Federal Reserve Bulletin, 1923-07

FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASfflNGTON JULY, 1923 WASHINGTON GOVERNMENT PRINTING OFFICE 1923 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. ADOLFH G. MILLER. CHARLES S. HAMLIN. HENRY M. DAWES, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. W. W. HOXTON, Secretary. WALTER WYATT, General Counsel. W. L. EDDY, Assistant Secretary. WALTER W. STEWART, W. M. IMLAY, Fiscal Agent. Director, Division of Research and Statistics. J. F. HERSON, M. JACOBSON, Statistician. Chief, Division of Examination and Chief Federal E. A. GOLDENWEISER, Associate Statistician. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL. (For the year 1923.) District No.1 (BOSTON) ALFRED L. AIEEN. District No.2 (NEW YORK) PAUL M. WARBURO, Vice President. District No. 3 (PHILADELPHIA) L. L. RUE, President. District No.4 (CLEVELAND) C. E. SULLIVAN. District No.5 (RICHMOND) JOHN M. MILLER, Jr. District No.6 (ATLANTA) EDWARD W. LANE. District No.7 (CHICAGO) JOHN J. MITCHELL. District No.8 (ST. LOUIS) FESTUS J. WADE. District No.9 (MINNEAPOLIS) G. H. PRINCE. District No.10 (KANSAS CITY) E. F. SWINNBT. District No.11 (DALLAS) ,....R. L. BALL. District No.12 (SAN FRANCISCO) D. W. TWOHT. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANES. Federal Reserve Bank of— Chairman. Governor. Deputy governor. Cashier. Boston Frederic H. Curtlss W. P. G. Harding C.C.Bullen W. WUlett. W.W. Paddock New York Pierre Jay Ben]. Strong J. H. Case L. H. Hendricfcs.i L. F. Bailer J.D. Hlgglns.i G. L. Harrison A.W.GUbart.1 E. R. Kernel J. W.Jones. < G. E.Chapln.' Philadelphia R.L.Austin George W. Norris Wm. H. Hutt W. A. Dyer. Cleveland D. C. Wills E. R. Fancher M. J. Fleming J. C. Nevin. Frank J. ZurUnden Richmond Caldwell Hardy George J.Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus A. S. Johnstone • John S. Walden» Atlanta Joseph A. McCord M.B. Wellborn L. C. Adelson M. W. Bell. J.L. Campbell Chicago Wm.A. Heath J. B. McDougal.... C.R. McKay W. C. Bachman.l John H. Blair K.C.Childs.« J. H. Dlllard.1 D. A. Jones.1 O.J.Netterstrom.i Clark Washbume.1 St. Louis Wm. McC. Martin D.C. Biggs O.M.Attebery J. W. White. Minneapolis John H. Rich R. A. Young. W.B.Geery Gray Warren. B. V. Moore. Harry Yaeger' Frank C. Dunlop > Kansas City M. L.McClure W.J.Bailey C. A. Worthingfon J. W. Helm. Dallas LynnP. Talley B. A. McKinney R. G. Emerson R. R. Gilbert. San Francisco John Perrin J.U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk.'. L. C. Pontlous« i Controller. > Assistant to governor. * Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch W. C. Weiss. New Orleans branch Marcus Walker. Houston branch R. B. Coleman. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. MotherweU. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch ... J. J. Heffln. 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 is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $ 1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of |4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN for 1915,1916,1917, or 1918 are available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Page. Review of the month 767 Business conditions in the United States 775 Special articles: Statistical work of the Federal Reserve Board in 1922-23 794 Deposits of all member banks 795 Banking developments in the United States during the first quarter of 1923 796 Official: Law departmentr—Supreme Court decisions in par clearance cases ^ 788 State banks admitted to system 793 Fiduciary powers granted to national banks 825 Charters issued to national banks 793 Business and financial conditions abroad: International trade and economic conditions in Europe 800 Trend of business abroad—Statistical summary 801 French banking in 1922 ". 802 Recent developments in Japanese banking 804 Price movement and volume of trade: International wholesale price index 812 Wholesale prices of individual commodities in the United States.. .; 813 Comparative wholesale prices in principal countries 815 Comparative retail prices and cost of living in principal countries 818 Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan 819 Foreign trade of principal countries 822 Foreign trade index 824 Ocean freight rates 825 Report of Associated Knit Underwear Manufacturers of America 825 Production and shipments of finished cotton fabrics 826 Physical volume of trade 827 Building statistics 832 Wholesale and retail trade 833 Commercial failures 787 Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve banks 836 Condition of Federal reserve banks 840 Federal reserve note account 844 Condition of member banks in leading cities 845 Savings deposits 824 Bank debits 849 Operations of the Federal reserve clearing system 853 Gold settlement fund 856 Gold and silver imports and exports 855 Money in circulation 854 Discount rates approved by the Federal Reserve Board 854 Discount and interest rates in various centers 857 Federal reserve and member bank developments during year ending June 30, 1923 859 Foreign exchange rates 866 Foreign— England, France, Italy, Germany, Sweden, Canada, Argentina, and Japan 867 Charts: Member bank loans and investments - 768 Changes in condition of Federal reserve banks 770 Index of production in basic industries and wholesale prices in the United States 775 Bank credit 776 Hog receipts compared with hog prices 779 Production and shipments of lumber 784 Increases in number of employees and size of pay rolls in various manufacturing industries 786 Internationa] wholesale price index—Federal Reserve Board 811 Volume of domestic business 827 Wholesale hardware sales 833 Department-store sales in the New York and Dallas districts 833 IT Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 9 JULY, 1923. No. 7 REVIEW OF THE MONTH. Increased activity in the industrial sections of the North and East during the year gave Midsummer is ordinarily a season of somerise to a larger demand for what slackened business activity and low ftedit demand . Member banks in credit demand and a time when bank credit of industry and , ,. ... . ,, . Creditposition credit position derives its imthe of agriculture. leading cities in the eastern at midyear. / sections, with the exception of portance from the fact that tne New York, increased their loans by between banks are approaching the season of largest 10 and 14 per cent between June, 1922, and currency and credit requirements for crop June, 1923, while in the agricultural districts moving. It is partly for this reason that, folloans increased by about 8 per cent. Loans by lowing the practice of earlier midyear stacountry banks in the St. Louis, Minneapolis, tistical issues, the July review surveys banking Kansas City, and Dallas districts actually deand credit developments for the 12-month creased during the last half of 1922, at a time period ending in June, 1923, and compares when the total loans of all member banks present banking conditions with those preshowed a rapid growth. Net loan reduction vailing a year ago. July, 1922, marked the in agricultural districts did not begin until the turning point in the demand for bank credit second quarter of 1921, six months later than for commercial purposes and from that time in industrial districts, and continued six until quite recently the volume of commonths longer, until the end of 1922. This mercial loans has steadily increased. This lag not only reflects the slower recovery of the larger demand for bank credit followed a farmer, but is related also to the fact that farmgrowth in business activity which had started ers realize upon the sale of their crops only at at least a year earlier. The rate of industhe end of a growing season, while in industry trial recovery during the past two years the turnover is much more rapid. Changes in has seldom been equaled in the business the volume of business in merchandising and history of the country, and while it has been manufacturing are followed more promptly by primarily industrial in character and has corresponding changes in credit demand, and affected various lines of economic activity in thus by the middle of 1922 new borrowing to differing degrees, it has been felt in all sections finance the larger volume of current business of the country. In agriculture, recovery from exceeded the liquidation of outstanding inthe 1920-21 depression came later and was less debtedness, and the total volume of loans in complete. In fact, the liquidation of indebtindustrial districts increased. It was not until edness incurred during the two preceding the profits of 1922 crops were available, howyears was effected by the use of a portion of ever, that farmers were generally in a position the profits from the crops of 1922, and it was to repay the obligations incurred during the not until the end of 1922 that loan reduction two preceding years. During the first quarter at banks in agricultural districts came to an of 1923 loans in agricultural districts, partly end. Differences between the extent and time in response to credit demands in connection of recovery in industry and in agriculture are with the spring planting, showed a net increase. reflected in differences in business conditions in various sections of the country, and since Further evidence of loan liquidation in rural industrial sections are sufficiently distinct from districts during the past year is shown by agricultural sections, these differences may be decreased rediscounting at Federal reserve brought out by geographical comparisons. banks by member banks in small cities and 767 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

768 FEDERAL RESEBVE BULLETIN. JULY, 1923. towns, while banks in larger cities have Taking the country as a whole, the principal increased their borrowings from the reserve banking development of the year has been the banks at a rapid rate. During April, 1922, rapid increase in the volume of 42 per cent of the total volume of paper dis- loans' chie^ for commercial loans bjmembet counted by the reserve banks was discounted purposes ("all other loans"). banks. for banks in cities having a population of Between the end of July, 1922, 100,000 and over, and about the same propor- and the middle of June, 1923, these loans made tion for banks in cities of less than 15,000 by member banks in leading cities increased by population, while by April of this year these $750,000,000 and total loans and investments proportions were 75 per cent for the large cities increased by $1,283,000,000. Two-thirds of and about 16 per cent for small cities and the increase in commercial loans has occurred towns. Recently there has been an increase in since the opening of the year, while loans sethe amount of borrowing at the reserve banks cured by stocks and bonds and investment by member banks in smaller cities, just as holdings have declined somewhat during this there has been an increase in member bank period, so that total loans and investments of loans in agricultural districts. the banks have remained relatively constant between the end of March and the middle of That industrial sections of the United States benefited earlier than agricultural sections BILLIONS OF DOLLARS BILLIONS OF DOLLARS from the expansion in the volume of business 20 is indicated by the relative volume of check payments in various sections during the past LOANS AND year. A year ago bank debits in industrial y ^INVESTMENTS ^ —• sections were at about the same level as in 15 15 1919, while debits in agricultural regions were about 10 per cent smaller. This difference in **V TOTAL LOAus relative volume has widened during the last """ *-^ DEMAND "* year, since the growth of check payments has 10 10 been much greater in the eastern industrial sections (except New York) than in the western AM y—' and southern agricultural sections. Wholesale s , " trade and retail trade have increased during the past year more rapidly in manufacturing 5 INVESTMENT, • than in agricultural sections, and although mail-order sales, which largely represent buy- —^ ""-" TIME D POSITS ing in rural communities, have almost doubled in monthly volume since the summer of 1922, 0 0 1919 1920 1921 1922 1923 they are still on a relatively lower level, when Figures for member bank3 in leading cities for the last report date of related to the volume of sales prior to the de- each month. Data for total loans, other loans, and investments are not available prior to 1921. pression, than sales at department stores in large cities. June. During the latter half of 1922 the in- In general, therefore, there is shown for the crease in loans was accompanied by a correyear a rapid growth of industrial production sponding growth in demand deposits, but during and of demand for bank credit in manufac- recent months demand deposits have decreased turing districts, while in agricultural sections and the ratio of loans to deposits has inthe recovery started later and a growth in the creased, as is usual after a period of increasing demand for credit began to manifest itself only credit and currency demand has been under in response to the requirements of the plant- way for a considerable time. At such a time ing season of this year. a larger proportion of loans made by banks is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDLY, 1923. FEDERAL, RESERVE BULLETIN. 769 withdrawn in cash to meet enlarged currency While at member banks the most important requirements, resulting in a rising ratio of developments of the year have been the rapid loans to deposits. The relationship between Stability of increase of loans and investbank deposits and currency requirements is reserve bank ments and of demand and time discussed more fully elsewhere in this review. credit. deposits, the chief character- The large growth in time deposits during the istic of Federal reserve banking has been the past year has been accompanied by a corre- relative stability of the volume of reserve bank sponding growth in investment holdings. The credit in use, of note circulation, and of cash table below shows for March 10, 1922, andreserves. April 3, 1923, the volume of time deposits and The following table shows the net changes of different classes of investments held by all during the year in the principal items in the member banks, by class of cities: reporting member bank and Federal reserve bank statements: TIME DEPOSITS AND INVESTMENTS OF ALL MEMBER BANKS. CHANGES IN CONDITION OP FEDERAL RESERVE BANES AND REPORTING MEMBER BANKS. [In millions of dollars.) [In millions of dollars.] All Central Other member reserve reserve Country Federal reserve banks. banks. cities. cities. banks. Item. June 21, June 20, Increase. Time deposits: 1922. 1923. Mar.10,1922 6,662 570 2,198 Apr.3,1923 8,143 868 2,785 4,490 Increase 1,481 298 587 Total earning assets 1,099 1,058 •vestments: Discounts 422 731 309 Mar.10,1922 6,258 1,330 1,862 3,066 Acceptances 121 208 85 Apr.3,1923 7,760 1,763 2,451 3,546 United States securities 556 121 1435 Increase 1,502 433 589 Total deposits 1,854 1,921 67 United States securities: Members' reserve deposits 1,812 1,874 62 Mar.10,1922 2,755 666 783 1,306 Federal reserve notes 2,126 2,222 96 Apr.3,1923 3,883 M8? 1,273 1,508 Cash reserves 3,148 3,215 67 Increase 1,128 490 202 Ratio of reserves to deposits and Federal Other securities: reserve notes in circulation (per cent). 79.1 77.6 Mar.10,1922. 3,503 1,079 1,761 Apr.3,1923 3,877 662 1,178 2.037 Increase 374 11 99 276 Reporting member banks. 1 Decrease. Item. June 21, June 20, Increase. 1922. 1923. Between March 10, 1922, and April 3, 1923, the increase both in time deposits and in Loans, total 10,885 11,790 905 Secured by stocks aad bonds. 3,512 3,755 243 investments of member banks amounted to Other, largely commercial'... 7,373 8,035 662 Total investments 4,379 4,691 312 about $1,500,000,000. This close correspond- Total loans and investments 15,264 16,481 1,217 Net demand deposits 11,192 11,089 •103 ence in the aggregates does not, however, Time deposits 3,329 3,996 667 appear in each class of cities. In central > Decrease. reserve cities the increase in investments was • Including loans secured by United States obligations. considerably larger than the increase in time Between June, 1922, and June, 1923, total deposits, while in country banks the increase earning assets of the reserve banks have in time deposits exceeded the growth of in- changed but little, while during the same vestments. There is also a marked difference period the loans of member banks in leading in the character of the investments held by cities increased by $900,000,000 and their member banks in the different classes of cities. combined loans and investments by over The increase in investments by central reserve $1,200,000,000. Changes in the volume of city banks is confined to Government securities, reserve bank credit in use during the year while in country banks the increase in other have been largely seasonal in character, the securities exceeds the growth in their holdings increase during the latter half of 1922 being of Government securities. followed by a corresponding reduction since Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

770 FEDERAL RESERVE BULLETIN. JUICY, 1923. the turn of the year. While the total volume is, of a direct demand by member banks for of reserve bank credit has thus remained reserve bank accommodation. As has been fairly constant, there have been important previously noted in the BULLETIN, the Federal changes in the composition of reserve bank Reserve Board has taken the view that in earning assets. During the latter half of 1922 their open-market operations the reserve banks discounts for member banks increased rapidly shall be governed "with primary regard to the and acceptance holdings also advanced, while accommodation of commerce and business" investments in Government securities showed and has thereby made open-market operations a large reduction. At the turn of the year rest upon the same general principles as those there was a seasonal reduction in discounts laid down in the Federal reserve act with and a temporary increase in Government respect to discounts. security holdings. From the middle of Demand deposits of reporting member banks, January, however, the earlier movement of as indicated in the table and the chart, show increasing discounts, accompanied by declines a decrease for the year, largely because in security holdings, was resumed and on June there has been a considerable decline in 20 discounts had advanced to $731,000,000 these deposits during the past four months. In this respect the member banks in leading MILLIONS OF DOLLARS MILLIONS OF DOLLARS 4000 4000 cities are not altogether representative of the banking situation as a whole, since the growth in the demand for funds in the interior has 3000 3000 resulted in the withdrawal of balances from city correspondents, so that demand deposits of all member banks show a considerably larger growth than that reported forjthe member 2000 2OO0 banks in leading cities. The growth in time deposits of the member banks for the year was about $667,000,000. 1000 1000 There is a close correspondence between the growth of deposits of member banks and the growth of members' reserve balances with 1919 1920 1921 1922 1923 the Federal reserve banks, so that the ratio Figures for the twelve Federal reserve banks combined (or tbe last between the two remains constant. This report date of each month. stability of the ratio is due to the legal from a low point of $500,000,000 in the middle requirements as to reserve and to the practice of January, while Governmentsecurities declined of the banks of not keeping as reserves more from $500,000,000 in the middle of January than the minimum required by law. The law to $121,000,000, the lowest figure reported since provides that member banks must keep as 1918. Movements of the principal items of the balances with the Federal reserve banks a reserve bank statement since 1919 are shown reserve of 7, 10, and 13 per cent of their dein the chart. mand deposits, depending on the class of city It has been the policy of the reserve banks in which they are located, and 3 per cent during the past year gradually to reduce of their time deposits. The following table their holdings of Government securities in shows the relationship between deposits and order to have demands for additional reserve reserves for all member banks for call dates bank credit take the form of discounts, that beginning with June 30, 1919. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 771 RATIO OF MEMBER BANK RESERVES TO THEIR their power to lend from their own resources. DEPOSITS. Increases and declines of the demand for [In millions of dollars.) credit are also reflected, in the absence of gold imports, in the extent to which member banks Net Reserves. depend on the reserve banks for keeping their Net amount Date. demand Time on which balances up to the legal requirement and for deposits. deposits. c r o e m se p r u v t e e 's d Amount. R de a p ti o o s i t t o . meeting a growing demand for additional currency. 1919. Per cent. June 30 14,700 4,343 16,325 1,724 10.6 Increasing demand for hand-to-hand cur- Nov. 17 16,246 5,049 18,108 1,825 10.1 Dec. 31 16,563 5,305 18,515 1,904 10.3 rency generally follows upon the growth of bank deposits, which reflects 1920. May4 16,389 5,748 18,511 1,866 10.1 Growth of bank increasing business activity June 30 16,393 5,911 18,576 1,839 9.9 deposits and cur- Nov. 15 15,906 6,144 18,178 1,827 10.1 and use of bank credit. The Dec. 29 15,327 6,188 17,616 1,763 10.0 rency demand. growth of money in circula- 1921. Apr.28 14,371 6,343 16,718 1,654 9.9 tion, however, generally lags behind the June 30 14,296 6,367 16,655 1,625 9.8 Dec. 31 14,433 6,451 16,816 1,758 10.5 growth in deposits, which begin to increase as 1922. soon as the volume of business activity starts Mar. 10 14,479 6,662 16,933 1,723 10.2 June 30 15,509 7,175 18,117 1,835 10.1 upward and is reflected in a growing demand Dec. 29 16,187 7,645 18,966 1,939 10.2 for bank accommodation by manufacturers 1923. Apr.3 16,068 8,143 19,028 1,908 10.0 and wholesale merchants whose credit requirements increase with the growth of their operations. Increased demands for currency in turn Stability of the ratio throughout a period of follow advances in retail prices and in pay credit growth and liquidation is brought out b? the table< The ratio as Pre' rolls, which generally lag behind expansion of Constancy of sented is calculated on the business and wholesale price increases. While, ratio between therefore, there tends to be a definite sequence member bank basis of net demand deposits, of changes in the volume of deposits and of reserves and de- to which are added time demoney in circulation, the former measuring the posits. posits reduced to a demand available means of payments by check, and the deposit basis. A 10 per cent ratio, therefore; latter the means available for cash payments, indicates that the banks keep on the average the ratio between the two is not constant. In 10 per cent against demand deposits and 3 per the early periods of business expansion the ratio cent against time deposits. That the ratio of deposits to currency is relatively high, because rarely falls below 10 per cent is to be expected deposits grow faster than money in circulation. in view of the fact that the legal reserve When, however, increased business activity requirements for banks in different classes of becomes translated into larger pay roll, till cities average about this percentage. It is money, and hand-to-hand currency requirenotable, however, that in practice the actual ments, the ratio of deposits to currency deratio rarely rises above the legal minimum. clines as cash requirements increase. During The difference between periods of increased the past year, which was the second year of demand for credit for commercial purposes and growing business activity, the increase of curof relative relaxation in the demand is reflected rency in use, as shown in the circulation statenot in the extent to which the member banks' ment of the United States Treasury, amounted own available reserves are utilized, but in the to $336,000,000, or approximately at the rate distribution of member bank funds between of $1,000,000 a day. The following table various types of loans and between loans and shows the amount of different kinds of curinvestments. Thus the aggregate amount of rency in circulation on June 1, 1922, and June member bank credit extended, as reflected in 1, 1923, and the changes for the period. their deposits, is constantly up to the limit of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

772 FEDERAL, RESERVE BULLETIN. JULY, 1923. MONEY IN CIRCULATION. During the early months of 1923, beginning with February, gold imports were on a much [In millions of dollars.l smaller scale than during the preceding two Junel, June 1, Increase. Decrease. years, and for the first four months of the 1922. 1923. year total net imports of gold amounted Gold and gold certificates 595 746 151 to about $45,000,000. This net addition was Silver and silver certificates.. 548 670 122 United States notes 294 306 12 equaled during the single month of May, Federal reserve notes "2,129 2,228 99 Federal reserve bank notes... 79 22 57 when payment by the German Government National bank notes 725 734 9 of part of its obligations to Belgium, to- Total 4,370 4,706 336 gether with receipts of gold from England in connection with the payment of the first Of the increase in money in circulation for installment on its debt to the United States the year, somewhat less than one-half repre- Government, brought the total net gold sents a growth in the circulation of gold and gold imports for the month to $45,000,000 and the certificates and less than one-third represents total for the 12 months to $227,000,000. A additions to Federal reserve note circulation. sufficient amount of this increase in the This relatively small proportion and amount country's gold supply has been added to the of Federal reserve notes in the total money reserves of Federal reserve banks to balance added to circulation has resulted in a lower the relatively slight growth in deposit and percentage of Federal reserve notes to total note liabilities, with the result that the reserve money in circulation than has existed at any ratio has remained fairly constant at a level time since 1918. Relatively small increases above 75 per cent. are shown for United States notes and national bank notes and a considerable increase has With the volume of reserve bank credit in occurred in the circulation of silver and silver use at about the same level as a year ago, and certificates, only about one-half of this in- the volume of member bank credit at a concrease representing the replacement of Federal siderably higher level, the banking position reserve bank notes retired from circulation, as prior to the more active demand for credit at silver purchases under the Pittman Act were crop-moving time also differs from last year's effected. Of the total increase of $336,000,000 in the greater liquidity of bank loans now in circulation only $42,000,000 represents a net outstanding. Payment of accumulated indebtaddition to Federal reserve currency in use. edness which took place later in the agricultural It is the inflow of gold which largely accounts districts than elsewhere has now largely restored for the growth in total money in circulation the liquidity of banks in rural districts, and without additions to Federal reserve note circu- the recent increase in their loans to customers lation. Net gold imports between June 1,1922, and in their borrowings from the reserve banks and June 1, 1923, aggregated $227,000,000, has been in response to a growth in current two-thirds of which was added to circulation business. and the remainder mostly to the reserve balances of member banks. The inflow of gold during the For some time the Federal Reserve Board year has thus been sufficient not only to take has been considering the matter of the use of care of the growing reserve requirements of Federal reserve and other curmember banks, but also to satisfy the larger Federal reserve rency of the United States m currency requirements. It has enabled mem- ! 8gCnCy ^ Cuba- OurrelationswithCuba ber banks to go through a period of rapidly Cub! are unique, because of the progrowing business activity and credit and curvisions of the Platt amendment, and also because rency demand without making use of a larger the currency of the United States has been made volume of reserve bank credit as measured by legal tender by act of the Cuban Government, total earning assets of the reserve banks. but no adequate machinery has ever been set Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOLT, 1923. FEDERAL BESEEVE BULLETIN. 773 up by which unfit paper currency could be sent and sent the following letter to the governors back to the United States for redemption and of the 12 Federal reserve banks: replacement. Effective August 15, 1923, the Federal Reserve Board The board has finally decided to approve a has amended regulation J, which governs the par clearance system ol the Federal reserve banks, by inserting these plan agreed upon by the Federal Reserve Banks new conditions: of Atlanta and Boston by which they are to (6) No Federal reserve bank shall receive on deposit open agencies in Habana, working coopera- or for collection any check drawn on a aonmember bank which refuses to remit at par in acceptable funds. tively along certain definite lines. It happens (7) Whenever a Federal reserve bank receives on that a considerable part of the paper currency deposit or for collection a check drawn by, indorsed by, or emanating from any nonmember bank which refuses to in Cuba consists of notes issued by the Federal remit at par in acceptable funds, it shall make a charge Reserve Bank of Atlanta, and the plan is ex- for the service of collecting such check of one-tenth of 1 per cent, the minimum charge to be 10 cents for each item. pected to continue these notes in circulation. The board has made public its reasons for this action as It is expected that currency will be presented follows: "The provisions of the Federal reserve act which to the agencies for the purchase of cable transauthorize the establishment of a Federal reserve colfers and that the currency so received will be lection system were designed wholly for the benefit at once sorted, so that the unfit bills can be of the banking and commercial interests of the country. The system is now in operation between banks which in sent back to this country for replacement by number are about 92 per cent of all banking institutions new currency. The new money will then be and which have approximately 98 per cent of the total banking resources of the country. The Federal reserve put into circulation through the purchase by collection system has become a necessary instrumentality the reserve agencies of bills of exchange from in effecting the country's domestic exchanges, its operation, including final payments through the gold settlethe banks operating in Cuba. ment fund, has been of inestimable value and has resulted in enormous saving to those actively engaged in carrying This, it is expected, will result not only in on the commerce of the country, and there are no other replacing unfit paper money with new currency facilities for operating a collection system which could but will have a tendency to stabilize banking approximate it in economy of operation. It has eliminated a very large portion of the time formerly consumed conditions. Banks operating in Cuba will be in the collection of checks and has cut down the cost of enabled to carry on their business without the making the country's exchanges to the minimum. Even though an involuntary collection system may not be imnecessity of holding abnormal reserves and posed upon the Federal reserve banks by the Federal will be able at any time to obtain currency reserve act, as interpreted by the Supreme Court of the United States in its recent decision, the system has fully by selling prime bills of exchange originating justified its operation and is of such value to the banking in import or export transactions. The board's and commercial interests of the country that its continuance as a voluntary system is of vital importance. Cerregulations have undertaken in some detail to tain changes in the basis of the par clearance system are safeguard these transactions. advisable in view of the recent decision of the Supreme Court. It was on the application of the Boston "The board believes that participation in the par clear- Reserve Bank that the matter first came ance system should be baaed upon the principle of recidefinitely before the board, and it was through procity and that hereafter Federal reserve banks should not receive for collection checks on any nonmember bank agreement between the Atlanta Reserve Bank which will not agree to remit in acceptable funds without and the Boston Bank that it was worked out deduction. The recent opinion of the Supreme Court in detail. Some changes in detail may become makes it certain that the Federal reserve banks are not permitted by law to pay exchange. It must be clear necessary when the agencies get into operation, that the more inclusive a collection system is the more as the establishment of such agencies is an efficient it will be and the greater will be the service it can render alike to the business and banking community. entirely new thing, and the board has reserved Therefore, since it is the object of the Federal Reserve the right to terminate the agencies at any time Board to maintain an efficient system of par collection, which must at the same time be a voluntary system as far if it deems such action advisable. as nonmember banks are concerned, the concessions On June 11 the Supreme Court of the United involved and the resulting benefits should be made and received by all participating banks. It is clear that those States rendered two decisions on par clearance nonmember banks which are unwilling to remit without cases, the full text of which is deduction for checks drawn on themselves have no right to share in the advantages of the par collection system. Boards state- v r - u . ii i. • • i/u T> mentonparclear- Publlslied elsewhere in the BUL- "The Federal Reserve Board, therefore, in the exercise of its legal authority, has amended regulation J, series of ance . LETIN. The Federal Reserve 1920, in such a way as to prohibit any Federal reserve bank from receiving on deposit or for collection any check Board on June 29 amended the drawn on any nonmember bank which refuses to remit regulations governing the par clearance system Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

774 FEDERAL RESERVE BULLETIN. JCLY, 1923. at par in acceptable funds and to require Federal reserve In the table below are shown the subscripbanks to make a collection charge for their services in col- tions and allotments distributed by Federal lecting checks which bear the indorsement of, or are reserve districts: drawn by or emanate from any nonmember bank which refuses to remit at par in acceptable funds, such collection charge to be at a rate of one-tenth of 1 per cent, Total sub- Total subthe minimum charge to be 10 cents for each item." Federal reserve district. scriptions re- scriptions alceived. lotted. Boston $28,630,000 »22,480,000 NOTE. New York : 157,330,500 74,855,500 Philadelphia 34,848,000 16,189,500 Cleveland 18,973,500 8,895,500 On July 1 the Board's Division of Analysis Richmond 8,449,500 6,095,500 Atlanta 9,459,500 7,579,500 and Research and the Office of Statistician were Chicago 29,991,800 21,839,500 consolidated into one division S M t i . n L n o ea u p is olis 7 5, , 3 3 2 2 3 9 , , 5 5 0 0 0 0 5 5 , , 6 3 9 2 9 3 , , 5 5 0 0 0 0 Kansas City 6,926,000 3,381,000 diWslras °nOf under the title of Diy^i011 of Dallas 8,886,500 4,576,500 Research and Statistics. Mr. San Francisco 26,314,500 12,918,000 W. W. Stewart, who has been director of the Total 342,462,800 189,833,500 Division of Analysis and Research since September 15, 1922, is the director of the new On June 15 the Treasury also announced division. receipt of the first semiannual interest payment on the funded indebtedness of Great Britain to the United States under the terms TREASURY FINANCE. of the debt settlement approved by the act of February 28, 1923. As stated in the Financial operations of the Government March BULLETIN (p. 71), the capital amount during June centered largely about the middle of this indebtedness was fixed at $4,600,000,000, of the month, when .the second quarterly in- and semiannual interest upon the unpaid balstallment of income and profits taxes fell due. ance is to be paid at the rate of 3 per cent per About $200,000,000 of Treasury certificates annum for the first 10 years following Decemmatured on June 15, and on the same date ber 15, 1922. The amount of interest due on interest on the public debt became payable in June 15 was $69,000,000, and as authorized by the amount of $75,000,000. To complete its the terms of the settlement, was made in financing program for the fiscal year, the Liberty bonds, which were accepted at par Treasury on June 11 announced an offering of and accrued interest, with a small cash adjust- $150,000,000, or thereabouts, of six months' ment. The bonds were $68,502,950 face 4 per cent tax certificates, dated June 15 and amount of second Liberty loan 4£'s and maturing December 15 of this year. Since $250,000 face amount of fourth Liberty there are no maturities of the public debt be- loan 4|'s, the accrued interest being $247,022.56 tween June 15 and September 15, and since and the cash adjustment $27.44. The Treasury interest payments in July and August are light, announced that the bonds thus accepted have the Treasury expects the income-tax receipts been canceled and retired and the public debt during June, which are estimated to yield reduced accordingly. about $350,000,000, together with existing On the same date the first semiannual balances and the proceeds of the new offering payment of interest, amounting to $135,000 on of Treasury certificates, to provide for all cur- a principal indebtedness to the United States rent requirements during the summer months of $9,000,000, was made by the Republic of and to carry the Treasury until the next quar- Finland. This is the amount fixed by the terly tax payment in September. The new funding agreement recently made, subject to issue was largely oversubscribed, the total sub- the approval of Congress, under the provisions scriptions amounting to $342,462,800, of which of the foreign debt funding act of February about $38,000,000 represented exchanges of 28, 1923. Treasury certificates maturing June 15, 1923. On June 19 the formal proposal of the All exchange subscriptions were allotted in British Government for the funding of the full, while allotments on other subscriptions British debt to the United States, pursuant were made on a graduated scale, preference to the agreement already reached, was acbeing given to smaller subscriptions. cepted by the Government. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

775 JULY, 1923. FEDERAL, RESEBVE BULLETIN. BUSINESS CONDITIONS IN THE UNITED STATES. Production and shipment of goods continued in heavy volume during May; the volume of employment was sustained, and many wage advances were reported. Wholesale commodity prices declined during May and the early weeks of June. Production.—Production of iron and steel, cement, and petroleum was larger in May than in any previous month, and mill consumption of cotton was close to maximum. The high level of production in these industries, together with increases in practically all other reporting lines, are reflected in an advance of 2 per cent in May in the Federal Eeserve Board's index of production in basic industries. In the building industry there was a further decline in principal cities in the value of permits granted which represent prospective building operations. Contract awards, however, which represent actual current undertakings, continued to increase, though, declines are reported in the New York and Chicago districts. This industrial activity has been accompanied by a slight increase of employment at industrial establishments. The demand for labor was also reflected in a larger number of wage advances during the 30-day period ending May 15 than in any earlier month this year, and average weekly earnings in all reporting industries increased by 3.8 per cent. The advances were most general in the cotton, steel, meat packing, and sugar refining industries. In agriculture the condition^of both winter and spring wheat is reported less favorable than a year ago, while the condition of the cotton crop is slightly better than last year, owing entirely to more favorable growing conditions in Texas. A shortage of farm labor is reported from most sections of the country. Trade.—Active distribution* of commodities is indicated by heavy movement of merchandise and miscellaneous freight, and car loadings continued to exceed all previous records for this season. In certain lines of trade a decline in the volume of manufacturers' orders for future delivery is reported. The volume of both wholesale and retail trade was larger in May than INDEX OF PRODUCTION IN BASIC INDUSTRIES PRICES COMBINATION OF 22 INDIVIDUAL SERIES INDEX' NUMBERS OF WHOLESALE PRICES CORRECTED FOR SEASONAL VARIATION U. S. BUREAU OF LABOR STATISTICS PER CENT ( 1313 = 1O0 ) PER CENTPER CENT ( 1313 •100 BASE ADOPTED BY BUREAU ) PERCENT 16O 1 1 160 300 300 250 k J \ \ 80 150 \ 150 N—. 60 60 100 100 40 50 50 20 LATEST FIGURE LATEST FIGUREMAY 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

776 FEDEBAL, RESERVE BULLETIN. JULY, 1923. BANK CREDIT BANK CREDIT 800 MEMBER BANKS IN LEADING CITIES ALL FEDERAL RESERVE BANKS BILLIONS OF DOLLARS BILLIONS OF DOLLARS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 16 116 400CH —• 14000 •. LOANS AND \ DISCOUNTS 3000 DEMAND |ULl—A. *>»• CPOSITS/* ^^^WU 2000 2000 1500 1000 1000 500 LATEST FIGURE JtfflE 13 LATEST FIGURE JUNE 20 . . . I . 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 in April. Ainong the wholesale lines sales of meat, hardware, and shoes showed particularly large increases, while sales of clothing and dry goods decreased. The Federal Reserve Board's index of wholesale trade, which makes no allowance for seasonal changes, was 5 per cent higher than in April, and 14 per cent higher than a year ago. Sales of department stores increased about 8 per cent in May, and all reporting lines of chain-store business reported increases. Mailorder sales were 6 per cent less than in April, but were larger than in any previous May. Wholesale prices.—Price declines were reported during May and the first three weeks of June for a large number of commodities. All of the nine groups in the Bureau of Labor Statistics index, except food and housefurnishings, show decreases for May and the average for all commodities declined by 2 per cent. Bank credit.—Lo.ans of reporting member banks in principal cities, which had been increasing since the early part of the year, declined by $115,000,000 between May 16 and June 13. Bank holdings of Government securities, which increased by over $100,000,000 in connection with the Treasury transactions of May 15, later declined as the securities were distributed by the banks. These decreases in loans of member banks and the receipt during May of $45,000,000 of gold from abroad were accompanied by a decrease in the earning assets of Federal reserve banks by $120,000,000," for the four weeks ending June 21. At that time the volume of Federal reserve bank credit in use reached the lowest point since the opening of the year and approached the low point reached in August, 1922. Reserve bank holdings of bankers' acceptances and Government obligations are now lower than at any time since early in 1922. The total volume of money in circulation increased by $38,000,000 between May 1 and June 1, the increase being chiefly in gold and silver certificates, rather than in Federal reserve notes. Money rates continued to show a slightly easier tendency. The June 15 issue of $150,000,000 6-months Treasury certificates carried a rate of interest of 4 per cent, compared with 4J per cent on a similar issue sold in March. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 777 AGRICULTURE. Grain. During May the effects of the long period of During the early weeks of May conditions drought which prevailed in many sections of continued generally favorable in most agrithe winter-wheat areas became evident. Alcultural sections of the country. The last two though rains reached these areas in May and weeks in the month were accompanied by low early in June, they were too late to save the temperatures, excessive precipitation, and crop in many sections. The condition of the floods in many low-land areas, all of which winter-wheat crop for the entire United were retarding factors to the progress of States on June 1 was 76.3, compared with a spring crops. General improvements were condition of 80.1 on May 1 and 82.3, the 10noted during the first two weeks of June, as a year average condition on June 1. The result of warmer and dryer weather in most estimated yield is 581,000,000 bushels, which is Federal reserve districts. Spring plantings, below the final production of 586,000,000 bushels with few exceptions, are practically completed in 1922 and the five-year average production and in many districts spring and summer (1917-1921) of 590,000,000 bushels. Weather fruits are moving to markets. In the St. conditions, with few exceptions where seeding Louis district excessive moisture and unseasonwas delayed, continued favorable in springably low temperatures retarded crop progress, wheat areas of the Chicago and Minneapolis especially in the bottom lands, which are districts. Timely rains accompanied by warm generally planted in cotton and corn. Redays and cool nights have aided in bringing the planting of considerable acreages of these crop forward rapidly. The condition of the. crops was necessary. In some sections of the crop on June 1 was 90.2, which was only Chicago district unfavorable weather and a slightly below the condition of 90.7 on June 1 shortage of labor delayed farm operations one year ago. The condition of barley and rye and resulted in slightly less corn plantings. was below that of June 1, 1922, but oats Crop conditions in the Minneapolis district showed a slight improvement. The total were generally favorable in the middle of yield of both winter and spring wheat is June; all grains showed a healthy color and estimated at 817,000,000 bushels, compared a good stand, and fields were free from exceswith a yield of 856,000,000 bushels in 1922. sive weed growths. While the heavy rains in The following table shows the final grain the Kansas City district were generally beneyields in 1922 and the estimated yields in 1923: ficial to most crops in the uplands, germination and growth were somewhat retarded on account of the wet soil. In the river valleys considerable damage resulting from overflow Crop. T ti o o t n al i n p r 1 o 9 d 2 u 2 c . - p J r F u o o n d r e u e c 1 c t , a i 1 o s 9 t n 2 o 3 o f . n of the streams was reported. In general, the weather during May resulted more in a delay Winter wheat.. 586,000,000 581,000,000 of crops rather than in universal damage. In Spring wheat... 270,000,000 236,000,000 Louisiana the acreage of sugar cane snows a All wheat 856,000,000 817,000,000 slight increase over that of 1922 and also over Oats 1,215,000,000 1,256,000,000 the average acreage of five years, 1918-1922. B Ey ar e ley 1 9 8 5 6 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 1 7 9 2 6 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 Labor shortage in some agricultural sections was noted during May, but efforts are being made Harvesting of winter wheat has begun in the by official employment bureaus in the grain Dallas and Kansas City districts and oats are States to distribute the available supply of being harvested in the Atlanta district. In labor to areas where it is most needed. some sections of the Kansas City district According to the Department of Agricul- reports indicate damages by the Hessian fly ture, prices of the principal crops failed to con- and chinch bugs. Corn planting is nearing tinue the upward movement that was evi- completion in all districts, but cultivation has dent in earlier months of the year and de- been delayed somewhat by persistent rains. creased about 0.8 per cent during May, but The marketing of grain during May, as indiwere 17 per cent higher than a year ago. cated by receipts of all grains at 17 interior Compared with the average for the past 10 centers, was in smaller volume than in April, years prices were 17 per cent lower. The 1923. The total movement during May decrease during May from the preceding month amounted to 48,544,000 bushels, compared was contrary to the general trend of farm with 63,365,000 bushels in April and 86,458,000 prices, which have shown an increase of about bushels in May, 1922. The table on page 829 2 per cent during May for the past 10 years. gives in detail the movements of all grains. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

778 FEDERAL RESERVE BULLETIN. JULY, 1923. Since the beginning of the year prices of wheat ceding month, when the low point of the year have been characterized by fluctuations within was reached. Compared with May, 1922, narrow margins, but the general trend has sight receipts were considerably smaller, but been downward in recent months. Corn spinners' takings increased. The small takprices have moved upward and the average ings by spinners in May, 1922, were due to the price reached the highest figure in May since textile strike in New England mill centers. November, 1920. On June 19 a conference Stocks at mills and warehouses were smaller called by the governors of seven wheat-growing on May 31 than at the end of the preceding States convened in Chicago to discuss methods month and on the same date one year ago. of relief to the wheat growers who are suffering Combined stocks at mills and warehouses from a depressed wheat market. Among the amounted to 3,201,000 bales on May 31, commethods discussed were cooperative marketing, pared with 3,855,000 bales on April 30 and reduction of wheat acreage, and reduction of 3,979,000 bales on May 31, 1922. Exports, the annual carry-over. which have been decreasing since November, 1922, continued to decline in May and Cotton. reached the lowest monthly total since August, 1920, amounting to only 160,000 In all sections of the Cotton Belt unsatisfacbales. Export demand for cotton improved tory weather conditions retarded progress of slightly early in June and came largely from the cotton crop during the greater part of May. Liverpool, following somewhat more favorable In all districts the crop is reported about two developments in the European economic situweeks late. Wet and cold weather were the ation. The trend of spot cotton prices in May principal factors adversely affecting the young and June has been somewhat uncertain, as the plants, but in the western cotton States the price is influenced largely by conditions of the heavy rains resulted in floods in the lowland growing crop. The price of upland spot cotareas, and the crops in those sections were in ton, middling grade, at New York declined many cases destroyed. According to the early in May to 25.30 cents per pound on May report released on June 1 by the Department 11, but increased after that time to 29.90 cents of Agriculture, the condition of the cotton on June 11. Since that time it has fluctuated crop on May 25 showed improvement over the around 28 cents. condition on the same date for the two preceding years, but was not as high as that of 1920 or the 10-year average condition on May Tobacco. 25. Compared with the preceding year, in- With the exception of some of the coopcreases were indicated for Florida, Texas, Cali- erative marketing associations which are still fornia, and Arizona. The greatest increase distributing the products of their members, the was in Texas, where weather conditions have season for marketing leaf tobacco has closed. been generally favorable. The greatest de- In the Richmond district most markets closed creases as compared with the preceding year in April, but a few remained open until May. were in Missouri, Virginia, Alabama, and The season was in general satisfactory, as Arkansas. In the Atlanta district planting greater yields combined with higher prices has been delayed in many sections, and boll- than in the previous season resulted in larger weevil damage has been general. In the west- returns to the growers. In the St. Louis disern counties of the Dallas district considerable trict the burley and dark tobacco associations increases in acreage have been made in coun- have functioned satisfactorily. Returns from ties where cotton is a new crop. Boll weevils the season's crop are being distributed among have appeared in many of the old cotton the producers as the pools are sold. Regarding counties, and destructive activity of other the new crop, the season has been backward on pests is pronounced. In the Southeastern account of unfavorable weather and scarcity of States of the Richmond and Atlanta districts plants have delayed plantings. In the norththe labor shortage due to the exodus of negro ern sections of the Richmond district dry workers has induced farmers to cultivate weather delayed transplantings of tobacco larger acreages per plow and use fertilizer in plants in May, but rains in June enabled the larger quantities. The use of calcium arsenate work to progress, although the crop is approxiis very much more general than last year. mately two weeks late. In South Carolina the crop is making normal growth. The marketing of the old cotton crop, as indicated by sight receipts and spinners' tak- Production of manufactured tobacco was in ings, was in greater volume than in the pre- greater volume in May than in the preceding Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 779 month and, with the exception of small cigars, Live stock. all types of manufactured tobacco increased Pastures and ranges in most live-stock secover the same month a year ago. Detailed tions of the country continued to improve in statistics of the several types of manufactured May as the result of warmer weather and welltobacco are given in the table on page 829. distributed rains. In Texas excellent range In the Philadelphia district the demand for conditions have enabled the stockmen to cigars during June was only slightly better than fatten their animals at home and few shipin June, 1922. Production has been curtailed ments are being made to northern pastures. somewhat and is at an average of only 65 per In some sections of New Mexico and Arizona cent of capacity. High-grade cigars were in seasonal dry weather was unfavorable to the best demand. In general, cigar prices re- industry, but the situation has not become mained unchanged during May and June. serious. The marketing of live stock, as indi- Stocks of cigars held by manufacturers are cated by receipts at 57 markets, was in large generally moderate and are remaining station- volume during May, exceeded the precedary or decreasing slightly. ing month, and reached the largest volume since January. Compared with the corre- Fruit. sponding month in the previous year the total Following the unseasonably low tempera- number of animals received was greater, but tures, excessive precipitation, and damaging the receipt of sheep were slightly less. Comwinds during May in a large part of the fruit pared with April, receipts of all animals, areas of the country, all of which were injurious to with the exception of horses and mules, which growing fruit crops, conditions became generally declined 45 per cent, were greater. In the Kan- Favorable in June. Peaches began to move sas City district the receipts of calves for May from Georgia during the third week in May; were the largest for any May figure in the preharvesting of the berry crops was well advanced vious five years. In the San Francisco district during the early weeks of June in sections of the bulk oi the lambs raised in California has the Richmond and St. Louis districts; and been marketed, but in the Northern States gathering of the Valencia orange crop was well the lamb-shipping season did not begin until advanced in the San Francisco district early about the 1st of June. Detailed figures in June. In the Atlanta district the citrus showing the movement of live stock for" May, fruit crop showed unusual improvement during 1923, April, 1923, and May, 1922, are given May, as the customary dry weather in that in the table on page 829. month was not as serious this year as in previous years. On June 1 the condition of oranges During the past year the marketing of hogs was 92 per cent of normal, grapefruit 90 perhas been in large volume and has Deen accent, and limes 90 per cent, compared with 84 companied by a declining price, which reached per cent, 80 per cent, and 79 per cent for the its lowest point in May since December, 1921. respective crops on June 1, 1922. Shipments The accompanying chart shows the movement of oranges and grapefruit were, greater during of hogs to market and the average monthly May than in the same month in 1922 andprices since January, 1921. amounted to 42,008 cars for the season through May, compared with 32,874 cars for the corre- RECEIPTS IN MILLIONS OF HOGS PRICE. IN DOLLARS PER 100 L 1 B 2 S. sponding period a year ago. In the Pacific PRICE Northwest the apple crop is reported to be in A \ \\ v 10 excellent condition, with the commercial yield - \ / of apples in Washington forecasted at 23,991,- \ J J 000 boxes, compared with 21,312,000 boxes \ ^ produced in 1922. The indicated yield in California is less than the final production in 1922. Shipments of oranges for the season RECEIP-S have exceeded those of the previous season, but lemon shipments are 20 per cent less than in the corresponding period a year ago. The Valencia orange crop is expected to total over 10,000,000 boxes, and approximately 15 per cent of this crop had been shipped by 1921 1922 1923 June 1. Hog prices compared with receipts at 57 markets from January, 1921, to May, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

780 FEDERAL EESEEVE BULLETIN. JULY, 1923. MINING. Production increases occurred in all the Coal. principal fields during May, but daily aver- Conditions in the markets for anthracite and age output was cut down in some secbituminous coal continue to be very different. tions as a result of efforts to curtail. In Production is large in both branches of the Oklahoma and Kansas daily average producindustry, but demand for hard coal is insistent, tion was slightly _ less than in April, but while demand for soft coal is unusually dull. increases occurred in all Texas and Louisiana Mine output of anthracite aggregated 8,573,000 fields, owing to great activity in drilling new tons in May, which was 6 per cent more than in wells. A determined effort to curtail produc- April. -Most mines are working at capacity, tion by operators in California held daily although some are hampered by a shortage of output in May at a point only slightly miners and miners' helpers. Prices of domestic above the April level. Shipments of petroleum sizes have been firm, and orders for stove coal from California increased during May, but have been especially large. Steam sizes are in still were smaller than output, and stocks poor request and have registered some price increased further. declines. Metals. Production of bituminous coal amounted to Production of all metals is being main- 46,076,000 tons in May, which was 8 per cent tained at close to a maximum, although prices higher than in April and over twice as large as have shown a downward tendency during in May, 1922, during the miners' strike. May and June. Mine production of copper in Weekly production reports have shown further May totaled 124,785,000 pounds, which was increases during June, although some mines 6 per cent greater than in April and 36 per have closed on account of lack of market. The cent more than in May, 1922. Copper-mine removal of embargoes to New England has not operations have been expanding for a year yet resulted in large rail shipments, as much and a half and are now at the highest rate coal had previously been snipped by water. since January, 1919. The price of refined Average prices of 14 coals compiled by the electrolytic copper delivered at New York Coal Age on June 19 were 5 per cent less than declined to 14.75 cents per pound at the end on May 22 and 43 per cent lower than at the of May, but has advanced during June to a beginning of this year. range of from 15 to 15.125 cents. There was Coke production showed further expansion a considerable volume of both domestic and during May and established a new maximum. foreign buying in the second week of June, By-product ovens manufactured 3,328,000 tons, which has been followed by a period of inactive an increase of 4 per cent over April, while beedemand. hive ovens produced 1,829,000 tons, an increase of 3 per cent. Production of silver amounted to 6,835,000 ounces in May, the largest monthly total in Petroleum. the post-war period. Silver purchases under Production records for crude petroleum con- the Pittman Act at $1 an ounce ceased at the tinue to be broken each week, and daily end of May. The present market price is output for June averaged over 2,000,000 only about 67 cents an ounce, but no sudden barrels. Production during May totaled cessation of mining is probable, as most silver 61,962,000 barrels—33 per cent more than was mines also produce either gold, copper, or lead. produced in May, 1922. Consumption remains Lead production in May was 9 per cent below output, and stocks, which previously larger than in April and 40 per cent larger were taxing available storage space, again than in May, 1922. Prices at New York frew larger. Despite efforts to curtail pro- continued unchanged at 7.25 cents per pound uction, the number of new wells completed during the first three weeks of June. During totaled 1,871, the largest figure recorded for May prices of both lead and zinc ores declined any month since 1920. Crude-oil prices re- in the Joplin district, but mining continued mained fairly firm for about a month after the active. Production of slab zinc amounted to middle of May, but on June 18 quotations in a 47,300 tons, which was slightly larger than number of eastern fields Were cut from 10 to in April and has only been exceeded in March, 25 cents a barrel, and reductions in other fields 1923. Zinc shipments declined slightly and followed. The gasoline supply is also very stocks were increased by about 4,000 tons. large, and prices of gasoline and of other This was only the second month since July, refined products have moved lower. 1921, to show an increase in zinc stocks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULX, 1923. FEDERAL RESERVE BULLETIN. 781 MANUFACTURING. and June, statistics of manufacturing activity Food products. indicated that total production was maintained Activity in the flour-milling industry during at a high rate during May despite curtailment May was at a slightly higher level than in April, by some companies. Mills undoubtedly were but failed to reach the level of any other month working upon business previously received, as of the year. Compared with corresponding a few months ago many manufacturers reported months in previous years, the May output was sufficient orders booked to insure the continuthe largest of any May since 1919. During the ation of operations until well into the summer. month under review the total wheat-flour pro- A number of mills, however, announced furduction amounted to 9,007,000 barrels, com- ther curtailment of operations in June. pared with 8,969,000 barrels in April and Prices of many textile raw materials and prod- 10,463,000 barrels in May, 1919, the record ucts were weak throughont May and June, figure for any May. Mill operations varied and steady declines occurred in some instances. from 42 per cent of capacity in the Chicago dis- Cotton consumption during May totaled trict to 56.1 per cent of capacity in the Kansas 620,965 bales, less than 3,000 bales 'below the City district, compared with 42.1 per cent and record-breaking total for March. Although 54.2 per cent in the respective districts during some New England plants reduced operations April. The flour trade for both domestic and in May, consumption in that district was foreign consumption was characterized by dullgreater than during April, as other mills inness, as consumers and dealers were hesitant in creased production and furthermore the outplacing new orders pending the market developput of certain lines which were in particular ments at the opening of the winter wheat hardemand was greater. Activity in the Southern vesting season. The downward trend of wheat States during May, as indicated both by conprices during the month was accompanied by sumption of raw cotton and by active spindles, lower quotations for flour. Exports of wheat exceeded all previous records. All districts, flour continued to decline during May and however, reported dullness in buying during reached the low point of the year, amounting to May and June, with a slight improvement in only 983,000 barrels, compared with 1,167,000 the Fall River piece-goods market in the latter barrels in April and 1,089,000 barrels in May, part of June. Reasons for this inactivity 1922. were largely seasonal, but it has also been at- Meat packing during May, as indicated by tributed to unfavorable weather and to the animals slaughtered under Federal inspection, price disparity between old and new crop was in greater volume than in the preceding cotton. The Philadelphia Federal Reserve month and in May, 1922. Slaughter of all ani- Bank reports that yarns have been practically mals increased, and at six centers in the Kansas neglected, particularly combed yarns. In the City district the total slaughter was heavier than Atlanta district manufacturers reported deduring any previous May in five years. The clines during May in orders on hand for both number of cattle slaughtered was greater than goods and yarns and also a drop in shipments any month since December, 1922, and the of goods but increases occurred in output. number of calves slaughtered was the largest on Cloth shipments and orders were likewise below record. The number of all animals slaughtered those of last May. Finishers of cotton fabrics in May, 1923, April, 1923, and May, 1922, are reported decreases in business for the country shownin the table on page 829. Domestic trade as a whole during May. In fact, new orders in packing-house products during the month received were 20 per cent below the Anril under review was in large volume, as dollar figure. Cotton-goods prices, according to the sales by 41 meat-packing companies, reporting Fairchild^ndex number, declined rather steadto the Chicago Federal Reserve Bank, increased ily from early in April until the middle of June. 22 per cent over April and were 16 per cent More recently they have been fairly steady. greater than in May, 1922. The demand from Buying activity in wool-growing sections abroad continued good during May for lard and has subsided somewhat since the middle of some meat products, but a slowing up in export May, partly because the greater part of the clip demand was evident early in June, partly on has been sold and partly because dealers were account of the unsatisfactory condition of unwilling to pay the prices desired by the German exchange. f'owers. According to the San Francisco ederal Reserve Bank, about 75 per cent of Textiles. the wool clip had been sold by June 15 and Although buying of textile products con- at prices generally higher than any received tinued to be relatively slow throughout May since 1918 and 1919. As a result of dullness Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

782 FEDERAL RESERVE BTJT.T.KTIN. JULY, 1923. in the eastern markets, some foreign wools the Philadelphia Federal Eeserve Bank, sumhave been offered at concessions in price and mer underwear was more active as regards some have been reexported. The demand for orders and shipments. woolen and worsted products was seasonally- Production and shipments of hosiery, aclight during May and June. Production, how- cording to statistics compiled by the Federal ever, continued at a high rate during the reserve banks of Philadelphia and Atlanta, were former month, with moderate recessions noted greater during May than in April, but the in the percentage of spindle-hours active. volume of orders booked declined. As ship- Manufacturers of suitings in the Philadelphia ments exceeded new orders, unfilled orders on district reported some recent cancellations of hand likewise fell off during the month. Proorders and postponement of deliveries, together duction, shipments, new orders, and unfilled with curtailment of loom operations. Prices orders were all larger than the corresponding of both yarns and cloth have generally been items for May, 1922. The Philadelphia bank firm. reported that warm weather in June increased sales of hosiery by wholesalers and retailers, Curtailment of activity in the silk market and manufacturers were beginning to feel the reported last month was reflected in statistics improvement. Prices of many mercerized and for May. Imports fell off slightly, but delivcotton lines have been lowered. eries to American mills declined 36 per cent to 24,509 bales, the lowest figure since April, Iron and steel. 1922. Stocks increased. The percentage of New orders for iron and steel products are loom-hours operating in the Paterson and still much smaller than shipments from mills. North Hudson sections also declined during As a result the unfilled orders of the United May and early June. They are still con- States Steel Corporation declined 4 per cent siderably more active, however, than they during May. New orders of structural steel were a year ago. According to the Philadelwere 29 per cent less in May than in April, phia Federal Reserve Bank, the sale of broad while orders for steel castings declined 37 per silks was curtailed because of high prices and cent. A strong feature of the present situation because of unsteadiness in the raw silk market is the absence of cancellation of orders. The in the face of the approaching crop. Manuaverage price of 14 iron and steel products facturers of goods and throwsters in that disdecreased in each of the first three weeks of trict have reduced operations considerably. June and on June 20 was 3 per cent below the Sales of clothing by wholesalers were less 1923 peak reached on May 2. during May than during April, according to Despite the decline in new orders, producreports to the Federal reserve banks of New tion or both pig iron and steel ingot® m May York and St. Louis, but were substantially reached the highest totals on record. Piggreater than those for last May. In fact, sales iron production amounted to 3,868,000 tons, of women's clothing in the New York district which was 9 per cent more than in April, showed an increase of nearly 50 per cent within while production of steel ingots by 30 comthe year. Tailors to the trade in the Chicago panies (representing about 84 per cent of the district reported that the number of suits industry) totaled 3,538,000 tons, which was 7 made, shipped, and ordered during May reper cent more than in April. Railroad buying mained practically unchanged as compared is still large and rail mills are booked to with the' corresponding figures for April, but capacity to the end of the current year. Autoexceeded those of last May by over 20 per cent. mobile companies, on the other hand, have Production of knit underwear and new somewhat curtailed their purchases, and a orders received during May were larger than large number of sheet mills have announced the corresponding items for April. Shipments that they will close during July for a period were practically the same and unfilled orders of one or two weeks. declined. Production and shipments were Reports from the Cleveland Federal reserve greater than during last May and unfilled district indicate that unfilled orders for tin orders on hand were substantially larger, but plate, wire products, and tubular goods are new orders booked declined considerably. still so large that mills are hesitant in accept- Buying, therefore, was below that of a year ago, ing bookings. It is also difficult to secure but mills were engaged in filling orders pre- prompt delivery of plates, shapes, and bars. viously booked. The greatest productive ac- In the Philadelphia district buying of pig iron tivity was in the heavy-weight branch of the is small, but machinery, machine tools, and industry, but, according to data collected by power equipment are in fair demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 783 Automobiles. Demand for shoes recently has been limited largely to novelties, which rather discourages The number of automobiles produced and the placing of orders for future delivery beshipped both established new record totals in cause of the variability of styles. Producers May. Passenger-car output aggregated 350,of women's shoes in the Philadelphia district 073, which was 2 per cent more than in April, have taken few if any orders for shipments while the output of trucks totaled 42,373, an inbeyond August, and the great bulk of the fall crease of 15 per cent. Shipments from factories business in all lines is yet to be placed. Shoe were slightly larger in May than in April and production was fractionally less in May than were over three times as large as in May, 1922. m April, declines occurring in all districts Some curtailment is reported in the volume except New York. Shipments fell off in the of manufacturing during June, but many large Philadelphia district, according to reporting factories are still operating at capacity. firms, but increased slightly in Chicago. Un- The Cleveland Federal Reserve Bank reports filled orders at the end of May were greater in that large orders for future delivery of autoboth districts than at the end of April and mobile bodies are being placed. Owing to the substantially above those reported for a year increased use of closed cars, the industry ago. Sales in the wholesale and retail shoe expects less curtailment in winter months trades showed a substantial recovery during than in the past. Reports from the Chicago May from the slump which occurred in April, district indicate that the supply of closed cars and were likewise better than during May, 1922. is not yet equal to the demand. A slight decline in the orders for industrial trucks and Paper. tractors is reported from the Cleveland dis- Newsprint production and shipments, after trict, but the demand is still heavy. Reports a drop in April, rose in May to the highest from 230 automobile dealers in the St. Louis figures for any month on record. Stocks on district state that sales declined sharply in hand increased slightly, but were still unusually May, but were 15 per cent larger than a year low. Seasonal increases also occurred in proago. Trade was less active than in April in duction, consumption, and stocks of wood pulp the country districts on account of the prevaduring May, and likewise for the principal kinds lence of unseasonable weather. Demand for of paper other than newsprint. They were also accessories and tires has declined and some larger than during last May. Reports from the price reductions have resulted. The Federal Philadelphia and Cleveland reserve districts in- Reserve Bank of San Francisco reports that dicate a slight slackening in the demand for purchases of automobiles in its district were many grades of paper during May and June. almost twice as large in the first four months This is largely seasonal and the demand is of 1923 as in the corresponding period of generally still fairly satisfactory. Some manu- 1922. facturers have curtailed production, but most book-paper and wrapping-paper plants are Leather and shoes. running at capacity. Wholesalers report that Quietness noted last month in the hide, sales have fallen off since March. Contract leather, and shoe markets continued during prices have remained practically unchanged. June. The demand for hides has been particularly light, and prices have been weak Lumber. with some recessions, as tanners have shown Total production of lumber, as indicated by little inclination to purchase supplies for more statistics of the National Lumber Manufacthan current needs. Tanners themselves have turers' Association, equaled 1,536,817,000 feet reported a small and decreasing demand since during May. This figure has been exceeded March, and curtailment in production has within the past 11 years only once—in May, begun. The output of sole leather in May was 1917. Shipments during May amounted to fractionally less than in April, whereas a rather 1,448,215,000 feet, and were greater than in substantial increase ordinarily occurs at that April but less than in March. As shown by time. Tanners in the Chicago district reported the accompanying chart, production exceeded a decline in the volume of new business booked shipments in May for the first time since last during May, and production was also curtailed. November. This chart shows that mills began An active demand for special lines of upper shipping to customers much earlier this season leathers suitable for prevailing styles of than they did last year, and that dealers made women's shoes was reported by the rhiladel- preparations during the winter for the large phia Federal Reserve Bank. demand expected this spring. It should be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

784 FEDERAL RESERVE BULLETIN. JULY, 1923. noted, however, that shipments fell below 4 per cent within the same period, and prices production somewhat earlier this year than of hardwoods were much firmer in June than last. Comparable monthly figures for orders softwoods. are not available, but weekly data show that BUILDING. the peak in buying this season was reached in Actual construction operations continue to January and that the volume of orders received be maintained at a record rate, although the fell below shipments and production in March, permit statistics indicate that there has been a whereas last year orders reached a maximum moderate curtailment in the plans for new in May and fell off in June. During June of buildings. Building material prices registered this year, both orders and shipments ran well a decline of over 1 per cent in April, following below the cut in volume. Current production a steady upward movement since March, 1922. is greater than at this time last year, ship- Production of building materials, however, ments are about the same size, and orders are continues to be very large and manufacturers' much smaller. Manufacturers' stocks as a stocks are considerably lower than a year ago. whole have increased recently, but are generally smaller than they were a year ago. The During May contract awards in 10 Federal greatest recent increase in activity has been reserve districts (compiled from statistics among mills on the Pacific coast. gathered by the F. W. Dodge Co.) reached a total value of $426,804,000, which was 7 per cent greater than in April. Increases were MILLIONS OF FEET MILLIONS OF FEET 1600 1600 recorded in all reporting districts except New York, Philadelphia, and Chicago. The expansion in new operations was particularly pro- 1400 '—1400 nounced in southern sections, amounting to 81 per cent in the Atlanta district, 25 per cent in the St. Louis district, and 11 per cent in the Eichmond district. May contracts for seven 1200 1200 reporting districts were 6 per cent larger than a year ago. Contracts for residential buildings were 2 per cent less in May than in April, due 1000 to a substantial curtailment in the New York district. The number and value of building permits issued in May decreased in 168 report- 800 80OL ing centers by 1 per cent and 18 per cent, respectively. Statistics of building contracts and building permits are published on page 600 600 832 TRANSPORTATION. The chief features of the railroad situation 400 - 400 continue to be a record volume of traffic for the season of the year, improvement in the supply of cars and locomotives, and an increase of both 200 gross and net earnings. Car loadings in May totaled 4,713,000, which was 20 per cent more than in April and 41 per cent more than in J. F. M. A. M. J. J. A. S. 0. N. D J. F. M. A M May, 1922. Loadings in the week ended May 26 reached the third highest total on record Production and shipments of lumber from January, 1922, to May, 1923, according to statistics of National Lumber Manufacturers' Asso- and the largest aggregate for any week outside ciation. of the crop-moving season. Loadings of mis- Manufacturers and wholesalers in practically cellaneous merchandise, coal, ore, live stock, allfdistricts reported a slackening of demand and grain continue to increase. during May and early June, but retailers were Freight-car shortage has been reduced further generally busy filling orders. Yellow pine was and amounted to only 12,978 cars in the week in less demand than earlier in the year, and ended June 8, as compared with 35,282 in the prices receded somewhat. Current indexes of week ended April 30. During this period the lumber prices indicated a decline in softwoods shortage of box cars was reduced 87 per cent, of over 7 per cent between the weeks of April while there was a 49 per cent decline in the 27, the highest this year, and June 23, the shortage of coal cars. Less than 20 per cent of lowest. The hardwood index fell off less than the locomotives of United States railroads were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOLY, 1923. FEDEKAL, RESERVE BITLLETIN. 785 awaiting repair on June 1, as compared with 22 received, but were greater in the districts of per cent on May 1, while the number of bad Minneapolis, Dallas, St. Louis, Atlanta, and cars showed a very small increase—from Cleveland. Decreases in the sales of dry- 210,505 to 211,766. goods, as compared with the preceding month The net railway operating income of all were noted in all districts except in the Phila- Class I railroads in the United States totaled delphia, St. Louis, Dallas, and San Francisco $83,201,000 in April, as compared with districts, where small increases occurred. $49,974,000 a year ago, according to the Bureau Factors which were largely responsible for of Railway Economics. If allowance be made declines in dry goods sales were uncertain confor seasonal variations, the April earnings ditions in the raw cotton markets and unfayor-. amounted to a return of 6.50 on the tentative able weather during May in most districts, valuation of the carriers, as compared with a which delayed summer buying. The table on return of 3.99 a year ago. For the first four page 834 shows in detail the trend of wholemonths of 1923 the return averaged 5.49 per sale trade in the United States and changes in cent, as compared with 4.44 per cent in the wholesale trade by Federal reserve districts. corresponding period of 1922. The Interstate Commerce Commission has fixed 5.75 per cent Retail trade. as a fair return on railroad property Retail distribution during May was well maintained and increases over April were noted TRADE. in all lines except in mail-order sales, where a decline of 7 per cent was indicated. Sales by Wholesale trade. department stores, cigar, and music chain stores The total volume of wholesale trade in the reached the highest point of the year, but others United States during May was greater than in failed to reach the volume that was evident April and with the exception of March was greatin March, when most sales reached their highest er than in any month since November, 1922. point of the year. Distribution in all lines was Dollar sales by wholesale firms during each in greater volume than during the same period month this year have exceeded the sales during a year ago. Department-store sales throughthe corresponding months in 1922, and the out all sections of the United States were 8 total volume of trade during the first five per cent greater than in April and 11 per cent months of this year has been greater than the greater than in May, 1922. Increases over total volume for the corresponding months in May, 1922, were noted in all Federal reserve the preceding year. While the increases were districts and were greatest in the industrial due in part to higher wholesale prices, the districts of Philadelphia and Cleveland and actual volume of trade was greater, as smallest in the Kansas City and St. Louis a result of full employment and improved districts, where unseasonable weather resulteconomic conditions throughout all sections of ing from low temperature and excessive rainthe country. Total sales in all lines were 5 fall somewhat retarded distribution in the per cent greater in May than in the preceding agricultural sections. Increases ranged from month and 14 per cent greater than in May, 4 per cent in the Kansas City district to 18 per 1922. Most of the reporting lines except dry cent in the Cleveland district. Although the goods and clothing increased in May, and as volume of mail-order sales was smaller than in compared with May, 1922, all lines showed in- April, sales increased 37 per cent over May, creases. Sales of meat and shoes showed the 1922, representing in part the increased purgreatest increases over April. Compared with chasing power in the agricultural sections of May, 1922, the greatest increases were noted in the country. All chain-store sales increased the sales of hardware, meat, and shoes. Induring May compared with both the preceding creases in the sale of shoes compared with April month and May, 1922. The greatest increases were noted in all Federal reserve districts from over April were noted for shoe and cigai chains. which reports were received and the greatest Compared with May, 1922, the greatest inincreases were in the southern districts of Richcreases were in the sales by.music, grocery, mond and Atlanta and in the western districts of and 5-and-10-cent chains. St. Louis and Minneapolis. The increases ranged from 2 per cent in the San Francisco district to Stocks of department stores, which had been 71 per cent in the St. Louis district. The increasing each month since January, declined demand from the building trade and agricul- 3 per cent in May from the preceding month, tural interests was in part responsible for the but were 10 per cent greater than in May, greater volume of hardware sales than in May, 1922. The table on page 835 shows in detail 1922. Increases in sales of hardware were indi- figures for retail trade by Federal reserve cated in all districts from which reports were districts for May, 1922 and 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

786 FEDERAL RESERVE BULLETIN. JULY, 1923. PRICES. gains in the other 20 industries, which included tobacco, petroleum refining, steel, sawmills, The wholesale price index of the Federal and many types of building materials. The Reserve Board for the United States declined curtailments were of a seasonal nature and were 2 points in May, from 169 to 167, and that of particularly important in the fertilizer, women's the Bureau of Labor Statistics 3 points, from clothing, and millinery industries. Wage ad- 159 to its January figure of 156. vances were reported by 1,279 establishments The decline was chiefly a matter of a decided in May as compared with 800 establishments drop in prices of certain raw materials, although in April. These increases ranged from 4.7 per producers' goods also declined slightly, the cent to 14.6 per cent, and were most general in index of consumers' goods remaining stationary. the cotton, steel, meat-slaughtering, and sugar- The prices of grains, coal, metals, cotton, and refining industries. petroleum fell, while among raw materials only those of cattle, hides, and lumber rose during PER the month. Most producers' goods showed CENT little change, but steel products continued to rise, as did worsted yarns and acetate of lime, SO partly counteracting the effect of declines in gasoline, rubber, and copper-wire prices upon the group index. Among consumers' goods, price movements were various and partly sea- 60 sonal, citrus fruits and potatoes rising and wheat flour, milk, and butter declining. The price of cotton cloth, like that of raw cotton, declined, and shoe prices, like those of hides, 40 I increased. The price index of goods exported fell 7 iiiiiini points as compared with a decline of 3 points 20 20 in goods produced in the United States, and of 1 point in goods imported, these movements bringing the three groups into closer relation with one another than before. COTTON WOOLEN 'SUN SILK "{Jo106- AUT°- PASIR The group index numbers of the Bureau GOODS GOODS STEEL GOODS REPAIR MOBILES pULp Total length of bars represents percentage increases in pay rolls for May, of Labor Statistics show how generally dis- 1923, compared to May. 1922, for leading industries as reported by tributed was the downward price movement. Bureau of Labor Statistics. Solid portions of bars represent increases in number of employees. Fuel and lighting materials, which declined somewhat in April, declined more rapidly in The accompanying bar diagram illustrates May, and farm products continued downward; the relative increases in number of employees foods, cloth and clothing, metals and metal and size of pay roll in various important manuproducts, building materials, and house furnish- facturing industries. It is worthy of note that ings, which rose in April, declined or showed the largest increases in pay rolls have occurred no change in May, while chemicals and drugs in the textile industries, the iron and steel inwhich did not change in April started down- dustry, car building and repairing, and autoward in May. mobile manufacturing. The growth in volume of employment, represented by the solid sec- EMPLOYMENT. tion of the bars, has accounted for much of the The volume of employment showed a further increase in pay rolls, particularly in the autoslight increase during May, wage increases were mobile industry. The increase in pay rolls of more numerous than in any earlier month this steel companies, on the other hand, is largely year, and pay rolls of reporting factories reached due to increases in wage rates. a record total.. Reports from 6,075 industrial Reports from State departments of labor establishments to the Bureau of Labor Statis- and Federal reserve banks indicate further tics indicate that employment in May increased slight decreases in employment in New Eng- 0.3 per cent as compared with April, while land and New York as compared with steady average weekly earnings increased 3.8 per cent expansion in other sections of the country. and total pay rolls increased 4.1 per cent. The New York State Department of Labor re- Twenty-seven out of 47 reporting industries ports that the volume of employment during reduced the number of their employees during May was 1 per cent smaller than in April, due May, but these losses were more than offset by to seasonal decreases in activity in the clothing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 787 and food industries and some reduction in the COMMERCIAL FAILURES DURING MAY. forces of textile mills and metal plants which have been expanding very rapidly during the Number. Liabilities. past year. In the Philadelphia Federal reserve District. district employment increased about 1 per cent 1923 1922 1923 during May, while earnings increased 5 per cent. The largest increases in employment occurred No. 1—Boston 130 186 $2,042,698 $3,476,746 at tanneries, sugar refineries, and car-repairing No. 2—New York 303 419 7,004,657 16,605,233 No. 3—Philadelphia... 79 87 1,814,176 1,568,262 plants, while cotton textile mills considerably No. 4—Cleveland 128 173 7,754,229 3,359,073 curtailed their forces. . Reports from the Chi- No. 6—Richmond 119 169 4,318,872 2,544,963 No. 6—Atlanta 101 179 1,960,346 3,784,262 cago district show a 0.7 per cent increase in No. 7—Chicago 229 231 4,677,843 4,254,855 No. 8—St. Louis 63 117 760,293 1,750,033 employment and a 2 per cent increase in pay No. 9—Minneapolis 77 79 3,976,970 1,342,341 rolls during May. The construction and build- No. 10—Kansas City.. 54 70 1,084,360 1,294,560 No. 11—Dallas 78 84 3,779,959 2,175,351 ing material industries reported the largest No. 12—San Francisco. 169 166 1,847 874 2,247,207 gains in employment. Railway-equipment Total 1,530 1,960 41,022,277 44,402,886 and lumber plants curtailed their forces, but the latter industry increased the average hours of work per man to such an extent that there FOREIGN TRADE. was no decrease in man-hours. The Kansas Preliminary figures of the Department of City Federal Reserve Bank reports a shortage Commerce indicate the continuance of a of farm labor but states that employment heavy import balance during May. Exports bureaus have done much to secure the most for that month are reported at $319,000,000, efficient use of harvest workers. A shortage of while imports amounted to $370,000,000, an metal miners is still reported from the Rocky excess of $51,000,000 on the side of imports. Mountain States. The analysis of imports and exports by countries of origin and destination, which has COMMERCIAL FAILURES. been completed through April, discloses a number of points of special interest. As com- Commercial failures throughout the country pared with the first four months of 1922, the did not show the decline in number during greatest proportional increase this year in May that usually occurs during that month, our trade with any of the grand divisions was as they were slightly more numerous than in with South America, our trade with that con- April. Liabilities, on the other hand, fell tinent in both directions having increased very off 20 per cent to $41,022,277, the smallest much more than our trade as a whole. Thus, figure for any month since last February. imports from Argentina so far this year have As compared with May of last year there been 148 per cent higher than in the same was a substantial decrease in the number of months of 1922, while our total import trade failures and a smaller decline in liabilities. with the world has risen 54 per cent. Im- The number of insolvencies during the first ports from all South American countries tothree weeks- of June totaled only 976, com- gether have very nearly doubled in value. pared with 1,082 during the same time in With Europe our import trade has risen 45 May and 1,238 for a corresponding period per cent, which is somewhat less than the last June. increase indicated for our trade with the In every Federal reserve district except world. that of San Francisco the number of failures Less striking changes have taken place in during May were fewer than in May, 1922, but exports, which in the first four months this liabilities were larger in six districts out of the year were 11 per cent higher than in the same 12. In five districts—Philadelphia, Cleve- period last year. Exports to Europe inland, Richmond, Atlanta, and Minneapolis— creased only 4.5 per cent, the amount going to the volume of liabilities in May exceeded those Germany decreasing 10 per cent and exports of April, and in seven districts the number to most of the other countries of Europe showincreased. The larger number in May than ing only slight changes. The most conspicuous in the preceding month was due to an increase exception is Italy, which so far this year has in the number of manufacturing failures from received American goods valued at 65 per 388 to 401. On the other hand, manufacturing cent more than those a year ago. Exports to liabilities fell off nearly 50 per cent, whereas South America are up 39 per cent when the the amount involved in the trading insolvencies same four months of this year and last are was over 20 per cent greater than during April. compared. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

788 FEDERAL RESERVE BULLETIN. JULY, 1923. LAW DEPARTMENT. Supreme Court decisions in par clearance cases. ordinarily secured through the payee's depositing it in his local bank for collection. This bank ordinarily used, as SUPREME COURT OP THE UNITED STATES. the means for presenting the check to the drawee, a clearing house and/or correspondent banks. Formerly when No. 717.—OCTOBER TERM, 1922. the check was so presented, the drawee ordinarily paid, not in cash, but by a remittance drawn on his balance in American Bank & Trust Co. eti A from the United some reserve city or by a credit with some correspondent. al., Appellants, IAB3 Circuit Court This process of collection yielded to the country bank a two-fold profit. It earned some profit by the small service Federal Reserve^Bank of Atlanta] ^^cult.*"" ^ charge called exchange, which it made for the remittance etal. or the credit. And it earned some profit by using the depositor's money during the period (sometimes weeks) [June 11, 1923.] in which the check was travelling the often circuitous route, with many stops, from the payee's bank to its own, and also Mr. Justice BRANDEIS delivered the opinion of the while the exchange draft was being collected. These Court. avenues to profit are, in large measure, closed by the federal reserve banks' course of action. These banks do After the decision in this case reported in 256 U. S. 350 not pay any exchange charges to the drawee. And their an answer was filed which denied, in large part, the alle- superior facilities so shorten the time required to collect gations of the bill. Then, by an amended answer, the checks that the drawee bank's balances available for loans Federal Reserve Bank disclaimed any intention of de- are much reduced. Largely because of the fact that the manding payment in cash, when presenting checks at reserve banks thus make the collection without any dethe banks, and averred its willingness to accept payment duction for exchange, most checks on country banks are in drafts, either on the drawee's Atlanta correspondent now routed through the reserve banks. Although there or on any other solvent bank, if collectible at par. The is, as the District Court found, no intentional accumu- District Court heard the case upon the evidence. It lation or holding of checks in order to embarrass, the found that the Federal Reserve Bank was not inspired advantages offered by the federal reserve banks have by any ulterior purpose to coerce or to injure any non- created a steady flow in increased volume of checks on member bank which refused to remit at par. It found country banks so routed. That the action contemplated that the evidence was insufficient to sustain any charge by the Federal Reserve Bank will subject the country that the Federal Reserve Bank was exercising its rights banks to certain losses is clear.1 In order to protect them BO as to injure or oppress plaintiff banks. And it found, from the resulting loss it would be necessary to prevent specifically, that the evidence did not sustain the charge the federal reserve banks from accepting the checks for that the Federal Reserve Bank accumulated checks upon collection. For these banks can not be compelled to pay non-member country banks until they reached a large exchange charges or to abandon superior facilities. amount and then caused the checks to be presented for payment over the counter, in order to compel plaintiff The contention is that the injunction should issue, banks to keep in their vaults so much cash that they would because it is ultra vires the federal reserve banks to collect be obliged either to agree to remit at par or to go out of checks on banks which are not members of the system or business. With regard to publication on the par list of affiliated with it, through establishing an exchange balthe names of non-assenting banks, the District Court held ance, and which have definitely refused to assent to that the evidence did not justify a finding that such clearance at par. It is true that Congress has created in publication was made in order to injure or oppress plain- the reserve banks institutions special in character, with tiff banks. But it was of opinion that insertion of their limited functions and with duties and powers carefully names might lead to the belief that the plaintiff banks prescribed. Those in respect to the collection of checks had agreed to remit at par. An injunction was, therefore, are clearly defined. The original act (Act of December granted against inclusion of their names on the par list. 23, 1913, c. 6, sec. 13, 38 Stat. 251, 263) authorized the The relief sought was in all other respects denied. The reserve banks to decree left the Federal Reserve Bank free to publish that "receive from any of its member banks, and from the it would make collection at par of checks upon any bank United States, deposits of . .. checks . . . upon in any town, thus including those in which plaintiffs had solvent member banks payable upon presentation; or their respective places of business. 280 Fed. 940. These solely for exchange purposes may receive from other Fedfindings were approved by the Circuit Court of Appeals; eral Reserve Banks deposits of . .. checks . . . and the decree was affirmed, 284 Fed. 424. upon solvent member or other Federal reserve banks payable upon presentation." The case is here on an appeal taken by the plaintiffs. By the amendment to Section 13 of September 7, .1916, The evidence was conflicting. No adequate reason is c. 461, 39 Stat. 752, the class of checks receivable was shown why the concurrent findings of fact made by the extended to "checks payable upon presentation within two lower courts should not be accepted by us. Luckenthe district." By the amendment to Section 13 of June bach v. W. J. McCahan Sugar Refining Co., 248 U. S. 139, 21, 1917, c. 32, sec. 4, 40 Stat. 232, 235, the class of banks 145. Whether on the undisputed facts plaintiffs were from which checks might be received "solely for collecentitled to additional relief is the main question for tion" was extended. By the latter amendment the facilidecision. In order to decide that question it is necessary ties offered by the federal reserve banks were made available also to such non-members as became affiliated with the federal reserve system by establishing the required par clearance balance "to offset items in transit." It is true, also, that reserve banks. A large part of the checks drawn on country banks are sent to payees who reside in places other than that in which 1 It is said that introduction of a universal system of par clearance and collection of checks through the federal reserve banks would bring comthe drawee bank is located. Payment of such a check is pensatory advantages to the country banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOLT, 1923. FEDERAL KESEKVE BULLETIN. 789 in practice this amendment might result in excluding SUPREME COURT OF THE UNITED STATES. checks on particular banks from the class collectible through the federal reserve banks. For it enacted the clause which prohibits payment of exchange charges by No. 823.—OCTOBER TERM, 1922. federal reserve banks. And as this prohibition would prevent reserve banks from using the usual channels in mak- Farmers and Merchants Bank of ing collection of checks drawn on those country banks Monroe North Carolina et al., which insist upon exchange charges, the reserve bank Petitioners, On Writ of Certiorari to might find it impossible or unwise, as a matter of banking the Supreme Court of practice, to collect such checks at all. But the class of ' the State of North checks to which the reserve bank's collection service Carolina. might legally be applied, was left by the amendment as Federal Reserve Bank of Richthose "payable upon presentation within its district." mond, Virginia. Wherever collection can be made by the Federal Reserve Bank, without paying exchange, neither the common [June 11, 1923.] law, nor the Federal Reserve Act precludes their undertaking it; if it can be done consistently with the rights of Mr. Justice BRANDEIS delivered the opinion of the Court. the country banks already determined in this case, 256 U. S. 350. The Legislature of North Carolina provided by Section Federal reserve banks are, thus, authorized by Congress 2 of Chapter 20, Public Laws of 1921, entitled "An Act to collect for other reserve banks, for members, and for to promote the Solvency of State banks": affiliated non-members, checks on any bank within their "That in order to prevent accumulation of unnecessary respective districts, if the check is payable on presenta- amounts of currency in the vaults of the banks and trust tion and can in fact be collected consistently with the companies chartered by this State, all checks drawn on legal rights of the drawee without paying an exchange said banks and trust companies shall, unless specified on charge. Within these limits federal reserve banks have the face thereof to the contrary by the maker or makers ordinarily the same right to present a check to the drawee thereof, be payable at the option of the drawee bank, in bank for payment over the counter, as any other bank, exchange drawn on the reserve deposits of said drawee state or national, would have. For Section 4 (38 Stat. bank when any such check is presented by or through 251, 254) provides that the federal reserve banks shall any Federal Reserve Bank, postoffice, or express company, have power: or any respective agents thereof." "Seventh. To exercise by its board of directors or Section 1 authorizes banking institutions chartered by duly authorized officers or agents, all powers specifically the State to charge a fee not in excess of one-eighth of granted by the provisions of this Act and such incidental one per cent, on remittances covering checks, the minipower as shall be necessary to carry on the business of mum fee on any remittance therefor to be ten cents. banking within the limitations prescribed by this Act." Section 4 exempts from the operation of Sections 1 and 2 The findings of fact negative the charges of wrongful all checks drawn in payment of obligations to the federal intent and of coercion. The Federal Reserve Bank has or the state government. Whether this statute conflicts formally declared that it is willing, when presenting with Section 13 of the Federal Reserve Act (December checks, to accept in payment a draft of the drawee bank 23, 1913, c. 6, 38 Stat. 251, 263; as amended September 7, upon its Atlanta correspondent or a draft upon any other 1916, c. 461, 39 Stat. 752; June 21, 1917, c. 32, Section 4, solvent bank—if collectible at par. Country banks are 40 Stat. 232, 234) or otherwise with the Federal Constitunot entitled to protection against legitimate competition. tion is the question for decision. Their loss here shown is of the kind to which business The legislation arose out of the effort of the Federal concerns are commonly subjected when improved facili- Reserve Board to introduce in the United States universal ties are introduced by others, or a more efficient com- par clearance and collection of checks through federal petitor enters the field. It is damnum dbsgue injuria. reserve banks. See American Bank & Trust Co. v. As the course of action contemplated by the Federal Federal Reserve Bank of Atlanta, 256 U. S. 350. The Reserve Bank is not ultra vires, we need not consider Federal Reserve Bank of Richmond serves the Fifth whether lack of power, if it had existed, would have Federal Reserve District which includes North Carolina. entitled plaintiffs to relief. Compare National Bank v. Upon the enactment of this statute the bank gave notice Matthews, 98 U. S. 621; Blair v. Chicago, 201 U. S. 400, that it considered the legislation void under the Federal 450. Constitution; that, when presenting checks to North Some minor objections are urged. The Federal Re- Carolina state banks for payment over the counter, it serve Bank of Atlanta serves, directly, only the Sixth would refuse to accept exchange drafts on reserve deposits Reserve District, which includes Georgia. It is con- as required by Section 2; arid that it would return as tended that the decree should be reversed because the dishonored checks for which only exchange drafts had District Court refused to allow the intervention as plain- been tendered in payment. Some checks were returned tiffs of banks located outside of that district; because thus dishonored; and to enjoin such action, this suit was that court refused to admit evidence of the activities brought in a court of the State by the Farmers and Merengaged in by other federal reserve banks in other dis- chants Bank of Monroe and eleven other state banks. tricts under the approval of the Federal Reserve Board; Two hundred and seventy-one more joined later as plainand because the court admitted certain joint answers to tiffs. So far as appears, none of them was a member of interrogatories propounded under Equity Rule 58. We the federal reserve system or was affiliated with it. The cannot say that the trial court abused the discretion trial court granted a perpetual injunction. The Supreme vested in it, or erred, in so ruling. Court of the State reversed the decree, 183 N. C. 546J Affirmed. and the case is here on writ of certiorari, 261 U. S. —• A true copy. Defendant admits that, if the North Carolina statute it Test: constitutional, plaintiffs are entitled to an injunction. • To understand the occasion for the statute, its operation, Clerk, Supreme Court, U. S. and its effect the applicable banking practice must be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

