Federal Reserve Bulletin, 1926-03

FEDERAL RESERVE BULLETIN MARCH, 1926 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Investment Funds and Security Issue* Business Conditions in the United States Finland's Return to Gold WASHINGTON GOVERNMENT PRINTING OFFICE 1926 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 Director, Division of Research and E. M. MCCLELLAND, Assistant Secretary. Statistics. W. M. IMLAY, Fiscal Agent, E. A. GOLDENWEISER, Acting Director, Division of J. F. HERSON, 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, Vice President. District No. 2 (NEW YORK) JAMES S. ALEXANDER. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) GEORGE A. COULTON. District No. 5 (RICHMOND) -__ JOHN F. BRUTON. District No. 6 (ATLANTA)_„„ P. D. HOUSTON. District No. 7 (CHICAGO).- FRANK O. WETMORE, President. District No. 8 (ST. LOUIS) BRECKINRIDGE JONES. District No. 9 (MINNEAPOLIS) THEODORE WOLD. District NO. 10 (KANSAS CITY) _____ P. W. GOEBEL. District No. 11 (DALLAS) - B. A. MCJCINNEY. District NO. 12 (SAN FRANCISCO) HENRY S. MCKEE. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF" FEDERAL RESERVE BANKS Federal Reserve Bank of- Chairman Governor Deputy governor Cashier Boston _ Frederic H. Curtiss. W. P. G. Harding.. W. W. Paddock.... W. Willett. New York... Pierre Jay __.. Benj. Strong ... J. H. Case __ L. H. Hendricks.i L. F. Sailer A. W. Gilbart.i G. L. Harrison ... J. W. Jones.1 E. R. Kenzel—.... Ray M, Gidney. L. R. Rounds.* Philadelphia. R. L. Austin. Geo. W. Norris__. Wm. H. Hutt....... C. A. Mcllhenny. W. G. McCreedy.1 Cleveland George DeCamp . E. R. Fancher... M. J. Fleming...... H. F. Strater. Frank J. Zurlinden. Richmond Win. W. Hoxton.... George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta........ Oscar Newton__ -_ M. B. Wellborn _. J. L. Campbell M. W. Bell. Creed Taylor . Chicago.... J Win. A. Heath.. J. B. McDougaL- C. R. McKay _. W. C. Baehman.* JohnH. Blair K. C. Childs.i J. H. Dillard.i > D. A. Jones.* O. J. NetterstromJ St. Louis...., Wm. McC. Martin. D.C.] _ O. M. Attebery J. W. White. Minneapolis. JohnR. Mitchell--- K. A. Young.... W B. . V B . . M G o e o e r r e y . F G r r a a n y k W C a . r D re u n n . lop.1 Harry Yaeger 2_____. Kansas City- M. L. McClure.. W. J. Bailey C. A. Worthington. J. W. Helm. Dallas _. C.C.Walsh ... Lynn P. Talley. R. R. Gilbert....... Fred Harris. R. B. Coleman San Francisco. Isaac B. Newton.. J. U. Calkins Wm. A. Day _.. W. N. Ambrose. Ira Clerk L. C. Pontious i Controller. JAssistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Manging director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch _ W. W. Schneckenburger. Helena branch _• R. E. Towle. Cleveland: Kansas City: C incinnati branch. L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. 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 R. B. West. Chicago: Salt Lake City branch W. L. Partner. Detroit branch__ W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch- _ D. L. Davis. Louisville branch W. P. Kincheloe. MernphiSjforanch W. H. Glasgow. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: Page Review of the month—Investment funds and security issues _ 147 The banking situation _ 149 Business conditions in the United States . 152 Special articles: International trade in 1925. „ „___„ 171 Money in circulation during 1925 __ . 172 Finland's return to gold 184 Annual report of the Bank of France . 186 Official: Law department- Decision of United States Circuit Court of Appeals in Atlanta par clearance case 174 Changes in State bank membership 178 Changes in national bank membership . 178 Fiduciary powers granted to national banks „ 177 Business statistics for the United States: Industrial activity _., _ „ 179 T Commodity movements__ . _. . .__ 181 Wholesale and retail trade 182 Foreign banking and business conditions: Financial statistics for England, France, Germany, and Canada 190 Foreign trade of principal countries ' 193 Industrial statistics of foreign countries . „__ _„_ __ 194 Price movements in principal countries- Wholesale prices in principal countries.. . 196 Retail prices and cost of living in principal countries ; _ 198 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks ___._ 199 Federal reserve note account 203 Holdings of earning assets 204 Discount and open-market operations of Federal reserve banks , 205 Gold settlement fund - 220 Discount rates of Federal reserve banks. 220 Member banks- Reporting member banks— Condition of reporting member banks in leading cities _. 206 r Bankers' balances at reporting member banks in Federal reserve bank cities___. 207 Loans to brokers and dealers secured by stocks and bonds made by 61 weekly reporting member banks in New York City _, --_- 207 All member banks— Deposits----_.— „ —..-— 208 Abstract of condition reports on December 31, 1925 209 Bank debits.. ______-. ----- ---- 214 Member banks and nonmember banks on par list and not on par list ___-._ 215 Money in circulation._„ . 215 Money rates in principal cities . . _ . — _ 216 Gold and silver imports and exports __ — 218 Foreign exchange* rates. ; _ 219 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 12 MARCH, 1926 No. 3 REVIEW OF THE MONTH prices were at the highest level since the middle of 1917, and bond yields, which represent Active business and full employment in long-term interest rates, were lower than at industry have resulted during the past year any time in about nine years. A comparison in a large growth in the volume of the course of long-termT]interest rates, as oi funds available for investreflected in bond yields, with short-term money jnent. The demand for serates, as measured by the rate on 90-day curities has been exceptionally strong, and the time loans secured by mixed collateral in the volume of new flotations in 1925 was larger New York market, is shown on the chart. than in any other recent year. In the opening months of 1926 security issues have continued to be in exceptionally large volume. The proceeds of the security issues have been used in part in financing construction work, which has been large during the period, and in the acquisition of additional industrial equipment. A portion of the proceeds has also been used to finance the foreign demand for American goods and to assist in the stabilization of monetary conditions in foreign countries. That funds available for investment have been in, sufficient volume to absorb the exceptionally heavy security flotations has been indicated by the fact that long-term 1923 1924 1925 1926 Bond yields are averages for 60 bonds, as computed by Standard , interest rates, which have been declining for Statistics Co., and rates on 90-day time loans on mixed collateral more than two years, were in February at are monthly averages of daily quotations the lowest level in nearly a decade. During 1924 an important factor in the New issues of securities in recent months advance in bond prices, and in the accompanyhave been in a larger amount than in any other ing decline in bond yields, was period since the war, and total flotations in seSis ^ 0Xl the larSe amount of investment 1925 were in larger volume than in any earlier in securities by the banks of the year except 1917, 1918, and 1919, when the country, which increased their security hold- United States Government borrowed heavily ings during that year by more than $1,500,000,for war purposes. Total issues in 1925, ex- 000. In 1925, however, the banks made only clusive of refunding issues, aggregated more small additions to their security holdings, the than $6,200,000,000, and were $600,000,000 volume of stocks and bonds held by member larger than in 1924 and about $2,000,000,000 banks of the Federal reserve system increasing larger than in 1923. That these issues were by less than $80,000,000 during the year. not in excess of the funds available for their Although the banks themselves have not been purchase is indicated by the continued ad- large purchasers of securities, the purchases vance in the prices of bonds and other cor- of securities by other investors have been porate securities. In February, 1926, bond financed to a considerable extent by the banks. 147 . Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN MARCH, 1926 Loans on stocks and bonds made by reporting an increased amount of housing accommodamember banks increased by about $1,000,000,- tion, of industrial plant and equipment, and 000 in 1925, and this growth of security loans of public roads and buildings. Funds availaccounted for 90 per cent of the increase in the able for investment have been used also in loans and investments of these banks during financing the distribution of automobiles and the year. While the proceeds of a part of of other durable goods to consumers. The these loans on collateral are used by the bor- following table shows, for the years 1921 to rowers for purposes not connected with the 1925, the capital issues of the principal purchase of securities, a considerable part is classes of corporations, exclusive of refundused for the purpose of carrying securities to ing issues: be paid for out of current income, and another part is used by investment houses to carry NEW CAPITAL ISSUES .OF CORPORATIONS1 [In millions of dollars] new issues of securities pending their distribution and by brokers in financing transactions Iron, Land, i a n n d th e d e s a e l c e u rs r it i y n m se a c r u k ri e t t i . e s i B n a N nk e w lo a Y n o s r t k o C br i o ty k , e r a s s Total r R o a a i d l s - P u u t t i b i e l l s i i - c c s c o t o p e a e p l l e , , r, b i u e n t i g c l s d . , - l M an is e c o e u l s etc. reported during the early months of 1926 for New York City banks and banks in other parts 1921 1,823 353 492 85 53 840 1922 2,336 524 726 185 162 739 of the United States, have approximated 1923 2,702 465 888 292 251 806 1924 3,322 780 1,326 198 333 685 $2,500,000,000, equivalent to about one-third 1925 4,100 380 1,496 133 715 1,375 of the total loans on securities of all member i Including foreign corporations, for which capital issues, exclusive banks. of refunding issues, were $493,000,000, compared with $293,000,000 in 1924. The principal factor in the growth of bank Railroads ^raised during the year by the sale loans on stocks and bonds during 1925 has been of new securities less than half as much as in the increased activity of the securities markets. 1924, and railroad purchases of equipment were The unprecedented volume of transactions in a smaller factor than usual in the activity of these markets and the high level of prices manufacturing plants. Public utilities, howattained in them have increased the requireever, raised in 1925 nearly $1,500,000,000 in. ments of purchasers in financing their operacapital, of which a considerable part financed tions. The advance in the prices of common improvements in equipment and extensions of stocks for the year has been about 20 per cent plant. Capital raised by concerns engaged in and that in the price of representative preferred building and other real estate operations was stocks more than 5 per cent, A large volume nearly $400,000,000 greater in 1925 than in of member bank credit has thus been employed 1924 and much larger than in any previous during the year in financing the flotation, year. The large volume of unclassified issues distribution, and trading in securities, and the represents an increase during the year in the increase in the demands upon the banks has capital of a large variety of enterprises. accompanied the rise in the prices of new and In addition to the domestic capital issues old securities traded in on the exchanges. in the United States during 1925, foreign issues Investment demand for securities has been floated during the year totaled about $1,300,strong throughout the year, and there has 000,000, of which about $1,100,000,000 were been no evidence of accumulation of securities new issues and the remainder represented rein the hands of distributors. funding operations. American investment in Funds raised through the issue of new secu- foreign securities during the year was in larger rities in 1925 have been used in part in financ- volume than in 1924 and about twice as large ing the exceptionally large as the average for the preceding five years. Character of volume of activity in the con- The proceeds of these foreign loans have been issues struction industry, and the use used in part to pay for American exports and of these funds has resulted in making available have thus been a factor in increasing the for- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 149 eign demand for American products. Dollar of by individuals and corporations, have been balances to the credit of foreign borrowers available for use in making long-term investarising from these loans have also played an ments. With funds derived from all of these important part in the reestablishment of sources flowing into investment channels, the monetary stability in foreign countries. year 1925 has been one during which a large Investment in securities in exceptionally amount of the national income has been used large volume during 1925 was made possible for permanent improvements, and the volume in part by the high level of of the nation's savings has been exceptionally eamings of corporations and by large. the relatively large and steady incomes received by individuals. Available THE BANKING SITUATION evidence indicates that corporate earnings Banking conditions in the country since the were larger in 1925 than in any other recent first of the year, as indicated by reports of year. Reports for 485 corporations, collected condition of member banks in by the Federal Reserve Bank of New York, chan ge^ *i n leading cities, have been charshow net profits for 1925 of $2,312,000,000, banking € o n«- acterized by a decrease in Jancompared with $1,880,000,000 in 1924 and dStkms uary of about $270,000,000 in $1,9.03,000,000 in 1923. The returns for these the volume of loans and investments, followed corporations are shown in more detail in the by an increase early in February. During the following table: last half of December, partly in consequence of seasonal demand for currency and requirements NET PEOFITS OF CORPORATIONS [In millions of dollars] for first of the year settlements, there had been an increase of $250,000,000 in the volume of Number borrowing on stocks and bonds, largely in New Class of corporations of com- 1923 1924 1925 panies York City. The return flow of currency from circulation and rthe settlement of interest and Industrial 190 671 615 840 Public utility— — 104 248 278 335 dividend obligations were followed after the turn Class I railroads _' 191 984 987 1,137 of the year by a decline of $320,000,000 in loans Total 485 1,903 1,880 2,312 on securities during January and the first half of The large volume of earnings which has been February, almost entirely in New York City. at the disposal of corporations and of holders Loans chiefly for commercial purposes, which of their securities has afforded unusual op- had declined after the seasonal peak in the portunities for saving and for investment in middle of October, increased during the first securities and in other forms of property. half of February. Net demand deposits of Earnings of factory workers have also been at these banks declined sharply from the high a relatively high level for more than a year, point reached at the first of the year; the deand the incomes of farmers, though somewhat crease was chiefly in the New York district and smaller than in 1924, have been in larger reflected in large measure the decrease in tiie volume than in other recent years. With balances of out-of-town banks and some reducincomes of consumers at a generally high level, tion in deposits accompanying the repayment there has been a sustained demand for com- of loans. modities, which has been an important factor Condition reports for all member banks as in the activity of trade and industry, and at of December 31,-1925, have recently become the same time there has been a continued available, and are Dublished on growth of savings' deposits held by the banks conffitton^of all Pa§e 209 of this issue. In the of the country and in the assets of life-insurance member banks following table figures are precompanies. The funds in the hands of these sented for principal resources savings institutions, as- well as those disposed and liabilities of all member banks as at the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN MARCH, 1926 end of 1925, together with changes for the last PRINCIPAL RESOUKCES AND LIABILITIES OF MEMBER quarter and for the entire year. BANKS, 1923-1925 [In millions of dollars] PRINCIPAL RESOURCES AND LIABILITIES OF ALL MEMBER BANKS Loans and investments Net de-Borrowmand ings at [In millions of dollars] plus Federal Tota Loans I m nv e e n s t t s - de t p im os e its r b e a se n r k v s e Change since— Dec. 31, All member banks: 1925 Se 1 p 9 t 2 . 5 28, De 1 c 9 . 2 4 31, End 1 19 9 o 2 2 f— 4 3 2 2 6 9 , , 7 02 3 6 8 2 1 ;• 0 9 & , ,0 1 5 8 2 1 8 7 , , 8 6 4 86 5 2 27 4 , , 6 4 8 1 4 5 7 31 9 4 8 1925 -._ 31,199 22,275 8,924 29,153 750 Weekly reporting member Loans and investments. _ „. 31,199 +831 +2,173 banks: Loans... 22,275 +825 +2,094 End of— Investments, total 8,924 +6 +79 1923__ 16,622 12,067 4,555 15,106 533 United States securities 3,761 -24 -142 1924 18,599 13,068 5,531 18,103 154 Other bonds and stocks 5,163 +30 +221 1925__ 19,697 14,235 5,462 ;18,608 555 Deposits, total +2,179 +1,867 Other member banks: United States Government deposits. 304 +26 +62 End of— Due to banks __ 4,221 +343 -327 1923__ 10,116 6,985 3,131 9,309 265 Demand deposits 19,050 +1,624 +1,284 1924 10,427 7,113 3,314 9,581 160 Time deposits __- 10,653 +186 +848 1925__ 11,502 8,040 3,462 10,545 195 On December 31, 1925, total loans of the CHANGES FOE THE YEAK 9,489 member banks of the Federal reserve system aggregated $22,275,000,000 and their All member banks: 1924_ +2,288 +1,129 +1,159 +3,269 -484 investment holdings $8,944,000,000, making 1925. +2,173 +2,094 +79 +1,469 +436 Weekly reporting member the total volume of member bank credit out- banks: 1924__ +1,977 +1,001 +976 +2,997 -379 standing $31,199,000,000. This represents an 1925-. +1,098 +1,167 +505 +401 Other member banks: increase of $831,000,000 in loans and invest- 1924 +311 +128 +183 +272 -105 1925-- +1,075 +927 +148 +964 +35 ments since September 28, 1925, and an increase of $2,173,000,000 for the year ending The increase in member-bank loans and in- December 31, 1925. The growth in member vestments during 1924 was largely at member bank credit was accompanied by an increase banks in leading cities, while in 1925 the of about $436,000,000 in accommodiation at increase in both classes of banks was in apthe Federal reserve banks and by a growth in proximately equal volume. During the year total deposits which for the year amounted to 1925 member banks outside of the leading $1,867,000,000; the increase in deposits con- cities added $150,000,000 to their investment sisted chiefly of increases of $848,000,000 and holdings, a somewhat smaller amount than was $1,284,000,000 in time and demand deposits, added in 1924, and increased their loans by with a decline of $327,000,000 in bank balances. more than $900,000,000, as against only $130,- The growth in member bank loans and in- 000,000 in 1924; the total increase of nearly vestments in 1925 was approximately the same $1,100,000,000 for this year was approximately in volume as in 1924, but was almost entirely one-half the amount of the total growth in in loans, the banks having loans and investments of all member banks. banks in lead- added only $80,000,000 to their This growth in loans and investments was acing cities and investment holdings during the companied by an increase of nearly $1,000,outside . & , ?, ino 000,000 in net demand and time deposits, year, whereas in 1924 there compared with less than $300,000,000 in 1924, were approximately equal increases in loans while discounts at Federal reserve banks inand in investments. A comparison of figures creased by only $35,000,000. At member for weekly reporting member banks, which are banks in leading cities loans increased by about located in leading cities throughout the coun- $1,170,000,000 in 1925, somewhat more than try, with figures for other member banks during the year before, and investment holdlocated for the most part in smaller centers, is ings decreased by about $70,000,000, compared presented in the following table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 151 with an increase of nearly $1,000,000,000 in Boston, vice president. These officers are 1924;* the net increase in loans and investments ex officio members of the executive committee, for the year was thus about the same for these which includes in addition Messrs. James S. banks as for member banks outside the leading Alexander, L. L. Rue, George A. Coulton, and cities. Net demand and time deposits in- Breekinridge Jones. creased by about $500,000,000 during the year, Federal reserve agent at San Francisco. about one-sixth the amount of the increase last On March 1, Mr. Isaac B. Newton assumed year, and discounts at the reserve banks inthe duties of chairman of the board and creased by about $400,000,000, somewhat more Federal reserve agent at the Federal Reserve than the decrease in 1924. The growth in the Bank of San Francisco, to succeed Mr. John loans of the banks in large cities was almost Perrin, whose resignation took effect on that entirely in loans on securities, and, except for date. the advance in loans of New York City banks Atlanta par clearance case. at the end of the year, partly seasonal in character, was at banks in other cities. On February 11 the United States Circuit Court of Appeals for the Fifth Circuit rendered a decision affirming the action of the District NOTES Court for the Northern District of Georgia in Meeting of Federal Advisory Council. the case of the Pascagoula National Bank v. The Federal Advisory Council held its first Federal Reserve Bank of Atlanta. The text of meeting in 1926 in Washington on February 18. this decision, together with an account of the Mr. Frank O. Wetmore, of Chicago, was previous history of the case, appears on page elected president and Mr. Charles A. Morss, of 174 of this issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL RESERVE BULLETIN 3VlAr.cn, 1926 BUSINESS CONDITIONS IN THE UNITED STATES Industrial activity in January was in slightly smaller volume than in December, and the distribution of commodities showed a seasonal decline. The level of prices remained practically unchanged. Production.—The Federal Reserve Board's index of production in selected basic industries was about 1 per cent lower in January than in December. The output of iron and steel, copper, and zinc increased, while activity in the woolen and petroleum industries declined, and mill consumption of cotton, the cut of lumber, and bituminous coal production increased less than is usual at this seaason of the year. Automobile production, not included in the index, was slightly smaller than in December, but considerably larger than in January, 1925. Factory employment changed but little in January, but the earnings of workers decreased considerably, owing to the closing of plants in most industries at the opening of the year for inventory taking and repairs. The volume of building contracts awarded in January, although seasonally less than in December, exceeded that of any previous January on record. Contracts awarded were particularly large in the New York and Atlanta districts.. Trade.—Sales of department stores and mail-order houses showed more than the usual seasonal decline in January but were larger than in January of last year. Wholesale trade declined considerably- and was in smaller volume than a year ago. Stocks at department stores showed more than the usual increase in January and were about 11 per cent larger than at the end of January, 1925. Freight-car loadings declined in January and the daily average for the month was approximately the same as a year earlier. Prices.—Wholesale prices, as measured by the index number of the Bureau of Labor Statistics, remained practically unchanged from December to January. By groups of commodities, prices of grains, coke, and paper and pulp increased, while dairy products, cotton goods, bituminous coal, and rubber declined. In the first three weeks of Februa^ there was a decline in the prices of grains, and following the settlement of the strike in the anthracite region, a drop in the prices of bituminous coal and coke. Price advances were shown for refined sugar, copper, and petroleum. Bank credit.—At member banks in leading cities the seasonal decline in the demand for credit, which began at the turn of the year, came to an end toward the close of January, and in the early part of February the volume of loans and investments at these banks increased considerably. The increase was largely in loans for commercial purposes, which after declining almost continuously from their seasonal peak early in October, advanced by more than $50,000,- 000 in February. PER CENT PER CENT PER CENT 1501 150 200 200 a 150 100 100 100 50 50 so 50 PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES I Jo 1922 1924- 1925 1926 0 1922 1923 1924- 1325 1926 Index of 22 basic commodities adjusted for seasonal variations. Index of United States Bureau of Labor Statistics. (1913«100, base (1919=100.) Latest figure, January, 120 adopted by bureau.) Latest figure, January, 156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 153 BILLIONS OF DOLLARS BILLIONS OF DOLLARS PERCENT 10 6 -- 5 "X 4 iTT—I * » / f I /• 2 — . MC)NEY RATES «m Commtircia/ Paper Rare - 1 — MKft"serve Bank DL-cOi/rtf Rate • —» Acceptance Rate 1322 -1924 1925 1926 1,9^2*,2 .1„9*2..3, 1924 1925 192@ Monthly averages of weekly figures for banks in 101 leading cities. Weekly rates in New York money market: Commercial paper rate Latest figures are averages for first 3 weekly report dates in February on 4-6 months paper and acceptance rate on 90-day paper The growth in the commercial demand for credit throughout the country, together with some increase in currency requirements, was reflected in a withdrawal of funds from the New York money market and was a factor in the increase in the demand for reserve bank credit after the end of January. Reserve banks' holdings of bills and securities increased by about $66,000,000 between January 27 and February 17. As the result of the withdrawal of funds from New York the rates on call loans became somewhat firmer in February, but commercial-paper rates were slightly lower. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919=100] Department-store Department-store Bank Produc- sales i stocks * debits tion in Factory Factory Building Railroad- Whole- outside Year and month i t b n ri a d e s u s i s c i - em m p e l n o t y- pay rolls a c w on ar tr d a e c d ts 1 load ca in r gs * tr s a a d le e j U u n st a e d d - Adjusted j U u n st a e d d - Adjusted o C Y f i N o ty r e k * w 1925 January... _ ___ 127 94 103 164 123 79 108 124 119 134 119 February_____._ . 124 96 109 166 125 76 101 131 127 135 118 March 120 96 110 172 117 83 121 121 139 137 118 April.. „ _ - 119 96 108 169 129 79 136 133 141 136 120 111 95 108 151 123 79 128 124 136 137 118 Tune _ ___ «. 110 94 105 173 117 83 126 126 129 135 122 July 113 93 103 188 122 83 95 128 125 133 124 August _ _.__ 108 94 105 225 123 87 98 125 131 131 120 September. 112 95 104 235 121 94 121 134 143 133 123 October 116 97 111 210 121 101 165 145 149 134 128 November™ _ 115 97 112 229 121 86 145 129 154 137 122 December 121 97 112 276 130 79 226 ' 141 129 139 124 1926 January 120 96 107 243 118 79 115 131 126 142 126 * The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations; the indexes of department-stores sales and stocks are shown both with and without seasonal adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 RESERVE BULLETIN MARCH, 1926 MONEY RATES ACCEPTANCES Seasonal increases in the demand for credit The acceptance market was unusually quiet and currency during February were reflected during the period from January 21 to February in the withdrawal of funds from New York 17, reports from dealers in New York, Boston, and higher average rates on call and time loans and Chicago showing the smallest volume of to brokers. The generally quoted rate on transactions since last summer. The supply prime commercial paper of 4-6 months ma- of bills was generally larger than the demand turities, which responds more slowly to money for them, and dealers' portfolios increased to conditions, became 4J^ per cent in February the highest point in over a year. Coffee, silk, as compared with 43^-434 per cent in January, and cotton bills were most in evidence, and but showed a firmer tendency in^the latter half foreign funds provided the chief investment of the month. The persistently scanty supply demand. Rates, which were unsettled during of commercial paper in the market has been the last half of January, became stabilized accompanied by fairly active demand from the around the end of the month, with 90-day and interior in recent weeks, but the lower rates longer bills offered at y% per cent less than have tended to reduce this demand. Rates on immediately after the rise in rates on January acceptances, which were unsettled after their 8, but still Y% per cent more than at the first rise on January 8/ stabilized at slightly lower of the year. On February 17 rates in the levels, 90-day bills being offered at 3^ per New York market were as follows: 3 % per cent, but a falling off in demand at these rates cent bid and Z% offered for 60 and 90 day bills; has caused dealers to accumulate unusually 3% per cent bid and Z% offered for 120-day large portfolios. Foreign investment demand bills; 4 per cent bid and 3% offered for 150has helped to depress both the rates on accept- day bills; and 4 3^ per cent bid and 4 per cent ances and the yield on short-time Govern- offered for the longest maturities. ment securities. Prices of both short and long time Government securities increased CAPITAL ISSUES sufficiently in February to make their yields The volume of new domestic securities issued lower than they have been since last Septem- in January, according to the compilation of ber or October. The table below shows the Commercial and Financial Chronicle, money rates prevailing in the New York mar- amounted to $566,900,000, somewhat less than ket during the last three months: in December, but more than in any previous month since May, 1924. Municipal issues were moderate in amount, but the total of MONEY RATES IN NEW YORK corporate flotations was the largest ever offered in any one month. Industrial, public c m o p P m a o c r 4 p i i n - m m a 6 e t l h r e e , s r- b 9 a P a a 0 c n n r c i c k d e m e e a p s r e y t , s - s ' o i n n c n m e a Y d s o t e c e s i n e b , e s t l r t 4 d h t e o i - s d f f 6 i - - A y L 4 b i v i e K c o b e l e d n p e r n a d r e t g t o s r y e n , c R r a e a ll n t e l e o w o a n a n l s c u D T o t h e i n l e c i t e t i y n f m o , u l b i l n e o a r w g n d in f t o i g g r u a m t i r a l e a r b s o k l , e e a d w s u n p i i t o s h s w t u h s e e i n s d d b o a u u m l s l l k t e r s e i o a t x i l f c c e t e s s h d e e e c c e u d u t r r o i i t t t t i a i h e e l e s s . issued in January, 1926,1 December, 1925, and December, 1925__._ 1 2 3 3 . , 4 5 7 1 4.04 5.32 January, 1925: January, 1926 3 49 4.04 4 33 February, 1926 3.18 4.01 4.85 DOMESTIC CAPITAL ISSUES Average for week ending— [In millions of dollars] Feb. 6 3.25 4.01 4.50 Feb. 13 3.26 4.01 5.25 January, Feb. 20 3.12 4.01 4.75 1926 December, 1925 January, 1925 Feb. 27— 3.07 4.00 5.00 1 Issues maturing Mar. 15,1926. 2 Issues maturing June 15,1926. New fu R n e d - - New fu R n e d - - New fu R n e d - ing ing ing In the London money* market rates continued to decline in February from the end of Total 566.9 65.3 601.1 42.5 533.2 87.6 the year peak, and Treasury bills were tendered Corporate 493.1 63.5 403.8 41.5 363.4 85.2 at an average rate of 4.128 per cent the third Long-term bonds week of the month. Three months' bank bills and notes _. 300.8 56.7 240.6 34.2 251. 4 20.4 Short-term bonds were quoted at 4% per cent that week, as and notes. 43.1 37.3 3.3 44.0 62.4 compared with 4% per cent the last week in Stocks 149.2 ~~"6.T 125.9 4.0 68.0 2.4 Farm loan issues 5.0 43.6 36.9 January. Municipal : 68.8 ~~"i.y 153.7 ""To" 132.9 2.4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDEKAL RESEBVB BULLETIN 155 Foreign securities issued in the United INDEX NUMBERS OF SECURITY PRICES States in January were about equal to those issued in December, but small as compared Price indexes of1— Average Aver- number with several other months of. 1925. Of the age of shares t n p o e r t i w s a e l d i o ss f $ u 1 e $ 2 s 8 , 9 1 4 w ,1 1 e 9 ,0 r 0 e 0 , 0 0 0 . g 0 o , v A e r b r e o n f u u m t n e d n i o t n n g e a -h n i a s d l s f u e o s o n f e c -h o t a m h lf e - d 2 s u t 0 s o 1 t c r k i i n a s - l 3 s r 1 to o r c a a k d i s l- T st o 2 o 3 t c a 2 k l s , b p o o r f n i c d 4 e 0 s2 s o o o m l f d ( i 0 s t 0 t d t o e 0 a d c i k l ) y * corporate, all of the latter coming from Ger- Average for— many and Canada. February, 1925 127.5 112.9 123.2 91.55 1,688 September, 1925 139.9 115.8 132.9 92.19 1,711 October, 1925_._. ______ 145.8 116.2 137.2 92:i7 2,302 November, 1925 150.4 120.0 141.6 92.44 2,397 SECURITY PRICES December, 1925._ 151.6 125.4 144.0 92.76 1,883 January, 1926— _ 153.7 125.5 145.5 93.46 1,766 February, 1926 154.9 123.5 145.7 94.31 1,806 Prices of common stocks increased during Average for week ending— Feb. 1 154:7 124.1 145.8 93.99 1,526 the first two weeks in February and declined Feb. 8 _ 156.4 124.3 146.9 94.18 1,766 during the following two weeks, as indicated by Feb. 15 154. 5 122.5 145.1 94.31 1,999 Feb. 22 154.1 123.2 145.0 94.40 1,606 the weekly index of 232 representative stocks computed by the Standard Statistics Co. 1 For the industrial stocks, the average of 1917-1921 prices equals 100; This is the first month since last April in which 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 this index has not reached a new high point. of each stock outstanding. Prices used are closing quotations on Monday. Industrial stocks, however, were higher in 2 Arithmetic average of daily average closing prices, as published in February than in January, while railroad the Wall Street Journal. Weekly averages are for week ending with Saturday preceding date given. stocks experienced a considerable net decline 8 Saturdays omitted. Weekly averages are for five days ending with Friday preceding date given. during the month. Among the groups of industrial stocks which were considerably AGRICULTURAL CREDIT higher on February 23 than on January 25 Reductions in direct loans of all classes, with were those of leather and shoe, electrical the exception of those based on cotton, coffee, equipment, and chemical companies. Chain rice, and raisins, w^ve effected by the Federal store, mail order, and paper company shares intermediate credit banks during Jaiiuary. were among those which were lower on the Direct loans, being based on warehoused prodmore recent date. The volume of stock ucts, are being liquidated gradually as the market activity, as indicated by the number marketing season progresses. Last season cotof shares sold daily on the New York Stock ton loans reached their high point of $13,939,- Exchange, was somewhat greater in February 000 in the week of January 24, but due to than in January, but considerably less than unfavorable weather at picking time, marketduring the last few months of 1925. Bond ing has been delayed and accommodations are prices continued to advance, so that the aver- still on the increase, the total for February 20, age price of 40 bonds computed, by Dow Jones 1926, amounting to $25,613,000. The financ- & Co., after a rise of 2 points since the first of ing of the Porto Eican coffee crop is under way the year, reached the highest level since the and loans are increasing at the Baltimore bank, war. The following table gives indexes of which handles this territory. There was no stock prices computed by the Standard Sta- change in the amount loaned on raisins during tistics Co. of New York, the average price of January. The total amount of direct loans 40 bonds computed by Dow Jones & Co., and on February 20, 1926, amounted to $50,987,000. the average number of shares of stock sold Total rediscounts for the 12 Federal interdaily on the New York Stock Exchange for the mediate credit banks showed a seasonal inlast six months: crease, going up from $26,408,000 on January Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN MARCH, 1926 2, 1926, to $28,565,000 on February 20. This AGRICULTURE increase is accounted for almost entirely by Early in February the Department of Agrithe rise in the accommodations extended to culture published its study of the outlook for livestock loan companies. Loans of the latter agriculture in 1926, and in connection with the class have shown an almost continual increase prospective domestic demand for farm prodduring the last year, the Houston district ucts during 1926 said, ^agriculture as a whole being the largest contributor, with $4,640,000 should plan its 1926 production to supply a of such livestock paper. domestic market at best no stronger and prob- Loans based on different commodities and ably somewhat less favorable than the presrediscounts for the different financial institu- ent?7 In reference to the foreign demand the tions for the latest available date in February department said "the present prospects in are shown in the following table: foreign markets are that the demand for most of the products of our farms in 1926 will be no INTERMEDIATE CREDIT BANKS better than for the products of 1925, if as good, [In thousands of dollars! unless the competing products of foreign countries should be reduced by a less favorable Feb. 20, Jan. 16, Feb. 21, season." 1926 1925 1925 In January the aggregate volume-ef agricul- Direct loans outstanding on- tural products marketed reflected considerably Cotton ___ 25, 614 24,214 10,914 more than the usual seasonal decline from Tobacco 17,062 20,888 22,134 Wheat „.-- _ 2,370 3,000 1,609 December and was 7 per cent less than in C R a a n is n in e s d fr _ u _ its and vegetables _. 3,6 5 0 6 0 1 3,6 8 0 4 0 4 4,0 4 0 1 0 5 January of last year. All groups of commodi- Prunes 1,216 ties, as measured- by the Federal Eeserve Peanuts 122 175 296 Wool ._ 431 1,013 26 Board's index, except animal products and •v A R l i l c o e ther ._ 4 73 93 4 4 60 4 3 9 3 1 5 0 0 2 tobacco, were marketed in smaller volume than in January, 1925, the largest declines occurring Total..,-- 50,987 54, 786 41,062 in live stock, grains, and vegetables. Exports Rediscounts outstanding for— Agricultural credit corporations 16,062 14,600 10,132 of agricultural commodities also declined in National banks 34 34 17 January and were considerably smaller than in State banks ... 357 391 733 Livestock loan companies 12,027 11,236 8,696 the corresponding month in any other recent Savings banks and trust companies. 85 80 151 year. Shipments abroad of all groups of com- Total 28,565 26,341 19,729 modities except tobacco were less than a year earlier, although the most substantial de- Federal land bank and joint-stock land-bank creases were in the exports of grains and cotton. loans increased at approximately the usual Prices of grains, fruits and vegetables, and rate during January, the net increase of the livestock, were higher in January than in joint-stock land banks totaling $10,197,000, December, but those of dairy and poultry prodas compared with $5,403,000 for the Federal land ucts and cotton were slightly lower, leaving the banks. During the past year there has been general average of all farm prices at about the a reduction in the number of joint-stock land same level as in December. Compared with a banks from 64 to 56, as a result of consolida- year earlier, prices of fruits and vegetables and tions. The following table shows the out- livestock were higher, but the level of other standing volume of net mortgage loans at the farm prices was lower, and the Department of end of January held by 56 joint-stock ]and Agriculture's index of 30 farm commodities was banks, the 12 Federal land banks, and 41 life 143, compared with 146 in January, 1925. insurance companies owning more than 82 Grains. per cent of the assets of all life insurance companies. The condition of wheat and other small grains in the principal producing regions is NET FARM MORTGAGE LOANS DUTSTAKDING generally good, according to the Department fin thousands of dollars] of Agriculture's report. Some winter killing is reported in. Indiana and the condition in Jan. 31, Jan 31, Illinois is somewhat uncertain. Prospects in 1926 1925 the Pacific Coast States have improved, with the condition in Washington showing up par- Total, all joint-stock land banks 555, 756 454, 393 Total, Federal land banks - 1,011,088 935,330 ticularly well. Life insurance companies . 1 1, 523,000 1,456,000 The price of wheat, which advanced during the latter half of December, broke early in i Loans outstanding Dec. ,31* 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 157 January. A slack export business and the in- and January they were 8 per cent and 30 per activity of the domestic flour trade were in- cent smaller, respectively, than in the corresfluential in continuing the decline until the ponding months of last year. Declines conclose of the month., when a heavy movement of tinued in the early weeks of February, and for buying orders was followed by a gain of 8}i the entire season from August 1 through the cents from the low point. Listless action on middle of February exports were 3 per cent the part of both the domestic and foreign buy- smaller than in the previous season. Coners of cash wheat and flour, however, together sumption of cotton in American mills was with a weakness in other grains, brought a slightly smaller than in January of last year, further decline in February. The movement but a part of this decline may be attributed to of wheat from the southern hemisphere is now one less business day in January this year than under way, and about 23,0GGQQ0 bushels were in January, 1925. ; shipped from Argentina and Australia during In consequence of a larger crop in 1925 than the month of January. in 1924, together with the smaller foreign . . The Agricultural Outlook for 1928, issued demand in recent months, stocks of cotton in hj the Department of Agriculture, places the the United States are considerably larger than increase in the acreage of hard winter wheat at the corresponding date for any other recent . sown last fall at about 4 per cent and reports year. A comparison of stocks of cotton at that the crop went into the winter in good mills, warehouses, on plantations, and in transit condition. They state, further, "* * * the at the end of January with those for other prospects are for another short crop of soft red recent years is shown in the following table. . winter wheat and this class will likely continue on a domestic basis." STOCKS OF COTTON ON JANUARY 31 Corn was subject to a fairly active-demand [Thousands of bales] during January as farmers marketed freely ; elevator and commercial interests taking large 1923 1924 1925 1926 offerings. The volume arriving at the principal markets, however, was less than for the Mills 1,988 1,638 1,442 1,811 .same month last year. Corn coming to the Public warehouses 3,486 2,964 3,860 5,176 Elsewhere 1 _ 1,330 1,108 1,823 1,992 market is still showing a high percentage of moisture and buyers are cautious in making Total . _ 6,804 5,710 7,125 8,979 purchases for storage. 1 Includes stocks at plantations, in transit, etc. Current Analyses o Values in the oats market are still held to Cotton Trade, Merchants National Bank of Boston. low levels under the influence of large stocks. Although the oats production in 1925 was Smaller purchases by foreign buyers in recent estimated at 20,000,000 bushels less than in months have been due in a large measure to the 1924, the carry-over was large and prices have slowing down of activity in the textile markets fallen to the lowest levels since 1921-22. A abroad. Exports of cloth from Great Britain heavier consumption is reported as a result for the season through January were smaller of the low price, and it is probable that the than a year earlier, and in Germany the demand amount consumed this year will exceed that of for finished products has fallen off and spinners last year. are placing few orders for raw cotton. In fact, Interest in the flax market is centered on the reports indicate that in some cases German surplus which Argentina has available for ex- spinners are reselling contracts for future port, estimated at 67,000,000 to 69,000,000 delivery and in other cases they are requestbushels. This is nearly 30,000,000 bushels ing postponement of delivery. During the more than was exported last year. The de- late weeEs of January and the early weeks of mand is holding up, however, and during.the February the price of cotton remained fairly earlier part of February No. 1 seed at Minneap- stable, but after the middle of February prices olis was sold at $2.45 to $2.47^ per bushel. declined slightly. Tobacco. •Cotton. Further declines in exports of American Sales of tobacco in the Virginia and Carolina cotton and a slowing down in the rate of con- markets were seasonally smaller in January sumption at domestic mills were significant than in December, but were larger for all types •developments in the cotton trade in January. of tobacco than in January, 1925. Prices Exports began to fall below the volume of the received by the growers for the tobacco sold preceding year in November, and in December, during the month were generally lower than Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN MARCH, 1926 last year, those for Virginia bright tobacco slow. The marketable crop this season is averaging about 6 cents a pound lower, those larger by one-seventh than that of last season for Virginia dark tobacco 3% cents lower, and and the stocks on hand are still very large for those in North Carolina about 2}^ cents lower. so late in the season. The combined cold- In Kentucky sales of burley showed the usual storage holdings on February 1 totaled about increase in January over December, but sales 7,000,000 barrels, as compared with 5,233,000 were less than in January, 1925, largely in con- barrels on that date last season. Reduction in sequence of the reduction in the size of the crop. stocks during January, however, were slightly Marketing of dark tobacco in the Kentucky larger than in the same period last year. and Tennessee areas was larger in January The export trade in fruits and vegetables than in December and sales were considerably during the closing months of 1925 was slightly larger than in January, 1925. in excess of the same period in the preceding In commenting on the conditions in the to- year. January exports, nevertheless, were a bacco industry, the Department of Agriculture trifle less, compared with 1925, the Departpoints out in the General Agricultural Outlook ment of Agriculture's index number of fruit for 1926 that cigarette types of tobacco "are and vegetable, exports being given as 197, as relatively in the most favorable situation of the compared with 206 a year ago. The market various classes of tobacco, with cigar types for grapefruit in Great Britain has experienced second, and the smoking, chewing, and dark a considerable expansion, taking 141,300 boxes export types last." Increased output of ciga- in 1925 as compared with 47,720 boxes in 1924, rettes in recent years has resulted in a growth in or seven times the amount imported from the the demand for types of tobacco that enter United States in 1920. into their manufacture, but the demand for Unseasonable weather delayed planting of other types of tobacco has declined, and in various truck crops in the South, and light reference to the chewing, smoking, and snuff winter shipments have resulted, only sweet types the department states that growers potatoes, celery, and peppers showing about should keep two objectives in mind in 1926— the usual volume. Caubage and potatoes have "to readjust their total production in accord- been the outstanding vegetables in the market ance with the undoubted decrease in demand, this season, as far as price is concerned, the and strive for betterment of (juality." former being twice as high as last season and In the tobacco-manufacturing industry pro- the latter two to four times as high. duction of cigarettes and manufactured to- Lettuce shipments from Calif ornia have been bacco in January exceeded that in December, particularly heavy, totaling close to 4,000 cars while the output of cigars was less. When on January 30, which is double last season's compared with earlier years the output of movement on that date. Forwardings of spincigars and manufactured tobacco products ach from Texas have been increasing rapidly was less than for any January since 1922. and a dull market has followed. Production of cigarettes, on the other hand, Holdings of onions at the beginning of the continues to increase, amounting to 6,943,- year, reported to be the heaviest in recent 815,000 in January, as compared with seasons, and an estimated 15-per cent increase 6,652,475,000 in 1925, 6,256,784,000 in 1924, in acreage in Texas, California, and Louisiana, and 5,349,771,000 in 1923. are features of the market that have been Fruits and vegetables. closely watched. Imports of Valencia onions from Spain totaled more than 2,100 carloads A lighter crop of citrus fruit than had been at the close of January and have also had their anticipated is being realized as approximately bearing on the lower trend in market prices half the season's shipments have been made. which has taken place. Florida orange and grapefruit estimates have been reduced about a third, and that State Livestock. finds itself with the smallest crop since 19.21; A generally favorable winter season has been California estimates remain unchanged for reported throughout the principal grazing oranges, and the lemon crop is about the aver- sections, and cattle and sheep are in good age for the last two years. The combined condition. Cattle have been ranging^freely in orange production is estimated by the Depart- many parts of North Dakota, Montana, and ment of Agriculture as 29,000,000 bushels, Washington, with but little winter f eeding compared with 32,000,000 bushels last season. required. In Wyoming and Colorado, until Apple prices have been working downward, recently, the range has been covered and and the market is reported as unsettled and extensive feeding has been necessary. Recent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

159 MAECH. 1926 FEDERAL RESERVE BULLETIN moisture over a considerable Dart of the South- preceding year, totaling 313,062 head, as west has improved the situation there and re- compared with the low record of 188,113 ports are mostly good. A favorable outlook head in the earlier period. Feeder shipments is also reported tor the Pacific States. of sheep were approximately 500,000 head wSome uncertainty is being expressed in the less than for the year preceding and only 88.7 prospective lamb and wool market, as practi- per cent of the three-year average. cally none of the wool clip and very little of the A marked reduction was evidenced in the lamb crop had been contracted for up to the number of hogs marketed, January receipts middle of February. Buyers are showing a being 32 per cent less than for the same month spirit of caution and sheepmen are unwilling to last year. Prices on the bulk of sales at give any material concession. the close of the second week in February The cattle market has been furnished with a were approximately $2 higher than a year plentiful supply of short-fed animals which has ago, and light pigs were on an even higher basis. had a tendency to depress prices. The average The low price of corn has created keen comprice of native beef steers at Chicago, as re- petition for the lighter weights, and the moveported by the Chicago Federal Reserve Bank, ment to country feed lots has been active. was $9.65 in January, as compared with $9.75 The favorable corn hog ratio is also resulting for December. Fat cows and heifers, hqwever, in a ^material increase in pork supplies, as according to the same source, registered an in- average weights for the season at Chicago crease, the average for January being $6.65, as have been 15 pounds higher than last year. compared with §6 for December. The latter For January, average weights were in excess gain, however, was not maintained, as in the of last year by 31 pounds at Omaha, 27 pounds first part of February there was a decline of at Kansas City, 20 pounds at Sioux City, from 25 cents to 50 cents. 16 pounds at St. Joseph, and 15 pounds at Stocker and feeder shipments of cattle and St. Fatal. ; calves from the 12 leading markets for the Lamb prices at the close of the second week period July 1, 1925, to February 5, 1926, were in February were on a level approximately 127,000 head less than for the same period last $2 lower than the December average. Reyear and only 80 per cent of the average ship- ceipts of lambs and sheep for January werd in ments of the preceding three years. More excess of those for the same month in 1925 recently shipments have been accelerated, and by about 60,000 head. Values on matured figures for January show an increase over the sheep were well sustained. same month last year. Some significant Dairy products. changes in destination of the current year's shipments are noticed in the following table, Lower price levels were reached in the butter which indicates a noticeable decline in the market during the first of the year, following a numbers going into Iowa and a marked in- decline in foreign markets in December which crease in those going into Oklahoma. The made it profitable to divert butter shipments six States given below usually take about three- to this country. A further influence weakenfourths of all feeder and stocker shipments. ing the market was the increased domestic output during January, due largely to low feed prices and relatively high prices for dairy STOCKES AND FEEDER SHIPMENTS products which have stimulated production. [July-February shipments and corresponding 4-year average] Thirty-nine creameries reporting to the Chicago Federal Reserve Bank totaled a 14 per cent July 1, 4-year o P f e c r u c r e re n n t t increase in the amount of butter churned in Destination 1925-Jan. average, year to January as compared with the preceding 31, 1926 1921-25 4-year average month, and 11 per cent in excess of a year ago. The American Association of Creamery Head Head Butter Manufacturers reports a similar trencl Illinois--. _-. _-_. 358,095 366,321 97.8 for the United States. Demand, however, Iowa 3 3,820 516,763 74.3 Kansas 308,839 302,570 102.1 continued fairly active and a firmer market was Missouri... . 212,847 272,057 78.2 Nebraska 324 701 416,203 78.0 in evidence during the first half of February, Oklahoma.. 90,349 73,844 122.4 which satisfactorily cleared offerings at the lower price level. Storage holdings decreased The feeder shipments of hogs were consider- from 53,000,000 to 39,389,000 pounds during ably greater for the current period than in the January. The last figure compares favorably 1 84298—26——3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDEBAL EESEBVE BULLETIN MARCH, 1926 with last, year's stocks on February 1, which nous coal was $2.10 on February 15, the lowest totaled 45,389,000 pounds, an unusually large since October, and 10 cents under the figure supply. four weeks earlier. In the cheese market there have been signs Total output of coke during January was of uncertainty, and slight reductions in the level 5,185,000 short tons, a record output for the of prices were effected in the first part of industry. Of this total, 3,804,000 tons con- February. Storage stocks of American cheese sisted of by-product coke a new high figure, on February 1 totaled 50,358,000 pounds, and 1,381,000 tons of bee-hive coke, the highest practically 9,000,000 pounds greater than on since August, 1923. During the first half of the same date last year. Reductions in hold- February output of bee-hive continued at a ings during January, however, totaled about high rate, production for the week ending 8,000,000 pounds, which compares favorably February 13 being 357,000 tons, as compared with 1925. Production has been materially with 311,000 for the week ending January 16. increased. Reports, giving the amount of Prior to the settlement of the anthracite strike, cheese manufactured and received at primary quotations for coke rose rapidly, Connellsville markets within the State of Wisconsin, in- coke being quoted at $10.50 on February 10, dicate an increase of 15 per cent for the four as compared with $7 on January 20. Subweeks ending January 30 over the preceding sequently prices broke and by February 24 period, and over the corresponding weeks in had receded to $3,75. 1925. THOUSANDS OF BARRELS THOUSANDS OF BARRELS MINING 2400 24O0 The anthracite strike, which began last September, was settled in February and the 2200 mines reopened the latter part of the month. The rather negligible production of anthracite noted since the beginning of the strike continued during January and was an im- 2000 —^2000 portant factor in keeping the Federal Reserve Board's index of total mining output below that of a year earlier. Production of bitu- 1800 1800 minous coal and zinc was greater during January than in December or in Jajmary, 1925, zinc output being the largest on record in 1600 1600 the post-war period. Copper production increased, but wTas not as large as the output of a year earlier. Jan. Feb. Mar. Apr. Jvtay June Juiy Aug. Sept. Oct. Nov. Dec. Source: American Petroleum Institute's estimates of daily average Coal and coke. crude-oil production, by weeks. Winter weather, the high level of industrial Petroleum. activity, and the continued suspension in the Declines in the production of crude petroanthracite fields, all contributed to the strength leum which began in the summer of 1925 conof bituminous coal and coke during the latter tinued in January, and during the last week of part of January and the first part of February, the month the daily average output was below and production and prices remained high. 1,900,000 barrels for the first time since the Accompanying the settlement of the anthracite fourth week in February, 1924. In each of strike, announced on February 12, however, the first three weeks of February the output markets became unsettled and prices, especi- was slightly larger than that of the last week ally for coke, broke rapidly. of January, but was less than in the other Output of bituminous coal in January weeks. Comparison of the estimated output totaled 53,662,000 net tons, the highest since during the first weeks of 1926 with that during the war, and during the first two weeks of the corresponding period in the preceding J^ear February production continued on a slightly shows that the output thus far this year is lower level, average production per working considerably less. Monthly statistics of the da y for the week ending February 13 being Bureau of Mines, however, which may include 2,001,000 net tons, as compared with 2,178,000 some petroleum drawn from stocks, indicate net tons during the week ending January 16. that production in January was at about the The Coal Age index of spot prices for bitumi- same rate as a year earlier. The accompany- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

161 MARCH, 1926 FEDERAL RESERVE BULLETIN ing chart shows in detail the changes in the silver. Eefined electrolytic copper delivered in daily average production of petroleum in 1924, New York, after touching 14 cents during the 1925, and the first six weeks of 1926. latter part of January, was quoted at 14 34 to Accompanying the steady decline in pro- 14% cents during the third week in February, duction and the relatively small stocks, prices the highest since the middle of November. of crude petroleum advanced from $1.84 a United States output of copper during Janubarrel early in January to $2,017 a barrel in ary was 142,628,000 pounds, the highest since the third week in February. Advances, how- March, but 5 per cent under production in ever, have not been as rapid as those of last January, 1925. Stocks at the end of the month year, when average quotations rose from were higher than on December 31. Output of $1,395 a barrel in January to $2,084 in Feb- lead in January was in about the same volume ruary. Changes occurring in prices between as December, but 8 per cent above January, January 1 and February 20 are given in the 1925. Though production of zinc in January table. was again in excess of deliveries and surpassed the December peak, shipments were in about PRICES OF CRUDE PETROLEUM AT THE* WELL X the same volume as in November and Decem- [Average price per barrel for 10 fields] ber, with the result that stocks of sl^b zinc in the hands of refineries at the end of the month Date 1926 1925 rose to 14,300 tons, the highest since August, but 4,696 tons below those at the end of Janu- Jan. 1 $1.842 $1.395 ary, 1925. During the middle of February, Jan. 8 1.842 1. 395 Jan.15. 1 822 1.395 quotations for both lead and zinc receded to Jan. 22 1.822 1.521 the lowest levels since August, lead in New Jan. 29 1 822 1 656 Feb. 6 1.882 1.869 York being quoted at 9J^ cents, % cent Below Feb. 13 1.882 2.009 Feb. 20 2.017 2.084 the peak in November, while zinc in St. Louis, at l}/2 cents, was about 134 cents below the 1 Oil, Paint, and Drug Reporter. December high. Advances in th§ price of crude oil were With little demand at current prices, quotafollowed by higher quotations for refined tions for bar silver in New York receded to products, although the increased demand for 66% cents on January 17, the lowest since kerosene and fuel oil, partly as a result of the April 25, 1925, and 6J4 cents under the Sepshortage of coal in eastern centers, was antember high. January deliveries of tin to the important factor in strengthening the market United States were the greatest since April, for these oils. Gasoline prices at refineries 1924, but stocks in New York at the end of the and service stations were slightly higher in month fell off. Quotations for tin were strong the middle of February than in January, but during February, straits tin being quoted at these prices in the Atlantic coast regions were 6434 cents on February 17, up 2jl cents over ; directly affected by shipments from California. January 20, and only J^ cent under the recent In 1925 shipments of gasoline from Los Angeles high on November 12. to the East totaled 7,836,000 barrels, as compared with 1,570,000 barrels in 1924. MANUFACTURING Production of all refined products increased General industrial activity showed little in December, and the output of gasoline, gas, change of significance from December to Januand fuel oils, and lubricating oil was larger ary. The Federal Reserve Board's index of than in December of 1924, while that of manufacturing production (see table, p. 180) kerosene was smaller. Supplies of gasoline stood at 129 for November, December, and and lubricating oils were larger at the end of January. A year earlier this index rose from December, the latest month for which com- 113 in November to 127 in January. The plete statistics are available, than at the end indexes of employment and factory pay rolls of 1924, but those of kerosene, gas, and fuel were lower in January than in December,, oils were smaller. because of slightly smaller employment in certain seasonal industries and rather general Nonferrous metals. reductions in amount of pay rolls incidental to Quotations for nonferrous metals showed the usual closing early in January for inventory diverse tendencies during the latter part of taking and repairs. January and the first half of February, rising By individual industries, activity was inprices in copper and tin being accompanied by creased or maintained during January at close distinct reactions in the case of lead, zinc, and to December levels in iron and steel, cotton, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN MARCH, 1926 silk, lumber, and leather and shoes. Produc- stock of meats in this country on February 1 tion of automobiles and of tires was slightly at 694,000,000 pounds, which is a decrease of smaller than in December, and activity in the 325,000,000 pounds compared with the same woolen-goods, meat-packing, and flour-milling date in 1925. Lard exports for the period of industries also decreased. The maintenance July 1, 1925, through the first week of Februof the manufacturing index at a higher level ary show a decrease from 516,000,000 pounds, than in January, 1925, was entirely due to the last year, to 411,000,000 pounds for the current larger volume of automobile production this period. Stocks of lard on hand February 1, year, because most of the other industries 1926, were only slightly more than a half of showed declines in output, which were, how- those held a year previous. ever, rather small in the important industries. According to the Chicago Federal Reserve Bank, the total value of packing-house prod- Food products. ucts billed to customers by 64 companies dur- Refiners' stocks of raw and refined sugar ing the calendar year 1925 was 14 per cent during 1925 increased approximately 90,000 greater than for 1924 and 17 per cent larger long tons, the amount actually going into than in 1923. distribution totaling 5,427,770 tons, or an Textiles. equivalent of a per capita distribution of 107 pounds. This figure sets a new high record, Cotton and silk manufacturing continued at the per capita distribution for the two previous about the same rate in January as in Decemyears being 99.9 pounds for 1924 and 94.6 ber, but activity in the woolen and worsted pounds for 1923. Sugar meltings were con- industry was considerably reduced. Buying of siderably larger in December and January textile fabrics and materials slackened somethan in the same months in the preceding what in February, and prices have weakened. years, totaling 349,139 and 367,439 long tons, Buying of cotton goods was in moderate respectively. The following table gives the volume during January and February and prosources from which the 1925 supply of sugar duction was well maintained, but prices conwas secured: tinued to decline. Mill consumption of raw cotton and the number of spindle hours active SOURCES OF THE SUGAR SUPPLY IN 1925 were greater in January than in^ December, but [In long tons—2,240 pounds] the increase was not as great as is usually noted Louisiana--- --- 144, 728 United States beet_ _ _ - - - 862, 700 at that period of the year. Consumption by Hawaii - 631,735 mills in the New England States totaled about Porto Rico _______________ - 509, 373 142,000 bales, as compared with 158,000 bales Philippines.— 408,763 in January a year ago, a decrease which more Virgin Islands— — -- — —-- 8, 757 Cuba (53.5 per cent of total)- — -- 2, 952, 155 than offset the increase in the cotton-growing States from 405,000 bales in January, 1925, to Total.- — ..- — — _ — 5,518,211 412,000 bales in January, 1926. In both sec- Purchasing on a hand-to-mouth basis char- tions consumption for the six months ending acterized the flour trade during January, and with January was larger than that for the same production dropped about 12 per cent below the period a year earlier. Mill stocks of raw cotton level for the corresponding period last year. at the end of January were considerably greater Little interest was shown in the export field, than on January 31, 1925* Prices of cotton although Southwestern and Central States goods, as indicated by the Fairchild index,^de- .mills maintained a moderate business with clined slightly during January and the first Latin America. The sharp decline in wheat three weeks of February. Among cotton prices in the second week of February stimu- goods, demand for sheetings has been particulated sales, as buyers took advantage of the larly great. Cotton finishers reported^ larger lower level of prices to replenish stocks. Stocks orders and shipments and smaller billings in in the hands of millers at the close of January January than in December. Stocks were were smaller than at the same time last year; slightly reduced. January sales of meat products by 30 meat- Early in February the 1926 lines of goods for acking companies increased 10 per cent over men's suits and overcoats were opened by lead- ! )ecember and 16 per cent over January of last ing producers at lower prices than at the correyear. Domestic demand for fresh pork and sponding openings of 1925. Reductions were beef was only fair, but a rather active trade in rather general and were made on worsted and smoked and cured meats was experienced. woolen suitings and on overcoatings. In 1924 The Department of Agriculture places the total and early 1925 woolen goods were in relatively Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 163 greater demand than worsteds, and prices of ruary 1 was 132.35, as compared with 131.35 woolens were raised substantially at the fall on January 1 and 123.03 a year earlier. Eaw openings a year ago, whereas worsteds moved silk prices declined slightly in February, but upward more slowly. Last August at openings maintained a level higher than during most of of spring lines both woolens and worsteds were last year. Sales of silk at wholesale and retail reduced—worsteds by a larger amount. Dur- continued during January to exceed those of a ing the fall worsteds were in a far greater de- year earlier. mand than at any time in several years, and Buying of summer underwear, particularly activity of worsted spindles increased con- of nainsook men's wear, has been active in siderably. The following table gives Fairchild recent weeks, while demand for heavyweight indexes of woolen and worsted goods prices lines has been seasonally light. Buying of for certain dates. The dates selected are those hosiery increased somewhat in February. preceding and following the recent openings of According to preliminary Bureau of Census fall lines, the spring openings of last August, reports covering the Philadelphia and Atlanta and the fall openings ol a year ago. Federal reserve districts, orders for hosiery were substantially larger in January than in FAIECHILD WOOLEN AND WORSTED PRICE INDEXES December, while production and shipments showed little change. New orders for under- [All-year numbers] wear were larger in December than in November, but shipments were smaller. Scattered Suitings advances have been announced recently in Date Overcoatings prices of bathing suits. Worsteds Woolens Iron and steel. Feb. 15, 1926- . 253.181 234 583 400.000 Jan. 15,1926 .„ ._. 260.903 240- 833 475.000 Since the beginning of the year buying of iron Aug. 15, 1925—_ _______ 255.833 240.833 and steel products has slackened, and there are July 15, 1925—. _____ 278.125 258. 750 Feb. 15, 1925... . 276.875 257.916 425.000 evidences of a check in the steady increase of Jan. 15, 1925. 276.493 248.333 425.000 activity noted during the late months of 1925. Production of pig iron and steel ingots was Both consumption of wool and machinery slightly greater in January than in December, activity in the industry decreased substantially that of ingots being the largest for any January in January. Activity of cards and of woolen except 1925. Fewer iron furnaces'were in blast, spindles was smaller than at any time since however, at the end of Januar}^ than at the be- 1922. Looms and worsted spindles were not ginning of the month. Furthermore, the volas active as a year ago or during the fall ume of unfilled orders of the United States months, but more so than during last summer. Steel Corporation declined during January for Domestic raw wool prices declined sligntly in the first time since last summer. Trade reports January and February, the Fairchild index indicate that new business for steel producers falling from 114.122 at the end of December to during the first part of February was being 108.642 in the week ending February 19. booked at a greater rate than in the preceding Stocks of raw wool at the end of December, as month. announced by the Bureau of the Census, were The decline in pig-iron production, indicated smaller than those held three months earlier. by the blowing out of blast furnaces, was attrib- The decrease occurred in supplies of domestic uted to high prices for coke. It was cheaper wools, as stocks of foreign wool were larger than to sell coke for household use as a substitute on any quarterly report date since March 31, for anthracite than to make it into pig iron. 1924. Manufacturers' inventories of raw wool Since the settlement of the anthracite strike were a little smaller than at the end of 1924, about the middle of February the price of while dealers' stocks were slightly larger. coke has dropped rapidly. Pig-iron prices re- Clothing manufacturers are busily engaged in mained practically unchanged from early in producing spring lines and operations have in- December until late in February, when some creased. reductions were made. The Iron Age com- Buying of silk goods became less active in posite of finished-steel prices declined slightly February than it was earlier in the year. in January and February, owing to reductions January imports of raw silk were fairly large, in quotations on plates and sheets. Prices for and deliveries to mills were almost as large as scrap steel have likewise decreased. those for October, the greatest on record. The Although new business in recent weeks has Fairchild index of silE goods prices on Feb- not been of appreciable volume, specifications Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN MAKCH, 1926 on first-quarter contracts have continued, par- Lumber. ticularly for rails and track equipment. Ke- Production of lumber in January, as reported ports indicate that buying by automobile pro- tp the National Lumber Manufacturers Assoducers has not been up to expectations. Struc- ciation, was in nearly the same volurne as in tural-steel bookings and shipments were sea- December, but in smaller volume than in Janusonally smaller in January than in December, ary of 1925. The smaller production of this but greater than those of a year earlier. year, it may be noted, was reported by a smaller number of jnills—511, as compared Automobiles and tires. with 533 mills reporting in January a year ago. Production of passenger automobiles in As in each of the two preceding months, ship- January was slightly larger than in the same ments in January exceeded production, but month a year ago and slightly smaller than shipments this year fell short of shipments the January maximum attained in 1924. reported by the larger number of mills in Janu- Truck production in January, 1926, however, ary of last year. In the six weeks ended Febwas larger than in the corresponding month of ruary 13 shipments of softwood exceeded proany previous year. As compared with Decem- duction and orders exceeded shipments, rrober; output of both passenger cars and trucks duction and orders of hardwoods in this period decreased in January, although in other years exceeded shipments. Shipments of Douglas increases have occurred at that season. It is fir, as reported by 98 mills to the West Coast yet too early in the year to determine the Lumbermen's Association, exceeded producstrength of the retail demand for cars. Addition; and production of southern pine, as retional price changes have been announced by ported by 158 mills to the Southern Pine producers within recent weeks; of these perhaps Association, exceeded shipments in January, the most important were the reductions by the both production and shipments of these woods Ford Co. in prices of closed models, together being in smaller volume this year than last. with increases in those of open cars. Reports to the Chicago Federal Reserve Hides, leather, and shoes. Bank from manufacturers producing about Little change has been noted in markets for two-thirds of the total output of cars indicate leather and allied products since the first of the that the January ratio between dealers' sales year. Buying of hides has been light, the to users and dealers' receipts from factories, quality of those offered for sale seasonally poor, 73 per cent, was the smallest for any month and prices weak. In February quotations on since February, 1924, The actual volume of light native cow hides in the Chicago market sales was larger than in January, 1925. Dealers fell to 113^2 cents, the lowest since July, 1924. in the Middle West reported to the Chicago Last summer the corresponding price was 16 Reserve Bank increases of about 16 per cent cents. Statistics of hides and skins'disposed as compared with a year earlier in both whole- of during December showed larger transactions sale and retail sales of new cars and of 10 per in goat and kid skins, moderate activity in cent in used-car sales. Stocks of cars on hand cattle hides, and rather light trading in calf iricreased in January and were much larger and kip skins. Except in the case of cattle than at the same time last year. hides and kip skins, stocks at the end of 1925 Decreases in the price of crude rubber, which were larger than a year earlier, although began in December, were partially checked seasonally smaller than in the early fall. jearly in February, but in the latter part of Demand for leather has been fair, with active that month quotations fell below 60 cents a buying of kid as a contrast to the rest of the pound, a new low price since last May. Im- market. Production, as indicated by Deports of crude rubber in January totaled nearly cember statistics, of the important types of 95,000,000 pounds, as compared witla 90,000,- leather, except those made from goat and kid 000 pounds in December, the previous maxi- and sheep and lamb skins, was smaller than a mum for any month. Automobile tire pro- year earlier. Stocks in process on December duction and shipments were sharply curtailed 31 of sole leather and of calf and kip upper in January, shipments being the smallest for leather were smaller, but those of cattle, goat, any month since early in 1922. Stocks were and sheep uppers were larger than at the end increased to the largest on record for casings of 1924. In most cases total finished stocks and almost the largest for inner tubes. Prices were slightly smaller them a year earlier, alof tires were reduced 10 per cent in February. though tanners' stocks were generally larger. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 165 January production of sole leather totaled for cities of the New York Philadelphia, At- ) 1,061,930 backs, bends, and sides, as compared lanta, St. Louis, and Dallas districts, and dewith 1,080,51-5 in December and 1,296,319 in creases for cities of the Boston, Cleveland, January, 1925. Richmond, Chicago, Minneapolis, Kansas City, Production of shoes in January was smaller and San Francisco districts. In its summary than in December in the New York, Chicago, review of compilations covering permits issued and St). Louis Federal reserve districts and in 207 cities, the Dodge Corporation notes larger in the Boston, Philadelphia, and Cleve- that while the aggregate value of permits land districts. According to preliminary esti- issued in January in these cities ran above mates, January output was smaller than for last year's total by $15,000,000, this gain was the same month in any of the preceding four to the amount of $11,000,000 contributed by years, the duration of the records. Sales of the five boroughs of New York City; and notes shoes during January by wholesale dealers further that for the first time in several months reporting to Federal reserve banks were, on a majority of the cities covered by the reports the other hand, larger than those of the same —105 out of 207 cities—showed decreases in month last year. comparison with the corresponding month of BUILDING the preceding year. The valuation of permits issued in New York City fell off from $92,000,000 Building and engineering operations, in Jan- in December to $80,00Q,000 in January, the uary, though smaller than in December, corresponding total for 1925 being $69,000,000. continued on a very high level. Awards of Although the Bureau of Labor Statistics contracts in 11 Federal reserve districts fell off index of wholesale prices of building materials over the month by more than the usual sea- increased slightly in January—from 177 in sonal amount, but the January valuation of December to 178—and prices of lumber and awards this year exceeded that of January last of bricks advanced, building costs in general year by 48 per cent. And with awards running did not change materially from the level of in this large volume the valuation put upon the preceding month. The New York Recontemplated projects reported for January to serve Bank's index for cost of building conthe F. W. Dodge Corporation exceeded the tinued in January as in December at 194, valuation of contracts actually brought under the same as for January, 1925. Cost of contract in this month by 86 per cent. construction indexes computed for different In 10 of the 11 Federal reserve districts types of building also continued in January . covered by the data the valuation brought practically at the level of the preceding month. under contract fell off over the month, an increase being shown for the Richmond district; TRANSPORTATION and in 10 districts the valuation increased over January of 192§, a, decrease being shown for Car loadings, which had been running in the Cleveland district. record volume continuously during the closing The valuation of residential contracts, which months of 1925, fell off in January. The in December represented nearly one-half of roads loaded fewer cars in this month than in the total valuation of all contracts awarded the preceding December and fewer than in the for construction, decreased from $257,000,000 opening month of 1925. Loadings in January in December to $190,000,000 in January, or 42 this year were, however, in nearly the same per cent, in a total of $457,000,000 for all volume as in January of 1923 and of 1924. classes of construction. With this considerable Geographically, this decrease in loadings was decrease over the month the valuation of widely distributed. Decreases over the month residential awards in January of this year were, in fact, reported for each of the seven was nevertheless well in excess of the cor- transportation districts for which separate responding value ($133,000,000) for January totals are compiled, and, except in the Pocaof 1925. hontas district, loadings this year in January/ Both the number and the valuation of build- with one less working day, ran in each district ing permits issued in 168 selected cities fell below January loadings of 1925. off in January, the decrease in valuation over Compilations, by classes of freight, show the month amounting to 18 per cent; and that loadings of miscellaneous freight and lessboth the number and the valuation of permits than-carload merchandise fell off over the issued exceeded those of a year ago, the in- month, but exceeded loadings in January of crease in valuation amounting to 8 per cent. any earlier years; and that for each of the Increases over last year are shown in the totals commodity classes of freight excepting coke Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL RESERVE BULLETIN MAECH, 1926 which moved in practically the same volume that of 1923, net railway operating income in January as in December, loadings fell off was greater in 1925 than in any earlier year, over the month and were generally in smaller running above 1924 by $150,000,000, or 15 volume this year than in any January of the per cent. The rate of return on property three preceding years. In the opening week investment of the carriers as shown by their of February total loadings fell slightly below books was 4.48 per cent in 1923, 4.33 per cent and in the second week ran slightly above in 1924, and 4.83 per cent in 1925. Carriers loadings in the corresponding week of 1925. in the eastern district earned 5.20 per cent Although the roads loaded more cars in in 1925, in the southern district 5.91 per cent ; 1925 than in any earlier year, they produced a and in the western district 4.13 per cent. slightly smaller aggregate of net ton miles than in 1923. This failure of ton miles to TRADE increase in proportion with loadings is in a Wholesale trade. measure accounted for by the relatively Trade at wholesale firms reporting to the greater volume of miscellaneous merchandise Federal reserve system and represented in the moving in less-than-carload lots in 1925. In Federal Reserve Board's index of wholesale each of the last five months of 1925, however, trade was in about the same volume in January according to compilations by the Bureau of as in December. Sales of groceries, shoes, and Railway Economics, the aggregate of net ton hardware were smaller than in December, miles reported ran above 1923. It is shown, while those of meats, dry goods, and drugs were further, that generally throughout 1925, as in larger. Grocery sales were 7 per cent smaller 1924, the roads maintained continuously a and declined in all Federal reserve districts large reserve equipment of stored locomotives except in the Dallas and San Francisco districts, and of surplus freight cars in condition for and hardware sales were below those of service, and that throughout 1925 the per- December in all districts except Richmond, centage of locomotives and of freight cars in Atlanta, and San Francisco. Increased buying serviceable condition was well above the of dry goods was indicated in all districts, average of the four or five preceding years. except Philadelphia, Cleveland, and Minneap- The average surplus of freight cars available olis, and reflected seasonal increases in orders for service, which had increased from 120,000 from retail stores in anticipation of the usual cars in November to 197,000 in December, spring demand for merchandise. increased in January to 285,000 cars. For the When compared with January of last year, first quarter of February the roads reported a aggregate sales at reporting stores were in • surplus of 240,000 cars. about the same volume, but sales of groceries, It is noted by the Director of the Bureau of drj goods, hardware, and drugs were smaller, Railway Economics, ma review of railway oper- while those of meats and shoes were larger. ations in 1925, that capital expenditures of Grocery sales were smaller than a year ago in Class I railways in the four years 1922-1925 ten Federal reserve districts, the greatest exceeded $3,000,000,000—the amount in the declines being in the Boston, Philadelphia, and several years being $429,000,p00 in 1922, Chicago districts, where they amounted to 13 $1,059,000,000 in 1923, $875,000,000 in 1924, per cent, 11 per cent, and 9 per cent, respecand $775,000,000 in 1925—and that the 1925 tively. Hardware sales were smaller than last program called for additional expenditures year in most sections of the country, but in carried over into 1926 in the amount of $425,- the Atlanta district they were about 23 per 000,000. The review states that at the end cent larger. of the year these roads had on order 471 loco- Stocks of merchandise at wholesale firms, as motives and 40,015 freight cars, the corres- measured in dollar values, were generally ponding figures for December 31, 1924, being larger at the end of January than at the end of 287 and 55,684. Improved facilities and December in all leading lines except groceries equipment resulting from these expenditures and in most Federal reserve districts. Comhave enabled the roads to effect large econ- pared with a year ago inventories, on the whole, omies, which are reflected in the financial re- were smaller, the most substantial reductions sults of operation. The operating ratio, or being in stocks of dry goods and shoes, percentage of operating expenses to operating Reports from several districts relating to revenue, for example, has declined from 77.75 accounts receivable indicate that for grocery in 1923 to 76.15 in 1924, and to 74.08 in 1925. firms these were smaller than at the end of Although operating revenue in 1925 was only January, 1925, and that those for drug firms 3 per cent above that of 1924, and fell below were larger. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL.RESERVE BULLETIN 167 Retail trade. EMPLOYMENT Sales at retail stores reporting to the Federal Changes in factory employment and pay reserve system declined in January from the rolls from December to January were largely large volume in December, and the decline of a seasonal nature. At the beginning of the was greater than has usually occurred between year most establishments usually curtail opera- December and January in other recent years tions for a short period for inventory taking for department stores, mail-order houses, and general repairs. This results in a marked grocery, 5-and-10-cent, cigar, and shoe chain reduction in the amount of wages paid at the stores. time, although practically the same number of Compared with January of 1925, however, names may be retained on the pay rolls. The retail sales were larger at all classes of reporting Federal Reserve Board's index of pay rolls stores. Department-store sales were 4 per therefore declined nearly 5 per cent in January. cent larger than in January of last year, and The employment index decreased less than 1 increases occurred in nearly all Federal reserve per cent, owing to reductions in a few seasonal districts. The largest increase was in the industries. Both indexes continued somewhat Boston district, where it amounted to 13 per larger than in the same month a year earlier. cent, while sales in the,Cleveland, Dallas, and Decreases in number employed were chiefly San Francisco districts were but slightly larger in the industries producing building materials, than in January, 1925. Among individual defurniture,, foods, woolen goods, and tobacco. partments within the stores reporting from The important iron and steel and textile groups seven Federal reserve districts increases of of industries remained practically unchanged more than 10 per cent occurred in sales of in respeGt to number employed. Pay rolls deleather goods, furs, juniors7 and girls' ready-tocreased in practically all industries except wear, women's and children's hose, floor coverwomen's clothing, men's clothing, carpets and ing, china and glassware,/house furnishings, rugs, and boots and shoes. According to retoys and sporting goods, luggage, and musical ports of the Bureau of Labor Statistics, both instruments and radios. Sales at 15 departemployment and earnings decreased from Dements were smaller than a year earlier, but the cember to January in all major sections of the largest declines, amounting to more than 20 per country except New England. Of the firms cent, were reported for woolen dress goods, reporting to the Bureau of Labor Statistics, 69 women's suits and skirts, waists, and blouses. per cent were on full-time operations in Janu- Merchandise stocks at department stores ary, as compared with 73 per cent in December. were reduced about 2 per cent in January, but In general, decreases in full-time operations this decline was less than that which is usual were noted in those industries in which emin that month. When compared with January ployment decreased. Wage increases worthy of last year, inventories at these stores were 4 of note were reported during January in sevper cent larger for the country as a whole, but eral printing establishments and in certain were slightly smaller in the Boston, Philadel- railroad repair shops. phia, Cleveland, and Atlanta Federal reserve districts. Increases in inventories over Janu- PRICES ary, 1925, were indicated for 24 departments, The wholesale price index of the Bureau of the largest being at those carrying toilet Labor Statistics for January stood at 156, articles and drugs, leather goods, juniors7 and compared with 156.2 for December. None of girls7 ready-to-wear, furniture, beds and mat- the index numbers of the several component tresses, and luggage. The most substantial re- groups showed material changes, the widest ductions this year, compared with January, movement being the decline of about 2 per cent 1925, were in stocks of cotton dress goods, in the miscellaneous group, reflecting lower ribbons, women's suits and skirts, waists and prices on crude rubber. blouses, musical instruments, and radios. Although the monthly changes have been The rate at which stocks at department stores small, the all-commodity index has fallen in were turned over in January was slightly every month since last August, when it was greater than in January, 1925. Increases were 160.4, the net decline amounting to about reported from stores in the Boston, Philadel- 3 per cent. This decline has been generally phia, Cleveland, Atlanta, and Chicago Federal distributed among the groups, six showing reserve districts, but in all other districts the declines and three advances. The greatest rate of stock turnover was slower. decline, amounting to about 7 per cent, 84298—26—4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN MARCH, 1926 occurred in the farm products group, reflecting Both number and liabilities were larger in lower prices for cattle, corn, and cotton. January than in the preceding month for all Smaller declines are shown in the food, cloth three classes of enterprise. A comparison and clothing, house furnishing, chemical, and between January of this year and last dismiscellaneous materials groups. On the other closes increases, in both number and liabilities, hand, building materials and fuels are both for manufacturing insolvencies and decreases substantially higher than in August, and the for insolvent trading enterprises; the number metal group is slightly higher. of insolvencies among agents and brokers was In February wheat, rye, cotton, sheep, and larger this year than last, but the liabilities hogs declined, but changes in other agricultural showed a marked decline from the high total products were small. Among the fuels, crude reported for January last year. oil and gasoline were higher than in January, The number of failures in January was but bituminous coal was slightly lower. Coke, larger than in December of last year in all which had risen from $4.50 a ton in early Jan- except the Boston and Philadelphia districts, uary to $10.50 in early February, dropped ab- and was larger than in January a year ago in ruptly to below $4 after the termination of the all except the Boston, Philadelphia, Richmond, anthracite strike. Iron and steel prices were Atlanta, Chicago, and San Francisco districts. somewhat lower. In the Cleveland and Minneapolis districts the totals for the month were higher than for COMMERCIAL FAILURES AND BANK any previous month since the district record SUSPENSIONS has been kept. Liabilities were higher in COMMERCIAL FAILURES January than in the preceding month in all except the Philadelphia, Richmond, Min- Commercial failures numbering 2,296 and neapolis, and San Francisco districts, but were involving liabilities of $43,661,444 were rehigher than during January of last year in ported for the month of January by R. G. Dun only the Boston, Cleveland, St. Louis, Min- •& Co. The number of failures was about 22 neapolis, and Dallas districts. Comparative per cent larger than in December. A relatively data, by districts, for the month of January large number of insolvencies is not unusual at are presented in the following table: the opening of the year, but the number for January this year was. larger than for any previous January since 1915 with the exception of COMMERCIAL FAILURES DURING JANUARY, BY DIS- TRICTS 1922, when there were 2,723 failures in that month, and 1925 when there were 2,317. The aggregate indebtedness in default in January Number Liabilities this year was about 20 per cent larger than in Federal reserve district December, but was about 20 per cent smaller 1926 1925 1926 1925 than in January last year; there were declines All districts 2,296 2,317 $43,661,444 $54,354,032 from last year in the indebtedness of insolvent trading enterprises and of insolvent agents Boston 211 217 6,691,046 3,742,645 New York. 466 416 8,636,584 20,028,016 and brokers, and an increase in the indebtedness Philadelphia 56 80 1,348,759 1,747,846 Cleveland 244 199 5,581,160 4,937,059 of insolvent manufacturing enterprises. The Richmond 182 188 3,516,504 4,029,401 record of failures during January, 1926, is Atlanta 80 156 1,355,434 2,750,320 Chicago 316 345 8,180,404 9,753,298 shown in the following table by class of enter- St. Louis.. 136 127 2,116,266 433,149 Minneapolis 113 103 1,298,783 1,095,724 prise: Kansas City 147 134 1,348,728 1,678,389 Dallas 108 78 1,457,716 1,312,836 San Francisco 237 274 2,130,060 2,845,349 COMMERCIAL FAILURES DURING JANUARY Number Liabilities BANK SUSPENSIONS Class of enterprise During January 64 banks, with total de- 1926 1925 1926 1925 posits of $17,084,000, were reported to the All classes 2,296 2,317 $43,661,444 $54,354,032 Federal reserve banks as having been closed or declared insolvent. These totals are lower Manufacturing 510 480 16,093,950 11,909,187 Trading 1,696 1,757 21,511,872 24,654,579 than those reported for the preceding month Agent, brokers, etc _. 90 80 6,055,622 17,799,266 when there were 70 closed banks, with deposits Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BUKLETIN 169 of $22,284,000, and lower also than in January and exports of gold and silver, for January, last year when 103 banks with deposits of 1924 and 1925, are shown in the tables follow- $25,477,000 suspended operations. Of the ing: banks closed in January this year, 7 with deposits of $3,988,000 were national banks, 4 MERCHANDISE TRADE BALANCE OF THE UNITED with deposits of $1,385,000 were member State STATES banks, and 53 with deposits of $11,711,000 [In thousands of dollars] were nonmember banks. The Chicago and Minneapolis districts account for half of the Excess of Excess of total suspensions, and within these districts Month Imports Exports imports exports suspensions were most numerous in the States of Iowa, Minnesota, and North Dakota. One 1925 bank each in the Atlanta, Minneapolis, and Year._. 4,227,279 4,909,845 684,434 Kansas City districts, which had previously January 346,165 446,443 100,278 been closed, were reported to have resumed February 333,387 370,676 37,289 operations during the month. The figures for A M p a r r i c l h 3 3 8 4 5 6 , , 3 09 7 1 8 4 3 5 9 3 8 , , 6 2 5 5 3 5 6 5 8 2 , , 2 1 7 6 5 4 closed banks represent as far as can be deter- May 327,519 370,945 43,426 June 325,216 323,348 1,868 mined banks which have been declared in- July 325,648 339,660 14,012 solvent or have been closed to the public by A Se u p g t u e s m t ber... 3 3 4 4 0 9 , , 0 9 8 5 6 4 4 3 2 7 0 9 , , 3 8 6 2 8 3 3 7 9 0 , , 7 4 3 1 7 4 order of supervisory authorities, and it is not October _. 374,074 490,567 116,493 November-_. 376,431 447,804 71,373 known how many of the latter institutions December 397,330 468,303 70,973 may ultimately prove to be solvent. It will 1926 be noted that figures for total deposits have January.. 416,766 397,196 19,570 been used in the following table instead of figures for capital and surplus as heretofore. TRADE BALANCE OF THE UNITED STATES FOR JANUARY, 1925 AND 1926 BANKS CLOSED DURING JANUARY, 1926 [In thousands of dollars All banks Member * Nonmember Merchan- Total dise Gold Silver Federal reserve district Num- Total Num- Total Num- Total ber deposits2 ber deposits2 ber deposits2 1925 Imports __ ..__-_. 358, 542 346,165 5,038 7,339 Exports 531,354 446,443 73, 526 11,385 All districts ... 64 $17,084,000 $5,373,000 53 $11,711,000 Net imports (—) or Cleveland 1,183,000 1,183,000 exports (+) +172,812 +100,278 +68,488 +4,046 Richmond 843,000 843,000 Atlanta „ 2,451,000 194,000 2,257,000 1926 Chicago 5,755,000 4,292,000 1,463,000 Imports 441,880 416, 766 19,351 5,763 S M t. i n L n o e u a i p s o . lis 4,2 6 2 2 0 8 , , 0 0 0 0 0 0 751,000 3, 6 4 2 6 8 9 , , 0 0 0 0 0 0 Exports . 410,046 397,196 3,087 9,763 Kansas City 1,138,000 1,138,000 Net imports (—) or Dallas,....- 656,000 " 136," 666" 520, 000 exports (+)_.. . —31,834 -19, 570 -16,264 +4,000 San Francisco 210,000 210,000 1 Comprises 7 national banks with deposits of $3,988,000, and 4 State member banks with deposits of $1,385,000. GOLD MOVEMENTS 2 Figures represent deposits for the latest available date prior to the suspension, and are subject to revision when information for the date of suspension becomes available. UNITED STATES FOREIGN TRADE Total imports and exports of gold during Total imports and exports of merchandise January, 1926, and December, 1925, by counpuring January-, the merchandise trade bal- tries of origin or destination, and comparative ance of the United States by months in 1925, figures for the month of January, 1925, are and the trade balance, including imports shown in the following table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL RESERVE BULLETIN MAECH, 1926 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED FOREIGN EXCHANGE STATES Three currencies were reestablished on a gold [In thousands of dollars] basis at the beginning of the year 1926. In Hungary, the paper krone, which for more 1926 1925 than a year had been stable at 14 cents per Country of origin or destination 10,000 kronen, was superseded on January 1 January December January by a new currency, the pengo, valued at 17.49 cents and exchangeable for 12,500 paper kronen. In Finland, the markka or finmark, Total. 19,351 7,215 5,038 which had been stable at about 2.52 cents since early in 1924, was devaluated from a pre- England- 3 128 France 52 16 71 war par of 19.3 cents to a new gold parity of M Ca e n x a ic d o a — .,— _ 17,8 5 3 3 9 9 1,275 3,1 5 2 1 0 8 2.5185 cents, this measure also going into effect China 20 on January 1. In Chile, the peso, which in Japan 4,000 All other- 918 1,341 1,181 theory had a gold parity of 18 English pence or 36.50 cents, but which in fact was incon- Total.. 3,087 73,526 vertible paper with a fluctuating value, was by a law of September 29, 1925, devaluated to England-- 5,078 France.-. 18 1,309 6 English pence, or 12.17 cents, the new cur- Germany 222 17,500 Netherlands 3,284 rency plan going into effect simultaneously with Canada _ 101 70 the opening of the new Bank of Chile on Jan- Mexico 565 599 343 Argentina -- 51 2,012 100 uary 11. The Chilean peso has been rising Uruguay 750 Venezuela 500 100 slowly from an average of 9.77 cents in March, British India 43 4 36,466 1924, to an average in July, 1925, of about 12 Straits Settlements. Hongkong 226 417 942 cents, which it has since maintained. Allother- 1,217 610 Sterling did not continue its January up- Net imports. 16,264 1,247 ward movement during February, but main- Net exports.. tained a level very near the high point of the preceding month and averaged 486.34 cents in GREAT BRITAIN February as compared with 485.79 cents in Following is a table showing gold imports January. The French franc declined during into and exports from Great Britain for Janu- February, touching a new low of 3.55 cents on ary, 1926, December, 1925, and for January > February 20. Italian lire remained practically 1925. unchanged at slightty over 4 cents per lira. Following the adoption of the new stabiliza- GOLD IMPORTS INTO AND EXPORTS FROM GREAT tion j)lan of last December and the renewal of BRITAIN stabilization credits in January, the Danish krone rose abruptly from 24,61 cents on Feb- 1926 1925 Country of origin or destination ruary 8 to 26.04 cents on February 15, and January December January maintained a level of about 25.95 thereafter. Similarly in Norway, following the publication of the report of the special exchange commit- Total.. £4,524,575 £2,178,689 £2,265,743 tee, the krone rose from 20.31 cents on the 9th France 28,387 to 21.73 cents on the 26th. The committee Netherlands... 7,200 30,743 Bussia 1,920,285 had. recommended the temporary stabilization Rhodesia 182,474 161,160 191,721 at approximately the rate of 20.3, which had Transvaal 1,677,003 1,632,552 615,857 United States . 412 20 1,328,301 been the prevailing quotation sineelast October. West Africa-.. 136,808 104,143 67,214 Allother 607,593 273,614 The Swedish krona and the Swiss franc maintained a level slightly below parity, while the Total. 2,447,525 4,367,825 4,799,357 Canadian dollar closed the month at a discount of 13/32 of 1 per cent, which is below the point Belgium 8,157 8,852 78,612 British India 158,324 274,844 . 2,128,576 at which gold shipments are profitable. Egypt 8,150 64,818 I 69,758 France 50,159 96,139 21,445 The Argentine peso, which rose from an Net herlands _ 1,694,642 3,055,958 236,628 average of 73.89 cents in June, 1924, to an Russia...... Straits Settlements. 333,281 383,402 7,500 average of 94.44 cents in November, 1925, and S W w e i s t t z e A r f l r a i n ca d 13,6 9 0 2 0 9 71,7 1 9 4 9 1 2 3 4 , , 5 6 0 5 0 6 for three months stood at about 94 cents, Allother 180,265 411,872 1,963,902 declined from 94.20 cents on January 26 to Net exports 2,189,136 2,533,614 92.71 cents on February 20. Brazilian milreis Net mports 2,077,050 and Chilean pesos remained steady* Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 171 Japanese yen, which have advanced steadily INTERNATIONAL TRADE IN 1925 since September, 1925, rose during February Figures of merchandise imports and exfrom 44.85 cents on the 2d to 46.32 cents on ports for a considerable number of countries the 20th, the highest quotation since Decemhave become available for the year 1925. The ber, 1923. Slight advances occurred in Indian accompanying table compares the totals] for rupees, while small recessions were shown by 1924 and 1925 and shows for each country the Shanghai tael. change in the balance of trade between the two years. Comparisons of the figures for the FOREIGN EXCHANGE RATES two years indicate that the total international trade of the world was larger in value in 1925 [In cents] than in 1924, and that this increase was generally distributed among practically all the February, 1926 January, 1926 Janu- countries for which statistics are available. Exchange Par a 1 r 9 y 2 , 5, Of the twelve countries reporting an exvalue Low High Low High A a v g e e r- age cess of imports in 1924, one, Esthonia, reported a favorable balance in 1925, six showed a reduction in the unfavorable balance last Sterling. 486.65 486.04 486.51 484.99 486.42 485.79 478.17 Danish krone 26.80 24.61 26.04 24.71 24.90 24.80 17.81 year, while five showed an increase in the French franc . 19.30 3.55 3.76 3.71 3.85 3.77 5.39 excess of imports. The decline in the im- German reichsmark_ 23.82 23.80 23.81 23.80 23.81 23.80 23.80 port balance of Japan is especially note- Italian lira 19.30 4.01 4.04 4.03 4.04 4.04 4.17 Netherlands florin _ 40.20 40.04 40.14 40.09 40.24 40.18 40.41 worthy. Of the eight countries showing a Swedish krona_____ 26.80 26.76 26.83 26.76 26.82 26.78 26.95 favorable balance in 1924, five reported a Swiss franc..__. 19.30 19.24 19.29 19. 28 19.33 19.31 19.34 Canadian dollar- -_100.00 99.57 99.79 99.75 99.88 99.80 99.69 still larger export surplus in 1925, the propor- Argentine peso 96.48 92.71 94.10 93.98 94. 20 94.13 91.08 Shanghai tael ______ 66.85 72.77 74.30 73.98 75.70 74. 75 75.34 tionate gains of India, Canada, and South Japanese yen 49.85 44.85 46.32 43.12 44.95 44.17 38.45 Africa being particularly large. INTERNATIONAL TRADE OF CERTAIN FOREIGN COUNTRIES s C c ( l m r o z o v e i w l c a l h n k io o s i n a ) - D ( k e m r n o i m l n l e i a o r r ) n k E E ( s m s m t t h a h i o l r o l k n io n s ia n i ) a n F ( m m in a f i i r l l n l a k i - n s o ) d n ( f F m r r a i a n l n l c i c s o ) e n G ( m m e g r a i o m r ll l k i d a o s n ) n y s H c a ( u r n t o h n d w o g g n u a o s - r l ) y d (m I l t i i a r l e l l i y ) on g N ( u m l e i a l i t n d l h l d e i e o r s r s n - ) N k (m r o o i r n l w l e i a o r y ) n Imports, 1925- . 17,594 2,095 9,655 5,513 44,081 13,146 742,211 26,157 2,455 1,401 Imports, 1924 15,862 2,366 8,050 4,715 39,928 9,291 702,806 19,388 2,364 1,548 Increase or decrease +1,732 -271 +1,605 +798 +4,153 +3,855 +39,405 +6,769 +91 -147 Exports, 1925 . _, - 18,799 1,966 9, 665. 5,570 45,414 8,838 701,339 18,275 1,808 1,047 Exports, 1924 17,035 2,155 7,866 4,971 41,469 6,582 575,010 Ui 318 1,661 1,064 Increase or decrease. +1, 764 -189 +1,799 +599 +3,945 +2,256 +126,329 +3,957 +147 -17 Balance of trade, 1925 +1,205 -129 +10 +57 +1,333 -4,308 -40,872 -7,882 -647 -354 Balance of trade, 1924 «... '•__ __„_. +1,173 -211 -184 +256 +1,541 -2,709 -127,796 -5, 070 -703 -484 ( P m z o l i o l l a t l e i n o ) d n ro K ( s t u a u h b n s o l s d u e i s a - ) ( S k m w ro i e l n l d i o o e r n n ) S ( f m w r l a a i i n l n t l c z d i s e o ) r n - K s U s t ( i e a t n n r h n g l i o i d t d n e u o g d £ - m ) C d ( o s a t a h l n l n o a a d r u d s - a ) A st s ( e u t a h r s n l o t i d r n u a g - l £ i ) a ( r m u In p il e d l e i i a o s) n (m J y a i e p l n l a i ) n on t E E ( i s t a g g a h n y n y o d p p u £ t - - ) s s t A a ( S e t n o r h f l d r u o i i n c t u £ h a g - ) Imports, 1925 ... 1,666 736,934 1,261 2,634 1,322,858 890,268 158,980 2,261 2,572 58,225 67,604 Imports, 1924 1,,478 1,424 2,504 1,277,439 808,145 145,429 2,436 2,453 50,737 66,240 Increase or decrease-—- +188 -163 +130 +45,419 +82,123 +13,551 -175 +119 +7,488 1+1,364 Exports, 1925. 1,397 559,447 1,357 2,039 927,497 1,283,099 154,477 4,067 2,305 59,210 82,'985 Exports, 1924..., 1,266 1,436 2,070 940,937 1,070,612 137,728 3,828 1,807 65,734 73,822 Increase or decrease +131 -79 -31 -13,440 +212,487 +16,749 +239 +498 -6,524 1+9,163 Balance of Trade, 1925 -269 -177,487 +96 -595 -395,361 +392,831 -4,503 +1,806 -267 +985 +15,381 Balance of Trade, 1924 -212 +12 -434 -336,502 +262,467 -7,701 +1,392 . -646,, +14,997, +7,582 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 FEDEEAL RESERVE BULLETIN" MARCH, 1926 MONEY IN CIRCULATION DURING 1925 1925. A large amount of gold certificates has been paid out, while the circulation of Seasonal changes in currency requirements Federal reserve notes has declined somewhat carry the total volume of money in circulation and a considerable amount of national-bank to a peak toward the close of each year during notes has been retired, with minor changes in the holiday shopping season, and at the turn other kinds of money. The following table of the year there is a return flow of currency shows these changes for the year 192.5: which continues through the greater part of January. In 1925 the increase in money in MONEY IN CIRCULATION circulation in the autumn and early winter [In thousands of dollars] months was unusually large, as was the sub- Increase sequent decline in January. Between the Jan. 1,1925 Jan. 1,1926 or decrease 1st of the year and the 1st of February, 1926, money in circulation—that is, outside of the Gold coin 458,206 424,037 -34,169 Gold certificates. _.. 970,564 1,114,331 +143,767 Treasury and the Eederal reserve banks— Total gold and gold certifidecreased by about $270,000,000, compared cates . 1,428, 770 1, 538,368 +109,598 with about $240,000,000 the year before. Standard silver dollars 57,384 54,861 -2,523 Silver certificates 388, 540 387,495 -1,045 Toward the end of January there is usually a Subsidiary silver 1 267, 703 276, 232 +8, 529 turn in the movement, and the increase in Total silver and silver certificates 713,627 718, 588 +4,961 currency demand during February of this year United States notes 295, 233 292, 998 +2,235 was about $75,000,000, compared with about Federal reserve notes 1,841, 621 1,815, 687 -25,934 $50,000,000 for last year. Federal reserve bank notes._. 8,238 6,058 -2,180 National bank notes 705,442 636,422 -69,020 Increase in total circulation.—Taking the Total money in circulation 4,992,931 5,008,121 +15,190 year 1925 as a whole, the Treasury statements 1 Includes about $1,400,000 of Treasury notes of 1890. show little change in money in circulation. The amount of money outside the Treasury During the year the country's stock of and the Federal reserve banks increased by monetary gold was diminished by $138,000,000, $15,000,000 from January 1,1925, to January 1, owing chiefly to net gold exports, but as this 1926, making the estimated circulation per gold was taken out of the reserves of the Fedcapita of population somewhat less on the eral reserve banks its export did not affect the latter date than on the former. However, the amount of gold, in circulation. A net amount amount of money actually in use within the of $109,000,000 of gold was paid into circu- United States increased by much more than lation by the Federal reserve banks, and this during the year, as there was a consider- this amount, with a small but steady inable return flow of American currency from crease in subsidiary silver, was sufficient to abroad. International movements of currency, take the place of $26,000,000 of Federal reconnected largely with tourist travel, are serve notes and $69,000,000 of national-bank usually of relatively small proportions; but notes, as well as to meet the demand for about during 1923 and early 1924, owing to the $15,000,000 of additional currency. The subdepreciation of European currencies, consider- stitution of gold certificates for Federal reable quantities of Federal reserve notes and serve notes that has been effected by Federal other United States currency were shipped reserve banks during the past two years is eviabroad and circulated in foreign countries. denced by the gradually decreasing proportion Since April, 1924, with the return of monetary of these notes and the increasing proportion of stability in Germany and other European the certificates in the circulation. On Jancountries, this currency has been returning, uary 1, 1924, gold certificates in circulation and reports from about 15 banks in New York amounted to 11.7 per cent of the total, on City show net imports of $45,673,651 of cur- January 1, 1925, to 19.4 per cent, and on rency during the year 1925. When these January 1, 1926, to 22.3 per cent, while Fedfigures are taken into consideration it appears eral reserve notes decreased from 44.9 per cent that the net increase in money in actual use two years ago to 36.9 per cent one year ago, in this, country in 1925 amounted to over and to 36.3 per cent at the beginning of 1926. $60,000,000, rather than to $15,000,000. The reduction in national-bank notes has re- Changes in composition of circulation.— sulted chiefly from the redemption of the United In addition to the increase in this total, there States 4 per cent loan maturing on February 1, have been considerable changes in the composi- 1925, one of four bond issues eligible as tion of the currency since the beginning of security for national-bank note circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL EESEKVE BULLETIN 173 and the subsequent retirement of the bank of redemption. Some $50,000,000 of the renotes that had been secured by these bonds. mainder were in Federal reserve banks, leav- The general effect of the retirement of these ing a circulation of $636,421,862, as compared bonds upon the circulation, as noted in the with $705,441,665 a year before, a decrease FEDERAL RESERVE BULLETIN for December, of about $69,000,000 for the year. 1924, can now be observed in detail. Effect of redemption of national-bank notes Seduction in national-bank notes.—Of the on demand for reserve-bank credit.—The re- $118,489,900 of bonds payable on February demption of about $70,000,000 of national- 1, 1925, $70,585,550 were on deposit in the bank notes during 1925 had the same effect Treasury to secure national-bank notes on on the demand for currency at the reserve January 2, 1925. The following table compares banks, and, therefore, on the volume of outthe securities behind these notes on that date standing reserve-bank credit, as would a similar and on January 2, 1926: increase in the total currency requirements of business. National-bank notes, as is well known, are secured by United States Govern- BONDS ON DEPOSIT TO SECURE NATIONAL-BANK NOTES ment obligations of an equal par value purchased by the national banks and deposited [In thousands of dollars] by them with the Treasurer of the United States. When the bonds due in February, Ja 1 n 9 . 2 5 2, Ja 1 n 92 . 6 2, In c o c r r e r e a d a s e e s - e b 1 o 92 n 5 d , s m an a d t u t r o e o d k , o th v e e r T fr r o e m as u t r h y e n ca a n ti c o e n le a d l b t a h n e k se s the liability on the bank notes against which United States consols of 1930 •-_? 587, 278 591,834 +4,556 these bonds had been held. This in itself was United States Loan of 1925.. 70, 585 -70,585 United States Panamas of 1936 48,260 48,644 +384 a bookkeeping transaction, which had no effect United States Panamas of 1938. '. 25,490 25,795 +305 on the character of money in circulation or on Total..— - — 7 1,613 666,273 -65,340 the demand for reserve-bank credit. As these notes, however, were presented at the Treasury About $5,000,000 of the 4 per cent bonds for redemption at the rate of about $1,000,000 were apparently replaced during the year by a week during the year and were canceled and other bonds eligible as security for national- destroyed, without a coincident decrease in the bank notes, but over $65,000,000 were not. so public demand upon the banks for currency, replaced. However, since the total volume of this gradual reduction of national-bank notes the outstanding bonds eligible for this purpose in circulation resulted in a demand for other is now only $9,000,000 more than the amount on forms of currency which the banks could deposit, this amount is near the legal maximum. obtain only from the Federal reserve banks. Although the law provides that national banks Thus the reserve banks were 6alled upon to may take out circulating notes up to the amount provide currency to replace national-bank of their capital stock, which was about notes withdrawn, with a consequent increase $1,400,000,000 at the end of 1925 their circulation in the portfolios of bills and securities at the ; is thus actually limited to a much smaller total. reserve banks. The net result of the trans- The volume of national-bank notes outstand- action has been the addition of $70,000,000 ing is somewhat larger than the par value of the to the assets of the reserve banks through a securing bonds on deposit, since lawful money transfer to them of a demand for currency has been deposited in the Treasury for the previously met by the national banks. This redemption of a considerable volume of notes transfer has had no effect on the total amount that have not yet been turned in. The total of money in circulation and no effect on the amount of notes outstanding on January 2, general credit situation except to the extent 1926, was about $705,000,000, of which nearly that it was a factor in increasing the indebted- $15,000,000 were in the Treasury in process ness of member banks at the reserve banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 FEDERAL RESERVE BULLETIN MAKCH, 1926 LAW DEPARTMENT Atlanta par clearance case from the suit on the ground that under the On February 11, 1926, the United States terms of section 51 of the Judicial Code it could Circuit Court of Appeals for the Fifth Circuit not be sued in the northern district of Georgia rendered a decision affirming the decision of without its consent. the United States District Court for the North- On December 15 the case was argued in the ern District of Georgia in the case of Pasca- district court on its merits and on December goula National Bank v. Federal Reserve Bank 29 the court rendered a decision dismissing the of Atlanta, 3 Fed. (2d) 465, which was pub- bill and holding in effect tHat: lished in full in the FEDERAL RESERVE 6 (1) The Federal reserve banks are not re- LETIN for February, 1925, commencing on quired to give depositing member banks page 100. immediate credit and availability for checks This suit differs from the former par clear- and drafts drawn on other member banks in ance cases in that it involves a national bank, the Atlanta district and are justified in refusing rather than a nonmember bank, and also raises to permit the amount of said checks to be certain questions dealing with check collection counted as reserves or to be withdrawn by transactions which have not been adjudicated check or otherwise until they actually have before. On August 9, 1924, the Pascagoula been collected; National Bank of Moss Point, Miss., filed a (2) Under the terms of the so-called "Hardbill of complaint in the United States District wick amendment'7 to section 13 of the Federal Court for the Northern District of Georgia reserve act, member banks have not the right against the Federal Reserve Bank of Atlanta, to make an'" exchange charge" for remitting Joseph A. Me Cord as Federal reserve agent, payment to a Federal reserve bank for checks, and the Federal Reserve Board. In general, the drawn on themselves, although such checks are bill charged the several defendants with having not the property of the Federal reserve bank, ignored and violated various provisions of the but are handled for collection; Federal reserve act and prayed for an injunc- (3) That, under the terms of section 13 of tion against the Federal Reserve Bank of the Federal reserve act, the authority of a Atlanta which, if granted, would in effect: Federal reserve bank to collect checks is not (1) Require the Federal Reserve Bank of limited to checks sent to it by its own members Atlanta to give immediate credit and avail- and checks payable within the district of such ability to the plaintiff for all its deposits of Federal reserve bank; and, therefore, a Federal checks and drafts drawn on other member reserve bank may collect checks on its own banks in the Atlanta district, no matter at member banks and nonmember clearing banks what distance from Atlanta the drawee banks which come to it from other districts, and may maybe; handle checks payable on presentation sent to (2) Permit the plaintiff to charge exchange it by its member banks or nonmember clearing on checks drawn upon it and presented for banks whether payable within its own district, payment by or through the Federal reserve or not; and bank; and (4) That the provision in the '" Hardwick (3) Prohibit the Federal reserve bank from amendment" which has the effect of requiring handling checks for any banks other than its member banks to pay without deduction own members and, for its own members, any checks drawn on them when presented by checks which are not payable within the Federal reserve banks, whether paid over the Atlanta district. counter or by the more convenient means of The bill also asked that the Federal Reserve checks on their deposits elsewhere, does not Board and Joseph A. McCord be enjoined deprive member banks of property without from promulgating and enforcing the provi- due process of law and, therefore, is not consions of the Board's Regulation J, and further trary to the fifth amendment to the Constiasked for an accounting and recovery from the tution. Federal reserve bank of the amounts of ex- The plaintiffs immediately appealed the case change charges and interest of which the plain- direct to the Supreme Court of the United tiff alleged it had been illegally deprived. States, on the ground that it involved a consti- At a hearing held on October 2 and 3, 1924, tutional question; and on November 30, 1925, the district court denied a preliminar}^ injunc- the Supreme Court issued an order transferring tion and dismissed the Federal Reserve Board the case to the Circuit Court of Appeals for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1928 FEDERAL EESERVE 175 the Fifth! Circuit, on the ground that the con- time schedule based on experience of the average time stitutional question raised by the plaintiff was required to collect checks drawn on the different points, The observance of this regulation by the reserve bank not sufficiently substantial to support the of Atlanta results in a refusal by it to permit the comcourt's jurisdiction on a direct appeal, and plainant, one of its members to deduct the previously that, therefore, the case should have been charged 'exchange' or compensation for remitting payappealed to the Circuit Court of Appeals ment for checks drawn on complainant, and prevents complainant getting immediate credit for checks sent by instead of the Supreme Court. This was it to the reserve bank when drawn on points at a distantamount to a holding by the Supreme tance from Atlanta, whereby it loses the use of the Court that the provision of section 13 of the credit during the period of delay. The complainant Federal reserve act which forbids Federal contends, first, that by the provision of section 16 of the reserve act, it is entitled to immediate credit, reserve banks to pay exchange charges on at par, for checks drawn on any of.the depositors in checks and forbids member banks to impose the reserve bank of Atlanta, no matter at what dissuch charges on checks collected through tance from Atlanta the drawee may he; second, that Federal reserve banks is constitutional. under the Hard wick amendment of section 13 (sec. 4, c. 32, 40 Stat. 234,) (Comp. St. Ann. Supp. 1919, sec, The case was argued before the Circuit 9796) it has the right to make a charge for remitting Court of Appeals on January 20 and 21, 1925,payment to the reserve bank of Atlanta of checks and that court rendered a decision on February drawn on itself when these are not the property of the 11, 1925, affirming the decision of the district reserve bank, but are handled for collection; third, that under section 13 the reserve bank of Atlanta court on all points. Judge Foster, however, has no right to have or collect any checks drawn on rendered a dissenting opinion. complainant which come to the reserve bank from a The opinion of the Circuit Court of Appeals source outside of the sixth reserve district; fourth, and the dissenting opinion of Judge Foster are that, if the reserve act authorizes this deprivation of complainant's right to charge for remittance, it takes its published below. property without due process of law, contrary to the Constitution." Pascagoula National Bank v. Federal In the United States Circuit Court of Appeals for Reserve Bank of Atlanta, 3 F. (2d), 465. the Fifth Circuit. No. 4721 The claim that for checks drawn upon any of the depositors of the Federal Reserve Bank of Atlanta Paseagoula National Bank of Moss Point and Pasca- (herein referred to as appellee), sent or delivered by goula, Miss., appellant, v. Federal Reserve Bank of appellant to appellee for deposit, appellant was entitled Atlanta and Oscar Newton as Federal Reserve to immediate credit at par as deposits subject to be Agent, Etc., appellees. Appeal from the District checked or drawn oh is based upon the provision of Court of the United States for the Northern District section 16 of the Federal Reserve Act (38 Stat. 26, of Georgia U. S. Comp. St. 1918, sec. 9799, par. 12) that "Every Federal reserve bank shall receive on deposit at par Alex W. Smith, jr. (Alex W. Smith, jr., Smith, from member banks •:*.•*. • *.' • checks and drafts Hammond & Smith, and Denny & Heidelberg on the drawn upon any of its depositors." That provision brief), for appellant. Newton D. Baker, HollinsN. is explicit in imposing on a Federal reserve bank the Randolph, and Robert S. Parker (Hollins N. Randolph, duty of receiving on deposit from member banks Robert S. Parker, Newton D. Baker, Walter Wyatt, checks and drafts drawn upon any of its depositors, and Montgomery B. Angell on the brief), for appellees. and in requiring that such checks be so received at par. The amount of the credit to be given the depositor is Before WALKER, BRYAN and FOSTER, circuit judges. prescribed, but not the time of giving it, unless the WALKER, circuit judge. language used means that the amount called for by This is an appeal from a decree dismissing a bill such a check, upon the receipt of it by the reserve bank* filed by the appellant, a national bank located in at once becomes subject to be withdrawn on the depos- Mississippi. The questions raised are well stated as itor's checks. In the absence of a statute otherwise; follows in the opinion rendered by the district judge: providing, the express or implied agreement or under- "The present case involves the handling of checks standing of the parties determines whether a bank between the Federal reserve bank and one of its mem- accepting from a depositor a check on another bank is bers under regulation J of the Federal Reserve Board. required to give credit therefor at the time of the- That regulation, adopted to execute the collection and acceptance or at a subsequent time, the bank not being: clearing house powers granted in section 13 and section required to give immediate credit for the check as for 16 of the Federal Reserve Act (Comp. St. sees. 9796, cash if it clearly manifests its intention not to do so.. 9799), requires that each Federal reserve bank shall National Bank v. Burkhardt, 100 U. S. 686; Burton v. exercise the function of a clearing house and collect United States, 196 U. S. 283; St. Louis & S. F. Ry. Co., checks on terms and conditions particularly set forth, 27 Fed. 243. The opinion in the first cited case shows whose effect, so far as here material, is that each re- that it was distinctly recognized that where a bank takes serve bank will receive at par, checks which can be from a depositor a check on another bank the depositor collected at par, and only such, whether they be sent is not entitled to credit for the check at the time of its it by its own member and affiliated banks, or by, or delivery if at that time he has notice that the giving of for the account of, other reserve banks, and whether credit therefor would be deferred to a time in the future. the checks are drawn on its own member banks or The following is from the opinion in the last cited nonmember banks, and that the checks sent each case: "It is quite cevtain that bankers do not invariably reserve bank will be counted as reserve or become credit their customers for sight paper as for cash, but available for withdrawal by the bank sending them are generally influenced by the financial responsibility (subject to final payment) only in accordance with a of the customer, or the drawee of the paper, or both. 84298—26- 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDEKAL KESERVE BULLETIN MARCH, 1926P If a bank does not wish to assume the relation of debtor on any of its depositors located where there is no for the paper to the depositor, this intention may be office of a reserve bank, to credit the amount thereof manifested in a very explicit manner by crediting the in the reserve account of such member bank, it is paper as paper". The relation between a bank and a apparent that the reserve banks would constantly customer having a checking account with it does not have many millions of dollars of their resources innecessarily imply that for checks on other banks sent vested in noninterest bearing paper in transit. That or delivered for deposit the customer is entitled to be result is not consistent with due effect being given to credited as for cash prior to the presentation and the provision as to what a member bank may obtain collection of such checks. The receipt by a bank of advances on from a reserve bank. For reasons above checks on other banks for collection and credit and indicated, we conclude that the provision in question making the amount to be credited therefor subject to does not require the appellee, upon its receipt from withdrawal by the depositor only after collection are appellant for deposit of checks drawn upon any of the ordinary incidents of such a relation. It could not well appellee's depositors and prior to the payment of such be said that banks so receiving checks on other banks do checks, to credit the amount thereof as for cash, not thereby engage in receiving on deposit checks. thereby making such amount at once subject to be Appellee's above mentioned regulation disclosed its withdrawn by appellant. intention as to the time the amount of a check required In view of the unequivocal language of paragraph 1 to be received by it on deposit would become a part of of amended section 13 of the Federal reserve act as to the customer's checking deposit. That regulation is collection charges against Federal reserve banks and not inconsistent with the requirement that appellee of the decisions in the cases of American Bank i>. Fed- "shall receive on deposit at par" such a check unless eral Reserve Bank, 262 U. S. 643, and Farmers Bank that requirement gave appellant the right to be credited v. Federal Reserve Bank, 262 U. S. 649, we think it for such sight paper as for cash. As above indicated, would be superfluous to add anything to what was the duty of a bank, whether imposed by statute or by said in the opinion rendered by the district judge in agreement, to receive on deposit checks on other banks support of the conclusion that appellant was not endoes not necessarily imply that the amount to be credited titled to make exchange or remitting charges on for a check becomes, immediately upon the bank's re- checks on itself received from appellee, whether appellee ceipt of it, part of the depositor's balance subject to be was the owner of those checks or held them for collecchecked against and withdrawn. Uncontroverted evi- tion pursuant to authority conferred by the Federal dence in this case showed that there is a general custom reserve act. among banks to refuse to pay checks drawn against un- The decree is affirmed. .collected funds. The provision in question is to be construed in the light of customs affecting the relations of banks and their customers. Furthermore, if that pro- DISSENTING OPINION vision has the meaning attributed to it in behalf of the appellant,, practically it has the effect of requiring a FOSTER, CIRCUIT JUDGE, dissenting. reserve bank to buy from member banks checks on Section 16 of the Federal reserve act provides that its depositors and to pay in cash therefor the amount every Federal reserve bank shall receive on deposit at they call for, or to lend without interest that amount par from member banks checks and drafts drawn upon on such checks for whatever time may elapse between any of its depositors. Section 13 of the act provides the bank's receipt of them and the presentation of that any Federal reserve bank may receive such them to the drawees for payment, the obligation in- deposits from member banks but does not specify curred by the member bank in such a transaction being at par, and further provides that both member and to repay to the reserve bank the amount of checks not nonmember banks may make reasonable charges, for paid by the drawees. That the lawmakers did not collection or payment of checks and drafts and^ reintend the provision in question to have that effect is mission thereof by exchange or otherwise, provided persuasively indicated by other provisions of the Fed- no such charges shall be made against the Federal eral reserve act. A member bank's checking deposit reserve banks. in a reserve bank constitutes also its reserve balance In this case it appears that the appellee does not provided for by section 19 of the act. That reserve give immediate credit for checks deposited by member balance is required to be "an actual net balance" banks, drawn on other member banks. Regulation J .equal to not less than a prescribed percentum of the provides for holding such checks in suspense for a aggregate amount of its demand deposits and a pre- period sufficiently long to allow for collection in the scribed percentum of its time deposits. So far as a ordinary course of events before credit is given. This balance is represented by uncollected checks on other is a plain violation of section 16 of the act. Receivbanks received from a depositor it could not well be ing checks for collection is not receiving them on •considered to be either actual or net. The value of deposit. ; such paper may consist wholly in the depositor's obli- It is idle to say that to give immediate credit to gation to repay the amount credited therefor or ad- checks deposited would require the reserve bank to Vanced thereon. Evidently it was not intended to lend millions of its money without interest. In permit the depositor's promises to make good to be nearly all cases a crediting of the check and sub- -counted in determining the amount of its "actual net sequent collection would be a mere matter of bookbalance.'' Section 13 of the act prescribes the character keeping. If the reserve bank applied clearing house of paper which a reserve bank may discount for, or methods as they are authorized to do, probably most make advances on to, its member banks. Neither the of the items could be handled in the bank. provision of that section nor any other provision of the The danger of loss to the reserve bank is also inact indicates an intention to authorize a reserve bank finitesimal. The member banks are stockholders of to invest its funds in uncollected checks on other banks the reserve bank in proportion to their own capital presented by a member bank. If under the provision and surplus. In the event of the failure of a member in question a reserve bank is required, upon the receipt bank the reserve bank has a first lien on its stock. by it for deposit from a member bank of checks drawn The member bank is also required to keep a certain Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAECH, 1926 FEDERAL RESERVE BUI^LETIN 177 percentage of its total deposits on deposit with the banks shall give to its member banks immediate credit reserve bank, in this instance 3 per cent of time de- for checks drawn on other member banks in the same posits and 7 per cent of its general deposits. If the district. check deposited were not in fact paid, the reserve If I am wrong in this conclusion, then it inevitably bank could immediately charge it against the deposit. follows that the member banks have the right to make If that reduced the deposit below the legal require- collection and exchange charges on such checks as the ment, the penalty provided by the act could be ap- charge can not be said to be made against the reserve plied. The penalty usually enforced for a reduction bank when the check is merely held for collection. of the required deposit below the minimum is to charge For these reasons I respectfully dissent. the discount rate and 2 per cent additional on the deficit until repaid. The reserve bank has the right to make frequent examinations of the member banks and to call for statements of their affairs whenever thought necessary. So they have ample opportunity Fiduciary Powers Granted to National Banks to judge of the solvency of the member banks. The minimum deposit required bj^ the act is subject to During the month ended February 20, 1926, the check so no violation of the law would occur if occa- Federal Reserve Board approved applications of the sionally these deposits were reduced below the mini- national banks listed below for permission to exercise mum. Of course, the statute should not be construed one or more of the fiduciaryp owers named in section 11 to require the reserve bank to give immediate credit (k) of the Federal reserve act as amended, as follows: regardless of the solvency of the depositor and the (1) Trustee; (2) executor; (3) administrator; (4) payee of the check, nor to give credit if there be cause registrar of stocks and bonds; (5) guardian of estates; to suspect that the check is not genuine or for any (6) assignee; (7) receiver; (8) committee of estates of other reason will not be paid when presented. lunatics; (9) in any other fiduciary capacity in which If it be conceded arguendo that by construing the State banks, trust conpanies, or other corporations two sections together discretion is vested in the ap^-which come into competition with national banks are pellee to take checks from member banks drawn on permitted to act under the laws of the State in which other member banks in the same reserve district the national bank is located. merely for collection, then it seems to me the appellee is on the other horn of the dilemma. It can hardly b su e c h sa i c d h e t c h k e s c i h s a a rg e ch m ar a g d e e m fo ad r e p a a y g m ai e n n st t t o h r e c F ol e le d c e t r i a o l n r o e- f Location t D N ri i o c s . - t Name of bank g P r o a w nt e e r d s serve bank. It is contended that although the Federal reserve bank receives checks in the manner above indicated, Falmouth, Mass..... 1 Falmouth National Bank... Ito9 Flemington, N. J 2 Flemington National Bank.. Ito9 that is to say, for collection, they receive them on de-Montclair, N.J___ 2 Montclair National Bank... 1 to 9 posit for collection, and must credit them at par when Newark, N.J_ ______ 2 North Ward National Bank 5 to 9 collected; consequently, a collection charge would (sup.). still be made against the reserve bank, which would be Passaic, N. J. 2 American National Bank ltd 9 Albany, N.Y.._.___ 2 First National Bank ____ •ltofi illegal. Granville, N. Y . 2 Farmers National Bank 1 The Supreme Court, in Farmers Bank v. Federal (supO. Mamaroneck, N. Y__ 2 First National Bank Ito9 Reserve Bank, 262 U. S. at page 653, said this: Silver Creek, N.Y__ 2 Silver Creek National Bank. lto-9 "Par clearance does not mean that the payee of a Camden, N. J __ 3 Camden National Bank Ito9 check who deposits it with his bank for collection will Coatesville, Pa. 3 National Bank of Chester Ito9 be credited in his account with the face of the check Martinsville, Va.____ 5 Fi V rs o t ll N ov ational Bank..______ Ito9 if it is collected. His bank may, despite par clear- Welch, W. Va_______ 5 McDowell County National Ito9 ance, make a charge to him for its service in collecting Bank Bessemer, Ala 6 City National Bank 2 the check from tjie drawee bank. It may make such DeLand, Fla 6 First National Bank.. ... Ito9 a charge although both it and the drawee bank are Sanford, Fla 6 First National Bank Ito9 members of the Federal reserve system; and some Knoxville, Iowa 7 Knoxville National Bank 1 to 9 and Trust Company. third bank which aids in the process of collection may Orange City, Iowa__ 7 Orange City National Bank. Ito9 likewise make a charge for the service it renders." Lapeer, Mich : 7 First National Bank 2, 3, 5, and 8 The argument that the reserve bank must inevitably Michigan City, Ind._ 7 First National Bank 1 to 9 credit the face of the check when collected is not sound. W Ce a n t t e r r a t l o i w a, n 1 , 1 S 1 . Dak.. 8 9 C O i l t d iz N en a s t i N on a a ti l o B na a l n B k a . n .. k .. 1 It t o o 9 9 Section 13 does not require it nor does a reasonable Grand Island, Nebr.. 10 First National Bank,_______ Ito9 construction of section 16. It seems to me to be clearly El Paso, Tex 11 El Paso National Bank Ito9 Seattle, Wash __ 12 Seattle National Bank (sup.) 5,8,9 the intention of Congress that the Federal reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 FEDERAL RESKRVE BULLETIN MARCH, 1926 Changes in State Bank Membership CHANGES—Continued The following list shows changes affecting State Capital Surplus Total bank membership during the month ended February resources 21, 1926, on which date 1,439 State institutions were members of the system: District No. 8 Absorbed by nonmember: Merchants & Farmers Bank, Bald- ADMISSIONS wyn, Miss _____ $15,000 $3,750 $50, 551 Crittenden County Bank, Marion, Ark. (succeeded by Bank of Capital Surplus re T so o u t r a c l es c C a r m it e te a n d m e e n m b C e o r) u nty wh _ ich be- 200,000 1, 584,141 Citizens Bank, k Festus, Mo,, has absorbed the following nonmem- District No. 2 ber: Festus State Bank, Festus, Mo 25,000 12,500 155,000- Municipal Bank, Brooklyn, N. Y._ $2,000,000 $600,000 $24,447,288 District No. 9 Coal & Iron Bank of the City of New York, N. Y. (a succession Voluntary withdrawals: to the Coal & Iron National Trout Creek State Bank, 1,500,000 1,000,000 28,746,810 Trout Creek, Mich._________ 20,000 5,000 184, 578- Security Savings Bank, James- District No. 6 town, N. Dak _ ___ 50,000 10,000 399,286- Closed: Rock County Bank, Lu- Farmers & Merchants Bank, Sam- verne, Minn _____ .... 50,000 25,000 814,368 son, Ala 60,000 15,000 374,317 First Security State Bank, Red Wing, Minn., has absorbed the District No. 8 following nonmember: Security Loan & Trust Co., Red Wing, Bank of Crittenden County, Minn 125,000 29,210 492,000 Marion, Ark. (succeeded Crit- District No. 12 tenden County Bank, Marion, Ark., a member)...._— 100,000 1,327,072 American Bank, San Francisco, Calif., has absorbed the follow- District No. 11 ing member: Bank of Alameda, Alameda, Calif. —__ 500,000 250,000 7.397,225 Mimbres Valley Bank, Deming, Voluntary withdrawal: First State N Mex 50,000 231,379 Bank, Teton City, Idaho 30,000 3,000 147,269> Changes of title—The Canal-Commercial Trust & Savings Bank, New Orleans, La., has changed its title to " Canal Bank and Trust Com- CHANGES pany," The First Security State Bank, Red Wing, Minn., has changed its title to "Security Bank & Trust Company." District No. 2 Mechanics Bank, Brooklyn, N. Y., has absorbed the following non- Changes in National Bank Membership member: Flatbush State Bank, Brooklyn, N. Y____ $100,000 $2,748,543 Manufacturers & Traders Trust The Comptroller of the Currency reports the follow- Co., Buffalo, N.Y., has absorbed ing increases and reductions in the number and capital the following member: River- of national banks during the period from January 23 side National Bank, Buffalo, N.Y....._._. 200,000 1,167,000 to February 19, 1926, inclusive: District No. 5 Ba m S n . e k C m , b o h e f a r : s H a F b a i s r r s o ts t r v b i N e l d l a e t t , i h o e n H a f a o l r ll t o B sv w a i n i l n l k e g , , b N b a e u n r m k o s - f o A f m ca o p u i n ta t l Hartsville, S. C__ 392,268 District No. 6 New charters issued. _ 8 $1,275,000 Restored to solvency 0 0 Voluntary withdrawals: Increase of capital approved..____________ 27 5,056,250 Peoples Bank, Crystal Springs, Miss—.. ______________ Aggregate of new charters, banks restored to Peoples Bank & Trust Co., solvency, and banks increasing capital---- 35 6,331,250 Bell Buckle, Tenn..._.. Closed: Peoples Bank of Calhoun, Liquidations 17 3,250,000 Calhoun, Ga._ Reducing capitall _ _ _ 1 1,000,000 District No. 7 Total liquidations and reductions of capital. _ 18 4,250,000 State Bank of Cowden, Cowden, Consolidations of national banks under act of Nov. 111., has absorbed the following 7,1918 2 5,300,000 member: First National Bank, Cowden, 111 Aggregate increased capital for period. 6,331,250 First Trust & Savings Bank, Ham- Reduction of capital owing to liquidations, etc . 4, 250,000 mond, Ind., has absorbed the following member: First Na- Net increase. . . _ 2, 081, 250 tional Bank, Hammond, Ind . 250,000 Voluntary withdrawal: Farmers Savings Bank, Remsen, Iowa 50,000 * Incident to a consolidation under act of Nov. 7,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 179 BUSINESS STATISTICS FOR THE UNITED STATES INDEX OF PRODUCTION IN BASIC INDUSTRIES t [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100] Iron and steel Textiles Food products Year and month General Animals slaughtered Lumber index Pig iron i S ng te o e t l s Cotton Wool W fl h o e u a r t m S e u lt g in ar gs Cattle Calves Sheep Hogs 1925 January.. - . 127 134 151 115 100 94 132 100 140 90 121 145 February 124 143 150 114 99 103 104 96 157 91 107 127 March _ _ 120 136 147 110 95 94 133 100 138 102 96 125 April 119 128 128 121 92 90 134 104 124 120 101 123 May 111 113 121 103 91 88 115 104 114 117 92 116 June -- 110 107 115 98 88 102 117 95 126 105 101 117 July 113 105 110 99 87 122 117 107 131 101 96 * 125 August 109 102 117 91 90 94 107 97 138 89 108 116 September 111 106 123 103 95 100 143 93 129 86 120 116 October 116 113 130 111 98 96 167 99 147 88 115 125 November 115 116 136 116 97 79 135 84 131 76 96 117 December^. 121 130 149 120 95 80 203 99 166 88 89 133 1926 January.... __,. 120 131 149 114 89 83 164 96 146 95 91 125 .Coal Nonferrous metals Tobacco products Year and month Bitumi- Anthra- le S a o th le er N p e ri w n s t - Cement P le e u tr m o- Ciga- Manufacnous cite Copper Zinc Cigars rettes tured i tobacco 1925 January 125 104 148 128 68 106 243 193 91 188 105 February .. 109 116 147 119 72 108 193 191 88 171 97 March 95 96 142 131 70 110 199 187 86 170 89 April ._-. 105 103 136 124 69 115 199 194 87 178 95 May 99 103 135 127 64 112 193 212 88 175 96 June.. . „ _ _ _- 101 98 136 117 66 110 197 210 93 188 97 July 105 113 140 121 71 108 215 204 94 179 101 August 109 120 135 122 69 105 207 206 91 173 94 September 114 1 139 121 62 111 204 208 95 183 96 October 121 1 136 129 69 115 198 198 106 169 99 November 126 2 138 129 63 116 194 200 95 165 89 December 130 3 139 137 59 117 188 196 85 195 94 1926 January 129 2 142 144 56 115 219 193 80 196 102 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 152, 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. INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES * [No seasonal adjustment. Monthly average, 1919=100) Year and month G in en d e e r x al G in M r d o p e u e r x o t p a d l u s c a s I a t r t n s n e o d e d n l G i T n r d e o x e u t x p iles F a a n b d ri c p s rod P u u r c o c t d t s s - L p u a b r u c n o e m t d d r s - - v R r c o e a l a h e i d l s i - - m A o u b t i o le - s P p a r i a n n i p n g d e t r - F p u a o r c n o o t d d d s - s L p e u a r a c n o t t d d h s - er S c a t l o n a n y d e , , b p u T a r c o c o t c d - s o - C p i u a h c r c n o a e t d d l m s s - - 1925 January ;. 94.4 87.5 87.1 97.4 100.6 93.4 103.8 105.1 88.4 90.9 109.7 87.0 74.0 February-.. 95.8 89.1 99.9 101.4 97.9 100.4 105.1 104.9 88.5 92.5 110.7 87.7 74.6 March 96.4 90.1 89.5 100.0 101.0 98.6 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 83.0 123.2 81.7 75.4 May __.. 94.9 87.5 96.4 99.1 92.9 99.8 84.9 128.5 103.8 83.2 125. 5 87.0 73.2 June 94.2 86.3 95.4 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 85.4 94.0 93.6 94.5 99.9 84.5 124.2 103.2 85.9 90.2 124.9 85.0 72.6 September. . 95.1 87.4 86.6 94.1 93.3 95.1 102.2 83.7 129.4 104.3 88.0 92.1 125.3 87.1 75.4 October..-.. 97.0 89.4 88.4 96.9 97.7 95.8 102.8 83.0 137.7 106.0 90.6 91.8 124.7 90.1 76.4 November- 97.2 91.0 89.9 97.3 99.1 95.0 102.0 82.6 136.3 107.2 89.6 89.0 123.1 89.7 77.4 December... 97.1 91.6 97.2 99.3 94.6 100.9 84.6 129.6 107.8 88.5 86.1 121.0 90.1 77.6 1926 January 96.3 92.6 91.9 97.3 99.1 95.0 98.3 84.6 130.2 107.5 86.5 87.9 114.4 80.4 76.9 i This table contains for certain months index numbers of employmen t, 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 pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 FEDEBAL BESEBVE BULLETIN MARCH, 1926 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES» [No seasonal adjustment. Monthly average, 1919=100] Metals and Year and month G i e n n d e e r x al G in r d o p e u r x p oduc I s a t r t s n e o d e n l G i T n r e d o x e u t x p iles F a a n b d ri c p s rod P u u r c c o t t d s s - L p u a b u r c n o e m t d r d s - - v R r c o e a l a h e i d s l i - - m A o u b t i o le - s p P a r i a n n i p n g d e t- r F p u a o r c n o o t d d d s - s L p e u a r a n c o t t d h d s - er S c g a t l l o n a a n d y s e s , , b p u T a r c c o o - t c d s o - C p i u a h c r c n o a e t d l d m s s - - 1925 January 102.9 92.9 92.6 108.6 112.9 103.3 103.1 91.5 99.9 138.2 100.4 95.3 128.8 93.5 97.0 February 108.5 96.3 95.8 113.4 114.2 112.4 108.5 100.0 132.1 137.5 99.8 99.7 136.4 87.0 99.7 March 110.1 97.2 96.5 114.4 114.2 114.7 109.7 100.2 142.9 139.4 98.8 100.0 143.4 88.3 101.6 April...—__ 107.3 94.4 93.9 108.0 111.7 103.5 107.9 95.4 156.2 137.1 94.0 91.5 149.9 74.2 97.6 May 107.4 94.6 94.0 105.0 109.9 99.0 108.6 91.6 163.9 136.7 97.2 90.3 154.6 90.9 98.4 June 104.8 91.1 90.4 101.6 103.9 98.8 109.7 90.4 151.2 135.5 100.0 85.1 154.3 90.3 95.7 July 102.4 86.8 86.1 101.2 100.9 101.6 105.9 86.7 150.0 133.8 98.9 89.0 145.9 89.0 95.6 Augusts 104.5 89.7 88.8 103.8 101.7 106.2 108.0 88.0 146.1 133.7 99.1 155.7 90.0 93.1 September-. 103.9 88.7 87.7 99.1 96.6 102.1 111. 8 84.9 155.3 135.8 100.0 151.6 90,0 94.9 October 111.3 96.2 95.1 107.5 107.9 107.0 117.2 89.2 178.0 142.3 104. 5 95.8 156.8 97.1 101.1 November.- 111.7 97.7 96.3 107.0 109.0 104. 5 116.7 91.4 178.9 145.4 103. 6 87.9 155.4 98.7 103. 6 December—. 112.1 101.7 100.6 107.9 111.1 103.9 116.4 91.7 363.5 148.7 103.2 86. 5 151.3 99.3 104.9 1926 January..... 107.0 99.1 98.3 108.1 110.4 105.3 105.8 85.8 136.0 145.5 100.1 89.7 136.9 86.0 102.2 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 pp. 324-325 of the BULLETIN for May, 1925. See also p. 688 of BULLETIN for September, 1925, for certain revisions. INDEXES OF INDUSTRIAL ACTIVITY i [No seasonal adjustment. Monthly average 1919=100] Agricultural movement Mineral production Year and month Ani- An- Bitu- Total s L t i o v c e k - p m ro a d l - Grains C to o n t- t V ab eg le e s - Fruits b T ac o c - o Total t c h i r t a e - n m o i u - s P le e u tr m o- i P ro ig n C p o e p r - Zinc Lead Silver ucts coal coal 1925 January 118 122 89 112 127 130 85 292 141 101 134 132 148 128 146 117 February- _ 94 90 76 79 121 72 161 119 100 171 126 137 119 131 107 March 91 108 73 71 128 106 53 123 97 191 140 149 131 154 104 April 72 87 123 40 43 125 94 17 117 87 194 128 140 124 143 109 May.- 79 139 62 28 135 136 5 124 108 91 216 115 140 127 147 111 June .. 83 164 75 12 1 142 92 1 124 103 96 212 105 139 117 151 116 July—— 88 150 99 14 110 151 (2) 129 113 102 214 105 136 121 145 114 August..... 104 91 119 133 75 107 122 73 136 117 116 212 106 135 122 143 104 September . 152 93 101 149 234 204 244 171 121 1 121 206 107 134 121 138 103 October 166 117 101 96 310 233 391 165 130 1 137 204 119 141 129 164 98 November _ 149 105 110 108 277 116 177 223 125 2 131 196 119 134 129 153 104 December— 148 106 117 135 239 326 129 3 136 194 128 137 137 3 161 105 1926 January 108 92 114 106 344 129 138 130 142 144 158 114 Manufacturing production Year and month Total s I a r t n e o e d n l m A o u b t i o le - s T til e e x s - p F u r o c o o t d s d - L b u e m r - p P ri a a n n p t d i e n r g L s e a h a n o t d h es er P le e u tr m o- C b e a r m n ic d e k nt To c b o ac- R t b i u r e b e r - s 1925 January 127 145 142 121 118 145 135 199 111 118 171 February.-. 120 132 169 114 98 134 125 186- 107 105 176 March 134 147 223 122 95 150 142 204 136 116 190 April.——. 132 128 260 119 88 155 142 201 168 113 191 May... 129 121 250 109 87 165 136 84 212 196 119 195 June 125 112 239 105 94 160 133 82 216 184 133 194 July... 126 109 239 107 97 164 125 85 222 186 135 202 August 121 118 153 104 96 167 128 95 222 127 203 September- 126 120 193 107 105 160 128 96 209 131 183 October 141 134 270 118 114 172 139 101 218 141 165 November- 129 134 225 114 98 139 136 82 212 120 155 December.. 129 138 191 119 107 133 139 83 216 110 175 1926 January . 129 144 186 120 104 135 142 81 216 115 176 1 For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN. 2 Less than one-half of 1 per cent. « Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 181 COMMODITY MOVEMENTS January, Febru- January, The following statistics are secured from 1926 ary, 1925 1925 various sources and compiled in the form given below by the Board's Division of Research and Transportation Statistics. Earlier figures (in most cases since Revenue freight loaded and received from connections (cars loaded, 000 1919) can be obtained from previous issues of omitted): the BULLETIN or upon application to the divi- Clas G sif r i a e i d n b a y n d n g a r tu ai r n e p o r f o p d r u o c d ts ucts— 196 226 221 sion of research and statistics, Federal Reserve Livestock _ _ 139 148 159 Coal 782 789 895 Board. Coke . - • - .. 75 75 59 Forest products 277 281 311 Ore. . . . 43 52 44 January, Febru- January, Merchandise, 1. c. 1 1,017 1,086 1,017 1926 ary, 1925 1925 Miscellaneous 1,310 1,465 1,291 Total _ 3,839 4,122 3,997 Grain and Flour Classified by geographical divisions— Receipts at 17 interior centers (000 Eastern 868 924 909 . o m B R C W O i a y o t a h r t e r t e l e n s e d a ( y ( b ( t ) b : b u ( ( u u s b b s h s u u h e h s e s l h e s l h s l e ) e s ) - l _ s l ) s . ) _ . ) _ ... — i —. 2 1 3 1 8 9 , , , , 5 0 8 9 2 3 5 7 0 4 9 9 3 2 3 4 2 3 6 5 , , , , , 3 2 0 2 7 4 6 0 5 9 3 4 8 7 1 . 2 3 2 2 4 4 6 5 , , , , , 1 9 1 3 5 3 4 5 6 8 4 0 9 6 9 A S N P S C o o o e l o l u c u n r e a t t t t g h h r h h h a w w o e e l n r e e n w n t s s y a t - t e s e . e s r r t n n _ e r _ n _ _ . _. . 4 6 6 2 7 2 7 8 0 1 6 3 3 1 8 1 5 3 4 6 8 2 6 3 8 7 2 5 3 3 0 3 2 9 3 0 2 6 7 6 5 2 1 5 1 9 2 9 3 1 8 3 0 3 Fl T ou o r t a ( l b g a r r a re in ls ) (bushels) 1,876 10 2 1 , , 4 66 6 3 0 9 2 3 , , 4 1 2 8 3 8 Total 3,839 4,122 3,997 Total grain and flour (bushels) _ -. 77,288 112,730 104,089 BUILDING STATISTICS Shipments at 14 interior centers (000 omitted): Wheat (bushels) 11,549 18,791 19,256 Corn (bushels) 8,592 10,879 11,929 Building permits issued in 168 cities, Oats (bushels). -.- 11,094 13,014 15,089 grouped by Federal reserve districts: Rye (bushels) 345 332 2,822 Number of permits- Barley (bushels) .- -- 1,557 1,569 2,840 Boston (14 cities).- .—, 1,128 1,660 1,333 New York (22 cities) 6,472 8,465 5,212 Total grain (bushels) — 33,136 44,586 51,937 Philadelphia (14 cities) 1,296 1,218 1,194 Flour (barrels) 3,047 3,938 3,374 R C i l c e h v m ela o n n d d ( ( 1 1 2 5 c c i i t t i i e e s s ) ) , . . . —. 2 2 , , 9 41 6 6 0 3 2 , , 1 5 4 7 3 7 2 2 , , 6 0 1 7 1 5 Total grain and flour (bushels)--. 46,849 62,309 67,120 Atlanta (15 cities) 4,304 3,861 2,903 Stocks at 11 interior centers at close of Chicago (19 cities) 5,777 7,421 6,426 month (000 omitted): St. Louis (5 cities) 1,552 1,469 1,802 Wheat (bushels) 30,308 31,199 47,628 Minneapolis (9 cities) 575 758 660 Corn (bushels).- 24,305 14,792 22,928 'Kansas City (14 cities). 1,314 1,404 1,546 Oats (bushels) - 54,318 54,473 64,557 Dallas (9 cities) 2,215 1,639 2,177 Rye (bushels)-.... _• 12,248 11,549 9,270 San Francisco (20 cities) 9,307 8,992 10,797 Barley (bushels) ,. 5,844 5,757 2,928 Total 39,316 42^ 607 38,736 Total grain (bushels) — 127,022 117,770 147,310 Receipts at 9 seaboard centers (000 Value of permits (dollars, 000 omitted): omitted)— Wheat (bushels) 12,578 29,013 12,841 Boston (14 cities).—— 6,037 11, 611 7,737 Corn (bushels).... 3,218 987 New York (22 cities)..... 95,228 106,974 78,341 Oats (bushels). 2,008 3,339 1,241 Philadelphia (14 cities) 10, 547 14,361 8,719 B R a y r e l e ( y b u ( s b h u e s l h s e ) ls) 2, 6 3 3 7 0 3 519 2 1 , , 0 95 6 5 R C i le c v h e m la o n n d d ( ( 1 1 2 5 c c i i t t i i e e s s ) ) 1 9 1 , , 6 7 9 5 5 0 1 1 4 0 , , 6 0 2 7 4 2 1 1 2 0 , , 9 82 2 7 0 5,409 Atlanta (15 cities) 12,936 15,833 7,233 Total grain (bushels) 20,806 44, 644 19,085 Chicago (19 cities) — 34,005 40,313 36, 546 Flour (barrels).—- 1,495 2,058 2,117 St. Louis (5 cities) 5,842 7,306 5, 703 Total grain and flour (bushels).- - 27,536 53, 903 28,612 M Ka in n n sa e s a p C o i l t i y s ( (1 9 4 c i c t i i t e i s e ) s) 4 2 , , 1 0 8 8 7 8 8 3 , 8 0 3 7 9 2 4 2 , ,4 6 1 4 7 0 Stocks at 8 seaboard centers at close of Dallas (9 cities) , 8,761 9,489 6,257 month (000 omitted): San Francisco (20 cities)... 29,166 37,072 31,464 Wheat (bushels)-. 5,568 6,076 9,493 Corn (bushels) .-. 2,151 2,538 1,369 Total —. 230,242 279, 566 212,804 Oats (bushels) _ 1,578 2, 244 1,530 Rye (bushels) —_ _„.__ 392 396 3,852 Building contracts awarded, by Federal Barley (bushels).. 2,858 3,469 1,531 reserve districts (dollars, 000 omitted): Total grain (bushels). _. 12, 548 14,724 17,774 Boston 24,256 32,580 22,941 New York. ^ 195,564 211,323 109,625 Wheat flour production (barrels, 000 Philadelphia 20,322 23,781 18,316 omitted). 10,287 10,783 11,705 Cleveland __—__ __. 29,905 37,932 32,033 Tofoacco Richmond 30 855 28,196 21,784 Tobacco sales at loose-leaf warehouses, Atlanta 50, 841 53,696 24,885 (pounds, 000 omitted): Chicago __— 51,122 78, 538 36,836 Dark belt Virginia 7,754 9,165 7,623 St. Louis _"- 22,255 25,557 14,648 Bright belt Virginia-.—— 10,941 13,213 9,165 Minneapolis ._ 6,363 7,938 5,895 North Carolina ——__ 23,880 48,853 16,591 Kansas City - 9,946 10,061 7,469 Burley ,__. 35,392 27,750 39,950 Dallas 15, 730 19,243 15,119 Western dark. —_ 33,233 21,992 20,222 Total (11 districts).—... 457,159 528,845 309,551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN MARCH, 1926 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1 CHANGE IN CONDITION OF WHOLESALE TRADE, BY [Average monthly sales 1909=100] LINES AND DISTRICTS—Continued G er e a n l - Gro- Meat Dry Shoes Hard- Drugs ch P an er g c e e n in ta s g a e les cha P n e g r e c e in n t s a t g o e cks^ index ceries goods ware January, 1926, at end of Janucompared ary, 1926, comwith— pa ed with— 1924 October 95 100 78 104 67 110 128 November,. 84 89 69 88 57 98 109 D cem- Janu- Decem- Janu- December-. 79 83 66 77 57 99 109 ber, ary, ber, ary, 1925 1925 1925 1925 1925 January 79 80 71 82 43 89 116 February _-. 76 73 69 88 46 90 109 Shoes—Continued March 83 79 73 96 63 107 121 Chicago district - — -17.7 15.7 3.2 -28.0 A M p a r y il 7 7 9 9 7 7 5 9 6 7 8 5 8 7 5 7 5 6 4 5 1 1 0 0 7 1 1 10 1 6 5 M St. i n L n o e u a i p s o d li i s s t d ri i c st t rict _ - 1 2 1 0 8 . . 0 6 -1 3 1 6 . . 0 0 4.8 14.1 June 83 84 79 82 54 105 110 San Francisco district 4.6 8.2 July „. 83 .85 79 85 47 99 111 Hardware: August..... 87 83 78 106 65 98 108 United States -13.8 -2.4 -3.5 September- 94 92 82 112 72 109 120 New York district -28.0 -10.9 24.9 11.0 October 101 99 87 118 77 122 134 Philadelphia district - -24.2 -4.0 10.8 -6.2 November- 86 90 72 92 59 103 110 Cleveland district..-_. -8.0 -7.6 5.7 -5.1 December. . 80 83 72 75 54 101 111 Richmond district- 4.9 -7.5 1.7 -3.2 Atlanta district- 1.4 22.7 1926 Chicago district - -18.1 -9.7 5.5 -5.2 January 78 77 80 79 43 87 111 St. Louis district -14.0 2.4 -2.1 Minneapolis district -17.0 4.0 BU 1 L F L o E r T I d N e s fo c r ri p A ti p o r n il , o 1 f 9 2 t 3 h . e wholesale trade index see FEDERAL RESERVE K D Sa a a n n ll s a F a s r s a d n C i c s i t i t r s y i c c o d t i d s i t s ri t . c ri t c t- - -2 -7 0 3 . . . 3 1 7 -2 — 9 . . 8 . 1 5 3 9. . 2 0 2 2 . . 3 8 Drugs: CHANGE IN CONDITION OF WHOLESALE TRADE, BY United States....„. _ .2 -4.5 3.7 3.7 LINES AND DISTRICTS New York district - .4 -16.8 Philadelphia district _ -5.4 —.7 -1.1 Cleveland district -4.6 1.6 Percentage Percentage Richmond district 14.5 8.1 change in sales change in stocks^ Atlanta district -7.0 -9.0 January, 1926, at end of Janu- Chicago district _ _. -4.6 1.1 7.8 .2 compared ary, 1926, com- St. Louis district -2.7 — . 8 -11.4 -10. 7 with— pared with— Kansas City district.— -8.0 -6.8 5.3 -3.4 Dallas district -.. 3.1 -11.9 4.2 6.3 San Francisco district 9.3 7.4 Decem- Janu- Decem- Janu- Furniture: ber, ary, ber, ary, Richmond district.. . 32.4 32.9 3.4 -8.6 1925 1925 1925 1925 Atlanta district -17.8 13.5 St. Louis district.. -23.4 41.9 6.6 -19.9 Kansas City district -4.1 11.1 1.8 3.5 Groceries: San Francisco district..-- -16.3 7.1 United States -7.0 -3.9 —3.8 —2./> Agricultural implements: Boston district —13.1 -12.6 3.3 1 • 13.4 M inneapolis district . -36.0 6.0 New York district .._.—.._ —5.6 3.6 .2 | -1.0 Dallas district 56.8 —29.7 -2.1 Philadelphia district -13.1 -10.7 —.9 1 .4 San Francisco district _ 12.1 55.3 Cleveland district. -14.4 -5.8 Stationery and paper: Richmond district —6.9 -5.1 4.8 -3.8 New York district -8.6 10.1 Atlanta district — .3 1.7 Philadelphia district 5.7 -4.9 2.2 Chicago district -8.0 -9.4 -2.7 -8.7 Atlanta district. __ -18.4 — .5 St. Louis district _.. -12.1 -2.8 -.9 -19.7 San Francisco district -19.1 - .5 Minneapolis district. -6.0 -7.0 Automobile supplies: Kansas City district.-.. . -7.9 -6.5 San Francisco district -11. 9 -3.8 D Sa a n l la F s r a d n i c s i t s ri c c o t dis - t r . i _ ct 6 1 . . 1 6 - - 5. . 9 3 11*. 7 —.*5 Clot N hi e n w g : York district _. 32.0 —11.1 Dry goods: St. Louis district -41.5 17.5 United States ._ 6.9 -4.1 16.1 —4.5 Cotton jobbers: New York district-- — 2.0 4.5 1 New York district -26.0 -10. 4 12.6 -9.9 P C h le il v a e d la e n lp d h i d a i s d tr i i s c t t rict.—.._ - -2 1 2 5 . . 2 5 -1 -6 4 . . 4 8 11.1 9.8 Silk N g e o w od s Y : ork district 7.7 7.0 2 34. 5 Richmond district_-..- - 56.8 -4.6 12.5 -17.6 Machine tools: Atlanta district _-- 12.0 9.9 New York district -20.7 11.6 S C t h . ic L a o g u o i s di d s i t s r t i r c i t ct 4 1 1 1 . . 1 4 -16. . 4 9 -1 2 1 6 . . 0 6 - - 4 5 . . 5 5 Diam N o e n w d s Y : ork district 37.0 23.0 Mineapolis district —19.0 —15 0 Jewelry: Kansas City district 39.8 1.9 29.4 10.3 New York district. -66.9 -18.2 -9.1 3-7.9 D Sa a n l la F s r a d n i c s i t s ri c c o t district _ _ . 5 1 1 1 . . 3 8 -1 -4 2 . . 7 9 18.4 .2 Elec P tr h i i c l a a l d s e u lp p h p i l a ie d s: istrict -72. 2 7.5 5.1 -8.1 Shoes: Philadelphia district . -41.8 -9.0 -6.6 —24.6 United States -16.0 5.0 •17.9 -18.4 Atlanta district -38.3 49.8 Boston district -40.8 -23.9 17.0 2.1 St. Louis district -5.5 28.8 9.3 -15.4 N Ph e i w la d Y e o lp rk h ia d is d t i r s ic tr t ict -3 -8 1 . . 4 0 . . 4 8 2 2 2 . . 2 5 -28 8 .0 .3 Mill S in a e n r y F : rancisco district. -32.6 -3.2 R Cl i e c v h e m la o n n d d d d i i s s t t r r ic ic t- t -1 1 7 5 . . 4 3 - 1 1 2 .8 .0 16 . . 6 2 -1 -6 3 . . 6 9 Stov K es a : nsas City district -7.2 -12.3 Atlanta district _.._•_-_ 1.8 18.3 St. Louis district -27.0 -6.4 9.3 -27.9 1 Changes in total stocks for the United States are weighted averages computed on the basis of firms which have reported regularly to the 2 Stocks at first of month; quantity, not value. Federal reserve system since January, 1923. 3 Includes diamonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

183 MARCH, 1926 FEDERAL RESERVE BULLETIN RETAIL TRADE,.BY REPORTING LINES 1 [Average monthly sales 1919=100] Sales without seasonal adjustment Year and month •33 ill §21 i924 October ..... 141 141 240 203 159 144 November 141 131 232 199 145 138 December ... 210 148 253 187 192 1925 January 108 108 250 151 155 122 February 101 105 233 156 146 119 March 121 119 252 177 160 131 April 136 117 258 195 159 134 May..-. 128 95 254 191 163 143 June 126 102 254 187 167 134 July............. 95 87 259 183 166 136 August..... 98 89 243 195 17,1 142 September ... 121 114 245 191 169 142 October 165 170 318 237 179 151 November 145 144 272 220 167 136 December 226 166 332 427 225 212 1926 January.. _ 115 166 178 127 :niahc e> sniahc 3 rM XL 138 146 186 107 100 127 177 149 152 122 120 129 164 136 188 108 iahc cisi sniahc I Sales with seasonal adjustment II? 1.1 -§'53 • iss illi-af 2 ^jCO^ 124 199 124 109 234 188 156 137 111 186 126 105 230 191 154 139 184 282 131 123 242 198 153 142 92 162 124 110 249 207 161 141 99 175 I 131 116 243 209 161 140 105 188 121 103 233 185 159 135 107 210 133 114 255 208 164 139 96 195 124 106 254 201 166 140 99 184 126 120 257 203 170 137 104 181 128 117 269 201 164 137 128 202 125 118 255 205 171 145 136" 202 134 120 258 206 172 142 141 215 145 131 309 219 175 145 139 195 129 116 270 211 177 138 214 141 139 318 231 185 157 101 167 131 118 284 228 146 sniait )snia oo xn 122 134 142 141 x49 127 152 119 142 134 153 135 145 126 143 142 sniahc )snia Is 102 194 89 195 98 193 112 193 120 207 116 186 126 210 116 202 125 197 140 185 143 202 136 204 117 209 111 205 114 191 122 199 1 For description of the retail trade indexes see FEDERAL RESERVE BULLETINS for January and March, 1924. 2 Index of sales of grocery chains revised. Comparable index numbers for all months since January > 1919, may be obtained from Division of Research and Statistics, Federal Reserve Board. DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Number Federal reserve district o p f o r r t e - - 1926 1925 1924 1926 1925 1924 ing firms Jan. Dec. Nov. Oct. Sept. Jan. Dec. Jan. Dec. Nov. Oct. Sept. Jan. Dec. United States _ 359 115 226 145 165 121 108 210 131 141 129 145 134 124 131 Boston .-, 24 131 225 143 156 118 110 215 145 141 130 142 130 122 135 New York 63 129 243 158 186 128 120 226 141 148 137 155 146 132 138 Philadelphia— „.. 22 114 222 167 167 111 105 213 130 141 129 145 137 120 133 "Cleveland 54 108 218 134 160 115 107 207 124 138 123 146 129 123 131 Richmond 23 103 230 146 160 105 93 213 124 133 125 139 123 113 124 Atlanta.*. 35 89 190 122 139 89 83 173 109 117 106 117 100 102 106 Chicago . _...»_ __ 63 119 244 154 173 145 112 217 141 156 139 158 153 132 138 Minneapolis 23 85 167 105 135 104 92 162 100 113 98 120 104 107 110 Dallas 21 94 180 115 141 112 92 171 109 111 101 120 112 106 105 San Francisco . __. 31 129 253 158 168 139 128 238 145 161 156 154 149 145 151 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919=100] Num- Stocks without seasonal adjustment Stocks with seasonal adjustment of re- Federal reserve district port- 1926 1925 1924 1926 1925 ing firms Jan. Dec. Nov. Oct. Sept. Jan. Dec. Jan. Dec. Nov. Oct. United States.. 314 126 129 154 149 143 119 124 142 139 137 134 Boston _ . _ _. 24 110 119 140 132 125 112 120 122 122 121 117 New York. 63 133 131 153 148 140 118 125 149 138 135 Philadelphia 13 161 176 213 210 195 147 151 180 183 192 Cleveland . .... 52 112 123 145 141 137 112 121 133 132 129 Richmond 19 114 120 147 138 135 109 • 117 135 133 129 Atlanta _ 22 109 102 126 124 121 99 96 121 114 113 Chicago .... ... 51 146 148 175 168 158 137 142 164 159 156 Minneapolis 22 96 101 124 122 120 99 99 108 110 113 Dallas 19 108 111 135 135 134 103 105 126 130 122 San Francisco 29 126 124 148 147 140 123 124 137 136 135 oc oo o OC00S3 1924 Sept. Jan. Dec. 133 134 133 118 124 123 131 132 132 181 164 157 128 133 130 119 122 129 130 111 111 110 107 15,0 148 154 152 112 115 111 108 119 119 119 122 136 133 134 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN MARCBC, 1926 FOREIGN BANKING AND BUSINESS CONDITIONS FINLAND'S RETURN TO GOLD On December 10, 1925, the Finnisli Diet Another law passed at the same time preadopted a new monetary law, together with cer- scribed that "in fulfilling liabilities incurred tain new regulations governing the Bank of Fin- heretofore in Finnish currency, 1 mark shall land. This law revaluates the Finnish markka, be equal to 1 mark of the currency fixed in whose pre-war parity had been 19.3 cents, at a the monetary law of December 21, 1925." new parity of 2.5185 cents, or 39.7 finmarks to the dollar, the rate at which the exchange had REGULATIONS FOR THE BANK OF FINLAND been stabilized since November 5, 1924, and vir- The Bank of Finland, founded in 1811, is tually the figure which had prevailed since the one of the oldest banks of issue in Europe. beginning of that year. The law, therefore, Its ownership is entirely vested in the State, adopts and legalizes a valuation of the currency and its officials are appointed by the Governwhich had been established in practice for ment. The new law establishes the regulaapproximately two full years, and to which tions for its operation. It provides that " the Finnish industry and trade had become fully object of the Bank of Finland is to maintain adjusted. stability and security in the monetary system of Finland, and to assist and facilitate the THE MONETARY LAW circulation of money in the country.7' The The monetary law provides that "the bank is given the sole right of issuing bank monetary system of Finland is founded on notes in the Kepublic. gold as the sole measure of value." The The note issue.—The amount of the bank's mronetary unit is the mark, divided into 100 notes in circulation may not be more than ni. Gold coin of 100 and 200 marks are to 1,200,000,000 marks in excess of the aggregate struck, the former containing 3^f and the amount of the gold reserves of the bank and latter 7-J-J- grams of fine gold, the contents of the undisputed balances of the bank with Hs the coins to be 9 parts fine. Subsidiary coin- foreign correspondents. The notes issued in age is to consist of marks and pieces of 50 and excess of this reserve in gold and foreign 25 penni of nickelled bronze and 10 and 5 balances must be covered by bills payable penni pieces of copper. The free coinage of abroad in foreign currency, foreign listed gold is stipulated: "Every person submitting bonds, interest coupons in foreign currency not less than 40 grams of gold to the Finnish which have fallen due for payment, foreign mint for coining, is entitled, after the weight bank notes, oi* inland bills falling due not and fineness of the gold have been examined, later than within three months' time and for to receive from the Bank of Finland gold coin the payment of which at least two trustof a value corresponding to that of the fine worthy persons or firms are responsible." The gold, after one-third per cent of the aforesaid drafts of the bank in Finnish currency and value has been deducted for covering the cost of other liabilities payable on demand, as well coining. For such coining no other charges as the undrawn balances of advances on cash or taxes may be made. Gold may be freely credit and overdrafts, shall equally be conimported into the country and exported sidered as notes in circulation. The gold stock thence.n Besides gold coin, everyone shall in the reserve shall be maintained at not less be compelled to accept Bank of Finland notes than 300,000,000 marks. as legal tender; small change must be accepted Commenting on the note issue and its cover, without restriction as payment at Government the December bulletin of the Bank of Finland offices or the Bank of Finland, but other persons remarks: "* * * The same principles for are not obliged to accept small change except the cover which had been adopted for more in limited sums. The Bank of Finland is at than half a century past in Finland and which all times entitled to receive from the Finnish are founded on the English system known as Treasury gold coin in exchange for small the contingent system have been retained with change. This law entered into force on Janu- certain modifications. Thus the notes issued ary 1, 1926, and on that date the previous law, must be covered by gold or by the undisputed regarding the currency of the Grand Duchy balances of the bank with its foreign correof Finland of August 9, 1877, ceased to be spondents, and notes ma^rbe issued in excels valid. thereof only up to a contingent fixed by law. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDEEAL KESERVE BULLETIN 185 That part of the note circulation which ex- entitled to pay interest on the balances on ceeds the bank's gold reserve and foreign bal- current account of its foreign correspondents. ances must have a fiduciary cover, the charac- In other cases interest may not be paid on deter of which is previously indicated in the regu- posits in the bank, unless * * •*' owing to lations. The present contingent is 1,500,000, special circumstances." 000 marks. As, however, the gold reserve of Distribution of profits.—The profits of the the Bank of Finland * * .* will be in- bank are to be disposed of as follows: "Until, creased by the currency reform by close to the capital and the reserve fund of the bank 300,000,000 marks, a corresponding reduction have severally risen to 500,000,000 marks, the was considered to be in order.1 The uncovered annual profit of the bank shall be employed in note contingent is, therefore, fixed at not more its entirety to increase the same. Thereafter, than 1,200,000,000 marks. In the fiduciary at least one-third of the annual profit shall be cover the important provision has been intro- transferred to the reserve fund. Such part of duced that treasury bonds or short-time loans the profit as is not utilized for increasing the may not, as in recent years, be included in it. funds of the bank may, according to the deci- According to the decision of the Diet the Gov- sion of the Diet, be employed for public ernment is to redeem all its bonds in the pos- purposes." session of the Bank of Finland before the end The net profits of the bank have been rising of 1928, by which means the position of the steadily in recent years, amounting to 13,bank will be further strengthened/' 500,000 marks in 1923, 65,400,000 in 1924, and Redemption oj notes.—The bank is obliged 82,700,000 in 1925. As was explained above, to redeem its notes on demand either in Finnish the capital of the bank was raised to the stipugold coin or in gold ingots or "in cheques lated figure of 500,000,000 marks on the statemade out in foreign gold currency and payable ment of December 31, 1925; with the end of at sight at the current rate of exchange, which the year the profits were transferred to the may not exceed the parity by more than 1 per reserve fund, or surplus, increasing it from cent." The bank has the option to decide which 51,000,000 marks to 133,000,000 marks. of these methods of redemption shall be employed. POSITION OF THE BANK OF FINLAND This provision makes it clear that, although the monetary law provides for the free coinage The accompanying table shows the changes of gold and for freedom of export and import in the statement of the Bank of Finland over of that metal, the currency is actually upon a recent years: gold exchange basis. Referring to this provision, the bulletin mentioned above states: LEADING ITEMS OF THE BANK OF FINLAND "Although new gold coin is to be struck in ac- [End of year figures. In millions of marks} cordance with the provisions of the new law, it is not. intended that gold coin should be in 1925 1924 1923 1922 circulation to any great extent, which would be unnecessarily costly for a small country Gold _ 332 43 43 43 * * *. It should also be remembered that Foreign correspondents and credits abroad. 1,528 808 607 70S CS-nvfirnmp/nt rjp.ht to baTilr 361 482 548 583 of late years gold coin has completely gone out Inland bills 424 540 701 591 Including rediscounts of joint stock of circulation and that even before the World banks - - 26 158 441 156 War gold was only current to a small degree. Note circulation 1,309 1 250 1. 352 1,421 Other demand liabilities _. 862 487 420 423 The notes of the Bank of Finland as legal tender, will, therefore, as heretofore, be the most usual currency. No changes in the notes at The increase in the gold holdings in 19p5, present current are required by the reform of as was explained above, represents revaluation the currency." into the new unit. The item of " foreign correspondents and credit abroad/7 together with Interest on foreign deposits.—Among the reguthe gold, constitutes the redemption reserves; lations covering the organization and operathe "credit abroad'7 of 245,000,000 marks tions of the bank the following provision is of was negotiated in February, 1924, and is also special international concern: "The bank is carried in the bank's statement as a demand liability. It was renewed for another year in ft^Prior to the revalorization, the statement of the Finnish bank showed gold holdings of 43,300,000 marks, of the old parity of 19.3 cents. When February, 1925, since when it has been carried the new value of the mark was legalized, the value of the gold reserve was at 256,000,000 marks. The Government debt written up to 331,700,000. This increase of nearly 300,000,000 marks in the assets was adjusted when the capital of the bank was increased represents the assumption by the State of from 100,000,000 to 500,000,000 marks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL EESERVE BTJLLETIK MAKCH, 1926 certain obligations, among them Russian treas- INTERNATIONAL TRADE OF FINLAND ury bills which formerly formed part of the [In millions of marks] bank's reserve in foreign exchange. The item has been steadily reduced in recent years, Year Imports Exports Balance and as was stated above/ is to be entirely extinguished before the end of 1928. The 1925 5,513 5,570 +57 holdings pf inland bills, although subject to 1924 4,715 4,971 +256 1923..... 4,600 4,392 '-. -208 very wide fluctuations, partly of a seasonal 1922.. 3,970 4,468 +498 character, have declined rapidly, especially since June 1924, when the figure was 995,000,- As the exports are mostly of forest products, 000 marks. This is largely due to the repay- lumber, wood pulp, etc., the annual figure is ment of the rediscounts of the joint stock subject to considerable variation from year to banks. In June, 1924, these amounted to year, depending on the demand for such com- 581,000,000 marks; at the end of November, modities and the fluctuations in their price. 1925, they had fallen to 12,000,000 marks. The "invisible items,;; of the balance of pay- The note circulation shows little net change ments, computed by the Central Statistical over the past four years, but the " other Office, show in the three years prior to 1925 a demand liabilities" are considerably larger. steady growth on both sides of the account, These included, at the end of 1925, 256,000,000 which, however, was regularly adverse by about marks due on the foreign credit. 100,000,000 marks. The Finnish joint-stock banks.—As was mentioned above, since the middle of 1924 the joint "INVISIBLE ITEMS" IN THE BALANCE OF PAYMENTS stock banks have been steadily repaying their [In millions of marks] indebtedness to the central bank. At the saime n ti e m ss e to th f e o y re i h g a n v e b a b n e k e s n . re I d n u M cin ay g , t 1 h 9 e 2 i 3 r , i t n h d e e i b te te m d s - Year Income Ex t p u e r n e di- Balance "due from abroad" and "due to abroad" showed a net balance due to abroad of 1,027,- 1924 618 726 -108 1923 530 647 -118 000,000 marks; by the end of 1923 it had fallen 1922 466 561 -95 to 718,000,000, a year later to 322,000,000, The invisible items, therefore, form a minor while in November, 1925, it amounted to only part in the total balance of payments. This 157,000,000 marks. In 11 months of 1913 the balance was favorable by 403,000,000 marks in joint stock banks showed a balance "due from 1922, unfavorable by 326,000,000 marks in abroad." 1923, and favorable by 148,000,000 marks in 1924. These figures, however, do not include THE BALANCE OF PAYMENTS OF FINLAND the international movements of bank balances, Finland's balance of international trade has nor the receipts from foreign loans, of which shown an export surplus in three of the past Finland has floated a considerable number in four years. recent years, mostly in the United States. ANNUAL REPORT OF THE BANK OF FRANCE The report of the Bank of France for the fear that the first increase, once accomplished, year 1925, presented at the annual meeting of would lead to others, as proved to be the case, the stockholders on January 28, contained the and that the progress of this new inflation following review of the year: would render more difficult with every passing In concluding our previous report, relating day the effort necessary to put an end to it. to the operations of the bank during the year The board of directors never ceased during 1924, we confided to you our anxieties occa- this past year, as they had done previously, to sioned by the condition of the State Treasury call the attention of the jmblic authorities to and its influence on the financial situation. the extreme need for this effort, and have Nevertheless, we ventured once more to hope consented to the increases which were succesthat an energetic policy of reform might suc- sively demanded of them only because each ceed in getting control of the crisis in time, so time the Government affirmed its intention to that it might be possible to avoid raising the adopt policies of monetary and financial salvamaximum limits of advances to the Treasury tion, and because they wished to give the and of note circulation. There was reason to Government time to put these into execution. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 187 In the face of conflicting obligations and been reduced to 22 billion francs, while the decisions that were sometimes distressing, your limit of the circulation had been fixed at 41 board of directors have never for a moment billions. It would be superfluous now to place lost sight of the fact that their firsi duty is to before your eyes the documents with which maintain the value of the bank note. They are we felt obliged to support our protests, and more convinced than ever that this value is to the replies which wore made to them. They be maintained only on the principles laid down have been communicated to the Parliament in the statutes of the bank, and having no and made public. The entire development of regard to the needs of the Government. this crisis was itself explained to the two Even at the beginning of the war, the direc- Houses before they were called upon to aptors agreed to the first advances to the Treas- prove by the law of April 15 the agreement ury only because of the emergencies of the concluded between the Government and the national defense and the fact that the bank to raise by 4 billions the limit of advances Government could not get the indispensable to the State, and similarly to carry to 45 resources quickly enough through credits and billions the maximum for note circulation. taxation. Even at that moment they de- This agreement put at the disposal of the manded and received a pledge that a return to Treasury resources which the authorities normal relations should be guaranteed by judged would be sufficient; and there was definite terms of repayment, written into the reason to hope that the respite thus assured Act of Bordeaux. On the morrow of the would not elapse without the realization of armistice, the directors stubbornly opposed the plan of financial reform expected by the the same principles to the successive demands country. It proved otherwise; inflation aggraof the Treasury. In a letter sent to the Minis- vates the disease whose symptoms it appears ter of Finance on April 15, 1919, they reminded to relieve; less than three months later the him again, that— Government demanded the authority to nego- It is vital to the welfare erf the country as a wholetiate with the Bank of France for a new that the bank note should maintain its value against all advance of 6 billions. The directors could not attacks. escape the obligation, in which circumstances To this end the fundamental statutes of the Bank of placed them, of consenting to this new France impose upon the issue of notes such fixed advance, intended in theory to extend the conditions as shall guarantee their convertibility. Departure from these principles can be allowed only breathing spell necessary for the perfection, in the supreme interests of national defense, at a time discussion, and application of the measures when the very existence of the country is at stake, and intended to assure equilibrium of the budget when it is a matter of victory or death. and of the Treasury. At the same time, in The warnings of the directors were heeded at order to give this program ascertain security that time; a limit was put upon the advances to following from the consolidation of part of the the State, fixed at a maximum of 27 billions; short-term and part of the floating debt, a and the rate of their repayment was accelerated loan carrying especially favorable conditions by the law of April 22, 1920. was decided upon by the State. Unfortunately these prudent legal provisions To avoid all inflation, the maturing obligacould not be fully carried out. Chiefly because tions of the Treasury must have been entirely of the continued failure to obtain reparations covered not by the aid of note issues but by from Germany, the State had increasing normal credit operations, the success of which, difficulty to find, in time to be of use, the however, depends rather more on an atmosnecessary resources with which to meet its phere of complete confidence than on the growing reconstruction obligations as well as its ingenuity of their conception. Such has albudget expenses; and it could not have man- ways been the opinion of the directors, faithful aged at all without the aid of repeated loans, to the principles which they have never ceased and sometimes of temporary recourse to the to reassert. banks and credit institutions, to which we Toward the end of November, and for the furnished the necessary funds under the forni of third time since the beginning of the year, regular discounting, which entailed an increase inasmuch as the measures designed to check in the note circulation. inflation had not been taken, the directors All the efforts put forth were unable to found themselves confronted with a double control the chain of events as rapidly as was demand for new advances; the first, on necessary. By the beginning of 1925 it had November 23, for.a billion and a half francs, become necessary to raise the legal limit of to furnish the Treasury with bank notes needed advances to the State, which had previously for ,its immediate payments; the other on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 FEDERAL RESERVE BULLETIN MARCH, 1926 December 4, for 6 billions more to provide the tization account, the Treasury was credited Treasury with fresh funds. The directors, with the sum of 955 millions, the sum to which who, as we have seen, had not accepted the this item had risen. To this the State added earlier agreements without urging the Govern- 45 millions taken from the unused balance of ment to put in operation without delay a plan the Morgan dollar loan, carried over at the of finance which should definitely check in- end of last year under conditions which we flation, consented to the increase provided by have described;1 this brought, the reductionthe December agreement only with the firm to 1 billion and reduced the maximum limit of intention that this should be the last. They authorized advances from 39.5 billions to 38.5 do not doubt that such is the purpose of the billions, and the total of the debt from 35,950 Government, to whom, on the 7th of December millions to 34,950 millions. The note circulast, they sent a letter communicating their lation by the end of the year was almost 50 deliberations by which they were authorizing billions, an increase of 9,390 millions during the signature of the agreement of the same the year. The increase in note issues is conday. siderably less than that of the State's indebt- In their deliberations, the directors reas- edness to the bank. The difference in the two serted "that advances of the Bank of France items is partly the result of an increase in the to the State bring in their train the most bank's deposits in current account, which serious monetary disorders/' that they were rose by 1,200 millions, and partly the result of justified, even during the war, as they had said a decrease in the discount portfolio. Disbefore in 1919, " only by the extreme peril of counts, after having averaged between 5 and 6 the country, and were agreed to only under the billions during the early months of the year on guarantee of a pledge of amortization as rapid account of emergency discounting on behalf as possible; that it was their duty not to per- of the Treasury/ declined to an average bemit of change-in the character of the Bank of tween 3 and 4 Millions after those were paid France which had been created to provide a off, and the discount rate was reduced on July safeguard for the currency; that this safe- 9 from 7 to 6 per cent. guard was to be found in the application of The continued increase in our advances to those principles on which the issue of every the State and the expansion of the circulation sound currency rests, in the first place on the which resulted could not fail to have most semaintainance of that currency in complete rious consequences on the exchanges. Depreseparation from the exigencies of the State.'7 ciation of our money followed almost without The directors demanded with all the energy interruption during the entire year, and was imposed by the^ safeguarding of the interests very much worse toward its close. Dollar exentrusted to tnem that this last breathing change, quoted at 18,50 francs at the beginning space secured to the Treasury by the new agree- of January rose to 19 francs in April, to 20 ment should be used without the loss of a francs in May and to 22 francs in June. The single day, not merely to achieve finally the course of sterling followed in a parallel moveequilibrium of the budget, but even more to ment from 87.50 in January to 93 francs in reestablish the confidence of the public and April, and 97 francs in May, and crossed 100 thus to insure again the normal renewal of francs in June. After a little pause during subscriptions to the national-defense bonds, the summer the curve of the exchanges rose the slackening in which has been one of the rather abruptly from the beginning of October. chief causes of the recent difficulties of the From then on the upward movement was more Treasury. rapid, carrying the course of the dollar and the pound to 24 and 117 francs, respectively, in The agreements reached on November 24 October, to 26 and 129 francs in November, and on December 7 increased to 39.5 billions then to maximum quotations of 28 and 135 the legal limit of advances to the State, and francs about the middle of December, to reincreased to 58.5 billions the legal limit of turn for the first days of 1926 to 26.50 and 130 note issue. The States debt to the bank francs, respectively. Domestic prices, influrose by the end of the year to • 3.5,950 enced of course by the rise in the exchanges, millions, an increase during the year of have, as usual, advanced less rapidly. The 14,150 millions. By the agreement of April rise in retail prices up to the present has not 7, which had anticipated that the reduction of exceeded 14.5 per cent, and that of wholesale the State's debt to the bank during the year prices 25 per cent. But this advance would be- 1925 would be limited to the amount available at the end of the year in the reserve and amori FEDERAL RESERVE BULLETIN, April, 1925, p. 259. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BUIiLETIN 189 come much more rapid unless measures indis- Alsace and Lorraine. For the first 11 months pensable to monetary reform be taken promptly of 1925 our coal mines produced 44,000,000 in a way which will permit the readjustment tons, compared with 41,000,000 tons for the of prices through the improvement in the quo- corresponding period of 1924. Iron productation of the franc. tion approaches pre-war figures; that of steel The activity of production and trade during exceeds it considerably. Our grain harvests the year bears witness once agahi that the have reached the largest amounts reported country is courageously pursuing its patient since the war. The wheat harvest amounted work of reconstruction in spite of all the diffi- to 89,000,000 quintals, which is 13,000,000 culties of the financial situation. The efforts quintals higher than the preceding year; this made by our mining industries since the armis- is the more encouraging because it is due to a tice have made it possible for them this year to larger production per hectare. This reassurreach and even for certain products notably to ing activity, this persevering courage which surpass their pre-war output. The total out- the country exhibits, as it has always done in put of the mines for the entire year would the past, even in the most critical hours, reseem to be about 2,000,000 tons higher than in mains the most solid basis of our confidence in 1913, taking into account the production of the future. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

190 FEDERAL RESERVE BULLETIN MAKCH, 1926 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 pound sterling} [Millions of reichsmarks] 1926 1925 1926 1925 Janu- Decem-Novem January ber ber ary Janu- Decem-Novem- January ber ber ary Bank of England: Issue department— Reichsbank: Gol d coin and bullion 143 143 145 127 Gold at home.. . 1,112 1, 111 i,m 636 Notes issued 163 163 165 146 Gold abroad 143 97 ,97 199 Banking department— Reserves in foreign exchange 418 403 403 278 Gold and silver coin._ 1 2 2 2 Bills of exchange and checks 1,464 1,915 1,650 ],771 Bank notes. _ 21 17 23 22 Miscellaneous assets __..__ 609 590 578 1,507 Government securities 46 64 42 50 Deposits 579 697 587 747 Other securities 74 103 77 74 Reichsmarks in circulation. _ 2,649 2,960 2,771 1,901 Public deposits _ 23 8 14 23 Rentenmarks in circulation . _ 1, 589, 1,609 ' 1,611 1,967 Other deposits 101 161 111 107 Reichsbank clearings..__.._ .. 4,177 4,398 4,216 3,936 Ratio of gold and note re- 6 Berlin banks:l serve to deposit liabilities Cash_ — (percent) __ 18.1 11.5 19.5 18.4 Bills Bank notes in circulation i,_ 85 88 86 98 Due from other banks Currency notes and certificates 286 297 290 281 Miscellaneous loans ^ Nine London clearing banks: Deposits Money at call and short notice. __ 113 118 111 112 Index of security prices (Jan. 2,1925= Discounts and advances ! 1,088 1,078 1,072 1,063 100) (per cent) _ 71.62 58. 56 61.64 111.37 Investments.. 262 261 261 296 Capital issues 20 16 504 102 Total deposits. 1,637 1,647 1,619 1,653 Total clearings 3,488 3,548 3,248 3,771 Government floating debt: 1 Bimonthly statements. Total 785 817 769 786 ITALY Treasury bills 639 636 647 631 Temporary advances .. 146 181 122 155 [Millions of lire] Index of security prices (December, 1921=100) (per cent) 116.5 116.8 117. 5 Index number of foreign exchange 1925 1924 value of the pound sterling (per cent) 2 99.9 99.8 99.7 Decem-Novem- Octo- Decem- 1 Notes issued, less amounts held in banking department and in ber ber ber ber currency note account. 2 New series FRANCE Banks of issue: [Millions of francs] Gold reserve1 ._ _. 1,134 1,134 1,133 1,132 Total reserve 2,041 2,070 2,022 1,826 Loans and discounts._ _ . 10,477 9,666 10, 577 8,324 Bank of France: Note circulation for commerce 12,287 12,134 12,412 10,873 Gold reserve l 3,684 3,684 3,683 3,681 Note circulation for the State 7,063 7,067 7,067 * 7,242 Silver reserve... 325 321 315 304 Total deposits- 2,466 2,366 2,489 3,194 War advances to the Government. 34,200 35,950 31,950 21,200 Leading private banks: Note circulation _ _. 50,618 51,085 40, 516 Cash 1,051 991 1,060 Total deposits 3,188 3,335 3,022 2,012 Loans and discounts 9,086 8,765 8,969 Three commercial banks: Due from correspondents _ 4,217 4,296 3,951 Demand deposits.. 19,210 18,176 14, 511 Participations. 516 515 383 Bills... 12,282 10,063 Total deposits- 13,271 12,970 12, 903 Other loans „ .... 4,867 4,572 State note issue-_ _ . 2,100 2,100 2,100 2,400 Clearings, daily average of Paris Index of security prices (per cent) 216 230 214 254 1,855 1,831 920 -1 Price of 3 per cent perpetual rente.... 49.15 48.35 45.20 48.45 i Not including gold held ab road. 1 Not including gold held abroad. JAPAN CANADA [Millions of dollars] [Millions of yen] 1925 1924 1926 1925 Decem-Novem- Octo- Decem- Janu- Decem-Novem- Januber ber ber ber ary ber ber ary Chartered banks: Bank of Japan: GoM coin and bullion * 69 60 65 52 Gold at home and abroad _ 1,057 1,057 1,057 1,059 Current loans and discounts 1,142 1,130 1,134 1,123 Advances and discounts .... 374 456 408 520 Money at call and short notice_.. 394 392 355 315 Advances on foreign bills 172 207 125 136 Public and railway securities 550 559 573 536 Notes issued 1,388 1,500 1,301 1,391 Note circulation 174 184 186 166 Total deposits-- 713 736 815 864 Individual deposits 2,270 2.313 2,222 2,166 Total note and deposit liabilities 2,101 2,236 2,116 2,255 Gold reserve against Dominion notes. 135 132 112 139 Tokyo banks: Dominion note circulation _ _ 227 226 215 262 Cash oh hand 127 117 125 123 Bank clearings 2 . . _ 1,898 1,670 1,710 1,709 Total loans 2,416 2,403 2,332 2,398 Bank debits % 3,121 2,787 2,867 2,825 Total deposits . 1,922 1,908 1,880 1,859 Total clearings _. 2,743 3,853 3,208 2,632 i Not including gold held abroad. 2 Total for month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MABCH, 1926 FEDERAL RESERVE BULLETIN 191 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES 1926 1925 1926 1925 Janu- De- No- Janu- Janu- De- .No- January cember vember ary ary cembervember ary Austrian National Bank (mil- Bank of Finland (millions of Finnlions of schillings): ish marks): Gold 15 15 15 11 Gold 332 332 332 332 Foreign bills 520 558 557 451 Balances abroad and foreign Domestic bills 144 180 108 154 credit. 1,361 1,408 1,309 867 Treasury bills •_ 187 188 192 217 Foreign bills 104 102 109 16 Total principal earning assets 851 926 857 822 Domestic bills 421 424 336 598 Notes.- -— 823 890 827 790 State debts ... „ ~ 262 361 395 470 Deposits _ 45 55 48 44 Note circulation 1,292 1,309 1,253 1,205 Total note and deposit liabilities. 868 945 875 834 Demand liabilities 788 862 729 617 Total notes and demand liabili- National Bank of Belgium (mil- ties..- — 2,080 2,171 1,982 1,822 lions of francs): Gold 274 274 273 272 National Bank of Greece (millions Foreign bills and balances of drachmae): abroad 30 30 30 30 Gold and balances abroad 2,728 2,067 Domestic bills 1,125 1,036 906 1,545 Government loans and securities- 3,778 3,835 Loans to State 5,200 5,200 5,200 5,200 Discounts and loans 3,254 2,844 Notes 7,462 7,471 7,544 7,648 Note circulation _ 5,493 4,847 Deposits 344 556 102 406 Total deposits 3,576 3,614 Total notes and deposits .... 7,806 8,027 7,646 8,054 Total note and deposit liabilities- 9,069 8,461 National Bank of Bulgaria (mil- National Bank ©f Hungary (millions of leva): lions of pengos): Gold.... 41 41 40 Tota D A N F l o d o o p r v m t r e e a i i e n s g n s . c n c t i e i p c b s a i l l l o t l o a s e , n a e S s rn t t a i a c n n . te d g d a i s _ s s c e _ o t - s unts- 3 1 5 7 , , , , 6 3 2 3 5 2 9 5 2 1 4 5 0 1 3 5 7 3 1 , , , , 1 8 3 3 3 3 2 7 6 9 8 0 7 3 8 7 4 1 5 , , , , 2 4 4 5 9 1 5 4 9 3 8 8 2 3 3 A L F G O o o d o th r a v l e d e n a i r s g n n a c a s e n b s s d e il t t l o d s s i , s . T e c r t o e c u a n s t u _ s r y _. __ 2 1 1 1 8 9 5 5 5 0 4 6 1 9 2 3 1 1 0 5 2 3 5 7 7 4 6 9 2 1 1 3 0 5 5 2 2 5 6 6 9 9 2 1 1 1 4 4 4 5 5 8 5 7 8 1 - . Deposits.... _. 2,598 2,438 2,178 Note circulation 405 416 406 356 Total notes and deposits ---______ 6,253 6,258 6,636 Deposits.- _ . _ .... _ 195 214 215 171 Miscellaneous liabilities 213 227 228 195 Banking Office, Czechoslovakia (millions of Czechoslovak crowns): Bank of Java (millions of florins): Gold and silver 1,071 1,032 1,031 1,029 Gold 183 144 134 Balances abroad and foreign cur- Foreign bills 21 26 18rency . _- 1,180 1,199 1,135 643 Loans and discounts 80 100 98 Bills discounted 648 748 694 1,083 Total principal earning assets 101 126 114 Advances on collateral..___ 422 458 474 553 OAA Note circulation 7,245 8,408 7,921 7,917 Deposits 40 32 90 Deposits..- 1,228 742 695 497 Total note and deposit liabilities- 393 376 367 Bank of Danzig (millions of Dan- Bank of Latvia (millions of lats): zig gulden): Bala F n o c r e e s i g w n i t b h i l B ls a , n e k tc of England- 1 1 5 7 1 1 7 7 1 1 6 8 1 9 3 F G o o r l e d ig — n . e .- x . change reserv „ e _.——„ 2 2 4 8 2 3 4 1 2 3 4 0 2 4 4 1 Tota L l o p a r n in s c a i n p d al d e i a s r c n o i u n n g t s assets 3 1 6 9 3 1 5 8 3 1 6 8 2 1 6 7 B Lo il a ls ns _ . . . . _ __ 6 5 3 2 5 64 2 5 63 0 4 5 7 1 N D o e t p e o s sits... . _ _ _ 3 5 2 3 4 5 3 5 3 3 6 0 N G o o t v e e r c n ir m cu en la t t i d o e n posits 2 75 9 2 73 9 2 72 9 2 8 8 0 Total note and deposit pliabilities. 37 39 38 36 Other deposits ... 49 52 51 45 National Bank of Denmark Bank of Lithuania (millions of li- (millions of kroner) : tas): Gold 209 209 209 209 Gold _ 32 32 32 31 Foreign bills, etc 70 90 111 35 Foreign bills 29 30 30 63 Loans and discounts . 117 121 115 270 Loans and discounts 50 49 48 38 Advances to State 16 22 25 40 Total principal earning assets 79 79 78 101 Total principal earning assets 203 233 251 345 Notes j 79 82 85 95 Notes. _. 403 438 434 456 Deposits. - . _ 25 24 24 30 Deposits. 40 68 77 67 Total notes and deposits . 104 106 109 125 Total note and deposit liabilities.. 443 506 511 523 Netherlands Bank (millions of Bank of Esthonla (millions of florins): Esthonian marks): Foreign exchange Gold 438 443 458 505 Gold abroad 532 Foreign bills 248 247 245 125 Cash in foreign currency 54 Loans and discounts 220 204 208 272- Loans in foreign currency 307 Total principal earning assets 468 451 453 397 Foreign correspondents ac- Notes 833 875 906 893 counts "Nostro" 257 Deposits _ _ 96 42 37 75- Loans and discounts . Total note and deposit liabilities. 929 917 943 968 Bills discounted 1,461 A C d o v rr a e n s c p e o s n o d n e n cu ts r ' r en a t c a c c o c u ou n n ts ts. 3,390 Ba ne n r k ) : of Norway (millions of kro- " Loro " in foreign currency . 126 Gold...., 147 147 147 147 Correspondents' accounts Foreign exchange 60 55 58 28 "Loro" 1 1 Domestic credits. . .. 298 320 302 395 Note circulation 1,776 Total principal earning assets.... 358 375 360 423 Deposits and correspondents' Notes.. 335 363 351 361 accounts « __ 1,657 Deposits 111 99 96 110 Of which due in foreign currency.. 185 Total note and deposit liabilities . 446 462 447 471 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

192 FEDERAL RESERVE BULLETIN MARCH, 1926 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued 1926 1925 1926 1925 Janu- De- No- Janu- Janu- De- No- January cember vember ary ary cember vember ary Heserve Bank of Peru (millions of National Bank of the Kingdom libras): ofSerbs, Croats, and Slovenes Gold at home , 4,050 3,938 4,124 4,179 (millions of dinars): Gold abroad 728 705 732 1,060 Gold _ 77 76 75 72 Bills 2,506 2,822 2,156 1,189 Foreign bills, etc 353 . 367 394 375 Note circulation 6,425 6,400 6,207 5,838 Loans and discounts 1,310 1,371 1,258 1,399 Deposits _ 648 973 602 Advances to State - 2,966 2,966 2,966 2,966, Note circulation. 5,783 6,063 6,017 5,795 Bank of Poland (millions of Deposits.-.. 568 491 614 676 zlote): Total note and d eposit liabilities 6,351 6,554 6,631 6,471 L N L C F G o i o u o o a r a r l t b e d e r n T P i i e s l g r r c n i n e i i t a t v r i a n e c e a s a d s u x t u c e l c i r d a c n h y t i o a i s f o u n c o n o r g n e u e t i , n g s _ - e n ts - t c c urren ._ c _ y _ _ . . 3 3 1 6 9 3 1 6 3 4 6 7 1 5 2 4 3 3 1 3 8 2 7 8 3 1 6 1 6 0 4 3 7 3 3 1 9 6 6 1 3 0 0 2 3 3 2 2 5 1 9 4 5 0 1 5 3 4 2 3 4 3 0 So ( u th T G t o h o o u t l s a d D N D F a l A o n e o o p r d p f m t r e r s e o i i e i n s s g o c s c . i n f a t . t i s i . p p n _ c b o a i b l u l i l n e R l s l a d s . e r s . n - s e i s n r t g v e r _ e a l i s n s _ g e B _ t ) _ s a : > nk 8 6 8 7 6 1 , , , , , , 1 1 6 0 4 3 3 0 6 1 4 1 1 9 4 8 5 4 8 6 6 7 8 1 , , , , , , 3 9 7 6 7 2 1 5 5 0 8 9 9 7 6 5 6 6 8 6 8 5 5 1 , , , , , , 9 9 7 2 4 1 7 4 8 7 7 4 6 9 3 0 8 8 1 1 4 3 2 1 5 1 , , , , , , 9 1 4 9 7 3 4 9 8 5 6 4 1 1 7 7 0 4 Bank of Portugal (millions of Total note and deposit liabilities _. 14,627 15, 552 14,732 16, 631 escudos): Bank of Spain (millions of pesetas): Gold _ 9 Gold...,-.... 2,537 2,537 2,537 2,536 Balances abroad 314 298 Balances abroad _ 29 28 28 31 Bills 171 154 Bills discounted 801 769 829 926 Note circulation 1,687 1,728 Note circulation 4,406 4,423 4,399 4,529 Deposits- 78 67 Deposits..—— _ 1,257 1,264 982 957 N l a io ti N G B D G n o s i o o e o n l o p l l t v a d s e o f e l s l c r e i B n i t i r m s ) a c : u n e l n k a t ti o l o o f n a R . n s uman - ia _ (m __ i _ l- . 2 1 8 8 0 7 , , , , 3 5 5 1 2 1 6 2 9 2 7 3 1 2 4 2 1 8 8 0 7 , , , , 5 3 4 2 1 6 8 2 1 5 6 1 6 9 5 1 1 7 7 9 6 , , , , 4 2 1 7 1 9 9 2 1 8 4 4 Ban T T G k o o o o t t l a a f d D N D F l l S o e o o n p w r p m t o r e e i o e t i n s e e s g d c s i n a e t i t s n i p n c b d a i l ( c l d m l e r s e e a , i p d l r e l o n i i t t s o i s c n i n t g s l i a o a s f b s k i e l r t i o s ti n e o s— r): 3 4 6 5 2 2 2 7 8 0 1 0 0 3 5 3 9 1 8 2 0 8 4 6 2 2 5 2 0 3 3 0 3 7 3 7 4 7 3 0 7 0 1 4 2 2 5 6 1 5 9 3 6 2 2 0 6 6 0 0 4 2 2 4 4 2 5 2 7 1 8 4 9 3 9 5 7 3 5 6 4 2 1 5 State Bank of Russia (note-issuing Swiss National Bank (millions of department; thousands of cher- francs): vontsi): Gold .... 447 467 456 506 Gold 17,723 18,239 18,265 14,914 Total principal earning assets 394 504 429 480 Foreign currency 4,966 4,887 4,858 10,248 Notes 876 876 819 825 Loans and discounts ... 51,851 52,315 52,322 31,289 Deposits- •. 103 127 96 164 Bank notes 75,992 78,136 78,650 55,025 Total note and deposit liabilities. 879 1,003 915 989 DISCOUNT RATES OF 31 CENTRAL BANKS [Prevailing rates, with date of last change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria _. 8 Jan. 28,1926 Esthonia 10 Jmy 1,1925 Japan 7.3 Apr. 15,1925 Portugal-..- 9 Sept. 12,1923 Belgium 7 Nov. 30,1925 Finland 7K Oct. 29,1925 Java 6 May 3,1925 Rumania. .. 6 Sept. 4,1920 Bulgaria 10 Aug. 31,1924 France 6 July 9,1925 Latvia 8 Feb. 16,1924 Russia . 8 Apr. —1924 Czechoslo- Germany 8 Jan. 12,iy26 Lithuania... Feb. 1,1925 South Africa 5M Nov. 21,1924 vakia 6 Jan. 13,1926 Greece 10 Aug. 18,1925 Netherlands 3M Oct. 2,1925 Spain 5 Mar. 23,1923 Danzig 8 Jan. 19,1926 Hungary... - 7 Oct. 21,1925 Norway _.—_ 6 Jan. 12,1926 Sweden 4M Oct. 9,1925 Denmark Sept. 8,1925 India 6 Dec. 3,1925 Peru 6 Apr. 1,1923 Switzerland. Oct.* 22,1925 England 5 Dec. 3,1925 Italy 7 June 18,1925 Poland 12 Aug. 12,1925 Yugoslavia. . 6 June 23,1922 Change: Bank of Danzig from 9 to 8 per cent on Jan. 19,1926, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

193 MABCH, 1926 FEDERAL RESERVE BULLETIN" FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] 1926 1925 12 m J o a n n t u hs a ry ended 1926 1925 12 m Ja o n n u t a h r s y — ended Jan- Decemuary ber 1926 1925 Janu- Decemary ber 1926 1925 France (million francs): Imports.. 4,483 5,546. 45,400 40, 810 Exports _ 3,868 4,629 45, 731 42, 323 Germany (million gold marks): IMPORTS Imports 733 765 12,597 10,005 Exports 801 798 8,944 6,847 By classes of commodities: United Kingdom (thousand £ TotaL_.-__- 416,766 397,330 4,297,880 •3,660,622 sterling): Imports 117, 689 134, 269 1,311,620 1,305,179 Crude materials *.-- 201,092 179,163 1,801,633 1,299,101 Exports _ 60,380 65, 769 764,415 805,783 F M S F o e i a n a m o n n i d s i i u s m m h f t e u a a a d c f n l f s t u m s u , f r a a e c c n d r t u u u f d r f a e e o c s , o t a u _ d n r s e d tu s f f o f o s. d -. 2 4 6 7 7 8 8 1 , , , , 8 6 1 0 2 3 4 7 6 2 0 6 4 2 6 74 8 7 8 , , , , 1 5 9 0 6 9 3 8 1 5 7 9 4 7 7 5 9 6 3 0 9 5 0 4 , , , , 4 3 7 5 3 6 5 8 5 9 8 2 4 7 5 6 5 5 6 1 4 0 6 5 , , , , 5 8 7 3 5 8 3 5 6 5 0 0 J C a a p n a I E R a n m d x e a ( e p p m x o o ( p i r r t l h t t o l s s i o r o t u s n s a y n e d n ) d : ollars): _. 8 6 1 5 9 1 , , , 7 7 7 1 4 3 6 2 6 1 7 1 7 4 6 6 , , , 9 3 6 1 9 4 8 9 4 1, 9 1 2 0 5 9 1 2 2 , , , 8 8 6 6 2 1 9 8 5 1, 7 1 0 9 3 7 9 9 6 , , , 9 9 2 5 4 5 5 3 6 By c T o o u t n a F t l r r i E a e n u s c : r e ope „• 11 1 1 2 , , 8 2 2 1 6 0 1 1 1 5 5 , , 6 2 4 5 2 7 1,2 1 4 5 4 6 , , 6 30 1 2 1 1, 1 1 5 1 0 0 , , 7 9 7 0 4 8 I E m x p p o o r r t t s s. 2 1 0 6 5 6 2 1 0 8 7 5 2 2 , , 5 3 4 2 9 4 2 1, , 8 4 4 6 3 7 Germany. 16,006 21,387 168,865 139,415 Italy _____ 8,554 9,452 102,292 77,482 12 months ended United Kingdom 34,620 36, 746 412,095 370,869 1925 December— Total North America 73, 559 79,338 976,593 997,521 Tota C l a S n o a u d t a h America 3 5 5 3 , , 5 5 1 7 8 6 4 4 2 7 , , 6 9 7 2 6 9 4 5 5 3 6 0 , ,3 9 5 0 3 4 4 4 0 6 0 9 , , 1 3 5 6 7 0 De b c e e r m - No b v e e r m- 1925 1924 Argentina..'. 7,678 7,146 81,317 77^722 Total Asia and Oceania 162,083 145,047 1,449,332 1,009,894 Japan 40,407 39,177 393,617 338j 551 Denmark (million kroner): Total Africa ..._• -_. 16,397 9,989 97,890 71; 940 Imports _ 153 153 2,095 2,366 Exports _ 132 126 1,966 2,155 EXPORTS Czechoslovakia (million crowns): By cla T ss o e t s a o l- f commodities: 397,196 468, 3034, 860, 598 4, 642,254 I E m x p po o r r t t s s .•_ 1 1 , , 9 9 5 7 0 9 1 1 , , 8 8 0 2 8 8 1 18 7 , , 5 7 9 7 4 9 1 17 5 , , 0 8 3 6 5 2 Esthonia (million Esthonian Crude materials * 113, 925 153,320 1,372,494 1, 368,385 marks): F M R S F o e i e a n a m o e n n i d x s i i u s m p m h f t o e u a a a d r f c l n t f s t s u s m u , f r a a c e c n r d t u u u d f f r a o e e c o , s t d a u s n r t d e u s ff f s o o _ d -. 1 4 5 5 1 7 1 8 5 9 , , , , , 0 8 7 8 7 7 8 5 4 0 7 8 3 8 5 1 2 5 5 7 5 9 1 2 6 , , , , , 1 1 6 6 7 3 8 7 1 0 9 7 5 9 5 1,8 3 5 65 6 0 9 6 6 7 3 4 7 , , , , , 1 3 5 2 3 3 3 8 9 1 1 5 3 7 2 1, 4 5 6 5 0 1 9 6 4 4 3 9 8 , , 3 , , , 2 0 7 7 1 3 4 8 0 0 1 3 3 5 7 H Fi u n n l I I E E a g m m n x x a d r p p p p y o o o o ( r r r r m t t t t s s s s i l ( li t o h n o u f s i a n n m d a rks) g „ : o ld 1,0 7 3 6 0 7 9 2 4 9 7 7 8 9 4 5 4 0 9 3 9 9 0 6 9 9 5 5 , , , , 5 6 5 6 1 7 5 6 3 0 5 5 4 8 7 4 , , , , 9 7 8 0 1 7 6 5 5 1 6 0 By c T o o u t n a F G t l r r e i E a e r n u s m c : r e a o n p y e..-,- 1 2 2 9 9 5 9 , , , 7 5 7 3 9 3 1 4 7 2 2 3 4 5 8 6 , , , 9 2 1 8 1 6 3 8 0 2, 2 4 5 8 4 3 1 6 4 , , , 0 3 2 3 5 9 5 5 5 2, 2 4 5 8 4 1 7 9 2 , , , 0 0 6 5 3 7 1 4 8 Ita c l r y o I E m w x (m n p p s o i o ) l r l r : i t t o s s n . . . - l . i . r . e ): __ | 6 6 6 9 , , 1 3 1 0 2 4 7 7 9 1 , ,9 8 2 3 3 1 7 74 0 2 1 , ,3 2 3 1 9 1 7 5 0 7 2 5 , , 8 0 0 1 6 0 T T T T o o o o t t t t a a a a J A I U C l l l l a t a r a n A p N A S g n l i a o f y t s e o a n r e i u n . i d r a d c t t t a h h a i a n K n A a A d i m n m g O e e r d i c r c o i e a _ c m — a a n _ i ™ a --_.. 8 8 4 3 2 1 6 1 7 8 2 7 4 3 6 4 4 , , , , , , , , , 1 3 4 7 4 5 3 9 7 5 0 3 2 8 4 8 3 7 9 7 5 0 8 5 2 2 5 1 4 9 7 1 5 2 1 1 3 9 2 1 7 1 6 4 6 , , , , , , , , , 5 9 8 4 6 8 8 1 2 2 4 7 7 4 0 4 3 6 9 5 1 9 9 1 4 2 9 1 1, , 4 6 2 6 1 0 1 1 9 0 5 2 8 4 0 9 5 0 8 9 4 6 2 6 1 0 , , , , , , , , , 3 0 6 7 3 7 8 4 7 4 1 7 4 4 0 7 4 7 6 5 0 6 9 3 8 2 8 1 1 , , 3 6 6 0 1 2 1 0 2 2 6 4 9 2 3 9 1 0 4 2 9 3 1 2 2 1 , , , , , , , , , 2 9 8 3 1 0 3 9 2 1 4 1 3 2 2 9 5 1 1 6 7 7 2 5 4 7 7 N N Po o e l t r a h w I I I E E E n m m m e x x d x a r p y p p p p l p a ( o o o o o o t n ( r r r r h r m r d t t t t t o s t s s s s s s i u l . . l . ( s . i m a o .— n n i d l _ l k i o z r l o n o n g t e e u r ) i : ) l : d . e . r „ s . ) . : . 2 1 ,4 , 1 7 2 4 4 9 7 8 0 1 2 4 2 5 5 2 1, , 7 0 1 1 1 0 0 9 7 4 0 7 6 9 7 8 8 2 1 2 6 1 1 1 8 , , , , , , 8 4 4 1 0 2 0 0 5 5 4 7 8 1 7 5 5 7' 1 1 2 1 9 1 1 4 , , , , , 3 0 3 5 6 3 1 6 8 4 6 6 8 8 4 8 1 4 - Imports..__. 83, 517 84,179 1,666,062 1,478,378 Includes miscellaneous. Exports- - 186,808 154, 505 1, 396,612 1, 265,862 Russia (thousand rubles): Imports-... 55,900 66,400 736,934 Exports 42,400 53,900 559,447 Sweden (million kronor): Imports 120 148 1,436 1,424 Exports 117 127 1,357 1,261 Switzerland (million francs): Imports 252 2,634 2,504 Exports—.. 157 154 2,039 2,007 Australia (thousand £ sterling): Imports —... 14,775 15, 501 158, 980 145,429 Exports 14,675 14, 846 154,477 137,728 gypt (thousand Egyptian pounds): Imports 5,287 675 58, 225' 50,737 Exports 6,750 8,037 59, 210 65,734 India (million rupees): Imports 161 187 2,261 2,436 Exports 315 305 4,067 3,828 South Africa (thousand £ sterling): Imports-. I 6,270 6,385 67,604 66, 240 Exports —. 9, 266 7,454 73,822 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

194 FEDERAL RESERVE BULLETIN MARCH, 1926 INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES Statistics of industrial and commercial activ- entire year are presented below, continuing the ity for England, .France, Germany, and Oan- series which appeared on page 896 of the for the fourth quarter of 1921 and for the December BULLETIN. ENGLAND 1925 Year De b c e e r m- No b v e e r m- October q F u o a u r r t t e h r q T u h a i r r t d er q S u e a co rt n e d r qu F a ir r s t t er Year 1924 Production: Coal (thousand long tons) _ 20,157 19,718 i 23,679 63,554 59,094 67,735 246,671 269,134 Pig iron (thousand long tons) _ 503 494 474 1,471 1, 1,655 1,724 6,236 7,319 Steel ingots and castings (thousand long tons)._ 607 654 652 1,913 1,708 1,835 1,942 7,398 8,221 Raw cotton, visible supply2 (thousand bales)... 1,243 1,091 871 1,243 940 1,263 1,243 1,181 Foreign trade: Exports- Iron and steel and manufactures (thousand long tons) i- 341 322 369 1,032 936 3,731 3,851 Cotton manufactures (million yards) _ 386 329 371 1,086 1,087 1,054 1,253 4,480 4,485 Coal (thousand long tons) 4,632 4,338 4,382 13,352 11,616 12,747 13,102 50,817 61,651 Imports- Raw cotton (million pounds) 287 237 181 706 311 665 1,891 1,578 Raw wool (million pounds) 86 47 32 165 99 230 < 235 729 760 Raw hides, wet (thousand pounds)-. 10,755 11,884 8,935 31,574 33,448 37,229 30,541 132,792 129,726 Transportation: Ships cleared with cargo3 (thousand tons) 5,082 5,113 5,727 15,922 15,688 15,455 15,204 62,269 65,299 Freight-train receipts (thousand pounds sterling)..^ 8,805 9,217 25,586 24,938 26,620 106,583 Freight-train traffic (million ton-miles) 1,524 1,610 4,493 4,356 4,700 19,082 Unemployment: Among trade-unionists (per cent)* 11.0 11.0 11.3 11.1 11.3 10.6 9.1 10.5 8.1 In insured trades (per cent)* _ 10.5 11.0 11.4 10.9 11.8 11.2 11.2 11.3 10.4 Capital issues (thousand pounds sterling) 22,714 31,874 26,362 80,950 54,890 98,921 108,301 343,062 242,529 1 Five weeks. 3 Figures include Irish Free State. 2 End-of-month, end-of-quarter, and end-of-year figures. * Figures for quarters and years are averages. FRANCE 1925 Year De b c e e r m- No b v e e r m- October q F u o a u r r t t e h r q T u h a i r r t d er q S u e a co rt n e d r qu F a ir r s t t er Year 1924 Production: Coal* (thousand metric tons) 5,807 5,168 5,503 16,478 14,592 14,843 15,711 61,624 Pig iron (thousand metric tons) ___. 748 740 739 2,227 2,154 2,095 1,995 8,471 7,666 Crude steel (thousand metric tons) __ 659 647 668 1,974 1,874 1,783 1,784 7,415 6,906 Cotton stocks at Havre2 (thousand bales) 194 144 194 73 148 213 194 178 Foreign trade: Exports— Total volume (thousand metric tons) 2,648 2,537 2,453 7,638 7,402 7,304 7,828 30> 117 29,388 Imports- Total volume (thousand metric tons) 4,006 4,643 12,634 12,169 11,207 11,438 47,448 56,592 Raw cotton for consumption (metric tons) 64,488 31,871 23,774 120,133 47,558 71,688 109,778 349,157 301,975 Raw silk (metric tons) 834 685 1,411 1,297 1,148 6,545 Coal (thousand metric tons)__ __. 1,596 2,041 4,483 4,067 4,656 25,107 Transportaton: Ships cleared with cargo (thousand tons) 2,805 2,902 3,413 9,120 10,232 7,793 36,834 32,579 Railway receipts (thousand francs)— 997,533 755,764 807,393 2,560,687 2,764,849 2,331,414 2,115,801 9,772,751 8,740,873 Freight-car loadings (average daily number) 65,957 65,343 60,796 59,191 62,568 61,958 Unemployment: 63,531 66,542 61,377 Number in Paris receiving aid 3 103 191 75 171 417 191 Demands for employment not filled (number 191 78 278 men in France^ 7,264 5,206 6,338 9,692 5,206 5,206] 7,070 6,452 i Coal aiid lignite, including Lorraine and the Saar. * Bale ol 50 kilos. End-of-month, end-of-quarter, and end-of-year figures. 3 End-of-month, end-of-quarter, and end-of-year figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL, RESERVE BULIJETTH 195 GERMANY 1925 Year Decem- Novem- Fourth Third Second First 1924 ber ber October quarter quarter quarter quarter Year Production: Coal (thousand metric tons) 11,367 11,189 11,950 34,506 33,656 33,876 132,528 118,829 Lignite (thousand metric tons) 12,712 11,940 12,759 37,411 35,062 31,544 35,609 139,626 124,360 Pig iron (thousand metric tons) _ ___ 717 760 742 2,219 2,387 2,798 2,774 10,178 7,812 Crude steel (thousand metric tons).... 764 876 928 2,568 2,810 3,288 3,546 12,212 Foreign trade: Exports— , Iron and its manufactures (metric tons) I 374,706 321,694 358,831 1,055,231 864,321 765,293 873,952 2,558,797 1,951,099 Machinery and electrical supplies (metric tons) ___ ____ 37,854 39,212 50,230 127,296 124,975 119,581 103,723 475,575 361,718 Dyes and dyestuffs (metric tons) _ 11,358 12,666 14,289 38,313 35,628 34,631 30,110 138, 682 103,671 Coal (metric tons) 1,014,911 1,029,540 3,207,817 3,913,806 3,395,326 3,128,900 13,645,«49 2,795,090 Imports- Raw wool (metric tons) 16,361 6,121 12,466 34,948 25,349 30,779 43,477 134, 553 147,157 Silk, half manufactured (metric tons) 431 448 833 1,712 2,241 2,038 2,076 8,067 5,452 Cotton (metric tons) 40,629 49,416 126, 740 55,-653 81,567 111, 653 375, 613 276,680 Iron ore (metric tons).. ] 665,082 655,907 817,994 2,138,983 3,938,194 3,465,122 2,945,208 12,487,507 3,314,601 Coal (metric tons) _ 505,326 626,777 556,203 1,688,306 1,169,504 2,256,169 2,494,386 7, 608, 365 13,202,087 Ship arrivals in Hamburg (thousand net reg. tons). 1,277 1,305 1,419 4,001 4,150 4,380 4,105 16,636 15,540 Freight-car loadings (thousand tons) _. _.„_ 15,122 13,680 14,620 41,771 Unemployment: Number receiving State aid * . 1,497,516 673,315 363,961 1,497,516 266,078 195,099 465,761 1,497,516 535,529 Among trade-unionists (per cent)2 19.4 10.7 5.8 11.9 4.2 3.8 7.1 6.8 13.1 Business failures ____.. .—•_.. 1,660 1,343 1,164 4,167 2,462 2,260 2,295 11,184 6,043 1 End-of-month, end-of-quarter, and end-of-year figures. 2 Figures for quarters and years are averages. CANADA 1925 Year Decem- Novem- Fourth Third Second First 1924 ber ber October quarter quarter quarter quarter Year Production: Pig iron (thousand tons) _ ______ 55 74 197 169 122 570 Crude steel (thousand tons)___ 62 73 109 244 85 252 172 753 651 Railway receipts (thousand dollars).. _ 3 35,838 43,771 46,615 8126,224 111,611 86,944 3 415,740 406,060 Unemployment among trade-unionists (per cent)1.- 7.9 5.7 5.1 6.2 5.1 7.3 9.4 5.4 7.2 Busmess failures (number)1. .. » 54 45 45 47 42 57 45 47 Authorized capital of new companies (thousand dollars^ 18, 788 11,676 58,564 29,676 16,616 19,893 12,637 19,704 12,822 Bond sales (thousand dollars) _ 36,358 19,215 11,816 67,389 186,622 87,748 141,775 483,534 580,693 Receipts of wheat at Fort William and Port Arthur (thousand bushels) „ __._ 51,535 53,226 158,214 53,528 19,256 18,798 249,796 194,902 Receipts of livestock at stockyards in Toronto and 53,453 Winnipeg: Cattle (number) __ _ _ 88,560 83,129 230,264 189,144 128,476 128,538 676,422 622,524 Hogs (number) __._ 58,575 61,240 48,917 179,055 137,986 208,367 272,110 797,518 838,025 Foreign trade: Exports- Planks and boards (million feet) 165,097 194,564 210,774 570,435 507,816 423,975 2,184,912 2,051,925 Preserved fish (thousand pounds) 17,293 18,900 20,123 56,316 41,819 18,229 28,074 144,438 140,673 Wood pulp (thousand pounds)... :_ 195,675 198,421 580,933 490,196 400,687 447, 519 1,919, 335 ,1,563,958 Wheat (thousand bushels) 57,008 34,840 ,41,896 133,744 44,309 29,620 14,672 222,345 214,630 Imports- Coal (thousand tons) .___.. 1,377 1,308 1,499 4,184 4,921 3,412 3,832 16,349 16,724 Raw cotton (thousand pounds) 19,371 15,649 10,582 45,602 14,248 23,221 37,977 121,048 •92,913 Machinery (thousand dollars) _ 2,453 2,375 2,782 7,610 8,330 7,371 6,847 30,158 25,470 * Figures for quarters and years are averages. 2 Average for weeks reported. 3 Approximate figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

196 FEDEKAL BESERVE BULLETIN MARCH, 1926 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES With this issue of the FEDERAL RESERVE the exchanges have become less important, and, BULLETIN the Board discontinues the publica- with the reestablishment in 1925 of the gold tion of its indexes of wholesale prices in Eng- standard in England and in other countries, land, Canada, and Japan, and of the index for the Board has decided to depend for its inforthe United States, compiled for the purpose of mation on price movements in England, Cancomparison with the price levels in these ada, and Japan, on the indexes compiled in countries. The compilation and publication these countries and regularly included in the of these indexes for the purpose of facilitating table on wholesale prices in principal countries. international comparisons were undertaken by With this issue of the BULLETIN the Federal the board in 1920, when widespread monetary Reserve Board's regrouping of the wholesale disorganization prevailed. Since that time price index of the Bureau of Labor Statistics price fluctuations caused by the instability of is also discontinued. WHOLESALE PRICES ALL COMMODITIES lPre-war=100] Europe Y m ea o r n a th nd A b ( u a g s s o i t l s r d i ) a g B iu e m l- g B a u ri l a - C va z s e k lo c ia h - o * - m D a e r n k - l T (B E l r a a o o n n d a g f d e r - d ) l F a i n n d - B S t u t i a c re t a i F a l s u r - an F a B c s l e e e o r d R a v e r e e r d - - ( B F S m u e t G t r d i a a e c e e t a n a i r r s u a l y - - ) l b H ( g a g a u s o r i n l y s d - ) Italy N la e n th d e s r- ( N w O o s a l r y o - ) Poland 1925 January 147 559 3,275 1,045 234 171 1,137 514 456 138 159 658 160 279 120 February. 146 551 3,309 1,048 234 169 1,141 515 457 137 152 660 158 281 121 March 143 546 3,272 1,034 230 166 1,131 514 463 134 145 659 155 276 122 April 139 538 3,244 1,020 220 163 1,133 513 460 131 144 658 151 267 119 May 138 537 3,177 1,006 216 159 1,122 520 467 132 141 660 151 260 118 June _ 141 552 3,225 998 216 158 1,129 543 483 134 141 683 153 258 119 July 137 559 3,041 1,009 206 158 1,118 557 490 135 136 707 155 254 120 August 131 567 2,870 993 189 157 1,142 557 491 132 134 731 155 245 124 September 127 577 2,834 996 168 156 1,133 556 482 126 135 721 155 231 127 October 127 575 2,823 989 163 155 1,121 572 482 124 131 716 154 221 128 November 125 569 2,822 977 158 154 1,118 606 498 121 129 712 154 217 137 December 125 565 2,913 977 160 153 1,120 633 518 122 130 715 155 218 155 1926 January 122 560 2,901 966 157 151 634 527 120 708 214 161 February 950 151 118 211 Europe—Continued North and South America Asia : d Oceania Africa United Year and month Russia i Spain 3weden S l w an it d ze ! r- o (B S S f t t L u a a r a t t e i e b s a s o - u rCanada Peru t A ra u l s ia - ( C S h h h a a i i n n ) a g- D I E n u d a t i s c e t h s . c I ( n u C d t a t i a l a - ) J k ( a T y p o o a ) - n Ze N a e la w nd E (C g a y ir p o t ) A So fr u ic th a tics) 1925 January 172 191 169 171 160 166 199 163 160 178 171 213 178 157 130 February 178 192 169 171 161 165 194 163 • 159 177 172 210 175 161 March 183 193 168 170 161 162 206 160 160 176 168 204 175 155 April 195 190 163 166 156 157 206 158 159 175 169 202 175 154 130 May 197 191 162 163 155 159 200 159 158 174 164 199 175 151 June 191 187 161 162 157 159 200 163 157 173 157 200 174 150 July 188 188 161 161 160 158 198 162 163 175 160 198 175 151 127 August 175 184 159 160 160 160 200 162 160 176 157 200 175 151 September 173 185 157 159 160 157 205 162 160 175 158 201 175 152 October.. 174 187 154 159 158 157 205 163 159 175 160 200 176 153 124 November 175 186 155 157 158 161 204 165 158 164 198 176 145 December 179 187 156 157 156 164 203 170 158 163 194 140 1926 January 183 153 156 156 164 164 163 192 134 February 190 155 163 i 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

MARCH, 1926 FEDERAL RESERVE BULLETIN 197 GROUPS OF COMMODITIES (Pre-war=100) UNITED STATES—BUREAU OF LABOR STATISTICS Year and month A m l o l d c i o ti m es - pr F o a d r u m cts Foods c C lo a l t o n h t d i h n s g lig F a h n u t d e in l g p M r m o a e e d n t t u d a a c l l s ts m Bu at i e ld ri i a n l g s C d c a h r a n e u l d m g s s i- n H is f o h u u r in - se gs l M an is e c o e u l s - 1925—January. _. 160 163 160 191 168 136 179 135 173 127 August 160 163 159 190 170 127 172 135 169 138 September. 160 160 160 189 .169 127 174 136 168 135 October-... 158 155 158 190 172 128 174 135 168 138 November 158 154 160 188 175 130 176 135 166 142 December. 156 152 157 187 175 130 177 135 166 138 1926—January.... 156 152 156 186 177 129 178 133 165 135 ENGLAND—BOARD OF TRADE Year and month A m l o l d c i o ti m es - T fo o o ta d l Cereals M a fi n e s d h at O fo t o h d e s r T f n o o o o t t a d l s I a r te n o e d n l m m O i a n e t n e h ta d r e a l r s ls Cotton te O x t t h il e e r s a O rti t c h l e e r s 1925—January... 171 179 187 170 180 167 135 142 230 214 162 August—.. 157 166 164 161 174 152 123 132 207 177 157 September 156 166 159 166 170 151 121 130 204 179 157 October. _. 155 164 148 167 176 150 120 131 194 181 158 November 154 165 152 167 175 148 119 130 182 181 158 December. 153 167 158 173 169 146 118 131 175 178 156 1926—January... 151 162 154 165 167 146 119 131 175 176 153 FRANCE—STATISTICAL BUREAU Year and month m Al o l d c i o ti m es - fo A o l d l s A f n o i o m ds al V f e o g o e d t s a- S c c o u o f g c fe o a e a r , , m d A u a l s t l e t r i r n i i a a - l l Minerals Textiles Sundries 1925—January... 514 465 452 490 426 554 464 760 511 August 557 501 500 496 500 603 519 808 557 September. 556 492 486 490 495 608 522 807 566 October. __ 572 491 485 496 480 637 585 830 578 November. 606 510 496 522 502 682 606 928 611 December. 633 538 535 537 529 709 622 953 647 1926—January... 634 543 532 544 548 707 627 941 GERMANY—FEDERAL STATISTICAL BUREAU Fats, Colonial All com- Total Grains sugar, goods, Total in- Hides Metals Coal Year and month modities pro fo d o u d cts and m a e n a d t, c co o f c f o e a e , , p d r u o s d t u ri c a t l s lea a t n h d ers Textiles mi a n n e d rals i a r n o d n fish etc. 1925—January ... 138 137 133 178 140 138 212 135 122 August 132 130 120 147 175 135 123 190 134 121 September. 126 121 106 150 181 135 125 189 132 121 October... 124 118 103 146 181 134 123 192 131 120 November. 121 115 99 142 181 133 120 188 130 120 December. 122 116 103 137 183 131 116 182 128 120 1926—January... 120 115 102 134 185 131 113 177 128 120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

198 FEDEEAL BESERVE BULLETIN MAECH, 1926 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war*=100] European countries Other countries United c S i t t ( a i 5 e t 1 e s s ) (V A i u e s n t n ri a a )i g B iu e m l- 2 g B a u ri l a - l E an n d g - 3 F (P ra a n ri c s e ) m G a e n r- y G ( e A r n e t s e h ) c - e 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 3 - l S a z w n e d r i - t - < a C d a a n 3 - t A ra u l s i - a ( I b B n a d o y i m ) a - l N Z a e e n a w d - A So fr u ic th a 1925 Jan 151 27,168 140 3,131 178 408 137 1,506 590 156 •277 205 172 145 148 152 147 120 Feb.- 148 27,065 137 3,163 176 410 145 1,510 610 157 283 208 172 147 149 152 146 120 Mar... 148 26,796 134 3,128 176 415 146 1,562 624 157 284 211 171 145 151 155 149 121 Apr. _. 148 26,448 127 3,100 170 409 144 1,478 620 155 276 217 169 142 152 153 149 124 May... ' 149 27,037 122 3,032 167 418 141 1,443 599 154 265 221 168 141 154 151 150 123 June... 152 27,031 127 3,083 166 ' 422 146 1,516 599 152 261 219 189 141 155 149 149 122 July... 157 26,550 130 2,906 167 421 154 1,515 602 152 260 218 169 141 156 152 151 120 Aug... 157 25,739 135 2,744 168 423 154 1,511 621 152 254 210 169 146 156 147 152 119 "Sept.— 156 25,294 140 2,710 170 431 153 1,544 643 152 241 208 170 146 156 146 153 118 Oct.... 158 25,186 144 2,698 172 433 151 1,597 646 149 228 215 168 147 157 148 155 119 Nov.__ 164 25,108 146 2,698 172 444 147 1,676 649 149 223 217 168 151 156 149 156 117 Dec_.. 162 25,373 148 2,785 174 463 146 660 155 221 224 167 156 155 151 116 1926 Jan - 161 141 2,773 171 480 139 681 148 216 226 165 157 151 116 Feb 168 139 212 230 150 COST OF LIVING [Pre-war=100] European countries Other countries Massas c e h t u t - s g B iu e m l- C v o z a s e k lo c i h a - - l E a n n g d - i t n E h i o s a - - l F a i n n d - F (P ra a n ri c s e )m G a e n r- y G ( e A r n e t s e h ) c - e H ga u r n y -I ( l t a M a n l i ) y - N la e e n r t d - h s - N w o a r y - l P an o d - Spain S d w en e- l S a z w n e d r i - t * - a C d a a n 1 - A t l r i u a a s - - ( I b B n a o d y m i ) a - A So fr u ic th a 1925 Jan 158 521 899 180 113 1,199 124 1,417 141 580 150 188 178 173 149 157 133 Feb... 157 517 911 179 110 1,191 136 1,420 135 592 151 189 ' 172 150 157 133 Mar.. 158 511 904 179 114 1,210 386 136 1,449 132 602 179 271 151 192 172 148 "IBo" 159 133 Apr... 158 506 901 175 112 1,201 137 1,419 130 600 149 191 177 170 147 158 134 May.. 158 502 894 173 111 1,176 136 1,408 131 591 147 188 170 146 156 134 June.. 159 505 914 172 112 1,191 390 138 1,448 130 596 179 259 148 190 170 146 "I53" 154 134 July.. 160 509 916 173 114 •1.218 143 1,472 126 598 152 190 176 170 146 157 133 Aug... 161 517 894 173 112 1 1.266 145 1,484 127 610 151 190 170 148 152 132 Sept.. 161 525 884 174 110 1,242 401 145 1,503 126 624 179 248 152 190 170 148 'ill' 151 132 Oct... 162 533 875 176 108 1,228 144 1,547 124 643 155 189 175 168 149 153 132 Nov.. 162 534 863 176 107 1,227 141 1,610 123 643 158 186 168 152 153 131 Dec... 165 534 866 177 109 1,197 421 141 1,644 123 649 177 234 173 183 168 154 155 131 1926 Jan . 527 854 175 1,166 140 122 665 176 174 167 155 155 131 Feb... 526 173 139 154 - i 1 January, 1921=100. 3 First of the month figures. «1921=100. 4 Revised index. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL -RESERVE. BULLETIN 199 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOR JANUARY, 1926, AND DECEMBER.11925 [Amounts in thousands of dollars] Total bills ti e a s nd securi- Total cash reserves Total deposits Fede i r n a l ci r r e c s u e l r a v ti e o n notes Reserve percentages Federal reserve bank January December January December January December January December January December Boston 128,673 143,170 191,588 192,991 148,192 145,819 162,934 177,393 61.6 59.7 New York 245,922 326,247 1,030,504 955,331 872,556 874,168 372,469 376,215 82.8 76.4 Philadelphia....._. 91,284 97,197 216, 724 221,819 137,443 135,161 148,057 161,026 75.9 74.9 Cleveland 105,029 127,804 306,099 303,991 177,700 177,292 215,544 236,283 77.8 73.5 Richmond 51.912 55,660 106,707 112,425 70,956 70, 060 85,034 93,555 68.4 68.7 Atlanta. _ 102', 598 114,634 144,451 133,813 83,104 81,954 162,771 166, 522 58.7 53.9 Chicago 162,760 173,177 350,208 333,915 327,433 326,115 172,285 166,134 70.1 67.8 St. Louis. 67,946 72,341 61,063 57,471 86,804 84,552 38,409 39,712 48.8 46.2 Minneapolis. 34, 384 42,714 93,443 87,070 55,560 55,747 67,389 69,915 , 76.0 69.3 Kansas City 68,056 69,576 94,157 94,925 91,912 92,235 69,768 72,580 58.2 ( 57.6 Dallas 63,163 72,014 52,628 50,409 64,389 64,472 43, 975 48,793 48.6 44.5 San Francisco.- .. 109,610 134,198 274,926 261,631 173,249 173,909 198,018 209,345 74.1 68.3 Total: 1926-25 1,231,337 1,428,732 2,922,498 2,805,791 2,289,298 2,281,484 1,736,653 1,817,473 72.5 68.5 1925-24 1,072,077 1,220,706 3,072,677 3,056,709 2,276,911 2,255,346 1, 754,356 1,884,318 76.2 73.8 1924-23- 1,000,668 1,200,351 3,241,596 3,168,984 1,979,913 1,931,408 2,112,873 2,292,306 79.2 75.0 1923-22 1,191,191 1,304,433 3,201,969 3,166,019 1,981,717 1,891,457 2,288,527 2,415,515 75.0 73.5 1922-21 1,304,165 1,517,194 3,043,984 2,994,982 1,800,989 1,755,226 2,272,057 2.416,096 74.7 71.8 1921-20 3,034,655 3,313,502 2,287,274 2,221, 573 1,822,600 1,821,746 3,177,656 3,342,520 147.5 144.7 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 P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - Gold with Federal reserve Jan. 27 _. 1,511, 514 80,293 439, 750137,045 190,823 67,034 112,576 129,618 14,553 64,825 52,014 23,486 199,497 Feb. 3 _. 1,450,287 77,424 389,648 132, 644189,794 57,344 113,942 129, 550 14,082 64,795 50,958 27,034 203,072 Feb. 10.... ._______. 1,433,149 84,311 339, 535130,245 191,177 61,203 124,694 129, 522 17,404 64,162 49,937 25,330 215,629 Feb. 17 1,397,967 96,166 299,535 126, 501190,910 59,625 126,273 129,522 16,765 64,497 49,360 25,685 213,128 Gold redemption fund with U. S. Treasury: Jan. 27.., 49,604 10, 999 8,083 8,042 1,512 2,525 3,399 5,538 1,: 1,562 1,874 1,923 2,858 Feb. 3—... 46,135 7,857 6,974 11,333 1,992 3,562 4,396 1,195 1,261 2,461 1,515 2,493 Feb. 10...... 51, 702 9,715 10, 527 12,353 1,'834 2,178 3,488 2,872 1,509 2,986 1,449 2,108 Feb. 17........ 45,009 7,165 13,935 5,132 715 2,543 2,770 5,518 810 3,042 1,277 1,440 Gold held exclusively against Federal reserve notes: Jan. 27... 1, 561,118 91,292 447,833 145,087 192,335 69, 559115,975 135,156 15,842 66,387 25,409 202,355 Feb.,3 _. 1,496,422 85,281 143,977 190,890 59,336 117,504 133,946 15, 277 66,056 53,419 28, 549205,565 Feb. 10.. 1,484,851 94,026 350,062 142,598 193,011 63,381 128,182 132,394 18,087 65,671 52,923 26,779 217,737 Feb. 17.. 1,442,976 103,331 313,470 131,633 191,625 1.29,043 135,040 17,427 65,307 52,402 26,962 214, 568 Gold settlement fund with Federal Reserve Board: Jan. 27... 578,327 30,605 192,512 35,448 64,659 20,793 25,168 111, 143 14,709 18,013 29,188 13,327 22,762 Feb. 3.-._ 633,596 52,496 188,261 35, 562 63,743 30,154 31,227 127,714 18,152 16, 111 30,622 15,353 24,201 Feb. 10.. 650,304 39, 841 215,915 32,333 66,142 32,874 32,177 124,190 18,729 15,689 29,646 17,011 25,757 Feb. 17.. 60,645 212,787 37,932 59,742 33,350 36,023 130,604 12,957 19,190 31,451 18,881 34,564 Gold and gold certificates held by banks: Jan. 27 661, 709 42,454 375, 358 30,765 49,322 3,619 3,663 15,968 7,362 4, 9,255 Feb. 3... 661,914 39,063 379,591 31,534 49,387 3,849 3,812 80,885 16,314 6,904 5,319 8,875 36,381 Feb. 10....— - 659, 638 36,818 384,173 29, 739 47,494 3,798 4,462 76,326 17,826 6,763 4,992 9,816 37,431 Feb. 17-.... — ... 658,194 40,166 383, 885 30,188 48,260 4,331 2,770 71, 976 16,632 6,844 5,172 9,905 38,065 Total gold reserves: Jan. 27.. 2, 801,154 164,351 1,015, 703211,300 306,316 93, 971144,806 328, 945 46, 519 91,762 88,065 47,991 261,425 Feb. 3... 2,791,932 176,840 964,474 211,073 304,020 93,339 152, 543342,545 49,743 89,071 52,777 266,147 Feb. 10.- 2,794,793 170,685 950,150 204,670 306, 647100,053 164,821 332,910 54,642 88,123 87,561 53, 606280,925 Feb. 17.. 2, 789,296 204,142 910,142 199, 753299,627 99,849 167,836 337,620 47,016 91,341 89,025 55,748 287,197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

200 FEDERAL RESERVE BULLETIN MARCHV1926 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued {In thousands of dollars] Total Boston Y N o ew rk P p d h h e i l i l - a a- C l l a e n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - Reserves other than gold: Jan. 27... 152,053 19,117 39,224 3,343 8,637 9,544 9,942 23,371 17,572 2,739 5,245 6,215 7,104 Feb. 3. 147,328 18,764 37,861 3,340 9,038 8,137 9,971 22,164 17,266 2,853 4,966 6,137 6,831 Feb. 10 144,422 17,827 38,125 4,016 7,165 7,973 9,212 21,766 17,772 2,828 5,015 6,252 6,471 Feb. 17 150,860 19,440 40,882 4,741 8,475 7,544 9,859 21, 631 17,705 2,869 5,040 6,211 6,463 Total reserves: Jan.27.. 2,953,207 183,468 1,054,927 214,643 314,953 103, 515 154, 748 352,316 64,091 94,501 93,310 54,206 268,529 Feb. 3. 2,939,260 195, 604 1,002,335 214,413 313,058 101,476 162, 514 364, 709 67,009 91,924 94,326 58,914 272,978 Feb. 10.: . 2,939,215 188, 512 988,275 208, 686 313,812 108,026 174,033 354,676 72,414 90,951 92,576 59, 858 287,396 Feb. 17 2,940,156 223, 582 951,024 204,494 308,102 107,393 177, 695 359,251 64, 721 94,210 94,065 61,959 293,660 Nonreserve cash: Jan. 27 81, 250 9,209 27, 598 1,946 4,007 6,607 4,654 11, 533 4,469 1,175 2,691 3,415 3,946 Feb. 3 71,056 7,025 24, 896 2,159 4,355 5,581 3,463 9,307 4,034 788 2,515 2,862 4,071 Feb. 10 64,425 5,610 21,337 2,154 3, 296 5,281 3,899 8,756 3,903 1,074 2,762 2,927 3,426 Feb.17.. 69,032 4,787 24,363 2,236 4,801 4,868 3,395 10,081 3,954 1,114 2,762 3,018 3,653 Bills discounted: Secured by U. S. Government obligations- Jan. 27 258,227 15,753 85,976 29,683 26, 286 12,499 4,678 50,812 7,683 1,011 6,742 1,039 16,065 Feb. 3..1 298,089 13,729 137,173 31,227 19,105 16,442 4,665 42,603 8,082 957 6,035 1,428 16,643 Feb.10 .. . 310,096 13, 513 155,601 35,458 25, 443 11,220 3,445 39,329 6, 634 3,115 7,375 578 8,385 Feb. 17 315,972 13,327 166,223 31, 213 20,016 11, 530 4,436 33,333 10,964 4,193 9,060 709 10,968 Other bills discounted— Jan. 27 190,330 13,495 19,820 16, 502 17, 594 23,272 20, 819 32,291 9,179 2,925 9,661 6,424 18,348 Feb. 3 189,707 16,407 20,355 17,167 19, 053 23, 747 21,606 30,452 9,405 3,097 9,081 4,733 14,604 Feb. 10. 223,276 33,176 33,043 19,871 24,215 23, 593 19,333 32,871 8,516 3,429 8,529 4,459 12,241 Feb. 17 222,386 23,994 34,392 24,135 23,133 26,218 22, 022 29, 422 12,301 2,595 7,832 4,755 11,587 Total bills discounted: Jan. 27 448,557 29,248 105,796 46,185 43,880 35,771 25,497 83,103 16,862 3,936 16,403 7,463 34,413 Feb. 3... 487,796 30,136 157, 528 48,394 38,158 40,189 26,271 73,055 17,487 4,054 15,116 6,161 31,247 Feb. 10 533,372 46,689 188,644 55,329 49,658 34,813 22,778 72,200 15,150 6,544 15,904 5,037 20,626 Feb. 17.. 538,358 37,321 200,615 55,348 43,149 37, 748 26,458 62,755 23,265 6,788 16,892 5,464 22, 555 Bills bought in open market: Jan.27 295,417 82,789 26,485 15,228 12,171 6,434 42,084 28,669 19,819 6,797 13,183 17, 532 24,226 Feb. 3 302,264 75,696 36,852 16,390 14,800 7,697 38,121 32,085 18,239 7,186 14,441 15, 690 25,067 Feb. 10. 300.519 66, 752 52,492 16, 515 15,326 8,773 32,677 29, 595 16, 539 6,986 14,796 16,083 23,985 Feb. 17 301,641 47,838 72,502 20,320 16,702 8,790 28,492 29,767 16,146 7,210 14, 726 16,696 22,452 U. S. Government securities: Bonds— Jan. 27 59, 733 572 1,934 604• 8,103 1,240 963 20,190 2,025 7,665 8,387 7,579 471 Feb. 3 59,738 572 1,934 604 8,103 1,240 1,077 20,190 2,035 7,665 8,387 7,460 471 Feb. 10-__ 59,639 572 1,934 604 8,103 1,240 955 20,190 2,035 7,665 8,387 7,483 471 Feb. 17 59,978 572 1,934 604 8,103 1,240 949 20,190 2,035 7,665 8,387 7,827 472 Treasury notes- Jan. 27 182,873 1,815 39,633 4,016 19, 690 3,511 9,798 18,170 14,715 7,093 18,415 17, 256 28,761 Feb.3. 184,435 1,580 43,133 3,781 19,408 3,346 9,662 18,172 14,575 6,976 18,228 17,095 28,479 Feb. 10 168,673 1,510 36, 694 3,591 18,623 3,042 8,910 17,329 13,436 6,411 16,957 15, 770 26,400 Feb. 17 .... 169,863 2,073 37,694 3,592 18,623 3,042 9,050 16,264 13,436 6,411 16,957 16,320 26,401 Certificates of indebtedness- Jan. 27 122,457 9,420 11,182 19,028 8,194 3,902 6,903 13,555 8,074 4,112 10,325 7,551 20,211 Feb. 3 _. 105, 590 7,755 11,182 17,363 6,195 2,737 5,904 9,698 7,875 3,279 8,993 6,396 18,213 Feb. 10. .- . . 104,842 6,490 14,121 16,053 5,180 1,991 5,755 8,792 8,989 3,094 9,064 6,821 18,492 Feb 17. 104,605 6,364 14,121 15,867 6,033 1,862 5,644 8,428 9,013 3,002 8,916 7,085 18,270 Total U.S. Government securities: Jan.27. 365,063 11,807 52,749 23,648 35,987 8,653 17,664 51,915 24,814 18,870 37,127 32,386 49,443 Feb. 3 349,763 9,907 56,249 21, 748 33, 706 7,323 16,643 48,060 24,485 17,920 35,608 30,951 47,163 Feb. 10 333,154 8,572 52,749 20,248 31,906 6,273 15,620 46,311 24,460 17,170 34,408 30,074 45,363 Feb. 17 . 334,446 9,009 53, 749 20,063 32,759 6,144 15,643 44,882 24,484 17,078 34,260 31,232 45,143 Other securities: Jan 27 3,150 3,050 100 Feb. 3 3,150 3,050 100 Feb. 10 3,150 3,050 100 Feb. 17 3,150 3,050 100 Foreign loans on gold: Jan.27 6,500 481 1,755 605 696 344 266 897 299 214 260 228 455 Feb. 3. , _ 6,399 474 1,728 595 685 339 262 883 294 211 256 224 448 Feb. 10 . 7,299 540 1,971 679 781 387 299 1,007 336 241 292 255 511 Feb. 17. 7,000 518 1,890 651 749 371 287 966 322 231 280 245 490 Total bills and securities: Jan. 27 1,118,687 124,325 186,785 88,716 92,734 51,202 85,511 164,584 61,794 29,817 67,073 57,609 108,537 Feb. 3 1,149,372 116,213 252,357 90,177 87,349 55,548 81,297 154,083 60,505 29,371 65, 521 53,026 103,925 Feb. 10 . 1,177,494 122,553 295,856 95,821 97,671 50,246 71,374 149,113 56,485 30,941 65,500 51,449 90,485 Feb. 17 '% 1,184,595 94,686 328,756 99,432 93,359 53,053 70,880 138,370 64,217 31,307 66,258 53,637 90,640 Due from foreign banks: Jan.27 642 642 Feb. 3 660 660 Feb. 10. 660 660 Feb. 17 725 725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL EESEBVE BULLETIN 2.0.1 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y N o ew rk P p d h h e i i l l a 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 - . Lo S u t. is n M o e l a i i n p s - - K C an it s y as Dallas F c S r is a a c n n o - Uncollected items: Jan. 27 635,749 56,628 145,319 56,357 59,718 56,870 42,047 74,756 35,157 11,279 36,611 25,300 35,707 Feb. 3 628,838 58,372 146,284 58,487 55,833 54,124 36, 742 75,572 32,630 11,133 39,008 25,870 34,783 Feb. 10., 613,554 53,375 136,355 54,533 54,881 54,949 36,420 74,120 33,130 12,152 40,241 26, 538 36,860 Feb. 17 . 759,089 69,904 182,161 68,744 76,447 61,589 36,349 96,227 37,371 13,072 43,573 32,669 40,983 Bank premises: Jan. 27 59,323 4,068 16,666 1,454 7,409 2,365 2, 728 7,933 4,111 2,943 4,636 1,793 3,217 Feb. 3 59,322 4,068 16,666 1,454 7,409 2,364 2,728 7,933 4,111 2,943 4,636 1,793 3,217 Feb. 10 59,366 4,068 16,665 1,480 7,409 2,364 2,747 7,933 4,111 2,943 4,636 1,793 3,217 Feb. 17 . 59,368 4,068 16,666 1,480 7,409 2,364 2,748 7,933 4,111 2,943 4,636 1,793 3,217 Another resources: Jan. 27 17,071 94 4,384 203 1,129 386 1,263 2,183 713 2,407 447 469 3,393 Feb. 3 16,995 79 4,253 214 1,123 406 1,224 2,395 562 2,455 453 465 3,366 Feb. 10 16,973 85 4,288 230 1,137 372 1,186 2,344 653 2,428 449 455 3,346 Feb. 17 16,786 97 4,240 346 1,156 381 1,278 2,312 362 2,367 445 462 3,340 Total resources: Jan. 27 4,865,929 377,792 1,436,321 363,319 479,950 220,945 290,951 613, 305 170,335 142,122 204, 768 142,792 423,329 Feb. 3 4,865,503 381,361 1,447,451 366,904 469,127 219,499 287,968 613,999 168,851 138,614 206,459 142,930 422,340 Feb. 10 - 4,871,687 374,203 1,463,436 362,904 478,206 221,238 289,659 596,942 170,696 140,489 206,164 143,020 424,730 Feb. 17 5,029,751 397,124 1,507,935 376,732 491,274 229,648 292,345 614,174 174,736 145,013 211, 739 153, 538 435,493 LIABILITIES Federal reserve notes in actual circulation: Jan. 27.._ , 1,667,266 151,213 143,938 205,468 80,463 159,484 165,940 37,304 65,327 67,018 41,086 Feb. 3—_. —. 1,662,520 149,091 366,127 146,141 199,588 79,461 158,490 163,631 37,184 64,837 66, 642 40, 670 190,658 Feb. 10 1,667,844 147,039 369,580 148,567 204,466 78,892 159,542 162,223 36,987 64, 593 66,575 40,010 189,370 Feb. 17 _ 1,661,143 153,837 365,473 147,422 199,579 78,630 158,772 161,362 37,178 64,629 66,205 39,492 188,564 Deposits: Member bank—reserve account- Jan. 27 , 2,216,882 140,997 839,680 134,360 179,900 65,043 78,420 328,849 52,950 88, 656 60,970 164, 369 Feb. 3 2,215,193 144,963 838,748 132,380 177,343 70,022 78,722 325,148 81, 715 50,332 90,132 61,627 164,061 Feb. 10 „.._. 2,239,050 144,094 130,007 185,646 69,904 79,381 319,002 82,375 51,465 87,765 61,435 165,944 Feb. 17 2,262,258 143, 111 876,182 131,297 183,862 69,803 81,892 315,177 79,596 54, 527 89, 594 65,050 172,167 Government- Jan. 27___ , 28,935 3,843 4,540 1,390 3,842 4,940 2,354 1,562 1,512 1,577 457 Feb. 3 , 43,356 4,218 13,404 1,880 2,422 467 6,188 9,352 1,232 1,034 1,009 1,266 Feb. 10 , 29,151 . 4,769 6,008 1,530 1,996 2,148 4,433 564 1, 74'5 1,375 2,305 1,010 1,268 Feb. 17 5,777 6,630 1,176 2,014 4,238 5r- 2,919 2,825 1,724 3,064 1,213 2,464 Foreign bank- Jan. 27..... ..... 8,796 585 3,205 732 824 408 308 1,055 331 246 300 270 532 Feb. 3... ... 4,991 372 1,437 465 524 259 196 671 210 191 171 338 Feb. 10... 9,252 355 5,857 444 500 248 187 641 201 150 182 164 323 Feb. 17— 6,851 355 3,456 444 500 248 187 641 201 150 182 164 323 Other deposits- Jan. 27.... 17* 623 132 8,447 149 741 77 50 887 972 179 265 5,690 Feb. 3 18,952 83 9,081 197 848 91 26 1,144 1,125 129 278 5,917 Feb. 10 18,648 139 8,890 92 1,005 67 280 1,048 172 213 5,849 Feb. 17 17,480 124 7,940 553 874 55 120 528 137 147 6,012 Total deposits: Jan. 27 2. 272,236 145,557 855,872 136,631 183,401 69, 370 83, 718333,145 85,553 54,887 90, 798 62,256 171,048 Feb. 3 2,282,492 149,636 862,670 134,922 181,137 70,839 85,132 336,315 84,282 51, 652 91,610 62,715 171,582 Feb. 10 2,296,101 149,357 882,787 132,073 189,147 72,367 84, 281 321,071 53,162 90,465 62,638 373,384 Feb. 17 ..... 2,326,518 149,367 133,470 187,250 74,344 319,676 83,150 56, 538 92,987 66,478 180,966 Deferred availability items: Jan. 27 576,, 385 54, 781 124,692 50,335 53,986 52,454 65, 756 32,118 10,320 33,171 27,110 37,824 Feb. 3 570,721 56,424 123,511 53,426 51,328 50.511 30,416 65,622 32, 026 10. 528 34, 424 27,209 35,296 Feb. 10 556,961 51,566 115. 542 49,794 47,467 51,273 31,850 65,113 32,935 11,127 35,330 28,022 36,942 Feb. 17.___ 67,708 152,507 63,079 67,323 57,947 31,497 84,607 39,037 12,252 38,756 35,216 40,937 Capital paid in: Jan. 27 118, 251 8,627 33,215 11.623 13,173 6,021 4,768 15,873 5,127 3,180 4,250 4,274 8,120 Feb. 3 118,121 8,627 11,623 13,173 6,020 4,788 15,860 5,119 3,174 4,246 4,274 8,119 Feb. 10. 118,411 8,627 33,177 11.624 13,173 6,020 15,859 5,119 3,174 4,244 4,270 8,29S Feb. 17.— 118, 934 8,627 33,405 11, r~ 13,173 6,030 4,827 15,861 5,122 3,171 4,243 4,272 8,295 Surplus: Jan. 27 220,310 17,020 59,964 20,464 22,894 11,919 8,700 30,613 9,570 7,501 8,979 7,615 15,071 Feb. 3 220,310 17,020 59,964 20,464 11,919 8,700 30,613 9,570 7,501 8,979 7,615 15,071 Feb. 10... 220,310 17,020 59,964 20,464 22,894 11,919 8,700 30,613 9,570 7,501 8,979 7,615 15,071 Feb. 17 220,310 17,020 59,964 20,464 22,894 11,919 8,700 30,613 9,570 7,501 8,979 7,615 15,071 All other liabilities: Jan. 27 11,481 2,185 328 1,1 718 443 1,978 663 907 552 451 1,634 Feb. 3 —. 11, 339 2,081 328 1,007 749 442 1,958 670 922 558 447 1,614 Feb. 10 ... 12,060 594 2,386 382 1, 059 767 458 2,063 716 932 571 465 1,667 Feb. 17 11, r~ 565 2,378 1, 055 778 465 2,055 679 922 569 465 1,660 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

202 FEDERAL RESERVE BULLETIN MAECH, 1926 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta c C a h g i- o L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - Total liabilities: Jan. 27- 4,865,929 377,792 1,436,321 363,319 479,950 220,945 290,951 613,305 170,335 142,122 204,768 142,792 423,329 Feb. 3 4,865,503 381,361 1,447,451 366,904 469,127 219,499 287, 968 168,851 138,614 206,459 142,930 422,340 Feb. 10 4,871, 687 374,203 1,463,436 362,904 478,206 221, 238 289, 659 596, 942 170, 696 140,489 206,164 143,020 424,730 Feb. 17 5,029,751 397,124 1,507,935 376,732 491'. 274 229, 648 292, 345 614,174 174,736 145,013 211,739 153,538 435,493 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined (per cent): Jan. 27__ 75.0 61.8 86.7 76.5 81.0 69.1 70.6 52.2 78.6 59.1 52.5 74.5 Feb. 3 74.5 65.5 81.6 76.3 82.2 67.5 66.7 72.9 55.2 78.9 57.0 75.4 Feb. 10 74.2 63.6 78.9 74.4 79.7 71.4 71.4 73.4 59.2 77.2 59.0 58.3 79.21 Feb. 17 .• 73.7 73.7 75.5 72.8 79.6 70.2 72.0 74.7 53.8 77.8 59.1 58.5 79.5 Contingent liability on bills purchased for foreign correspondents: Jan. ,27. 83,647 6,359 22,898 7,' 8,953 4,435 3,347 11,464 3,598 2,678 2,929 5,774 Feb.3-__ ._ 83,543 6,350 22,883 7,938 8,940 4,428 3,341 11,448 2,674 3,259 2,924 5,765 Feb. 10-- „_ 84,656 6,350 23,996 7,938 8,940 4,428 3,342 11,447 3,593 2,674 3,259 2,924 5,765 Feb. 17 _ — 82,666 6,434 21, 202 #, 043 4,487 3,388 11,599 3,640 2,709 3,302 2.963 5,842 Own Federal reserve notes held by Federal reserve bank: Jan. 27. 381,457 19,167 158,900 43, 295 16,137 20,564 19,808 22,452 2,886 7,483 6,487 57,369 Feb. 3 _ 358,882 19,520 153,765 37,690 18,639 18,361 18,988 17,599 6,558 2,731 6,103 5,210 53,718 Feb. 10 „. 340,543 22,959 144,449 34,466 12,543 17,129 19,734 17,212 6,577 2,957 5,948 5,006 51,563 Feb. 17 342, 657 20,816 147, 555 32,867 18,064 16,453 20,153 16, 111 5,747 2,726 6,442 4,855 50,868 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OP BILLS AND CERTIFICATES OF [INDEBTEDNESS [In thousands of dollars] Within 16 to 30 31 to 60 61 to 90 91 days to Over 6 Total 15 days days days days 6 months months Bills discounted: Jan. 27 448,557 332,309 31,428 48/595 26,772 8,725 728 Feb. 3— • . 487, 796 373,858 32,329 46,564 26,306 7,672 1,067 Feb. 10 533,372 424,195 32,047 42,821 25,469 7,512 1,328 Feb. 17 538, 358 430,065 29,362 42,991 26, 649 7, 611 1,680- Bills bought in open market: Jan. 27 . «_ 295,417 86,940 55,640 90,439 52,939 9,459 Feb. 3 302, 264 96.785 55, 073 86,264 57,182 6,960 Feb. 10 _ 300,519 104, 685 72,459 81.930 36, 847 4,598 Feb. 17 301,641 113, 254 68,537 83,832 32,343 3,675 Certificates of indebtedness: J F a e n b . 2 3 7 -. - 1 10 2 5 2 , ,4 5 5 9 7 0 1 9 1 3 1 , , 9 7 8 8 1 0 1 1 0 1,r4 8 7 1 6 0 Feb.10 104,842 21 92,906 11,915 Feb. 17 _--. 104, 605 80 93, 600 10,925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

203 MARCH, 1926 FEDERAL RESERVE BULLETIN FEDERAL RESERVE NOTES—FEDERAL RESERVE AQENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P el h p i h la ia - C la le n v d e ' - m Ri o c n h d - Atlanta c C a h g i o - L S ou t. is M ap i o n l n i e s - K C a i n t s y as Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Jan. 27 2,898,753 745,653 214,473 286,075 126,422 224,765 424,929 68,293 87,246 118, 731 62, 685300, 501 Feb. 3 .._ 2,884,453 236,111 746,252 210,071 283,047 124,732 224,732 422,667 67,822 86, 216123,035 61,892 297,876 Feb. 10 2,860,336 232,998 740,389 207,673 123,211 225,663 418, 772 68,144 85, 583122,013 61,028 294,433 Feb. 17 ... 2,850,750 229,853 739,388 210,929 278,163 121,633 224,738 416,910 67,505 121,437 60,384 292,932 Federal reserve notes held by Federal reserve agent: Jan. 27 850,030 68,600 226,360 27,240 64,470 25,395 45,473 236,537 24,080 19,033 44,230 15,112 53,500 Feb. 3 863,051 67,500 226,360 26,240 64,820 26,910 47,254 241,437 24,080 18,648 50,290 16,012 53, 500 Feb. 10.. 851,949 63,000 226,360 24,640 63,420 27,190 46,387 239,337 24,580 18,033 49,490 16,012 53, 500 Feb. 17........ 846,950 55,200 226,360 30,640 60, 520 26,550 45,813 239,437 24,580 19,523 48,790 16,037 53, 500 Federal reserve notes issued to Federal reserve bank: Jan. 27. 2,048,723 170,380 519,293 187,233 221,605 101,027 179,292 188,392 44,213 68,213 74,501 47,573 247,001 Feb. 3 ... 2,021,402 168,611 519, 892183,831 218,227 97,822 177,478 181,230 43,742 67, 568 72,745 45, 880244,376 Feb. 10 2,008,387 169,998 514,029 183,033 217,009 96,023 179,276 179,435 43, 564 67, 550 72,523 45,016 240,933 Feb. 17 2, 003,800 174, 653513,028 180,289 217,643 95,083 178,925 177,473 42,925 67,355 .72,647 44,347 239,432 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Jan. 27 309,121 35,300 186,698 1,600 8,780 24,510 10,910 11,045 13,052 17,226 Feb. 3 309,961 35,300 1,600 8,780 24, 510 10, 910 11, 045 13,052 18,066 Feb. 10...- 310,000 35,300 186,697 1,600 8,780 24,890 11,410 11,045 13,052 17,226 Feb. 17... 311,245 35,300 186,697 1,600 8,780 24,890 12,655 11,045 13,052 17, 226 Gold redemption fund— Jan. 27 _ 95,989 10,993 27,052 9,056 12,043 2,024 3,973 1,30! 1,773 4,654 3,260 13,187 Feb. 3 106,916 18,124 26,950 9,655 11,014 3,334 5,032 3,906 83' 1,743 3,598 2,968 19, 755 Feb. 10 114,853 15,011 26,838 12,256 12,397 4,813 9,284 3,878 2,159 1,110 4,577 3,104 19,426 Feb. 17. 102,647 11,866 8,512 12,130 3,235 7,618 3,878 1,520 1,445 4,000 2,459 19,146 Gold fund, Federal Reserve Board- Jan. 27..... 1,106,404 34,000 226,000 170,000 40,500 95,000 125,645 2,200 50,000 47,360 3,000 186,310 Feb. 3_____ 1,033,410 24,000 176,000 121,389 170,000 29,500 98,000 125,644 2,200 50,000 47, 360 6,000 183,317 Feb. 10. 1,008,296 34,000 126,000 116,389 170,000 31,500 104,000 125,644 4,200 50,000 45,360 5,000 196,203 Feb. 17. 984,075 49,000 86,000 116,389 170,000 31,500 106,000 125,644 4,200 50,000 6,000 193,982 Eligible paper- Jan. 27 692,387 112, 037 93,573 52,787 55,212 39, 722 67,447 111, 636 36,633 10,442 29,502 24,885 58,511 Feb. 3. 740,300 105,832 162,416 53,606 51,548 43,922 64,184 105,018 35,585 10,925 29,455 21,698 56,111 Feb. 10——. 791,025 113,441 213,023 62,404 63, 714 41,381 55,159 101,678 31,459 13,289 20,874 43,995 Feb. 17. 797,417 85,159 247,084 66,411 57,310 43,630 54, 546 92,406 39,134 13,791 31,510 21,842 44,594 Total collateral- Jan. 27... 2,203,901 192,330 533,323 189,832 246,035 106,756 180,023 241,254 51,186 75,267 81.516 48,371 258,008 Feb. 3.. 2,190,587 183,256 552,064 186,250 241,342 101,266 178,126 234,568 49, 667 75, 720 80,413 48, 732259,183 Feb. 10... 2,224,174 197,752 552,558 192,649 254,891 102,584 179,853 231,200 77,451 80, 545 46,204 259,624 Feb. 17 ... 2,195,384 181, 325546, 619192,912 248,220 103,255 180,819 221,928 55,899 78, 288 80,870 47,527 257,722 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

204 FEDEKAL RESEBVE BULLETIN MARCH, 1926 FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, JANUARY, 1926 [In thousands of dollars] Total Boston Y N o e r w k d P el h p i h la i - a C la le n v d e- m Ri o c n h d - Atlanta c C a h g i o - >L S ou t. is M ap i o n l n is e-K C an it s y as Dallas F c S r is a a c n n o - HOLDINGS ON JANUARY 31, 1926 Total bills and securities 1,147,465 125,279 219,469 92,952 88,688 60,400 89,519 151,443 63,137 29,176 64,288 56,264 106,850 Bills discounted for members .... 484,865 34,082 134,515 51,230 40,145 45,305 31,882 71,196 18,215 3,612 13,703 7,448 33,532 Bills bought in open market 301,633 80, 309 30,477 15,820 13, 552 7,083 40,549 30,429 19,853 7,183 14,221 17,050 25,107 United States securities 351,402 10,407 52, 749 22, 248 34, 306 7,673 16,826 48,935 24,775 18,170 36,008 31,542 47,763 Other securities 3,150 3,050 100 Foreign loans on gold _ 6,415 481 1,728 604 685 339 262 883 294 211 256 224 448 Bills Discounted Eediscounted bills: Commercial and agricultural paper, n. e. s 158, 797 18,030 17,802 10,646 14,083 22,888 18, 755 23,939 8,074 2,010 7,967 5,350 9,253 Demand and sight drafts—_ 600 60 332 14 72 122 Trade acceptances, domestic. 2,420 65 201 201 439 367 156 647 149 25 170 Secured by U. S. Government obligations • 1,400 178 6 367 225 218 28 208 1 28 124 17 Member bank collateral notes: Secured by U. S. Government obligations 277,162 15,809 .109,608 31,331 22,219 16,009 8,719 43,904 8,646 985 4,208 1,080 14,644 Otherwise secured 44,486 6,904 9,046 3,037 5,816 3,974 2,678 806 616 1,486 797 9,326 Total discounted bills 484,865 34,082 134, 515 51,230 40,145 45,305 31,882 71,196 18,215 3,612 13,703 7,448 33,532 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports . _ 130,667 44,917 9,085 6,380 4,704 2,313 16,253 10,278 8,045 2,544 6,617 7,362 12,169 Exports 101, 717 23,433 9,692 5,861 4,187 1,389 18,378 10,161 6,094 3,110 5,863 7,081 6,468 Domestic transactions 47, 813 9,494 5,493 3,427 2,189 2,995 5,720 7,273 3,449 875 1,565 1,024 4,309 Dollar exchange 5,430 1,500 650 94 364 50 198 652 737 284 176 221 504 All other 13,835 965 4,144 58 1,350 336 2,065 1,528 370 1,362 1,657 Trade acceptances based on imports 1,156 1,156 Bills payable in foreign currencies 1,015 257 758 *..-. Total purchased bills 301, 633 80,309 30, 477 15,820 13, 552 7,083 40,549 30, 429 19,853 7,183 14,221 17,050 25,107 United States Securities United States bonds _ _ 59, 747 572 1,934 604 8,103 1,240 961 20,190 2,025 , 7,665 8,387 7,595 471 Treasury notes 180, 795 1,580 39,633 3,781 19,408 3,346 9,662 18,012 14,575 6,976 18,228 17,115 28,479 Certificates of indebtedness 110, 860 8,255 11,182 17,863 6,795 3,087 6,203 10, 733 8,175 3,529 9,393 6,832 18,813 Total U. S. securities 351,402 10, 407 52, 749 22,248 34,306 7,673 16,826 48,935 24,775 18,170 36,008 31,542 47,763 DAILY AVERAGE HOLD- INGS DURING JANUARY Total bills and securities 1 1, 231,337 128, 673 245,922 91, 284 105,029 51,912 102, 598 162, 760 67,946 34, 384 68,056 63,163 109,610 Bills discounted 526, 042 31, 895 163, 247 48,172 59,208 38,035 26, 953 80,112 19,680 4,676 15,511 7,463 31,090 Bills bought 327,179 84,033 27,305 15, 613 8,919 4,702 57,852 28,857 23,168 10, 513 14, 734 23,097 28, 386 United States securities 368,099 12, 233 53, 517 23,815 36,173 8,811 17, 511 52,844 24,784 18,954 37,437 32, 363 49, 657 Foreign loans on gold 6,852 512 1,853 634 729 364 282 947 314 226 274 240 477 EARNINGS DURING JANUARY Total bills and securities 1 3,892 394 772 297 343 171 308 532 213 110 215 195 342 Bills discounted 1,745 108 518 163 200 129 89 272 67 16 53 25 105 Bills bought 957 248 80 46 27 14 164 85 68 30 43 68 84 United States securities 1,154 36 167 76 114 26 54 171 77 63 118 101 151 Foreign loans on gold 26 2 7 2 2 2 1 4 1 1 1 1 2 ANNUAL RATE OF EARNINGS Total bills and securities 1 3.73 3.60 3.70 3.83 3.86 3.87 3.63 3.85 3.69 3.77 3.73 3.64 3.68 Bills discounted 3.91 3.99 3.73 3.98 3.97 4.00 4.00 4.00 4.00 4.00 4.00 4.00 3.99 Bills bought 3.46 3.47 3.46 3.44 3.55 3.56 3.45 3.46 3.46 3.40 3.47 3.44 3.47 United States securities . ... 3.69 3.44 3.68 3.75 3.70 3.46 3.62 3.82 3,65 3.92 3.71 3.69 3.59 Foreign loans on gold 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 iFigures include Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $3,050,000; earnings, $10,164; annual rate of earnings, 3.92 per cent; Kansas City»average daily holdings, $100,000; earnings, $331; annual rate of earnings, 3.89 per cent; and Minne? apolis, municipal warrants, average daily holdings, $14,814; earnings, $50; annual rate of earnings, 4 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 205 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING JANUARY, 1926 [Amounts in thousands of dollars] Total ton Y N o e r w k P p d h h e i i l l a a - - C l l a e n v d e m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is a M p n o e i - n li - s K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Total Volume of Operations..___._,.. 3,041,576 171,1961,592, 347 187, 406 230,215 165,051 85,524 284,52! 87, 531 15,800 62,460 29,506 130,018 Bills discounted for member banks 2,806,899130, 326 1, 529,689 181,967 218,015 159, 21774,068 247,79474,228 11,163 53, 21218,554 108,666 Bills bought: In open market _.__.._. 199,203 39,662 57, 714 5,420 1100,,994400 5,823 19, 28811,778 4,631 7,915 6,80' 20,326 From other Federal reserve banks 7,008 261 3,0G2 1,163 1,573 1,009 U. S. securities bought in open market 28,266 1,888 2,549 15,839 1,325 4,138 3 Foreign loans on gold .__ 200 54 28 14 Bills Discounted Rediscounted bills: Commercial, agricultural, and livestock paper, n. e. s 152,446 1,692 9,132 6,815 12,071 15,174131,614 37,077 20,142 73! 4,773 6,776 6,448 Demand and sight drafts 2,072 112 868 14 951 127 1,409 41 146 146 109 157 82 25 130 Secured by U. S. Government obligations _._, 743 37 121 115 172 49* 115 16 Member bank collateral notes: Secured by U. S. Government obligations _ 2,319,951 65,819 1,450, 796 129,898 166,959 98,794 26, 545197,650 48,597 44,812 9,135 74,048 Secured by eligible paper2 330,278 62,678 69,615 45,102 38,4•6-0 45,019 15,525 12,966 4,367 3,533 3,564 1,552 27,897 Total bills discounted . 130,326 1,529, 689 181,967 218,015 159,21774,068 247,79474,228 11,163 53,212 18, 554 108,666 Average rate (365-day basis) per cent 3.97 4.00 3.88 4.00 4.00 4.00 4. CO 4.00 4.00 4.00 4.00 4.00 4.00 Average maturity (in days): Member bank collateral notes 5.38 7.65 3.58 7.32 6.54 3.48 8.94 11.73 11.19 4.79 8.78 9.56 Rediscounted bills 51.03 47.34 55.05 51.84 47.60 53.72 48.23 49.88 45.67 107. 80 80.57 50.65 54.93 Number of member banks on Jan. 31 _. 9,459 418 881 754 861 493 1,392 829 1,023 850 736 Number of member banks accommodated during month _ 2,838 172 359 308 259 146 541 . 179 76 70 174 Per cent accommodated_... 30.0 41.1 40.7 51.1 35.8 43.2 29.6 38.9 28.7 9.2 16.5 8.2 23.6 Bills Bought in Open Market From member banks... 11,326 13,240 1,627 6,106 2,050 5,399 7,594 5,394 2,352 4,421 4,114 4,862 From nonmember banks, banking corporations, etc.: With resale agreement 71,979 20,731 37,253 4,302 9,693 All others 58, 739 7,605 7,221 3,793 4,834 3,773 3,500 7,392 6,384 2,279 3,494 2,693 5,771 Total bills bought . 199, 203 39,66! 57, 714 5,420 10,940 5,823 19,288 11,778 4,631 7,915 6,807 20,326 Rates charged: V/i per cent 19,466 2,635 6,163 759 350 2,652 1,970 2,332 111 487 705 1,302 3% per cent - -.__.. 20,210 4,553 414 915 1, 588 1,145 3,190 3,462 350 1,240 1,524 1,760 V/2 per cent... 94,035 23,504 42,846 1,016 3,044 1,864 1,762 4,649 1,916 1,786 6,682 V/% per cent.---.. 55,460 8,130 7,427 3,218 5,585 2,802 1,660 6, 218 3,558 2,056 2,933 2,025 9,848 Z% per cent 5,555 840 453 237 83 131 1,278 343 166 308 594 663 3% per cent 1,763 34 59 33 11 4 per cent.- -_ _. 2, 714 411 24 77 1, 357 32 28 162 71 Average rate (365-day basis), per cent 3. 3.58 3.60 3.63 3.62 3.63 3.60 3.65 3.55 3.63 3.61 3.62 3.60 Average maturity (in days) 3 58.18 74.70 42.00 62.34 60.14 46.24 60.00 58.81 53, 72 55. 26 64.51 53.68 Class of bills: Bills payable in dollars—3 Bankers' acceptances based on— Imports __. 47,324 10,902 4,786 2,478 3,511 2,376 4,797 4,838 2,125 3,414 2,088 4,314 Exports - 35, 262 2,578 5,438 1,334 3,508 1,511 2,947 5,011 3,365 1,150 2,526 2,909 2,985 Domestic transactions 27,395 3,253 6,126 1,505 2,104 1,525 2,873 3, 220 2,495 478 984 697 2,135 Dollar exchange 610 342 45 364 50 10 307 .285 252 71 150 412 Unclassified __ 13,595 1,588 3,242 58 1,230 361 1,374 1,651 795 920 787 Trade acceptances, foreign 527 527 Bills payable in foreign currencies 223 223 Total.. 127,224 18,931 20,461 5,420 10,940 5,823 14, 986 11, 778 4,631 7,915 6,807 10,633 U. S. Securities Bought in Open Market United States bonds. 19 1,319 27 8 L 1,325 3,052 Treasury notes _. 13,019 509 655 105 10,954 721 Certificates of indebtedness - 9,251 404 1,233 1,125 4,885 1,238_ 365 Total - 932 1,8 76! 2,549 15,839 1,516- 1,325 4,138 1 Includes $150,000 discounted for the Federal intermediate credit bank of Columbia, S. C. 2 Includes bills taken under a resale contract. 3 Exclusive of acceptances bought under a resale contract. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

206 FEDERAL RESERVE BULLETIN MARCH, 1926 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- ta Chicago L S o t u . is M ap in o n li e s - City Dallas F c S i r a s a n c n o - Number of reporting banks: Jan. 20 718 41 100 100 Jan. 27 „ 717 41 99 100 Feb. .3.. 716 40 99 100 Feb. 10--. 716 40 99 100 JLoans and discounts, gross: Secured by U. S. Govt ternment obligations— Jan.20 _ 161,288 10,394 54,820 10,620 21,757 5,785 5,426 24,254 10,958 2,481 4,1 3,145 7,562 I k ': J F a e n b . . 2 3 7 ._ 1 1 6 6 2 1 , , 9 6 6 2 5 9 1 9 0 , , 4 4 8 67 4 5 5 3 1 , , 8 46 9 4 0 ] 1 1 0 , , 3 8 5 9 0 3 2 22 2 , , 6 0 1 3 1 2 5 5 , , 4 5 9 6 2 3 7 7, , 5 4 0 7 6 2 2 24 4 , , 0 4 1 0 2 2 1 12 1 , , 1 8 3 9 6 5 2 2, , 4 4 1 1 5 5 4 4 , , 0 0 5 3 3 1 3 3, , 0 0 9 7 3 8 7 7 , , 4 38 6 0 0 Feb. 10 165,165 8,961 58,326 10,600 21,679 5,469 7,595 23,342 11,904 2,427 4,031 3,311 7,520 Secured by*stocks and bonds— Jan.20 . 5,556,865 343,370 2,4901,,884 416,164 143,790 98,352 822,377 212, 790 72,811 116,912 83,249 259,598 J F a eb n . . 2 3 7 - 5 5 , , 5 5 2 0 7 9 , , 6 3 1 2 0 9 3 33 4 6 4 , , 7 8 2 8 7 0 2 2 , , 44 4' 66 9" 00 1. ,: , 9 2 6 7 3 2 4 40 0 6 9 , , 7 2 3 8 6 7 5 50 0 2 2 , , 9 3 0 3 8 2 1 14 4 0 3 , , 6 1 8 0 0 8 9 9 7 6 , , 2 0 2 7 5 9 8 8 1 1 5 6 , , 4 9 0 8 7 7 2 2 1 1 1 3 , , 2 4 5 0 3 8 7 7 1 2 , , 2 5 8 4 0 0 1 1 1 1 0 0 , , 5 9 9 6 1 4 8 8 0 1 , , 4 8 5 6 1 8 2 2 5 6 7 2, , 4 6 0 1 5 0 Feb. 10 5, 507,578 333,852 2,450,603 409,322 508,796 144,878 98,003 817,126 210,303 71,089 115,800 83,366 264,440 All other loans and discpunts— Jan.20 8,305,382 654, 596 ,, 570,003 356,741 744,495 373,377 419,512 1.,, 225,774306,464 176,336 325,935 233,901 918,248 Jan. 27---. 8,278,261 649,,192,1 2557,445 363,964 743,603 372,854 418, 985 I.!, 219,110305,662 174, 541 324,321 236,104 912,481 Feb. 3.— 8,285,175 664466,970 2,554,277 364,397 746, 230 370, 529417\ 0—60 I.!, 230,735310,322 174,461 323,678 237,054 909,462 Feb. 10 .._. 8,333,451 661,617 2, 557,429 364,698 752,921 372,036 421,., 110. ,1 246,030313, 271 178,352 322,074 235,228 908, 685 Total loans and discounts— J J a a n n. . 2 2 0 7 1 1 4 3 , , 0 9 2 4 3 9 , , 5 2 3 1 5 9 1 1 , , 0 0 0 0 8 4 , , 3 5 6 3 0 8 5 5 , , 1 0 1 6 5 9 > ) V ,, , 8 7 7 0 2 7 7 78 8 4 3 , , 5 — 2 5 - 1. .; ,, , 2 2 6 6 2 7 , , 8 9 2 6 0 7 5 52 2 1 2 , , 9 5 5 2 2 5 5 52 2 2 3 , , 5 2 3 9 6 0 2 2 , , 0 06 7 0 2 , , 4 4 7 0 9 5 5 5 3 3 0 0 , , 2 9 1 6 0 5 2 2 4 5 9 1 , , 6 2 2 3 8 6 4 43 4 9 6 , , 3 9 1 3 6 5 3 3~2 2 0 0 , , 6 2 3 9 3 5 1 11 , ,. 1 1 8 7 5 7 , , 4 5 0 5 8 1 Feb. 3 13,975,750 993,181 55,;0 09999,,439 782,0261,., 271,747516,701 521,7912,070,154 533,711 248,416 438,322 321., , 015'L ,1 ,179,247 Feb. 10 .... 14,006,194 1,004,430 5,066,358 784,620 1,283,396522,383 526,708" "- — 535,478 251,868 441,905 321.,, 9051 l,i180,645 U. S. pre-war bonds: Jan.20-. 222,885 1,659 40,045 25, 565 14,858 19,265 12,957 7,367 17,239 24,600 Jan. 27,_ — 222,606 1,684 39, 567 9,486 32, 841 25,563 14,870 19, 241 12,957 7,374 8,833 17,'"" 24, 751 Feb. 3 222,769 39,338 32,993 24,964 14,881 20,270 12,957 7,372 8,833 17,239 24, 752 Feb. 10 223,914 39,296 33,338 25, 544 14,991 20,528 12, 957 7r~" 8,783 17,461 24,750 U.S. Liberty bonds: Jan.20 1,392,974 84, 826 612,750 49,997 158,646 29,406 14, 579 174,981 25,445 27,038 53, 582 20,982 140,742 Jan. 27 ___ 1,405,725 84, 847 618,420 50,628 158,798 31,480 15,632 175, 703 26,040 26,954 57,249 19, 932 140,042 Feb. 3—_ —.„ 1,410,797 86,717 61'9, 613 50, 523 163,047 31,326 15,100 172,432 25,618 26,750 57,242 19,811 142, 618 Feb. 10..- . 1,403,184 87,220 612,893 50,280 163, 774 30,409 15,217 170,987 25,329 26,945 57,423 20,955 141, 752 V, S. Treasury bonds: Jan.20 - 434,453 18,508 197,648 18,034 35,095 7,610 5,774 53,532 10,819 12,102 19, 587 5,134 50,610 Jan. 27 433,977 18,571 198,508 18,001 35,410 7,940 5,279 53,719 10,814 12,102 17,608 4,617 51,408 Feb. 3 - 442,589 17, 914 208, 539 18,029 35,476 7,910 5,769 53,817 10,201 12,102 17,676 4,741 50,415 Feb. 10 - 445,717 17,766 207,183 18,044 35,522 7,610 5,769 56,370 10,456 13,863 17,955 4,951 50,228 U.S. Treasury notes: Jan. 20-. ^ 317,490 4,303 150,392 7,273 24,869 1,6 2,044 63,478 7,212 18,560 13,994 4,642 19,025 Jan. 27 319,080 4,328 149,931 7,178 25,242 1,6 2,034 61,649 6,928 18,510 16,070 5,159 20,352 Feb. 3- 322,139 4,066 153,415 7,178 25,688 1,764 2,033 61,621 6,929 18,510 16,127 4,447 20,361 Feb. 10 :'- 326,252 A," 158,294 7,214 25,669 1,763 2,034. 62,700 6,931 16,748 16,188 4,542 20,103 U. S. Treasury certificates: Jan. 20 160,554 19,672 42,334 7,358 25,052 3,1 6,081 10,333 5,765 6,967 3,956 4,141 25, 056 Jan. 27 155,957 19,102 41,678 6,730 24,416 2, 799 4,919 12,641 5,i" 6,923 3,812 4, 094 23,255 Fb. 3 —— 151,610 18,565 41,986 6,689 22,412 5,229 10,346 4,1 6,923 4,228 4,030 23, 535 Feb. 10 150,158 18, 566 42,110 6, 797 20,418 2, 699 5,229 10,761 4,677 6,923 4,248 4,162 23,568 Other bonds, stocks, and securities: Jan.20 2,916,824 213,8771,,096,491 246,890 355,253 61,819 53, 387 431,189 109, 012 42,010 76 237 24 785 205,874 Jan. 27 2 939 375 214,6531, 119, 032247,030 344,386 62,415 54,021 442,344 108,500 41,529 77,136 24,227 204,102 Feb. 3.— 2,928,212 213,239 i;, 106,750 251,729 345,548 52,957 107,735 41, 916 76,684 23,426 205,451 Feb. 10 — —— 2,940,485 217,5071., 118,924 251,787 343,530 62,771 52,410 437,227 107,611 42,311 76,213 23,587 206,607 Total investments: Jan. 20, 5,445,180 350,845 2,139,660 339, 038 631,776 129,937 96, 723 752, 778 171,210 114,044 176,339 76,923 465,907 Jan. 27 5,476,720 3"5"1,,185 2,167,136 339,053 621,093 131,896 96,755 765,297 170,827 113,392 180,708 75,468 463,910 Feb. 3-— 5,478,116 350,, 185 .2, 16.9, 641343,634 625,164 131,931 95,969 757, 995 168,408 113,573 180,790 73,694 467,132 Feb. 10 5,489,710 354,809 2,178,700 343,608 622,251 130, 796 95, 650 758,573 167,961 113,886 180,810 75,658 467,008 Total loans and investments: Jan. 20 19,468,715 1,359,205 7,255,3671L,, 122,563 .1., 894,596652,889 620,013 2,825i,, 183701,420 365,672 623,274 397,2181,,651,315 Jan. 27 - 19,425,939 1,355,723 7,237,0081L,, 12i3,, 654. 1,, 889, 060653,421 619,291 2,825",., 776701,792 362,628 620,024 396,1011,.,641,461 Feb. 3 19,453,866 1,343,366 7,269,0801L,, 12i5,, 660 ,l8i96,911 648,632 617,760 2,882288,,149 702,119 361,989 619,112 394:,," "7"09 .1,. 646,379 Feb. 10-— 19,495,904 1,359,239 7,245,058 1L,,1 12288,,228 1.,905,647 653,179 622,358 2,845, 071703,439 365,754 622,715 397',, 563L 1,, 647, 653 ^Reserve balances with Federal reserve bank: Jan. 2O._..- 1,670,595 98,658 765,329 83,399 115,849 41,160 42,444 248,668 48,780 26,206 57,339 28,500 114,263 Jan. 27 1,648,579 94, 771 746,946 82,667 126,237 37,589 41, f"" 246,041 50,599 25,453 55,382 29,934 111, 674 Feb. 3 i 1,635,440 97,354 738,056 79,656 121,079 42,323 42,851 244,689 49, 003 22,982 56, 557 30,114 110,776 Feb. 10- 1,663,508 767,115 79,651 122,463 41,937 42,635 239,119 50,302 23,885 54,163 29, 761 114,312 .Cash in vault: Jan. 20. 288,917 20,743 82,364 16,497 32,605 14,421 12,467 50,832 8,273 5,974 12,739 10,292 21,710 Jan. 27 281,652 20,492 81,332 16,130 29,825 13,665 11,502 49,498 7,804 13,339 10,400 21,572 Feb. 3 274,295 19,299 79,486 15,498 30,684 12, 782 10,948 48,414 7,596 5,648 12,529 10,514 20,897 Feb. 10 —- 298,445 20,468 95,518 17,641 31,679 13,341 11,670 49,750 7, T"' 5,877 12,759 11,090 21,024 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 207 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] Federal reserve district Total San Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Net demand deposits: Jan. 20 .-_ 13,173.725 912,076 5,720, 971 782,770 988,216 381,290 369,2201,773,554 428,131 231,647 497,538 283,442 804,870 Jan. 27 _.„_. 13,034,186 901,957;5,678,702 774,149 999,453 377,244 360,3321,723,991 430,264 228,156 490,574 280,121 789,243 Feb. 3 . .__. 13,036,344 893,228^5,678,429 767,"" , 007,277 375,085 365,05111,734,533 428,211 225,396 491,397 280, 785 789,343 Feb. 10—. ..... 13,072, 587 896,694 5,672,564 759,925 1,007,750 380,254 368,3121,754,326 432,577 225,042 492,757 278,837 803,549 Time deposits: Jan. 20 5,374,934 393,4281,L, 193, 634 215,731 757,415 203,256 219,3681,016,399 217,669 113,093 145,827 97,496 801,618 Jan. 27 _. 5,385,199 392,2111.L, 200,457 218,288 759,135 202,035 218,256(1,025,083 218,187 113,336 142,280 797,541 Feb. 3--.... 5,404,185 392,0781L, 202,604 222,245 760,678 202,179 216,557(1,028,322 219,191 113,069 143,475 100,305 803,482 Feb. 10 , 5,406,161 393,2761[, 193,237222,285 761,373 204,136 217,4661,030,376 221,741 113,207 142,226 101,937 804,901 Government deposits: Jan. 20.- 201, 19,552 56,627 19,765 6,125 10,006 25, 659 5,864 3,065 1,751 7,568 26,265 Jan. 27.......... 200,360 19,599 56,627 18,894 19, 765 6,125 9,401 25, 659 5,864 3,065 1,528 7,568 26,265 Feb. 3 . 200,937 19,598 56,627 18,908 19,472 6,125 10,006 25,659 5,864 3,065 1, 781 7,567 Feb. 10...... 204,288 19,598 56,627 19,765 6,125 10,006 25, 659 5,864 3,065 4,851 7,565 26,265 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations- Jan. 20 _. 161, 575 1,390 68,540 6,970 21,477 5,088 25,097 3,797 1,000 8,200 879 13,569 Jan. 27. 168, 731 1,785 66,768 8,230 14,433 6,332 3, 985 42,557 2,544 1,290 4,934 959 14,914 Feb. 3- 213, 769 1,790 120,878 9,025 8,049 9,707 3,758 35,549 2,707 1,400 4,285 1,294 15,327 Feb. 10—. 228,478 1,525 138,433 13,740 14, 063 4,619 2,606 31,358 2,234 3,950 5, 750 400 9,800 All other- Jan. 20 —.- 110,839 6,720 19,783 5,283 16, 752 11,875 12, 756 10,804 7,363 800 2,829 4,565 11,309 Jan. 27 ioo, r" 7,575 10,058 4,751 10,918 11, 081 14,474 16, 065 5,725 3,173 5,071 12,078 Feb.3 100,392 9,320 9,401 5,536 12, 703 11,475 14,826 15,379 6, 7811. 2,721 3,441 8,809 Feb. 10- 129,399 26,350 22, 687 8,813 12,272 11,302i 14, 533 5,177 55 2,263 2,911 4,152 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES [In thousands of dollars] Federal reserve bank city Total, (12 cities) Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L s o t u . i ; s M ap i o n l n is e- K C an it s y as Dallas F ci r s a c n o - Due to banks: Jan. 20 2,336,630 131,517 1,137,043 185,546 45,492 37,203 21,536 376,992 97,760 58,786 105,696 34,211 104,848 Jan. 27.. 2,247,179 122,791 1,103,941 17f,385 46,923 36,169 21,630 362,812 91,523 55,355 101,204 32,470 95,976 Feb. 3 2,295,281 131,374 1,109, 749 186, 672 47,040 36,450 20,781 376,213 94,04$ 56,761 104,072 33,712 Feb. 10 2,250,600 126,873 1, 083,477 172,489 44,677 38,023 20.381 374,458 94,142 56,923 105,551 31,605 102,001 Due from banks: Jan. 20 603,131 37, 987 98, 533 71,858 31,304 17,606 16,337 153,839 35,166 44,067 27,056 50,570 Jan. 27 555,581 32, 524 94,724 62,586 23,192 16,174 15, 935 29,614 18,432 41,208 25,448 48,876 Feb.3 573,849 40, 618 100, 711 64,088 27,099 16,912 14,128 143,169 31,043 18,770 43,027 26,006 48,278 Feb.10 553,908 30,126 93,013 59, 602 24,385 17,120 13.382 140, 087 30, 649 22,641 42,179 26,569 54,155 LOANS TO BROKERS AND DEALERS SECURED BY STOCKS AND BONDS MADE BY 61 WEEKLY REPORTING MEMBER BANKS IN NEW YORK CITY [In thousands of dollars] Loans on demand and on time Loans on demand Loans on time For For For account For account For account For Total F ac o c r o o u w nt n out o - f of- acc o o f unt Total F ac o c r o o u w n n t out o -o f f- acc o o f unt Total F ac o c r o o u w n n t on o t- f of- acc o o f unt town others town others town others banks banks banks 1926 Jan. 20 3,130,989 1,231,691 1,306,294 593,004 2,184, 780 755,315 902,733 526, 732 946,209 476,376 403,561 66,272 Jan. 27 3,098,192 1,200,914 1,287,367 609,911 2,135,023 705,906 887,238 541,879 963,169 495,008 400,129 68,032 Feb. 3 3,091,997 1,221,842 1,280,143 590,012 2,138, 688 735,919 881,189 521,580 953,309 485,923 398,954 68,432 Feb. 10 3,137,588 1,199, 307 1, 340,433 597,848 2,171,352 710,509 934,368 526,475 966,236 488,798 406,065 71,373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

208 FEDERAL BESEUVE BULLETIN MARCH, 1926 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 Jan. 20 Jan. 27 Feb. Feb. 10 Jan. 20 Jan. 27 Feb. 3 Feb. 10 Number of reporting banks _ 61 61 46 46 46 Loans and discounts gross: Secured by United States Government obligations 49,909 46,355 49, 336 53,725 16,733 17, 634 17,392 16, 784 Secured by stocks and bonds 2,229, 780 2, 200, 878 2, 221, 476 2,178, 785 616, 776 616, 498 615, 267 616,151 All other loans and discounts 2,249, 368 2, 235,938 2, 234,922 2,233,936 688, 003 679, 446 684, 769 696, 662 Total loans and discounts- 4, 529, 057 4,483,171 4, 505, 734 4,466,446 1,321, 512 1, 313, 578 1,317, 428 1, 329, 597 United States pre-war bonds__ 29, 839 29, 781 29, 552 29, 555 3,621 3,597 4,626 4,884 United States Liberty bonds 522, 389 525, 452 526, 849 526, 760 100, 778 101,132 100, 468 99,152 United States Treasury bonds 181, 694 182,404 191,034 189, 625 16, 370 16,466 16, 621 19,240 United States Treasury notes 142, 562 142, 681 146,165 151, 947 50, 204 48, 520 48, 227 49,314 United States Treasury certificates. 41, 332 40, 776 41, 084 40,308 2,044 3, 851 2,111 2,539 Other stocks and securities __. 794,166 816, 780 813, 467 823,348 193, 449 201,940 199, 714 199, 295 Total investments.-— | 1,711,982 1,737, 874 1, 748,151 1, 761,543 366,466 375,506 371,767 Total loans and investments 6, 241,039 6,221,045 6,253,885 6, 227,989 1,687,978 1,689,084 1,689,195 Reserve balances with Federal reserve bank_. 707,397 690,823 680, 757 709,104 164, 964 171, 411 169, 700 162, 691 Cash in vault . 60, 659 66, 404 64, 789 78,674 22, 541 21, 786 20, 69,5 21,272 Net demand deposits 5,157, 748 5,119,986 5,117,675 5,105,980 1,173,263 1,144,123 1,150,175 1,162, 630 Time deposits —.— 802, 214 808,915 808, 709 801, 509 499, 623 508, 656 512, 089 511, 961 Government deposits---- — 49,995 49,995 49,995 49, 995 12,947 12, 947 12, 947 12, 947 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations 35, 562 30,922 89,872 111, 022 16, 560 9,902 12, 898 All other - • 15, 615 6,240 5,376 17, 690 3,558 6,616 8,401 Total borrowings from Federal reserve bank__ _. - -• 51,177 37,162 95, 248 128, 712 10,102 20,118 16, 518 21, 299 ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Federa reserveldistrict 1925 1926 1925 1925 1926 1925 Oct. 28 Nov. 25 Dec. 23 Jan. 27 Jan. 28 Oct. 28 Nov. 25 Dec. 23 Jan. 27 Jan. 28 1,445, 553 1,395,241 1,390,238 1,374,330 1,330,862 778,410 794,772 795,819 801,024 702, 350 New York - 6,464,101 6,408,228 6,496,179 6,455,855 6,383,028 2,164,082 2,183,450 2,180,939 2,230,372 2,041,042 PhiladelDhia 1,185,676 1,181,937 1,183,178 1,190, 601 1,139,390 841,149 843,884 843,836 869, 084 777, 518 Cleveland _- . 1,498,226 1,475,121 1,467,169 1,495,667 1,486, 655 1,341,980 1, 342,997 1, 326, 753 1,354, 620 1,272,991 611, 548 626,963 610,641 613,437 594, 503 515, 563 506, 547 509, 524 513, 875 486,866 Atlanta 762, 792 769, 608 825, 332 760, 379 585, 609 428,449 431, 355 460, 317 438, 920 356,070 Chicago - 2,471,086 2,449, 631 2,429, 093 2,429,995 2,380, 790 1,859,829 1,877,294 1,883,019 1,883,018 1, 735, 739 St Louis 717,386 728,045 757,463 760,201 732,021 459,884 459,517 447,233 466, 253 438,340 TVI i n ii P&D olis 455,964 466,660 466,046 452,173 481,231 435,496 433, 519 434,857 441,449 434,954 Kansas Oitv -- --- 837, 559 847,480 870, 557 862, 059 861,150 326,890 313, 791 306,105 314,084 300,970 Pallas 667,413 674, 507 668,749 659,813 660,847 166, 601 166,821 163,290 167,330 160, 584 San Francisco 1,315,098 1, 339,345 1,335,362 1, 038, 044 1,291,093 1,310,189 1,328,098 1,301,722 687,904 1,171,200 Total 18,432,402 18, 362, 766 18,500,007 18, 092,554 17,927,179 10, 628,522 10,692,045 10,653,414 10,167,933 9,878,624 Banks in cities and towns having a population of— Less than 5 000 --- 1,779,096 1, 773, 720 1,813,189 1,720,826 1,673,199 1, 738,310 1,734, 527 1, 750,155 1,761,695 1,668,381 5,000 to 14,999 -- 1,159,461 1,158,411 1,160,017 1,158, 992 1,081, 342 1,116, 348 1,118, 658 1,113, 508 1,129,972 1,062,598 15 000 to 99 999 -- -- 2,392,981 2,407, 394 2,419,650 2,405,814 2,170,162 2,143,150 2,149,836 2,136,370 2,169, 045 1, 990, 335 100,000 and over 13,100,864 13,023,241 13,107,151 12, 806,922 13,002,476 5, 630, 714 5,689,024 5, 653, 381 5,107,221 5,157, 310 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 209 ALL MEMBER BANKS—CONDITION ON DECEMBER 31, 1925 ALL MEMBER BANKS (8,048 NATIONAL BANKS AND 1,441 STATE BANKS AND TRUST COMPANIES)—ABSTRACT OF CONDITION REPOETS ON DECEMBER 31, 1925, BY FEDERAL RESERVE DISTRICTS [In thousands of dollars District District District District District District District District District District District District Total No. 1 No/2 No. 3 No. 4 No. 5 •No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 United (420 (880 (753 (863 (604 (495 (1,398 (628 (829 (1,027 (852 (740 States banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) (9,489 banks) RESOIJECES Loans and discounts-1,725,008 6,722,847 1, 488,429 2,063,093 1,, 032,689 997,976 3,,282,350 949,763 585,456 803,735 666,135 1L,, 940,282 222,,257,763 Overdrafts. 559 2,687 384 891 721 2,483 2,039 lr~ 661 1,253 1,930 2,218 17, 522 U. S. Government securities 247, 550 1,191,180 225,490 388,837 129,927 108,235 499,050 138,109 146, 536 182,636 115,339 388,176 3,761,065 Other bonds, stocks, and securities 422,069 1,599,107 627,108 607,795 134,084 141,763 707,358 222, 909 160,703 145,228 49,217 345,825 5,163,166 Total loans and ' Investments ,395,186 ,515,8212S 341,4113, ©60,616 1,297,4311,250,45? 4, 7971,312,477 893,3561,132,852 882,8212,676,50131,199,516 Customers' liability on account of acceptances 45,695 348,853 12,044 7,895 16,936 12,460 24, 664 1,369 2,675 131 3,012 22,409 18,143 Banking house, furniture, and fixtures 63,942 178,996 68,833 127,329 57,037 49, 014 139,895 37,805 24,788 43,569 41,425 94,724 927,357 Other real estate owned.- 6,331 12,665 10,523 17,104 11,697 10,817 29,058 8,051 15,317 16,810 13,967 18,423 170,763 C R a es s e h r v in e v w a i u th lt Feder _ - 44,996 118,855 42,721 62,752 30,938 33,429 91,279 25,409 20,309 30,891 25, 559 47,394 574y 532 al reserve banks__ 141,116 139,801 172,340 70,031 79,311 305,336 81,912 52,192 92,986 66,062 168,461 2, 238,233 Items with Federal reserve banks in process of collection. 78,168 253,426 72,129 74,283 54,487 34, 003 94,770 45, 068 9,611 39, 733 29, 754 40, 111 825, 543 Due from banks, bankers, and trust companies 104,944 205,724 126,891 170, 764 112,063 210,957 341,102 127,239 127, 243 229,406 152,668 246,305 2,155,306 Exchanges for clearing house, also checks on other banks in same place 67,920 1,626,185 53,305 29,346 33,865 150,039 29,903 12,762 24,107 19, 807 71,761 2,195,466 Outside checks and other cash items... 9,262 31,480 6,509 8,901 4,841 36, 710 3,979 6,437 5,379 4,244 34, 612 159,060 Redemption fund and due from U. S. Treasurer 2,378 4,169 2,833 4,284 3,083 2,013 4,217 2,032 1,470 1,816 2,205 2,482 32,982 U. S. Securities borrowed l 1,950 • 1,750 657 265 2,409 53 1 93 25 11,152 Other securities borrowed 1 122 68 If! 60 18 2,160 Other assets. 25,081 273,163 .14,709 16,783 5,207 7,594 46,264 8,629 4,041 4,443 3,861 25,307 435,082 Total. 2,985,027 13,438,022 2,916,820 3, 778,228 1,693,744 1,730,959 5, 759,964 1, 686,342 1,170,254 1, 622,124 1,195,278 3,448, 533 41,425,295 LIABILITIES Capital stock paid in 152,027 531,048 145,840 214,065 113,367 95,389 298,776 111, 156 93,443 96,078 187,273 2,105,308 Surplus fund. 136,161 570,298 247,277 230,859 226,054 60,004 35,358 43,926 43, 581 89,917 1,832,691 Undivided less expenses and taxes paid 69,740 266,303 73,992 71,188 29,695 19,699 92,459 26,296 14,191 16, 668 17,101 42,602 739,934 Reserved for taxes, interest, etc., accrued 10,309 30,195 5,618 15,354 3,914 3,284 21,627 4,912 4,056 2,842 2,175 4,617 108,903 Due to Federal reserve banks 5,939 15,407 5,807 4,722 10,977 2,132 2,405 851 178 1,912 782 51,112 Due to banks, bankers, and trust corn- 160, 507 1, 568,231 217,540 243,141 148,409 226,115 583,701 203,879 131,041 268,326 156, 503 262,077 4,169,470 Certified and eashers' or treasurers' checks outstanding 25, 535 878,422 18,994 60,057 14,085 19,657 55,381 10, 523 12, 259 41, 543 29, 553 59,749 1,225,758 Demand deposits_ _ _1,408,222 6,321,661 ,178,8-1"3 1.,. 377,676 616,792 758, r" , 311,573 707, 011 423,086 795,109 620, """ ., 306,468 17,824, 702 Time deposits. 782,875 2,178,484 849,9181, 338, 656 510,316 425,1 ,881,042 452,196 437, 717 294,962 158, .,342,86710,653,028 U. S. deposits. 27,916 74,352 27,751 15, 543 16,176 37,068 12,590 7,429 8,330 14,065 34,005 304,131 Total deposits 2,410,994 11L,, 036,557 2,299; 978 13,-.052,0031.,316, m ,871, no iL., 387,0501,0,01111,,5""331,4018,:448 @8486 1,005,948 34,228,201 Agreements to repurchase XJ. S. Government or other securities sold... „_. 3,438 22 703 503 60 1,225 853 110 110 57 7,081 Bills payable (including all obligations representing money borrowed, other than rediscounts) 29,381 236,581 47,189 52,749 31,535 15,524! 1,284 16,700 1,764 7,694 3,777 18,720 527? * Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

210 FEDERAL RESERVE BULLETIN MABCH, 1926 ALL-MEMBER BANKS (8,048 NATIONAL BANKS AND 1,441 STATE BANKS AND TRUST COMPANIES)—ABSTRACT OP CONDITION REPORTS ON DECEMBER 31, 1925, BY FEDERAL RESERVE DISTRICTS—Continued [In thousands of dollars] D b N a i ( s 4 n o t 2 k . r 0 i s 1 c ) t D b N a i ( s 8 o n t 8 . k r 0 i s 2 c ) t D N i ( s 7 o t 5 r . 3 ic 3 t D b N a i ( s 8 n o t 6 k r . 3 i s c 4 ) t D b N a i ( s 6 n o t 0 k r . 4 i s c 5 ) t D b N a i ( s 4 n o t 9 k r . 5 i s 6 c ) t D b ( N a 1 is n , o 3 t k r . 9 i s c 7 8 ) t D b N a i ( s 6 n o t 2 k . r 8 i s 8 c ) t D b N a i ( s 8 n o t 2 k . r 9 i s c 9 ) t D b N ( a 1 i o s n ,0 . t k r 2 1 i s 7 c 0 ) t D b N a i ( o s 8 n . t 5 k r 2 1 i s c ) 1 t D b N a i ( o s n 7 t . 4 k r 0 1 i s c ) 2 t U b S T ( a 9 n t o n , a 4 i t k t t a 8 e e s l 9 s d ) LIABILITIES—COntd. Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 75,849 235, 590 18,378 28,131 27,077 21,808 35,690 13,047 2,875 9,204 2,384 13,881 483,914 Letters of credit and travelers' checks sold for cash and outstanding 900 339 562 231 52 2,723 36 37 80 21,965 Acceptances executed for customers. _. 44,901 339,305 9,496 16,448 17,695 20,577 1,432 2,620 128 23,260 486,548 Acceptances executed by other banks for account of re- Na p t o io rt n in a g l- b b a a n n k k s notes 2,931 42,463 3,276 1,190 220 3,119 55 1 r 310 outstanding 82,057 55,281 84,655 59,219 39,458 83,647 40,271 28,850 35,952 43,107 647,951 TJ. S. securities borrowed 4,943 2,563 13,143 4,357 2,363 7,713 4,325 219 960 1,406 1,806 43,858 Other securities borrowed 35 242 574 403 1,386 2,071 65 9 369 107 524 5,785 Other liabilities 4,931 42,704 7,571 6,501 3,057 3,478 26,829 20,195 1,842 2,299 1,930 10,313 131,650 Total. 2,985,027 13,438,022 2,916,820 3,778,228 1, 693, 744 1, 730,959 5, 759,964 1, 686,342 1,170,254 1,622,124 1,195,278 3,448,533 41,425,295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 211 ALL MEMBER BANKS (8,048 NATIONAL BANKS AND 1,441 STATE BANK AND TRUST COMPANIES)—ABSTRACT OF CONDITION REPORTS ON DECEMBER 31, 1925, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks Other Total United States reserve Country city banks N (6 e 3 w b a Y n o k r s k ) (2 C 0 h i b c a a n g k o s) (83 T b o a ta n l ks) b ( a 5 n 4 k 9 s b < a 8 n ,8 k 5 s 7 ) 19 D 2 e 5 c . ( 9, 3 4 1 8 , 9 1 S 92 e 5 p t ( . 9 2 ,5 8 3 , 9 banks) banks) banks) RESOUKCES Loans and discounts _..__ 4,943,477 1,257,705 6,201,182 7,891,883 8,164,698 22,257,763 21,427,247 •Overdrafts.-_ - _ 2,207 342 2,549 9,385 17,522 23,126 United States Government securities ._._- 875,223 154,962 1,030,185 1,333,589 1,397,291 3,761,065 3,785,412 Other bonds, stocks, and securities 713,332 154,599 867,931 1,567,801 2,727,434 5,163,166 5,133,273 Total loans and investments „. 6,534,339 1,567,608 8,101,847 10,798,861 18,298,808 31,199,516 30,369,058 Customers' liability on account of acceptances 21,151 367,237 113,053 17,853 498,143 383,873 Banking house, furniture, and fixtures _ 101,701 25,903 127,604 362,241 437,512 927,357 919,046 Other real estate owned. ... 2,838 255 3,093 50,793 116,877 170,763 171,741 Cash in vault. 65,437 16, 561 81,998 175,965 316,569 574,532 524, 592 Reserve with Federal reserve banks 713,300 149,669 746,303 2,238,233 2,147, 111 Items with Federal reserve banks in process of collection.. 188,759 40,948 229,707 470,180 125,656 825, 543 647,432 Due from banks, bankers, and trust companies.. 95,905 117,280 213,185 886,207 1,055,914 2,155,306 2,031,130 Exchanges for clearing house, also checks on other banks in same place.. —.__ 1,583,837 92,803 1,676,640 415,116 103,710 2,195,466 1, Outside checks and other cash items L 24,500 25,380 49,880 77,888 31,292 159,060 103,369 Redemption fund and due from United States Treasurer.. 1,487 59 1,546 7,383 24,053 32,982 32,850 United States securities borrowed- 5,832 5,320 11,152 11,429 Other securities borrowed 832 1,328 2,160 3,112 Other assets 33,393 293,741 101,130 40,211 435,082 440,524 Total. 9,918,437 2,091,010 12,009,447 14,211,784 15,204,064 41,425,295 39,053,354 LIABILITIES Capital stock paid in... „ 369,750 90,900 460,650 704,438 940,220 2,105,308 2,092,909 Surplus fund.. * _ 431,376 89,700 521,076 618,939 692,676 1,832,691 1,760,076 Undivided profits, less expenses and taxes paid.. 189,589 38,133 227,722 214,903 297,309 739,934 834,802 Reserved for taxes, interest, etc., accrued. 23,877 14,245 38,122 42,253 28,528 108,903 133,387 Due to Federal reserve banks _ _ 83 83 13,820 37,209 51,112 49,933 Due to banks, bankers, and trust companies 1,471,856 376,603 1,848,459 1,814,594 506,417 4,169,470 3,827,575 •Certified and cashiers' or treasurers' checks outstanding._. 855, 726 29,785 885, 511 231,957 108,290 1,225, 758 808,756 Demand deposits 4,882,887 975,152 5,858,039 5,880,410 6,086,253 17,824,702 16,617,456 Time deposits _ —._ . 782,700 387,155 1,169,855 3,836,548 5,646,625 10,653,028 10,467,237 United States deposits 58,823 14,822 73, 645 177,493 304,131 278,211 "Total deposits --._.,._ 1,783,517 9,835,593 13,437,787. Agreements to repurchase United States Government or 8,058,015 11,954,833 34,338,301 33,049,168 other securities sold .__-_-._ 367 3,735 870 Bills payable (including all obligations representing money 3,368 2,476 7,081 5,081 borrowed, other than rediscounts) 20,357 185,332 167,695 Notes and bills rediscounted (including acceptances of 164,975 174,871 527,898 489,449 other banks and foreign bills of exchange or drafts sold with indorsement) 220,981 8,805 229,786 146,501 107,627 483,914 387,213 Letters of credit and travelers' checks sold for cash and outstanding _____ _ 16,226 2,569 18,795 2,928 242 21,965 25,643 Acceptances executed for customers_ _. 337,170 19,199 116,086 14,093 486,548 384,993 Acceptances executed by other banks for account of reporting banks , „ 41,778 3,072 44,850 6,743 2,015 40,334 National-bank notes outstanding _ _ _ _ 29,175 1,181 30,356 144,869 472,726 647,951 648,719 United States securities borrowed * ._. 4,710 1,375 6,085 20,397 17,376 43,858 35,908 Other securities borrowed * _ 192 150 342 1,567 3,876 5,785 7,038 Other liabilities _ _ 33,195 17,440 50, 635 59,991 21, 024 131,650 158,634 Total. 9,918,437 2,091,010 12,009,447 14,211,784 15,204,064 41,425,295 39,053,354 i Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

212 FEDERAL RESEEVE BULLETIN MAECH, 1926 ALL NATIONAL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON DECEMBER 31, 1925, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks Total United States Other Country reserve banks N (3 e 2 w b a Y n o k r s k ) (1 C 0 h b ic a a n g k o s) (42 T b o a ta n l ks) c (3 i 6 ty 8 b ba a n n k k s s ) b ( a 7 n ,6 k 3 s 8 ) 19 D b 2 e a 5 c n . ( k 8 s , 3 0 ) 1 4 , 8 1 S 9 b 2 e a 5 p n t ( k . 8 2 s ,0 ) 8 7 ,. 9 EESOURCES Loans and discounts „ _„_ „ 2,427,281 3,076,764 4,217,800 6,236,689 13,531,253 13,130,674 Overdrafts _ „__.____ 431 699 2,496 7,355 10, 550 14,890 United States Government securities.... 527,242 55,487 582,729 765,450 1,171,871 2,520,050 2,509,205 Other bonds, stocks, securities, etc. _ 367,844 49, 851 417, 695 730,256 2,102,177 3,250,128 3,240,595 Total loses and investments.. __ ._____. 3,323,793 755,089 4,077,887 5,716,003 9,518,093 19,311,981 18,895,364 Customers' liability account of acceptances-- _. 178,666 11,515 190,181 77, 639 9,693 277,513 201,083 Banking house, furniture, and fixtures -_.__ 48,112 16,762 64,874 190,568 350,493 605,935 592,731 Other real estate owned- _._.___ -. 140 199 339 20,874 92,510 113,723 114, 670 Lawful reserve with Federal reserve banks. _,_. 357,777 83,660 441,437 434,567 500,988 1,376,992 1,324,326 Items with Federal reserve banks in process of collection _. 116,324 27,362 143,686 340,327 88,077 572,090 456,66& Cash in vault____ _ 31,114 9,420 40,534 97,987 250,335 388,856 361,411 Amount due from national banks._._ _ 20,575 53,176 73,751 396,017 721,674 1,191,442 1,119,596 Amount due from State banks, bankers, and trust companies in the United States._ _____ 16,392 24,909 41,301 224,534 159,257 425,092 393,296* Exchanges for clearing house _. _. 788,780 50,966 839, 746 241,980 45,515 1,127,241 733,816 Checks on other banks in the same place 55,831 2,523 58,354 21,742 29,102 109,198 58,270 Outside checks and other cash items- 8,577 2,955 11, 532 34,410 25,369 71,311 54,089* Redemption fund and due from United States Treasurer... 1,487 59 1,546 7,383 24,053 32,982 32,850 Other assets _____._. 149,430 15,201 164,631 52,357 18,106 235,094 219,332 Total.. 5,096,003 1,053, 796 6,149,799 7^ 856,387 11,833,264 25,839,450 24,557,500 LIABILITIES Capital stock paid in ___ 184,750 49,950 234,700 399,232 744,369 1,378,301 1,374,209* Surplus fund. ___>_•_._-.__.. _.__. 261, 640 33,900 295,540 313,417 556,922 1,165,879 1,124,775 Undivided profits, less expenses, and taxes paid—.____ 97,998 18, 508 118,506 125,926 233,569 476,001 543,36$ Reserved for taxes, interest, etc., accrued. 11,997 6,239 18,236 21,800 19,125 59,161 69, 787 National-bank notes outstanding •_. 29,175 1,181 30,356 144,869 472, 726 647,951 648,719- Amount due to Federal reserve banks. __. 8 8 9,965 28,348 38,321 31,820 Amount due to national banks ___ _ 286,173 111,365 397,538 560,842 118,017 1,076,397 1,068,419- Amount due to State banks, bankers, and trust companies in the United States and foreign countries. 585,600 168,147 753,747 841,513 301,591 1,896,851 1,765,997 Certified checks outstanding 223,014 5,619 228, 633 19,184 13,966 261,783 251,487 Cashier's checks outstanding 230,483 9,129 239,612 104,971 69, 512 414,095 214,482 Demand deposits.- -._. 2,382,048 533,185 2,915,233 3, 510,440 4,720,132 11,145,805 10,422,754 Time deposits 321,441 66,232 387,673 1,394,718 4,263,371 6,045,762 5,992,782 United States deposits... _,._ 37,304 43,593 103, 783 43,572 190,948 172, 575 Total deposits _ -.— - 4,066,071 899,966 4,986,037 6,545,416 9,558,509 31,069,963 19,930,316 United States Government securities borrowed 4,710 1,375 6,085 14, 565 12,056 32, 706 24,479 Bonds and securities other than United States borrowed _. 150 735 2,548 Agreements to repurchase United States Government or 192 342 3,625 3,926 other securities sold '___ 788 796 Bills payable (including all obligations representing money 400 400 1,984 4, 057 borrowed other than rediscounts) 20,357 87, 550 129,307 Notes and bills rediseounted (including acceptances of 147,163 167,520 384,377 316, 627 other banks and foreign bills of exchange or drafts sold with indorsement) . __.. 81,464 86,757 95,244 , 82, 504 264, 505 245,537 Letters of credit and travelers checks sold for cash and outstanding. ____„ i ___— 2,664 2,435 5,099 2,220 204 7,523 9,056 Acceptances executed for customers and to furnish dollar exchange less those purchased or discounted 163, 516 10,053 173,569 76,054 8,306 257,929 191,873 Acceptances executed by other banks 28, 522 3,072 31, 594 6,048 1,953 39, 595 28, 542 Other liabilities. ____ — .-.— 15,741 1,317 17, 058 22, 523 10,370 49,951 52,228 Total. 5,096,003 1,053,796 6,149,799 7,856,387 11,833,264 25,839,450 24, 557, 500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MAECH, 1926 FEDERAL RESERVE BULLETIN 213 STATE BANK AND TRUST COMPANY MEMBERS—ABSTRACT OF CONDITION REPORTS ON DECEMBER 31, 1925, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks Total United States Other Country • reserve banks Dec. 31, Sept. 28, (31 Y N b o e a r w n k ks) (1 C 0 h b ic a a n g k o s) (41 T b o a ta n l ks) ( c 1 i 8 ty 1 b b a a n n k k s s ) b ( a 1 n ,2 k 1 s 9 ) b ( a 1 1 n 9 , 2 k 44 5 s 1 ) b ( a 1 1 n 9 , 2 k 46 5 s 0 ) RESOURCES Loans and discounts.-. _• •_. 2,516,196 608,222 3,124,418 3,674,083 1,928,009 8,726,510 8,296, 573 Overdrafts •_ ____ _... 1,776 74 1,850 , 3,092 2,030 6,972 p»8,236 United States Government securities...-. _>______—. 347,981 99,475 • 447,456 568,139 225,420 1,241,015 1,276,207 Other bonds, stocks, and securities _______ 345,488 104,748 450,236 837, 545 625,257 1,913,038 1,892,678 Total loans, and investments. 3,211,441 812,51® 4,023,960 5,082,859 8,780,716 11,887,535 11,473,694 Customers, liability on account of acceptances ____... 167,420 9,636 177,056 35,414 8,160 220, 630 182,790 Banking house, furniture, and fixtures 53, 589 9,141 62,730 171, 673 87,019 321,422 326,315 Other real estate owned __• _____ :_. 2,698 56 2,754 29,919 24,367 57,040 57,071 Gold and gold certificates ____. •_. 7,183 987 8,170 3,927 6,339 18,436 17,315 All other cash in vault .___._ ,_„___. 27,140 6,154 33,294 74, 051 59,895 167,240 145,866 Reserve with Federal banks..._ ____ _______ 355,523 66,009 421, 532 311,736 127,973 861,241 822, 785 Items with Federal reserve banks in process of collection.. 72,435 13,586 86,021 129,853 37,579 253,453 190,766 Due from banks, bankers, and trust companies...... 58,938 39,195 98,133 265,656 174,983 538,772 518,238 Exchanges for clearing house, also checks on other banks in same place_-________ 739,226 39,314 778, 540 151,394 29,093 959,027 476,001 Outside checks and other cash items. _________ _. 15,923 22,425 38,348 43,478 5,923 87,749 49,280 United States securities borrowed ._. •5,832 5,320 11,152 11,429 Other securities borrowed... ._ 832 1,328 2,160 3,112 Other assets _ ___-_ ______ 110,918 18,192 129,110 48,773 22,105 199,988 221,192 Total.. 4,822,434 1,037, 214 5,859, 648 6,355,397 3,370,800 15, 585,845 14,495,854 LIABILITIES Capital stock paid in 185,000 40,950 225,950 305,206 195,851 727,007 718,700 Surplus fund. __ ; „_; „ 169,736 55,800 225,536 305, 522 135,754 666,812 635,301 Undivided profits, less expenses and taxes paid__ _._ 91,591 19,625 111, 216 88,977, 63, 740 263,933 291,433 Reserved for taxes, interest, etc., accrued- _„_._ 11,880 8,006 19,886 20,453 9,403 49,742 63,600 Due to Federal reserve banks „ __._ 75 75 3,855 12, 791 18,113 Due to banks, bankers, and trust companies.._„ 97,091 697,174 412,239 1,196,222 993,159 Certified and cashiers' or treasurers' checks outstanding-_ 402,229 15,037 417,266 107,802 24,812 549,880 342,787 Demand deposits ________ 2,500,839 441,967 2,942,806 2,369,970 1,366,121 6,678,897 6,194,702 Time deposits. ... 461,259 320,923 782,182 2,441,830 1,383,254 4,607,266 4,474,455 United States deposits . 21,519 8,533 3.0,052 73,710 9,421 113,183 105, 636 Total deposits _. ___._. 883,551 2,879,878 12,128,852 Agreements to repurchase United States Government or 8,986,004 4,869,555 5,409,406 13,158,239 other securities sold 367 74 1,024 Bills payable (including all obligations representing money 2,968 3,335 1,688 5,097 borrowed, other than rediscounts) __ . 172,822 Notes and bills rediscount^ (including acceptances of . 17,812 17,812 87,321 143,521 other banks and foreign bills of exchange or drafts sold with indorsement) _ _•_ __. 139, 517 3,512 143,029 51,257 25,123 219,409 141,676 Letters of credit and travelers' checks sold for cash and outstanding. ___ .___ ____ 13, 562 134 13, 696 708 38 14,442 16,587 Acceptances executed for customers 173,654 9,146 182,800 40,032 5,787 228,619 193,120 Acceptances executed by other banks for account of reporting banks_____ , 13, 256 62 14,013 11, 792 United States securities borrowed- ____. 5,832 5,320 11,152 11,429 Other securities borrowed 832 .1,328 2,160 3,112 Other liabilities _______ _ __. 17,454 16,123 33,577 37,468 10,654 81,699 106,406 Total. 4,822,434 1,037.214 5,859,6 6,355,397 3,370,800 15, 585,845 14,495,854 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

214 FEDERAL BESEBVE BULLETIN MARCH, 1926 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CITIES [In thousands of dollars] 1925 1926 1924 1925 Number of Federal reserve district centers November December January November December January No. 1—Boston 2,644, 630 2,711,056 2,814,568 2,252,717 2,467,796 2,685,491 No. 2—New York 27, 771, 583 31,147,498 31,406,762 23,708,849 28,106,044 28,500,616 No. 3—Philadelphia- 2,007,971 2,405,369 2,262,212 1,820,722 2,242,478 2,173,091 No. 4—Cleveland 2,341,146 2, 652,829 2,708,317 1,980,486 2,466,903 2, 511, 678 No. 5—Richmond— 769, 680 878,411 825,996 675,127 795,584 767,253 No. 6—Atlanta _- 1,206,911 1,365,832 1,337,786 973,154 1,154,408 1,201,107 No. 7—Chicago 5,087,127 5,850,726 5,849,786 4, 500,225 5,326,098 5,490,747 No. 8—St. Louis 1,223,510 1,386,724 1 1,081,663 1,259,637 1,306,725 No. 9—Minneapolis.— 783,325 849,658 891,171 849, 622 731,307 No. 10—Kansas City- 1,128,082 1,291,733 1,221,264 1, 062,890 1,189,358 1,211,359 No. 11—Dallas... 629,002 680,992 661,134 586,644 664,938 658,963 No. 12—San Francisco. 2, 750,830 3,150, 544 3,002,325 2,359,349 2,634,300 2,720,698 Total. 141 48, 343, 797 54,371,372 54,118, 534 41,892,997 49,157,166 49,959,035 New York City 1 27, 009,433 30,313,358 30, 537, 751 23, 046,934 27,327,223 27,681,894 Other cities 140 21,334, 364 24,058,014 23,580,783 18,846,063 21,829,943 22,277,141 WEEKLY SUMMARY FOR BANKS IN 258 CENTERS- [In thousands of dollars] 1926 1925 Number Federal reserve district of centers Jan. 27 Feb. 3 Feb. 10 Feb. 17 Jan. 28 Feb. 4 Feb, 11 Feb. 18 No. 1—Boston 590,703 682,417 551,674 591,422 567,126 615,703 586,465 593,455 No. 2—New York 6,945,874 7,563,878 6, 706,384 6,177,895 6,067,599 6,589,601 6,215,767 5,752,543 No. 3—Philadelphia 557,138 609,522 520,441 531,147 499,217 528,946 467,103 476,552 No. 4—Cleveland 695,212 718,061 633,617 651,192 605,838 654,741 642, 526 619,162 No. 5—Richmond 306,128 372,650 300,642 310,719 269,158 300,956 291,149 No. 6—Atlanta 302,827 320,422 287,110 295,509 249,707 265,438 258,979 268,881 No. 7—Chicago „ 1,411,365 1, 374,093 1,348,941 1,288,943 1,186, 554 1,206,195 1,196,390 1,181,209 No. 8—St. Louis 307,117 332,067 302,840 320,194 273, 501 315,838 297,294 309,432 No. 9—Minneapolis 164,491 173, 682 171,903 171, 658 170,979 179,800 194.665 171,269 No. 10—Kansas City- 278,494 303,854 299,511 276,352 297, 548 294,764 293,211 No. 11—Dallas 163,919 178,220 170,425 169,337 160,670 178,454 170, 371 175, 671 No. 12—San Francisco. , 662,457 757,197 836, 701 709,969 581,093 656,301 637.666 Total. 12,385, 725 13,386,063 12,116,746 11, 517,4 10,907,794 11,789,521 11,245, 345 10, 759,437 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES [In thousands of dollars] No. 1—Boston 402,209 484,876 379,178 401,514 395,787 425, 930 415,006 398,180 No. 2—New York 6, 629, 311 7,211,172 6,390,512 5,851,287 5,781,168 6,279,720 5,920,001 5,457, 373 Buffalo 80,034 87,774 81,450 77,033 67,678 72, 705 69, 778 73,838 No. 3—Philadelphia—- 432, 531 475,351 400, 548 397,356 381,540 410,172 345,844 355,255 No. 4— Cleveland—_—_ 164, 353 166, 526 146, 240 149,107 134, 703 149,148 144, 008 151, 353 Cincinnati 86,286 99,431 84,898 95, 011 71,633 80, 713 79,259 76, 575 Pittsburgh.—- 242,442 241,056 210,282 205,721 223,453 241,417 243,424 193, 700 No. 5—Richmond 33, 962 41, 373 29, 210 33,705 32,156 35, 593 33,541 29,169 Baltimore 94, 323 114, 900 94,682 99,487 81,959 93,646 81,891 89, 206 No. 6—Atlanta. 38,460 45, 540 34,846 38, 247 30, 497 38,410 31,836 36,855 Birmingham--._ 32,840 32, 090 32, 450 29,140 27,036 32, 295 28,980 29, 200 Jacksonville 33,254 29,414 31,353 30,965 15,575 17, 715 17,870 18,609 Nashville 18,636 18,839 16,908 25,369 19,924 19,355 18,087 19,346 New Orleans 7$ 828 90,178 75, 751 72, 911 80,977 77,204 78,517 78,132 No. 7—Chicago..- 883, 593 855, 638 865, 953 780,097 731,800 762,030 758,893 714,009 Detroit 222, Oil 190,203 169,185 188,788 168,708 152,426 147, 644 163,493 No. 8—St. Louis 167,000 178,000 167,000 178,600 152,400 186, 350 168,900 172,100 Little Rock. 20, 641 19, 238 18, 524 20,421 14,438 17,402 16,165 16,406 Louisville 45, 678 48, 632 44,864 50,100 42,294 40,464 45,102 51,033 Memphis 37,597 41,120 35, 254 35, 299 33,814 37, 776 33,941 35,235 No. 9—Minneapolis 82,837 85, 568 88, 577 85,813 88, 706 94, 959 111, 969 91,448 Helena . •1, 574 2,054 2,001 1, 633 1,751 1,703 2, 013 1,936 No. 10—Kansas City---- 74,859 84,058 82, 277 83,006 74,424 83,092 81,830 82, 500 Denver 36, 393 41,904 ' 38, 650 36, 530 37, 831 40,627 40,563 35,536 Oklahoma City. 19,216 21,498 21,889 22, 700 18,269 19,824 19, 634 19,031 Omaha.. 43, 697 44, 312 42,871 45,211 47, 075 47, 392 47,101 46,624 No. 11—Dallas 50,447 53,162 50, 626 49,403 45,351 51,392 49,131 51,443 El Paso 7,383 8,301 8, 565 8,002 7,617 7,892 7,641 6,824 Houston ._ 34,356 32, 974 28,573 31,412 32,880 36,369 33,957 34,378 No. 12—San Francisco.._ 221,062 280,141 354,924 245,042 191,042 241,993 220,558 210, 269 Los Angeles 191,302 210, 362 214, 090 205,850 169,359 181,537 188,545 173,878 Portland 36,931 40, 255 41, 931 37, 634 30, 321 34,228 32,862 34,074 Salt Lake City— 15, 047 17, 064 13, 926 14,484 13,342 12, 655 14,170 14,843 Seattle 44, 665 47,345 45, 576 47, 695 39,475 41,564 47, 093 44, 525 Spokane 11. 906 11, 846 12,532 12, 506 10, 043 11, 254 10, 565 11,953 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 215 MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT END OF JANUARY, 1926 AND 1925 Nonmember banks Nonmember bankl Member Member banks\ On par list Not l i o st n 2 par banks 1 On par list Not l i o st n 2 par 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 Federal reserve district: Southern States—Con. Boston 418 421 245 236 Kentucky 146 146 432 441 21 17 New York ___. . 881 859 392 383 Tennessee 117 120 217 260 237 203 Philadelphia 754 744 513 520 Alabama- 124 125 27 36 200 195 Cleveland - _ _ 861 870 1, 071• L076 10 9 Mississippi 44 44 24 25 274 271 Richmond— 599 625 704 741 684 706 Arkansas 119 126 252 275 115 84 Atlanta—. 493 516 364 386 1,104 1,099 Louisiana l- 45 47 32 44 173 171 Chicago ». 1,392 1,418 3,796 3,909 264 221 Texas 776 752 707 801 98 70 St. Louis -.- 623 629 2,093 2,209 405 333 Middle Western States: Minneapolis *. . _ 829 908 1,151 1,455 1,068 891 Ohio 439 447 657 661 Kansas City 1,023 1,080 2,657 2,738 205 206 Indiana 264 268 824 831 9 8 Dallas 850 837 761 857 183 155 Elinois 587 584 1,290 1,801 20 19 San Francisco 736 767 793 851 63 59 Michigan 291 287 514 523 92 86 185 188 613 640 190 166 Total 9,459 9,674 14,540 15,361 3,986 3,679 Minnesota 329 364 505 632 518 423 410 444 1,200 1 276 52 30 New England States: Missouri 198 192 1,305 1,356 35 32 Maine. _ _ 62 62 49 49 Western States: New Hampshire -_ -_ 55 54 14 17 North Dakota 163 174 188 280 287 232 Vermont _ 46 46 39 35 South Dakota 125 134 203 267 164 153 Massachusetts 180 183 70 68 Nebraska 179 189 741 768 177 171 Rhode Island 20. 21 8 9 Kansas . 265 264 1,001 1,029 4 5 Connecticut _- _ 66 66 84 76 Montana 111 130 104 110 12 8 Eastern States: Wyoming _ 34 37 53 58 9 13 New York— . * 636 631 275 277 Colorado 135 143 179 188 6 7 New Jersey 334 317 154 142 New Mexico 33 36 29 33 3 3 Pennsylvania . 959 950 657 660 Oklahoma 381 424 367 373 5 . 5 Delaware 22 22 32 35 Pacific States: Maryland 89 91 165 170 Washington 156 157 170 173 33 31 District of Columbia _ 13 15 33 33 Oregon 133 137 109 114 30 27 Southern States: California 298 301 323 376 1 Virginia 191 196 225 238 103 90 Idaho 79 97 78 75 West Virginia 141 142 196 199 9 10 Utah 46 49 68 66 North Carolina- 90 96 88 100 336 345 Arizona 20 23 30 33 4 3 South Carolina 90 100 22 28 236 261 Nevada- 10 11 24 23 150 172 76 78 374 380 Florida 73 70 87 79 160 159 Total- 9,459 9,674 14,540 15,361 3,986 3,679 * Figures for 1926 represent the number of member banks in actual operation; those for 1925 represent the number shown by the capital stock records of the Federal reserve banks. The number shown by the capital stock records on Jan. 31,1926, was 9,562. 2 Incorporated banks other than mutual savings banks. MONEY IN CIRCULATION [Source: United States Treasury Department circulation statements] [In thousands of dollars] Total Gold /"*1 f\\ ^ OAT* Standard Silver Treasury Subsidi- United Federal Federal National circula- Date Total coin and VJTOIQ C6x" silver certifi- notes of ary States reserve reserve bank tion per bullion imcaies dollars cates 1890 silver notes notes bank notes capita (in notes dollars) 1914—July 1.-. . 3,402,015 611,545 1,026,149 70,300 478,602 2,428 159,966 337,845 715,180 34.35 1917—Apr. 1 i 4,100,591 641,794 1,348,818 70,863 459,680 1,'997 191,351 330,353 356,448 3,170 697,160 39.54 1920—Nov. 1 i 5,628,428 495,353 231,404 89 725 60,385 1,628 261,556 277, 736 3,310,225 209,877 715,023 52.36 1922—Aug. 1..— 4,337,418 416,282 171,985 58^ 378 268,802 1,508 229,956 284,343 2,115,350 65,032 725,782 39.47 1924—Dec. 1 4,993,570 437,971 933,688 55,606 389,113 1,407 263,102 304,418 1,862,055 8,471 737,739 44.08 1925—Feb. 1 4, 751, 538 455,169 929,650 55, 533 360, 808 1,401 256, 898 283, 598 1, 688, 662 7,987 711, 832 41.86 Mar. 1 4,804,209 462,925 913,900 55,264 366,024 1,398 256, 509 •288, 668 1,734,606 7,756 717,159 42.28 Apr. 1 4,776,167 469,448 914,968 54,666 371,229 1,396 257,559 285, 780 1,702, 212 7,506 711,403 41.99 May 1 4,725,191 453,211 918,862 54,398 376, 442 1,392 258,446 281,043 1,676,078 7,299 698,020 41.50 June 1 4,774,313 437,612 972,438 53,908 380, 681 1,390 259,894 284,799 1,679,833 7,109 696,649 41.89 July 1..... 4, 734,236 428,102 1,003,285 54,294 379, 796 1,387 262, 607 279,943 1,636,192 6,921 681,709 41.49 Aug. 1 4, 719, 519 428,248 1,014,311 54,165 388,016 1,384 261, 750 284,806 1,601,884 6,777 678,178 41.31 Sept. 1 4, 784,025 416,348 1, 036, 243 54,173 396, 700 1,381 264,450 298,493 1,629,927 5,580 680,730 41.84 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 Nov. 1 4,900,839 429,985 1, 067,963 54, 769 390, 089 1,376 269,439 306, 575 1, 706, 622 6,314 667,707 42.77 Dec. 1 4,971, 765 425,853 1,108, 743 54, 685 388, 012 1,375 272,217 305,986 1,741,965 6,185 666, 744 43.35 1926—Jan. 1 5,008,121 424,037 1,114,331 54,860 387,495 1,373 274,860 292, 998 1,815, 687 6,058 636,422 43.62 Feb. 1.— 4,739,537 407,148 1,035,774 53,.167 370,852 1,371 266,155 288,677 1,672,223 5,900 638,270 41.24 1 The figures for the several classes of money include mutilated currency forwarded to the Treasury for redemption and unassorted currency held by the Federal reserve banks, and consequently do not add to the total which is exclusive of such currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

216 FEDERAL RESERVE BULLETIN MARCH, 1926 - MONEY KATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES The following table shows the customary rates charged on loans and discounts in the various cities in which Federal reserve banks and their branches are located, as reported bjr representative banks. These rates are not averages but are those rates at which the bulk of paper of each class is handled by reporting banks. Where it appears from the reports that no one rate clearly covers the bulk.of the paper handled, a range of the rates most commonly charged is given. Rates prevailing during week ending with the 15th day of the month Loans secured by District and city Year and month C co u m st m om er e c r ia s' l p p r a i p m e e r I l b n o a t a n e n k r s - b s y L e c o L u a i r n b e s e d r- o b t o h n e d r s stocks and b s y L e h c o o w u u a r a s n e r e s d e- C lo a a t n tl s e 30-90 4-6 ty bonds Demand Time receipts days months District 1 Boston, 1925—February-, December. _ 1926—January. _ _ _ February-_ District % New York. 1925—February- _ 4 -5 3^-5 4M-5 4 -6 December-_ 4^5 4M-5 5 K> 1926—January 4^-5 4M-4^ 4K-5 5 -53' February... 4H-5 4M-5 5 Buffalo,. 1925—February __ 5 5 -6 6 December.. 5 -6 5 -6 5 -6 1926—January % 5 -6 5 -6 February. _ 5 -6 5' -6 6 5 -6 5 -6 Disiricl 3 Philadelphia 1925—February. . 4 -4> 4 December.. 5 5 5 1926—January.... 5 5 5 February _ _ 5 5 5 District 4 Cleveland 1925—February __ 4 -6 5 -6 5 -6 5 -6 December.. 5 -6 5 5 -6 5H-6 5 -6 1926—January 5 -6 5 5 -6 5 -6 February-_ 5 -6 5 5 -6 5 -6 Pittsburgh. 1925—February _ _ 5 -6 5 -6 5 -6 5 -6 5 -6 December.. 6 6 6 1926—January 6 6 February. _ 6 Cincinnati. 1925—February. _ 5 -5J- 5 -53' 6 -7 December.. 5 -5> 5> 6 ~7 1926— F J e an b u ru ar a y ry-. 5K-6 5K-6 6 -7 6 District 5 Richmond. 1925—February- _ 5 -6 5 -6 December.. 5 5 -6 5 -6 5 -6 1926—January.... 5 -5} 4M-5 5 -6 5 -6 5 -6 February. _ 5} Baltimore.. 1925—February- _ 5 -5^ 1926— D J e a c n e u m ar b y e r . . . . . 5 A -5Y2\ 6 6 February-. District 6 5 ~5 Atlanta. 1925—February- _ 5 -6 5 -6 5 -6 5 -6 December.. 5 -6 5 -6 5 -6 5 -6 5 -6 1926—January— 5 -6 5 -6 5 -6 5 -6 5 -6 February.. 5 -6 5 -6 5 -6 5 -6 5 -6 Birmingham. 1925—February _ _ 5 -6 5 -6 6 December.. 6 5 -6 6 6 1926—January— 6 5 -6 6 February-. 6 5 -6 6 Jacksonville. 1925—February-. 4 -8 6 6 -8 5 -8 6 -8 6 -8 December.. 5 -8 5 -6 4 -8 5 -8 5 -8 4^-8 1926—January 5 -8 5 -6 4 -8 5 -8 5 -8 4K8 February.. 6 5 -7 5 -7 43^-6 New Orleans.. 1925—February _. 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 December.. 5 r-6 5 -7 5 -6 5 -6 5 -6 5 -6 5 -6 1926—January 5 -7 5 -5 5 -6 5 -6 5 -6 5 -6 February-. 5 -7 5 -h 5 -6 5 -6 5 -6 5 -6 Nashville. 1925—February.. 6 53^-6 December.. 5 5^6 5K-6 1926-—January 5 5M8 February-- 5 District 7 Chicago.. 1925—February-. 4M-5' 4 -5 4 -5 4 -5 4 -5 5 -h December.. 4M5 5 ~5 34 5 -6 5 -6 1926—January 5 -5 5 -5J4 5 -6 February^. 5 -5 5 -5V Detroit.. 1925—February.. .5' ~-6 5 5 -6 5 -6 5 -t 5H-6 December.. 5 5 -6 5 -6 5 -6 5^6 1926— F J e a b n r u u a a r r y y . - . _ .. 5 -5 5 V2\ 5 4 M - - 6 6 4M-6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MARCH, 1926 FEDERAL RESERVE BULLETIN 217 MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES-Continued Rates prevailing during week ending with the 15th day of the month District and city Year and month c C 3 o d u 0 m a s - y 9 t m o s 0 m erc e i r a s m l ' p p o 4 r a n - i 8 p t m h e s e r I l b n o a a t n e n k r s - b t s y y L e c b o L u o a i r n n b e s d e d r s - D L e o o b m a t o n h a n s e n d r d s s s e t c o u c r T k e s i d m an b e d y b r s y e L h e c c o o w e u u a i r a s n p e r e s t d e s - C lo a a t n tl s e District 8 St. Louis.. 1925—February. 5 -6 4 -5H 4 -5 December. 4M-51 5 -6 4K-6 434-6 5 -6 1926—January- 4^-51 5 -53 5 -5 5 -53- 5 -6 February _ 4 -5i 5 -6 43^2-6 5 -6 Louis ville. 1925—February. 6 December 6 ' 1926—January... 6 February _ 6 6 f Little Rock. 1925—February- 6 6 -7 December. 5 -6 6 -7 1926—January... 6 -8 February. 5 -6 5 -6 -7 6 -7 District 9 Minneapolis.. — 1.925—February . 4 -5M 434-5M December. 4M5}^ 5 -M 4^ J 1926—January... 5 -5M February- 5 ~5V Helena.. 1925—February- 8 December. 6 -8 1926—January... 6 -8 6 -8 February. 6 -7 District 10 Kansas City 1925—February _ 5 -6 5 -6 5 -6 434-6 5 -6 5 -6 5 -6 6 -7 December. 5 5 -6 . 6 5 -6 5 -6 5 -6 5 -6 6 -7 1926—January... 434-6 5 -6 6 5 -6 5 -6 5 -6 5 -6 6 -7 February _ 4^6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 -7 Omaha.. 1925— D F e e c b e r m ua b r e y r _ . 4 4 ^- - 6 6 5 5 - - 6 6 4 -8 •6 6 6 - - 7 7 1926—January... 5 -6 5 -6 6 5 -5 February _ 5 -6 6 6 -7 Denver, 1925—February- 5 -6 6 -7 5 -6 5 -6 -7 6 -7 December. 6 6 ~63> 5 -6 5 -6 5 -6 6 6 -7 1926—January... 6 5 -6 5 ~6 5 -6 6 -7 February. 6 -6> 534-6 5M-6 6 -7 Oklahoma City 1925—February- 5 -7 5 -7 5 -7 5 -6 5 ~6 5 -7 5 -7 8 December. 5 -7 5 -7 5 -7 6 6 6 -7 6 -8 1926—January... 5 -7 5 -7 6 -7 6 -7 6 -8 February _ 6 -7 6 -7 6 -7 6 -7 6 -8 District 11 Dallas. 1925—February. 4 -6 4 -7 5 -6 5 -6 5 -7 6 -8 5 -8 6 -7 December. 4^-6 4 -6 5 -6 5 -6 6 -8 434-8 6 -8 1926—January... 4 -6 4 -6 6 5 -6 4^8 6 -8 February. 4H-6 4 -6 4 -7 6 -7 6 -7 6 -8 El Paso. 1925—February. 6 -8 8 6 -7 8 8 6 -8 8 8 December. 5 -8 5 -8 6 -7 6 -8 8 8 7 -8 6 -9 1926—January.-. 5 -8 5 -8 6 -8 6 -8 8 6 -8 7 -8 8 -9 February. 6 -8 6 -8 6 -8 8 8 -9 Houston. .1. 1925—February- 5 -6 5 -6 5 -6 5 -6 6 -8 December. 5 -6 5 -6 5 -6 5 -6 5 -6 5 -7 8 1926—January.. . 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 -8 February. 5 -6 5 -6 5 -6 5 -6 5 -6 5-6 5 -6 6- 8 District 12 San Francisco ... 1925—February. 5 -5J 5 -53/ 534-6 5 ~6 5 -6 534-6 5 -6 December. 5 -5> 5 -6 5 -5> 5 -6 534-6 534-6 1926—January... 5 5 5 -6 5 -6 5K6 6 February. 5 -5K 5 -5K 5 -6 6 Portland . ... 1925—February- 6 6 6 -7 634-7 6 -7 December. 6 -7 6 -7 6 -7 6 -7 1926—January. _ _ 6 6 6 -7 February. 6 -7 Seattle 1925—February - 6 7 December. 5 -6 6 7 1926—January.. - 5 -7 6 7 February. 5 -7 7 Spokane. _ _ „ *_. 1925—February- 5 -7 4 -6 6 -7 6 -7 6 -7 -7 6 -7 December. 5. -7 4M-7 6 -7 6 -7 7 -8 6 -7 -8 6 -8 1926—January. _ . 5 -6 4M-7 6 -7 6 -7 7 6 -7 7 6 -7 February. 5 -6 4H-6 6 -7 7 6 -7 -7 6 -7 Salt Lake City—~. 1925—February. 6 5 -6 6 6 6 -7. 7 7 -8 December. 5 -6 6 6 7 7 7 -8 1926—January ... 5-6 6 6 -7 6 -8 7 7 7 -8 February. 6 6 -7 6 -8 4 -7 6 -7 7 7 -8 Los Angeles.... 1925—February- 6 -7 •6 -7 6 -7 6 -7 6 -7 -7 December. 6 6 6 -7 6 -7 6 -7 7 1926—January... 6 6 6 -7 6 -7 February. 6 -7 6 -7 6 -7 6 -7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

218 FEDERAL BESEBVE BULLETIN MAECH, 1926 GOLD AND SILVER IMPORTS AND EXPORTS IMPOSTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Exports Imports Exports Imports Country of origin or County of origin or destination January, December, January, December, destination January December, January, December, 1926 1925 1926 1925 1926 1925 1926 1925 GOLD GOLD—continued All countries.... $3,086,870 $5,967,727 $19,351,202 $7,216,004 Egypt.. _ 2,857 Portuffiipsp Afrira 89,127 4,976 France.-- 18,488 51,987 16,460 Allother— 265 21,980 6,950 3,456 Germany 398,144 222,189 Netherlands SILVEB Spain - 9,465 Sweden 337 All countries,— 9,762,969 7,589,470 5,762,760 5,746,956 England 2,518 420 Canada 68,64B 100,926 17,839,059 1,275,100 France 4,981 107,275 4,744 Central America 2,700 110,364 184,645 Germany. 120,574 362,758 785 Mexico „_.__ 564, WO 598,577 538, 740 583,127 Poland and Danzig West Indies.. 13,500 36,500 26,650 29, 083 Spain. 16,525 Argentina 51,000 2,011,640 England __.-— 68,879 69,219 1,800 48 Brazil..-..- 65, 000 Canada 157,913 138,966 380,725 933,892 Chile 36,891 59,033 Central America. 2,500 200 185,367 116,568 Colombia- 110,324 130,485 Mexico _ 121,750 114,995 4,358,799 3,574,138 Ecuador 5,983 93,728 112,293 West Indies 8,600 285 10,928- 32,78$ Peru.. _ 122,459 388,863 Argentina,.:. 2,200 Uruguay Bolivia — 2,417 Venezuela _, 500,000 100,000 55,728 54,922 Chile..... . . .. 140,455 97,831 British India 43,000 3,831 Colombia 3,074 21,907 2,657 British Malaya. 991,499 1,903,293 Peru- 296,505 459,964 865,935 China. 401,361 British India 5,940,944 4,818, 750 Dutch East Indies 140,020 147,510 56,114 152,990 China......__. 3,039,232 1,940,644 Hongkong 226,336 417,220 Dutch East Indies 66,475 83,764 Japan ._ 4,000,000 | Hongkong 138,379 Philippine Islands.... 184,280 196,920 Portuguese Africa 12,624 6,224 British Oceania... 23,089 13,766 All other 1,091 13,239 11,843 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MABCH, 1926 FEDERAL BESEBVE BULLETIN 219 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] February, 1926 January, 1926 January, 1925 Par of Average Average Countries Monetary unit change Low High Low High Per Low High Per Rate cent of Rate cent of par par Austria Schilling 14.07 14.0430 14.0760 14.0470 14.0820 14.0566 99.91 Belgium Franc _- 19.30 4.5400 4. 5500 4.5300 4.5400 4.5360 23.50 4.9700 5.2200 5.0573 26.20 Bulgaria Lev 19.20 .6725 . 7231 . 6517 .7293 .7007 3.63 .7286 .7371 . 7335 3.80 •Czechoslovakia. _ - _~Crown* _, 2.9613 2.9626 2.9613 2.9622 2.9616 2.9727 3.0171 2. 9987 Denmark Krone 26.80 24.6100 26.0400 24.7100 24.9000 24.8044 .92. 55 17.6700 17.9200 17.8104 66.46 Finland Markka ._ 2.52 2.5198 2. 5215 2. 5200 2. 5225 2. 5211 100.04 2. 5179 2.5225 2. 5198 13.06 France Franc... 19.30 3. 5500 3.7600 3.7100 3.8500 3.7708 19.54 5. 3000 5.4300 5.3923 27.94 Germany Reichsmark , 23.82 23.8000 23.8100 23.8000 23.8100 23.8012 99.92 23.8000 23.8000 23.8000 99.92 Great Britain Pound 486. 65 486.0400 486.5100 484.9900 486.4200 485.7860 99.82 474.9900 480.3700 478.1673 98.26 Greece Drachma.. 19.30 1.4098 1.4973 1.3008 1.4048 1.3541 7.02 1.6933 1.8167 1.7553 9.09 Hungary Pengo._ 17.49 17. 5400 17. 5900 17. 5300 17. 5800 17.5532 100.36 Italy Lira ______ 19.30 4.0100 4.0400 4. 0300 4. 0400 4. 0376 20. 92 4.0300 4. 2400 4.1669 21. 59 Netherlands Florin _ 40.20 40.0400 40.1400 40. 0900 40.2400 40.1812 99.95 40.3000 40.6100 40.4069 100. 51 Norway Krone 26.80 20.3100 21. 7300 20. 2900 20. 3800 20. 3488 75.93 15.1100 15.3300 15. 2708 56.98 Poland Zloty 19.30 12.1400 13. 5300 11.4400 14. 0400 12. 8664 66.67 19.1700 19.2000 19.1788 99.37 Portugal Escudo 108.05 5.0900 5.1400 5.1000 5.1300 5.1168 4.74 4.8200 4.9200 4.8808 4.52 Rumania -. Leu __- 19.30 .4205 .4431 .4324 .4600 .4476 2.32 .5133 .5288 . 5191 2.69 Spain Peseta 19.30 14.0700 14.1400 14.1100 14. 2100 14.1508 73.32 13.9900 14.3200 14.1808 73.48 Sweden Krona 26.80 26.7600 26.8300 26. 7600 26.8200 26. 7776 99.92 26. 9200 26. 9600 26. 9458 100. 54 Switzerland Franc 19.30 19.2400 19.2900 19.2800 19.3300 19.3112 100. 06 19. 2500 19. 5000 19.3369 100.19 Yugoslavia . _ __Dinar 19.30 1.7584 1.7648 1.7663 1.7721 1. 7695 9.17 1.5524 1.7788 1.6347 8.47 Canada _ Dollar 100. 00 99.5664 99.7879 99. 7456 99.8781 99.8001 99.80 99. 5313 99. 9568 99. 6895 99.69 Cuba Peso - . 100.00 99.8906 100.2094 99.8594 100.0000 99.8976 99.90 99.9427 99.9777 99. 9561 99.96 Mexico do 49.85 48. 3667 48.6333 48.3167 48. 7500 48.5050 97.30 48.8000 48.9833 48.8800 98.05 Argentina Peso (gold) 96.48 92. 7100 94.1000 93.9800 94. 2000 94.1328 97. 57 90.4600 91.3900 91.0754 94.40 Brazil Milreis 32.44 14.7000 14.8900 14. 5700 15. 0100 14.8368 45.74 11. 5700 11.9900 11.7150 36.11 Chile Peso 12.37 12.0700 12.1600 11.9100 12.1300 12.0404 98.94 10.8100 11. 5400 11. 3469 58.10 Uruguay __ do 103.42 102. 6900 103.3700 102. 5400 103.1400 102.8820 99.47 97.6600 99. 5600 99.0319 95.76 China Mexican dollar i 48.11 53.2900 53. 9500 53.7800 54.8100 54. 2888 112.84 54.7500 55. 9600 55.4962 115.35 Do. Shanghai tael i 66.85 72. 7700 74.3000 73. 9800 75.7000 74.7528 111. 82 74.3200 75.9600 75. 3423 112.70 Hongkong- _ _ Dollar . i 47. 77 57. 4300 58.1300 57.7900 58. 3100 58.0748 121. 57 54.9600 55.8800 55. 5458 116.28 India __ Rupee 48.66 36.7000 36. 7900 36. 6500 36. 7300 36.6852 75.39 35.4900 35.8900 35.7065 73.38 Japan Yen 49.85 44.850 46. 3200 43.1200 44. 9500 44.1696 88.60 38.3500 38.5300 38.4546 77.14 Straits Settlements. _ _ Singapore dollar. 56.78 56.5400 56. 7100 56. 5800 56.6700 56. 6156 99.71 54.0000 56. 2500 55.3104 97.41 11913 average. SILVER [Average price per fine ounce] January London (converted at average rate of exchange). New York...-. .68107 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

220 FEDEKAL EESERVE BULLETIN MAKCH, 1926 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MARCH I, 1926 Paper maturing— Within 90 days After 90 days but within 9 months Federal reserve bank Commercial, Secured by a a n g d r ic li u v l e tu st r o a c l, k U G n o i v te e d r n S m ta e t n e t s Bankers' Trade an A d g r l i iv cu es lt t u o r c a k l * paper, n. e. s. obligations paper Boston 4 New York ._ 4 Philadelphia _ _ 4 Cleveland 4 Richmond _ 4 Atlanta, 4 Chicago __ 4 St. Louis-.' 4 Minneapolis- __ 4 Kansas City__ 4 Dallas 4 San Francisco- 4 i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM JANUARY 21 TO FEBRUARY 17, 1926 [In thousands of dollars] Changes in owner- Transfers Transit clearing F n e o d t e e r a c l l e r a e r s i e n r g ve t s h h ro ip u gh o f t ra g ns o f l e d rs Balance Federal reserve bank and settlements i a n t c f l u o n s d e of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston.- 1,000 696,961 741,957 4,626 2,307 41, 677 60, 645 New York 3,000 2, 526,613 2, 440,195 6,833 11, 775 84,476 212, 787 Philadelphia... 1,000 686,316 674,771 5,427 3,676 12,296 37,932 Cleveland 631, 097 658,464 7,966 3,070 22,471 59, 742 Richmond 571, 051 3,002 3,583 1,821 33,349 Atlanta 2,000 354, 840 382,092 3,613 3,620 25,259 Chicago 1,000 1,192,859 1,185,837 3,583 7,105 2,500 130,604 St. Louis 533, 941 534, 993 1,221 3, 276 3,107 12, 956 Minneapolis ""566" 145,920 146,114 2,301 1.010 1,597 19,190 Kansas City. _. 500 369, 911 367,053 2,436 1, 800 2,994 31,451 Dallas 1,000 243, 832 250,802 1,642 3,748 8,076 18,881 San Francisco- 3,000 321, 569 323, 983 2,860 2,540 5,094 34, 564 Total four weeks ending— Feb. 17, 1926 6,500 6,500 8, 274, 910 8,274,910 45, 510 ' 45, 510 105, 684 105, 684 688,124 Jan. 20, 1926... 35,000 35,000 1 8, 957, 034 1 8, 957,034 573,849 Feb. 18, 1925 8,500 8,500 1 7,826, 2G2 1 7,826, 262 578, 549 Jan. 21, 1925 42,000' 42,000 1 8, 308, 529 1 8,308, 529 592,392 Includes Federal reserve note clearing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Page Abstract of condition reports of member banks.. 209-213 Gold settlement fund transactions __ _ 220 Acceptances: Gold standard for Finland 184 Held and purchased by Federal reserve banks..__ 204 Grain and flour _____ 156,181 Market for._____ _ __ ____ 154 Great Britain: Agricultural credit banks, loans of... 155 Financial statistics - 190 Agricultural movements, index of __„_ 180 Foreign trade _..__ „ __ 193 Agriculture, monthly statistics... 156 Gold imports and exports 169, 218 Annual report of Bank of France.. 186 Industrial statistics 194 Atlanta par clearance case—decision of Circuit Court of Appeals._ 174 Retail food prices and cost of living . 198 Automobile industry 164 Wholesale prices. ___ _. 196 Bank debits ___ ... 214 Imports and exports: Bank suspensions . 168 Gold and silver _ _ ___ 169,218 Bankers' balances in Federal reserve bank cities 207 Merchandise _. — 169 Banking situation, discussion of_.___ 149 Certain foreign countries in 1925___ _ ___.-_____. 171 Brokers, loans to... _ _ •___ 207 Interest rates prevailing in various centers 154,216 Building statistics 165,181 Industrial statistics for foreign countries. 194 Business and financial conditions: International trade of certain foreign countries in 1925 __„___* 171 Abroad 184 Investment funds and securities issues, discussion of 147 United States 152-170,179-183 Iron and steel manufacturing .. 163 Business failures 168 Italy: Canada: Financial statistics. ._ __ 190 Cost of living and retail food prices. . 198 Foreign trade ... 193 Financial statistics.. . 190 Retail food prices and cost of living.. 198 Foreign trade _ 193 Wholesale prices !_ 196 Industrial statistics . 195 Japan: Wholesale prices .... 196 Financial statistics - . . 190 Capital issues— . 154 Foreign trade _ ._ 193 Chain stores, retail trade of .- 183 Wholesale prices. ___ 196 Charters issued to national banks.— 178 Law department: Coal and coke production ___ 160 Atlanta par clearance case—decision of Circuit Court of Appeals 174 Commercial failures ___ __ 168 Leather industry..., ___ 164 Commodity movements __ 181 Livestock industry 158 Condition statements: Loans to brokers and dealers in securities . _ _ _ _ 207 Abstract of condition reports of member banks.. 209-213 Lumber industry 164 Federal reserve banks.. 199 Mail-order houses, retail trade of. _._„ 183 Member banks in leading cities 206 Manufacturing: Cost of living in principal countries,- .. 198 Condition, by industries.____ _ 161 Cotton: Index of production _____ 180 Raw ... 157 Maturity distribution of bills and certificates of indebtedness.... 202 Manufacturing 162 Member banks: Currency in circulation ____ 215 Abstract of condition reports. 209,213 During year 1925 172 Condition of 206 Dairy products 159 Number discounting 205 Debits to individual account 214 Number in each district 205 Department-store business _ _ 183 State banks admitted to system.. . 178 Deposits, time and demand, of member banks ; 208 Mineral production, index of 180 Deposits, note circulation, and reserves of Federal reserve banks. 199 Metals.. 161 Discount and open-market operations of Federal reserve banks___ 205 Mining 160 Discount rates: Money in circulation __ 215 Central banks of issue _.__ 192 During year 1925 _. 172 Federal reserve banks _ 220 Money rates _ ___ 154,216 Prevailing in various centers 154,216 Newton, Isaac B., assumes duties as Federal reserve agent at San Earning assets of Federal reserve banks 204 Francisco..... 151 Employment, United States..- 167 Par list, number of banks on_______ 215 Index of „ . —- 179 Pascagoula National Bank, Moss Point, Miss., par clearance case of 174 Factory employment and pay rolls, index of 180 Pay rolls in factories, index of 180 Failures, commercial and bank 168 Petroleum industry 160 Federal advisory council, meeting of -- 151 Prices: Federal reserve banks: Food, in principal countries 198 Condition of __________ 199 Security. __ _ 155 Discount and open-market operations of 205 Wholesale. _• _ 167,196 Federal reserve note account 203 Production in basic industries, index of 179 Fiduciary powers granted to national banks.— 177 Reserve ratio of Federal reserve banks ___• 199 Financial statistics for principal foreign countries 190 Resources and liabilities: Finland's return to gold__ . 184 Federal reserve banks 199 Food manufacturing :__ 162 Member banks in leading cities... __ 206 Food prices in foreign countries 198 Retail food prices 198 Foreign exchange --- -— 170,219 Retail trade- __•__ 166,183 Foreign trade: Security prices -_ ... 155 Principal foreign countries . 193 Shoe industry ___ 164 During year 1925 „ _—_ 171 Silver: United States—. 169,193 Imports and exports 218 France: Price of . 219 Annual report of Bank of France 186 State banks admitted to Federal reserve system 178 Cost of living and retail food prices •____ - 198 Stocks at department stores 183 Financial statistics ._— 190 Textile industry... _ 162 Foreign trade - - --.— 163 Time deposits of member banks 208 Industrial statistics ... 194 Tobacco industry 157,181 Wholesale prices 196 Trade: Fruits and vegetables . --•-- 158 Foreign _. ... — -169 Germany: Certain countries in 1925 ..... 171 Cost of living and retail food prices _ 198 Retail - 166,183 Financial statistics 190 Wholesale . . 166,182 Foreign trade _ 193 Transportation - . 165,181 Industrial statistics 195 Wholesale prices.. •_ 167,198 Wholesale prices __• 196 Wholesale trade .__ 166,182 Gold imports and exports ___ 169,218 Wool and woolen industry-- 163 I 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 FEDERAL RESERVE BANK AGENCY O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis