Federal Reserve Bulletin, 1926-10

FEDERAL RESERVE BULLETIN OCTOBER, 1926 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Bank Credit and the Marketing of Crops Business Conditions in the United States WASHINGTON GOVERNMENT PRINTING OFFICE 1926 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex ofiicio 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. : 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. J. H. Case L. H. Hendricks.i New York. Pierre Jay... . Benj. Strong _. L. F. Sailer A. W. Gilbart.i G. L. Harrison J. W. Jones.* E. R. Kenzel Ray M. Gidney.* L. R. Rounds.1 Philadelphia R. L. Austin Geo. W. Norris— ...... Wm. H. Hutt. .. O..-A. Mcllhenny. W. G. McCreedy.i Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zurlinden. Richmond.. „ Wm. W. Hoxton __.__._ George J. Seay...... . C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.» Atlanta . Osear 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.i J. H. Dillard.i D. A. Jones.» O, J. Netterstrom.* St. Louis..... Wm. McC. Martin D. C. Biggs................ O. M. Attebery J. W. White. Minneapolis. John R. Mitchell........... R. A. Young...... . W B. . V B . . M G o e o er re y — F G r r a a n y k W C a . r D re u n n . lop.1 Harry Yaeger2...... Kansas City.. M. L. McClure.—........ W. J. Bailey C. A. Worthington.. J. W. Helm. Dallas R. R. Gilbert Fred Harris. C. C. Walsh * _ Lynn P. Talley. R. B. Coleman...... San Francisco. Isaac B. Newton. J. U. Calkins..... _ Wm. A. Day........ W. N. Ambrose. Ira Clerk L. C. Pontious 1 Controller. 2 Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE. ..BANES Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director t New York: Minneapolis: Buffalo branch... W. W. Schneckenburger. Helena branch „ .. R. E. Towle. Kansas City: Cincinnati branch C. F. McCombs. 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. ... ... •MI Crump. New Orleans branch........ Marcus Walker. Houston branch ... D. P. Reordan. Jacksonville branch.. Geo. R. DeSaussure. San Francisco: Birmingham branch..... A. E. Walker, Los Angeles branch........... R, B; Motherwell. Nashville branch..... J. B. Fort, jr.. Portland branch.. R.B. West. Chicago: Salt Lake City branch.._.'_-.;*._ W. L, Partner* Detroit branch...„ W. R. Cation. Seattle branch. C; R. Shaw. St. Louis: Spokane branch ... ... D. L.Davis. Louisville branch.' . . W. P. Kincheloe Memphis branch.... W. H. Glasgow. Little Rock branch...! A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDEKAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ* or periodical publication of the board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal reserve banks and member banks. The, BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: Page Review of the month—Bank credit and the marketing of crops . 707 Treasury finance. _ _,_ _ 710 Business conditions in the United States. __ 712 Official: , Changes in State bank membership . ___. __ 727 Changes in national bank membership 727 Fiduciary powers granted to national banks .__ "__ 727 Business statistics for the United States: Industrial activity... ____ 729 Commodity movements. _. 731 Wholesale and retail trade „ 732 Estimate of crop production. .. 728 Foreign banking and business conditions: Financial statistics for principal foreign countries-. 734 Discount rates of central banks ._._.- ____-. 736 Price movements in principal countries— Wholesale prices in principal countries _ ' _ . 739 Retail prices and cost of living in principal countries .__ 741 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks . - 742 Federal reserve note account ___ 746 Holdings of bills and securities and earnings thereon 747 Discount and open-market operations 748 Gold settlement fund. -___ 757 Discount rates of Federal reserve banks.. 757 Member banks— Reporting member banks— Condition of reporting banks in leading cities . . 749 Condition of reporting banks in Federal reserve bank cities 750 Loans to brokers and dealers 752 All member banks— Deposits, by size of city______ • __ 752 Bank debits . _ 753 Member banks and nonmember banks on par list and not on par list ____ 756 Money in circulation . . _ — 756 Money rates in principal cities . _ _ _ . — . 754 Gold and silver imports and exports . 738 Foreign exchange rates — 737 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 12 OCTOBER, 1926 No. 10 rates on money were higher in September than REVIEW OF THE MONTH at any other time in the past two years. This higher level of money rates is accounted for in Increased demand for bank credit and for part by the fact that the demand for bank currency during the past two months has been credit, though it increased less than in the in accordance with the usual corresponding seasons of 1924 and 1925, congroVthincredit1 trend at this time of the ^^ tinued to be in larger volume than at any previous time, and the volume of currency in when the harvesting and marcirculation was also larger than at this time keting of crops and the increase in the volume last year. of trade is reflected in a growth of the demand for accommodation both at member banks and The demand for credit in connection with at the reserve banks. During the seven weeks crop moving represents in part funds required between the end of July and September 22 the by farmers to pay for the growth in loans of member banks in leading creSdUUdemlnd*. harvesting of crops, and in cities was about $300,000,000, of which larger part funds for financing nearly $200,000,000 was in loans for commercial the distribution and marketing of agricultural purposes. Both the increase in total loans and products. Consequently, seasonal changes in in commercial loans was smaller this year the volume of credit in the autumn months are than for the corresponding period of last year, influenced by the time at which crops begin chiefly by reason of a smaller increase after to move to market and by the rapidity of this July in the demand for credit for crop-moving movement. Figures prepared by the Departpurposes. After the large movement of winter ment of Agriculture indicate that about 45 wheat in June and July, aggregate marketings per cent of the commercial wheat and barley of farm products fell off slightly in August in- crops is usually marketed during July, August, stead of showing the usual increase, and the and September, about 40 per cent of the comrecent course of prices for farm products has mercial oats crop during August, September, been downward rather than upward as in 1925. and October, and about 55 per cent of the This smaller growth in the demand for member cotton crop during September, October, and bank credit, together with a smaller increase in November. During these months the comthe demand for currency than is usual at this mercial stocks of farm products are being season and a balance of imports in recent built up and the credit required to carry these gold movements, have been influences causing stocks increases. This demand reaches its the demand for reserve bank credit to in- seasonal peak in October and is followed by crease less than in the corresponding months the seasonal growth of credit and currency of other recent years. Notwithstanding the requirements of wholesale and retail trade. smaller growth in the demand for bank Thus it is the combined effect of crop moving credit and for currency this autumn, however, and trade requirements that usually brings money rates have advanced more than in either about the autumn peak in the aggregate volof the two preceding years, and open-market ume of bank credit in use. 707 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL RESERVE BULLETIN OCTOBER, 1926 During the present autumn the demand for PRODUCTION OF FARM CROPS bank credit is influenced by the fact that [In millions of units] prices for leading farm crops in T are lower than a Tear a£0 and Crop Unit 1923 1924 1925 1926 l that total yields for most lead- Wheat: ing crops except wheat are expected to be Total Bushels._. 797 863 666 839 Winter _. do 572 590 396 626 smaller than last year. Commercial stocks of Spring do 225 273 271 212 Corn • _ do 3,054 2,313 2,905 2,698 some important farm products, however, carried Cotton __ __ .__ __Bales _ _ _ 1.0.1 13.6 16.1 15.8 Oats Bushels 1,306 1, 523 1, 512 1,264 over from last season and continuing to require Rye do. __. 63 64 48.6 41.9 B&rlev do 198 178 217 195 financing are larger than at this time a year Potatoes do. 416 425 326 352 Hay, tame .; .__ Tons 89 98 86.7 78.9 ago. For w;heat, of which the carry-over is about 20,000,000 bushels less than last year, the 1 September estimates of the United States Department of Agriculture. increase in the total crop is officially estimated at about 170,000,000 bushels, the increase Growth in the volume of bank credit at the being entirely in winter wheat and largely crop-moving season is accompanied by a shift in the Kansas City and Dallas Federal reserve of bank loans from country districts. The crop of spring wheat is forecast Seasonal banks, which finance the farmat about 60,000,000 bushels less than in 1925. demand1 CrG l ers and country merchants, Anticipated crops of oats and rye are the small- to city banks, which finance est in several years. The corn crop is expected the marketing agencies. The proceeds of the to be smaller by about 200,000,000 bushels loans made to the distributing agencies are in than in 1925, with the carry-over of old corn part paid to farmers and country merchants, larger than usual. The carry-over of cotton is with a consequent flow of funds at this season of jabout 2,000,000 bales larger than last year, the year from banks in the financial centers to with official estimates indicating a current country banks. This flow of funds from city crop about 300,000 bales smaller. Estimated to country banks is a factor in the usual rise in yields of leading fruit crops are considerably open-market rates for money during the larger than in 1925. Stocks of tobacco re- autumn months, and is reflected in a growth of maining in the hands of dealers and manufac- deposits of banks in rural districts during the turers are larger than in 1925, and production, second half of the year. The extent of this though expected to be larger than usual, is seasonal growth in deposits of country banks forecast at about 5 per cent less than in 1925. depends in large part on the value of the The largest credit requirements for financing products sold by the farmers. The movement crop movements arise from the distribution of net demand deposits of member banks in of wheat and cotton, and the volume of these towns with a population of less than 5,000, as two crops to be carried and financed is ex- shown by monthly figures currently compiled pected to be larger than last year by about 20 by the reserve banks, is shown on the chart for per cent for wheat and about 10 per cent for 1924, 1925, and 1926, with a separate curve for cotton. This increase in the quantity of the each year. The chart shows that these decrops to be financed will be offset, however, by posits, now approximating $1,665,000,000, are adecline of from 10 to 20 per cent in the price of about the same as a year ago and more than wheat and of more than 20 per cent in the price $100,000,000 higher than two years ago. Their of cotton. The production of leading crops decline during the first half of the year, the v in 1926, as estimated by the United States season when the movement of funds is usually Department of Agriculture, is compared in the away from rural districts, has been larger than following table with production in preceding it was last year, apparently reflecting in part years. a relatively large volume of purchases of farm Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

709 OCTOBEE, 1926 RESERVE BULLETIN equipment and of consumption goods by rural deposits. During July and August of the districts. A growth after midsummer was current year the net demand deposits of these shown in 1924 and 1925, the increase in 1924 member banks in small centers increased, as being considerably larger than that in 1925. they have done in earlier years, but the increase for the country as a whole was smaller than in 1925 or 1924, reflecting in part the relative MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1900 1900 lateness of the cotton crop this year. NET DEMAND DEPOSITS MEMBER BANKS IN SMALL CENTERS The autumn season, when crops are being marketed and the proceeds deposited in the 1800 1800 • ~ , banks of the agricultural dis- C o u n t ry . . ' , • • • ,. , , banks and the tncts, is also the time when the 1700 1700 reserve banks demands for credit by customers of these banks begin to decline and when funds arising from the sale of farm products begin to be available to these banks to meet the sea- 1600 sonal increase in demands upon them for currency, to build up larger balances at the financial centers, and to decrease their indebtedness 1500 at the reserve banks incurred during the crop growing season. Thus member banks in the , /vvVv\wJ14-00 predominantly agricultural districts of St. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Louis, Minneapolis, Kansas City, and Dallas increased their balances with correspondents The growth during the second half of each of during the third quarter of 1924, when marketthese years is shown in the table for the Federal ings were relatively large and prices relatively reserve districts where farm crops are of most high, by about $250,000,000. In the early importance. The table brings out the fact that autumn of 1925, however, when their balances the growth in both years was fairly general with correspondents were about $200,000,000 throughout the agricultural districts. For lower than the year before and agricultural 1925, however, the growth was less than for 1924 conditions were somewhat less favorable, these MEMBER BANKS IN SMALL CENTERS X balances increased but little. That country [In millions of dollars] banks regularly decrease their borrowings at the reserve banks during the autumn months, Growth ]n net demand deposits as is brought out by the chart, which shows during second Federal reserve district half of- aggregate borrowings at the reserve banks by country banks in all districts other than New 1924 1925 York. The chart shows that borrowing by country banks, after reaching its peak during Richmond _» - 5.1 10.3 Atlanta - - - 13.5 89.4 the summer, declines in subsequent months, St Louis 7.4 4.7 Minneapolis 21.3 3.8 reflecting the seasonal movement of funds Kansas City - - —- 43.8 17.2 Dallas 64.8 36.7 between agricultural and industrial regions. In this respect the movement of borrowings of 1 Population under 5,000. country banks from the reserve banks differs in all of these districts, except the Richmond from that of discounts for member banks in the district, and also the Atlanta district/where larger centers, where the autumn and early the effect of a large cotton crop and a growth winter demand for currency and credit causes 6i business activity in Florida was reflected in the volume of accommodation at the reserve a relatively large increase in country bank banks to increase in the last third of each year Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL RESERVE BULLETIN OCTOBER, 1926 and to reach its peak in late December at the the Federal Reserve Bank of New York. The time of the maximum currency requirements effect of these shipments on the demand for of the holiday trade. reserve bank credit was not felt at the time when the gold was withdrawn, but at the time MILLIONS OF DOLLARS MILLIONS OP DOLLARS when the earmarked balance was being built 300 300 up. In their influence on conditions in the money market, therefore, and on the demand for reserve bank credit, gold movements in recent weeks have had the effect of adding 200 200 funds to the market and thus offsetting in part the seasonal growth in the demand for reserve bank credit. Thus the fact that the volume of reserve bank credit in use has increased less this autumn than at this season in other recent 100 100 years reflects the influence in the same direction of all the factors that determine changes in the DISCOUNTS FOR COUNTRY BANKS demand for reserve bank credit: A relatively small growth in the demand for member bank credit, a less than usual seasonal increase in 1923 1925 1926 the demand for currency, and the receipt of Discounts for country banks.—Monthly averages of weekly figures forgold from abroad. banks outside weekly reporting cities in 11 Federal reserve districts, excluding the New York district. The chart brings out the fact that country NOTES bank borrowings at the reserve banks, after declining throughout 1924, reached a low point Meeting of Federal Advisory Council. in the early part of 1925, and increased with The Federal Advisory Council held its third meeting in 1926 in Washington on September seasonal fluctuations in 1925 and in 1926. At 16 and 17. the present time discounts for this group of banks are near the highest level for the current Reprint of currency article. year and larger than for the corresponding The article entitled "Currency Under the period of last year. While borrowing by Federal Reserve System/' that appeared in country banks is in somewhat larger volume the BULLETIN for July, has been reprinted in than a year ago, the total volume of reserve separate form and copies can be obtained by bank credit in use is at about the same level addressing the Federal Reserve Board. as in September, 1925. It is too early to estimate the probable growth in the demand for TREASURY FINANCE reserve bank credit during the remainder of this year, particularly because this demand September financing.—On September 7 the may be influenced by changes in the volume Treasury announced an offering of nine and direction of gold movements. During the months7 33^ per cent Treasury tax certificates eight months ending with August gold move- of indebtedness, dated and bearing interest ments resulted in an import balance of about from September 15, 1926, and maturing June $80,000,000. In August and the first half of 1.5, 1927. It was announced that Treasury September gold exports exceeded gold imports, 4M per cent notes of Series B, 1926, maturing but a large part of the gold exported represented September 15, 1926, of which $397,530,300 the withdrawal by the German Reichsbank of were outstanding at the opening of business gold previously earmarked for its account at on that date, would be accepted in payment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEB, 1926 FEDERAL RESERVE BULLETIN 711 for the new certificates and would be given were divided among the several Federal reserve preferred allotment. The offering was made districts as follows : to cover the Treasury's cash requirements, in excess of the balance on hand and September TREASURY CERTIFICATES OF INDEBTEDNESS, DATED tax receipts, until December. Federal reserve SEPTEMBER 15, 1926, MATURING JUNE 15, 1927 banks, as fiscal agents of the Government, were authorized to receive subscriptions and Total Total to make allotments on the following basis: Federal reserve district- subscriptions subscriptions Subscriptions in amounts not exceeding $1,000 received allotted for one subscriber, 50 per cent; and subscriptions in amounts over $1,000 for one subscriber, Boston . - $111,144,000 $31,609,500 New York 350,149,000 151,993,500 25 per cent; but in no case less than $500 on Philadelphia •.___„__ —._ 105,307,500 34,619,500 Cleveland _____ 65,384,500 25,953,000 any one subscription. Subscriptions were Richmond 28,390,500 8,518,500 closed at the close of business on September 9, Atlanta _-_• 42,798,500 12,685,500 Chicago 108,667,500 39,962,500 and amounted to $996,000,000, of which St. Louis 22,714,500 9,585,500 Minneapolis.. _ 18,124,500 10,039,000 $145,000,000, representing subscriptions for Kansas City _ 19,815,500 9,379,500 which Treasury notes were tendered in pay- Dallas 37,000,500 13,384,500 San Francisco 87,163,500 30,939,000 ment, were allotted in full. Allotments totaled $378,669,500. Subscriptions and allotments Total -.. - 996,660,000 378,669,500 10419—26t- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BUIiLETTBT OCTOBER, 1926 BUSINESS CONDITIONS IN THE UNITED STATES NATIONAL SUMMARY Industrial activity and distribution of com-corn, barley, hay, tobacco, and most fruit and modities continued in large volume in August vegetable crops were above those made in at a level higher than a year ago. The general August, while expected yields of oats and level of wholesale prices receded further in spring wheat were slightly less. A cotton August, reflecting price declines for agricultural crop of 15,810,000 bales was indicated on the commodities. basis of the condition of the crop at the middle Production!—The index of production in of September. The crop, however, is later basic industries, which is adjusted for the usual than last year, and ginnings up to September 16 seasonal variations, declined slightly in August, amounted to only 2,511,000 bales, compared but this decline was accounted for by the fact with 4,282,000 bales prior to September 16, that there were five Sundays in August as 1925. against four in July. Textile-mill activity PERCENT PERCENT and production of steel ingots, zinc, and petro- 150 r ~ eum increased, while the output of pig iron ,<rw^ /\Pay rolls 100 100 Employment 50 50 FACTORY EMPLOYMENT AND PAY ROLLS 50 1922 1923 1924- 1925 1926 Federal Reserve Board's indexes of factory employment and pay rolls. (1919=100.) Latest figures, August, employment, 94.4; pay rolls, 107.7 1922 1923 1924 1925 1926 Trade.—Volume of wholesale trade and of Index of 22 basic commodities adjusted for seasonal variations. (1919= sales at department stores increased in August, ' 100.) Latest figure, August, 116 and retail sales were larger than a year ago. lumber, copper, cement, and sugar was Stocks of dry goods and shoes carried by wholesmaller than the month before. Automobile sale firms were smaller at the end of August production increased considerably in August than last year, while those of groceries and and was larger than in any month since April. hardware were larger. Inventories of depart- Factory employment and pay rolls, after ment stores increased in preparation for declining in July, increased in August, as is autumn trade, but this increase was less than usual at this season of the year. Building is usual at this season, and at the end of the activity, as measured by contract awards in 37 month stocks were slightly smaller than a year States east of the Rocky Mountains, was in ago. Freight-car loadings in August continued larger volume in August than in July or in any higher than in the corresponding months of other previous month with the exception of previous years, and for the weeks of August August, 1925. In eastern and southeastern 28 and September 4 exceeded all previous States the volume of building was smaller in weekly records. Loadings of grain continued August than a year ago, while in the Middle large and shipments of merchandise in less- West contracts awarded were larger. Con- than-car-load lots, miscellaneous commodities, tracts for residential structures were smaller ore, and coke were considerably larger than in than last year, while those for industrial build- the corresponding period of previous years. ings and for public works and public utilities Prices.—Wholesale commodity prices, acwere substantially larger. cording to the index of the Bureau of Labor Crop conditions improved in August, accord- Statistics, declined by over 1 per cent in August, ing to a statement by the Department of reflecting largely price decreases for grains, Agriculture. September forecasts of yields of livestock, and. meat products. Prices of cloth- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

713 OCTOBER, 1926 FEDERAL KESEKYE BULLETIN ing materials, fuels and metals increased be- ments at banks in New York City, and total tween July and August, while prices of cotton, loans and investments on September 15 were wool, sugar, building materials, and rubber larger than at any previous time. showed little change. \ In the first half of The volume of reserve-bank credit increased September prices of grains, cattle, sugar, bitu- by about $90,000,000 between August 18 and minous coal, and coke advanced, while prices September 22, partly in response to seasonal! of raw cotton, silver, and bricks declined. demands for currency. Discounts for member banks rose in September to the highest figure PER CENT PER GENT for the year, and acceptance holdings also 2001 "1200 increased, while United States securities declined by about $55,000,000. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 150 150 2 100 100 SO SO WHOLESALE PRICES 1922 1923 1924- 1325 1926 Index of United States Bureau of Labor Statistics. (1913=100, base adopted by bureau.) Latest figure, August, 149.2 Bank credit.—Increased demand for bank credit in connection with the harvesting and 1922 1923 1925 ;192S; marketing of crops and autumn trade, together Monthly averages of daily figures for 12 Federal reserve banks. Latest figures are averages for first 23 days in September with an increase in loans on securities, was reflected in a considerable growth between the Money rates continued to rise in September. middle of August and the middle of Septem- Rates on commercial paper advanced by oneber in loans of member banks in leading cities. fourth of 1 per cent to 4 M>-4^ per cent, and The banks' holdings of investments also in- rates on security loans also averaged higher creased, though there was a decrease in invest- than in August. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919=100] Produc- Building contracts D epartment-store D epartment-store Bank Year and month t i t i b n r o i a d n e s u s i s i c n i - e F m m ac p e t l n o o t r y y - p F a a y c t r o o r l y ls aw i ard A ed d j i usted Rai c l a ro r ad- W t s r h a a o l d e l e e- U ju n st a e d d - Adjusted U ju n st a e d s d - tock A s d 1 justed o o d C Y f u e t i N o b s t r i i y e k t d w s i e ; ' 1925 January 127 94 103 119 164 123 79 108 124 119 134 119 February 124 109 120 166 125 76 101 131 127 135 118 March 120 110 189 172 117 83 121 121 139 137 118 April 119 107 219 169 129 79 136 133 141 136 120 May ___ 111 107 196 151 123 79 128 124 136 137 118 June .--- 110 105 216 173 117 83 126 126 129 135 122 July —. 113 102 211 188 122 83 95 128 125 133 124 August 109 105 236 225 123 87 98 125 131 131 120 September... 111 104 218 235 121 94 121 134 J43 133 October 116 111 205 210 121 101 165 145 149 134 November... 115 112 183 229 121 86 145 '129 154 137 122 December— 121 112 204 276 130 80 141 129 139 124 January. _. 120 107 176 243 118 78 114 130 125 141 126 February.. 120 112 150 208 127 76 104 135 - 131 140 128 March 123 113 231 209 126 85 130 130 142 141 131 April _..._ 122 110 220 170 132 80 133 130 143 139 131 May 117 109 212 164 126 82 137 132 138 138 124 June..—-. 118 109 211 169 127 84 130 130 131 138 127 y 2118 104 200 178 130 82 99 133 124 133 136 August 116 108 232 221 126 87 105 134 130 131 126 * The indexes of production in basic industries, car loadings, and bank debits are adjusted to allow for seasonal variation; the indexes of building contracts and department-store sales and stocks are shown both with and without seasonal adjustments. 2 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN OCTOBER, 1926 MONEY RATES call rate on security loans fluctuated between 4t}/2 and 5 per cent during September until Money rates in the New York market were toward the end of the month, when 53^ per generally higher in September than they have cent prevailed, and time rates, which varied been since early in 1924 except for the tem- early in the month from 4% to 5 per cent, deporary rise in call money at the end of last pending on maturity, were later all at 5 per year. This fact is brought out by the chart, cent. The accompanying table shows money which shows the course of the principal rates rates prevailing in the New York open market since the beginning of 1925. during the last three months. A table show- Prime commercial paper advanced early in ing rates of interest charged customers by September from 43^-4^ per cent, the rate banks in various cities of the United States, as which prevailed late in August and the highest reported by representative banks, will be found rate quoted in 1925, to 4y& per cent and later on pages 754-755 of this issue of the BULLETIN. in the month to 43^-4% per cent. The de- These rates, in the larger cities of the country, mand, which had been extremely quiet, in- were generally higher in September than in creased somewhat as rates advanced, coming August. PERCENT PER CEN D T MONEY RATES IN NEW YORK CITY Average yield Average rate Prime Month m m p P c a o r e o p i r n m m c e t i - r h e a , s l a a b c d n e a c 9 a c r n e 0 y s e k p ' s s - t , - c T c n U e u a a r o r e n . r t t t e y S a i d e f s s . i s , - - p L b e i r o b n c e d e r n t s y t lo C a a n l s l * l T oa im ns e 2 3-6 months September, 1925 3.33 3.98 4.62 4.36 July, 1926 4jJ 8 3.11 3.93 4.27 4. 39 August, 1926.-— _,_- 3 3.27 3.95 4.52 4.76 September, 1926_..-__ ,4 3 3 3 . . 3 47 9 3.96 5.02 4.8& Week ending— Sept. 4__. fv 3 3. 28 3.95 4.80 4.70 Sept. 11 3 3 3 3 . . 3 2 4 5 3.95 4.88 4.89 p RATES S S e e p p t t . . 2 1 5 8 W ZV s s L * « 3 3 . . 4 5 2 2 3 3 . . 9 9 6 6 4 5 . .3 9 0 0 4 4 . . 8 9 8 6 IN NEW YORK CITY 1 Renewal rate. 2 Weekly average of daily average rates on principal maturities. 3 Issues maturing Dec. 15,1926. 1925 1926 4 Issues maturing Mar. 15,1927. chiefly from Philadelphia and from country In the London market rates were somewhat districts. Supplies in the hands of dealers higher in September than in August, with continued small. Kates on bankers' accept- three months7 bank bills quoted at 43^-4^- per ances remained as established on August 23, cent. except for an advance in the 1 to 15 day ma- ACCEPTANCE MARKET turities from 3^ to 33^ per cent. Ninety-day bills were offered at 3% per cent throughout The market in bankers' acceptances was the month, as compared with 3% per cent in quiet during the last part of August and first the last part of August. The prices of both part of September, but improved somewhat short and long term Government securities later in the month. Both the supply of bills were stable during September, with their and the demand for them were reported small yields about the same as in the preceding throughout August by New York and Boston month. The new issue of 9 months Treasury dealers, and in Chicago there was a marked certificates dated September 15 bore a rate of scarcity of new bills, although the demand was 33^ per cent, as compared with 3}/i per cent fair. In September a better demand developed earned by certificates of the same term issued in the New York market, principally for 90-day in September, 1925, and 3% per cent by those bills. This demand came principally from outissued in December with a year to run. The of-town purchasers and from local banks Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEK, 1926 FEDEKAL BESEKVE BULLETIK 715 which were buying for foreign clients. The Foreign flotations were also small as comtotal purchases and sales of New York dealers pared with other recent months, according to during the period from August 18 to September the compilation of the Federal Reserve Bank 15 was the smallest for any reporting period of New York, but larger than in August, 1925, since February. Rates on bills of all maturi- or in March of this year. Government issues ties of less than 120 days were increased by were about the same as in July, but those of one-fourth of 1 per cent on August 23, and the foreign corporations were only about one-half buying rates of the Federal reserve bank were as large, and the bulk of these were refunding also advanced. The following table shows the issues. The only individual new issues of as rates in effect on bills of various maturities at much as $10,000,000 were floated by the the beginning and end of the reporting period: Republics of Peru and of Chile. A total of $12,200,000 came from Germany and the rest ACCEPTANCE RATES IN THE NEW YORK MARKET of the new securities from Belgium and Cuba. The table below shows the foreign issues during Aug. 18, 1926 Sept. 15, 1926 June, July, and August: Maturity Bid Offered Bid Offered FOREIGN CAPITAL ISSUES lln millions of dollars] 30 days. 60 days. 90 days. August, 1926 July, 1926 June 1926 120 days 150 days 180 days Gov- Cor- Gov- Cor- Gov- Corern- po- ern- po- ern- poment rate ment rate ment rate CAPITAL ISSUES New issues 33.2 8.0 31.8 56.4 44.5 50.2 The volume of new domestic securities issued Europe 9.2 2.4 11.0 26.3 14.0 35.6 Canada and Newfoundland. 3.0 20.1 7.5 12.7 in the United States in August was the smallest Latin America _ 24 0 2 6 20 8 20.8 1 4 for any month since September, 1923, amount- Un se i s te si d o n S s tates insular pos- 2.2 5 ing to $209,200,000, as shown by the compila- Japan 10.0 Refunding issues 24.3 .4 6.0 10.5 4.5 tion of the Commercial and Financial Chron- Total new and refunding. _ 33.2 32.3 32.2 62.4 55.0 54.7 icle. The decline in new flotations character- Grand total 65.5 94.6 109.7 ized all classes of corporations as well as of municipalities, but was less marked in the case of industrial corporations than of public utili- SECURITY PRICES ties and railroads. The volume of refunding The prices of representative common stocks issues during August was about equal to the of industrial corporations, as shown by the monthly average for the current year. The index of the Standard Statistics Co., advanced following table shows the domestic securities, early in September without, however, reachboth new and refunding, issued in August, ing the high levels of early August, and lost a 1925, and in July and August, 1926: considerable part of this advance later in the month. Railroad stocks continued through- DOMESTIC CAPITAL ISSUES out September about the same rate of increase that has persisted since late in July, the index [In millions of dollars] reaching a new high point each week in the August, 1926 July, 1926 AUgusfc, 1925 month. Individual stocks among both groups showed unusually erratic movements, which Re- Re- Re- are not reflected in the averages. The market New fund- New fund- New fund- was more active than usual early in September, ing ing ing as indicated by the volume of stock sales, and less active later in the month. Bond prices Total 209.2 56.9 411.5 54.1 266.4 32.7 declined slightly below their August levels. Corporate 141.1 56.4 316. 5 53.7 185. 6 29.3 Long-term bonds and The following table gives indexes of stock notes 107.9 52.7 211.6 34.9 123.6 19.1 prices computed by the Standard Statistics Short-term bonds and notes . __• 9.0 .3 10.5 12.2 7.4 .4 Co. of New York, the average price of 40 bonds Farm S - t l o oa c n k s is . s .. ues 2 4 4 .2 3 3.4 9 6 4 . . 4 0 6.6 54 . . 5 6 9.8 computed by Dow, Jones & Co., and the aver- Municipal •___ 63.8 .5 89.0 .4 80.3 3.4 age number of shares of stock sold daily on Total new and re- the New York Stock Exchange, for the last funding 266.1 465.6 299.1 six months and for September a year ago: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL RESERVE OCTOBER, 192(> INDEX NUMBERS OF SECURITY PRICES prices for nonagrieultural commodities, which are about 2 per cent lower than a year ago, Price indexes of1— Average have shown little change during the last five Aver- number months. All of the principal groups are lower age of shares d 1 s u 9 to 9 s c t r i k i n s a - l 3 s r 1 to o r c a a k d il s - T st 2 o o 3 t c a 0 k l s , • b p o o r f n i 4 c d 0 e s2 s o o o m f l ( d i 0 s t d 0 t t o e a 0 c d i k l ) y 3 t i m n h g o a , n s t w a e h y x ic e te h a n r s i a i s v g e n o e e a d x r e l c c y e l i p n 6 t e s t p h e a h r t a c v fo e e n r t b f u e h e e i l g n h a e n t r h d . o l s i e T g h h o t e f - 15 per cent for farm products, reflecting prin- Average for— ' ••• cipally decreases for cotton, wheat, corn, and September, 1925..,. .__. 139.9 115.8 132.9 92.19 1,711 April, 1926————. 139.8 118.5 133. 6 94.52 1,339 cattle, and 12 per cent for miscellaneous, : May, 1926. —____—— 141,1 120. 6 135.1 95.25 1,083 June, 1926 ________ 147.4 125.5 141.0 95.32 1,614 July, 1926.. -.—--_. 152. 7 128.3 145.6 94. 87 1,626 August, 1926.. .__..____ 159.2 131.4 151.1 95.03 1,871 September, 1926.------ 159.8 134.6 152. 5 95.03 1,654 Average for week ending— Sept/4. .160.2 136.8 153.4 95. 07 1,806 ."-•' SeptUl. _____-__- 158.9 133. 3 151.4 95.11 1,831 Sept. 18 159.6 133.6 152.0 95.02 1,676 Sept. 25 160.6 134.7 153.0 94.94 1,579 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, 1913-1922, equals 100. The indexes are weighted by the number of shares of each stock outstanding. Prices used are closing quotations on Saturday. ••••'•. ; .'•"-•':. : -' I'/' • .•-;•••-•".•'-•'• ; , • • • 2 Arithmetic average o;f daily average closing prices, as published in the Wall Street Journal Weekly averages are for week ending with .Saturday.' i :; ; ;; •.••.-•• \ , .^ ' ; s Saturday omitted.. Weekly averages are for five days ending with Friday preceding date given. COMMODITY PRICES commodities, largely on account of lower The general level of wholesale commodity prices for rubber. In the first three weeks of prices, according to; the index of the Bureau September cotton, grains, brick, and meats of Ldbpr Statistics, declined from July to continued their gradual decline, while advances August By a,bout 1 per cent, an amount about were shown in fuel, sugar, and potatoes. equal id itie decline during the preceding The following table shows the movement of irioiith. This dhange reflected a decrease of farm prices for 30 commodities since the begin- 2.5 per cent for agricultural commodities and ning of 1925, as shown by index numbers an increase of about one-half of 1 per cent for computed by the United States Department nonagrieultural commodities. The distribu- of Agriculture, with separate figures for importion of ] price changes among the principal tant classes of farm products. groups of commodities is shown by the table, and comparative figures for the past 13 months INDEX NUMBERS OF FARM PRICES iare given ^n page 740. [August 1909-July 1914=1003 INDEX NXJMB^RS [1 O 91 F 3 = C 10 O 0] MMODITY PRICES Per- Y m ea o r n a th nd Grains F t v a a r e b n u g l d i e e t s - s M m an a e i l a - s t p D p o u a r a u n c o i l t d d r t s y r - y C c s o a o e t n t e t t d o d o n n ' c l f U a ie s n d s - i- 3 T m 0 t o i o e t c d a s o i l m - , - August July centage change 1925 All commodities-. 149.2 150.7 -L0 January 172 122 123 154 182 94 146 February... 178 131 126 142 183 96 146 , Agricultural.. _ —. 144.5 148.2 —2.5 March.. 172 138 145 134 195 94 151 Nonagrieultural _ 153.1 152.3 +.6. April. __. 152 146 146 131 189 94 147 May 159 162 139 132 184 87 146 Farm products_________•_.—- 137.9 140.8 —2.1 June 164 184 139 132 183 86 148 Foods.. ___:_____;__ 150.8 153. 6 -I. 8 July 152 178 148 134 186 88 149 Clothing materials-..._ — -_ 174.7 173. 3 +.8 August 157 178 149 139 186 96 152 Fuels . .,._.___-,..-:_ 179.5 177. 0 +1.4 September.. 148 142 143 141 178 90 144 Metals and metal products. 126.6 126.2 +.3 October 135 152 141 154 171 90 143 Building materials... -- _ ____• 171.8 171,5 +.2 November.. 138 ^194 136 162 144 95 144 .Chemicals arid drugs... 130. 8 130.9 December. _ 140 194 136 163 139 92 143 House furnishing goods _____ 160.8 161.1 — 2 Miscellaneous __.-.- .___- 121.8 122.5 1926 January 143 214 140 i53 138 87 143 February .... 140 218 146 144 142 87 143 The decline in the general level of wholesale March 133 220 147 137 133 85 140 Commodity prices since August of last year, A M p a r y il -_ 1 1 3 3 1 1 2 2 4 5 0 3 1 1 4 4 6 8 1 1 3 3 3 1 1 1 3 3 5 0 8 8 3 2 1 1 4 3 0 9 when theiy were at their highest point for the Jt. u•*•n'*•e/ 130 216 154 130 132 81 139 July 125 195 152 131 126 81 135 year, amounts to about 7 per cent, as is brought August _____ 128 166 144 130 130 81 132 out by the chart. The chart shows also that September. _ 121 136 148 139 134 93 134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEK, 1926 FEDERAL RESERVE BULLETIN 717 AGRICULTURAL CREDIT The following table shows the outstanding volume of mortgage loans at the end of August Rediscounts of Federal intermediate banks held by 12 Federal land banks, 54 joint-stock increased slightly during August, but repayland banks, and 41 life-insurance companies ments by agricultural credit corporations durowning more than 82 per cent of the assets of ing the first half of September brought the all life-insurance companies. total below that of August 1. Direct loans increased approximately $7,000,000 during NET FARM MORTGAGE LOANS OUTSTANDING August, due largely to advances on tobacco. [ In thousands of dollars] Increased advances were also made upon wheat, canned fruits and vegetables, and wool. August 30; August 30, 1925 Loans based on raisins and rice were reduced. Total, all joint-stock land banks; 610,794 513,994 Loans on cotton, which reached their lowest Total, Federal land banks 1,053,336 985,160 point in the latter part of August, have started 41 life-insurance companies 1,577,000 1,510,000 to increase as the new crop has moved into market channels. Loans based on eligible MINING AND MANUFACTURING ACTIVITY commodities. and rediscounts for the different financial institutions at the latest available date Volume of manufacturing showed the usual in September are shown in the following table: seasonal increase between July and August, and mining output in August was close to the INTERMEDIATE CREDIT BANKS highest on record. The Federal Reserve Board's index of manufacturing production [In thousands of dollars] was 137 in August, as compared with 128 in Sept. 18, Aug. 14, Sept. 19, July and 122 in August of last year, and the 1926 1926 1925 mining index for the corresponding months was 139, 135, and 136. The index of produc- Direct loans outstanding on- tion in basic industries, which is adjusted for Cotton 5,310 5,097 3,299 Tobacco. ____ _ 19,166 11,016 , 16,222 the usual seasonal increases that occur be- Wheat.. _ 3,036 2,450 1,874 Canned fruits and vegetables _______ 1,757 1,193 2,069 tween July and August, showed a slight de- Raisins 1,600 2,950 2,400 crease from 118 in July to 116 in August. Peanuts _ _ 148 Wool ___ ...__.._.__ 2,212 2,194 1,818 This decrease may be attributed to the fact 472 554 ARilcle other '•_•_• ••______ 119 190 95 that there were five Sundays in August as compared with four in July. Factory employment Total 33,672 25,644 27,925 and pay rolls also increased in August, following Rediscounts outstanding for— 'Agricultural credit corporations. 29,737 30,459 21,096 the seasonal decline in the preceding month. National banks 13 4 3 Industrial activity, as indicated by these State banks 329 363 536 Livestock loan companies •___ 13,207 12,974 10,152 measures of production and employment, has Savings banks and trust companies- 162 162 82 shown movements to date this year correspond- Total.. \ 43,448 43,962 31,869 ing somewhat to those of the same period in 1924 and 1925. Activity in those two previous Outstanding farm loans held by joint-stock years was large in the winter months, declined land banks, Federal land banks, and reporting during the spring, and began to increase life-insurance companies increased approxi- slightly in the late summer. The decline from mately $5,000,000 for each of the three groups. the early months of the year to midsummer An additional reduction in the rate of interest occurred this year but was nothing like so great charged on farm loans has been announced by as in 1924 and 1925. The total volume of the Federal farm loan board applying to the manufacturing production during the first Omaha Federal land bank district. The rate eight months of 1926 has exceeded that of any there was reduced from 5}£ per cent to 5 per previous corresponding period. Mining outcent, bringing the total number of districts which put for the period has been in somewhat smaller are on a 5 per cent basis to six. Rates charged volume than in 1923, in which year the coal on farm loans prevailing in the 12 Federal shortage caused by the strike of 1922 was being land bank districts are as follows: made up. Building, another form of productive activity, has also been in larger volume District Bate District , Rate during this year to date than in any previous 1, Springfield ____ 7. St. Paul..__. 5 corresponding period. The increase in build- 2. Baltimore . &A 8. Omaha 5 ing this year as compared with 1925 has been 3. Columbia ^A 9. Wichita.--__-__ 5 4. Louisville 5 10. Houston 5 particularly large in industrial structures and 5. New Orleans __ 5 11. Berkley.... VA 6. St. Louis... 5and5K 12. Spokane ____. • 5V2 in public works and public utilities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN OCTOBER, 1926 Increases between July and August, even Silk imports in August were larger than in any after adjustments for seasonal variations, previous month of the year, and deliveries to occurred in textile mill activity, in the number mills exceeded those for any month since of hogs slaughtered, and in the production January. Warehouse stocks in this country of steel ingots, zinc, crude petroleum, sole are small, but those in Japan are unusually leather, and tobacco products. Automobile heavy. Sales of silk goods by wholesalers in output increased considerably and was greater the New York Federal reserve district increased than in any previous August, and the produc- considerably between July and August and tion of rubber tires was the largest on record. were larger than in August, 1925. Sales of With the exception of a number of the textile clothing in the New York district were seasonindustries, lumber, and leather, most of the ally larger in August than in July, but those important industries were operating at a of men's clothing were slightly smaller, and higher level than in August of last year. those of women's dresses, coats, and suits were Index numbers of production, employment, considerably less than a year earlier. The and pay rolls, are shown on pages 729-730. strike in the women's garment trade continued Textiles.— Activity in textile industries in- during September. Orders for heavyweight creased during August and September; buy- underwear for immediate delivery were large ing was in larger volume, manufacturing in September, and buying of spring goods operations were increased, and prices advanced. began. Production, shipments, and orders of Cotton-goods prices, according to the Fair- underwear, which were at a low level in July, child indexes, have risen slowly, with only one increased in August. Activity in the hosiery weekly decline, since the middle of July, and industry was also at a seasonal low ebb in in September reached the highest levels since July, and production of all types except men's May. Yarn prices have likewise advanced, cotton seamless and women's silk full-fashioned while those of raw cotton fell about the middle hose was less than a year ago. Preliminary of September to a new low point since 1921. August data indicate increases over July in Prices of raw wool, tops, and worsted yarns production, shipments, and new orders. have risen slightly since the middle of August. Hides, leather, and shoes.—-Reports indicate New openings of woolens and worsteds, how- increased activity in hide and leather markets ever, at lower prices than those previously during September, after a period of quietness prevailing, have resulted in further reductions in August, and operations in the shoe industry in average prices of piece and dress goods. have shown the usual seasonal expansion. A Further advances occurred in raw silk quota- large number of hides were sold on the Chicago tions during September, and the Fairchild silk market in the latter part of September, and goods index rose slightly from the low level prices strengthened. Production of most types reached in August. of leather has remained without much change Manufacturing operations in nearly all in recent months except in the case of goat and branches of the textile industry were at higher kid leather, of which output has declined levels in August than in July, although they steadily since March, following a substantial continued below those of a year ago. Knit increase in the months preceding. Stocks of goods was the only one of the chief textile leather were further reduced in July. Producindustries in which factory pay rolls were tion of sole leather and stocks in process of greater than in August, 1925. Cotton con- manufacture increased in August and were sumption and spindle activity increased in larger than in any month since October, while August over July and were greater than dur- tanners' finished stocks were reduced to a new ing August of last year. The production of low level of less than 4,000,000 backs, bends, cotton textiles showed substantial increases in and sides. Production of boots and shoes ineight of the nine classes reported over both creased seasonally in all important districts June and July, accompanying a growth in and for the country as a whole was in about total unfilled orders and a decline in total the same volume as a year ago. Sales of stocks. Cotton finishers also reported in- shoes by wholesalers in August were larger creases in billings, orders, and shipments, all than in August, 1925, whereas stocks held at of which were greater than a year ago. Wool the end of the month were in smaller volume consumption and machinery activity increased than a year earlier. in August above the low level of July but Metals.—Increasing production, active buycontinued below the levels of last spring and ing, and firm prices have characterized condiof a year ago. The greatest increase in tions in the iron and steel industry since the activity was in that of worsted spindles. middle of the summer. Production of steel Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 FEDERAL RESERVE BULLETIN 719 ingots increased considerably in August, ex- curtailed a year ago in preparation for work ceeding all previous records for that -month, on new models. Output of passenger cars and reports indicate a continuation of opera- and trucks for the first eight months of the tions during September at close to the same year totaled 3,106,000, as compared with rate—about 86 per cent of capacity. A slight 2,737,000 in the same period of last year. decline in the unfilled orders of the United Production in the last quarter of 1925, however, States Steel Corporation is accounted for by was unusually large. Retail sales of new cars the large volume of production and shipments. and sales of used cars by dealers reporting to Pig-iron output was at a slightly lower rate in the Federal reserve banks of Chicago and August than in July, but was larger than in Philadelphia were smaller in August than in August of the two preceding years. Shipments July but greater than a year ago. Sales of of iron ore from Great Lakes ports during new cars at wholesale, on the other hand, were August totaled 10,710,000 tons, the largest for larger than in July. Used-car stocks were conany month on record, making the total for the siderably larger on August 31 than they were season to date slightly larger than in the same a year earlier. During September two producperiod of last year. Prices of steel products ers announced reductions in automobile prices. have been strong, and quotations on sheets Production of automobile tires increased were advanced during September. Pig-iron considerably in August and was larger than prices, on the other hand, have been reduced in any previous month. Shipments of both slightly by some producers. Buying of steel tires and tubes exceeded output by substantial for fourth-quarter, requirements has been under margins, and stocks were consequently reway. Demand from automobile producers duced to the smallest volume since the early has been especially active, and sales of struc- part of the year. Activity in the tire industry tural steel continue in large volume. The continued large during September. Crude petroleum and agricultural implement indus- rubber prices rose from about 38 cents a pound tries have also been active buyers. Railroad the middle of August to over 41 cents the purchases, on the other hand, have continued latter part of September. Prices of tires sold small. to automobile manufacturers were reduced in Nonferrous metals markets were particularly September. active during August and September. Prices Fuels.—The usual seasonal increase in the advanced, and for most metals production and production of coal continued during August shipments increased, and stocks were reduced. and September. Bituminous coal output was Mine production of copper was in practically larger in August than in the corresponding the same volume in August as in July, but month of either of the two preceding years. smelter output increased slightly. Zinc pro- Weekly output for September was in practically duction and shipments likewise increased, the same volume as in 1925. Demand for while stocks decreased in volume. The re- bituminous coal has continued large, and prices ported world's visible supply of tin was the advanced in September to the highest level of smallest in several years, and the price of the year. Exports increased further in August Straits tin in New York rose during August to and exceeded the large volume shipped in July. over 66 cents, the highest point since 1919, Anthracite production was slightly smaller in and in September there was a continued ad- August than in July and much below the figure vance to over 70 cents. The contract price for last August, which was at a record in of lead was reduced by a leading producer in anticipation of the strike which began Sep- September from 8.90 to 8.75 cents a pound. tember 1. Output continued, however, at Silver has been weak, influenced partially by over 8,000,000 tons for the sixth consecutive the published report of the Indian Currency month, the longest period since 1923 that Commission, and the price fell to a new low production has been maintained at this rate. level since 1921. Anthracite prices have also advanced within Automobiles and tires.—Distribution of new recent weeks. Quotations by independent models accounted for a substantial increase producers are below those of a year ago, in production and sales of automobiles during whereas the • •" company" prices are slightly August. The output of passenger cars in the higher than they were at this time last year. United States totaled 379,111, an increase of Production of both beehive and by-product 20 per cent as compared with July, and the coke was somewhat smaller in August than in largest production for any month since April. July but continued greater than a year ago. Comparisons with last August are vitiated by Demand for coke has increased somewhat in the fact that Ford production was temporarily recent weeks, &nd prices have advanced; 10419—26t -3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDERAL RESERVE BULLETIN OCTOBER, 1926 Production of crude petroleum continued ume of business with the Continent and the during August and the first week of September United. Kingdom. the increase which began last May and was Sugar meltings for the month of August delarger than at any time in over a year. In the clined for the second successive month, but following two weeks, however, there were were in slightly larger volume than in the corslight decreases in output. Production of responding month of a year ago. A broad repetroleum for the year to date has been smaller tail demand has resulted in firmer prices, and than in the same period of 1925, and stocks quotations on refined sugar reached the highhave declined to the lowest level since 1923. est level of the year in the middle of Septem- Consumption of gasoline has been large, and, ber. Stocks, which for several months have despite a high rate of output, stocks at refin- been considerably larger than usual, have deeries have been steadily reduced since April. clined in the last two months but are still above According to the Oil, Paint, and Drug Reporter the holdings of a year ago. indexes, prices of crude petroleum and of gaso- Manufacture of meat products declined from line were reduced somewhat between the middle the previous month, but the total value of of August and the middle of September. sales billed during the month to domestic and Building materials.—Production of lumber foreign customers by 41 packers in the United decreased in August and was in smaller volume States, as reported by the Chicago Federal than in any; month since early in the spring. Reserve Bank, increased 1.5 per cent over July Shipments likewise were smaller than in July. and 2.2 per cent over a year ago. A brisk Orders, shipments, and production for several retail demand for pork cuts was reflected in weeks have approximately equaled each other, firmer prices during the first half of September. indicating that there has been little change in Slow buying on the part of foreign customers unfilled orders and stocks. According to re- and large runs of heavyweight hogs have been ports of the National Lumber Manufacturers accompanied by large holdings of lard. In- Association, the volume of lumber cut was stead of showing a marked decline in the month smaller during the months of June, July, and of August cold-storage holdings of lard continued August of this year than in corresponding at the high level reached in the previous month, months of last year. This summer's shipments, contrary to the usual seasonal trend. on the other hand, have been in larger volume than production, whereas in previous summers BUILDING output has exceeded shipments and stocks have accumulated. Prices of hardwoods ad- After declining for three months, the volume vanced slightly in August and September, but of building contracts awarded, as reported by those of softwoods, after declining early in the F. W. Dodge Corporation, increased con- August, remained without much change. Ship- siderably in August, totaling in value for 37 ments, production, and orders of oak and maple States east of the Rocky Mountains $601,flooring increased in August, and in the case of 000,000. This figure has been previously exthe latter continued slightly larger than a year ceeded in only one month—-August, 1925— ago. For the former they were in practically when the total was $611,000,000. Data for the same volume. Cement production and the first half of September indicate that the shipments declined in August from the high volume of contracts awarded was about the levels of July, although seasonal increases same as in .the corresponding period of last usually occur at that time. Production and year. Contemplated new work, reported by shipments of paving brick were smaller in the same corporation, was valued at $571,- August than in the corresponding month of 000,000 in August—15 per cent smaller than last year. in July and 30 per cent less than a year ago. Food products.—Flour production during the Projects in contemplation furthermore were month of August was the largest for any single smaller in value than contracts awarded durmonth during the year. Plentiful supplies of ing the month, whereas in other recent months high quality winter wheat at a lower level of they have been larger. prices have stimulated milling activity, and a Most of the increase in building contracts good volume of buying has taken place. Ex- as compared with July was in the New York, ports have also shown a considerable expan- Chicago, and St. Louis districts, and was fairly sion and were in the largest volume in any evenly divided between residential and other month since December, 1924. Trade with types of buildings. Building activity during Latin America has continued in good volume, the summer has been particularly large in the and southwestern mills.maintained a good vol- Middle Western States. Awards during Au- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 FEDERAL KESEEVE BULLETIN 721 gust in the New York district were nearly total volume of trade in leading lines this year $50,000,000 less than in the same month of last year continued at about the same level. Sales year, and in the Atlanta district were $20,000,- of meats, shoes, hardware, and drugs were 000 less, whereas there was an offsetting increase larger, while sales of groceries and dry goods in the area covered by the Chicago, St. Louis, declined slightly. Sales of agricultural ma- Minneapolis, and Kansas City Federal reserve chinery were about 9 per cent larger for the districts combined of about $70,000,000. Con- country as a whole than last year, and increases tracts for public works and public utilities were were particularly large in the Dallas Federal especially large in July and August, and for reserye district. the year to date have shown an increase over This seasonal growth in sales was accomthe same period of last year of $135,000,000, panied by a slight reduction in stocks of or 22 per cent; the corresponding increase for merchandise carried by wholesale dealers. industrial building has been even larger—- Stocks of dry goods, shoes, hardware, and drugs $165,000,000, or 56 per cent. Residential were smaller at the end of the month than at building has been $65,000,000 greater, which the end of July, while those of groceries were is an increase of only 4 per cent, and in August slightly larger. Compared with August, a year residential contracts were smaller than a year ago, stocks of groceries, hardware, and drugs, ago. were larger, but inventories of dry goods and shoes were less. Accounts receivable outstand- WHOLESALE AND RETAIL TRADE ing at the end of August for reporting dry goods and shoe firms were larger than at the end of Trade at wholesale and retail firms followed July, while those for grocery and hardware in August the usual seasonal course char- firms were smaller. acteristic of the late summer. Volume of Retail trade.—Trade at retail stores in August wholesale trade in six leading lines increased showed the regular midsummer dullness, but about 6 per cent over July and was in about the sales continued as in the earlier months of this same volume as in August a year ago. As year to be in larger volume than for the cora result of this growth in sales, stocks of responding month of last year. Sales of departmerchandise carried by wholesale dealers were ment stores and mail-order houses were 7 per reduced and were only slightly above those cent and 10 per cent larger than in August, a a year ago. Trade at retail stores reflected the year ago, and sales were also larger for all reusual midsummer dullness, but total sales of porting chain stores except music and candy reporting stores exceeded those of a year ago. chains. Inventories carried by department stores Department-store sales were larger than in increased about 4 per cent in August, but this August, 1925, in all sections of the country except was somewhat less than is usual in August, and in the Minneapolis Federal reserve district. The stocks were slightly smaller than at the end largest increases, amounting to more than 8 per of August a year ago. Further evidence of the cent, were in the Boston, New York, Atlanta, large volume of trade at both wholesale and and Dallas Federal reserve districts. These retail firms is indicated in the continuation of sales were larger than in August of last year railway shipments of merchandise and miscel- for almost all lines of merchandise carried by laneous commodities at record high levels. department stores. Wholesale trade.—Sales of shoes and dry In anticipation of the usual autumn growth goods, which are subject to wide seasonal in sales, merchandise stocks of department changes, were 30 per cent larger than in July, stores were built up in August, but the increase those of meats were somewhat larger, while was less than that which generally occurs, and sales of groceries, hardware, and drugs showed at the end of the month inventories were slight declines. Larger sales of dry goods than slightly smaller than at the end of August, a in July were reported from all sections of the year ago. Stocks were smaller than a year ago country, but increases were largest in the St. at stores in all sections of the country except Louis district arid in the three southern Federal in the New York, Chicago, Richmond, and reserve districts. Sales of clothing by firms in Dallas Federal reserve districts, where they the New York Federal reserve district were 116 were slightly larger. per cent larger in August than in July, and With sales larger than last year, and stocks those in the St. Louis district were 86 per cent smaller, the rate at which stocks were larger. Compared with August a year ago, the turned over was faster than August, 1925, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

722 FEDERAL RESERVE BULLETIN OCTOBER, 1926 and for the 8 months ending with August Inspected slaughter of cattle and sheep durstocks were turned over 2.15 times as compared ing the first eight months of 1926 has been with 2.10 times in 1925. higher than in the comparable period of a year ago, while that of hogs has declined. The TRANSPORTATION money value of the inspected slaughter of cattle and hogs is above that of last year, but Movement of freight in August continued at the value of sheep slaughtered is lower. The a record high level for that month, total car production of dairy products, which in the loadings exceeding 4,800,000 cars compared r first part of the year was above the level of a with 4,709,000 cars in July and 4,679,000 year earlier, »has since declined. The level of cars in August of last year. Shipments of prices has also been slightly below that of last all commodities except livestock, coal, and year. forest products were larger than a year ago, but the most substantial increase was THOUSANDS OF CARS THOUSANDS OF CARS in shipments of grain and grain products, Aoor 400 'FREIGHT GAR LOADINGS ' whicli were 4 per cent larger in August this OF GRAIN AND GRAIN PRODUCTS year than in 1925. Loadings of miscellaneous commodities and shipments of merchandise in less-than-car lots also continued in large 300 300 volume. Total loadings were larger than last year in each of the seven transportation districts for which data are available, except in the southern and southwestern districts, where 200 200 traffic was smaller than in the corresponding month last year for the first time since January. This increase in traffic was accompanied by a reduction in the surplus freight cars available 100 too for service to an average of 170,350 cars in August, compared with an average 223,000 cars in July and 203,350 cars in August of last year and 266,230 cars in 1924. 1923 1924- 1925 1926 AGRICULTURE Grains.—With the total United States wheat crop estimated at 839,000,000 bushels, prices The production of farm crops in 1926, on have become established upon a world price the basis of official estimates summarized else- basis. While Liverpool prices for December where in this issue of the BULLETIN, is ex- wheat were approximately 6 cents higher than pected to be smaller for most crops than that a year ago, at the middle of September, Minneof 1925, and agricultural prices are now at their apolis September wheat was 10 cents lower and lowest level since 1924. For winter wheat, Kansas City September wheat 21 cents below howeverj the crop is larger than last year, and the corresponding quotations of a year ago. new wheat marketed through August has been Durum wheat, on the other hand, sold at 3 in larger volume than in any other year since cents above bread wheat in August of this 1921, largely on account of large marketings in year, compared with a price 28 cents under July, as is brought out by the chart. Market- bread wheat in the same month of last year. ings of the feed crops of oats and barley have The increased price this year is attributed to been below the level of last year, reflecting in the poor crops in Italy, Morocco, and Tunis, part the decreased production of these two as well as the decreased production in this crops. Receipts of corn during July and country. August were slightly below last year, but rye On the basis of present estimates, it appears receipts were higher. The arrival of cotton that the yield in 18 countries of Europe will be upon the markets has been delayed because of 112,000,000 bushels below that of last year; in the later season, and receipts at leading mar- three countries of Asia, 33,000,000 above; in kets have been about 35 per cent smaller than four countries of North Africa, 8,000,000 below; last year. Fruits and vegetables have been and in two countries of North America,, marketed in greater volume than in 1925, and 160,000,000 above. The apparent shortage in estimates of production for the leading fruit the production of other countries has stimucrops indicate the largest yield in several years. lated exports from the United States, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 FEDERAL RESEBVE BUI4LETIN 723 this movement has assumed a considerable ture's September farm price of wheat, the volume, as compared with last year. Recent estimated production will have a value approxmonthly figures for exports of wheat and for imately $113,000,000 less than last year. The flour in terms of wheat are given in the following States of North Dakota, South Dakota, Washtable, together with comparisons for the two ington, Oregon, Idaho, and Minnesota show previous years: a decline, while Montana shows a slight increase. WHEAT EXPORTS Wet and cool weather over much of the Corn [In thousands of bushels] Belt has retarded the maturity of the corn crop, and more sunshine and warm dry weather is Month 1924 1925 1926 needed. Serious damage was reported by September floods to corn planted on river May... 7,208 12,976 12,423 bottom lands. The drought in Kansas, June... 10,258 10,758 11,076 Nebraska, and Colorado, which had assumed a July... 7,600 12,777 18,302 August 21,106 11,832 35,485 serious importance in early August, was relieved by rains after August 10, but many fields had Wet weather has delayed threshing in the already become too badly burned to make any spring-wheat belt, and some damage has been material recovery. reported as a result of sprouting in the shock. The condition of the corn crop improved Unfavorable weather conditions in other sec- during the month of August, and the September tions have also delayed the preparation of the 1 estimate of probable production, issued by ground for the new winter-wheat crop. Wheat the Department of Agriculture, showed an prices declined to the lowest levels of the year increase of 121,000,000 bushels over August 1 in early September and since that time have conditions. The estimated production of 2,689,shown some strength. The outcome of the 000,000 bushels is, however, 207,000,000 bushels Canadian crop is still a considerable factor in less than the crop harvested last year and 151,the market, the Dominion Government in its 000,000 bushels below the five-year average latest estimate having raised its figure from crop. 317,000,000 to 399,000,000 bushels. Wet and The level of corn prices in August declined unseasonable weather has prevailed in the slightly, but additional gains were made during western Provinces, however, and is retarding the first half of September. Although the estithreshing and marketing operations. mated production for the current year is con- On the basis of August farm prices of winter siderably under that of last year, the market is wheat, as quoted by the Department of Agri- faced with the prospect of a large carry-over culture, and the September farm prices for from the old crop. The production of corn, spring wheat, the money value of the 1926according to latest estimates, reflects a marked wheat erop is estimated at about $47,000,000 improvement of yield in the Southern States, more than the value of last year's crop. The while yields in the mid-west corn States are increase is largest in the winter-wheat regions under those of last year. The production of and in those States where the yield was par- corn, on the basis of September 1 estimates, ticularly low last year. On the basis of the shows an increase for 1926 as compared with Department of Agriculture's August farm price last year in South Dakota, North Carolina, of wheat, the value of the estimated production Georgia, Kentucky, and Tennessee, and a in the States of Kansas, Oklahoma, Texas, decrease in all the other principal corn produc- Ohio, Washington, Oregon, Indiana, and Colo- ing States. rado will exceed that of last year by about The September 1 estimate of oats production $l§0,929,000. In the other principal winter- was reduced 47,000,000 bushels from the estiwheat producing States of Nebraska, Illinois, mate of a month earlier. During the first half Pennsylvania, Missouri, Michigan, California, of September further deterioration of the crop and Idaho the estimated value of the winter- was reported as a result of continued wet wheat crop will be $27,392,000 under the pro- weather. The quality of the grain coming to duction of last year, calculated upon the same market is below that of last year* and choice basis. grades are selling at a considerable premium. In the seven principal spring-wheat States, Receipts at central markets have shown a upon the basis of the Department of Agricul- decided falling off as compared with last year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL BESEKVE BULLETIN OCTOBER, 1926 Reduced yields of barley and flax, as com-stocker and feeder shipments in July fell off 18 pared with last year, are indicated by the per cent compared with last year, and during September 1 estimates. The production of the first half of August shipments from 12 leadtame hay is reported as the smallest in anying markets decreased 42 per cent. According year since 1918, although improved conditions to the same authority, prospects indicate a conin August materially bettered the outlook. siderably lighter run of grass cattle during the Pastures also showed considerable improve- early autumn months than was the case a year ment during the month and on September 1 ago. were above the condition reported on the Sheep and lamb conditions are reported good, corresponding date last year. but in many sections lambs are reported in . Livestock.—Range conditions showed the lighter weight than usual at this time of the usual seasonal decline in August, except that in year, and a larger per cent of the crop in the the western sections of the Dakotas and Ne-range States, which is 2,000,000 larger than last braska, which had been suffering from drought, year, will fall into the feeder class. Contractrain brought relief and conditions there im- ing of lambs has been fairly active in most secproved materially. Prospects for winter feed, tions, with prices ranging from 10 to 113^ cents. according to the Department of Agriculture, Buyers are represented as being chiefly from appear favorable, except in'limited local areas the mid-west States, as feeders in Colorado and and in the territory west of the Continental western Nebraska have been hesitant in making Divide. their commitments. With a large lamb crop The condition of range cattle continues gen- and a favorable range season, sheepmen have erally good, although drought in the western experienced further improvement in their posi- Dakotas, southeastern Montana, and western tion. The value of animals slaughtered under Kansas forced a heavy early movement from Federal inspection showed a slight decline of those sections. Prices of the heavier grass cat- 4 per cent during the first eight months of tle have suffered from competition of plentiful the current year as compared with the similar supplies of corn-fed animals. The extent of period in 1925. The number marketed during this increased marketing is indicated in a study this period increased from 7,972,000 in 1925 to made by the Department of Agriculture for a8,358,000 in 1926. period from June 1 to August 21, this year and last, which showed that the per cent of choice LIVESTOCK SLAUGHTERED UNDER FEDERAL INSPECTION and prime steers sold out of first hands for FIRST EIGHT MONTHS, 1925 AND 1926 slaughter in Chicago increased 53.5 per cent over last year, good steers 38 per cent, and Number Value medium steers 27 per cent, whereas common good steers showed a decrease of 27.5 per cent Cattle and calves: from last year. 1925. 9,769,354 $495,495,000 1926- 9,832,475 523,525,000 Cattle prices strengthened during the last Sheep and lambs: 1925- 7,971,984 93,222,000 part of August and first half of September. 1926 8,358,413 89,609,000 Hogs: Heavier classes of beef, which had been $3 to $4 1925. v 28,951,453 776, 798,000 und^r the level of prices prevailing last year, 1926 27,040,024 829,702,000 materially improved their market position. Despite the lower average price prevailing for Marketing of hogs in August declined from beef cattle during recent months, as compared the volume of the preceding month, but was with last year, the money value of all cattle and above the level of the same period in 1925. calves slaughtered under Federal inspection Prices were lower than in July, but brisk retail during the first eight months of 1926 increased demands for pork cuts stimulated prices in the 6 per cent above the comparable period in 1925. latter part of the month, and continued im- In numbers slaughtered cattle show an increase provement was maintained in the first half of of 211,000 animals, and calves show a decrease September. Storage holdings of pork products of 148,000. The prices of lower grades and declined in August, although holdings of lard, lighter animals did not decline appreciably and totaling 150,823,000 pounds, remained fairly in several months were at a slightly higher level steady and were above the five-year average than in 1925. figure of September 1. Despite a decrease of Bearing upon future supplies of fed cattle, 1,911,000 in numbers, the value of all hogs the Department of Agriculture states that slaughtered under Federal inspection during Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 PEDEKAL RESERVE BUIXETTN 725 the first eight months was about 7 per cent September 16 only 2,511,300 bales were ginned, larger than in the comparable period in 1925. compared with 4,282,000 bales a year ago and The average prices of livestock at the Chi- 2,666,000 bales in 1924. Marketing, as indicago market for August, with comparisons, are cated by receipts at leading towns from planreported by the Chicago Federal Reserve Bank tations and farms, up to the middle of Septemas follows: ber was about 35 per cent less than a year ago. Demand from American spinners for the first AVERAGE PRICES OF LIVESTOCK six weeks of the season was slightly larger than [Per hundred pounds at Chicago] in the corresponding period of last year, but reports indicate that mills are purchasing Months of— generally for early requirements rather than Week ended for forward deliveries. Total exports for the Se 1 p 9 t 2 . 6 11, Au 1 g 92 u 6 st, J 1 u 9 l 2 y 6 , Au 1 g 92 u 5 st, y se e a a s r o n ag t o o . d I a n t c e r e a a re se s s l i w gh er tl e y d i u n e e m xc a e i s n s l y o f t o t h la o r s g e e a r exports to the Continent and to Japan. In Native beef steers (average).. $10.30 $9.50 '$9.40 $12.10 England conditions arising from the coal Fat cows and heifers. •„ _ 6.35 6.80 6.75 6.20 Hogs (bulk of sales) _— 11.75 11. 55 12. 65 13.15 strike have been a factor in causing a curtail- Yearling sheep 11.00 10.80 11.30 11.25 Lambs (average) 14.35 14.10 14.15 14.80 ment in the textile industry, and takings of American cotton by English spinners thus far Dairy products.—Prices of butter and cheese has been less than during the corresponding advanced during August, although they were period in 1925. still approximately 2 cents below the level of Largely as a result of the general improvethe same month in 1925. Production showed ment in the crop and a larger expected yield, a falling off as compared with the same month cotton prices declined almost continuously in in the previous year. General rains, however, the first half of September, and on September in the latter part of August and early Septem- 24 the price for contracts for delivery in ber have improved pastures materially, and October and December declined below 15 the condition of pastures, as reported by the cents for the first time since 1921. Department of Agriculture on September 1, Tobacco.—Improvement in the condition of increased from the previous month, contrary the tobacco crop occurred in almost all of the to the usual trend. principal growing sections in August, and on Cold-storage holdings of both butter and the basis of the condition of the crop on cheese increased in August and were slightly September 1 a final yield of 1,306,494,000 above the totals of September, 1925. The pounds was estimated, compared with an increase during the month, however, was not expected production of 1,202,884,000 pounds as great as in the preceding year, and receipts at the beginning of August. Although the at central markets also reflected the continued yield this year is about 5 per cent less than the decline in production. final production in 1925, the crop is still large During the first eight months of 1926 pro- when compared with other recent years. duction of butter and cheese, as estimated by In Georgia, Florida, and South Carolina, where the Department of Agriculture, was approxi- the crop matures early, marketing was pracmately 2 per cent less than in the correspond- tically completed in August. Prices, which ing period of a year ago. Prices during the were considerably higher than in 1925, offset in current year also have been slightly less. The part the lower yields, and total returns from position of dairymen, however, has been im- the crops in thQse States were generally satisproved by a lower level of feed prices this year factory. In the New Bright district of North as compared with last year. Carolina marketing was also rapid, and in Cotton.—In the early weeks of September August and the early weeks of September the weather conditions were more favorable for the crop was being sold at good prices. In the cotton cropland on the basis of the condition large producing sections of North Carolina, of the crop on September 16 the Department Virginia, and Kentucky marketing has not of Agriculture forecasts a yield of 15,810,000 yet begun, but on the basis of present indicabales. This is an increase of 644,000 bales from tions yields are expected to be good but somethe estimated yield at the beginning of Sep- what smaller than last year. tember and only about 300,000 bales less than Fruits and vegetables.—The movement of the final harvest of 1925. The crop is gener- fruits and vegetables to market this season has ally later than last year, and picking, ginning, been considerably above that of last season, and marketing have been delayed. Prior to due largely to the increased movement of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN OCTOBER, 192G potatoes, grapes, and apples. The level of BANKS SUSPENDED DURING AUGUST, 1926 prices, which in the early part of the year were All banks Member * Nonmember distinctly higher than a year ago, have de- Federal reserve clined rapidly, and the level of prices during district Num- Total Num- Total Num- Total recent months has been rather lower than ber deposits 2 ber deposits 2 ber deposits * usual. This has been particularly true in the All districts_.. 51 $11,902,000 9 $2,303,000 42 $9,599,000 case of leading fruit crops, inasmuch as supplies Boston have been very abundant. The production of New York.- F hiladelphia peaches, pears, and apples is the largest for Cleveland 1 140,000 1 140,000 several years, and prices have reached com- A Ri t c la h n m ta o nd . 5 1 9 5 3 3 7 , , 0 0 0 0 0 0 5 1 9 5 3 3 7 , , 0 0 0 0 0 0 paratively low levels. Chicago 6 938,000 2 569,000 4 369,000 St. Louis. 1 311,000 1 311,000 The estimated production of potatoes, on the Minneapolis 28 8,191,000 4 1,141,000 24 7,050,000 Kansas City_.__ 9 1,332,000 2 453/000 7 879,000 basis of September 1 conditions, is only 25,000,- Dallas 000 bushels above the short crop of last year. San Francisco 1 Prices have continued firm and in the early 1 National banks; no suspensions of State member banks in August. part of September were approximately 20 per 2 Figures represent deposits for the latest available date prior to the suspensions, and are subject to revision when information for the date cent above the early September average for of suspension becomes available. the last five years. Continued wet weather in During the first three weeks of September, many producing sections has delayed market- 5 national banks and 21 nonmember State ing, and some damage has been reported. The banks—a total of 26 banks with deposits of estimated production of sweet potatoes is also $7,458,000—were reported as having been closed below the average, although the crop has during the period; 15 banks which had preshown considerable improvement lately. Prices viously been closed were reopened—6 each in are very nearly on the same level as that of a Georgia and Florida and 3 in South Dakota. year ago. Commercial failures.—There were 1,593 commercial failures, with liabilities of $28,129,660, BANK SUSPENSIONS AND COMMERCIAL during August, according to reports by R. G. FAILURES Dun & Co. Both totals were smaller than for Bank suspensions. — During August 51 previous months of this year. Failures during banks, with deposits of $11,902,000, were August, 1926, are shown in the following reported to the Federal reserve banks as having table, by class of enterprise: been closed on account of financial difficulties. COMMEBCIAL FAILURES DtTRING AUGUST, 1926 These totals are considerably smaller than those reported for July, when 138 banks, with Number Liabilities deposits of $52,164,000, were closed, but Class of enterprise 1926 1925 1926 1925 . compare with 14 banks, having deposits of $1,837,000, reported closed in August 1925. All classes.. 1,593 1,513 $28,129, 660 $37,158,861 Manufacturing 449 365 12,515,585 22,338, 628 More than one-half of the suspensions during Trading.. 1,071 1,069 14,095,543 13, 460,130 August were in the Minneapolis district, where Agents, brokers, etc. __ 73 79 1, 518, 532 1,360,103 there were 28 banks closed during the month The number and liabilities of commercial as against 15 the month before; in the Atlanta failures during August, 1926, by Federal district, where there were 97 suspensions in reserve districts, are presented in the following July, only 5 banks were reported closed in table: August. Twenty banks which had previously been closed were reported to have resumed COMMERCIAL FAILURES DURING AUGUST, BY FEDERAL operations during the month—1 in the Phila- RESERVE DISTRICTS delphia district, 11 in the Atlanta district, 1 Number Liabilities in the Chicago district, and 7 in the Minne- Federal reserve district apolis district. The number and deposits of 1926 1925 1926 1925 banks closed during August, 1926, are shown Total _ 1,5 1,513 $28,129, 660 $37,158, 861 in the following table, by class of bank; the Boston.. _______ 179 139 3,070,752 2, 362, 284 figures for closed banks represent, so far as can New York 316 212 5, 967, 571 5,183,046 be determined, banks which have been closed P C h le i v la e d la e n lp d hia. _. 1 4 3 4 8 1 4 5 5 3 2 1 , , 6 6 5 3 1 0 , , 9 0 8 5 9 8 4,8 7 7 48 1 , , 1 4 7 3 0 9 to the public by order of supervisory authori- Richmond.--. 107 1,433, 713 1,565,924 Atlanta—___-_. 104 1,930,050 1,179,942 ties or by the directors of the bank, on account Chicago...--.. 236 196 3,472,839 6,923,656 of financial difficulties, and it is not known how M St. i n L n o e u a i p s olis __ 8 5 5 3 9 9 1 1 1, 6 3 3 2 1 6 , , 5 6 0 8 9 2 1,0 89 4 4 9 , , 4 2 4 1 4 7 many of the institutions thus reported may Kansas City. _. 97 127 1, 784,080 1, 610,394 Dallas.- — — 50 682,086 1, 039,183 ultimately prove to be solvent. San Francisco. 184 3,548,331 9, 731,162 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEE, 1926 FEDERAL RESERVE BULLETIN 727 Changes in State Bank Membership Fiduciary Powers Granted to National Banks The following list shows changes affecting State During the month ended September 21, 1926, the bank membership during the month ended September Federal Reserve Board approved applications of the 21, 1926, on which date 1,393 State institutions were national banks listed below for permission to exercise members of the system: one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: ADMISSIONS (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6) Capital Surplus re T so o u t r a c l es l a u s n si a g t n ic e s e ; ; (9 (7 ) ) in r e a c n ei y v e o r t ; h e ( r 8 f ) i d c u o c m ia m ry i t c te a e p ac o i f t y e i s n ta w te h s ic o h f State banks, trust companies, or other corporations District No. 1 which come into, competition with national banks are permitted to act under the laws of the State in which Phoenix State Bank & Trust Co., the national bank is located. Hartford, Conn _ $1,600,000 $1,600,000 $28,352,673 District No. % M W O u es r r t r a a n y g O e H r , a i N n ll g . e T J ru T st r u . C st o ., C N o ew ., Y W or e k st , 150,000 25,500 175,500 Location t D N ri i o c s . - t Name of bank g P r o a w nt e e r d s N. Y --_-_. 1,000,000 1,000,000 2,050,291 First Bank of Utica, TJtica, N. Y,._. 1,250,000 1,250,000 19,367,466 Rahway, N. J 2 The Citizens National Bank Ito9 District No. 8 Atlantic City, N. J_ 3 Pacific Avenue National Bank__ Ito9 Pleasantville, N. J_ 3 Pleasantville National Bank Ito9 Shamokin Banking & Trust Co., Hummelstown, Pa. 3 Hummelstown National Bank__ Ito9 Shamokin, Pa _ 125,000 125,000 931,798 Pottstown, Pa_ ___ 3 Citizens National Bank Ito9 Reading, Pa 3 National Union Bank.. 1 to9 Norwood, Ohio 4 Norwood National Bank Ito9 CHANGES Monroe, N. C__ 5 First National Bank Ito9 Emporia, Va 5 do Ito9 District No. 1 H O a ra r n ri g s e o , n V bu a rg, Va__. 5 5 R C o it c iz k e in n g s h N am ati o N n a a t l i o B n a al n k B . a .. nk I I t t o o 9 9 Co P n h s o o e li n d i a x t e B d a n w k i o th f Ha n r o tf n or m d, e m Co b n e n r: , $1,000,000 $1,000, 000 $18,072,850 T Pl h a o t m tev as il v l i e l , l e W , i G s a.._ 7 6 „ F irst d o National Bank / 1 l I t t o to o - 9 3 9 has consolidated with State Bank Cannelton, Ind—.__ 8 Cannelton National Bank.. \ 5 to 8 t & C it o l . e T , r w P u h h s o t i c e h n C i h x o a . S s o t b f a e te c H o a B m r a t e f n o k a r d m & , e m T un r b u d e s e r t r . B B C l o o a u l e u l k d m w e b r e , u l l s C , , o O M lo k i l s a s _ _ _ _ _ 1 1 8 0 0 N F C i o a r t s l i u t o m N n b a a l u t i s S o t N n a a t a l e t i B B on a a n a n l k k B . ank . I 1 I t t t o o o 9 9 9 District No. 2 H En o i l d d , e n O v k il l l a e, Okla__ 1 1 0 0 d d o o _ _ 1 It t o o 9 9 Absorption of national bank: The Los Angeles, Calif__ 12 Hellman Commerical Trust and lto-9 Irving Bank-Columbia Trust Co., Savings Bank, N. A. New York, has absorbed the Na- Bellingham, Wash__ 12 Northwestern National Bank_ Ito9 tional Butchers & Drovers Bank of New York---._,.-. 2,000,000 750,000 14,448,070 and changed its title to "Irving Bank & Trust Co." Changes in National Bank Membership District No. 6 Absorbed by State member: Union The Comptroller of the Currency reports the follow- Banking Co., Monroe, Ga. .... 60,000 145,568 ing increases and reductions in the number and capital a member, has been absorbed by the Bank of Monroe, Ga. of national banks during the period from August 21 to September 24, 1926, inclusive. District No. 7 Withdrawals: A Sp u I a n b r d u ta rn S P ta a t r e k B T a r n u k s _ t , _ & . Cr o S m av w in e g ll s , 27,500 2,000 222,283 N b b a e u n r m k o s - f o A f m ca o p u i n ta t l Bank, Chicago, 111 300,000 90,000 1,555,999 District No. 9 N Re e s w to c re h d a r t t o er s s o i l s v s e u n e c d y .. $4,05 5 0 0 , , 0 0 0 0 0 0 Withdrawals: Increase of capital approved1. 120,000 Bank of New Richmond, New Aggregate of new charters, banks restored to Ba R n i k c hm of o n C d o , m W m is e rce, Kalispell . , . 75,000 37, 500 1,264,314 solvency, and banks increasing capital ; 18 4,220,000 Mont..... ._-._ --. 100,000 25,000 894, 265 Liquidations 5, 765,000 M M oc o ca n s t in State Bank, Moccasin, 25,000 171, 956 Reducing capital2.. 40,000 District No. 10 Total liquidations and reductions of capital. 5,805,<000 Consolidation of national banks under act of Nov. W E it l h g d in ra , w N a e l b : r Elgin State „ B ank, . 100,000 14,500 914,048 7, 1918.... „ _...._._ 230,000 Aggregate increased capital for period._. 4,220,000 District No. 12 Reduction of capital owing to liquidations, etc • 5,805,000 Absorption of nonmember bank: Net decrease.. 1, 585,000 Gunnison Valley Bank, Gunnison, Utah, has absorbed, the Bank of Centerfield, Utah, a 1 Includes one increase in capital of $25,000 incident to a consolidation nonmember. 50,000 15, 500 311,621 under act of Nov. 7,1918. 2 Incident to a consolidation under act of Nov. 7, 1918- 10419—26f- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESEEVE BULLETIN OCTOBER, 1926 PRODUCTION OF CROPS, 1926 crop, however, is late and the yield and quality are still dependent to a considerable extent on Estimates by the Department of Agriculture the date of the first killing frost. On the basis at the beginning of September indicate sub- of present indications the oat crop is expected stantially larger production than in 1925 for to be the smallest in the past four years, wheat, fruits, and potatoes, and smaller produc- and the yield of rye is smaller than for any tion for most other crops. An increase of year since 1913. Present conditions indicate 231,000,000 bushels in the winter wheat crop a cotton crop of 15,810,000 bales, approximore than offsets the slight reduction in the mately 300,000 bales less than the final harvest yield of spring wheat, and a total wheat crop of 16,104,000 bales in 1925, the second largest of 839,000,000 bushels is expected, as compared yield in the history of the industry. Although with a final harvest of 666,000,000 bushels in the tobacco crop is expected to be smaller than 1925. Larger yields of winter wheat were last year in nearly all the heavy producing distributed in all of the growing areas, but in sections, the crop is still relatively large, the Kansas City and Dallas Federal reserve and stocks remaining in the hands of dealers districts production was 169,000,000 bushels and manufacturers are heavy. Estimated larger than in 1925, and this increase accounts yields of leading fruit crops are considerably for more than one-half of the growth in total larger than in 1925, and for several of the leadproduction. In the Minneapolis Federal ing fruits yields are larger than at any previous reserve district, on the other hand; where time. Indicated yields of potatoes are larger about 75 per cent of the spring wheat crop is than in 1925, but they are still smaller than grown, growingi conditions were unsatisfactory production in other recent years. Detailed and the yield this year is expected to amount statistics showing the production of leading to only 160,000,000 bushels, as compared with crops in 1925 and estimated yields this year 202,000,000 bushels last year. Production for the country as a whole and for each Fedof corn is expected to be approximately eral reserve district|are| given |in|the following 207,000,000 bushels smaller thanlast year. The table: ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS [On the basis of the September estimates by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district Yield, 1925 S F ep o t r . e 1 c , a 1 s 9 t 2 , 6 Yield, 1925 Se F p o t r . e 1 c ,1 a 9 st 26 Yield, 1925 P e re s l t 1 i i m m 92 i a 6 n te a , ry Yield, 1925 S F ep o t r . e 1 c , a 1 s 9 t 26 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston _. . _. 10,400 9,469 210 179 210 179 New York 30, 602 28, 369 6,814 5,196 6,666 5,037 148 .159 Philadelphia 65, 074 72, 959 20, 711 21, 372 20, 711 21, 372 Cleveland.. __ 227, 875 192,713 29,384 46, 563 29, 292 46, 435 92 128 Richmond 140,291 180, 946 26, 393 32, 206 26, 393 32,206 Atlanta _ ._ __. __ 159,448 144, 484 5,214 8, 669 5,214 8,669 Chicago . .. 1,096, 997 909, 277 55, 960 68, 342 53, 673 65, 280 2, 287 3,062 St Louis 404,167 405, 383 49, 277 52, 212 49, 073 51,908 204 304 Minneapolis 288, 582 302,497 209,459 169, 685 7,486 9, 598 201,973 160,087 Kansas City 430,317 318,471 155, 968 296, 365 147, 257 285, 733 8, 711 10, 632 Dallas 40, 050 123,125 6,820 36, 959 6,706 36,740 114 219 San Francisco . 11, 250 10,179 100, 227 100, 843 43,087 63, 504 57,140 37,339 Total ... 2, 905, 053|. 2,697,872 666,437 838, 591 395, 558 626,482 270,879 212,109 Oats Tobacco Potatoes Cotton Federal reserve district Yield, 1925 Se F p o t r . e 1 c ,1 a 9 st 26 Yield, 1925 Se F p o t r . e l c , a 19 st 26 Yield, 1925 Se F p o t r . e 1 c ,1 a 9 s 2 t 6 Yield, 1925 Se F p o t. r e 1 c 6, a 1 s 9 t 26 Bushels Bushels Pounds Pounds Bushels Bushels Bales Bales Boston 10,854 9,118 52,985 39,958 42,410 42,272 NQW York 39,574 36,127 2,605 2,649 27,158 33,785 Philadelphia 25,182 22,946 57,400 45,692 23, 252 22, 940 Cleveland 104,490 89,187 159,555 146,252 19,789 19,177 Richmond 24,000 27,075 611,192 588,573 24,931 40,493 2,044 2,303 Atlanta . __ ._ 14,389 19,736 127,167 129,271 8,421 2,276 3,358 2,918 Chicago 593,459 497,833 45,210 37,376 50,852 59,789 St Louis 63,577 58,899 312,183 311,576 10,373 15, 591 13,456 2=2,659 Minneapolis 422, 773 244,964 2,640 2,130 50,115 50,760 Kansas City , ,,, 159,468 138,282 2,730 3,017 29,402 24,707 1,698 1,594 Dallas 15,451 86,570 2,117 49 5,229 6,121 San Francisco , 38,906 32,882 37,082 39,718 229 ' 215 Total „„ 1,512,123 1,263,619 1,373, 667 1,306,494 325, 902 351, 557 16,104 15,810 * Includes $,000 bales grown, in miscellaneous territory, ? Includes 18,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEK, 1926 FEDERAL RESERVE BULLETIN 729 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 August 109 102 117 91 90 94 107 97 138 89 108 116 September- 111 106 123 103 95 100 143 93 129 86 120 116 October. 116 113 130 111 98 96 167 99 147 88 115 125 November.-. 115 116 136 116 97 79 135 84 131 76 96 117 December.-. 121 130 149 120 95 80 203 99 166 88 89 133 1926 January..... 120 131 149 114 89 83 164 96 146 95 91 125 February.. _. 120 130 152 119 84 90 147 102 157 105 81 122 March 123 131 157 120 87 100 120 106 137 121 103 124 April._-_-_.. 122 135 147 117 84 97 114 108 115 118 104 124 May..._.__. 117 134 138 100 83 93 115 109 108 109 91 116 June 118 130 135 103 81 110 118 110 127 114 93 115 July 2 118 127 130 94 279 2131 113 107 118 98 107 119 August _, 116 121 137 102 81 105 111 97 119 94 125 109 Coal Nonferrous metals Tobacco products Year and month Bi n t 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- r C e i t g t a e - s M to t a u b n a r u e c f d c a o c- 1925 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 3 139 137 117 188 196 85 195 94 1920 January . ... 129 2 141 144 115 219 193 80 196 102 February 130 34 145 135 123 181 193 84 188 100 March. 117 120 143 139 126 187 188 97 207 98 April..... 124 117 141 136 126 179 190 88 205 95 May.. -_ 109 105 140 137 122 205 194 87 196 96 114 116 2139 123 122 215 194 92 214 101 Jui|C ?r_-I____I_; 115 115 148 123 125 235 197 92 187 95 August ._ 113 110 143 132 120 213 205 96 199 95 1 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. 2 Revised. INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES* [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 p t o a d ls u c a s I a t t r n s n e o d e d 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 ro a a i d l- m A o u b t i o le - s p P a r i a n n i p n g d e t- r F p u a o r c n o o t d d d s - s L p e u a r a c n o t t d d h s - er S c a t l o n a n d y e , , b p u T a r c o c o t - c d s o - C p i u a h c r n c o a e t d l d m s s - - 1925 August 93.9 86.1 85.4 94.0 93.6 915 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 97.3 94.6 93.8 97.1 97.1 97.1 98.9 87.1 136.3 107.4 84.9 88.3 116.8 83.3 77.0 M Ap a r y il . _____ r _ . 9 9 5 6 . . 5 4 9 9 3 4 . . 1 3 9 9 2 3 . . 8 7 9 9 2 4 . . 6 9 9 9 3 5 . . 7 8 9 9 1 3 . . 3 8 1 1 0 0 0 0 . . 1 2 8 8 7 8 . .1 8 1 1 2 3 7 2 . . 1 1 1 1 0 0 6 6 . . 9 8 8 8 3 2 . . 6 5 8 8 2 3 . . 6 9 1 1 2 2 7 1 . . 4 8 7 7 9 9 . . 4 8 7 7 6 7 . . 0 3 June... 95.1 92.7 92.5 91.0 918 90.0 100.1 86.7 125.2 106.8 85.5 82.4 129.7 82.1 76.3 July .. 93.5 2 91. 4 2 91.1 87.0 88.2 85.6 99.4 85.7 2122.0 106.4 85.7 85.5 127.3 79.1 75.1 August..... 91.9 91.7 88.4 100.5 84.9 125.1 106.6 86.0 89.5 129.7 76.7 75.6 * This table contains for certain months index numbers of employment, together with group indexes for important industrial components. The general index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pp. 324-325 of the BULLETIN for May, 1925. See also p. 668 of BULLETIN for September, 1925, for certain revisions. » Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL RESERVE BULLETIN OCTOBER, 1926 INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES» [No seasonal adjustment. Monthly average, 1919=100] Year and month G in en d e e r x al G in M r d o p e e u r x t p o a d ls u c a I a t n r s n o d d n G T in e r d o x e t u i x p les? F a a n b d ri c p s ro P d u r u c o c t d s ts - 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 h e i d s l i - - m A o u b t i o l - es P p a r i a n i n p n g d e t- r F p u a o r c n o o t d d d s - s L p e u a r a c n o t d t d h s - er S c g a t l l o n a a n d y ss e , , b p u T a r c c o o t c d - s o - C p i u a h c r c n o a e t d l m d s s - steel 1925 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 $5.1 107.5 107.9 107.0 117.2 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 January -- - 107.0 99,1 98.3 108.1 110.4 105.3 105.8 85.8 136.0 145. 5 100.1 89.7 136.9 86.0 102.2 February 111 5 102.4 101.7 110.2 109.0 111.5 111.0 91.9 166.3 144.9 99.8 94.2 140.1 84.0 102.8 March-. _ ._ 113.0 104.2 103.4 109.8 108.2 111.8 111.9 94.5 170. 7 147.9 99.3 93.2 144.3 88.4 104.5 April 110.4 102.7 102.0 103.6 104.8 102.0 111.7 95.6 165.4 147.0 96.0 84.2 147.6 82.3 105.0 May. 108.9 100.5 100.1 99.1 100.7 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 July.. 103.6 2 94.8 2 94.5 91.6 92.7 90.2 107.5 89.6 2136.7 144.0 100.8 90.3 152.9 83.6 101.7 August 107.7 97.0 96.7 96.5 96.0 97.0 113.3 93.1 152.7 144.4 100.5 97.6 162.3 82.8 101.1 * This table contains for certain months index numbers of pay roils, 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 i [No seasonal adjustment. Monthly average 1919=1001 Agricultural movements Mineral production Year and month Ani- An- Bitu- Total s L t i o v c e k - p m ro a d l - Grains C to o n t- t V ab eg le e s - Fruits b T ac o c - o Total t c h i r t a e - n m ou i- s P le e u tr m o- i P ro ig n C p o e p r - Zinc Lead Silver ucts coal coal 1925 August 104 119 133 75 107 122 136 117 116 212 106 135 122 143 105 September . 152 101 149 234 204 244 171 121 1 121 206 107 134 121 138 103 October 166 117 101 310 233 391 165 130 1 137 204 119 141 129 164 98 November - 149 105 110 108 277 116 177 223 125 131 196 119 134 129 153 104 December— 148 106 117 135 239 326 129 136 194 128 137 137 161 105 1926 January..,. 108 92 114 106 80 344 129 2 138 190 130 141 144 158 10& February-_ 88 79 74 94 77 273 115 28 120 173 115 135 136 148 107 March 85 116 65 64 123 92 88 137 120 119 192 135 150 138 162 110 April..... „. 75 119 52 52 95 89 58 127 112 103 190 135 145 136 145 105 May..—_- 85 137 54 43 121 173 16 128 110 101 198 137 146 137 155 107 June 91 168 84 20 170 115 30 132 122 108 196 127 140 123 148 115 July 107 152 170 12 134 177 2135 115 112 206 127 145 123 154 99 August 106 118 157 101 204 139 112 119 210 126 143 132 154 107 Manufacturing production Year and month Total s I a r t n e o e d n l m A o u bi t l o e - s T til e e x s - p F u r o c o o t d s d - L b u e m r - p P ri a a n n p t d i e n r g L s e a h a n o t d h e e s r P le e u tr m o- C b e a r m n ic d e k nt To c b o ac- R t b i u r e e b r s - 1925 August. 122 118 153 104 167 128 222 207 127 203 126 120 193 107 105 160 128 209 191 131 183 October- 141 134 270 118 114 172 139 218 206 141 165 November- 129 134 225 114 139 136 212 173 120 155 December,. 128 191 119 107 133 138 216 152, 110 175 1926 January... 129 144 186 120 104 135 142 216 130 115 172 February.. 125 131 220 115 92 137 134 198 112 110 177 March 142 154 263 122 156 149 221 151 136 195 April 137 144 266 113 90 162 149 221 177 122 190 May...... 134 140 258 103 166 147 231 202 126 178 June 132 132 236 105 161 143 225 212 143 190 July 129 218 99 2 102 2158 131 233 217 136 177 August 137 139 262 109 104 157 129 234 216 140 203 1 For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN. 2 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

731 OCTOBER, 1920 FEDERAL KESEBVE BXJLLE01K COMMODITY MOVEMENTS The following statistics are secured from various sources and compiled in the form given August, July, August, 1926 1926 1925 below by the board's Division of Research and Statistics. Earlier figures (in most cases since Transpor tation 1919) can be obtained from previous issues of Revenue freight loaded and received from the BULLETIN or upon application to the Divi- connections (cars loaded, 000 omitted): Classified by nature of productssion of Research and Statistics, Federal Reserve Grain and grain products 247 254 Board. Livestock 128 121 131 Coal. 829 795 854 Coke.. — — 51 51 43 Forest products ____. 306 300 309 August, July, August, Ore —— — 335 328 271 1926 1926 1925 Merchandise, 1. c. 1 __ -- 1,152 1,141 1,130 Miscellaneous 1,753 1,719 1,702 Grain and Flour Total—.. - __. 4,802 4,709 4,679 Receipts at 17 interior centers (000 omitted): Classified by geographical divisions— Wheat (bushels) 70,754 80,449 45,673 Eastern..- —_ __ 1,129 1,097 1,097 Corn (bushels). 11,197 13,550 17,385 Allegheny _• 962 947 939 Oats (bushels) ______ 25,811 10,152 52,001 Pocahontas 260 260 247 Rye (bushels)— 2,007 802 1,939 Southern. _ _ 652 655 655 Barley (bushels) _ 5,150 1,466 11,929 Northwestern 751 720 721 Total grain (bushels). 114,919 106,420 128,927 S C o e u n t t h ra w l e w st e e s r t n ern _ 7 3 0 4 1 6 6 3 8 4 6 4 3 6 5 6 1 8 Flour (barrels).. 3,085 2,681 2,831 Total grain and flour (bush-els). 128,801 118,486 141,666 Total. . _„ 4,802 4,709 Shipments at 14 interior centers (000 omitted): BUILDING STATISTICS Wheat (bushels) 35,514 29,113 26,797 Corn (bushels).. _„_ 8,320 9,347 8,170 Oats (bushels) _ 8,104 11,709 19,139 Rye (bushels) 739 2,751 645 Building permits issued in 168 cities, grouped Barley (bushels). __ 1,358 859 6,535 by Federal reserve districts: Number of permits- Fl T ou o r t a ( l b g a r r a re in ls ) (bushels). 5 4 4 , , 1 0 7 3 7 5 5 3 3 , , 6 7 3 7 3 8 6 3 1 , , 6 2 4 8 8 7 N B Ph o e i w s l t a o d Y n e o l ( p r 1 k h 4 i ( c a 2 i t 2 ( i 1 e c 4 s i ) t c i _ e i _ t s _ i ) e _ s ) __ _ 1 2 2 0 , , , 7 4 3 1 4 3 7 8 6 1 2 2 1 , , , 7 5 2 0 9 2 9 3 7 1 3 2 2 , , , 7 0 9 2 3 5 9 9 0 Total grain and flour (bushels). 72,830 70,127 77,705 C R l i e c v h e m la o n n d d ( ( 1 1 2 5 c c i i t t ie ie s s ) ) _ —!- 6 3 , , 6 6 6 7 8 2 6 3 , , 1 4 2 4 1 0 6 3 , , 0 7 6 2 5 0 Stocks at 11 interior centers at close of month Atlanta (15 cities). —„ 4,241 3,831 4,091 (000 omitted): Chicago (19 cities) 13,363 13,926 13, 471 Wheat (bushels) _ 40,575 17,426 20,508 St. Louis (5 cities)_______ ___ 3,113 2,612 2,973 Corn (bushels). _. 16,286 20,484 4,905 Minneapolis (9 cities) 1,803 1,735 2,075 Oats (bushels) _ 29,189 46,349 Kansas City (14 cities) •___ 2,282 2,220 3,003 Rye (bushels). 8,942 8,319 3,541 Dallas (9 cities) _ _ 2,085 1,983 2,227 Barley (bushels) _ .___. 3,297 2,218 2,077 San Francisco (20 cities) 10,055 9,268 11,466 Total grain (bushels). 105,497 77,635 77,380 Total... __.. 62,783 61,665 67,809 Receipts at 9 seaboard centers (000 omitted): Value of permits (dollars, 000 omitted)— Wheat (bushels) — __ 24,554 13,132 14,159 Boston (14 cities) _ 13,724 10,886 14,763 Corn (bushels).. ___ 1,060 1,182 1,165 New York (22 cities) 99,935 101,385 124,672 Oats (bushels) _ _ 1,895 1,849 Philadelphia (14 cities) 15,333 18,841 15,073 Rye (bushels)___ 1,212 999 433 Cleveland (12 cities)—. 21,614 • 21,785 25,557 Barley (bushels) 3,086 3,379 6,521 Richmond (15 cities) 13, 587 15,549 Atlanta (15 cities) 12,468 13,922 16, 517 Total grain (bushels) 31,807 20,542 Chicago (19 cities) 62,236 56,602 56,523 Flour (barrels) 1,950 1,494 1,662 S M t. i n L n o e u a i p s o ( l 5 is c ( i 9 t i c e it s i ) e . s — ) ,.. _ 4 7 , , 5 08 4 1 1 5 7 , , 4 10 8 6 2 9 5 , , 4 9 8 84 5 Total grain and flour (bushels). 40,582 27,265 36,371 Kansas City (14 cities) __ 9,296 7,392 8,931 Dallas (9 cities).— .. 6,529 6,900 8,862 Stocks at 8 seaboard centers at close of month San Francisco (20 cities) ______ 31, 671 35,483 (000 omitted): Wheat (bushels).., 10,388 5,467 7,126 Total -. 302,151 295,569 337,399 Corn (bushels) _.__ 428 463 312 Oats (bushels) 1,212 910 2,575 Building contracts awarded, by Federal Rye (bushels).__ 383 340 147 reserve districts (dollars, 000 omitted): Barley (bushels)... 3,000 2,850 4,440 Boston 42,098 39,228 46, 757 Total grain (bushels) _ 15,411 10,029 14,600 NewYork_-__ _ 110, 671 207,673 Philadelphia.-.. '67 37,483 35,155 Wheat flour production (barrels, 000 Cleveland 57; 361 66,749 67,498 omitted) 12,338 11,189 11,049 Richmond 29,252 25,009 37,591 Atlanta. __.— 31, 656 42,715 51,339 Tobacco Chicago.--. ___ 128,213 106,661 79,052 Tobacco sales at loose-leaf warehouses St. Louis... 48,743 34,752 31,348 (pounds, 000 omitted): Minneapolis. 11,839 13,863 10, 469 North Carolina.... _ 11,812 Kansas City __. 23, 556 21,559 21,288 South Carolina _ 24,376 27,282 Dallas 29, 716 20,242 23,186 Burley ._ 87 105 26 Western dark > 326 477 Total (11 districts)..— .___. 600,809 518,932 611,356 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL RESERVE BULLETIN OCTOBER, 1926 WHOLESALE AND RETAIL TRADE WHOLESALE TRADE IN THE UNITED STATES, BY LINES» CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919=100] i G e n e r d a n e l - x c G e r ri o e - s Meat g D o r o y ds Shoes H w a a r r d e - Drugs ch P an e g rc e e i n n t a s g a e les st P o c e c h r k a c s n e g a n e t t a e i g n n e d August, 1926, of August, 1926, compared compared 1925 with— with— January 79 80 71 82 43 89 116 February... 76 73 69 88 46 90 109 March 83 79 73 96 63 107 121 July, August, July, August, April 79 75 68 85 65 107 115 1926 1925 1926 1925 May.- 79 79 75 77 54 101 106 June.- 83 84 79 82 54 105 110 July 83 85 79 85 47 99 111 Shoes—Continued. August 87 83 78 106 65 98 108 Atlanta district _ 51.8 -1.7 September- 94 92 82 112 72 109 120 Chicago district 37.8 -1.9 -0.5 -18.2 October 101 99 87 118 77 122 134 St. Louis district..______ 15.3 -M).l -12.0 -20.1 November- 86 90 72 92 59 103 110 Minneapolis district. 49.0 -20.0 -8.0 -41.0 December.. 80 83 72 75 54 101 111 San Francisco district-.. 44.2 6.9 Hardware: 1926 United States ..... -0.3 0.3 -0.7 8.3 January 78 77 79 79 43 .86 111 New York district. _ __ -3.3 -0.2 -1.2 -0.2 February- 76 71 75 85 50 87 110 Philadelphia district -4.0 -1.5 -0. 2 1.6 March 85 81 75 93 73 106 133 Cleveland district -3.3 5.9 0.3 -9.5 April. _ 80 79 76 77 59 103 123 Richmond district 8.1 7.1 1.4 3.5 J A M J u u u a n ly g e y u _ s - t 8 8 8 8 4 7 2 2 8 8 8 8 3 0 4 6 8 8 8 7 1 1 0 8 1 7 7 7 0 8 7 8 1 5 6 5 6 9 9 2 0 1 1 9 9 0 0 8 8 8 5 1 1 1 1 1 1 1 1 4 6 1 4 A M C S K t t h a . i l n n i a L c n s n a o a e t g u s a a o i p s C d o d i i d l i s t i s i y t s s t r r t i d d i r c c i i i t c t s s t t t r r i i c c t t _.." - - - 7 0 2 8 2 . . . . . 0 3 3 5 6 - - 1 - 5 1 0 2 1 . . . . . 2 7 0 0 2 - - - - -3 3 1 1 7 . . . . . 4 0 6 5 7 - - - 3 0 4 0 1 . . . . . 4 9 0 1 0 Dallas district 18.5 10.0 -2.8 0.0 i For description of the wholesale trade index see FEDERAL RESERVE San Francisco district... 3.0 -1.8 BULLETIN for April, 1923. Drugs: United States .... -0.4 6.0 -1.9 3.9 CHANGE IN CONDITION OF WHOLESALE TRADE, BY New York district 4.3 12.9 7.9 -4.2 LINES AND DISTRICTS Philadelphia district. _.. 0.6 1.3 -3.2 Cleveland district -2.7 1.3 Richmond district 2.8 -1.4 Atlanta district ___<_____ 4.3 6.3 c . h A P a c u n e o g w r g m u c e i e s t p h t n i a , n — t r 1 a e s 9 g d a 2 e l 6 e , s o s f t o A P c c c e o h u w k r m a g c s i n u 1 t e p g h n s a a e — t t r t , a e i 1 g e n d 9 e n 2 d 6, Furn C D S S K i a t h t a a . n u i l n c L l r s a F a e o a s g r : u s a o d i n C s i d c s i d i i t t s s i r y t c s i r o t c d i r c t i i d . t c s . i t . t s . r t i r c ic t. t — _ . _ . - - 2 5 0 8 0 5 . . . . 2 9 . 2 9 1 - - 1 7 3 9 3 9 . . . . 5 8 . 8 5 2 - - 2 3 2 . . . 0 4 0 - - 4 1 . 1 . . 0 5 6 , Richmond district 60.6 10.6 Atlanta district _ j_ 30.8 -10.4 1.0 -2.6 July, August, July, August, St. Louis district 34.8 -6.6 -4.1 34.6 1926 1925 1926 1925 Kansas City district... 24.0 4.6 -4.5 -5.8 San Francisco district— 22.5 2.3 Agricultural implements: Groc B U e r o n i s i e t t s e o : d . n S di t s a t t r e i s ct - - 9 1 . . 6 9 - - 0 1 . . 2 3 2.9 8.0 U M D n a i l n i l t n a e e s d a d p S i o s ta l t i r t s e i c s d t. 2 istrict. _.. - - 5 3 2 3 . . 9 5 .0 -3 4 1 9 5 . . . 0 0 6 - - 9 1 . . 0 8 - 2 2 5 .4 .0 N A P C R h l e i t e c l i w a l v h a n e m d Y t l a e a o o n l n r d p d d k i h s i d d t d a r i i i s i s s d c t t t r t i r r i s i _ i c c t c t r t t ict- _. - - - . 7 3 2 7 2 . . . . 4 6 8 . 6 5 - - - - - 2 0 6 1 2 . . . . . 6 5 6 6 8 - - 1 4 0 2 . . 4 . . 8 9 3 3 0 3 9 1. . . . . 0 9 7 6 3 Stat N A S i P o a h e t n n l i w e a l a r F n y d Y t r a e a o a l n n d r p c k d i h i s s i t d p c a r o ; a i i d s c p d t t i e . r i s r s i t : t c r r i i t c c . t . t — . . . . . . . -3 4 . . 1 5 -9 6 6 7 . . . . 6 2 5 3 -0.8 Chicago district -1.9 4.1 5.0 9.4 Automobile supplies: St. Louis district 2.5 -13.9 2.4 35.9 San Francisco district— -2.4 M D K Sa a a i n n l n l n s a F a e s r s a a d p n C i o c s i t l i t r i s y s i c c o d d t i i d s s i t t s r r i t i c r c i t t c . . t _ . . . . . - - 1 2 2 9 1 . . . . 4 1 4 0 -3 0 2 0 . . . . 1 7 6 0 0 3 1 . . . 0 9 8 1 1 5 6 0 . . . 2 0 0 C C l o o t t t N S h o t n i e . n w L j g o : o Y b u b o i e s r r k d s : i d s i t s r t i r c i t c t_ __ 1 8 1 5 6 . . 8 1 -3 4 0 1. . 1 3 Dry goods: New York district _ -1.5 6.6 0.9 N U e n w it e Y d o S rk ta t d es istrict.... 3 1 0 4 . . 0 4 -4 2 . . 1 1 -3.0 -12.4 Silk N go ew od s Y : ork district.____ 16.2 3.1 -5.7 3 3.2 P C C R S A h t l i h t . e c l i i a l v h L c a n e a m o d g l t u a a e o o i n l n s p d d d d h i d i s s i i d t d a t s r i r i i t s i s d c r t c t i t i r t r c s i i _ c t t c r . _ t t - i . . . . c . . . _ t _ . — _ _. 2 4 6 5 1 6 0 5 5 2 7 8 . . . . * . . 4 5 2 9 8 9 - - - - - 1 - 4 4 7 9 3 2 . . . . . . 6 6 2 5 8 9 -1 - 7 3 0 0 0 . 0 . . . . . 0 8 3 3 5 8 - - 3 1 - - - 1 9 9 9 9 8 0 . . . . , 7 2 8 . 4 5 7 J D M e i w a a c m e N N N h l o r i e e e y n n w w w : e d s Y Y t Y o : o o o o r r r l k k k s: d d d i i i s s s t t r t r i r c i i t c c t t . . . . . . . - . -1 3 3 8 1 . 3 1 3 . . . 7 9 1 2 -11 8 5 . . . 6 9 8 0.3 4 8.7 Minneapolis district 21.0 -18.0 8.0 -2.0 Philadelphia district... 41. 3 -5.3 -1.5 -8,2 Kansas City district... 23.4 -8.2 -5.4 -9.6 Electrical supplies: Dallas district 93.4 -3.2 -8.7 -12.0 Philadelphia district. _ _ -5.0 18.5 0.3 15.7 San Francisco district. 36.6 -1.5 Atlanta district ._ 1.3 -0.04 -1.8 12.4 Shoes: St. Louis district . -23.3 -5.9 -3.9 28.2 United States.. 32.3 5.0 San Francisco district— 24.9 12.7 Boston district 37.1 Stoves: New York district 26.4 6.5 1.8 -26. 2 St. Louis district _ 63.3 -4.8 -20. 9 0.7 Philadelphia district. . 32.4 10.8 3.4 -12.8 R Cl i e c v h e m la o n n d d d d i i s s t t r r i i c c t t .-_._. 4 2 8 9 . . 4 6 1 8 2 . . 9 3 -5 2 . . 6 4 -1 2 2 2 . . 7 2 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 since January, 1923. * Includes diamonds. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 FEDERAL EESEBVE BULLETIN 733 RETAIL TRADE, BY REPORTING LINES * {Average*nionthly sales 1919*= 100] Sales without seasonal adjustment Sales with seasonal adjustment Year and month •3 a s? 5 03 03 1925 January ._>. 108 108 250 151 155 122 107 162 124 110 249 207 161 141 141 112 193 February .... 101 105 233 156 146 119 100 175 131 116 243 209 161 140 149 120 207 March 121 119 252 177 160 131 127 105 188 121 103 233 185 159 135 127 116 188 A.pril... 136 117 258 195 159 134 177 107 210 133 114 255 208 164 139 152 126 210 May... .— 128 95 254 191 163 143 149 195 124 106 254 201 166 140 129 116 202 June 126 102 254 187 167 134 152 184 126 120 257 203 170 137 142 125 197 July 95 87 259 183 166 136 122 104 181 128 117 269 201 164 137 134 140 185 August... 98 89 243 195 171 142 120 128 202 125 118 255 205 171 145 153 143 202 September -_. 121 114 245 191 169 142 129 136 202 134 120 258 206 172 142 135 136 204 October 165 170 318 237 179 151 164 141 215 145 131 309 219 175 145 145 117 209 November . 145 144 272 220 167 136 139 195 129 116 270 211 177 138 126 111 205 December 226 168 332 427 225 212 214 280 141 140 318 231 185 157 143 114 191 1926 January., ... 114 116 286 166 178 127 108 101 167 118 284 228 185~ 146 142 122 199 February. 104 111 287 170 172 127 97 103 173 135 122 299 227 189 151 145 126 205 March 130 130 302 199 194 142 143 Ii2 206 130 111 279 207 192 147 143 124 204 April _„..... 133 121 329 202 191 150 166 111 226 130 118 324 216 196 156 143 130 226 May 137 105 322 214 188 160 174 109 220 132 117 321 225 191 157 151 131 228 June ._ 130 113 309 204 184 152 153 118 204 130 133 314 222 187 156 144 149 218 July 99 312 206 195 155 145 108 210 133 131 324 227 194 157 159 145 214 August 105 295 204 193 148 121 121 194 134 130 310 215 192 151 155 136 193 » 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- 1926 1925 1926 1925 ing firms Aug. July June May Apr. Aug. July Aug. July June May Apr. Aug. July United States.-_. 359 105 99 130 137 133 98 95 134 133 130 132 130 125 128 Boston 24 97 94 134 134 133 88 92 129 131 127 126 126 117 129 New York 63 99 99 137 139 138 90 94 145 141 136 136 134 132 134 Philadelphia ._ 22 89 87 129 137 128 86 85 123 128 125 132 116 118 126 Cleveland '. 54 108 100 126 137 133 103 98 132 129 124 131 129 126 127 Richmond 23 93 96 123 129 126 87 91 130 131 119 128 123 121 124 Atlanta 35 82 80 104 114 114 78 78 105 104 110 109 111 99 103 Chicago __._ 63 122 115 146 158 147 113 105 148 151 147 151 144 137 138 Minneapolis 23 84 81 93 102 107 92 81 93 99 92 100 103 102 99 Dallas - 21 87 79 107 115 108 76 72 123 112 112 113 114 108 102 San Francisco . . 31 151 124 142 152 150 140 123 155 148 151 147 156 144 147 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly stocks 1919=. 100] Stocks without seasonal adjustment Stocks with seasonal adjustment Number of re- Federal reserve district port- 1926 1925 1926 1925 ing firms Aug. July June May Apr. Aug. July Aug. July June May Apr. Aug. United States 314 130 125 131 138 143 131 125 131 133 138 138 139 131 Boston.- ... 24 111 111 116 123 125 114 113 116 121 122 123 122 120 New York 63 128 124 131 138 142 124 120 132 135 138 138 137 128 Philadelphia 13 175 171 177 184 201 179 164 177 184 183 189 198 182 Cleveland 52 124 119 127 133 134 126 120 124 125 130 132 129 126 Richmond 19 118 119 126 • 132 131 118 119 120 127 134 134 128 120 Atlanta __ 22 109 108 110 116 125 113 103 109 115 115 119 122 114. Chicago 51 153 136 147 153 159 149 140 147 146 155 154 153 Minneapolis 22 97 94 101 106 110 111 107 98 99 106 102 107 Dallas 19 116 110 114 125 130 123 111 110 118 120 123 129 San Francisco _ - 29 135 129 132 139 145 133 129 134 135 138 139 140 OC OCJ< July 133 122 130 176 127 127 110 150 113 120 132 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN OCTOBER, 1926 FOREIGN BANKING AND BUSINESS CONDITIONS FINANCIAL STATISTICS FOR FOREIGN COUNTRIES CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1926 1925 1926 1925 August July June August August July June August Austrian National Bank (millions Bank of England (millions of of schillings): pounds sterling): Gold 43 38 19 15 Issue department— Total principal earning assets 881 894 879 860 Gold coin and bullion___.___- 153 151 149 161 Foreign bills of the reserve._- 490 509 514 501 Notes issued 173 171 169 181 Other foreign bills 129 113 100 88 Banking department— Domestic bills 83 90 81 73 Gold and silver coin 1 1 1 2 Treasury bills 179 182 183 198 Bank notes 33 29 27 36 Note circulation 858 885 836 836 Government securities 39 35 52 35 Deposits. _-_-__. 68 48 62 40 Other securities. 73 69 103 70 Public deposits 26 10 10 22 National Bank of Belgium (mil- Other deposits 102 105 155 104 lions of francs): Ratio of gold and note reserve Gold 274 274 274 272 to deposit liabilities (per Foreign bills and balances in gold. 30 30 30 30 cent),_ _ 26.8 26.0 17.1 30.8 Foreign funds 546 Bank notes in circulation J 84 86 ' 85 88 Domestic bills 1,507 1,919 1,362 1,336 Currency notes and certificates. _ 291 294 294 295 Loans to State . 5,200 5,200 5,200 5,200 Bank of Esthonia (millions of Es- Note circulation ._ 9,148 8,975 8,514 7,616 thonian marks): Deposits ' 438 681 429 228 Gold 2 459 Na lio ti n o s n o a f l le B v a a n ): k of Bulgaria (mil- Fore C ig a n s h e x in c h fo a r n ei g g e n - currency l 76 G To o t l a d l - princip — al earning assets 7,28 4 0 3 7,13 4 3 2 7,10 4 2 1 Fo c r o ei u g n n t . correspon _ de n _ ts _ ' ac- 327 Note D A F o c d o r i v m r e c a i e g n u s c l n t a e i t c b s i o i l l t o n l o s a , n _ S e s , t - t a a c t n e d _ d _ is _ co _ u nts _ . 5 3 1, , , 3 6 5 2 8 3 4 6 2 0 8 8 3 5 1 , , , 3 5 4 3 7 6 5 0 4 9 3 6 5 4 1 , , ,3 2 2 5 1 2 4 4 5 1 5 2 N L D o o e a p te n F o s o s c i r i a t e r s n c i g u d a n l n a d d b t i i s i o c l c l n u o s r u r n e t n s t accounts. _ _ _ _ 5 1 1 , , , 7 5 2 2 6 9 4 2 0 5 0 8 Deposits.-- - 2,937 2,780 2,234 Bank of Finland (millions of Finnish marks): Central Bank of Chile (millions of Gold—_-_-- __— 330 330 331 332 pesos): Balances abroad and foreign Gold at home _ _. 146 147 148 credits _ . 972 890 900 999 Gold abroad 344 285 293 Foreign bills _. 79 60 61 57 Loans and discounts 69 83 64 Domestic bills 515 566 656 365 Note circulation ,_ 365 371 382 State debts . 262 262 262 395 Deposits 141 94 91 Note circulation 1,296 1,289 1,298 1,268 Demand liabilities _ _ - 423 368 481 481 Czechoslovak National Bank (millio G ns o l o d f a C n z d e c s h il o v s e l r ovak crowns): 1,034 1,033 1,041 Ban G k o o ld f F re r s a e n rv c e e 3 ( - m --- i _ ll _ io - n _ s - o f - f - r . a n _ c s .. ) . : . 3,684 3,684 3,684 3,683 F L A o o s r s a e e n i t g s s n a o n b f d a B l a a a d n n v c k e a in s n g c a e n O s d ff i c c u e r i r n e n li c q y u - i . - . 1,3 1 2 9 4 0 1,2 1 9 9 0 3 1,2 2 8 0 4 2 A S C i r d l e v v d e a i r n t s r c e e a s s b e r t r v o o e a t d h . e - G o .- v er _ n m - e n - t . 36,4 3 5 5 3 7 0 9 8 37,4 3 5 5 3 7 0 8 7 36,6 3 5 0 3 7 0 7 6 27,7 3 5 5 1 7 0 1 9 No d t a e t i c o i n rc ulatio - n . -_ 7,1 6 6 6 1 4 7,1 6 9 6 9 7 7,2 6 2 7 0 7 N To o t t a e l c d i e rc p u o l s a i t t i s o n _ _ 5 3 5 , , 3 1 2 4 9 7 5 4 6 , , 3 0 4 2 4 2 5 2 3 , , 9 0 2 7 6 3 4 2 4 , , 4 7 2 0 9 2 Deposits .— 1,030 849 685 German Eeichsbank (millions of Bank of Danzig (millions of Danzig reichsmarks): gulden): Gold at home . 1, 295 1, 232 1,232 1,045 N D B To a e o l t p t a a e L F o n l s o o c c p i r i e a t r e r s n s c i i n g s u w c n l a a i i p n t t b h i _ a d o i _ l l B n l - d s e _ i a , _ a s n e r c - n k t o c i u n o n g f t s a E s n s _ e g t l s and- 2 2 3 1 1 9 3 6 5 4 5 3 3 1 1 1 3 2 5 9 7 5 2 3 2 1 1 2 4 5 8 5 3 3 3 1 1 2 3 6 3 8 4 2 Re D R R G B M n e e i e o t i l s i e p s l l c e d s c n o h r e m o s v a s l i l f m e b t a a s s r e n r a o x k e i r a n c o s k d h u s f i a o n s i n r n a g e c i s i e c g r s i c n a e r u c n t e l u s d a x _ . l t . a c i c . o t _ h h i a n o e n n c g k _ e s _ _ 3 1 1, , , 4 2 2 4 5 6 1 9 5 2 9 4 8 9 9 2 5 8 2 8 8 3 1 1 , , , 1 1 5 4 2 5 6 9 0 0 9 6 3 4 9 1 7 5 0 8 6 2 1 1 , , , 5 2 9 2 3 5 5 2 8 7 6 2 2 2 0 8 1 0 5 7 2 2 1 1 , , , 7 8 5 3 4 7 6 3 9 5 9 7 0 5 4 5 7 3 1 1 National Bank of Denmark (mil- National Bank of Greece (millions lions of kroner): of drachmae): N G To o o l t t d a e A F L — l o o c d p r i a v e r r n c a i i n g s u n c n l c a a i e n p t b s i a d o i l t l n l o d s e i , a S s e r c t n t o a c i t u n e n g t s a _ s . s ets - .- 2 3 1 1 4 0 7 5 1 9 0 8 6 9 1 3 2 1 1 4 8 0 6 0 9 9 3 9 0 8 4 2 1 1 0 5 0 2 1 8 9 1 4 4 0 8 4 2 2 1 4 9 3 0 8 5 2 9 9 0 3 4 D N T G G o i o o o s t l t v c a d e e o l r c a u d n i n n r e m c d t p s u e o b l n a s a a n t i t l t i a d s l o o n n l a c o n e a s s n a a s b . n _ r d . o a se d cu . rities- 3 4 3 4 1 , , , , , 9 8 1 2 5 3 1 6 1 3 5 4 6 5 0 2 3 3 3 5 , , , , , 5 7 3 7 3 3 9 0 3 0 1 3 4 3 3 Deposits -. 26 26 22 75 National Bank of Hungary (millions of pengo): National Bank of Egypt (thou- Gold. 169 141 121 50 sands of Egyptian pounds sterling): Foreign bills, etc __ 82 94 107 174 Gold 3,430 3,380 Loans and discounts 159 162 165 125 TRnffli^li £ov£rnin6iit securities 24,404 25,840 Advances to treasury... 152 152 152 157 Egyptian government securities 26,762 27,767 Other assets . _ _ _ _ 256 231 245 308 Note circulation 30,745 31,005 Note circulation 432 424 395 399 Government deposits 21,940 21,778 Deposits 178 159 176 156 Other deposits 13,363 15,197 Miscellaneous liabilities 180 167 191 232 1 Notes issued, less amounts held in banking department and in cur- 2 Gold abroad. rency note account. 3 Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOEEK, 1926 FEDEEAL BESERVE BULLETIN 735 CONDITION OF CENTRAL BANKS—Continued 1926 1925 1926 1925 August July June August August July June August Bank of Italy4 (millions of lire): Bank of Portugal (millions of es- Gold reserve 1,135 1,136 1,132 cudos) : Credit and balances abroad 541 570 593 Gold _.._. ._... Loans and discounts 9,017 10,762 10,372 Balances abroad._ 344 363 212 Loans and advances to the govern- Bills 154 144 187 ment __ - 6,729 6,729 7,068 Note circulation 1,845 1,843 Note circulation for commerce- 11,591 11,613 12,363 Deposits ... . 55 54 Note circulation for the State 6,729 6,730 7,068 Total deposits 2,426 2,532 2,538 National Bank of Rumania (mil- Ban A A T G G k o d d o o o t v l v v a d f a a e l n n r a J n n c c t a o m e e h p t s s e o e a o a n m n a n n t n e d b d f ( o m a o d r n d n i e i d s e l d i l c g p i s a o o n o b u n s b r i n s t o i t l o a s l l i f s d a y b e il n i J ) t L i : e — s. 1 1, , 0 3 2 9 8 6 5 4 6 6 2 6 8 7 1 1 , ,0 9 3 2 2 5 8 1 4 6 6 2 8 8 1 1 , , 0 9 3 2 6 9 5 7 4 9 4 0 8 3 2 1 , , 1 0 4 2 4 7 5 6 5 1 5 3 2 7 lio A B N D G n i s d o e o l v l t p o l s e a d o f n 8 c s l . c e i i . r e t i c ) s s : u . . t l o a t . i S o t n a te — * ._ . _ ...- 2 1 8 1 7 0 , , , , 6 0 1 8 6 7 4 4 7 8 9 2 6 9 7 2 1 1 7 0 , , , 1 0 6 7 4 0 7 6 2 3 9 2 2 1 7 0 0 , , , 7 9 6 1 8 7 7 41 3 1 9 2 1 7 7 0 0 , , , , 9 9 1 1 7 0 6 5 3 8 1 3 7 6 7 Notes issued 1, 233 1,264 1,280 1,372 Total deposits.... 734 654 693 769 State Bank of Russia (note-issuing department; thousands of cher- Bank of Java (millions of florins): vontsi): Gold _ —.- 194 200 132 Gold.. 14,827 14,769 14,683 16,838 Total principal earning assets 96 80 . 136 Foreign currency . 5,052 5,027 5,025 Foreign bills. _ _ _ 26 23 32 Loans and discounts... 59,871 56,955 53,059 46,938 Loans and discounts 70 57 104 Bank notes....... . —- 80,042 75,162 72,663 70,277 Note circulation 335 326 315 Deposits 49 43 49 National Bank of the Kingdom Bank of Latvia (millions of lats): of Serbs, Croats, and Slovenes Gold 24 24 24 24 (millions of dinars): Foreign exchange reserve. ... 35 37 36 33 Gold —- 82 81 73 Bills 68 67 67 61 Foreign notes and credits , 298 296 323 427 Loans _ . .. 51 50 50 48 Loans and discounts 1,492 1,346 1,266 1,143 Note circulation 30 30 30 29 Advances to State -. 2,966 2,966 2,966 Government deposits 79 80 80 72 Note circulation 5,470 5,422 5,494 5,965 Other deposits.. _- 53 54 56 51 Deposits - • 529 664 955 Bank of Lithuania (millions of litas): South African Reserve Bank Gold ... 31 31 30 34 (thousands of pounds sterling): Neth T N D e o o e r t p t a l e L F o a l s o o c n p i r a i t d r r e s n i c i s n s g u c n l a a i B n p t c i d a u a o l r n n d r e k e i a s n r c c n o y i ( u n m g n i t l a s li . s o s n e _ t s s — _ — o ._ f _ . . 4 6 2 2 7 3 6 0 3 4 4 6 2 7 2 3 7 4 4 0 4 7 2 7 1 4 1 7 9 9 6 2 8 3 1 5 6 0 9 6 N T D G o o e o t p t l a e D F o d l s o c o - p i r i m t . r r e . s c i i n e g u s c n l t a i i p t b c i a i o b l l n l i s e — l l a — s r n - i n ._ g assets.. - . • . . 6 5 6 7 , , , , 5 2 9 4 6 1 6 4 5 5 5 1 0 0 7 6 5 5 7 , , , , , 9 1 5 7 7 9 8 2 5 7 2 2 2 0 6 2 4 4 5 5 7 7 , , , , 7 1 5 5 9 6 0 7 6 9 6 2 9 6 3 3 9 5 , , , , , , 6 5 0 2 2 3 2 1 0 3 2 3 1 9 6 8 2 4 florins): N D T G o e o o p t l t a d e L F o l s o o c p i r i a t r r e s n c i i n s g u c n l a a i n . p t b i d a i . o . l l n l d s e i a s r c n o i u n n g t s assets 4 2 8 3 1 2 1 3 7 9 3 0 6 8 9 5 7 4 2 4 8 1 2 2 1 1 9 7 4 6 4 8 5 6 4 8 3 1 1 0 2 9 9 9 6 9 7 6 5 9 4 4 4 2 2 8 0 1 4 6 4 2 6 4 9 3 3 6 Ban S B B N G C k i a i h o o l l v o l e l t l a s e e f c d n r k d . S c c — s i i e p s r s a c c a n o u a i _ n d u l b a . n r . t d ( o - t i m r e o a a d n i d f l t l . s . ion . s — of — pe _ s - etas — ) • : 4 2 1 , , , 6 7 5 5 3 3 8 5 7 1 4 1 3 4 2 6 3 2 4 1 , , , 7 5 6 6 3 3 2 2 5 7 5 0 7 9 4 5 3 2 4 1 , , , 5 6 7 6 3 3 4 6 7 2 3 3 1 4 7 2 3 2 4 1 , , , 5 6 7 2 3 2 5 3 6 8 9 8 3 0 7 2 7 Bank of Norway (millions of kro- Deposits.... - 1,029 1,029 1,059 978 ner): Gold . 147 147 147 147 Bank of Sweden (millions of kroner) Total principal earning assets.... 412 417 420 369 Gold—— 228 228 228 233 Foreign balances and bills 72 77 81 61 Total principal earning assets 414 416 490 485 Domestic credits._ 340 340 339 308 Foreign bills, etc 172 161 162 185 Note circulation 334 340 343 378 Domestic credits 242 255 328 300 Foreign deposits 8 9 5 11 Note circulation 502 494 528 511 Total deposits... 185 183 184 77 Deposits —- 79 134 145 Reserve Bank of Peru (thousands oflibras): Swiss National Bank (millions of Gold at home . 3,950 4,026 3,910 4,044 francs): Gold abroad 696 694 888 968 Gold 424 420 419 511 Bills .. 2,964 2,928 2,742 1,808 Funds on demand abroad ... 24 15 14 27 Note circulation 6,649 6,779 6,581 6,030 Principal earning assets 409 408 Deposits 941 792 1,023 762 Note circulation — 803 803 800 819 Bank of Poland (millions of zloty): Deposits - 59 81 83 134 <(Md 130 135 135 132 Foreign exchange, etc 108 91 79 63 Bank of the Republic of Uruguay Loans and discounts 372 378 375 345 (thousands of pesos): Note circulation.. 560 511 448 440 Gold — • 54,943 54,942 54,934 Current accounts- Loans and discounts 86,351 84,054 Private.... _ . . ( 86, 86 77 43 Note circulation . _——. 61,545 61,503 60,768 Treasury ^ 12 1 2 Deposits —. — 69,949 69,790 61,015 Liabilities in foreign currency 22 47 69 23 ** Figures previous to July, 1926, are for 3 banks of issue. 5 Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN OCTOBER, 1926 CONDITION OF COMMERCIAL BANKS 1926 1925 1926 1925 August July June August August July June August Chartered banks of Canada (mil- Six Berlin banks 2 (millions of reichslions of dollars): marks): Gold coin and bullionl 71 72 54 Bills and Treasury notes. 1,397 1,013 Current loans and discounts 1,197 1,184 1,100 Due from other banks 703 583 Money at call and short notice- 378 386 338 Miscellaneous loans.. 3,076 2,721 Public and railway securities.... 530 540 571 Deposits 4,857 4,140 Note circulation 172 166 164 Acceptances 232 260 Individual deposits. 2,193 2,218 2,110 Gold reserve against Dominion notes 116 Dominion note circulation_ 175 176 Fo li u o r n s p o r f i v li a re te ) : banks of Italy (mil- Nine London clearing banks (mil- Cash. 1,243 1, 042 lions of pounds sterling): Loans and discounts 10,258 9,546 Money at call and short notice. _ 118 119 121 117 Due from correspondents... _ _ < 5,456 4,819 Discounts and advances . 1,098 1,107 1,084 1,063 Total deposits , . 2,499 2,562 Investments. _-._ 247 246 243 257 Due to correspondents 13,384 11, 976 Total deposits 1,634 1,646 1,630 1,611 Tokyo banks (millions of yen): Three commercial banks of Cash on hand _ . _ _ . 116 122 124 137 France (millions of francs): Total loans 2,534 2,542 2,535 2,352 Bills and National Defense Bonds. 14,605 11,924 Total deposits - 1,921 1,946 1,933 1,900 Loans and advances 5,267 4,264 Total clearings. .. 3,021 3,172 3,573 2,936 Demand deposits I 22,572 21, 691 17,147 i Not including gold held abroad. 2 Bimonthly statements. DISCOUNT RATES OF 31 CENTRAL BANK? [Prevailing rates, with date of last change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect - Austria 7 Aug. 7,1926 Esthonia July 1,1925 Japan .,__ 7.3 Apr. 15,1925 Portugal 8 July 27,1926 Belgium 7 Apr. 23,1926 Finland % Oct. 29,1925 Java -_. 6 May 3,1925 Rumania 6 Sept. 4,1920 Bulgaria 10 Aug. 31,1924 France...... Aug. 2,1926 Latvia 8 Feb. 16,1924 Russia—--._ 8 Apr. —,1924 Czechoslo- Germany 6 July 6,1926 Lithuania-.. 7 Feb. 1,1925 South Africa- 5H Nov. 21,1924 vakia— 6 Jan. 13,1926 Greece. 10 Aug. 18,1925 Netherlands. 3H Oct. 2,1925 Spain _-_--. 5 Mar. 23,1923 D D e a n n m zi a g r . k . 5 J Ju u n ly e 2 2 9 4 , , 1 1 9 9 2 2 6 8 H In u d n ia gary I J A u u n g e . 2 1 6 0 , , 1 1 9 92 2 6 6 N Pe o r r u way . 5 6 A Se p p r t . . 1 1 3 , , 1 1 9 9 2 26 3 S S w w e it d z e e n rland. 4H O Oc c t t . . 2 9 2 , , 1 1 9 92 2 5 5 England 5 Dec. 3,1925 Italy.. ------ June 18,1925 Poland ...... 10 July 7,1926 Yugoslavia.. 6 June 23.1922 7 Change: Bank of Norway from 5H to 5 per cent on September 13,1926. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 FEDEKAL BESERVE BULLETIN 737 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers, in New York, as published by Treasury. In cents per unit of foreign currency] September, 1926 August, 1926 September, 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 EUROPE Austria.. ___ Shilling. 14.07 14.0720 14.0990 14.0837 100.10 14.0590 14.0970 14.0787 100.06 14.0570 14.0870 14.0694 100.00 Belgium... Franc. 19.30 2.6200 2. 8000 2.7228 14.11 2.6400 2.8900 2.7538 14.27 4.3200 4.5000 4.4040 22,82 Bulgaria.. „_._. Lev.. 19.30 .7228 .7285 .7246 3.75 . 7225 .7313 .7262 3.76 .7289 .7342 .7314 3.79 Czechoslovakia Crown 2.9615 2.9623 2.9618 2.9611 2.9624 2.9618 2.9609 2.9621 2.9616 Denmark Krone \ 26.80 26.5400 26.5600 26.5540 99.08 26.5100 26.5700 26.544: 99.05 24.0100 25.2300 24.5188 91.49 England . Pound 486.65 485.1500 485. 7300 485.4168 99.75 485.1800 486.2600 485.8608 99.84 484.1200 485.3000 484.6464 99.59 Finland 'Markka 2.52 2.5198 2. 5219 2.5209 100.04 2.5198 2.5216 2.5206 100.02 2.5220 2.5252 2.5235 France..... I Franc. 19.30 2. 7500 3. 0000 2.85481 14.79 2. 6300 3.0600 2.8327 14. 4.6800 4.7400 4.7124 24.42 Germany j Reiehsmark-.____ 23.82 23.8000 23. 820023.8120 99.97 23.8000 23.8300 23.8096 99.96 23.8000 23.8000 23.8000 99.92 Greece Drachma 19.30 1.1179 1.1866 1.1609 6.02 1.0973 1.175; 1.1160 5.78 1.4425j 1.4821 1.4613 7.57 Hungary.... __i Pengo. 17.49 17. 530017. 610017.5620 100.41 .17.5400 17. 590017.5604 100.40 Italy | Lira 19.30 3. 5800 3.8200 3.6688 19.01 3.2300 3.3800 3.2950 17.07 3.8400J 4.1900 4.0640 21.06 Netherlands Florin- 40.20 40.0500 40.1000 40.0732 99.68 40.0500 40.1700 40.1123 99.78 40.1700 40.2800 40.2084 100.02 Norway.... Krone.. 26.80 21. 900021. 930021.9140 81.77 21.9000 21.9400 21.9146 81.77 19.8800 22.2100 20.9320 78.10 Poland. Zloty... 19.30 10. 850011.0900 10.9676 56.83 10.6500 11.1500 10.8573 56.26 16.6800 18.3900 17.5888 91.13 Portugal Escudo_. 108.05 5.1200 5.1500 5.1256 4.74 5.1200 5.1500 5.1300 4.75 5.0800 5.2100 5.1356 4.75 Rumania.__________! Leu 19.30 .4929 .5386 .5105 2.65 . 4543 .4931 .4672 2.42 .4790 .4959 .4890 2.53 Spain.. Peseta. _ 19.30 15.1300 15. 320015.2240 78.88 15.0600 15.5300 15.2942 14.2400 14.6200 14.3860 74.54 Sweden _ Krona_. 26.80 26. 730026.7600 26.7476 99.80 26.7500 26.7700 26.7654 99.87 26.8000 26.8500 26.8244 100.09 Switzerland. Franc. 19.30 19.3000 19.3300 19.3216 100.11 19.3000 19.3500 19.3235 100.12 19.3000 19.3500 19.3068 100.04 Yugoslavia. _ Dinar.. 19.30 1. 7636 1. 7680 1. 7662 9.15 1.7640 1.7658 1.7649 9.14 1.7735 1.7870 1.7795 9.22 NORTH AMERICA Canada.. Dollar.. 100.00 100.1240 100.1604 100.1382100.14 100.1250 100.1696 100.1448 100.14 99.9188100.0498 99.9860 99.99 Cuba___. Peso... 100.00 99.9250 99.9531 99.9362 99.94 99.8781 99.9656 99.9206 99.92 99.7938 99.9594 99.8500 99.85 Mexico.. Peso- 49.85 48.6333 48.7833 48.7301 97. 75 48.5833 48.9000 48. 7823 97.86 49.3000 49.4933 49.3519 99.00 SOUTH AMERICA Argentina _ Peso (gold). 96.48 91.7800 92.8600 92.2012 95.57 91.7800 92.2100 91.9573 95.31 90.7500 92.1600 91. 7096 95. 06 Brazil Milreis.._._ 32.44 14.8900 15.3400 15.1908 46.83 15.2900 15.5000 15.3715 47.38 12.9900 13.9900 13.5188 41.67 Chile _.__-__ Peso __ 12.17 12.1100 12.1400 12.1292 99.66 12.0600 12.1400 12:1162 99.56 11.8900J 12.0600 12.0156 Uruguay._ Peso. 103.42 100.1100 100. 7100 100.4096 97.09 99.2800100.7700100.1900 96.88 99.46001100. 500099.9492 96.64 China.. ... Mexican dollar. __ 1 48.11 46.5800 49.2800 48.2468 100.28 49.0300 51.04Q0 50.1462 104. 2356. 8000 59.0000 57. 5656119. 65 China Shanghai tael_. _. i 66. 8562.9400 68.4300 66.6028 99.63 68. 010070.1000 68. 6931 102. 7677.7000 79.5900 78. 4664117.38 Hongkong_ Dollar-—. i 47. 7749.2000 53.3100 52.2816 109.44 52. 640053.9500 53.1954 111. 3658.1500 60.1600 59. 3152124.17 India... Rupee. 48. 66 36.3000 36.3700 36.3288 74.67 36. 300036. 450036. 3642 74.73 36.5600 36.6900 36. 6332 75. 28 Japan.____ Yen.. 49.85 48.0600 48.7000 48.4000 97.09 47. 400048.0800 47.8031 95.89 40.4500 41.0500 40.7488 81.74 Straits Settlements. Singapore dollar. - 56. 7856. 000056. 080056.0736 98.76 56. 080056. 210056.1512 98.89 56. 5000 56. 7800 56. 5876 99.66 1 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] Septembers August, September, 1926 '< 1925 London (converted at average rate of exchange) $0.62970 $0.71979 New York .60867 .62( . 71885 Per cent of New York price to average price in 1913 99. 39 102.38 117.38 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL RESERVE BULLETIN OCTOBER, 1926 GOLD AND SILVER MOVEMENTS 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 destination January-August January-August January- August January-August August, August, August, August, 1926 1926 1926 1926 1926 1925 1926 1925 1926 1925 1926 1925 All countries..-11,978,690154,918,49755, 732,35229, 743,11376, 547, 713197,488, 6015,988,42048, 924,13544, 693, 5528,040,51265,331, 11167,149, 329 EUROPE . France 188,390 6, 564,041 18,488 1,339,208 209,342 183,895 5,001 Germany' 650 1,62820,195, 03122,170,880 67, 259,331 2,000 17,436 5,875 823,841 2,075,396 3,567,490 Netherlands 10,084,799 4,318,343 Poland and Danzig. 1,103, 948 5,243 753,400 Spain 8,200 60,236 68,618 392,431 16,968 113,448 124,073 Sweden 372 220 1,002, 628 United Kingdom _. 4, GOO 40,201 4,819,578 6,159,602 3,208 96,200 91,889 137, 700 1,497,302 7,193,035 NORTH AMERICA Canada 614, 611 80,101,91622, 639,047 8,046,04135,141,255 2,761,457 806,061 3,811,514 5,640,874 119, 317 1, 229, 341 1,173, 896 Central America— 119,306 1,122,809 1,081,857 30,000 3, 004, 526 750,000 191, 500 1,164,057 1,095,300 700 39,434 97,940 Mexico 547,836 15,913,227 3,364,394 414,255 4, 217,981 7,113,492 3,310,44425,938,13027,920, 246 162, 720 894, 968 1,394, 828 West Indies 5,888 205, 233 460,327 154,114 165,000 51> 769 164,201 120, 573 210 28, 265 80,681 SOUTH AMERICA i Argentina _ 3,607 2,466 255, 000 5,460,000 Brazil 4, 997 13, 000 270, 800 161, 687 Chili 52,963 16, 067,057 267,822 280, 840 2,121,145 1,122, 656 Colombia 153, 037 1,050, 795 1,091,164 1,003, 853 1, 999,878 4,911 122, 510 59,049 3, 394 11, 886 3,274 Ecuador. _ 104, 770 877,186 557,815 5,983 15,000 Peru 167,206 2,012,116 1,106,210 1,190,98114,190,355 7,373,685 475, 575 133,100 Uruguay 802,290 Venezuela 64, 519 518,825 160,822 _ 1, 700,000 2,160,010 4,445 4,848 53,901 494, 505 ASIA AND OCEANIA Australia 9,732,000 29,213,272 241 26,925,176 British India 469, 785 56, 531, 840 55,9681,826,23125,175, 51931,294, 625 British Malaya 160 13,950 430,243 2,767,151 1,655,841 China 119, 558 250, 655 200,414 4,1834,905, 39833,306,21620,489,226 Dutch East Indies 106,448 1,177,817 1, 573, 882 242,000 958,240 693, 520 75,406 639,255 641, 511 Hongkong 480,000 372, 543 3, 796,484 6,922,915 66, 587 892,433 Japan 4,000,000 8,049 60,000 New Zealand _ 16, 579 124,468 185,934 Philippine Islands 268,116 1,462,699 1,143,633 25,000 AFRICA Egypt 9,297 11,990 498, 240 Portuguese Africa 2, 780 232,555 350,386 3,084 80 159 88 191 All other countries. 10,431 55, 609 48, 924 302, 518 1,071, 350 51,248 246,695 160,736 7,100 31,116 75,401 Net imports 78,370, 784 Net exports 17, 764,423 141, 756, 249 2,052, 09216,406,97622, 455, 777 IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN, DISTRIBUTED BY COUNTRIES [Amounts in pound sterling] All countries... 3,877,217 25,781,446 29,577,853 1,840,50312,875,168 23,851,664 433,608 6,269,079 7,462,540 789,130 6,873,389 9,086,477 Belgium _ 595,736 342 34,797 128,559 4,526 83,132 154,973 1,640 13,730 14,135 France 755 123,983 255,729 1,266, ,013 118,345 5,226 53,672 1,012,702 229,888 702,167 309,889 Netherlands 3,250 215,255 5,079,282 27,000 2,499,055 1,371,155 6,800 335,382 134,786 1,365 22,195 870 Russia 27,000 2,458,800 3,182,385 % 057,000 380,648 264,691 754,990 Spain and Canaries. 145,605 "396,265 103,359 374 81,230 9,470 327 376 Switzerland 523,717 636,300 2,078,142 3,600 59,577 United States . 26,773 4,275,412 956,358 147,112 2,758,695 2,950,746 823 1,204 Mexico 183,497 1,772,375 1,271,820 South America 435 5,857 9,730 21,000 267,000 348,030 5,086 55,288 75,978 1,462 105,615 British India 69,900 2,164,984 11,616,112 103 436,162 4,545,661 3,485,186 British Malaya 119,870 1,228,066 452,173 50,280 249,509 670 Egypt 13,610 112,360 458,024 50, 111 50,000 7,410 58, 245 37,144 T R r h a o n d s e v s a i a a l . . .. r 3.5 1 6 8 1 3 , , 6 1 5 0 5 1 2 1 0 , , 3 1 9 42 9 , , 1 4 8 4 8 3 1 1 4 , , 4 5 0 2 5 2, , 8 8 5 3 4 0 74 634 6 1 5 1 3 5 20,000 West Africa 97,251 848,596 813,618 300 4,441 47,444 55,138 i 192,331 134,940 90 506 231 All other countries. 4,525 88,043 164,759 663,430 3,208,887 5,793,315 25,775 886,229 1,401,563 62,295 1,275,164 4,296,590 Net imports _ 2,036,714 12,906,278 5.72fi. 189 Net exports 355,522 604,310 1,623,937 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

739 OCTOBER, 1926 FEDERAL RESERVE BUIiLETXN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES ALL COMMODITIES [Pre-war=100] Europe Eng- France Ger- Year and" month A ( u g s o t l r d ia g B iu el m - g B a u ri l a - C v z a s e k l c o i h a - o l - m D a e r n k - 1 T (B l r a a o o n d a f d e rd ) l F a i n n d - B S t u t i a c r t e a i a l s u - F a s l e e d r R v e e e r - - ( B F S m t e u t i d a a r c e t e n a i a r l y s a u - l ) H ( g g a u o r n l y d - Italy N l e a t n h d e s r- ( N O w o s a l r y o - ) Poland Board 1925 January.... 147 3,275 1,045 234 171 1,137 514 456 138 159 160 279 120 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 1,131 514 463 134 145 155 276 122 April., 139 538 3,244 1,020 220 162 1,133 513 460 131 144 151 267 119 May....... 138 537 3,177 1,006 216 159 1,122 520 467 132 141 151 260 118 June 141 552 3,225 998 216 157 1,129 543 483 134 141 153 258 119 July...... 137 559 3,041 1,009 206 157 ' 1,118 557 490 135 136 707 155 254 120 August 131 567 2,870 993 189 156 1,142 557 491 132 134 731 155 245 124 September.. 127 577 2,834 996 168 156 1,133 556 482 126 135 721 155 231 127 October.. j_. 127 575 2,823 989 163 155 1,121 572 482 124 131 716 154 221 128 November-. 125 569 2,822 977 158 154 1,118 498 121 129 712 154 217 137 December.. 125 565 2,913 977 160 153 1,120 518 122 130 715 155 218 155 1926 January.... 122 560, 2,901 157 151 1,094 634 527 120 127 708 153 214 142 Februarys _ 120 556 2,899 950 151 149 1,091 636 540 118 125 704 149 211 146 March. ____ 119 583 2,844 938 145 144 1,081 632 545 118 123 145 204 146 April ... 119 621 2,774 923 141 144 1,081 650 565 123 123 143 198 167 May ... 118 692 2,938 928 141 145 1,070 688 597 123 122 143 196 181 June . 124 761 2,842 926 140 146 1,079 739 631 125 122 709 144 195 175 July....... 126 876 2,838 948 141 149 1,079 836 704 127 123 724 141 196 167 August. ___ 126 836 963 143 149 1,092 770 127 740 139 196 173 September. 141 Europe—Continued North and South America Asia and Oceania Africa United Year and month Russia Spain Sweden S l w an it d z e i r- o ( f S S B t t L u a a t r a t i e e b s a s - o u rCanada Peru t A ra u l s ia - (S C 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 y T p o o a - ) n l N a Z n e e d a w - 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 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 175 184 159 160 160 159 200 162 160 176 157 200 161 151 September...... 173 185 157 159 160 157 205 162 160 175 158 201 160 152 October 174 187 154 159 158 157 205 163 159 177 160 200 162 153 November. _____ 175 186 155 157 158 161 204 165 158 174 164 198 161 145 December....... 179 187 156 157 156 164 170 158 173 163 194 160 140 1926 January 183 186 153 156 156 164 206 161 164 172 163 192 159 134 124, 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 196 179 150 148 151 161 204 168 163 U60 153 181 156 133 "12OY May 197 179 151 147 152 157 206 167 160 158 150 177 156 128 June. _ 189 177 150 145 152 156 204 163 156 157 150 177 155 129 July. 183 178 148 145 151 156 204 162 157 179 129 August 182 147 146 149 154 204 161 177 129 September. 202 i 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 bo had upon request. Wherever possible the indexes have been shifted from original bases tt> a 1913 base. Further information as to base periods, sources, numberof 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

740 FEDERAL RESERVE BULLETIN OCTOBER, 1926 WHOLESALE PRICES—Continued GROUPS OF COMMODITIES (Pre-war=100) UNITED STATES—BUREAU OF LABOR STATISTICS Year and month m Al o l d c i o ti m es - pr F o a d r u m cts Foods m C a lo te th ri i a n l g s F li u g e h l t i a n n g d p M r m o a e d e n t t u d a a c l l s ts m B a u t i e ld ri i a n l g s c C a d h l r s u e a m g n s i d - n H g i f s o o u h o u r i d - s n s e g l M an is e c o e u l s - cu A l g tu ri r - al cu N a l g o tu r n i r - - al 1925—August 160 163 159 190 170 127 172 135 169 138 164 157 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 July. 151 141 154 173 177 126 172 131 161 123 148 ' 152 August 149 138 151 175 180 127 172 131 161 122 145 153 ENGLAND—BOARD OF TRADE Food Not food Year and month All com- Other modities Total Cereals an M d e f a is t h O fo t o h d e s r Total Iro s n te a e n l d mi a n n e d rals Cotton te O x t t h il e e r s l M an i e sc o e u l s metals 1925—August 156 164 164 160 166 152 123 132 207 177 157 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. - 144 152 148 149 157 139 117 130 162 162 144 May 145 158 150 157 166 138 117 129 164 160 140 June 146 155 150 154 161 142 120 145 161 158 141 July . 149 153 151 152 158 146 125 160 158 157 143 August 149 154 152 153 156 146 125 161 160 155 144 FRANCE—STATISTICAL BUREAU Foods Industrial materials All com- Year and month modities Total A f n oo im ds al V f e o b g o l e d e t s a- S c c o u o f g c fe o a e a r , , Total Minerals Textiles Sundries 1925—August .___ .-- 557 501 500 496 500 603 519 1926—January... . _..—_ .. 634 543 532 544 548 707 627 941 February. 636 546 536 541 567 708 646 925 643 March... ._- ._- 632 548 537 546 565 700 645 914 631 April.. 650 574 535 589 608 712 653 929 646 May—..— —- - 688 610 546 645 657 751 680 990 681 June _-_——_- —_ 739 660 554 739 699 802 753 1,030 725 July......... — 836 718 575 797 840 932 922 1,217 S01 August ._ 770 687 567 754 784 837 771 GERMANY—FEDERAL STATISTICAL BUREAU Food products Industrial products Year and month m Al o l d c i o ti m es - Grains s F u a g t a s r , , C g o o l o o d n s ia , l Hides Metals Coal Total and meat, coffee, Total and Textiles and and potatoes and cocoa, leathers minerals iron fish etc. 1925—August... 132 130 120 147 175 135 123 190 134 121 1926—January- 120 115 101 134 185 130 113 176 128 120 February 118 112 98 134 183 130 110 172 '127 120 March... 118 113 99 134 180 128 107 165 127 120 April—._ 123 122 112 132 180 125 107 158 124 117 May.-.. 123 123 114 133 179 124 106 153 124 117 June..... 125 125 117 132 177 124 106 152 124 117 July 127 129 124 132 176 124 106 148 125 119 August... 127 129 121 137 174 123 112 143 126 119 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

741 OCTOBEK, 1926 FEDERAL KESEEVE BULLETIN RETAIL FOOD PRICES AND COST OF LIVING RETAIL FOOD PRICES [Pre-war ==100] European countries Other countries United States ci ( ti 5 e 1 s) (V A i us e t n r n i a a ) g B i e u l- m g B a u ri l a - l E an n d g - a F (P ra a n ri c s e ) m G a e n r y - G ( e A r n e t s e h ) c . e I ( l t M a a n i l ) - 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 3 - t A ra u l s i - a ( I b B n a d o y i m ) a N l Ze a e a n w - d A So fr u i t c h a 1925 Jan 151 140 3,131 178 408 137 ,506 590 156 277 205 172 145 148 152 147 120 Feb... 148 137 3,163 176 410 145 ,510 610 157 283 208 172 147 149 152 146 120 Mar... 148 134 3,128 176 415 146 .,562 624 157 284 211 171 145 151 155 149 121 Apr__. 148 127 3,100 170 409 144 .,478 620 155 276 217 169 142 152 153 149 124 May_. 149 j 122 3,032 167 418 141 .,443 599 154 265 221 168 141 154 151 150 123 June... 152 127 3,083 166 422 146 ,516 599 152 261 219 169 141 155 149 149 122 July... 157 ! 130 2,906 167 421 154 ,515 602 152 260 218 169 141 156 152 151 120 Aug... 157 135 2, 744 168 423 154 ,511 621 152 254 210 169 146 156 147 152 119 Sept... 156 140 2, 710 170 431 153 ,544 643 152 241 208 170 146 156 146 153 118 Oct__. 158 144 2,698 172 433 151 L, 597 646 149 228 215 168 147 157 148 155 119 Nov... 164 146 172 444 147 ,676 649 149 223 217 168 151 156 149 156 117 Dec__. 162 148 2,785 174 463 146 ,718 660 148 221 224 167 156 155 151 154 116 1926 Jan.... 161 119 141 2,773 171 143 ,760 681 148 216 226 165 157 155 151 154 116 Feb... 158 117 141 2,771 168 495 142 ,738 676 148 212 230 163 •155 154 150* 153 117 Mar... 157 114 137 2,719 165 497 141 ,805 654 147 205 234 161 154 159 151 152 118 Apr... 159 114 2,652 159 503 142 ,821 645 146 198 241 161 153 163 150 151 119 May... 158 113 2,808 158 522 142 664 146 195 250 159 152 163 150 151 119 June... 157 116 2,717 158 544 143 657 146 194 243 159 149 162 152 151 118 July... 154 115 2,713 161 574 145 654 146 198 236 159 149 159 155 117 Aug... 153 117 161 587 146 146 196 , 234 150 153 Sept... 162 152 COST OF LIVING [Pre-war =100] European countries Other countries Massas c e h t u ts - g B i e u l m - C v o z a s e k l c o i h a - - l E an n d g s - t E n ho s ia - - l F a i n n d - F (R ra a n ri c s e )m G a e n r y - G ( e A r n e t s e h ) c - eH ga u r n y - I ( l t a M a n l i ) y - N la e e n r t d - h s - N w o a r y - l P a o n - d Spain S d w e e n - S l z a w e n r i d - t- a C d a a n - 3 A t l r u i a s a - - ( I b B n a o d y m i ) a - A So fr u ic th a 1925 Jan.. 158 521 899 180 113 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 ~~177~ 170 147 il58 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 Aug._ 161 517 894 173 112 1,266 145 1,484 127 610 149 190 170 148 152 132 Sept. 161 525 884 174 110 1,242 401 145 1,503 126 624 179 248 149 190 170 148 154 151 132 Oct.. 162 533 875 176 108 1,228 144 1,547 124 643 152 189 '"l75" 168 149 153 132 Nov__ 162 534 863 176 107 1,227 141 1,610 123 643 157 186 168 152 153 131 Dec. 165 534 866 177 109 1,197 421 141 1,644 123 649 177 234 173 183 168 154 155 155 131 1926 Jan.. 164 527 854 175 110 •1,166 140 1,673 122 665 170 188 174 167 155 155 1^1 Feb.. 163 526 845 173 110 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.. 161 529 832 168 111 1,163 140 1,731 119 642 176 187 "I73" 162 153 153 131 May- 159 558 837 167 110 1,159 140 1,741 118 652 183 183 160 152 153 132 June. 159 579 861 168 1.10 1,175 485 141 1,791 116 650 171 218 183 183 160 150 ..... 155 131 July.. 159 637 876 170 111 1,183 142 1,808 117 649 177 186 "I72" 160 150 157 130 Aug.. 158 68! 878 170 1,213 143 652 181 159 150 155 Sept. 684 172 155 1 New index, on gold basis, July, 1914=100. 21921 = 100. « First of the month figures. NOTE.—Information as to the number of foods and items included, the original b.use 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

742 FEDERAL RESERVE BULLETIN OCTOBER, 1926 BANKING AND FINANCIAL STATISTICS FEDERAL RESERVE BANKS AVERAGE DAILY CONDITION FOR AUGUST AND JULY, 1926 [Amounts in thousands of dollars] Total bills ti e a s nd securi- Total cash reserves Total deposits Fede i r n a l c i r r e c s u e l r a v t e io n notes Reserve percentages Federal reserve, bank August July August July August July August July August July Boston _ 69,679 73,374 232,529 231,425 145,625 148,013 141,742 141,953 80.9 79.8 New York. _ _ .-• 271,018 289,991 1,010,324 1,006,251 847,061 857,668 392,971 404,454 81. 5 79.7 Philadelphia. ___ 87,370 88,354 195,992 198,825 136,502 137,621 121,833 125,413 75.9 75.6 Cleveland 95,722 97,603 310,261 302,182 188,314 185,981 195,898 192,538 80.8 79.8 Richmond 65,391 61, 111 84,894 90,057 70,054 71,418 72; 155 71,392 59.7 63.1 Atlanta— . ._ •__ 77,854 69,430 177,629 193,475 71,873 73,453 - 178,375 185,793 71.0 74.6 Chicago _- . 144, 567 151,979 408,919 395,171 340,386 335,306 194,661 193,002 76.4 74.8 St. Louis 66,000 63,324 67,931 67,961 82,092 82,917 45,821 43,280 53.1 53.9 Minneapolis .._ 43,371 36,482 72,159 81,963 49,787 51, 538 61,059 62,817 65.1 71.7 Kansas City..*... 60,102 62, 680 101,330 94,150 94, 619 92,651 65,078 63,471 63. 5 6O.;3 Dallas 56, 741 52,409 50,223 51,638 57,595 57,478 39,802 37,461 51.6 54.4 San Francisco __• 120,449 119,827 253,705 256,407 169,4421 168,376 189,817 193,062 70.6 70.9 Total: 1926 .. 1,158, 264 1,166,564 2,965,896 2,969, 505 2, 253,350 2, 262,420 1, 699,212 1, 714,636 75. 0 •74.7 •-1925-_-___•-_ 1,092,264 1,065,252 2,896,876 2,921, 585 2, 209,321 2,204,389 1, 626,387 1,635,694 75.5 76.1 1924 836, 534 825,999 3,211,455 3, 248,713 2,139,536 2,109, 552 1, 757,470 1,825, 260 82.4 82.6 1923- 1,078,204 1,119, 787 3,194,364 3,181,220 1,890,069 1,919,779 2, 228,947 2,242,143 77. 6 76.4 1922 1,053,098 1,127,888 3,195, 502 3,158,276 1,859,524 1,882,118 2,151,185 2,157,405 79. 7 78.2 1921 1,841,596 2, 012, 699 2, 740,388 2, 655,179 1, 691,137 1, 696,481 2, 512, 348 2,604, 750 65.2 61.7 1920 3, 233,862 3,200,973 2,127,305 2,118,899 1,885,062 1,909,221 3,165,222 3,143,465 143.7 *43.7 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 ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta hicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Gold with Federal reserve Aug. 25 1,442,912 126,941 382, 345100,003 181,209 34,285 133, 251168,837 17,166 45,300 50, 401 18,531 184, 643 Sept. 1. ______________ 1,395,311 124,035 352, 345 97,839 180, 523 33,159 128,018 168,787 17,965 44, 611 52,390 18,966 176, 673 Sept. 8 _.._. 1,408,431 122,281 352,238 98,124 181,790 40, 242129,975 168,750 16, 633 47,189 51, 737 20, 267179,205 Sept. 15— . 1,429,247 118, 842 352, 238 97, 807180, 601 43, 595124,993 178,750 19,064 52,020 51, 500 20, 860188,977 Gold redemption fund with U. S. Treasury: Aug. 25 55,153 10,114 10, 343 5,631 3,413 3,672 4,249 4,932 1,255 2,794 4,585 1,656 2,509 Sept. 1_ 53,622 12,297 8,925 7,108 2,913 4,072 3,844 4,122 936 3,271 2,300 1,622 2, 212 Sept. 8 53,954 13,065 7,930 7,995 2,260 4,129 3,777 3,381 858 2,503 2,641 2,326 3,089 Sept. 15__ 61, 894 15,956 11,831 9,428 4,45f 3,070 4,228 2,351 842 2,409 2,564 2,154 2,606 Gold held exclusively against Federal reserve notes: Aug. 25 ._. 1,498,065 137,055 392,688! 105,634 184,622 37,957 137,500 173,769 18,421 48,094 54,986 20,187 187,152 Sept. 1 1,448,933 136,332 361,270i 104,947 183,436 37,231 131,862 172,909 18/901 47,882 54, 690 20,588 178, 885 Sept. 8 . _. 1,462,385 135,346 360,168] 106,119 184,050 44,371 133, 752172,131 17,491 49,692 54,378 22,593 182, 294 Sept. 15_ -_. __.. 1,491,141 134,798 364,069 107,235 185,056! 46, 665129,221 181,101 19,906 54,429 54,064 23,014 191,583 Gold settlement fund with Federal Reserve Board: Aug. 25 .... 681,297 54,297 190, 706 54,603 83,863 28,071 22,084 143,179 11,384 9,788 38, 644 12,365 32, 313 Sept. 1____ 732,717 44,655 255,856 54,951 80,579 21,194 136,971 11,728 11,541 40,344 12, 864 33,233 Sept. 8__-___ 734, 727 61,070 214, 764 55, 053 81,270 24, 378 20,954 158,736 14,085 15,262 39,605 12,151 37,399 Sept. 15 _ 696,619 45, 722 232, 842 39, 365 65,848 26,564 21,010 148, 643 19,266 13, 754 36, 849 16,266 30,490 Gold and gold certificates held by banks: Aug. 25 _ 661,244 30,629 408,392 23,109 39,753 14,372 4,118 68,777 18,682 7,27< 4,807 10,107 31,224 Sept. 1 646,661 29,638 397,916 21,261 39,452 14,519 4,004 69, 379 18,26: 7,216 4,639 10,136 30, 240 Sept. 8 634,353 28, 770 390,188 22,003 40,683 11,353 3,950j 67.564; 18,199 7, 269 4, 207 10,185 29,982 Sept. 15 644,90 30,732 389,493 30,600 42,238 11,083 4,268 66,323! 17,610 7,260 4,487 10,281 30,526 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 FEDERAL RESERVE BULLETIN 743 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 - Atlanta 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 - Total gold reserves: Aug. 25. . .. % 840,606 221,981 991,786 183,346 308,238 80,400 163,702 385,725 48,487 65,156 98,437 42,659 250,689 Sept..l__; _. 2,828,311 210,625 1,015,042 181,159 303,467 80,551 157,060 379,259 48,890 66,639 99,673 43,588 242,358 Sept. 8 __ 2,83i, 465 225,186 965,120 183,175 306,003 80,102 158,656 398,431 49,775 72,223 98,190 44,929 249,675 Sept. 15._._. ____ 2,832.661 211,252 986,404 177,200 293,142 84,312 154,499 396,067 56,782 75,443 95,400 49,561 252,599 Reserves other than gold: Aug. 25 137,281 12,845 27,490 8,101 8,111 5,598 9,567 22,412 20,209 2,979 4,692 8,239 7,038 Sept. 1 —__ 138,032 12,146 26,856 8,858 9,655 5,595 9,487 22,542 20,442 3,185 4,546 8,262 6,458 Sept. 8. 130, 501 11,814 25,109 8,617 8,247 5,925 8,354 21,554 19,206 2,934 4,212 8,006 6,523 Sept. 15- 132,404 11,831 25,481 7,758 9,867 6,188 8,807 22,266 17,969 3,301 4,541 7,807 6,588 Total reserves: Aug. 25. 2,977,887 234,826 1,019,276 191,447 316,349 173,269 408,137 68,135 103,129 50,898 257,727 Sept. 1 .2,966,343 222,771 1,041,898 190,017 313,122 86,146 166,547401,801 69,332 69,824 104,219 51,850 248,816 Sept. 8.... _ 2,961,966 237,000 990,229 191,792 314,250 86,027 167,010 419,985 68,981 75,157 102,402 52,935 256,198 Sept. 15 _._____.2,965,065 223,083 1,011,885 184,958 303,009 90,500 163,306 418,333 74,751 78,744 99,941 57,368 259,187 Non-reserve cash: Aug. 25. . .._ . 52,918 4,443 12,536 1,186 2,746 3,730 4,407 10,395 4,183 1,211 2,010 3,405 Sept.l 49,328 4,252 11,492 1,521 3,051 3,508 3,991 3,694 1,081 2,238 1,706 3,308 Sept.8______. 45,483 3,689 10,380 1,593 2,333 2,926 4,020 8,787 3,546 1,010 2,199 1,719 3,281 Sept. 15 _ 52,352 5,585 11,946 1,334 4,028 2,744 3,977 10,017 1,332 2,630 1,714 3,421 Bills discounted: Secured by U. S. Government obligations— Aug. 25. . 291,408 21,297 95,636 31,922 27,186 13,060 5,338 45,417 9,105 8,208 3,954 2,910 27,375 Sept.l . 320,675 25,375 126,242 28,465 21,212 11,470 4,587 41,395 11,959 7,237 3,270 4,166 35,297 Sept. 8.. _ 324,831 26,238 144,112 24,565 25,250 10,616 5,430 31,442 10,408 6,664 3,823 3,801 32,482 Sept. 15 _.__. 268,609 22,762 98,767 27,071 28,827 11,424 5,325 28,256 10,816 3,145 4,652 3,729 23,835 Other bills discounted— Aug. 25 279,230 18,202 44,423 17,928 10,919 32,287 43,262 28,187 27,319 5,852 8,762 19,700 Sept.l . _ . 305,673 20,689 50,001 17,146 12,255 36,179 45,579 28,598 27,307 9,071 21,095 28,772 Sept. 8—__ _ 289,436 11,583 48,496 17,623 12,255 35,012 42,880 27,639 27,549 8,452 9,246 20,461 28,240 Sept. 15 296,926 18,783 47,630 18,489 15,169 34,591 49,490 25,282 25,967 6,086 8,778 19,648 27,013 Total bills discounted: Aug. 25. . 570,638 39,499 140,059 49,850 38,105 45,347 48,600 73,604 36,424 14,060 12,716 22,610 49,764 Sept.l _.__ 626,348 46,064 176,243 45,611 33,467 47,649 50,166 69,993 39,266 16,218 12,341 25.261 64,069 S S e e p p t t . . 1 8 5— 6 56 1 5 4 , ,2 5 6 3 7 5 3 4 7 1 , , 8 5 2 4 1 5 1 1 9 4 2 6 , , 6 3 0 9 8 7 4 4 2 5 , , 1 5 8 6 8 0 3 4 7 3 , , 9 5 9 0 6 5 4 4 5 6 , , 6 0 2 1 8 5 4 5 8 4 , , 3 8 1 1 0 5 5 5 9 3 , , 0 5 8 3 1 8 37,957 1 9 5 , , 2 1 3 1 1 6 1 1 3 3 , , 0 4 6 3 9 0 2 2 4 3 . , 2 3 6 7 2 7 6 50 0 , , 8 7 4 2 8 2 Bills bought in open market: Aug. 25 254,616 17,444 43,849 18,879 26,484 12,707 26,545 35,191 8,417 11,789 14,513 12,246 26,552 Sept.l- 253,481 22,839 33,191 19,028 27,398 12,557 29,884 36,529 8,569 11,778 14,355 11,356 25,997 Sept. 8— 265,984 20,627 46,030 21,151 26,200 11,850 37, 784 8,657 11,317 14,616 11,599 26,165 Sept. 15. 262,480 24,214 37,631 22,503 25,463 11,291 29,094 7,621 11,306 14,559 11,998 27,918 U. S. Government securities: Bonds— Aug. 25_____ 45, 632 544 1,322 585 1,176 1,191 353 20,028 1,761 7,558 8,789 2,245 Sept.l __.. 45,605 544 1,322 585 1,176 1,191 241 21,162 1,761 7,563 8,539 1,439 Sept. 8 .... 45,459 544 1,322 585 1,175 1,191 298 21,233 1,761 7,562 8,189 1,517 82 Sept. 15 49,093 762 2,641 708 1,506 1,336 272 20,584 2,104 7,786 1,942 813 Treasury notes— Aug. 25.. 216,956 7,580 43,814 IS, 458 30,005 4,983 1,560 22, 599 15, 519 7,410 15,859 15,335 33,834 Sept. 1 217, 702 7, 559 45,045 18,446 29.972 4,968 1,560 22,410 15,486 7,388 15,814 15,291 33,263 Sept. 8 220,418 7,559 47,655 18,446 29.973 4,969 1,560 22, 514 15,486 7,388 15,81f 15,291 33, 762 Sept. 15_. .... 147,435 4,827 27,236 16,912 21,356 3,054 1, 13,681 11,117 4,606 9,713 9,532 23,912 Certificates of indebtedness— Aug. 25 58,629 2,514 15,130 1,411 4,033 1, 82 7,548 3,936 2,559 6,081 5,297 8,370 Sept. 1— . 55,657 2,383 14,346 1,338 1,582 82 7,158 3,732 2,426 5,814 5,022 7,936 Sept. 8 .... 46,407 1,945 12,438 1,092 3,178 1,290 82 5,866 3,046 1,981 4,913 4,098 6,478 Sept. 15— . 291,493 17,021 156,207 7, — 19,806 2,669 184 37,145 6,297 4,094 12,647 8,973 18,642 Total U.S. Government securities: Aug. 25 . . 321,21 10,638 60,266 20,454 35,214 7,842 1,995 50,175 21, 216 17,527 30,729 22,877 42,284 Sept.l __.._. 318,964 10,486 60,713 20,369 34,986 7,741 1,"" 50, 730 20,979 17,377 30,167 21,752 41,781 312,284 10,048 61,415 20,123 34,326 7,450 1,940 49,613 20,293 16,931 28,917 40,322 Sept. 15 488,021 22,610 186,084 25,428 42,668 7,059 1,94r 71,410 19,518 16,486 20,447 43,367 Other securities: Aug. 25--_._. 3,700 2,000 700 1,000 Sept. !____-__ - 3,700!. 2,000 700 1,000 Sept. 15_. 3 3 , , 7 7 0 0 0 0 ; ; 2 2 , , 0 0 0 0 0 0 7 70 0 0 0 1 1 , , 0 0 0 0 0 0 Total bills and securities: Aug.25- __ 1,150,17l| 67,581 244,174 91,183 99,803 77, 840158,970 66,057 44, 376 57,958 57, 733118, 600 Sept. 1 ___. 1, 202, 493 79,389 270,147 87,1 " 95,851 67,94' 82, 633157, 252 68,814 46,373 58,369 131, 847 Sept. 8,... ______ 1,196,235 68,496 300,053 85,462 98,031 64,928 80,938 146,478 66,907 44,364 56,602 56, 767127,209 Sept. 15.. 1,319, 736 370,112 95,491 112,127 64,365 86,554 163,830 63,922 38,023 58,988 55, 822122,133 Due from foreign banks: Aug. 25.. _. 693 Sept. 1 . 744 744 Sept. 8—. 669 Sept. 15 648 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN OCTOBER, 1926 FEDERAL RESERVE, BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta'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 - Uncollected items: Aug. 25 ,._ 618,510 53,953 137,909 54,084 62, 855 50,702 26, 035 87, 839 30,026 12,080 38,168 25,297 37, 562 Sept. 1 620,052 57,102 151, 241 53,838 57, 270 48.480 25, 515 81,259 29, 233 11, 747 40, 633 27, 602 36,132 Sept. 8 ____, 667,549 57, 417 154,141 56,255 62,232 52,491 29,908 85, 837 34, 846 15, 319 47,131 29,528 42,444 Sept. 15 __. 895, 695 78, 861 215, 709 84, 755 87,465 71, 872 35, 241 115, 590 43,147 16,497 53, 338 35,143 58,077 Bank premises: Aug. 25_.__ 59,931 16, 740 1, 597 7,409 2,364 2,902 4,111 2,943 4,667 1, 793' 3,404 Sept. 1 59,931 4,068 16, 740 1, 597 7,409 2,364 2,902 7,933 4, 111 2,943 4,667 1,793 3,404 Sept. 8 __. 59,938 4,068 16,739 1, 597 7,409 2,364 2,901 7,933 4,111 2,943 4,667 1,793 3,413 Sept. 15 59,991 4,068 16, 739 1, 597 7,409 2,364 2,944 7, r'" 4, 111 2,943 4,667 1,793 3,423 All other resources: Aug. 25 __. 16,626 64 4,961 512 1,145 297 872 1,748 649 2,479 501 256! 3,142 Sept. 1 _.__ 16, 696 66 4,922 518 1,173 346 867 1,732 645 2,443 568 267 3,149 Sept. 8____._.__ 16, 754 169 4,978 550 1,191 316 866 640 2,415 566 251J 3,116 Sept. 15 13,476 61 2, 220 556 928 829 1,' 720 615 2,454 536 292 2,879 Total resources: Aug. 25 4, 874,736 364, 935 1,436, 289340,009 490,307 285, 325675,022 173, 722 131,224 207,089 137,987; 423,840 Sept. 1 _— 4, 915, 587367,648 1,497,184 334,499 477, 876 208, 791 282,455 659,463 175,829 134,411 209,188 141,587; 426,656 Sept. 8 4, 948, 594370,839 1,477,189 337, 249485,446 209,052 285, 643670, 716 179,031 141, 208213, 567 142,993 435,661 Sept. 15 5,306, 963 400, 027 1, 629, 259368, 691 514,966 232, 231 292, 851 717,423 190,170 139,993 220,100 152,132 449,120 LIABILITIES Federal reserve notes in circulation: Aug. 25.. -__.. 1,692,637 141, 733 384,433 119,657 200,879 71,625 174, 568 197, 651 46, 269 60,818 65, 283 40, 578 189,143 Sept. 1 1,702,902 143, 545 389,097 117,205 199, 263 72,971 173,357 201,149 47,050 61,294 65,117 41,759 191,095 Sept.8 .__. 1, 746,524 147,072 393, 378118,147 207,065 75,825 174, 587210, 533 47, 633 64,345 44,696 196, 560 Sept. 15 1, 724,068 146, 773 380,992 116, 606206,515 76,100 172,945 208, 545 47, 584 63,453 66,412 45,654 192,489 Deposits: Member bank—reserve account— Aug. 25 2, 203,634 142,882 815, 748134, 697192,181 67,816 69,400 347,416 80,180 46,463 89,280 54,239 163,332 Sept. l-_._.___ . 2, 223,902 140,968 864,941 131,163 184,012 67,147 68, 263 330,918 80, 262 48,371 90,818 53,435 163, 604 Sept. 8 i 2, 207,185 141,231 841,022 133,157 180,413 66, 786 67, 760 335, 536 80,935 50,449 89,708 53, 756 166,432 Sept. 15- . 2,369,136 151,026 941, 795140, 204191,121 67, 872 71,090 356,136 83,354 48,478 90,758 56, 831 170,471 Government— Aug. 25 25,618 1,280 3,858 2,010 1, 012 1,973 1,204 3,578 2,263 1,036 3,387 2,063 1,954 Sept.l 24,326 1,093 3, 518 1,055 1,924 2,704 1,460 2,170 1,977 1,295 3,356 2,091 Sept. 8______^. 5,565 100 65 90 154 96 25 474 23 151 Sept. 15. __... 4,084 439 3,-"" 185 221 491 509 1,180 525 106 308 Foreign bank— 32 Aug. 25 12,436 580 6,897 725 816 404 305 1,045 328 244 267 . 527 Sept. 1 , 15,166 1,087 4,784 1,358 1,530 758 572 1,959 615 458 558 500 987 Sept. 8 11, 339 868 3,043 1,086 1,223 606 457 1, 565 491 366 446 400 788 Sept. 15-__._ _-- 15, 641 350 12,295 438 493 244 184 632 148 180 161 318 Other deposits—^ Aug. 25 . 16,291 73 8,079 74 602 59 51 979 245 154 121 39 5,815 Sept. 1__.__. 18.926 55 10, 323 86 767 59 83 908 279 158 118 33 6,057 Sept. 8 18; 235 103 8,842 76 867 76 52 736 201 1,398 48 5,567 Sept. 15._. 183 17, 079 835 190 133 1,529 380 548 1,470 78 5,574 Total deposits: Aug. 25.. 2, 257. 979 144,815 834, 582137, 506194, 611 70,252 70, 960 353, 018 83,016 47,897 93,086 56, 608 171, 628 Sept.l. 2, 282,320 143, 203 883, 566133,662 188, 233 70, f" 70,378 335, 955 83,133 50, 282 94,850 55, 651 172,739 Sept. 8 . 2, 242, 324 142, 302 856, 310134,384 182, 593 67, 622 337,933 81, 720 51,490 91, 575 55,092 172,938 Sept. 15— 2,417, 346 151, 998 971, 201141, 313192, 531 68, 527 71, 413 358, 788 84,441 50,354 92,933 57,176 176, 671 Deferred availability items: Aug. 25 : 561,967 51, 760 118, 389 49, 209 56, 835 47, 860 24,895 74, 433 28.443 10, 696 34,499 28,028 36 920 Sept. 1 . 568, 299 54,285 125, 724 49, 961 52, 420 45,913 23,804 72,497 29, 672 11,025 35,001 31, 372 36, 625 Sept. 8 596, 902 54, 771 128,444 50,986 57, 767 46, 317 27, 704 72,329 33, 683 13, 555 41,064 30,384 39,898 Sept. 15 802,314 74, 527 177, 834 76,990 77,866 68, 293 33,463 100,154 42,151 14, 374 46,525 36,447 53, 690 Capital paid in: Aug. 25_. 123,467 35, 656 12,421 13, 553 6,082 5,011 16, 653 5,269 3,114 4,193 4,281 . 8,430 Sept. 1 123,490 8,744 35, 655 12,428 13, 547 6,082 5,023 16, 657 5,269 3,112 4,193 4,291 8,489 Sept. 8___ 123, 711 8,764 35, 717 12, 432 13, 549 6,108 5,033 16, 654 5,270 3,108 4,193 4,294 8,589 Sept. 15__. — 123, 787 8,801 35, 732 12,465 13, 551 6,109 5,033 16,653 5,269 3,102 4,189 4,294 8,589 Surplus: Aug. 25 .. 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 Sept. l.__. - 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 Sept. 8 220, 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 Sept. 15..-.._.._ 220, 310 17,020 59,964 20,464 22,894 11,919 8, 700 30, 613 9,570 7,501 8,979 7,615 15,071 All other liabilities: Aug. 25..--- 18,376 803 3,265 752 1,535 1,249 1,191 2,654 1,155 1,198 1,049 877 2,648 Sept. 1 18,266 851 3,178 779 1, 519 1,238 1,193 2,592 1,135 1,197 1,048 899 2,637 Sept. 8 18,823 910 3,376 1,578 1,261 1,254 2,654 1,155 1,209 1,073 912 2,605 Sept. 15 19,138 908 3,536 1,609 1,283 1,297 2,670 1,155 1,209 1,062 946 2,610 Total liabilities: Aug. 25 4,874,736 364,935 1,436,289 340,009 490,307 285,325 675,022 173,722 131,224 207,089 137,987 423,840 Sept. 1 - 4,915,587 367,648 1,497,184 334, 499477,876 208,791 282,455 659,463 175,829 134,411 209,188 141,587 Sept. 8 . —. 4,948,594 370,839 1,477,189 337,249 485,446 209,052 285,643 670,716 179,031 141,208 213,567 142,993 435,661 Sept. 15 . 5,306, 963 400,027 1, 629,259368,691 514,966 232,231 292,851 717,423 190,170 139,993 220,100 152,132 449,120 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 FEDERAL RESERVE BULLETIN 745 FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued LIABILITIES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m R o ic 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 S i r s a a c n n o - MEMORANDA Ratio of total reserves to Federal reserve note and deposit liabilities combined (per cent): Aug. 25 75.4 81.9 83.6 74.4 80.0 60.6 70.6 74.1 53.1 62.7 65.1 52. 4 71.4 Sept. 1 _______ 74.4 77.7 81.9 75.7 80.8 60.0 68.3 74.8 53.3 62.6 65.2 53.2 68.4 Sept. 8 74.3 81. 9 79.2 75.9 . 80.6 60.0 68.7 76.6 53.3 64.9 64.7 53.0 Sept. 15 71.6 ; 74.7 74.8 71.7 75.9 62.6 66.8 73.7 56.6 69.2 62.7 55.8 70.2 Contingent liability on bills purchased for foreign correspondents: Aug. 25. 47,845 3,686 12,630 4,608 5,190 2, 571 1,940 6,645 2, 086 1,552 1,892 3,347 Sept. 1. 44,875 3,416 12,241 4,270 4,810 2,382 1,798 6,158 1,933 1,438 1,753 1,574 3,102 Sept. 8.__ 44,824 3,416 12,191 4,270 4,810 2,382 1,798 6,158 1,933 1,438 1,753 1,573 3,102 Sept. 15.. 44,228 3,416 11, 595 4,270 4,810 2,382 1,798 6,158 1,933 1,438 1, 753 1,573 3,102 Own Federal reserve notes held by Federal reserve bank: Aug. 25 335, 265 25,195 108, 228 31, 746 22, 502 13,463 33, 266 35,381 5,157 6,843 8,015 5, 785 39,684 Sept. 1_. . 333,144 26,477 102,286 34,034 23,333 14,827 32,843 38,427 5,275 7,593 7,269 5,778 35,002 Sept. 18 309,583 27,196 93,613 34, 777 18, 577 14, 265 31,830 36,958 4,359 6,625 6,971 5,383 29,029 Sept. 15 347,295 36,656 99,578 36, 201 23,438 14,224 34,980 37,445 4,040 6,679 7,944 5,518 40, 592 / FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS' AND CERTIFICATES OF INDEBTEDNESS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 - 3 d 1 a t y o s 60 61 d a to y s 90 9 6 1 m da o y n s t h to s 6 m O o ve n r t hs . Bills discounted: Aug. 25 570,638 410,640 34,495 71,868 42,803 10,694 138 Sept. 1____ 626,348 462,142 42, 356 69,268 42,264 10,176 142 Sept. 8, 614,287 456,086 46,473 67,127 36, 601 7,858 122 Sept. 15— .. 565, 535 409, 370 50,160 62, 940 35,802 7,134 129 Bills bought in open market: Aug. 25 _____ 254,616 72,070 52, 228 74, 669 47,931 7, 718 Sept. 1 _ 253,481 68, 967 52,065 67, 797 •55,138 9,514 265, 984 83,834 51,889 63,806 54,493 11, 962 Sept. 15.-- _•__• 262, 480 81,131 63,460 56, 445 11,760 ! Certificates of indebtedness: Aug. 25_. ___ 58, 629 58, 629 Sept. 1 55,657 55,657 ! Sept. 8 6,407 730 45,677 ! Sept. 15 291,493 192, C 34,463 I 65,030 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN OCTOBEE, 1926 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 R o ic n h d - At t l a an- c C a h g i- o L S ou t. is a M p n o e i - n li - s K C s a i a t n s y - Dallas F c S i r s a a c n n o - Federal reserve notes received from comptroller: Aug. 25 2, 865,326 220,028 785,981 186,443 269, 601113,038 273,874 402,449 70, 766 83, 241111, 978 68,200 279, 727 Sept. 1___- -. 2,871,780 217,122 784,703 190,319 266,916 113,413 271,640 410,233 71,525 82,552 111, 926 67,634 283, 797 Sept. 8 ----. 2, 863, 816 215, 368780,311 188, 604264, 582118,345 269,197 409,908 72,152 83,850 111, 274 283,289 Sept. 15. 2,912,691 230, 329773,890 186,487 276,093 117, 599273,435 420, 607 72, 544 87,361 113,036 72, 529288, 781 Federal reserve notes held by Federal reserve agent: Aug. 25 _. 837,424 53,100 293, 320 35,040 46,220 27,950 66,040 169,417 19,340 15,580 38, 680 21,837 50, 900 Sept. 1___. 835,734 47,100 293,320 39,080 44,320 25,615 65,440 170,657 19,200 13,665 39, 540 20,097 57,700 Sept. 8 :-._• 807, 709 41,100 293,320 28, 255 62, 780162,417 20,160 12,880 37, 620 16, 857 57, 700 Sept. 15 . 841,328 46,900 293, 320 33,680 46,140 27,275 65,510 174,617 20,920 17,229 21,357 55,700 Federal reserve notes issued to Federal reserve bank: Aug. 25 2,027,902 166,928 492,661 151,403 223, 381 207,834 233,032 51,426 67,661 73,298 46,363 228,827 Sept. 1 2,036,046 170,022 491,383 151,239 222, 596 87, 798206,200 239, 576 52,325 68,887 72,386 47,537 226,097 Sept. 8 "— 2,056,107 174, 268486,991 152,924 225, 642 90,090 206,417 247,491 51,992 70,970 73, 654 50,079 225, 589 Sept. 15 ..._. 2,071,363 183,429 480, 570152,807 229, 953 90,324 207, 925245,990 51,624 70,132 74,356 51,172 233,081 Collateral held as security for Federal reserve notes issued to Federal reserve bank: Gold and gold certificates— Aug. 25 300,983 35,300 171,698 8,780 25, 655 14, 237 7,945 13,212 14,156 10,000 Sept. 1 300, 983 35,300 171,698 8,780 25, 655 14,237 7,945 13,212 14,156 10,000 Sept. 8_. 304,134 35,300 171,698 8,780 28, 805 14,238 7,945 13,212 14,156 10,000 Sept. 15 304,134 35,300 171,698 8,780 28,805 14,238 7,945 13,212 14,156 10,000 Gold redemption fund— Aug. 25 102,911 17, 641 24, 647 8,706 12,429 3,630 6,014 3,192 921 2,088 3,541 2,375 17, 727 Sept. 1 105,023 14, 735 24,647 11, 542 11, 743 2,504 8,781 3,142 1,720 4,530 2,810 17,470 Sept. 8____-- --- 102,055 12,981 24, 540 9,827 13,010 4,437 5,737 3,105 1^977 3,877 4,111 17,065 Sept. 15_ 92,072 9,542 24, 540 7,710 11,821 2,790 4,755 3,106 l| 819 3,640 3,704 16,837 Gold fund, Federal Reserve Board— Aug. 25 .. 1,039,018 74,000 186,000 91,297 160,000 5,000 113,000 165,645 8,300 30,000 46,860 2,000 156,916 Sept. 1 .__. 989,305 74,000 156,000 86,297 160,000 5,000 105,000 165,645 8,300 30,000 47,860 2,000 149,203 Sept. 8 ..._ 1,002,242 74,000 156,000 160,000 7,000 110,000 165,645 7,300 32,000 47,860 2,000 152,140 Sept. 15 1,033,041 74,000 156,000 90,097 160,000 12,000 106,000 175, 644 9,300 37,000 47, 860 3,000 162,140 Eligible paper— Aug. 25 798,336 56,943 172,713 57, 391 63,208 55,546 75,017 108,710 44,835 25,825 27,142 34,856 76,150 Sept. 1_- ,____• 855,009 68,903 194, 558 58,346 59,927 58,768 79,966 106,390 47,832 27,880 26,611 36, 578 89,250 Sept. 8 . 855,953 58,448 223,230 56,402 62, 504 57,074 78,239 96,778 46,610 26,355 27, 601 35,861 86, 851 Sept. 15 800,852 65,759 170,809 56,743 68,943 55,981 83,866 92,334 44,402 20,503 27,907 35, 340 78, 265 Total collateral— Aug. 25 2,241,248 183,884 555,058 157,394 244,417 89,831 208,268 277, 547 62,001 71,125 77,543 53,387 260,793 Sept. 1. — --__-_ 2,250, 320 192,938 546,903 156,185 240,450 91,927 207,984 275,177 65,797 72,491 79,001 55, 544265,923 Sept. 8. 2,264,384 180,729 575,468 154,526 244,294 97,316 208,214 265, 528 63,243 73, 544 79,338 56,128 266,056 Sept. 15 2,230,099 184, 601523,04" 154, 550249, 544 99, 576208, 859271, 084 63,466 72, 523 79,407 56,200 267, 242 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 FEDERAL, RESERVE BULLETIN 747 FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, AUGUST, 1926 [In thousands of dollars] | Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m R o ic 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 S i r s a a c n n o - HOLDINGS ON AUGUST 31 Total bills and securities 1,224,545 81,673 284,430 89,818 96,852 68,411 82,160 155,095 69,815 45,363 59,094 59,870 131,964 Bills discounted ... 641,277 48,690 184,561 47,996 35,030 48,280 49,435 67,941 40,368 15,347 14,765 26,381 62,483 Bills bought in open market.... 257,625 22,366 38,372 19,380 26,640 12,304 30,141 36,029 8,264 11,506 13,894 11,463 27,266 United States securities.. 321,943 10,617 61,497 20,442 35,182 7,827 1,884 51,125 21,183 17,510 30,435 22,026 42,215 Other securities 3,700 2,000 700 1,000 Bills discounted Rediscounted bills: Commercial and agricultural paper n. e. s 209,090 19,314 18,542 8,701 6,337 28,116 38,253 25,285 21,241 5,057 7,594 17,410 13,240 Demand and sight draft. _ 47 14 26 7 Bankers' acceptances _. 20 10 10 Trade acceptances 2,758 26 123 203 157 321 606 645 539 69 69 Secured by U. S. Government obligations.:. 1,333 289 136 193 196 115 163 3 20 207 11 Member bank collateral notes: Secured by U. S. Government obligations __ 335,272 29,061 134,089 29,189 22,864 11,226 4,858 40,493 12,368 6,223 5,576 4,359 34,966 Otherwise secured ... 92,757 31,797 9,903 5,536 8,424 5,508 1,403 6,031 4,064 1,575 4,329 14,187 Total discounted bills. 641,277 48,690 184,561 47,996 35,030 48,280 49,435 67,941 40,368 15,347 14,765 26,381 62,483 Bills Bought Bills payable in dollars: Bankers' acceptances based on— Imports 110,905 10,165 12,887 7,674 12,411 5,417 ] 1,613 17, 270 4,128 4,646 7,678 5,484 11,532 Exports 56,655 3,855 6,827 5,414 4,691 2,302 8,917 7,666 1,886 3,617 2,495 2,807 6,178 Domestic transactions _- 38,240 3,997 4,315 2,408 3,631 2,511 3,482 6,491 1,027 1,683 1,836 1,859 5,000 D ollar exchange 4,543 171 702 577 509 205 596 721 467 49 129 36 381 Shipments between or storage of goods in foreign countries 43,686 4,131 12,217 3,300 4,525 1,819 4,883 3,791 656 1,486 1,756 1,277 3,845 All other__... 2,024 47 725 7 50 650 90 100 25 330 Trade acceptances based on imports 529 529 Bills payable in foreign currency 1,043 170 873 Total purchased bills 257,625 22,366 38,372 19,380 26,640 12,304 30,141 36,029 8,264 11, 506 13,894 11,463 27,266 United States Securities United States bonds.- ... 45,472 544 1,322 585 1,176 1,191 242 21,028 1,761 7,563 8,539 1,439 82 Treasury notes _ 217,765 7,559 45,045 18,446 29,973 4,968 1,560 22,474 15,486 7,388 15,814 15,290 33, 762 Certificates of indebtedness. 58,706 2,514 15,130 1,411 4,033 1,668 82 7,623 3,936 2,559 6,082 5,297 8,371 Total U. S. securities..... 321,943 10,617 61,497 20,442 35,182 7,827 1,884 51,125 21,183 17,510 30,435 22,026 42,215 DAILY AVERAGE HOLD- INGS DURING AUGUST Total bills and securities il, 158,264 69,679 271,018 87,370 95,722 65,391 77,854 144,567 66,000 43,371 60,102 56,741 120,449 Bills discounted _ 555,799 36,653 163,270 45,851 33,666 44,918 47,585 54,591 35,196 13,076 12,693 20,139 48,161 Bills bought 245,094 20,887 38,263 18,267 24,806 11,640 27,654 35,401 7,568 10,650 13,927 10,799 25,232 United States securities ... _ 353,903 12,131 69,458 21,246 37,243 8,828 1,911 54, 559 23,233 18,965 33,478 25,800 47,051 Federal intermediate credit bank debentures 3,377 2,000 700 677 EARNINGS DURING AUGUST Total bills and securities 1 3,606 217 826 275 297 210 248 455 209 137 184 175 373 Bills discounted 1,846 125 512 156 114 153 162 185 120 44 43 68 164 Bills bought 691 57 109 51 70 33 78 100 21 30 39 31 72 United States securities.... 1,059 35 205 62 113 24 6 170 68 61 102 76 137 Federal intermediate credit bank debentures ._ 10 6 2 2 ANNUAL RATE OF EARN- INGS Total bills and securities .... 13.67 3.67 3.59 3.71 , 3.65 3.78 3.74 3.71 3. 73 3.73 3.61 3.64 3.64 Bills discounted.. 3.91 4.00 3.69 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Bills bought 3.32 3.24 3.34 3.31 3.30 3.31 3.33 3.33 3.31 3.32 3.31 3.33 3.34 United States securities 3.52 3.41 3.48 3.42 3.56 3.28 3.52 3.66 3.45 3,77 3.59 3.49 3.44 Federal intermediate credit bank debentures 3.69 3.73 3.42 3.83 1 Figures include foreign loans on gold as follows: Average daily holdings, $90,013; earnings, $321; annual rate of earnings, 4.50 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE ' BULLETIN"' OCTOBER, 1926- FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS DURING AUGUST, 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 - l 'A an t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - D la a s l- F c S i r s a a c n n o - Total Volume of Opera tions. 3,418,316 281,468 ,702, 960 .85,713 197,215220,677 H, 677 245,043 123,010 36, 23455,989 36,881 251,449* Bills discounted for member banks . 3, 111, 184237,7491,614,477 .70,120 173, 261 112,12512,262 208,411112,146 27, 755 :4,650 25,811 222,417" Bills bought: m I F n r o o m p e o n t m he a r r F k e e d t. e f r c al reserve banks.. 2 2 2 7 6 , , 0 2 1 4 0 0 42,811 6 9 2, , 4 0 7 0 3 3 10,9 5 2 0 1 0 1 2 4, , 0 6 0 8 1 7 7,5 6 1 0 5 0 L 7 0 ,9 ,7 4 0 5 5 27, 9 5 0 0 0 5 5,1 6 0 0 6 0 6,8 5 0 00 4 7 1 , , 2 9 3 0 9 1 6,3 3 9 00 4 26,840" U. S. securities bought: In open market 25,051 250 13,050 200 765 6, 260 677 5 850 2,991 From other Federal reserve banks.. 28,331 658 3,957 4,172 437 1~~ 4,481 670 1,349 2,189« Bills Discounted Rediscounted bills: Commercial and agricultural paper n. e. s. 143,087 1,801 8,606 6,928 4,597 15,712 57, 604 31,713 26,203 1,769 3,917 8,056 6,181 Demand and sight drafts. 353 54 226 24 49 Trade acceptances, domestic 1,314 25 112 43 111 14 455 50 364 7 133 Secured by U..S. Gov't obligations 610 17 63 124 143 102 '~"I3 146 2* Member bank collateral notes: Secured by U. S. Gov't obligations 2,434, 565 132,8411,, 465,213L21, 336 .26,011 .10,922 2,122160,480 66,196 18,097 16,0S2233 10,216 175,108. Secured bs^ eligible paper ?__ 531, 255 103,065 140,546 41,813 42,479 85, 3~5"3 2"1',884 16,066 19,157 7,,r" *697 7,362 40,944 Total. 3, 111, 184 237, 749 1, 614,477170,120173, 261212,125 62,262 208,411112,146 27,755 44,650 25,811 222,417 Average rate (365-day basis), per cent. 3.94 4.00 3.79 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 Average maturity (in days): Member bank collateral notes 5.15 5.63 3.56 8.61 5.70 2.76 12.28 7.77 10.81 4.25 12.94 6. 67" Rediscounted bills 53.05 44.97 57.07 45.37 47.97 51.74 53.72 50.79 65.52 62.53 55.30 75.64 Number of member banks on August 31 9,377 416 906 765 857 58: 489 618 799 1,009 726-. Number of member banks accommodated during month ._ 3,016 155 326 362 251 292 234 220 130 136 236 167 Per cent accommodated. 32.2 37.3 36.0 47. 29.3 49. 47.9 35.6 16.3 13. 28.0 23.1 Bills Bought in Open Market From member banks 64,977 17,484 12,752 1,749 6,800 2,210 3,228 7,810 1,852 1, 2,570 2,278 4,378. From nonmember banks, banking corporations, etc.: Bought outright __.. _•__. 99,821 14,476 17, 010 9,172 7,887 5,305 4,717 13,514 3,254 4,938 4,669 4,116 10,76a Bought with resale agreement .___. 61,442 10,851 32, 711 6,181 11,699 total.. 226,240 42, 811 62,473 10,921 14, 68: 7,515 7,945 27, 505 5,106 6,804 7,239 6, 394 26,840 Rates charged: 3H per cent... 9,649 1,257 2,422 1,73: 1,923 4,305 1,048 1, 691 1,833 1,218 2,321 3M per cent.... 59,524 9,977 7,304 4,090 6,409 2,425 2,055 9,109 2,533 2,855 2,109 1,906 8, 752 Z% per cent. __-___— 19,849 4,032 4,176 682 1,053 1,039 343 3,538 675 450 860 1,157 1,844 3K per cent - 67,061 11, 245 30,419 1,739 2,381 1,263 1,010 4,975 366 1,030 1,331 1,140 10,162' Z5A per cent....- .. 2,213 93 29 75 329 54 104 995 5 64 466- 3M per cent 36,956 8,714 10,797 3,078 1,462 952 1,755 3,640 484 778 1,101 909 3,286 Z% per cent 1,243 56 631 35 1 510 10 4 per cent.... 1,202 10 754 433 4M per cent. 41 4A P©r cent 10 4^- per cent 8 4^ per cent..--. 35 Average rate (365-day basis), per cent. 3.47 3.48 3.48 3.50 3.45 3.57 3.49 3.42 3.41 3.47 3.46 3.4L Average maturity (in days)3- 54. 76 64.14 38.04 62.44 60.58 46.76 53.36 57.19 57.05 56.23 53.43 59.96 54. fe2- Classss ooff bbiillllss:: BBiilllls payable in dollars3— Bankers' acceptances based on— Imports 62,509 12,172 7,320 . 4, 582 6,069 2,905 2,832 9,139 2, 243 2,200 3, 536 2,910 6,601 Exports _. 32, 540 4,628 6,670 3,051 2,060 1,836 1,517 4,309 933 1,765 1,445 1,189 3,137 D omestic transactions - 23,429 4,925 2,829 1,560 1,747 1, 548 1,204 3,344 346 662 938 1,244 3,082: Dollar exchange 3,461 242 800 265 311 175 552 461 266 49 70 20 25fr Shipments between or storage of goods in foreign countries 39, 509 10,694 1,456 3,627 1,001 1,345 3,982 1,243 2,103 1,250 1,031 1,787 All other. _ . 2,378 1,350 495 75 25 284 Trade acceptances based on imports.. Bills payable in foreign currencies 94 873 Total. 164, 798 31,960 29,762 10,921 14, 687 7,515 7,945 21,324 5,106 6,804 7,239 6,394 15,141 U. S. Securities Bought in Open Market Bought outright: United States bonds 1,366 612 Treasury notes ____.. 168 103 65 Certificates of indebtedness. 232 20C 32 Bought with resale agreement-_. 23, 285 250 13, 050 6,260 850; 2,875!. TotaL 25,051 250 13,05C 20C 76f 6,260 677 850; 2,991 1 Includes $500,000 Federal intermediate credit bank debentures. 2 Includes bills taken under a resale contract. 3 Exclusive of acceptances bought under a resale contract. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

749 OCTOBEE, 1926 FEDERAL RESERVE' BULLETIN" 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 Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco Number of reporting banks: Aug. 18__ 65 Aug. 25__ _ 697 Sept. 1 ____ 697 38 65 Sept. 8 697 65 Loans and discounts, gross: 1 Secured by U. S. Government obligations— Aug. 18 ____ 144,189 7,480 51,117 10, 327 20,402 5,784 18, 368 7,038 3,398 3,980 3,888 7,311 Aug. 25 _... 144, 742 7,650 50,884 10, 319 20, 076 5,252 5,910 19, r ' 7,044 3,394 3,876 3,921 7,377 Sept. 1 142,682 7, 647 48, 759 10, 730 19, 648 5,087 5,773 19, 053 7,110 3,493 3,947 3,983 7,452 141,484 7,378 48,484 10,669 19,473 4,996 5,850 18, 787 7,180 3,386 3,990 3,937 7,354 Secured by stocks and bonds— Aug. 18.._.._...... 5,459,098 332,354 2,, 302,426397, 506 557,989 141,997 108,088| 886,375 186,469 73, 466 110, 206 70, 646 291, 576 Aug. 25-_..___ 5,496,345 327,844 2,, 333, 240 399,331 552,341 141,482 108,988 895,263 185, 530 74, 660 117, 087 71, 069 289, 510 Sept. 1_____ 5, 568,167 336,024 2, 375, 717 401, 685 562,839 150, 246 102,180 903,715 187,942 73, 739 115, 579 69, 609 288,892 Sept. 8___ 5, 551,695 357,472 2,335,395 408,268 566, 732 144,314 102, 822 901, 603 189,931 73,044 284,728 All, other loans and discounts— Aug. 18__ _. 8,462,112 649,414 2,637, 752 381,155 794,153 367, 837 389,17011, 284, 852 323,456 154,479 338, 259 231,842 909,743 Aug. 25___ 8,428,162 643,216 2,639,758 378,488 793, 547370,805 388, 615! 1, 256, 796 321, 726 154,134 330, 019 233,052 918,006 Sept. 1 _. 8,467,889 640,422 2,672, 758 380,122 796,349 365, 736 398,038J1, 258, 594 320, 754 159,428 325, 747 233,874 916,067 Sept. 8 . 8, 504,894 642,207 2, 689, 797 386,122 797, 645 368,863 401,398 1, 264,369 319,403 160,225 322, 977 233,154 918, 734 Total loans and discounts— Aug. 18 14,065,399 989,248 4,991,295 788!,, 988. ,1372,544 514, 930 503,042 2,189, 595 516,963 231,343 452,445 306,376 1., 208,630 Aug. 25 14,069,249 978, 710 5,023,882 788,138 1, 365,964517, 539 503, 513 2,171, ~~~ 514,300 232,188 450,982 3081,,042 ,1 214,893 Sept. l.__ 14,178, 738 998844,009933 55,009977 ,2 32344 792, 537 1,'378,"" 521, 069 505, 991 2,181, 362 515,806 236,660 445, 273 307',, 466, 1 212,411 Sept. 8 ... 14,198,0731,007,0575,073, 676 805,059 1,383, 850518,173 510, 070 2,184, 759 516, 514 236,655 443,665 307',, 779. ,1 210,816 U.S. Government securities: A Au u g g . . 2 18 5 ___ ________ 2 2, , 4 4 8 9 5 7 , , 7 0 8 5 5 4 1 1 4 4 2 0 , , 6 1 7 7 4 7 1 1: , , f 0 0 2 2 3 7 , , 8 7 0 1 5 4 8 8 3 1 , , 8 16 4 5 7 2 28 8 4 7 , , 0 7 3 9 0 9 7 6 0 9 , , 2 8 8 5 4 3 4 3 0 9 , , 1 1 5 5 2 1 3 30 0 7 5 , , 3 8 5 2 5 0 6 6 1 1 , , 8 9 6 0 3 9 6 6 9 8 , , 2 4 4 3 4 7 1 1 0 0 4 5 , , 0 2 3 8 3 0 5 53 3 , , 1 2 0 0 1 6 2 25 5 0 0 , , 9 9 4 9 5 5 Sept. 1 _ 2,468,942 134,983 1.,, 014,279 80,176 284,815 68,858 40, 701 306, 206 62,021 69,079 105,446 51,425 250,953 Sept. 8 _ 2,469,541 134,5441,015,797 80,296 284, 686 68,415 40,184 306, 818 63,113 67,673 104,875 51, 614 251, 526 Other bonds, stocks, and securities: Aug. 18 3,122,859 243i,, 274 ,1 189,330 263, 340 354, 727 .70,776 60,057 454,926 114,053 46,910 89, 225 23; 898 212,343 Aug. 25 3.128, 762 244-,., 2.87, 1 186, 210267,615 356,707 70,488 61,412 456, 023 113,793 46,997 90,177 23,826 211, 227 Sept. 1 ______ 3.129, 646 246, 763 1, 181,147 268,987 356,636 70,226 59,471 457,213 113, 533 90,469 24,480 213,830 Sept. 8________ 3,135,080 246^ 140 1,187,371 268,223 357,364 69,808 59, 213 459, 557 113, 224 47, 256 90, 759 24,680 211.485 Total investments: Aug. 18 5,619,913 385,948 2,217,044 347,18' 641,757 141,629 100,209 760,281 175,916 115, 347 194, 258 76,999 463,338 Aug. 25 _ ___ 5,614, 547 384,464 2,210,015 348, 780 641, 506 139, 772 100, 563 763,843^ 175,702 116,241 194,457 77,032 462,172 Sept. 1 5,598,588 381,746 2,195,426 349,163 641,451 139,084 100,172 763,419 175,554 115,970 195,915 75,905 464, 783 Sept.8_ 5,604,621 380, 684 2, 203,168 348, 519 642,050 138,223 99, 397 766,375 176,337 114,929 195,634 76,294 463,011 Total loans and investments: Aug. 18 ___., 19,685,3121,375,196 7, 208,339 1, '5 2,014,301656,559 603, 251 2,949,876 692,879 346,690 646,703 383,3751,671,968 Aug. 25 „ 19,683, 7961,363,174 7, 233,897 1,136, 918 2,0-0477^0 657, 311 604, 076 2, 934,9411 690,002348,4291 645,439 385,0741,677,065 Sept. 1___ 19, 777, 3261,365,839 7,292,6601, >,287660,153 606,163 2, 944,781 691,360 352,630 641,188 383, .3711], 677,194 Sept. 8 _•_ 1, 387, 741 7, 276,844 1,153; 578 2,025,960506, 396 609,467 2,951,134 692,851 351,584 639,299 384L, 073 1,673,827 Reserve balances with Federal reserve bank: Aug. 18 _ 1,643, 227 92,842 740,435 79, 594 133, 756 41,962 40,125 254, 019 44,438 22,025 55,041 29, 931 109,059 Aug. 25 ... 1,630,157 94,465 711, 920 81,383 136, 276 40, 533 40,145 265,386 46, 060 21,213 55, 782 27,889 109,105 Sept. 1_ _. 1,654,991 92,984 763,483 77,826 128,383 41,191 39, 768 247,443' 46,382 23,697 56,989 27,201 109,644 Sept. 8___ _ 1,636,849 93, 540 738,416 80,636 125,778 41, 920 38,582 253, 749 47,981 24,982 56,282 26,756 108,227 Cash in vault: A Au u g g . . 2 1 5 8 _•_•. 2 2 6 7 8 3 , , 6 8 4 5 3 8 2 20 0 , , 4 3 9 5 2 6 7 7 6 7 , , 2 1 5 2 9 9 1 1 5 6 , , 9 4 9 4 9 8 3 3 1 0 , , 1 25 4 9 4 1 1 3 3 , , 8 5 9 8 4 9 1 1 0 0 , , 8 8 3 6 9 3 48^ 256j 6 7 , , 8 2 8 00 2 5 5 , , 7 8 8 0 9 4 1 1 1 2 , , 1 5 4 9 2 6 1 9 0 , , 8 47 4 5 4 2 19 0 , , 3 8 7 8 4 6 Sept. 1 _., 267,951 19, 709 74,665 15, 506 30, 505 12,87" 10, 736 ' 7,802 11,415 10,091 20, 549 Sept. 8_____.____ ,_, "' 178 20,420 81, 547 16,026 33,443 14, 354 11,484 52,698; 7,'95O 6,329 12,368 10,955 21,404 Net demand deposits: Aug. 18 -__., 12,877,212 878,259 5,460,153 758,2741,064,263 375,455 337,836 1,845; 465 391,840 204,969 519,123 262,286 779,289 Aug. 25_____ ... 12,834,959 867, 786 5,475,268 760,0341,062,420 376, 855* 336,3011, 817, 360 391, 051202,119 519, 868254,172 771, 725 Sept. 1__ 12,966, 203 872,978!5,558,218 765,1461,079,612 380,622; 335,5151,824,801! 396,982 204,868 514, 512255,440 777, 509 Sept. 8 _______„. 12,961,645 881,090 5, 531,506 775,9171,069,152 383,190 338, 210 1,835,356 400, 377207,124 512,927 257,697 769,099 Time deposits: I Aug. 18 ______ 5, 706,082 422, 2411t,, 314,001 234,190! 822,246 209,825 221,965 1,055, 948 220, 750 115,866'147, 282 99,488 842, 280 A S S e e u p p g t t . . . 2 8 1 5 __ __.. 5 5 5 , , , 7 7 7 1 1 0 2 1 2 , , , 3 8 1 7 0 0 8 7 0 4 4 43 2 2 3 1 8 , , , 7 ' 64 'L [ L1 , , ,, 3 3 3 1 0 1 2 1 3 , , , 6 2 2 1 1 3 6 4 8 2 2 23 4 3 8 3 1 , , , 1 8 9 2 5 2 9 8 1 : : 8 8 8 2 2 2 6 5 5 , , , 5 3 3 3 2 5 7 3 3 2 2 2 0 0 0 9 9 9 , , , 8 , 5 7 0 r 7 4 "2 2 22 2 2 2 2 2 , , , 9 2 2 9 6 9 2 5 0 1 1 1 1 , , 0 , 0 0 5 5 5 5 6 5 , , , 7 3 7 6 8 1 7 1 4 : 2 2 2 1 1 2 8 9 0 , , , 0 6 2 9 9 4 8 0 1 1 1 11 1 1 8 7 8 , , , 9 5 7 2 4 3 7 2 9 |1 1 1 4 4 4 8 7 9 , , , 4 6 3 7 5 0 6 9 0 99 9 , , 3 1 5 0 1 5 8 8 83 3 3 5 3 5 , , , 2 4 2 5 2 3 3 2 7 Government deposits: Aug. 18_____ 110,989 17,940 22,163 13, 549 13, 597 4,141 5, 533 9,503 3,757 1,915 3,347 11,714 Aug. 25 84,275 13,633 16,845 10,298j 10,340 3,150 4,190 7,143 2,859 1,455 2,912 2, 544 Sept. 1_.___ _____.. 84,275 13,635 16,845 10,298: 10,340 3,150 4,190 7,143 2,860 1,452 2,912 2, "544 8,906 Sept. 8 84,250 13,632 16,845 10,277i 10,340 3,150 4,190 7,143 2,859 1,452 2,912 2,544 8,906 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDERAL RESERVE BULLETIN OCTOBER, 1926 REPORTING MEMBER BANES IN LEADING CITIES—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued [In thousands of dollars] FEDERAL RESERVE DISTRICT Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S 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 - Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government o b 1 i g ations— Aug. 18 194,288 8,150 92,997 6,390 19,459 2,883 24, 815 5,085 955 1,384 22,422 Aug. 25 202,104 9,850 78,849 12, 535 12,040 5,242 4,001 35,787 5,171 5,380 3,220 1,417! 28,612 Sept. 1 244,949 13,476 109, 239 9,575 12,206 6,368 3,204 33,507 7,101 6,430 2,716 2,615 38,512 Sept. 8 246,563 14,801 127,189 16,932 2,649 4,036 21, 623 5,976 5,930 3,066 2,229 36,063 All other— Aug. 18 135,582 14,864 28,326 8,616 6,064 14,199 20,941 10,931 15,780 1,612 2,098 5,961 6,190 Aug. 25___ 146,859 14,720 32,928 9,387 5,498 13,597 19,868 10,935 14,686 3,782 2,216 8,795 10,447 Sept. 1__, 167,271 16,852 38,074 9,030 6,465 14,012 20,939 15,064 13,509 5,579 2,397 10,208 15,142 Sept. 8 157,967 37,071 9,817 6,565 15,123 18,497 15,104 15,416 4,447 3,211 9,433 14,921 Total borrowings from Federal reserve bank: Aug. 18 329,870 23,014 121,323 15,006 25,523 17,567 23,824 35, 746 20,865 7, 3,053 7,345 28, 612 Aug. 25 24,570 111, 777 21,922 17,538 18,839 46,722 19, 857 9,162 5,436 10,212 39, 059 Sept. l.__ 412,220 30,328 147,313 18,605 18,671 20,380 24,143 48, 571 20,610 12,009 5,113 12,823 53,654 Sept. 8 __. 404,530 23,163 164,260 15,886 23, 497 17, 772 22, 533 36,727 21,392 10,377 6,277 11,662 50,984 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 - 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 c S i r s a a c n n o - Number of reporting banks1. Aug. 18 14 Aug. 25 233 14 Sept. 1 233 14 Sept. 8 233 14 Loans and discounts, gross: Secured by U. S. Government obligations— Aug. 18. 95,487 6,080 9,800 6,112 859 1,746 12,806 1,205 976 2,070 1,913 Aug. 25 X 96,306 6,226 46,824 9,796 6,103 1,001 1,748 13,489 4,943 1,215 1,000 2,069 1,892 Sept. 1 94, 591 6,259 44,757 10,156 6,043 755 1,749 13, 659 4,998 1,205 1,029 2,078 1,903 Sept. 8 ... 94,297 5,960 45,059 10,095 6,078 748 1,746 13,396 5,047 1,207 1,064 2,085 1,812 Secured by stocks and bonds— Aug. 18-_.__ 3,896,673 244,327 2!,, 035,942353,792 198, 710 20,389 13,446 671,788 133,199 30,278 34,318 17,932 142, 552 Aug. 25 3,931,298 240,052 25,,059,592 356,006 197,824 22,191 13,403 681,485 131,878 32,123 18,045 143,716 Sept. 1 3,995,250 250, 555 2,102; 729358,360 201,886 23,615 10,843 688,944 133,434 32,299 32,056 17,898 142,631 Sept.8 3,972,948 269,112 2,058,415 364,927 201,888 22,066 10,754 134, 739 31,747 33,252 17,924 141,140 All other loans and discounts— Aug. 18 5,166, 609 505, 2,2 341,156 388,166 73,838 54,451 716,198 192,101 84,147 100,722 67, 551352,428 Aug.25.__ 5,158,882 499, 549 2, 330,39,38 337,400 390,066 75,017 55,518 699,077 191,944 84,300 68,345 355,430 Sept. 1 5,180,744 494,489 2,3311,, 662244 339, 877390,159 74,166 57, 645 696, 250191,567 86,597 95,909 353,963 Sept.8__ 5,215,220 497, 565 2,394,9882288 344,652 392,150 73,173 57,690 703,800 190, 237 87,179 94,380 355,867 Total loans and discounts— Aug. 18_.___ 9,158,769 756,376 4,372,812 704,748 592,988 69,,6431,400,792 330,232 115,630 136,016 87, 553 Aug. 25 9,186,486 745,827 4,410,354 703,202 593,993 98, 209 70,669,139,4,,051 328,765 117,638 134,281 501,038 S S e e p p t t . . 1 8 9 9 , , 2 27 8 0 2 , ,4 5 6 8 5 5 7 7 5 7 1 2 , ,6374 : , , 4 5 4 3 7 , 9 3 , 0 1 2 107 7 0 1 8 9 , , 3 6 9 7 3 4 5 6 9 0 8 0 , , 0 1 8 1 8 6 9 9 8 5 , , 5 9 3 8 6 7 7 7 0 0 , , 2 1 3 9 7 0 1 1 , , 3 4 39 0 98 4 8, , 88 1 55 8 33 0 3 3 2 3 9 0 , , 9 0 9 2 9 3 1 1 2 2 0 0 , , 1 1 0 3 1 3 128,994 8 88 8 , , 7 4 0 7 8 4 4 4 9 9 8 8 , , 8 4 1 9 9 7 U. S. Government securities: Aug. 18 1,516,410 71,452 906,987 68,350 65, 608 3, 246 11,003 161,405 45,935 31,120 35,177 15,496 100,631 Aug. 25 1, 512,045 68,963 905,138 65,697 66,414 3,244 11,004 163,349 45,968 31,429 34,393 15,319 101,127 Sept. 1 1,496,133 64,302 896,421 64,710 66,350 3,248 11, 553 161,751 46,009 31,553 35,014 14, 527100,695 Sept. 8 1,497,455 n64,355 898,025 64,789 66,419 3,236 11,004 162,274 46,250 30,152 14,499 101,471 Other bonds, stocks, and securities: Aug. 18-. 1,722,529 112,066 877,992 220,341 83,605 12,640 7,333 208,873 67,891 19,661 23,597 4,279 84,251 Aug. 25 1,725,788 112, 614 876,041 224, 677 84,330 12,628 7,325 208,454 67,565 19,856 24,233 • 4,222 Sept. l.___ 1,731,467 114, 573 873,799 225,788 87,005 12, 596 6,580 210,328 67,116 19,436 23,991 4,367 85,888 Sept. 8 1,733,64 113, 871 877,773 225,088 86,793 12,653 7,092 212,531 66,810 20,081 23,160 4,595 83,194 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 FEDERAL RESERVE BULLETIN 751 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—PRINCIPAL RESOURCES AND LIABILITIES, BY W EEKS—Continued [In thousands of dollars] CITY Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - 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 c S r is a a c n n o - Total investments: Aug. 18_____ 183,518 1,784,979 288,691 149, 213 15,886 18,336 370,278 113,826 50,781 58,774 19,775 184,882 Aug. 25_..._ _ 3,237,833 181,577 1,781,179 290,374 150,744 15,872 18,329 371,803 113,533 51, 285 58,626 19, 541184,970 Sept. 1 3, 227,600 178,8751,770,220 153,355 15,844 18,133 372,079 113,125 50, 989 59,005 18, 894 186, 583 Sept.8.__ 3,231,096 178,2261,775,798 289,877 153,212 18,096 374,805 113,060 50, 233 58,141 19,094 184, 665 Total loans and investments: Aug. 18 .-..--_...12,397,708 939,,889 4 6,,1 57.,791 742,201 110,972 87',, 979, 1 .771.070444,058 166, 411194,790 107, 328681,775 Aug. 25. . 12,424,319 927,404 6,119911,,5,33 993, 576744,737 114,081 88,,9981. 765,854 442,298 168,923 192,907 108,000 Sept. 1 12,498,185 930; 178 6; 249,330 998,891 751,443 114,380 88,3701, 770, 932443.124 171,090 187,999 107,368 685,080 Sept. 8 _........ 12, 513, 561 950,863 6,229,1001.,, 009,551753,328 111, 876 88,2861,778,985 443,083 170,366 186,837 107,802 683,484 Reserve balances with Federal reserve bank: Aug. 18 __ .-.. 1,171,883 72,102 684,261 72,479 44,173 6,655 6,128 177,690 10,397 17,495 7,432 44,191 Aug. 25 1,151,149 74,235 655,113 74,561 44,992 6,311 6,754 179,755 30,714 9,360 17,483 7,581 44,290 Sept. 1 ____•_ 1,192,418 73,907 706, 460 70, 686 40, 963 7,190 6,714 174,174 31,456 12,020 17,957 7,177 43,714 Sept. 8 . 1,175,393 72,626 684, 567 74,091 40,205 8,957 5,989 177,092 32,319 13,448 15,837 6,690 43, 572 Cash in vault: Aug. 18 . 130, 214 9,280 61, 765 13,252 810 1,132 20,377 3,341 1, 2,139 1,255 5,612 Aug. 25 ... 132,794 8,923 62, 424 13, 737 9,833 1,134 1,137 21,059 3,187 1,725 2,339 1,414 5,882 Sept. I-.-. 127,608 8,508 60, 787 12,821 9,502 714 1,153 20,048 3,325 1,533 2,247 1, 217 5,753 Sept. 8... . 137,601 9,209 65,312 13,317 10,068 867 1, 252 22,161 1,856 2,479 1,496 Net demand deposits: Aug. 18— 8,809, 549 668, 276 4,910,936 676,825 289, 609 61,709 53;,,. 188,1 ,217, 484 95,822 174,049 76,498 321,771 Aug. 25 8,833, 627 666600,,883388 44,,936,162 678,231 293,130 66, 591 54,,2611, 217, 478 95,815 170,741 73,541 322,850 Sept. 1 8,924,433 666655,225588 55,,012,380 682,367 297,110 64,996 53,,213 1,223,137 268,087 99,133 167,751 72,761 318,240 Sept.8__ 8,908,131 671, 661166 44,979,941 692,279 292,776 64,611 52, 319 1, 238.249271,158 99, 667166,084 73, 582305,849 Time deposits: Aug. 18 2,818,408 212, 754 863, 204 185,495 453, 325 30,946 29, 698 522,930 129,886 53, 534 19,239 16,819 300,578 Aug. 25 __. 2,810,702 212, 376 861, 545 185, 229455,106 30, 690 29, 672 520,426 129,968 53,148 19,191 16,887 296,464 Sept. 1 . 2,825,922 218,614 865, 542 193,189 454,936 30, 682 29, 659 521,045 128,093 52,764 19, 237 16,738 295,423 Sept.8__ 2,814,895 224,287 850,193 192,205 455, 482 30,527 29,798 520,381 126, 641 53,009 19,092 16,355 296,925 Government deposits: Aug. 18 76, 674 17,418 19, 795 12, 748 3,268 291 1,326 4,088 3,501 897 3,318 2,116 7,908 Aug. 25..... 58,428 13,242 15, 046 2,482 223 1,000 3,264 2,665 676 2,521 1,609 6,012 Sept. 1 ._. 58,429 13,244 15, 046 2, 482 223 1,000 3,264 2,665 675 2,521 1, "" 6,012 Sept. 8 58,426 13, 241 15.046 9,688 2,482 223 1,000 3,264 2,665 675 2,521 1, 6,012 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations— Aug. 18.._._ _... 136, 337 7,850 75,050 5, 175 0 18, 540 3, 659 5,230 655 19,380 Aug. 25 139, 591 8,650 64,010 11,575 345 83 1,100 20,412 3, 665 4,230 1,956 23,480 Sept. 1 . 171,072 12,176 88, 630 8,715 100 3,083 665 13,954 5,005 5,430 2,426 30,803 Sept.-8__ 178,129 13,426 110, 730 5,344 1,260 83 500 3,495 4,285 5,430 1,826 31,750 All other— Aug. 18..._. 14, 656 24,655 8,581 3,522 5,180 2,541 2,102 10,758 1,575 1, 1,425 5,732 Aug. 25 91,184 14,626 28,012 9,362 3,250 4,261 1,150 855 10, 559 3,700 2,002 3,565 9, 842 Sept. 1 . 106, 875 16,331 33,037 9,009 3,975 3,747 .1,919 2,985 10,091 5,497 1,859 4,158 14,267 Sept. 8_____ 101,053 7,863 33, 770 9,804 3,950 7,126 1, 676 3,180 9,547 4,375 1,850 3,543 14, 369 Total borrowings from Federal reserve bank: Aug. 18 219,033 22, 506 99,705 14,246 3,697 5,263 2,541 20, 642 14,417 6,805 2,624 1,475 25,112 Aug. 25 230,775 23,276 92,022 20,937 3,595 4,344 2,250 21,267 14, 224 7,930 3,958 3,650 33,322 Sept. 1 277,947 28, 507 121, 667 17, 724 4,075 6,830 2,584 16,939 15,096 10,927 4,285 4,243 45,070 Sept. 8 279,182 21,289 144,500 15,148 5,210 7,209 2,176 6,675 13,832 9,805 3,676 3, 543 46,119 Due to banks: Aug. 18.__ _______ 2,131, 580 119,• ,O8U6l41,, 015,044 171,413 50,408 29,009 14,753 362, 637 82, 797 40, 725 109,523 24,548 110,859 Aug. 25 2,078, 703 117,937 993,314 161,493 29,157 15, 645 362,420 79, 207 41,541 101,856 22, 552 107,692 Sept. 1 2,219,199 116, 569 1, 122,212 165,239 49,630 15, 584 364, 596 80,138 44,398 101,429 23,100 107,636 Sept. 8..... . 2,199,804 120; 660 1,052,889 166,047 50, 782 17,230 385,706 83, 795 47,145 109,450 26,139 109,367 Due from banks: Aug. 18 .._.. 537,158 39,172 88,619 52,728 23,421 14,648 11,948 146,653 25,083 18,711 44, 683 18,965 52,527 Aug. 25 _. 524, 779 37, 631 88,024 50,898 22,067 13, 878 11, 685 150, 772 "24, 216 17,210 43,002 18,423 46,973 Sept. 1 _. _____... 576, 677 50,134 93, 816 65,646 23, 798 14, 900 11, 998 149, 880 24,700 19,428 48,081 21, 424 52,872 Sept. 8...... .______.. 566, 781 58, 225 23, 811 15, 838 12,212 149,386 25,159 19,564 49, 236 22, 789 53, 779 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDERAL RESERVE BULLETIN OCTOBER, 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 ac- For ac- For ac- Total F ac o c r o o u w nt n c o o t u o u t w n -o t n f o - f c F o o o t u h r n e a t r c o s - f Total F ac o c r o o u w nt n c o o t u o u t w n -o t n f o - f c F o o o t u h r n e a t r c o s - f Total F ac o c r o o u w nt n c o o t u o u t w n -o t n f o - f c F o o o t u h r n e a t r c o s - f banks banks banks 1926 Aug. 18 2,742,388 918,775 1,104,676 718,937 2,041,710 579,975 817,670 644,065 700,678 338,800 287,006 74,872 Aug. 25_ 2,731,210 941,544 1,072,654 717,012 2,043,623 622,311 775,691 645,621 687,587 319,233 296,963 71,391 Sept. 1__ •__2,758,274 991,437 1,098,091 668,746 2,049,160 672,589 785,304 591,267 709,114 318,848 312,787 77,479 Sept. 8 2,763,029 963,901 1,134.421 664,707 2,063,763 651,795 817,814 594,154 699,266 312,106 316,607 70,553 ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND SIZE OF CITY [In thousands of dollars] Net demand deposits Time deposits 1926 1925 1926 1925 May 26 June 23 July 28 Aug. 25 Aug. 26 May 26 June 23 July 28 Aug. 25 Aug. 26 Boston 1,360,730 1,376,357 1,380,743 1,352, 560 1,349,'913 848,206 852,245 855,251 864,230 771,237 New York 6,451,092 6,443,053 6,345,551 6, 294,454 6, 234,042 2,312,758 2,350,454 2,384,440 2,396,574 2,158,054 Philadelphia 1,196,898 1,187, 668 1,188,398 1,191,063 1,170,496 892,122 894,481 909, 625 916,120 824,826 Cleveland 1,494,535 1, 520, 560 1,565,592 1,562,309 1,510,469 1,406,757 1,411,006 1,461,811 1,425,061 1,342,131 Richmond— _ 596,495 585,834 606,891 603,215 571,001 514,118 518, 690 522,510 526, 228 509,526 Atlanta 667,815 649, 584 639, 592 632,909 728, 625 445,788 433,594 440,615 437,902 416, 629 Chicago _ 2,496,751 2, 472,402 2,495, 601 2, 538, 008 2,469,803 1,904, 508 1,928,196 1,941,063 1,946,900 1,824, 630 St. Louis 733,091 730, 589 728,450 715,929 684, 599 481,644 477,187 481, 680 488,909 450,158 Minneapolis _ 424,962 437, 644 421,196 409,868 441,593 433,102 434,380 438,926 439,558 430,029 Kansas City 852,781 851,921 890. 483 890,851 884,027 321,807 321,439 322,135 323, 628 315,444 Dallas 598,483 588,075 589, 748 584, 463 590, 664 165,099 166,827 165, 299 165, 277 168,110 San Francisco 1, 264,388 1, 266, 447 1, 259, 268 1,296,808 1, 271, 397 1, 376, 204 1, 378, 973 1, 383,236 1,376,318 1,278,928 Total... 18,138, 021 18,110,134 18, 111, 513 18,072,437 17, 906, 629 11,102,113 11,167,472 11,306, 591 11,306,705 10,489,702 Banks in cities and towns having a population of— Less than 5,000 1, 648,122 1, 634, 673 1,653,006 1,663,745 1, 669,015 1,782,434 1, 788, 633 1,808,924 1,807,142 1, 727,734 5,000 to 14,999 _ 1,129,570 1,118,469 1,125,425 1,122,638 1,101,824 1,157,379 1,157, 523 1,164,083 1,175,041 1,105,035 15,000 to 99,999 ._._. 2,347, 585 2,362, 562 2, 369,847 2,343,498 . 2,388, 499 2, 203,014 2, 216,950 2,225,433 2,218, 712 2,142,079 100,000 and over 13,012,744 12,994,430 12,963,235 12,942,556 12,747,291 5,959, 286 6,004,366 6,108,151 6,105,810 5,514,854 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

753 •OCTOBER, 1926 FEDERAL RESERVE BULLETIN 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 June July August June July August No. 1—Boston .--. 2,611,091 2, 664, 541 2,209,153 2,374,832 2,364,323 2,137,700 No. 2—New York 29,063,449 28, 566,396 26,968,491 27,764,381 26,277,206 24,018,796 No. 3—Philadelphia— 2,210,598 2,268,816 1,931,381 2,296,834 2,138,248 1,926,109 No. 4—Cleveland 2, 553,924 2, 671,960 2,358,705 2,459,218 2,564,444 No. 5—Richmond—__.. 797,444 843,461 689,434 774, 907 795,146 724,344 No. 6—Atlanta 1,106,449 1,153, 753 1,051,129 1,059,350 1,092,009 1,052,912 No. 7—Chicago 5, 731,621 5, 780,262 5,430,166 5, 523,074 5,470,821 4,946,030 No. 8—St. Louis.__.-. 1,225,233 1,235,186 1,091, 983 1,170, 648 1,138,480 1,042,537 No. 9—Minneapolis. __ 670,147 691,894 654,192 762,780 706,012 701,678 No. 10—Kansas City- 1, 225,456 1,416, 650 1,254,596 1,210,741 1,241,009 1,173,827 No. 31—Dallas..—-.. 546,463 571,088 543,104 524,937 528,809 510,924 No. 12—Sam Francisco 2,896,365 3,069,482 2,806,373 2,689,431 2,699,757 2,631, 514 Total...——_ 141 50, 638,240 50,933,489 46,988,707 48,611,133 47,016,264 43,113,197 New York City. 1 28,196,065 27,659,188 26, 233,317 26,929,559 25,457,692 23,265,280 Other selected cities—_ 140 22,442,175 23,274,301 20, 755,390 21,681, 574 21, 558,572 19,847,917 WEEKLY SUMMARY FOR BANKS IN 259 CENTERS [In thousands of dollars] Number 1926 1925 Federal reserve district of centers Aug. 25 Sept. 1 Sept. 8 Sept. 15 Aug. 26 Sept. 2 •t. 16 No. 1—Boston 499,776 534,355 470,739 578, 575 491,464 504,007 429,690 589,480 No.,2—New York 5,939,182 6,124,140 6,588,865 5,361,632 5,744,463 4,503,402 6, 530,964 No. 3—Philadelphia- 475,080 501,473 454,152 577,109 451,039 514,317 433,641 543,067 No. 4—Cleveland 604,225 620,699 521,540 605,896 612,013 512,291 702,705 No. 5—Richmond 255,878 270,829 257,908 296,738 295, 729 269,133 308,370 No. 6—Atlanta 247,192 251,921 239,948 294, 697 255,421 283, 795 274,156 322,979 No. 7—Chicago 1,330,220 1, 243,922 1,021,078 1,350,339 1,158,466 1,161,961 978,207 1,303,776 No. 8—St. Louis 274,001 261,808 249,077 317,042 249,011 271,417 252,215 334,810 No. 9—Minneapolis. __ 167,925 169,999 167,896 210,831 179,224 187, 716 187,991 234,373 No. 10—Kansas City- 297,356 318,738 292, 535 336,660 281,955 302, 211 257,075 334,878 No. 11—Dallas. „ 148, 702 152,538 149,200 189,796 137, 535 150,732 138, 562 182,959 No. 12—San Francisco 662, 720 618,993 635,906 746,592 595, 529 630, 595 467,402 784,921 Total...- 259 10,902, 257 11,069,415 9,443,865 12,180, 847 10,027,638 10, 658,956 8,703, 765 12,173,282 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES fin thousands of dollars] No. 1—Boston 337,816 364,413 318,454 396,393 333,968 -335,181 288,167 400,104 No. 2—New York 5,651,604 5,817, 739 4,697, 542 6,253,915 5,076,774 5,445,305 4,243,690 6,195, 788 Buffalo- ____ 69,408 84,107 65,298 79,603 71,059 76,792 62,898 80,601 No. 3—Philadelphia 353,380 376, 519 335,932 434,373 331,948 384,648 318, 798 399, 369 No. 4—Cleveland 150,195 158, 928 116, 741 183, 736 146,460 161,061 114,234 184, 572 Cincinnati 67,177 74,604 62,623 81, 940 68,466 70, 735 61, 898 86,354 Pittsburgh 195, 654 198,249 161,862 198,783 206,256 191,621 165,120 198,566 No. 5—Richmond. 27,355 30,054 28,982 34,686 28, 573 38,149 30,094 37, 727 Baltimore _ 79, 706 84,932 78,585 88, 513 86,449 102,273 93, 904 99, 568 No. 6—Atlanta 32, 524 31,787 28, 864 38,650 35,331 34,888 30,961 41,980 Birmingham " 28,300 30, 600 27,820 * 33,950 29,640 30,270 26,840 37,100 Jacksonville 21,909 21,961 19,767 24, 531 21,803 22, 752 22,250 24, 793 Nashville 15,087 19,286 15, 927 19,272 15,104 17,797 16,476 21,683 New Orleans 70, 729 64,922 63, 773 75, 510 67,083 79,850 77,973 88, 537 No. 7—Chicago.-__. 798, 730 760, 357 597,323 817, 949 684,405 694, 910 575,840 772,709 Detroit. 234, 578 187,320 147,334 190,260 198,390 179,346 146,368 202, 541 No. 8—St. Louis __ 143,000 141, 700 130, 500 172,000 139,200 151,300 132,800 183,700 Little Rock. 16,208 15,871 15,078 22,123 15, 909 15,387 14,034 21,221 Louisville 49,276 38,542 35, 776 42,499 37,694 35, 916 39,983 42,079 Memphis. ___ 25,189 28,117 29,126 34,936 21,439 30,080 29,464 43,907 No. 9—Minneapolis 94, 694 88,146 89,319 112,109 *92,133 97, 996 96,120 119,194 Helena___ 1,705 1,865 2,372 2,187 1,933 2,041 2,183 2,388 No. 10—Kansas City 85,070 89,148 85,573 93,833 83,104 . 82,812 71,040 91,350 D O e k n la v h e o r m fc a City. 4 1 0 8, , 0 5 1 8 0 4 4 2 1 2 , , 5 2 2 8 1 6 4 1 2 7 , , 9 5 4 4 4 8 4 2 6 3 , , 1 1 2 1 5 8 4 1 0 4 , , 6 7 6 5 5 7 3 18 9 , , 3 9 6 2 8 8 3 1 5 5 , , 4 9 5 9 3 8 2 4 0 4 , , 1 7 6 8 7 6 Omaha— _ 46, 974 47,120 41,455 41, 623 46,103 49,292 42,227 50,126 No. 11—Dallas _ 39,917 39,127 41, 648 55,859 35, 576 41,638 38,425 54, 620 El Paso 5,716 6,543 5,933 6,796 5,991 6,446 6,220 7,326 Houston..- 32,309 33,128 31,717 41, 551 30, 975 36,425 30,127 41,493 No. 12—San Francisco. __ 227,545 213,654 217,223 233,427 194,972 216,370 139,168 261,417 Los Angeles 185,337 159,346 180,912 198,050 164,597 161,534 110,118 217,441 : Portland... 41,751 41, 582 39,888 49,636 36,201 36, 610 36,645 46,329 Salt Lake City.. 14,712 15, 606 14,968 16, 955 14, 525 16,242 13,010 16,601 Seattle....______ 47,763 50,287 42, 792 54,352 43,070 52, 558 44,263 57,224 Spokane-_ 11, 421 12,149 11, 649 15,191 11, 537 12,030 11,092 13,817 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDEEAL, RESERVE BULLETIN OCTOBER, 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 P m rim erc e ial Int l e o r a b n a s nk c p h r a i n m g e e c s o t ll o at c e k r al ex- s w ec a L u re o r h e a o d n u s b se y battle loans loans receipts Demand Time Boston- 1925—September.. 1926—July— ______ August—... September, _ DISTRICT 2 New York. 1925—September __ 1926—July. „-__ August—... September. _ Buffalo.. 1925—September.. 1926—July August—... September _. DISTRICT 3 1925—September.. Philadelphia 1926—July August—... September.. Cleveland.. 1925—September.. 5K-6 1926—July -__. August—... September,. Cincinnati _ 1925—September.. 1926—July ___. August September.. Pittsburgh- 1925—September,. 1926—July—...... August September.. 5 -6 DISTRICT 5 Richmond . 1925—September,. 1926—July August September.. Baltimore- 1925—September.. 1926—July August 5 -5% September.. 5 -5M DISTRICT 6 Atlanta. 1925—September.. 5 -7 1926—July _. August _. September . Birmingham. 1925—September.. 1926—July.. August September. Jacksonville.. 1925—September.! 4K-8 1926—July August—... September.. -7 Nashville. 1925—September.. 5K-6 1926—July August September. New Orleans.. 1925—September.. 5 -6 1926—July—..... August September. Chicago.. 1925—September. 1926—July August. September- Detroit.. 1925—September. 1926—July August ... September. 5 -6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1926 FEDERAL RESERVE BULLETIN 755 MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES—Continued Prevailing rates charged customers during week ending with the 15th day of the month District and city- Year and month com P lo m ri a m e n r s c e ial Int l e o r a b n a s nk Lo p ch a r a n i n m s g e e s e c s o c t l u l o a r t c e e k d ra l e b x y - s w ec a L u re o r h e a o d n u s b s y e Cattle loans receipts Demand Time St. Louis.. 1925—September.. 5 -5 5 -6 1926—July 5 H 5 -6 August %y 5 -53^ 43^-6 5 -6 September.. 5 -6 5 -53^ 4H-6 53^-6 Little Rock.. 1925—September.. 6 6 6 1926—July 6 6 -7 6 -7 6 -7 August 6 6 -7 6 -8 September.. 5 -6 6 -8 Louisville.. 1925—September.. 5 1926—July. 5 -5K August. 5 September.. 5 5 -6 Minneapolis. 1925—September.. 1926—July... 4M-5 August...... 434-5 September.. 4^5 Helena.. 1925—September-. 1926—July... 6 -7 6 -8 7 -8 August •_. 6 -8 6 -7 6 -8 6 -8 6 -8 7 -8 September.. 6 -7 6 -8 6 -8 6 -8 7 -8 DISTRICT 10 Kansas City... 1925—September.. 5 -6 5 -6 6 -7 1926—July .... ,5 5 5 -6 6 -7 August.. 5 5 5 -6 6 -7 September.. 5 5 -6 5 -6 6 -7 Denver. 1925—September-. 5 -6 5 -6 6 -7 6 -8 1926—July ... 6 -7 August . 6 6 -7 September-. S6 6 , 6 -7 Oklahoma City. 1925—September.. 5 -7 -7 6 -7 6 -8 6 -7 6 -8 1926—July. 6 -7 6 6 -7 6 6 -8 August 6 -7 6 6 -7 6 -8 6 -8 September-. 6 -7 6 6 -7 6 -8 Omaha. 1925—September-. 4 -6 5H-6 5^-7 1926—July .. 6 -7 5 -7 7 -8 August V 5 -6 8 September.. 5-6 5 -6 7 -8 DISTRICT 11 D alias. 1925—September.. 5 -6 5 -6 5 -8 5 -8 6 -8 1926—July. 5 -6 5 -6 5 -7 5 -7 5 -7 7 -8 August 4M-5 4H-5 " 43^-6 5 -7 6 -7 September.. 4M6 5 6 -7 6 -7 5 -7 El^Paso. 1925—September. 6 -7 8 8 8 1926—July 6 -8 6 -7 7 -8 6 -8 6 -8 8 -9 August 6 -7 8 September.. 6 -7 6 -8 Houston. 1925—September-. 5 -6 5 -6 5 -6 5 -6 7 -8 1926—July 5 -6 5 5 -6 5 -6 5 -7 7 -8 August 5 -6 5 5 -6 5 -6 5 -7 5 -8 September . 5 -6 5 5 -6 5 -6 5 -7 7 -8 DISTRICT 12 San Francisco 1925—September. 5 -6 5 -6 5 -6 1926—July 5 -6 5 -6 5 -6 August 5 5> 5 -6 September. 5 -6 5 -53/ 5 -6 6 Los Angeles. _ 1925—September.. 6 -7 6 -7 6 -7 1926—July. _. 6 -7 6 -7 7 August 6 -7 6 -7 7 September. 6 6 -7 6 -7 7 . Portland. ] 925—September. -7 -7 6 -7 6 -7 1926—July... -7 6 6 -7 August 6 -7 September. -7 6 -7 Salt Lake City. 1925—September. -6 6 -7 6 -7 1926—July -6 6 -7 6 -7 7 August 6 6 6 -7 7 September. 6 6 6 -7 7 Seattle- 1925—September. 6 5 -6H 6 7 1926—July 6 6 -&A 6 -7 6 -7 7 August -6 6 -W 6 -7 6 -7 6 -7 September. 6 5 -6^ 6 -7 6 -7 6 -7 Spokane. 1925—September. -7 •6 -7 7 6 -7 -7 1926— A Ju u l g y ust 6 -7 6 6 - - 7 7 7 7 6 7 September. 6 -7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL RESERVE OCTOBER, 1926. MEMBER BANES AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LIST NUMBER AT END OF AUGUST, 1926 AND 1925 Nonmember banks Nonmember banks Member Member banks On par list Not on par banks On par list Not on par list i list i 1926 1925 1926 1925 1926 1925 1925 1926 1925 1926 1925 Federal reserve district: Southern States—Continued. Boston.. 416 421 244 245 Kentucky 146 147 432 435 20 22 New York 906 869 404 389 Tennessee _._ 114 118 201 225 247 I 231 Philadelphia 765 751 510 512 Alabama 125 125 23 27 203 199 Cleveland 857 864 1,075 1.075 11 Mississippi ____ 43 44 20 24 277 276 Richmond.. _. 587 606 688 717 649 702 Arkansas .__ 116 122 243 255 122 110 Atlanta. 489 501 336 366 1,037 1,100 Louisiana 45 46 30 36 174 169 Chicago.— 1, 3631,407 3,758 3,858 227 246 Texas 774 778 691 717 106 St. Louis 618 627 2,027 2,126 422 401 Middle Western States: Minneapolis 799 851 1,014 1,274 1,098 1,031 Ohio _ 434 441 657 661 Kansas City : 1,009 1,040 2. 585 2,692 205 208 Indiana. 258 265 815 827 7 Dallas •_. 843 854 '741 771 193 182 Illinois 581 586 1,284 1,294 21 20 San Francisco. _. 725 749 782 832 67 59 Michigan 292 288 506 514 65 94 Wisconsin 182 183 597 627 205 182 Total _. 9,3779,54014,1.64 14, 857 3, S0.7 3,940 Minnesota 321 341 449 548 533 494 Iowa 392 433 1,177 1,250 38 40 New England States: Missouri 200 196 1,261 1,324 33 Maine _ 62 48 50 Western States: New Hampshire 55 14 14 North Dakota 158 162 150 221 294 278 V M e a r s m sa o c n h t usetts-.. 180 1 4 8 6 3 3 7 9 0 3790 iI N So e u b t r h a s D ka akota •___ 1 1 1 7 5 4 1 1 2 8 7 2 7 1 2 7 6 5 2 7 4 5 1 1 1 18 6 0 2 1 1 6 7 5 6 Rhode Island 17 21 8 8 Kansas 264 266 968 1,010 4 4 Connecticut 67 65 85 83 Montana 105 119 101 105 11 10 Eastern States: Wyoming . 34 34 54 54 8 12 New York..; 650 633 281 276 Colorado 131 139 172 184 6 7 New Jersey 351 325 162 149 New Mexico -. 32 33 28 28 2 3 Pennsylvania 965 956 651 657 Oklahoma 373 392 360 378 5 Delaware.- __ 23 22 32 32 Pacific States: Maryland 89 166 167 Washington. 152 157 171 174 31 District of Columbia 13 32 34 Oregon 134 135 105 113 28 Southern States: California 296 304 316 351 Virginia 185 193 216 229 100 97 Idaho 75 81 80 80 West Virginia 140 141 195 194 9 10 Ut_ah__._ ... 45 . 47 68 67 North Carolina 89 92 82 93 323 339 Arizona 18 22 26 33 South Carolina--___ 85 93 23 25 217 256 Nevada 10 10 24 Georgia 146 158 67 78 316 376 Florida 74 70 83 82 145 159 Total .__. 9, 377 9,540 14,164 14, 857 3,607 3,640 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 VjrOIQ CCi- silver certifi- notes of ary States reserve reserve bank tion per bullion dollars cates 1890 silver notes notes bank notes capita (ID notes dollars) 1914__July i 3,402,015 611,545 1,026,149 70,300 478,602 2,428 159,966 337,845 715,180 34.35 1917—Apr. 1 14,100,591 641,794 1,348,818 70,863 459,680 1,997 191,351 330,353 356,448 3,170 697,160 39. 54 1920—Nov. l..__ 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—Sept. 1 4, 784,025 416,348 1,036, 243 54,173 396, 700 1,381 264, 450 298,493 1, 629,927 5i 580 680, 730 41.84 Oct. 1 4, 827,005 413,973 1,050,057 54,693 394, 069 1,379 267, 768 303,597 1, 670, 658 6,460 664, 351 42.17 Nov. 1 4,900,839 429.985 1,067,963 54,769 390,089 1,376 269,439 306, 575 1,706, 622 6,314 66'/, 707 42.77 Dec. 1 4,971, 765 425,853 1,108, 743 54,685 388,012 L, 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 ,373 274, 860 292,998 1,815,687 6,On 8 636, 422 43.62 Feb. I...- 4,739, 537 407,148 1,035,774 53,167 370,852 1,371 266,155 288, 677 1, 672,2)23 5,900 638, 270 41.24 Mar. l..._ 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 Mayl 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 July 1 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 Aug. 1 4,858,474 444, 061 1, 072, 357 51, 766 384.134 1,354 270, 218 295,977 1,679,379 5,289 653, 930 42.01 Sept. l.__ 4,864,086 428,018 1,086,194 51, 681 385,598 1.352 271, 516 300, 735 1, 684,428 5,211 649, 353 42.02 i 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

OCTOBER, 1926 FEDERAL RESERVE BULLETIN 757 GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS, AUGUST 19 TO SEPTEMBER 15, 1926, INCLUSIVE [In thousands of dollars] Changes in owner- Federal reserve ship of gold Transfers Transit clearing note clearing through transfers Balance Federal reserve bank and settlements in fund at close of period Debits Credits Debits Credits Debits Credits Decrease Increase Boston .._. 7,000 600 731,362 731,071 5,030 5,006 6,715 45,722 New York 35, 600 54, 300 2,434,721 2, 396, 603 10, 631 16,130 13, 919 232,842 Philadelphia. _. 8,300 1,100 643, 361 640,497 5,785 5,803 10, 046 39,365 Cleveland 8,000 900 621,377 630, 567 8,318 3,451 2,777 65,848 Bichmond____. \ 000 466,402 476,832 3,159 3,051 4,322 26, 563 Atlanta 5, 000 800 292, 051 289, 251 4,557 3,551 8,006 21,010 Chicago 13, 000 4,400 1,121,229 1,141,892 5,437 6,573 13,199 148, 643 St. Louis 1,000 8,100 462,270 467,639 1,403 2, 634 13, 700 19, 267 Minneapolis. _. 2,500 600 153,407 163, 851 1,593 1,470 8,421 13,755 Kansas City- 1,000 6,000 416,039 410,472 2,115 2, 280 402 36,849 Dallas ... 600 246,281 252,866 1,391 1,170 6,964 16, 267 San Francisco.. 3, 000 13, 000 299,930 3,189 1,489 30,489 Total four weeks ending- Sept. 15, 1926.. .. 90,400 90,400 7, 888,430 7,888,430 52,608 52,608 46, 606 696, 62® Aug. 18, 1926.... 25, 000 25, 000 8, 528, 790 8, 528,790 52, 827 52,827 661,404 Sept. 16, 1925 47,100 47,100 1 7,309, 277 1 7, 309, 277 636,568 Aug. 19, 1925 33, 000 33, 000 1 7, 618,332 1 7 618, 332 663, 309 1 Includes Federal reserve note clearing. DISCOUNT RATES OF FEDERAL RESERVE BANES IN EFFECT OCTOBER 1, 1926 Paper maturing— Within 90 days After 90 days but within 9 months Federal reserve bank Commercial, Secured by Agricultural agricultural, United States Bankers' Trade and livestock * and livestock Government acceptances acceptances paper paper, n. e. s. obligations Boston. . •__ ___ __ 4 4 4 4 4 New York 4 4 4 4 4 Philadelphia __ __ _ 4 4 4 4 4' Cleveland 4 4 4 4 4 Richmond 4 4 4 4 4 Atlanta 4 4 . 4' 4 4 Chicago. _ . 4 4 4 4 4 St. Louis 4 4 4 4 4 Minneapolis _______., __ 4 4 4 •' 4 4 Kansas City _ _ - 4 4 4 4 4 Dallas 4 4 4 4 4 San Francisco __ __ 4 4 4 4 4 L Including bankers' acceptances dr&wn for an agricultural purpose and secured by warehouse receipts, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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