790 FEDERAL RESERVE BUIiETIN. JULY, 1923. considered.2 Par clearance does not mean that the payee to a large proportion of all checks issued in the United of a check who deposits it with his bank for collection will States. But the regulation (J) then issued expressly probe credited in his account with the face of the check if it vided that the federal reserve banks would receive from is collected. His bank may, despite par clearance, make member banks, at par, only checks on those of the nona charge to him for its service in collecting the check from member banks whose checks could be collected by the the drawee bank. It may make such a charge although federal reserve bank at par. It was recognized that nonboth it and the drawee bank are members of the federal members were left free to refuse assent to par clearance. reserve system; and some third bank which aids in the By December 15, 1916, only 37 of the state banks within process of collection may likewise make a charge for the the United States, numbering about 20,000 had become service it renders. Such a collection charge may be members of the system; and only 8,065 of the state banks made not only to member banks by member banks, had assented to par clearance. national or state, but it may be made to member banks Reserve banks could not, under the then law, make colalso by the federal reserve banks for the services which the lections for non-members. It was believed that if Conlatter render. The collection charge is expressly provided gress would grant federal reserve banks permission to for in Section 16 of the Federal Reserve Act (38 Stat. 268) make collection also for non-members, the Board could which declares that: offer to all banks inducements adequate to secure their "The Federal Reserve Board shall, by rule, fix the consent to par clearance. A further amendment to Seccharges to be collected by the member banks from its tion 13 was thereupon secured by Act of June 21, 1917, patrons whose checks are cleared through the Federal c. 32, section 4, which provided, among other things, that reserve bank and the charge which may be imposed for federal reserve banks: the service of clearing or collection rendered by the Federal "Solely for the purposes of exchange or of collection, reserve bank." may receive from any non-member bank . . . deposits of Par clearance refers to a wholly different matter. It checks . . . payable upon presentation: Provided, Such deals not with charges for collection, but with charges non-member bank . . . maintains with the Federal reincident to paying. It deals with exchange. Formerly, serve bank of its district a balance sufficient to offset the checks, except where paid at the banking house over the items in transit held for its account by the Federal reserve counter, were customarily paid either through a clearing bank." house or by remitting, to the bank in which they had been To this provision, which embodied the legislation prodeposited for collection, a draft on the drawee's deposit posed by the Federal Reserve Board, there was added, in some reserve city. For the service rendered by the while in the Senate, another proviso, relating to the exdrawee bank in so remitting funds available for use at the change charge, now known in a modified form as the Hardplace of the deposit of the check, it was formerly a common wick Amendment, which declares: practice to make a small charge, called exchange, and to "That nothing in this or any other section of this Act deduct the amount from the remittance. This charge of shall be construed as prohibiting a member or non-member the drawee bank the Federal Reserve Board planned to bank from making reasonable charges, to be determined eliminate and, in so doing, to concentrate in the twelve and regulated by the Federal Reserve Board, but in no federal reserve banks the clearance of checks and the case to exceed 10 cents per $100 or fraction thereof,based accumulation of the reserve balances used for that purpose. on the total of checks and drafts presented at any one The Board began by efforts to induce the banks to adopt time, for collection or payment of checks and drafts par clearance voluntarily.3 The attempt was not suc- and remission therefor by exchange or otherwise; but cessful. The Board then concluded to apply compulsion. no such charges shall be made against the Federal reserve Every national bank is necessarily a member of the federal banks." reserve system; and every state bank with the requisite Thus a federal reserve bank was authorized to receive qualifications may become such. Over members the for collection checks from non-members who maintained Board has large powers, as well as influence. The first with it the prescribed balance; and strenuous efforts were step in the campaign of compulsion was taken in the sum- then made to induce all state banks to so arrange. But mer of 1916, when the Board issued a regulation requiring the law did not compel state banks to do this. Many every drawee bank which is a member of the federal refused; and they continued to insist on making exchange reserve system to pay without deduction, all checks upon charges. On March 21, 1918, the Attorney General, 31 it presented through the mail by the federal reserve bank Ops. Atty. Gen. 245, 251, advised the President: of the district. The operation of this requirement was "The Federal reserve act, however, does not command at first limited in scope by the fact that the original act or compel these State banks to forego any right they may (Section 13) authorized the reserve banks to collect only have under the State laws to make charges in connection those checks which were drawn on member banks and with the payment of checks drawn upon them. The act which were deposited by a member bank or another merely offers the clearing and collection facilities of the reserve bank or the United States. Few of the many state Federal reserve banks upon specified conditions. If the banks had then elected to become members. In Septem- State banks refuse to comply with the conditions by ber, 1916, Section 13 was amended so as to authorize a insisting upon making charges against the Federal reserve reserve bank to receive for collection from any member banks, the result will simply be, so far as the Federal (including other reserve banks) also checks drawn upon Reserve Act is concerned, that since the Federal reserve non-member banks within its district. Thereby, the banks cannot pay these charges they cannot clear or col- Federal Reserve Board was enabled to extend par clearance lect checks on banks demanding such payment from them." The Federal Reserve Board and the federal reserve See Annual Reports of te Federal Reserve oard, 94, pp. , , 174; 1915, pp. 14-17; 1916, pp. 9-12; Regulation I, Series of 1916, p. 169; banks were thus advised that they were prohibited from 1917, pp. 23, 24; Regulation J, Series of 1917, pp. 181-183; 1918, pp. 74-77; paying an exchange charge to any bank. But they 220044--220066;; 881100,, 881111,, 881177,, 882211;; 11991199,, pppp.. 4400--4444;; 222222--222288;; 11992200,, pppp.. 6633--6699;; 11992211,, believed that it was their duty to accept for collection any 68-73; 2288-223300 ; LLeetttt er ffrroomm tthhee GGoovveronro r oof ft hthee FFeeddeerraal l RReesseer veB Boaoradrd of January 26,1920, Senate Document No. 184,66th Congress, 2d Session; check on any bank; and that Congress had imposed upon also "Par Clearance of Ch&ks," by C. T. Murchison, 1 No. Car. Law them the duty of making par clearance and collection of Review 133. checks universal in the United States. So they under- »See Report, Federal Reserve Board, 1915, pp. 14-17; ibid, 1916, pp. 9-11. took to bring about acquiescence of the remaining state Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 791 banks to the system of par clearance.* Some of the non- these would be enabled to earn exchange charges as thereassenting state banks made stubborn resistance.6 To over- tofore. Such was the occasion for the statute and its purcome it the reserve banks held themselves out as prepared pose. Whether this legislative modification of the comto collect at par also checks on the state banks which did mon-law rule which requires payment in cash violates not assent to par clearance. This they did by publishing the Federal Constitution is the question for decision. a list of all banks from whom they undertook to collect at That it does is asserted on five grounds. par, regardless of whether such banks had agreed to remit First. It is contended that in authorizing payment of at par or not. This resulted in drawing to the federal checks by draft on reserve deposits Section 2 violates reserve banks for collection the large volume of checks the provision of Article I, Section 10, clause 1 of the which theretofore had come to the drawee bank by mail Federal Constitution, which prohibits a State from making from many sources and which had been paid by remit- anything except gold and silver coin a tender in payment tances drawn on the bank's balance in some reserve city. of debts. This claim is clearly unfounded. The debt of If a state bank persisted in refusal to remit at par, the the bank is solely to the depositor. The statute does not reserve banks caused these checks to be presented, at the authorize the bank to discharge its obligation to its dedrawee bank, for payment in cash over the counter. The positor by an exchange draft. It merely provides that, practice adopted by the reserve banks would, if pursued, unless the depositor in drawing the check specifies on its necessarily subject country banks to serious loss of income. face to the contrary, he shall be deemed to have assented It would deprive them of their income from exchange to payment by such a draft. There is nothing in the charges; and it would reduce their income-producing Federal Constitution which prohibits a depositor from assets by compelling them to keep in their vaults in cash a consenting, when he draws a check, that payment may be much larger part of their resources than theretofore. made by a draft. And, as the statute is prospective in That such loss must result was admitted. That it might its operation, Denny v. Bennett, 128 U. S. 489; Abilene render the banks insolvent was clear. But the federal National Bank v. Dolley, 228 U. S. 1, 5, there is no conreserve banks insisted that no alternative was left open to stitutional obstacle to a State's providing that in the them, since they had to collect the checks and were for- absence of dissent, consent shall be presumed. Laws bidden to pay exchange charges. The state banks denied which subsist at the time and place of the making of a that the federal reserve banks were obliged to accept these contract, and where it is to be performed, enter into and checks for collection; and insisted that federal reserve form a part of it, as fully as if they had been expressly banks should refrain from accepting for collection checks referred to or incorporated in its terms. This principle On banks which did not assent to par clearance. embraces alike those laws which affect its construction and those which affect its enforcement or discharge. See It was to protect its state banks from this threatened loss, Ogden v. Saunders, 12 Wheat. 213, 231; Von Hoffman v. which might disable them, that the legislature of North Carolina enacted the statute here in question.6 It made Quincy, 4 Wall. 535, 550. If, therefore, the provision of Section 2 authorizing payment by exchange draft is otherno attempt to compel the Federal Reserve bank to pay an wise valid, it is binding upon the drawer of the check. exchange charge. It made no attempt to compel a de- Since it binds the drawer, it binds the payee and every positor to accept something other than cash in payment subsequent holder, whether he be a citizen of North of a check drawn by him. It merely provided that, un- Carolina or of some other State, and wherever the transfer less the drawer indicated by a notation on the face of the of the check was made. Brabston v. Gibson, 9 How. 263. check that he required payment in cash, the drawee bank For the holder of a check has, in the absence of acceptwas at liberty to pay the check by exchange drawn on its ance by the drawee bank, no independent right to require reserve deposits. Thus the statute merely sought to repayment under the general law. Bank of The Republic move (when the drawer acquiesced) the absolute requirev. Millard, 10 Wall. 152. He takes it subject to the conment of the common law that a check presented at the struction and with rights conferred by the laws of North bank's counter must be paid in cash. It gave the drawee Carolina, the place of the bank's contract and of performbank the option to pay by exchange only in certain cases; ance. Pierce v. Indseth, 106 U. S. 546. Compare Rounamely, when the check was "presented by or through quette v. Overmann, L. R. 10 Q. B. 525. any Federal Reserve bank, postoffice or express company, or any respective agents thereof." The option was so Second. It is contended that Section 2 violates the due limited, because the only purpose of the statute was to process clause. The argument is that defendant is a relieve state banks from the pressure which, by reason of federal corporation authorized to engage in the business of the common-law requirement, federal reserve banks were collecting checks payable upon presentation within the in a position to exert and thus compel submission to par district, a business common to all banking institutions; clearance. It was expected that depositors would co- that the right to engage in this branch of the business is operate with their banks and refrain from making the a valuable property right; that while defendant has, in prescribed notation; and that when the reserve banks the past, not made any charge for such collections, it has were no longer in a position to exert pressure by demanding the right to do so, and could make this branch of its busipayment in cash, they would cease to solicit, or to receive, ness an important source of revenue; that to compel for collection checks on non-assenting state banks. Thus, defendant to accept in payment of checks exchange drafts on reserve deposits, whether good or bad, deprives it of liberty of contract, and in effect of an important branch * North Carolina was placed on the par list on November 15, 1920.of its business, since that of collecting checks cannot be There were on January 1,1921, in the United States, 30,523 bants, state and national. Of these 1,755 state banks had refused to enter the par list. conducted under such limitations. To this argument the About 250 of the banks so refusing were in North Carolina. During answer is clear. The purpose of the statute, as its title the year 1921 the number which refused to consent to par clearance declares, was to promote the solvency of state banks. increased to 2,353. Annual Eeport of Federal Eeserve Board, 1921, p. 71. We should, in the absence of controlling decision of the * See American Bank & Trust Co. v. Federal Reserve Bank of Atlanta, supra; Brookings State Bank v. Federal Reserve Bank of San Francisco, highest court of the State to the contrary, construe the 277 Fed. 430; 281 Fed. 222; Fanners & Merchants Bank of Catlettsburg,statute not as authorizing payment in a "bad" draft, but Ky. v. Federal Eeserve Bank of Cleveland, 286 Fed. 610. as authorizing payment in such exchange drafts only as * Statutes similar in purpose were enacted in Alabama, Florida, Georgia, Louisiana, Mississippi, South Dakota and Tennessee. See had customarily been used in remitting for checks. So Annual Eeport of Federal Eeserve Board, 1921, p. 70; Alabama, Gen. & construed the statute is merely an exercise of the police Loe. Acts, 1920, No. 35; Florida. Laws, 1921, c. 8532; Georgia, Laws, power, by which the banking business is regulated for the 1920, p. 107; Louisiana, Acts, 1920, No. 23; Mississippi, Laws, 1920, c. 183; South Dakota, Laws, 1921, c. 31; Tennessee, Pub. Acts, 1921, e. 37.purpose of protecting the public, and promoting the gen- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

792 FEDERAL RESERVE BULLETIN. JULY, 1923. eral welfare. Noble State Bank v. Haskell, 219 U. S. 104, Moreover, even if it could be held that the reserve 575. The regulation here attempted is not so extreme as banks are ordinarily obliged to collect checks for auinherently to deny rights protected by the due process thorized depositors, it is clear that they are not required clause. Compare Chicago, Burlington & Quincy R. R. to do so where the drawee has refused to remit except Co. v. McGuirt, 219 U. S. 549, 567, 568; Central Lumber Co. upon allowance of exchange charges which reserve banks v. South Dakota, 226 U. S. 157, 162. If the regulation are not permitted to pay. There is surely nothing in exceeds the State's power to protect the public, it must the Act to indicate that reserve banks must undertake be because some other provision of the Federal Consti- the collection of checks in cases where it is impossible to tution is violated by the means adopted or by the manner obtain payment except by incurring serious expense; as, in which they are applied. in presenting checks by special messenger at a distant Third. It is contended that the statute is obnoxious to point. Furthermore, the checks which the Act declares the equal protection clause. The argument is that the reserve banks may receive for collection are limited to Federal Reserve Bank of Richmond is obliged to accept those "payable on presentation." The expression would payment in exchange drafts, whereas other banks with seem to imply that the checks must be payable either whom it might conceivably compete may demand cash, in cash or in such funds as are deemed by the reserve bank except in those cases where they present the check through to be an equivalent. A check payable at the option of an express company or the postoffice. It is well settled the drawee by a draft on distant reserves would seem not that the legislature of a State may (in the absence of other to be within the limited class of checks referred to in the controlling provisions) direct its police regulations against Act. The argument for the Federal Reserve Bank is not what it deems an existing evil, without covering the whole helped by reference to the incidental power conferred field of possible abuses. Lindsley v. Natural Carbonic Gas by Section 4. It is only "such incidental powers as shall Co., 220 U. S. 61, 81; Missouri Pacific Ry. Co. v. Mackey, be necessary to carry on the business of banking within 127 U. S. 205. If the legislature finds that a particular the limitations prescribed by this [the Federal Reserve] instrument of trade war is being used against a policy Act" which are granted. No duty or right of the Federal which it deems wise to adopt, it may direct its legislation Reserve Bank to collect checks is obstructed by the specifically and solely against that instrument. Central North Carolina statute which merely gives to the drawee Lumber Co. v. South Dakota, supra, p. 160. If it finds that bank the right to pay in the customary exchange draft, the instrument is used only under certain conditions, or where its depositor has, by the form used in drawing the by a particular class of concerns, it may lixnit its prohibi- check, consented that this be done. tion to the conditions and the concerns which it concludes Fifth. The further contention is made that Section 2 alone menace what it deems the public welfare. The conflicts with the Federal Reserve Act because it interferes facts recited above disclose ample ground for the classi- with the duty of the Federal Reserve Board to establish fication made by the legislature. Hence, there was no in the United States a universal system of par clearance denial of equal protection of the law. There remains to and collection of checks. Congress did not in terms confer consider whether Section 2 exceeds the State's power, upon the Federal Reserve Board or the federal reserve because Congress has imposed specifically upon federal banks a duty to establish universal par clearance and reserve banks duties, the performance of which Section 2 collection of checks; and there is nothing in the original obstructs; and that in this way, it conflicts with the act or in any amendment from which such duty to compel Federal Reserve Act. This is the ground on which the its adoption may be inferred. The only sections which invalidity of the North Carolina Act has been most in any way deal either with clearance or collection are strongly assailed. 13 and 16. In neither section is there any suggestion Fourth. One contention is that Section 2 conflicts with that the Reserve Board and the reserve banks shall the IJederal Reserve Act because it prevents the federal become an agency for universal clearance. On the conreserve banks from collecting checks of such state banks trary Section 16 strictly limits the scope of their clearance as do not acquiesce in the plan for par clearance. The functions. It provides that the Federal Reserve Board: argument rests on the assumption that the Federal Re- "may at its discretion exercise the functions of a clearing serve Bank of Richmond is obliged to receive for collec- house for such Federal reserve banks . . . and may tion any check upon any North Carolina state bank, if also require each such bank to exercise the functions of a such check is payable upon presentation; and is obliged clearing house for its member banks." to collect the same at par without allowing deductions There is no reference whatever to "par" in section 13, for exchange or other charge. But neither Section 13, either as originally enacted or as amended from time to nor any other provision of the Federal Reserve Act, time. There is a reference to "par" in Section 16; and imposes upon reserve banks any obligation to receive it is so clear and explicit as to preclude a contention that checks for collection. The Act merely confers authority it has any application to non-member banks; or to the to do so. The class of cases to which such authority ordinary process of check collection here involved. applies was enlarged from time to time by Congress. But Section 16 (38 Stat. p. 268) declares: in each amendment, as in Section 13, the words used "Every Federal reserve bank shall receive on deposit at were "may receive"—words of authorization merely. par from member banks or from Federal reserve banks It is true that in statutes the word "may" is sometimes checks and drafts drawn upon any of its depositors, and construed as "shall". But that is where the context, or when remitted by a Federal reserve bank, checks and the subject matter, compels such construction. Super- drafts drawn by any depositor in any other Federal reserve visors v. United States, 4 Wall. 435. Here it does not. bank or member bank upon funds to the credit of said This statute appears to have been drawn with great care. depositor in said reserve bank or member bank. Nothing Throughout the Act the distinction is clearly made between what the Board and the reserve banks "shall" do tricts and may be designated by number"; Sec. 3: "Each Federal and what they "may" do.7 reserve bank shall establish branch banks within the Federal reserve district in which it is located and may do so in the district of any Federal reserve bank which may have been suspended"; Sec. 5: "out- ' In the original Federal Reserve Act (38 Stat. 251) "may" is used standing capital stock shall be Increased ... as member banks increase In Sections 2, 3, 4, 5, 8, 9,10,11,12,13,14,15,16,18,19, 21, 22, 24, 25, 26,their capital stock . . . and may be decreased as member banks reduce 28. "Shall" is used in those sections and also in Sections 1, 6, 7, 20,23, their capital stock . . . "; Sec. 13: "... may receive . . . deposits 27, 29. Thus: See. 2: "The Secretary . . . shall designate . . . cities . . . may receive . . . deposits . . . may discount . . . shall at no to be known as Federal reserve cities.and shall divide the Continental time exceed"; Sec. 16: "Every Federal reserve bank shall maintain United States into districts. . . . The districts . . . may be read- reserves . . .": "Every Federal reserve bank shall receive on dejusted. . . . Such districts shall be known as Federal reserve dis- posit." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOLY, 1923. FEDERAL RESERVE BULLETIN. 793 herein contained shall be construed as prohibiting a face) be payable, at the option of the drawee, in exchange member bank from charging its actual expense incurred in certain cases. in collecting or remitting funds, or for exchange sold to The North Carolina statute here in question does not its patrons." obstruct the performance of any duty imposed upon the The depositors in a federal reserve bank are the United Federal Reserve Board and the federal reserve banks. States, other federal reserve banks, and member banks. Nor does it interfere with the exercise of any power con- It is checks on these depositors which are to be received ferred upon either. It is therefore consistent with the by the federal reserve banks. These checks from these Federal Reserve Act and with the Federal Constitution. depositors the federal reserve banks must receive. And Reversed. when received they must be taken at par. There is no mention of non-member banks in this section. When, Mr. Justice VAN DEVANTBR and Mr. Justice SUTHERin 1916, Section 13 was amended to permit federal reserve LAND dissent. banks to receive from member banks solely for collection other checks payable upon presentation within the dis- State Banks and Trust Companies. trict;—and when, in 1917, Section 13 was again amended to permit such receipt solely for collection also from cer- The following list shows the State banks and trust comtain non-member banks—Section 16 was left in this panies which were admitted to membership in the Federal respect unchanged. In other respects Section 16 was reserve system during the month ending June 30, 1923, amended both by the Act of 1916 and by the Act of 1917. on which date 1,645 State institutions were members of The natural explanation of the omission to amend the the system: provision in Section 16 concerning clearance is that the section has no application to non-member banks,—even Capital. Surplus. Total resources. if affiliated. Moreover, the contention that Congress has imposed District No. S. upon the Board the duty of establishing universal par Guardian Trust Co., York, Pa $300,000 $225,000 82,381,272 clearance and collection of checks through the federal reserve banks is irreconcilable with the specific provision District No. 4. of the Hardwick Amendment which declares that even Lake Erie Trust Co., Cleveland, a member or an affiliated non-member may make a limited Ohio 1,000,000 250,000 1,253,972 charge (except to federal reserve banks) for "payment of District No. 6. checks and . . remission therefor by exchange or Bank of Elberton, Elberton, Ga... 100,000 25,000 631,962 otherwise." The right to make a charge for payment of District No. 7. checks, thus regained by member and preserved to affili- Twenty-sixth Street State Bank, ated non-member banks, shows that it was not intended, Chicago, 111 200,000 30,000 1,864,576 or expected, that the federal reserve banks would become Br B o r w o n w n C C i i t ty y , M S ic a h vings Bank, 40,000 8,000 660,623 the universal agency for clearance of checks. For, since District No. 10. against these the final clause prohibited the making of any charge, then if the reserve banks were to become the uni- The Sedan State Bank, Sedan, Kans , 30,000 50,000 463,224 versal agency for clearance, there would be no opportunity for any bank to make as against any bank a charge for the Change of name.—The Citizens Bank, Pocatello, Idaho, to Citizens '' payment of checks.'' The purpose of Congress in amend- Bank & Trust Co., Pocatello, Idaho. ing Section 13 by the Act of 1917 was to enable the Board Converted into national bank.—First State Bank, Leonard, Tex.; Citizens Bank of Renton, Renton, Wash.; Merchants & Miners State Bank, to offer to non-member banks the use of its facilities which Ironwood, Mich.; International Trust Co., Boston, Mass. it was hoped would prove a sufficient inducement to them Insolvent.—Banking Corporation of Montana, Helena, Mont. to forego exchange charges; but to preserve in non-member Taken over by national bank.—Jefferson State Bank, Menan, Idaho, banks the right to reject such offer;8 and to protect the tak V e o n l u o n v t e a r r y b y li q F u i i r d s a t ti N on a . t — io F n a a r l m B e a rs n k S o t f a R te i g B b a y n , k I , d C a o h u o l . ee City, Wash. interests of member and affiliated non-member banks (in competition with the non-affiliated state banks) by allowing also those connected with the federal system to make New National Bank Charters. a reasonable exchange charge to others than the reserve banks. The power of the Federal Reserve Board to estab- The Comptroller of the Currency reports the following lish par clearance was, thus, limited by the unrestricted increases and reductions in the number and capital of right of unaffiliated non-member banks to make a charge national banks during the period from May 26 to June 22, for exchange and the restricted right of members and 1923, inclusive: affiliated non-members to make the charge therefor fixed as reasonable by the Federal Reserve Board. No bank Num- Amount ber of of could make such a charge against the federal reserve banks. capital. banks—because these were prohibited from paying any such charge. Member and non-member affiliated banks, New charters issued $4,330,000 because they were such, performed the service for the Restored to solvency 0 federal reserve banks without charge. Unaffiliated non- Increase of capital approved.. 2,765,000 member banks were under no obligation to do so. Thus Aggregate of new charters, banks restored to construed, full effect may be given to all clauses in the solvency, and banks increasing capital 41 7,095,000 Hardwick Amendment as enacted. It in no way interferes with the right of a depositor in a non-affiliated state Liquidations 800,000 bank to agree with his bank that the checks which he Reducing capital.. 0 might draw should (unless otherwise indicated on their Total liquidations and reductions of capital.. 10 800,000 Consolidations of national banks under act of Nov. • The Governor of the Federal Reserve Board stated in his letter to the 7,1918 500,000 Senate, January 26, 1920, Sen. Doc. 184, 66th Cong. 2d Session, p. 6: " That a relatively small number of non-member banks should not want Aggregate increased capital for period 7,095,000 to become members of the clearing system, or should not want to remit Reduction of capital owing to liquidations, etc. 800,000 at par is, of course, their own concern, and the Federal Reserve Board and the Federal reserve banks have not and will not disrmte their right Net increase.. 6,295,000 to decline to do so." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

794 FEDERAL BESEEVE BULLETIN. JULY, 1923. STATISTICAL WORK OF THE FEDERAL 1919, to date. From these data the Federal RESERVE BOARD IN 1922-23. Reserve Board has compiled an index of whole- Chief among the new statistical services sale trade based on sales of firms in 10 Federal established by the Federal Reserve Board dur- reserve districts and in 6 lines of business. ing the year from July, 1922, to June, 1923, are The base for this index is the year 1919, and the construction of a production index, of it is weighted both by districts and by lines of price indexes for Canada, France, and Japan, trade. Indexes of sales of department stores and of an index of wholesale trade for the and stocks of department stores since January, United States. 1919, have also been constructed. The whole- The index of production in basic industries sale trade index was described in the BULLETIN for April, 1923, and the index of department was developed by the Federal Eeserve Board with the cooperation of the Federal Reserve store stocks in the BULLETIN for February, 1-923. Banks of Boston, New York, and Philadelphia. Beginning with February, 1923, the FED- It was made by combining 22 separate series of ERAL RESERVE BULLETIN has carried a table monthly data. After correcting them to make entitled "The trend of business abroad." This allowance for customary seasonal variations table brings together in condensed form the in output the series were weighted according principal available items relating to credit, to production reported by the Bureau of the prices, foreign exchange, production, and trade Census for the year 1919, which was used as a for the United Kingdom, France, Germany, base. As most of the series were available and the United States. since January, 1913, the index was computed Commencing with March, 1923, the items from that date, so that it is a measure of "due to banks" and "due from banks" were monthly production activity in the United added to the statistical reports of member States for a period of over 10 years. The banks in leading cities as shown in the BULmethods used in this study, together with com- LETIN. In the same issue of the BULLETIN a plete results, were published in the BULLETIN monthly compilation of debits to individual for December, 1922. Considerable work has accounts by Federal reserve districts was first also been done upon an index of annual pro- published. These monthly figures are comduction from the year 1890 to date, but no piled from reports of 141 selected cities and results of this study have yet been published. are now being published regularly. Prior to The three new price indexes were prepared this only weekly figures were made available. in continuation of the work of constructing Banking statistics for all of the banks and trust indexes for international price comparisons, companies compiled from reports of State index numbers for the United States and Great bank commissioners as of December 29, 1922, Britain having been compiled before. For were published in the BULLETIN for April, 1923, each country the commodities included in the and similar data as of April 3 of the present index were selected in such a way as to be year are published in this issue. This is the representative of its domestic and foreign trade. only information available on which to base Two systems of grouping were used, one classi- estimates of condition for practically all banks fication by goods produced, goods imported, and in the country and it will be published quarterly goods exported, and a second classification by hereafter in the BULLETIN. For the earlier raw materials, producers' goods, and consumers' period similar annual figures compiled by the goods. The new price indexes were described in Comptroller of the Currency are available, but the issues of the FEDERAL RESERVE BULLETIN only for the end of each fiscal year. Comfor July, August, and September, 1922. mencing with the present issue of the BUL- The index of wholesale trade developed LETIN, statistics of net demand deposits and time deposits for one date each month will be during the year is a decided innovation. Prior published for banks in each Federal reserve to 1922 the only data available on this subject district, classified by the size of cities in which were certain series of percentage changes for the banks are located. groups of reporting firms in a few Federal reserve districts. During 1922 all of the 12 Since July, 1922, additional series of whole- Federal reserve banks commenced collecting sale price index numbers for four countries, monthly data of dollar sales for from 1 to 11 retail food prices for 14 countries, cost of living lines of wholesale business, and reports are now statistics for 16 countries, 12 series of foreign being received regularly from about 1,200 industrial data, and statistics of imports and firms. Most of these firms have also reported exports of five foreign countries have been annual sales for the years commencing with added to the data published periodically in the 1919 and their monthly sales from January, BULLETIN. Monthly tables of industrial statis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1023. FEDERAL RESERVE BULLETIN. 795 tics for Canada and Japan have also been Federal reserve districts, the two classes of published regularly in addition to the countries deposits being approximately equal in the Minalready included. There have also been added neapolis and San Francisco districts, while in 42 series of statistics for United States in- the New York and Dallas districts net demand dustries, and the number of reporting whole- deposits are more than three times as large as sale and retail firms has been largely increased. time deposits. In the New York district the The board has also commenced to issue each preponderance of net demand deposits is due month press releases dealing with the con- chiefly to the banks located in cities of 100,000 dition of wholesale trade, savings deposits, and population and over, while in the Dallas disforeign exchange rates. trict time deposits are relatively small in each group of cities. In the Minneapolis district 800 banks out of 986 are located/ in towns of DEPOSITS OF ALL MEMBER BANKS. less than 5,000 inhabitants, and it is the pre- In order to be able to follow more closely ponderance of time deposits over net demand the credit developments in the different deposits in these small-town banks that ac- Federal reserve districts the Federal Reserve counts for the relationship between time and Board has arranged with the reserve banks to demand deposits in the district as a whole. compile for one day near the end of each month The following table shows the totals of net figures of time deposits and demand deposits demand deposits and time deposits on call of all member banks in each district, classified dates beginning with June 30, 1919, and on by the size of cities in which they are located. April 25 and May 23, 1923. This table pre- These monthly figures will supplement the sents a retrospective view of the growth of the information available on call dates and will two classes of deposits since the middle of 1919: make it possible to compare every month the developments at banks in leading cities re- DEMAND AND TIME DEPOSITS OF ALL MEMBER BANKS. porting weekly with those at banks outside [In thousands of dollars.] of these cities. Net demand Time The following statement shows for May Date. deposits. deposits. 23, 1923, the number of banks and of time 1919: and demand deposits by size of city for the June 30. 14,700,393 4,343,382 Nov. 17. 16,246,425 5,049,493 country as a whole: Dec. 31.. 16,563,421 5,304,793 1920: [Amounts in millions.] May 4... 16,389,471 5,747,532 June 30.. 16,393,405 5,910,926 Banks in cities having population of— N De o o v . . 2 1 9 5 . . . . 1 1 5 5 , , 9 3 0 2 6 6 , , 1 8 4 6 5 5 6 6 , , 1 1 4 8 4 7 , , 0 9 6 2 4 1 1921: Less 5,000 | 15,000 100,000 Apr. 28.. 14,370,647 6,343,443 Total. than to i to June 30. 14,295,527 6,36!>,632 5,000. 14,999. 99,999. Dee. 31.. 14,433,047 6,450,629 1922: Number of banks I 9,836 6,486 1,506 1,100 744 Mar. 10.. 14,479,460 6,662,39S Time deposits j 8,331 1,480 918 1,707 4,230 June 30.. 15,509,071 7,164,670 N et demand deposits i 15,927 1,600 1,070 2,060 11,197 Dec. 29.. 16,188,984 7,644,881 Percentage of total: 1923: Number of banks 100 6o.9 15.3 11.2 7.0 Apr. 3... 16,068,171 8,142,574 Time deposits ! 100 17.8 11.0 20. 5 50.7 Apr. 25.. 15,800,089 8,257,274 Net demand deposits [ 100 10.1 0.7 12.9 70.3 May 23.. 15,924,897 8,334,471 It mil be noted that nearly two-thirds of all The table brings out the fact that, while member banks are located in towns having a demand deposits increased by $1,225,000,000, population of less than 5,000 and that these or about 8 per cent, in the period of approxibanks have about 10 per cent of net demand mately four years, time deposits increased by deposits and about 18 per cent of time deposits. $3,991,000,000, or about 92 per cent, during Member banks in cities of 100,000 population the same period. A further difference is that and over, on the other hand, constitute only demand deposits increased rapidly during the 7.6 per cent of the total number, but hold latter half of 1919, then declined until the midabout 70 per cent of net demand deposits and dle of 1921, increased again until the end of 50 per cent of time deposits. In large cities 1922 and declined during the first three months demand deposits are nearly three times as of 1923; while time deposits show an uninterlarge as time deposits, while in the small cities rupted growth throughout the period, though the difference between the two classes of depos- the rate of increase is not uniform. its is relatively small. Following is a table showing net demand and The ratio of net demand deposits to time time deposits for April 25 and May 23, 1923, by deposits varies considerably in the several Federal reserve districts and by size of cities: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

796 FEDERAL RESERVE TUTT.T.r.TTTJ. JULY, 1923. TIME AND DEMAND DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, BY SIZE OF CITIES. Time deposits. Net demand deposits. Time deposits. Net demand deposits. Apr. 25, May 23, Apr. 25, May 23, Apr. 25, May 23, Apr. 25, May 23, 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. System: Chicago: ' Banks in cities having Banks in cities having population of— population of— Total. 8,257,274 8,334,471 15,800,089 15,926,897 Total 1,486,694 1,510,730 2,146,144 2,184,854 Less than 5,000 1,471,697 1,479,695 1,600,260 1,600,150 Less than 5,000 228,128 230,733 205,967 204,180 5,000 to 14,999 912,597 917,737 1,064,974 1,070,027 5,000 to 14,999 133,698 135,893 120,119 122,236 15,000 to 99,999 1,730,331 1,706,975 2,094,087 2,080,199 15,000 to 99,999 359,237 343,131 368,072 360,748 100,000 and over 4,142,649 4,230,014 11,040,768 11,196,521 100,000 and over 765,631 800,973 1,451,986 1,497,690 Boston: St. Louis: Banks in cities having Banks in cities having population of— population of— Total 563 075 570 246 1 238,619 1,252,074 Total 359,638 361,382 655,635 664,250 Less than 5,000 45,918 45,882 39,313 40,332 Less than 5,000 60,570 62,168 122,309 126,667 5,000 to 14,999 60,840 60,295 66,277 65,766 5,000 to 14.999 37,355 37,485 76,074 78,645 15,000 to 99,999 139,167 143,916 194,020 196,329 15,000 to 99,999 62,761 61,271 89,800 87,530 100,000 and over 317,150 320,153 939,009 949,647 100,000 and over 198,952 200,458 367,452 371,40S New York: Minneapolis: Banks in cities having Banks in cities having population of— population of— Total 1 627,805 I 664,054 5,274,464 5,351,594 Total 409,345 407,415 416,133 410,605 Less than 5,000 216,146 208,657 157,590 159,192 Less than 5,000 193,524 195,051 111,061 109,441 5,000 to 14,999 125,837 129,772 100,551 104,082 5,000 to 14,999 95,602 95,103 78,411 77,233 15,000 to 99,999 333,747 326,691 281,382 271,770 15,000 to 99,999 56,261 57,339 67,430 70,640 100,000 and over 952,075 998,934 4,734,941 4,816,550 100,000 and over 63,958 59,922 159,231 153,291 Philadelphia: Kansas City: Banks in cities having Banks in cities having population of— population of— Total 572,760 589,401 1,088,181 1,077,817 Total 291,868 295,432 799,519 782,763 Less than 5,000 190,453 193,214 125,879 126,631 Less than 5,000 91,539 91,394 194,964 191,703 5,000 to 14,999 95,950 97,057 72,979 74,550 5,000 to 14,999 57,876 57,737 127,085 125,237 15,000 to 99,999 167,132 169,396 128,194 129,647 15,000 to 99,999 60,621 63,240 182,263 178,983 100,000 and over 119,225 129,734 761,129 746,989 100,000 and over 81,832 83,061 295,207 286,840 Cleveland: Dallas: Banks in cities having Banks in cities having population of— population of— Total 1,031 5561,044 132 1,412 448 1,407,879 Total 138,213 139,612 527,082 514,274 Less than 5,000 164,604 167,135 154,935 156,960 Less than 5,000 18,021 17,902 150,690 145,741 5,000 to 14,999 116,736 119,879 122,515 126,148 5.000 to 14,999 20,885 21,626 87,901 t 86,847 15.000 to 99,999 160,294 163,107 194,705 195,903 15,000 to 99,999 51,546 51,278 118,429 113,985 100,000 and over 589,922 594,011 940,293 928,868 100.000 and over 47,761 48,806 170,062 167,701 Banks in cities having Banks in cities having population of— population of— Total 430 286 433,821 555 831 550 022 Total 1,040,221 1,009,733 1,183,194 1,228,374 Less than 5,000 122,986 123,612 99,559 96,462 Less than 5,000 92,876 94,829 163,444 167,181 5,000 to 14,999 76,790 77,139 64,519 63,328 5,000 to 14,999 47,938 42,298 84,868 83,414 15,000 to 99,999 125,581 124,959 159,216 152,755 15,000 to 99,999 98,143 90,884 148,310 141,145 100,000 and over 104,929 108, 111 232,537 237,477 100,000 and over 1801,264 2 781,722 1 786,572 2836,634 Banks in cities having population of— Total 305 813 308 513 502 839 502 391 Less than 5,000 46,932 49,118 74,549 75,660 5,000 to 14,999 43,090 43,503 63,675 62,541 15,000 to 99,999 115,841 111, 763 162,266 160,764 100,000 and over 99,950 104,129 202,349 203,426 1 Includes 5 banks with scattered branches haying combined deposits as follows: Net demand, 8227,609,000, and time, $440,812,000. 2 Includes 5 banks with scattered branches having combined deposits as follows: Net demand, $265,211,000, and time, $407,234,000. BANKING DEVELOPMENTS IN THE UNITED STATES DURING THE FIRST QUARTER OF 1923. In the tables below are shown comparative received from the banking department of figures of principal assets and liabilities of Georgia at the time the compilation was combanks in the United States as of December 29, pleted. In arriving at totals for geographic 1922, and April 3 of the present year. For the sections and for the United States December earlier date there were available abstracts of figures were used for States for which no later condition of State banks and trust companies data were available. published by the banking departments of all Since the State reports do not show separate States except New Hampshire. For the lat- totals for divisions of States falling within two ter date the banking departments of New Federal reserve districts, it is impossible to pre- Hampshire, Indiana, and Kentucky had not sent the figures by reserve districts. But an issued calls for reports of banks subject to attempt has been made to group the States so their supervision, while no reports had been as to cover as nearly as practicable the terri- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 797 tory of the Federal reserve districts. The lished in the June BULLETIN, it is possible to States of Pennsylvania, Delaware, and Ohio arrive at approximate figures for the nonwere combined in one geographic group cor- member banks. responding somewhat to the combined area of A general picture of banking development the Philadelphia and Cleveland districts. during the first quarter of the present year States located in more than one reserve dis- may be had from the following table, showing trict were placed in that territorial group which totals as of December 29, 1922, and April included the larger portion of the population. 3, 1923, of the most important items for all Thus the entire State of Illinois was placed in banks, for member banks, and for nonmember territorial group 6, corresponding more or less banks: to the Chicago district. This group includes [Amounts in millions.] also the States of Wisconsin and Michigan, Member Nonmember the southern parts of which are in the Chicago All banks. banks. banks. reserve district and the northern parts in the De- De- De- Minneapolis reserve district. A comparison of cem- April, cem- April, cem- April, the estimated aggregate population of these 1 b 9 e 2 r 2 , . 1923. 1 b 9 e 2 r 2 , . 1923. 1 b 9 e 2 r 2 , . 1923. State groups with the population of the corresponding Federal reserve districts is given 29,144 28,928 9,859 9,850 19,285 19,078 herewith: Loans and discounts $25,135 $25,756$18,081$18,572 $7,054 87,18-1 Investments 10 718 10.853 7,688 7,760 3,030 3,093 [In thousands.] Total loans and in- Geographic group. l P a o ti p o u n - , Federal tr r i e c s t e . r ve dis- l P at o i p o u n - . Individu v a e l s t d m ep e o n s t i s ts 3 32 5 , , 8 8 0 5 2 3 3 3 6 3 , , 6 3 0 7 9 8 2 22 5 , , 4 7 6 6 0 9 2 2 2 6 , ,3 6 3 6 2 8 1 1 0 0 , , 0 3 8 4 4 2 1 1 0 0 , , 2 7 7 1 7 0 Due to banks 3,595 3,589 3,492 3,508 103 81 Group 1—All New England 7,663 Boston 7,309 States. Group 2—New York and New 14,125 New York. 13,723 Total loans and investments of all banks Jersey. Group 3—Delaware, Pennsyl- 15,341 Philadelphia and 17,402 included in the tabulation show an increase vania, and Ohio. Cleveland. from $35,853,000,000 in December, 1922, to Group 4—District of Columbia, 10,297 Richmond... 10,120 Maryland, North Carolina, $36,609,000,000 in April, 1923. Of this in- South Carolina, Virginia, and West Virginia. crease, $621,000,000 represents an increase in Group 5—Alabama, Florida, 10,660 Atlanta. 10,243 loans and $135,000,000 an increase in invest- Georgia, Louisiana, and Tennessee. ments. Individual deposits increased by Group 6—Illinois, Indiana, Iowa, 18,864 Chicago. 16,108 $576,000,000, while bank deposits showed a Michigan and Wisconsin. Group 7—Missouri, Arkansas, 9,490 I St. Louis.. 9,245 slight reduction. A comparison between the Kentucky, and Mississippi. Group 8—Minnesota, Montana, 4,407 Minneapolis.. 5,299 member and nonmember banks indicates that North Dakota, and South during the first quarter of 1923 the increase in Dakota. Group 9—Kansas, Colorado, Ne- 6,457 Kansas City. 7,230 loans was larger among member banks than braska, Oklahoma, and Wyoming. among nonmember banks, while the increase Group 10—Texas and New 5,271 Dallas.. 6,025 in deposits was larger among non-members. Mexico. Group 11—California, Arizona, 7,380 San Francisco.. 7,250 , Loans and discounts of all reporting banks Idaho, Nevada, Oregon, Utah, and Washington. were larger on April 3,1923, than at the close of 1922 in all the geographic groups, except Total 109,955 Total. .'109,955 groups 7 and 8, which correspond roughly to As distinct from the compilation of Decem- the St. Louis and Minneapolis reserve disber 29 figures, printed in the April BULLETIN, tricts. Larger figures of security investments the present compilation does not give a full are shown for the banks in all the territorial balanced statement, but merely shows com- §roups, except group 2, which comprises the parative figures of principal assets, including tates of New York and New Jersey, and loans and discounts and investments, and group 7. Increases in individual deposits principal liabilities, including individual de- were shown in most of the sections, but group posits and rediscounts and bills payable. 2, including New York and New Jersey, Totals of these items for State banks and showed reduced deposits, and decreases are trust companies as reported by the State also shown for groups 7 and 10, corresponding banking departments, combined with corre- roughly to the St. Louis and Dallas Federal sponding figures for national banks, give reserve districts. totals for all member and nonmember banks Comparative data for the more important (exclusive of mutual savings banks and those asset and liability items covering all banks private banks which are not subject to State and State banks and trust companies (both supervision), while, through combination with member and nonmember) are shown in the corresponding figures for member banks pub- following tables: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

