federal reserve bulletin november 1925 - fraser reserve bulletin november, 1925 issued by the...

FEDERAL RESERVEBULLETIN

NOVEMBER, 1925

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Gold and the International Money Markets

Business Conditions in the United States

WASHINGTON

GOVERNMENT PRINTING OFFICE

1925

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD

Ex officio members:

A. W. MELLON,Secretary of the Treasury, Chairman.

J. W. MCINTOSH,Comptroller of the Currency.

D. R. CRISSINGER, Governor,EDMUND PLATT, Vice Governor.ADOLPH C. MILLER.CHARLES S. HAMLIN.GEORGE R. JAMES.EDWARD H. CUNNINGHAM.

WALTER L. EDDY, Secretary.J. C. NOELL, Assistant Secretary.W. M. IMLAY, Fiscal Agent.J. F. HERSON,

Chief, Division of Examination, and Chief FederalReserve Examiner.

WALTER WYATT, General Counsel.WALTER W. STEWART, Director, Division of Research

and Statistics.E. A. GOLDENWEISER, Assistant Director, Division of

Research and Statistics.E. L. SMEAD, Chief, Division of Bank Operations.

FEDERAL ADVISORY COUNCIL

District No. 1 (BOSTON) CHAS. A. MORSS.District No. 2 (NEW Y O R K ) . . . PAUL M. WARBURG, President.

District No. 3 (PHILADELPHIA) L. L. R U E .District No. 4 (CLEVELAND) GEORGE A. COULTON.District No. 5 (RICHMOND) JOHN M. MILLER, Jr.District No. 6 (ATLANTA) OSCAR WELLS.District No. 7 (CHICAGO) FRANK O. WETMORE.District No. 8 (ST. LOUIS) _ BRECKINRIDGE JONES.District NO. 9 (MINNEAPOLIS) G. H. PRINCE.District No. 10 (KANSAS CITY) — E. F. SWINNEY, Vice President.District No. 11 (DALLAS) W. M. MCGREGOR.District No. 12 (SAN FRANCISCO) HENRY S. M C E E E .

II


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bank of— Chairman Governor Deputy governor Cashier

BostonNew York..

Frederic H. Curtiss.Pierre Jay

W. P. Q. Harding..Benj. Strong

Philadelphia

Cleveland _R. L. Austin Geo. W. Norris

. E. R. Fancher.

Richmond | Wm. W. Hoxton j George J.Seay

Atlanta..

Chicago.

St. LouisMinneapolis..

Kansas CityDallasSan Francisco _.

Oscar Newton ! M. B. Wellborn..

Wm A. Heath _ J. B. McDougaL.

Wm. McC. Martin..John R. Mitchell.—

M. L. McClure.C. C.Walsh

John Perrin

D.C. BiggsR. A. Young....

W.J. Bailey....Lynn P. Talley.

J. U. Calkins

W. W. PaddockJ. H. CaseL. F. SailerG. L. HarrisonE. R. Kenzel.

Wm. H. Hutt

M. J. FlemingFrank J. Zurlinden.C. A. PepleR. H. BroaddusJ. L CampbellCreed TaylorC. R. McKayJohn H. Blair

O. M. AtteberyW. B. GeeryB.V.MooreHarry Yaeger J

C. A. Worthington.R.R.GilbertR. B. ColemanWm. A. DayIra ClerkL. C. Pontious

W. Willett.L. H. Hendricks.iA. W. Gilbart.iJ. W. Jones.»G. E. Chapin.iRay M. Gidney.*L. R. Rounds.1C. A. Mcllhenny.W. G. McCreedy.1J. C. Nevm.

Geo. H. Keesee.John S. Waldenjr.»M. W. Bell.

W. C. Bachman.1K. CChilds.iJ. H. Dillard.iD. A. Jones.1O. J. Netterstrom.1J.W. White.Gray Warren.Frank C. Dunlop.1

J. W. Helm.Fred Harris.

W. N. Ambrose.

1 Controller. > Assistant deputy governor.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branch

Atlanta:New Orleans branchJacksonville' branchBirmingham branchNashville branch ._

Chicago:Detroit branch

St. Louis:Louisville branchMemphis branchLittle Rock branch

Managing director

W. W. Schneckenburger

L. W. Manning.Geo. DeCamp.

A. H. Dudley.

Marcus Walker.Geo. R. DeSaussure.A. E. Walker.J. B. Fort, jr.

W. R. Cation.

W. P. Kincheloe.V. S. Fuqua,A. F. Bailey.

Federal Reserve Bank of—

Minneapolis:Helena branch

Kansas City:Omaha branchDenver branchOklahoma City branch

Dallas:El Paso branchHouston branch

San Francisco:Los Angeles branchPortland branchSalt Lake City branchSeattle branch vSpokane branch

Managing director

R. E. Towle.

L. H. Earhart.J. E. Olson.C. E. Daniel.

M. Crump.D. P. Reordan.

R. B. Motherwell.

W. L. Partner.C. R. Shaw.

SUBSCRIPTION PRICE OF BULLETIN

THE FEDERAL RESERVE BULLETIN is the board's medium of communicationwith member banks of the Federal reserve system and is the only official organor periodical publication of the board. It contains, in addition to the regularofficial announcements, the national review of business conditions, detailedanalyses of business conditions, research studies, reviews of foreign banking, andcomplete statistics showing the condition of Federal reserve banks and memberbanks. The BULLETIN will be sent to all member banks without charge. Toothers the subscription price, which covers the cost of paper and printing, is $2.Single copies will be sold at 20 cents. Outside of the United States, Canada,Mexico, and the insular possessions, $2.60; single copies, 25 cents.

in


TABLE OF CONTENTS

The month: PageReview of the month—Gold and the international money markets 779Business conditions in the United States ~ 783

Classification of loans and investments of all member banks on June 30 831Official:

Changes in State bank membership-_> 803Changes in national bank membership 804Fiduciary powers granted to national banks 804

Business statistics for the United States:Industrial activity 805Commodity movements 808Wholesale and retail trade 809Estimate of crop production 804

Foreign banking and business conditions:Recent developments in the Netherlands Bank 811Financial statistics for principal foreign countries 813Foreign trade of principal countries 816Price movements in principal countries—

Federal Reserve Board wholesale price indexes 817Wholesale prices in principal countries 818Retail prices and cost of living in principal countries 1 820

Banking and financial statistics:Federal reserve banks—

Condition of Federal reserve banks 821Federal reserve note account 825Holdings of earning assets _ 826Discount and open-market operations of Federal reserve banks 827Gold settlement fund 832Discount rates of Federal reserve banks 831

Member banks—Condition of reporting member banks in leading cities 828Banker's balances at reporting member banks in Federal reserve bank cities 829Deposits of all member banks 830Earnings and dividends of State bank and trust company members 832

Bank debits 833Member banks and nonmember banks on par list and not on par list 834Money rates in principal cities 835Money in circulation 834Gold and silver imports and exports 836Foreign exchange rates 837

IV


FEDERAL RESERVE BULLETINVOL. 11 NOVEMBER, 1925 No. 11

REVIEW OF THE MONTHIn October, for the first time since the resto-

ration of a free gold market in London, theUnited States received a con-

Gold move- siderable volume of gold fromments since re- •, -, ^ u , ,sumption abroad. Gold movements to

and from the United Statesduring the five months following the resump-tion of gold payments by Great Britain wereon a relatively small scale and the inflow andoutflow were so. evenly balanced that net im-ports from May to September were only about$1,500,000. Net imports for October, how-ever, are now estimated at about $23,000,000.Gold movements during the six months sincelast April are of particular interest, becausethey followed after a period of six years duringwhich the. United States was the only freegold market and the direction of gold move-ments was not closely related either to fluctua-tions in the exchange rates on different curren-cies, or to the comparative level of moneyrates prevailing in the different money mar-kets. During the past six months, with thereturn of England and other important coun-tries to the gold standard, exchanges andmoney rates have once more become importantfactors affecting the movements of gold. Dur-ing the five months from May to Septembersterling exchange was above the point at whichshipments to the United States would be profit-able, and the reserves of the Bank of Englandincreased through the receipt of gold fromSouth Africa and also from certain Europeancountries. With the seasonal demand for for-eign exchange to pay for agricultural imports,however, and the recent reductions of moneyrates in the London market, sterling declinedin October to the point where gold shipmentsto other countries became profitable. As a

consequence, gold moved from London in anamount larger than the entire addition to thereserves of the Bank of England since lastspring, together with the newly mined goldmore recently received in London from SouthAfrica. The inflow of gold from England to theUnited States has been accompanied by an out-flow of the metal to Canada in response to a risein Canadian exchange to the gold export point.Similar shipments of gold to Canada to cor-rect the exchange position were made in 1922,but, under the conditions then prevailing, thesegold shipments were among the very few madein response to changes in an exchange rate,while in recent weeks movements of exchangeshave caused simultaneous gold imports fromEngland and gold exports to Canada. Not-withstanding these exports, gold imports inOctober from England and also from Japanhave been sufficient to result in the largestaddition to the gold supply of the UnitedStates for any month in more than a year.

Gold imports, as has been frequently pointedout in these reviews, have been for the past

few years one of the principalGold imports f a c t Ors in the relationship be-

and the reserve t w e e n ^ m e m b e r b a n k g a n ( jbanks.

the federal reserve banks.Large and continuous imports of gold for aperiod of four years from 1920 to 1924 enabledthe member banks not only to repay a largepart of their indebtedness to the reservebanks, but also greatly to increase their avail-able reserves and consequently to enlarge theirown credit operations. The net export ofabout $175,000,000 of gold during the fivemonths from December, 1924, to April, 1925,on the other hand, was an important factor inthe growth of member bank indebtedness tothe reserve banks during the current year.

779


780 FEDERAL EESERVE BULLETIN NOVEMBER, 1925

Gold imports during October, therefore, havecome at a time when member banks have aconsiderable volume of accommodation atthe reserve banks and also at the season ofthe year when there is a growth in the demandfor currency. In the immediate situationthese imports have had the effect of lesseningthe demand by member banks for reserve bankcredit to meet seasonal requirements.

The receipt of gold from England at thistime of the year is in accordance with the usualcourse of events prior to the establishment ofthe Federal reserve system, when agriculturalexports to England in the autumn months,together with the demand in this country forgold to meet seasonal currency requirements,resulted in pressure on sterling exchange andin consequent gold imports. Since the es-tablishment of the Federal reserve systemthere has not been a time until this autumnwhen the effects of the system's operation uponthe relationships between the New York andLondon markets could be fully observed. Theability of the reserve banks to meet seasonaldemands for currency together with the growthof foreign trade financing in this country,particularly through the use of the accept-ance, has diminished the pressure on sterlingexchange at the time when American cropsare marketed. Thus, the gold imports to thiscountry during October of this year representprimarily a further phase in the adjustmentbetween the two principal money markets tothe restoration of free gold movements.

The closer relationship between the inter-national money markets that has come about in

consequence of the reestablish-Money rates in m e n t of g ^ payments has been

reflected during recent monthsin the course of money rates in

London and New York. In March of this year,in anticipation of resumption, the Bank ofEngland raised its rate from 4 to 5 per cent,and following the restoration of the gold stand-ard the higher rates in the London moneymarket and the confidence in the stability ofsterling led to a movement of funds to Londonand an accumulation of gold at the Bank of

London and NewYork.

England. As a result of this inflow of fundsand the inactive demand for credit, conditionsin the London market became easier duringthe summer, and between May and Septemberthe bill rate declined by 1 per cent.

1923 1924- 1925Both lines show open-market rates for 90-day bankers' acceptances.

The chart brings out the fact that the billrate in London, which had been considerablyabove the New York acceptance rate for morethan a year, was in September about the samelevel as the New York rate, as the result ofthe decline in the London rate and an advancein the New York rate. These changes in open-market rates in London were followed by re-ductions in the Bank of England discount ratefrom 5 to 4J^ per cent on August 6 and to 4per cent on October 1. Thus during the firstfive months after the resumption of gold pay-ments the Bank of England was able to maketwo reductions in its discount rate. Gold ex-ports in October have resulted in an advanceof market rates in London and in a closer ad-justment between bank rate and market ratesthan has prevailed for several months.

Reductions in discount rates have occurredRate reduc- since the opening of this year

tions at central in many other European centralbanks. banks. The Netherlands Bank,after reducing its rate from 5 to 4J^ per cent atthe end of 1924, made further reductions to 4per cent on January 16 and to 3 J^ per cent onOctober 2,1925. The Swedish Riksbank, whichhad resumed gold payments a year earlier than


NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 781

the Bank of England, also reduced its rate on twooccasions in 1925—from 5 J^ to 5 per cent on July24 and from 5 to 4 J^ per cent on October 9. TheNational Bank of Switzerland, where exchangefor a considerable period has remained nearparity, maintained its rate * at 4 per centthroughout the larger part of the year, butmade a reduction to 3J^ per cent in October.Discount rates at the more important Europeancentral banks, together with changes made dur-ing 1925, are shown in the table below:

DISCOUNT RATES AT EUROPEAN CENTRAL BANKSDURING 1925

Country

England:At opening of 1925...Mar. 6-Aug. 6 _._Aug. 7-Oct. 1Oct. 2

Netherlands:At opening of 1925...Jan. 17-Oct. 2Oct. 2

Switzerland:At opening of 1925—Oct. 23

Sweden:At opening of 1925...July25-Oct. 9Oct. 10

Germany:At opening of 1925...Feb. 27

Austria:At opening of 1925...Apr. 26-July 24July 25-Sept. 3Sept. 4

Rate

45

4

4H4

4

54H

109

1311109

Country

Hungary:At opening of 1925...Mar. 28-May 27May28-Oct. 21Oct. 22

France:At opening of 1925...July 10

Italy:At opening of 1925. ._Mar. 10-June 2 _.June 3-June 8June 9

Denmark:At opening of 1925—Aug. 24-Sept. 8.Sept. 9

Norway:At opening of 1925—May 10-Aug. 25Aug. 26-Sept. 14Sept. 15

Finland:At opening of 1925...Aug. 15 to Oct. 29Oct. 30

Rate

12H1197

76

6

7

765H

6

5

98

tion of centralbanks.

With the restoration of free-gold market inseveral countries, changes in the gold holdingsof European central banks have once morebecome important factors in their discount

policies. The following table#

R e s e rje posi- shows the holdings of gold andforeign exchange, notes in cir-culation, deposits and ratio of

reserves to note and deposit liabilities for thecentral banks in England, Netherlands, Sweden,Switzerland, and Germany at the time of theresumption of gold payments and on the latestavailable date this autumn. For greater easeof comparison the amounts have been convertedinto dollars at par of exchange.

RESERVE POSITION OF CERTAIN EUROPEAN CENTRAIBANKS

[In thousands of dollars]

Bank

Bank of England:Apr. 29,1925Oct. 28, 1925

German Reichsbank:Apr. 30, 1925Sept. 30,1925

Netherlands Bank:Apr. 27, 1925Oct. 19, 1925

Swedish Riksbank:Apr. 30, 1925Sept. 30, 1925

Swiss National Bank:Apr. 30, 1925Oct. 15, 1925

Goldhold-ings

Re-ported

for-eignex-

changehold-ings

757,918 0)731,347| (i)

241,576! 80,525 U,035,696279,816 75,967 1,067,728

192,748 58,956168,179! 98,040 3561558

62,552 33,179 132,18962,099 54,788 147,601

92, 665 * 9,541 160,17790, 799 410,923 152,795

Notes incircula-

tion

! 1,870,1231,841,216

De-

596,287553,418

168,133147,740

16,17213,668

68,37628,930

14,69923,414

Ratio to noteand depositliabilities ofreserves in—

Gold

Goldand

foreignex-

change

Pe?cent30.730.5

20.123.0

51.245.4

31.235.2

53.051.5

Percent

26.829.3

66.971.9

47.766.2

58.457.7

* Not reported.* Combined Bank of England notes and currency notes in actual

circulation.8 Combined Reichsbank notes and Rentenbank notes in circulation.* Demand assets abroad plus sums due from correspondents.

Gold reserves of the Bank of England, afterincreasing by about $43,000,000 following re-sumption, declined, and by the middle of Octo-ber were at a level below that at the end ofApril. Those of the Banks of Sweden and ofSwitzerland showed little change for the period,while those of the Bank of Netherlands de-clined and those of the German Keichsbankincreased considerably. The NetherlandsBank's loss of reserves has been due to a policyof converting a part of its gold reserves intoforeign exchange holdings to be used whenrequired in support of Dutch exchange.1 TheGerman Reichsbank increased its gold hold-ings by about $50,000,000 during the period,in pursuance of the policy of strengthening itsgold position. Foreign exchange holdings ofthe Reichsbank decreased somewhat during theperiod, part of it having been converted into gold,but the ratio of reserves to liabilities, whetherfigured on the basis of gold alone or of gold

i For discussion of the policy of the Netherlands Bank and commentsfrom its latest annual report see page 811.


782 FEDERAL RESERVE BULLETIN NOVEMBER, 1925

and exchange holdings, increased substan-tially during the five months.

Large flotations of foreign loans in theUnited States have continued in 1925 and

have been a factor in enablingi/uniled StetTs! t h o s e E u r 0 P e a n countries now

operating on a gold-exchangestandard to maintain and strengthen thereserve position of their central banks. Thetotal volume of foreign securities floatedin tHis country reached a record total of$1,050,000,000 in 1924, exclusive of refundingissues, and flotations for the first nine monthsof 1925, amounting to $728,000,000, indicatea continuation of foreign borrowing on a largescale. The extent to which member bankshave purchased foreign securities is indicatedby the fact that the holdings of such securitiesby national banks alone increased by nearly$100,000,000, or 37 per cent, between the sum-mer of 1924 and 1925. For all member banks,including State banks and trust companies aswell as national banks, the total volume offoreign investments on June 30, 1925, was$500,000,000, representing 1.7 per cent of theirtotal loans and investments and 5.6 per centof their total security holdings.2 The amountsrefer to bank investments in longer-term foreignsecurities and are exclusive of short-termcredits extended to foreign borrowers. Inview of the large volume of foreign flotationsin this country in recent years, these figuresof member bank holdings of foreign securitiesindicate that for the most part the foreignissues have been absorbed by the investingpublic.

Change in weekly statement.In order to give the public more complete

information on transactions between the Fed-eral reserve banks and foreign central banks,two items were added to the weekly conditionstatement of the Federal reserve banks onOctober 7, 1925. The items are "Due fromforeign banks/' which includes all the balances

2 A classification of member bank loans and investments on June 30,1925, is shown on page 831.

held by the reserve banks with foreign banks,and "Due to foreign banks,77 including all theamounts held by foreign correspondents withthe Federal reserve banks. Agency and cor-respondent relationships have existed betweenthe Federal reserve banks and certain foreigncentral banks since 1916, as has been currentlyreported in the FEDERAL RESERVE BULLETINand in the annual reports. The volume oftransactions with foreign central banks hasalways been relatively small. On October 7,1925, amounts due from foreign banks totaled$639,000 and amounts due to foreign bankswere $8,306,000, representing balances held for12 foreign correspondents. In addition tocarrying balances for foreign correspondents,the reserve banks purchase bills for account ofthese correspondents, and the amounts of suchpurchases are shown in the condition state-ment as a contingent liability. On October 7,1925, this item amounted to $35,697,000."Foreign loans on gold/7 which have beenshown separately since the beginning of 1925,represent loans to foreign central banksagainst gold as collateral.

Other changes in the statement made onOctober 7 were the substitution for the term" Other earning assets77 of the item "Othersecurities,77 consisting at present of Federalintermediate credit bank debentures; and thechange of the caption "Total earning assets77

to "Total bills and securities.77 The latterterm has been adopted as a more accurate de-scription of the total of the discounts, accept-ances and securities acquired by the reservebanks under the provisions of sections 13 and14 of the Federal reserve act, which are theonly items included therein.

NOTE

Mr. D. C. Wills, chairman of the board ofdirectors and Federal reserve agent at theFederal Reserve Bank of Cleveland since theorganization of the system, and member of theFederal Reserve Board from September 29,1920, to March 3, 1921, died on October 22.


NOVEMBER, 1925 FEDERAL RESERVE BUU^ETIN 783

BUSINESS CONDITIONS IN THE UNITED STATESProduction in basic industries and factory employment increased in September. Distri-

bution of commodities, both at wholesale and at retail, continued in large volume, and thelevel of prices remained practically unchanged.

Production.—The Federal Reserve Board's index of production advanced 3 per cent inSeptember, notwithstanding the suspension of anthracite mining. The volume of outputincreased considerably in the iron and steel, bituminous-coal, and textile industries, while thedecreases which occurred in some other industries were relatively small. Automobile productionwas larger than in August, but continued to reflect the effects of curtailment incidental tochanges in models. Number of employees on factory pay rolls in September was larger thanin August in nearly all reporting industries. Building contracts awarded during September didnot equal the record level of August, but continued large as compared with earlier months.Total contracts awarded during the first nine months of this year were nearly as large as forthe entire year 1924.

Crop conditions, as reported by the Department of Agriculture, showed considerableimprovement in September, and the indicated yields of cotton, corn, oats, barley, and haywere larger than a month earlier, while forecasts of wheat and tobacco production were slightlysmaller. Marketing of crops increased further in September, but was smaller than last year.

Trade.—Wholesale trade was 9 per cent larger in September than in August, and sales inall lines except dry goods were larger than a year ago. Sales of department stores and mail-order houses showed considerably more than the usual increase in September and were largerthan a year ago. Stocks of merchandise at department stores also increased in Septembermore than usual and at the end of the month were 4 per cent greater than a year ago. Whole-sale firms in all leading lines except groceries reported smaller stocks on September 30 than amonth earlier.

Total and merchandise freight-car loadings in September were larger than during thesame month of any previous year. Coal shipments were smaller than in August, owing to theanthracite strike, and shipments of coal and of grain products were smaller than in Septemberof last year.

Prices.—The level of wholesale prices; as measured by the index of the Bureau of LaborStatistics, declined slightly in September. Among groups of commodities, grains, woolengoods, and furniture showed price declines, while prices of coal and building materials ad-vanced. In the first half of October prices of grains, wool, and rubber increased, while pricesof sheep, hogs, sugar, and cotton declined.

PER CENT1501

100

50

PRODUCTION INBASIC INDUSTRIES

PER CENT

1150

100

50

1922 1323 1925

Index of 22 basic commodities adjusted for seasonal variations.(1919«100.) Latest figure, September, 112

66276—25t 2

PER CENT200

150 —

100

50

WHOLES/ \LE PRICES

PER CENT200

100

50

1922 1923 1924 1925

Index of United States Bureau of Labor Statistics. (1913=100, baseadopted by bureau.) Latest figure, September, 160


784 FEDERAL, RESERVE BULLETIN NOVEMBER, 1925

BILLIONS OF DOLLARS2


Weekly figures for 12 Federal reserve banks. Latest figures, October 21



1922 1923 1924- 1925

Weekly figures for banks in 101 leading cities. Latest figures, October 14

Bank Credit.—At member banks in leading cities the volume of loans, both for commer-cial purposes and on securities, increased further between September 16 and October 14; andat the middle of October total loans of these banks were nearly $650,000,000 larger than atthe end of July. During the same period net demand deposits of these banks increased by about$360,000,000, but were below the level of the beginning of the year, while the volume of their bor-rowings at the reserve banks increased by about $200,000,000 to the highest point of the year.

Total volume of reserve bank credit outstanding was larger in October than at any othertime during 1925, reflecting increases during the two preceding months both in discounts formember banks and in acceptances bought in open market. This growth has been due primarilyto the seasonal increase during the period of about $100,000,000 in currency in circulation, andthere has also been a considerable increase in member bank reserve balances, accompanyinga growth in their deposits.

In October the rates on prime commercial paper were firmer and the renewal rate on callloans averaged higher than in September.

BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD

[Monthly average 1919=100]

Year and month

Produc-tion inbasic

indus-tries i

94103109107117

127124120119111110113

2108112

Factoryemploy-

ment

8991939294

949696969594939495

Factory

Pay roiis

9699

103101106

103109110108108105103105104

Buildingcontractsawarded *

133150166196180

168159178176151171189228224

Railroad-car

loadings l

111117120116124

123125117129123117122123121

Whole-sale

trade

D epartment-stor esales l

Unad-justed

93119141141210

1081011211361281269598

122

Ad-justed

118131124126131

124131121133124126128125134

Department-storestocks i

Unad-justed

126137148148124

119127139141136129124131143

Ad-justed

126128132132133

134135137136137135133131133

Bankdebitsoutsideof NewYorkCityi

1924AugustSeptemberOctober _NovemberDecember

1925JanuaryFebruaryMarchAprilMayJune _July _AugustSeptember

108107112107112

120121120122119122125120122

1 The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations;the indexes of department-stores sales and stocks are shown both with and without seasonal adjustments.

'Revised.


NOVEMBER, 1925 FEDERAL RESEEVE BULLETIN 785

BANK CREDIT

Commercial loans of member banks in lead-ing cities continued to increase between themiddle of September and the middle of Octoberand on October 14 were $475,000,000 largerthan at the end of July. This advance re-flected, largely, a seasonal increase in thedemand for credit, but was somewhat inexcess of the increase for a similar period lastyear. Loans on securities also showed furtherincrease, reaching a new high point at the endof September, followed by a slight declineduring the first half of October. Investmentholdings of reporting member banks continuedsince the end of Jufy at a high level, withrelatively little change, while net demand de-posits increased by about $360,000,000 to apoint not far below the level of the openingweeks of the year.

The following table shows the principal re-sources and liabilities of member banks inleading cities for each week between September16 and October 14, as well as the changes for thefour weeks and for the year ending October 14:LOANS, INVESTMENTS, AND DEPOSITS OF MEMBER

BANKS IN LEADING CITIES

[In millions of dollars]

Date

Sept. 16Sept. 23Sept. 30Oct. 7Oct. 14Increase (+) or de-

crease (—):Four weeks

ending Oct. 14.Year end ing

Oct. 14

Loans and investments

Total

19,06119,04819, 27219,26419,327

+266

+1,095

Loanson

securi-ties

5,3015,3145,4715,4285,377

+76

+797

Ailotherloans,largelycom-

mercial

8,2978,3188,3618,3898,488

+191

+282

Invest-ments

5,4635,4165,4405,4475,462

-i

+16

Deposits

Netde-

mand

12,96512, 76013,04612,97313,178

+213

+134

Time

5,1855,1895,2345,2485,248

+63

+516

In the following table are shown, for memberbanks in leading cities, changes in loans, invest-ments, and borrowings at the reserve banks,by districts, for the period between the end ofJuly and the middle of October. There wereincreases in total loans in all except the KansasCity district, owing for the most part to in-creased commercial loans. Loans on securitiesincreased in all except the Boston, Minneapolis,and Kansas City districts, while investmentholdings declined in several of the districts.Borrowings at the reserve banks increased inall except the Minneapolis district.

CHANGES IN LOANS, INVESTMENTS, AND FEDERALRESERVE BANK ACCOMMODATION OF REPORTINGMEMBER BANKS, JULY 29, 1925-OCTOBER 14, 1925


Federal reservedistricts

All districts

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. _.Kansas City...Dallas..San Francisco..

Loansand

invest-ments

604

4622342272572632519

-172950

Loans

Total On se-curities

647

27057362961802519

- 1 82337

172

- 1 9654812147

437

- 4- 9

44

Allother,largelycom-mer-cial

475

4720510241554371823

- 91932

Invest-ments

- 4 4

19-46- 1 6- 1 0- 411

- 1 7- 1

Member

bankbor-

rowingat re-servebanks

208

25101

5226

15

34

13

The volume of reserve bank credit in useincreased considerably after the end of Julyand reached the highest point of the year atthe middle of October. Notwithstanding aslight decline during the following week, thetotal volume outstanding was still about $200,-000,000 larger than two months before. Thisgrowth in reserve bank credit was the result ofincreases both in discounts for member banksand in holdings of acceptances bought in theopen market, and was accompanied by in-creases in Federal reserve note circulation andin member bank reserve balances.

PRINCIPAL RESOURCES AND LIABILITIES OF FEDERALRESERVE BANKS


Bills and securities

DateTotal

Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21Increase (+) or de-

crease (—):Four w e e k s

ending Oct.21

Year endingOct. 21

1,2131,2571,2651,2761,230

+17

+252

Billsdis-

count-ed

Billsbought

inopenmar-ket

641633644644

- 3 8

+380

238268284287293

Gov-ern-mentsecur-ities

323343324336324

+55 +1

+123 I -259

Totalcashre-

serves

2,8712,8662,8622,8702,889

+18

-243

Totaldepos-

its

Fed-eralre-

servenotecircu-

la-tion

2,2672,2682,2832,2882,284

1,6701,6851,7011,7161,695

+17 i +25

+82 j - 5 7



MONEY RATES

Money rates showed little change early inOctober except for an increase in the weeklyaverage renewal rate on call loans to slightlyover 5 per cent. Later in the month firmerconditions were evidenced by a slight rise in theprevailing rate on prime commercial paper andin the yield on short-term Government se-curities. The demand for commercial papercontinued light and came chiefly from middlewestern and New England banks; the supplyincreased slightly after the first week ofOctober. Acceptance rates on the shortermaturitiesli;were unchanged, although thevolume of bills in the market and in the handsof the Federal reserve banks increased seasonal-ly, but dealers raised their rates on 120 and 180day bills by one-eighth of 1 per cent at theend of September. Toward the end of Octobercall rates were slightly lower than earlier inthe month, but the average renewal rate forOctober was \i per cent higher than forSeptember. The table below shows the moneyrates prevailing in the New York market duringthe last three months.

MONEY RATES IN NEW YORK

August, 1925September, 1925. _.October, 1925Average for week

ending—Oct. 3_,Oct. 10Oct. 17Oct. 24Oct. 3 1 . - _

Primecommer-

cialpaper,

4-6months

4 - 4 ^

Primebankers'accept-ances,

90 days

Yieldon certi-ficates ofindebted-ness, 4-6months

13.0113.002 3.33

3.53

3.433,563.553.543.52

Averageyield on4MMp

centLibertybonds

4.02

4.004.004.024.024.05

Renewalrate on

call loans

4.194.624.87

5.105.055.064.504.75

1 Issues maturing Dec. 15,1925.* Issues maturing Mar. 15, 1926.

Following the reduction in the official dis-count rate of the Bank of England from 4J^to 4 per cent on October 1, money rates inthe London market declined to the lowestpoint since July, 1924, but later recoveredsomewhat. The average rate on three-monthbank bills was 3^- per cent during the weekending October 2, but increased to 3 ^ VeT

cent the third week in the month. Treasurybills were tendered at that time at an averagerate of 3.74 per cent.

ACCEPTANCES

The acceptance market during the five-weekperiod ending October 21 was characterized byan increasing supply of bills with a moderatedemand, which resulted in a growth of dealers7

portfolios. This was particularly true of theNew York market, for a more active demandwas reported from Boston and Philadelphia,while the Chicago market continued dull onboth the supply and demand sides. Theincrease in the total volume of bills in themarket was attributed in part to seasonal in-crease of cotton bills and in part to firmermonejr conditions. The only changes in billrates in New York were an increase of one-eighth of 1 per cent in dealers7 rates on 120-dayand longer maturities, and an increase in theNew York Federal Reserve Bank's minimumbuying rate on bills of 45 days or shortermaturities from Zy% to 3Ji per cent. OnOctober 22 rates were quoted in the New Yorkmarket as 3% per cent bid and 3J^ offered for30-day bills, 3J^ bid and 3% offered for 60-daybills, Sy8 bid and Zy2 offered for 90-day bills,3% and 3% offered for 120-day bills, and4 bid and 3% per cent offered for five and sixmonths' bills.

CAPITAL ISSUES

Domestic securities were issued in smallervolume during August than in any precedingmonth of the year, as has been the case in themonth of August for each of the past five years.New issues amounted to $262,000,000 andrefunding issu*es to $32,000,000, compared witha total of $530,000,000 in July, according to thecompilation of the Commercial and FinancialChronicle; and there were only $34,000,000 offoreign flotations recorded by the FederalReserve Bank of New York in August as com-pared with $178,000,000 in July and $49,000,-000 in August, 1924. Of the domestic securi-ties, both corporate and municipal issues weresmall, but the latter were larger than in thecorresponding month of last year. Those ofpublic utility corporations, amounting to $112,-000,000, exceeded the volume offered by thisgroup in July of this year or in August of anyof the last five years, the largest single corporateissue being $25,000,000 debentures of the Inter-national Telephone & Telegraph Co. Railroadand industrial offerings, however, were respec-tively but one-third and one-half as large asthose of July.


NOVEMBEB, 1925 FEDERAL RESERVE BULLETIN 787

The following table shows the domestic se-curities issued in August, 1925, as comparedwith those of the previous month and of August,1924:

DOMESTIC CAPITAL ISSUES


Total corporateLong - t e rm

bonds andnotes

Short - termbonds andnotes

Stocks...Farm loan issuesMunicipal _.

Total

August, 1925

New

185.6

123.6

7.454.6

.576.1

262.2

Re-funding

29.3

19.1

.49.8

3.2

32.5

July, 1925

New

305.1

179.8

18.9106.4

3.0129.4

437.5

Re-funding

74.7

32.2

8.633.96.0

12.2

92.9

August, 1924

New

157.0

115.1

7.634.31.0

107.3

265.3

Re-funding

92.9

88.9

4.0

.9

93.8

The volume of foreign securities offered inthe United States in September was againlarge, amounting to $155,358,000, but $70,-000,000 of this total represented an issue ofnotes by the Canadian Government to refundan obligation previously floated in this coun-try. Of the rest, $29,700,000 of bonds wereoffered by the Argentine Government, $19,-000,000 by the Central Bank of Agriculture ofGermany, and $15,000,000 by the Free Stateof Bavaria.

