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Federal Reserve Bulletin August 1925

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Federal Reserve Bulletin August 1925 FEDERAL RESERVE BULLETIN AUGUST, 1925 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Position of the Reserve Banks at Mid-Year Business Conditions in the United States Report of the Agent General for Reparation Payments WASHINGTON GOVERNMENT PRINTING OFFICE 1925 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. ADOLPH G. MILLER. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMEB. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART, Director, Division of Research W. M. IMLAY, Fiscal Agent. and Statistics, J. F. HERSON, E. A. GOLDENWEISER, Assistant Director, Division of Chief, Division of Examination, and Chief Federal Research and Statistics. Reserve Examiner. E. L. SMEAD, Chief, Division of BanVOperations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) CHAS. A. MORSS. District No. 2 (NEW YORK) PAUL M. WARBURG, President, District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) GEORGE A. COULTON. District No. 5 (RICHMOND) JOHN M. MILLER, Jr. District No. 6 (ATLANTA) OSCAR WELLS. District No. 7 (CHICAGO) FRANK O. WETMORE. District No. 8 (ST. LOUIS) BRECKINRIDGE JONES. District No. 9 (MINNEAPOLIS) G. H. PRINCE. District No. 10 (KANSAS CITY) E. F. SWINNEY, Vice President, District No. 11 (DALLAS) W. M. MCGREGOR. District No. 12 (SAN FRANCISCO).-: HENRY S. MCKEE. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston. ___ Frederic H. Curtiss W. P. G. Harding W. W. Paddock W. Willett. New York Pierre Jay Benj. Strong ._ J. H. Case L. H. Hendricks.i A. W. Gilbart 1 LG.. FL.. SailerHarriso. n J. W. Jones.i E. R. KenzeL G. E. Chapin.i Ray M. Gidney.i L. R. Rounds.* Philadelphia R. L. Austin Geo. W. Norris . Wm. H. Hutt— C. A. Mcllhenny. D.C.Wills E. R. Fancher M. J. Fleming J. C. Nevin. Cleveland Frank J. Zurlinden Richmond Wm. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta Oscar Newton __ M. B. Wellborn J. L. Campbell _ M. W. Bell. Creed Taylor Chicago Wm. A. Heath J. B. McDougal C. R. McKay _ W. C. Bachman.1 John H. Blair K. C. Childs.i J. H. Dillard.i D. A. Jones.i 0. J. Netterstrom.i Clarke Washburne.1 St. Louis .- Wm.McC. Martin D. C. Biggs ..._ 0. M. Attebery J. W. White. Minneapolis John R. Mitchell R. A. Young -. W. B. Geery Gray Warren. B. V. Moore Frank C. Dunlop.1 Harry Yaeger 2 Kansas City M L McClure W. J. Bailey C. A. Worthington J. W. Helm. C.C.Walsh Lynn P. Talley __ R. R. Gilbert Fred Harris. Dallas R. B. Coleman San Francisco John Perrin J. U Calkins W. N. Ambrose. IrWma Cler. Ak Day L. C. Pontious 1 Controller. 2 Assistant deputy governor. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: C incinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. 1 Denver branch _ J. E. Olson. Richmond: Oklahoma City branch C.E.Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch M. Crump. New Orleans branch Marcus Walker. Houston branch D. P. Reordan. Jacksonville branch Geo. R. DeSaussure. San Francisco: Birmingham branch A.E.Walker. Los Angeles branch _ R. B. Motherwell. Nashville branch J. B. Fort, jr. Portland branch _. Frederick Greenwood. Chicago: Salt Lake City branch W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch Louisville branch W. P. Kincheloe. Memphis branch V. S. Fuqua Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal reserve banks and member banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. Outside of the United States, Canada Mexico, and the insular possessions, $2.60; single copies, 25 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS The month: Page Review of the month—Position of the reserve banks at mid-year 525 Business conditions in the United States 529 Report of the agent general for reparation payments 550 Commodity classification of acceptances 559 Official: Changes in State bank membership 567 Changes in national bank membership 567 Fiduciary powers granted to national banks 567 Business statistics for the United States: Industrial activity 568 Commodity movements 571 Wholesale and retail trade 572 Estimate of crop production 566 Foreign banking and business conditions: National Bank of Greece in 1924 574 Financial statistics for principal foreign countries 575 Foreign trade of principal countries 578 Price movements in principal countries— Federal Reserve Board wholesale price indexes 579 Wholesale prices in principal countries r 580 Retail prices and cost of living in principal countries 581 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 582 Federal reserve note account 586 Holdings of earning assets 587 Discount and open-market operations of Federal reserve banks 588 Earnings and expenses of Federal reserve banks 592 Gold settlement fund 595 Discount rates of Federal reserve banks 595 Member banks— Condition of reporting member banks in leading cities 589 Bankers' balances at reporting member banks in Federal reserve bank cities 590 Deposits of all member banks 591 Bank debits 1 593 Member banks and nonmember banks on par list and not on par list 594 Money rates in principal cities 596 Money in circulation. 594 Gold and silver imports and exports 597 Foreign exchange rates and index 598 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 11 AUGUST, 1925 No. 8 REVIEW OF THE MONTH earning assets of reserve banks for the year thus reflects a larger total demand for reserve- Reserve bank credit outstanding in recent bank credit, while changes in the composition months has been in larger volume than in the of the earning assets have been influenced by early weeks of this year and changes in the character and geographical Volume and considerably above the level of character of re- location of this demand. serve bank a year ago. In the middle of Of the total of $1,015,000,000 of earning assets credit. July total earning assets of the of the reserve banks on July 22, about 44 per reserve banks were over cent represented discounts for $1,000,000,000, that is, about $200,000,000 Composition member banks, 22 per cent above the amount in midsummer of 1924. of earning as- purchased acceptances, and 33 sets. Compared with the summer of last year the per cent United States securi- growth in reserve-bank credit in use, in the ties. The table below shows the composition absence of change in the public's currency re- of earning assets at different dates in the past quirements, reflects chiefly the effect of gold two years: exports, amounting to $115,000,000 for the year, and a considerable growth in reserve EARNING ASSETS OF FEDERAL RESERVE BANKS balances of member banks corresponding to [Amounts in millions of dollars] the increase in demand deposits at these banks, Per cent of total July July Jan. July particularly at financial centers. The increase 25, 23, 21, 22, July July Jan. July 1923 1924 1925 1925 25, 23, 21, 22, during the year in the outstanding volume of 1923 1924 1925 1925 reserve-bank credit has been accompanied by Discounts 761 291 203 443 74 36 22 44 Acceptances. _ 177 32 306 225 17 4 32 22 a marked change in its composition. Ac- United States se- curities 96 477 423 335 9 60 45 33 ceptance holdings of the reserve banks, which All other 1 13 12 1 1 a year ago were small, have increased con- Total earning siderably, and discounts for member banks are assets 1,034 801 945 1,015 100 100 100 100 also larger than last summer, while Government United States securities, which constituted security holdings of the reserve banks have only 9 per cent of earning assets in July, 1923, declined. This change in the composition of had increased to 60 per cent of the total last earning assets reflects in part a reduction by summer, but since that time the proportion the reserve banks of their security holdings and has been reduced by one-half. Discounts for in part the growth in the demand for reserve- member banks, on the other hand, declined bank credit at financial centers, where member from 74 per cent of the total in July, 1923, to bank deposits showed the largest increase and 21 per cent last winter, the lowest percentage where the influence of the demand for gold for for about eight years, and then advanced to export was first felt.
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