Federal Reserve Bulletin, 1926-06

FEDERAL RESERVE BULLETIN JUNE, 1926 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Survey of the Year Since England Returned to Gold Branch Banking in the United States Earnings and Expenses of Member Banks 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. MCKINNEY. District NO. 12 (SAN FRANCISCO) HENRY S. MCKEE. 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.* L.-F. Sailer.... A. W. Gilbart.i G. L. Harrison...... J.W. Jones.* 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.i Cleveland „• George DeCamp... ___._. E. R. Fancher M. J. Fleming.. H. F. Strater. Frank J. Zurlinden. Richmond Wm. W. Hoxton George J. Seay.... C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta. Oscar Newton M..B. Wellborn... J. L. Campbell .. M. W. Bell. Creed Taylor.. Chicago Wm. A. Heath..^....... J. B. McDougal 0. R. McKay W. C. Bachman.i John H. Blair K. C.Childs.1 J. H. Dillard.i D. A. Jones.* O. J. Netterstrom.i St. Louis Wm.McC. Martin D. C. O. M. Attebery J. W. White. Minneapolis.. John R. Mitchell.-..-..... R. A. Young B W . . V B .M . G o e o e r r e y.. F G r r a a n y k W O a . r D re u n n . lop.1 Harry Yaeger * ... 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.'XJ. Calkins Wm. A. Day... W. N. Ambrose. Ira Clerk L. C. Pontious i Controller. 2 Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch.. ___ R. E. Towle. Cleveland: Kansas City: Cincinnati branch....— 0. F. McCombs. Omaha branchy 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 Memphis branch W. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OP BULLETIN THE FEDEKAL 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: p age Review of the month—Survey of the year since England returned to gold 375 Business*conditions in the United States 380 Special articles: Branch banking in the United States __ ._ 401 Earnings and expenses of member banks 409 Annual report of Bank of Japan 426 Annual report of Bank of Hungary _•• -_ _ _ 428 Annual report of National Bank of the Kingdom of Serbs, Croats, and Slovenes.-.: !.._ 431 International trade of selected countries in 1925 and 1924_ ; _ _ _ _ 433 Official: Law department— Authority of Congress for erection of Detroit branch bank building, 415 : Authority of Congress for erection of Baltimore branch bank building. 415 Act limiting use of words "'Federal," " United States," or " reserve "__ •_• 415 State laws relating to segregation of assets of savings departments of banks and trust companies 416 Changes in State bank membership ; . ____ 420 Changes in national bank membership . . 420 Fiduciary powers granted to national banks...... __. __ _ ;_ 420 Business statistics for the United States: Industrial activity _ . 421 Commodity movements : . ___ 423 Wholesale and retail trade .... 424 Foreign banking and business conditions: Financial statistics for England, France, Germany, and Canada_ . _ _ .__ 434 Foreign trade of principal countries . _ '___. 437 Industrial statistics for England, France, Germany, and Canada __ 438 Price movements in principal countries— Wholesale prices in principal countries.. ... .. ; 440 Retail prices and cost of living in principal countries ..._.-_ ... _ _ _. 442 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 443 Federal reserve note account. :_ . . , _ 446 Holdings of bills and securities and earnings thereon : _______ 447 Discount and open-market operations of Federal reserve banks . 448 Gold settlement fund .-_... _ _____ .__----__-______ 462 Discount rates of Federal reserve banks 462 Member banks— Reporting member banks— Condition of reporting member banks in leading cities.. _. 449 Bankers' balances at reporting member banks in Federal reserve bank cities. _. 450 Loans to brokers and dealers secured by stocks and bonds made by reporting member banks in New York City ,.. . . ._._. 450 All member banks— Deposits . '_' , ___- 451 Abstract of condition reports on April 12, 1926__ 378,452 Bank debits - ___--__ ._._______._-___.____-._-.-.. 456 Member banks and nonmember banks on par list and not on par list ... _. 457 Money in circulation ; ___. __._.— _ .__ __ 457 Money rates in principal cities.-.. . — ;_—•—. 458 Gold and silver imports and exports •_ _ .. 460 Foreign exchange rates . — . —. ; _ 461 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 12 JUNE, 1926 No. 6 REVIEW OF THE MONTH called gold points. Credit conditions during the past year have been generally characterized During the period of more than a year since by a more adequate supply of short-term funds, the restoration of the gold standard in Great following upon the acute shortage of the pre- Britain many other countries ceding year, but the supply of funds for invest- Developments have reestablished the relationsMp between t]aeir currencies ments continued to be limited. With the return of greater currency stability and the and gold by adopting the sogreater ease in the money markets, credit called gold-exchange standard, and at the policies of central banks in many European present time gold is once more the standard of value in most of the trading countries of the countries during the year have become less world. International movements of gold have restrictive and there has been evidence of the continued on a large scale since April of last gradual restoration of more normal banking year and, in general, have tended to diminish and credit conditions. somewhat the stock of gold in countries with During the sixteen months ending in April, large reserves and to increase the reserves of 1926, gold holdings of the United States countries with inadequate reserves. Gold declined by about $60,000,000 Gold movemovements, however/ though much freer than and the gold stock of England ments before, are in most countries still under govern- by about $25,000,000 while ment or central bank control and subject to that of Germany increased by more than various restrictions and regulations. The vol- $170,000,000. In the United States exports ume of international trade in commodities has of gold in the early months of 1925, largely been larger than in other recent years, and the to Germany, were followed for several months flow of funds between the principal money by relatively small gold movements and then, markets has been more responsive to differ- during the first quarter of 1926, by considerences in the level of money rates than was the able receipts of gold, chiefly from Canada. case before the restoration of a free gold mar- In England gold imports exceeded gold exket. Notwithstanding the larger volume of ports by approximately $48,000,000 during international trade and the closer relationship the four months following the restoration of a between the markets of the world, commodity free gold market, but this inflow was followed prices in different countries have shown little by a loss of over $50,000,000 of gold in the tendency to approach a common level; the subsequent eight months, with the consemovement of prices, however, in most of the quence that at the end of a year of free gold countries of the world during the past 12 movements England's stock of gold was months has been uniformly downward, particuslightly smaller than at the time when the larly for agricultural commodities. Exchange prohibition of gold exports was removed. The rates on most of the more important currencies loss of gold during the year, however, has not have fluctuated less during the past year than been at any time in sufficient volume to cause at any time since the close of the war; in fact, the Bank of England to make use of the for the stabilized currencies fluctuations have credits established in this country as a saferemained within the narrow limits of the soguard against possible depletion of the gold 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

376 FEDEBAL RESEBVE BULLETIN JUNE, 1926 reserve. The gold reserves of Germany in- nevertheless exceeded that in exports.1 In the creased continuously during the year, first early months of 1926 the aggregate volume of through the use of the proceeds of the inter- international trade according to available fignational loan, aijd later by the transfer to ures appears to have been somewhat lower than Germany in gold of balances accumulated that for the corresponding months a year ago. abroad through private loans or in the ordi- The year following the restoration of the nary course of the country's foreign trade. free gold market in Great Britain has been Throughout the year, there has been an ex- characterized by a downward ceptionally heavy demand for gold from India Course of movement of prices in England prices as the result of a series of good crops. Aggre- and in most other European gate imports of gold to India in 1925 reached countries, as well as in the United States. An the record figure of $200,000,000, or about important factor in this international decline of one-half of the total production of new gold, the average of commodity prices has been a rewhich was larger in 1925 than in any year cession in the prices of farm products, which had since 1917. The other half of the gold pro- advanced considerably during the preceding duced during the year was not quite sufficient year. World prices of other commodity groups, to meet the demand for gold for industrial however, and particularly of some of the imporpurposes, with the consequence that the total tant industrial products, like steel, also declined volume of gold held as reserves in the principal during the year. The course of wholesale countries of the world declined somewhat commodity prices in England and in the United during the period.1 States since the beginning of 1924 is shown on the chart. In the latter part of 1924 and The restoration of the free gold market has been a factor in facilitating the international PER CENT 180 ~ 1180 movement of merchandise International ^ England _ h in 1925 for all countries trade ' combined, was valued at more 160 United Statesj than $46,000,000,000, an increase of about 12 per cent over 1924. Increases were shown for almost all countries both on the import side 140 and on the export side, with the increase in imports being larger for the United States and leading European countries and the increase 120 120 in exports larger for India and Canada. The WHOLESALE PRICES largest growth in both exports and imports was _J I for Germany, where it amounted to more than —4100 1924 1925 one-third. Both for Great Britain and for the Index numbers of Board of Trade for England and Bureau of United States merchandise imports increased Labor Statistics for the United States more than merchandise exports, the exports early in 1925, prior to the removal of the gold increasing byfabout $320,000,000, or about 7 embargo, prices, according to official index per cent, for each offthese countries. In jboth numbers, were higher in England than in the Denmark and Norway, notwithstanding the United States, and the difference was larger rise in the exchanges during the year, the in- than could be accounted for by the depreciacrease in exports was greater than the increase tion of sterling exchange. In February, 1925, in imports, while in France, Italy, and Poland, when the committee of experts made its recwhose exchanges were generally lower in 1925 ommendation that England return to the than the year before, the increase in imports i Detailed figures for the foreign trade of 19 countries in 1924 and 1925, expressed in dollars, are given in the table on p. 433. For more recent 1 For detailed table of gold reserves of principal countries from 1913 months, corresponding figures for certain countries are given on pp. 438 to the end of 1925 see FEDERAL RESERVE BULLETIN for April, 1926, p. 271. and 439. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

377 JUNE, 1926 FEDERAL RESERVE BULLETIN gold standard, the value of the pound sterling As a consequence of greater monetary stawas only 1 y% per cent below gold parity, while bility and the removal or relaxation of restricthe price level in the United States was 5 per Reiations he- strictions on gold movements cent lower than in England. The committee, tween money and on dealings in foreign in fact, pointed out that a readjustment of mar e s exchange, transfers of funds prices between the two countries was inevi- between the principal money markets, in table, because British prices had not declined response to differences in the levels of interest in 1924 and the beginning of 1925 in propor- rates, were in exceptionally large volume during tion to the rapid rise in sterling exchange, and the past year. The chart compares the course that the necessary readjustment would be of the rate on bankers' bills in the London rendered only slightly more severe by a rise of sterling to parity. At the end of April, when the gold standard act was adopted and sterling rose practically to par, prices had turned downward in both countries, but the difference in price levels between the two countries had narrowed somewhat, because in England prices had declined more rapidly than in the United States, and in April, 1926, according to the index numbers, British prices were about 5 per cent lower than American prices. In England the decline in prices during the year was some- —-NEW YORK TIME LOAN. RATE what larger in industrial than in agricultural —i- LONDOH BILL RATE commodities, while in the United States the decline in the prices of farm products was 1924- 1926 much larger than the reduction in the prices market with the movement of the rate for of nonagricultural commodities. Price retime loans on mixed collateral made in the cessions for the year in other countries were of New York market. The rates shown in the varying degree, the largest declines occurring chart are indicative in a general way of the WHOLESALE PRICES IN SELECTED COUNTRIES relative returns obtainable for short-term funds [Pre-war=100] in the New York and London markets. During the months immediately following upon the April, 1926 April, 1925 N (p et e r c h c a en n t g ) e restoration of the gold standard rates in London were higher than in New York, and London not United States 151 156 -3 Netherlands 144 151 only received a considerable volume of gold Germany » 123 131 —6 Sweden 150 163 —8 from abroad but also held large balances for Switzerland* ___ 148 166 —11 England 144 162 —12 American banks accumulated in part during Norway 198 267- —26 Denmark a 141 216 -35 the period of the previous year's rise of sterling exchange toward parity. In August, however, i First of April figures. 2 First of May figures. rates in New York advanced as the result of a in Norway and Denmark and the smallest, seasonal demand for credit and currency and next to the United States, in the Netherlands. the growing demand for funds in the security In Germany prices declined considerably less market. At the same time money rates in than in England, and the decline in the average London declined, partly because of the inflow reflected much larger reductions in the prices of of gold, but also on account of the domestic defoods than in the prices of industrial products. pression in business. With time money in New Changes in the price level between April, 1925 York much higher than the bill rate in London, and 1926, for some of the principal foreign balances were transferred in large volume from countries are shown in the table. London to New York, and this movement Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

378 FEDERAL RESERVE BULLETIN JUNE, 1926 tended to depress sterling exchange and to cause per cent in February, 1925, and again to 8 per in October a movement of gold to New York. ent in January and to 7 per cent in March The loss of the balances and of Jbhe gold, of this year. In addition, the Reichsbank together with the seasonal currency demand, adopted policies in regard to the handling of and the removal of restrictions on foreign clearings and of deposit accounts that made the loans, tightened the market in London and in use of central bank facilities less expensive the latter months of 1925 the bill rate in to its customers. Short-term money rates in London was as high as the rate on time loans Germany declined considerably during the year, in New York and at times even higher, so though rates for long-term money have conthat the transfer of funds to this country was tinued to be high. The Reichsbank also used no longer profitable. In the first five months its influence during the year in an endeavor to of 1926 the spread between the rates has not reestablish in Germany the regular commercial acceptance market which had been completely been large for any considerable period, and demoralized during the period of monetary disthe movement of funds and of gold between the organization. The bank has furthermore paid two markets has been on a relatively small scale. particular attention to the maintenance of an Central bank policy in England during the adequate supply of foreign bills, in order to year following upon the passage of the gold assist the country's foreign trade and to mainstandard act appears to have tain the international value of German currency. policytFal had the effect °f maintaining The recovery of Europe's financial machina fairly stable volume of credit ery from the disorganization following the war in the London money market. During the has thus made definite progress during the year period of gold imports into England in the since Great Britain's return to gold, not only three months succeeding the removal of the in those countries which have themselves gold embargo the Bank of England sold reestablished the gold standard, but also in securities in sufficient volume to offset the countries which are still going through a period receipts of gold from abroad. Consequently, of transition. With the growth of confidence deposits of the Bank of England, which con- and of monetary stability and with the institute a large part of the reserves of the creased freedom of movement of gold and of British commercial banks, remained practically liquid funds in response to differences in the constant. During the following period of gold level of money rates, financial conditions exports, on the other hand, the Bank of Eng- abroad have become an increasing influence in land put funds into the market by increasing the domestic credit situation of the United its own security holdings, with the consequence States and consequently a more clearly defined that there was no decline in the deposits held by factor to be taken into consideration in shaping the central bank for the commercial banks. this country's domestic credit policy. This open-market policy of the Bank of England was supported by corresponding changes FINAL DECISION IN ATLANTA PAR CLEARANCE in the discount rate, which stood at 5 per cent CASE in April, 1925, was reduced to 4^ per cent on On June 7 the Supreme Court of the United August 6 and to 4 per cent on October 1, and States refused to grant a writ of certiorari then on December 3 was advanced again to 5 bringing before it for review the case of percent, the rate in effect at the present time. Pascagoula National Bank v.. Federal Reserve In other European countries the more nor- Bank of Atlanta. As a result of this action mal credit conditions that have prevailed by the Supreme Court, the decision of the Circuit Court of Appeals, rendered on Februduring the past year have resulted in general ary 11, 1926, which was published on page reductions of central bank discount rates, and 174 of the FEDERAL RESERVE BULLETIN for in the relaxation of the rigid methods of ration- March, 1926, becomes final, thus terminating ing credit that had been adopted during the the litigation in favor of the Federal Reserve period of acute shortage of funds. The Ger- Board and the Federal Reserve Bank of man Reichsbank reduced its rate from 10 to 9 Atlanta on all points involved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.JUNE, 1926 FEDEKAL RESERVE BTJLELETIN 379 NOTE of about $200,000,000 at reporting member banks in leading cities and an increase of about Meeting of Federal Advisory Council. $71,000,000 at other member banks located for The Federal Advisory Council held its sec- the most part in relatively small centers. ond meeting in 1926 in Washington on May 21. Total loans of member banks in leading cities, following a growth of about $1,170,000,- 000 in 1925, showed a decrease of about $340,- 000,000, for the first quarter of 1926. This CONDITION OF ALL MEMBER BANKS decrease reflected a decline of more than The aggregate loans and investments of all $500,000,000 in loans on securities, only partly member banks on April 12, 1926, as shown by offset by increased commercial loans, and was reports of condition which have recently be- accompanied by a growth of about $140,000,come available, were $31,070,000,000—about 000 in the banks7 investment holdings and by $130,000,000 less than at the end of 1925 but a decline in deposits and in the volume of nearly $1,800,000,000 larger than in April of borrowing from the Federal reserve banks and that year. Loans declined by $270,000,000 other banks. during the first quarter of 1926, while invest- At member banks in smaller centers total ment holdings increased by $140,000,000. loans, which had increased by about $930,- The decrease in total loans and investments 000,000 in 1925, advanced further in the first was accompanied by a decline of about $170,- quarter of 1926, and at the end of the period 000,000 in the volume of the banks' borrowings, were about $1,000,000,000 larger than at the and by a decline of $1,358,000,000 in total beginning of 1925; investment holdings of these deposits; the decline in deposits, largely in de- banks remained at approximately the same mand deposits, is explained partly by the high level as at the end of 1925—about $150,000,000 level of deposits of the end of the year, which above the level at the beginning of that year. was to some extent due to the usual accumula- A comparison of figures for weekly reporttion at that time of a large volume of checks for ing member banks, located in leading cities clearing and collection; time deposits showed throughout the country, with figures for other an increase of $302,000,000 for the period, and member banks, located for the most part in United States Government deposits an increase smaller centers, is presented in the following of $75,000,000, while amounts due to banks table: and bankers declined by $371,000,000. Principal resources and liabilities of all member PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER banks for April 12, 1926, are shown in the fol- BANKS lowing table. A complete statement of condi- [In millions of dollars] tion for April 12, 1926, is published on page 452 of this issue. Loans and investments Borrowings at PRINCIPAL RESOURCES AND LIABILITIES OF ALL Invest- Federal MEMBER BANKS Total Loans ments reserve banks [In millions of dollars] All member banks: End of 1924 ..._ _.. 29,026 20,181 8,845 314 Change since— End of 1925 _ ____ 31,199 22,275 8,924 750 Apr. 12, Middle of April, 1926 31,070 22,006 9,064 577 1926 Dec. 31, Apr. 6, Weekly reporting member banks: 1925 1925 End of 1924 __. 18,599 13,068 5,531 154 End of 1925-. 19,697 14,235 5,462 555 Middle of April, 1926 19,497 13,897 5,600 Loans and investments.- 31,070 —130 +1,785 Other member banks: Loans 22,006 -269 +1,617 End of 1924 __. 10,427 7,113 3,314 160 Investments, total 9,064 +139 +168 End of 1925 ___ 11, 502 8,040 3,462 195 United States securities 3,831 +70 -85 Middle of April, 1926 ... 11,573 8,109 3,464 Other bonds and stocks 5,233 +69 +253 Deposits, total.... _ 32,870 -1,358 +1,644 United States Government deposits. 379 +75 -32 Changes Due to banks... ___. _-.. 3,849 -371 -232 Demand deposits _ 17,687 -1,364 +1,080 Time deposits._. _.__ 10,955 +302 +828 All member banks: Bills payable and rediscounts ..-- 841 -171 +141 December, 1924-December, 1925. +2,173 +2,094 +79 +436 December, 1925-April, 1926.—_ -129 -269 +140 -173 Weekly reporting member banks: December, 1924-December, 1925. +1,098 +1,167 -69 +401 The decrease in member bank credit out- December, 1925-April, 1926 -200 -338 +138 -167 Other member banks: standing between December 31, 1925/ and December, 1924-December, 1925. +1,075 +927 +148 +35 April 12, 1926, was the net result of a decline December, 1925-April, 1926 +71 +69 +2 -6 98738—26-—-2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

380 FEDERAL RESERVE BULLETIN JUNE, 1926 BUSINESS CONDITIONS IN THE UNITED STATES NATIONAL SUMMARY cast, compared with a final yield of 398,000,000 bushels in 1925. There was a slight decline in the activity of Trade.—The volume of wholesale trade in industry and trade in April, and a further reduc- April was seasonally smaller than in March tion in the general price level. Commercial for all lines except meats. Compared with a demand for bank credit continued large and year ago, sales of groceries, meats, and drugs the volume of security loans, after a rapid were larger in April, while sales of dry goods, decline since the turn of the year, remained at shoes, and hardware were smaller. Departa constant level. ment-store sales increased less than usual and Production.—-Production in basic industries, according to the Federal Keserve Board's index, decreased 1 per cent in April, slight increases in production of lumber and pig iron being more than offset by declines in output in other industries. Particularly large recessions were shown in the production of steel ingots and in textile mill activity. Automo- 50 50 With Seasonal Adjustment Without Adjustment 1922 1923 1924- 1925 1926 Index of sales of 359 stores. (1919=100.) Latest figures, April, adjusted 129, unadjusted 133 50 were somewhat smaller than a year ago. Sales of mail-order houses were slightly smaller than in March, but continued to be larger than in the corresponding month of 1925. There was some decrease in the stocks of merchandise 1922 1923 1924 1925 1926 held by wholesale firms during the month, and Index of 22 basic commodities adjusted for seasonal variations. (1919= 100.) Latest figure, April, 122 inventories of department stores showed less than the usual seasonal increase, though they bile production, not included in the index, were larger than a year ago. Weekly freightcontinued in large volume. Factory employ- car loadings decreased in the early part of April, ment and pay rolls declined slightly in April, but later increased, and the volume of shipparticularly in the food, tobacco, textile, and ments for the month of April as a whole and boot and shoe industries. The value of build- for the first two weeks in May was larger than ing contracts awarded during April was smaller in the corresponding periods of any previous than in March and practically the same as in year. April of last year. Awards for the first two Prices.—Wholesale commodity prices, acweeks in May, however, showed increases as cording to the Bureau of Labor Statistics compared with the same weeks in 1925. index, declined slightly from March to April. Keports by the Department of Agriculture Increases in the farm products and foods indicate that up to the 1st of May 68 per cent groups, which had been declining for several of spring plowing and 56 per cent of sowing and months, were more than offset by decreases planting was completed, compared with about in other groups. The greatest declines were 83 per cent and 66 per cent last year. On the in the prices of clothing materials. In the basis of the condition of winter wheat on first three weeks of May prices of wheat, cattle, May 1, a yield of 549,000,000 bushels is fore- sheep, cotton goods, pig iron, bricks, and rubber Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BUIiLETIN 381 declined, while those of hogs, raw silk, and Withdrawals of funds from New York were crude petroleum increased. reflected in an increase between the middle of April and the middle of May in borrowings by member banks from the Federal Reserve Bank of New York, while borrowings at most of the BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2 1922 1923 1924- 1925 1926 Index of United States Bureau of Labor Statistics. (1913=100, base adopted by bureau.} Latest figure, April, 151 Bank credit,—Commercial demand for bank credit at member banks in leading cities con- 1922 1923 1924 1925 1926 tinued in large volume between the middle of Monthly averages offdaily figures for 12 Federal reserve banks. Latest figures^are averages for first 22 days in May April and the middle of May. Liquidation of security loans, which had been rapid since the other reserve banks declined. Op^en-market beginning of the year, did not continue after holdings of the reserve banks remained fairly the middle of April, and the volume of these constant during the period, and there was little loans remained fairly constant at a level about change in the total volume of reserve-bank $450,000,000 below the peak at the end of credit outstanding. 1925. There was some addition to the banks' Money rates late in April reached the lowest investments, and the total of their loans and level for a year, but in May conditions in the investments was about $1,000,000,000 larger money market became somewhat firmer. than at the same period of last year. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919=100] Year and month P t i t i b r n r o o i a d n e d s u s i u s c i c n i - - e F m m ac p e t l n o o t r y y - p F a a y c t r o o r l y ls a c B w o u n a i t r l r d d a e i c n d t g s l Rai c l a ro r ads W tr s h a a o d le l e e- D j U u e n s p t a e a d d r - t s m al e e A n s1 t d -s ju to st r e e d D j U u e n s p t a e a d d s r - t t m oc e k A n s t d - i j s u to st r e e d o o d C B Y u f e t i a o N b s t n y r i i e d k t k s w i e 1925 January.... 127 103 164 123 108 124 119 134 119 February..—_— 124 109 166 125 101 131 127 135 118 March 120 110 172 117 121 121 139 137 118 April—.— 119 107 169 129 136 133 141 136 120 May 111 107 151 123 128 124 136 137 118 June _-. 110 105 173 117 126 126 129 135 122 July 113 102 188 122 95 128 125 133 124 August--,. 109 105 225 123 87 98 125 131 131 120 September-.—... 111 104 235 121 94 12t 134 143 133 123 October.. 116 111 210 121 101 165 145 149 134 128 November 115 112 229 121 86 145 129 154 137 122 December.—— 121 112 276 130 80 141 129 139 124 1926 January ___ 120 107 243 118 114 130 125 141 126 February———.. 120 112 208 127 104 135 132 140 128 March-——— 123 113 209 126 130 130 143 141 131 April.. 122 110 170 132 133 129 143 139 131 * The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of department-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

382 FEDERAL RESERVE BULLETIN JUNE, 1926 MONEY RATES middle of May, as compared with 4^ per cent Money rates in the New York market during in the middle of April. May were at their lowest levels since last sum- ACCEPTANCE MARKET mer, although some rates were higher late in the month than at the beginning. Prime com- The acceptance market was active in New mercial paper, however, was quoted at 4-43^ York and Boston after the middle of April, per cent early in May and later at a flat 4 per with rather limited supplies of bills moving freely at offered rates. Dealers lowered their cent for the first time since last August, with rates on April 22 by one-eighth of 1 per cent, an increasing number of names going at 3% per and again on April 23 by one-fourth of 1 per cent. The supply continued small and an cent, and on April 27 the Federal reserve banks active demand came from the Middle West, reduced their buying rates for the first time Pennsylvania, and New England. The offering rate on 90-day bankers7 acceptance since January, the market demand for bills at the new rates declined, and during early which declined to 3% per cent on April 23, the May New York dealers' portfolios increased to lowest rate in effect since May a year ago, rethe largest volume of holdings recorded, with covered to S}{ per cent in the middle of May, larger sales to the Federal reserve banks. and rates on other maturities moved corre- After May 18, when dealers raised their rates spondingly except for 30-day and shorter bills, one-eighth of 1 per cent on all maturities over which remained unchanged after their late 30 days, demand increased somewhat, aiid on April decline. The average yield on United May 20 Federal reserve banks further lowered States, certificates of indebtedness also recovtheir rates on bills of over 60 days maturity ered slightly in the middle of May from its to an equality with offering rates in the mardecline to about 3 per cent in April. Liberty ket. In New York the average weekly purbonds continued to rise in price and their yield chases and sales of dealers during the whole during May was but little above the low point reporting period from April 15 to May 19 for 1925 reached last June. Call rates on were the largest since last Octobei*, but in stock-exchange loans averaged higher in the Philadelphia and Chicago relatively quiet conlatter part of May than of April, but time rates ditions prevailed. Bills chiefly in evidence in were about the same, and both remained below the eastern markets involved transactions in the levels of the previous nine months. The silk, sugar, tobacco, and rubber, and in Chicago table below shows money rates prevailing in the were based on a considerable variety of prod- New York market during the last three months: ucts, including grain, rubber, packing-house products, and iron ore. The following table MONEY RATES IN NEW YORK CITY shows bill rates in the New York market at Average yield Average rate the beginning and end of the reporting period. on— on— Month m m p P c a r o 4 e o p i r - n m m e 6 c t r i - h e a , s l a P a b c n e a r c 9 c i r n e m 0 s e k p ' s e - t , - c T c U n e u a a r o r . e n t r t t e y i a d e S f s s s i . , - - p L b e i o r V b n c e 4 d e rt n s y t lo C a a n l s l x l T oa im ns e 2 ACCEPTA M N a C tu E r it R y ATES IN TH B A E i p d r N il E 14 W O , f 1 f 9 e 2 Y re 6 O d RK B M i M d a y A 1 R 9 O , K f 1 E f 9 e T 2 re 6 d 3-6 months 30 days_. 60 days.. 90 days.. May, 1925 3M-4 2.73 3.93 3.82 3.88 120 days. March, 1926—. 4 3 3 3 . . 0 2 3 5 } 3.98 4.55 4.72 1 1 5 8 0 0 d d a a y y s s . . April, 1926 4 3.08 3.94 4.06 4.29 May, 1926 4 3.17 3.93 3.81 4.05 Week ending- May 1. 4 -4M 4 3.03 3.92 3.60 4.00 CAPITAL ISSUES May 8 4 -4M 4 3.12 3.92 3.70 4.03 M M M a a a y y y 2 2 1 9 2 5 4 4 4 4 4 3 3 3 . . . 1 1 1 9 9 8 3 3 3 . . . 9 9 9 4 4 2 3 3 3 . . . 9 9 7 0 0 5 4 4 4 . . . 0 0 0 5 0 3 iss T ue h d e in v A ol p u r m il e , ac o c f o rd n i e n w g to d o th m e e c st o i m c pi s l e a c ti u o r n it i o e f s the Commercial and Financial Chronicle, was 1 Renewal rate. considerably smaller than in any previous 2 3 W Iss e u e e k s l y m a a v tu er r a in g g e o Ju f n d e a i 1 ly 5 ,1 av 92 er 6 a . ge rates on principal maturities. month of 1926 or in April, 1925. They «Issues maturing Sept. 15,1926. amounted to $392,800,000, with an additional In the London money market rates were $100,000,000 of issues for refunding purposes. firmer at the beginning of May, but declined Foreign issues, on the other hand, were the slightly later in the month. Three months7 largest of the current year, altogether totaling bank bills were quoted at 4^- per cent in the $137,050,000, according to the compilation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926' FEDERAL RESERVE -BULLETIN 383 of the Federal Reserve Bank of New York, as SECURITY PRICES compared with $67240 000 in April last year. ; > The prices of representative common stocks, The small volume of domestic flotations is acwhich recovered about one-half of their counted for by a decline in those of corpora- March decline during April, again declined tions, for the amount of municipal offerings during the first two weeks of May, but incompared favorably with the average of recreased somewhat the following week. The cent months and of 1925. Industrial issues, in low point reached in May by the price index particular, were but little more than one-half of 2311 stocks computed by the Standard their volume in March, and while both public Statistics Co. was about 3 points above its utility and railroad issues showed considerable April low point. The increases later in the increases, a large proportion of the former was month brought railroad stock prices to higher for refunding purposes. This is the first levels than they reached in April, but industrials month since August, 1925, in which the total made smaller gains. The increases were pretty amount of public utility flotations has exceeded widely distributed among the various groups those of industrial corporations. The followof industrial stocks, but were not large in any ing table shows the domestic securities, both group. At the end of May railroad stock new and refunding, issued in April, 1925, and prices were near those prevailing last Novemin March and April, 1926: ber and industrials near those of last September. The market was inactive during DOMESTIC CAPITAL ISSUES May, as indicated by the average volume of [In million of dollars] sales, which was less than for any month since April, 1925. Bond prices, already at the April, 1926 March, 1926 April, 1925 highest levels since 1917, continued to advance in May. The following table gives indexes of Re- Re- Re- stock prices computed by the Standard New fund- New fund- New funding ing ing Statistics Co. of New York, the average price of 40 bonds computed by Dow, Jones & Co., Total.____-._ _. .392. 8 100.8 558. 2 38.8 470.1 78.8 and the average number of shares of stock Corporate 284.6 99.1 416.1 37.2 374. 6 68.6 sold daily on the New York Stock Exchange Long-term bonds and for the last six months and for May a year notes 228.1 81.2 218. 2 34.9 219.4 65.6 Short-term bonds and ago: notes 27.4 17.2 24.1 1.0 20.0 .2 Stocks 29.1 0.7 173.8 1.3 135.2 2.8 Farm loan issues 2.3 29.3 .2 6.4 4.7 Municipal. 105.9 1.7 112.8 1.4 89.1 5.5 INDEX NUMBERS OF SECURITY PRICES The bulk of the foreign flotations in this Price indexes of*— Average Aver- number country during April were issued by Latin- age of shares American governments, provinces, and muni- 201 in- 31 rail- Total, price of stock sold daily cipalities, and by Canadian corporations. d s u to st c r k ia s l 2 s r t o o a c d ks sto 23 c 2 ks2 b o o f n 4 d 0 s 3 om ( i 0 t 0 te 0 d)* The former accounted for over $71,000,000 and the latter for about $34,000,000 out of a Average for— total of $122,250,000 new issues. The follow- May, 1925__ 127. 8 110.0 122.5 92.*79 1,607 ing table shows the foreign offerings during 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, March, and April: February, 1926 . 154/9 123. 5 145.7 94.31 1,806 March, 1926 144.0 119.4 136.7 93.94 1,790 April, 1926-___-_-__._. 139.8 118.5 133.6 94. 52 1,339 FOREIGN CAPITAL ISSUES May,1926 141.1 120.6 136.0 95.25 1,083 Average for week ending— [In millions of dollarsl May! 143.3 120. 4 136. 6 95.19 1,284 May8 140.6 118.7 134.1 95.12 936 May 15 138.5 118.8 132.7 95.29 936 April, 1926 March, 1926 February,1926 May 22 140.3 121. 8 139. 4 95. 30 1,098 May 28. 142.9 123.1 137.1 95.35 1,363 Gov- Cor- Gov- Cor- Gov- Corern- po- ern- po- ern- poment rate ment rate ment rate 1 For the industrial stocks, the average of 1917-1921 prices equals 100, for the rails the average of the high and low prices made in the 10 years, Total new issues. __. 76.3 45.9 23.2 21.7 44.0 20.4 1913-1922, equals 100. The indexes are weighted by the number of shares E C u a f r o n o u a p n d e d — a l a - n — a d n - d N _ e _ _ w _ . _ - - . . 5.0 1 33 0 . .2 7 3 6. . 0 7 1 4 4 . .9 8 42 2 . . 0 0 1 6 4 . . 4 0 o d f a 2 y e T . ac h h e s n t u o m ck b o er u t o s f t a in n d d u in s g tr . i al P s r t i o c c e k s s u u se se d d a i r n e t c h lo e s i i n n d g e q x u w ot a a s t i r o e n d s u c o e n d S to a t 2 u 0 r- 0 I L n a t t e i r n n a A t m io e n r a ic l. a . _____-_. 71. 3 2.0 13. 5 ~2.T a o n f d tw th o e o to f t t a h l e n c u o m m b p e a r n t i o e s 2 3 w 1 h a o ft s e e r s M ha a r y e s 1 a 5 r ,1 e 9 i 2 n 6 c , l o u n d e a d c . count of the merger Refunding issues ~~2.Y 12.0 3. 0 40.0 3.6 3 Arithmetic average of daily average closing prices, as published in the Wall Street Journal. Weekly averages are for week ending with Total new and re- Saturday. funding. ______ 79.1 57.9 !6.2 21.7 84.0 24.0 Fr f i d S a a y t u p r r d e a c y e d o in m g i t d te a d te . gi W ve e n e . kly averages are for five days ending with- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

384 FEDERAL RESERVE BULLETIN" JUNE, 1926 AGRICULTURAL CREDIT Loans closed by Federal and joint-stock The consolidated statement of the 12 Federal land banks were in smaller volume during April intermediate credit banks for April shows a than in the preceding month. Federal land decrease in outstanding direct loans from banks increased their net outstanding loans $47/700,-000 to $40,819,000 and an increase in from $1,027,361,000 to $1,033,044,000, while rediscounts from $36,290,000 to $40,755,000. joint-stock land banks increased from $579,- All banks showed a net decrease in outstand- 457,000 to $587,169,000. The following table ing direct loans with the exception of the Balti- shows the outstanding volume of net mortgage more bank, where additional advances were loans at the end of April held by 12 Federal made upon tobacco. Slight increases were land banks, 53 joint-stock land banks, and 41 made in outstanding advances based on wool, life-insurance companies owning more than 82 rice, and canned fruits and vegetables; the more per cent of the assets of all life-insurance important reductions were made in loans based companies: on tobacco, wheat, and cotton. All types of direct loans, with the exception of advances on NET FARM MORTGAGE LOANS OUTSTANDING raisins and wool, displayed a further reduction [In thousands of dollars] in the first half of May. Loans on raisins remained unchanged and wool advances con- April 30, April 30, tinued their seasonal increase as shearing opera- 1926 1925 tions made a new crop available. Rediscounts, which increased approximately Total, all joint-stock land banks. 587,169 486; 247 Total, Federal land banks 1,033,044 962,662 $4,465,000 during April, represented chiefly 41 life-insurance companies . 1, 552,000 1,483,000 advances to agricultural credit corporations, and the largest part of these funds were loaned AGRICULTURE in the Columbia (S. C.) and New Orleans districts. Slight decreases were shown in out- Agricultural developments in April and the standing rediscounts in the following districts: early weeks of May were delayed by continua- Springfield, Louisville, Wichita, and Berkeley. tion of unseasonable weather inmost sections During the first half of May rediscounts exhib- of the country. Up to the 1st of May only ited only a nominal increase. Changes in 68 per cent of spring plowing for the entire rediscount rates have recently been made in United States had been completed and only 56 two districts-—the St. Paul bank reducing its per cent of spring sowing and planting. Last rate from 5 ^ to 5 per cent and the Columbia *year approximately 83 per cent of spring plow- (S. C.) bank increasing its rate from 5 to 5J4 ing and 66 per cent of sowing and planting per cent. were completed by May 1. The cotton crop Loans based on eligible commodities and averages from ten days to three weeks later rediscounts for the different financial institu- than in 1925 and a similar situation prevails in tions for the latest date in May are shown in the the grain-growing sections of the country. accompanying table: In the West and Southwest the average condition of ranges is materially better than a year - INTERMEDIATE CREDIT BANKS ago and livestock generally are in the best [In thousands of dollars] condition in several years. In the eastern sections of the country, however, pastures in the May 15, Apr. 17, May 16, 1926 1926 1925 early spring months were adversely affected by cold and dry weather and the average Direct loans outstanding on— condition is considerably lower than a year Cotton. 19,680 23,985 1,505 ago. 12, 298 12,874 20, 306 Wheat -. 577 1,369 656 Marketing of agricultural products in April Canned fruits and vegetables. 449 412 253 Raisins _. , 3,600 3,600 4,000 was seasonally smaller than in March, but ;was Prunes.,. — ' 1,166 larger than in April of last year. Shipments Peanuts. --. 44 65 332 Wool.. . —- 264 108 179 of spring fruits and vegetables increased in A R l i l c o e t . h -. e .- r ... .- _*.-_ 9 2 3 6 4 6 9 3 7 4 8 0 15 4 6 1 April but, due to the lateness of the season, the total volume of these crops that reached Total. 38,112 43, 731 28, 594 the markets was considerably smaller than last Rediscounts outstanding for— Agricultural credit corporations 28, 517 27,127 20, 533 year. Exports of farm products were in National banks......._-.__-_-__--.-. 3 13 8 slightly smaller volume in April than in March . State banks. 471 452 678 Livestock loan companies.. 12, 276 12,088 10,284 and were about 9 per cent smaller than in Savings banks and trust companies. 15 50 April of last year. The decline, however, be- Total.. 41, 267 31,553 tween March and April this year was not as Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL KESEEVE BUIiLETUsT 385 large as in 1925. Smaller exports in April this progress of the growing crop. The droughty year than in April, 1925, were due principally conditions have delayed germination and to the large reduction in exports of grains and growth, giving the crop a late start. The grain products, which have been smaller each acreage sown to hard spring wheat is estimated month this season than in 1925. Exports of to be under the acreage of last year, while an meats, on the other hand, including pork and increase in the area devoted to durum wheat beef products, were larger in April than in the is reported. corresponding month of last year. After falling to the lowest level of the year Farm prices in April remained at about the in the early part of April, wheat prices made a same level as in March, but in May the Depart- recovery of approximately 12 cents, but lost ment of Agriculture's index of 30 farm com- about one-half of this gain during the last two modities declined from 140 to 139. The largest weeks of the month. Prices during the first declines were in the prices of fruits and vege- half of May were held within a fairly narrow tables and cotton and cottonseed. As com- range, with the exception of No. 2 dark hard pared with May, 1925, prices averaged 6 per winter at Kansas City, which reached the cent lower, and all groups except fruits and lowest level since last July. While milling vegetables and livestock showed declines. demand has not been on a large scale, export orders have been increasing and domestic Grains. supplies in both this country and in Canada Favorable rain in the winter wheat belt in are at low levels. early May greatly^ improved the condition of The market for com has continued weak the growing crop. With an unusually small and new low levels were reached in the first amount of winter-killed wheat and generally part of May. Spring activity in the fields favorable conditions, prospects indicate a has held supplies from the market, curtailed much larger crop than last year. The May 1 receipts having held down supplies at the estimate of the Department of Agriculture primary markets so that they are not unduly forecasts a yield of 548,908,000 bushels of large for this time of the year. Feeders and winter wheat, which is 38 per cent more than industrial interests have been buying moderthe yield of 1925, but 2 per cent less than the ately. Unfavorable weather was encountered average production for the last 10 years. The during much of the planting season in the condition of the crop is reported as 84 per cent South and some replanting was necessary. of normal as compared with 77 on May 1, In the central -and north sections of the corn 1925, and 83.6 per cent, the average condition belt generally favorable conditions for planting on the same date for the last 10 years. The were encountered. Deficient soil moisture, largest increase is forecast for the hard winter however, was reported in Iowa and other areas. wheat region comprising chiefly the States of A fairly, active demand was maintained in Kansas, Oklahoma, Nebraska, and Texas; the oats market during the first half of May, while in the soft winter-wheat area the main particularly in the northwest markets, where producing States, with the exception of Ohio, stocks were considerably reduced by lake show an indicated decrease in yield as comshipments. Condition of the growing crop pared with 1925. The North and South Atvaries considerably, as the early dry weather lantic group of States also show decreases as delayed the growth in many sections, and compared with last year, and inasmuch as damage from high winds is also reported. these two groups do not produce a surplus over Kains during the middle of May greatly local needs, larger demands upon the surplus improved the situation, but the crop, as a producing areas will be necessitated upon the whole, is somewhat late. Harvesting of the basis of indicated yields. With favorable oats crop in Texas was reported during the weather conditions, it is expected that harfirst half of May, and it was expected that this vesting of winter wheat will be started in grain would begin to reach the market during Texas and Oklahoma about June 1. In the the first part of June. Pacific Northwest, where the crop is from a Flax prices showed a slight increase during month to six weeks earlier than usual, harvest- April and maintained a fairly firm level during ing is expected to begin about the middle of June. the first half of May. The dry soil conditions prevailing in the spring-wheat area were relieved by rains during Cotton. the middle of May, but in many localities lack Unseasonable weather continued throughof subsoil moisture is apparent and frequent out the Cotton Belt in April and the early Tains will be necessary to insure satisfactory weeks in May, and the cotton crop generally Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

386 FEDERAL RESERVE BULLETIN JUNE, 1926; is reported to be from 10 days to three weeks April and May, and up to the first of May later than last year. Low temperatures de- transplanting was from one to two weeks late layed germination of the early planted cotton in some sections. In North Carolina tobacco in many sections and, as a consequence, plants were adversely affected by the cold and considerable replanting has been necessary. dry weather in the spring months and are Early estimates indicate that the acreage generally small, but they are in sufficient planted thus far in all sections is about the numbers to provide for a slightly increased same as in 1925, when 48,090,000 acres were acreage. In the St. Louis Federal reserve planted and 46,053,000 acres were harvested. district weather conditions in the early weeks Conditions in the cotton-manufacturing in- of May were generally favorable for farm dustry in almost all countries which use a work and preparations for the new crop relatively large amount of American cotton advanced rapidly. Cold weather, however, are generally unsatisfactory, and as a result, has delayed transplanting, and up until thedemand for American cotton has declined and middle of May very little had been done. the market generally has been weak. For Stocks of leaf tobacco in the hands of dealers the season August 1 to January 1 takings by and manufacturers at the beginning of April spinners in the United States and Canada showed the seasonal increase that usually "were 23 per cent larger than in the preceding occurs between January and April, and wereyear, and total takings by all spinners of the materially larger than a year ago. In the past world were 19 per cent larger than a year four years tobacco stocks have been increasing earlier. From January to the middle of May, rapidly, and at the beginning of April this year however, takings have been smaller than in they were the largest in recent years. Detailed the spring of last year, and for the season statistics of stocks of the principal types of August 1 to the middle of May takings by tobacco on April 1, 1924, 1925, and 1926, are American and Canadian spinners were only shown in the following table: 5 per cent larger than last year, and total takings by all spinners of the world were only STOCKS OF PRINCIPAL TYPES OF TOBACCO IN HANDS, 2 per cent larger. As a result of this falling OF DEALERS AND MANUFACTURERS off in demand, stocks of cotton in the United [Millions of pounds] States have not been reduced as much since Types Apr. 1, Apr. 1, Apr. 1, the beginning of the year as in the correspond- 1926 1925 1924 ing period in 1925, and at the end of April stocks at mills and warehouses were 62 per Aggregate—all tobaccos. . 2,040 2, 036 1,977" cent larger than on the corresponding date in Chewing, smoking, snuff, and export 1925. At the beginning of the year stocks at types, total 1,532 1, 522 1,486, Burley 1,578 583 542; mills in the United States were 3Q per cent Dark—Kentucky and Tennessee 323 341 304 Bright—Virginia, North Carolina, larger than a year earlier, but smaller takings, South Carolina, and Georgia 548 544 583. since the first of the year resulted in a reduc- Cigar types, total 433 '423 421 New England. _ 114 113 105 tion in mill stocks, and at the end of April Pennsylvania 118 119 127 Wisconsin 115 107 106* they were only 8 per cent larger than in April 1925. This reduction in mill takings and in This rapid accumulation of stocks in recent exports have resulted in an accumulation of years has caused increased efforts to market a. stocks at public warehouses, and at the end of larger proportion of the crop in foreign coun- April they were 112 per cent larger than in 1925. tries, and, as a result, exports for the first four Prices continued to fluctuate within narrow months in 1926 have been greater than thoselimits in April and May, and on May 21 the in the corresponding four months in 1925. closing price for spot cotton middling grade at Index numbers prepared by the Department New Orleans was 18.4 cents, as compared with of Agriculture showing the volume of tobacco 18.6 cents a month earlier. In view of the fact, exports for each of the first four months in however, that a large amount of the cotton that 1925 and 1926 are shown in the following table: remains in the South is of a very low grade, prices are considerably lower than those offered for middling and the better grades. 1926 1925 Tobacco. January. _ 144 110r» February. 148 74, Preparation for the 1926 tobacco crop was March... 111 106, April 137 somewhat delayed by weather conditions in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 387 In the tobacco-manufacturing industries, Livestock. production in April was seasonally smaller Range conditions continued favorable durthan in March. As compared with April, ing April, and the Department of Agriculture 1925, the production of cigars and cigarettes reports the condition of the ranges on May 1 was larger, but the output of manufactured as 94 per cent of norinal, as compared with 91 tobacco products was smaller. The output of per cent a month earlier and 84 per cent a year cigarette s amounted to 6,973,000,000 and ago. While conditions on the whole contincontinued to exceed the output of the corre- ued favorable during the first half of May, responding month in any previous year. ports indicated that pastures in certain areaswere suffering from lack of rain, particularly in Fruits and vegetables. eastern Montana. The favorable range situ- Citrus groves in Florida are reported in ation is reflected in the condition of the cattle generally good condition, arid the picking of and sheep, which the Department of Agricul- Valencia oranges in California was well under ture places at 94 and 99 per cent of normal, way during the first half of May. Deciduous respectively. This compares with a condition fruits, on the whole, came into bloom without of 86 per cent for cattle and 93 per cent for serious damage from frost except in localized sheep on May 1, 1925. areas. The berry movement has been greatly Total receipts of livestock at the principal delayed, compared with last season, and the markets during April were in smaller volume same is true for most of the early vegetable than in the previous month and less than in shipments, as unfavorable weather conditions April, 1925. Shipments from markets, reearly in the season delayed progress of the crop. flecting chiefly the seasonal movement to pas- Vegetable prices declined during April as the tures, were larger for cattle and sheep than in seasonal increase in supplies arrived at the March, but were slightly under the amount markets. Tomatoes, peppers, and cabbages, taken in April last year. Shipments of hogs, however, maintained their position fairly well, which showed a decrease from March, were and the general level of prices was higher than larger than in April, 1925. a year ago. The principal producing sections, Average prices for beef cattle were slightly with the exception of those on the Pacific coast, lower than in March, and heavy finished stock were late in getting shipments under way. The reached the lowest level of the year. Spreads lateness of the new potato crop enabled holders in prices between stock suitable for further of old stock to make a favorable disposal of feeding and finished animals narrowed to such their supplies, but prices declined from their an extent that feeders were proceeding cauhigh level in the second week of April and, with tiously. The market is expressing a demand the exception of a few scattered price recoveries, for young beef of good finish, and all offerings the general trend has been downward as sup- of this class have been given a preference over plies of new stock became more liberal. the heavier stock. While April beef prices Despite an increased acreage in onions, ship- were 40 to 80 cents per hundredweight lower ments from the South have been lighter than than a year ago, better pasture conditions and last year, because of weather conditions, hail lower feed costs tend to improve the situation. damage, and restricted marketing. The price Average prices on fat cows and heifers showed received by growers is reported to be approx- a gain of 30 cents at the close of the first half imately 25 per cent under last season's level. of May, while native beef steers showed a Cabbage shipments from various sections slight loss. entered the market in orderly fashion and The lamb trade worked back to higher levels prices were sustained satisfactorily. in April and averaged approximately 50 cents Car-lot shipments of oranges during the higher than in the previous xnonth. Supplies first four months of 1926 have been slightly have been limited, and the early lamb situahigher than the corresponding period in 1925; tion is such that May market receij3ts are excar-lot shipments of lemons have been 20 per pected to be lower than last year. A further cent larger, while grapefruit has been marketed gain of 75 cents \^as made during the first half in a volume about 35 per cent smaller than in of May, average prices for lambs in the week the previous year. Demand for good quality ending May 15 being given at $14.40. In the apples was fairly active, but heavy stocks of range section lambing has proceeded under on-grade fruit are still held in storage and generally favorable conditions and a high perlow prices have prevailed. Car-lot ship- centage of lambs is reported. Very little conments have been much heavier than last year. tracting of lambs has taken place, although Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

