. 14, 757 18, 928 15, 998 20, 786 14, 544 16, 011 23,099 17, 650 Omaha 46,103 ! 49,292 42, 227 50,126 38,952 38,706 49, 648 49, 711 No. 11—Dallas 35,576 I 41, 638 38,425 54, 620 30, 526 35, 755 42, 518 48, 342 El Paso... 5,991 6,446 6,220 7,326 6,115 6,369 7,872 Houston 30,975 36,425 30,127 41,493 26,967 30,250 33, 500 38,812 No. 12—San Francisco. _. 194,972 216, 370 139.168 261,417 145,020 167,485 152,152 227,557 Los Angeles 164,597 161,534 110,118 217,441 129,495 137, 306 131,393 184,939 Portland. 36, 201 36, 610 36, 645 46, 329 32, 705 30, 540 41,075 42, 057 Salt Lake City.. 14,525 16, 242 13,010 16, 601 13,420 12,168 14, 249 15, 208 Seattle 43, 070 52, 558 44, 263 57, 224 36, 229 47, 257 38, 701 44,724 Spokane 11, 537 12, 030 11, 092 13,817 9,201 9,697 11,264 12,643 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL. RESERVE BULLETIN 771 MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT THE END OF AUGUST, 1925 AND 1924 Nonmember banks Nonmember banks Member Member banksi On par list Not l i o s n t p 2 ar banksl On par list Not l i o s n t2 par 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 Federal reserve district: Southern States—Con. Boston 421 421 245 232 Kentucky 147 147 435 448 22 New York _. 869 851 389 370 Tennessee. 118 121 225 273 231 Philadelphia 751 736 512 522 Alabama 125 129 27 38 199 187 Cleveland 864 873 1,075 1,077 11 Mississippi 44 43 24 26 276 271 Richmond 606 '624 717 771 702 710 Arkansas. 122 127 255 290 110 69 Atlanta 501 524 366 379 1,100 1,109 Louisiana 46 48 36 46 169 181 Chicago 1,407 1,427 3,858 3,985 246 187 Texas 778 752 717 829 99 54 St> Louis 627 629 2,126 2,259 401 316 Middle Western States: Minneapolis _ 851 928 1,274 1,637 1,031 704 Ohio ._ 441 449 661 662 Kansas City.. 1,040 1,094 2,692 2,764 208 200 Indiana 265 269 827 829 7 Dallas 854 843 771 886 182 137 Illinois 586 584 1,294 1,302 20 17 San Francisco 749 783 832 854 59 56 Michigan 288 288 514 537 94 72 Wisconsin 183 186 627 666 182 146 Total. 9,540 9,733 14,857 15, 736 3,940 3,419 Minnesota 341 368 548 726 494 334 Iowa 433 451 1,250 1,324 40 25 New England States: Missouri 196 192 1,324 1,382 38 30 Maine 62 62 50 49 Western States: New Hampshire 55 55 14 15 North Dakota 162 177 221 324 278 169 Vermont 46 46 39 35 South Dakota 127 135 241 296 165 128 M assachusetts 183 182 70 71 . Nebraska ._ 182 188 751 774 176 167 Rhode Island 21 21 8 8 Kansas 266 266 1,010 1,026 4 5 East C er o n n n S e t c a t t i e c s u : t 65 66 83 72 M W o y n om tan in a g 1 3 1 4 9 1 4 4 3 3 1 5 0 4 5 1 6 1 2 5 1 1 0 2 1 5 1 New York 633 630 276 267 Colorado 139 144 184 190 6 New Jersey 325 306 149 139 i New Mexico 33 38 28 37 4 Pennsylvania 956 946 657 658 i Oklahoma 392 433 378 379 • 5 Delaware 22 22 32 35 I Pacific States: Maryland •_. 89 91 167 169 | Washington 157 159 174 184 s 27 District of C olumbia. 13 15 34 34 I Oregon 135 136 113 114 Southern States: California 304 305 351 362 Virginia 193 195 229 247 97 83 Idaho 81 106 80 73 West Virginia 141 142 194 198 10 10 Utah 47 51 67 65 North Carolina 92 96 93 121 339 335 Arizona. 22 23 33 41 3 | South Carolina 93 100 25 29 256 282 Nevada. 