Federal Reserve Bulletin May 1925 - FRASER RESERVE BULLETIN MAY, 1925 ISSUED BY THE FEDERAL RESERVE...

FEDERAL RESERVEBULLETIN

MAY, 1925

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Trade and Industry in the First Quarter of 1925Business Conditions in the United StatesBusiness and Banking Conditions in Europe

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 Governm.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, Divisionjof Research

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

Research and Statistics.E. L. SMEAD, Chief, Division of BanklOperations.

District No.District No.District No.District No.District No.District No.District No.District No.District No.District No.District No.District No.

II

FEDERAL ADVISORY COUNCIL

1 (BOSTON) _ _ . CHAS. A. MORSS.

2 (NEW YORK) PAUL M. WARBURG, President.

3 (PHILADELPHIA) _ L. L. RUE.

4 (CLEVELAND) GEORGE A. COULTON.

5 (RICHMOND) JOHN M. MiLLER,!Jr.

6 (ATLANTA) OSCAR WELLS.

7 (CHICAGO) FRANK O. WETMORE.

8 (ST. LOUIS) BRECKINRIDGE JONES.

9 (MINNEAPOLIS) G. H. PRINCE.

10 (KANSAS CITY) ___ E. F. SWINNEY, Vice President

11 (DALLAS) W. M. MCGREGOR.

12 (SAN FRANCISCO) HENRY S. M C K E E .


OFFICERS OF FEDERAL RESERVE BANKS

Federal Reserve Bank of— Chairman Governor Deputy governor Cashier

BostonNew York..

PhiladelphiaClevelandRichmond

Atlanta

Chicago

Frederic H. Curtiss.PierreJay

R. L. Austin

D. C. Wills

Wm. W. Hoxton.

Oscar Newton

Wm. A. Heath...

W. P. G.Harding..Benj. Strong

St. LouisMinneapolis...

Kansas City..Dallas

San Francisco.

Wm. McC. Martin-John R.Mitchell...

M. L. McClure.Lynn P. Talley.

John Perrin

Geo. W. Norris.E. R. Fancher..

George J. Seay..

M. B. Wellborn.

J. B. McDougal.

D. C. BiggsR. A. Young

W.J. BaileyB. A. McKinney..J. U. Calkins

W. W. Paddock-..J.H. CaseL. F. SailerG. L. HarrisonE. R. Kenzel

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

O. M. AtteberyW. B GeeryB.V.MooreHarry Yaeger»C. A. Worthington.R. R. GilbertVal. J. GrundWm. A. DayIra ClerkL. C. Pontious

W. Willett.L. H. Hendricks.1A. W. GilbarUJ. W. Jones.*G. E. Chapin.iRay M. Gidney.»L. R. Rounds.1W. A. Dyer.J.C.Nevin.

Geo. H. Keesee.John S. Walden, jr.*M. W. Bell.

W. C. Bachman.JK. C. Child8.iJ. H. Dillard.iD. A. Jones.*O. J. Netterstrom.iClarke Washburne.iJ.W. White.Gray Warren.Frank C. Dunlop.1

J. W. Helm.R. B. Coleman.

W. N. Ambrose.

1 Controller. ' Assistant deputy governor.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANES

Federal Reserve Bank of—

New York:Buffalo branchCincinnati branchPittsburgh branch

Richmond:Baltimore branch

1 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 branchOmaha branchDenver branchOklahoma City branch

Dallas:El Paso branchHouston branch

San Francisco:Los Angeles branchPortland branchSalt Lake City branchSeattle branch..Spokane branch

Managing director

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

D. P. Reordan.Fred Harris.

C. J. Shepherd.Frederick Greenwood.R. B. Motherwell.C. R. Shaw.W. L. Partner.

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.

i n


TABLE OF CONTENTS

The month: PageReview of the month—Trade and industry in the first quarter of 1925 297Business conditions in the United States 302Business and banking conditions in Europe 323

Special articles:Indexes of factory employment and pay rolls 324Turnover of stocks at department stores 331

Official:Changes in State bank membership 333Fiduciary powers granted to national banks 333Changes in national bank membership 333

Business statistics for the United States:Industrial activity *. 334Commodity movements 337Wholesale and retail trade 338

Foreign banking and business conditions:Annual reports of central banks for 1924 340Financial statistics for principal foreign countries 345Foreign trade of principal countries 348Price movements in principal countries—

Federal Reserve Board wholesale price indexes 349Wholesale prices in principal countries 350Retail prices and cost of living in principal countries 351

Banking and financial statistics:Federal reserve banks—

Condition of Federal reserve banks 352Federal reserve note account 356Holdings of earning assets 357Discount and open-market operations of Federal reserve banks 358Gold settlement fund 364Discount rates of Federal reserve banks 363

Member banks—Condition of reporting member banks in leading cities 359Bankers' balances at reporting member banks in Federal reserve bank cities 360Deposits of all member banks 361

Bank debits 362Money rates in principal cities 365Money in circulation 363Gold and silver imports and exports 366Foreign exchange rates and index 367

IV


FEDERAL RESERVE BULLETINVOL. 11 MAY, 1925 No. 5

prices of basiccommodities.

REVIEW OF THE MONTH

Industrial activity, as reflected in the outputof basic industries, has been considerablygreater during the first quarter of 1925 than

for the first three months ofProduction and 1 9 2 4 ; a n a has been near the

record levels of the earlypart of 1923. Though pro-

duction declined somewhat in February andMarch from the high point reached in January,the volume remained as large as at any time in1924. The high level of production during thefirst quarter of this year was the outcome of anadvance during the latter part of last year at arate more rapid than could be sustained, asis indicated by the recent recession and thedeclines in prices of certain raw materials.During the period of increasing output of basiccommodities since the summer of 1924, whileproduction rose to a level as high as at thepeak in 1923, prices of these commodities,though they advanced, continued to be con-siderably below the 1923 level. The demandfor commodities, both at home and abroad, hasbeen larger during the first quarter of 1925than a year ago and has been reflected in alarger volume of distribution to domestic con-sumers and in increased export trade.

Larger foreign demand for American prod-ucts since the middle of last year resulted in a

total value of exports 11 perForeign demand c e n t l a r g e r i n t h e l a s t h a l f o f

1924 than in the last half ofthe year before, and 15 per

cent larger in the first quarter of 1925 than forthe corresponding quarter a year ago. For theperiod of eight months ending in February theincrease in exports has represented principallylarger foreign takings of crude materials andfoodstuffs, in some cases at considerably higherprices.. Ninety per cent of the net increase in

for Americanproducts.

the value of exports for the period is repre-sented by the increase in the value of ex-ports of cotton, wheat, and copper. For thesecommodities, furthermore, the relative impor-tance of the foreign demand as compared withthe domestic has been greater for the periodsince last summer than it was for the corre-sponding period in 1923-24. Exports of cottonincreased 49 per cent in quantity and repre-sented 51 per cent of the American crop, asagainst 46 per cent a year ago. Exports ofcopper increased a little more than 17 per centin quantity, and represented 45 per cent ofNorth and South American production for theperiod, against 39 per cent a year ago. Exportsof wheat increased 153 per cent in quantityand represented 19 per cent of the crop, against8 per cent a year ago. Except in the case ofwheat, the increased value of exports was duealmost altogether to an increase in the quantityexported and not to an advance in prices.

Increased exports of these products havebeen in response to a larger demand from anumber of important foreign countries. Sincethe first of August 56 per cent more cotton hasbeen exported to Great Britain, 44 per centmore to Germany, and 45 per cent more toJapan. Copper exports, for the eight monthsending with February have been in larger vol-ume to Belgium, Germany, Italy, and the Neth-erlands; in decreased quantities to Sweden,China, and Japan, and in about the same vol-ume to France and to Great Britain, Coppermanufactures have also been exported in some-what greater volume than a year ago, the mostnotable increases in demand coming from GreatBritain and Cuba, while the demand fromCanada, France, and Brazil declined. All thewheat-importing countries of Europe, by rea-son of short crops, have been under the neces-sity of importing more wheat than usual, and

297


298 FEDERAL RESERVE BULLETIN MAY, 1925

have taken larger quantities from the UnitedStates; the largest increases, as measured inbushels, were in exports to Great Britain, theNetherlands, Belgium, Italy, and Germany.Increased purchases by most importing coun-tries of Continental Europe have reflectedbetter industrial and financial conditions inthese countries, with improved ability toborrow funds abroad, and with some increasein the purchasing power of ultimate consumers.

Among the domestic industries, which havebeen the source of a considerable part of the

increase in the domestic de-Building and m a n d for materials, are the

au omo 1 e m- c o n s t r u c t ion industry and moredustnes. i - i

recently the automobile in-dustry. Building activity has been expandingalmost continuously since 1921 and has absorbedin recent years about 18 per cent of the annualoutput of the steel mills, together with largequantities of other building materials, and hasbeen responsible for a considerable part of theincrease in railroad shipments. Production ofbuilding materials in the third quarter of lastyear exceeded all previous high records, andduring the winter showed no more than aseasonal recession. Recent demand for build-ing and building materials, as indicated bycontracts awarded, has been larger than a yearago. For at least two years increased demandfor residential construction and for other typesof nonindustrial building has represented thebulk of new construction. The record value ofawards in March for the country as a whole,which was shown notwithstanding the 50 percent decline in contracts for residential construc-tion in New York City, reflected large increasesin construction in all the other districts of thecountry. The sustained demand for buildingmaterials has helped to maintain production inbasic industries at its recent high level.

In the automobile industry the recession indemand, which began about a year ago andwas accompanied from April through Decem-ber by a substantial decrease in the rate ofproduction, has recently come to an end, andseasonal expansion in the rate of distributionduring the first quarter of this year has been

accompanied by larger production, both ship-ments and production, however, remaining sub-stantially below the extraordinary levels of ayear ago. Stocks of new cars in the hands ofdealers and manufacturers are much smallerthan at the end of the first quarter a year ago,and there has been some decrease in the numberof producers and dealers. The demand forautomobile tires, having had no recessionin the first half of 1924, was larger in thesecond half of that year and for the first quar-ter of 1925, but prices were somewhat lowerthan a year ago, notwithstanding the markedincrease in the price of crude rubber. Stocksof tires and tubes declined seasonally lastsummer, but increased somewhat at the endof 1924, and at the end of the first quarter of1925 were 25 per cent larger than for the cor-responding period a year ago, reflecting in partanticipation by producers of a large replace-ment demand for tires by automobile owners,whose number has increased rapidly during thepast two years. The relative importance ofthe demand for automobiles and tires in thetotal demand for goods by consumers is indi-cated by the estimate that in recent years thetotal outlay for cars and tires has exceeded 10per cent of the amount spent for merchandiseat retail stores.

Volume of merchandise distribution, as re-flected in sales at wholesale and at retail and

in railroad shipments, has beenDistribution of at a higher level during the

commodities. first quarter of 1925 than forthe corresponding period a year

earlier. Indicators of trade activity, in con-trast to those of industrial activity, have shownmuch less marked fluctuations in recent yearsand, in general, have had a continued upwardmovement. The fact that in 1924 distributionof goods to ultimate purchasers was in moreconstant volume than the output of basic com-modities made it possible for producers, as theyear progressed, to dispose of stocks accumu-lated early in the year when production was inexcess of current consumption, and this was afactor in bringing about renewed industrialactivity in the latter half of the year. In 1925


MAY, 1925 FEDERAL RESERVE BULLETIN 299

also distribution of commodities has continuedin a volume that has not shown a decline cor-responding to the recent recession of produc-tion from the high point reached in Januaryand the less active demand for certain basicmaterials. The position of the principal tradeindicators during the first quarter of 1925 andtheir course during the three preceding yearsare shown in the charts. Check payments, re-

CHECK PAYMENTS( Seasonally Adjusted )

100

801922 1923 1924

Debits to individual accounts at 140 centers outside New York City.Monthly average, 1919=* 100

fleeting the volume of business transactions asmeasured in dollars, have recently been at arecord level, more than 10 per cent above eitherof the two preceding years. Car loadings ofmerchandise and miscellaneous freight, whichmeasure railroad shipments in physical volume,were about 5 per cent larger during the first

40

120

100

80

1v/v

CAR LOADINGS( SeasonaJly Adjusted )

|

VA

PER CENT

140

120

100

8 01922 1923 1924 1925

Total merchandise and miscellaneous less-than-car-load lots. Monthlyaverage, 1919=»100

quarter of 1925 than in 1924 and were, in fact,considerably higher than for the correspondingperiod of any previous year. Wholesale trade,as indicated by reports from about 750 firmsthroughout the country, and sales at morethan 600 department stores in the different

Federal reserve districts, have also been aslarge for the quarter as they were a year ago.Stocks of merchandise at department storesincreased more than usual during March, butat the end of the month were no larger than

1922 1923 1924 1925

Combined index of sales by wholesale dealers. Monthly average,1919=100

for the corresponding date of 1924. Stocks ofgroceries carried by wholesalers at the prevail-ing higher prices were larger in value at theend of March than a year ago, while stocks ofshoes, dry goods, and hardware were smaller.

1001

DEPARTMENT STORE SALES( Seasonally Adjusted \

801923 1924 1925

Sales at department stores. Monthly average, 1919=* 100

Sales by mail-order houses and by manu-facturers of agricultural implements, which are

indicative of the extent of thefarmers' demand for goods,have been considerably largerduring the first quarter of thisyear than for the same period

of either of the two preceding years. In-creased buying power of farmers has arisenout of the better returns since last June fromthe crops raised during 1924 and more recentlyfrom livestock marketed. The increase has

Buying powerof farmers andindustrial work-ers.


300 FEDERAL BESERVE BUI^LETIN MAY, 1925

been particularly large in certain portions ofthe cotton belt and in those wheat-producingregions where last year's yield was satisfactory.Marketing of agricultural products in general,which was exceptionally heavy in the last halfof 1924, continued during the early months ofthis year in a volume larger than a yearago, and at the prevailing prices has yieldedsomewhat larger returns to producers. Theincome of factory workers has also advancedalmost continuously during the past eightmonths and in March w as more than 20 percent above the low point of last June. Evenat its present level, however, the pay rollof factory workers is lower than in March,1924. The relatively high and sustained in-come of factory workers in 1923 and in theearly part of 1924, shown on the chart, was thesource of a considerable part of the buying

PER CENT

120

100

80

60

A/' \

FACTORY

-~ - ...

PAYROLL

V

PER CENT

/mr

80

601922 1923 1924 1925

Index of amount of pay rolls in manufacturing industries. Monthlyaverage, 1919=100

power reflected in the sales of chain and depart-ment stores during that period. In the secondquarter of 1924 pay rolls declined sharply, butthis decline continued for a relatively briefperiod and was followed by a rapid growth upto the present time. The Federal ReserveBoard's index of factory pay roll, describedelsewhere in this issue, covers nearly 9,000establishments in about 50 industries, with2,800,000 employees and a weekly pay roll ofabout $75,000,000; fluctuations in the index,therefore, may be regarded as representativeof changes in the income of workers in manu-facturing industries as a whole, and the index,which primarily reflects changes in extent of

manufacturing activity, is also an indicator ofchanges in the current buying power of &large part of industrial and city population.

Volume of bank credit during the firstquarter of 1925 has continued at the high level

reached at the close of lastMember bank y e a r L o a n g a n d investments

and reserve bank ,. , -, 7 ,credit member banks in principal

cities were larger in April thanat the beginning of the year, though demanddeposits had declined by about $600,000,000from the high point in the middle of January.This decline in demand deposits at a time of asustained volume of borrowing at the banks hasbeen due primarily to the withdrawal of goldfor export and to the reduction in balancescarried by country banks with their citycorrespondents. The reduction in these bal-ances, which amounted to about $400,000,000during the first three months of the year, hasbeen due chiefly to the employment of thesebalances by the city banks in loans on securitiesfor account of the country banks, rather thanto withdrawals of funds from financial centersfor use in the interior. With the rise in therate for call money during the period thecountry banks have employed a larger pro-portion of their funds held with city correspond-ents in making loans in the security market.The figures for loans on stocks and bonds of thereporting member banks reflect this transferof funds from idle balances to loans onsecurities. There was a continuous growth ofthis class of loans until the middle of March andthe increase has been chiefly at banks outside ofNew York City. Since that time, however,with the recession of activity on the btockexchange and the decline in security values, thevolume of loans on stocks and bonds has de-creased. Loans for commercial purposes havecontinued throughout the period at about thelevel reached last autumn and considerablyabove the amount of these loans a year ago.The banks7 holdings of investment securities,which had been in record volume in the au-tumn of 1924, declined by about $300,000,000 bythe beginning of March, most of the decline



being at banks in New York City. Since thattime investments have increased by aboutone-half the previous decline, and, in contrastto the decline, the recent growth has beengeneral throughout the country.

At the Federal reserve banks, earning assetsin the middle of April were about $100,000,000above the level of three months earlier, whenthe seasonal liquidation at the turn of theyear had come to an end. This growth ofreserve bank credit in use, with relativelylittle change in demand for currency or inthe volume of reserve balances, reflected chieflyborrowing by member banks for the purpose ofmeeting the export demand for gold. Keservebank holdings of United States securities andof acceptances declined after the middle ofJanuary, but discounts for member banks in-creased considerably and were in April nearthe high level for the year reached at the endof February when discounts were larger thanat any time since May, 1924. A large partof the growth in discounts was at the Federal

Reserve Bank of New York, and the propor-tion of total discounts for the system held bythe New York bank was consequently muchlarger in the middle of April than in January.During recent weeks the outward movementof gold diminished in volume and the largerpart of the gold which was exported repre-sented withdrawals of portions of the goldpreviously earmarked for account of. the Ger-man Reichsbank, and therefore caused noincrease in the demand for reserve bank credit.As a consequence of the recent falling off inthe demand arising from gold exports and ofa smaller demand for currency, earning assetsof the reserve banks declined somewhat sincethe beginning of March, and on April 22 wereconsiderably below the high point reached inthe latter part of February.

NOTEConference of governors.

On April 6-8 the governors of the Federalreserve banks met in Washington for theirsemiannual conference.



BUSINESS CONDITIONS IN THE UNITED STATESProduction in basic industries was smaller in March than in the two preceding months,

but was as large as at any time in 1924. Distribution of merchandise both at retail and whole-sale was in greater volume than a year ago. Wholesale prices, after increasing since the middleof 1924, remained in March at about the same level as in February.

Production.—The Federal Reserve Board's index of production in basic industires declinedin March to a level 5 per cent below the high point reached in January. Iron and steel produc-tion and cotton consumption showed less than the usual seasonal increase during March, andactivity in the woolen industry declined. There was a further decrease in the output ofbituminous coal. Increased activity in the automobile industry was reflected in larger output,employment, and pay rolls. In general, factory employment and pay rolls increased duringthe month. Value of building contracts awarded in March was the largest on record, notwith-standing the recent considerable reduction in awards in New York City.

Trade.—Wholesale trade in all principal lines increased in March, and the total was largerthan a year ago. Sales at department stores and by mail-order houses increased less than isusual at this time of the year. Stocks of shoes and groceries carried by wholesale dealers weresmaller at the end of March than a month earlier, and stocks of dry goods, shoes, and hardwarewere smaller than last year. Stocks of merchandise at department stores showed more than theusual seasonal increase and were somewhat larger than last year.

Prices.—Wholesale prices of most groups of commodities included in the index of theBureau of Labor Statistics declined somewhat in March, but, owing to an advance of food prices,particularly of meats, the general level of prices remained practically unchanged. Prices ofmany basic commodities, however, were lower at the middle of April than a month earlier.

Bank credit.—Volume of loans and investments at member banks in principal cities con-tinued at a high level during the five-week period ending on April 15. Total loans declined,reflecting chiefly a reduction in loans on stocks and bonds, and also some decrease in loans forcommercial purposes. Investment holdings, which early in March had been nearly $300,000,000below the high point of last autumn, increased by the middle of April by about half this amount.Demand deposits, after declining rapidly between the middle of January and March 25, in-creased during the following weeks, but on April 15 were still $633,000,000 below the maximumreached in January.

PER

150

ir\r\

o

CENT

AJ

PRODUCTION INBASIC INDUSTRIES

|

HV k

\rN

1922 1923 1924 1925

Index of 22 basic commodities adjusted for seasonal variations.100.) Latest figure, March, 120

PERCENT1 5 0

0

(1919=

PER CENT

200

150

100

50

o

Index of

WHOLESALE PRICES

11922 1923

"United States Bureauadopted by bureau.)

• a

1924

of Labor Statistics.Latest figure, March,

PER(

1925

(1913=100, 1161

:ENT200

150

10O

Q

3ase



BILLIONS OF DOLLARS

2ULLIONS OF DOLLARS

1922 1923 1924- 1925

Weekly figures for 12 Federal reserve banks. Latest figures for April 22

BILLIONS OF DOLLARS BILLIONS OF DOLLARS10

1922 1923 1924- 1925

Weekly figures for member banks in 101 leading cities. Latest figuresApril 15

At the reserve banks the volume of earning assets on April 22 was about $75,000,000 belowthe high point at the end of February, but continued above the level of a year ago. Discountsfor member banks were about twice as large in April as at the exceptionally low point in themiddle of January, while total United States securities and acceptances held were in smallervolume than at any time during the year.

Somewhat easier money conditions in April were indicated by a decline of one-eighth of 1per cent in the open-market rate on 90-day acceptances to 3J-6 per cent and by sales of primecommercial paper at below 4 per cent.

BUSINESS INDEXES OP THE FEDERAL RESERVE BOARD

[Monthly average 1919=100]

Year and month

Produc-tion inbasic

indus-tries i

Factory

ment

Buildingcontractsawarded1

Kailroad-car

loadings»

Whole-sale

trade

D epar tm ent-stor esales 1

Unad-justed

Ad-justed

Department-storestocks1

Unad-justed

Ad-justed

Bankdebitsoutsideof NewYorkCity 1

1924JanuaryFebruaryMarchAprilSeptemberOctober..November ._Decemb i

1925JanuaryFebruary.-March

120120116114103109107117

127124120

1001011019991939394

10811411311199103101106

103109110

170163164150150166196180

168159178

118125115121117120116124

123125117

110102115133119141141210

109101121

126128115131131124126131

124131121

115127138140137147148124

119127138

131135137136128132131133

134135137

105110108111107112107112

120121120

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-store sales and stocks are shown both with and without seasonal adjustments.



BANK CREDIT

After increasing almost continuously fromthe middle of last year, loans of member banksin leading cities declined between March 11and April 15, and on the latter date were inabout the same volume as at the beginning ofthe year. Commercial loans of the banks haveremained practically constant since last au-tumn, and the changes in total loans since thattime have reflected chiefly changes in thevolume of loans secured by stocks and bonds.After a continued advance until the middle ofMarch, these loans declined by about$121,000,000 and on April 15 were only slightlyabove the opening of the year. The decreasewas almost entirely in the Boston, New York,and Chicago districts. Investment holdingsof the banks, which were declining during thefirst two months of the year, increased con-siderably after the beginning of March. Netdemand deposits in the middle of April were$336,000,000 lower than at the beginning ofthe period and $633,000,000 below the highpoint reached on January 14. The followingtable shows the principal resources and lia-bilities of member banks in leading cities foreach week between March 11 and April 15,as well as changes for the five weeks and forthe year ending April 15:

LOANS, INVESTMENTS, AND D E P O S I T S OF M E M B E RB A N K S IN LEADING C I T I E S

fin millions of dollars]

Date

1925Mar. 11Mar. 18Mar. 25Apr. 1..... . . .Apr. 8Apr. 15Increase (+) or de-

crease (—):Five weeks end-

ing Apr. 15Year ending Apr.

15 _

Loans and investments

Total

18,61918,72918,61818,70418,62118,610

- 9

+1,9

Loanssecured

bystocks

andbondsi

4,980

5,0004,9784,9224,908

-72

+823

Allotherloans,largelycom-mer-cial

8,2658,1828,1408,2288,2158,220

-45

+243

Invest-ments

5,3745,5185,4785,4985,4845,482

+108

+932

Deposits

Netde-

mandde-

posits

13,05812,87912,58812, 75612,63512, 722

-336

+1,382

Time

4,9544,9735,0345,0535,0555,052

+801

1 Including loans secured by United States obligations.

At the Federal reserve banks during thefour weeks ending April 22 discounts formember banks increased and on that datewere nearly at the high point for the year. Inall except the New York and Cleveland dis-

tricts, however, discounts were higher on April22 than at the end of February and in alldistricts were above the level of the openingweeks of the year. United States securityholdings, which had declined since the autumnof last year, showed a slight increase from thelow point for the year which was reached atthe end of • March. Acceptance holdingsdeclined somewhat during the period. Theprincipal resources and liabilities of the Federalreserve banks for the period between March25 and April 22, 1925, and changes for thisperiod and since April, 1924, are shown in thefollowing table:

P R I N C I P A L R E S O U R C E S AND L I A B I L I T I E S OF F E D E R A LR E S E R V E B A N K S

[In millions of dollars]

Date

1925Mar. 25Apr. 1Apr. 8 .Apr. 15Apr. 22Increase (+) or de-

crease (—):Four weeks end-

ing Apr. 22Year ending

Apr. 22

Earning assets

Total*

1,0411,0861,0761,0391,053

+12

+166

Dis-Pur-

chasedcounts accept-

ances

378400391395412

+34

-61

307316311274276

- 3 1

+136

Gov-ern-

mentsecur-ities

344358

358353

+9

+79

Totalre-

serves

Totalde-

posits

3,0082,9832,9772,9862,986

-22

-229

Fed-eral re-servenote

circu-lation

2,1842,1962,1872,2082,218

+34

+217

1,7091,7101,7141,6981,688

-21

-253

1 Including foreign loans on gold and all other earning assets.

MONEY RATES

Money conditions in the New York marketwere slightly firmer near the first of April,with the movement of funds to the interior,but later in the month rates declined some-what. Commercial paper continued to bequoted generally at 4 per cent, but a growingvolume was sold at 3% per cent. Dealerslowered their rates on 90-day bankers' ac-ceptances early in April, and after a tem-porary return to the former offering rate of3% per cent they declined further to S}4 P$r

cent and were quoted for a few days as low as3 per cent. Prices of short-term Governmentsecurities to some extent reflected the decline inmoney rates and Government bonds showed aslightly lower average yield for April than forMarch. The renewal rate on call loans againfluctuated about 33^ per cent after the first ofthe month rise. The table below shows therates prevailing in the New York marketduring the past three months:



MONEY RATES IN NEW YORK

[Per cent]

February, 1925March, 1925Average for week ending-

Apr. 4, 1925Apr. 11, 1925Apr. 18, 1925...Apr. 25, 1925 _

Primecom-

mercialpaper,

4-6months

4

4444

Primebank-ers' ac-cept-ances,90 days

3H

3H-3J43 ^ |

3 -V/%3H

Yieldon cer-

tificatesof in-

debted-ness,4-6

months

12.621 2.78

2 2.802 2.842 2 7912.75

Averageyieldon4M

per centLibertybonds

4.024.02

3.963.973.953.95

call

3.603.97

4.403.943.603.80

1 Issues maturing June 15, 1925.2 Issues maturing Sept. 15, 1925.

In the London money market rates declinedafter hardening over the first of the month andTreasury bills were tendered at an averagerate of 4.167 per cent the second week in April,compared with 4.393 per cent the second weekin March. Bill rates declined comparablyfrom 4 ^ per cent to 4 ^ per cent.

ACCEPTANCE MARKET

During the first week of the period fromMarch 19 to April 15 relatively quiet conditionsprevailed in the acceptance market, with thesupply of bills somewhat in excess of the de-mand. Later both the supply and demand forbills slackened in New York, although Bostonreported an increasing demand from out-of-town banks. On April 1 some New Yorkdealers reduced their rates on 30 and 60 daybills, and on April 2 on 90-day bills, by y% percent. Their portfolios increased to the highestpoint for the year on April 8, however, andsimilar increases were reported from Boston,Philadelphia, and Chicago in spite of a seasonalfalling off in the volume of new bills in themarket. This reduction in the supply of bills,with some uncertainty as to rates, made avery quiet market in the latter part of theperiod. Over the whole reporting period NewYork dealers' purchases and sales were smallerthan for any similar period since September.Their portfolios on April 15 were 70 per centlarger than a month previous. Boston dealers,on the other hand, reported only slightlysmaller purchases and larger sales than duringthe four weeks ending March. 18, with port-folios somewhat smaller. In both cities dealers7

sales to Federal reserve banks were only halfas large as during the preceding period. Ratesin the New York market on April 15 wereZ% per cent bid and 3 per cent offered on

30-day bills, 3H~3M per cent bid and 3-3 Kper cent offered on 60 and 90 day bills, and3^-3:^8 per cent bid and 3%-3f2 per centoffered on the longest maturities.

CAPITAL ISSUES

According to the compilation of the Com-mercial and Financial Chronicle about $460,-000,000 of new domestic securities were issuedin the United States in February, 1925, whichis less by $74,000,000 than the issues in January.This decline was entirely in the flotation offarm loan and municipal securities, the volumeof corporate securities brought out in Februarybeing practically equal to the January issues.While the volume of new bonds and notes wassomewhat smaller than in January, the volumeof new stocks was larger. Railroad issuesaccount almost entirely for the increase, forpublic-utility offerings were considerably lessthan those of January, which included theunusually large single issue of the AmericanTelephone & Telegraph Co., and industrialissues also declined. The total volume ofcorporate refunding operations was smaller inFebruary than in January. The followingtable shows the domestic securities issued inFebruary, 1925, as compared with those of theprevious month and of February, 1924:

DOMESTIC CAPITAL ISSUES

[In millions of dollars]

Total corporateL o n g - t e r m

bonds andnotes

S h o r t - t e r mbonds andnotes

Stocks

Farm loan issuesMunicipal

Total

February, 1925

New

374.2

254.1

24.295.9

9.475.3

458.9

Refund-ing

48.2

44.3

3.0.9

3.0

51.2

January, 1925

New

373.4

261.4

44.068.0

36.9122.8

533.1

Refund-ing

85.1

20.4

62.42.3

2.1

87.2

February, 1924

New

227.3

137.6

31.058.7

4.794.3

326.3

Refund-ing

19.3

12.4

6.7.2

. 4

19.7

The total volume of securities issued in theUnited States was considerably augmented inFebruary by foreign flotations, which amountedto $152,500,000, according to the compilationof the Federal Reserve Bank of New York.This is twice the amount of those issued inJanuary, but less than in February of last yearor in September, October, or December, 1924.The largest single issues were $35,000,000Canadian National Railway bonds, $35,000,000


306 FEDERAL, RESERVE BULLETIN MAY, 1925

Republic of Poland bonds, and $25,000,000Argentine Government bonds. In March thevolume of foreign securities floated here wasmuch reduced, amounting to $69,350,000, thesmallest total for any month since last June.

SECURITY PRICES

During April the prices of representativecommon stocks recovered slightly from thelow points reached at the end of March.The price index of 233 stocks, computed bythe Standard Statistics Co., was 4.5 pointshigher on April 20 than on March 30, but still5.4 points below the highest figure reached in1925. Nearly all groups of stocks exceptmetals and sugars shared in this rise, themost pronounced advance occurring in theautomobile stocks. Market activity dimin-ished and the number of shares sold dailyin April averaged 500,000 below the averagefor March or February. Bond prices werestable in April, with a slight rise toward theend of the month as money rates weakened.The following table gives indexes of stockprices computed by the Standard StatisticsCo. of New York, the average prices of 40bonds computed by Dow, Jones & Co., andthe average number of shares of stock solddaily on the New York stock exchange for thelast four months:

INDEX NUMBER OF SECURITY PRICES

Average for—January, 1925,_.February, 1925.March, 1925April, 1925

Apr. 6,1925...Apr. 13,1925..Apr. 20,1925..Apr. 27, 1925..

Price indexes ofl—

200indus-trial

stocks

125.8127.5123.9

123.5123.2123.9122.9

31rail-

stocks

112.6112.9110.3

107.9107.0108.5107.5

stocks

122.0123.2119.9

118.9118.4119.4118.4

Aver-age

priceof 40

bonds2

90.9191.5591.3591.62

91.2391.3491.5491.93

Aver-age

num-ber ofshares

ofstocksold

daily 3

(000omit-ted)

1.7741,6881,6511,088

1,1871,0481,1591,193

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 Monday.

2 Arithmetic average of daily peak and low prices, as published in theWall Street Journal. Weekly averages are for week ending with Satur-day, preceding date given.3 Saturdays omitted. Weekly averages are for five days ending with-Friday, preceding date given.

AGRICULTURAL CREDIT BANKS

Intermediate credit banks closed direct loansamounting to $2,941,605 during March, 1925,as compared with $1,442,866 during February,and rediscounts of $6,099,875 as compared with$3,607,068 in February. The increase in loanswas chiefly in the Baltimore district, while re-discounts increased in eight out of the twelvedistricts, that is, in all except Springfield, Louis-ville, Wichita, and Spokane. The followingtable shows the volume of direct loans out-standing on the latest available date, April18, compared with those outstanding onMarch 14, classified by the commodities onwhich the loans were based. It will be ob-served that loans outstanding based on cottonand tobacco were reduced between these dates.A similar comparison is given for rediscounts,showing a considerable increase during theperiod, particularly in rediscounts for agricul-tural credit corporations.

INTERMEDIATE C R E D I T B A N K S

[In thousands of dollars]

Direct loans outstanding o n -CottonTobaccoRaisins _Wheat.. . . . .PrunesCanned fruit and vegetables-Peanuts _ _Rice-_All other

Total

Rediscounts outstanding for—Agricultural credit corporations _National banksState banksLivestock loan companies.. _.Savings banks and trust companies _

Total

Apr. 18,1925

2,99419,4334,0001,0191,216

20133725675

29, 531

17,8428

66610,006

96

28,618

Mar. 14,1925

6,88422,8754,0001,5181,216

29731335097

37, 550

12, 21816

6908,873

151

21,948

Federal land banks increased their mort-gage loans during March by $9,270,336 to$954,265,312 and joint-stock land banks by$12,208,045 to $477,081,816.

AGRICULTURE

In March and early April weather conditionscontinued very favorable for agricultural de-velopments throughout the country except insections of the Kansas City and Dallas Federalreserve districts, where the effects of thedrought were still serious. In these districts,


MAY, 1925 FEDEKAL, RESERVE BULLETIN 307

however, rains were more general late in April,but a lack of sufficient moisture was evidentfor this season of the year. Early crop reportsby the Department of Agriculture indicatethat the condition of the winter wheat crop atthe beginning of April was the lowest on recordfor that date except in April, 1917. Thesupply of farm labor is somewhat larger thanlast year, but average farm wages are at aboutthe same level as in 1924.

Marketing of the 1924 crops was in slightlysmaller volume in March than in February andwas 6 per cent greater than in the correspond-ing month last year. Receipts of animalproducts, fruits, and vegetables increased inMarch, while all other groups declined.Prices of livestock, cotton, fruits, and vege-tables advanced in March and the Departmentof Agriculture's index of farm prices reachedthe highest level since the autumn of 1920.The chart shows the movement of farm pricessince January, 1922.PERCENT160 I

150

140

130

120

INDEX OF FARM PRICES( AUGUST, 1909-JULY, 1914-100 )

PERCENT1 160

1922 1923 1924- 1325

150

140

130

120

110

1OO

Exports of all groups of agricultural commo-dities except cotton, which showed a seasonaldecline, were larger in March than in Febru-ary, and grains and cotton continued to exceedthe volume of last year. For the first quarterof 1925 total exports of farm commodities haveexceeded the volume of the correspondingperiod in 1924, 1923, or 1922 and comparefavorably with the volume exported in thefirst three months of 1921 and 1920.

Grain.The condition of the winter wheat crop on

April 1, as reported by the Government cropreporting board, was 68.7 per cent of normal,12.5 points below the 10-year average and 14.3below the corresponding figure in 1924. On

the assumption of an average abandonment,a crop of 474,255,000 bushels was forecast,which is about 20 per cent less than the cropharvested last year. A report from Kansas onApril 10 indicates an abandonment of about 24per cent as compared with an abandonment of4 per cent in 1924, and 15.9 per cent, the aver-age for the five years, 1914-1920. The pro-longed drought in the Southwest is a conditionfavorable to heavy abandonment in thatregion also. The condition of rye was reportedas being 84 per cent of a normal, which is halfa point above the condition a year ago and 3.1per cent less than the 10-year average. Theseeding of spring grains has progressed at arapid rate, and by April 15 practically all springplanting was completed save in the northernparts of the Minneapolis Federal reservedistrict. The weather has been favorable forthe sowing of large oats and corn acreages.Some of the abandoned winter wheat area isbeing planted to these two crops.