388 FEDERAL* RESERVE BULLLETI!N' JUNE, 1926 buyers have nnade occasional offers at 9}4 and showed an increase of 2 per cent over the corre- 10 cents a pound. A few sales of wool are re- sponding week last year, and for the first and ported, with prices being quoted about 35 second weeks of May an increase of 3 and 0.37 cents, but the bulk of the crop is still unsold. per cent, respectively. Stocks in storage on Material advances were made in the hog May 1 totaled 17,490,000 pounds, which commarket during April and the first half of May, pares with 5,488,000 pounds for the five-year particularly in the heavier weights, which average on the same date. Contrary to the hitherto had been purchased at a considerable usual storage movement in April, holdings discount compared with the lighter-weight ani- showed an increase for the month, as conmals. The average price of hogs for April at trasted with a decrease of 7,136,000 pounds in Chicago was $12.25, compared with $12.05 in April, 1925. March and $12.60 in April, 1925. Advances The low point of the year in the cheese in May brought up the average price for the market was reached in the middle of April, week ending May 15 to $13.35. Relative to in- and since that time a firmer trend has been in creased supplies for autumn and winter market- evidence and prices at the end of the first half ing, the Chicago Federal Reserve Bank reports of May were %-% cents a pound higher. the results of a special survey which indicates Production has been maintained at a. high that losses of young pigs have more than level but demand has also continued active. counterbalanced the increase in farrowing, re- Cold-storage holdings on May 1 showed a ducing the total crop of spring pigs in the Chi- decrease of approximately 2,500,000 pounds cago district 3 per cent below that of last spring. for the month, but total holdings were 9,000,000 The number of marketable hogs remaining on pounds greater than on the same date last farms May 10, according to this same report, year and nearly double the five-year average. shows a decline of 9.5 per cent from the corresponding date in 1925. MINING The average prices of livestock at the Chi- Production of minerals was seasonally less in cago market for April, with comparisons, is April than in March, owing partly to the reported by the Chicago Federal Reserve Bank difference in the number of working days. On as follows: a daily average basis, recessions were noted in the output of bituminous coal, copper, and AVERAGE PRICES OF LIVE STOCK lead, while production of anthracite, crude [Per hundred pounds at Chicago] petroleum, and zinc increased. As compared with April, 1925, increases in bituminous coal, Months of— anthracite, copper, lead, and zinc more than Week ended offset declines in crude petroleum, iron ore, 15 M , a 1 y 926 A 1 p 9 r 2 i 6 l, M 1 a 9 r 2 c 6 h, A 1 p 9 r 2 i 6 l, and silver, and as a consequence the total index for April of this year was larger than that of a year before. Native beef steers (average) $9.35 $9.40 $10.20 Fat cows and heifers 7.25 6.95 7.20 7.35 Hogs (bulk of sales) 13.35 .12. 25 12.05 12.60 Coal and coke. Lambs (average) __ 14.40 13.65 13.15 14.15 Commercial stocks of bituminous coal in the hands of consumers wqre estimated to be Dairy products. 40,000,000 net tons on April 1 of this year. Butter prices reached the lowest level of the This was the lowest estimate since that for year in April, when 92-score butter was quoted June 1, 1925, and with that exception the at 38 cents in the New York market. A firmer lowest since early in 1923. At the prevailing trend was in evidence during May, however, rate of consumption this amounted to 26 days' and quotations reached 41 cents during the supply. During April the usual seasonal second week of the month, which level was recession affected both production and prices, maintained through the third week as well. the latter declining to the lowest levels since Production, which during the first quarter of the war. Output, on the other hand, was comthe year has been running about 10 per cent paratively well maintained, reaching 40,079,000 above that of last year, began to show a rela- net tons, except in 1923 the highest April figure tive decrease during the latter part of April and since the war, though seasonally under the first half of May. Output, as reported by the totals for recent months. During the first American Association of Creamery Butter half of May the opening of the lake movement Manufacturers, for the week ending May 1, and the cessation of British production stimu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 389 lated the market somewhat, and the Coal Age Petroleum. index of spot prices for bituminous coal rose to In April the daily average output of-crude $1.93 on May 17, as compared with $1.91 on petroleum was larger than in March, and in the April 12. Production continued to decline, first three weeks of May production continued however, daily average output per working to increase. For the week ending May 15 the day being 1,548,000 tons for the week ending daily output amounted to 1,999,000 barrels, May IS, as compared with 1,571,000 tons the largest production since the last week in during the second week in April and 1,392,000 December. As compared with a year ago, tons during the corresponding week last year. however, the daily average output continued Total 1926 output of bituminous to May 15 considerably smaller. Stocks of crude petroamounted to 205,770,000 net tons, with the leum east oi California were approximately the exception of 1923 the largest for the period of same at the end of March as at the end of any postwar year. February, but were 7 per cent smaller than at April production of anthracite amounted to the end of March a year ago. Prices continued 8,217,000 net tons, a total slightly under at about the same level in April as in March, March, when 8,790,000 net tons were produced, but in the first two weeks of May the large but higher than any other April since the war. increase in production was followed by a slight Failure of the old-line companies to make the recession in prices. Near the end of May, customary spring reduction in prices is re- however, demands from refiners began to ported to have resulted in a slower retail increase and prices of petroleum reached the demand, and the premium on coal from highest level of this year. independents was reduced. In the refined-products industry, production Output of coke fell off 352,000 tons to 4,583,- in March, the latest month for which statistics 000 short tons during April, the lowest since are available, was generally larger than in October but, except for 1923, higher than any February. Production of gasoline was in the other April since the war. In spite of the fact second largest volume on record, exceeding that the reduction from March was equally 969,530,000 gallons. Stocks of gasoline and distributed between beehive and by-product kerosene at the end of March were larger than output of the latter remained the third highest at the end of February, but stocks of gas and for any month on record. During the first fuel oil and lubricating oils were smaller. Compared with March, 1925, supplies of gaso- MILLIONS OF TONS MILLIONS OF TONS line, gas and fuel oils,, and lubricating oils BITUMINOUS COAL 70 were considerably larger, but stocks of kerosene were 35 per cent smaller. Comparison of stocks at the end of each of the first three months in 1925 and 1926 of petroleum profv ducts is shown in the following t able: STOCKS AT OIL REFINEEIES IN UNITED STATES [In thousands of gallons] Gasoline Kerosene G fu a e s l a o n il d L s u in b g r i o c i a l t- 10 1926 Jan. 31 1,749,023 287,618 977,178 316,859 Feb. 28 1,858,659 287,994 900,670 332,139 MSL. Mar. 31 1,936,336 293,907 851,234 320,876 1922 1923 192^. 1825 1926 1925 Jan. 31. 1,453,197 394, 638 773,853 280,183 half of May production of beehive continued Feb. 28 1, 618,891 435,376 795,872 286,431 Mar. 31 1, 747,199 456,064 801,757 to decline, output for the week ending May 15 being 204,000 tons, as compared with 228,000 tons for the week ending April 10 and 136,000 Although actual stocks of gasoline, as tons during the corresponding week in May, shown by statistics in the above table, are 1925. Quotations for coke receded further materially larger than in 1925, they amount to during May, Connellsville coke being quoted only 73 days' supply at the current rate of at $2.75 on May 18, as compared with $3 on consumption, as compared with 81 days7 April 13 and $3.15 on May 12, 1925. supply a year ago. This reduction in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

390 FEDEKAL RESERVE BULLETIN JUNE, 1926" relative supply of gasoline has resulted in November and on a par with the lows for a rapid increase in prices,, which are generally 1925 reached in April of that year. higher now than a year ago. Detailed statis- On continued selling from China, quotations tics showing prices in April and May, 1925 and for bar silver in New York fell to 63 cents on 1926, at refineries and service stations are April 22, 9% cents under the recent September given in the following table: high, but reacted subsequently under the stimulus of support from both China and India, and PRICES OF GASOLINE on May 19 stood at 65 cents, up % cents from April 14. In spite of large deliveries of tin to [Cents per gallon] the United States, which in April were the second largest since February, 1925, stocks in Gasoline at— New York at the end of the month were the lowest since November, 1923. Quotations for Refineries 1 Service stations 2 Straits tin of 6134 cents on May 19 were 4^ cents under the March high, but still above 1926 1925 1926 1925 the levels during the five years preceding- October of last year. Apr. 3_ 11. 51 12.59 22.27 22.72 Apr. 10. 11.63 12.22 22.32 22. 52 Apr. 17. 11. 63 12.41 22.32 22.52 MANUFACTURING Apr. 24. 11. 69 12.25 22. 32 22.52 May 1_ 11.97 12.31 22. 72 22.52 May8_ 12.50 12.50 23.12 22. 32 Manufacturing production declined about 1 May 15. 12.44 12.94 23.12 22.72 per cent in April, according to the board's new May 22. 13.44 12.94 23. 62 22.62 production index, based upon statistics of 1 Oil, Paint and Drug Reporter—average price at 4 representative refin- daily average output. The volume of manuing 2 O ce il n , te P r a s i . nt and Drug Reporter—average price for 10 sections of the facturing in April, although less than in March, United States. continued at around the same high level that has been maintained, except for a seasonal Nonferrous metals. recession in December and January, since lask April output of nonferrous metals in the October. The April index was also higher United States continued close to the high levels than that for April, 1925. Eeports from many that characterized March, in spite of the some- industries, however, indicate decreasing activwhat lower prices that were established during ity in buying and rather general curtailment of that month. Production of copper in the operations. In April decreases were noted in- United States amounted to 146,012,000 pounds steel, textiles, food, and tobacco products, and_ during April, the highest for that month since shoes, more than offsetting increases, largely the war, and at about the same daily rate as seasonal, in automobiles, lumber, stone, clay, in March. Consumption continued high, knd and glass products, and nonferrous metals. at the end of the month stocks of refined copper Prices of manufactured products, particularly in the hands of producers showed a decline of of iron and steel and textiles, have been, 2,600 tons. During the first half of May quo- declining in recent months. tations for refined electrolytic copper delivered Food products. at New York continued to fluctuate around the level of 13% cents, which prevailed during the The output of meat products during April: greater part of April. Though output of lead declined as a result of the seasonal decline in during April was at the lowest daily rate since livestock marketing. The total value of sales, September, it established a new high for that however, reported by 42 meat-packing commonth, as did zinc, output of which was like- panies to the Chicago Federal Reserve Bank, wise somewhat curtailed from the levels pre- exceeded those of March by nearly 1 per cent, vailing in recent months. Shipments of slab and were 8 per cent larger than in April, 1925. A zinc from refineries, though slightly above firmer market for pork products was in evidence last year, were well under output, with the and prices advanced; quotations on beef result that stocks on hand at the end of the products remained relatively stable and lamb month increased to 25,990 tons, the highest prices advanced. Lard stocks increased apsince the end of November, 1924. Quotations proximately 5,000,000 pounds during tne for both lead and zinc continued to fall during month, but the May 1 holdings were considerthe period, lead at 7% ceiits in New York and ably below those of last year, totaling 98,315,000 zinc at §%-&/& cents in St. Louis being both pounds, as compared with 151,499,000 a year* about 2 cents under the high levels of last ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDEEAL RESERVE BULLETIN 391 Buying in the flour trade continued slow Merchants of New York, give some indication during April as purchases were based largely on of the trend of production, stocks, and unimmediate needs. The prospect of a large filled orders in cotton mills. Figures are rewheat crop appears to make buyers hesitant ported by kinds of goods, those published in the and very little future business is being placed. accompanying table are totals for nine classes. Mill production showed a reduction from March The almost continuous decrease in unfilled in practically all sections with the exception of orders since last fall was noted for all of these the Pacific coast, which operated at very low classes except pajama checks and osnaburgs. capacity in March. April production, how- Since January production has decreased while ever, was above that of a year ago in all sec- stocks have increased. tions except in the Southwest. Milling activity maintained this slight gain during the first half COTTON TEXTILES of May, but Buffalo mills failed to maintain [In thousands of yards] their output and reached the lowest rate of operations in the past 12 months. Some in- Totals for 9 classes of goods terest was displayed in buying for the export Month trade during the latter part of April, and this Unfilled reached a fairly satisfactory volume in the first Production Stocks orders half of May, northwest mills securing a good share of the business. 1925 September_--_----- 176, 252 219,466 339,314 Sugar prices advanced slightly during April, October 174,349 206,807 304,292 November 221, 599 217,521 286,019 following the passage of legislation in Cuba December. •___ 188,834 229,817 237,161 providing for a 10 per cent reduction in output. 1926 Large stocks in Cuba, the United States, and January.-. 229,453 220,486 279, 025 February, 199,153 208,154 239,957 Europe are holding back active trade, and prices March __ 197,474 211, 352 228,503 fluctuated within a narrow range during the April ~--- 193,119 234,247 201,412 first three weeks in May, with the majority of the refiners quoting the product at 5.60 cents. Cotton finishers reported that billings, Sugar meltings declined in April and were ap- orders, and shipments were seasonably less in proximately 15 per cent below the correspond- April than in March, but greater than in April, ing period a year ago. Stocks at the end of the 1925. Trade reports indicate that buying conmonth totaled 461,857 long tons, as compared tinued in small volume in May, and prices with 290,061 a month earlier and 280,444 a showed further declines. The Fairchild yarn year ago. index for the week of May 21 was 33.26, the lowest since April, 1922, and the goods index Textiles. was 12.953, lower than at any time in the Limited volume of buying and declining period covered by the index, 1922 to date. prices continued in textile industries during Raw wool markets have continued dull and April and May and production was also gen- prices have declined further, reaching new low erally curtailed. Prices of most of the im-records since 1922. Buying of the new clip portant textile fibers and products are nowfrom producers has not been active, although lower than at any time since early 1922 or,late. one important clip in the West was sold at 1921. Employment and pay rolls in textile 343^ cents a pound, as compared with 42 manufacturing plants declined in April, the cents last year. Takings of foreign wool, indexes for the textile group of industries falling however, have been large, and imports for the. to levels below those of any month since last first four months exceeded those for the corre- September and lower than in April, 1925. sponding period of last year and the year be- Curtailment of manufacturing in the cotton fore. Stocks of foreign wools in dealers' industry during April was indicated by declines hands increased slightly in the first quarter of in the mill consumption of raw cotton, in the year, but this increase was more than offset spindle activity, and in employment and pay by a seasonal decline in dealers' supplies of rolls. These indicators were likewise lower domestic wool. Dealers' stocks were larger than a year previous. Consumption and active than a year ago. Manufacturers' stocks, spindle hours were smaller in April than in according to the quarterly reports, changed March in every State, but larger than in April, little during the past year. Manufacturing 1925, in a few of the Southern States. Sta- operations in the woolen industry were further tistics recently made available for the first time, curtailed during April, and the activity of issued by the Association of Cotton Textile some machines was less than at any time last Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

392 FEDERAL RESERVE BULLETIN JUNE, 1926 year. Daily average consumption of raw wool May 1 than on April 1. Steel-ingot production was also smaller in April than in previous decreased considerably, but continued larger months of the year. The Fairchild indexes of than in the same month of previous years. woolen and worsted goods prices remained un- Unfilled orders of the United States Steel Corchanged between April 15 and May 15. Cloth- poration declined for the fourth. consecutive ing industries report unsatisfactory business. month and were smaller on April 30 than on Employment and pay rolls showed seasonal the corresponding date of any recent year. declines in March and were less than a year Reports indicate that production of steel in ago. Sales of men's clothing by wholesalers May has been reducea somewhat below the in the New York Federal reserve district in average for April, but orders have compared April were 15 per cent smaller than in April, favorably with those received in the preceding 1925, and sales of women's coats and suits and month. *of women's dresses also decreased considerably. Prices of pig iron were reduced by several Prices of raw silk continued to decline in producers early in May, quotations on sheets April and reached the lowest level in the post- were also lowered, and scrap prices continued war period, except for a short time in 1924. to decline. The Iron Age index of pig iron They advanced slightly early in May, making prices was $20.04 on May 25 and that of finup, however, only a negligible portidn of the ished steel prices was 2.403 cents; both of decline noted since February. The Fairchild these indexes were at the lowest level since last silk goods price index decreased between April October. They compare with the respective 1 and May 1 for the third consecutive month. high points of the year, $21.54 and 2.453 cents, Buying of silk products has been in limited reached in January. volume and manufacturing operations have Structural steel bookings were larger in April been curtailed. Deliveries of raw silk to mills than in any previous month of the year, but were smaller in April than in any month since the total for the first four months was not as December, 1924. They exceeded imports, large as that for the corresponding period of however, and warehouse stocks were reuuced 1924 and 1925. Shipments, on the otter hand, to the lowest level since August, 1924. Sales have exceeded those of previous years. Railof silk goods by wholesalers in the New York road buying, which has been larger this year Federal reserve district during April were 27 than in 1925, slackened somewhat in April, per cent smaller than in March and 15 per cent according to statistics of orders for locomotives, smaller than in April, 1925. Stocks held by freight cars, and railway steel castings. Buythese wholesalers were over 50 per cent greater ing of rails, however, was fairly active in May. than a year previous. Production, shipments, and orders reported by Full-fashioned hosiery continues to be in independent sheet manufacturers declined in greater demand than the seamless types, and April as compared with March, but continued production of women's full-fashioned hosiery larger than a year ago. Stocks of sheets have in March was greater than in any month on steadily increased during recent months. record, whereas output of all classes was in Automobiles and tires. only slightly larger volume than a year before. Stocks at the end of March were rather large Production and distribution of automobiles as compared with previous months. Prelimi- were maintained at high levels during April. nary April figures from the hosiery industry Output of passenger cars in the United States indicate slight declines in production, ship- equaled 382,631, exceeding the March total ments, and orders as compared with March. by a margin of less than 3,000 cars. Truck Hosiery prices were reduced somewhat during production increased from 47,788 to 50,272. April and May. No change of importance has Total output for the first four months of 1926 been reported "in the knit underwear market. exceeded that for any previous four-month March^ figures showed increases in production period. Sales apparently were greater than and shipments and decreases in orders. output in April, as reports indicate reductions in stocks. Stocks continued, however, much Iron and steel. larger than a year ago. Reports by dealers in Reflecting the decline in orders noted in the Middle West to the Federal Reserve Bank previous months, the production of steel was of Chicago for April showed the largest volume reduced in April and May. Daily average of sales at wholesale on record, retail sales output of pig iron, on the other hand, was which have been exceeded only in April, 1924, greater in April than in any month since July, and then by a narrow margin, the largest 1 23, and one more furnace was in blast on used car sales on record, substantial diminution Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULIiETIN 393 of stocks of new cars, which, however, re- native cowhides rising to the highest level mained considerably larger than a year ago, since the first week in January. Leather and little change in stocks of used cars. The markets, however, continued quiet. Produc- General Motors Corporation reported retail tion of sole leather was in the same volume in sales of its cars by dealers of 136,643 in April, April as in March and stocks in process also the largest on record. Factory sales to dealers, remained practically unchanged, while tantotaling 122,742 cars, were smaller than ners7 finished stocks were further reduced. dealers sales to users for the first time this All items were lower than a year before. year. Employment in Detroit factories de- March figures for upper leather showed inclined steadily during April and May, reach- creases during the month in finished stocks of ing a level only slightly above that of a year all except sheep and lamb skins. As compared previous. with a year ago, total finished stocks were Production of automobile tires and tubes smaller and stocks in process were larger in was slightly smaller in April than in the all cases, production of goat and kid leather preceding month and in the same month of was greater, while that of leather from cattle last year. Shipments continued small as hides and from sheep skins was smaller. compared with those of a year ago and were Production of boots and shoes declined in considerably below output for the sixth con- April by a somewhat greater amount than in secutive month, and consequently manufac- 1924 and 1925; shipments and orders also turers' stocks again increased to new high decreased, and all were lower than a year ago. records. The crude-rubber market was weak Some of this decrease may be attributed to the during May and prices declined, although at a fact that, owing to an earlier Easter, the buyslower rate than in March and April. Crude- ing season was somewhat more advanced this rubber imports totaled 77,378,000 pounds in year than in the two preceding years. Total April, less than the March total, but greater production for the first four months of the than that for April, 1925. year, however, was less than in the corresponding period of any previous year since 1922. Lumber. Employment and pay rolls in the shoe industry Total lumber production in April of hard and were also considerably reduced in April as soft woods combined, as reported to the compared with previous months. Sales of National Lumber Manufacturers Association shoes at wholesale declined considerably in by 494 mills, exceeded April shipments by April from the large total reported in March these mills, and exceeded production in March and were less than a year ago, but the four as reported to the National Association by 507 months7 total exceeded that of last year. mills. Production in April was in nearly Wholesalers7 stocks on April 30 were considerthe same volume this year as last, although the ably Smaller than a year previous. April production of last year represented the output of a larger number of mills. April BUILDING shipments, also, were in nearly the same volume this year as last. Shipments of Building and engineering contracts awarded Douglas fir in April, as reported by 100 milk to in April in 11 Federal reserve districts compristhe West Coast Lumbermen^ Association, ing 37 Eastern States, according to the comexceeded production by these mills, and pilations of the F. W. Dodge Corporation, exceeded by a narrow margin shipments represented an aggregate cost value 4.6 per cent in April, 1925, as reported by 113 mills of below the value of March contracts in this area this association. April shipments of south- and 5 per cent above the value of awards in ern pine also, as reported by 163 mills to the April of last year. In its review of construc- Southern Pine Association, exceeded produc- tion operations started in April, the {Dodge tion by these mills. In April, as in March, Corporation states that ".the spring peak of both production and shipments of southern contracts usually falls in April, but apparently pine were in smaller volume this year than last. was reached in March this year.77 Adjusted for seasonal variations, the Federal Hides, leather, and shoes. Reserve Board7s index for building contracts Leather and shoe industries were seasonally awarded declined from 181.5 in March to 147.5 less active in April than in March and also in April. This very considerable decrease quieter than in April, 1925. Hide markets leaves the index at a point indicating that the became somewhat more active in April and volume of building brought under contract May, and prices advanced, quotations on light in April this year was 47.5 per cent greater Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

394 FEDERAL RESERVE BULLETIN JUNE, 1926 than the average for this month in the three terials fell off from 175.5 in March to 173.2 in years 1921, 1922, and 1923. After rising to April, the corresponding figure for April, 1925, the record high level of 239.5 in December, the being 174.4. index declined to 210.1 in January and to 180.2 TRANSPORTATION in February. The value of contracts awarded during the With allowance for seasonal variations, four months from January 1 to May 1 amounted freight-car loadings in April for all classes of .to $2,015,000,000, exceeding awards last year freight combined were in record volume. in these months by $337,000,000. In each of Fewer cars were loaded by the carriers in April these months, as also in the opening weeks of than in March, but the decrease was less than May, the value of awards this year ran above the usual seasonal decrease for this month, 1925—by $148,000,000 in January, by $79,000,- and the Federal Reserve Board's index for 000 in February, by $107,000,000 in March, total loadings, adjusted for seasonal variaby $3,000,000 in April, and by $37,000,000 in tions, advanced from 126.4 in March to 131.6, the two weeks ended May 14. Increase over a record high figure for this index in any the month last year and decrease over the month. For the year to May 15 loadings month this year brought the volume of build- this year totaling 18,803,765 cars exceeded ing in the two years to nearly the same level. loadings in the same weeks of 1925 by 368,871 Decreases for the month in value of building cars. Loadings of miscellaneous freight, incontract awards are shown in the totals for cluding merchandise in less-than-car lots and seven Federal reserve districts (Philadelphia, covering principally shipments of manufac- Cleveland, Richmond, Atlanta, Chicago, St. tured products, continued in April in nearly the Louis, and Dallas), substantial increases in the same volume as in March, and were in larger totals for two districts (Boston and New York) volume than has been recorded for this month and small increases in the totals for two dis- in any earlier year. April loadings of grain, tricts (Minneapolis and Kansas City). The coal, coke, and miscellaneous freight were in seven districts showing decreases for the month, larger volume this year than in April of 1925, with the exception of Atlanta, show decreases and loadings of livestock, forest products, also over the year, Atlanta and the four re- and ore in smaller volume this year. Loadmaining districts showing increases over 1925. ings in the several transportation districts In five districts a larger volume in April than for which separate totals are compiled, were in the month preceding of residential construc- in smaller volume in April than in March in tion was brought under contract and in six each district excepting the southwestern, and districts a smaller volume, giving a narrow in larger volume this year than in April of margin of net increase for this class of con- last year in each district excepting the northstruction in the 11 districts as a whole. In western. comparison with April of last year also a narrow In April the roads maintained an average margin of increase is shown for the value of surplus of 280,000 freight cars available for residential contracts. service (including 110,000 box and 125,000 A net decrease of 1.1 per cent for the month coal cars). and of 10.8 per cent in comparison with April Total operating revenues of Class I roads of last year is shown for the valuation of per- in March were 9 per cent above and operating mits issued in April in 168 selected cities. expenses 5.1 per cent above the corresponding Compilations by the F. W. Dodge Corporation figures for March, 1925, and net railway covering estimated construction costs repre- operating income in March ran above 1925 sented by building permits issued in 205 by 28.8 per cent. The operating ratio or cities show increases over April, 1925, for 77 percentage of operating expenses to operating and decreases for 128 of these cities. income in March decreased from 77.55 in As measured by the index of the New York 1925 to 74.74 in March of this year. For the Federal Reserve Bank the cost of building con- three months ended March 31, according to tinued in April at the level of the preceding compilations by the Bureau of Railway Ecomonth and was somewhat above the level of nomics, operating revenues were 3.1 per cent, April, 1925. In the computation of this index operating expenses 1.7 per cent, and net raildecreases for the month in the cost of building way operating income 9.3 per cent above the materials fairly offset increases recorded in corresponding aggregates for this period of labor costs. The wholesale price index of the 1925. In these three months carriers earned Bureau of Labor Statistics for building ma- at the rate of 4.80 per cent, annual basis, on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 395 investment as shown by their books. This Retail trade. rate is somewhat above the rate of return Sales at retail stores which made reports to (4.50 per cent) earned in the same period of the Federal reserve system were larger in 1925. Carriers in the eastern district earned April than in March, but the increase was at the rate of 5.53 per cent during this period smaller than that between Mtarch and April in 1926, .and at the rate of 5.17 per cent in of last year. This difference is partly due to 1925; carriers in the southern district at the the fact that a large part of the Eastern trading rate of 5.85 per cent this year and 5.74 per season, this year was in March, and consecent in 1925; and carriers in the western quently trade did not show the usual expandistrict at the rate of 3.66 per cent this year sion in April. For the two months combined and 3.35 per cent in 1925. sales were larger for all classes of reporting retail stores than during the corresponding TRADE period in 1925. Wholesale trade. As compared with April of last year, de- Total sales of wholesale firms in leading partment-store sales were smaller in all Federal lines, reporting to the Federal reserve system reserve districts except the Atlanta, St. Louis, from all sections of the country, were seasonally and San Francisco districts, and the largest smaller in April than in March. The decline declines, ranging from 5 to 7 per cent, were in of 4 per cent in the Federal Reserve Board's the Philadelphia, Cleveland, and Richmond composite index.of. wholesale trade was some- districts. Statistics furnished for 45 separate what smaller than that which occurred between departments at stores in seven Federal reserve March and April in 1925. Declines in the districts show that sales of 24 departments volume of sales between March and April were smaller than in April of last year and were shown for all reporting lines of wholesale those of 21 departments ^were larger. trade and for nearly all the Federal reserve Total value of merchandise stocks at dedistricts. partment stores increased less than usual in As compared with April of last year, the April and at the end of the month was about total volume of wholesale trade was 4 per the same as at the end of March. Compared cent larger. Substantial increases occurred with April a year ago, total inventories were, in sales of groceries, meats, and drugs, but about 2 per cent larger, but increases were sales of dry goods, shoes, and hardware showed not reported for all Federal reserve districts. declines. Sales of dry goods and shoes were In the Boston, Philadelphia, Cleveland, Minnesmaller than in April, 1925, in all Federal apolis, and Kansas City districts stocks were reserve districts except the San Francisco smaller, but in all other districts they were district, but the largest declines were reported larger. Analysis of statistics from individual in eastern and middle-western districts. The departments indicates that stocks at 18 dedecline in the dollar volume of dry goods partments were larger and that those at 27 sales during the year was due in part to the departments were smaller. reduction in the prices of textiles. Stocks were turned over at a slightly slower Value of merchandise stocks carried by rate in April this year than in April, 1925, but wholesale firms was smaller in all lines at the the rate of turnover for the four months endend of April than at the end of March. Smaller ing in April was about the same as for the inventories of groceries were indicated in all corresponding period of last year. Federal reserve districts from which, reports were received except the Boston and St. Louis EMPLOYMENT districts, but the largest declines were in the New York and Atlanta districts. As com- Factory employment and pay rolls in April pared with April a year ago, stocks in nearly showed decreases, largely of a seasonal nature, all lines, except groceries, were smaller. Dry amounting to about 1 per cent for number emgoods firms reported reduced inventories in ployed and 2 per cent for amount of pay rolls. practically all districts from which reports Both indexes remained slightly greater than in were received, and stocks of shoes were also April of last year. Decreases were noted in smaller in all except the St. Louis district. nearly all industries, the chief exceptions being Accounts receivable outstanding at the end lumber, stone and clay products, and railroad of April were smaller than in 1925 for all lines, car building and repairing. Employment, and except groceries and drugs. particularly pay rolls, usually decrease in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

396 FEDERAL RESERVE BUIiliETHST JUNE, 1926 April. Despite this recession the level of em- In May price changes were in general small, ployment and pay rolls continued at close to except for a sharp rise in fuel, owing to higher that observed since last fall. As compared prices for petroleum and gasoline. Metals, with a year ago both employment and pay particularly iron and steel, were lower. Tables rolls have increased in the iron and steel, auto- giving the index numbers for prices appear on mobile, musical instruments, paper and print- page 440. ing, and glass industries, and decreased in the textile, slaughtering, milling, stone and clay, COMMERCIAL FAILURES AND BANK SUSPENand boot and shoe industries. SIONS According to reports of the Bureau of Labor Statistics the decline was rather general in all COMMERCIAL FAILURES sections of the country except in the West South Central, the Mountain, and the Pacific During April 1,957 .commercial failures States, Per capita earnings were less in April involving liabilities aggregating $38,487,321 than in March, but greater than in April, 1925. were reported by R. G. Dun & Co. The Wage increases affecting an appreciable num- number of failures, although somewhat smaller ber of employees was reported in sugar refining, than in March, was slightly larger than in iron and steel, railroad car building and re- April last year and compared with 1,707 for pairing, and shipbuilding. No general tend- April, 1924, and 1,520 for that month in 1923. ency toward wage changes, however, was Notwithstanding the slight decrease in the evident. number of insolvencies during April as com- PRICES pared with March, total liabilities showed an increase of nearly 26 per cent for the month, Wholesale prices in recent weeks have in and were higher than in April last year. The general shown comparatively little change, the increase in indebtedness in default was chiefly decline from March to April, as reported by among manufacturing enterprises, where there the Bureau of Labor Statistics, amounting for was a considerable increase in the number of all commodities to less than one-third of 1 per large insolvencies; during the month there cent, the smallest month-to-month change were 37 such insolvencies (each with liabilities since January. The decline is accounted for of $100,000 or more), with total liabilities of primarily by a decrease in the prices of prod- $10,345,816, as compared with 21, with liaucts of nonagricultural origin, for the index bilities of $6,617,945, in April last year. for farm products and that for foods both ad- Both the number and liabilities of trading vanced somewhat. This advance represented organizations that failed were smaller in April primarily higher prices for wheat, meat, and for this year than last, and both the number and miscellaneous farm products and foods. The liabilities of insolvent agejits and brokers were decline in prices for nonagricultural commodilarger. Failures during April, 1926, are shown ties, which amounted for the group to about in the following table by class of enterprise: 1}£ per cent, reflected generally lower prices for almost all the major groups other than farm products and foods, i. e., clothing materials, COMMERCIAL FAILURES DURING APRIL, 1926 fuels, metals and metal products, house furnishings, building materials, chemicals, and Number Liabilities miscellaneous commodities, with the decline Class of enterprise for each of the last three of these groups ex- 1926 1925 1926 1925 ceeding 1 per cent. The index for all commodities was in April at All classes 1,957 1,939 $38, 487, 321 $37,188,622 the lowest level since October, 1924, and was a Manufacturing __ > 494 430 16,733,792 13,097,046 little more than 2 per cent below the lowest Trading 1,378 1,427 19, 093, 768 21, 535,911 Agents, brokers, etc 85 82- 2, 659,761 2,555,665 figure for 1925, that for May. Most groups were lower than at the lowest point in 1925, that for May, with clothing materials down 6.1 The number of failures was larger in April per cent, farm products 4.6 per cent, and house- than in the preceding month or in April last furnishings and miscellaneous commodities year in the New York, Richmond, St. Louis, down 4 per cent. Building materials and foods and Kansas City districts, and was larger in were at the same levels as in May of last year, April than in March, but smaller tfcan in April and fuel was about 3 per cent higher. last year in the Cleveland, Minneapolis, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BUIXETIN 397 Dallas districts; in the other districts the banks in the St. Louis district, 3 in the Minnenumber of failures was smaller than in March apolis district, and 1 in the Kansas City disor i$ April last year. Liabilities were larger in trict, which had previously been closed, were April than in March in seven districts—all reported to have resumed operations during except the Cleveland, Atlanta, St. Louis, the month. The number and deposits of Minneapolis, and Kansas City districts—but banks closed during April, 1926, are shown in were smaller than in April, 1925, in the Boston, the following table, by class of bank; the New York, Atlanta, Chicago, St. Louis, and figures for closed banks represent so far as can Dallas districts. In the Atlanta district both be determined banks which have been closed the number and liabilities were the smallest to the public by order of supervisory authorisince October, 1920. Comparative data, by ties, or by the directors of the bank, on acdistricts, are presented in the following table: count of financial difficulties, and it is not known how many of the institutions thus re- COMMERCIAL FAILURES DURING APRIL, BY FEDERAL ported may ultimately prove to be solvent: RESERVE DISTRICTS BANK SUSPENSIONS DUEING APRIL, 1926 Number Liabilities Federal reserve district All banks Member1 Nonmember 1&26 1925 1926 1925 Federal reserve district Num- Total Num- Total Num- Total Total... 1,957 1,939 $38,487,321 $37,188, 622 ber deposits 2 ber deposits2 ber deposits2 Boston 223 229 3,778,915 4,995,937 New York 404 386 10,733,680 12,377, 626 All districts 54 $13,868,000 6 $3,642,000 48 $10,226,000 Philadelphia.. 55 96 2,831,463 1,605,999 Cleveland 200 165 3,306,131 2, 604,395 Cleveland 1 325,000 1 325,000 Richmond.... 134 109 3,320,683 2,079,733 Richmond. _____ 5 1,798,000 5 1,798,000 Atlanta.. 54 87 451,677 981, 798 Atlanta_ __ 1 65,000 1 65,000 Chicago——__. 275 307 5,767,251 6,234,526 Chicago.- _ 11 3,732,000 1 2,212,000 10 1,520,000 St. Louis 84 81 1,656,577 1,694,044 St. Louis __ 6 1, 666, 000 1 388,000 5 1,278,000 Minneapolis.. 82 75 678,977 Minneapolis 18 4, 207, 000 3 731,000 15 3,476,000 Kansas City.. 135 1,861,132 1,096,191 Kansas City 9 1,793,000 1 311,000 8 1,482,000 Dallas 66 716,438 792,113 Dallas 3 282, 000 3 282,000 San Francisco. 245 249 3,216,773 2,047,283 1 Comprises 5 national banks with deposits of $1,430,000 and 1 State member bank (in the Chicago district) with deposits of $2,212,000. BANK SUSPENSIONS 2 Figures represent deposits for latest available date prior to the suspension, and are subject to revision when information for the date of suspension becomes available. During April 54 banks, with, total deposits of $13,868,000, were reported to the Federal FOREIGN EXCHANGE reserve banks as having been closed on account of financial difficulties. These totals compare Sterling rose to $4.8672 on May 15, which with 51 banks, with deposits of $10,707,000, is 7 points above parity and the highest rate closed during March and 48 banks, with de- quoted since December, 1914. From the posits of $16,055,000, closed in April, 1925. April low rate of $4.8593 on April 15, sterling Of the banks closed in April this year, 5, with advanced to $4.8638 on the 29th, which was deposits of $1,430,000, were national banks, the high rate for the month; then on May 5, and 1, with deposits of $2,212,000, was a while the general strike was in progress in member State bank—a total of 6 member banks England, declined to $4.8532, this being the with deposits of $3,642,000, as against 6 mem- lowest quotation since January 11 last; rallied ber banks with deposits of $794,000 closed in to $4.8672 on the 15th; thereafter fluctuated March. There were 48 nonmember banks, between $4.8637 and $4.8665, and stood at with deposits of $10,226,000, that suspended $4.8657 at the end of the month. Fluctuain April, as compared with 45 banks, having tions since the beginning of the year have deposits of $9,913,000 that suspended the shown a tendency to become narrower, but month before. during May they covered a wider range than Suspensions were most numerous in the in any month since January. Minneapolis district, where 18 banks were Italian lire, after having been stable for eight closed both in March and April, and in the months at slightly more than 4 cents per lira, Chicago district, where 11 banks were closed declined sharply on May 14 to 3.52 cents, but in April as against 5 in March. In the St. later rallied strongly to 3.97 cents on the 21st, Louis district the number of suspensions de- after which they declined again to 3.73 cents creased from 12 in March to 6 in April. Four on the 28th. The Italian Government, which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

398 FEDEEAL RESERVE BULLETIN JUNE, 1926 had been supporting the lira, withdrew its fluctuations, and continued to be quoted support, while another factor in the decline very slightly below their gold parities. The was the large seasonal demand for foreign Polish zloty, after having declined at a fairly exchange from commercial sources. French uniform rate from 12.60 cents per zloty on francs continued their downward movement April 5 to 10 cents on May 12, declined sharply from 3.29 cents per franc on May 1 to 2.83 to 9.38 cents on the 13th and continued its cents on May 18, which was a new low record downward movement to 9.03 cents on May 21. for all time. The franc rallied to 3.25 cents Since August last it has declined to less than on the 21st, when the Morgan loan was drawn half its par value. , upon for its support, and further to 3.38 cents The Canadian dollar has stood above par on the 24th. After this it declined to 3.19 cents since April 13. It declined from the April # on the 28th and stood at 3.21 at the close of high quotation of $1.0016 on April 24 to the month- The Belgian franc also showed a $1.0002 on May 1, then rose to $1.0014 on considerable recession. It declined from 3.87 May 7, and averaged $1.0007 for May as cents per franc on April 10 to 3.21 cents on compared with $1.0004 for April. Of the May 4, when for the first time since October South American exchanges, Argentine pesos 13, 1925, it Ml below the French franc; and to declined from 92.16 cents on April 22 to 90.73 2.80 cents on the 18th, the lowest rate ever cents by the end of the month, rallied to 91.60 recorded; then rose to 3.24 on the 21st and cents on May 14, and during the remainder of stood at 3.09 on the last day of the month. the month fluctuated between 91.09 and 91.53 Between the middle of March, when the cents. Brazilian milreis rose from 13.73 cents recent decline in the Belgian franc began, on April 'l3 to 15.17 cents on May 26, and and the end of May note circulation of the averaged 14.68 cents for May as compared National Bank of Belgium increased by more with 14.01 cents for April. Chilean pesos than 625 million francs, rising to something were steady at a level slightly below that over 8 billions. A considerable upward move- maintained during April. ment during the last two months took place In the Far East there was considerable in Spanish pesetas, which rose from 14.11 buying of silver by Chinese speculators against cents on April 1 to 14.50 cents late in the month Japanese yen, thus reversing the operation and then, after. a slight recession, to 15.20 which prevailed during April. The Japanese cents on May 28. yen, which had risen to 47.43 cents on April Danish and Norwegian currencies main- 28, declined to 46.44 cents on May 5, made a tained slightly higher levels during May than substantial rally to 47.20 cents on the 13th, during April. The Danish krone has risen and stood slightly above 47 cents during the from an average of 87 per cent of parity for remainder of the month, averaging, however, last August, when the upward movement 46.95 cents for May as compared with 46.64 began, to 98 per cent of parity for May; cents for April. The Shanghai tael and the while the Norwegian krone during the'same Indian rupee were somewhat higher during period has risen from 70 per cent to 81 per May than during April. cent of its gold parity. The Netherlands florin during May maintained the level which FOREIGN EXCHANGE RATES it reached during the latter part of April, and [In cents] averaged 40.20 cents during May, as compared with 40.13 cents during the previous month. May, 1926 April, 1926 May, Swedish kronor have stood at about 26.77 Par 1925, value avercents per krona since the middle of April. Low High Aver- Swiss francs rose to 19.30 cents, or gold parity, on April 8; to 19.33 cents on April 27; and Sterling *._ 486. 65 485. 32 486. 72 486.15 485.93 486. 38 486. 22 >4.8457. to 19.36 cents on May 6. This high level is Belgian franc. 19.30 2.80 3.40 3.12 3.87 3.67 5.02 attributed partly to the export of capital to D Fr a e n n i c s h h k fr r a o n n c e . 19.30 2 2 6 . . 8 0 3 9 2 3 6 . . 1 2 5 0 2 3 6 . . 2 1 9 6 2 3 6 . . 5 2 0 0 2 3 6 . . 3 1 9 7 1 5 8 . . 1 8 6 1 Switzerland from France and Belgium, and German reichsmark 23.82 23. 8023.81 23.80 23.81 23.80 23. 80 Italian lira. __ 19.30 3.52 4.02 3.87 4.02 4.02 4.0: 4.07 partly to the beginning of the summer tourist Netherlands florin. _ 40.20 40.17 40.25 40.20 40.09 40.21 40.13 40.18 season, which brings in large sums of foreign Swedish krona 26.74 26.78 26.76 26.77 26.82 26.79 26.75 Swiss franc... 19.30 19.33 19.37 19. 3519.26 19.33 19.30 19.35 money. Canadian dollar..__ 100.00 100. 01100.14 100.0799. 79 100.16 100. 04 10).00.O Argentine peso. 96.48 90.89 91. 60 91.31 92.16 90.79 90.24 The German reichsmark, Austrian schilling, Shanghai tael 66.85 71.29 72.64 71.78 69. 3572.05 70.87 74. 26 and Hungarian pengo showed only nominal Japanese yen. 49.85 46.44 47.20 46.95 45.88 47.43 46.64 41.91 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 399 FOREIGN TRADE GOLD MOVEMENTS Total imports and exports of merchandise UNITED STATES and the merchandise trade balance of the United States by months in 1925 and 1926, Total imports and exports of gold during also the trade balance, including imports and April and March, 1926 ; by countries of origin exports of gold and silver, for the four months or destination, and comparative figures for the ended April, 1925 and 1926, are shown in four months ended April, 1926, and 1925, are the tables following: shown in the following table: MERCHANDISE TRADE BALANCE OF THE UNITED GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES STATES [In thousands of dollars] [In thousands of dollars] Excess of Excess of Month Imports Exports imports exports 1926 4 month ended April— 1925 Country of origin or destination Year... 4,226,591 4,909,845 683,254 April March 1926 1925 January 346,165 446,443 100,278 February 333,387 370,676 37,289 March 385,379 453,652 68,273 April. __-__--. 346,091 398,254 52,163 IMPORTS May 327,519 370,945 43,426 June..... 325,216 323,348 Total 13,126 43,413 101,305 24,848 July .... 325,648 339,660 14,012 August 34.0,086 379,823 39,737 England 8 2 18 3,078 September. _. 349,954 420,368 70,414 France ___ 60 131 77 October 374,074 490,567 116,493 Canada 10, 694 39,278 77,637 10,654 November.., 376,432 447,804 71,372 Central America 163 145 627 552 December.._. 396,640 468,305 71,665 Mexico _ _ 1,003 531 2,359 1,951 Chile _ _ 8 2,503 12,301 130 1926 Peru 311 185 1,287 402 January _. 416,753 397,213 19,540 Dutch East Indies - _. 247 178 749 692 February 388,329 352,877 35,452 Japan 4,000 March! 443,098 374,420 68,678 Philippine Islands. _. 162 186 709 591 April,..—... 397,963 387,871 10,092 All other______ _______ 470 405 1,487 6,721 EXPORTS TRADE BALANCE OF THE UNITED STATES FOR FOUR Total... 17,884 4,225 29,047 170, 834 MONTHS ENDED APRIL, 1925 AND 1926 Germany. _ _____ 303 348 1,192 60,260 [In thousands of dollars] Canada. 16,290 53 16,437 281 Central America 600 200 1,814 Mexico 408 728 2,149 1,656 Mer- Bolivia 300 300 20 Total chandise Gold Silver Venezuela 300 1, 600 1,410 British India 2 22 379 55,770 British Malaya.. 4 535 1,857 298 1925 Hongkong... 165 1,355 2,312 2,996 Imports __. 1,459,744 1,411,022 24,848 23,874 Allother 112 384 1,007 48,143 Exports 1,875,316 1,669,025 170,834 35,457 Net imports 39,188 72, 258 Net imports (—) or ex- Net exports. 4,758 145, 986 ports (+) ____. +415, 573 +258, 004 +145, £ +11,583 1926 I E m x p p o o r rt t s s __. 1 1 , , 5 7 7 73 4 , ,8 9 8 2 8 5 1 1 , , 6 5 4 1 6 2 , , 1 3 4 8 3 1 10 2 1 9 , ,0 3 4 0 7 5 2 3 6 3 , , 4 4 7 6 7 0 GREAT BRITAIN Net imports (—) or ex- Following is a table showing gold imports ports (+). ........ -199,037 -133, 762 -72, 258 +6,983 into and exports from Great Britain for April Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

400 FEDERAL RESERVE BULLETIN JUNE, 1926 and March, 1926, and for four months ended ESTIMATED COMPARATIVE BALANCE OF INTERNA- April, 1926 and 1925: TIONAL PAYMENTS OP THE UNITED STATES 1922- 1925 i GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN Items 1922 1923 1924 1925 1926 4 months ended April— Country of origin or CURRENT ITEMS destination April March 1926 1925 Visible current items: Merchandise 2___ +734 +389 +970 +666 Invisible current items: Interest on inter ally debt +126 +167 +159 +160 IMPOETS Private interest and dividends __ +2 — 50 8 +3 + 0 8 5 +3 — 55 8 Total. - 1,477,017 £1,290,113 10,745,504 £9,572,641 OGcoevaenrn fmreeignhtatsl payments __ . _ —16 —19 —5 Services to tourists -300 -400 -500 —560 Belgium.._-__ 595,736 Charitable and missionary expenditures.. -75 -70 -55 -50 Netherlands 28,900 179,705 208, 605 67,714 Immigrants' remittances___ -325 -290 -300 -310 Russia 2,431,800 Motion-picture royalties__ +50 +60 +70 +75 Rhodesia 160,969 183,371 708, 736 711,604 Transvaal 1,165,245 767,779 6,305,741 4,058,962 Total, invisible current items -308 -310 -318 -343 United States 500 22,020 26, 733 4,258, 795 West Africa 106,692 109, 208 406,955 379, 529 Total, current items other than gold Allother.—— 14,711 28,030 61,198 96,037 andsilver_-_ *. +426 +79 +652 +323 EXPORTS MOVEMENT OF CAPITAL Total..-.. 716, 757 2,619,629 7, 347,719 . 13,628,298 New foreign securities exclusive of refunding..-637 -363 -795 -920 Sale and purchase of outstanding securities. _-110 +358 +205 +321 Belgium ._ _ _. 9,095 17,270 101,662 Foreign bonds paid ofl +78 +23 +45 +140 British India— 182,469 691,871 1, 555, 515 7, 647,031 Principal of interally debt +31 +91 +23 +27 France 105,033 267,385 585,674 62, 971 United States currency +50 -50 -62 Netherlands 58,630 190,788 2,023,026 517,355 Straits Settlements- 105,550 290, 670 832,161 45,291 Total, capital items -638 +159 -572 -494 Switzerland _ _ 13, 600 27,200 395,595 South America 45,000 10,000 129,000 17,430 GOLD AND SILVER Allother _ 220,075 1,146,220 2,177,873 4,840, 963 Gold. — -238 —294 —258 +134 Silver _ -8 -2 +36 +34 Net exports 1,329,516 Net imports... 760,260 3,397, 785 4,055, 657 Total, gold and silver _. -246 -296 -222 +168 Total, all items -458 -58 -142 -3 Balance of Payments of the United States Change in foreigners' bank deposits as revealed by questionnaires +375 +3 +216 -61 The following table shows the international Eesidual difference (representing errors and balance of payments of the United States omissions) -83 -55 +74 -64 for 1925 compared with the balance for 1922, 1 In constructing this table, the estimates for the years 1922,1923, and 1923, and 1924, as estimated by the Depart- 1924, as shown in Trade Information Bulletins, Nos. 144, 215, and 340, ment of Commerce and published in April in were revised in the light of more recent information and rearranged in order to make all the data comparable. its Trade Information Bulletin, No. 399. 2 The figures for merchandise exports include estimates for unrecorded parcel-post packages and those for merchandise imports include estimates This bulletin sets forth the basis on which of smuggled goods. these estimates are made and contains tables giving some of the underlying data in detail. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 192G FEDEKAL RESEBVE BULLETIN 401 BRANCH BANKING IN THE UNITED STATES In the December, 1924, issue of the BULLETIN tablishment of branches outside the home city the Board published compilations covering the of the parent bank was extended to include extent of branch banking developments in the trust companies as well as banks; and in New several States to June of that year. During Jersey a statute was enacted authorizing banks the period of 18 months, from this date to the and trust companies to estabish home-city end of December, 1925, the number of banks branches, subject to approval of the State comoperating branch offices and the number of missioner, but providing that the commissioner offices operated increased somewhat, but at shall not approve the establishment of any the end of 1925, as in June, 1924, only a rela- branch unless national banking associations in tively small proportion of the banks in the New Jersey shall at the time be permitted by country were engaged in any form of branch act of Congress to establish branches. It is banking—even to the extent of operating out- provided further in this New Jersey statute that side teller-window offices within the home city banks establishing branches shall have a speciof the parent bank. The area within which fied amount of capital in addition to the amount branch banking has shown a more considerable required for such corporations which do not development, the so-called "branch banking maintain branches; that savings banks estabarea/7 comprised the same territory in Decem- lishing branches shall have a surplus of not ber last as in June of 1924. less than 5 per cent of their deposits and in It was found in the earlier inquiry that, on addition a surplus of $50,000 for each branch the average, out of 1,000 banks of all classes, established; and that no branch shall be main- 24 were operating branch offices, and the in- tained in any city or town of less than 25,'000 crease over the period following to the end of population, nor more than one branch in a 1925 raised this proportion from 24 to 27 out community of 25,000 to 50,000, nor more than of 1,000 banks. Within the branch-banking two branches in places of 50,000 to 100,000 popuarea the proportion was, of course, higher, lation. At the time of enactment of this statvarying from State to State. In California, ute no provisions in New Jersey laws expressly for example, approximately one bank in six, permitted or prohibited branch banking, and on the average, operates one or more branch the provisions of the 1925 statute do not apply offices, and in Massachusetts the proportion is to branches already established. nearly one in five. Figured precisely the pro- Except as modified by the statutes enacted portion in each of these States in December was in these three States, the legal status of branch somewhat above that found by the earlier in- banking remained at the end of 1925 unchanged quiry. The extent of branch banking develop- as set forth in the summary of State laws rement is more accurately indicated, however, lating to branch banking, published in the by the number of branch offices and the size March, 1925, issue of the BULLETIN'. The of individual branch systems than it is by the status of branch banking in the different States number of parent banks. In the period under on December 31, 1925, may be briefly sumreview the number of branch offices increased marized as follows: 21 States—including New by 329—from 2,243 in June, 1924, to 2,572 in Jersey, whose authorization, as noted above, December, 1925—and the average size of is conditioned upon enactment of Federal branch systems or number of branches per legislation—expressly b^ statute or by impliparent bank increased from 3.2 to 3.5 branches. cation of statutory provisions permit lianks to Three States during 1925 enacted legislation establish branches under more or less restricrelating to the establishment and maintenance tive regulations; 17 States prohibit the estabof branch offices by banking institutions. In lishment of branches: and 10 States have in- Tennessee a statute was enacted forbidding any cluded in their banking codes no provisions bank to establish or operate a branch outside either permitting or prohibiting the establishthe county in which the parent bank is located, ment of branches. These three groups of existing branches being excepted from this pro- | States are listed below: hibition; in Oregon the prohibition against es- | Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