10 11 23 24 Georgia... 158 178 78 71 376 404 Florida 70 68 82 74 159 148 Total 9,540 9, 733 14,857 15, 736 3,940 3,419 1 Figures for 1925 represent the number of member banks in actual operation; those for 1924 represent the number shown by the capital stock records of the Federal reserve bank. The number shown by the capital stock records on Aug. 31, 1925, was 9,607 2 Incorporated banks other than mutual savings banks. MONEY IN CIRCULATION [Source: U. S. Treasury Department circulation statements] [In thousands of dollars] Gold Standard Silver Treasury United Federal Federal National- c T ir o cu ta la l - Date Total coin and LTOIQ cer- silver certifi- notes of o Q U ii D V S tc l i Q ri l i " States reserve reserve bank tion per bullion tificates dollars cates 1890 ary silver notes notes bank notes capita (in notes dollars) 1914—July 1 3,402,015 611,545 1,026,149 70,300 478,602 2,428 159,966 337,845 715,180 34.35 1917—Apr. 1 14,100,591 641,794 1,348,818 70,863 459, 680 1,997 191,351 330,353 356,448 3,170 697,160 39.54 1920—Nov. 1 15,628,428 495,353 231,404 89,725 60,385 1,628 261, 556 277,736 3,310, 225 209,877 715,023 52,36 1922—Aug. 1 4, 337,418 416,282 171,985 58,378 268,802 1,508 229,956 284,343 2,115,350 65,032 725,782 39.47 1924—Sept. 1 4,773,878 401,794 872,807 53,915 385, 499 L, 417 253, 732 308, 111 1,746, 230 9,229 741,144 42.28 Oct. 1 4,806,367 427,970 898,165 54,603 388,574 1,412 256,467 304, 345 1,729,301 9,030 736, 500 42.52 Nov. 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. 1 4,993,570 437,971 933,688 55,606 389,113 1,407 263,102 304,418 1,862,055 8,471 737, 739 44.08 1925—Jan. 1 4,992,931 458,206 970,564 57,384 388,540 L, 405 266,298 295, 233 1,841,621 8,238 705,442 44.03 Feb. 1 4,751,538 455,169 929,650 55, 533 360,808 •L, 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 June 1 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 July 1 4,734,236 428,102 1,003,285 54,294 379,796 1,387 262,607 279,943 1,636,192 6,921 681,709 41.49 Aug. 1 4, 719, 519 428, 248 1,014, 311 54,165 388,016 1, 384. 261, 750 284,806 1,601,884 6,777 678,178 41.31 Sept. ] 4,784,025 416,348 1, 036,243 54,173 396,700 1,381 264,450 298,493 1,629,927 5,580 680,730 41.84 i The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorte d 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

772 FEDERAL RESERVE BULLETIN OCTOBER, 1925 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT SEPTEMBER 30, 1925 Paper maturing— After 90 days but Within 90 days within 9 months Federal reserve bank Commercial, Secured by Agricultural * agricultural, United States Bankers' Trade and livestock Government acceptances acceptances and livcSLuuii paper, n. e. s. obligations paper Boston 33^ 3^ 3J^ 33^ 33^ New York 3^ 3^ 33^ 33^ 3H Philadelphia. _ 3^ 33^ 33^ 3^ Cleveland 3^ 3J^ 3^ 33^ Richmond 4 4 4 4 4 Atlanta 4 4 4 4 4 Chicago 4 4 4 4 4 St. Louis 4 4 4 4 4 Minneapolis. _ 4 4 4 4 4 Kansas City__ 4 4 4 4 4 Dallas 4 4 4 4 4 San Francisco. zy 33^ 3M 3^ 3^ 2 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Changes during the month—None. GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM AUGUST 20, 1925, TO SEPTEMBER 16, 1925, INCLUSIVE [In thousands of dollars] Changes in ownership of gold through Transfers Daily settlements transfers and settle- Balance in Federal reserve bank ments f c u lo n s d e a o t f period Debits Credits Debits Credits Decrease Increase Boston 2,000 607,907 617,201 7,294 53,377 New York 600 36,000 2,215,361 2,125, 529 54,432 174, 529 Philadelphia... 