Federal Reserve Bulletin, 1925-11

FEDERAL RESERVE BULLETIN NOVEMBER, 1925 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Gold and the International Money Markets 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. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) CHAS. A. MORSS. District No. 2 (NEW YORK)... PAUL M. WARBURG, President. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) GEORGE A. COULTON. District No. 5 (RICHMOND) JOHN M. MILLER, Jr. District No. 6 (ATLANTA) OSCAR WELLS. District No. 7 (CHICAGO) FRANK O. WETMORE. District No. 8 (ST. LOUIS) _ BRECKINRIDGE JONES. District NO. 9 (MINNEAPOLIS) G. H. PRINCE. District No. 10 (KANSAS CITY) — E. F. SWINNEY, Vice President. District No. 11 (DALLAS) W. M. MCGREGOR. District No. 12 (SAN FRANCISCO) HENRY S. MCEEE. 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. Q. 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.* L. R. Rounds.1 Philadelphia R. L. Austin Geo. W. Norris Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.1 Cleveland _ . E. R. Fancher. M. J. Fleming J. C. Nevm. Frank J. Zurlinden. Richmond | Wm. W. Hoxton j George J.Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Waldenjr.» Atlanta.. Oscar Newton ! M. B. Wellborn.. J. L Campbell M. W. Bell. Creed Taylor Chicago. Wm A. Heath _ J. B. McDougaL. C. R. McKay W. C. Bachman.1 John H. Blair K. CChilds.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. Minneapolis.. John R. Mitchell.— R. A. Young.... W H B. a . V r B r . y M . G Y o e a o e e r g r e y er J G Fr r a a n y k W C a . r D re u n n . lop.1 Kansas City M. L. McClure. W.J. Bailey.... C. A. Worthington. J. W. Helm. Dallas C. C.Walsh Lynn P. Talley. R R. . R B . . G C i o lb le e m rt an Fred Harris. San Francisco _. John Perrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk L. 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. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch M. Crump. New Orleans branch Marcus Walker. Houston branch D. P. Reordan. Jacksonville' branch Geo. R. DeSaussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch R. B. 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 branc h v 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—Gold and the international money markets 779 Business conditions in the United States ~ 783 Classification of loans and investments of all member banks on June 30 831 Official: Changes in State bank membership-_> 803 Changes in national bank membership 804 Fiduciary powers granted to national banks 804 Business statistics for the United States: Industrial activity 805 Commodity movements 808 Wholesale and retail trade 809 Estimate of crop production 804 Foreign banking and business conditions: Recent developments in the Netherlands Bank 811 Financial statistics for principal foreign countries 813 Foreign trade of principal countries 816 Price movements in principal countries— Federal Reserve Board wholesale price indexes 817 Wholesale prices in principal countries 818 Retail prices and cost of living in principal countries 1 820 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 821 Federal reserve note account 825 Holdings of earning assets _ 826 Discount and open-market operations of Federal reserve banks 827 Gold settlement fund 832 Discount rates of Federal reserve banks 831 Member banks— Condition of reporting member banks in leading cities 828 Banker's balances at reporting member banks in Federal reserve bank cities 829 Deposits of all member banks 830 Earnings and dividends of State bank and trust company members 832 Bank debits 833 Member banks and nonmember banks on par list and not on par list 834 Money rates in principal cities 835 Money in circulation 834 Gold and silver imports and exports 836 Foreign exchange rates 837 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 11 NOVEMBER, 1925 No. 11 REVIEW OF THE MONTH consequence, gold moved from London in an In October, for the first time since the resto- amount larger than the entire addition to the ration of a free gold market in London, the reserves of the Bank of England since last United States received a con- spring, together with the newly mined gold Gold move- s iderable volume of gold from more recently received in London from South ments since re- •, -, ^ u , , Africa. The inflow of gold from England to the sumption abroad. Gold movements to United States has been accompanied by an outand from the United States flow of the metal to Canada in response to a rise during the five months following the resumpin Canadian exchange to the gold export point. tion of gold payments by Great Britain were Similar shipments of gold to Canada to coron a relatively small scale and the inflow and rect the exchange position were made in 1922, outflow were so. evenly balanced that net imbut, under the conditions then prevailing, these ports from May to September were only about gold shipments were among the very few made $1,500,000. Net imports for October, howin response to changes in an exchange rate, ever, are now estimated at about $23,000,000. while in recent weeks movements of exchanges Gold movements during the six months since have caused simultaneous gold imports from last April are of particular interest, because England and gold exports to Canada. Notthey followed after a period of six years during withstanding these exports, gold imports in which the. United States was the only free October from England and also from Japan gold market and the direction of gold movehave been sufficient to result in the largest ments was not closely related either to fluctuaaddition to the gold supply of the United tions in the exchange rates on different curren- States for any month in more than a year. cies, or to the comparative level of money rates prevailing in the different money mar- Gold imports, as has been frequently pointed kets. During the past six months, with the out in these reviews, have been for the past return of England and other important coun- few years one of the principal tries to the gold standard, exchanges and Gold imports f a ctO rs in the relationship beand the reserve ^ j money rates have once more become important tween member bankg an( banks. factors affecting the movements of gold. Dur- the federal reserve banks. ing the five months from May to September Large and continuous imports of gold for a sterling exchange was above the point at which period of four years from 1920 to 1924 enabled shipments to the United States would be profit- the member banks not only to repay a large able, and the reserves of the Bank of England part of their indebtedness to the reserve increased through the receipt of gold from banks, but also greatly to increase their avail- South Africa and also from certain European able reserves and consequently to enlarge their countries. With the seasonal demand for for- own credit operations. The net export of eign exchange to pay for agricultural imports, about $175,000,000 of gold during the five however, and the recent reductions of money months from December, 1924, to April, 1925, rates in the London market, sterling declined on the other hand, was an important factor in in October to the point where gold shipments the growth of member bank indebtedness to to other countries became profitable. As a the reserve banks during the current year. 779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL EESERVE BULLETIN NOVEMBER, 1925 Gold imports during October, therefore, have England. As a result of this inflow of funds come at a time when member banks have a and the inactive demand for credit, conditions considerable volume of accommodation at in the London market became easier during the reserve banks and also at the season of the summer, and between May and September the year when there is a growth in the demand the bill rate declined by 1 per cent. for currency. In the immediate situation these imports have had the effect of lessening the demand by member banks for reserve bank credit to meet seasonal requirements. The receipt of gold from England at this time of the year is in accordance with the usual course of events prior to the establishment of the Federal reserve system, when agricultural exports to England in the autumn months, together with the demand in this country for gold to meet seasonal currency requirements, resulted in pressure on sterling exchange and in consequent gold imports. Since the establishment of the Federal reserve system 1923 1924- 1925 there has not been a time until this autumn Both lines show open-market rates for 90-day bankers' acceptances. when the effects of the system's operation upon the relationships between the New York and The chart brings out the fact that the bill London markets could be fully observed. The rate in London, which had been considerably ability of the reserve banks to meet seasonal above the New York acceptance rate for more demands for currency together with the growth than a year, was in September about the same of foreign trade financing in this country, level as the New York rate, as the result of particularly through the use of the accept- the decline in the London rate and an advance ance, has diminished the pressure on sterling in the New York rate. These changes in openexchange at the time when American crops market rates in London were followed by reare marketed. Thus, the gold imports to this ductions in the Bank of England discount rate country during October of this year represent from 5 to 4J^ per cent on August 6 and to 4 primarily a further phase in the adjustment per cent on October 1. Thus during the first between the two principal money markets to five months after the resumption of gold paythe restoration of free gold movements. ments the Bank of England was able to make The closer relationship between the inter- two reductions in its discount rate. Gold exnational money markets that has come about in ports in October have resulted in an advance consequence of the reestablish- of market rates in London and in a closer ad- Money rates in f g^ payments has been justment between bank rate and market rates ment o London and New reflected during recent months than has prevailed for several months. York. in the course of money rates in Reductions in discount rates have occurred London and New York. In March of this year, Rate reduc- since the opening of this year in anticipation of resumption, the Bank of tions at central in many other European central England raised its rate from 4 to 5 per cent, banks. banks. The Netherlands Bank, and following the restoration of the gold stand- after reducing its rate from 5 to 4J^ per cent at ard the higher rates in the London money the end of 1924, made further reductions to 4 market and the confidence in the stability of per cent on January 16 and to 3 J^ per cent on sterling led to a movement of funds to London October 2,1925. The Swedish Riksbank, which and an accumulation of gold at the Bank of had resumed gold payments a year earlier than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 781 the Bank of England, also reduced its rate on two RESERVE POSITION OF CERTAIN EUROPEAN CENTRAI occasions in 1925—from 5 J^ to 5 per cent on July BANKS 24 and from 5 to 4 J^ per cent on October 9. The [In thousands of dollars] National Bank of Switzerland, where exchange Ratio to note f D m p t o h a i r a r s r o d i c t u a e o y g u , a c h n o o t r m n u e r s a d a t i i t u d n e t c e s h t t r a e i a a i o b t n n l l e t a e h d r t e g o p e m e i r 3 t r s o J i o p ^ re d a r p a i r m t e t h e r a p o s * c o f e r a r t n t t e a h t m n e i 4 t a n i E y n p e O u e a e r d c r r o t , o p n b e c b e e a e u a r n n t r . t Bank h G i o n o l g l d s d - c p h h e o i f R e o n a i o r x g l g e n t r d - e n - - s g - d e N ci o t r i t c o e u s n l a in - De- r G l a e i n a o s d e b ld r i v l d i e e t f i s o G p e a e r o i s o n e n x s i l d o — - g i d t f n change central banks, together with changes made during 1925, are shown in the table below: Pe? Per Bank of England: cent cent Apr. 29,1925 757,918 0) ! 1,870,123596,287 30.7 DISCOUNT RATES AT EUROPEAN CENTRAL BANKS Oct. 28, 1925 731,347| (i) 1,841,216 553,418 30.5 German Reichsbank: DURING 1925 Apr. 30, 1925 241,576! 80,525 U,035,696168,133 20.1 26.8 Sept. 30,1925 279,816 75,967 1,067,728 147,740 23.0 29.3 Netherlands Bank: Country Rate Country Rate Apr. 27, 1925 192,748 58,956 16,172 51.2 66.9 Oct. 19, 1925 168,179! 98,040 3561558 13,668 45.4 71.9 Swedish Riksbank: Eng A M O A la u t c n a t g r d o . . . : p 2 7 6 e - - n O A in c u g t g . . o 1 6 f 1925 _. . _ .. 4 4 5 Hun M M O A ga t c a a t r r o y . y . p 2 2 : 2 e 2 8 8 n - - i O M ng c a t. y o 2 f 2 1 1 7 925... 1 1 7 9 2 1 H Swis A A S O s e p p c N p r t r . . t . a . 3 1 t 3 3 i 0 5 0 o 0 , , , n , 1 1 1 a 1 9 9 9 l 9 2 2 2 2 5 B 5 5 5 ank: 9 9 6 6 0 2 2 2 , , , , 0 5 7 6 9 5 9 6 9 2 9 5 4 * 1 3 5 3 0 4 9 , , , 1 7 , 9 5 7 8 2 4 9 8 3 1 1 1 1 1 3 4 5 6 2 7 2 0 , , , 1 6 , 7 1 8 0 9 7 9 1 5 7 2 2 6 1 3 8 8 4 , , , , 4 9 3 6 1 7 3 9 4 6 0 9 3 3 5 5 5 1 3 1 . . . . 2 0 2 5 4 5 5 6 7 6 8 7 . . . . 7 2 4 7 Netherlands: France: At opening of 1925... 4H At opening of 1925... 7 * Not reported. Jan. 17-Oct. 2 4 July 10 6 * Combined Bank of England notes and currency notes in actual Oct. 2 Italy: circulation. Switzerland: At opening of 1925. ._ 8 Combined Reichsbank notes and Rentenbank notes in circulation. At opening of 1925— 4 Mar. 10-June 2 _. 6 * Demand assets abroad plus sums due from correspondents. Oct. 23 June 3-June 8 Sweden: June 9 7 At opening of 1925... Denmark: Gold reserves of the Bank of England, after July25-Oct. 9 5 At opening of 1925— 7 Oct. 10 4H Aug. 24-Sept. 8. 6 increasing by about $43,000,000 following re- Germany: Sept. 9 5H At opening of 1925... 10 Norway: sumption, declined, and by the middle of Octo- Feb. 27 9 At opening of 1925— Austria: May 10-Aug. 25 6 ber were at a level below that at the end of At opening of 1925... 13 Aug. 26-Sept. 14 Apr. 26-July 24 11 Sept. 15 5 April. Those of the Banks of Sweden and of July 25-Sept. 3 10 Finland: Sept. 4 9 At opening of 1925... 9 Switzerland showed little change for the period, Aug. 15 to Oct. 29 Oct. 30 8 while those of the Bank of Netherlands declined and those of the German Keichsbank With the restoration of free-gold market in increased considerably. The Netherlands several countries, changes in the gold holdings Bank's loss of reserves has been due to a policy of European central banks have once more of converting a part of its gold reserves into become important factors in their discount foreign exchange holdings to be used when policies. The following table required in support of Dutch exchange.1 The Reserje posi- hows the holdings of gold and German Reichsbank increased its gold hold- # s tion of central foreign exchange, notes in cir- ings by about $50,000,000 during the period, banks. culation, deposits and ratio of in pursuance of the policy of strengthening its reserves to note and deposit liabilities for the gold position. Foreign exchange holdings of central banks in England, Netherlands, Sweden, the Reichsbank decreased somewhat during the Switzerland, and Germany at the time of the period, part of it having been converted into gold, resumption of gold payments and on the latest but the ratio of reserves to liabilities, whether available date this autumn. For greater ease figured on the basis of gold alone or of gold of comparison the amounts have been converted into dollars at par of exchange. i For discussion of the policy of the Netherlands Bank and comments from its latest annual report see page 811. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 and exchange holdings, increased substan- held by the reserve banks with foreign banks, tially during the five months. and "Due to foreign banks,77 including all the Large flotations of foreign loans in the amounts held by foreign correspondents with United States have continued in 1925 and the Federal reserve banks. Agency and corhave been a factor in enabling respondent relationships have existed between i/uniled StetTs! those Eur0Pean countries now the Federal reserve banks and certain foreign operating on a gold-exchange central banks since 1916, as has been currently standard to maintain and strengthen the reported in the FEDERAL RESERVE BULLETIN reserve position of their central banks. The and in the annual reports. The volume of total volume of foreign securities floated transactions with foreign central banks has in tHis country reached a record total of always been relatively small. On October 7, $1,050,000,000 in 1924, exclusive of refunding 1925, amounts due from foreign banks totaled issues, and flotations for the first nine months $639,000 and amounts due to foreign banks of 1925, amounting to $728,000,000, indicate were $8,306,000, representing balances held for a continuation of foreign borrowing on a large 12 foreign correspondents. In addition to scale. The extent to which member banks carrying balances for foreign correspondents, have purchased foreign securities is indicated the reserve banks purchase bills for account of by the fact that the holdings of such securities these correspondents, and the amounts of such by national banks alone increased by nearly purchases are shown in the condition state- $100,000,000, or 37 per cent, between the sum- ment as a contingent liability. On October 7, mer of 1924 and 1925. For all member banks, 1925, this item amounted to $35,697,000. including State banks and trust companies as "Foreign loans on gold/7 which have been well as national banks, the total volume of shown separately since the beginning of 1925, foreign investments on June 30, 1925, was represent loans to foreign central banks $500,000,000, representing 1.7 per cent of their against gold as collateral. total loans and investments and 5.6 per cent Other changes in the statement made on of their total security holdings.2 The amounts October 7 were the substitution for the term refer to bank investments in longer-term foreign " Other earning assets77 of the item "Other securities and are exclusive of short-term securities,77 consisting at present of Federal credits extended to foreign borrowers. In intermediate credit bank debentures; and the view of the large volume of foreign flotations change of the caption "Total earning assets77 in this country in recent years, these figures to "Total bills and securities.77 The latter of member bank holdings of foreign securities term has been adopted as a more accurate deindicate that for the most part the foreign scription of the total of the discounts, acceptissues have been absorbed by the investing ances and securities acquired by the reserve public. banks under the provisions of sections 13 and 14 of the Federal reserve act, which are the Change in weekly statement. only items included therein. In order to give the public more complete information on transactions between the Federal reserve banks and foreign central banks, NOTE two items were added to the weekly condition statement of the Federal reserve banks on Mr. D. C. Wills, chairman of the board of directors and Federal reserve agent at the October 7, 1925. The items are "Due from Federal Reserve Bank of Cleveland since the foreign banks/' which includes all the balances organization of the system, and member of the Federal Reserve Board from September 29, 2 A classification of member bank loans and investments on June 30, 1920, to March 3, 1921, died on October 22. 1925, is shown on page 831. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BUU^ETIN 783 BUSINESS CONDITIONS IN THE UNITED STATES Production in basic industries and factory employment increased in September. Distribution of commodities, both at wholesale and at retail, continued in large volume, and the level of prices remained practically unchanged. Production.—The Federal Reserve Board's index of production advanced 3 per cent in September, notwithstanding the suspension of anthracite mining. The volume of output increased considerably in the iron and steel, bituminous-coal, and textile industries, while the decreases which occurred in some other industries were relatively small. Automobile production was larger than in August, but continued to reflect the effects of curtailment incidental to changes in models. Number of employees on factory pay rolls in September was larger than in August in nearly all reporting industries. Building contracts awarded during September did not equal the record level of August, but continued large as compared with earlier months. Total contracts awarded during the first nine months of this year were nearly as large as for the entire year 1924. Crop conditions, as reported by the Department of Agriculture, showed considerable improvement in September, and the indicated yields of cotton, corn, oats, barley, and hay were larger than a month earlier, while forecasts of wheat and tobacco production were slightly smaller. Marketing of crops increased further in September, but was smaller than last year. Trade.—Wholesale trade was 9 per cent larger in September than in August, and sales in all lines except dry goods were larger than a year ago. Sales of department stores and mailorder houses showed considerably more than the usual increase in September and were larger than a year ago. Stocks of merchandise at department stores also increased in September more than usual and at the end of the month were 4 per cent greater than a year ago. Wholesale firms in all leading lines except groceries reported smaller stocks on September 30 than a month earlier. Total and merchandise freight-car loadings in September were larger than during the same month of any previous year. Coal shipments were smaller than in August, owing to the anthracite strike, and shipments of coal and of grain products were smaller than in September of last year. Prices.—The level of wholesale prices as measured by the index of the Bureau of Labor ; Statistics, declined slightly in September. Among groups of commodities, grains, woolen goods, and furniture showed price declines, while prices of coal and building materials advanced. In the first half of October prices of grains, wool, and rubber increased, while prices of sheep, hogs, sugar, and cotton declined. PER CENT PER CENT PER CENT PER CENT 1501 1150 200 200 150 — 100 100 100 100 50 50 50 50 PRODUCTION IN BASIC INDUSTRIES WHOLES/\LE PRICES 1922 1323 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, September, 112 adopted by bureau.) Latest figure, September, 160 66276—25t 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL, RESERVE BULLETIN NOVEMBER, 1925 BILLIONS OF DOLLARS BILLIONS OF DOLLARS BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2 2 10 10 1922 1923 1924- 1925 Weekly figures for 12 Federal reserve banks. Latest figures, October 21 Weekly figures for banks in 101 leading cities. Latest figures, October 14 Bank Credit.—At member banks in leading cities the volume of loans, both for commercial purposes and on securities, increased further between September 16 and October 14 and ; at the middle of October total loans of these banks were nearly $650,000,000 larger than at the end of July. During the same period net demand deposits of these banks increased by about $360,000,000, but were below the level of the beginning of the year, while the volume of their borrowings at the reserve banks increased by about $200,000,000 to the highest point of the year. Total volume of reserve bank credit outstanding was larger in October than at any other time during 1925, reflecting increases during the two preceding months both in discounts for member banks and in acceptances bought in open market. This growth has been due primarily to the seasonal increase during the period of about $100,000,000 in currency in circulation, and there has also been a considerable increase in member bank reserve balances, accompanying a growth in their deposits. In October the rates on prime commercial paper were firmer and the renewal rate on call loans averaged higher than in September. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919=100] Year and month P t i t i r b n r o o i a d n e d s u s i u i s c n i c - - e F m m ac p e t l o n o t r y y - P F a a y c t r o o r i y is a c B w o u n a i r t l r d d a e i c n d t g s * R lo a a i d c lr a in o r g a s d - l W tr s h a a o l d e l e e- D j U u e n s p t a e a d d r - s t a m le e s n l j t u - A s s t d t o e - d r e D j U u e n s p t a e a d d s r - t t o m c e k n s j t u i - A s s t d t o e - r d e o o d C B Y u f e i t a N o b s t n r i y i e d k t k i s w e 1924 August 94 89 96 133 111 93 118 126 126 108 September 103 91 99 150 117 119 131 137 128 107 October _ 109 93 103 166 120 141 124 148 132 112 November 107 92 101 196 116 141 126 148 132 107 December 117 94 106 180 124 210 131 124 133 112 1925 January 127 94 103 168 123 108 124 119 134 120 February 124 96 109 159 125 101 131 127 135 121 March 120 96 110 178 117 121 121 139 137 120 April 119 96 108 176 129 136 133 141 136 122 May 111 95 108 151 123 128 124 136 137 119 June _ 110 94 105 171 117 126 126 129 135 122 July _ 113 93 103 189 122 95 128 124 133 125 August 2108 94 105 228 123 98 125 131 131 120 September 112 95 104 224 121 122 134 143 133 122 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. 'Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESEEVE BULLETIN 785 BANK CREDIT CHANGES IN LOANS, INVESTMENTS, AND FEDERAL Commercial loans of member banks in lead- RESERVE BANK ACCOMMODATION OF REPORTING MEMBER BANKS, JULY 29, 1925-OCTOBER 14, 1925 ing cities continued to increase between the middle of September and the middle of October [In millions of dollars] and on October 14 were $475,000,000 larger than at the end of July. This advance reflected, largely, a seasonal increase in the Loans Mem ber e d x e c m es a s n d o f f t o h r e i c n r c e r d e i a t, s e b fo u r t a w s a im s il s a o r m p e e w ri h o a d t la i s n t Fed d e is r t a r l i c r t e s serve i L n a v o n e a s d n t- s ot A h l e l r, I m nv e e n s t t- s ro b b w a o n r in - k g year. Loans on securities also showed further ments Total c O u n ri t s i e e - s la c r o g m el - y a se t r r v e e increase, reaching a new high point at the end m ci e a r l - banks of September, followed by a slight decline during the first half of October. Investment All districts 604 647 172 475 -44 208 holdings of reporting member banks continued Boston 46 -19 47 19 25 since the end of Jufy at a high level, with New York 223 270 65 205 -46 101 Philadelphia... 42 57 48 10 -16 5 relatively little change, while net demand de- Cleveland 27 36 12 24 -10 22 Richmond 25 29 14 15 -4 6 posits increased by about $360,000,000 to a Atlanta 72 61 7 54 11 15 point not far below the level of the opening Chicago 63 80 43 37 -17 St. Louis 25 25 7 18 -1 weeks of the year. Minneapolis. _. 19 19 -4 23 Kansas City... -17 -18 -9 -9 3 The following table shows the principal re- Dallas.. 29 23 4 19 4 sources and liabilities of member banks in San Francisco.. 50 37 4 32 13 leading cities for each week between September 16 and October 14, as well as the changes for the The volume of reserve bank credit in use four weeks and for the year ending October 14: increased considerably after the end of July and reached the highest point of the year at LOANS, INVESTMENTS, AND DEPOSITS OF MEMBER the middle of October. Notwithstanding a BANKS IN LEADING CITIES slight decline during the following week, the [In millions of dollars] total volume outstanding was still about $200,- Loans and investments Deposits 000,000 larger than two months before. This growth in reserve bank credit was the result of Ail increases both in discounts for member banks Date Total s L e t o c o ie a u n s n ri s - l l a o c o r o t a g h m n e e s l - r , y I m nv e e n s t t s - m N d a e e n - t d Time a o n p d en i n m h a o r l k d e i t n , gs a n o d f a w c a c s e pt a a c n c c o e m s p b a o n u ie g d h t b i y n t i h n e mercial creases in Federal reserve note circulation and in member bank reserve balances. Sept. 16 19,061 5,301 8,297 5,463 12,965 5,185 Sept. 23 19,048 5,314 8,318 5,416 12, 760 5,189 S O e c p t. t . 7 30 1 1 9 9 , , 2 2 6 7 4 2 5 5 , , 4 4 7 2 1 8 8 8 , , 3 3 6 8 1 9 5 5, , 4 4 4 4 7 0 1 12 3 , , 9 0 7 4 3 6 5 5 , , 2 2 3 4 4 8 PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL Oct. 14 19,327 5,377 8,488 5,462 13,178 5,248 RESERVE BANKS Increase (+) or decrease (—): Four weeks [In millions of dollars] ending Oct. 14. +266 +76 +191 -i +213 +63 Year ending Oct. 14 +1,095 +797 +282 +16 +134 +516 Bills and securities Federal b m by a e I n n n d k t i s s t s h , t i r e n a i c f n l o e t d s a l , l d o b f i w o n o r i g r n r o g t c h w it e t i a i e n b p s g e l , e s r c i h o a a a r d t e n g b s th e e h s t e o w w in r e n e e l s , n o e f a r o t v n r h e s e m , b i e e n a n m v n d e b k s o e s t f , r - Date Total c B d o e i i u s d l - l n s t- b o m o B k p u i i a n e l e g t r l n s h - t s m G i e e t r c o i e n e u v n - s r - t - s T c e r o a r e v s t - a h e l s d T e o i p t t s o a s l - s c n t e i r l i r o r a e o c v t - - n u e e - July and the middle of October. There were increases in total loans in all except the Kansas Sept. 23 1,213 641 238 323 2,871 2,267 1,670 City district, owing for the most part to in- S O e c p t. t . 7 30 1 1 , , 2 2 5 6 7 5 6 64 3 4 3 2 28 6 4 8 3 3 4 2 3 4 2 2 , , 8 8 6 6 6 2 2 2 , , 2 2 6 8 8 3 1 1 , , 6 7 8 0 5 1 creased commercial loans. Loans on securities Oct. 14 1,276 644 287 336 2,870 2,288 1,716 Oct. 21 1,230 293 324 2,889 2,284 1,695 increased in all except the Boston, Minneapolis, Increase (+) or deand Kansas City districts, while investment crease (—): Four weeks holdings declined in several of the districts. ending Oct. 21 +17 -38 +55 +1 +18 +17 i +25 Borrowings at the reserve banks increased in Year ending all except the Minneapolis district. Oct. 21 +252 +380 +123 I -259 -243 +82 j -57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 MONEY RATES ACCEPTANCES Money rates showed little change early in The acceptance market during the five-week October except for an increase in the weekly period ending October 21 was characterized by average renewal rate on call loans to slightly an increasing supply of bills with a moderate over 5 per cent. Later in the month firmer demand, which resulted in a growth of dealers7 conditions were evidenced by a slight rise in the portfolios. This was particularly true of the prevailing rate on prime commercial paper and New York market, for a more active demand in the yield on short-term Government se- was reported from Boston and Philadelphia, curities. The demand for commercial paper while the Chicago market continued dull on continued light and came chiefly from middle both the supply and demand sides. The western and New England banks; the supply increase in the total volume of bills in the increased slightly after the first week of market was attributed in part to seasonal in- October. Acceptance rates on the shorter crease of cotton bills and in part to firmer maturitiesli;were unchanged, although the monejr conditions. The only changes in bill volume of bills in the market and in the hands rates in New York were an increase of oneof the Federal reserve banks increased seasonal- eighth of 1 per cent in dealers7 rates on 120-day ly, but dealers raised their rates on 120 and 180 and longer maturities, and an increase in the day bills by one-eighth of 1 per cent at the New York Federal Reserve Bank's minimum end of September. Toward the end of October buying rate on bills of 45 days or shorter call rates were slightly lower than earlier in maturities from Zy% to 3Ji per cent. On the month, but the average renewal rate for October 22 rates were quoted in the New York October was \i per cent higher than for market as 3% per cent bid and 3J^ offered for September. The table below shows the money 30-day bills, 3J^ bid and 3% offered for 60-day rates prevailing in the New York market during bills, Sy 8 bid and Zy 2 offered for 90-day bills, the last three months. 3% and 3% offered for 120-day bills, and 4 bid and 3% per cent offered for five and six months' bills. MONEY RATES IN NEW YORK CAPITAL ISSUES c m o p P m a o c r 4 p i i n - m a m 6 e t l h r e e , s r- b 9 a a P a 0 c n n r c i c k d 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 s a o e s i c t n e b e , e t l s 4 t r d h e t - o s i d 6 - f - A y L 4 b i M v i e M c o b e l e n d e r p n a d r t o g t s y n e c R a r e a ll n t e e l o w o a n a n l s v m o o l D u n o m th m e e o s d f t u i c r t i h n s e g e y c A e u a r u r it g , i u e a s s s t h w t a h e s a r e n b e i i e s n n su a t e h n d e y i c p n a r s e e s c m e in d a i l n l t e h g r e month of August for each of the past five years. New issues amounted to $262,000,000 and August, 1925 4-4^ 13.01 4.19 September, 1925. _. 2 1 3 3 . . 0 3 0 3 4.62 refunding issu*es to $32,000,000, compared with October, 1925 3.53 4.02 4.87 a total of $530,000,000 in July, according to the Average for week ending— compilation of the Commercial and Financial Oct. 3_, 3.43 4.00 5.10 Chronicle; and there were only $34,000,000 of Oct. 10 3,56 4.00 5.05 Oct. 17 3.55 4.02 5.06 foreign flotations recorded by the Federal Oct. 24 3.54 4.02 4.50 Oct. 31.- _ 3.52 4.05 4.75 Reserve Bank of New York in August as compared with $178,000,000 in July and $49,000,- 1 Issues maturing Dec. 15,1925. 000 in August, 1924. Of the domestic securi- * Issues maturing Mar. 15, 1926. ties, both corporate and municipal issues were Following the reduction in the official dis- small, but the latter were larger than in the count rate of the Bank of England from 4J^ corresponding month of last year. Those of to 4 per cent on October 1, money rates in public utility corporations, amounting to $112,the London market declined to the lowest 000,000, exceeded the volume offered by this point since July, 1924, but later recovered group in July of this year or in August of any somewhat. The average rate on three-month of the last five years, the largest single corporate bank bills was 3^- per cent during the week issue being $25,000,000 debentures of the Interending October 2, but increased to 3^ VeT national Telephone & Telegraph Co. Railroad cent the third week in the month. Treasury and industrial offerings, however, were respecbills were tendered at that time at an average tively but one-third and one-half as large as rate of 3.74 per cent. those of July. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEB, 1925 FEDERAL RESERVE BULLETIN 787 The following table shows the domestic se- prices declined slightly, on the average, after curities issued in August, 1925, as compared the third week in September, but remained with those of the previous month and of August, somewhat above the August levels. The fol- 1924: lowing table gives indexes of stock prices com- ?uted by the Standard Statistics Co. of New DOMESTIC CAPITAL ISSUES "ork, the average prices of 40 bonds com- [In millions of dollars] puted by Dow, Jones & Co., and the average number of shares of stock sold daily on the August, 1925 July, 1925 August, 1924 New York Stock Exchange for the last six months. New fun R d e i - ng New fun R d e i - ng New fun R d e i - ng INDEX NUMBERS OP SECURITY PRICES Total corporate 185.6 29.3 305.1 74.7 157.0 92.9 Long - term b no o t n es ds and 123.6 19.1 179.8 32.2 88.9 Price indexes of—* Aver- A nu v m er b ag er e Short - term 115.1 age of shares bonds and price of stock notes 7.4 .4 18.9 8.6 7.6 201 in- 31 rail- Total, of 40 sold daily Stocks... 54.6 9.8 106.4 33.9 34.3 4.0 dustrial • road 232 bonds 2 (000 omit- Farm loan issues .5 3.0 6.0 1.0 stocks stocks stocks ted) * Municipal _. 76.1 3.2 129.4 12.2 107.3 .9 Total 262.2 32.5 437.5 92.9 265.3 93.8 Average for— , May, 1925 127.8 110.0 122.5 92.79 1,607 The volume of foreign securities offered in J J u u l n y e , , 1 1 9 9 2 2 5 5 _. _ _ 1 1 3 3 1 5 . . 0 0 1 1 1 0 1 9 . . 0 7 1 1 2 2 4 8 . . 7 1 9 9 2 3. . 1 5 4 0 1 1 , , 3 3 5 1 3 3 the United States in September was again August, 1925 136.0 114.3 129.7 91.70 1,458 September, 1925 139.9 115.8 132.9 92.19 1,711 large, amounting to $155,358,000, but $70,- October, 1925 145.8 116.2 137.2 92.17 2,302 000,000 of this total represented an issue of Average for week ending— Oct. 5 143.2 115.4 135.1 92.22 1,956 notes by the Canadian Government to refund Oct. 13 145.2 114.8 136.3 92.13 1,945 Oct. 19 144.2 116.8 136.2 92.11 2,413 an obligation previously floated in this coun- Oct. 26 _ _._ 150.5 117.9 141.0 92.23 2,455 try. Of the rest, $29,700,000 of bonds were offered by the Argentine Government, $19,- 1 For the industrial stocks, the average of 1917-1921 prices equals 100; 000,000 by the Central Bank of Agriculture of for the rails the average of the high and low prices made in the 10 years, 1913-1922, equals 100. The indexes are weighted by the number of shares Germany, and $15,000,000 by the Free State of each stock outstanding. Prices used are closing quotations on Monday. of Bavaria. 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 The prices of representative industrial shares, Friday preceding date given. as indicated by the index of 201 common stocks AGRICULTURAL CREDIT computed by the Standard Statistics Co., declined slightly during the last two weeks in In September the intermediate credit banks September from the high point reached in the closed direct loans amounting to $15,788,000, middle of the month, rose sharply during the or more than three times the direct loan exfirst two weeks in October to a new high point, tensions of August; rediscounts amounted to and again declined slightly. Meanwhile the $2,350,000, or 11 per cent less than rediscounts prices of railroad shares fell gradually until the in the preceding month. The banks at third week in October, when they advanced Baltimore, Columbia, New Orleans, and Berketo slightly higher levels than were reached at ley handled nearly 82 per cent of the direct their previous high point in August. The most loans, made in September to cooperative pronounced price rise in October occurred in marketing associations. The bank at Baltithe stocks of automobile and automobile ac- more extended $3,500,000, primarily on tobaccessory manufacturing companies, which, as a co. The loans by the banks at Columbia and group, maintained their high levels through New Orleans were based chiefly on cotton and the third week of the month. Various other totaled $8,143,000, while the advances of the groups, including chain stores, chemical, ma- bank at Berkeley exceeded $1,237,000, largely chine manufacturing, and mail-order companies, on fruit and vegetable products. As in August, made marked advances, followed by recessions the Houston Intermediate Credit Bank granted in price. The two weeks ending October 24 the banks a larger volume of rediscounts than were characterized by new records for stock- any other bank, about 35 per cent of the month's market activity, with average daily sales total, while the Spokane bank was second, with amounting to nearly 2 500 000 shares. Bond 19 per cent of the total. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 September was the first month since April NET FARM-MORTGAGE LOANS OUTSTANDING that direct loans exceeded those for the cor- [In thousands of dollars] responding period of last year. September was also the first month since March that I Sept. 30, Aug. 31, Sept. 30, 1925 1925 1924 direct loans have exceeded rediscounts. The weekly statement of October 10 showed that Total all joint-stock land banks.. 519,237 513,994 430,066 the combined figure for direct loans and Total 12 Federal land banks 985,160 905, 536 Life insurance companies 1, 510,000 1,432,779 rediscounts exceeded $70,725,000, a new high record, although both types of advances have at other times exceeded their respective AGRICULTURE figures of October 10. In the week ending Forecasts by the Department of Agriculture October 17 net rediscounts outstanding de- on the basis of crop conditions on October 1 creased about $900,000, while direct loans indicated considerable improvement during increased $800,000, making a net decline of September, and yields of most of the leading nearly $100,000 in the combined total of crops except wheat and tobacco were estimated rediscounts and direct loans from the high to be larger than a month earlier. Rains in the mark recorded the preceding week. As a regions of the drought in the Corn Belt, toresult of increased marketings early in October, gether with the absence of early frosts, resulted loans on tobacco were nearly $4,000,000 in considerable improvement in the prospects larger on October 17 than at the beginning of for the corn crop, and the expected yield is the month. approximately 2,918,000,000 bushels, as compared with a final harvest of 2,437,000,000 The following table shows the volume of bushels last year and 2,935,000,000 bushels, the direct loans outstanding on October 17, the average yield for the past five years. A total latest available date, as compared with a cotton crop of 15,226,000 bales, the third month and a year earlier, classified by comlargest yield on record, was estimated on the modities on which such loans were based. basis of the condition of the crop on October 18, The rediscounts outstanding on the same dates and the yield per acre is expected to be considare also given and are classified by the types erably larger than last year. Further improveof rediscounting institutions. ment in the condition of ranges and livestock INTERMEDIATE CREDIT BANKS was evident in September, and the average fin thousands of dollars] condition of all western ranges and livestock was considerably higher than a year ago. Oct. 17, Sept. 19, Oct. 18, Prior to September marketing of this year's 1925 1925 1924 crops was in considerably smaller volume than in 1924, but receipts of cotton, vegetables, Direct loans outstanding on- Cotton 14,059 3,299 9,520 fruits, and tobacco increased rapidly in Sep- Tobacco -.- 19,479 16,222 18,107 Wheat 2,971 1,874 2,383 tember, and the aggregate volume of all agri- Canned fruits and vegetables. 2,257 2,069 1,060 cultural products was 45 per cent larger than in Raisins 1,800 2,400 4,500 Prunes 500 August and about the same as in September, Peanuts 146 148 Wool.... 1,750 1,818 379 1924. Exports of agricultural products, as Rice measured by the Department of Agriculture's All other ...— 95 "257 combined index, increased 56 percent in Septem- Total. 42, 551 27,925 ber. As compared with September of last year, Rediscounts outstanding for— agricultural exports were 19 per cent smaller. Agricultural credit corporations 18,234 21,096 11,880 National banks 24 3 32 The chart shows the exports of agricultural State banks 468 536 1,073 Livestock loan companies 9,272 10,151 7,021 products since 1922. Savings banks and trust companies. 82 82 310 Farm prices, as measured by the Depart- Total. 28, 080 31,869 20,316 ment of Agriculture's index of prices at country markets, were slightly lower in October Below is given a table which shows the net than in September, but they continued about mortgage loans outstanding by the 12 Federal 4 per cent higher than in October of last year. land banks, the joint-stock land banks, and Prices of fruits and vegetables, and dairy and the farm-mortgage holdings of 41 life-insur- poultry products advanced in October, while ance companies which own more than 82 per those of grains, livestock, and cotton declined. cent of the assets of all life insurance com- As compared with a year ago, nearly all groups panies: except grains and cotton were higher. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 192I3 FEDERAL RESERVE BULLETIN 789 PER CENT CENT By the close of the third week in October 250! EXPORTS OF AGRICULTURAL PRODUCTS 250 wheat prices showed considerable recovery ( JULY 1909-JUNE 191^100 ) from the declines which began in the latter 200 part of September. Futures were still lower than last year, but cash wheat prices were much more stable and were at considerable 150 premiums over futures. Prices in the United States were higher than those prevailing in foreign markets, and local market conditions 100 were the principal factors in the market. Cotton* Estimates by the Department of Agriculture based on the condition of the cotton crop on October 18 indicated a final yield of 15,226,000 1922-23 1923-24 1924- -'25 bales, the third largest crop in the history of ^Grains. American cotton-growing industry. A total of According to the October crop report the pre- 46,448,000 acres was planted, but 2,217,000 liminary estimate of spring wheat was 282,000,acres were estimated to have been abandoned, 000 bushels, which was 1,000,000 bushels less leaving a total of 44,231,000 acres to be harthan last year's yield, and the total production vested, as compared with 40,115,000 acres of all wheat was estimated at 697,000,000 harvested last year. Picking and ginning conbushels, about 80 per cent of last year's final tinued at a rapid rate during the early weeks harvest. The indicated yield of corn increased of October, and a total of 9,520,000 bales was 33,000,000 bushels and the crop was expected ginned prior to October 18, compared with to be 20 per cent larger than last year, though 7,616,000 bales for the same period last year. somewhat less than the 1920-1924 average. Rains early in October delayed picking some- According to the Department of Agriculture what and damaged the cotton in the fields, but the intended seeding of winter wheat was 9.7 they also relieved the drought and resulted in J>er cent greater than last autumn. Reports considerable improvement in the growing crop. rom the winter-wheat belt indicate that in- Early maturity and harvesting has been folclement weather had prevented plowing and lowed by larger domestic marketings and exseeding in some sections and that the acreage ports than in 1924. Total receipts at leading may be smaller than the earlier reports indisouthern markets for the season to October 16 cated.. The wheat which was sown early was were 25 per cent larger than for the same germinating well. In many sections this early period last year, takings by domestic and Canasown winter wheat was up with a good stand dian spinners were 15 per cent larger, and and was in excellent condition. exports were approximately 1,696,000 bales, as Receipts of wheat at interior markets were compared with 1,508,000 bales in 1924. Fol- 29 per cent larger than in August, but were con- lowing more definite information early in Octosiderably smaller than in September of last ber of a final yield larger than earlier expectayear, as were also receipts from the beginning tions, the price of cotton, as indicated by the of the crop year. During the week ending quotations on spot cotton, middling grade, at October 17 a considerable quantity of Canadian the New Orleans market, declined rapidly and wheat which had paid the duty of 42 cents per fluctuated near 20 cents a pound during the bushel was received at Minneapolis. The fol- two weeks ending October 23. Qn October 26, lowing table shows the receipts, exports, and following the Government's estimate, the price imports for September, for three months ending of cotton declined below 20 cents and reached with September, and for similar periods last the lowest point in recent years. Further deyear: clines occurred during the last day of the month WHEAT MOVEMENTS 1 and on October 31 spot cotton at New Orleans [In thousands of bushels] closed at 18.05 cents a pound. Tobacco. Septem- Septem- July 1 to July 1 to ber, 1925 ber, 1924 Se 1 p 9 t 2 . 5 30, Se 1 p 9 t 2 . 4 30, Estimates by the Department of Agriculture at the beginning of October indicated a slightly smaller yield of tobacco than was expected a Receipts 58,891 83,148 147,225 226,309 Exports- 12,992 39,246 37,601 67,952 month earlier and, as compared with the average Imports. 1,372 311 2,661 1,752 harvest of the past five years, production is ex- 1 Export and import wheat includes flour in terms of wheat. pected to be 8 per cent smaller. Reductions in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 the total expected production this year from the October 10 were considerably larger than final harvest in 1924 are due principally to smaller during the same period last year. In Virginia yields in Kentucky and Virginia, where the and West Virginia the apple crop has been crops are 15 per cent and 23 per cent smaller, disappointing in most districts, due primarily respectively. Marketing of the early harvested to the small size and the poor color of the apples. crop in Georgia and South Carolina proceeded The outlook for the crop in New York, Michirapidly in September and by the end of the gan, and the Pacific Coast States improved month many markets in those States had during the month, but in the Ozark region of closed. In North Carolina marketing in- Missouri and Arkansas hot weather materially creased rapidly and total sales were 31 per damaged the crop and the total production cent larger than in September, 1924, though is slightly smaller than was expected at the the quality of the crop averaged lower than beginning of September. early season expectations and prices were some- Prices have shown remarkable stability in what lower than in the corresponding month of a year of large supplies. Most leading fruits last year. Harvesting proceeded rapidly in the and produce are selling at prices that are St. Louis Federal reserve district, and the types higher than last season, and further advances that were cut early because of the drought were have been noted in recent weeks. In Septemcuring satisfactorily. ber apple prices were about the same as In the tobacco manufacturing industries the quotations of a year earlier, but during the output of all products was larger in September first half of October they began to advance. than in August, but all products except ciga- Potato prices in September were nearly twice rettes were manufactured in smaller volume as high as last year, and after the October crop than in September of last year. Production of report confirmed earlier estimates of a very small cigarettes continued in exceptionally large light crop they advanced rapidly. Prices of volume, exceeding all previous months except most all other vegetables were higher than last July, 1925. Cigar manufacturers in the Phila- year. delphia Federal reserve district operated plants at an average rate of about 70 per cent Livestock. of capacity in September. The demand for Western ranges improved during September, cigars was somewhat larger than in the pre- especially in the Dallas Federal reserve district vious month and the corresponding month last and in Oklahoma, where rains during the latter year. half of the month were very beneficial. A report from the Department of Agriculture Fruits and vegetables. states that there appeared to be sufficient hay Yields of fruits and vegetables, as forecast and feed to meet the needs during the coming by the October crop report, showed but little winter. Cattle generally reflected the improved variation from those of the preceding month. condition of the ranges and in the Southwest White potatoes were estimated at 344,000,000 showed marked improvement. Because of the bushels, which is the smallest crop since 1919, excellent range conditions during the greater and production of sweet potatoes was expected part of the past summer in most of the range to be 22 per cent below the 1920-1924 average. States, cattle at the beginning of October The commercial apple crop was estimated to were generally in good condition, and reports be slightly below the average of the past five indicated that there has been some restocking years, while that of pears, peaches, and grapes where financing could be obtained. Sheep, like was somewhat larger than the five-year average. cattle, were in excellent condition at the Early maturity and good demand favored beginning of October, with those in the southearly marketing of fruits and vegetables, and western States showing much improvement. supplies of these crops increased rapidly at Lambs were somewhat heavier than usual and leading markets throughout September and were being marketed "grass fat" rather than early weeks of October. White potatoes moving as feeders. moved to market in 11 per cent larger volume The movement of western cattle to market in September than in the same month last was earlier this year than usual, August year, though total shipments from the begin- receipts having been 18 per cent larger than in ning of the season to October 10 were 6 per the previous year. September receipts, concent less than for the same period last year. trary to usual developments, were smaller than Car-lot shipments of grapes were 32 per cent in August, and were also smaller than in Septemgreater than a year ago, California furnishing ber, 1924. Sheep and hogs displayed the usual about 95 per cent of the total, and apple ship- seasonal increase in September over August, ments from the beginning of the season to but were considerably smaller than in Sep- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL, RESERVE BULLETIN 791 tember a year ago. The following table shows York was 6 cents a pound during the six weeks the movement of the three classes of meat period, and on October 16 the wholesale price animals to market. The usual seasonal move- was quoted at 53 cents a pound. This price ment of feeders and stockers occurred, though was 13 cents a pound higher than the one reshipments were smaller than for the corre- quoted for the same date the preceding year. sponding period last year. Despite higher prices, consumptive demand has continued large. RECEIPTS OF LIVESTOCK MINING [In thousands] Coal and coke. Increased activity characterized the markets , Septem- I August, Septem- for bituminous coal and coke during the last ! ber, 1925 | 1925 ber, 1924 part of September and the first half of October, while production of anthracite continued in Cattle and calves. 2,157 | 2,245 2,566 Hogs.- 2,741 i 2,549 3,216 suspension as a result of the strike which Sheep 2,627 2,064 3,027 began September 1. In contrast to the first three weeks of anthracite suspension, when Prices of all meat animals declined during the prices for bituminous rose rapidly, during the month of September and the early part of succeeding four weeks prices fell off somewhat October, though on October 16 they were still and then stabilized, the Coal Age index of considerably above last year's prices. The spot prices for bituminous coal standing at largest decline occurred in the price of hogs $2.13 on October 19, as compared with $2.24 and amounted to $2 per hundred pounds, a at the peak on September 21. Production of part of which was recovered near the middle bituminous in September was 46,817,000 net of October. Declines in the price of cattle and tons, the highest monthly output since Janusheep were considerably less than for hogs, and ary and the highest September total since 1920. on October 16 they were 15 per cent and 31 During the first part of October production per cent higher, respectively, than a year ago. continued to increase, average output per Dairy products. working day reaching 1,949,000 net tons dur- Favorable weather improved forage condi- ing the week ending October 10, as compared tions during September. The hay crop esti- with 1,850,000 net tons for the week ending mate was increased about 4,500,000 tons, ac- September 12. Total 1925 production of cording to the October crop report, although it bituminous on October 10 was 383,050,000 net was still 12 per cent smaller than the 1924 crop. tons, 6 per cent over the corresponding output Pastures, though considerably improved, were, during 1924, but 15 per cent under that for 1923. as compared with other years, in very poor Production of anthracite was at a standstill condition. during September and October, and prices r©se Production of butter, as indicated by receipts somewhat as the suspension continued. Total at five principal markets, in September showed 1925 anthracite production on October 10 was the usual seasonal decline from August, but 61,693,000 net tons, 123^ per cent under the was considerably larger than for any Septem- corresponding output in 1924. ber of recent years except 1924. Movement Accompanying increased activity in iron and of butter from storage began during September steel, output of coke advanced during Septemand was heavier than last year. Cold-storage ber to 3,927,000 short tons, the highest since holdings of butter decreased 11 per cent dur- May of this year and 28 per cent above Septeming the month and were 114,167,000 pounds on ber, 1924. The increase over August amounted October 1, as compared with 153,271,000 to 163,000 short tons, of which 144,000 was pounds on the same date the preceding year. contributed by increased output of beehive. Cheese receipts declined seasonally from During the first part of October coke wras August, but were the largest for any September reported in increased demand as a substitute for which records are available. Cold-storage for anthracite, and production of beehive holdings of American cream cheese were the continued to increase, output for the week largest ever recorded. This was the first time ending October 10 totaling 193,000 net tons, as for which figures are available that such hold- compared with 169,000 net tons during the ings increased during September over August. week ending September 12 and 123,000 net During September and the early weeks of tons four weeks earlier. Coke prices rose October prices of cheese and butter showed further during the period, and Connellsville advances. Those of cheese were very moderate, coke on October 23 was quoted at $7.50 a ton, while the increase on 92-score butter at New as compared with $3.50 a month earlier. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDEBAL, RESERVE BULLETIN NOVEMBER, 1925 Petroleum. ing the period at the higher figure. Statistics of Production of crude petroleum declined copper stocks at the end of September showed steadily in September, and for the week a new post-war low for refined metal that was ending October 24 the daily average output balanced by an increase in blister, leaving total was the smallest since the middle of April. stocks in the hands of refineries at about the Total production in September declined to same figure as on August 31. Production of 64,907,000 barrels, the smallest monthly copper in the United States during September volume since April. Declines occurred in was 134,786,000 pounds, the lowest since almost all fields in September and early September, 1924. Lead was quoted at 9J^ in October, though the greatest were in Cali- cents in New York on October 14, a price which fornia, where the daily average output declined had prevailed with practically no variation from 673,000 barrels for the week ending during the preceding eight weeks, and lead September 5 to 652,000 barrels for the week output in the United States during September ending October 24. Stocks were reduced fur- was at about the same daily rate as in August. ther in August and at the end of the month were Production of zinc during September was in smaller than at the end of any month since about the same volume as in the two preceding March, 1924. Notwithstanding the falling months, but shipments of slab zinc from reoff in production and the reduction in stocks, fineries were the largest since last December, prices, according to the Oil, Paint, and Drug with the result that stocks declined to 11,796 Reporter's weekly average price, declined tons, the lowest since April, 1923, and prices from $2.03 a barrel in the middle of August continued the rise that characterized the preto $1.52 a barrel in October. ceding period to 834 cents on October 14, as Production of gasoline and lubricating oil compared with 1% cents on September 16. increased in August, and the output of gasoline The silver market was quiet over the period, reached a record of 972,689,000 gallons, while with some demand reported in India, and the output of lubricating oil exceeded China reported as alternating between a buy- 112,000,000 gallons, the second largest volume ing and selling position. Quotations for bar on record. Heavy shipments of gasoline from silver in New York fluctuated between 70% California via the Panama Canal to the and 72 cents, closing the period at 7134 cents r Atlantic seaboard markets resulted in further as compared with 70% cents four weeks earlier. reductions in gasoline prices, which in Deliveries of tin in the United States during September averaged at three refineries 12 September were slightly under August and cents a gallon, as compared with 13.5 cents in stocks in New York at the end of the month August and 9.8 cents a year earlier. Stocks fell off to the lowest point since June. Quotaof gasoline, kerosene, and lubricating oils tions for tin, after displaying some weakness were lower at the end of August than in July during the third week of September, began a. and gasoline stocks were the lowest since sustained advance toward the close of the January. Although the decline in gasoline month that continued during the first half, of stocks during the summer months was due October. On October 14 straits tin was quoted to seasonal factors, the decline this year from at 62 y> cents, as compared with 59 cents" on the end of May to the end of August was less September 16, and 2 cents over the previous than that which occurred last year during the high for the year reached on January 3. same period. Consumption of gasoline was exceptionally heavy this year, but production MANUFACTURING Food products. also increased rapidly, and stocks were not There was more than the usual seasonal relied upon to meet the deficiency to the same extent as in 1924. increase in flour production in September in nearly all Federal reserve districts except the Nonferrous metals. Chicago district, but production was generally With the exception of copperj^and silver, under that of September of last year. The markets for nonferrous metals were active production in September was 13,700,000 during the four weeks ending October 14, and barrels, as compared with 10,196,000 barrels prices for tin and zinc reached new highs for for August and 13,795,000 barrels for the the year on that date.. The market for copper, previous September. Since the first of Octoon the other hand, showed no sustained move- ber, however, production has declined, and ment in either direction and the price of refined the steadier position of wheat has not been acelectrolytic copper delivered at New York companied by a substantial increase in buying. fluctuated between 14^ and 14% cents, clos- With the exception of May, 1925, the exports Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 793 of wheat flour were the smallest for any month 1924. Foreign demand, as well as domestic since July, 1924. Very little flour was going buying, improved in September, and the value to Europe, Latin America and the Orient of exports was larger than in the previous having taken most of that shipped. month or in the same month of last year, Flour advanced with the recent recovery in although the physical quantity of exports was wheat, and on October 23 standard patents larger in September, 1924, than in September at Minneapolis were $8/40 a barrel, 20 cents of this year. higher than the preceding month and 45 cents Textiles. above the quotations of a year ago. Textile industries have in general been more As a consequence of increased supplies and active in recent weeks than during the summer. prospects of a larger world production of Demand has been fairly steady, manufacturing sugar in 1925-26, prices of sugar declined to operations have been increased, and prices new low levels in September, and since early in have been firm. The greatest improvement October quotations for duty-paid raw sugar has probably been in the woolen and worsted have been less than 4 cents per pound, and industry; cotton goods have also shown greater shortly after the 20th they declined to the activity; and the silk industry has continued lowest price since January, 1922. Refined at the high level noted for several months. sugar followed raws and was quoted around Demand for cotton goods and yarns was 5 cents per pound. All commitments were affected by weakness in raw-cotton prices for immediate needs. Meltings in September during September and October, but, considerwere the smallest since February of this year ing this disturbing influence, buying continued and were 15 per cent smaller than in September fairly steady. Manufacturing activity inof last year. Stocks, principally at refineries, creased in nearly all important States in showed similar decreases and were smaller September from the low point reached in at the close of September than for any similar August, although reports indicate that operadate during the last six months. tions have been somewhat limited in the Slaughterings under Federal inspection in- Carolinas, owing to power scarcity caused by creased about 5 per cent in September over drought. The number of spindle hours active August, gains being registered in all types of during September was greater than during animals except calves. There was a decrease August in all important States except North in slaughterings of 6 per cent when compared Carolina, New Hampshire, and Connecticut, with September, 1924, the decrease occurring in and consumption increased in all except New hogs and sheep. Stocks of all meats in cold stor- New Hampsnire and Maine. Consumption by age were seasonally low, but were especially so all the mills in the country was greater than in in pork products, as the following chart shows. September of 1920 and 1924, but has been ex- THOUSANDS OF POUNDS THOUSANDS OF POUNDS ceeded slightly by figures for that month of all 1200 1200 other years since 1914. Owing to lower rawcotton prices, quotations on cotton goods and 1000 1000 yarns declined in October, and the Fairchild indexes, which on October 3 were the highest 800 since last spring, declined slightly in the three weeks following. The declines in the goods and yarn indexes, however, have not been as eoo great as in the raw-cotton indexes, which about the middle of October fell to the lowest 400 - point since 1922. Finishers of cotton fabrics reported an increase of orders in September to the largest total since last March. Billings 200 and shipments also showed substantial increases. 1922 1923 192** 1925 Stronger raw-wool markets, with advancing On July 1 pork and lard stocks were the prices, steady buying of woolen and worsted largest in recent years, while on October 1 goods, and increased manufacturing activity they were the smallest on record for that date have been outstanding factors affecting the since 1917. wool industry in recent weeks. Manufactur- Sales of meats increased in September and ing operations increased in September for the were 12 per cent larger than in September, second successive month, and preliminary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL RESERVE BULLETIN NOVEMBER, 1025 reports indicate that mill consumption of raw ber data for the Philadelphia and Atlanta wool was the largest since March. The in- districts indicate an increase in orders, produccrease has been particularly noticeable recently tion, and shipments of men's and women's in ^worsted spindles, which were nearly 71 hosiery, but the output of boys' and misses' per cent active in September, as compared hosiery by mills in the Atlanta district dewith a low point of 53 per cent in June and creased. Production of summer underwear with 67 per cent in September, 1924.1 Woolen showed a seasonal increase in September, and spindles were 82 per cent active, but have the output of winter garments also increased shown little increase recently and were less slightly. active than a year ago. Loom activity in- Iron and steel. creased and was greater than last year. Improvement in the iron and steel industry Manufacturers report an active demand for during September and October was evidenced staple goods, both for spring and fpr immeby increases in orders, production, and prices. diate ^delivery. There has been a large rush Buying of various iron and steel products has call for blue cheviots in men's wear. Worsteds grown larger, and in September for the first have been decidedly in best demand. Rawtime since February unfilled orders of the wool markets have been fairly active recently, United States Steel Corporation increased. reflecting greater strength abroad. The Fair- Daily average production of pig iron equaled child index of domestic wool prices, which 90,873 tons and of steel ingots equaled 134,342 declined from the middle of July to the end tons in September, as compared with July of September, advanced for three successive figures, the smallest of the year, of 85,936 tons weeks in October. Wool imports totaled and 118,753 tons, respectively. Output was 18,948,156 pounds in September and since greater than in September, 1924, but the in- April have been larger than in the correspondcrease from the low point was not as great this ing months of 1924, but the amount of wool year as last. There was an increase from 192 in bond in Massachusetts showed a steady and furnaces in blast on September 1 to 200 on large decline in each month from May 31 to October 1. During October reports indicate September 30. further increases in operations of steel mills. Demand for silk and silk goods has been Prices have been firmer and many producers rather large, continuing the great activity have advanced quotations on pig iron by 50 noted in this industry for several months. cents to $1 a ton. Coke prices were also Silk goods have been bought in substantial rather considerably raised in October; Conamounts at steady prices. Manufacturing nellsville coke1 for prompt delivery was quoted operations have continued large, with broad- at $7.50 on October 20 as compared with $3.75silk looms at about 90 per cent of single-shift '$4.25 a month earlier. The Iron Age index of capacity. Spindles are running at more than pig-iron prices rose steadily from $19.13 in the the one-shift capacity. Deliveries of raw silk week of September 8 to $19.88 in the week of to mills in September totaled 41,684 bales, October 20. A few increases in prices of steel slightly less than in the longer months of products have been made. Late in October July and August, but large as compared with automobile body sheets were advanced about previous months. Imports increased consider- $3 a ton. ably, totaling 7,632,820 pounds, the largest Railroads have entered the steel market and figure for any month in the postwar period. with increased orders for cars, locomotives, As a consequence of the excess of imports and rails have reenforced the continuing large over mill takings, warehouse stocks increased demand from construction and automobile in- -considerably. Raw-silk prices fluctuated dustries. Railroad car orders in September slightly during October at around the highest were larger than in any other month this year, levels reached since early in 1924. but were still small relative to those of Septem- Knit-goods industries have also noted rather ber, 1924. Car awards in the first part of active business in recent weeks. Orders for fall October also were rather numerous. Buying and winter goods have been satisfactory, and of rails has been the most active feature of jeports indicate seasonal increases in produc- railroad purchasing, many of the large roads tion. Women's full-fashioned silk hosiery has have placed substantial orders, and new incontinued in good request. Manufacturers quiries are frequent. Building activity was have advanced prices on full-fashioned silk reflected in the maintenance oi bookings and hosiery 50 cents a dozen. Preliminary Septem- shipments of fabricated structural steel at high Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL KESEBVE BULLETIN 795 levels. Sales of sheets, which were rather price advances of from 10 to 20 per cent. small in July and August, increased consider- Shipments of tires were considerably smaller in ably in September; at the same time unfilled August and September than in the spring and orders were increased to the greatest total summer months; production was rather well since March, and production was the largest maintained, however, and manufacturers7 since January. All items except stocks con- stocks have increased considerably from the tinued considerably greater than in the corre- low point at the end of July. sponding period of last year. Lumber. Automobiles and tires. As has been true for several months past, Automobile factories continued busy during lumber cut continued in September to run in September and the first part of October, larger volume this year than last, an inconsidproducing cars largely to supply current deerable decrease in production being shown by remand. Sales likewise were fairly well main- ports to the National Manufacturers7 Association tained at high levels. Production of passenger for September as compared with August. Softcars in the United States increased from 214,383 wood production in September exceeded both in August to 262,036 in September. Although shipments (by 1.8 per cent) and orders (by 6.4 the September figure is slightly larger than per cent), and for the 42 weeks of this year endthat of September, 1924, it is rather small as ing October 17 aggregate production of softcompared with the spring and summer months woods slightly exceeded shipments (by 1.7 per of this year, and apparently the drastic curcent). For hardwoods, shipments and orders tailment of output caused by model changes in in September, as in August, exceeded produc- August continued partly into September. tion. Although in the aggregate softwood pro- Reports indicate that many companies had duction exceeded shipments in September, record outputs in September. A new daily shipments of Douglas fir, as reported for 104 maximum output was reported for the Ford mills of the West Coast Lumbermen7s Associa- Motor Co. about the middle of October. tion, and shipments of Southern pine, as re- Production of trucks totaled 57,883 in Sepported for 169 mills of the Southern Pine Assotember, as compared with 46,247 last April, ciation, exceeded production. These two assopreviously the maximum output on record. ciations report approximately seven-tenths of Manufacturers7 sales in September were the reported softwood output. Of the seven also very large. Those of the General Motors other reporting associations; four report for Co. to their dealers totaled 88,379, a new September production in excess of shipments monthly record. Dealers7 sales to users were and three shipments in excess of production. nearly as great, 83,612, but were not equal to # sales during last April and May. Internal Hides, leather, and shoes. revenue taxes paid on automobile and motor- Shoe sales have been rather large in recent cycle sales in September totaled $11,800,416, weeks, and hide markets have been active, as compared with $12,333,000 in July, the maxi- but the demand for leather has been only fair. mum monthly collections recorded, and $9,278,- Sales of hides and skins on Chicago markets 014, in September, 1924. Reports from cer- in September were fairly large and prices tain middle western dealers to the Chicago remained steady. Raw stocks of cattle hides Federal Reserve Bank showed a decrease in at the end of August were the smallest since sales in September as compared with August, the records began in 1920; stocks of calf and and as compared with September of last year a goat and kid skins, on the other hand, were decrease in retail sales but a substantial increase the largest since 1923. in those of wholesalers. Exports of automobiles Production of sole leather was smaller in totaled 22,822 in September, as compared with September than in any month since June, 33,244 in August. Exports for the first nine 1924. Stocks in process also decreased conmonths of this year totaled 218,212 cars. The siderably, and tanners7 finished stocks, which total for the entire 12 months of 1924 was have been steadily increasing since February, 178,883, the largest figure for any year. were reduced. August figures, the latest avail- Crude-rubber prices advanced further in able, showed smaller finished stocks of all October, again rising to over $1 a pound. upper leathers, in most cases the smallest on September imports totaled 59,061,732 pounds, record, and increased production of all except much less than in any month since February, calf and kip leather. Offal has been in good and slightly smaller than in September a year demand and has advanced in price. Prices ago. In October tire producers announced of other leathers have not changed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 Buying of boots and shoes continues large. Preliminary figures indicate that September Percentage change production will exceed that of September in a<ny of the three preceding years. Sales of Region c S o e m p p te a m re b d e r, w i 1 t 9 h 2 — 5, Year to shoes by wholesalers increased in September October 1, 1925, and for the fourth consecutive month were August, Septem- c w o i m th p a 1 r 9 e 2 d 4 larger than in the corresponding month of 1925 ber, 1924 1924. Chain shoe stores also had larger sales than a year ago, and sales of women's shoes in New England -3 +57 +37 New York State and northern New Jerreporting department stores showed a similar sey _ -37 +56 +8 increase. M So i u d t d h l e e a s A te tl r a n n t S i t c a t S e t s ates + — 23 7 0 + ) 84 + + 2 2 0 6 Pittsburgh district -14 +36 +58 BUILDING T T h h e e N Ce o n rt t h ra w l e W st est + + 2 2 8 3 + + 1 5 0 0 0 + + 4 1 4 1 Texas _ -16 +43 (2) While cost values of building and engineering contracts awarded during August and Septem- 1 Practically equal in amount. 1 Data not available. ber indicated that the volume of construction being bought under new contracts during these In each of these several areas, excepting New months was decreasing nearly in proportion to England and the Pittsburgh district, estimated the usual seasonal trend, the decrease over the cost of construction for " contemplated new month of approximately 7 per cent was upon a work," as reported to the F. W. bodge Co., record large volume of construction. Adjusted exceeded the value of contracts awarded in for seasonal variation, the Federal Reserve September. Board's index, figured on cost values of con- A similar seasonal trend of building activity tracts awarded in 1919 as 100, stood at 224 in is indicated in the reports covering permits September, or practically at the very high level issued in 168 selected cities. Although, as of the preceding month. In May the index compared with the August reports for these stood at 151. It advanced to 171 in June cities, a somewhat larger number of permits and to 189 in July. On a cost-value basis, were issued in September, the valuation put September awards this year of $566,000,000 upon these permits was 9 per cent under the in 11 Federal reserve districts ran above 1924 August total. In each of the preceding six by $209,000,000, or 59 per cent. months of this year, March to August, inclu- Of the total value of awards for all classes of sive, permits issued covered larger aggregate construction, the value of awards for residen- valuations. Nevertheless, the September valtial building constituted 45 per cent, the Sep- uation ran above that for September of last tember total of $256,000,000 being 72 per cent year by 32 per cent, and in the selected cities above last year's total. Larger values for resi- of each Federal reserve district, excepting the dential awards were reported this year in each Philadelphia, Chicago, and San Francisco disof the 11 Federal reserve districts for which tricts, permits were issued for a greater aggredata are compiled. gate value this year. It is noted oy the American Contractor that Compilations by S. W. Straus & Co., coyerreports to the F. W. Dodge Co. of contracts ing valuations of permits issued in 369 cities, awarded during the first nine months of 1925 give an aggregate value in excess of $3,300,indicate that the value of construction started 000,000 for permits issued this year to October in this period exceeded total awards during the 1, a value 17 per cent in excess of last year's 12 months of 1924 in three of the seven regions total, the gain for the month of September, for which totals are compiled. These regions 1925 over 1924, amounting to 38 per cent. include the New England States as a group; For New York City a total valuation of the Pittsburgh district, comprising western $738,000,000 is reported for permits issued to Pennsylvania, West Virginia, Ohio, and Ken- October 1, the gain over 1924 amounting to 11 tucky; and the Central West, comprising per cent, and the September-September gain Illinois, Indiana, Iowa, Wisconsin, Michigan, to 91 per cent. Missouri, Kansas, Oklahoma, and Nebraska. The physical volume of building and engi- Compilations given by the American Con- neering activities covered under new contracts tractor show percentage changes for cost values in 27 northeastern States, according to compilaof contracts awarded in these several regions tions of the F. W. Dodge Co., also show and in Texas as follows: a seasonal decline over the month from August Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL. RESERVE BULLETIN 797 to September (of 7 per cent) and a volume of tions by the Bureau of Railway Economics building largely in excess of last year—square show for the year to October 10 total car loadfeet contracted for in September of this year ings for all classes of freight combined 14 per being 66 per cent above 1924. Residential cent above the six-year average. In this period building contracted for in these States fell off loadings of forest products and of manufacfrom 46,000,000 feet in August to 38,000,000 tured products have run 20 per cent above the feet in September, the corresponding figures for six-year average, loadings of coal and coke 3 September, 1924, being 24,000,000 feet. Con- per cent, and loadings of grain and grain prodtrary to the general seasonal trend the volume ucts 0.4 per cent. of industrial building increased in September Freight-car surplus declined from 238,000 from 4,200,000 feet in August to 7,700,000 feet cars for the first quarter of August to 147,000 in September, being more than double last cars for the first quarter of September. The year's total of 3,200,000 feet. surplus increased in the second quarter of Sep- Reports to the National Association of Real tember and fell off in each succeeding quarter Estate Boards of transfers and conveyances of to 136,000 cars in the first quarter of October. real estate in September in 41 centers indicate Total operating revenues of Class I railways " a continuance through that month of the high in August were 9.2 per cent and operating exdegree of activity which characterized August." penses 4.1 per cent above the corresponding Material and labor costs, as compiled by the totals for 1924, the increase in net operating American Appraisal Co., for wood frame and income for the month amounting to 23.5 per reinforced concrete construction tended slightly cent. The operating ratio (percentage of exupward in September (by only a fraction of 1 per penses to revenue) in August was 70.02 per cent), and costs for steel frame with brick cent, and for the eight months ended August construction slightly downward. The Bureau 31, 75.78 per cent, the corresponding figures of Labor Statistics index for wholesale prices of for 1924 being 73.48 and 78.13 per cent. building materials advanced from 172.4 in Rate of return earned in August on the in- August to 174.1 in September. vestment of the carriers, as shown by their books, was equivalent to an annual rate of TRANSPORTATION 4.65 per cent, the rate earned by carriers in the eastern district being 5.22 per cent, in the Measured in car loadings, freight continued southern district 5.86 per cent, and in the to move during September in nearly the same western district 3.62 per cent. volume as in August—increases for livestock, coke, and merchandise offsetting decreases for TRADE grain and grain products, coal, forest products, Wholesale trade. and ore. Loadings increased in September Sales in all leading lines of wholesale trade over August in each district for which totals increased in September and the total volume of are compiled except in the eastern and Alle- trade, as measured by the Federal Reserve gheny districts, although the net increase for Board's combined index of wholesale trade, all districts combined was less than the usual was 9 per cent larger than in August. Wholeseasonal change, as shown by the Federal Re- sale trade usually increases in September as serve Board index. Comparing September this retailers begin to build up their stocks in anyear with September of 1924, increases are ticipation of autumn trade, but the increase shown for each district except the Central West this year between August and September was and the Southwest. Coal loadings fell off by greater than that which usually occurs. Sales 110,000 cars—from 853,000 cars in August to of groceries, shoes, hardware, and drugs in- 743,000 in September—very little anthracite creased more than 10 per cent in September, moving either in revenue or nonrevenue load- while those of meats and dry goods were about ings. Merchandise loadings, including less 5 per cent larger. Sales of all leading lines than carload freight, increased by 126,000 except dry goods were larger than in August cars—from 2,831,000 to 2,951,000 cars. As in in nearly all Federal reserve districts. each preceding month of this year, excepting Compared with September of last year, February, for which comparison is affected by sales were 3 per cent larger and were in the the extra day last year, total loadings in Sep- largest September volume since 1920. Sales tember for all classes of freight combined ex- in all leading lines except dry goods were larger ceeded loadings in 1924, although loadings of than in 1924, but meat and shoe sales showed the grain and grain products, livestock, and coal largest increases. Sales of drugs were larger in were in smaller volume this year. Compila- all districts except New York, and hardware Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 sales were larger in all districts except Phila- and skirts, waists, and blouses, and gloves were delphia, Cleveland, Richmond, Chicago, and substantially smaller than in September, 1924. Dallas, the most substantial increase being Total value of merchandise stocks at departin the Atlanta district. Agricultural-imple- ment stores increased further in September and ments sales continued to be much larger than were larger than at the end of September, 1924. in 1924, although they were smaller in the Departments carrying domestics, toilet articles Minneapolis and Dallas Federal reserve dis- and drugs, furs, women's and children's hose, tricts. infants' wear, and luggage reported stocks more As a consequence of increased sales in Sep- than 7 per cent larger than last year, and those tember, stocks of merchandise at wholesale selling ribbons, women's suits, skirts, waists, firms, as measured in dollar values, showed a and blouses reported the greatest decreases. further reduction and were smaller at the end For the nine months ending September, of the month than for any previous month department store stocks were turned over 2.36 this year. Stocks of all leading lines except times, as compared with 2.30 times during the groceries were smaller, those of meats, dry corresponding period in 1924. Goods moved foods, and drugs showing the largest declines. faster in all Federal reserve districts except LS compared with a year ago, stocks of dry New York and Philadelphia, where the rate of goods, shoes, and hardware were smaller in turnover was slightly less. Since sales and value, while those of groceries, meats, and stocks in September increased in about the drugs were larger. Accounts receivable at same proportion, as compared with September wholesale firms, as indicated by all districts last year, the ra-te of stock turnover for the reporting, were larger at the end of September month was practically the same as last year. than in August. Compared with a year ago, EMPLOYMENT accounts outstanding at shoe and drug firms were larger but those at grocery, dry goods, Employment in industrial establishments and hardware firms were smaller. increased during September for the second consecutive month and likewise continued at Retail trade. higher levels than a year ago. Because of the Trade at department stores and mail-order Labor Day holiday in the pay-roll period houses showed more than the usual seasonal covered by the September reports, the total increase in September, and was larger than in amount of wage payments in the same estab- September of last year. Sales at 5-and-10-cent lishments was somewhat smaller than in and drug chain stores were slightly smaller than August. Increases in number employed were in August, but those of other reporting chain noted in nearly all the important industries, stores were as large or larger than in the pre- with the largest growth in automobiles and vious month. Compared with a year ago, sales musical instruments. Decreases were few and of all reporting chains were larger. largely limited to seasonal changes. As com- Department-store sales were larger than in pared with September, 1924, large decreases September of last year in all Federal reserve were noted only in the meat packing, sugar districts except the three southern reserve dis- refining, millinery, and car building and repairtricts and the Cleveland district. For the ing industries. In automobiles and tires, silk nine months ending with September sales were goods, hosiery and knit goods, dyeing and finlarger than for the corresponding period last ishing textiles, machine tools, agricultural imyear in all districts except Philadelphia, the plements, and glass manufacturing employlargest increases occurring in the Chicago and ment was much larger than a year ago, and in Kansas City Federal reserve districts, where nearly all other industries there were smaller they amounted to 5 and 6 per cent, respectively. increases. Employment in certain important Analysis of sales, by departments, from stores industries—iron and steel, cotton, wool, and in seven Federal reserve districts indicates that dyeing and finishing textiles—has been for sales were more than 10 per cent larger than three or four months at somewhat lower levels in September of last year for silks and velvets, than earlier in the spring, although greater toilet articles and drugs, women's dresses, than during corresponding months of 1924. On juniors7 and girls7 ready to wear, negligees, the other hand, the number employed in a few aprons, and house dresses, furniture, toys and industries, such as silk, knit goods, shoes, sporting goods, luggage, and musical instru- automobiles, cement, brick, and lumber, in ments and radios. Sales of departments car- September compared favorably with or exrying woolen dress goods, laces, trimmings ceeded previous months of large employment and embroidery, women's coats, women's suits during the past two years. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBEE, 1925 FEDERAL RESERVE BULLETIN 799 Increased employment was noted during PRICES September, as compared with August, in all Wholesale prices in September, as shown by geographical divisions except New England the index of the Bureau of Labor Statistics, and the Mountain States, and, as compared stood at 159.7, practically the same figure as with a year ago in all except the west, south in July and August, but about 7 per cent central, and the mountain regions. Since above September of last year. Price movethe summer of 1924 the greatest increase has ments of the separate commodity groups for been in the east north central division, rethe month were also narrow. Cloth and flecting the growth of employment in the clothing, fuel and lighting, and metals were automobile industry. No wage changes of practically unchanged; building materials, significance have been reported recently to the chemicals, and foods rose by 1 per cent or Bureau of Labor Statistics. The anthracite less, while farm products, house furnishings, strike, which began September 1,' continued and the miscellaneous group were slightly throughout October. Bituminous mines report lower. Of these groups, only metals and the largest production for September in several house furnishings are lower than a year ago, years, indicating increased employment. Agribut considerable advances have occurred only cultural labor has been in demand, and work in the miscellaneous group, in farm products, in the construction industry, both on roads and and in food. buildings, continues to be a large source of For the past three months advances and employment. Railroad employment has indeclines in the indexes of the several comcreased since March and during the summer modity groups composing the wholesale price months was greater than a year earlier. index of the Bureau of Labor Statistics have SAVINGS DEPOSITS been mutually compensatory, with the con- Savings deposits reported by 898 banks dis- sequence that the all-commodity index has tributed throughout the United States totaled remained practically constant at 160. Be- $7,971,672,000 on October 1, 1925, as compared tween July and September farm products with $7,932,155,000 on September 1, 1925, and declined slightly, but foods rose over 1 per cent $7,473,277,000 on October 1,1924. The largest to 160.3, the highest figure recorded since increase in savings deposits in September oc- January, 1921. Compared with July, building curred in the Atlanta Federal reserve district, materials, cloth and clothing, metals, and amounting to 3.5 per cent, and increases of over chemicals and drugs have risen slightly, and 1 per cent were reported from the St. Louis, the index of the last named group is at its Minneapolis, and Dallas districts. On the other highest point since the spring of 1923. On the hand, deposits in the Philadelphia, Cleveland, other hand, miscellaneous commodities and Richmond, and Kansas City districts declined the fuel and lighting group have declined during the month. All districts reported larger steadily for the past three months, and house deposits than a year previous. A comparison furnishings at 167.5 shows the lowest figure since of savings deposits reported on October 1,1925, April, 1919. A table of these index numbers September 1, 1925, and October 1, 1924, is will be found on page 819. shown, by Federal Reserve districts, in the fol- At the end of the third, week in October lowing table. In the Boston and New York prices of few commodities showed important districts the figures represent only deposits of changes from the quotations of a month before. mutual savings banks; in all other districts Butter and eggs were higher and coke had where there are but few mutual savings banks, doubled in price, although other fuels showed savings deposits of other banks are included. little change. , Cotton and sugar were lower. a SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS ICOMMERCIAL FAILURES AND BANK SUS- [In thousands of dollars] PENSIONS Num- Federal reserve district b b a e n r k o s f Oct. 1,1925 Sept. 1,1925Oct. 1,1924 During September 1,465 commercial failures, involving liabilities of $30,687,319, were re- Boston 64 1, 329,853 1, 326,980 1,263,800 New York 30 2,114, 729 2,095, 847 2,002,659 ported by R. G. Dun & Co., bringing the total P C h le i v la e d la e n l d phia... 7 6 9 9 5 8 2 5 4 6 , , 0 6 6 0 0 7 5 8 2 5 5 6 , , 8 3 5 9 0 0 4 79 9 9 1 , ,1 2 0 9 3 2 number for the third quarter of the year to Richmond 86 348, 551 350, 998 323, 212 4,663 and the aggregate liabilities to $102,- Atlanta 93 ! 255,457 246, 832 231,065 Chicago 194 945, 985 944,078 905,926 351,371. The number of failures during the St. Louis 31 142, 582 140,072 138, 247 three-month period was about 5 per cent Minneapolis-- 26 108, 809 107,191 100,436 Kansas City... 56 113,957 114,110 108,065 larger than in the same period last year—in Dallas 100 105, 330 104, 282 96, 569 SanJjFrancisco.. 70 1,125, 735 1,119, 525 1,012,903 fact was larger than in the third quarter of Total. ... 7, 971, 655 7, 932,155 7, 473, 277 any previous year except 1922. Total lia- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 bilities for the quarter were, however, nearly The number of insolvencies and the aggre- 20 per cent lower than for the same period gate indebtedness in default were larger in last year and, with the exception of the third September than during the preceding months quarter of 1923, were lower than for any in the Boston, New York, Philadelphia, and previous quarter in five years. Richmond districts; the number was larger The increase in the number of insolvencies also in the Chicago and San Francisco disfor the quarter was due almost entirely to tricts, and the liabilities higher in the Atlanta an increase in the number of failures among and St. Louis districts. Comparing Septemtrading enterprises. The liabilities involved ber of this year and last, the number ol failin this class of commercial failures were also ures was larger this year in all except the considerably larger than in the same period Philadelphia, Atlanta, Chicago, and St. Louis last year, in contrast to the liabilities of failed districts, whereas the aggregate indebtedness manufacturing organizations, which showed a was higher only in the Boston, Richmond, marked decline for the period as compared Atlanta, and San Francisco districts. In the with the third quarter of last year. Com- Atlanta and St. Louis districts the number of mercial failures are shown by class of enter- failures for the month was the smallest since prise in the following table for the third October, 1920, and August, 1923, respectively, quarter of 1924 and 1925: and in the Minneapolis and Kansas City districts total liabilities were the lowest since COMMERCIAL FAILURES, CLASSIFIED FOR THE THIRD October, 1920, and November, 1922, respec- QUARTER OF 1924 AND 1925 tively. Comparative data, by districts, for the month of September are presented in Tsjiimbpr Liabilities (in thou- the following table: Number sands of dollars) Class of enterprise 1924 COMMERCIAL FAILURES DURING SEPTEMBER All classes 126,263 Number Liabilities Manufacturing 69,415 Federal reserve district Trading 38,907 1925 1924 1925 1924 Agents, brokers, etc 17,941 Boston 144 94 $7,700,181 $1,119, 242 The usual seasonal tendency for failures to New York 257 238 6,623,159 9,374,964 become less frequent after the opening of the P C h le i v la e d la e n lp d hia. _. 13 6 1 4 1 7 0 3 2 1, 9 4 2 3 8 9 , , 3 01 90 5 3 1 , , 2 3 5 1 9 5 , , 6 8 53 8 3 year has prevailed during past months, and Richmond 101 84 2,330,536 1,212, 869 Atlanta 61 85 1,538, 988 1, 375,317 both the number and total liabilities for Sep- Chicago 202 213 4,500, 402 8, 945,494 tember were the lowest for the year. The M St. i n L n o e u a i p s olis... 5 6 4 6 5 7 4 1 1, 4 13 0 8 5, , 3 0 7 7 1 1 3, 4 58 5 6 3 , , 1 5 7 2 4 8 aggregate indebtedness in default was less than Kansas City... 88 78 853,793 1,339,489 Dallas 46 34 412,370 580,455 for any month of the past two years and, ex- San Francisco.. 251 180 2,817,043 1,733,523 cept for the month of September last year, the Total. 1,465 1,306 30,687, 319 34, 296, 276 same was true of the number of failures. Declines during recent months, both in number During September 29 banks, with capital and and liabilities, have been most marked among surplus of $1,677,335, were reported to the Fedthe trading class of enterprise. In the followeral reserve banks as having been closed or ing table commercial failures are shown, by declared insolvent. Both these totals were class of enterprise, for the month of September, above the low figures for the year which were 1924 and 1925: reported for the preceding month. Of the suspensions during September, five, with capi- COMMERCIAL FAILURES, CLASSIFIED FOR SEPTEMBER 1924 AND 1925 tal and surplus of $442,130, were national banks and one, with capital and surplus of $56,800, was a State member bank. The remaining 23 Number Liabilities banks, with capital and surplus of $1,178,405, Class of enterprise were nonmember banks. Two banks in the 1925 1924 1925 1924 Minneapolis district, which had previously been closed, were reported to have resumed opera- All classes 1,465 1,306 $30,687,319 $34,296,276 tions during the month. The figures for closed Manufacturing.. _ 388 360 8,167,172 19,468,185 Trading 1,015 883 14,989,871 10,125,648 banks represent, as far as could be determined, Agents, brokers, etc 62 63 7,530,276 4,702, 443 banks which have been declared insolvent or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 801 have been closed by order of supervisory MERCHANDISE TRADE BALANCE OP THE UNITED authorities, and it is not known how many of STATES the latter institutions may ultimately prove to [In thousands of dollars] be solvent. Excess of Excess of Month Imports Exports imports exports BANKS CLOSED DURING SEPTEMBER, 1925 1924 Member January 295,506 395,172 All banks (national) Nonmember February 332,323 365,775 33,452 March 320,482 339,755 19,273 Federal reserve April 324,291 346,936 22,645 district N b u e m r - C su a a r n p p d i l t u a s l N b u e m r -C su a a r p n p i d l t u a s l N b u e m r - C su a a r p n p i d l t u a s l J J M A u u u a n l g y y e u . st 3 2 2 2 5 7 0 7 4 8 2 4 , , , , 9 0 5 5 8 0 9 4 8 1 4 2 3 2 3 3 7 3 5 6 0 , , , 0 6 6 9 4 5 9 9 9 1,945 3 7 2 6 , , 1 1 1 1 7 1 i September... 287,144 427,460 140,316 October 310,752 527,172 216,420 All districts 29 , 677,335 i 6 $498,930 23 $1,178,405 November... 296,148 493,573 197,425 Cleveland 1 1 107,190 107,190 December 333,192 445,748 112, 556 Richmond 30,250 30,250 Year... 3,609,963 4,590,987 981,024 Chicago. _ ._ .; 8 544, 710 56,800 487, 910 St. Louis 2 39,300 39,300 1925 Minneapolis _ i 6 293,090! 145,830 147, 260 January 346,165 446,443 100,278 Kansas City i 9 580,7701 296,300 284,470 February 333,457 370,676 37,219 San Francisco 1 2 82,025| 82,025 March 385,379 453,653 68,274 April 346,091 398,255 52,164 1 Includes one State member bank in the Chicago district. J M u a n y e 3 3 2 2 7 5 , , 5 2 1 1 9 6 3 3 7 2 0 3 , , 9 3 4 4 5 8 43,426 July 325,648 339,646 13,998 FOREIGN TRADE August 340,074 379,862 39,788 September. . 350,005 420,319 70,314 In September imports of $350,005,000 and exports of $420,319,000 were the largest since TRADE BALANCE OF THE UNITED STATES FOR NINE March of this year. Imports were $10,000,000 MONTHS ENDED SEPTEMBER, 1924 AND 1925 above those of August and exports were $40,457,000 higher. Compared with Septem- [In thousands of dollarsl ber of last year, imports were about $63,000,000 higher and exports about $7,000,000 smaller. Merchan- Gold Silver Total dise The excess of exports for September was $70,314,000, $30,526,000 larger than that of the 1924 month before, but only about half that for Sep- Imports 2,669,871 269, 883 55,771 2,995,525 Exports 3,124,494 11,159 79,745 3,215,398 tember of last year. Net imports (—) or For the first nine months of 1925 both im- exports (+) +454,623 -258,724 +23,974 +219,873 ports and exports of merchandise were much larger than last year, imports having risen by 1925 Import s. 3,079,554 59,830 49,194 3,188,578 $409,683,000 and exports by $378,653,000. Exports 3, 503,147 204, 273 74, 636 3,782,056 Due to the larger increase in imports than Net imports (—) or in exports, the surplus of exports for the nine exports (+) --- +423, 593 +144,443 +25,442 +593,478 months declined from $454,623,000 to $423,- 593,000. Owing to the changes in the move- GOLD MOVEMENT ment of gold, from net imports of $258,724,000 UNITED STATES in the first three-quarters of 1924 to net exports of $144,443,000 for the first nine months of Imports of gold in September, .valuedr"at this year, and to an increase of about $1,500,000 $4,128,000, were somewhat smaller than for in silver exports, the total visible balance of August, and, as in August, about three-fourths trade has risen from an export balance of came from Canada. Exports for September $219,873,000 for the first nine months of 1924 amounting to $6,784,000 were more than three to one of $593,478,000 for the corresponding times as large as for August. Practically all period of this year, an increase of $373,- the gold exported in September went to the 605,000. Far East. For the month there was a net gold Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 export of $2,656,000, compared with net im- For the nine months ended September, ports of $2,726,000 in August. imports have been £2,690,000 above last year, For the nine months ended September gross the great decline in receipts from the Transvaal imports of gold amounted to approximately being more than made up by increased imports $60,000,000 and gross exports to $204,000,000, from the Netherlands, Russia, and the United leaving a net export balance of $144,000,000, States. Exports, on the other hand, have been compared with net imports of $259,000,000 in smaller than last year's by £15,847,000. For the same period of last year. About one-third the period, exports to the United States have of the gold exported has gone to Germany, been about £29,000,000 less, but exports to one-third to the Far East, and nearly one-half Switzerland are nearly £3,000,000 larger, to of the remainder to Australia. India about £3,700,000 larger, to the Netherlands about £800,000 larger, while the increase GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED in shipments to unspecified destinations, which STATES includes Germany, are about £5,500,000 [In thousands of dollars] greater. Exports to the Straits Settlements are about four times as great as last year, while South American countries, to which no exports 9 months ended 1925 September— were reported in the first nine months of either Country of origin or 1923 or 1924, have taken about £350,000 net. destination September August 1925 1924 For the nine months ended September, 1925, the balance shows net imports of £3,882,740, compared with net exports of £14,714,240 for IMPOSTS FROM— the same period of last year. England 4 1 4,824 130,893 France 21 1 6,585 10,704 Net movements between England and the G N e e r th m e a r n la y nds. 10,085 2 34 4 , , 8 5 2 0 1 1 gold standard countries of the Continent have Canada 2,900 3,450 25, 539 33, 558 practically balanced. For the nine months, the Mexico.— 245 325 3,609 4,250 Argentina. . 2 16,189 figures show no imports from Sweden and net China. 120 4 603 exports of only £100; net imports from the All other 958 1,083 9,094 30, 364 Netherlands have amounted to £3,288,079, but Total 4,128 4,862 59,860 269,883 net exports to Switzerland have totaled EXPORTS TO— £3,101,191. England 6,160 France 1,339 65 Germany. _ 260 221 67, 519 GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN Netherlands 4,318 Canada.. 135 167 2,896 1,362 Mexico 382 764 7,495 2,799 Nine months end- Argentina 50 5,510 1925 ed September— Colombia. . 2,000 Country of origin or Uruguay 802 destination Venezuela 2,160 1,102 September August I 1925 1924 British India 2,225 198 58,757 3,691 Hongkong . 1,209 53 8,132 1,856 Australia • 26,925 All other 2,523 733 10,260 284 IMPORTS FROM— Total _ 6,784 2,136 204, 273 11,159 N Fr e a t n h c e e rlands.._ £4, 513 £1,001,775 5 £ , 1 0 2 8 3 3, , 9 7 8 9 3 5 1 £ 0 8 9 , , 1 9 9 0 1 9 N N e e t t e im xp p o o r r ts ts,. 2,656 2,726 144,413 258, 724 T R R r h u a o s n s d s i e a v s a ia al 64 5 0 4 , , £ 332| 1, 1 5 5 1 9 2 , , 4 8 5 5 6 7 1 3 1 5 , , , 4 1 1 6 8 6 0 3 2 , , , 6 1 3 9 8 8 9 6 5 . 2 1 4 , , 8 6 0 1 0 0 , ,9 8 6 5 4 1 United States. 4,081 4, 275,412 38,990 West Africa.._ 126,896 91,986 940, 5141,027,857 Allother 7,681 32,442 182,170 125,414 ENGLAND Total 834, 291 2,802,597 30,412,144 27,722,176 Gold imports into England in September EXPORTS TO— amounted to £834,291, the smallest for any Belgium. _ 6,800 128,559 77,807 month of the year. Practically all this gold British India 521, 205 514,75112,137,317 8,459,254 came from Africa, receipts from European Egypt 17,944 458,024 1,333,975 France.. 88,181 10,726 206,526 359, 705 countries, which had been considerable in the Netherlands 424,561 359, 4151,795,716! 953, 631 Russia 380,648:. months immediately preceding, being negligi- Straits Settlements i 3*2,787 233,300; 804,960 192, 722 ble. Exports for the month, £2,737,740, prac- Switzerland .1 1,023,049 798,505 3,101,191! 148, 854 United States '956,358 29,877,032 tically the same sum as in August, were chiefly West Africa I 1.170 1,460 48, 614! 23, 522 Allother 287,706 758,550| 6,571,4911 1,009,914 to Switzerland, India, and the Netherlands. The figures for the month show net exports of Total ..--- 2,737,7402,701,451 26,589,404 42,436,416 £1,903,449, compared with net imports of Net imports.. 101,146; 3,882,740 £101,146 in August. Net exports.. 1,903,449- ! 14,714,240 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 80S FOREIGN EXCHANGE October, 1923, more than 10 cents above last For the first three weeks of October sterling year, and less than 3 per cent from parity, while exchange was relatively low, the quotation the Uruguay peso, which has had a similar adbeing about $4.84, but in the latter part of the vance, touched 101.95 cents on October 31, month the rate rose to 484.79 on the 26th. A parity being 103.42 cents. Far Eastern rates similar advance was noticeable in the Nether- were firm. lands' rate, which was below parity for the first three weeks of the month, but rose with the pound after the 22d. The Canadian dollar, Changes in State Bank Membership which was quoted slightly below par on the The following list shows the State banks and trust first day of the month, rose steadily to 100.15 companies which were admitted to membership in the on the 27th. At this figure it was above the Federal reserve system and other changes affecting State bank membership during the month ended gold shipping point for the United States, with October 21, 1925, on which date 1,468 State institution© the consequence that gold has moved to Canada were members of the system. from both London and New York, and there were simultaneously gold shipments from Lon- ADMISSIONS don to New York and from New York to Montreal. ^ The Swiss and Swedish quotations Capital Surplus resources declined slightly during the month. District No. 1 French francs were weak throughout the month. From 4.73 cents on October 1 they QuincyTrust Co., Quincy, Mass... $150,000 $38,000 $4 928,055 fell to below 4.09 cents on the 24th, the lowest District No. 3 figures since March, 1924, and more than a cent Liberty Trust Co., Allentown, Pa.. 300,000 175, 000 1615,795 below the quotation of 5.43 cents in January. District No. 7 From this figure it rallied to 4.24 cents on the 29th. Italian lire fluctuated narrowly at about Ut M ica ic h S . t . a . t . e Savings Bank, Utica, 25,000 24,000 673,309 4 cents, and Belgian francs at about 4.50, the prevailing figure for the past three months. CHANGES Movements in the Norwegian and Danish rates were rather wide, the latter fluctuating be- District No. 1 tween 24 cents on the 5th and 25.13 on the 20th, Merged with State Street Trust Co., Boston, Mass., a member: the range being about the same as in Septem- National Union Bank, Boston, ber. Other European rates were steady, ex- Mass. $1, 000,000 $1,000,000 ! $18,694,130 cept for some decline in the Greek drachma. District No. 4 Voluntary withdrawal: Farmers Bank & Trust Co., Georgetown, FOREIGN EXHANGE RATES Ky 100,000 75,000 ; 106,756,2 [In cents] District No. 5 Voluntary withdrawal: Continen- October, 1925 September,1925 Sep- tal Trust Co., Washington, D. C. 1, 000, 000 100,000 4,492,395 tem- Exchange v P al a u r e Low High Low High A a v g e e r- 1 b 9 e 2 r 4 , , Re C o o p . e , n O e r d v : il D O le i r , s r t v A ri i l c l a l t e N B o a . n 6 k & Trust 25,000 30,000 163,006 Closed: Bank of Bowersville, Bowersville, Ga._ _ 25,000 5,000 | 85,555 Sterling... .— 486. 65483.99 484. 79484.12 485.30 484.65 446. 05 District No. 7 ! French franc 19.30 4.09 4.73 4.68 4.74 4.71 5.30 German reichsmark. 23.82 23.80 23.81 23.80 23.80 23.80 Closed: Peoples Trust & Savings i Italian lira 19.30 3.92 4.05 3.84 4.19 4.06 4.38 Bank, Perry, Iowa._ 50,000 6,600 j 681,484 Netherlands florin.. 40.20 40.18 40.25 40.17 40.28 40.21 38.45 Swedish krona I 26.80 26.75 26.85 26.80 26.85 26.82 District No. 9 Swiss franc 19.30 19.26 19.30 19.30 19.35 19.31 18.88 Closed: Farmers & Merchants State C anadian doll ar 100. 00 99.99 100.15 99.92 100.05 99.99 99.94 Bank, Eureka, Mont 25,000 21,000 233,512 Argentine peso j 96.48 92.24 93.96 90.75 92.16 91.71 80.03 Voluntary withdrawals: Shanghai taeL. 66.85 76.94 78.38 77.70 79.59 78.47 75.27 Farmers & Merchants State Bank, Hecla, S. Dak 25,000 5,000 309,858 Manistique Bank, Manistique, Among the South American rates, the Brazil- Mich - 50,000 50,000 874,17S ian milreis was strong, rising from 14.05 cents District No. 12 on the 1st to 15.13 cents on the 28th, up about Absorbed by nonmember: Bank of St. Helena, St. Helena, 50 per cent from last May's low quotation of Calif..- 85,000 43,500 982,845 9.96 cents. Argentine and Chilean rates were Security State Bank, Buhl, Idaho.-- — 25,000 1,250 107,613 firm. The present quotation of the Argentine Voluntary liquidation: Ladd & Tilton Bank, Portland, Oreg 1,000,000 1,000,000 27,563,010 peso is nearly 20 cents above the average of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 Fiduciary Powers Granted to National Banks Changes in National Bank Membership During the month ended October 21, 1925, the Federal Reserve Board approved applications of the na- The Comptroller of the Currency reports the followtional banks listed below for permission to exercise one ing increases and reductions in the number and capital or more of the fiduciary powers named in section 11 of national banks during the period from September 19 (k) of the Federal reserve act as amended, as follows: to October 23, 1925, inclusive: (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates of I Numlunatics; (9) in any other fiduciary capacity in which I ber of o A f m ca o p u i n ta t l State banks, trust companies, or other corporations ! banks which come into competition with national banks are permitted to act under the laws of the State in which New charters issued $1,225,000 the national bank is located. Restored to solvency 50,000 Increase of capital approved1 1,860,000 Location Di N st o r . ict Name of bank g P r o a w nt e e r d s Ag s g o r lv eg en at c e y , o a f n n d e w ba c n h k a s r i t n e c rs re , a b s a in n g k s c a r p es it t a o l red to 33 3,135,000 Rumford, Me_ Rumford National Bank Ito9 Lowell, Mass.. Union National Bank Ito9 Liquidations 850,000 Danville, Vt.._ Caledonia National Bank,.. Ito9 Reducing capital.. 45,500 Rutland, Vt | Baxter National Bank \ ( 1 t 7 o a 3 n , d 5 9 t . o Total liquidations and reductions of capital. _ I 16 895, 500 Sayville, N.Y j Oystermen's National Bank. Ito9 Hillside, N. J I Hillside National Bank Ito9 Consolidations of national banks under act of Nov. | Niagara Falls, N.Y_| Cataract National Bank . Ito8 7, 1918 | 1,950,000 Troy, N. Y National State Bank Ito9 Farmville, Va j Peoples National Bank 1 to 9 Aggregate increased capital for period __ _|. 3,135, 000 /I to 3 Reduction of capital owing to liquidations, etc j. 895, 500 Oneonta, Ala | First National Bank „. \5 to 9 Wetumpka, Ala • First National Bank 1 to 9 Net increase _ |.._ | 2,239, 500 Cloverdale, Ind j First National Bank Ito9 G Br a a lv d e y s . to T n e , x Tex ! j B C r it a y d y N a N t a io ti n o a n l a B l a B n a k nk 1 to 3 a 1 n t d o 5 9 1 Includes one increase in capital of $150,000 incident to a consolidation under act of Nov. 7,1918. ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS [On the basis of the October estimates by the Department of Agriculture] [In thousands of units] i Corn (bushels) | Total wheat (bushels) Winter wheat (bushels) Spring wheat (bushels) Federal reserve district Yield, 1924 O F c o t. r e 1 c ,1 a 9 s 2 t 5 Yield, 1924 O F c o t. r e 1 c ,1 a 9 s 2 t 5 Yield, 1924 ! I P e r s e t l 1 i i 9 m m 2 a 5 in te a , ry Yield, 1924 O F c o t. r e 1 c ,1 a 9 s 2 t 5 Boston. .. 12,3J 0 14,157 190 336 190 336 New York 28,956 36,509 7,757 8,210 7,505 7,870 252 340 Philadelphia.. 50,506 70,670 18,285 22,639 18,147 22,470 138 169 Cleveland 138,991 234, 778 42, 545 33,152 42,513 33,112 32 40 Richmond 136,114 151,130 27,497 31,110 27,497 31,110 Atlanta 176,332 169,837 4,112 5,865 4,112 5,865 Chicago 721,019 1,070,331 67,980 63, 779 65, 262 59, 331 2,718 4,448 St. Louis 346,256 410,628 53, 394 63,351 53,203 63,019 191 332 Minneapolis.. 268,121 274,587 257,976 207,960 14,921 6,614 243,055 201,346 Kansas City.. 452,646 399,453 295, 244 152,448 284,992 142, 255 10, 252 10,193 Dallas 92, 819 70, 295 26,819 4,427 26, 513 4,276 306 151 San Francisco 12,443 15, 461 70,874 103,995 45,372 39, 775 25, 502 64,220 Total— 2,436, 513 2,917,836 872, 673 697, 272 590,037 415, 697 282,636 281, 575 Oats (bushels) Hay (tons) Tobacco (pounds) Potatoes (bushels) Cotton (bales) Federal reserve district Yield, 1924 F O o 1 r c 9 e t 2 c . 5 a 1 s , t Y 1 i 9 e 2 l 4 d, F O o 1 r c 9 e t 2 . c 5 a 1 s , t Yield, 1924 F O o 1 r c 9 e t 2 c . 5 a 1 s , t Y 1 i 9 e 2 ld 4 , F O o 1 r c 9 e t 2 c . 5 a 1 s , t Yi i 1 Q y^ i 9 , 4 ! ! i F ^ o 1 c r 9 t e ' 2 c 1 5 ° a » st Boston 8,326 9,905 4,443 4,744 12,158 13,100 55,519 41,818 New York 36,015 40,512 7,789 7,296 38,802 40,433 52, 581 33,622 Philadelphia.... 23,414 25,419 3,516 2,954 59,800 57,564 29, 223 24,164 •Cleveland 81,572 100,068 7,526 5,309 147,384 140,346 21,798 23,645 Richmond 22, 643 24,580 4,258 3,036 488,240 512,975 37,455 22, 666 1,671 2,018 Atlanta 12,728 17,161 2,927 2,392 110,326 123,119 12,661 9,514 2,455 3,167 Chicago 22, 352 15, 832 39, 248 46, 256 81,801 55,478 St. Louis 60,927 59,724 8,719 6,793 338,335 287,989 20,930 13,794 12,231 *3,244 Minneapolis 432,684 403,141 18, 527 16, 997 2,200 2,699 51,543 I. Kansas City.... 174,026 166, 561 17,655 13, 687 4,020 31,159 29,943 1,442 i 1,537 Dallas 52,149 16,093 1,429 2,337 504 2,936 2,789 5,654 ! 5,049 San Francisco.. 29,132 40,525 13,309 16, 758 31,913 35,251 175 1 211 Total 1, 541,900 1,470, 384 112, 450 98,135 1, 240, 513 1, 228,972 454, 784 344,227 I 13,628 , 15,226 * Includes 17,000 bales grown in miscellaneous territory. 2 Includes 18,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDEEAL. RESERVE BULLETIN 805 BUSINESS STATISTICS FOR THE UNITED STATES INDUSTRIAL ACTIVITY Production of industrial products during industries, which includes products of both September was greater than in August, manufacturing and mining, and which is although the anthracite strike and the smaller adjusted for seasonal variations, increased, number of working days tended to reduce out- despite the negligible output of anthracite, put in the later month. Largely as a result of from 108 in August to 112 in September. This the strike, the index of mineral production is to be compared with 103 in September, 1924. declined from 136 in August to 122 in Septem- Marketing of farm products was seasonally ber. Slight decreases, attributable chiefly to large in September, and for the first time since the fewer days in the month, were also noted March the index of agricultural movements in the output of crude petroleum, copper, zinc, was equal to that for the corresponding month and lead. The amount of bituminous coal of the previous year. Movements of grain and mined increased considerably and was the livestock were considerably smaller than a year largest for any September since 1920. ago, as they have been for some months, but The index of manufacturing production in- receipts of cotton and cottonseed were abcreased about 4 per cent from August to normally large for so early in the season. Sales September and was about 10 per cent larger of tobacco at loose-leaf warehouses and shipthan a year ago. Much of this increase was ments of vegetables were also greater than in in the output of automobiles, but production September of previous years. was also greater than in August in the iron and Freight-car loadings continued larger than steel, textile, food products, and tobacco in 1924, despite smaller shipments of coal industries, and above that of a year ago in and grain. Building contracts awarded were most of the important groups of industries smaller in September than the record maximum except food products. The increase in the in August, but were large as compared with past year has been particularly great in those previous months, and the total for the first industries directly related to building and to 9 months of this year almost equaled that for automobile production—lumber, cement, brick, the entire 12 months of 1924. Factory empetroleum, refining, and rubber tire manufac- ployment and pay rolls and wholesale and returing. The index of production in basic tail sales also continued larger than a year ago. INDEXES OF INDUSTRIAL ACTIVITY PERCENT ( MONTHLY AVERAGE, 1919 = 100 ) PER CENT 175! 1175 150 150 100 75 50 50 • MANUFACTURING PRODUCTION . . .. MINERAL PRODUCTION 25 25 1919 1920 1921 1922 1923 1924 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDERAL RESERVE BULLETIN NOVEMBER, 1025 INDEX OF PRODUCTION IN BASIC INDUSTRIES » [Index and relatives for each industry adjusted for seasonal variations. Monthly average, 1919—100] 1 Iron and steel Textiles Food products General Year and month index Animals slaughtered Lumber Pig iron Wool W fl h o e u a r t m S e u lt g i a n r gs 1924 August 94 71 87 72 82 | 100 104 94 118 91 136 105 September..... 103 80 99 93 91 i 110 141 93 128 91 132 108 October 109 93 104 109 100 ! 141 94 143 93 121 120 November 107 97 109 105 102 i 111 93 129 82 122 116 December 117 119 133 111 102 I 91 99 155 87 130 128 1925 January 127 134 151 115 100 ! 94 132 100 140 90 121 147 February 124 143 150 114 99 ! 103 104 96 157 91 107 125 March 120 136 147 110 95 j 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 88 ! 102 117 95 128 105 101 117 July 113 105 110 87 ! 122 117 107 131 101 96 125 August 2 108 102 117 91 95 [ 87 107 97 138 89 108 116 September 112 106 123 103 109 143 93 129 86 120 116 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 I Zinc | le S a o th le er N p e ri w n s t - Cement P l e e t u ro m - i Cigars r C e i t g te a s - M t a u n r u e f d actobacco 1924 August __. 87 95 132 ! 106 101 190 190 157 93 September 103 105 130 j 104 107 186 191 162 98 October 110 95 133 ! 108 110 183 185 158 99 November 104 91 140 108 104 187 183 145 SQ December 116 100 137 121 103 182 182 170 91 1925 January.. 125 104 148 j 123 106 243 192 18S 105 February. 109 116 147 I 119 108 193 191 171 97 March 95 96 142 131 110 199 187 170 89- April 105 106 136 ! 124 115 199 194 178 95 May 99 106 135 j 127 112 103 212 175 i'6 June 101 101 136 i 117 110 197 210 188 97 July 105 2 113 140 i 121 108 215 204 179 10! August 100 2 115 136 i 122 105 207 206 173 94 September 114 5 138 ! 121 111 204 208 183 96- 1 This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 783, 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] G i e n n d e e r x al ! j i G n M r d p o e e r u x t o p a d ls u c a s I a t n t r s n e o d d e n l G i T n r e d o x e u t x p iles F a a n b d r ic p s rod P u u r c c o t t d s s - L p u a b r u c n o e m t d r d s - - R v r c o e a l a h e i d s l i - - m A o u b t i o le - s I I p P a r i a n n i p n g d e t- r F p u a o r n c o o d t d d s - s L p e u a r a n c o t t d h d s e - r S c g a t l l o n a a n d y s e s , , b p u T a r c o c o t c d - s o - C p i u a h c r n c o a e t d i d m s s - - 1924 August 89.5 ! 79.1 78.9 87.4 87.4 87.4 88.4 96.4 101.5 90.0 84.8 121.3 87.4 68.7 September. 91.2 I 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 i 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 I 88.5 92.5 110.7 87.7 74.6 March 96.4 90.1 89.5 100.0 101.0 98.6 99.6 89.9 112.7 105.7 ! 86.2 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 I 83.0 88. S 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 91 1 97.5 92 8 100 1 84.7 122 8 103.5 | 85.6 83.0 125. 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 S5.4 94.0 93.6 94.5 I 99.9 84.5 124.2 103. 2 i 85. 9 90.2 124.9 85.0 72.6 September. 95.1 87.4 94.1 93.3 95.1 102. 2 83.7 129.4 104.3 88.0 92.1 125.3 87.1 75.4 i This table contains for certain months indet numbors of employment, together with group indexes for important industrial components. The general indox 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

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 807 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES 1 [Monthly average, 1919-100] Textiles and products Chemj General "1 ! index Group Prod- I index Fabrics ucts 1924 I August | 96.0 92.3 91.5 93.4 September.. _. 99.1 98.3 97.5 99.3 October 102.6 103.0 105.6 99.8 November j 100.8 99.1 104.5 92.5 December... 105.6 107.5 113.9 99.7 1925 January 102.9 ! 108.6 112.9 103.3 February 2 108.5 113.4 114.2 112.4 March 2 110.1 114.4 U4.2 114.7 April 2 107. 3 108.0 111.7 103.5 May -J 2107.4 105.0 109.9 99.0 June __j 2104.8 101.6 103.9 98,8 July 2102.4 101.2 100. 9 101.6 August _! 2104.5 103.8 101.7 106. 2 September ___j M03.9 99.1 96.6 102.1 1 This table contains for certain months index numbers of pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 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. 2 Revised. INDEXES OF INDUSTRIAL ACTIVITY 1 [No seasonal adjustment. Monthly average, I919=-100J Agricultural movements Mineral production Ani- Bitu- Year and month p Fruits b T ac o c - o n m o i u - s P le e u t m ro- I P ro ig n ucts coal 1924 August 124 I 92 196 74 September... 105 109 189 81 October 125 190 97 November 104 158 108 179 99 December....... 124 120 119 180 116 1925 January 89 112 134 188 132 February-- 90 76 100 171 128 March 108 73 97 191 140 April 123 40 87 194 128 May 139 62 91 216 115 June ._ 164 75 96 212 105 July 150 99 102 214 105 August 119 133 116 212 106 September 101 149 121 206 107 Manufacturing production Year and month Total s I a t r 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 - P le e u tr m o- b T ac o c - o R t b i u r e e b r s - 1924 july 97 67 103 81 103 176 154 127 125 August 105 87 172 83 102 182 166 123 158 September 113 96 178 98 112 180 157 126 175 October.. 124 108 178 113 114 101 186 109 132 191 November 113 108 141 105 108 84 185 148 1)4 155 December „_._ 117 124 126 11.1 117 90 196 138 106 1925 January 127 145 142 121 118 89 199 111 118 171 February 120 532 109 114 98 92 186 107 1C5 176 March 134 147 223 122 05 99 204 136 116 190 April 132 128 260 119 88 97 201 168 113 191 May 129 121 250 109 87 84 212 196 119 195 June 125 112 239 105 94 82 216 184 133 194 July 126 109 239 107 97 85 222 186 135 202 August 2 121 118 153 104 92 94 222 190 127 2203 September 3 125 120 193 107 101 3 93 188 131 1 For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN. 1 Revised. 3 Preliminary. « Less than one-half of 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL BESEBVE BULLETIN NOVEMBER, 1923 COMMODITY MOVEMENTS BU W LL i E th T I t N h e o f M d a e r t c a h il e i d s s s u t e a t t i h st e i c p s u r b e l g ic a a rd ti i o n n g i m n o t v h e e - t S 1 b e 9 e e m 2 p r, - 5 - g 1 A u 9 u s 2 t - 5 , t S 1 b e 9 e e m 2 p r 4 , - ments and stocks of commodities was discontinued. Certain figures compiled by the Transportation board's division of research and statistics are Revenue freight loaded and received from still published in order that users of these connections (cars loaded, 000 omitted): Classified by nature of productsdata may continue to have comparable series Grain and grain products 224 237 I 293 of data. Information as to current figures for Livestock „ 146 131 i 160 Coal 743 853 ! 779 any of the discontinued series will be furnished Coke 50 43 37 upon request. F O o re re st products 3 2 0 4 2 7 3 27 1 2 1 ! 2 20 9 4 2 Merchandise, 1. c. 1. 1,137 1,129 i 1,074 Miscellaneous i 1,820 1,702 ! 1,669 t S 1 b e 9 e e m 2 p r, 5 - - g 1 A u 9 u s 2 t - 5 , t S b 1 e 9 e e m 2 p r, 4 - - Classif T ie o d t a b l y geographical divisions— . : ; 4,670 4,679 4,507 Eastern j 1,028 1,097 1,022 Grain and Flour A Po ll c e a g h h o e n n t y a s " ! | 2 9 4 0 9 4 9 24 4 6 0 8 2 9 0 0 7 Receipts at 17 interior centers (000 omitted): j Southern _ ._ 696 654 627 Wheat (bushels)... _ J 58,891 45,673 I 83,148 Northwestern 731 721 692 Corn (bushels) _-..! 12,925 17,385 i 21, 585 Central western.. 736 707 751 Oats (bushels) I 29,154 52,001 I 55, 535 Southwestern ._-_-I_"~~~_I_~ 326 314 318 Rye (bushels) j 6,639 1,939 14, 290 Barley (bushels) ! 14,993 11,929 13, 965 Total ___j 4,670 4.679 I 4,507 Total grain (bushels) _ _j 122, 602 128,927 I 188,523 Flour (barrels) j 2,824 2,831 I 2,975 BUILDING STATISTICS Total grain and flour (bushels) 135,309 141,606 | 201,909 Shipments at 14 interior centers (000 omitted): Wheat (bushels) 28,510 26, 797 49, 934 Building permits issued in 168 cities, grouped Corn (bushels) 7,859 ! S, 170 10, 569 by Federal reserve districts: Oats (bushels) 20,005 ! 19,139 16,221 Number of permits- Rye (bushels) 2,495 ! 645 16, 222 Boston (14 cities) _. 2,863 3,050 3,343 Barley (bushels) 10, 544 : 6,535 9,393 New York (22 cities) 11, 688 12, 939 10, 257 Philadelphia (14 cities) 2,712 2, 729 2,978 Total grain (bushels) _ 69,413 : 61,287 j 102,339 Cleveland (12 cities). , 6,204 6,065 6,196 Flour (barrels) 4, 270 I 3, 048 i 4, 289 Richmond (15 cities).. 3,468 3,720 4,480 Atlanta (15 cities) , 4,834 4, 091 3,646 Total grain and flour (bushels) _ 88, 630 ! 77, 705 j 121, 638 Chicago (19 cities) 14,388 13, 471 13, 629 St. Louis (5 cities) 2,618 2,973 3.016 Stocks at 11 interior centers at close of month Minneapolis (9 cities) 2, 116 2,075 1,980 (000 omitted): Kansas City (14 cities) 2,841 2,895 3,342 Wheat (bushels) 35,719 20,508 i 62,062 Dallas (9 cities) ._ 2,408 2,227 2,362 Corn (bushels) 3,97G 4,905 I 3, 978 San Francisco (20 cities) 12, 077 11, 466 12, 744 Oats (bushels) 56,670 46,349 | 42, 190 Rye (bushels) 7,147 3,541 ! 10, 704 Total. Barley (bushels) ! 4,856 2,077 | 2,910 Value of permits (dollars, 000 omitted)— Total grain (bushels) _ 108.. 368 I 77,380 121,845 Boston (14 cities) 18,947 14, 763 New York (22 cities) 105,946 124, 672 Receipts at 9 seaboard centers (000 omitted): Philadelphia (14 cities) 14, 656 15,073 I Wheat (bushe s) - _. 24,843 ! 14,159 24,211 Cleveland (12 cities) 20,437 25,557 Corn (bushels) 1,786 ; 1,165 1,509 Richmond (15 cities) 12,298 15, 549 Oats (bushels) 5,063 ! 6,616 5,768 Atlanta (15 cities). 20, 021 16,517 Rye (bushels) 4,833 | 433 4,147 Chicago (19 cities) 48,181 ,523 Barley (bushels) 6,079 i 6,521 5,025 St. Louis (5 cities) 9,180 9,485 Minneapolis (9 cities) j 5,691 5, Total gra7n (bushels) _ 42, 604 28, 892 40, 659 Kansas City (14 cities) 8,931 Flour (barrels/ !• 2,833 1,662 2,478 D Sa a n l la F s r a ( n 9 c c i i s t c ie o s ) (20 cities) 35 8 , , 8 4 6 8 2 3 Tota grain and flour (bushels)- _| 55,353 i 36,371 j 51,811 Total 306,506 1337,399 I 232,296 Stocks at 8 seaboard centers at close of month { (000 omitted): ! Building contracts awarded, by Federal re- Whe at (bushels) . -J 5,531 serve districts (dollars, 000 omitted): Cor n(bushels).. - 36" Boston 45, 499 46, 757 29, 035 Oats (bushels) New York _ 133,016 207, 673 Rye (bushels) — Philadelphia __ 1 31,235 35,155 32,130 Barley (bushels) -| 3,825 Cleveland _ _. 57,176 67,498 47,947 Richmond _ 25,240 37, 591 27,725 Total grain (bushels) _ Atlanta 71,167 51,339 28,770 Wheat flour production (barrels, 000 omitted). Chicago __ _ 116,918 79,052 54,596 St. Louis 41, 292 31,348 20,875 Tobacco Minneapolis 12, 460 10, 469 7,882 Tobacco sales at loose-leaf warehouses (pounds, Kansas City i _ 12,417 21,288 9,700 000 omitted): Dallas 19, 780 23,186 14,519 North Carolina South Carolina _ Total (11 districts) J566,120 fell, 356 357,042 Burley - Western dark. i Excluding Colorado. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 809 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919—100] Percentage change Percentage change I i G n er d e a e n l x - c G er ro ie - s ! | Meat g D oo ry ds Shoes H w a a r r d e - Drugs i t c n e o m m sa b p l e e a r s r , e d in w 1 i S t 9 h e 2 — p 5 - , I j i o c n f o s S m t e o p p c a k t r e s e m d a t b w t e h i r t e , h — 1 e 9 n 2 • d 5, August, Septem- ; August, Seeppttem- 1924 1925 ber, 1924 | 1925 ber, 1925 January 80 80 97 49 i 91 ! 116 February 78 77 i 98 49 | 90 ! 109 Shoes—Continued. March... 80 80 i 90 65 I 104 | 118 St. Louis district -10.2 -18.2 -9.1 14.8 April 78 79 | 81 108 114 Minneapolis district 1.0 29.2 May 77 ! 81 i 72 56 104 110 San Francisco district.. 19.6 18.1 June 76 ! 83 ] 70 52 96 105 Hardware: July 78 83 ; 79 44 93 110 United States 11.5 2.7 | -0.5 | — 1.6 August 83 83 ! 102 50 93 107 New York district 19.0 7.5 |_ -13.1 September... 92 93 | 116 69 106 117 Philadelphia district... 5.0 -1.8 I .„„... -6.5 October 95 100 i 104 67 110 128 Cleveland district 14.9 -5.4 j. November.-. 84 88 57 98 109 Richmond district —7. 7 -9.1 j "-6.TI" "-15. "O December... 79 77 57 99 109 Atlanta district 10.8 15.5 L Chicago district 9.2 -1.2 ! 0.3 -3.7 J F A M M a e p n a a b r r y u i r c l a u h r a y r 1 y 92 . ~ . 5 - - . . 7 7 8 7 7 9 6 3 9 9 8 7 7 7 79 5 0 3 9 I i ! I j 6 7 7 6 7 9 1 3 8 5 8 9 8 8 7 2 6 8 5 7 4 4 6 6 5 3 6 3 5 4 1 1 1 8 9 0 0 0 9 0 7 7 1 1 1 1 1 1 1 0 2 0 1 6 9 1 6 5 Dru S g M K D S s t a a a . i : n l n n L l s n a F o a s e r u s a a d i p n s C i o c s i d l i t t i s r i y s s c i c t o d r d t i . i i c d s s t t i t r s r i t i c r c t i t c . t .. . . . 1 6 8 1 4 2 . . . . . 3 4 4 2 6 ! | I - 1 3 2 2 6 3 . . 2 . . . 0 4 2 6 i ; i ! |. . - -0 0 . . 6 4 1 5 0 . .3 4 J J u u n l e y.— 8 8 3 3 8 8 4 5 I ! 7 7 9 9 8 8 2 5 5 4 4 5 1 9 0 9 5 1 1 1 1 0 1 United States.. 11.8 l 2.5 August. 87 83 ; 78 105 65 P7 108 New York district 17.7 -13.2 i September- - 95 94 | 82 112 73 108 120 Philadelphia district 4.2 7.9 I Cleveland district 7.5 14.2 i i For description of the wholesale trade index see FEDERAL RESERVE Richmond district 11.7 8.8 I Atlanta district . 13.1 13.1 ! BULLETIN for April, 1923. j „ J . ,; Chicago ri ist riet 8.0 8.4 | 5. I CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES St. Louis district 13.1 ! AND DISTRICTS Kansas City district 9.8 i 5.3 ! Dallas district ... 15.2 2.7 ! 3.6 Percentage change Percentage change San Francisco district 13.0 1.2 j in September, in stocks at the end Furniture: 1925, sales com- of September, 1925, Richmond district , 15.6 ! 7.4 i -14.2 | -12. 9 pared with— compared with1— Atlanta district 17.3 i 14.0 I St. Louis district -18. 3 ! "27.~6~i August, Septem- August, I Septera- Kansas City district. 14.? | -0.8 I 1925 ber, 1924 1925 j ber, 1924 San Francisco district 11.2 ! -1.8 i Agricultural implements: United States 2 -8.8 27.4 Groceries: United States. 12.8 ; 0.9 Atlanta district 6.8 65.6 , N B Ph o e i w s l t a o d Y n e o l d r p i k h s t i d r a i i c s d t tr i i s c t t rict... 1 3 5 8 . . . 7 4 1 - - 1 - 3 8 1 . . . 4 0 9 8 1 1 . . . 9 8 2 Stati M D S o a a n i n l n e l n a r F y s e r a a d a p n i n o c s d l i t s r is p i c c o a d t p i d e s i t r s r : t i r c i t c _ t . I - - 5 1 3 0 5 3 . . . 7 1 0 — - 4 4 1 5 0 .0 . . 5 2 ; i i 2.1 -8.0 Cleveland district...__.„ 13.0 -2.6 New York district ___j 12.6 I 9.4 ';. A Ri t c la h n m ta o n d d is t d r i i s c t t rict 1 1 4 0 . . 3 2 -0 7 . . 5 2 12.4 1.8 A Ph tl i a la n d ta e lp di h s i t a r i d ct i strict ! | 8 9 5 . . 7 9 ! ! - 4 1 9 . . 9 7 j !_ 7.1 Chicago district 8.2 I -3.8 5.4 1.6 San Francisco district \ 7.6 j 11.6 L St. Louis district 19.0 ! 8.8 13.9 15.1 Automobile supplies: j ! Minneapolis district -2.9 i -0.5 San Francisco district : -2.3! -1.2 Kansas City district... 12.3 I 3.7 Clothing: Dallas district 15.4 ! 4.9 4.3 -3.9 New York district..... -8.4 I -17.1 San Francisco district.. 9.5 I -0.6 St. Louis district -39.4 ! 17.4 Dry goods: Cotton jobbers: United States 6.4 | -3.8 -8.9 -5.0 New York district..... 18.0 ; 4.3 -12.9 New York district 8.4 I 5.8 Silk goods: * Philadelphia district... 31.8 -10.1 -1.9 -1.6 New York district 5.7 6.3 I » 21. 1 Cleveland district 15.9 -9.5 Machine tools: Richmond district 2.3 -17.5 -9.0 -13.4 New York district 27.5 Atlanta district 6.4 2.1 Diamonds: i I Chicago district 11.3 -7.2 -11.9 -1.4 New York district ....! 5.1; -3.2 S M t. i n L n o e u a i p s o d li i s s tr d i i c s t trict.... - - 1 1 3 1. . 9 8 -11 6 . . 4 2 -2.1 -0.2 Jewe N lr e y w : York district 21.7 i -3.2 * -4.0 Kansas City district... -4.1 1.0 Philadelphia district 1 14.5 | 13.7 -4.3 0.8 Dallas district.... -14.7 -13.3 -4.2 2.8 Electrical supplies: : San Francisco district.. -0.7 -7.4 Philadelphia district j 28.7 I -6. 2 0.7 -12.0 Shoes: Atlanta district j 19.6 j 59.6 United States 11.5 6.3 -1.8 -11.2 S S a t. n L F o r u a i n s c d is i c s o tr i d c i t s trict ._.! ! - 1 6 7 .6 .0 ! ! 3 9 4 . . 6 2 4.3 -16.7 Boston district.. 13.7 8.9 -1.3 2.7 Millinery: I New York district 6.3 1.2 34.6 Kansas City district ] -10.0 j -29.6 Philadelphia district.. 10.0 -15.4 -5.2 -0.8 Stoves: ! I Cleveland district.- 21.7 3.8 St. Louis district I 28.9 j 0.4 -17.9 -10.2 Richmond district -1.2 -7.5 -5.3 -25.4 i A Ch tl i a c n ag ta o d d i i s s t t r r i i c c t t 2 1 2 4 . . 6 9 -9 4 . . 2 1 4.5 -23.5 J Sales of agricultural implements for the United States are compiled by the Chicago Federal Reserve Bank from reports of leading imple i 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 a 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

810 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 RETAIL TRADE, BY REPORTING LINES 1 [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Year and month i ll & IS 1924 j July ! 91 69 206 163 148 128 August ! 93 74 201 172 152 138 September | 119 106 210 169 145 137 October } 141 141 240 203 159 144 November I 141 131 232 199 145 138 December - | 210 148 253 366 187 192 1925 | | January i 108 I 250 151 | 155 122 107 February - j 101 i 233 156 j 146 119 100 March ! 121 j 252 177 160 131 127 April. 136 258 195 ! 159 134 177 May 128 254 191 I 163 143 149 June 126 254 187 i 167 134 152 July 95 259 183 ! lf?6 136 122 August 98 243 195 | 171 ! September.. 122 i 113 243 191 ! 169 ! 1 For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924. 1 Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of Research and Statistics, Federal Reserve Board. DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasona Number Federal reserve district o p f o r r t e - - 1925 1924 1925 1924 ing firms Sept. Aug. July June May Sept. Aug. Sept. Aug. July June May Sept. Aug. United States.. 359 122 98 95 126 128 119 93 134 125 128 126 124 131 118 Boston 24 118 88 «2 134 128 115 86 130 117 129 126 120 127 114 New York 63 130 90 94 132 132 127 83 146 132 134 131 129 145 122 Philadelphia... 22 111 86 85 127 121 109 85 137 118 126 123 118 134 117 Cleveland 54 115 103 98 128 132 117 101 129 126 127 126 126 132 122 Richmond 23 105 87 91 123 117 106 78 123 121 124 119 116 124 10$ Atlanta 35 89 78 78 98 104 94 72 100 99 103 104 99 106 92 Chicago 63 144 113 105 139 139 132 108 152 137 138 141 133 139 130 Minneapolis- 23 104 92 81 103 107 102 89 104 102 99 102 106 102 98 Dallas 21 110 78 72 98 108 114 70 110 109 102 102 107 114 99 San Francisco.. 31 139 140 123 134 148 130 136 149 144 147 143 143 139 139 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919=100] I Stocks without seasonal adjustment Stocks with seasonal adjustment Num-! ber \— - • ,- Federal reserve district of re- 1925 1924 1925 I 1924 port- 1 ing firms '| Sept. Aug. July June May ! Sept. AAuugg.. Sept. Aug. July June May Sept. Aug United States. 126 133 131 133 135 137 128 126 Boston 113 118 120 122 118 124 118 119 New York 120 131 128 130 134 134 124 124 Philadelphia... 144 181 182 176 180 183 148 146 Cleveland 123 128 126 127 132 135 126 123 Richmond 116 122 120 127 131 126 116 118 Atlanta 109 111 114 110 112 117 108 109 Chicago 149 149 143 150 152 155 148 i 143 Minneapolis.-. 106 115 113 112 114 111 110 107 Dallas 122 116 117 120 120 122 114 115 San Francisco.. 131 134 132 135 135 133 133 130 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDEKAL RESERVE BULLETIN 811 FOREIGN BANKING AND BUSINESS CONDITIONS RECENT DEVELOPMENTS IN THE NETHERLANDS BANK ANNUAL REPORT The second measure was the shipment of gold to the United States, not with the object of thereby directly supporting the rate of exchange, but in the The annual report of the president of the expectation of the now probably no longer distant Netherlands Bank for the year ended March return to the gold standard. It was our aim to be 31, 1925, presented on June 30, 1925, contains so liquid in that case, especially having regard to the possibility of the issue of checks on a gold basis, as the following comment upon the bank's activto be able to issue readily any amount of foreign curities during the period immediately preceding rency that could be required of us, particularly with the return to the gold standard: a view to the large amount of foreign deposits which are still being held in this country. The noticeable relaxation on the money market made the management of the Netherlands Bank decide to reduce the bank rates on two occasions, viz, RECENT DEVELOPMENTS as from December 13, 1924, from 5 per cent to 43^ per cent and as from January 15, 1925, from 4J^ The following table shows the movement of per cent to 4 per cent for discounting domestic bills, while the rate for other transactions with the bank the most important items of the bank's statewas, on both occasions, similarly reduced by one-half ment over recent years: per cent. Private discount rates were, as a rule, lower than the official bank rate and fluctuated between 5 ITEMS OF THE NETHERLANDS BANK per cent (October, 1924) and \% per cent (February, 1925) * * *. [In millions of florins] We believed that there was sufficient reason for the reduction of the discount rates, partly because we Oct. 5, Dec. 29, Dec. 31, IDec. 31, considered that we were strong enough, with our still 1925 1924 1923 1913 very large gold stock and the very ample foreign bill portfolio, to venture a return to the gold standard, particularly now that the Government had rendered G Si o lv ld er 4 2 1 3 8 50 1 5 3 58 8 2 i ' 15 9 1 such strong cooperation—and, it is with appreciation Foreign bills 243 117 27 ! 14 that we can record it, also a number of municipal cor- Domestic bills 102 120 252 i 67 porations—in preventing the creation of a fresh volume D Co ep m o m si e ts rc _ i . a ._ l " ^ _ a ._ d vances _ .. . 1 2 2 5 6 1 5 7 9 2 1 3 8 9 0 i ' 8 4 6 of artificial purchasing power, while our general Note circulation 908 935 1,066 I 313 economic position presented no difficulties in this respect. Further, our industries would be thereby assisted, and we also considered that discount rates At the end of 1913 the bank held approxiwhich are not too high form a favorable factor for the mately a 50 per cent ratio of gold to notes. development of our money market. During the course of the war gold holdings in- We have also been able to assist the discount market in another way. As early as in April, 1922, we hadcreased very rapidly to a maximum of 726,arrived at a general arrangement with the leading banks 000,000 florins in April, 1918, in which month and bankers in the Amsterdam and Rotterdam money the note circulation amounted to 937,000,000 markets with regard to the discounting of bills in which florins and deposits to 69,000,000 florins, givforeign interests were involved; we stated that, as a rule, bills were only eligible for discount if the dis- ing a ratio of gold to notes of about 77 per cent, counting bank could clearly show what Dutch interest and of gold to notes and deposits of about 72 was involved in these bills. Beside the soundness of per cent. In the same month holdings of forthe bill, the Netherlands interest would be paramount eign bills amounted to only 4,000,000 florins. when deciding whether it would be eligible for discount. Now that the Netherlands have gradually From this date gold holdings steadily declined gained in importance as an economic center, and par- to the end of September, 1925. From April, ticularly in view of the fact that the international 1918, to October 5, 1925, the total reduction character has developed so much more, we felt that in the gold stock amounts to 308,000,000 florins, we should not hinder this development by too strict views on discountabilit}^ especially now that our mone- of which the reduction from the end of 1923 to tary position had become so much stronger. We there- the present is 164,000,000 florins. On the fore informed the principal banks and bankers on other hand, the holdings of foreign bills have March 10,1925, that from that moment we had adopted increased by 196,000,000 florins since April, the principle, when judging of the discountability of a bill in which foreign interests are involved, that the 1918, and by 216,000,000 florins since the end accepting bank or firm should in general keep the of 1923. In effect, therefore, about two-thirds Dutch interests in view and that the credits in question of the reduction in the gold stocks has been should in no case be in conflict with Dutch interests. compensated by the increase in foreign bills, We believe that we have already observed that the application of these broader principles have led to a which, under the operations of the gold standfurther development of our discount market. * * * ard are, of course, readily convertible into gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULGUETTN NOVEMBER, 1925 There has also been a considerable reduction reduced by about 125,000,000 florins to 206,of the note circulation, particularly since the 000,000 florins at the end of September of end of 1923. This item reached its maximum this year. in November, 1918, when it amounted to These movements have found their reflec- 1,082,000,000 florins. During 1921, 1922, and tion in the bank rate. In the opening days of the first half of 1923 the circulation declined, the war the rate was raised from 3J^ per cent reaching 910,000,000 florins in June of that to 6 per cent. On August 20, 1914, it was year; but a rapid expansion in demand for lowered to 5 per cent and on July 1, 1915, to central bank credit in the closing months of 43^ per cent. At this figure it remained un- 1923 raised it to 1,066,000,000 florins in De- changed not only through the rest of the war, cember. From that time the decline has been but throughout the years 1919, 1920, and 1921, almost continuous to the present and is ap- when high rates prevailed in most other proximately equal to the reduction of the gold monetary centers. On July 18, 1922, the rate stock during that period. From the end of was lowered to 4 per cent, at which figure it 1923 to the present the note circulation has remained until December 12, 1923, when it fallen by about 155,000,000 florins and the gold was raised to 4J^ per cent. This advance stock by about 164,000,000 florins. The latter was in response to the heavy borrowing at the movement, as was explained above, represents bank, resulting in the increase in loans and mainly a conversion of gold into foreign bills. in circulation mentioned earlier in this article. On October 5 the ratio of gold to notes was 49 In two months, from the end of October to per cent, and to notes and deposits nearly 45 the end of December, 1923, the discounts of per cent. The combined figure of gold and the bank rose from 155,000,000 florins to foreign bills was above 70 per cent of the total 252,000,000. On January 25, 1924, the rate note and deposit liabilities. was further advanced to 5 per cent. These This decline in the note circulation has been heavy borrowings were repaid rapidly after the result of a corresponding reduction in do- the first quarter of 1924; on December 13 mestic loans and discounts. In May, 1920, the rate was reduced to 4J^ per cent and a these amounted to 459,000,000 florins; by month later (January 15, 1925) to 4 per cent. August, 1923, they had fallen to 274,000,000 At this figure it stood at the time of the decflorins, but in the last half of 1923 they rose laration of the return to the gold standard, rapidly to 432,000,000 florins in December, and until October 2, when, on the day followthis increase, as was mentioned above, neces- ing the reduction of the Bank of England's sitating a large increase in the note circula- rate from 43^ per cent to 4, it was further tion. Since that time they have been steadily reduced to 33^ per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 813 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 te S m ep b - er August July | Sep- te S rn e ]i i ber August July June Bank of England: Reichsbank: Issue department- Gold at home 1,076 1,045 981 970 Gold coin and bullion 159 161 162 i 127 Gold abroad 99 93 123 92 Notes issued 178 181 182 ! 146 Reserves in foreign exchange 319 357 368 354 Banking department- Bills of exchange and checks 1,717 1,765 1,789 1,691 Gold and silver coin 2 2 2 2 Miscellaneous assets 460 471 502 639 Bank notes _ 34 36 37 22 Deposits _ 620 701 700 564 Government securities 37 35 34 42 Reichsmarks in circulation _ 2,649 2,595 2,530 2,474 Other securities 76 70 69 77 Rentenmarks in circulation 1,833 1,834 1,836 1,856 Public deposits 27 22 21 14 Reichsbank clearings 4,382 4,433 4,609 4,302 Other deposits 102 104 103 111 6 Berlin banks:1 Ratio of gold and note reserve Cash 122 167 to deposit liabilities (per Bills _ 1,013 1,095 cent) 27.4 30.8 ! 31.6 19.5 Due from other banks 583 609 Bank notes in circulation 1 _ 89 88 1 90 101 Miscellaneous loans 2,333 2,252 Currency notes and certificates _. 293 295 ! 301 285 Deposits 4,140 4,127 Nine London clearing banks: Index of security prices (Jan. 2,1925= Money at call and short notice 112 117 ! 115 | 108 100) (per cent) 70.35 70.97 i 73.99 80.43 Discounts and advances... 1,075 1,063 | 1,080 ! 1,020 Capital issues 31 37 ! 25 44 Investments 255 257 I 260 1 314 Total deposits 1,613 1,611 ; 1,633 ! 1,612 Total clearings 2,996 3,039 | 3,499 | 2,976 1 Bimonthly statements. Government floating debt: Total 775 770 I 780 ! 774 ITALY Treasury bills 644 626 ; 604 ! 619 Temporary advances 131 144 i 176 ! 155 [Millions of lire ndex of security prices (December, N In 1 d 9 e 2 x 1 = n = u 10 m 0 b ) e ( r p er o f c e f n o t r ) eign exchange 116.0 116.2 I 114.4 i 115.6 1925 value of the pound sterling (per If cent) _ 130.9 | 131.6 I 132.0 127.1 | August! July j June I August 1 Notes issued, less amounts held in banking department and in currency note account. Banks of issue: j i FRANCE Gold reserve1 • 1,132 | 1,132 1,132 i 1,131 Total reserve j 2,007 | 1,988 1,777 | 1,833 [Millions of francs] Loans and discounts ! 10,412 j 9,755 9,675 ! 6,881 Note circulation for commerce 12,363 12,208 11,949 ! 9,955 Bank G o o l f d F r r e a s n er c v e e : 1 3,683 3,683 i 3,680 Lead T N i o n o t g t a e l p c r d i i e r v c p a u o t l e s a i t t b i s o a n n k fo s: r the State _ 2 7 , , 5 0 3 6 8 8 7 2, , 6 0 8 6 5 8 2 7 , , 8 0 1 6 1 8 j 2 7 , , 9 3 7 9 3 8 Silver reserve 310 311 312 | 301 Cash 1,007 1,049 ; 927 Thre B W N T D e o i o e m l a c t l m t r a s e o e l a m n c a n d t m i d d e r v c p e d a u r o - c e n l s i a p c i a t t o e l s i s s o b i n t a s t .. _ o n k t s: he G _ o - ver . n . - _ 4 2 5 8 2 , , , 1 5 9 7 5 0 6 7 0 4 2 1 2 4 7 7 , , , , 4 7 7 1 2 0 5 4 9 2 0 7 I I ! 4 2 1 1 2 4 7 7 1 , , , , , 5 4 0 2 9 1 9 0 5 5 1 6 7 0 9 I i ! ! j 4 2 1 1 0 1 3 1 4 , , , , , 7 0 0 9 3 4 3 9 0 3 2 3 9 0 9 I S n t d at e e L D P T x a o o n u o r a t e o t a f n i t l e f c s s r e i d o i a p c s e m n a u s p d t u r o i i c e o s t d o y i n i t r s s s r p c e r o s ic u p e n o s t n s ( d p e e n r t c s. e . n . t) 2,100 13 4 2 8 , , , , 1 8 6 2 4 3 0 1 2 3 9 7 0 4 1 4 9 5 1 4 9 2 3 , , , , 6 1 0 8 4 2 3 0 7 4 6 4 6 0 0 9 7 2 1 i i ! ! 1 8 3 2 2 , , , , 4 9 4 4 3 2 1 2 0 2 8 3 6 9 0 7 2 0 Other loans . I 4,571 | 4,095 ( i : 1 1 J J, ( f 3 MOff( C Pg] 1 Not including gold held abroad. banks — 951 971 1,178 924 Price of 3 per cent perpetual rente 47.70 45.40 51.00 | 52.20 JAPAN Not ncluding gold held abroad. [Millions of yen] CANADA 1925 1924 [Millions of dollars] 1925 • 1924 Sep- ugust: July September August July June August Char G te o r l e d d c b oi a n n k an s: d bullion l 54 54 54 54 Ban R k ese o r f v e J f a o p r a n n o : tes l. _ 1,057 | 1,057 ; 1,058 1,064 C M u o r n re e n y t a l t o a c n al s l a a n n d d d sh is o c r o t u n n o ts t ice... ; 1,1 3 0 3 0 8 1,1 3 0 3 0 0 1,1 3 0 3 7 1 1,1 2 4 7 3 8 L A o d a v n a s n c a e n s d o d n i s f c o o re u i n g t n s bills.. 3 8 1 3 1 ! ! 40 51 0 ' 2 4 6 3 1 32 6 6 3 N Pu o b te li c c i a rc n u d l a r t a io il n way securities 5 1 7 6 1 4 5 1 7 5 6 8 5 1 7 6 4 3 5 1 1 6 2 6 N G o o t v e e r c n ir m cu en la t t i d o e n p . osits 1,3 2 2 3 2 2 | | 1,3 2 7 4 1 9 ' 1,2 1 9 6 0 7 1,3 2 1 1 2 6 B D B G a a o o n n l m d I k k n i n r d d c e i l i e o s e v e b n a i r i r d v t i n s u n e o a g » a t l s e g d 2 a c e i i n p r s c o t u s i l D t a s t o io m n inion notes. 2 2 1, , , 2 1 0 2 1 4 1 9 0 1 8 0 0 9 6 2 2 1 , , , 2 0 3 2 1 3 4 9 0 1 1 8 0 9 6 2 2 1 , , ,2 1 1 2 1 4 2 5 0 1 0 6 1 8 6 1 1 1, , , 9 9 2 2 6 9 5 1 9 7 2 3 4 8 Tok T T T P y C o r o o o a i s t t t v b a a a h a a l l l t n o l d c e o k n l e e a d s p a n h : e o r a s p i s n n o it g d s s i s ts 3 2 1 , , ,8 3 3 1 8 6 4 3 1 8 3 4 3 3 I ! | 1 1 2 2 , , , 9 1 9 3 0 3 3 5 3 0 6 2 7 2 1 3 2 1 , , , 9 3 2 1 1 9 2 3 1 9 0 5 4 6 ! I ! ! 2 1 2 , , 7 , 8 1 6 2 9 2 0 3 1 2 7 3 0 1 Not including gold held abroad. Total for month. 1 Gold abroad, gold coin and bullion in Japan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES 1925 1924 1925 1924 te S m ep b - e ' r g A u u s - t July te S m ep b - er te S m ep b - er August! July te S m ep b - er Austrian National Bank (mil- National Bank of Hungary (billions of schillings): lions of Hungarian crowns): Gold ... . . 15 15 11 11 Gold 631 631 630 540 Foreign bills (reserve) _ 503 501 465 373 Foreign exchange.. 2,334 2,171 | 2,004 1,386 Other foreign bills 73 88 104 Bills, etc 1,734 1,564 j 1,563 1,757 Domestic bills, etc . _ ._ _ 83 73 85 285 Note circulation 5,103 4,991 j 4,744 4,116 Note circulation 841 836 837 800 Deposits- Deposits 30 40 30 89 Public 2,048 1,817 1,665 1,054 Private 152 131 161 362 National Bank of Belgium (millions of francs): Bank of Java (in thousands of Gold 272 272 272 270 florins): Foreign bills and balances abroad . 30 30 30 17 Gold 132,310 132,941 149,941 Bills 1,264 1,336 1,413 1,327 Foreign bills 32, 010 30,183 18,634 Note circulation _. _ 7,582 7,616 7,688 7,526 Domestic bills 17,627 18,040 37,566 Private deposits 245 174 153 265 Loans... 86,230 74,162 89,994 Note circulation 315,127 311,088 264, 642 National Bank of Bulgaria (millions of leva): Bank of Latvia (thousands of lats): Metallic reserve 152 158 86 Gold. 23,551 23,538 23, 533 23, 584 Foreign notes 3 5 2 Foreign exchange reserve 33,967 32,801 32, 762 40, 076 Balances abroad and foreign bills. 542 468 734 Bills.... 61,594 60,906 41, 598 Commercial bills 412 395 270 Loans _ 48,479 47,510 48,515 39,974 flnmnifirpiftl loans 480 477 448 Note circulation 29,441 29,456 28,350 25,800 Notes in circulation 4,221 4,129 4,362 Government deposits _ 70,864 72,209 75, 769 77,220 Deposits 1,954 1,966 1,354 Other deposits 52,817 51,306 53,201 46, 698 Banking Office, Czechoslovakia Bank of Lithuania (thousands of (millions of Czechoslovak crowns): litas): Gold and silver _ _ 1,030 1,031 1,031 1,051 Gold 33,648 33,565 33,483 25,382 Balances abroad and foreign cur- Foreign exchange reserve 24, 768 25,931 28,535 50,503 rency 702 659 633 657 Loans and discounts •_. 41,735 38,981 39,483 32,405 Bills discounted _ . . 559 568 616 780 Note circulation 81,091 79,590 78,497 74,481 Advances on collateral 467 478 477 753 Deposits -.. 13,451 I 16,434 I 19,796 35,558 Note circulation 7,839 7,695 7,549 8,223 Deposits 484 467 571 438 Netherlands Bank (millions of florins): Bank of Danzig (thousands of ,GGoldld 418 414 419 529 Danzig gulden): Domestic bills 83 90 77 136 On deposit with Bank of Eng- Foreign bills 243 243 229 40 land, foreign bills, etc 42,891 32, 094 32,763 29,594 Loans 128 | 116 135 194 Loans and discounts. _ 18,522 21,809 24,059 15,372 Note circulation 879 I 863 876 972 Notes and circulation 35,296 33,444 34, 203 27,937 Deposits 34 | 26 25 22 Deposits 9,343 3,387 5,723 13,376 National Bank of Denmark (mil- kroner): lions of kroner): Gold 147 147 147 147 Gold 209 209 209 210 Loans and discounts 309 308 325 429 Bills... 71 76 80 227 Balances abroad _ _ . 66 61 58 35 Loans 21 23 36 61 Note circulation 372 378 384 389 Foreign bills and balances abroad . 125 148 109 36 Deposits- Note circulation. 430 442 449 473 State 19 53 Deposits 61 75 64 70 Private. 65 66 71 58 Bank of Estonia (millions of Reserve Bank of Peru (millions of Estonian marks): libras): Cash in foreign currency 76 93 Gold at home 4,030 4,044 4,021 4,237 Loans 228 252 Gold abroad 953 968 985 695 Bills discounted 1,693 1,715 Bills 1,929 1,808 1,985 1,118 Advances on current accounts 3,066 3,076 Notes in circulation 6,067 6,030 6,168 5,548 Bank notes issued 2,250 2,250 2,250 Deposits 788 762 810 382 Deposits of the exchequer . 2,613 2,522 Deposits __ 1,584 1,673 Bank of Poland (millions of zlote): Gold 132 132 122 100 Bank of Finland (millions of fin- Foreign exchange, etc 72 63 92 234 marks) : Bills. 292 285 303 234 Gold 43 43 43 43 Note circulation _ 397 440 462 460 Balances abroad, etc 1,165 1,065 1,077 455 Current accounts, etc.— Finnish and foreign government Treasury 12 2 11 6 securities 395 395 395 494 Private 93 43 69 52 Domestic bills. _ 363 365 352 844 Bank of Portugal (millions of es- Note circulation 1,279 1,268 1,252 1,279 cudos): Deposits— Gold . 9 Q 9 Private 87 33 93 7 Balances abroad 212 195 189 Treasury _ 220 158 95 23 Bills 187 187 164 Note circulation . . . .. 1,631 1,617 1. 662 National Bank of Greece (millions Deposits 54 64 40 of drachmae): Gold and balances'abroad 2,528 2,652 National Bank of Rumania (mil- Government loans^and securities. 3,796 3,970 lions of lei): N D o is t c e o c u i n rc ts u l a a n ti d o n loans 3 5 , , 3 3 1 0 3 3 4 2 , , 6 2 5 2 4 7 B G i o ll l s d . 8,3 5 3 66 9 7,9 5 0 6 1 5 7,6 5 9 63 0 6, 556937 Private deposits- Government loans _ _ 10, 787 10,787 10, 787 11, 072 Sight 2,114 1,921 Note circulation 20, 649 20,153 19, 576 18,871 Time 1,016 1,072 Deposits 7,830 7,966 7,818 6,689 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER. 1JH!.~ FEDERAL RESERVE BULLETIN 815 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued 1925 1924 1925 1924 te S m e b p e - r August July te S m e b p- er te S m e b p- er August July te S m e b p- er 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 28 29 31 Gold... 16, 838 16,657 13,140 Bills discounted 695 753 764 855 Foreign currency 4,685 4,685 10,017 Note circulation 4,376 4,297 4.277 4,458 Loans and discounts 46,938 44,618 30,047 Deposits 965 978 993 892 Bank notes _._ 70, 277 67, 750 51,887 Bank of Sweden (millions of kro- National Bank of the Kingdom nor): of Serbs, Croats, and Slovenes Gold 232 233 234 247 (millions of dinars): Balances abroad and foreign Gold 74 73 73 72 bills and securities 204 185 161 99 Foreign currency and balances Domestic bills 229 244 277 344 abroad 419 427 397 391 Swedish Government securities.. 13 13 13 14 Bills . 995 958 944 1,327 Note circulation 551 511 494 564 Note circulation 6, 097 5,965 5, 661 5,968 Deposits 107 144 179 129 Deposits _ _ 583 815 627 229 Swiss National Bank (millions of South African Reserve Bank francs): (thousands of pounds sterling): Gold 491 511 508 505 Gold coin and bullion 3, 585 3,494 551 Domestic bills 290 291 276 285 Gold certificates 6,036 7,127 10,223 Loans 42 42 45 76 Total bills discounted . 6,234 5,418 4,227 Balances abroad and due from Domestic bills 6 24 2,397 correspondents 45 48 44 52 Foreign bills 2,843 3,260 450 Note circulation 845 819 824 891 Union Government treasury bills. 3,000 1,250 Deposits 87 134 111 91 British Government treasury bills.. 385 885 1,380 Notes in circulation 9,519 9,520 10,418 Bankers' deposits. 5,234 5,523 4,565 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 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., i Sept. 3,1925 July 1,1925 Japan 7.3 Apr. 15,1925 Portugal 9 Sept.12,1923 Belgium i Jan. 22,1923 Oct. 29,1925 Java 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria i 10 Aug. 31,1924 July 9,1925 Latvia 8 Feb. 16,1924 Russia 8 Apr. —,1924 Czechoslo- I Feb. 26,1925 Lithuania... 7 Feb. 8,1925 South Africa. 5H Nov. —,1924 vakia ; Mar. 25,1925 Feb. 15,1925 Netherlands. 3H Oct. 2,1925 Spain 5 Mar. 23,1923 Danzig I Mar. 6,1925 Oct. 21,1925 Norway 5 Sept. 14,1925 Sweden 4^ Oct. 9,1925 D En e g n l m an a d r k...! | b 4 Y 2\ S O e c p t. t . 8 1 , , 1 1 9 9 2 2 5 5 J S u ep ne t. 2 1 4 8 , , 1 1 9 92 2 5 5 P P e o r l u and 1 6 2 A Au p g r . . 1 1 2 , , 1 1 9 9 2 25 3 Y Sw ug it o z s e l r a l v a i n a d .. - 6 J O u c n t e . 2 2 2 3 , , 1 1 9 9 2 2 5 2 Changes—"Batik, of England, from 4^ to 4 per cent on Oct. 1, 1925; Netherlands Bank, from 4 to 3H Per cent on Oct. 2, 1925; Bank of Sweden, from 5 to 4^ per cent on Oct. 9, 1925. National Bank of Hungary, from 9 to 7 per cent on Oct. 21, 1925; Swiss National Bank from 4 to 3}i per cent on Oct. 22, 1925; Bank of Finland, from 8 to 7V2 per cent on Oct. 29, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] 12 months ended 1925 September— 12 months ended 1925 September— Se b p e t r enr August 1925 1924 August 1925 1924 France (million francs): Imports 4,317 3,297 40,415 39, 325 IMPORTS Exports 3,850 3,258 43,224 39,241 Germany (million gold marks) : By classes of commodities: Imports 1,104 1,303 13,627 7,472 Total _ 350,005 340,484 >019,647 3,557,800 Exports 780 727 8,381 6,195 Netherlands (million guilders): Crude materials 142,198 140,524 1,573,092 1,190,018 Imports 192 Foodstuffs, crude,and food Exports 174 animals.. ._ 45,247 36,702 476,633 413,904 United Kingdom (thousand £ Manufactured foodstuffs. _. 33,110 29,786 437,646 537,428 sterling): Semimanufactures 58,021 65,302 732,062 639, 277 Imports 97,925 91,733 1,336,285 1,219,961 Finished manufactures 65,370 65,664 775,805 752,614 Exports.. 60,735 61,038 785,304 790,525 Miscellaneous 6,059 2,506 25,027 24,559 Reexports 10,526 13,500 150,161 134,553 By countries: Canada (thousand dollars): Total Europe 100,370 100,547 1,203,845 1,073,266 Imports 78,663 81,974 852,524 826,353 France 12,843 14,287 154,348 147,216 Exports. 109,574 112,414 1,170,480 1,086,089 Germany 15,067 13,770 149,901 143,605 Japan (million yen): Italy 6,724 6,046 99,850 77,659 Imports 164 2,573 2,390 United Kingdom 31,288 32,312 407,185 344,376 Exports 228 2,183 1,684 Total North America 76,548 71,706 959,875 1,007,814 Canada 37,356 36,282 427,139 406,029 Tota A l r S g o e u n t t h in A a meric . a 44 5 , , 3 6 2 0 1 3 4 5 1 , , 1 9 5 3 2 2 5 7 1 7 7 , , 9 3 2 6 7 0 44 7 6 2 , , 9 9 7 3 2 7 1925 12 m A o u n g t u h s s t — en i ded Total Asia and Oceania 123,239 119,732 1,248,889 961,366 Japan 47,970 35,727 365,924 328,821 Total Africa 5,526 6,567 90,297 67,381 August July 1925 1924 EXPORTS By classes of commodities: Denmark (million kroner): Total 420,319 379,862 4,969,661 4,351,840 Imports 163 190 2,306 2,253 Exports 161 179 2,168 1,994 Crude materials 131,579 71,472 1,406,373 1,291,866 Italy (million lire): Foodstuffs, crude, and food Imports 1,391 1,851 24,657 18,032 animals ___ 34,179 28,564 455,857 243,393 Exports 1,597 1,391 17,343 13,127 By c M M S R F o e i e i u a n m e s n n i c x s i u t e p m h r f l i o e l a a e a d r c n s t n : t s u m e u f o r a a e u n c d s t u u f r f a e o c s o t _ u d r s e t s uffs _ .. 1 5 5 4 7 0 2 3 , , , , 6 0 6 4 7 2 5 5 7 5 1 8 9 0 3 1 4 5 7 7 7 2 2 , , , , 3 1 4 5 3 4 9 0 1 6 9 6 5 4 2 1, 6 5 7 6 9 8 54 2 2 9 7 , , , , , 9 9 6 3 7 2 5 0 6 6 6 1 6 5 9 1,5 5 5 5 6 8 9 7 6 5 8 8 , , , , , 6 6 3 6 3 5 4 4 1 2 0 5 9 0 7 N Ru o s r s w I I E E i m m a x x a y p p p p ( o o o o t ( h r r r r m t t t t o s s s s i u l s li a o n n d k r r u o b n le e s r ) ) : : 4 5 5 1 , , 7 3 1 0 0 8 2 0 0 7 0 3 6 6 6 , ,6 1 1 7 4 2 7 9 2 8 1 4 5 3 5 1 1 7 6 , , , , 5 1 3 8 2 8 4 4 4 9 1 5 932 Total Europe 228,379 180,873 2, 705,456 2,253,853 Sweden (million kronor): France _ 20,545 18,212 279,935 282,100 Imports 119 117 I 1,413 1,406 I G ta e l r y many 5 1 2 2 , , 1 7 1 9 7 3 3 1 4 1 , , 1 6 1 0 4 1 4 2 9 2 7 2 , , 4 2 3 3 7 5 3 1 7 7 5 5 , , 0 6 8 5 0 9 Braz E il x p (m or il ts lion milreis):2 127 134 1,329 1,223 United Kingdom 90,334 63,099 1,056,101 Imports 365 328 3,415 2,297 Total North America 102,819 101,375 1,158,266 1,041,005 Exports 280 246 4,013 3,369 Canada _ 63,338 60,781 668,576 688,465 Australia (thousand £ sterling) : Total South America 29,006 38,125 382,514 290,015 Imports 12,501 12,211 1156, 088 142,821 Argentina 9,661 14,390 139,993 107, 634 Exports.. 10,442 7,085 j 160,474 120,663 Total Asia and Oceania... 53,107 50,790 641,656 700,355 India (million rupees): Japan 18,012 13, 238 224,812 263,443 Imports _ 188 177 ' 2,363 2,362 Total Africa 7,008 8,701 81,819 66,610 Exports _ 292 283 4,159 3,617 South Africa (thousand £ sterling): 1 Figures for Russia are for eleven months ending August, 1925. Imports 5,506 1 Figures are for April and May, 1925, and for the 12 months ending Exports 5,704 May, 1924, and May, 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEE, 1925 FEDEEAL RESERVE BULLETIN 817 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 Canada 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 i 145 189 155 120 142 156 July 156 174 440 i 147 191 156 117 146 158 August 158 173 442 i 149 196 160 125 149 163 September. 156 172 436 j 146 198 158 120 ' 145 161 October 159 175 442 ! 148 206 161 120 148 I 161 N D o ec v e e m m b b e e r r . . . 1 16 60 5 1 1 7 7 6 7 4 4 4 5 9 1 i i 1 1 4 4 8 9 2 20 1 9 0 1 1 6 7 7 1 1 1 2 2 3 6 1 14 4 9 8 ; I 1 16 6 1 2 1925 January 168 178 456 i 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 I 148 195 163 119 148 161 August 164 161 491 I 150 197 161 119 150 i 162 September. 165 158 »482 ! 146 197 158 118 146 161 GROUPS OP COMMODITIES i I Grouped by stage of Grouped by origin , All Ex- Year and month Year and month j I m t ° i o e m s :. t R e m r a a ia - w ls d g u P o c r o e o r d - s s ' Con" g m D o t o e i o c s d - - s p g o I o m r o te d - d s g p o o o r d t s UNITED STATES FRANCE—COntd. j 1924—September ._ 1925—July I 490 510 486 472 472 578 513 1925— April August I 491 506 487 480 473 580 515 May September2.! 482 499 485 463 461 584 516 June CANADA July. August 1924—September. _ I 146 133 153 162 145 155 150 September.. 1925— April 148 134 153 169 147 158 161 ENGLAND J M u a n y e i | 1 1 4 4 9 7 1 1 3 3 7 7 1 15 5 1 2 1 1 6 6 1 4 1 1 4 4 8 7 1 1 5 5 4 4 1 1 7 6 1 6 1924—September __ 172 July 148 134 150 167 147 154 162 1925—April. 172 August I 150 136 149 171 150 154 166 May 162 165 September.-| 146 129 149 170 145 154 152 J J u u l n y e 1 16 6 4 2 1 1 6 6 3 5 ; ' JAPAN ! August 165 161 1924—September-J 198 202 196 200 189 200 September. _ 163 154 March j 197 214 201 185 196 203 200 FRANCE I 1925— M Ap a r y il 1 1 8 9 9 1 2 2 0 0 5 8 1 1 8 8 9 8 1 18 8 1 2 1 1 9 8 1 9 1 1 8 9 8 4 1 1 9 8 1 9 1924—September-. 436 516 443 June 195 206 196 189 195 196 197 1925—April.. 460 541 470 July 195 202 201 189 195 195 202 May 467 530 462 August 197 205 204 190 197 196 202 June 483 555 483 September. _ 197 206 203 190 196 208 * Complete descriptions of these indtx number* may be found in the following issues of the BULLETIN: UniUd States—May and June, 1920, June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922 •Provisional. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 WHOLESALE PRICES IN PRINCIPAL COUNTRIES ALL COMMODITIES [Pre-war-100] Europe Year and month g B iu el m - | ! g B a u ri l a - | j Cz s e lo c i - ^ ho- m D a e r n k - 1 T m(B w r ° £ a T a d rrH d e ) la F n in d " 'FTrParonncnen | S I ( ' F t m a e t t a d i i c s n e a y - r l al b H ( g a g a u s o r i n l y s d - ) Italy ! i ( w Os a l y o ) i ! P olandi ! Russia* lraae) 'Bureau) 1924 January. 580 I 2,711 974 210 165 1,071 ! 494 117.3 123 ! 571 i 156 250 107 February 642 I 2,658 999 223 167 1,078 I 544 116.2 131 ! 573 i 158 112 187 March 625 I 2,612 1,021 227 165 1.094 ! 499 120.7 130 ! 579 155 110 I 193 April.... 555 i 2,798 1,008 228 165 I 1.095 ! 450 124.1 125 ! 579 ! 154 267 109 : 181 May.... 557 j 2,551 1,001 225 164 | 1,090 459 122.5 I 119 ' 571 ] 153 263 104 175 June 565 I 2,811 968 219 163 1,088 465 115.9 133 i 566 ! 151 264 j 101 166 July..... 566 ! 2,737 953 220 163 I 1,085 481 115.0 145 567 ; 151 • 271 102 169 August. 547 i 2,853 233 ! 165 1,111 477 120.4 145 572 151 274 109 175 September. 550 J 2,848 231 ! 167 ! 1,117 486 126.9 142 j 580 ! 158 275 112 173 October... 555 I 2,988 234 170 1,114 | 497 131.2 149 j 602 161 j 276 116 164 November. 569 ! 3,132 1,013 ! 231 | 170 1,120 I 504 128.5 154 621 161 277 117 164 December. 566 3,181 1,024 i 232 170 1,139 j 507 131.3 160 640 ! 160 i 278 118 168 i 1925 January. 559 3,275 1,045 I 234 171 1,137 514 i 138.2 159 ! 658 j 160 279 120 172 February 551 3,309 1,048 ! 234 169 1,141 515 j 136.5 152 ! 660 158 281 121 178 March 546 3,272 1,034 I 230 166 1,131 514 I 134.4 145 155 276 122 183 April... 538 ! 3,244 1,020 j 220 163 1,133 513 j 131.0 144 ! 658 151 267 119 195 May... 5""3 7 3,177 1,006 | 216 159 1,122 520 131.9 ! 141 | 660 151 260 118 197 June... 552 3,225 998 | 216 158 1,129 543 ! 133.8 | 141 | 153 258 119 191 July... 559 3.,041 1,009 | 206 158 1,118 557 ! 134.8 I 136 ! 707 155 254 120 188 August. _. 567 I 2,870 993 I 189 157 1,142 558 I 131.7 i 134 i 731 155 245 124 175 September 577 996 I 168 156 1,133 556 ! 125.9 135 j. 156 231 127 173 October. 163 174 Europe—-Continued • North and South America' Asia and Oceania Africa I United Year and month i States j China I Dutch India Spain Sweden S ll w aa i nn ttze dd e 11 r -1 o ( f B L u a r b e o au rCanada i ! ( Sh h a a n i g- ) | I E n a d s i t e s | cu ( t C t a a l ) - (T Ja o p k a y n o )! j Z e N a e la w n d! \ E (C g a y i p ro t ) A So fr u ic th a Statis- ! ! tics) 1924 January 178 161 183 ! 151 157 190 174 ! 156 180 172 211 175 ; 133 131 February... 180 162 183 j 152 157 189 170 I 160 178 208 180 ; 135 March 180 162 180 | 150 154 194 167 ! 158 179 206 180 ! 136 April 184 161 181 I 148 151 195 166 ! 154 178 174 207 178 I 134 126 May 179 160 180 | 147 151 192 165 j 154 177 176 205 179 ! 135 June 179 158 178 | 145 152 192 163 j 152 178 176 199 180 131 July.. 182 157 173 I 147 154 192 163 ! 152 174 179 195 180 ; 132 "125 August 182 160 171 150 157 193 162 I 149 177 180 200 181 143 September _ 184 163 170 i 149 I 154 190 162 I 149 177 179 206 181 148 October 186 167 189 i 152 157 192 163 I 153 175 181 213 180 156 133 November., 181 167 169 153 ! 158 191 163 j 155 173 180 214 181 158 December.. 198 168 170 I 157 ! 161 195 165 • 157 179 ! 176 213 181 156 I 1925 I January 191 171 160 165 199 163 | 160 178 ! 171 ! 213 I 178 157 I 130 February... 192 ! 169 171 161 165 194 ; 163 159 177 ! 172 | 210 175 161 I. March 193 ! 168 170 161 162 206 I 160 160 176 ! 168 I 204 175 155 j. April 190 ; 163 166 156 157 206 ! 158 159 i 175 | 169 202 175 ! 154 130 May. 191 I 162 163 155 159 200 i 159 158 174 | 164 199 i 175 ' 151 . J Ju u l n y e.- 1 1 8 8 7 8 : i 1 1 6 6 1 1 1 1 6 6 1 2 i ; 1 1 6 5 0 7 1 1 5 5 8 9 2 1 0 9 0 8 i I 1 1 6 6 3 2 1 1 6 5 3 7 ; !. 173 ! 1 1 5 6 7 0 I ! 1 2 9 0 8 0 j \ 1 1 7 7 4 5 I 1 1 5 5 1 0 I I- . August 184 ! 159 160 160 160 200 ; 162 160 !. 157 I 200 ! 151 L September.. 185 ! 157 159 I 160 157 205 ! 162 160 !. 158 201 ! 152 !. October 159 I 205 i 1 First of month figures. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 819 WHOLESALE PRICES IN PRINCIPAL COUNTRIES GROUPS OP COMMODITIES UNITED STATES—BUREAU OF LABOR STATISTICS [Pre-war=100] Bureau of Labor Statistics groups Federal Reserve Board groups : AH Raw materials I i 1 r e i n o t o i m e d s - - F p u r a c o r t m d s - I ! I Foods C c a l i l o n n o t g d t h h - s l F i a i g n u n h g d e t l - M m p u a r e e n c o t t d t a d a s l - l s B m r i i u a n a i t g l l e s d - -C d i a h r c n e u al d g m s s - H g n f o o i i u o n s u r h d g - s - s e c M el i l s a - - Crops p A u m r n c a o i t l d - s - F p u o r c r o t e d s s - t p M e r r o i a n d l - - m T r r a o i a t t a w l e a s - l g d P e o u r r o c o s d - - ' s g s C o e u o r o m n s d - - ' s 1923, average i 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—September. _ I 149 143 148 187 168 128 171 131 171 116 164 123 180 166 152 130 158 October 1 152 149 152 188 162 127 171 132 171 120 172 130 181 165 156 129 161 November.. I 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 ' 160 163 160 191 168 136 179 135 173 127 196 133 193 172 167 134 169 February __.i 161 162 157 191 178 136 183 135 173 125 193 136 201 175 169 136 167 March i 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 I 166 May 155 152 153 188 168 127 175 133 170 131 176 134 189 167 160 131 j 164 June i 157 155 155 188 173 126 171 133 170 138 175 141 181 167 162 135 165 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 L69 138 175 155 I 185 170 168 134 i 168 September..: 160 160 160 189 1G9 127 174 136 168 135 169 155 i 184 172 166 131 i 169 ENGLAND—BOARD OF TRADE ITALY—CHAMBER OF COMMERCE 1925 1925 i 1924 Groups Sep- . Sep- Groups Sep- Sep- tern- May temi I t b e e m r - g A u u s - t July June May t b e e m r - ber All commodities ! 67. 7 i 685 1 668 634 i 619 547 All foods I | 686 ! 652 622 607 532 AlFcommodities. 156 157 158 158 159 167 Vegetable foods | 665 j 617 594 577 482 Total food 166 166 166 167 167 171 Animal foods I 715 j 700 661 i 648 606 Cereals... 159 164 159 163 163 175 All industrial products 684 | 675 639 625 553 Meat and fish. 166 161 154 154 153 159 Textiles 827 821 759 736 675 Other foods 170 174 185 185 185 177 Chemicals \ 620 616 581 567 498 Total, not food 151 152 153 152 155 165 Minerals and metals ] 657 j 645 609 602 544 Iron and steel 121 123 125 126 128 141 Building materials 692 664 642 631 559 Other minerals and metals.. 130 132 132 130 132 140 Vegetable products 674 | 664 673 643 488 Cotton 204 207 210 214 216 219 Sundries 658 I 649 611 603 540 Other textiles. 179 177 176! 175 181 206 Other articles 157 157 157 153 159 ! m CANADA—DOMINION BUREAU OF STATISTICS FRANCE—STATISTICAL BUREAU All commodities | 157 160 158 i 159 159 154 Vegetable products _| 160 173 170 i 174 177 161 Animal products j 142 138 135 ! 133 131 126 Aircommodities i 556 558 557 543 520 486 Textiles _ 191 193 195 i 194 193 192 All foods ; 492 501 508 497 480 449 Wood products 159 159 159 j 159 159 159 Animal foods 486 500 499 466 465 459 Iron products I 150 149 151 J 152 153 155 Vegetable foods. ; 490 496 520 535 509 430 Nonferrous metals j 107 107 105 ; 103 103 97 Sugar, coffee, cocoa 495 500 486 465 435 457 Nonmetallic minerals j 178 178 177 i 177 177 183 All industrial material 607 604 597 580 553 515 Chemicals. j 158 158 158 | 158 158 155 Minerals 522 519 506 495 458 412 Raw materials, or partly manu- i Textiles 807 812 804 784 748 747 factured I 151 157 155 156 158 150 Sundries < 564 «7 554 535 517 466 Manufactured, fully or chiefly.- 159 161 159 ! 160 160 157 Producers' goods 150 156 155 ! 158 159 149 Consumers' goods 157 156 154 j 153 152 149 GERMANY—FEDERAL STATISTICAL BUREAU SWITZERLAND i—DR. J. LORENZ All commodities 126 132 135 134 132 127 1925 1924 Total food products 122 130 134 133 130 121 G F C a o r e t a l t s o c i , n n s s i a u a l g n g a d o r , o p m d o s t e , a a c t t o o , f e f a s e n e d , co f c is o h a . , . 1 1 1 8 0 5 1 7 0 1 1 1 7 2 4 5 0 7 1 1 1 2 7 3 9 9 6 1 1 1 2 7 3 9 5 4 1 1 1 2 2 7 6 9 7 1 1 1 1 6 3 1 1 9 Groups to O b c er i t S b e e m e p r - - g A u u s - t July June to O b c e - r Total industrial products 134 135 136 135 136 139 Hides and leathers 125 123 126 122 127 124 All commodities 159 159 160 161 162 I | 169 Textiles | 189 190 191 188 192 193 Consumers' goods ! 173 174 174 I 176 177 I 180 Metals and minerals 132 134 131 129 129 119 Agricultural products | 117 117 115 I 119 | 121 I 124 Coal and iron 121 121 123 123 123 129 Industrial products _ _ ! 160 159 160 159 i 159 175 Domestic goods _. 118 125 129 128 125 121 Imported goods. _ 165 165 166 162 165 158 i First-of-month figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDEKAL RESERVE BULLETIN NOVEMBER, 1925 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES INDEX NUMBERS OF RETAIL FOOD PRICES [Pre-war=100] 1European countries Other countries United States ci ( t 6 ie 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 r l i - a l E an n d g - i 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 i - S l z a w e n r i d - t- a C d a a n - i t A ra u l s i - a ( I b B n a d o y i m ) a - N l Z a e e n a w d - A So fr u ic th a 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 24,287 118 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 1G4 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 16fi 422 146 599 152 261 219 167 141 155 149 149 122 July 157 26,550 130 2,906 167 421 154 602 152 260 218 167 141 156 152 151 120 August 157 25, 739 135 2,744 168 423 154 621 152 254 210 165 146 156 147 119 September... 156 25,294 170 431 153 152 241 208 165 146 156 146 118 October 215 148 INDEX NUMBERS OF COST OF LIVING [Pre-war»100] European countries Other countries Massas c e h t i t - s g B i e u l m - C v o z a s e k l c o i h a - - l E a n nd g - i E n to i s a - - l F a i n n d - ( F P r a a r n i c s e ) m G a e n r- y 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 - l P an o- d Spain S d w en e- S l z a w e n r d i - t- a C d a a n - 1 A t l r u i a a s - - ( I b B n a o d y m i ) a - A So fr u ic th a 1924 January 157 480 917 177 1,155 110 123 510 121 178 176 169 150 158 133 February 156 495 917 179 1,143 104 101 517 127 190 168 149 156 134 March 156 510 908 178 1,141 365 107 118 521 179 236 126 180 168 148 150 153 134 April . 154 498 907 173 1,121 112 107 522 127 195 166 145 150 134- May 154 485 916 171 1,121 115 104 518 126 180 166 143 150 134 June 154 492 923 169 1,147 366 112 128 618 173 244 124 186 168 143 149 153 133 July 155 493 909 170 95 1,154 116 140 512 127 182 171 169 143 156 132 August 155 498 897 171 94 1,198 114 138 511 135 180 166 145 160 132 September.. 157 503 908 172 98 1,199 367 116 135 516 176 258 141 189 166 146 '~148~ 160 132 October . 157 513 916 176 104 1,219 122 141 546 150 185 ""l74" 169 146 160 133 November.. 157 520 922 180 108 1,222 123 141 563 152 175 170 147 161 134 December... 158 521 928 181 109 1,217 377 123 143 573 181 266 153 190 170 147 ~~148~ 160 133 1926 January _- , 158 521 >890 180 113 1,199 124 141 580 150 188 178 168 149 157 133 February 157 517 911 179 110 1,191 U36 135 592 151 189 168 150 157 133 March 158 511 904 179 114 1,210 386 136 132 602 179 271 151 192 167 148 150 159 133 April 158 506 901 175 112 1,201 137 130 600 149 191 ""l77" 165 147 158 134 May 158 502 894 173 111 1,176 136 131 591 147 188 165 146 156 134 June 159 505 914 172 112 1,191 390 138 130 596 179 259 148 190 166 146 154 134 July 160 509 916 173 114 1,218 143 126 598 152 190 176 166 146 157 133 August 161 517 894 173 1,266 145 127 610 151 190 164 148 152 132 September... 161 525 884 174 1,242 145 126 179 248 152 190 148 151 132 October 533 153 I. 1 First of the month figures, 8 Revised index. 2 1921-100. * 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

NOVEMBER, 1925 FEDERAL RESERVE BULUETI-N 821 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOB SEPTEMBER AND AUGUST, 1925 [Amounts in thousands of dollars] Total earning assets Total cash reserves Total deposits Fede in ra l c i r r e c s u e l r a v t e io n notes Reserve per- Federal reserve bank September August September August September August September I i t S em ep b - er August Boston 75,716 74,428 241,173 247, 518 143,529 143,122 159,703 164, 856 79.5 80.4 New York 294,676 253,267 927, 626 960,913 837,174 835, 792 352, 528 342,159 78.0 81.6 Philadelphia... 90,061 84,396 215,163 222,134 132,921 133,858 150,215 149,746 76.0 78.3 Cleveland 113,033 106,083 309, 026 307,163 178, 536 180, 661 223, 566 211, 520 76.9 78.3 Richmond 64,527 62,394 87, 540 83, 796 67,813 67,331 76,146 70,104 60.8 61.0 Atlanta __ 59,755 59,457 164,216 149,348 77,786 74, 227 147,960 135, 286 72.7 71.3 Chicago 123, 384 120, 680 365, 695 374,484 327, 393 329, 638 145,574 146, 212 77.3 78.7 St. Louis 64,141 70,913 60,050 55, 673 78,398 79, 001 40, 276 41,793 50.6 46.1 Minneapolis... 47,045 45, 203 76, 012 72, 279 53, 952 52,055 65, 221 61,661 63.8 63.6 Kansas City... 61,038 56,151 97,157 102, 260 91, 293 93,100 65,854 63, 644 61.8 65.2 Dallas.. 50,193 49, 004 64, 500 55, 605 60,190 56, 704 46, 084 40,116 60.7 57.4 San Francisco . 120,329 110, 288 264, 649 265, 703 165, 374 163,832 206, 501 199,290 | 71.2 73.2 Total: 1925.. 1,163,898 1,092, 264 2,872,807 2, 896,876 2,214,359 2, 209,321 1,679,628 1, 73.8 75. 5 1924.. 930,965 836, 534 3,156, 623 3,211,455 2,188,401 2,139, 536 1, 7S0,498 1, 757; 470 80.1 82.4 1923.. 1,123,472 1, 078, 204 3,187, 000 3.194, 364 1, 9C8,193 1,890, 069 2,264,090 2, 228, 947 76.4 77.6 1922.. 1,113,343 1,053, 098 3,192,420 3.195, 502 1,866,300 1,859, 524 2,225, 457 2,151,185 78.0 79.7 1921.. 1, 740,474 1,841, 596 2,836, 396 2, 740,388 1, 716,162 1,691,137 2,493,910 2, 512, 348 67.4 65.2 1920.. 3,329,481 3, 233,862 2,139, 280 2,127, 305 1, 912, 070 1, 885,062 3, 275, 535 3,165, 222 U3. 3 143.7 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] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap in o n li e s - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Gold with Federal reserve agents: Sept. 23 _ 1,405,694 144,931 300,728 127,464 182,535 45,471 129,218 135,074 16,280 45,289 50,262 33,410 195,032 Sept. 30 1,381,941 121,931 300,609 127,854 181,750 50,687 128,710 135,003 15,925 44,416 49,527 32,783 192,746 Oct. 7 1,365,341 119,610 300,609 130, 349181,022 54,752 133,638 115,003 19,701 44,420 43, 257 32,181 190,799 Oct. 14 1,372,943 117,417 300,527 130, 512181,446 53, 459 132,528 114,953 19,462 46,555 42, 349 31,637 202,098 Oct. 21 1,399,178 114,381 345,527 127,947 181,181 52,725 126,317 114,953 15,596 54,025 42,028 31,185 193,313 Gold redemption fund with U. S. Treasury: Sept. 23___. 48,726 10,535 10,202 8,161 3,607 3,151 2,019 2,087 1,158 1/ 1,' 1,923 S O e c p t. t . 7 30 5 58 4 , , 9 1 0 9 6 7 9 7 , , 1 6 6 4 5 1 1 1 3 2 , , 8 6 8 0 6 0 12 9 , ,7 8 1 6 2 1 4 2 , , 1 8 6 8 2 0 1 1, , 7 8 6 3 6 0 2 2 , , 0 5 7 0 7 2 4 3 , ,8 9 3 4 8 3 1 1 , , 6 3 1 3 3 4 1,884 4 3 , ,4 3 0 1 1 1 1 1 , , 7 6 1 1 0 9 2 3 , ,0 71 9 1 4 Oct. 14 57,112 10,511 11,223 13,853 2,339 1,866 2,385 2,690 996 1,563 4,754 1,648 2,764 Oct. 21 54,143 12,805 10,002 5,578 3,201 1,771 2,996 5,628 1,409 4,609 1,521 2,334 Gold held exclusively against Federal reserve notes: Sept. 23 — 1,454,420 155,466 310,930 135, 625186,142 48,622 131, 237137,161 17,438 46,617 53,348 34,879 196,955 Sept. 30 1,436,138 129,572 314,495 137,566 184,630 52.517 130,787 139,946 17,538 40,300 52,928 34,402 195,457 Oct. 7 1,424,247 128,775 313,209 143, 210185,184 56.518 136,140 118,841 21,035 47,568 33,891 193,893 Oct. 14 1,430,055 127,928 311,750 144, 365183,785 55, 325134,913 117,643 20,458 48,638 47,103 33,285 204,862 Oct. 21 _ 1,453,321 127,186 355,529 133, 525184,382 54,496 129, 313120,581 17,005 56, 314 46,637 32,706 195,647 Gold settlement fund with Federal Reserve Board: Sept. 23 719,341 32,788 268, 325 45,027 68,861 31,035 26, 342107, 705 27,791 23,959 32,040 20,690 34,778 Sept. 30 736,603 43,103 260, 222 53,766 74,866 34,276 28,867 102,573 36,293 21,637 27,913 15,128 37,959 Oct. 7 748, 208 46,863 253,001 46,965 58, 241 35,161 28,037 124,645 40,378 26,224 29, 740 17, 783 41,170 Oct. 14 733,661 38, 356 234, 956 35,765 71,412 35,985 29, 326141,126 36,681 26,194 28, 226 18,787 36,847 Oct. 21 - 701,960 54,192 256, 714 37,919 52,300 33,580 24, 204135,072 12,687 18,447 24, 511 17, 348 34,986 Gold and gold certificates held j by banks: Sept. 23 591,784 26,337 347,076 20,758 47,195 8,391 2,748 87,719 9,827 7,406 7,147i 23,192 Sept. 30 587,226 26,781 339, 641 21,089 46,883 8,690 2,618 89,615 9,437 7,621 4,915 7,238 Oct. 7 588, 933 28,354 341,508 22, 244 47, 535 9,273 2.578 84,179 9,283 7,420 4, 350 7,321 24,888 Oct. 14 602, 348 31,815 342,133 23,862 50,805 9,664 2,611 86, 320 10,873 8,004 3,722 7,431 25,108 Oct. 21 623,103 36, 359 350,285 24, 447 50,805 10,346 2,691 87,905 12, 406 7,790 4, 526 7,567 27,976 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

822 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] I Total i Boston Y N o ew rk | • d P e h l i p l h a- i a j | C l l a ev nd e- m Ri o c n h d - la A n t t - a L S ou t. is Minne-! K s a a n s - Dallas j j F S r a a n n- City cisco Total gold reserves: Sept. 23 2, 785,545 926, 331 i 201,410' 302,198 88,048 160, 327332, 585 55, 0561 77,! 89, 376 62,716! 254,925 Sept. 30 2, 759,967 914,358! 212,421 306,379 95,483 162, 272332,134 63, 268 i 75, 558 85, 756 56,768| 256,114 Oct. 7- 2,761,388 907, 7181 212,419 290,960 100,952 166,755 327, 665 70, 696! 79, 627 81, 658 58,995 259, 951 Oct. 14 -_ 2, 766,064| 888,839| 203,992 306,002 100, 974 166,850 345,089 68,012| 82,836 79,051 59. 503 266,817 Oct. 21 2, 778,384 217,737 962,528! 195.891 287,48^" 18,422! 156,208 343, 558 42,098' 82,551 75, 674 57, 621 258, 609 Reserves otherTthan gold: Sept. 23 105,394!! 24, 422! 5, 555 j 7, 465 4,0121 7,183 15,850| 8,9771 1,544 4,454 7,122 5,536 Sept. 30 105,5671 24, 771; 5, 068 j 7, 837! 3, 728; 7,419 15,305 9, 300! 1,420 5,069 6, 210; 5,864 Oct. 7 -. 101,093 i 24,851: 5, 775| 6, 557' 3, 900; 6,037 14, 893 9, 218! 1,' " 3,f~~ 5,155 5,672 Oct.14 -.- 103,723! 25, 249: 5, 825! 7, ir 4,019| 6,840 15,152 9,463! 1,810| 3,502 5, 673! 5,505 Oct. 21 110,912 25,912J 6, 4901 8,455 5,062! 7,413 15,459 9,184! 1, 8671 3,761 5,903i 5,806 Total reserves: Sept. 23 2,870,939! 227,865 950, 753 206,965 309,i 92,060 167,510 348,435 64,033) 79, 526 93,830 9,838 260,461 Sept. 30 2, 865, 534; 213, 032 939,129 217,489 314, 216 99,211 169,69l| 347,439! 72, 568 76,978 90,825 62,978| 261,978 Oct. 7 -- 2,862,481! 217, 659 932, 569 218,194 297, 517104,8521 172,792j 342, 558' 79,914 81,096 85, 557 64,150l 265,623 Oct. 14 2, 869, 787 211, 667 914,088 209, 817313,119 104,9931 173,690! 360,241 77,475 84, 646! 82, 553 65,176 272, 322 Oct. 21 -.-. 2,889, 296 233,33" 988,440 202, 381295,942 103,484 163,621 359,017 51,282 84,418! 79,435 63, 524 264, 415 Nonreserve cash: Sept. 23 51,872i 4,328 18, 295i 1,125 2,965 3, 3201 2,561 8,903 3,323 715 2,047 1,839 2,451 Sept. 30 48,189! 3, 911 17,083i 1,039 3, 518 2, 696) 2,169| 8, 099 2,829 558 2,043 1,640 2,604 Oct. 7 48,4091 4,214 18,039; 1,058 2,369 2,909 2,76l| 7,641 2,613 565 1,964 1,615 2, 661 Oct. 14- 48, 045 3, 420 17, 3831 1,085 2,381 2,907 3, 241] 7, 580 2,754 9791 2,099 1,566 2,650 Oct. 21 -. 53,734!j 4,700 18,147: 1, 215 4,108 3, 367J 3, 579| 8,137 2,9021 800! 2,173 2,044 2, 562 Bills'ldiscounted: Secured by United States Government obligations- Sept. 23 337, 649! 13, 071 159,791! 26, 977: 32, 851! 15, 65 3,380| 33,374| 7,346 803! 5,262 2, 084 37,059 Sept. 30 316, 7941 20, 532 148,9221 25, 442| 33, 794! 12, 671 3,056; 32,643! 6,815J 1, 466; 1.210 1, 502! 28, 741 Oct. 7. 320,381 14,509 144,058 22,9171 41,1751 10, 226 5, 635 43,142! 5, 370! 2,952! 3,302 2,126 24,969 Oct. 14 - 308, 213! 17, 991 125, 834 j 24, 563! 43, 451, 13, 91 6,397 39,505| 6,125! 1,178! 3,376 2,788 23,086 Oct. 21 293,172 12, 758 101,664! 30, 833 j 45, 698| 14,733! 9,160| 34,172^ 9,2051 4, 636! 5,45' 3,353, 21,503 Other bills discounted— Sept. 23 303,078; i 24, 797 72,974| 21, 511| 27,2091 35, 875; 26,163! 25,405 29,300! 4, 529; 6,051 22, 375 Sept. 30 316, 394 29,484 80,138 18, 506 25, 822! 35,956| 25, 9041 30, 523' 29,144j 4,4781 7,540 6,148 22, 753 Oct. 7. 323, 648 23,1531 87, 798! 22, 368 32, 868! 36,122! 19, 086! 33, 54l! 24,038! 3, 568 7,256 5,989 27, 861 Oct. 14 335,335 34, 602| 89,0461 26, 530 34,394 34,351 j 23, 678i 28,2481 20, 628! 3,407; 6,823 6, 846 26, 782 Oct. 21. 309, 789! 17,015 60, 302 27, 627 35, 821 35, 019) 20, 725| 34,952! 25,467; 3,462! 8,506 4,898 35,995 Total bUls discounted: Sept. 23 640, 727: 37, 868 232, 765! 48,488| 60, 060 51, 526 29, 543! 58, 779 5, 332! 12,151 8,135! 59,434 Sept. 30 633,188; 50,016 229, 060! 43,9481 59, 616 48, 627! 28,960 63,166 35,959 5,944! 8,750 7,648 51,494 Oct. 7 644,029| 37, 662| 231, 856j 45, 285 74,043 46, 348| 24, 721 76,683! 29, 408 6, 520! 10, 558 8,115 52, 830 Oct. 14 643, 548 52,593; 214, 880! 51,093 77, 845 48,270! 30,075 67, 753! 26, 753i 4, 585! 10,199 9,634 49, 868 Oct. 21 602,961! 29, 773i 161,966! 58,460 81, 519 49, 752! 29, 885 69,124' 34, 672; 13,963 8,251 57,498 Bills bought in open market: i Sept. 23 238, 493| 41, 626 27,1511 20, 478 18, 348 4,719 16,623 29,900! 1,6 23,659} 21, 499 12,022 20, 769 Sept. 30 268,310 49.246 28, 753! 19, 787 18, 682 4,604 19, 657 35, 374J 9 25,0191 26,135 16,078 24,016 Oct. 7 283,944; 51, 759j 31,055J 19,456! 20, 243 4,967 20, 587 38,961! 2,670 24, 641 28,117 16,472 25,016 Oct. 14.... 287, 014! 54.445 30,624i 19,159| 17,156 5,133 21,921 37, 514 11,028 21, 8971 27, 674 17, 691 22, 772 Oct. 21 293, 259! 59, 563 23,016 20,147 15,651 5, 038! 26, 717 33, 652! 21, 816J 17, 3691 25, 886 20, 307 24,097 U. S. Government securities: i Bonds- Sept. 23 55, 610! 537 1, 257| 585 7,965 l,19ll 19,928! 1,197! 7, 558! 8,118 6,358i 53 Sept. 30 55, 658j 537 1,257! 585 7,965 1,191 19,928! 1,197 7, 558| 8,137 6,361! 53 Oct. 7.. 55,618! 537 1,257; 585 7,965 1,191 835 19,928! 1,197; 7,558 8,138 6, 373! 54 Oct. 14 55, 638| 537 1,257| 585 7,965 1,19ll 19,928| 1,197! 7,558 8,137 6,3911 56 Oct. 21 55,9071 537 1,2571 585 7,965 1,19l| 19,928J 1,321 7, 558 8,139 6, 50l| 56 Treasury notes- Sept. 23 251,603! 2,093 58,492' 18,428 21,! 4, 253] 12, 396 22,069) 18,873! 9,020 22,905 22,143| 38,942 Sept, 30- 268,155 2, 5211 73, 737! 18,428 21,990 12,398 22,069! 18. 873! 9,020 22,980 22,944 38,942 Oct. 7 249,811* 2,2381 54, 268 18,428 21.989 4| 252 12, 398 23,480! 18, 873 9,020 22,980 22,944 38,941 Oct. 14. __ _ 261,122 2, 574 64,842 18,428 21.990 4, 253 12,398 23, 8791 18, 873 9,020 22,980; 22, 943 38,942 Oct. 21 248, 366 2, 290 52,978 18,428 21,989 4, 253 12,402 23, 683! 18, 873 9,020 22,980; 22, 528 38,942 Certificates of indebted- Sept. 23.. 15,919 4, 7061 755 50j 1,021 861 1,742! 1.7541 _J 4,937 Sept, 30. 19,093 4, 706 4,299 50 1,021 885 1,227 1,875 ___! 4,937 Oct. 7... 18, 695 4, 896 2,344 50 1,021 1,046 1,610 1,998' 700 4,937 Oct. 14.. 19,473 4,805 4,229 50 1, 021 1,096 844 1,998! 400 4,937 Oct. 21.. 19, 532, 5,570 1,265 50 1,022' 1,652 1,055! 1,998! 1,890 4,937 Total U. S. Governmentfsecurities: Sept.23 323,132 7,336 60,504 19,063 30.975 5,444 14,120 43,739 20,163 16,578 32,777 28,501 43,932 Sept. 30 342,906 7,764 79,293 19,063 30.976 5,444 14,172 43,224 20,163 16,578 32,992 29,305 43,932 Oct.7__ .._. 324,124 7,671 57,869 19,063 30,975 5,443 14,279 45,018 20,163 16,578 33.116 30,017 43, 932 Oct. 14__ 336,233 7,916 70,328 19,063 30,976] 5,444 14,330 44,651 20,163 16,578 33,115 29,734! 43,935 Oct. 21 323,805 8,397 55,500 19,063 30, 976' 5,444 14,923 44,666 20,287 16,578 33.117 30,919 43,935 Other securities: Sept.23. 2,420 2,320 100!. Sept. 30 2,420 2,320 100!. Oct. 7_ 2,420 2,320 100;. Oct. 14. 2,420 2,320 100! - Oct.21__ 3,220 3,1201 100! Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 823 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] New Phila- Cleve- Rich- At- Chi- St. Minne- Kan- San Total Boston York delphia land mond lanta cago Louis apolis sas Dallas Fran- City cisco Foreign loans on gold: Sept. 23 8,100 599 2,187 753 867 429 332 1,118 373 267 324 284 567 Sept. 30 10,200 755 2,754 949 1,091 540 418 1,408 469 337 408 357 714 Oct. 7__ 10,604 792 995 1,092 541 439 1,477 492 353 428 357 749 Oct. 14 6,400 474 1,728 595 -685 339 262 294 211 257 224 448 Oct. 21_ 6,300 466 1,701 674 334 258 290 208 252 221 441 Total bills and securities: Sept. 23 ,212,872 87,429 322,607 91,102 110,250 62,118 60,618 133,536 58,881 45,836 66,851 48,942 124,702 Sept. 30 ,257,024 107,781 339,860 86,067 110,365 59,215 63,207 143,172 57,550 47,878 68,385 53,388 120,156 Oct. 7_... , 265,121 97,884 323,669 87,119 126,353 57,299 60,026 162,139 52,733 48,092 72,319 54,961 122, 527 Oct. 14... ,275,615 115,428 317,560 92,230 126,662 59,186 66, 588 150,801 58,238 43, 271 71,345 57,283 117,023 Oct. 21_ ., 229,54598,199 242,183 101,376 128,820 60,568 71,783! 148,311 77,065 42,253 73,318 59,698 125, 971 Due from foreign banks: Sept. 23 707 707 Sept. 30 639 639 Oct. 7 639 639 Oct. 14 639 639 Oct. 21 640 640 Uncollected items: Sept. 23 685,239 59,257 149,676 61,8561 64,927 60, 513 39,885 91,840 36,481 15,696 38,972 27,185 38,951 Sept. 30 655,053 59,833 143, 759 63, 833 58, 921 60, 537 34,692 77,965 34,699 14, 890! 40,225 27,112 38, 587 Oct. 7 713,311 66, 597 157,119 63,131 63,131 62,960 41, 786 85, 201 40,038 17, 510 45,281 30,589 39,968 Oct. 14 920,079 86, 746 228, 511 9911,888855 8877,447711 73,427| 41,050 107, 299 44,458 18,8761 48,172 37, 618 54, 566 Oct. 21___ 185,524 70, 719: 72,473 68,597 45,074 93, 294' 39,365 17,417 28,457 j47,051 Bank premises: Sept. 23.__ 61,399 4,190 17,159 1,252 7,948 2,446 2,780 4,708 3,047 4,612 1,834! 3,324 Sept. 30 61,401 4,190 17,161 1, 252 7,948 2,446 2,780 4,708 3,046 4,613 1,834 3,324 Oct. 7 61,475 4,190 17,163 1, 289! 7,948 2,446 2,780 4,709 3,047 4,646 1,834! 3,324 Oct. 14 61, 535 4,190 17,179 1,289i 7,948 2,446 2,780 4,718 3,047 1,834! 3,324 Oct. 21 61, 552 4,190 17,179 1,296 7,948 2,446 2,780 8,099 4,724 3,047 4,' 685 1, 834s 3,324 All other resources: I Sept. 23 18,044 3,375 284 285 568 2,334 1,363| 481 2,872 789 1,425! 4,180 Sept. 30 17,700 97 3,354 291 283 587 2,265 1,3531 445 2,805 741 1,348j 4,131 Oct. 7 _ 18,062 166 3,509 309 306 603 2,248 1,444| 376 2,905 733 1, 364! 4,099 Oct. 14 18, 583 160 3,761 328 317 594 2,275 1, 375 338 3,260 737 1,337| 4,101 Oct. 21___ 17,751 142 3,716 321 331 549 2,208 997 332 2,890 856 1,342i 4,067 Total resources: Sept. 23 4,901,072 383,157 1,462, 572362,584 496,038 221,025 275, 688 592,176 167,907 147,692 207,101 151,063; 434,069 Sept. 30 4, 905, 540388,844 1,460, 985369,971 495,251 224, 692274,804 586,127 172,799 146,155 206,832 148,300 430,780 Oct. 7.__ 4, 969, 498390, 710 1,452. 707371,100 497,624 231,069 282,393 607,082 180,383 153,215 210,500! 154,513 438,202 Oct. 14 5,194, 283 421, 6111,499,121 396,634 537,898 243, 553 289,624 635,395 187,981 154,079 209,587 164,814; 453,986 Oct. 21_ 5,035,186 408,966 1,455,829 377,308 509,622 239,011 289,045 617,855 175,670 150,825 206,766 156,899 447,390 LIABILITIES Federal reserve notes in actual circulation: Sept. 23 1, 670,348156,010 349, 210146, 569 224, 452 76,700 150, 277 145,182 39, 567 66,148 65, 816 46,955 203, 462 Sept. 30 1, 685,114157, 679 355, 684 146,113 223, 929 78, 789 152, 655 145,833 40,395 67,175 66, 544 46,048 204,270 Oct. 7... 1,701,128 158,333 353, 669145, 925 225, 076 82, 572 156, 854 147, 026 41,116 68,644 67,261 47,997 206, 655 Oct. 14... 1, 715, 532163,475 355, 695 148, 255 229, 540 84,311 157, 598 147, 051 41,164 67,935 66,716 47,993 205,799 Oct. 21 1,694,948 164,246 349, 515 144,387 222, 611 85,180 156, 298 147,323 40,595 67,358 66,439 47,178 203,818 Deposits: Member bank—reserve account- Sept. 23 2, 207, 090 142,834 859,457 127, 733 175, 651 65, 888 78,499 320, 434 74,306 53, 501 90,832 59,794 158,161 Sept. 30 2,209,937 143,620 863,184 131,997 177,157 65,347 78,744 318,310 78,246 51,218 87,348 58,717 156, 049 Oct. 7 2, 238,154 142,818 854,193 136,286 176, 748 68,819 80,286 332, 624 80, 440 55, 672 88,994 61, 871 159, 403 Oct. 14 2,229,825 144,586 838,394 131,919 186,759 68,758 81,436 329, 501 81,862 55, 572 85,943 61,196 163,899 Oct. 21 2,206,347 147,472 824, 281 133, 284 180,087 67, 451 79, 616335, 705 77,315 53, 023 84, 592 60, 956162, 565 Government— Sept. 23 32,169 857 14,841 1,472 1,699 2,240 1,988 1,827 1,176 908 831 1,947 2,383 Sept. 30 31,302 3,158 7,753 2,207 1,756 3,409 2,142 1,487 2,305 1,637 1,517 1,793 2,138 Oct. 7 16, 732 1,104 2,546 1,138 1,138 933 144 5,103 1,669 741 955 507 754 Oct. 14 32, 643 3,025 2,958 1,424 5,944 2,873 2,477 4,406 3,862 2,061 1,106 915 1,592 Oct. 21 _ 46,132 4,368 12,301 1,727 4,822 2,538 4,574 2,680 2,028 2,303 1,400 2,717 4,674 Foreign bank- Sept. 23 7,464 168 5,809 211 242 120 93 313 104 75 91 79 159 Sept. 30 7,530 147 6,085 184 212 105 81 273 91 65 79 69 139 Oct. 7 8,306 195 6,380 245 283 140 108 364 121 87 106 92 185 Oct. 14 7,091 133 5,779 167 192 95 74 248 83 59 72 63 126 Oct. 21 11,424 158 9,866 199 228 113 88 295 98 70 85 75 149 Other deposits- Sept. 23. 20; 731 146 10,180 147 1,013 256 95 835 1,072 174 1,244 5,481 Sept. 30 19,210 90 9,107 94 1,263 164 98 894 771 169 1,632 104 4,824 Oct. 7 19,865 131 9,718 263 1,076 166 71 989 1,151 362 795 98 5,045 Oct. 14 18,622 75 8,989 1,054 958 213 55 1,291 503 152 593 91 4,648 Oct. 21 20,043 116 10,437 144 1,091 61 138 1,088 857 295 585 34 5,197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 FEDERAL RESERVE BUL.LET1N NOVEMBER, 1925 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Total Boston Y Ne o w rk d P e h lp il h a i - a C l l a e n v d e - m Ri o c n h d - j la A n t t - a C ca h g i- o L S o t u . is M ap in o n li e s - K C s a a i n s ty - Dallas F c S i r s a a c n n o - Total deposits: Sept. 23 2,267,454! 144,005 890,287 129,563 178,605 68,504 80,675 323,409 76,658 54,658 92,998 61,908 166,184 Sept. 30 2,267,979 147,015 886,129 134,482 180,388 69,025 81,065 320,964 81,413 53,089 90,576 60,683 163,150 Oct. 7 2,283,057 144,248 872,837 137,932 179,245 70,058 80,609 339,080 83,381 90,850 62,568 165,387 Oct. 14 2,288,181 147,819 856,120 134, 564193,853 71,939 84,042 335,446 86,310 57,844 87,7i4 62, 265170, 265 Oct. 21 _ 2,283,946 j 152,114 856,885 135,354 186,228 70,163 84,416 339,768 55, 691 63,782 172,585 Deferred availability items: Sept. 23 614,787 57, 519 128,780 54,377 56,311 57, 099 30,272 75,754 35, 877 15, 090 34,431 29,494 39,783 Sept. 30 603,9771 58,457 124,914 57,351 54,256 58,165 26, 589 71, 516 35,214 14, 088 35,854J 28,827 38, 746 Oct. 7 636,162 62,428 131, 751 55,176 56, 571 59, 693 30,412 73,027 40,092 15,885 38,4691 31,185 41,473 Oct. 14_ 840,828 84, 537 192, 666 81,730 77, 672 33,407 104,888 44, 659 16,477 41,235 41, 755 53,239 Oct. 21 705,9541 66,769 154,768 65,391 63,971 64,936 33,700 82, 625 38,827 15, 958 39, 705 33,124 46,180 Capital paid in: Sept. 23 116,433! 8,600 31,949 11, 501 13,0581 5,980| 4,613 15,629 5,126 3,194 4,271 4,321 8,191 Sept. 30 116,440! 31,953 11, 501 13,058i 5,9841 4,614 15, 617 5,126 3,192 4,268 4,330 8,191 Oct. 7__ 116,4611 31, 967 11, 501 13,058 5,984 4,614 15,623 5,126 3,189 4,268 4,331 8,194 Oct. 14 116,487, 8, 606! 31,967 11,515 13, 058 5,984 4,630 15, 623 5,126 3,187 4,265 4,332 8,194 Oct. 21_ 116, 629, 32, 044 11, 521 13,053 5,986 4,646 15,630 5,126 3,186 4,264 4,332 8,235 Surplus: Sept. 23 217,837; 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. 30 217,837 16,382| 58,749 20,059 22, 462 11,701 8,950 30,426 9,971 7,497 8,977 7,592 15,071 Oct. 7 217,837 16,382 58,749 20,059 22,462 11, 701 8,950 30,426 9,971 7,497 8,977 7,592 15, 071 Oct. 14 217,837 16,382 58, 749 20, 059 22, 462 11, 701 8,950 30, 426 9,971 7,497 8,977 7,592 15,071 Oct. 21 - 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: Sept. 23 - 14, 213 641 3,597 515 1,150 1,041 901 1,776 708 1,105 793 1,378 Sept. 30._ 14,193 705 3,556 465 1,158 1,0281 931 1,771 680 1,114 613 820 1,352 Oct. 7 14,853 713 3,734 507 1,212 1,061 954 1,900 697 1,138 675 840 1,422 Oct. 14__ 15,418 792 3,924 511 1,313 1,055 997 1,961 751 1,139 877 1,418 Oct. 21 15,872 849 596 1,297 1,045 853 1,135 719 891 1,501 Total liabilities: I Sept. 23._- 4,901,072 383,157 1, 462, 572362, 584496, 038221, 025275, 688592,176 167, 907147,692 207,101 151, 063434,069 Sept. 3O.__ ! 4,905,540 388,844 1, 460,985369,971 495, 251224, 692274,804 586,127 172, 799146,155 206,832 148,300 430,780 Oct. 7. 4,969,498 390,710 1,452, 707371,100 497, 624231,069 282,393 607,082 180,383 153, 215 210, 500154, 513438,202 Oct. 14 .._' 5,194,283 421,611 1,499,121 396, 634537, 898243, 553289,624 635,395 187, 981154, 079 209, 587164, 814453,986 Oct. 21._. 5,035,186 1,455,829 377,308 509, 622239,011 j 289,045) 617,855175, 670150,825 206, 766156,899 447,390 MEMORANDA Ratio of total reserves to de- j posit and Federal reserve j note liabilities combined (per j ! cent): Sept. 23 72.9! 76.0 76.7 75.0 76.8 63.4 72.5 74.4 55.1 65.8 59.1 64.2 70.5 Sept. 30 72.5! 69.9 75.6 77.5 77.7 67.1 72.6 74.4 59.6 64.0 57.8 59.0 71.3 Oct. 7 _._ 71.8; 71.9 76.0 76.9 73.6 68.7 72.8 70.5 64.2 64.6 54.1 58.0 71.4 Oct. 14 _ 71.71 68.0 75.4 74.2! 74.0 67.2 71.9 74.7 60.8 67.3 53.5 59.1 72.4 Oct. 21... _ 72. 6| 73. 81.9 72.31 72.4 66.6 68.0 73.7 42.4 68.6 51.9 57.2! 70.2 Contingent liability on bills purchased for foreign correspondents: Sept. 23 34,027 2,583 8, 549 3, 246 3,734 1,850 1,431 4,816 1,605 1,152 i,: 1,222 2,443 Sept. 30 33,581 2,506 3,149 3,623 1,795 4,673 1,558 1,117 1,354 1,185 2,370 Oct. 7 _ 35,697 2,485 11,183 3,123 3,593 1,780 M77 4, 1,545 1,108 1,343 1,175 2,351 Oct. 14 36,876; 2,734 9,910 3,435 3,956 1,958 1,515 5,098 1," 1,219 1,478 1,288 2,586 Oct. 21 _-.. 36,796; 2,734| 9,834 3,435 3,952 1,958 1,515 5,098 V 1,219 1,478 1288 2,586 Own Federal reserve notes held by Federal Reserve bank: Sept. 23 316,812, 19,178 124,016 36,423 16,266 15,310 22, 625 16,945 6,563 3, 652, 7,329 5,391 43,114 Sept. 30 295,179 15, 509 112,085 37,069 17,203 13,096 21,140 16,377 5,980 3,612 6,876 5, 672 40, 560 Oct. 7 293,813 14,884 116,301 36,052 16; 828 13,719 20, 533 14,027 6,695 3,787 6,769 5,990: Oct. 14 ._ 295,216 17,949 112,825 33,885 15,539 12,9C7 23,149 15,593 6,908 3,901 6,607 5,450! 40,443 Oct. 21 _ 317,556 21, 242 121,798i 36,188] 22,602 12,824 14,298 6,811 3,708 6,514' 41,219 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

^NOVEMBEE, 1925 FEDERAL RESERVE BULLETIN 825 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Total Wi d th ay in s 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 9 6 1 m da o y n s th t s o m O o v n e t r h 6 s Bills discounted: Sept. 23 640,727 492,635 38, 323 62,630 41, 407 5,547 185 Sept. 30 - 633,188 36,430 59,502 41,776 5,886 608 Oct. 7 - 644, 029 500,588 35, 822 58, 608 42, 216 5,105 1,690 Oct. 14 643, 548 507,220 36, 789 35, 519 5,074 1,959 Oct. 21 602,961 459,734 37, 573 61,79 35, 242 7,486 1,128 Bills bought in open market: Sept. 23 238, 493 74, 270 46, 240 58, 431 49, 444 10,108 Sept. 30 268, 310 85,686 49, 306 55,955 11,374 Oct. 7 283,944 92,931 46,870 74,242 55,939 13,962 Oct. 14 287, 014 93,426 48,851 67,752 64,225 12,760 Oct. 21 293, 259 80, 794 47, 263 81, 579 67,122 16,501 Certificates of indebtedness: • Sept. 23 -.- 15, 919 1,684 4,689 8,681 Sept. 30 19,093 4,316 1,839 8,249 Oct. 7 2,551 1,711 5,206 9,227 Oct. 14 19,473 4,345 517 1,247 8,675 Oct. 21 19, 532 2.146 1,815 10,882 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollarsj i 1 Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - L S o t u . is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Federal reserve notes received from comptroller: i Sept. 23 2,950,946 272,818 764,086 216,792 285, 588 113,809 224,257 430,704 69,490 89,250 98,878 71,698 313,576 Sept. 30 2,940,580 269,818 758,629 214,182 284, 902 116,925 222, 720 431,787 69,735 89,377 99, 603 71,072 311,830 Oct. 7 2,944, 762 267,497 758,670 213,177 282, 974 120,850 224,007 431,130 73,211 91,081 99,813 72,469 309,883 Oct. 14 2, 951, 640268,304 757,220 211,340 284,499 126,758 226,037 432, 221 72,972 90,216 98,906 71,925 311,242 Oct. 21.. 2, 943, 706265, 268 754,893 208, 775 286, 833 126,524 229,827 429, 698 72,106 89,686 98,585 71,474 310,037 Federal reserve notes held by Federal reserve agent: Sept. 23 963,786 97, 630 290,860 33,800 44,870 21, 799 51,355 268,577 23,360 19,450 25, 733 19,352 67,000 Sept. 30 960,287! 96, 630 290,860 31,000 43, 770 25, 040 48,925 269, 577 23,360 18,590 26,183 19,352 67, 000 Oct. 7 949,821 94,280 288,700 31,200 41,070 24,559 46, 620 270,077 25,400 18,650 25, 783 18, 482 65,000 Oct. 14. 940,892 86,880 288,700 29, 200 39,420 29,480 45,290 269,577 24,900 18,380 25, 583 18, 482 65,000 Oct. 21 931,202 79, 780 283, 580 28,200 41, 620 28, 520 49,840 268,077 24,700 18,620 25,483 17, 782 65,000 Federal reserve notes issued to Federal reserve bank: Sept. 23 1,987,160 175,188 473, 228 182, 992 240, 718 92,010 172, 902 162,127 46,130 69,800 73,145 52, 346 246, 576 Sept. 30 1,980, 293 173,188 467, 769 183,182 241,132 91, 885 173, 795 162, 210 46,375 70, 787 73, 420 51, 720 244, 830 Oct. 7 1, 994, 941173, 217 469,970 181,977 241,904 96, 291 177, 387 161,053 47,811 72,431 74,030 53, 987 244, 883 Oct. 14 ._ 2,010,748 181,424 468, 520 182,140 245,079 97, 278 180, 747 162, 644 48,072 71, 836 73,323 53,443 246, 242 Oct. 2i...*_: 2,012,504 185,488 471,313 180,575 245,213 98,004 179,987 161, 621 47,406 71,066 73,102 53, 692 245,037 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Sept. 23 ._ 307,901 35,300 186, 698 4,800 8,780 21,160 10,000 10,975 13,052 17,136 Sept. 30 307, 731 35,300 186, 698 4,800 8,780 21,160 10,230 10, 575 13, 052 17,136 Oct. 7 307,731 35,300 186, 698 4,800 8,780 21,160 10,230 10,575 13, 052 17,136 Oct. 14 307, 731 35,300 186,698 4,800 8,780 21,160 10,230 10,575 13,052 17,136 Oct. 21 307, 731 35,300 186, 698 4,800 8,780 21,160 10,230 10,575 13,052 17,136 Gold redemption fund- Sept. 23 105,346 9,631 28,030 8,775 13, 755 3,016 7,218 4,429 1,805 1,237 3,902 4,774 18, 774 S O O O e c c c p t t t . . . t . 2 7 1 3 1 4 0 1 1 1 1 1 1 0 0 5 0 0 2 , , , , 9 6 4 9 0 3 9 3 5 9 0 0 1 1 1 6 9 4 2 , , , , 0 3 1 6 8 1 1 3 1 7 0 1 2 2 2 2 7 7 7 7 , , , , 9 8 9 8 1 2 1 2 1 9 1 9 1 1 1 12 1 2 0 , , , , 1 1 3 7 6 6 2 5 5 0 3 8 1 1 1 1 2 2 2 2 , , , , 4 9 2 6 0 7 4 6 1 0 2 6 5 4 2 2 , , , , 0 7 0 0 9 9 6 2 2 9 5 7 8 7 6 5 , , , , 4 0 4 2 8 8 0 9 0 7 8 8 4 4 4 4 , , , , 3 3 3 3 5 5 0 0 9 9 9 9 1 1 1 1 , , , , 8 6 3 5 5 2 8 2 0 6 7 1 1 1 1 1 , , , , 3 5 9 3 6 6 0 7 8 4 3 3 3 3 2 2 , , , , 1 8 9 6 6 8 9 6 7 9 7 8 4 3 3 3 , , , , 1 0 5 5 4 0 4 4 7 1 5 9 1 1 1 1 7 7 8 7 , , , , 4 3 7 9 1 9 0 8 9 8 9 7 Gold fund, Federal Reserve Bo S a e rd p — t. 23 992,44: 100,000 86,000 113, 889 160,000 21, 295 112,000 130, 645 3,500 31, 000 46,360 11,500 176,258 Sept. 30 958, 720 70, 000 86,000 111, 889 160,000 24,500 110,000• 130, 644 3,500 30, 000 46, 360 11, 500 174,327 Oct. 7 946, 705 70,000 86, 000 113,389 160,000 29,500 116, 000 110, 644 7,500 30,000 39,360 11,500 172,812 Oct. 14 _ 962,282 70,000 86,000 115,389 160,000 29,500 116,000 110,644 7,500 32,000 39,360 11,500 184,389 Oct. 21 990,808 70,000 131,000 110,389 160,000 29,500 111, 000 110, 644 3,500 39,000 39,360 10,500 175, 915 Eligible paper- Sept. 23 79,494 234,179 59,185 77,590 52,958 46,093 88,596 38,330 28,702 33,607 20,138 80,066 Sept. 30 860,064 99,262 227, 745 56,027 77,347 51,803 48,488 98,344 36,905 30,654 34,773 23,582 75,134 Oct. 7 885,379 89,421 233,736 54,038 93,172 50,900 45.159 115,566 32,061 30,586 38,555 24,562 77,623 Oct. 14 885,602 107,038 216,538 59,146 94,974 50,140 51,952 105, 093 37, 755 26,026 37,839 27,298 71,803 Oct. 21 847,507 89,336 149,696 67, 680 97,151 53,37C 56,550 102,650 56,474 25,054 39, 757 28,530 81,259 Total collateral- Sept. 23 2,244,632 224,425 534,907 186,649 260,125 98,42S 175,311 223,670 54,610 73,991 83,869 53,548 275,098 Sept. 30 2,242,005 221,193 528,354 183,881 259,097 102,49C 177,198 233,347 52,830 75,070 84,300 56,365 267,880 Oct. 7 2,250,720 209,031 534,345 184,387 274,194 105,652 178,797 230,569 51,762 75,006 81,812 56,743 268,422 Oct. 14 2,258,545 224,455 517,065 189,658 276,420 103,59S 184,480 220,046 57,217 72,581 80,188 58,935 273,901 Oct. 21 2,246,685 203,717 495,223 195,627 278,332 106,09c 182,867 217,603 72,070 79,079 81,785 59,715 274,572 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, SEPTEMBER, 1925 [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m R o ic n h d - la A n t t - a , c C a h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - HOLDINGS ON SEPT. 30, 1925 Total bills and securities 1, 257,024 107,781 339,860 86,067 110.365 59,215 63,207 143,172 57,550 47,878 68,385 53,388 120,156. Bills discounted for members 633,188 50,016 229,060 43,948 59,616 48,627 28,960 63,166 35,959 5,944 8,750 7,648 51,494 Bills bought in open market 268, 310 49,246 28,753 19,787 18,682 4,604 19,657 35,374 959 25, 019 26,135 16,078 24,016 United States securities 342,906 7,764 79,293 19,063 30,976 5,444 14,172 43,224 20,163 16, 578 32,992 29,305 43,932 Other securities 2,420 2,320 100 Foreign loans on gold. 10,200 755 2,?54 949 1,091 540 418 1,408 469 337 408 357 714 Bills Discounted Rediscounted bills: Commercial and agricultural paper n e s 205,736 29,422 26,624 7,301 11,021 30,297 22,037 28,973 24,211 4,250 7,355 5,583 8,662 Trade acceptances, domestic. 2,290 62 229 68 425 228 133 721 366 22 36 Secured by U. S. Government obligations 992 65 177 310 120 45 107 2 45 21 78 Member bank collateral notes: 22 Secured by U. S. Government obligations 315,802 148, 922 25,377 33,617 12,361 2,936 32,598 6,708 1,464 1,165 1,481 28,66a Otherwise secured 108,368 20,510 53,285 11,137 14,376 5,431 3,734 829 4,567 228 185 541 14,055 Total discounted bills 633,188 50, 016 229,060 43, 948 59,616 48,627 28,960 63,166 35,959 5,944 8,750 7,648 51,494 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports 139, 246 23, 641 13,154 7,917 9,623 1,596 10,855 19,154 819 14,143 15,942 9,434 12,968 Exports _ 85, 519 15, 069 11,422 7,841 4,965 448 6,696 11,151 140 7,910 7,794 4,976 7,107 Domestic transactions... 37,633 10,063 2,709 3,556 2,552 2,560 1,841 4,460 2,725 2,121 1,417 3,629" Dollar exchange 3,394 473 221 473 271 265 £09 241 278 251 312 All other 525 525 Trade acceptances— Based on imports 678 422 256 Domestic 45 45 Bills payable in foreign currencies 1,270 255 1,015 Total purchased bills 268,310 49,246 28,753 19, 787 18,682 4,604 19,657 35, 374 959 25,019 26,135 16, 078 24,016 United States Securities United States bonds ._ . _ . 55,658 537 1,257 585 7,965 1,191 889 19,928 1,197 7,558 8,137 6,361 53 Treasury notes. 268,155 2,521 73, 737 18,428 21, 990 4,253 12,398 22, 069 18,873 9,020 22,980 22, 944 38,942 Certificates of indebtedness 19,093 4,706 4,299 50 1,021 885 1,227 93 1,875 4,937 Total U. S. securities 342,906 7,764 79, 293 19,063 30,976 5,444 14,172 43, 224 20,163 16, 578 32, 992 29, 305 43, 932 DAILY AVERAGE HOLDINGS DURING SEPTEMBER Total bills and securities i 1,163,898 75,716 294,676 90,061 113,033 64, 527 59, 755 123, 384 64,141 47, 045 61,038 50,193 120,329 Bills discounted 594, 083 29, 331 204,356 49, 068 62,888 53,611 30,833 50,224 34,947 6,899 8,499 9,165 54,262- Bills bought 224,135 39, 203 18,867 19, 459 18, 436 5,002 14, 382 29, 207 2,667 23, 533 19,770 11, 726 21, 883 United States securities 335,359 6,600 69, 309 18,467 30,850 5,493 14, 214 42, 865 26,158 16, 351 32,405 29, 025 43,622 Foreign loans on gold 7,954 582 2,144 747 859 421 326 1,088 369 262 317 277 562 EARNINGS DURING SEP- TEMBER Total bills and securities L_ 3,407 210 837 264 326 206 182 379 198 139 178 148 1340* Bills discounted 1,787 84 588 141 181 176 101 165 115 22 28 30 156 Bills bought 610 107 52 53 50 14 40 79 7 64 53 32 59 United States securities 978 17 190 61 92 15 40 132 75 52 96 85 123 Foreign loans on gold 25 2 7 2 3 1 1 3 1 1 1 1 2 ANNUAL RATE OF EARNINGS Total bills and securities * 3.56 3.37 3.45 3.56 3.51 3.88 3.70 3.74 3.75 3.60 3.55 3.59 3.44 Bills discounted 3.66 3.50 3.50 3.50 3.50 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.50- Bills bought 3.32 3.31 3.33 3.29 3.28 3.32 3.34 3.29 3.24 3.29 3.29 3.32 3.28 United States securities 3.55 3.08 3.34 4.00 3.65 3.19 3.42 3.74 3.46 3.88 3.60 3.57 3.43 Foreign loans on gold 3.94 3.97 3.93 3.93 3.94 3.93 3.93 3.96 3.94 3.93 3.93 3.94 3.94 1 Figures include Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $2,320,000; earnings, $6,818; annual rate of earnings, 3.57 per cent; Kansas City, average daily holdings, $47,000; earnings, $149; annual rate of earnings, 3.89 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 827 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING SEPTEMBER, 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 - Atlanta C ca h g i o - L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Total Volume of Operations _.14,188,287 214,267 2,429,807 212,852 335,016 229,522 73,395 222,731 107,874 33,119 144,812 30,887 254,005 Bills discounted for member banks 3,526,517 161,057 2,015,926 196,940 307,202 226,771 57,736 180,395 106,105 11,628 25,593 12,666 224,498 Bills bought: In open market 214,570 35,199 72,012 9,240 9,877 2,375 10,349 20,173 9,862 15,123 8,687 21, 673 From other Federal reserve banks 9,656 44 3,149 3,271 3,192 U. S. securities bought: In open market. 424,744 16, 111 340,496 5,221 16,848 233 1,650 19,990 1,645 7,469 2,488 5,748 6,845 From other Federal reserve banks 10,000 1,700 600 1,200 800 400 1,800 800 1,400 500 800 Foreign loans on gold 2,700 200 729 251 289 143 111 373 124 89 108 94 189 Bills Discounted Rediscounted bills: Cornel., agricultural, and livestock paper, n. e. s._ 181,914 5,908 22,801 4,289 9,657 16, 674 2 21,234 41,515 48,265 1,560 4,470 1,665 3,876 Demand and sight drafts. 3,690 70 159 1,148 3 4 2,219 87 Trade acceptances 1,565 56 155 55 431 214 102 123 381 21 27 Secured by U. S. Government obligations 427 10 48 147 55 2 92 1 41 21 10 Member bank collateral notes. Secured by U. S. Government obligations...* 2,720,419 62,286 1,780,421 116, 761207,195 143,253 22, 661 136,581 46,645 9,654 19, 871 6,687 168,404 Secured by eligible papera 618,502 92,797 212, 549 75,835 89,801 66,483 13,525 2,174 9,574 410 1,207 2,053 52,094 Total bills discounted. .. 3,526,517 161,057 2,015,926 196,940 307,202 226,771 57,736 180,395 106,105 11,628 25,593 12,666 224, 498 Average rate (365-day basis) %_ 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 . 5.11 6.24 3.90 7.95 5.71 2.91 10.29 12.64 7.86 12.35 5.81 12.05 7.04 Rediscounted bills 52.39 42.14 55.25 51.63 48.53 54.49 55.95 52.27 48.80 63.52 65.46 50.51 60.63 No. member banks Sept. 30... 9,545 419 874 752 864 606 500 •1,410 629 849 1,040 854 748 Number of member banks accommodated during month. 2,729 174 309 348 301 274 128 487 226 75 143 100 164 Per cent accommodated.. 28.6 41.5 35.4 46.3 34.8 45.2 25.6 34.5 35.9 8.8 13.8 11.7 21.9 Bills Bought in Open Market From member banks 59,980 16,063 1,686 1,538 5,290 513 5,341 9,521 4,731 7,089 3,618 4,590 From nonmember banks, banking corporations, etc.: With resale agreement 85, 763 5,867 69,203 791 9,902 All other 68,827 13,269 1,123 7,702 4,587 1,862 5,008 9,861 5,131 8,034 5,069 7,181 Total bills bought 214,570 35,199 72,012 9,240 9,877 2,375 10,349 20,173 9,862 15,123 8,687 21,673 Rates charged: 3 per cent... _. 126 126 zy% per cent 15,899 3,291 1,259 2,054 2,059 74 666 1,855 1,092 1,483 456 1,610 3M per cent _ 107,527 6,714 70,157 1,092 2,507 244 4,450 5,953 4; 057 5,515 2,324 4,514 3iH? per cent 69,948 17,684 143 5,051 3,723 548 3,498 10,147 3,944 6,610 4,496 14,104 33^ per cent 16,765 6,189 55 917 1,509 1,509 568 1,519 654 1,397 1,388 1,060 ZV% per cent 742 171 142 21 295 41 72 3f| per cent 187 187 Z% per cent 1,992 931 69 79 8 379 115 77 21 313 3/i? per cent . _ 244 219 25 4 per cent 1,140 1,138 2 Average rate (365-day basis) %. 3.42 3.45 3.31 3.41 3.43 3.51 3.45 3.43 3 42 3.43 3.44 3.43 Average maturity (in days)4.. 56.63 67.23 19.85 59.24 53.60 65.52 44.43 58.48 48.06 51.80 63.36 53.82 Olass of bills: Bills payable in dollars4— Bankers' acceptances based on — Imports 52,252 12,339 723. 2,698 3,746 206 4,010 7,283 3,279 7,569 4,796 5,603 Exports 37,071 6,705 626 4,426 2,576 182 3,026 6,939 3,499 3,521 2,247 3,324 Domestic transactions 22,176 6,443 293 2,060 1,495 1,986 1,548 2,597 1,641 1,448 628 2,037 Dollar exchange.. 1,718 405 56 45 225 320 75 241 151 200 Unclassified 14,484 3,440 716 1,360 1 1,540 2,243 1,368 2,344 865 607 Trade acceptances- Domestic 53 53 Foreign 142 142 Bills payable in foreign currencies 911 256 655 Total 128,807 29,332 2,809 9,240 9,877 2,375 10,349 19,382 9,862 15,123 8,687 11,771 U. S. Securities Bought in Open Market United States bonds 1,616 431 309 405 470 1 Treasury notes 59,530 1,694 36,232 21 9,618 233 704 1,152 1,645 469 1,185 4,669 1,908 'Certificates of indebtedness... 363,598 14,417 304,264 5,200 7,230 515 18,529 7,000 898 609 4,936 Total 424,744 16, 111 340,496 5,221 16,848 233 1,650 19,990 1,645 7,469 2,488 5,748 6,845 1 Includes $100,000 Federal intermediate credit bank debentures. 2 Includes $850,000 discounted for the Federal intermediate credit bank of ^Columbia, S. C. 3 Includes 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

828 FEDERAL EE SERVE BULIiETIN NOVEMBER. 192;> REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [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 Chi- L S ou t. is a M p n o i e n l - i - s K C an it s y as Dallas F c S i r s a a c n n o - Number of reporting banks: Sept. 16 727 102 72 100, Sept. 23 725 102 72 lOO! 67 Sept. 30 | 725 102 72 100| 67 Oct. 7 — i 724 102 72 100, 67 Oct. 14.. I 724 102 •72 ioo! 67 Loans and discounts, gross: Secured by U. S. Government obligations— | Sept. 16 177,392 10, 245 66,083 12,534 19,208 6,497 7,457 30,542 7,228 2,426 3,705 3,144 8,323 Sept. 23. 180,540 10,068 69,005 12,123 19,337 6,540 7,360 31,512| 7,028 2,433 3,662 3,231 8,241 Sept. 30 200,171 10,245 88,640 11,411 19,667 7,757 7,352 30,696' 6,918 2,548 3,666 3,069 8,202 Oct. 7 192,919 11,213 81,459 11,642 19,762 6,407 7,336 30,430 7,451 2,432 3,789 3,059 7,939 Oct. 14. 184,625 10,928 72,782 12, 539! 19,935 6,570 7,385 30,361 6,654 2,436 3,831 3,175 8,029 Secured by stocks and bonds- Sept. 16. 5,123,533 324,749 2,235,416 348,981 491, 595 133,956 96,380 813,713! 173,101 68,935 110,354 80,957 245,396 Sept. 23 5,133,144 325,847 2,247,937 355,021 497,707 134,313 97,094 804,325| 172,718 65,020 111,851 78,852 242,459 Sept. 30 5,270,752 336,977 2,347,847 358,412 504,615 134, 778 98,549 820,554! 174,229 66,406 108,439 79,101 240,845 Oct. 7 5,235,361 320,736 2,276,523 373, 558 142,318 97,400 826,851 178,867 65,155 108,161 81,253 256,450 Oct. 14 5,191,759 306,813 2,258,004 373,019 501,705 141,397 99,749 822,928 180,945 64,293 110,306 80, 770 251,830 All other loans and discounts- Sept. 16 8,296,995 642,670 2, 551,275 772, 643 374,777 411,7081,222,912 323,652 178,846 331,189 217, 717 884,20& Sept. 23 8,317,998 650,523 2,546,436 384,317 770, 501 377,047 416,318 1, 240,355 322,886 178,017 327,305 218,977 885,316 Sept. 30 | 8,361,191 664,863 2,562,579 380,851 769,482 377,663 418,997 1,243,248; 325,385 178,917 324,313 220,624 894,269 Oct. 7 ! 8,388,939 669,476 2, 572,683 383,586 772,035 378,409 424,,118822 11,249,732; 324,818 180,974 324,600 222,747 885,697 Oct. 14 ~ 693,932 2; 640,473 385,144 775,439 380,004 426,,066 1, 244,8361 324,380 180,580 321,145 227,861 Total loans and discounts- Sept. 16 113,597,920 977,664 4,852,774 746,9181,283,446 515,230 515,5452,067,167| 503,981 250,207 445,248 301,818 j 1,137,922: Sept. 23 113,631,682 986,438 4,863,378 751,461 1, 287, 545 517,900 520,772 2,076,192! 502,632 245,470 442,818 301,060 1,136,016 Sept. 30 .|13,832,114 1,012,085 4,999,066 750,6741,293,764 520,198 524,898 2,094,498! 506,532 247,871 436,418 302,7941,143,316 Oct. 7 - 13,817,219 1,001,42514,930,665 768,786 1,299,886 527,134 528,918 2,107,013! 511,136 248,561! 436,550 307,059] 1,150,086 Oct. 14.— 13,864,610 1,011,673,4,971,259 770,7021,297,079 527,971 533,200 2,098,125! 511,979 247,309 435,282 311,8061,148,225 U. S. pre-war bonds: Sept. 16 \ 218,302 9,965 39,809 32,281 24,644 14,899 17,608 12,707 6,896 8,784 17,090 23,929 Sept. 23 I 219,292 9,965 39,809 9,690 32,731 25,763 14,407 17,607 12,707 6,896 8,698 17,090 23,929 Sept. 30 j 220,065 9,786j 39,784 9,690 32,731 25,763 14,986 17.607 12,729 6,896 8,99S 17,090 24,005 Oct. 7 218,851 9,612! 39,809 8,955 32,731 25, 763 14,866 17.608 12,707 6,836 8,999 17,090 23,875 Oct. 14 I 219,516 9,612 39,943 8,985 33,081 25,763 14,885 17,607 12,707 6,971 17,090 23,874 U. S. Liberty bonds: I Sept. 16 _ ! 1,368,694 596, 526 49,978 170,383 29,489 14,041 170, 206 22, 788 25, 769 48, 583 17,277 144, 397 Sept. 23-_ - I 1,365,496 592,121 50,849 169, 599 29,105 14,265 172,595 22, 585 25,9591 48, 788 16, 676 143, 556 Sept. 30-_ ! 1,367,044 591,943 49,967 169,600 29, 228 14, 349 170,695 22, 742 25, 712 55,240 16,178 144,491 Oct. 7 1,388,629 590, 210 50, 538 169,903 29,24" 15,012 172.148) 22, 574 25.604 48, 685 16, 493 144,833 Oct. 14 1,391,483 592, 528 50, 388 169,408 29,226 14,970 171, 854 22, Sir 25.605 48, 710 16,477 146,148 U. S. Treasury bonds: i Sept. 16 436,362 20, 643 200, 334 15,875 8,079 5,764 55,875 11, 24' 12,283 15,994 7,101 49,333 Sept. 23 436,452 20,347 199,638 15, 797 35, 314 7,653 5,774 54,966 11, 202 12, 277 16, 711 7,903 48, 870 Sept. 30 431,546 22, 593 196,461 15,801 34, 371 7,60" 5,781 54,570 11,001 12,277 16,173 7,104 47,807 Oct. 7 428,753 19,932 198,391 15, 239 34, 309 7,537 5,775 54, 311 10, 651 12, 277 16,206 7,325 46,800' Oct. 14 422,520 19, 746 194,404 15,231 34,255 7,53" 5,776 54,003 10, 638 12, 277 16,225 7,132 45, 296 U. S. Treasury notes: Sept. 16__ 385,171 4,615 182, 246 7,796 34, 725 2,023! 2,347 73,215 6,73' 19,346 16, 758 8,225 27,138 Sept. 23 373,791 4,826 178,872 7,982 33,132 2,023 2,347 68,215 6,582 18, 871 15, 364 7,848 27, 729 Sept. 30 382,549 4,418 177,990 7,946 34, 247 2,024 2,344 76, 513 6,938 18, 871 16,048 7,847 27,363 Oct. 7. _ 369,454 4,545 179,128 34, 273 2,024 2,344 62, 676 6,581 16,027 8,498 26,401 Oct. 14._ 372,379 4,494 179,090 7,830 34,131 2,0241 2,344 66,475 6,582 18,869 15,987 8,497 26, 056 U. S. Treasury certificates: Sept. 16.- 118,299 7,' 17,112 5,703 23,178 3,160 8,244 12,442 3,648 1,821 3,979 5,623 25,906 Sept. 23-_ 110,459 6,211 16, 812 5,305 21,936 2, 8631 6,244 10, 574 2,782 1,821 5,139 5,879 24,893 Sept. 30 97,903 7,261 16,460 4,810 18, 724 2,362! 4, 6,937 2,602 1,821 3,800 4,759 23,473 Oct. 7 7,339 17, 233 4,806 18,478 2, 362 4,592 2,450 1,821 3,816 4,554 24, 111 Oct. 14 __ 97,466 7,254 16,12' 4,950 18,412 2,456 4,600 7,548 2.440 1,821 3,78: 4,605 23, 472 Other bonds, stocks, and securities: Sept. 16. 2,936,682 203, 348 1L,, 141, 39 253, 256 347,850 63,137 52, 585 425, 041 112, 441 42, 443 80,96' 20, 891 193, 332- Sept. 23. 2,910,410 201.,, 926L 1,, 131, 282252, 398 343, 237 62,195 52, 051 418,948 112, 310 42, 335 79,072 21, 604 193, 052 Tota S O O l e c c t t p in . . t v . 7 1 e 3 . 4 s . 0 t - m ents: 2 2 2 , , , 9 9 9 4 5 4 3 8 0 , , , 3 9 8 0 2 2 1 1 0 2 2 20 0 0 3 2 3 5 , , : , , , 8 4 5 2 7 8 4 7 1 1 L L 1 1 ,, , 1 , 6 1 1 2 4 4 , 5 2 3 , , 1 1 5 6 2 2 3 9 2 2 2 5 5 5 0 4 4 , , , 9 8 5 4 4 7 2 4 3 3 3 3 4 4 4 5 7 5 , , , 0 0 9 2 1 7 6 3 8 6 6 6 1 1 1 , , , 8 3 5 2 2 1 9 3 8 5 5 5 2 2 2 , , , 8 7 3 4 8 8 6 5 9 4 4 4 2 2 2 5 8 9 , , , 3 4 7 1 1 6 6 8 9 1 1 1 1 0 0 1 9 9 , , , 9 9 2 2 6 5 5 3 0 ! 4 4 4 2 2 3 , , , 1 6 5 0 9 6 2 6 1 8 8 8 0 0 0 , , , 4 1 8 1 6 4 2 2 2 2 4 1 2 , , , 9 1 5 9 3 6 7 2 0 1 1 1 9 9 9 4 4 9 , , , 9 1 7 3 9 2 7 $ 2 Sept. 16. 5,463,510 325,311 2,177, 342, 298 642,251 130, 532 97, 880 754,387 169,568 108,558 175,065 76,207 464,035 S S O O e e c c p p t t . . t t . . 1 7 3 4 2 0 . 3 _ -_ . _ . - --.. 5 5 5 5 , , , 4 , 4 4 4 3 1 6 4 9 5 2 7 , , , 9 , 9 2 3 2 0 8 5 7 0 5 9 ' 3 3 3 3 2 2 4 4 2 3 8 8 , , , , , 6 3 3 5 7 8 2 8 3 1 1 1 2 2 2 2 , , , , , 1 1 1 1 6 7 5 8 , 4 0 8 4 , , , , 5 4 3 7 3 0 0 6 4 1 8 3 3 3 3 4 4 4 3 2 2 2 8 , , , . 0 2 7 5 2 2 6 8 1 8 8 7 . \ 6 6 6 3 3 3 6 5 5 , , , 9 6 6 4 7 9 9 2 9 1 1 1 2 2 2 9 8 3 , , , 2 6 5 6 0 0 2 2 2 9 9 9 QI 5 5 4 , , , s 2 0 9 e 8 0 7 n 8 0 8 7 7 7 75 4 4 4 5 2 2 2 , , . , 3 8 9 7 2 0 0 4 1 3 5 0 1 1 1 1 6 6 6 6 8 7 4 5 , , . , 1 2 1 8 6 7 2 8 8 7 9 6 1 1 ! 1 1 1 1 0 0 0 0 8 8 8 8 , , , , 1 1 6 1 5 0 4 3 9 3 5 8 1 1 1 1 7 7 8 7 3 3 0 4 , , , , 5 7 8 6 7 7 7 6 4 2 1 2 7 7 7 78 7 4 6 , , , , 0 9 1 3 0 1 5 6 0 0 7 1 4 4 4 4 6 6 6 6 1 4 2 0 , , , , 0 0 8 9 3 2 6 5 9 9 1 7 - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 829 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal reserve district Total Boston Y N o e r w k d P e h lp il h a i - a I | C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is a M p n o i e n l - i - s K C an it s y as Dallas F c S r i a s a c n n o - Total loans and investi ments: Sept. 16 19,061,4301,302,975 7,030,,192 1,089,,2161L, 925,697645,762 613!,, 425 2,821,554 673,549 358,765 620,313 378\,, 025 1.,, 601,957 Sept. 23 19,047,5821,309,1117,021,,9121,,0931,,4821L, 923,494647, 502 615,860 2;819,097 670,800 353,629 616,590 378,060 i;,598,045 Sept. 30 19,272,0411,335,466 7,163,,827 li,093,4611L, 930,463648,700 620,098 2,885500],238 673,809 356,009 617,089 377,704 1,,605,177 Oct. 7 _ 19,264,5781,350,006 7,1,096051,,,,111,"" L, 935,558655,396 623I,, 896 2,849,334 676,022 356,664 611,124 383; 216 1,611,043 Rese O rv c e t. 14 balances with 19,326,8951,359,994 7,155,6671, ,108,9301 L, 931,379656,800 6281,,560 2,840,928 677,108 355,954 609,144 390,1671,612,264 Federal reserve bank: Sept. 16 1,628,072 96,128 739,705 82,064 122,076 38,607 45,127 247,077 24,492 52,919 29,135 104,113 Sept. 23 _ 1,647,998 94,736 769,620 76,417 122,154 39,043 43,916 241,107 42,561 26,429 57,180 29,700 105,135 Sept. 30 1,649,288 97,133 773,489 79,916 121,527 38, 782 42,279 240,620 45, 771 24,232 53,523 103,331 Oct. 7 1,661,552 94,496 759,745 83,125 122,494 40,485 43,588 250,008 *47,819 28,052 55,621 29,919 106,200 Oct. 14 1,652,174 95,304 746,500 80,076 130,909 43,002 43,104 250,204 48,873 27,680 51,047 29,040 106,435 Cash in vault: Sept. 16 277,054 20,344 76,350 16,068 30,734 13,823 10,284 50,973 V 6,091 12,208 10,681 21,529 Sept. 23 283,360 19,828 79,516 15,564 32,505 14,099 10,567 51,158 8,165 6,261 13,214 11,256 21,227 Sept. 30 284,282 19,325 79,451 15,339 30,278 14,094 15,138 50,047 8,189 6,015 13,666 11,564 21,176 Oct. 7 291,797 20,043 82,480 15,684 32,079 14,996 10,869 54, 758 8,034 6,415 13,683 10,993 21, 763 Oct. 14 301,355 20,360 83,309 16,771 34,304 15,250 12, 111 55,515 8,799 6,276 13,942 11,764 22,954 Net demand deposits: Sept. 16 12,964,967 895,203 5,588,598 763,8781,009,301 365,518 360,273 1,809,424 392,204 234,408 497,991 268,519 779,650 Sept. 23 12,760,126 884,654 5,477,205 761,3781,006,059 365, 691 352,9901 381,418 232,533 495,852 269,195 764,282 Sept. 30 13,046,369 907,939 5,661,419 770,677 1,015,487 371,378 360>, , "6"3 2" 1,798,854 384,846 229.129 503,720 270,318 771,970 Oct. 7 12,973,110 916, 758 5,557,320 776,2771,006,317 378,882 3701,,585 1, 797,109 392,290 233,859 504,140 271,677 767,896 Oct. 14 13,178,316 934,513 5,681,409 776,90511,029,381 383,746 373!,, 574 1,808,789 399,404 230,327 488,494 281,617 790,157 Time deposits: Sept. 16 _ 5,184,829 363,1671,183,465 181,030 751,693 198,324 202,185 977,563 210,081 104,571 140,1081 94,820 777,822 Sept. 23 5,188,643 362,5801,179,843 178,525 756,855 198,362 202,785 983,651 209, 689104,443 138,194 95,426 778,290 Sept. 30-... 5,233,986 362,2981,182,225 188,238 760,204 198, 718 207,109 985,959 210,404 107.130 138,028 95,281 798,392 Oct. 7 5,248,478 377,2031,176,316 190,7271 755,979 199,792 207,978 991,026 212,674 107,858 136,188 Oct. 14 5,247,740 371,8211,182,491 190,427 748,669 199,385 211,315 992,950 213,167 109,452 140,036 96^ 093 79i;934 Government deposits: Sept. 16 143,456 13,463 5,251 17,897 29,824 1,: 11,090 23,001 5,108 3,048 2,1341 8,562 Sept. 23 143,954 13,462 5,251 17,895 30,067 1,209 ll,322j 23,001 5,108 3,048 2,174 8,558 22,859 Sept. 30 142,381 13,463 5,251 17,897 28,493 1,209 11,322 23,001 5,108 3,048 2,174 8, 556 22,859 Oct. 7 196,120 12,923 59,679 17,227 28,784 4,528 10,813 21, 741 4,933 2,761 2,119 8,280| 22,332 Oct. 14 173,057 11,482 52,010 15,450 25,411 3,932 9,476, 17,931 4,470 2,488 1,946 7,547 20,914 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government o b 1 i g a tions— Sept. 16 _. 157,648 3,575 56, 551 7,288 26,307 7,430 5,334 13,547 3,843 2,785 717 1,207 29,064 Sept. 23 260,784 3,270 143,852 10,560 20,295 2,263) 27, 667 2,171 330 4,685 35,661 Sept. 30 235,576 9,395 129,926 8,826 19,940 6,433 1,960: 26,877 2,696 1,055 628 1^434 26,406 Oct. 7 244,922 4,325 125,986 7,126 28,138 3,927 5,5221 35,357 2,162 655 2,230 1,794 27,700 Oct. 14 233, 734 7,135 108,636 8,735 30, 749 7,878 5,343 32,217 2,471 545 2,094 2,476 25,455 All other- Sept. 16 145, 683 4,773[ 26,736 18,588 24,624 17,465 11,723 10,269 19,161 1,212 1,582 1,389 8,161 Sept. 23 194,160 18,608| 60,022 14,218 20,896 16,243 16,0581 10, 648 19,161 1,091 2,300 1,543 13,372 Sept. 30... 207,953 21, 604j 67,016 11,387 19,478 16,644 17,118 16,080 17,880 1,097 2,540 1,742 15,367 Oct. 7 210,193 16,685 67,574 15,360 27,014 17,803 10, 751 19,147 14,253 587 2,682 2,408 15,929 Oct. 14 _ 234,216 28,070; 77,763 19, 611 28,303 16, 726 15,1981 13,963 12,011 687 1,735 3,567 16,582 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES [In thousands of dollars! Federal reserve bank city Total (12 cities) Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ia an ucisco Due to banks: Sept. 16 2,307,176 127,393 1, 111, 759 185,357 51,181 34,109 29,654 372,476 82,913 55,935 104,923 35, 639 115,837 Sept. 23 2,175,813 120,461 1,026,469 176,469 46,144 33,923 28, 307 361,181 82,243 55,176 101,870 40,119 103,451 Sept. 30 2, 330,021 127,189 1,137,278 186, 514 47, 536 33,985 25,888 378, 690 85,165 56, 206 106,483 40, 753 104,334 Oct. 7 2, 286, 248 131,711 1,078, 398 185,142 49, 698 37,236 30, 359 374,211 87,447 57, 976 107,022 40, 921 106,127 Oct. 14 2, 308,369 137,449 1, 077, 304197,417 52, 974 37, 210 28, 520 377, 265 85,410 54,257 106,832 45,028 108,703 Due from banks: Sept. 16 636,659 43,903 103,199 61, 594 27,897 17,477 12, 496 180, 049 28, 927 22,386 49, 009 33, 318 56,404 Sept. 23 592,844 37,397 98, 563 60,524 25,901 18,982 13,680 163, 826 30,007 20, 272 42,210 31,092 50, 390 Sept. 30 620,187 41, 225 112,342 66, 587 22,445 19,320 13,178 165, 336 31,834 24, 248 44,192 31, 513 47,967 Oct. 7 599, 559 35, 390 102,442 67, 277 23, 772 17, 597 14,343 164,879 33, 759 23,492 42, 706 27, 989 45,913 Oct. 14 688,768 41,175 117,273 72,456 27, 517 20,155 14,461 195,199 34,746 26,305 48,463 36,836 54,182 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES , BY WEEKS [In thousands of dollars] New York City City of Chicago Sept. 16 Sept. 23 Sept. 30 Oct. 7 Oct. 14 Sept. 16 Sept. 23 Sept. 30 Oct. 7 Oct. 14 Number of reporting banks 61 61 61 61 46 46 46 46 46 Loans and discounts, gross: Secured by U. S. Government obligations 60,770 63,745 83,335 76,067 67,350 22,892 23,530 22,739 22,025 Secured by stocks and bonds 1,984,543 2,002,979 2,108,688 2,037,173 2,016,467 618,058 607, 689 623,400 630,087 625,370 All other loans and discounts 2,245,549 2,240,125 2, 252, 945 2, 261,610 2,327,428 676,208 700,843 697,348 700,920 692, 643 Total loans and discounts 4, 290,862 4,306,849 4,444,968 4,374, 8504,411,245 1,317,158 1,332,062 1,343,487 1,353,032 1,340,696 U. S. pre-war bonds 29,098 29,098 29,098 29,098 29,232 1,917 1,917 1,917 1,917 1,916 U. S. Liberty bonds 499,364 495,187 497,803 498,188 499,189 94, 261 96, 661 95,889 97,133 U. S. Treasury bonds 184,277 183,432 180,448 181,070 179,026 17,557 16,702 16,308 16, 541 16,487 U. S. Treasury notes 170,135 167,321 166,479 167, 639 167,532 58,170 53,163 61,926 48,785 52,089 U. S. Treasury certificates 13,068 13,828 13,478 13, 810 12,904 1,206 1,165 838 893 853 Other bonds, stocks, and securities 846, 682 837,107 844, 522 846,482 863,057 191,773 185,510 195, 622 194, 506 190,365 Total investments 1,742,624 1,725,973 1, 731,8281,736,287 1, 750,940 364,884 355,118 372,500| 359,5781 358,843 Total loans and investments 6,033,486 6,032,822 6,176,796 6, 111, 1376,162,185 1, 682, 0421,687,180 1,715,987 1,712, 610J 1,699,539 Reserve balances with Federal reserve bank 682,981 714,784 718, 570 704,378 687,290 168,372 160,208 171,782 174,171 Cash in vault 61, 717 63,196 64,336 65,826 66, 758 23, 685 24,345 22,498 24,003 27,179 Net demand deposits 5,038,323 4,944,013 5,110,543 5,016,658 5,119, 6591,183,376 1,176,056 1,208,293 1,196,103 1, 200,351 Time deposits 789, 016 784,436J 795,406 785,652 791,150 470,389 475,317 477,156 479, 200 Government deposits 4,120 4,120i 4,120 44,284 42,084 9,916 9,9161 9,916 9,2841 7,331 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations 34, 640 121, 040 102,740 99, 570 82,070 9,111 8,681 20,886 Allother 23, 541 56,119 62,885 62,834 73,069 6,562 2,411 4,996 5,791 1,510 Total borrowings from Federal reserve bank 58,181 177,159 165, 625 162,404 155,139 10, 948 11,522 13,677 22, 677 22,396 ALL MEMBER BANKS—DEPOSITS, BY, FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Federal reserve district 1925 1924 1925 1924 June 24 July 29 Aug. 26 Sept. 23 Sept. 24 June 24 July 29 Aug. 26 Sept. 23 Sept. 24 Boston 1,337,475 1,368,029 1,349,913 1,370,418 1,312,039 762,492 768,278 771,237 764,554 702,771 New York 6,276,324 6,302,126 6, 234, 0426,222, 943 6,306,369 2,141,081 2,122,663 2,158,054 2,161,364 1,965,839 Philadelphia- 1,159,036 1,154,112 1,170,496 1,175,162 1,124,642 808,481 813,352 824,826 825,637 736,982 Cleveland 1,482,254 1, 517,902 1,510,469 1,499, 245 1,469,391 1,344,751 1,338,749 1,342,131 1,341,591 1, 255, 257 Richmond 558,817 566,353 571,001 591, 505 555, 070 508,488 510,498 509,526 512,045 Atlanta 621,453 635,930 728,625 734,046 496,371 407,643 403,184 416,629 414,260 351,089 Chicago 2,425,469 2,448, 515 2,469,803 2,465, 508 2,394,725 1,826,655 1,820, 550 1,824,630 1,835,341 1,662,370 St. Louis 693,094 684, 599 704, 765 650,141 441,929 446,439 450,158 451,391 417,352 Minneapolis 451,240 435,645 441,593 458, 587 424,319 434,484 431,226 430,029 433,357 409,905 Kansas City 836,559 864,546 884,027 867,688 786,470 309,948 311,108 315,444 311,337 299,667 Dallas 588,601 581,038 590, 664 632, 784 562,283 167,218 168,600 168,110 178,543 160, 260 San Francisco 1,240,484 1,250,178 1,271,397 1,278,287 1,267,614 1,278,465 1,278,928 1,282,689 1,075,075 Total 17,670,740 17,817,468 17,906,629 18,005,279 17,360,107 10,420,784 10,413,112 10,489,702 10,512,109 9,516,948 Banks in cities and towns having a population of-— Less than 5,000 1,614,416 1,624,359 1,669,015 1,741,700 1,615,347 1,715,247 1,721,922 1,727,734 1,736,100 1,623,732 5,000 to 14,999 1,077,714 1,085, 632 1,101,824 1,135,747 1,044,404 1,091,481 1,096,064 1,105,035 1,121,890 1,032,321 15,000 to 99,999 2,265,177 2, 295,050 2,388,499 2,376,042 2,052,893 2,081,760 2,103,663 2,142,079 2,126,395 1,940,792 100,000 and over- 12,713,433 12,812,427 12,747,291 12,751,790 12,647,463 5,532,296 5,491,463 5,514,854 5,527,724 4,920,103 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 831 ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ON JUNE 30, 1925 Consolidated statements giving the classification of loans and of investments for all member banks on June 30, 1925, have recently become available and are given in the accompanying tables. They represent the'first aggregates of loans, by classes, for all member banks that have ever been made and published by the Federal Reserve Board, and the first aggregates of investments, by classes, for all member banks that have ever become available. The data are shown separately in each case for member banks in each of the central reserve cities, New York and Chicago, and also for banks in reserve cities and for so-called country banks outside central reserve and reserve cities. CLASSIFICATION OP LOANS AND DISCOUNTS OF ALL MEMBER BANKS, AS OF JUNE 30, 1925 [In thousands of dollarsj Secured by Class of banks G S o o e b v c l U i u e g . r r a S e n t . d m io b e n n y s t o S a t e n h c d e u r r s e b to d o c n k b d s y s m e r o o s e t t r a h a t l g e t e a e r g s l r t i e e a e s a t n e l o s r Al l l o o a t n h s er Total- Central reserve city banks: New York City 57, 759 2,192,034 83,501 1,977,018 4,310,312 Chicago 22,387 584,973 34,393 556,652 1,198, 405 Other reserve city banks.._ 87, 719 2,186,950 1,184,175 4,006,897 7,465, 741 Country banks _._ 75, 478 1, 510, 211 1,036,253 5, 202,314 7, 824,256 Total. 243, 343 6,474,168 2,338,322 11, 742, 881 20, 798, 714 CLASSIFICATION OF STOCKS, BONDS, AND OTHER SECURITIES OF MEMBER BANKS, AS OF JUNE 30, 1925 [In thousands of dollars] Domestic securities Foreign securities Other State, foreign Class of banks U s e . e r c n S u m . ri G e ti n o e t v s - c m b o u a o p u n n n a n d i d l t c y s i , - A b ll o o n t d h s er S F re t b e o s a d c e n e k r k r v a o e l f c S o t o t o r i t p o c h o n k e r s r o a- f d s o O e m t c t i h e u e s e s ri r t - ic B g f m o o o r n v e e d e n ig r s t n s n o - f i c n a i b u n g n o r c d i t n l t h u i d s o e d e s s s - - , e T c o u t r a i l t ie s s eof municipalities Central reserve city banks: New York City 911,604 191,537 409,460 22,883 65,859 31,706 40,428 32,924 1,706,401 Chicago 155, 834 40, 888 66, 893 5,228 8,013 4,655 22,486 3,460 f- 307,457 Other reserve city banks... 1, 341, 016 342,996 702,863 38, 998 134, 077 165,992 92,663 47, 781 • 2,866,386 Country banks 1, 393,916 453,485 1, 605, 546 47,858 67, 385 179,146 171,726 89, 039 ; 4, 008,101 Total _ 3,802,370 1,028,906 2, 784, 762 114,967 275, 334 381,499 327,303 173, 204 8,888, 345 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT OCTOBER 31, 1925 Paper maturing— After 90 days but Within 90 days within 9 months Federal reserve bank p a C a n a g o p d r m e ic l r m i u , v l n e e t r u s . c t r e o i a . a c l l s k , , . U G S o n o e b i c v t li u e e g d r r a e n t d S m io ta b e n n t y s e t s ac B c a e n p k ta e n rs c * es acc T ep ra ta d n e ces A an g d r p i l c a i u v p l e e t s r u to r c a k ll Boston __. New York Philadelphia-. 33^ Cleveland j 33^ Richmond 4 4 4 Atlanta 4 4 4 Chicago 4 4 4 St. Louis 4 4 4 Minneapolis.. 4 4 4 Kansas City.. 4 4 4 Dallas 4 4 4 San Francisco »Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Changes during the month—None. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 FEDERAL, RESERVE BULLETIN NOVEMBER, 1925 STATE BANK AND TRUST COMPANY MEMBERS—EARNINGS AND DIVIDENDS ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS FOR THE FIRST SIX MONTHS OF 1925, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] Total six months Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- endingtrict trict trict trict trict trict trict trict trict trict trict trict No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10No. 11No. 12 June Dec. June (38 (146 (78 (117 (58 (120 (347 (129 (94 (33 (135 (171 30,1925 31,1924 30,1924 banks) banks)banks)banks)banks)banks) banks)banks)banks)banks)banks) banks) (1,466 (1,539 (1,570 banks) banks) banks) Capital stock paid in 36,875243,004 42,550 85,715 20,175 30,930113,619 39,795 6,012 8,725 7,793 81,678 716,871 702,970 697,075 Surplus fund 40,268206,053 76,821102,491 13,118 18,765108,338 24,023 2,574 3,333 2,499 34,260 632,543 619,212 589,669 Total capital and surplus 77,143449,057119,371188,206 33,293 49,695221,957 63,818 8,586 12,058 10,292115,9381,349,4141,322,1821;286,744 Gross earnings: Interest and discount 18,025 93,073 14,531 35,319 5,934 10,648 52,345 13,582 2,002 2,884 2,284 37,144 287, 771 279,485 274,414 Exchanged and collection charges 36 522 32 113 48 412 fiOfi 434 52 24 45 305 2,629 2,801 2,566 C ommissions _ 603 3,313 145 280 126 777 2,093 543 64 42 22 218 8,226 8,894 7,288 Other earnings 2,792 25,120 4,597 8,331 741 2,227 10,124 2,611 185 1,058 96 7,335 65,217 65,402 51, 789 Total gross earnings 21,456122,028 19,305 44,043 6,849 14,064 65,168 17,170 2,303 4,008 2,447 45,002 363,843 356, 582 336, 057 Expenses: Salaries and wages 3,952 23,231 3,638 8,440 1,280 2,581 12,978 3,367 578 876 663 10,206 71,790 72,424 68,600 Interest and discount on borrowed money 189 650 218 245 257 348 531 495 36 11 66 330 3,376 2,783 4,962 Interest on deposits 8,571 41,200 5,403 17,363 2,184 3,554 23,249 5,229 1,010 1,272 342 18,047 127,424 124,088 114,033 Taxes 711 4,729 1,080 1,889 335 838 4,179 744 123 145 128 1,551 16,452 17,976 14,689 Other expenses 2,152 14,289 2,166 5,266 915 2,070 7,785 2,560 327 878 422 5,526 44f 356 41,975 42,924 Total expenses 15, 575 84,099 12, 505 33,203 4,971 9,391 48, 722 12,395 2,074 3,182 1,621 35, 660 263, 398 259,246 245, 208 Net earnings since last report._ 5,881 37,929 6,800 10, 840 1,878 4,673 16,446 4,775 229 826 826 9,342 100,445J 97,336 90,849 Recoveries on charged-off assets 572 1,323 371 971 65 160 1,305 785 64 108 81 630 6,435 7,623 8,846 Total net earnings and recoveries 6,453 39, 252 7,171 11,811 1,943 4,833 17, 751 5,560 293 934 907 9,972 106, 880 104,959 99,695 Losses charged off: On loans and discounts 1,053 6,432 290 769 180 1,035 2,061 1,705 198 214 273 1,386 15, 596 22,435 13,062 On bonds, securities, etc. - 834 886 139 585 24 236 491 176 16 1 360 3,751 5,917 3,319 Other losses 114 925 83 487 38 144 454 389 25 88 217 309 3,274 6,220 6,140 Total losses charged off.. 2,001 8,243 512 1,841 242 1,415 3,006 2,270 239 306 491 2,055| 22,621 34, 572 22, 521 Net addition to profits 4,452 31,009 6, 659 9,970 1,701 3,418 14,745 3,290 54 628 416 7,917 84, 259 70, 387 77,174 Dividends declared 2,471 18,670 3, 698 5,438 899 1,609 7,054 2,029 162 462 107 4,156 46, 755 49,003 46,405 Ratio of dividends declared to capital stock (annual basis)—per cent. _. _ 13.4 15.4 17.4 12.7 8.9 10.4 12.4 10.2 5.4 10.6 2.7 10.2 13.0 13.9 13.3 Ratio of dividends declared to capital and surplus (annual basis)—per cent 6.4 8.3 6.2 5.8 5.4 6.5 6.4 6.4 3.8 7.7 2.1 7.2 6.9 7 4 72 Ratio of net profits to capital * and surplus (annual basis)— per cent 11.5 13.8 11.2 10.6 10.2 13.8 13.3 10.3 1.3 10.4 8.1 13.7 12.5 10.6 12.0 GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM SEPTEMBER 17, 1925, TO OCTOBER 21, 1925, INCLUSIVE [In thousands of dollars] Changes in ownership Transfers Daily settlements of gold through trans- Balance in Federal reserve bank fers and settlements fund at close of ! Debits Credits Debits Credits Decrease Increase period JBoston. 17,000 2,500 1,025,265 1,012,579 27,186 54,192 New York... 8,900 114,000 3,408,845 3,377,101 73,356 256,714 Philadelphia . 16,500 1,000 912,810 907,530 20,780 37,919 Cleveland 20,000 500 832,336 845,670 6,166 52,300 Richmond ... 6,000 1,000 706,178 726,268 "l5,"090" 33,581 Atlanta 7,000 477,546 479,745 4,801 24,204 Chicago 38,500 8,000 1,567,973 1,587,052 11,421 135,072 St. Louis 7,500 2,000 743,668 745,401 3,767 12,687 Minneapolis.. 3,000 2,900 231,871 246,398 14,427 18,447 Kansas City.. 1,500 4,500 551, 681 527,939 20,742 24,517 Dallas.. 3,000 403, 225 " "2,-664' 17,340 San Francisco. 10,500 3,000 381, 721 378,547 ~I6,~674" 34,986 Total 5 weeks ending— Oct. 21,1925 139,400 139,400 11,243,119 11,243,119 105,537 105,537 701,959 Sept. 16, 1925 51,100 51,100 9,291,504 9,291,504 636,568 Oct. 22, 1924 80,000 80,000 9,752,076 9,752,076 607,378 Sept. 17, 1924. 71,500 71,500 8,696,041 8,696,041 611,303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDEEAL RESERVE BULLETIN 833 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CENTERS [In thousands of dollars] Number 1925 1924 Federal reserve district of centers July August September July August September No. 1—Boston 2, 364, 323 2,137, 700 2,155,120 2,111,283 1,989,773 1,974,984 No. 2—New York 26,277, 206 24,018, 796 25,113, 684 22,184, 731 21, 556,426 21,387,861 No. 3—Philadelphia... 2,138, 248 1, 926,109 2,025, 711 1,902, 728 1, 748, 702 1, 794,021 No. 4—Cleveland 2, 564, 444 2, 246,826 2,308, 524 2,139, 964 1,979, 554 1,996, 688 No. 5—Richmond 795,146 724, 344 757, 569 676,364 674,370 648, 670 No. 6—Atlanta 1,092,009 1,052,912 1,250,762 914,053 848,971 959,071 No. 7—Chicago _. 5,470,821 4,946,030 5,118,833 4,654,974 4,469,357 4,435, 346 No. 8—St. Louis 1,138, 480 1,042, 537 1,191,608 994,401 959,857 1,003,066 No. 9—Minneapolis. _. 706,012 701, 678 848,355 634,515 596,031 773,680 No. 10—Kansas City.. 1, 241,009 1,173,827 1,154, 720 1,070, 984 1,083,918 1,097,173 No. 11—Dallas 510, 924 602,466 455,924 449, 553 566,180 No. 12—San Francisco 2, 699, 757 2,631, 514 2, 714, 261 2, 391,152 2, 335, 307 2, 335, 245 Total 141 47,016, 264 43,113,197 45, 241,613 j 40,131,073 38, 691,819 38,971,985 New York City 1 25, 457, 692 23, 265, 280 24, 369,457 21,468,874 20,915,784 20, 734,467 Other cities 140 21, 558, 572 19,847, 917 20,872,156 18, 662,199 17, 776, 035 18,237, 518 WEEKLY SUMMARY FOR BANKS IN 254 CENTERS [In thousands of dollars] Num- ! 1925, week ending— 1924, week ending— Federal reserve district ber of r- ;— centers j Sept. 23 Sept. 30 Oct. 7 Oct. 14 Oct. 21 Sept. 24 Oct. 1 Oct. 8 Oct 15 Oct. 22 No. 1—Boston 569,776 585, 637 774,521 565, 273 734. 250 513,859 531, 548 524,426 497214 641,368 No. 2—New York 6,312,480 6,457,252 7,371,745' 5,488, 953 7,173, 708 5,078,103 5,826,130 5,235,699 4,672,441 5, 520, 529 No. 3—Philadelphia 510, 718 598, 050 624,083 495,880 595, 734 455,036 519,143 499,730 447,375 503,227 No. 4—Cleveland 644,791 700,146 777,097 614,965 718, 703 560,115 609, 342 616, 746 599,723 624, 085 No. 5—Richmond 300,913 301,079 334,487 299,479 338, 238 250,658 269,040 288, 732 270,476 291, 302 No. 6—Atlanta 314,129 318,434 337,259 316, 742 353, 078 238, 560 253,429 264, 229 258,004 266,328 No. 7—Chicago 1,314,352 1, 375,654 1,435,424 1, 244, 216 1,415,963 1,105,180 1,135,875 1,128, 3171, 093,386 1, 249,609 No. 8—St. Louis 330,528 315,748 351,942 322, 651 354,040 253, 510 267,243 289,942 293,209 312, 570 No. 9—Minneapolis 221, 761 218, 284 239,854 220,919 216,749 202, 242 214,036 251,233 261425 253,330 No. 10—Kansas City 292,852 307,044 336,167 293, 391 325,186 275, 234 290,613 303,977 294953 317,468 No. 11—Dallas .._ 169, 870 166, 578 179, 649 169,129 193, 209 161,153 164,368 175,555 167959 185,676 No. 12—San Francisco.. 695,871 686, 691 702, 701 635, 740 778, 713 576, 627 578,104 599,461 592,948 65*, 359 Total 11,678,041 12,030, 59713,464,929 110,667,338 13,197, 571 9, 670, 27710, 658,871 ! 10,178,047 ;9,449,113 ilO, 815,851 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston.. 390,034 403,886 560,545 380,395 520,448 351,630 355,322 339,248 333,002 439, 711 Xo. 2—New York 6,001,422 6,113,456 5, 972, 0825,177,925 6,803,931 4,807,922 5, 509, 0394,919,608 4,403, 731 5, 207,416 Buffalo 80,289 87, 248 100,294 86,097 95,739 63, 250 72,104 78,597 66,964 74,473 No. 3—Philadelphia 380,147 462,615 463,130 370, 968 445,115 330,513 384, 652 368, 748 327,139 373,202 No. 4—Cleveland 148, 055 172,169 186, 761 151, 562 180,176 132,444 159, 672 148, 370 152,837 145,168 C incinnati 84, 448 82,159 90,110 71,492 92, 000 65, 514 69,232 78,107 72,040 76, 243 Pittsburgh 202,693 244,493 269,482 196, 566 225,707 184,761 194,229 191,102 186,978 204,999 No. 5—Richmond 37,654 33,120 38,964 33, 509 40,295 28, 752 30, 552 31, 703 27,451 30,786 Baltimore 92, 667 99,852 107,282 91,317 104,953 80,800 98,410 85,650 91,330 No. 6—Atlanta 41, 925 41,193 42, 291 41, 991 48, 743 33,814 31,908 33,379 38,322 B irmingham 34,140 37, 740 35,880 32, 670 36, 500 28, 707 29, 702 29, 274 31, 594 34,158 Jacksonville 27,441 25,803 28, 866 26,800 31, 093 13,383 12, 621 14.599 12, 639 15,443 Nashville 19,196 18, 344 20,870 18,475 19, 991 15,352 18,358 18, 647 19,334 New Orleans 87,417 97,185 93,042 89, 482 102,714 75,107 90,36- 90,440 83,838 81, 372 No. 7—Chicago 768,392 875,197 909,846 734,608 838,967 658,406 716,157 683,218 642,450 755, 552 Detroit 234, 777 206,099 176,285 20,0,295 239,793 176,075 148,446 139,495 154,831 181,636 No. 8—St. Louis 180,300 168,400 196,200 171,400 194, 000 143,456 154,530 163,852 163,122 173,301 Little Rock 23,986 19, 659 21, 060 24,937 23, 316 16, 300 17, 509 21,391 22,347 21,560 Louisville 42, 721 40, 307 41, 770 39, 789 49, 613 38, 710 36, 949 36,143 37,462 41, 724 Memphis 48,956 50,449 45, 901 47,331 25,098 28, 211 33, 517 35, 290 41,040 No. 9—Minneapolis 113,453 113,128 121,016 112, 346 104, 538 100,496 103, 622 122, 71 & 129, 719 125,808 Helena 3,786 2,013 2,755 3,828 2,563 2,549 2,291 2,856 2,315 2,741 No. 10—Kansas City 85,878 89,153 94,909 79,158 99,192 86, 566 86,029 93, 255 89,181 Denver 40, 397 44, 992 52,449 42,813 43,367 39, 245 41, 635 40,711 40,489 41,676 Oklahoma City.. 18, 765 18, 708 21,185 20,139 21, 841 15, 918 16, 664 21,968 19, 738 22, 236 Omaha 46, 689 48, 600 50,098 44, 202 53, 241 46, 902 44, 368 47,884 45, 057 50,686 No. 11—Dallas " 55, 536 49, 532 58, 574 53, 291 66, 657 45,840 47, 745 51,480 48, 330 58,400 El Paso 6,851 7,976 7,718 8,401 6,584 6,984 9,083 7,430 8,000 Houston 41, 210 41,409 38, 277 32, 912 38, 246 36, 949 38, 063 34, 907 35,817 37,394 No. 12—San Francisco... 233, 713 233, 482 228, 749 195, 418 270,307 194, 710 187, 715 183, 583 186, 387 207, 426 Los Angeles 188,451 190,230 187, 570 167,817 201,891 152, 223 151,857 167,144 160, 732 178, 681 Portland 40,188 42, 506 45,461 47,873 49,327 38,437 40, 753 42,068 47,219 47,363 Salt Lake City- 18,025 17, 623 20, 772 17,166 19, 694 14,107 15,673 16, 753 14,186 16,771 Seattle 51, 346 49,482 46,912 54,311 41, 209 47, 215 41,725 43,658 46,129 Spokane 12, 650 12, 446 13,435 13,163 14, 764 11,143 10, 910 12,102 11, 649 12,274 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT THE END OF SEPTEMBER, 1925 AND 1924 Nonmember banks Nonmember banks Member Member banks l Not on par banks* Not on par On par list list 2 On par list list 2 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 Federal reserve district: Southern States—Contd. Boston 419 420 244 232 Kentucky _ 147 147 435 447 22 11 New York 874 853 389 375 Tennessee 118 121 225 272 234 199* Philadelphia 752 738 511 520 Alabama 124 129 27 38 199 186 Cleveland 864 873 1,074 1,078 11 5 Mississippi.. 45 43 24 26 275 271 Richmond 606 623 716 753 705 723 Arkansas _ 122 127 257 286 109 73 Atlanta 500 520 367 378 1,101 1,109 Louisiana.. 46 48 36 46 169 181 Chicago 1,410 1,426 3,836 3,980 247 187 Texas 779 752 718 823 99 59- St. Louis . 629 629 2,124 2,250 400 321 Middle Western States: Minneapolis 849 921 1,247 1,599 1,053 ' 750 Ohio 441 449 661 662 Kansas City 1,040 1,090 2,681 2,764 203 202 Indiana ._ 265 269 825 831 8 8- Dallas 854 842 772 880 183 142 Illinois 588 584 1,293 1,303 20 17 San Francisco 748 783 825 853 60 57 Michigan 290 287 510 538 94 73 184 187 623 661 185 149 Total 9,545 9,718 14,786 15,662 3,963 3,496 Minnesota . _ 341 366 537 708 504 350 432 450 1,235 1,316 40 24 New England States: Missouri. . . _ 198 191 1,322 1,377 37 32 Maine 62 62 50 49 Western States: New Hampshire. 55 54 14 15 North Dakota 161 175 219 310 284 191 Vermont 46 46 39 35 South Dakota 126 135 231 293 168 133- M assachusetts 181 182 69 71 Nebraska 182 188 745 771 174 170 Rhode Island 21 21 8 8 Kansas 267 266 1,006 1,031 3 5 Connecticut. 65 66 83 72 Montana 118 140 105 116 10 Eastern States: Wyoming 34 41 54 64 11 10 New York 636 631 277 272 Colorado. . 138 144 185 188 6 6 New Jersey 327 307 148 139 ' New Mexico 33 37 27 37 3 4 Pennsylvania 957 948 655 657 Oklahoma 391 432 375 379 5 4 Delaware __ 22 22 32 35 Pacific States: Maryland 89 91 167 169 Washington _ _ _ 157 159 172 182 31 28* District of Columbia 13 15 34 34 Oregon 135 136 112 115 29 27 Southern States: California 303 307 347 363 2 Virginia 193 195 231 245 98 83 Idaho.. _. _ 81 103 80 73 West Virginia 141 142 194 198 10 10 Utah 47 51 67 65 North Carolina 92 95 91 105 339 348 Arizona.. _ . _ _ 21 24 33 40 4 South Carolina 93 100 24 29 258 282 Nevada 10 11 23 24 158 174 78 70 376 404 Florida 70 68 83 74 159 148 Total. 9,545 9,718 14,786 15,662 3,963 3,496 1 Figures for 1925 represent the number of member banks in actual operation; those for 1924 represent the number shown by the capital-stockrecords of the Federal reserve bank. The number shown by the capital-stock records on September 30, 1925, was 9,605. 2 Incorporated banks other than mutual-savings banks. MONEY IN CIRCULATION [Source:: U, S. (Treasury IDepartment^circulationlstatements] |[In thousands |of [dollars] Date Total co G in o l a d nd vjroia cer- St s a i n lv d e a r rd c S e i r l t v if e i r - T n r o e t a e s s u o ry f D QI U T D K S O I I /H cu- U St n a i t t e e s d F re e s d e e rv ra e l F re e s d e e r r v a e l Na b t a io n n k al- t c i T i o r n o c u t p a la e l - r 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 % 428 159,966 337,845 715,180 34.35 1917—Apr. 1 14,100,591 641,794 1,348,818 70,863 459,680 L,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. 3& 1922—Aug. 1 4,337,418 416,282 171,985 58,378 268,802 L.508 229,956 284,343 2,115,350 65,032 725,782 39.47 1924—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 L,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 L, 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 L, 396 257,559 285,780 ,1,702,212 7,506 711, 403 41.99 May 1 4,725,191 453,211 918,862 54,398 376,442 L, 392 258,446 281,043 1,676,078 7,299 698,020 41.50 Junel 4,774,313 437,612 972,438 53,908 380, 681 1,390 259,894 284,799 1,679,833 7,109 696,649 41.89 Julyl . 4,734,236 428,102 1,003,285 54,294 379,796 L,387 262,607 279,943 1,636,192 6,921 681,709 41. 4& 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. 1 4,784,025 416,348 1,036,243 54,173 396,700 L381 264,450 298,493 1,629,927 5,580 680,730 41.84 Oct. 1 4,827,005 413,973 1,050,057 54,693 394,069 1,379 267,768 303, 597 1,670, 658 6,460 664, 351 42.17 i The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currency held by Federal reserve banks have been deducted only from the total. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES l?he 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 Interbank loans Lo L a i n b s e r s t e y c u b r o e n d d s by w L a o r a e n h s o u se se c u r r e e c d e i b p y ts Cattle lo District and city 30-90 days 4-6 months Demand Time Oct., Sept., Oct., Sept., Oct., Oct., Sept., Oct., Oct., Sept., Oct., Oct., Sept., Oct., Oct., Sept. Oct., Oct., Sept., Oct., I Oct., Sept., Oct., 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 1925 1925 1924 N No o 2 1 — — N B e o w st o Y n ork 4 4 1- - 5 5 4 4 1 1 - - 5 4* 34-5 41 4 4 1 1 - - 5 5 4 4 1 1 - - 5 5 34-6 41 4 4 -5 4 44-4 4 ! 41- 4 4 | ! 4 4 4 - - 4 4 1 ! 4 4 4- -5 4! 44-5 5 41-5 5 24- 3 4! 4f-R 5 4 4 4 4 - - 5 5 44-5 4* 4p> 41-5 4 -5 Buffalo.. 5 -6 5 -6 5 -6 6 6 6 5 5 5 -6 5 -6 54-6 5 -6 5 -6 5 -6 5 -6 5 -6 6 6 No. 3—Philadelphia 5 44-5 4-44 5 44-5 4-44 5 44 4 -5 44-5 44 4*-44 5 34-5 5 34-4 5 44-54 44-6 g No 4—Cleveland 54-6 54-6 5 -6 5f-6 54-6 5 -6 5 5 5 5 -6 5 -6 5 -6 54-6 6 54-6 54-6 |r 6 54-6 54-6 54-6 P C i i t n ts c b in u n r a g t h i 6 6 5 R - - f 6 i 5 54 - - 6 6 " 6 6 5 5 - - 6 6 5 54 - - 6 6 6 54 5 5 - - 6 5J 6 6 54 5 5 - -6 54 5 5 - -6 54 6 54 5 5 - - 6 54 5 -6 54 5 6 4 5 5 - -6 54!_ 5 5 4 - - 6 6 6 6 5 -7 6 6 -7 3 No. 5—Richmond 54-6 1 54-6 5-54 5 -6 5 -54 54 iU\ 5 44~5 54-6 5-6 5 -6 54-6 54-6 5 -6 54-6 54 5-6 54-6 54 54 "Baltimore 44-54I 4i-fi* 4#-5l 44-54 44-54 44-5! 5 5 5 -51 5 -54 5 -54 44-54 54-5! 54-5! 44-54 6 6 5 -51 W No. 6—Atlanta 5-6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 44-6 44-6 5 -6 5 -6 5 -6 5 =7 5 -7 5 -6 5 -6 5 -6 5 -6 cj Birmingham 6 6 5 -6 6 6 6 -7 5 -6 5 -6 5 -6 ^6 6 6 6 6 6 6 6 6 -7 6 6 6 Jacksonville 6 -8 5 -8 34-8 4 -8 44-8 34-7 5 -6 5 -6 6 4 -8 4-8 5 -8 44-8 5 -8 6 -7 44-8 6 -8 44-8 44-8 44-7 New Orleans _ . 5 -6 5 -6 5 -6 5 -7 5 -7 5 -6 5 -6 5 -6 44-54 5 -6 5 -6 5 -6 5 =6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -7 No. 7— N C a h s i h c v a i g l o le .. . . . 4 5 4 4 - - 5 6 43-5 4-5 6 i 5i 44-5 5 44-5 6 4 5 5 4- - 6 54 5 5 4 - - 6 54 5 -5 6 4 4 5 4 4 - - 5 6 54-6 4 5 4- - 5 6 4 4 5 4 4 - - 5 6 4 5 4 4- - 6 5 5 4 4- - 6 6 4 5 4 4 - - 5 6 4 5 4 4 - - 5 6 4 5 4 4 - - 5 6 4 5 4 4 - - 5 6 5 5 4- - 6 6 5 5 4 -6 -6 5 -54 5 -6 5 -6 No. 8— D St e . t L ro o it uis... . . . . 44-5 44-6 4 3 4 4 - -5 6 41-6 3 4 4 4 - - 5 6 5 -54 5-54 44-54 5 if 5 5 - -6 54 4l-4t-6t 4 5 4- - 5 6 4 44 1 4 * -6 44-5 4 5 4 - - 5 6 4 4 5 - 5 -6 4 4 5 1 - - 5 6 4 4 5 4 - - 5 6 4 5 -6 5 -6 6 Louisville 6 2 6 6 6 5 5 6 5 54 54 6 54 6 6 6 Little Rock 5 -6 5 -6 6 6 6 6 54-6 54-6 6 5 —6 5 -6 6 6 6 6 6 6 6 -7 6 6 6 -7 6 6 6 -7 No. 9—Minneapolis 44 44-41 44-54 54 54 54-6 44-5 44-5 44-54 t-f 44-6 No. 10— H K el a e n n s a as City 8 5 8 5 5 -6 8 54-6 8* 5 -54 5 -6 g 6 - 6 8 6 -8 6 5-6 7 5 -6 5-6 44-6 6 5 -6 5 -6 6 -8 6 * 6 5 - 8 6 5 -6 5 -6 5 -6 6 -7 8 6 -7 8 6 -7 8 Omaha.. 5 4 -6 4 -6 6 4 -6 44-6 6 54-6 54-6 5 5 -6 5 -6 41-6 41-6 6 6 6 -7 7 54-7 6 -7 Denver. 6 6 44-6 6 6 44 6 -64 6 -64 6 -7 6 6 6 ~5~HT 5 -6 5-6" 5 -6 6 -7 6 -7 6 -8 6 -7 6 -8 6 -8 Oklahoma City 5 -7 5 -7 6 -7 5 -7 5 -7 6 -7 6 -7 6-7 6 -7 5 -6 6 -7 6 -7 6 6 -7 6 -7 6 -7 6-8 6 -7 6 -7 6 -7 6-8 6 -8 6 -8 7 -8 No. 11—Dallas.. 41-6 41-6 4 -6 44-6 44-6 4 -6 5 -6 5 -6 4 -6 5 -6 5 -6 4 -6 5 -6 5 -6 5 -7 5 -6 5 -8 5 -8 5 -6 5 -8 5 -7 7 -8 6 -8 7 -8 El Paso 44-8 8 44-8 4^8 8 6 -7 6 -7 6 -8 7 -8 7-8 7-8 7 -8 8 8 6 -8 8 8 8 8 8 8 8 8 -10 Houston. . . 5*~6 5 -6 5 -6 5 -6 5 -6 5 -6 5 44-6 44-5 6 5 -6 5 -6 44-6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 -8 7 -8 6 -8 No. 12—San Francisco 44-54 5 -54 44-5 44-54 5 -54 44-5 44-6 5 -6 5 -6 5 -6 54-6 5 -6 5 -6 5 -6 5 -6 6 5 -6 5 -6 6 6 6 Portland... . 6 -7 6 -7 6 6 6 6 6 6 6 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -7 6 -64 6 -64 a Seattle . 6 6 6 6 6 6 -64 5 -64 5 -64 6 6 6 6 6 6 6 6 6 6 -7 7 7 6 -7 Spokane 5 -7 5 -7 5 -7 41-64 41-7 6 -7 6 -7 6-7 6 6 -7 6-7 6 8 8 8 6 -8 7 7 7-8 6 -7 7 7 6 -7 6 -7 Salt Lake City 5 -6 5 -6 6 6 6 4 -6 6 -7 6-7 6 -7 6 -8 6 6 6 -7- 6 6 7-7* Los Angeles 6 6 6 6 6 6 -7 6 6 6 00 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 FEDERAL RESERVE BULLETIN NOVEMBER, 1925 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES September Nine months ended September Countries Exports Imports Exports Imports 1924 1925 1924 1925 1924 1925 1924 1925 GOLD All countries.- $4,579,501 $6,784,201 $6, 656,155 $4,128,052 $11,159, 210 $204, 272,802 $269,882,845 $59,860, 404 France 65,407 1,468 20,756 65,407 1, 339, 208 10, 704, 378 6, 584, 797 Germany 2(30,195 67, 519,526 4,821,127 1,628 Italy___ 1,050,000 2,735,792 4,360 Netherlands 2,000 4, 318, 343 34,501,147 10,084, 799 Poland and Danzig - ....... 1,103,948 Spain _ 195, 000 392,431 53,413 68, 618 Sweden 1, 002, 628 6,191,559 220 England 16, 567 4,344 6,159, 602 130,892,628 4,823,922 Canada 247, 865 135, 315 2,658,982 2,899,513 1, 361,764 2,896,772 33,557, 577 25, 538,560 Central America 177, 722 161, 817 1,000 750, 000 1, 650.773 1, 243, 674 Mexico 502,010 382,155 497, 234 245, 237 2,799,567 7,495, 647 4,249,547 3, 609,631 West Indies -. 10, 000 19, 507 24,414 175, 000 302,000 484,741 Argentina 12, 700 50,000 1, 475, 246 17, 580 5,510,000 16,189,465 2,466 Chile - 34, 458 81, 626 337,779 349, 448 Colombia _ 193,037 117, 262 1,999, 878 1,715,148 1, 208,426 E Pe cu ru a . dor-- r -. 3 6 5 5 0 , , 3 5 6 8 5 4 1 6 1 7 9 , , 7 6 8 3 2 4 15,000 15,000 2, 6 2 5 5 4 3 , , 0 7 8 5 2 5 1, 6 2 2 2 5 5 , , 4 9 4 9 9 2 Uruguay 802, 290 7,836 Venezuela 27,734 13, 388 1,101, 600 2,160,010 221, 291 174, 210 British India 2,027, 759 2, 225,136 3, 690,895 58,756,976 Straits Settlements- 2,197, 894 3, 853, 735 13,950 China.. 100, 000 500, 535 300, 414 4, 602,551 119, 558 Dutch East Indies.. 7,000 137, 500 205,176 63,687 7,000 831,020 1,702,593 1,637, 569 Hongkong 1, 705,000 1, 208, 531 -1,855,840 8,131, 446 2, 500,000 Philippine Islands-- 129,029 157, 696 25, 000 4, 351,524 1, 301,329 British Oceania 71, 854 16,150 26,925,176 2,536, 266 202,325 Egypt. 4,000 3,243 498,240 1,455,008 15, 233 Portuguese Africa... 182, 666 126, 689 520,250 477,075 Allother 11,760 77, 475 42, 880 4,814 48, 557 260, 512 1,169, 356 62, 424 All countries. 10, 345, 205 7, 487, 317 7, 082, 962 4,504, 024 79, 744,974 74,636,646 | 55,771,022 49,197, 576 France 44,858 5,064 4,953 151,858 61,841 Germany.- 693, 414 594, 354 758,616 4,161,844 1, 221,035 5,875 Poland and Danzig- 134,100 887, 500 Spain 47 104,665 124, 073 England 1, 509,448 36,053 5,868 18,097,161 7,193,035 301,164 97, 757 Canada 108, 694 201, 036 957, 392 765, 476 1/164,266 1, 374,932 5, 625,194 6, 406, 350 Central America 202, 400 244 554 139, 376 34,275 300, 340 1,548,955 1, 234,676 Mexico 213,008 113,296 4, 237,919 3,041,061 1,550, 575 1, 508,124 33,620,958 30,961, 307 West Indies 485 48 28,279 48, 638 81,166 57,107 148.852 Argentina 2,380 2,300 2,300 32,304 4,380 Bolivia 4,897 38, 372 178,715 67,119 Chile... 310, 281 172,416 1,197, 268 1, 295,072 Colombia 1,494 1,658 14, 575 2,478 14,608 4,932 112,977 61,527 Peru 243, ltK) 1,125,708 225, 387 900,000 376,200 10, 675,705 7,599,072 Venezuela 57 30 655, 340 2,259 4,878 British India _. 5, 617, 338 2,101, 020 41,085,041 33, 395,645 55,968 China 2,086,451 3,824,945 128 13, 303,522 24, 314,171 16,753 4,183 Dutch East Indies.. 87,050 50,342 694,323 691.853 Hongkong 70, 500 69,948 700, 782 962, 381 Japan 1,275,970 Portuguese Africa... 27,093 9,692 115,948 97,883 All other 975 32,096 17,914 2,022 '"74,"076 203, 851 147,903 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1925 FEDERAL KESERVE BULLETIN 837 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] October, 1925 September, 1925 September, 1924 Par of Average Average Countries Monetary unit exchange Low High Low High Per Low High . Per Rate cent of Rate Ii cent of par par Austria Schilling.... 14.07 14.0630 14.0880 14.0570 14.0870 14. 0694 100.00 Belgium Franc 19.30 4.4700 4.5600 4.3200 4.5000 4.4040 22.82 4.7900 5.0900 4.9380 25.59 Bulgaria Lev. 19.30 .7256 .7319 .7289 .7342 .7314 3.79 .7289 .7364 .7310 3.79 Czechoslovakia Crown 2. 9607 2. 9622 2.9609 2.9621 2.9616 2.9845 3.0001 2.9932 Denmark Krone "~26.~8o' 24.0000 25.1300 24,0100 25. 2300 24. 5188 91.49 16.3900 17.3600 16.9544 63.26 Finland Markka 19.30 2. 5216 2. 5236 2. 5220 2. 5252 2. 5235 13.08 2.5090 2.5123 2.5109 13.01 France Franc - 19.30 4. 0900 4. 7300 4.6800 4. 7400 4. 7124 24.42 5.2400 5.4200 5.3016 27.47 Germany Reichsmark- 23.82 23.8000 23.8100 23.8000 23.8000 23.8000 99.92 Great Britain Pound. 486.65 483.9900 484. 7900484.1200 485. 30001484.6464 99.59 443.3100 449.1400 446.0536 91.66 Greece { Drachma 19.30 1.2938 1. 4473 1.4425 1. 4821 1.4613 7.57 1. 7348 1.8290 1. 7778 9.21 Hungary Krone. 20.26 .0014 .0014 .0014 .0014 .0014 .01 .0013 .0013 .0013 .01 Italy ! Lira 19.30 3. 9200 4.0500 3. 8400 4.1900 4.0640 21.06 4.3500 4.4300 4.3820 22.70 Netherlands I Florin 40.20 40.1800 40. 2500 40. 1700 40.2800 40. 2084 100. 02 38.1600 38.6900 38.4508 95.65 Norway Krone 26.80 19. 5800 20. 6100 19.8800 22. 2100 20.9320 78.10 13.6900 14.2000 13.8296 . 51.60 Poland. .--I Zloty 19. 30 16. 5500 16. 7200 16. 6800 18.3900 17. 5888 91.13 19.1800 19.2500 19.2188 99. 58 Portugal j Escudo 108.05 5.0600 5.1100 5.0800 5.2100 5.1356 4.75 2.9900 3.4600 3.1808 2.94 Rumania Leu 19.30 .4740 .4812 .4790 .4959 .4890 2.53 .4938 .5344 .5178 I 2.68 Spain 19.30 14. 3000 14. 4100 14. 2400 14. 6200 14.3860 74.54 13.1200 13.4900 13. 2396 68.60 Sweden _ Krona 26.80 26. 7500 26. 8500 26. 8000 26. 8500 26.8244 100. 09 26.5500 26.6300 26. 6028 99.26 Switzerland-. Franc. 19.30 19. 2600 19.3000 19.3000 19. 3500 19. 3068 100.04 18. 7500 19. 0800I 18.8820 97.83 Yugoslavia Dinar 19.30 1.7700 1. 7771 1. 7735 1.7870 1. 7795 9.22 1.2728 1. 3990j 1.3515 7.00 Canada . Dollar 100.00 99. 9944100.1500 99.9188 100.049* 99.9SG0 99.99 99. 8115100.0029 99.9431 99.94 Cuba Peso. 100. 00 99.8177 99.9938 99.7938 99.9594 99.8500 99.85 99.9193 99.9323j 99.9281 99.93 Mexico [ Peso... 49.85 49. 0667 49. 2833 49.3000 49.4933 49.3519 99.00 48. 7708 49.1042 48.9818 98.26 Argentina Peso (gold) 96.48 92.2400 93. 9600 90.7500 92.1600 91. 7096 95.06 77.8600 81.7200I 80.0272 82.95 Brazil I Milreis- 32.44 14.0500 15.1500 12.9900 13.9900 13. 5188 41. 67 9.7600 10. 5700< 10.0904 31.10 Chile —| Peso (paper) 1 19. 53 12.0200 12.1100 11.8900 12.0600 12.0156 61.52 9.6500 10.9600 10. 4368 i 53.44 Uruguay j Peso. 103.42 99. 6100101. 9500 99.4600 100. 5000 99.9492 96.64 81.2900 85.2300 83.4448 80.69 China Mexican dollar.._ i 48.11 57. 0600 57.8300 56.8000 59.0000 57. 5656 119. 65 53.4600 54.2500 53.9044 112.04 China j Shanghai tael * 66.85 76. 9400 78. 3800 77.7000 79. 5900 78. 4664 117. 38 73.9000 76.3200 75. 2080 112. 59 Hongkong _ Dollar 1 47. 77 58. 9300 59.6500 58.1500 60.1600 59. 3152 124.17 53. 2100 53. 7700 53. 4596 111.91 India Rupee.- 48.66 36. 5700 36. 6300 36. 5600 36. 6900 36. 6332 75.28 32.1800 32.9300 32. 5188 66.83 Japan Yen 49.85 40. 8100 41. 4200 40.4500 41. 0500 40. 7488 81.74 39.9600 41. 2000 40. 5972 81.44 Straits Settlements Singapore dollar.. 56.78 56. 3300 56. 6900 56. 5000 56. 7800 56. 5876 99.66 51.0000 52.0000 51. 5144 90.73 11913 average. SILVER [Average price per fine ounce] October September London (converted at average rate of exchange) $0. 71924 $0. 71979 New York.. .71421 ,71885 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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