402 FEDEKAL RESERVE BULLETIN JUNE, 1926 STATES CLASSIFIED WITH REFERENCE TO BRANCH BANKING PROVISIONS IN STATE LAWS AS OF DECEMBER 31, 1925 States which permit es- States which prohibit es- States which do not ex^ tablishment of branches tablishment of branches pressly provide for es- (21): (17): tablishment of branches Arizona. Alabama. (10): California. Arkansas. Iowa. Delaware. Colorado. Kansas. Georgia. Connecticut. Kentucky. Louisiana. Florida. Montana. Maine. Idaho. Nebraska. Maryland. Illinois. New Hampshire. Massachusetts. Indiana. North Dakota. Michigan. Minnesota. Oklahoma. Mississippi. Missouri. South Dakota. New Jersey.1 Nevada. Vermont. New York. New Mexico. North Carolina. Oregon. Ohio. Texas. Pennsylvania. Utah. Rhode Island. Washington. South Carolina.2 Wisconsin. Tennessee. Virginia. West Virginia.3 Wyoming.2'3 i Conditional upon legislation by Congress. 2 Branches authorized by implication. 3 No branch offices in operation. States which have enacted prohibitory or re- number operating offices both in and outside strictive legislation have commonly permitted the home city. In December only 12 national existing branches to be maintained, and under banks were operating branches outside the this permission* as shown in the following tabu- home city, the number of State banks, member lations, banks continue to operate branches in and nonmember, operating such branches being States listed as prohibiting branch banking, 294. In June, 1924, 11 national and 300 State and continue to operate branches outside the banks were operating outside branches. Dehome city or county of the parent bank in tails for States for December, 1925, are given States which do not at present permit the in Table 8. establishment of such branches. Branch-banking developments during the TABLE 1.—BANKS OPERATING BRANCH OFFICES, DEperiod from June, 1924, to December, 1925, CEMBER, 1925, AND JUNE, 1924 are summarised in the following tables, in which revised figures for the earlier date are given in comparison with corresponding totals Number of banks * for the end of 1925. Of the 735 banks operating branch offices in December, as shown in Percentage Total Operating operating Table 1, 603 were State banks, including 405 branch offices branch Class of bank offices nonmember and 198 State member banks, and 132 were national banks, each of these general De- De- Declasses showing some increase over the period cem- June, cem- June, In- cem- June, in the number of banks operating branch b 19 e 2 r, 5 1924 b 19 e 2 r, 5 1924 crease b 19 e 2 r, 5 1924 offices. Banks operating branches a?:e classified in Total_ 27, 701 28,447 735 686 49 2.7 2.4 Table 2 as operating home-city offices only (including uadditional offices77 of national Mem N b a e ti r o , n to a t l a - l _ _ . _ _ __ 9 8 , , 4 0 8 4 9 8 9 8 , , 6 0 5 8 0 0 1 3 3 3 2 0 2 1 9 0 9 8 3 2 1 4 3 1 . . 5 6 3 1 . . 1 3 /banks), and offices outside the home city. State 1, 441 1, 570 198 191 7 13.7 12.2 While the total number of parent banks in- Nonmember 18, 212 18,797 405 387 18 2.2 2.1 creased by 49 in the period, the number operat- State, total member and nonmember ing only branches outside the home city fell off 219, 653 20, 367 603 578 25 3.1 2.8 from 273 to 263, this decrease being more than 1 Except certain nonreporting private banks not under State superoffset by an increase from 375 to 429 in the vision, and mutual savings banks. number of banks operating only home city 2 The total number of nonmember banks is given as of Dec. 31, except as follows: New Hampshire, June 30; New York, Nov. 14; Tennessee, offices, and an increase from 38 to 43 in the Oct. 26; Kentucky, June 30; Iowa, Dec. 30; Kansas, Dec. 10; Oklahoma, Dec. 26; and Texas, Sept. 28. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDEEAL RESERVE BULLETIN 403 TABLE 2.—BANKS OPERATING BRANCH OFFICES IN TABLE 3.—BRANCH SYSTEMS, CLASSIFIED BY NUMBER AND OUTSIDE THE HOME CITY OF THE PARENT BANK, OF BRANCH OFFICES OPERATED, DECEMBER, 1925 DECEMBER, 1925, AND JUNE, 1924 AND JUNE, 1924 Number of banks operating Banks operating specified number of branch offices branch offices Class of parent bank and location of branch office b D e e r, c e 1 m 92 - 5 J 1 u 9 n 2 e 4 , Increase Size of system Number Percentage I O n n T a l o y n t a d i l n . o — h u o ts m id e e c h i o ty m . _ e _ c i _ ty ;__ _ 4 7 4 2 3 3 9 5 3 6 3 7 8 8 5 6 4 5 5 9 4 De 1 b c 9 e e 2 r m , 5 - J 1 u 9 n 2 e 4 , cr I e n a - se De b 1 c 9 e e 2 r m , 5 - J 1 u 9 n 2 e 4 , Only outside home city 263 273 -10 National banks: TotaL _ 735 686 49 100.0 100.0 On T l o y t i a n L home city 1 12 3 0 2 1 9 0 7 8 2 2 4 3 1 branch office 404 377 27 55.0 55.0 In and outside home city _ 2 2 2 branch offices 131 132 -1 17.8 19.2 Only outside home city 10 9 1 3 branch offices 57 55 2 7.8 8.0 State member banks: 4 branch offices _ 41 32 9 5.6 4.7 Total 197 191 6 5 to 9 branch offices 46 49 -3 6.3 7.1 Only in home city.: 149 137 12 10 to 19 branch offices 34 25 9 4.6 3.6 In and outside home city... ... 18 16 2 20 offices and over 22 16 6 3.0 2.3 Only outside home city _. 30 38 -8 Nonmember banks: Total 406 387 19 Only in home city 160 141 19 In and outside home city __'__ . 23 20 3 TABLE 4.—BRANCH OFFICES LOCATED IN AND OUT- Only outside home city—__ . 223 226 -3 SIDE THE HOME CITY OF THE PARENT BANK, DE- CEMBER, 1925, AND JUNE, 1924 In December, as in June, 1924, more than half (55 per cent) of the banks classified as Branch offices engaged in branch banking were operating only one branch each. These one-branch Percentage systems were widely distributed through the Number distribution branch-banking States, and in a "majority of Class of parent bank these States outnumbered systems of two or De- Demore branches—as, for example, in North c b e e m r, - J 1 u 9 n 2 e 4 , In- c b e e m r, - J 1 u 9 n 2 e 4 , Carolina with 26 one-branch systems in a total 1925 1925 of 39 systems of all sizes; Georgia with 14 in a total of 22; Tennessee with 16 in a total of Total 24; Virginia with 23 in a total of 33; Louisiana with 19 in a total of 36; Massachusetts with TotaL. _. 2,572 2,243 329 100.0 100.0 35 in a total of 50; and Pennsylvania with Member, total. 1,612 1,385 227 62.7 61.7 57 in a total of 79 systems. The 22 larger National- 332 248 84 12.9 11.1 State 1,280 1,137 143 49.8 50.7 systems shown in Table 3, including all systems of 20 or more branches each, were located Nonmember. _ _ 960 858 102 37.3 38.3 in the following States: 9 of them in Cali- In home city of parent bank fornia; 1 in Georgia;.4 in New York; 1 in Ohio; and 7 in Michigan. Total.... 1,752 1,472 280 100.0 100.0 In Table 4 the number of branch offices located in and outside of the home city of the Member, total. 1,290 1,073 217 73.6 72.9 National— 310 227 83 17.7 15.4 parent bank is given for national, State State.,—. 846 134 55.9^ 57.5 member, and nonmember banks. It may be Nonmember... 462 399 63 26.4 27.1 noted that the increase of 329 in the number of branch offices from June, 1924, to December, Outside home city of parent bank 1925, has been principally in the number of home-city branches, which increased in this Total.-.. 820 period from 1,472 to 1,752, or by 280, while Member, total. outside offices increased from 771 to 820, or by National- State. 49. Similar data are given, by States, in Nonmember... Table 9 for December, 1925. 98738—26——3 Ooo Ctto ot t O oo C 771 49 100.0 100.0 312 10 39.3 40.5 21 1 2.7 2.7 291 9 36.6 37.7 498 459 39 60.7 59.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

404 FEDEKAL RESERVE BULLETIN" JUNE, 1926 Increase in the number of branch offices branch banking of this more or less restricted during the period under review has been character has developed under State laws, and largely confined to a few States, more than for national banks under the administrative two-thirds of this increase (236 out of 329) is, ruling of the Comptroller, is shown for selected in fact, credited to three States—California, cities in Table 6, which classifies urban sys- New York, and Michigan. In California tems by class of parent bank and by number of the number of banks operating branches in- branch offices operated by individual banks. creased by one (from 99 to 100) and the number of branches by 102 (from 538 to TABLE 5.—NUMBER OF BANKS OPERATING BRANCH 640); in New York the number of parent OFFICES, NUMBER OF OFFICES OPERATED, AND MAXbanks increased by 7 (from 74 to 81), and IMUM SIZE OF BRANCH SYSTEMS, BY STATES, DE- CEMBER, 1925, AND JUNE, 1924 the number of branches by 82 (from 359 to 441); and in Michigan the number of Maximum p 64 ar ) e a n n t d b t a h n e k s n u i m nc b r e e r a s o e f d b b ra y n c o h n e e s ( b fr y o m 52 6 ( 3 fr o t m o B b a r n a k n s c o h p o e f r f a ic t e in s g Branch offices b s r iz a e n o ch f systems 1 332 to 384). These totals and corresponding State figures for other States in which banks operate De- De- Debranches are given in Table 5, which gives also cem- June, In- cem- June, In- cem- June, ber, 1924 ber, 1924 ber, 1924 the maximum size of branch systems in the 1925 1925 1925 several States at the beginning and end of the period covered. One California system, which Total _ 735 49 2,572 2,243 329 in June, 1924, was operating 88 branches, had California 100 640 538 102 increased the number of its branches to 98 by New York 81 74 441 359 82 57 the end of 1925. In December one New York P M e i n c n h s ig y a lv n ania _._.-. 7 6 9 4 3 1 8 1 4 2 33 9 2 1 2 5 1 2 4 bank was operating 58 branches, all of these Ohio 52 213 203 10 53 offices being located in New York City; one Massachusetts 50 14 Ohio bank was operating 51 branches; and one N Lo o u r i th si a C n a a rolina 3 3 9 5 3 2 20 Michigan bank 46 branches. No bank located Virginia 33 5 4 Maryland . 32 21 19 in any other State was operating more than 20 branches, the maximum number of branches in T M e a n i n n e e ssee. __ 2 2 4 4 3 5 1 4 2 any one system ranging from 1 to 5 in 14 Georgia __ 23 ' 3 18 New Jersey. 14 4 States, and from 6 to 20 in 12 States. Mississippi.. 11 12 Outside of California the larger branch sys- District of Columtems have been* built up in urban communities bia 10 in States which permit State banks to establish Rhode Island... 11 South Carolina- -1 9 branches in the home city of the parent bank, Arizona 1 10 Wisconsin ... 2 and in these communities national banks have Washington 2 been permitted under an administrative ruling Alabama. _ _ 15 of the Comptroller of the Currency to open " ad- Delaware-- -3 10 ditional offices v for the accommodation of cus- I K n e d n ia tu na c k __ y _ . _ . ____ 5 5 tomers in making deposits and cashing checks. Minnesota . 5 Only strictly routine business maybe transacted Arkansas 2 Nebraska __. 1 in these national bank offices. All matters Florida 1 involving the exercise of discretion, as, for ex- New Hampshire. Oregon ample, the granting of a loan, must be referred to the parent bank. The extent to which 1 Maximum number of branches operated by any one bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BUIiLETIN 405 TABLE 6.—SIZE OF BRANCH SYSTEMS-—NUMBER OF NATIONAL, STATE MEMBER, AND NONMEMBER BANKS OPERATING SPECIFIED NUMBER OF BRANCH OFFICES AND NUMBER OF OFFICES OPERATED IN AND OUTSIDE THE HOME CITY FOR SELECTED CITIES: DECEMBER, 1925 Number of banks with branches City and class of bank Number operating (Cities arranged by number of branches in 1925) Total, 1 branch New York, total _ 56 13 National 18 5 State member 24 4 Nonmember __ __ 14 4 Detroit, total. _ . .. 18 2 National 2 1 State member 10 Nonmember 6 1 Los Angeles, total 12 2 National... 5 1 State member. _ 2 Ncnmember 5 1 San Francisco, total 15 4 National......... _ 1 State member. . 8 1 Nonmember 6 3 Cleveland, total 8 2 National 1 State member 5 Nonmember.... _ 2 2 Philadelphia, total 48 33 National 12 10 State member 9 6 Nonmember 27 17. Buffalo, total 5 National _ _ _ 1 Statei Trvfymhftr 4 Nonmember... Cincinnati, total _ 11 2 National....! State member 6 Nonmember ___ _ 5 2 New Orleans, total.. 5 National .___ State member, ._ 4 Nonmember. __ _ 1 Baltimore, total _ _ 13 5 National. _ _ 4 2 State member 2 Nonmember ,7 Boston, total 15 National 6 State member 6 Nonmember.. 3 Toledo, total 8 National State member. 3 Nonmember 5 Nashville, total >. 6 National 3 State member.... Nonmember 3 Atlanta, total 3 National _. __ 2 State member Nonmember _ 1 Oakland total 4 National 1 State member Nonmembftr 3 OC O 2 3 4 branchesbranchesbranches 14 4 4 6 4 3 4 1 2 2 1 1 2 1 1 2 2 1 1 9 3 2 1 1 6 2 1 1 3 2 2 1 1 1 1 1 4 2 2 1 2 4 1 3 2 1 1 1 1 1 1 3 1 2 1 1 1 1 2 1 I OC*-h 5-9 branches . 7 3 1 2 2 2 3 1 2 2 1 1 1 1 2 1 1 2 1 1 1 1 i 1 OC OC *-I Maxi- Number of branches operated size (number of branches br 1 a 0 n - c 1 h 9 esbran 2 c 0 hessy of s te o m ne ) Total I h n o m th e e th O e u h ts o i m de e and over city city 11 3 58 370 370 3 1 21 96 96 5 2 58 212 212 3 12 62 62 1 3 7 46 278 278 4 5 5 1 2 7 46 247 247 1 13 26 26 2 2 5 90 276 189 87 2 1 10 29 28 1 2 90 132 69 ea 1 3 42 115 92 23 2 4 98 228 71 157 3 3 2 3 98 191 62 129 1 23 34 9 25 2 1 1 51 82 70 12 2 2 2 2 1 1 51 78 66 12 1 2 2 4 72 , 72 2 14 14 4 15 15 4 43 43 3 i 34 57 57 1 5 5 5 2 l 34 52 52 2 11 43 43 2 11 32 32 4 11 11 2 1 19 41 41 1 1 19 34 34 1 7 7 7 1 1 12 40 39 1 2 6 6 1 12 16 16 1 7 18 17 1 2 1 10 39 38 1 2 1 10 26 26 4 10 10 1 3 2 I 4 9 35 35 1 9 13 13 3 9 22 22 2 13 28 17 11 3 5 5 2 13 23 12 H l 20 26 5 21 x 4 6 5 1 ! i 20 20 20 2 13 25 16 9 1 1 1 • i 2 13* 24 15 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

406 FEDERAL RESERVE JUNE, 1926 TABLE 6.-—SIZE OF BRANCH SYSTEMS—NUMBER OP NATIONAL, STATE MEMBER, AND NONMEMBER BANKS OPERATING SPECIFIED NUMBER OF BRANCH OFFICES AND NUMBER OF OFFICES OPERATED IN AND OUTSIDE THE HOME CITY FOR SELECTED CITIES: DECEMBER, 1925—Continued Number of banks with branches Maxi- Number of branches City and class of bank Number operating size operated (num- (Cities arranged by number ber of of branches in 1925) Total bra 1 nch bran 2 chesbran 3 chesbran 4 chesbra 5 n - c 9 hesbr 1 a 0 n - c 1 h 9 esb an ra d n 2 0 c o h v e e s r b s r y o a s f n t e o c m n h e e ) s Total I h n c o i m t t h y e e t O he u c h i t t s o y id m e e Providence, total 5 4 1 1 12 22 22 National State member 4 2 1 1 12 20 20 Nonmember 1 2 2 2 2 Richmond, total 10 5 2 2 1 5 22 19 3 National 3 2 1 4 6 6 State member 2 X 1 5 6 6 5 2 2 I 4 10 7 3 Washington, total 10 5 2 1 2 4 20 20 National 5 3 1 • 1 4 9 State member Nonmember 5 2 1 1 1 4 11 11. In Tables 7, 8, and 9 data relating to banks TABLE 7.—NUMBER OF BANKS OPERATING AND NOT operating branches and to branches maintained , OPERATING BRANCH OFFICES, BY STATES: DECEMare given, by States, for December, 1925. In BER, 1925 these tables the States have been classified into Number of banks four groups: (1)Those permitting State-wide State Oper- Not opbranch banking; (2) those restricting branch Total ating erating systems to city or county &reas; (3) those per- branches branches mitting branch offices or agencies but not full United States _ 27,701 735 26,966 power branches; and (4) those prohibiting State-wide branch banking permitted: establishment of branches, although permitting Arizona-- _- 53 7 46 existing branches established prior to the pres- California 636 100 536 Delaware 45 5 40 ent law to be maintained. It will be noted Georgia ___ _ __ 569 23 546 that in a few States the number of branch Maryland 229 32 197 New Hampshire 80 1 79 offices constitutes a considerable proportion of North Carolina 583 39 544 South Carolina. __ _ 354 8 346 the total banking offices of the State, including Rhode Island 30 8 22 in this total independent ."• unit" banks, head Bran V c i h rg b in a i n a k .— ing restricted as to locality: 520 33 487 offices of branch systems, and branch offices. Louisiana 247 35 212 Maine 111 24 87 In California, for example, the number of Massachusetts 248 50 198 branches (640) slightly exceeds the number of New Jersey . 496 14 482 New York 986 81 905 banks (636), branches constituting 50 per cent Ohio 1,092 52 1,040 Tennessee _ 551 24 527 of all the banking offices in the State. In Branch offices or agencies permitted, but not branches: Michigan 35 per cent and in New York 31 per Kentucky 610 4 606 cent of all banking offices are branches, all of Michigan _ _ 715 64 651 Mississippi _ _ 338 11 327 New York's 441 branches and all but 4 of Nebraska 1,072 2 1,070 Michigan's 384 branches being home-city Now P e p n ro n h s i y b l i v te a d n — ia b .. ranches established 1,645 79 1,566 branches. The proportions of branches to prior to existing law: Alabama 356 5 351 total banking offices for these States are much Arkansas 485 2 483 larger than for any other States. In Ohio, the Florida _ 330 1 329 Indiana 1,091 4 1,087 State reporting the fourth largest number of Minnesota _ 1,351 3 1,348 Oregon ' 274 1 273 branches, it is 16.3 per cent, in Pennsylvania Washington __,. __ 360 6 354 6.4 per cent, and for all other branch banking Wisconsin 983 7 976 District of Columbia 44 10 34 States combined it averages 6.4 per cent. Other States 1 11,217 11,217 1 Includes States expressly prohibiting branch banking—Colorado, Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, and Utah; and other States in which no branches are in operation- Iowa, Kansas, Montana, North Dakota, Oklahoma, South Dakota Vermont, West Virginia, and Wyoming. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BTTKLETIN 407 TABLE 8.—BANKS OPERATING BRANCH OFFICES IN AND OUTSIDE THE HOME CITY, BY CLASS OF BANK, BY STATES: DECEMBER, 1925 Number of banks operating branch offices VTember banks Nonmember banl In Out- National State State Total h o c o I n i n m t l y y e h o o s c a o i n i n u d m t l t d y e y - e h o s c o i n i d m t l y e y e Total h o c o I n i m n t l y y e h o s c a o I i i n u n d m t d t y e - e h O o s c o i n i u d m t l y t e y - e Total h o c o I n i n m t l y y e h o s c a o I i n i u d m n t d t y e - e h O o s c o i n i u d m t l y t e y - e Total h o c o I n i n m t l y y e h o s c a o I i n i u d n m t d t y e - e h O o s c o i n i u d m t l y t e y - e United States 735 429 43 263 132 120 2 10 197 149 18 30 406 160 23 223 State-wide branch banking permitted:* Arizona _ _ 7 1 6 2 1 1 5 5 California 100 38 15 47 19 16 3 18 7 6 5 63 15 9 39 Delaware _ . 5 1 4 1 1 4 4 Georgia 23 5 2 16 2 1 1 7 1 1 5 14 3 11 Maryland 32 13 3 16 4 4 2 2 26 • 7 3 16 New Hampshire 1 1 1 1 North Carolina . 39 3 3 33 2 2 4 1 3 33 1 2 30 S outh C arolina. 8 3 5 2 2 2 1 1 4 4 Rhode Island ...--. 8 3 2 3 4 1 2 1 4 2 2 Virginia.. 33 15 3 15 8 7 1 2 2 23 6 3 14 Branch banking restricted as to locality: Louisiana 35 10 25 1 1 7 5 2 27 5 22 Maine- 24 1 2 21 3 1 2 21 2 19 Massachusetts 50 44 6 13 13 16 16 21 15 6 New Jersey 2 14 6 3 5 2 1 1 6 4 1 1 6 2 1 3 New York 81 81 24 . 24 37 37 20 20 Ohio. 52 38 6 8 3 3 23 16 5 2 26 19 1 6 Tennessee.. 24 10 2 12 6 6 3 1 2 15 3 2 10 Branch offices or agencies permitted but not branches: Kentucky3. ____ 4 4 3 3 1 1 Michigan 64 61 3 9 9 33 33 22 19 3 Mississippi ._ 11 1 10 1 1 1 1 9 1 Nebraska3 2 2 2 2 Pennsylvania.. ... 79 67 12 19 19 16 14 o 44 34 16 Now prohibited— branches established prior to existing law:i Alabama. 5 5 1 1 4 4 Arkansas 2 2 2 2 Florida 1 1 1 1 Indiana - 4 3 1 1 1 3 2 1 Minnesota.. .. 3 3 3 3 Oregon 1 1 1 1 Washington 6 1 5 2 2 1 1 3 3 Wisconsin 7 7 1 1 5 5 1 1 District of Columbia... 10 10 5 5 5 5 1 Includes all States in which one or more banks operate a branch or branches located outside the home city of the parent bank, and in which State-wide branch banking is not expressly prohibited by statute. The laws of New Hampshire, in which one State bank operates a branch outside the home city, contain no express provision relating to establishment of branches. No Wyoming or West Virginia banks operate branches. 2 Branches may not be established unless at the time of establishment national banking associations in New Jersey are permitted by acts of Congress to establish branches. 3 No express provision relating to establishment of branches by State banks. The Kentucky Court of Appeals has held that banks may have agents to receive and forward money and transact other necessary business. In Nebraska two national banks operate each one additional homecity office. 4 Other States expressly prohibiting branch banking include Colorado, Connecticut, Idaho, Illinois, Missouri, Nevada, New Mexico, Texas, and Utah; and States without express statutory provision in which no branches are in operation include Iowa, Kansas, Montana, North Dakota, Oklahoma, South Dakota, and Vermont. • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

408 FEDERAL RESERVE BULLETIN JUNE, 1926 TABLE 9.—NUMBER OF BRANCHES' IN AND OUTSIDE THE HOME CITY, BY CLASS OF BANK, BY STATES: DECEMBER, 1925 Number of branches Of member banks Of nonmember State In Outside STational State Total home home city city In Outside In Outside In Outside Total home home Total home home Total home home city city city city city city United States ... 2, 572 1,752 820 332 310 22 1,280 980 300 960 462 498 State-wide branch banking permitted:1 Arizona 21 1 20 11 1 10 10 10 California 640 315 325 47 42 5 335 135 200 258 138 120 Delaware 15 1 14 1 1 14 14 Georgia 56 11 45 6 5 1 14 2 12 36 4 32 Maryland 95 41 54 6 6 16 16 73 19 54 New Hampshire 3 3 3 3 North" Carolina 69 7 62 3 3 9 1 8 57 3 54 South Carolina 19 5 14 4 4 2 1 1 13 13 Rhode Island 25 8 17 20 5 15 5 3 2 Virginia 50 27 23 11 10 1 6 6 33 11 22 Branch banking restricted" as to locality: Louisiana 95 46 49 8 8 41 35 6 46 11 35 Maine 50 3 47 8 1 7 42 2 40 Massachusetts 88 81 7 37 37 27 27 24 17 7 New Jersey 1 21 11 10 3 1 2 8 6 2 10 4 6 New York 441 441 116 116 257 257 68 68 Ohio 213 187 26 4 4 149 131 18 60 52 8 Tennessee 58 27 31 8 8 6 4 4 2 44 15 29 Branch offices or agencies permitted but not branches: Kentucky * 12 12 7 7 : 5 5 Michigan 384 380 4 20 * 20 314 314 50 46 4 N M e is b s r i a s s s k ip a p 1 i 2 2 5 2 1 24 2 1 2 1 12 12 12 •- 1 11 Pennsylvania 112 98 14 24 24 22 20 2 66 54 12 Now prohibited—branches established prior to existing law:1 Alabama - 19 19 1 1 18 18 Arkansas 3 3 3 3 Florida 1 1 1 Indiana 8 7 1 5 5 3 2 1 Minnesota 10 10 10 10 Oregon 1 1 1 1 Washington _ _ 7 1 6 3 3 2 1 1 2 2 Wisconsin 9 9 2 2 6 6 1 1 District of Columbia 20 20 9 9 11 11 1 See note attached to Table 8. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDEKAL RESERVE BULLETIN 409 EARNINGS AND EXPENSES OF MEMBER BANKS In the last six months of 1925 member banks earnings, including profits from advances in in the Federal reserve system had combined security prices, commissions, etc., increased net earnings of $283,645,000, or nearly $17,000,- by about $30,000,000. 000 more than in the first half of the year. Total expenses were nearly $90,000,000 Net profits, after charging off losses as well as more than for 1924 and net earnings about allowing for expenses, were $211,348,000, an $45,000,000 more. Net profits increased about increase of $3,000,000. The growth reflected $13,000,000 more than net earnings because an increase in gross earnings, which arose from the net amount of losses charged off was less the fact that the banks held a larger volume of than it had been in 1924 by about this amount. loans and investments and obtained on them a This decrease in net losses reflected both a somewhat higher average rate of return. The reduction in the total amount charged off and increase in gross earnings was more than an increase in the amount realized from assets $56,000,000, but was offset in large part by previously charged off. increases of about $40,000,000 in expenses arid The following table shows for the years 1924 about $13,000,000 in the net* amount charged and 1925 the amounts of the various items of off for losses. The costs and earnings of member member bank costs and earnings and also the banks for six-month periods since the* beginning amount of each item per $100 of earning assets. of 1924 are summarized in the following table: A primary purpose of the latter figures, which appear regularly in Federal reserve studies of COSTS AND EAENINGS, ALL MEMBER BANKS, DE- this subject, is to promote separate considera- CEMBER 31, 1923, TO DECEMBER 31, 1925 tion of changes in the volume of earning assets [In thousands of dollars] in comparing the various items. The table shows that in 1925 the banks received interest amounting to $5.40 per $100 of loans and in- 1925 1924 vestments, which approximates the average rate at which funds were loaned or invested/ Last six First six Last six First six months months months months as against $5.48 in 1924. The average rate of (9,482 (9,530 (9,566 (9,650 banks) banks) banks) banks) return in 1925, though somewhat less than that of 1924, yielded $100,000,000 more income Gross earnings 987,170 930,924 912,984 873,487 from interest because it was received on a Expenses.. 703,525 663, 792 657,173 623,351 larger volume of loans and investments. The Net earnings 283, 645 267,132 255,811 250,136 fact that the average rate at which funds were Losses (net)1. __ 72,297 58,996 85, 543 59,061 loaned or invested was slightly lower in 1925 Net addition to profits. 211,348 208,136 170,268 191,075 than in 1924, notwithstanding the fact that the level of quoted short-term interest rates 1 Total losses less recoveries. was, on the average, slightly higher, was due For the entire year 1925 the combined net in part to the influence of generally lower bond profits of member banks were $419,484,000, yields,4 and in part to the fact that time loans or nearly $60,000,000 more than in 1924, and made at the relatively high rates of late 1923 represented a rate of return of 8.93 per cent carried over into early 1924, while such loans on $4,699,751,000 of invested capital.2 This made at the relatively low rates of 1924 carried rate compared with 8.04 3 per cent for 1924, over into early 1925. when net profits amounted to $361,343,000. Gross earnings for the year showed an in- 2 Includes capital, surplus, and undivided profits. Average of amounts given in reports of condition for five call dates during the year. crease of more than $130,000,000 over 1924, 3 The ratios presented in this and in previous analyses of member bank of which about $100,000,000 represented an earnings and expenses are computed on the basis of aggregate data derived from abstracts of member bank reports of condition and of earnincrease in receipts for interest and discount, ings and dividends. the chief source of the banks' income. Other 4 An exact statement of the effect of current changes in yield of bonds on the average rate of return on the security holdings of banks is rendered impossible by the absence of information regarding the time (or price) at which the securities were purchased, and by the apparent lack of Total losses less recoveries on assets previously charged off. i uniformity in accounting treatment of security holdings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

410 FEDERAL RESERVE BULiLETlN JUNE, 1926 ANALYSIS OF MEMBEB BANK COSTS AND EARNINGS, $4,699,751,000, and showed a relative^ small 1925 AND 1924 increase for the year, so that there was, on the average, $637 of member-bank credit in Amount (in thousands Amount per $100 of use per $100 of invested capital in 1925 as of dollars) earning assets against $616 in 1924. As a consequence of the larger volume of earning assets relative to 1925 1924 1925 1924 invested capital aiid the higher margin of profit per $100 of earning assets, the rate of To m ta e l n t l s o 1 a - n __ s __ a _ nd invest- $29,916,525 $27,661,791 return on invested capital increased from 8.04 per cent for 1924 to 8.93 per cent for 1925. In Interest received..-__.___ 1, 615, 595 1, 514,500 $5.40 $5.48 Other income 302,499 271, 971 1.01 .98 the following table are shown, for both years, the volume of earning assets and of invested Gross earnings (total) 1,918,094 1, 786,471 6. 41 6.46 capital, together with the rates of profit per Salaries and wages -.-___. 372,741 355,018 1.25 1.28 unit of earning assets and per unit of invested Interest on borrowed capital: money •- 25,954 24,746 .09 .09 Interest on deposits. 643,158 594,432 2.15 2.15 Taxes... 102,411 97,341 .34 .35 Other expenses 223,053 208,987 .74 .76 PROFITS OF MEMBER BANKS IN RELATION TO EARNING ASSETS AND INVESTED CAPITAL, 1925 AND 1924 Total expenses 1,367,317 1, 280, 524 4.57 4.63 [In thousands of dollars] Net earnings 550, 777 505,947 | 1.84 1.83 L L o o s s s s e e s s o o n n s lo e a c n u s r ities _.. _ . 1 3 28 5 , , 1 7 2 7 7 4 1 3 3 3 3 , , 1 0 9 7 6 9 2 3 . .3 6 9 1 2 3. . 4 68 1 1925 1924 Other losses 29,198 31,068 Total losses.. 193,099 197,343 .65 .71 Capital, surplus, and undivided profits 1 (000 Net losses4 131,293 144, 604 .44 .52 omitted) _ _. __. $4,699,751 $4,491, 663 Net addition to profits... 419,484 361,343 1.40 1.31 Loans i (000 omitted)-- . 21,022,170 19,498,525 Dividends declared 272,686 258,044 Investments l (000 omitted) 8,894,355 Earning assets 1 (000 omitted) _.__ 29,916,525 27,661,791 1 Average of amounts from reports of condition during the year. 2 Amount per $100 of loans. Earning assets per $1 of capital, surplus, and 3 Amount per $100 of security holdings. undivided profits 6.37 6.16 4 Total losses charged off less recoveries on assets previously charged Profit per $100 of earning assets 2 1.40 1.31 off. Profit per $100 of capital, surplus, and undivided profits 3 8.93 8.04 Gross earnings per $100 of earning assets 1 Averages of amounts from reports of condition during the year. were slightly smaller in 1925 than in 1924, the 2 Identical with amount shown under similar caption in preceding decline in interest received per $100 of earning table. 3 Obtained by division of amount of profit by amount of invested assets having been only partially offset by in- capital; equivalent to the product of the two preceding ratios. creases in other forms of earnings including In tables on subsequent pages are shown the commissions and appreciation in security amounts of the principal items of member values. Total expenses per $100 of earning bank costs and earnings by Federal reserve assets declined somewhat, however, and the districts, and also amounts per $100 of earning average rate of net earnings was approxiassets for 1924 and 1925. mately the same for the two years. Losses It has been noted earlier that the amounts charged off on loans were 61 cents per $100 of interest received per $100 of earning assets of loans and losses on securities were 39 cents approximate the average rates at which the per $100 of securities. The net amount of member banks have placed their funds. Varilosses charged off* was somewhat smaller in ations between districts reflect in part geo- 1925 than the year before, so that the margin graphical differences in levels of interest rates of net profits, which this year was $1.40 per and in part variations in the composition of $100 of earning assets, was somewhat larger the banks' earning assets, consisting, as these than last year when the margin was $1.31. do, of loans and investments yielding various During the year the volume of the banks7 rates of return. The average rates of interest loans and investments, at $29,916,525,000,2 was received per $100 of earning assets were lowest about $2,250,000,000 larger than for the year in the New York and Boston districts, at $4.79 before; invested capital, as measured by capital, and $5.02, and highest in the Dallas and Kansurplus, and undivided profits, amounted to sas City districts, at $6.75 and $6.41. Since interest and discount received constitute the 1 Total losses charged off less recoveries on assets previously charged major portion of the banks' earnings, the disoff. 2 Average of amounts given in reports of condition for five call dates tricts in which member banks had relatively during the year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

.JUNE, 1926 FEDERAL RESERVE BULLETIN 411 high or low rates of interest income generally district the rate of return on the banks' inshowed rates of gross earnings correspondingly vested capital. The table presents comparihigh or low. sons between the volume of earning assets The rate of interest received per $100 of and the volume of invested capital, and also earning assets was lower in 1925 than the year between the margin of profit per $100 of earnbefore for all districts except Philadelphia, ing assets and the rate of profit per $100 of where the rate was the same in both years. invested capital. The rate of return on the The effect was to reduce gross earnings in most banks' capital was highest in the New York, districts, despite the offsetting influence of in- Atlanta, and Philadelphia districts, where the creases in other earnings, but gross earnings banks had relatively large margins of profit were higher in the Boston, Atlanta, and St. per $100 of earning assets and, except in the Louis districts. case of Philadelphia, comparatively large Expenses were lower in 1925 than in 1924 amounts of earning assets outstanding per $100 for all districts except the Philadelphia, Rich- of invested capital. As was the case in 1924, mond, and St. Louis districts. Expenses were the rate of return in 1925 was lowest in the lowest in the Philadelphia, New York, and Minneapolis, Kansas City, and Dallas dis- Boston districts, and highest in the Kansas tricts. Comparison of 1924 and 1925 shows City, San Francisco, and Dallas districts, owing a larger volume of earning assets per $100 of chiefly to differences in expenditures for salaries invested capital in 1925 for all districts, and and wages and for miscellaneous expenses, and increased rates of profit on the banks7 invested in some degree to differences in tax payments capital for most districts. These increased in proportion to the volume of earning rates of profit are explained by larger margins ..•assets. . ' . - of profit per unit of earning assets, together Net losses per $100 of earning assets, in 1925 with a larger volume of earning assets per as in 1924, were lowest in the Philadelphia, unit of invested capital. The rate of return New York, and Cleveland districts and highest was lower in 1925 than in 1924 only in the in the Kansas City, and Dallas districts. They Philadelphia, Cleveland, and Richmond diswere smaller in the more recent year in all dis- tricts, and in these districts the decreases were tricts, except Richmond. comparatively small. The most marked in- The margin of profit, after allowing for ex- creases were in the Atlanta, St. Louis, Minnepenses and for amounts charged off for losses, apolis, and Kansas City districts where, was largest in the Philadelphia, Atlanta, and chiefly as a result of lower expenses and net New York districts and smallest in the Minne- losses in relation to the volume of earning apolis and Kansas City districts. The margin assets, the banks had larger margins of profit of profit was larger in 1925 than in 1924 for and where there were also considerable inall except the Philadelphia, Cleveland, and creases in the volume of earning assets per Richmond districts. unit of invested capital. Another table on a subsequent page shows The following tables give the data for 1925 for 1924 and 1925 for each Federal reserve and 1924 in detail, by districts: 98738—26 -4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

412 FEDERAL RESERVE BULLETIN JUNE, 1926 ANALYSIS OF MEMBER BANK COSTS AND EARNINGS, BY DISTRICTS, YEARS ENDING DECEMBER 31, 1925 AND 1924 Boston district New York district Philadelphia district 1925 1924 1925 1924 1925 1924 Amount Amount Amount Amount Amount Amount Amount per $100 Amount per $100 Amount per $100 Amount per $100 Amount per $100 Amount per $100 (000 of earn- (000 of earn- (000 of earn- (000 of earn- (000 of earn- (000 of earnomitted) ing omitted) ing omitted) ing omitted) ing omitted) ing omitted) ing assets assets assets assets assets assets Interest received.. _„_$114,044 $5. 02 $106,995 $5.11 $429,767 $4.79 $394,271 $4.82 $121,363 $5.37 $110,687 $5.37 Other income—- 21,456 .95 17,432 .83 109,764 1.22 38,750 1. 21 19,676 .87 18,688 .90 Gross earnings 135,500 5.97 124,427 5.94 539,531 6.02 493,021 6.03 141,039 6.24 129,375 6.27 Salaries and wages 23,402 1.03 22,406 1.07 96,436 1.08 90, 592 1.11 24,222 1.07 22,305 1.08 Interest on borrowed money 1,689 .07 1,135 .05 6,016 .07 3,165 .04 2,068 .09 1,650 .08 Interest on deposits 51, 260 2.26 47,405 2.26 177, 340 1.98 165, 707 2.02 44, 995 1.99 40,122 1.95 Taxes. _ -. 5,805 .26 5,720 .27 24,049 .27 21,155 .26 6,964 .31 6,193 .30 Other expenses _ 14, 251 .63 13,687 .65 60,055 .67 53, 778 .66 14, 014 .62 13,062 .63 Total expenses 96,407 4.25 90,353 4.31 363,896 4.06 334,397 4.09 92, 263 4.08 83, 332 4.04 Net earnings. _ _ 39,093 1.72 34, 074 1.63 175,635 1.96 158, 624 1.94 48, 776 2.16 46,043 2. 23 Losses on loans... _ 9,523 • 1.58 9,910 1.66 32,553 1.53 27,424 1.50 3,407 1.24 3, 888 1.31 Losses on securities 5,205 2.82 2,815 2.47 12,647 2.44 11,010 2.41 3,087 2.36 2,378 2.29 Other losses.- _ 2,023 1,861 6,019 6,199 1,491 1,518 Total losses _ 16, 751 .74 14,586 .70 51,219 .57 44,633 .55 7,985 .35 7,784 .38 Net losses 3___. 12, 349 .54 11,589 .55 29, 666 .33 29,244 .36 4,119 .18 4,074 .20 Net addition to profits _ -.. - 26,744 1.18 22,485 1.07 145,969 1.63 129,380 1.58 44,657 1.97 41,969 2.03 Dividends declared- _ 17,889 16,823 87, 301 79,124 23, 748 21,505 Cleveland district Richmond district Atlanta district Interest received $170, 519 $5.63 $163,079 $5.72 $73,134 $5.79 $70,619 $5.82 $69,470 $6.21 $61,055 $6.29 Other income.___,._ ._-_ 30, 863 1.02 30,491 1.07 8,312 .66 8,171 .67 14,217 1.27 10,158 1.05 Gross earnings 201,382 6.65 193, 570 6.79 81,446 6.45 78, 790 6.49 83,687 7.47 71,213 7.34 Salaries and wages 36, 531 1.21 34, 800 1.22 15,928 1.26 15,329 1.26 16,083 1.44 14,804 1.52 Interest on borrowed money 2,497 .08 1,941 .07 3,035 .24 3,131 .26 1,680 .15 2,479 .26 Interest on deposits 74, 711 2.47 70,062 2.46 25, 753 2.04 23, 726 1.95 23,493 2.10 19, 596 2.02 Taxes- _ _ 10,965 .36 10,658 .37 5,449 .43 5,377 .44 5,476 .49 5, 556 .57 Other expenses 21, 545 .71 20, 670 .72 8,906 .71 9,149 .75 10,837 .97 9,207 .95 Total expenses 146,249 4.83 138,131 4.85 59,071 4. 68 56, 712 4.67 57, 569 5.14 51,642 5.32 Net earnings.. _ 55,133 1.82V 55,439 1.94 22,375 1.77 22,078 1.82 26,118 2.33 19, 571 2.02 Losses on loans - 7,272 1.36 6,546 1.35 6,133 1.62 5,080 1.53 6,689 1.74 7,077 1.90 Losses on securities ____ 4,267 2.42 4,201 2.43 598 2.23 1,075 2.42 724 2.34 740 2.41 Other losses ___; 2,904 2, 744 1,300 1,096 2,159 1,530 Total losses ..._>_. 14,443 .48 13,491 .47 8,031 .64 7,251 .60 9,572 .85 9,347 .96 Net losses 3_ 10,605 .35 10,526 .37 6,386 .51 5,574 .46 7,678 .69 7,566 .78 Net addition to profits—____; 44, 528 1.47 44,913 1.57 15,989 1.27 16, 504 1.36 18,440 1.65 12,005 1,24 Dividends declared._____ 26, 875 27,368 13,058 12, 737 11, 561 11,958 1 Amount per $100 of loans. 2 Amount per $100 of security holdings. 3 Total losses charged off less recoveries on assets previously charged off. NOTE—Statement of amounts per $100 of earning assets in even dollars and cents results in some instances in slight discrepancies between component figures and the related totals Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 413 ANALYSIS OF MEMBER BANK COSTS AND EARNINGS, BY DISTRICTS, YEARS ENDING DECEMBER 31, 1925 AND 1924— Continued Chicago district St. Louis district Minneapolis district 1925 1924 1925 1924 1925 1924 Amount Amount Amount Amount Amount Amount Amount per $100 Amount per $100Amount per $100 Amount per $100 Amount per $100Amount per $100 (000 of earn- (000 of earn- (000 of earn- (000 of earn- (000 of earn- (000 of earnomitted) ing omitted) ing omitted) ing omitted) ing omitted) ing omitted) ing assets assets assets assets assets assets Interest received. __ $234,367 $5.37 $220,864 $5,44 $71,591 $5.68 $68,541 $5.77 $51,098 $5.69 $51,816 $6.00 Other income 40,551 .93 35,094 .86 11,823 .94 9,332 .78 6,183 .69 5,845 .68 Gross earnings._. 274,918 6.30 255,958 6.30 83,414 6.62 77,873 6.55 57,281 6.38 57,661 6.68 Salaries and wages._ __ 55,048 1.26 51,839 1.28 16,903 1.34 16,240 1.37 12,631 1.41 12,923 1.50 Interest on borrowed money 2,628 .06 2,895 .07 2,026 .16 2,290 .19 500 .06 1,030 .12 Interest on deposits __ 95,057 2.18 87, 931 2.16 25,742f 2.04 23,779 100 22,410 2.49 22,750 2.63 Taxes. __._ 17,119 .39 16,546 .41 5,019 .40 4,847 .41 3,440 .38 3,651 .42 "Other expenses 33,417 .77 30,904 .76 10,226 .81 9,350 .78 6,827 .76 7,173 .83 Total expenses.. 203,269 4.66 190,115 4.68 59,916 4.75 56,506 4.75 45,808 5.10 47,527 5.50 Net earnings... ______ 71, 649 1.64 65,843 1.62 23,498 1.86 21,367 1.80 11,473 1.28 10,134 1.18 Losses on loans. 17,148 i .54 20,200 i .68 7,198 i .79 9,874 11.14 7 158 il 18 7 893 11 25 Losses on securities . 2,867 2 .24 4,284 2.39 733 2.21 1,524 2.47 648- 2.22 604 2.26 Other losses 3,234 3,177 1,331 3,979 948 692 Total losses... 23,249 .53 27,661 .68 9,262 .73 15,377 1.29 8,754 .97 9,189 1.06 Net losses 3._. . 15,617 .36 21,103 .52 6,597 , .52 10,595 .89 6,523 .73 7,364 .85 Net addition to profits 56,032 1.28 44, 740 1.10 16,901 1.34 10,772 .91 4,950 .55 2,770 .32 Dividends declared _ 34,409 33,297 11,674 13,347 5,301 5,368 Kansas City district Dallas district San Francisco district Interest received—. _ $71,520 $6.41 $70,095 $6.57 $54,815 $6.76 $52,899 $6.82 $153,907 $6.01 $143,579 $6.14 Other income _ _ 9,734 .87 10,703 1.00 6,467 .80 6,173 .79 23,453 .92 21,134 .91 Gross earnings 81,254 7.28 80,798 7.57 61,282 7.56 59,072 7.61 177,360 6.93 164,713 7.05 Salaries and wages 19,130 1.71 19,171 1.80 14,803 1.83 14,465 1.86 41,624 1.63 40,144 1.71 Interest on borrowed money 790 .07 1,333 .12 990 .12 1,385 .18 2,035 .08 2,312 .10 Interest on deposits 25,173 2.25 24,523 2.29 14,155 1.75 13,656 1.76 63,069 2.46 55,175 2.36 Taxes 5,231 .47 5,126 .48 4,473 .55 4,473 .57 8,421 .33 8,039 .34 Other expenses „__ 11,941 1.07 11,705 1.10 8,325 1.03 8,520 1.10 22,709 .89 21,782 .93 Total expenses 62,265 5.58 61,858 5.79 42,746 5.27 42,499 5.47 ^137,858 5.39 127,452 5.45 Net earnings._ _. 18,989 1.70 18,940 1.78 18, 536 2.29 16,573 2.14 39,502 1.54 37,261 1.60 Losses on loans 11,989 1 1.48 14,997 11 84 8 320 11 27 9 031 11 43 11 384 1 61 11 159 1 65 Losses on securities 1,263 2.41 1,001 2.39 318 2.20 351 2.24 2,770 2.39 3,213 2.53 Other losses.- _ 2,031 2,612 2,092 2,035 3,666 3,625 Total losses... 15,283 1.37 18,610 1.74 10,730 1.32 11,417 1.47 17,820 .70 17,997 .77 Net losses 3 11,388 1.02 14,719 1.38 8,092 1.00 . 8, 751 1.13 12,273 .48 13,499 .58 Net addition to profits ... 7,601 .68 4,221 .40 10,444 1.29 7,822 1.01 27,229 , 1.06. 23,762 1.02 Dividends declared 8,254 8,532 10,434 8,289 22,182 19,696 * Amount per $100 of loans. 2 Amount per $100 of security holdings. 3 Total losses charged off less recoveries on assets previously charged off. NOTE—Statement of amounts per $100 of earning assets in even dollars and cents results in some instances in slight discrepancies between component figures and the related totals Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

414 FEDERAL RESERVE BULLETIN JUNE, 1926 PROFITS OF MEMBER BANKS IN RELATION TO EARNING ASSETS AND INVESTED CAPITAL, YEARS ENDING* DECEMBER 31, 1925, AND 1924 Boston district New York district Phi d l i a s d tr e i l c p t hia C d le is v t e r l i a c n t d R d ic i h st m ri o c n t d Atlanta district 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 Capital, surplus, and undividedprofi; s i (000 omitted) $360,013 $340,885 $1,342,693 $1,243,295 $459,888 $424,236 $526,349 $234,200 $179,127 $173,733 Loans i (000 omitted) 1,631,8081,491,579 6,094,355 5,496,0171., 392, 510 1,245,861 2,006,25.8,1 ,877,379996,727 956,311 903,927 789,102 Investments* (000 omitted) — """ 604,2962,871,371 2,678,294 "-^801 815,,99228811; 020)279 973,587 265,536 258,141 215, 642 180, 822 Earning assetsi (000 omitted) 2,270,344 2,095,875 8,965,726 8,174,311 2,261,311 2,061,789 3,026,537 2,850,966 1,262,263 1,214,4521,119,569 Earning assets per $1 of capital, surplus, and undivided profits.— 6.31 6.15 6.68 6.57 4.92 4.86 5.75 5. 63 5.39 5.30 6.25 5.58 Profit per $100 of earning assets _ 1.18 1.07 1.63 1.97 2.03 1.47 1.57 1.27 1.36 1.65 1.24 Profit per $100 of capital, surplus, and undivided profits2 7.43 6.60 10.87 10.41 9.71 9.89 8.46 8.87 6.83 7.21 10.29 6.9J Chicago district St. Louis district Mi d n i n s e tr a i p c o t lis Ka d n i s s a t s r ic C t ity Dallas district San d F is r t a r n ic c t isco 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 1925 1924 Capita,!, surplus, and undivided profits i (000 omitted) .... $633,721 $199,927 $196,661 $122,115 $126,468 $159,043 $163,260 $159,260 $156,607 $323,415 $312, 225 Loans * (000 omitted)._ 3,169,291 2,973,832 907,195 862,620 604, 988 633,201 807,924 813,512 653, 284 629,3981L, 853, 903 L1,, 729, 713 Investments i (000 omitted)... 1,195,9631,088,369 353,130 325,981 293,253 230,273 308,701 254,047 157,120 146,501 706,023 607,027 Earning assets1 (000 omitted) ___._._.4,365,254 4,062,201 1,260,325 1,188,601 863,4741,116, 625 1,067,559 810,404 775,899 2,559,926 2,336,740 Earning assets per $1 of capital, surplus, and undivided profits.. 6.89 6.56 6.30 6.04 7. 7.02 6.54 5.09 4.95 7.92 7.48 Profit per $100 of earning 1. 1.10 1.34 .91 .55 .32 .40 1.29 1.01 1.06 1.02 Profit per $100 of capital, surplus, and undivided profits2 8.84 7.23 8.45 5.48 4.05 2.19 4.78 2.59 6.56 4.99 8.42 7. 61 * Averages of amounts from reports of condition during the year 2 Obtained by dividing net profits by average amount of invested capital; equivalent to the product of the two preceding ratios. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL EESEKVE BULLETIN 415 LAW DEPARTMENT Authority of Congress for erection of Detroit branch Limitation upon use or words "Federal," "United bank building. States," or "reserve." The following is a copy of a joint resolution The following act of Congress, which was of Congress approved April 14, 1926, author- approved May 24, 1926, is designed to prohibit izing the Federal Reserve Bank of Chicago to the offering for sale as Federal farm loan bonds erect a building for its Detroit branch costing any securities not issued under the terms of not more than $600,000, exclusive of the cost the Federal farm loan act, to limit the use of of vaults, permanent equipment, furnishings, the words "Federal," "United States," or and fixtures: "reserve," and to ^prohibit false advertising. Attention is called to the fact that this act [PUBLIC RESOLUTION—No. 15—69TH CONGRESS] makes unlawful, with certain specified excep- [S. J. Res. 61] tions, the use of the word "Federal," the words "United States," or the word "reserve," or a Joint Resolution Authorizing the Federal Reserve Bank of Chicago to enter into contracts for the erection of a building for its branch estab- combination of such words as a portion of the lishment in the city of Detroit, Michigan. corporate title or trade name of any person, Resolved by the Senate and House of Representatives firm, or corporation engaged in the banking, of the United States of America in Congress assembled, loan, building and loan, brokerage, factorage, That the Federal Reserve Bank of Chicago be, and it insurance, indemnity, or trust business, and is hereby, authorized to enter into contracts for the erection of a building for its Detroit branch on the site also makes unlawful any advertisement or repnow owned, provided the total amount expended in resentation by a nonmember bank that it is a the erection of said building, exclusive of the cost of member of the Federal reserve system. the vaults, permanent equipment, furnishings, and fixtures, shall not exceed the sum of $600,000: Provided, however, That the character and type of building to be [PUBLIC NO. 279—69TH CONGRESS] erected, the amount actually to be expended in the construction of said building, and the amount actually [S. 2606] to be expended for the vaults, permanent equipment, furnishings, and fixtures for said building shall be sub- AN ACT To prohibit offering for sale as Federal farm loan bonds any securities not issued under the terms of the Farm Loan Act, to limit ject to the approval of the Federal Reserve Board. the use of the words "Federal," "United States," or "reserve," or a combination of such words, to prohibit false advertising, and for other Approved, April 14, 1926. purposes. Be it enacted by the Senate and House of Representa- Authority of Congress for erection of Baltimore branch tives of the United States of America in Congress assembank building. bled, That no bank, banking association, trust company, corporation, association, firm, partnership, or The following is a copy of a joint resolution person not organized under the provisions of the act of of Congress approved April 17, 1926, author- July 17, 1916, known as the Federal Farm Loan Act, izing the Federal Reserve Bank of Richmond as amended, shall advertise or represent that it makes Federal farm loans or advertise or offer for sale as to erect a building for its Baltimore branch Federal farm loan bonds any bond not issued under the costing not more than $1,025,000: provisions of the Federal Farm Loan Act, or make use of the word "Federal" or the words "United States" [PUBLIC RESOLUTION—No. 16—69TH CONGRESS] or any other word or words implying Government ownership, obligation, or supervision in advertising or [H. J. Res. 1911 offering for sale any bond, note, mortgage, or other security not issued by the Government of the United Joint Resolution Authorizing the Federal Reserve Bank of Richmond to contract for and erect in the city of Baltimore, Maryland, a building States or under the provisions of the said Federal Farm for its Baltimore branch. Loan Act or some other act of Congress. SEC. 2. That no bank, banking association, trust Resolved by the Senate and House of Representatives company, corporation, association, firm, partnership, of the United States of America in Congress assembled, or person engaged in the banking, loan, building and That the Federal Reserve Bank of Richmond be, and loan, brokerage, factorage, insurance, indemnity, or it is hereby, authorized to contract for and erect in the trust business shall use the word "Federal," the words city of Baltimore a building for its Baltimore branch, "United States," or the word "reserve," or any comprovided the total amount expended in the erection of bination of such words, as a portion of its corporate, said building shall not exceed the sum of $1,025,000: firm, or trade name or title or of the name under which Provided, however,That the character and type of buildit does business: Provided, however, That the provisions ing to be erected, the amount actually to be expended of this section shall not apply to the Federal Reserve in the construction of said building, and the amount Board, the Federal Farm Loan Board, the Federal actually to be expended for the vaults, permanent Trade Commission, or any other department, bureau, equipment, furnishings, and fixtures for said building or independent establishment of the Government of shall be subject to the approval of the Federal Reserve the United States, nor to any Federal reserve bank, Board. Federal land bank, or Federal reserve agent, nor to Approved, April 17, 1926. the Federal Advisory Council, nor to any corporation Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

416 FEDEKAL RESERVE BULLETIN JUNE, 1926 organized under the laws of the United States, nor with the previous consent and approval of the superto any bank, banking association, trust company, intendent of banks and subject to the provisions of corporation, association, firm, partnership, or person section nineteen of this act, change any segregation and actually engaged in business under such name or title apportionment of capital and surplus previously made prior to the passage of this act. and make a new segregation and apportionment of its SEC. 3. That no bank, banking association, or trust capital and surplus." company which is not a member of the Federal reserve Segregation of reserves.—"Every bank shall mainsystem shall advertise or represent in any way that it is tain for each department total reserves equal in amount a member of such system or publish or display any to that required by this act for the respective business sign, symbol, or advertisement reasonably calculated conducted, and shall keep separate and distinct the to convey the impression that it is a member of such total reserves of any department from that of any other system. department; and all deposits made with other banks, SEC. 4. That any bank, banking association, trust whether temporary or otherwise, shall be assets of the company, corporation, association, firm, or partnership respective departments by which they were made, and Violating any of the provisions oLthis act shall be guilty shall be so carried on the books of such other banks, and of a misdemeanor and shall be subject to a fine of not shall be repaid only upon the order of the department exceeding $1,000. Any person violating any of the to whose credit they stand. No department shall provisions of this act, or any officer of any bank, receive deposits from any other department of the same banking association, trust company, corporation, or corporation; except that a trust department, in proper' association, or member of any firm or partnership vio- cases, may make deposits of trust or any other funds, lating any of the provisions of this act who participates under its control with the savings department or the in, or knowingly acquiesces in, such violations shall be commercial department of the same corporation; guilty of a misdemeanor and shall be subject to a fine provided, however, That any bank having departments of not exceeding $1,000 or imprisonment not exceeding shall have the right to sell and transfer any bonds, seone year, or both. Any such illegal use of such word curities or loans from one department to another upon or words, or any combination of such words, or any receipt of the actual value thereof, if such bonds, securother violation of any of the provisions of this act, ities or loans are, under the provisions of this act, a knay be enjoined by the United States district court legal investment for the department purchasing the Ihaving jurisdiction, at the instance of any United same." ^States district attorney, any Federal la,nd bank, joint- Segregation of assets.—" JEvery bank having different •stock land bank, Federal reserve bank, or the Federal departments shall keep separate books of account for Farm Loan Board or the Federal Reserve Board. each department of its business, and shall be governed SEC. 5. That if any clause, sentence, paragraph, or as to all deposits, reserves, investments, and transacpart of this act shall for a,ny reason be adjudged by any tions relating to each department by the provisions oourt of competent jurisdiction to be invalid, such in this act specifically provided for the respective kind judgment shall not affect, impair, or invalidate the of business. remainder of this act, but shall be confined in its opera- " It shall keep all investments relating to the savings tion to the clause, sentence, paragraph or part thereof department entirely separate and apart from the directly involved in the controversy in which such investments of its other department or departments. judgment shall have been rendered. * * * #. . * . * * Approved May 24, 1926. "Every bank shall keep entirely separate and apart in each department the cash, securities, and property belonging to such department, and shall not mingle the cash, securities and property of one department with STATE LAWS RELATING TO SEGREGATION OF that of another. ASSETS OF SAVINGS DEPARTMENTS "All money and assets belonging to each department, whether on hand or with other banks, and the invest- The following compilation, which was pre- ments made, shall be held solely for the repayment of pared in the office of counsel to the Federal the depositors and other claimants of each such depart- Reserve Board with the assistance of counsel ment, as herein provided, until all depositors and other claimants of each such department shall have been to the several Federal reserve banks, is intended paid, and the overplus then remaining shall be applied to show briefly the laws of each State with to any other liabilities of such bank." (Banking Laws regard to the segregation of the assets of sav- of 1925, sections 23, 25, 26, and 27; Henning's General Laws, 1920, act 409, sections 23, 25, 26 and 27.) ings departments of banks and trust companies: COLORADO CALIFORNIA The Colorado law formerly provided that any person, The laws of California authorize banks to carry on a copartnership, or corporation conducting a savings departmental business, transacting the business of department in connection with banking or other busisavings banks, trust companies and commercial banks. ness shall keep the books, funds, securities, and all Segregation of capital.—"When a bank desires to other assets of such savings department separate and do a departmental business, it shall first obtain the apart, and such assets shall constitute a trust fund for consent of the superintendent of banks, and in its the payment of savings depositors. No department application therefor, file a statement making a segrega- of any bank shall receive deposits from another departtion of its capital and surplus for each department. ment or borrow from or loan to the same. (Banking Such capital and surplus, when so apportioned and Laws of 1923, sec. 46; Comp. Laws of 1921, sec. 2701.) approved by the superintendent of banks, shall be con- This act, however, was repealed by act of March 21, sidered and treated as the separate capital and surplus 1923; and there is now no law in Colorado requiring of such department as if each department was a sepa- the segregation of savings deposits. (Session Laws of rate bank. Thereafter a bank may, from time to time, Colorado, 1923, p. 187.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 417 CONNECTICUT MASSACHUSETTS Segregation of assets.-—The laws of Connecticut Segregation of savings deposits of foreign banks.— require all banks and trust companies receiving savings " Every foreign banking association or corporation deposits to invest such deposits according to the require- which was on June 10, 1906, transacting business in ments of the laws concerning investments of deposits this Commonwealth and which receives any deposits in savings banks. Said investments shall be segregated or transacts any business in the manner of a savings and not mingled with other assets of such bank or trust bank, or in such a manner as might lead the public to company and shall be for the exclusive protection of believe that its business is that of a savings bank, depositors in the savings department and shall not be shall have a savings department in which all business held for or used to pay any other obligation of the bank transacted in such manner in this Commonwealth or trust company until after the payment of all depos- shall be done. All money received in said manner itors in the savings department. (Banking Laws of shall be a special deposit and shall be placed in said 1923, sec. 3928; General Statutes, 1918, chap. 202, savings department, and all loans or investments sec. 3928.) thereof shall be made in accordance with the laws governing the investment of deposits in savings banks. GEORGIA "Such funds and the investments or loans thereof Separate records.—The laws of Georgia require shall be appropriated solely to the security and payment banks doing both a commercial and savings business of such deposits, and shall not be mingled with the to keep separate records of its savings deposits; but investments of the capital stock or other money or do not expressly require the segregation of. assets nor property belonging to such association or corporation give the savings depositors a prior lien on the assets or be liable for the debts or obligations thereof.-..• The of the savings department. (Banking Laws of 1923, accounts and transactions of said savings departments p 85; Park's Annotated Code of Georgia, 1922 Supp., shall be kept separate and distinct from the general vo r l. 8, sec. 2280 (u. u.).) business of the association or corporation." Segregation of deposits in savings departments.— "Every such corporation [trust company] soliciting or KENTUCKY receiving deposits (a) which may be withdrawn only on presentation of the pass book or other similar form Separate records.—The laws of Kentucky require of receipt which permits successive deposits or withany bank combining the business of a commercial and drawals to be entered thereon; or (b) which at the savings bank to keep separate books for each kind of option of such corporation may be withdrawn only business; but do not expressly require the segregation at the expiration of a stated period after notice of of assets nor give the sayings depositors a prior lien intention to withdraw has been given; or (c) in any on the assets of the savings department. (Banking other way which might lead the public to believe that Laws of 1924, p. 22; Ky. Code 1922, sec. 590.) such deposits are received or invested under the same conditions or in the same manner as deposits in savings MAINE banks; shall have a savings department in which ,all business relating to such deposits shall be transacted. Segregation of assets.—Every trust company re- Every such corporation subject to this section shall ceiving savings deposits or using the term "savings" have an investment committee of not less than three in connection with its business shall segregate and at members, elected by and from the board of directors, all times keep on hand so segregated assets at least and such committee shall hold meetings at least once equal to the aggregate amount of its savings deposits, in each month. and in the case of a trust company which also acts as surety upon bonds or other obligations the amount of * * *' * * * * its assets so segregated shall be at least 15 per cent in "Such deposits and the investments or loans thereof excess of the aggregate amount of its savings deposits. shall be appropriated solely to the security and pay- The bank commissioner may require all such assets as ment of such deposits, shall not be mingled with the appear to be carried in excess of their true value to be investments of the capital stock or other money or charged down to the true value. property belonging to or controlled by such corporation, Assets segregated and held for security of savings or be liable for the debts or obligations thereof until deposits*—Assets so segregated; shall be held in trust after the deposits in said savings department have been for the security and payment of savings deposits and paid in full. The accounts and transactions of said shall not be mingled with other assets of the trust savings department shall be kept separate and distinct company, or be liable for the obligations thereof until from the general business of the corporation." (Bankafter the savings depositors shall have been paid in full. ing Law 1923, pp. 13 and 29. General Laws of Massa- All other assets of the company shall be held equally chusetts, 1921, ch. 167, sees. 41, 42, and ch. 172, sees. and rat ably for the payment of all claims Including 60 and .62.) any balance to savings depositors after applying to MICHIGAN their payment the assets segregated. Segregation of savings deposits.—"Any bank com- How segregated assets shall be held and segre- bining the business of a commercial bank and a savings gated.—Assets segregated for the benefit of the sav- bank shall keep separate books of account for each ings department shall be so held and recorded as to kind of business: provided, that all receipts, investidentify them as the assets held for the security of such ments and transactions relating to each of said classes deposits. All securities representing such assets shall of business shall be governed by the provisions and be plainly stamped "savings department," provided, restrictions herein specifically provided for the respechowever, that in lieu thereof it shall be lawful to record tive kinds of banks: provided, further, that all the inin the investment book a description of assets so held vestments relating to the savings department shall be sufficient to identify them. (Banking Laws of 1923, kept entirely separate and apart from the other busipp. 55 and 56; Public Laws of Maine 1923, chap. 144, ness of the bank, and that the 12 per cent reserve resees. 89, 90, and 91.) quired by the provisions of this act to be kept on the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

418 FEDERAL RESERVE BULLETIN JUNE, 1926 savings deposits, shall be kept separate and distinct on the books of the bank from the reserve required on the Separate books of account.-—The laws of Ohio commercial deposits, and that such portion of said authorize banks to operate commercial, trust and savings deposits as are on hand unloaned or deposited savings departments and require a bank'operating such with other banks or reserve agents and the investdepartments to keep separate books of account for each ments made with the funds deposited by savings dedepartment; but there is no provision expressly giving positors shall be held solely for the payment of the dethe savings depositors a prior lien on the assets of the positors of said funds." savings department. (Banking Laws 1925, p. 49;; Penalty for failure to segregate savings deposits.— acts of 1919, vol. 108, p. 110, sec. 116.) "Any bank combining the business of a commercial bank and a savings bank which shall not keep separate OKLAHOMA accounts as required by the preceding section or shall Segregation of capital for commercial and savings not keep the investments of the savings department departments.—"All trust companies incorporated unseparate or shall not in every respect comply with the der the laws of this State are hereby authorized to requirements of such section, shall be liable to the establish a commercial banking and savings depart- State in the penalty of fifty dollars for each and every ment, in which they shall be permitted to receive failure, neglect, or refusal to comply with the provi- money on deposit, with or without interest, including sions of said section, to be recovered in a suit to be savings accounts, trust funds and sinking funds; probrought by the attorney general in the name of the vided, that before a trust company is authorized to people of the State of Michigan in the circuit court accept deposits, as above provided, the board of of any county in which such bank may be situated." directors of such trust company shall, by resolution, (Banking Laws of 1925, pp. 31 and 32. Compiled as a primary protection to the depositors in said com- Laws of Michigan, Ann. Supp. 1922, sec. 7998 and mercial banking and savings department, set aside a Compiled Laws of Michigan, 1915, sec. 7999.) portion of the capital stock of said trust company, the amount of which in no case shall be less than the MINNESOTA amount of capital stock required to organize a State Lien on investments.—A State bank or trust com- bank in the city or town in which said trust company pany incorporated and authorized to do business under is located. A certified copy of said resolution shall be the laws of Minnesota may establish and maintain a filed with the State bank commissioner and a certificate savings department and may solicit and receive de- of the board of directors of said trust company shall be posits in such department. Savings deposits received filed with said bank commissioner, certifying that the by such bank or trust company using the word ' sav- amount of capital stock necessary to create a comings' or 'savings bank' in its title shall be invested mercial banking and savings department has been set only in authorized securities as defined by the law of aside, according to the laws of the State of Oklahoma, Minnesota and such bank or trust company shall keep and thereupon the State banking board may, in its on hand at all times such securities as deposits in sav- discretion, cause to be issued a certificate to said trust ings banks may be invested in to an amount at least company, authorizing it to establish a commercial equal to the amount of such deposits and these securi- banking and savings department in said trust comties shall be representative of and the fund for, appli- pany/' cable first and exclusively to the payment of such Segregation of resources of commercial and savings deposits. (Banking Law of 1925, pp. 13 and 37. departments.—"The capital stock set aside for the com- General Statutes of Minn. 1923, sees. 7651 and 7667.) mercial banking and savings department and all deposits and all investments and loans and securities NEW HAMPSHIRE held in the commercial banking and savings department shall be appropriated solely to the security and Separate departments.—"Every such corporation payment of the deposits in the commercial banking [bank or trust company] receiving savings deposits or and savings department, and shall not be mingled with transacting the business of a savings bank, shall conthe investment of the remaining capital stock or other duct the business as a separate department, which money or property belonging to or controlled by such shall be amenable to the laws governing savings banks." trust company, or be liable for the debts or obligations (Banking Laws of 1925, p. 30; Public Laws of New thereof until after the deposits in said commercial Hampshire 1926, ch. 264, sec. 9.) banking and savings department have been paid in full. The accounts and transactions of said commercial NEW MEXICO banking and savings department shall be kept separate Separate accounts.—Banks are authorized to operate and distinct from the general business of the corporacommercial departments and savings departments and tion. also trust departments; and every bank having different "The capital stock of said trust company appropriated departments is required to keep separate accounts for to the commercial banking and savings department, each department of its business; but there is no provi- together '.faith- the stockholders' liability thereunder, sion expressly giving the savings depositors a prior lien shall be held as security for the payment of all deon the assets of the savings department. (Banking posits made in the commercial banking and savings Laws of 1923, p. 20; laws of 1915, ch. 67, sec. 53.) department, and, in addition thereto, the persons making such deposits, or entitled to said deposits, shall have NEW YORK an equal claim with the other creditors of such trust company upon the remaining capital and other property The laws of New York give a preference to deposits of the corporation, together with the stockholders' in banks and trust companies made by savings banks, liability thereunder." (Session Laws, 1925, pp. 86savings and loan associations, State land banks, and 87.) credit unions. Banks and trust companies, however, are not authorized to receive savings deposits as such. OREGON (Birdseye, Cummings and Gilbert's Cons. Law, 2d Segregation of capital.—"When a bank or trust ed. vol. 1, p. 711, sec. 278, p. 783, sec. 414, p. 791, sec. company desires to do a departmental business it 437, vol. 12, p. 74, sec. 279 and p. 82, sec. 456.) shall first obtain the consent of the superintendent of. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 419 banks, and in its application therefor shall file a state- keep an accurate account wherein shall appear a comment making a segregation of its capital and surplus plete list of the assets set apart for the exclusive profor the commercial and savings departments. Such tection of savings deposits held by it, showing,the par capital and surplus, when so apportioned and approved value, book value, and as often as a report is made by the superintendent of banks, shall be considered to the bank commission shall enter into such account and treated as the separate capital and surplus of such the fair market value of each of the investments of said department as if each department was a separate assets. (Banking Laws of 1925, p. 43; General Laws bank. Thereafter a bank or trust company may, from of 1923, ch. 272, sec. 4000 (clause XVI) sec. 1 (a) (e) time to time, with the previous consent and approval and (f).) of the superintendent of banks and subject to the pro- TEXAS visions of section 40 of this act, change any segregation and apportionment of capital and surplus previously Segregation of savings deposits.—All State banks made and make a new segregation and apportionment or banking and trust companies establishing or mainof its capital and surplus." taining a savings department or using the words 'savings' as part of its corporate title shall keep the Separate books to be kept.—" Any State bank or business of such department entirely separate and trust company combining any of the business of a comdistinct from the general business of such bank or mercial bank, trust company and savings bank shall banking and trust company and shall keep all moneys keep separate books or accounts for each department received as savings deposits and securities in which the of its business and shall be governed as to all deposits, same may be invested at all times segregated from and reserves, 'investments and transactions relating to each department by the provisions of this apt specifi- unmingled with the other accounts and funds of the cally provided for the respective kind of business, and bank or banking and trust company. shall keep all moneys received as such savings deposits Lien on assets of savings department.—In the case and the funds and securities in which the same are of the insolvency or liquidation of any State bank or invested at all times segregated from and unmingled banking and trust company which shall establish or with the other moneys and funds of such bank or maintain a savings department its savings depositors trust company and treated as if such department were a shall have an exclusive prior lien upon all the assets of separate bank, and all bonds, warrants, notes, mort- such savings department and shall be first paid and the gages, deeds and other securities of every nature of remainder of such assets, after they have been paid in such savings department shall be marked, stamped or full, shall be applied to the payment of claims of labeled ' savings department' or some similar words, general creditors. (Banking Laws of 1923, pp. 21 and the same shall be held solely for the repayment of and 23; Texas Revised Statutes, 1925, arts. 430 and the depositors of such department. * * *.-" 433.) Savings deposits given prior lien on savings assets.— WASHINGTON In the event of the insolvency or liquidation of a Separate books of account.—Any bank or trust bank or trust company maintaining a savings depart- company combining the business of a commercial ment, the depositors of the savings department of such banking and a savings bank shall keep with the separate bank or trust company shall have a first and exclusive departments separate books of account for eacn kind lien on all assets of such savings department and in the of business. There is no provision, however, giving distribution of such assets the same shall be first the savings depositors a prior lien on the assets of the applied to satisfy the amount due such depositors after savings department. (Banking Laws of 1921, p. 35. the payment of expenses of liquidation of the savings Remington's Compiled Statutes of Washington, 1922, department of such bank or trust company, and the sec. 3246.) assets of such savings department shall be held and WISCONSIN liquidated for the exclusive benefit of. such depositors and the assets of such savings department shall not be Segregation of time deposits.—Trust company applied for the benefit of depositors or creditors of any banks are authorized to receive time deposits and issue other department of such bank or trust company; their notes, certificates, debentures and other obligaprovided, that after the depositors of such savings tions therefor, payable at a future date only, not earlier department shall have been paid in full and the re- than 30 days from date of such deposits and such demaining assets of such department may be used for posits shall at all times be held or invested separately the payment of depositors of the commercial depart- from other funds or property held by the corporation ment of such bank or trust company. (Banking and in case of insolvency or liquidation all such funds Laws of 1925, pp. 16, 51, and 57; Laws of Oregon, 1925,and investments shall be primarily liable and used for ch. 207, sees. 44, 133 and 143.) the payment of such deposits. (Banking Laws of Wisconsin, 1925. p. 57; Wisconsin Statutes, 1919, sees. 2024-77 (k).) KHODE ISLAND WYOMING Segregation of savings deposits.—Every bank or Segregation of deposits.—Any bank or trust comtrust company which receives savings deposits shall pany organized under the laws of Wyoming may invest all deposits so received according to the require- operate a savings department; provided, that such ments of the chapter of the laws of Rhode Island bank dr trust company which maintains a savings pertaining to investments by savings banks and such department shall keep separate books of accounts for deposits invested or uninvested shall be set apart for each kind of its business; and provided further, that the exclusive protection of the savings depositors and all investments relating to the savings department shall shall not be held for or be used to pay any other obliga- be kept entirely separate and apart,from the other tion of the bank or trust company until after the pay- business of the bank and that such portion of said ment of all savings deposits. Uninvested funds of the savings deposits as are on hand unloaned or deposited savings department of such bank or trust company with other banks and the investments made with the shall be kept in a separate distinct deposit account in funds deposited by savings depositors shall be held such manner that the same can be readily identified as solely by such bank or trust company for the payment clearly belonging to the segregated assets of the sav- of depositors of said funds. (Laws of Wyoming, ings deposit. Every bank or trust company shall 1925, p. 212, sec. 30.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

420 FEDERAL RESERVE BULLETIN JUNE, 1926 Changes in State Bank Membership Fiduciary Powers Granted to National Banks The following list shows changes affecting State During the month ended May 21, .1926, the Fedbank membership during the month ended May 21, eral Reserve Board approved applications of the 1926, on which date 1,417 State institutions were national banks listed below for permission to exercise members of the system: one or more of the fiduciary powers named in section 11 (k) of the Federal reserve"act as amended, as follows: ADMISSIONS (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; Capital Surplus (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which District No. % State banks, trust companies, or ^other corporations Morsemere Trust Co., Morsemere, N. J_.$100,000 $25, GOO $125,000 which come into competition with national banks are Trade Bank of New York, New York, permitted to act under the laws of the State in which N. Y. _- 500,000 250,000 3,729, 538 the national bank is located. First Trust & Deposit Co., Oriskany Falls, N. Y . - 100, 000 20,000 1,221,407 Erasmus State Bank, Brooklyn, N. Y____ 200, 000 70,000 418,192 Dis- Windber Trust D i C st o r . ic , t W N i o n . d 4 ber, Pa._ ._ 250,000 350,000 3,950,978 Location t N ri o c . t Name of bank g P r o a w nt e e r d s District No. 8 Broadway Trust Co., St. Louis, Mo...— 200, 000 20, 000 2,357,358 Waldoboro, Me Medomak National Bank 1 t a o n 3 d , 5 9 t . o 7 Newport, E. I Aquidneck National Ex- 1 to 9. CHANGES change Bank and Savings Co. District No. 2 Brooklyn, N.Y.___. People Trust Co. of Brooklyn, Change of title: Bank of Europe, New N.B. A... Ito9. York, N. Y., has changed its title to Camden, N. Y_._.. First National Bank _. 1 to 9. Bank of Europe Trust Co.; Federation Newark, N. J._ Lincoln National Bank_ . 1 to 9. Bank of New York, N. Y., has changed Pitman, N. J Pitman National Bank and 1 to 9. its title to Federation Bank and Trust Trust Co. Co. Orwigsburg, Pa First National Bank 1 to 9. District No. 4. Mansfield, Ohio Citizens National Bank _. 1 to 3 and 9. Voluntary withdrawal: Farmers & Mer- Sharon, Pa Merchants and Manufactur- 1 to 9. chants Bank, Sylvania, Ohio-. $50,000 $30,000 $1, 069,781 ers National Bank. Union Trust Co., Cleveland, Ohio, a Charleston, S. C_... Peoples First National Bank _ _1 to 9. member, has absorbed the following Crewe, Va . First National Bank 1 to 9. member: State Banking & Trust Co., Yazoo City, Miss... Delta National Bank 1 to 9. Cleveland, Ohio 750,000 315,000 15,803,076 Blue Island, I1L___. First National Bank 1 to 9. District No. 6 Liberty ville, 111 Lake County National Bank.. Ito9. Akron, Iowa __. First National Bank 1 to 9. Voluntary withdrawal: Plains Bank, Coldwater, Mich... Coldwater National Bank, 2, 3, 5, and Plains, Ga . .__- •50,000 12,000 342,304 8. Change of title: The Citizens Bank, West Marshfield, Wis_... American National Bank Ito9. Point, Ga., has changed its title to St. Louis, Mo Boatmen's National Bank 1 to 9. Citizens Bank & Trust Co, Iron Mountain, United States National Bank. 2, 3, 5, and District No, 8 Ne M ga ic u h n . ee, Mich First National Bank 2, 8 3 . , 5, and First State Bank, Palmyra, 111., a mem- 8. ber, has absorbed the following non- Houston, Tex First National Bank. Ito9. member: Palmyra State Bank, Palmyra, III 25,000 590 125,930 Logan, Utah First National Bank 1 to 9. Change of title: The Kentucky Title Bank & Trust Co., Louisville, Ky., has changed Changes in National Bank Membership its title to Kentucky Title Trust Co. The Shaw State Bank, St. Louis, Mo., The Comptroller of the Currency reports the followhas changed its title to Shaw Bank. ing increases and reductions in the number and capital District No. 9 of national banks during the period from April 24 to Belgrade State Bank, Belgrade, Mont., a May 21, 1926, inclusive: member, has absorbed the following nonmember; Farmers Bank, Belgrade, Mont... _: -__- 50,000 5, 710 156,400 Num- District No. 10 ber of Amount Withdrawal: Meadow Grove State Bank, banks of capital Meadow Grove, Nebr 25,000 4,559 273,154 District No. 11 New charters issued _ _ _ 12 $3,050,000 Voluntary withdrawal: First State Bank Restored to solvency __ 0 0 & Trust Co., Waco, Tex __.. 200,000 50,000 2,012,187 Increase of capital approved _ 12 1,470,000 Converted into national banks: F F i i r rs s t t S S t t a a t t e e B B a a n n k k , , B G a eo ll r s g , e T W ex est, Tex.. 2 5 5 0 , , 0 0 0 0 0 0 1 1 5 , , 0 0 0 0 0 0 • 3 1 0 8 5 0 , , 1 7 6 5 2 6 Ag s g o r lv eg e a n t c e y , o f a n n e d w b c a h n a k r s t e i r n s c , re b a a s n i k n s g re c s a t p o i r t e a d l ._ to _. 24 4, 520,000 Change of title: The Guaranty State Bank, Hedley, Liquidations _ 16 1,697, 500 Tex.j has changed its title to Secu- Reducing capital * 2 55,000 rity State Bank. The Guaranty State Bank, Mount Total liquidations and reductions of capital— 18 1,752,500 Pleasant, Tex.,tias changed its title Consolidation of national banks under act of Nov. to Guaranty Bond State Bank. 7,1918 ___ 2 1,550,000 District No. 12 Aggregate increased capital for period _ 4,520,000 Voluntary withdrawals: Reduction of capital owing to liquidations, etc 1, 752,500 Genesee Exchange Bank, Genesee, Idaho ... 25,000 12,500 601, 659 Net increase _ 2,767,500 Blackfoot City Bank, Blackfoot, Idaho. ____ __._. 50,000 10,000 664,113 1 Includes one reduction in capital of $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

JUNE, 1926 FEDERAL. RESERVE BTJLX.ETIH 421 BUSINESS STATISTICS FOR THE UNITED STATES INDEX OF PRODUCTION IN BASIC INDUSTRIES i [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100] Iron and steel Textiles Food products General Year and month index Animals slaughtered Lumber Pig iron i S ng te o e t l s Cotton Wool W fl h ou e r at m S e u lt g in ar gs Cattle Calves Sheep Hogs 1925 April 119 128 128 121 92 '90 134 104 124 120 101 123 Mav .. ... 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 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 February 120 130 152 119 84 90 147 102 157 105 81 122 March _ ____ 123 131 157 120 87 100 120 106 137 121 * 103 124 April. ___„__——- 122 135 . •• 147 117 84 97 114 108 115 118 104 124 Coal Nonferrous metals Tobacco products Year and month B n it o u u m s i- An c t i h te ra- Copper Zinc le S a o th le er N p e ri w n s t - Cement P le e u tr m o- Cigars r C e i t g te a s - Ma tu n r u e f d ac • tobacco 1925 April 105 103 136 124 69 115 199 194 87 178 95 May 99 103 135 127 64 112 193 212 88 175 96 101 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 2 141 144 56 115 219 193 80 196 102 February._ . 130 34 145 135 60 123 181 193 84 188 100 March ; 117 120 143 139 60 126 187 188 97 207 98 April 124 117 141 136 58 126 179 190 88 205 95 i This table contains for certain months the index numbers of production in basic industries 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. 'a Revised. INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES i [No seasonal adjustment. Monthly average, 1919=100) Year and month G i e n n d e e r x al G in r M d o p e u e r x p t o a d ls u c a I a t r n s n o d d n G i T n r e d o x e u t x p iles F a a n b d r ic p s rod P u u r c c o t t d s s - L p u a b r u c n o e m t d r d s - - 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 i n 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 a n y n 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 l m d s s - steel 1925 April...;:;: 95.9 89.2 88.7 100.8 96.5 100.6 121.7 104.7 83.0 123.2 81.7 75.4 May.... 94.9 88.0 87.5 96.4 99.1 92.9 99.8 84.9 128.5 103.8 83.2 125.5 87.0 73.2 June 94.2 86.9 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 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 92.6 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 84.6 130.2 107.5 86.5 87.9 114.4 80.4 76.9 February. _. 97.0 94.2 97.4 97.6 97.2 85.7 133.0 106.7 85.7 89.5 114.6 84.2 77.0 March 97.2 94.6 93.8 97.1 97.1 97.1 98.7 87.1 136.3 107.4 84.9 88.3 116.8 83.3 77.0 April.— 96.4 94.3 93.7 94.9 95.8 93.8 100.0 88.1 132.1 106.8 82.5 83.9 121.8 79.8 77.3 i This table contains for certain months index numbers of employment, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on 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

422 FEDERAL RESERVE JUNE, 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 o p duc I a t r s n o d n G i T n r e d o x e u t x p iles F a a n b d ri c p s rod P u u r c o c t t d s s - L p u a b r u c n o e m t d d r 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 d h s - er S c g a t l l o n a a n d y ss e , , b p u T a r c o c o t c d - s o - C p i u a h c r n c o a e t d l m d s s - - 1925 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 10L2 100.9 101.6 105.9 86.7 150.0 133.8 98.9 89.0 145.9 89.0 95.6 August 104.5 89.7 88.8 103.8 101.7 106.2 108.0 88.0 146.1 133.7 99.1 98.9 155.7 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 94.8 151.6 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 ]63.5 148.7 103.2 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 February. _. 111.5 102.4 101.7 110.2 109.0 111.5 111.0 91.9 166.3 144.9 99.8 94.2 140.1 84.0 102.8 March 113.0 104.2 103.4 109.8 108.2 111.8 111.9 94.5 170.7 147.9 99.3 93.2 144.3 88.4 104.5 April.. _ 110.4 102.7 102.0 103.6 104.8 102.0 111.7 95.6 165.4 147.0 96.0 84.2 147.6 82.3 105.0 i This table contains for certain months index numbers of pay rolls, together with group indexes for important r general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the „ a * b , o „ v „ e grou . ps s{i _ n _ c eT J . awn u .. a . ry . , ". 1 ". 9 » 1 9, were p .I u -.I b ^. l I i - s .- h J. e . d . . on . . p . p • . > 3 « 2 ' 4 o -3 n 2 r 5 . o r f i t u he ^ B ^ U ^ L — LE „ T I * N ~ _ fo n/ r r — M ay m , o 1C9 25 S . ee also p. 688 of BULLETIN for September, 1925, for certain revisions. INDEXES OF INDUSTRIAL ACTIVITY » [No seasonal adjustment. Monthly average 1919-100] Agricultural movements Mineral production Year and month Ani- An- Bitu- Total s L t i o v c e k - p m ro a d l - Grains C to o n t- t V ab eg le e s - Fruits b T ac o c - o Total t c h i r t a e - n m ou i- s P le e u tr m o- i P ro ig n C p o e p r - Zinc Lead Silver ucts coal coal 1925 April 72 87 123 40 43 125 94 17 117 99 87 194 128 140 12^I 143 109 May. _ 79 86 139 62 135 136 5 124 108 91 216 115 140 12'f 147 111 June 83 88 164 75 12 142 92 1 124 103 96 212 105 139 IT7 151 116 July 88 86 150 99 14 110 151 129 113 102 214 105 136 12 145 114 August . _. 104 91 119 133 75 107 122 73 136 117 116 212 106 135 122 143 105 September 152 93 101 149 234 204 244 171 121 1 121 206 107 134 12 138 103 October 166 117 101 96 310 233 391 165 130 1 137 204 119 141 } 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 88 98 326 129 3 136 194 128 137 137 161 105 1926 January 108 99 96 92 114 106 80 344 129 2 138 190 130 141 144 158 109 February 88 81 93 79 74 94 77 273 115 28 120 173 115 135 131V 148 107 March . . 85 91 116 65 64 123 92 88 137 120 119 192 135 150 138 164 3110 April 75 83 119 52 52 95 89 58 127 112 103 190 135 145 136 148 105 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 ~ r ti e le x s - p F u r o c o o t d s d - L b u e m r - p P ri a a n n p t d i e n r g L s e a h a n o t d h e e s r 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 e b r s - 1925 April 133 128 119 88 155 142 98 201 188 113 191 May 130 121 250- 109 87 165 136 86 212 213 119 195 June •> 126 112 239 105 94 160 133 84 202 133 194 July 126 109 239 107 97 164 125 87 222 207 135 202 August 122 118 153 104 96 167 128 97 222 207 127 203 September. .. -. 126 120 193 107 105 160 128 97 191 131 183 October.. 141 134 270 118 114 172 139 103 218 206 141 165 November 129 134 225 114 98 139 136 84 173 120 155 December _. 128 138 191 119 107 133 138 85 216 1S2 110 175 1926 January 129 144 186 120 104 135 142 83 216 130 115 172 February.. 125 131 220 115 92 137 134 85 198 112 110 177 March 142 154 122 99 156 149 95 221 151 136 195 April 136 144 266 113 90 162 149 86 221 120 122 190 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. 3 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

423 JUNE, 1926 FEDERAL RESERVE BULLETIN COMMODITY MOVEMENTS The following statistics are secured from 1919) can be obtained from previous issues of various sources and compiled in the form given the" BULLETIN or upon application to the Divibelow by the Board's Division of Research and sion of Research and Statistics, Federal Reserve Statistics. Earlier figures (in most cases since Board. April, March, April, April, March, April, 1926 1925 1926 1926 1925 Grain and Flour Transportation Receipts at 17 interior centers (000 omitted): Revenue freight loaded and received from Wheat (bushels)... _ 14,289 15,163 10,010 connections (cars loaded, 000 omitted): Corn (bushels) . 12,523 20,428 9,922 Classified by nature of products— Oats (bushels)—. 14,735 12,328 13,614 Grain and grain products 163 : 178 144 Rye (bushels).,.. 1,301 1,032 1,506 Livestock . _. ______ 120 124 123 Barley (bushels) 2,528 2,958 2,038 Coal 714 804 613 Coke -. -- 54 64 48 Total grain (bushels) 45,376 51,908 37,090 Forest products.. 328 344 338 Flour (barrels) _. 1,998 2,009 1,688 Ore 66 50 126 Merchandise, I.e. 1. 1,146 1,194 1,124 Total grain and flour (bushels) ___ 54,366 60,949 44,687 Miscellaneous - ___ 1,571 1,583 1, 559 Total ._ ......... 4,161 4,341 4,075 Shipments at 14 interior centers (000 omitted): Classified by geographical divisions- Wheat (bushels) _,_. 10,097 11,923 14, 510 Eastern _ 1,022 1,062 974 Corn (bushels) 8,604 8,529 13,070 Allegheny. ' __ .„.„„_ 868 887 839 Oats (bushels)—. ___ 13,521 13,448 20,269 Pocahontas 213 226 195 Rye (bushels) 691 753 2,065 Southern 663 718 658 Barley (bushels) 1,895 1,923 1,767 Northwestern... 510 523 555 Central western 568 625 539 Total grain (bushels) 34,808 36, 575 51,681 Southwestern... _ 317 299 315 Flour (barrels) -—___.___. 2,723 3,121 2,589 Total 4,161 4,341 4,075 Total grain and flour (bushels) __ 47,059 50, (519 63,333 BUILDING STATISTICS Stocks at 11 interior centers at close of month Building permits issued in 168 cities, grouped (000 omitted): by Federal reserve districts: Wheat (bushels)...... 24,085 25,555 31,976 Number of permits- C R B O a o y a r e r ts l n e ( y ( b ( b b u ( u u s b s s h u h h e s e e h l l s l e s s ) l ) ) . s . - . ) . _ _ _____.. 2 4 1 4 3 7 3 , , , , 1 3 2 2 6 5 4 0 5 1 8 1 3 4 1 4 6 0 2 , , , , 6 7 9 9 4 8 8 3 5 7 6 8 4 20 9 2 3 , , , , 0 1 5 5 1 9 4 5 4 1 1 7 N B P C h e o le w i s l v t a o e d Y n la e o n l ( p r 1 d k 4 h i ( ( c 1 a 2 i 2 t 2 ( i 1 e c c 4 s i i t ) t i c i e e i s t s ) i ) e s) _ 1 3 3 7 2 , . , , 1 7 6 3 3 1 9 9 1 2 7 1 2 9 2 5 , , , , 0 9 7 6 8 5 7 5 3 1 5 3 1 3 3 4 , , , 9 9 0 0 5 7 1 9 6 Richmond (15 cities) 4,098 3,921 4,557 Total grain (bushels).... 112,050 120,910 107,279 Atlanta (15 cities) 5,028 4,953 3,561 Chicago (19 cities) 14,782 10,184 17,202 St. Louis (5 cities)———...... 3,194 2,951 3,478 Receipts at 9 seaboard centers (000 omitted): Minneapolis (9 cities)..__.__ 2,529 1,368 3,020 Wheat (bushels)..... 8,041 7,779 14, 634 Kansas City (14 cities)..... 2,738 3,107 3, 591 Corn (bushels)-_. 1,193 708 396 Dallas (9 cities) 2,636 2,601 2,584 Oats (bushels). :._.... 2,256 3,423 San Francisco (20 cities) 10,556 12,199 12,095 Rye (bushels) _ __ 1,184 618 3,404 Barley (bushels) .... 2,265 2,682 2,074 Total— _... 72,492 61,656 79,890 Value of permits (dollars, 000 omitted)— Total grain (bushels) . 16,977 14, 043 23, 931 Boston (14 cities) _ 16,129 10,532 14,876 Flour (barrels) .__.__.__ 1,628 2, Oil 1,931 New York (22 cities) 128,887 130,067 131,461 Philadelphia (14 cities)... _._._-.. 18,528 20, 794 30, 954 Total grain and flour (bushels).....___. 24,303 23, 093 32, 621 Cleveland (12 cities) _._ 20,092 27,431 27,697 Richmond (15 cities) _ _.. 17,851 22,006 19,127 Atlanta (15 cities) 15,911 14,361 11,047 Stocks at 8 seaboard centers at close of month Chicago (19 cities) _ 73,511 66,828 77, 863 (000 omitted): St. Louis (5 cities)— . 9,502 11, 587 16, 527 W C O o a h r t e s n a ( t ( b b ( u u b s s u h h s e e h l l e s s ) l ) s . ) . . __ _ . _ 1 1 , 1 5 8 6 9 1 6 7 6 3 1 , ,1 3 8 0 1 6 1 0 1 9 1 , , 3 6 6 1 5 8 5 6 2 D M K a a i l n n l n s a a s e s a ( p 9 C o i c l t i i y t s i e ( ( s 1 9 ) 4 c c it i i t e ie s) s ) __ , 6 9 8, , , 0 3 9 9 5 4 7 6 8 1 4 9 0 , , , 6 2 1 3 8 9 9 4 7 1 1 2 0 , , 9 33 5 1 6 Rye (bushels) . 71 140 2,220 San Francisco (20 cities) 35,058 36,286 41, 594 Barley (bushels) ___ 2,346 2,273 918 Total.... — 359,870 364,012 403. 297 Total grain (bushels) ._ 7,6 14,790 Building contracts awarded, by Federal reserve districts (dollars, 000 omitted): Wheat flour production (barrels, 000 omitted) 8,817 9,091 8,185 Boston 41,788 32,476 37,935 New York. _ _ 173,176 158,454 135,159 Philadelphia. 36,376 45, 719 50,291 Tobacco Cleveland 65,121 70,495 Richmond.. . 39,006 57,935 43,299 Tobacco sales at loose-leaf warehouses (pounds, Atlanta... .. 54,310 61,081 32,255 000 omitted): Chicago 87,690 91,359 111, 470 Dark belt Virginia ___ St. Louis.--.-. . 30,697 33,527 37,684 Bright belt Virginia.--.- _.._ Minneapolis 15,965 15,029 13,141 North Carolina.. Kansas City 14,074 13,897 13,440 Burley...... -_-_. 84 3,182 346 Dallas .___ 20, 584 23,281 22,398 Western dark _ 14,994 19, 593 3,960 Total (11 districts) ... 570,614 597,879 567, 567 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

424 FEDERAL RESERVE BULLETIN JUNE, WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES* CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly Sales 1919=100] Percentage change Percentage change in sales, April, in stocks 1 at end i G n er e d n a e - l x c G er r i o e - s Meat g D oo ry ds Shoes H w a a r r d e - Drags w 19 i 2 t 6 h , — compared o c f o mp A a p re r d il , w 1 i 9 th 2 — 6, March, April, March, April, 1925 1926 1925 1926 1925 January 79 80 71 82 43 89 116 February 76 73 69 88 46 90 109 March - 83 79 73 96 63 107 121 Shoes—Continued. April 79 75 68 85 65 107 115 Atlanta district... 1.7 -21.7 May 79 79 75 77 54 101 106 Chicago district_.__ —27.7 -29.6 5.8 -27.9 J Ju u l n y e... ... 8 8 3 3 8 8 4 5 7 7 9 9 8 8 2 5 4 5 7 4 10 9 5 9 1 1 1 1 0 1 S M t. 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 -7 6 .7 .0 - - 2 1 0 4 . . 0 7 - -5 7 . . 0 7 -24 9 .0 .4 August 87 83 78 106 65 98 108 San Francisco district -7.6 1.0 September— , __ 94 92 82 112 72 109 120 Hardware: October 101 99 87 118 77 122 134 United States —2.4 -3.8 -0.5 -4.2 November . 86 90 72 92 59 103 110 New York district 6.4 -0.6 -1.6 1.9 December . 80 83 72 75 54 101 111 Philadelphia district 3.5 -3.7 -0.5 . -9.8 Cleveland district -9.8 -4.5 1926 Richmond district -5.5 * -1.2 -1.7 6.0 January 78 77 79 79 43 86 111 Atlanta district.... -8.3 13.0 -0.7 4.6 February ... 76 71 75 86 50 87 110 Chicago district_. __ -0.9 -14.3 1.0 —9.4 March 85 81 75 93 73 106 133 St. Louis district ._ -11.7 -4.6 25.5 -5.4 April •• 82 80 80 77 59 103 123 Minneapolis district 0.0 -9.0 -4.0 •1.0 Kansas City district -13.5 -13.2 6.9 12.5 2 For description of the wholesale trade index see FEDERAL RESERVE D Sa a n ll a F s r a d n i c st i r s i c c o t district - - 8 0 , . 9 9 -6 5 .8 .4 -1.2 -0.5 BULLETIN for April, 1923. Drugs: United States. —10.8 3.3 -0.4 4.7 CHANGE IN CONDITION OF WHOLESALE TRADE, BY New York district -13.4 0.0 LINES AND DISTRICTS Philadelphia district -11.6 5.5 5.5 12.6 Cleveland district -3.5 11.7- Richmond district -9.4 0.9 Pe i r n c en sa ta le g s e , c A ha p n r g il e , Pe i r n c e s n to ta c g k e s 1 a ch t a e n n g d e A Ch tl i a c n ag ta o d d i i s s t t r r i i c c t t __ __ _ -4.9 2.5 0.3 3.4 w 19 i 2 th 6 — , compared o co f mp A a p re r d il , w 1 i 9 th 2 — 6, D S K t a a . l n l L s a o a s s u d i C s is i d t t r i y i s c t d t ri i c s t trict — - — 9 9 9 .8 . . 0 1 - — 4 3 5 .8 . . 4 5 -0 1 .9 .9 -3 1 .4 .5 San Francisco district • -6.0 1.8 Furniture: March, April, March, April, Richmond district -5.5 -12.8 1926 1925 1926 1925 Atlanta district -9.1 —11.0 —3. 6 4.1 St. Louis district ____ -20.7 -15.9 24.4 48.7 Kansas City district -20.7 -19.3 7.0 —1.2 Groceries: San Francisco district -13.9 -1.5 United States .. —1.0 6.2 -3.4 2.9 Agricultural implements: Boston district —1.4 —0.3 5.6 13.7 United States 2 —16.6 —11.1 New York __• -8.8 2.6 -13.2 -7.7 Minneapolis district.. -11.0 12.0 1.0 34.0 Philadelphia district __•___ —1.9 -0.2 -3.3 6.5 Dallas district —19.3 27.7 —2.9 —1.8 Cleveland district —3.3 -0.1 Stationery and paper: Richmond district -1.7 1.2 -6.4 -1.5 New York district... —4.6 6.6 Atlanta district —9.2 7.4 —11.6 22.3 Philadelphia district -8.2 -3.8 0.3 -3.0 Chicago district_ 0.9 13.2 -4. 8 2.5 Atlanta district St. Louis district —10.1 4.3 0.9 -11.0 San Francisco district -14.9 -9.6 Minneapolis district 1.0 -1.0 -7.0 2.0 Automobile supplies: Kansas City district 3.3 5.0 -1.9 4.9 San Francisco district —1.5 —1.0 Dallas district -2.0 12.0 q 3 6.7 Clothing: San Francisco district 3.3 5.5 New York district -38.4 —26.0 Dry goods: St. Louis district __ 919.5 0.5 United States —16.7 -8.9 -0.7 —7.5 Cotton jobbers: New York district —24.6 T-14. 1 New York district -11.4 -12.6 0.1 -9.8 Philadelphia district -16.7 -3.4 -1.9 -0.7 Silk goods: Cleveland district -13.7 -9.7 New York district -27.0 -14.5 -1.2 3 57.8 Richmond district -15.2 -3.3 -3.6 -21.4 Machine tools: Atlanta district —14.2 -1.3 2.9 23.1 New York district -15.2 7.3 Chicago district,._ _ -15.2 -14.8 0.5 -5.1 Diamonds: St. Louis district -27.2 -13.3 7.9 —14.7 New York district -21.3 9.2 Minneapolis district -11.0 -10.0 5.0 -1.0 Jewelery: Kansas City district -17.0 -10.0 -2.0 -3.3 New York district: __ —16.0 -6.3 4.4 4-8.2 Dallas district _ -14.1 -6.1 0.3 -5.7 Philadelphia district . -16.0 4.6 2.4 -13.4 San Francisco district -12.7 1.1 Electrical supplies: Shoes: Philadelphia district * -11. 7 1.3 -2.3 -19.6 United States -19.3 -9.0 -1.6 -21.7 Atlanta district . —18.4 50.8 —4.8 34.6 Boston district -17.7 -7.8 -4.4 -18.2 St. Louis district 4.0 14.0 -4.9 -7.2 New York district..._,__ -21.9 -18.8 -6.4 —14.3 San Francisco district___. —4.4 1.5 Philadelphia district —27.0 -11.5 1.9 -23.4 Stoves: Cleveland district. —15.7 —17.5 St. Louis district __„ —10.5 -1.0 10.3 -16.4 Richmond district -27.4 -2.8 4.6 -1.0 1 Changes in total stocks for the United States are weighted averages by the Chicago Federal Reserve Bank from reports of leading manufaccomputed on the basis of firms which have reported regularly to theturers and include all of their domestic business. Federal reserve system since January, 1923. 8 Stocks at first of month; quantity, not value. 2 Sales of agricultural implements for the United States are compiled * Includes diamonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE 425. RETAIL TRADE, BY REPORTING LINES) [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Year and month '3 a •s-S T5t-n 23 s a 31 rd-5 a o3 1925 January 108 108 250 151 155 122 107 92 162 124 110 249 207 161 141 141 112 193 February _. 101 105 233 156 146 119 100 99 175 131 116 243 209 161 140 i49 120 207 March... 121 119 252 177 160 131 127 105 188 121 103 233 185 159 135 127 116 186 April. -_._. 136 117 258 195 159 134 177 107 210 133 114 255 208 164 139 152 126 210 May ._ 128 95 254 191 163 143 149 195 124 106 254 201 166 140 119 116 202 June.. _--.... 126 102 254 187 167 134 152 184 126 120 257 203 170 137 142 125 197 July..... 95 87 259 183 166 136 122 104 181 128 117 269 201 164 137 134 140 185 August 98 89 243 195 171 142 120 128 202 125 118 255 205 171 145 153 143 202 September 121 114 245 191 169 142 129 136 202 134 120 258 206 172 142 135 136 204 October- 165 170 318 237 179 151 164 141 215 145 131 309 219 175 145 145 117 209 November 145 144 272 220 167 136 136 139 195 129 116 270 211 177 138 126 111 205 December ... 226 166 332 427 225 212 188 214 280 141 140 318 231 185 157 143 114 191 1926 January. _..__ 114 116 286 166 178 127 108 101 167 130 118 284 228 185 146 142 122 199 February .... 104 111 289 170 172 127 97 103 173 135 123 301 227 189 151 145 126 205 March 130 130 302 199 196 142 143 112 206 130 112 278 207 194 147 143 124 204 April.. 133 121 333 202 193 150 166 111 129 118 329 216 199 156 143 130 i For description of the retail trade indexes see FEDERAL RESERVE BULLETINS for January and March, 1924. 1 Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of Research and Statistics, Federal Reserve Board, DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Number of re- Federal reserve district port- 1926 1925 1926 1925 ing firms Apr. Mar. Feb. Apr. Mar. Feb. Jan. Apr. Mar. Feb. Apr. Mar. Feb. Jan. United States 359 133 130 104 136 121 101 108 129 130 135 133 121 131 124 Boston . . 24 133 119 93 136 110 94 110 126 118 125 129 110 126 122 New York . . .. .. 63 138 131 108 140 124 107 120 134 129 141 136 122 140 132 Philadelphia 22 128 138 103 134 125 101 105 116 149 128 122 135 125 120 Cleveland 54 132 127 106 142 125 106 107 129 125 136 139 123 137 123 Richmond--. - - - 23 126 130 91 132 119 89 93 123' 126 122 129 115 120 113 Atlanta 35 114 108 92 109 99 84 83 111 109 121 106 100 111 102 Chicago . 63 146 145 119 149 127 107 112 143 144 151 146 127 136 132 Minneapolis . . 23 107 94 76 116 97 81 92 103 96 108 111 99 115 107 Dallas 21 108 111 93 110 107 90 92 102 105 118 116 101 114 106 San Francisco .. _. __ 31 150 158 117 146 142 113 128 156 160 154 153 143 149 145 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919=100] Num- Stocks without seasonal adjustment Stocks with seasonal adjustment ber Federal reserve district o p f o r r e t- - 1926 1925 1926 1925 ing firms Apr. Mar. Feb. Apr. Mar. Feb. Jan. Apr. Mar. Feb. Apr. Mar. Feb. Jan. United States . 314 143 143 132 141 139 127 119 139 141 140 136 137 135 134 Boston » 24 125 124 113 127 126 115 112 122 124 121 124 127 123 124 New York -. . 63 142 142 128 139 135 123 118 137 139 138 134 132 132 132 Philadelphia 13 201 201 183 186 185 167 147 198 197 195 183 182 177 164 Cleveland - 52 134 137 124 140 137 125 112 129 136 134 135 136 134 133 Richmond --; 19 131 128 121 132 131 118 109 128 123 128 128 125 126 129 Atlanta 22 125 122 112 •114 113 107 99 122 121 116 112 112 111 110 Chicago . . 51 157 162 153 157 156 145 137 152 163 165 152 158 156 154 Minneapolis 22 110 110 101 116 117 106 99 107 106 104 112 112 109 111 Dallas . » 19 130 128 118 126 125 113 103 129 127 125 126 124 120 119 San Francisco 29 145 141 132 140 136 126 123 140 139 137 135 134 131 134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

426 FEDERAL RESERVE BUI^LETIN JUNE, 1926 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF JAPAN The annual report of the Bank of Japan for of the recovery of the yen, which began during 1925, presented by the governor at the meet- the latter part of October. These circuming of the shareholders on February 25, con- stances led to a general business depression. tains the following account of its operations The index number for wholesale prices in Tokyo during the past year, and survey of the eco- fell from 282 for December, 1924, to 256 for nomic situation. the corresponding month in 1925. The mar- In the general monetary situation an easier kets for futures were quiet, indicating a general tendency developed during the past year. decline in speculative activity; only the share Security prices rose; the export trade was market, stimulated by easy money and a prosactive; exchange rates tended toward recovery; perous export trade, toward the end of the the purchasing power of the agricultural com- year, showed activity in which the shares of munity was somewhat increased by abundant the stock exchange took a leading part. crops; and favorable progress was made in the The general business conditions just dereturn of business to normal after the great scribed caused both a decrease in the demand earthquake. Still the readjustment was far for new money and an easier money market. from complete in all branches; business enter- Discount rates for ordinary commercial paper prise remained generally inactive; commodity in April varied on the Tokyo market from 2.2 *• prices moved downward; the home market sen to 2.5 sen per diem, which is 0.2 sen to 0.3 was depressed; and there was general com- sen lower than those of the corresponding plaint of hard times. period of last year. The rates for prime com- At the beginning of the year, as in the preced- mercial paper even declined to about 2 sen per ing year, certain sections of the business com- diem. The volume of the bank's advances munity were looking forward to the appearance and notes decreased almost to pre-earthquake of a "reconstruction boom/7 but the work of levels. The official discount rate was lowered rebuilding the capital did not make the prog- by the bank on April 15 from 2.2 sen to 2 sen, ress anticipated. A spiritless condition devel- and the rediscounting rate for " emergency oped in the share market; the prices of rice, bills" was also reduced to 2 sen. Other banks raw silk, and cotton yarns declined; many carried the movement still further, until in factories in the textile manufacturing and May the discount rates for ordinary commerother industrial centers were still operated on cial paper in Tokyo ranged from 2 sen to 2.3 a part-time basis; there were some failures of sen per diem, while the rate for overnight call banks and companies; and trade was at a low money dropped to 0.9 sen. Some local district ebb. associations of banks reduced the rates of Favorable developments abroad somewhat interest agreed upon to be paid on deposits. influenced our stock exchange, but business The yield on Government bonds and debenhad not recovered sufficiently from the earth- tures began to decline. The rates on advances quake to show a similar favorable trend. A to silk reelers, varying from 2.4 sen to 2.6 sen, significant feature of the situation was the great were also 0.2 sen lower than last year. A far crop of silk cocoons, rice, and barley, accom- greater amount of money was required to lay panied by very high prices for cocoons and in the spring cocoons than in 1924; yet the fairly high prices for rice. The anticipation of market experienced no appreciable tightness. increased purchasing power in the country dis- In the meantime many oi the banks invested tricts caused some of the manufacturers at the their idle funds; issue after issue of debentures centers of the textile and other industries to in the home market brought the total of the make provision for better times. Unexpected- year's flotations to 730,000,000 yen. Under ly, however, the price of rice fell after the the circumstances the demand for money to autumn on account of the prospect of a large finance the customary summer settlement and new crop, while favorable forecasts of the to move the summer and autumn cocoon crops American cotton yield caused a slump in the caused temporary activity in the money marprice of cotton yarns. Raw silk also, which ket; but as the requirements of domestic was in active demand at a comparatively high price level owing to prosperous conditions in i A sen is one one-hundredth of a yen (49.85 cents) and is thus worth the United States, declined in price as a result about one-half of 1 cent in United States money. The rate is quoted for 100 yen per diem. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE 427 business were still small easy conditions soon shipment of gold held at home, and the buying returned. The requirements of the autumn of yen by foreigners, all combined to maintain season and the export trade had no effect upon a nrm tone in the market on the whole, and the general market situation, so that, even in caused an upward tendency in rates. The December, little stringency was noted. The quotations of the Yokohama Specie Bank were rate on overnight call money did fall for a raised from Is. 7^d. per yen on London and short time in the middle of the month to 1.25 $38.50 per 100 yen on New York at the beginsen, and though it began to rise in the latter ning of January to Is. 9j^d. and $43.50 by half, it did not go beyond 2.2 to 2.45 sen in the end of the year. the closing days of December when the rates National loans, exclusive of rice purchase ruling for ordinary commercial paper on the notes, were issued to the extent of 822,000,000 Tokyo markets were from 2.1 sen to 2.5 sen yen during the year. Redemptions, including per diem. Thus the year closed with a very purchases out of the sinking fund, amounted quiet money market. to 538,000,000 yen, and left a net increase The recurrence of boycott and civil war in in the debt of 283,000,000 yen. Announce- China had comparatively little effect upon our ment by the Government of a fixed policy of trade with that neighboring country. Trade not offering loans for public subscription except returns for the year, including those of Chosen those required for conversion purposes, and and Taiwan, show exports to the unprecedented favorable monetary conditions were reflected high value of 2,377,000,000 yen, and imports in an advance in the price of national bonds and to the value of 2,734,000,000 yen. There were success in conversion operations. The system heavy shipments of raw silk, owing to a rather of dealing in futures in national debt, municipal large crop of cocoons and to the trade prosper- bonds and debentures, inaugurated by the ity in the United States. Low domestic prices Tokyo exchange in November, will, if properly and the depreciation of the yen opened a very managed, do much toward facilitating transextensive foreign market to our cotton goods actions in these securities. that shared to a marked degree the general Turning to the work of the bank, we find increase in our export of commodities. Record that advances, while fluctuating from time to imports of raw cotton followed a decline in the time, showed a decline with the advance of price of raw material and increased activity the year and in May reached the minimum in the export of the manufactured goods. for the year at 169,000,000 yen, which is The extension of the period of customs exemp- 259,000,000 yen less than the corresponding tion for foreign-grown rice resulted in its amount in 1924. Subsequent increases importation in increasing quantities. Gains brought the total to 697,000,000 yto at the were also shown by the figures for such com- end of the year, which shows, however, a modities as wool and sugar. On the other hand, decrease of 26,000,000 yen from the correspondthere was a decline in the entries of machinery ing figure of last year. Similarly note circulaand reconstruction materials, while the fall tion reached its minimum for the year in May in the value of the yen and business depression at 1,070,000,000 yen, a decrease of 73,000,000 checked importation in many other lines. yen as compared with last year; while at the It is well to note that an excess of imports for end of the year the volume increased to 1,631,the first half year of 577,000,000 yen, including 000,000 yen, being 30,000,000 yen less than at figures for Chosen and Taiwan, was reduced the close of 1924. month by month in the second half, so that the After the reaction of 1920, the business of unfavorable balance of trade for the whole the country met with the earthquake disaster, year was only 356,000,000 yen. from which many serious consequences fol- Foreign exchange rates showed signs of lowed. The process of readjustment developed recovery at the beginning of the y§ar, owing on the whole in a favorable manner, especially to a reaction from the slump at the end of the during the past year, when fairly good progress year previous and to the stimulus given by the was made in certain directions. We may cite announcement of the Government regarding the fair improvement in foreign trade, the its exchange policy. It was inevitable that the partial recovery of the yen, a plentiful crop, earthquake at Tajima and the accumulating the increased purchasing power of the farming demands for exchange to pay for imports community, the growth of bank deposits and should have caused temporary downward postal savings, the easy money market, the fluctuations in the rate; but the improvement lower interest rates, the rising security prices, in trade, the importation of capital, the the slight increase in the volume of new capital Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

428 FEDEEAL RESERVE BULLETIN" JUNE, 1926 issues, and the new high record for the bank Prices and wages are not yet sufficiently* adclearings of the country. But it goes without justed to permit sound management of various saving that recovery from a blow such as that types of industry; a very large volume of capidealt our industries by the earthquake disaster tal remains tied up; bank advances still remain can not be completed in a brief period. Trade in excess of deposits; so that while business and industry still remain in a state of inactivity; conditions during the year show some improveand even if reasonable progress in general ment, they do not warrant the painting of recovery has been made, it is too early to too rosy a picture. speak of business as completely rehabilitated. ANNUAL REPORT OF THE NATIONAL BANK OF HUNGARY The annual report of the National Bank of result of the gradual abolition of restrictions Hungary for 1925, submitted to the general on dealings in foreign exchange and in Hunassembly on February 15, 1926, contains the garian legal tender, and also of the impediments following summary of the operations of the which had previously stood in the way of a bank, and the economic conditipn of the free exchange of goods through imports and country. exports. The most important economic event of the Now that tKe after-effects of the great war past year was the final and complete stabiliza- are beginning to pass, we can obtain a better tion of the international value of our currency. insight into the economic life of the country and During the early part of the year sterling form a surer judgment of its real condition. continued to appreciate, until toward the end This is particularly true of the balance of of April the process came to an end with the payments of Hungary which, compared with attainment of gold parity. The legal and the preceding year, was distinctly favorable. economic measures taken since then have re- As regards the international money market, established sterling in the position among gold the movement of capital and the fluctuation currencies which it had previously held. In of interest rates, the most striking phenomenon consequence of the stabilization of our own has been an influx of capital into this country. currency on a sterling basis, Hungarian crowns Though the increased need of capital on the also ceased to appreciate in value. How continent of Europe compels Hungarian borfirmly the international position of our currency rowers to face formidable competition, the is now established, may be seen from the re- fact remains that the efforts made in Hungary serves of the bank in precious metal and foreign to restore equilibrium to our finances have exchange, which increased by 861,000,000,006 yielded fruit, and that foreign capital displays crowns, from 2,479,500,000,000 to 3,340,500,- an interest in our affairs which the country 000,000 in the course of the year. In these has well deserved. In the course of the past circumstances it became possible and oppor- year a loan of $10,000,000 was obtained by a tune to proceed further with the reorganization group of Hungarian cities, and quite recently of the Hungarian currency by introducing a the Hungarian Land Mortgage Institute has new legal monetary unit with a suitable in- achieved great success with its issue of mortgage ; trinsic value. After long discussions Act bonds abroad. These two instances represent XXXV of 1925 was passed. This act estab- the first steps taken toward inducing foreign lishes a new Hungarian monetary unit to be capital to make investments in this country called the pengo, the value of which is expressed in the form of long-term loans. There has in relation to the paper crown by the ratio of also been evidence o"f the willingness of foreign 1 to 12,500, and in relation to gold by the capitalists to offer short-term funds in Hungary, ratio of 3,800 pengos to 1 kilogram of fine gold. in addition to the usual seasonal credits granted The act came into force on November 21 last, to some branches of industry. While it may and put an end to the stabilization of Hun- be desirable and even necessary that the garian crowns on a sterling basis at a fixed capital engaged in production should be thus rate of exchange of 346,000 to the pound ster- supplemented by help from abroad, we should ling. Since that date the rate of exchange of not close our eyes to the dangers or ignore the the crown has been left to develop freely in damage which might result from a too liberal accordance with its intrinsic value. The value use of foreign credit, particularly on short assigned by the new currency law to the paper term. The borrowing of Hungarian institucrown is the value which it had attained as a tions needs to be fully justified by the condi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 429 tions of production and the possibilities of development of our export trade in agricultural marketing the product. The experiences of products, especially as a variety of circumthe second half of last year induced the manage- stances combined t"o delay the negotiations for ment of the bank to mak§ use of all the means the conclusion of commercial treaties. available to them in order to bring about more Other developments also had a detrimental healthy conditions by a deliberate credit effect in several respects upon industrial propolicy. duction during the past year. The output The doctrine that the consolidation of the of coal, which showed a decline as compared public finances of a country is one of the most with that of the previous year, bears witness essential elements of confidence in currency to the curtailment of industrial production. stability has been proved once again in our But it should not be forgotten that the same case. The fact that the fiscal year 1924-25 thing is true not only in this country but all closed with a surplus of.some 63,000,000 gold over Europe. If the states of Europe should crowns, and that the estimates for 1925-26 succeed in adopting an economic and commeragain present an absolute balance, has been cial policy that would put an end to the attiand will continue to be one of the most power- tude of extreme isolation still maintained in ful factors in the stabilization of the currency. certain countries, there can be no doubt that Moreover the favorable development of the there would be a favorable increase of producpublic finances has enabled the State to resume tion in Hungary as elsewhere. Yet this is not its capital investments, for which, in addition to all that is required. It is also esseritial that the surplus of 63,000,000 gold crowns already the position of private enterprise should be mentioned, the Council of the League of strengthened by every influence that can be Nations has agreed that 50,000,000- gold brought to bear. Further reductions of taxacrowns may be appropriated out of the surplus tion would contribute to this end, and the of the League of Nations loan, both in the productive investments to be made by the current and in the coming year. Altogether state, the municipalities and parishes should there are 182,000,000 gold crowns of money also prepare the way for an improvement in which will not be needed for the original the condition of private enterprises. purpose of covering budget deficits. The Shortage of capital has been felt on the capital investments of the Government and Bourse, even more severely than before. the expenditure on public works to be carried Very little business has been done and prices out by the municipalities will probably not have declined. have their full effect until the spring of the An event of the first importance to the present year; but they should result in a further economic life of the country was the introstrengthening of our economic position and in a duction during the past year of a Governconsequent improvement of our balance of ment measure intended to insure that balance payments. sheets reflect accurately the true condition of At the beginning of the business year now affairs. It is equally important that the under review the prospects of private enter- question of valorization or reconversion into prises in this country did not seem particularly gold values should be settled. bright, on account of the unfavorable harvest The situation described above dictated the of 1924. But during the spring the condition credit policy which we had to pursue. We of the new crops steadily improved and the had to use every means at our disposal to general temper of the country became more overcome as far as possible the obstacles confident. The summer fully justified the placed in the way *of production by adverse hopes which had been entertained for the credit conditions, and to enable the producer harvest of 1925. The harvests of the principal to obtain credit at a rate of interest not beyond cereals yielded nearly 9,000,000 quintals more his capacity. The attainment of this object than in the previous year, and there was a was rendered possible by the fact that the proportionately large increase in the yield of volume of discounted bills in the portfolio of the other chief agricultural products. But the the bank, after shrinking as usual at the beadvantages of a large crop were counter- ginning of the year, expanded again only very balanced by a considerable decline in price, slightly during the last six months of the year. and the protective duties imposed by those At the end of 1924 our discounts amounted States which are the natural markets for to 1,976,000,000,000 crowns. There followed Hungarian flour and Hungarian wheat placed a gradual decline to 1,326,000,000,000 in the formidable obstacles in tne way of the free middle of June. But the expansion which Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

430 FEDERAL RESERVE BULLETIN JUNE, 1926 came as expected during the autumn was far that the quality of the bills brought to the smaller than had been anticipated, partly be- bank for discount might deteriorate. Partly cause there were delays and interruptions in to guard against these disadvantages, and the marketing of the harvest, and partly on partly to insure that the whole field of proaccount of the foreign credits which were duction should reap the benefit of cheapened placed at the disposal of the mills. The highest credit, the board of directors reduced the bank point was reached at the end of September, rate as from October 22 to 7 per cent. when the value of our portfolio amounted to The endeavors of the bank to lead back the 1,734,000,000,000 crowns. During the month credit life of the country into normal channels of October there was a considerable reduction, were not confined to the reduction of the official and since then the total of domestic bills dis- rate. The difficulties standing in the way of counted has varied from 1,500,000,000,000 production were particularly evident in the to 1,700,000,000,000 crowns. Provinces, and we therefore tried through our This circumstance, combined with the in- branches to make arrangements for the standcrease in metal reserves, which continued with ardization of interest rates on a lower level in only slight interruptions throughout the year, the various provincial markets. These arthe gradual decline of commodity prices, and rangements immediately resulted in a subthe situation on the money market, established stantial improvement. the conditions under which it became possible In spite of the difficulties and complaints progressively to reduce the bank rate. This voiced by producers, there is no mistaking the was done in three stages during the course of favorable tendency of monetary conditions. the year. At the beginning of the year first-grade bills The first opportunity presented itself in the could only be placed at a rate of interest in the month of March when the rate stood at 12^ neighborhood of 20 per cent. In the last per cent. Money appeared to be easy, though month of the year the rate had fallen to 9 or 10 not in all the various branches of the market, per cent. The reduction of provincial discount and short credits were being freely offered. rates is not less striking. Both the influx of Although this abundance of funds was in any foreign capital and the accumulation of capital case only relative and was to some extent il- at home have contributed to this result. It is lusory, being due to the caution inspired by a worth remarking that in the course of the year general lack of confidence, and by the uncer- there has been an increase of 94 per cent in the tainty which results from economic stagnation, amount of savings and current account dethe board of directors felt justified in reducing posits. the bank rate, though for the time being only A reduction in open-market rates of interest slightly, to 11 per cent. When it was seen that amounting to 50 per cent of the rates in force this reduction Jiad no unfavorable influence on a year ago must certainly be described as a the reserve position of the bank, while in con- gratifying result. But at the same time, if sequence of the corresponding reduction of we look at the absolute level of interest rates, open-market rates of interest it was definitely we shall be compelled to admit that there is of advantage to production, a further reduc- justification for the complaints which come tion of 2 per cent was made on May 28 to 9 from agriculture, industry, and commerce. per cent. Yet another reduction was made in The high rates which still prevail undoubtedly October. At that time it had become clear involve a serious burden on producers, and one that the marketing of the harvest would not of the most important problems for the ecoresult in any great expansion of the bank's nomic life of Hungary is to devise means for portfolio of discounted bills. This fact, and further necessary reductions in the general more especially the unusual fall in discounts level of interest rates. If is true that there during the month of October, suggested that are serious obstacles in the way. Some of there must be other influences at work besides them arise from the exaggerated demands of the general economic depression and the de- savings depositors who have been encouraged layed marketing of the harvest to reduce our by inflation to expect high rates. Others are stock of bills to such a remarkably low level. the result of an unduly expanded credit or- The primary cause appeared to be the extensive ganization, the expenses of which are out of all use of short credit offered and supplied by for- proportion to the relatively insignificant capital eign capital. There was also some danger that brought into use. All these things must be the bank rate might lose any effective connec- adjusted and proper proportions restored. We tion with the credit life of the country, and can not afford to wait until the slow processes Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 431 of capital accumulation have achieved the de- tions, which is one of the most effective means sired result. It is necessary that there should of promoting a sounder and healthier developbe a reasonable increase ija share capital, and ment of credit conditions. also some amalgamation of existing institu- ANNUAL REPORT OF THE NATIONAL BANK OF THE KINGDOM OF SERBS, CROATS, AND SLOVENES The annual report of the National Bank of the amount of which is not included in the the Kingdom of Serbs, Croats, and Slovenes report of the circulation issued weekly. We for 1925 contains the following summary of the may state that all notes which the bank issues, bank's operations and activities, and of the whether for its own or for State business, are economic situation of the country. included in the circulation as regularly an- Business with the State.—During the past nounced. year the State has incurred no new debts The rate of interest.—The discount rate of at the national bank and has floated no new the bank remained steady at 6 per cent, while foreign loans. The State debt to the bank the rate on secured loans was 8 per cent. remains, therefore, unchanged at 2,96.6,000,000 The private discount rate remained high, dinars. The repayment of this debt is closely although not nearly so high as in the prebound up with the revaluation of the dinar, ceding year, and varied between 8 and 16 which has not yet been undertaken. There per cent. Money is especially dear outside has been some steady improvement in State the large centers. This is due, not to money finances, but it is useless to attempt the stabili- scarcity, for there is certainly a sufficient supzation of the value of the dinar until the ply, but to high taxes, the high cost of living, finances of the State are in order. high running expenses, and the uncertainty of Movement of the dinar.—There has been a business. In 1924 the national bank took gradual rise in the value of the dinar during measures to fix the private rate of interest by the past two years. To avoid a speculative agreements among the commercial banks. This rise, the bank undertook the purchase of all policy was successful; competition for savings bills which came on the market and tended deposits was reduced to a minimum, which to push up the value of the dinar. It suc- allowed the banks to decrease their interest ceeded in checking the rise and in stabilizing charges on loans. A general reduction in money the dinar by the end of the year. rates can come about only from a uniform The bank's check policy.—Business in checks system of State and local taxation throughis steadily becoming a more important part out the kingdom and from lowered costs of of the bank's work; thus the bank is becoming living. a more powerful factor in determining the The corn yield.—The corn yield was better rate of the dinar and its stabilization. By than the previous year, both as regards agreement with the minister of finance the quantity and quality. The area sown was bank bought with its bank notes a third of greater and the yield was higher. But in all the export bills, and having received the spite of this the year saw no greater income equivalent of the bills in dinars, used the than in 1924. Prices for agricultural prodbills for State payments abroad or turned ucts were low because of large crops throughout them over to the ministry of finance for State the world. Exports of wheat, flour, prunes, payments at home, while the surplus was sold hops, and tobacco increased consider ably, while on the exchange. To maintain the value of exports of cattle and stock-raising products the dinar, bills were sold when there was a declined. Export business was fairly good, great demand for them; and bills were bought but import trade encountered many diffiand dinars were put into circulation when culties. Prices were high as a result of the high the supply of bills was large, especially during customs duties. Sales of commodities were the export season. This policy of stabiliza- reduced among the general public because tion was successful, owing to the fund of bills the price of agricultural products was low on which has been created in the course of the last the world market while prices for manufacfew years. tured goods were rising. Thus, there is a Mention must be made of the inaccurate large surplus of goods on hand for 1926, and and malicious rumor that the national bank goods will not be ordered in as large quantities buys bills with some reserve notes of its own, as formerly. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

432 FEDERAL RESERVE BULLETIN JUNE, 1926 The balance of payments.—Up to the present case bad days should come again. This retime our balance of payments has been and still acted very unfavorably on economic progress is constantly unfavorable. Much work and and work in general. If new business were lasting tranquillity will be necessary if this undertaken at all conditions were made very balance is to be made favorable. Our young hard. Requirements for trade and industry industries are having many difficulties in main- are usually for longer than three months, but taining themselves against foreign competition money for the longer period was almost imfrom the older European industries with their possible to obtain. long experience, large capital, and skilled The greater liquidity of the portfolio of the technical workers. At present the textile national bank made it possible to grant new industry is the best protected and most suc- credits. By June of last year the bank had cessful industry in the country. The brewing already granted to exporters and those preindustry is working profitably. The milling paring to export, credits to the amount of industry scarcely maintains itself. Sugar 374,775,000 dinars. When granting seasonal manufacturing has had a serious crisis result- credits the management sent a circular letter ing from the fall of sugar prices throughout to all its branches explaining the aim of such the world. The small iron industry which grants, namely, to place at the disposal of the exists is struggling against almost unsurmount- commercial world for the summer and autumn able difficulties, as are also the paper in- seasons, in addition to the regular credits, supdustry and some others. Generally speaking plementary sums to be used exclusively for the the great needs of industry are credit and work of selection, preparation, and export of State protection. home products. The money market and credit.—-The money Our money market is still far from being able market was characterized last year by the to supply the two great financial needs of large amount of available money. This was mortgage and industrial credit. To satisfy shown at the national bank by the amount of these needs more active work should be underits loans and current accounts. The same taken at the Bourse with securities and bonds. thing was true of the other large banks. This, however, is impossible for the present, Many of them made little use of discounts at since there is not sufficient capital; and for this the national bank and even had large amounts purpose recourse will for a long time have to standing there to their current accounts. be made to other countries. This abundance of money was created by the * * * * * increase of savings deposits, by the liquida- On December 31, 1925, the metal cover of tion of the loans of earlier years, and by the the bank amounted to 460,000,000 dinars. withdrawal of private money from various This included gold, silver, foreign money, and enterprises, either because some of these deposits abroad. Notes in circulation on the were liquidated or had failed, or because same date amounted to 6,000,000,000 dinars, private loans were concluded abroad. In giving the unsatisfactory reserve percentage of addition, large amounts were withdrawn from 7.59 metallic coyer. This, however, is reckonbusiness in bills, which was no longer profit- ing the reserve in gold values and the notes in able for the banks after the stabilization of paper values. Reducing the reserves to the the dinar. Lastly, export trade needed less corresponding paper values raises the gold money because of the fall in the price of home holdings from 76,000,000 dinars to 825,000,000 products. dinars and the total reserve to 2,111,000,000 Nevertheless the credit crisis described in the dinars. Computed thus the metal cover is over report for 1924 was not remedied by the 34 per cent. Adding to this other foreign money abundance of 1925. There was a con- holdings in dollars, pounds, and Swiss francs, stant lack of capital for long-term business. the percentage rises to over 40 per cent. This The banks, having succeeded in making their shows that the bank could, without foreign funds liquid, were reluctant to undertake new help, stabilize the dinar, effect its devaluation, business, and preferred to save their money in and introduce a quasi-gold standard. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 433 INTERNATIONAL TRADE OF SELECTED COUNTRIES IN 1925 AND 1924 The international trade of the world in. 1925, ports of almost all countries increased subas indicated by figures for 19 countries, was stantially but for the larger countries of the more than 12 per cent larger than in 1924. Western Hemisphere, including the United In the accompanying table figures for each Kingdom, Germany, the United States, and year are given in dollars, which represent for Italy, the larger increase was on the import each country the volume of its exports and side. The increase in exports was greatest imports as reported in terms of its domestic cur- for Germany, where it exceeded $500,000,000, rency and reduced to dollar values on the basis an increase of 34 per cent. Both England and of the average rate of exchange for the year. the United States increased their total exports The total international trade of these coun- by the same amount, about $320,000,000, and tries, including both exports and imports, ex- by about the same percentage, although the ceeded $46,500,000,000 in 1925, an increase of total exports of the United States remained more than $5,000,000,000 over the preceding slightly larger than those of the United year. That the increase was widespread is Kingdom. shown by the fact that all countries on the The larger increase in imports than in exlist except two had a larger total foreign trade Sorts for the United States and for leading last year than the year before, and for more luropean countries, taken as a group, reflects than half of these countries the increase ex- in part the large increase in exports of nonceeded 10 per cent. The increase was pro- European countries, especially Canada, India, portionally largest for Germany, where it and Japan. Increased exports from Canada amounted to about 38 per cent, but it equaled and India partially account for the movement or exceeded 12 per cent in Canada, Denmark, of gold to those two countries in the course of Finland, Hungary, India, Italy, and Norway. the year. The largest absolute amount of increase was Figures available for the early months of also for Germany, where it amounted to 1926, some of which are given on page 438 of nearly $1,500,000,000, with the increase for this issue of the BULLETIN, indicate that the the United Kingdom exceeding $1,000,000,000 total foreign trade in these countries in the and that for the United States more than first quarter was smaller than during the $900,000,000. Both the exports and the im- corresponding quarter of 1925. INTERNATIONAL TRADE OF SELECTED COUNTRIES [Amounts in millions of dollars] Increase (+) or Percentage increase (+) Volume of foreign trade decrease (—) or decrease (—) Country Total Imports Exports Total p I o m rt - s p E o x rt - s Total p I o m rt - s p E o x rt - s 1925 1924 1925 1924 1925 1924 Belgium 1,539 1,463 847 816 692 647 +76 +31 +45 +5.2 +3.8 +7.0 Canada... _ 2,173 1,855 890 798 1,283 1,057 +318 +92 +226 +17.1 +11.5 +21.4 Czechoslovakia __ _ 1,080 972 522 469 558 503 +108 +53 • +55+11.1 +11. 3 +10.9 Denmark 858 756 443 396 415 360 +102 +47 +55 +13.5 +11. 9 +15.3 Finland _ _ __ 279 243 139 118 140 125 +36 +21 +15 +14. 8 +17.8 +12.0 France ' _ 4,262 4,263 2,097 2,091 2,165 2,172 I +6 -.02 +.03 -.03 Germany.. 5,233 3, 781 3,129 2,213 2,104 1,568 +1,452 +916 +536 +38. 4 +41.4 +34.2 Hungary _. _ _ 292 258 150 142 142 116 +34 +8 +26 +13.2 +5.6 +22.4 India - « 2,296 1,991 820 775 1,476 1,216 +305 +45 +260 +15.3 +5.8 +21.4 Irish Free State _ _ 459 513 269 292 190 221 -54 -23 -31 -10.5 -7.9 -14.0 Italy...... _____ __, ___ 1, 767 1, 469 1,040 845 727 624 +298 +195 -103 +18.3 +23.1 +16.5 Japan. 1,924 1,754 869 1,010 1,055 744 +170 -141 +311 +9.7 -13. 9 +41.8 Netherlands 1,712 1, 538 986 903 726 635 +174 +83 +91 +13.3 +9; 2 +14.3 Norway 438 364 251 216 186 148 +74 +35 +39 +20.3 +16.2 +26.4 Poland _ _ _. . __ 544 529 296 285 248 244 +15 +11 +4 +2.8 +3.9 +1.6 Sweden . . 750 712 386 378 364 334 +38 +8 +30 +5.3 +2.1 +9.0 Switzerland 903 833 509 456 394 377 +70 +53 +17 +8.4 +11.6 +4.5 United Kingdom _ __. _ __ 10,865 9, 797 6,389 5,641 4,476 4,156 +1, 068 +748 +320 +10.9 +13.3 +7.7 United States.... 9,137 8,201 4,227 3,610 4,910 4,591 +936 +617 +319 +H.4 +17.1 +6.9 Total... _--- - 46, 511 41,292 +5,209 +12.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

434 FEDERAL RESERVE BULLETIN JUNE, 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 pounds sterling] [Millions of reichsmarks] 1926 1925 1926 1925 April March] April April March Fe a b ry ru- April Bank of England: Reichsbank: Issue department— Gold at home 1,231 1,228 1,192 Gold coin and bullion ____ 145 145 143 154 Gold abroad _ 260 263 190 118 Notes issued __ 165 165 163 174 Reserves in foreign exchange 391 481 ,461 338 Banking department— Bills of exchange and checks _ 1,214 1,216 1,346 1,496 Gold and silver coin 1 1 1 2 Miscellaneous assets. __.___. 873 923 783 1,123 Bank notes..__ 24 22 22 25 Deposits.... 607 625 586 706 Government securities 39 37 38 37 Reichsmarks in circulation 3, 086 3,160 2,822 2,452 Other securities 68 87 79 76 Rentenrnarks in circulation 1,556 1,573 1,587 1,896 Public deposits 19 35 16 17 Reichsbank clearings 4,411 3,886 4,165 Other deposits _ __ 94 106 105 6 Berlin banks:1 Ratio of gold and note re- Cash 109 104 serve to deposit liabilities Bills 1,243 1,010 (per cent).._ 21.8 18.5 18.9 22.1 Due from other banks 631 658 Bank notes in circulation *_ _____ 85 87 85 94 Miscellaneous loans ___ 2,400 2,101 Currency notes and certificates, 294 295 284 290 Deposits..—.—_— 4,530 3,943 Nine London clearing banks: Index of security prices (Jan. 2,1925= Money at call and short notice... 116 110 110 112 100) (per cent) 82. 22 81.40 72.61 95.54 I D n i v sc e o st u m nt e s n a ts n . d advances 1,0 2 6 4 2 5 1,0 2 6 4 4 7 1,0 2 7 5 3 5 1,0 2 3 7 9 8 Capital issues.—. 55 28 20 24 Total deposits ____________ 1,590 1,588 1,606 1,606 Total clearings 3,308 3,491 3,140 3,295 1 Bimonthly statements. Government floating debt: ITALY Total 710 704 729 728 Treasury bills 550 565 582 563 [Millions of lire] Temporary advances 160 139 147 165 Index of security prices (December, 1921=100) (per cent) ___ 116.2 116.0 117.6 116. 5 1926 1925 Index number of foreign exchange value of the pound sterling (per cent) 2 100.0 100.0 March Fe a b ry ru- Ja a n ry u- March 1 Notes issued, less amounts held in banking department and in curren 2 c N y e w no s te er a ie c s c . ount. Bank G s o l o d f r i e ss s u er e v : e i , . 1,134 1,134 1,134 1,132 FRANCE Total reserve 1,996 1,998 2,016 1,788 [Millions of francs] Loans and discounts 10,093 10,205 8,242 Note circulation for commerce... _11,229 11,131 11,585 10, 621 Bank of France: Note circulation for the State 7,066 7,066 7,065 7,073 Thre N W T D S B O G e i o o i o e t l a c h l v t m l t r l o d a e e e s a l r m a r . c r d . d n l e r i m v o e d e r s a a c p s e e d n n e u o r r e r s c c l v s v a p i e i e a e t t s o 1 _ s i l s o t _ b o i n t a s t . n he k s G : overnmen _ _ t _ _ . 3 5 3 2 5 2 , , , , 6 8 1 2 3 2 8 5 0 3 7 4 0 8 4 3 5 1 5 3 2 1 9 , , , , , 6 8 4 7 0 3 3 8 6 9 0 3 4 4 6 2 0 1 3 5 2 1 4 3 3 5 0 0 4 , , , , , , , 0 8 1 2 9 3 5 6 1 5 6 0 9 2 0 8 3 3 2 2 1 9 0 4 4 2 1 1 4 3 2 3 3 4 0 , , , , , , , 4 6 1 0 2 8 3 3 0 8 0 5 5 4 9 1 2 5 2 0 0 0 3 7 L I S n t e d a a e t d T L D T P C e x i a o o o n u n a o r a t t g o e s t a a f n i h t l l c f p e s s r - i e d d r o p a i i c e e s m v n a u s p p t a d u r i o o t o c i e e s s t d o n i i y i t t b r _ s s s s r p a c e r n o s i p k u ce o n s s : n ts d ( e p n e t r s • c _ ent) 1 2 4 2 9 1 3 , , , , , , 1 0 1 6 6 3 2 6 0 1 0 7 9 0 3 1 4 4 0 4 3 4 4 8 1 2 9 4 2 3 , , , , , 0 2 4 1 3 5 1 9 7 7 0 9 9 6 8 0 2 0 3 4 8 1 2 4 2 9 3 , , , , , 3 1 1 3 2 9 2 5 0 0 5 8 6 0 9 6 2 0 5 8 3 5 3 8 1 2 9 4 3 2 1 , , , , , , 4 2 0 3 6 2 3 7 3 2 0 3 6 2 0 4 2 5 2 7 3 0 5 9 Clearings, daily average of Paris . banks ._. 1,784 1 1, 758 1, 574 1,116 Price of 3 per cent perpetual rente 47.25 47.02 49.00 45.00 i Not including gold held abroad. JAPAN 1 N ot in clu din g gold held abroa d. [Millions of yen] CANADA [Millions of dollars] 1926 1925 1926 1925 Febru- March Febru- Janu- March April March ary April ary ary Cha N M P C G rt u u o e o o b r r t l n e e d r li e e d c c c n y i o b t a r a i c a n l n t o u n d a c l a k a a n r n s t a l s i : d l o i l a a n w b n n u a d d l y l d s i s o h is e n o c c r l o u t u r n i n t o i t _ e s t s ic . e... 1,1 3 5 1 7 6 7 7 6 1 1 7 5 4 1,1 3 5 1 2 6 9 6 6 3 1 6 4 4 1,1 3 5 1 2 6 7 6 6 3 2 7 3 1 1,1 3 5 1 4 6 5 1 5 0 9 2 6 8 Ban A A T G k o d d o o t v l v f a d N a a l J n n a o a n c c t t p o e e e h a t s s s e o n a o i m : s a n n s n e d u d f e o a d d r n d i e s e d i c g p o a n o u b s b n i r t i t o l s l l a i s a d b .. i . l _ it _ i _ e _ _ s _ . . : 1 1 1 , , , 9 2 0 3 6 3 5 6 7 6 6 8 0 0 1 1 1 , , , 0 9 1 2 5 7 8 9 9 7 7 1 9 9 2 1 1 , , , 0 2 0 3 1 5 9 6 3 4 7 3 2 0 7 1 1 1 , , , 0 9 1 2 5 2 6 4 6 9 9 8 7 8 Gold In r d e i s v e i r d v u e a a l g d a e in p s o t s i D ts o minion n _ o : tes. 2, 2 9 3 5 1 . 2 ,1 1 6 2 6 1 2,1 1 6 2 8 7 2,1 1 4 2 7 0 Tokyo ' b T a o n t k a s l : deposits 730 796 769 761 B D B a a o n n m k k i n d c i l e o e b n a i r t n i s n o 2 g te s2 circulation . 2 1 , , 3 3 1 4 0 8 8 9 3 2 1 , ,2 1 1 4 3 9 2 2 7 2 1 , ,3 3 2 3 6 1 1 8 4 2 1 , ,1 0 2 9 0 0 5 5 7 T T C o o as t t a a h l l o l d o n e a p n h o a s s n it d s . 2 1 , ,9 4 1 2 6 2 6 8 7 2 1 , ,9 4 1 3 4 1 6 5 2 2 1 , ,9 4 1 5 4 1 9 9 6 2 1 , ,9 4 3 3 1 4 2 1 3 Total clearings _____ 3,440 3,295 3,246 2,870 1 Not including gold held abroad. 2 Total for month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDEKAIi RESERVE BULLETIN 435 CONDITION OF CENTRAL BANES'IN OTHER COUNTRIES 1926 1925 1926 1925 April March Fe a b ry ru- April April March Fe a b ry ru- April Austrian National Bank (millions National Bank of Greece (millions of schillings): of drachmae): Gold 15 15 15 11 Gold and balances abroad _. 1,794 "2,050 2,550 Total principal earning assets...- 840 825 838 810 Government loans and securities.. 3,730 3,730 3,810 Foreign bills ' 558 550 541 495 Discounts and loans__ _ . 3,209 3,216 3,062 Domestic bills 99 92 111 106 Total note and deposit liabilities 8,231 8,362 8,817 Treasury bills 183 183 186 209 Note circulation... 4,231 4,257 5,241 Total note and deposit liabilities. 857 842 840 822 Total deposits _ 4,000 4,105 3,576 Notes _____ . _ 830 816 812 798 Deposits __ 27 26 28 24 National Bank of Hungary (millions of pengos): National Bank of Belgium (mil- Gold 89 85 76 52 lions of francs): Foreign bills, etc 153 154 173 167 Gold - — 274 274 274 272 Loans and discounts. . 168 139 149 119 Foreign bills and balances Advances to Treasury... 152 154 154 158 abroad 30 30 30 30 Other assets- 254 263 275 291 Domestic bills 1,479 1,306 984 1,374 Note circulation 411 380 394 362 Loans to State 5,200 5,200 5, 200 5', 200 Deposits.. 184 189 207 198 Total notes and deposits.'._ __ 8,282 7,868 7, 577 7,902 Miscellaneous liabilities. 191 196 199 199 Notes 7,924 7,^495 7,415 7,665 Deposits _ 358 373 162 237 Bank ol Java (millions of florins): Gold 200 202 203 134 National Bank of Smlgana (mil- Total principal earning assets __ .. 73 . 71 83 79 lions of leva): Foreign bills. _. 21 20 20 18 Gold _—_ 42 42 40 Loans and discbunts 52 51 63 61 Total principal earning assets 7,208 7,157 7,349 Total note and deposit liabilities.. 380 382 402 323 Foreign bills etc 429 441 759 Notes 334 328 338 276 Domestic loans and discounts. 1,229 1,216 1,158 Deposits 46 54 64 47 Advances to State __ ___ 5,550 5, 500 5,432 Total notes and deposits 6,342 6,357 6,397 Bank of Latvia (millions of lats): Notes 3,466 3,410 4,171 Gold.. 24 24 24 24 Deposits --__ -.- 2,876 2,947 2,226 Foreign exchange reserve 38 34 31 36 Bills. 68 70 65 52 Czechoslovak If aiional Bank (mil- Loans 51 51 51 53 lions of Czechoslovak crowns): Note circulation 30 30 29 30 Gold and silver 1,072 Government deposits . 85 79 78 82 Balances abroad and foreign cur- Other deposits 54 54 50 44 rency - - 1,177 Loans and advances 202 Bank of Lithuania (millions of Assets of Banking Oflice in liqui- litas): dation 701 Gold ____ 30 30 30 33 Note circulation 7,024 Total principal earning assets 81 86 79 87 Deposits---- ----- 886 Foreign bills 34 38 30 48 Loans and discounts 47 48 49 39 Bank of Danzig (millions of Danzig Total notes and deposits 108 113 107 120 gulden): Notes.. . 87 90 82 89 Balances with Bank of England- 17 18 16 13 Deposits 21 23 25 31 Total principal earning assets 33 34 34 32 Foreign bills, etc 19 19 19 15 Netherlands Bank (millions of Loans and discounts___ 14 15 15 17 florins): Total note and deposit liabilities. 36 37 36 35 Gold _____ _____ 428 429 432 479 Notes' 33 34 32 30 Total principal earning assets 399 386 406 395 Deposits .... 3 3 4 5 Foreign bills _ 184 177 203 147 Loans and discounts 215 209 203 248 National Bank of Denmark (mil- Total note and deposit liabilities _ 857 856 895 936 lions of kroner): Notes 817 821 818 896 T G o o t l a d l principal earning assets.... 2 2 2 0 1 9 , 2 2 0 0 5 9 2 2 0 0 3 9 2 31 0 9 9 Deposits 40 35 77 40 L Fo o r a e n i s g n a n b d i ll d s i , s c e o tc unts___ 1 4 6 6 2 13 6 0 0 11 7 0 8 23 4 9 4 Bank of Norway (millions of kro- Advances to State _____ 13 15 15 36 ner): Total note and deposit liabilities- 437 447 441 495 Gold 147 147 147 147 Notes 411 411 399 465 Total principal earning assets 370 383 376 407 Deposits _ 26 36 42 30 Foreign exchange 87 87 90 57 Domestic credits 283 296 286 350 Bank of Finland (millions of Finn- Total note and deposit liabilities. 474 487 478 490 ish marks): Notes 343 350 330 380 Gold --— ----- 331 332 332 332 Deposits _-_-. ______ 131 137 148 110 Balances abroad and foreign credits 1,073 1,182 1, 227 1,132 Beserve Bank of Peru (millions of Foreign bills - 59 65 80 libras): Domestic bills 532 551 «509 532 Gold at home 3,906 4,010 4,047 4,025 State debts - 262 262 262 401 Gold abroad 701 728 759 979 Total notes and demand liabilities. 1,830 1,968 1,994 1,999 Bills 2,871 2,515 2,565 1,725 Note circulation 1,362 1,386 1,350 1,382 Note circulation 6,452 6,375 6,473 5,916 D emand liabilities 468 582 644 617 Deposits _ 1,032 823 752 810 98738—26 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

36 FEDERAL RESERVE BULLETIN JUNE, 1926 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued 1926 1925 1926 1925 April March Fe a b ry ru- April April March Fe a b r r y u- April Bank of Poland (millions of zlote): South African Reserve Bank Gold 134 134 134 117 (thousands of pounds sterling): Foreign exchange, etc 51 49 60 216 Gold 9,391 7,751 8,116 11,901 Loans and discounts 354 369 367 333 Total principal earning assets 5,355 6,515 7,413 5,124 Note circulation _ „__ 393 389 377 567 Foreign bills 4,142 5*, 412 5,587 4,77a Current accounts— Domestic bills 1,213 1,103 1,825 351 Private _. _. 87 79 88 62 Total note and deposit liabilities. 13,145 13,703 14,315 15, 726 Treasury . 10 Notes — 7,344 7,526 8,194 10,699 Liabilities in foreign currency 62 62 64 11 Deposits 5,801 6,177 6,121 5,027 Bank of Portugal (millions of es- Bank of Spain (millions of pesetas): cudos): Gold — 2,537 2,537 2,537 2,536 Gold 9 9 9 Balances abroad. .. 31 30 29 31 Balances abroad 391 368 246 Bills discounted 784 703 779 862 Bills .. . . _ -- 151 138 164 Note circulation 4,336 4,331 4,373 4,364 Note circulation 1,842 1,799 1,671 peposits 1,041 1,118 1,295 1,119 Deposits ___ 70 70 81 Bank of Sweden (millions of kroner): National Bank of Rumania (mil- Gold ....— — 229 230 230 23S lions of lei): Total principal earning assets 471 492 476 569 Gold 568 568 568 563 Foreign bills, etc .... 174 180 124 Bills 8,162 8,249 8,199 7,355 Domestic credits __ 297 312 445 17,043 17,013 17,013 16,724 Total note and deposit liabilities. 642 668 652 748 Note circulation 20,777 20,343 19,989 19,089 Notes 498 527 489 493 Deposits 8,086 8,086 8,784 . 7,765 Deposits 144 141 163 255 State Bank of Russia (note-issuing Swiss National Bank (millions of department; thousands of cher- francs): vontsi): Gold 418 418 427 480 Gold 14,657 14,751 15,335 17,994 Total principal earning assets 399 398 385 369 Foreign currency - 4,998 5,043 4,981 4,689 Total note and deposit liabilities . 877 878 906 Loans and discounts 55,112 54,980 54,114 36,319 Notes „__ 797 808 775 830 Banknotes 73,463 72,409 75,892 60,439 Deposits . 80 70 94 76 National Bank of the Kingdom of Serbs, Croats, and Slovenes (millions of dinars): Gold 79 78 77 72 Foreign bills . . .. _ - _ 334 347 353 352 Loans and discounts 1,376 1,323 1,330 1,264 Advances to State 2,966 2,966 2,966 2,966 Totalnoteand deposit liabilities. 6,281 6,299 6,228 6,263 Note circulation 5,767 5,683 5,718 5,671 Deposits..-. 514 616 510 592 DISCOUNT RATES OF 31 CENTRAL BANKS [Prevailing rates, with date of last change] Country Bate I s n in e c f e f — ect Country Bate I s n in e c f e f — ect Country Bate I s n in e c f e f — ect Country Rate I s n in e c f e f — ect Austria Mar. 31,1926 Esthonia 10 July 1,1925 Japan... 7.3 Apr. 15,1925 Portugal.— 9 Sept. 12,192$ Belgium. Apr. 23,1926 Finland 7H Oct. 29,1925 Java 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria. 10 Aug. 31,1924 France 6 July 9,1925 Latvia-..L_. 8 Feb. 16,1924 Russia-..— 8 Apr. —,1924 Czechoslo- Germany 6H June 7,1926 Lithuania... k Feb. 1,1925 South Africa Nov. 21,1924 vakia 6 Jan. 13,1926 Greece 10 Aug. 18,1925 Netherlands Oct. 2,1925 Spain. Mar. 23,192a Danzig. b May 11,1926 Hungary. 7 Oct. 21,1925 Norway Apr. 20,1926 Sweden..... Oct. 9,1925 Denmark Sept. 8,1925 India 5 May 20,1926 Peru Apr. 1,1923 Switzerland. Oct. 22,1925 England — Dec. 3,1925 Italy 7 June 18,1925 Poland...... 6 Aug. 12,1925 Yugoslavia.. 6 June 23,1922 12 Change: Bank of Danzig from 8 to 7 per cent on May 11,1926; Bank of India from 6 to 5 per cent on May 20,1926; German Reichsbank f rom 7 to 6H per cent on June 7,1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

437 JUNE, 1926 FEDERAL RESERVE BXTM.EIIK FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES—Continued [Thousands of dollars] [Thousands of dollars] 12 months ended 1926 12 mo A n p t r h i s l— ended 1926 April— April March 1926 1925 April March 1926 1925 Canada (thousand dollars): IMPORTS Imports _ 67,801 100; 855 936,020 795,835 Exports 60,915 113,966 1,328,743 1,092,553: By classes of commodities: Japan (million yen): Total 397,964 443,0984,461,541 3,748,383 Imports _. 235 287 2,454 2,480 Exports ________ 161 188 2,384 1919 Crude materials * _164,800 198,3511,921,309 1,379,623 Foodstuffs, crude, and food animals 47,122 51,102 521,580 453,574 12 months ended Manufactured foodstuffs 39,249 40,153 410,043 466,102 1926 March— Semimanufactures 70,610 74,697 784,587 682,706 By c F o i u n n is t h ri e e d s : manufactures 76,182 78,795 824,870 766,378 March Fe a b ry ru- 1926 1925 Total Europe _..104,808 117,119 1,260,191 1,153,972 France _. 11,648 14,456 153,660 152,117 Germany L. 17,101 18,383 184,238 144,346 Belgium (million francs): Italy ________ 7,639 8,957 97,905 87,067 Imports __... 1,902 1,356 18,248 17,523 United Kingdom —. 33,271 37,126 414,318 384,294 Exports 1,477 1,103 14,571 14,129 Total North America.. 90,929 97,536 984,188 958,414 Denmark (million kroner): Canada... 38,434 40, 382 472,130 399,572 Imports...__.__—_ 143 134 1,917 2,439 Total South America. _ 51,247 63,613 548,388 503,376 Exports.... 143 124 1,809 2,212 Argentina _ 8,027 12,677 81,283 Czechoslovakia (million crowns): Total Asia and Oceania 139,864 153,235 1, 567,800 1,051,589 Imports..__ 1,531 1,281 17,336 16,870 Japan. 22,901 406,482 344,604 Exports 1,411 1,475 18,134 18,369 Total Africa.. 11,115 11,595 81,032 Esthonia (million Esthonian marks): EXPORTS Imports.. 9,432 8,665 Exports... _. , 683 9,618 8,571 By classes of commodities: Finland (million finmarks): Total 387,871 374,420 4,753,168 4,812,365 Imports.... 273 5,450 4,800 Exports 229 181 5,485 5,180 Crude materials * 80,506 83,031 1,288,767 1,422,518 Hungary (thousand gold crowns): Foodstuffs, crude, and food Imports 70,568 62,702 746,400 759,300 animals _ 14,595 15,596 258,798 453,288 Exports 49,110 50,293 725,700 594,100 Manufactured foodstuffs 38,170 40,526 546,407 564,728 Italy (million lire): Semimanufactures .* _ _ _57,910 53,520 642,897 636,698 Imports 2,417 2,249 26,229 21,697 Finished manufactures 188,017 172,267 1,917,853 1,647,961 Exports 1,457 1,356 18,200 15,244 Keexports 8,673 9,480 98,639 87,172 Netherlands (million guilders): By countries: Imports 212 197 2,459 2,425 Total Europe 175,732 164,373 2,364,223 2,644,108 Exports 143 130 1,780 1,709 France.... 21,924 24,000 278,124 296,552 Norway (million kroner): Germany.. 21,345 21,116 459,195 Imports 107 85 1,320 1,584 Italy...— 14,811 12,260 168,373 217,101 Exports ...._ 84 72 980 1,140 United Kingdom 70,614 67,941 972,828 1,058,974 Poland (million zloty): Total North America 99,272 100,5671,160,152 1,112,337 Imports _. 111 1,404 1,677 Canada 56,746 62,446 684,765 617,184 Exports ---_.. 133 131 1,489 1,274 Total South America™ 37,181 35,413 421,595 344,153 Russia (thousand rubles): Argentina -._. 10,878 11,878 150,054 129,493 Imports 56,992 53,600 776,447 Total Asia and Oceania 66,460 65,826 714,010 Exports _ 57,404 43,180 583,127 Japan 21,000 22,323 236,688 226,175 Sweden (million kroner): Total Africa _ 9,226 8,242 93,464 74,438 Imports . ,— 129 1,449 1,463 Exports 90 78 1,366 1,298 Switzerland (million francs): Imports ._ ... 209 200 2,601 2,560 FOREIGN COUNTRIES Exports 160 144 1,963 2,034 Australia (thousand £ sterling): Imports _.. ... 14,465 11,404 155,695 151,315 France (million francs): Exports..—..... .... 13,844 15,957 150,115 146,272: I E m xp p o o r r t t s s .... — — 4 5 , , 3 0 5 2 3 0 4 5 , , 9 0 6 9 0 5 4 5 8 0 , , 5 92 6 3 2 40,920 E p g o y I u m p n t p d s o ( ) t r : h ts o . u . s .— and .. .. E gyp _ t — ian 4,530 4,162 57,774 52,814 Germany (million gold marls): Exports..—. _ 4,199 4,897 51,683 08,158. Imports... _ __ 729 687 11,353 11,168 India (million rupees): Exports ———... 782 927 9,423 7,460 Imports.-..—... .— 223 180 2,261 United Kingdom (thousand £ Exports.,;—— — 379 351 3,854 sterling): South Africa (thousand £ ster- Imports—..——^..-. 102,492 106,864 1,284,447 1,352,010 ling): Exports. ..— -..— 52,749 66,400 745,868 814,348 Imports .— 6,643 6,363 70,307 67,539 Reexports.———.— 11,264 12,086 150,374 141,307 Exports—.— —_. 5,014 5,167 81,187 73,326 1 Includes miscellaneous. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

438 FEDERAL RESERVE BULLETIN JUNE, 1926 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND UNEMPLOY- PRODUCTION TRANSPORTATION MENT Raw iotton, Iron British Caapi- Goal i P ro ig n C s r t u ee d l e i s F s t h i e n e e d - l vi s p s u l i p y b - 2 le m t u s a u t f n e a r a e e d n c s l - - Coal m t u C u t f o a r a o n e n c t- s - - R c to o a n t w - R w a o w ol h R w id a e w e t s 3 c w l a e r i a g t r h o ed t F r r a e i i n g r h a r t i e - l - w F a r t y e r s a ig in ht- A u t i r n s m a i t d o s o e n n ^ - - g i A t n ra m s d u o e r n e s d g tal ceipts traffic Thousand long tons Thous. lo T n h g o t u o s n . s s M l q io . i y n l- d M po i u ll n io d n s p T o h u o n u d s s . T t h o o n u s s T £ h li s o n t u g er s - . M m to i i l n l l e io s n Per cent T £ l h i s n o te g u r s - . 1925 First quarter__ 67,735 1,724 1,942 1,675 1,260 936 13,1021,253 235 30, 54115,215 26, 620 4,700 9.1 11. 2 108,301 1926 First quarter.. 68,430 1,604 2,128 1,114 1,083 13,1911,13: 482 290 33,603 15,222 10.4 10.5 78,108 1925 January... 25,392 575 605 567 1,261 325 4,366 406 297 8,472 5,360 8,925 1,621 9.0 11.2 49,192 February 21, 387• 542 652 527 1,324 299 4,344 426 202 8,625 4,765 8,4Q8 1,530 9.4 11.3 35, 731 March 20, 956 608 685 581 1,260 312 4,392 421 166 13,444 5,090 9,287 1,549 9.0 11.1 23,378 ApriL_—____ 18,328 570 598 498 1,201 297 4,360 337 146 10,285 4,983 8,338 1,474 9.4 10.9 21, 266 May -I124,595 575 652 566 1,069 322 4,652 375 96 13,422 5,415 8,600 1,512 10.1 10.9 49, 758 June 16,171 510 585 497 940 276 3,734 342 69 13,522 5,065 8,000 1,370 12.3 11.9 27, 897 July--. 18,908 493 590 532 784 307 4,442 375 63 11,691 5,645 9,284 1,665 11.2 11. 18,576 August _- 20,174 445 477 440 288 3,272 348 66 10,476 4,809 7,588 1,339 11.4 12.1 2,650 September.— 17,207 449 640 556 273 3,902 364 80 11,281 5,234 8,714 1,489 11.4 12.0 33, 664 October...— 23,679 474 652 564 871 369 4,382 371 181 8, 935 5,727 9,217 1,610 11.3 11.4 26,362 November _ __ 19,718 494 654 553 1,091 322 329 237 11, 884 5,113 8,805 1,524 11.0 11.0 31,874 December.... 20,157 503 607 552 1,243 341 4,632 386 287 10,755 5,082 8,625 1,570 11.0 10.5 24,240 1926 January. __.__. 25,474 534 640 555 1,181 337 4,148' 360 194 107 12,412 5,143 8,724 1, 601 10.6 11.1 29,236 February 21,602 502 704 583 1,186 339 4,-340 370 149 103 11,417 4,796 10.4 10.5 26,617 March 2.1,353 569 784 1,114 407 4,703 407 139 81 9,774 5,283 10.1 9.8 22, 255 April .... 19,600 539 661 1,089 313 4,291 285 125 108 12,281 5,224 i Five weeks. 2 End-of-month and end-of-quarter figures. 3 Figures include Irish Free State. 4 Figures for quarters are average. FRANCE Coal i PROD i P r U o ig C n TION C s r te u e d l e s C H to o a c t v k to r e a n 2 t v P T o O E o l R X u t T a m - l S e v T o o lu ta m l e f c s o R o u t r i t m a o t I c w o M n o p n n - P - OR f s o R T u t s r i S i m a o l c w k n o p n - -f s o C u t r i m o o c a n o p l n - -c S c l w e a h a r i i g t r p T h e o s R d A F N r l S i o e c P n i a a O g g d r s R h - T t- AT o R p I f a O e w l p c N a r e y r i i n a p s i c t l s i - - r p e m U p a P c l l u e a n o a n i r e y i v i i d m s e c i d n 3 i i - - n g p D f l f o e o i n r l m y l o e m e a t d m n e ^ d n - s t Thousand metric tons T b h a o le u s s. m T e h t o ri u c s a to n n d s Metric tons T m t h o e o t n r u s i s c . T t h o o n u s s.A nu d v m a e i r b l a y g er e T fr h a o n u cs s. Number 1925 ! First auarter 15,711 : 1,995 1,784 213 7,865 11,442 109,778 1,148 4,656 7,793 62,568 2,129,596 417 9,692 1926 ! TTirQf miartpr 16,387 2,242 2,017 218 7,942 11,720 107,55] 8, 316 64,772 2,475,160 157 6,633 1925 5,392 669 608 208 2,277 3,519 43, 699 376 1,470 2,595 61, 361 689, 555 409 8, 563 February _ - 4,936 637 569 220 2,895 3,979 32,518 460 1,567 2,442 63, 352 727,161 466 9,521 March 5, 383 689 607 213 2,693 3,944 33, 561 312 1,619 2, 756 62,990 712,880 417 9, 692 April —-__. 5,020 686 587 218 2,223 3,669 31,164 451 1,219 3, 019 58,944 4920,965 370 . 8,344 May -- 4,916 706 596 191 2,429 3,819 22, 227 447 1, 469 3,404 58,946 696,115 243 6,899 June - -- 4,907 : 703 600 148 2,578 3,730 18, 297 399 1,380 3,266 59,683 729 848 171 6 932 July 4 509 724 625 106 2,442 3 709 16,827 400 1,366 3, 620 58,037 4 938, 393 111 7,178 August 4, 894 713 617 73 2,293 3,809 12, 254 473 1,481 3, 224 60,143 788,189 97 6,101 September 5,189 717 632 73 2,667 4,651 18, 477 538 1,636 3, 388 64,107 41,038,267 75 6, 338 October 5,503 739 668 93 2,453 4,643 23, 774 685 2,041 3, 413 66, 542 807, 393 78 7,070 November .. _• •- 5,168 740 647 144 2,537 3,985 31,871 834 1,596 2,902 65,957 755,764 103 7,264 December 5,207 748 659 194 2,648 4,006 64,488 797 1, 453 2,805 63, 437 4 997, 533 191 5,206 1926 January __ 5,364 763 661 229 2,271 3,629 43,424 545 1,432 2,823 60,808 774,896 252 8, 547 February 5,190 707 630 226 2,752 4,145 49,673 193 1,605 2,429 66,179 845, 890 250 7,398 April 5,833 7 76 72 8 6 7 8 2 3 6 2 2 1 1 0 8 2 2 , , 9 5 1 9 9 3 4 3 , , 1 9 8 4 3 6 3 1 0 3 , , 9 5 5 1 4 4 3 3 , , 2 0 2 6 5 4 6 67 3 , , 8 3 3 2 1 9 41, 8 0 5 8 4 1 , ,5 3 7 7 4 4 1 1 1 5 7 7 6 6 , , 6 0 3 8 3 0 1 Coal and lignite, including Lorraine and the Saar. 3 End-of-month and end-of-quarter figures. 2 Bale of 50 kilos. End-of-month and end-of-quarter figures. 4 Five weeks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 439 GERMANY SHIP- UNEMPLOY- PKODTJCTION PING MENT Goal L ni ig te - Pig C s r te u e d l e f m a I i c a r r a t n o o u n d n n r u e - s ch t s e M a r i u l i n n e c p a d c e a - - - r l y s D d a tu y n y f e d e f - s s Coal w R o aw ol m t u H s u f i a a r a l e k n c lf d - - C to o n t- I o ro re n Coal A H a v s l r i a e e s r n m l s i s o v - - f - A u t i n r m s a i t o s o d n n e 2 - g p U p r s e e l i n t c o r n a s e e y g o t i m e e v n d - - s B u n fa r e u i e s l s s - s iburg aid* Thous. Thousand metric tons Metric tons r n e e g t . c P e e n r t Number tons 1925 First quarter 33,876 35,6092,774 3,546 873,952 103,723 30,110 3,128,900 43,477 2,076111,653 945,208 2,494,386 4,105 7.1 465,761 2,295 1926 First quarter J33,225 35,1722,037 2,5571,234,089 142,920 38,062 3, 563,332 36,881 1,114 80,3771,956,9431,231,546 3,813 22.01,942,048 5,961 1925 January 11,92912,375 910 1,181 304,492 35,301 9,719 1,376,021151,,015 697 47,047 940,637 881,067 1,386 8.1 593,024 796 F M e a b r r c u h a . ry [ 1 1 1 0 , ,5 4 3 1 5 21 1 2 1 ,0 ,1 8 5 1 3 8 9 7 9 3 1 1 1, , 2 1 0 5 9 5 2 3 4 2 1 8 , , 4 0 4 1 5 5 3 35 2 ; , 6 7 2 9 3 9 1 9 0 , , 4 9 2 7 1 0 1.., 7 0 2 2 7 5 , ,7 0 8 9 8 11 1 0 7 , , 6 7 8 7 7 5 7 6 3 4 4 5 3 32 1 , , 6 9 0 9 9 7 1,, 9 0 2 7 6 8 , , 5 03 3 9 2 7 8 2 8 7 5 ? , 6 6 7 4 1 8 1 1, , 4 2 4 7 7 2 7 5 , . 3 8 4 5 6 4 5 0 , , 7 4 6 6 1 0 7 7 2 7 3 6 April... 10,36210,719 896 1,064 248,574 ,73811,122 921,70412', 106 704 •36,378 I,!278,172 769,728 1,394 4.3 319,656 T687 May 10,437 10,437 961 1,115 277,901 , .533 12,1271., 257, 527 10,478 652 26,004 942,720 816,793 1,590 3.6 233,463 807 June 9,89110,388 941 1,109 238,818 38,31011,3821.;,216,095 8,195 19,185 1,, 244,230 669,648 1,396 3.5 195,099 766 July.... 11,24011 """ 886 1,031 264,433 38', 225 13', 439 1,350,706 11,327 19,678 I,!262,951 380,686 1,442 3.7 197,248 797 August -.11,06111,463 766 899 291,848 37,852 11,309 1,319,332 8,462 723 18,3771, 860,420 230,130 1,436 4.3 230,727 751 September—11,35511,,949 735 880 308,040 48,898 10,880 1,243,768 5, 560 838 17,598 814,823 558, 688 1,272 4. 266,078 914 October 11,95012!,,775599 742 928 358,831 50,230 14,289 1,163,36612,466 833 36, 695 817,994 556,203 1,419 5.8 363,961 1,164 November. _.11,189 11,940 760 876 321,694 39,21212,6661,029, 540 6,121 448 49,416 655,907 626,777 1,305 10.7 673,315 1,343 December 11,36712,712 717 764 374,706 37,854 11,358 1,014,91116,361 431 40,629 665,082 505,326 1,277 19.41.., 498,6811,660 January 11,19012.,222 791 391,172 44,187 11,798 1,005,44016,1«,967 362 34,099 582, 730 379,644 1,291 22. 6 2,030,64.62,092 February 10, 6611111111,115 631 816 376,553 45,496 12,030 1,379,351 " 421 24,754 735,479 423,726 1,226 22. 0 2,055,9281,998 March 11,42411 717 950 466,364 53; 237 14; 234 i; 178; 5411%, 377 331 21,524 638,734 428,176 1,296 21.41,942,048 1,871 April..-.,.— 10', 08510,067 1,350 1,781,509 1,302 1 End-of-month and end-of-quarter figures. 2 Figures for quarters are averages. CANADA Re- Receipt at ceipts stockjrards in PRODUCTION of Toronto and Unem- Coal i P ro ig n C s r te u e d l e w l F P W a i h a a o o n e i t m d r r l a t - t t C W att i l n e ni H pe o g gs b P o l a a a n n r d d k s s s P er r v e e - d W pu o l o p d Wheat Coal c R o a tt w on c M e h r i a y n - - c R r e o r a i e a p i - d l t - s m I p n e l e o m d o n f e y - t x - 1 a t u m m p b m r n e l a e e o o i r d m o n s y n e n t - 1 - g - B u f u r a e s il i s - - 1 Arthur Tho to u n s s and T b h u e o s ls u h s - . Number M l f i e o i e n l t - T p h o o u u n sa d n s d T b h u e o s ls u h s - , T t h o o n u s s. Th lb o s u . s. Th d o o u ll s a a rs nd J J a 9 n 1 2 0 . 0 1 0 = 7, c P e e n r t N b u e m r - 1925 First quarter.. l: 172 18, 798 128, 538 272,110 423, 97537,074 447,519 14,672 3,832 37,977 6,847 86,947 85.7 9.4 57 1926 First quarter._ 160 180 17,715 146,347 190,846 96,215 90.6 48 1925 January 1,492 28 27 4,145 46,126 110,379136,242 15,241129,,554 6,103 1,263 14,658 1,910 28,260 83.9 10.2 64 February __. 1,150 30 37 6,172 34,377 81,853 120,645 9,898 143,,593 4,146 1,297 10,338 1,910 27,851 86.1 9.5 59 March „__. 788 64 108 8,481 48,035 79,878167,088 11,935 174,,372 4,423 1,272 12,981 3,027 30,836 87.0 8.5 46 April. 557 88 8,082 41,168 72,327 112,869 4,946 94,611 4,953 816 8,0592,248 29,763 87.2 8.7 38 May 670 100 7,060 42,213 63,504 182, 893 337 143,550 14,883 1,299 8,8492,431 30,197 90.8 7.0 43 June _. 738 63 4,114 45,095 72,536 212,054 7,946 162,526 9,784 1,297 6,313 2,692 30,971 94.5 .6.1 44 July ______ 748 22 6,662 51,026 57,122 220, 747 9,803148,625 13,097 1,519 4,159 2,745 35,004 96.8 5.2 38 August 998 25 1,178 64,885 :,022 13,179 148,742 15,336 4,3432,882 35,685 96.3 4.4 30 September 1,197 37 45, 68873,233 38,041 237, 917 18,837 192,829 15,876 1^595 5,7462,703 40,922 96.6 5.7 41 October _. 1,572 109 53,226 83,129 48,917 210,774 20,123 198,421 41,— 1, '" 10,5822,782 46,615 98.3 5.1 45 November 1,664 73 51.535 88,560 61,240 194,564 18,9001955,, ~6~7"534,840 1,308 15,649 2,375 43,771 97.1 5.7 45 December 1,561 62 53,453 58,575 68,898165,097 17,293 1866,,83757,008 1,377 19,3712,453 35,838 7.9 54 1926 January.. 1,226 69 10.536 53,831 71,833 126, 12,375166,689 13,199 1,209 19,209 2,462 31,136 89.6 8.1 57 February.. 1,068 53 3,968 40,981 57,898158,876 9,999 156,477 14,002 1,120 14,990 2,571 29,889 90.7 8.1 45 March 59 3,211 51,535 61,115 35,190 91. 40 April _ 80 1,807 44,136 51,486 32,851 91.4 37 1 Figures for quarters are a verages. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

440 FEDERAL RESERVE BTJLiLETIJSr JUNE, 1926 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES I Pre-war-100] Europe fear and month A b ( u a g s s o t i l r s d i ) a g B iu el m - g B a u ri l a - C v z a s e k lo c ia - h o l - m D a e r n k - i (B E la o o n n f a g d r - d l F a i n n d - S t t i a c t a i F l s- ran F a c l e e d R e e r - - (F S m G t e t i a a d c e t n e a r i r l - y s a - l b H ( g a g a u s o r i n l y s d - ) Italy N la et n h d e s r- ( N w O o s a l y r o - ) Poland Trade) Bureau serve Bureau) Board 1925 J F a e n b u r a u r a y ry 1 1 4 4 7 6 5 5 5 5 1 9 A 3 3 f , 2 3 7 0 5 9 1 1 , , 0 0 4 4 5 8 2 2 3 3 4 4 1 16 7 9 1 1 1 , , 1 1 3 4 7 1 5 5 1 1 4 5/ 4 4 5 5 7 6 1 1 3 3 7 8 1 1 5 5 2 9 6 6 6 5 0 8 1 1 6 5 0 8 2 2 7 8 9 1 1 1 2 2 0 1 March 143 546 3,272 1,034 230 166 1,131 514 463 134 145 659 155 276 122 April..... 139 538 3,244 1,020 220 162 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 1 260 118 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 1,118 557 490 136 136 707 155 254 120 August ___. 131 567 2,870 993 189 157 1,142 557 491 132 134 731 155 246 124 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 1,121 672 482 124 181 716 154 221 128 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 1,094 634 527 120 127 707 153 214 142 February 120 556 2,899 950 151 149 1,091 ,636 540 118 125 704 149 211 146 March 119 583 2,844 938 145 144 1,081 632 545 118 123 693 145 204 144 April 119 621 2,774 923 141 144 1,081 650 565 123 692 143 198 167 May 118 141 196 Europe—Continued North and South America Asia and Oceania Africa United Year and month Russia i Spain Sweden S l w an it d z * er- o (B f S t L u a r a t e e b a s o u r Canada Peru t A ra u l s i - a ( 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 ( u n C t d 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 Statistics) 1925 January 172 191 169 171 160 166 199 163 160 178 171 213 178 ' 157 130 178 192 169 171 161 165 194 163 159 • 177 172 210 175 161 March 183 193 168 170 161 162 206 160 160 179 168 204 175 155 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 T51 127 Aunust 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 175 186 155 157 158 161 204 165 158 174 164 198 176 145 179 187 156 157 156 164 203 170 158 173 163 194 176 140 1926 January 183 186 153 156 156 164 206 161 164 172 163 192 175 134 124 February 190 183 152 155 155 162 205 160 163 170 158 188 175 134 March 194 183 149 151 152 160 204 163 164 155 184 174 134 April 196 179 150 148 151 161 204 167 163 153 181 133 May 208 160 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

JUNE, 1926 FEDERAL RESERVE BULLETIN 441 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 m Cl a o te th r i i n a g ls lig F a h u n t e d i l ng p M r m o a e d e n t u t d a a c l l s ts m Bu at i e ld ri i a n l g s C d c h a r a e n u l m d g s s i- n H is f o h u u i r n - se gs l M an is e c o e u l- s cu A l g tu ri r - al cu N a l g t o r u n i r - - al 1925—April.... 156 153 154 190 169 €29 174 134 171 129 156 155 November 158 154 160 188 175 130 176 135 166 142 156 159 December 156 152 157 187 175 130 177 135 166 138 154 158 1926—January 156 152 156 186 177 129 178 133 165 135 154 158 February 155 150 153 184 179 128 177 132 164 133 152 157 March 152 144 151 181 175 128 176 132 164 128 148 155 April_.._. 151 145 153 177 174 127 173 130 163 127 149 153 ENGLAND—BOARD OF TRADE Food Not food All com- Year and month modities Total Cereals M a fi n e s d h at O fo t o h d e s r Total s I a t r e n o e d n l m m O i a n e t n e h t d a r e a l r s ls Cotton te O x t t h il e e r s a O rt t i h cl e e r s 1925—April...... 162 167 161 158 182 159 131 133 227 193 156 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 1S4 165 167 146 119 131 175 176 153 February. 149 159 148 156 170 144 118 131 174 172 149 March 144 151 144 151 156 141 118 130 165 168 147 April 144 152 148 149 157 139 117 130 162 162 144 FRANCE—STATISTICAL BUREAU Foods Industrial materials All com- Year ami month modities Total A f n o i o m ds al V f e o b g o le e d t s a- S c c o u o f g c fe o a e a r , , Total Minerals Textiles Sundries 1925—April 513 458 446 474 437 557 457 776 513 November. .*_.. - 510 496 522 502 682 611 December... _____.* 633 538 535 537 529 709 647 1926—January., s. 634 543 532 544 548 707 627 941 645 February. 636 546 536 541 567 708 646 925 643 March „ . «,.._« ;-,_„. 632 548 537 546 565' 700 645 914 631 April 650 574 535 589 712 929 646 GERMANY—FEDERAL STATISTICAL BUREAU Food products Industrial products All com- Fats, Colonial Year and month modities Grains sugar, goods, Hides Metals Coal Total and meat, Total and Textiles and and potatoes and cocoa, leathers minerals iron fish etc. 1925—April....... 131 127 121 130 180 138 131 202 129 123 November.. 121 115 99 142 181 133 120 188 130 120 December.. 122 116 103 137 183 131 116 182 128 120 1926—January.... 120 115 101 134 185 130 113 176 128 120 Februarys- 118 112 134 183 130 110 172 127 120 March 118 113 134 180 128 107 165 126 120 April ,. 123 122 112 132 180 125 107 158 124 117 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

442 FEDERAL RESERVE BULLETIN JUNE, 1926 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=10Q] European countries Other countries United c S i t ( t a 5 ie t 1 e s s ) (V A i u e s n t n r a ia ) i g B iu e m l- * g B a u r i i - a l E an n d g - 8 F (P r a a r n i 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 * - l S a z w n er d i * t * - a C d a a n * - t A ra u l s i - a ( I b B n a d o y m i ) a * l N Z a e n e a d w - A So fr u ic th a 1925 Jan.... 151 140 3,131 178 408 137 1,506 590 156 277 205 172 145 148 1S2 147 120 Feb... 148 137 3,163 176 410 145 1,510 610 157 283 208 172 147 149 152 148 120 Mar— 148 134 3,128 176 415 146 1,562 624 157 284 211 171 145 151 155 140 121 Apr... 148 127 3,100 170 409 144 1,478 620 155 276 217 189 142 152 153 140 124 May... 149 122 3,032 167 418 141 1,443 599 154 265 221 168 141 154 151 150 123 June 152 127 3,083 166 422 146 1,516 599 152 261 219 169 141 155 149 149 1221 July... 157 130 2,906 167 421 154 1,515. 602 152 260 218 169 HI 156 152 151 121 Aug... 15? 135 2,744 168 423 154 1,511 621 152 254 210 B9 14§ 156 147 152 11® Sept... 1 1 5 5 6 8 1 1 4 4 0 4 2 2 t , 6 7 9 1 8 0 1 1 7 7 0 2 4 4 3 3 1 3 1 1 5 5 3 1 1 1 , , 5 5 4 S 4 7 6 6 4 4 3 6 1 1 5 4 2 9 2 2 4 2 1 8 2 2 0 1 8 5 1 1 7 6 0 8 1 1 4 4 6 7 1 1 5 5 6 7 1 1 4 4 6 8 1 1 5 5 3 5 I 1 I 1 S 9 Nov... 164 2,698 172 444 147 1,676 649 149 223 217 168 151 156 149 156 117 Dec... 162 148 2,785 174 463 146 1,718 660 148 221 224 167 156 155 151 154 116 1926 Jan.... 161 119 141 2,773 171 480 143 681 148 216 226 165 157 155 151 154 116 Feb... 158 117 141 2,771 168 495 142 676 148 212 230 163 155 154 150 153 117 Mar... 157 114 137 2,719 165 497 141 654 147 205 234 161 154 159 151 152 118 Apr... 159 114 2,652 159 503 142 645 146 198 241 161 153 163 150 1W May 113 158 142 195 150 COST OF LIVING [Pre-war=1003 European countries Other countries Massas c e h t u ts - g B i e u l m - C v o z a s e k l c o i h - a - l E a n n g d - 3t E n h i o s a - - l F a i n n d - F (P ra ar n i 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 M a a i n l - ) yN l e a er t nd - h s - N w o a r y - l P a o n - d Spain S d w e e n - l S z a w e n i r d t - * - a C d a a n * - A t l u r i a s a - - ( I b B n a o d y m i ) - a A So fr u ic th a 1925 Jan... 158 521 180 1,199 124 1,417 141 580 145 188 178 173 149 157 13S Feb... 157 517 911 179 1,191 136 1,420 135 592 146 189 172 150 157 133 Mar.. 158 511 904 179 1,210 386 136 1,449 132 602 179 271 147 192 172 148 150 159 133 158 506 901 175 1,201 137 1,419 130 600 146 191 "l77" 170 147 158 134 May.. 158 502 894 173 1,176 136 1,408 131 591 143 188 170 146 156 134 June.. 159 505 914 172 1,191 390 138 1,448 130 596 179 144 190 170 146 153 154 134 July.. 160 509 916 173 1,218 143 1,472 126 598 146 190 ~176~ 170 146 157 133 Aug 161 517 894 173 1,266 145 1,484 127 610 149 190 170 148 152 132 Sept.. 161 525 884 174 1,242 161" 145 1,503 126 624 179 248 149 190 170 14S 154 151 132 Oct... 162 533 875 176 1,228 144 1,547 124 643 152 189 "175* 168 149 153 132 Nov.. 162 534 863 176 1,227 141 1,610 123 643 157 186 16* 152 153 131 Dec... 165 534 177 1,197 "421' 141 1,644 123 649 177 "234" 173 183 168 154 155 155 131 1926 Jan... 164 527 854 175 1,166 140 1,673 122 170 188 174 167' 155 155 131 Feb... 163 526 845 173 1,175 139 1,664 121 661 171 183 165 154 154 131 Mar... 161 521 832 172 1,172 451 138 1,706 119 647 174 225 169 185 163 154 155 131 Apr... 161 529 168 1,163 140 642 176 187 "l7§" 162 153 153 131 May.. 558 167 140 153 * New index, on gold basis, July, 1914-100. » First of the month figures. a 1921-=-100. * 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

JUNE, 1926 FEDERAL RESERVE BULLETIN 443 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOR APRIL AND MARCH, 1926 [Amounts in thousands of dollars] To s ta e l c u b r i i l t l i s e a s nd Total cash reserves Total deposits Fede in r a c l i r r e c s u e l r a v ti e o n notes Reserve percentages Federal reserve bank April March April March April March April March April March Boston_____ •_.__ 79,266 85,343 233,655 234,001 148,224 148,287 147,926 155,444 78.9 77.0 New York _ _ _ 240,931 274,928 1,011,136 993,348 851,678 862,833 369,267 373,257 82.8 80.4 Philadelphia ._._—- 92,134 99,405 214,783 207,561 137,832 134, 749 145,268 148,126 75. 9 73.4 Cleveland 112,971 108,604 291,138 298,609 180,681 181, 208 200, 651 203,094 76.3 77.7 Richmond ___ 63,720 59, 645 87,179 95,386 69,314 70,073 74,939 77,995 60.4 64.4 Atlanta - 72,969 72,818 195,375 175,353 80, 744 84,476 182,485 161,578 74.2 71.3 Chicago-.. ... 158, 377 151,354 357,943 361,923 325,392 330,484 168,754 164,160 72.4 73.2 St. Louis _ 60,745 63,668 66,353 63,763 83,538 84, 561 37,066 37,038 55.0 52.4 Minneapolis. _ _ 41,424 31,P79 81,363 96,370 54,663 57, 580 63,846 64, 395 68.7 79.0 Kansas City._.._. ___ 67,313 63,669 85,469 92,106 88,278 89, 574 62,964 64,374 56.5 59.8 Dallas. 50,291 49,148 56,804 61,773 61,580 63,315 36,598 38,006 57.9 61.0 San Francisco . 118,750 116,778 251,596 253, 692 169,922 169,584 185,431 185,949 70.8 71.4 Total: 1926 _. 1,158,891 1,176,439 2,932,794 2,933,885 2,251,846 2,276,724 1,675,195 1,673,416 74.7 74.3 1925.. 1,060,066 1,078,855 2,978, 628 3,000,252 2,181,000 2,193,473 1, 708,529 1,731,223 76.6 76.4 1924 940,493 951, 774 3,201, 763 3,222,877 2,004,391 1,991,066 1,971,184 2,013, 515 80.5 80.5 1923. 1,164,606 1,178,919 3,176,630 3,190, 625 1,944,805 1,960, 540 2,236,378 2,253,189 76.0 75.7 1922 ._ 1,190,004 1,191,013 3,114,928 3,095,762 1,822, 788 1,794,895 2,190,447 2,195,131 77.6 77.6 1921__..____ 2,527,253 2, 735, 784 2,485,079 2, 403,470 1,749,568 1,808, 529 2,870,645 2,979,486 53.8 50.2 1920 :.._ 3,191,945 3,211,936 2,084,077 2,058, 293 1,998,732 2,032, 787 3,071,754 3,040,440 143.0 142.7 1 Calculated on basis of net deposits and Federal reserve notes in circulation. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS • [In thousands of dollars] RESOURCES Total Boston Y N o ew rk d P el h p il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap n o n li e s K C an it s y as Dallas F S ra an ncisco Gold with Federal reserve agents: Apr.28 _ 1,437,742 120, 678 383,700 121,808 170,526 46,427 158,765 129,297 14,068 45,684 44,134 23,452 179,203 May 5 ____. 1,414,141 133,261 328, 700119, 363170,200 44,985 162,128 149,268 14,916 48,210 43,434 22,884 176,792 May 12 1,471,677 129,205 368,595 124,029 171,927 43,418 165,302 149,232 18,103 49,399 44,172 25,698 182,597 May 19. _ 1,475,479 126,471 368,453 121,045 171,142 46,329 160,945 159,182 17,840 51,015 43,226 '25,050 184,781 Gold redemption fund with XL S. Treasury: Apr. 28... . 52,247 5,169 11,572 12,837 2,831 1,750 3,261 5,467 859 2,155 2,479 1,375 2,492 May5 _. 45,892 10,290 5,431 3,824 2,273 3,617 4,443 555 2,352 2,784 1,299 2,138 May 12 46,657 10,144 8,962 6,743 2,661 2,762 3,042 3,257 688 2,780 1,578 1,314 2,726 May 19 . 48,330 12,120 7,800 8,334 2,084 3,620 3,169 2,255 362 2,9ir 2,074 1,320 2,280 Gold held exclusively against Federal reserve notes: Apr. 28 . 1,489, 989 125,847 395,272 134,645 173,357 48,177 162,026 134, 764 14,927 47,839 46,613 24,827 181,695 May 5 ___. 1,460,033 140,147 338,990 124,794 174,024 47,258 165,745 153,711 15,471 50,562 46,218 24,183 178,930 May 12. _ 1,518,334 139,349 377,557 130,772 174,588 46,180 168,344 152,489 18,791 52,179 45,750 27,012 185,323 May 19-____ _. 1,523,809 138,591 376,253 129,379 173,226 49, 949164,114 161,437 18,202 53, 927 45,300 26,370 187,061 Gold settlement fund with Federal Reserve Board; Apr. 28 _. 691,418 57,065 255, 789 46,510 64,183 23,781 24,482 134,818 14, 793 11,012 23, 724 8,492 26, 769 May 5-__ 700,106 52,778 221,236 64,103 24,443 26,474 146, 604 17,268 15,087 28,358 11,041 30,245 May 12-__ 646, 954 43,217 212,398 59,419 51,195 24,893 26,324 131,604 13,472 14,533 28,187 8,216 33,496 May 19 . 644,552 36,446 215,890 53,400 60,820 19, 972 25,557 138,125 7,325 14,212 32,212 11,973 28,620 Gold and gold certificates held by banks: Apr. 28_____ _____ 615,686 36,096 349,053 22,460 48,406 7,244 4,090 75,074 19,417 7,101 6,439 10, 968 29,338 May 5 ' __. 632,397 34, 794 365, 716 22,489 48,578 7,685 3,701 78,177 18,732 6,716 5,812 11,037 28,960 May 12 _*_.. 638,292 35,221 367, 651 22,222 48, 622 83,066 18,618 6,882 6,388 9,619 29,553 May 19 646,301 35,800 375,037 24,243 47,684 4,433 79,827 18,291 6,145 9, 722 29,786 Total gold reserves: Apr. 28... 2, 797,093 219, 0081,000,114 203,615 285,946 79,202 344, 656 49,137 65,952 76,776 44,287 237,802 May 5 _ 2,792,536 227,719 925,942 209,752 286, 705 79,386 195,920378,492 51,471 72,365 80,388 46,261 238,135 May 12 2,803,580 217,787 957,606 212,413 272,405 79,154 199, 037367,159 73,594 80,325 44,847 248,372 May 19 ____ 2,814, 662210,837 967,180 207,022 281, 730 78,556 194,104 379,389 43,818 74,837 83,657 48, 065245,467 Reserves other than gold: Apr. 28 „__ 156,983 20,949 43,870 6,300 6,024 8,171 10,049 19,1 20,035 3,262 4,842 5,759 May 5 _ 158,045 20,883 42,355 7,126 7,699 7,776 9,340 20,398 19,655 3,090 4,997 5,883 8,843 May 12- 163,159 21,274 44, 426 8,108 7,418 7,789 9,354 20,871 20,281 3,237 5,385 5,958 9,058 May 19....- 162,251 20,700 43,985 7,719 7,715 8,319 9,220 20,005 20, 523 3,047 5,138 6,182 Total reserves: Apr. 28 2,954,076 239,957 1,043,984 209,915 291,970 87,373 200,647 364,346 69,172 69,214 81,618 50,046 245,834 May 5 2,950, 581 248,602 968,297 216,878 294,404 87,162 205,260 398,890 71,126 75,455 85,385 52,144 246,978 May 12... _. 2,966,739 239,061 1,002,032 220,521 279,823 86,943 208,391 388,030 71,162 76,831 85,710 50,805 257,430 May 19. 2,976,913 231,537 1,011,165 214,741 289,445 86,875 203,324 399,394 64,341 77,884 88,795 54,247 255,165 Nonreserve cash: Apr. 28 ——.-_. 57,937 4,582 17, 030 1,699 2,960 4,698 4,601 9,093 3,722 1,147 2,294 2,653 3,458 May 5- 57,198 4,037 15,831 1,490 2,970 4,356 5,045 11,205 3,663 1,090 2,236 2,218 3,057 May 12. __.„ 60,486 4,070 17,261 1,515 4,057 4, 581 12,847 3,924 1,248 2,256 2,581 3,148 May 19.- 57,851 3,771 16, 749 1,618 3,540 3,992) 5, 239 10,147 3,724 1,183 2,357 2.328 3.203 98738—26—6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

444 FEDERAL RESERVE BULLETIN JUNE, 1926 FEDERAL RESERVE BANKS—RESOURCES AND UABIUTIES^BY WEEKS—Continued [In thousands of dollars] RESOURCES—Continued Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Bills discounted: Secured by U. S. Government obligations— Apr. 28 275,223' 9,343 112,319 34,259 14,779 3,659 30,320 10,530 h 5,734 1,507 21,292 May 5 302,280 10,325 27,791 29,834 15,542 3,323 33,197 9,937 2,615 1,795 24,944 May 12.. 251,674 10,186 84,204 26,902 51,128 14,395 22,505 8,476 2,460 3,717 1,665 23,398 May 19—. 260,670 10,406 95,695 27,827 42,142 13,633 3,556 24,330 9,432 3,457 4,295 1,456 24,441 Other bills discounted— Apr. 28—. 238,445 15,764 28,317 19,397 16,577 28,338 32,536 30,943 13,192 5,360 14,884 8,077 25,060 May 5. 244,901 9,043 28,138 18,528 17,222 29,682 31,821 33,917 16,299 4,850 16,212 8,181 31,008 May 12 224,740 11,986 22,841 18,462 18,256 28,670 27,982 32,711 13,751 4,660 14,911 7,724 22,786 May 19 . 229,191 22,063 19,594 18,163 14,823 30,600 29,885 30,149 16,801 4,725 15,537 7,064 19,787 Total bills discounted: Apr. 28 — 513,668 25,107 140,636 50,836 43,117 36,195 61, 263 23,722 6,946 20,618 9,584 46,352 May 5 547,181 19,368 166,176 46, 319 47,056 45, 224 35,144 67,114 26, 236 7,465 21,151 9,976 55,952 May 12 476,414 22,172 107,045 45, 364 69, 384 43,065 55, 216 22, 227 7,120 18,628 9,389 46,184 May 19 489,861 32,469 115, 289 45,990 56,965 44,233 33, 441 54,479 26,233 8,182 19,832 8,520 44,228 Bills bought in open market: Apr. 28 — 199,017 18,880 19,504 ' 13,187 18,702 8,878 25,474 23, 591 8,219 19,170 10,751 9,781 22,880 May 5 213, 384 18,404 58, 257 11,560 16, 477 7,071 21,300 20,731 7,079 16,138 9,510 8,654 18,203 May 12....— 228,162 23,491 70,181 10, 744 15,718 6,807 22, 439 21,193 7,458 13,940 9,417 7,778 18,996 May 19 17,808 74,353 12,313 15, 643 6,807 22,985 20,518 7,287 11,887 9,252 8,060 19,579 U. S. Government securities: Bonds— AAppr. 28. 3,58! 11,762 3,088 11, 541 3,201 263 25.914 3,199 11, 207 10, 407 4,358 Maay 5 99,092 3,583 11,762 3,087 11, 542 3,200 25.915 3,199 12, 206 10, 468 4,358 May 12 100,923 3,582 11, 762 3,088 11, 542 3,200 272 25,915 4,799 9,486 12, 456 10, 463 4,358 May 19 102,529 3,582 11, 762 11, 607 3,200 533 25,915 5,799 12, 706 10, 493 4,358 Treasury notes— Apr. 28 150,684 5,400 36, 275 2,644 17,325 3,737 19, 480 10,335 6,057 13,653 13, 244 22, 285 May 5 162,513 5,883 41, 463 2,916 18, 052 4, 058 249 19, 453 11, 091 6,549 14, 645 14, 261 23,893 May 12 •-.. 163, 223 39, 563 2,915 18, 053 4,058 249 22, 048 11,091 6,549 14, 660 14, 261 23,893 May 19 164,988 6,183 40,983 2,916 18,052 4,058 249 22,093 11,091 6,549 14,660 14, 261 23,893 Certificates of indebted- Apr. 28.— 140,121 8,307 25,831 17,991 8,244 2,405 2,950 13, 542 12,208 11, 574 9,627 23,157 May 5 133, 721 7,824 27, 545 17, 720 7,522 2,085 3,153 11,885 11, 452 3,793 10,583 8,610 21,549 May 12 132,116 7,824 25,824 17,720 7,523 2,085 3,253 11,860 11, 452 3,793 10, 623 8,610 21,549 May 19 131,108 7,824 25,121 17,719 7,524 2,085 3,278 11,530 11, 452 3,793 10, 623 8,610 21,549 Total U. S. Government securities: Apr. 28.....:......, 17,289 73,868 23, 723 37,110 9,343 3,462 25, 742 19,828 33, 278 49,800 May 5 —• ...... 17,290 80, 770 23,723 37,116 9,343 57, 253 25, 742 19,828 37, 434 33, 339 49,800 May 12 .. 396,262 17, 289 77,149 23,723 37,118 9,343 3,774 59,823 27,342 19,828 37,739 33, 334 49,800 May 19 398, 625 17,589 77,866 23, 723 37,183 9,343 4,060 28,342 19,828 37,989 33,364 49,800 Other securities: Apr. 28 4,635 3,571 560 500 May 5_.._ 4,635 3,575 560 500 May 12_. 4"~" 3,575 560 500 May 19 „. 3,885 2,125 1,260 500 Foreign loans on gold: Apr. 28 8,100 616 2,219 .769 867 429 324 1,110 348 259 316 284 559 May 5........ 7,500 570 2,055 71: 803 300 1,027 323 240 292 262 518 Mayl2_ 7,401 562 2,028 703 792 392 296 1,014 318 237 259 511 Mayl9_ 7,401 562 2,028 703 792 392 1,014 318 237 289 259 511 Total bills and securities: Apr. 28. 1,114,233 61,892 236,227 90,546 107,515 61,767 66,015 144,900 58,031 46,703 68,119 52,927 119,591 May 5. II.I.—II! 1,168,C 55,632 307,258 85,889 101,452 62,036 60,992 146,125 59,380 44,171 68,387 52,231 124,473 Mayl2__._ 1,112,874 63,514 256,403 84,109 123,012 59,607 57,689 137,246 57,345 41,625 66,073 50,760 115,491 Mayl9_. 1,126,264 68,428 269,536 84,854 110,583 60,775 62,042 135,549 62,180 40,634 67,362 50,203 114,118 Due from foreign banks: Apr. 28. _• 660 May 5 .686 May 12.. . 778 778 May 19.. Sl^ll^^ 767 767 Uncollected items: Apr. 28 638,910 57,738 153,863 57,767 60, 520 52, 745 35,938 76, 937 32,073 11, 644 38,779 23, 751 37,155 May 5_ _. ... 644,473 59,730 150,376 57,675 60, r" 54,608 32,105 83,549 32,893 12,438 40,471 23,795 36,213 May 12 690,879 67,399 169,243 61,463 63,823 56,656 31,846 85,451 34,657 14,221 40,583 25,136 40,401 May 19. I.I——II. 720,133 65, 952 173, "~- 67,602 67,810 60,86.9 36,081 91,554 36,627 13,670 40,016 24,655 42,215 Bank premises: Apr.28.___ 59,537 4,068 16,715 1, 7,409 2,364 2,775 7,933 4,111 2,943 4,653 1,793 3,241 May 5—. 59,554 4,068 16,714 1,532 7,409 2,364 2,775 4,111 2,943 4,654 1,793 3,258 May 12.................... 59,651 4,068 16,714 1,558 7,409 2,364 2,814 7,933 4,111 2,943 4, 654 1,793 3,290 May 19 59,657 4,068 16,714 1,559 7,409 2,364 2,814 7,933 4, 111 2,94r 4,654 1,793 3,295 AD other resources: Apr. 28 16,231 95 4,816 418 923 324 1,078 1,406 498 2,300 649 405 3,319 May 5 16,831 93 5,446 416 928 318 It'"' 1,362 483 2,364 641 400 3,300 May 12... 16,804 96 5,538 418 941 315 1,077 1,494 512 2,150 63! 404 3,227 May 19 16,997 101 5,504 342 949 309 1,807 520 2,076 679 3,228 Total resources: Apr. 2..... 4,841,584 1,473,295 361,877 471,297 209,271 311,054 604,615 167,607 133,951 196,112 131,-575 412,599 May 5...... 4,897,349 372,162 1,464,608 363,880 467,783 210,844 307,257 649,064 171,656 138,461 201,774 132,581 417,278 May 12 4,908,211 378,208 1,467,969 369,584 478,006 209,942 30'6,398 633,001 171,711 139,018 199,908 131,479 422,987 May 19 ., ..... 4,958,582 373,85" 1,493,517 370,716 479,736 215,184 310,584 646,384 171,503 138,390203,863 133,624 421,224 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 445 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousand of dollars] LIABILITIES Total Boston Y N o ew rk d P e h lp i h la i - a C la le n v d e- m K o ic n h d - Atlanta Chicago L S ou t. is M ap i o n l n i e s - K C an it s y as Dallas F c S i r s a a c n n o - Federal reserve notes in ac- > tual circulation: A M p a r y . 2 5 8.. 1 1 , , 6 6 7 6 2 1 , ,9 0 8 1 2 6 1 1 4 4 2 4 , , 7 8 1 8 5 2 3 3 6 6 9 1 , , 3 4 2 3 2 8 1 1 4 3 2 9 , , 6 5 8 8 9 8 2 1 0 9 1 6 , , 4 3 1 0 3 3 7 7 2 2 , , 6 4 4 4 2 8 1 18 8 8 7 , , 2 9 3 2 6 5 1 1 7 7 9 1 , , 4 8 0 5 9 2 3 3 6 6 , , 8 8 8 4 5 5 6 63 2 , , 0 5 3 2 4 6 6 6 1 2 t ,2 7 9 3 3 9 3 3 5 5 , , 7 9 2 1 1 2 1 18 8 5 2 , , 7 4 1 6 7 4 May 12 1,675,535 140,060 367,812 142,891 198,854 72,756 186,802 183,216 37,404 62,010 35,506 185,558 May 19...... ......... 1,665,240 138,579 382,085 136,946 190,708 71,413 185,116 177,966 38,034 61,562 61,844 35,241 185,746 pdsits: Member bank-reserve account- Apr. 28 2,202,831 140,353 874,771 132,827 174,345 65,850 73,920 312,539 83,250 46,805 83,028 56,303 158,840 Mays...... .. 2,230,801 143,559 851,821 137,354 176,005 67,475 74,462 340,277 85,492 49,190 87,309 56,845 161,012 May 12 2,193,512 143,891 843,694 133,697 179,547 64,627 74,007 319,546 81,689 49,568 85,192 55,337 162,717 May 19 .. 2,236,640 142,680 853,106 138,477 185,756 67,062 76,518 334,386 81,078 50,611 90,911 56,942 159,113 Government- Apr. 28....... 16,412 914 3,108 503 418 2,461 1,357 1, 1,639 1,115 997 1,837 May 5... 27,785 1,072 4,046 2,283 744 1,144 8,138 1,520 2,764 1,392 1,291 1,762 May 12 27,484 1,987 5,649 1,021 1,645 4,797 1,560 2,047 1,687 1,263 941 May 19 19,750 954 3,274 1,285 775 1,857 2,736 1,344 1,830 895 1,335 2,360 Foreign bank- Apr. 28... 5,009 307 2,080 383 432 214 161 553 174 129 157 141 278 May 5 6,227 35J 1,872 439 494 245 185 633 199 148 180 162 319 May 12 4,955 351 1,599 439 495 245 185 633 199 148 180 162 319 May 19 4,950 368 1,433 460 518 257 194 664 - 208 155 189 170 334 Other deposits— Apr. 28 17,874 94 8,745 97 944 61 90 928 261 165 182 31 6,276 May 5 22,225 105 12,742 229 947 142 109 977 324 215 123 57 6,255 May 12..... ..... 19,733 110 10,396 220 I,1 171 87 820 323 207 116 46 6,168 May 19..._ —- 19,303 159 9,246 341 1,085 76 101 1,083 289 187 119 60 6,557 Total deposits: Apr. 28 — 2,242,126 141,668 888,704 133,810 176,139 75,528 315,100 84,668 48,738 84,482 57,472 167,231 May 5-.. 2,286,038 145,087 870,481 139,651 179,729 68,606 75,900 350,025 87,535 52,317 89,004 58,355 169,348 May 12 - 2,245,684 146,339 861,338 137,054 183,300 66,064 75,924 325,796 83,771 51,970 87,175 56,808 170,145 May 19 - 2,280,643 144,161 867,059 140,383 188,644 68,170 78,670 338,869 82,919 52,783 92,114 58,507 168,364 Deferred availability items: Apr. 28 ± - 579,167 55,208 124,860 52,309 55,907 49,245 33,078 30,319 10,951 35,838 25,778 37,349 May 5....—..- 581,175 57,832 126,658 51,540 50,549 28,616 70,295 31,553 11,357 36,394 25,758 36,677 May 12...... 627,899 65,247 140,463 56,336 57,968 52,093 29,139 74,570 34,797 12,484 26,511 41,683 May 19 653,606 64,560 145,947 62,498 56,514 32,275 34,795 12,267 35,791 27,311 41,500 Capital paid in: Apr. 28 -.—— 122,129 8,772 35,184 11,953 13,472 6,046 4,945 16,413 5,244 3,141 4,256 4,303 8,400 May 5....... •- - 122,186 8,772 35,190 11,953 13,472 6,066 4,936 16,417 5,274 3,150 4,262 4,303 8,391 May 12 - 122,408 8,772 35,223 12,129 13,487 4,940 16,418 5,274 3,149 4,262 4,299 8,389 May 19. 122,464 8,772 35,262 12,137 13,487 6,066 4,931 16,456 5,274 3,145 4,251 4,289 8,394 Surplus: Apr. 28 220,310 17,020 59,964 20,464 22,894 11,919 8,700 30,613 9,570 7,501 8,979 7,615 15,071 May 5 _.._.....- 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 May 12 - 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 May 19 220,310 17,020 59,964 20,464 11,919 8,700 30,613 9,570 7,501 8,979 7,615 15,071 All other liabilities: Apr. 28 - 15,870 782 3,145 652 1,472 1,027 878 2,312 921 1,094 818 2,083 May 5 15,624 736 2,993 684 1,439 1,062 2,305 879 1,102 842 2,075 May 12..-.. 16,375 770 3,169 710 1,503 1,044 895 1,248 874 740 2,141 May 19........... - 16,319 765 3,200 720 1,505 1,102 892 2,398 911 1,132 661 2,149 Total liabilities: Apr. 28 4,841,584 1,473,295 361,877 471,297 209,271 311,054 604,615 167,607 133,951 196,112 131,575 412,598 May 5... 4,897,349 372,162 1,464,608 363,880 467,783 210,844 307,257 649,064 171,656 138,461 201,774 132,581 417,279 May 12 4,908,211 378,208 1,467,969 369,584 478,006 209,942 306,398 633,001 171,711 139,018 199,908 131,479 422,987 - May 19 4,958,582 373,857 1,493,517 370,716 479,736 215,184 310,584 646,384 171,503 138,390 203,863 421,224 MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Apr. 28..... 75.7 83.7 83.5 75.9 77.3 62.0 76.2 74.8 56.9 62.2 55.8 53.7 70.3 Mayo. 74.5^ 86.4 78.1 77.7 78.3 61.7 77.7 75.3 57.2 65.4 56.4 55.3 May 12 .: 75.71 83.5: 81.5 78.8 73.2 62. 79.3 76.2 58.7 67.0 57.5 55.0 72.4 May 19 75.4 81.9 80.9 77.4 76.3 62.2 77.1 77.3 53.2 68.1 57.7 57.9 72.1 Contingent liability on bills purchased for foreign correspondents: Apr. 28 66,568 5,182 17,, 063 6,478 7,296 3,614 2,728 9,342 2,932 2,182 2,659 2,387 4,705 May 5____ 65,509 5,065 17,, 126 6,331 7,131 3,532 2,666 9,130 2,866 2,133 2,599 2,332 4,598 May 12 .... 64,735 4,939 17,553 6,174 3,444 2,600 8,903 2,794 2080 2,535 2,275 4,484 May 19 61,974 .4,746 16,638 6,681 3,310 2,498 8,555 2,435 2,186 4,309 Own Federal reserve notes held by Federal reserve bank: Apr. 28 339,025 14,783 155,247 29,519 16,275 17,402 29,527 17,906 4, 4,966 6,422 5,192 May 5.... 328,962 14,533 141,978 31,175 19,460 16,767 28,934 22,839 5,131 5,065 5,668 4,433 32,979 May 12 322,772 15,982 142,251 28,538 14,436 15,086 29,912 22,612 5,359 4,731 5,669 32,343 May 19 320,081 14,728 125,220 32,899 21,196 15,800 26,681 27,583 5,866 4,850 5,789 5,470 33,999 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

446 FEDERAL RESERVE BULLETIN JUNE, 1926 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILXS 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 Total Bills discounted: Apr. 28 513,668 381,970 30,154 51,743 28,445 17,280 4,076 513,668 May5____ .___. 547,181 406,382 33,955 55,749 27,379 20,917 2,799 547,181 May 12 476,414 340,706 32,237 51,145 26,983 22, 557 2,786 476,414 May 19 489,861 352,257 34, 552 49,407 25,574 26,069 2,002 489,861 Bills bought in open market: Apr. 28 - 199,017 56, 093 38,275 14,192 4,048 199,017 May5__ 213,384 126,997 36,959 33,098 12,669 3,661 213, 384 May 12 i 228,162 136,092 36,946 42,420 10,019 2, 685 228,162 May 19 __ 226,492 123,897 38, 335 54,232 8,341 1,687 226, 492 Certificates of indebtedness: Apr. 28 140,121 50,203 21,882 140,121 May 5_ 133, 721 1,720 55,168 50,203 21,941 133,721 May 12 _._ 132,116 1,120 4,689 52, 527 51, 675 22,105 132,116 May 19 131,108 600 58,330 50,203 21,975 131,108 FEDERAL RESERVE NOTES—FEDEKAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o ew rk - d P el h p i h la ia - C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap i o n l n is e- K C an it s y as Dallas F c S r is a a c n n o - Federal reserve notes received from comptroller: Apr. 28 2,856,089 210,365 758,165 210,328 271,338 122,390 270,187 409,995 65,048 85, 425115, 711 55,650 281,487 May 5 2,848,364 207,948 759,260 213,203 269,793 121,449 268,250 408,585 65,756 84,951 115,011 55,082 279,076 May 12 2,837,464 203,892 764,503 210,869 267,220 119,882 287,704408,665 64,943 85,260 114,249 54,396 275,881 May 19 2,842,659 201,157 776,865 212, 285263,434 120, 753262,347 409,086 64,680 84,876 113,303 55,748 278,125 Federal reserve notes held by Federal reserve agent: Apr. 28 »._..-. 855,082 50,700 241,480 38,120 53,650 32,540 52, 735220,237 23,220 17,933 47,550 14, 737 62,180 May 5 __.__-_. 847,386 50,700 247,960 42,440 54,030 32,040 51,080 206,337 23, 780 16,852 47,050 14, 737 60,380 May 12 839,157 47,850 254,440 39,440 53,930 32,040 50,990 202,837 22,180 17,863 46,570 13,037 57,980 May 19 _. 857,338 47,850 269,560 42,440 51,530 33,540 50, 550203,537 20, 780 18,464 45,670 15,037 58,380 Federal reserve notes issued to Federal reserve bank: Apr. 28 2,001,007 159, 665516,685 172, 208217,688 89,850 217,452 189,758 41,828 67,492 68,161 40, 913219,307 May 5«.__ ____ 2,000,978 157,248 511,300 170,763 215,763 89,409 217,170 202,248 41,976 68, 099 67, 961 40, 345218,696 May 12 _ 1,998,307 156, 042510,063 171,429 213,290 87,842 216,714 205,828 42, 763 67,397 67,679 41,359 217,901 May 19 1,985,321 153,307 507,305 169,845 211,904 87,213 211,797 205,549 43, 900 66,412 67,633 40, 711219,745 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- Apr. 28 _____ 318,953 35,300 186,698 400 8,780 25,655 13, 237 8,445 13,212 17,226 10,000 May 5 303,554 35,300 171,698 400 8,780 25,655 13,238 8,045 13,212 17,226 10,000 May 12 305,054 35,300 171,698 400 8,780 25, 655 13,238 8,045 13, 212 18, 726 10,000 May 19 _. 304, 653 35,300 171,698 8,780 25,655 13,237 8,045 13,212 18, 726 10,000 Gold redemption fund— Apr. 28 ___..__ 99.441 11,378 26,002 11,911 11,746 4,272 4,028 3,653 1,623 1,472 4,274 2, 726 16,356 May 5 ____._. 104, 790 18, 961 26,002 8,466 11,420 2,830 9,390 3,623 1,371 998 3,574 2,158 15,997 May 12 .•_ 106,175 14, 905 25,897 11,132 13,147 4,263 7,564 3,587 1,558 IF 2, 812 3,472 15, 651 May 19 96.442 12,171 25,755 8,548 12,362 2,174 6,708 3,537 1,295 2, 824 15,399 Gold fund, Federal Reserve Board- Apr. 28 _ 1,019,348 74, 000171,000 109,497150, 000 16, 500141,500 125, 644 4,000 31,000 39,860 3,500 152,847 May 5 1,005,797 79,000 131,000 110,497150,000 16, 500139,500 145, 645 5,500 34,000 39,860 3,500 150, 795 May 12 1,060,448 79,000 171,000 112,497 150, 000 13,500 144, 500145,645 8,500 34,000 41,360 3,500 156,946 May 19 1,074,384 79,000 171,000 112,497 150,000 18,500 141,000 155,645 8,500 36,000 39,360 3,500 159,382 Eligible paper- Apr. 28 i 688,773 43,987 150,551 55,152 50,560 60,533 84,679 30,857 25,919 31,119 19,148 67, 569 May 5. 736,862 37,772 211, 568 51, 610 63,193 51,067 55,673 87, 693 32,347 23, 529 30,519 18, 588 73,303 May 12 , 682,765 45,663 167,472 50, 088 84,534 47,379 52,366 76,253 28, 639 27,925 17,129 64,334 May 19 694,851 50,277 178,207 52, 538 71,288 50,722 55,941 74,867 32,837 20,015 28,975 16, 544 62,640 Total collateral- Apr. 28 2,126, 515 164,665 534,251 176,960 239,225 219, 298213,976 44,925 71,603 75,253 42, 600246,772 May 5 2,151,003 171,033 540,268 170,973 233,393 96,052 217,801 236,961 47,263 71,739 73, 953 41,472 250, 095 May 12 2,154,442 174,868 536,067 174,117 256,461 90, 797217,668 225,485 46,742 70,382 72,097 42,827 246,931 May 19 2,170,330 176,748 546,660 173,583 242,430 97,051 234, 049 50, 677 71,030 72,201 41,594 247,421 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 447 FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, APRIL, 1926 [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 - l A an t t - a c C a h g i o - L S ou t. is ne M ap in ol - is K C an it s y as Dallas F c S i r s a a c n n o - HOLDINGS ON APR. 30,1926 Total bills and securities._ 1,187,370 58, 595 308,116 94,500 104,863 62,380 68,114 146,345 60,705 46,016 68,398 53,625 115,713 Bills discounted for members 571,673 18,948 196,408 53,305 48,064 44,346 38,471 62,957 26,623 6,404 21,068 9,985 45,094 Bills bought in open market 209,676 21, 726 31,766 13,128 18,801 8,251 25,288 23,333 7,983 19,018 10,572 9,564 20,246 United States securities 393,104 17,290 77,668 23,723 37,110 9,343 3,463 58,918 25,742 19,828 36,434 33,785 49,800 Other securities . _ _ 4,635 3,575 560 500 Foreign loans on gold 8,282 631 2,274 769 888 440 332 1,137 357 266 324 291 573 Bills Discounted Rediscountod bills: Commercial and agricultural paper, n. e. s___ 171,065 1 8,110 8,110 12,669 13,341 25,820 27,123 28,019 12,220 3,542 11,400 7,705 13,006 Demand and sight drafts.___ 180 41 54 14 19 52 Bankers' acceptances 8 8 Trade acceptances, domestic. 3,015 103 130 233 587 440 308 719 268 37 190 Secured by U. S. Government obligations 1,839 85 5 1 343 270 349 112 478 176 11 9 Member bank collateral notes: Secured by U. S. Government obligations 328,936 10,650 164,921 30,141 30,135 13, 985 3,938 33,238 11,679 1,640 6,458 1, 584 20,567 Otherwise secured 66,630 23,242 10, 261 3,658 3,831 6,712 869 1,924 1,214 3,020 629 11,270 Total discounted bills 571,673 18,948 196,408 53, 305 48,064 44,346 38,471 62,957 26,623 6,404 21,068 9,985 45,094 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports 94,995 11,148 14, 279 4,003 9,189 2,945 10,882 10, 276 3,443 7,822 5,742 4,514 10,752 Exports 51,623 3,185 7,083 4,487 4,845 1,827 9,601 5,469 1,658 4,545 2,151 2,918 3,854 Domestic transactions... 31,811 4,981 4,164 1,840 2,347 2,302 3,538 5,139 1,025 2,806 974 361 2,334 Dollar exchange 3,009 270 272 418 341 135 707 484 100 61 5 106 110 Shipments between or storage of goods in foreign countries 25,251 2,105 ,4,823 2,370 1,104 1,017 559 1,943 1,699 3,299 1,700 1,665 2,967 All other. 1,205 37 472 10 25 1 22 58 485 95 Trade acceptances based on imports _. , 569 435 134 Bills payable in foreign currencies 1, 213 238 975 Total purchased bills 209,676 21, 726 31,766 13,128 18,801 8,251 25,288 23,333 7,983 19,018 10, 572 9,564 20,246 United States Securities United States bonds 98,518 3,583 11, 762 3,088 11,542 3,200 264 25,914 3,200 9,486 11,207 10,914 4,358 Treasury notes _ 160,640 5, 672 41, 710 2,797 17, 734 3,918 249 20,251 10,760 6,333 14,211 13,816 23,189 Certificates of indebtedness...... 133,946 8,035 24,196 17,838 7,834 2,225 2,950 12,753 11,782 4,009 11,016 9,055 22,253 Total U. S. securities 393,104 17, 290 77, 668 23, 723 37,110 9,343 3,463 58,918 25, 742 19,828 36,434 33,785 49,800 DAILY AVERAGE HOLD- INGS DURING APRIL Total bills and securities x 1,158,891 79, 266 240,931 92,134 112,971 63,720 72,969 158,377 60,745 41,424 67,313 50, 291 118,750 Bills discounted 539, 594 28,450 129, 202 53, 295 56,207 45,066 44,354 75, 266 28, 236 6,386 19,044 7,400 46,1588 Bills bought 235,956 36,958 40, 742 11,677 20, 698 10,000 18,198 29,486 6,433 15, 552 12, 616 10, 399 23,197 United States securities ..__ 369, 779 13,198 68, 606 22, 272 35,137 8,194 9,509 52,435 25,702 18,958 35,314 32,188 48,266 Foreign loans on gold 8,687 660 2,381 825 929 460 348 1,190 374 278 339 304 599 EARNINGS DURING APRIL T B o il t l a s l d b is il c l o s u a n n te d d s e _ curities 1-______ 3 1 , ,7 6 6 2 7 7 2 9 4 4 4 4 7 1 4 7 9 2 1 9 7 3 5 3 1 5 8 6 5 , 2 1 0 4 3 8 2 1 3 4 2 6 5 24 0 8 2 1 9 9 3 0 1 2 3 1 0 20 6 9 3 1 2 5 4 3 3 1 6 5 6 3 B U Fo i n l r l i e s t i e g b d n o u S lo g ta a h t n t e s s . o s .. e n c u g r o i l t d ies 1,1 7 0 3 0 9 1 4 1 3 1 2 8 0 2 1 0 2 9 3 0 3 6 3 5 7 1 6 0 3 2 6 3 2 2 0 3 5 2 1 5 8 1 8 6 4 8 2 7 1 2 6 9 4 6 1 6 1 1 3 0 8 1 7 3 9 1 1 7 1 7 4 2 0 1 ANNUAL RATE OF EARNINGS T B o il t l a s l d b is il c l o s u a n n te d d s e _ c - urities l 3 3. . 9 8 8 1 4 3 . . 0 7 0 4 3 3 . . 7 9 8 3 4 3 . . 0 8 0 7 3 4. . 0 8 0 3 4 3 . . 0 8 0 7 3 4 . . 8 0 6 0 3 4 . . 8 0 6 0 3 4 . . 8 0 0 0 3 4. . 0 8 0 2 4 3 . . 0 7 0 7 4 3 . . 7 0 1 0 4 3 . . 0 7 0 5 U B Fo i n l r i l e t s e i b g d o n u S lo g ta a h t n e t. s s o s _ e n c g u o ri l t d ies. _ . :___ 3 3 4 . . . 6 5 6 5 0 3 4 3 3 . . . 5 4 6 0 9 2 4 3 3. . . , 5 5 6 9 0 0 3 4 3 . . . 6 6 5 8 1 0 3 4 3. . . 6 5 6 5 0 3 3 3 4 . . . 3 5 6 8 0 5 3 4 3 . . . 6 5 6 5 0 1 3 4 3 . . . 5 6 7 0 5 6 4 3 3 . . . 5 6 6 0 3 1 4 3 3 . . . 5 9 6 0 2 2 4 3 3 . . . 6 5 6 9 0 4 4 3 3 . . . 5 6 6 0 5 6 4 3 3 . . . 5 5 6 0 7 4 i Figures include Federal intermediate credit bank debentures as follows: Philadelphia, average daily holdings, $4,065,000; earnings $13 187 annual rate of earnings, 3.94 per cent. Atlanta, average daily holdings, $560,000; earnings, $1,618; annual rate of earnings, 3.52 per cent Minneapolis' average daily holdings, $250,000; earnings, $779; annual rate of earnings, 3.79 per cent. *- > Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

448 FEDEEAL RESERVE JUNE, 1926 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING APRIL, 1926 [Amounts in thousands of dollars] Total B to o n s- Y N o e r w k P p d h h e il l i - 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 i a i n s p - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Total Volume of Operations 3,322,005 80,568L, 640,290 178,958237, 61466,331 16,451258,210 09,172 37,033 57,328 22> 148217,902 Bills discounted for member banks 2,873,341 24,989L, 485,442161,145216,726 55,411 73,665207,018102,377 16,406 43,143 11,344175,675 Bills bought: In open market 260,514 44, 246 101,197 9,738 12,980 6,515 6,522 25,367 5,561 6,550 7,252 5,419 29,167 From other Federal reserve banks _. 40,707 11,008 1,048 492 16, 515 1,129 10,027 488 U. S. securities bought in open market 85,889 5,584 20,891 4,780 7,310 3,651 4,752 18,734 625 3,169 5,679 4,597 6,117 U. S. securities bought from other Federal ^treserve banks 58,354 5,696 21,560 180 523 225 14,969 5,866 579 359 739 763 6,895 Foreign loans on gold - '700 53 192 67 . 75 37 28 96 30 22 27 25 48 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s 152,446 2,891 5,503 8,721 10, 252 16,428 23,598 32,517 26,761 2,163 10,562 6,000 3 7,050 Demand and sight drafts 427 77 201 14 47 88 Trade acceptances, domestic 1,846 39 164 195 560 191 248 108 151 14 25 151 .Secured by U. S, Government obligations 1,891 72 6 96 202 246 54 342 195 673 5 Member bank collateral notes: Secured by U. S, Government obligations 2,217,027 40,7301,316,882 108,846183,485163,677 30,510149,537 63,655 7,683 22,046 3,379126,597 Secured by eligible paper4 - 499, 704 81, 257 162,887 43, 383 22, 333 74,913 18,986 24,802 11, 267 6,546 10,326 1,220 41, 784 Total bills discounted — 2,873,341124,9891,485, 442 161,145216,726255,411 73, 665207,018102,377 16,406 43,143 11, 344175, 675 Average rate (365-day basis), per cent 3.96 4.00 3.81 4.00 4.00 4.00 4.00 4.00 4.00"~4.00 4.00 4.00 4.00 Average maturity (in days): Member bank collateral notes — 5.40 8.63 3.57 9.36 6.80 2.63 11.38 10.25 8.13 1L26 10.40 14. 56 8.15 59.35 49.04 55.76 50.92 51.69 58.54 68.08 52. 21 52.28 85.11 74.07 81.02 80.06 Number of member banks on Apr. 30 9, 410 417 889 758 860 590 492 1,377 622 816 1,018 847 724 Number of member banks accommodated 3,155 179 392 388 312 301 189 501 212 112 209 163 197 Per cent accommodated 33.5 42.9 44.1 51.2 36.3 51.1 38.4 36.4 34.1 13.7 20.5 19.2 27.2 Bills Bought in Open Market From member banks 57,042 8,325 9,071 2,450 6,429 2,305 4,146 8,007 2,172 4,219 2,922 2,470 4,526 From nonmember banks, banking corporations, etc.: With resale agreement 136,781 27,905 81,926 9,242 17,708 All other... .—— 66,691 8,016 10,200 7,288 6,551 4,210 2,376 8,118 3,389 2,331 4,330 2,949 6,933 Total bills bought - 260,514 44,246 101,197 9,738 12,980 6,515 6,522 25,367 5,561 6,550 7,252 5,419 29,167 Rates charged: 31^ per cent ... 4,435 1,487 1,224 635 195 25 89 50 100 258 34 338 8,224 1,047 832 697 357 28( 2,172 542 287 565 199 1,246 9 2 7 3J^ per cent 198,793 39,367 98,249 5,640 8,892 4,285 4>592 10,376 4,184 4,136 4,722 3,566 10,784 35^ per cent - -- 40,226 2,289 491 3,453 2,344 1,166 1,162 8,664 614 1,486 1,155 1,056 16,346 3?€ P^r cent 7,139 54 • 1( 79] 682 15( 3,492 116 452 552 41< 425 3% Der cent 594 447 U 126 7 4 per cent 1,094 400 61 249 166 5 175 24 14 Average rate (365-day basis), per cent_____ 3.60 3.56 3.55 3.62 3.62 3.62 3.62 3.65 3.57 3.67 3.62 3.65 3.60 Average maturity (in days)fi 39.33 33.03 22.59 47.07 45.04 39.63 39.25 48.11 37.94 51.82 41.26 49.26 38.55 Class of bills: Bills payable in dollars «— Bankers' acceptances based on— Imports _ 46,046 5,522 3,914 2,832 5,068 2,066 2,186 6,702 2,259 3,163 3,673 2,896 5,765 Exports 28,415 2,962 5,395 2,97( 2,589• 1,833 1,286 3,643 1,001 1,585 1,461 1,247 2,435 Domestic transactions 20,188 2,932 3,908 1,304 2,129 1,527 1,558 3,027 636 1,008 719 259 1,181 Dollar exchange 2,976 270 538 599 381 153 501 75 120 25 307 Shipments between or storage of goods in foreign countries 24,623 4,655 5,12S 2,023 2,376 936 1,097 2,027 1,591 674 1,356 992 1,771 All other 70 47 10 388 225 38 Trade acceptances based on im- 340 34C Bills payable in foreign currencies 437 437 Total._...- 123,733 16,341 19,271 9,738 12,980 6,515 6,522 16,125 5,561 6,550 7,252 5,418 11,459 U. S. Securities Bought in Open Market United States bonds..., „ - , 33,576 2,013 7,275 2,30C 3,29C 1,72 2,974 4,02o 1,438 3,375 2,57C 2,594 36,006 1,946 10,50C 1,621 2,24 1,28 1,052 10,036 426 1,19< 1,658 1,49C 2,556 Certificates of indebtedness— 16,307 1,625 3,lli 85£ 1,77 64 72 4,673 198 537 645 53 967 Total U S securities —... 85,889 5,584 20,893 4,78C 7,31 3,65 4,752 18,734 625 3,169 5,67 4,59 6,117 ® 1 Includes Federal intermediate credit bank debentures as follows: Philadelphia, $2,000,000; Minneapolis, $500,000. a Includes $200,000 discounted for the Federal intermediate credit bank of Columbia, S. C. a Includes $157,000 discounted for the Federal intermediate credit bank of Spokane, Wash * Includes bills taken under a resale contract. * Exclusive of acceptances bought under a resale contract. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

449 JUNE, 1926 FEDERAL KESERVE BULIJETXN REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] Federal reserve district Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanti Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Number of reporting banks: Apr. 21 707 97 49 Apr. 28 706 49 May5_____ _ 705 49 May 12 . 705 97 67 49 Loans and discounts, gross: Secured by U. S. Government obligations- Apr. 21 162,271 10,239 52, 742 11, 588 19,93! 5,020 7,719 23,634 11,663 2,525 3,784 3,100 10,318 Apr. 28 163, 749 9,426 57,208 11, 865 19,625 5,094 6,311 22,671 11,706 2,546 3,074 10,254 May 5., 172,301 8,583 62,117 11,972 19,711 4,640 6,032 27,369 12,181 2,542 3,685 2,990 10,479 May 12 167, 988 8,607 58,722 11,895 19,613 4,884 5,841 26,498 11,401 2,561 3,755 4,002 10,209 Secured by stocks and bonds— Apr. 21 5,262, 50' 320, 5972,218,071 407,761 539,279 137,890 103, 562 807, 612201,102 61,840 102,646 77,520 284,627 Apr. 28 5,289,965 323,0772,274,363 403, 778 545, 202 139,440 98,081 791,205 199,064 62,272 98,214 74,883 280,386 May 5___ 5,318,982 327,306 2,294,363 404,208 544,657 138, 881 104,160 786, 941201,331 61,059 97, 742 73,966 284,368 May 12 5,295,208 329,65'2, 227,990 411, 56" 537,822 140,077 102,344 817,328 199,502 61,600 104,711 74,99} 287,619 All other loans and discounts- Apr. 21 8,446,006 652,292 2,675,100 376,838 780, 503 375,966 407,952 , 241,967312,692 169,953 320,538 233,100 899,105 Apr. 28.— __. 8.495,157 652,704 1,849 382,942 780,440 376, 615 407,285 , 259, 528313,483 170,895 319,816 231,080 900,520 May 5. _._. 8,513,461 646,7242,727,970 375,501 779,128 381,462 401,163 ,263,494 312,895 318, 750231,407 905, 998 Mayl2__ 8.498,158 643,4552,709,009 381,443 789,790 376,893 405,312 , 261,953311,760 164,830 319,355 228,489 Total loans and discounts— Apr. 21. 13, 870, 784 :, 128, 944,5,913 796,18' , 339, 721518, 876 519, 233 073, 213 525,457234,318 426,968 313,720 1,194,050 Apr. 28 13, 948, 871 985,2075,031,420i 798, 585 , 345, 267521,149 511,677 ,073,404 524,253 235,713 421,999 309,0371,191,160 May 5 14, 004, 744 982,6135,084,450 791, 681 . 343,496524,983 511,355 , 077,804526,407232,570 420,177 308,363 1,200,845 May 12 _ 13,961,354 981, 7~1'~9 44,,995,721 804, 905 347,225 521,854 513,497 105,779 522, 663 228,991 427,821 307,4821,203,697 U. S. Government securities: Apr. 21 2, 544,196 156,1161,014, 781 106,157 287, 806 68, 762 44, 845 308, 690 63,375 71, 567 111,056 52,426 258,615 Apr. 28. 2, 533,270 152, 8331,011,770 102, 843 287,019 68,052 43,888 309, 496 60,788 71,204 112,406 53, 677259,294 May 5... . _____.. 2, 539,257 156, 6021,021,258 102, 952 281,859 66, 642 43,646 311,150 59,992 71,037 112,355 53,611 258,153 May 12 2, 563,493 154,4871,035,344 100,393 287, 866 68,185 41,640 315, 841 60, 421 71,184 111, 631 52,769 263,732 Other bonds, stocks, and securities: Apr. 21... 3,034,921 229,9181,191,795 252,931 344,190 61,104 55,104 440,133 106,044 42,091 77,022 23,815 210,774 Apr. 28.. 3,042,865 234,3901,188,947 254,105 346,268 60,484 56,896 437,766 105.626 42,816 81,397 22,586 211,584 May 5 3,055,208 1,191,927 252,963 344,498 56,998 439,222 107,187 43,388 81,244 24,157 212,485 Mly 3,106,698 241,2551,197,869 256,801 380,819 67,473 56,428 434,732 107,713 44,854 81,830 24,241 212,683 Total investments: Apr. 21 5,579,117 386,0342,206,576 631,996 129,866 748,823 169,419 113,658 188,078 76,241 Apr. 28 5, 576,135 387,2232,200,717 356,948 633,287 128,536 100,784 747,262 166,414 114,020 193,803 76,263 470,878 May 5 5,594,465 395,2952,213,185 355,915 626,357 129,088 100,644 750,372 167,179 114,425 193,599 77,768 470,638 May 12 5,670,191 395,7422,233,213 357,194 135,658 750,573 168,134 116,038 193,461 77,010 476,415 Total loans and investments: Apr. 21 .._ .9,449,901 , 369,162r, 152,489155,275 971,717 648,742 619,182 822,036 694,876 347,976 615,046 389,9611,663,439 Apr. 28.. ._ .9,525,006 , 372,430', 232,137155,533 978,554 649,685 612,461 820,666 690,667 349,733 615,802 385,3001,662,038 May 5_____ _ .9,599,209 , 377,908', 297, 635147,596 969,853 654,071 611,999 828,176 693,586 346,995 613,776 386,1311,671,483 May 12 .9, 631,545 ,377,461 ', 228,934162,099 015,910 657,512 611,565 856,352 690,797 345,029 621,282 384,4921,680,112 Reserve balances with Federal reserve bank: Apr. 21 1,597,978 03,500 728,327 82,757 119,461 39,069 43,597 225,805 46,848 24,925 53,766 30,130 109,793 Apr. 28.. 1,638,210 93,273 774,140 81,474 121, 612 38, 567 41,369 230,476 49,123 20,479 50,520 28,308 108,869 May 5.... 1,657,721 97,759 751,383 84,946 119,565 41,174 41,733 255,664 49,764 23,171 53,814 29,141 109,607 May 12.. 1,632,065 96,296 742,930 82,270 124,896 38, 682 44,829 236,075 47,628 22,905 52,822 27,792 114,940 Cash in vault: Apr. 21 275,037 20,919 77,329 16,527 30,283 13,632 11,393 49,134 6,377 12,295 9,373 20,166 Apr. 28 276,149 20,587 78,086 15,770 30,816 13,653 11,373 48,324 7,716 6,245 12, 630 10,105 20,844 May 5 • 276,752 20,503 79,302 15,920 30,768 13,295 11,159 49,192 8,090 5,852 12,015 9,720 May 12 _ 20,746 80,505 16,833 31,404 13,783 11,341 49,670 8,186 6,013 12,741 10,058 21,208 Net demand deposits: Apr.21_... .2,813,570 884,8195,592,538 776,649 010,169 361,794 350,511 724,057 402,675 214,933 474,828 269,356 751,241 A M p a r y . 2 5 8. _ „ . . 2 2 , , 8 8 2 8 9 1 , , 0 7 0 1 8 4 883,681" 6 6 2 2 6 2 , , 0 0 7 1 8 3 7 7 7 7 4 8 , , 5 3 8 3 4 4 0 0 1 1 2 6 , , 9 7 5 1 6 9 3 3 6 6 4 5 , , 1 15 7 5 0 3 3 5 4 0 6 , , 0 61 0 3 1 7 7 2 4 4 6 , , 7 4 8 0 9 2 4 4 0 1 9 2 , , 9 6 2 0 3 1 2 21 1 3 3 , , 9 4 1 3 9 4 4 47 6 2 9 , , 7 0 1 2 3 8• 2 2 6 6 4 4 , , 3 1 6 1 9 1 7 74 4 5 3 , r4 4 4 5 8 9 May 12. .3,022,956 900,6525', 648,744 786,365 040,262 372,844 357,867 782,499 406,216 213,170 483,128 762,900 Time deposits: Apr. 21 5,546,752 403,148 ,245,387 227,964 267,026 219,900 038,288 216,916 109,836 146,167 100,902 826,284 Apr. 28. 5,555,469 408,747 ., 249,601227,299 806,212 206,796 221,874 030,873 215,651 109,682 146,402 100,575 831,757 May 5 5,562,208 417,110 ., 249,170227,607 804,769 206,042 221,151 034,993 215,643 108,294 146,433 100,489 830,507 May 12 ..___ 5,559,015 416,048 ., 238,999228,751 207,029 220,492 032,253 216,903 108,576 145,939 99,913 837,120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

450 FEDERAL RESERVE BTJLLETHST JUNE, 1926 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS-Continued [In thousands of dollars] Federal reserve district Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - Government deposits: Apr. 21 240,734 38,030 47,958 29,379 29,539 9,321 11,901 21,713 8,159 4,219 8,305 7,259 24, 951 Apr. 28.-... 240,827 38,864 29,379 29,522 8,681 11,005 21,710 8,148 4,219 8,305 7,— 24,951 May 5 231,747 37,309 46,041 28,199 28, 337 8,947 11,399 20, 763 7,819 4,039 7,974 23,952 May 12 219,707 35,448 43,736 28,789 26, 947 10,841 19, 248 7,411 3,843 7,573 6,619 22, 754 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations- Apr. 21 122,175 2, 050 19,587 18, 773 5, 7371 4,433 19, 530 5,987 2,630 7,450 715 28,045 Apr. 28 191,38" 890 92,550 21,909 5,314} 2,541 21,409 6,lH 2,45^5 4,145 915 25,589 May 5 222,146 1,615 122, 538 19,349 5,425! 2,207 25,429 5,7! 2,830 3,555 1,194 26, 796 May 12 170,904 1,215 39, 696 6,349; 1,615 15,284 2,655 2,766 1,009 22,881 All other- Apr. 21 125, 755 7,579 12,883 7,406 12,124 15,328 21,506 14,762 10,530 1,107 7,006 1,897 13,627 Apr. 28... 114,255 10, 729 17,917 6,668 9,464 10, 241 17,723 13,036, 6,352 1,251 7,625 3,540 9,709- May 5 121,490 4,059 18,488 6,159 11,09l! 16,687 16,679 7,833 1,297 8,748 3,477 18,079 May 12 ____. 102,283 6,494 13,678 6,006 10,995 9,798 11,197 15, 271 1,025 7,265 2,713 12,353 Total borrowings from Federal reserve bank: Apr. 21.... ....—. 247,930 9,629 32,470 14, 644 30,897 21, 065 25, 939 34,292 16,517 3,737 14,456 2,612 41, 672 Apr. 28- _ 305,642 11,619 110,467 14, 236 31,373 15, 555 20,264 34,445 12,454 3,706 11, 770 4,455 35,298 May 5 , 343,636 5,674 141,026 11,577 28, 242 16,516' 18,894 42,108 13, 623 4,127 12, 303 4,671 44,875- May 12_.__,_.__ 273,187 7,709 80,560 10,289 50,691 16,147 12,812 30,555 11,757 3,680 10,031 3,722 35,234 REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS* BALANCES [In thousands of dollars] Federal reserve bank city Total (12 cities) Boston New York d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - Due to banks: Apr. 21 2,195,375 139,306 1,079,477 180,597 46,109 30,793 19,188 364,449 47,667 25,414 88,578 Apr. 28 2,179,936 130,353 1,078,359 178,849 45,850 30,188 16,795 366,957 83,928 48,535 90,374 24,861 84,887 May5.._-___ 2, 277,209 135,463 1,109,224 187,024 47,545 31,899 18,855 402,844 88,392 50,347 94,174 27,220 84,222 May 12 2,181, 926 130,841 1,052,136 180,967 44,684 31, 977 16,417 85,142 56,505 93, 764 24,655 84,630 Due from banks: Apr. 21 587,479 45,809 106,592 70,310 26,256 15, 890 11,020 150,848 27,392 19,791 38,990 21, 761 52,820 Apr. 28 600,915 39,352 111,629 62,821 30,411 17,123 13, 609 161,398 30,782 24,857 39,201 21,066 May 5 619,203 39,798 101, 200 75, 707 27,585 16,274 14,882 173,945 30,682 21,077 48,317 22,402 47,334 May 12 597,225 44, 265 100,410 60,579 24,656 16,344 13,930 167,236 30,301 24,477 38,905 25,304 50,818 LOANS TO BROKERS AND DEALERS, SECURED BY STOCKS AND BONDS, MADE BY REPORTING MEMBER BANKS IN NEW YORK CITY [In thousands of dollars] Demand and time loans Demand loans Time loans For ac- For ac-. For ac- Total F ac o c r o o u w n n t c o o t u o u t w n -o t n f o - f c F o o o t u h r n e a t r c s o - f Total F ac o c r o o u w nt n c o o t u o u t w n -o t n f o - f c F o o o t u h r n e a t r c o s - f Total F ac o c r o o u w n n t c o o t u o u t w n -o t n f o - f c F o o o t u h r n e t a r c o s - f banks banks banks 1926 Apr. 21 2,464,679 885,590 1,044,378 534,711 1,655,909 458,497 720,577 476,835 808,770 427,093 323,801 VI, 876 Apr. 28- 2,463, 697 897,940 1,023,681 542,076 1,<672,651 466,270 717,018 489,363 791,046 431,670 306,663 52,713 May 5 2,489,391 974,957 1,007,731 506,703 1,721, 935 554,280 710,037 457, 618 767,456 420,677 297,694 49,085 May 12----... 2,480,280 888,427 1,056,284 535, 569 1,737,698 487,197 769,192 481,309 742, 582 401,230 287,092 54, 260 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 451 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] New York City City of Chicago Apr. 21 Apr. 28 May 5 May 12 Apr. 21 Apr. 28 May 5 May 12 Number of reporting banks _ _ 59 59 59 59 46 46 46 Loans and discounts, gross: Secured by TJ. S. Government obligations. 47,808 52,313 57,233 53,855 17,509 16,421 21,105 20,487 Secured by stocks and bonds 1, 933,007 1,986,592 2,008,062 1,944,663 600,493 585,556 581,318 608,411 All other loans and discounts. __ __ 2,348,291 2,370,143 2,401,540 2,378,138 680,872 694,167 697,113 702,148 Total loans and discounts 4,329,101 4,409,048 4,466,835 4,376,656 1,298,874 1,296,144 1,299,536 1,331,046 U. S. Government securities _.. » ' 895, 058 895, 045 905,449 919,615 157,980 164,349 165,892 170,210 Other bonds, stocks, and securities 893, 042 887,681 889,364 894,442 205,763 203,743 205,114 200,063 Total investments.__ 1,788,100 1,782, 726 1,794,813 1,814,057 363, 743 368,092 371,006 370,273 Total loans and investments 6,117,201 6,191,774 6,261,648 6,190,713 1,662,617 1, 664,236 1,670,542 1,701,319 Reserve balances with Federal reserve bank.. 667, 760 711,897 690,639 681,870 154,563 158,173 182,876 161,832 Cash in vault 62,241 63,835 64, 656 65,222 21,241 21,181 20,876 21,024 Net demand deposits. _. 5,011,375 5,038,589 5,045,593 5,060,270 1,127,654 1,138,409 1,160,974 1,177,730 Time deposits ;___ 828,166 833, 534 835,962 824,853 • 505,451 501,776 502,690 501,395 Government deposits .._.__ 42, 828 42,828 41,113 39, 057 9,345 9,342 8,903 8,514 Bills payable and rediscounts with Federal Reserve bank: Secured by U. S. Government obligations 7, 512 81,732 113,950 57,125 6,080 6,420 5,040 4,634 All other __ 8,176 13,151 13,897 9,230 3,194 2,211 4,728 5,250 Total borrowings from Federal reserve bank__ _ __ ..... 15, 688 94,883 127,847 66,355 9,274 8,631 9,768 9,884 ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits Federal reserve district 1926 1925 1926 1926 Jan. 27 Feb. 24 Mar. 24 Apr. 28 Apr. 22 Jan. 27 Feb. 27 Mar. 24 Apr. 28 Apr. 22 Boston 1,374,330 1,350,075 1,337,219 1,364, 018 1,298,704 801,024 813,127 820,818 835,447 729,635 New York . 6,455,855 6,371,738 6,370,129 6.415,786 6,334,929 2,230,372 2,251,868 2,283,991 2,316,911 2,121,020 Philadelphia. 1,190,601 1,170,180 1,169,750 1,195,490 1,155,613 869,084 876,312 875,945 887,115 786,676 Cleveland. .1 1,495,667 1,507,999 1,467,382 1,481,605 1,469,584 1,354,620 1,364,418 1,379,613 1,400,234 1,300,882 Richmond 613,437 620,320 605,734 591, 611 565,450 513,875 516,626 518,652 516,044 501,893 Atlanta 760,379 756,985 726,842 697,133 620,420 438,920 446,715 441,056 446,396 388,125 Chicago.. __ 2,429,995 2,469,183 2,412,260 2,463,012 2,384,717 1,883,018 1,883,284 1,892,013 1,883,491 1,767,731 St. Louis.. 760,201 745,970 733,071 742,039 708,335 466,253 467,704 472,818 479,354 435,041 Minneapolis 452,173 457,021 452,286 430,343 451,891 441,449 440,772 439,126 436,566 439,950 Kansas City 862,059 862,546 842,218 827,071 838,824 314,084 320,650 319,296 321,296 307,175 Dallas 659,, 813 654,003 637,392 605,845 635,576 167,330 171,024 169,159 165,668 165,531 San Francisco l,31i,604 1,294,977 1,259,406 1,250,410 1,251,037 1,322,578 1,340,365 1,357,039 1,359,637 1,242,963 Total , 18,366,114 18,260,997 18,013,689 18,064,363 17,715,08C 10,802,607 10,892, 865 10,969,526 11,048,159 10,186,622 Banks in cities and towns having a population of— Less than 5,000 1,720,826 1,724.373 1,701,022 1,663,116 1,637,884 1,761,695 1,774,543 1,781,595 1,782,813 1,691,055 5,000 to 14,999 1,158,992 1,157,660 1,140,139 1,127,913 1,088,048 1,129,972 1,143,579 1,147,134 1,151,394 1,081,730 15,000 to 99,999 , 2,405,814 2,399,216 2,367,207 2,354,817 2,239,760 2,169,045 2,181,037 2,192,271 2,202,327 2,044,266 100,000 and over..—_. 13,080,482 12,979,748 12,805,321 12,918,517 12,749,388 5,741,895 5,793,706 5,848,526 5,911,625 5,369,571 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—CONDITION ON APRIL 12, 1926 . ALL MEMBER BANKS (7,99.4 NATIONAL BANKS AND 1,418 STATE BANKS AND TRUST COMPANIES)—ABSTRACT OF CONDITION REPORTS ON APRIL 12, 1926 BY FEDERAL RESERVE DISTRICTS [In thousands of dollars] . Federal reserve district b t ( a 9 o n ,4 t k a 1 s l 2 ) Boston New York 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 ChicagoSt. Louis M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o ba (4 n 1 k 8 s) ba (8 n 8 k 5 s) ba (7 n 5 k 6 s) b ( a 8 n 60 k ) s ba (5 n 9 k 2 s) ba (4 n 9 k 2 s) b ( a 1 n ,3 k 7 s 9 ) ba (6 n 2 k 2 s) ba (8 n 1 k 7 s) b ( a 1 n ,0 k 1 s 7 ) ba (8 n 5 k 0 s) (724 % RESOURCES Loans and discounts _ _ 21,989,0481,685,565 6,378,0611,551,442 2,115,6221,029,758 990,232 3,292,919 970,713 574,719 793,039 666,208 i1,.940,770 Overdrafts _..• I _. 17,260 558 2,001 445 1,025 665 2,186 2,505 1,574 653 1,194 1,639 2,815 United States Government securities . 3,831,078 274,882 1,172,065 244,897 413,813 134,889 109,802 484,972 141,291 147,845 199,322 120,791 Other bonds, stocks, and securities __ _ 5,232,617 430,125 1,660,837 614,937 600,497 132,775 138,891 722,401 221,201 145,859 44,451 354,014 Total loans and investments 31,070,0033,391,130 9,212,964 2,411,7213,130,957 1,298,087 1,241, 111 4,502,797 1,334,779 889; 846 1,139,414 833,089 2,684,108 Customers' liability on account of acceptances 52, 206 341,395 11,622 9,661 10,284 8,.974 27,761 644 2,413 79 1*, 6"1"2 19,608 Banking house, furniture and fixtures __ 955,563 64,815 190,713 72,044 129,680 57,790 50,371 144,223 38,326 24,916 43,690 41,734 97,261 Other real estate owned 173,906 6,487 13,030 10,731 17,958 11,175 11,246 28,360 8,060 15,280 17,026 13, 611 20,942 Cash in vault _ 540,261 44, 631 117,315 42,552 57,975 26,992 27,969 85,997 22,576 20,149 27,988 22,915 43,202 Reserve with Federal reserve banks 2,135,948 143,796 781,876 131,910 177,825 66,746 77,529 321,071 82,611 53,592 83,990 58,172 156,830 Items with Federal reserve banks in process of collection 722,055 60,507 232,188 59,783 68,966 47,715 30,869 71,297 40,081 7,758 36,011 28,467 38,413 Due from banks, bankers, and trust companies ____ 1,933, 501 90,542 187,772 118,656 161,630 94,614 172,755 337,713 114,311 104,869 188,641 135,343 226,655 Exchanges for clearing house, also checks on other banks in same 1,450,457 42,849 1,018,269 57,831 41,928 21,083 26,534 114,598 23,304 10,581 20,122 11,855 61,503 Outside checks and other cash items 142,939 5,581 35,801 3,188 10,905 3,316 5,316 2,708 5,619 5,053 3,695 32,349 Redemption fund and due from United States Treasurer _ 32,879 2,361 4,158 2,823 4,276 2,997 2,007 4,386 2,027 1,453 1,774 2,178 2,439 United States securities borrowedl 13,770 1,181 2,523 1,147 2,205 4,170 2,372 51 1 22 Other securities borrowed *__.. .- 1,870 45 90 1,657 60 18 Other assets ___ 416,029 28, 758 246, 797 10, 295 14,415 6,044 9,189 53,371 10,891 4,584 3,439 3,905 24,341 Total.-. _-_ _ _ — 40,075,4402,933, 663 12,382, 278934,337 3,828,744 1, 647, 990 1, 666,156,5 726,809 1,682,750 1,141, 111 1,567,228 1,156, 674 3,407,691 LIABILITIES Capital stock paid in ,„_. 2,162,434 154,704 559,881 150,650 216, 215 116, 223 98,705 304,495 113,647 93,662 97,760 190,161 Surplus fund _ _ _. 1,880,620 138,061 600,435 254, 629 232, 776 85, 001 64,794 234,694 60,920 35,292 43,388 43,733 86,897 Undivided profits, less expenses and taxes paid 783,012 75, 894 271,140 80,803 33,233 24,746 89,900 29, 000 14, 247 19,005 23,627 43,318 Reserved for taxes, interest, etc., accrued ___ 132,688 10,460 38,472 7,502 18,362 4,419 4,400 23,695 6,237 3,560 3,285 2,031 10,265 Due to Federal reserve banks/ _. 47,893 4,281 14,429 6,061 5,157 10,606 2,083 2,413 339 1 1,630 Due to banks, bankers, and trust companies-- 3,801,513 163,937 1,400,580 205, 560 235,195 127, 679 185,701 603,805 178,568 114,388 122,468 Certified and cashiers' or treasurers' checks outstanding. 863,466 22,991 630,798 17,954 32,587 10,495 12,069 45,423 10,358 10,339 15; 200 10,525 44,727 Demand deposits.._ . ___-_-_ 16,823,148 1,338,455 5, 676,1701,, 134, 235 1,392,895 587,123 702,928^2,244,196 779,308 612,480 1,, :255,100 Time deposits...__._ __._ 10,954, 747 812,461 2,253,128 388,458 551177,,888877 432,954 1, 479,134 438; 964 315,685 169,4651,,,3'67,987 United States deposits 379,450 53, 727 71,037 47,298 41,796 2211,,112244 20,542 35,324 16,123 9,499 12,496 34,676 Total deposits _ 1,046,142 2,,291,3913,096,088 1,274,9141,356,277 4t,, 829,5021. 983,2801,348,970 929,064 2,944,046 Agreements to repurchase United States Government or other 32,870,2112,395,85210: ,374,691 securities sold ___ 11,312 1,496 540 543 132 573 43 72 314 10 Bills payable (including all obligations representing money 15,800 500 265 borrowed, other than rediscounts) 142,315 50,290 48,006 21,872 41,257 2,409 10,308 7,311 33,024 Notes and bills rediscounted (including acceptances of other 419,853 18,243 16,719 banks and foreign bills of exchange or drafts sold with indorsement). ___ __. 421,005 30,498 186,791 21,056 23,772 27,236 33,196 14,429 3,261 9,699 17,178 Letters of credit and travelers' checks sold for cash and outstanding 23,266 908 16,748 798 668 423 46 2,459 55 44 82 107 928 Acceptances executed for customers. 470,292 53,978 323,241 8,154 9,136 10,456 13,302 26,940 651 2,150 76 1,708 20,500 Acceptances executed by other banks for account of reporting banks.. 55,002 2,755 43,804 3,819 417 459 1,046 2,000 2 212 1 487 National-bank notes outstanding 648,954 46,771 81,224 55,570 85,264 39,260 40,317 28,705 35,095 42,913 48,028 United States securities borrowed . 39,381 125 651 1,889 12,173 3,530 3,855 7,465 4,396 167 1,251 1,132 2,747 Other securities borrowed ' 5,923 27 65 249 605 444 1,411 1," " 374 8 331 107 434 Other liabilities_._ _ _._ 146,993 4,887 60,057 6,041 6,623 4,165 3,123 26,108 21,047 1,402 2,003 V d Total.. _—_. 40,075,440 2,933,663 12,382,278 2,934,337 3,828,744 1,647,9901,666,165 5,726,809 1,682,7501,141, 111 1,567,228 1,156,674 3,407,691 H s 1 Exclusive of securities borrowed by national banks. s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON APRIL 12, 1926, AND DECEMBER 31, 1925, BY CLASSES OF BANKS a I [In thousands of dollars] I-* Central reserve city banks CO Total United States Other reserve cities Country banks Total New York Chicago A b ( a p 1 9 n 9 r ,4 . 2 k 1 6 s 1 2 ) 2, D b e a 1 c n 9 . 2 k 5 3 s 1 ) , A 1 b 9 p a 2 n r 6 . k ( 1 s 7 ) 2 7 , D 19 e 2 c 5 . ( 3 8 1 3 , A ba p 1 ( n 9 r 5 . 2 k 6 6 s 1 ) 2, D b e a 1 c ( n 9 6 . 2 k 3 5 3 s 1 ) , A ba p 1 ( n 9 r 2 . 2 k 1 6 s 1 ) 2, D b e a 1 c ( n 9 2 . 2 k 0 5 3 s 1 ) , A b p a 1 (5 n 9 r. 4 2 k 4 6 1 s) 2, D b e a 1 ( c 5 n 9 . 4 2 k 9 5 3 s 1 ) , A b ( p a 1 8 n 9 r ,7 . 2 k 9 6 1 s 1 ) 2, D b ( e a 8 1 c n 9 , . 8 2 k 5 3 5 s 7 1 ) , RESOURCES Loans and discounts . 21,989,048 22,257',,763 5,708,987 6,201,182 4,, 503,741 4:,, 943,477, 210,5,246 1,257,7057,992,229 891,883 8,287,832 8,164,698 Overdrafts ____. 17,260 17, 522 1,976 2, 549 1,447 2,207 529 342 6,148 5,588 9,136 9385 United States Government securities 3,831,078 :-, 761, 0651,010,189 1,030,185 864,316 875,223 145,873 154,962 1,421, 707 333,589 1,399,182 1,397,291 Other bonds, stocks, and securities.. „„„_ _-_.„. 5, 232, 617 5.,163,166 943. 718 867,931 778,509 713,332 165, 209 154, 599 1,550,085 1,567,801 2,738,814 2,727,434 Total loans and investments..:..... _• . 31,070,003 31.,189,516 7,664,870 8,101,847 6,,148,013 6,5341,,2391,516,8571,567i', 60810,970,169 10,798,886611122,,443344,,99664412,298,888 Customers' liability on account of acceptances 486,259 498,143 363, 545 367, 237 338,047 -'- 25,498 2"1,151 110,537 113,0"5 3 12,17"7 17,853 Banking house, furniture, and fixtures-- „, 955, 563 927, 357 135,963 127, 604 109, 721 101,701 26,242 25,903 371, 568 362,241 448,032 437,512 Other real estate owned 173,906 170, 763 3,055 3,093 2,813 2,838 242 255 51,276 50,793 119,575 116,877 Cash in vault- . „ 540, 261 574,532 78,224 81,998 62,207 65,437 16,017 16, 561 164,173 175,965 297,864 316,569 Reserve with Federal reserve banks 2,135,948 2, 238,233 77.1, 581 862, 969 622,765 713,300 148,816 149, 669 747,087 746,303 617,280 628,961 Items with Federal reserve banks in process of collection 722, 055 825, 543 206, 007 229, 707 176, 718 188,759 29, 289 40,948 402,068 470,180 113,980 125,656 Due from banks, bankers, and trust companies 1, 933, 501 2,155,306 189,680 213,185 80, 513 95,905 109,167 117, 280 812,030 886,207 931,791 1,055,914 Exchanges for clearing house, also checks on other banks in same place.1,450,457 2,195,466 1,056, 709 1, 676, 640 993,042 1., 583,837 63,667 92,803 311,902 415,116 81,846 103,710 Outside checks and other cash items--. 142,939 159,060 48,239 49,880 24, 500 18,373 25,380 71,286 77,888 23,414 31,292 Redemption fund and due from United States Treasurer.... 32,879 32, 982 1,679 1,546 1,457 1,487 222 59 7,420 7,383 23,780 24,053 United States securities borrowedl 13, 770 11,152 8,013 5,832 5,757 5,320 Other securities borrowed L___-_ . 1,870 2,160 1,127 832 743 1,328 Other assets ..__„ 416,029 435,082 273,395 293,741 233,094 260,348 40,301 105,731 101,130 36,903 40,211 Total _ 40, 075,440 41,425, 295 10, 792,947 12,009,447 8, 798,256 9,918,4371,994,691 2,091,010 14,134,387 14,211,78415,148,10615,204,064 LIABILITIES Capital stock paid in _•_.._ 2,162,4342,105,308 485,842 460,650 390,000 369, 750 95,842 90, 900 729, 677 704,438 946,915 940,220 Surplus fund _-- ___• __-_ 1,880,6201,832, 691 550,359 521,076 451,889 431,376 98,470 89, 700 629,033 618,939 701,228 692,676 Undivided profits, less expenses and taxes paid .783,012 739,934 217,461 227,722 186,873 189, 589 30, 588 38,133 227,898 214,903 337,653 297,309 Reserved for taxes, interest, etc., accrued , 132, 688 108,903 39,288 38,122 26223 23,877 13,065 14,245 55,142 42,253 38,258 Due to Federal reserve banks _ 47, 893 51,112 72 83 72 83 13, 057 13/820 34,764 37,209 Due to banks, bankers, and trust companies 3, 801, 5134,169,470 1, 688, 1,848, 459 ,1306,1811, 471,856 376, 603 814,594 448,670 506,417 Certified and cashiers' or treasurers' checks outstanding ___._. 863,466 1, 225,758 632, 084 885,511 611,,903 855, 726 20,181 29, 785 149,655 231,957 81,727 108,290 T D i e m m e a d n e d p d o e si p t o s sits - _ „ fc_» _„_.. 1 1 0 6 , , 8 95 2 4 3 , , 1 7 4 47 8 1J 1 "0 77 , ,; 6 8 5 2 3 4 , , 0 7 2 0 8 25 1, , 1 1 7 2 8 6 , , 6 5 5 3 8 45 1 , , 8 1 5 6 8 9 , , 0 8 3 5 9 5 4, 7 22 7 2 8 444 86 222 6 , , , 77 5 7 5 11 9 1 9 44 5 4 5 4:,, 78 8 2 8 , 2 7 , 0 8 0 878 39 8 2 3 , , 0 8 6 2 3 0 3 9 8 7 7 5 , , 1 1 5 5 5 2 3 5 , , 7 9 9 8 5 9 , , 9 6 4 2 7 9 8 83 8 6 0 , , 5 4 4 1 8 0 5 5 , , 7 9 8 0 6 0 , , 1 9 4 8 2 5 5,646,625 United States deposits... 379,450 304,131 67,325 73,645 55,664 5.8.,,8 2,,3. 11,661 14__,,8.2_2_ 2_5_3_,9,01 177,493 58,224 52,993 Total deposits-_„- . : 33,870,217 31,228,201 9,885,592 7003, 1~29 8,052,075 1,690,008 1,783,517 11,8616,,56811,954,822 12,310; 51212,437,787 Agreements to repurchase United States Government or other se- 8,693,137 curities sold „., „ 15,800 7,081 3,735 8,132 196 367 • 5,757 2,476 1,715 870 Bills payable (including all obligations representing money borrowed, 8,328 other than rediscounts) ^__. „ 419,853 527,898 185,332 101,405 164,975 8,061 20,357 143,912 174,871 166,475 167,695 Notes and bills rediscounted (including acceptances of other banks 109,466 Le a t n te d r s fo o re f i g cr n e d b i i t l l a s n o d f e tr x a c v h e a l n e g r e s' o c r h e d c ra k f s t s s o s l o d l d fo w r i c t a h s h in a d n o d rs o em ut e st n a t n ). d . ing.. 42 2 1 3 , , 0 2 0 6 5 6 4 2 8 1 3 , , 9 9 6 1 5 4 188,234 22 18 9 , , 7 7 8 9 6 5 1 1 7 6 3 , , 4 1 4 0 6 5 22 1 0 6 , , 9 2 8 2 1 6 1 2 5 , , 1 1 4 2 0 9 8 2, , 5 8 6 0 9 5 11 4 3 , , 0 7 8 5 0 6 146 2 , , 9 5 2 Q 8 1 119,0 6 1 0 5 0 107,6 2 2 4 7 2 Acceptances executed for customers.-. >_ ._ 470, 292 486, 548 18,586 356,369 320, 761 337,170 24, 555 19,199 114,668 116,086 10,308 14,093 Acceptances executed by other bjanks for account of reporting banks.. 55,002 53, 608 345,316 44,850 43,194 41, 778 1,908 3,072 8,472 6,743 1,428 2,015 National-bank notes outstanding...__ ___„ 647, 951 45,102 30,356 28,015 29,175 4,450 1,181 146, 684 144,869 469,805 472,726 United States securities borrowed-.-- !9, 381 43,858 32,465 6,085 185 4,710 1,050 1,375 21,996 20,397 16,150 17,376 Other securities borrowed... „. - 5,923 5,785 1,235 342 192 150 150 1,989 1,567 3, 784 3,876 Other liabilities... „..„.„_„„ 146, 993 131, 650 150 50,635 33,195 9,079 17,440 64,755 59,991 24,260 21,024 57,978 Total ..... 40,075,440 41,425,295 10, 792,947 12,009,447 8,798,256 9,918,437 1,994,691 2,091,010 14,134,387 14, 211, 784 15,148,106 15, 204, 064 ^Exclusive of securities borrowed by national banks. CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL NATIONAL MEMBER BANKS—ABSTRACT OF CONDITION REPORTS ON APRIL 12, 1926, AND DECEMBER 31, 1925, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks Total Other reserve United States cities Country banks Total New York Chicago Apr. 12, Dec. 31, Apr. 12, Dec. 31, Apr. 12, Dec. 31, Apr. 12, Dec. 31, Apr. 12, Dec. 31, I Apr. 12, Dec. 31, 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 (7,994 (8,048 (36 (42 (25 (32 (11 (10 (363 (368 (7,595 (7,638 banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) RESOURCES Loans and discounts . 296,857 13, 531,253 2,768, 281 3, 076,764 2,150,344 2,427p,,281 617,937 649,483 4, 220,305 4,217,8006,308,271 6,236, 689 Overdrafts-.. -- - •_•_ 10, 9451 10, 550 671 428 431 243 2,900! 2,496 7,374 7, 355 United States Government securities,-. 2,537, 669 2, 520,050 563,758 582,729 513,465 527,242 50,293 55,487 811,373' 765,450 1,162,538 1,171,871 Other bonds, stocks and securities., , . .-_. 3,267| 1473,250,128 429,219 417,695 375, 098 367,844 54,121 49,851 716,385 730,256 2,121,543 2,102,177 Total loans and investments „ ... 19,112,618 19,311,981 3,7,61,939 4,077,887 1,039,335 1,333,798 733,594 755,089 ,750,963 5,716,003 9,599,736 9,518,093 Customers'liability on account of acceptances - 265,066 277, 513 180,369 190,181 166, 689 178,666 13,680 11,515 78,450 77,639 6,247 9,693 Banking house, furniture, and fixtures ___ 621,236 605,935 67,203 . 64,874 50,199 48,112 17,004 16,762 196,224 190, 568 357,809 350,493 Other real estate owned 113,969 113,723 300 339 136 140 164 199 19,435 20^874 94,234 92,510 Cash in vault _.-. _.__ . „_. 366, 715 388,856 38, 594 40, 534 29,424 31,114 9,170 9,420 91,191 97,987 250,335 Keserve with Federal reserve banks 1,288, 664 1, 376, 992 385,170 441,437 301,500 357, 777 83, 670 83, 660 425, 004 434, 567 478,490 500,988 Items with Federal reserve banks in process of collection „_____ 487,345 572,090 123,580 143,686 104,654 116,324 18,926 27,362 340,327 80,372 88,077 Due from banks, bankers, and trust companies — 1, 449, 278 1,616,534 103,035 115, 052 27, 042 36, 967 75,993 78,085 567,947 620, 551 778,296 880,931 Exchanges for clearing house, also checks on other banks in same place 858,016 1,236,439 604,335 898,100 564,118 844, 611 40,217 53,489 193,057 263,722 60, 624 74,617 Outside checks and other cash items .__ _ ____ . 71,311 20,404 11, 532 18,180 8,577 2,224 2,955 29,878 34,410 18,518 25,369 Redemption fund and due from United States Treasurer 32,879 32,982 1, 679 1,546 1,457 1,487 222 59 7,420 7,383 23, 780 24,053 Other assets --- - - 215, 528 235,094 143,409 164, 631 127,569 149,430 15,840 15, 201 53,804 52, 357 18,315 18,106 Total . - 24, 880,114 25,839,4505,430, 007 6,149, 799 4,430,303 5,096,003999, 704 1,053,796 7,696,766 7,856,387 11,753,34111,833,264 LIABILITIES Capital stock paid in __ .____.._ 1,409,634 378,301 248,442 234,700 195,800 184,750 52, 642 49,950 412,519 399,232 748,673 744,369 Surplus fund , - 1,187,968 165,879 313,320 295,540 271,900 261,640 41,420 33,900 313,157 313,417 561,491 556,922 Undivided profits, less expenses and taxes paid _._ 500,294 476,001 102,996 116,506 91,165 97,998 11,831 18,508 130,121 125,926 267,177 233,569 Reserved for taxes/interest, etc., accrued... _ 63,318 59,161 15,021 18,236 9,823 11,997 5,198 6,239 23,964 21,800 24,333 19,125 Due to Federal reserve banks _._ ._ 35,785 38,321 8 8 | 9,627 9,965 26,158 28,348 Due to banks, bankers, and trust companies .,. 2, 765, 785 973,2481,113,4491,151,285 835,517 871,773 277,932 279, 512J1,283,52 ,402,355 368,774 419,608 Certified and cashiers' or treasurers' checks outstanding _.__„ 481, 816 675,878 346,562 468,245 337,124 453,497 9,438 14, 748-1 74,063 124,155 61,191 83,478 Demand deposits _._. - 10,451,412 11,145,805 2,459, 561 2,915,233 1, 967,406 2,382,048492,155 533,185.3,428,325 , 510,440 4,563,5264, 720,132 Time deposits -- 1,197,861 " 045,762 376,425 387,673 310,953 321,441 65,472 66,2321,452,8461,394,718 4,368,6904,263,371 United States deposits 231,863 190,948 39,037 43,593 33,328 37,304 5,709 6,289 148,430 1033,,783 -44,396 43,572 A T g o r t e a e l m d e e n p t o s s t i o ts repurc - hase U .— ni , t _ e _ d — S _ t • a tes Government or . other securities 30,164,533 31009,962 4,335,003344 44,,966,037 3,484,338 4,066,071850,706 899,966 6596,853 6,554455,416 9,433,6359,558,509 sold.. . - — 2,497 35 400 35 400 Bills payable (including all obligations representing money borrowed, 1,634 796 other than rediscounts) _. — 265,590 384,377 68,561 167, 520 63,500 147,163 5,061 20,357 71,835 87,550 Notes and bills rediscounted (including acceptances of other banks and 125,194 129,307 foreign bills of exchange or drafts sold with indorsement) , 258,713 264, 505 94,107 86,757 84,437 81,464 9,670 5,293 73,904 95,244 Letters of credit and travelers* checks sold for cash and outstanding 7,753 7,523 4,834 5,099 2,912 2,664 1,922 2,435 2,220 90,702 82,504 Acceptances executed for customers. ._._._....-- 246,199 257,929 162,245 173,569 149,533 163,516 12,712 10,053 78,905 76,054 293 204 Acceptances executed by other banks for account of reporting banks— — 39,493 39,595 31,355 31, 594 29,447 28, 522 1,908 3,072 6,744 6,048 5,049 8,306 National-banknotes outstanding..-. ..__ - — 647, 951 32,465 30,356 28,015 29,175 4,450 1,181 146,684 144,869 1,394 1,953 United States securities borrowed. .__. .._ .. 25,611 32, 706 1,235 185 4,710 1,050 , 1,375 13,983 14,565 469,805 472, 726 Other securities borrowed ----- —- 4,053 3,625 150 342 192 150 150 862 735 10,393 12,056 Other liabilities...- .__—~ —- —- 55, 515 49, 951 20, 207 17,058 19,223 15,741 1,317 23,781 22, 523 3,041 2,548 11,527 10,370 Total... - —- — 24,880,114 25,839,450 5,430,007 6,149,799 4,430,303 5,096,003 999,704 1,053,796,7,696,766 7,856,387 11,753,34111,833,264 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATE BANK AND TRUST COMPANY MEMBERS—ABSTRACT OF CONDITION REPORTS ON APRIL 12, 1926, AND DECEMBER 31, 1925, BY CLASSES OF BANKS [In thousands of dollars] Total United States Central reserve city banks Other reserve cities Country banks Total New York Chicago Apr. 12, Dec. 31, Apr. 12, Dec. 31, | Apr. 12, Dec. 31, b ( a 1 1 n 9 ,4 2 k 1 6 s 8 ) b ( a 1 1 n 9 ,4 2 k 4 5 s 1 ) Ap 1 ( 9 r 4 . 2 1 6 12, De 1 c ( 9 . 4 2 1 5 31, Ap 1 ( 9 r 3 . 2 1 6 12, De 1 c ( 9 . 3 2 1 5 31, Ap 1 ( 9 r 1 . 2 0 6 12, De 1 c ( 9 . 1 2 0 5 31, ba 1 ( 9 1 n 2 8 k 6 1 s ) I ba 1 ( n 1 9 8 2 k 1 5 s ) j | ! b ( a 1 1 n , 9 1 k 2 9 s 6 6 ) b ( a 1 1 n 9 ,2 2 k 1 5 s 9 ) . banks) banks) banks) banks) banks) banks) RESOURCES Loans and discounts _ .__ __.._.- 8,692,191 8, 726, 5102,940,706 3,124,418 2,353,397 2, 516,196 587,309 608,222 3, 771,9243, 674,0831,979,561 1,928,009 Overdrafts .. 6,315 6,972 1,305 1,850 1,019 1, 776 286 74 3,248 3,092 1,762 2,030 United States Government securities.. „ 1,293,409 1,241,015 446,431 447,456 350,851 347, 981 95, 580 99,475 610, 334 568,139 236, 644 225,420 Other bonds, stocks, and securities ; 1,965,470 1, 913,038 514,499 450,236 403,411 345,488 111, 088 104, 748 833,700 837, 545 617,271 625,257 Total loans and investments 11,957,385 11,887,535 3,902,941 4,933,980 3,108,678 3,211,441 794,363 813,519 5,319,306 5,083,859 2,835,338 3,780,716 Customers' liability on account of acceptances 221,193 220,630 183,176 177,056 171,358 167,420 11,818 9,636 32,087 35,414 5,930 8,160 Banking house, furniture and fixtures .._. 334,327 321,422 68,760 62,730 59, 522 53, 589 9,238 9,141 175,344 171,673 90,223 87,019 Other real estate owned .. 59,937 57,040 2,755 2,754 2,677 2,698 78 56 31,841 29,919 25,341 24,367 Gold and gold certificates 17, 499 18,436 7,029 8,170 7,183 1,033 987 3,542 3,927 6,928 6,339 All other cash in vault 156, 047 167, 240 32, 601 33,294 26,787 27,140 5,814 6,154 69,440 74,051 54,006 59,895 Reserve with Federal banks 847, 284 861,241 386,411 421, 532 321,265 355, 523 65,146 66,009 322,083 311,736 138, 790 127,973 Items with Federal reserve banks in process of collection. 234, 710.* 253,453 82,427 i 86,021 72,064 72,435 10, 363 13, 586 118, 6751129,853 33,608 37,579 Due from banks, bankers, and trust companies __.. 484,223 538, 772 86, 645 98,133 53,471 33,174 39,195 244,083 '265,656 153,495 174,983 Exchanges for clearing house, also checks on other banks in same place 592,441 959, 027 452,374 778, 540 428,924 739,226 23,450 39,314 118,845 151,394 21,222 29,093 Outside checks and other cash items 74,139 87,749 27,835 | 38,348 11,686 15,923 16,149 22,425 41,408 43,478 4,896 5,923 United States securities borrowed .__ 13, 770 11,152 8,013 5,832 5,757 5,320 Other securities borrowed 1,870 2,160 1,127 832 743 1,328 Other assets.. 200, 501 199, 988 129,9 .129,110 105,525 110,918 24,461 18,192 i 51,927 48,773 18, 588 22,105 Total.. 1.5,195,326 15,585,845 5,362,940 5,859, 6484,367,953 4,822,434 994,987 1,0037,2141 6,437,621 6,355,397 3,394,76i 3,370,800 - LIABILITIES Capital stock paid in . 752,800 727, 007 237,400 225,950 194,200 185,000 43,200 40,950 317,158 305,206 198,242 195,851 Surplus fund _ 692,652 666,812 237,039 225, 536 179,989 169, 736 57,050 55,800 315,876 305, 522 139, 737 135, 754 Undivided profits, less expenses and taxes paid. __ 282, 718 263, 933 114,465 111, 216 95, 708 91, 591 18, 757 19, 625 97, 777 88,977 70,476 63,740 Reserved for taxes, interest, etc., accrued.. 69,370 49,742 24,267 19,886 16,400 11, 880 7,867 8,006 31,178 20,453 13,925 9,403 Due to Federal reserve banks . 12,108 12, 791 72 75 72 75 3,430 3,855 8,606 8,861 Due to banks, bankers, and trust companies 1,035, 728 1,196,222 575,015 697,174 470, 664 600, 083 104, 351 97/091 380, 817 412, 239 79,896 Certified and cashiers' or treasurers' checks outstanding 381,650 549,880 285, 522 417,266 274,779 402, 229 10, 743 15,037 75, 592 107,802 20, 536 24,812 Demand deposits... 6,371, 736 6, 678, 897 2,666,973 2, 942,8062,275, 3082, 500,839 391, 665 441,967 2,367/304 2, 369,9701, 337,459 1, 366,121 Time deposits 4, 756,886 4,607,266 802,233 782,182 475, 642 461,259 326, 591 320,923 2, 537,1012,441,830 1,417,552 1,383,254 United States deposits. 147, 587 113,183 28, 288 30, 052 22,336 21, 519 5,952 8, 533 105,471 73, 710 13,828 9,421 Total deposits. ___-_ 883,551 Agreements to repurchase United States Government or other 13,705,695 13,158,239 4,358,103 4,869,555 3,518,801 3,936,004 839,303 5,469,715 5,409,406 3,877,877 3,879,378 securities sold . 367 Bills payable (including all obligations representing money bor- 13,303 5,097 8,293 3,335 8,097 2,968 196 4,929 1,688 81 74 rowed, other than rediscounts).._ >__• Notes and bills rediscounted (including acceptances of other 154,263 143,521 40,905 17,812 37,905 17,812 3,000 72,077 87,321 41,281 38,388 banks and foreign bills of exchange or drafts sold with indorsement) 162,292 219,409 94,127 143,029 139,517 5,459 3,512 39,852 51,257 28,313 25,123 Letters of credit and travelers' checks sold for cash and outstanding. 15,513 14,442 13,752 13,696 13,534 13,562 ; 218 134 1,454 708 307 38 Acceptances executed for customers 224,093 228,619 183, 071 182,800 171,228 173, 654 11,843 9,146 35,763 40,032 5,259 5,787 Acceptances executed by other banks for other account of reporting banks.- __„ 15, 509 14,013 13,747 13,256 13,747 13,256 1,728 695 34 62 United States securities borrowed ___ 13, 770 11,152 8,013 5,832 5,757 5, 320 Other securities borrowed _ 1,870 2,160 1,127 832 743 1,328 Other liabilities.—^ 91,478 81, 699 37, 771 33, 577 29,676 17,454 8,095 ' 16,123 40,974 37,468 12,733 10,654 Total ... _.. 15,195,326 15, 585,845 5,362,940 5,859,648 4,367,953 4,822,434 994,987 1,037,214 6,437,621 6,355,397 3,394,765 3,370,800 Cm Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN JUNE, 1926 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CITIES [In thousands of dollars] Number 1926 1925 Federal reserve district of centers February March April February March April No. 1—Boston 2,175,114 2,606,609 2,686,824 2,157,347 2,279,817 2,326,857 No. 2—New York 33,824,813 30,125,626 23,574,730 27,165,007 24,721,153 No. 3—Philadelphia- 1,892,279 2,324,295 2, 243,742 1,780,071 2,105,710 2,024,253 No. 4—Cleveland- 2,157,107 2,472,654 2,540,997 2,048,430 2,284,925 2,407,075 No. 5—Richmond 723,140 799,954 773,032 675,206 739,378 747,785 No. 6—Atlanta 1,118,098 1,311,891 1,240,398 976,073 1,120,908 1,060,994 No. 7—Chicago 5,033,017 6,055,020 5,641,085 4,479,475 5,451,905 5,131,967 No. 8—St. Louis 1,123,586 1,259, 111 1,220,948 1,074,542 1,160,242 1,177,677 No. 9—Minneapolis... 599,145 694, 637 637,553 748,603 697,614 No. 10—Kansas City.. 1,038,821 1,218, 619 1,161,433 1,024, 111 1,169,701 1,110,810 No. 11—Dallas—..... 563, 647 553, 791 572,869 612,140 527,025 No. 12—San Francisco 2,934,783 3,268,963 2,955,186 2,495,365 2,762,696 2,604,174 Total 141 44,892,403 56,439,629 51,811,316 41,495,772 47,601,032 44,537,384 New York City 1 24,812, 705 33,005,537 29,299,814 22,924,386 26,382,213 23,944,580 Other selected cities... 140 20,079,698 23,434,092 22, 511, 502 18,571,386 21,218,819 20,592,804 WEEKLY SUMMARY FOR BANKS IN 258 CENTERS [In thousands of dollars] Number 1926 1925 Federal reserve district of centers Apr. 28 May 5 May 12 May 19 Apr. 29 May 6 May 13 May 20 No. 1—Boston 613,189 718.046 604,663 678,813 542,262 617,329 549,397 619,253 No. 2—New York 7,304,069 7,933, 762 6,232,715 6,468,137 7,895,485 5,980,137 6,227,522 No. 3—Philadelphia... 521,960 593.047 ,528,886 558,364 498,027 554,336 519,280 567,595 No. 4—Cleveland 652,248 684,514 628,411 655,003 606,830 699,025 623,631 No. 5—Richomond 292,138 332,446 297 391 315,753 270,864 322,322 287,773 291,840 No. 6—Atlanta 303,192 283^ 511 287,346 226,770 291,944 257,880 280,857 No. 7—Chicago 1,282,270 1,550,659 1,312,174 1,364,393 1,160,967 1,494,881 1,195,948 1,274,633 No. 8—St. Louis 283,307 315,451 296,152 317,235 254,000 302,054 296,762 No. 9—Minneapolis. _. 155,301 177,890 180,817 170, 508 193, 676 187,939 183,297 No. 10—Kansas City- 274,020 309,017 291,387 301,584 274, 558 299,285 284,298 294,533 No. 11—Dallas........ 156, 937 157, 539 149,176 154,334 135, 981 157,709 141,298 152,257 No. 12—San Francisco, 664,956 736, 206 702,081 602, 720 645,071 635, 775 646,705 Total 258 12,463,078 13,822,487 11,486, 622 11,983,860 10,423,553 13,473,117 10,946,156 11,468,922 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES [In thousands of dollars] 1926J 1925 Apr. 28 May 5 May 12 May 19 Apr. 29 May 6 May 13 May 20 No. 1—Boston 438,820 507,944 418,787 475,166 370,222 418,023 368,761 423,310 No. 2—New York . 6,979,094 7,560,753 5,905,937 6, 111, 425 5,381,151 7,546,425 5, 657,765 5,885,404 Buffalo.- 75,701 82,560 77, 503 81,050 69,255 84,656 80,799 88,346 No. 3—Philadelphia 393,196 448,282 392,019 416,099 371,537 413,080 388,444 428,954 No. 4—Cleveland 162,998 164,721 147,467 159,957 139,851 190,957 151,222 158,532 Cincinnati 76, 957 89,415 78,699 84,305 70,881 79,810 75, 944 80,129 Pittsburgh 215,873 223,553 201,360 193,328 213,735 222,233 195,480 192,386 No. 5—Richmond-- 25,880 33,394 25,967 30,414 28,540 32,930 27,569 26,968 Baltimore 102,042 104,386 98,023 99,703 88,064 106,184 92,545 98,834 No. 6—Atlanta ..... 32,973 32,825 37,832 40,669 34,802 41, 652 Birmingham 32, 670 36,750 31,240 32,330 25,541 30,444 29,245 28,275 Jacksonville 24,768 27,577 24,988 16,954 19,276 19,790 Nashville _ 16,742 21,439 19,414 19,581 17,315 21,098 17,555 19,560 New Orleans 72,119 84,435 78,549 74.544 66,297 78,808 89,409 No. 7—Chicago...... 769,613 999,518 785,221 819,663 694,351 975,587 716,171 745,396 Detroit- 206,136 200,427 193,437 193,896 1.87,054 186,324 173,514 204,701 No. 8—St. Louis. 154,500 181,000 164,900 181,300 146,300 179,100 161,100 173,800 Little Rock 16,124 17,113 17.227 18,023 13,159 13,908 13,824 14,868 Louisville 49,398 42,124 41,030 45,814 36, 937 40, 995 40,630 41,073 Memphis.. 28,575 36,187 33,027 31, 944 32, 395 30,562 30,324 No. 9—Minneapolis 76, 464 93,133 87,712 87,997 82,186 97,606 95,295 92,190 Helena 1,448 2,085 1,945 1,756 1,532 2,143 2,491 1,995 No. 10—Kansas City 74,415 85,118 81.228 85.545 70, 992 83,603 77,447 83,535 Denver.- 35,410 43,961 35,917 37,433 39,937 43, 653 38,545 Oklahoma City. 16,917 21,219 18, 665 20,064 17,211 19,105 18,114 19,819 Omaha 42, 748 43, 251 45,906 46,919 48,781 47,456 46,255 47,422 No. 11—Dallas __.__ 47,175 47,272 44, 773 43,573 37,856 46,033 40, 615 44,262 El Paso 7,146 7, 703 7,686 7,184 6,553 7,804 6,625 7,087 Houston- 32,116 31, 278 26, 871 32,025 27,221 No. 12—San Francisco. __ 228, 631 264,769 217, 976 233,290 199,444 205,168 194' 978 211* 587 Los Angeles 186,917 192,141 192, 371 194,089 179,793 184,039 184, 359 184, 693 Portland. __ 34,579 43,194 47,481 42,483 35, 777 37,092 38,082 37,481 Salt Lake City _ 17,230 15, 886 14, 304 16,012 15, 322 17,232 14, 618 15,635 Seattle 43,943 48, 282 48, 856 48, 737 41, 604 43, 845 45,247 Spokane 11,733 15, 757 13,082 12,520 9,728 11,181 11,434 12,227 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN 457 MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT END OF APRIL, 1926 AND 1925 Nonmember banks Nonmember banks Member Member banks On par list Not l i o st n i par banks On par list Not l i o st n i par 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 1926 1925 Federal reserve district: Southern States—Continued. Boston _. „ 417 420 245 243 Kentucky. 146 -147 428 440 21 19" New York 889 862 397 385 Tennessee 116 117 213 243 239 218 Philadelphia _. . 758 742 513 520 Alabama 125 124 26 31 200 201 R C i l c e h v m el o an n d d . _: „ 8 5 6 9 0 0 8 6 6 0 9 9 1,0 6 7 9 0 2, 1,0 7 7 2 7 2 6 1 6 0 3 70 1 8 1 M Ar i k ss a i n s s s a ip s pi .. 1 4 1 3 8 1 4 2 4 4 2 2 4 1 4 26 2 0 4 2 1 7 2 7 1 2 9 7 7 3 Atlanta 492 501 360 367 1,108 1,107 Louisiana 45 46 30 36 174 169* Chicago 1,377 1,408 3,779 3,880 256 235 Texas 777 756 706 • 756 93 87 St. Louis 622 625 2,052 2,168 414 359 Middle Western States: Minneapolis 816 868 1,104 1,349 1,067 969 Ohio 437 446 657 662 Kansas City 1,018 1,054 2,627 2,727 203 205 Indiana > 261 267 819 829 9 8 Dallas _ . 847 834 758 810 178 170 Illinois „ 586 583 1,280 1,300 20 19 San Francisco 724 748 785 831 64 60 Michigan 289 289 511 516 93 93 185 186 607 632 195 174 Total 9,410 9,540 14,382 15,079 3,963 3,824 Minnesota 326 351 486 577 512 469 401 434 1 193 1,259 42 34 New England States: Missouri . . _ 199 191 1^283 1,341 35 31 Maine... 62 62 49 49 Western States: New Hampshire 56 55 14 i4 North Dakota . 159 165 171 247 286 252 Vermont 46 46 39 39 South Dakota 122 126 199 257 166 15S Massachusetts 180 182 70 70 Nebraska 178 185 735 764 176 173 Rhode Island 18 21 8 8 Kansas - 264 264 988 1,021 4 4 Connecticut ... 66 65 84 81 Montana 108 121 102 107 12 10 Eastern States: Wyoming _ 34 34 54 58 8 11 New York 641 632 278 276 Colorado 132 140 • 172 189 6 7 New Jersey _. 341 317 157 146 New Mexico 33 35 28 32 3 Pennsylvania 959 949 657 662 Oklahoma 376 405 364 375 5 5- Delaware.. 23 22 32 33 Pacific States: Maryland 89 89 167 168 Washington 153 155 172 173 33 32 District of Columbia 13 14 32 33 ' Oregon 133 136 107 114 31 27 Southern States: California „• 293 299 315 354 1 Virginia .___ > _. 185 194 215 228 102 98 Idaho 76 84 81 77 West Virginia 141 140 196 197 9 9 Utah 46 49 68 66 North Carolina. 90 94 85 99 327 340 Arizona 19 22 26 33 4 3 South Carolina 87 93 22 24 225 261 Nevada 10 10 24 23 148 161 73 77 370 378 Florida 75 69 94 79 165 160 Total 9,410 9,540 14,382 15,079 3,963 3,824 1 Incorporated banks other than mutual savings banks. MONEY IN CIRCULATION [Source: United States Treasury Department circulation statements] [In thousands of dollars] Gold Standard Silver Treasury Subsidi- United Federal Federal National c T ir o cu ta l l a - • Date Total coin and Gold cer* silver certifi- notes of ary States reserve reserve bank tion per bullion dollars cates 1890 silver notes notes hDntunllKr 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. » 4,100,591 641,794 1,348,818 70,863 459,680 1,-997 191,351 330,353 356,448 3,170 697,160 39.54 1920—Nov. 1..... 15,628,428 495,353 231,404 89,725 60,385 1,628 261,556 277,736 3,310,225 209,877 715,023 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 44.03 1925—May l.____ 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 Julyl..... 4,736,464 423,860 1,004,823 54,289 382,780 1,387 262,009 282,578 1,636,108 6,921 681,709 41.51 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 6,008,121 424,037 1,114,331 54,860 387,495 1,373 274,860 292,998 1,815,687 6,058 636,422 43.62 Feb. I.... 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 Mar. 1.... 4,814,217 422,079 1,076,070 52,637 371,140 1,369 265,853 293,822 1,672,027 5,808 653,603 41.84 Apr. 1 4,805,885 450,787 1,089,003 52,147 365,113 1,367 267,244 289,044 1,639,211 5,720 646,249 41.73 May 1 4,854,173 454,710 1,099,213 51,814 363,855 1,364 267,089 292,843 1,662,620 5,640 655,025 42.11 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

