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Federal Reserve Bulletin February 1926

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Federal Reserve Bulletin February 1926 FEBRUARY, 1926 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Trade, Industry, and Bank Credit in 1925 Business Conditions in the United States Loans to Brokers and Dealers in Securities WASHINGTON GOVERNMENT PRINTING OFFICE 1926 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* Wo MELLOW, ADOLPH C. MILLER. Secretary of the Treasury9 Chairman. CHARLES S. HAMLIN. J. W. MCINTOSH, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM, WALTER L. EDDY, Secretary. WALTER WYATT, General Counsels J, C. NOELL, Assistant Secretary* Director•, Division of Research and E. M. MCCLELLAND, Assistant Secretary. Statistics* W* M. IMLAY, Fiscal Agent J6 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 Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON)__«___ ...- _ — ---------- CHAS. A. MORSS. District No. 2 (NEW YORK)---. ___„ JAMES Sa ALEXANDER. District No. 3 (PHILADELPHIA) >_ ------ L. L. RUE. District No. 4 (CLEVELAND)„„„ „„_ . „„„_ GEORGE A. COULTON. District No. 5 (RICHMOND) __- „ ___„„ JOHN F. BRUTON. District No. 6 (ATLANTA) „„„„__„ ____„„„ P. D. HOUSTON. District No. 7 (CHICAGO)-__- - „„__„„_„„ .__ .--_« FRANK 0. WETMORE. District No. 8 (ST. LOUIS)»-_» - » BRECKINRIDGE JONES. District No. 9 (MINNEAPLQIS)____ . - THEODORE WOLD. District No. 10 (KANSAS CITY)----.--------- P. W. GOEBEL. District No. 11 (DALLAS)--. - --._ - B. A. MCKINNEY. District No. 12 (SAN FRANCISCO) .--_-- HENRY S. MCKEE. II 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- ........ W. P. G. Harding- W. Willett. Frederic H. Curtiss——.... W.W. Paddock.— 1 New York............. Pierre Jay. Benj. Strong...... J. H. Case———.. L. H. Hendrieks. L. F. Sailer—— A. W. Gilbart.i G. L. Harrison...... J. W. Jones.1 E. R. Kenzel——~ Ray M. Gidney. L. R. Rounds.^ Philadelphia . _... R. L. Austin..... Geo. W. Norris... Wm. H. Hutt,.—~ C. A. Mcllhenny. W. G. MeCreedy.* Cleveland............ George DeCamp.___.__.___ E. R. Faneher... M. J. Fleming—. H. F. Strater, Frank J. Zurlinden.. Richmond......-....-- Wm. W. Hoxton George J. Seay... O. A. Peple .... Geo. H. Keesee. R. H. Broaddus..... John S. Walden, jr.1 Atlanta.............. Oscar Newton..... ..... M.-B. Wellborn.. J. L. Campbell....... M.W.BeU. 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.» D. A. Jones.1 O. J. Netterstrom.i St. Louis „._.__.__ Wm. McC. Martin........ D.C. O.M.Attebery—— J. W. White. Minneapolis., .. _ _ John R. Mitchell- —- R. A. Young—__.——__._ W. B.-Geery......— Gray Warren. B. V. Moore——— Frank O. Dunlop.5 Harry Yaeger 2———. Kansas City..—..... M. L. McClure.. W.J. Bailey C. A. Worthington.. J. W. Helm. Dallas -...——...- C. C. Walsh..... Lynn P. Talley-. R. R. Gilbert.——. Fred Harris. R. B. Coleman...... San Francisco.—.... John Perrin>. J. U. Calkins—.—. Wm. A. Day....... W. N. Ambrose. Ira Clerk——. L. C. Pontious——. 1 Controller. f 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. Sehneckenburger. Helena branch——— R. E. Towle. Cleveland: Kansas City: Cincinnati branch_.___ „_ L. W. Manning. Omaha branch.._„___ ..... L. H. Earhart. Pittsburgh branch__._._.___. J. C. Nevin. Denver branch._._........... J. E. Olson. Richmond: Oklahoma City branch. .... C. E. Daniel. Baltimore branch——.—.. A. H. Dudley. Dallas: Atlanta: El Paso branch............... 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. Nash vilie branch—..._.._. J. B. Fort, jr. Portland branch....—— R. B. West. Chicago: Salt Lake City branch........ W. L. Partner. Detroit branch „ ... W. R. Cation. Seattle branch......—•_.— C. R. Shaw. St. Louis: Spokane branch..._._..._____. D. L. Davis. Louisville branch............ W. P. Kineheloe, 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—Trade, industry, and bank credit during 1925._____„ _„___-„„> 71 Business conditions in the United States-. — _ — — — — — — „ — — — _.._...... .„_„__..-__„__..„ . 77 Special articles: Loans to brokers:and dealers in securities—_—.——. — _ — .—__ — — ___.__—__..__..__._.._.....—— 97 Report of the agent general for reparation payments— — „__„„_„_____ _______„„__„___ 99 Wholesale and retail trade in 1925—— — — — — — _ — — _ — — __ ________ _ — _ — - — 101 Agricultural developments in 1925—— — — — — — — -__•__ ... — — _ — — — — _ — 103 Rates charged to customers by member banks in small cities and towns ———————————— 105 Reserve bank credit in use and money in circulation, 1922-1925_.—————————————— 105 Changes in discount rates by European central banks during 1925 -_ — — _ — — — _ — — - — — — 117 Price movements in principal European countries in 1925—— — — — —— _ — — — — __— — — — —— 118 Official: Changes in State bank membership_.___-______ _____ — — __ ___„____. 106 Changes in national bank membership __ __ __„___„_„ ______ 107 Fiduciary powers granted to national banks-.. __„_ _ _ „ _ _ ______„„ 107 Business statistics for the United States: Industrial activity—_„„„-„„____ - — __ __ — _ _ _.. _ _ _______ . — 108 Commodity movements - . _____ _„_ 112 Wholesale and retail trade— .„__„___„_„_-_ . __ — 113 Foreign banking and business conditions: Financial statistics for principal foreign countries.=-,__. — _ „_„____„„_„_„_„___„_„>__„_„____ 120 Foreign trade of principal countries-_„_.-„__-______ •_. _____„_____„___.,„__-._ 123 Price movements in principal countries- Federal Reserve Board wholesale price indexes- __-„_„_„_.= ..__„__„.._„„__.>_„..___...,„_-..__„_-„..• 124 Wholesale prices in principal countries-„„„__..-.«.- ____„„____„_„»„„„_„_„„___ ,__ 125 Retail prices and cost of living in principal countries—_------_-..-_..-_.__-_.--_-__.-----_ 127 Banking and financial statistics: Federal reserve banks— • : Condition of Federal reserve banks_>ra_»_-»_ ________„_„___ __. „„__„„„.____„„„„ 128 Federal reserve note accounts ____-•.__-__-__«_»___________.-._____«___. 132 Holdings of earning assetsra=,_« = ,„_„„__„_ ,„_____„_„_______„_„„„___„ _„„_„„= 133 Discount and open-market operations of Federal reserve banks..---_._--«_--_- .____-_- 134 Earnings and -expenses of Federal reserve banks for 1925_-_„-_„„_„„_.,-.> ._-..--_-_____-__ 135 Gold settlement fund----------- „__.._ — __-_--__-__-_-_--___-._ . —.—, — „_„_«_„ 142 Discount rates of Federal reserve banks____„_„_„„„_____„__. _--_-_-___-__-""-____--__-___ 142 Member banks—- Condition of reporting member banks in leading 'cities.----------—'-•— — — — -_--_—'--L'_--- 138 Bankers* balances at reporting member banks in Federal reserve bank cities. - - -. 139 Deposit of all member banks__-._-__-_-..-. — „_______..-_„_„_„„_-____ _ — -__ „ 140 Bank debits. —— ——-—--—.----------»--..». = »»»--»-.--._„____„__..__-__-_-_„_.._„ 141 Member banks and nonmember banks on par list and not on par list - — — ______; __-__-. 143 Money in circulation-™_-~~.--.-- _ — — - — - — _ ——.__- — — — — — — — -.- — _„„_______„„„„_ 143 Money rates in principal cities--. — — — - _--__-_--_-------_---__--_--_ — --- 144 Gold and silver imports and exports — _ — — - — „__„„„„_„„___„_ .__. .-__-_-- 145 Foreign exchange rates—---.— — _.___»„-___ — ___ — -_-- — ---_ — -— 146 iv ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 12 FEBRUARY, 1926 No. 2 ! REVIEW OF THE MONTH Increase during the year in the demand for loans on securities, and this increase, together with, Trade: and Industrial activity In 1925 was the demand for gold for export in the early part in. considerably larger, volume than in 1924, of the year, was an important factor in causing and? when all lines of activity money rates to advance considerably from the Business ac- are taken Into consideration^ In tivity In 1925 exceptionally low levels prevailing in 1924* larger volume than in any The general increase in trade activity in 1925 previous year. Nearly all the important was indicated by the growth In the volume of Industries were more active In 1925 than in wholesale trade, which reflects the year bef ore;. and the largest growth was bu™ by retailers who sell in the building industry and in the production to both urban and rural con- of commodities required in the construction sumers/ The dollar value of wholesale trade and equipment of new buildings. Demand for for the year as a whole was larger than for any goods by consumers, both urban and rural, was year since 1920, when prices were much higher, sustained, throughout the year and was reflected PER CENT PER CENT in a large volume of distribution of com- 1220 120 WHOLES/d£.
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