SECURITY PRICES

The prices of representative industrial shares,as indicated by the index of 201 common stockscomputed by the Standard Statistics Co., de-clined slightly during the last two weeks inSeptember from the high point reached in themiddle of the month, rose sharply during thefirst two weeks in October to a new high point,and again declined slightly. Meanwhile theprices of railroad shares fell gradually until thethird week in October, when they advancedto slightly higher levels than were reached attheir previous high point in August. The mostpronounced price rise in October occurred inthe stocks of automobile and automobile ac-cessory manufacturing companies, which, as agroup, maintained their high levels throughthe third week of the month. Various othergroups, including chain stores, chemical, ma-chine manufacturing, and mail-order companies,made marked advances, followed by recessionsin price. The two weeks ending October 24were characterized by new records for stock-market activity, with average daily salesamounting to nearly 2 500 000 shares. Bond

prices declined slightly, on the average, afterthe third week in September, but remainedsomewhat above the August levels. The fol-lowing table gives indexes of stock prices com-?uted by the Standard Statistics Co. of New

"ork, the average prices of 40 bonds com-puted by Dow, Jones & Co., and the averagenumber of shares of stock sold daily on theNew York Stock Exchange for the last sixmonths.

INDEX NUMBERS OP SECURITY PRICES

201 in-dustrialstocks

Average for— ,May, 1925June, 1925 _._July, 1925 _August, 1925September, 1925October, 1925

Average for week ending—Oct. 5Oct. 13Oct. 19Oct. 26 _ _._

Price indexes of—*

127.8131.0135.0136.0139.9145.8

143.2145.2144.2150.5

31 rail-• roadstocks

110.0109.7111.0114.3115.8116.2

115.4114.8116.8117.9

Total,232

stocks

122.5124.7128.1129.7132.9137.2

135.1136.3136.2141.0

Aver-age

priceof 40

bonds 2

Averagenumberof sharesof stock

sold daily(000 omit-

ted) *

92.7993.1492.5091.7092.1992.17

92.2292.1392.1192.23

1,6071,3131,3531,4581,7112,302

1,9561,9452,4132,455

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 sharesof each stock outstanding. Prices used are closing quotations on Mon-day.

2 Arithmetic average of daily peak and low prices, as published inthe Wall Street Journal. Weekly averages are for week ending withSaturday preceding date given.

3 Saturdays omitted. Weekly averages are for five days ending withFriday preceding date given.

AGRICULTURAL CREDIT

In September the intermediate credit banksclosed direct loans amounting to $15,788,000,or more than three times the direct loan ex-tensions of August; rediscounts amounted to$2,350,000, or 11 per cent less than rediscountsin the preceding month. The banks atBaltimore, Columbia, New Orleans, and Berke-ley handled nearly 82 per cent of the directloans, made in September to cooperativemarketing associations. The bank at Balti-more extended $3,500,000, primarily on tobac-co. The loans by the banks at Columbia andNew Orleans were based chiefly on cotton andtotaled $8,143,000, while the advances of thebank at Berkeley exceeded $1,237,000, largelyon fruit and vegetable products. As in August,the Houston Intermediate Credit Bank grantedthe banks a larger volume of rediscounts thanany other bank, about 35 per cent of the month'stotal, while the Spokane bank was second, with19 per cent of the total.



September was the first month since Aprilthat direct loans exceeded those for the cor-responding period of last year. Septemberwas also the first month since March thatdirect loans have exceeded rediscounts. Theweekly statement of October 10 showed thatthe combined figure for direct loans andrediscounts exceeded $70,725,000, a new highrecord, although both types of advances haveat other times exceeded their respectivefigures of October 10. In the week endingOctober 17 net rediscounts outstanding de-creased about $900,000, while direct loansincreased $800,000, making a net decline ofnearly $100,000 in the combined total ofrediscounts and direct loans from the highmark recorded the preceding week. As aresult of increased marketings early in October,loans on tobacco were nearly $4,000,000larger on October 17 than at the beginning ofthe month.

The following table shows the volume ofdirect loans outstanding on October 17, thelatest available date, as compared with amonth and a year earlier, classified by com-modities on which such loans were based.The rediscounts outstanding on the same datesare also given and are classified by the typesof rediscounting institutions.

INTERMEDIATE CREDIT BANKS

fin thousands of dollars]

Direct loans outstanding o n -CottonTobacco -.-WheatCanned fruits and vegetables.RaisinsPrunesPeanutsWool....RiceAll other . . .—

Total.Rediscounts outstanding for—

Agricultural credit corporationsNational banksState banksLivestock loan companiesSavings banks and trust companies.

Total.

Oct. 17,1925

14,05919,4792,9712,2571,800

1461,750

42, 551

18,23424468

9,27282

28, 080

Sept. 19,1925

3,29916,2221,8742,0692,400

1481,818

95

27,925

21,0963

53610,151

82

31,869

Oct. 18,1924

9,52018,1072,3831,0604,500

500

379

"257

11,88032

1,0737,021310

20,316

Below is given a table which shows the netmortgage loans outstanding by the 12 Federalland banks, the joint-stock land banks, andthe farm-mortgage holdings of 41 life-insur-ance companies which own more than 82 percent of the assets of all life insurance com-panies:

NET FARM-MORTGAGE LOANS OUTSTANDING


I Sept. 30,1925

Total all joint-stock land banks..Total 12 Federal land banksLife insurance companies

519,237

Aug. 31,1925

513,994985,160

1, 510,000

Sept. 30,1924

430,066905, 536

1,432,779

AGRICULTURE

Forecasts by the Department of Agricultureon the basis of crop conditions on October 1indicated considerable improvement duringSeptember, and yields of most of the leadingcrops except wheat and tobacco were estimatedto be larger than a month earlier. Rains in theregions of the drought in the Corn Belt, to-gether with the absence of early frosts, resultedin considerable improvement in the prospectsfor the corn crop, and the expected yield isapproximately 2,918,000,000 bushels, as com-pared with a final harvest of 2,437,000,000bushels last year and 2,935,000,000 bushels, theaverage yield for the past five years. A totalcotton crop of 15,226,000 bales, the thirdlargest yield on record, was estimated on thebasis of the condition of the crop on October 18,and the yield per acre is expected to be consid-erably larger than last year. Further improve-ment in the condition of ranges and livestockwas evident in September, and the averagecondition of all western ranges and livestockwas considerably higher than a year ago.

Prior to September marketing of this year'scrops was in considerably smaller volume thanin 1924, but receipts of cotton, vegetables,fruits, and tobacco increased rapidly in Sep-tember, and the aggregate volume of all agri-cultural products was 45 per cent larger than inAugust and about the same as in September,1924. Exports of agricultural products, asmeasured by the Department of Agriculture'scombined index, increased 56 percent in Septem-ber. As compared with September of last year,agricultural exports were 19 per cent smaller.The chart shows the exports of agriculturalproducts since 1922.

Farm prices, as measured by the Depart-ment of Agriculture's index of prices atcountry markets, were slightly lower in Octoberthan in September, but they continued about4 per cent higher than in October of last year.Prices of fruits and vegetables, and dairy andpoultry products advanced in October, whilethose of grains, livestock, and cotton declined.As compared with a year ago, nearly all groupsexcept grains and cotton were higher.


NOVEMBER, 192I3 FEDERAL RESERVE BULLETIN 789

PER CENT

250!

150

100

EXPORTS OF AGRICULTURAL PRODUCTS( JULY 1909-JUNE 191^100 )

CENT

250

200

1922-23 1923-24 1924- -'25

^Grains.According to the October crop report the pre-

liminary estimate of spring wheat was 282,000,-000 bushels, which was 1,000,000 bushels lessthan last year's yield, and the total productionof all wheat was estimated at 697,000,000bushels, about 80 per cent of last year's finalharvest. The indicated yield of corn increased33,000,000 bushels and the crop was expectedto be 20 per cent larger than last year, thoughsomewhat less than the 1920-1924 average.

According to the Department of Agriculturethe intended seeding of winter wheat was 9.7

J>er cent greater than last autumn. Reportsrom the winter-wheat belt indicate that in-

clement weather had prevented plowing andseeding in some sections and that the acreagemay be smaller than the earlier reports indi-cated.. The wheat which was sown early wasgerminating well. In many sections this earlysown winter wheat was up with a good standand was in excellent condition.

Receipts of wheat at interior markets were29 per cent larger than in August, but were con-siderably smaller than in September of lastyear, as were also receipts from the beginningof the crop year. During the week endingOctober 17 a considerable quantity of Canadianwheat which had paid the duty of 42 cents perbushel was received at Minneapolis. The fol-lowing table shows the receipts, exports, andimports for September, for three months endingwith September, and for similar periods lastyear:

WHEAT MOVEMENTS 1

[In thousands of bushels]

ReceiptsExports-Imports.

Septem-ber, 1925

58,89112,9921,372

Septem-ber, 1924

83,14839,246

311

July 1 toSept. 30,

1925

147,22537,6012,661

July 1 toSept. 30,

1924

226,30967,9521,752

1 Export and import wheat includes flour in terms of wheat.

By the close of the third week in Octoberwheat prices showed considerable recoveryfrom the declines which began in the latterpart of September. Futures were still lowerthan last year, but cash wheat prices weremuch more stable and were at considerablepremiums over futures. Prices in the UnitedStates were higher than those prevailing inforeign markets, and local market conditionswere the principal factors in the market.Cotton*

Estimates by the Department of Agriculturebased on the condition of the cotton crop onOctober 18 indicated a final yield of 15,226,000bales, the third largest crop in the history ofAmerican cotton-growing industry. A total of46,448,000 acres was planted, but 2,217,000acres were estimated to have been abandoned,leaving a total of 44,231,000 acres to be har-vested, as compared with 40,115,000 acresharvested last year. Picking and ginning con-tinued at a rapid rate during the early weeksof October, and a total of 9,520,000 bales wasginned prior to October 18, compared with7,616,000 bales for the same period last year.Rains early in October delayed picking some-what and damaged the cotton in the fields, butthey also relieved the drought and resulted inconsiderable improvement in the growing crop.

Early maturity and harvesting has been fol-lowed by larger domestic marketings and ex-ports than in 1924. Total receipts at leadingsouthern markets for the season to October 16were 25 per cent larger than for the sameperiod last year, takings by domestic and Cana-dian spinners were 15 per cent larger, andexports were approximately 1,696,000 bales, ascompared with 1,508,000 bales in 1924. Fol-lowing more definite information early in Octo-ber of a final yield larger than earlier expecta-tions, the price of cotton, as indicated by thequotations on spot cotton, middling grade, atthe New Orleans market, declined rapidly andfluctuated near 20 cents a pound during thetwo weeks ending October 23. Qn October 26,following the Government's estimate, the priceof cotton declined below 20 cents and reachedthe lowest point in recent years. Further de-clines occurred during the last day of the monthand on October 31 spot cotton at New Orleansclosed at 18.05 cents a pound.Tobacco.

Estimates by the Department of Agricultureat the beginning of October indicated a slightlysmaller yield of tobacco than was expected amonth earlier and, as compared with the averageharvest of the past five years, production is ex-pected to be 8 per cent smaller. Reductions in



the total expected production this year from thefinal harvest in 1924 are due principally to smalleryields in Kentucky and Virginia, where thecrops are 15 per cent and 23 per cent smaller,respectively. Marketing of the early harvestedcrop in Georgia and South Carolina proceededrapidly in September and by the end of themonth many markets in those States hadclosed. In North Carolina marketing in-creased rapidly and total sales were 31 percent larger than in September, 1924, thoughthe quality of the crop averaged lower thanearly season expectations and prices were some-what lower than in the corresponding month oflast year. Harvesting proceeded rapidly in theSt. Louis Federal reserve district, and the typesthat were cut early because of the drought werecuring satisfactorily.

In the tobacco manufacturing industries theoutput of all products was larger in Septemberthan in August, but all products except ciga-rettes were manufactured in smaller volumethan in September of last year. Production ofsmall cigarettes continued in exceptionally largevolume, exceeding all previous months exceptJuly, 1925. Cigar manufacturers in the Phila-delphia Federal reserve district operatedplants at an average rate of about 70 per centof capacity in September. The demand forcigars was somewhat larger than in the pre-vious month and the corresponding month lastyear.

Fruits and vegetables.Yields of fruits and vegetables, as forecast

by the October crop report, showed but littlevariation from those of the preceding month.White potatoes were estimated at 344,000,000bushels, which is the smallest crop since 1919,and production of sweet potatoes was expectedto be 22 per cent below the 1920-1924 average.The commercial apple crop was estimated tobe slightly below the average of the past fiveyears, while that of pears, peaches, and grapeswas somewhat larger than the five-year average.

Early maturity and good demand favoredearly marketing of fruits and vegetables, andsupplies of these crops increased rapidly atleading markets throughout September andearly weeks of October. White potatoesmoved to market in 11 per cent larger volumein September than in the same month lastyear, though total shipments from the begin-ning of the season to October 10 were 6 percent less than for the same period last year.Car-lot shipments of grapes were 32 per centgreater than a year ago, California furnishingabout 95 per cent of the total, and apple ship-ments from the beginning of the season to

October 10 were considerably larger thanduring the same period last year. In Virginiaand West Virginia the apple crop has beendisappointing in most districts, due primarilyto the small size and the poor color of the apples.The outlook for the crop in New York, Michi-gan, and the Pacific Coast States improvedduring the month, but in the Ozark region ofMissouri and Arkansas hot weather materiallydamaged the crop and the total productionis slightly smaller than was expected at thebeginning of September.

Prices have shown remarkable stability ina year of large supplies. Most leading fruitsand produce are selling at prices that arehigher than last season, and further advanceshave been noted in recent weeks. In Septem-ber apple prices were about the same asquotations of a year earlier, but during thefirst half of October they began to advance.Potato prices in September were nearly twiceas high as last year, and after the October cropreport confirmed earlier estimates of a verylight crop they advanced rapidly. Prices ofmost all other vegetables were higher than lastyear.

Livestock.Western ranges improved during September,

especially in the Dallas Federal reserve districtand in Oklahoma, where rains during the latterhalf of the month were very beneficial. Areport from the Department of Agriculturestates that there appeared to be sufficient hayand feed to meet the needs during the comingwinter. Cattle generally reflected the improvedcondition of the ranges and in the Southwestshowed marked improvement. Because of theexcellent range conditions during the greaterpart of the past summer in most of the rangeStates, cattle at the beginning of Octoberwere generally in good condition, and reportsindicated that there has been some restockingwhere financing could be obtained. Sheep, likecattle, were in excellent condition at thebeginning of October, with those in the south-western States showing much improvement.Lambs were somewhat heavier than usual andwere being marketed "grass fat" rather thanmoving as feeders.

The movement of western cattle to marketwas earlier this year than usual, Augustreceipts having been 18 per cent larger than inthe previous year. September receipts, con-trary to usual developments, were smaller thanin August, and were also smaller than in Septem-ber, 1924. Sheep and hogs displayed the usualseasonal increase in September over August,but were considerably smaller than in Sep-


NOVEMBER, 1925 FEDERAL, RESERVE BULLETIN 791

tember a year ago. The following table showsthe movement of the three classes of meatanimals to market. The usual seasonal move-ment of feeders and stockers occurred, thoughreshipments were smaller than for the corre-sponding period last year.

R E C E I P T S O F L I V E S T O C K

[In thousands]

, Septem- I August, Septem-! ber, 1925 | 1925 ber, 1924

Cattle and calves.Hogs.-Sheep

2,157 |2,741 i2,627

2,2452,5492,064

2,5663,2163,027

Prices of all meat animals declined during themonth of September and the early part ofOctober, though on October 16 they were stillconsiderably above last year's prices. Thelargest decline occurred in the price of hogsand amounted to $2 per hundred pounds, apart of which was recovered near the middleof October. Declines in the price of cattle andsheep were considerably less than for hogs, andon October 16 they were 15 per cent and 31per cent higher, respectively, than a year ago.Dairy products.

Favorable weather improved forage condi-tions during September. The hay crop esti-mate was increased about 4,500,000 tons, ac-cording to the October crop report, although itwas still 12 per cent smaller than the 1924 crop.Pastures, though considerably improved, were,as compared with other years, in very poorcondition.

Production of butter, as indicated by receiptsat five principal markets, in September showedthe usual seasonal decline from August, butwas considerably larger than for any Septem-ber of recent years except 1924. Movementof butter from storage began during Septemberand was heavier than last year. Cold-storageholdings of butter decreased 11 per cent dur-ing the month and were 114,167,000 pounds onOctober 1, as compared with 153,271,000pounds on the same date the preceding year.

Cheese receipts declined seasonally fromAugust, but were the largest for any Septemberfor which records are available. Cold-storageholdings of American cream cheese were thelargest ever recorded. This was the first timefor which figures are available that such hold-ings increased during September over August.

During September and the early weeks ofOctober prices of cheese and butter showedadvances. Those of cheese were very moderate,while the increase on 92-score butter at New

York was 6 cents a pound during the six weeksperiod, and on October 16 the wholesale pricewas quoted at 53 cents a pound. This pricewas 13 cents a pound higher than the onequoted for the same date the preceding year.Despite higher prices, consumptive demand hascontinued large.

MININGCoal and coke.

Increased activity characterized the marketsfor bituminous coal and coke during the lastpart of September and the first half of October,while production of anthracite continued insuspension as a result of the strike whichbegan September 1. In contrast to the firstthree weeks of anthracite suspension, whenprices for bituminous rose rapidly, during thesucceeding four weeks prices fell off somewhatand then stabilized, the Coal Age index ofspot prices for bituminous coal standing at$2.13 on October 19, as compared with $2.24at the peak on September 21. Production ofbituminous in September was 46,817,000 nettons, the highest monthly output since Janu-ary and the highest September total since 1920.During the first part of October productioncontinued to increase, average output perworking day reaching 1,949,000 net tons dur-ing the week ending October 10, as comparedwith 1,850,000 net tons for the week endingSeptember 12. Total 1925 production ofbituminous on October 10 was 383,050,000 nettons, 6 per cent over the corresponding outputduring 1924, but 15 per cent under that for 1923.

Production of anthracite was at a standstillduring September and October, and prices r©sesomewhat as the suspension continued. Total1925 anthracite production on October 10 was61,693,000 net tons, 123^ per cent under thecorresponding output in 1924.

Accompanying increased activity in iron andsteel, output of coke advanced during Septem-ber to 3,927,000 short tons, the highest sinceMay of this year and 28 per cent above Septem-ber, 1924. The increase over August amountedto 163,000 short tons, of which 144,000 wascontributed by increased output of beehive.During the first part of October coke wrasreported in increased demand as a substitutefor anthracite, and production of beehivecontinued to increase, output for the weekending October 10 totaling 193,000 net tons, ascompared with 169,000 net tons during theweek ending September 12 and 123,000 nettons four weeks earlier. Coke prices rosefurther during the period, and Connellsvillecoke on October 23 was quoted at $7.50 a ton,as compared with $3.50 a month earlier.


792 FEDEBAL, RESERVE BULLETIN NOVEMBER, 1925

Petroleum.Production of crude petroleum declined

steadily in September, and for the weekending October 24 the daily average outputwas the smallest since the middle of April.Total production in September declined to64,907,000 barrels, the smallest monthlyvolume since April. Declines occurred inalmost all fields in September and earlyin October, though the greatest were in Cali-fornia, where the daily average output declinedfrom 673,000 barrels for the week endingSeptember 5 to 652,000 barrels for the weekending October 24. Stocks were reduced fur-ther in August and at the end of the month weresmaller than at the end of any month sinceMarch, 1924. Notwithstanding the fallingoff in production and the reduction in stocks,prices, according to the Oil, Paint, and DrugReporter's weekly average price, declinedfrom $2.03 a barrel in the middle of Augustto $1.52 a barrel in October.

Production of gasoline and lubricating oilincreased in August, and the output of gasolinereached a record of 972,689,000 gallons, whilethe output of lubricating oil exceeded112,000,000 gallons, the second largest volumeon record. Heavy shipments of gasoline fromCalifornia via the Panama Canal to theAtlantic seaboard markets resulted in furtherreductions in gasoline prices, which inSeptember averaged at three refineries 12cents a gallon, as compared with 13.5 cents inAugust and 9.8 cents a year earlier. Stocksof gasoline, kerosene, and lubricating oilswere lower at the end of August than in Julyand gasoline stocks were the lowest sinceJanuary. Although the decline in gasolinestocks during the summer months was dueto seasonal factors, the decline this year fromthe end of May to the end of August was lessthan that which occurred last year during thesame period. Consumption of gasoline wasexceptionally heavy this year, but productionalso increased rapidly, and stocks were notrelied upon to meet the deficiency to thesame extent as in 1924.

Nonferrous metals.With the exception of copperj^and silver,

markets for nonferrous metals were activeduring the four weeks ending October 14, andprices for tin and zinc reached new highs forthe year on that date.. The market for copper,on the other hand, showed no sustained move-ment in either direction and the price of refinedelectrolytic copper delivered at New Yorkfluctuated between 1 4 ^ and 14% cents, clos-

ing the period at the higher figure. Statistics ofcopper stocks at the end of September showeda new post-war low for refined metal that wasbalanced by an increase in blister, leaving totalstocks in the hands of refineries at about thesame figure as on August 31. Production ofcopper in the United States during Septemberwas 134,786,000 pounds, the lowest sinceSeptember, 1924. Lead was quoted at 9J^cents in New York on October 14, a price whichhad prevailed with practically no variationduring the preceding eight weeks, and leadoutput in the United States during Septemberwas at about the same daily rate as in August.Production of zinc during September was inabout the same volume as in the two precedingmonths, but shipments of slab zinc from re-fineries were the largest since last December,with the result that stocks declined to 11,796tons, the lowest since April, 1923, and pricescontinued the rise that characterized the pre-ceding period to 834 cents on October 14, ascompared with 1% cents on September 16.

The silver market was quiet over the period,with some demand reported in India, andChina reported as alternating between a buy-ing and selling position. Quotations for barsilver in New York fluctuated between 70%and 72 cents, closing the period at 7134 centsras compared with 70% cents four weeks earlier.Deliveries of tin in the United States duringSeptember were slightly under August andstocks in New York at the end of the monthfell off to the lowest point since June. Quota-tions for tin, after displaying some weaknessduring the third week of September, began a.sustained advance toward the close of themonth that continued during the first half, ofOctober. On October 14 straits tin was quotedat 62 y> cents, as compared with 59 cents" onSeptember 16, and 2 cents over the previoushigh for the year reached on January 3.

MANUFACTURINGFood products.

There was more than the usual seasonalincrease in flour production in September innearly all Federal reserve districts except theChicago district, but production was generallyunder that of September of last year. Theproduction in September was 13,700,000barrels, as compared with 10,196,000 barrelsfor August and 13,795,000 barrels for theprevious September. Since the first of Octo-ber, however, production has declined, andthe steadier position of wheat has not been ac-companied by a substantial increase in buying.With the exception of May, 1925, the exports



of wheat flour were the smallest for any monthsince July, 1924. Very little flour was goingto Europe, Latin America and the Orienthaving taken most of that shipped.

Flour advanced with the recent recovery inwheat, and on October 23 standard patentsat Minneapolis were $8/40 a barrel, 20 centshigher than the preceding month and 45 centsabove the quotations of a year ago.

As a consequence of increased supplies andprospects of a larger world production ofsugar in 1925-26, prices of sugar declined tonew low levels in September, and since early inOctober quotations for duty-paid raw sugarhave been less than 4 cents per pound, andshortly after the 20th they declined to thelowest price since January, 1922. Refinedsugar followed raws and was quoted around5 cents per pound. All commitments werefor immediate needs. Meltings in Septemberwere the smallest since February of this yearand were 15 per cent smaller than in Septemberof last year. Stocks, principally at refineries,showed similar decreases and were smallerat the close of September than for any similardate during the last six months.

Slaughterings under Federal inspection in-creased about 5 per cent in September overAugust, gains being registered in all types ofanimals except calves. There was a decreasein slaughterings of 6 per cent when comparedwith September, 1924, the decrease occurring inhogs and sheep. Stocks of all meats in cold stor-age were seasonally low, but were especially soin pork products, as the following chart shows.THOUSANDS OF POUNDS1200

1000

THOUSANDS OF POUNDS

1200

1000

800

eoo

400 -

200

1922 1923 192** 1925

On July 1 pork and lard stocks were thelargest in recent years, while on October 1they were the smallest on record for that datesince 1917.

Sales of meats increased in September andwere 12 per cent larger than in September,

1924. Foreign demand, as well as domesticbuying, improved in September, and the valueof exports was larger than in the previousmonth or in the same month of last year,although the physical quantity of exports waslarger in September, 1924, than in Septemberof this year.Textiles.

Textile industries have in general been moreactive in recent weeks than during the summer.Demand has been fairly steady, manufacturingoperations have been increased, and priceshave been firm. The greatest improvementhas probably been in the woolen and worstedindustry; cotton goods have also shown greateractivity; and the silk industry has continuedat the high level noted for several months.

Demand for cotton goods and yarns wasaffected by weakness in raw-cotton pricesduring September and October, but, consider-ing this disturbing influence, buying continuedfairly steady. Manufacturing activity in-creased in nearly all important States inSeptember from the low point reached inAugust, although reports indicate that opera-tions have been somewhat limited in theCarolinas, owing to power scarcity caused bydrought. The number of spindle hours activeduring September was greater than duringAugust in all important States except NorthCarolina, New Hampshire, and Connecticut,and consumption increased in all except NewNew Hampsnire and Maine. Consumption byall the mills in the country was greater than inSeptember of 1920 and 1924, but has been ex-ceeded slightly by figures for that month of allother years since 1914. Owing to lower raw-cotton prices, quotations on cotton goods andyarns declined in October, and the Fairchildindexes, which on October 3 were the highestsince last spring, declined slightly in the threeweeks following. The declines in the goodsand yarn indexes, however, have not been asgreat as in the raw-cotton indexes, whichabout the middle of October fell to the lowestpoint since 1922. Finishers of cotton fabricsreported an increase of orders in September tothe largest total since last March. Billingsand shipments also showed substantial in-creases.

Stronger raw-wool markets, with advancingprices, steady buying of woolen and worstedgoods, and increased manufacturing activityhave been outstanding factors affecting thewool industry in recent weeks. Manufactur-ing operations increased in September for thesecond successive month, and preliminary



reports indicate that mill consumption of rawwool was the largest since March. The in-crease has been particularly noticeable recentlyin ^worsted spindles, which were nearly 71per cent active in September, as comparedwith a low point of 53 per cent in June andwith 67 per cent in September, 1924.1 Woolenspindles were 82 per cent active, but haveshown little increase recently and were lessactive than a year ago. Loom activity in-creased and was greater than last year.Manufacturers report an active demand forstaple goods, both for spring and fpr imme-diate ̂ delivery. There has been a large rushcall for blue cheviots in men's wear. Worstedshave been decidedly in best demand. Raw-wool markets have been fairly active recently,reflecting greater strength abroad. The Fair-child index of domestic wool prices, whichdeclined from the middle of July to the endof September, advanced for three successiveweeks in October. Wool imports totaled18,948,156 pounds in September and sinceApril have been larger than in the correspond-ing months of 1924, but the amount of woolin bond in Massachusetts showed a steady andlarge decline in each month from May 31 toSeptember 30.

Demand for silk and silk goods has beenrather large, continuing the great activitynoted in this industry for several months.Silk goods have been bought in substantialamounts at steady prices. Manufacturingoperations have continued large, with broad-silk looms at about 90 per cent of single-shiftcapacity. Spindles are running at more thanthe one-shift capacity. Deliveries of raw silkto mills in September totaled 41,684 bales,slightly less than in the longer months ofJuly and August, but large as compared withprevious months. Imports increased consider-ably, totaling 7,632,820 pounds, the largestfigure for any month in the postwar period.As a consequence of the excess of importsover mill takings, warehouse stocks increased-considerably. Raw-silk prices fluctuatedslightly during October at around the highestlevels reached since early in 1924.

Knit-goods industries have also noted ratheractive business in recent weeks. Orders for falland winter goods have been satisfactory, andjeports indicate seasonal increases in produc-tion. Women's full-fashioned silk hosiery hascontinued in good request. Manufacturershave advanced prices on full-fashioned silkhosiery 50 cents a dozen. Preliminary Septem-

ber data for the Philadelphia and Atlantadistricts indicate an increase in orders, produc-tion, and shipments of men's and women'shosiery, but the output of boys' and misses'hosiery by mills in the Atlanta district de-creased. Production of summer underwearshowed a seasonal increase in September, andthe output of winter garments also increasedslightly.Iron and steel.

Improvement in the iron and steel industryduring September and October was evidencedby increases in orders, production, and prices.Buying of various iron and steel products hasgrown larger, and in September for the firsttime since February unfilled orders of theUnited States Steel Corporation increased.Daily average production of pig iron equaled90,873 tons and of steel ingots equaled 134,342tons in September, as compared with Julyfigures, the smallest of the year, of 85,936 tonsand 118,753 tons, respectively. Output wasgreater than in September, 1924, but the in-crease from the low point was not as great thisyear as last. There was an increase from 192furnaces in blast on September 1 to 200 onOctober 1. During October reports indicatefurther increases in operations of steel mills.

Prices have been firmer and many producershave advanced quotations on pig iron by 50cents to $1 a ton. Coke prices were alsorather considerably raised in October; Con-nellsville coke1 for prompt delivery was quotedat $7.50 on October 20 as compared with $3.75-'$4.25 a month earlier. The Iron Age index ofpig-iron prices rose steadily from $19.13 in theweek of September 8 to $19.88 in the week ofOctober 20. A few increases in prices of steelproducts have been made. Late in Octoberautomobile body sheets were advanced about$3 a ton.

Railroads have entered the steel market andwith increased orders for cars, locomotives,and rails have reenforced the continuing largedemand from construction and automobile in-dustries. Railroad car orders in Septemberwere larger than in any other month this year,but were still small relative to those of Septem-ber, 1924. Car awards in the first part ofOctober also were rather numerous. Buyingof rails has been the most active feature ofrailroad purchasing, many of the large roadshave placed substantial orders, and new in-quiries are frequent. Building activity wasreflected in the maintenance oi bookings andshipments of fabricated structural steel at high


NOVEMBER, 1925 FEDERAL KESEBVE BULLETIN 795

levels. Sales of sheets, which were rathersmall in July and August, increased consider-ably in September; at the same time unfilledorders were increased to the greatest totalsince March, and production was the largestsince January. All items except stocks con-tinued considerably greater than in the corre-sponding period of last year.Automobiles and tires.

Automobile factories continued busy duringSeptember and the first part of October,producing cars largely to supply current de-mand. Sales likewise were fairly well main-tained at high levels. Production of passengercars in the United States increased from 214,383in August to 262,036 in September. Althoughthe September figure is slightly larger thanthat of September, 1924, it is rather small ascompared with the spring and summer monthsof this year, and apparently the drastic cur-tailment of output caused by model changes inAugust continued partly into September.Reports indicate that many companies hadrecord outputs in September. A new dailymaximum output was reported for the FordMotor Co. about the middle of October.Production of trucks totaled 57,883 in Sep-tember, as compared with 46,247 last April,previously the maximum output on record.

Manufacturers7 sales in September werealso very large. Those of the General MotorsCo. to their dealers totaled 88,379, a newmonthly record. Dealers7 sales to users werenearly as great, 83,612, but were not equal tosales during last April and May. Internalrevenue taxes paid on automobile and motor-cycle sales in September totaled $11,800,416,as compared with $12,333,000 in July, the maxi-mum monthly collections recorded, and $9,278,-014, in September, 1924. Reports from cer-tain middle western dealers to the ChicagoFederal Reserve Bank showed a decrease insales in September as compared with August,and as compared with September of last year adecrease in retail sales but a substantial increasein those of wholesalers. Exports of automobilestotaled 22,822 in September, as compared with33,244 in August. Exports for the first ninemonths of this year totaled 218,212 cars. Thetotal for the entire 12 months of 1924 was178,883, the largest figure for any year.

Crude-rubber prices advanced further inOctober, again rising to over $1 a pound.September imports totaled 59,061,732 pounds,much less than in any month since February,and slightly smaller than in September a yearago. In October tire producers announced

price advances of from 10 to 20 per cent.Shipments of tires were considerably smaller inAugust and September than in the spring andsummer months; production was rather wellmaintained, however, and manufacturers7

stocks have increased considerably from thelow point at the end of July.

Lumber.As has been true for several months past,

lumber cut continued in September to run inlarger volume this year than last, an inconsid-erable decrease in production being shown by re-ports to the National Manufacturers7 Associationfor September as compared with August. Soft-wood production in September exceeded bothshipments (by 1.8 per cent) and orders (by 6.4per cent), and for the 42 weeks of this year end-ing October 17 aggregate production of soft-woods slightly exceeded shipments (by 1.7 percent). For hardwoods, shipments and ordersin September, as in August, exceeded produc-tion. Although in the aggregate softwood pro-duction exceeded shipments in September,shipments of Douglas fir, as reported for 104mills of the West Coast Lumbermen7s Associa-tion, and shipments of Southern pine, as re-ported for 169 mills of the Southern Pine Asso-ciation, exceeded production. These two asso-ciations report approximately seven-tenths ofthe reported softwood output. Of the sevenother reporting associations; four report forSeptember production in excess of shipmentsand#three shipments in excess of production.

Hides, leather, and shoes.Shoe sales have been rather large in recent

weeks, and hide markets have been active,but the demand for leather has been only fair.Sales of hides and skins on Chicago marketsin September were fairly large and pricesremained steady. Raw stocks of cattle hidesat the end of August were the smallest sincethe records began in 1920; stocks of calf andgoat and kid skins, on the other hand, werethe largest since 1923.

Production of sole leather was smaller inSeptember than in any month since June,1924. Stocks in process also decreased con-siderably, and tanners7 finished stocks, whichhave been steadily increasing since February,were reduced. August figures, the latest avail-able, showed smaller finished stocks of allupper leathers, in most cases the smallest onrecord, and increased production of all exceptcalf and kip leather. Offal has been in gooddemand and has advanced in price. Pricesof other leathers have not changed.



Buying of boots and shoes continues large.Preliminary figures indicate that Septemberproduction will exceed that of September ina<ny of the three preceding years. Sales ofshoes by wholesalers increased in Septemberand for the fourth consecutive month werelarger than in the corresponding month of1924. Chain shoe stores also had larger salesthan a year ago, and sales of women's shoes inreporting department stores showed a similarincrease.

BUILDING

While cost values of building and engineeringcontracts awarded during August and Septem-ber indicated that the volume of constructionbeing bought under new contracts during thesemonths was decreasing nearly in proportion tothe usual seasonal trend, the decrease over themonth of approximately 7 per cent was upon arecord large volume of construction. Adjustedfor seasonal variation, the Federal ReserveBoard's index, figured on cost values of con-tracts awarded in 1919 as 100, stood at 224 inSeptember, or practically at the very high levelof the preceding month. In May the indexstood at 151. I t advanced to 171 in Juneand to 189 in July. On a cost-value basis,September awards this year of $566,000,000in 11 Federal reserve districts ran above 1924by $209,000,000, or 59 per cent.

Of the total value of awards for all classes ofconstruction, the value of awards for residen-tial building constituted 45 per cent, the Sep-tember total of $256,000,000 being 72 per centabove last year's total. Larger values for resi-dential awards were reported this year in eachof the 11 Federal reserve districts for whichdata are compiled.

It is noted oy the American Contractor thatreports to the F. W. Dodge Co. of contractsawarded during the first nine months of 1925indicate that the value of construction startedin this period exceeded total awards during the12 months of 1924 in three of the seven regionsfor which totals are compiled. These regionsinclude the New England States as a group;the Pittsburgh district, comprising westernPennsylvania, West Virginia, Ohio, and Ken-tucky; and the Central West, comprisingIllinois, Indiana, Iowa, Wisconsin, Michigan,Missouri, Kansas, Oklahoma, and Nebraska.Compilations given by the American Con-tractor show percentage changes for cost valuesof contracts awarded in these several regionsand in Texas as follows:

Region

New EnglandNew York State and northern New Jer-

sey _Middle Atlantic StatesSoutheastern StatesPittsburgh districtThe Central WestThe NorthwestTexas _

Percentage change

September, 1925,compared with—

August,1925

- 3

-37—7

+23-14+28+23-16

Septem-ber, 1924

+57

+560)

+84+36

+100+50+43

Year toOctober1, 1925,

comparedwith 1924

+37

+8+20+26+58+44+11

(2)

1 Practically equal in amount.1 Data not available.

In each of these several areas, excepting NewEngland and the Pittsburgh district, estimatedcost of construction for " contemplated newwork," as reported to the F. W. bodge Co.,exceeded the value of contracts awarded inSeptember.

A similar seasonal trend of building activityis indicated in the reports covering permitsissued in 168 selected cities. Although, ascompared with the August reports for thesecities, a somewhat larger number of permitswere issued in September, the valuation putupon these permits was 9 per cent under theAugust total. In each of the preceding sixmonths of this year, March to August, inclu-sive, permits issued covered larger aggregatevaluations. Nevertheless, the September val-uation ran above that for September of lastyear by 32 per cent, and in the selected citiesof each Federal reserve district, excepting thePhiladelphia, Chicago, and San Francisco dis-tricts, permits were issued for a greater aggre-gate value this year.

Compilations by S. W. Straus & Co., coyer-ing valuations of permits issued in 369 cities,give an aggregate value in excess of $3,300,-000,000 for permits issued this year to October1, a value 17 per cent in excess of last year'stotal, the gain for the month of September,1925 over 1924, amounting to 38 per cent.For New York City a total valuation of$738,000,000 is reported for permits issued toOctober 1, the gain over 1924 amounting to 11per cent, and the September-September gainto 91 per cent.

The physical volume of building and engi-neering activities covered under new contractsin 27 northeastern States, according to compila-tions of the F. W. Dodge Co., also showa seasonal decline over the month from August


NOVEMBER, 1925 FEDERAL. RESERVE BULLETIN 797

to September (of 7 per cent) and a volume ofbuilding largely in excess of last year—squarefeet contracted for in September of this yearbeing 66 per cent above 1924. Residentialbuilding contracted for in these States fell offfrom 46,000,000 feet in August to 38,000,000feet in September, the corresponding figures forSeptember, 1924, being 24,000,000 feet. Con-trary to the general seasonal trend the volumeof industrial building increased in Septemberfrom 4,200,000 feet in August to 7,700,000 feetin September, being more than double lastyear's total of 3,200,000 feet.

Reports to the National Association of RealEstate Boards of transfers and conveyances ofreal estate in September in 41 centers indicate" a continuance through that month of the highdegree of activity which characterized August."

Material and labor costs, as compiled by theAmerican Appraisal Co., for wood frame andreinforced concrete construction tended slightlyupward in September (by only a fraction of 1 percent), and costs for steel frame with brickconstruction slightly downward. The Bureauof Labor Statistics index for wholesale prices ofbuilding materials advanced from 172.4 inAugust to 174.1 in September.

TRANSPORTATION

Measured in car loadings, freight continuedto move during September in nearly the samevolume as in August—increases for livestock,coke, and merchandise offsetting decreases forgrain and grain products, coal, forest products,and ore. Loadings increased in Septemberover August in each district for which totalsare compiled except in the eastern and Alle-gheny districts, although the net increase forall districts combined was less than the usualseasonal change, as shown by the Federal Re-serve Board index. Comparing September thisyear with September of 1924, increases areshown for each district except the Central Westand the Southwest. Coal loadings fell off by110,000 cars—from 853,000 cars in August to743,000 in September—very little anthracitemoving either in revenue or nonrevenue load-ings. Merchandise loadings, including lessthan carload freight, increased by 126,000cars—from 2,831,000 to 2,951,000 cars. As ineach preceding month of this year, exceptingFebruary, for which comparison is affected bythe extra day last year, total loadings in Sep-tember for all classes of freight combined ex-ceeded loadings in 1924, although loadings ofgrain and grain products, livestock, and coalwere in smaller volume this year. Compila-

tions by the Bureau of Railway Economicsshow for the year to October 10 total car load-ings for all classes of freight combined 14 percent above the six-year average. In this periodloadings of forest products and of manufac-tured products have run 20 per cent above thesix-year average, loadings of coal and coke 3per cent, and loadings of grain and grain prod-ucts 0.4 per cent.

Freight-car surplus declined from 238,000cars for the first quarter of August to 147,000cars for the first quarter of September. Thesurplus increased in the second quarter of Sep-tember and fell off in each succeeding quarterto 136,000 cars in the first quarter of October.

Total operating revenues of Class I railwaysin August were 9.2 per cent and operating ex-penses 4.1 per cent above the correspondingtotals for 1924, the increase in net operatingincome for the month amounting to 23.5 percent. The operating ratio (percentage of ex-penses to revenue) in August was 70.02 percent, and for the eight months ended August31, 75.78 per cent, the corresponding figuresfor 1924 being 73.48 and 78.13 per cent.

Rate of return earned in August on the in-vestment of the carriers, as shown by theirbooks, was equivalent to an annual rate of4.65 per cent, the rate earned by carriers in theeastern district being 5.22 per cent, in thesouthern district 5.86 per cent, and in thewestern district 3.62 per cent.

TRADEWholesale trade.

Sales in all leading lines of wholesale tradeincreased in September and the total volume oftrade, as measured by the Federal ReserveBoard's combined index of wholesale trade,was 9 per cent larger than in August. Whole-sale trade usually increases in September asretailers begin to build up their stocks in an-ticipation of autumn trade, but the increasethis year between August and September wasgreater than that which usually occurs. Salesof groceries, shoes, hardware, and drugs in-creased more than 10 per cent in September,while those of meats and dry goods were about5 per cent larger. Sales of all leading linesexcept dry goods were larger than in Augustin nearly all Federal reserve districts.

Compared with September of last year,sales were 3 per cent larger and were in thelargest September volume since 1920. Salesin all leading lines except dry goods were largerthan in 1924, but meat and shoe sales showed thelargest increases. Sales of drugs were larger inall districts except New York, and hardware



sales were larger in all districts except Phila-delphia, Cleveland, Richmond, Chicago, andDallas, the most substantial increase beingin the Atlanta district. Agricultural-imple-ments sales continued to be much larger thanin 1924, although they were smaller in theMinneapolis and Dallas Federal reserve dis-tricts.

As a consequence of increased sales in Sep-tember, stocks of merchandise at wholesalefirms, as measured in dollar values, showed afurther reduction and were smaller at the endof the month than for any previous monththis year. Stocks of all leading lines exceptgroceries were smaller, those of meats, dry

f oods, and drugs showing the largest declines.LS compared with a year ago, stocks of dry

goods, shoes, and hardware were smaller invalue, while those of groceries, meats, anddrugs were larger. Accounts receivable atwholesale firms, as indicated by all districtsreporting, were larger at the end of Septemberthan in August. Compared with a year ago,accounts outstanding at shoe and drug firmswere larger but those at grocery, dry goods,and hardware firms were smaller.

Retail trade.Trade at department stores and mail-order

houses showed more than the usual seasonalincrease in September, and was larger than inSeptember of last year. Sales at 5-and-10-centand drug chain stores were slightly smaller thanin August, but those of other reporting chainstores were as large or larger than in the pre-vious month. Compared with a year ago, salesof all reporting chains were larger.

Department-store sales were larger than inSeptember of last year in all Federal reservedistricts except the three southern reserve dis-tricts and the Cleveland district. For thenine months ending with September sales werelarger than for the corresponding period lastyear in all districts except Philadelphia, thelargest increases occurring in the Chicago andKansas City Federal reserve districts, wherethey amounted to 5 and 6 per cent, respectively.Analysis of sales, by departments, from storesin seven Federal reserve districts indicates thatsales were more than 10 per cent larger thanin September of last year for silks and velvets,toilet articles and drugs, women's dresses,juniors7 and girls7 ready to wear, negligees,aprons, and house dresses, furniture, toys andsporting goods, luggage, and musical instru-ments and radios. Sales of departments car-rying woolen dress goods, laces, trimmingsand embroidery, women's coats, women's suits

and skirts, waists, and blouses, and gloves weresubstantially smaller than in September, 1924.

Total value of merchandise stocks at depart-ment stores increased further in September andwere larger than at the end of September, 1924.Departments carrying domestics, toilet articlesand drugs, furs, women's and children's hose,infants' wear, and luggage reported stocks morethan 7 per cent larger than last year, and thoseselling ribbons, women's suits, skirts, waists,and blouses reported the greatest decreases.

For the nine months ending September,department store stocks were turned over 2.36times, as compared with 2.30 times during thecorresponding period in 1924. Goods movedfaster in all Federal reserve districts exceptNew York and Philadelphia, where the rate ofturnover was slightly less. Since sales andstocks in September increased in about thesame proportion, as compared with Septemberlast year, the ra-te of stock turnover for themonth was practically the same as last year.

EMPLOYMENT

Employment in industrial establishmentsincreased during September for the secondconsecutive month and likewise continued athigher levels than a year ago. Because of theLabor Day holiday in the pay-roll periodcovered by the September reports, the totalamount of wage payments in the same estab-lishments was somewhat smaller than inAugust. Increases in number employed werenoted in nearly all the important industries,with the largest growth in automobiles andmusical instruments. Decreases were few andlargely limited to seasonal changes. As com-pared with September, 1924, large decreaseswere noted only in the meat packing, sugarrefining, millinery, and car building and repair-ing industries. In automobiles and tires, silkgoods, hosiery and knit goods, dyeing and fin-ishing textiles, machine tools, agricultural im-plements, and glass manufacturing employ-ment was much larger than a year ago, and innearly all other industries there were smallerincreases. Employment in certain importantindustries—iron and steel, cotton, wool, anddyeing and finishing textiles—has been forthree or four months at somewhat lower levelsthan earlier in the spring, although greaterthan during corresponding months of 1924. Onthe other hand, the number employed in a fewindustries, such as silk, knit goods, shoes,automobiles, cement, brick, and lumber, inSeptember compared favorably with or ex-ceeded previous months of large employmentduring the past two years.


NOVBMBEE, 1925 FEDERAL RESERVE BULLETIN 799

Increased employment was noted duringSeptember, as compared with August, in allgeographical divisions except New Englandand the Mountain States, and, as comparedwith a year ago in all except the west, southcentral, and the mountain regions. Sincethe summer of 1924 the greatest increase hasbeen in the east north central division, re-flecting the growth of employment in theautomobile industry. No wage changes ofsignificance have been reported recently to theBureau of Labor Statistics. The anthracitestrike, which began September 1,' continuedthroughout October. Bituminous mines reportthe largest production for September in severalyears, indicating increased employment. Agri-cultural labor has been in demand, and workin the construction industry, both on roads andbuildings, continues to be a large source ofemployment. Railroad employment has in-creased since March and during the summermonths was greater than a year earlier.

SAVINGS DEPOSITSSavings deposits reported by 898 banks dis-

tributed throughout the United States totaled$7,971,672,000 on October 1, 1925, as comparedwith $7,932,155,000 on September 1, 1925, and$7,473,277,000 on October 1,1924. The largestincrease in savings deposits in September oc-curred in the Atlanta Federal reserve district,amounting to 3.5 per cent, and increases of over1 per cent were reported from the St. Louis,Minneapolis, and Dallas districts. On the otherhand, deposits in the Philadelphia, Cleveland,Richmond, and Kansas City districts declinedduring the month. All districts reported largerdeposits than a year previous. A comparisonof savings deposits reported on October 1,1925,September 1, 1925, and October 1, 1924, isshown, by Federal Reserve districts, in the fol-lowing table. In the Boston and New Yorkdistricts the figures represent only deposits ofmutual savings banks; in all other districtswhere there are but few mutual savings banks,savings deposits of other banks are included.S A V I N G S D E P O S I T S , BY F E D E R A L R E S E R V E D I S T R I C T S


Federal reserve district

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis--Kansas City...DallasSanJjFrancisco..

Total. . . .

Num-ber ofbanks

643079698693 !

194312656

10070

Oct. 1,1925

1, 329,8532,114, 729524, 607856,060348, 551255,457945, 985142, 582108, 809113,957105, 330

1,125, 7357, 971, 655

Sept. 1,1925

1, 326,9802,095, 847525, 850856, 390350, 998246, 832944,078140,072107,191114,110104, 282

1,119, 5257, 932,155

Oct. 1,1924

1,263,8002,002,659

491,103799, 292323, 212231,065905,926138, 247100,436108,065

96, 5691,012,903

7, 473, 277

PRICES

Wholesale prices in September, as shown bythe index of the Bureau of Labor Statistics,stood at 159.7, practically the same figure asin July and August, but about 7 per centabove September of last year. Price move-ments of the separate commodity groups forthe month were also narrow. Cloth andclothing, fuel and lighting, and metals werepractically unchanged; building materials,chemicals, and foods rose by 1 per cent orless, while farm products, house furnishings,and the miscellaneous group were slightlylower. Of these groups, only metals andhouse furnishings are lower than a year ago,but considerable advances have occurred onlyin the miscellaneous group, in farm products,and in food.

For the past three months advances anddeclines in the indexes of the several com-modity groups composing the wholesale priceindex of the Bureau of Labor Statistics havebeen mutually compensatory, with the con-sequence that the all-commodity index hasremained practically constant at 160. Be-tween July and September farm productsdeclined slightly, but foods rose over 1 per centto 160.3, the highest figure recorded sinceJanuary, 1921. Compared with July, buildingmaterials, cloth and clothing, metals, andchemicals and drugs have risen slightly, andthe index of the last named group is at itshighest point since the spring of 1923. On theother hand, miscellaneous commodities andthe fuel and lighting group have declinedsteadily for the past three months, and housefurnishings at 167.5 shows the lowest figure sinceApril, 1919. A table of these index numberswill be found on page 819.

At the end of the third, week in Octoberprices of few commodities showed importantchanges from the quotations of a month before.Butter and eggs were higher and coke haddoubled in price, although other fuels showedlittle change. ,aCotton and sugar were lower.

ICOMMERCIAL FAILURES AND BANK SUS-PENSIONS

During September 1,465 commercial failures,involving liabilities of $30,687,319, were re-ported by R. G. Dun & Co., bringing the totalnumber for the third quarter of the year to4,663 and the aggregate liabilities to $102,-351,371. The number of failures during thethree-month period was about 5 per centlarger than in the same period last year—infact was larger than in the third quarter ofany previous year except 1922. Total lia-



bilities for the quarter were, however, nearly20 per cent lower than for the same periodlast year and, with the exception of the thirdquarter of 1923, were lower than for anyprevious quarter in five years.

The increase in the number of insolvenciesfor the quarter was due almost entirely toan increase in the number of failures amongtrading enterprises. The liabilities involvedin this class of commercial failures were alsoconsiderably larger than in the same periodlast year, in contrast to the liabilities of failedmanufacturing organizations, which showed amarked decline for the period as comparedwith the third quarter of last year. Com-mercial failures are shown by class of enter-prise in the following table for the thirdquarter of 1924 and 1925:

COMMERCIAL FAILURES, CLASSIFIED FOR THE THIRDQUARTER OF 1924 AND 1925

Class of enterprise

Tsjiimbpr Liabilities (in thou-Number sands of dollars)

All classes

ManufacturingTradingAgents, brokers, etc

1924

126,263

69,41538,90717,941

The usual seasonal tendency for failures tobecome less frequent after the opening of theyear has prevailed during past months, andboth the number and total liabilities for Sep-tember were the lowest for the year. Theaggregate indebtedness in default was less thanfor any month of the past two years and, ex-cept for the month of September last year, thesame was true of the number of failures. De-clines during recent months, both in numberand liabilities, have been most marked amongthe trading class of enterprise. In the follow-ing table commercial failures are shown, byclass of enterprise, for the month of September,1924 and 1925:

COMMERCIAL FAILURES, CLASSIFIED FOR SEPTEMBER1924 AND 1925

Class of enterprise

All classes

Manufacturing.. _TradingAgents, brokers, etc

Number

1925

1,465

3881,015

62

1924

1,306

36088363

Liabilities

1925

$30,687,319

8,167,17214,989,8717,530,276

1924

$34,296,276

19,468,18510,125,6484,702, 443

The number of insolvencies and the aggre-gate indebtedness in default were larger inSeptember than during the preceding monthsin the Boston, New York, Philadelphia, andRichmond districts; the number was largeralso in the Chicago and San Francisco dis-tricts, and the liabilities higher in the Atlantaand St. Louis districts. Comparing Septem-ber of this year and last, the number ol fail-ures was larger this year in all except thePhiladelphia, Atlanta, Chicago, and St. Louisdistricts, whereas the aggregate indebtednesswas higher only in the Boston, Richmond,Atlanta, and San Francisco districts. In theAtlanta and St. Louis districts the number offailures for the month was the smallest sinceOctober, 1920, and August, 1923, respectively,and in the Minneapolis and Kansas City dis-tricts total liabilities were the lowest sinceOctober, 1920, and November, 1922, respec-tively. Comparative data, by districts, forthe month of September are presented inthe following table:

COMMERCIAL FAILURES DURING SEPTEMBER


BostonNew YorkPhiladelphia. _.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis...Kansas City. . .DallasSan Francisco..

Total.

Number

1925

144257641311016120254668846251

1,465

1924

9423873102848521371547834180

1,306

Liabilities

1925

$7,700,1816,623,159928,390

1,439,0152,330,5361,538, 9884,500, 4021,138, 071405,371853,793412,370

2,817,043

1924

30,687, 319

$1,119, 2429,374,9641, 315, 5333,259,6881,212, 8691, 375,3178, 945,4943,586,174453,528

1,339,489580,455

1,733,523

34, 296, 276

During September 29 banks, with capital andsurplus of $1,677,335, were reported to the Fed-eral reserve banks as having been closed ordeclared insolvent. Both these totals wereabove the low figures for the year which werereported for the preceding month. Of thesuspensions during September, five, with capi-tal and surplus of $442,130, were national banksand one, with capital and surplus of $56,800,was a State member bank. The remaining 23banks, with capital and surplus of $1,178,405,were nonmember banks. Two banks in theMinneapolis district, which had previously beenclosed, were reported to have resumed opera-tions during the month. The figures for closedbanks represent, as far as could be determined,banks which have been declared insolvent or



have been closed by order of supervisoryauthorities, and it is not known how many ofthe latter institutions may ultimately prove tobe solvent.

BANKS CLOSED DURING SEPTEMBER, 1925

All banks Member(national)

Federal reservedistrict

Num-ber

All districts

ClevelandRichmondChicago. _ ._St. LouisMinneapolis _Kansas CitySan Francisco

i

291 1.; 8

2i 6i 9

1 2

Capitaland

surplusNum-

ber

, 677,335

107,19030,250

544, 71039,300

293,090!580,770182,025|

Capitaland

surplus

i 6 $498,930

Num-ber

56,800

145,830296,300

Nonmember

Capitaland

surplus

23 $1,178,405

107,19030,250

487, 91039,300

147, 260284,47082,025

1 Includes one State member bank in the Chicago district.

FOREIGN TRADE

In September imports of $350,005,000 andexports of $420,319,000 were the largest sinceMarch of this year. Imports were $10,000,000above those of August and exports were$40,457,000 higher. Compared with Septem-ber of last year, imports were about $63,000,000higher and exports about $7,000,000 smaller.The excess of exports for September was$70,314,000, $30,526,000 larger than that of themonth before, but only about half that for Sep-tember of last year.

For the first nine months of 1925 both im-ports and exports of merchandise were muchlarger than last year, imports having risen by$409,683,000 and exports by $378,653,000.Due to the larger increase in imports thanin exports, the surplus of exports for the ninemonths declined from $454,623,000 to $423,-593,000. Owing to the changes in the move-ment of gold, from net imports of $258,724,000in the first three-quarters of 1924 to net exportsof $144,443,000 for the first nine months ofthis year, and to an increase of about $1,500,000in silver exports, the total visible balance oftrade has risen from an export balance of$219,873,000 for the first nine months of 1924to one of $593,478,000 for the correspondingperiod of this year, an increase of $373,-605,000.

MERCHANDISE TRADE BALANCE OP THE UNITEDSTATES


Month

1924JanuaryFebruaryMarchAprilMayJuneJuly.AugustSeptember...OctoberNovember...December

Year...

1925JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember. .

Imports

295,506332,323320,482324,291302,988274,001278, 594254, 542287,144310,752296,148333,192

3,609,963

346,165333,457385,379346,091327,519325,216325,648340,074350,005

Exports

395,172365,775339,755346,936335,099

276,649330,659427,460527,172493,573445,748

4,590,987

446,443370,676453,653398,255370,945323,348339,646379,862420,319

Excess ofimports

Excess ofexports

1,945

33,45219,27322,64532, 111

76,117140,316216,420197,425112, 556

981,024

100,27837,21968,27452,16443,426

13,99839,78870,314

TRADE BALANCE OF THE UNITED STATES FOR NINEMONTHS ENDED SEPTEMBER, 1924 AND 1925

[In thousands of dollarsl

1924ImportsExports

Net imports (—) orexports (+)

1925Import s.Exports

Net imports (—) orexports (+) ---

Merchan-dise

2,669,8713,124,494

+454,623

3,079,5543, 503,147

+423, 593

Gold

269, 88311,159

-258,724

59,830204, 273

+144,443

Silver

55,77179,745

+23,974

49,19474, 636

+25,442

Total

2,995,5253,215,398

+219,873

3,188,5783,782,056

+593,478

GOLD MOVEMENT

UNITED STATES

Imports of gold in September, .valuedr"at$4,128,000, were somewhat smaller than forAugust, and, as in August, about three-fourthscame from Canada. Exports for Septemberamounting to $6,784,000 were more than threetimes as large as for August. Practically allthe gold exported in September went to theFar East. For the month there was a net gold



export of $2,656,000, compared with net im-ports of $2,726,000 in August.

For the nine months ended September grossimports of gold amounted to approximately$60,000,000 and gross exports to $204,000,000,leaving a net export balance of $144,000,000,compared with net imports of $259,000,000 inthe same period of last year. About one-thirdof the gold exported has gone to Germany,one-third to the Far East, and nearly one-halfof the remainder to Australia.

GOLD IMPORTS INTO AND EXPORTS FROM THE UNITEDSTATES


Country of origin ordestination

IMPOSTS FROM—

EnglandFranceGermanyNetherlands.CanadaMexico.—Argentina. .China.All other

Total

EXPORTS TO—

EnglandFranceGermany. _NetherlandsCanada..MexicoArgentinaColombia. .UruguayVenezuelaBritish IndiaHongkong .Australia •All other

Total _

Net imports,.Net exports

1925

Septem-ber

421

2,900245

958

4,128

260

13538250

2,2251,209

2,523

6,784

2,656

August

11

3,450325

2

1,083

4,862

221

167764

19853

733

2,136

2,726

9 months endedSeptember—

1925

4,8246,585

210,08525, 5393,609

1209,094

59,860

6,1601,339

67, 5194,3182,8967,4955,5102,000

8022,160

58,7578,132

26,92510,260

204, 273

144,413

1924

130,89310,7044,821

34, 50133, 5584,250

16,1894 603

30, 364

269,883

65

1,3622,799

1,1023,6911,856

284

11,159

258, 724

ENGLAND

Gold imports into England in Septemberamounted to £834,291, the smallest for anymonth of the year. Practically all this goldcame from Africa, receipts from Europeancountries, which had been considerable in themonths immediately preceding, being negligi-ble. Exports for the month, £2,737,740, prac-tically the same sum as in August, were chieflyto Switzerland, India, and the Netherlands.The figures for the month show net exports of£1,903,449, compared with net imports of£101,146 in August.

For the nine months ended September,imports have been £2,690,000 above last year,the great decline in receipts from the Transvaalbeing more than made up by increased importsfrom the Netherlands, Russia, and the UnitedStates. Exports, on the other hand, have beensmaller than last year's by £15,847,000. Forthe period, exports to the United States havebeen about £29,000,000 less, but exports toSwitzerland are nearly £3,000,000 larger, toIndia about £3,700,000 larger, to the Nether-lands about £800,000 larger, while the increasein shipments to unspecified destinations, whichincludes Germany, are about £5,500,000greater. Exports to the Straits Settlements areabout four times as great as last year, whileSouth American countries, to which no exportswere reported in the first nine months of either1923 or 1924, have taken about £350,000 net.

For the nine months ended September, 1925,the balance shows net imports of £3,882,740,compared with net exports of £14,714,240 forthe same period of last year.

Net movements between England and thegold standard countries of the Continent havepractically balanced. For the nine months, thefigures show no imports from Sweden and netexports of only £100; net imports from theNetherlands have amounted to £3,288,079, butnet exports to Switzerland have totaled£3,101,191.

GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN

1925Country of origin or

destination

IMPORTS FROM—

FranceNetherlands.._RhodesiaRussiaTransvaalUnited States.West Africa.._Allother

Nine months end-ed September—

September August I 1925

£123,9835,083, 7951,460,699

£4, 513 £1,001,77554, £ 159,456

3,182,385.640, 332| 1, 512,857 15,163,186 24,610,964

126,8967,681

Total

EXPORTS TO—

834, 291

521, 205

88,181424,561

Belgium. _British IndiaEgyptFrance..NetherlandsRussiaStraits Settlements i 3*2,787Switzerland .1 1,023,049United StatesWest Africa I 1.170Allother 287,706

Total ..--- 2,737,740

Net imports..Net exports..

4,08191,98632,442

6,800

17,94410,726

359, 415

4, 275,412940, 514182,170

1924

£8,191109,909

1,800,851

38,9901,027,857125,414

2,802,597 30,412,144 27,722,176

128,559514,75112,137,317

233,300;798,505

458,024206,526

1,795,716!380,648:.804,960

77,8078,459,2541,333,975359, 705953, 631

1,460

192, 722148, 854

'956,358 29,877,03248, 614! 23, 522

3,101,191!

758,550| 6,571,4911 1,009,914

2,701,451 26,589,404 42,436,416

101,146; 3,882,7401,903,449- ! 14,714,240


NOVEMBER, 1925 FEDERAL RESERVE BULLETIN 80S

FOREIGN EXCHANGEFor the first three weeks of October sterling

exchange was relatively low, the quotationbeing about $4.84, but in the latter part of themonth the rate rose to 484.79 on the 26th. Asimilar advance was noticeable in the Nether-lands' rate, which was below parity for the firstthree weeks of the month, but rose with thepound after the 22d. The Canadian dollar,which was quoted slightly below par on thefirst day of the month, rose steadily to 100.15on the 27th. At this figure it was above thegold shipping point for the United States, withthe consequence that gold has moved to Canadafrom both London and New York, and therewere simultaneously gold shipments from Lon-don to New York and from New York toMontreal. ^ The Swiss and Swedish quotationsdeclined slightly during the month.

French francs were weak throughout themonth. From 4.73 cents on October 1 theyfell to below 4.09 cents on the 24th, the lowestfigures since March, 1924, and more than a centbelow the quotation of 5.43 cents in January.From this figure it rallied to 4.24 cents on the29th. Italian lire fluctuated narrowly at about4 cents, and Belgian francs at about 4.50, theprevailing figure for the past three months.Movements in the Norwegian and Danish rateswere rather wide, the latter fluctuating be-tween 24 cents on the 5th and 25.13 on the 20th,the range being about the same as in Septem-ber. Other European rates were steady, ex-cept for some decline in the Greek drachma.

FOREIGN EXHANGE RATES

[In cents]

Exchange

Sterling... .—French francGerman reichsmark.Italian liraNetherlands florin..Swedish krona ISwiss francC anadian doll arArgentine peso jShanghai taeL.

Parvalue

486. 6519.3023.8219.3040.2026.8019.30

100. 0096.4866.85

October, 1925

Low

483.994.09

23.803.92

40.1826.7519.2699.9992.2476.94

High

484. 794.73

23.814.05

40.2526.8519.30

100.1593.9678.38

September,

Low

484.124.68

23.803.84

40.1726.8019.3099.9290.7577.70

High

485.304.74

23.804.19

40.2826.8519.35

100.0592.1679.59

1925

Aver-age

484.654.71

23.804.06

40.2126.8219.3199.9991.7178.47

Sep-tem-ber,1924,

446. 055.30

4.3838.45

18.8899.9480.0375.27

Among the South American rates, the Brazil-ian milreis was strong, rising from 14.05 centson the 1st to 15.13 cents on the 28th, up about50 per cent from last May's low quotation of9.96 cents. Argentine and Chilean rates werefirm. The present quotation of the Argentinepeso is nearly 20 cents above the average of

October, 1923, more than 10 cents above lastyear, and less than 3 per cent from parity, whilethe Uruguay peso, which has had a similar ad-vance, touched 101.95 cents on October 31,parity being 103.42 cents. Far Eastern rateswere firm.

Changes in State Bank MembershipThe following list shows the State banks and trust

companies which were admitted to membership in theFederal reserve system and other changes affectingState bank membership during the month endedOctober 21, 1925, on which date 1,468 State institution©were members of the system.

Quincy

Liberty

District No. 1

Trust Co., Quincy,

District No. 3

ADMISSIONS

Mass.. .

Trust Co., Allentown, Pa . .

District No. 7

Utica State Savings BankMich. . . .

, Utica,

Capital

$150,000

300,000

25,000

CHANGES

Surplus

$38,000

175, 000

24,000

res

$4

1

ourc

928,

615,

673,

es

055

795

309

District No. 1

Merged with State Street TrustCo., Boston, Mass., a member:National Union Bank, Boston,Mass.

District No. 4Voluntary withdrawal: Farmers

Bank & Trust Co., Georgetown,Ky

District No. 5Voluntary withdrawal: Continen-

tal Trust Co., Washington, D. C.

District No. 6Reopened: Orrville Bank & Trust

Co., Orville, AlaClosed: Bank of Bowersville, Bow-

ersville, Ga._ _

District No. 7Closed: Peoples Trust & Savings

Bank, Perry, Iowa._

District No. 9Closed: Farmers & Merchants State

Bank, Eureka, MontVoluntary withdrawals:

Farmers & Merchants StateBank, Hecla, S. Dak

Manistique Bank, Manistique,Mich -

District No. 12Absorbed by nonmember:

Bank of St. Helena, St. Helena,Calif..-

Security State Bank, Buhl,Idaho.-- —

Voluntary liquidation: Ladd &Tilton Bank, Portland, Oreg

$1, 000,000

100,000

1, 000, 000

25,000

25,000

50,000

25,000

25,000

50,000

85,000

25,000

1,000,000

$1,000,000 ! $18,694,130

75,000 ; 106,756,2

100,000 4,492,395

30,000 163,006

5,000 | 85,555!

i6,600 j 681,484

21,000

5,000

50,000

43,500

1,250

233,512

309,858

874,17S

982,845

107,613

1,000,000 27,563,010



Fiduciary Powers Granted to National BanksDuring the month ended October 21, 1925, the Fed-

eral Reserve Board approved applications of the na-tional banks listed below for permission to exercise oneor more of the fiduciary powers named in section 11(k) of the Federal reserve act as amended, as follows:(1) Trustee; (2) executor; (3) administrator; (4)registrar of stocks and bonds; (5) guardian of estates;(6) assignee; (7) receiver; (8) committee of estates oflunatics; (9) in any other fiduciary capacity in whichState banks, trust companies, or other corporationswhich come into competition with national banks arepermitted to act under the laws of the State in whichthe national bank is located.

Location

Rumford, Me_Lowell, Mass..Danville, Vt.._

DistrictNo.

Rutland, Vt |Sayville, N . Y jHillside, N. J INiagara Falls, N.Y_|Troy, N. YFarmville, Va jOneonta, Ala |Wetumpka, Ala •Cloverdale, Ind jBrady. Tex !Galveston, Tex j

Name of bank

Rumford National BankUnion National BankCaledonia National Bank , . .Baxter National BankOystermen's National Bank.Hillside National BankCataract National Bank .National State BankPeoples National BankFirst National Bank „.First National BankFirst National BankBrady National BankCity National Bank

Powersgranted

I t o 9I t o 9I t o 9

(1 to 3, 5 to\ 7 and 9.

I t o 9I t o 9I t o 8I t o 91 to 9

/ I to 3\5 to 91 to 9I t o 9

1 to 3 and 51 to 9

Changes in National Bank Membership

The Comptroller of the Currency reports the follow-ing increases and reductions in the number and capitalof national banks during the period from September 19to October 23, 1925, inclusive:

I Num-I ber of! banks

New charters issuedRestored to solvencyIncrease of capital approved1

Aggregate of new charters, banks restored tosolvency, and banks increasing capital

LiquidationsReducing capital..

33

Total liquidations and reductions of capital. _ I

Consolidations of national banks under act of Nov. |7, 1918 |

Aggregate increased capital for period __ _|.Reduction of capital owing to liquidations, etc j.

16

Amountof capital

$1,225,00050,000

1,860,000

3,135,000

850,00045,500

895, 500

1,950,000

3,135, 000895, 500

Net increase _ |.._ | 2,239, 500

1 Includes one increase in capital of $150,000 incident to a consolida-tion under act of Nov. 7,1918.

ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS[On the basis of the October estimates by the Department of Agriculture]

[In thousands of units]


Boston. . .New YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

Total—

iCorn (bushels) | Total wheat (bushels) Winter wheat (bushels) Spring wheat (bushels)

Yield, 1924

12,3J 028,95650,506138,991136,114176,332721,019346,256268,121452,64692, 81912,443

2,436, 513


BostonNew YorkPhiladelphia....•ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City... .DallasSan Francisco..

Total

Oats (bushels)

Yield, 1924

8,32636,01523,41481,57222, 64312,728

60,927432,684174,02652,14929,132

1, 541,900

ForecastOct. 1,

1925

9,90540,51225,419

100,06824,58017,161

59,724403,141166, 56116,09340,525

1,470, 384

ForecastOct. 1,1925

14,15736,50970,670

234, 778151,130169,837

1,070,331410,628274,587399,453

70, 29515, 461

2,917,836

Yield, 1924

1907,757

18,28542, 54527,4974,112

67,98053, 394

257,976295, 24426,81970,874

872, 673

ForecastOct. 1,1925

3368,210

22,63933,15231,1105,865

63, 77963,351

207,960152,448

4,427103,995

697, 272

! PreliminaryYield, 1924 I estimate,

1925

7,50518,14742,51327,4974,11265, 26253,20314,921284,99226, 51345,372

590,037

Yield, 1924

7,87022,47033,11231,110

5,86559, 33163,019

6,614142, 255

4,27639, 775

415, 697

2,718191

243,05510, 252

30625, 502

282,636

ForecastOct. 1,1925

19025213832

33634016940

4,448332

201,34610,193

15164,220

281, 575

Hay (tons)

Yield,1924

4,4437,7893,5167,5264,2582,927

22, 3528,719

18, 52717,6551,429

13,309

112, 450

ForecastOct. 1,

1925

4,7447,2962,9545,3093,0362,392

15, 8326,793

16, 99713, 6872,337

16, 758

98,135

Tobacco (pounds)

Yield, 1924

12,15838,80259,800

147,384488,240110,32639, 248

338,3352,2004,020

ForecastOct. 1,

1925

13,10040,43357,564

140,346512,975123,11946, 256

287,9892,699

1, 240, 513

504

1, 228,972

Potatoes (bushels) Cotton (bales)

Yield,1924

ForecastOct. 1,

1925

55,51952, 58129, 22321,79837,45512,66181,80120,930

31,1592,93631,913

454, 784

41,81833,62224,16423,64522, 6669,51455,47813,79451,543 I.29,9432,789

35,251

Y i i , ! Forecast1Q94 i ^ c t ' 1°»i y ^ ! 1925

1,6712,455

12,231

2,0183,167

*3,244

1,442 i5,654 !

175 1

1,5375,049

211

344,227 I 13,628 , 15,226

* Includes 17,000 bales grown in miscellaneous territory. 2 Includes 18,000 bales grown in miscellaneous territory.


NOVEMBER, 1925 FEDEEAL. RESERVE BULLETIN 805

BUSINESS STATISTICS FOR THE UNITED STATESINDUSTRIAL ACTIVITY

Production of industrial products duringSeptember was greater than in August,although the anthracite strike and the smallernumber of working days tended to reduce out-put in the later month. Largely as a result ofthe strike, the index of mineral productiondeclined from 136 in August to 122 in Septem-ber. Slight decreases, attributable chiefly tothe fewer days in the month, were also notedin the output of crude petroleum, copper, zinc,and lead. The amount of bituminous coalmined increased considerably and was thelargest for any September since 1920.

The index of manufacturing production in-creased about 4 per cent from August toSeptember and was about 10 per cent largerthan a year ago. Much of this increase wasin the output of automobiles, but productionwas also greater than in August in the iron andsteel, textile, food products, and tobaccoindustries, and above that of a year ago inmost of the important groups of industriesexcept food products. The increase in thepast year has been particularly great in thoseindustries directly related to building and toautomobile production—lumber, cement, brick,petroleum, refining, and rubber tire manufac-turing. The index of production in basic

industries, which includes products of bothmanufacturing and mining, and which isadjusted for seasonal variations, increased,despite the negligible output of anthracite,from 108 in August to 112 in September. Thisis to be compared with 103 in September, 1924.

Marketing of farm products was seasonallylarge in September, and for the first time sinceMarch the index of agricultural movementswas equal to that for the corresponding monthof the previous year. Movements of grain andlivestock were considerably smaller than a yearago, as they have been for some months, butreceipts of cotton and cottonseed were ab-normally large for so early in the season. Salesof tobacco at loose-leaf warehouses and ship-ments of vegetables were also greater than inSeptember of previous years.

Freight-car loadings continued larger thanin 1924, despite smaller shipments of coaland grain. Building contracts awarded weresmaller in September than the record maximumin August, but were large as compared withprevious months, and the total for the first9 months of this year almost equaled that forthe entire 12 months of 1924. Factory em-ployment and pay rolls and wholesale and re-tail sales also continued larger than a year ago.

PERCENT

175!

INDEXES OF INDUSTRIAL ACTIVITY( MONTHLY AVERAGE, 1919 = 100 )

150

50

25

• MANUFACTURING PRODUCTION. . . . MINERAL PRODUCTION

1919 1920 1921

PER CENT1175

1922

150

100

75

50

25

1923 1924 1925



INDEX OF PRODUCTION IN BASIC INDUSTRIES »

[Index and relatives for each industry adjusted for seasonal variations. Monthly average, 1919—100]

Year and month

1924AugustSeptember.....OctoberNovemberDecember

1925JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember

1

Generalindex

94103109107117

Iron and steel

Pig iron

71809397

119

127124120119111110113

2 108112

134143136128113107105102106

8799

104109133

151150147128121115110117123

Textiles

7293

109105111

115114110121103

91103

Food products

Wool Wheat Sugarflour meltings

Animals slaughtered Lumber

82 |91 i

100 !102 i102 I

100 !99 !95 j9291 !88 !87 !95 [

100110

94103949088

10212287

109

10414114111191

132104133134115117117107143

9493949399

118128143129155

9191938287

136132121122130

10096

10010410495

1079793

140157138124114128131138129

9091

1021201171051018986

12110796

10192

10196

108120

105108120116128

147125125123116117125116116

Coal Nonferrous metals

Year and monthBitumi-

nousAnthra-

cite

1924August __.SeptemberOctoberNovemberDecember

1925January..February.MarchAprilMayJuneJulyAugustSeptember

87103110104116

12510995

10599

101105100114

951059591

100

10411696

106106101

2 1132 115

5

Copper I Zinc |

Soleleather

132 !130 j133 !140137

148 j147 I142136 !135 j136 i140 i136 i138 !

106104108108121

123119131124127117121122121

News-print

Tobacco products

Cement Petro- i

101107110104103

106108110115112110108105111

190186183187182

243193199199103197215207204

leum

190191185183182

192191187194212210204206208

Cigars Ciga-rettes

157162158145170

18S171170178175188179173183

Manufac-tured

tobacco

939899SQ91

1059789-95i'69710!9496-

1 This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page783, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonalfluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were pub-lished on pages 1414-1421 of the BULLETIN for December, 1922.

» Revised.

INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES»

[Monthly average, 1919=100]

Generalindex

1924AugustSeptember.OctoberNovember .December..

1925JanuaryFebruary. .MarchAprilMayJuneJulyAugustSeptember.

Metals andproducts

! Groupj index

89.5 !91.2 I92.792.594.1 |

94.4 !95.896.495.994.994.293.193.995.1

79.180.582.582.885.7

87.589.690.189.288.086.985.686.187.4

Ironandsteel

78.980.282.182.485.2

87.189.189.588.787.586.384.9S5.4

Textiles and products

Groupindex

87.490.593.693.196.2

97.499.9

100.098.996.491 193.394.094.1

Fabrics

87.490.895.496.1

100.0

100.6101.4101.0100.899.197.593.193.693.3

Prod-ucts

87.490.291.489.291.2

93.497.998.696.592.992 893.494.5 I95.1

Lum-berand

prod-ucts

100.9101.9101.1101.0

99.8100.499.6

100.699.8

100 199.399.9

102. 2

Rail-roadvehi-cles

88.488.889.889.189.7

89.389.889.988.884.984.784.584.583.7

I PaperAuto- and

mobiles print-I ing

Foodsand

prod-ucts

96.497.298.696.399.3

103.8105.1112.7121.7128.5122 8122.2124.2129.4

101.5104.0104.5105.2105.9

105. 1 i104.9 I105.7 !104.7 I103.8 !103.5 |103.4103. 2 i104.3

90.092.292.290.691.1

88.488.586.283.083.285.685.485. 988.0

Leatherand

prod-ucts

84.888.089.288.787.9

90.992.592.588. S86.883.085.790.292.1

Stone,clay,andglass

121.3119.3118.8117.7116.1

109.7110.7116.8123.2125.5125. 9121.3124.9125.3

To-baccoprod-ucts

87.489.783.391.891.1

87.087.788.581.787.085.885.985.087.1

Chem-icaisandprod-ucts

68.769.971.972.574.1

74.074.675.575.473.272.973.072.675.4

i This table contains for certain months indet numbors of employment, together with group indexes for important industrial components.The general indox is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexesfor the above groups since January, 1919, were published on pages 324-325 of the BULLETIN for May, 1925. See also page 668 of BULLETIN forSeptember, 1925, for certain revisions.



INDEX O F PAY ROLLS IN MANUFACTURING INDUSTRIES 1

[Monthly average, 1919-100]

j General! index

1924 IAugust | 96.0September.. _. 99.1October 102.6November j 100.8December... 105.6

1925JanuaryFebruaryMarchAprilMay - J 2107.4June __j 2104.8July 2102.4August _! 2104.5September ___j M03.9

102.9 !2 108.52 110.12 107. 3

Textiles and products Chem-

Groupindex

92.398.3

103.099.1

107.5

108.6113.4114.4108.0105.0101.6101.2103.899.1

Fabrics

91.597.5

105.6104.5113.9

112.9114.2U4.2111.7109.9103.9100. 9101.796.6

"1Prod- Iucts

93.499.399.892.599.7

103.3112.4114.7103.599.098,8

101.6106. 2102.1

1 This table contains for certain months index numbers of pay rolls, together wi th group indexes for important industrial components. T h egeneral index is a weighted average of relatives for 34 individual industries. The method of construction was described in detail and indexes for theabove groups since January , 1919, were published on pages 324-325 of the B U L L E T I N for M a y , 1925. See also page 668 of B U L L E T I N for September,1925, for certain revisions.

2 Revised.INDEXES OF INDUSTRIAL ACTIVITY 1

[No seasonal adjustment. Month ly average, I919=-100J

Year and month

1924AugustSeptember...OctoberNovemberDecember.......

1925JanuaryFebruary--MarchAprilMayJune ._JulyAugustSeptember

Agricultural movements

Ani-

pucts

Fruits

124 I105

104124

8990

108123139164150119101

158120

112767340627599

133149

To-bacco

Mineral production

Bitu-mi-nouscoal

92109125108119

13410097879196

102116121

Petro-leum

196189190179180

188171191194216212214212206

PigIron

74819799

116

132128140128115105105106107

Year and month

1924julyAugustSeptemberOctober..NovemberDecember „_._

1925JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember

Manufacturing production

Total

97105113124113117

127120134132129125126

2 1213 125

Ironandsteel

678796

108108124

145532147128121112109118120

Auto-mo-biles

103172178178141126

142109223260250239239153193

Tex*tiles

818398

11310511.1

121114122119109105107104107

Foodprod-ucts

103102112114108117

11898058887949792

101

Petro-leum

176182

1018490

8992999784828594

3 93

180186185196

199186204201212216222222

154166157109148138

111107136168196184186190188

To-bacco

1271231261321)4106

1181C5116113119133135127131

Rub-bertires

125158175191155

171176190191195194202

2203

1 For description and early figures see BULLETIN for March, 1924, and for certain revisions see p. 739 of the October, 1925, BULLETIN.1 Revised. 3 Preliminary. « Less than one-half of 1 per cent.


808 FEDERAL BESEBVE BULLETIN NOVEMBER, 1923

COMMODITY MOVEMENTS

With the March issue the publication in theBULLETIN of detailed statistics regarding move-ments and stocks of commodities was dis-continued. Certain figures compiled by theboard's division of research and statistics arestill published in order that users of thesedata may continue to have comparable seriesof data. Information as to current figures forany of the discontinued series will be furnishedupon request.

Sep-tem-ber,1925

Au-gust,1925

Sep-tem-ber,1924

Grain and FlourReceipts at 17 interior centers (000 omitted): j

Wheat (bushels)... _ J 58,891Corn (bushels) _-..! 12,925Oats (bushels) I 29,154Rye (bushels) j 6,639Barley (bushels) ! 14,993

Total grain (bushels) _ _j 122, 602Flour (barrels) j 2,824

Total grain and flour (bushels)

45,673 I17,385 i52,001 I1,939

11,929

83,14821, 58555, 53514, 29013, 965

128,927 I 188,5232,831 I 2,975

Shipments at 14 interior centers (000 omitted):Wheat (bushels)Corn (bushels)Oats (bushels)Rye (bushels)Barley (bushels)

Total grain (bushels) _Flour (barrels)

Total grain and flour (bushels) _

Stocks at 11 interior centers at close of month(000 omitted):

Wheat (bushels)Corn (bushels)Oats (bushels)Rye (bushels)

135,309 141,606 | 201,909

28,5107,859 !

20,005 !2,495 !

10, 544 :

26, 797S, 170

19,139645

6,535

49, 93410, 56916,22116, 2229,393

69,413 : 61,287 j 102,3394, 270 I 3, 048 i 4, 289

88, 630 ! 77, 705 j 121, 638

35,7193,97G

56,6707,147

Barley (bushels) ! 4,856

Total grain (bushels) _

20,508 i4,905 I

46,349 |3,541 !2,077 |

62,0623, 978

42, 19010, 7042,910

108.. 368 I 77,380

Receipts at 9 seaboard centers (000 omitted):Wheat (bushe s) - _.Corn (bushels)Oats (bushels)Rye (bushels)Barley (bushels)

Total gra7n (bushels) _

24,843 !1,786 ;5,063 !4,833 |6,079 i

14,1591,1656,616

4336,521

121,845

24,2111,5095,7684,1475,025

42, 604Flour (barrels/ !• 2,833

28, 8921,662

40, 6592,478

Tota grain and flour (bushels)- _| 55,353 i 36,371 j 51,811

Stocks at 8 seaboard centers at close of month {(000 omitted): !

Whe at (bushels) . -J 5,531Cor n(bushels).. - 36"Oats (bushels)Rye (bushels) —Barley (bushels) - | 3,825

Total grain (bushels) _Wheat flour production (barrels, 000 omitted).

TobaccoTobacco sales at loose-leaf warehouses (pounds,

000 omitted):North CarolinaSouth Carolina _Burley -Western dark.

Sep-tem-ber,1925

Transportation

Revenue freight loaded and received fromconnections (cars loaded, 000 omitted):

Classified by nature of products-Grain and grain products 224Livestock „ 146Coal 743Coke 50Forest products 302Ore 247Merchandise, 1. c. 1. 1,137Miscellaneous i 1,820

Total .; 4,670

Classified by geographical divisions— :Eastern j 1,028Allegheny | 904Pocahontas " ! 249Southern _ ._ 696Northwestern 731Central western.. 736Southwestern ._-_-I_"~~~_I_~ 326

Total ___j 4,670

BUILDING STATISTICS

Au-gust,1925

237 I131 i853 !

43311 !272

1,129 i1,702 !

Sep-tem-ber,1924

29316077937

292204

1,0741,669

4,679 4,507

1,097940246654721707314

1,022890207627692751318

4.679 I 4,507

Building permits issued in 168 cities, groupedby Federal reserve districts:

Number of permi ts -Boston (14 cities) _.New York (22 cities)Philadelphia (14 cities)Cleveland (12 cities). ,Richmond (15 cities)..Atlanta (15 cities) ,Chicago (19 cities)St. Louis (5 cities)Minneapolis (9 cities)Kansas City (14 cities)Dallas (9 cities) ._San Francisco (20 cities)

2,86311, 6882,7126,2043,4684,83414,3882,6182, 1162,8412,40812, 077

3,05012, 9392, 7296,0653,7204, 09113, 4712,9732,0752,8952,227

11, 466

3,34310, 2572,9786,1964,4803,646

13, 6293.0161,9803,3422,362

12, 744

Total.

18,947105,94614, 65620,43712,29820, 02148,1819,180

14, 763124, 67215,073 I25,55715, 54916,517,5239,4855,8,9318,86235, 483

Value of permits (dollars, 000 omitted)—Boston (14 cities)New York (22 cities)Philadelphia (14 cities)Cleveland (12 cities)Richmond (15 cities)Atlanta (15 cities).Chicago (19 cities)St. Louis (5 cities)Minneapolis (9 cities) j 5,691Kansas City (14 cities)Dallas (9 cities)San Francisco (20 cities)

Total 306,506 1337,399 I 232,296

Building contracts awarded, by Federal re-serve districts (dollars, 000 omitted):

BostonNew York _Philadelphia __Cleveland _ _.Richmond _AtlantaChicago __ _St. LouisMinneapolisKansas City i _Dallas

45, 499133,0161 31,23557,17625,24071,167116,91841, 29212, 46012,41719, 780

46, 757207, 67335,15567,49837, 59151,33979,05231,34810, 46921,28823,186

29, 035

32,13047,94727,72528,77054,59620,875

7,8829,700

14,519

Total (11 districts) J566,120 fell, 356 357,042

i Excluding Colorado.



WHOLESALE AND RETAIL TRADE

WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1

[Average monthly sales 1919—100]

I Gen-eral

indexGro- !ceries | Meat

1924JanuaryFebruaryMarch...AprilMayJuneJulyAugustSeptember...OctoberNovember.-.December...

1925JanuaryFebruary..-.MarchAprilMay ~- .JuneJuly.—August.September- -

8078807877 !76 !788392958479

797683797983838795

8077 i80 i79 |81 i83 ]83 ;83 !93 |

100 i

80 I73 !79 j75 I79 i84 I85 !83 ;94 |

Drygoods

97989081727079

1021161048877

Shoes

49 i49 |65 I

Hard-ware

91 !90 !

104 |108

5652445069675757

1049693931061109899

716973687579797882

82889685778285105112

434663655454456573

899010710710110599P7108

Drugs

116109118114110105110107117128109109

116109121115106110111108120

i For description of the wholesale trade index see FEDERAL RESERVEBULLETIN for April, 1923. j „ J . ,;CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES

AND DISTRICTS

Groceries:United States.Boston districtNew York districtPhiladelphia district. . .Cleveland district...__.„Richmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis districtKansas City district. . .Dallas districtSan Francisco district..

Dry goods:United States

Percentage changein September,1925, sales com-pared with—

August,1925

New York districtPhiladelphia district...Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis district....Kansas City district...Dallas district....San Francisco district..

Shoes:United States

12.8 ;

3.718.45.1

13.010.214.38.2 I

19.0 !- 2 . 9 i12.3 I15.4 !9.5 I

6.4 |

8.4 I31.815.92.36.4

11.3-13 .8-11 .9- 4 . 1

-14 .7- 0 . 7

Septem-ber, 1924

0.9

-11 .9- 3 . 4- 8 . 0- 2 . 6- 0 . 5

7.2- 3 . 8

8.8- 0 . 5

3.74.9

- 0 . 6

- 3 . 85.8

-10 .1- 9 . 5

-17 .52.1

- 7 . 26.2

-11 .41.0

-13 .3- 7 . 4

Percentage changein stocks at the endof September, 1925,compared with1—

August, I Septera-1925 j ber, 1924

8.91.81.2

12.4 1.8

Boston district..New York districtPhiladelphia district..Cleveland district.-Richmond districtAtlanta districtChicago district

11.5

13.76.310.021.7-1.214.922.6

6.38.91.2

-15.43.8

-7.54.1

-9.2

5.413.9

4.3

-8.9

-1.9

-9.0

-11.9-2.1

-4.2

-1.8

-1.3

-5.2

-5.3

1.615.1

-3.9

-5.0

-1.6

-13.4

-1.4-0.2

2.8

-11.2

2.734.6-0.8

-25.4

4.5 -23 .5i Changes in total stocks for the United States are weighted averages

computed on the basis of firms which have reported* regularly to theFederal Reserve System since January, 1923

CHANGE IN CONDITION OF WHOLESALE TRADE, BYLINES AND DISTRICTS—Continued

Percentage changein sales in Sep-tember, 1925, Icompared with— j

Percentage changein stocks at the endof September, 1925,compared with—•

August,1925

Shoes—Continued.St. Louis districtMinneapolis districtSan Francisco district..

Hardware:United StatesNew York districtPhiladelphia district...Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis district....Kansas City districtDallas district.San Francisco district..

Drugs:United States..

New York districtPhiladelphia districtCleveland districtRichmond districtAtlanta district .Chicago ri ist rietSt. Louis districtKansas City districtDallas district . . .San Francisco district

Furniture:Richmond district ,Atlanta districtSt. Louis districtKansas City district.San Francisco district

Agricultural implements:United States 2

-10 .21.0

19.6

11.519.05.0

14.9—7. 710.89.21.46.38.4 I

12.6 |4.2 !

11.8 l

17.74.27.5

11.713.18.0

Septem- ; August, Septem-ber, 1924 | 1925

eptber, 1925

-18 .229.218.1

- 9 . 1

2.7 |

7.5 |_- 1 . 8 I- 5 . 4 j .- 9 . 1 j15.5 L

- 1 . 2 !13.2 ;

2. 6 ! .2.0 i

- 3 . 2 i6.4 |.

- 0 . 5 |

. „ „ . . .

"-6.TI"0.3

- 0 . 4

- 0 . 6

2.5

9.8 i15.213.0

15.6 !17.3 i

14.? |11.2 !

- 8 . 8

-13 .2 i7.9 I

14.2 i8.8 I

13.1 !8.4 |

13.1 !5.3 !2.7 !1.2 j

7.4 i14.0 I

-18 . 3 !- 0 . 8 I- 1 . 8 i

27.4

-14.2 |

"27.~6~i

6.8-50.7

33.0-15 .1

65.6 ,— 10.2 i- 4 . 0 ;45.5 i

12.6 I9.7 !

85.9 !7.6 j

9.4 ';.-1.9 j49.7 !_11.6 L

-17 .117.4

Atlanta districtMinneapolis districtDallas district _.San Francisco district

Stationery and paper: INew York district ___jPhiladelphia district !Atlanta district |San Francisco district \

Automobile supplies: j !San Francisco district : - 2 . 3 ! - 1 . 2

Clothing:New York district. . . . .St. Louis district

Cotton jobbers:New York district.. . . .

Silk goods: *New York district

Machine tools:New York district

Diamonds: i INew York district ....! 5 . 1 ; - 3 . 2

Jewelry: iNew York districtPhiladelphia district 1

Electrical supplies: :Philadelphia district jAtlanta district jSt. Louis district ._.!San Francisco district !

Millinery: IKansas City district ] -10 .0 j -29 .6

Stoves: ! ISt. Louis district I 28.9 j 0.4

2.1

- 8 . 4 I-39 .4 !

18.0 ;

5.7

27.5

4.3

6.3 I

21.714.5 |28.7 I19.6 j

- 6 . 6 !17.0 !

- 3 . 213.7

- 6 . 259.634.29.6

-17.9i

14.8

— 1.6- 1 3 . 1- 6 . 5

" -15 . "O

- 3 . 710.3

5. 4

5. I

3.6

-12. 9

- 8 . 0

7.1

-12 .9

» 21. 1

-4.3

0.7

4.3

* -4.00.8

-12.0

-16.7

- 1 0 . 2

J Sales of agricultural implements for the United States are compiledby the Chicago Federal Reserve Bank from reports of leading implement manufacturers and include all their domestic business.

a Stocks at first of month—quantity, not value.* Includes diamonds



RETAIL TRADE, BY REPORTING LINES 1

[Average monthly sales 1919=100]

Year and month i l l &

Sales without seasonal adjustment

IS

Sales with seasonal adjustment

1924 jJuly ! 91August ! 93September | 119October } 141November I 141December - | 210

1925 | |January i 108 IFebruary - j 101 iMarch ! 121 j

6974106141131148

April.MayJuneJulyAugustSeptember..

136128126

9598

122 i 113

206201210240232253

250233252258254254259243243

163172169203199366

148152145159145187

128138137144138192

151 | 155156 j 146177 160195 ! 159191 I 163187 i 167183 ! lf?6195 | 171 !191 ! 169 !

122119131134143134136

107100127177149152122

1 For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924.1 Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of

Research and Statistics, Federal Reserve Board.

DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS

[Average monthly sales 1919=100]


United States..

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoMinneapolis-DallasSan Francisco..

Num-ber

of re-port-ing

firms

359

24632254233563232131

Sept.

122

11813011111510589144104110139

Sales without seasonal adjustment

Aug.

98

88908610387781139278140

1925

July

95

«294859891781058172123

June

126

1341321271281239813910398134

May

128

128132121132117104139107108148

1924

Sept.

119

11512710911710694132102114130

Aug.

93

86838510178721088970136

Sales with seasona

1925

Sept.

134

130146137129123100152104110149

Aug.

125

11713211812612199137102109144

July

128

12913412612712410313899102147

June

126

126131123126119104141102102143

1924

May

124

12012911812611699133106107143

Sept.

131

127145134132124106139102114139

Aug.

118

11412211712210$921309899139

DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS

[Average monthly stocks 1919=100]


United States.

BostonNew YorkPhiladelphia...ClevelandRichmondAtlantaChicagoMinneapolis.-.DallasSan Francisco..

I Stocks without seasonal adjustmentNum-!

ber \— - • ,-of re-port-ing

firms '

1925 1924

Stocks with seasonal adjustment

1925 I 1924

| Sept. Aug. July June May ! Sept. Aug.1

Aug.

126

113120144123116109149106122131

Sept.

133

118131181128122111149115116134

Aug.

131

120128182126120114143113117132

July

133

122130176127127110150112120135

June

135

118134180132131112152114120135

May

137

124134183135126117155111122133

Sept.

128

118124148126116108

Aug

126

119124146123118109

148 i110114133

143107115130


NOVEMBER, 1925 FEDEKAL RESERVE BULLETIN 811

FOREIGN BANKING AND BUSINESS CONDITIONSRECENT DEVELOPMENTS IN THE NETHERLANDS BANK

ANNUAL REPORT

The annual report of the president of theNetherlands Bank for the year ended March31, 1925, presented on June 30, 1925, containsthe following comment upon the bank's activ-ities during the period immediately precedingthe return to the gold standard:

The noticeable relaxation on the money marketmade the management of the Netherlands Bankdecide to reduce the bank rates on two occasions, viz,as from December 13, 1924, from 5 per cent to 43^per cent and as from January 15, 1925, from 4J^per cent to 4 per cent for discounting domestic bills,while the rate for other transactions with the bankwas, on both occasions, similarly reduced by one-halfper cent. Private discount rates were, as a rule, lowerthan the official bank rate and fluctuated between 5per cent (October, 1924) and \% per cent (February,1925) * * *.

We believed that there was sufficient reason for thereduction of the discount rates, partly because weconsidered that we were strong enough, with our stillvery large gold stock and the very ample foreign billportfolio, to venture a return to the gold standard,particularly now that the Government had renderedsuch strong cooperation—and, it is with appreciationthat we can record it, also a number of municipal cor-porations—in preventing the creation of a fresh volumeof artificial purchasing power, while our generaleconomic position presented no difficulties in thisrespect. Further, our industries would be therebyassisted, and we also considered that discount rateswhich are not too high form a favorable factor for thedevelopment of our money market.

We have also been able to assist the discount marketin another way. As early as in April, 1922, we hadarrived at a general arrangement with the leading banksand bankers in the Amsterdam and Rotterdam moneymarkets with regard to the discounting of bills in whichforeign interests were involved; we stated that, as arule, bills were only eligible for discount if the dis-counting bank could clearly show what Dutch interestwas involved in these bills. Beside the soundness ofthe bill, the Netherlands interest would be paramountwhen deciding whether it would be eligible for dis-count. Now that the Netherlands have graduallygained in importance as an economic center, and par-ticularly in view of the fact that the internationalcharacter has developed so much more, we felt thatwe should not hinder this development by too strictviews on discountabilit}^ especially now that our mone-tary position had become so much stronger. We there-fore informed the principal banks and bankers onMarch 10,1925, that from that moment we had adoptedthe principle, when judging of the discountability of abill in which foreign interests are involved, that theaccepting bank or firm should in general keep theDutch interests in view and that the credits in questionshould in no case be in conflict with Dutch interests.We believe that we have already observed that theapplication of these broader principles have led to afurther development of our discount market. * * *

The second measure was the shipment of gold tothe United States, not with the object of thereby di-rectly supporting the rate of exchange, but in theexpectation of the now probably no longer distantreturn to the gold standard. It was our aim to beso liquid in that case, especially having regard to thepossibility of the issue of checks on a gold basis, asto be able to issue readily any amount of foreign cur-rency that could be required of us, particularly witha view to the large amount of foreign deposits whichare still being held in this country.

RECENT DEVELOPMENTS

The following table shows the movement ofthe most important items of the bank's state-ment over recent years:

ITEMS OF THE NETHERLANDS BANK

[In millions of florins]

GoldSilverForeign billsDomestic billsCommercial ^advances..Deposits _.._"_._ _.Note circulation

Oct. 5,1925

4182324310212625908

Dec. 29,1924

5051311712017259935

Dec. 31, I1923

Dec. 31,1913

582 '8 i27 !252 i180 '39 i

1,066 I

15191467864

313

At the end of 1913 the bank held approxi-mately a 50 per cent ratio of gold to notes.During the course of the war gold holdings in-creased very rapidly to a maximum of 726,-000,000 florins in April, 1918, in which monththe note circulation amounted to 937,000,000florins and deposits to 69,000,000 florins, giv-ing a ratio of gold to notes of about 77 per cent,and of gold to notes and deposits of about 72per cent. In the same month holdings of for-eign bills amounted to only 4,000,000 florins.From this date gold holdings steadily declinedto the end of September, 1925. From April,1918, to October 5, 1925, the total reductionin the gold stock amounts to 308,000,000 florins,of which the reduction from the end of 1923 tothe present is 164,000,000 florins. On theother hand, the holdings of foreign bills haveincreased by 196,000,000 florins since April,1918, and by 216,000,000 florins since the endof 1923. In effect, therefore, about two-thirdsof the reduction in the gold stocks has beencompensated by the increase in foreign bills,which, under the operations of the gold stand-ard are, of course, readily convertible into gold.


812 FEDERAL RESERVE BULGUETTN NOVEMBER, 1925

There has also been a considerable reductionof the note circulation, particularly since theend of 1923. This item reached its maximumin November, 1918, when it amounted to1,082,000,000 florins. During 1921, 1922, andthe first half of 1923 the circulation declined,reaching 910,000,000 florins in June of thatyear; but a rapid expansion in demand forcentral bank credit in the closing months of1923 raised it to 1,066,000,000 florins in De-cember. From that time the decline has beenalmost continuous to the present and is ap-proximately equal to the reduction of the goldstock during that period. From the end of1923 to the present the note circulation hasfallen by about 155,000,000 florins and the goldstock by about 164,000,000 florins. The lattermovement, as was explained above, representsmainly a conversion of gold into foreign bills.On October 5 the ratio of gold to notes was 49per cent, and to notes and deposits nearly 45per cent. The combined figure of gold andforeign bills was above 70 per cent of the totalnote and deposit liabilities.

This decline in the note circulation has beenthe result of a corresponding reduction in do-mestic loans and discounts. In May, 1920,these amounted to 459,000,000 florins; byAugust, 1923, they had fallen to 274,000,000florins, but in the last half of 1923 they roserapidly to 432,000,000 florins in December,this increase, as was mentioned above, neces-sitating a large increase in the note circula-tion. Since that time they have been steadily

reduced by about 125,000,000 florins to 206,-000,000 florins at the end of September ofthis year.

These movements have found their reflec-tion in the bank rate. In the opening days ofthe war the rate was raised from 3J^ per centto 6 per cent. On August 20, 1914, it waslowered to 5 per cent and on July 1, 1915, to43^ per cent. At this figure it remained un-changed not only through the rest of the war,but throughout the years 1919, 1920, and 1921,when high rates prevailed in most othermonetary centers. On July 18, 1922, the ratewas lowered to 4 per cent, at which figure itremained until December 12, 1923, when itwas raised to 4J^ per cent. This advancewas in response to the heavy borrowing at thebank, resulting in the increase in loans andin circulation mentioned earlier in this article.In two months, from the end of October tothe end of December, 1923, the discounts ofthe bank rose from 155,000,000 florins to252,000,000. On January 25, 1924, the ratewas further advanced to 5 per cent. Theseheavy borrowings were repaid rapidly afterthe first quarter of 1924; on December 13the rate was reduced to 4J^ per cent and amonth later (January 15, 1925) to 4 per cent.At this figure it stood at the time of the dec-laration of the return to the gold standard,and until October 2, when, on the day follow-ing the reduction of the Bank of England'srate from 43^ per cent to 4, it was furtherreduced to 33^ per cent.



FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES

Bank figures are for the last report date of month, except for London clearing banks, which are daily averages]

ENGLAND

[Millions of pounds sterling]

1925

Sep-tember

Bank of England:Issue d e p a r t m e n t -

Gold coin and bullionNotes issued

Banking d e p a r t m e n t -Gold and silver coinBank notes _Government securitiesOther securitiesPublic depositsOther depositsRatio of gold and note reserve

to deposit liabilities (percent)

Bank notes in circulation 1 _Currency notes and certificates _.Nine London clearing banks:

Money at call and short noticeDiscounts and advances.. .InvestmentsTotal deposits

Total clearingsGovernment floating debt:

TotalTreasury billsTemporary advances

ndex of security prices (December,N 1921 ==100) (per cent)Index number of foreign exchange

value of the pound sterling (perIf cent) _

August July |

159178

234377627

102

27.489

293

1121,075

2551,6132,996

775644131

116.0

161181

236357022

104

162 i182 !

237346921

103

1924

Sep-

127146

222427714

111

30.8 !88 1

295 !

31.690

301

19.5101285

117 !1,063 |

257 I1,611 ;3,039 |

770 I626 ;144 i

115 |1,080 !

260 11,633 !3,499 |

780 !604 !176 !

116.2 I 114.4 i

130.9 | 131.6 I 132.0

1081,020

3141,6122,976

774619155

115.6

127.1

1 Notes issued, less amounts held in banking department and incurrency note account.

FRANCE

[Millions of francs]

Bank of France:Gold reserve 1

Silver reserveWar advances to the Govern-

mentNote circulation.. _Total deposits

Three commercial banks:Demand deposits .._Bills - _ -Other loans .

( i : 1 1 J J , ( f 3 M O f f ( C P g ]

banks —Price of 3 per cent perpetual rente

3,683310

28, 90045, 5572,176

95147.70

3113,683 i

312 |

27,750 ! 27,250 !44,702 I 44,496 j2,429 2,511 I

17,147 17,007 iI 11,959 !I 4,571 |

1,17851.00 |

97145.40

3,680301

23,00040, 339

1,742

14,99911,0334,095

92452.20

Not ncluding gold held abroad.

CANADA

[Millions of dollars]

Chartered banks:Gold coin and bullion l

Current loans and discounts ;Money at call and short notice...Public and railway securitiesNote circulationIndividual deposits

Gold reserve against Dominion notes.Dominion note circulationBank clearings 2

Bank debits »

August

541,100

338571164

2,110116209

1,2482,090

1925 •

July

541,100

330576158

2,090116209

1,3312,248

June

541,107

331574163

2,126116208

1,2402,151

1924

August

541,143

278512166

1,99298

2141,2531,967

1 Not including gold held abroad.Total for month.

GERMANY

[Millions of reichsmarks]

1925

Seitern]iber

Reichsbank:Gold at homeGold abroadReserves in foreign exchangeBills of exchange and checksMiscellaneous assetsDeposits _

Reichsmarks in circulation _Rentenmarks in circulationReichsbank clearings6 Berlin banks : 1

CashBills _Due from other banksMiscellaneous loansDeposits

Index of security prices (Jan. 2,1925=100) (per cent)

Capital issues

1,07699

3191,717

460620

2,6491,8334,382

70.3531

August

1,04593

3571,765

471701

2,5951,8344,433

1221,013

5832,3334,140

July

981123368

1,789502700

2,5301,8364,609

70.97 i37 !

73.9925

June

97092

3541,691

639564

2,4741,8564,302

1671,095609

2,2524,127

80.4344

1 Bimonthly statements.

ITALY

[Millions of lire

1925

| August! July j June I August

Banks of issue: j iGold reserve1 • 1,132 |Total reserve j 2,007 |Loans and discounts ! 10,412 j

12,3637,0682,538

Note circulation for commerceNote circulation for the StateTotal deposits _

Leading private banks:CashLoans and discountsDue from correspondents...ParticipationsTotal deposits

State note issueIndex of security prices (per cent)

2,100

1,1321,9889,755

12,2087,0682,685

1,0078,8144,621

49913, 3752,100

234

1,132 i1,777 |9,675 !

11,949 !7,0682,811 j

1,049 ;9,0794,636 1

467 !13,840 i2,100 i

242 !

1,1311,8336,8819,9557,3982,973

9278,4163,929

38212,4272,400

230

1 Not including gold held abroad.

JAPAN

[Millions of yen]

1925 1924

Sep-

Bank of Japan:Reserve for notes l. _Loans and discountsAdvances on foreign bills..Note circulation.Government depositsPrivate deposits

Tokyo banks:Cash on handTotal loansTotal depositsTotal clearings

1,057 |311 !83 !

1,322 |232 |33

113 1 1372,343 I 2,3521,888 | 1,9003,364 ! 2,936

ugust:

1,057 ;

400 '51

1,371 '24932 1

July

1,05826143

1,29016734

Sep-tember

1,064326

631,312

21633

116 ! 1202,390 I 2,6071,919 ! 1,8923,225 ! 2,721

1 Gold abroad, gold coin and bullion in Japan.



CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES

Austrian National Bank (mil-lions of schillings):

Gold . . . . .Foreign bills (reserve) _Other foreign billsDomestic bills, etc . _ ._ _Note circulationDeposits

National Bank of Belgium (mil-lions of francs):

GoldForeign bills and balances abroad .BillsNote circulation _. _Private deposits

National Bank of Bulgaria (mil-lions of leva):

Metallic reserveForeign notesBalances abroad and foreign bills.Commercial billsflnmnifirpiftl loansNotes in circulationDeposits

Banking Office, Czechoslovakia(millions of Czechoslovak crowns):

Gold and silver _ _Balances abroad and foreign cur-

rencyBills discounted _ . .Advances on collateralNote circulationDeposits

Bank of Danzig (thousands ofDanzig gulden):

On deposit with Bank of Eng-land, foreign bills, etc

Loans and discounts. _Notes and circulationDeposits

National Bank of Denmark (mil-lions of kroner):

GoldBil ls . . .LoansForeign bills and balances abroad .Note circulation.Deposits

Bank of Estonia (millions ofEstonian marks):

Cash in foreign currencyLoansBills discountedAdvances on current accountsBank notes issuedDeposits of the exchequer .Deposits __

Bank of Finland (millions of fin-marks) :

GoldBalances abroad, etcFinnish and foreign government

securitiesDomestic bills. _Note circulationDeposits—

PrivateTreasury _

National Bank of Greece (millionsof drachmae):

Gold and balances'abroadGovernment loans^and securities.Discounts and loansNote circulationPrivate deposits-

SightTime

1925

Sep-'tember

15503

7383

84130

27230

1,2647,582

245

1,030

702559467

7,839484

42,89118,52235,2969,343

2097121

125430

61

431,165

395363

1,279

87220

Au-gust

15501

8873

83640

27230

1,3367,616

174

1523

542412480

4,2211,954

1,031

659568478

7,695467

32, 09421,80933,4443,387

2097623

148442

75

76228

1,6933,0662,2502,6131,584

431,065

395365

1,268

33158

July

11465104

85837

30

27230

1,4137,688

153

1585

468395477

4,1291,966

1,031

633616477

7,549571

32,76324,05934, 203

5,723

2098036

109449

64

93252

1,7153,0762,2502,5221,673

431,077

395352

1,252

9395

2,5283,7963,3135,303

2,1141,016

1924

Sep-tember

11373

285800

89

27017

1,3277,526

265

862

734270448

4,3621,354

1,051

657780753

8,223438

29,59415,37227,93713,376

210227

6136

47370

2,250

43455

494844

1,279

723

2,6523,9702,2274,654

1,9211,072

National Bank of Hungary (bil-lions of Hungarian crowns):

GoldForeign exchange..Bills, etcNote circulationDeposits-

PublicPrivate

Sep-tember

6312,3341,7345,103

2,048152

Bank of Java (in thousandsflorins):

GoldForeign billsDomestic billsLoans...Note circulation

of

Bank of Latvia (thousands of lats):Gold.Foreign exchange reserveBi l l s . . . .Loans _Note circulationGovernment deposits _Other deposits

Bank of Lithuania (thousands oflitas):

GoldForeign exchange reserveLoans and discounts •_.Note circulationDeposits - . .

23,55133,96761,59448,47929,44170,86452,817

Netherlands Bank (millions offlorins):

G l d,GoldDomestic billsForeign billsLoansNote circulationDeposits

33,64824, 76841,73581,091

1925

August! July

631 6302,171 | 2,0041,564 j 1,5634,991 j 4,744

1,817131

132,31032, 01017,62786,230

315,127

1,665161

132,94130,18318,04074,162

311,088

23,53832,80160,90647,51029,45672,20951,306

23, 53332, 762

48,51528,35075, 76953,201

33,56525,93138,98179,590

33,48328,53539,48378,497

13,451 I 16,434 I 19,796

41883243128 |879 I34 |

4149024311686326

4197722913587625

1924

Sep-tember

5401,3861,7574,116

1,054362

149,94118,63437,56689,994264, 642

23, 58440, 07641, 59839,97425,80077,22046, 698

25,38250,50332,40574,48135,558

5291364019497222

kroner):GoldLoans and discountsBalances abroad _ _ .Note circulationDeposits-

StatePrivate.

Reserve Bank of Peru (millions oflibras):

Gold at homeGold abroadBillsNotes in circulationDeposits

Bank of Poland (millions of zlote):GoldForeign exchange, etcBills.Note circulation _Current accounts, etc.—

TreasuryPrivate

Bank of Portugal (millions of es-cudos):

Gold .Balances abroadBillsNote circulation . . . . .Deposits

National Bank of Rumania (mil-lions of lei):

GoldBills .Government loans _ _Note circulationDeposits

147309

66372

1965

4,030953

1,9296,067

788

13272

292397

1293

5668,339

10, 78720, 6497,830

147308

61378

66

4,044968

1,8086,030

762

13263

285440

243

9212187

1,63154

5657,901

10,78720,1537,966

147325

58384

71

4,021985

1,9856,168

810

12292

303462

1169

Q195187

1,61764

5637,690

10, 78719, 5767,818

147429

35389

5358

4,237695

1,1185,548

382

100234234460

652

9189164

1. 66240

5636, 59711, 07218,8716,689


NOVEMBER. 1JH!.~ FEDERAL RESERVE BULLETIN

CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued

815

State Bank of Russia (note issuingdepartment; thousands of cher-vontsi):

Gold...Foreign currencyLoans and discountsBank notes _._

National Bank of the Kingdomof Serbs, Croats, and Slovenes(millions of dinars):

GoldForeign currency and balances

abroadBills .Note circulationDeposits _ _

South African Reserve Bank(thousands of pounds sterling):

Gold coin and bullionGold certificatesTotal bills discounted .

Domestic billsForeign bills

Union Government treasury bills.British Government treasury

bills..Notes in circulationBankers' deposits.

Sep-tember

74

419995

6, 097583

1925

August

16, 8384,685

46,93870, 277

73

427958

5,965815

3, 5856,0366,234

62,8433,000

3859,5195,234

July

16,6574,685

44,61867, 750

73

397944

5, 661627

3,4947,1275,418

243,2601,250

8859,5205,523

1924

Sep-tember

13,14010,01730,04751,887

72

3911,3275,968

229

55110,2234,2272,397

450

1,38010,4184,565

Bank of Spain (millions of pesetas):Gold.Balances abroadBills discountedNote circulationDeposits

Bank of Sweden (millions of kro-nor):

GoldBalances abroad and foreign

bills and securitiesDomestic billsSwedish Government securities..Note circulationDeposits

Swiss National Bank (millions offrancs):

GoldDomestic billsLoansBalances abroad and due from

correspondentsNote circulationDeposits

Sep-tember

2,53728

6954,376

965

232

20422913

551107

49129042

45845

87

1925

August

2,53728

7534,297

978

233

18524413

511144

51129142

48819134

July

2,53729

7644.277

993

234

16127713

494179

50827645

44824111

1924

Sep-tember

2,53531

8554,458

892

247

99344

14564129

505285

76

52891

91

DISCOUNT RATES OF 31 CENTRAL BANKS

[Prevailing rates with date of last change]

Country • Rate

Austria., iBelgium iBulgaria iCzechoslo- I

vakia ;Danzig IDenmark.. .!England |

10

In effectsince—

Sept. 3,1925Jan. 22,1923Aug. 31,1924

Mar. 25,1925Mar. 6,1925

bY2\ Sept. 8,19254 Oct. 1,1925

In effectsince—

July 1,1925Oct. 29,1925July 9,1925Feb. 26,1925Feb. 15,1925Oct. 21,1925Sept.24,1925June 18,1925

Country Rate

JapanJavaLatviaLithuania. . .Netherlands.NorwayPeruPoland

In effectsince—

7.36873H56

12

Apr.M a yFeb.Feb.Oct.Sept.Apr.Aug.

15,19253,1925

16,19248,19252,1925

14,19251,1923

12,1925

Country

PortugalRumaniaRussiaSouth Africa.SpainSwedenSwitzerland-Yugoslavia..

Rate

9685H54 ^

6

In effectsince—

Sept.Sept.Apr.Nov.Mar.Oct.Oct.June

12,19234,1920

—,1924—,192423,19239,1925

22,192523,1922

Changes—"Batik, of England, from 4 ^ to 4 per cent on Oct. 1, 1925; Netherlands Bank, from 4 to 3H Per cent on Oct. 2, 1925; Bank of Sweden,from 5 to 4 ^ per cent on Oct. 9, 1925. National Bank of Hungary, from 9 to 7 per cent on Oct. 21, 1925; Swiss National Bank from 4 to 3}i per centon Oct. 22, 1925; Bank of Finland, from 8 to 7V2 per cent on Oct. 29, 1925.



FOREIGN TRADE OF PRINCIPAL COUNTRIES

UNITED STATES

[Thousands of dollars]

IMPORTS

By classes of commodities:Total _

Crude materialsFoodstuffs, crude,and food

animals.. ._Manufactured foodstuffs. _.SemimanufacturesFinished manufacturesMiscellaneous

By countries:Total Europe

FranceGermanyItalyUnited Kingdom

Total North AmericaCanada

Total South AmericaArgentina .

Total Asia and OceaniaJapan

Total Africa

EXPORTS

By classes of commodities:Total

Crude materialsFoodstuffs, crude, and food

animals ___Manufactured foodstuffs..SemimanufacturesFinished manufacturesMiscellaneousReexports _ _

By countries:Total Europe

France _GermanyItalyUnited Kingdom

Total North AmericaCanada _

Total South AmericaArgentina

Total Asia and Oceania . . .Japan

Total Africa

1925

350,005

142,198

45,24733,11058,02165,3706,059

100,37012,84315,0676,724

31,28876,54837,35644,3215,603

123,23947,9705,526

420,319 379,862 4,969,661

131,579

34,17952,65950,058

143,470753

7,621

228,37920,54552,11712,79390,334

102,81963,33829,0069,661

53,10718,0127,008

71,472

28,56447, 51452,149

172,406362

7,395

180,87318,21234,11411,60163,099

101,37560,78138,12514,39050,79013, 2388,701


1924

3,557,800

1,190,018

413,904537,428639, 277752,61424,559

1,073,266147,216143,60577,659

344,3761,007,814406,029446,97272,937961,366328,82167,381

4,351,840

1,291,866

243,393565,645598,349

1,557,6506,32788,610

2,253,853282,100375,080175,659

August

340,484

140,524

36,70229,78665,30265,6642,506

100,54714,28713,7706,046

32,31271,70636,28241,9325,152

119,73235,7276,567

>

1,

1,

1,

1925

019,647

573,092

476,633437,646732,062775,80525,027

203,845154,348149,90199,850

407,185959,875427,139517,36077,927

248,889365,92490,297

1,406,373

455,857592,606662,951

1,754,9267,76989,365

2, 705,456279,935497,437222,235

1,056,1011,158,266668,576382,514139,993641,656224,81281,819

1,041,005688,465290,015107, 634700,355263,44366,610

1 Figures for Russia are for eleven months ending August, 1925.1 Figures are for April and May, 1925, and for the 12 months ending

May, 1924, and May, 1925.

FOREIGN COUNTRIES

France (million francs):ImportsExports

Germany (million gold marks) :ImportsExports

Netherlands (million guilders):ImportsExports

United Kingdom (thousand £sterling):

ImportsExports . .Reexports

Canada (thousand dollars):ImportsExports.

Japan (million yen):ImportsExports

Denmark (million kroner):ImportsExports

Italy (million lire):ImportsExports

Norway (million kroner):ImportsExports

Russia (thousand rubles) :ImportsExports

Sweden (million kronor):ImportsExports

Brazil (million milreis):2

ImportsExports

Australia (thousand £ sterling) :ImportsExports . .

India (million rupees):Imports _Exports _

South Africa (thousand £ ster-ling):

ImportsExports

1925

Septenrber

4,3173,850

1,104780

97,92560,73510,526

78,663109,574

164

August

3,2973,258

1,303727

192174

91,73361,03813,500

81,974112,414

228


1925

40,41543,224

13,6278,381

1924

39, 32539,241

7,4726,195

1,336,285785,304150,161

852,5241,170,480

2,5732,183

1925

August

163161

1,3911,597

12087

45,70051,300

119127

365280

12,50110,442

188292

July

1,219,961790,525134,553

826,3531,086,089

2,3901,684

12 months endedAugust—i

1925

190179

1,8511,391

12978

66,67236,141

117 I134

328246

12,211 17,085 j

177 '283

5,5065,704

2,3062,168

24,65717,343

1,5411,145

556,889437,324

1,4131,329

3,4154,013

156, 088160,474

2,3634,159

1924

2,2531,994

18,03213,127

932

1,4061,223

2,2973,369

142,821120,663

2,3623,617


NOVEMBEE, 1925 FEDEEAL RESERVE BULLETIN 817

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES

The tables below give the all-commoditiesand group index numbers of wholesale prices inthe five countries included in the Federal Re-serve Board's indexes. In the first table theall-commodities index for each country is shownboth in terms of paper currency and converted

to a gold basis. The latter figure takes intoaccount the depreciation of the foreign currencyin terms of the American dollar (or gold) andthe series indicates relative price levels in theseveral countries when all prices are expressed indollars.

FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES(1913=100)

ALL COMMODITIES

Year and month

1923, average.1924, average.

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1924

UnitedStates

165159

163163160158156154156158156159160

On paper currency basis

England

170176

178180180181177174174173172175176

JanuaryFebruary..MarchAprilMayJuneJulyAugustSeptember.

1925165

168167168163162163165164165

177

178178175171166164163161158

394446

445469483428428442 i440 i442 i436 j442 !449 i451 i

456 i457 !463460467483 ;490 I491 I

»482 !

Canada

150147

146148147143143145147149146148148149

156158153148149147148150146

188200

205200200201200189191196198206210209

208204197191189195195197197

Converted to gold basis

England France ! Canada Japan

159160

156160158162158155156160158161167171

175175171168166164163161158

124121

!

108 |107 !117 |137128120117125120 '120123126

127125124124125119119119118

147145

142144143140141142146149145148 I148;149 I

156157153148149147148150 i146

GROUPS OP COMMODITIES i

Year and month

UNITED STATES

1924—September ._1925— April

MayJuneJuly.AugustSep tember . .

ENGLAND

1924—September __1925—April.

MayJuneJulyAugustSeptember . _

FRANCE

1924—September-. 4361925—April.. 460

May 467June 483

, AllYear and month j m°o

m:.I ties

I Grouped by stage of

C o n "

172172

162162164165163

516541530555

165163 ;165 '161154

I

443470462483

FRANCE—COntd. j

1925—July IAugust ISeptember2.!CANADA

1924—September. _ I1925— April

M a y |June iJulyAugust ISep tember . - |

JAPAN !

1924—September-JMarch j

1925—AprilMayJuneJulyAugustSeptember. _

490491482

146148149147148150146

197191189195195197197

Rawma-

terials

510506499

133134137137134136129

198214208205206202205206

Pro-ducers'goods

486487485

153153152151150149149

202201189188196201204203

Grouped byorigin

472480463

162169164161167171170

196185182181189189190190

Do-mes-tic

goods

472473461

145147148147147150145

200196191189195195197

Im-portedgoods

578580584

155158154154154154154

189203194188196195196196

183166

185182172165161156158163161161162161

160168162160159161161162161

Ex-portgoods

513515516

150161171166162166152

200200191189197202202208

* Complete descriptions of these indtx number* may be found in the following issues of the BULLETIN: UniUd States—May and June, 1920,June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922

•Provisional.



WHOLESALE PRICES IN PRINCIPAL COUNTRIES

ALL COMMODITIES

[Pre-war-100]

Europe

Year andmonth

1924January.FebruaryMarchApril....May....JuneJuly.....August.September.October...November.December.

1925January.FebruaryMarchApril...May...June...July...August. _.SeptemberOctober.

Bel- ! Bul- jCzecho-slo-

igium | garia | ^

580 I 2,711642 I 2,658625 I 2,612555 i 2,798557 j 2,551565 I 2,811566 ! 2,737547 i 2,853550 J 2,848555 I 2,988569 ! 3,132566 3,181

559 3,275551 3,309546 3,272538 ! 3,244" " 3,177

3,2253,041

537552559 .567 I 2,870577

974999

1,0211,0081,001

968953

1,013 !1,024 i

1,045 I1,048 !1,034 I1,020 j1,006 |

998 |1,009 |

993 I996 I

Den-mark1

210223227228225219220233 !231 !234231 |232

w T I m a nym £ r H F i n " 'TPronnn (Federal( B ° a r d land F r a n c e | Statis-Trade) ' t i c a l

l r a a e ) 'Bureau)

234234230220216216206189168163

165167165165 I164 |163163 I165167 !

170170170

171169166163159158158157156

1,071 !1,078 I1.094 !

1.095 !1,0901,0881,0851,1111,1171,114 |1,120 I1,139 j

1,1371,1411,1311,1331,1221,1291,1181,1421,133

494544499450459465481477486497504507

514 i515 j514 I513 j520543 !557 !558 I556 !

Hun-gary(goldbasis)

Italy i way iPolandiRussia*! (Oslo) ! !

117.3116.2120.7124.1122.5 I115.9115.0120.4126.9131.2128.5131.3

138.2136.5134.4131.0131.9 !133.8 |134.8 I131.7 i125.9

123 !131 !130 !125 !

119 '133 i145145142 j149 j154160

159 !152 !145144 !141 |141 |136 !134 i135 j.

571 i573 i579579 !571 ]566 !567 ;572580 !602621640 !

658 j660

658660

707731

156158155154153151151 •151158161 j161160 i

i

250

267263264 j271274275276277278

160158155151151153155155156

279281276267260258254245231

107112110 I109 :104101102109112116117118

120121122119118119120124127

187193181175166169175173164164168

172178183195197191188175173174

Year and month

JanuaryFebruary...MarchAprilMayJuneJuly..AugustSeptember _OctoberNovember.,December..

1924

JanuaryFebruary...MarchAprilMay.June.-JulyAugustSeptember..October

1925

Europe—-Continued • North and South America' Asia and Oceania Africa

Spain

178180180184179179182182184186181198

191192 !193 !190 ;

191 I187 i188 :

184 !185 !

Sweden

161162162161160158157160163167167168

169168163162161161159157

Unitedi States

Switzer-1 (Bureauland1 of Labor

Statis- !! tics)

I

teland1 Canada

183 !183 j180 |181 I180 |178 |173 I171170 i189 i169170 I

171171170166163162 i161 ;160159 I159 I

151152150148147145147150149 I152153 !157 !

160161161156155157160160160

157157154151151152154157154157158161

190189194195192192192193190192191195

j China I Dutch Indiai(Shang-| East | (Cal-! hai) Indies cutta)

165165162157159159158160157

199194 ;206 I206 !200 i200 I198 i200 ;205 !205 i

174 !170 I167 !166 !165 j163 j163 !162 I162 I163 I163 j165 •

II

163 |163160158159163162162162

156160158154154152152149149153155157

160159160159 i158157 ;163 !.160 !.160 !.

180

Japan j New \ Egypt(Tokyo)!Zealand! (Cairo)

178177178174177177175173179 !

178 !177 !176 !175 |174 |173 !

172178179174176176179180179181180176

211208206207205199195200206213214213

171 !172 |168 I169164157 I160 !157 I158

213 I210204202199 i200 \198 j200 !201 !

175 ;180 ;180 !178 I179 !180180 ;181181180181181

178175175175 !175 '174 I175

133135136134135131132143148156158156

SouthAfrica

131

126

"125

133

157 I161 I .155 j .154151 .1 5 0 I-151 I.151 L152 !.

130

130

1 First of month figures.

The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbersof 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 behad upon request.

Wherever possible the indexes have been shifted from original bases to 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.



WHOLESALE PRICES IN PRINCIPAL COUNTRIESGROUPS OP COMMODITIES

UNITED STATES—BUREAU OF LABOR STATISTICS

[Pre-war=100]

Bureau of Labor Statistics groups Federal Reserve Board groups

: AHI eom-i rnod-1 ities

Farm Iprod- I Foodsucts !

1923, average i1924, average !1924—September. _ I

October 1November.. IDecember...!

1925—January 'February __.iMarch iAprilMayJune iJulyAugust !September..:

154150149152153157160161161156155157160160160

141143143149150157163162161153152155162163160

Clothsand

cloth-ing

144144148152154158160157159154153155157159160

Fueland

light-ing

Metalsand

metalprod-ucts

200191187188190191191191191190188188189190189

1851701681621631651681781741691681731721701G9

Build-ing

mate-rials

144135128127129133136136134129127126126127127

189175171171172175179183180174175171170172174

Chem-icalsanddrugs

131130131132134135135135134134133133133135136

Housefur-nish-ing

goods

183173171171172172173173170170170170169L69168

Mis-cella-

123117116120123129127125125129131138143138135

Raw materials

Crops

168172164172176186196193183173176175173175169

Ani-malprod-ucts

Forestprod-ucts

122120123130124129 |133136148141134141154155 I155 i

210186180181182187193201196187189181180185184

Min-eral

prod-

185170166165166169172175173168167167168170172

Totalrawmate-rials

159154 |152156155161167169169161160162166168166

Pro-duc-ers'goods

141133130129131 |132134136135131 I131 j135137 !134 i131 i

Con-sum-ers'goods

156156158161163167169167168166164165167168169

ENGLAND—BOARD OF T R A D E

1925

Groups Sep-i tem-I ber

AlFcommodities.Total food

Cereals...Meat and fish.Other foods

Total, not foodIron and steelOther minerals and metals..CottonOther textiles.Other articles

156166159166170151121130204179157

Au-gust

157166164161174152123132207177157

July

158166159154185153125132210176157

June

158167163154185152126130214

! 175

! m

May

159167163153185155128132216181153

Sep-tem-ber

167171175159177165141140219206159

FRANCE—STATISTICAL BUREAU

Aircommodities i 556All foods ; 492

Animal foods 486Vegetable foods. ; 490Sugar, coffee, cocoa 495

All industrial material 607Minerals 522Textiles 807Sundries < 564

G E R M A N Y — F E D E R A L STATISTICAL BUREAU

558501500496500604519812«7

557508499520486597506804554

543497466535465580495784535

520480465509435553458748517

All commoditiesTotal food products

Grains and potatoesFats, sugar, meat, and fish..Colonial goods, coffee, cocoa,

etcTotal industrial products

Hides and leathersTextiles |Metals and mineralsCoal and iron

Domestic goods _.Imported goods. _

126122107150

181134125189132121118165

132130120147

175135123190134121125165

135134129136

179136126191131123129166

134133129134

175135122188129123128162

132130126129

177136127192129123125165

486449459430457515412747466

127121111139

161139124193119129121158

ITALY—CHAMBER OF C O M M E R C E

1925

Groups Sep- .tern-

All commodities ! 67. 7 i 685 1 668All foods I | 686 ! 652

Vegetable foods | 665 j 617Animal foods I 715 j 700

All industrial products 684 | 675Textiles 827 821Chemicals \ 620 616Minerals and metals ] 657 j 645Building materials 692 664Vegetable products 674 | 664Sundries 658 I 649

i 1924

634 i622594661 i639759581609642673611

May

619607577648625736567602631643603

Sep-tem-ber

547532482606553675498544559488540

CANADA—DOMINION B U R E A U OF STATISTICS

All commodities | 157Vegetable products _| 160Animal products j 142Textiles _ 191Wood products 159Iron products I 150Nonferrous metals j 107Nonmetallic minerals j 178Chemicals. j 158Raw materials, or partly manu- i

factured I 151Manufactured, fully or chiefly.- 159Producers' goods 150Consumers' goods 157

160173138193159149107178158

157161156156

158 i170 i135 !195 i159 j151 J105 ;177 i158 |

155159 !155 !154 j

159174133194159152103177158

156160158153

159177131193159153103177158

158160159152

15416112619215915597183155

150157149149

SWITZERLAND i—DR. J. LORENZ

Groups

1925

October i

All commodities 159Consumers' goods ! 173Agricultural products | 117Industrial products _ _ ! 160

Sep-tem-ber

159174117159

Au-gust July June

1924

Oc-tober

I160 161 162 | 169174 I 176 177 I 180115 I 119 | 121 I 124160 159 i 159 175

i First-of-month figures.


820 FEDEKAL RESERVE BULLETIN NOVEMBER, 1925

RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIESINDEX NUMBERS OF RETAIL FOOD PRICES

[Pre-war=100]

1924JanuaryFebruaryMarchAprilMayJuneJulyAugust -September...OctoberNovemberDecember

1925JanuaryFebruaryMarch .AprilMayJune - .JulyAugustSeptember...October

UnitedStates

(61cities)

146144141138138140140141144146147149

151148148148149152157157156

Austria(Vienna)*

22,94123,33623,33623,36123,79724,28723,49925, 05025,10025.36526,48226,806

27,16827,06526, 79626, 44827,03727,03126,55025, 73925,294

Bel-gium 2

126130128121113118123124127135140139

140137134127122127130135

Bul-garia

2,6742,5372,4972,5012,4382,6872.6262,7272,7232,8562,9943,040

3,1313,1633,1283,1003,0323,0832,9062,744

1

Eng-land i

1751771761671631601621G4166172179180

17817617617016716fi167168170

European countries

France(Paris)

376384392380378370360366374383396404

408410415409418422421423431

Ger-many

127117120123126120126122125134135135

137»145

146144141146154154153

Italy(Mi-lan)

515516523524519518508507514543567579

590610624620599599602621

Neth-er-

lands

150151152152151151150150152154156157

156157157155154152152152152

Nor-way

230234241240241240248257261264269274

277283284276265261260254241

Rus-sia i

180201203207213206210225219206203205

205208211217221219218210208215

Swit-zer-land

168167167165165168168166166169170170

168168168166165167167165165

Other countries

Can-ada i

145145143137133133134137139139141143

145147145142141141141146146

Aus-tralia

155153152150151149148147146146147148

148149151152154155156156156

India(Bom-bay)

154151147143143147151156156156157156

152152155153151149152147146148

NewZea-land

150149150150150150148146145145148150

147147149149150149151

SouthAfrica

120122122123122120117117117120122121

120120121124123122120119118

INDEX NUMBERS OF COST OF LIVING

[Pre-war»100]

1924JanuaryFebruaryMarchApril .MayJuneJulyAugustSeptember..October .November..December...

1926January _- ,FebruaryMarchAprilMayJuneJulyAugustSeptember...October

Mas-sa-

chi-setts

157156156154154154155155157157157158

158157158158158159160161161

European countries

Bel-gium

480495510498485492493498503513520521

521517511506502505509517525533

Czech-oslo-vakia

917917908907916923909897908916922928

>890911904901894914916894884

I.

Eng-land i

177179178173171169170171172176180181

180179179175173172173173174

Es-to-nia

959498

104108109

113110114112111112114

Fin-land

1,1551,1431,1411,1211,1211,1471,1541,1981,1991,2191,2221,217

1,1991,1911,2101,2011,1761,1911,2181,2661,242

France(Paris)

365

366

367

377

386

390

Ger-many

110104107112115112116114116122123123

124U 3 6

136137136138143145145

Hun-gary

123101118107104128140138135141141143

141135132130131130126127126

Italy(Mi-lan)

510517521522518618512511516546563573

580592602600591596598610

Neth-er-

lands

179

173

176

181

179

179

179

Nor-way

236

244

258

266

271

259

248

Po-land

121127126127126124127135141150152153

150151151149147148152151152

Spain

178190180195180186182180189185175190

188189192191188190190190190

Swe-den

176

171

""l74"

178

""l77"

176

Swit-zer-land

169168168166166168169166166169170170

168168167165165166166164

Other countries

Can-ada 1

150149148145143143143145146146147147

149150148147146146146148148

Aus-tra-lia

150

149

'~148~

~~148~

150

India(Bom-bay)

158156153150150153156160160160161160

157157159158156154157152151153

SouthAfrica

133134134134-134133132132132133134133

133133133134134134133132132

1 First of the month figures,2 1921-100.

8 Revised index.* January, 1921-100

NOTE.—Information as to the number of foods and items included, the original base periods, and sources may be found on page 276 of the,April, 1925, issue of the BULLETIN. The original bases of the indexes have been shifted to July, 1914, wherever possible.


NOVEMBER, 1925 FEDERAL RESERVE BULUETI-N 821

BANKING AND FINANCIAL STATISTICSFEDERAL RESERVE BANKS

AVERAGE DAILY CONDITION FOB SEPTEMBER AND AUGUST, 1925

[Amounts in thousands of dollars]

Federal reserve bank

BostonNew YorkPhiladelphia...ClevelandRichmondAtlanta __ChicagoSt. LouisMinneapolis...Kansas City.. .Dallas..San Francisco .

Total earning assets

Total: 1925..1924..1923..1922..1921..1920..

September

75,716294,67690,061113,03364,52759,755123, 38464,14147,04561,03850,193

120,329

August

74,428253,26784,396

106,08362,39459,457120, 68070,91345, 20356,15149, 004110, 288

1,163,898930,965

1,123,4721,113,3431, 740,4743,329,481

1,092, 264836, 534

1, 078, 2041,053, 0981,841, 5963, 233,862

Total cash reserves

September

241,173927, 626215,163309, 026

87, 540164,216365, 69560,05076, 01297,15764, 500

264, 649

2,872,8073,156, 6233,187, 0003,192,4202,836, 3962,139, 280

August

247, 518960,913222,134307,163

83, 796149,348374,484

55, 67372, 279

102, 26055, 605

265, 703

2, 896,8763,211,4553.194, 3643.195, 5022, 740,3882,127, 305

Total deposits Federal reserve notesin circulation

September

143,529837,174132,921178, 53667,81377,786327, 39378,39853, 95291, 29360,190165, 374

2,214,3592,188,4011, 9C8,1931,866,3001, 716,1621, 912, 070

August

143,122835, 792133,858180, 66167,33174, 227329, 63879, 00152,05593,10056, 704163,832

2, 209,3212,139, 5361,890, 0691,859, 5241,691,1371, 885,062

September

159,703352, 528150,215223, 56676,146147,960145,57440, 27665, 22165,85446, 084206, 501

1,679,6281, 7S0,4982,264,0902,225, 4572,493,9103, 275, 535

Reserve per-

I Sep-i tember

164, 856342,159149,746211, 52070,104

135, 286146, 21241,79361,66163, 64440,116

199,290 |

79.578.076.076.960.872.777.350.663.861.860.771.2

1,1, 757; 4702, 228, 9472,151,1852, 512, 3483,165, 222

73.880.176.478.067.4

U3 . 3

August

80.481.678.378.361.071.378.746.163.665.257.473.2

75. 582.477.679.765.2

143.7

1 Calculated on basis of net deposits and Federal reserve notes in circulation.

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS

RESOURCES


Gold with Federal reserveagents:

Sept. 23 _Sept. 30Oct. 7Oct. 14Oct. 21

Gold redemption fund withU. S. Treasury:

Sept. 23___.Sept. 30Oct. 7Oct. 14Oct. 21

Gold held exclusively againstFederal reserve notes:

Sept. 23 —Sept. 30Oct. 7Oct. 14Oct. 21 _

Gold settlement fund withFederal Reserve Board:

Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21 -

Gold and gold certificates heldby banks:

Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21

Total

1,405,6941,381,9411,365,3411,372,9431,399,178

48,72654,19758,90657,11254,143

1,454,4201,436,1381,424,2471,430,0551,453,321

719,341736,603748, 208733,661701,960

591,784587,226588, 933602, 348623,103

Boston

144,931121,931119,610117,417114,381

10,5357,6419,165

10,51112,805

155,466129,572128,775127,928127,186

32,78843,10346,86338, 35654,192

26,33726,78128,35431,81536, 359

NewYork

Phila-delphia

300,728300,609300,609300,527345,527

10,20213,88612,60011,22310,002

310,930314,495313,209311,750355,529

268, 325260, 222253,001234, 956256, 714

347,076339, 641341,508342,133350,285

127,464127,854130, 349130, 512127,947

8,1619,71212,86113,8535,578

135, 625137,566143, 210144, 365133, 525

45,02753,76646,96535,76537,919

20,75821,08922, 24423,86224, 447

Cleve-land

182,535181,750181,022181,446181,181

3,6072,8804,1622,3393,201

186,142184,630185,184183,785184,382

68,86174,86658, 24171,41252,300

47,19546,88347, 53550,80550,805

Rich-mond

45,47150,68754,75253, 45952,725

3,1511,8301,7661,8661,771

48,62252.51756.51855, 32554,496

31,03534,27635,16135,98533,580

8,3918,6909,2739,66410,346

At-lanta

129,218128,710133,638132,528126,317

2,0192,0772,5022,3852,996

Chi-cago

135,074135,003115,003114,953114,953

2,0874,9433,8382,6905,628

131, 237130,787136,140134,913129, 313

137,161139,946118,841117,643120,581

26, 34228,86728,03729, 32624, 204

j

2,7482,6182.5782,6112,691

107, 705102,573124,645141,126135,072

87,71989,61584,17986, 32087,905

St.Louis

16,28015,92519,70119,46215,596

1,1581,6131,334996

1,409

17,43817,53821,03520,45817,005

27,79136,29340,37836,68112,687

9,8279,4379,28310,87312, 406

Minne-apolis

45,28944,41644,42046,55554,025

1/1,8841,563

46,61740,300

48,63856, 314

23,95921,63726,22426,19418,447

7,4067,6217,4208,0047,790

Kan-sas

City

50,26249,52743, 25742, 34942,028

Dallas

3,4014,3114,7544,609

53,34852,92847,56847,10346,637

32,04027,91329, 74028, 22624, 511

4,9154, 3503,7224, 526

33,41032,78332,18131,63731,185

1,'1,6191,7101,6481,521

34,87934,40233,89133,28532,706

20,69015,12817, 78318,78717, 348

7,147i7,2387,3217,4317,567

SanFran-cisco

195,032192,746190,799202,098193,313

1,9232,7113,0942,7642,334

196,955195,457193,893204,862195,647

34,77837,95941,17036,84734,986

23,192

24,88825,10827,976



FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS—Continued

RESOURCES—Continued


Total gold reserves:Sept. 23Sept. 30Oct. 7-Oct. 14 -_Oct. 21

Reserves otherTthan gold:Sept. 23Sept. 30Oct. 7 - .Oct.14 - . -Oct. 21

Total reserves:Sept. 23Sept. 30Oct. 7 - -Oct. 14Oct. 21 - . - .

Nonreserve cash:Sept. 23Sept. 30Oct. 7Oct. 14-Oct. 21 -.

Bills'ldiscounted:Secured by United States

Government o b l i g a -t i ons -

Sept. 23Sept. 30Oct. 7.Oct. 14 -Oct. 21

Other bills discounted—Sept. 23Sept. 30Oct. 7.Oct. 14Oct. 21.

Total bUls discounted:Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21

Bills bought in open market:Sept. 23Sept. 30Oct. 7Oct. 1 4 . . . .Oct. 21

U. S. Government securities:B o n d s -

Sept. 23Sept. 30Oct. 7 . .Oct. 14Oct. 21

Treasury n o t e s -Sept. 23Sept, 30-Oct. 7Oct. 14. __ _Oct. 21

Certificates of indebted-

Total i Boston

2, 785,2, 759,2,761,2, 766,2, 778,

105,105,101,103,110,

545967388064|384

394!!5671093 i723!912

IN e wYork

| Phi la - j Cleve-• de lphia | l a n d

217,737

926, 331 i 201,410' 302,198914,358! 212,421 306,379907, 7181 212,419 290,960888,839| 203,992 306,002962,528! 195.891 287,48^"

24, 422!24, 771;24,851:25, 249:25,912J

5, 555 j5, 068 j5, 775|5, 825!6, 4901

7, 4657, 837!6, 557'7, ir8,455

Rich-mond

88,04895,483

100,952100, 974

At-lanta

160, 327162, 272166,755166,850

18,422! 156,208

2,870,939!2, 865, 534;2,862,481!2, 869, 7872,889, 296

51,872i48,189!48,409148, 04553,734!j

337, 649!316, 7941320,381308, 213!293,172

303,078; i316, 394323, 648335,335309, 789!

Sept. 23..Sept, 30.Oct. 7 . . .Oct. 14..Oct. 2 1 . .

Total U. S. Governmentfse-curities:

Sept.23Sept. 30Oct.7__ . . _ .Oct. 14__Oct. 21

Other securities:Sept.23.Sept. 30Oct. 7_Oct. 14.Oct.21__

640, 727:633,188;644,029|643, 548602,961!

238, 493|268,310283,944;

287, 014!293, 259!

55, 610!55, 658j55,618!55, 638|55,9071

251,603!268,155249,811*261,122248, 366

15,91919,09318, 69519,47319, 532,

227,865213, 032217, 659211, 667233,33"

4,3283, 9114,2143, 4204,700

13, 07120, 53214,50917, 99112, 758

24, 79729,48423,153134, 602|17,015

950, 753939,129932, 569914,088988,440

18, 295i17,083i18,039;17, 383118,147:

206,965217,489218,194209, 817202, 381

1,1251,0391,0581,0851, 215

309,i314, 216297, 517313,119295,942

2,9653, 5182,3692,3814,108

4,01213, 728;3, 900;

4,019|5,062!

7,1837,4196,0376,8407,413

332, 585332,134327, 665345,089343, 558

15,850|15,30514, 89315,15215,459

St.Louis

Minne-!

55, 0561 77,!63, 268 i 75, 55870, 696! 79, 62768,012| 82,83642,098' 82,551

8,97719, 300!9, 218!9,463!9,184!

1,5441,4201,' "1,810|1, 8671

Kan-sasCity

89, 37685, 75681, 65879,05175, 674

4,4545,0693,f~~3,5023,761

92,060 167,510 348,43599,211 169,69l| 347,439!

104,8521 172,792j 342, 558'104,9931 173,690! 360,241103,484 163,621 359,017

3, 32012, 696)2,9092,907

2,5612,169|

8,9038, 099

2,76l | 7,6413, 241] 7, 580

3, 367J 3, 579| 8,137

64,033)72, 56879,91477,47551,282

3,3232,8292,6132,7542,9021

159,791!148,9221144,058125, 834 j101,664!

72,974|80,13887, 798!

89,0461

60, 302

26, 977:25, 442|22,917124, 563!30, 833 j

21, 511|18, 50622, 36826, 53027, 627

32, 851!33, 794!41,175143, 451,45, 698|

27,209125, 822!32, 868!34,39435, 821

15, 6512, 67110, 22613, 9114,733!

35, 875;35,956|36,122!34,351 j35, 019)

3,380| 33,374| 7,3463,056; 32,643!5, 635 43,142!6,397 39,505|9,160| 34,172^

26,163!25, 904119, 086!23, 678i20, 725|

25,40530, 523'33, 54l!28,248134,952!

6,815J5, 370!6,125!9,2051

29,300!29,144j24,038!20, 628!25,467;

79, 52676,97881,09684, 646!84,418!

7155585659791800!

803!1, 466;2,952!1,178!4, 636!

4, 529;4,4781

3, 5683,407;3,462!

93,83090,82585, 55782, 55379,435

2,0472,0431,9642,0992,173

5,2621.2103,3023,3765,45'

7,5407,2566,8238,506

323,132342,906324,124336,233323,805

2,4202,4202,4202,4203,220

37, 86850,01637, 662|52,593;29, 773i

41, 62649.24651, 759j54.44559, 563

537537537537537

2,0932, 52112,23812, 5742, 290

4, 70614, 7064, 8964,8055,570

7,3367,7647,6717,9168,397

232, 765!229, 060!231, 856j214, 880!

161,966!i

27,151128, 753!31,055J30,624i23,016

1, 257|1,257!1,257;1,257|1,2571

58,492'73, 737!54, 26864,84252,978

7554,2992,3444,2291,265

60,50479,29357,86970,32855,500

48,488|43,948145, 28551,09358,460

20, 47819, 78719,456!19,159|20,147

585585585585585

18,42818,42818,42818,42818,428

60, 06059, 61674,04377, 84581, 519

18, 34818, 68220, 24317,15615,651

7,9657,9657,9657,9657,965

21, !

21,99021.98921.99021,989

51, 52648, 627!

46, 348|48,270!49, 752!

4,7194,6044,9675,1335, 038!

29, 543!28,96024, 72130,07529, 885

16,62319, 65720, 58721,92126, 717

58, 77963,16676,683!67, 753!69,124'

29,900!35, 374J38,961!37, 51433, 652!

35,95929, 40826, 753i34, 672;

1,69

2,67011,02821, 816J

5, 332!5,944!6, 520!4, 585!

23,659}25,019124, 64121, 897117, 3691

i

12,1518,75010, 55810,19913,963

21, 49926,13528,11727, 67425, 886

l ,19ll1,1911,1911,19ll1,19l|

4, 253]

4| 2524, 2534, 253

50j50505050

1,0211,0211,0211, 0211,022'

19,06319,06319,06319,06319,063

2,3202,3202,3202,3203,1201

30.97530.97630,97530,976]30, 976'

5,4445,4445,4435,4445,444

835

12, 39612,39812, 39812,39812,402

861885

1,0461,0961,652

14,12014,17214,27914,33014,923

19,928!19,928!19,928!19,928|19,928J

22,069)22,069!23,480!23, 879123, 683!

1,742!1,2271,610

8441,055!

1,197!1,1971,197;1,197!1,321

18,873!18. 873!18, 87318, 87318, 873

43,73943,22445,01844,65144,666

20,16320,16320,16320,16320,287

7, 558!7, 558|7,5587,5587, 558

9,0209,0209,0209,0209,020

8,1188,1378,1388,1378,139

22,90522,98022,98022,980;22,980;

j SanDallas j Fran-

cisco

62,716! 254,92556,768| 256,11458,99559. 50357, 621

7,1226, 210;5,1555, 673!5,903i

259, 951266,817258, 609

5,5365,8645,6725,5055,806

9,838 260,46162,978| 261,97864,150l 265,62365,17663, 524

1,8391,6401,6151,5662,044

272, 322264, 415

2,4512,6042, 6612,6502, 562

2, 084 37,0591, 502! 28, 7412,126 24,9692,788 23,0863,353, 21,503

6,0516,1485,9896, 8464,898

22, 37522, 75327, 86126, 78235,995

8,135!7,6488,1159,6348,251

12,02216,07816,47217, 69120, 307

6,358i6,361!6, 373!6,39116, 50l|

22,143|22,94422,94422, 94322, 528

59,43451,49452, 83049, 86857,498

20, 76924,01625,01622, 77224,097

5353545656

38,94238,94238,94138,94238,942

1.7541 _J 4,9371,875 ___! 4,9371,998' 700 4,9371,998! 400 4,9371,998! 1,890 4,937

16,57816,57816,57816,57816,578

32,77732,99233.11633,11533.117

28,50129,30530,01729,734!30,919

43,93243,93243, 93243,93543,935

100!.100!.100;.100! -100!




RESOURCES—Continued


Foreign loans on gold:Sept. 23Sept. 30Oct. 7__Oct. 14Oct. 21_

Total bills and securities:Sept. 23Sept. 30Oct. 7_...Oct. 14...Oct. 21_

Due from foreign banks:Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21

Uncollected items:Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21___

Bank premises:Sept. 23.__Sept. 30Oct. 7Oct. 14Oct. 21

All other resources:Sept. 23Sept. 30Oct. 7 _Oct. 14Oct. 21___

Total resources:Sept. 23Sept. 30Oct. 7.__Oct. 14Oct. 21_

Total

8,10010,20010,6046,4006,300

,212,872,257,024, 265,121,275,615., 229,545

707639639639640

685,239655,053713,311920,079

61,39961,40161,47561, 53561, 552

18,04417,70018,06218, 58317,751

4,901,0724, 905, 5404, 969, 4985,194, 2835,035,186

Boston

599755792474466

87,429107,78197,884115,42898,199

59,25759,83366, 59786, 746

4,1904,1904,1904,1904,190

97166160142

383,157388,844390, 710421, 611408,966

NewYork

Phila-delphia

2,1872,754

1,7281,701

322,607339,860323,669317,560242,183

707639639639640

149,676143, 759157,119228, 511185,524

17,15917,16117,16317,17917,179

3,3753,3543,5093,7613,716

1,462, 5721,460, 9851,452. 7071,499,1211,455,829

753949995595

91,10286,06787,11992,230101,376

Cleve-land

8671,0911,092

-685674

110,250110,365126,353126,662128,820

Rich-mond

429540541339334

62,11859,21557,29959,18660,568

61,8561 64,92763, 833 58, 92163,13191885

63,1318747191,885 87,471

70, 719: 72,473

1,2521, 2521, 289!1,289i1,296

284291309328321

7,9487,9487,9487,9487,948

285283306317331

At-lanta

332418439262258

60,61863,20760,02666, 588

Chi-cago

1,1181,4081,477

133,536143,172162,139150,801

71,783! 148,311

60, 51360, 53762,96073,427|68,597

2,4462,4462,4462,4462,446

568587603594549

362,584 496,038369,971 495,251371,100 497,624396,634 537,898377,308 509,622

221,025224, 692231,069243, 553239,011

39,88534,69241, 78641,05045,074

2,7802,7802,7802,7802,780

2,3342,2652,2482,2752,208

275, 688274,804282,393289,624289,045

91,84077,96585, 201

107, 29993, 294'

St.Louis

373469492294290

58,88157,55052,73358,23877,065

8,099

1,363|1,35311,444|1, 375997

36,48134,69940,03844,45839,365

4,7084,7084,7094,7184,724

481445376338332

592,176 167,907586,127 172,799607,082 180,383635,395 187,981617,855 175,670

Minne-apolis

267337353211208

45,83647,87848,09243, 27142,253

Kan-sas

City

324408428257252

66,85168,38572,31971,34573,318

15,69614, 890!17, 51018,876117,417

3,0473,0463,0473,0473,047

2,8722,8052,9053,2602,890

38,97240,22545,28148,172

4,6124,6134,646

4,' 685

789741733737856

Dallas

284357357224221

48,94253,38854,96157,28359,698

SanFran-cisco

567714749448441

124,702120,156122, 527117,023125, 971

27,18527,11230,58937, 61828,457 j

1,834!1,8341,834!1,834!1, 834 s

I1,425!1,348j1, 364!1,337|1,342i

38,95138, 58739,96854, 56647,051

3,3243,3243,3243,3243,324

4,1804,1314,0994,1014,067

147,692 207,101 151,063; 434,069146,155 206,832 148,300 430,780153,215 210,500! 154,513 438,202154,079 209,587 164,814; 453,986150,825 206,766 156,899 447,390

LIABILITIES

Federal reserve notes in actualcirculation:

Sept. 23Sept. 30Oct. 7 . . .Oct. 1 4 . . .Oct. 21

Deposits:Member bank—reserve

account-Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21

Government—Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21 _

Foreign b a n k -Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21

Other deposi ts-Sept. 23.Sept. 30Oct. 7Oct. 14Oct. 21

1, 670,3481, 685,1141,701,1281, 715, 5321,694,948

2, 207, 0902,209,9372, 238,1542,229,8252,206,347

32,16931,30216, 73232, 64346,132

7,4647,5308,3067,09111,424

20; 73119,21019,86518,62220,043

156,010157, 679158,333163,475164,246

142,834143,620142,818144,586147,472

8573,1581,1043,0254,368

168147195133158

1469013175116

349, 210355, 684353, 669355, 695349, 515

859,457863,184854,193838,394824, 281

14,8417,7532,5462,95812,301

5,8096,0856,3805,7799,866

10,1809,1079,7188,98910,437

146, 569146,113145, 925148, 255144,387

127, 733131,997136,286131,919133, 284

1,4722,2071,1381,4241,727

211184245167199

14794263

1,054144

224, 452223, 929225, 076229, 540222, 611

175, 651177,157176, 748186,759180,087

1,6991,7561,1385,9444,822

242212283192228

1,0131,2631,076958

1,091

76,70078, 78982, 57284,31185,180

65, 88865,34768,81968,75867, 451

2,2403,409933

2,8732,538

12010514095113

25616416621361

150, 277152, 655156, 854157, 598156, 298

78,49978,74480,28681,43679, 616

1,9882,142144

2,4774,574

93811087488

95987155138

145,182145,833147, 026147, 051147,323

320, 434318,310332, 624329, 501335, 705

1,8271,4875,1034,4062,680

313273364248295

835894989

1,2911,088

39, 56740,39541,11641,16440,595

74,30678,24680, 44081,86277,315

1,1762,3051,6693,8622,028

104911218398

1,072771

1,151503857

66,14867,17568,64467,93567,358

53, 50151,21855, 67255, 57253, 023

9081,637741

2,0612,303

7565875970

174169362152295

65, 81666, 54467,26166,71666,439

90,83287,34888,99485,94384, 592

8311,517955

1,1061,400

91791067285

1,2441,632795593585

46,95546,04847,99747,99347,178

59,79458,71761, 87161,19660, 956

1,9471,793507915

2,717

7969926375

104989134

203, 462204,270206, 655205,799203,818

158,161156, 049159, 403163,899162, 565

2,3832,138754

1,5924,674

159139185126149

5,4814,8245,0454,6485,197


824 FEDERAL RESERVE BUL.LET1N NOVEMBER, 1925


LIABILITIES—Continued


Total

Total deposits:Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21 _

Deferred availability items:Sept. 23Sept. 30Oct. 7Oct. 14_Oct. 21

Capital paid in:Sept. 23Sept. 30Oct. 7__Oct. 14Oct. 21_

Surplus:Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21 -

All other liabilities:Sept. 23 -Sept. 30._Oct. 7Oct. 14__Oct. 21

2,267,454!2,267,9792,283,0572,288,1812,283,946 j

614,787603,9771636,162840,828705,9541

116,433!116,440!116,4611116,487,116, 629,

217,837;217,837217,837217,837217,837

14, 21314,19314,85315,41815,872

Total liabilities: ISept. 23 ._ - 4,901,072Sept. 3O.__ ! 4,905,540Oct. 7 . 4,969,498Oct. 14 . ._ ' 5,194,283Oct. 2 1 . _ . 5,035,186

MEMORANDA

Ratio of total reserves to de- jposit and Federal reserve jnote liabilities combined (per jcent):

Sept. 23 72.9!Sept. 30 72.5!

Oct. 7 _._ 71.8;Oct. 14 _ 71.71Oct. 2 1 . . . _ 72. 6|

Contingent liability on billspurchased for foreign corre-spondents:

Sept. 23 34,027Sept. 30 33,581Oct. 7 _ 35,697Oct. 14 36,876;Oct. 21 _ - . . 36,796;

Own Federal reserve notes heldby Federal Reserve bank:

Sept. 23 316,812,Sept. 30 295,179Oct. 7 293,813Oct. 14 ._ 295,216Oct. 21 _ 317,556

Boston NewYork

144,005147,015144,248147,819152,114

57, 51958,45762,42884, 53766,769

8,600

8, 606!

16,38216,382|16,38216,38216,382

641705713792849

383,157388,844390,710421,611

890,287886,129872,837856,120856,885

128,780124,914131, 751192, 666154,768

31,94931,95331, 96731,96732, 044

58, 74958,74958,74958, 74958,749

3,5973,5563,7343,924

1, 462, 5721, 460,9851,452, 7071,499,1211,455,829

Phila-delphia

129,563134,482137,932134, 564135,354

54,37757,35155,17681,73065,391

11, 50111, 50111, 50111,51511, 521

20,05920,05920,05920, 05920, 059

515465507511596

76.069.971.968.073.

2,5832,5062,4852,7342,734|

19,17815, 50914,88417,94921, 242

76.775.676.075.481.9

8, 549

11,1839,9109,834

362, 584369,971371,100396, 634377,308

75.077.576.974.2!72.31

3, 2463,1493,1233,4353,435

Cleve- Rich- j At-land mond lanta

178,605180,388179,245193,853186,228

56,31154,25656, 57177, 67263,971

13,058113,058i13,05813, 05813,053

22,46222, 46222,46222, 46222,462

1,1501,1581,2121,3131,297

68,50469,02570,05871,93970,163

57, 09958,16559, 693

64,936

5,980|5,9841

5,9845,9845,986

11,70111,70111, 70111, 70111,701

1,0411,02811,0611,0551,045

16,26617,203

124,016 36,423112,085 37,069116,301 36,052 16; 828112,825 33,885 15,539121,798i 36,188] 22,602

496, 038495, 251497, 624537, 898509, 622

76.877.773.674.072.4

3,7343,6233,5933,9563,952

221, 025224, 692231,069243, 553

80,67581,06580,60984,04284,416

30,27226, 58930,41233,40733,700

4,6134,6144,6144,6304,646

8,9508,9508,9508,9508,950

901931954997

Chi-cago

323,409320,964339,080335,446339,768

75,75471, 51673,027

104,88882, 625

15,62915, 61715,62315, 62315,630

30,42630,42630,42630, 42630,426

1,7761,7711,9001,961

275, 688274,804282,393

592,176586,127607,082

289,624 635,395239,011 j 289,045) 617,855

!

63.467.168.767.266.6

1,8501,7951,7801,9581,958

15,31013,09613,71912,9C712,824

72.572.672.871.968.0

1,431

M771,5151,515

22, 62521,14020, 53323,149

74.474.470.574.773.7

4,8164,6734,5,0985,098

16,94516,37714,02715,59314,298

St.Louis

76,65881,41383,38186,310

35, 87735,21440,09244, 65938,827

5,1265,1265,1265,1265,126

9,9719,9719,9719,9719,971

708680697751853

167, 907172, 799180,383187, 981175, 670

55.159.664.260.842.4

1,6051,5581,5451,"

V

6,5635,9806,6956,9086,811

Minne-apolis

54,65853,089

57,84455, 691

15, 09014, 08815,88516,47715, 958

3,1943,1923,1893,1873,186

7,4977,4977,4977,4977,497

1,1051,1141,1381,1391,135

147,692146,155153, 215154, 079150,825

65.864.064.667.368.6

Kan-sas

City

92,99890,57690,85087,7i4

Dallas

34,43135,854J38,469141,23539, 705

4,2714,2684,2684,2654,264

8,9778,9778,9778,9778,977

613675

719

207,101206,832210, 500209, 587206, 766

59.157.854.153.551.9

1,1521,1171,1081,2191,219

3, 652,3,6123,7873,9013,708

i,:1,3541,3431,4781,478

7,3296,8766,7696,607

61,90860,68362,56862, 26563,782

29,49428,82731,18541, 75533,124

4,3214,3304,3314,3324,332

7,5927,5927,5927,5927,592

793820840877891

151, 063148,300154, 513164, 814

SanFran-cisco

166,184163,150165,387170, 265172,585

39,78338, 74641,47353,23946,180

8,1918,1918,1948,1948,235

15, 07115,07115, 07115,07115,071

1,3781,3521,4221,4181,501

434,069430,780438,202453,986

156,899 447,390

64.259.058.059.157.2!

1,2221,1851,1751,2881288

5,3915, 6725,990:5,450!6,514'

70.571.371.472.470.2

2,4432,3702,3512,5862,586

43,11440, 560

40,44341,219


^NOVEMBEE, 1925 FEDERAL RESERVE BULLETIN 825

FEDERAL RESERVE BANKS—MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS


Bills discounted:Sept. 23Sept. 30 -Oct. 7 -Oct. 14Oct. 21

Bills bought in open market:Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21

Certificates of indebtedness:• Sept. 23 - . -

Sept. 30Oct. 7Oct. 14Oct. 21

Total

640,727633,188644, 029643, 548602,961

238, 493268, 310283,944287, 014293, 259

15, 91919,093

19,47319, 532

Within 15days

492,635

500,588507,220459,734

74, 27085,68692,93193,42680, 794

4,3162,5514,3452.146

16 to 30days

38, 32336,43035, 82236, 78937, 573

46, 24049, 30646,87048,85147, 263

31 to 60days

62,63059,50258, 608

61,79

58, 431

61 to 90days

74,24267,75281, 579

5171,815

41, 40741,77642, 21635, 51935, 242

49, 44455,95555,93964,22567,122

1,6841,8391,7111,247

91 days to6 months

5,5475,8865,1055,0747,486

10,10811,37413,96212,76016,501

4,689

5,206

Over 6months

185608

1,6901,9591,128

8,6818,2499,2278,675

10,882

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS

[In thousands of dollarsj

Federal reserve notes receivedfrom comptroller:

Sept. 23Sept. 30Oct. 7Oct. 14Oct. 2 1 . .

Federal reserve notes held byFederal reserve agent:

Sept. 23Sept. 30Oct. 7Oct. 14.Oct. 21

Federal reserve notes issued toFederal reserve bank:

Sept. 23Sept. 30Oct. 7Oct. 14 ._Oct. 2i...*_:

Collateral held as security forFederal reserve notes issued toFederal reserve bank:

Gold and gold certificates-Sept. 23 ._Sept. 30Oct. 7Oct. 14Oct. 21

Gold redemption fund -Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21

Gold fund, Federal ReserveBoard—

Sept. 23Sept. 30Oct. 7Oct. 14 _Oct. 21

Eligible paper -Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21

Total collateral-Sept. 23Sept. 30Oct. 7Oct. 14Oct. 21

2,950,9462,940,5802,944, 7622, 951, 6402, 943, 706

963,786960,287!949,821940,892931,202

1,987,1601,980, 2931, 994, 9412,010,7482,012,504

307,901307, 731307,731307, 731307, 731

105,346115,490110,905102,930100,639

992,44:958, 720946, 705962,282990,808

860,064885,379885,602847,507

2,244,6322,242,0052,250,7202,258,5452,246,685

Boston

272,818269,818267,497268,304265, 268

97, 63096, 63094,28086,88079, 780

175,188173,188173, 217181,424185,488

35,30035,30035,30035,30035,300

9,63116, 63114,31012,1179,081

100,00070, 00070,00070,00070,000

79,49499,26289,421

107,03889,336

224,425221,193209,031224,455203,717

i

NewYork

764,086758,629758,670757,220754,893

290,860290,860288,700288,700283, 580

473, 228467, 769469,970468, 520471,313

186, 698186, 698186, 698186,698186, 698

28,03027,91127,91127,82927,829

86,00086,00086, 00086,000

131,000

234,179227, 745233,736216,538149,696

534,907528,354534,345517,065495,223

Phila-delphia

216,792214,182213,177211,340208, 775

33,80031,00031,20029, 20028,200

182, 992183,182181,977182,140180,575

4,8004,8004,8004,8004,800

8,77511,16512,16010,32312, 758

113, 889111, 889113,389115,389110,389

59,18556,02754,03859,14667, 680

186,649183,881184,387189,658195,627

Cleve-land

i

285, 588284, 902282, 974284,499286, 833

44,87043, 77041,07039,42041, 620

240, 718241,132241,904245,079245,213

8,7808,7808,7808,7808,780

13, 75512, 97012, 24212, 66612,401

160,000160,000160,000160,000160,000

77,59077,34793,17294,97497,151

260,125259,097274,194276,420278,332

Rich-mond

113,809116,925120,850126,758126,524

21, 79925, 04024,55929,48028, 520

92,01091, 88596, 29197, 27898,004

21,16021,16021,16021,16021,160

3,0165, 0274,0922,7992,065

21, 29524,50029,50029,50029,500

52,95851,80350,90050,14053,37C

98,42S102,49C105,652103,59S106,09c

Atlanta

224,257222, 720224,007226,037229,827

51,35548,92546, 62045,29049,840

172, 902173, 795177, 387180, 747179,987

10,00010,23010,23010,23010,230

7,2188,4807,4086,2985,087

112,000110,000116, 000116,000111, 000

46,09348,48845.15951,95256,550

175,311177,198178,797184,480182,867

Chi-cago

430,704431,787431,130432, 221429, 698

268,577269, 577270,077269,577268,077

162,127162, 210161,053162, 644161, 621

4,4294,3594,3594,3094,309

130, 645• 130, 644

110, 644110,644110, 644

88,59698,344

115,566105, 093102,650

223,670233,347230,569220,046217,603

St.Louis

69,49069,73573,21172,97272,106

23,36023,36025,40024,90024,700

46,13046,37547,81148,07247,406

10,97510, 57510,57510,57510,575

1,8051,8501,6261,3871,521

3,5003,5007,5007,5003,500

38,33036,90532,06137, 75556,474

54,61052,83051,76257,21772,070

1Minne-apolis

89,25089,37791,08190,21689,686

19,45018,59018,65018,38018,620

69,80070, 78772,43171, 83671,066

13,05213, 05213, 05213,05213,052

1,2371,3641,3681,5031,973

31, 00030, 00030,00032,00039,000

28,70230,65430,58626,02625,054

73,99175,07075,00672,58179,079

KansasCity

98,87899, 60399,81398,90698,585

25, 73326,18325, 78325, 58325,483

73,14573, 42074,03073,32373,102

3,9023,1673,8972,9892,668

46,36046, 36039,36039,36039,360

33,60734,77338,55537,83939, 757

83,86984,30081,81280,18881,785

Dallas

71,69871,07272,46971,92571,474

19,35219,35218, 48218, 48217, 782

52, 34651, 72053, 98753,44353, 692

17,13617,13617,13617,13617,136

4,7744,1473,5453,0013,549

11,50011, 50011,50011,50010,500

20,13823,58224,56227,29828,530

53,54856,36556,74358,93559,715

SanFran-cisco

313,576311,830309,883311,242310,037

67,00067, 00065,00065,00065,000

246, 576244, 830244, 883246, 242245,037

18, 77418,41917, 98717, 70917,398

176,258174,327172,812184,389175, 915

80,06675,13477,62371,80381,259

275,098267,880268,422273,901274,572



FEDERAL RESERVE BANKS—HOLDINGS OF BILLS AND SECURITIES AND EARNINGS THEREON, SEPTEMBER, 1925


HOLDINGS ON SEPT. 30,1925

Total bills and securitiesBills discounted for membersBills bought in open marketUnited States securitiesOther securitiesForeign loans on gold.

Bills Discounted

Rediscounted bills:Commercial and agricultural

paper n e sTrade acceptances, domestic.Secured by U. S. Govern-

ment obligationsMember bank collateral notes:

Secured by U. S. Govern-ment obligations

Otherwise secured

Total discounted bills

Bills Bought

Bills payable in dollars:Bankers' acceptances based

on—ImportsExports _Domestic transactions...Dollar exchangeAll other

Trade acceptances—Based on importsDomestic

Bills payable in foreign cur-rencies

Total purchased bills

United States Securities

United States bonds ._ . _ .Treasury notes.Certificates of indebtedness

Total U. S. securities

DAILY AVERAGE HOLDINGSDURING SEPTEMBER

Total bills and securities iBills discountedBills boughtUnited States securitiesForeign loans on gold

EARNINGS DURING SEP-TEMBER

Total bills and securities L_Bills discountedBills boughtUnited States securitiesForeign loans on gold

ANNUAL RATE OF EARNINGS

Total bills and securities *Bills discountedBills boughtUnited States securitiesForeign loans on gold

Total

1, 257,024633,188268, 310342,906

2,42010,200

205,7362,290

992

315,802108,368

633,188

139, 24685, 51937,6333,394

525

67845

1,270

268,310

55,658268,155

19,093

342,906

1,163,898594, 083224,135335,359

7,954

3,4071,787

61097825

3.563.663.323.553.94

Boston

107,78150,01649,2467,764

755

29,42262

22

20,510

50, 016

23, 64115, 06910,063

473

49,246

5372,5214,706

7,764

75,71629, 33139, 2036,600

582

21084

107172

3.373.503.313.083.97

NewYork

339,860229,06028,75379,293

2,?54

26,624229

148, 92253,285

229,060

13,15411,4222,709

221525

42245

255

Phila-delphia

86,06743,94819,78719,0632,320

949

7,30168

65

25,37711,137

43, 948

7,9177,8413,556

473

28,753 19, 787

1,25773, 7374,299

79, 293

294,676204,35618,86769, 3092,144

83758852

1907

3.453.503.333.343.93

58518,428

50

19,063

90,06149, 06819, 45918,467

747

26414153612

3.563.503.294.003.93

Cleve-land

110.36559,61618,68230,976

1,091

11,021425

177

33,61714,376

59,616

9,6234,9652,552

271

256

1,015

18,682

7,96521, 990

1,021

30,976

113,03362,88818, 43630,850

859

32618150923

3.513.503.283.653.94

Rich-mond

59,21548,6274,6045,444

540

30,297228

310

12,3615,431

48,627

1,596448

2,560

4,604

1,1914,253

5,444

64, 52753,6115,0025,493

421

20617614151

3.884.003.323.193.93

At-,lanta

63,20728,96019,65714,172

418

22,037133

120

2,9363,734

28,960

10,8556,6961,841

265

19,657

88912,398

885

14,172

59, 75530,83314, 38214, 214

326

1821014040

1

3.704.003.343.423.93

Chi-cago

143,17263,16635,37443,224

1,408

28,973721

45

32,598829

63,166

19,15411,1514,460

£09

35, 374

19,92822, 0691,227

43, 224

123, 38450,22429, 20742, 8651,088

37916579

1323

3.744.003.293.743.96

St.Louis

57,55035,959

95920,163

469

24,211366

107

6,7084,567

35,959

819140

959

1,19718,873

93

20,163

64,14134,9472,667

26,158369

198115

775

1

3.754.003.243.463.94

Minne-apolis

47,8785,944

25, 01916, 578

337

4,250

2

1,464228

5,944

14,1437,9102,725

241

25,019

7,5589,020

16, 578

47, 0456,899

23, 53316, 351

262

1392264521

3.604.003.293.883.93

KansasCity

68,3858,750

26,13532,992

100408

7,355

45

1,165185

8,750

15,9427,7942,121

278

26,135

8,13722,980

1,875

32, 992

61,0388,499

19,77032,405

317

178285396

1

3.554.003.293.603.93

Dallas

53,3887,648

16,07829,305

357

5,58322

21

1,481541

7,648

9,4344,9761,417

251

16, 078

6,36122, 944

29, 305

50,1939,165

11, 72629, 025

277

148303285

1

3.594.003.323.573.94

SanFran-cisco

120,156.51,49424,01643,932

714

8,66236

78

28,66a14,055

51,494

12,9687,1073,629"

312

24,016

5338,9424,937

43, 932

120,32954,262-21, 88343,622

562

1340*15659

1232

3.443.50-3.283.433.94

1 Figures include Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $2,320,000; earnings, $6,818;annual rate of earnings, 3.57 per cent; Kansas City, average daily holdings, $47,000; earnings, $149; annual rate of earnings, 3.89 per cent.



FEDERAL RESERVE BANKS—VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS DURING SEPTEMBER, 1925

[Amounts in thousands of dollars]

Total Volume of Operations _.

Bills discounted for memberbanks

Bills bought:In open marketFrom other Federal re-

serve banksU. S. securities bought:

In open market.From other Federal re-

serve banksForeign loans on gold

Bills DiscountedRediscounted bills:

Cornel., agricultural, andlivestock paper, n. e. s._

Demand and sight drafts.Trade acceptancesSecured by U. S. Govern-

ment obligationsMember bank collateral notes.

Secured by U. S. Govern-ment obligations...*

Secured by eligible papera

Total bills discounted. . .

Average rate (365-day basis) %_Average maturity (in days):

Member bank collateralnotes .

Rediscounted billsNo. member banks Sept. 30...Number of member banks ac-

commodated during month.Per cent accommodated..

Bills Bought in Open MarketFrom member banksFrom nonmember banks,

banking corporations, etc.:With resale agreementAll other

Total bills bought

Rates charged:3 per cent... _.zy% per cent3M per cent _3iH? per cent33^ per centZV% per cent3f| per centZ% per cent3/i? per cent . _4 per cent

Average rate (365-day basis) %.Average maturity (in days)4..Olass of bills:

Bills payable in dollars4—Bankers' acceptances

based on —ImportsExportsDomestic trans-

actionsDollar exchange..Unclassified

Trade acceptances-DomesticForeign

Bills payable in foreigncurrencies

Total

U. S. Securities Bought inOpen Market

United States bondsTreasury notes'Certificates of indebtedness...

Total

Total

14,188,287

3,526,517

214,570

9,656

424,744

10,0002,700

181,9143,6901,565

427

2,720,419618,502

3,526,517

3.70

5.1152.399,545

2,72928.6

59,980

85, 76368,827

214,570

12615,899

107,52769,94816,765

742187

1,992244

1,1403.42

56.63

52,25237,071

22,1761,718

14,484

53142

911

128,807

1,61659,530

363,598

424,744

Boston

214,267

161,057

35,199

16, 111

1,700200

5,908

56

10

62,28692,797

161,057

3.50

6.2442.14

419

17441.5

16,063

5,86713,269

35,199

3,2916,714

17,6846,189

171

931219

3.4567.23

12,3396,705

6,443405

3,440

29,332

1,69414,417

16, 111

NewYork

2,429,807

2,015,926

72,012

44

340,496

600729

22,801

155

1,780,421212, 549

2,015,926

3.50

3.9055.25

874

30935.4

1,686

69,2031,123

72,012

1,25970,157

14355

14218769

3.3119.85

723.626

293

716

53142

256

2,809

36,232304,264

340,496

Phila-delphia

212,852

196,940

9,240

5,221

1,200251

4,289

55

116, 76175,835

196,940

3.50

7.9551.63

752

34846.3

1,538

7,702

9,240

1262,0541,0925,051

917

3.4159.24

2,6984,426

2,06056

9,240

215,200

5,221

Cleve-land

335,016

307,202

9,877

16,848

800289

9,65770

431

48

207,19589,801

307,202

3.50

5.7148.53

864

30134.8

5,290

4,587

9,877

2,0592,5073,7231,509

79

3.4353.60

3,7462,576

1,49545

1,360

655

9,877

9,6187,230

16,848

Rich-mond

229,522

226,771

2,375

233

143

16, 674

214

147

143,25366,483

226,771

4.00

2.9154.49

606

27445.2

513

1,862

2,375

74244548

1,509

3.5165.52

206182

1,986

1

2,375

233

233

Atlanta

73,395

57,736

10,349

3,149

1,650

400111

2 21,234159102

55

22, 66113,525

57,736

4.00

10.2955.95

500

12825.6

5,341

5,008

10,349

6664,4503,498

56821

8

1,1383.45

44.43

4,0103,026

1,548225

1,540

10,349

431704515

1,650

Chi-cago

222,731

180,395

20,173

19,990

1,800373

41,515

123

2

136,5812,174

180,395

4.00

12.6452.27

•1,410

48734.5

9,521

7919,861

20,173

1,8555,953

10,1471,519

295

37925

3.4358.48

7,2836,939

2,597320

2,243

19,382

3091,152

18,529

19,990

St.Louis

107,874

106,105

1,645

124

48,2651,148

381

92

46,6459,574

106,105

4.00

7.8648.80

629

22635.9

1,645

1,645

Minne-apolis

33,119

11,628

9,862

3,271

7,469

80089

1,5603

1

9,654410

11,628

4.00

12.3563.52

849

758.8

4,731

5,131

9,862

1,0924; 0573,944

654

115

3 4248.06

3,2793,499

1,64175

1,368

9,862

4697,000

7,469

KansasCity

144,812

25,593

15,123

2,488

1,400108

4,4704

41

19, 8711,207

25,593

4.00

5.8165.461,040

14313.8

7,089

8,034

15,123

1,4835,5156,6101,397

41

77

3.4351.80

7,5693,521

1,448241

2,344

15,123

4051,185

898

2,488

Dallas

30,887

12,666

8,687

3,192

5,748

50094

1,6652,219

21

21

6,6872,053

12,666

4.00

12.0550.51

854

10011.7

3,618

5,069

8,687

4562,3244,4961,388

21

23.44

63.36

4,7962,247

628151865

8,687

4704,669

609

5,748

SanFran-cisco

254,005

224,498

21, 673

6,845

800189

3,8768727

10

168,40452,094

224, 498

3.50

7.0460.63

748

16421.9

4,590

9,9027,181

21,673

1,6104,514

14,1041,060

72

313

3.4353.82

5,6033,324

2,037200607

11,771

11,9084,936

6,845

1 Includes $100,000 Federal intermediate credit bank debentures. 2 Includes $850,000 discounted for the Federal intermediate credit bank of^Columbia, S. C. 3 Includes bills taken under a resale contract. * Exclusive of acceptances bought under a resale contract.


828 FEDERAL EE SERVE BULIiETIN NOVEMBER. 192;>

REPORTING MEMBER BANKS IN LEADING CITIES

PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS


Total


Boston New-York

Phila-delphia

Cleve-land

Rich-mond

At-lanta

Chi- St.Louis

Min-ne-

apolisKansasCity Dallas

SanFran-cisco

Number of reporting banks:Sept. 16 727Sept. 23 725Sept. 30 | 725Oct. 7 — i 724Oct. 14.. I 724

Loans and discounts, gross:Secured by U. S.

Government obliga-tions—

Sept. 16 177,392Sept. 23. 180,540Sept. 30 200,171Oct. 7 192,919Oct. 14. 184,625

Secured by stocks andb o n d s -

Sept. 16. 5,123,533Sept. 23 5,133,144Sept. 30 5,270,752Oct. 7 5,235,361Oct. 14 5,191,759

All other loans anddiscounts-

Sept. 16 8,296,995Sept. 23 8,317,998Sept. 30 | 8,361,191Oct. 7 ! 8,388,939Oct. 14 ~

Total loans and dis-coun t s -

Sept. 16 113,597,920Sept. 23 113,631,682Sept. 30 .|13,832,114Oct. 7 - 13,817,219Oct. 14.— 13,864,610

U. S. pre-war bonds:Sept. 16 \ 218,302Sept. 23 I 219,292Sept. 30 j 220,065Oct. 7 218,851Oct. 14 I 219,516

U. S. Liberty bonds: ISept. 16 _ ! 1,368,694Sept. 23-_ - I 1,365,496Sept. 30-_ ! 1,367,044Oct. 7 1,388,629Oct. 14 1,391,483

U. S. Treasury bonds: iSept. 16 436,362Sept. 23 436,452Sept. 30 431,546Oct. 7 428,753Oct. 14 422,520

U. S. Treasury notes:Sept. 16__ 385,171Sept. 23 373,791Sept. 30 382,549Oct. 7. _ 369,454Oct. 14._ 372,379

U. S. Treasury certificates:Sept. 16.- 118,299Sept. 23-_ 110,459Sept. 30 97,903Oct. 7Oct. 14 __ 97,466

Other bonds, stocks, andsecurities:

Sept. 16. 2,936,682Sept. 23. 2,910,410Sept. 30- 2,940,820Oct. 7. 2,943,301Oct. 14. 2,958,921

Total investments:Sept . 16. 5,463,510Sept . 2 3 . . - 5,415,900Sept . 30-_ - - . . 5,439,927Oct. 7 5,447,359Oct. 14. __ 5,462,285'

10, 24510,06810,24511,21310,928

102102102102102

66,08369,00588,64081,45972,782

324,749 2,235,416325,847 2,247,937336,977 2,347,847320,736 2,276,523306,813 2,258,004

642,670 2, 551,275650,523 2,546,436664,863 2,562,579669,476 2, 572,683693,932 2 ; 640,473

977,664 4,852,774986,438 4,863,378

1,012,085 4,999,0661,001,42514,930,6651,011,673,4,971,259

9,9659,9659,786j9,612!9,612

20, 64320,34722, 59319,93219, 746

4,6154,8264,4184,5454,494

7,'6,2117,2617,3397,254

203, 348 1,201,202,203,203,858 1

., 926 1,5,424 1,:, 7711,

39,80939,80939,78439,80939,943

596, 526592,121591,943590, 210592, 528

200, 334199,638196,461198,391194,404

182, 246178,872177,990179,128179,090

17,11216, 81216,46017, 23316,12'

L, 141, 39L, 131, 282L, 142,123L, 145, 529162,316

325,311 2,177,322, 673 2,158,534

12,53412,12311,41111,64212, 539!

348,981355,021358,412373, 558373,019

384,317380,851383,586385,144

19,20819,33719,66719,76219,935

491, 595497,707504,615

501,705

772, 643770, 501769,482772,035775,439

72727272•72

6,4976,5407,7576,4076,570

133,956134,313134, 778142,318141,397

374,777377,047377,663378,409380,004

7,4577,3607,3527,3367,385

96,38097,09498,54997,40099,749

100,lOO!100|100,ioo!

30,54231,512|30,696'30,43030,361

7,2287,0286,9187,4516,654

813,713! 173,101804,325| 172,718820,554! 174,229826,851 178,867822,928 180,945

411,7081416,318 1418,997 1424,182 1426,

,182 1,066 1

,222,912 323,652, 240,355 322,886,243,248; 325,385,249,732; 324,818, 244,8361 324,380

746,9181,283,446 515,230751,461 1, 287, 545 517,900

515,545 2,067,167| 503,981

750,6741,293,764768,786 1,299,886770,7021,297,079

32,28132,73132,73132,73133,081

9,6909,6908,9558,985

49,97850,84949,96750, 53850, 388

15,87515, 79715,80115, 23915,231

7,7967,9827,946

170,383169, 599169,600169,903169,408

, , ,323, 381 2,164, 76348, 581 2,170, 301348,321 2,184,408

7,830

5,7035,3054,8104,8064,950

253, 256252, 398254, 573254,942250, 844

342, 298342,021342, 787342, 568.338.228 \

35, 31434, 37134, 30934,255

34, 72533,13234, 24734, 27334,131

23,17821,93618, 72418,47818,412

347,850343, 237347,026345,978345,013

642,251635,949636, 699

520,198527,134527,971

24,64425,76325,76325, 76325,763

29,48929,10529, 22829,24"29,226

8,0797,6537,60"7,5377,53"

2,023!

2,0232,0242,0242,0241

3,1602, 86312,362!2, 3622,456

63,13762,19561, 51861, 32961, 823

130, 532129, 602128, 502

520,772 2,076,192! 502,632524,898 2,094,498! 506,532528,918 2,107,013! 511,136533,200 2,098,125! 511,979

635,672 123,262

14,89914,40714,98614,86614,885

14,04114,26514, 34915,01214,970

5,7645,7745,7815,7755,776

2,3472,3472,3442,3442,344

8,2446,2444,4,5924,600

52, 58552, 05152,84652, 38952, 785

97, 88095,08895,20094,978Q I sen

17,60817,60717.60717.60817,607

170, 206172,595170,695172.148)171, 854

55,87554,96654,57054, 31154,003

73,21568,21576, 51362, 67666,475

12,44210, 5746,937

7,548

425, 041418,948429,418428, 769425,316

754,387742,905755, 740742,321742.803

2,4262,4332,5482,4322,436

68,93565,02066,40665,15564,293

|3,7053,6623,6663,7893,831

110,354111,851108,439108,161110,306

178,846178,017178,917180,974180,580 321,145

331,189327,305324,313324,600

250,207 445,248245,470 442,818247,871 436,418248,561! 436,550247,309 435,282

12,70712,70712,72912,70712,707

22, 78822, 58522, 74222, 57422, Sir

11, 24'11, 20211,00110, 65110, 638

6,73'6,5826,9386,5816,582

3,6482,7822,6022,4502.440

112, 441112, 310111, 265!109,923109,950

6,8966,8966,8966,8366,971

25, 76925,959125, 71225.60425.60512,28312, 27712,27712, 27712, 277

19,34618, 87118, 871

8,7848,6988,99S8,999

18,869

1,8211,8211,8211,8211,821

42, 44342, 33542, 56142, 69643,102

169,568 108,558168,1681 108,159167,2771 108,138164,886 108,103165.129! 108,645

48, 58348, 78855,24048, 68548, 710

15,99416, 71116,17316,20616,225

16, 75815, 36416,04816,02715,987

3,9795,1393,8003,8163,78:

80,96'79,07280,41280,8480,16

175,065173, 772180, 671174,574173, 862

3,1443,2313,0693,0593,175

80,95778,85279,10181,25380, 770

217, 717218,977220,624222,747227,861

301,818 j 1,137,922:301,060 1,136,016302,7941,143,316307,059] 1,150,086311,8061,148,225

67676767

8,3238,2418,2027,9398,029

245,396242,459240,845256,450251,830

884,20&885,316894,269885,697

17,09017,09017,09017,09017,090

17,27716, 67616,17816, 49316,477

7,1017,9037,1047,3257,132

8,2257,8487,8478,4988,497

5,6235,8794,7594,5544,605

20, 89121, 60421,93222,19724, 560

76,20777,00074,91076,15778, 361

23,92923,92924,00523,87523,874

144, 397143, 556144,491144,833146,148

49,33348, 87047,80746,800'45, 296

27,13827, 72927,36326,40126, 056

25,90624,89323,47324, 11123, 472

193, 332-193, 052194, 722194,937199,19$464,035462,029461, 861460,957464,039-



PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued


Total loans and invest-i ments:

Sept. 16Sept. 23Sept. 30Oct. 7 _Oct. 14

Reserve balances withFederal reserve bank:

Sept. 16Sept. 23 _Sept. 30Oct. 7Oct. 14

Cash in vault:Sept. 16Sept. 23Sept. 30Oct. 7Oct. 14

Net demand deposits:Sept. 16Sept. 23Sept. 30Oct. 7Oct. 14

Time deposits:Sept. 16 _Sept. 23Sept. 30-...Oct. 7Oct. 14

Government deposits:Sept. 16Sept. 23Sept. 30Oct. 7Oct. 14

Bills payable and redis-counts with Federal re-serve bank:

Secured by U. S. Gov-ernment o b 1 i g a -tions—

Sept. 16 _.Sept. 23Sept. 30Oct. 7Oct. 14

All o the r -Sept. 16Sept. 23Sept. 30...Oct. 7Oct. 14 _

Total

19,061,43019,047,58219,272,04119,264,57819,326,895

1,628,0721,647,9981,649,2881,661,5521,652,174

277,054283,360284,282291,797301,355

12,964,96712,760,12613,046,36912,973,11013,178,316

5,184,8295,188,6435,233,9865,248,4785,247,740

143,456143,954142,381196,120173,057

157,648260,784235,576244,922233, 734

145, 683194,160207,953210,193234,216

,192 11,302,975 7,030,1,309,1117,021,1,335,466 7,163,1,350,006 7 , 1 0 0 , ,1,359,994 7,155,6671,


Boston NewYork

,9121,,827 li,9651,

96,12894,73697,13394,49695,304

20,34419,82819,32520,04320,360

739,705769,620773,489759,745746,500

76,35079,51679,45182,48083,309

895,203 5,588,598884,654 5,477,205907,939 5,661,419916, 758 5,557,320934,513 5,681,409

363,1671,183,465362,5801,179,843362,2981,182,225377,2031,176,316371,8211,182,491

13,46313,46213,46312,92311,482

3,5753,2709,3954,3257,135

4,773[18,608|21, 604j16,68528,070;

5,2515,2515,25159,67952,010

56, 551143,852129,926125,986108,636

26,73660,02267,01667,57477,763

|Phila- I Cleve-

delphia land

,2161,089,,093,,093,4611,111,"",108,9301

1,4821

82,06476,41779,91683,12580,076

16,06815,56415,33915,68416,771

L, 925,697L, 923,494L, 930,463L, 935,558L, 931,379

122,076122,154121,527122,494130,909

30,73432,50530,27832,07934,304

763,8781,009,301761,3781,006,059770,677 1,015,487776,2771,006,317776,90511,029,381

181,030178,525188,238190,7271190,427

17,89717,89517,89717,22715,450

7,28810,5608,8267,1268,735

18,58814,21811,38715,36019, 611

751,693756,855760,204755,979748,669

29,82430,06728,49328,78425,411

26,30720,29519,94028,13830, 749

24,62420,89619,47827,01428,303

Rich-mond

645,762647, 502648,700655,396656,800

38,60739,04338, 78240,48543,002

13,82314,09914,09414,99615,250

365,518365, 691371,378378,882383,746

198,324198,362198, 718199,792199,385

1,:1,2091,2094,5283,932

7,430

6,4333,9277,878

17,46516,24316,64417,80316, 726

At-lanta

!, 425 2,613,615,860 2;620,098 2,850]623,628,

I, 896 2,1,560 2,

45,12743,91642,27943,58843,104

10,28410,56715,13810,86912, 111

>, 632 11,585 1!, 574 1

Chi-cago

St.Louis

821,554819,097850,238849,334840,928

247,077241,107240,620250,008250,204

50,97351,15850,04754, 75855,515

360,273 1,809,424352,9901360, " " "370,373,

,798,854, 797,109,808,789

202,185202,785207,109207,978211,315

11,090ll,322j11,32210,8139,476,

5,3342,263)1,960:5,52215,343

11,72316,058117,11810, 75115,1981

977,563983,651985,959991,026992,950

23,00123,00123,00121, 74117,931

13,54727, 66726,87735,35732,217

10,26910, 64816,08019,14713,963

673,549670,800673,809676,022677,108

42,56145, 771*47,81948,873

V8,1658,1898,0348,799

392,204381,418384,846392,290399,404

210,081209, 689210,404212,674213,167

5,1085,1085,1084,9334,470

3,8432,1712,6962,1622,471

19,16119,16117,88014,25312,011

Min-ne-

apolis

358,765353,629356,009356,664355,954

24,49226,42924,23228,05227,680

6,0916,2616,0156,4156,276

234,408232,533229.129233,859230,327

104,571104,443107.130107,858109,452

3,0483,0483,0482,7612,488

2,785330

1,055655545

1,2121,0911,097

587687

KansasCity

620,313616,590617,089611,124609,144

52,91957,18053,52355,62151,047

12,20813,21413,66613,68313,942

497,991495,852503,720504,140488,494

140,108138,194138,028136,188140,036

2,13412,1742,1742,1191,946

7174,685628

2,2302,094

1,5822,3002,5402,6821,735

Dallas

\, 025 1,378,378,060 i;377,704 1,

29,13529,700

SanFran-cisco

., 601,957,598,045,605,177

383; 216 1,611,043390,1671,612,264

104,113105,135103,331106,200106,435

21,52921,22721,17621, 76322,954

779,650764,282771,970767,896790,157

777,822778,290798,392

29,91929,040

10,68111,25611,56410,99311,764

268,519269,195270,318271,677281,6171 94,82095,42695,281

96^ 093 79i;934

8,5628,5588, 5568,280|7,547

1,207

1^4341,7942,476

1,3891,5431,7422,4083,567

22,85922,85922,33220,914

29,06435,66126,40627,70025,455

8,16113,37215,36715,92916,582

REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES

[In thousands of dollars!

Total(12 cities)

Due to banks:Sept. 16Sept. 23Sept. 30Oct. 7Oct. 14

Due from banks:Sept. 16Sept. 23Sept. 30Oct. 7Oct. 14

2,307,1762,175,8132, 330,0212, 286, 2482, 308,369

636,659592,844620,187599, 559688,768

Federal reserve bank city

Boston

127,393120,461127,189131,711137,449

43,90337,39741, 22535, 39041,175

NewYork

1, 111, 7591,026,4691,137,2781,078, 3981, 077, 304

103,19998, 563112,342102,442117,273

Phila-delphia

185,357176,469186, 514185,142197,417

61, 59460,52466, 58767, 27772,456

Cleve-land

51,18146,14447, 53649, 69852, 974

27,89725,90122,44523, 77227, 517

Rich-mond

At-lanta

34,10933,92333,98537,23637, 210

17,47718,98219,32017, 59720,155

29,65428, 30725,88830, 35928, 520

12, 49613,68013,17814,34314,461

Chicago

372,476361,181378, 690374,211377, 265

180, 049163, 826165, 336164,879195,199

St.Louis

82,91382,24385,16587,44785,410

28, 92730,00731,83433, 75934,746

Minne-apolis

55,93555,17656, 20657, 97654,257

22,38620, 27224, 24823,49226,305

KansasCity

104,923101,870106,483107,022106,832

49, 00942,21044,19242, 70648,463

Dallas

35, 63940,11940, 75340, 92145,028

33, 31831,09231, 51327, 98936,836

SanFiau-cisco

115,837103,451104,334106,127108,703

56,40450, 39047,96745,91354,182



REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES , BY WEEKS


New York City

Sept. 16 Sept. 23 Sept. 30 Oct. 7 Oct. 14

City of Chicago

Sept. 16 Sept. 23 Sept. 30 Oct. 7 Oct. 14

Number of reporting banks

Loans and discounts, gross:Secured by U. S. Government obli-

gationsSecured by stocks and bondsAll other loans and discounts

Total loans and discounts

U. S. pre-war bondsU. S. Liberty bondsU. S. Treasury bondsU. S. Treasury notesU. S. Treasury certificatesOther bonds, stocks, and securities

Total investments

Total loans and investments

Reserve balances with Federal reservebank

Cash in vaultNet demand depositsTime depositsGovernment depositsBills payable and rediscounts with Fed-

eral reserve bank:Secured by U. S. Government obli-

gationsAllother

Total borrowings from Federal re-serve bank

61 61 61 61 46 46 46 46 46

60,7701,984,5432,245,549

63,7452,002,9792,240,125

83,3352,108,6882, 252, 945

76,0672,037,1732, 261,610

67,3502,016,4672,327,428

22,892618,058676,208

23,530607, 689700,843

22,739623,400697,348

22,025630,087 625,370700,920 692, 643

4, 290,862 4,306,849 4,444,968 4,374, 850 4,411,245 1,317,158 1,332,062 1,343,487 1,353,032 1,340,696

29,098499,364184,277170,13513,068

846, 682

29,098495,187183,432167,32113,828

837,107

29,098497,803180,448166,47913,478

844, 522

29,098498,188181,070167, 639

13, 810846,482

29,232499,189179,026167,53212,904863,057

1,91794, 26117,55758,1701,206

191,773

1,91796, 66116,70253,1631,165

185,510

1,91795,88916,30861,926

838195, 622

1,917

16, 54148,785

893194, 506

1,91697,13316,48752,089

853190,365

1,742,624 1,725,973 1, 731,828 1,736,287 1, 750,940 364,884 355,118 372,500| 359,5781 358,843

6,033,486 6,032,822 6,176,796 6, 111, 1376,162,185 1, 682, 0421,687,180 1,715,987 1,712, 610J 1,699,539

682,98161, 717

5,038,323789, 0164,120

34, 64023, 541

714,78463,196

4,944,013784,436J4,120i

121, 04056,119

718, 57064,336

5,110,543795,4064,120

102,74062,885

704,37865,826

5,016,658785,65244,284

99, 57062,834

687,29066, 758

5,119, 659791,15042,084

82,07073,069

168,37223, 685

1,183,376470,3899,916

160,20824,345 22,498

1,176,056 1,208,293475,317 477,1569,9161 9,916

6,5629,1112,411

58,181 177,159 165, 625 162,404 155,139 10, 948 11,522

8,6814,996

13,677

171,78224,003

1,196,103

9,2841

5,791

22, 677

174,17127,179

1, 200,351479, 2007,331

20,8861,510

22,396

ALL MEMBER BANKS—DEPOSITS, BY, FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY



Net demand deposits

1925

June 24 July 29 Aug. 26 Sept. 23

1924

Sept. 24

Time deposits

1925

June 24 July 29 Aug. 26 Sept. 23

1924

Sept. 24

BostonNew YorkPhiladelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

Banks in cities and townshaving a population of-—

Less than 5,0005,000 to 14,99915,000 to 99,999100,000 and over-

1,337,4756,276,3241,159,0361,482,254558,817621,453

2,425,469

451,240836,559588,601

1,240,484

1,368,0296,302,1261,154,1121, 517,902566,353635,930

2,448, 515693,094435,645864,546581,038

1,250,178

1,349,9136, 234, 0421,170,4961,510,469571,001728,625

2,469,803684, 599441,593884,027590, 664

1,271,397

1,370,4186,222, 9431,175,1621,499, 245591, 505734,046

2,465, 508704, 765458, 587867,688632, 784

1,312,0396,306,3691,124,6421,469,391555, 070496,371

2,394,725650,141424,319786,470562,283

1,278,287

762,4922,141,081808,481

1,344,751508,488407,643

1,826,655441,929434,484309,948167,218

1,267,614

768,2782,122,663813,352

1,338,749510,498403,184

1,820, 550446,439431,226311,108168,600

1,278,465

771,2372,158,054824,826

1,342,131509,526416,629

1,824,630450,158430,029315,444168,110

1,278,928

764,5542,161,364825,637

1,341,591512,045414,260

1,835,341451,391433,357311,337178,543

1,282,689

17,670,740 17,817,468 17,906,629 18,005,279 17,360,107

1,614,4161,077,7142,265,17712,713,433

1,624,3591,085, 6322, 295,05012,812,427

1,669,0151,101,8242,388,49912,747,291

1,741,7001,135,7472,376,04212,751,790

1,615,3471,044,4042,052,89312,647,463

10,420,784

1,715,2471,091,4812,081,7605,532,296

10,413,112 10,489,702 10,512,109

1,721,9221,096,0642,103,6635,491,463

1,727,7341,105,0352,142,0795,514,854

1,736,1001,121,8902,126,3955,527,724

702,7711,965,839736,982

1, 255, 257

351,0891,662,370417,352409,905299,667160, 260

1,075,075

9,516,948

1,623,7321,032,3211,940,7924,920,103



ALL MEMBER BANKS—CLASSIFICATION OF LOANS AND INVESTMENTS ONJUNE 30, 1925

Consolidated statements giving the classification of loans and of investments for all memberbanks on June 30, 1925, have recently become available and are given in the accompanyingtables. They represent the'first aggregates of loans, by classes, for all member banks that haveever been made and published by the Federal Reserve Board, and the first aggregates of invest-ments, by classes, for all member banks that have ever become available. The data are shownseparately in each case for member banks in each of the central reserve cities, New York andChicago, and also for banks in reserve cities and for so-called country banks outside centralreserve and reserve cities.

CLASSIFICATION OP LOANS AND DISCOUNTS OF ALL MEMBER BANKS, AS OF JUNE 30, 1925[In thousands of dollarsj

Class of banks

Central reserve city banks:New York CityChicago

Other reserve city banks.._Country banks _._

Total.

Secured byU.S .

Governmentobligations

57, 75922,38787, 71975, 478

243, 343

Secured byother bondsand stocks

2,192,034584,973

2,186,9501, 510, 211

6,474,168

Secured byreal estate

mortgages orother real

estate liens

83,50134,393

1,184,1751,036,253

All otherloans

1,977,018556,652

4,006,8975, 202,314

2,338,322 11, 742, 881

Total-

4,310,3121,198, 4057,465, 7417, 824,256

20, 798, 714

CLASSIFICATION OF STOCKS, BONDS, AND OTHER SECURITIES OF MEMBER BANKS, AS OF JUNE 30, 1925


Class of banks

Central reserve city banks:New York CityChicago

Other reserve city banks . . .Country banks

Total _

Domestic securities

U. S. Gov-ernmentsecurities

911,604155, 834

1, 341, 0161, 393,916

3,802,370

State,county,

andmunici-

palbonds

191,53740, 888342,996453,485

1,028,906

All otherbonds

409,46066, 893

702,8631, 605, 546

2, 784, 762

Stock ofFederalreservebank

Stock ofother

corpora-tions

22,8835,228

38, 99847,858

114,967

65,8598,013

134, 07767, 385

275, 334

Otherdomesticsecuri-

ties

31,7064,655

165,992179,146

381,499

Foreign securities

Bonds offoreigngovern-ments

40,42822,48692,663171,726

327,303

Otherforeignbondsand se-curities,includ-

ing thoseof munic-ipalities

32,9243,46047, 78189, 039

173, 204

Total se-curities

1,706,401f- 307,457• 2,866,386; 4, 008,101

8,888, 345

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT OCTOBER 31, 1925


Paper maturing—

Within 90 days

Commercial,agricultural,and livestockpaper, n. e. s.

Secured byUnited StatesGovernmentobligations

Bankers*acceptances

Tradeacceptances

After 90 days butwithin 9 months

Agriculturall

and livestockpaper

Boston __.New YorkPhiladelphia-.ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis..Kansas City..DallasSan Francisco

4444444

j4444444

33^33^4444444

»Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.Changes during the month—None.


832 FEDERAL, RESERVE BULLETIN NOVEMBER, 1925

STATE BANK AND TRUST COMPANY MEMBERS—EARNINGS AND DIVIDENDS

ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS FOR THE FIRST SIX MONTHS OF 1925, BY FEDERAL RESERVE DISTRICTS


Capital stock paid inSurplus fund

Total capital and sur-plus

Gross earnings:Interest and discountExchanged and collection

chargesC ommissions _Other earnings

Total gross earningsExpenses:

Salaries and wagesInterest and discount on

borrowed moneyInterest on depositsTaxesOther expenses

Total expensesNet earnings since last report._Recoveries on charged-off

assetsTotal net earnings and

recoveriesLosses charged off:

On loans and discountsOn bonds, securities, etc. -Other losses

Total losses charged off..Net addition to profitsDividends declaredRatio of dividends declared

to capital stock (annualbasis)—per cent. _. _

Ratio of dividends declared tocapital and surplus (annualbasis)—per cent

Ratio of net profits to capitaland surplus (annual basis)—per cent

Dis-trict

No. 1(38

banks)

36,87540,268

77,143

18,025

36603

2,792

21,456

3,952

1898,571

7112,152

15, 575

5,881

572

6,453

1,053834114

2,001

4,4522,471

13.4

6.4

11.5

Dis-trict

No. 2(146

banks)

243,004206,053

449,057

93,073

5223,313

25,120

122,028

23,231

65041,2004,729

14,289

84,099

37,929

1,323

39, 252

6,432886925

8,243

31,00918,670

15.4

8.3

13.8

Dis-trictNo. 3

(78banks)

42,55076,821

119,371

14,531

32145

4,597

19,305

3,638

2185,4031,0802,166

12, 505

6,800

371

7,171

29013983

512

6, 6593, 698

17.4

6.2

11.2

Dis-trict

No. 4(117

banks)

85,715102,491

188,206

35,319

113280

8,331

44,043

8,440

24517,3631,8895,266

33,203

10, 840

971

11,811

769585487

1,841

9,9705,438

12.7

5.8

10.6

Dis-trictNo. 5

(58banks)

20,17513,118

33,293

5,934

48126741

6,849

1,280

2572,184

335915

4,971

1,878

65

1,943

1802438

242

1,701899

8.9

5.4

10.2

Dis-trict

No. 6(120

banks)

30,93018,765

49,695

Dis-trictNo. 7(347

banks)

113,619108,338

221,957

10,648 52,345

412 fiOfi777

2,227

14,064

2,581

3483,554

8382,070

9,391

4,673

160

4,833

1,035236144

1,415

3,4181,609

10.4

6.5

13.8

2,09310,124

65,168

12,978

53123,2494,1797,785

48, 722

16,446

1,305

17, 751

2,061491454

3,006

14,7457,054

12.4

6.4

13.3

Dis-trictNo. 8(129

banks)

39,79524,023

63,818

13,582

434543

2,611

17,170

3,367

4955,229

7442,560

12,395

4,775

785

5,560

1,705176389

2,270

3,2902,029

10.2

6.4

10.3

Dis-trict

No. 9(94

banks)

6,0122,574

8,586

2,002

5264

185

2,303

578

361,010

123327

2,074

229

64

293

1981625

239

54162

5.4

3.8

1.3

Dis-trict

No. 10(33

banks)

8,7253,333

12,058

2,884

2442

1,058

4,008

876

111,272

145878

3,182

826

108

934

214

88

306

628462

10.6

7.7

10.4

Dis-trict

No. 11(135

banks)

7,7932,499

10,292

2,284

452296

2,447

663

66342128422

1,621

826

81

907

2731

217

491

416107

2.7

2.1

8.1

Dis-trict

No. 12(171

banks)

81,67834,260

115,938

37,144

305218

7,335

45,002

10,206

33018,0471,5515,526

35, 660

Total six monthsending-

June30,1925(1,466banks)

716,871632,543

1,349,414

287, 771

2,6298,226

65,217

363,843

71,790

3,376127,42416,45244f 356

263, 398

Dec.31,1924

(1,539banks)

702,970619,212

1,322,182

279,485

2,8018,894

65,402

356, 582

72,424

2,783124,08817,97641,975

259,246

9,342 100,445J 97,336

630 6,435 7,623

9,972

1,386360309

106, 880

15, 5963,7513,274

2,055| 22,621

7,9174,156

10.2

7.2

13.7

84, 25946, 755

13.0

6.9

12.5

104,959

22,4355,9176,220

34, 572

70, 38749,003

13.9

7 4

10.6

June30,1924(1,570

banks)

697,075589,669

1;286,744

274,414

2,5667,288

51, 789

336, 057

68,600

4,962114,03314,68942,924

245, 208

90,849

8,846

99,695

13,0623,3196,140

22, 521

77,17446,405

13.3

72*

12.0

GOLD SETTLEMENT FUND

INTERBANK TRANSACTIONS FROM SEPTEMBER 17, 1925, TO OCTOBER 21, 1925, INCLUSIVE


JBoston.New York...Philadelphia .ClevelandRichmond . . .AtlantaChicagoSt. LouisMinneapolis..Kansas City..Dallas..


San Francisco.Total 5 weeks ending—

Oct. 21,1925Sept. 16, 1925Oct. 22, 1924Sept. 17, 1924.

Transfers

! Debits Credits

17,0008,90016,50020,0006,0007,00038,5007,5003,0001,5003,00010,500

2,500114,0001,000500

1,000

8,0002,0002,9004,500

3,000

139,40051,10080,00071,500

139,40051,10080,00071,500

Daily settlements

Debits

1,025,2653,408,845

912,810832,336706,178477,546

1,567,973743,668231,871551, 681403, 225381, 721

11,243,1199,291,5049,752,0768,696,041

Credits

1,012,5793,377,101

907,530845,670726,268479,745

1,587,052745,401246,398527,939

378,547

11,243,1199,291,5049,752,0768,696,041

Changes in ownershipof gold through trans-fers and settlements

Decrease Increase

27,186

20,7806,166

4,80111,4213,767

20,742

~I6,~674"

105,537

73,356

"l5,"090"

14,427

" "2,-664'

105,537

Balance infund atclose ofperiod

54,192256,71437,91952,30033,58124,204135,07212,68718,44724,51717,34034,986

701,959636,568607,378611,303


NOVEMBER, 1925 FEDEEAL RESERVE BULLETIN 833

DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES

MONTHLY SUMMARY FOR BANKS IN 141 CENTERS


Federal reserve districtNumber

ofcenters

1925

July August September

1924

July August September

No. 1—BostonNo. 2—New YorkNo. 3—Philadelphia...No. 4—ClevelandNo. 5—RichmondNo. 6—AtlantaNo. 7—Chicago _.No. 8—St. LouisNo. 9—Minneapolis. _.No. 10—Kansas City. .No. 11—DallasNo. 12—San Francisco

Total

New York CityOther cities

2, 364, 32326,277, 2062,138, 2482, 564, 444795,146

1,092,0095,470,8211,138, 480706,012

1, 241,009

2, 699, 757

2,137, 70024,018, 7961, 926,1092, 246,826

724, 3441,052,9124,946,0301,042, 537

701, 6781,173,827

510, 9242,631, 514

2,155,12025,113, 6842,025, 7112,308, 524

757, 5691,250,7625,118,8331,191,608848,355

1,154, 720602,466

2, 714, 261

2,111,28322,184, 7311,902, 7282,139, 964676,364914,053

4,654,974994,401634,515

1,070, 984455,924

2, 391,152

1,989,77321, 556,4261, 748, 7021,979, 554674,370848,971

4,469,357959,857596,031

1,083,918449, 553

2, 335, 307

1,974,98421,387,8611, 794,0211,996, 688648, 670959,071

4,435, 3461,003,066773,680

1,097,173566,180

2, 335, 245

141 47,016, 264 43,113,197 45, 241,613 j 40,131,073 38, 691,819 38,971,985

1140

25, 457, 69221, 558, 572

23, 265, 28019,847, 917

24, 369,45720,872,156

21,468,87418, 662,199

20,915,78417, 776, 035

20, 734,46718,237, 518

WEEKLY SUMMARY FOR BANKS IN 254 CENTERS



No. 1—BostonNo. 2—New YorkNo. 3—PhiladelphiaNo. 4—ClevelandNo. 5—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—MinneapolisNo. 10—Kansas CityNo. 11—Dallas .._No. 12—San Francisco..

Total

Num- !ber of r - ;—

centers j Sept. 23

1925, week ending—

569,7766,312,480

510, 718644,791300,913314,129

1,314,352330,528221, 761292,852169, 870695,871

11,678,041

Sept. 30

585, 6376,457,252

598, 050700,146301,079318,434

1, 375,654315,748218, 284307,044166, 578686, 691

12,030, 597

Oct. 7

774,5217,371,745'624,083777,097334,487337,259

1,435,424351,942239,854336,167179, 649702, 701

Oct. 14

565, 2735,488, 953495,880614,965299,479316, 742

1, 244, 216322, 651220,919293, 391169,129635, 740

13,464,929 110,667,338

Oct. 21

734. 2507,173, 708

595, 734718, 703338, 238353, 078

1,415,963354,040216,749325,186193, 209778, 713

13,197, 571

1924, week ending—

Sept. 24

513,8595,078,103455,036560,115250,658238, 560

1,105,180253, 510202, 242275, 234161,153576, 627

9, 670, 277

Oct. 1

531, 5485,826,130519,143609, 342269,040253,429

1,135,875267,243214,036290,613164,368578,104

Oct. 8

524,4265,235,699

499,730616, 746288, 732264, 229

1,128, 317289,942251,233303,977175,555599,461

Oct

497

15

2144,672,441

447,599,270,258,

1, 093,293,261294167

375723476004386209425953959

592,948

Oct. 22

641,3685, 520, 529503,227624, 085291, 302266,328

1, 249,609312, 570253,330317,468185,67665*, 359

10, 658,871 ! 10,178,047 ;9,449,113 ilO, 815,851

BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES

No.Xo.

No.No.

No.

No.

No.

No.

No.

No.

No.

No.

1—Boston..2—New York

Buffalo3—Philadelphia4—Cleveland

C incinnatiPittsburgh

5—RichmondBaltimore

6—AtlantaB irminghamJacksonvilleNashvilleNew Orleans

7—ChicagoDetroit

8—St. LouisLittle RockLouisvilleMemphis

9—MinneapolisHelena

10—Kansas CityDenverOklahoma City..Omaha

11—Dallas "El PasoHouston

12—San Francisco...Los AngelesPortlandSalt Lake C i t y -SeattleSpokane

390,0346,001,422

80,289380,147148, 05584, 448

202,69337,65492, 66741, 92534,14027,44119,19687,417768,392234, 777180,30023,98642, 721

113,4533,786

85,87840, 39718, 76546, 68955, 5366,851

41, 210233, 713188,45140,18818,02551, 34612, 650

403,8866,113,456

87, 248462,615172,16982,159244,49333,12099,85241,19337, 74025,80318, 34497,185875,197206,099168,40019, 65940, 30748,956113,1282,013

89,15344, 99218, 70848, 60049, 532

41,409233, 482190,23042, 50617, 62349,48212, 446

560,5455, 972, 082100,294463,130186, 76190,110269,48238,964107,28242, 29135,88028, 86620,87093,042909,846176,285196,20021, 06041, 77050,449121,0162,75594,90952,44921,18550,09858, 5747,976

38, 277228, 749187, 57045,46120, 772

13,435

380,3955,177,925

86,097370, 968151, 56271,492196, 56633, 50991,31741, 99132, 67026,80018,47589, 482734,60820,0,295171,40024,93739, 78945, 901112, 3463,82879,15842,81320,13944, 20253, 2917,718

32, 912195, 418167,81747,87317,16646,91213,163

520,4486,803,931

95,739445,115180,17692, 000225,70740,295104,95348, 74336, 50031, 09319, 991102,714838,967239,793194, 00023, 31649, 61347,331104, 5382,56399,19243,36721, 84153, 24166, 6578,401

38, 246270,307201,89149,32719, 69454,31114, 764

351,6304,807,922

63, 250330,513132,44465, 514184,76128, 75280,80033,81428, 70713,38315,35275,107658,406176,075143,45616, 30038, 71025,098100,4962,549

86, 56639, 24515, 91846, 90245,8406,584

36, 949194, 710152, 22338,43714,10741, 20911,143

355,3225, 509, 039

72,104384, 652159, 67269,232194,22930, 552

29, 70212, 621

90,36-716,157148,446154,53017, 50936, 94928, 211103, 6222,29186,02941, 63516, 66444, 36847, 7456,984

38, 063187, 715151,85740, 75315,67347, 21510, 910

339,2484,919,608

78,597368, 748148, 37078,107191,10231, 70398,41031,90829, 27414.59918,35890,440683,218139,495163,85221,39136,14333, 517122, 71 &2,856

93, 25540,71121,96847,88451,4809,083

34, 907183, 583167,14442,06816, 75341,72512,102

333,0024,403, 731

66,964327,139152,83772,040186,97827,45185,65033,37931, 59412, 63918, 64783,838642,450154,831163,12222,34737,46235, 290129, 7192,31589,18140,48919, 73845, 05748, 3307,430

35,817186, 387160, 73247,21914,18643,65811, 649

439, 7115, 207,416

74,473373,202145,16876, 243204,99930,78691,33038,32234,15815,44319,33481, 372755, 552181,636173,30121,56041, 72441,040125,8082,741

41,67622, 23650,68658,4008,00037,394207, 426178, 68147,36316,77146,12912,274



MEMBER BANKS AND NONMEMBER BANKS ON PAR LIST AND NOT ON PAR LISTNUMBER AT THE END OF SEPTEMBER, 1925 AND 1924

Federal reserve district:BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. Louis .MinneapolisKansas CityDallasSan Francisco

Total

New England States:MaineNew Hampshire.VermontM assachusettsRhode IslandConnecticut.

Eastern States:New YorkNew JerseyPennsylvaniaDelaware __MarylandDistrict of Columbia

Southern States:VirginiaWest VirginiaNorth CarolinaSouth Carolina

Florida

Memberbanks l

1925

419874752864606500

1,410629849

1,040854748

9,545

625546

1812165

636327957228913

1931419293

15870

1924

420853738873623520

1,426629921

1,090842783

9,718

625446

1822166

631307948229115

19514295

10017468

Nonmember banks

On par list

1925

244389511

1,074716367

3,8362,1241,2472,681

772825

14,786

501439698

83

27714865532

16734

23119491247883

1924

232375520

1,078753378

3,9802,2501,5992,764

880853

15,662

491535718

72

27213965735

16934

245198105297074

Not on parlist 2

1925

11705

1,101247400

1,053 '20318360

3,963

9810

339258376159

1924

5723

1,10918732175020214257

3,496

8310

348282404148

Southern States—Contd.Kentucky _TennesseeAlabamaMississippi..Arkansas _Louisiana..Texas

Middle Western States:OhioIndiana ._IllinoisMichigan

Minnesota . _

Missouri. . . _Western States:

North DakotaSouth DakotaNebraskaKansasMontanaWyomingColorado. .

' New MexicoOklahoma

Pacific States:Washington _ _ _OregonCaliforniaIdaho.. _. _UtahArizona.. _ . _ _Nevada

Total.

Memberbanks*

1925

14711812445

12246

779

441265588290184341432198

16112618226711834

13833

391

157135303

81472110

9,545

1924

14712112943

12748

752

449269584287187366450191

17513518826614041

14437

432

159136307103512411

9,718

Nonmember banks

On par list

1925

4352252724

25736

718

661825

1,293510623537

1,2351,322

219231745

1,00610554

18527

375

172112347

80673323

14,786

1924

4472723826

28646

823

662831

1,303538661708

1,3161,377

310293771

1,03111664

18837

379

182115363

73654024

15,662

Not on parlist 2

1925

2223419927510916999

82094

1855044037

284168174

31011635

3129

4

3,963

1924

11199*186271

7318159-

8-1773

149350

2432

191133-170

5

10644

28*27

2

3,496

1 Figures for 1925 represent the number of member banks in actual operation; those for 1924 represent the number shown by the capital-stock-records of the Federal reserve bank. The number shown by the capital-stock records on September 30, 1925, was 9,605.

2 Incorporated banks other than mutual-savings banks .

MONEY IN CIRCULATION[Source:: U, S. (Treasury IDepartment^circulationlstatements]

|[In thousands |of [dollars]

Date

1914—July 11917—Apr. 11920—Nov. 11922—Aug. 11924—Oct. 1

Nov. 1Dec. 1

1925—Jan. 1Feb. 1Mar. 1Apr. 1May 1JunelJulyl .Aug. 1Sept. 1Oct. 1

Total

3,402,01514,100,59115,628,4284,337,4184,806,3674,879, 6944,993,5704,992,9314,751,5384,804,2094,776,1674,725,1914,774,3134,734,2364,719,5194,784,0254,827,005

Goldcoin andbullion

611,545641,794495,353416,282427,970436,160437,971458,206455,169462,925469,448453,211437,612428,102428,248416,348413,973

vjroia cer-tificates

1,026,1491,348,818

231,404171,985898,165904,861933,688970,564929,650913,900914,968918,862972,438

1,003,2851,014,3111,036,2431,050,057

Standardsilver

dollars

70,30070,86389,72558,37854, 60355,18555,60657,38455, 53355,26454,66654,39853,90854,29454,16554,17354,693

Silvercertifi-cates

478,602459,68060, 385

268,802388, 574389,201389,113388,540360,808366,024371,229376,442380, 681379,796388,016396,700394,069

Treasurynotes of

1890

% 428L,9971,628L.5081,4121,410L,407L, 405L,401L, 398L, 396L, 3921,390L,3871,384L3811,379

QITKOI/HDUDSI cu-

ary silver

159,966191,351261,556229,956256,467259,710263,102266,298256,898256,509257,559258,446259,894262,607261,750264,450267,768

UnitedStatesnotes

337,845330,353277,736284,343304,345305,840304,418295,233283,598288,668285,780281,043284,799279,943284,806298,493303, 597

Federalreservenotes

356,4483,310,2252,115,3501,729,3011,784,0461,862,0551,841,6211,688,6621,734,606

,1,702,2121,676,0781,679,8331,636,1921,601,8841,629,9271,670, 658

Federalreservebanknotes

3,170209,87765,0329,0308,7108,4718,2387,9877,7567,5067,2997,1096,9216,7775,5806,460

National-banknotes

715,180697,160715,023725,782736,500734,571737, 739705,442711,832717,159711, 403698,020696,649681,709678,178680,730664, 351

Totalcircula-tion per

capita (indollars)

34.3539.5452. 3&39.4742.5243.1244.0844.0341.8642.2841.9941.5041.8941. 4&41.3141.8442.17

i The figures for the several classes of money do not add to this total, as mutilated currency forwarded for redemption and unassorted currencyheld by Federal reserve banks have been deducted only from the total.


MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES

l?he following table shows the customary rates charged on loans anddiscounts in the various cities in which Federal reserve banks and theirbranches are located, as reported by representative banks. These ratesare not averages but are those rates at which the bulk of paper of eachclass is handled by reporting banks. Where it appears from the reportsthat no one rate clearly covers the bulk of the paper handled, a range ofthe rates most commonly charged is given. In making comparison be-

tween the rates charged since February, 1924, and rates charged atearlier periods, it should be borne in mind that the earlier rates refer toan entire month while the later figures cover only a week. Attentionis also called to the fact that the method of reporting the rates hasbeen somewhat modified and that slight changes in the rates mayreflect these modifications.

[Rates prevailing during week ending with the 15th day of the month]

District and city

No 1—BostonN o 2—New York

Buffalo..No. 3—PhiladelphiaNo 4—Cleveland

PittsburghCincinnati

No. 5—Richmond"Baltimore

No. 6—AtlantaBirminghamJacksonvilleNew Orleans _ .Nashville

No. 7—Chicago.. . . .Detroit

No. 8—St. Louis... . . . .LouisvilleLittle Rock

No. 9—MinneapolisHelena

No. 10—Kansas CityOmaha..Denver.Oklahoma Ci ty

N o . 11—Dallas . .E l PasoHouston. . .

No. 12—San FranciscoPortland... .Seattle .SpokaneSalt Lake CityLos Angeles

Customers' prime commercial paper

30-90 days

Oct.,1925

4 -541-55 -6

554-6

66

Sept.,1925

41-4*41-55 -644-554-65 -6R -fi

54-6 1 54-644-54I 4i-fi*5 - 6

66 -85 -654-644-5

44-56

5 -6448556

5 -741-6

5*~644-546 -7

65 -75 -6

6

5 -66

5 -85 -6

43-544-6

2 65 -644-41

85

4 -66

5 -741-644-85 -65 -546 -7

65 -75 -6

6

Oct.,1924

4134-55 -64-445 -65 -654-65-544#-5l5 -65 -634-85 -6

64-544-634-5

66

85 -64 -644-66 -74 -6

85 -644-5

66

5 -766

4-6 months

1925

41-541-5

65

5f-6" 6

65 -644-545 -6

64 -85 -7

i 5 i

6

8*54-6

66

5 -744-644-85 -644-54

66

41-6466

Sept.,1925

41-541-5

644-554-65 -65 -65 -5444-545 -6

644-85 -7

544-541-6

6

5 -544 -6

65 -744-64^85 -65 -54

66

41-766

Oct.,1924

4134-6

64-445 -65 -654-6

54

5 -66 -734-75 -6

644-5444-634-5

66

44-54g

5 -644-6

446 -74 -6

85 -644-5

66 -646 -74 -66 -7

Interbank loans

Oct.,1925

4

55654

iU\5 -65 -65 -65 -654-65 -54

5 -54

54-654

6 -866

6 -646 -75 -66 -7

544-6

65 -646 -76 -7

6

Sept.,1925

44 -5

5445

5 -65 -5J

544-5!5 -65 -65 -65 -654-65 -54

5-545

54-654

6 -86

54-66 -646-75 -66 -744-65 -6

65 -646-76-7

6

Oct.,1924

444-4!

54 -5

56

44~5

5 -65 -6

644-54

65 -5444-54

56

54-67

5-654-66 -76 -74 -66 -844-55 -6

666

6 -76

Loans secured byLiberty bonds

Oct.,1925

4 |41-4!5 -644-55 -6

654

54-65

^ 64 -85 -654-644-5

5 if5 —6

5 -656

5 -65 -67 -8

65 -66 -7

66 -76 -8

Sept.,1925

44-4!4 -415 -6

445 -65 -65 -545-6

544-6

64-85 -654-6

5 -65 -54

65 -6

5-65 -6

66 -75 -67-85 -654-66 -7

66-7

6

Oct.,1924

44-4!4 -554-64*-445 -65 -65 -545 -65 -5144-6

65 -85 -65 -644-5444-6l-tt

56

44-65 -6

66 -74 -67-85 -65 -66 -7

666

Loans secured by stocks and bonds

Demand

Oct.,1925

544-55 -6

554-6

654

54-65 -545 -6

644-85 =654-644-5

546

44-5

6

~5~HT6

5 -67 -844-65 -66 -7

68

6 -7 -

Sept.,1925

541-55 -6

5 -65 -5454-65 -545 -6

65 -85 -654-644-55 -644-54

546

44-5

5 -641-65 -66 -75 -6

85 -65 -66 -7

686

Oct.,1924

324-4!5 -634-5

65 -6

545 -644-545 -6

66 -75 -654-64 -644-64 1 *

644-54

5 -6

6 -75 -7

85 -65 -66 -7

686

Oct.,1925

4f-R5

5 -65

54-6654

54-654-5!5 =7

6

5 -654-644-5

44-566

6 -8*6

5-6"6 -75 -66 -85 -6

66 -7

66 -8

Time

Sept.1925

44-544-5

54-65 -65 -54

5454-5!5 -7

644-85 -654-644-55 -644-54

546

t-f6

41-65 -66-85 -8

85 -65 -66 -7

67

Oct.,1924

4*44-55 -634-4

|r 65 -6

!_54-65-644-545 -66 -76 -85 -654-644-55 -64-54

66 -744-6

85 -6

6 -75 -8

85 -65 -66 -76 -7

7

Loans secured bywarehouse receipts

Oct.,1925

4p>65

54-666

54-66

5 -66

44-85 -654-644-5

6

5 -66

6 -76 -75 -6

85 -6

66 -7

77 - 8

Sept.,1925

41-5

44-5454-6

65 -7

546

5 -66

44-85 -654-65 -65 -641-54

66

5 -66

6 -76 -75 -8

85 -6

66 -7

76 -7

Oct.,1924

4 -56

44-654-6

6 -754

5 -515 -6

644-75 -754-65-65 -644-54

66 -7

5 -66 -76 -86-85 -7

85 -6

66 -76 -7

7

Cattle lo

I Oct.,1925

5 -54

5 -6

6

86 -7

76 -76 -87 -8

86 -8

6 -64

7

Sept.,1925

5 -6

5 -6

6

86 -754-76 -86 -86 -8

87 -8

6 -64

6 -7

Oct.,1924

5 -6

6

6 -7

86 -76 -76 -87 -87 -88 -106 -8

a6 -77-7*

g3

Wcj

00CO



GOLD AND SILVER IMPORTS AND EXPORTS

IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES

Countries

September

Exports

1924 1925

Imports

1924 1925

Nine months ended September

Exports

1924 1925

Imports

1924 1925

GOLD

All countries.-

FranceGermanyItaly___NetherlandsPoland and Danzig -Spain _SwedenEnglandCanadaCentral AmericaMexicoWest Indies -.ArgentinaChile -Colombia _Ecuador-- r-.Peru.UruguayVenezuelaBritish IndiaStraits Settlements-China..Dutch East Indies..HongkongPhilippine Islands--British OceaniaEgypt.Portuguese Africa...Allother

All countries.FranceGermany.-Poland and Danzig-SpainEnglandCanadaCentral AmericaMexicoWest IndiesArgentinaBoliviaChi le . . .ColombiaPeruVenezuelaBritish India _.ChinaDutch East Indies. .HongkongJapanPortuguese Africa...All other

$4,579,501 $6,784,201 $6, 656,155 $4,128,052 $11,159, 210 $204, 272,802 $269,882,845

65,4072(30,195

1,468 20,756 65,407

2,000. . . . . . .

195, 000

247, 865 135, 315

502,010

12, 700

382,15510, 00050,000

2,027, 759

7,0001, 705,000

11,760

10, 345, 205

44,858693, 414

1, 509,448108, 694

213,008

1,494

5, 617, 3382,086,451

70, 500

16, 5672,658,982

177, 722497, 234

19, 5071, 475, 246

34, 458193,03765, 365

350, 584

4,3442,899,513

161, 817245, 237

24,414

1, 361,7641,000

2,799,567

81, 626117, 26267, 634

119,782

17, 580

1, 339, 20867, 519,526

1,050,0004, 318, 3431,103,948

392,4311, 002, 6286,159, 6022,896,772

750, 0007,495, 647

175, 0005,510,000

10, 704, 3784,821,1272,735,792

34,501,147

15,0001,999, 878

15,000

2, 225,1362,197, 894

100, 000137, 500

1, 208, 531

27,734 13, 388 1,101, 6003, 690,895

500, 535205,176 63,687

77, 475

7, 487, 317

594, 354134,100

201, 036202, 400113,296

485

1,658243, ltK)

2,101, 0203,824,945

69,948

975

129,02971, 854

4,000182, 666

42, 880

157, 69616,1503,243

126, 6894,814

7,000-1,855,840

802, 2902,160,010

58,756,9763, 853, 735

300, 414831,020

8,131, 44625, 000

26,925,176498,240

53,4136,191,559

130,892,62833,557, 577

1, 650.7734,249,547

302,00016,189,465

337,7791,715,148

654,0822, 253,755

7,836221, 291

48, 557 260, 512

4, 602,5511,702,5932, 500,0004, 351,5242,536, 2661,455,008

520,2501,169, 356

7, 082, 962 4,504, 024 79, 744,974

5,064 4,953 151,858758,616

4736,053

957, 392244 554

4, 237,91948

4,897310, 281

14, 5751,125,708

57

5,868765, 476139, 376

3,041,06128,279

2,38038, 372

172,4162,478

225, 38730

18,097,1611/164,266

34,2751,550, 575

48, 6382,300

12887,050 50,342

14,608900,000655, 340

41,085,04113, 303,522

27,09332,096

9,69217,914

700, 7821,275,970

2,022

74,636,646 | 55,771,022

4,161,844887, 500

7,193,0351, 374,932

300, 3401, 508,124

81,1662,300

4,932376,200

33, 395,64524, 314,171

962, 381

'"74,"076

61,8411, 221,035

104,665301,164

5, 625,1941,548,955

33,620,95857,10732,304

178,7151,197, 268

112,97710, 675,705

2,259

16,753694,323

115,948203, 851

$59,860, 404

6, 584, 7971,6284,360

10,084, 799

68, 618220

4,823,92225, 538,560

1, 243, 6743, 609,631

484,7412,466

349, 4481, 208,426

625, 4491, 225,992

174, 210

13,950119, 558

1,637, 569

1, 301,329202,325

15, 233477,075

62, 424

49,197, 576

5,875

124, 07397, 757

6, 406, 3501, 234,676

30,961, 307148.852

4,38067,119

1, 295,07261,527

7,599,0724,878

55,9684,183

691.853

97,883147,903


NOVEMBER, 1925 FEDERAL KESERVE BULLETIN 837

FOREIGN EXCHANGE RATES

[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]

Countries Monetary unit

AustriaBelgiumBulgariaCzechoslovakiaDenmarkFinlandFranceGermanyGreat BritainGreece {HungaryItaly !Netherlands INorwayPoland. .--IPortugal jRumaniaSpainSweden _Switzerland-.YugoslaviaCanada .CubaMexico [ArgentinaBrazil IChile — |Uruguay jChinaChina jHongkong _IndiaJapanStraits Settlements

Schilling....FrancLev.CrownKroneMarkkaFranc -Reichsmark-Pound.DrachmaKrone.LiraFlorinKroneZlotyEscudoLeu

KronaFranc.DinarDollarPeso.Peso. . .Peso (gold)Milreis-Peso (paper)Peso.Mexican dollar.._Shanghai taelDollarRupee.-YenSingapore dollar..

Par ofex-

change

14.0719.3019.30

"~26.~8o'19.3019.3023.82

486.6519.3020.2619.3040.2026.8019. 30

108.0519.3019.3026.8019.3019.30

100.00100. 0049.8596.4832.44

1 19. 53103.42i 48.11* 66.851 47. 77

48.6649.8556.78

October, 1925

Low

14.06304.4700.7256

2. 960724.00002. 52164. 090023.8000483.99001.2938.00143. 920040.180019. 580016. 55005.0600.4740

14. 300026. 750019. 26001.7700

99. 994499.817749. 066792.240014.050012.020099. 610057. 060076. 940058. 930036. 570040. 810056. 3300

High

14.08804.5600.7319

2. 962225.13002. 52364. 730023.8100

484. 79001. 4473.00144.050040. 250020. 610016. 72005.1100.4812

14. 410026. 850019.30001. 7771

100.150099.993849. 283393. 960015.150012.1100101. 950057.830078. 380059.650036. 630041. 420056. 6900

September, 1925

Low

14.05704.3200.72892.960924,01002. 52204.680023.8000484.12001.4425.00143. 8400

40. 170019.880016. 68005.0800.4790

14. 240026. 800019.30001. 7735

99.918899.793849.300090.750012.990011.890099.460056.800077.700058.150036. 560040.450056. 5000

High

14.08704.5000.7342

2.962125. 23002. 52524. 740023.8000

485. 30001. 4821.00144.190040.280022. 210018.39005.2100.4959

14. 620026. 850019. 35001.7870

100.049*99.959449.493392.160013.990012.0600100. 500059.000079. 590060.160036. 690041. 050056. 7800

Average

Rate

14. 06944.4040.73142.9616

24. 51882. 52354. 712423.8000

1484.64641.4613.0014

4.064040. 208420.932017. 58885.1356.4890

14.386026.824419. 30681. 7795

99.9SG099.850049.351991. 709613. 518812.015699.949257. 565678. 466459. 315236. 633240. 748856. 5876

Percent of

par

100.0022.823.79

91.4913.0824.4299.9299.597.57.01

21.06100. 0278.1091.134.752.53

74.54100. 09100.04

9.2299.9999.8599.0095.0641. 6761.5296.64

119. 65117. 38124.1775.2881.7499.66

September, 1924

Low

4.7900.72892.984516.39002.50905.2400

443.31001. 7348.00134.350038.160013.690019.18002.9900.4938

13.120026.550018. 75001.2728

99. 811599.919348. 770877.86009.76009.650081.290053.460073.900053. 210032.180039.960051.0000

High

5.0900.73643.000117.36002.51235.4200

449.14001.8290.00134.430038.690014.200019.25003.4600.5344

13.490026.630019. 08001. 3990

100.002999.932349.104281.720010. 570010.960085.230054.250076.320053. 770032.930041. 200052.0000

Average

i. PerRate I cent of

par

4.9380.7310

2.993216.95442.51095.3016

446.05361. 7778.0013

4.382038.450813.8296 .19.21883.1808.5178 I

13. 239626. 6028

I 18.8820j 1.3515

99.9431j 99.9281

48.9818I 80.0272< 10.0904

10. 4368 i83.444853.904475. 208053. 459632. 518840. 597251. 5144

25.593.79

63.2613.0127.47

91.669.21

.0122.7095.6551.6099. 582.942.68

68.6099.2697.83

7.0099.9499.9398.2682.9531.1053.4480.69

112.04112. 59111.9166.8381.4490.73

11913 average.

SILVER

[Average price per fine ounce]

October September

London (converted at average rate of exchange) $0. 71924New York.. .71421

$0. 71979,71885


FEDERAL RESERVE DISTRICTS

•»«BOUNDARIES OF FEDERAL RESERVE DISTRICTS——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY

O


federal reserve bulletin november 1925 - fraser reserve bulletin november, 1925 issued by the...

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