fraser...federal reserve board ex officio members: a. w. mellon, secretary of the treasury,...

FEDERAL RESERVEBULLETIN

FEBRUARY, 1925

ISSUED BY THE

FEDERAL RESERVE BOARDAT WASHINGTON

Industry and Trade in 1924Business Conditions in the United StatesDecision in New Par Clearance Case

WASHINGTON

GOVERNMENT PRINTING OFFICE

1925

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

FEDERAL RESERVE BOARD

Ex officio members:

A. W. MELLON,

Secretary of the Treasury, Chairman.

J. W. MCINTOSH,

Comptroller of the Currency.

D. R. CRISSINGER, Governor

EDMUND PLATT, Vice Governor

ADOLPH C. MILLER.

CHARLES S. HAMLIN.

GEORGE R. JAMES.

EDWARD H. CUNNINGHAM.

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

Chief, Division of Examination, and Chief FederalReserve Examiner.

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

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

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

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) v 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..

Philadelphia-_Cleveland

Richmond

Atlanta

Chicago.-----

Frederic H. CurtissPierre Jay

R. L. Austin

D. C.Wills

Wm.W. Hoxton

Oscar Newton

Wm. A. Heath

W. P. G. Harding.Benj. Strong

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

George J. Seay._

M. B. Wellborn.

W. W. Paddock_..J. H. CaseL. F. SailerG. L. HarrisonE. R. Kenzel

J. B. McDougal.

St. LouisMinneapolis..

Wm. McC. Martin .

Kansas City...Dallas

San Francisco .

John R. Mitchell.

M. L. McClure _Lynn P. TalleyJohn Perrin.

D. C. Biggs..R. A. Young

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

Wm. H. HuttM. J. FlemingFrank J. Zurlinden_.C. A. PepleR. H. BroaddusJ. L. CampbellCreed TaylorO. R. McKayJohnH. Blair

O. M. AtteberyW. B Geery__B.V.MooreHarry Yaeger 2

C. A. Worthington..R.R.GilbertVal. J. GrandWm. A. DayIra ClerkL. C. Pontious

W. Willett.L. H. Hendricks.iA. W. Gilbart.iJ. W. Jones.iG. E. Chapin.1Ray M. Gidney.*L. R. Rounds.*W. A. Dyer.J. C. Nevin.

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

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

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

W. N. Ambrose.

i Controller. 2 Assistant deputy governor.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—

New York:Buffalo branch

Cleveland:Cincinnati branchPittsburgh branch

Richmond:Baltimore branch

Atlanta:New Orleans branchJacksonville branch _Birmingham Branch-- _Nashville 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.

1Federal Reserve Bank of—

1 Minneapolis:1 Helena branchI Kansas City:j Omaha branch

Denver branch1 Oklahoma City branch

Dallas:El Paso branch.-Houston branch.

! San Francisco:Los Angeles branchPortland branchSalt Lake City branchSeattle branchSpokane 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—Industry and trade in 1924 71Business conditions in the United States 75British banking in 1924 98

Official:Law department—

Court decision in Atlanta par clearance case 100The McFadden bill 103

State banks admitted to system 108Fiduciary powers granted to national banks 108Charters issued to national banks 108

Business statistics:Industrial statistics in the United States 109Wholesale and retail trade 116Industrial statistics for foreign countries 120Foreign trade of principal countries 121Financial statistics for principal foreign countries 122

Price movements in principal countries:Federal Reserve Board wholesale price indexes 123Comparative wholesale prices in principal countries 125Comparative retail prices and cost of living in principal countries 126

Banking and financial statistics:Federal reserve banks—

Condition of Federal reserve banks 127Federal reserve note account 131Holdings of earning assets 132Discount and open-market operations of Federal reserve banks , 133Earnings and expenses of Federal reserve banks, year 1924 134Gold settlement fund 142Discount rates of Federal reserve banks 142

Member banks—Condition of member banks in leading cities 137Bankers' balances at reporting member banks in Federal reserve bank cities 138Deposits of all member banks 141

Bank debits 140Money rates in principal cities 143Money in circulation 141Gold and silver imports and exports 144Foreign exchange rates and index 145

IV


FEDERAL RESERVE BULLETINVOL. 11 FEBRUARY, 1925 No. 2

REVIEW OF THE MONTH

Growth of business activity, which beganin the autumn of 1924, continued in recent

months. The rapid recovery,Increase in » T1 . ,, , ,

business activity. f o l l o ^ n g upon the abrupt re-cession of the first part of the

year, was shared in by most of the basic in-dustries and carried their output to a level 25per cent above the low point of midsummerand higher than a year earlier. The volumeof trade, which continued at a relatively highlevel throughout the year, also increased andin December was larger than at the end of1923. A growth in the buying power of con-sumers arose out of the increase in em-ployment of factory workers and the largervolume of farm products marketed at higherprices. The level of wholesale prices, afterreceding for more than a year, advancedduring the last half of 1924 to a level in De-cember higher than at any time since thespring of 1923. During the period whenprices were receding agricultural prices declinedless than other prices, and the advance in theprice level since June is largely the result ofincreases in prices of agricultural products,with the consequence that at the end of theyear the prices of these two groups of commod-ities were in closer adjustment. Taking theyear as a whole, industry, though more activein recent months, had a smaller volume ofoutput marketed at lower prices than in 1923;agriculture, on the contrary, had a somewhatlarger total production than in the previousyear, marketed at considerably higher prices.At the end of 1924, as a result of these read-justments and of the improvement in theworld market for agricultural products, therewas a better balance between industry andagriculture than at any time in more thanfour years.

Course of in-dustry in 1924.

The course of industrial activity from monthto month during 1924, as reflected in the output

of 22 basic industries, fluctuatedmore widely than in 1923, asis shown by the chart. The

recession in production between Februaryand June, following the brief and unsustainedrecovery at the turn of the year, brought thevolume of production in these industries tothe lowest level in two years. After three

[1919=100]PER CENT14-0

130

120

110

100

90

8 0

PRO DUCTION

>

IN BASIC

192

192

IND

3

\

JSTR1ES

/

J—

j

I'

PER CENT14-0

130

120

110

100)

90

Jan. Fetx Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.80

months of activity at this low level outputincreased at a rate almost equal to that ofthe preceding decline and at the close of theyear was somewhat higher than at the end of1923. These fluctuations in production wereaccompanied by similar, though less pro-nounced, changes in the volume of factoryemployment, which increased during the lastthird of the year, but in December was still 6per cent lower than a year earlier. Theseabrupt changes in production and employ-ment reflect chiefly the rapid adjustment ofoutput in primary industries to changes inmarket conditions. Profitable operation inthose industries where unit costs are largely

71


72 FEDERAL RESERVE BULLETIN FEBRUARY, 1925

determined by the volume of output requireson a declining market a prompt curtailmentin order to avoid excessive accumulation ofstocks, and on a rising market a prompt in-crease in production in order to meet in-creased demand. At a time when manufac-turers of finished products and distributorsare pursuing a policy of placing their orderswith reference to immediate demands uponthem, producers of primary materials musteither curtail production or assume the riskinvolved in carrying larger inventories. Thewide and abrupt fluctuations in the output ofbasic industries, which have characterized thelast two years, have been due to the endeavoron the part of those industries to adjust theirproduction more closely to current demandsas influenced by the buying policies of busi-ness concerns, whose hesitancy about placinglarge forward orders and tendency to limitpurchases to immediate requirements have beenfavored by the promptness of deliveries madeby railroads. Thus, in the early months of1924, when output was large and it became evi-dent that the product was not moving promptlyinto distribution, prices declined and basic in-dustries limited production in order to disposeof accumulated stocks. Consumption exceededcurrent output during the second quarter, andafter the middle of the year production expandedagain to meet increased demands. In the steelindustry, for example, average daily produc-tion and unfilled orders both showed someimprovement as early as August and Septem-ber, which became progressively greater dur-ing the remainder of the year. Buying ofsteel products received a marked impetus inSeptember, when freight car awards, afterhaving been negligible from May to July andless than 6,000 in August, increased to morethan 27,000, and for the final quarter of theyear exceeded those of a year ago. Therewas also some increase in September and insucceeding months in the unfilled orders forlocomotives. Building construction, which in1924 was larger than in 1923, as measured insquare feet on the basis of contracts awarded,began to increase in August, continued in

larger volume from month to month untilDecember, and was an important source ofthe increased demand for iron and steel. Atthe end of the year the steel industry wasoperating on a large scale on the basis ofprices somewhat lower than a year ago.

One of the important factors bringing aboutthe reduction of stocks and the subsequent in-

dustrial recovery was the highVolume of ievei of t r a (je and distributiontrade. _ . _ . _ 1 _

which continued throughoutthe year. In fact, the various indexes meas-uring the volume of distribution show that in1924 trade was as active as the year before andin considerably larger volume than in 1922.The following table gives the annual figuresfor the past three years for wholesale and retailtrade, railroad shipments, and the volume ofcheck payments, in comparison with productionin basic industries:

(1919=100)

Year

192219231924

Depart-ment-storesales

112124125

Whole-sale

trade

748382

Checkpay-

ments i

95107108

Railroadship-ments

103119117

Produc-tion inbasic

industries

98120108

i Outside of New York City.

The comparison brings out the fact that,taking the year as a whole, the recession in pro-duction was not accompanied by a decline indistribution. The physical volume of produc-tion was about 10 per cent less than in 1923,but the dollar volume of business transactionssettled by checks and of wholesale trade wereabout the same as in 1923, notwithstanding thelower level of wholesale prices during the year.Railroad shipments of merchandise declinedonly slightly and sales at department storeswere as large as the year before.

During the summer months sales at depart-ment stores continued in larger volume than

replacements, with the resultthat stocks of merchandise,which had reached an unusu-

ally high level in the spring of 1924, were rap-idly reduced. By August stocks were at a lowerpoint than at any time since early in 1923, and

Volume ofstocks.


FEBBUABY. 1925 FEDERAL RESERVE BULLETIN 73

Marketingcrops.

of

while the increase since that time has been morethan seasonal, stocks at the end of the year werenot appreciably larger than in December,1923. Average stocks in the hands of whole-salers, as indicated by reports from five Federalreserve districts, followed somewhat the samecourse as stocks at department stores, declin-ing during the summer months and increasingagain during the last quarter of the year.Stocks of certain raw materials, particularlybituminous coal, hides, and leather, are lowerthan a year ago, and while increases haveoccurred in stocks of some commodities, in-cluding certain building materials, there is ingeneral no evidence of an excessive accumula-tion of stocks.

Stocks of grain held on the farm at the endof the year were a smaller percentage of the

year's crops than in either ofthe two preceding years. Dur-ing the closing months of 1924

the aggregate volume of crops marketed wasthe largest in the past six years, and the indexof the movement of agricultural products toprimary markets during the last six monthsof the year was 12 per cent above the figurefor the corresponding period of 1923. Higherprices for wheat and rye, together with largercrops than in 1923, resulted in an unusuallyrapid and large movement of these crops, alarger percentage of the wheat crop beingmarketed by December 31 than in 1923 or1922. In the winter wheat areas of theKansas City district about 44 per cent of thecrop had passed through the four leadingmarkets in that territory by the end of Decem-ber, as compared with 36 per cent of the cropfor the same period in 1923; in the Min-neapolis district approximately 64 per centof the crop was marketed through the citiesof Minneapolis and Duluth by the end ofDecember, as against 59 per cent in the pre-ceding year. Marketing of rye has also beenvery rapid, the foreign demand for rye duringthe last half of the year being almost threetimes as large as for the same period in 1923.A somewhat smaller percentage of the cottoncrop, however, has left the farm than in 1923 or

Prices of farmproducts.

1922, though owing to the larger crop, thetotal volume delivered at interior towns priorto the end of December was about 2,000,000bales larger than the year before. Marketing oflivestock was larger in 1924 than in 1923, par-ticularly of sheep and also of beef cattle, whilethe marketing of hogs was in about the samevolume as in the previous year. This rapidmarketing of crops at higher prices has im-proved the cash position of the grain farmer,but the heavy marketing of livestock duringthe year, though at somewhat higher prices inrecent months, has been the result chiefly ofunfavorable conditions in the industry.

Prices of agricultural products at wholesaleadvanced on the average about 15 per cent

between June and December,while the average of non-agricultural prices increased

only about 2 per cent. A considerable reduc-tion in the world's grain crop and an increase inforeign buying resulted in an advance of grainprices during the last six months of 1924 to apoint about 47 per cent above the midsummerlevel. In August exports of wheat from theUnited States exceeded those of August, 1923,in September they were double those of thepreceding year, and in October they were fivetimes as large and at the highest monthly levelin recent years. Total exports of wheat, includ-ing flour, during the last half of the year were 84per cent larger than for the same period of 1923.Cotton prices, under the influence of three suc-cessive short crops, stood at the beginning of1924 at the highest level since the autumn of1920. By midsummer, however, a substan-tial increase in the American cotton crop wasexpected, and this prospective increase in thecrop, together with reduced consumption atthe mills, was reflected in a decline of prices.In the last quarter of the year the largevolume of cotton exports, considerably inexcess of recent years, and an increase in theconsumption of cotton in this country, main-tained the price at a comparatively steadylevel. The general rise in the prices of agri-cultural products during the past six monthshas brought them to a level more nearly


74 FEDERAL RESERVE B U L I J E T I N FEBRUARY, 1925

in

in line with the prices of other productsthan at any time in the past four years.

The two groups of commoditiesi Q t h e B u r e a u Of L a b 0 r ' S i n"

dex of wholesale prices which

reflect chiefly changes in the prices of agricul-tural products—farm products and food—werein December at the same level as the generalaverage for all commodities. All the groupindexes, however, except fuel and lighting, showadvances over the year's low point in June.The table below shows the indexes, by groups;for December, 1924, the most recent figureavailable, for June, the low point for 1924,and for April, 1923, when prices were at theirrecent peak.

WHOLESALE PRICES, BY COMMODITY GROUPS[Bureau of Labor Statistics, 1913=1001

All commodities

Farm productsFoodCloths and clothing __Fuel and lighting ___Metals and metal productsBuilding materialsChemicalsHouse furnishingsMiscellaneous

April,1923

159

141144205200154204136187126

June,1924

145

134136187175132173127172111

Decem-ber, 1924

157158191165133175135172129

The level for all commodities in Decemberwas 8 per cent above June, 1924, the advanceduring the last six months being nearly equalto the decline during the preceding year. Whilethe present level is only slightly below May,1923, it reflects higher prices for farm productsand food and considerably lower prices for allthe other important commodity groups. Thelargest declines occurred in fuel and lighting,building materials, and metals, which in Decem-ber were still 14 to 18 per cent below the April,1923, level, though they advanced, as well asall other groups, in the closing months of theyear.

Factors in busi-ness recovery.

An important factor in the recent businessrecovery has been the increased buying by

European purchasers in themarkets of this country arisingin part from the unusually

large volume of foreign loans floated in theUnited States. The placing of these loans wasfacilitated by the prevailing ease in the moneymarket, reflected both in the abundance offunds seeking investment and in low moneyrates, as well as by the increased confidence ofAmerican investors in European securities, dueto progress made in the settlement of repara-tions and the restoration of sound monetaryconditions in Europe. In considerable partthe proceeds of these foreign loans, as indicatedby the large volume of exports, financed thepurchase of agricultural products and othermaterials in this country. The larger netreturn to wheat farmers, due in part to agood wheat crop at a time when the worldcrop was short, was another factor duringthe autumn months in the improvement ofbusiness and credit conditions, particularly inagricultural districts, and in furnishing a largerdomestic market for the products of industry.Thus developments in Europe and the changein the agricultural situation in the UnitedStates, together with the industrial readjust-ment which took place in the earlier part of1924, were the important influences in bring-ing about the recent growth in business activity.

NOTE

Resignation of assistant counsel.

Mr. Edgar W. Freeman, who has beenassistant counsel of the Federal Reserve Boardsince August, 1921, resigned effective December31.


FEBBUAES-, 1925 FEDERAL RESERVE BULLETIN 75

BUSINESS CONDITIONS IN THE UNITED STATESProduction and employment in December continued the increase which began in the

autumn and wholesale prices advanced further to the highest level for the year. Railroadshipments of goods continued in large volume, and trade, both at wholesale and retail, waslarger than a year ago.

Production.—The index of production in basic industries advanced about 9 per cent inDecember to a point 25 per cent higher than last summer, but was still below the level of theopening months of 1924. Practically all of the 22 industries included in the index shared inthe advance, and the increases were particularly large in iron and steel, cotton manufacturing,coal mining, and meat packing. Among the industries not represented in the index the out-put of automobiles declined in December and was the smallest for any month in more thantwo years. Increased industrial activity was accompanied by an advance of about 2 per centin factory employment, with larger increases in the metal and textile industries, and by agrowth of nearly 5 per cent in total factory pay rolls. Volume of building, as measured bycontracts awarded, was less in December than in November, but continued unusually largefor the season of the year.

Trade.—Distribution of goods was greater in December than in the same month of 1923,as indicated by larger railroad shipments and an increase in the volume of wholesale and retailtrade. Christmas trade at department stores was greater than in the previous year, and sales bymail-order houses and chain stores were the largest on record. Wholesale trade was seasonallyless than in November, but in practically all lines was larger than a year ago. Marketing ofagricultural products was greater than for the corresponding month of any recent year.

Prices.—A further advance of more than 2 per cent in the Bureau of Labor Statisticsindex of wholesale prices carried the average in December 8 per cent above the low point ofJune and to the highest level since April, 1923. Prices of all groups of commodities were higher,the principal increases being in farm products and foods. In the first half of January pricesof grains, wool, coal, and metals increased further, while sugar, dairy products, coke, andrubber declined.

Bank credit.—At the Federal reserve banks the rapid return flow of currency after theholiday trade resulted, during the four weeks ending January 21, in a reduction of earningassets about equal to that for the same season a year earlier. The net outflow of currencyfrom the reserve banks during the month preceding Christmas amounted to more than$200,000,000, and the return flow after the Christmas peak, reflected both in the increase inreserves and in the decline of Federal reserve note circulation, was in excess of $300,000,000.Fluctuations in the earning assets of the reserve banks during the past two months have reflectedchiefly these seasonal changes in the demand for currency. The decline in discounts broughttheir total on January 21 to a smaller volume than at any time in 1924, and acceptances alsoshowed a seasonal decrease. Holdings of United States securities, which have declined for

PRODUCTION INBASIC INDUSTRIES

PER CENT PER CENT150 200

150

100

50

1922 1323 1925

Index of 22 basic commodities adjusted for seasonal variations. (1919=100.) Latest figure, December, 117

WHOLES/U.E PRICES

PER CENT200

150

100

1922 1923 1924- 1925Index of United States Bureau of Labor Statistics. (1913=100, base

adopted by bureau.) Latest figure, December, 157



BILUONS OF DOLLARS BILLIONS OF DOLLARS

2

1322 1923 192^ 1925Weekly figures for 12 Federal reserve banks. Latest figures for

January 21

1922 1923 1925Index of sales of 359 stores. (1919=100.) Latest figures,

December

more than two months, were about $175,000,000 below the level of last autumn and in aboutthe same amount as at the middle of 1924. Net exports of gold, which gave rise to a demandfor reserve bank credit, amounted to $30,000,000 in December and were in larger volumeduring the first three weeks in January.

The growth of demand deposits at member banks in leading cities during the three weeksending in the middle of January, which has been greater than the increase in their total loansand investments, has reflected the return of currency from circulation. In the same periodthere was some increase in commercial loans and a continued growth in loans secured by stocksand bonds. Holdings of investment securities have decreased somewhat since the middle ofNovember, particularly at the banks in New York City.

Firmer conditions in the money market in December and the first few days in Januarywere followed later in the month by declines in rates on commercial paper to S}4 per cent.

BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD

[Monthly average 1919=100]

Bankdebits

outside ofNew York

Cityi

1920 average1921 average1922 average1923 average1924 average

1923JulyAugustSeptemberOctoberNovember __December

1924JanuaryFebruaryMarchApr i l . . . .MayJuneJulyAugustSeptemberOctober . .NovemberDecember

Produc-tion inbasicindus-tries i

1058098120108

121120114118116110

120120116114103949494103109107117

Factoryemploy-ment

104839010193

10110110110110099

989999979390878790919193

Buildingcontractsawarded i

9990123136155

112112128151167172

170163164150129125121133150166196180

Department storesales l

Unad-justed

120110112124125

89100113148142202

1091021151331271209193119141141210

Ad-justed

119128124130126126

125127115130123120122119131124126131

Department storestocks l

Unad-justed

133115116129132

119129139146149123

115127138140135127122126137147147124

Ad-justed

128130130131133132

131135137136135133130126128132131133

1159195

107108

105105101105105105

105110109112109103108108107112107112

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.


FEBRUARY, 1925 FEDERAL RESERVE BULLETIN 77

BANK CREDIT

Changes in the condition of the Federalreserve banks in December and January werelargely influenced by seasonal changes in thedemana for currency, which prior to December24 increased considerably in response to therequirements of holiday trade and declinedrapidly after that date, as currency no longerneeded in circulation was deposited at memberbanks and by them at the Federal reservebanks.

For several weeks preceding Christmas in-creased currency demand and a net outwardmovement of gold were reflected at the reservebanks in a decline of reserves and nonreservecash and an increase in Federal reserve notecirculation, accompanied by a correspondinggrowth of total earning assets. FollowingChristmas, as the result of the return of cur-rency from circulation and notwithstandingcontinued gold withdrawals for export, totalreserves and nonreserve cash increased, Fed-eral reserve note circulation declined, andthere was a considerable reduction in totalearning assets. During the four weeks endingJanuary 21 discounts declined by $193,000,000,acceptances by $84,000,000, and United Statessecurities by $115,000,000. The total of thesesecurities, which in the autumn of 1924 wasabout $600,000,000, had declined to $423,-000,000 by January 21, 1925. The totaldecrease in earning assets since the peak inDecember was $387,000,000, practically thesame as a year ago. The principal resourcesand liabilities of the Federal reserve banks forthe period between December 24, 1924, andJanuary 21, 1925, and changes for this periodand since January 23, 1924, are shown in thefollowing table:PRINCIPAL RESOURCES AND LIABILITIES OF FEDERAL

RESERVE BANKS[In millions of dollars]

DateTotal

1924Dec. 24Dec. 31

1925Jan. 7Jan.14Jan.21Increase (+) or de-

crease (—) for—Four w e e k s

ending Jan.21

Year endingJan. 21

Earning assets

1,3321,249

1,1101,081

945

-387

+7

Pur-Dis- chased

counts accept-

396314

264262203

-193

r338

Gov-ern-

mentsecuri-

ties

390387

341324306

- 8 4

+30

538540

496487423

-115

+302

Totalre-

serves

3,047

3,0753,0923,083

+85

-189

Totalde-

posits

Fed-eral

reservenotecircu-lation

2,3112,311

2,3172,3302,216

-95

+188

1,9421,862

1,8051,7381,699

-243

-351

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

At member banks the seasonal increase inthe demand for currency preceding Christmaswas reflected in a decline of net demand de-posits, which during the last three months ofthe year had been considerably in excess ofthe banks' total loans, and were reduced byDecember 24 to about the level of these loans.With the return of money from circulationafter Christmas, demand deposits again in-creased more rapidly than loans, and on Janu-ary 14 these deposits were at a new high point.The banks' commercial loans increased some-what between December 17 and January 14,and there was also a continued increase inloans secured by stocks and bonds. Holdingsof investments, which have declined since themiddle of November, particularly in the NewYork district, showed a further decrease dur-ing the period under review. The followingtable shows the principal resources and liabili-ties of member banks for each week betweenDecember 17 and January 14, as well as changesfor the four weeks and for the year endingJanuary 14:

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

[In millions of dollars]

Date

1924Dec. 17Dec. 24Dec. 31

1925Jan. 7Jan. 14 __Increase (+) or de-

crease (—) for—Four weeks end-

ing Jan. 14Year ending Jan.

14,1925

Loans and investments

Total

18,58218,60118, 599

18,66118,680

+98

+2,308

Com-mer-cial

8,1918,1868,206

8,2228,261

+70

+487

Securedby

stocksand

bondsi

4,7984,8374,863

4,8844,862

+64

+759

Invest-ments

5,5935,5785,531

5,5555,557

-36

+1,062

Deposits

Netde-

mand

13,16913,04513,254

13,28013,355

+186

+2,047

Time

4,8164,8144,849

4,8494,853

+37

+741

1 Including loans secured by United States Government obligations.

AGRICULTURE

Following the harvesting season in midsum-mer, marketing of agricultural products pro-ceeded rapidly, and the aggregate volume ofall crops distributed during the last six monthsof the year was the largest in the past sixyears. In addition to the larger aggregateproduction than in 1922 or 1923, a factor ofconsiderable importance in causing the cropsto move to market rapidly has been the in-creased foreign demand, which during the late



months of 1924 was the largest in recent years.The table shows the index of agriculturalmarketings and exports from July to Decemberfor 1922, 1923, and 1924:

MARKETING AND EXPORTS OF AGRICULTURALPRODUCTS

Month

JulyAugustSeptember. _OctoberNovemberDecember. _

Marketing (monthlyaverage 1919=100)

1922

99109137160139131

1923

90111128158144130

1924

100120152189160142

Exports (monthly aver-age 1910-1914=100)

1922

120126126153150121

1923

7389

132135127139

1924

6792

158204194161

Farm prices during the last months of theyear were higher than in 1923, and since thisimprovement occurred during the heavy mar-keting season greater returns were received bythe producers than in either of the two preced-ing seasons.

In January the agricultural conference ap-pointed by the President of the United Statesto point out such steps as may be taken to putagriculture upon a business basis made itsfirst report, which related to the livestockindustry and covered certain financial, trans-portation, tariff, and grazing problems of theindustry.Grain.

Late in December and early in Januarysnows were general in the winter-wheat sec-tions of the Kansas City and St. Louis Federalreserve districts, and the crop was fairly wellcovered and protected against excessivedamage. Some reports, however, indicatedthat there was some damage from alternatefreezing and thawing, but the extent of suchlosses are yet indeterminable. Marketing ofgrains was smaller in December than in eitherthe preceding month or December, 1923. Re-ceipts of wheat, rye, and oats continued ingood volume as compared with recent years,but there was a perceptible decline in themarketing of corn. In fact, the volume ofcorn received at interior markets in Decemberwas about 20 per cent smaller than for thesame month in either 1923 or 1922. Since thebeginning of the harvesting season the wheatcrop has been marketed rapidly. Total re-ceipts of wheat at the principal interior marketsand seaports for the six months ending Decem-ber 31 amounted to 532,000,000 bushels, or 61per cent of the crop. For the same period in

1923 about 48 per cent of the crop passedthrough the same centers and 52 per cent ofthe crop in 1922. Exports of wheat and floursince last July have been exceptionally large,as is shown in the chart, and m view of this

MILLIONS OF BUSHELS

200

MILLIONS OF BUSHELS

1919 1920 1921 1922 1923 192A-

increased demand the price of wheat has ad-vanced rapidly and reached the highest levelssince 1920. For the week ending January 16,the price at Chicago was $1.98 a bushel, ascompared with $1.12 a bushel a year earlier.A short rye crop in Europe has given rise to alarge demand for the American crop, and ex-ports for the six months ending December 31were about three times as large as in 1923.The price of rye has advanced more rapidlythan that for wheat and reached $1.53 a bushelon January 16, as compared with 73 cents abushel on the same date in 1924.

Recent reports from Argentina indicate thatthe yield of wheat there is 191,433,000 bushels,as compared with an expected yield of 190,-330,000 bushels earlier in the season.Cotton.

A cotton crop amounting to more than13,300,000 bales was indicated by ginningreports for the period prior to January 16,approximately 150,000 bales larger than earlyestimates. The crop was picked and ginnedrapidly, but the rate of marketing has been lessrapid than in either of the last two seasons.Owing to the larger crop, however, the totalvolume marketed prior to January 16 was2,500,000 bales more than last year and2,600,000 bales more than two years ago.From the beginning of the marketing season inAugust until the end of the year the increaseddemand for the crop came principally fromforeign purchasers. Buying and consumptionby American mills were considerably belowthose of last year, although late in December


FEBRUARY, 1925 FEDEEAL RESERVE BULLETIN 79

takings began to exceed those of the yearprevious, and consumption for the month ofDecember was larger than in December, 1923.As a result of the buying policy of domesticmills, stocks at mills were smaller at the end ofDecember than on the corresponding day inany other year, except 1920, since 1912, wheninformation relating to stocks first becameavailable. Stocks at public warehouses, onthe other hand, were 32 per cent larger than atthe end of 1923.

For the five months, August to December,American mill consumption of cotton wasabout 7 per cent smaller than for the sameperiod in 1923, but exports were 31 per centlarger. It is significant to note, however, asis shown in the following table, that while themonthly mill consumption declined 6 per centfrom August to December in 1923, it increased50 per cent for the same period in 1924.

CONSUMPTION

CONSUMPTIONAugust _ . _SeptemberOctoberNovemberDecember

TotalEXPORTS

AugustSeptemberOctoberNovemberDecember

Total

AND EXPORTS

1923

Bales492,483485,665543,260532,702463,789

2, 517,899

244,415689,435774,320767, 289845, 731

3,321,190

OF COTTON

1924

Bales357,455435,216532,629492,233532,047

2,349, 580

277, 647737,485946, 506

1,306, 5501,075,923

4,344, 111

Percentagechange from

1923

Bales-27.4-10.4- 2 . 0-7 .614.7

-6 .7

13.67.0

22.270.327.2

30.8

Tobacco.All types of tobacco were produced in smaller

quantities in 1924 than in 1923, but the greatestreduction was in the output of chewing,smoking, and export types, amounting to 19per cent. The yield of cigar types was only13 per cent smaller. The following table showsthe yields of the principal types in 1923 and1924:

PRODUCTION OF TOBACCO, BY T Y P E S

[Thousands of pounds]

Cigar typesChewing, smoking, snuff, and ex-

port typesBurleyFlue cured..Other

Total, all types _

1923

194,124

1,320,986326,518592,699401,769

1,515,110

1924

169,641

1,072,982310, 740440,920321,322

1,242,623

Percentagechange

from 1923

- 1 3

- 1 9- 5

- 2 4- 2 0

- 1 8

Owing to the smaller crop than last year,marketing since the beginning of the seasonhas been in smaller volume, and in Decemberaggregate sales were 24 per cent less than in1923. Deliveries to cooperative marketingassociations in the growing sections also havebeen smaller than in 1923, and reports late inDecember indicated that substantial sales ofthe old crop by one of the associations had beenmade. Early offerings of the new crop atseveral markets in the St. Louis district wereof poorer quality than had been expected, butafter the 1st of January deliveries were inbetter condition than the preceding crop. Asa result of a smaller crop and the recentimprovement in quality the markets are activeand prices are higher than a year ago.

Activity in the manufactured tobacco indus-try was less in December than in November,but the output of all products was larger thanin December, 1923. The demand for cigarsin the Philadelphia district early in Januarywas about the same as in December, butsomewhat larger than in January, 1924. Buy-ing was particularly significant by jobbers andretailers who were replenishing their stocks,and manufacturers were operating at about80 per cent of capacity. For the year 1924production of all tobacco products except cigarsand snuff was greater than in 1923, as shownin the table.

CigarsLittle cigars ___CigarettesLarge cigarettesSnuff (pounds)M anufactured t o b a c c o

(barrels) ,

1923

7,378,883,488522,296,761

64,452,977,11319,360,77939,449, 850

372,651,410

1924-

7, 002,584,594544,930,059

71, 009,568,30726,991, 57538,973,286

374, 022, 207

Percentagechange

-5.10+4.33

+10.17+39. 42-1.21

+.37

Fruits and vegetables.

Cold waves, which were general throughoutall sections of the country during the last weekof December, resulted in considerable damageto the winter fruit and vegetable crops. Theg'eatest damage was reported from the Rio

rande Valley, where some of the truck cropswere practically a total loss. Marketing offruits and vegetables was seasonably smallerthan in November, and fruits, owing principallyto reductions in the shipments of apples, weredistributed in smaller volume than in Decem-ber, 1923. As a result of the smaller crop ofapples in 1923 and a rapid movement fromstorage in December, holdings at the beginningof the year were about 30 per cent smaller than



at the beginning of 1924. A smaller crop,together with a reduction in the commercialsupply, resulted in an increase in price, whichat the beginning of the year was $3.50 a barrelat New York, compared with $3 in 1924.Although shipments of citrus fruit from Floridafor the month of December were slightly largerthan in 1923, the movement for the seasonthrough December was smaller than last year.The season is late and the growers are endeav-oring to keep immature fruit from the market,which was a serious factor in depressing pricesin 1924. In November and December whitepotatoes were marketed in larger volume thanin 1923, and in view of the exceptionally largecrop the price was considerably lower than in1923, and on January 16 the price at New Yorkwas $3 a bushel as compared with $4.50 a yearearlier.

Livestock.

During the last two weeks in December andthe early weeks of January snows and coldweather prevailed throughout the greater partof the range territories of the Western Statesand heavy feeding was necessary in many sec-tions. .On the whole, however, there were rel-atively few losses, but considerable shrinkagewas reported in some of the northernmostareas. As a result of droughts in the late sum-mer and fall months, the condition of bothranges and stock was decidedly lower at thebeginning of 1925 than a year earlier. A com-parison of the average condition of the westernranges, cattle, and sheep at the beginning of1924 and 1925 is shown in the following table:

CONDITION OF RANGES AND LIVESTOCK ONJANUARY 1.

RangesCattleSheep

[100=normal]

1924

919397

1925

778488

Accompanying the deterioration in the rangessince midsummer the price of feed supplies hasbeen advancing, and as a result cattle weremarketed in large volume directly from theranges and a smaller supply has been shippedinto the Corn Belt for fattening. Receipts ofcattle at leading markets for 1924 totaled23,230,000 head, compared with 22,784,000 in1923. In November and December alone thenumber marketed was 36 per cent larger than

for the same months in 1923, and as a result ofthis rapid increase in marketing near the closeof the year the number of cattle, excluding dairycows, on farms and ranges was 5 per cent smalleron January 1 than in 1924. In the winter andspring months of 1924 the marketing of hogs wasexceptionally heavy, the January, 1924, volumebeing the largest on record up to that time.From June through November sales were smallereach month than in 1923, and the price of hogsadvanced considerably over the levels main-tained in 1923. In December, however, in viewof the shortage of corn for feeding and highprices, marketing increased rapidly and the totalnumber sold was the largest on record. Butaverage weights were lighter than in December,1923, which indicated a tendency on the partof producers to market the winter supply earlyand without a large amount of feeding. Pricesin November and December were lower than inthe autumn, but early in January, with a dimi-nution in the supply, quotations reached thehighest level since October.

The number of sheep marketed in 1924 wasabout the same as in 1923, amounting to21,787,000, as compared with 21,665,000 in theprevious year. For the first six months of theyear receipts were smaller than for the sameperiod in 1923 and prices were higher, but thehigh prices of feed in the autumn caused in-creased marketing, and prices in those monthswere lower than earlier in the year and alsolower than in the last months of 1923,

Dairy products.

In 1924 the dairy industry was characterizedby increases in the production of practicallyall products, the larger outputs of butter beingparticularly significant. For several years theindustry has been expanding rapidly, and thequantity of products produced in 1924 wasthe largest on record, but prices were lesssatisfactory than in the past two years. Inthe late summer and autumn months pricesof many dairy feeds advanced, which nad afurther adverse effect on the position of theproducer. With a continuation of the sea-sonal reduction in the production and dis-tribution of butter, although it was less thanhad been generally expected, and heavywithdrawals from shortage there was a con-siderable decrease in cold-storage holdings onJanuary 1. The supply is still 116 per centlarger than last year and continues to be adepressing factor on prices. From the middleof October to the end of November the priceof butter at New York advanced from 39 J^


FEBRUARY, 1925 FEDERAL, RESERVE BULLETIN 81

cents to 47 cents, but by the middle of Januarythe quotation had receded to 393^ cents. Atthe same time a year earlier it was 52 cents.With exceptionally heavy supplies on handand with the period of increasing productiononly a few weeks away prices were lowered,but buyers continued cautious about placingorders.

Early in January activity in the cheese-manufacturing industry was curtailed some-what by weather conditions in the producingareas, and as a result the movement to marketwas smaller and heavy withdrawals fromstorage were necessary to supply the increasingdemand. Prices for the week ending January10 were higher than in the preceding week andalso higher than for the same week last year

MININGCoal and coke.

With colder weather and increased indus-trial activity, particularly in iron and steel,the coal market manifested increasing firmnessduring December and the first part of January.The Coal Age index of spot prices of bituminouscoal on January 19 stood at $2.11, after atemporary high of $2.12 the previous week,as compared with $2.04 on December 15.Estimated production of bituminous coal of12,555,000 net tons during the week endingJanuary 10 was the largest in any week sinceDecember, 1920, while average production perworking day for the ninth consecutive weekexceeded output for the corresponding perioda year ago. Despite the holidays, totalDecember production was only exceeded intwo months, January and October, during1924, and was 14 per cent above December,1923. December production of anthracite at7,376,000 net tons was materially aboveNovember, but less than December, 1923,and weekly production during the first part ofJanuary continued under the levels of theprevious year.

Production of both beehive and by-productcoke increased during December and waslarger than for any month since April, 1924.Weekly production of beehive continued torise rapidly during the first part of January,output during the week ending January 10reaching 266,000 net tons, as compared with192,000 net tons for the week ending December13. Following increased production, prices,which had risen sharply through December,declined materially the middle of the followingmonth.

Petroleum.Gains in the daily average production of

crude petroleum, which began in the middle ofNovember, continued in December and in thefirst weeks of January. The opening of theWortham, Tex., pool in December was one ofthe principal factors contributing to the in-creased production rat^ in 1924 and in thefirst weeks of this year. Notwithstanding thisincrease in production, consumption continuedheavy and for the three months ending November30 it was in excess of production. Stocks werewithdrawn to supply the demand and at theend of December they were the smallest sinceAugust. In view of the slowing down in pro-duction and a reduction in stocks, the marketbecame considerably firmer in November andDecember and the average price of crude

!)etroleum in December remained at the sameevel as in the preceding month. Since April

the price of crude had been declining eachmonth and the low point was reached inNovember.

In the refined-products industry develop-ments during the closing month of the yearwere more significant than in the crude petro-leum industry. Mild weather throughout thegreater part of November and a greater useof closed automobiles resulted in a continuationof a large demand for gasoline, which was inexcess of production, and stocks at the end ofNovember were the smallest for the year andwere 32 per cent smaller than in May, when thehighest point on record was reached. Theaccompanying table shows the output ofgasoline during the month and stocks at theclose of each month in 1924:

PRODUCTION AND STOCKS OF GASOLINE IN 1924

[Gallons]

January...February..MarchAprilMayJune.JulyAugustSeptember.October.._November.

Production

695,323,000677,740, 000743,248, 000754,773, 000779,194, 000737,081,000741,975,000755,780,000750,264,000760,647, 000762, 046, 000

Stocks

1,200,288,0001,383,384,0001, 587, 585, 0001, 625,869, 0001,649,954,0001,598,858,0001,470,923,0001,311,021,0001,229,606,0001,152,374, 0001,133,169,000

In view of the reduction of stocks and ofthe increased demand for gasoline, prices beganto advance in November, and in the secondweek of January refinery prices were advanced



from 13^ to 2 cents a gallon throughout theeastern section of the United States and thetank-wagon quotation in those areas rose to17 cents a gallon.

Metals.Despite the quieter tone in the nonferrous

metal markets which accompanied the holidayand inventory season, prices of copper, lead,zinc, and tin continued to advance during thelast part of December and the first half ofJanuary, but reacted somewhat during the fol-lowing week. The price of refined electrolyticcopper delivered at New York, which stood at1 4 ^ cents on December 17, advanced Yi centduring the following month and was \hy%cents on January 14, but fell off somewhat sub-sequently in response to a reaction in the for-eign market. Production of over 136,000,000pounds in December was very close to the highlevels of the preceding two months and aboveany other in the past six years, while produc-tion of 411,000,000 pounds for the last quarterof 1924 and of 1,587,000,000 pounds for theyear were both greater than for any similarperiod during that time. In spite of increasedproduction, stocks of blister and refined copperin North and South America on December 31,1924, increased by only 1 per cent over Sep-tember 30, and at 374,190 tons were 9 per centunder the last of 1923.

Prices of both zinc and lead ores in the Joplindistrict advanced sharply during Decemberand closed at the highest point for the year, but,owing to severe weather conditions, productionand shipments were curtailed somewhat duringthe latter part of the month. Shipments of slabzinc from refineries were above any othermonth of 1924 except November, and again inexcess of production, while stored stocksdeclined to 21,000 tons, the lowest figure sinceJuly, 1923.

Production of silver in December, whichaggregated 5,794,245 ounces, was above anymonth since May, 1923, with the single excep-tion of February, 1924. Quotations for barsilver declined during December, but recoveredmost of the loss during the first half of January,further sales by China only partially offsettinga renewed Indian demand. Tin was in activedemand and December closed with priceshighest for the year.

MANUFACTURINGFood products.

A reduction in the output of wheat flouramounting to 5 per cent was noted in December,a large part of which was due to seasonal

factors, but it is significant that production forthe month was the smallest since 1921. Forthe year 1924 total production of wheat flouramounted to 132,055,000 barrels, as comparedwith 126,721,000 barrels in 1923 and 125,-657,000 in 1922. Smaller production in Decem-ber was reported from the Minneapolis andKansas City districts, but the output wasgreater in the Chicago, St. Louis, and SanFrancisco districts. Rapid advances in theprice of wheat have been accompanied byrising flour prices, which were $9.50 a barrel atMinneapolis on January 16 compared with$6.40 in January, 1924. Buyers have been fol-lowing recently a buying policy of supplyingtheir immediate needs instead of placingorders for future deliveries on a large scale.Contrary to the developments in the closingmonths of 1923, when exports of flour were inlarge volume and foreign purchases of wheatsmall, exports each month from July toDecember this year fell below the volume forthe corresponding months of 1923, and for thesix months they were 13 per cent less. Wheat,on the other hand, has gone abroad in excep-tionally large volume.

Large marketings of livestock in 1924resulted in a heavy production of meat prod-ucts, which according to most recent reportsequaled the heavy output in 1923. The tableshows the number of animals slaughtered underFederal inspection during 1923 and 1924:

Cattle.CalvesHogs. .Sheep.

1923

9,162,516. 4,500,333

53,333,62311,528,550

1924

9, 586,0204,933,230

52,872,63411,990,829

In December the number of cattle slaugh-tered was smaller than in November, butslaughtering of all other animals increased.The number of hogs was the largest on record,exceeding 6,600,000 head. Holdings of beef,lamb, and mutton products at the beginning of1925 were somewhat larger than at the begin-ning of 1924, but there was a perceptibledecline in the stocks of pork.

Textiles.Textile markets during December and Jan-

uary continued fairly active when due allow-ances are made for seasonal factors, such asinventory taking and the approach of openings.Buying, although considered in good volume,was not at the same rate as a month or twoearlier and rapid price advances were checked,



but manufacturing operations were eitherwell maintained or increased.

Cotton-mill activity during December wasat the highest rate recorded since last January.Although the total mill consumption of rawcotton was no greater than in October, therate of consumption was more when allowanceis made for the usual closing period in Decem-ber, and, furthermore, the number of activespindle hours increased from 7,593,000,000 inOctober to 7,817,000,000 in December, whichwas well above any figure recorded since lastJanuary. The greatest improvement in theindustry recently has been in the New EnglandStates. Although as compared with a year agooperations have shown a somewhat smallerrate of improvement in New England than incotton-growing States, in recent months theNorthern States have shown more rapidrecovery; for example, the increase in spindlehours active since July, the low month of1924, amounted to 72 per cent in New Englandand only 40 per cent in the South. Therecovery has been particularly great in Maine,New Hampshire, Rhode Island, and NewYork. Buying of cotton goods was onlyfairly active during January, but a largevolume of trading is not usual in that month.Markets continued strong and prices werefirm. The Fairchild cotton goods and yarnindexes have fluctuated within narrow rangessince early in November, in general followingthe movements of the raw cotton market.Cotton finishers reported rather substantialincreases in business during December. Thenumber of yards billed and shipments werethe largest since the first of the year, andorders have been exceeded since January onlyby the October figure. The accompanyingchart shows corresponding monthly fluctua-tions since 1921 in mill consumption of rawcotton and the number of finished yards billedby finishers of cotton fabrics. In recentweeks cotton mills' in most of the importantNew England centers have announced generalreductions of 10 per cent in wages of textileoperatives. Most of these were put intoeffect about the middle of January. Somestrikes have occurred but there was no generalwalkout by the workers.

Woolen and worsted markets were generallyinactive during January, awaiting openings offall goods expected around the first of Febru-ary. The Fairchild index of woolen andworsted goods prices showed a further slightincrease between the middle of December and

the middle of January. Manufacturing opera-tions were slightly improved between Novem-ber and December, active machinery hoursshowing an increase. The increase in con-sumption may be largely accounted for by thelarger number of working days in December.Reported consumption, however, was largerthan in December, 1928, and was exceededduring 1924 only in January and October.Clothing manufacturers report a good volumeof business, and employment in those indus-tries increased during December.

Raw wool markets have continued strong,but the rapid price rise noted during the lasthalf of 1924 was apparently checked in Janu-ary. Prices at London auctions were someTHOUSANDS OF BALES700

600

500

400

300

200

100

MILLIONS OT YARDS

1321 1922 1923 1924-

5 to 10 per cent lower than in December.Fairchild's index of domestic wools in theweek ending January 17 fell from 144.920 to144.772, the first decline noted since lastJune. The foreign-wool index remained un-changed from December 20 to January 17.Raw wool imports in December totaled 31,872,-959 pounds, as compared with 11,797,032pounds a year ago. The total for 1924,however, was the smallest since 1920. Dealers'stocks of wool in Boston, as reported by theBoston Wool Trade Association, at the endof 1924, were the smallest reported in fiveyears. The following table gives the data forthe last three years. Practically all of thedecrease in the past year was in domestic



stocks, which were rather large a year agjo,but supplies of foreign wool continued to beunusually small.

[Pounds, 000 omitted]

Domestic woolForeign wool

Total

1924

24,36124,898

49,259

1923

47,73926,053

73,792

1922

22,08564,231

86,316

1921

27,10734,435

63,542

Raw-silk markets have been comparativelyquiet recently. Prices rose slightly throughoutDecember, but gradually fell during January,affected somewhat by the large warehousestocks reported at the end of December. Im-ports during December totaled 6,412,934pounds, which figure has not been exceededsince September, 1919. Warehouse stocks in-creased during the month from 55,516 bales to61,533 bales, the largest figure recorded in thepast five years. Deliveries to American millsm December were 33,961 bales, which com-pares favorably with previous months, but wasnot in line with the large imports. Silk-goodsmarkets were somewhat more active in Januaryand mills were reported to have increased pro-duction. Employment in the silk industryremained practically unchanged between Octo-ber 15 ana December 15.

Buying of knit goods has improved con-siderably since last summer and continuedactive during December and January. Hosierymanufacturers have recently booked a greatmany orders on wool products and underwearproducers report a good demand for fall goods.Mills in general have enough business bookedto insure operations for several weeks. Pricesin recent weeks have remained practically un-changed. Preliminary statistics for Decem-ber show an increase in the production ofhosiery as compared with November. Neworders, however, were smaller, and un-filled orders declined in the Atlanta district,but were larger in the Philadelphia district.November statistics for underwear, the latestavailable, show a continuation of the steadyincrease in orders, which began early in the fall.Production of summer garments were slightlygreater and of winter garments much smallerthan in October.Iron and steel.

Activity in the iron and steel industry wasat a high rate during December and January.Buying was large, production increased, andprices rose. In December a large volumeof orders were placed to cover first quarter

requirements, and, after these were largelyprovided for, buying slackened somewhat inJanuary, and a perceptible check in purchaseswas reported after the middle of the month.The extensive ordering in December wasreflected in the increase in the unfilled orders ofthe United States Steel Corporation of 784,707tons, the largest monthly increase noted sinceJanuary, 1920. At the same time there was asubstantial enlargement of production in thesteel industry. The output of steel ingotstotaled more than in any month since lastMarch and equaled 90 per cent more thanduring last%July and only 15 per cent less thanthe high record of March. Pig-iron productionwas also much greater in December than inprevious months, and the daily output averaged65 per cent more than the low record of lastJuly. About 56 per cent of all blast furnaceswere in operation on December 31. Since thatdate more furnaces have been blown in andsteel-mill activity has been further increased.In fact, many mills are operating at capacity,although the average is probably between 85and 90 per cent.

Prices of iron and steel products continuedthe advance begun in November throughoutDecember and, at a somewhat slackened rate,into January. The Iron Age composite pig-iron price at $22.50 the middle of January com-pares with $19.21, the low point of last Novem-ber, and $22.88, the 1924 high point attainedlast February. The steel composite has risenfrom 2.460 cents to 2.560 cents since Novem-ber, but is well below the figure for a year ago,which was 2.789 cents. The pause in buyingnoted about the middle of January did notweaken steel prices, but apparently checkedthe advance in pig iron, and quotations onscrap were reduced.

Building and railroad demands were themost important factors in the market duringDecember and October. Bookings of fabri-cated structural steel in both November andDecember were larger than in any month sinceMarch, 1923, and unofficial weekly figuresindicate that the January total will also belarge. Orders for freight cars equaled 18,475in December, the third highest monthly figurefor 1924, making the yearly total 144,425, ascompared with 103,487 in 1923. Railroadshave bought on a smaller scale since the firstof the year. Output and unfilled orders forlocomotives increased in December, but thelatter continued rather small as compared withprevious months. Automobile manufacturersare in some cases making inquiries but have



not recently been active buyers in the market.Producers of merchant pig iron are makingdeliveries on past orders, but new sales aresmall. Foreign competition has recently be-come more of a factor in the pig-iron market.Automobiles and tires.

In contrast to recovery in many other lines,the automobile industry continues to operateat a low rate, and recently several large pricereductions have been made. Production ofpassenger cars in December totaled only178,570, the smallest figure recorded for anymonth since March, 1922. The accompany-ing chart shows the output of passenger cars,THOUSANDS OF CARS400

300

200

100

0

/

/

y

/

/

/

)MOBILE PRODUC"( PASSCNCtR CARS )

\ ^ * \

192:

1921

noN

1924

J922

—v

^ ^

— -

THOUSANDS OF CARS

300

200

Jan. Fetx Mar. Apr.. May June July Aug. Sept. Oct. Nov. Dec.

by months, for the last four years. The highrate of production throughout 1923 and duringthe first four months of 1924 is clearly shown.Undoubtedly consumer demand was consider-ably overestimated at that time, and thereduced output since then was at first to per-mit the disposal of accumulated stocks andin more recent months to avoid the same mis-take made in the previous year. For thisreason, manufacturers are endeavoring to keepstocks down and also are as a rule supplyingdealers with cars only so fast as the dealers cansell them.

Dealers' sales to users have likewise beensmaller than a year ago. Statistics compiledby the Federal Reserve Bank of Chicago fromcertain middle western dealers show that thenumber of cars sold by wholesalers and retailersin December were, respectively, 15 and 13 percent less than in December, 1923. Stocks ofnew cars held by dealers were over 40 per centsmaller. The General Motors Co. reportedthat their dealers' sales to users in Decemberwere practically the same as in both November

and December a year ago. Sales by the com-pany to dealers, however, were the smallestm over two years. Many of the importantproducers have made substantial price reduc-tions in the last two months, ranging from $5to $840 per car. Most of the decreases havebeen on closed cars.

Production of tires and tubes was slightlylarger in December than in November, butshipments showed seasonal declines, and stocksincreased to the largest figures recorded sinceearly last summer. All three items were con-siderably greater than a year ago. Rubberprices rose in December to a high level of 40cents a pound, but in the first two weeks ofJanuary quotations dropped sharply to 36cents a pound. Despite high prices, Decem-ber imports were the smallest since August.Lumber.

Production of lumber fell off in Decemberto 1,018,000 feet reported by 541 mills fromthe November total of 1,126,000 feet reportedby 545 mills. Reports to the National LumberManufacturers Association from seven regionalassociations show aggregate shipments con-tinuing in excess of production throughoutDecember as in November, and by a largerpercentage in December. As in November,also, orders in December continued in excessof shipments. In the week ended January 10,however, production exceeded both shipmentsand orders. These associations report for theyear as a whole a total production of 12,047,-000,000 feet, shipments of 12,078,000,000 feet,and orders of 11,964,000,000 feet. It is esti-mated that their " total disposals " of lumber—allowing a small percentage for local sales,lumber burned, and other disposals not cov-ered under reported shipments—exceeded pro-duction during the year by 390,000,000 feet,and that shipments exceeded orders by115,000,000 feet. Including the productionand shipments of one association which doesnot report orders, eight regional associationsreported for the year a production of 13,196,-000,000 feet and shipments of 12,968,000,000feet. Their reported production in 1924 fellshort of their 1923 output by 726,000,000 feet,and their shipments fell short of the previousyear by 410,000,000 feet. Car loadings offorest products fell off to 3,650,000 cars in 1924from the record total of 3,745,000 cars in 1923.

During December and the first half of Jan-uary the price indexes, both the softwood andthe hardwood index, have registered onlyslight changes from week to week, indicatingrather stability within narrow limits than any


86 FEDERAL RESERVE BULLETIN FEBRUARY, 10i!.>

marked tendency to move away from the levelof recent weeks. On January 16 both indexeswere practically at the point reached a yearago—the softwood index being 31.58 on Jan-uary 16 and 31.99 a year ago, and the hardwoodindex 43.47 as compared with 43.80, with amaximum range of fluctuation in 1924 of from29.05 to 33.14 for the softwood and of from41.03 to 45.30 for the hardwood index.Hides, leather, and shoes.

In the leather industry, the greater activitynoted since last summer continued to beevident during December and January. Novery large increase in buying or in manufac-turing operations has occurred, but conditionsin the industry have definitely improved.Hide markets were active in January, and,despite the decline, usual at this season of theyear, in quality of products coming on themarket, prices on the Chicago packer-hidemarket have strengthened, and most of theloss which occurred in December has beenrecovered. Tanners have been buying muchof the available supply of calf, sheep, and goatskins, and quotations on these have also risen.Stocks of cattle hides increased in November,but those of skins were further reduced.Supplies disposed of were generally greaterthan a year ago.

Leather markets have likewise been charac-terized by greater activity and rising prices.Employment in the tanning industry hassteadily increased since last summer, andproduction is much higher, although Novemberfigures indicated a decline because of fewerworking days than in October. Finished stocksheld by tanners at the end of November weremuch smaller than during the early months ofthe year. Stocks in process have in most casesincreased in recent months but were still con-siderably less than a year ago. On the otherhand, supplies held by shoe manufacturerswere generally larger than at the end ofNovember, 1923. Preliminary December datashow sole-leather production to have been1,379,000 backs, bends, and sides, comparedwith 1,371,829 in October, the high pointsince last January. Tanners' finished stockswere 5,399,000 and stocks in process 5,065,000on December 31, as compared, respectively,with 9,107,000 and 5,510,000 at the end of1923.

Considering that December and January areusually quiet months, the shoe trade has hada satisfactory volume of business recently.Toward the end of the period after successfulstyle shows in the various centers, ordering

for spring needs began. Prices are firm orrising. Preliminary statistics indicate that thetotal production of shoes was practically thesame in December as in November, but thedaily average was seasonably less. Smalldecreases in the total were noted in the Bostonand St. Louis districts, offset by increases inthe New York, Philadelphia, and Chicago dis-tricts. Men's and boys' shoes were producedin somewhat greater volume, while the outputof women's shoes was smaller. Sales of shoes,at both wholesale and retail, in Decemberexceeded those of December, 1923.

BUILDING

Value of building contracts awarded duringDecember in 11 Federal reserve districts,embracing all except the far Western States,totaled, according to compilations of the F. W.Dodge Co., $339,489,000, showing a decreaseof $50,000,000, or 12.9 per cent in December ascompared with November. Increases overNovember are reported for the Boston, Rich-mond, Atlanta, and Dallas districts, anddecreases ranging from 2 to 30 per cent in otherdistricts. For 10 of these districts, whichreported $326,527,000 in December, data' areavailable covering the months of 1923, and inthis area, which does not embrace the Dallasand San Francisco districts, an increase of$23,942,000, or 7.9 per cent is shown forDecember, 1924, over December, 1923. For amore restricted area of 27 Northeastern Statesembraced in 7 districts, which reported$269,279,000 in December last, data are ava;^-able by months covering the years 1919-1924,and in this territory the value of building con-tracts awarded in each month of 1924, except-ing May, July, and August, exceeded that ofthe corresponding month in any precedingyear.

The Federal Reserve Board index figurecovering, with seasonal fluctuations eliminated,the value of contracts awarded in these 27States declined from the peak figure of 196 inNovember to 180 in December, 1919 valuesbeing taken as 100. Since December of 1920,when it declined to 63, the index has with widefluctuations each year ranged generally intohigher values.

Contracts awarded in these States in Decem-ber, 1924, called for construction of 46,800,000square feet, which is 4.5 per cent below theNovember total and 2.2 per cent below that ofDecember, 1923. Measured in square feet,contracts for industrial construction increasedin December over November, the trend for


FEBRUARY, 1925 FEDERAL. RESERVE BULLETIN 87

other classes of construction being generallydownward.

During December building permits issued in168 cities represented a valuation of$246,715,000, which is approximately 8 percent above the November valuation and 1 percent above that of December, 1923, althoughthe number of permits (41,519) issued inDecember, 1924, was below the number issuedin either of the months with which comparisonis made (54,618 in November, 1924, and 44,107in December, 1923). For cities of nine out ofthe twelve districts value of permits issuedincreased in December over November coin-cidently with decreases in number of permits.

During the 12 months of 1924, in the 10districts for which data covering the entireyear are available, contracts were awarded tothe aggregate value of $4,459,000,000, anamount $500,000,000 in excess of the corre-sponding value reported for the same territoryin 1923. More than half of this increase iscredited to the New York district, but only twoof the 10 districts—Minneapolis and KansasCity—reported in 1924 values for contractsawarded under their 1923 total. Contractawards in 27 Northeastern States in 1924 calledfor 605,125,000 square feet of construction,which exceeds the corresponding figure for 1923by 13,500,000, or 2.2 per cent. This net increasecovers a decrease of 21,000,000 feet for indus-trial construction (from 62,000,000 to41,000,000 feet), and increases for each otherclass of construction.

A survey of building demands in a largenumber of cities conducted by the NationalAssociation of Real Estate Boards, it isreported, indicates that shortages for eachclass of construction were materially reducedduring 1924.

TRANSPORTATION

For all classes of freight combined Decembercar loadings in 1924, totaling 3,931,000 cars,exceeded December loadings in each of the fivepreceding years by several hundred thousandcars, In this month the roads loaded 344,000more cars than they loaded in December of1923, 332,000 more than in December of 1922,nearly 900,000 more than in December of 1921,and some 450,000 more than in the correspond-ing months of 1920 and 1919. During Sep-tember and October also car loadings in 1924exceeded loadings in 1923, following a longperiod from the middle of March to the end3f August, during which 1924 ran regularlyfrom week to week below 1923. Volume oftraffic, measured in car loadings, was con-

tinuing above the level of a year ago in theopening weeks of the new year, rising in theweeks ended January 10, 17, and 24 to a levelabove that of the corresponding week in anyother year and more than 17 per cent abovethe five-year averages as computed b}^ theBureau of Railway Economics.

In 1924, as in the other recent years exceptingonly 1919 (in which year loadings ran abnor-mally on account of the strike of bituminouscoal miners), the roads loaded fewer cars inDecember than in November. Also, as inother recent years without exception, theyloaded fewer cars in November than in Octo-ber, which has been in each of these years thepeak month for car loadings. The net de-crease of 147,000 cars in December loadings ascompared with loadings in November coveredincreases for livestock, coal, coke, and mer-chandise, and decreases for grain and grainproducts, forest products, ore, and miscella-neous freight.

SURPLUS AND SHORTAGEIN THOUSANDS OF CARS600

MILLIONS OF CAHS t-GADEO

1920 1921

Summary reviews of railway performancein 1924 very generally conclude that on thewhole record for this year in comparison withother years the roads were in many respectsoperating at "peak efficiency" achieved in anyyear. This conclusion is substantiated largelyby data showing that with a volume of traffic,measured in car loadings, exceeding that ofany other year, excepting only the record year1923, no serious shortage of cars or congestionof traffic developed anywhere in consequenceof inability or failure on the part of the roadsto provide facilities. It is noted, on the con-trary, that during the fall period of seasonallyheavy traffic "when million-car weeks became



the rule," surpluses ranging from 100,000 to250,000 fit cars were maintained, and reservesof from 5,000 to 7,000 serviceable engines. Asrevealed by the accompanying chart, carshortages, which reached a maximum in Octo-ber of 1922, were rapidly reduced in the springof 1923, were held at very low figures in thesecond half of that year of record freight move-ment, were entirely eliminated in November,and have been since that date practically non-existant throughout 1924. The minimum sur-

Slus for the year was 94,153 cars reported forOctober 23. For the first 8 dajrs of January,

1925, an average daily surplus is reported ofover 280,000^cars (131,000 box and 107,000coal cars), which is 19 per cent above the 5-yearaverage for this period, and an average shortageof only 139 cars.

Car loadings for the year 1924 aggregated48,800,000 cars, falling short of the aggregatefor 1923 by 1,100,000 cars, but exceeding theaggregate for 1922 by more than 5,000,000and that for 1921 by more than 9,000,000 cars.Loadings of grain and grain products in 1924ran above 1923 totals by nearly 300,000 cars,and loadings of merchandise ran over 1923 bymore than 350,000 cars; but these increaseswere more than offset by decreases in loadingsof coal which fell short of the 1923 figure by935,000 cars, of coke which fell off by 196,000cars, and of ore which fell off by 661,000 cars.

In 1924 the roads produced a net ton mile-age of approximately 430 billion, an aggregatewhich is less than that of 1923 by some 26billion, and one which has been exceeded also intwo other years—1920 and 1918. It has beennoted that this aggregate, expressed in termsof population, means that the railroads havebeen in recent years moving an average ofclose to 4,000 tons of freight one mile percapita of population. The decrease in net tonmileage in 1924 as compared with 1923 isaccounted for principally by decrease in coaland ore loadings.

Net operating income in 1924 is estimated tobe equivalent to a 4.30 per cent rate of returnon book investment, which is less than the rateearned in the preceding year—4.47 per cent.Class I roads report operating revenues in1924 of approximately $5,920,000,000, showinga decrease of 7 per cent from the 1923 total.Operating expenses were reduced in nearlythe same amount as revenues, the reductionbeing equivalent to 9 per cent. This relativelygreater decrease in expenses reduced theoperating ratio, or percentage of operating

expenses to revenues, from 77.77 per cent for1923 to about 76 per cent for 1924.

TRADEWholesale trade.

Aggregate dollar value of wholesale trade in1924 was slightly smaller than in 1923. Themost marked declines were in the distributionof shoes and dry goods, which were 15 per centand 6 per cent smaller, respectively. Salesof groceries, hardware, meat, and drugs werelarger than in 1923, although the increases ineach of these lines were small. In Decemberthe volume of business, as measured by theFederal Reserve Board's index, was 6 per centless than in November, but the decline wassmaller than usual for that month. Sales ofhardware, machine tools, diamonds, jewelry,and electrical supplies were larger than inNovember. Total sales were about 10 percent larger than in December, 1923, and theincreases in practically all lines were distributedthroughout all Federal reserve districts, exceptthe San Francisco district, where distributionof dry goods, shoes, hardware, furniture, andagricultural implements was less than inDecember, 1923.

Stocks of merchandise at wholesale establish-ments at the end of December were smallerthan at the beginning of the month and stocksof shoes, dry goods, and hardware were smallerthan at the beginning of 1924, while grocerystocks were larger. The greatest reductions ascompared with the beginning of 1924 were inthe stocks of dry goods and shoes.

Retail trade.Volume of trade at retail stores was larger in

1924 than for any previous year. Sales werein record volume at all reporting stores exceptmusic chains, where distribution was smallerthan in 1920 and 1923. The volume of Christ-mas trading at department stores in Decemberwas heavier than for that month in any previousyear and was well distributed throughout allsections of the country. Sales at mail-orderhouses were exceptionally large in Decemberand reflected a continuation of the heavy ruralbuying which began in October. Trade at allchain stores in December was seasonally largerthan in November and, with the exception ofcigar and music chains, distribution was largerthan in December, 1923.

Department-store trade was approximately4 per cent greater than in December, 1923, butthis increase was due in part to one more


FEBRUARY, 1925 FEDEKAL RESERVE BULLETIN 89

trading day than in the same month a yearearlier. Increases occurred in all Federal re-serve districts, but the greatest improvementwas noted in the New York, Richmond, andDallas districts. Sales of dry goods, woman'sand misses' ready-to-wear, men's furnishingsand boys' wear in the Philadelphia Federalreserve district were larger than in December,1923. Departments selling shoes, men's cloth-ing, and house furnishings, on the other hand,reported smaller sales than a year ago.

Heavy trading at department stores inDecember resulted in a reduction in the sizeof merchandise stocks, which at the end ofDecember were 16 per cent smaller than at theend of November. As compared with a yearearlier, however, inventories were larger for thecountry as a whole, although they were smallerin the Boston, Atlanta, Minneapolis, andDallas Federal reserve districts. In the Cleve-land Federal reserve district the value of thestocks on hand was about the same as at theend of December, 1923. Outstanding orders ofdepartment stores with wholesale dealers werereduced during November in nearly all sectionsof the country.

PRICES

Wholesale prices rose 2.8 per cent in Decem-ber,* as shown by the index of the Bureau ofLabor Statistics. The advance in prices offarm products was reflected in the 4.8 pex centincrease in the index for that group. Thefoods, metals, and building materials groupswere considerably higher than in November,while the other groups showed comparativelysmall increases.

Regrouping of this index by stage of manu-facture ot commodities shows a sharp rise inraw materials, which was due mainly to theincreases in crops and animal products. Forestand mineral products advanced also.

In January the gerlera! level of prices con-tinued to advance. Farm products increased,while, on the other hand, foods declinedslightly. Such commodities as grain, live-stock, flour, bituminous coal, metals, andlumber advanced, while the prices of potatoes,butter, and eggs declined.

The following statement shows the index forall commodities and for the commodity groupsdistinguished by the Federal Reserve Board forJanuary, 1922, the lowest point in recent years,for April, 1923, the subsequent high point, andfor the latest available date.

INDEX OF WHOLESALE PRICES

[1913=100]

All commoditiesBaw materials

CropsAnimal products.Forest products-Mineral products

Producers' goodsConsumers' goods...

January,1922

138139130109167178123146

April,1923

159166172123232198150157

Decem-ber, 1924

157161186129187169132167

Since the beginning of 1922 considerableprice advances have occurred in all groupsexcept mineral products, which, after a sub-stantial further advance, declined to a lowerlevel than three years ago. The principal fac-tor in the 16 per cent rise in prices of raw ma-terials has been the advance in crops, reflectingchiefly the rise in prices of all grains, particu-larly of wheat, corn, and rye. This group hasincreased by 43 per cent since January, 1922,and now stands at the highest point sinceOctober, 1920. Compared with the spring of1923 the average of all prices at the close oflast year was only slightly lower, increases inconsumers' goods being nearly sufficient tobalance the declines in raw materials and pro-ducers' goods. Within the raw materialsgroups a considerable advance in crops and asmaller rise in animal products is shown, whileprices of forest products and mineral productswere much lower than in April, 1923.

COST OF LIVING

Retail prices increased 0.5 per cent in Decem-ber as compared with November. Foods rose1.3 per cent, while the other advances were oflittle importance. The general level of thecost of living is now 0.7 per cent higher thana year ago.

The retail-food index of the Bureau of LaborStatistics shows an increase of 1 per cent,which reflects an advance in prices of butter,potatoes, flour, coffee, and eggs.

EMPLOYMENT

Factory employment in December resumedthe slow increase which began last summer andwas partially checked in November. TheFederal• Reserve Board's employment indexadvanced from 91 to 93. The general volumeof employment, however, is still some 6 percent less than it was during the early months


90 FEDEKAL RESERVE BULLETIN FEBRUARY, 1925

of 1923, and onfy in building materials, thepaper and printing, and the food and tobaccoindustries are the indexes comparable with thatperiod. Corresponding recessions were notedm total earnings of factory workers, but inrecent months pay-roll payments have in-creased more rapidly than the number em-ployed because of more extensive operations.Pay rolls totaled nearly 5 per cent more inDecember than in November, according todata compiled by the Bureau of Labor Statis-tics. Average weekly earnings have conse-quently increased. Reporting establishmentsindicated that operations in December were atan average rate of 92 per cent of full time ascompared with 91 per cent in November.

Tne only wage changes of importance werereductions of from 10 to 12^ per cent inwages in cotton mills, affecting 17,821 workers,or 9 per cent of the total number in reportingestablishments. Many more reductions in thisindustry were reported during January, andpractically all cotton mills in New Englandhave lowered wages in the past few months.Despite these reductions average weekly earn-ings of individual operatives in the cotton in-dustry have steadily increased since lastsummer, owing to the substantial enlargementof operating time.

By sections of the country, New Englandshowed the greatest percentage increase innumber employed in December, and only inthe mountain and Pacific districts were theregeneral decreases. By groups of industries thegreatest improvement was in iron and steeland textiles. Building materials showed sea-sonal recessions, and in the other industrialgroups changes were too small to be particu-larly significant. The indexes for most of thetextile-Fabrics industries rose to the highestlevels since last spring, and in dyeing andfinishing textiles employment was greater thanat any time since July, 1923. Women'sclothing showed a slight increase, contrary toprecedent for the season. The automobileindex was slightly larger than for November,but 16 per cent below that of last December.Leather tanning continued to show slow im-provement, but the boot and shoe industry isstill operating with much smaller workingforces than a year ago.

MONEY RATES

Year-end requirements resulted in a tem-porary hardening of money rates in the NewYork market, which was followed by easier

conditions in January as money came in fromthe interior. The rate on commercial paperincreased to Z% per cent at the beginning ofJanuary and then declined to 3 ^ per cent, arate slightly lower than that prevailing inDecember. The bill market was easier in Jan-uary, but rates were unchanged, with theoffering rate on 90-day prime acceptances con-tinuing at 3 per cent. Yields offered on short-term Government securities, which had beendepressed in the middle of December by theprivilege of exchanging certificates for the newTreasury bond issue, recovered their declinein the beginning of January but sagged offlater. The certificates maturing next Junegave an average yield of 2.59 per cent the thirdand fourth weeks in January, as comparedwith 2.76 per cent the last week in November.The call rate rose sharply at the end of theyear, as is usual, and then declined to thelevels of early December. The table belowshows the rates prevailing in the New Yorkmarket during the past three months.

[Per cent]

November, 1924. ,December, 1924Average for week ending—

Dec. 27,1924Jan. 3,1925 _Jan. 10,1925..-Jan. 17,1925Jan. 24, 1925

Primecom-

mercialpaper,

4-6months

3J4-3M

Primebank-

ers'accept-ances,90 days

2H-2X2M3

Yieldon cer-tificates

of in-debted

nessmatur-

ingJune 15,

1925

2.582.57

2.552.722.662.592.59

Average

yield on4M

centLibertybonds

3.984.05

4.084.074.054.054.03

Renew-al rateon callloans

2.423.49

3.884.753.203.203.05

In the London market money rates showedthe usual increase toward the end of Decem-ber, and although they declined again follow-ing the turn of the yearf by the second weekin January they were higher than before therise. Three months7 bank bills reached 3%per cent the week ending December 27, thehighest weekly rate since 1921, and werequoted at 3yf per cent the week endingJanuary 9, when Treasury bills were tenderedat 3.81 per cent.

ACCEPTANCE MARKET

The supply of bills in the market was moder-ately good throughout the last half of Decem-ber and the first three weeks of January.Firmer conditions in the money market and



uncertainty as to bill rates in the middle ofDecember diminished the demand, and on De-cember 18 dealers' rates were advanced gener-ally from 2% to 3 per cent on 90-day bills.On December 22 the buying rates of the NewYork Federal Reserve Bank were raised one-eighth of 1 per cent on all maturities and theFederal reserve bank's purchases during theweek ending December 24 were considerablylarger than previously. Toward the end ofthe year the supply of bills offered to the NewYork market waj increased by sales of accept-ances by banks from their own portfolios, butthe effect of these sales on the market wasoffset by an additional demand from the cor-respondents of foreign clients. With easiermoney conditions after the close of the year,local demand increased generally, savings bankstook a larger volume of bills, and out-of-townsales improved. The supply diminished towardthe close of the reporting period endingJanuary 21, ana dealers7 portfolios on that datewere reduced to the lowest volume reportedsince September 10. Rates in New York onJanuary 21 ranged from 3 per cent bid and 2%per cent offered for 30-day bills to 3% per centbid and 3-^ to 3% per cent offered for 180-daybills.

SAVINGS DEPOSITS

The total of savings deposits reported by901 banks distributed throughout the UnitedStates was $7,659,902,000 on January 1, 1925,as compared with $7,518,489,000 on December1, 1924, and $7,184,719,000 or January 1, 1924.This represents an increase of 6.6 per centbetween January, 1924, and January, 1925,and of 1.9 per cent between December 1, 1924,and January 1, 1925. The large increaseduring December, 1924, is to be partly attrib-uted to the crediting of interest to savings ac-counts during the month. Deposits increasedover the month in all district; except St. Louisand Dallas, and the increases amounted toover 1 per cent in nine out of the twelve dis-tricts. The highest rate of increase was shownin Philadelphia—3.2 per cent. A comparisonof savings deposits on January 1, 1925, with amonth and a year previous is shown, by Fed-eral reserve districts, in the following table.In the Boston and New York districts the fig-ures represent only deposits of mutual savingsbanks; in all other districts, where there arefew mutual savings banks, savings depositsof other banks are included.

SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS

[In thousands of dollars]

Federal reserve district

BostonNew York _.PhiladelphiaCleveland __RichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

Total

Num-ber ofbanks

643079699094

197311466

10671

901

Jan. 1,1925

$1,282,0742,056,333

512,550825,020327,741237,804936,562140,32690,774

106,49898,738

1,045,482

7,659,902

Dec. 1,1924

$1,271,4902,006,184

496,567813, 255324,357233,538921,654140,93888,965

105,62098,786

1,017,135

7,518,489

Jan. 1,1924

$1,217,2671,923,763

480,131764,902293,193223,664903,402134,82388,556

105,01192,769

957,238

7,184, 719

COMMERCIAL FAILURES AND BANK SUSPEN-SIONS

Commercial failures, excluding bank sus-pensions and personal bankruptcies, weremore numerous in every month of 1924, exceptJanuary and November, than in the samemonths of the year before, and the total of20,615 for the year, as reported by R. G. Dun& Co., was 10 per cent higher than the totalfor 1923. The amount of liabilities involvedin each of these insolvencies was, on theaverage, considerably lower in 1924 than inthe preceding year. In the month of Marchthe total indebtedness in default was the high-est for any month on record, but the aggregateliabilities involved in the year's insolvencies,at $543,225,449, were only slightly above thetotal for 1923.

Although both the total number and liabili-ties of commercial failures were only slightlyhigher in 1924 than for the year previous, bothwere considerably above the level of mostyears prior to 1920. In fact, insolvencies weremore numerous during 1924 than in any otheryear except 1915 and 1922. The total for thelatter year was 23,676, the highest numberrecorded for any year, compared with 20,615for the year just ended and with 6,451 for 1919,the lowest total on record. The 1924 aggre-gate of indebtedness in default has been ex-ceeded only in 1921, when the record level of$627,402,000 was reached, and in 1922. Totalliabilities in default during the last four yearshave averaged nearly $600,000,000 annually,whereas during the 25 years prior to 1921 therewere only three years with annual totals muchover $200,000,000.


92 FEDEKAL KESEEVE BULLETIN FEBRUARY, 1925

The advance in defaulted indebtedness tocomparatively high levels in recent yearsreflects partly an increase in the number offailures, but to a greater extent an increasedaverage amount of indebtedness involved ineach failure, resulting chiefly from the occur-rence of a relatively large number of largefailures. The average amount of indebtednessinvolved in each insolvency in 1924 was$26,351, the same as in 1922; the figure,although considerably above the average foryears prior to 1920, is the lowest since thatyear.

Annual data relative to commercial failuresfor a number of years are shown in the tablebelow, including the proportion of the annualtotals for each year represented by large in-solvencies, and the liabilities involved in suchinsolvencies. I t will be seen from this tablethat while in 1924 3.2 per cent of the insolv-encies, each with $100,000 or more of liabili-ties (classified as "large")* accounted for 55.3per cent of the aggregate indebtedness for theyear. In the four years immediately preced-ing, the proportion of large failures to thetotal was considerably higher. A lower pro-portion of such failures in the years preceding1920 explains in part the lower averageamount of indebtedness involved in eachfailure for those years.

COMMERCIAL FAILURES, 1915-1924

Year

1915. . . . .191619171918191919201921192219231924

Failures

Number

22,15616,99313,8559,9826.4518,881

19,65223,67618,71820,615

Percent-age oftotal

numberof com-mercial

concerns

1.32.99.80.58.38.49

1.021.19

.941.01

Liabili-ties

(thou-sands ofdollars)

302,28C196,212182,441163,020113,291295,122627,402623,896539,387543.225

Averageliabilitiesof eachfailure

(dollars)

13,64411.54713,16816,33117,56133,23031,92626,35128,81626,351

Percent-age of

large fail-ures tototal

number *

1.51.31.82.33.05.14.43.74.03.2

Percent-age of lia-bilities oflarge fail-ures tototal lia-bilities indefault i

40.633.944.9.50.349.465.059.851.959.555.3

i All failures involving $100,000 or more each are classified as "large."

There were 5,389 insolvencies in the fourthquarter of 1924, and although this numberwas larger than for the preceding quarter orthe last quarter of 1923, the total indebtednesswas smaller than in either of those quarters,being in fact the lowest for the year. In pastyears insolvencies usually have involved aiarger aggregate indebtedness in the fourth

than in the third quarter, and in only four outof the past 40 years has the aggregate in-debtedness for the last quarter been the lowestfor the year. Quarterly figures for commercialfailures in 1923 and 1924 follow:

COMMERCIAL FAILURES, BY QUARTERS, 1923-24

[Amounts in thousands of dollars]

Number

1924

First quarter...Second quarter.Third quarter..Fourth quarter.

5,6555,1304,441

20,615

5,3164,4083,7765,218

18, 718

In-crease(per

cent)

Liabilities

1924

6.4 $184,86616.4 | 119,59417.6 126,2633.3 112,502

10.1 543,225

1923

$138,232121,19298,755181,208

I In-j crease| (per| cent)

... .33.71 1.327.9

137.9

539,387 0.7

* Decrease.

In the table below is shown the distributionof failures for 1923 and 1924 among the Federalreserve districts. I t is seen from this tablethat in 1924 failures were most numerous andinvolved the largest aggregate liabilities in theNew York district, that district accounting forabout one-fifth of the total number for thecountry and about one-quaxter of the totalindebtedness. The proportions were lowestin the Dallas district, where both the numberand liabilities were less than 3 per cent of thetotal for the country. In this and in the Min-neapolis district both totals were the lowest inseveral years. Also, the liabilities were lowerthan they have been for several years in theBoston, Philadelphia, Atlanta, and St. Louisdistricts; they were the highest since the dis-trict record has been kept in the Richmond andKansas City districts.

FAILURES, BY FEDERAL RESERVE DISTRICTS, 1923-24

Number

District1924 1923

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

1,7504,080

9071,7951,4401,3342,8171,069

9611,478

6552,329

Total i 20,615

1,5923,840

8601,4921,2061,2992,414

948975933

1,1811,978

18,718

Liabilities

1924

$37, 213, 665145,798,19520,484,74056,949,16073,303,17026,376,26284,008,12516,862,95917,343,01727,575,8059,346,76127,963,590

543,225,449

1923

$48,370,317144,103,77338,476, 59057,912,24236,403,77531,370,90065,112,51017, 043,43321,139,61617,520,04234,315,38027,618,228

539,386,806


FKKRUABY, 1925 FEDERAL RESERVE BULLETIN 93

Of the 20,615 commercial failures in 1924,5,208 were manufacturing failures, 14,393 trad-ing, and 1,014 other commercial failures (agents,brokers, etc.). Each of these classes showedincreases over 1923. Of the indebtedness indefault, amounting to $543,225,449 for the year,$286,770,260 was involved in manufactuingfailures, this being the largest total on recordfor such failures. Trading insolvencies in-volved $203,190,115, somewhat less than lastyear, and other commercial failures $53,265,074.

FAILURES IN DECEMBER

During December, 1924, there were 2,040eommercial failures reported, with liabilitiesamounting to $45,279,281. The number ofinsolvencies was nearly 25 per cent higher thanin November and the liabilities nearly 50 percent above the total for the same month. Thenumber of failures was larger also than inDecember, 1923, but the liabilities showed aconsiderable decrease over the same period.

Failures were more numerous in December,1924, than in the same month of the precedingyear in all except the Philadelphia and Dallasdistricts. However, the aggregate indebted-ness in default was lower for December, 1924,than for that month of the previous year in halfof the districts—the New York, Philadelphia,Richmond, Minneapolis, Dallas, and San Fran-eisco districts. In the Kansas City districtthe total indebtedness was the highest sincethe district record has been kept. Compara-tive data by districts for the month of Decem-ber are presented in the following table :

FAILURES IN DECEMBER, BY FEDERAL RESERVE D I S -TRICTS, 1923-1924

Number Liabilities

District

No. 1—BostonNo. 2—New YorkNo. 3—PhiladelphiaNo. 4—ClevelandNo. 6—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—MinneapolisNo. 10—Kansas CityNo. 11—DallasNo. 12—San Francisco

Total.

1924

182450

9917315212330410094

11152

200

2,040

1923

1573821091559894

234969396

148179

1924

$4,847,8588,107,9141,812,3083,678,7042,771,6242,445,8977,962,8832,133,9442,032,3006,667,478368,159

2,450,212

1,841 45,279,281

1923

$2,140,58718,710,3372,272,8233,006,9387,413,6061,370,2505,148,0031,954,5002,842,3812,199,4952,046,7432,500,067

51,614,730

BANE FAILURES IN 1924

During 1924 there were 757 bank suspensionsreported to the Federal reserve banks; 594 of

these, or 79 per cent, were nonmember banksand 163, or 21 per cent, were member banks,of which 129 were national banks and 34 wereState banks or trust companies. The capitaland surplus of those banks for which the infor-mation could be gotten (all but 4 of the non-member banks) aggregated $46,642,985. Ofthis total $29,624,975, or 64 per cent, was thecapital and surplus of nonmember banks;the capital and surplus of closed nationalbanks amounted to $13,713,380 and that ofnonnational member banks amounted to $3,-304,630. There were 38 banks, previouslyclosed, which reopened during the year.

Suspensions occurred in all except the Cleve-land district, although there were only sevenin the Boston, New York, and Philadelphiadistricts together, the greater proportion ofthe total for the year occurring in the Chicago,Minneapolis, and Kansas City districts, inwhich there were altogether 537 suspensions.The largest number occurring in any one dis-trict was 299 in the Minneapolis district.Bank suspensions for the year are shown, bydistricts and by class of banks, in the followingtable :

BANKS CLOSED DURING 1924

District

All districts....

BostonNew YorkPhiladelphia..ClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

All banks

Number 1

757

151

3444

10455

2991345228

Capitaland

surplus(000

omitted)

$46,643

2507,354

79

1,8172,6706,4612,600

12,9256,8773,9081,702

Member banks

National

129

I1

3461

50321910

Non-national

34

1992922

Non-memberbanks1

594

8

30318952

2401003118

i Includes three nonmember banks in the Chicago district and onein the Richmond district for which no information regarding capitaland surplus is available.

In the table wjiich follows the banks closedduring 1924 (for which capital could be ascer-tained) were classified according to the amountof their capital. I t shows that 490, or 65 percent of the 753 banks closed, had capital of$25,000 or less, and that 676 banks, or 90 percent of the total, had capital of less than$100,000, leaving only 77 banks with capitalof $100,000 or more, or 10 per cent of the totalnumber of banks closed.



BANKS CLOSED DURING 1924, CLASSIFIED ACCORDINGTO AMOUNT OF CAPITAL

Capital

$25,000 and less i$25,001 to $49,999$50,000 to $74,999 2$75,000 to $99,9993.$100,000 to $124,999.$125,000 to $199,999...$200,000 to $499,999...$500,000 to $1,000,000.Over $1,000,000. __

Total-

Districts

To- !tal '

1 0 I 114 ; . . .3 . . .2 . . .

753 1

16 |263 j 67 52

. . . 3 3 44

58

10

55

22

134 52 28

1 Banks with capital of $25,000 and less comprise 65 per cent of the total.2 Banks with less than $75,000 capital comprise 88 per cent of the total.8 Banks with less than $100,000 capital comprise 90 per cent of the total.* Banks with capital of $100,000 or more comprise 10 per cent of the total.

According to reports to the reserve banks 59banks, with capital and surplus of $4,454,000,were closed during December. Of these 44,with capital of $3,051,000, were nonmemberbanks*and 15, with capital and surplus of$1,403,000, were member banks; 7 of the latterwere nonnational institutions and 8 werenational banks. The total number of closedbanks reported for the preceding month was49,7 and their aggregate capital and surpluswas $2,401,000.7 In December, 10 banks pre-viously closed were reported reopened—one inthe Atlanta district and nine in the Minneapolisdistrict. Although the figures for bank failuresrepresent, so far as could be determined, bankswhich were closed by order of supervisory author-ities, it is not known how many of these insti-tutions ma}^ ultimately prove to be solvent.

B A N K S C L O S E D D U R I N G D E C E M B E R , 1924


Districts

All banks

Capitalh " andD e r I surplus

All districts,.IRichmond jAtlanta jChicagoSt. LouisMinneapolisKansas CityDallasSan Francisco

103

155

139 i2 I2 !

4,454

569282

2,17836641031558

276

Member Nonmember

Num-ber

1 15

22 1s 5

63

surp lus i

1,403 !

178 !

224456 i180 I155210 i

surplus

10 i6 i2 I2 !

3, 051

39158

1,72218625510558276

1 Eight national banks, capital and surplus $585,150, and seven non-national, members with capital and surplus of $818,500.

2 One nonnational member with capital and surplus of $224,000.3 Three nonnational member with capital and surplus of $219,500.4 One nonnational member with capital and surplus of $180,0006 One nonnational member with capital and surplus of $75,000.6 One nonnational member with capital and surplus of $120,0007 Revised to include one national bank in the Atlanta district which

had not been reported previously.

FOREIGN TRADEForeign trade was exceptionally heavy in

December, both imports and exports exceed-ing the figures for the same month for severalyears. Imports into the United States inDecember amounted to $334,000,000, an in-crease of $38,000,000 over November, andexceeding the figure of December, 1923, by$46,000,000. December imports were thelargest for any month since May, 1923, andthe largest December imports ever recordedexcept for 1919, when they amounted to$380,710,323. Exports totaled $445,000,000,a decline of $49,000,000 from November, butan increase of $18,000,000 over December,1923. With the exception of October andNovember, 1924, these exports were the largestfor any month since February, 1921. Netmerchandise exports totaled $111,000,000, ascompared with $197,000,000 in November and$138,000,000 in December, 1923.

For the calendar year 1924, merchandiseimports showed a decline of $181,000,000, from$3,792,000,000 in 1923 to $3,611,000,000 in1924, while exports gained $423,000,000, from$4,167,000,000 in 1923 to $4,590,000,000 in1924, raising the excess of merchandise exportsfrom $375,000,000 in 1923 to $980,000,000 in1924. The import total has been exceededonly three times—in 1923, 1920, and 1919.Gold imports were nearly the same in bothyears, but the increase of over $30,000,000 ingold exports in 1924 reduced net gold importsto $258,000,000 in that year, compared with$294,000,000 in 1923. Silver exports (net) in1924 amounted to $36,000,000, as comparedwith net silver imports in 1923 of nearly$2,000,000. The total1 visible balance of tradefor the calendar year 1924 showed an excessof exports of $757,000,000, or nearly ten timesthe figure of 1923. In 1924 about 78 per centof our merchandise exports were covered bymerchandise imports, compared with over 90per cent in 1923 and about 72 per cent in 1913.

MERCHANDISE TRADE BALANCE OF THE UNITED STATES[In thousands of dollars]

Month

1923JanuarvFebruary .MarchAprilM a yJune. _JulvAugustSeptemberOctoberNovemberDecember.. _

Year

Imports

329,254303,407397,928364,252372, 545320,234287,434275,438253,645308,291291,333288,305

3,792,066

Exports

335,417306,957341,377325,492316,359319,957302,186310,966381,434399,199401,484426,665

4,167,493

Excess ofimports

56,55138,76056,186

277

Excess ofexports

6,1633,550

14,75235,528

127,78990,908

110,151138,360

375,427



MERCHANDISE TRADE BALANCE OF THE UNITEDSTATES—Continued


Month

1924JanuaryFebruaryMarchApril. —MayJuneJulyAugust..SeptemberOctoberNovemberDecember.

Year

Imports

295,506332,323320,482324,291302,988274,001278,594254,542287,144310,802296,350333,562

3,610,553

Exports

395,172365,775339,755346,936335,099306,989276,649330,659427,460527,232493, 597444,880

4,590,147

Excess ofimports

1,945

Excess ofexports

99,6663.3,45219,27322,64532, 11132,988

76,117140,316216,430197,247111,318

979,594

TRADE BALANCE OF THE UNITED STATES FOR 12 MONTHSENDING DECEMBER, 1923 AND 1924


1923Imports __.Exports

Net imports (—) orexports (+)

1924Imports -_.Exports

Net imports (—) orexports (+)

Merchan-dise

3,792,0664,167,493

+375,427

3, 610,5534,590,147

+979, 594

Gold

322,71628,643

-294,073

319,72161,648

-258,073

Silver

74,45472,469

-1 ,985

73,945109,891

+35,946

Total

4,189,2364,

+79,369

4,004,2194,761,686

+757,467

GOLD MOVEMENTS

UNITED STATES

Gold imports into the United States in De-cember, 1924, were $10,274,049, and exportstotaled $39,674,653, with the result that therewas an outward movement of gold of $29,400,-604, the first net export reported for anymonth since August, 1920. The principalsource of December imports was France,which sent $3,000,000, and about $2,700,000,each, was received from Canada and Argen-tina. Of the exports, $20,000,000 were sentto Germany and represent the withdrawal ingold of a portion of the recent loan to thatcountry. Over $10,000,000 was sent to Eng-land and nearly $6,000,000 to British India.Sweden added another $1,000,000 to the mil-lion taken in November. It is understoodthat some of the gold sent to England mayhave been for reshipment to the Continent.

For the 12 months ending December, 1924,net gold imports were $258,073,000, or $36,-000,000 less than in 1923, but about $30,000,000more than in 1922. Germany, which sent$50,000,000 in 1923, was a net importer of gold

from the United States of $15,000,000 in 1924,but was the only European country withwhich the United States had a considerablegold export balance. British India took $11,-000,000, nearly $4,000,000 less than the yearbefore. The greatest net imports receivedfrom any one country were $119,000,000 fromEngland", but this amount was $30,000,000 lessthan in 1923. Almost $50,000,000 net were im-ported from the Netherlands, as against only$13,000,000 the year before, while Francesent $24,000,000, compared with about $16,400,-000 in 1923. Over $38,000,000 net camefrom Canada, against $47,000,000 the yearbefore, and net imports from Argentina were$17,000,000 greater than in 1923. Sweden,which had neither imported nor exported goldfrom the United States in 1923, sent $6,500,000in 1924, but in the last two months of 1924drew back $2,000,000. In the aggregate, grossimports of gold in 1924 were almost exactlyequal to those of 1923, the decline in shipmentsfrom England, Germany, and Canada beingroughly offset by imports from the Nether-lands, Argentina, Sweden, and France. The$36,000,000 reduction in net imports was,therefore, mainly due to the $30,000,000 netexports in the final month of the year.

GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED

STATES


EnglandFranceGermanyNetherlands.SwedenCanadaMexicoArgentinaColombiaPeru...ChinaHongkong-...All other

Total .

EnglandFranceGermanySwedenCanadaMexicoVenezuelaBritish India-.HongkongAllother

Total

Net imports (+) or exports

Decem-ber, 1924

113,036

2,730473

2,71526940

993

10,274

10,26434

20,0001,001

188466

5,674220

1,828

39,675

-29,401

Novem-ber, 1924

12 monthsended

Decem-ber, 1924

10,718

2,844337

1,40013221124

924

19,862

2,00015

1,000265415

1,797314

130,90924,4604,829

50,9656,523

41,4965,459

22,3052,2892,7105,0222,500

20, 254

319,721

12,264114

20,0002,0013,1024,0291,102

11,0254,383

6,689 61,648

+13,173 +258,073

12 monthsended

Decem-ber, 1923

149,67219,03649,55213,292

549,3756,5815,3384,4522, 0705,588319

17,436

322, 716

1382,660

1,7054,706

14,6372,3782,419

28,643

+294,073



GREAT BRITAIN

Gold imports into Great Britain in Novem-ber were about £170,000 larger than in October,amounting to £1,670,697 as against £1,499,414,but were only slightly more than one-halfthe figure of £3,091,252 for November, 1923.Shipments from the gold-producing areas weresomewhat larger in November than in October;imports from the Transvaal increasing£132,000, those from Rhodesia declining nearly£56,000, and. those from West Africa about£43,000. Imports from the United States de-clined by nearly £100,000, from £102,540 inOctober to £2,564 in November. On the otherhand, a large* shipment was reported fromSweden, amounting to £132,900 for the singlemonth as compared with only £40,200 for theentire first 10 months of the year. This ship-ment from Sweden represents a cross-movement,for a sum almost exactly equal, namely£136,500, was exported to Sweden in Novem-ber, in addition to £149,000 exported inOctober.

The total exports for November were £ 1,833,-471, about twice those of October (£960,446),but only about one-fifth of the exports of£9,197,675 for November, 1923. The principaldestination was British India, which took£1,421,754, compared with £695,216 in October,

For the 11 months ending November, 1924,total imports were £30,892,287, as comparedwith £41,518,475 for the corresponding periodof 1923—a decline of nearly £11,000,000, duechiefly to a reduction of about £8,600,000 inreceipts from the Transvaal and of about£2,500,000 in imports from the United States,although there were notably larger importsfrom Sweden and the Netherlands.

Exports for the 11-month period showed areduction somewhat smaller than the declinein imports, dropping about £9,000,000 from£54,493,443 in 1923 to £45,230,333 in 1924.Exports to the United States showed a reduc-tion of about £1,000,000, from £31,067,782 to£29,906,220, and shipments to India a decreaseof about £8,000,000, from £18,788,419 to£10,576,224. This decrease in exports fromEngland to India, like the decline in importsinto England from the Transvaal, are not in-dicative either of a lessened demand for gold inIndia as compared with last year, or a reduc-tion in the output of the South African mines,which was actually greater in 1924 than in 1923.It is primarily a reflection of the direct move-ment of gold from South Africa to India whichbegan about the middle of 1924.

GOLD IMPORTS INTO AND EXPORTS FROM GREATBRITAIN

SwedenNetherlands...United States.EgyptRhodesiaTransvaalWest Africa...All other

TotaL

EXPORTS

Novem-ber, 1924

£132,9003,3602,564

189,4471,085,176

114,095143,155

1,670,697

7246,070

62,82144,580

136,500

BelgiumFranceNetherlandsRussiaSwedenSwitzerlandUnited States _._.! 29,188British India ! 1,421,754Java 17,916Straits Settlements 34,208Egypt ; 25,385All other 54,325

Total 1,833,471

Net imports..Net exports.. 162,774

October,1924

£29,6004,684

102,540

245,423953,160157,0326,975

1,499,414

4,10020,05630,59233,447149,0003,700

695,216

"I3,~7l3

~~10~622

960,446

538,968

11 monthsended

Novem-ber, 1924

£173,100117,953144,09410,525

2, 235, 72126,649,3001,298, 984

262, 610

11 monthsended

Novem-ber, 1923

30,892, 287

82,631385, 831

1,047,04478,027

601,590152, 554

29,906,22010, 576,224

48,194240, 643

1,359,360752,015

£8,21763,471

2,654,87757,678

2,076,96435,228,9661,220,491

207,811

41,518,475

78, 91$67,740

1,192,902

45,230,333

14,338,046

56,687111,290

31,067,78218,788,419

238,407278,072

1, 775,500837,734

54,493,443

12, 974, 966

FOREIGN EXCHANGE

The month of January was marked by not-able strength in sterling and continued firmnessof most other rates at about the averages ofDecember. Sterling opened the year 1925 at$4.7499, up over a cent from the best figure of1924 reached on the last day of that year.From this figure it rose to $4.7924 on the 9th,which was nearly 3 cents above the "pegged'7figure of war years. After a reaction to $4.7719on the 16th, it rose to $4.8037 on the 23d, atwhich figure it was within 1.3 per cent of dollarparity. French francs were steady above 5.30cents, while Belgian francs rose from 5 cents toabout 5 x/i. The Italian lira, however,was ratherweak early in the month, dropping from 4.24cents on the 3d to 4.03 on the 15th; the lowestfigure since October, 1922, from which figureit rallied to 4.18 on the 17th. The Swedishkrona and the Netherlands florin remainedslightly above dollar parity. The latter, whichhad touched a high of 40.51 cents in Decemberand 40.61 cents on January 9, nearly one-halfa cent above dollar parity, declined to some-what lower levels later in the month. Swissfrancs reacted somewhat from the Decemberaverage, closing slightly above par. The Polishzloty was steady just under par. Other Euro-


FEBRUARY, 1925 FEDERAL. RESERVE BULLETIN

pean rates were generally firm, the rates onDenmark, Norway, Spain, and Yugoslaviabeing notably strong. The Hungarian crown,which last June was stabilized on sterling, rosewith the latter until it stands now virtually atparity with the Austrian crown, which, sinceSeptember, 1922, has been stabilized on thedollar. The Canadian dollar has been steadyjust below par.

South American exchanges were firm. TheArgentine peso on January 23 touched 91.39cents, compared with a December high of 91.08;Brazilian milreis touched 11.99 cents on the11th, compared with a December high of 11.68;while the Chilean peso on the 10th equaled itsDecember high of 11.54 cents. The Uruguayanpeso touched 99.56 cents on the 23d, slightlyunder the best figure of December. The Ar-gentinian peso is only about 5 ^ per cent belowpar and the Uruguayan about 4 per cent.

97

The Far Eastern rates showed little change.The Japanese yen was steady at about tneaverage of December, while the rupee made anew high at 35.77 cents on the 9th, at whichfigure it is about 10 per cent above its pre-wardollar parity. Shanghai taels averaged aboutthe same as in December.

Exchange

SterlingFrench francGerman re ichs-

markItalian liraNetherlands florin.Swedish kronaSwiss francCandian dollarArgentine pesoShanghai tael

t»<*i

Parvalue

486.6519.30

23.8219.3040.2026.8019.30

100.0096.4866.85

January, 1925

Low

474.995.30

23.804.03

40.3026.9219.2«>99.5390.4674.32

High

480.375.43

23.804.24

40.6126.9619.5099.9691.3975.96

December, 1924

Low

463.975.33

23.804.22

40.2826.9219.3299.2986.5974.09

High

473.445.51

23.814.35

40.5126.9819.4899.9591.0876.50

Aver-age

469.585.40

23.804.30

40.4226.9519.3899.6588.3275.47

Dec.,1923,aver-age

436.015.25

4.3438.0426.3317.4597.5972.3372.25



BRITISH BANKING IN 1924

London clearing banks.—Increased activityof industry and trade in Great Britain duringthe year just ended was reflected in a growthof advances at the nine London clearing banksfrom £757,000,000 in December, 1923, to£811,000,000 in November, 1924. This in-creased use of bank credit to finance currentoperations of British domestic business hasbeen fairly continuous since the autumn of1922, and the funds required for meeting thisdemand have been obtained by the Londonbanks largely through the reduction of theirholdings of investment securities and of dis-counted Treasury bills. Between September,1922, and November, 1924, investments of theclearing banks declined from £382,000,000 to£307,000,000, and their discounts, in whichdiscounted Treasury bills are included, de-creased from £296,000,000 to £234,000,000.That Treasury bills are an important elementin the discounts of British banks is indicatedby the fact that the volume of discounts hasdeclined sharply during the first quarter ofeach year, a period when considerable amountsof Treasury bills have been retired by theGovernment. The total volume of Treasury

bills outstanding declined from £716,000,000 inSeptember, 1922, to £633,000,000 at the end of1924, and it is therefore probable that theproportion of these bills in the total bill hold-ings of the clearing banks is now smaller than28 months earlier, and that a correspondinglylarger proportion represents commercial bor-rowing. The combined volume of advances,discounts, and investments of these banks haschanged relatively little for two years, andthe net change in the volume of their depositshas also been comparatively small. Thus it isevident that the increased demand for creditfor commercial purposes arising from the im-provement in JBritish industry and tradesince the autumn of 1922 has been met by theLondon clearing banks without an increase intheir total credit outstanding largely throughthe sale of investments and the use of fundsreleased by the Treasury through the reductionof the short-term public debt.

The average holdings of cash, includingdeposits with the Bank of England, haveshown a very small decline over the pastthree years, but this has been nearly offset byan increase in " balances with and checks in

MILLIONS OF POUNDS1OOO

900

800

700

6 0 0

500

4OO

300

200

NINE LONDON CLEARING BANKS MILLIONS OF POUNDS2 0 0 0

1900

1600

Discounts, Advancesand Investments

1921 1922 1923 1924

1500

1400

1300

1200

1100

10001921 1922 1923 1924


FEBRUARY, 1925 FEDEKAL RESERVE BULLETIN 99

course of collection on other banks in GreatBritain and Ireland/' The course of theprincipal items in the monthly statement ofthe nine London clearing banks for the years1921 to 1924 (November) is shown in the chart.

Bank of England.—At the Bank of England,as at the commercial banks, the tendencyduring the period since the autumn of 1922has been toward a smaller use of credit bythe Government, as reflected by a downwardtrend of Government securities and publicdeposits, and toward an increased volume ofaccommodation to business concerns, indi-cated by a gradual growth, with fluctuations,in the volume of other securities and of otherdeposits.

The total volume of circulation, includingboth bank and currency notes, was slightly

MILLIOMS OF POUNire160

140

120

100

MILLIONS OF POUNDS160

out the year had averaged above 1923, prac-tically to its legal maximum and necessitatedthe transfer of £4,500,000 from the bankingdepartment to the currency note reserve.This permitted the issue ot an equivalentamount of currency notes of smaller denomi-nations without aiiy increase in the total cir-culation figures, but it reduced the amount ofnotes in the banking department's reserve to£18,190,075 on December 31, and, combinedwith the usual year-end rise in deposits,brought the reserve ratio down to 11.5 percent, the lowest in three years. The chartshows the principal items in the Bank of Eng-land statement for the period, 1921-1924.

Money rates.—As a result of the increaseddemand for bank credit for commercial pur-poses, interest rates in the London moneymarket advanced during 1924, the rate on 90-day bills rising in midsummer from 3 percent to Z% per cent. Bank rate, however,remained unchanged at 4 per cent since July4, 1923. The upward movement of moneyrates in London at a time when interest ratesin the United States were declining made thelevel of rates in England higher than in the

1921 1922 1923 1924

greater in 1924 than in 1923, and there isreason to believe that the amount in effectiveuse was further augmented by a return flow ofBritish currency from the Continent. Thetotal issue of bank notes increased during theyear by about £500,000, accompanied by asimilar gain in gold holdings. Between Julyand the middle of November, however, nearly£6,000,000 was added to the notes of the bank-ing department, raising this from £18,392,235on July 2 to £24,182,915 on November 19.

The requirements of Christmas tradingcarried the currency note issue, which through-

MONEY RATES IN NEW YORK AND LONDON

1921 1922 1923 1924

United States, as is shown by the chart. Thisdifferential led to a flow of funds from NewYork to London and was an influence indiverting a large volume of foreign borrowingfrom the London to the New York market.


100 FEDERAL KESERVE BULLETIN FEBRUARY, 1925

LAW DEPARTMENTDecision in new par clearance case.

As announced in the January issue of theFEDERAL RESERVE BULLETIN, the UnitedStates District Court for the Northern Districtof Georgia, on December 29, rendered anopinion in the case of Pascagoula NationalBank v. Federal Reserve Bank of Atlanta,et al., dismissing the bill of complaint filedagainst the Federal reserve bank and the Fed-eral reserve agent and upholding all of defend-ants' contentions.

This suit differs from the former par clear-ance cases in that it involves a national bank,rather than a nonmember bank, and also raisescertain questions dealing with check collectiontransactions which have not been adjudicatedbefore. On August 9, 1924, the PascagoulaNational Bank of Moss Point, Miss., filed abill of complaint in the United States DistrictCourt for the Northern District of Georgiaagainst the Federal Reserve Bank of Atlanta,Joseph A. Me Cord as Federal reserve agent,and the Federal Reserve Board. In general,the bill charged the several defendants withhaving ignored and violated various provisionsof the Federal reserve act and prayed for aninjunction against the Federal Reserve Bankof Atlanta which, if granted, would in effect:

(1) Require the Federal Reserve Bank ofAtlanta to give immediate credit and availa-bility to the plaintiff for all its deposits ofchecks and drafts drawn on other memberbanks in the Atlanta district, no matter atwhat distance from Atlanta the drawee bankmay be;

(2) Permit the plaintiff to charge exchange onchecks drawn upon it and presented for pay-ment by or through the Federal reserve bank;

(3) Prohibit the Federal reserve bank fromhandling checks for any banks other than itsown members and, for its own members, anychecks which are not payable within the At-lanta district.

The bill also asked that the Federal ReserveBoard and Joseph A. Me Cord be enjoinedfrom promulgating and enforcing the provi-sions of the board's Regulation J, and furtherasked for an accounting and recovery from theFederal reserve bank of the amounts of ex-change charges and interest of which the plain-tiff alleged it had been illegally deprived.

At a hearing held on October 2 and 3 a pre-liminary injunction was denied and the Fed-eral Reserve Board was dismissed from thesuit on the ground that under the terms of

section 51 of the Judicial Code it could not besued in the Northern District of Georgia with-out its consent.

On December 15 the case was argued on itsmerits and on December 29 the court rendereda decision dismissing the bill and holding ineffect that:

(1) The Federal reserve banks are not re-quired to give depositing member banks im-mediate credit and availablity for checks anddrafts drawn on other member banks in theAtlanta district and are justified in refusing topermit the amount of said checks to be countedas reserves or to be withdrawn by check orotherwise until they actually have been col-lected;

(2) Under the terms of the so-called " Hard-wick amendment" to section 13 of the Federalreserve act, member banks have not the rightto make an "exchange charge" for remittingpayment to a Federal reserve bank for checksdrawn on themselves, although such checksare not the property of the Federal reservebank, but are handled for collection;

(3) That, under the terms of section 13 ofthe Federal reserve act, the authority of a Fed-eral reserve bank to collect checks is not lim-ited to checks sent to it by its own membersand checks payable within the district of suchFederal reserve bank; and, therefore, a Fed-eral reserve bank may collect checks on its ownmember banks and nonmember clearing bankswhich come to it from other districts, and mayhandle checks payable on presentation sent toit by its member banks or nonmember clearingbanks whether payable within its own districtor not; and

(4) That the provision in the "Hardwickamendment" which has the effect of requiringmember banks to pay without deduction checksdrawn on them when presented by Federalreserve banks, whether paid over the counteror by the more convenient means of checks ontheir deposits elsewhere, does not deprive mem-ber banks of property without due process oflaw and, therefore, is not contrary to the fifthamendment to the Constitution.

The following is the opinion of the court:In the District Court of the United States for the

Northern District of Georgia

Pascagoula National Bank, plaintiff, v. Federal ReserveBank of Atlanta et al., defendants. No. 295. InEquity.The handling of checks between Federal reserve

banks and nonmember banks of the reserve system



was dealt with in American Trust & Banking Co. v.Federal Reserve Bank of Atlanta, 256 U. S. 350; 262U. S. 643, and in Farmers & Merchants Bank of Mon-roe v. Federal Reserve Bank of Richmond, 262 U. S.649. The present case involves the handling of checksbetween the Federal reserve bank and one of its mem-bers under Regulation J of the Federal Reserve Board.That regulation, adopted to execute the collection andclearing house powers granted in section 13 and sec-tion 16 of the Federal reserve act, requires that eachFederal reserve bank shall exercise the function of aclearing house and collect checks on terms and condi-tions particularly set forth, whose effect, so far as herematerial, is that such reserve bank will receive at par,checks which can be collected at par, and only suchwhether they be sent by its own member and affiliatedbanks, or by, or for the account of, other reserve banks,and whether the checks are drawn on its own memberbanks or nonmember banks, and that the checks senteach reserve bank will be counted as reserve or becomeavailable for withdrawal by the bank sending them(subject to final payment) only in accordance with atime schedule based on experience of the averagetime required to collect checks drawn on the differentpoints. The observance of this regulation by theReserve Bank of Atlanta results in a refusal by it topermit the complainant, one of its members, to deductthe previously charged "exchange" or compensationfor remitting payment for checks drawn on complain-ant, and prevents complainant getting immediatecredit for checks sent by it to the reserve bank whendrawn on points at a distance from Atlanta, wherebyit loses the use of the credit during the period of delay.The complainant contends, first, that by the provisionof section 16 of the reserve act, it is entitled to imme-diate credit, at par, for checks drawn on any of thedepositors in the Reserve Bank of Atlanta, no matterat what distance from Atlanta the drawee may fc>e.Second, that under the Hardwick amendment of section13, it has the right to make a charge for remitting pay-ment to the Reserve Bank of Atlanta of checks drawn onitself when these are not the property of the reservebank, but are handled for collection. Third, that un-der section 13 the Reserve Bank of Atlanta has no rightto have or collect any checks drawn on complainantwhich come to the reserve bank from a source outsideof the Sixth Reserve District. Fourth, that if thereserve act authorizes this deprivation of complain-ant's right to charge for remittance, it takes its propertywithout due process of law, contrary to the Constitu-tion. We consider these contentions in order.

1. The provision of section 16, which is claimed torequire the immediate credit of checks is: "EveryFederal reserve bank shall receive on deposit at parfrom member banks or from Federal reserve banks,checks and drafts drawn upon any of its depositors."Complainant, being a member bank, claims immediatecredit, at par, for all the checks and drafts on the de-positors of the Reserve Bank of Atlanta, who areeither member banks of the Sixth Reserve District,the United States or other reserve banks. RegulationJ allows immediate credit for Government checks andvouchers, and for items payable in the city where thereserve bank is located. When payable at a distantpoint the item is deferred for the number of days indi-cated on the time schedule, and then credited withoutany deduction (subject to final payment) whetherreturns have been actually received or not. Are theselatter items "received on deposit at par"? Section 5of Regulation J states the terms on which checks sentto a reserve bank "for deposit or collection" will behandled, the first being: "A Federal reserve bank will

act only as agent of the bank from which it receivessuch checks, and will assume no liability except for itsown negligence and its guaranty of prior indorsements."A check so received and handled is really received forcollection and not on deposit in the common sense ofthe word, meaning general deposit in which arises therelation of debtor and creditor, not that of principaland agent. Webster's International Dictionary:"Deposit." In a general deposit the check on indorse-ment and delivery to the banker becomes at once theproperty of the banker, who owes the depositor theface of the check, or other agreed sum, and becomesbound to honor the depositor's checks therefor. NewYork v. Massey, 192 U. S. 138, 145; McGregor,Receiver, v. Battle, 128 Ga. 577. The depositor'sonly relation to the check, thereafter, is his liabilityunder his indorsement in case of nonpayment, a liabilityusually enforced by "charging the check back" to him.Usually the depositor may check immediately, but thisis not of the essence of a general deposit. The partiesmay agree otherwise, and it is not uncommon inbanking practice, where large checks, payable at a dis-tance, are taken at par, to delay availability on thechecking account so that the banker may not, by honor-ing checks in advance of collection, be lending hismoney without interest. The inclusion of the timeschedule only in the terms upon which the reservebank will receive deposits would be ordinary prudentbanking, considering the enormous volume of theaggregate reserve bank "float," as the mass of checksin transit is called. It may be noted that, by section13, nonmember clearing banks are required to protecttheir deposited checks in transit by maintaining abalance sufficient to offset them, which is another wayof saying that the checks are not available creditswhile in transit. It must be remembered also that thesedeposit accounts of the member banks in the reservebank, though subject to check, constitute their reserverequired under section 19. By amendment of thissection this reserve must be "an actual net balance.""Net" means that all proper charges and deductionshave been made from the account; "actual" excludeswhat is merely fictitious or supposed. Uncollectedchecks, though supposed to be drawn against actual,available deposits, may not be, and if so they maynevertheless be defeated of payment by many circum-stances, such as death or countermand of the drawer,or offset by the banker upon the drawer's insolvency.An immediate credit of them must be largely on thefaith of the depositor's indorsement, but the mereobligation of the member bank is not the actualreserve intended by the law. Moreover, the require-ment that the reserve bank itself maintain a reservein gold or lawful currency of 35 per cent of its depositsis involved if the "float" is to be counted as presentdeposits. The time schedule by which credit is deferreduntil checks would ordinarily be collected minimizesthe chance of accumulated disappointments in collec-tion, and the amount of merely supposed balance inthe reserves of members, and seems a very reasonablereconciliation of the requirement of section 16, thatthe checks be received on deposit in the reserve account,with that of section 19, that the reserves be actual netbalances.

The additional stipulation that the reserve bank willact only as agent makes greater difficulty. It probablymeans that the checks are at first received only for col-lection, Ward v. Smith, 7 Wai. 447. "Deposits forcollection" are spoken of in section 13, but "on de-posit" in section 16 does not mean for mere collection.Since, however, credit is to be given at the expirationof the period fixed by the time schedule, whether re-



turns from the check have actually been received ornot, at that time certainly the agency is to cease andthe check is to become and does become the propertyof the reserve bank and the transaction ripens into ageneral deposit. The check is then "received on de-posit at par," j as required by section 16.

2. The next contention relates to charges not forcollecting checks on others, but for remitting to thereserve bank payment of checks drawn on the memberbank itself. Section 16 provides: "Nothing hereincontained shall be construed as prohibiting a memberbank from charging actual expenses incurred in col-lecting and remitting funds or for exchange sold to itspatrons. The Federal Reserve Board shall, by rule,fix the charges to be collected by the member banksfrom its patrons whose checks are cleared through theFederal reserve bank and the charge which may beimposed for the service of clearing or collection rend-ered by the Federal reserve bank." Whether theright established in the first clause quoted, of a memberbank to charge actual expenses for collecting and re-mitting, would include a remittance in payment ofchecks drawn on it and presented by the reserve bank;or whether the term "its patrons" in the second sen-tence refers to those sending checks to the reserve bankand implies that all expense of clearance of their checksis to be charged back to them, are questions that neednot be decided. For the later legislation, known asthe "Hardwick amendment" of section 13 is directlyapplicable and controls. It provides that "nothingin this or any other section of this act shall be construedas prohibiting member or nonmember bank frommaking reasonable charges, to be determined and regu-lated by the Federal Reserve Board, but in no case toexceed 10 cents per $100 or fraction thereof, based onthe total of checks and drafts presented at any onetime for collection or payment and remission thereforby exchange or otherwise; but no such charges shallbe made against the Federal reserve banks." Thecomplainant argues that the last clause is in thenature of a proviso or exception wholly repugnant tothe pain enactment preceding it, and therefore void,leaving the grant of the right to make reasonablecharges unrestrained by the exception. Or, if the lastclause is to be treated as a part of the main enactmentequally with what precedes, that the two parts are soinconsistent as to render the whole legislation abor-tive, and leave section 16 to control. As pointed outin Farmers & Merchants Bank of Monroe v. FederalReserve Bank of Richmond, 262 U. S. 649, 666, thereis no such repugnance in the Hardwick amendment asto cause either consequence. The right to make thecharge is established as to checks sent for collection orpayment by other member banks or nonmember banks,but it can not be made against reserve banks. Wetherefore come to consider the contention that thecharge is not made against a reserve bank unless suchbank is the lawful owner of the checks dealt with, andthat if it is handling them only as the agent of another,for collection, the charge is against the true owner andto be passed back by the reserve bank to that owner.The proceedings of Congress in adopting the amend-ment show that par clearance through the reservebanks was the issue dealt with. The intent of theoriginal amendment was to destroy such clearance asa reserve bank policy. The addition of the clauseunder discussion was made with the intent, and hasthe effect, to firmly establish it and give to the reservesystem and to the public whatever advantage in clearingand collecting checks may follow therefrom, as well as

to savethe reserve banks from an expense in collect-ing their own checks. To forbid remittance chargesagainst reserve banks means no more than that re-mittances to them shall not be diminished by suchcharges, without any inquiry, if that would be prac-ticable, into the real ownership of the items remittedfor. The reserve banks can not recognize as propersuch charges made against them, and in this sense areforbidden to pay them.

3. The contention that the Reserve Bank of Atlantacan not handle for collection or deposit checks on com-plainant coming to it from sources outside the Sixth Re-serve District is erroneous. The evidence is that thereserve bank handles no such checks on its membersexcept those sent it by another reserve bank or bythe members of another reserve bank by the latter'sauthority and for its account. Section 13 declares thatany Federal reserve bank may "solely for the purposesof exchange or collection, receive from other reservebanks . . . checks and drafts payable upon presenta-tion within its district." These other reserve banksmay receive from their members and nonmembers main-taining clearing balances "checks and drafts payableupon presentation" at any place. So checks drawnupon complainant coming to member banks or non-member clearing banks in another reserve district maybe sent by them to the reserve bank of their districtand by it sent for collection or exchange to the reservebank of complainant's district without going beyondthe permissions of section 13. A check sent by a mem-ber bank by the authority and for the account of itsreserve bank is in effect received from the latter.

4. The result of these provisions of the reserve act,so construed is to require a member bank to paywithout deduction checks drawn on it when presentedby its reserve bank, whether paid over its counter orby the more convenient means of a check on its owndeposits elsewhere. This takes none of the propertyor property rights of complainant without due processof law. Complainant may refuse to pay otherwisethan in cash over its counter, according to the com-mon law, as, on the other hand, the reserve bank mayinsist on that sort df payment. What is lost is theright to agree on a compensation for a more con-venient payment by draft on more accessible reserveswhen both parties are willing so to agree. That theState, having power over the State banker and hisbusiness, may regulate his method of receiving andpaying out his deposits, was ruled in Farmers & Mer-chants Bank of Monroe v. Reserve Bank of Richmond,262 U. S. 649. A similar power must be recognized inthe United States to regulate the banking in the Fed-eral Reserve System. Complainant being a nationalbank, chartered to do its business under the Federallaws, can not complain that those laws are not, or donot remain, such as it would prefer. It is not com-pelled to do anything without compensation. It issimply told that if it does the thing in question itmust be done without compensation. Noble StateBank v. Haskell, 219 U. S. 575.

The evidence offered by the defendants as to theactual conduct of their business is pertinent and ad-missible. The remainder, relating mainly to matterseither irrelevant or to be judicially known, is excluded.

Nothing unlawful appearing in any of the acts of thethe defendants complained of, a decree may be takendismissing the bill. This December 29, 1924.

(Signed) SAM H. SIBLET,U. S. Judge.


FBBEUAEY, 1925 FEDERAL RESERVE BULLETIN 103

The McFadden Bill.

On January 14 the House passed the follow-ing bill, commonly known as the McFaddenbill, defining branch banking privileges of na-tional and State member banks and amendingFederal banking laws in other respects. Thebill was sent to the Senate on January 15 andreferred to the Committee on Banking andCurrency.

[Sixty-eighth Congress, second session, H. R. 8887.]AN^ACT To amend an Act entitled "An Act to provide for the con-

solidation of national banking associations," approved November 7,1918; to amend section 5136 as amended, section 5137, section 5138 asamended, section 5142, section 5150, section 5155, section 5190, section5200 as amended, section 5202 as amended, section 5208 as amended,section 5211 as amended, of the Revised Statutes of the United States;and to amend section 9, section 13, section 22, and section 24 of theFederal Reserve Act, and for other purposes

Be it enacted by the Senate and House of Representa-tives of the United States of America in Congress assem-bled, That the Act entitled " An Act to provide for theconsolidation of national banking associations," ap-proved November 7, 1918, be amended by adding atthe end thereof a new section to read as follows:

"SEC. 3. That any bank or trust company incorpo-rated under the laws of any State, or any bank or trustcompany incorporated in the District of Columbia, maybe consolidated with a national banking associationlocated in the same county, city, town* or village underthe charter of such national banking association onsuchlterms and conditions as may be lawfully agreedupon by a majority of the board of directors of eachassociation, bank, or trust company proposing to con-solidate, and which agreement shall be ratified andconfirmed by the affirmative vote of the shareholdersof«each such association, bank, or trust companyowning at least two-thirds of its capital stock out-standing, or by a greater proportion of such capitalstock in the case of such State bank or trust companyif the laws of the State where the same is organized sorequire, at a meeting to be held on the call of thedirectors after publishing notice of the time, place, andobject of the meeting for four consecutive weeks insome newspaper of general circulation published in theplace where the said association, bank, or trust com-pany is located, and if no newspaper is published inthe place, then in a paper of general circulation pub-lished nearest thereto, unless such notice of meeting iswaived in writing by all stockholders of any suchassociation, bank, or trust company and after sendingsuch notice to each shareholder of record by registeredmail at least 10 days prior to said meeting, but anyadditional notice shall be given to the shareholders ofsuch State bank or trust company which may be re-quired by the laws of the State where the same isorganized: Provided, That the capital stock of suchconsolidated association shall not be less than thatrequired under existing law for the organization of anational banking association in the place in which suchconsolidated association is located; and all the rights,franchises, and interests of such State bank or trustcompany so consolidated with a national bankingassociation in and to every species of property, real,personal, and mixed, and choses in action theretobelonging, shall be deemed to be transferred to andvested in such national banking association into whichit is consolidated without any deed or other transfer,and the said consolidated national banking associationshall hold and enjoy the same and all rights of property,franchises, and interests in the same manner and to

the same extent as was held and enjoyed by suchState bank or trust company so consolidated with suchnational banking association: And provided further,That when such consolidation shall have been effectedand approved by the comptroller any shareholder ofeither the association or of the State bank or trustcompany so consolidated, who has not voted for suchconsolidation, may give notice to the directors of theconsolidated association within twenty days from thedate of the certificate of approval of the comptrollerthat he dissents from the plan of consolidation asadopted and approved, whereupon he shall be entitledto receive the value of the shares so held by him, tobe ascertained by an appraisal made by a committeeof three persons, one to be selected by the shareholder,one by the directors of the consolidated association,and the third by the two so chosen; and in case thevalue so fixed shall not be satisfactory to such share-holder he may within five days after being notified ofthe appraisal appeal to the Comptroller of the Cur-rency, who shall cause a reappraisal to be made, whichshall be final and binding; and the consolidated asso-ciation shall pay the expenses of reappraisal, and thevalue as ascertained by such appraisal or reappraisalshall be deemed to be a debt due and shall be forth-with paid to said shareholder by said consolidatedassociation, and the shares so paid for shall be sur-rendered and, after due notice, sold at public auctionwithin 30 days after the final appraisement providedfor in this act; and if the shares so sold at public auctionshall be sold at a price greater than the final appraisedvalue, the excess in such sale price shall be paid to thesaid shareholder; and the consolidated association shallhave the right to purchase such shares at publicauction, if it is the highest bidder therefor, for thepurpose of reselling such shares within thirty days there-after to such person or persons and at such price as itsboard of directors by resolution may determine: Andprovided further, That the liquidation of such shares ofstock in any State bank or trust company shall be de-termined in the manner prescribed by the law of theState in such cases if such provision is made in theState law; otherwise as hereinbefore provided: Andprovided further, That no such consolidation shall be incontravention of the law of the State under which suchbank or trust company is incorporated: And providedfurther, That, except as to branches in foreign countriesor dependencies or insular possessions of the UnitedStates, it shall be unlawful for any such consolidatedassociation to retain in operation any branches whichmay have been established beyond the corporate limitsof the city, town, or village in which such consolidatedassociation is located, and it shall be unlawful for anysuch consolidated association to retain in operationany branches which may have been establishedsubsequent to the approval of this act within the corpor-ate limits of the city, town, or village in which suchconsolidated association is located, in any State whichat the time of the approval of this act did not, by law orregulation, permit State banks or trust companiescreated by or existing under the laws of such State tohave such branches."

SEC. 2. That section 5136 of the Revised Statutes ofthe United States, subsection "Second" thereof asamended, be amended to read as follows:

"Second. To have succession from the date of theapproval of this act, or from the date of its organizationif organized after such date of approval until such timeas it be dissolved by the act of its shareholders owningtwo-thirds of its stock, or until its franchise becomesforfeited by reason of violation of law, or until ter-minated by either a general or a special act of Congress



or until its affairs be placed in the hands of a receiverand finally wound up oy him."

SEC. 3. That section 5137 of the Revised Statutes ofthe United States, subsection "First" thereof, beamended to read as follows:

" First. Such as shall be necessary for its accommoda-tion in the transaction of its business."

SEC. 4. That section 5138 of the Revised Statutes ofthe United States, as amended, be amended to read asfollows:

"SEC. 5138. No association shall be organized witha less capital than $100,000, except that banks with acapital of not less than $50,000 may, with the approvalof the Secretary of the Treasury, be organized in anyplace the population of which does not exceed six thou-sand inhabitants, and except that banks with a capitalof not less than $25,000 may, with the sanction of theSecretary of the Treasury, be organized in any place thepopulation of which does not exceed three thousandinhabitants. No association shall be organized ina city the population of which exceeds fifty thousandpersons with a capital of less than $200,000, except thatin the outlying districts of such a city banks noworganized|or hereafter organized may, with the approvalof the Comptrollerjpf the Currency, have a capital of notless than $100,000."

SEC. 5. That section 5142 of the Revised Statutes ofthe United States, as amended, be amended to read asfollows:

"SEC. 5142. Any national banking association may,with the approval of the Comptroller of the Currency,and by a vote of shareholders owning two-thirds of thestock of such associations, increase its capital stock toany sum approved by the said comptroller, but noincrease in capital shall be valid until the whole amountof such increase is paid in and notice thereof, dulyacknowledged before a notary public by the president*vice president, or cashier of said association, has beentransmitted to the Comptroller of the Currency and hiscertificate obtained specifying the amount of suchincrease in capital stock and his approval thereof, andthat it has been duly paid in as part of the capital ofsuch association: Provided, howevery That a nationalbanking association may, with the approval of theComptroller of the Currency, and by the vote ofshareholders owning two-thirds of the stock of suchassociation, increase its capital stock by the declarationof a stock dividend, provided that the surplus of saidassociation, after the approval of the increase, shall beat least equal to 20 per centum of the capital stock asincreased. Such increase shall not be effective untila certificate certifying to such declaration of dividend,signed by the president, vice president, or cashier ofsaid assocation and duly acknowledged before a notarypublic, shall have been forwarded to the Comptroller ofthe Currency and his certificate obtained specifying theamount of such increase of capital stock by stockdividend, and his approval thereof."

SEC. 6. That section 5150 of the Revised Statutes oithe United States be amended to read as follows:

"SEC. 5150. The president of the bank shall be amember of the board and shall be the chairman thereof,but the board may designate a director in lieu of thepresident to be chairman of the board, who shallperform such duties as may be designated by theboard."

SEC. 7. That section 5155 of the Revised Statutes ofthe United States be amended to read as follows:

"SEC. 5155. It shall be lawful for any bank or bank-ing association organized under State laws and havingbranches to become a.national banking association inconformity with existing laws, and to retain and keep

in operation its branches, or such one or more of themas it may elect to retain: Provided, That no such Statebank haying branches in operation outside of the cor-porate limits or other such boundaries of the city,town, or village in which such State bank is located,but not including any branch established in a foreigncountry or dependency or insular possession of theUnited States, shall, upon conversion into a nationalbanking association, retain or keep in operation suchbranches: And provided\ further, That it shall be lawfulfor any national banking association having, prior tothe approval of this act, acquired branches by virtueof having elected to retain such branches after havingbeen converted from a State bank with branches into anational banking association, or through consolidationwith such an association having such branches, to con-tinue to operate any such branches, but it shall be un-lawful for any national banking association havingbeen converted into such association under the pro-visions of section 5154 of the Revised Statutes to re-tain in operation any branch, wherever located, whichmay have been established subsequent to the approvalof this act, in any State which did not by law or regu-lation, at the time of the approval of this act, permitState banks or trust companies created by or existingunder the laws of such State to have branches."

SEC. 8. That section 5190 of the Revised Statutes ofthe United States be amended to read as follows:

"SEC. 5190. The general business of each nationalbanking association shall be transacted at only oneoffice or banking house, which shall be located in theplace specified in its organization certificate, and nosuch association shall own, establish, maintain, or oper-ate any branch or branches in any State which does notat the time of the approval of this act by law or regula-tion authorize banks created by or existing under thelaws of such State to own, establish, maintain, andoperate such branches, and no such association in anyState whatsoever shall own, establish, maintain, oroperate any branch or branches beyond the corporatelimits of the municipality wherein such association islocated, but any such association in any State whichby law or regulation at the time of the approval of thisact authorizes banks created by or existing under thelaws of such State to own, establish, maintain, andoperate such branches may, upon application to theComptroller of the Currency and upon approval byhim, be permitted to establish and operate a branch orbranches within the corporate limits of the munici-pality wherein such association is located, but it shallbe unlawful for any such association to maintain inoperation any branch within the corporate limits ofsuch a municipality where the population by the lastdecennial census is less than twenty-five thousand andnot more than one such branch where such popula-tion is not less that twenty-five thousand and notmore than fifty thousand, and not more than twosuch branches where such population is not less thanfifty thousand and not more than one hundred thou-sand, but these restrictions as to number shall not beconstrued to require the relinquishment of any branchesacquired prior to the approval of this act: Provided,however. That all such branches of such associationsshall be subject to the general supervisory powers ofthe Comptroller of the Currency and shall operateunder such regulations as he may prescribe: And pro-vided further, That it shall be unlawful for any suchassociation to establish a branch in any State subse-quent to the repeal or revocation by such State of thelaw or regulation under the authority of which per-mission was granted to banks created by or existing



under the laws of such State to engage in branchbanking.

"The term 'branch' or 'branches' as used in thissection shall be held to include any branch bank,branch office, branch agency, additional office, or anybranch place of business located in any State or Ter-ritory of the United States or in the District of Colum-bia at which deposits are received or checks cashed ormoney loaned."

"This section shall not be construed to amend orrepeal section 25 of the Federal reserve act, as amended,authorizing the establishment by national bankingassociations of branches in foreign countries or de-pendencies or insular possessions of the United States."

SEC. 9. That the first paragraph of section 9 of theFederal reserve act be amended by adding at the endthereof two provisions and a new paragraph to readas follows:

11 Provided, That on and after the approval of thisact the board shall not permit any such applying bankto become a stockholder of such Federal reserve bankexcept upon condition that such applying bankrelinquish any branches which it may have in oper-ation beyond the corporate limits of the municipality inwhich the parent bank is located, and it shall be unlaw-ful for any such applying bank in any State whichdoes not by law or regulation, at the time of the ap-proval of this act, permit State banks or trust com-panies created by or existing under the laws of suchState, to have branches within the limits of munici-palities in such State, to become such a stockholderof such Federal reserve bank except upon conditionthat such applying bank relinquish any brancheswhich it may have established subsequent to theapproval of this act: Provided further, That it shall beunlawful for any member bank after the approval ofthis act to establish a branch beyond the corporatelimits of the municipality in which such bank islocated, and it shall be unlawful for any such memberbank to maintain in operation any branch within thecorporate limits of such a municipality where thepopulation by the last decennial census is less than25,000 and not more than one such branch wheresuch population is not less than 25,000 and not morethan 50,000 and not more than two such brancheswhere such population is not less than 50,000 andnot more than 100,000, but these restrictions as tonumber shall not be construed to require the relin-quishment of any branches acquired prior to theapproval of this act: And provided further. That theestablishment of any branch by a member bank shallnot require the approval of the Federal Reserve Board:And provided further, That it shall be unlawful forany such member bank to establish a branch withinthe limits of the municipality where such bank islocated, in any State which does not by law or regula-tion, at the time of the approval of this act, permitState banks or trust companies created by or existingunder the laws of such State to have branches withinthe limits of such municipalities in such State.

"The term 'branch or branches' as used in thissection shall be held to include any branch bank,branch office, branch agency, additional office, orany branch place of business located in any State orTerritory of the United States or in the District ofColumbia at which deposits are received or checkscashed or money loaned, but shall not include anybranch established in a foreign country or dependencyor insular possession of the United States."

SEC. 10. That section 5200 of the Revised Statutesof the United States, as amended, be amended to readas follows:

"SEC. 5200. The total obligations to any nationalbanking association of any person, copartnership,association, or corporation shall at no time exceed 10per centum of the amount of the capital stock of suchassociation actually paid in and unimpaired and 10per centum of its unimpaired surplus fund. The term'obligations' shall mean the direct liability of themaker or acceptor of paper discounted with or sold tosuch association and the liability of the indorser,drawer, or guarantor who obtains a loan from ordiscounts paper with or sells paper under his guarantyto such association and shall include in the case ofobligations of a copartnership or association theobligations of the several members thereof. Suchlimitation of 10 per centum shall be subject to thefollowing exceptions:

"(1) Obligations in the form of drafts or bills ofexchange drawn in good faith against actually existingvalues shall not be subject under this section to anylimitation based upon such capital and surplus.

" (2) Obligations arising out of the discount of com-mercial or business paper actually owned by the person,copartnership, association, or corporation negotiatingthe same shall not be subject under this section to anylimitation based upon such capital and surplus.

" (3) Obligations drawn in good faith against actuallyexisting values and secured by goods or commoditiesin process of shipment shall not be subject under thissection to any limitation based upon such capital andsurplus.

" (4) Obligations as indorser or guarantor of notes,other than commercial or business paper exceptedunder (2) hereof, having a maturity of not more thansix months, and owned by the person, corporation,association, or copartnership indorsing and negotiatingthe same, shall be subject under this section to alimitation of 15 per centum of such capital and surplusin addition to such 10 per centum of such capital andsurplus.

" (5) Obligations in the form of bankers* acceptancesof other banks of the kind described in section 13 of theFederal reserve act shall not be subject under thissection to any limitation based upon such capital andsurplus.

"(6) Obligations of any person, copartnership,association, or corporation, in the form of notes ordrafts secured by shipping documents, warehousereceipts or other such documents transferring orsecuring title covering readily marketable nonperish-able staples when such property is fully covered byinsurance shall be subject under this section to alimitation of 15 per centum of such capital and surplusin addition to such 10 per centum of such capital andsurplus when the market value of such staples securingsuch obligation is not at any time less than 115 percentum of the face amount of such obligation, and toan additional increase of limitation of 5 per centumof such capital and surplus in addition to such 25 percentum of such capital and surplus when the marketvalue of such staples securing such additional obliga-tion is not at any time less than 120 per centum of theface amount of such additional obligation, and to afurther additional increase of limitation of 5 percentum of such capital and surplus in addition to such30 per centum of such capital and surplus when themarket value of such staples securing such additionalobligation is not at any time less than 125 per centumof the face amount of such additional obligation, andto a further additional increase of limitation of 5 percentum of such capital and surplus in addition to such35 per centum of such capital and surplus when themarket value of such staples securing such additional


106 FEDERAL RESERVE BULLETIN FBBRUABY, 1925

obligation is not at any time less than 130 per centumof the face amount of such additional obligation, andto a further additional increase of limitation of 5 percentum of such capital and surplus in addition to such40 per centum of such capital and surplus when themarket value of such staples securing such additionalobligation is not at any time less than 135 per centumof the face amount of such additional obligation, andto a further additional increase of limitation of 5 percent of such capital and surplus in addition to such45 per centum of such capital and surplus when themarket value of such staples securing such additionalobligation is not at any time less than 140 per centumof the face amount of such additional obligation, butthis exception shall not apply to obligations of any oneperson, copartnership, association, or corporationarising from the same transactions and secured uponthe identical staples for more than ten months.

"(7) Obligations of any person, copartnership,association, or corporation in the form of notes or draftssecured by shipping documents or instruments trans-ferring or securing title covering livestock or giving alien on livestock when the market value of the livestocksecuring the obligation is not at any time less than 115per centum of the face amount of the notes covered bysuch documents shall be subject under this section toa limitation of 15 per centum of such capital and surplusin addition to such 10 per centum of such capital andsurplus.

"(8) Obligations of any person, copartnership, asso-ciation, or corporation in the form of notes securedby not less than a like amount of bonds or notes ofthe United States issued since April 24, 1917, or cer-tificates of indebtedness of the United States, shall(except to the extent permitted by rules and regula-tions prescribed by the Comptroller of the Currency,with the approval of the Secretary of the Treasury)be subject under this section to a limitation of 15 percentum of such capital and surplus in addition to such10 per centum of such capital and surplus.

(9) Obligations of the kind described in section 24(b) of the Federal reserve act as amended shall besubject to a limitation of 15 per centum of such capitaland surplus in addition to such 10 per centum of suchcapital and surplus; except that obligations of theUnited States or general obligations of any State orof any political subdivision thereof, or obligationsissued under authority of the Federal farm loan act,shall not be subject under this section to any limitationbased on such capital and surplus: Provided, That pur-chases completed before the passage of this act shallnot be subject to the limitation imposed by this sub-division until the 31st day of December, 1925."

SEC. 11. That section 5202 of the Revised Statutesof the United States as amended be amended byadding at the end thereof a new paragraph to read asfollows:

"Eighth. Liabilities incurred under the provisionsof section 202 of Title II of the Federal farm loan act,approved July 17, 1916, as amended by the agricul-tural credits act of 1923."

SEC. 12. That section 5208 of the Revised Statutes ofthe United States as amended be amended by strikingout the words "or who shall certify a check beforethe amount thereof shall have been regularly enteredto the credit of the drawer upon the books of thebank," and in lieu thereof inserting the following:"or who shall certify a check before the amountthereof shall have been regularly deposited in thebank by the drawer thereof," so that the section asamended shall read as follows:

"SEC. 5208. It shall be unlawful for any officer,director, agent, or employee of any Federal reservebank, or any member bank as defined in the act ofDecember 23, 1913, known as the Federal reserveact, to certify any check drawn upon such Federalreserve bank or member bank unless the person, firm,or corporation drawing the check has on deposit withsuch Federal reserve bank or member bank, at thetime such check is certified, an amount of money notless than the amount specified in such check. Anycheck so certified by a duly authorized officer, director,agent, or employee shall be a good and valid obliga-tion against such Federal reserve bank or memberbank; but the act of any officer, director, agent, oremployee of any such Federal reserve bank or memberbank in violation of this section shall, in the discretionof the Federal Reserve Board, subject such Federalreserve bank to the penalties imposed by section 11,subsection (h) of the Federal reserve act, and shallsubject such member bank, if a national bank, to theliabilities and proceedings on the part of the Comp-troller of the Currency provided for in section 5234,Revised Statutes, and shall, in the discretion of theFederal Reserve Board, subject any other memberbank to the penalties imposed by section 9 of saidFederal reserve act for the violation of any of theprovisions of said act. Any officer, director, agent, oremployee of any Federal reserve bank or memberbank who shall willfully violate the provisions of thissection, or who shall resort to any device, or receiveany fictitious obligation, directly or collaterally, inorder to evade the provisions thereof, or who shallcertify a check before the amount thereof shall havebeen regularly deposited in the bank by the drawerthereof, shall be deemed guilty of a misdemeanor andshall, on conviction thereof in any district court ofthe United States, be fined not more than $5,000, orshall be imprisoned for not more than five years, orboth, in the discretion of the court."

SEC. 13. That section 5211 of the Revised Statutesof the United States as amended be amended to read asfollows:

"SEC. 5211. Every association shall make to theComptroller of the Currency not less than three reportsduring each year, according to the form which may beprescribed by him, verified by the oath or affirmationof the president, or of the cashier, or of a vice president,or of an assistant cashier of the association designatedby its board of directors to verify such reports in theabsence of the president and cashier, taken before anotary public properly authorized and commissionedby the State in which such notary resides and theassociation is located, or any other officer having anofficial seal, authorized in such State to administeroaths, and attested by the signature of at least threeof the directors. Each such report shall exhibit, indetail and under appropriate heads, the resources andliabilities of the association at the close of business onany past day by him specified, and shall be transmittedto the comptroller within five days after the receiptof a request or requisition therefor from him, and thestatement of resources and liabilities, together withacknowledgment and attestation in the same form inwhich it is made to the comptroller, shall be publishedin a newspaper published in the place where such asso-ciation is established, or if there is no newspaper inthe place, then in the one published nearest thereto inthe same county, at the expense of the association;and such proof of publication shall be furnished as maybe required by the comptroller. The comptroller shallalso have power to call for special reports from any


F&BEUABY, 1925 FEDERAL BESERVE BULLETIN 107

particular association whenever in his judgment thesame are necessary in order to obtain a full and com-plete knowledge of its condition."

SEC. 14. That the fourth paragraph of section 13 ofthe Federal reserve act be amended to read as follows:

"No Federal reserve bank shall discount for anymember bank notes, drafts, or bills of exchange of anyone borrower in an amount greater than may be bor-rowed lawfully from any national banking associationunder the terms of section 5200 of the Revised Statutes,as amended: Provided, however, That nothing in thisparagraph shall be construed to change the characteror classes of paper now eligible for discount by Federalreserve banks."

SEC. 15. That section 13 of the Federal reserve actbe amended by adding at the end thereof a new para-graph to read as follows:

"That in addition to the powers now vested by lawin national banking associations organized under thelaws of the United States, any such association mayengage in the business commonly known as safe depositbusiness either by leasing receptacles on its premisesor by owning stock in a corporation organized underthe law of any State to conduct a safe deposit businesslocated on or adjacent to the premises of such asso-ciation: Provided, however. That the amount invested inthe capital stock of any such safe deposit corporationby such association shall not exceed 15 per centum ofthe capital stock of such association actually paid inand unimpaired and 15 per centum of its unimpairedsurplus."

SEC. 16. That section 22 of the Federal reserve act,subsection (a), paragraph 2 thereof, be amended toread as follows:

"(a) No member bank and no officer, director, oremployee thereof shall hereafter make any loan orgrant any gratuity to any bank examiner. Any bankofficer, director, or employee violating this provisionshall be deemed guilty of a misdemeanor and shall beimprisoned not exceeding one year, or fined not morethan $5,000, or both, and may be fined a further sumequal to the money so loaned or gratuity given.

"Any examiner or assistant examiner who shallaccept a loan or gratuity from any bank examined byhim, or from an officer, director, or employee thereof,or who shall steal, or unlawfully take, or unlawfullyconceal any money, note, draft, bond, or security orany other property of value in the possession of anymember bank or frpm any safe deposit box in oradjacent to the premises of such bank, shall be deemedguilty of a misdemeanor and shall, upon conviction

thereof in any district court of the United States, beimprisoned for not exceeding one year, or fined notmore than $5,000, or both, and may be fined a furthersum equal to the money so loaned, gratuity given, orproperty stolen, and shall forever thereafter be dis-qualified from holding office as a national bankexaminer."

SEC. 17. That section 24 of the Federal reserve actbe amended to read as follows:

"SEC. 24. (a) Any national banking associationmay make loans secured by first lien upon improvedreal estate, including improved farm land, situatedwithin its Federal reserve district or within a radius ofone hundred miles of the place in which such bank islocated, irrespective of district lines. A loan securedby real estate within the meaning of this section shallbe in the form of an obligation or obligations securedby mortgage, trust deed, or other such instrumentupon real estate when the entire amount of such obli-gation or obligations is made or is sold to such asso-ciation. The amount of any such loan shall not exceed50 per centum of the actual value of the real estateoffered for security, and such loan shall not run for alonger term than five years. Any such bank maymake such loans only when the aggregate amount ofsuch loans held by it or on which it is liable as indorseror guarantor or otherwise does not exceed a sum equalto 25 per centum of the amount of the capital stock ofsuch association actually paid in and unimpaired and25 per centum of its unimpaired surplus fund, or toone-thM of its time deposits, at the election of theassociation, subject to the general limitation containedin section 5200 of the Revised Statutes of the UnitedStates. Such banks may continue hereafter as here-tofore to receive time deposits and to pay interest onthe same, but the rate of interest which such banks maypay upon such time deposits or upon savings or otherdeposits shall not exceed the maximum rate authorizedto be paid upon such deposits by State banks or trustcompanies organized under the laws of the Statewherein such national banking association is located;

"(b) Any national banking association may, subjectto the limitations contained in section 5200 (9) of theRevised Statutes of the United States, engage in thebusiness of purchasing and selling without recourseobligations evidencing indebtedness of any person,copartnership, association, or corporation in the formof bonds, notes, debentures, and the like commonlyknown as investment securities."

Passed the House of Representatives January14, 1925.



State Banks and Trust CompaniesThe following list shows the State banks and trust

companies which were admitted to membership in theFederal reserve system during the month ended Janu-ary 21, 1925, on which date 1,557 State institutionswere members of the system:

ADMISSIONS

District No. 1

B. M. C. Durfee Trust Co., Fall River,Mass

Capital

$400,000

Surplus

$400,000

Totalresources

$5,091,713

CHANGES

District No. 4

Guaranty Bank & Trust Co., Lexing-ton, Ky. (voluntary withdrawal)

District No. 5

Farmers Commercial Bank, Benson,N. C. (converted into national bank).

Farmers Bank, St. George, S. C.(closed)

District No. 6

Southern Exchange Bank, Dublin, Ga.(closed)

Oglethorpe County Bank, Lexington,Ga. (closed)

District No. 7

State Bank of New Hampton, NewHampton, Iowa (closed)

Waterloo Bank & Trust Co., Waterloo,Iowa (closed)

Webster County Trust & SavingsBank, Fort Dodge, Iowa (closed)

Commercial Savings Bank, GrandRapids, Mich, (absorbed by Statemember)

Peoples Savings Bank, Grand Rapids,Mich, (absorbed by State member)..

District No. 11

Citizens Guaranty State Bank, Lufkin,Tex. (closed)

Farmers State Bank, Piano, Tex. (con-verted into national bank) _ .

Coleman State Bank, Coleman, Okla.(withdrawal)

District No. 12

The Kuna State Bank, Kuna, Idaho(voluntary withdrawal)

Farmers & Merchants Bank, Rexburg,Idaho (closed)

$300,000

100,000

25,000

100,000

25,000

50,000

250,000

100,000

300,000

200,000

75,000

60,000

25,000

25,000

50,000

$50,000

26,800

9,000

5,000

25,000

30,000

50,000

5,200

100,000

100,000

40,000

500

1,500

10,000

$3,230,778

563,094

304,428

818,336

246,087

849,772

2,057,133

675,100

3,205,790

2,844,459

487,462

548,902

246,599

101,314

282,218

Change of title.—The Commercial Bank, Trust & Title Co., Miami,Fla., has changed its title to '* Commercial Bank & Trust Co."

Fiduciary Powers Granted to National BanksDuring the month ended January 21, 1925, the

Federal Reserve Board approved applications of the

national banks listed below for permission to exerciseone or more of the fiduciary powers named in section11 (k) of the Federal reserve act as amended, as follows:(1) Trustee; (2) executor; (3) administrator; (4) regis-trar of stocks and bonds; (5) guardian of estates; (6)assignee; (7) receiver; (8) committee of estates of luna-tics; (9) in any other fiduciary capacity in which 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.

Place

Northfield, VtNewark, N. JSaranac Lake, N. YMillville, N. JBradford, OhioCincinnati, Ohio..Wheeling, W. VaWilmington, N. CLovingston, Va

Gadsden, AlaTampa, FlaKnoxville, TennJackson, Miss__Kalamazoo, MichMulberry, IndHarlan, IowaNorth Little Kock, Ark.Stewartville, Minn

Dis-trictNo.

122344455

6666

* 77789

Name of bank

Northfield National Bank-Forest Hill National Bank_.Adirondack National Bank _Mechanics National Bank..First National BankLincoln National BankNational Exchange Bank...Murchison National Bank__First National Bank of Nel-

son County.Gadsden National BankExchange National Bank._.Holston National BankFirst National BankKalamazoo National BankCitizens National BankHarlan National BankFirst National BankFirst National Bank

Powersgranted

I to91 to 9l todI to9

1 to 7 & 9I to9Ito9Ito9Ito9

Ito8Ito94Ito9Ito9Ito9Ito8I to9

1

Correction.~-In the January BULLETIN the First National Bank-Winslow, Ariz., was listed as having powers 1 to 9. Power No. 1 onlyshould have been hown.

New National Bank ChartersThe Comptroller of the Currency reports the follow-

ing increases and reductions in the number and capitalof national banks during the period from December 20,1924, to January 23, 1925, inclusive:

New charters issuedRestored to solvencyIncrease of capital approved-

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

LiquidationsReducing 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

Amountof capital

$2,435,000

4,437,500

6,872,500-

1,715,000440,000

2,155,000

5,400,000

6,872,6002,155,000

4,717,500

i Includes one reduction in capital of $100,000 incident to a consolida-tion under act of Nov. 7,1918.



BUSINESS STATISTICSINDUSTRIAL STATISTICS IN THE UNITED STATES

Available statistics indicate a continuationduring December of the industrial recoverywhich began last September, and many indexesof industrial activity reached the highest levelssince the early months of the year. Theindex of production in basic industries, whichis adjusted for seasonal variations, rose to 117,compared with 109 in October, 94 during thesummer, and 120 in February. The manufac-turing and mining indexes, which are unad-justed, were greater than in November, butseasonably less than in October. Substantialimprovement has been shown in these sincesummer. Building contracts awarded weresmaller than in November, but unusuallylarge for this season of the year, and theadjusted index was 180, compared with 172 ayear ago. The adjusted index of freight-carloadings at 124 has been exceeded since thespring of 1923 only by the figure for lastFebruary. Agricultural movements showedthe usual seasonal decline, but were the largestfor any December in the past six years.

Annual data for 1924 indicate that the dis-tribution of commodities continued at close tothe high level reached in 1923, whereas thephysical volume of production, except in thecase of farm products, was somewhat smaller.The following table shows annual averages of

certain index numbers for the past three years.The declines in production and employmentindexes were rather general among the moreimportant industries—iron and steel, coal,automobiles, textiles, and leather. The rail-road equipment industries also reduced opera-tions. On the other hand, the output ofbuilding materials, food and tobacco products,rubber tires, petroleum, and nonferrous metalswas well maintained in 1924, many reachingnew high records. Building activity was inexcess of previous years. The large marketingsof grain and cotton are reflected in botnagricultural movements and freight-car load-ings. Wholesale and retail trade were appar-ently about the same in both years.

[1919 average-100]

Indexes

Production:Production in basic industriesManufacturing productionMining product ion. . . .Crop productionBuilding contracts awarded

Employment:Factory employmentFactory pay rolls

Distribution:Freight-car loadingsWholesale trade.Department store salesMail order salesAgricultural movements

Annual average

1924

108114121114155

9398

117•82125105116

1923

120124132112136

101107

11983

12499

108

1922

9810395

113123

0085

10374

11278

110

PER CENT

175

100

75

O It

0

I\r -r*

A

A*

1919

INDEXES OF" INDUSTRIAL ACTIVITYMONTHLY AVERAGE, 1S19 • 1OO )

MANUFACTURING PRODUCTION• MINERAL PRODUCTION

\

I

V

V

1920

A/ \

•\

/ i

/AJ j

4

1f11

V

A/A

1921 1922 1923

A, A

\\ 7/

1924

PER CENT175

t e n

125

1OO

75

5 0

25

0



INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES»

[Not adjusted for seasonal variations. Monthly average, 1919-100]

Year and month


1923JulyAugustSeptemberOctoberNovember .... _December

1924January .February ..w-March. . . .AprilMayJuneJu ly . .August-SeptemberOctober . .NovemberDecember

Gen-eral

index

1048390

10193

10110110110110099

989999979390878790919193

Metals andproducts

Groupindex

11067769383

959493929190

899192918580767677798083

Ironandsteel

11067759383

959393929189

899091908580767576787982

Textiles and products

Groupindex

1009696

10289

999899

1009898

979897928785798185898892

Fabrics

989793

10389

100989999

100100

969794898685788185909194

Prod-ucts

10394

10110190

9798

1001009696

98100100948986798286878588

Lum-berand

prod-ucts

9681

107120117

121121119120119118

118123124123119117113114115114114112

Motorvehi-cles

10262779889

989897979897

1031051071019081767880818082

Carbuild-

ingand re-pairing

1077876

10187

10410410310210194

9089898987858585868888

*88

Paperand

print-ing

1109699

105104

105104104105106107

106106106105104103101101103104105105

Foodsand

prod-ucts

1019696

103100

103104106109110108

1041021019897999998

101102102103

Leatherand

prod-ucts

9283899181

879190908986

868787827973747881828179

Stone,clay,andglass

1038699

110110

114115114114111109

105106110115117115111110108109109108

To-baccoprod-ucts

99.98959185

878490909292

888785838283828286818787

Chemi-calsand

prod-ucts

10176737973

777878797878

787878777470676871717274

1 This table contains for certain months the index numbers of employment, together with group indexes for its important industrial components/The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexesfor the above groups since January, 1919, were published on pages 1272-1279 of the BULLETIN for December, 1923.

a Preliminary.INDEX OF PRODUCTION IN BASIC INDUSTRIES l

Year and month

1920 average - .1921 average,. .1922 average1923 average1924 average

1923July . . . . .August-. _.SeptemberOctoberNovemberDecember. _

1924JanuaryFebruaryMarch-Apr i l . . . .MayJuneJuly .August .September _October .NovemberDecember..

[Index and relatives for each industry adjusted for seasonal variations.

Generalindex

1058098

120108

121120114118116110

120120116114103>94

9494

103109107117

Iron and steel

Pig iron

1195588

131102

144130121118111117

120132

«132127101817071809397

119

Steelingots

11858

102128109

126127118119109107

131146146119

9274678799

104109133

Textiles

Cotton

9892

10311093

9510010311111397

11210292978070717293

109105111

Wool

899898

11095

112106105106104100

99100101979388838291

100« 102

102

Monthly average 1919-100]

Food products

Wheatflour

84929596

100

12210296918488

8910010710510510711899

111988582

Sugarmeltings

9097

132111

6872

10716513898

97127115115109111125104141141111

Animals slaughtered

Cattle

8676869195

909987898281

95949098

10786959493949399

Calves

10397

106114126

105127103126122121

133137112116111108117118128143129155

Sheep

86103879295

918278957987

989390

102109102999191938287

Hogs

9195

106131127

136157149150141116

119116132136124116141136132121122130

Lumber

10175

102124118

115127121134137129

136130124127117104106105108120

128

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 page 75,together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonalfluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January, 1913, were pub-lished on pages 1414-1421 of the BULLETIN for December, 1922.

* Revised


FEBEUABT, 1925 FEDERAL RESERVE BULLETIN 111

INDEX OP PRODUCTION IN BASIC INDUSTRIES—Continued

Year and month

1920 average . . .1921 average1922 average.1923 average1924 average.-

1923JulyAugustSeptemberOctoberNovemberDecember. .

1924JanuaryFebruaryMarchApril ._ _May.June _July...August .SeptemberOctoberNovemberDecember .

Coal

Bitumi-nous

1228987

118100

120119112112106100

1221231019287838684

100107101115

Anthra-cite

10210362

109102

11311840

108103

a 105

11111811197

10110010695

1059591

100

Nonferrous metals

Copper

1053982

122131

129131127128131130

132134123127125124

a 133132130133140137

Zinc

1024679

113114

110106100107113118

126112122114121111109106104108108121

Soleleather

8281748466

919379808072

73a 74

66625754636268717176

News-print

11089

105108106

112115101104107101

a 107a 108

103111116103102101107110104103

Cement

127121139174188

173163168165180174

239192187169172173193190186183187182

Petro-leum

117124146191187

198203208207210189

183189186189192187185190191185

*183182

Tobacco products

Cigars

11498

1009905

9610198

10610488

9894908895919895

100979602

Ciga-rettes

100113119144158

137145143153145138

176140143157173163155157162158145170

Manufac-tured

tobacco

939a0806

oe

or90059885

na98019196949T0308998004

a Revised.

INDEXES OF INDUSTRIAL ACTIVITY»

[No seasonal adjustment. Monthly average 1919=100]

Year and month

1920 average1921. .19221923.1924

1923July. . . .AugustSeptemberOctoberNovemberDecember

1924January..FebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

Agricultural movements

Total

91105110108116

91111128158144130

1049580778686

100120

a 152a 189

160142

Live-stock

928594

104105

98102106135121114

12199939496929489

109123120130

Ani-mal

prod-ucts

85101115119121

13711310097

109124

9810190

129148165166127107100105121

Grains

92128131111128

111175130119126126

9112087546267

118218

a 1952 230> 156

120

Cot-ton

86959087

105

2450

144233201154

8341333434192138

175278271232

Vege-tables

103122139129135

9310518222512980

12012313811311914613710716522613686

Fruits

117122135152137

12011723539622795

901029293

17814014814416324815786

To-bacco

90104889898

171

133161199242

238133751720

62

63127165148184

Mineral production

Total

1179295

132121

136142125142130123

136128126109113109112114123132

a 120131

An-thra-citecoal

10210360

109103

11312140

119105105

10810411093

10610510697

10610592

101

Bitu-mi-

nouscoal

1228988

117101

116126119127111103

1311181037681788390

106121105118

Petro-leum

117124146191188

207210204210206187

179176189189196191194196

a 189190

a 179180

Pigiron

1195488

131102

144135123124114115

118121136127103797074819799

116

Cop-per

1053982

122131

124130124132126128

132130129131130127129132126137136135

Zinc

1024679

113114

110106100107113118

126112122114121111109106104108109121

Lead

8897

115136

122117109105116115

114124134125137143138139146148145146

Silver

9308

115112

114112106115104101

11111512107

12311105

104116119119123

i For description'and'early figures see BULLETIN for March, 1924.a Revised.


112 FEDERAL KESEBVE BULLETIN FEBRUARY, 1925

INDEXES OF INDUSTRIAL ACTIVITY—Continued

1920 average1921 average -1922 average1923 average - - . .1924 average

1923July

SeDtember - - -OctoberNovember . _ _ _

m 1924January - - -FebruaryMarchAprilMay

JulyAugust - --- ---SeDtember

December . . . .

Manufacturing production

Total

102180103124114

118126117128118109

1221231271221129797

104112123112115

Ironandsteel

1185799

129107

130132119126112104

1261311451229675678796

108108124

Auto-mobiles

11287

133204183

203213203226194188

196228237231193151163172178178

126

Tex-tiles

9294

10711198

9910599

10710594

116106100988977818398

1131G5110

Foodprod-ucts

868998

102106

96103102115112112

10910510598

10097

103102112114108117

Lum-ber

10280

114142140

140161148161144113

128132141149162139136142143160132122

Paperand

printing

11388

111115117

101111103115111109

122117120126120113102107

»109126116118

Leatherand

shoes

918497

10589

9711098

•1059685

989694898376758490

»84

Petro-leum

117117136158179

160159157163161170

172166180181171176176182180186185

Cementand

brick

12097

126146149

157163149162145129

118123140154167156154166157169148134

Tobac-co

106102106114116

11912211713411994

118103109106122123127123126132114106

Rub-ber

tires

2786

121136156

95116101118117117

152154162152144126125158175191

i Revised.

COMMODITY MOVEMENTS

Grain and Floor

Receipts at 17 interior centers (000omitted):

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

Total grain (bushels)Flour (barrels)

Total grain and flour (bush-els) . . . . . . . . . .

Shipments at 14 interior centers(000 omitted):



Total grain and flour (bush-els)

Stocks at 11 interior centers at closeof month (000 omitted):


Total grain (bushels)Total visible supply of grain east

of the Rocky Mountains at closeof month (000 omitted):

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

December,1924

32,542.29,69421,1323,8025,405

92,5752,358

103,188

28,8468,289

12,1357,4493,632

60,3503,682

76,921

55,77214,36161,0389,2903,424

143,886

99,33117,36075,491

November,1924

59,58615,91419,4588,9327,258

111, 1482,698

123,287

48,0405,766

14,8285,6454,949

79,2284,395

99,008

64,3565,148

67,57313,4493,292

143,817

105,5338,072

71,997

December,1923

30,18837,27122,4972,0365,830

97,8222,013

106,882

15,84718,01314,9071,1862,392

52,3445,340

76,372

65,5027,114

16,28715,5212,595

107,020

79,4709,683

21,350

COMMODITY MOVEMENTS—Continued

Grain and Flour—Continued

Receipts at 9 seaboard centers (000omitted):



Total grain and flour (bush-els)

Stocks at 8 seaboard centers a tclose of month (000 omitted):


Total grain (bushels)Wheat flour production (barrels,

000 omitted)

LivestockReceipts at 57 principal markets

(head, 000 omitted):Cattle and calvesHogs .„_SheepHorses and mules (43 markets).

TotalShipments at 52 principal markets

(head, 000 omitted):Cattle and calvesHogs . . . . . . . . . . . . . .Sheep .Horses and mules (48 markets) -

Total

December,1924

27,785904

1,9126,1164,591

41,3082,028

50,436

14,202719

2,2159,2423,197

29,575

11,007

2,0416,4451,589

4010,115

8032,213

73839

3,793

November,1924

22,469578

2,5894,1167,281

37,0342,191

46,892

12,855494

2,4424,5163,111

23,418

11,615

2,3144,7701,849

468,979

1,0801,7161,134

423,972

December,1923

22,6502,2224,1901,3631,894

32,3283,106

46,298

8,116711

1,1561,0282,454

13,465

11,778

1,7785,6871,506

469,017

7761,859

67845

3,358




Livestock—ContinuedShipments of stockers and feeders

from 33 markets (head, 000omitted):

Cattle and calvesHogsSheep *

Total..Slaughter at principal markets

under Federal inspection (head,000 omitted):

Cattle....Calves

Total-Meats, cold-storage holdings, first

of following month (pounds, 000omitted):

BeefPork productsLamb and mutton

Exports of certain meat products(pounds, 000 omitted):

Beef-CannedFreshPickled or other cured

Hog products—BaconHams and shouldersLardPork, pickled

Dairy Products

Receipts at 5 principal markets(000 omitted):

Butter (pounds)Cheese (pounds)

Poultry (pounds)Cold-storage holdings first of follow

ing month (000 omitted):Creamery butter (pounds)American cheese (pounds)Eggs (cases) -Poultry (pounds)

Other Agricultural Products

Cottonseed (tons):Received at millsCrushedStocks at mills at close of

monthCottonseed oil (pounds, 000

omitted):ProductionStocks

Oleomargarine c o n s u m p t i o n(pounds, 000 omitted)

Tobacco sales at loose-leaf ware-houses, (pounds, 000 omitted):

Dark belt VirginiaBright belt yirginiaNorth CarolinaBurleyWestern dark

Sale of revenue stamps for manu-facture of tobacco, excludingPorto Rico and PhilippineIslands (000 omitted):

Cigars (large)Cigars (small)Cigarettes (small)Manufactured t o b a c c o

(pounds)Fruit shipments (carloads):

GrapefruitOrangesLemons.. _Apples

December,1924

30234

199

535

November,1924

December,1923

4166,600

972

8,914

142,862120,607

2,432

67280

1,520

14,13015,39176,803

1,577

39,11814,745

50877,309

65,65749,1821,509

133,509

729,055689,996

1,223,863

209,471105,520

19,997

7,08812,07529,32714,3248,862

511,27732,042

5,441,526

25,910

1,7778,831

5796,068

53536

559

1,130

952392

4,641950

6,935

100,336462,534

3,432

91209

1,868

13,55519,39349,1202,441

36,76614,910

46762,029

100,74358,7183,101

87,975

1,099,328768,903

1,184,803

231,359106,795

17,115

3,30416,89245,180

40573

601,41339,184

6,356,074

27,416

2,8197,884604

19,045

34843152

544

756324

5,904978

7,961

105,655756,8182,508

103210

1,460

47,13129,13298.5782,725

41,88114,299

58775,576

30,28249,5601,92693,675

368,676429,234

741,949

126,668140,981

20,748

5,33812,23845,31415,72215,162

491,35931,427

4,428,119

23,272

1,6618,508504

7,747


Other Agricultural Products-Continued j

Vegetable shipments:White potatoes (carloads)Onions (carloads)Rice (pounds, 000 omitted)

Sugar, all ports (long tons):ReceiptsMeltings..Raw stocks at close of month..

Fishery ProductsFishrlanded by American fishing

vessels, total catch (pounds, 000omitted)

Cold-storage holdings, frozen andcured fish, on 15th of month(pounds, 000 omitted)

Forest Products• *

Lumber:Number of mills-

National Lumber Manu-facturers' Association

Southern Pine Association.West Coast Lumbermen's

AssociationProduction (feet, 000,000

omitted)—National Lumber Manu-

facturers' AssociationSouthern Pine Association.West Coast Lumbermen's

AssociationShipments (feet, 000,000

omitted)—National Lumber Manu-

facturers' AssociationSouthern Pine Association.West Coast Lumbermen's

AssociationNaval stores at three southern

ports:Spirits of turpentine (casks)—

ReceiptsStocks at close of month...

Rosin (barrels)—ReceiptsStoeks at close of month...Fuel and Power

Coal and coke (short ton, 000omitted):

Bituminous coal production...Anthracite coal productionCoke-

B eehi ve coke production...By-product coke produc-

tionPetroleum, crude (barrels, 000

omitted):ProductionStocks at close of monthProducing oil wells completed

(number)Oil refineries:

Production (000 omitted)—Crude-oil run (barrels)Gasoline (gallons) _.Kerosene (gallons)Gas and fuel oil (gallons)..Lubricating oil (gallons).--

Stocks (000 omitted) *—Crude-oil run (barrels)Gasoline (gallons) __Kerososene (gallons)Gas and fuel oils (gallons)..Lubricating oils (gallons)..

Electric power produced by publicutility plants (kilowatt hours,000,000 omitted):

Produced by water powerProduced by fuels

Total..

December,1924

12,7571 —

91,628

541180

112

1,018357

331

1,137359

337

26,18961,379

119,216256,482

45,7807,376

900

3,067

56,617352,896

994

55,029762,046233,621

1,134,14794,948

40,4041,133,169

337,4481,641,090

242,246

November,1924

1,7353,772

5,507

December,1923

20,1912,876

130,078

168,569217,000554,456

14,141

96,855i

5451761

113

1,126363

1,195413

332

24,92451,489

105,007228,673

40,7346,776

630

2,929

56,309359,658

1,007

55,779760,647232,666

1,160,68397,223

40,3191,152,374308,125

1,611,586247,998

1,5583,492

5,051

11,4031,683

81,965

168,000491,640

12,891

84,133

562179

124

1,027336

359

1,025342

321

27,98650,318

119,011346,220

40,1657,700

1,063

2,999

59,546334, 774

887

50,364617,558220,811

1,057,93296,120

33,012985,046239,114

1,499,926231,335

1,6813,275

4,956

1 Figures for November and October, 1924, and November, 1923.


114 FEDERAL RESERVE BULLETIN FEBRUARY, 1925-


De cember,1924

MetalsIron and steel:

Iron ore shipments at Lake Su-perior Gong tons, 000 omitted)

Pig iron production (long tons,(OOOJomitted)

Steel!ingot production (longtons, (000 omitted)

Unfilled orders, United StatesSteel Corporation (long tons,000 omitted)

Fabricated structural steelorders (tonnage) ...

Steel castings booking (nettons)

Silver production (troy ounces,000 omitted)

Copper production (pounds, 000omitted)

Zinc (pounds, 000 omitted):ProductionStocks at close of monthShipments

Tin (pounds, 000 omitted):Deliveries to factoriesStocks at close of month

Textiles

Cotton (bales, 000 omitted):Sight receiptsAmericon spinners' takingsStocks at millsStocks at warehousesVisible supplyConsumption by millsSpindles active during month

(000 omitted) -Spindle hours active during

month (000,000 omitted)Finished cotton fabrics:

Finished yards billed (yards,000 omit ted) .—.

Orders received (yards, 000omitted)

Shipments (cases)Finished stocks (cases)

Wool:Consumption (pounds, 000

omitted)Percentage of active machinery

to total reported—Looms wider than 50-inch

reed spaceLooms 50-inch reed space

or lessSets of cardsCombsSpinning spindles, woolen.Spinning spindles, worsted.

Percentage of active hours tototal reported-

Looms wider than 50-inchreed space.*.

Looms 50-inch reed spaceor less

Sets of cardsCombsSpinning spindles, woolen.Spinning spindles, worsted

Men's and boys' garments cut:Men's suits, wholly or partly

woolMen's suits, all other materials.Men*s separate trousers, wholly

or partly woolMen's trousers, all other ma-

terialsMen's overcoats..,Boys' suits and separate pants.Boys' overcoats and reefers

Raw silk:Consumption (bales) __.Stocks at close of month (bales)Imports (pounds, 000 omitted).

Hosiery (dozen pairs, 000 omitted) :J

Total, all classesMen'sWomen's

November,1924

2,962

3,552

4,817

232,000

5,794

136, 244

95,42242,416106,830

9,1506,371

2,4781,1281,3194,6244,805532

32,662

7,817

91,686

84,65246,53142,163

51,098

76.4

74.084.378.184.075.3

77.8

70.092.392.492.177.5

964,727181,318

695,586

292,259

849,23844,455

33,96161,5336,413

4,1371,6641,654

December,1923

2,065

2,510

3,107

4,032

240,700

74,220

5,522

136,626

85, 26653,824108,346

12,9704,679

2,767964

1,0474,9144,346

492

31, 790

7,124

75,822

81, 68939,05241, 516

48,380

75.6

78.084.280.383.077.3

76.8

71.692.195.889.576.1

795,520102,693

391,702

90,312

32,93955, 5165,351

4,4311,8481,717

10

2,863

4,445

225,150

41,014

4,748

129,354

92,97073,15681,622

10, 7743,700

1,7071,0071,6283,513

464

34,050

7,139

94,824

81,04146,58649,506

45,452

73.1

79.183.475.180.676.9

71.2

65.987.483.380.774.2

579,69896,125

431,719

424,39499,369504,89816,057

23,27440,9594,048

3,8851,6601,463

» Figures for November and October 1924, and November, 1923.


Hides, Leather, and Shoes

Raw hides and skins (000 omitted):Stocks at close of m o n t h -

Cattle hidesCalf and kip skinsGoat and kid skinsSheep and lamb skins

Stocks disposed of duringmonth—i

Cattle hidesCalf and kip skinsGoat and kid skins .Sheep and lamb skins

Sole leather, cattle (backs, bends,and sides) (number, 000 omit-ted):

ProductionStocks in processTanners' finished stocks

Upper leather:Cattle (sides)—*

ProductionStocks in processTotal finished stocks

Calf and kip skins—aProductionStocks in processTotal finished stocks

Goat and kid skins—2ProductionStocks in processTotal finished stocks

Sheep and lamb skins—>ProductionStocks in processTotal finished stocks..

Boots and shoes, output (pairs,000 omitted):'

Men'sWomen'sAll other _

Total. .

Building Materials

Brick (number, 000 omitted):Clay fire brick—

ProductionShipmentsStocks at close of month.__New orders _Unfilled orders, close of

monthFace brick—

ProductionShipmentsStocks in shedsUnfilled orders, close of

monthSilica brick—

ProductionShipmentsStocks at close of month

Paving brick—ProductionShipmentsStocks at close of month . . .Orders receivedUnfilled orders, close of

month.Cement (barrels, 000 omitted):

ProductionShipmentsStocks, close of month

Oak flooring (feet, 000 omitted):ProductionShipmentsOrders bookedStocks at close of monthUnfilled orders

Maple flooring (feet, 000 omitted):ProductionShipmentsOrders bookedStocks at close of monthUnfilled orders

December,1924

November,1924

4,2612,9016,7136,019

1,6681,1011,2842,772

1,3795,0655,399

9902,4394,373

1,3903,6466,557

2,5685,07319,815

1,3432,3435,247

6,9928,4569,709

25,157

56,48553,657236,45162,074

67,823

32,43619,36692,717

30,558

17,56816,04636,512

26,42911,353102,99314,585

49,190

10,4355,50613,857

36,97534.64239,88743,82353,295

10,0346,93510,66225,99212,735

December,1923

4,0553,0157,6756,359

1,9401,2791,2573,246

1,2185,1725,499

1,1852,3554,747

1,4943,8296,403

3,0144,587

20,810

1,7982,3744,951

8,33311,10811,385

30,826

51,83048,403234,83551,865

58,581

32,67726,96777,976

32,807

12,67911,83034,990

31,86926,79187,34715,524

50,141

13,14110,2898,925

37,06435,72146,10341,79547,883

7,9467,2848,366

22,9318,859

5,2283,14a9,921783&

1,4961,0411,2862,870

1,3125,5109,010

1,4342,6376,036

l,43fr4,1027,377

3,2387,380

21,418

1,6122,3866,872

8,0657,957

10,92&

46,87348,131

183,00947,188

59,142

30,42a19,15877,832

36,672

5,9808,492

41,259

26,69116,70$

111, 19219,390

71,152

9,9976,408

10,900

26,03227,43537,85141,14047,700

11,6338,876

10,38124,23915,375

> Figures for November and October, 1924, and November, 1920.




Building Materials—Continued

Enameled ware (number):B a t h s -

Shipments _ —Stocks at close of monthNew orders

Lavatories—Shipments... . . .Stock at close of monthNew orders

S inks -ShipmentsStocks at close of month. . .New orders...

Miscellaneous w a r e -ShipmentsStocks at close of month. . .New orders _.

Miscellaneous Manufactures

Chemicals:Acetate of lime (pounds, 000

omitted) _._Methanol (gallons)

Wood pulp (short tons):ProductionConsumptionShipmentsStocks at close of month

Paper (short tons):Newsprint—

ProductionShipmentsStocks at close of month.. .

Book paper—ProductionStocks at close of month. .

Paper boa rd -ProductionStocks at close of month. .

Wrapping pape r -ProductionStocks at close of month. .

Fine pape r -ProductionStocks at close of month.. .

Advertising (agate lines, 000omitted):

MagazinesNewspapers *

Rubber (pounds, 000 omitted):Imports (pounds, 000 omitted)Consumption by tire manu-

facturers —Tires and tubes (number, 000

omitted):Pneumatic tires—2

ProductionShipments, domesticStocks at close of month...

Inner tubes—ProductionShipments, domesticStocks at close of month. .

Solid tires—ProductionShipments, domesticStocks at close of month. .

Automobiles:Production (number)—

Passenger cars..Trucks.._

Shipments—By railway (car loads)Driveways (number)By boat (machines)

December, November,1924

67,14194,35896,742

77,086173,274112,029

92,874232,203117,453

39,507152,19654,126

1924December,

1923

179,572162,95918,063

143,839

120, 262121, 35723,838

86,80139,398

112,34142,534

50,22264,760

24,45441, 714

1,537102,667

59,152

3,3802,9365,623

4,6203,9078,218

5340

179

178, 57025, 333

31,85220,814

900

68,48281,81368,519

79,567153,39575,771

83,076213,44883,390

42,524130,49340,437

10,306560, 904

178,358165,321, 17,958145,389

116, 603119, 58424, 774

85,95737,762

113,47036,487

47, 62762,464

23,95541,218

2,121102, 662

75,468

39,812

3,1903,2735,207

4,6024,6797,668

4241149

201, 65226,246

27, 36519, 9394, 755

79,90936,16593, 614

108, 56971,835113,022

114,56079,894129,620

02,33246,32758,860

11,814624,433

190,148153, 20416, 55592, 627

117,790116,82623,669

60,81227,485

88,33934,257

42, 57658,134

20,92139,530

1,746102,475

66, 597

24,772

2,4272,6044,329

3,2893,5496,318

3256149

275,12127,275

34,98427, 6084,000


Miscellaneous Manufactures-Continued

Locomotives (number):Domestic shippedForeign completed

Total

Unfilled orders-DomesticForeign

Total

Vessels built in United States andofficially numbered by theBureau of Navigation:

Number . .Gross tonnage

Transportation

Freight carried by Class I railways:Net ton-miles, revenue and non-

revenue (000,000 omitted)Net tons per t ra in . .Net tons per loaded car

Revenue freight loaded and re-ceived from connections (carsloaded, 000 omitted):

Classified by nature of prod-u c t s -

Grain and grain products..Livestock _CoalCokeForest productsOreMerchandise, 1. c. 1Miscellaneous

Total

Classified by geographical di-visions—

EasternAllegheny _PocahontasSouthern _.NorthwesternCentral westernSouthwestern

Total

Freight car surplus (number):Total .- . .Box . . .Coal

Freight car shortage (number):TotalBox.Coal

Bad-order cars (total) conditionfirst of following month

Vessels cleared in foreign trade(tons, 000 omitted) :

AmericanForeign .

Total .Percentage of American to

total . .

December,1924

13210

142

35873

431

7715,167

21216981254

28244

1,0441,316

3,931

912789194628470625312

3,931

232, 23394,934

101,318

19611431

2,0732,812

4,885

42,5

November,1924

12310

133

33166

397

5312, 650

43,110770

27.3

22916675842

28878

1,0241,493

4,078

941798202631531652324

4,078

153,01353, 21576, 599

449188219

189,140

2,6333,066

5,699

46.1

December#1923

30524

329

36522

387

17638,880

38,159701

27.0

19615570348

25645

9761,207

3,587

880749148527458573252

3,587

240,93694, 679

120,115

34073

135

158,175

2,2372,727

4,964

45.1

* Preliminary.


116 FEDERAL RESERVE BULLETIN FDBBUARY, 1925


Transportation—Continued

Commerce of canals at Sault Ste.Marie (tons, 000 omitted) :

Eastbound .-Westbound

Total

December,1924

1,400279

1,679

November,1924

4,8071,812

6,619

December,1923

1,567192

1,758

BUILDING STATISTICS

Building permits issued in 168cities, grouped by Federal re-serve districts:

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

Total

Value of permits (dollars, 000omitted)—

Boston (14 cities)New York (22 cities)Philadelphia (14 cit ies). . . .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 . . .

Building contracts awarded:By Federal reserve districts

(dollars, 000 omitted)—BostonNew YorkPhiladelphiaCleveland _RichmondAtlantaChicagoSt. LouisMinneapolisKansas CityDallas

Total (11 districts).

By classes of construction(square feet, 000 omitted)—

Residential buildingsIndustrialBusinessEducationalHospitals and institutions.Social and recreationalReligious and memorial..Public

Total (27 States)»

1,8776,963 !1,629 j2,9683,0232,763 i7,793 i1,690

7261,5551,6338,909

41, 519

9,99184,67912,66620,08013,74010,18739,1688,6073,4047,4905,794

30,909

246,715

2,6298,6592,2414,7983,9803,392

10,7992,2541,4552,5772,1669,668

1,8838,1891,7343,4712,2832,3378,3071,5551,2441,4731,519

10,112

54,618

228,612

25,920101,12717,89944,12323,29927,47151,19822,794

5,7133 6,98312,962

339,489

24,622110,31224,90655,35721,97026,42970,79028,4608,176

3 7,13911,810

389,971

29,7284,102 !7,2062,4851,2321,245481260

46,800 49,002

44,107

12,70466,56911,96716,64111,6117,751

50,1345,8524,8446,6225,313

28,604

9,35983,9188,796

21,47210,1166,794

40,5377,0257,9976,7424,871

36,656

244,283

24,835111,42115,96028,17522,45218,50140,43620,85113,3976,557

<302,585

31,5533,0408,9572,536

3051,426

520366

30,5014,5917,4263,464

322710450381

47,845

8 District No. 10, excluding Colorado.* Total 10 districts. No figures available for Dallas district.«Includes miscellaneous building contracts as well as groups shown.

WHOLESALE AND RETAIL TRADE STA-TISTICS OF THE UNITED STATES

WHOLESALE TRADE IN THE UNITED STATES, BY LINES

[Average monthly sales 1919—100]


1923

JanuaryFebruary . . .MarchAprilM a y .JuneJ u l y . .AugustSeptember..OctoberNovember -December. .

1924

JanuaryFebruary . . .March.AprilMayJuneJulyAugustSeptember..OctoberNovember. .December. .

11273748382

Gro-ceries

11377768384

74 I73 i8080 I81888185

92

8077807981838383931008983

Meat Drygoods

Shoes

11583839590

10195

108

115112112

Hard-

97989081727079

1021161048877

494965695652445669675756

11682

10911211811410010610611710290

9190104108104

106111

100

Drugs

11297100111113

11310712110610710710611111512911199

116110118114110105110108117128109109

CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINESAND DISTRICTS

Percentage changein December ,1924, sales as com*pared with—

Groceries:United StatesBoston districtNew York districtPhiladelphia district...Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis district....Kansas City d i s t r i c t -Dallas districtSan Francisco district..

Dry goods:United StatesNew York districtPhiladelphia district...Cleveland districtRichmond districtAtlanta districtChicago districtSt. Louis districtMinneapolis district...Kansas City district—Dallas districtSan Francisco district.

Novem-ber, 1924

-6 .50.1

-9 .7-2 .1-3 .2-1 .7

4.1-6 .0- 4 . 7

-15.4-15.1-3 .9

-12.4

-14.210.5

-10.94.6

-27.3-25.5-18.0-33.2-17.9-26.0-48.5-17.0

Decem-ber, 1923

10.24.42.27.62.55.9

17.010.213.36.5

19.114.3

14.724.211.711.94.1

19.421.84.76.2

12.618.6

- 6 . 5



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

Shoes:United StatesBoston district.. . .New York districtPhiladelphia districtCleveland districtRichmond district - .Atlanta districtChicago district .- _St Louis districtIVtinneapolis districtSan Francisco district

Hardware:United StatesNew York districtPhiladelphia districtCleveland districtRichmond district-- _ __ .Atlanta districtChicago district _ -St Louis districtMinneapolis district

Dallas districtSan Francisco district

Drugs*United StatesNew York districtPhiladelphia districtCleveland districtRichmond districtAtlanta districtChicago*districtSt. Louis districtKansas City districtDallas districtSan Francisco district...

Percentage changein D e c e m b e r ,1924, sales as com-pared with—

Novem-ber, 1924

-1.122.610 328.12.2

Decem-ber, 1923

10.241.518 712.027.2

-19.2 i -4.6-26.7 18.2-3.3 ! 24.2

-41.5—14.1-23.0

0.72.17.5

-6 .0-4 .1

5.1-1 .5-7 .6-4.4

5 44.13.1

0.55.4

11.75.4

-2 .3t -1 .01 —1.5

-2 .8-3 .5

26.4—7.318.8

9.2—0.1

7.516.63.4

12.512.8

7.311.524.627.1

-6.4

9.715.9

i 18.1! . 5.3

14.5! 2.2| 4.1! -6 .1

15.2-1 .1 21.3-3 .6 20.5

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

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

Agricultural implements:United StatesAtlanta districtMinneapolis district,-Dallas districtSan Francisco district - _ -

Stationery:New York district __Philadelphia districtAtlanta district . .San Francisco district

Automobile supplies:San Francisco district

Clothing:New York district..St. Louis district

Machine tools:New York district

Diamonds:New York district

Jewelry:New York district ._ . .Philadelphia district

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

Millinery:Kansas City district -

Stoves:St. Louis district

Percentage changein December ,1924, sales as com-pared with—

Novem-ber, 1924

—18.71.6

—9 3-8 .7- 4 . 8

—15.49.0

—12.760 3

—18.8

—1.313 2

—0.48.9

-8 .4

21.3-49.6

12.8

41.0

0.975.8

38.623.5

6.0

25.2

-32.9

Decem-ber, 1923

18 120.623 017.1

—23 4

9 a31.820 38 2

13 8

—14 324 1

—11 30.6

-12.2

8.655.1

-8 .2

26.7

- 6 . 81.8

2.528.4

1.8

8.4

2.6

RETAIL TRADE BY REPORTING ONES[Average monthly sales 1919=100]

Sales without seasonal adjustment Sales with seasonal adjustment

1920 average1921 average1922 a119231924 average

JanuaryFebruary.MarchAprilMay.June.JulyAugustSeptember.October.November.December.

JanuaryFebruaryMarch.AprilMay.June.JulyAugustSeptember.October.November.December

11l w

10986

101113101

95889699

1009782

103102136149214

8497998882757291

110124111184

chai

ains

]

o138142147176191

132132187159170176176179176185174261

154165181208189176184184185202184276

Mai

l-or

deho

uses

116117124117124126119128124130126126

125127115130123120122119131124126131

Gro

cery

chai

nsch

ains

)

91929710010910110097971049898

100101911111001049398112109105123

•g-s-i

HI g ch

ain

chai

ns

cha

hain

170176189177188186184187191193200192

202 I198 !182 I205 j211200211208 \218230227239

158156169151162168157161162166168179

173179170190183176179181183188191

134 133138 130143 139139144151139145145149150152

146150147149153146147151147156154

130134140129138140132135143

137140140136141134129141137137139

153 142

113107145107124135112121133123121130

sic

chai

chai

ns]

115106106116120122111115102113119113

130 ! 102132 I 112118 i 110153130132123138129122134142

M

157157185159176188180179178181183178

183188179208196188188184188197193187


118 FEDERAL RESERVE FEBRUARY, 1925

DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS

WITHOUT SEASONAL ADJUSTMENT

[Average monthly sales 1919=100]

1920 average1921 average1922 average1923 average <.1924 average

1923JanuaryFebruaryMarchApril _MayJ u n e . . . .JulyAugustSeptemberOctober _.November __December

1924JanuaryFebruary. _MarchAprilMayJuneJulyAugust _SeptemberOctoberNovemberDecember..-

DistrictNo. 1—Boston

(24 stores)

116114119127126

108921271281331369099116144146210

1201011131371321318986115137140215

DistrictNo. 2—NewYork

(63 stores)

120115118127132

110891251231301308690113161153215

1201031181371321279383127161153226

DistrictNo. 3—Phila-delphia

(22 stores)

118112114127125

1071011331151281338293104154169203

1101111201361241238285109144153208

DistrictNo. 4—Cleve-land

(54 stores)

127112112130128

1019613612813813796112118151141204

10911212014513312694101117134139207

DistrictNo. 5—Rich-mond

(23 stores)

113107104111117

8776120104115118808093136130195

94881091281161188578106137137214

DistrictNo. 6—Atlanta

[35 stores)

11910194104101

78105101109102778192132119168

85839410710495737294120113170

DistrictNo. 7-Chicago(63 stores)

123110114132133

1049612913213613896120128154148209

11211212314513512599108133136154219

DistrictNo. 9—Minnea-polis

(23 stores)

11210399105104

88741031111091057996103125112156

887794115109998189102116111162

DistrictNo. 11—Dallas

(21 stores)

120999299102

827410090107936870102126114158

858294101105957170114126115171

DistrictNo. 12—San

Francisco(31 stores)

121116122139143

115102134124147128116136126160146236

132121134139146125116136130157144238

IndexU.S.(359

stores)

120110112124125

1019012411912812689100113148142202

10910211513312712190931191411412

WITH SEASONAL ADJUSTMENT

JanuaryFebruary. _MarchAprilMayJuneJulyAugustSeptember.OctoberNovember.December..

1923


1924

119124126122126128126131128130133132

133130112130125123124114127124128135

120117124120127129123132129134132131

132129116134128127133122145135132138

121125144105124129121128128135131130

125132129124120119122117134126118133

116123134125132135124136132137130129

125138119141128124122122132122128131

105103116102114115109112109119112113

114113105125115114116109124120117124

10110310799104108101103103110104103

1041049510499100969210610099104

123121128130130139126145135140134134

132136122143129126130130139123139140

10310510610710710496106103111104106

10310597111107989898102103104110

94949594106 198]96 |99 I1021089997

10610410010199114107100105

129134136130142136139140135147145150

149152,135145141133139139139144142151

117124117124126119128124130126126

125127115130123120122119131124126131


IfEBRUARY, 1925 FEDERAL RESERVE BULLETIN 119

DEPARTMENT STORE STOCKS. BY FEDERAL RESERVE DISTRICTS

W I T H O U T SEASONABLE A D J U S T M E N T

[Monthly average 1919=100]

DistrictNo. 1—Boston

(24 stores)

District I DistrictNo. 2— | No. 3—

New Phila-York delphia

(63 stores)'(13 stores)

1920average~1921 average..1922 average..1923 average..1924 average..

1923

JanuaryFebruary. _MarchAprilMayJune __Ju ly . - - . . . .AugustSeptember.OctoberNovember.December..

1924

JanuaryFebruary. _MarchAprilMayJune _JulyAugustSeptember.OctoberNovember.December..

126108116122123

107111120125124116109115129142145123

111115128128126119 J116113 |125 S135 i141 |120 1

137116117125128

108112124129128119113121134145147123

113119130135130122115120133146147125

120118131150154

118135148153148143137152166176176145

132152162162152146141144160171172151

DistrictNo. 4—Cleve-land

;52 stores)

137116111125131

100114124130127120119124135144147120

110126137141138128119123136146145120

DistrictNo. 5—Rich-mond

(19 stores)

133105109121126

113124126122115113114130141142112

104121134134130122113116128143145118

DistrictNo. 6—Atlanta

(22 stores)

134114112119116

105112119121121113111120130134133106

109 !123 i125 '124 i121 !113 |109109118 !126 !123 !96 I

DistrictNo. 7—Chicago

(51 stores)

136123123147152

115137149150145137135158162164171140

128144162161153145142149159169167141

DistrictNo. 9—Minne-apolis

(22 stores)

123105103110109

96105115113112106103108115121121104

97106114112113106102106115121

DistrictNo. 11—Dallas

;i9 stores)

DistrictNo. 12—

San Fran-cisco

(29 stores)

143117109116107

97107115119117110107121128131130109

107118126125120113110121129133131104

132116118130137

110121128135130125124131138143147123

125131143148141134132131140147148124

DistrictIndexU.S.(314

stores)

133115116129132

107118129132129122119129139146149123

115127138140135127122126137147147124

WITH SEASONAL ADJUSTMENT

1923

JanuaryFebruary. _MarchAprilMayJuneJu ly .AugustSeptember.OctoberNovember.December-.


1924

118119121122124122118121122126125126

123123129125126125126119118120122123

121 I121 !121 j124 !127 j125 |123125126130129129

127 i127 i127 !130129 j128 I125 !124 !124 i131 I129 !132 i

132143145151151148147154154157158150

148162161159156151151146148153155157

119122123125126124125124125128130129

131135136136137131125123126130128129

118121119123123123129125118122125125

124129128130132130120118116124127131

116 ;115 i118119124119 !119 I120 I119 i119 !119 I119 l

121 !127124122124119116109 i108 '112no ;107

130147150144146145144152152146152150

144155164155155153152144149150148152

I108 i108111110108111109110110111111114

110 j109 i110108109111108107110 |111112108

113 !114 i115 j119 |116 i115 |115 i115 i113 !115 i117 i127 i

124 i126 I125 ;125 I119119118 i115114118 |118122 I

120125126131130131130130131132135135

137 !137140 !143 i141 !141 i138 I130133 |136 !135135

121126127128130128128130130131133132

131135137136135133130126128132131133



INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES

ENGLAND GERMANY

Production:Coal (thousand long tons)Pig iron (thousand long tons)Steel ingots and castings (thou-

sand long tons)Raw cotton, visible supply2

(thousand bales)Exports :j x~m

Iron and steel and manufactures(thousand long tons)

Cotton manufactures (millionyards)

Coal (thousand long tons).Imports:

Raw cotton (million pounds)Raw wool (million pounds)Raw hides, wet ( thousand

pounds)Transportation:

Ships cleared with cargo 3 (thou-sand tons) _

Freight-train receipts ( t h o u -sand pounds sterling)

Freight-train traffic (million ton-miles)

Wnemployment:A m o n g trade-unionists (per

cent)In insured trades (per cent)

Index of security prices, Dec. 1921=100

Capital issues (thousand poundssterling) _

1924

Decem- November ber

19,743580

551

1,067

303

4135,168

27768

6,565

5,174

9.210.9

117.5

27,711

26,024584

673

312

3334,759

20737

8,910

5,495

8.611.0

117.4

22,122

20,451586

679

701

309

3684,933

19232

6,957

5,861

9,661

1,689

8.711.1

116.2

34,972

1923

Decem-ber

26,643627

653

1,011

355

3265,874

24157

12,011

5,512

8,230

1,511

9.710.7

112.8

4,176

» Five weeks.5 End-of-month figures.

i Figures include Irish Free State.

FRANCE

Decem-ber

Production:Coal1 (thousand metric tons)Pig iron (thousand metric tons)..Crude steelLXtnousand metric

tons)..-Cotton stocks at Havre a (thou-

sand bales)Exports:

Total volume (thousand metrictons) _

Imports:Total volume (thousandlmetric

tons)Raw cotton for consumption

(metric tons)Raw silk (metric tons)Coal (thousand metric tons)

Transportation:Ships cleared with cargo (thou-

sand tons)Railway receipts ( t h o u s a n d

francs)Freight-car loadings (average

daily number)Unemployment:

Number in Paris receiving aid f.Demands for employment not

filled (number men in France)3.

1924

177,788

2,512

4,731

2,522

64,875

278

6,452

Novem-

•3,675634

558

123,345

2,949

4,360

34,817493

2,030

2,607

681,005

64,256

118

7,829

October

5,304660

609

76, 537

2,683

4,660

30,208732

2,071

2,953

714,372

65,471

59

7,053

1923

Decem-ber

4,303565

526

135,306

2,819

5,180

39,7441,0442,784

2,534

722,335

57,995

238

4,914

* Coal and lignite, includingfLorraine and the Saar.2 Bale of 50 kilos. End-of-month figures.3 End-of-month figures.* Five weeks.« Excluding the Saar district.

Exports:Iron and its manufactures

(metric tons)Machinery and electrical

supplies (metric tons)Dyes and dyestuffs (metric

tons)Coal (metric tons)

Imports:Raw wool (metric tons)Silk, half manufactured

(metric tons)Cotton (metric tons)Iron ore (metric tons)Coal (metric tons) ._

Ship arrivals in Hamburg(thousand net reg. tons)

Unemployment:Applicants for every 100

positions— _Number receiving State aid.

Business failures.Capital issues (billion marks).Index of security prices:1

25 domestic stocks, Jan. 4,1924=-100

1923

Novem-ber

278,049

32,793

11,243637,795

4,379

61425,020

,023,593,180,907

Decem-ber

1,462

338535,654

616

October Septem-ber

189, 676

29,763

7,479339,370

5,056 |

43424,018172,060979,779

Novem-ber

1,378

299436,690

621*74.9

82.6

135, 546

29,380

7,078174,112

3,147

43411,307

231,1491,099, 783

October

1,485

435, 321752

2 56. 8

63.2

Novem-ber

122,06£

32,309-

8,900103,744

2,373

28018,014

165,6141,864,69a

Decem-ber

1,348-

9411, 533,495'

ITMl. 2

1 Last week of month figures.2 In millions of gold marks.3 Excludes 24.5 million gold mark stable value loans.

CANADA

Production:Pig iron (thousand tons) . .Crude steel _

Railway receipts (thousand dol-lars)

Unemployment among trade-unionists (per cent)

Business failures (number) l

Authorized capital of new com-panies (thousand dollars) i

Bond sales (thousand dollars)Security prices, average market

prices, 20 industrial stocksReceipts of wheat at Fort William

and Port Arthur (thousandbushels).

Receipts of livestock at stockyardsin Toronto and Winnipeg:

Cattle (number)Hogs (number) _

1924

Decem- Novem-ber ber

54

17,16843,808

102.0

2323

38, 856

9.749

13,60228, 514

99.9

42, 660

78,53379,237

Novem-ber

Exports:Planks and boards (million

feet)Preserved fish ( t h o u s a n d

pounds) ._.Wood pulp (thousand pounds).

Wheat (thousand bushels)Imports:

Coal (thousand tons)Raw cotton (thousand pounds)Machinery (thousand dollars).

189,508

17,252177,78026,982

1,40815,7652,023

Octo-ber

220,255

20,136152,812

14, 288

1,4167,9202,009

Octo-ber

2920

42,058

6.848

6,9706,947

94.9

40,891

69, 50565,782

Septem-ber

184,799

18,390145,99210,268

1,3164,3261,915

1923

Decem-ber

6041

41,391

7.256

13,87616,803.

96.5

51,910

46,24664,856

Novem-ber

213,028

15,967146,00564,197

1,59912,2132,445

1 Average for weeks reported.



FOREIGN TRADE OF PRINCIPAL COUNTRIES

UNITED STATES[Thousands of dollars]

1924

Decem- Novem-ber ber

By classes of commodities: ITotal iCrude materials for manu-

facturing !

Foodstuffs in crude condi-tion__ _

Foodstuffs partly or whollymanufactured

Manufactures for use inmanufacturing

Manufactures ready for con-sumption

MiscellaneousBy countries:

Total EuropeFrance - . . .GermanyItalyUnited Kingdom

Total North AmericaCanada

Total South America - .Argentina..

Total Asia and OceaniaJapan

Total Africa

333,562

131,701

Accumu-lative

throughlast

monthnoted

296,350

112,843

40,098 j 38,074

27,896 29,091

52,931

By classes of commodities;TotalCrude materials for manu-

facturingFoodstuffs in crude condi-

tion _Foodstuffs partly or whollyj

manufacturedManufactures for use in

manufacturingManufactures ready for

consumptionMiscellaneousReexports

By countries:Total Europe

FranceGermanyItaly _United Kingdom

Total North AmericaCanada

Total South AmericaArgentina

Total Asia and OceaniaJapan.

Total Africa

68,9902,185

110,721 ;14,43612,7939,08439,34969,13636,48944,5246,29498,01739,62611,165

444,880

168,273

39,516

54,388

53,704

122,093676

6,230273,34227,86250,67123,914115,88476,39838,]2329,75210,70258,36226,4517,026

61,4631,948

97,94913,59611,8947,98635,66971,36235,14441,9254,58280,95928,3474,156

493,597

196,385

58,599

54,800

50,872

124,939888

7,114305, 55136, 76558,44122,863125,83593,10553,11026,99410,01363,15931,5594,787

3,610,553

1,237,161

424,916

522,013

654,923

749,37622,164

1,096,356147,637139,25875,004366,477995,075399,068466,47175,298980,305340,06172,345

4,590,147

1,326,286

392,135

574,037

610,554

1,588,1836,55592,397

2,444,490281, 664440,538187,040982,035

1,089,188623,166315,065116,998671,110250,32070,294

1923

Accumu-lative

throughlast

monthnoted

3,792,066

1,385,983

363,032

530,208

720,729

771,30020,814

1,157,056149,613161,19392,268

404,0721,001,518

416,005467,421115,276

1,079,011346,94087,061

4,167,493

1,202,044

257,478

583,292

563,718

1,477,7596,424

76,778

2,093,415272,132316,837167,532882,321

1,086,168651,921269,318112,782657,921264,22860,671

FOREIGN COUNTRIES

France (million francs):*ImportsExports

Germany (million gold marks):ImportsExports

United Kingdom (thousand £ |sterling):

ImportsExportsReexports —

Canada (thousands of dollars):ImportsExports

Japan (million yen):ImportsExports

4,1184,042

739

131,61069,30812,052

60,946125,462

185180

! Novem-ber

Belgium and Luxembourg (mil-lion francs):

ImportsExports

Denmark (million kroner):ImportsExports

Italy (million lire):Imports.

211188

ExportsNetherlands (million guilders):

Imports iExports I

Norway (million kroner): jImports SExports j

Sweden (million kroner):Imports !Exports j

Brazil (million milreis):1

ImportsExports

Australia (thousand £ sterling): JImports !.Exports !.

India (million rupees): |ImportsExports

South Africa (thousand £ ster-ling):

Imports^ Exports

218159

144103

129123

261357

225

4,7417,028

3,4153,433

1,048643

118,74068,15112,327

66, 250119,876

191181

Octo-ber

40,13240,845

9,3176,567

1,279,845795,365140,149

808,1281, 070, 522

2,4481,802

1,7831,287

200204

1,4581,347

218173

142108

130122

260 !

12,68814,720

208298

6,490 I6,798 |

14,68511,350

2,1361,964

15,24611,120

2,1441,524

1,409969

1,2821,128

1,7162,156

120,799103,018

2,2653,463

60,39565,894

32,688

6,0816,07»

1,096,226767,258118,544

903,0311,028, 530

1,9811,447

10,1206,976

1,8461,531

13,978

1,8341,175

763

1,23a1,011

1,4151,886

112,08084,967

2,1153,106

51,07366,270

* Figures for July and August and cumulative through July, 1924, and1923.

The following table presents 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:Total __Raw materialsProducers' goodsConsumers' goods

Exports:TotalRaw materials..Producers' goodsConsumers' goods

1924

De-cember

194.7185.4226.3153.2

136.7135.3186.0117.4

No-vember

186.7150.8258.0138.0

155.6166.6184.9104.7-

Octo-ber

198.5133.7308.0152.2

157.8164.4174.7127.8

Sep-tember

177.5133.02612120.8

135.7129.8206.7120.5

1923

De-cember

175.11210241.4182.0

114.8103.9150.0133.7

INDEX OF OCEAN FREIGHT RATES

[January, 1920=100]

United States Atlantic portst o -

United KingdomFrench AtlanticNetherlands and Bel-

• gium.Scandinavia _MediterraneanAll Europe _.

1925

Janu-ary

29.827.6

25.623.523.826.9

1924

De-cember

29.727.8

25.323.523.526.7

No- Octo-vember ber

i

32.2 31. 928. 8 i 28. 4

27. 5 i 28. 423.5 I 23. 522. 9 1 22. 728.1 j 28.1

Janu-ary

27.525.4

24.522.620.2219



FINANCIAL STATISTICS FOR FOREIGN COUNTRIES(Bank figures are for end 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 department-Gold and silver coinBank notesGovernment securitiesOther securitiesPublic depositsOther depositsRatio of gold and note re-

serve to deposit liabili-ties..

Bank notes in circulationCurrency notes and certificatesNine London clearing banks:

Money at call and short notice.Discounts and advancesInvestments. _Total deposits

Total clearingsGovernment floating debt:

Total.-Treasury billsTemporary advances

Index number of foreign exchangevalue of the pounds sterling

1924

Decem-ber

127146

1049

166

11.5101296

3,448

846 !626 I220 I

128.7 I

Novem-ber

127146

2234182

19.3101285

1021,045

3071,6283,317

788 |624164 !

128.1

October

127146

23427614

111

19.8101285

1041,045

3111,6343,414

789•619170 !

126.6

1923

Decem -ber

126146

18508116

117

14.9106299

1111.033

3401,6732,914

860652208

ITALY

[Millions of lire]

Banks of issue:Gold reserveTotal reserve . . .Loans and discountsNote circulation for commerce.Note circulation for the State i.Total deposits

Leading private banks:CashLoans anddiscountsDue from correspondentsParticipationsTotal deposits..

State note issueIndex of security prices i

1924

Novem-ber

1,1321,8317,584

10,6467,2482,684

"I'iooj249.16 I

October

1,1321,8297,603

10,7747,2972,8!0

9778,3704,088

39912,4242.400

240.90

1,1321,8326,94110,4137,3482,661

9128,3743,938397

12,4582,400230. 90

1923

Novem-ber

1,1301,85710,8139,2927,7562,544

1,0118,0753,357280

11,2732,428169.08

1 Not including gold held abroad.

FRANCE[Millions of francsj

Decem-ber

Bank of France:Gold reserve x

Silver reserve __War advances to the Govern-

mentNote circulationTotal deposits

Commercial bank loansCommercial bank deposit?Clearings, daily average of Paris

banksSavings banks, excess of deposits

(40 withdrawals (—)Price of 3 per cent perpetual rente.

3,681306

22,60040,6041,973

1,043

-2150.00

1924

Novem-ber

3,680304

22,60040,447

1,99415,34215,376

956

- 2 450.00

October

3,680303

22,70040,529

1,96814,96814.854

909

- 1 649.85

1923

Decem-ber

3,676297

23,30037,9052,384

14,38014,538

935

4-253.60

Not including gold held abroad.

CANADA[Millions of dollars]

Chartered banks:Gold coin and bullion !

Current loans and discounts...Money at call and short notice.Public and railway securities..Note circulationIndividual deposits _

Gold reserve against Dominionnotes...

Dominion note circulationBank clearings 2

Bank debits

ber

1924

1 October

541,139

309497 I177 i

2,108 |

138 I244 |

1,647 I2,829

551,170

269554173

1,708

123240

1,7722,963

Sep-tember

1923

Novem-ber

541,142

254566163

2,031 i

2101,3642,198

541,190

325410181

2,030

109241

1,910

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

JAPAN[Millions of yen]

1924

Bank of Japan:Reserve for notes *Loans and discountsAdvances on foreign billsNote circulation.. j 1,694Government depositsPrivate deposits

Tokyo banks:Cash on handTotal loansTotal depositsTotal clearings

Decem-ber

1, 059573188

1, 694193

52

1082,3751,8543,561

Novem-ber

1,061390118

1,364286

37

1212.6201,8452, 808

October

1,061-37783

1,36323038

1082, 6141.8592,586

1923

Decem-ber

1,057654207

1.69736063

1332,3811,8792,418

1 Gold abroad, gold coin and bullion in Japan.

DISCOUNT RATES OF CENTRAL BANKS[Prevailing rates with date of last change]

Country

AustriaBelgiumBulgariaCzechos lo-

vakiaDanzigDenmark

Rate

P. ct.13hxA

10

610

7

In effectsince— Country

Nov. 6,1924Jan. 22,1923Aug. —,1924

May 28,1924Sept. 11,1924Jan. 17,1924

EnglandEsthoniaFinlandFranceGermany. _.GreeceHungary

Rate

P.ct.4997

107H

12H

Country

July 5,1923May 19,1924Mar. 6,1924Dec. 11,1924Dec. 29,1923Jan. 14,192SSept. 17,1924

IndiaItalyJapanLatvia.. ...NetherlandsNorwayPoland

Rate

P.ct.7A

8.0384

In effectsince— Country

Jan. 22,1925July 11,1922Nov. 18,1919Feb. 16,1924Jan. 15,1925Nov. 26,1924Nov. 28,1924

Portugal. . .RumaniaSouth AfricaSpain __Sweden .Switzerland.Yugoslavia. _

Rate In effectsince—

P.ct.965H5

46

Sept.Sept.Jan.,Mar.Nov.JulyJune

12,19234,1920

192523,19239,1923

14,192323,1922

Changes for the month.—Bank of Netherlands, Jan. 15, 1925, from 4H to 4 per cent; Bank of India, Jan.African Reserve Bank, from 6 to 5H per cent

2, 1925, from 6 to 7 per cent; South


FEBRUARY, 1925 FEDERAL* RESERVE BULLETIN 123

PRICE MOVEMENTS IN PRINCIPAL COUNTRIESFEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES

Wholesale prices increased in December inthe United States by 2.8 per cent, in Englandby 0.7 per cent, in France by 0.3 per cent, andin Canada by 0.8 per cent, according to theFederal Reserve Board's index numbers com-piled for purposes of international comparison.When these indexes are converted to a goldbasis, by making allowance for the deprecia-tion of the foreign currencies in terms of thedollar, price advances of 2.5 per cent are indi-cated for England and France and of 0.6 percent for Canada. The larger increases ingold prices in France and England reflectedthe continued advances in the exchange valuesof the pound sterling and the franc, not accom-panied by corresponding price declines.

In the United States advances occurred ingrains, metals, cattle, hogs, sheep, wool, coke,and in all foods. These price changes werereflected in the 3 per cent rise in domestic

goods, 3.6 per cent lise in raw materials, andthe 2.7 per cent rise in producers' goods.Goods imported declined 0.8 per cent as theresult of the decrease in sugar, silk, and burlap.

In England prices are now on the same levelas a year ago, all groups rising slightly overNovember. The principal commodities show-ing advances were wool, wheat, flour, sheep,nonferrous metals, cotton yarns, mutton, andbeef. The largest group increase occurred inexport goods, which rose 1.5 per cent.

In France the group increases were gener-ally small. Among the groups, by stage ofmanufacture, the largest increase, 0.5 per cent,w as in raw materials.

In Canada, under the grouping by stage ofmanufacture, raw materials and consumers'goods rose, while producers7 goods declined 1.3per cent. Export goods rose 2 per cent.

FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES1913 = 100

ON PAPER CURRENCY BASIS CONVERTED TO GOLD BASIS

1920 1921 1922 1923 1924 1920 1921 1922 1923 1924



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

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

FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES

On paper currency basis Converted to gold basis

Year and month

1913, average..1919, average..1920, average..1921, average..1922, average..1923, average..1924, average-

JulyAugustSeptember..OctoberNovember..December..

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

1923

1924

UnitedStates

100211239149158165159

159159163163163163

163163160 i158156 I154 I156158 !156 i159 !160 !165 j

England i

100241310198165170176

168164165166171177

178180180181177174174173172175176177

France

100

512344319394446

391391404404416427

Canada

100207250167149150147

151150149147145144

445469483428428442440442436442449451

Japan

100 !235 i240 I181182 I188 i

183179191196199205

146148147143143145147149146148148149

205200200201200189191196198206210

163163160158156 i154156158156 j159160 !165 |

UnitedStates

100211239149158165159

159159163163163163

England

100219233156150159160

158154154154154159

France

100 !I

187133 !136124121 !

:119 |115123125119116 !

Canada

100198223150147147145

147146145145142140

Japan

100241242175175183

179176186192193193

156160158162158155156160158161167171

108 |107 !117 |137 !128 I120 I117 i125120 I120 I123 I126 i

142144143140141142146149145148148149

185182172165161156158163161161162

FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES i

Year and|month

UNITED STATES

1923—December...1924—July

AugustSeptember--OctoberNovember...December...

1923—December..1924—July...

AugustSeptember _OctoberNovember..December..

FRANCE

1923—December..1924—July

August

Grouped by stage of | Grouped bymanufacture origin

Allcom-modi-

ties

163156158156 I159 |160 i165 i

177174173172175176177

427440442

Raw-ma-

terials

167163164161165165171

179171171168171174175

442447456

Pro-ducers'goods

157147149148146147151

168163165166168169171

456450455

Con-sum-ers'

goods

Do-

goids

162154156156158162165

165159160158160161 !166 |

183188184183187187188

395430419

175175173173175176177

410427427

148132139143146150149

184171174169174178179

509.503511

Ex-port

goods

199180177163167169171

187177176172174178180

460451451

Year and month

FKANCE—contd.

1924—September. .OctoberNovember...December.._

CANADA


AugustSeptember-.OctoberNovember...December...

JAPAN


AugustSeptember..OctoberNovember..Decembei...

i Grouped by stage of Grouped by jI manufacture ' origin i

All | ! __!com-modi-

ties

436442449451

144147149146148148149

205191196198206210

Rawma-

terials

478480

126133134133137137139

213198206198211217

Pro-ducers'goods

Con- ! Do-sum- j mes-ers'

441442439440

168153153153151155153

201186194202212216

402411424424

161163169162161161163

201188192196202204

ticgoods | goods

420423430431

141146148145147147148

205187194200208212

Im-portedgoods I

516 I534 I541 j544 i

165156157155157160159

205 i208 i207 I189 I200202

Ex-portgoods

443454461462

131148152150160161164

211178194200204213

1 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 PRICES IN THE UNITED STATESINDEX OF THE BUREAU OF LABOR STATISTICS

[1913-100]

1922'average..1923 average..1924 average..1923—December...1924—July

AugustSeptember..OctoberNovember..December...

Bureau of Labor Statistics groups

Allcom-mod-ities

149154150151147150149152153157

Farmpro-

ducts

133141143145141145143149150157

Foods

138144144146139144148152154158

Clothsand

cloth-ing

181200191203188190186188190191

Fueland

light-ing

218185170162173170168162163165

Metalsand

metalpro-

ducts

122144135142130130128127129133

Build-ing

mate-rials

168189175178169169171171172175

Chem-icalsand

drugs

124131130130126130131132134135

Housefur-

nish-ing

goods

176183173176171171171171172172

Mis-cella-neous

117123117116112115116120123129

Federal Reserve Board groups

Crops

145168172181176175164172176186

Raw materials

Ani-mal

prod-ucts

125122120115114123123130124129

Forestpro-ducts

185210186191175175180181182187

Min-eral

prod-ucts

207185170165167166166165166169

Totalraw

mate-rials

158159154153152154152156155161

Pro-duc-ers'goods

128141133136130131130129131132

Con-sum-ers'

goods

151156156158153156158161163167

WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIESALL-COMMODITIES INDEX NUMBERS

[Pre-war-100]

Europe

Year andmonth Austria

1923December..

1924JanuaryJuneJuly.AugustSeptember..OctoberNovember..December...

1925January

.....i 1,818,100

1,874,8001,828,2001,913,3002,013,6001,937,3002,008, 6002, 076, 6002,075,400

Bel-gium

Bul-garia

545 2,597

580565566547550555569566

2,7112,8112,7372,8532,8482,9883,1323,181

England

Statist

157

161160163162166172171173

Finland

071088085111117114120

France

459

494465481477486497503507

Ger-many;

FederalStatis-tical

Bureau

126.2

117.3115.9115.0120.4126.9131.2128.5131.3

Hun-gary

Goldbasis

122

123133145145142149

Italy Nether-lands

577

571566567572580602621640

154

156151151151158161162

Nor-way

(Oslo)

244

250 j264 I271 I274 !275 I276 I277 I278

Poland

101102109112116117118

Year andmonth

1923December..

1924JanuaryJuneJulyAugustSeptember..OctoberNovember..December..

1925January

Europe—Continued North andSouth America Asia and Oceania

Spain

176

178179182182184186181

Sweden

160

161158157160163167167168

Switzer-land i

183

183178173171170169169170 |

UnitedStates

(Bureauof LaborStatis-tics)

151

151145147150149152153157

C<inada

154

157152153157154157158161

Peru

190192192193190192191195

174163163162162163163

China(Shang-

hai)

158

156152152149149153155157

DutchEast

Indies

180178174177177175

India(Cal-cutta)

179

172176179180179181180176

Japan(Tokyo)

210

211199195200206213214213

NewZealand

173

175180180181181180181

Africa

Egypt(Cairo)

136

133131132143148156158156

SouthAfrica

131

125

"133

1 First of month figures.

The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbersof commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may behad upon request.

Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to base periods, sources, number ofcommodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN.


126 FllDEKAL RESERVE BULLETIN FEBRUARY, 1925-

RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES

INDEX NUMBERS OF RETAIL FOOD PRICES

[Pre-war=100]

1923September..OctoberNovember..December...

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

1925January

UnitedStates

(51cities)

European countries Other countries

146147148147

146144141138138140140141144146147149

Austria I Bel-(Vienna) jgium'

1,250,9001,263,6001, 264, 7001, 286,000

352, 700382,100393,000383,800416,900445,700436, 200565,200562,300584,500619,800624,800

1,644,600

115117121124

Bui- j P:ng-garia land 1

130128121113118123124127135140139

2,2212,2192,3652,547

126 I 2,6742,5372,4972,5012,4382,6872,6262,7272,7232,856 j2,994 !3,040 !

168172173176

175177176167163160162164166172179180

Es-tho-

102106104107

111113115115111111115119116110

France(Paris)

Ger-

i339 |_349355365 | 151

376384392380378370360366374383396404

127117120123126120126122125134135135

Italy(Mi-lan)

Neth-er-

lands

Nor-way

496502503

515516523524519518508507514543567

142 |145149 I149 •!

150151152152151151150150152154156

218217221226

230234241240241241248257261264

Swit-zer-land

163162166167

168167167165165168168166166169170170

Can-ada i

141144144145

145145143137133133134137139139141143

Aus-tralia

161157157156

145153152150151149148147146146147

India(Bom-bay)

149147147152

154151147143143147151156156156157156

152

NewZea-land

145146147147

150149150150150150148146145146148

SouthAfrica

115117120118

120122122123122120117117117120122121

INDEX NUMBERS OF COST OF LIVING

European countries Other countries

South

1,174, 0001,194,000,199, 600,197,,220,, 244,200, 239,100,314,200,316,200, 330, 700, 357,400, 365,000

1925January

1 First of the month figures. 21921-100.Information as to the number of foods included and the items entering into the cost of living indexes is available in the board's office,

original bases of the indexes have been shifted to July, 1914, wherever possible.The


FEBRUARY, 1925 FEDERAL RESERVE BULLETIN

BANKING AND FINANCIAL STATISTICSCONDITION OF FEDERAL RESERVE BANKS

EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PER-CENTAGES FOR DECEMBER AND NOVEMBER, 1924

[Daily averages. Amounts in thousands of dollars]

] Total earning assets

Federal reserve bank i

I December

BostonNew YorkPhiladelphiaClevelandRichmondAtlantaChicagoSt. LouisMinneapolisKansas City_-DallasSan Francisco

Total 1924.1923.1922.1921.1920.1919.

112,368365, 81388,304136, 64334, 51833, 829150, 87444,93431, 32854,67951,711115, 705

1,220, 7061, 200, 3511,304,4331, 517,1943, 313, 5023, 034, 224

Total cash reserves i Total deposits

November

85,341314, 54972,358

115, 04035,80933,897147, 77844,51333, 72353, 35046,786101, 883

1, 085, 0271,147, 7651, 210,1261,520, 2833, 375, 3952,907, 803

December NovemberI

245,869941, 996236, 295270,314131, 744174, 400383,465100,680103, 740109, 20176, 554

282, 451

3, 056,7093,168,9843,166, 0192,994,9822, 221, 5732,149, 653

265,365958, 622240,401294,045124,394165, 801396,198103,476100, 563109,06080,958292, 270

December i November

3,131,1533,199,8103, 208, 7522,964,4192,182, 7952, 185,149

138,686899,828128,863177,48368,15964,731315, 77080,50359,35590, 24363, 498168, 227

140,681870,855130,175177, 79267,04961, 790

314, 51579,70459,39590,26162,153168,994

2,255,3461,931,4081, 891,4571,755, 2261, 821, 7461,990, 221

2,223, 3641,938, 9641,890,0221,732, 5041,830,0112,013, 944

Federal reserve notes Reserve percent-in circulation I ages

December j November |

207,709382, 558173,893209, 29589,592143,811 i199, 720 !57,972 i72,599 j73,299 I57,383 i216,487

1, 884, 3182, 292,3062, 415, 5152, 416, 0963, 342, 5202,955, 476

198,300372,347 i160,561209,78383,879 I

138,255 I202,755 i57,267 I72,118 !71, 772 I57,754

211,398

De-cember

71.073.578.069.983.583.674.472.778.666.863.373.4

1,836,189 I2,256,777 j2,324,865 !2,402,4423,327, 6322, 812, 247

73.875.073.571.8

144.7*45. 7

No-vember

78.377.182.775.982.482.976.675.576.567.367.576.8

77.176.376.171.7

*43.7146.8

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

RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, DECEMBER 24, 1924, TO JANUARY21, 1925

RESOURCES


Total

Gold with Federalreserve agents: !

Dec. 24 |l,747,218Dec. 31 1,702,306Jan. 7 1,729,267Jan. 14 !l, 744,250Jan. 21 11,744,722

-Gold redemption ifund with U. S. !Treasury:

Dec. 24 ! 45,756Dec. 31 41,245Jan. 7 45,854Jan. 14— 45,703Jan. 21 50,590

•Gold held exclusive-ly against Federalreserve notes:

Dec. 24Dec. 31Jan. 7Jan. 14Jan. 21

-Gold settlementfund with FederalReserve Board:


1,792,9741,743,5511,775,1211,789,9531,795 312

637,240679,464637,330603,544592,394

Boston |

167,370164, 365165,036159,872153, 703

10,7005,0383,6227,953

13,036

NewYork

178,070169,403168,658167, 825166, 739

36,48132,27537,31037,78848,900

384,374384, 307424,263424,200444,115

7,74411,55710,3168,5336,725

i Phila-delphia

170,262168,237168, 592166,063163, 287

7,7624,4805,3843,8806,522

392,118395,864434,579432,733450,840

273,031286,475262,372243,139207,937

178,024172, 717173,976169,943169,809

22,22731,13727,06131,67428, 388

Cleve-land

172,090165,466157,144170,157169, 552

1,377•1, 849 i2,9123, 3052,207

Rich-mond

80,115 |79,184 I78,077 181,523 i79,854

1,9712,1072,4011,0851,695

Atlanta Chicago

145,082143, 306142, 899141, 562145, 288

1,6732, 4921,8042,0221,132

190,922165,909165, 862165, 846165, 804

3,2642,4986, 7235.8475,004

173,467167,315160,056173,462171, 759

63,41940,15847,25150,79247,971

82,08681, 29180,47882,60881,549

27,49118,72414,20514,34312, 285

146,755145,798144, 703143,584146, 420

16,69712,9639,7079,4809,269

194,186168,407172,585171, 693170, 808

83,081110,989100,00895,97891,669

St.Louis

56,76756,59057,12555, 54954, 519

2, 5553,274 I3,322 !3,413 I3,991 |

Minne-apolis

73,85473, 52873,65474,00173, 662

351908556955

1,035

59,32259,86460,44758,96258,510

74,20574,43674,21074,95674,697

KansasCity

62,04063,47562,44661, 72360, 338

4,4482,6263,2833,5374,501

Dallas

40,79437,18636,35135,63934, 795

1,9081,9782,3152,3712,131

66,10165,72965,26064,839

42, 70239,16438,666

SanFran-cisco

203,548200, 753197,818208,115199, 805

2,0032,4383,2162,8022,611

205,551203,191201,034

16,57523,83420,52319,17818, 454

17, 71919,56921,51316,56520,023

32,21040,92035, 77136,39342,774

10,20318,03315,39914,74220,864

38,010 I 210,91736,926 ! 202,416

38,10644,38746.21033,47243,860



RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, DECEMBER 24, 1924, TOJANUARY 21, 1925—Continued

RESOURCES—Continued[In thousands of dollars]

Gold and gold certi-ficates held by-banks :


Total gold reserves:Dec. 24Dec. 31Jan. 7Jan.14Jan. 21

Reserves other thangold:

Dec. 24Dec. 31Jan. 7Jan.14Jan.21

Total reserves:Dec. 24...Dec. 31Jan. 7 . . .Jan. 14.Jan. 21

Nonreserve cash:Dec. 24Dec. 31Jan. 7Jan. 14Jan. 21

Bills discounted:Secured by U.S.

Governmentobligations-

Dec. 24.Dec. 31Jan. 7Jan. 14Jan. 21

Other bills dis-counted—


Total bills dis-counted:


Bills bought in openmarket:

Dec. 24Dec. 31Jan. 7Jan. 14Jan. 21.

U. S. Governmentsecurities:

Bonds-Dec. 24Dec. 31Jan. 7Jan. 14....Jan. 21

Treasury notes-Dec. 24Dec. 31Jan.7Jan. 14..Jan. 21

Certificates ofindebtedness-

Dec. 24Dec. 31Jan.7Jan. 14Jan. 21....

Total

482,605513,518538,493559, 538557,014

2,912,8192,936,5332,950,9442,953,0352,944, 720

84,694110,521124,397138,664138, 715

2,997, 5133,047,0543,075,3413,091,6993,083,435

37,66862,56773,47978,64277,322

239,230186,840146,698141,281101,946

157,199127,288117,710120,478100,811

396,429314,128264,408261,759202, 757

389,574387,100340,978323,901306,176

74,75675, 26575,50578,54074,947

342,552349,354342,533332,168292,307

120, 571115,54177,99176,21456,210

Boston

17,93818,42219,35519,41519,339

232,489220,100225,323225,028234, 978

9,55313,74014,62714,34412,948

242,042233,840239, 950239,372247,926

3,3755,5436,2005,7014,124

18,72315,21712,17211,47110,829

11,20713,7777,4637,1354,960

29,93028,99419,63518,60615,789

59,65563,88955,97649,09544,031

2,4722,4722,4722,4722,472

22,36023,72722,27222,62718,688

10,57710,4617,5957,2476,021

NewYork

265,781277,263289, 645294,146287,981

930,930959,602986,596970,018946, 758

18,60021,86824,63529,64230,926

949,530981,470

1,011,231999,660977,684

11,54518,51723,03224,78427,881

103,10568,74544,44263,29930,039

31,05212,5778,915

24,4089,640

134,15781,32253,35787,70739,679

104,743101,82366, 56771,84862,279

12,38512,44012,44012,44012,440

117,793120,495117,716114,85898,709

39,16636,96323,18922,84614,940

Phila-delphia

24,81727,71328,17327,13127,034

225,068231,567229,210228,748225,231

3,3164,9945,6775,6815,647

228,384236,561234,887234,429230,878

1,0381,7311,9802,1652,131

37,60127,41117,84618,15317,465

9,7468,8735,7765,4615,227

47,34736,28423,62223,61422,692

18, 72218,27618,13016,46816,887

1,3451,3451,3451,3451,345

23,98824,12724,01623,59722,607

4,5564,4173,3853,2482,768

Cleve-land

18,39421,40723,28423,39824,746

255,280228,880230, 591247,652244,476

6,8569,365

10,53511,24311,450

262,136238,245241,126258,895255,926

2,0065,9345,9016,3376,049

27,57929,24831,00116,96213,137

18,45412,82514,76412,46011,805

46,03342,07345,76529,42224,942

41,66841,21741,31439, 75039,313

11,12611,12611,12611,12611,126

33,35733,85833,46932,00728,451

15, 56715,06611,35910,8679,137

Rich-mond

18,95419,66220,42420,99421,393

128,531119,677115,107117,945115,227

3,5085,8096,4437,0216,865

132,039125,486121,550124,966122,092

1,6803,4984,9435,0924,164

11,47411,9488,1496,4645,256

21,91021,60021,83619,27618,546

33,38433.54829,98525,74023,802

1,3611,4861,2971,3131,025

1,3401,3401,3401,3401,340

2,4272,4642,4342,3222,057

844807531494365

Atlanta

7,9288,3908,5839,2189,667

171,380167,151162,993162,282165,356

6,6179,1679,923

11,90912,472

177,997176,318172,916174,191177,828

2,6434,7015,7806,2555,319

1,6661,3292,4902,4761,124

18,14914,74115,98412,83212,211

19,81516,07018,47415,30813,335

9,9789,2028,3067,1845,476

1,5841,564

7351,6781,599

1,3351,349

9311,2991,196

886872529755708

Chicago

76,92387,98095,624

110,839111, 821

354,190367, 376368,217378,510374,298

10,68915,57617,07319,41318,971

364,879382,952385,290397,923393,269

6,1359,266

11,08212,64012,097

24,45619,37916,15616,07115,592

20,70518,44519,63917,52816,741

45,16137,82435, 79533,59932,333

35, 76033,88232, 66228,98731,509

19,02219,49419,46119,46119,461

45,85246,55645,99243,87838,875

15,02414,3209,1059,8236,123

St.Louis

7,7848,1658,6218,5899,259

83,68191,86389,59186,72986,223

9,22011,70015,21117,69417,963

92,901103,563104,802104,423104,186

2,3073,3874,0434,5294,631

5,3615,3034,5654,0114,293

6,5064,8274,3593,9593,966

11,86710,1308,9247,9708,259

21,07821,39121,12420,09520,509

1,2641,2641,2631,2631,264

11,00611,17111,03910, 5449,372

2,8182,6531,4321,270

701

Minne-apolis

5,6445,8675,6576,2056,197

97,56899,872

101,38097,726

100,917

1,3201,6081,9282,3272,158

98,888101,480103,308100,053103,075

5881,027

9521,214

839

202229695530110

4,1734,2234,0393,7534,086

4,3754,4524,7344,2834,196

158888

8,9188,8568,913

10,9979,073

12,99313,14513,01312,39710,957

3,9883,7872,2922,0931,396

KansasCity

2,7122.8983,9694,1264,383

101,410109,919105 469105,779111, 996

3,2493,9644,1424,5804,282

104,659113,883109,611110,359116,278

2,0332,7223,1743,0452,899

881727992839968

4,6234,2494,1604,1384,199

5,5044,9765,1524,9775,167

16,16515,66115,44814, 08113,243

8,9038,9119,5129,5177,925

17,93518,18217,99017,30415,561

6,5346,2884,4724,2313,384

Dallas

8.8459,0659,2929,5869,794

61,75066,26263,35762,33867,584

8,2228,9489,2899,7239,702

69,97275,21072,64672,06177,286

1,4532,5082,5913,0252,795

467246345218198

3,4802,4673,0852,7012,797

3,9472,7133,4302,9192,995

26,08326,19725,83824,32422,313

3,2203,2733,7183,7183,718

16,73416,99816,78715,99314,116

5,4205,2263,1992,9392,027

SanFran-cisco

26,88526,68625,86625,89125,400

270,542274,264273,110270,280271, 676

3,5443,7824,9145,0875,331

274,086278,046278,024275,367277,007

2,8653,7333,8013,8554,393

7,7157,0587,845

7872,935

7,1948,6847,6906,8276,633

14,90915,74215,5357,6149,568

54,34654,06854,30850,74849,583

3,1773,1803,1803,1833,184

36,77237,28236,87435,34231,718

15,19114,68110,90310,4018,640



RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, DECEMBER 24, 1924, TOJANUARY 21, 1925—Continued

RESOURCES—Continued[In thousands of dollars]

Total U. S. Govern-ment securities:

Dec. 24Dec. 31Jan. 7Jan. 14. __Jan. 21

Foreign loans on gold:Dec. 24Dee. 31Jan. 7Jan.14Jan.21.

All other earningassets:

Dec. 24. . .Dec. 31Jan.7___Jan.14Jan. 21

Total earning assets:Dec. 24 . . . .Dec. 31Jan. 7Jan.14.Jan. 21

Wncollected items:Dec. 24 _.Dec. 31Jan. 7Jan. 14 . . ._Jan. 21

Bank premises:Dec. 24. . .Dec. 31Jan. 7Jan .14 . - .Jan. 21

All other resources:Dec. 24..Dec. 3 1 . . .Jan. 7Jan.14Jan.21

Total resources:Dec. 24Dec. 31Jan. 7.Jan. 14Jan. 21

Total

537,879540,160496,029486,922423,464

6,0006,0006,0006,000

10,500

2,0502,0502,5502,5592,559

1,331,9321,249,4381,109,9651,081,141

945,456

674, 514656,197702,909697,611626,914

61,81957,59857,59557,66957,902

23,82723, 52624,04925,01024,604

5,127,2735,096,3805,043, 3385,031, 7724,815,633

Boston

35,40936,66032,33932, 34627,181

124,994129,543107,950100,04787,001

55,46760, 63560,25966, 05356,986

4,3124,1904,1904,1904,190

201180231191186

430,391433,931418,780415,554400,413

NewYork

169,344169,898153,345150,144126,089

1,7461,7461,7461,7463,055

409,990354, 789275,015311,445231,102

146,322156,377162,464168,686140,900

17,45216,24316,24316,23416, 250

8,4628,6578,6468,7168,132

1,543,3011,536,0531,496,6311,529, 5251,401,949

Phila-delphia

29,88929,88928, 74628,19026, 720

582582582582

1,032

1,5501,5502,0502,0502,050

98,09086, 58173,13070,90469,381

58,96759,47362,11362, 72758, 524

1,1141,1141,1141,1141,114

226203254280289

387,819385,663373,478371,619362,317

Cleve-land

i

i60, 05060,05055,954 j54,00048, 714

702702702702

1,220

148,453144,042143,735123,874114,189

62,17356,12759, 64259,70957,372

9,1297,5737,5737,5737,573

358333371380393

484,255452, 254458,348456, 768441, 502

Rich-mond

4,6114,6114,3054,1563,762

342342342342603

39,69839,98735,92931,55129,192

57,59554,29659,78757,67752,099

2,5282,4462,4462,4462,446

355353394446598

233,895226,066225,049222,178210,591

Atlanta

3,8053,7852,1953,7323,503

264264264264462

33,86229,32129,23926,48822,776

32,22727,95035,20431,84729,768

2,8752,7802,7802,7802,780

2,2521,7751,7682,0432,118

251,856242,845247,687243,604240,589

Chicago

79,89880,37074,55873,16264,459

894894894894

1,564

161,713152,970143,909136,642129,865

88,88481,58884,05083,27577,044

8,2648,0998,0998,0998,099

1,2721,5561,8582,0062,065

631,147636,431634,288640,585622,439

St.Louis

15,08815,08813, 73413, 07711,337

294294294294519

48,32746,90344,07641,43640,624

42,30435,99441,40737,24135,218

3,1703,1763,1823,1863,384

333306314316317

189,342193,329197,824191,131188,360

Minne-apolis

25,89925, 78824, 21825,48721, 426

216216216216374

99

30,50530,46429,17630,00326,013

16,25213,94215,04614,02513, 651

3,2062,9012,9012,9672,981

3,5863,4953,4993,5063,404

153,025153,309154,882151,768149,963

KansasCity

33,37233,38131, 97431, 05226,870

276276276276474

500500500500500

55,81754, 79453,35050,88646,254

44,08542,97544,37040, 59439, 756

4,5973,9683,9683,9823,988

769733703696675

211,960219,075215,176209,562209,850

Dallas

25,37425,49723,70422, 65019,861

228228228228399

55,63254,63553,20050,12145,568

30,96530,99935,96133,45528,996

1,9121,8331,8331,8331,833

1,8361,7931,8591,8181,846

161,770166,978168,090162,313158,324

SanFran-cisco

55,14055,14350,95748,92643, 542

456456456456798

124,851125,409=121,256107, 744103,491

39,27335,84142,60642,32236,600

3,2603,2753,2663,2653,264

4,1774,1424,1524,6124,581

448,512450,446453,105437,165429,336

„ LIABILITIES

Federal reserve notesin actual circula-tion:

Dec. 24Dec. 31Jan. 7 . _ . . ; .Jan. 14Jan. 21

Deposits:Member bank

r e s e r v e ac-coun t -


Government-Dec. 24Dec. 31Jan.7Jan.14.__.Jan. 2 1 . . . .

Other deposits-Dec. 24Dec. 31Jan. 7Jan.14.._Jan.21.._

1,941,7471,862,0621,805,3831, 737,9771, "" "

2, 222,8702,220,4362,247,7452,256,4912,140,611

58,07151,19726.04030,56331,146

30,24339,03542, 74843,28644,339

215,824207,389197 298186 437

137,028140,102139,462138,669136,636

5,6413,8561,4511,604772

21084358216157

394,825387,353374,478350,073342,054

903,165

878,284909, 271807,726

16,60916,9049,0698,96212,538

20,71228,19530,95132, 03332, 344

182,315168, 737159,267155,883148,427

122,882129, 677129,598127,416128,183

3,3202,1521,1872,2591,659

310806322649767

217,541198,515193,460189,398180,497

175,196163,019176,633 !

173,740170,215

5,5614,2031,1042,198538

8591,1231,4741,2201,311

94,05887,57983, 72179,92478,272

65,06066,29566,86067,43065,645

5,4482,455

7602,5431,002

152340129185303

147,823142,879140,314137,912138,887

65,62062,89767,68366,78966,895

5,1693,7571,6051,7462,103

119124148169261

201,598196, 529192,163188,750186,460

315,207312,395321,704326,195316,088

5,3906,1732,6331,7351,991

1,1491,6151,7911,2871,504

59,11357,81356,63755,62454,640

76,85780,51183,65981,10680,217

3,2882,4682,0391,6872,128

624671

1,3541,349775

73,57471,76170,62258,62567,636

53,59155,96757,81256,98956,553

1,2321,6361,2021,1111,372

444422508438443

74,68172,83671,53669,34468,281

89,37392,69290,12086,78588,536

8792,2911,8052,3192,022

1,034614670778

1,120

58,35755,64154,02051,72950,181

59,79565,82865,22262, 23863,890

2,6011,665

8551,4681,929

209224173165239

222,038215,030211,867204,278199,395

159,096167,192170,708159,863160,027

2,9333,6372,3302,9313,092

4,4214,8174,8704,7975,115



^RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, DECEMBER 24, 1924, TOJANUARY 21, 1925—Continued

LI ABILITIES—Continuedfin thousands of dollars!

Total

2,311,1842,310, 6682,316,5332,330,3402, 216, 096

Total deposits:Dec. 24. . .Dec. 31 . .Jan. 7Jan. 14Jan. 21

Deferred availabilityitems:


Capital paid in:Dec. 24 | 112,026Dec. 31 i 112,038

I 526,992584, 716581, 799623, 681561,045

Jan. 7_Jan.14Jan. 21... .

: Surplus:Dec. 24____Dec. 31Jan. 7Jan. 14Jan. 21

All other liabilities:Dec. 24Dec. 31.Jan. 7 .__Jan. 14Jan. 21 _

Total liabilities:Dec. 24Dec. 3 1 -Jan. 7Jan. 14Jan.21MEMORANDA

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


•Contingent liabilityon bills purchasedfor foreign corre-spondents:

Dec. 24Dec.31Jan. 7. __Jan. 14Jan. 21

112, 228112,193112,187

220,915217,837217,837217,837217,837

14,4099,0599,5589,7449,840

5,127,2735, 096,3805, 043,3385,031, 7724, 815,633

Boston !

142,879144,042141,271140,489137, 565

46,717 i57,905 j55,57463,964 !54,306 i

7,980 |7,980 i8,004 !8,004 I8,004 1

NewYork

940,486

16, 39016,38216,38216,38216,382

601233251278258

I

430,391433,931418,780415, 554400, 413

918,304950, 266852, 608

115,109129,055113,094138, 273116,364

30,14930,16730,16730,16730,167

59,92958, 74958,74958, 74958, 749

2,8031,7691,8391,9972,007

Phila-delphia

1,543,3011,536,0531,496,6311, 529,5251,401,949

126,512132, 635131,107130,324130,609

47,96453,50152,36054,70952,526

10, 51810, 51810, 52210, 51010, 510

19,92720,05920,05920,05920,059

583123163134186

Cleve-land

181,616168,345179,211177,158172,064

47,19649,46049, 65954,13752,868

12, 75612, 75612, 74612, 74612, 746

23,69122,46222,46222,46222,462

1,455716810867865

Rich-mond

67.566.570.973.277. 1

71.174.678.276.981.8

12,42612,42113,04214,55713,804

387,819385,663373,478371,619362, 317

74.078.580.981.982.7

4,1444,1404,4684,9734,729

484,255452,254458,348456, 768441, 502

65.764.964.770.672.6

4,9994,9945,1385,7195,438

70,66069,09067, 74970,15866,950

50, 71051,20555,35653, 91247,168

5,9005,9005,9005,9005,901

11, 67211, 70111, 70111, 70111, 701

895591622583599

233,895226, 066225, 049222,178210, 591

80.280.180.283.384.1

2,4352,4332,5912,8842,743

Atlanta

70,90866, 77869,43668,70469, 259

18, 25019,02323, 75422, 80718, 301

4,5644,5644,5624,5764,576

8,9508,9508,9508,9508,950

1,361651671655616

251,856242,845247,687243,604240, 589

81.484.182.484.385.4

Chicago

321, 746320,183326,128329, 217

St.Louis

80, 76983, 65087,05284,142

319,583 i 83,120

60,31772, 786

75, 390 j69,150 i

15,18615,17215, 35815, 35815, 358

30,42630,42630,42630,42630,426

1,8741,3351,4091,4441,462

631,147636,431634,288640, 585622,439

69.774.174.376.877.7

33, 72536,37738, 63335,88535,133

5,1295,1295,1295,0905,090

10,0729,9719,9719,9719,971

534389402 !419406

Minne- j Kansasapolis City j

55,26758,025 !59,52258,53858,368

12,013 i11,883 j13,084 I12,938 !12,288 |

3,2703,2703,2703, 2713,272

7,4847,4977,4977,4977,497

1.417'873887899902

189, 342193,329197,824191,131188, 360

66.473.272.974.775.6

153, 025153,309154,882151, 768149, 963

9161,8781,9662,1882,081

6,6,6,7,7,

366360657410046

2,0942,0912,2342,4872,364

78.279.478.781.8

1,5381,5371,5641,7411,655

91,28695, 59792, 59589,88291, 678

31, 50936,91637,30036, 60736,140

4,3384,3384,3334, 3334,332

9, 4968,977 !8,977 !8,977 '8,977

650411435419442

Dallas

62,60567, 71766, 25063,87166, 058

28,18031, 21935,37134, 23729,638

4,1304,1314,1314,1314,128

7, 5777,5927,5927, 5927,592

921678726753727

211,960 ! 161,770219,075 I 166,978215,176 I 168, 090209, 562 162, 313209,850 158,324

63.167.666.869.372.7

1,9651,9631,9662,1882,081

SanFran-cisco

166,450175, 646177,908167, 591168, 234

35,30235,29638,81040,82237,163

8,1068,1138,1068,1078,103

15,30115,07115,07115, 07115,071

1,3151,2901,3431,2961,370

57.861.060.462.366.5

1,6241,6221,6981,8901,797

448, 512450,446453,105437,165429,336

70.671.271.374.075.3

3,2473,2443,3963,7803,594

MATURITY DISTRIBUTION OF BILLS, MUNICIPAL WARRANTS, AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12FEDERAL RESERVE BANKS COMBINED

Bills discounted:Dec. 24Dec. 31Jan. 7Jan. 14Jan. 21

Bills bought in open market:Dec. 24Dec. 31Jan. 7Jan. 14 _Jan. 21

United States certificates of indebtedness:Dec. 24Dec. 31 , . . . .Jan. 7Jan. 14Jan. 21

Municipal warrants:Jan. 14Jan. 21

Total

396,429314,128264,408261,759202, 757

389,574387,100340,978323,901306,176

120,571115,54177,99176,21456,210.

Within 15days

313,715241,603185,841188,207133,962

101, 937117,57688,656

100,71792,896

341240

1,485

16 to 30days

22,98818, 33520,22018,38516,734

70,54875,19276,288 J64,478 I66,104 I

31 to 60days

61 to 90days

30,116 I26,413 |29,211 !28,381

114,184111,099114,313116, 636108,240

30262

18,98917,34318, 78916,50114,931

90,04671, 57651,83033,23731,355

18, 01213,0122,772

240

From 91days to 6months

9,8419,5419,4209,2769,138

12,85911, 6579,8918,8337,581

I3,022 j3.022 ;

3.023 i3,023 !3,022 i

Over 6months

780893927

1,0091,143

99,19699,26772,19671,40452,886



FEDERAL RESERVE NOTES

FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, DECEMBER 24, 1924, TO JANUARY 21, 1925


Total Boston NewYork

Phila-delphia

249,690247, 664246,020241,490243, 715

32,00032,00041,40041,40046,800

217, 690215, 664204, 620200,090196, 915

6,0006,0006,0006,0006,000

11,87314,84813, 20313, 6749,898

152,389147,389149, 389146,389147,389

47,42847,42736,02834,02733, 628

3,1685,4711,545

5761,065

Cleve-land

281,403279, 779277,457273,470270,865

48,27049,17056, 65057,75066,600

233,133230,609220,807215, 720204,265

8,7808,7808,7808,7808,780

13, 31011,68613,36411,37710, 772

150, 000145,000135,000150, 000150,000

61,04365,14363, 66345, 56334, 713

20,32315, 76321,93322, 51327, 271

Rich-mond

127,133127,102125, 996124,442122, 772

24,98425,88423,09523,09525,444

102,149101, 218102,901101,34797, 328

2,3204,3893,2821,7283,059

77,79574, 79574, 79579, 79576,795

22, 03422,03424, 82419, 82417,474

10,9869,6883,9827,0287,097

Atlanta

224, 702223,425222,419221,082223, 608

57, 57056, 59557,04558,45262, 213

167,132166,830165, 374162, 630161,395

3,5003,5003,5003,5003,500

9,5828,3066,8995,5624,288

132, 000131, 500132, 500132, 500137, 500

22, 05023, 52422,47521,06816,107

7,5801,5814,1571,2772,482

Chicago

467,060466,707464,538462,485459, 579

252,020253,020254, 038257,137258, 537

215,040213, 687210, 500205, 348201,042

5,2785,2655,2175,2025,159

185,644160,644160,645160,644160,645

24,11847, 77844,63839, 50235, 238

56, 55623,65723, 60822,84228, 331

St. ! Minne-Louis apolis

KansasCity Dallas

SanFran-cisco

Net amount of Fed-eral reserve notesreceived fromComptroller ofCurrency:

Dec. 24Dec. 31._ -- .Jan. 7Jan. 14Jan. 21

Federal reserve noteson hand:

Dec. 24Dec. 31.Jan. 7Jan. 14Jan. 21

Federal reserve notesoutstanding:


Collateral securityfor Federal reservenotes outstanding:

Gold and goldcertificates-

Dec. 24Dec. 31Jan.7Jan.14Jan. 21 _.

Gold redemp-tion fund-

Dec. 24.Dec. 31Jan. 7Jan.14.Jan. 21

Gold fund—Fed-eral ReserveBoard-


Eligible paper-Amount re-

quired—Dec. 24..Dec. 31..Jan. 7___Jan. 14.-Jan. 21. .

E x c e s sa m o u n theld—

Dec. 24_.Dec. 31..Jan. 7—Jan. 14..Jan. 21.-

3,195, 7223,181,4783,165,6603,131, 2163,113,354

942,488936, 517963, 658986, 504

1,013, 392

2,253,2342, 244,9612, 202,0022,144, 7122, 099,962

278,494279,494280,494281,449281,449

116,771114,918117, 533107, 875107,196

1,351,9531, 307,8941,331, 2401,354, 9261, 356, 077

506, 016542, 655472, 735402, 596357, 552

236,849126,138111, 484164,140127,936

289,256286,252282, 922277, 759271, 590

49, 75045,15049,35062,60069,050

239, 506241,102233, 572215,159202, 540

35, 30035,30035,30035, 30035, 300

14, 07011, 06517,73612, 57216,403

864, 734860,058855,253845, 515843,121

334,940331,940331,940331,940329, 540

529, 794528,118523,313513, 575513, 581

188, 531188, 531188, 531188, 531188, 531

29,84329,77629,73229,66929, 584

118,000 ! 166,000118,000 166,000112,000 ! 206,000112,000 l 206,000102,000 ! 226,000

72,13676, 73768, 53655, 287

17,44916,1467,07512,41410,983

145,420143, 81199, 05089,37569,466

75, 60716, 0409,49859, 81718,145

91,43690, 26089, 79589, 21988,188

25,50025, 66025, 66025, 66025, 660

65,93664,60064,13563, 55962,528

8,7759,77510, 77511, 77511, 775

3,9922,8153,3503,7743,744

44,00044,00043,00040,00039,000

9,1698,0107,0108,0108,009

23, 74523,48422,98719,96320, 600

89,97689,82989,45588,80288,463

13,04914,99315,72516,93517,113

76,92774,83673,73071,86771,350

13,05213,05213,05213,05213,052

1,302976

1,1021,4491,110

59, 50059,50059,50059, 50059, 500

3,0731,308

76

107,956108,392107,363106, 640105,255

26,95326,75326, 75328,91328,913

81,00381,63980,61077,72776,342

5012,3423,9213,6213,649

3,6805,1154,0863,3633,978

58,36058,36058,36058,36056, 360

18,96318,16418,16416,00416, 004

2,6502,4122,3842,9952,335

79,48378,87478, 03977,37376, 529

15,15215,15216,80217,42218,322

64,33163,72261,23759,95158, 207

14, 55614,55614,55614, 51114, 511

4,7384,1303,2953,6283,784

21, 50018, 50018,50017, 50016,500

23, 53726,536

24,31223,412

6,2782,1824,2532,8071,794

322,893323,136326,403322,939319,669

62,30060,20065,20065,20065,200

260, 593262,936261,203257, 739254,469

16,78316, 54716,26715, 87715,417

186, 765184, 206181, 551192, 238184,388

57,04562,18363,38549,62454,664

12,0067,3726,1418,2874,184


132 FEDERAL RESERVE BULLETIN FEBRUARY,1925

EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGSTHEREON, DECEMBER, 1924


HOLDINGS ON DEC. 31,1924

Total earnings assets

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

Bills Discounted

Customers' paper secured byGovernment obligations

Member bank collateral notes:Secured by Government obli-

gationsOtherwise secured

Commercial paper, n. e. sAgricultural paperLivestock paperTrade acceptances—domestic

Total discounted bills

Bills Bought

Bankers acceptances based on—ImportsExportsDomestic transactionsDollar exchangeAll other

Trade acceptances—foreign, im-ports

Total purchased bills _.

Purchased Bankers' Acceptances,by Classes of Acceptors

National banksOther member banks.Nonmember banks and banking

corporationsPrivate banksForeign banks and their branches

and agencies

United States securities

United States bonds .Treasury notes _Certiflcates of indebtedness.

Total U. S. securities

DAILY AVERAGE HOLDINGSDURING DECEMBER

Total earnings assets *Bills discountedBills boughtUnited States securities

EARNINGS DURING DE-CEMBER

Total earnings assets l .Bills discountedBills boughtUnited States securities... _.

ANNUAL RATE OF EARN-INGS

Total earnings assets 1

Bills discountedBills boughtUnited States securities

Total

1,249,438

314,128387,100540,160

6,0002,050

1,276

185, 56521,84872,91526,0973,0743,353

314,128

136,839147,78194,556

6,882815

227

387,100

134,291123,495

60, 97839,908

28, 201

75, 265349,354115, 541

540,160

1,220,706301, 716356, 613554, 587

3,285919744

1,600

3.173.592.463.39

Boston

129, 543

28,99463,88936, 660

160

15 057

12,764953

159

28,994

23,54220,39419,510

443

63,889

27, 37914,673

14,1005,902

1,835

2,47223, 72710,461

36, 660

112,36821,39155, 57635,401

28064

114102

2.943.512.423.40

NewYork

354,789

81, 32201,823

169,8981,746

20

68,7255,6516,368

400

158

81,322

30, 24439,94427, 5173,076

815

227

101,823

34, 62030,485

15,10910,977

10,405

12,440120,49536,963

169,898

365,81375,495

101,877186,808

929193215517

2.993.002.493.26

Phila-delphia

86,581

36,28418, 27629,889

5821,550

27,4114,0224,203

5491881

36, 284

5,3228,3494,369

236

18, 276

7,7775,250

3,2531,506

490

1,34524,1274,417

29, 889

88,30436,75119, 58629,830

25510939

101

3.403.502.363.97

Cleve-land

144,042

42, 07341,21760, 050

702

504

28,7442,1968,913

822176718

42,073

20, 57013,9876,284

376

41,217

10,44511,163

6,5887,884

5,137

11,12633,85815, 066

60, 050

136, 64340,26236,17559, 527

36612075

169

3.153.502.463.34

Rich-mond

39,987

33,5481,4864,611

342

262

11, 6863,341

14, 2343,542

21462

33,548

25201

1, 260

1,486

25

1,461

1,3402,464

807

4,611

34,51828,819

7844,595

113982

12

3.874.003.043.25

Atlanta

29,321

16,0709,2023,785

264

70

1,2591,253

10,7122,358

22396

16,070

5476,5902,065

9,202

2,4503,428

3,22546

53

1,5641,349

872

3,785

33,82920,8988,8263,858

106732111

3.584.002.693.34

Chicago

152,970

37,82433,88280, 370

894

14

19, 36561

8,7199,041

624

37,824

10,48910,48412,204

705

33,882

14,96817,090

1,490270

64

19,49446, 55614,320

80,370

150,87439,89230, 22079, 868

44213663

241

3.454.002.453.56

St.Louis

46,903

10,13021,39115,088

294

170

5,] 342

2,3881,657

155624

10,130

7,2849,1684,492

447

21, 391

8,0798,988

1,980545

1,799

1,26411,1712,653

15,088

44,93412,04817,65914,952

120413741

3.164.022.473.27

Minne-apolis

30,464

4,4528

25,788216

229214355

3,464190

4,452

8

8

8

8,85613,1453,787

25,788

31,3285, 075

11425,930

10018

81

3.764.272.283.67

KansasCity

54,794

4,97615, 66133, 381

276500

24

703

5721,7971,880

4,976

5,5017,1522,830

178

15, 661

4,3486,121

2,2931,353

1,546

8,91118,1826,288

33,381

54, 6795,715

14,74533,477

1532030

101

3.304.012.433.57

Dallas

54,635

2,71326,19725,497

228

45

201649

1,401268144

5

2,713

9,43010, 3025,955

510

26,197

7,6578,973

3,8603,610

2,097

3,27316,9985,226

25,497

51,7113,637

22, 61125, 250

131124771

2.994.012.453.30

SanFran-cisco

125,409

15,74254,06855,143

456

7

7,0514,4592,2861,246

467226

15,742

23,87721,2108,070

911

54, 068

16,54317,316

7,6197,815

4,775

3,18037, 28214, 681

55,143

115,70511, 73348,44055,091

29035

101153

2.953.512.463.26

1 Includes foreign loans on gold, and Federal intermediate credit bank debentures.2 Less than $500.



DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKSFOR DECEMBER, 1924


Total BostonNewYork

Phila-delphia

Cleve-land

Rich-mond Atlanta Chicago St.

LouisMinne-apolis

KansasCity Dallas

SanFran-

Volume of OperationsTotal discount and open market

operations

Bills discounted for memberbanks

Bills bought in open marketU. S. securities bought in open

marketForeign loans on gold __

Bills DiscountedCustomers' paper secured by

Government obligationsMember bank collateral notes:

Secured by Governmentobligations

Otherwise securedCommercial paper, n. e. sAgricultural paperLivestock paperDemand and sight drafts (based

on agricultural products)Trade acceptances—domestic._.

Total bills discountedAverage rate (365-day basis)—

per centAverage maturity (in days)Total reduced to a common

maturity basis (exclusive ofdemand and sight drafts)

Per cent, of total. __Number of member banks on

December 31Number of banks accommo-

dated during the monthPer cent accommodated

Bills Bought in Open MarketBankers' acceptances:

ForeignDomesticDollar exchange

Trade acceptances—foreign

Total bills bought

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

2Ys per cent2\i per cent2% per cent2lA per cent2Y% per cent

2J4 per cent3 per cent. -dSi per centV/i per cent3 ^ per cent3/ 2 per cent3& per cent3% per cent3i£ per cent4 per cent

Average rate (365-day basis)—per cent._

Average matur i ty (in days)Total , reduced to a common

maturi ty basisPer cent of total

,335,466 160,916 1,200,430 172,913 243,822 94,410 39,115 164,061 54,856 17,230 132,192 34,002 121, 519

1,483,126360,979

485,1116,000

100,865! 657,687162,709

378,2881,746

44,236

15, 815

163,518! 201,5675,341 24,944

3,472!582!

16, 609702

91,7031,486

879342

30,4977,073

1,281264

113,35527,218

22, 594894

34,70015,967

3, 895294

5,365

11, 649216

1,008

1,075,589274,413110,55513,2421,531

4,328!2,460 j

103;

64,2271

~35,~976i475i

6,

20

495,931152,384

8,906313

416

78

1,483,126 100,865

3.569.71

1,478,797100.0

9,680

2,78328.8

3.5010.05

104,4387.1

420

18042.9

253, 679102, 525

4,7158

30, 78513,411

40

360, 979 44, 236

3013,04115, 71445,97317, 658

161, 73015, 53886,140

1,853680

9858021

1382,289

2.7940.45

301,0904,334

10,350805

12,2433,242

11,880137723

50

360,979100.0

2.7153.34

58,32816.2

United States Securities Boughtin Open Market

United States bondsTreasury notesCertificates of indebtedness

Total United States se-curities bought

37,31895,892

351,901

1,4425,7048,669

485, 111 15,815

133

132,272 133,40527,167 57,389

3, 642 9,199340 i 260

62

29807

657, 68 163, 518

3.005.90

399,94927.0

36943.0

3.509.43

158, 85210.

35648.0

111,32748, 6112,713

58

3, 7041,507

130

162, 709 5, 341

5,7923,421

29,4145,087

62, 7411,004

54, 70534

237

332

1902,837

5441,514

15566

358021138

2.7721.95

88,29324.5

2.9162.70

8,2782.3

7,53762,457

308, 294

6011,3531,518

378,288 3,472

163

67, 55411,07010,6142,058

6

238

56

4,0894,536

19,7271,457

17

275340

102,336343

5,7204,861

94

168

18,105675

12,41297537

1,799529

3,465330472986

9,79810,576

11,292276

8,09018,403

7,281228

65,98143,026

12,056456

7,834

330586

111! 1,019

45

1,1012,6412,104

4360

2,096

201, 567 91, 703 30,497 113,355 34,700 5,365j 9,7981 8,090

3.507.59

157, 55910.

872

31836.5

4.0011.20

105, 7987.2

624

24639.4

4.0039.38

122,6198.3

516

21842.2

4.0016.29

190,23412.9

1,419

52537.0

4.0028.36

96,1426.5

628

1931.4

4.0046.59

4.0031.25

25,755 31,5521.7j 2.1

906 1,086

10011.01

11310.4

20,39'4,462

8J

2261,260

5,5681,505

13, 63013, 033

555

11,4874,130

350

8,4921,954

130

24, 944 1,486 7,073 27, 218 15,967

1,0501,529

8502,619

13, 7113,2831,631

148123

1,486

214415593250

2,812500

1,231840

1,7202,735

12,2491,7635,2261,369

970552455755

11, 639494

1,102

85

10, 576

617921477827

6,849264621

2.7964.39

39, 70511.0

3.0451.59

.5

2,289

3.1845.11

7,8882.2

6,0115,1735,425

150361368

629175477

16,609 879 1,281

2.8468.39

6,01612.7

2.7856.02

22,1136.1

3,6956,83912,060

6641,6001,631

22, 594

6,4742,3212,854

3,895 11, 649

2.7452.00

13, 5953.8

6,4752,3912,426

11, 292

4.0027.80

17,1661.2

838

374.4

14,8943,290

219

18,403

8521,275

6971,251

12,1981,276

84410

2.7651.06

23,2296.4

1,5832,5653,133

7,281

45,27017,8781,488

538210

129146

65, 9

3.5010.13

i8,7334.6

771

12416.1

33,1699,362

495

43, 026

1,2252,4241,3853,139

24,4513,1687,131

97

2.7848.55

51,63914.3

2,0574,9535,046

12,056

1 Includes $250,000 Federal intermediate credit bank debentures.



EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS

Gross earnings of the Federal reserve banksfor 1924 amounted to $38,340,000, or about 25per cent less than for 1923 or 1922. Thedecrease results from a decline of about one-fifth in the daily average holdings of earningassets and a decrease in the annual rate ofreturn on these assets from 4.33 per cent in1923 to 3.83 per cent in 1924. The averagedaily holdings of each class of earning assets,earnings thereon, and annual rates of earningsin 1924 as compared with the two precedingyears are shown in the following table:

HOLDINGS OF EARNING ASSETS, EARNINGS THERE-FROM, AND ANNUAL RATES OF EARNINGS


Daily average holdings:192219231924

Earnings:1922 ._19231924

Average rates of earn-ings (per cent):

192219231924 . . -

Billsdis-

counted

573,247738,114374,834

26,52332,95615,943

4.634.464.25

Billsboughtin theopen

market

159,207226,548172,428

5,6299,3715,710

3.544.143.31

UnitedStates

Govern-ment

securities

454,750185,823401,365

16,6827,444

14, 712

3.674.013.67

Other

6685

1,690

44

61

5.404.503.61

'Total

1,187,2701,150,570

950,317

i 48,838i 49,775i 36,426

4.114.333.83

i Exclusive of miscellaneous earnings amounting to $1,653,000 in 1922.$934,000 in 1923, and $1,914,000 in 1924.

Total current expenses in 1924, exclusive ofthose fiscal agency department expenses whichare reimbursable by the Treasury Department,amounted to $28,432,000, a reduction from thetotal for 1923 of about $1,340,000, or 43^ percent. Salaries paid to the clerical staff, whichmake up the largest single operating expense,amounted to $13,289,000 for the year, as

against $14,026,000 for the year before. As aconsequence of the larger decline in gross earn-ings than in operating expenses, current netearnings declined by more than one-half andamounted to $9,908,000 in 1924 as against$20,938,000 in 1923. Net deductions fromcurrent net earnings aggregated $6,190,000 andwere made chiefly for depreciation allowanceson bank premises, for furniture and equipment,and for reserves against probable losses onpaper held under discount for member banks.Net earnings available for dividends, surplus,and franchise taxes amounted to $3,718,000 forthe year as against $12,711,000 for 1923.Earnings of two of the reserve banks, Clevelandand Kansas City, were not sufficient to covercurrent expenses, depreciation charges, re-serves, etc., or any part of the dividendsaccrued during the year, while earnings of fourother banks, Boston, New York, St. Louis, andSan Francisco, though in excess of currentexpenses, depreciation charges, reserves, etc.,were not sufficient to meet the full amount ofdividend requirements, and as a result thesesix banks withdrew $3,266,000 from their sur-plus accounts built up in prior years. Of thesix Federal reserve banks whose earnings weresufficient to cover current expenses, deprecia-tion charges, reserves, and dividends, only fourhad an excess of earnings remaining after suchcharges. Of these, Philadelphia, Richmond,and Dallas transferred all of such balance,aggregating $175,732, to surplus account, whilethe Minneapolis bank transferred $12,628 tosurplus account and paid $113,646 to theUnited States Government as a franchise tax.Total dividend payments of all Federal reservebanks aggregated $6,682,496. The full state-ment of earnings and expenses of the Federalreserve banks for the year 1924 is given in thefollowing table:


EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1924

EARNINGS

Discounted billsPurchased billsUnited States securities. - .Deficient reserve penaltiesM i scellaneous

Total earnings

Total

$15, 942,8455, 709,809

14, 712, 593381,619

1, 593,583

38, 340,449

Boston

$783,450599,172

1,049,8414,576

121,977

2, 559,016

New York

$2, 613, 5661, 446,6934,165,856

24,974318, 261

8, 569, 350

Phila-delphia

$1,290,080408,409

1,136,3037,839

73, 215

2, 915,846

Cleve-land

$1,361,771670,338

1, 581, 94316,669

139,968

3, 770,689

Rich-mond

$1,905,11847, 787164, 55965,02627,750

2, 210, 240

Atlanta

$1, 532, 222234,196

85, 38840,72014, 595

1, 907,121

Chicago

$2,044,407705, 723

2,121,70839,910

290,421

5,202,169

St. Louis

$1,140,622141, 778352,65227,44125, 650

1, 688,143

Minne-apolis

$578,44784, 269

848,07040,17558,109

1, 609,070

KansasCity

$859,534158, 580947, 92936, 380260,487

2,262,910

Dallas

$531, 356630,682781,83852, 548161, 540

2,157,964

SanFrancisco

$1,302,272582,182

1,476, 50625,361

101, 610

3,487,931

CURRENT EXPENSES

Salaries:Bank officersClerical staffSpecial officers and watchmenAll other

Governors' conferencesFederal reserve agents' conferencesFederal Advisory CouncilDirectors' meetingsTraveling expenses iAssessments for Federal Reserve Board

expensesLegal feesInsurance (other than on currency and |

security shipments)Insurance on currency and security ship-

mentsTaxes on banking houseLight, heat, and powerRepairs and alterations, banking houseRent.Office and other suppliesPrinting and stationeryTelephone _*TelegraphPostageExpressageFederal reserve currency:

Original cost, including shippingcharges

Cost of redemption, including ship-ping charges

Taxes on Federal reserve bank-note cir-culation

All other expenses

Total current expenses 28,431,938

$2,524,70913, 288, 720

800,1501, 671, 718

5,8823,474

10, 550158, 709313,625

663, 24090, 798

400,199

561,971840, 761277,826157,464657,624492, 952585, 506200,436574,120

1, 727,581379,435

1,180,952

251,899

815610,822

$122,000894,00031,50490, 512

288276452

6,2356,416

48,6342,014

26, 590

72, 749105, 59320,4892,4923,913

21,48547,82819, 6098,086

172,85137,005

164,946

27, 818

!9, 716

1,973, 501

$479, 5423, 412,141

166,462371, 699

50498

55021,46027,660

179, 2017,115

58, 602

115,656116,64347, 2844,640

268, 687111,22778,25851,34665,413

270,17891,464

195,550

53,328

156,113

6,350,821

$129,833980, 591

59, 59591,117

267123343

7,56512,875

59, 9785,462

35,062

87,07722, 53821,92215,167

2,77444,12751,07725, 74120, 087

153, 51751,836

196,149

37, 567

41,446

2,153, 836

$225,0001,105,384

100,178231, 662

425189745

7,66922,434

72,33213, 526

44, 345

66,154163,22638, 53614, 65747,06448,04763,87014,12635,802

151, 67425,992

99, 618

26,351

45, 844

2, 664, 850

$169,190718,16343, 62868, 987

31066

3227,541

21, 684

35,009

1,588

23, 667

29,88741, 6679,7944,8696,800

26,25236,6635,380

38,889120,38427, 903

54,606

19, 532

25, 053

1, 537,834

$206, 719431,43037,18834,906

280405848

25,29020, 821

26, 8979,019

19, 742

28,45947,66713,4029,070

14, 69523,84829, 5185,045

79,42798,92421,169

28,409

3,892

29,942

1, 247, 012

$347,4781,818, 716

102,906271,471

383302914

8,44126, 222

91,1834,711

39, 714

58,859230,16641,24017,94148,14276,92481,12826,67559,305

213, 54650, 584

225,985

36, 556

66,944

3,946,436

$164,320716,421

41,145472379

1,2009,892

31, 741

30, 2131,221

18,178

17,3112,1123,1827,562

78,84921, 62230,3106,454

43,409118,221

12, 328

5,295

8,785

32,437

1,441, 348

$121,350429,493

25, 57667,148

566246

1,0879,052

52,454

21,86723,463

29,600

16,1751,5801,468

42643,39920,89138,0637,310

23,99874, 68310,093

6,796

1,738

36,645

1, 065,167

$161,144743,28675,182

153,548613267442

26, 27614,473

27,9729,348

36, 655

17,39473,66242,09369,30022,98626,30534,8677,760

67,709140,975

9,531

43,596

8,643

52,060

1,866,087

$142,120580,90236,817

102,323746345

1,0475,607

28,156

23,4852,717

25, 539

22,56732,79224,8929,7651,393

21,40423,04911,70950, 06288,13421,171

34,215

5,769

81534,121

1, 331, 662

$256,0131,458,193

82,825147,200

1,028778

2,60023,681

46,46910,614

42,505

3,11513, 5241,575

118,92250,82070,87519,28181,933

124,49420, 359

125, 787

21,920

50, 501

2,853, 384

e

w

1 Other than those connected with governors' and agents' conferences and meetings of directors and of the advisory council.

CO


EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1924—Continued

PROFIT AND LOSS ACCOUNT

CO

Earnings _.Current expenses

Current net earnings

Additions to current net earnings:Withdrawn from reserve for depre-

ciation on U. S. bondsAppreciation in foreign exchange on

balances held abroadAll other

Total additions - . .

Deductions from current net earnings:Depreciation allowances on bank

premises _. . _ _ .Reserve for probable lossesReserve for self-insuranceReserve for depreciation on U. S.

bondsFurniture and equipmentAll other

Total deductions

Net deductions from current net earnings.

Net earnings available for dividends, sur-plus, and franchise tax _ _

Dividends paidTransferred to surplus accountFranchise tax paid U. S. Government..Deficit in earnings after payment of divi-

dends, charged to surplus account

Total

$38,340,44928,431,938

9,908, 511

224,795

173,056175,357

573,208

4,034,7821,067, 259

105,197

12,8221,074, 591

468,888

6, 763, 539

6,190,331

3, 718,180

6,682, 496188, 360113, 646

3, 266,322

Boston

$2, 559,0161,973,501

585, 515

15,870

4,686

20, 556

122,048

11,6501,951

135,649

115,093

470, 422

477, 798

New York

$8, 569,3506,350,821

2, 218, 529

173,0563,184

176,240

910,440

55,197

536, 776275, 504

1, 777, 917

1, 601, 677

616,852

1, 796, 530

1

7, 376 1,179, 678

Phila-delphia

$2,915,8462,153, 836

762,010

20, 433

1,698

22,131

23, 30713, 742

37,049

14, 918

747,092

615,135131, 957

Cleve-land

$3, 770,6892, 664, 850

1,105,839

21, 612

18,385

39, 997

1, 509,445

102, 4667,078

1, 618, 989

1, 578, 992

i 473,153

756,152

1, 229, 305

Rich-mond

$2, 210,2401, 537,834

672, 406

2,006

2,006

82,114100,00050,000

52,8199,688

294, 621

292, 615

379, 791

351, 25128, 540

Atlanta

$1,907,1211, 247,012

660,109

2,067

12, 231

14, 298

94, 934285, 585

17,3213,911

401, 751

387,453

272, 656

272, 656

Chicago

$5,202,1693,946,436

1, 255, 733

40,679

40,679

165,197181, 674

12,82211,81815, 778

387, 289

346, 610

909,123

909,123

St. Louis

$1,688,1431,441,348

246,795

16, 264

16, 264

4,400

25, 92728, 795

59,122

' 42,858

203, 937

304, 976

101,039

Minne-apolis

$1,609,0701,065,167

543, 903

143,469

27,101

170, 570

310, 862

48,93825, 571

385,371

214,801

329,102

202,82812,628

113, 646

KansasCity

$2,262,9101,866,087

396,823

168

22, 524

22,692

628,468

36,4087,821

672,697

650,005

i 253,182

265, 697

518, 879

Dallas

$2,157,9641, 331,662

826, 302

21,176

26,063

47,239

79,119500,000

9,38520,013

608, 517

561,278

265,024

249,78915,235

SanFrancisco

$3,487,9312, 853,384

634, 547

536

536

127, 755

197, 77659,036

384, 567

384,031

250, 516

480, 561

230,045

1 Deficit in earnings before payment of dividends.

REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT

Expenditures during 1924:SalariesAll other .

Amounts reimbursable Jan. 1,1924 . . .

TotalReimbursements received during 1924

Balance reimbursable Jan. 1, 1925_.

$376,74267,125

126,650

570, 717544,890

25,827

$16, 5432,7754,149

23,46722, 564

903

$38, 42410,04518,198

66,66764, 205

2,462

$19,4391,7124,713

25,86424, 676

1,188

$48,12111,84819, 743

79, 71277,117

2,595

$22,8543,1006,260

32,21429, 969

2,245

$24,1753,6307,690

35,49533, 476

2,019

$54,4727,354

22, 655

84,48182,316

2,165

$28,3484,5318,104

40,98339,442

1,541

$41,06010,17111,453

62, 68459, 448

3,236

$37,4302,4988,416

48, 34444,815

3,529

$22, 6743,5164,068

30, 25828,336

1,922

$23,2026,145

11, 201

40, 54838, 526

2,022



CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES

PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICTO N WEDNESDAYS FROM DECEMBER 17, 1924, TO JANUARY 14, 1925


Number of reporting banks:Dec. 17 739Dec. 24 738Dec. 31 737!Jan. 7 736|Jan . 14 736i

Loans and discounts gross: ISecured by U. S. Gov-

e r n m e n t obliga-tions— |

Dec. 17 191,4491Dec. 24 . . 196,273!Dec. 31 194,974JJan. 7 186,332!Jan. 14 _ 175,619;

Secured b y stocks and !bonds— {

Dec. 17 4,606,869!

Dec. 24 4,641,014Dec. 31 4,667,760Jan . 7 . . 4,697,914Jan. 14 4,686,310

All other loans and dis-counts:

Dec. 17 8,190,603Dec. 24 8,185,530Dec. 31 8,205,684Jan. 7 8,222,019Jan . 14 8,260,685

Total loans and discounts:Dec. 17 12,988,921Dec. 24 13,022,817Dec. 31 13,068,418Jan. 7 13,106,265Jan. 14 13,122,614

U . S. pre-war bonds:Dec. 17 262,571Dec. 24 261,492Dec. 31 261,319Jan. 7 261,463Jan. 14 . . 260,311

U . S. Liberty bonds:Dec. 17 1,413,935Dec. 24 1,411,933Dec. 31 1,387,597Jan . 7 1,402,505Jan. 14 1,403,891

U. S. Treasury bonds:Dec. 17 364,475Dec. 2 4 . . . 369,737Dec. 31 361,515Jan. 7 372,931Jan. 14 378,424

U. S. Treasury notes:Dec. 17 517,454Dec. 24 523,186Dec. 31 501,588Jan. 7 514,136Jan. 14. _. _. 528,900

U . S . Treasury certificates:Dec. 17 154,058Dec. 24 _. 133,390Dec. 31 . 133,296Jan. 7 142,227Jan. 14 138,006

Other bonds, stocks, andsecurities:

Dec. 17 2,880,512Dec. 24 2,878,369Dec. 31 2,885,541Jan. 7 2,861,501Jan. 14 ._ 2,847,550

Total investments:Dec. 17 5,593,005Dec. 24 5,578,107Dec. 31 5,530,856Jan . 7 5,554,763Jan. 14 J 5,557,082

Total Boston

9,94710,09810,3969,9159,062

269, 681 , 156, 368272,924 2,189,109"",485 2,200,809

"12,214,821",176,107

291,299,413287, 585

648.455642, 797639.456

13,45813,45813,44613,44613,446

81,24881,16788,21786,33381,036

20,99218, 33212,41713,42417,656

9,7599,9949,6618,00818,432|

3,8871,7862,2811,7711,766

NewYork

108108108108108

73,60677,62271, 71965,64261,338

i 2, 588,279" ", 601,871> 2, 619,329

, 438 2,654, 747687, 653 2, 639, 556

928, 083 4,818,253925,819 4,868, 602941,337 4,948, 766 4,984,300 4,877;

t, 891,857[, 935,210" ^ 0 0 1

51,92552,52852, 52652,52752,875

643,171646,000634, 613632,449640,822

182,038179,316177,464174, 633173, 967

219,234230, 548209, 673234,461248,129

65,91959, 51965,34969,80368, 684

197, 868 1,138,091195,353 1,125,003195,2801,136,153194, 230 1,116, 885193, 056 1,110, 253

327, 212 2,300,378320,090'2,292,914321,302 2,275, 778317, 212 2,280, 758315, 392 2,294, 730

Phila-delphia

10, 74811,15011, 26610, 91210, 572

306, 395308,203306,818

317,301

366, 731364,495355,161356, 897358,692

683,874 1683,848 1673,""674,686, 565 1

10, 67510,67510,67210.67110, 671

53, 57052.67252, 73352,83150,990

26,23027,04"27,01627,17927,806

20, 53220, 71220, 50120, 58420, 578

7,6697,4817,5267,5227,452

254,199255, 784256, 720255, 544253, 306

372,875374,371375,168374,331370, 803

Cleve-land

18,19018, 91422,44619, 37219,966

407, 349409,185410,397404, 265415, 658

721, 968721, 205715,446716, 387725,356

, 147,507, 149,304, 148, 289, 140, 024

45, 53!45,17945,10145,45045,425

192,272192, 534175,557185, 712185,399

22,23925, 33620, 58524,08625, 306

58, 41458,17755,18355,84155, 670

12,9689,2196,7148,1738,102

344,574344, 739343,992347, 586345, 706

675,999675,184647,132666,848665, 608

Rich-mond

6,7986,8357,224

6,346

122, 253122, 004122,282124,371126,884

343, 782345, 013346,383348, 661343,079

472,833473,852475,889479,960476,309

25,98325,93825, 73325, 73324, 715

35,41836,24336,91636,37337,004

4,5804,3425,0054,2134,055

2,7342,6552,7342,643

431364400432432

64,86064,93764,87464,98462,050

134,141134, 558135, 583134,469130, 899

At-lanta

36

9,0207,7257,6927,5997,552

64, 77766, 02166,48969, 23270, 024

383,197 1.380,169 1384, r - - 1

379,1371,425 1,

!, 915 1), 134 1i, 881 1

456,994 1453,459,455,449, 001

15, 04115,04115,00115,00214,898

10,45310, 51910,19111,54811,170

2,5631,1122,3682,3642,378

2,3373,7622,1582,0782,590

2,1922,1442,1443,1442,037

42,07941, 94043,46342,20f41, 513

74, 66574,51875,32576,34174,586

Chicago

101100100100100

31,51432, 01730,42133, 23230, 206

676,143671, 977666,132671,592

, 215,896, 207, 628,219,403,218,150,228, 286

., 923,553, 911,622., 915,956, 922,9741, 940,761

22,20721,83221,83721,69321,697

168,748164, 930162,616162,835165,057

41, 68941,49640,10045,53047, 387

112, 356105,600111,380102,225101, 600

18,97519,17716,21118,80917, 511

422, 724427,495419,300415,630417, 746

780,530771,444766,722770,998

St.Louis

33

10,64910,88011,80611, 64610, 802

174, 532176,245177, 592178,161181,210

316,749310, 533310, 315307,941309,078

501, 930497,658499, 713497, 748501, 090

14,35714,35714,34114,34114,341

25,95127, 75127, 20726,50427,455

5,8855,7445,7825,5646,284

12,21010,95610,96511, 76812,098

2,7682,2792,0252,1831,872

101, 585102,905103,409105,024103,400

162,756163,992163,729165,384165,450

Minne-apolis

2,8993,1053,8393,9042,857

59, 54656,78354,96154,05754,037

216,357213,885213,114213,492214, 581

278,802273, 773271,914271,453271,475

8,4868,4868,4818,4818,481

26,89727,14627,09427,01126, 580

9,9419,8609,3539,4149,410

19,02519,00919,47418.97218.973

6,5846,5786,5206,3206,320

37,04137,09837,16336,78436,880

107,974108,177108,085106,982106,644

Kan-sas

City

4,3964,3874,4614,3574,250

92,93195,25093,928

97,439

332, 207336,540337,976332, 586333,359

429, 534436,177436,365435,039435, 048

11,21710,63210,43210,41910,059

40,04639,89638, 64143,58341,973

3,5993,9976,402

10, 24713,126

24,69424,74f23, 38920, 51820,415

4,4703,1683,172,7323,408

71,72,90872, 94573,46973, 582

155,961155,343154,986160,968162, 563

DallasSan

Fran-cisco

501

3,5213,6203,8703,3803,335

67, 346|66,45467, 39767, 78665, 966

228,296232, 070233,834232,677230,116

299,163302,144305,101303,843299,417

18, 55218,814

18,648

13,61513,47813,01413,46814,021

4,5534,5704,3275,1205,185

8,1758,7318,0698,6159,457

4,2793,1952,2863,2433,302

19,32820,37520, 59920, 23020, 722

68, 50269,16366,99369,32471,385

666666

10,1619,9209,8349,4459,333

209, 548206,859209,470209, 451211,830

829,324830,314821,993819, 504

,048,395, 046,103, 049, 618, 040,889, 040,667

25,13824, 55225, 05125,05225,005

122,546119, 597120, 798123,858122,384

40,16648, 58550, 69651,15745,864

27,84928, 22128,48028,33228, 315

23,91618,48018, 66318,09517,120

186,228189,832191,643

189,336

425,843429,267435,331435,424428,024


138 FEDERAL RESERVE BULLETIN FEBRUARY,1925

PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DIS-TRICT ON WEDNESDAYS FROM DECEMBER 17, 1924, TO JANUARY 14, 1925—Continued

[In thousands of dollars

Total loans and invest-ments:

Dec. 17Dec. 24Dec. 31Jan. 7Jan. 14

Reserve balances withFederal reserve banks:

Dec. 17Dec. 24Dec. 31Jan.7__Jan. 14__

Cash in vault:Dec. 17Dec. 24 _Dec. 31Jan.7__Jan. 14__

Net demand deposits:Dec. 17Dec. 24Dec. 31Jan. 7Jan.14

Time deposits:Dec. 17Dec. 24Dec.31Jan. 7Jan. 14-_-_.

Government deposits:Dec. 17Dec. 24Dec.31Jan. 7.--Jan.14_

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

Secured by U. S. Gov-ernment obligations-

Dec. 17Dec. 24Dec. 31Jan. 7Jan. 14

All other-Dec. 17Dec. 24Dec.31Jan. 7Jan. 14

Total

18,581,92618,600,92418,599,27418,661,02818,679,696

1,694,0091,700,3381, 679,7771, 702, 2321,720,270

338,421333,491323, 849327,373305,585

13,169,49213,044,52913,254,32813,279, 65013,355,190

4,816,4084, 814,4354,848,8464,849,3994,852,867

180,305169,195165,903159,934135,566

90, 739155,364114,05976, 59372, 618

42,12568,89340, 426

50,545

Boston NewYork

1,255,295 7,118,6311,056, 749 1,823,5061,245,909 7,161,516 1,058,219 1, 824,4881,262,639 7,167,635 1,048,413 1, 795,4211,265,978 7,215,968 1,048, 809 1, 806,8721,299,6927,171,7311,057,368 1,826,588

91,10493,11095,50093,09295,237

24,97825,38624,25723,80721, 639

807,336824, 381803,192794,994827,614

100,749103,13393,46094.58685, 605

873,4615,903,078860,092 5,878,338891,936 5,957,157884,940 5,980,366913,168 5,944,123

315,330 1,151,164315,396 1,143,206316,587i 1,156,537325,2481,143,923325,0461,146,355

30, 71729,47129, 47628,47726,080

3,218

2,7822,1322,908

2,7445,6438,4542,5383,188

40,49537, 89337,31435, 76730, 676

29,12684,77454,79730, 63546,041

5,09324,0843,6033,11622,944

Phila-delphia

78,91277,14179,40079,68579,542

20,77819, 78619,79217, 75417,739

173,195173, 788182,331179, 702173,351

20,55518,74518,74817, 29113, 811

9,93518,19110,0301,4202,470

3,3382,9353,060

300151

Cleve-land

131,551123,757108,773123,897119,451

39,30634,33833,38935,63432, 540

750,527 1739,2311,004753,070 —758,294770,4311,017,938

., 018,983"" t, 180972,457

684,740681,972680,065693,049699, 709

19, 63118,19915,30717,02614,281

22,02914,27417,02519,3016,116

10,08112,3046,7658,7346,639

Rich-mond

606,974608,410611,472614,429607,208

38,36039, 62738,10239, 57441,246

16,44115,16215, 56615, 46114, 597

360,939355,444366.155364, 201370, 612

177, 774177,578181, 577181, 578180,651

5,4564,7994,7924,3253,151

6,2295,7565,9993,8052,475

6,7529,0278,8459,4457,090

At-lanta

531, 659 2, 710,252528,433 2,692,152534459 2, 687, 400

, , 6 8 9 , 6 9 6523,587 2,711,759

38,91440,55836,11940,472

11,90711,58113, 21612, 43412,366

309,701308,884 I!317,320,321,

', 287 11,2581, 157 1

189,087188,694191,956188,414188, 649

5,2264,8194,8044,4793,711

687870668

1,8731,913

6,6266,3725,5117,0924,746

Chicago

235,545

238,367245,027249,589

60,93961,08760, 56662,51058,074

1,724,191.,705,082., 744,237., 745,336., 775,687

917,042920,354922,018917,041916,336

27,09026,42326,53925,51521,276

14,62416,17412,9259,309

10,395

1,4021,726

1722,0221,129

St.Louis

661,650663,442663,132666,540

50,77247,11349, 60152,00549, 730

9,1369,1369,3908,5618,663

405,309395,532414,041412, 824410,464

213,349211,902212,287211, 739211,870

7,9047,6697,8147,6527,286

1,4051,1511,000

2,3112,078716505575

Minne-apolis

386,776381,950379,999378,435378,119

30,33325,29426,92128,97028,385

6,1476,7496,5537,1216,661

266,782258,758260,896260.104258,900

102,924101,526101,614102,045102,397

2,1332,0562,117

l'85O

298148

50

Kan-sas

City

585,495591,520591,351596,007597,611

52, 78255,55957,09455,58652,353

13,17913,40213,18513,34212,858

476,186476,019483,386483, 785484,850

134,773138,238133,412136, 542135, 690

1,8251,5971,4741,322

182107102275102

318

Dallas

', 665 1,367,371,372,0941,., 307 1

., 474,238

., 475,370,484,949

373; 167 1,476,313370,802 1,468,691

30,03828,87832,78532,13430,256

11,64210,89611,58111,76611, 517

276,353281,459288,585285,320279, 636

91,12590, 25589,33091, 70792,743

3,2782,9792,9792,7422,170

394

131245

2,8732,8141,9362,6602,242

SanFran-cisco

108,362105,032113,923116,796105,971

23,21922,83522,89424,39723,326

803,982781,510805,121795,024808,224

665,905671,526681,132678,411680,070

15,99514,54514,53913,35210, 276

2,9107,5008,6007,300

50

9051,5921,3142,2271,841

BANKERS' BALANCES IN FEDERAL RESERVE BANK CITIES

Due to banks:Dec. 17Dec. 24Dec.31Jan. 7Jan. 14

Due from banks:Dec. 17Dec. 24Dec. 31Jan. 7Jan.14

2,487,1332,397,8112,635,3682, 700,9892, 648, 745

699,351656,697661,794693,851718,342

125,001122,001139,011143,871143,319

39,88241,30845,49453,87843,750

1,173, 6021,122,5991,304,8581,322,3821,259, 556

92, 71877,81391,94392,66495,774

195,445184,648192,884206,698202, 225

66,87860,32269, 79376,68782,149

47,38843,62961, 79849,96354,020

24,00420,45824, 67626,38728, 267

40,07136,14133, 64337,56439, 559

21,37017,35617,35820, 53617, 619

17,81918, 70517,98019,83020,809

16,35221,00416, 75217, 67424,453

405, 250385,976407,915427, 284436, 749

177, 542162,171169, 274168, 534167.330

92, 720100,37798,409108, 525113, 553

49,93950, 20340, 32651, 53955. 566

74,12571,78169,18372,88071, 623

22, 33126,17122,98721, 51523,355

135,044137,464132,811134,418131, 721

66, 78070,54361,09858,41651,156

49,17447,94052,34049, 33747,011

39,94332, 49533, 23636,42635, 513

131,494126, 550124,536128,237128,600

81,61276,85368,85769, 59593,410



REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO


Number of reporting banks

Loans and discounts, gross:Secured by U. S. Government ob-

ligationsSecured by stocks and bondsAll other loans and discounts

Banks in New York City

Dec. 17 Dec. 24 Dec. 31 Jan. 7 Jan. 14

67

69,3471,933,9532,293,265

73,3631,970,9092,305,487

Total loans and discounts _.. 4,296,565 4,349,759

U. S. pre-war bonds. I 41,348U. S. Liberty bonds I 547,503

• • 164,753199,72363,678

874,741

U. S. Treasury bonds.U. S. Treasury notesU. S. Treasury certificates _.Other bonds, stocks, and securities

Total investments jl, 891,746

Total loans and investments 6,188,311

Reserve balance with Federal reservebank

Cash in vaultNet demand depositsTime deposits .__Government depositsBills payable and rediscounts with

Federal reserve bank:Secured by U. S. Government ob-

ligationsAllother

754,02582,503

5,355,109812,534

Total borrowings from Federalreserve banks

9,6352,581

12,216

67

67, 4471,973,9192,320,390

4,361, 756

42,001553, 768161,312212,54857, 781

859,839

1, 887,249

6,237,008 6,232,299

769,41485,868

5,345, 202804,23026,457

20, 626

89,316

67

61,3932,001,7092, 358,765

4,421,867

41,999541, 957159,918191,92363, 611

871,135

1,870, 543

749,05077,754

5,401,345817,004

25,878

29, 5401,435

30,975

67

56,8141,951,7042,345,772

4,354, 290

42,000540, 288156, 560216, 71068,065

852,059

1, 875, 682

6,297,549

736,89777,032

5,437,323801,368

24,700

18,940

19, 529

67

1, 252,740

42,348547,355156, 606230, 342

67, 071843,946

1,887,668

6,241,958

767, 07870,011

5,396,681800,146

20,499

33, 83021,193

55,023

B a n k s in ci ty of Chicago

Dec . 17 Dec . 24 Dec. 31 J an . 7

47

24,229514,664713,847

1,246,265

4,10483,99126,06182,34312,265

206,108

414,872

1,667,612

166,99132,264

1,166,455451,207

17, 585

4,430

4,916

46 46

24,686 I 23,212509,117 i 500,625712,462 718,744

1,242,581

4,08882, 51023, 26177,67412,941211,206

411,6

1,657,945 1,648,879

169,16134, 202

1,163,120449,41217,069

4,055617

4,672

1, 253,155

4,08881,57522,64283,44910,559

203,985

406, 298

173,01431,917

1,180,418452,67817,183

925150

1,075

46

26,083504, 592722,480

4,08781,13127,93274, 22012, 856

200, 065

400, 291

1, 653,446

170,61833,652

1,184, 246450, 77816,555

665420

1,085

Jan. 14

46

23,153514,850728,037

1,266,040

4,09482,13328,16973,23111,912202,739

402,278

1,668,318

178,64730,412

1, 208,192450,16416,096

635320

955



DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIESMONTHLY SUMMARY FOR BANKS IN 141 CENTERS


Federal reserve districtNumber

ofcenters

1924 1923

October November December October November December

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—Dallas.. _No. 12—San Francisco

Total . .

New York CityOther cities

2,357,43523,242,1311, 968,1342,300,487733,682

1,129, 5844,949, 2111, 212,1101, 059,2921, 216, 807670,360

2, 578, 750

2, 252,71723,708,8491,820,7221,980,486675,127973,154

4,500, 2251,081, 663891,171

1,062,890586, 644

2,359,349

2,467, 79628,106,0442,242,4782,466,903

795, 5841,154,4085,326,0981, 259, 637849,622

1,189,358664, 938

2, 634,300

2,154,61719,846, 0521,922,5692, 241,154

746, 5041, 020,3574,660,9721,184,854700,333

1,159,741629, 517

2, 633, 571

2,150,66620,632,1121, 738,3361,996,108710,408991,989

4,428,4851,094,428664,498

1, 053,147583,636

2,460,057

43,417, S 41,892, 997 49,157,166

1140

22, 505, 69320, 912, 290

23, 046,93418, 846, 063

38,503,870

19,982,92718, 520,943

2, 287,91222,801, 3861,999, 7282,331,503804,167

1,124,9104,886,1231,194,752660,760

1,082,885620,979

2,652,946

42,448,051

22,081,14920, 366,902

WEEKLY SUMMARY FOR BANKS IN 247 CENTERS[In thousands of dollars]


No. 1—Boston .No. 2—New YorkNo. 3—PhiladelphiaNo. 4—ClevelandNo. 5—RichmondNo. 6—AtlantaNo. 7—ChicagoNo. 8—St. LouisNo. 9—MinneapolisNo. 10—Kansas CityNo. 11—DallasNo. 12—San Francisco

Total

Num-ber ofcenters

161318222324351417251426

247

1924Week ending—

Dec. 24

587,8806,239,018

584,701654, 439298,480278, 012

1, 254, 068302, 740185, 661261, 295150, 580581, 735

11, 378, 609

Dec. 31

558, 0755,843, 343

514,941707, 571271,698232,916

1,155, 778273,953172, 807273,413151, 269526, 016

10,681, 780

1925Week ending—

Jan. 7

684,6366, 524,721

549,960792,668322,486330,427

1, 361, 008364, 041183, 659292,176180,674634,365

12,220,821

Jan. 14

615,0816,633, 249

533,468657,378296,877289,012

1, 266, 070313,822

' 191,194288,845150,136640, 508

11,875,640

Jan. 21

709,6826,618,979

552,622639,748306,195271,500

1,327,289315,085180,223296,126162,599658,058

12,038,106

1923Week

e n d i n g -

Dec. 26

466,9614,370,968

443, 843572,895264,088229,833

1, 048,665247,917140,398224,443131, 203524, 666

8,665,880

1924Week e n d i n g -

Jan. 2

570,4025, 562,682

552,977760,127281, 685269,213

1, 238, 080304, 279157, 814250, 076150, 576600,065

10, 697,976

Jan. 9

581, 8805,447,157

529,801682,326309,155281, 219

1,148,162315,489159,338256, 593156,109650,786

10, 518, 015

Jan. 16

547,1455, 575,955

480, 871615, 312293,411271,188

1,173,331294,422152,647250,391137,609646, 255

10, 438, 537

Jan. 23

535,6345,163,563

456,596582,837267,797235,264

1,128, 248269,211136,073239,302139,012605,837

9,759, 374

BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES

No. 1—Boston.,No. 2—New York

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

Cincinnati -Pittsburgh

No. 5—Richmond _Baltimore

No. 6—AtlantaBirminghamJacksonvilleNashvilleNew Orleans

No. 7—ChicagoDetro i t - -

No. 8—St. LouisLittle RockLouisvilleMemphis

No. 9—MinneapolisHelena

No. 10—Kansas C i t y - . .DenverOklahoma CityOmaha

No 11—DallasEl PasoHouston

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

401, 7615,924,284

68,041444,178150, 50187,164

233, 51831, 73688, 50046, 29227,11616, 91918,05779,838

801,873170,489164,40019,64740,88642,89694, 3061,802

81, 78139,23619,73739,03954, 7577,238

32,059184,917175, 55735,95917,91542,26811,256

388,2525, 550, 743

66, 546389, 738210,230101,283223, 764

26, 06687,40032,17729, 55814,54515, 76770, 513

761,911141, 558155,20017,89334,75336,45393, 7352,219

80,03935, 72722,93638, 53757,8686,770

32, 536177,929150,28931,10419,80435,018

7,130

476,6956,167,737

90,346412,896197,886103,431248,464

32, 63497, 53139, 07242, 76616,98819,108

120,279837,889174,811215, 77818,40743,73349,02402,9063,417

82,34643,21120, 69145,88162,5558,861

33,413187,870182,74435,22019,04638,97712,482

427,999 !6,300,850 |

87,938 !396,367 |165,03382, 586

211,26532,97790, 66536,01535, 25816, 05021,98392, 565

794,176157, 974170,26518,39649,35639, 56599, 5022,086

84,49641,88920, 71847,72247,6517,052

31,344202, 509186, 07737, 66516,40943,71212, 548

507,136292,27980,200

420,864148,75385,854

203,67831,21093,44035,50631,93417,48318,47086,662

824,100180,537179,00017,32346,83637,28595,9192,213

86,98340,36419,49950,45555,6467,651

35,592216,811189, 63733,25319,44353,46013,296

312,0234,123,674

64,443322,621128,05667,423

203,29229,99376,90031,97724, 70314, 63114, 58171, 992

628, 597170, 780137,18014,24032,42534,159

' 64,0621,857

67,43132,86513,83234, 57645,3118,015

25,966154,288160,03032,18217, 45033, 39510, 757

388,4125,226,846

76,150421,792229,286119,078208,40230,06690,50036,38328,73514,16117,43393,057

808, 634151, 624181,88314,12635,01941,82084,2652,026

76, 56638,51215, 52539,79854,1096,710

27, 716186, 774173,73035,43318, 70840,01910,098

377,2765,124,359

87,458393,109168,44879,540

219,06734,46894,60037,36832,37716,85919,75285, 795

708,218139,582175,02816,83740, 72945,38776, 7022,154

18,08639,04053, 5317,673

31,030192, 759191,44038,00615,72142,05211,935

351,8185,273,476

79,453356,452148,424

81, 507189,03031,11688,70034, 56429,86213,40418,29593,665

711,998166,277160,84115,85841,96241,37274, 5352,006

74,23135,06516,19440,85744,8856,865

28,441196,954185,80938,36018,23844, 55512, 542

361,6944,891,066

68,901340,442129,24874,656

199,86428,43683,00033,94823,39113,40416, 56872,786

671,007186,113150,17414,31439,18335,90561,7532,263

69,34134,84715, 79243,10246, 6326,860

30,203181,213182,38035,01215, 59441,17910,112


FEBRUAKY, 1925 FEDERAL RESERVE BULLETIN 141

DEPOSITS OF ALL MEMBER BANKS

NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT



Net demand deposits

1924

Sept. 24 Oct. 29 Nov. 26 Dec. 24

1923

Dec. 26

Time deposits

1924

Sept. 24 Oct. 29 Nov. 26 Dec. 24

1923

Dec. 26

BostonNew York _Philadelphia.Cleveland .__RichmondAtlanta ___Chicago _ _.St. Louis _.Minneapolis. _.Kansas CityDallasSan Francisco

Total

Banks in cities and townshaving a population of—

Less than 5,0005.000 to 14,99915;000 to 99,999100",000 and over._.

1,312,0396,306,3691,124,6421,469,391555,070496,371

2,394,725650,141424,319786,470562,283

1, 278,287

1,385,8326,348,8651,144,3211,483,196570,215516,106

2, 411,790

475,674830,032609, 594

1,320, 788

1,327,1416,496,5591,151,7271,486,119585,396540,472

2,352,603690,224503,546

641, 6031,322,964

1,299,6576,527,8061,129,4711,468,404581,375561,575

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

1,310,823

1,221,7735, 302,5581, 060,2821,353,828581, 215508,481

2, 091,863642,151407, 224747,800

702,7711,965,839

1,266,437

1, 255, 257480,381351,089

1,662,370417,352409,905299,667160,260

1,075,075

704, 9182,026,426753,331

1, 263,367482,159350,041

1,682,211431,116416,047298,851159,889

1,106,225

694,4062,066,104765,488

1, 269,256483,033350,961

1,723,047436,085420,176300,293158, 722

1,128,308

685,2262,018,700759,663

1,245,613478,845348,636

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

1,150,727

17,360,107 17,764, 499 17, 946, 742 17,956,995 | 15,830,303 9, 516,948 9,674, 581 9,795,879 9,727,132

1, 6*5,3471,044,4042,052,89312,647,463

1, 678,2871,066,9592,093,05912,926,194

1, 698, 6761,076, 7402,132,30413,039,022

1,1,080,9442,144,11313,042,010

1, 666,0211,090,3012,054, 47111,019, 510

1, 623,7321,032,3211,940,7924, 920,103

1, 633, 4801,039, 5131,958,1305,043, 458

1, 640,0591,045, 6681,967,0075,143,145

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

594,8981, 668,525637,018

1,129, 520449,549323,279

1,560,338385,981409,185291,136144,711991,123

8, 585,263

1, 553,144963,170

1,784, 7354, 284,214

MONEY IN CIRCULATION

[Source: U. S. Treasury Department circulation statements]


1914—July 11917—Apr. 11920—Nov. 11922—Aug. 11924—Jan. 1

Feb.1Mar. 1Apr. 1May 1June 1July 1Aug. 1Sept. 1Oct. 1Nov. 1Dec. 1

1925—Jan. 1

Total

3,402,01514,100, 591^,628,428

4, 337,4184,951,0854,681, 7084,807, 7784,812,8614, 760,1144,815,4014, 755,4034,665,1874, 773,8784,806,3674,879,6944,993, 5704, 992,931

Goldcoin andbullion

611,545641, 794495,353416,282415,319405, 573416, 047408,062403,649402,122396,415398,499401, 794427,970436,160437,971458, 206

Ltoici cer-tificates

1, 026,1491,348,818

231,404171,985582,029571,381633, 253687, 252726,179779,169801, 381800,124872,807898,165904,861933,688970, 564

Standardsilverdollars

70,30070,86389, 72558,37858, 70456,49655,91055, 20254, 82354, 07854, 01753, 64453,91554,60355,18555,60657,384

Silvercertifi-cates

478,602459, 680

60, 385268,802375, 365357,177368, 750367,113370, 093373, 381364,414372, 683385,499388, 574389,201389,113388, 540

Treasurynotes of

1890

2,4281,9971,6281,5081,4431,4401,4371,4331,4281,4251,4231,4201,4171,4121,4101,4071,405

oUDSlQl-ary silver

159,966191, 351261, 556229,956260, 627252, 511251, 537251, 639252, 702252, 557252, 971252, 407253, 732256,467259, 710263,102266, 298

UnitedStatesnotes

337,845330, 353277, 736284, 343306,823294,470302,404304,846301,110305, 966297, 790301, 667308, 111304,345305,840304,418295, 233

Federalreservenotes

356,4483,310,2252,115,3502,223, 6742, 008, 8772, 030,8181, 988, 5851,909,1431,897, 6361, 843, 0911, 745,8201, 746, 2301,729,3011, 784, 0461,862, 0551,841, 621

Federalreservebanknotes

3,170209,877

65, 03213,61112, 72912, 09111, 58811, 02510,43810>0669,6359,2299,0308,7108,4718,238

National-banknotes

715,180697,160715, 023725, 782713, 490721,054735, 531737,141729, 962738, 629733,835729,288741,144736, 500734,571737,739705,442

Totalcircula-tion per

capita (indollars)

34.3539.5452.3639.4744.2241.7742.8542.8542.3342.7842.2041.3642.2842.5243.1244.0844.03

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 JANUARY 31, 1925

Federal reserve bank

Paper maturing—

Within 90 days

Commercial,agricultural,and livestockpaper, n. e. s.

B o s t o n _ _ _ _ _ j 3 JNew York j 3Philadelphia j 3J>Cleveland j 3^Richmond | 4Atlanta I 4Chicago ! 4St. Louis | 4Minneapolis j 4Kansas City j 4Dallas. __ I 4San Francisco I 31

Secured byUnited StatesGovernmentobligations

3sy23}4444444

Bankers'acceptances

sy24444444

Tradeacceptances

After 90 days butwithin 9 months

Agricultural *and livestock

paper

1 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 DECEMBER 18, 1924, TO JANUARY 21, 1925


BostonNew York...Philadelphia.ClevelandRichmond...AtlantaChicagoSt. LouisMinneapolis _Kansas City.Dallas.

Federal reserve bank

San Francisco..

Total five weeks ending-January 21,1925December 17,1924January 23,1924December 20,1923

Transfers

Debits

12,50018,5009,000

12, 5004,0004,000

26,000

2,000

3,666

91, 500189, 500

24, 500121, 500

Credits

41, 5002,0002,0008,0006,000

13,5003,0007,5002,0006,000

91, 500189, 500

24, 500121, 500

Daily settlements

Debits

953,8733,216,003924, 594802,750613,050381,385

1,451, 514716, 590193, 524490, 501364,168408,713

10, 516, 66510, 638, 7688, 850,2479, 349,318

Credits

966,9153,257,626928,970

598,310380,566

1,462,015696,049189,699482,996360,263

10, 516, 66510, 638, 7688,850,2479,349,318

Changes in ownershipof gold throughtransfers and settle-ments

Decrease

2,9,

10,

624582740

15,4997,041

8252,0051,905

16,125

Increase

54264,623

1,181

66, 346

Balancein fund at

close ofperiod

48,900207,93628,38847,97112,285

91, 66918,45420,02442,77420,86443,859

592,392589,390587,324546, 514


MONEY RATES PREVAILING IN LEADING CITIES, JANUARY 15, 1925

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 during 1924 and rates chargedat earlier periods, it should be borne in mind that the earlier rates referto an entire month, while the latest figures cover only a week. Atten-tion is also called to the fact that the method of reporting the rates hasbeen somewhat modified and that slight changes in the rates mayreflect these modifications.

District and city

No 1—BostonNo. 2—New York

BuffaloNo. 3—Philadelphia .No. 4—Cleveland

PittsburghCincinnati

No. 5—RichmondBaltimore

No. 6—AtlantaBirminghamJacksonvilleNew OrleansNashville

No. 7—ChicagoDetroit . . .

No. 8—St. LouisLouisvilleLittle Rock

No. 9—Minneapolis ,Helena __

No. 10—Kansas CityOmahaDenverOklahoma City.. . .

No. 11—DallasEl PasoHouston

No. 12—San FranciscoPortlandSeattleSpokaneSalt LakeLos Angeles

Customers ' prime commercial paper

30-90 days

Weekending—

Jan.15,

1925

f5 -64 -44

5 -654-6

5 -54,5-65 -64-85 -654-64 -5

34-566

44-58

5 -64 -641-6

64 -66 -85 -65 -54

66

5 -76

6 -7

Dec.15,

1924

4 - 4 |54-6

5 -65 -6

5 -64-85 -6

64 -55 -6

66

f5 -64 -6

4 -66 -85 -65 -54

66

5 -76

6 -7

Monthending

Jan.15,1924

5

5A

6

6

6 -8767

5 -66

6

866

6 -76-8

68

5 -7

77

6

4-6 months

Weekending-

Jan.15,

1925

41

64 -445-6"5 -654-65 -65-545-65 -64-85 -6

641-544-634-51

66

4*f5 -5444-644-56-74 -76-8 .5 -65 -54

66

66 -7

Dec.15,

1924

414-44

5 -65 -654-65 -54

t*1*0 —0

5 -74 -85 -6

644-55-634-5

66

f5 -64J-6

6 -74 -66 -85 -65 -54

66 -64

66

6 -7

MonthendingJan.15,

1924

54J-5

566665f6

6 -7

75 -54

9658664

6-77548"6

5 -547

0J-76

Interbank loans

Weekending—

Jan.15,

1925

44 -5

545

5 -65 -6

544-545 -65 -65-75 -654-644-54

4*4654

6 -85 -654-66-7

65 -66 -844-55-6

66

66 -7

Dec.15,

1924

44 -5

5

5 -65 -5444-544-55 -65 -63-644-6

" 6

654

7 -85 -654-6

66

5 -66 -8

5 -6 2

66 -64

66

Monthending

Jan.15,

1924

55 -545 -65 -54

6

65f-5f

65 -6

65 |7

5-54

P6

54-6866

6 -76

5 -68

54-6666

66

Loans secured byLiberty bonds

Weekending—

Jan.15,

1925

1 f54-6

5 -65 -65 -544^-5

65-85 -65 -644-5

5 -654

5-7"

44-65-654-6

65 -66 -85 -65 -66 -7

6

66 -7

Dec.15,

1924

45 -65 -65 -54

4f-5

65 -85 -654-644-55-65 -6

56

5 -6566

5 -66 -85 -65 -66 -7

6

66 -7

MonthendingJan.15,

1924

5\5 -51

6566

6

6754(C

5 -66

5*6586666686

54-6

7

661

Loans secured by stocks and bonds

]Demand

Weekending—

Jan.15,

1925

43 -55 -6

45 -65 -65 -65 -6

1*1*5 -6

65 -85 -654-6

44-64-5

66 -7

5-624-65-6

668

5 -65 -6

854-6

Dec.15,

1924

434-55 -6

454-65 -65 -65 -6

ff65 -8

5 -654-64~-55 -5434-54

66

34-44

5 -634-6

668

5 -65 -66 -7

687

6 -7

Monthending

Jan.15,

1924

6

654667

7*

7

8666

6 -7687

54-G

66 -64

661

Time

Weekending—•

Jan.15,

1925

4*4 -55 -6

45 -65 -65 -65 -65-5 |5-6

65 -85 -654-6A K

4 -55 -64 -5

66 -7

6 -8*5 -6

65-6

66 -86 -85 -654-66-7

677

6 -7

Dec.15,

1924

4*44-55 -6

454-65 -65 -65 -6

6 -75 -85 -6

51-64 -54

66

* 82

5 -634-6

56 -76 -86 -85 -65 -66 -7

677

6 -7

Monthending

Jan.15,1924

545 - 5 |

6

6

67617

5 -66

7

86

66 -86 -7

87

54-6

7t

66 |

Loans secured bywarehouse receipts

WTeeke n d i n g -

Jan.15,

1925

41-56

66 -7

545 -6

644-85 -654-64-545-644-54

66 -7

54-66

6 -76 -75 -6

85 -6

66 -76 -7

76 -7

Dec.15,

1924

44-5

4 -5154-65 -66 -7

554

5 -66 -844-85 -7

44-5466

5 -667

6 -85 -7

85 -6

66 -86 -7

77

MonthendingJan.15,

1924

66

65|-6

667616

54-66s7

5 -686

6 -76 -86 -7

677

761

Cattle lo

Weeke n d i n g -

Jan.15.

1925

Dec.15,

1924

1

!

5 -04

6

86 -754-8

68

6 -78-107 -8

6-64

8

5 - 5 |54-6

6

6

86 -76 -8

68

6 -78

6 -8

6 -6*6

7

Monthending

Jan.15,

1924

54-6

667

6 -648

6 -78

6 -647 -8"7 -8

87 -8

g4

6

77

d

g

wcj

I3

CO



GOLD AND SILVER IMPORTS AND EXPORTS

IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES

Countries

IMPORTS

Denmark __FranceGermanyItalyNetherlandsSpainSwedenEnglandScotlandCanada _Central AmericaMexicoWest IndiesArgentinaChileColombiaEcuador.-PeruVenezuelaChinaDutch East IndiesHongkongPhilippine IslandsBritish Oceania __.Egypt . .Portuguese AfricaAll other

Total . . .

EXPORTS

FranceGermanyNetherlandsSpainSweden .SwitzerlandEnglandCanadaCentral AmericaMexico.West Indies ._ . _ .ArgentinaColombiaPeruUruguayVenezuelaBritish India . .CeylonChinaDutch East IndiesHongkongJapanPhilippine IslandsAll other

Total

Gold

December—

1923

$5,208,526

2,375,250

2,49215,135,476

1,881,161220,848628,909

21,3605,205, 783

22,645208,17382,507

178,30438,390

771,546170,626

156,008100, 214

211,34121, 667

32, 641, 226

55,000

141,168

330,061

174,300

11,000

711,529

1924

$3,036,1536,510

937

10,614

2,729,944209,982472,804

34,5642, 715,292

80,603268,932175,15139,94221,097

154,269

148,42376,157

81,86710,808

10,274,049

33,50020,000,000

1,324,123130,000

1,000,652

10,263,690187,602

466,34410,00098,500

30,000

5,674,44220,000

80,000220,000

135,800

39,674,653

Twelve months endedDecember—

1923

$3,561,82919,036,30149,551,586

77,62513,291,819

35,8395,357

147, 111, 9582, 560,382

49,374,5492,443,6206,581,439

547,6245,337,914

245,5564,451, 579

705,5692,069,820

686,1295, 588,0152,330,112

318,6401,571,8601,656,5631,736,664

932,302905,161

322, 715,812

2, 660,000

90,000500

1,379, 957138,249

1,704, 605

4,706,47515

48,600700,000

14,637, 246

110,00560,010

2,377,915

29,840

28, 643,417

1924

$24,459, 5404,828,6262,736,729

50,965,29465,966

6, 522,838130,908,979

41,495,8292,130,6125,458,557

371, 63022,304,757

430,8982, 289,066

896,5962, 710,498

316,8875,021,9162,355,5902,500,0004,814,3872,870,2291,455,008

609,9801,200, 506

319, 720,918

113,85720,000,000

1,324,123365,000

2,000,57943,200

12,264,0243,101,736

1,0004,028,991

10,000176,080

4,896

130,0001,101,600

11,024,700225,000

323,1004,382,940

800,000227,487

61,648,313

Silver

December—

1923

$19,5481,995

1,78337,168

681,29055,899

6, 534,24933,7658,162

125,45811,8124,006

518,98155

32865,515

2,402231

19,11750,537

8,172,301

212,485154,082

3,00081,960

3,264,245

5, 772,600

32,711

9,521,083

1924

$1,3538,3652,059

42,823

279,454121,286

4, 547,45589

403247,302

11,7089,855

395,57739

104,135

7,324102

26,48258,081

5,863,892

67,493

650

33,000146,745

155,18049,000

5,884,364

4,943,153

45

11,279,630

Twelve months ended,December—

1923

$226,285116,43483,463

1,79167,446

1,783233,003

6,502,9861,730,679

50,049,047150, 24186,031

1,306,751144, 54237, 559

11, 701,2514,417

11,145937,718

23,1352,541

15,619112,948906,715

74,453, 530

5251,500

6,319,4331,579,223

76,8441,665,090

53,6352,225

699,000

23,720,929

35,893,216

2,417,70237,428

2,039

72,468,789

1924

$69,5831,232,756

4,300512

131, 6679,027

351,141

7,198,8532,020,004

45,827, 72260,71232,707

1, 731,092154,09849,123

13,416,1452,464

17,789998,693

33,1172,925

292153,668446,512

73,944,902

151,8581, 212,565

700

1,350622

23,420,5261,667,275

37,0251,887,031

99,2212,300

14,608900,000

655,34054,118,562

23,320,017

913,1341,275,970

212,929

109,891,033


FEBKUAEY, 1925 FEDERAL RESERVE BULLETIN 145

FOREIGN EXCHANGE RATES

[Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency]

COUNTRIES INCLUDED IN COMPUTATION OF INDEX

General index.BelgiumDenmarkFranceGreat Britain. __ItalyNetherlandsNorway

SwedenSwitzerlandCanadaArgentinaBrazilChileChinaIndiaJapan

Monetary unit

Franc...Krone, .Franc.Pound.Lira....Florin..KronePesetaKronaFrancDollarPeso (gold)MilreisPeso (paper). _Shanghai tael.RupeeYen

Parof ex-

change

19.3026.8019.30

486.6519.3040.2026.8019.3026.8019.30

100.00

32.44119. 53i 66. 85

48.6649.85

January, 1925

Low

4.970017.67005.3000

474.99004.0300

40.300015.110013.990026.920019.250099.531390.460011.570010.810074.320035.490038. 3500

High

5.220017.92005.4300

480. 37004.2400

40.610015.330014.320026.960019.500099. 956891.390011.990011.540075.960035.890038. 5300

December, 1924

Low

4.910017.49005.3300

463.97004.2200

40.280014. 820013.730026.920019. 320099.290486. 590011.360011.100074.090034. 850038.3700

High

5.030017. 76005.5100

473.44004.3500

40. 510015.210014.200026.980019. 480099.949091.080011. 680011. 540076. 500035. 750038. 6300

Average

Rate

4.965017. 6362

5. 3988469. 5838

4. 301940. 416215.063513.955826. 953119. 378199. 654388. 317711. 505811.332775. 466935. 288838.4400

Percent of

par

62.0025.7365.8127.9796.4922.29

100. 5456.2172.31

100. 57100.4099.6591.5435.4758.03

112. 8972.5277.11

December, 1923

Low

4.480017.71005.0000

432.33004.310037. 860014. 620012.910026.260017.420097. 396370.81008.880010.560071.000030.840046.1800

High

4.690018.00005.4300

438. 89004.360038. 240015.040013.090026.470017.510097. 936173.16009.950010.900073.700031.170048.0500

Average

Rate

4. 581617.82085. 2496

436.01484. 337238.039214.914013.036826.333217.452497. 592072.33089. 343610. 659272.248031. 005247.0104

Percent of

par

60.0023.7366.4927.2089.6022.4794.6255.6567.5598.2690.4297.5974.9728.8054.58

108.0763.7294.30

O T H E R C O U N T R I E S

AustriaBulgaria . .CzechoslovakiaFinlandGermanyGreeceHungaryPolandPortugalRumania .YugoslaviaCuba . .MexicoUruguayChinaHongkongStraits Settlements .

KroneLev..CrownMarkka . _. _ _ReichsmarkDrachma _ _ _KroneZlotyEscudoLeuDinarPeso

do. . doMexican dollar. .DollarSingapore dollar.

20.2619.30

19.3023.8219.3020.2619.30

108 0519.3019.30

100.0049 85

103.42i 48.11i 47. 77

56.78

0.0014.7286

2.97272.5179

23.80001.6933.0013

19.17004.8200

.51331. 5524

99.942748.800097.660054.750054. 960054.0000

0.0014.7371

3.01712.5225

23.80001.8167

.001419.20004.9200

.52881.7788

99.977748.983399.560055.960055.880056. 2500

0. 0014.7283

3. 00392. 5163

23.80001.7873.0013

19.18004. 6500

.49051. 4516

99.921948. 645895.310054.500054. 810053. 4600

0.0014.7381

3.03122. 5232

23.81001.8309.0014

19. 24004. 8700

.51911. 5454

99.976648.983399. 590055.730055. 610054.3800

0.0014.7339

3.02042. 5202

23. 80311.8140.0013

19. 20354. 7977

.50791. 4962

99.958648.811497. 740855.211255. 248153.9905

0.013.80

13.0699.939.40

.0199.504.442.637.75

99.9697.9294.51

114.76115. 6595.09

0. 0014.7283

2.91072.45812.01531.6700.0052

3 3600.5089

1.133599. 911348.354274.120050.610050.430050. 6900

0.0014.8817

2. 93282. 55252.02492.1889.0053

3.7100.5247

1.139799. 975048. 625078. 220052.030051. 230051. 0400

0. 0014.8162

2. 92482. 47552.02271. 8952.0052

3. 5635.5153

1.135899.953048.499477.241651.335650.864850. 8476

0.014.23

12.83

9.82.03

3.302.675.89

99.9597.2974.69

106.70106.4889.55

SILVER

[Average price per fine ounce]

London (converted at average rate of exchangNew York _ _

December

$0.68970.68459

U923 average.2 Per billion paper marks.


FEDERAL RESERVE DISTRICTS

! \ / .' I>-.; \ r \ —

-BOUNDARIES OF FEDERAL RESERVE DISTRICTS-BOUNDARIES OF FEDERAL PXSERVE BRANCH TERRITORIESFEDERAL RESERVE BANK CITIESFEDERAL RESERVE BRANCH CITIESFEDERAL RESERVE BANK AGENCY


fraser...federal reserve board ex officio members: a. w. mellon, secretary of the treasury,...

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