All grains except corn were marketed in smallervolume in March, and the combined indexof the movement of all grains in March was thesmallest for that month sinoe 1919. Althoughcorn receipts increased in volume over Febru-ary, they were 18 per cent less than the amountmarketed in March, 1924. The most drasticdecrease occurred in the shipments of rye, whichdeclined 70 per cent from the February figure.The month of March was marked by the largevolume of future trading in grain on the Chi-cago Board of Trade, which amounted to totalsales of 3,200,000,000 bushels, the largeston record. Wheat exports continued rela-tively large in March, and for the season toApril 11 have been over two and one-half timesas large as during the corresponding period in1924. Flour exports, however, have been aboutone-fifth less in 1924-25, so that the totalwheat and flour exports have exceeded the1923-24 figures by only 73 per cent.

Wheat prices continued to fluctuate widelyduring March and April. They declined dur-the greater part of March, reaching a low levelof $1.49 a bushel on April 3. Following thepublication of the Government report on cropconditions on April 9, they recovered, reaching$1.73 on April 17. This price movement wasalso reflected by the other grains.

Cotton.

With the exception of the drought, whichhas continued in the greater part of Oklahomaand Texas since last autumn, weather condi-tions were generally favorable in other sectionsof the Cotton Belt during the winter and early


308 FEDERAL. RESERVE BULLETIN MAY, 1925

spring months and preparations for the newcrop were advancea rapidly. Rains late inMarch and early in April were very beneficialto some sections of Texas, but there is still adeficiency of moisture for this season of theyear in the greater part of the cotton-growingterritory in the Southwest. Planting waslargely completed in the southernmost areas ofthe belt by the middle of April and the plantsare coming up in sections where the crop wasseeded early. Fertilizer sales in eight cotton-growing States during the eight months endingMarch 31 indicate that the amount of fer-tilizer that is being used this year is larger thanin 1924. Early reports by the Department ofAgriculture show that the number of bollweevils that survived the winter varies con-siderably in different sections, but that theemergence of weevils in South Carolina,Georgia, and southern Louisiana was heavierthan in 1924 or 1923, but lighter than in 1922,when the number that lived through the winterwas the largest on record.

PRODUCTION,

Production-Consumption: i

AugustSeptember _OctoberNovemberDecemberJanuaryFebruary.March

Exports:August—SeptemberOctober. .NovemberDecemberJanuaryFebruary. _.March _.

Stocks, Mar. 31:At millsAt warehouses

CONSUMPTION, EXPORTS, ANDOP COTTON

1923-24

Bales10,170,694

492,483485,665543,260532,702463,789578,468508,677485,840

4,090,884

244,415689,435774,320767,289845,731546,853482,146332,168

4,682, 357

1,503,8522,000,552

3,504,404

1924-25

Bales13,618,751

357,455435,216532,629492,233532,047589,725550,132582,674

4,072,111

277,647737,485946,506

1,306,5501,075,9231,076,075

811,838734,697

6,966,721

1,644,7932, 237,115

3,881,908

STOCKS

Percent-age

changefrom last

year

33.9

-27.4-10.4-2 .0-7 .614.71.98.1

19.9

- . 5

13.67.0

22.270.327.296.868.4

121.2

48.8

9.411.8

10.8

i Excludes linters.

Marketing of the 1924 crop continued at arapid rate during the first quarter of 1925, andby the end of March the supply of cottonremaining on farms and at small interiortowns of the South was about the same as ayear earlier, despite the much larger crop in

1924. For the eight months ending with Marchexports of raw cotton were 2,300,000 bales, or49 per cent larger than for the same period inthe previous year. All of the principal im-porting countries of American cotton havetaken more cotton than in 1924, but the great-est increases have been by the United Kingdom,Germany, and Japan. Despite the fact thatthe 1924 crop was the third largest in thehistory of American cotton production, it hasbeen marketed at an exceptionally steady levelof prices. The accompanying table shows theproduction and distribution of cotton for theeight months ending March 31, 1924, and 1925*

Tobacco.

In March and the early weeks of Aprilmarketing by the growers of the 1924 tobaccocrop was practically completed and many loose-leaf markets and cooperative receiving stationswere closed. Sales at all markets showed morethan a 70 per cent decline from February andwere 40 per cent smaller than in March of theprevious year. The Virginia crop amountedto 136,391,000 pounds and sold for nearly$28,000,000, as compared with a crop of151,303,000 pounds in 1923 which sold for$30,000,000. The crop was marketed at anaverage price of $20.48 a hundred pounds ascompared with $19.75 a hundred pounds inthe previous year. In the St. Louis Federalreserve district loose-leaf warehouses closed inMarch except in the dark-fired district, whereabout 15 per cent of the crop remains to be de-livered. Exports of tobacco since the begin-ning of the marketing season last August havebeen in considerably smaller volume than inthe previous season, and the decline duringthe first quarter of this year was more rapidthan during the closiiig months of 1924.Preparations for the new crop made goodprogress in March and April under favorableweather conditions. Plant beds are in goodcondition in the St. Louis district, but in theRichmond district insects are reported to havedamaged many of the young plants.

The output of all tobacco products wasseasonally larger in March than in Februaryand the production of cigarettes was largerthan in the corresponding month of any pre-vious year. The demand for cigars in the earlyweeks of April, as reflected in reports frommanufacturers in the Philadelphia Federal re-serve district, was about the same as in March,but it was smaller than a year ago. Stocks ofboth finished goods and raw materials at thefactories are moderate and at about the samelevels at the end of March.



Fruits and vegetables.

Up to April 14 there appeared to have beenno material harm to the deciduous fruits as aresult of premature blooming. The greatestdamage reported was to the peach crop in thecentral part of the Richmond Federal reservedistrict and the northern sections of the St.Louis district. Early cherries in the YakimaValley of Washington and plums and cherriesin Virginia have been damaged also to a con-siderable extent. The condition of citrusfruits improved during the month of Marchin California, but showed an unusual declinein Florida. Oranges in the latter State de-clined 6 points to 85 per cent of normal, whilegrapefruit declined 5 points to 85 per cent.These figures are 8 and 4 points, respectively,lower than the condition on April 1, 1924.

The general movement of spring producefrom the South has been one to three weeksearlier this year than uusal. Strawberriesfrom Louisiana and Alabama, Bermuda onionsfrom Texas, and cabbage from Alabama,Louisiana, and South Carolina were comingin volume by mid-April. Shipments of old andnew cabbage, southern onions, new potatoes,and strawberries were greatly in excess of themovement during the same month of 1924,but receipts of old onions, tomatoes, andnorthern potatoes fell considerably below lastseason's corresponding figures. Fruit movedto market during March 35 per cent larger involume than in February, but at a slightlylower rate than last year. Receipts of grape-fruit increased over last year, while the receiptsof lemons, oranges, and apples were consider-ably lower. The following table comparesthe carload shipments of the principal fruitsduring the current season with the correspond-ing period last year:

ApplesGrapefruit.LemonsOranges. __

Totalthis

seasonto Apr. 4

98,78816,1164,712

40, 850

Totallast

seasonto Apr. 5

132,45915,3225,159

48,170

Livestock.

Except for a few scattered rains, the droughtin the range country of the Southwest remainedunbroken up to the middle of April, and thesituation was becoming critical in many sec-tions. The condition of range cattle in thisregion declined several points from March 1 to

April 1, except in New Mexico, where a gain of1 point was reported. The condition of sheepalso declined in Texas and New Mexico.Range cattle in the San Francisco, Minneapolis,and northern parts of the Kansas City Federalreserve districts are in relatively better fleshbecause of a larger feed supply and bettermoisture conditions. Their condition on April1 was uniformly below that on the same date in1924, however, except in California, where a10 point gain was indicated. The demand forsummer pastures in the Kansas City Federalreserve district was reported as much keenerthan last year because of the lack of precipita-tion in the Southwest. Shipments of cattlefrom the latter region into Kansas and northernOklahoma will greatly exceed those of lastyear according to railroad reports of carsordered. Orders this year call for 12,600 cars,compared with 8,730 cars last year. Flock-masters in the Kansas City district were prepar-ing for a heavy lamb crop, and the bulk of thespring wool clip was under contract at prices wellabove those received for last year's spring crop.

The short corn crop is reflected in both thehog and cattle situation. Market receipts ofhogs declined 23 per cent in March from thepreceding month, a decrease that is over 20 percent greater than the average for the sameperiod during the last five years. Receipts ofcattle and calves during March were relativelylarge, but a recent estimate by the Bureau ofAgricultural Economics showed that the num-ber of cattle on feed in 11 Corn Belt States was12 per cent less than in 1924. The shipmentsof stockers and feeders from 33 markets duringNovember, December, January, and Februaryof the current season were also 12 per cent lessthan last year.

Indications that the consuming public hasbeen turning from pork products at recent pricesto cheaper substitutes has been reflected in thedecline of the price of hogs. The high levelof $13.80 reached on March 20 was not main-tained, and by April 24 the price had fallen to$12.10, in spite of light runs of hogs. Beefprices have centered about the $11 mark eversince the latter part of January, save for a smalldecline during the latter part of March. OnApril 3 the old level was again reached andcontinued to the middle of the month. Theprice a year ago was $9.50. Sheep pricescontinued to fall during April and March.Dairy products.

In March, the butter trade was characterizedby a reduction of stocks, a seasonal increase



in production, a marked increase in imports,and a small decline in price. Butter instorage decreased from 28,800,000 poundson March 1 to 10,900,000 on April 1. Thelatter figure is only slightly over 1,000,000pounds larger than the five-year average forthat date. In addition to clearing the marketof excessive stocks, the trade absorbed alarge increase in imports. During Januaryand February, imports and exports practicallycanceled each other, there being an excess ofimports of only 53,000 pounds. In March,however, the net imports were considerablyover 1,000,000 pounds. Production, as in-dicated by the receipts at five principalmarkets, was seasonally larger than in Januaryor February. Under the pressure of heavyimports and increased production, the pricedeclined from the 48-cent level reached in themiddle of March to 44 cents in the middleof April. That figure, however, is still 8 centsabove the price paid on the corresponding datein 1924.

The production of cheese continued duringMarch at about the same rate that has pre-vailed during the last four months. Stockscontinued to decline as is usual at this time ofyear. While they were slightly below theamount in storage on April 1, 1924, theywere still 45 per cent larger than the five-yearaverage. Prices were firm and averaged afraction of a cent above the February quota-tions.

MININGCoal and coke.

Bituminous coal markets have felt the effectsof spring weather, and the recession in bothproduction and prices which started in Jan-uary has continued through the latter half ofMarch and the first half of April. As com-pared with $1.99 on March 16, the Coal Ageindex of spot prices for bituminous coal onApril 13 stood at $1.95, and at that level wasjust under the low point reached in July, 1924.Output has also fallen off, so that in spite ofthe greater number of working days, the totalMarch production of bituminous coal, reportedas 37,626,000 net tons, was somewhat underthe February figure and below the correspond-ing month of last year as well as any monthsince September, 1924. Average productionof bituminous coal per working day continued

to fall during the four weeks ending April 11,and for that week was 1,315,000 net tons, ascompared with 1,440,000 tons four weeksprevious. Output per working day during thefirst two weeks in April, however, for the firsttime since early January, was above that forthe corresponding weeks of 1924.

Production of anthracite coal during Marchwas 7,058,000 tons, a figure well below Marchof last year and the lowest monthly outputsince November, 1924. Following the springreduction in company prices, the marketstiffened somewhat and output for the weekending April 11 rose to 1,723,000 tons,the highest total since the third week inFebruary.

Total production of by-product coke duringMarch reached 3,468,000 net tons, a new highrecord for monthly production, but output ofbee-hive fell off somewhat to 1,006,000 nettons. Total coke production for March of4,474,000 tons was about 300,000 'tons aboveFebruary and above any month since March,1924, with the exception of January of thisyear. Further price recessions from the highlevels of the first of the year occurred duringMarch. Weekly production of bee-hive cokecontinued to fall off during the four weeksending April 11, output for that week totaling214,000 tons, as compared with 243,000 forthe second week in March.

Petroleum.

In the first quarter of 1925 output of crudepetroleum was slightly larger than during thelast three months oi 1924 and larger thanproduction in the corresponding period a yearago, but less than during the second and thirdquarters of 1924. Prices of crude oil haveadvanced rapidly since the low level of lastDecember, and at the end of March they wereabout as high as at the end of March, 1924.Since the first of April, however, they havedeclined somewhat, and the paying of pre-miums for stored oil in the mid-continent fieldhas practically ended. While stocks of pe-troleum at the end of March were smaller thanthe high levels of the last quarter of 1924, theywere 3 per cent larger than in the spring of lastyear. Further analysis of the fluctuations inthe production, stocks, and price of crudepetroleum is made possible by the followingtable:



PRODUCTION, STOCKS, AND PRICE OF CRUDE PETROLEUM

Produc-tion

duringquarterfin thou-sands ofbarrels)

1924 |First quarter I 57,213Second quarter. I 60,175Third quarter 60,875Fourth quarter 57,621

Stocks atend of

quarter(in thou-sands ofbarrels)

338, 531351,218363,700351,950

Averagepriceper

barrelduring

quarter l

1925First quarter j 57,867 348,180

$2.132.331.811.59

2.11

1 Prices are the average of the representative price computed by theOil, Paint, and Drug Reporter.

Late in 1924 prices of gasoline began to ad-vance, and in December and the early monthsof 1925 production increased rapidly. At theend of February stocks were 8 per cent higherthan a year earlier and were the largest sincethe end of May, 1924. Under the influenceof this rapid expansion in production and itssubsequent increase in stocks, gasoline pricesdeclined slightly in March, but the^ were stillhigher than during the corresponding monthin 1924. Stocks of other refined products arealso higher than last year, but more favorableweather than in 1924 has resulted in an earlydemand for gasoline and other oils frommotorists.

Metals.Further recession in prices characterized the

nonferrous metal markets during the last halfof March and the first half of April, and quota-tions for copper, lead, zinc, tin, and silver allmade new lows for the current year during theperiod. This movement, which started in Jan-uary, is in contrast to the general advancewhich took place during the closing months of1924. The price of refined electrolytic copperdelivered at New York, which stood at 14)4cents on March 18 as compared with 15 Y% onJanuary 14, was quoted at 133^ cents on April15. This drop of % cent took place in theclosing week in March and was nearly equalto the total decline during the preceding twomonths. Copper production in the UnitedStates for March is estimated at 150,766,000pounds, or 2,000,000 pounds over the Januaryoutput, which was the previous high month.Stocks of refined copper in North and SouthAmerica at the end of March were estimatedto be 244,696,000 pounds, or 28,000,000 poundsunder the figures for the end of December,1924. This is the third successive quarter inwhich these stocks have declined. Stocks of

blister copper, on the other hand, increased andon March 31 were estimated at 523,256,000pounds, as compared with 475,056,000 poundsat the end of December. Production of leadduring March was 12 per cent above the highJanuary output, while zinc production in Marchmade a new high and for the first time since lastJuly exceeded shipments from refineries, withthe result that stocks at the end of the monthincreased to slightly over 17,000 tons.

Silver production during March was esti-mated to be 5,236,000 ounces, the lowest dailyoutput since last July. With only moderatedemand from India, the silver market reactedfurther and on April 2 quotations for bar silverin New York dropped to 66% cents, 23^ centsunder the high for 1925 reached at the end ofJanuary. Subsequent advances carried pricesover 67 cents, and on April 15 quotations were673^ cents, as compared with 68 cents on March18. Deliveries oi tin in the United Statesduring March were slightly under January andFebruary, but above any other month sinceApril, 1924, while stocks in New York at theend of March increased from 3,949 to 5,184tons. Prices continued to recede and on April15 straits tin was quoted at 5 0 ^ cents, ascompared with 53 cents on March 18 and 60 J^cents on January 3.

MANUFACTURING

Food products.

The production of flour and pork productscontinued to decline in March, but the meltingof sugar and the slaughter of beef and muttonshowed seasonal increases over the, Februaryfigures. In the case of flour production,data indicate a 9 per cent decline over Feb-ruary, in spite of the greater number of work-ing days. Reports indicate that this declinehas continued for at least the first twoweeks in April. An important factor in limit-ing milling activity has been the erratic fluctua-tions of the prices of both wheat and flour.Flour stocks during January and Februarywere about the same size as in 1923 and 1924.Flour exports, which averaged 963,000 barrelsduring the first two months of the quarter,increased to 1,387,000 barrels in March.

The effect of the short corn crop on thesupply and price of pork products becameevident during the first quarter of this year.There has been a decline in the slaughtering ofhogs during each succeeding month followingthe high mark in December, which set a recordfor monthly killing since Federal inspectionwas first begun. The slaughter for the wholequarter was 11 per cent less than for the same


312 FEDEEAL RESERVE BULLETIN MAY, 1925

quarter in 1924. Additional data on the porksituation are given in the table below:

Hogs on farms, Jan. 1 (number)Hogs slaughtered in March (number)Average price of live hogs in March (cents

per pound)Average price of lard in March (cents per

pound)Average price of smoked hams in March

(cents per pound)Lard in storage, Apr. 1 (pounds)Pork in storage, Apr. 1 (pounds)Lard exported in March (pounds)Pork exported in March (pounds)

1925 1924

54,234,0003,299,344

13.68 |

16.89

26.90150,094,000827,403,00063,280,80951,886,632

66,130,0004,536,372

7.38

11.24

18.9085,722,000

932,408,000100,726,29064,643,468

The slaughter of cattle, calves, and sheepwas seasonally larger in March than in Febru-ary, but less than in January except in the caseof calves. When the three months are con-sidered, the calf slaughter was also the onlyone to differ greatly from that of the firstquarter in 1924. The 1925 total was 13 percent greater than for the previous year.Stocks of both beef and mutton continuedtheir customary decline at this time of theyear, although they were still larger than theamount in cold storage a year ago. This wasespecially true of beef, where the holdings were30 per cent larger in March than on the samedate in 1924.

The increase in the volume of beef exportswhich began in January, continued in March.The exports during each month of 1925 havebeen consistently larger than for the samemonths in 1924 and 22 per cent larger for thequarter as a whole.

Refined sugar production in the United Statesincreased sharply in volume over February.Data from leading refining centers indicatean increase of approximately 75 per cent.Stocks at the end of March also increasedabout 34 per cent over the previous month.The higher prices received in March were notmaintained. The decline continued throughthe middle of April.Textiles.

Textile markets have been generally quietsince February. Buying of most textile fabricsand materials has been rather light, productionhas been reduced, and prices have declined.The silk industry, on the contrary, has beenmore active, and the demand for hosiery alsohas been considered satisfactory.

Practically all branches of the cotton goodsand yarn markets have been dull for severalweeks. Although mill operations were slightlydecreased during March, production has con-tinued at a fairly high rate to fill orders pre-viously booked. Some mills, in fact, are re-

ported to be sold up through May and intoJune or July on certain cloths. Mill consump-tion of raw cotton totaled 582,674 bales inMarch as compared with 483,928 in March,1924. The daily average consumption and thenumber of spindles active were both smallerthan during February, and the percentage ofspindle hours active to total single-shiftcapacity declined from 100.0 to 99.6. AmongNew England mills, on the other hand, morespindles were active than in February, andconsumption of cotton was larger than in anymonth since June, 1923. Prices of cottongoods and yarns have slowly declined sincethe middle of March. The Fairchild cotton-goods index for the week ending April 25 was15.565, compared with 15.822 in the week ofMarch 14. The yarn index in the same periodfell from 44.75 to 41.96. The goods indexwas the lowest since December and the yarnindex has not been lower, except during oneweek in September, since 1922.

Dullness in woolen and worsted marketscontinued during March and April, buyingwas cautious, operations were decreased, andprices were reduced. The raw wool and topmarkets have been particularly weak andprices have declined almost steadily since thefirst of the year, when the highest levels since1920 were reached. The following table showsthe Fairchild indexes of prices in the woolindustry for certain dates.

Index

Domestic woolForeign wool..Worsted yarn.Tops. . .Worsted goodsWoolen goods1

Apr. 25,1925

112.344130.943204.500130. 450

2 278.1252 258. 750

Mar. 14,1925

134.729156. 728206.833141.650278.125260.416

Jan. 17,1925

144. 772158. 604225.166145.150276.493248. 333

Apr. 26,1924

115.119125.803204. 833123. 500

2 275. 7402 231.250

1 All-year numbers. 2 Quotation on nearest available date.

Domestic raw-wool prices have fallen about22 per cent from the high point of the yearand are lower than they were a year ago. Yarnsand tops have also declined considerably sinceJanuary, and the former are lower than in April,1924. Woolen and worsted suitings are mo#restable, but prices of woolens have been muchhigher this season than during 1924. Figuresfor April, however, indicate a cessation in theadvance of both woolens and worsteds. Millactivity decreased further during March, and,despite the difference in working days, con-sumption of raw wool was smaller than inFebruary. The percentage of active hours tototal single-shift capacity declined for looms,combs, and worsted spindles, but increased in



the case of carpet and rug looms, cards andwoolen spindles. Clothing manufacturers haverecently opened new fall lines of suits and over-coats at prices a little higher than those of thepreceding season, and early reports indicatefairly active buying. In February there was aseasonal increase in the number of men's suitsand overcoats cut by clothing manufacturersand figures also exceeded those of February,1924. Employment declined during March inthe men's clothing industry but increased inwomen's clothing.

Silk products have been in especially gooddemand recently, and the industry is operat-ing at a high rate of activity. Deliveries ofraw silk to American mills in March totaled45,157 bales, the largest monthly figureon record. Imports were fairly large but didnot equal deliveries, and the unusually largestocks in warehouses were considerably re-duced. Mills have had to rush production inorder to supply the demand for certain goods,and some throwing and weaving mills are re-ported to be working night shifts. The raw-silk market has also been fairly active; pricesfell during March but rose again in the earlypart of April.

Demand for knit goods in recent monthshas been considered satisfactory and mills havebeen actively producing to fill orders. DuringApril some slackening in buying was noted,but orders are sufficient to continue opera-tions. Employment and pay rolls in the knit-goods industry have increased steadily sincelast summer. Preliminary statistics for Marchindicate further increases in production,shipments, and orders of hosiery, follow-ing those of February. In the East, theheaviest demand is apparently for full-fash-ioned silk hosiery for women. An importantmanufacturer recently announced prices onsilk hosiery as unchanged for the remainderof the year. Buying of underwear forthe fall season has been generally greaterthan a year ago. Production and shipmentsduring February were larger than in any ofthe preceding three months. New orderswere smaller than in the earlier months, butexceeded shipments, and unfilled orders werefurther increased. Stocks of the most im-portant lines were reduced.

Iron and steel.

New buying of iron and steel is well belowproduction and shipments, producers are rapidlyfilling orders previously booked, and consumers.are busily engaged using these shipments.

Orders have been small for several weeks, andprices have declined. Daily average produc-tion of both pig iron and steel ingots, however,was larger during March than during February.The ingot output averaged 160,782 tons perday, almost equaling the March, 1924, figure of161,075, the largest on record. Pig-iron pro-duction averaged more than a year ago, but lessthan in the most active months of 1923. Tenfurnaces were blown out of blast betweenMarch 1 and April 1. During April additionalfurnaces were closed down, and operations ofsteel mills were reduced to an average of below75 per cent for the industry, as compared with92 per cent in March. Unfilled orders of theUnited States Steel Corporation were reducedduring March by 421,000 tons to 4,863,564tons, as compared with 4,782,807 tons a yearbefore.

Iron and steel prices have been decliningalmost steadily since February, and the IronTrade Keview's composite on April 22 was$39.05, as compared with the February maxi-mum of $41.22 and the low point reached earlyin November of $38.56. The following tableshows the Iron Age indexes for pig iron and fin-ished steel for certain dates. It will be notedthat both prices are only slightly above the lowpoints of the last two years.

Apr. 21, 1925-...Mar. 24,1925 -Maximum, 1925Minimum, 1924 -- . .Maximum, 1924Minimum, 1923Maximum, 1923

Finished steel(cents per pound)

2.474._2.5312.560 (Jan. 6)2.460 (Oct. 14)2.789 (Jan. 15)2.446 (Jan. 2).2.824 (Apr. 24)

Pig iron(dollars per ton)

20.75.21.88.22.50 (Jan. 13).19.21 (Nov. 3).22.88 (Feb. 26).20.77 (Nov. 20).30.86 (Mar. 20).

Iron-ore prices were announced by a largeproducer on April 4 at a reduction of about50 cents a ton below last year's quotation.Quotations were reduced 80 cents last year,and the present price is the lowest since 1916.

Building construction and automobile pro-duction have in recent weeks been relativelythe most active sources of demand for iron andsteel products. Increased production of auto-mobiles since the first of the year has beenreflected in greater demand for sheets. Struc-tural steel orders increased during March, andshipments were larger than in any month oflast year except July. Weekly figures forApril also indicate rather large awards. Pur-chases by railroads continue to be much smallerthan in the past two years, although somefairly large orders for locomotives were placedearly in April.



Automobiles and tires.Improvement in the automobile industry

continued during March and April. The smallvolume of production during the latter part of1924 resulted in a considerable decrease in thestocks of cars held by both dealers and manu-facturers. In recent months dealers have de-manded a large number of cars to supply actualdemand and also to prepare for the usual springsales. Production has increased rapidly. Theoutput by American companies in the UnitedStates during March totaled 319,000 passengercars and 43,000 trucks, an increase of nearlyone-third over February. The passenger carfigure was 7 per cent below that of March,1924, but the production of trucks was thelargest for any month on record except May,1923. Reports indicate that production inApril has been at an even higher rate. Em-ployment and pay rolls in the automobile in-dustry have increased rapidly in recent months,but are still considerably below the level of ayear ago.

Increases in retail sales of automobiles duringMarch are indicated by the figures of sales ofthe General Motors Corporation cars by deal-ers to consumers, which totaled 70,492 inMarch, 39,579 in February, and 57,205 inMarch, 1925. Sales by the company todealers totaled 75,585 in March, considerablymore than in February and about the same as ayear ago. Reports of Middle Western dealersto the Federal Reserve Bank of Chicago showedsubstantial increases in sales of both new andused cars during March. Stocks of new cars atthe end of the month were only about one-halfof the number on hand a year before. Salesby dealers, reporting to the Chicago bank, wereof practically the same volume as their receiptsfrom manufacturers. Consequently their in-ventories showed little change between Feb-ruary 28 and March 31.

Automobile tires and tubes have been in gooddemand, and manufacturing activity is at ahigh rate. Production and shipments increasedconsiderably in March and almost equaled themost active months of last year. Stocks heldby manufacturers were the highest on record.Reports indicate that supplies of high-pressureinner tubes are particularly heavy. The crude-rubber market has been exceedingly active andprices have risen rapidly, reaching 45 cents apound about the middle of April. A slightrecession was noted the following week.

Lumber.Lumber production in March exceeded pro-

duction in any preceding month since October,

and was somewhat above production in Marchof last year. It was below production inMarch of 1923 and considerably in excess ofproduction in March of 1922. It was alsosomewhat in excess of shipments in March,after running below shipments during the fourpreceding months. Although production ranabove shipments in March of last year also, itfell below shipments in March of 1923 andslightly below in March of 1922. For theperiod of 15 weeks beginning with the week ofJanuary 3 and ending April 11, shipments asreported by eight associations to the NationalLumber Manufacturers Association exceeded,and orders fell slightly below, production.From incomplete reports it appears that duringthe week ended April 4 shipments were run-ning above, and in the week of April 11 beloworders. On a percentage basis shipments inthe earlier of these weeks amounted to 106 percent and in the week following to 97 per cent ofcut. In both weeks orders as reported by themills covered were keeping even pace with pro-duction, being equal in each week to 100 percent of cut. Production of southern pine inMarch exceeded production in the four pre-ceding months and in March of last year, andexceeded shipments in March, as in Januaryand February of this year, and in March oflast year. Stocks of southern pine increasedfrom 909,851,000 feet at the close of Decemberto 992,809,000 feet at the close of March. InMarch this year, as in February, production ofDouglas fir exceeded shipments by a smallmargin, although production in March this year(396,496,000 feet) was less by nearly 100,000,000feet than in March, 1923. March shipmentsof 391,421,000 feet were in much smaller volumethan in March, 1923, when they totaled 566,902,-000 feet. A general resumption of buildingoperations in large cities during the two weeksended April 10, with the advent of favorableweather, is noted by the Lumber Manufacturerand Dealer as having quickened actual distribu-tion from retail yards and as being reflected in in-creased wholesale demand for softwoods, butwithout material effect upon the price situation.

Hides, leather, and shoes.

Hide and leather markets were not parti-cularly active during March and April, althoughsales and prices compared favorably withthose of a year ago. Cattle-hide prices at theChicago market remained steady in April, withsales rather small until the middle of themonth. The calf-skin market was weak.Stocks of raw hides and skins changed onlyslightly during February. Supplies disposed



of were generally smaller than in February,1924. Prices of upper leathers generallydeclined in April, while quotations on soleleather advanced somewhat. Production ofsole leather during March was larger than ineither January or February and exceededfigures for March, 1924. Furthermore, stocksin process have increased considerably sincethe first of the year and at the end of Marchwere larger than at any time since December31, 1923. Tanners7 finished stocks havechanged little in recent months. Stocks heldby shoe manufacturers, however, were largerat the end of February than on any date inthe last four years. Production of cattleupper leather in February was the largest forany month since February, 1924, and finishedstocks increased.

Shoe manufacturers during March were inthe midst of their usual pre-Easter period ofactivity. Production increased about 9 percent as compared with February and wasslightly larger than a year ago. Output inthe St. Louis district reached a high point inFebruary and declined during March. Springbusiness was considered to be fairly satis-factory. Salesmen have started out with falllines, but it is too early to determine thecharacter of the demand. Sales by whole-sale shoe dealers were slightly smaller in Marchthan in March, 1924. Wholesale stocks in-creased between February 28 and March 31,but were considerably smaller than a yearearlier.

BUILDING

In considering activity during the firstquarter of the year in the building industry, thelarge fact to which attention is very generallydirected is the decline from the high level oflast year in volume of building operations inthe New York district. This decline is ofcourse largely determined by operations in andaround New York City. It is principally involume of residential construction and is suffi-cient to affect materially the totals for thecountry as a whole and for all classes of con-struction. To take one measure of buildingactivity, by way of illustration, the value ofbuilding contracts awarded for all classes ofconstruction during the first quarter of theyear in 10 Federal reserve districts increasedfrom $1,029,000,000 in 1924 to $1,070,000,000in 1925. But this net increase of $41,000,000,or 4.1 per cent, covered a decrease of $124,000,-000, or 32.2 per cent, for the New York district(from $383,000,000 to $259,000,000), and anincrease of $165,000,000, or 25.5 per cent (from$646,000,000 to $811,000,000), in the nine

remaining districts for which comparable dataare available covering the two periods. Con-tracts awarded in these months for residentialconstruction in the New York district fell offfrom $250,000,000 in 1924 to $123,000,000 in1925, the decrease for this class of constructionin the first quarter of the year, 1925 comparedwith 1924, amounting to $127,000,000. Thisconsiderable shrinkage is offset in a smallamount by an increase of $4,000,000, or 3 percent, for all other classes of construction com-bined.

Building contracts awarded in 11 Federalreserve districts during March represented anaggregate value of $491,000,000, exceeding thecorresponding value for February of $311,000,-000 by 57.9 per cent. Increase for March,which is normally the peak month of the year,over February is shown for each of the 11districts covered by the data, except the Dallasdistrict, in which the March total falls slightlybelow that for the preceding month. Exclusiveof the Dallas district, for which data are notavailable covering March, 1924, the value ofbuilding contract awards in 10 districts amount-ed to $478,000,000 in March of this year, beingsubstantially in excess of the total of $431,000,-000 in these districts for the same month lastyear. Except for the very considerable de-crease in the New York district (from $169,-000,000 in March of 1924 to $87,000,000 inMarch of this year), and a slight decrease in theMinneapolis district, an increase for March thisyear over last is shown for each of these dis-tricts.

March awards of building contracts in 27Northeastern States, according to compilationsof the F. W. Dodge Co., called for 64,400,000feet of construction, the corresponding figurefor February being 38,650,000 feet and forMarch of last year 68,425,000 feet.. The in-crease over February amounts to 66.6 per cent,and the decrease in comparison with March oflast year to 5.9 per cent. Each class of con-struction shows an increase for March overFebruary, and each class of construction except"educational" and "social and recreational"shows a decrease in comparison with March ayear ago.

In March a total of 73,037 building permits,representing an aggregate value of $348,000,000,were issued in 168 selected cities. In compari-son with the preceding month the value ofpermits issued in these cities was greater inMarch by 40.2 per cent. In comparison withMarch of last year it is less by 18.8 per cent,but this decrease is attributable entirely to theeffect of the decrease shown for cities of theNew York district. For the cities of this dis-



trict the value of permits issued fell off from$217,000,000 in March of 1924 to $112,000,000in March of this year, giving a decrease of$105,000,000. Increases are shown for thecities of each other Federal reserve district,excepting Dallas, the net increase for theseeleven districts amounting to $81,000,000.

No considerable shifting of building costs wasapparent in March in consequence of changesin wage scales, but a slight decrease is indicatedby the Bureau of Labor index of wholesaleprices of building materials, which declinedfrom 182.8 in February to 179.8 in March.As reported on April 17, however, prices oflumber, cement, and bricks were substantiallyat the same level as in the middle of March.

TRANSPORTATION

For all classes of freight combined, Marchloadings were running in nearly the samevolume this year as last, the total of 4,002,374cars exceeding the corresponding total forMarch a year ago by 39,369 cars, or 1 per cent.In comparison with earlier years, March load-ings fell short of the total for March of 1923by 119,000 cars, but exceeded the March totalsfor the four preceding years, the excess over1922 being 316,000 cars; over 1921, 889,000cars; over 1920, 187,000 cars; and over 1919,987,000 cars. This year, as last, the FederalReserve Board's index of total freight-carloadings adjusted for seasonal variations andfor the extra day in February of last year felloff sharply in March. The drop this year wasfrom 124.9 in Februarv to 116.5 in March andlast year from 125.2 to 115.4.

The net increase of 39,369 in March carloadings this year over last covered decreasesaggregating 106,268 cars for grain and grainproducts, livestock, coal, coke, and forestproducts; increases aggregating 144,448 carsfor merchandise in less-than-carload lots andmiscellaneous freight, and an increase of 1,188cars for ore. In explanation of the decline inloadings of agricultural products, it is notedthat these products were moving in largebulk during the last quarter of 1924 and inJanuary of this year, each month showing con-siderable excess over the corresponding totalfor the previous year. For all classes of freightcombined March loadings this year in thePocahontas, southern, central western, andsouthwestern districts exceeded, and in theeastern, Allegheny, and northwestern districtsfell below last year's totals.

Loadings for the first quarter of 1925 totaled

11,613,257 cars. Actual loadings for thesethree months exceeded the corresponding totalfor 1924 of 11,590,418 cars and make a newhigh record for this season of the year.

Computations by the Bureau of RailwayEconomics show that loadings in the weekended April 4 were running 18.5 per cent andin the week ending April 11 21.3 per cent abovethe six-year average for these weeks, and wellin excess of last year's figure. For the year todate April 11 loadings ran 15.3 per cent abovethe six-year average.

During March the roads maintained an aver-age surplus of 310,223 cars (105,030 box and161,140 coal cars) which exceeds the surplusreported for any month since July, 1924. Inthe first quarter of April this large surplus in-creased to 344,258 cars. A total of 185,047bad-order cars was reported for March 1, whichis below the number reported for any monthsince May, 1924.

Net ton mileage in January of 37,039,784exceeded the figure for any preceding Januaryof the past six years excepting 1923, when theroads reported for January 37,706,628 net ton-miles.

In the first two months of the year grossrevenues of the roads totaled $939,752,112, ex-ceeding the Bureau of Railway Economicssix-year average by 8.5 per cent. Expenses forthe same period totaled $754,349,637, being 2per cent below the six-year average. On prop-erty investment the roads earned a rate of 4.76per cent, the rate of return being 5.43 per centin the eastern, 5.67 per cent in the southern,and 3.72 per cent in the western districts.

Increased activity in the construction of newrailway mileage indicated in applications ofseveral roads to the Interstate Commerce Com-mission for authority permitting constructionin Oklahoma, Utah, Texas, Kentucky, andIndiana is noted by the Railway Age as beingof particular interest at this time. The appli-cations noted cover a total of 485 miles of newline.

TRADEWholesale trade.

Aggregate sales at wholesale firms in thefirst quarter of 1925 were in approximately thesame volume as last year. Slight increasesoccurred in the sales of meat, but these wereoffset by reductions in the sales of groceries,dry goods, and shoes.

Sales in all principal lines were larger inMarch than in February, and the FederalReserve Board's combined index of wholesale


MAT, 1925 FEDERAL RESERVE BULLETIN 317

trade increased 10 per cent, the greater partof which increase was due to more selling daysthan in February. Increases in all lines weregeneral throughout most Federal reserve dis-tricts, but shoe sales showed the largestincrease, which varied from 22 per cent in theRichmond district to 67 per cent in the Phila-delphia district.

Substantially larger sales than in Marchlast year were indicated in all leading lines,except groceries and shoes, and the totalvolume of trade was 5 per cent larger. Grocerysales were larger in all southern and westernFederal reserve districts, but declined in theBoston, New York, Philadelphia, and Cleve-land districts. Sales of agricultural imple-ments continued larger than last year forthe country as a whole, but they were smallerin the Dallas Federal reserve district. Machinetool sales were about 12 per cent smaller thanlast year.

Wholesale stocks of groceries and shoes weresmaller at the end of March than a monthearlier, but stocks in all other lines increasedin March, and total stocks for all principallines were 3 per cent heavier than a monthearlier. As compared with March, 1924,stocks of groceries, meats, and drugs werelarger, but dry goods, shoes, and hardwareshowed substantial decreases. Larger stocksof meat than last year are due to both higherprices and a larger physical volume. Out-standing accounts at the end of March werelarger than at the end of February for alllines, except groceries, and were larger forhardware and drugs than last year in nearlyall Federal reserve districts from which re-ports were received, except Minneapolis, whereaccounts receivable at all wholesale firms, ex-cept shoe firms, are smaller than a year ago.Retail trade.

Trade at department stores in the firstquarter of 1925 was in slightly larger volumethan in 1924. Declines in sales in the Boston,Philadelphia, Cleveland, and Atlanta Federalreserve districts were more than offset by in-creases in nearly all the other districts. Sales atmail-order houses were 11 per cent larger thanin the first three months of 1924 and buying atall reporting chain stores except cigar chains ex-ceeded the volume for the same period a year ago.

Sales at department stores, as measured bythe Federal Reserve Board's index, were 20per cent larger in March than in February,and increases occurred in all Federal reservedistricts. After adjustment is made, for thegreater number of business days in March,however, the increases were less than usually

occur in that month in all Federal reserve dis-tricts except Philadelphia. As compared withMarch last year, buying at these stores wasapproximately 5 per cent larger. A con-siderable part of this increase may be attributedto the earlier Easter trading season and to themore favorable weather this year. Statisticsreflecting sales by departments indicate thatbuying of silks and velvets, woolen dress goods,men's clothing, boys7 wear, women's coats andsuits, misses', girls', and infants' ready-to-wear,and women's and children's shoes was substan-tially larger than in March last year and thatsales of notions, women's skirts, furs, andfurniture showed the greatest declines from theprevious year.

Merchandise stocks at department storesshowed more than the usual seasonal increasein March, but were no larger than at the endof March last year. Increases over Februarywere reported from all Federal reserve dis-tricts, but heavier stocks than at the end ofMarch, 1924, in the New York, Philadelphia,Minneapolis, and Dallas districts were offsetby reductions in practically all other districts.Departments carrying cotton dress goods,ribbons, women's suits and skirts, furs, waistsand blouses, and sweaters had substantiallysmaller stocks than a year ago, while those sellingtoilet articles, handkerchiefs, leather goods, in-fants' wear, negligees and house dresses, musicalinstruments, and radio outfits showed thelargest increases.

During the first three months of this yearaverage stocks were slightly smaller than forthe corresponding period in 1924, and theaverage rate of stock turnover at departmentstores was higher than last year. Goodsmoved faster in all Federal reserve districtsexcept in the Boston and San Francisco dis-tricts, the greatest increases being in theRichmond, Atlanta, and Dallas districts. Out-standing orders at the end of March weregenerally smaller than at the end of February,averaging for all districts 6.8 per cent of totalpurchases in 1924, as compared with 7.8 percent at the end of February.

EMPLOYMENT

Factory employment and pay rolls showedsmall, rather general increases during March,according to the Federal Reserve Board's re-vised index of employment and new index ofpay rolls in manufacturing industries. Theseindexes are presented and described in thisissue of the BULLETIN (pp. 324-330). Thecharts given there show that both employmentand earnings of factory workers have increased



since last summer, but that they are still belowthe level of a year ago. According to data col-lected by the Bureau of Labor Statistics, fromwhich these indexes are almost entirely com-puted, increases in employment were noted inthe more important manufacturing sections ofthe country, and pay rolls increased in all butthe west north central section.

By industries, the greatest increase in em-ployment and pay rolls occurred in automobilemanufacturing. Furthermore, weekly figuresfrom Detroit indicate continued rapid growthin that industry. The iron and steel, paperand printing, and stone, clay, and glass groupsof industries also showed increases m both em-ployment and pay rolls. In textiles, largerfigures in silk, dyeing and finishing, knit goods,and women's clothing were largely offset bydeclines in woolen goods and men's clothing.Employment in the lumber industry declinedbut pay rolls increased. Food products showedseasonal decreases in both number employedand earnings.

Because of a more rapid augmentation ofpay rolls than of employment, per capitaweekly earnings increased in most industriesduring March, and were also larger than ayear ago. No wage changes of significanceoccurred in March, according to the Bureauof Labor Statistics reports, and also there wereno changes in average per cent of full-time orfull-capacity operations.

SAVINGS DEPOSITS

The total of savings deposits reported by893 banks distributed throughout the UnitedStates was $7,785,682,000 on April 1, 1925, ascompared with $7,743,790,000 on March 1,1925, and $7,285,294,000 on April 1, 1924.This represents an increase of one-half of 1 percent during March and of 7 per cent duringthe year ending April 1, 1925. During March,

SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS


BostonNew York....Philadelphia-ClevelandRichmondAtlantaChicagoSt. LouisMinneapolis. .Kansas City..DallasSan Francisco

Total...

Numberof banks

64307967879419731145410571

1,310,8072,083, 503521,040823,401336,126239, 589938,709140,96893,814108,32698,719

1,090,682

7,785,684

Mar. 1,1925

1,302,4242,063,855519,289818,954334, 520239,155937,274141,16492,413107,35796,958

1,090,427

7,743, 790

Apr. 1,1924

1,241,4741,948,347485,844765,143302,960225,477910,641136,24489,688102,43791,339985,700

7, 285,294

as during the month preceding, savings de-posits increased in all Federal reserve dis-tricts except St. Louis. A comparison of sav-ings deposits on April 1, 1925, with a monthand a year previous is shown, by Federal reservedistricts, in the accompanying table. In theBoston and New York districts the figures rep-resent only deposits of mutual savings banks;in all other districts, where there are but fewmutual savings banks, savings deposits of otherbanks are included.

PRICES

Wholesale prices in March, according to theindex of the Bureau of Labor Statistics, re-mained at about the same level as in February.The index number for March was 161.0, ascompared with 160.6 for February. Onlytwo of the nine groups of commodities shownby the Bureau of Labor Statistics increasedduring the month, namely, foods, which rose1.3 per cent, and miscellaneous commodities,which increased 0.7 per cent, largely becauseof the advance in the price of rubber. Pricesof fuel and lighting declined 1.7 per cent, thoseof building materials 1.6 per cent, those ofmetals 1.4 per cent, and those of house-furnishings 1.4 per cent. Prices of house-furnishings were lower in March than at anytime since 1919.

On the basis of a classification of all com-modities into agricultural and nonagricultural,the former show an increase for the month andthe latter a decrease, with the consequencethat in March these two groups were not asclose to each other and to the general averageas in February.

As compared with a year ago, wholesaleprices are now 7.4 per cent higher, the pricesof farm products, foods, miscellaneous com-modities, and chemicals and drugs beinghigher, while the prices of other commoditygroups declined.

When regrouped by stage of manufacture,raw materials show a rise of 0.3 per cent,reflecting an advance of 8.5 per cent in animalproducts, while crops declined 5.4 per cent, andsmaller decreases occurred in forest productsand mineral products. Producers7 goods de-clined 1 per cent and consumers7 goods rosenearly 1 per cent. Compared with a yearago all groups, except mineral products andproducers7 goods, are on a higher level.

In the following table are shown index num-bers of wholesale prices in the United States,as grouped by the Bureau of Labor Statisticsand as regrouped by the Federal KeserveBoard:


MAY, 1925 FEDEKAL, RESERVE BULLETIN 319

WHOLESALE PRICES IN THE UNITED STATES

[1913-100]

All commoditiesBureau of Labor Statistics groups:

Farm productsFoodsCloths and clothingFuel and lightingMetalsBuilding materialsChemicals and drugsHouse furnishingsMiscellaneous

Federal Reserve Board groups:Raw materials.._

Crops _Animals productsForest productsMineral products. _

Producers' goodsConsumers' goods

1925

March

161

161159191174134180134170125

183148196173135

Feb-ruary

161

161157191177136183134173124

169193136201175136167

Jan-uary

160

163160191167136179135173127

167196133193172134169

1924

March

150

137141191181144182130175113

154165118194179137153

In April the prices of grains continued todecline. Declines also occurred in hogs, cot-ton, wool, butter, sugar, coal, coke, pig iron,and nonferrous metals, while prices of rubberand newsprint advanced.

Retail food prices remained at the samelevel in March as in February, according tothe index of the Bureau of Labor Statistics,and are about 5 per cent higher than a yearago. Prices of eggs, potatoes, canned salmon,oleomargarine, milk, and bread declined, whileprices of pork chops, butter, cheese, bacon,oranges, ham, and rice advanced.

COMMERCIAL FAILURES AND BANK SUSPEN-SIONS

During the month of March 1,859 commer-cial failures, involving liabilities amounting to$34,004,731, were reported by R. G. Dun &Co. The number was larger than in theshorter month preceding, in which only 1,793failures were reported, and was somewhat inexcess of the total for March, 1924. The totalindebtedness in default was less in March thanin February and, with the exception of Novem-ber, 1924, was lower than in any month sinceSeptember, 1923.

Failures during the first quarter of the yearnumbered 5,969, as against 5,655 for the samequarter of last year. With the exceptionof the first quarter of 1922, the total washigher than that in the first quarter of anyyear since 1915. In contrast, the aggregateliabilities involved in failures during the quar-ter just ended, amounting to $128,481,780, asagainst $184,865,571 for the same period lastyear, was lower than in the same quarter of

any year since 1920. The marked decline be-tween this year and last was due chiefly to theoccurrence in March last year of one large com-mercial failure in Virginia, involving $40,000,-000. Of the total number of failures duringthe first three months of this year, 1,318, withliabilities of $40,617,985, were manufacturingenterprises, and 4,387, with total liabilities of$63,316,412, were trading concerns. Compar-ing this quarter with the last quarter of lastyear, insolvencies were more numerous forpoth classes of enterprise. In the case of trad-ing concerns, total liabilities also were largerin this quarter, but for the manufacturing classthey were somewhat smaller.

In the Boston, Cleveland, Richmond, andChicago districts the number of failures waslarger in March than in either the precedingmonth of this year or the same month of lastyear, and in the New York, Kansas City, andSan Francisco districts the number of failures,although less than in March last year, waslarger than in February this year. The totalamount of indebtedness involved in suspen-sions exceeded the totals for February this yearand March last year in only the Boston, Cleve-land, and Minneapolis districts; in the Atlanta,Chicago, and Kansas City districts total in-debtedness, although less than in March lastyear, was larger than in February. Compara-tive data, by districts, for the month of Marchare presented in the following table:

FAILURES DURING MARCH

Federal reserve district

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

Total...

Number Liabilities

1925 1924

348581731271163098682

205

1,859

163363831441051282511007711374216

1,817

1925

$4,203,1606, 543,1801, 639,3153,132,0102,640,2611,802,2276,805, 675531,515

1.924,9211,782,243682,936

2,317,288

1924

$2, 729,44326,870,1991, 724, 6503,037,892

42,232,5275, 111, 2238,296,6451,313, 655979,270

1,851,517950, 677

2, 553,328

34,004,731 ! 97,651,026

During March there were 41 banks, withcapital and surplus aggregating $1,881,000,which were reported to the Federal reservebanks as having been declared insolvent orclosed. Both totals were considerably lowerthan for last month, during which 62 banks,with total capital and surplus of $3,372,000,were reported. Of the total number reportedin March, 34, with capital and surplus of



$1,366,000, were nonmember banks, and 7,with capital and surplus of $515,000, weremember banks. One of the latter was a mem-ber State bank and the remainder were na-tional banks. Five banks, which had previ-ously been reported closed, were reported asresuming operations during the month—twoin the Chicago district and one each in theAtlanta, St. Louis, and Minneapolis districts.In contrast to commercial insolvencies, fewerbank suspensions were reported in the firstquarter of this year than during the samequarter of last year. The respective totalswere 199 and 302. The figures for bank fail-ures represent so far as could be determinedbanks which had been declared insolvent orwere closed by order of supervisory authori-ties, and it is not known how many of thelatter institutions may ultimately prove to besolvent.

BANKS CLOSED DURING MARCH, 1925

[Amounts in thousands of dollars]

All districts

ClevelandRichmondChicago..- __St. LouisMinneapolisKansas CityDallasSan Francisco

All banks

Num-ber

41

17599433

Capitaland

surplus

1,881

29516156476253

88202161

Member

Num-ber

17

12

i 111

1

Capitaland

surplus

515

29251

356632

102

Nonmember

Num-ber

34

5588332

Capitaland

surplus

1,366

26515644118756

20259

1 Includes 1 State member bank with capital and surplus of $35,000.

FOREIGN TRADE

Imports of merchandise during March werevalued at $385,487,000, an increase of $51,-806,000 over February, of $65,002,000 overMarch, 1924, and the largest figure shown, forany month since March, 1923. Merchandiseexports amounted to $453,434,000, an increaseof $82,694,000 over February, of $113,679,000over last March, and the largest figure shownsince last November. Net exports were $67,-947,000, as compared with $37,059,000 forFebruary.

The visible trade balance for the first threemonths of 1925 as compared with the similarperiod of last year shows on the import sidean increase of $117,000,000 in merchandise,a decline of $99,000,000 in gold, and a declineof $1,000,000 in silver, which works out as anincrease of $17,000,000 in visible infports. Onthe export side there is shown an increase of

$170,000,000 in merchandise, of $148,000,000in gold, and of $700,000 in silver, giving anaggregate increase of $318,000,000 in visibleexports. Net exports for the first three monthsof the current year were 7.7 times as great a&for the earlier period.

MERCHANDISE TRADE BALANCE OF THE UNITEDSTATES


Month

1924JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember...December

Year...

1925JanuaryFebruaryMarch

Imports Exports

295,506332,323320,482324, 291302,988274,001278, 594 |254, 542 I287,144310,752296,148 I333,192

395,172365,775339,755346, 936335,099306, 989276, 649330,659427,460527,172493, 573445, 748

3,609,963 | 4,590,987

346,165333,681385,487

446,430370, 740453,434

Excess of.imports

1,945

Excess ofexports

99,666-33,452,19,27322, 646-32, 11132, 988-

76,117140, 316216, 420197,425112,556

981, 024

100, 26537, 059*67, 947

TRADE BALANCE OF THE UNITED STATES FOR THREEMONTHS ENDED MARCH, 1924 AND 1925


1924ImportsExports

Net imports (—) or ex-ports (+)

1925ImportsExports

Net imports (—) or ex-port (+)

Merchan-dise

948,3111,100, 702

+152,391

1, 065,3331, 270,604

+205, 271

Gold

114, 5691,603

- 1 1 2 , 936

15, 978149,408

+133,430

Silver

20,10125,441

+5,340

18, 92826,142

+7, 214

Total

1,082,981.1,127, 746

+44, 765

1,100, 239s1, 446,154

+345, 915

GOLD MOVEMENT

UNITED STATES

Net gold exports for March were $17,767,000,.slightly less than 38 per cent of the amountshown for February. Total gold imports intothe United States during March were $7,337,-000, slightly more than twice as large as duringthe preceding month, and comparing with$34,322,000 during March of last year. Ascompared with February, the greatest in-crease was shown in imports from GreatBritain, which rose from $2,000 to $2,935,000,and compared with $19,327,000 in March,1924. Slight increases were also shown for



Canada and for Mexico. Total gold exportsduring March were $25,104,000, slightly lessthan one-half as large as in February, and com-paring with $817,000 during March of lastyear. The greatest decreases were shown inexports to British India, which declined by$16,000,000, and to Australia, which declinedby $14,000,000. The largest item was the ex-port to Germany, which amounted to about60 per cent of the total and showed an increaseof $2,500,000 over February, as against$2,360,000 of imports from Germany in Marchof last year. Gold exports to Germany inMarch were out of the gold previously ear-marked and, therefore, had no effect on thegold position of the reserve banks or of theGerman Reichsbank. Exports to Englanddeclined from $1,032,000 during February to$50,000 during March. There were no goldexports to the Netherlands in March, while inthe three preceding months exports to thatcountry had aggregated $5,643,000.

For the three-month periods ending March,1925 and 1924, gold imports declined from$114,569,000 to $15,978,000, about 14 per centof the figure shown for the earlier period. Thegreatest decline was shown in imports from

GOLD IMPORTS INTO AND EXPORTS FROM THE UNITEDSTATES


IMPORTS FROM—

EnglandFranceGermanyNetherlands..CanadaMexicoArgentinaChinaEgyptAll other

Total _

1925

March February

2,936

2,777513

71,104

EXPORTS TO—

EnglandFranceGermanyNetherlandsPoland and Danzig _SwedenCanadaMexicoArgentinaUruguayBritish IndiaHongkongAustraliaAllother

Total..

Net imports..Net exports..

7,337

50

"l5,"l20

59461

5,050

631,1132,758

430

2,412394

795

3,603

1,03231

12, 5101,0351,104

23049

39711052

16,228540

16,793

25,104 50,600

17,767 46,997

Three months end-ed March—

1925

3,06671

8,3091,424

209

3,079

15,978

6,1601,339

45,1304,3181,1041,233

1781,2015,260

80252,7572,594

25,9051,249

149,230

133,252

1924

61,9728,5172,8825,917

17,2841,4434,487

7221,4509,895

114, 569

386644

56

"517

1,603

112,966

England, and considerable declines were alsoshown for France, the Netherlands, Canada,and Argentina. Gold exports rose from$1,603,000 during the three months of 1924 to$149,230,000 in 1925. The largest amounts,both absolutely and relatively, were shown forBritish India, Germany, and Australia, which,taken together, received 83 per cent of all thegold exported during the first three months of1925.

Imports of silver during March were $6,661,-000, as compared with $4,929,000 duringFebruary, $3,767,000 coming from Mexico and$1,263,000 from Paraguay. Exports of silverwere $7,917,000 during March as comparedwith $6,841,000 during February. The largestitem was $4,598,000, sent to British India, andsomewhat more than $1,000,000 were sentboth to Germany and to England.

GREAT BRITAIN

Total gold imports into Great Britain duringFebruary were £4,414,000, compared with£2,266,000 during January and with £3,293,000during February of last year. The greatest in-crease was shown in imports from the UnitedStates, which rose by £1,552,000, more thandoubling the amount for January and compris-ing about two-thirds of the total Februaryimports. Since the beginning of the inflow ofgold from the United States in December, im-ports from that country have made up about 60per cent of all the gold imported into GreatBritain during those three months. Importsfrom the Transvaal during February almostdoubled as compared with January, and im-ports from West Africa rose by about £43,000.

Exports of gold during February were£3,823,000, as compared with £4,799,000 dur-ing January and £7,157,000 during Februaryof last year. The largest actual amount ex-ported as well as the largest increase wasshown in exports to India, which made up 88per cent of the February total, were £1,243,000greater than in January, and compared with£1,048,000 for February of last year. Ex-ports to the United States during Februaryof last year were £5,399,000, compared withno exports since last November. Exports toEgypt also showed a decline, from £70,000 inJanuary to £66,000 in February, as comparedwith £300,000 in February of last year. Netimports during February were £591,000, com-pared with net exports of £2,534,000 duringJanuary, and of £3,864,000 during February,1924.

For the first two months of the current yearimports declined by about £1,000,000 as com-



pared with the corresponding period a year ago.A decline of £5,000,000 in imports from theTransvaal was offset by a gain of £4,000,000 inimports from the United States. Exports forthe same period declined by £5,000,000, a de-crease of £9,500,000 to the United States beingnearly offset by an increase of £4,000,000 toIndia. The most notable change in the move-ment of gold during the two periods was thecessation in exports to the United States andthe very large increase in imports from theUnited States.

GOLD IMPORTS INTO AND EXPORTS FROM GREATBRITAIN

IMPORTS FROM—

France.NetherlandsRhodesiaTransvaalUnited States...West AfricaAllother

Total.

EXPOItfTS TO—

BelgiumBritish IndiaEgyptFranceNetherlands _Russia _._Spain and CanariesStraits SettlementsSwitzerlandUnited StatesWest Africa _ . . .Allother -

Total..

Net imports..Net exports..

1925

February January

£17,150186,362

1,190,9382,88C, 548

HO, 54428,282

£28,38730, 743

191, 721615,857

1, 328,30167,2143,520

4,413, 824 2,265, 743

9,8413,371,939

65, 70312, 669

231, 74158, 77215,5662,000

13,27141,166

3,822,668

591,156

78, 6122,128,576

69, 75821,445

236, 628268,280

17,1867,5003,500

24, 6561,943,216

4, 799, 357

2,533, 614

Two months endedFebruary—

1925 1924

£28,38747,893

1,806,7954, 208,849

177, 75831,802

6,679,567

£11 , 758404,864

7,011,0535,092

240,00718,391

7, 691,165

88,453 !5,500,515 I

135,461 i34,114

468,369327,052

32, 7529,5003,500

1,837,927

34,2561, 646,1451,000,000

79,221779,211

50111, 529132,384

9,532,0045,770

117,980

8, 622,025 13,438,550

1,942,458 5,747,385

FOREIGN EXCHANGE

Continued narrowing in ranges of fluctua-tion, slightly higher levels than in March, andconsiderably higher than in April of last yearcharacterized the foreign exchanges during thefirst three weeks of April. Ranges of nearly

all the exchange rates were narrower thanthey have been during any month since theofficial "pegging" was removed early in 1919.

The advance in sterling, which began inAugust of last year has continued almost with-out interruption since that time, and on April 29,following the announcement of Great Britain'sreturn to the gold standard, the pound crossed$4.84. The French and Belgian franc andthe Netherlands florin stood at about the sameaverage level as during March. The Norwe-gian krone made considerable advance, froman average of 15.43 cents during March to ahigh of 16.37 cents on April 18.

Of the South American exchanges, Argen-tine pesos, Brazilian milreis, and Uruguayanpesos declined somewhat as compared withMarch, while Chilean pesos advanced slightly.Since the middle of March the Mexican pesohas averaged a little above parity. In theFar East, the Shanghai tael and the Indianrupee showed slight recessions, while the Japan-ese yen rose from the March average of 40.97cents per yen to 42.19 cents on April 16.

As compared with April, 1924, all the leadingEuropean exchanges except the French andthe Belgian francs and the Italian lira showedconsiderable advances. The South Americancountries, with the exception of Brazil, stoodat higher levels, as did also the exchanges ofthe Far East.

FOREIGN EXCHANGE RATES

[In cents]

Exchange

SterlingFrench francGerman reichsmarkItalian lira...Netherlands florin..Swedish kronaSwiss francCanadian dollarArgentine pesoShanghai tael

19.3023.8219.3040.2026.8019.30

April, 1925

486. 65 477.62 484.47 476.20 478.86 477. 63 429.065.13

23.804.09

39.8426.7819.28

100.00 99.9196.48 85.6666.85 73.02

5.2623.804.12

40.1326.9519.39

100.0087. 51

73.63

March, 1925

5.0523.803.99

39.83

5.3223.80

39.9926.941 26.!19.2299.8387.38

19.2999.9190.63

72.85 74.44

5.1823.804.07

39.92

4.68

"~4.~2837.07

26.95J 26.2919.26i 17.2999.87! 96.9689. 711 76.5573.36! 70.00



BUSINESS AND BANKING CONDITIONS INEUROPE

International trade.—The improvementnoted in European trade in 1924 and especiallyin the last half of the year has been maintainedduring the first quarter of 1925. The tonnageof ships entered and cleared during the secondsemester showed a substantial increase notonly over the first half year (an increase whichmight be interpreted as seasonal), but also overthe corresponding period of 1923. For thefirst two months of the current year, Franceand Germany (Hamburg) report entrances andclearances not only greater than in the sameperiod last year, but well above the figures for1913. For England the same fact holds trueas to ships entered, but clearances, althoughabout the same as in 1924, are somewhat below1923 and 1913, reflecting reduced coal ship-ments.

This growth in shipping reflects an increasein the volume of international trade. The in-crease in imports into various European coun-tries was especially marked in the last half of1924. In that period British imports were£682,000,000, compared with £598,000,000 inthe first half-year and £559,000,000 in the lasthalf of 1923; German imports were 4,840,-000,000 gold marks, compared with 4,408,000,-000 gold marks for the preceding six monthsand only 2,898,000,000 gold marks in the lasthalf of 1923; and substantial gains were re-ported in the import figures of other Europeancountries. These larger figures of internationaltrade, however, reflect advances in commodityprices as well as growth in the physical volumeof trade.

Exports also increased for most Europeancountries in the last half-year. British ex-ports increased from £388,465,000 to £406,-900,000, or 5 per cent compared with the firsthalf. French exports for the same period,however, showed a small decline. German ex-ports rose from 2,827,000,000 marks in the firsthalf to 3,721,000,000, a gain of over 30 per cent,while imports in the same period increased lessthan 10 per cent. Italian exports rose from6,672,000,000 lire to 7,646,000,000, or 14 percent; those of Czechoslovakia by 17 per cent;those of the Netherlands by 19 per cent; andthose of Sweden by about 46 per cent. Thegrowth in exports in the last half of the yearis partly seasonal, but the exports of the lasthalf of 1924 were also materially larger thanin the corresponding period of the year before.

In the early months of the current year thevolume of trade has remained at high levels.

Compared with the first quarter of 1924,.British imports rose by £50,000,000 to £352,-000,000, a gain of 16 per cent, while exportsincreased £15,000,000 to £209,000,000, or 8per cent, the exports for March having beenexceeded only twice since January, 1921.French exports for the quarter are approxi-mately the same as a year ago, but as importsare materially lower, the trade balance is morefavorable than in the early months of 1924.Figures for only the first two months areavailable for Germany, the Netherlands, andSweden, and for all these countries trade ismuch larger than in the corresponding periodsof each year. German imports were almosttwice as large, and exports 50 per cent largerthan in 1924. Swedish and Dutch exportshave each risen about 15 per cent above thefirst two months of last year.

Several causes have contributed to this in-crease in international trade. The remarkableimprovement in German trade is the result ofthe betterment in the country's internationalrelations, the stabilization of the currency,and the large foreign loans and credits madeavailable to the Crerinan Government andindustry. In a number of other Europeancountries also currency stabilization has in-creased the confidence of foreign investorsand has facilitated the flotation of loans, theproceeds of which have been used to meet thedemand for foodstuffs and raw materials.The rise in the price of several raw materials,and especially of cereals, has had the effect ofincreasing the purchasing power of areaswhich in previous years had been sufferingfrom depression. It is to this increased pur-chasing power of industrial Europe and ofagricultural communities in many parts ofthe world that the marked increase in inter-national trade is chiefly attributable.

Industrial activity.—While foreign trade ofEuropean countries has increased, some in-dustries have not shown a correspondingimprovement. The British coal and ironindustries, which during the period of passiveresistance in the Ruhr experienced a period ofconsiderable activity, have had a decidedsetback with the resumption of German pro-duction. British coal production was nearlyat Capacity in the first quarter of 1923 and1924, but recently has been running beloweither of those years, with prices about one-half what they were in the spring of 1923 andabout 30 per cent below the spring of last year.In Germany both coal and lignite productionis substantially larger than last year, but thereare indications that stocks of coal are accumu-



lating. British pig-iron production, which ranup to 714,000 long tons in May, 1923, has sincebeen steadily declining, dropping to 569,000tons in January of this year. During the sameperiod the French output was steadily rising,from 306,000 metric tons in February, 1923,to 669,000 metric tons in January, 1925. Therate of output of pig iron for England andFrance combined is thus about what it was€arly in 1923, as the increase in French pro-duction has approximately offset the declinein British production. Both countries, how-ever, show a moderate decline in February com-pared with January. Monthly German figuresfor the period are not available; but in thefirst half of 1923 the output of the Rhinelandwas very small, while now it is a material fac-tor in the world market. The slump in theoutput of British pig iron and the current re-ports of keen competition for orders among thecontinental producers are thus the result inpart of increased production on the Continent.

Credit conditions.—The growth in Europeantrade and production in recent months hasbeen reflected in increased demand for creditto finance current operations, and money has

CENTRAL BANK! DISCOUNT RATES

10 10

9 9 9 9 9

been tight on the Continent except in Switzer-land and the Netherlands. In other countriesrates are either still at very high levels or haverecently been advanced. Within recent monthsthere have been some reductions in the dis-count rates of central banks in Germany,Austria, Hungary, and Poland, but the ratein Germany is still 9 per cent and in the otherthree countries it is even higher. In Francethe bank rate was advanced from 6 to 7 percent in December, and since the first of thecurrent year five other European countries

have raised their rates—Lithuania from 6 to7 per cent on February 8, Greece from 7J^ to8J^ per cent on February 15, and the Bank ofEngland from 4 to 5 per cent on March 5;following the raising of the Bank of England'srate, that of the note issuing department ofCzechoslovakia was raised from 6 to 7 percent on the 25th and of the Bank of Italy from5J^ to 6 on the 9th. The present position ofcentral bank rates in European countries isshown by the chart.

The high rates prevailing at many con-tinental central banks, together with variouspractices in effect in different countries forrationing and restricting credit, indicate, that,though progress has been made toward im-provement of monetary and financial condi-tions, there is still a widespread scarcity ofworking capital in continental Europe.

INDEXES OF FACTORY EMPLOYMENT ANDPAY ROLLS

Wages paid to factory workers are an im-portant factor in the consumers' demand forcommodities, and changes in the aggregateamount of such payments indicate, althoughthey do not of course accurately measure,fluctuations in the volume of manufacturingproduction. These changes are also one factorin the shifting demand for currency as well asin the credit requirements of current business.A measure of the fluctuations in factory payrolls will, therefore, it is believed, furnish auseful addition to existing indicators of changesin business conditions, and the Federal ReserveBoard has accordingly compiled an index ofthe amount of pay rolls in manufacturingindustries, similar to the index of factoryemployment which has appeared currently inthe BULLETIN for over a year. The employ-ment index itself has been revised in somerespects on the basis of data which have re-cently become available. The new index ofpay rolls and the revised index of employ-ment are presented in this article.

In many respects changes in amount ofpay rolls are more responsive to changes inbusiness activity than are changes in numberemployed. In times of decreased production,establishments often retain workers on theirpay rolls at part-time, and in time of expan-sion the increased production may be affectedin part by additions to the hours of labor ratherthan to the working force. Changes of thischaracter, though they do not affect employ-ment figures, are reflected in decreases or



increases of wage payments. The pay-roll in-dex, therefore, is at times a better indicator ofchanges in the volume of industrial activityand in the purchasing power of consumers thanis the employment index, which reflects primar-ily changes in the number of persons employedin factories. Aggregate pay rolls, furthermore,are affected by changes in wage rates and inthis respect take account of one factor in pur-chasing power of consumers which is notcovered by the employment index. This in-creases the usefulness of the pay roll index asan indicator of changes in purchasing powerbut decreases its value as an index of businessactivity.

The new indexes of employment and payrolls are shown together on Chart A, andmonthly figures since 1919 for the general in-dexes and for certain group indexes are givenin Tables II and III. The statistics from

Data and methods.—In general, the data andmethods employed in constructing the indexof factory pay rolls are similar to those usedin making the board's index of employment,the data and methods of construction of whichwere described in the FEDERAL RESERVE BUL-LETIN for December, 1923. Until recently nosingle agency collected employment data whichsatisfactorily represented the entire countryeither industrially or geographically. To se-cure a sufficiently broad basis for the index itwas necessary to combine data from severalsources. Statistics compiled by the UnitedStates Bureau of Labor Statistics, the Inter-state Commerce Commission, the United StatesEmployment Service, the New York, Massa-chusetts, Illinois, Wisconsin, and Iowa depart-ments of labor, and the Federal Reserve 6ankof Philadelphia were combined to make indexesfor 33 different industries.

PERCENT

150

100

50

0

i

\

FACTORIES

CHART A.

Payrol

Employr

A

A/ \

~^ \\\ ,

RAILROADS

CHART B.

Earn

Emplo

HA,,-' V

/ment

PER

I100

50

1919 1920 1921 1922 1923 1924- 1925 1919 1920 1921 1922 1923 1924 1925

which these indexes are constructed were se-cured, particularly in the earlier years, from awide variety of sources. For the period since1923, however, they have been composed al-most entirely of data compiled by the UnitedStates Bureau of Labor Statistics. Thesestatistics are now collected from nearly 9,000establishments in 52 industries and cover about2,800,000 employees, with a weekly pay rollof about $75,000,000. figures are used from45 of these industries reclassified into 33 indus-tries, which are in turn divided into 11 groups.The indexes may be considered as representa-tive of conditions in manufacturing indus-tries as a w;hole, which during 1923 employedon the average 8,800,000 workers and paid outweekly wages averaging over $200,000,000.The indexes for railroad workers shown onChart B cover figures for about 1,800,000workers with average weekly earnings of nearly$60,000,000.

The source data from which the indexeswere constructed were in terms of month-to-month percentages of change, or link rela-tives, which were multiplied together in orderto secure for each industry continuous seriesor chains of relatives from the various sources.In combining these chains into industry in-dexes, the series for each State were weightedin accordance with the relative importanceof that State in the particular industry. Thedata from the United States Bureau of LaborStatistics, which covered several sections of thecountry, were given the greatest weights which,furthermore, were increased as these statistics.be-came more comprehensive. The resulting in-dexes were expressed in terms of relatives withthe monthly average for 1919 as the base or 100.The general index was a weighted average of theserelatives for individual industries. This secondset of weights was based upon the relativeimportance of the several industries as indi-



cated by the figures for total wages paid fromthe 1919 and 1921 census of manufactures.Comparisons later made with similar figuresfrom the 1923 census showed no changes largeenough to make necessary a revision of weights.By this method of weighting, indexes weresecured for 11 industrial groups and for a fewsubgroups as well as for a combination of allindustries. Table I gives a list of industries,groups, and subgroups, together with theirrespective weights used botn in the employ-ment and in the pay-roll indexes.

Census adjustments.—Indexes thus derivedwere adjusted as to level on the basis of datafrom the biennial census of manufactures.Partly because of the inadequacy of the sta-tistics in many cases and to a certain extentbecause of the tendency toward a mathematicalbias in the method of combining the links, theindustry chain relatives, although reflecting

making later adjustments in the employmentindex. It was found advisable, however, tovary from the standard methods in some casesin order to secure a better agreement withcensus figures in levels and trends. When-ever adjustments were made in the figuresfor an industry, therefore, this was done withconsideration of the particular nature of thediscrepancies in the index in question.

Revisions in the employment index.—Theindexes of employment in different industrieshave also been adjusted to bring them intoagreement with 1923 census figures, and atthe same time important changes in the com-position of the indexes have been made. Sincethe statistics of the 1923 census of manufac-tures have become available it has been possi-ble to make careful tests of the representative-ness of the employment data of the Bureau ofLabor Statistics for individual industries in

50

1919 1920 1921 1922 1923 1924 1925 1919 1921 1925

with a fair degree of accuracy month-to-monthchanges, tend over longer periods of time todepart from the general trends of employmentin the given industries. This bias or trend,when it appeared in a given industry, wascorrected by the use of figures from thebiennial census of manufactures, which showfor 1919, 1921, and 1923 the average numberemployed each month and the total yearlywages paid in each industry. The standardprocedure for making the necessary adjust-ments in employment between 1919 and 1921were described and illustrated in some detailin the December, 1923, BULLETIN. In gen-eral, if the index for 1921 was below therelatives (on a 1919 base) for the censusfigures of that year, the index was raised,beginning in 1919 with a small increment ofincrease, which was enlarged each month untilthe end of 1921. This same general procedurewas followed in the pay-roll index and in

1923 and to determine whether, with the re-cent expansion of scope of these data, they areadequate without being supplemented by ad-ditional information previously obtained bythe Federal Reserve Board from other sources.

These tests showed, in the first place, thatthe bureau's figures on the whole agreed fairlywell with the census figures and that thebureau's figures and those of the Federal Re-serve Board were constantly becoming moreclosely similar. It was found advisable, there-fore, to compute the board's revised index forsome industries from the bureau's data alone,beginning as early as January, 1923, while inother industries greater agreement with thecensus figures was obtained by including datafrom some of the State agencies in 1923. In1924, however, the Bureau of Labor Statistics'relatives and the board's more complicatedindexes for corresponding industries were insuch close agreement that the former were


MAY, FEDERAL RESERVE 327

substituted for the latter in every industryexcept two. Series from the Labor Bureaurepresenting stamped and enameled ware andfrom the New York Department of Labor forbrass, copper, and aluminum products werecombined to secure an index for nonferrousmetals. Likewise, figures for piano and organmanufacturing as reported by the Bureau ofLabor Statistics were combined with data formusical instruments collected by the FederalReserve Bank of Philadelphia from Pennsyl-vania and New Jersey in order that the NewJersey manufacturers of phonographs, who donot report to the Labor Bureau, might beincluded. Chart C shows indexes of employ-ment and pay rolls and census relatives forthe iron and steel and textile groups. Com-parison with the census curves gives some ideaof the extent to which the indexes are repre-sentative of their respective industries.

As a result of these revisions in the employ-ment index and the use of similar data andmethods in constructing the pay-roll index,the board's indexes substantially agree withthose of the Bureau of Labor Statistics sincethe beginning of 1923 and agree almost exactlysince January, 1924. In addition to the twoexceptions noted above, however, there arefurther differences between the two sets ofindexes. Some of these are due to omissionby the board of data from certain industriesincluded by the Bureau of Labor Statistics.These omissions w e r e m^de in cases wherethere were no continuous series going back to1919. The most important of the industriesomitted are sugar refining, petroleum refining,automobile tires, and shipbuilding. The effectsof these differences in composition upon themovements of the two indexes are in fact in-significant. Slight differences between the twosets of indexes are also due in some cases todifferences in grouping. For example, theboard's indexes for the lumber and productsgroup include musical instruments, and foriron and steel products include electrical ma-chinery and agricultural implements, while thebureau placed these industries in the miscel-laneous group.

Another difference between the indexes ofthe board and the bureau is in the base period.The Bureau of Labor Statistics uses the year1923 as a base, partly because it was a repre-sentative year industrially, but largely becauseit was the only full year for which the bureau's

more comprehensive data were available at thetime the employment index was first computed.The board's indexes, on the other hand, areexpressed as relatives of 1919. The chief pur-pose of using 1919 as a base year has been toretain comparability with the board's otherbusiness indexes, which use 1919 as a basis.

Final adjustments by means of census figureshave improved the board's indexes considerablyin the direction of making them more repre-sentative both of industrial activity as a wholeand more especially of activity in individualindustries. For individual industries, there-fore, the board's indexes are in most casesfairly reliable indicators of conditions for theentire postwar period, including the periodfrom 1919 to July, 1922, as well as that fromJuly, 1922, to date, which is covered both bythe board's indexes for individual industriesand by those of the Bureau of Labor Statistics.

Other employment and pay-roll indexes.—Employment and pay-roll indexes are pub-lished by most of the State agencies collectingsuch statistics. Their results are comparablewith national indexes in broad fluctuations,but in month-to-month movements there areimportant variations caused by local pecu-liarities in business conditions and by differ-ences in relative importance of industries. InChart B are shown indexes of the number andearnings of employees of Class I railroads.Only annual figures were available for 1919,and earnings were reported only quarterly in1920 and the first half of 1921. These indexesshow movements, varying in detail, but fairlysimilar to those noted in the corresponding in-dexes for factory workers. Other measures ofemployment and pay rolls have been computedby Prof. W. A. Berridge, of Brown University,who assisted the board in constructing its firstemployment indexes, and have been publishedby the Harvard Review of Economic Statistics,the Brown Bureau of Business Research, a*idin some of Professor Berridge's publishedstudies.1 These are comparable in generalfeatures with the board's indexes, but differconsiderably in detail owing to greater compre-hensiveness of the board's data and the biennialadjustments made by the board on the basis ofcensus returns.

i "Cycles of Unemployment in the United States, 1903-1922," W. A.Berridge (Pollak Foundation for Economic Research; Houghton,Mifflin Company, 1923) and "Purchasing Power of the Consumer,"Berridge, Winslow, and Flynn (A. W. Shaw Company, 1925).



Table I.—INDUSTRIES INCLUDED AND WEIGHTS USED IN EMPLOYMENT AND PAY-ROLL INDEXES

Industries

Weightsfor em-ploy-mentindex

Weightsfor pay-

rollindex

Industries

Weightsfor em-ploy-mentindex

Weightsfor pay-

rollindex

I. METALS AND PRODUCTS—weight for groupA. Iron and steel products—weight for sub-

group1. Iron and steel, crude and inter-

mediate2. Machinery3. Hardware4. Heating apparatus..

B. 5. NonferrousmetalsII. TEXTILES AND PRODUCTS—weight for group..

A. Fabrics and materials—weight for sub-group

6. Cotton7. Wool8. Silk _9. Dyeing and finishing

B. Textile procucts—weight for subgroup..10. Knit goods11. Men's clothing12. Men's furnishings.13. Women's clothing14. Millinery and lace goods

III. LUMBER AND PRODUCTS—weight for group..15. Sawmills and planing mills—16. Furniture..17. Musical instruments

34.5

22.5

8.013.00.51.02.0

34.0

13.57.03.52.01.0

10.53.03.01.02.51.0

12.09.02.01.0

33.0

26.0

10.514.00.51.02.0

30.0

11.05.03.02.01.09.02.03.00.72.50.8

10.07.02.01.0

IV.—18. RAILROAD VEHICLESV.—19. AUTOMOBILESVI. PAPER AND PRINTING—weight for group

20. Paper and pulp21. Paper containers22. Printing and publishing

VII. FOOD AND PRODUCTS—weight for group23. Animal products24. Flour and gristmill products25. Bread and bakery products26. Confectionery and ice cream

VIII. LEATHER AND PRODUCTS—weight for group.27. Leather, tanning, etc28. Boots and shoes

IX. STONE, CLAY, AND GLASS—weight for group.29. Lime, stone, and cement30. Clay products31. Glass

X.—32. TOBACCO PRODUCTSXI.—33. CHEMICALS AND DRUGS

Total .

8.04.58.02.01.05.07.53.00.52.51.5

4.51.03.53.50.52.01.0

3.01.5

10.06.08.02.00.55.57.53.00.72.61.2

4.01.03.03.50.71.81.01.51.5

100.0 100.0

Table II.-REVISED INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES

[Monthly average, 1919=100]

1919 average—1920 average1921 average1922 average1923 average1924 average

1919January.February . . .MarchApril - -MayJuneJulyAugustSeptember..OctoberNovember..December...

1920JanuaryFebruary-. .MarchAprilMay -.—June . . .JulyAugustSeptember..OctoberNovember..December—.

Generalindex

100,0103.282.190.4

104.095.0

98.095.095.295.796.497.599.6

101.7103.8102.8105.5108.4

109.8108.6110.6109.1107.1105.9102.8102.6101.498.993.887.2

| Textiles and products

Groupindex

100.0110.366.777.598.687.3

106.5102.699.897.995.294.196.6

101.1103.094.2

100.9108.0

113.5113.2116.0114.8111.5113.5113.8111.8110.9108.4102.993.3

Ironandsteel

Groupindex Fabrics

100.0110.466.576.898.486.9

107.8103.5100.598.495.293.996.1 I

100.6 i102.893.1

100.3107.9

113.7113.5115.8114.7111.4113.3113.7111.6110.7108.1103.394.7

100.0100.595.799.7

107.595.4

100.098.596.798.1

110.095.9 I

Prod-ucts

92.786.589.393.297.1

100.3104.5104.5106.1107.3107.8110.1

111.9110.9113.4112.6110.4106.698.195.796.092.683.074.5

93.082.686.492.599.7

104.2106.8106.8105.7106.0106.4110.0

111.3109.4110.6109.6108.4105.894.691.692.290.282.575.4

100.0103.094.4

101.7104.494.7

92.491.593.194.093.795.3

101.4101.6106.6108.9109.5110.4

Lum-berand

prod-ucts

100.096.280.6

102.2108.1102.6

88.489.292.292.695.096.098.6

103.1107.9111.1112.2113.4

112.7112.8117.0116.3113.0107.7102.6101.0100.895.783.773.3

110.6111.1112.1105.899.593.486.695.491.989.182.576.4

Rail-roadvehi-cles

100.0107.077.977.4

105.790.3

104.6101.799.697.497.196.598.498.0

100.3101.0102.1103.4

104.6102.2104.0103.5106.1108.6107.6111.4111.3111.6109. 5103.7

Auto-mobiles

100.0102.362.083.3

116.1108.0

85.786.688.492.093.798.1

102.4105.0110.0113.1113.2110.6

115.6117.4117.9116.0112.4109.3109.7102.696.084.775.571.1

Paperand

print-ing

100.0110.595.999.1

104.7104.2

97.897.497.896.895.698.099.5

100.8101.8101.9104.3107.8

109.5108.2110.0109.7109.6109.6111.6111.8112.3112.8112.0108.9

Foodsand

prod-ucts

100.095.987.188.095.192.3

104.8101.4100.396.494.595.697.398.8

100.5101.7103.6105.8

100.797.097.495.195.296.096.596.396.295.394.591.2

Leatherand

prod-ucts

100.091.781.991.199.288.0

97.297.496.795.496.897.698.4

101.3102.6103.5105.7107.5

108.8106.7107.3104.8101.897.189.387.378.676.072.270.4

Stone,clay,andglass

100.0104.588.4

104.6122.0119.5

77.774.280.395.1

107.6112.2106.4112.9107.3109.6106.4104.1

99.795.599.1

104.5112.2112.2110.1106.5104.9102.3105.3

; 101.3

To-baccoprod-ucts

100.098.997.894.893.788.8

111.7110.4110.6108.4106.898.586.577.986.291.5

106.1105. 6

102.597.599.5

100.196.797.394.994.799.599.0

102.6103.1

Chem-I/taleicaisand

prod-ucts

100.0101.076.573.081.074.0

117.7116.2107.7100.895.494.691.591.593.994.696.999.2

100.099.2

100.0100.098.599.2

102.3103.9102.3106.2103.196.9


MAT, 1925 FEDERAL, RESERVE BULLETIN 329

Table II.—REVISED INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES—Continued


1921JanuaryFebruary. . .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember. .December...

1922JanuaryFebruary. . .MarchAprilMayJuneJulyAugust.September..OctoberNovember..December...

1923JanuaryFebruary. . .MarehAprilMayJuneJulyAugustSeptember..OctoberNovember..December...

1924JanuaryFebruary. . .MarchAprilMayJuneJulyAugustSeptember..OctoberNovember..December...

1925JanuaryFebruary. . .March

Generalindex

79.881.682.381.681.781.079.680.883.084.585.084.3

83.885.686.686.288.489.886.989.692.596.298.7

100.4

101.4103.1105.3105.3105.4105.5104.1104.2104.2104.2103.2101.6

100.2101.2101.299.195.792.689.189.691.392.992.694.3

94.695.996.4

Metals andproducts

Groupindex

82.578.875.369.967.563.557.658.959.461.062.763.5

63.466.169.072.275.277.578.279.582.085.688.992.3

99.8100.7101.1101.6100.1100.099.498.496.794.6

95.796.995.589.685.080.379.180.582.582.885.7

87.589.690.1

Ironandsteel

83.580.176.270.267.463.257.158.058.459.861.662.6

62.765.568.371.874.776.977.478.581.284.788.191.6

93.096.299.099.9

100.7101.6100.0 |100.3 !99.898.797.194.5

93.595.296.295.189.384.880.078.980.282.182.485.2

Textiles and products

Groupindex

87.189.189.5

73.486.591.995.596.597.397.498.5

103.2104.2102.2101.8

101.5103.399.996.595.194.594.096.4

100.0102.4104.8107.6

109.3110.6112.4111.6110.3108.4104.8104.5105.3105.0103.9104.1

103.9105.4103.798.994.891.985.787.490.593.693.196.2

97.499.9

100.0

uc°ts"

73.187.191.095.498.699.9

100.6101.2103.5103.8103.4103.0

102.1100.192.689.790.991.692.394.299.5

103.2108.6112.0

113.0113.5114.6114.5114.1112.3107.7105.7106.0105.4105.9106.7

104.0104.5102.398.194.992.085.887.490.895.496.1

100.0

100.6101.4101.0

73.885.693.095.793.893.893.295.1

102.8104.8100.6100.2

100.7107.5109.2105.3100.598.396.299.2

100.7101.499.9

101.8

104.6107.0109.5107.8105.3103.4101.0103.0104.4104.5101.4100.7

103.9106.5105.499.894.791.885.487.490.291.489.291.2

93.497.998.6

Lum-berand

prod-ucts

75.377.979.980.381.281.278.579.080.682.585.585.0

91.796.199.999.0

103.8106.8105.5106.0104.2105.1105.2102.4

103.8105.9107.6108.5108.7110.3110.3109.7109.1108.7108.2106.6

Rail-roadvehi-cles

92.883.174.968.569.668.671.575.879.182.885.383.4

77.376.878.577.379.182.339.252.870.692.299.8

103.0

104.6103.8105.8104.5106.0108.2108.0108.7107.2106.9105.499.3

103.5105.7105.4105.9104.6101.799.799.9

100.9101.9101.1101.0

99.8100.499.6

94.191.390.791.591.189.689.188.488.889.889.189.7

89.389.889.9

Auto-mobiles

36.844.854.467.471.468.268.368.768.468.065.861.9

61.065.269.975.784.089.491.492.691.691.392.895.1

101.2109.0114.3119.2121.2120.1117.3117.8118.0118.5118.9118.1

123.6126.4128.8123.4111.699.895.196.497.298.696.399.3

103.8105.1112.7

Paperand

print-ing

103.9102.5101.095.589.990.490.892.093.595.497.498.0

100.199.297.995.197.296.696.798.8

100.2101.4102.3104.3

103.8104.2105.4105.4104.4104.9104.4103.5103.9105.0105.4106.1

105.7105.3105.2104.6104.1103.3101.5101.5104.0104.5105.2105.9

105.1104.9105.7

Foodsand

prod-ucts

83.284.284.981.883.784.486.386.790.794.295.190.3

84.684.985.681.282.383.987.089.989.893.696.996.0

90.991.392.489.490.593.495.996.899.0

102.0101.198.8

94.894.893.389.988.890.790.891.093.494.092.693.2

90.289.686.8

Leatherand

prod-ucts

69.075.077.777.180.183.184.888.088.086.885.887.7

89.590.488.384.283.985.488.993.195.495.998.0

100.1

103.1104.9105.0102.2100.095.694.799.098.297.896.6

93.493.894.189.185.180.580.784.888.089.288.787.9

83.672.678.588.294.595.194.691.593.591.389.688.0

81.379.790.3

100.9112.2113.8112.5113.5113.8112.9113.3111.4

110.2111.0115.9123.5127.6128.4126.7127.4126.3125.1122.5119.3

113.6113.8119.7125.0126.4124.1118.1121.3119.3118.8117.7116.1

I

90.992.592.5

Table III.—INDEX OF PAY ROLLS IN MANUFACTURING INDUSTRIES


109.7110.7116.8

To-baccoprod-ucts

96.593.090.095.797.999.896.897.4

101.5103.0101.6100.7

88.192.393.988.591.592.297.396.599.0

100.099.399.1

95.895.296.193.393.293.190.889.093.594.695.6

Chem-icalsand

prod-ucts

90.885.483.979.276.975.472.370.069.272.373.169.2

68.568.570.070.070.870.072.373.975.477.479.680.2

81.782.383.080.781.080.179.579.980.081.081.1

94.7

91.091.690.387.287.086.988.087.489.783.391.891.1

87.087.788.5

81.2

80.580.379.478.275.069.168.568.769.971.972.574.1

74.074.675.5

1919 average1920 average1921 average1922 average1923 average1924 average

Generalindex

100.0123.583.689.2

113.2104.1

Metals andproducts

Groupindex

100.0127.060.769.5

102.390.3

|

Ironandsteel

100.0126.560.068.4

101.989.9


Groupindex

100.0121.4102.6102.5117.5102.5

FabricsProd-ucts

100.0123.3104.9108.1114.6101.4

Lum-berand

prod-ucts.

100.0125.2

79.393.3

112.8109.9

Rail-roadvehi-cles

100.0123.283.181.4

111.794.9

Auto-mobiles

100.0120.064.088.0

134.6124.1

Paper• andprint-

ing

100.0135.3114.5118.5131.3134.6

Foodsand

prod-ucts

100.0112.6

97.393.7

105.8104.9

Leatherand

prod-ucts

Chem-icalsand

prod-ucts


330 FEDERAL RESERVE BULLETIN M A Y . 1925

Table HI.—INDEX OP PAY ROLLS IN MANUFACTURING INDUSTRIES—Continued


Generalindex

1919JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember...December....

1920JanuaryFebruaryMarchApril....MayJuneJuly...AugustSeptember...OctoberNovember...December

1921January,FebruaryMarchAprilMayJuneJulyAugustSeptember...OctoberNovember. _.December....

1922JanuaryFebruaryMarch..April...MayJune _ _JulyAugustSeptember._OctoberNovember. _.December...

1923JanuaryFebruary. _.MarchAprilMay...June _.JulyAugustSeptember..OctoberNovember. _December. _.

1924JanuaryFebruary. _.March _AprilMayJune __JulyAugust _September..OctoberNovember. _December. _.

192S

JanuaryFebruary. _.March

97.391.391.891.592.394 797.6

102.7108.2103.6109.7119.2

123.7121.7130.3127.2129.4131.0125.3127.7125.9122.4113.4104.5

88.987.888.686.084.482.979.081.381.381.079.982.1

77.680.682.981.485.288.485.189.994.397.9

102.2105.0

103.9107.5112.7113.5117.5117.5113.3-113.6114.1117.1114.8113.3

108.3113.8113.4110.6105.599.992.396.199.3

102.8101.0105.8

103.1108.9110.4

Metals andproducts

Groupindex

109.3103.599.494.389.687.289.3

101.3106. 995.9

106.1117.4

124.0123.6134.4130.2128.7133.9131.1130.9131.9128.3120.4106.9

89.580.075.066.762.955.447.549.248.049.651.353.4

51.454.858.360.864.968.567.271.976.281.886.891.6

90.995.6

100.7102.7108.2

102.6104.4103.8105.7102.6101.3

97.4103.1104.8102.494.985.175.478.680.784.985.191.6

92.996.399.2

Ironandsteel

109.4103.7100.094.789.588.089.8

102.3106.694.4

105.1116.9

123.8123.4133.9129.4128.1133.1130.1130.1130.7127.5120.3108.1

90.380.775.666.462.454.346.347.746.648.049.752.1

50.153.857.159.763.767.465.970.674.980.885.890.7

94.799.4

101.5107.7108.7102.3104.6104.2106.2102.9101.1

97.0102.5104.0102.094.784.975.078.380.184.784.591.1

92.695.896.5


Groupindex Fabrics

81.972.377.883.689.699.0

107.5112.3115.9113.4115.6130.8

136.1134.7142.2139.3136.4134.2120.8118.8116.1106.291.081.4

77.594.9

104.2106.4104.5105.8104.9107.8111.1105.1101.2107.3

103.0107.4103.295.094.295.798.4

101.2105.3105.1109.3112.3

115.6119.2123.8120.6123.7120.9115.1114.0114.8116.7111.6113.9

114.1118.0113.7105.89§.794.085.892.398.3

103.099.1

107.5

108.6113.4114.4

85.166.471.783.695.7

108.1111.4112.5112.1110.2110.9132.4

135.1130.7135.1135.2135.7137.3120.6118.8118.2100.590.081.9

73.590.296.6

102.8106.9108.9106.2104.1107.5101.9100.8108.3

102.299.889.386.389.490.392.894.6

101.3101.5112.4116.0

116.1117.6120.2121.5130.0125.9118.3115.9119.1117.7115.9120.3

115.1117.4111.6105.4100.093.485.391.597.5

105.6104.5113.9

112.9114.2114.2

Prod-ucts

77.979.585.283.682.187.9

102.7112.1120.6117.4121.3128.8

137.4139.5150.9144.3137.3130.4121.0118.8113.6113.192.280.7

82.4100.8113.5110.8101.6102.1103.3112.3115.5109.1101.7106.1

103.9116.8120.2105.7100.1102.3105.3109.3110.2109.6105.5107.8

115.1121.2128.1119.5116.0114.7111.2111.7109.6115.4106.4106.1

112.9118.6116.3106.397.294.786.493.499.399.892.599.7

103.3112.4114.7

Lum-berand

prod-ucts

84.584.085.789.694.5

101.3104.2107.8112.1105.8112.8118.6

128.9128.4137.0130.9130.1130.1125.1130.6126.5122.2110.3102.1

79.882.484.682.380.183.073.779.876.975.375.578.6

80.485.390.288.892.094.892.296.896.799.0

101.5101.5

102.8107.4111.3114.8117.2115.6114.4116.2118.3119.1116.8

106.9113.9114.3114.4112.1109.6102.1105.0107.8111.2110.2111.9

103.1108.5109.7

Rail-roadvehi-cles

125.1102.2102.499.198.292.792.587.695.394.9

103.6106.6

103.8102.2110.2111.1123.1127.6116.6140.2136.3138.2136.2132.7

110.795.988.377.675.173.670.777.476.683.884.183.6

72.473.179.975.480.186.250.965.783.096.9

105.0108.2

104.1103.5110.2109.8113.8117.7113.4115.8112.7118.3114.8105.8

93.596.396.199.197.197.188.691.690.397.694.697.4

91.5100.0100.2

Auto-mobiles

79.885.687.290.595.292.397.5

100.0111.7123.6120.9115.6

128.9126.2134.8129.5136.8129.7129.0128.5122.7116.682.274.6

32.236.650.475.881.479.679.676.572.965.860.656.1

40.861.566.279.590.597.497.3

104.9101.3102.8105.4108.1

102.9122.5133.4140.2143.2137.9133.3136.5134.3145.7145.8139.7

125.3156.6154.3149.2132.5109.399.9

107.6111.8116.8111.4114.5

99.9132.1142.9

Paperand

print-ing

94.093.694.594.293.298.8

101.0104.6110.693.498.0

124.4

128.1126.5134.1130.8135.1135.6135.7138.8139.7143.3141.5134.9

127.5121.6120.8114.0105.6108.3108.9109.7111.6113.3114.1118.1

115.1111.3116.7114.0116.5116.5115.2117.8121.8123.5125.2129.0

127.7128.3131.7132.4133.5132.7130.7125.8129.9132.5133.5136.5

136.1136.1136.9136.7135.2133.3128.2128.0133.4135.6136.0139.9

138.2137.5139.4

Foodsand

prod-ucts

98.397.298.294.294.196.596.299.0

102.3102.8108.0113.6

110.5105.6111.9102.8114.6118.3117.1115.7115.9115.9114.6108.7

100.2100.099.692.396.294.595.794.698.5

102.698.794.6

88.987.589.182.988.791.893.793.498.1

101.0106.1103.5

98.798.0

101.097.9

103.6107.5108.9106.3110.7112.2114.0111.5

106.1106.4105.1101.6101.9104.2104.8102.6107.8105.5

, 105.1107.2

102.8105.4103.5

Leatherand

prod-ucts

95.892.490.987.891.594.898.3

104.7106.1108.1110.6119.2

122.2115.8121.9120.3118.0118.5110.1106.992.785.581.079.4

73.687.486.583.184.390.290.295.293.389.285.995.6

96.897.592.086.0

• 85.388.291.096.698.297.0

100.5105. 5

107.9110.2111.8106.9106.4100.798.0

104.9104.5104.198.899.7

99.9101.0100.090.986.181.780.791.095.996.287.991.5

95.399.7

100.0

Stone,clay,and

76.972.880.889.495.3

110.3105.3109.8113.4114.3116.9110.9

110.3102.3110.0124.0137.6142.0138.8137.9137.3138.9140.4132.6

100.781.387.096.7

102.2101.493.595.793.592.490.791.0

78.573.380.290.0

105.8111.3113.1114.3116.9115.7118.2119.1

114.1115.1128.2141.6151.7152.2147.3151.6151.5154.9152.1146.6

137.6142.9149.0156.3158.3157.1142.0148.4146.0149.6145.1143.6

128.8136.4143.4

To-baccoprod-ucts

102.998.3

102.395.8

100.290.883.979.195.098.8

124.8128.3

117.7107.3120.2117.8120.2121.2110.7109.9116.0117.4120.8117.8

102.495.595.396.7

104.0105.798.698.2

101.897.489.993.9

81.780.386.375.387.191.996.996.599.799.7

105.1104.4

98.094.698.194.293.396.092.884.694.2

101.1101.1103.5

95.895.287.589.892.890.490.293.985.597.9

100.0

93.587.088.3

Chem-icalsand

prod-ucts

111.4104.897.192.990.191.092.190.999.2

105.3111.7114.0

116.0113.6120.7122.2122.4126.2128.2132.5128.6136.0132.0116.9

107.894.794.088.685.983.481.275.574.278.779.275.6

74.873.975.676.176.876.680.884.385.689.492.294.9

95.295.898.899.6

102.0101.9102.0100.8101.2107.6106.0105.6

102.3103.8104.6102.898.690.687.989.991.195.495.598.2

07.0©9.7

101.6


MAT, 1925 FEDERAL EESEEVE BULLETIN 331

TURNOVER OF STOCKS AT DEPARTMENTSTORES

The rate at which stocks of merchandiseare sold and replenished is an important factoraffecting the expenses of operating retail firmsand in determining the amount of credit thatis required to finance retail trade. In viewof the importance of this relationship betweenstocks and sales at department stores theFederal Reserve Board, in cooperation withthe Federal reserve banks and the Controllers'Congress of the Retail Dry Goods Association,decided to add to the regular retail tradereports data showing the rate of turnover eachmonth and the cumulative rate from the be-ginning of the year through the currentmonth. The rate of turnover for each monthis computed by dividing total sales by averagestocks during the month, and the rate ofturnover for the period from the beginning ofthe year through the current month is calcu-lated by dividing total sales for the period byaverage stocks.

Since 1919 more than 300 department storesdistributed throughout the United States havereported statistics on sales and stocks regu-larly to the Federal reserve system. Thesefirms represent about 27 per cent of the totaldepartment-store business, which approximates$5,500,000,000 a year, and the data from themfor a number of years makes it possible tostudy the relation between the volume ofsales, the size of stocks, and the number oftimes that stocks were turned over each year.

Sales during each month and stocks of mer-chandise on hand at the end of the month areexpressed in dollars and the annual rate of turn-over has been computed for each Federal reservedistrict by dividing total sales for the yearby average monthly stocks. These districtdata were weighted according to the relativeimportance of retail trade in each district toobtain the average turnover for the entirecountry. The results of this analysis showthat in 1919 stores turned over their stocks3.47 times, a higher rate than for any yearsince that time. In 1920 sales did not increasein proportion to stocks and as a result therate of turnover declined to 3.08, which was alower average rate than for any other yearfor which data are available. Stocks weremoved more slowly in 1920 in all reportingFederal reserve districts, though the greatestslowing down was in the Cleveland and Rich-

mond districts. In 1921 the volume of salesdeclined somewhat less than stocks, with theresult that the rate of turnover increased to3.41 and goods moved at about that samerate in 1922 and 1923. In 1924, on the otherhand, average stocks increased more thansales and the rate of turnover dropped to3.33. The following table shows the averagerate of stock turnover each year since 1919:

ANNUAL RATE

19191920._.19211922 _19231924

OF STOCK TURNOVER ATSTORES.

Year

DEPARTMENT

Rate ofturnover

3 473.083 413 383.383.33

While fluctuations in the rates at whichgoods flowed through retail channels after 1919have followed somewhat the same generalcourse throughout the country, a comparisonof these data by different sections of the coun-try shows that the rate of turnover is highestin the New York, Boston, and Chicago Federalreserve districts, followed by the Philadelphia,Cleveland, and Richmond districts, and isslowest in the San Francisco, Dallas, Minneapo-lis, and Atlanta districts. In 1923 the averageannual turnover of stocks at department storesvaried from 3.92 times in the New York dis-trict to 2.53 times in the Atlanta district, andin 1924 stores in the New York district turnedover their stock 3.96 times, while those in theAtlanta district turned over their stock only2.53 times. The following table shows theaverage rate of turnover for stores in the differentFederal reserve districts in 1923 and 1924:

ANNUAL RATE

BostonNew YorkPhiladelphiaCleveland _ _ _RichmondAtlanta, __ChicagoMinneapolisDallasSan Francisco

OF STOCK TURNOVERRESERVE DISTRICTS

District

, BY FEDERAL

Rate of turnover

1923

3.793.923.393.373.072.543.552.792.823.07

1924

3.733.963.273.183.132.533.442.762.842.98


332 FEDERAL RESERVE BULLETIN , 1925

Although the average rate of stock turnoveris highest in the eastern and the Chicago Fed-eral reserve districts, and lowest in the southernand western districts, there is considerablevariation in the rate for the different cities ofthe several Federal reserve districts. Gen-erally the rate is most rapid in the larger citiesand slowest in the smaller centers, where mer-chants can not replenish stocks so quickly fromwholesalers. In 1924 the highest rate of turn-over was in the cities of Indianapolis, DesMoines, Detroit, Chicago, Boston, New York,and Newark, in all of which stocks were turnedover more than four times.

In order to analyze the rate of turnover forstores at which there is a considerable variationin the volume of sales, the firms were groupedaccording to the size of the annual volume ofsales, and an analysis of the data shows thatthere is a direct relation between the volumeof sales at each establishment and the rate ofstock turnover. In 1924 stores with a volumeof sales of more than $25,000,000 had an aver-age stock turnover of 4.02 times, while firmsselling less than $500,000 worth of merchan-dise turned over their stocks only 1.77 times.Variations in the rate of stock turnover forstores with annual sales ranging from less than$500,000 to more than $25,000,000 are shownin the following table:

ANNUAL RATE OF STOCK TURNOVER, BY DIFFERENTSIZED FIRMS

Firms selling—Under $500,000$500,000 to $1,000,000$1,000,000 to $2,000,000-.$2,000,000 to $5,000,000-$5,000,000 to $10,000,000.$10,000,000 to $25,000,000Over $25,000,000

Rate of turnover

1923 1924

1.902.402.513.163.413.824.06

1.772.422.503.153.323 694.02

Detailed statistics showing the rate of stockturnover by Federal reserve districts and citieswithin each district since 1919 are given in thefollowing table:

RATE OF STOCK TURNOVER BY FEDERAL RESERVEDISTRICTS AND CITIES WITHIN EACH DISTRICT,SINCE 1919


Boston:BostonOutsideDistrict

New York:New York and BrooklynBridgeport.BuffaloNewark...RochesterSyracuse.Other citiesDistrict

Philadelphia:PhiladelphiaLancaster _Other citiesDistrict

Cleveland:ClevelandAkron.Canton. _CincinnatiColumbusDaytonPittsburghToledoWheelingOther citiesDistrict

Richmond:BaltimoreRichmondWashingtonAll others..District

Atlanta:AtlantaBirminghamNashvilleNew OrleansSavannahOther citiesDistrict

Chicago:ChicagoDetroitDes MoinesIndianapolisMilwaukeeOther citiesDistrict

Minneapolis:Minneapolis.HelenaSt. Paul...Other citiesDistrict

Dallas:Dallas.Fort WorthHoustonOther citiesDistrict

San Francisco:San FranciscoLos AngelesSalt Lake CitySeattleSpokane.OaklandDistrict

2.982.783.583.052.592.362.84

United States 3.47

1919 1920

3.902.913.64

4.143.092.953.442.832.872.363.86

4.732.892.993.68

4.633.801.762.623.452.813.152.462.302.873.25

3.523.893.682.893.50

3.952.332.612.242.92

3.603.223.50

3.593.062.762.992.492.572.273.38

4.882.892.813.65

4.163.361.442.413.152.802.922.192.142.642.99

3.033.262.892.512.93

3.062.442.422.692.472.582.59

1921 1922 1923

3.441.972.402.102.65

2.822.592.682.852.77

2.692.713.202.512.232.292.613.08

4.233.504.03

3.973.133.123.723.223.132.323.82

4.842.623.103.68

4.132.981.592.483.543.083.132.522.502.753.13

3.573.443.682.883.48

2.702.382.522.852.222.262.59

4.143.475.094.194.282.47

3.732.102.592.212.86

2.812.612.663.052.82

2.882.953.302.902.182.512.843.41

4.042.913.75

4.033.003.203.813.553.432.363.88

4.512.462.733.38

4.073.161.622.573.483.403.392.762.712.993.29

3.413.503.182.523.21

2.362.452.482.652.112.352.47

4.154.174.554.184.222.423.66

3.802.522.432.192.82

2.842.582.772.882.78

2.933.192.623.192.062.343.023.38

4.072.953.79

4.083.253.323.873.673.632.273.92

4.562.512.693.39

3.913.331.832.763.483.263.502.812.833.253.37

3.303.213.052.383.07

2.652.772.552.632.252.342.54

4.154.364.763.153.272.523.55

3.812.382.372.252.79

2.802.633.032.822.82 i

2.95 !3.45 !2.723.142.152.453.07

1924

4.042.833.73

4.193.203.234.043.553.482.333.96

4.152.582.723.27

3.703.151.672.993.493.033.202.392.753.263.18

3.392.943.242.273.13

2.782.812.562.582.362.232.53

4.244.254.604.692.882.423.44

3.682.252.372.222.76

2.762.652.982.952.84

2.913.272.253.172.052.452.983.33



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

companies which were admitted to membership in theFederal reserve system during the month ended April21, 1925, on which date 1,533 State institutions weremembers of the system; also other changes affectingState bank membership:

ADMISSIONS

District No. 2Longacre Bank, New York, N. YCommunity Trust Co., Middleport,

N.YDistrict No. 3

Excelsior Trust Co., Philadelphia, Pa..District No. 11

Central State Bank, Sherman, Tex

Capital Surplus

$200,000

100,000

300,000

100,000

Total re-sources

$75,108 $2,887,332

10,000 362,927

400,000

10,000

5,572,930

516,625

CHANGES

District No. 2Yorkville Bank, New York, N. Y.

(merged with Manufacturers TrustCo., New York, N. Y., a member)

District No. 5Liberty Bank of Baltimore County,

Baltimore, Md. (absorbed by a non-member bank) _

District No. 6Bank of Cave Spring, Cave Spring, Ga.,

(voluntary withdrawal)American State Bank, Athens, Ga.

(closed) _District No. 7

Citizens State Bank, Early, Iowa(consolidated with State Bank ofEarly, Iowa, a member)

District No. 8Commercial Bank, Bertrand, Mo. (vol-

untary liquidation)District No. 11

Farmers & Mechanics State Bank,Childress, Tex. (succeeded by a na-tional bank)

First State Bank, Wills Point, Tex.(converted into a national bank)

Como State Bank, Como, Tex. (con-verted into a national bank)

Lubbock State Bank, Lubbock, Tex.(converted into a national bank)

Security State Bank, Lubbock, Tex.(converted into a national bank)

Farmers State Bank, Olney, Tex. (con-verted into a national bank)

First State Bank, Sylvester, Tex. (con-verted into a national bank)

First State Bank, Bay City, Tex. (ab-sorbed by a nonmember bank)

Citizens National Bank, Longview, Tex.(absorbed by a member bank)

District No. 12Farmers & Merchants Bank, Filer,

Idaho (absorbed by a national bank). .Citizens State Bank, Gooding, Idaho

(closed)Yakima Trust Co., Yakima, Wash,

(voluntary liquidation)

$200,000

25,000

$25,000

100,000

30,000

25,000

50,000

100,000

25,000

200,000

100,000

40,000

35,000

75,000

100,000

25,000

25,000

200,000

$800,000

25,000

$25,000

20,000

5,000'

2,000

60,000

50,000

25,000

20,000

10,000

8,500

2,000

3,000

1,000

15,000

50,000

$36,225,224

1,007,797

$188,724

954, 255

329,476

120,736

1,941,975

629,926

205, 375

2,601, 390

953,774

763,610

220,910

494,657

336,230

159,406

195,222

1, 559,710

Change of title.—The First Guaranty State Bank, Seymour, Tex., haschanged its title to First State Bank.

The Chattanooga Savings Bank, Chattanooga, Tenn., has changedits title to Chattanooga Savings Bank & Trust Co.

Fiduciary Powers Granted to National Banks

During the month ended April 21, 1925, the FederalReserve Board approved applications of the nationalbanks listed below for permission to exercise one ormore 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) registrarof stocks and bonds; (5) guardian of estates; (6) as-signee; (7) receiver; (8) committee of estates of lunatics;(9) in any other fiduciary capacity in which the Statebanks^ trust companies, or other corporations whichcome into competition with national banks are per-mitted to act under the laws of the State in which thenational bank is located.

Location

Maiden, MassN o r t h Attleborough

Mass.Charlestown, N. H

Bellows Falls, Vt

Enosburg Falls, VtWest Orange, N. JHighland Falls, N. Y...Dallastown, PaDuBois, PaErie, PaScranton, PaStrasburg, Va

Orlando, FlaSeabreeze, FlaVincennes, IndSalina, KansKansas City

Oakland, Calif

DistrictNo.

1

1

1

112233435

668

1010

12

Name of bank

First National Bank....Manufacturers National

Bank.Connecticut River Na-

tional Bank.National Bank of Bel-

lows Falls.First National Bank

do.. do

doDu Bois National Bank.Second National Bank..First National Bank...Massanutten National

Bank.First National Bank

do . .. do

Farmers National Bank.New England National

Bank & Trust Co.New First National

Bank.

Powersgranted

Ito9Ito9

Ito9

4 to 9

I to9Ito9Ito9Ito9Ito9

land 4Ito9Ito9

Ito9Ito9Ito9

5 and 8Ito9

Ito9

Changes in National Bank MembershipThe Comptroller of the Currency reports the follow-

ing increases and reductions in the number and capitalof national banks during the period from March 21 toApril 17, 1925, inclusive:

New charters issuedRestored to solvencyIncrease of capital approved

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

Li quidationsReducing capital

Total liquidations and reductions of capital..

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

Aggregate increased capital for periodReduction of capital owing to liquidations, etc

Net increase

Num-ber ofbanks

260

18

44

163

19

1

Amountof capital

$2,295,0000

7,075,000

9,370,000

1,320,000130,000

1,450,000

100,000

9, 370,0001,450,000

7,920,000



BUSINESS STATISTICS FOR THE UNITED STATESINDUSTRIAL ACTIVITY

Business activity during March, when allow-ances are made for seasonal variations, wasprobably somewhat less than during February.Exact comparisons of March statistics withthose of other months, however, are com-plicated by the fact that March this yearhad five Sundays, which reduced the numberof working days; furthermore, the usualseasonal changes in some lines were probablyaffected by the fact that Easter this year waslater than usual, but at the same time wasearlier than a year ago. Production in basicindustries, which is adjusted for seasonalchanges, declined to 120 in March, as com-pared with 124 in February and 127 in January.On the other hand, the preliminary figure forthe unadjusted manufacturing index increasedto 133 over 126 in January. The differenceon trend of the two indexes is due primarilyto three factors—(1) the seasonal adjustments,(2) the influence of the sharp decline in coaloutput on the basic production index, and (3)the influence of increases in production ofautomobiles, shoes, and building materialsin the manufacturing index. The mineralindex declined from 140 in January to 123 in

March, and the index of agricultural move-ments has also tended downward.

The iron and steel industry continued to ,operate at a high rate during March. Silkdeliveries to American mills were the largeston record, and total cotton consumption wasfairly large, although the daily average wasless than in February. The woolen industryshowed decreases in wool consumption, spindleactivity, employment, and pay rolls. Outputof food products was somewhat smaller than inFebruary. Automobile production has shownthe most rapid increase in recent months,but in March was still smaller than a yearearlier.

Among minerals, decreases in amount of coalmined has been most marked. Productionof nonferrous metals, on the other hand, hascontinued rather high. Receipts of livestockand grains showed seasonal declines in Marchand were less than a year ago. Cotton sightreceipts on the other hand, have been un-usually well maintained, and were much largerin March than a year earlier. Vegetable andfruit shipments have shown the usual seasonalincreases, while tobacco sales have declined.

PERCENT175

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

150

50

25

— — MANUFACTURING PRODUCTION- - - - M I N E R A L PRODUCTION

PER CENT1175

150

125

100

75

50

25

1919 1920 1921 1922 1923 1925


MAT, 1925 FEDERAL BESERVE BULLETIN 335

INDEX OF PRODUCTION IN BASIC INDUSTRIES I

[Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=100}

Year and month

1924JanuaryFebruary...MarchAprilMayJune.JulyAugustSeptember..OctoberNovember. _December..

1925JanuaryFebruary...March

Generalindex

120120116114103949594103109107117

127124120

Iron and steel

Pig iron

120132132127101817071809397119

134143136

Steelingots

1311461461199274678799104109133

150150146

Textiles

Cotton

11210292978070717293109105111

115114110

Wool

10010197

838291100102102

1009995

Food products

Wheatflour

100107105105107122100110978482

94103

94

Sugarmeltings

9712711511510911112510414114111191

132104133

Animals slaughtered

Cattle Calves

959490981078695949394

10096100

133137112116111108117118128143129155

140157138

90102109102999191

87

9091102

119116132136124116141136132121122130

121107

> 96

Lumber

136130124127117104106105108120116128

145127125

Coal Nonferrous metals Tobacco products

Year and monthBitumi-

nous

1924JanuaryFebruaryMarchAprilMay -JuneJulyAugust. --SeptemberOctoberNovemberDecember

1925January.FebruaryMarch

1261271049490858987103110104116

12510995

Anthra-cite Copper

11111811197

10110010695

1059591

100

104116

96

132134123127125124133132130133140137

1473 147

142

Zinc

Soleleather

News-print Cemen 1 Petro-

leumCigars

126112122114121111109106104108108121

128119131

107108103111116103102101107110104103

106108110

192187169172173193190186183187182

243193199

183189186189192187185190191185183182

192191187

94908895919895100979692

91

Ciga-rettes

176140143157173163155157162158145170

188171170

Manufac-tured

tobacco

11393919196949793

8994

10597

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 page302, 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.

a Revised.


336 FEDEBAL RESERVE BULLETIN MAT, 1925

INDEXES OF INDUSTRIAL ACTIVITY *

[No seasonal adjustment. Monthly average 1919—100]

Year and month

1924JanuaryFebruary __ ...MarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


Total

1059681778787100121152189160143

1182 8786

Live-stock

123101989798959690109123120132

1229491

Agricultural movements

Ani-malprod-ucts

9810190129148165166127107100105121

9392109

Grains

9112087546267118218195230156120

112»7673

Cot-ton

8341333434192138175278271231

1277971

Vege-tables

12012313811311914613710716522613686

130121128

Fruits

90102929317814014814416324815786

745893

1

To- ! Tfttnlbaccoi lotal

238 138133 ; 13075 i 12817 11020 1146 i 1112 j 11363 i 116127 1 124165 134148 | 122184 130

292 140161 11953 123

An-thra-citecoal

108104110931061051069710610592101

1019896

Bitu-mi-nouscoal

1351221067883818692109125108119

13410097

Mineral production

Petro-leum

179176189189196191194196189190179180

188171191

.Pigiron

118121136127103797074819799116

132126140

Cop-per

132130129131130127129132126137136135

143138150

Zinc

126112122114121111109106104108109121

128119131

Lead

114124134125137143138139146148145143

148141165

Silver

1111151219712311195104116119119120

117107111

Year and month

1924January. .February . .March ._AprilMay -JuneJuly . . .August .—SeptemberOctober.. . . . . .NovemberDecember

1925January . . .February.. .March

Manufacturing production

Total

1221231271221129797104112123112116

126119133

Ironandsteel

1261311451229675678796108108124

145132147

Auto-mo-biles

196228237231193151163172178178141126

142,169"223

Tex-tiles

116106100988977818398113105111

121114122

Foodprod-ucts

1091051059810097103102112114108117

1189896

Lum-ber

128132141149162139136142143160132122

145134150

Paperand

printing

122117120126120113102107109126116117

122 i2 114

127

Leatherandshoes

9896948983767584901018490

8992

Petro-leum

172166180181171176176182180186185196

199278

Cementandbrick

118123140154167156154166157169148138

111107136

To-bacco

118103109106122123127123126132114106

118105116

Rubbertires

152154162152144126125158175191155163

171176

«138

1 For description and early figures see BULLETIN for March,

INDEX OF EMPLOYMENT

The indexes of employment in manufacturingindustries usually presented at this place havebeenrevised. A full explanation of the revisionsand new monthly figures for all industrial groupsfrom 1919 to date are given on pages 324-330 of

1924. 2 Revised. 8 Preliminary.

this BULLETIN. Corresponding indexes offactory pay rolls are presented for the first timein the same article. Monthly figures for thepay-roll indexes, as well as for the employmentindexes, will be regularly published in thisspace in future issues of tne JBULLETTN.


MAY, 1925 FEDEKAL RESERVE BULLETIN 337

COMMODITY MOVEMENTS

With the March issue the publication inthe BULLETIN of detailed statistics regardingmovements and stocks of commodities wasdiscontinued. 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.

Grain and FlourReceipts at 17 interior centers (000 omit-

ted):Wheat (bushels)Corn (bushels)Oats (bushels)Rye (bushels)Barley (bushels)

Total grain (bushels)Flour (barrels)

March, February, March,1925 S 1925 1924

16,96923,81514,733

8333,359

59,7092,133

Total grain and flour (bushels) _ . . | 69,309

Shipments at 14 interior centers (000omitted):

Wheat (bushels)Corn (bushels)Oats (bushels)Rye (bushels) _Barley (bushels) ._

18,39312,42816,625

3611,912

Total grain (bushels).Flour (barrels)

49,7192,831

Total grain and flour (bushels) _ _.

Stocks at 11 interior centers at close ofmonth (000 omitted):

Wheat (bushels)Corn (bushels)Oats (bushels) _.Rye (bushels)Barley (bushels) _

62,458

40,65628,78456,77910,1902,710

Total grain (bushels).

Receipts at 9 seaboard centers (000omitted):

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

Total grain (bushels).Flour (barrels)

Total grain and flour (bushels)

Stocks at 8 seaboard centers at close ofmonth (000 omitted):

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

Total grain (bushels).

139,119

14,338570

2,3811,2191,445

19,9542,482

31,121

11,028834

1,2987,9781,589

Wheat flour production (barrels, 000omitted) i

Tobacco sales at loose-leaf warehouses(pounds, 000 omitted): I

Dark belt Virginia JBright belt Virginia |North CarolinaBurley .Western dark

9,307

670736

2,67610,474

19,42821,19114,9032,8234,210

62,5552,184

72,384

15, 77010, 67613,245

3623,186

43,2403,157

57,444

44, 72627,01864,2089,9062,542

148,400

13, 931891

1,817848

1,999

19,4862,109

28,978

10,904955

1,5189,5831,834

22,727 I 24,793

10,189

4,2516,1149,50016,90715,062

18,28929,05918,7041,6772,993

70, 7222,005

79, 743

12,45015,67515,4611,0262,052

46, 6653,194

61,039

53,71720,26314,41318,8041,352

108,549

12,4823,8941,414877

1,274

19,9402,105

29,414

4,1711,772902

1,0821,532

9,458

10,578

2,3522,5993,8586,2408,653

Grain and Flour—Continued

Revenue freight loaded and receivedfrom connections (cars loaded, 000omitted):

Classified by nature of products—Grain and grain productsLivestockCoalCokeForest productsOreMerchandise, 1 c 1Miscellaneous

Total

Classified by geographical divi-s i o n s -

EasternAlleghenyPocahontas .SouthernNorthwestern .Central westernSouthwestern

Total

March,1925

16111963754

35152

1,1251,503

"4,002

955827177678501579286

4,002

February,1925

16912367953

32045

9761,255

3,619

854748175585460529267

3,619

March,1924

17713270858

35451

1,0861,397

3,963

978836171633512569263

3,963

BUILDING STATISTICS

Building permits issued in 168 cities,grouped by Federal reserve districts:

Number of p e r m i t s -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)

TotaL.

Value of permits (dollars, 000omitted)—

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).

3,03613,3984,0306,5614,2993,887

12,8863,1641,7124,0732,764

13,227

73,037

1,4586,1791,9083,8922,9913,. 5388,2382,525

8162,7822,461

10,021

46, 809

2,59920,2473,6825,2413,8323, 740

12, 6103,1101,7212,7732,783

13,562

75,900

14,114112,33130,71625,28319,02411,48060,01610,4746,02311,3777,28040,216

Total i 348,334

Building contracts awarded, by Federalreserve districts (dollars, 000 omitted):

BostonNew YorkPhiladelphiaClevelandRichmond _AtlantaChicago _St. LouisMinneapolisKansas City 1

Dallas.

Total (11 districts) .

32,28487,05048,90268,85759,80934,27490,30532,13610,49014,08512,819

491,011

9,15367, 53714,16220,50014,54712,65346,46310, 3133,20111,0136,29032,649

248,480

23,11362, 81024,39840,267

32,43852,30525,0006,1737,71912,972

310,883

13,290217,14623,33523,51115, 7908,09958,8628,7094,2318,3538,47439,360

429,160

28,972168,89527,01543,31125,40929,42260,40624,82610,82812,150

2 431,234

1 District No. 10, excluding Colorado.2 Total, 10 districts. No figures available for Dallas district.


338 FEDERAL RESERVE BULLETIN MAT, 1925

WHOLESALE AND RETAIL TRADE

WHOLESALE TRADE IN THE UNITED STATES, BY LINES 1

[Average monthly sales 1919=100]

Drugs

1924JanuaryFebruary...MarchApr i l . . . . . . .MayJuneJulyAugustSeptember..OctoberNovember. .December..

1925JanuaryFebruary __.March

Gen-eralindex

807880787776788392958479

797684

Gro-ceries

8077807981838383931008983

807379

Meat

666362616464676871786966

716974

Drygoods

979890817270791021161048877

828896

Shoes

494965695652445669675757

434663

Hard-ware

91901041081049693931061109899

8991107

116109118114110105110107117128109109

116109121

i For description of the wholesale trade index see FEDERAL RESERVEBULLETIN for April, 1923.

CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINESAND DISTRICTS

Groceries:United States.

B oston districtNew York districtPhiladelphia districtCleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis districtKansas City districtDallas districtSan Francisco district

Dry goods:United States

New York districtPhiladelphia districtCleveland districtRichmond districtAtlanta districtChicago district -St. Louis districtMinneapolis districtKansas City districtDallas districtSan Francisco district

Shoes:United States

Boston district.-__New York districtPhiladelphia districtCleveland district.Richmond districtAtlanta district _. _Chicago district-—St. Louis district-Minneapolis districtSan Francisco district

Percentage changein March, 1925,sales comparedwith—

Febru-ary, 1925

March,1924

8.6

6.64.43.1

10.47.66.2

12.23.79.2

11.91.6

19.0

9.2

11.715.57.55.2

21.711.0

-17.5-3 .1

3.0-12.0

22.3

35.5

38.344.467.442.221.826.644.077.827.123.2

-0 .7

-0 .7-10.2-4 .7- 3 . 5

5.61.12.68.85.20.25.95.4

6.8

26.2-3 .7-2 .6

6.025.8

- 4 . 111.220.112.313.9

- 8 . 1

- 3 . 1

2.0- 6 . 117.54.49.26.0

-11.311.919.0

- 9 . 3

Percentage changein stocks at theend of March,1925, comparedwith— i

Febru-ary, 1925

-2 .3

-3 .4-7 .0-4 .2

- 5 . 2 I

March,1924

6.3

4.811.74.1

14.2

0.11.7

-2.9

0.2

0.2

0.4

2.13.0

1.6

-0 .5

2.0- 2 . 1 j—O. o

13.33.4

3.0

-17.3

-19.6

-22~2

-12.3-16.8

-19.2

-15.4

-6 .7-10.9-10.7

-2.3

-2.8-3.6

-16.2

-25.110.0

i Changes in total stocks for the United States are weighted averagescomputed on the basis of firms which have reported regularly to theFederal Reserve System since January, 1923.

CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINESAND DISTRICTS—Continued

Hardware:United States.

New York districtPhiladelphia district...Cleveland district..Richmond districtAtlanta district —Chicago districtSt. Louis districtMinneapolis district—Kansas City district...Dallas districtSan Francisco district..

Drugs:United StatesNew York districtPhiladelphia district...Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtKansas City district...Dallas districtSan Francisco district-

Furniture:Richmond districtAtlanta districtSt. Louis districtKansas City district...San Francisco district..

Agricultural implements:United States2

Atlanta districtMinneapolis d i s t r i c t -Dallas districtSan Francisco district..

Stationery and paper:New York districtPhiladelphia district...Atlanta districtSan Francisco district..

Automobile supplies:San Francisco district..

Clothing:New York districtSt. Louis district

Cotton jobbers:New York district.

Silk goods: 3New York district

Machine tools:New York district

Diamonds:New York district

Jewelry:New York districtPhiladelphia district. _

Electrical supplies:Philadelphia district..Atlanta districtSt. Louis district

Millinery:Kansas City district..

Stoves:St.'Louis district

Percentage changein March, 1925,sales comparedwith—

Febru-ary, 1925

18.3

20.231.011.315.65.4

33.99.58.2

17.72.5

13.1

11.3

6.89.0

10.47.9

12.219.18.0

12.90.4

19.9

-10.715.57.3

32.22.6

28.6

41.874.0

-26.953.3

3.612.8

-11.015.7

14.3

25.095.1

7.1

12.7

30.1

-18.9

9.19.0

- 1 . 10.3

11.9

1.5

25.0

March,1924

3.0

-4 .02.45.42.6

15.24.17.8

-0 .620.416.7

- 6 . 8

2.9

- 0 . 17.2

-2 .42.25.83.3

11.29.70.9

17.1

- 8 . 314.81.9

33.9- 2 . 7

48.1

50.167.7

-32.124.0

-6 .4-4 .7

-10.0- 4 . 5

-12.1

5.880.5

2.8

32.4

-12.3

12.9

-14.7-6 .6

-10.57.3

- 2 . 5

17.6

- 4 . 6

Percentage changein stocks at theend of March,1925, comparedwith—

Febru-ary, 1925

3.9

2.52.3

-1 .7

8.20.2

- 0 . 9

0.1

-0 .4

1.4

27.2

March,1924

—0.6

-8 .2

-8 .2

4.31.2

-7 .0

-33.3

-19.9-1.1-2 .6

4.8-11.5

- 0 . 5

-20." I

- 5 . 9

—0.7

-16.2

-14.4

14.00.6

- 5 . 1

"T3

-20.0

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

3 Stocks at first of month—quantity, not value.



RETAIL TRADE, BY REPORTING LINES 1

[Average monthly sales 1919=100]

Year and month

1924JanuaryFebruaryMarch.. _AprilMayJune.. .JulyAugustSeptemberOctober.. __NovemberDecember

1925JanuaryFebruaryMarch _.

Sales without seasonal adjustment

' O CO W

fl oo

1101021151331271209193119141141210

109101121

9610511490896974106141131148

108105120

I205201200210214200206201210240232253

250236255

126140163178174162163172169203199366

151156177

31

141143149145150143148152145159145187

155146160

119124136130143131128138137144138192

122119131

93118178150140113108124138146186

107100127

S3

82757291110124111184

9299105

154167184205186169177180189199186282

162175188

Sales with seasonal adjustment

126128115131123120123118131124126131

124131121

g*3"S

10010191111100104

112109105123

110116103

204200184208214203214211221234230242

249246235

173179170190183176179181183188191198

207209185

IIS3

.9'a

146150147149153146147151147156154153

161161

137140140136141134129141137137139142

141140

159 i 135

B ch

ains

chai

ns)

CO

130132118153130132123138129122134142

141149127

sic

chai

nsch

ains

)

102112110103999497

1021101028998

112120116

184190182205193181181179192194195188

193207186

1 For description of the retail trade indexes see Federal Reserve Bulletins for January and March, 1924.2 Index of sales of grocery chains revised. Comparable index numbers for all months since January, 1919, may be obtained from Division of

Research and Statistics, Federal Reserve Board.

DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS[Average monthly sales 1919= 100]


United States .

Boston.New YorkPhiladelphiaClevelandRichmondAtlantaChicagoMinneapolisDallasSan Francisco

Num-ber

of re-port-ing

firms

359

24632254233563232131

Sales without seasonal adjustment

1925

Mar.

121

11012412112511999

12997

107143

Feb.

101

94107roi106

8984

1088190

113

Jan.

109

110120105107

9383

1139292

128

1924

Dec.

210

215226213207214173219162171238

Mar.

115

113118120120109

94123

9494

134

Feb.

102

101103111112

8883

1127782

121

Jan.

110

120120110109

94.85

1128885

132

Sales with seasonal adjustment

1925

Mar.

121

11012213112311510012899

101144

Feb.

13l

126140125137120111137115114149

Jan.

124

122132120123113102133107106145

1924

Dec.

131

135138133131124106140110105151

Mar.

115

112116129119105

95122

9789

135

Feb.

128

130129132138113104136105

99152

Jan.

126

133132125125114104132103

99149

DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS

[Average monthly stock 1919=100]


United States

Boston. _New YorkPhiladelphiaCleveland _RichmondAtlantaChicago . .MinneapolisDallasSan Francisco ..__

Num-ber

of re-port-ing

firms

314

24631352192251221929

Stocks without seasonal adjustment

1925

Mar.

138

126135183137131114156117122137

Feb.

127

115123167125118107145106113126

Jan.

119

112118147112109

99137

99103123

1924

Dec.

124

120125151120118

96141

99105124

Mar.

138

128130162137134125162114126143

Feb.

127

115119152126121123144106118131

Jan.

115

111117132110104109128

97107125

Stocks with seasonal adjustment

1925

Mar.

137

127133179136125113157112121134

Feb.

135

123132177135126111155109121131

Jan.

134

124132164133129110154111120134

1924

Dec.

133

123132157129130107152108122135

Mar.

137

129127161136128124164110125141

Feb.

135

123128162135129127155109126137

Jan.

131

123130148131124121144110124137



FOREIGN BANKING AND BUSINESS CONDITIONSANNUAL REPORTS OF CENTRAL BANKS FOR 1924

Summaries of annual reports of a numberof foreign central banks for 1924 are presentedbelow. These summaries are based in mostcases on the reports of the banks received bythe Federal Reserve Board, but in a few caseson accounts of these reports appearing in thepress. A summary of the annual report ofthe Bank of France was published in theApril issue of the BULLETIN.

THE GERMAN REICHSBANK

As a result of the stabilizing of the currencyand the reconstruction of Government finances,the economic condition of Germany showedmarked improvement during 1924. The ac-cumulation of savings and the creation of newcapital increased slowly. The credit policy ofthe Reichsbank took account of the fact thatbecause of the widespread dearth of capital,the continuation of German business and in-dustry without the aid of the Reichsbankwould be almost impossible. But to avoid thedanger of inflation and to maintain the sta-bility of the mark, the Reichsbank was obligedto restrict its credits to the bare necessities ofthose who applied, especially in view of theextensive demands of commerce and industryas opposed to those of agriculture and of ex-port. The policy of the bank had the expectedresult. In order to provide the needed workingcapital, commodities and exchange bills wereplaced on the market in large amounts bybusiness firms, so that the commodity pricelevel underwent a considerable recession. Inthe interests of creating a wider credit marketoutside of the Reichsbank, its directors gavespecial attention to reducing interest rates andcosts of operation, and to the wise use of theso-called public funds. The extensive creditsupport, which, outside the strict limits of itsprescribed activities, the Reichsbank extendedto agriculture during the early part of the year,had to be discontinued for reasons of financialpolicy as well as because of the expressed wishof the experts who were putting the Dawesplan into operation, that the Reichsbankshould as soon as possible be free from theburden of carrying these credits. The bankdirectors encountered serious difficulties in ef-fecting this change; in arranging for agricul-

tural borrowers the long-time credits whichthey required and in making available forsimilar future investment those moneys (forexample, from savings banks, public and pri-vate funds, and Government treasuries), whichbefore the war were directed voluntarily or bylaw into long-time investments, especially intomortgages.

The policy of the Reichsbank was greatlystrengthened by the inauguration of the Dawesplan. 'This assured the Reichsbank directoratethe greatest and most practical support withoutin any way injuring its autonomous position;and at the same time hastened the restoration ofthe gold standard. In order to safeguard itspolicy of stabilization, the Reichsbank createdthe German Gold Discount Bank, which suppliedto German industries considerable sums of goldcapital partly out of their own resources andpartly through rediscounting abroad, so thatthe German credit and currency situation wasgreatly improved.

After the successful flotation of the 800,-000,000 gold-mark loan in October, the way wasopened ior a series of private foreign credits.Because, however, an unrestricted grant offoreign credits, for example, of a short-term char-acter or for purely consumptive purposes, mighthave been perilous for the newly establishedcurrency, provision was made for the creationof foreign credits according to definite prin-ciples for purposes which were clearly recog-nized to be essential. Another criterion bywhich the value of these credits to German pro-duction was judged was the following: So far asthey were applied to increasing exports theyserved their purpose best when upon their matur-ity they provided out of the transaction itselfthe supply of foreign exchange necessary to dis-charge the obligation. So far as they wereused in merely replacing working capitalalready consumed, no objections under the rulewere to be raised, provided it was a matter of along-time loan under safe conditions.

The satisfactory development of the moneymarket and of the Reichsbank is best shown bythe fact that the rate of interest for call moneyon the Berlin Stock Exchange, which in Janu-ary had stood for a year at about 100 per cent,fell almost uninterruptedly until it reached 10



per cent, the level at which the bank discountrate had stood during the entire year.

The gold stock of the Reichsbank, which inApril had fallen to 442,000,000 gold marks,rose by the end of the year to about 760,000,000gold marks, chiefly by the inflow of gold fromforeign countries. The volume of foreign ex-change held by the bank has been increased sincethe flotation of the so-called Dawes loan, bypractically the entire supply of foreign exchangeformerly held by private business, so that goldand foreign exchange together total 2,065,000,-000 gold marks.

THE SWEDISH RIKSBANK

The fact that the Riksbank was the firstEuropean bank of issue to return to the goldstandard invests its report for 1924 with aspecial interest. According to the annualreport, the Riksbank was exempted by decreefrom the obligation of redeeming its notes ingold up to March 31, 1924. Late in Feb-ruary, the governing board of the bank appliedfor a prolongation of this suspension until Sep-tember 30; the Government, however, recom-mended a postponement only until May 31.On March 22 the bank committee proposedthe resumption of specie payments on theoriginal date (April 1,1924) and the abrogationof the export embargo on gold, with the reten-tion of an embargo on gold imports except forthe account of the bank of issue. This pro-posal was accepted. By law of May 14, 1923,the King was authorized, upon recommendationof the governing board and after consultationwith the national debt office, to exempt theRiksbank from the obligation to maintain freecoinage of gold up to March 1, 1924. Noprovision was made during the year for renew-ing this law.

The removal of the export embargo was fol-fowed by a small loss of gold, the reserveslalling from 271,839,100 kronor at the end of1923 to 236,970,200 kronor at the end of lastyear. During the year, the gold holdingsaveraged 49.8 per cent of the note circulation;the lowest ratio was 43.7 per cent, recordedin the last week in September, the highest,58 per cent, on January 26.

The report includes tables showing the situa-tion of the combined commercial banks. Thetotal deposits of these institutions have beensteadily declining, amounting to 4,389,000,000kronor in January, 1923, 3,959,000,000 in Jan-uary, 1924, and dropping to 3,675,000,000 atthe end of 1924. For the same months thecombined loans and discounts were 4,888,000,-000 kronor, 4,466,000,000 kronor, and 4,316,000,-

000 kronor. On the other hand, borrowings bythese institutions from the central bank wererather higher last year than the year before. In1923 such borrowings stood at 291,500,000kronor in January, fell to 173,000,000 kronorin August and rose to 360,000,000 kronor inDecember. In 1924, they were 312,000,000 inJanuary, rose to 380,000,000 in June, fell againto 261,000,000 in November, and closed theyear at 394,000,000 kronor.

THE BANK OF JAPAN

The annual report of the Bank of Japan for1924 deals principally with developments whichhave attended the process of reconstructionfollowing the earthquake of September, 1923.The year 1924 opened with continued heavyimports, largely of materials for reconstructionpurposes to which customs exemption had beenextended until the end of March. The un-usual volume of imports resulted in the accu-mulation of large stocks of goods, the tie-upof a considerable amount of credit, and a fur-ther decline in the exchange value of the yen,prices in the country remaining relatively highthroughout the year. The Bank of Japan'sdiscounts and advances, which aggregated364,000,000 yen on June 30, 1923, increasedrapidly after the earthquake and at the be-ginning of 1924 amounted to 853,000,000 yen.

The total declined to 245,000,000 yen in Sep-tember, the low point for the year, but in-creased again to 724,000,000 yen on December31, 1924. The bank's rate for emergency dis-counts was lowered from 8.76 per cent to 8.03per cent on December 22, the rate on otherdiscounts having remained at 8.03 per centsince November 19, 1919. The bank's noteissue decreased during the summer, but in-creased in the latter part of the year and onDecember 31, at 1,662,000,000 yen, was notfar below the high point of the previous De-cember.

THE SWISS NATIONAL BANK

In its annual report for 1924 the Swiss Na-tional Bank makes a number of observationson the conditions prevailing in Swiss indus-try and finance. There has been a recoveryin several fields of activity, notably thewatchmaking, building, and hotel and trans-port industries. Unemployment shows a de-cline. Export industries, however, are suffer-ing from the low level of prevailing prices.Referring to the international position of theSwiss franc, the report continues: "The tradebalance—that is, the visible part of our bal-


342 FEDEKAL EESEBVE BULLETIN MAY, 1925

ance of payments—is about what it was beforethe war; the tourist business, the transit trade,banking operations, and the other invisibleitems of the balance of payments appear tomake up for the deficit in the trade balance,so that from this point of view, so importantfor the steadiness of the Swiss franc, we maysay that the situation does not look unfavor-able."

The Swiss money market—At no time duringthe year was money tight in Switzerland.The official discount rate, which was raised onJuly 14, 1923, from 3 to 4 per cent, was notchanged in the course of last year. Therate on secured advances remained also at 5per cent during the entire year. During thetwo preceding years, 1923 and 1922, the aver-age discount rate in Switzerland had been,respectively, 3.47 per cent and 3.39 per cent,and the rate on secured advances 4.47 per centand 4.39 per cent. In the money market therate stood at 3% per cent in December, 1923,fell to 3>^ per cent by the beginning of Feb-ruary, and rose to 3% per cent in April. Afterweakening to 3 ^ per cent early in June, itagain touched 3% per cent at the end of Julyand remained about 3% per cent during Au-gust and September, falling gradually to 3 ^per cent at the end of 1924. In the long-timecapital market the year 1924 began with atendency toward higher interest rates. InMarch the Federal railways placed a 5 percent loan at an issue price of 9834 f° r 150,000,-000 francs; but in the second quarter the 53^per cent rate was general. Later in the yearthe market became easier, but it was only inthe last weeks of the year that a noticeableweakening in the long-time interest rate wasrevealed by a marked rise in the quotations ongilt-edged securities.

"The demands made upon the financialmarket by foreign issues did not reach propor-tions sufficient to exercise a notable influenceon the situation, although the rates of interestgenerally offered to assure the placing of theseissues substantially exceeded those prevailingin our country. Notwithstanding these advan-tageous conditions, the public showed itselfrather cool toward foreign loans, except, per-haps w n e r e the operations were particularlyattractive, such as the loan for the financialrestoration of Germany.'7

The exchange rate.—" The situation in theexchange market was not very propitious atthe beginning of the year. The dollar, whichis of special interest to us, was quoted at thattime at 5.71 francs, or about 10 per cent abovepar. It (the dollar) continued to rise for some

time, a movement certainly not of a nature todisclose very favorable prospects for our franc.It touched its highest quotation in the middleof March at 5.80%.

" Convinced that in the long run, the econo-mic life could prosper only if we succeeded instabilizing the Swiss franc as near gold parityas possible, the Confederation and the Na-tional Bank endeavored to better the situationof our exchange.

"In similar circumstances before the war,the raising of the discount rate would havebeen the first means to which we would haveresorted to protect the franc. However, thedisturbances caused by the war had considerablyreduced the effectiveness of this remedy, atleast in its international function, because theydid not—and the same fact is true to-day—per-mit the free exchange of gold. The discountrate is only slowly recovering its old functions,in proportion as conditions tend to becomenormal again. The experiment tried in July,1923, had demonstrated that advances in thisrate, within the limits which we could take intoconsideration in this country, do not exercise a

Sreponderant influence on the exchange, whichuctuates so widely as to make ineffective rela-

tively small differences in the rate of interest.On the other hand, it was necessary to takeinto consideration the undesirable consequenceswhich an advance in the official rate would en-tail, within the country itself, in causing anincrease in the rates demanded by the banksfrom their customers as well as the rates ofinterest in the capital market.

" It was therefore necessary to resort to othermeans to better the situation. The NationalBank began, not without meeting a certainamount of objection, by increasing its require-ments as to the quality of the paper acceptedfor discount. Its object, in taking this measure,was to hinder the extension of too large creditsabroad and to restrict the demands upon thefiduciary issue on account of long-time loans.Further, the Federal council at the end of Marchcontracted in America a loan of $30,000,000 at5H per cent, and the Federal railways placed inSwitzerland a loan of 150,000,000 francs at 5per cent.

" To the effect of these measures were addedthose of favorable circumstances, which, in ageneral way, were not dependent upon eitherthe Confederation or the National Bank.For the first time since the cessation of hostili-ties there was produced, under the influence ofinterest rates, an international movement ofcapital whose magnitude eventually exceededthat which occurred before the war. The rate


MAY, 1925 FEDEBAL RESERVE BULLETIN 343

of interest having fallen in New York, fundsceased to flow from Europe to America, thosewhich had been placed overseas in the short-money market began on the contrary to flowback and we even saw American money takingthe road to our continent, as confidence in theEuropean situation increased. At this sametime money tightened in the Swiss moneymarket, ana toward the end of the first halfyear there was a marked increase in the demandfor discount accommodation at the NationalBank.

"So to a declining tendency in the dollaritself there were added certain circumstancesespecially favorable to the Swiss franc. Thedollar rate, already fallen to 5.60 at the end ofJune, was hardly more than 5.30 at the begin-ning of August. Toward the end of Novemberit had touched par, and at the end of Decemberit had even fallen below parity.

" The improvement of our exchange, how-ever, is not due exclusively to the factors justmentioned. The progress realized in the resto-ration of the finances of the Confederation, theCantons, and the communes also doubtlesscontributed to it, as well as the recovery intrade and the increase in the tourist business."

Referring to the prospects of a return to thegold standard, the report concludes: "As soonas a larger number of countries having a pre-ponderant economic importance have restoredgold to circulation, the National Bank will alsobe able to consider the gradual reintroductionof the effective circulation of gold, first of itsown free will, and then after that experimenthas been tried, to the legal obligation of con-vertibility. The abolition of the forced circu-lation (of paper money) will mark the laststage in the return to a sound money situationsuch as we possessed before the war.'7

THE BANK OF SPAIN

The annual report of the Bank of Spain forthe year 1924 shows relatively small changes inthe principal items. Total loans and advancesincreased by about 500,000,000 pesetas, orsomething over 10 per cent, and note circula-tion by 200,000,000 pesetas, or about 4 percent.

THE NATIONAL BANK OF RUMANIA

The bank in its report announces its inten-tion to continue the policy of increasing thevalue of the currency by means of deflation,but it proposes to proceed slowly, in order toavoid the hardships that would otherwise re-sult. The stabilization of the currency has

been achieved. Despite the currency crisis oflast September to November, the bank wasable to maintain its discount rate at 6 percent, believing that to raise the rate wouldaggravate the crisis. To increase the metallicstock of the bank, gold has been bought tothe value of 88,153,000 lei, and foreign cur-rencies and securities have been increased by8,160,000 francs and £64,320. Gold obtainedfrom the liquidation of the Austro-HungarianBank amounted to 7,546,000 lei.

BANK POLSKI

The Bank of Poland, which was openedabout the end of last April, has issued a reportcovering th§ first eight months of its opera-tions, the period ending December 31. Atthe opening, the reserve against the banknotes issued amounted to 249,500,000 zlote, ofwhich 70,300,000 were represented by actualgold and 179,200,000 by foreign currency andexchange. Toward the end of the year thestock of gold increased to 103,300,000 zloteand the stock of foreign currency and ex-change to 253,600,000. The circulation in-creased from 245,000,000 zlote on May 31 to550,900,000 on December 31. The ratio ofthe gold reserve against notes issued fluctuatedbetween 60 and 70 per cent, being twice ashigh as the ratio required by law; on Decem-ber 31 it was 64.9 per cent. Loans rose from92,400,000 on April 26 to 315,600,000 at theend of the year. On November 27 the dis-count rate was reduced from 12 to 10 per cent.Net profits were 11,970,000 zlote, of which 10per cent was placed in the reserve fund;8,000,000 zlote assigned to dividends togetherwith an extra dividend aggregating 12 percent per annum; and the balance of 2,750,000zlote was turned over to the Treasury.

THE BANK OF FINLAND

The annual report of the Bank of Finland,covering its one hundred and thirteenth finan-cial year, shows that holdings of gold andFinnish silver coin increased from 43,251,000finmarks in December, 1923, to 43,832,000 atthe end of 1924, the increase being due to again of about 600,000 finmarks in gold. Atthe same time, the assets in foreign currency,which had been as low as 337,000,000 finmarKsin September, 1923, rose to 932,000,000 inFebruary, 1924, dropped again to 373,000,000in June, and closed the year at 808,000,000finmarks. Holdings of Finnish Governmentsecurities declined steadily throughout the


344 FEDEKAL RESERVE BULLETIN MAY, 1925

year, from 548,000,000 in December, 1923, to482,000,000 a year later. Domestic securitiesrose from 627,500,000 finmarks in January to1,006,000,000 in June, but fell again to 551,-000,000 in December, compared with 717,-000,000 in December, 1923. The note circu-lation averaged below the levels of 1923, forwhich year the maximum was reached inMarch, with 1,555,128,000 finmarks; the maxi-mum for last year reached also in March, was1,399,552,000. The minimum for 1923 was1,333,031,000 (November), against a mini-mum of 1,227,704,000 in November, 1924.The gold reserve of 43,300,000 finmarks (De-cember, 1924) is carried at its nominal value.The monthly bulletin of the bank shows thatat the prevailing rate of exchange the currentvalue of this gold is 331,700,000 finmarks,giving the circulation an actual gold cover ofabout 26 per cent in addition to which " foreigncorrespondents and credits abroad" amountedto 793,900,000 finmarks and foreign bills andbank notes to about 10,000,000 finmarks.

THE BANK OF DANZIG

The Bank of Danzig was opened in March,1924, during the period of transition into thenew gulden currency. Its first task was tostabilize the gulden, and in this undertakingit was aided by the stock of foreign exchange,which it took over from the Danziger Zentral-kasse. The notes in circulation were wellcovered by liquid J assets with the Bank ofEngland and by other foreign bills.

Note circulation rose from 1,450,000 guldenon the opening day to 31,900,000 gulden onDecember 31. Discounted bills stood forseveral months at about 14,000,000 gulden onaccount of the business depression and onlytoward the end of the year rose to 17,100,000gulden. The discount rate, 12 per cent at

first, was lowered to 10 per cent in September,and again to 9 per cent in March, while marketrates were lowered from 14 to 12 per cent inSeptember and again to 11 per cent in March.

Legal reserve for note circulation consists ofgold coins, and notes and demand obligationsof the Bank of England; as a matter of factalmost the entire reserve consists of these de-mand obligations.

Net profits amounted to 1,002,000 gulden,of which one-fourth was transferred to surplus;another part was set aside for the payment of a7 per cent dividend; and the remainder wascarried forward.

BANK OF LITHUANIA

The introduction of the new monetary unitthe litas, equal at parity to 10 cents, has givenLithuania a comparatively stable currency.Notes in circulation increased from 60,000,000lits on December 31, 1923, to 93,000,000 litson December 31, 1924, and have remained atabout that level during the first three monthsof 1925. At the end of March the circulationrepresented 59.3 per cent of the total liabilitiesand deposits 19.3 per cent. At least one-thirdof the circulation must be covered by gold—the actual proportion of the gold reserve onMarch 31 was 34.9 per cent. This, added todollar, sterling, and other stable currenciesto the value of 56,700,000 lits, together withminor items of State coins and silver, makesup 57.<3 per cent of the total assets. Loansand discounts make up 25 per cent moreand are 8,000,000 lits greater than the de-posits.

The year showed a net profit of 2,850,000 lits,out of which 12 per cent dividends werevoted to stockholders, 723,000 lits went to theState, and 528,000 lits to reserves, which thentotaled 625,000 lits.


MAY, 1925 FEDERAL. EESEBVE BULLETIN 345

FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES

(Bank figures are for the last report day of month, except for London clearing banks, which are daily averages)

ENGLAND

[Millions of pounds sterling]

Bank of England:Issue department—

Gold coin and bullionNotes issued

Banking d e p a r t m e n t -Gold and silver coinBanknotesGovernment securitiesOther securitiesPublic deposits _Other depositsRatio of gold and note reserve

to deposit liabilities (percent)

Bank notes in circulationCurrency notes and certificatesNine London clearing banks:

Money at call and short notice—.Discounts and advancesInvestmentsTotal deposits

Total clearingsGovernment floating debt:

TotalTreasury billsTemporary advances

Index of security prices (December,1921=100) (percent)

Index number of foreign exchangevalue of the pound sterling (percent)

1925

March

127147

222397715

106

19.897

284

1081,043

2831,6053,453

742576166

116.9

127.3

Febru-ary

127147

222427416

106

19.498

281

1211,055

2871,6433,316

760592168

117.9

126.8

Janu-ary

127146

2

22507423

107

18.498

281

1121,063

2961,6533,771

786631155

117.5

126.5

1924

March

126146

221487527

101

17.6103282

941,009

3361,6033,379

774588186

114.2

127.7

FRANCE[Millions of francs]

Bank of France:Gold reserve !

Silver reserveWar advances to the Govern-

mentNote circulationTotal deposits

Commercial bank loans (3 banks)Commercial bank deposits (3 banks)..Clearings, daily average of Paris

banksPrice of 3 per cent perpetual rente

309

21,80040,8922fO52

1,12246.85

3,681306

21,90040, 7922,028

14,67714,622

1,02748.10

3,681305

21,20040,5162,012

14,63514, 511

92048.45

3,677298

22,70039,9503,242

15,02114,992

1,79455.32

1 Not including gold held abroad.

CANADA

[Millions of dollars]

Chartered banks:Gold coin and bullion l

Current loans and discountsMoney at call and short notice . . .Public and railway securitiesNote circulationIndividual deposits

Gold reserve against Dominion notes.D ominion note circulationBank clearingss

Bank debits2

1925

Febru-ary

521,131

330570158

2,136125218

1,1101,915

Janu-ary

531,114

319542155

2,083131222

1,4102,230

1924

Decem-ber

521,123

315536166

2,166139262

1,7092,825

Febru-ary

541,173

300465163

2,000102227

1,2742,187

1 Not including gold held abroad. 2 Total for month.

GERMANY

[Millions of reichsmarks]

Reichsbank:Gold at homeGold abroadReserves in foreign exchange-Bills of exchange and checks..Miscellaneous assets...•.Deposits

Reichsmarks in circulation.Rentenmarks in circulationReichsbank clearingsIndex of security prices (per cent)Capital issues

1925

March

798205334

1,5781,217

7432,3151,9114,09597.60

31

Febru-ary

700207302

1,7371,684

9182,1061,9673,637

101.4726

Janu-ary

636199278

1,7711,507

7471,9011,9673,936

111.37102

ITALY

[Millions of lire]

Banks of issue:Gold reserve - _Total reserveLoans and discountsNote circulation for commerceNote circulation for the State i . . .Total deposits

Leading private banks:Cash

Due from correspondentsParticipations.Total depositsState note issue

Index of security prices (per cent)

1925

Febru-ary

1,1321,7947,919

10,3267.1452,817

2,400297

Janu-ary

1,1311,8197,626

10,5007,1462,806

2,400259

1924

Decem-ber

1,1321,8268,324

10,8737,2423,194

1,0608,9693,951

12,9032,400

254

Febru-ary

1,1221,8387,4848,8527,7492,517

923

3,577

2,428196

* Not including gold held abroad.

JAPAN

[Millions of yen]

March

Bank of Japan: jReserve for notes * j 1,059Loans and discounts .Advances on foreign bills..N ote circulationGovernment depositsPrivate deposits

Tokyo banks:Cash on handTotal loansTotal depositsTotal clearings

33962

1,28930145

1352,3921,8962,843

1925

Febru-ary

1,059311

811,297

29931

1102,3921,8612,552

Janu-ary

1,059325135

1,39022431

1232,3981,8592,632

1924

March

1,061501202

1,34751146

1272,4491,8382,228

' Gold abroad, gold coin and bullion in Japan.



CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES

Austrian National Bank (millionsof schillings):

GoldForeign bills (reserve)Other foreign bills _Domestic bills, etcNote circulation _Deposits

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

GoldForeign bills and balances abroadBillsNote circulationPrivate deposits

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

Metallic reserveForeign notes. _Balances abroad and foreign billsCommercial billsCommercial loansNotes in circulationDeposits

Banking Office, Czechoslovakia(millions of Czechoslovak crowns):

Gold and silver __Balances abroad and foreign cur-

rency . . .Bills discounted..Advances on collateralNote circulationChecking accounts

Bank of Danzig (thousands ofDanzig gulden):

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

Loans and discountsNotes in circulation..Total deposits

National Bank of Copenhagen(millions of kroner):

GoldBillsLoans.Foreign bills and balances abroad.Note circulationCurrent accounts... _

Bank of Finland (millions of fin-marks) :

GoldBalances abroad, etc.Finnish and foreign government

securitiesDomestic billsNote circulationCurrent accounts-

PrivateTreasury

National Bank of Greece (millionsof drachmae):

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

SightTime

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

GoldForeign exchangeBills, etc..Note circulation.Current accounts-

PublicPrivate

1925

March

1132017210579030

27230

1,3187,458

276

1,030

544822537

7,681584

30,20116,45931,73713,750

2092024035

45246

43862

474645

1 384

68116

6691,9841,5144,270

2,409144

Febru-ary

1132015312879632

27230

1,3257,599

225

686

976310521

4,3801,867

1,029

595978542

7,728633

24,85016,40129,8389,491

2092154724

45364

43913

474597

1,288

50227

2,0803,8112,9244,979

1,7901,056

5961,9891,6774,238

2,359183

Janu-ary

1132312915479044

27230

1,5457,648

258

685

932293513

4,4582,008

1,029

6431,083

5537,917

497

21,97717,23029,7405,740

2092145629

45667

43874

474598

1,205

53284

2,0673,8352,8444,847

1,868687

5101,9671,8494,450

2,012127

1924

March

11395

17371575

27018

1,3877,652

368

981

770160360

4,7481,824

1,043

662673747

8,280650

19,3201,231

14,239780

2102365725

46373

43798

501704

1,400

28239

2,0724,0421,8384,701

1,6201,050

Bank of Latvia (thousands of lats):GoldForeign exchange reserveBillsLoans.Note circulation.Government depositsOther deposits

Bank of Lithuania (thousands oflitas):

Gold. _ . . .Foreign exchange reserveLoans and discountsNote circulationDeposits

Netherlands Bank (millions offlorins):

GoldDomestic billsForeign billsLoans .Note circulationDeposits

Bank of Norway (millions ofkroner):

GoldLoans and discountsBalances abroadNote circulationDeposits:

StatePrivate

Reserve Bank of Peru (millions oflibras):

Gold at home. _Gold abroadBillsNotes in circulationDeposits

Bank of Poland (millions of zlote):GoldForeign exchange, etcBillsNote circulation __Current accounts, etc.:

TreasuryPrivate _

Bank of Portugal (millions of es-cudos):

GoldBalances abroadBillsNote circulationDeposits

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

GoldBills _Government loansNote circulationDeposits

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

GoldForeign currencyLoans and discountsBank notes _

South African Reserve Bank(thousands of pounds sterling):

Gold coin and bullionGold certificatesTotal bills discounted

D omestic billsForeign bills

Notes in circulationBankers' deposits

1925

March

23, 53241, 75049,64052,22229, 73084,40841,914

32,86256,70639, 58994,03331, 279

50493

132162898

43

147355

51380

1186

4,184983

1,3285,868

492

117259307563

1189

9274161

1,69867

5637,307

10,78719, 0716,750

16,1886,828

33,92959,030

2,21610,2244,026

6683,358

11,0974,811

Febru-ary

23,56740,16247,91153,01028,70183,18045,741

31,06263,10937,48693,12633, 682

504103128150881

64

14737031

368

2464

4,094982

1,4625,828

673

107206286550

548

9325155

1,71681

5637,243

10,78719,1227,588

15,2149,566

31,28156,055

3,85010,2233,9161,497

87811,1366,574

Janu-ary

23, 58740, 87646,86050,83127,89880, 33545,428

30,94762,66738,06294, 70829, 816

505115125157893

63

14739528

361

3167

4,1791,0601,1895,838

498

104242270553

350

9298154

1,72867

5637,294

10,78719,1987,411

14,91410,24831,28955,025

2,74410,2234,9421,991

67011,3445,482

1924

March

19,66346,18224,05227,66723,64952,83942,230

24,13456,74725,48871,24732,660

56925423

1581,018

17

147413

23380

1276

4,214760

1,0855,681

372—

949

1651,491

57

5615,936

11,09917,8326,621

8,7847,744

16,89533,800

54910,1026,4502,6921,640

10,8455,147



CONDITION OF CENTRAL BANKS IN OTHER COUNTRIES—Continued

Bank of Spain (millions of pesetas):GoldBalances abroadBills discountedNote circulationCurrent accounts

Bank of Sweden (millions of kro-nor):

Gold _Balances abroad and foreign bills1

Domestic billsGovernment securities:

SwedishForeign

Note circulationDeposits

1925

March

2,53631

9304,3971,077

234137379

1342

521237

Febru-ary

2,53630

9394,4721,032

234149370

1342

493269

Janu-ary

2,53631

9264,529

957

234151390

1343

483291

1924

March

2,52830

7854,3221,009

271101371

1477

557201

1 Includes foreign government securities.

Swiss National Bank (millions offrancs):

GoldDomestic billsLoansBalances abroad and due from

correspondentsNote circulationDeposits _ _

National Bank of the kingdom ofSerbs, Croats, and Slovenes(millions of dinars):

Gold - - _.Foreign currency and balances

abroadBillsNote circulationCurrent accounts

March

481269

. 52

3683670

72

3401,0955,594

282

1925

Febru-ary

49825554

3281980

72

3521,1545,760

321

Janu-ary

50630452

70825164

72

3751,2085,795

345

1924

March

53622359

7090151

72

3501,2295,586

244

DISCOUNT RATES OF 28 CENTRAL BANKS

[Prevailing rates with date of last change]

Country

AustriaBelgiumBulgariaCzechoslo-

vakiaDanzigDenmarkEngland

Rate

11

10

7975

In effectsince—

Apr. 25,1925Jan. 22,1923Aug. 31,1924

Mar. 25,1925Mar. 6,1925Jan. 17,1924Mar. 5,1925

Country

EsthoniaFinlandFranceGermanyGreeceHungaryIndiaItaly

Rate

9979m

i i76

In effectsince—

May 19,1924Mar. 6,1924Dec. 11,1924Feb. 26,1925Feb. 15,1925Mar. 27,1925Jan. 22,1925Mar. 9,1925

Country

JapanLatviaLithuania. _.NetherlandsNorwayPolandPortugalRumania

Rate

7.3874

m1096

In effectsince—

Apr. 15,1925Feb. 16,1924Feb. 8,1925Jan. 16,1925Nov. 26,1924Nov. 28,1924Sept. 12,1923Sept. 4,1920

Country

South Africa-Spain __SwedenSwitzerland.Yugoslavia-

Rate

5K5

6

In effectsince—

Nov.—,1924Mar. 23,1923Nov. 9,1923July 14,1923June 23,1922

Changes.—Bank of Japan, from 8.03 per cent to 7.30 per cent on Apr. 15,1925; Austrian National Bank, from 13 to 11 per cent, April 25,1925.


348 FEDERAL, RESERVE BULLETIN MAT, 1925

FOREIGN TRADE OF PRINCIPAL COUNTRIESUNITED STATES

[Thousands of dollars]

IMPORTS

By classes of commodities:TotalCrude materials..Foodstuffs, crude, and food

animalsManufactured foodstuffs..SemimanufacturesFinished manufacturesMiscellaneous

By countries:Total Europe

FranceGermanyItaly..United Kingdom

Total North AmericaCanada

Total South AmericaArgentina

Total Asia and OceaniaJapan

Total Africa

EXPORTS

By classes of commodities:TotalCrude materialsFoodstuffs, crude, and food

animalsManufactured foodstuffs...SemimanufacturedFinished manufacturesMiscellaneousReexports

By countries:Total Europe

FranceGermanyItalyUnited Kingdom

Total North AmericaCanada

Total South AmericaArgentina

Total Asia and OceaniaJapan

Total Africa

1925

March

385,487142,211

50,15746,84875,94367,9132,415

112,09714,15313,0809,51240,15191,29734,44458,4518,584

113,39728,29110,245

453,434121,690

31,10255,59764,543171,5531,0487,901

251,82325,69051,38626,06384,999100,29751,17933,54812,21258,96121,3888,805

Febru-ary

333, 720128,603

36, 77839, 77663, 64962,8482,066

100,96814, 88012,0778,26233,89383,21933, 65144, 05310, 21292,43823,18113, 044

365, 782128, 697

23, 55446, 27747, 777117, 894

6365,904

222, 26222, 85543, 78523,06185, 75775,12539,12225, 4639,93942, 55915, 8035,330

3, 726,9831,329,641

452,374476,302677, 628768,72022,429

1,140,131152,945142,46284,197381,888959,818

12 months endedMarch—

1925

491,11579,150

1,058,068347,76877,960

4,760,8411,412,399

430,505568,016626,526

1,624,4497,12891,159

2,615,902294,392459,114212,946

1,050,7981,104,437615,783333,464126,155632,159225,30374,138

1924

3,709,7901,302,564

364,875552,705707,088759,05123,507

1,114,958147,540155,36682,977379,701

1,027,174424,926449,70999,867

1,039,772335,31478,175

4,284,4511,275,018

229,441589,044590,239

1,513,6046,01681,090

2,152,197279,604367,391174,362879,678990,299639,779275,658110,662712,661299,62363,631

FOREIGN COUNTRIES

France (million francs):ImportsExports

Germany (million gold marks);Imports ,Exports

United Kingdom (thousand £sterling):

ImportsExportsReexports

Canada (thousand dollars):ImportsExports

Japan (million yen):ImportsExports

South Africa (thousand £ ster-ling) :

ImportsExports

Denmark (million kroner) :ImportsExports

Italy (millionlire):ImportsExports

Netherlands (million guilders):ImportsExports.

Norway (million kroner):ImportsExports

Sweden (million kroner):ImportsExports

Brazil (million milreis):l

ImportsExports .

Australia (thousand £ sterling):Imports...Exports

India (million rupees):ImportsExports

1925

March

3,3073,762

1,111712

112,86170,30312,776

84,60895,888

313151

5,4378,487

Febru-ary

3,3463,595

1,125 !631 I

110,14869,33013,858

61,43071,164

284164

5,3004,550

12 months endedMarch—

1925

1925

Febru- Janu-ary ary

188166

204183

1,8281,119

197 !136

211140

10995

10580

251505

13,43814,379

243401

39,74241,401

10,5277,253

1,330,194810,736140, 824

796,9331, 081,362

2,4591,933

67, 67371,634

1924

35,95134,845

6,6226,362

1,124,118775,201129,080

893,3351,058,763

2,2971,445

58,10574,448

12 months endedFebruary—

1925

2,4192,188

2,4081,694

145,822160, 939

2,4553,860

1924

2,0601,775

17,28611,483

2,0371,359

1,1,

1,1,

587101

418284

876

1,3131,156

2,2373,178

138,312114,053

2,2813,488

1 Figures for November and October, 1924, and for the 12 months ending November, 1924, and November, 1923.

The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreigntrade of the United States and monthly fluctuations in ocean freight rates prevailing between this countryand principal European trade regions. For methods of construction of these indexes reference may be madeto the FEDERAL RESERVE BULLETINS for July, 1920, and August, 1921.

FOREIGN TRADE INDEX[1913=100]

Imports:TotalRaw materialsProducers' goodsConsumers' goods

Exports:TotalRaw materialsProducers' goodsConsumers' goods

1925

March

209.2164.1274.5200.8

119.1102.1213.9129.0

Febru-ary

200.2166.4272.5141.7

103.894.1

177.0100.2

Janu-ary

217.1186,4296.9134.7

127.8123.2181.2117.2

1924

De-cember

194.7185.4226.3153.2

136.7135.3186.0117.4

March

195.3151.1269.4165.3

90.469.1

155.8129.3

INDEX OF OCEAN FREIGHT RATES[January, 1920=100]

United States Atlantic portst o -

United KingdomFrench AtlanticNetherlands and Bel-

giumScandinaviaMediterraneanAll Europe - . . . .

1925

April

26.127.2

26.724.024.626.0

March

27.026.2

24.823.524.225.6

Febru-ary

27.827.6

25.123.520.725.5

Janu-ary

29.827.6

25.623.523.826.9

1924

April

28.126.5

24.523.720.525.3


MAT, 1025 FEDERAL BESEEVE BULLETIN 349

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 convertedto a gold basis. The latter figure takes intoaccount the depreciation of the foreign currencyin terms of the American dollar (or gold) and the

series indicates relative price levels in the severalcountries when all prices are expressed in dollars.

The wholesale price index of the Bureau ofLabor Statistics for the United States, withthe group indexes shown by that bureau andthe regrouping made by the Federal ReserveBoard, has been transferred from this section tothe section on business conditions in the UnitedStates and appears on page 318 of this issue.

FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES 1

Year and month

1923, average1924, average

1923JulyAugustSeptemberOctoberNovemberDecember _

1924JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember


On paper currency basis

165159

159159163163163163

163163160158156154156158156159160165

168167169

England France Canada

170176

168164165166171177

178180180181177174174173172175176177

178178174

394446

391391404404416427

445469483428428442440442436442449451

456457463

Japan

150 i147 I

151 !150149 i147 !145144

146148147143143145147149146148148149

156«158153

188200

183179191196199205

205200200201200189191196198206210209

208204

Converted to gold basis

England

159160

158154154154154159

156160158162158155156160158161167171

175175171

France

124121

119115123125119116

Canada

147145

147146145145142140

Japan

183166

179176186192193193

108107117137128120117125120120123126

127125124

142144143140141142146149145148148149

156157153

1851821721651«1156158163161161162161

160168

FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES 1

Year and month

UNITED STATES

1924—March. _OctoberNovember.-_December

1925—JanuaryFebruaryMarch

ENGLAND

1924—MarchOctoberNovember.-_December

1925—JanuaryFebruaryMarch.FRANCE

1924—MarchOctoberNovember. __December

Allcom-modi-ties

160159160165168167169

180175176177178178174

483442449451

Grouped by stage ofmanufacture

Rawma-

terials

166165165171176177180

183171174175176175172

483469478480

Pro-ducers'goods

157146147151151153152

167168169171171173165

507442439440

Con-sum-ers'

goods

154158162165167163166

187187187187188187188

474411424424

Grouped byorigin

Do-mes-tic

goods

161160161166170169172

180175176177178179175

460423430431

Im-portedgoods

145146150149147147146

178174178

* 179179177173

596534541545

Ex-port

goods

179167169171175178180

185174178180179179174

524454461463

Year and month

FRANCE—contd.1925—January

FebruaryMarchCANADA

1924—MarchOctoberNovemberDecember

1925—JanuaryFebruaryMarch.

JAPAN

1924—March-OctoberNovember. . .December. . .

1925—JanuaryFebruaryMarch

Allcom-modi-

ties

456457463

147148148149156158153

200206210209208204

Grouped by stage ofmanufacture

Rawma-

terials

482482481

129137137139149151142

211211217216222223

Pro-ducers'goods

442445459

167151155153152152153

203212216218217208

Con-sum-ers'

goods

435438449

168161161163168168169

193202204201196193

Grouped byorigin

Do-mes-tic

goods

437439447

145147147148157158152

200208212210208204

Im-portedgoods

546547543

165157160159159161161

199200202202204205

Ex-portgoods

464467476

132160161164179180171

207204213214215213

» Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920,June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September. 1922.



WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES

ALL-COMMODITIES INDEX NUMBERS

[Pre-war=100]

Year andmonth

Europe

Austria Bel-gium

Bul-garia

Czecho-slo-

vakia 1Den-

mark i

Eng-land;Board

ofTrade

Finland France

Ger-many;FederalStatis-tical

Bureau

Hun-gary(goldbasis)

Italy Nether-lands

Nor-way

(Oslo)Poland Russia*

1924JanuaryFebruary. _.MarchAprilJulyAugustSeptember .OctoberNovember.December..

1925JanuaryFebruary. .MarchApril

1,874,8001,915,8001,912,0001, 946, 5001, 913, 3002, 013, 6001, 937, 3002,008,6002, 076, 6002, 075,400

2,118,1002,108,1002, 054,800

580642625555566547550555

559551546

2,7112,6582,6122,7982,7372,8532,8482,9883,1323,181

3,2753,309

974999

1,0211,008953

1,0131,024

1,0451,0481,0341,019

210223227228220233231234231232

234234230220

165167165165163165167170170170

171169166

1,0711,0781,0941,0951,0851,1111,1171,1141,1201,139

1,1371,141

494544499450481477486497504507

514515514

117.3116.2120.7124.1115.0120.4126.9131.2128.5131.3

138.2136.5134.4

123131130125145145142149154160

571573579579567572580602621640

660

156158155154151151158161161160

160159

250262266267271274275276277278

279281276

107112110109102109112116117118

120121122

207196188184184180177173172

170170

Year andmonth

1924January...February. -MarchAprilJulyAugustSeptember.October-..November.December.

1925January. ~February..MarchApril

Europe—Continued

Spain

178180180184182182184186181198

191192183

Sweden

161162162161157160163167167168

169169168

Switzer-land

183183180181173171170169169170

171171170166

North and South America Asia and Oceania.

UnitedStates

(Bureauof LaborStatis-tics)

151152150148147150149152153157

160161161

Canada

157157154151153157154157158161

165165162

PeruAus-tralia

190189194195192193190192191195

199194206206

174170167166163162162163163165

163

China(Shang-

hai)

156160158154152149149153155157

160159160

DutchEast

Indies

180

178174177177175173179

178

India(Cal-

cutta)

172178179174179180179181180176

171172168

Japan(Tokyo)

211208206207195200206213214213

213210204

NewZealand

175180180178180181181180181181

178

Africa

Egypt(Cairo)

133135136134132143148156158156 !

157 !161 !155 !

SouthAfrica

131

126125

133

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 numbers

of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may 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.



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

[Pre-war=100]

1924January _FebruaryMarchAprilMay.JuneJuly— . . .AugustSeptember...OctoberNovember. _.December

1925JanuaryFebruaryMarchApril

UnitedStates

(51cities)

146144141138138140140141144146147149

151148148

European countries

Austria(Vienna)

1,352,7001,382,1001,393,0001,383,8001,416,9001,445,7001,436,2001, 565, 2001, 562,3001,584,5001,619,8001, 624,800

1,644,6001,661,8001,622,5001, 583,000

Bel-gium2

126130128121113118123124127135140139

140137134

Bul-garia

2,6742,5372,4972,5012,4382,6872,6262,7272,7232,8562,9943,040

3,1313,163

Eng-land i

175177176167163160162164166172179180

178176176170

Es-tho-nia 2

111113115115111111115119116110110113

113

France(Paris)

376384392380378370360366374383396404

408410415

Ger-many

127117120123126120126122125134135135

1373145

Italy(Mi-lan)

515516523524519518508507514543567579

590610

Neth-er-

lands

150151152152151151150150152154156157

156157

Nor-way

230234241240241241248257261264269274

277283284

Swit-zer-land

168167167165165168168166166169170170

168168168

Other countries

Can-ada1

145145143137133133134137139139141143

145147

Aus-tralia

155153152150151149148147146146147148

148149

India(Bom-bay)

154151147143143147151156156156157156

152152155153

NewZea-land

150149150150150150148146145146148150

147

SouthAfrica

120122122123122120117117117120122121

120120121

INDEX NUMBERS OF COST OF LIVING

[Pre-war=100]

1924January... _February...MarchAprilMayJuneJulyAugust.. . . .September _.OctoberNovember. _December.. .

1925JanuaryFebruary...MarchApril

Mas-sa-

chu-setts

157156156154154154155155157157157158

158157158

European countries

Austria(Vienna)

1,174,0001,194,0001,199,6001,197, 3001, 220, 9001,244,2001, 239,1001, 314, 2001,316, 2001,330, 7001,357,4001,365, 000

1,376, 2001,389, 5001,366,0001,343, 200

Bel-gium

480495510498485492493498503513520521

521517511506

Czech-oslo-vakia

917917908907916923909897908916922928

931929923

Eng-land1

177179178173171169170171172176180181

180179179175

Fin-land

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

1,1991,1911,210

France(Paris)

365

366

367

377

386

Ger-many

110104107112115112116114116122123123

1243 136

145

Italy(Mi-lan)

510517521522518518512511516546563573

580592

Neth-er-

lands

179

173

176

181

Nor-way

236

244

258

266

271

Po-land

121127126127126124127135141150152153

150151151

Spain

178190180195180186182180189185175190

188189180

Swe-den

176

173

"in"

"174"

178

Swit-zer-land

169168168166166168169166166169170170

168168167

Other countries

Can-ada1

150149148145143143143145146146147147

149150

Aus-tra-lia

150

149

148

India(Bom-bay)

158156153150150153156160160160161160

157157159158

SouthAfrica

133134134134134133132132132133134133

133133133

1 First of the month figures. 21921=100. 3 New index.

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



BANKING AND FINANCIAL STATISTICSFEDERAL RESERVE BANKS

AVERAGE DAILY CONDITION FOB MARCH AND FEBRUARY, 1925


Federal reserve bank

BostonNew YorkPhiladelphia ,ClevelandRichmondAtlanta . . . .ChicagoSt. L o u i s . . .MinneapolisKansas CityDallasSan Francisco

Total: 192519241923192219211920

Total earning assets

March

93,490335,75891,424

114,10547,94331,587

131,15433,79830,23043, 72532,89492, 747

1,078,855951, 774

1,178,9191,191,0132,735, 7843,211,936

February

89,073330,67078,606

115,02232, 50420,965

130,55738,95025,63443,00340,555

104,784

1,050,323921,588

1,152,8621,215,2212,869, 2333,154,054

Total cash reserves

March

257,937900,754219,264276,106103,360177,474376,244106,86198,340

117,92186,384

279,607

3,000, 2523, 222,8773,190, 6253,095, 7622,403,4702,058, 293

February

257,161913,416230,328269,019120, 863184,306388,067105, 716102,683119,13580, 596

270, 623

3,041,9133,239,2823, 208,6823,070,0452, 343, 5372,053,422

Total deposits

March

136,016838,857128,146176,06766,12169,109

316,31082,33457,36692,61365,947

164,587

2,193,4731,991,0661,960, 5401,794,8951,808, 5292,032,787

February

139,048865,244129,144178,32668, 64367,716

317, 66484,43657,06992, 55367,009

166, 679

2,233,5311,954,4791,969, 7571,814,4461,804,4762,002, 503

Federal reserve notesin circulation

March

201,576362,753159,780191,88576,375

142,060172,25551,05966,81466,29245,049

195,325

1,731, 2232,013, 5152, 253,1892,195,1312,979,4863,040,440

February

194,570352,386157,815184,92276,198

140,742179,35253,46067,03266,64046,479

195,333

1,714, 9292,034, 5402,244, 7332,176,5293,068,5782,946,863

Reserve percentages

March

76.475.076.275.072.584.077.080.179.274.277.877.7

76.480.575.777.650.2

U2.7

February

77.175.080.374.183.488.478.176.782.774.871.074,8

77.081.276.176.9

M9.6M3.3

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

FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES, BY WEEKS

RESOURCES


Total

Gold with Federalreserve agents: I

Mar. 25 1,600,051Apr. 1 . . 1,588,385Apr. 8 1,513,503Apr. 15 .1,554,000

Gold r e d e m p t i o nfund with U. S.Treasury:

Mar. 25 54,811Apr. 1 51,957Apr. 8 50,428Apr. 15 54,419

Gold held exclusivelyagainst Federal re-serve notes: |

Mar. 25 II, 654,862Apr. 1 1,640,342

1,563,9311,608,419

Apr. 8.Apr. 15

Gold settlement fundwith Federal Re-serve Board:

Mar. 25Apr. 1 . . .Apr. 8Apr. 15

Gold and gold cer-tificates held bybanks:

Mar. 25Apr. 1Apr. 8Apr. 15

619,409615,292692,776637,009

593,059590,300582, 675599,055

Boston

159,692157, 205163,678174, 593

12,43214,1927,0107,418

172,124171,397170,688182,011

42, 95436,81943,91444,341

28,06628,56428,91128,934

NewYork

361, 766361, 704321,638331, 612

10, 7419,5248,44212,398

372,507371, 228330,080344,010

198, 549221,303232,276222,982

324, 553317,460314, 583322, 754

Phila-delphia

135,217132,848134,134135, 228

6,1877,5488,3879,547

Cleve-land

Rich-mond

169, 759170, 577170,172170,093

3,9582,0193,2202,123

50, 52949,02147,43845, 770

2,1682, 5333,0743,802

141,404 173, 717140,396 172, 596142,521 I 173,392144,775 I 172,216

43,256 61,95352,58653,48349,088

23,06423,10521,00221, 559

,61,39369, 50260, 987

30,35431, 50032,14832,844

52, 69751, 55450, 51249, 572

17,54216, 55618, 27018,465

24,92023,38622,65522,022

Atlanta

136,074135,369136,905135, 776

1,9042,0061,8822,466

137,978137,375138, 787138,242

14, 26014,87711,0546,003

10, 27310,20610,36510,252

Chicago

165, 596165, 571115, 563135,550

3,7622,8095,8264,911

St. Louis

48,94047,82046,88446,856

4,4974,5995,0845,005

169,358168,380121,389140,461

92, 31867,475119,313105,199

93, 26296,06792,059100,409

53,43752,41951,96851,861

24,00018,57923,13117,092

10,64111,26912,03711,285

Minne-apolis

66, 69467,05666,84467,204

6471,0511,019425

67, 34168,10767,86367, 629

20,32416,73119,39314, 598

6,6216,6526,6716,853

KansasCity

56,81257,88257,55856, 546

4,0002,4322,3642,934

60,81260,31459,92259,480

46,07748,23844,49045,763

2,7863,9083,5653,784

Dallas

39,13639,28940,47839,999

2,3041,4711,7601,618

41,44040, 76042,23841,617

22, 78023,64622,39022,279

9,3308,8739,4589,571

SanFran-cisco

209,836204,043212,211214,773

2,2111,7732,3601,772

212,047205,816214,571216, 545

35,39637,08935,56030,212

29,18929,31029,22128,788


MAY, 1925 FEDERAL, RESERVE BULLETIN 353

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

RESOURCES—Continued


Total gold reserves:Mar. 25 2,867,330Apr. 1 2,845,934Apr. 8 2,839,382Apr. 15 2,844,483

Reserves other thangold:

Mar. 25 1 140,822Apr. 1 136,747

Total

Apr. 8 . .Apr. 15.

137,226141,044

Total reserves:Mar. 25Apr. 1Apr. 8Apr. 15

Nonreserve cash:Mar. 25Apr. 1Apr. 8Apr. 15

Bills discounted: jSecured by U.S.

Governmentobligations-


Other bills dis-counted—

Mar. 25Apr. 1.Apr. 8.Apr. 15

Total bills dis-counted:

Mar. 25Apr. 1Apr. 8Apr. 15.

Bills bought in openmarket:


U. S. Governmentsecurities:

Bonds—Mar. 25Apr. 1Apr. 8Apr. 15

Treasury n o t e s -Mar. 25Apr. 1Apr. 8Apr. 15

Certificates of in-debtedness-

Mar. 25Apr. 1Apr. 8.Apr. 15

Total U. S. Govern-ment securities:

Mar. 25Apr. 1 . .Apr. 8.Apr. 15.,_

Foreign loans ongold:Mar. 25Apr. 1Apr. 8-__Apr. 15

3,008,1522,982,6812,976,6082,985,527

56, 50151,67354,21556,630

214,570204,186192,600206,132

163,071195,739198,689189,170

377,641399,925391,289395,302

306,905316,378310, 685274, 058

Boston New j Phila-York j delphia

-I-243,144236, 780243,513255, 286

16,10714,84116,03915,694

259,251251,621259,552270,980

4,6094,4345,0025,476

14,59218,24316,47717,140

13,29122,86820,21415,744

895, 609909,991

889,746

31,80131,19031,18032,660

81,69681,94282, 63184,896

233, 728245, 970250,177244, 780

28,32729, 92229,43228,156

27,88341,11136,69132,884

41,09241,26139,31635,303

2,6622,6622,6622,662

14, 37314, 42514,42814,868

4,1133,8683,8913,887

927,410941,181908,119922,406

16,80213,49714,94915,481

96,53658,89175,91774,792

40,28540,18653,03741,003

136,82199,077128,954115,795

207,724216,087217,006215, 422

5,7994,3454,4334,958

213,523220,432221,439220,380

2,0971,9601,8412,037

27,14126,85820,10022,372

13,96715,01812,75215,400

Cleve-land

266,024265,489275,042266,047

9,0568,7808,259

41,10841,87632,85237,772

62,209 24, 27973,197 25,36783, 534 24,10257,504 24,197

12,460 1,41612,460 I 1,41612,460 I 1,41612,460 I 1,416

77,323 I 22,49089,497 ! 22,49093,688 I 22,49085,682 I 22,950

4,486 i7,0125,396 i5,067 i

365365365340

343, 751357, 834362,240357, 832

10,500 j10,500 !10,50010,500

21,14820,95520,98121,417

94,269108,969111, 544103, 209

24, 27124,27124,27124,706

3,055 I 1,0503,055 I 1,0503,055 I 1,0503.055 I 1,050

275,080274,269283,301275,035

2,7793,5752,8533,806

25,03832,30922,23434,034

11,96913,07714,75917,237

Rich-mond

95,15991,49691,43790, 059

5,0964,5863,656

100,25596,08295,09394,039

2,9742,9623,4683,709

9,08912,24011,44212,066

25,28327,49527,67928,586

Atlanta

162,511162,458160,206154,497

13,63014,74914,11614,968

37,00745,38636,99351,271

30,91331, 87529,34228, 507

11,00111,00111, 00111,000

22,16222,16222,16222, 738

6,286 !6,286 I6,286 !6,194 I

34,37239,73539,12140,652

12,83413,05412,22412,024

1,4071,4071,4071,408

1,6151,6151,6151,903

176,141177,207174,322169,465

5,8035,0925,2154,516

3,6535,1573,2283,078

11,74314,67413,47115.819

Chicago

354,938331,922332,761346, 069

18,95318,45718,43018,825

15,39619,83116,69918,897

13,30213,28412,83013,074

1,7171,7211,7641,901

1,0541,0701,0821,381

373,891350,379351,191364,894

7,9467,6707,8557,921

23,29430,09425,07021,059

20,30427,79924,80518,343

. Louis

88,07882, 26787,13680, 238

19,01119,10419,07619,936

82 i75 I

959976

1,097

I39,44939,44939,44939, 932

1,2081,2081,2081,208

3,-1043,1043,104

609 |

3,7303,7673,8324,379

462462462462

43,59857,89349,87539,402

43, 28242,83139, 65035,910

19, 64919, 64919,64921,649

30,40130,40130,40129,451

2,5941,8912,9852,268

52, 64451,94153,03553,368

1,5641,5641,5641,564

107,089101,371106,212100,174

3,8833,5523,8783,929

4,3335,5565,1345,919

5,4918,6527,6859,509

e City

94, 28691,49093,92789, 080

1,8021,8202,0621,913

96,08893,310

9,82414,20812,81915,428

13,19313,38111, 74111,334

1,5991,5991,6481,649

6,9056,9056,9067,251

386397

90,993

962916920

1,532

328243238

2,268

3,7643,7853,8854,161

109,675112,460107,977109, 027

3,7843,4673,8173,571

113,459115,927111.794112,598

2,2382,0362,5442,269

2702,1901,7021,122

4,0173,9244,4155,089

4,0924,0284,123 I6,429

9,3438,7288,2298,258

8,7858,7648,7648,764

8,1628,1628,1628,162

457457457420

4,2876,1146,1176,211

15,30414,11712, 73012, 741

Dallas

73, 55073, 27974,08673,467

9,4789,3829,5009,560

83,02882,66183,58683,027

2,5022,2982,3752,549

224173129152

1,3271,2651,3671,647

1,5511,4381,4961,799

11,05010,4638,8458,666

SanFran-cisco

276,632272,215279,352275,545

6,3056,0266,6585,991

282,937278,241286,010281,536

3,9063,6813,3153,405

10,07212,23210,92912,130

11,63016,99614,62016,632

I8,6818,6828,681

9,2029,46410,06110,184

12,906 I 10,82112,906 I 10,82112,906 I 10,82113,252 11,109

2,3022,3022,3012,257

606557

21,70229,22825,54928,762

30,10428,82028,14226,540

3,1173,1173,1183,121

25, 51625,51625, 51626,033

5,6915,6915,6915,597

8,8908,8908,9409,297

525 j525 I525 I525 i

17,40417, 38317,38317,346

368368368368

24,410 I 20,10824,672 | 20,10925,268 | 20,10825,693 20,348

462462462462

399399399

34.32434, 32434.32534,751

798798798




RESOURCES—Continued


Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St. Louis Minne-

apolisKansasCity Dallas

SanFran-cisco

All other earning as-sets:Mar. 25Apr. 1Apr. 8Apr. 15

1,9021,9021,9021,652

1,4001,4001,4001,400

500500500250

Total earning assets:Mar. 25 _...Apr. 1 _.Apr. 8Apr. 15 . . . .

Uncollected items:Mar. 25Apr. 1Apr. 8 . .Apr. 15

Bank premises:Mar. 25Apr. 1 . - . .Apr. 8Apr. 15

All other resources:Mar. 25 _.Apr. 1Apr. 8Apr. 15

Total resources:Mar. 25Apr. 1Apr. 8_-Apr. 15

1,040,6991,1,1,, 076, 616, 039,344

90,123103, 327

602,247607,198602, 618786,206

58, 81658, 86358, 96759, 24120, 71020, 65320, 99822, 257

89,604

54, 05255, 62351, 88772,8174,1904,1904,1904,190

753948

4, 787,1254, 807, 6074, 790, 0224, 949, 205

412,300419, 234417, 667443,133

296, 354284,298327,087279,563

131,129141, 884136, 702196,929

16,45416, 49716, 56916, 570

5,4015,4035,5505,978

92,10893,96483,67589,125

58, 85157, 77355, 56374, 558

1,1141,1121,1121,112

315330392360

108, 577117, 918106, 992120, 918

54, 61352,19650, 64275, 042

7,5737,5737,5737,573

225215226243

1, 393, 5501,402, 7601,408, 9761, 436, 927

368, 008375, 571364, 022387, 572

448,847455, 746451, 587482, 617

50, 91956,50255, 05856,671

55,41450,82854, 077

32, 89037,344

2,4462,4462,4462,446

555549534579

36,812

29, 47127, 05630,46035,171

2,7802,7802,7802,780

2,0021,9971,9832,894

212, 563209,369210, 676222, 267

249,087251,476248, 583251,638

141, 088154, 229144,124130,244

83, 594

95,859

8,099

8,099

1,7461,6451,6291,331

32,43237,00434, 02536, 584

31, 64731, 91535, 38141, 215

3,8753,8753,8814,118

312345348342

612, 755605, 616589, 567608,348

179, 238178, 062183, 725186,362

31, 20930, 50930,10532,403

12,83511, 96313, 21816,344

3,0403,0463,0463,046

2,9442,9673,1493,376

44,96345,86545, 07745,357

35, 65937,10137,03241,114

4,1424,1424,1654,200

549564577546

33,10832, 40930,84831, 212

24,00623,32024, 66027, 734

1,8331,8331,8331,833

1,7361,7471,7031,690

147,078142, 711146,427147, 694

201,010205,635201,189206, 084

146, 213144, 268145,005148, 045

86,92893,17088,81490,851

34, 58533,94536,32744,600

3,2703,2703,2733,274

4,8504,8524,8594,852

416,476417,159422, 598428,518

LIABILITIES

Federal reserve notesin actual circula-tion:


Deposits:Member bank re-

serve account—Mar. 25Apr. 1Apr. 8Apr. 15

Government—Mar. 25Apr. 1Apr. 8Apr. 15

Other deposits—Mar. 25Apr. 1Apr. 8Apr. 15

Total deposits:Mar. 25,.Apr. 1Apr. 8Apr. 15

Deferred availability-items:

Mar. 25Apr. 1_.Apr. 8 :Apr. 15.

Capital paid in:Mar. 25Apr. 1Apr. 8Apr. 15....

1,709,1461, 709,6701,714,1611,698,090

2,118, 5812,132,7792,140,7602,141,443

29,37934,37721,87837,027

36,30928, 50124, 34029,476

2,184,2692,195,6572,186,9782,207,946

549,438558, 250544,276698,694

114,492114,492114,481114, 586

201,408206,102209,539207,690

130,727131,527130,15 (138, 715

2,3463,5381,5781,943

3134474146

133,386135,109131,802140,804

52,55453,11951,38069,705

8,0788,0508,0508,050

357, 293357,560348,102342,070

809,136807,154835,784812,900

8,2375,5895,0737,567

18,47514,48512,53016, 526

835,848827,228853,387836,993

107,377124, 974114,239164,397

31,30231,31531,31831,343

154,768155,655156,578153,327

126,044134, 297126, 274132,475

1,1372,090342

4,324

1,208894342452

193,442189,426196, 473196,552

163,306179,646168,791178,873

2,0011,2782,4513,195

2,1061,1671,2401,112

128,389137,281126,958137,251

53,307 j51,103 j48,931 !65,386 |

11,11011,09811,09811,150

167,413182,091172,482183,180

51,52147,78046,132

12,95912,95812,95812,958

75,16675,34475,40175,357

63,85065,48965,871

8331,615828

3,061

2,318162147208

67,00167,26666,84669,535

52,04048,41350,04959,000

5,9665,9665,9685,967

141,107141,572143, 676142,011

70,59867,42967,606

3,2084,4471,9901,615

731143136494

70,76575,18869,55569,715

23,02320,54321,14625,693

4,6014,5984,5994,613

169,188166,675165,317163,862

320, 680308,566305, 269308,503

4,5253,8701,2572,045

1,4912,5131,1832,428

326,696314,949307,709312, 976

69,21076, 29568,78384,019

15,48715, 50215,49515, 504

49,64849,52849,48249,201

78,94578,76479,98877,617

1,5241,9151,9063,265

1,601964903816

82,07081,64382,79781,698

31,98131,36835,90739,935

5,1045,1045,1045,104

66,36766,25166,15364, 892

55,38651,55054,62155,490

1,0372,1261,6331,257

290294297305

56,71353,97056,55157,052

12, 28510, 78812,01614,060

3,2603.2613,2603,252

65,47365,05665,34464,441

86,81188,01886,64487,145

5533,8801,6392,641

844698610641

92,59688, 89390,427

33,57934,25133,21537,505

4,3054,3004,2954,295

43, 87143,91044,47743,410

60,82760,88660,54160,010

1,7611,823901

1,660

411253262188

62,99962,96261,70461,858

26,87724,96426,36030,342

4,1954,1984,2014,213

191,415192, 591193,619195,277

156,043156,284159,398155,843

2,2172,2062,2804,454

6,5216,8846,6166,160

164,781165,374168,294166,457

35,68434,65236,11842,263

8,1258,1428,1358,137




LI ABILITIE S—C ontinued


Total Boston NewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St. Louis Minne-

apolisKansas

City DallasSan

Fran-cisco

Surplus:Mar. 25Apr. 1Apr. 8Apr. 15

All other liabilities:Mar. 25Apr. 1 . —Apr. 8_._ . -Apr. 15 - .

Total liabilities:Mar. 25Apr. 1Apr. 8Apr. 1 5 . . .

MEMORANDA

Ratio of total re-serves to depositand Federal re-serve note liabili-ties combined (percent):


Contingent liabilityon bills purchasedfor foreign corre-spondents:

Mar. 25Apr. 1Apr. 8.Apr. 15

Own Federal reservenotes held by Fed-eral reserve bank:

Mar. 2 5 — .Apr. 1Apr. 8Apr. 15

217,837217,837217,837217,837

11,94311,70112,28912,052

4,787,1254,807,6074,790,0224,949,205

77.376.476.376.4

51,74350,38445,28144,897

16,38216,38216,38216,382

492472514502

58,74958,74958,74958,749

2,9812,9343,1813,375

20,05920,05920,05920,059

375375398399

22,46222,46222,46222,462

1,0501,0291,0801,076

412,300419,234417,667443,133

1,393, 5501,402,7601,408,9761,436,927

368,008375, 571364,022387,572

448,847455,746451,587482,617

77.473.776.077.8

309,077310,293306,012327,271

21,42122,64023,87626,640

77.779.475.678.2

15,02014,61112,42112,037

123,526123,820131,350133,980

75.475.278.175.8

5,1805,0464,6354,635

28,22728,57126,93333,678

76.273.876.872.4

5,9565,8025,3305,330

15,82918,76414, 11118,954

11,70111,70111,70111,701

679711707

8,9508,9508,9508,950

641625657656

30,42630,42630,42630,426

1,7481,7691,8371,561

9,9719,9719,9719,971

464448464453

7,4977,4977,4977,497

956944950941

8,9778,9778,9778.977

468455465439

7,5927,5927,5927,592

679642671630

212, 563209,369210,676222,267

249,087251,476248,583251,638

612,755605,616589,567

179,238178,062183,725186,362

147,078142,711146,427147,694

201,010205,635201,189206,084

146,213144,268145,005148,045

70.567.466.964.9

3,0042,9262,688

15,62714,44113,96113,637

83.181.881.880.0

2,2792,2202,0392,039

20,17420,33818,84020,701

75.472.774.276.5

7,7187,5186,9066,906

10,48612,4299,84611,231

81.377.380.376.5

2,5902,5232,3172,317

8,0027,5026,6126,465

78.177.678.274.6

1,8131,7661,6221,622

2,8572.6063,2412,946

73.873.572.572.7

2,2792,2202,0392,039

7,7827,7708.2589,149

77.777.378.778.9

1,9681,9171,7611,761

6,1214,8364,568

15,07115,07115,07115,071

1,4001,3291,3611,313

416.476417,159422,598428,518

79.477.779.077.8

3,9363.8353,5233, 523

49,02546, 57644,41644, 560

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


Total Within 15days

16 to 60 31 to 60days

61 to 90days

From 91days to 6months

Over 6months

Bills discounted:Mar. 25 _Apr. 1 _._Apr. 8Apr. 15

Bills bought in open market:Mar. 25Apr. 1 - -Apr. 8Apr. 15

United States certificates of indebtedness:Mar. 25 -Apr. l.__Apr. 8 - . -Apr. 15 -

Municipal warrants:Mar. 25Apr. 1Apr. 8 . . . -Apr. 15

377,641399,925391, 289395,302

306,905316, 378310,685274,058

28,32729,92229,43228,156

2222

288,426296,809289,091294,842

97,244106,137

5352,8171,2231,339

2222

21,07024, 68224,86726,847

54,76957,81760,47858,633

36,92238, 264

35,439

92,77392,27388, 501

18, 67425, 61625,72221, 294

64,381

47,55841,184

9,13110,98311,01013,145

8,3138,0648,0117,202

14, 70314, 70216,02812,087

3,4183,5713,9053,735

13,08912,40312,18114,730



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


Net amount'of Federalreserve notes receivedfrom Comptroller ofCurrency:

Mar 25Apr 1Apr. 8 -Apr 15

Federal reserve noteson hand:

Mar 25Apr 1Apr 8Apr. 15

Federal reserve notesoutstanding:

Mar 25Apr. 1Apr 8Apr 15

Collateral security forFederal reserve notesoutstanding:

Gold and gold cer-tificates-

Mar. 25Apr. 1Apr 8Apr. 15

Gold redemptionf u n d -

Mar. 25Apr 1Apr 8Apr. 15

Gold fund—FederalReserve Boa rd -

Mar. 25Apr. 1Apr 8Apr. 15

Eligible paper—Amount re-

quired—Mar. 25Apr. 1Apr. 8Apr. 15

Excess amountheld—


Total

3,009,1083,005,0243,008,9433,007,407

990,885985,061988,770982,046

2,018,2232,019,9632,020,1732,025,361

275,416274,916274,916277,316

110,274109,526107,181117, 518

1,214,3611,203,9431,131,4061,159,166

418,172431, 578506,670471,361

230,392245,984168,370169,652

Boston

274,879272,392281,065286,380

52,05043,65047,65052,050

222,829228,742233,415234,330

27,80027,80027,80029,800

15,89213,4059,878

15,793

116,000116,000126,000129,000

63,13771,53769,73759, 737

5,83810,8356,2708,450

NewYork

806,759802,920797,992794,590

325,940321,540318,540318,540

480,819481,380479,452476,050

186,698186,698186,698186,698

29,06829,00628,94028,914

146,000146,000106,000116,000

119,053119,676157,814144,438

59,95934,58938,93613,818

Phila-delphia

237,445235, 076239,361237,455

54,45050,85055,85050,450

182,995184,226183,511187,005

6,0006,0006,0006,000

9,82812,45910,74513,839

119,389114,389117,389115,389

47,77851,37849,37751,777

7,7442,4982,2952,438

Cleve-land

257,571262,390260, 784264,306

48,30054,20050,20048,800

209,271208,190210,584215,506

8,7808,7808,7808,780

10,97911,79711,39211,313

150,000150,000150,000150,000

39,51237,61340,41245,413

26,89137,59425,58634,215

Rich-mond

113,647112,640112,016111,448

22,85422,85522,65422,454

90,79389,78589,36288,994

3,2341,7263,1434,475

47,29547,29544,29541,295

40,26440,76441,92443,224

5,60710,1737,5647,792

Atlanta

225,114225,388224,524223,555

63,47862,00860,843

161,281161,910162,516162,712

5,0005,0005,0005,000

5,0744,3697,9056,776

126,000126,000124,000124,000

25,20726, 54125,61126,936

2,8475,4982,7613,812

Chicago

446,211444,641445,200443,630

266,537265,537270,037268,537

179,674179,104175,163175,093

4,9524,9264,9184,906

160.644160.645110,645130,644

14,07813,53359,60039,543

72,54486,94529,68135,515

St.Louis

83,31082,69081,75481,326

25,66025,66025,66025,660

57,65057,03056,09455,666

12,07511,57511,57511,975

2,8653,2453,3092,881

34,00033,00032,00032,000

Minne-apolis

KansasCity

88,95589,31890,24589,605

19, 73120,46120,85121,767

69,22468,85769,39467,838

13,05213,052|13,052'13,052

1,1421,5041,2921,652

52,50052,50052,50052,500

101,428100,699101,975101,963

28,17327,87328,37328,373

73,25572,82673,60273,590

8, 710 2,5309,210 1,8019,210 2,5508,810!

Dallas

71,94971,10371,09271,412

21,95'22,35722,04722,672

49,99248,74649,04548, 740

16,01116,01116,01116,011

3,1254,2783,467

4,4523,5223,1984,186

52,360 20,00054,360i 19,00054,360, 21,00052,360 20,000

16,443} 10,85614,944! 9,45716,044 i 8,56717,0441 8,741

13,17017,17714,03616,651

10,541110,6829,53213, 795

2,9705,1112,6101,738

1,5642,3221,6351,626

SanFran-cisco

301,840305,767302,935301,737

61,40066,60064,90061,900

240,440239,167238,085239,837

19,66319,28918,99418,795

190,173184,754193,217195,978

30,60435,12425,82425,064

20, 71722,56027,46429,802


MAY, 1925 FEDEEAL RESERVE BULLETIN 357

FEDERAL RESERVE BANKS-EARNING ASSETS HELD AND EARNINGS THEREON, MARCH, 1925


HOLDINGS ON MAR. 31,1925

Total earning assets

Bills discounted for members..Bills bought in open marketUnited States securitiesForeign loans on gold .All other earning assets

Bills Discounted

Rediscounted bills:Commercial and agricultural

paper, n. e. s _Trade 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

Bankers' acceptances based on—ImportsExports _Domestic transactionsDollar exchange billsAll other

Trade acceptances based onimports

Total purchased bills

Purchased Bankers' Accept-ances, by Classes of Ac-ceptors

National banksOther member banksNonmember banks and banking

corporations..-.

United States Securities

United States bondsTreasury notes _Certificates of indebtedness

Total United States se-curities

DAILY AVERAGE HOLDINGSDURING MARCH

Total earning assets *Bills discounted- - .Bills boughtUnited States securitiesForeign loans on gold

EARNINGS DURING MARCH

Total earning assets *Bills discounted-Bills boughtUnited States securitiesForeign loans on gold

ANNUAL RATE OF EARN-INGS

Total earning assets *Bills discountedBills boughtUnited States securitiesForeign loans on gold

Total

1,083,303

397,810312, 947360,144

10, 5001,902

139,6552,992

1,077

206, 51847, 568

397,810

126, 339114,94665, 7614,0391,284

578

312,947

96,83396, 540!

119, 574

i

81, 938247, 56330, 643

360,144

1,078, 855391, 654298,114375, 928

10,500

3,1281,197

7751,119

29

3.413.603.063.503.27

Bos-ton

110,533

49,23540,34620,952

28, 586320

196

20,133

49, 235

17, 34913, 2219,612

164

40,346

15, 769i 8,674

15, 903

2,66214,4053,885

20,952

93,49030, 31341, 20021,977

26090

10763

3.283.503.053.39

NewYork

299,657

111,71273, 610

111, 2803,055

17,385126

28

72,40621,767

111,712

27,92228,72813,867

1,2311,284

578

73, 610

18,18917, 989

37,432

12,46191,108

7,711

111, 280

335, 758153,33262,768

116, 6033,055

946443163331

9

3.323.413.063.343.27

Phila-del-phia

93,458

42, 32224,41524, 271

1,0501,400

6,616144

80

27, 2708,212

42,322

8,4919,4056,374

145

24,415

9,7097,933

6,773

1,41622,490

365

24,271

91,42437,12223,62727,476

1,049

270111

6288

3

3.473.503.073.793.27

Cleve-land

109,329

37, 27931, 39339,449

1,208

9,502815

279

24,4572,226

37, 279

15,15311, 2944,686

260

31, 393

6,6828,558

16,153

11, 00022,1636,286

39,449

114,10540,16731, 37041, 360

1,208

325120

81121

3

3.363.503.053.453.28

Rich-mond

54,119

37,72512, 6813,104

609

21, 509586

252

11,4553,923

37,725

4,6182,7115,260

92

12,681

5,5643,218

3,899

1,4071,615

82

3,104

47,94333, 34210, 8073,185

609

1521132982

3.734.003.113.043.27

At-lanta

36,113

19,00412, 8813,766

462

11, 692109

129

5,5321,542

19,004

4,0886,6712,122

12,881

4,0084,635

4,238

1,7191,070

977

3,766

31,58716,17911, 3753,571

462

98553111

1

3.654.003.203.53

•3.27

Chi-cago

149,248

52,31043,42951, 945

1,564

22, 795797

81

28, 466171

52,310

12,18714, 25316,334

655. . _

43,429

17,50820,838

5,083

19, 64930,4011,895

51,945

131,15434,95038, 33256,308

1,564

397119100174

4

3.574.003.083.643.27

St.Louis

34,925

12,57712,9338,890

525

7,48367

2

5,025

12,577

5,2265,7761,469

462

12,933

4,2535,421

3,259

1,5986,906

386

8,890

33,79810,20213,9869,076

525

100353628

1

3.484.003.053.573.28

Min-ne-

apolis

30,313

4,0708,490

17,383368

2

3,785

23847

4,070

3,5523,726

972240

8,490

1,8712,788

3,831

8,7648,162

457

17, 383

30,2304,0937,810

17,959368

94142059

1

3.674.023.103.853.30

Kan-sas

City

'43,447

4,12813,68524,672

462500

3,463

1

200464

4,128

5,4226,4321,381

450

13,685

3,7893,848

6,048

9,46412,9062,302

24,672

43,7254,492

14,08824,182

463

1311536762

3.524.003.073.703.27

Dallas

32,171

1,45610,20820,108

399

1,192

1

17390

1,456

6,2603,461

373114

10,208

2,4563,050

4,702

8,68110,821

606

20,108

32,8942,082

11,63018, 783

399

957

3057

1

3.394.003.023.553.28

SanFran-cisco

89,990

25,99228,87634,324

798

5,64728

28

11,1639,126

25,992

16", 0719,2683,311

226

28,876

7,0359,588

12,253

3,11725,5165,691

34,324

92,74725,38031,12135,448

798

2607580

1032

3.313.503.033.413.28

i Includes average daily holdings of Federal intermediate bank debentures, earnings and annual rate of earnings thereon, as follows: Philadel-phia, $2,150,000, $6,106 and 3.34 per cent; Kansas City, $500,000, $1,451 and 3.42 per cent; also includes $162 municipal warrants held by Federal Re-serve Bank of Minneapolis.



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


Volume of Operations

Total discount and open-marketoperations.__

Bills discounted for memberbanks - _> _

Bills bought in open marketUnited States securities bought

in open marketForeign loans on gold

Bills Discounted

Rediscounted bills:Commercial, agricultural,

and livestock paper, n. e. s_Demand and sight drafts

(based on agricultural

Trade acceptancesSecured by U. S. Govern-

ment obligationsMember bank collateral notes:

Secured by U. S. Govern-ment obligations _ i

Otherwise secured __j

Total bills discounted. . . . .

Average rate (365-day basis)—percent. __ _

Average maturity (in days) . .Total reduced to a common ma-

turity basis (exclusive of de-mand and sight drafts)

Per cent of totalNumber of member banks on

Mar. 31Number of banks accommodated

during the monthPer cent accommodated—„ _ _

Bills Bought in Open Market

Bankers' acceptances:Foreign.. _. .DomesticDollar exchange

Trade acceptances—foreign

Total bills bought

Distribution, by rates charged(360-day basis):

3 per cent3 ^ per cent .334 per centS% per cent __33^ per cent3iHs per cent4 per cent _ . _ _ . .4% per cent4§i per cent ._4$f per cent4TV Per cent...-

Average rate (365-day basis)—per cent

Average maturity (in days)Total reduced to a common ma-

turity basis _Per cent of total

United States Securities Boughtin Open Market

United States bondsTreasury notesCertificates of indebtedness

Total United States securi-ties bought

Total

3,711,694

2,870,496259,331

575,8676,000

218,554

1,4442,312

891

2,330,570316,725

2,870,496

3.686.12

2,869,052100.0

9,535

2,73128.6

195,55959,9303,477

365

259,331

122,523103,47525,9394,4101,716

157865

17489487

3.1842.26

259,331100.0

7,818» 54,556513,493

575,867

Boston

218,109

184, 93130,945

2,233

117,722

271

104

66,834

184, 931

3.507.20

217, 6497.6

420

19446.2

23,1597,656

130

30,945

1,74415,52212,949

66565

3.1946.39

33,96813.1

1,62760(

2,23c

NewYork

2,267,802

1,711,872108,935

445,2491,746

6,834

125

1,530, 005174,908

1, 711,872

3.503.16

883,86030.8

854

36542.7

84,19922,0552,316

365

108,935

91,21812,3623,639

3131,157

17489487

i 3.1525.33

65,28025.2

42,77S402,47C

445,24£

Phila-del-phia

242,120

159,18113,377

68, 962600

5,144

132

186

110, 54943,170

159,181

3.509.35

243,1818.5

741

33545.2

8,9044,473

13,377

90810,5641,456

139310

3.1966.76

21,1298.1

i

3,87865,084

68,962

Cleve-land

339,185

308,94715,833

13,715690

10,196

1912

182

281, 63416,022

308, 947

3.504.82

243,3638.5

870

27832.0

12,5333,260

40

15,833

5,5918,4971,636

109

3.1859.41

22,2588.6

5254C

13,123

13, 111

Rich-mond

172,488

163,0559,038

471348

15,700;

15378

185

115,50431,273

163,055

4.008.21

218,8017.6

610

27344.8

5,7193,319

9,038

3,0803,9621,996

3.1949.16

10,5124.1

389

47

Atlanta

45,791

35,3639,290

874264

16,448

144183

106

14, 7153,767

35,363

4.0027.35

157,4005.5

505

17935.4

7,5451,734

11

9,290

3,4204,637

368

865

3.2451.44

11,3074.4

39652

426

874

Chi-cago

193,796

132,27126,558

34,073894

25,134

236

92

106,119690

132,271

4.0020.95

452,71715.8

1,411

48934.7

16,3699,844

345

26,558

2,59819,0951,4023,293

13157

«

3.2272.82

45,76317.6

3,75C30,322

34,07c

St.Louis

44,393

36,2657,325

503300

14,419

56442

14

20,1761,050

36,265

4.0027.30

159,2695.6

624

18629.8

6,0061,189

130

7,325

2,6544,174

497

3.1755.33

9,5903.7

28018241

503

Minne-apolis

10,466

1,6656,529

2,062210

926

611128

1,665

4.0066.91

18,202.6

870

799.1

5,0101,479

40

6,529

3,2862,938

305

3.1546.04

7,1132.7

1,48329228$

2,065

KansasCity

18,906

7,5468,712

2,384264

1,086

5,836624

7,546

4.0019.69

24,276.8

1,056

908.5

7,0001,337

375

8,712

3,7254,750

237

3.1551.81

10,680

1,384586414

2,384

Dallas

14,142

4,3025,039

4,573228

1,461

666

5881,587

4,302

4.0039.28

23,341.8

825

688.2

4,80714785

5,039

2,0382,795

206

3.1653.10

6,3322.5

4,224284

61

4,57:

SanFran-cisco

144,496

125,09817,750

1,192456

3,484

5433

22

77,99943,506

125,098

3.5011.10

226,9937.9

749

19526.0

14,3083,437

5

17,750

2,26114,1791,248

62

3.1936.66

15,3085.9

1548

! 643

J 1,192

1 Exclusive of $44,000,000 Treasury notes sold under repurchase agreement and subsequently repurchased.



REPORTING MEMBER BANKS IN LEADING CITIES

PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS


Number of reportingbanks:Mar. 18Mar. 25Apr. 1 _.Apr. 8 _.

Loans and discounts, gross:Secu red by U. S.

Government obliga-tions-

Mar. 18Mar. 25Apr. 1Apr. 8 _.

Secured by stocks andbonds—

Mar. 18 _.Mar. 25 _Apr. 1..Apr. 8

All other loans and dis-counts-

Mar. 18Mar. 25..Apr. 1 _Apr. 8

Total loans and dis-counts-

Mar. 18Mar. 25.Apr. 1..Apr. 8

U. S. pre-war bonds:Mar. 18Mar. 25 _.Apr. 1Apr. 8 _

U. S. Liberty bonds:Mar. 18Mar. 25Apr. 1..Apr. 8

U. S, Treasury bonds:Mar. 18Mar. 25Apr:lApr. 8

U. S. Treasury notes:Mar. 18Mar. 25 .Apr. l._Apr, 8

U. S. Treasury certificates:Mar. 18Mar. 25Apr. 1..Apr. 8

Other bonds, stocks, andsecurities:

Mar. 18Mar. 25 .__.Apr. 1Apr. 8

Total investments:Mar. 18Mar. 25Apr. 1Apr. 8

Total loans and invest-ments:

Mar. 18 _Mar. 25Apr. 1Apr. 8

Total

737737736736

202,842202,736198,162197,554

4,826, 5904, 796, 5104, 779, 3444, 725,112

8,181,7128,140, 3898, 227, 6418,214, 618

13,211,14413,139,63513, 205,14"13,137, 284

219,624218,949220, 792219,935

1,358,1331, 351,3791,349, 6431,340,848

490,045468,624464,399457,98;

481,969464, 251457,383455, 093

145,281139,284131,006132,539

2,822,8302,835,8342,875,1582,877,61

5,517,8825,478,3215,498,3815,484,016

18,729,02618,617,95618, 703,52818,621,300


Boston

8,5568,6249,6188,523

294, 603291, 268295, 285286, 224

663,571659, 762660,484663,458

NewYork

107107106106

81,47680, 07975,639

k',77,359

2,194, 5692.179, 9412.180, 9372,105,441

2,521, 2682,490,9652, 577, 5932, 556,857

966,730959,654965,387958, 205

10,10810,1089,8589,563

74,46272, 81673, 70773, 724

28,37125,49524,72824,637

8,3978,0977,3178,456

6,0616,3264,2665,772

193,854 1193,193,402 1,

1,286,33:1,276,~~1,278,1,273, 75!

505 7,

797,313750,985834,169739, 657

37, 97438,38438,88138,881

618,385611, 762607.450605,407

176.451173,830172,566172,866

209,697198,551193, 776193,55r

57, 74'57,91357, 55157,495

192,202 1,076,329" ,087,674

., 109,311, 122,744

319,601 2,176, 583316,696 2,168,114313,118 2,179, —315, 554 2,190,

»,535i,950

6,973,896276i 350 6,919,099

>7,013,~6,930,60

7041

Phila-delphia

Cleve-land

12,31013,58212,17912,028

322,097323,845329, 715335,007

359,938364, 592363,909368, 270

694,345702,019705,803715,305

9,5689,5689,5689,568

51,78552,18052, 33951,956

32,25830,191

27,647

19,49015,76817,04715, 662

7,1847,009

6,939

261,481261,276258,803258,105

381, 766375,992373,128369,877

1,076, 1111,078,0111,078,9311,085,182 1

20,45520,24920,33819,680

435, 703441,113436, 891434,007

745,178747,257750, 560755, 313

201,336208, 619207, 789209,000

31, 51231,42831, 68231, 767

Rich-mond

6,5786,3266,8796,740

127, 726127, 303128,494130,191

346,335350,433351, 234355,101

480, 639484,062486,607492,032

25,16324.16325.16425,163

161,019 34, 595160,912 35, 649159,223) 35,613151,856 34,680

47,833 17,84843,090| 12,26943,178| 11, <r~~46,173 j 11,718

54,3751 1,72553, 786! 1, 77450,866 i 1,70450,5141 1,745

13,9011 4,27412,348! 1,76211,743! 1,71110,896 1,711

349,636346, 506355,907356,035

658,276648,070652, 599647, 241

1,859,6121,856,6891,860,388., 856,243

61,80061,52162,35162,262

145,405137,138138,432137,279

626,044621,200625, 039629,311

At-lanta

7,6207,6737,5668,578

76,23675,48573,13177,413

380,917383,589390,044392,438

464, 773466, 747470,741478,429

14,83114,83114,85214,849

8,5679,12010, 389

8,7767,451M634,6

4,1354,1053,4563,458

2,1952,3802,3933,213

42,27242,09041,09740,476

80,77679,97778,35076, 578

545,545546, 72<549,09:

Chicago St.Louis

32,86633,04531,351

717,340694, 739672,889

13,06013,419

12,932

174,996178,005178,138

697,643 176,089I

216,026 319,282208,386 313,489221,908 307,775214,760 309,329

, 966, 055, 935, 991, 927,842, 943, 754

18, 06418, 05718,10817,874

165, 599164,418161,834163, 457

67,84163.68165,75062,318

94.68295,11697,52898,127

12,03010,97010,23110,308

418,367420,417423,613416,619

776,583772,659777,064768,703

2,742,6382,708,6502,704,906

546, 724 2,708,650

555,007 2, 712,457

507, 338504,913498, 611498,350

13, 25713, 25713, 48113,257

31, 47330,72927,18224, 681

19,00518,63119, 66619,306

13,51713,53011,99112,522

Minne-apolis

KansasCity

2,850 4,0422,809 4, 0172,806 3,9612,831J 4,074

59,75459, 47260,04760, 818

199,418197,081191, 568187,123

262, 022259, 362254,421250, 772

7,1467,1467,206

27,05626,99026,99526, 755

11,91811,86711,85611,762

17,62117,62117,32117,321

3,391 7,1093,152 6,8963,043 6,8962,989 6,896

98,71599,673100,663

179,932178,014175,036173,418

687,270682,927673,647671,768

38,76438,75439,53039,196

109, 614109, 274109,804108,926

371,636368,636364,225359,698

122,110130,761123, 225121, 687

327, 320327,393325,046320,801

453,472462,171452,232446, 562

9,3579,3589.3329,357

42,92043,65745,23446,511

17,81317,12416,07815,679

20,35720, 26319,85718, 602

3,2503,5023,2403,104

70,43472,35575,52575,630

164,131166,259169,266168,883

617,603628,430621,498615,445

Dallas

3,3443,3353,3783,315

75,98674,07075, 53274,830

232,537234,679226,133226,169

311,867312, 084305, 043304,314

18,21218,21218,21218, 212

16,42017,72318,839IS,193

8,9808,4529,5189,382

8,9729,1519,4109,272

5,0204,6302,7363,615

20,66420,15519,86119,910

78,26878,32378,57678,584

1,105,2541, 093, 0281, 096, 502L, 100,904

390,135390,407383,619382,898 1

SanFran-cisco

70707070

9,8629,75710,05510,143

225,470220, 508225, 060225, 762

869,922862, 763861,387

24,43224, 43724,44824,448

125,852125,423130,838133,739

52,95156,54354,62551,806

29,001

27,11025,857

23,11922,39620,20719,601

191,592192,517196,245192,572

446,947447,805453,473448,023

1,552,2011,540,8331,549,975:, 548,927



PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS—Continued


Total


Boston NewYork

Phila-delphia

Cleve-land

Rich-mond

At-lanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-cisco

Reserve balances wi thFederal reserve banks:

Mar. 18Mar. 25Apr . lApr. 8 „

Cash in vault:Mar. 18Mar. 25Apr . lApr. 8

Net demand deposits:Mar. 18,Mar. 25Apr . lApr. 8 _

Time deposits:Mar. 18Mar. 25Apr. 1Apr. 8

Government deposits:Mar. 18Mar. 25Apr . lApr. 8

Bills payable and redis-counts with Federal re-serve banks:

Secured by U. S. Gov-ernment o b 1 i g a -tions—

Mar. 18Mar. 25Apr . lApr. 8

All o the r -Mar. 18Mar. 25Apr . lApr. 8

1,638,2701,588,2741,604,9931,609,198

276,578280,774268,172288,502

12,879,05512,588,30912, 755,54012,635,199

4,973,4655,033,5085,053,0725,055,057

317,825317,698317, 758300,898

117,212138, 617126,338116,018

78,53079,756

110,13499,127

91,15587,25089,87686, 722

20, 73120,81020,14721,510

752, 221730,363729,369753,221

76, 86079,01373, 75081,327

856,265 5, 577,298843,118 5,456,669

"5,606,0655,487,220

850,569 5,847,', 021 5,

355,813 1,149,362" " '".1,166,611

1,183,1911,182,485

352,461 1.350,663"349,>,522 1,

25, 74125, 74125, 74122,736

2,7042,5104,7944,785

10,2758,40918,02615,594

70,93670, 93670, 93667,470

56,86578,57340, 74059,484

22,26629,72132,64433,117

81,18978,47084,46279,341

15, 87615, 73314, 51917,510

753,649742,181758,484765, 780

173, 342175,643176,492171,598

37,96137,92337, 98436, 573

4,44010,0469,3905,285

6,6726,8526,8825,341

129,100110,900124,777115,695

29, 97530,21928, 32931,024

997,402978,864997,043984, 050

719,784719,888718, 379723,421

42, 73342,8C642,80641, 082

38,63738,05839,08339, 716

14,60913,63713,15414,222

354,824350,227351,599356,567

186,690187,007188, 111187, 593

14,41214,41214,41214, 085

27,33315,17021,3937,723

5,7605,4895,5707,603

3,4202,4805,9674,900

13,77712,64213,57413,483

43,56539,06242,14138,556

10,55412,14410,38411,68f

228,709241,214230,500227, 754

51,17951,47251,84153,877

326,059 1319,336'317,887323, 756 1,688; 482

., 740,088

., 694,3121,678, 617

193, 225195,119197, 71,"198,178

12,96612, 96512, 96412,806

4,0692,9674,5752,609

4,6813,6135,5953,646

937,766940,142936,407941,941

46, 28245,98445,98443,241

5,16017,27023,64418,228

3,8706,48814,146

51,42748,38248,48349, 073

7,4257,3387,1787,280

422,661416,663407, 910405,236

202,896202,516203,631204,086

18, 92518, 92518,063

940580

1,203584

6,2891,1764,5763,270

29,69727,27523,31926,460

5,6825,8725,9916,255

246,758243,335237, 794236, 538

108,205104,793105,273106,080

4,0604,1174,1173,878

31935349

56,22552,72854,40152,687

11,86012,34011,81412,543

500, 252500,321499, 617490,535

137,788136,991138,474136,921

7,1267,1757,1757,075

5011

2,4421,770

438

"723

30,72429,42330,37330,178

10,80110,73110,3589,994

287,761286,197279, 424279,666

93,98294,78995,01093,398

10,49910,50310, 50310,282

1805050

2002075590

105,621105,149108,209109,795

21,02621,46520,70721,275

816,038757,086770,531770, 348

714,612757, 548759,726759,834

26,21126,21126,21123,607

11,6008,97012,14010, 650

4,4214,6868,7176,004

REPORTING MEMBER BANKS IN 12 FEDERAL RESERVE BANK CITIES—BANKERS' BALANCES


Total (12cities)

Boston

City

NewYork

Phila-delphia

Cleve-land

Rich-mond

At-lanta

Chi-cago

St.Louis

Minne-apolis

KansasCity Dallas

SanFran-cisco

Due to banks:Mar. 18Mar. 25Apr.lApr. 8 .-

Due from banks:Mar. 18Mar. 25Apr.lApr. 8

2,373,5982,234,8342,509,2492,299,805

631,606584,031631,438598,456

i, 570 1>, 648 1,

125,120,133,587 1,124,0501

35,39933,45537,12433,560

:, 125,841^,038,390L, 271,0021,085,443

112,979109,327115,166102, 642

187,433177, 529190,980176,084

60,80854,34275,84557,544

48,732.46,67550, 71150, 500

23,14222,95721,99725,665

35,424 20,12033,064 19, 52831, 703 19,41033,378 19,412

14,52915,60515,31213,969

416, 621402,240413,043411,901

14,053 178,92915, 738 157,45914,004 164,63114,578 171,924

94,36089,09292, 77794,444

32,74729,01832,06134, 272

65,10162,37960,07358,168

21,28719,63925,56418,455

114,684110,788111,015108,483

44,40545, 67745,04946,638

39,50937,77336,691

31,28627,43528,89226,904

100,20396,72898,257101,250

62,04253,37955,79352,305


MAY, 1925 FEDERAL, RESERVE BULLETIN 361

REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO—PRINCIPAL RESOURCES AND LIABILITIES, BY WEEKS


Number of reporting banks

Loans and discounts, gross:Secured by U. S. Government obligations-Secured bv stocks and bondsAll other loans and discounts

Total loans and discounts

United States pre-war bondsUnited States Liberty bondsUnited States Treasury bonds.United States Treasury notesUnited States Treasury certificatesOther bonds, stocks, and securities

Total investments

Total loans and investments

Reserve balances with Federal reserve bank. _Cash in vault _Net demand depositsTime deposits __ .Government depositsBills payable and rediscounts with Federal

reserve bank:Secured by U. S. Government obligations.All other

Total borrowings from Federal reservebank

New York City

Mar. 18

66

76,6061,957,6552,221,075

4,255,336

27,247523,188153,847191,97756,104

807,702

1,760,065

6,015,401

690, 54362,359

5,024,954 '791,86854,066

40,65021, 558

62,208

Mar. 25

.66

75,0961,943,4642,188,751

4,207,311

27,657516,540155,634180,65056,270

816,907

1,753,658

5,960, 969

671,73264,340

4,916,055807,35054,066

61,49528,911

90,406

Apr. 1

65

70,5511,943,0302,273,302

4,286,883

28,154512,208154,890176,79955,908

835,453

1,763,412

6,050,295

677,65759,786

5,055,400811,60854,066

22,05531,852

53,907

Apr. 8

65

71,8191,874,0862,248, 547

4,194,452

28,154510,984155,632176, 63055,902

846,077

1,773,379

5,967,831

697,20465,189

4,946,408812,868

51,779

47,50032,499

79,999

City of Chicago

Mar . 18

46

23,167535,280695,482

1,253,929

1,93881,26736,28467,0985,062

200,603

392,252

1, 646,181

162,30225,975

1,153,690461,993

26, 510

1,406150

1,556

Mar . 25

46

24,249513,867692,394

1, 230, 510

1,93683,03432,86767, 0664,568

202,406

391,877

1, 622,387

163,83126,008

1,115,616463, 25226,306

7,466330

7,796

Apr. 1

46

24, 618495, 737701,172

1,221,527

1,93681,97335,16269,8284,495

206, 759

400,153

1,621,680

157,60225,083

1,098,896456,40826,306

14,9348,755

23,689

Apr. 8

46

23,352518,045692,019

1,233,416

1,93682, 50030, 64371,1184,564

199, 230

389,991

1, 623,407

154,02426, 601

1,108 372463,98724,418

4,9184,185

9,103

ALL MEMBER BANKS—DEPOSITS, BY FEDERAL RESERVE DISTRICT AND BY SIZE OF CITY


Federal reservedistrict

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas...San Francisco

Total

Banks in cities andtowns having apopulation of—

Less than 5,000. _5,000 to 14,999....15,000 to 99,999._100,000 and over.

Net demand deposits

1924 1925

Dec. 24

1,299,6576,527,8061,129,4711,468,404

581, 375561, 575

2,344,909710,319493, 540858, 629670,487

1,310,823

17,956,995

1,689,9281,080,9442,144,113

13,042,010

Jan. 28

1,330,8626,383,0281,139,3901,486,655

594, 503585,609

2,380,790732,021481,231861,150660,847

1, 291,093

17,927,179

1,673,1991, 081,3422,170,162

13,002,476

Feb. 25

1,311,144

1,134,6891,482,289

588,437613,945

2,414, 286729,176482,015871, 625680,428

1, 289,740

17,887, 660

1,681,5311,087,3662, 211,43212,907,331

Mar. 25

1,270,1446,109,7361,127,8801,456, 781569, 755616, 226

2, 382,909722, 922475, 267872,756662,862

1, 235,913

17, 503,151

1,663,4851,086,0082, 225,26412,528,394

1924

Mar. 26

1,198,1515,406,9731,035,6331,373,024550,456503,475

2,172,537635,996413,952738,708568,800

1,216,923

15,814,628

1,581,5371,048,1192,030,40911,154, 563

Time deposits

1924

Dec. 24

685,2262,018,700759,663

1,245,613478,845

1,729,770429,809425,748296,288158,107

1,150,727

9,727,132

1,636,8871,042,7161,957, 0145,090,515

1925

Jan. 28

702,3502,041,042777,518

1,272,991

356,0701,735,739438,340434,954300,970160,584

1,171,200

9,878,624

1,668,3811,062, 5981,990,3355,157,310

Feb. 25

718,4422,063,112789,945

1,292,515494,941374,021

1,743,459438,871436,459302,798166,895

1,184,202

10,005, 660

1,678, 2321,072,9142,021,1905,233,324

Mar. 25

721,6312,063,332783,880

1, 299,175492, 908386,835

1,762, 222432, 651441,252305,752163,780

1, 240, 735

10,094,153

1,684,8161,079, 7432,048,3735,281,221

1924

Mar. 26

637,3921,750,663676,705

1,169,002454,463335,050

1,589, 788407,875400,852293,369155,257

1,025,747

8,896,163

1,581,0691,001,1661,846,8224,467,106



DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIESMONTHLY SUMMARY FOB BANKS IN 141 CENTEBS


Federal reserve districtNumber

ofcenters

1025

January February March

1924

January February March

No. 1—BostonNo. 2—New YorkNo. 3—Philadelphia...No. 4—ClevelandNo. 5—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—Minneapolis...No. 10—Kansas City. .No. 11—Dallas..No. 12—San Francisco

Total

New York City. .Other cities

2,685,49128,500,6162,173,0912,511,678767,253

1,201,1075,490,7471,306,725731,307

1,211,359658,963

2,720,698

2,157,34723,574,7301,780,0712,048,430675,206976,073

4,479,4751,074,542637,553

1,024, 111572,869

2,495,365

2,279,81727,165, 0072,105,7102,284,925739,378

1,120,9085,451,9051,160, 242748,603

1,169,701612,140

2,762,696

2,189,05222,814,8991,925,4552,227,515733,878

1,047,4054,701,9401,130,859565,332

1,003,759567,222

2,590,948

1,973,43220,511,8571,723,1392,006,249650,035947,847

4,178,246981,669 ;523,317937,931 i493,840 I

2,470,230

2,147,05722,227,1521,873,8122,173,881699,209987,094

4,807,8971,062,671584, 754

1,020,873492,894

2,662,187

141 | 49,959,035

1140

41,495,772 47,601,032 41,498,264 j 37,397,792 40,739,481

27,681,89422,277,141

22,924,38618,571,386

26,382,21321,218,819

22,113,95819,384,306

19,886,015 !17,511,777 i

21,546,48219,192,999

WEEKLY SUMMARY FOR BANKS IN 253 CENTEBS


i


No. 1—Boston _No. 2—New YorkNo. 3—Philadelphia _.No. 4—ClevelandNo. 5—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—Minneapolis...No. 10—Kansas City..No. 11—DallasNo. 12—San Francisco

Total

Numberof

centers

253

1925, week ending-

Mar. 25 Apr. 1 Apr. 8 Apr. 15

540,5736,209,215522,162612,168261,405255,284

1, 276, 611270,126168,659275,366159,378609,247

11,160,194

563,2686,386,042532,709690,431307,735270, 547

1,348, 018277, 512176,803296,015147,524605,766

11,602,370

588,9195,835,060528,945648,975309,837262,883

1, 222,421318,810191,247295,037148,849624,209

10,975,192

594,3975,144,836495,083759, 506299,162

1,220,195320,063172,726289,190147,319

10,359,445

1924, week ending-

Mar. 26 Apr. 2

510,9955,297,420478,210580,143250,344220,947

1,167,233246,296141,392257,324122,142583, 645

9,856,091

576,1315, 557,216507,927635, 523290,138256, 565

1,211,888275,118138,497253,105130,256615, 784

10,448,148

Apr. 9

534,2804,878,103440,417584,974276,909237,713

1,055,136251, 388141,831249,790130,069, 566, 543

9,347,153

Apr. 16

585,6185,332,207543,940702,136280,922256,650

1,153, 278281,671145,277274,173138,419630,983

10,325,274

BANK DEBITS FOB FEDEBAL BESEBVE BANK AND BBANCH CITIES

No. 1—Boston.No. 2—New York

Buffalo..No. 3—PhiladelphiaNo. 4—Cleveland.

CincinnatiPittsburgh

No. 5—RichmondBaltimore

No. 6—AtlantaBirminghamJacksonvilleNashvilleNew Orleans.,...

No- 7—ChicagoDetroit

No. 8—St. LouisLittle RockLouisvilleMemphis

No. 9—MinneapolisHelena

No. 10—Kansas C i t y . . .Denver.._Oklahoma City.Omaha..

No. 11—DallasEl PasoHouston

No. 12—San Francisco..Los AngelesPortlandSalt Lake City.SeattleSpokane

369, 5275,916,853

67,867401, 644127,28176, 590225,36427, 65371,17737,31428, 25618,07218, 75673,663797,438184,805150,10013, 27241,55230, 78486,2471,38277,42237,28019,33146,21054, 7166,97832,558206,314172, 20232,14213,29046,2899,712

378, 3036,026,815

81, 374393,849159,04590,176244,73630,294108,32035,77030, 74618, 69418,67484,027861, 216180,700161, 50013,85438,83230,61090,4681,844

83,90442,20419,21342,67642,9697,357

29, 774208,083173,83835,91616,41740, 2189,921

393, 9505, 512, 715

82,197387, 672148, 33086, 698

212, 57628, 394100,17032,15830,00919,90319,88674,462761,387152,179195, 70014,84540, 31431, 715104, 2312,05885,84743,52118,86145,36345,6747,15427,992202,278182,99838,43915,41940,13810,797

407, 2534,846,987

78, 608365, 324228, 56697,670214, 44726,389105,90733, 62930, 63219, 22219,69879, 09X726,210186,816188, 20015,11052,03331, 08890, 2461,787

81, 77237, 79318,80443,95844,2187,32530,367204,105176,40143,75418,38357, 74114,092

348, 9575, 031, 599

62, 528358,894125, 94972,458204,55827,19273,76431,49925, 74713,42715,33468, 748707,432189,344140, 51712,45136,32428, 27671, 0282,30365,08251,06414, 54441,01536,0237,26223,927166,987178,68636,16112, 52145,46310,543

384,3305,236, 234

73,618369,042156, 22474, 396211,44028,88098,14931,87428, 94814,35816,22596,282787,922157,304166, 50412, 29336,38330,89066,0471,97368,15539, 51213, 64241,88241,0787,01425,093190, 615183,25042,84117,59042, 53810,167

360,9304, 601, 907

65, 555310,966142,10169,239181,67827,88779, 26932,18926,45513,84617,19076, 238646,354129, 215142,87714, 31034,42729,72465, 3612,14564,15042,47414, 66543,01939, 2367,48123,114172, 223165,50337,38514,81337,21110,461

396,8355, 029, 478

75,418414, 515205,35392,145189, 65229,55683,01734,13826, 87019,23819,11781,141679,330185, 552162, 06715, 06441,84132, 72770, 7651,90176,70336,64016, 29241, 51939,0127,78527,740198,376175,46041,44214,17353,47514,792



MONEY IN CIRCULATION

[Source: U. S. Treasury Department circulation statements]


Date

1914—July 11917—Apr. 11920—Nov. 11922—Aug. 11924—Apr. 1 . . . . .

May 1June 1July 1Aug. 1Sept. 1Oct. 1Nov . l . . . .Dec.l

1926—Jan. 1Feb . l -—.Mar. 1___.Apr. l ._. .

Total

3,402,015«4,100,59115,628,4284,337,4184,812,8614,760,1144,815,4014,755,4034,665,1874, 773,8784,806,3674,879,6944,993,5704,992,9314, 751,5384,804,2094,776,167

Goldcoin andbullion

611,545641,794495,353416,282408,062403,649402,122396,415398,499401, 794427,970436,160437, 971458,206455,169462,925469,448

rin\r\ nor

tificates

1,026,1491,348,818

231,404171,985687,252726,179779,169801,381800,124872,807898,165904,861933, 688970,564929,650913,900914,968

Standardsilverdollars

70,30070,86389,72558,37855,20254,82354,07854,01753,64453,91554,60355,18555,60657,38455,53355,26454,666

Silvercertifi-cates

478,602459,68060,385

268,802367,113370,093373,381364,414372,683385,499388,574389,201389,113388,540360,808366,024371,229

Treasurynotes of

1890

2,4281,9971,6281,5081,4331,4281,4251,423,420

L,417,412,410,407,405,401

1,398]L,396

Subsidi-ary silver

UnitedStatesnotes

159,966191,351261, 556220,956251,639252, 702252,557252,971252,407 i253,732256,467 I259,710263,102

337.845330,353277,736284,343304.846301,110

256,898256,509257,559

297,790301,667308, 111304,345305,840304,418295,233283, 598288,668285,780

Federalreservenotes

Federalreservebanknotes

356,4483,310,2252,115,3501,988,5851,909,1431,897,6361,843,0911,745,8201,746,2301,729,301 !1,784,046 I1,862,055 j1,841,6211,688, 662 !1,734,6061,702,212 i

3,170209,87765,03211, 58811, 02510,43810,0669,6359,2299,0308,7108,4718,2387,9877,7567,506

National-banknotes

715,180697,160715,023725,782737,141729,962738,629733,835729,288741,144736,500734,571737,739705,442711,832717,159711,403

Totalcircula-tion per

capita (indollars)

34.3539.5452.3639.4742.8542.3342.7842.2041.3642.2842.5243.1244.0844.0341.8642.2841.99

1 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.

DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT APRIL 30, 1925


Commercial,agricultural,and livestockpaper, n. e. s.

BostonNew YorkPhiladelphia. _.ClevelandRichmondAtlanta.ChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco—

Paper maturing—

Within 90 days After 90 days butwithin 9 months

Secured byUnited StatesGovernmentobligations

* Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc.

Changes during the month—None.



GOLD SETTLEMENT FUND

INTERBANK TRANSACTIONS FROM MARCH 19, 1925, TO APRIL 15, 1925, INCLUSIVE



BostonNew YorkPhiladelphia..Cleveland—.__RichmondAtlantaChicago^ _St. LouisMinneapolis- _Kansas City—DallasSan Francisco.

Total four weeks ending-Apr. 15, 1925Mar. 18,1925Apr. 16,1924Mar. 19,1924

Transfers

Debits

16,0009,7004,50011,5008,00014,00035,0004,0002,000

5,0006,000

115, 70080,10084,00094,300

Credits

83,0003,500

5007,500

4,5002,20010,000

Daily settlements

Debits

722,7532,455,741

715,223604,758

4,500

303,9811,121,047500, 553159,979382,377251,850282,297

115,700 | 7,989,39380,100 ! 8,372,93584,000 ! 7,398,23694,300 | 7,361,882

Credits

743,9962,424,124728,202618,200484,375307, 794

1,136,394495, 620152, 733372,175249, 649276,131

7,989,3938,372,9357,398,2367,361,882

Changes in ownershipof gold throughtransfers and settle-ments

Decrease

4,95910,18719,6534,4339,2465,7025,0012,166

61,347

Increase

5,24341,68311,9792,442

61,347

Balance infund atclose ofperiod

44,342222,98249,088

18,4656,003

105,19817,09214,59745,76322, 27930,213

637,009624,267671,220606,746


MONEY RATES PREVAILING IN FEDERAL RESERVE BANK AND BRANCH CITIES

The following table shows the customary rates charged on loansand discounts in the various cities in which Federal reserve banks andtheir branches are located, as reported by representative banks. Theserates are not averages but are those rates at which the bulk of paper ofeach class is handled by reporting banks. Where it appears from thereports that no one rate clearly covers the bulk of the paper handled,a range of the rates most commonly charged is given. In making

comparison between the rates charged since February, 1924, and ratescharged at earlier periods, it should be borne in mind that the earlierrates refer to an entire month, while the later figures cover only aweek. Attention is also called to the fact that the method of report-ing the rates has been somewhat modified and that slight changes inthe rates may reflect these modifications.

[Rates prevailing during week ending with the 15th day of the month]

District'and city

No 1—BostonNo 2 New York

BuffaloNo ^ PhiladelDhia

PittsburghCincinnati

No *> TfciphrnondBaltimore

No 6—Atlanta - - -BirminghamJacksonville- _.-New OrleansNashville

No 7 ChicagoDetroit -

No. 8 St. LouisLouisville. 1Little Rock

No Q TVTinneaoolis

No 10—Kansas City.OmahaDenver - .Oklahoma City

No 11—Dallas - -El PasoHouston

No. 12—San FranciscoPortlandSeattleSDokaneSalt Lake CityLos Angeles -

•Customers' prime commercial paper

30-90 days

Apr.,1925

4 -444 -55 -6

445-6"5 -6

54|-5|5 -65 -64 -75 -65|-644-55 -6

P5 -6

2 8*5 -644-65 -66 -74 -6

85 -65 -54

66

5 -76

6 -7

Mar.,1925

4 -5

5 -641-445 -65 -654-644-5

5 -6

5 -654-64 -55 -64-5J

5 -64 * 1 l5 -644-65 - 65 -74 -6

85 -65 -54

66

5 -76

5 - 7

Apr.,1924

54|-554-6

554-6

654-6

545-66 - 7

54-66

515 -54

6548666

6 -758

ip.6*

6 -76

6 -64

4-6 months

Apr.,1925

4 -4441-5

644

5 V5 -654-654-64f-545 -65 -6

5 -65

44-55 -6

5

5 -6

8*5 -644-64 -56 -74 -6

85 -65 -54

66

4 -65 -66 - 7

Mar.,1925

4 54^-5

6

5*-62

5 -654-65 -64f-545 -65 -7

5 -654-64 -55 -64-545 -6

2 85 -644-6

55 -74 -7

85 -65 -6

66

4 -66

6 - 7

Apr.,1924

5

4 6*5

54-6

654-6

*545 -66 -7

66

5 -54

a

65486

51-66

6 -75 -6

854-7

66 -7

667

6 -64

Interbank loans

Apr.,1925

4 -444 -5

54 -44

5 -65 -6

44-65 -65 -6

44-654-6

55

5*654

6 -85 -6

66 -76 -75 -66 -85 -65 -6

66

6 -76 -7

6

Mar.,1925

444-5

54 -5

55 -65 -54

44-55

5 -6c ft

5 -654-644-5441-6'5-54

6

7*5 -654-66 -76 -75 -66 -744-55 -6

66

6 -76 -7

6

Apr.,1924

5555

5 h\6

5 -5451-545 -65 -6

54-66i

5454-6

e6

54-676

6-646 -7

65 -6

844-654-66 -64

66 -7

66

Loans secured byLiberty bonds

Apr.,1925

444-4f54-64-4*5 - 65 -65 -545 -64f-55 -6

6

5 -654-644-55 -6

5 -6

5 -65

5 -65 -65 -6

86

5 -66 -7

66 -7

66 - 7

Mar.,1925

44-54 -4f

4 -445 - 65 -65 -545-6'4|-544-6

6

5 -654-64 -55 - 65 -6

5 -6

44-65

5 -65 -644-6

85 - 65 - 66 -7

66 -76 -76 -7

Apr.,1924

55

5 -65

5 -6654

5 -65 -65 -65 -6

54-65 -6

554-65 -6

a6

654-6

6668

54-66

6 -76

6 -76

6 -7

Loans secured by stocks and bonds

Demand

Apr.,1925

4 i

31-41

5 -64

54-65 -65 -65 -64|-55 -6

6

5 -654-644-554-6

5

6

64 -65 -6

65 -7

85 -75 -664-7

686

6 -7

Mar.,1925

4444-4|5 - 64 -4f54-65 -65 -544i-64f-55 -6

6

5 -654-64-545 -64 -6

644-5

5 -64 -65 -6

654-6

85 -65 -664-76 -7

86

6 -7

Apr.,1924

4441-545 -6

4 |66

54-654-651-54

66 -7

665

54-654

6 -754

6

6668

54-654

6

76 -7

Time

Apr.,1925

4 i_ 5

33^515 -6

54-65 -65 -65 -65 -545 -66 -7

5 -654-644-55 -6

644-66 -8

66

5 -66 -75 -8

85 -7

6

66 -76 -76 -7

Mar.,1925

44-544-5

6

54-65 -65 - 5 |5 -65 -515 -66 -7K 0

5 -654-64 -545 -64-54

644-5f

85 -6

65 -66 -75 -7

85 -65 -6

6 -76 -86 -76 -7

Apr.,1924

5 -5454-6

566

54-654-651-54

66 -7

66

5154a

6 -7

?6

6668

54-754-6

67 -8

76 -7

Loans secured bywarehouse receipts

Apr.,1925

41-51" fi

4 -5454-6

665

6A1 ft42 65 -654-644-5454-6

5a

6 -7

5 - 66

6 -86 -75 -8

85 -8

6

76 -8

76 -7

Mar.,1925

44-56

4 -5*5 -6

66

545-6

6AX ft42 b5 -654-644-5454-6

a

5 -7

5 - 66

6 -86 -744-7

85 -65 -6

6 -76 -86 -76 -7

Apr.,1924

5 -546

54-6666

5f-66

6 - 7

654-6

5454-654-6

6 -7

664-76 -7

68866

77 -8

76 -7

Cattle loa

Apr.,1925

5 -6

6

6

86 -7

76 -86 -87 -8

87 -8

6 -646 -77 -86 -7

Mar.,1924

44-54

6

6

86 -7

76 -76 -87 -8

86 -8

6 -647

7 -864

ns

Apr.,1924

5 -54

6

6 -7

g78

6 -77 -87 -8

86 -8

6 -64

6 -7g7

d

00



GOLD AND SILVER IMPORTS AND EXPORTS

IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES

Country

IMPORTS

"Belgium !

Germany - L - .Italy - JNetherlands . j . .Spain JSweden.. ;

England _ ._Canada ,Central AmericaMexico , _.West Indies . .Argentina !

Bolivia . . -ChileColombia...EcuadorPeruParaguayUruguay. _Venezuela . . .ChinaDutch East Indies..Philippine Islands. _British Oceania.Egypt . ___Portuguese AfricaAll other-

Total

EXPORTS

FranceGermany :NetherlandsPoland and DanzigSpainSweden iEnglandCanadaCentral AmericaMexicoWest IndiesArgentina.BoliviaColombia .EcuadorPeru L .Uruguay. „Venezuela -British India.ChinaDutch East IndiesAustraliaHongkongJapan . .Egypt _Allother

Total

Gold

March

1925

$2,935,4562,777,195

176, 209513,15445,442

40284,501

144,044

187,077

27,604

I§9,538153,89133,6187,260

42,95518,976

7,337,322

15,120,000

40,000

50,00059,385

461,28960,000

5,050,000

200,00062, 707

30,0002,757,9101,112, 500

100,625

25,104,416

1924

$3,433,1032,359,059

19,326,7945, 295,630

121,346487,37848,018

1,748,785

21,429199,028

272,071

24,07190,966

178,58961,285

175, 5857,643

471, 595

34,322,375

167,209

410,875

201,600

37,690

817,374

Three months endingMarch—

1925

$71,046100

3,554

21,387

3,064,7778,309,886

399,9351,424,874

105,651

402123,082445,34775,087

389,693187,077

57,37420,055

472,872444, 222110,122

8,891208,09234,123

15,977, 649

1,339,20845,130, 3364,318,3431,103,948

80,0001,232, 7286,159,602

178, 036

1,.2O1,481151,000

5,260,00020,000

15,000

802, 290200,000

52, 757,093

80,00025,905,0322,594,105

498, 240203,625

149,230,067

1924

$8, 516, 7932,881,5572, 367,1425,917,406

28, 01841,934

61,971,1017, 284,500

511,0411,442,831

202,0724,486,284

116,169677,326

92, 571951,478

78,118722,116644,288468,623

2, 036,1811,449,906

104,8761, 577,073

114, 56J, 404

386,2031,000

643,489

Silver

March

1925

$2,63473,996

434

4,682880, 597290,183

3, 766, 61813,952

9,216192,252

9,478

1, 263,244

34

71,3032,883

40466

14, 27464,464

6, 660, 750

1, 218,00534, 551

1,152,382139,174

1,550245, 561

5,795

1501, 600

55,190

15,750

1,603, 232

4,597,701521,998

7,916,717

1924

$1,059

7,228286, 222161,198

3,890, 21811,6094,8603,056

92, 50110,093

1,717,715

5011,457

2,525109183

13,4467,405

6, 220,934

65,202

353,698164,004

130,1732,073

1,235

192,000

412, 5004,501,6132,327, 617

205,163

8,355,278

Three months endingMarch—

1925

$8,»00105,141

9749,416

44,895904

24,7802,049,961

434,91811,877,883

48,153

16, 988478, 291

22,4214,498

2, 215,8071,263,244

924,108

171,1707,920

126595

39,411103, 629

18,928,225

1, 236,00034, 551

5,302,775359,989

14, 215634,30233,840

12,478,6985,223,363

823,935

360

26,142,028

1924

$15,0541, 221,027

55,153143

21,4071, 313,404

602, 57611, 252,329

40,30820,41829, 214

364,31337, 7654,408

4, 798, 695

6,4671,949

11,835207,601

6,857525183

30, 94758, 523

20,101,101

65,202

7002, 211,997

400, 2171,275

429,10417,348

4,738

576,000

646,00013,057,8996,484,772

269,4131,275,970

25,440,635



FOREIGN EXCHANGE RATES

[Noon buying takes for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]

COUNTRIES INCLUDED IN COMPUTATION OF GENERAL INDEX

General index LBelgiumDenmarkFranceGermany... ___Great BritainItalyNetherlandsNorwaySpainSweden _SwitzerlandCanadaArgentinaBrazilChile. _ChinaIndia...Japan __

Monetary unit

FrancKroneFrancReichsmark. _PoundLira...FlorinKronePesetaKroneFrancDollar....Peso (gold)MilreisPeso (paper)Shanghai (tael)Rupee _Yen

Parof ex-

change

19.3026.8019.3023.82

486. 6519.3040.2026.8019.3026.8019.30

100.0096.4832.44

319. 533 66. 85

48.6649.85

April, 1925

Low

5.040018.31005.130023.8000477. 62004. 090039.840015. 770014. 200026. 780019. 280099.905385. 660010.540011. 040073.020035.430041. 2600

High

5.080018.66005. 260023.8000484.47004.120040.130016.480014. 570026. 950019.3900100.000987. 500010. 810011. 320073. 630035.950042.1900

March, 1925

Low

5.010017.85005. 050023. 8000476.20003. 990039.830015.230014.170026. 940019. 220099. 834387. 380010. 640010. 770072.850035.450039. 6000

High

5.150018. 34005. 320023.8000478.86004.140039. 990015.830014. 280026. 960019. 290099. 908190. 630011.170011.420074. 440035.760041. 8000

Average

Rate Per centof par

5.066218.06925.180723.8000477. 62504. 071939. 921215.434614. 221926. 949619. 264699. 871489. 711511.038111.098573. 361235. 666240.9669

6326.2567.4226.8499.9298.1521.1099.3157.5973.69

100. 5699.8299.8792.9834.0356.83

109. 7473.3082.18

March, 1924

Low

3.160015.30003.49002.0213

426. 32004.1300

36.860013.310012.130026.050017. 220096.516775. 270010.49009. 4200

69. 580029. 660041.9300

High

4. 330016. 21005. 52002.0223

430. 36004. 380037. 280013.790013. 580026.490017.440097. 689577. 590012.060010.120070. 360029. 960044. 8000

Average

Rate Percentof par

3.865015.67884. 68122.0220

429. 06314. 276937.065013.552712. 7327

17. 290096. 956976. 552711. 44629. 771269. 996529.862342. 9015

5820.0358.5024.25

88.1722.1692.2050.5765.9798.0989.59

79.3535.2850.03

104. 7161.3786.06

O T H E R C O U N T R I E S

AustriaBulgaria .CzechoslovakiaFinlandGreece _. .HungaryPolandPortugalRumaniaYugoslaviaCuba.MexicoUruguayChinaHongkongStraits Settlements..

S chillingLev . . .Crown ._MarkkaDrachmaKroneZlotyEscudoLeu . . . . . .DinarPeso

dodo

Mexican dollarDollarSingapore dollar

14.0719.30

~19.~36"19.3020.2619.30

108.0519.3019.30

100.0049.85

103. 423 48.113 47. 77

56.78

14. 0510.7257

2. 96412. 52021. 5973.0014

19.17004.9400.4472

1. 606699. 885449. 800093. 910053.400053.850055.0800

14.0710.7356

2.96602. 52321. 8996.0014

19. 22004. 9800.4756

1. 6219100.005249. 958394. 930053.920054. 510056.2500

14. 0470.7313

2.96602. 52001. 4833.0014

19.18004.8900.4691

1. 582199. 890649. 333394. 340053. 230053. 770054. 6700

14.0760.7357

2. 96942. 52391. 6321.0014

19. 20004. 9500.4979

1. 6191100. 025050. 033396. 590054. 400054.880055.7500

14.0583.7335

2. 96652. 52141. 5484.0014

19.18314. 9296.4866

1. 600699. 950449. 743995.314653.648854. 269255.1008

99.923.80

13.068.02

.0199.394.562.528.29

99.9599.7992.16

111.51113. 6197.04

0. 0014.7263

2. S7912. 49961. 4513.0012

3. 0400.5157

1. 217299. 959448. 078175.490050.150050. 300049.9700

0. 0014.7488

2.99302. 51881. 7331.0024

3. 2400.5296

1. 2609100. 0719

48. 312577. 560050. 590050. 640050.5000

0. 0014.7375

2. 90152. 50741. 6297.0015

3.1262.5225

1. 2372100. 050548. 230976. 692750. 385850. 492750. 2777

0.013.82

12.998.44

.01

2.892.716.41

100. 0596.7574.16

104. 73105. 7088.55

1 Weighted average, weighted on the basis of trade with each country for the 12 months ended February, 1925. The method of constructionwas described and all index numbers since November, 1918, were published on page 1260 of the BULLETIN for October, 1922.

2 Per billion paper marks,a 1913 average.

SILVER

[Average price per fine ounce]

London (converted at average rate of exchange).New York

April March

$0.67786.67245

$0. 68701.68175


FEDERAL RESERVE DISTRICTS

MINN

MEWEXPOLISjS.DAK.

"—•BOUNDARIES OF FEDERAL RESERVE DISTRICTS——BOUNDARIES OF FEDERAL RESERVE B'RANCH TERRITORIES® FEDERAL RESERVE BANK CITIES• FEDERAL RESERVE BRANCH CITIESO FEDERAL RESERVE BANK AGENCY

O


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Federal Reserve Bulletin May 1925 - FRASER RESERVE BULLETIN MAY, 1925 ISSUED BY THE FEDERAL RESERVE...

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