458 FEDERAL RESERVE BULLETIN" JUNE, 1926 MONEY RATES 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 the Federal reserve banks and their branches are located, as reported by representative banks. These rates are not averages but are those rates at which the bulk of paper of each class is hand.led 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 Customers' prime Loans other stocks and Loans District and city Year and month c . o 3 d 0 m a -9 y m 0 s ercia m l p o 4 a n -6 p th e s r I l b n o a a t n e n k r s - L s b e i c o b b u n e y r d r e t s d y De b m on an d d s Time b r s y e h e c c o w e u u i r a s p e r e t d e s - C lo a a t n tl s e DISTEICT 1 Boston. 1925—May 4 -5 4 -5 4J4-4M 1926—March ' 4M-5 43^-5 April.... . 4^-5 4H-5 43^-5 May 4 -5 4 -5 4^5 New York 1925—May ___ 4 -4 4K-5 4 -5 4 -4M 3%-5 3M-5 1926— A M p a r r il ch 4 43 H 4 - - 5 5 4 43 H 4 - - 5 5 4 4 M - - 5 5 4 4J ^ 4 5 -5 4^5 5 5 - - 5 5 3 H May 4M-5 4M-5 43^-5 4 -4M 5 -6 Buffalo 1925—May 6 6 5 5 -6 5 -6 1926—March. 5 -6 5 -6 5 -6 5 -6 5 -6 6 April 5 -6 6 6 5 -6 6 May _ 5 -6 5 -6 5 -6 5 -6 6 DISTRICT 3 Philadelphia—„_. 1925—May.... 4 -434 4 -4H 4 3 1926—March ___ 5 5 4H-5 5 5 April _ H-5 4M-5 5 5 -6 May. _ 4H-5 5 434 5 DISTRICT 4 1925—May... 5 -6 K -6 5 -6 5 -6 5 -6 1926—March ____ 534-6 5^-6 5 5 -6 5 -6 April _. 534-6 53^-6 5 5 -6 5 -6 Cleveland... _._ . May 514-6 5K6 534-6 1925—May __._ 5 -6 5 -5 5H-7 1926— A M p a r r il c h _ _ _ .__ 6 6 5 6 6 - - 7 7 Cincinnati •. May _ 6 5 -6 1925—May _ 5 -6 5 -6 5 -6 5 -6 5 -6 1926—March ._ 6 6 6 April 6 6 Pittsburgh... May__ 6 DISTRICT 5 Richmond 1925—May 4 -5 5 4^-6 5 1926—March.. 5 -6 5- -6 434-534 4M-5 April 5)4-6 6 4H-5 5 -5 May______• 5 -6 5 -6 5 ^6 5 -5H 5 -6 434-5 Baltimore 1925—May__. _._ 4M-5H 5M 1926—March 5K-5M 6 April_____ 5M5M May DISTRICT 6 1925—May 5 -6 5 -6 5 -6 -6 5 -6 5 -6 1926—March 5 -6 4%-6 5 -6 5 -8 5 -8 April... _ 5 -6 434-6 5 -6 5 -8 5 -8 Atlanta - May 4K6 5 -6 5 -7 6 -8 1925—May-..-... 5 -6 6 1926—March 5 -6 5 -6 5 -6 April _ _ 5 -6 5 -6 5 -6 Birmingham May ___ 5 -6 5 -6 5 -6 1925—May 3M-7 5 -6 5 -6 5 -8 1926—March.... 4H-8 5 -8 434-8 April __ 4H8 6 -8 6 -8 6 -8 Jacksonville May.. j 5 -7 5 -7 5 -6 5 -7 5-6 5 -7 1925—May.... 5 5H-6 534-6 1926—March 5 .-6 534-6 5K-6 April. _ ,53^-6 5i|-6 534-6 Nashville May. ___! 53^-6 514-6 1925—May..— — 5 -6 5 -7 5 -6 5 -6 5 -6 5 -6 1926—March 5 -6 5 -6 5 -hy 5 -6 5 -6 5 -6 April 5 -6 5 -6 5 -6 5 -6 5 -6 New Orleans May 5 -6 5 -8 5 -53 5 ,-6 5 -6 -6 5. -6 DISTRICT 7 1925—May— 4)4-5 434-5 5 434-5 434-5 J4 Chicago _ 1926—March — 5 5 4M5 5 5 -5 April _._ 5 5 5 -5 May , __ 4H-5 4H-5 5 4 Detroit--- 1925—May „_._._—_ 5 -6 5 -6 5 ~V 5 -6 514-6 5 -6 1926—March 5 -53 5 -6 5 -6 5 April 5 -6 5 -6 5 -5 5 -6 5J May - 5 -6 5 -6 5 -5 5 -6 5 -6 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1926 FEDERAL RESERVE BULLETIN' 459 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 u 0 m s -9 t m o 0 m er e ci r a s l ' p p 4 r a - i p 6 m e e r I l b n o a a t n e n k r s - L s L e i c b o b u e a y r n r e t s d y Lo b o a o t n h n s e d r s s s e t c o u c r k e s d an b d y b s y L h e 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 days months bonds Demand Time receipts St. Louis.. 1925—May _._ 4 -5 4 -5 5 -5 4 -5 4 -5 5 -6 1926—March. 4H-5 414-5 5 -53 5 -6 5 -6 6 AApprr]il.. 4yt-5% 5 -6 5 -6 4 -6 5 -6 Ma} 4 -534 5 -6 5 -& 434-6 5 -6 Little Rock. 1925—May.._ 5 -6 5 ~6 5 -6 6 6 -7 6 1926— A M M p a r a y i r l c . . h . . . . . 6 6 6 6 6 6 5 -7 6 6 - - 7 7 6 6 6 - - 7 7 6 6 6 - - - 7 7 7 6 6 6 - - - 8 8 8 Louisville. 1925—May... 6 5 6 1926—March. 6 6 April... 6 May... 6 DISTRICT 9 Minneapolis . 1925—May.. . 4H-5M 4M-51/? March. 4% 5 -5M A M p a r y il ... 4M-5 4M-5s 5 5 - - 5 5 3 3 4 4 4^-5 •4 3 B 4 i Helena. 1925—May... 8 6 -8 1926—March. 7 April... 8 6 -7 May_._ DISTRICT 10 1925—May. „ 5 -6 5 -6 5 -6 5 -6 6 -7 1926—March. 5 -534 5 -6 5 -6 5 -6 534-7 Kansas City A M p a r y il . . . . . . 5 4 34 - - 5 53 3 4 4 53 5 5 - - 6 6 5 43 4 - - 6 6 5 -6 5 6 3 4 - - 7 7 1925—May... '6 534 1926—March. 6 5H-7 534-7 Denver. __. A M p a r y il . . - . . . 4^-6 6 534-6 6 534-6 534-6 . 6 6 . - - 8 7 53^-8 1925—May.. . 5 -7 6 -7 534-6 1926—March. 5 -7 6 -7 6 6 -7 Oklahoma City- - ~— M Ap a r y il . . . . . . 534-7 6 6 -7 6 6 6 6 -a 1 19 9 2 2 6 5 — — M M a a r y c . h . . . 4 -6 5 5 - - 6 6 7 7 Omaha.... ....... A M p a r y il . _ . ._ . , 5 -6 5 6 6 34 - - 7 7 DISTRICT 11 Dallas — 1925—May... 5 -6 5 -6 5 -6 6 -7 6 -7 6 -8 1926—March. 4 -6 4 -6 5 -6 6 -7 6 -10 April... 5 -6 4 -6 6 6 May... 4 -6 4 -6 5 -6 5 -7 6 -S El Paso 1925—May... 8 6 -8 8 1926—March. -8 6 -7 6 -8 April... 6 -7 6 -8 8 8 -9 May... 5^-8 6 -8 7 -8 7 -8 7-8 7 -10 Houston.. _ 1925—May... 5 -6 5 5 -8 5 -6 5 -6 6 -8 1926—March. 5 -6 5 -6 5 -6 5 -6 5 -6 6 -8 April... 5 -6 5 6 5 -6 5 -6 5 -6 6 -8 May... 5 -6 4M-6 5 -6 4 -6 5 -6 6 -8 DISTRICT 12 1925—May... 5 -534 5 -6 5 -6 5 -6 1926—March. 5 -6 5 5 -6 5 -6 5 -6 5 -6 San Francisco ..-. April... 5 -6 5 -6 5 -6 534-6 May... 5 -5V2 5 -6 5 -6 534-6 1925—May... 6 -7 6 -7 6 6 -7 6 -7 6 -7 6 -7 1926—March. 6 6 6 -7 6 -7 6 -7 6 -7 Los Angeles A M p a r y il . . . . . . 6 6 6 6 - - 7 7 6 -7 6 6 6 - - 7 7 6 -7 7 7 1925—May... 6 6 -7 6 -7 6-7 7 —7 1926—March. 6 6 6 -7 Portland April... 6 6 6 -7 May... 6 6 -7 6 -7 1925—May... 6 5 -6 6 -7 6 6 7 -8 1926—March. 4M-6 6 6 -7 6 -8 7 7 6-8 7 -8 Salt Lake City April... 5 -6 6 -7 6 5 -7 6 -8 6 -8 7 -8 May... 6 6 -1 7 7 7 -8 1925—May... 6 5 -634 6 6 7 1926—March. 6 5 -7 6 7 Seattle.—— A M p ay ri _ l _ . _ .. 6 6 56 --6m34 6 6 7 7 1925—May... 5 -7 4 -7 6 -7 6 -7 6 -8 7 1926—March. 5 -6 -7 7 6 -7 -7 Spokane . — April... 6 7 7 7 May... 6 6 -8 6 -7 7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDEKAL KESERVE BULLETIN JUNE, 1926 GOLD AND SILVER EXPORTS AND IMPORTS EXPORTS FROM AND IMPORTS INTO THE UNITED STATES, DISTRIBUTED BY COUNTRIES April Four months ending April Countries of origin or destination Exports Imports Exports Imports 1925 1926 1925 1926 1925 1926 1925 1926 GOLD All countries ; $21,603,945 $17,883,865 $8,869,883 $13,125,633 $170,834,012 $29,046,673 $24,847,532 $101,305,066 France 5,725 60,381 1,339,208 18,488 76,771 131,321 Germany 15,129,820 303,191 1,528 252 60,260,156 1,192,452 1,628 605 Netherlands 5,041,364 4,318,343 5,041,364 Poland and Danzig 1,103,948 Spain - 32,331 12,516 112,331 33,903 27,603 Sweden __ 220 1,232,728 220 372 England - 13,130 8,194 6,159,602 3,077,907 17,897 •Canada __ _ 102,885 16, 290,386 2, 343, 671 10,694,299 280,921 16,436,709 10, 653, 557 77, 637,431 "Central America - - " 600,000 151,778 162, 505 1,814,491 551, 713 627,260 Mexico „ -.. 454,535 407,861 526,150 1,002,960 1,656,016 2,148,936 1,951,024 2,358,800 West Indies - 21,000 33, 075 54,139 151, 000 141, 614 138, 726 103,387 Argentina 100, 000 298 5,360, 000 102,000 575 Brazil - 7,350 30,000 49,850 135, 000 4,997 CJhile . . 6,429 8,067 129, 511 * 12,301,169 Colombia 119, 073 119,763 564,420 450, 796 Ecuador. _ _ . - 133,290 89,404 15,000 5,983 395,454 379,914 Peru 12, 631 311,090 402,324 1,286,548 Uruguay. __ _ >_ : 802,290 Venezuela . . 1,210,010 38,681 75,612 1,410,010 1,6o6,666 96, 055 215,833 British India 3,012,632 2,475 55,769, 725 379,285 British Malaya - - 119,513 4,205 298,138 1,856,993 13,950 China 24, 851 250,655 44,906 Dutch East Indies 7,500 218,692 247,301 87,500 290,220 691, 564 748,709 Hongkong 402,000 164,747 2,996,105 2,312,082 Japan 60,000 60, 000 4,000,000 Philippine Islands _ . 5,000 146,487 162,372 5,666 590, 709 709,233 Australia 1, 020,144 26,925,176 76, 504 8,051 New Zealand _ _ 15,707 16,700 49, 325 59,915 Egypt 498,240 8,891 2,857 Portuguese Africa 18,132 109,936 226,224 220, 581 All other 225 6,753 2,360 2, 725 301,765 25,885 16,209 SILVER All countries . 9,322,618 7,612,045 4,944,807 6, 312,429 35,464,646 33,460,445 23,873,032 26,477,391 France _ 62,416 82,748 4,981 167,557 195,540 1,278,423 38,331 653 3,856 2, 514,423 459,312. 1,627 7,993 Poland and Danzig- _ 242,200 242,200 Spain 25,099 69,994 48,304 England • 1, 753,470 240,652 31,903 30,288 7,056,245 343,112 56, .683 50,750 Canada... _ __ 172,073 160, 578 542,067 551,325 532,062 636,323 2, 592,028 1, 626,896 Central America „ 3,200 10,334 74,234 62,900 17,415 12,934 509,152 516, 596 Mexico 137, 078 108,335 3, 509,982 3,280,973 771,380 509,816 15,387,865 13,573,368 West Indies 41,437 2,040 16,439 11, 025 75,277 23,260 64,592 39,868 Bolivia « . > . 17,177 10,988 28,116 Chile 267,744 243, 723 746,035 775,355 Colombia _ 6,621 2,680 1,464 29, 042 29, 766 Peru _ 39,600 266,501 1,876,934 39, 600 475, 575 3,745, 552 9,051,459 British India 5,041,181 4,183,464 17,519,879 16,265,719 55,968 China 613,602 2, 793,701 20 5,836,965 14,652,248 4,128 Dutch East Indies — . _ 109,140 113,952 280, 310 384,938 TTongicnng 66,587 823,935 66,587 Portuguese Africa.- _._> _ ... 18,711 21,169 58,122 65, 679 All other 354 8,023 13,277 13,679 35,265 9,114 93,389 82,763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDNE, 1926 FEDEEAL EESEEVE BXTIiETIN 461 FOREIGN EXCHANGE RATES [Noon buying ]rates for cable transfers in New York, as published by Treasury. In cents per unit of foreign currency] May, 1926 April, 1926 May, 1925 Par Average Average Average Countries Monetary unit of ex-1 change Low High Per Low High Per Low High Per Kate cent Rate cent Eate cent of par of par of par Austria Schilling...... 14.07 14.0500 14.0930 14.0735 100.03 14.0530 14.0880 14.0662 99.97 14.0450 14.0720 14.0599 99.93 Belgium Franc — 19.30 2.8000 3.4000 3.1176 16.15 3.3800 3.8700 I 3.6742 19.04 4.9000 5.0800 5.0225 26.02 Bulgaria Lev ..... 19.30 .7211 .7290 .7238 3.75 .7208 .7263 i .7232 3.75 .7289 .7350 .7318 3.79 Czechslovakia. Crown 2.9613 2. 9624 2.9617 2.9615 2.9622 1 2.9618 2.9623 2.9641 2.9632 Denmark Krone 26.80 26.0900 26. 3000 26. 2020 97.77 26.1600 26. 2000i 26.1738 97.66 18.7100 18.9500 18.8076 "7018 Finland Markka - 2.52 2, 5203 2. 5217 2. 5209100. 03 2.5198 2. 5220I 2.5208 100.03 2. 5205 2.5230 2.5218 13.07 France Franc 19.30 2. 8300 3.3800 3.1508 16.33 3. 2900 3.5000 , 3.3885 17.55 5. 0000 5.2400 5.1632 26.75 Germany Reichsmark__- 23.82 23.8000 23.8100 23.8028 99.93 23. 8000 23.81001 23.8019 99.92 23.8000 23.8000 23.8000 99,92 Great Britain- Pouud--———486. 65 485.3200 486.7200 486.1544 99.90 485. 9300486. 3800486.2185 99.91 484.5000 486.26001485.4720 99.76 Greece Drachma..-.. 19.30 1. 2287 1.3490 1. 2742 6.60 1.2367 1.3278 1. 2762 6.61 1.7056 1.8800I 1.7926 9.29 Hungary Pengo 17.49 17. 5100 17. 5900 17. 5584100. 39 17. 5400 17. 6100 17.5631 100.42 Italy- Lira..- 19.30 3. 5200 4. 0200 3. 8728 20.07 4.0200 4.0200 4.0200 20.83 3.9700 4.1200 4.0672 21.07 Netherlands. _. Florin 40.20 40.1700 40.2500 40.1980 100.00 40.0900 40.2100 40.1258 99.82 40.1300 40.2100 40.1848 99.96 Norway. Krone .. 26.80 21. 5100 21. 8400 21. 6568 80.81 21.4200 21.9400 21. 6181 80.66 16.6300 17.0200 16.8196 62.76 Poland Zloty— 19.30 9. 0300 10.3400 9. 5836 49.66 10.3000 12. 6000 11. 3292 58.70 19.1600 19.2200 19.1872 99.42 Portugal Escudo •-.108.05 5.1100 :. 5.1400 5.1256 4.74 5.1300 5.1500 5.1396 4.76 4.9600 5. 0600 5. 0024 4.63 Rumania Leu _. 19.30 1 .3256 n .4012 . 3710 1.92 .3784 .4159 .4030 2.09 .4532 .4887 .4722 2.45 Spain Peseta-- 19.30 14. 3600 15. 2000 14. 5348 75.31 14.1100 14. 5000 14.2881 74.03 14.4200 14. 7000 14. 5332 75.30 Sweden Krona 26.80 26.7400 26.7800 26. 7612 99.86 26. 7700 26.8200 26. 7904 99.96 26.7400 26. 7700 26. 7532 99.83 Switzerland--. Franc 19.30 19.3300 19.3700 19. 3464100. 24 19. 2600 19. 3300 19. 3004100.00 19.3300 19.3800 19. 3464100,24 Yugoslavia Dinar 19.30 1.7609 1.7628 1. 7617 9.13 1. 7603 1.7615 1. 7609 1.6122 1.6788 1. 6268 8.43 Canada Dollar. 100.00 100.0104 100.1362 100.0744 100. 07 99.7948 100.1611 100.0385 100*. 04 100.0167 99. 9975100.00 Cuba 100.00 99,9063 99.9446 99.94 99.8581 99. 9563 99. 9213 99; 92 100.0260 99. 9974100.00 Mexico do._ 49.85 47. 6167 48.2787 96.85 48. 5500 48. 7167 48. 6571 97.61 49. 7063 49.9583 49.8962 100.09 Argentina Peso (gold)—. 96/48 90.8900 91.6000 91. 3100 94.64 89. 9600 92.1600 90. 7873 94.10 87. 6000 92.4500 90. 2444 93.54 Brazil Milreis 32.44 14.3800 15.1700 14. 6784 45.25 13. 7300 14, 4300 14.0085 43.18 9.9600 10. 6300 10.3080 31.78 Chile Peso— 12.17 12.0200 12.0800 12. 0372 98.91 12.0300 12.1800 12.1165 99.57 11.2800 11. 5400 11.3972 58.36 Uruguay .....do 103.42 102. 5900103.3000 103. 0012 99.60 101.6000 103. 5200102. 7138 99.32 94.2000 97.9400 96. 0228 92.85 China Mexican dollar148.11 51.7300 52. 6800 52.0716 108. 23 50. 5500 53. 4000 51. 4431106.93 53.8500 54. 5500 54. 2324112.73 Do Shanghai taeL i.85 71.2900 72. 6400 71. 7764107. 37 69.3500 72. 0500 70.8746 106.02 73. 9600 74. 6900 74. 2588111.08 Hongkong Dollar. 147.77 54. 5500 55. 7700 55.0800 115. 30 53.4800 55. 7100 54.6377 114.38 54.4600 54.8400 54.6240 114.35 India...'. Rupee ... 48.66 36.1500 36.3700 36. 2592 74.52 35.9700 36.2800 36.1823 74.36 36. 0100 36.3800 36. 2324 74.46 Yen .„ 49.85 46.4400 47.2000 46.9472 94.18 45.8800 47.4300 46.6442 93.57 41.6900 42.0700 41. 9136 84.08 Straits Settle- Singapore dol- 56.78 56.0800 56.4200 56. 2004 56. 4200 56. 6700 56.5535 99.60 56.2100 56.5000 56. 3680 99.97 ments. lar. 11913 average. SILVER (Average price per fine ounce.) April London (converted at average rate of exchange). New York . 64760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDEBAL RESERVE BULLETIN JUNE, 1926 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JUNE 1, 1926 Paper maturing—- After 80 days but Within 90 days within 9 months Federal reserve bank p a C a n a g o p d r m e ic l r m i , u v l n e e t r s . u c t e r o i a . a c l l s k , , . U G S o n o e b i v c t l e i u e g d r r a e n t d S m io ta b e n t n y s e t s ac B c a e n p k ta e n r c s e ' s acc T ep ra ta d n e ces an A d g r l p i iv c a u p es l e t t r u o r c a k l i Boston. ______ New York_._. Philadelphia.. 4 4 4 Cleveland. _ 4 4 4 Richmond 4 4 4 Atlanta... 4 4 4 Chicago 4 4 4 St. Louis 4 4 4 Minneapolis-_ 4 4 4 Kansas City... 4 4 4 Dallas ___. 4 4 4 San Francisco 4 4 4 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM APRIL 22 TO MAY 19, 1926 [In thousands of dollars] Changes in owner- Federal reserve ship of gold Transfers Transit clearing note clearing through transfers Balance Federal reserve bank and settlements. i a n t c fu lo n s d e of period Debits Credits "Debits Credits Debits Credits Decrease Increase Boston __. 8,500 500 892,632 900,331 5,109 2,784 2,626 New York 15,500 2,707,781 2,639,441 8,885 14,230 47,495 215,889 Philadelphia... 5,000 717,594 728,539 6,218 4,826 4,553 53,400 Cleveland 1,000 500 677,376 688,105 7,280 3,555 6,504 60,820 Richmond 3,000 1,000 561,740 3,339 4,226 1,873 19,971 Atlanta 2,000 500 334,311 342,863 5,318 4,205 5,939 25,558 Chicago 500 1,257,477 1,284,858 3,745 6,452 29,588 138,125 St. Louis 2,500 523,118 515,940 1,085 2,772 2,991 7,325 Minneapolis-_. 1,000 151,534 157,808 1,595 1,109 4,788 14,213 Kansas City... 1,000 373,102 376,461 1,959 1,935 4,335 32,212 Dallas. 500 236,780 234,725 1,277 1,415 1,117 11,973 San Francisco.. 1,000 276,397 279,791 3,180 1,481 695 28,621 Total four weeks ending- May 19,1926 22,000 22,000 8,709,842 8,709,842 48,990 56,402 56,402 644,553 Apr. 21,1926- 39,000 39,000 9,227,077 9,227,077 41,905 41,905 617,879 May20,1925. 26,000 26,000 i 8,001,726 1 8,001,726 654,158 Apr.22,1925- 53,500 53,500 18,016,203 1 8,016,203 632,338 1 Includes Federal reserve note clearing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: ' . . Page Discount and open-market operations of Federal Held and purchased by Federal reserve reserve banks___ 448 banks „_ 447,448 Discount rates: Market for__ 382 Central banks of issue ____ 436 Agricultural credit banks, loans of _ 384 Federal reserve banks 462 Agricultural movements, index of________ 422 Prevailing in various centers ; 458 Agriculture, monthly statistics ' _ 384 Earnings on bills and securities held by Federal Annual reports: reserve banks____ 447 Bank of Hungary____-__ 428 Earnings and expenses of member banks-..-- 409-414 Bank of Japan. 426 Employment, United States __ ; 395 National Bank of the Kingdom of Serbs, Index of___ 421 Croats, and Slovenes 431 Factory employment and pay rolls, index of 422 Atlanta par clearance case, final decision of Failures, commercial and bank. 396 Supreme Court___ _ 378 '•' Federal," act limiting use of word. 415 Automobile industry 392 Federal advisory council, meeting of _ 378 Balance of payments of the United States 400 ( Federal intermediate credit banks, loans of____ 384. Baltimore branch building, act authorizing erection of__ 4.15 Federal reserve banks: Bank credit______ 381 Condition of 443 Bank debits—.____ 456 Discount and open-market operations of___ 448 Federal reserve note account. 446 Bank suspensions 397 Fiduciary powers granted to national banks 420 Bankers' balances in Federal reserve bank Financial statistics for principal foreign councities- 450 tries _J___ . 434-436 Branch banking in the United States 401 408 ? Food manufacturing. 390 Brokers, loans to ._ 450 : Food prices in foreign countries.-- 442 Building statistics. 393, 423 Foreign exchange 397, 461 Business and financial conditions: Abroad _ _ ___ __ 434-442 Foreign trade: United States. 380-400,421-425 International trade of selected countries in 1924 and 1925 ... 433 Business failures 396 Business indexes of the Federal Reserve Board- 381 Principal foreign countries : 437 Canada: United States 399,437 Balance of payments-----___ 400 Cpst of living and retail food prices____ 442 Financial statistics—- 434 France: Foreign trade. __ 437 Cost of living and retail food prices— 442 Industrial statistics 439 Financial statistics 434 Wholesale prices :._. 440 Foreign trade. ... 437 Capital issues . . 382 Industrial statistics. 438 Chain stores, retail trade of 425 Wholesale prices. ; 440 Charters issued to national banks 420 Fruits and vegetables 387 Coal and coke production... 388 Germany: ' Commercial failures 396 Cost of living and retail food prices _ 442 Commodity movements 423 Financial statistics 434 Condition statements: Foreign trade. 437 Abstract of condition reports of member Industrial statistics. _ 439 banks 379,452-455 Wholesale prices 440 Federal reserve banks 443 Gold imports and exports 399, 460 Foreign banks__ _-_ 434-436 Gold settlement fund transactions 462 Member banks in leading cities. 449 Gold standard in Great Britain, survey since Cost of living in principal countries. 442 restoration of 375 Cotton: Grain and flour. ... 385, 423 Raw 385 Great Britain: Manufacturing 391 Financial statistics _. 434 Currency in circulation _ . . 457 Foreign trade 437 Dairy products-.....- 388 Gold imports and exports .__. 399, 460 Debits to individual accounts 456 Gold standard, survey of 375 Department-store business 425 Industrial statistics . 438 Deposits, time and demand, of member banks. _ 451 Retail food prices and cost of living.___. 442 Deposits, note circulation, and reserves of Wholesale prices '. ._ 440 Federal reserve banks . _• 443 Imports and exports: Detroit branch bank building, act authorizing Gold and silver ..___ 399,460 erection of . _ __ 415 Merchandise 399 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX Page National banks: Industrial activity, index of 422 Abstract of condition reports 454 Industrial statistics for England, France, Ger- Charters issued to 420 many, and Canada 438,439 Fiduciary powers granted to _ _.. _ 420 Interest rates prevailing in various centers 458 Par list, number of banks on ___ 457 International trade of selected countries 433 Pascagoula National Bank, par clearance case Iron and steel manufacturing 392 .of--.. — - ----- -~ 378 Italy: Pay rolls in factories, index of 422 Financial statistics 434 Petroleum industry 389 Foreign trade _ 437 Prices: Retail food prices and cost of living, 442 Food, in principal countries 442 Wholesale prices ^___! 440 Security. 383 Japan: , Wholesale 380,396,440 Financial statistics ; 434 Production in basic industries, index of 380, 421 Foreign trade ____ 437 "Reserve," act limiting use of word _. 415 Wholesale prices..- : 440 Reserve ratio of Federal reserve banks 443 Law department: Resources and liabilities: Act limiting use of words "Federal," Federal reserve banks_ ____ 443 "United States," and "reserve" 415 Member banks in leading cities- _ _ 449 Authority of Congress for erection of Balti- Retail food prices 442 more and Detroit branch bank buildings. 415 Retail trade. 395 State laws relating to segregation of assets Savings departments of State banks, laws reof savings departments of banks and trust lating to segregation of assets of 416-419 companies ; 416 Security prices - --- 383 Leather industry 393 Shoe industry 393 Livestock industry 387 Silver: Loans to brokers and dealers in securities 450 Imports and exports 460 Lumber industry 393 Price of 461 Mail-order houses, retail trade of _ _ 425 State banks: ? Manufacturing: Abstract of condition reports 455 Condition, by industries. __. _ __ 390 Admitted to system 420 Index of production 422 State laws relating to segregation of assets of Maturity distribution of bills and certificates of savings departments of banks and trust comindebtedness - 446 panies . 416-419 Member banks: Stocks at department stores.. _ _ 425 Condition of______ 449 Supreme Court decision in Atlanta par clearance Abstract of, as of April 12, 1926 379, 452-455 case _--_ 378 Deposits, time and demand 451 Textile industry 391 Earnings and expenses of 409-414 Time deposits of member banks __ 451 Number discounting 448 Tobacco industry. _______ 386, 423 Number in each district- _ _ _ 448Trade: State banks admitted to system 420 Foreign.- 399, 400, 437 Merchandise trade balance of the United States 399 International, of selected countries 433 Metals ^ 390 Retail— 395, 425 Mineral production, index of ; 422 Wholesale 395, 424 Mining ____ ___ 388 Transportation— ; 394, 423 Money in circulation __. 457 Wholesale prices 380, 396, 440 Money rates 382, 458 Wool and woolen industry____ __ 391 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS /—H BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL PXSERVE 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