5,000 624,741 631,686 "I,"945" 57,198 Cleveland 2,000 575,305 566,374 6,931 58,466 Richmond 5,000 1,500 476,498 481, 735 1,737 28, 504 Atlanta 7,000 287,435 323, 677 29, 242 27,694 Chicago 18,500 1,000 1,044,351 1,074,351 12,500 124,991 St. Louis 3,000 2,300 451,387 465,082 12,995 15,454 Minneapolis-.. 165,052 163,615 1,437 12,919 Kansas City,.. 1,800 370,255 361, 258 7,197 34, 751 Dallas 1,000 237,172 247,052 8,880 14,185 San Francisco.. 5,000 ~2~506" 253,813 251,717 4,596 32,500 Total 4 weeks'ending— Sept. 16, 1925 47,100 47,100 7,309, 277 7,309,277 74,593 74, 593 634, 568 Aug. 19, 1925 33,000 33,000 7,618,332 7, 618,332 663,308 Sept. 17, 1924 70,500 70,500 6,798,858 6,798,858 611,303 Aug. 20, 1924 4,000 4,000 7,164, 556 7,164, 556 604,191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES 9 The following table shows the customary rates charged on loans and tween the rates charged since February, 1924, and rates charged at discounts in the various cities in which Federal reserve banks and their earlier periods, it should be borne in mind that the earlier rates refer to branches are located, as reported by representative banks. These rates an entire month while the later figures cover only a week. Attention are not averages but are those rates at which the bulk of paper of each is also called to the fact that the method of reporting the rates has class is handled by reporting banks. Where it appears from the reports been somewhat modified and that slight changes in the rates may that no one rate clearly covers the bulk of the paper handled, a range of reflect these modifications. the rates most commonly charged is given. In making comparison be- [Rates prevailing during week ending with the 15th day of the month] Customers' prime commercial paper Loans secured by stocks and bonds Loans secured by J Loans secured by Interbank loans Liberty bonds ! warehouse Cattle loans receipts 1 District and city 30-90 days 4-6 months Demand Time Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Sept. Aug. Sept. Sept. ( Aug. Sept. 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 I 1924 1925 1925 1924 1925 ! 1925 1924 hrj N No o . . 2 1 — — N B e o w sto Y n ork 41-5 4 4 - - 4 5 * 3f-5 4 4 I 4 41 1 - - 5 5 4 4 -4 -5 ^ 3f-5 44 4 -5 4 44-5 4 4 -4 4 1 4 4 4 - - 4 4 ! *4 4| - - 4 5 4 4HM 41-5 5 41-4 4 1 4 2 -4f 44* 4 11 -5 4 44 4 - - 5 5 4 1 ! 34- 4 4 ! !4i-5 41-6 4-44 Buffalo 5 -6 5 -6 54-6 c 6 5 5 5 5 -6 54-6 5-6 5 -6 5 -6 5 -6 5-6 6 6 6 6 No. 3—Philadelphia.... 4J-5 4*-5 4-44 44-5 44 4-44 44 44 4 -44 44 4 -5 4-44 44 44 44 34-4 44-54 44-5 44-6 No. 4—Cleveland 54-6 5 -6 54-6 54-6 5-6 54-6 5 5 5 5 -6 5 -6 5 -6 54-6 5£-6 6 j 6 54-6 54-6 Pittsburgh 5-6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 5 -6 5 -6 6 5 -6 5-6 5-1 5-6 5-6 1 6 6 6 Cincinnati 5 -6 5 -6 54-6 5 -6 5 -6 54-6 5 -54 5 -54 5 -54 5 -545 -5454-6 5 -54 541 5 -54 5 -fit 54! 54-6 5 -7 54-7 54-7 02 No. 5—Richmond 54-6 5 -6 5 5 -54 54-6 5 -54 5 5 5 -6 5 -6 44-6 54-6 5 -54 5 -6 54-6 | 5 -6 54 54-6 5 No. 6— B A a t l l t a i n m ta ore 4 5 4- - 5 6 4 5 H -6 4 5 4 -6 -54 4 5 4 - - 5 6 4 4 5 ff - 5 6 i 4 5 4 -6 -5f 4 5 4 - - 6 5! 5 -6 5 44- 5 6 5 - 5 6 4 5 5 -6 -54 4 55 6 -5 -6 4 4 55 J - - 66 6i 5 5 4- - 5 7 ! 5 5 4 -6 -5 !! 4 5 4 - - 6 54 5 -6 6 5 -6 6 5 5 4- - 5 6 ! Birmingham 6 6 5 -6 6 6 5 -6 5 -6 5 -6 5 -6 6 6 6 6 6 -8 6 6 6 6 6 6 6 Jacksonville 5 -8 4 -6 41-8 44-8 4 -6 4J-8 5 -6 5 -6 5 -6 4 -8 4-8 44-8 5 -8 4 -7 5 -8 44-8 4 -7 5 -8 44-8 44-7 5 -8 New Orleans._. 5 -6 5 -54 4 -64 5 -7 5-7 5 -7 5 -6 5 -6 44-6 5 -6 5 -6 44-6 5 -6 5 -7 5 -6 5 -6 5 -7 5 -6 5 -6 5 -7 5 -7 d Nashville 54-6 54-6 6 5 5 6 54-6 54-6 6 54-6 54-6 5-6 54-6 54-6 54-6 54-6 54-6 54-6 54-6 54-6 54-6 No. 7—Chicago.. 4 -5 44-5 4 -5 44-5 44-5 4 -5 5 -54 4 -5 5 44-5444-5444-5444-5 41-5 4 -5 44-5 44. -54.. 444-54 5 -6 5 -54 44-5 5 -6 5-54 5 -54 N N N o o o . . . 1 9 8 0 — — — H L D L O K S M o i e t m e a t . i u l n t t n e L l a i r s e n s n a o h o v a e s a i u R i a t . l i p . l o s e . C o . ck l i i t s y.... 4 4 4 5 4 4 - - - - 6 5 6 5 6 6 4 4 5 4 4 4 4 4 - - - - - 6 5 5 6 8 5 1 5 4 3 5 4 |- - 5 - - 6 6 6 4 4 4 5 4 H - - - 5 5 6 O 5 Q 6 6 4 4 4 4 5 1 4 4 - - - -6 5 6 o 6 6 o 6 4 5 4 4 4 4 4 4 - - - - 6 - 5 6 6 8 5 6 6 5 6 5 5 4 4 - 8 - - - 6 5 6 6 5 5 5 4 4 6 5 - - 5 8 5 6 6 5 5 4 4 5 5 4 4 4 - 1 4 6 - - - 6 5 5 5 6 5 4 4 5 5 5 5 5 - - - - - 5 6 6 6 6 6 4 5 5 5 5 - - - - 5 6 6 6 J 4 5 5 5 4 - - - - 6 6 5 5 6 6 4 4 5 4 5 4 i 4 - - - - - 6 5 5 6 6 5 6 4 4 4 4 5 4 5 1 H 4 4 - - - - > 6 5 6 6 6 5 4 4 [ | 4 4 4 5 4 4 - - - - 5 5 6 6 6 6 4 4 4 4 6 4 5 4 4 | - - 6 - - - 6 5 5 ? 6 8 4 4 j 4 6 4 5 5 4 - - - - - 6 8 6 5 6 5 6 6 ! 4 | I I I i I | 1 4 4 5 5 6 5 4 4 - - - - - 7 5 6 8 5 6 66 4 4 5 4 5 1 -6 - -5 6 6 6 6 4 4 5 5 6 5 4 4 - - - - - 6 5 6 6 7 6 4 5 6 6 5 5 4 - - - - - 6 6 7 6 7 6 6 5 5 4 - - - 7 6 7 6 5 5 4 - - - 7 7 6 6 6 -8 -7 Denver 6 4 -6 4J-6 6 4 -6 41-5 6 -64 54-6 6-8 6 5 -6 54-6 5 -6 5 -6 ""si 5 -6 5 -6 54-6 6-7 6 -7 6 -7 6 -8 6 -7 6 -7 Oklahoma City 5 -7 6 -7 6-7 5 -7 6 -7 6 -7 6-7 6 -7 6 -7 6 -7 6 6 -7 6 -7 6 6 -8 6 -8 6-7 66 7-7 6 -7 6 -7 6 -8 6 -8 6-8 7 -8 N N o o , . 1 12 1 — — E H S P S D e a o l o a a n r u l P t t l t s a l a l a t F s e s o n o r n d ancisco-. 4 4 6 5 5 4 J - - - - - 6 8 6 7 5 6 6 4 6 5 5 - - - - - 6 7 8 6 6 5| 4 4 5 4 - - - 5 6 8 6 6 6 4 4 4 5 5 4 4 - - - - 5 8 6 a0 6 6 4 4 5 5 - - - 5 8 6 6 6 4 4 5 5 4 - - - 5 6 8 6 4 4 6 5 5 5 4 - - - 6 6 - - 6 6 7 6 4 6 4 6 5 5 4 - - - - - 8 7 6 6 6 6 4 4 6 5 4 - 6 - - - 5 6 8 6 6 6 5 5 5 7 4 - - - - - 6 7 6 6 6 8 5 5 5 - - - 6 8 6 6 4 5 5 6 - - - - 8 6 7 6 6 6 6 5 5 5 - - - - 8 7 6 6 6 5 6 5 5 - - - - 8 6 6 7 6 6 5 5 - - 6 6 8 6 7 6 5 5 5 -6 - - - 8 7 6 6 8 6 5 5 -8 - - 6 6 7 6 5 5 6 - - - - 7 6 6 8 7 6 6 5 5 - - 6 8 - 8 7 6 7 6 5 5 - - - 8 6 6 7 7 8 6 5 5 - - - 8 5 7 8 6 4 6 6 7 - - - 6 8 8 8 4 7 7 -8 - 8 8 8 5 7 - - -1 8 6 6 8 0 Spokane 5 -7 5 -7 6 -7 41-7 4 -7 6 -7 5 -64 6 6 -7 6 -7 7 7 6 -7 6 -7 6 -7 6 -8 6 -7 6 -7 6 -7 6 -7 S L a o l s t A L n a g k e e l e C s ity. 5 -6 5 6 -6 -7 6 6 - - 7 7 6 6 - 6 7 6 6 -7 -7 6 -7 6 6 6 - - 7 7 6 -7 6 - 6 7 6-7 6 6 6 - - 7 7 6 -7 7 6 -7 7 6-7 7 6-7 7 6 -7 7 6 6 - - 7 7 6 6 - - 7 7 6 -7 7 7 -8 7 7 -8 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN OCTOBER, 1925 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES August Eight months ended August Countries Exports Imports Exports Imports 1924 1925 1924 1925 1924 1925 1924 1925 GOLD All countries.- $2,397,457 $2,135, 690 $18,149,981 $4,861,736 $6,579,709 $197,488, 601 $263,226,690 $55,732,352 France _. 601,891 687 1,339,208 10,702,910 6,564,041 Germany 220, 640 2,100 67,259, 331 4,821,127 1,628 Italy 1, 050, 000 2, 735, 792 4,360 Netherlands 4,318, 343 34,499,147 10,084,799 Poland and Danzig 1,103,948 Spain _ __ 30,000 10,901 10,019 195,000 392, 431 53,302 68 618 Sweden 1,002, 628 6,191, 559 220 England 6, 744,546 1,335 6,159, 602 ' 130,876,061 4,819,578 Canada - 215,171 167, 362 2,421,409 3,450,205 1,113,899 2,761,457 30,898, 595 22,639,047 Central America 175,932 110,333 1,000 750,000 1,479,051 1,081,857 Mexico 435,685 764,184 466, 869 324,539 2, 297,557 7,113,492 3, 752,313 3,364,394 West Indies 2,000 14, 668 128, 699 165,000 282,493 460,327 Argentina 6,251,000 2,466 4,880 5,460,000 14, 714, 219 2,466 Chile 3,556 1,997 303, 321 267,822 Colombia 156, 517 85, 303 1,999,878 1,522, 111 1,091,164 Ecuador 78,815 119,027 15,000 15,000 588,717 557,815 Peru 138, 207 234,869 1,903,171 1,106, 210 Uruguay 802, 290 7,836 Venezuela 27, 555 32, 535 1,101, 600 2,160,010 193, 557 160,822 British India 1, 663,136 198,000 1, 663,136 56,531, 840 Straits Settlements 410, 300 1, 655,841 13,950 China 200, 414 625,887 200,414 4,102,016 119, 558 Dutch East Indies 115, 000 155, 772 184, 880 693,520 1, 497, 417 1,573,882 Hongkong 42, 930 52, 790 150, 840 6, 922,915 2,500,000 Philippine Islands 209,139 152,926 25,000 4, 222,495 1,143,633 British Oceania 54, 205 14, 340 26,925,176 2, 464,412 186,175 Egypt 1,102 498,240 1,451,008 11,990 Portuguese Africa 5,535 5,534 337, 584 350, 386 All other 10,535 5,000 4,375 2,042 36, 797 183, 037 1,126, 476 57, 610 SILVER All countries 8,632,067 8,284,991 7,041,630 7,273, 298 69,399,769 67,149,329 48,688,060 44,693, 552 France 1,225 2,489 107,000 56, 777 183,895 Germany 305,126 181 65,202 3, 567, 490 1, 221, 035 5,875 Poland and Danzig 130,000 753,400 Spain 21, 821 19, 739 104, 618 124,073 England 2, 721, 490 9,517 1,041 16,587, 713 7,193,035 265, 111 91,889 Canada. 138,024 196, 001 1,109, 020 774, 710 1,055,572 1,173,896 4, 667,802 5, 640,874 Central America _ 2,000 64,900 186,115 136, 582 34, 275 97,940 1, 304, 401 1,095,300 Mexico. _ 139, 816 177, 406 4, 713,969 3, 743,558 i, 337,567 1,394,828 29,383,039 27,920,246 West Indies 560 855 6,080 11,194 48, 638 80,681 57,059 120,573 Argentina 2,300 5,833 2,000 2,300 2,300 32, 304 2,000 Bolivia 173,818 28,747 Chile 116, 377 48, 7 6 886,987 1,122,656 Colombia 1,604 1,636 14, 736 3 59 13,114 3,274 98,402 59,049 Peru 22,000 56, 500 762, 962 2,420, dlO 900, 000 133,100 9,549,997 7,373, 685 Venezuela 55 788 655, 340 2,202 4,848 British India 5, 606,573 2, 563,548 35,467, 703 31, 294, 625 55,968 China 4,786, 719 264 11, 217, 071 20,489,226 16, 625 4,183 Dutch East Indies 67, 285 91,555 607, 273 641,511 Hongkong 630,282 892,433 Japan 1, 275,970 Portuguese Africa . 8,684 7,085 88, 855 88,191 All other 17, 687 9,429 2,022 73,101 171,755 129,989 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1925 FEDERAL RESERVE BULLETIN 775 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] September, 1925 August, 1925 August, 1924 Par of Average Average Countries Monetary unit exchange Low High Low High Per Low High Per Rate cent Rate cent of par of par Austria Schilling 14.07 14.0570 14. 0870 14.0390 14. 0800 14 0624 99 95 Belgium Franc 19.30 4.3200 4. 5000 4.4700 4. 6100 4. 5265 23.45 4. 6400 5.2500 5.0219 26.02 Bulgaria.. Lev 19.30 .7289 .7342 .7306 .7361 .7333 3.80 .7233 .7430 .7328 3.80 Czechoslovakia Crown 2.9609 2.9621 2. 9610 2. 9627 2. 9618 2. 9495 3.0005 2. 9789 Denmark Krone . 26.80 24. 0100 25. 2300 22. 3000 25. 0000 23.3015 86.95 16.1000 16. 4200 16. 2115 60.49 Finland Markka 19.30 2. 5220 2. 5252 2. 5210 2. 5254 2. 5227 13.07 2. 5090 2. 5161 2. 5129 13.02 France Franc 19.30 4.6800 4. 7400 4. 6600 4.7400 4. 6912 24.31 5.1300 5. 7000 5.4635 28.31 Germany _ Reichsmark.. 23.82 23. 8000 23. 8000 23.8000 23. 8000 23.8000 99.92 Great Britain Pound 486. 65 484.1200 485. 3000 485. 4300 485. 8100 485. 6900 99.80 441. 0100 455. 7555 449. 9458 92.46 Greece Drachma 19.30 1. 4425 1.4821 1.4809 1. 5725 1. 5406 7.98 1. 7167 1. 8598 1. 7947 9.30 Hungary Krone 20.26 .0014 .0014 .0014 .0014 . 0014 .01 .0012 .0013 .0013 .01 Italy Lira . 19.30 3. 8400 4.1900 3. 5800 3. 7700 3. 6573 18.95 4. 3300 4.5300 4. 4446 23.03 Netherlands _ _. Florin . 40.20 40.1700 40. 2800 40.1400 40. 3000 40. 2419 100.10 38. 2300 39.1400 38. 8035 96.53 Norway Krone 26.80 19.8800 22. 2100 18.1600 20. 8200 18. 8027 70.16 13. 5700 14. 0200 13. 8665 51.74 Poland.! Zloty 19.30 16. 6800 18. 3900 16. 7700 18. 9000 17. 9527 93.02 19.1800 19. 2700 19. 2254 99.61 Portugal Escudo 108. 05 5. 0800 5. 2100 5. 0900 5.1800 5.1300 4.75 2. 8600 3.1100 2.9704 2.75 Rumania Leu 19.30 .4790 .4959 .4948 .5226 .5117 2.65 .4369 .4962 .4605 2.39 Spain Peseta 19.30 14. 2400 14. 6200 14. 2900 14. 4600 14.4104 74.67 13. 2500 13. 5300 13. 4088 69.48 Sweden Krona 26.80 26.8000 26.8500 26. 8400 26.8800 26.8715 100. 27 26. 5600 26. 6700 26. 6142 99.31 Switzerland . Franc 19.30 19.3000 19. 3500 19. 3700 19. 4200 19. 4019 100. 53 18. 5900 19. 0100 18. 8219 97.52 Yugoslavia Dinar 19.30 1. 7735 1. 7870 1. 7854 1. 8135 1. 7946 9.30 1.1920 1. 2646 1. 2363 6.41 Canada Dollar 100. 00 99.9188 100. 0498 100. 0134 100. 0713 100. 0334 100. 03 99. 6834 100. 0042 99. 8537 99.85 Cuba Peso _ _ 100. 00 99. 7938 99.9594 99. 8177 99. 9313 99. 8907 99.89 99. 8750 99. 9313 99. 9194 99.92 Mexico . do 49.85 49. 3000 49. 4933 49. 2433 49. 7000 49. 5826 99.46 48. 7500 49. 0417 48. 9031 98.10 Argentina _. Peso (gold). 96. 48 90. 7500 92.1600 90. 9000 91. 9300 91. 7042 95.05 74. 7700 78. 6500 76. 6558 79.45 Brazil Milreis 32.44 12.9900 13.9900 11. 7500 12. 7700 12.1335 37.40 9.5800 10. 0900 9. 9162 30.57 Chile. Peso (paper) i 19. 53 11. 8900 12.0600 11.8000 12. 0600 11. 9138 61.00 9. 7800 10. 2300 10. 0004 51.21 Uruguay Peso 103. 42 99. 4600 100. 5000 99. 2000 100. 6800 99. 8935 96.59 76. 2500 80. 5500 78. 5162 75.92 China Mexican dollar i 48.11 56.8000 59. 0000 55. 8200 57. 5800 56. 5546 117. 55 51. 6400 53. 8800 52. 7200 109. 58 Do Shanghai tael i 66. 85 77. 7000 79. 5900 76. 5900 78. 2900 77. 2938 115. 62 72. 4800 74. 3600 73. 3254 109. 69 Hongkong Dollar i 47. 77 58.1500 60.1600 56.5000 58. 5000 57. 3088 119. 97 52. 7200 53. 7000 53. 3154 111.61 India Rupee 48.66 36. 5600 36. 6900 36. 5700 36. 6800 36. 6227 75.26 31. 9900 32. 4300 32. 2642 66.31 Japan. Yen ._ 49.85 40.4500 41. 0500 40. 3600 41. 3300 40. 9877 82.22 41. 0600 41. 5500 41. 2608 82.77 Straits Settlements... Singapore dollar... 56.78 56. 5000 56. 7800 56. 5800 56. 8400 56. 7035 99.87 50. 7800 52. 3300 51. 7623 91.16 1 1913 average. SILVER [Average price per fine ounce] September August London (converted at average rate of exchange). $0. 71979 $0. 70594 New York , .71885 . 70550 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Discount rates: Held and purchased by Federal reserve Central banks of issue 749 banks 759, 760 Federal reserve banks 772 Market for 719 Prevailing in various centers 773 Agricultural credit banks, loans of 721 Earning assets of Federal reserve banks 759 Agricultural movements, index of 742 Employment, United States 731 Revision of 739 Index of 741 Agriculture, monthly statistics 721 England. (See Great Britain.) Automobile industry 727 Factory employment and pay rolls, index of 742 Bank credit 718 Failures, commercial and bank 731 Bank debits 770 Federal Advisory Council, meeting of 714 Bank suspensions 731 Federal reserve banks: Bankers' balances in Federal reserve bank cities- 762 Condition of 755 Building statistics 729, 743 Discount and open-market operations of 760 Business and financial conditions: Federal reserve note account 758 Abroad 746 Fiduciary powers granted to national banks 738 United States 716-736, 740-745 Financial statistics for principal foreign countries 747 Business failures 731 Food manufacturing 725 Canada: Food prices in foreign countries 754 Cost of living and retail food prices 754 Foreign exchange 735, 775 Financial statistics 747 Foreign trade: Foreign trade 750 Principal foreign countries 750 Wholesale prices 751 United States 733 Capital issues 720 France: Chain stores, retail trade of 730, 745 Cost of living and retail food prices 754 Changes in membership in Federal reserve Financial statistics 747 system 764 Foreign trade 750 Charters issued to national banks 738 Wholesale prices 751 Coal and coke production 724 Fruits and vegetables 723 Commercial failures 731 Germany: Commodity movements 743 Cost of living and retail food prices 754 Condition statements: Financial statistics 747 All banks in the United States on June 30_ _ 766 Foreign trade 750 All State banks and trust companies on Wholesale prices 751 June 30 768 Gold imports and exports 734, 774 Federal reserve banks 755 Gold settlement fund transactions 772 Member banks in leading cities 761 Grain and flour 743 Mutual savings banks 769 Great Britain: National Bank of Hungary 746 Financial statistics 747 Cost of living in principal countries 754 Foreign trade 750 Cotton: Gold imports and exports 734 Raw 722 Retail food prices and cost of living 754 Manufacturing 726 Wholesale prices 751 Cottonseed 737 Hungarian National Bank, condition of 746 Crops: Imports and exports: Condition 721 Gold and silver 734, 774 Estimate of production 739 Merchandise 733 Financing the movement of 711 Interest rates prevailing in various centers 773 Currency in circulation 771 Iron and steel 727 Dairy products 724 Italy: Debits to individual account 770 Financial statistics 747 Debt of Latvia, funding of 714 Foreign trade 750 Department-store business 745 Retail food prices and cost of living 754 Deposits: Wholesale prices 751 Savings 731 Japan: Time and demand of member banks 763 Financial statistics 747 Deposits, note circulation, and reserves of Fed- Foreign trade 750 eral reserve banks 755 Wholesale prices 751 Discount and open-market operations of Fed- Latvia, debt of, funding of 714 eral reserve banks 760 Leather industry 728 776 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX 777 Page Page Livestock industry 723 Production in basic industries 741 Prices in 1924 and 1925 735 Reserve ratio of Federal reserve banks 755 Lumber industry 728 Resources and liabilities: Mail-order houses, retail trade of 745 All banks in the United States on June 30_ _ _ 766 Manufacturing: Federal reserve banks 755 Condition, by industries 725 Member banks in leading cities 761 Index of production 742 Retail food prices 754 Member banks: Retail trade 730, 745 Changes in membership in Federal reserve Revision of index of agricultural movements 739* system 764 Rulings of the Federal Reserve Board: Condition of 761 Cottonseed 737 Number discounting 760 Savings deposits 731 Number in each district 760 Security prices 720 State banks admitted to membership 738 Shoe industry 728 Merchandise trade balance of the United States, 733 Silver: Mineral production, index of 742 Imports and exports 774 Metals 725 Price of 775 Mining 724 Money in circulation 771 State banks: Money rates 719 Admitted to Federal reserve system 738 Mutual savings banks, condition of 769 Condition of all banks in the United States. 768 National banks: Stocks at department stores 745 Charters issued to 738 Textile industry 726 Fiduciary powers granted to 738 Time deposits of member banks 763 Par list, number of bapks on 771 Tobacco industry 722, 743 Pay rolls in factories, index of 742 Trade: Petroleum industry 725 Foreign 733, 750 Platt, Edmund, redesignated vice governor of Retail 730, 745 Federal Reserve Board 714 Wholesale 730, 744 Prices: Transportation 729 Food, in principal countries 754 Treasury financing 714 Livestock, 1924 and 1925 735 Wholesale prices 751, 753 Security 720 Wholesale trade 730 Wholesale 732 Wool and woolen industry 726, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS m*mmmm I r—+ t.--,.-1—\. 'BOUNDARIES OF FEDERAL RESERVE DISTRICTS -BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis