Federal Reserve Bulletin, 1926-08

FEDERAL RESERVE BULLETIN AUGUST, 1926 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Course of Business and Credit Business Conditions in the United States Annual Report of the Bank of Netherlands 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, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. — Director, Division of Research and E. M. MCCLELLAND, Assistant Secretary. Statistics. W. M. IMLAY, Fiscal Agent. J. F. HERSON, E. A. GOLDENWEISER, Acting Director, Division of Chief, Division of Examination, and Chief Federal Research and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) CHAS. A. MORSS, 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. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss.. W. P. G. Harding.. W. W. Paddock.... W. Willett. Benj. Strong J. H. Case L. H. Hendricks.* New York..... Pierre Jay —.... L. F. Sailer A. W. Gilbart.i G, L. Harrison , J. W. Jones.* E. R. Kenzel. Ray M. Gidney.1 L. R. Rounds.^ Philadelphia. R. L. Austin Geo. W. Norris_. Wm. H. Hutt C. A. Mcllhenny. W. G. McCreedy.» 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. C. R. McKay W. G. Bachman.i John H. Blair K. C. Childs.» J. H. Dillard.i D. A. Jones.* O. J. Netterstrom.i St. Louis Wm. McC. Martin. D. C. Biggs O. M. Attebery..... J. W. White. Minneapolis., John R. Mitchell... R. A. Young H B W a . . V r r B . y M . Y G o a e o e e r r g e y e . r2 F G r r a a n y k W C a . r D re u n n . lop.» Kansas City- M. L. McClure.. W.J. Bailey.... C. A. Worthington.. J, W. Helm. Dallas C. O. Walsh .... Lynn P. Talley. R. R. Gilbert Fred Harris. R. B. Coleman San Francisco.. Isaac B. Newton. J. U. Calkins.............. Wm. A. Day W. N. Ambrose. Ira Clerk... L. C. Pontious * 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. MeCombs. Omaha branch L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch... C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch M. Crump. New Orleans branch. ._ Marcus Walker. Houston branch D. P. Reordan. Jacksonville branch Geo. R. DeSaussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch R. B. Motherwell. Nashville branch J. B. Fort, jr. Portland branch R. B. West. Chicago: Salt Lake City branch... W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch..._ D. L. Davis. Louisville branch W. P. Kineheloe Memphis branch W. H. Glasgow. Little Rock branch. A. F. Bailey. SUBSCRIPTION PRICE OP BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal reserve banks and member banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price,. which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: Page Review of the month—Recent course of business and credit 567 Business conditions in the United States 570 Official: Rulings of the Federal Reserve Board— Eligibility for rediscount of notes of parent corporation to finance purchase of automobiles to be used by its subsidiaries -___ 585 Changes in State bank membership :_' 586 Changes in national bank membership . .__ 586 Fiduciary powers granted to national banks _ _., __• 586 Business statistics for the United States: Industrial activity _ _ 587 Commodity movements '__• , __. _ 589 Wholesale and retail trade 590 Foreign banking and business conditions: Annual report of the Bank of Netherlands 592 Financial statistics for principal foreign countries _ _ _ _ 597 Foreign trade of principal countries 600 Price movements in principal countries— Wholesale prices in principal countries : • __• 601 Retail prices and cost of living in principal countries.,. __ __ >__ ,__ 603 Banking and financial statistics: Federal reserve banks- Condition of Federal reserve banks_ _. _ _ _ 604 Federal reserve note account J. 607 .Holdings of bills and securities and earnings thereon _ _ _ 608 Discount and open-market operations _ _ 609 Earnings and expenses, six months ending June 30 610 Gold settlement fund ____ __'_ 621 Discount rates of Federal reserve banks 621 Member banks— Reporting member banks— Condition of reporting member banks in leading cities.- 611 Condition of reporting banks in Federal reserve bank cities , _ _ _ _. _ _: 612 Loans to brokers and dealers secured by stocks and bonds made by reporting member banks in New York City ___•_______ 614 All member banks— Deposits, by size of city . ______ 614 Bank debits _ _ _ 615 Member banks and nonmember banks on par list and not on par list 618 Money in circulation =__.•_ 618 Money rates in principal cities . _ _ . 616 Gold and silver imports and exports 619 Foreign exchange rates.__-_ .__ . 620 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 12 AUGUST, 1926 No. 8 REVIEW OF THE MONTH manufacture of automobiles that largely account for the maintenance of industrial activ- During the second quarter of 1926 indusity at its present high level. trial activity was not maintained at the high level of the early months of Industrial pro- ,i mi • i 120 120 , .. the year. I he recession, how- JNDUSTRIAL PR0DUC1"ION NTHLY AVERAC7E, 1923-25 =00) ever, which began in April and became more pronounced in May, did not 110 continue in June, and at midsummer indus- 1925/*" trial output was in about the same volume as ^luring the preceding month. Taking the first 100 100 half of the year as a whole, the volume of / production, when all lines of industry are con- \ / sidered, was larger than in the corresponding 90 -90 \ period of any previous year. The high level / of production during these six months, furthermore, was in continuation of a large vol- 80 80 ume of output in the last half of 1925, and thus the entire year ending last June shows a larger volume of industrial activity than any Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. earlier twelve-month period. A comparison of A new combined index of production of manufactures and minerals, based upon monthly statistics of daily average output, not adjusted the monthly volume of industrial production for seasonal changes year by year since 1923 is shown on the chart, which brings out the fact that production in Volume of building, however, as measured by 1926 was larger than in 1924 or in 1925 for contracts awarded, though larger in the first six every month of the half year and that, except months of this year than in the corresponding for April and May, it was larger every month period of any previous year, was considerably than in the corresponding month in 1923, when smaller than in the last half of 1925. Every industrial activity was in exceptionally large month from March ta June, furthermore, volume. showed a decline, and in June for the first time The large volume of industrial production in 18 months the volume was smaller than for in the first half of 1926 reflected a growth in the corresponding period of the preceding year. the activity of manufacturing industries, as the Industries producing articles for more imoutput of mines, though larger than in the mediate consumption, such as the woolen and first six months of last year, was not so large clothing industries, the production of leather as in the same period of 1923. The lines of and shoes, and the output of manufactured industrial activity which contributed chiefly foods, have been relatively less active. Producto*the exceptionally large volume of output tion in these lines of industry has in fact been during the six months were the automobile in- smaller during the past six months than in the dustry, the production of iron and steel and corresponding period of the three preceding of building materials, and the output of petro- years. Within the textile group silk producleum products. It is the continued large vol- tion has increased, while the volume of cotton ume of construction and the growth in the goods manufactured has remained relatively -:• 567 ; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDEEAL KESERVE BULLETIN AUGUST, 1926 constant, and the output of woolens has de-early part of last year, were larger than in the clined. In general, activity has been largest first half of any other year since 1921. The in lines of industry producing relatively dur- decrease in total exports in the last fiscal year able goods, with production of iron and steel was due to the decline from the exceptional and of automobiles showing especially large level of last year in the dollar value of exports gains over last year, though fewer cars were of grain and of cotton. The decline in grain exproduced in June than in June a year ago. ports, reflecting chiefly a decrease in quantity, The situation in regard to stocks of goods and approximated $280,000,000 and that in cotton inventories reflects to some extent the course exports, reflecting chiefly a decrease in price, of production in the various lines of industry. $150,000,000, while total exports declined about Articles of immediate consumption have gener- $125,000,000. Exports of manufactured artially moved promptly into the hands of con-cles, on the other hand, have been increasing sumers, and there has been no considerable continuously since 1921, and in the year ending growth in the inventories of producers of these in June, 1926, were larger by $267,000,000 than articles or in the hands of wholesale or retail in the preceding 12-month period. dealers. Stocks of automobiles, on the other hand, including used cars and new cars, were PER CENT PER CENT 200 200 SALES OF AGRICULTURAL MACHINERY larger in June than is usual at that time of the ( MONTHLY AVERAGE, 1923-25=tOO ) year, and the volume of unoccupied building accommodations in many sections of the coun- 150 150 try was relatively large and was a factor in the recent slowing down in the construction industry. 100 With the volume of production at a high level, the distribution of commodities to consumers in the first half of 1926 Distribution to has also been in large volume. consumers Railroad freight shipments have been larger than in previous years, and sales by all classes of distributers, including whole- 1923 1924- 1925 1926 sale firms, department and chain stores, and Index of sales of agricultural machinery prepared by the Federal Reserve Bank of Chicago on the basis of reports from manufacturers. mail-order houses, for the first six months of this year have been maintained at a high Active business in recent months has been level. The large volume of activity in trade accompanied by a relatively stable level of has reflected a sustained demand for goods prices. For the past three months wholesale both from the urban and the rural population. prices have remained almost The growing volume of purchases by farmers is stationary at a level about 5 per indicated by sales of farm implements and cent below that of a year ago machinery shown on the chart. The volume and about 1.5 per cent below the general average of these sales in the first six months of 1926 for the three years 1923-1925. The higher price was 17 per cent larger than during the same level last year reflected higher prices for both period of last year, 54 per cent larger than in agricultural and nonagricultural commodities, 1924, and 37 per cent larger than in 1923. but the decline in the past 12 months has b#en Demand for commodities by domestic con- larger for farm products than for industrial sumers has been accompanied during the first commodities. The largest declines since last half of 1926 by a continued summer have occurred in the prices of tobacco, Foreign de- lftrge yolume of exports . Total wool, silk, structural steel, and rubber. When mand exports for the six months end- recent price movements are considered in relaing in June, 1926, though smaller than in the tion to the course of industrial production, it Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 569 appears that the growth in manufacturing and member bank credit has not been accompanied mining during recent years has in general not by a growth in the use of reserve bank credit, been accompanied by advancing prices for in- since total bills and securities of the reserve dustrial products, and that production was well banks were no larger in the spring of 1926 sustained during the recent period of falling than four years earlier. The growth of credit prices. The first half of each of the last three extended by member banks during the period, years has included a period of several months as has been frequently pointed out, has been during which prices were!ailing, and during each on the basis of gold received from abroad. It of these periods there has been some decrease is the addition of $675,000,000 of imported gold in productive activity, but this decrease has to the member banks' reserves that has enbeen less pronounced in each successive year. abled them to enlarge their lending and invest- Volume of bank credit in use in July of this ment operations by about $7,500,000,000 year was larger than at any previous time. without having recourse to additional accom- The growth of about $900,000,- modations from the reserve banks. Bank credit 000 in loans and investments of In the middle of July the total volume of member banks in leading cities since midsum- reserve bank credit was about $100,000,000 mer of last year comprised an increase of about larger than a year ago and at $385,000,000 in loans on securities, of about Position of reabout the game level as four $340,000,000 in other loans, largely commercial, serve banks years ago. The volume of bills and of about $170,000,000 in investments. and securities of the reserve banks at midyear, Most of this growth in the volume of bank 1922-1926, by classes, is shown in the followcredit occurred during the last half of 1925, ing table: when the usual seasonal growth of commercial loans to finance crop movements and autumn FEDERAL RESERVE BANK CREDIT trade was accompanied by a rapid increase in [In millions of dollars] security loans reflecting the rise in security Bills and securities prices and exceptional activity in the securities • market. After the turn of the year loans on Total i Dis- Accept- U. S. secounts ances curities securities declined and at their low point in the middle of April, following the drop in Middle of July— 1922 „ 1,144 430 158 557 security prices, were about $500,000,000 below 1923 1,087 806 183 98 1924. 810 305 37 467 the level at the end of 1925. Since then loans 1925 1,043 455 231 344 1926 1,147 515 234 39] on securities have regained a considerable part m of their decline, while commercial loans have i Includes other securities and foreign loans on gold. throughout the period remained with some The larger part of the growth in reserve fluctuations near the seasonal peak reached bank credit during the past year has been in last autumn. This maintenance of the high discounts for member banks, which were in level of loans for commercial and industrial larger volume in the middle of July than at purposes has been in response to the demand any other midsummer period included in the by industrial and commercial concerns for bank table, excepting 1923, a period when the reserve credit to finance the large volume of their curbanks had reduced their security holdings to rent operations. the lowest point in recent years. With the A comparison of the present high level of large volume of member bank credit outstandmember bank loans and investments with the ing and their indebtedness of over $500,000,000 low point reached in the early part of 1922, to the reserve banks, these banks will be in brings out the fact that during the four years be- close contact with the banking and credit situatween March 10, 1922, and April 12, 1926, the tion during the approaching period of increased total volume of member bank credit increased currency and credit demand for the marketing by more than $7,500,000,000. This increase in of crops and the financing autumn trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDERAL RESERVE BULLETIN AUGUST, 1926 BUSINESS CONDITIONS IN THE UNITED STATES NATIONAL SUMMARY 71,000,000 bushels less than last year. A production of 2,661,000,000 bushels of corn, or Industrial activity was at practically the 8.3 per cent less than last year, is indicated in same level in June as in May, and was slightly the same report. Cotton production, on the above the level of a year ago. The average basis of July 16 condition, was estimated at of commodity prices advanced further between 15,368,000 bales, or 736,000 bales less than May and June. the production or last year. Production.—The Federal Reserve Board's Trade.—Total volume of wholesale and reindex of production in basic industries intail trade in June was larger than for the same creased slightly in June. Production of iron month in 1925. Department-store sales declined seasonally in June, and wholesale trade in all leading lines, except groceries, also decreased during the nionth. Sales of mail-order houses increased more than usual in June and were 5 per cent larger than in June, 1925. Stocks of merchandise carried by wholesale firms at the end of June were smaller than a year earlier. Department stores continued to reduce their stocks, and their inventories, which had been considerably above last year's level earlier in the year, were at the end of June 50 only about 1 per cent larger than a year ago. Freight-car loadings showed seasonal increases during June and continued through the first half of July at higher levels than in previous years. Loadings of grains in the Southwestern 1922 1923 1925 1926 States have been particularly large. Prices.—The general level of wholesale Federal Reserve Board's indexes of factory employment and pay rolls. (1919=100.) Latest figures, June, employment, 95.1; pay rolls, 108.8 prices, according to the index of the Bureau of Labor Statistics, increased from May to June and steel and activity of woolen machinery continued to decline, and there were also PER CENT PER CENT reductions in the output of copper, zinc, and 2001 [200 petroleum, while cotton consumption, the manufacture of food products, and the output of coal and cement increased. Production of 150 150 automobiles was smaller in June than in May and for the first time this year was less than in the corresponding month of 1925. Declines took place in June in employment and 100 100 pay rolls of all textile industries except woolen and worsted goods and men's clothing, and some of these industries were less active than at any time since 1924. Building contracts 50 50 awarded during June were slightly less than in May and for the first time since early in 1925 WHOLESALE PRICES were smaller than in the corresponding month of the preceding year. 1922 1923 1924- 1925 1926 Crop reports issued by the Department of Index of United States Bureau of Labor Statistics. (1913=100, base Agriculture indicated a slight improvement adopted by bureau.) Latest figure, June, 152.3 during June. The composite condition of all by less than one-half of 1 per cent. Prices of crops on July 1 was reported at 6.4 per cent livestock and meats advanced, and there were below the average July condition during the small increases for silk, petroleum products, last 10 years. The production of winter nonferrous metals, and chemicals and drugs. wheat was estimated at 568,000,000 bushels, or Price decreases occurred in grains, cotton, 172,000,000 bushels more than in 1925, and textiles, building materials, and housefurnishthat of spring wheat at 200,000,000 bushels, or ings. In the first two weeks of July prices of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN grains, flour, cotton, wool, and hides increased, over the holiday were reflected in a growth of while those of cattle, hogs, silk, and rubber member bank borrowing at the reserve banks, declined. and on July 7 total discounts were near the Bank credit.—Loans and investments of highest point of the year. With the return member banks in leading cities at the end of flow of currency from circulation after the June were in larger volume than at any pre- holiday, discounts declined and on July 21 vious time, and after declining during the first half of July were still $900,000,000 above the BILLIONS OF DOLLARS BILLIONS OF DOLLARS 2 level of a year ago. Of this increase about $385,000,000 was in loans on securities, $340,000,000 in commercial loans, and $175,- 000,000 in investments. Since the beginning BILLIONS OF DOLLARS BILLIONS OF DOLLARS 10 10 1922 1923 1924- 1925 1926 Monthly averages of daily figures for 12 Federal reserve banks. Latest figures are averages for first 22 days in July were in about the same volume as in the last half of June. The reserve banks7 holdings of acceptances and of United States securities 1922 1923 1924 1925 1926 changed little during the period:, and the total Monthly averages of weekly figures for banks in 101 leading cities. volume of reserve bank credit outstanding in the Latest figures are averages for first two weekly report dates in July third week of July was close to the June level. of 1926 an increase in commercial loans, together Money market conditions were firmer in with the growth of investments, has more than July, as indicated chiefly by increases in rates offset the reduction in loans on securities. on call and time security loans. Rates on The demand for credit at the end of the fiscalacceptances and on commercial paper were also year and the increased currency requirements slightly higher. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919=100] Produc- Department-store Department-store d B e a b n it k s tion in Factory Factory Building Railroad- Whole- sal stocks ! outside Year and month i t b n ri a d e s u s i s c i - em m p e l n o t y- pay rolls a c w on a t r r d a e c d ts *load ca in r gs i t s r a a l d e e j U u n st a e d d - Adjusted U ju n st a e d d - Adjusted o C Y f i N o t r y e k i w 1925 January _ 127 94 103 164 123 79 108 • 124 119 134 119 February 124 96 109 166 125 76 101 131 127 135 118 March. 120 96 110 172 117 83 121 121 139 137 118 April 119 96 107 169 129 . 79 136 133 141 136 120 May 111 95 107 151 123 79 128 124 136 137 118 June _-__ 110 94 105 173 117 83 126 126 129 135 122 July 113 93 102 188 122 83 95 128 125 133 124 August 109 94 105 225 123 87 98 125 131 131 120 September m 95 104 235 121 94 121 134 143 133 N123 October 116 97 111 . 210 121 101 165 145 149 134 128 November 115 97 112 229 121 86 145 129 154 137. 122 December 121 97 112 276 130 80 226 141 129 139 124 1926 January ; 120 96 107 243" 118 78 114 130 125 141 126 February 120 97 112 208 127 76 104 135 132 140 128 March 123 97 113 209 126 85 130 130 143 141 131 April 122 96 110 170 132 80 133 129 143 139 131 May , U17 296 2109 164 126 82 137' 132 138 138 124 June 118 95 109 169 127 84 130 130 131 137 127 1 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-store sales and stocks are shown both with and without seasonal adjustments. ..--.. 2 Revised. 2795t—26—2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN AUGUST, 1926 MONEY RATES ACCEPTANCE MARKET Money rates were generally firmer in July The acceptance market was generally quiet than in June, at levels slightly above those of from the middle of June to the middle of July, a year ago but considerably below those pre- and New York dealers reported a considerable vailing in the early months of 1926. Prime decline in the volume of their purchases and commercial paper continued to be quoted at sales as compared with the preceding four 4 per cent as in June, but about a third of the weeks. The demand for bills, which had been sales reported late in July were made at 4^ unusually active in May and early June, slackper cent. Supplies were slightly larger and ened after the middle of the month, partly on demand light in the interior as well as in eastern account of firmer money conditions, and on cities. Rates on bankers7 acceptances had June 23 dealers advanced their rates on 90-day reached their low point in April and recovered bills. Bills of this maturity, which had been somewhat in May, with fluctuations later in quoted at 3^ per cent bid and 3^ per cent the 90-day rate, which settled at 33^ per cent offered late in May and had declined to 3^-3 J4 bid and 3% per cent offered on June 23. In per cent early in June, were now again offered July bill rates remained unchanged except for at 3% per cent. A somewhat better demand an advance of y% per cent on 120-day maturities. developed after this increase, and, with sup- Yields on United States certificates, which had plies declining, dealers7 portfolios were reduced recovered in the latter part of June from the to lower levels. Offerings to the reserve bank low point reached at the time of the mid-in New York were moderate, but in Boston month maturities, increased somewhat further fairly heavy. The demand for 90-day bills imin July. Average call and time rates on se-proved still further toward the middle of July, curity loans for July were the highest since with no increase in supply, and some dealers March. The accompanying table shows money advanced their rates on 120-day bills on July rates prevailing in the New York open market l£ These bills, which had borne the same rates as 90-day maturities, were now quoted by MONEY RATES IN NEW YORK CITY some dealers at Y% per cent more. Rates on other maturities remained unchanged through- Average yield Average rate on— on— out the reporting period. The following table Prime shows the rates on bills of various maturities on P c r o i m m - e b e a r n s k ' - T U r . e a S s . - July 14: Month mercial accept- ury paper, an 9 c 0 es, n a o n t d es p L e i r b c e e rt n y t lo C a a n l s l 1 l T oa im ns e 2 ACCEPTANCE RATES IN THE NEW YORK MARKET months days certifi- bonds cates, 3-6 July 14,1926 months Maturity July, 1925 __ 3^-4 3^ 3.06 3.95 4.09 4.13 Bid Offered May 1926 - 3 3.17 3.93 3.81 4.05 June, 1926 4 \ f * 3 2 2 . . 9 9 0 6 | 3.90 4.15 4.20 30 days.. July, 1926 _ 4-4M 4 3.11 3.93 4.27 4.39 60 days.. Week ending- 90 days.. J J J u u u l l l y y y 1 3 1 7 0 _ -. -. 4 4 4 zy%4 * 3 3 . . 0 0 8 8 3 3 3 . . . 9 9 9 0 0 3 4 4 4 . . . 7 5 4 0 0 5 4 4 4 . . . 3 2 2 6 7 5 1 1 1 2 5 8 0 0 0 d d d a a a y y y s s s . . . July 24 4 4 3. 07 3.95 4.05 4.35 July 31 4-4M 4 3.15 3.93 4.00 4.55 CAPITAL ISSUES 1 Renewal rate. 2 Weekly average of daily average rates on principal maturities. The volume of new domestic securities issued 3 Issues maturing Sept. 15,1926. 4 Issues maturing Dec. 15,1926. in the United States in June amounted to over during the last three months. A table showing $467,000,000, slightly less than the average of rates of interest charged customers by banks monthly issues during the first half of 1926. in various cities of the United States will be found In addition there were $133,000,000 offered for on pages 617-618 of this issue of the BULLETIN. refunding purposes, consisting chiefly of long- In the London market money rates, which term bonds and notes. These June flotations were near the low point of the year in June, brought the total of both new and refunding declined further early in July, but later in the domestic issues in the first six months of 1926 month advanced to higher levels. Three- to over $3,000,000,000. Large corporate offermonth bank bills were quoted at 4^- per cent ings in June were accompanied by a considerduring the week ending July 16, and Treasury able volume of municipal issues and by the bills tendered that week brought an average placing of $60,000,000 Federal land-bank bonds yield of 4.35 per cent. together with other smaller farm-loan issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL EESEEVE BULLETIN 573 Among corporate securities the flotations of SECURITY PRICES industrial corporations and of railroads showed The prices of representative common stocks large increases and those of public utilities, continued to advance during July, except for a although smaller than in May, were still about brief recession to late June levels, and in many as large as those of industrials. The table cases reached before the end of the month below shows the domestic securities, both new the highest prices of the year. The prices of and refunding, issued in June, 1925, and in railroad stocks as indicated by the index of the May and June, 1926: Standard Statistics Company surpassed their high averages of the winter during the first DOMESTIC CAPITAL ISSUES half of July and advanced even further during [In millions of dollars] the last week. Industrial stocks, on the basis June 1926 May 1926 June 1925 of this index, were still somewhat below February prices at the end of July, after sharp Re- Re- Re- advances which extended to nearly all groups. New fund- New fund- New fund- Among the industrial stocks which rose most ing ing ing rapidly in price were those of automobile, steel, Total - 467.7 133.0 549.9 13.5 428.2 69.0 copper, electric equipment, and farm machinery companies. The market was moderately Corporate 306.7 87.8 415.3 12.2 287.7 67.7 Long-term bonds and active throughout July, as indicated by the notes 235.9 85.8 207.7 9.9 189.4 47.5 number of shares of stock sold daily. Bond Short-term bonds and notes _._ 17.6 2.0 27.2 2.3 9.9 2.4 prices declined somewhat below those prevailing Farm S - t l o o c a k n s . i _ s . s _ u _ e s - 5 30 3 . . 0 2 "Ib'.o 18 3 0. . 4 5 8 2 8. . 4 2 17.8 in June. The following table gives indexes of Municipal 131.0 5.2 131.1 1.3 138.3 1.3 stock prices computed by the Standard Sta- • tistics Co. of New York, the average price of In June, for the third time in 1926, a monthly 40 bonds computed by Dow, Jones & Co., total of over $100,000,000 of foreign securities and the average number of shares of stock sold were floated in this country,, according to the daily on the New York Stock Exchange, for compilation of the Federal Reserve Bank of the last six months and for July a year ago: New York. This represents a considerable increase over May, particularly in corporate INDEX NUMBERS OF SECURITY PRICES issues, which made up more than one-half of the total. Both corporate and Government Price indexes of —1 Average offerings came largely from Germany, Canada, Aver- number age of shares and Latin America, the largest individual issues 199 in- 31 rail- Total, price of stock dustrial road 230° of 40 sold daily being one of $30,000,000 by the United Steel stocks 2 stocks stocks2 bonds3 (000 Works Corporation of Germany and the Bra- omitted)4 zilian Government loan of $18,150,000. The total of foreign issues during the first six months Average for— July, 1925... 135.0 111.0 128.1 92. 50 1,353 of the year have amounted to $557,092,000, as February, 1926.. 154.9 123.5 145.7 94.31 1,806 March, 1926 144.0 119.4 136.7 93.94 1,790 compared with $571,553,000 during the first April, 1926.. _... 139.8 118.5 133.6 94.52 1,339 half of 1925. The table below shows the for- May, 1926._ 141.1 120.6 135.1 95.25 1,083 June, 1926 _. 147.4 125.5 141.0 95.32 1,614 eign issues during April, May, and June, classi- July, 1926. 94.87 1,626 Average for week ending— fied geographically: July 3_ _ 151.7 128.6 145.0 95.18 1,438 July 10 __„ 151.6 128. 6 144.9 95.23 1,515 July 17 _ 153.9 128. 4 146. 5 95.15 1,580 FOREIGN CAPITAL ISSUES July 24 150. 7 126.0 143.5 94.92 1,727 [In millions of dollars] July 31- 155.6 129.7 148.3 94.89 1,689 June, 1926 May, 1926 April, 1926 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, m G er e o n n v - t - p C or o a r t - e m G er e o n n v - t - p C or o a r t - e] m G er e o n n v - t - p C o o ra r- te o d 19 f a 1 y e 3 . a - c 1 h 92 2 st , o e c q k u o al u s t s 1 t 0 a 0 n . d in T g h . e in P d ri e c x e e s s u a s r e e d w a e r i e g h cl t o e s d i n b g y q th u e o t n a u ti m on b s e r o o n f s S h a a t r u e r s - 2 The number of industrial stocks used in the index was reduced from 201 to 200 after May 15, and to 199 after May 28,1926, on account of mergers Total new issues 44.5 49.8 51.3 9.8 76.3 45.9 of certain companies whose shares are included in the index. 3 Arithmetic average of daily average closing prices,-as published in Europe 14.0 35.7 5.7 6.3 5.0 10.2 the Wall Street Journal. Weekly averages are for week ending with Canada and New- Saturday. foundland _» 7.5 12.7 12.5 33.7 4 Saturday omitted. Weekly averages are for five days ending with Latin America - _ 20.8 1.4 31.6 3.5 71.3 2.0 Friday preceding date given. United States insular possessions ,. 2.2 1.5 COMMODITY PRICES Refunding issues 10.5 1.6 16.0 2.8 12.0 Total new and re- The general level of wholesale prices in the funding 55.0 50.8 51.3 25.8 79.1- 57.9 United States, according to the index of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN" AUGUST, 1926 Bureau of Labor Statistics, rose slightly from In July prices of grains, flour, cotton, and May to June, on account of a further rise in hides increased, while those of wool, cattle, agricultural commodities only partly offset by silk, and rubber declined. a decline in nonagricultural commodities. Prices this year were lowest in April, but they AGRICULTURAL CREDIT have shown little change since March. The table shows the changes from March to Eediscounts at the Federal intermediate June for the groups and principal subgroups of credit banks increased from $41,787,000 at commodities that are covered by the index. the end of May to $43,294,000 on July 17. Practically all of this increase was represented INDEX NUMBERS OF COMMODITY PRICES by additional advances to agricultural credit [1913 = 100] corporations. Last year the volume of outstanding rediscounts reached their highest Percentage level in the middle of July, at which point they June March change, were approximately $10,000,000 below the March to June level reached in the week ending July 10, 1926. Substantial liquidation of direct loans to co- All commodities. 152.3 151.5 +0.5 operative marketing associations occured be- Agricultural .. 150.8 ~T47. 5 +2.2 tween the end of May and July 17, a net re- Nonagricultural - 152.9 154.6 -1.1 duction of slightly over $5,000,000. Loans on Farm products. 143.7 144.0 2 cotton showed the largest decrease, with re- L G i r v a e in st s ock and poultry 1 1 4 4 5 3 . . 0 5 1 13 5 3 2 . . 9 2 + -4 7 * . 7 2 payments totaling approximately $7,000,000. Other farm products. 141.6 148.4 -4.6 Advances on wool showed the largest increase, Foods 156.6 151.4 +3.4 Meats.-. 163.8 149.9 +9.3 with a total of $1,836,000 on July 17, as com- B O u th tt e e r r , f o c o h d e s e se and milk .... 1 1 4 5 2 8 . . 6 8 1 1 5 4 4 8 . . 2 0 + -3 3 . . 6 0 pared with $454,000 on May 29. Advances Clothing materials _. 175.1 180.5 -3.0 on the 1925 wheat and peanut crops were com- Boots and shoes 185.8 186.1 -.2 Cotton goods__---I-__- 158.8 167.2 -5.2 pletely liquidated in June and loans on the new Woolen and worsted goods.. 192.6 201. 0 -4.2 wheat crop were made in July, although the Silk, etc .--- 157.8 162.1 -2.7 Fuels 179.2 175.1 +2.3 amount had only reached $500,000 in the week A Bi n tu th m ra in ci o t u e s co c a o l al.... 2 1 2 9 2 6. . 2 9 2 2 3 0 2 0. . 4 0 - - 2 3. . 9 1 ending July 17. Advances on canned fruits Other fuels 160.4 146.2 +9.7 and vegetables showed a seasonal increase, Metals and metal products. 125.1 127.7 -2.0 Iron and steel 133. 7 136.2 -1.8 while loans based on rice and raisins were de- Nonferrous metals 106.2 108.9 -2.5 creased. Building materials. 171.2 175.5 -2.4 Lumber 183.4 189.4 -3.2 Loans based on eligible commodities and Brick T. 204.3 205.6 -.6 Structural steel 122.5 129.1 -5.1 rediscounts for the different financial institu- Chem O i t c h a e l r s b a u n il d d i d n r g u g m s _ aterials 1 1 6 3 1 1 . . 2 1 1 1 6 3 2 1 . . 9 6 - - 1 . . 4 0 tions on the latest available date in July are Chemicals _... 118.7 118.3 +.3 shown in the accompanying table. Fertilizer materials 108.1 114.7 -5.8 Drugs and Pharmaceuticals. 184.4 182.0 +1.3 House furnishing goods 161. 7 163.9 -1.3 Furniture 141.3 143.5 +1.6 INTERMEDIATE CREDIT BANKS Furnishings 228.4 230.5 -.9 Miscellaneous 122.5 128.3 -4.5 [In thousands of dollars] Cattle feed 111.0 112.8 -1.6 Leather ... 136.0 140.1 -2.9 Paper and pulp 175.3 180.3 -2.8 July 17, June 15, July 18, Other miscellaneous 104.6 111.9 -6.5 1926 1926 1925 The change for all commodities for the period Direct loans outstanding on- Cotton $11,345 $14,740 was an advance of about one-half of 1 per cent, Tobacco.. -_ . 12,918 13,177 $18,113 principally in consequence of higher prices Wheat 500 46 90 Canned fruits and vegetables 558 416 260 for agricultural commodities. The only groups Raisins.... 3,550 3,600 4,000 showing for the three-month period a change of Prunes __ 536 14 190 as much as 3 per cent are foods, which ad- WPeoaonluts- 1,836 831 1,494 Rice 634 744 vanced by reason of a rise in meat prices, and Allother 229 267 61 clothing materials, which declined, largely by Total... . . 31,570 33, 836 • 24,745 reason of a fall in the prices of cotton goods Rediscounts outstanding for— and woolen goods. Other substantial changes Agricultural credit corporations._.^_ 30,017 29,259 22,067 were advances in livestock and poultry, and in National banks 3 3 3 State banks 465 490 631 fuels other than coal, including crude petro- Livestock loan companies. _ 12,747 12,770 10,803 Savings banks and trust companies. 62 33 80 leum and gasoline, and declines in structural steel and fertilizer materials. Total 43,294 42, 555 33,587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

575 AUGUST, 1926 FEDEKAL RESERVE BULLETIN Federal land banks increased their net out- in all except men's clothing and woolens and standing mortgage loans during June approxi- worsteds. Cotton consumption was at a lower mately $5,500,000, and joint stock land banks daily rate in June than in May, but the deincreased their loans by about $6,000,000. crease was not as great as usually occurs in The following table shows the outstanding that month. The number of cotton spindles volume of net mortgage loans at the end of active decreased for the third consecutive June held by 12 Federal land banks, 54 joint- month. Buying of cotton goods continued stock land banks, and 41 life-insurance corri- smaller during the early part of June and prices panies owning more than 82 per cent of the were weak. During late June and early July assets of all life-insurance companies: markets became more active, and the Fairchild index of cotton goods prices increased NET EAEM MORTGAGE LOANS OUTSTANDING slightly in July, following a period of almost uninterrupted decline since early last October. [In thousands of dollars] Wool consumption was greater in June than in May, and the percentage of active spindle June 30, June 30, 1926 1925 hours to total single shift capacity increased for the first time in several months. Loom Total, all joint-stock land banks.. 600,150 501, 673 activity remained practically unchanged at Total, Federal land banks _. 1,043; 955 975,175 41 life-insurance companies _______ 1, 500, 000 the lowest level since early 1921. New lines of spring goods were opened by leading producers in July at reductions of from 5 to 10 MANUFACTURING AND MINING per cent from prices of the preceding year. Little change occurred in the rate of in- Raw-wool markets have been more active in dustrial activity between May and June. The recent weeks, and prices, which had been devolume of manufacturing production in June clining for several months, in June advanced was slightly smaller than in May, the Federal slightly. Wool imports in June totaled only Reserve Board's manufacturing index declin- 13,400,000 pounds, the smallest figure recorded ing from 134 to 133, but output of minerals for any month since September, 1924, but increased and the mining index rose from 128 total imports for the year to date have exto 131. Factory employment was slightly ceeded those of last year. The manufacture smaller in June than in May, but total wage of men's clothing, as indicated by employment payments, as indicated by the board's index statistics, showed the usual seasonal increase of pay rolls, were practically the same in both in June. During July there was a strike in months. The general level of industrial ac- the women's garment trades in New York tivity continued above that of the correspond- City. Employment and pay rolls in the silk ing period in 1924 and 1925, and the volume industry continued during June the sharp of production in the first six months of this declines which have been noted since early in year was greater than in the first half of any the year, falling to the lowest level since the previous year. For index numbers of indus- end of 1924. Takings of raw silk by mills, trial activity see pages 587-588. however, were slightly larger in June than in Further recessions were noted in the iron May, and warehouse stocks were reduced. and steel and textile industries in June, accord- Raw-silk prices rose during June but declined ing to available statistics of productive activity, slightly in July. The Fairchild silk goods employment, and pay rolls. The output of index, after declining for four months, inautomobiles declined considerably and was creased by a very small amount between June smaller than in the corresponding month of 1 and July 1. On July 1 rayon prices were 1925 for the first time this year. The manu- reduced by from 35 to 45 cents a pound by facture of food products, shoes, building ma- leading producers, and buying, which was held terials, and rubber tires was greater than in in check in anticipation of some reduction, May. The increase in the mining index may has since improved. Preliminary hosiery stabe attributed to the larger output of coal as tistics for June indicate slight increases in the production of metals decreased somewhat production and orders, as compared with May. in June. Buying of women's full-fashioned hosiery was Textiles.—Further recessions were noted in especially active in June. New lines of spring the textile industries during June. The volume underwear were opened during July at lower of employment decreased in all these indus- prices than those announced last year. tries except men's clothing, in which there was Leather and shoes.—Production of shoes ina seasonal increase, and pay rolls were smaller creased in June as compared with May, accord- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL RESERVE BULLETIN AUGUST, 1926 ing to preliminary estimates, although a de- than a year ago. Metal markets improved crease ordinarily occurs at that time. This during July, buying increased, and prices increase followed a period in which output was advanced. somewhat below that of the corresponding Fuel.—Output of anthracite coal during months of previous years and brought the June has been exceeded in only two months June total to a level above that of June for during recent years. Production of bitumi- 1924 and 1925. Sole-leather production also nous coal increased also and was greater than increased considerably in June and, although in June of the two previous years, and weekly smaller than in June, 1925, was the largest for output of both anthracite and bituminous coal any month since last October. Stocks in continued at corresponding levels during July. process were enlarged between May 31 and Coal markets, however, were seasonally less June 30, but tanners7 finished stocks were active in July, although export demand for reduced to a new low record. Stocks of other bituminous coal remained large. Coke profinished leathers, except those made from goat duction was smaller in June than in May, but and kid and calf and kip skins, on May 31 greater than in June of previous years with the Were smaller than in previous years. Stocks of exception of 1923. The coke market has con- I'aw hides and skins, on the other hand, were in tinued rather weak. Daily average output of most cases larger on May 31 than on the same crude petroleum increased during June and date of the two preceding years. Hide markets the first three weeks of July, continuing, howwere active in July, and prices advanced fol- ever, at lower levels than a year ago. Stocks lowing recessions in June. Reports from the of crude oil were reduced during June. Altrade indicate also some improvement in the though production of gasoline in May was the demand for leather. largest for any month on record, refinery stocks Metals.—Buying of pig iron was reported to were reduced in volume.^ They continued, be more active during June than in that month however, to exceed those of a year before. of other recent years. Most of the orders, how- Prices of Pennsylvania crude oil were lowered <ever, were on third-quarter contracts, and pro- 25 cents a barrel early in July, and refinery duction was further reduced from the level of prices of gasoline declined slightly in June and earlier months. The daily average output of July. steel ingots was also smaller than in any pre- Automobiles and tires.—Production of autovious month of the year. Total production of mobiles was considerably reduced in June, iron and steel in the first six months of this owing to inventory taking and preparations for year, however, was greater than in the first introduction of new models. The decline six months of any other year except in 1923. brought the total monthly output of passenger Shipments of steel during June continued to cars and trucks below that of the corresponding exceed orders, and the unfilled orders of the month of 1925 for the first time this year. United States Steel Corporation declined According to reports to the Federal Reserve further to 3,479,000 tons, the smallest re- Bank of Chicago sales of new cars by retail ported for any date since September 30, dealers in the Middle West declined in June 1924. Pig-iron prices were reduced some- and were smaller than in June, 1925. Used-car what in June, but prices of steel products re- sales, on the other hand, exceeded those of mained firm during the five weeks ending July previous years, as did also sales of new cars at 20. Demand for steel during July was fairly wholesale. Stocks of new cars at the end of active for the summer season, and production June, although smaller than at the end of May, was curtailed but little, if any, below the June were much greater than a year earlier. They rate. Buying by the automobile industry has continued below those for the corresponding held up well, and shipments of structural steel date of 1924. Used-car stocks were likewise continued large, exceeding, in fact, the volume reduced in June, but exceeded those for any of new business. Railroad demand has been previous corresponding date. During July sevseasonally slack. Production of copper, zinc, eral companies put new models on the market and lead was somewhat smaller in June ^ than and a few adjustments in prices were made. in May, but copper and zinc output continued Rubber-tire prices were reduced about July 1 greater than a year ago and that of lead was in by leading manufacturers. This set of reducpractically the same volume. Stocks of these tions, following one earlier in the year, has metals were all reduced during June, and, ex- brought tire prices back to approximately the cept those of refined copper, were larger same level as that prevailing early in 1925. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 577 Shipments of tires and tubes increased further date in the post-war period. Prices of livein June and exceeded production. Conse- stock and meat products have advanced almost quently stocks were somewhat reduced from the continuously since the first of the year, and, high levels of a month earlier. Production and according to the index of the Bureau of Labor shipments, however, continued smaller than in Statistics, wholesale meat prices were higher June, 1925, and stocks were still unusually in June than for any month, except last Sepheavy. Crude rubber prices fluctuated at tember, since 1920. Sugar meltings increased between 40 and 45 cents a pound during June in June and were rather large as compared and July, with the lowest point reached in the with earlier periods. Refiners' stocks at the latter part of July. Imports of crude rubber end of June were greater than at any time in during June totaled only 55,776,000 pounds in recent years. Sugar prices have continued June, the smallest for any month since Feb- with a few minor fluctuations at slightly above ruary, 1925. 4 cents for raw sugar and at nearly 5^ cents Building materials.—Production of building for refined sugar. materials showed in general further seasonal increases in June, although the cut of some BUILDING types of lumber was reduced. Lumber shipments in most cases exceeded production, and Awards of building and. engineering conorders were well maintained. Unfilled orders tracts continued through June in nearly the were fairly large, and stocks are moderate in same volume as in May, the slight decline over volume. For the 28 weeks ending July 17, the month of 0.4 per cent being less than the according to weekly reports to the National estimated usual May-June decrease in recent Lumber Manufacturers' Association, both or- years. Last year the volume of contracts, ders and shipments have exceeded the cut. moving in a direction contrary to that of Lumber prices declined slightly during June the usual seasonal trend, increased in June and July. In the flooring industry there were over May, and June awards this year, in comincreases during June in production, ship- parison with 1925, were in smaller volume ments, and orders. Cement production and by $13,000,000, or 2.4 percent.^ These comshipments were larger in June than in any parisons cover building operations brought previous month on record. Stocks were re- under contract in 37 States east of the duced as shipments exceeded output, and Rocky Mountains, as reported to the F. W. jvere greater than those of previous years only Dodge Corporation, and embrace approxiin proportion to the increased volume of busi- mately 91 per cent of building operations in ness. Output and shipments of paving brick the country as a whole. In each of the five increased in June, but were not as great as months from January to May, inclusive, a year before. Face brick output was also awards this year exceeded awards in 1925, the somewhat increased. Plate-glass production excess over last year being for January $148,was larger than for any month in a record 000,000, for February $79,000,000, for March extending back through 1923. $107,000,000, for April $3,000,000, and for Food products.—Production of foods showed May $41,000,000. Total awards of $3,113,seasonal increases in June, with correspond- 000,000 in this half year exceeded awards in the ingly greater employment and pay rolls in the first half of 1925 by $364,000,000, or 13 per food-manufacturing industries. Earnings of cent. workers engaged in the manufacture of bread Relatively large increases over 1925 are and other bakery products, according to the shown for June building in the reports for the board's pay-roll index for that industry, in Cleveland and Philadelphia Federal reserve June were the largest on record. In con- districts, and relatively large decreases for the trast, the index for flour milling was below Chicago and Atlanta districts. For the half that for the corresponding period in previous year ended June 30 the volume of building in years. The slaughter of cattle, and to a less the several Federal reserve districts comprising extent of calves and sheep, has been heavy in the 37 States has run as shown in the accomrecent months. On the other hand, the num- panying table. It will be noted that twober of hogs slaughtered, although greater in thirds of the increase over last year for this June than in May, has been small relative to period has been contributed by the New York earlier years. Cold-storage holdings of beef district, although large increases are shown and pork on July 1 were the smallest for that also for the Atlanta and Dallas districts. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDERAL EESERVE BULLETIN- AUGUST, 1926 VALUE OF CONTRACTS AWARDED JANUARY 1 TO JUNE in May to 171.2 in June, indicating that 30, BY FEDERAL RESERVE DISTRICTS prices were practically at the level of June, 1925, when the index stood at 170.7. The [In thousands of dollars] cost-of-building index of the New York Federal Reserve Bank decreased from 194 in Federal reserve district 1926 1925 Increase Decrease May t® 193 in June, on a 1913 base as 100. This index stood at 196 in February and de- Boston $198,342 $201,123 $2, 781 New York 905,044 628,757 $276,287 clined to 195 in March and April. The New Philadelphia 216,308 214, 713 1,595 Cleveland 315, 351 316,118 767 York bank's index for wages in the building Richmond. 213,441 220,992 7,550 industries remained unchanged at 227 during Atlanta 306, 505 226,465 80,040 Chicago 480,766 516, 010 35, 244 April, May, and June. St Louis 179,275 183,385 4,110 Minneapolis 73, 617 69, 078 4,539 Kansas City 87,385 71,970 15,415 . WHOLESALE AND RETAIL TRADE Dallas 137,124 100,141 36,983 Total 3,113,158 2, 748,751 414,859 50,452 Sales at wholesale and retail firms reporting Net increase 364,407 to the Federal reserve system in the first half of 1926 indicate that a larger volume of goods Contemplated building projects totaled$807,- passed through the channels of trade than in 000,000 in June, being somewhat in excess of the corresponding period in any other recent the corresponding figure for May ($793,000,- year. Inventories carried by wholesale firms 000) and largely in excess of the total for June were smaller during the period than a year of last year ($668,000,000). ago and stocks of department stores, while The volume of residential building con- slightly larger for the period as a whole than tracted for fell off over the month by 3.2 per in the first six months of 1925, showed a cent, but exceeded the total for June of 1925 smaller increase at the end of June over 1925 by 8.4 per cent. In the total volume of build- than at the beginning of the year. ing brought under contract, residential build- Wholesale trade.—Sales in six leading lines ing constituted a somewhat smaller proportion of wholesale trade, which reflect buying by in June than in May (43.2 per cent in June and both urban and rural consumers, were 2 per 44.5 per cent in May) and a somewhat larger cent larger than in the first half of 1925, and proportion than in June of 1925 (38.9 per cent). exceeded those for the corresponding period in Although a smaller number of building per- any year since 1920, when prices were at a mits were issued in June than in the month considerably higher level. Weather conditions preceding in 168 selected cities, June permits were somewhat unfavorable for trade in the represented in the aggregate a larger estimated early months of the year, and sales for the two cost of construction for urban building. Net months, January and February, were no larger increases over the month were shown for per- than in 1925, but in each of the following mits issued in the selected cities of the Boston, months they were larger than in the corre- New York, Philadelphia, Cleveland, Rich- sponding periods of last year. Sales were larger mond, Atlanta, and San Francisco districts, than in the first half of 1925 in each of the six and net decreases for the cities of the Chicago, lines except dry goods and hardware, and sales St. Louis, Minneapolis, Kansas City,,and Dallas of meats and drugs were larger for the first districts. In comparison with June of last half of the year than in the past six years. year, a smaller aggregate value was covered Smaller dollar sales of dry goods, including under permits issued in these cities this year almost all kinds of textile products, were due to ($331,000,000 as compared with $339,000,000), the generally lower level of textile prices which this net decrease covering increases over the have prevailed this year. Growth in dollar sales year for cities of the New York, Philadelphia, of meats, on the other hand, in recent years, parand Dallas districts, and decreases for cities ticularly in 1925 and 1926, was due in a large of the remaining districts. Reports to the measure to the generally higher level of live- F. W. Dodge Corporation for the building de- stock and meat prices. Sales of farm implepartments of 205 cities show, on comparison ments and machinery continued to increase with June of last year, increases for 94 cities this year and for the first six months were 17 and decreases for 111 cities. per cent larger than in 1925, 54 per cent larger No very considerable changes in the cost than in 1924, and 37 per cent larger than in of building were recorded for June. The 1923. Bureau of Labor Statistics' whoelsale price Analysis of sales in different sections of the index for building materials shifted from 171.6 country shows that increases occurred in all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 579 leading lines in the Atlanta and San Francisco At the beginning of 1926 inventories of de- Federal reserve districts. Increases occurred partment stores averaged about 4 per cent in all reporting lines in the Dallas Federal larger than at the opening of 1925, but during reserve district except dry goods and drugs, the first six months of the year theypvere and in the Chicago district sales of all lines gradually reduced, and at the end offJune except dry goods and hardware were larger. they were only about 1 per cent larger than a Merchandise inventories of wholesale firms year ago. For the half year, as a whole, sales were smaller in each of the first six months of were relatively larger than stocks, as compared the year than in 1925. The most significant with the corresponding period of 1925, and the reduction was in the stocks of meat, which rate at which stocks were turned over was have been smaller in quantity this year than slightly higher than in the first half of last year. in the first half of any other recent year. Prices of meats, however, have been higher, TRANSPORTATION and the value of stocks, although considerably smaller than a year ago, averaged about the Car loadings in June indicated a maximum same for the first six months as in 1924 and movement of freight for that month, being in 1923. Stocks of dry goods and shoes were excess of June loadings in any earlier year of , smaller each month than in, 1925, those of the period, 1919 to 1925. They were in excess hardware were less in the first quarter of the also of loadings in any earlier month of the year than in the corresponding period of 1925, past year since October. On a 1919 base as but in April, May, and June they were larger 100, the Federal Reserve Board's adjusted index than in the preceding year. Inventories of for loadings, which stood at 117.8 in June, 1925, drugs were larger in each month than in 1925 advanced from 125.8 in May of this year to and at the end of June were larger than at any 126.9 in June. Each general class of freight time in the past three years. for which loadings are separately reported Retail trade.—Sales of department stores, moved in larger volume in June than in May, mail-order houses, and chain stores indicate and in larger volume this year than in June that the volume of retail trade during the first last year. Geographically, also, as well as in half of the year was the largest on record. respect to character of freight handled, the Sales of chain stores selling groceries, 5 and increase in loadings over the month and over 10 cent varieties, drugs, cigars, shoes, music, June of last year was widely distributed, inand candy were greater than those in 1925, creases over May and over 1925 being but part of this growth was due to an increase shown for each of the seven transportation in the number of stores in the different chains. districts. Trade at these stores, however, reflects buying With this large volume of freight in transit, by consumers in both large and small cities the carriers maintained in June an average and by urban and rural population, and sales surplus of 266,000 cars (144,000 box and thus far this year indicate that buying by the 75,000 coal cars) available for service. On two groups of consumers has been larger than July 1 the percentage of freight cars in servicelast year. Mail-order house sales, a large part able condition, according to computations by of which reflect retail purchases in agricul- the Bureau of Railway Economics, was 92.8, tural sections, were 7 per cent larger than in or 4.3 above the five-year average, and the the first six months of 1925. percentage of serviceable locomotives was 85.3, Department-store sales for the country as a or 6.2 above the five-year average. It would whole were 3.5 per cent larger than in the first appear from these figures that the carriers have six months of last year. Sales increased in all been maintaining an equipment of cars and sections, except in the Minneapolis Federal locomotives in serviceable condition adequate reserve district where they were smaller and in for handling the increasing volume of freight the Cleveland Federal reserve district where brought to them. they were in about the same volume as in Operating revenues of Class I railways were 1925. In the late winter and early "spring 5.8 per cent, operating expenses 3.4 per cent, weather conditions were generally unfavorable and net operating revenue 13.9 per cent greater for sales in certain lines of merchandise, expe- in May this year than in May, 1925, and for cially goods for which the demand is highly the year to June 1 these percentage increases seasonal, but in May and June conditions were were: For operating revenues 4.2 per cent, for more satisfactory for trade and retailers over- operating expenses 2.5 per cent, and for net came part of the losses in sales that occurred operating revenue 10.1 per cent. As calculated in* the spring, for this five-month period, the operating ratio, 2795t—26 -3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDEEAIi RESERVE BULLETIN AUGUST, 1926 or percentage of expenses to revenues, decreased these States. Kansas also reports one of the from 78 in 1925 to 76.73 in 1926. largest crops in its history. While the new Rate of return earned during the five months wheat crop has moved to market in heavy ended May 31 on the investment of the carriers, volume, an active demand on the part of as shown by their books, was equivalent on an millers and exporters has been maintained. annual basis to 4.80 per cent, the corresponding Prices, which declined rapidly in the last half figure for 1925 being 4.41 per cent. Carriers in of June, steadied at the opening of July and the eastern district earned at the rate of 5.68 subsequently made material gains. per cent this year and 5.18 per cent in 1925; The outlook in the spring wheat areas is less carriers in the southern district at the rate of favorable, as unsatisfactory weather conditions 5.58 this year and at the same rate in 1925; have materially impaired the growing crop. and carriers in the western district at the rate On the basis of July 1 conditions, the United of 3.53 per cent this year and 3.12 per cent States Department of Agriculture estimates in 1925. the current crop at 200,000,000 bushels, which AGRICULTURE was considerably under most of the prevailing trade estimates. The five-year average yield With the advance of the crop season producis 253,000,000 bushels, while last year a crop tion estimates have assumed a more definite of 271,000,000 was harvested. According to character and it now appears, on the basis of the same report the acreage of all spring wheat United States Department of Agriculture refor 1926 is approximately the same as last ports, that larger yields of winter wheat, potayear. North Dakota shows an increase of toes, rice, and of the principal fruit crops will about 8 per cent, but this is offset by declines be harvested as compared with last year, while in other States. Of the spring wheat crop, the decreased production is indicated for corn, indicated production of durum varieties is spring wheat, oats, barley, flax, tobacco, and placed at 50,000,000 bushels, compared with hay. Cotton production is estimated at 736,000 a yield of 66,000,000 bushels last year. The bales less than last year. The composite conacreage devoted to durum in Minnesota, Mondition of all crops on July 1, reported at 6.4 tana, and the Dakotas has been increased apper cent below the average July condition for proximately 15 per cent. No material imthe last 10 years, showed improvement from provement in crop conditions in the springthe month previous, when the composite conwheat regions has been reported since July 1. dition was reported at 8 per cent below the The first official grain estimate for Canada 10-year average. was considerably lower than had been antici- The movement of most agricultural prices pated by private reports. On the basis of the during June and the first half of July has Dominion estimate of 348,626,000 bushels for reflected the seasonal influence of increased the current year, a decrease of 63,000,000 marketing, but in the important grain crops bushels from last year's yield is indicated. material advances have taken place from the Preliminary reports of wheat production in low levels reached in late June. The farm Europe indicate a yield considerably less than prices of cattle, lambs, and hogs were higher last year, and with world wheat stocks at comin June as compared with the previous month. paratively low levels foreign demand for the Dairy products were on practically the same new crop of wheat has been in evidence. Exlevel as in May, with the exception of cheese, ports for the past six weeks have shown a which made a slight advance. marked improvement over the same period Grains.—The estimated production of winter last year, as indicated by the following figures wheat, on the basis of July 1 conditions, has issued by the Department of Commerce: been placed at 567,762,000 bushels. This reflects an increase of about 24,000,000 above the Government forecast of June 1 and is WHEAT EXPORTS 18,000,000 bushels above the five-year average. As compared with the short crop of 1925, it is Week ending— 1926 1925 larger by 169,000,000 bushels. Harvesting in the Southwestern States has been practically June 5 _ 1,426 2, 219 June 12 1,846 1,226 completed and yields have been reported, in June 19 1,662 1,506 many cases, above expectations. The yield June 26 1,237 1,164 July 3 1,710 957 in Oklahoma and Texas is estimated at almost July 10 1,704 1,744 double the five-year average production in July 17 - 5,258 846 - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 581 The relatively short crop of wheat in 1925 that growing conditions during the remaining naturally precluded any large volume of ex- months of the season are as favorable as in ports, and the export movement for the first 1924 arid 1925, the Department of Agriculture half of 1926 totaled but 27,857,350 bushels, indicates that the final yield may reach a total contrasted with 51,074,688 bushels in the com- of 16,628,000 bales; but, on the other hand, if parable period of 1925. conditions during the remainder of the season A production of 2,660,780,000 bushels of should be as unfavorable to the crop as in corn is indicated by the United States Depart- 1921, 1922, and 1923, the department indicates ment of Agriculture on the basis of July 1 that a total production of about 13,476,000 conditions. This is 244,000,000 bushels less bales might be expected. than the crop harvested in 1926 and 188,000,000 Marketing of the 1925 crop showed the usual less than the five-year average. The area in seasonal decline in June, but both takings by corn is approximately one-half of 1 per cent American spinners and exports were larger than less than last year. Increases of acreage are in June a year ago. In each of the first three reported in Illinois, Indiana, Minnesota, and months of this year exports were smaller than South Dakota, while the other principal Corn in the corresponding months of 1925, but in Belt States show decreased acreages, or no April, May, and June they were larger. For change from last year. Despite the large the half year, however, total exports were 15 crop produced last year, the receipt of corn at per cent smaller than in the first half of 1925, 17 principal markets during the first half of and for the 11 months of the crop year ending 1926 have only been slightly in excess of the in June exports were 2.5 per cent smaller than similar period a year ago. The receipts for for the 11 months ending in June, 1925. the current year, January 1 to July 1, total Although increased takings by mills in the 123,877,232, compared with 121,667,031 bush- United States for the 11 months have more els for the first half of 1925. than offset the decline in exports, total exports Reflecting the greater production of 1925, and total takings have not been sufficiently cash corn prices have been on a much lower large to absorb the increased yield in 1925 level in the first half of 1926 as compared with and stocks remaining on farms and in warethe same period in 1925. During the first houses in the United States are considerably half of July, however, prices advanced and larger than in any other recent year. quotations were increased approximately 10 This increase in stocks, together with a probcents. able larger production this year, has been ac- Slightly decreased acreages of rye and flax- companied by a decline in prices from the levels seed, as compared with last year, are reported prevailing a year ago. In the middle of July by the Department of Agriculture. Approxi- contracts for future delivery in October and mately the same acreage of hay and a slight December were from 6 to 7 cents lower than increase in oats are also reported. The in- quotations a year ago. dicated production for all of the above crops, Tobacco.—Estimates by the Department of however, is below that of 1925, the most Agriculture on July 1 indicate a reduction of marked decrease being in the production of 6 per cent in the acreage planted in tobacco rye. this year from that of 1925 and a decrease of 4 Cotton.—-Weather conditions continued very per cent from the acreage in 1924. A smaller favorable for the growing cotton crop in the acreage than in 1925 is indicated in all of the closing weeks of June and the first two weeks leading tobacco-producing States except North of July. Insect damage, however, by the boll Carolina and Tennessee, where increases of 3 weevil and the cotton hopper became more per cent and 4 per cent, respectively, were evident, and reports indicate that the cotton noted. Weather conditions in the early spring plants are not fruited as heavily as is customary months of the year were somewhat unfavorable at this season of the year. This increasing for early plantings and the crop is generally insect damage, together with the lateness of somewhat later than usual, particularly in the crop, resulted in a slightly lower condition the States of the Richmond Federal reserve at the middle of July than at the end of June, district. As a consequence of the unfavorable and estimates by the Department of Agricul- season thus far, the condition of the crop on ture on the basis of the condition of the crop July 1 was somewhat lower than a year ago on July 16 indicated a final yield of 15,368,000 and considerably below the average condition bales, compared with an estimate of 15,635,000 at the beginning of July for the past TO years. bales at the end of June. Assuming, however, This lower condition and a smaller acreage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDERAL RESERVE BULLETIN AUGUST, 1926 than in 1925 resulted in an estimated yield compared with 95 per cent last month and 86 of 1,139,000,000 pounds, as compared with per cent last year. 1,365,000,000 pounds in 1925 and an average The inspected slaughter of cattle during the > yield of 1,288,000,00.0 pounds for the past five first half of 1926 was the second largest for the years. period on record, being only exceeded in 1918. Harvesting of the 1926 crop in Georgia and The calf slaughter for this same period has also South Carolina began in July, and marketing is been exceeded but once, that in 1925. The expected to begin early in August. In Georgia, combined slaughter of cattle and calves was where production has increased rapidly in the largest for this period ever recorded. The recent years, the yield this year is. expected value of cattle slaughtered was the highest to be only 35,114,000 pounds, compared with since 1920, but was only about 5 per cent higher 48,039,000 pounds in 1925, and in South than in 1925. The average cost for all slaugh- Carolina the yield is also expected to be con- ter cattle as reported by the packers was $7.53 siderably smaller than last year. for the first five months of 1926, as compared Fruits and vegetables.—Unfavorable weather with $7.46 for the same period last year and conditions delayed the movement of fruits and $6.69 for 1922, the low year. The Department vegetables during the early part of 1926, but a of Agriculture points out the higher cost this volume of shipments in May and June, exceed- year was due to a higher level of prices for the ing those for the same months in 1925, brought cheaper kind of cattle, such as butcher cows and the total for the first six months approximately heifers, bologna bulls, and common and inferior up to the volume of last year. During the first steers. The better grades of steers sold around quarter of the current year prices of fruits and $1 per hundredweight lower than last year and vegetables were above those of 1925, but the market for this type of cattle was generally the heavy movement which has taken place weak during most of the time. recently brought prices down to a lower level. Inspected slaughter of hogs during June was The production of leading fruit crops for 1926 larger than in the preceding month. Weights is estimated by the Department of Agriculture are continuing to run considerably higher than at considerably above the production of 1925. last year, and tend to offset somewhat the de- The total apple crop is estimated at 36,000,000 crease in the number marketed. Prices have bushels more than the production of last year. continued at their high level, although June Production of peaches is placed at 61,700,000, brought a lower range of prices as compared compared with 46,600,000 bushels in 1925, and with May. During the first half of 1926 the pears at 24,600,000, comparing with a yield of inspected slaughter of hogs decreased 12 per 19,800,000 last year. The San Francisco Fed- cent as compared with a similar period last year. eral Reserve Bank indicates that the 1926 de- The total value of all hogs slaughtered during ciduous fruit crop in the twelfth district will the first six months of 1926, however, totaled materially exceed the 1925 output. It is also approximately $641,000,000, as compared with pointed out that the demand for fruits has gen- $608,000,000 in the same period a year ago. erally been well maintained. Citrus fruits in The United States Department of Agricul- California, according to the same source, are in ture pig survey, made as of June 1, indicates 1.2 excellent condition, and the movement of sum- per cent fewer pigs raised in the United States mer shipments is now under way. this year as compared with a year ago. In Livestock.—-The condition of livestock on commenting upon this report the department western ranges continues very favorable, and makes the following statement:• "This means in the Southwest livestock are reported to be no increase in -the supply of hogs for slaughter in the best condition in years. Local areas in before next spring, and presumably will sustain the Northwest report deterioration on account prices for a year yet to come." An increase of of lack of rain, and some early marketing has 39 per cent in sows bred to farrow this fall over resulted, but range conditions as a whole, ac- the number farrowed in the fall of 1925 is indicording to the Department of Agriculture's cated in the same report. range report, are generally favorable. It is The inspected slaughter of sheep during the pointed out that west of the Continental Divide first half of 1926 was larger than in the correthere is the prospect of a little earlier fall move- sponding period a year ago, a larger volume ment of cattle due to dry conditions. Reports being reported for each month with the excepfrom Colorado, Wyoming, and Montana also tion of April and May. Due to the lower level indicate that the cattle will be fat early, due to of prices prevailing this year as compared with well-cured feed. The condition of the ranges last, the total value of all sheep slaughtered was on July 1 is reported at 92 per cent of normal, lower than a year ago. The Department of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDEEAL RESERVE BULLETIN. 583 Agriculture reports the condition of sheep on following table, by class of bank; the figures for the ranges as better than during the same period closed banks represent so far as can be deterlast year. The 1926 lamb crop is also reported mined banks which have been closed to the to be better than that of last year. public by order of supervisory authorities, or Dairy products.—Storage stocks of butter on by the directors of the bank, on account of July 1 totaled 86,936,000 pounds, or 23,000,000 financial difficulties, and it is not known how in excess of the holdings on thp same date last many of the institutions thus reported may year. Production during the first five months ultimately prove to be solvent: of 1926 was approximately 4 per cent in excess of the similar period in 1925, according to the BANK SUSPENSIONS DURING JUNE, 1926 Department of Agriculture. Average prices of butter for the month of June were but little All banks Member l Nonmember changed from May, while a slight advance was made in the price of cheese. Compared with Federal reserve district Num- Total Num- Total Num- ; Total 1925, the current June prices were 1 cent lower ber deposits 2 ber deposits2 ber deposits3 for butter and 3 cents for cheese. Pasture conditions improved in June as the All districts_._ 377 $41,737,000 16 $6,661,000 3 61 $35,076,000 result of needed rains, and the output of dairy Boston.. _ products, which in May had fallen below the New York.. Philadelphia _.__ 32 618,000 1 618,000 31 --*— 1925 output, showed an increase in June as Cleveland Richmond 3 5,928,000 3 5,928,000 compared with the same month in 1925. Atlanta . 11 21,494,000 1 1,063,000 10 20,431,000 Chicago __. 11 2,636,000 4 1,485,000 7 1,151,000 St. Louis 8 1,781,000 2 1,023,000 6 758,000 BANK SUSPENSIONS AND COMMERCIAL Minneapolis 29 6,470,000 5 1,-419,000 24 5,051,000 FAILURES Kansas City.___ 13 2, 810,000 3 1,053,000 10 1,757,000 Dallas. S an Francisco Bank suspensions.—During the month of June 77 banks, with deposits of $41,737,000, i Comprises 13 national banks with deposits of $5,481,000 and 3 State were reported to the Federal reserve banks as member banks with deposits of $1,180,000. 2 Figures represent deposits for the latest available date prior to the having been closed on account of financial suspensions, and are subject to revision when information for the date of suspension becomes available. difficulties. This is the largest number of sus- 3 Includes 1 private bank for which no data are available. pensions for any single month since January, 1925, when 103 banks were closed, and com- During the first three weeks of July 121 pares with a total of 66 banks, with deposits of banks, with deposits of $49,441,000, were $16,344,000, closed in May and 34 banks, with reported to Federal reserve banks as having deposits of $10,368,000, closed last year in been closed during the period. Preliminary June. Of the banks suspending in June this figures show that 88 of these banks, only 1 a year 61, with deposits of $35,076,000, were member of the Federal reserve system, were in nonmember banks and 16, with deposits of the States of Georgia and Florida (this number $6,661,000, were member banks, 13 of them is exclusive of about 22 branches). In Georgia national and 3 member State banks. the suspended banks were in most cases The increase in the number of suspensions associated in a chain system, the head of which in June as compared with the preceding month became insolvent. was largely in the Minneapolis and Atlanta Commercial failures.—During June 1,708 districts. In the Minneapolis district there commercial failures, involving liabilities of were 18 suspensions in May and 29 in June, $29,407,523, were reported by R. G. Dun & Co. the increase occurring largely in South Dakota. The number of failures was somewhat smaller In the Atlanta district there were 2 suspensions than in the preceding month or in June last in May and 11 in June, the suspensions in the year, owing to a decrease in the number of latter month occurring largely in Florida. failed trading enterprises which constituted There was a decrease from 20 to 11 banks in about 68 per cent of the total number of failures the Chicago district owing to a decrease in the in June this year compared with 70 per cent in number of suspensions in Iowa. One bank in the preceding month and June last year; the the St. Louis district, 4 in the Minneapolis number of manufacturing enterprises that district, and 1 in the Kansas City district, failed in June were about the same as in May which had previously been closed, were re- and in June last year, while the number of inported to have resumed operations during the solvent agents, brokers, etc., was considerably month. The number and deposits of banks larger than in either of those months. Total closed during June, 1926, are shown in the liabilities of both manufacturing and trading Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL RESERVE BULLETIN" AUGUST, 1926 enterprises show decreases for the month and first half of 1926 and 1925 by class of enterthe year, while the liabilities of insolvent prise : agents and brokers show an increase for both periods. Failures during June, 1926, are COMMERCIAL FAILURES DURING THE FIRST HALF OF shown in the following table, by class of enter- 1926 AND 1925 prise : Liabilities (000 Number omitted) Class of enterprise COMMERCIAL FAILURES DURING JUNE, 1926 1926 1925 1926 1925 Number Liabilities All classes 11,476 11, 420 $239,399 Class of enterprise 1926 1925 1926 1925 T M r a a n d u in f g acturing_ 8 2 , , 1 7 5 9 6 2 8 2 , , 3 5 2 7 9 9 1 7 1 9 0 , , 7 7 6 8 1 0 117, 885 Agents, brokers, etc 528 512 19,357 33,456 All classes 1,708 1,745 $29,407,523 $36, 701,496 Manufacturing. ______ 435 431 • 10,091,603 16,159, 040 The number and liabilities of commercial T A r g a e d n i t n s g , brokers, etc 1,1 1 6 1 0 3 1,22 8 9 5 1 3 5, , 7 5 9 2 0 5 , , 7 1 9 3 0 0 1 3 7 , , 3 2 2 1 9 3 , , 1 2 8 6 9 7 failures during June, 1926, by Federal reserve districts, are presented in the following table: t The total number of failures reported during COMMERCIAL FAILURES DURING JUNE, BY FEDERAL the first half of the year was 11,476, as com- RESERVE DISTRICTS pared with 11,420 during a similar period last year, and total liabilities involved amounted to Number Liabilities $209,898,000, as against $239,399,000 for the Federal reserve district first half of last year. Although the total 1926 1925 1926 1925 number of failures was about the same for the two periods, the number of insolvent trading Total 1,708 1, 745 $29,407,523 $36, 701, 496 enterprises showed a decrease, while the num- Boston 222 200 3,438,111 3,343, 294 ber of failures among manufacturing organiza- N Ph e i w la d Y e o lp r h k i a _ 28 8 6 7 32 7 0 0 6 2 , , 2 3 6 0 0 3 , , 1 9 1 8 9 0 4 2 , , 5 3 6 7 0 3 , , 0 65 9 9 3 tions, agents, and brokers showed increases. Cleveland 144 149 3, 078,135 5,512,039 Richmond - 96 116 1,719,126 2,196,548 The liabilities involved in failures were smaller Atlanta 72 73 839,327 2, 099, 949 in the first half of this year than in the same Chicago. _ __ __ 268 229 6,255,014 •7,112, 848 St. Louis 81 86 882,180 883, 277 period last year for all three classes of enter- Minneapolis-- __ 69 89 505,003 3, 342,444 Kansas City : 83 109 885,249 1,342, 887 prise. The following table shows the number Dallas 39 44 1,034, 020 536,229 and liabilities of commercial failures during the San Francisco. 261 260 2,207,259 3,398,229 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULI^ETIN 585 RULINGS OF THE FEDERAL RESERVE BOARD Eligibility for rediscount of notes of parent corporation with which to purchase motor vehicles, are to finance purchase of automobiles to be used by ineligible for rediscount, on the grounds that its subsidiaries. such motor vehicles necessarily constitute a The board has been requested to rule upon large part of the corporation's entire equipthe eligibility for rediscount at a Federal re- ment and are hence to be considered permanent serve bank of notes issued under the following or fixed investments. It is true that under plan: the plan here presented the notes are to be The notes are to be made by a certain cor- made by the parent corporation and the cars poration which is a parent company owning purchased and distributed by it to its subapproximately 75 per cent of the capital stock sidiaries, but this does not change the nature of a number of corporations throughout the or purpose of the transaction. It does not United States engaged in motor transportation appear whether there is an actual sale of these under the "Drive it yourself plan/' The pro- automobiles by the parent company to the ceeds of the notes in question are to be used subsidiaries, but in any event the board does by the parent company to purchase auto- not feel that these notes should be considered mobiles which are to be distributed to the eligible on the theory that the proceeds are various subsidiary companies. These sub- to be used to purchase goods which are to be sidiaries are to pay for the cars out of earn- resold, because of the close affiliation of the ings from month to month. The notes will parent company with the subsidiaries; the be guaranteed by a surety company. The obvious purpose of the plan is to finance the parent company does all of the borrowing for subsidiary corporations in acquiring the autothe subsidiaries. mobiles. In the board's opinion, the trans- The plan appears to be one whereby the action is, in substance even if not in form, a parent corporation borrows money to finance borrowing for capital purposes. The notes the purchase of automobiles to be used as per- of the parent company, therefore, the promanent or fixed investments in the business ceeds of which are to be used to purchase of its subsidiaries. The board has heretofore automobiles to be distributed to its subsidiheld that notes of a corporation engaged in aries and used by them for capital purposes, the business of furnishing motor transporta- must be considered ineligible for rediscount tion, made for the purpose of providing funds at a Federal reserve bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FEDEEAL RESERVE BULLETIN AUGUST, 1926 Changes in State Bank Membership Fiduciary Powers Granted to National Banks The following list shows changes affecting State bank During the month ended July 21, 1926, the Federal membership during the month ended July 21,. 1926, Reserve Board approved applications of the national on which date 1,405 State institutions were members of banks listed below for permission to exercise one or the system. more of the fiduciary powers named in section 11 (k) ADMISSIONS of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) regis- Total trar of stocks and bonds; (5) guardian of estates; Capital Surplus resources (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations District No. 2 which come into competition with national banks are Linden Trust Co., Linden, N. J $200,000 $50,000 $260,000 permitted to act under the laws of the State in which Greenpoint Bank of Brooklyn, N. Y 200,000 300,000 4,533,760 the national bank is located. District No. 6 Brotherhood of Locomotive Enm gin in e g e h rs a m B , a n A k la & Trust Co., Bir- 500,000 55,000 1,958,963 Location t D ri i c s t - Name of bank g P r o a w nt e e r d s No. CHANGES Van Buren, Me _. 1 First National Bank .__ 1 to 3, 5 to 7 and 9 District No. 3 Brockton, Mass.. 1 Home National B ank 5 The Fidelity Trust Co., Philadel- Derry, N. H 1 Derry National Bank._ 1 an p d h i P a h , i P la a d _ e _ lphia Trust Co., Phila- $5,200,000 $16,000,000 $78,022, 540 P D e e t r e b r y bo L ro in , e N , . V H t_ . _ - 1 1 N Fi a r t s i t o n N a a l t i B o a n n a k l B o f a n D k erby Line..Ito 1 3 , , 4 5 , a a n n d d 9 9 bo d th el p m hi e a m , P b a er s, have co _ n soli . dated 1,000,000 5,000,000 35, 216,287 M Po i m dd p l t e o b n u r L y, a k V e t s . , _ 2 1 N Fi a r t s i t o n N a a l t i B on an al k B o a f n M k iddlebury. I I t t o o 8 9 u p n h d ia e r T t r h u e s t t i C tl o e . Fidelity-Philadel- Be N ac o J n, N. Y 2 Fishkill National B ank Ito9 York, Pa 3 York National Bank itoS District No. 4. Portsmouth, Ohio- 4 First National Bank 1 to 7 and 9 Absorbed by national bank: Adena Cresco, Iowa 7 First National B ank 1 to 9 Commercial & Savings Bank, Chilton, Wis 7 Chilton National Bank 1 to 9 Adena, Ohio _ 60,000 6,500 •383,434 J F a a c y k e s t o t n e , v i T ll e e n , n Ark. 8 8 N Fi a r t s i t o n N a a l t i B on an al k B o a f n C k ommerce... 1 1 t t o o 9 9 District No. 5 Memphis, Tenn__ 8 First National Bank.. 1 to 9 Consolidated with State member: Albuquerque, N. 10 Albuquerque National Bank... Ito9 r M aw er , c S ha . n C ts & _ F armers Bank, C _ h _ e . - 100,000 25,000 633,837 A G u al s v ti e n s , t o T n e , x Tex __ 1 1 1 1 A So u u s t t h in T N ex a a ti s o n N a a l t B io a n n a k l Bank. _ _ _ 4 1 t t o o S 9 District No. 6 Los Angeles, Calif. 12 Merchants National Bank Ito9 Citizens Trust Co., Savannah, Ga., Pomona, Calif 12 First National Bank. ... __ __1 to 7 and 9 has changed its title to Citizens Pocatello, Idaho.. 12 National Bank of Idaho 1 Bank & Trust Co. Marshfield, Oreg. 12 Coos Bay National Bank Ito9 Converted to national bank: Burlington, Wash 12 First National Bank 1 to 3, 5 to 7 American Bank, Union Springs, Ala . ... 50,000 10, 000 354,185 Changes in National Bank Membership District No. 7 Voluntary withdrawals: The Comptroller of the Currency reports the follow- Victor Savings Bank, Victor, Iowa. _"___. 50,000 30,000 614, 511 ing increases and reductions in the number and capital Marathon County Bank, Wau- of national banks during the period from June 26 to sau, Wis ... 150, 000 60, 000 2, 550, 875 July 23, 1926, inclusive: Closed: Peoples State Bank, Humboldt, Iowa _ 100, 000 753,329 District No. 8 Vo M lu e n rc ta h r a y n t w s i B th a d n r k a , w D al y : e F r, a r T m en er n s & 40,000 28,100 321,397 • N b b a e u r n m k o - s f o A f m ca o p u i n ta t l Converted to national bank: Citizens Bank of Maplewood, Mo 100, 000 18,000 1,184,030 Cl s o a s il e l d es : , B M an o k of Versaille _ s _ , _ _ Ver- 40, 000 15,000 406,125 N Re ew st o c r h ed a r t t o e r s s o i l s v s e u n ed cy.. _ _ _ _____ 1 0 5 $1,520,000 0 District No. 9 Increase of capital approved 29 3,757,500 Voluntary withdrawals: Aggregate of new charters, banks restored to E F d ir g s a t r S S ta ta te te B B a a n n k k , , S E te d v g e a n r, s v M ill o e n , t 30, 000 " 116,415 solvency, and banks increasing capital 44 5,277,500 Mont _ Liquidations 24 2, 620, 000 District No. 10 40, 000 10, 000 279, 744 Reducing capital*_ 3 2,125, 000 Voluntary withdrawal: Bank of Lewellen, Lewellen, Nebr 7,900 Total liquidations and reductions of capital. 27 4, 745,000 District No. 11 50,000 379,051 Consolidation of national banks under act of Nov. Voluntary withdrawal: Bay City 7, 1918 2 51,000,000 B Te a x n k & Tru . s t Co., Bay City .. , . A Re g d g u re c g ti a o te n i o nc f r c e a a p s i e t d a l c o a w pi i t n a g l f t o o r l i p q e u ri i o d d ations, etc 4 5 , , 2 7 7 4 7 5 , , - 5 0 0 0 0 0 District No. 12 65, 000 709,962 Voluntary withdrawal: Deseret Net increase 532, 500 Savings Bank, Salt Lake City, utah__ 1 ___:_. 250,000 1 Includes 2 reductions in capital aggregating $2,100,000 incident to 5,00000 6,894,193 consolidations under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 587 BUSINESS STATISTICS FOR THE UNITED STATES INDEX OF PRODUCTION IN BASIC INDUSTRIES 1 [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919—100] Iron and steel Textiles Food products Year and month G i e n n d e e r x al Animals slaughtered Lumber Pig iron i S ng te o e t l s Cotton Wool W fl h o e u a r t m S e u lt g in ar gs Cattle Calves Sheep Hogs 1925 May 111 113 121 103 115 104 114 117 92 116 June •_-•-. 110 107 115 98 102 117 95 126 105 101 117 July 113 105 110 99 122 117 107 131 101 96 125 August 109 102 117 91 94 107 97 138 108 116 September—. 111 106 123 103 100 143 129 120 116 October 116 113 130 111 96 167 147 115 125 November—. 115 116 136 116 79 135 84 131 96 117 December-.. 121 130 149 120 203 166 133 1926 January. 120 131 149 114 164 146 95 91 125 February 120 130 152 119 90 147 102 157 105 81 122 March 123 131 157 120 100 120 106 137 121 103 124 April ,. 122 135 147 117 97 114 108 115 118 104 124 May 117 134 138 100 93 115 109 108 109 91 116 June 118 130 135 103 110 118 110 127 114 93 115 Coal Nonferrous metals Tobacco products Year and month B n it o u u m s i- An c t i h te ra- Copper Zinc le S a o th le er N p e ri w n s t - Cement P le e u tr m o- Cigars r C e i t g te a s - M to a tu b n a r u e c f d c a o c- 1925 May _ 99 135 127 112 193 212 175 96 June _ 101 136 117 110 197 210 93 188 97 July 105 113 140 121 108 215 204 94 179 101 August _. 109 120 135 122 105 207 206 91 173 94 September -. 114 1 139 121 111 204 208 95 183 96 October 121 1 136 129 115 198 198 106 169 99 November 126 2 138 129 116 194 200 95 165 89 December 130 3 139 137 117 188 85 195 94 1926 January 129 141 144 115 219 193 196 102 February. _ 130 145 135 123 181 193 188 100 March... , 117 120 143 139 126 187 188 207 98 April.;. __., 124 117 141 136 126 179 190 205 95 May.— __. 109 105 2 140 137 122 205 194 87 196 June 114 116 138 123 122 215 194 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 INDUSTRIESi [No seasonal adjustment. Monthly average, 1919=100] _ • • Year and month G i e n n d e e r x al G in M r d o p e u e r x t p o a d ls u c a s I a t t r n s n e o d d e n l G i T n r e d o x e u t x p iles F a a n b d ri c p s 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 d r s - - R v r c o e a l a e h 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 c n o t t d d h s - er S c g a t l l o n a a n d y s e s , , b p u T a r c o c o t c - d s o - C p i u a h c r n c o a e t d d l m s s - - 1925 May 94.9 88.0 87.5 96.4 99.1 92.9 99.8 84.9 128.5 103.8 oo 9 86.8 125.5 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 September.- 95.1 87.4 86.6 94.1 93.3 95.1 102.2 83.7 129. 4 104.3 88.0 92.1 125. 3 87.1 75.4 October 97 0 89.4 88 4 96.9 97.7 95.8 102.8 83.0 137.7 106.0 90.6 91.8 124. 7 90.1 76.4 November _- 97.2 91.0 89.9 97.3 99.1 95.0 102.0 82. 6 136.3 107.2 89.6 89.0 123.1 89.7 77.4 December.. 97.1 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 98.3 84.6 130.2 107.5 86.5 87.9 114.4 80.4 76.9 February 97.0 94.2 93.5 97.4 97.6 97.2 98.6 85.7 133.0 106.7 85.7 89.5 114.6 84.2 77.0 March 2 97.3 94.6 93.8 97.1 97.1 97.1 2 98.9 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 2100.2 88.1 132.1 106.8 82. 5 83.9 121. 8 79.8 77.3 Mav 2 95. 5 293.1 2 92. 8 92.6 93.7 91.3 2100.1 87.8 127.1 106.9 83.6 82.6 127.4 79.4 76.0 June 95.1 92.7 92.5 91.0 91.8 90.0 100.1 86.7 125.2 106.8 85.5 82.4 129.7 82.1 76.3 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 B ULLETIN for September, 1925. for certain revisions. 2 Revised. 2795f—26 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN AUGUST. 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 l a a e h i d s l i - - m A o u b t i o l - es P p a i r a n n i p n g d e t- r F p u a o r n c o o t d d d s - s L p e u a r a n c o t t d d h s - er S c g a t l l o n a a n y s d e s , , b p u T a r c c o o t c - d s o - C p i u a h c r c n o a e t d l d m s s - steel 1925 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 -. 1018 91.1 90.4 101.6 103.9 98.8 109.7 90.4 151.2 135.5 100.0 85.1 154.3 90.3 95.7 July 102.4 86 8 86.1 101.2 100.9 101.6 105.9 86.7 150.0 133.8 98.9 89.0 145.9 89.0 95.6 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 91.7 163.5 148.7 103. 2 86.5 151.3 99.3 104.9 1926 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 May 2108. 9 100.5 100.1 2 99.1 2100. 7 97.2 111.8 95.1 157.3 147.1 99.5 81.2 158.3 81.7 103.7 June _' 108.8 100.6 100.3 97.4 98.2 96.4 112. 9 96.2 147.7 146.9 101.6 85.4 162.9 87.1 105.0 * This table contains for certain months index numbers of pay rolls, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. 2 Revised. INDEXES OF INDUSTRIAL ACTIVITY 1 [No seasonal adjustment. Monthly average 1919=100] Agricultural movements Mineral production Year and month Ani- An- Bitu- Total s L to iv 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 a o cc - o Total t c h i r t a e - n m o i u - s P le e u tr m o- i P ro ig n C p o e p r - Zinc Lead Silver ucts coal coal 1925 April 87 123 40 125 94 17 117 87 194 128 140 124 143 109 May 86 139 62 135 136 5 124 108 91 216 115 140 127 147 111 June _. 88 164 75 12 142 92 1 124 103 96 212 105 139 117 151 116 July......... 86 150 99 14 110 151 0) 129 113 102 214 105 136 121 145 114 August 104 91 119 133 75 107 122 73 136 117 116 212 106 135 122 143 104 September.. 152 93 101 149 234 204 244 171 121 1 121 206 107 134 121 138 103 October 166 117 101 96 310 233 391 165 130 137 204 119 141 129 164 98 November. . 149 105 110 108 277 116 177 223 125 131 196 119 134 129 153 104 December.-. 148 106 117 135 129 136 194 128 137 137 161 105 1926 January 108 96 114 106 80 344 129 138 190 130 141 144 158 109 February 88 93 74 94 77 273 115 120 173 115 135 136 148 107 March 85 116 64 123 92 88 137 120 119 192 135 150 138 162 110 April 75 119 52 95 89 58 127 112 103 190 135 145 136 145 3 105 May •_ 85 137 43 121 173 16 128 110 101 198 137 146 137 155 107 June 90 168 20 170 115 30 132 122 108 196 127 140 123 151 115 Manufacturing production Year and month Total s I a r t n e o e d n l m A o u b t i o le - s T 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 C b e a r m n ic d e k nt To c b o ac- R t b i u r e b e r - s 1925 April 133 128 260 119 88 155 142 201 188 113 191 May 130 121 250 109 87 165 136 212 213 119 195 June 126 112 239 105 94 160 133 84 216 202 133 194 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 97 209 191 131 183 October 141 134 270 118 114 172 139 103 218 206 141 165 November ... 129 134 225 114 98 139 136 84 212 173 120 155 December... 128 138 191 119 107 133 138 85 216 152 110 175 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 142 154 263 122 99 156 149 95 221 151 136 195 April 137 144 266 113 90 162 149 88 221 177 122 190 May 3134 140 258 103 166 147 3 79 231 202 126 178 June .___ 133 132 236 106 161 147 4 85 212 4 184 1 For description and early figure 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. * Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 589 COMMODITY5 MOVEMENTS The following statistics are secured from various sources and compiled in the form given June, May, June, 1926 1926 1925 below by the Board's Division of Eesearch and Statistics. Earlier figures (in most cases since Transportation 1919) can be obtained from previous issues of Revenue freight loaded (cars loaded, 000 the BULLETIN or upon application to the Divi- omitted): sion of Research and Statistics, Federal Reserve Classified by nature of products- Grain and grain products ... 187 166 159 Board. Livestock. 121 116 116 Coal . ---. — 774 701 683 Coke 52 49 41 Forest products : 331 319 318 June, May, June, Ore 308 226 274 1926 1926 1925 Merchandise, 1. c. 1 1,160 1, 111 1,120 Miscellaneous.._ 1, 715 1,625 1.602 ^ Grain and Flour Total.. ... 4, 648 4, 313 4, 312 Receipts at 17 interior centers (000 omitted): Classified by geographical divisions— Wheat (bushels). 23,046 16,083 22,397 Eastern 1,107 1,050 1,023 Corn (bushels) !____*__-__. 23,533 11, 769 17, 552 Allegheny 943 878 888 Oats (bushels) 14,355 13, 534 19,069 Pocahontas __ . _ - 259 233 224 Rye (bushels). _° 1,202 1,364 889 Southern 660 623 621 Barley (bushels) *_ __. 3,104 3,058 3,382 Northwesteni __ _ 720 641 663 Central western 630 574 583 Total grain (bushels). 65,240 63, 289 Southwestern 329 314 319 Flour (barrels) 2,354 2,277 2,492 Total 4, 648 4,313 4,312 Total grain and flour (bushels)_______ 75, 834 56, 054 74, 500 Shipments at 14 interior centers (000 omitted): BUILDING STATISTICS Wheat (bushels).....__ 17,093 19, 827 17, 956 Corn (bushels) _.__ 10,312 11, 908 12, 658 Oats (bushels) 11, 501 15, 835 18, 254 Rye (bushels).-_.__ 1,042 3,336 1,475 Building permits issued in 168 cities, grouped Barley (bushels).., 1, 696 2,662 2,711 by Federal reserve districts: Number of permits- Total grain (bushels) 41, 644 53, 569 53,054 Boston (14 cities) 3,152 3,281 3,272 Flour (barrels) 3,275 3,214 3,352 New York (22 cities).... 12,502 13, 024 12, 998 Philadelphia (14 cities) _ _ _ . 3,101 3,415 3,140 Total grain and flour (bushels) . 56,382 68,030 »8,137 Cleveland (12 cities) 7,267 7,367 6,358 Richmond (15 cities) 3,896 4,050 4, 058 Stocks at 11 interior centers at close of Atlanta (15 cities). 4,418 4,890 3,766 month (000 omitted): Chicago (19 cities) 14, 653 16,101 13,690 Wheat (bushels).. ___________ 7,707 13,798 19, 568 St. Louis (5 cities) _.- 2,597 3,626 2,990 Corn (bushels) . 25,110 21,115 12,291 Minneapolis (9 cities) 1,935 2,366 2,155 Oats (bushels) 34,403 34, 743 29, 617 Kansas City (14 cities),____.___• 2,448 2,853 2,922 ' Rye (bushels) 10,528 9,644 6,448 Dallas (9 cities) 2,249 2,283 2,382 Barley (bushels)., 2,585 2,968 747 San Francisco (20 cities) _ 9,520 9,361 10, 813 Total grain (bushels) 80,332 82, 265 68, 671 Total 67, 738 72, 617 >8, 544 Receipts at 9 seaboard centers (000 omitted): Value of permits (dollars, 000 omitted)— Wheat (bushels). 13, 610 13, 765 Boston (14 cities) 12, 656 10,560 15, 701 Corn (bushels)__. 1,879 1,489 923 New York (22 cities) _. 112,309 108,039 99, 765 Oats (bushels) 2,350 1,646 3,197 Philadelphia (14 cities) 24,076 16,198 20, 253 Rye (bushels) 389 246 186 Cleveland (12 cities) 22,336 21,496 27, 542 Barley (bushels) 3,290 1,865 3,186 Richmond (15 cities) __. 16, 654 14,904 17, 950 Atlanta (15 cities) 14,721 14, 235 15, 881 Total grain (bushels) _. 21,518 ! 19,012 16,098 Chicago (19 cities) 62,434 65, 652 64,102 Flour (barrels) 1,722 | 1,508 1,518 S M t. i n L n o e u a i p s o ( l 5 is ci ( t 9 ie c s i ) ties) _ _. 7 5 , , 2 6 7 4 8 4 8 5 , , 8 8 8 3 7 4 10 6 , , 8 5 6 5 2 4 Total grain and flour (bushels) 29,267 I 25,797 22,927 Kansas City (14 cities) 8,251 8,301 14,390 Dallas (9 cities) . 7,969 9, 704 6,587 Stocks at 8 seaboard centers at close of San Francisco (20 cities) 36, 220 28, 831 39, 073 n^pnth (000 omitted): Wheat (bushels) 3,287 2,253 5,801 Total 330, 548 312, 641 338, 659 Corn (bushels) 743 547 366 Oats (bushels).. .__. 960 907 1,088 Building contracts awarded, by Federal Rye (bushels) ..______ 220 341 733 reserve districts (dollars, 000 omitted): Barley (bushels) ... 2,116 1,477 1,490 Boston .-.-__.. 36,838 44,489 41, 211 New York 129, 051 144, 232 121, 527 Total grain (bushels) _._ . 7,326 5,526 ,9,478 Philadelphia ___• 50,5/6 37,780 35,168 Cleveland ._. 71, 292 57,053 52,381 Wheat-flour production (barrels, 000 Richmond.. ___•_. 27,817 31,859 36,961 omitted) 9,631 8,633 8,917 Atlanta _. 40, 223 51,919 Chicago 101,737 95, 009 127,387 Tobacco St. Louis....... . 35,033 34, 212 38,876 Minneapolis.... _. 14,121 15, 245 16, 504 Tobacco sales at loose-leaf warehouses Kansas City. __• 17,893 18,839 16,811 (pounds, 000 omitted): Dallas.. - 30,874 22, 293 Burley__ .___ _. 138 5 19 Western dark_ __.__' _, 7,522 4,185 219 Total (11 districts) 547,792 549,815 561,038 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 FEDERAL RESERVE BULLETIN AUGUST, 1926 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919=100] Percentage change Percentage change i G n e d r e a e n l x - c G e r r o ie - s Meat g D oo ry ds Shoes H w a a r r d e - Drugs i w 1 n 9 i 2 t 6 h , s — ale c s o , m J p u a n re e d , i c o n o f m st p o J a c u r k e n s d e , w at 1 i t e 9 h n 2 — 6 d , 1925 May, June, May, June, 1926 1925 1926 1925 January 79 82 89 116 February.-. 76 90 109 J J M A A M S N D O u u e u c e o p n a a l p t y g c v y r e r o t u e c i e e b l m s h m m - e t - r b b b _ e e e _ r r r . . . . . . 10 8 7 7 8 8 8 9 1 3 9 9 3 3 7 4 1 1 1 8 8 7 8 9 0 7 1 1 2 5 7 5 2 6 5 2 8 1 1 1 1 1 1 1 1 0 0 0 0 0 0 2 0 1 5 7 7 9 3 2 1 1 1 1 1 1 1 1 1 1 1 1 0 1 2 1 0 2 3 1 1 0 6 5 1 1 8 0 4 0 1 S H h a o rd e A M N C S S U P s w a t h h t e n — . i n l i i w n a i a L c l t r n a n F C a e e o e Y d d g t r : o u a a a e o o i n p n l S s d r p t o d c k t i i h d i a l i n s s i s i i t t d s u a c s t r e r i e t o i s d s i r c d d c . t i i t d i r . c t s s i i t t c t s r r t t i i r c c i t t ct ... - - - 2 1 1 - - - - 1 1 2 0 3 2 6 9 . . . . . . . 0 2 3 7 5 7 1 .2 - - 2 1 - - 0 2 5 1 3 6 3 0 0 . . . . 0 4 2 9 . . . . 4 4 9 0 -1 - - - - - - 2 3 7 0 6 0 0 . . . . . . . 0 7 9 5 3 2 8 - - - - 2 1 1 2 - 5 1 2 1 1 8 . 4 0 . . . . . 2 . 7 0 5 9 2 6 Cleveland district 0.1 -5.0 -3.6 -9.7 1926 Richmond district 0.5 7.2 0.4 8.0 Atlanta district -3.0 9.4 -3.1 9.5 J F M A J M a u e p n a n a b r r y u e i r c l u a h a ry ry .. . . . 84 1 1 1 1 8 0 0 0 0 7 6 3 5 8 1 1 1 1 1 1 1 1 3 2 1 1 1 0 3 3 1 6 C M D S S K a t h a a . i n i l n n c L l n s a F a o a s e g r u s a a o d i p n C s i o d c s i d l i i t t s i s r i y s c i s t c r t o d d i r t c i i i d c t s s i t t t s r r t i i r c c i t t ct _ - - - 6 0 5 6 4 1 . . . 7 5 6 . . . 0 8 0 - -2 5 4 2 . 7 7 . 0 . . . . 3 1 3 6 5 - - - - 3 3 2 3 1 . . . . . 7 0 5 0 3 - - - - 3 1 3 1 4 . . . . . 2 0 0 8 4 Drugs: 1 For description of the wholesale trade index see FEDERAL RESERVE United States -0.8 0.5 -0.9 6.2 BULLETIN for April, 1923. New York district —2.2 4.3 7.8 3.7 Philadelphia district 2.4 8.7- -2.2 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Cleveland district 2.4 7.5 AND DISTRICTS Richmond district -2.7 -2.8 Atlanta district. __ -7.2 2.6 Chicago district 4.3 0.8 -1.0 4.3 Pe i r n c en s t a a le g s e , ch J a u n n g e e , Pe in rc e s n to ta ck g s e 1 c a h t a e n n g d e D S K t a a . l n L l s a o a s s u d is C i s d i t t r i y i s c t t r d i i c s t t — rict — 2 2 1 . . 5 2 .5 — -1 1 2 .2 . . 9 7 - - 1 1 . . 2 3 -3 0 . . 5 3 1926, compared of June, 1926, San Francisco district 1.8 1.4 with— compared with— Furniture: Richmond district 1.4 4.2 Atlanta district -8.1 -7.4 -0.8 1.2 May, June, May, June, St. Louis district .... -3.9 -4.8 -3.9 30.5 1926 1925 1926 1925 Kansas City district -7.2 6.0 San Francisco district -10.0 3.1 Agricultural implements: Groceries: United States 2 5.0 33.1 United States 8.0 2.7 —6.4 6.9 Minneapolis district 10.0 19.0 -1.0 29.0 Boston district 13.3 — 1.5 10.4 Dallas district . . —30.6 — 1 5 0 3 —3 2 New York district 5.2 -1.1 -5.5 6.6 Stationery and paper: Philadelphia district 12.3 3.9 -3.1 12.0 New York district ._ -1.9 6.3 Cleveland district. 10.2 0.2 5,0 5.6 Philadelphia district -4.3 13.1 -i. 8 -2. 8 Richmond district 3.0 0.2 -4.9 7.6 Atlanta district -10.5 —7.6 Atlanta district 0.9 3.3 -2.1 -2.4 San Francisco district 4.3 4.9 Chicago district 10.7 9.8 -3.8 10.9 Automobile supplies: St. Louis district __ __ —0.1 4.3 3.8 4.5 San Francisco district 11.3 —0.1 Minneapolis district 19.0 3.0 -1.0 8.0 Clothing: Kansas City district 7.6 -7.4 -1.8 9.5 New York district -20.5 7.0 Dallas district _ '.. 6.5 15.6 -6.6 8.5 St. Louis district —52.9 —0.8 San Francisco district 7.6 0.1 Cotton jobbers: Dry goods: New York district 1.1 -18.1 -8.0 -2.2 United States. _ -1.9 -6.8 4.1 -9.8 Silk goods: New York district -5.2 -14.8 " New York district -6.5 -14.0 -5.9 3 28.9 Philadelphia district -10.3 -15.3 -2.7 . -6.7 Machine tools: Cleveland district 1.8 -2.4 -7.0 — 17 0 New York district 32.4 2.7 Richmond district -11.6 -13.6 13.3 -17.9 Diamonds: Atlanta district -12.1 8.4 -0.8 17.7 New York district „ —1.7 2.9 Chicago district -3.8 -15.0 2.8 -6.7 Jewelry: St. Louis district -10.4 -11.4 0.9 -24.2 New York district 4.3 19.2 3.6 Minneapolis district 4.0 -17.0 5.0 -9.0 Philadelphia district -5.1 0.9 0.6 -7! 7 Kansas City district 8.7 12.1 -0.1 -4.4 Electrical supplies: Dallas district ... 9.5 18.7 5.0 -9.3 Philadelphia district.— 8.3 -5.2 5.8 -7.7 San Francisco district 2.2 1.1 Atlanta district -2.9 13.3 Shoes: St. Louis district . 1.6 -18.2 -2.3 -4.2 Dnited States -2.9 9.3 0.7 -18.5 San Francisco district -11.2 -2.6 Boston district — 12 7 0 1 3 5 — 13 0 Stoves: New. York district 9.6 10.8 0.9 5.8 St. Louis district -0.1 7.2 13.7 -8. 4 Philadelphia district -3.1 19.2 4.8 -12.4 Cleveland district -4.8 9.4 -9.5 Richmond district -19.2 9.6 7.0 6.7 2 Sales of agricultural implements for the United States are compiled by the Chicago Federal Reserve Bank from reports of leading manui Changes in total stocks for the United States are weighted averages facturers and include all of their domestic business. computed on the basis of firms which have reported regularly to the 3 Stocks at first of month; quantity, not value. Federal reserve system- ince January, 1923. ^ Includes diamonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 591 RETAIL TRADE BY, REPORTING LINES » [Average monthly sales 1919*= 100] Sales without seasonal adjustment Sales with seasonal adjustment el Year and month s 1? Si •§3 "•a 111 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 99 175 131 116 243 209 161 140 149 120 207 March. 121 119 252 177 160 131 127 105 188 121 103 233 185 159 135 127 116 186 April 136 117 258 195 159 134 177 107 210 133 114 255 208 164 139 152 126 210 May 128 95 254 191 163 143 149 96 195 124 106 254 201 166 140 129 116 202 June 126 102 254 187 167 134 152 99 184 126 120 257 203 170 137 142 125 197 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...-,.. 226 168 427 225 212 188 214 280 141 140 318 231 185 157 143 114 191 1926 January.-a. 114 116 166 178 127 101 167 130 118 284 185 146 142 122 199 February. 104 111 287 170 172 127 97 103 173 135 123 299 227 189 151 145 126 205 March 130 130 302 199 196 142 143 112 206 130 112 279 207 194 147 143 124 204 April 133 121 329 202 193 150 166 111 226 130 118 324 216 199 156 143 130 226 May 137 105 305 214 190 160 174 109 220 132 117 304 225 193 157 151 131 228 June,.. 130 107 300 204 187 152 153 118 204 130 126 304 222 190 156 144 149 218 i For description of the retail trade indexes see FEDERAL RESERVE BULLETINS for January and March, 1924. * 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- 1925 1926 1925 ing firms June May Apr. Mar. Feb. June May June May Apr. Mar. Feb, June May United States. 359 130 137 130 104 126 128 130 132 130 130 135 126 124,] im Boston 24 134 134 133 119 93 134 128 127 126 118 125 126 120 N P C h l e e i w l v a e Y d l e a o l n r p k d h . i . a .. . . . 2 6 5 2 3 4 1 1 1 3 2 2 7 9 9 1 1 1 3 3 3 9 7 7 1 1 1 3 2 3 8 8 2 1 1 1 3 3 2 1 8 7 1 1 1 0 0 0 8 3 6 1 1 1 3 2 2 2 7 8 1 1 1 3 2 3 2 1 2 1 1 1 3 2 2 6 5 7 1 1 1 2 3 3 6 6 2 ? 1 1 1 1 3 2 6 4 9 1 1 1 4 2 2 9 9 5 1 1 1 3 2 4 6 8 1 1 1 1 2 3 2 3 1 6 1 1 1 1 2 2 8 6 9 Richmond 23 123 129 126 130 91 123 117 119 131 123 126 122 119 116 Atlanta. 35 104 114 114 108 92 98 104 110 128 111 109 121 104 99 Chicago. 63 146 158 146 145 119 139 139 147 109 144 145 150 141 133 Minneapolis.. 23 92 102 107 94 76 103 107 . 92 151 103 96 108 102 106 Dallas . 21 104 116 108 111 93 98 108 109 100 102 105 118 102 107 San Francisco. 31 142 152 150 158 117 134 148 151 114 156 160 154 143 143 147 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Stocks without seasonal adjustment Stocks with seasonal adjustment Number Federal reserve district o p f o r r t e - - 1926 1925 1926 1925 ing firms June May Apr. Mar. Feb June May June May Apr. Mar. Feb. June May United States. 314 131 138 143 143 133 129 136 137 138 139 141 140 135 137 Boston 24 116 123 125 124 113 112 125 122 123 122 124 121 118 124 New York 63 131 138 142 142 128 128 134 138 138 137 139 138 134 134 Philadelphia.. 13 177 184 201 201 183 174 179 183 189 198 197 195 180 183 Cleveland 52 126 133 134 137 124 129 136 130 132 129 136 134 132 135 Richmond 19 126 132 131 128 120 123 124 134 134 128 123 128 131 126 Atlanta....... 22 110 116 125 122 112 107 114 115 119 122 121 116 112 117 Chicago 51 147 152 159 160 151 143 153 155 154 153 161 163 152 155 Minneapolis.. 22 99 106 110 110 101 109 115 104 102 107 106 104 114 111 Dallas 19 113 123 130 128 118 114 123 109 122 129 127 125 120 122 San Francisco. 29 132 140 145 141 132 128 134 138 139 140 139 137 135 133 2795—26 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

592 FEDERAL RESERVE BULLETIN AUGUST, 1926 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE BANK OF NETHERLANDS The annual report of the Bank of Nether- florins. We did this at that time for two lands for the year ending March 31, 1926, reasons: presented by the president to the stockholders (1) To have an effectual gold credit abroad, on May 31, contains the following account of on which we could draw checks or telegraphic the working of the gold standard, and the transfers, as these bills could be immediately policies of the bank: converted at the rate of exchange of the florin We were able to announce last year that the to the universally recognized gold value of the gold standard had been reestablished by a American dollar; payments by checks or mimher of countries both in and outside of telegraphic transfers are much simpler and Europe so that one of the most significant can be made more quickly than through gold developments of the past fiscal year was the shipments, in which many processes are necesprogress of the gold standard and the way in sary, such as weighing, packing, shipping, which it was put into operation. receiving, assaying, and then weighing again. We announced in our report of last year that (2) To convert this superfluous gold, otherthe 28th of April had become famous in his- wise lying idle in the vaults of the bank, into tory as the day on which official proclamation interest-bearing investments for the benefit was made in the parliaments of Great Britain of the country. and of the Netherlands, in the Dutch East Still another motive played its part in this Indian colonies, in Australia and in New Zea- matter. It is desirable, for the maintenance land, that from that date forward in these of the stable value of gold, that too much gold countries gold was reestablished as the basis should not be concentrated in a few countries, of their monetary systems. while other countries have proportionally too This did not mean that a complete gold little. Our gold stock was too large; this furstandard, as it was formerly understood, was nished a good reason for sending the superreinstated on its ancient footing. Gold was fluous gold to one of the great gold markets of not put into circulation in all these countries, the world, whence it could find its natural and in many of them there are even yet re- course into other countries. In this respect strictions on the free import and export of gold. our extra gold was better placed in America In England one still had to have the coopera- than in Holland, although America herself tion and approval of the Bank of England to had no need of gold, for in fact she had too obtain gold for export; Germany gave out no much already. Surplus gold would find its gold at all for export, although the Keichsbank way more easily out of America than out maintained the value of the reichsmark at the of Holland. Thus, as far back as 1924, we fixed rate of 4.20 marks to the American dollar had begun to export gold to the United States. for both purchase and sale of dollar exchange. When, however, England had returned to the In spite of these limitations, however, one gold standard and we were thus assured once can say in general that since April 28, 1925, more that sterling would maintain the same gold has resumed its proper function through- value as gold in our accounting, there was out a great deal of the world, to serve not only every reason for sending to England also part as the basis for domestic currencies, but also of our still excessive gold stock. Thereupon, as the stabilizer of prices and as the medium in the months from June to August, 1925, we of international exchange. sent 65,000,000 florins in gold to England, and The Netherlands is one of the few coun- besides transferred part of our large balance in tries which, on the date mentioned above, America over to England. actually possessed too much gold. Accord- These gold shipments, whether to America ing to the balance sheet of March 31, 1925, the or to England, had of course no influence at Netherlands Bank held about 500,000,000 all on the exchange value of the florin; for florins in gold against demand liabilities of we received in their place the full equivalent about 940,000,000 florins. Before this, during value in dollar or sterling credits. On the the fiscal year April 1, 1924, to March 31, other hand, the reduction of our metallic stock 1925, we had sent to New York gold in bullion increased our foreign bill portfolio to exactly and foreign coin to the value of 78,500,000 the same amount (including the balance in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 593 current account which is put into " sundry the sterling rate rose to 12.13x1 florins. This •assets"' on the weekly balance sheet of the was the highest point reached for some time. bank). Thus on January 25, 1926, our foreign During July a reaction set in, which continued bills reached their maximum of 248,000,000 practically without interruption for several florins. The minimum amount was 119,000,000 weeks; and the pound, after the Bank of florins on April 14, 1925, just before the return England had lowered its discount rate on to the gold standard. August 6 from 5 to*4^ per cent, declined This influx of gold into England was by no sharply. At the beginning of September a means without importance for that country. rate of 12.04^- was quoted. After this the Pessimists had asserted up to the moment of rate was firmer for a time, but on October 1 the reestablishment of the gold standard that the English bank rate was lowered to 4 per Great Britain ran the risk of too great losses cent, whereupon the exchange began to fall of gold, and that she would never be able to again. In the course of October, exchange maintain the gold standard. The first result advanced again to about 12.04^ florins, and of the return to the gold standard was a very when, moreover, in the last week of this considerable influx of gold into England, of month, the price of gold in London on the which, as stated above, our shipments were a open market declined 1 penny per ounce, gold not unimportant part. Under these circum- began to flow in considerable amounts from stances, our credit balance in England on England into this country. In this way we January 1, 1926, had risen to £17,500,000, an have received, as noted above, a total of about amount never before recorded on the books 50,000,000 florins from London during the of the bank. past year. In the second half of November In the meantime still other causes had con- the pound again began to advance somewhat. tributed to the creation of large foreign credits. On December 3 the Bank of England raised The abundant crops from our colonies, together its discount rate by a full per cent, after which with the high prices for some of these products, sterling exchange rose to 12.06 and 12.07 created extensive demands which, in the na- florins. In January the advance became more ture of things, had to be financed to a very pronounced, and at the beginning of February great extent through London. Thus the Ex- rates rose above 12.13. At the end of the change rate of the florin on sterling rose to month a further advance began in sterling; such a degree that gold imports from England then we disposed of a great quantity of checks became possible. We. deliberately let the in London, and these measures were not withmarket take its own course in order to permit out effect. In the first days of March the sterthe free movement of gold in accordance with ling rate went back to 12.12 and 12.11. The the principles of the gold standard. The result last weeks of the fiscal year again saw some was that during October and November, 1925, higher quotation, but, thanks to the support about 50,000,000 florins in gold flowed back which we were able to give the florin, this rise into this country from England. was confined within very narrow limits. On The movement of the rate of exchange, March 31 of this year the pound was quoted together with the changes in interest rates in at 12.13%. Altogether, during the period England, is so interesting an illutsration of under review, we purchased about 60,000,000 how, after the reestablishment of the gold florins of sterling exchange. standard, exchange rates could again be con- From this course of events it can be clearly trolled, that a more detailed survey of the seen that once again the movements of exmovements of exchange rates and of gold is change can be regulated either through the worthwhile. free movement of gold or through the applica- On April 1, 1925, that is, just before the tion of the gold-exchange technique, by which announcement of the return to the gold stand- the bank of issue exerts pressure on the exard, sterling was quoted with us at 11.99)4 changes between the import and the export florins; on April 29, the first Bourse day after point of gold. One should, however, take acthe reestablishment of the gold standard, the count of the fact that at present much larger quotation was 12.06^- florins; on May 27 the amounts are involved in both purchasing and rate had already reached 12.10^-J, that is, in selling than was the case before the war. almost theoretical parity. During the first From these facts it can be seen, therefore, weeks of June the rate was weaker, but in that our foreign bill portfolio has to be a great the first half of the month there developed a deal larger than formerly in order to constrong demand for sterling, so that on July 2 tinue to control the exchange market. This Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

594 FEDERAL RESERVE BULLETIN AUGUST, 1926 circumstance is also to be regarded as a re- strong enough to do without this gold stock for sult of the war and of the dislocation of the the time being. And that was exactly the exchange market in other countries. Beyond case with us. question,* great amounts of capital from abroad Consequently, in November, we comhave sought safe investment in the Nether- missioned the official mint at Utrecht to coin lands, largely for this reason—that the florin 45,000,000 florins in ten-florin pieces, of which, in comparison with other exchanges has shown up to March 31, 1926, the mint has delivered greater stability. These foreign capital sums about 34,000,000 florins. Meanwhile we were also furnish an explanation of the abundance able to give out to the public ten-florin pieces of money which has prevailed almost every- from our existing stocks; we put all kinds of where throughout this country. This abun- minted coins into circulation, in order to predance is certainly evidence that the Nether- vent the public from placing a higher value lands, for reasons quite beyond its own control, on coins of any special minting in consideration can be exposed to sudden great demands for of their scarcity, caused by a limited issue. money from abroad. A wry strong portfolio Since November 17, 1925, we have put into of foreign bills, as well as a large gold stock, circulation about 35,000,000 florins, and, so far will therefore be needed in the immediate as we can trace them, about 10,000,000 florins future as an absolutely indispensable counter- have found their way to the Dutch East Indies. weight, in order under all circumstances to For Curasao we gave out above 200,000 florins, keep the florin safely placed between the upper on account of the fact that the rate of the and the lower gold points. Above all, this must exchange there was at a premium of 1 per be kept in mind because of the possibility that cent on our florin. The experiment up to the the prices of colonial products and the extent present time has resulted in the return to us of the harvests in the years to come may decline, from circulation of only 864,500 florins. and that the florin in the future will not have Although we gave out gold freely without the support from these sources which they any stipulations, we have generally asked for have afforded in the last two years. some information as to what was to be done In the meantime our gold stock has been with it. When we observed in the last few again increased by the influx of more than m6nths that the circulation was fairly well 50,000,000 florins in gold from England. We saturated with what had already been paid were therefore induced to use this incoming out, but that business was seeking to get posgold from England for the coinage of 10-florin session of these gold pieces to send them into pieces and to try the experiment of putting those countries where apparently a premium Netherlands gold coins into circulation. Be- in one form or another was still being paid for fore the war the gold holdings of the bank were gold, we fixed a maximum issue of 250 florins about 162,000,000 florins. This amount was per capita. Power was explicitly given to the too small to make actual gold circulation bank to modify this arrangement and to issue advisable. For just whenever gold could be larger amounts of gold if that should seem used to the best advantage, in times of crisis desirable for the general welfare. created by war or by sharply falling exchanges, Only in very moderate amounts have we disgold was hidden away and hoarded through posed of gold for export abroad in order to what the Germans call "angstbedarf," and prevent the exchange rate from reaching the was thus withdrawn from its appropriate gold export point. We have considered it more use. Conditions to-day are entirely different; desirable as a matter of banking policy to supwe have now a superabundance of gold. ply bills of exchange on any country in ques- Under these circumstances, placing gold in the tion at a rate below the export point of gold; hands of the public no longer presented any the amount of bills thus drawn on sterling has difficulties such as formerly stood in the been discussed above. way of so doing; on the contrary, the circula- Since the gold coming into this country durtion would be well served by a convenient gold ing the past year from England was set aside coin, quite apart from considerations of hy- for coinage, it was logical that we should reduce giene; but above all, it would remain as a the purchasejprice of gold from 1,648 florins to potential reserve in the country against times 1,647.50 florins per fine kilogram. of crisis. At some time it would come to light For many years the bank had maintained again and resume its function as circulating the purchase price of gold at 1,648 florins per and payment medium. A potential reserve fine kilogram for bullion and 1,650 florins per like this in the hands of the public is a luxury fine kilogram for current coin. It was ablfe to which a bank of issue can afford only when it is maintain this price without difficulty, because Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL,; RESERVE BULLETIN 595 none of the gold was^to be used for coinage and higher price than the established purchase because the foreign coins easily found their way price of the Bank of England. back to their country of origin through some Sending gold by parcel post to the Dutch other country. Since the war the bank has East Indies and to America is cheaper than found itself compelled for the first time to make freighting it as ship's cargo. Sending gold by a modification; this was during the period when parcel post to England, however, is not per- Germany was sending us very great quantities mitted. A post parcel may weighfat most 5 of Austrian gold crowns in payment for com- kilograms, so that only coins can be shipped modities and for the debt which had been in- thus; bullion is too heavy. curred here. It was quite clear by that time, The changes in the price of gold on the Engconsidering the monetary situation in Austria, lish market and the premium which gold somethat there was no possibility of sending them times commands there have little influence on back to their own country at anything like its price in this country, because gold prices their face value. We therefore reduced the change so -quickly on the London market that purchase price of Austrian crowns to 1,648 a certain premium may last only for a few florins, just as if they had been bullion. Out hours, and thus would be paid only for gold of 1 kilogram of fine gold 1,653.44 florins can which could be delivered at once, so that we be coined in 20-florin pieces. Minting costs scarcely consider this last factor at all. On amount to 5.55 florins, besides which are the the strength of the last price modification, the costs of assaying and of shipping the gold bank sold only about £200,000. In short, the from Amsterdam to Utrecht and back, so that, purchase and sale of gold by the bank and its without taking the interest into consideration, efforts to maintain the value of the florin on the bank receives the equivalent of only about the international exchange market are deter- 1,647.50 florins from one kilogram of fine gold mined by the following fundamental principles: after deducting all the costs. Solely on this The bank as a rule is a passive agent in the thoroughly practical ground the purchasing sale of gold and also in its purchase. In all price of gold was lowered on August 25, 1925, its transactions it maintains a purchasing price by half a florin per fine kilogram. In various of 1,647.50 florins and a selling price of 1,653.44 circles these measures of the bank were re- florins for bullion and of 1,657 to 1,660 florins garded as an attempt to alter the value of gold for current coin, which is to be returned to its in respect to Netherlands exchange. This was country of origin. This last change in the sale not at all the case, as has been explained. The price of coin resulted from the varying weights purchase price was reduced by this slight of the gold pieces. Since coins are also bought amount solely for the commercial reason that by the fine kilogram and not by the number of the buying of gold at the price of 1,648 florins pieces, a kilogram of underweight pieces is in per fine kilogram resulted in a loss for the the nature of the case more profitable to the bank. Private individuals could not buy gold buyer than a kilogram of full-weight pieces, beat 1,647.50 florins for coinage without incurring cause in the foreign country light and heavy a loss, because they have to consider the loss pieces are taken at the same value. This acof interest, which increases in amount accord- cidental advantage was neutralized by the ing as the mint is less prompt in delivering the above mentioned change in price, so that gold, new coins. in whatever form or at whatever weight, is In the course of years, moreover, there have bought here at almost exactly the same price been many changes in the purchase price of as it is worth abroad. By these means the gold. During the years prior to 1876 the bank attempts, so far as possible, to maintain bank paid only 1,645 florins per kilogram of the stability of the gold import and export fine gold. In 1877 the price was raised to points for the florin in international exchange. 1,646 florins and in 1879 to 1,647 florins per The bank abandons its passive attitude, kilogram of fine gold, and only as late as Octo- however, when it comes to buying or selling ber, 1881, was the purchase price of bullion checks or telegraphic transfers within the gold fixed at 1,648 florins. points; it does these things not only for the It is exceedingly difficult to determine the purpose of maintaining the level of the florin, gold import and export points of the florin on but also in case it finds either gaining or losing the international exchange market. Two most gold to be undesirable; it can prevent the moveimportant factors have a far-reaching influ- ment of gold in either direction by operating ence on this, namely, the possibility of sending exclusively with checks and telegraphic transgold by parcel post to other countries and fers, according to the technique of the gold exbidding on the open market in London at a change standard. Thus the Netherlands Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 FEDERAL RESERVE BULLETIN AUGUST, 1926 operates alternately on the gold standard, the florin has maintained its gold value during pure and simple, and the gold exchange the first year of the reestablishment of the standard. gold standard. For this reason the florin In foreign countries the objection is some- has continued to be a stable currency on the times raised that our exchange market is at international market. This has also had a times too limited, and that a comparatively favorable influence on the development of small supply of or demand for foreign exchange, prices in this country. In this connection it which can not be taken up or covered out of should be noted that the wholesale price the supply available on the market at the index has declined from 155 (1913 = 100) moment, can produce an unexpected and very for March, 1925, to 145 for March, 1926. considerable fluctuation in the rates of ex- Under these favorable circumstances change; the complaint is made, furthermore, deflation was able to proceed in this country that the uncertainty makes it difficult and at so moderate a rate that not the slightest risky for foreigners to trade in foreign exchange disturbance was felt from it. This deflation by way of the Amsterdam bourse. To obviate can be observed not only from the gradual this difficulty and to check sudden and un- decline of price indexes, but also from the necessary fluctuations, the Netherlands Bank figures showing the bank note issue, from the frequently came into the market to meet total of the bank's demand liabilities, and from demands for foreign exchange or to take up the circulation of silver coins and of silver notes. balances as offered. The amounts involved The florin itself was strongly supported by were not as a rule very considerable; and the exceptional prosperity of the Dutch East sooner or later, equivalent sums, arising out Indies, the recent influx of foreign capital, and of the transactions themselves, automatically the financial policy of the Government. The moved back in the opposite direction, so that Government issued only small amounts of these purchases and sales had no dominating treasury bills, and offered them to the bank for influence on the actual condition of the foreign rediscount gradually and in limited quantities bill portfolio. Thus, in this type of operation at any one time. The great sums of foreign also, the bank adopted an active policy, capital which flowed into the Netherlands conalthough on a small scale. tributed greatly to the continued liquidity of Furthermore, in still a third direction, the the money market, and this in turn made posbank has been led to pursue an active policy; sible a reduction in the bank rate from 4 to that is, in dealing in forward exchanges. 3^ per cent on October 3, 1925. One reason for doing this was to prevent great The important decision to admit the foreign fluctuations; and in this direction the bank banks in the Netherlands to the rediscount had achieved very beneficial results even in privilege was taken in the belief that by this the days before the gold standard had been means the opportunity would be given to reestablished. After that the bank had less Netherlands capitalists to make use of conreason to operate in this particular way, siderable amounts of available capital. At the because then it had at its disposal other means same time the statement was explicitly made for moderating fluctuations, and because the that the fundamental principle would be private banks were to a great extent available rigidly adhered to, that only genuine commerfor this business, as the annual reports of cial transactions would be eligible as basis for various of these banks were able to announce. these acceptances and rediscounts; in short, From all this it may baseen that the handling only such paper as is called in English " selfof the bank's portfolio of foreign bills is a very liquidating prime bankers' bills "; and the bank important element in the bank's policy, reserved to itself absolute authority to see and that this affords means of affecting the that all bills offered should in actual fact be credit situation over and above those available of this character. under the strict operation of the gold standard, The metallic reserve of the bank stood at under which control is sought by the purchase 454,820,000 florins at the end of the past fiscal and sale of actual gold. year, compared with 525,530,000 florins at the We have thought it advisable to explain close of the year before; it consisted of 94.35 this gold and foreign exchange policy in some per cent gold and 5.65 per cent silver, compared detail as a reply to criticisms in the press in with 96.06 and 3.94 per cent the year previous. regard to our banking policy which were not Note circulation averaged 880,470,000 florins, altogether just. compared with an average of 955,760,000 Everything considered, the Netherlands can florins the year before, with a peak of 955,340,be thoroughly satisfied with the way in which 000 florins and a low point of 808,230,000 florins. 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AUGUST, 1926 FEDERAL BESEBVE BULLETIN 597 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 June May April June June May April June Bank of England: Reichsbank: Issue department- Gold at hotue 1 232 1 232 1 231 970 Gold coin and bullion 150 149 145 155 Gold abroad . 260 260 260 92 Notes issued__ 169 168 165 175 Reserves in foreign exchange 325 388 391 354 Banking department— Bills of exchange and checks 1,288 1,244 1,214 1,691 Gold and silver coin 1 1 1 2 Miscellaneous assets 522 517 873 639 Banknotes __J 27 27 24 30 Deposits 527 579 607 564 Government securities _______ 52 41 39 39 Reichsmar-ks in cifculation. 2,971 2,878 3,086 2,474 Other securities 103 72 68 79 Rentenmarks in circulation. 1, 520 1 529 1 556 1 856 Public deposits 10 20- 19 14 Reichsbank clearings 4,613 4, 501 4, 468 4,302 Other deposits.-___ ... 155 103 96 118 6 Berlin banks: i Ratio of gold and note re- Cash 120 167 serve to deposit liabilities Bills... __• 1,383 1,095 Bank note ( s p i e n r c c e ir n c t u ) lation l. .. ___ 17 8 .1 5 22 8 .9 4 21 8 .8 5 24 9 .0 1 M Du is e c f e r l o la m n e o o t u h s e r l o b a a n n s ks . 2,4 5 5 9 4 2 2,2 6 5 0 2 9 Currency notes and certificates._ 294 300 294 292 Deposits __- •__ 4, 732 4,127 Nine London clearing banks: tndex of security prices (Jan. 2,1925= Money at call and short notice.._ ,121 113 116 113 100) (percent) . . .. 98.42 86.38 82. 22 80.43 Discounts and advances.— 1,084 1,063 1,062 1,056 Capital issues 131 835 55 44 Investments 243 244 245 267 Total deposits 1,630 1,590 1,590 1,624 Total clearings.._. 3, 242 3,223 3,308 3,323 1 Bimonthly statements. Government floating debt: Total 775 721 710 792 ITALY Treasury bills 613 596 550 597 Temporary advances 162 125 160 195 [Millions of lire] Index of security prices (December, 1921=100) (percent) _._. 117. 9 117,0 116. 2 Index number of foreign exchange value of the pound sterling (per 1926 1925 cent) 2____________ ... 100.0 100.0 100.0 1 Notes issued, less amounts held in banking department and in cur- May April March May rency note account. 2 New series. Banks of issue: FRANCE Gold reserve1 . 1,135 1,135 1,134 1,132 [Millions of francs] Total reserve 1,988 1,980 1,996 1,777 Loans and discounts 10, 279 10, 233 10,093 7, 837 T B h a r n e T N k W S G e i o o o l o a c v t l t r f a o d e e l m r F a c r d d r r e m i a e v r e s c p n e s a e u e r o n c r c l r v e s c a i v i : e e a t t e i s 1 s l o . b t n o a n th k e s: G . . o .. v ern ._ m _ ent 3 5 6 2 3 3 , , , , 9 6 0 3 6 2 8 7 3 0 6 4 3 7 0 3 5 3 2 3 5 , , , , 2 9 6 3 7 2 0 8 3 3 7 0 4 5 5 3 52 2 3 5 , , , , 8 1 3 2 6 2 5 3 0 8 7 0 4 8 4 4 2 2 3 5 , , , 4 0 6 3 4 0 5 1 6 0 0 3 Lead D N N T L C i o o n a u o o a t s g e t t a h e e n l f p s r c c r d o i i a i r r m e v n c c p a u u d o c t l l e s d a a o i t t i r t b i i s s r o o c a e n n o s n p u k f f o n o o s n t : r r s d c t e h o n e m t s S m t - e a r t c e e .. . . . : 1 2 0 6, , , 4 8 8 6 8 5 0 1 7 11 5 2 8 6 1 , , , , , , 1 0 5 2 0 8 8 1 4 8 4 5 9 3 1 8 1 7 1 4 9 1 7 2 1 , , , , , , 6 1 0 0 0 9 2 1 3 6 4 2 4 4 3 6 9 4 1 4 9 0 2 7 1 , , , , , , 5 0 4 0 2 6 8 9 9 7 6 7 4 7 5 2 0 2 Clea D B O ri i t e n l h m l g s e s r a , n lo d d a a n d i s e ly p os a it v s erage . o .. f Paris 20,249 1 1 5 3 9 , , , 3 8 6 3 6 7 6 4 4 1 1 4 6 1 , , , 4 3 4 2 3 0 3 9 4 I S n t d a e te T P x a o n o r t o a t f t i l e s c e d i i p c s e u s a p u r t o i i e t o s y n i t p s s . r . . i . c es (p . e _ r _ c _. e _ nt) . . . . . . 2,1 1 0 9 0 4 13 2 , ,1 6 1 7 0 9 6 9 0 4 1 5 13 2 , ,1 2 6 6 0 0 1 9 0 4 8 3 14 2 , , 1 2 0 4 0 6 1 5 0 3 4 1 banks... 2,028 1, 784 1,356 Price of 3 per cent perpetual rente.... 47.00 47.45 47. 25 42.90 1 Not including gold held abroad. i Not including gold held abroad. JAPAN CANADA [Millions of dollars] [Millions of yen] 1926 1925 1926 1925 May April March May June May April June Chartered banks: Gold I M N G P C n u r u o o d o e b l r t i s n d e r l v e e i e i c r c c y n d v o i t a e u r a i c n n l a t a o u l d g c a a l a d a a n n r t l i e a s d i l n p o i s a l a o n b w t n n s u D a i d d l t y l s o d s i o h m i s s n e o c i c r n 1 o t u i u r o n n i n t o t i s t e n i s o c . t e e . s _ .. . 2 1 , , 1 1 3 5 1 9 9 9 6 6 4 7 5 7 3 0 4 4 2 2 1 , ,2 2 3 5 1 0 0 8 5 5 6 6 4 4 8 4 0 6 1 2 1 , ,1 2 3 5 1 7 3 9 7 6 7 6 1 1 5 5 4 7 1 2 1, , 1 1 3 5 1 1 3 0 2 1 6 7 5 0 5 1 6 2 5 4 Ban A A G T k o d d o o t v v l f a d N T a a l J n n o a o n a c c t t t o p a e e e h t l a s s s e o n d a o i a m : s e n n n s p e d d u f o o a e d d s d r n i e i e t s d p i s c g o a o n s b u i b t r n o i l t l s i a l a d s b . ilities 1 1 1 , , , 2 9 0 6 3 8 7 5 9 6 4 0 3 8 3 9 0 1 1 1 , , , 1 0 3 7 9 7 5 4 4 7 5 9 8 1 4 5 4 1 1 1 , , , 2 0 3 7 9 3 5 7 3 6 6 6 8 0 0 0 7 2 1 1 , , , 3 0 0 7 3 4 5 7 2 6 8 9 9 2 3 0 2 D B B a a o n n m k k i n d c i l e o e b n a i r t i n s n o 2 g t s e . 2 _ circulation 2 1 , ,4 4 1 6 1 7 5 5 2 2 1, , 4 6 1 7 3 8 2 1 5 2 1, , 3 3 1 4 0 8 8 9 3 2 1, , 3 2 2 4 8 0 2 2 5 Tok T T y C o o o a s t t b a a h l l a o n l d o n k e a s p h n : o a s s n . i d ts . . 2 1 , ,9 5 1 3 3 2 3 5 4 2 1, , 9 4 1 4 7 4 9 6 3 2 1 , ,9 4 1 2 6 2 6 7 8 2 1 , ,9 4 1 3 5 2 7 2 7 Total clearings - 3, 573 3,165 3,440 3,613 i Not including gold held abroad. 2 Total for month. 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598 FEDERAL RESERVE BULLETIN AUGUST, 1926 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES 1926 1925 1926 1925 June May April June June May April June Austrian National Bank (millions Bank of ICsthonia (millions of Esof schillings): thonian marks): Gold 19 18 15 11 Gold . . .. ... 1499 1497 2 459 Total principal earning assets 879 840 840 849 Foreign exchange- Foreign bills...- 615 568 558 551 Cash in foreign currency 31 35 64 Domestic bills 81 89 99 95 Foreign correspondents' ac- Treasury bills 183 183 183 203 count 223 282 301 Note circulation 836 820 830 828 Foreign bills 219 244 265 Deposits 62 40 27 33 Loans and discounts _ . 5,893 5,918 5,263 Note circulation 1,836 1,937 1,753 National Bank of Belgium (mil- Deposits and current accounts... 855 762 1,746 lions of francs): G Fo o r ld e — ign bills and balances abroad. 27 3 4 0 27 3 4 0 27 3 4 0 2 3 7 0 2 Bank of Finland (millions of Finn- L D o o a m n e s s t t o ic S b t i a l t l e s --- 1 5 , , 3 2 6 0 2 0 5 1 , ,7 2 6 0 8 0 1 5 , , 4 2 7 0 9 0 1 5 , , 2 2 0 0 8 0 ish G m ol a d rks): 331 331 331 332 Note circulation 8,514 8,346 7,924 7,403 Balances abroad and foreign Deposits -- 429 1,218 358 217 credits 900 948 1,073 1,018 Foreign bills 61 59 59 30 National Bank of Bulgaria (mil- Domestic bills ._ 656 553 532 403 lions of leva): State debts 262 262 262 395 Gold 42 42 41 Note circulation 1,298 1,320 1,362 1,286 Total principal earning assets 7,078 7,244 7,169 Demand liabilities — 481 410 468 501 Foreign bills, etc... ... 352 508 520 Domestic loans and discounts 1,261 1,274 1,259 National Bank of Greece (millions Advances to State 5,465 5,462 5,390 of drachmae): Note circulation ...- 3,619 3,807 4,155 Gold and balances abroad 1,748 1,847 2,367 Deposits 2,681 2,421 2,201 Government loans and securities . 3,826 3,797 3,794 Discounts and loans 3,118 3,148 3,277 Central Bank of Chile (millions of Note circulation 4,367 4,475 5,182 Total deposits... 3,966 3,907 3,619 Gold at home 148 176 Gold abroad 293 264 National Bank of Hungary (mil- Loans and discounts. 64 47 N De o p te o s c i i t r s c ulation -_ 38 9 2 1 4 4 1 3 0 lio G F n o s o r l o e d i f g p n e n b g il o ls ) , : etc _-_-_ 1 1 0 2 7 1 1 1 2 1 9 1 1 8 5 9 3 16 5 7 1 Czechoslovak National Bank ^mil- Loans and discounts _ 165 175 168 114 lions of Czechoslovak crowns): Advances to treasury 152 152 152 157 Gold and silver 1,041 1,058 1,072 Other assets 245 246 254 275 Ba r l e a n n c c y es abroad and foreign cur- 1,284 1,263 1,177 D N e o p te o s c i i t r s culation 3 1 9 7 5 6 3 2 8 0 8 4 4 1 1 8 1 4 3 1 6 6 7 5 Loans and advances 202 175 202 Misce llaneous liabilties_.. - 191 191 191 206 Assets of Banking Office in liquidation 677 701 Bank of Java (millions of florins): Note circulation 7,220 6,930 7,024 Gold 195 200 133 Deposits.. 685 940 Total principal earning assets 74 73 96 Foreign bills 21 21 20 Bank of Danzig (millions of Danzig Loans and discounts 53 52 76 gulden): Note circulation _ _. 324 334 294 Balances with Bank of England-- Deposits.__ ., 43 47 50 Total principal earning assets Foreign bills, etc Loans and discounts Bank of Latvia (millions of lats): Note circulation . Gold ... 24 24 24 24 Deposits. Foreign exchange reserve 36 40 38 33 National Bank of Denmark (mil- B Lo il a ls ns . -. 6 5 7 0 6 5 7 1 6 5 8 1 5 5 0 5 lions of kroner): Note circulation 30 30 30 29 Gold 209 209 209 Government deposits. __ _ __ _ 80 85 85 85 Total principal earning assets 189 193 221 259 Other deposits 56 55 54 44 Foreign bills, etc 55 56 46 72 Loans and discounts.... 124 126 162 150 Advances to State 10 11 13 37 Bank of Lithuania (millions of Note circulation. 401 400 411 468 litas): Deposits -.- 22 29 26 28 Gold __ 30 30 30 33 Total principal earning assets 71 76 81 73 National Bank of Egypt (thou- Foreign bills 27 32 34 35 sands of Egyptian pounds sterling): Loans and discounts 44 44 47 38 Gold -.-.-— 3,424 3,435 3,381 Note circulation _ ... _ _ 79 83 87 79 Government securities 52,541 55,384 56,826 Deposits. ._ __ _-. - 19 21 21 25 Note circulation 31,941 32,172 33,877 Government deposits ,. 22, 706 23,912 21,994 Other ..deposits 13,261 13,199 14,173 1 Including gold abroad. 2 Gold abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST,JL926 FEDERAL EESEEVE BULLETIN 599 CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued" 1926 1925 1926 1925 June May April June June May April June Netherlands Bank (millions of State Bank of Russia (note-issuing florins): department; thousands of cher- Gldd _— „ 427 432 428 455 vontsi): Total principal earning assets 395 400 399 441 Gold ._ 14,683 14,653 14,657 16,909 Foreign bills __._. 199 195 184 191 Foreign currency.. 5,025 5,007 4,998 4,894 Loans and discounts 196 205 215 250 Loans and discounts 53,059 51,107 55,112 42,906 Note circulation . . 809 844 817 889 Bank notes . 72, 663 70,126 73,463 66,466 Deposits ^ . 64 40 40 48 National Bank of the Kingdom of Serbs, Croats, and Slovenes Bank of Norway (millions of krone N D T G r) o : e o o t p l t a d e D F o l s o c o i p r i t m e r s r c i i e g n u s n c l t a i i c p e ti x a o c c l n r h e . e a . d a n . i r _ g t . n . s * e i _ n -_ g _ - a _ sset . s . . . .. 3 3 4 1 1 4 3 8 8 2 4 3 9 1 4 0 7 3 3 2 1 1 3 8 7 6 3 4 5 7 8 5 3 7 3 2 3 1 1 8 8 4 3 7 4 7 3 3 1 0 7 3 4 3 1 1 7 3 6 8 3 4 8 8 0 7 5 7 (m A D N G F L i o l o d e o o l r a i p l v t e o d e n o a i n s g n s c s i n c i a t r o e s n c b s f d u i d l t l l o d i a s n . i t S s io c a ta r o n s t u ) . e : . n ^ . . _ _ t . s . . . 2 5 1 , , , 3 6 9 4 2 8 2 6 6 6 9 0 3 4 6 6 4 2 5 1 , , , 3 9 5 3 6 2 1 6 3 2 6 6 1 6 7 2 5 1 , , , 3 9 3 5 7 7 7 6 3 1 6 9 4 6 6 4 7 2 5 1 , , , 3 6 1 9 6 7 3 7 7 6 4 3 2 9 1 8 4 South African Reserve Bank Reserve Bank of Pern (thousands (thousands of pounds sterling): of libras): Gold . . 7,572 7,560 9,391 12,066 Gold at home... 3,910 4,054 3,906 3,972 Total principal earning assets 5,796 6,272 5,355 4,415 Gold abroad ... 888 685 701 985 Foreign bills .... 5,265 4,142 3, 013 B 2,742 2,698 2,871 2,038 Domestic bills , 1,007 1,213 1,402 Note circulation. 6,581 6,528 6,452 6,175 Note circulation 7,506 8,176 7,344 10, 284 Deposits 1,023 735 1,032 909 Deposits 5,169 5,076 5,801 5,031 Bank of Spain (millions of pesetas): Bank of Poland (millions of zloty) : Gold 2,541 2, 537 2,537 2,537 Gold 135 134 134 120 Balances abroad.. 33 35 31 29 Foreign exchange, etc 79 53 51 120 Bills discounted . - 722 778 784 841 Loans and discounts 355 357 354 348 Note circulation 4,333 4,323 4,336 4,274 Note circulation 413 393 503 Deposits __-. 1,059 1,070 1,041 1,042 Current accounts— Private ___.__.-___ 68 87 60 Bank of Sweden (millions of kroner): Treasury •_• 5 11 Gold 228 229 229 235 Liabilities in foreign currency 61 5 Total principal earning assets 490 459 471 563 Foreign bills, etc ... 162 166 174 139 Domestic credits 328 293 297 424 Bank of Portugal (millions of es- N Note circulation.. 528 489 498 523 cudos): Deposits. 134 149 144 231 Gold.... .. 9 Balances abroad 321 359 167 Swiss National Bank (millions of Bills.. 144 152 154 180 francs): Note circulation ^__ 1,844 1,786 1,810 1,610 Gold . 419 419 418 Deposits 49 54 75 57 Total principal earning assets 390 388 Note circulation 800 781 797 834 Deposits 83 85 80 111 National Bank of Kumania (millions of lei): Bank of the Republic of Uruguay Gold . 569 563 (thousands of pesos): Bills 8,349 8,162 7,628 Gold '. 54,938 54,938 54,934 Government loans 17,114 17,043 16,724 Loans and discounts 84,142 83,843 Note circulation ... 20,988 20,777 19, 536 Notes 62, 269 62, 764 61,863 Deposits 7,858 7,621 Deposits 58,687 63, 605 DISCOUNT RATES OF 31 CENTRAL BANKS [Prevailing rates, with date of last change! Country Rate I s n in e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria Mar. 31,1926 Estoonia 10 July 1,1925 Japan „__ 7.3 Apr. 15,1925 Portugal 9 Sept. 12,1923 Belgium. Apr. 23,1926 Finland.—. Oct. 29,1925 Java 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria 10 Aug. 31,1924 France P Aug. 2 1926 Latvia 8 Feb. 16,1924 Russia., 8 Apr. —1924 Czechoslo- Germany July 6,1926 Lithuania.... 7 Feb. 1,1925 South Africa Nov. 21,1924 vakia.. 6 Jan 13,1926 Greece.—__ 10 Aug, 18,1925 Netherlands Oct. 2,1925 Spain 5 Mar. 23,1923 Danzig 7 May 11,1926 Hungary 7 Oct. 21,1925 Norway 5H Apr. 20,1926 Sweden Oct. 9,1925 Denmark 5 June 24,1926 India.. 4 June 10, 1926 Peru _ fi Apr. 1,1923 Switzerland. 3H Oct. 22,1925 England...... 5 Dec. 3,1925 Italy 7 June 18,1925 Poland 10 July 7,1926 Yugoslavia.. 6 June 23,1922 Change: Bank of France from 6 to 7H per cent on August 2, 1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 FEDERAL RESERVE BULLETIN AUGUST, 1926 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] [Thousands of dollars] 1926 Year ended June— 1926 Year ended June— June May 1926 1925 June May 1926 1925 IMPORTS France (million francs): Imports.., 5,181 4,390 54, 385 39,084 By classes of commodities: Exports.. 4,671 4,461 50, 556 41, 809 Total 336, 980 321,029 4,466, 614 3, 824,128 Germany (million gold marks): Crude materials 122, 537 128,109 1,905, 734 1,452,401 Imports 796 707 10,755 11,524 Foodstuffs, crude, and food Exports. 761 731 9,493 7,891 animals __ _ _ .43,040 35,908 529, 624 451, 802 United Kingdom (thousand £ Manufactured foodstuffs 36, 025 32,931 401,412 451, 350 sterling): Semimanufactures 64, 332 61, 059 794, 660 701, 091 Imports _ 97,504 81,199 ,247,886 1,356,665 Finished manufactures 71, 046 63, 022 835,184 767,484 Exports... , 50,107 45, 764 718,641 805,161 By countries: Reexports 10,753 7,533 145,561 143,291 Total Europe 89 461 Canada (thousand dollars): France 8,771 Imports 91, 513 86,052 962, 253 Germany 14 413 Exports _ 119, 399 93,095 1, 349, 431 1, 090, 707 Italy 7,420 Japan (million yen): United Kingdom _ 24,401 Imports 193 220 2,457. 2,486 Total North America 79 048 Exports 156 161 2,349 1,948 Canada 35,144 Total South America _ 37 542 Argentina 6,933 1926 Year ended May— Total Asia and Oceania 110,238 Japan 24,810 Total Africa 4,740 May April 1926 1925 EXPORTS By classes of commodities: Belgium (million francs): Imports „ 1,606 1,553 18,811 17,320 Total 338, 410 356,621 4, 754, 058 4, 864, 581 Exports 1,161 1,176 14,773 13,914 Crude materials _ 63, 245 67,383 1, 300, 927 1,401, 057 Czechoslovakia (million crowns): Foodstuffs, crude, and food Imports.... 1,079 1,147 17,114 16,468 animals 21, 088 25,155 249, 510 483,139 Exports 1,219 1,350 17,899 18,064 Manufactured food stuffs. 34, 237 34, 053 530, 506 577,479 Denmark (million kroner): Semimanufactures_ _ _ 54, 986 50, 707 635, 271 646, 335 Imports . 128 115 1,840 2,338 Finished manufactures 155,172 170, 781 1, 937, 295 1, 670,145 Exports -..- 131 136 1,757 2,165 Reexports . _ -_ - 9,691 8,542 100, 549 86,426 Esthonia (million Esthonian By countries: marks): Total Europe - 145,477 Imports 864 9,422 8,592 France 19, 084 Exports _._- 714 - 787 9,812 8,575 Germany . 21,202 Finland (million finmarks): Italy 11,801 Imports 485 482 5,575 4,694 United Kingdom _ 55, 500 Exports... 287 279 5,335 5,322 Total North America 110,873 Hungary (million gold crowns): Canada 75, 735 Imports .— 58 62 761 749 Total South America 35,342 Exports _. 50 44 720 597 Argentina 10,643 Italy (million lire): Total Asia and 0 ceania 57,483 Imports 2,506 2,475 26,226 23,562 Japan - _ 18,753 Exports.... 1,301 1,402 18,105 15,722 Total Africa 7,447 Netherlands (million guilders): Imports 195 200 2,462 2,409 Exports 129 135 1,748 1,732 Norway (million kroner): Imports.._. -. 1,275 1,544 Exports. 56 72 943 1,182 TRADE BALANCE OF THE UNITED STATES FOR SIX Poland (million zlotys): MONTHS ENDED JUNE, 1925 AND 1926 I E m xp p o o r r t t s s * _____._. 1 1 0 8 6 2 1 11 6 9 3 1 1 , , 2 6 6 3 0 8 1 1 , , 7 2 5 2 6 3 Russia (million rubles): [Thousands of dollars] Imports. _ - 42 730 Exports 602 Sweden (million kroner): Total ch M an e d r- ise Gold Silver I E m x p p o o r rt t s s 1 1 1 2 6 4 1 1 3 0 1 3 1 1 , , 4 3 4 8 6 4 1 1 , , 3 4 2 4 5 3 Switzerland (million francs): Imports 191 182 2,588 2,544 Exports --. 147 144 1,898 2,054 1925 Australia (thousand £ sterling): I E m xp p o o r r t t s s . _. 2 2, , 1 6 3 0 6 4 , , 7 60 8 6 1 2 2 , , 0 3 6 63 3 , , 7 3 5 2 7 2 1 4 9 0 0 , , 6 9 6 3 7 6 3 5 2 0 , , 1 5 8 2 2 3 Egypt I E m x p p ( o o t r h r t o t s s u . s .. and Egyptian 1 11 2 , , 0 2 6 1 4 6 1 9 2 , , 9 3 2 1 9 2 1 14 5 5 2 , ,7 5 4 1 7 4 1 15 5 4 6 , ,0 5 3 0 3 4 Net imports (—) or ex- pounds): ports (+) +468,175 +299, 565 +150,270 +18,341 I E m xp p o o r r t t s s -_-_-. 3 3, , 6 2 8 1 7 7 4 2 , , 2 7 8 9 3 3 5 50 7 , , 8 6 9 6 9 5 5 67 2 , , 8 3 3 3 2 3 1926 India (millionrupees): Imports..- 199 201 2,286 2,431 Imports 2, 464,083 2, 303, 987 123,130 Exports. 250 276 3,716 4,046 Exports.-.—-~ 2, 298, 503 2, 207,399 41,735 49,369 South Africa (thousand £ sterling): Net imports (—) or ex- Imports _ 4,978 5,447 69,555 68,193 ports (+)--- -165, 580 -96,1 -81,395 +12,403 Exports.. 5,555 7,611 85,775 78,760 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 601 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES |Pre-war=»100] Europe Year and month A b ( u a g s s o t i l r s d i ) a g B iu e m l- g B a u ri l a - C v z a s e k lo c ia h - o J - m D a e rk n - i T (B E l r a a o o n n d f a g d r e - d ) l F a i n n d - B S u t t i a r c e t a i F a l s u - ran F a B c s l e e e o R d r a v e e r e r d - - ( B F S m u t e G t i r a d a c e e t e n a r i a r l y - s u a - ) l b H ( g a g a u s o r i n l y s d - ) Italy N l e a t n h d e s r- ( N w O o s a l y r o - ) Poland 1925 January 147 559 3,275 1,045 234 171 1,137 514 456 138 159 658 160 279 120 February 146 551 3,309 1,048 234 169 1,141 515 457 137 152 660 158 281 121 March. 143 546 3,272 1,034 230 166 1,131 514 463 134 145 659 155 276 122 April...... 139 538 3,244 1,020 220 162 1,133 613 480 131 144 658 151 267 119 May 138 537 3f177 1,006 216 159 1,122 520 467 132 141 560 151 260 118 June _ _« 141 552 3,225 998 216 157 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 1,142 557 491 182 134 731 155 245 124 September 127 577 2,834 996 168 156 1,133 556 482 126 135 721 155 231 127 October 127 575 2,823 989 155 1,121 572 482 124 131 716 154 221 128 November 125 569 2,822 977 158 154 1,118 606 498 121 129 712 154 217 137 December 125 565 2,913 977 160 153 1,120 633 518 122 130 715 155 218 155 1926 January... __ 122 560 2,901 966 157 151 1,094 634 527 120 127 708 153 214 142 February 120 556 2,899 950 151 149 1,091 636 540 118 126 704 149 211 146 March 119 583 2,844 938 145 144 1,081 632 545 118 123 693 145 204 146 April 119 621 2,774 923 141 144 1,081 650 565 123 123 692 143 198 167 May_____ 118 692 2,938 928 141 145 1,070 688 597 123 122 697 143 196 181 June 124 761 2,842 926 140 146 739 631 125 708 195 175 July.__ 141 Europe—Continued NTorth and South America Asia and Oceaniai Africa United Year and month Russia i Spain Sweden Sw la i n t d ze » r- o (B S f S t t u L a a r a t t e i e b s a s o - u r Canada Peru t A ra u l s ia - ( C S h h h a a i i n n ) a g- D I E n u d a t i s c e t h s c I ( u n C t d a t i a l a - ) J k ( a T y p o o a ) - n l N a Z n e e d w a - 2 E (C g a y ir p o t ) A So fr u ic th a tics) 1925 January. „ „_ 172 191 169 171 160 166 199 163 160 178 171 213 166 157 130 February 178 192 169 171 161 165 194 163 159 177 172 210 162 161 March ... 183 193 168 170 161 162 206 160 160 179 168 204 162 155 April 195 190 163 166 156 157 206 158 159 175 169 202 162 154 130 May. •„ ... . 197 191 162 163 155 159 200 159 158 174 164 199 162 151 June .. 191 187 161 162 157 159 200 163 157 173 157 200 162 150 July. .. 188 188 161 161 160 158 198 162 163 175 160 198 161 151 127 August 175 184 159 160 160 160 200 162 160 176 157 200 161 151 September 173 185 157 159 160 157 205 162 160 175 158 201 160 152 October. 174 187 154 159 158 157 205 163 159 175 160 200 162 153 124 November. __ 175 186 155 157 158 161 204 165 158 174 164 198 161 145 December.. ... 179 187 156 157 156 164 203 170 158 173 163 194 160 140 1926 January . 1S3 186 153 156 156 164 206 161 164 172 163 192 159 134 124 February 190 183 152 155 155 162 205 160 163 170 158 188 159 134 March.. 194 183 149 151 152 160 204 163 164 167 155 184 157 134 April 196 179 150 148 151 161 204 167 163 165 153 181 156 133 120 May. __ 197 179 151 • 147 152 157 206 167 160 150 177 156 128 June 189 . 150 145 152 156 204 156 150 177 129 July 183 . 204 1 First of month figures. 2 Revised index. 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

602 FEDERAL RESERVE BULLETIN AUGUST, 192G GKOUPS 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 t t e h r i i n a g ls , Fuels M m a e e n t t d a a l l s m Bu at i e ld ri i a n l g s C c h a a n e l m d s i- n H is f o u h u r i - s n e g l M an is e c o e u l s - cu A lt g u r r i- al cu N a l g t o r u n i r - - al products drugs goods 1925—June 157 155 155 188 173 126 171 133 170 138 158 156 July 160 162 157 189 172 126 170 133 169 143 162 157 August. 160 163 159 190 170 127 172 135 169 138 163 157 September 160 160 160 189 169 127 174 136 168 135 162 156 October 158 155 158 190 172 128 174 135 168 138 157 157 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 May 152 144 154 176 179 125 172 131 162 125 149 153 June -.-_ 152 144 157 175 179 125 171 131 162 123 151 153 ENGLAND—BOARD OF TRADE Food Not food Year and month m Al o l d c i o ti m es - 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 l M an is e c o e u l s - 1925—June .157 166 163 154 181 153 126 130 214 175 154 December, 163 187 158 173 169 146 118 131 175 178 156 1926—January... 151 162 154 165 167 146 119 131 175 176 153 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 lf>2 144 May 145 158 150 157 138 117 129 164 160 140 June — 146 155 150 154 142 120 145 161 158 141 FRANCE—STATISTICAL BUREAU Foods Industrial imaterials All com- Year and month modities Total Animal Ve b g l e e ta- S co u f g fe a e r , , Total Minerals Textiles Sundries foods foods cocoa 1925—June 543 497 466 535 465 580 495 784 535 December _ _ 633 538 535 537 529 709 622 953 647 1926—January 634 543 532 544 548 707 627 941 645 February ' - • > _ -. 636 546 536 541 567 708 646 925 643 March _ _ ._ _„ 632 548 537 54 fi 565 700 f>45 914 631 April __ 650 574 535 589 608 712 653 929 646 May — 688 610 ' 546 645 657 751 680 990 681 June - _- -- 739 660 554 ' 739 699 802 753 1,030 725 GERMANY—FEDERAL STATISTICAL BUREAU Food products All com- Fats, Year and month modities Grains sugar, Total and meat, potatoes and fish 1925—June 135 133 129 134 December 122 116 103 137 1926—January 120 115 101 134 February 118 112 98 134 March . 118 113 99 134 April 123 122 112 132 May. 123 123 114 June * 125 125 117 CO CO Industrial products Colonial goods, Hides Metals Coal coffee, Total and Textiles and and cocoa, leathers minerals iron etc. 175 135 122 188 129 123 183 131 116 182 128 320 185 130 113 176 128 120 183 130 110 172 127 120 180 128 107 127 120 180 125 107 158 124 117 179 124 106 153 124 117 177 124 106 152 124 117 1 Average for four weeks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 603 RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war=»100] European countries Other countries United States cit ( i 5 e 1 s) (V A i u e s n t n ri a a )J g B iu e m l- 3 g B a u r l i - a l E a n n g d - * 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 3 - . S l z a w e n r i d - t- a C d a a n - a t A ra u l s i - a ( I b B n a d o y i m ) a - l N Z a e e n a w d - S A o fr u ic th a 1925 Jan 151 140 3,131 178 408 137 1,506 590 156 277 205 172 145 148 152 147 120 Feb... 148 137 3,163 176 410 145 1,510 610 157 283 208 172 147 149 152 146 120 Mar... 148 134 3,128 176 415 146 1,562 624 157 284 211 171 145 151 155 149 121 Apr... 348 127 3,100 170 409 144 1,478 620 155 276 217 169 142 152 153 149 124 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, 516 599 152 261 219 169 141 155 149 149 122 July... 157 130 2,906 167 421 154 1, 515 602 152 260 218 169 Ui 156 152 151 120 Aug... 157 135 2, 744 168 423 154 1,511 621 152 254 210 lf>9 146 156 147 152 119 156 140 2, 710 170 431 153 1,544 643 152 241 208 170 146 156 - 146 153 118 Oct.... 158 144 2,698 172 433 151 1,597 646 149 228 215 168 147 157 148 155 119 Nov... 164 146 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 1,760 681 148 216 226 165 157 155 151 154 116 Feb ... 158 117 141 2,771 168 495 142 1,738 676 148 212 230 163 155 154 150 153 117 Mar... 157 114 137 2, 719 165 497 141 1,805 654 147 205 234 161 154 159 151 152 118 Apr... 159 114 139 2, 652 159 503 142 1,821 645 146 198 241 161 153 150 151 119 May__ 158 113 2,808 158 522 142 664 146 195 250 159 152 163 150 151 119 June... 156 116 2,717 158 544 657 194 243 159 149 152 118 July 161 236 155 COST OF LIVING [Pre-war =100] European countries Other countries Massas c e h t u ts - g B iu el m - C v o z a s e k lo c ia - h- l E a n n g d - » t n E h i o s a - - l F a i n n d - ( F P r a a r n i c s e ) m G a e n r- y G ( e A r n e t s e h ) c - e H ga u r n y - I ( l t M a a n l i ) y - N la e e n r t d - h s - N w o ay r- l P an o- d Spain S d w en e- S l z a w e n r i d - t- a C d a a n - » A t l r i u a a s - - ( I b B n a o d y m i ) a - A So fr u ic th a 1925 Jan 158 621 899 180 113 1,199 124 1,417 141 580 145 188 178 173 149 157 133 Feb. 157 517 911 179 110 1,191 136 1,420 135 592 146 189 172 150 157 133 Mar._ 158 511 904 179 114 1,210 386 136 1,449 131 602 179 271 147 192 172 148 150 159 133 Apr 158 506 901 " 175 112 1,201 137 1,419 130 600 146 191 "l77" 170 147 158 134 May 158 502 894 173 111 1,176 136 1,408 131 591 143 188 170 146 156 134 June.. 159 505 914 172 112 1,191 390 138 1,448 130 596 179 259 144 190 170 146 153 154 134 July. 160 509 916 173 114 1,218 143 1,472 126 598 146 190 ~~I76~ 170 146 157 133 A Se u p g t . . . . . 1 1 6 6 1 1 5 5 1 2 7 5 8 88 9 4 4 1 17 7 4 3 1 1 1 1 0 2 1 1 , , 2 2 6 4 6 2 401 1 1 4 4 5 5 1 1 , , 4 5 8 0 4 3 1 1 2 2 6 7 6 6 2 1 4 0 179 248 1 1 4 4 9 9 1 1 9 9 0 0 1 1 7 7 0 0 1 1 4 4 8 8 "lii" 1 1 5 5 1 2 1 13 3 2 2 Oct.. 162 533 875 176 108 1,228 144 1,547 124 643 152 189 "~175~ 168 149 153 132 Nov.. 162 534 863 176 xO7 1,227 141 1,610 123 643 157 186 168 152 153 131 Dec... 165 634 866 177 109 1,197 421 141 1,644 123 649 177 234 173 183 168 154 155 155 131 1926 Jan 164 627 854 175 110 1,166 140 1, 673 122 665 170 188 174 167 155 155 131 Feb 163 626 845 173 110 1,175 139 1,664 121 661 171 183 165 154 154 131 Mar... 161 521 832 172 110 1,172 451 138 1,706 119 647 174 225 169 185 163 154 157 155 131 Apr 161 529 832 168 1,163 140 1,731 119 642 176 187 "l73 162 153 153 131 May.. 159 558 837 167 1,159 140 118 652 183 183 160 152 153 132 June.. 159 579 168 1 175 140 650 218 .183 160 150 155 131 July 637 170 141 172 157 1 New index, on gold basis, July, 1914=»100. 8 First of the month figures. U921-100. NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 FEDERAL RESERVE BULLETIN AUGUST, 1926 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGEDAILY CONDITION FOR JUNE AND MAIr, 1926 [Amounts in thousands of dollars] To s ta e l c u b r i i l t l i s e s and Total cash reserves Total deposits Fede in ra c l i r r e c s u e l r a v ti e o n n otes Reserve percentages Federal reserve bank June May June May June May June May June May Boston 58,398 66,805 243,882 235, 292 145,362 * 146,111 142,119 140,416 84.8 82.1 New York . 268, 217 283,406 1,046,225 997, 435 865, 577 856, 697 408,426 384, 262 82.1 80.4 Philadelphia 89, 323 88, 623 202, 505 • 214,375 135, 361 137, 307 131,471 142,181 75.9 76.7 Cleveland _ . 107, 534 107,886 287, 706 292,085 181, 333 181, 553 191,535 196, 363 77.2 77.3 Richmond.. 68, 332 64,028 77,833 85,892 66,556 69,314 72,066 73,088 56.1 60.3 Atlanta _ 67, 738 63, 432 193, 423 202, 336 72,477 76,133 185,019 186, 373 75.1 * 77.1 Chicago __ __ __ 144, 557 139,614 384,041 391,918 329,191 332, 762 182,606 179, 643 75.0 76.5 St. Louis 62,452 62,478 65,820 64, 855 81, 270 83,394 41,049 38,188 53.8 53.3 Minneapolis 37, 241 41, 704 80, 311 78, 065 51, 698 52,934 60, 744 61,935 ' 71.4 68.0 Kansas City 68, 489 68, 256 84,133 84, 753 88,155 88, 775 62,137 62,141 56.0 56.2 Dallas 54,013 52,181 49, 224 51,936 57, 087 59,399 36, 098 35, 648 52.8 54.6 San Francisco 113, 514 116, 778 260,449 253,071 167, 348 168,915 190,042 186,483 72.9 71.2 Total: 1926 1,139, 808 1,155,191 2,975, 552 2, 952,013 2,241,415 2, 253, 294 1, 703,312 1,686,721 75.4 74.9 1925. 1, 060, 667 1, 049, 232 2,953, 024 2,977,357 2, 208, 968 2,191, 354 1, 660,130 1, 684, 876 76.3 76.8 1924 842,963 839, 571 3,246, 997 3, 221, 809 2, 064, 532 1,980, 210 1,870, 823 1,915,449 82.5 82.7 1923 1,124,891 1,173,194 3, 204,303 3,180,433 1,931, 212 1,948,878 2, 246, 535 2,243,195 76.7 75.9 1922- 1,166, 617 1,188, 849 3,136,308 3,126, 773 1, 892, 591 1, 877, 269 2,138, 430 2,153,053 ••• 77.8 77.6 2,175,175 2,353, 794 2, 605, 779 2, 541, 640 1, 723, 271 1, 717, 423 2, 682, 560 2/787,379 59.1 56.4 1920 3,209,650 3,255,859 2,102,985 2,078,822 1, 974, 537 1,987,323 3,113,949 3, 089,737 *43. 3 142.4 i Calculated on basis of net deposits and Federal reserve notes in circulation. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS RESOURCES [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a 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 r i a a sc n n o - Gold with Federal reserve agents: June 23_ . 1, 467, 699 134,898 388, 061105,391 170, < 33, 683148, 528169,018 17, 076 55, 766 42, 743 21,499 180, 390 June 30__ 1, 462,159 131, 406 387, 946102, 066170, 054 40, 029 149, 864154, 018 15, 776 58, 300 44,105 21, 364187, 231 July 7— -. 1, 322,166 129, 011 247,945 103, 836170, 693 38, 232159, 643143,987 17, 513 60, 300 45, 797 20, 890184, 319 July 14 3 1,441, r' 125,192 342, 862101,036 41,744 154, 224168,961 17,777 59,137 50, 069 21, 208191, 056 Gold redemption fund with U. S. Treasury: June 23._ 44,189 4,523 6,503 10, 516 3,906 3,345 3,552 2,225 400 1,818 3,659 1,441 2,301 June 30.. 66, 277 7,186 10,161 12, 759 3,291 1,805 3,704 5,364 1,187 2,072 4,024 1,483 3,241 July 7 54, 655 3,807 14, 056 14,125 3,280 2,835 3,159 4,236 813 1,764 2,001 1, 436 3,133 July 14 53, 209 6,737 12, 711 5,991 5, 872 2,360 3,277 6,178 944 2,637 2,282 1,500 2,720 Gold held exclusively against Federal reserve notes: June 23. 1, 511, \ 139,421 394, 564115,907 174, 552 37, 028152,080 171, 243 17,476 57, 584 46,402 22,940 182,691 June 30 1, 518, 436138, 592 398,107 114, 825173, 345 41, 834153, 568159, 382 16, 963 60, 372 48,129 22, 847 190,472 July7 1, 376,821 132,818 262,001 117,961 173,983 41,067 162, 802148, 223 18, 326 62, 064 47, 798 22, 326187, 452 July 14 1, 495,103 131, 929 355, 573107, 027174, 500 44,104 157, 501175,139 18, 721 61, 774 52,351 22,708 193, 776 Gold settlement fund with Federal Reserve Board: June 23 662,190 52, 718 236, 515 52, 795 62,916 20,418 27, 521117,185 7,070 12,728 29, 210 7,261 35,853 June 30 656, 073 33, 084 256,452 49, 465 61, 648 22, 345 17, 552116, 827 7, 209 11, 734 31, 777 9,910 38, 070 July 7___ 785, 731 51, 569 282, 565 62, 062 64, 589 31, 403 28,936 150, 846 16, 023 13, 311 35, 885 10, 606 37,936 July 14 671, 516 52,977 199,647 60,324 27, 211 24,220 134,478 8,639 9,318 29, 825 10, 369 30,079 Gold and gold certificates held by banks: June 23_ _. 672, 563 38,109 410, 228 24, 668 40,154 10, 229 3,615 72,987 18,935 5,723 12, 506 28, 555 June 30 660,419 37, 370 399,408 21, 702 41, 366 10, 526 3,376 73,847 18, 575 6,956 5,834 11,130 30,329 July7__._-___- 644, 265 30,979 401, 980 20,021 41,162 10,921 3,257 64, 534 18, 618 6,874 4,937 11,155 29, 827 Julyl4.__. .... 678,992 34, 703 417, 864 23, 333 39, 048 11, 599 3,527 75, 607 7,059 5, 055 11,162 30, 767 Total gold reserves: June 23 . 2,846, 641 230, 2481,041,307 193,370 277, 622 67,675 183,216 361,415 43,481 77,166 81,335 42, 707247,099 June 30 . 2,834, 928 209,046 1,053,967 185,992 276,359 74, 705174, 496350, 056 42, 747 79,062 85, 740 43,887 258, 871 July 7 .__„. _._ 2, 806, 817215, 366 946, 546200, 044279, 734 83, 391194,995 363, 603 52,967 82, 249 88,620 44,087 255, 215 July 14 . 2,845,611 219,609 973,084 190, 684297,977 82,914 185, 248385, 224 46, 628 78,151 87, 231 44,239 254, 622 Reserves other than gold: June 23 .— 148, 892 15,400 40,164 5,445 7,325 7,441 9,713 20, 379 19,876 2, 964 5,007 6, 543 8,635 June 30 144, 711 14,421 38, 253 6,212 8,184 6,698 9, 221 20,311 18, 775 2,825 5,243 7,191 7,377 July 7 135,177 13, 583 36,040 5,975 7,445 5,700 7,876 18, 553 17,832 2,583 4,946 7,081 7,563 July 14 145, 660 14,643 37, 022 4,910 8,760 6,724 9,523 22, 753 18,850 2,855 4, 654 7,339 7,627 Total reserves: June 23 2,995, 533 245, 6481,081,471 198,815 284,947 75,116 192, 929381, 794 63, 357 80,130 86, 342 49, 250255, 734 June 30 2,979, 639 223, 4671,092,220 192, 204284, 543 81,403 183,717 370, 367 61, 522 81, r 90,983 51,078 266.248 Non J J r u u es l l y y er v 1 7 e 4 . . c . ash: •_• 2 2 , ,9 9 9 4 1 1 , , 2 9 7 9 1 42 2 2 3 8 4 , , 9 2 4 5 9 2 1, 9 0 8 1 2 0 , , 1 5 0 8 6 62 1 0 9 6 5 , , 0 5 1 9 9 4 2 30 8 6 7 , , 1 7 7 3 9 7 89, 0912 1 0 9 2 4 , , 8 7 7 7 1 1 3 4 8 0 2 7 , , 1 9 5 7 6 7 7 6 0 5 , , 4 7 7 9 8 9 8 81 4 , , 0 8 0 3 6 2 9 91 3 , , 8 5 8 6 5 6 5 51 1 , , 1 5 6 7 8 8 2 2 6 6 2 2 , . 2 7 4 7 9 8 June23__ _ 56, 301 4,096 15, 514 1,193 2,532 4,553 5,031 10, 290 4,437 2,339 2,379 2,851 June 30_ _ 48,522 3,371 11,242 1,073 3,257 3,566 4,331 9,751 4,309 852 2,085 2,012 2,673 July 7 43, 240 2,584 9,955 1,037 2,219 3,194 4,024 8,261 4,212 833 2,144 1,960 2,817 July 14 5,236 13,873 1,010 3,415 3,754 4,736 11,150 4,546 2,581 2,159 3,096 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL EESERVE BULLETIN 605 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Bills discounted: Secured by XJ. S. Government obligations- June 23... 225, 848 9,544 65, 706 28,42£ 32,919 16,284 5, 296 33, 830 11,458 451 3,213 3,370 15,348 June 30 252,929 17,516 75, 58: 31, 75" 34, 572 14,167 2,821 53, 265 9,371 565 1,493 1,321 10, 500 July 7 319,052 12, 231 174,44: 26, 624 24,142 13,241 1,838 30,885 7,560 2,748 3,833 2,460 19,049 July 14.-.. ..... 254,041 17,292 104,97C 29, 588 26,810 9,717 2,025 24,355 6,069 2,671 4,185 2,511 23,848 Other bills discounted— June 23 _„_ 253, 310 14, 69£ 26, 559 20,666 15, 932 31, 805 36, 529 34, 280 19,313 3,250 14,881 10, 752 24, 648u June 30 282,102 21,471 26,908 23, 667 12, 841 31,403 36, 349 36, 322 21, 286 3,193 13,987 10,973 23, 702 July 7 23, 021 63, 562 17, 499 16,129 30,867 35, 339 31, 522 18,442 3, 519 14,188 12, 301 27,126 July 14 15, 358 40, 552 18, 828 , 13, 248 30, 685 36, 619 28,874 25, 216 3,601 11,862 12,917 23,129 Total bills discounted: June 23._. 479,158 24,239 92, 265 49, 095 48,851 48, 089 41,825 68,110 30, 771 3,701 18, 094 14,122 H39,996 June 30. 515,031 38, 987 102,489 55,42' 47,413 45, 570 39,170 89, 587 30,657 3,758 15,480 12, 294"34,202 July 7 ...-_..—. 612, 567 35, 252 238, 003 44,123 40, 271 44,108 37,177 62,407 26,002 6,267 18,021 14, 761"46,175 July 14 514,930 32, 650 145, 522 48, 416 40,058 40, 402 38, 644 53, 229 31, 285 6,272 16,047 15, 428"46,977 Bills bought in open market: June 23 247,236 15, 732 61,393 15, 235 24, 515 11, 635 23, 532 31, 818 7,204 10, 087 12,180 9,810 24, 095 June 30—__ 249, 394 29, 731 55, 553 14, 640 22,599 10, 656 31, 788 7, 721 8,682 11, 361 9,389 23,979 July 7 237, 569 25, 676 52,420 14,457 23, 587 9,941 20,595 31,151 8,004 8,908 11,108 9,181 22,541 July 14. ._._ 234,192 26, 841 49,162 15, 585 20,995 8,922 24, 506 31, 469 6,969 11, 015 21,964 U. S. Government securities: Bonds- June 23 108, 620 2,536 13, 306 5,702 11,115 2, 512 280 25, 886 8,488 9, 585 14, 026 8,477 6,707 June 30 1,221 9,392 4,965 9,194 1,640 784 21,951 6,442 8, 246 11, 327 4,403 2,328 July 7 77,001 1,221 5,392 4,964 9,194 1,640 828 24,126 6,441 8, 246 9, 927 2, 693 2,329 July 14... 79,139 1,449 6,419 5,014 9,326 1"" 24,413 6,579 8,335 10,106 2r- 2,621 Treasury notes- June 23. 205,401 53, 058 5, 535 23, 208 5,515 282 25, 578 12, 684 8,227 17, 504 17,024 28, 405 June 30_ .__. 232,195 9,587 59, 867 6,211 25, 024 6,315 274 28,906 14, 597 9,454 19,978 19, 563 32, 419 July7_. _. 233, 676 9,729 59, 225 6,292 25, 239 6,409 276 29, 062 14, 820 9,599 20, 270 19, 863 32, 892 Cert J i u fi l c y a . t 1 e 4 s of indebted- 251, 350 74, 739 6, 383 25,486 6,519 274 28,919 15, 077 9,766 20, 608 20, 210 33, 440 ness— June 23 69, 077 1, 982 12,745 10,486 3,030 1, 315 1,280 7,139 5,228 2,016 4,988 4,174 14, 694 June 30 71,191 2,091 13, 310 10, 547 3,196 1, 387 1,280 7,163 5,412 2,128 5,213 4,405 15,059 July7 _ 1,871 11, 265 10, 424 2,866 1,242 1,280 5,681 5,070 1,905 4,763 14, 330 July 14-... 60, 592 1, 696 10, 211 10, 326 2,602 1,125 1,280 5,106 4,795 1,727 4,404 3, 574 13, 746 Total U. S. Government securities: June 23 12,899 79,109 21,723 37, 353 9,342 1,842 58, 603 26,400 19,828 36, 518 29, 675 49,806 June30.__ 385, 279 12,899 82, 569 21,723 37,414 9,342 2,338 58,020 26,45.1 19,828 36, 518 28, 371 49,806 July 7, 375, 317 12,821 75,882 21, 680 .37, 299 9,291 2,384 58,869 26,331 19,750 34, 960 26,499 49,551 July 14 391,081 13,074 91,369 21,723 37,414 9,342 1,845 58,438 26,451 19,828 35,118 26, 672 49,807 Other securities: • June 23.... 3,200 2,000 700 500 June 30 3,200 2,000 700 500 July 7... 3, 200 2,000 700 500 July 14 3,200 2,000 700 500 Foreign loans on gold: June 23_ 6,700 509 1,836 63' 717 355 268 918 288 214 261 235 462 June 30 _ 5, 502 418 1, 507 523 588 292 220 754 237 176 214 193 July 7- 4,900 372 1,343 465 524 260 196 671 -211 15' 191 172 338 July 14 3,199 243 8?" 304 34: 170 128 438 137 102 125 112 221 Total bills and securities: June 23 1,119,392 53, 379 234,603 88, 690111, 436 69,421 68,167 159,449 64, 663 34, 330 67, 053 53,842 114, 359 June 30. !__. 1,158, 406 82,035 242,118 94, 310 108,014 65,860 65, 723 180,149 65, 068 32; 944 63, 573 50,247 108,367 July 7... ... 1, 233, 553 74,121 367, 648 82, 725 101, 681 63, 600 61,052 153,098 60, 548 35, 582 64, 280 50, 613 118, 605 July 14. ._.. 1,146, 602 72,808 98,809 58, 836 65, 823 143, 574 64,842 34, 583 62, 305 51,095 118,969 Due from foreign banks: June 23 ..._ 645 June 30 645 July 7 646 646 July 14 656 656 Uncollected items: June 23 654,976 60,098 156, 954 60, 094 63, 900 55, 610 29,186 84. 600 32, 286 13, 254 36, 864 22,442 39, 688 June 30.__ 641,109 60,830 158, 675 59, 004 61, 768 51,409 27, 919 81, 411 29, 509 12,482 39, 002 21,946 37,154 July 7_. 701,324 65, 327 165, 750 62,190 67,175 55,403 31, 577 85, 637 36,152 14,106 49,468 26, 693 41,846 July 14.- _ 790,806| 76, 582 197,077 7.6, 949 61,203 30,535 101, 669 37, 589 15, 656 49, 307 28, 755 46, 222 Bank premises: June 23... _. ....... 59/739 4,068 16, 715 1, 571 7, 409 2,364 2, 846 7, 933 4,111 2,943 4,654 1,793 3,332 • June 30 59,749 4,068 16, 715 1. 581 2, 364 2,846 7,933 4,111 2,943 4, 654 1,793 3,332 July 7._. 59,788 4.06? 16,728 1,581 7^,409 2, 364 2,872 7,933 4, 111 2,943 4,654 I,1"'" 3,332 July 14-_ 59,813 16,728 1, 581 7,409 2,364 2,872 7,933 4, 111 2,943 4,667 1,793 3,344 All other resources: June 23.. _ 16, 272 34 4,953 258 1,003 321 ],266 1,885 60! 2,184 499 309 2.955 June 30 16,288 66 4, 796 278 1,000 298 1, 072 1,903 631 2, 513 506 280 2,945 July 7.. 17, 966 46 5,410 317 1,091 353 1,061 L883 647 3, 435 517 258 July 14.. 16,874 69 5,520 343 1,053 312 1,010 646 2, 317 539 258 2,941 Total resources: June 23 4,902,858 367,323 1, 510,855350, 621 471, 227 207, 385 299, 425 645, 951 169,459 133,927 197, 751 130, 015 418,919 June 30 4,904, 358 373, 837 1,526,411 348,450 465,991 204,900 285,608 651, 514 165,148 133, 621 200,803 127, 356 420,719 July 7.. 4,998,511 375,095 1,548,723 466, 754 214, 005 303, 457 176, 469 14.1, 731214, 629 132, 485 432,326 July 14 5,062,911 393,015 1, 530,890355,818 494, 372 216,107 299,747 674,169 177,212 137,838 211,284 135, 638 436,821 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN AUGUST, 1926 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- R m i o c n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F ci r s a c n o - Federal reserve notes in circulation: June 23 1,682,769 141,044 400,027 125, 608189,058 70,509 184, 756183, 576 41,209 60,807 61,837 35,976 188,362 June 30 1,697,279 142,777 408,673 127,629 191,712 70,247 179,046 186,185 41,909 61,421 61,384 35,715 190,581 July 7 1, 737,500 143,436 411,903 128,041 194, 552 71,483186,849 192,585 42, 743 64,356 63, 781 37, 716200,055 July 14 1,707,233 140,974 397,849 125,816 194,541 70,207 184,285 194,617 43,147 63,321 37,178 192,308 Deposits: Member bank—reserve account- June 23 _ 2,225,306 140,280 864, 550134,262 183, 664 64, 602 71,723 336.150 79, 705 56,411 158, 661 June30_._ 2, 228,839 145, 682 867,421 132, 745177, 756 66,518 66,510 341,242 76,857 48, 266 89, 661 54,285 161,896 July 7 2,239,886 142,291 889,981 135, 652170, 654 73,183 70,565' 316,804 83,174 51,104 92,007 54,185 160,286 Julyl4.r 2,242,190 151,88f 860,862 131,621 189, 634 68,130 70,954| 336,126 79, 613 47, 636 87,956 54,199 163, 574 G overnment— June 23 11,835 318 8,223 100 74 382 787 400 189 375 47 530 410 June 30 10, 713 60 6,629 83 733 235 428! 712 219 671 127 191 625 July 7 12, 842 115 2,063 444 809 2,284 1,802 1, 337 891 1,056 994 701 346 July 14. 21, 763 965 3,005 1,031 1,520 1,538 2,358 4,707 997 1,014 1,395 1,084 2,149 Foreign bank— June 23 5,910 479 1,332 599 675 334 252 271 202 246 221 435 June 30 . 4,756 336 1,519 420 473 234 177 605 190 141 172 155 334 July-7 5,728 336 2,521 420 473 234 176 605 190 141 172 155 305 July 14 4,403 1,197 420 472 234 177 605 190 141 172 155 305 Other deposits- June 23 15,173 115 6,792 86 58 878 258 198 140 27 5,707 June 30 15,528 134 7,527 94 786 42 717 340 219 129 48 5,402 July 7 _ _.. 20,694 158 11,375 24' 1,389 97 840 243 197 124 56 5,890 July" 14 18,262 127 8,791 153 1,385 51 975 264 229 31 5,882 Total deposits: June 23 2,258,224 141,192 880, 897135, 04' 185,219 65,376 72,870 338,292 80,423 49,464 87, 042 57,189 165,213 June 30 _ 2,259,836 146,212 883,096 133,342 179, 748 67, 029 67. 205343, 276 77, 606 49, 297 90, 089 54,679 168,257 July7 2, 279,150 142,900 905, 940136, 763173,325 75, 798 72, 621 319,586 84,498 52,498 93, 297 55, 097166, 827 Julyl4 2,286, 618 153,312 873,855 133,225 193, 011 69,953 73, 560342,413 81, 064 49, 094 89,752 55,469 171,910 Deferred availability items: June 23_- ._ 600,319 58,443 130, 987 56,392 58, 845 52,281 27,114 74,148 31,934 11,865 34,688 24,150 39,472 June 30 589,333 58,403 136, 785 54,253 56,859 48, 585 24,807 72, 598 29,898 11,216 35,279 24,391 36,259 July7-. 623,289 62, 318 132,879 55,807 61,126 47, 650 29,345 77, 264 33,472 13,177 43,449 27,039 39, 763 July 14 709,392 72, 247 160,384 63, 512 69, 016 56, 884 27,235 87, 532 37,177 14, 034 44,120 46, 905 Capital paid in: June 23.. 122, 785 8,736 35,375 12,171 13,510 6,072 4,958 16, 642 5,272 3,137 4,187 4,291 8,434 June 30. 122,770 8,736 35,385 12,179 13, 510 6, 072 4,959 16,623 5,261 3,134 4,189 4,288 8,434 July7 122,750 8, 736 35,400 12,179 13,508 6,072 4,959 16, 620 5,261 ' 3,129 4,188 4,289 8,409 July 14 __ 122,766 8,736 35,422 12,179 13,502 6,072 4,959 16, 620 5,262 3,128 4,: "" 4T~" 8,409 Surplus: June 23 220,310 17,020 59,964 20,464 22,894 11,919 8,700 30, 613 9,570 7,501 8/979 7,615 15, 0711 June 30 220,310 17, 020 59, 964' 20,464 22, 894 11, 919 8,700 30, 613 9,570 7,501 8,979 7,615 15, 071 July 7 — 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 Julyl4 220,310 17, 020 59, 964 20,464 22,894 11,919 8,700 30, 613 9,570 7,56l 8,979 7,615 15, 071 All other liabilities: June 23 18,451 888 3,605 939 1,701 1,228 1, 027 1,051 1,153 1,018 794 2,367 June 30 14,830 689 2,508 583 1,268 1,048 891 2,219 904 1, 052 883 668 2,117 July7 15,512 685 2, 615 1,349 1, 983 2,300 925 1,070 935 729 2,201 JulyH 16, 592 726 • 3,416 622 1,408 1,072 1, 008 2,374 992 1, 091 924 741 2,218 Total liabilities: June 23 4,902,858 367,323 1, 510,855 350,621 471,227 207,385 299,425 645,951 169,459 133,927 197,751 130, 015418,919 June 30 .,904,358 373, 8371, 526.411 348,450 465,991 204,900 285,608 651,514 165,148 133, 621200,803 127, 356420, 719 July7 4,998, 511 375, 0951, 548, 723353,869 466,754 214, 005303,457 638,968 176,469 141,731 214,629 132,485 432,326 July 14 5, 062,911393, 0151,530,890 355,818 494,372 216,107 299,747 674,169 177,212 137,838 211,284 135, 638436,821 MEMOBANDA Eatio of total reserves to Federal reserve note and • deposit liabilities combined (per cent): June 23_ _. 76.0 87.0 84.4 76.3 76.1 55.3 74.9 73.2 52.1 72.7 58.0 52.9 72.3 June 30. 75.3 77.3 84.6 73.6 76.6 59.3 74.6 70.0 51.5 74.0 60.1 56.5 74.2 July7 73.2 80.0 74.6 77.8 78.1 60.5 78.2 74.6 55.6 72.6 59.6 55.1 71.6 Julyl4 74.9 79.6 79. 75.5 79.1 64.0 75.5 76.0 52.7 72.3 60.0 55.7 72.0 Contingent liability on bills purchased for foreign correspondents: June 23 53,583 4,226 13,213 5,283 5,950 2,94' 2,224 7,618 2,391 1,779 2,169 1,946 3,837 June30 54,459 4,139 14, 924 5,173 5,827 2,886 2,178 7,460 2,342 1,743 2,124 1,906 3,757 July 7 -. 54,338 4,139 14,803 5,173 5,827 2,886 2,178 7,460 2,342 1,743 2,124 1,906 3,757 Julyl4_ . ___. 54, 088 4,139 14, 553 5,173 5,827 2,886 2,178 7,460 2,342 1,743 2,124 1,906 3,757 Own Federal reserve notes held by Federal reserve bank: June 23 308, 240 22,69: 103,98( 30,583 17,400 14,397 28,315 30,830 5,727 4,318 5,753 5,434 38,812 June 30 _. 297, 925 21, 066 • 96,251 27, 237 18, 954 16,655 32, 900 28,385 5,22" 5,923 6,118 5,130 34, 074 July7 285,370 21, 012 93, 59' 27,595 17,113 14,122 29,721 5,429 7,158 6/852 3,555 30,348 July 14_- 316, 887 24,455 103,507 27, 020 19,109 14,870 30,306 30,475 5,590 7,116 7, 325 4, """ 42,152 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 607 FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] . Within 15 16 to 30 31 to 60 61 to 90 91 days to Over 6 Total days days days 6 months months Bills discounted: June 23 479,158 329,474 33,388 49,928 33,207 32,714 447 June 30 ... 515,031 364,981 29,457 49, 528 38,286 32,430 349 July 7.. 612, 567 466, 008 29, 520 49,877 40,814 26,137 211 July 14 . 514,930 31,822 48, 459 39,244 26, 556 212 Bills bought in open market: June23_# 247,236 113, 420 50, 908 51, 812 2,703 June 30_-'-_..._. 249,394 113,053 45, 322 51, 826 6, 326 2, 867 July 7. 237, 569 103, 690 38, 395 49, 794 42, 534 3,156 Julyl4 234,192 97,158 35, 544 55, 064 43,035 3,391 Certificates of indebtedness: June 23 69, 077 820 68,257 June 30 . •___. 71,191 725 70,466 July 7..... 64, 640 64, 640 July 14 60, 592 60, 592 FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ei 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 i r s a a c n n o - Federal reserve notes received from comptroller: June 23-_ •_. 2,860, 535 226,985 784,367 200,631 255,038 117,366 275,031 404,443 67,216 85, 307112,820 54,297 277,034 June 30 2, 870, 295 223,493 785, 289 197,306 260,446 118, 362! 280, 346405,407 67,376 84,841 112,182 55, 732279,515 July 7 2, 258,546 221,098 785,860 195,076 261, 585116,565 278,525 402,670 67,692 84,841 111, 373 55, 258278,003 July 14 __ 2, 859,041 217, 279 786,036 192, 276258, 820116,037 283,006 4,01, 309 67,917 87,078 113,646 54, 577281, 060 Federal reserve notes held by Federal reserve agent: June 23 869, 526 63,250 280,360 44,440 32,460 61,960 190,037 20,280 20,182 45,230 12,887 49,860 June 30..- 875,091 59,650 280,360 42,440 49, 780 31,460 68,400 190,837 20, 240 17,497 44,680 14,887! 54, 860 July 7. . 835, 676 56, 650280, 360 39,440 49,920 30,960 61, 955181, 217 19, 520 13,327 40,740 13,987 47,600 July 14 : 834,921 51,850 284,680 39,440 45,170 30,960 68,415 176,217 19,180 16,972 43,000 12, 437 46,600 Federal reserve notes issued to Federal reserve bank: June 23 1, 991, 009 163, 735 504,007 156,191 206,458 84, 906213, 071214,406 46,936 65,125 67, 590 41,410 227,174 June 30.- __-- 1,995,204 163, 843504,929 154,866 210, 666 86,902 211,946 214, 570 47,136 67,344 67, 502 40,845 j 224,655 July7__ 2,022,870 164,448 505, 500 155, 636211, 665 85, 605216, 570221,453 48,172 71, 514 70, 633 41,271 230,403 July 14 2,024,120 165,429 501, 356 152,836 213,650 85,077 214, 591225,092 48, 737 70,106 70, 646 42,140 234,460 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates- June 23... . 303,153 j 35, 300 171,698 8,780 25,655 14, 237 8,045 13,212 16,226 10,000 June 30 304, 584 35,300 171,698 8, 780 25,655 14,238 8,045 13,212 17, 656 10,000 July 7 304,483; 35, 300 171, 697 8,780 25,655 14, 238 7,945 13,212 17, 656 10,000 July-14.: .. _. 304,484 35, 300 171,698 8,780 25, 655 14, 238 7,945 13,212 17,656 10,000 Gold redemption fund- June 23 . 98,971! 15, 598 25,363 11,894 11,866 3,028 5,291 3,374 2,031 1,554 2,383 2,773 13,816 June 30 96, 302 12,106 25, 248 8, 569 11,274 5,374 8,626 3,374 1,231 1, "" 3,745 2,208 13,459 July7 93,001 9,711 25, 248 11,339J 11,913 3,577 5,405 3,343] 1,068 2,937 2,234 13,138 July 14..- 98, 714 15,892, 25,164. 5,089 7,r~' 3; 317 1,332 1,925 4,209 2,552 12,861 Gold fund, Federal Reserve Board- June 23 1,065, 575 84,000 191,000 93,497 150,000 5,000 129,000 165, 644 7,000 41,000 40,360 2,500 156,574 June 30 1,061,273 84,000 191,000 93,497 150,000 9,000 127,000 150, 644 6,500 44,000 40> 360 1,500 163,772 July 7 924, 682 84, 000 51,000 92,497 150,000 9,000 140,000 140, 6441 8,500 44,000 42,860 1,000 161,181 July 14...... 1,038, 696 74,000 146,000 92,497 150,000 11,000 132,000 165, 644 8,500 44,000 45,860 1,000 168,195 Eligible paper- June 23 699, 216 39,971 138, 545 57, 355 69,843 58,890 65,282 99,811 37,843 13, 759 30,141 23,909 63,867 June 30- . 734,247 68, 718142, 591 59, 771 67, 636 54, 694 62,404 121, 265 38,290 12,416 26,711 21, 657 58,094 July 7.._—_ 830, 213 60,928 280, 393 52, 513 60, 736 53,909 57,722 93,437 33,988 15,141 28,939 23,920 68,587 July 14 728,899 59,491 183,003 56, 611 60, 538 49, 223 63,084 84, 579 38,221 14,124 26,921 24,280 68,824 Total collateral— June23___ 2,166,915 174,869 526,606 162, 746240,489 92, 573213,810 268, 829 54,919 69, 525 72,884 45,408 244,257 June 30- 2,196,406 200,124 530, 537161,837 237,690 94, 723212, 268275,283 54,066 70, 716 70,816 43,021 245,325 July 7 . 2,152,379 189,939 528,338 156,349 231,429 92,141 217,365 237,424 51,501 75,441 74,736 44,810 252,906 July 14.. .___. 2,170,793 184,683 525,865 157, 647229,166 90,967 217,308 253, 540 55,998 73,261 76,990 45,488 259,880 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 FEDERAL RESERVE BULLETIN AUGUST, 1926 FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, JUNE, 1926 [In thousands of dollars] San Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - AtlantaChicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - HOLDINGS ON JUNE 30, 1926 Total bills and securities... 1,158,406 82,035 242,118 94,310 08,014 65,860 65,723 80,149 65,066 32,944 63,573 50,247 108,367 Bills discounted 515,031 38,987 02,489 55,424 47,413 45,570 39,170 89,587 30,657 3,758 15,480 12,294 34,202 Bills bdught in open market.... 249,394 29,731 55,553 14,640 22,599 10,656 23,295 31,788 7,721 8,682 11,361 9,389 23,979 United States securities - 385,279 12,899 82,569 21,723 37,414 9,342 2,338 58,020 26,451 19,828 36,518 49,806 Other securities 3,200 2,000 700 500 Foreign loans on gold * 5,502 418 1,507 523 588 292 220 754 237 176 214 193 380 Bills Discounted Rediscounted bills: Commercial and agricultural paper, n. e. s 196,484 21,362 9,603 13,222 8,679 25,309 31,226 32,039 14,872 3,071 11,615 9,672 15,814 Demand and sight drafts_.- 86 42 29 15 Bankers' acceptances 28 28 Trade acceptances, domestic. . ... 2,948 109 145 218 361 154 404 645 544 81 287 Secured by U. S. Government obligations __. 1,416 93 5 384 245 187 113 318 16 50 5 Member bank collateral notes: Secured by U. S. Government obligations 251,513 17,423 75,576 31,757 34,188 13,922 2,634 53,152 9,053 565 1,477 1,271 10,495 Otherwise secured 62,556 17,160 10,227 3,801 5,940 4,677 3,638 5,841 122 2,372 1,205 7,573 Total discounted bills. _.. 515, 031 38,987 102,489 55,424 47,413 45,570 39,170 89,587 30,657 3; 758 15,480 12,294 34,202 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports 104,952 9,192 21,506 5,369 9,385 4,477 9,839 15,618 4,197 4,304 6,387 4,253 10,425 Exports 59, 534 3,916 11,969 4,273 5,657 2,792 7,928 9,007 1,963 2,560 2,152 2,692 4,625 Domestic transactions._ 34,417 5,418 7,126 2,677 3,812 1,852 2,485 3,869 565 1,104 771 895 3,843 D ollar exchange 3,026 250 888 48 490 125 300 241 110 38 95 161 280 Shipments between or storage of goods in foreign countries 44,060 10,923 12, bO3 2,273 1,876 1,369 2,718 3,008 836 601 1,956 1,388 4,509 All other _ 1,356 32 41 25 45 50 75 163 Trade acceptances based on 925 imports _ 1406 134 Bills payable in foreign cur- 1272 rencies— _. __ . 1,643 1,379 264 Total purchased bills 249,394 29,731 55,553 14,640 22,599 10,656 23,295 31,788 7,721 8,682 11,361 9,389 23,979 United States Securities United States bonds - 81,893 1,221 9,392 4,965 9,194 1,640 784 21,951 6,442 8,246 11,327 4,403 2,328 Treasury notes »._ 232,195 9,587 59,867 6.211 25.024 6,315 274 28,906 14,597 9,454 19,978 19,563 32,419 Certificates of indebtedness 71,191 2,091 13,310 10,547 3,196 1,387 1,280 7,163 5,412 2,128 5,213 4,405 15,059 Total U. S. securities 385, 279 ' 12,899 82,569 21,723 37,414 9,342 2,338 58,020 26,451 19,828 36,518 28,371 49,806 DAILY AVERAGE HOLD- INGS DURING JUNE TQtal bills and securities 2 1,139,808 58,398 268, 217 89,323 107,534 68,332 67,738 144,557 62,452 37,241 68,489 54,013 113,514 Bills discounted 476,044 24,816 117, 785 49, 243 43,977 47,366 38,384 52,547 28,536 5,254 18,472 11,921 37,743 Bills bought ___ 244,038 16,767 57,186 13,985 23,702 11,158 25,065 31,353 6, 111 11,177 12,250 10,403 24,881 United States securities. 408,776 16,250 91,208 23,336 39,071 9,414 3,011 59,634 27,490 20,072 37,477 31,428 50,385 Foreign loans on gold. 7,407 565 2,038 696 784 394 298 1,023 315 238 290 261 505 EARNINGS DURING JUNE Total bills and securities 2 3,427 175 759 279 327 214 209 442 193 114 210 163 342 Bills discounted 1,518 82 340 162 144 156 126 173 94 17 61 39 124 Bills bought _ 675 46 160 38 65 31 70 85 17 31 34 29 69 United States securities _ 1,195 45 252 69 115 26 9 180 81 63 114 94 147 Foreignloans on gold.. 27 2 7 3 3 1 1 4 1 1 1 1 2 ANNUAL RATE OF EARNINGS Total bills and securities 2 3.66 3.65 3.44 3.79 3.70 3.81 3.76 3.72 3.76 3.71 3.73 3.67 3.67 Bills discounted*. 3.88 4.00 3.51 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Bills bought 3.37 3.37 3.40 3.33 3.35 3.35 3.41 3.32 3.31 3.41 3.36 3.40 3.38 United States securities 3.56 3.39 3.36 3.61 3.57 3.39 3.62 3.67 3.60 3.79 3.71 3.63 3.55 Foreign loans on gold.. 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 * Includes $9,561 based on shipments between foreign countries. 2 Figures include Federal intermediate credit bank debentures as follows: Philadelphia, average daily holdings, $2,063,000; earnings, $6,572; annual rate of earnings, 3.87 per cent. Atlanta, average daily holdings, $980,000; earnings, $2,778; annual rate of earnings, 3.45 per cent. Minneapolis, a verage daily holdings, $500,000; earnings ,$1,558; annual rate of earnings, 3.79 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 609 FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING JUNE, 1926 [Amounts in thousands of dollars] Total B to os n - Y N o e r w k P p d h h e i l i l - a a-C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - Lo S u t. is n M o e l a i i n p s - - v K C s i a a t n y s - Dallas F c S i r s a a c n n o - Total volume of operations _ 3,262,771 232,4021,476,615 193,267 309,039 281,484 77,919 292,661 97,338 20,888 48,220 30,107 202,831 jdills discounted for member banks 1____. 2,274,908 146,259 903, 683 157,374 246, 986 271,502 55,651198,816 10,994 29,027 14,552 153,109 Bills bought: In open market 318,369 56,055 131,763 12,832 13,715 7,600 11,835 26,934 6,264 8,385 6,424 31,866 From other Federal reserve banks.-_... 33,068 25,546 1,521 6,001 U. S. securities bought: In open market. _._ 631,625 29,883 414,485 21,399 48,034 2,24; 4,412 66,346 4,547 3,445 10,446 9,114 17,269 From other Federal reserve banks 4,301 167 1,001 251 110 497 1,118 169 342 553 Foreign loans on gold 500 38 137 53 27 20 22 16 20 17 34 Bills Discounted Hediscounted bills: Commercial and agricultural paper, n. e. s 149, 520 3,070 7,135 8,779 14,927 25,375 36,546 23, 584 6, 523 5,288 10,205 Demand and sight drafts _ _ 362 95 142 21 104 Bankers' acceptances, foreign 28 28 Trade acceptances, domestic 1,783 87 92 287 101 324 449 197 Secured by U. S. Government obligations •_ .___ 937 179 160 284 53 186 Member bank collateral notes: Secured by U. S. Government obligations _-_---_ 1; 683,390 74,774 774, 597 108,305 221,492 162,634 13,033149,989 47,691 8,135 16,977 6,350 99,413 Secured by eligible paper 2 ____.. 68,320 121,852 40,198 18,348 93,680 16,540 12,162 14,903 1,451 5,516 2,760 43,158 Total.. 2,274,908 146,259 903, 683 157, 374 246,986 271,502 55,651198,816 86,955 10,994 29,027 14, 552153,109 Average rate (365-day basis), per cent 3.89 4.00 3.50 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_.-. 6.09 6.78 4.85 9.58 4.80 2.55 11.71 11. 60 11.03 13.01 9.75 13.19 7.32 Rediscounted bills •__. 59.12 48.85 52.83 53.46 56.11 55.38 57.02 56.20 50.53 107.52 88.81 81.92 77.28 Number of member banks on June 30...___ 9,384 416 895 760 589 619 1,011 844 726 Number of member banks accommodated during month. 3,458 188 420 410 312 319 223 540 222 129 *239 204 Per cent accommodated . _, 36.8 45. 46.9 53.9 36.3 54.2 45.6 39.4 35.9 16.0 23. 28.1 Bills Bought in Open Market From member banks__._ 78,046 22,294 9,232 2,018 7,423 3,261 7,617 8,095 2,222 3,012 4,605 2,545 5,722 From nonmember banks, banking corporations, etc.: Bought outright _ 77,043 12, 202 5,034 10,814 6,292 4,339 4,218 12,084 2,474 3,252 3,780 3,879 8,675 Bought with resale agreement __. 163,280 21,559 117,497 6,755 17,469 Total.. 318,369 56,055 131,763 12,832 13,715 7,600 11,835 26,934 4,696 6,264 8,385 6,424 31,866 Rates charged: zyk per cent _ 71,335 9,511 13,139 3,033 5,966 3,646 3,892 10, 704 3,082 3,054 5,171 2,265 7,872 3M per cent. __. 78,391 24,793 841 9,475 6,501 3,074 6,919 11.122 1,352 2,820 2,604 3,482 5,408 3% per cent 192 16 324 1,207 439 595 3,278 262 390 601 575 984 3H per cent ,. 159,027 21,559 117,670 271 153 1,806 1 17,567 2>% per cent—... 59 24 35 3M per cent _ _ 323 170 2 102 4 per cent 274 274 4& per cent _. 97 97 Average rate (365-day basis), per cent 3.35 3.31 3.51 3.29 3.29 3.31 3.32 3/33 3.27 3.29 3.28 3.33 3.36 Average maturity (in days)3 47.11 58.09 15.45 58.98 49.46 42.02 45.10 45.92 40.28 53.39 44.30 Class of bills: Bills payable in dollars 3— Bankers' acceptances based on— Imports 55,234 10, 547 3,344 4,753 3,909 2,744 5,399 8,363 2,011 2,455 3,432 2,440 5,837 Exports 36,011 6,902 2,634 3,034 3,341 2,063 5, 603 1,456 1,605 1,885 1,884 2,519 D omestic transactions 24,057 6,305 1,352 2,593 2,579 1,301 1,472 3,567 275 812 582 2,539 Dollar exchange. _. 2,284 285 215 144 567 125 285 156 110 42 350 Shipments between or storage of goods in foreign countries _. 36,175 10,457 6,425 2,308 2,495 1,346 1,546 2,440 844 1,374 2,358 1,476 3,106 Allother __. _________ 233 25 21 • 50 18 25 46 Trade acceptances based on imports.. 174 174 Bills payable in foreign currencies ... 921 97 824 Total 155,089 34,496 14,266 12,832 13,715 7,600 11,835 20,179 4, 696 6,264 8,385 6,424 14,397 U. S. Securities Bought in Open Market Bought outright: United States bonds... _ 10,755 76 2,457 4,043 224 50 2,335 228 156 78 155 257 Treasury notes. ___. 71,384 2,978 2,671 6,815 1,978 37 8,915 3,981 3,032 6,116 6,275 9,917 Certificates of indebtedness4 507,242 370,284 14,685 40,995 217 2,040 42,984 410 335 675 693 7,095 Bought with resale agreement....__.. 42,244 23,075 14,219 3,500 1,450 Total.. 1631,625 29,883 414,485 21,399 48,034 2,245 4,412 66,346 4,547 3,445 10,446 9,114 17,269 1 Includes $550,000 discounted by the Federal reserve bank of San Francisco for the Federal intermediate credit bank of Berkeley, Calif., and $174,300 discounted for the Federal intermediate credit bank of Spokane, Wash. 2 Includes bills taken under a resale contract. 3 Exclusive of acceptances bought under a resale contract. * Includes special 1-day certificates issued by the Treasury to Federal reserve banks as follows: Boston $26,500,000, New York $368,000,000, Philadelphia $14,500,000, Cleveland $40,500,000, Atlanta $2,000,000, Chicago $42,000,000, and San Francisco $6,000,000. Total, $499,500,000. • Exclusive of $25,000,000 Treasury notes sold under repurchase agreement and subsequently repurchased. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING SIX MONTHS ENDING JUNE 30, 1926 Total Boston Y N o e r w k Ph p il h a i d a el- Cleveland m Ri o c n h d - Atlanta Chicago St. Louis M ap in ol n i e s - K C an it s y as Dallas San ci s F c r o an- EARNINGS: Discounted bills ...— $10, 231, 765 $613, 942$2,711,234 $1,045,228 $1, 029, 319 $857, 000 $702,142 $1,345, 623 $496, 611 $119,964 $356,281 $162, 778 $791, 643 Purchased bills ,. 4, 685,950 758,447 909,116 252,443 316, 757 154, 726 500, 389 504,462 214, 481 194, 426 226, 921 236,862 416, 920 United States securities - _ -, 6,660,832 213,192 1,213,804 405, 588 634, 519 132,670 193,223 975,848 459,820 355,979 657,073 575,161 843,955 Deficient reserve penalties 179,288 3,848 16, 518 5,499 16,102 31,124 23,437 25,429 11,908 6,327 11, 560 13,214 14,322 Miscellaneous _. 1, 072,117 113, 691 166, 954 85, 223 82, 647 34, 825 29, 009 177,198 21, 012 81,306 147, 706 44,302 88,244 Total earnings __•„. 22, 829, 952 1,703,120 5,017,626 I 1,793,981 2, 079, 344.1, 210,345 1,448,200 3,028,560 1,203,832 758,002 1,399, 541 1, 032,317 2,155,084 CURRENT EXPENSES: Salaries— Bank officer 1, 217,866 58,000 239,267 61, 750 107,188 83,400 95, 270 149,781 84, 222 78,191 73,330 118,381 Clerical staff . 5,893,639 447,287 1, 527, 904 444, 542 £08, 036 303, 070 211,487 841, 931 313,164 182,745 320, 659 244, 508 548, 306 Special officers and watchmen 384.220 17,095 82,716 25,411 49,943 22,124 15, 496 48,348 23,197 12, 856 31,108 16,537 39,389 All other . , 897,916 42, 349 240,476 49,491 110, 868 33,858 18, 631 132, 902 35, 742 41, 231 88,641 42,451 61,276 Governors' conferences 2,714 166' 175 136 107 125 123 214 201 272 298 333 564 Federal Advisory Council 6,912 371 379 317 396 222 562 755 600 372 523 715 1,700 Directors' meetings „_. 76,008 3,845 8,652 3,506 3,785 3,516 11, 676 5,294 6,489 3,098 11,636 3,115 11,396 Traveling expenses i__. .„__, 137,645 3,013 13, 085 5,735 9,493 9,957 22, 742 12, 098 17, 011 16,504 3,704 10,426 13, 877 Assessments for Federal Reserve Board expenses—-----.- : __. 344,337 26,144 94,206 32,729 36,791 18,270 13,662 47,271 14,991 10,898 13,480 12,120 23,775 Legal fees 55,022 1,033 3,805 2,579 3,456 1,094 5,654 2,272 1,444 13,604 4,009 4,650 11, 362 Insurance (other than on currency and > security shipments) - 213,983 14,473 34, 527 17,700 18, 874 12,954 11,903 24,745 13,413 14,741 18,328 12, 551 19,774 Insurance on currency and security shipments __. 298,353 41, 969 58, 523 37, 231 35, 538 16,107 28,539 33, 765 7,726 6,631 7,749 9, 618 14, 957 Taxes on banking house . _. 693,398 62,535 194,494 17,198 66,383 22,824 27,378 139,218 29,965 42,828 40,658 16,195 33,722 Light, heat, and power __-_-. 173,801 10,530 39,176 10,854 22,038 5,045 6,076 15,873 10,650 10,710 28,597 7,857 6,395 tei Repairs and alterations, banking house.., 117,107 603 18,953 55,172 6,587 977 2,099 20 5,575 2,296 20, 702 1,372 2,751 i Rent „ 120,139 840 12,789 1,394 10,037 5,139 4,784 19, 068 10, 204 27 726 55,131 Office and other supplies ___ __. 189,492 10,544 .46,111 15,151 14, 557 8,473 12,224 29,376 10,411 11,059 9,717 7,366 15,503 Printing and stationery _.__ 229,815 22,454 33,888 18, 970 23, 521 16,129 14, 836 40,067 7,333 12,305 15,162 6,910 18, 240 w Telephone 97, 092 10,514 25,434 13,297 6,516 3,097 2,956 10,641 6,344 2,944 4,022 3,645 7,682 a T Po el s e ta g g r e a ph _ _ - . _ _.__. 8 2 5 6 7 5 , , 2 7 1 4 7 6 9 4 7 , , 5 5 9 3 4 0 1 2 3 9 8 , , 0 8 9 4 1 8 8 8 4 , , 8 1 2 69 7 7 1 7 9 , , 1 0 3 2 5 5 5 1 2 5 , , 3 5 3 2 7 9 3 5 7 4 , , 2 0 0 3 9 3 1 .2 1 4 2 , , 4 1 2 2 4 8 2 44 1 , , 7 2 0 0 5 3 3 1 0 1 , , 2 8 0 7 0 1 3 6 0 4 , , 6 8 3 9 4 6 2 41 3 , , 9 9 8 0 0 2 3 5 8 9 , , 9 7 3 5 5 8 E Expressage 210,078 19,980 51, 626 27,792 13, 635 15, 233 17, 005 25, 955 7,147 4,282 6, 687 8,942 11,794 Miscellaneous expenses ______ 326,030 23,343 ' 80,823 22,652 27, 592 14, 848 13,720 34,976 13,325 17,406 24, 220 20,267 32,858 1-3 Total, exclusive of cost of currency. 12,808,530 919,212 2,973,948 956, 603 1,171,501 I 664,328 ;628,065 1, 751,122 685, 062 517, 999 823, 648 569, 516 1,147, 526 Federal reserve currency- Or c i h g a in rg al e s. c ost, including shippi _ n _ g r. 771, 778 76,221 220, 081 97, 929 93, 644 27,433 58, 751 no wo 958 20,185 21, 013 13,858 47, 932 Cost of redemption, including shipping charges 110,196 12,907 19,067 19,280 13,344 7,505 2,353 12,915 2,8 664 4,301 3,131 11,830 • Total current expenses 13, 690, 504 1,008,340 3,213, 096 1, 073,812 1, 278,489 689,169 1,857,810 I 688,919 538,848 586, 505 1,207,288 CURRENT NET EARNINGS ... 9,139,448 694,780 1,804, 530 720,169 800,855 511,079 759,031 1,170,750 514,913 219,154 550, 579 445,812 947,796 DIVIDENDS PAID ... 3,614,093 261,467 1,024, 093 357, 480 401, 868 181,097 146,269 485,954 155,796 94, 670 127,130 128, 645 249,624 REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT: Salaries-.- 51,304 3,244 6,486 A, 631 6,817 3,018 2,439 2,405 6,287 4, 083 4,410 "1,815 All other . 1.0,084 337 433 1,975 291 388 1,729 2,203 540 294 476 Total..... •_ .-_-. 61,388 3,581 7,476 5,064 8,792 3,309 2,827 4,134 6,097 8,490 4,623 4,704 2,291 } Other than those connected with governors' and agent's' conferences and of the advisory council. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 611 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 la le n v d e- m K o ic n h d - la A n t t - a Chicago n M o e l a i i n p s - - K C an it s y as Dallas - F c S r is a a c n n o - - .Number of reporting banks: June 23 703 38 97 68 48 June 30 702 99 66 July 7 — 700 65 July 14 38 96 65 Loans and discounts, gross: Secured by IT. S. Government obligations- June 23___. 142,936 8,419 49,057 11,163 18,741 4,701 5, 739 19,021 7,458 2,648 3,765 4,170 8,054 June 30 148,415 8,414 48, 66lj 13, 763 19,000 5,384 5, 663 21,479 7,420 2,663 3,886 4, 034 8,048 July 7 145,139 8,364 48,3371 11,158 18,703 4,340 5, 605! 21,814 8,943 2,590 3, 733 3,975 7,577 July 14 144, 298 7~" 49, 921; 11, 272 18, 591 4,403 5,6701 19, 727 8,183 3,384 3,807 3,925 7,517 Secured by stocks and bonds- June 23, 5,419, 602 338,850 2,348,117 414,442 550, 301 134,678 94,1061 820,196 193,134 68,353 107,554 280,885 June30—-._ 5, 574,866 343,0312,488,460 416, 329 546,102 136,326 102,690! 824,924 194,031 67,404 107,012 68, 979 279,578 July 7 . 5, 510,340 348, 529 2,412,058 414,856 555, 564 137, 592 105,368! 826,938 187, 533 67,971 105, 536 70, 708 277,687 Julyl4 5,468,999 342,955 2,349,106 409, 952 550, 570 138,855 103,976! 844,158 191,094 76,866 111, 391 68,941 281,135 All other loans and discounts— June 23 8, 382,980 647,906 2,617,, (074 367,199 791,404 374,322 401,,253 1,261, 710 301, 501 161,070 321,632 228,354 909, 555 June 30 8,412,217 644,810 2,640,,'750 372,269 793, 883 367,144 386,, 509 ,1277,240 304,910 164, 524 327, 561227,994 904, 623 July 7 8,402,601 648, 500 2,641, 537 374,483 790,059 368, 978 386,1011 307,931 162,164 327,331 223,050 902, 781 July 14 8,396,074 657,021 2,624, 664 375,950 789, 737 369, 391 387,449 1,270, 745309, 329 152, 620 331, 733 223,842 Total loans and discounts— June 23 13, 945, 518 995,17; 5,014,248 792,804 1..,360,446 513,701 501,098 2,100,927 502,093 232,071 432,951 301, 510 1,198,494 June 30 14,135,498 996,2555,177,871, 802,361"1, 358,985; 508,854 494,862 2,123, 643506,361 234, 591 301,007 1,192,249 July 7 14,058,0801,005,393 5");, 101, 932 800,1,497 :1,. 364,3261 510,910 497,074 2,118,438 504,407 232, 725 297, 733 1,188,045 July 14 14,009, 3711,007',, 874 5'),, 023, 6911 797,, 174 I,358,898 512,649 497,095 2,134, 630508, 606 232,870 446,931 296,7081,192,245 TJ. S. Government securities: June 23 2, 508,115 146,3301. 83, 702 280,468 67, 706 41,142 307,200 64, 638 19,645 103,910 53, 914260, 763 June 30 2, 511, 580 137,"'" '., 031,097 81,171 280, 609 -42,459 325, 963 62,285 103, 060 54,368 257,403 July 7 ~- 2,494, 604 147, ., 028,1041 82, 701 281, 207 65,452 39, 676 308,837 60, 599 68,015 103, 993 53, 715254, 643 July 14 . 2,494,386 149, 7121,022,840! 82, 738 284,114 66,157 40,388 308,939 61,414 69,056 104,318 52,399 252,311 Other bonds, stocks, and securities: i June 23 3,147,387 251,242 1,. 205,891 263, 533 369, 513 67,296 56,229 444,021 116, 790 46,038! 24,311 213,874 June 30.--- 3,169,186 250, 736 i.;, 218,475263, 524 362, 202 67,234 58,105 459,444 115,412 46,031 f 90,159 22,971 214,893 July 7 3,158,106 249, 0671,, 221,740 264, 503 360,902 71,177 57, 741 450, 326 115,102 45,546! 90,210 21, 958209,834 July 14 :_... 3,160,410 247, 2651,:, 227, 391265, 636 355, 676 73,037 57,455 447,928 115, 562 45,829! 90,715 22,079 211,837 Total investments: June 23 . 5,655, 502 397,572 2,234,588 347,235 649, 981135,002 97,371 751,221 181,428 115, 683!192, 559 78,225 474,637 June 30 5,680,766 387,954 2,249, 572 344, 695 642,811 133,885 100,564 785,407 177,697 115,327 193,219 77,339 472,296 July7__ 5, 652,710 396,729 2, 249,844 347,204 642,109 136,629 • 97,417 759,163 175,701 •113, 561194,203 75,673 464,477 Julyl4_ 5, 654,796 396,977 2, 250,231 348,374 639,790 139,194 97, 843 756,867 i 176,976 114,885 195,033 74,478 464,148 Total loans and investments: June 23 19,601,0201,392,7477, 248,836 1,140,039 2,010,427648,7031 598,469 2!,, 852,148! 683,521347,754 625,510 379,735 1,673,131 June 30 19,816,2641,384,209 7";, 427,443 1,147,056 2,001,796642,739| 595,426 2!,,990099^,050i 684,058349,918 631,678 378,346 1,664,545 July 7 „ 19,710,7901,402!,, 122' ,7. 351,776 1,147,701 2, 006,436457, 539 559944,,4 9'12,877,601! 680,108 630,803 373,406 1,652,522 July 14 . 19, 664,1671,404:,, 851' 7,, 273,922 1,145, 548 1,998,686581,843 5"9"4' : ,, 938 !2,,891,497| 685,582347,755 641,964 371,186 1,656,393 Reserve balances with Federal reserve bank: June 23 •_. 1,664, 507 93,320 764,696 82,916 129, 582 38,455 42,396 252,923; 46,231 22,453 55,743 30,054 105,738 June 30 1,660,684 98,065 766,138 80,315 122,831 39,755 35,824 258,611 43,755 21, 570 56,976 28, 573 108,271 July7 __.._.__. 1,668,872 94,126 787,686 83,102 121,167 46,141 40,285 232,6751 48,812 25,084 58,718 26,933 104,143 Julyl4_ —. 1, 667,980 102,458 757,547 80,735 133,571 41,017 41,280 253,208 46,154 21,322 54,048 27,153 109,487 Gash in vault: June 23 274,779 21,328 77,836 15,903 31,327 13,542 10,826 49,147 7,276 5,634 12, 656 9,514 19,790 June 30 277,274 20,827 79,753 14,918 30,059 13,311 11,60f 50,284 7,807 5,704 11,964 10,436 20,608' July7 297,581 21, 643 87, 040 16,125 33,716 14,306 11,52: 53,485 8,233 6,142 12,729 10, 298 22,343 Julyl4 293,214 22,000 82,757 16,941 32,290 14,109 11,725 52, 913 8,720 6,156 12,718 10, 562 22,323 Net demand deposits: June 23 _-_..-_. 12, 900, 556 892,524 5,635,386 763,2811,042,749 358,302! 338, 228 1.747,061 217,474 492, 986257,548 756,320 June 30 13,252,106 913,097 5,869,390 774,728 I.!, 040,622370,652 330,396 1,803,108 402,155 221,238 501,927 261,206 763,587 July7___ 13,011, 639 908,36815,655,967 784,46f '1,052,658378,443 337,708 1,771,588 408,923 213,389! 502,484 251,195] 746,451 July 14 13,052,760 925,51"5,602,163 77V~ ., 054,6393"7 8,285 343,5181,811,538 409, 682 209,830J 515,112 259,681 768,628 Time deposits: June 23 5, 607, 618 420,888 1.., 250, 609229,003 813,536 207,287 220,1001, 046,464213,462 110,6131 146,534 101, 594 847,528 June 30 5,649,825 417, ., 262,809229,289 826, 992215, 221 226,6111, 052,337213, 682 110,090 147,301 99,349 849,140 July7 5,654, 512 422,3751,267,'"" 229, 562 819,983 211,034 2231,,9-3"6' 1'.,051,375 212,230 116,306 146,212 105, 826 847,764 Gov J e u rn ly m l4 e _ n _ t deposits: _. 5,685,213 422,7871,""" 233,906 827,191 209,082 221,,8831,056,925 212,679 I 848,009 June 23 -. 187,822 29,776 36,744 22, 503 22, 614 7,138 9,136 19, 528 6,249 3,099 6,360 5,561 19,114 June 30 163,864 26,058 32,149 19,693 19,781 6,232 8,068 14, 519 5,468 2,796 . 5, 563 6,814 16,723 July7—__. 153, 688 24,755 30, 537 18, 705 18,787 5, 920 7,541 13,805 5,179 2,660. 5,290 4,622 15,887 July 14 ' 141,838 22,772 28, 096 17,212 " 17,283 5,863' 6,733 12,708 4,779 2,660' 4,864 4,252 14,616 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

612 FEDERAL RESERVE BULLETIN AUGUST; 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 l l a e n v d e- m Ri o c n h d - la A n t- ta Chicago L S o t u . is n M o e i l a n i p s - - K C an it s y as Dallas F c S r is a a c n n o - Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations— June 23 ._. 136,254 1,815 46,115 5,691 20,677 6,765 4,549 25,697 6,523 2,097 3,278 13,047 June 30 __. 160,433 6,900 57,048 6,401 22,918 5,135 2,047 44,954 4,616 80 . 524 485 9,325 July7_ __ 231,159 3,340 156,740 4,158 13,186 2,330 1,' 20,929 2,588 2,570 2,759 1,485 20,041 July 14.. 168,136 8,090 5,680 16,276 2,755 1,317 16,497 1,623 2,120 3,019 982 21, 282 All other- June 23 _ 119,733 8,593 14,561 7,259 10,718 17,969 9,910 160 5,955 3,233 14,085 June 30 128,063 16,404 13,023 11,308 6,172 10, 673 17, 228 20, 464 11, 544 160 5,354 2,730 13,003 July 7.-- 157, 616 18,179 50, 788 4,929 9,967 11,348 14,428 15, 532 8,952 3,840 13,484 July 14 128,472 10,164 30,425 6,952 6,755 11,590 14,915 13,059 13,735 160 4,328 4,294 12, 095 Total borrowings from Federal reserve bank: June 231 , 255,987 10,408 60, 676 12,950 29,571 17,483 22, 518 44,093 16,433 160 8,052 6,511 27,132 June 30 _._ 288, 496 23,304 70,071 17, 709 29,090 15, 808 19, 275 65,418 16,160 240 5,878 3,215 22,328 July7._ 388,775 21, 519 207,528 9,087 23,153 13,678 15,461 36,461 11, 540 2,570 8,928 5,325 33,525 July 14... 18,254 118,920 12,632 23, 031 14,345 16,232 29, 556 15,358 2,280 7,347 5,276 33,377 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS [In thousands of dollars] CITY 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 - At t l a an- Chicago L S ou t. is M ap in ol n i e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Number of reporting banks: June 23--__. 23' 39 14 June 30 236 14 July 7 _ 236 14 July 14 235 14 Loans and discounts, gross: Secured by U. S. Government obligations— June 23 94,920 6,962 44,927 10,609 5,397 867 1,714 13,009 5,277 1,271 2,011 1,980 June 30 99,521 44,553 13,202 5,375 860 1,712 15,537 5,126 1,286 2,101 1,996 1 July7__________ 98,441 44,263 10,605 5,300 857 1,739 15,970 6,592 1,181 858 2,081 2,066 July 14 _ 97,428 6,493 45,900 10,708 5,329 950 1,753 14,016 6,062 1,184 2,105 2,032 Secured by stocks and bonds— June 23. —_. 3,912,891 246,993 2,063,443 374,251 210,679 20,816 13,843 617,855 141,693 31,624 34,019 17,160 140,515 June 30 4,061,298 252,194 2,209,125 374,530 206,167 20,833 14, 540 618,294 142,091 31,600 32, 758 17,423 141,743 July 7 3,973,006 258,316 2,127,238 370, 524207,738 20,269 12,069 616,932 137, 701 31,296 31,948 16,992 141,983 July 14_._'_ 3,916,427 256,545 2,060,408 366,121 205, 782 20,367 11,212 632,523 139,468 31, 799 33,014 17,122 142,066 All other loans and discounts- June 23 5,082,865 505,033 2,275,736 330,245 379,244 74,199 53, 701 701,476 170, 739 95, 295 66,513 348, 776 June 30 _ 5,116,856 502,084 2,296,513 335, 759383,097 75,286 52,866 701,069 173,853 85,465 98,096 65,079347,689 July 7—____ 5,139,979 505,377 2,305,876 337,489 384, 548 74,814 708,468 177,953 81,507 99, 751 63,781 347, 519 Julyl4_ 5,131,198 511,655 2,289,170 337,806 383,005 74,463 54,571 707,377 181,141 80,070 101,524 64,315346,101 Total loans and discounts- June 23. 9,090,676 758,9884,384,106 715,105 595,320 95, 882 258 1,332,340 317,709 114,803 130,210 85,684491,271 June 30 , 9, 277,675 761,208 4,550,191 723,491 594,639 96,979 118 1,334,900 321,070118,351 131,697 84,603491,428 July7__.._ .... 9,211,426 770,622 4,477,377 718,618 597,586 95,940 66, "7'04 1 1,341,370 322,246113,984 132,557 82,854491, 568 Julyl4______ 9,145,053 774,693 4,395,478 714,635 594,116 95,780 67, 553366 1 1,353,916 326, 671113,053 135,434 83, 542490,199 U. S. Government securities: June 23 1,535,372 76,801 911,446 68,194 65,062 3,242 11,210 163,743 48,856 31,058 35, 258 15, 500105,002 June 30.... 1, 553,674 77,070 913,33" 65,620 65,335 3,242 10, 705 184,099 48,040 31,105 34,647 16,035 104,439 July 7 1,528,295 76,769 910,260 67,148 65, 734 3,242 11,125 165,678 45,964 34,577 15,184 102,535 Julyl4__ _. 1,523,094 78,816 903,804 67,568 65,624 3,238 11,122 165,665 45,921 31,130 34,976 14,775 100,455 Other bonds, stocks, and securities: June 23..1 1,744,05C 121,780 892,942 221,886 83,062 9,702 7,664 204,995 68,574 19,834 24,016 4,960 84,641 June 30_> 1,772,243 121,997 907,079 221,691 83,984 10,252 7,688 219,459 68,933 19,396 24,723 3,437 83,604 July 7 1,766,03* 119,635 910,528 222,621 85,426 12,028 7,733 208,743 68,907 19,321 24,870 3,516 82,710 July 14 1,768,572 117,086 918,103 223,465 83,877 13,047 7," 203, 786 19,346 24,611 3,491 84,071 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 613 PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] CITY 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 - At t l a an- Chicago L S ou t. is M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - Total investments: June 23 3,279,428| 198,5811,,804,388 290,080 148,124 12,944 18,874 368, 738117,430 50,892 59,274 20,460 189, 643 June 30— _ _. 3,325,917 199,067 1,, 820,416 287,311 149,319 13,494 18,393 403,558 116,973 50, 501 59, 370 19,472 188,043 July 7. _ 3,294,336 196,404 1, 820, 788289,769 151,160 15,270 374,421 114,871 49,403 59,447 18, 700185, 245 July14._._ _ 3,291,666 195,902 1, 821,907 291,033 149, 501 16,285 18,925 369,451 115,807 50,476 59,587 18,266 184,526 Total loans and investments: June 23... _._... 12,370,104 957,569 6-,,1 88,,4 941,005,185743,444 108,826 88,132 1,, 701,078435,139 165, 695189,484 106,144 680,914 June 30.... . 12,603,592 996600,,227755 66,,337700,,660077 11,010, 802743,958 110,473 87, 511 1, 738,458438,043 168,852 191,067 104,075 679,471 July 7 12,505,762 9—6.7-,0-2-6, 6—,.29"8-,•16,50 108,387 748,746 111, 210 85, 562 1, 715,791437,117 163,387 192,004 101, 554676,813 July 14.. --...12,436,719 970,595 6,217,385 1,005,668743,617 112,065 86,4611,723,367 442,478 163, 529195,021 101, 808674,725 Reserve balances with Federal reserve bank: June 23—„_„_ 1,191,439 73,353 701, 535 76,446 40,441 4,975 7,196 179,299 10, 745 17,855 7,642 40,956 June 30 __. 1,187,780 77,702 709,170 73,454 37,892 6,660 4,338 170, 611 27,853 9,932 19,952 8,093 42,123 July 7 _ 1,201,371 74, 586 730, 516 76,216 41,574 9,484 6,005 154, 695 31, 965 12, 957 16, 795 7,245 July 14 1,180,838 80,058 73,513 40,190 7,183 6,400 169,405 31,067 9,391 17,722 7,444 42,677 Cash in vault: June 23 132,751 9,711 62,787 13.297 9,249 1,032 21,781 3,347 1,722 2,439 1,272 5,305 June 30 133,284 9,208 64,273 12,469 9,613 941 1,067 21,424 3,487 1, — 2,249 1,233 5,722 July 7_... ____ 144,656 9,558 69,152 13.298 10, 515 888 1,277 24,014 3,755 1,952 2,352 1,493 6,402 July 14 142,415 9,355 67,065 14,013 10, 620 929 1,307 23,167 3,875 1, 815 2,403 1,533 6,333 Net demand deposits: June 23—_______ 8,875,382 689,430 5,036,073 687,153 275,049 58,995 50,8311,164,137 105,867 165,657 72,697 302, 624 June 30.._._.._.__- 9,161,259 704,081 5,262,451 698, 502277,741 60, 545 49,952 1,184,987 268, 558108,900 167,309 74, 576303,657 July 7 8,956,182 699,322 5,071, 545 703,656 282,921 63,093 51,7941, 169,471274,745 101,563 168,068 71,776 298,228 July 14.... __._ 8,935,747 714,684 5,018,296 693,611 62,367 52,670 li, 184,487276,215 171,942 76,100 303,441 Time deposits: June 23. _____ 2,766,960 214,063 834,568 182,710 453,638 31,011 29,303 506.788 124,676 49,222 18,165 18,334 304,482 June 30—_— 2,789,066 210, 241 846,914 182,342 463,641 31,497 29, 722 514,041 124, 731 49,399 18,133 16,451 301,954 July 7 ____ 2,794,410 215,644 844,853 182,106 460,219 31,483 29, 527 514, 781123,790 52,117 18,302 16,398 305,190 July 14 ____ 2,810,403 214, 745 851,050 185,570 459,152 31,395 29,481 520,230 124,644 52,643 18,354 16,633 3Q6,506 Government deposits: June 23 _ 130,471 28,923 32,812 21,172 5,411 481 2,174 10,057 5,824 1, 5,510 3,517 13,092 June 30 _-. 111,611 25,311 28, 710 18, 527 4,746 421 1,912 6,229 1,308 4,819 3,077 11,455 July 7.. __ 106,008 24,044 27,270 17, 598 4,508 400 1,804 5,931 4, 1,242 4, 580 2,923 10,882 July 14 97,677 22,120 25,090 16,193 4,152 1,674 5,469 4,454 1,242 4,214 10,011 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations— June 23 66,945 65 24,200 3,881 83 1,900 18,972 4,843 700 11,662 June 30— 91,645 5,000 40,425 5,971 83 28,229 2,886 80 321 8,650 July 7 ____ 177,719 1,765 136,550 3,223 800 83 10,079 2,588 2,570 656 19,405 Julyl4_____ 120,866 6,365 76,450 4,415 1,100 53 7,074 753 2,120 1,456 21,080 All other- June 23. 55,574 6,122 11,435 7,201 1,720 3,381 2,336 2,552 4,983 852 9,660 June 30 — 68,161 14,113 9,540 9,483 200 5,565 2,366 6,278 4,518 290 10,600 July 7 108,561 17,646 47,771 4,929 5,565 6,506 2,321 4,283 5,425 5,206 191 8,718 Julyl4____ 81,275 9,643 127,496 5,788 2,114 3,657 9,629 3,907 125 9,341 Total borrowings from Federal reserve bank: June 23— 122,519 6,187 35,635 11,082 1,720 3,464 4,236 21,524 10,17; 5,622 1,552 21,322 June 30____ 159,806 19,113 49,965 15,454 200 5,648 2,366 33,437 9,164 80 290 19,250 July7_.__. 286,280 19,411 184,321 8,152 6,365 6,589 2,321 14,362 8,013 2,570 5^862 191 28,123 July 14 202,141 16,008 103,946 11,301 5,841 2,114 10, 731 10,382 2,120 5,363 125 30,421 Due to banks: June 23 _. 2,121,459 121,364 1,042,010 173,988 46,230 28,508 17,950 362,162 79,470 46,640 89,076 91,493 June 30 _.. 2,330,717 131,451., 192,923182,677 46,272 26,843 14,143 391,953 79,104 46,692 93,855 98,416 July7___ 2,283,176 134,2431,097,140 184,569 49,135 31,755 16,453 394,065 87.764 49,725 106,057 26,775 105,495 Julyl4___.__ -__„ 2,231,429 134,168 1., 083,184173,396 50,622 31,518 15,422 377,410 82,317 46,929 108,452 25,206 102,805 Due from banks: June 23 _ __. 579,497 41,750 107,798 62,020 25,097 15,022 11,714 153,44] 28,171 21,100 37,488 22,504 53,392 June 30 ._. 614,325 48,771 109, 639 68,719 35,313 14,309 10,614 164,011 26.765 19,476 40,135 24,404 52,169 July 7 „__ 599,046 37,246 104,244 62,380 29,700 14,618 14,444 161,182 29,083 22,901 46,361 24,614 52,273 July 14 618,103 40,715 112,16" 59,869 26, 746 16,393 13,084 160,757 28,434 27,050 48,100 25,622 59,166 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN AUGUST, 1926 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 For For Total F a o cc r o o u w n n t a o c o f c f o to o u w u n t n t o a f c F c o o o th u r e n r t s Total F a o cc r o o u w nt n a o o c f c f t o o o u w u n t n t o a f c F c o o o th u r e n r t s Total F a o cc r o o u w n n t a o o c f f c t o o o u u w n t n t o a f c F c o o o th u r e n r t s banks banks banks 1926 June 23 _ 2,532, 898 974, 700 942, 764 615,434 1, 859,579 617, 828 691,400 550,351 673,319 356,872 251,364 65,083 June 30 2, 565,177 1,102, 844 • 883,587 578, 746 1,889, 762 744, 766 635,947 509,049 675,415 358,078 247, 640 69,697 July 7 2, 602, 788 1,019,298 951,852 631, 638 1,940, 069 663, 030 704,437 572,602 662, 719 356, 268 247,415 59, 036 July 14. 2, 601, 257 932, 813 1,016,148 652, 296 1,924,965 569, 625 766, 037 589, 303 676,292 363,188 250, 111 62,993 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 1925 Mar. 24 Apr. 28 May 26 June 23 June 24 Mar. 24 Apr. 28 May 26 June 23 June 24 Boston 1,337,219 1,364,018 1,360, 730 1,376,357 1,337,475 820, 818 835,447 848, 206 852, 245 762,492 New York.. 6,370,129 6,415,786 6,451,092 6,443,053 6,276,324 2,283,991 2,316,911 2,312,758 2,350,454 2,141,081 Philadelphia ._ 1,169, 750 1,195,490 1,196. 898 1,187, 668 1,159,036 875,945 887,115 892,122 894,481 808,481 Cleveland . __. 1,467,382 1,481, 605 1,494, 535 1,520,560 1,482,254 1,379, 613 1,400, 234 1,406, 757 1, 411, 006 1, 344, 751 Richmond 605,734 591, 611 596,495 585,834 558, 817 518, 652 516,044 514,118 518,690 508,488 Atlanta 726, 842 697,133 667, 815 649,584 621,453 441,056 446,396 445, 788 433,594 407,643 Chicago . . 2,412, 260 2,463,012 2,496, 751 2,472,402 2,425,469 1, 892,013 1,883,491 1,904, 508 1,928,196 1, 826,655 St. Louis 733,071 742,039 733,091 730, 589 693,028 472,818 479,354 481, 644 477,187 441,929 Minneapolis . 452, 286 430,343 424,962 437, 644 451, 240 439,126 436, 566 433,102 434, 380 434,484 Kansas City 842,218 827,071 852, 781 851,921 836, 559 319,296 321, 296 321. 807 321,439 309,948 Dallas ..- 637,392 605, 845 598,483 588,075 588,601 169,159 165, 668 165,099 166, 827 167, 218 San Francisco 1,259,406 1, 250,410 1, 264,388 1,266,447 1, 240,484 1,357,039 1,359,637 1, 376,204 1,378,973 1, 267, 614 Total... 18,013, 689 18,064, 363 18,138, 021 18,110,134 17, 670,740 10, 969, 526 11,048,159 11,102,113 11,167, 472 10,420, 784 Banks in cities and towns having a population of— Less than 5,000 1, 701, 022 1, 663,116 1, 648,122 1,634,673 1, 614, 416 1, 781, 595 1,782, 813 1, 782,434 1,788, 633 1, 715, 247 5,000 to 14,999 1,140,139 1,127,913 1,129, 570 1,118,469 1,077,714 1,147,134 1,151,394 1,157, 379 1,157,- 523 1,091,481 15,000 to 99,999 2, 367, 207 2, 354,817 2, 347, 585 2,362,562 2,265,177 2,192,271 2, 202,327 2,203,014 2,216, 950 2, 081, 760 100,000 and over 12,805, 321 12,918, 517 13, 012, 744- 12, 994,430 12, 713,433 5, 848, 526 5, 911, 625 5,959,286 6,004,366 5, 532, 296 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN 615 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES MONTHLY SUMMARY FOR BANKS IN 141 CENTERS [In thousands of dollars] 1926 1925 Number Federal reserve district of centers April May June April May June •No. 1—Boston 2, 686,824 2, 553, 262 2, 611, 091 2,326,857 2,273,167 2,374,832 No. 2—New York 30,125,626 27,374, 249 29, 063,449 24, 721,153 26,976,549 27, 764,381 No. 3—Philadelphia.. 2,243, 742 2, 077, 523 2,210,598 2, 024,253 2, 071,159 2,296,834 No. 4—Cleveland 2, 540,997 2,340,429 2, 553,924 2,407,075 2,240,047 2,459, 218 No. 5—Richmond 773, 032 726, 024 797,444 747,785 718,890 774,907 No. 6—Atlanta. 1,240,398 1,126,993 1,106,449 1, 060,994 1, 096,908 1,059,350' No; 7—Chicago 5,641, 085 5,509, 513 5, 731, 621 5,131,967 5,248,800 5, 523, 074 No. 8—St. Louis..._. 1,209,919 1, 225,233 1,177,677 1,141,405 1,170,648 No. 9—Minneapolis _ _ 663,191 670,147 697,614 694,973 762,780 No. 10—Kansas City.. 1,161,433 1,132,882 1, 225,456 1,119, 651 1,098,468 1,210,741 No." 11—Dallas........ 553,791 516,892 546,463 518,184 496,796 524,937 No. 12—San Francisco 2,955,186 2, 765, 831 2,896,365 2,604,174 2,519,105 .2,689,431 Total.. 141 51,811,316 47,996, 70 50,638,240 44,537,384 46,576,267 48,611,133 New York City._ 1 29, 299; 814 26,570,853 28,196, 065 23,944,580 26,179,393 26,929,559' Other selected cities. _. 140 22,511,502 21,425, 855 22,442,175 20,592,804 20,396,874 21,681,574 WEEKLY SUMMARY FOR BANKS IN 257 CENTERS [In thousands of dollars] 1926 1925 Number Federal reserve district of centers June 23 June 30 July 7 July 14 June 24 Julyl July 8 July 15 No. 1—Boston ._ 601,293 681, 001 701,430 629,676 606,293 624, 782 609,818 546,248- No. 2—New York 6,907,529 7, 074, 700 6,651,148 6, 564,687 5,988, 062 7, 069,150 6,031,170 6,121,431 No. 3—Philadelphia.. 541,285 596,143 579, 764 593,704 589,897 613,102 524,266 556, 025 No. 4—Cleveland.—_ 692, 685 708,248 689,293 722,616 642,160 744, 767 653, 954 No. 5—Richmond 314,274 321,944 389,553 315,206 289,305 333,196 320,181 325,014 No. 6—Atlanta... 260,546 259,202 287, 652 282,366 245,092 267, 818 266, 684 266,587 No. 7—Chicago _ 1,391, 564 1,353,404 1,376, 717 1,367,291 1,253,316 1,461,485 1,245, 111 1,303,088 No. 8—St. Louis...__ 301,843 287,464 300,095 309,402 252,230 293, 718 274, 902 294, 876 No. 9—Minneapolis.. 167,200 171, 511 181,859 183,396 173,728 200,510 171,855 185,880 No. 10—Kansas City.. 307,696 328,997 337, 580 361,821 293,495 328, 930 313,929 317,190" No. 11—Dallas .... 153,433 146,967 155,728 154,282 135,827 140,935 138,209 147,227 No. 12—San Francisco 675,244 709, 085 715,166 754,486 614, 064 620,882 670,606 Total 257 12,314,592 12,638,666 12,365,985 12,238,933 11, 083,469 12, 761, 062 11,170,961 11,422,81$ BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES [In thousands of dollars] No.. 1—Boston... __ 496,346 493,005 426,830 426,055 420,369 415,105 348,346 No. 2—New York 6,544,023 678,966 6,225,849 6,193,952 5,668,452 6,681,610 5,690,889 5,772,609' Buffalo 85,017 105,007 106,059 91,474 75,523 81,524 82,220 94,622 No. 3—Philadelphia... 403,837 457, 724 438, 594 442,934 456,175 462,249 385,870 417,337 No. 4—Cleveland—— 162,336 171,700 192,862 183,411 144,778 188,638 161,884 176,082 Cincinnati 82,765 81,939 83,622 83,819 78,253 85,100 75,918 84,054 Pittsburgh 237,051 246,927 203,441 216,479 221,836 252,568 211,494 208, 721 No. 5—Richmond 28,338 29,316 40,999 31,401 ,. 27,894 34,846 30,640 29,024 Baltimore 98,095 105,254 147,572 100,764 96,310 108,724 109,346 104,367 No, 6—Atlanta 35,765 34,272 37,013' • 34,706 36,774 34,497 33,233 33,293 Birmingham 29,500 28,780 33,620 34,290 27,044 29,791 27,925 31.173 Jacksonville 25, 742 23,230 22,649 24,469 21,723 22,752 19,182 23,441 Nashville 16,980 18,422 18,766 18,032 17,231 19,554 17,607 18,936 New Orleans. __ 69,829 72,857 83,087 78, 802 . 63,904 81,976 84,711 74,383 No. 7—Chicago— 824,333 820,621 831,620 829,700 741,009 916,273 759,666 775,742 Detroit. 241,323 204,096 201,687 185,743 217,766 226,498 167,312 207,697 No. 8—St. Louis.______ 172,300 157,200 168,100 174,916 139,300 168,400 152,600 168,900 Little Rock 14,195 12,332 17,010 18,235 13, 581 14,216 11,780 15,274 • Louisville 48, 779 47,586 45, 772 48,499 40,735 48,655 49,069 46,246 Memphis __ 28,661 32,331 30,697 28,882 26,198 26,320 25,530 26,327 No. 9—Minneapolis 81,696 85,521 88, 797 91,615 86,268 97,876 82,102 85,861 Helena-_______- 2,015 1,719 2,333 2,304 1,552 1,737 2,501 2,212 No. 10—Kansas City.-. 86,537 84,700 91,243 109,961 80,893 89,515 87,120 88,627 Denver .._. 39,726 40,599 41,252 38, 719 41,785 44,733 39,698 31,795 Oklahoma City 21,091 22,230 23,430 23,381 17,448 19,805 21,500 22,557 Omaha 47,706 46,109 44,260 . 47,862 46,789 47,013 46,130 48.174 No. 11—Dallas. 43,115 41,100 44,196 41,846 40,615 39,645 39,181 44,607 El Paso._______ 6,874 6,154 . 6,844 6,440 7,084 7,467 7,857 7,651 Houston 32,653 30,441 32,235 29,150 27,881 27,547 26,592 26,277 No. 12—San Francisco.- 222,620 242,737 230,761 252,630 204, 948 245,745 205,226 225,994 Los Angeles 196,080 207,026 207, 717 210,573 174,822 190,408 175,695 178,502 Portland 41,067 40,922 40,391 44,437 34,005 36,616 36,643 43,156 Salt Lake City- 16,152 16,564 16,655 17,603 14,982 15,369 15,682 16,099 Seattle 46,979 46,948 45,156 51,474 45,605 47,564 40,051 50,975 12,077 14,336 13,022 14,135 12,063 11,187 11,287 13,38a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL RESEEVE BULLETIN AUGUST, 1926 MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES The following table shows the prevailing rates charged customers on various classes of loans as reported by representative banks in the cities indicated. These rates are not averages but are those rates at which the bulk of the loans of each class are made by reporting banks. Since the publication of the rates for May, the forms used in making the reports on which the table is based have been modified and certain classifications have been omitted. Prevailing rates charged customers during week ending with the 15th day of the month Loans secured by District and city Year and month com Pr m im er e cial Int l e o r a b n a s nk p ch r a i n m g e e co s l t l o at c e k r al ex- s w e a c L r u e o r h e a o d n u s b se y battle loans loans receipts Demand Time DISTRICT l Boston.. 1925—July.. 1926—May- June. July.. New York. 1925—July.. 1926—May- 5 -6 June. July.. 4M-5 Buffalo 1925—July 5 5 -6 1926—May „ 5 6 June July ..... 5 -6 5 -6 Philadelphia. 1925—July.. 4 -6 1926—May.. 5 June.. 5 July.. 5 Cleveland.. 1925—July. _ 5 -6 1926—May., June.. July... Cincinnati. 1925—July.. 5 -6 6 -7 1926—May- 6 -7 June.. 6 -7 July.. 5 -5 6 -7 Pittsburgh. 1925—July. . 5 -6 6 1926—May.. 6 6 June,. 5 -6 6 July.. 5 -6 6 .Richmond- 1925—July.. 5 -6 1926—May- 4M-5 June.. 5 July.. 5 Baltimore.. 1925—July. - 1926—May.. June.. July... 5 -5K Atlanta . 1925—July.. 5 -6 5 -6 1926—May- 5 -6 § -8 June.. 5 -6 5 -6 July... 5 -6 5 -6 Birmingham. 1925—July... 5 -6 6 1926—May- 5 -6 6 June.. 5 -6 6 July... 5 -6 6 Jacksonville.. 1925—July... 5 -6 1926—May- 5 -6 5 -7 June.. 6 5 -6 July.. 5 -6 Nashville- 1925—July.. 1926—May.. 53^-6 June.. 2 6 July.. New Orleans. 1925—July.. 5 -6 5 -6 1926—May- 5 -5H 5 -6 June . 5 -6 July.. 5 -6 Chicago- 1925—July.- 4 -5 5 -5M 1926—May- 5 J J u u n ly e . . . 5 -&A & 5 A - - 5 & M A Detroit.. 1925—July- 5 A 1926—May- 5 -6 5 5 -5H J J u u n ly e . . . 4^-5 5 5 5 - - - 6 6 VA -6 5 5 - - 6 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL RESERVE BULLETIN" 617 Prevailing rates charged customers during week ending with the 15th day of the month Loans secured by District and city Year and month com Pr m im er e cial Int l e o r a b n a s nk p ch r a i n m g e e c s o t ll o a c te k r al ex- s w e a c L r u e o r h e a o d n u s b se y Cattle loans loans receipts Demand Time St. Louis.. 1925—July_ 4 -5 5 -5 5 - ( 1926—May. 4 -5 4^-6 5 - ( June. 4 -5 5 -5 5 - ( July_ 4 -5 5 -5 AV2-Q 5 - I Little Rock. 1925—July_ 6 6 1926—May. 6 -7 6 -7 June. 5 -6 6 6 -7 July_ 6 -7 6 -7 Louisville. 1925—July_ 1926—May. June. -6 5 -6 July. Minneapolis _ 1925—July, Ar 1926—May. 4^-5 June. 4%5 4M-5 July, 5 -51/, 4M-5 Helena. _ 1925—July. 1926—May. June. 7 -8 July_ 6 -8 6 -8 6 -8 6 -8 7-8 DISTRICT 10 1925—July_ 5 -6 5 -6 6 -7 1926—May. 5 -6 6-7 Kansas City __.__. June. 5 5 5 -6 6-7 July. 5 -5 5 5 -6 6-7 1925—July. 5 -6 5 -7 6 -8 6-8 1926—May. 6 6-7 Denver June. 6 6-7 July- 6 6-7 1925—July- 5 -7 6 -7 6 -7 6 -7 6-8 1926—May. 6 6 6 -7 Oklahoma City, __. June 6 6 July 6 -7 6 -7 Omaha 1925—July. 4 -6 5M-7 1926—May. 6K-7 June. 6 5V2-6 5 -6 8 July. 6 -7 5^6 5 -7 7-8 DISTRICT 11 1925—July . 5 -6 5 -6 5 -6 5 -8 5 -8 7-8 1926—May. 4 -6 5 -6 5 -7 6 - 8 June. 4 -5 6 6 -7 6 - 8 ' Dallas July. 5 -6 5 -6 5 -7 5 -7 5 -7 7-8 1925—July. 6 -8 6 -8 8 8 8 8. -10 1926—May . 6 -8 7 -8 7 -8 7 -8 7 -10 June. 6 -8 6 -7 8 6 -8 8 El Paso ._ July. 6 -8 6 -7 7 -8 6 -8 6 -8 1925—July. 5 -6 4 -6 5 -7 5 -6 5 -6 7-8 1926—May. 5 -6 4 -6 5 -6 5 -6 6-8 June. 5 -6 5 5 -6 5 -6 5 -6 Houston July. 5 -6 5 5 -6 5 -6 5 -7 7-8 DISTRICT 12 1925—July. 5 -5M 5 -6 5 -6 1926—May- 5 -5M 5 -6 53^-6 6 San Francisco __ June . 5 5 -6 6 July. 5 5 -6 5 -6 5 -6 6 1925—July. 6 -7 6 -7 6 -7 7 1926—May- 6 6 6 -7 7 Los Angeles. ____ J J u u l n y e . . . 6 6 6 6 - - 7 7 6 6 - - 7 7 7 7 1925—July.. 6 -7 6 -7 6 -7 7 6-7 1926—May. 6 -7 6 -7 6 Portland June. 6 -7 6 -7 6 July.. 6 6 -7 6 -7 6-6^ 1925—July.. 5 -6 6 -7 7 7 7 7-8 1926—May. 6 6 6 -7 7 7 8 Salt Lake City __ June. 6 6 6 6 -8 6 -8 8 July.. 5 -6 6 -7 6 6 -7 .7 7-8 1925—July. 6 6 7 1926—May. 6 6 7 Seattle .-_. June. 6 Y 6 7 July.. 6 6 -G 6 -7 6 -7 7 1925—July - 5 -7 6 -7 6 -7 6 -8 - 7 1926—May. 6 6 6 -8 6 -7 7 7 Spokane. June. 6 6 -7 7 7 'July.. 6 -7 6 -7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 FEDERAL RESERVE BULLETIN AUGUST, 192 MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT END OF JUNE, 192G AND 1925 Nonniember banks Nonmember banks Member Member banks banks On par list N ^ P" On par list 1926 1925 1926 1925 1925 1926 1925 1926 1925 1926 1925 Federal reserve district: Southern States—Continued. Boston 416 420 245 244 Kentucky 146 147 430 440 20 New York 895 869 402 388 Tennessee... 116 117 206 234 243 224 Philadelphia 760 747 514 514 Alabama 124 125 23 26 203 200 Cleveland 860 866 1,072 1,079 10 Mississippi 43 44 20 24 278 274 Kichmond 589 607 694 717 655 703 Arkansas _-.. 117 121 242 257 123 103 Atlanta _______ 501 351 364 1,108 1,104 Louisiana. 45 46 30 37 175 1691 Chicago - 1,405 3,762 3,868 240 239 Texas . 775 775 722 100 99' St. Louis . 619 622 2,036 2,149 418 376 Middle Western States: Minneapolis.-. 806 859 1,049 1,300 1,083 999 Ohio 435 445 656 Kansas City.------ 1,011 1,049 2,601 2,707 202 207 Indiana __. 259 265 - 818 827 7 Dallas 844 850 747 774 186 182 Illinois 584 583 1,285 1,298 20 20' San Francisco 726 751 784 64 60 Michigan -_._ 290 289 508 514 78 94 Wisconsin _____" 184 186 602 627 200 17& Total - -9,384 9,546 14,257 14,932 3,965 3,880 Minnesota 322 346 463 562 524 47a Iowa 395 433 1,178 1,256 40 34 New England States: Missouri 198 192 1,268 1,334 32 33 Maine 62 62 Western States: New Hampshire 56 55 North Dakota •159 164 151 227 295 271 Vermont 46 46 South Dakota ___. 118 125 187 246 159 159* Massachusetts 180 182 Nebraska 175 184 732 755 176 177. Rhode Island 17 21 Kansas 264 265 974 1,015 5 3 Connecticut 65 84 Montana 107 119 104 106 11 10 Eastern States: Wyoming 34 34 53 54 12 New York 634 280 277 Colorado. 131 140 172 188 6 New Jersey 342 322 162 147 New Mexico.. ... 33 33 28 30 3 Pennsylvania 963 952 655 657 Oklahoma __._ 373 364 375 5 Delaware 23 22 32 33 Pacific States: Maryland 89 89 168 167 Washington 152 156 173 173 32 District of Columbia 13 14 32 Oregon . . — 134 136 105 113 Southern States: California.. 296 302 315 352 Virginia 184 193 216 231 102 Idaho - 75 83 82 77 West Virginia 141 141 195 195 9 10 Utah 46 49 67 66 North Carolina 90 93 85 93 322 340 Arizona 18 22 26 33 South Carolina ... 87 92 23 24 222 258 Nevada 10 10 24 23 Georgia 147 159 74 77 369 377 Florida _..- 74 70 81 162 160 Total ----- 9,384 9,546 14,257 14,932 3,965 3, 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 la l - Date Total coin and VJTOIQ cer- silver certifi- notes of ary States reserve reserve bank tion per bullion tificates dollars cates 1890 silver notes notes bank notes capita (in notes dollars) 1914—July 1 3,402,015 611,545 1, 026,149 70,300 478,602 2,428 159,966 337,845 715,180 34.35 1917—Apr. l..___ 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 i 5, 628,428 495,353 231,404 89,725 60,385 •1, 628 261, 556 277, 736 3,310, 225 209,877 715,023 52. 36- 1922—Aug. 1 4, 337,418 416, 282 171,985 58, 378 268,802 1,508 229,956 284,343 2,115,350 65, 032 725,782 39.47 1925—July 1. 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 !___„ 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 5,580 580,730 41.84 Oct. 1 4,827,005 413,973 1,050,057 54,693 394, 069 1,379 267,768 303,597 1, 670,658 6,460 664,351 42.17 Nov. 1 4,900, 839 429.985 1,067,963 54,769 390,089 1,376 269,439 306,575 1,706,622 6,314 667,707 42.77 Dec. 1 4,971,765 425, 853 1,108,743 54, 685 388,012 1,375 272, 217 305,986 1,741,965 6,185 666,744 43.35 1926—Jan. 1 5,008,121 424,037 1,114,331 54,860 387,495 1,373 274,860 292r998 1,815,687 6,058 636,422 43. 62 Feb.1 4,739, 537 407,148 1,035,774 53,167 370,'852 1,371 266,155 288, 677 1, 672, 223 5,900 638,270 41.24 Mar. 1 4,814,217 422,079 1,076,070 52, 637 371,149 1,369 265,853 293,622 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 June 1 4,870,885 454,308 1,074,175 51,607 370,003 1,359 268,219 291,110 1, 693,834 5,549 660,721 42.21 Julyl 4,834,711 445,068 1,057,364 51,906 377,741 1,356 270, 046 294,916 1,679,384 5,453 651,477 41.85 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

619 .AUGUST, 1926 FEDERAL EESEEVE BULLETIN GOLD AND SILVER IMPORTS AND EXPORTS . IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES [Amounts in dollars] Gold imports Gold exports Silver imports Silver exports ^Country of origin or January-June January-June January-June January-June destination June, June, June, June, 1926 1926 1926 1926 1926 1925 1926 1925 1926 1925 1926 1925 All countries. __18,890,086123,129,81740,666,5043,345, 52841, 735,128190,936,459 5, 628,16036,966,33532,181, 8177,977,92649,369,18150,522,899 EUROPE France 17, 336 148^989 559, 682 18,488 1,339,208 5,066 203, 709 177, 327 20 5,001 Germany 45 650 1, 628 317, 552 1, 804,838 66,917,166 100 8,093 5, 694 249, 235 749, 880 2, 960,423 Netherlands 10, 084, 799 4,318,343 Poland and Danzig 1,103, 948 623, 400 Spain 15,813 43,416 39, 609 162,331 30,309 78, 613 80, 786 .Sweden 372 220 1,232, 728 United Kingdom.. _ 5,110 25, 687 4,817,708 6,159, 602 1,100 58,068 85, 272 285, 928 1,359, 602 7,193,035 NORTH AMERICA "Canada 611,585 78,961,09916,245,322 84,75624, 563,338 2,485,867 487,262 2, 639, 785 4,087, 573 184,386 95< 087 826, 580 Central America 120,824 888,645 844,978 700,035 2, 514, 526 750,000 107,587 809,076 809,306 4,000 16,934 29, 605 -Mexico 8, 661,977 11,732, 859 2,681,988 523,395 3, 289,401 3,427,062 3, 012,84719,330,49220, 740,840 78,345 663, 066 1, 090, 076 West Indies : 45,485 204, 810 208,030 10,000 153, 614 152,000 38,455 101,400 98, 567 27, 090 78, 686 SOUTH AMERICA Argentina 2,980 3, 555 51,000 204, 000 5,460,000 Brazil 4,997 23, 000 212, 800 131,687 Chile 3,480, 684 15,884,080 263,378 250, 343 1, 351,198 937, 233 •-Colombia 202,121 767,983 855,4151,003,853 1,003,853 1,999,878 63,489 95,155 44,207 3,491 4,955 Ecuador 123,097 621, 775 625,865 5,983 15, 000 Peru 262,465 1,707,305 641,158 1,498,87111,537,587 4,346, 906 475, 575 76,600 Uruguay 802,290 Venezuela 88,952 365,907 122,297 100,000 1, 700, 000 2, 060, 010 ASIA AND OCEANIA Australia 4,865,904 4,875,482 76,504 26,925,176 British India 379,285 56,302,850 55,9682, 954,28821,424,889 25, 824, 068 British Malaya 160 13.950 97, 245 2,006,079 780,398 China 119,558 250 655 4,1834,173,23323,166,37510 854 948 Dutch East Indies... 155,060 954, 558 1,173, 542 125, 000 415,220 177, 500 84, 724 514,630 490,621 Hongkong 480 000 309,692 2,850, 530 6,637,125 66, 587 892,433 Japan 4,000,000 60,000 .New Zealand. 8,093 90,115 73,200 Philippine Islands.__ 208,497 1,118, 076 830,766 25,000 AFRICA Egypt 2,857 8,891 498, 240 Portuguese Africa 1, 894 222,475 338, 768 1,347 67, 026 74,993 All other countries... 12,164 28,962 34,251 302, 518 1,073,050 46, 660 171,503 142,341 45,000 455,140 73, 045 .Net imports 15,544,558 81, 394, 689 Net exports "150, 269,955 2, 349, 76612,402, 84618,341,082 IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN, DISTRIBUTED BY COUNTRIES [Amounts in pounds sterling] All countries ...3,309,490 17,895, 21117, 843,3241,002,597 9,758,447 17,879,146 999,740 5,130,152 5, 558, 656 585,600 5,403,406 6, 716,714 Belgium 595, 736 7,515 25, 615 114, 274 26,025 73,881 120, 317 2,195 10, 755 10,935 France. 100,990 87,015 729,359 97,920 8,259 46, 615 978,407 40,373 458,823 118.174 Netherlands 3,400 212,005 2, 075,275 275, 776 2,347,855 682, 908 12, 650 328,582 132, 695 870 19, 790 '870 Russia 2,431,800 2,182, 385 1, 057,000 380, 648 264, 691 94, 800 Spain and Canaries. 9,710 9,710 98, 259 1,000 80, 856 9,270 327 327 376 Switzerland . 13, 600 68,000 1,126,116 1,300 3,600 57,227 United States...:.... 40 26, 773 4, 271,331 956,358 464,861 2, 343, 677 2, 333, 833 999 Mexico 328,267 1, 368,968 356,418 South America.. ... 1,176 4,856 5,964 81,000 217,000 305,030 1,240 46,042 66,423 42 1,462 615 British India . 225,708 1,909,944 9,512,352 103 362, 574 3, 752,464 2. 732. 977 British Malaya 103,825 965, 686 61,309 50 915 Egypt 71,300 82,950 339, 529 111 7,360 43,390 32,850 Rhodesia 161,113 1,021, 752 1, 057, 094 45 474 455 Transvaal.. 3,004, 589 12,873,098 7,492, 775 105 West Africa..- 127, 605 654,092 590, 456 574 3,160 43, 642 106,857 118, 044. 65 416. 101 All other countries ... 11, 567 75, 099 67, 054 126, 574 2,342,168 4,160,801 157, 393 734, 089 1,177,895 170,494 1,061,464' 3,666,790 Net imports 2,306,893 8,136, 764 414,140 Net exports 35,822 273,254 1,158,058 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL RESERVE BULLETIN AUGUST, 1926 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York, as published by Treasury. In cents per unit of foreign currency] July, 1926 June, 1926 July, 1925 Average Average Average Country Unit Par Low High Per Low High Per Low High Per Rate cent Rate cent Rate cent of par of par of par Austria. _. Schilling. 14.07 14.0650 14.1030 14. 0832 100.09 14. 0650 14. 0970 14. 0796 100. 0714.0390 14.0700 14. 0541 99.89 Belgium.. Franc 19.30 2.1200 2.7500 2.4250 12.56 2. 8100 3. 2200 2. 955815.31 4.4300 4. 7000 4. 6223 23.95 Bulgaria.. Lev.. 19.30 .7222 . 7317 .7266 3.76 .7171 .7263 . 7219 3.74 .7286 .7372 .7341 3.80 Czechoslovakia. Crown. 2.9610 2.9620 2.9616 2.9614 2.9622 2.9618 2.9607 2. 9617 Denmark Krone.. 26.80 26.5000 26.5300 26.5015 26. 3500 26. 540026. 484698.82 20.1000 23. 7700 21.3658 79.72 England.. Pound. 486. 65 486.1600 486.5800 486.3450 99.94 486. 3800 486. 7500 486. 609699.99 485. 4400 486.1200 485.9604 Finland.- Markka... 2.52 2. 5200 2.5221 2.5209 100.04 2. 5200 2. 5217 2. 5209 100. 042. 51.98 2. 5248 2. 5222 France ... Franc 19.30 2.0500 2. 7260 2.4658 12.78 2. 7800 3.2600 2.9415 15.24 4.4600 4. 7500 4. 698124.34 Germany.. Reichsmark- 23.82 23.8000 23.8100 23.8035 99.93 23. 800023. 810023. 8050 >.94 23. 800023. 800023. 800099.92 Greece Drachma 19.30 1.0! 1.2263 1.1758 6.09 1. 2248 1. 2750 1. 2413 6.43 1. 5460 1. 6773 1. 5956 8.27 Hungary Pengo 17.49 17.5100 17.6! 17.5704 100.46 17. 530017. 580017.558510)00..3399 Italy Lira 19.30 3.1800 3.5900 3.3504 17.36 3.5800 3.8400 3.6646 18.99 3.3500 3. 8000 3.6677 19.00 Netherlands.. Florin 40.20 40.1500 40.2200 40.1773 99.94 40.1600 40.1900 40.1750 99.94 40. 040040.1800 40.1023 99.76 Norway Krone.._ 26.80 21.8400 21.9600 21.9304 81.83 21. 890022. 520022.1027 82.47 17.4900 18. 790018.0673 67.42 Poland Zloty _ 19.30 9.1000 10. 790010.0654 52.15 9.1800 9. 5500 9. 301548.19 18.0500 19. 200019. 0815 98.87 Portugal.. Escudo. 108. 05 5.1200 5.1500 5.1296 4.75 5.1100 5.1800 5.1423 4.76 5.0500 5.1900 5.1362 4.75 Rumania.. Leu_ 19.30 .4428 .4776 .4601 2.38 .4018 .4624 .4278 2.22 .4591 .5205 .4875 2.53 Peseta. 19.30 15.2900 16.1500 15.7169 81.43 15. 010016. 380015. 761981.67 14.4400 14. 560014. 5073 75.17 Sweden..... Krona. 26.80 26. 770026.8400 26. 7954 26. 760026. 840026. 8004100.00 26. 800026.9100 26.8558100.21 Switzerland. Franc, 19.30 19.3500 19.3700 19.3604 100.31 19. 360019. 370019. 3604 1010..31 19. 400019. 420019. 4146 100. 59 Yugoslavia.. Dinar.. 19.30 1. 7655 1.7672 9.16 1. 7617 1. 7685 1. 7653 9.15 1. 7458 1. 8196 9.12 NOETH AMEEICA Canada Dollar. 100. 00100.0833 100.1594 100.1265 100.13 100. 0502 100.1772 100.1027 100.10 100. 0010 100.1083 100. 0293 100. 03 Cuba Peso. 100.00 99.9102 99.9344 99.9187 99. 92 99. 8500 99.9688 99.9317 99.93J 99.8281 99.9583 99. 9148 99.91 Mexico Peso 49.85 48.7167 48.9000 48.8692 98.03 48.6167 49.0833 48.8495 97.99 49.5833 49.7375 49.6777 99.65 SOtJTH AMERICA Argentina. Peso (gold). 96.48 91. 6600 92. 4700 92. 0504 95.41 91.1500 91.9000 91.6635 95.01 91.6000 91.8900 91. 747795.10 Brazil Milreis 32.44 15.1700 15.8800 15.5631 47.98 15.1200 15.9200 15.5196 47.84 10.7200 11. 820011.3619 35.02 Chile Peso 12.17 12.0200 12.0800 12. 0500 99.01 12.0200 12.0700 12.0438 98.96 11. 4900 11. 890011. 691259.86 Uruguay._ Peso. 103.42 99.2800101.0800 100.2504 96.94 100. 5500 102. 6100 101. 7107 98.35 97.2500100.0400 98. 528195.27 Chma_____. Mexican dollar 48.11 51.0500 52. 480051. 7104 107.48 51. 520052. 530052. 2712 108. 65 55. 7600 56. 800056.1400 116. 69 China ... Shanghai tael-_ . 66.85 70.1600 72.3000 71.3031 106. 6671. 630072.7600 72.1704 107.96 76.1800 76. 920076. 5569 114. 52 Hongkong.. Dollar.-.. ______ 47.77 53.8300 55.2900 54.5919 114.28 54.9800 55.5400 55.2185115.59 56.4200 57.1300 56. 8469 119. 00 India Rupee . 36.2300 36.3200 36.2862 74.57 36. 270036. 3300 74.59 36.5500 36. 670036. 610475.24 Japan Yen., 49.85 46.8400 47.3800 47. 0685 94.42 46. 660047. 020046. 845493.97 40.7300 41. 360041.0781 82.40 Straits Settlements. Singapore dollar 56.78 56.1900 56.2100 56.2092 98.99 56.1300 56. 330056.2069 98.99 56.6300 56. 630056. 630099.74 i Gold value of the unit in 1913, computed by multiplying silver content of unit by the New York average price of silver for the year. This average price in 1913 was $0.61241 per fine ounce, with which prices in recent months compare as shown by the following table: SILVER [Average price per fine ounce] July, 1926 June, 1926 July, 1925 London (converted at average rate of exchange) $0.66298 $0. 70032 New York _ .65106 .65798 .69769 Per cent of New York price to average price in 1913 106.31 107. 44 113.93 , Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1926 FEDERAL EESEEVB BUL.IJBTIN 621 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT AUGUST 1, 1926 Paper maturing— Within 90 days After 90 days but within 9 months Federal reserve bank a C a n g o d r m ic l m i u v l e e t r s u t c r o i a a c l l k , , U G S n o e i c v te u e d r re n S d m t a b e t n y 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 i i c v u e l s tu to r c a k l l paper, n. e. s. obligations paper Boston New York___. 3 3 Philadelphia.. 4 4 4 Cleveland ,'. 4 4 4 4 Richmond 4 4 4 4 Atlanta.. ,. 4 4 4 4 Chicago.. 4 4 4 4 St. Louis 4 4 4 4 Minneapolis- 4 4 4 4 Kansas City.. 4 4 4 4 Dallas—-—. 4 4 4 4 San Francisco. 4 4 4 4 i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS, JUNE 17 TO JULY 14, 1926, INCLUSIVE [In thousands of dollars] Changes in owner- Transfers Transit clearing Fe n d o e te ra c l l r e e a s r e in rv g e thr s o h u i g p h o f tr g an o s ld fers Balance Federal reserve bank and clearings in fund at close of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston_____ _ 22,300 902,132 915,269 4,073 3,603 9, 633 52,978 New York.. I... 18,400 132,700 2,877,548 2, 731,833 9,875 11,016 30,274 199,647 Philadelphia. _. 30,400 600 749, 782 774,087 5,152 5,090 5,557 60,324 Cleveland 9, 500 3,000 669, 208 713,053 6,518 4,067 34, 894 84,429 Richmond. _ 15, 500 6,500 577,031 596,837 2,887 3,072 10, 991 27, 210 Atlanta 12, 500 3,500 309,317 323, 255 4,547 3,666 4,057 24,220 Chicago - 33, 500 2,000 1, 228,205 1,280, 943 4,159 6,899 23, 978 134, 478 St. Louis.—. 4,000 6,000 506,102 492, 654 1,105 2,789 9,764 8,638 Minneapolis 1,000 1,600 162,252 161,398 1,616 944 926 9,319 Kansas City 5,000 5,200 403,150 407, 239 1,875 1,845 4,259 29,824 Dallas - — 5,000 2,000 243,806 244,771 1,182 1,172 2,045 10,369 San Francisco - 9,000 3,000 323,196 310,390 1,825 19,980 30,079 Total four weeks ending— July 14,1926 ____ 166,100 166,100 8,951,729 8,951,729 45,.988 45,988 78,179 78,179 671,515 June 16,1926.. 79, 600 79,600 8, 523,351 8, 523,351 46, 553 46,553 604, 822 July 15,1925 99, 800 99,800 18,142,487 i 8,142,487 675,710 June 17,1925 133,900 132,900 i 8,014, 662 i 8,014, 662 678,157 i Includes Federal reserve note clearing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS -,. *? \ t-J i — — BOUNDARIES OF FEDERAL RESERVE DISTRICTS .•«*» BOUNDARIES OF FEDERAL F^SERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CIHES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis