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Federal Reserve Bulletin January 1926

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Federal Reserve Bulletin January 1926 JANUARY, 1926 ISSUED BY THE AT WASHINGTON Trade, Industry, and Bank Credit in 1923 Business Condition® 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 offleio members: | D. R. CBISSINGEE, Governor. A, W, MELLON, I EDMUND PLATT> Vice Governor. Secretary of the Treasury, Chairman. | ^D0LPH G' MILLEB. | CHARLES S, HAMLIN. J. W. MCINTOSH, I GEORGE It. JAMES. Comptroller of the Currency. j EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. j WALTER WTATT, General Counsel* 3'C-\™^Assistan\SecretarV> \ Director, Division of Research and E. M. MCCLELLAND, Assistant Secretary. \ Statistics W. M« IMLAY, Fiscal Agent • je ^e HERSON, I E. A. GOLDENWEISEU, Assistant Director, Division of Chief\ Division of Examination, and Chief Federal Research and Statistics, Reserve Exa?ninera o L. SMEAD, Chieft Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON). CHAS. A. MOESS. 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. BRTJTON. District No. 6 (ATLANTA) P. D. HOUSTON. District No. 7 (CHICAC4O) ._ „ „ FRANK O. WETMORE. District No. 8 (ST. LOUIS) BRECKINRIDGE JONES. District No. 9 (MINNEAPLOIS) 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. u Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis TABLE OF CONTENTS The month; Page Review of the month—Bank credit in 1925 .__,,«.; . >_- 1 Business conditions in the United States.. .. 8 Treasury finance 5 The London money market in 1925 „ 40 Reserve bank credit, gold stock, money in circulation, and member bank reserve balances,.- 30 Loans and investments of national member banks, by class of bank.. _ . ,. „ 31 Official: Changes in State bank membership „„.,. 32 Changes in national bank membership. „ . ^ „ 32 Fiduciary powers granted to national banks .„„„„.. 32 Business statistics for the United States: Industrial activity. „--- . , » .. 34 Commodity movements „ » 37 Wholesale and retail trade . ... 38 Final estimate of crop production 33 Foreign banking and business conditions: Financial statistics for principal foreign countries „ „ . „ 42 Foreign trade of principal countries—-..--. „ . «. 45 Price movements in principal countries- Federal Reserve Board wholesale price indexes 46 Wholesale prices in principal countries . 47 Retail prices and. cost of living in principal countries . 49 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks . * . 50 Federal reserve note account. - , .. 54 Holdings of earning assets . - ,— 55 Discount and open-market opex*ations of Federal reserve banks „ . 56 Gold settlement fund , „ 65 Discount rates of Federal reserve banks-... 65 Member banks— Condition of reporting member banks in leading cities . „ , . , 57 Banker's balances at reporting member banks in Federal reserve bank cities 58 Deposits of all member banks . .. „ 59 Changes in membership in Federal reserve system 60 All stock banks in the United States—Condition on September 28, 1925 61 Bank debits _ . 66 Member banks and nonmember banks on par list and not on par list_. - 67 Money rates in principal cities . .. - . ~»- 68 Money in circulation „„„ .. _—--... » - ..... 67 Gold and silver imports and exports „-- -.-.-. „„-.„„. 69 Foreign exchange rates- » » .-.---------. - 70 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 Cash!®? Boston ,„„•,„ ,- Frederic K Curtiss W. P. O* Harding W. W. Paddock , W. WJJletto New York. Pierre Jay— Benj. Strong .._ J. H. Case L. H. Hendrkks.1 L. F. Sailer A. W. GUbart.> G. L. Harrison... „. J. W. Jones.* E. R. Kennel. ' G. B. Chapin.i Ray M. Oidjaej. L. XL Rounds.1 Philadelphia R. L. Austin™ .._. Geo. W.Norris Wm. H. Hutt 0. A. MellfceEsay. W. G. McCreedy.i Cleveland., — George DeCamp E. R. Fancher M. J. Fleming J, C. Nevln. Frank J. Zurlinden Richmond Wm, W. Hozton George J. Seay C. A. Peple... Geo. H. Ksess®* R. H. BroaddiiS , John S. Waldos* Jr.a Atlanta Oscar Newton M. B. Wellborn J. L. Campbell M, W. Bell. Creed Taylor Chicago Wm A. Heath J. B. McDoogal C. R. McKay „..._ We C. Bacbmao.1 John H. Blair K. C. Childs.s J, H. Dillard.s D. A. Jones.* ... O. Jn Netterstrom.i St. Louis Win. McC. Martin „ D. C. Biggs...... 0. M. Attebery..... J. W, Whit®, M inneapolis John R. Mitchell R. A. Young W. Bo Gcery.. Gray Warren. 5 > 13 xr TUfncrn Frank 0. Doalop* Harry Yaeger * Kansas City.. M. L. MeClure ..„„_ W.J. Bailey C. A. Worthington J. W. Helm. Delias C. C. Walsh Lvnn P. Talley. R. Ro Gilbert.-.. Fred Harris. Ssa Francisco JohnPerrin „ J. U. Calkins.. Wm. A. Day W. N, Ambrose, Ir& Clerk L. C. Pontious «.„„ * Controller. s Assistant deputy governor, MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Beserve Bank of— Managing director ! Federal Reserve Bank of— : Managing dlresftor New York: I Mmaeapolis: Buffalo branch W. W. Schneckenburger ; Helena branch „._! B. E. Towle. Cleveland: Kansas City: • Cincinnati braaeh L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch.. Denver branch....... ..: JF. E.Olson. Richmond: i Oklahoma City branch.. i C. E. Daniel, Baltimore branch.. A. H. Dudley. ; Dallas: Atlanta: Ei Paso branch...„„_ ; M. Crump. New Orleans branch Marcos Walker. Houston branch „ 1 D. P. Reordasa. Jacksonville branch Geo. B. DoSaussure. ; San Francisco: ; Birmingham branch A. E. Walker. i Los Angeles branch ..J B. B. Motherweli. Nashville branch J, B. Fort, Jr. ; Portland branch »...| B. B. West. Chicago: •i Salt Lake City branch ; W. L. Partner. Detroit branch W. R. Cation. Seattle branch 0. R. Shaw. St. Louis: Spokane branch D. L. Davis, Louisville branch,.,. W. P. Klncheloe. Memphis branch V. S. F-squa i Little Bock branch A. F. Bailey. r \: ! SUBSCRIPTION PE1CE OF BULLETIN FEDERAL RESEBVE 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, Mexieo9 and the insular possessions, $2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis FEDERAL RESERVE BULLETIN VOL. 12 JANUARY, 1926 No. 1 REVIEW OF THE MONTH In 1925; for the first time in five years, the annual average of reserve bank credit in use Banking developments in 1925 reflect a was larger than for the preceding year, The large increase in the volume of credit extended average volume of bills and securities during by member banks to finance 1925 was $1,140,000,000. compared with an Bank credit in the year's unusually active busi- 1925. average of $950,000,000 in 1924. This higher ness and the increased volume level of reserve bank credit was due to the of transactions in the security market. The maintenance by member banks of a higher volume of member bank credit in use dur- average of reserve balances, in keeping with ing 192,5 was larger than in an}^ previous the larger volume of their own deposit liabilities, year, and the volume of reserve bank credit and to the change in the direction of gold outstanding was considerably above the level movements, which during the preceding four of 1924 and approximately at the average level years had been an important factor in. reducing of the two preceding years, With the in- the volume of reserve bank credit. Yearly creased demand for bank credit from industry averages of reserve bank holdings of bills and and finance the member banks maintained securities, which measure the total of reserve their own investments in securities at the bank credit in use, are shown below: high level reached the year before, when abundance of funds had caused these banks RESERVE BANK CREDIT OUTSTANDING greatly to increse their holdings of investments. [Yearly averages in millions of dollars] At the reserve banks the increase in the volume of credit outstanding in December, 1925, Bills and ! securities Change compared with the closing month of the year Year ! held by from i reserve previous before was due to the withdrawal of gold for banks year export, amounting to about $150,000,000 dur- 1920. 3,243 ing the year, and to a comparatively small 1921.. 2,160 -1,083 1922... 1,187 -973 increase in the reserve balances of member 1923.. 1,151 1924.. 950 -201 banks from the high level reached at the end .1925. 1,140 +190 of 1924. Domestic currency demand increased somewhat during the year, owing to the active While the increase in the average level of condition of business, but this increased de- reserve bank credit during 1925, after a con- mand was met through the use of American tinuous decline for four years* currency returned from abroad in sufficient was caused h the lar er Yol volume to meet the increase in domestic re- credit and gold J s ~ quirements. In general, the year may be stock. ume of reserve balances and by characterized from the point of view of banking gold withdrawals, the changes developments as one during which member from month to month during the year re- banks financed a larger volume of domestic flected chiefly changes in the domestic demand business out of their own resources and met a for currenc}?.
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