798 FEDERAL RESERVE BULLETIN". JULY. 1023. PRINCIPAL ASSETS AND LIABILITIES OF ALL BANKS ON DECEMBER 29, 1922, AND APRIL 3, 1923. [In thousands of dollars.] Number of Loans and Individual reporting ( d in is c c l o u u d n in ts g Investments. To i t n a v l e lo st a m ns e n a t n s d . d d e i p v o id s e it n s, d s i n u c n lu p d a i i n d g R b e i d ll i s s c p o a u y n a t b s l e a . nd banks. overdrafts). and postal savings. Dec, Apr., Dec, Apr., Dec, Apr., Dec, Apr., Dec, Apr., Dec, Apr., 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. Maine 116 119,351 124,371 99,979 121,129 219,330 245,500 200,912 219,126 7,230 8,937 New Hampshire' 81 50,769 37,380 88,149 72,650 2,572 Vermont 88 , 79,332 34,320 "35,"843 110,724 97,621 "i66'485 2,568 Massachusetts... 258 263 76,404 1,175,457 373,490 361,078 1,530,787 1,536,535 1,364,133 1,355,481 73,587 68,144 Rhode Island 32 32 1,157,298 149,662 116,876 121,248 256,995 270,910 237,885 250,530 2,177 708 Connecticut 141 141 140,119 222,038 158,470 167,316 374,424 389,354 334,919 355,573 6,341 6,067 215,954 Total, group 1 716 2 719 1,759,89521,801,008 820,515 2 846,775 2,580,409'2,647,783 2,308,120 22,351,959 94,475 s 91,297 New York 853 4,924,330 5,058,458 2,563,634 2,513,489 7,487,964 7,571,947 6,767,605 6,622,804 171,356 271,332 New Jersey 401 407 604,600 635,216 609,823 617,404 1,214,423 1,252,620 1,774,667 1,197,948 32,305 36,125 Total, group 2... 1,247 1,260 5,528,930 5,693,674 3,173,457 3,130,893 8,702,387| 8,824,567 7,942,272 7,820,752 203,661 307,457 Delaware 1,51 5 7 9 1,52 6 9 0 2,01 4 2 8 , ,2 5 2 6 C 0] 2,10 4 3 1, , 2 1 9 1 f 1 1,71 4 8 2 , , 9 1 4 01 7 1,7 2 2 9 9 , , 4 3 7 9 5 23,73 9 1 0, , 3 5 2 0 1 7 1 3,83 7 7 0 , , 5 7 0 6 3 5 3,21 8 3 0 , , 7 6 4 4 6 5 3,33 6 2 1 , , 2 3 0 05 9 81,1 7 8 9 7 4 1 93, 8 4 5 02 0 Pennsylvania 1,123 1,117 1,451,3221 1,504,760 560,098 569,71" 2,011,420 2,074,477 1,865,098 1,955, 788 51,780] 41,002 Ohio Total, group 3 2,6 2,706 3,512,102j 3,654.161 2,321,146 2,328,584 5,833,2481 5,982,745 5, 159,489 5,349,302 133,761 135,254 District of Columbia... 50 50 133,739 136,755 58,439 59,614 192,178 196,369 177,363 188,607 8,807 Maryland 231 231 281,220 292,979 188,344 188,740 469,564 481,719 423,569 420,954 12,669 18,404 Virginia 512 515 410,438 414,769 77,875 79,498 488,313 494,267 378,413 386,570 30,688 28,646 West Virginia 347 347 277,748 282,730 64,975 69,151 342,723 351, S81 312,147 331,558 13,625 7,544 North Carolina 632 628 308,097 315,351 35,823 39,730 343,920 355,081 310,470 319,271 20,606 22,561 South Carolina 443 442 189,035 191,681 30,996 28,603 220,031 220,284 182,953 194,948 15,300 10,135 Total, group 4... 2,215 2,213 1,600,277 1,634,265 456,452 465,336 2,056,729 2,099,601 1,784,915 1,841,908 101,695 92,615 Alabama 360 360 170,583 182,017 36,722 40,686 207,305 222,703 212,458 214,657 3,392| 4 698 Florida 285 286 147,548 164,587 51,639 57,370 199,187 221,957 201,535 238,346 6,206 3,020 Georgia1 697 308,149 39,309 347,458 282,803 28,638 Louisiana 264 265 294,916 '2S9,'566 55,155 '.5-i,"398 350,071 ".343,"964 347,366 332,033 10,5: 8,972 Tennessee 570 569 298,032 301,473 49,512 53,948 347,544 355,421 329,939 349,343 20,123 8,227 Total, group 5 2,176 a 2,176 1,219,22! 1,238,737 232,337! 32,939 1,451,565 »1) 481,6761,374,101 1,409,519 ,8,948 3 51,722 Illinois 1,911 1,912 2,092,865 2,197,41C 745,630 2,838,496 2,972,632 2,587,726 2,659,633 56,287| Indiana 1 947 518,749 177,593 696,342 642,634 19,550 Iowa l,680| 1,676 846,425 871,3l6 77,583 "87,'i83 924,008 "958,' 493 812,262 "962," 494 75,542 45,572 Michigan 699 569,967 587,879 650,948 670,589 1,220,915 1,258,468 1,176,388 1,240,734 33,204 28,406 Wisconsin 994 543,060 576,715 155,607 166,056 698,667 742,771 660,140 714,153 20,77l! 15,271 Total, group 6.... 6,233 « 6,228 4,571,066 4,751,495 1,807,361< 1,877,390 6,378,428< 6,628,8855,879,150'6,151,684 205,354| * 206,626 Arkansas 487 488 160,089 158,681 23,147 25,572 183,216 184,2; 182,495 197, 671 6,350| 5,218 Kentucky i 601 310,633 98,151 40S, 784 354,606 17,971:. Mississippi 353 ""354 137,368 32,548J 35,586 169,916 "i77,"461 176,279 "i87,'.346 3,797! 3,006 Missouri 1,635 1,628 949,389 890,382 285,772 268,550 1, 235,1611,158,932 1,086,647 1,008,950 33,701 34,615 Total, group 7... 3,076 ' 3,074 1,557,459 l,508,40C 439,618 =• 429,61(1,997,07751,937,743 1,800,02^ 1,760,01' 61,819| >53,605 Minnesota 1,501 1,49.= 687,949 678,023 154,314 165,078 842,263 843,10: 762,688 762,34i 30,156 30,4 Montana 392 369 127,679 120,653 26,874 27,099 154,553 147,752 146,914 138,678 15,727' 14,289 North Dakota 849 839 168,258 164,732 19,327 20,432 187,585 185,164 164,452 16«, 788 27,087, 23,255 South Dakota 692 559 210,691 211,529 13,549 14,367 224,239 225,896 203,510 217,986 25,671 20,584 Total, group 8... 3,434j 3,262 1,194,577 1,174,937 214,064 226,976 1,408,64011,401,913] 1,277,564 1,287,794 18,641 88,528 Colorado 372 368 191,361 192,463 86,839 83,560 278,200 276,0231 272,499 278,632 10,906 5,020 Kansas 1,349 1,343 356,833 349,696 56,841 56,030 413,674 405,726 396,078 397,982 15,708 12,671 Nebraska 1,137 1,132 375,470 376,258 36,254 44,643 411,724 420,901 379,742 395,497 25,76! 18,615 Oklahoma 911 903 266,077 273,64C 72,330 76,103 338,407 349,743 336,892 359,287 10,294 12,369 Wyoming 143 138 58,030 59,51' 8,100 7,375 66,130 67,890 66, — 2,082 1, 855 Total, group 9... 3,912 3,884 1,247,771 1,251,574 260,364 267,711 1,508,135 1,519,285 1, 453,101 1,498,295 64,754 50,530 New Mexico 107 105 44,315 44,29c 6,042 5,899 50,357 50.192 44,569 43,667 4,288 5,275 1,527 1,526 668,139 683,021 137,585 151,980 805,724 835;201 763,948 758,340 17,907 25,756 Texas Total, group 10... 1,634 1,628 712,454 727,31 143,627 157,879 856,081 885,193 808,517 802,007 22,195 31,031 A C I N U O d a r r e t a i l e a v i z h g h f a o o o o d n r n a n a ia 7 1 2 3 1 3 0 7 9 8 8 1 5 9 9 3 0 7 9 6 1 2 3 1 9 3 8 8 8 1 u ^ 5 5 0 7 9 1,6 2 1 3 5 6 2 9 0 6 0 0 3 4 2 9 1 , , , , , , , 6 3 1 0 2 2 5 0 1 9 3 5 0 9 0 3 8 7 0 1 6 1,7 1 2 1 1 4 5 2 9 6 9 3 5 9 9 ! 2 , , , , , , , 4 0 7 2 6 6 1 4 4 0 2 6 2 0 6 4 2 5 63 1 6 2 9 1 2 5 1 1 7 5 5 , , , , , , , 6 3 1 6 5 5 0 7 8 8 6 8 1 0 , 8 3 0 8 2 r 65 1 6 2 9 1 2 5 5 9 9 2 3 , , , , , , , 2 5 5 6 4 9 2 2 5 2 0 6 1 8 3 6 5 0 9 0 4 2,2 2 3 1 0 6 6 7 2 2 1 6 8 9 2 1 7 3 , , , , , , 9 7 4 1 7 2 8 8 8 2 6 9 5 1 7 1 1 1 4 2 1 2,3 3 2 1 7 6 7 2 1 3 1 0 1 9 3 8 1 3 , , , , , , , 2 9 1 6 7 7 9 3 0 8 5 5 1 4 1 6 1 8 2 0 8 2, 2 3 2 1 6 0 2 0 7 2 0 5 8 9 4 3 9 3 , , , , , , , 6 3 5 9 5 7 1 8 5 9 4 0 1 4 3 8 0 7 2 2 8 2,2 2 3 1 7 6 6 2 2 3 0 9 6 3 6 9 2 5 , , , , , , , 6 6 7 8 1 5 2 0 6 3 8 6 1 3 S 2 1 6 8 34 8 3 1 4 7 , , , , , , 9 4 2 0 0 3 6 4 0 7 8 5 2 0 5 5 0 H 1 0 i i j 53 8 6 2 4 , , , , , 7 3 5 4 1 4 A 8 5 6 3 0 5 & 3 8 3 6 6 5 v Washington 1,802 1,778 2, 231,105 2,320,819 819,013 878, 567 3, OSf). 207| 3,199,3S6 3,014,940 3,103,792 59,132! 76,566 Total, group 11.. 29, i44i »2x,928[i), lii t, 95- »25,756,38410,717,954«10,S52,660 35,852,9(16 '36,608,777 32, 802,196>o3,377,03< 1,114,435 «1,185,231 Total, United States 1 Figures for April, 1923, not available. 2 Including June, 1922, figures for State banks, and April, 1923, figures for national banks in New Hampshire. 3 Including December, 1922, figures for State banks, and April, 1923, figures for national banks in Georgia. * Including December, 1922, figures for State banks, and April, 1923, figures for national banks in Indiana. 5 Including December, 1922, figures for State banks, and April, 1923, figures for national banks in Kentucky. 6 Including December, 1922, figures for State banks, and April, 1923, figures for national banks in New Hampshire, Georgia, Indiana, and Kentucky. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL BESEEVE BULLETIN. 799 PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES ON DECEMBER 29, 1922, AND APRIL 3, 1923. [In thousands of dollars.] p N o u rt m in b g e r b o an f k re s - . Lo c in a o g n u s n o t v s e a r n d ( d r i n af c t d l s u i ) d s . - - Investments. T i o n t v al e s lo tm an e s n a ts n . d {In i d p n d e o c i n s v l t d u i a d s d l u u i s n a n a l g p v d i a e n i p d g o , s d . a s iv i n t i d s - , R b ed il i l s s c p o a u y n a ts b l a e n . d D 1 b e 9 e c 2 e r 2 , m . - A 19 p 2 r 3 i . l, 1922. 1923. D 1 e b 9 c e 2 e r 2 m , . - A 1 p 92 r 3 il . , D 1 e b 9 c e 2 e 2 r m , . - A 1 p 92 r 3 il . , 1922. A 1 P 9 r 2 i 3 l> - D 1 e b 9 c e 2 e r 2 m , . - A 1 p 92 r 3 il . , M Ne a w in e Hampshire1 56: 55 6 1 5 7 , , 4 7 2 6 3 7:. 67, 512 5 1 0 4 , , 4 8 6 1 2 4 70,290 1 3 1 2 5 , , 5 8 8 8 1 5 137,802 1 2 0 9 9 , , 2 3 4 8 5 3 123,050 4,8 6,934 Vermont 40 47,064! 49,913 13,795 14,826 60,859 64,739 58,919 61,827 1,077 872 Massachusetts 101! 106 551,403' 536,098 154,328 146,396 705,731 682,494| 669,798 651,134 33,706 21,103 Rhode Island 15 15 101,7361 110,562 94,838 98,948 196,574 209,510 190,470 202,092 1,665 70 Connecticut 79 80 88,638 93,155 95,281 103,609 183,919 196,764 174,042 190,692 3,121 2,480 Total group 1 315 »321| 872,031 '875,007 423,518 »448,883 1,295,549U,323,890| 1,231,857"1,258,040 44,427 » 31,459 New York 340 342 2,333,513: 2,640,249 1,299,902 1,316,477 3,633,415 3,956,720*3,727,17433,915,759 40,171 81,863 New Jersey 171 312,605; 324,704 361,414 380,402 674,019 685,106! 661,981 670,672 16,926 14,593 Total group 2 2,646,118; 2,964,953 1,661,316 1,676,879; 4,307,434 4,641,832! 4,389,155 4,586,431 57,097 96,456 Delaware 42 38,550: 31,491 34,230 21, 5981 72,780 53,089: 66,705 47,672 273 280 Pennsylvania 752 6 75 6 0 1 8 97 2 1 9 ) .9 3 2 2 7 8 1 ! 1,0 8 0 8 8 4 , , 5 2 3 58 1 8 31 7 0 5 , , 7 1 9 6 7 5 8 31 5 7 7 , , 3 4 7 7 0 6 ! ; 1 1 , , 2 7 8 0 2 5, , 0 1 9 2 2 5 1 1 , , 3 7 2 4 5 1 , ,7 9 3 0 4 1 l 1 ,2 ,5 7 2 0 8 ,2 ," 1 " 5 " j 1 1 , , 3 5 3 8 2 8 , , 6 0 ! 87 3 2 2 1 , , 9 0 4 1 2 5 2 1 7 8 , , 8 79 9 4 5 Ohio 1,442 1,453 1,839,805 1,924,280 1,220,192 1,196,444: 3,059,997, 3,120,7241 2,865,019 3,968,458 54,230 Total group 3 36 36 68, 226 70,125 27,042 27,117 95,268 97,242! 90,143 95,865 1,503 1,584 District of Columbia 145 145 136,878 141,373 116,1291 118,054 253,007; 259,4271 250,501 248,270 3,918 4,153 Maryland 334 334 159,014 163,773 17,114 18,350! 176,128 182,123 142,157 146,996 10,737 11,711 Virginia 224 223 156,986 159, 233 28,330 29, 212 185,316; 188,445 175,377 185,940 8,024 3,888 West Virginia 544 542 190, 427 199,878 15,714 17,789 206,1411 217,667i 195,904 203,726 11,380 14,451 North Carolina 359 359 108,977 109,942 9,681 9,262J 118,658: 119,204 104,326 109,513 8,346 6,406 South Carolina 1,642 820,508 844,324 214,010 219,784J 1,034,518S 1,064,108 958,408 990,310 43,908 42,193 Total group 4 Alabama 253 254 83,609 90,916 8,600 9, 8511 92, 209, 100,767 107,656 106,871 1,826 2,949 Florida 222 225 76,347 84,748 16,701 19,426 93,048: 10-4,174 101,599 121,797 3,365 1,473 Georgia i 599 192,509 15,307 207,816'. 171,782 22,109 Louisiana 230 231 219,720 "2l7," 925 38,330 '37,495j 258,050, 255,420 266,674 254,326 4,631 5,543 Tennessee 467 464 167,529 168,119 17,087 19,305; 184,616, 187,424 194,125 210,036 16,065 5,823 Total group 5 1,771 < 1,773 739, 714 < 754, 217 96,025 <101,384| 835,739, < 855,601 841,836 < 864,812 47,9 < 37,897 Illinois 1,412 1,411 1,237, 4421,307,100 445,924 472,380 1,683,3661 1,779,480 1,665,110 1,748,880 27,841 42,419 Indiana i 696 307,407 73,900 381,307|.. 377,886 12,291 Iowa 1,329 1,325 595, 077"612," 860 24,059 25,341 619,136i 638,201 576,922 V 637*205 49,385 34*233 Michigan 581 581 349, 262 361,276 542,177 558,459 891,439, 919,735 864,169 920,909 22,842 12,976 Wisconsin 841 839 327,606 340, a34 85,071 92,843 412,677i 433,677 406,080 440,798 13,756 8,227 Total group 6 4,859 s 4, 8522,816,794 2,929,477 1,171,131 1.222,923] 3,987,925;54,152,400 3, 890,167 4,125,678 126,115 5 110,146 Arkansas 402 400 107, 202 105,577 9,043 9,765 116,245; 115,342 121,827 3 134,400 4,679 3,643 Kentucky i 465 158, 960 37,319 196,279 185,772 7,096 Mississippi 322 323 101, 582 ioe, 153 20,515 22,5961 122,0971 128,749 133,435 i43," 106 2,448 1,954 Missouri I 1,501 1,493 621,310 561,074 192,000 169,130' 813,310! 730,204 «775,115 6 706,840 26,414 21,348 Total group 7 2,6 ' 2,681 989,054 7 931,764 258,877 7 238,810 1,247,931'1,170,574! 1,216,149 1,170,118 40,637 '34,041 Minneessootta ! 1 159 1,152 324, 296' 312,762 46,656 50,966 370,952, 363,728f 360,997 362,257 19,294 19,583 MMonotanna t a n aj 262565 248 67,817 63,009 12,448 12,0341 80,265! 75,043 76,657 72,710 10,015 8,282 North Dakota 665 656 102,806| 99,440 6,236 6,248 109,042! 105,688' 93,063 93,643 21,224 18,778 South Dakota 561 559 145,971 146,9361 2,908 3,004 148,879, 149,940i 140,567 150,951 18,430 15,434 Total group 8 2,650 2,615 640,890 622,147| 68,24S 72,252 709,138; 694,399, 671,284 679,561 68,963 62,077 Colorado 229 225 62,841 64, 400 26,472 25,419 89,313, 89, 819, 92,578 94,916 1,623 1,785 Kansas 1,084 1,080 223, 276 216,690 22,216 21, 756 245,492: 238,446! 241,522 3 247,054; 11,247 8,488 Nebraska 955 949 214, 771 214,814 10,947 12,187 225,718; 227,001! 231,793 242,731 11,235 7,875 Oklahoma 464 448 57, 845 57,573 10,476 11,119 68,321! 68,692 74,574 72,660 4,286 5,469 Wyoming 97 92 19,595 19,316 1, 28' 80!' 20, 8-S2J 20,124; 22,643 21,443j 646 619 Total group 9 i 2. S29 2, 794 57*, 32- .572, 793 71, HI)'- 71, 2--S 649,726; 644,082 663, i 10 67S, S04i 29,037 24,236 New Mexico 64 60! 16, 572 16, 235 1,540 1,393 18,112, 17,628' 16,931 16,279 1,543 1,695 Texas 970 965, 203,951 209, 577 17,890 22,602 221,841! 232,179! 262,478 250,109 6,507 10,813 Total group 10 1,034 1,025; 220,523 225,812| 19,430 23,995 239,953! 249,807, 279,409 266,388 8,050 12,508 Arizona 57 56 33,123 33,456 7,854 7,358 40,977! 40,814 43,197 3 43,857 California 432 424 1,081,286 1,158,576 433,602 459,068 1,514,868! 1,617, 644 81,580,435 1,664,279i 9,741 16,492 Idaho 114 110; 23,776 23,076 4,753 4,492 28,529: 27,588 28,133 28,691! 3,436 3,369 Nevada 24 24| 14, 782 14,560 2,003 2,102 16,785! 16, 662 18,665 18,545J Oregon 182 182| 68,585 66,869 23,755 25,383 92,340 92,252 98,701 • 98,200; 1,411 2,030 Utah 97 97! 64,195 63,639 12,827 13,933 77,022, 77,572 70,155 71,529 2,757 2,260 Washington 275 274! 75,084 74,20S 29,444 31,193 104,528; 105,401 106,574 108,963 3,428 2,466 Total group 11 1,181 1,167; 1,360,811 1,434,384 514,238 543,529 1,875,049, 1,977,913; 1,945,860 2,032,064! 20,773 26,617 Total United States 20,924 * 20,834;13,524,570 «14,079,158 5,718,383 «5,816,172 19,242,9S9,»19,S95,330 18,952,254 "19,620,664 541,233 » 524,599 1 Figures for April, 1923, not available. G Includes cashiers' checks. 2 Including June, 1922, figures for New Hampshire. 1 Including December, 1922, figures for Kentucky 3 Total deposits. 8 Includes United States deposits. < Including December. 1922, figures for Georgia. »Including December, 1922, figures for New Hampshire, Georgia, 5 Including December, 1922, figures for Indiana. Indiana,and Kentucky Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

800 FEDERAL RESERVE BUIiLETIN. JULY, 1923. BUSINESS AND FINANCIAL CONDITIONS ABROAD. Foreign trade and gold movements.—The monthly trade balance of the United States, which since March has been heavily on the side of imports, continued to be against this country in May, when imports were reported at $370,000,000, exports at $319,000,000, and the excess of imports at $51,000,000. During the first five months of the year imports of goods have exceeded exports by $138,000,000, and in addition there was a net inflow of gold amounting to $90,000,000. Nearly half of this amount, or $44,532,000, arrived during May, compared with $8,533,000 for April, and a monthly average of $11,356,000 for the .preceding four months of the present year. Gold imports for May were the largest of any month since November, 1921. About $26,800,000 of the gold came from England, apparently in connection with the June 15 interest payment of the British Government on its debt to the United States, and about $14,200,000 from Germany in connection with reparation payments of the German Government to Belgium. Foreign exchange.—Comparative stability in May and the greater part of June characterized the exchange rates of most foreign currencies, except the German mark, which after being supported at 0.0047 cent for over two months, dropped to 0.0033 cent in the latter part of April, and to 0.0006 cent on June 30. French and Belgian francs and Italian lire have also moved down from the levels reached in April and May. The pound sterling declined from $4.64 at the beginning of May to $4.58 at [the end of June, compared with the year's maximum of $4.72 in the middle of February. The Norwegian krone, after its abrupt break early in the year, has become steadier in recent weeks, and for several months the exchanges of Netherlands, Sweden, Austria, Czechoslovakia, and Finland have been practically stable. On the other hand, the Greek drachma, after a decline lasting many months, started to rise with great rapidity in May, and on June 2 reached 4.1 cents, a point over three times as high as the average rate in April. At the end of June the drachma was quoted at 2.9 cents. Business conditions in Europe.—In Great Britain probably the most decisive recent evidence of the continuing gradual improvement in business is afforded by the foreign trade figures of April and May. Exports for May show an increase of 14 per cent compared with April and are higher than those in any month since January, 1921. Shipments of both raw materials and manufactures were greater, but the increase in the latter is especially noteworthy. Imports increased much less than exports, with the result that the current balance of trade against Great Britain has been considerably reduced as compared either with recent months or with May, 1922. Other data on the industrial situation in Great Britain, such as production and exports of key commodities, and the clearings of provincial banks afford additional evidence of the maintenance or increase of business activity. It may be noted, however, that the revival of business has not proceeded so rapidly nor so far in England as it has in the United States. Available reports continue to indicate a high degree of business and industrial activity in France. Crop prospects have been reported good, with the wheat acreage considerably greater than in any year since the war. Freight car loadings reported through April are higher than in any similar period of last year. Iron and steel production, while running much lower than the average of last year, has shown a marked recovery from the low output early this year. The issue of French treasury bonds which closed in April is generally regarded as successful, although the Government was obliged to offer a high rate. Total receipts are given as 9,778,000,000 francs, of which about 2,200,000,000 francs were in cash, the remainder being in treasury bills or in the 2-year treasury notes which mature in June of this year. Economic conditions in Germany during the past two months have been greatly influenced by the steady and precipitous decline of the mark, accompanied by a tremendous increase in prices. Prior to the occupation of the Ruhr, any new decline in the value of the mark was accompanied by a great demand for goods both at home and from abroad, which resulted in renewed business activity and greater employment. Now, however, restrictions and other factors connected with the Ruhr occupation have prevented to a large extent the revival of exports and unemployment has been steadily increasing. The industries especially affected are those which depend mainly upon foreign raw materials and which, owing to the low value of the mark abroad, are unable to import raw materials in sufficient quantities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 801 THE TREND OF BUSINESS ABROAD.1 Items. U K d n o i i n m t g e . d - France. m G a e n r y - . U St n a i t t e e s d . Items. U K d n o in i m t g e . - d France. m G a e n r y - . U S n ta it t e e d s. I. CREDIT.' III. PRODUCTION AND TRADE. COMMERCIAL BANK LOANS: PIG IRON PRODUCTION (relatives''): 1921—May 1,144 13,050 12,029 1921—May 65 48 1922—May 1,061 13,102 10,906 1922—May 102 90 August 1,020 13,051 10,761 August 103 71 November 1,031 13,265 11,219 November 118 111 1923—February 1,023 13,348 11,639 1923—February 70 117 ' March 992 13,402 11,783 March 73 138 April 994 11,839 April 81 138 May 1,005 11,840 May 91 151 COMMERCIAL BANK DEPOSITS: 1921—May 1,729 13,049 10,153 COAL PRODUCTION (relatives5): 1922—May 1,745 12,962 11,049 1921—May 84 August 1,688 12,884 10,942 1922—May 87 101 51 November 1,667 13,121 11,094 August 87 108 69 1923—February 1,644 13,444 11,525 November 98 110 114 March 1,596 13,512 11,082 1923—February 101 77 106 April 1,606 11,156 March 100 117 May 1,608 11,173 April 96 107 CENTRAL BANK DISCOUNTS: May 93 101 116 1921—May 81 2,593 65 1,870 1922—May.: 75 2,319 171 471 UNEMPLOYMENT: • August 76 2,194 271 404 1921—May 17.6 29,032 175 82 November 68 2,818 919 614 1922—May 13.5 1,636 107 85 1923—February 79 2,684 4,777 596 August 12.0 606 109 89 March 80 2,685 6,924 700 November. 12.4 285 165 96 April 68 2,646 9,221 637 1923—February.. 11.8 666 251 101 May 71 2,372 9,914 731 March 11.1 588 340 103 June 81 2,487 775 April 10.9 354 365 102 CENTRAL BANK NOTE ISSUES: May 10.7 199 102 1921—May 442 38,233 72 2,735 1922—May 402 35,982 152 2,142 BANK CLEARINGS (actuals2): August 396 36,385 238 2,153 1921—May 2,885 666 66 15,318 November 390 36,114 754 2,330 1922—May 3,307 454 179 16,322 1923—February 381 37,055 3,513 2,247 August 2,885 512 375 15,849 March 388 37,188 5,518 2,232 November 2,989 783 1,464 17,133 April 384 36,548 6,546 2,223 1923—February 3,006 792 7,444 16,905 May 390 36,741 8,564 2,250 March 3,315 755 7,258 19,644 June 2,227 April 761 8,177 18,816 CENTRAL BANK DISCOUNT RATE, pxt. May 3,433 13,345 19,368 1 19 9 2 2 2 1 — -M M a a y y 6fJ RAILWAY FREIGHT TRAFFIC (actuals1) August 1921—May 498 3,178 November 4 1922—May 1,379 49,055 3,994 3,522 1923—February 4J August 1,455 50,875 3,864 3,930 March November 1,668 56,046 3,796 4,105 April « 1923—February 55,890 3,393 May March 56,528 4,124 June April 54,900 3,764 II. PRICES AND EXCHANGE. SHIPPING ACTIVITY (relatives'1): WHOLESALE PRICE INDEX (relatives3): 1921—May 29 76 55 112 1921—May 201 323 145 1922—May 84 108 105 115 1922—May 171 302 74 158 August 104 110 138 August 1. 168 298 140 165 November 100 113 139 November 165 307 945 164 1923—February 88 87 92 1923—February 170 355 7,159 166 March 107 113 117 108 March 175 373 6,770 169 April 106 114 112 92 April 177 365 6,425 169 Miy 114 130 111 104 May 175 360 8,237 167 RETAIL PRICE INDEX (relatives*): VALUE OF EXPORTS (actuals'): 1921—May 228 317 10 145 1921—May 43,088 1,649 329,710 1922—May ., 181 317 35 139 1922—May 58,045 1,778 416 307,569 August i 181 289 70 139 August 60,032 1,676 255 301,775 November 180 297 400 145 November 66,491 1,706 255 380,000 1923—February 177 316 2,408 142 1923—February 57,510 2,329 361 307.208 March 176 321 2,627 142 March 60,921 2,474 436 341,162 April 174 320 2,764 143 April 62,871 325,727 May 170 325 3,521 143 May 71,555 2," 675 316,649 FOREIGN EXCHANGE (per cent of par): 1921—May 81.69 43.36 6.821 VALUE OF IMPORTS (actuals»): 1922—May 91.36 47.25 1.444 1921—May 86,275 1,566 204,911 August 91.74 41.23 .415 1922—May 88,814 1,798 565 252,817 November 92.06 35.54 .058 August 82,661 1,960 545 281,376 1923—February 96.39 31.84 .016 November 95,600 2,348 291,805 March 96.49 32.77 .020 1923—February 83,855 2,343 446 303,413 April 95.66 34.54 .017 March 90,022 2,487 503 398,078 y 95.05 34.39 .009 April 86,417 2,560 364,230 94.83 32.65 .004 May 89,479 2,597 373,244 June 1 A full explanation of this table, including a list of the sources employed, appears in the BULLETIN (final edition) for February, 1923, pp. 182-185. 2 Amounts stated in millions of pounds sterling, millions of francs, billions of marks, and millions of dollars. 3 Monthly average in 1913 is taken as 100, except for Germany, in which case July, 1914=1. < United Kingdom and France—July, 1914=100; German]/—Oct. 15,1913-June 15,1914=1; United States—1913 avefage=100. • 1913=100. • United Kingdom—percentage of unemployed in insured trades; France—number of unemployed in the city of Paris; Oermany—number of applicants for every 100 available positions; United States—an index of employment in 12 representative trades with 1919 taken as 100. 7 United Kingdom—total net ton-miles during the month, expressed in millions; France—average daily number of freight car loadings; Otrmany and United States—total number of freight car loadings during month, expressed in thousands. 8 Amounts stated in thousands of pounds sterling, millions of francs, millions of gold marks ,and thousands of dollars- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

802 FEDERAL RESERVE BULLETIN. JILT. 1923. FRENCH BANKING IN 1922. and the Union Parisienne. Among the others are establishments of considerable resources While the year 1922 brought a remarkable and numerous branches but with rather localrecovery of French commerce, the extent to ized interests. Examples, of these are the which the French banking system participated Credit du Nord and the Banque G6nerale du in the revival is uncertain. The annual re- Nord, both serving the industrial region about ports of the great French commercial banks are Lille; the Soci6te Nancienne, the Banque de brief and the balance sheets do not readily Mulhouse, and the Banque d'Alsace et de lend themselves to analysis. The combined Lorraine in the industrial region of the east; accounts of the principal commercial banks as and the Banque Privee of Lyons. of December 31, 1922, show a material increase The six great credit banks considered in this in deposits and an increase of nearly equal amount in loans, a large part of which con- article are the Credit Lyonnais, the Socie'te Gensists of treasury bills. 6rale, the Comptoir National d'Escompte, the Credit Industriel et Commercial, the Banque French banks in 1922 continued to operate Nationale de Credit, and the Credit Commerunder peculiarly difficult financial and monecial. The Cr6d.it Industriel differs from the tary conditions. Two factors in particular others in that it has no branches outside of operate against normal development, and both Paris and its vicinity, although it is interested oi these must be borne constantly in mind in in or controls a large number of regional banks studying French banking during the past four scattered through the provinces. The last two, years. The first are the wide and abrupt the Banque Nationale and the Credit Comchanges in the value of French currency, whether measured by exchange rates or by mercial, were organized only shortly before the price averages; and the second is the urgent war, but their rapid development has entitled necessity of the State, principally for reconstruc- them to places in the group. tion. The former weakens the foundation of The following table shows the total resources industrial and commercial confidence; the latter of the six banks in recent 3?-ears: occasions a constant diversion of liquid capital TOTAL RESOURCES OP SIX FRENCH BANKS. from ordinary commercial channels. Term [In millions of francs.] loans in frequent succession are offered bjr the Government, or under Government guaranty, Banks. 1913 1921 1922 at yields well above 6 per cent, while treasury bills, whether of the ordinary type or bons de la Credit Lyonnais 2,900 5,349 5,728 Defense Nationale, range from 3 to 5 per cent. Society Generate 2637 5,797 5,982 These bills, of which about 60,000,000.000 C C r o e m di p t t o In ir d d u ' s E tr s i c e o l mpte... 1,9 : 1 « 2 2 3, 7 9 1 26 S 4, 6 2 8 4 4 2 francs are outstanding, with maturities of from Basque Nationale KX7 2,764 3,183 Credit Commercial i201 1,538 1,621 one month to one year, offer the threefold attraction of a good rate of interest, ready nego- 11914. tiability as bearer securities, and, in the case of The great increase in the figures since 1913 those maturing within three months, the priviis primarily a reflection of the depreciation of lege of discount at the Bank of France. These the franc. Each of the four banks which led two dominating factors go far toward explainthe list in 1913 has approximately doubled its ing why a great part, if not the greater part, resources, while the two newcomers have conof the portfolios of the banks is composed of siderably exceeded this ratio. The increase treasury paper, and also suggest a reason for noted in 1922 over 1921 is largely the result of the distinct decline since 1920 in "debits in expanding activities and aggressive policies. current account." During the past year, for instance, the Banque The six great credit banks, whose combined Nationale absorbed the Banque Francaise pour balance sheet is presented below, represent le Commerce et l'Industne; the Comptoir perhaps one-half of the total banking resources d'Escompte, which had opened no new agencies of France. Not only because of their size, but since 1914, in 1922 installed 6 branches and because their numerous branches cover all 40 part-time agencies; and the Credit Lyonof France, their statements may be taken to nais, 8 branches and 54 part-time agencies. give a fair picture of banking conditions. The The latter are open only on specified days for remainder of French banking facilities is pro- the purpose of extending banking facilities to vided by a large number of institutions. These communities in which the volume of business include the two well-known underwriting would not justify a regular branch. This banks, the Banque de Paris et des Pays-Bas aggressive policy in 1922 was not confined to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 803 great establishments. The Credit du Nord, PRINCIPAL ACCOUNTS OF SIX FRENCH BANKS—Contd. mentioned above, opened 20 agencies during [In millions of francs.] the year, while the Societe Nancienne, which had 36 branches before the war, now has 148. De- This penetration into the rural regions extends mand banking facilities to the agricultural popula- po d s e i - ts Time Ac- Paid- M la is n c e e - ltion, which has prospered in recent years and and de- cept- in ous credits posits. ances. capital. rewhich hitherto has been greatly given to in cur- serves. hoarding currency. rent accounts. The operations of the banks comprise not only the usual activities of credit establish- Items for individual banks, ments, but also the underwriting of securities, 1922: 23 250 20C which was also one of their principal functions SocietS Generate.. 4,997 122 75 250 54 Comptoir d'Escompte... 3,675 24 85 250 6S before the war. Since 1913, and especially Credit Industriel... 466 41 3 33 30 since 1919, the volume of new securities has 2 496 39 262 92 Credit Commercial 1,073 314 11 120 31 been enormous, though by far the larger part Total: 1922 17,764 548 241 1,165 475 has been issued by the Government or with 1921 16 532 596 227 1,116 468 Government guarantee, in connection with the 1920 17,029 62S 354 1,107 477 1919 15,421 578 224 886 409 reconstruction program. Other issues, though 1913 5,537 420 618 790 393 only a small fraction of the total, have yielded Index for 1922 (1913= 100).... 32T 130 39 147~ 121 larger underwriting commissions. While the annual reports mention the importance of this The item of cash on hand or in banks, includphase of the banks' activity, they do not go ing the Bank of France, has more nearly kept into details of these operations, from which the pace with the depreciation of the purchasing banks derive no small proportion of their power of the franc than any other item, its profits. index being over 400. For the six banks it The consolidated balance sheet reproduced represents a ratio of about 13 per cent to deherewith is taken from "La Situation Econo- mand deposits, as compared with just under mique et Financiere" of May 18, 1923. To 10 per cent for 1913. this has been appended an index showing the Very little comment can be made on the relative change in the various items between portfolio, which includes both commercial and 1913 and 1922. In comparing these two years, treasur}- paper. The banks do not give the it is necessary to take into account the great relative proportions held, but there is every depreciation of the franc, which in December, reason to believe that the treasury bills exceed 1922, retained only about one-fourth of its preby far the commercial. The annual report of war value in terms of goods, and in gold less the Credit Lyonnais states that the greater than one-half. part of its portfolio is still treasury paper, though the number of commercial bills has PRINCIPAL ACCOUNTS OP SIX FRENCH BANKS. largely increased over last year. M. Guebhard, in his article on the French money market, in [In millions of francs.] 1922 in the March-April "Eevue d'Economie Politique," remarks that good commercial pa- Cash per is scarce and that in its absence the banks and are obliged to absorb treasury bills. It is not due from easy to explain the absence of "good commerbanks. cial paper" in a year of increased business activity and rising prices, but probably it is Items for individual banks, the result of the fundamental factors mentioned 192.!: Credi t Lvounais 510 earlier in this article, namely, the fact that S C o o s m ie p t t e o i G r e d ne '- r E at s e eompte... 6 4 3 3 6 4 prices are and have been since 1919 subject to CreUit Industrie! 47 sharp and wide fluctuations in both directions, Banque Nationale 425 Credit Commercial 211 thus rendering all commercial transactions with a time element distinctly speculative, and, Total' 1922 2 263 1921.. 1,955 second, that Government bills, paying a high 1920 2,367 1919 1 833 rate, were available in unlimited quantities. 1913 550 While the portfolio was greater at the end of Index for 1922 (1913= 100) 411 149 1922 than at the end of any preceding year, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

804 FEDERAL, RESERVE BULLETIN. JULY, 1923. next item of the statement shows contraction. the war. Time deposits decreased, and are This is true of "advances and reports," the only slightly larger than in 1913—a result former being loans secured by collateral and probably of the diversion of savings into inthe latter loans on the stock exchange. This vestments of greater liquidity, such as treasury item shows a small decline in the last two years bills. "Titres et participations" (securities and an actual decrease since 1913. Such of owned and underwritings) indicate a nominal the banks as distinguished between their "ad- increase over 1913, the same being true of vances" and their "reports" showed last year paid-in capital and reserves. a small decline in the former and an increase in Each of the six banks showed larger profits the latter—an increase reflecting the advancing in 1922 than in the preceding year, though in market in securities which was in progress in only one case (the Credit Industriel) was the the latter part of last year. The "debits in dividend increased. Compared with 1913, current account," sometimes translated as the total increase in profits was about 50 per "overdrafts," were also lower than in any other cent—from 94,000,000 to 148,000,000 francs. post-war year. In 1921, as compared with This review of French banking in 1922 brings 1920, the item declined from 4,229,000,000 out two important facts in the banking situafrancs to 3,316,000,000 francs (over 20 per tion. The first is the relation between bank cent); in 1922, the decline continued, although deposits and currency, which emphasizes how from the statements of the individual banks it fundamentally French banking differs from appears that there was some increase in this that of England and the United States. The item in the later months of the year. second is the large ratio of treasury paper to Demand deposits and credits in current ac- commercial paper in the portfolios of the banks. counts showed an increase in 1922, even over As was stated above, the exact ratio is nowhere the figures of 1920. The increase over 1921 is stated, but it is agreed that the holdings of interesting, in contrast with the decline in treasury bills exceed the commercial bills and deposit liabilities of British banks during the that instruments of business credit are less same year. As was mentioned earlier in the commonly employed than before the war. In article, the year's increase in deposits commenting on this situation, the 1922 report (1,232,000,000 francs) is roughly equivalent of the Bank of France notes with satisfaction to the increase in the portfolio (1,134,000,000 that the public is again returning to the use of francs). bank credit, and the report of the Credit Lyonnais states that its commercial paper in 1922 The figures of demand deposits and credits was 30 per cent greater than in the preceding in current account are particularly interestyear, but that short-time treasury bills still ing when compared with changes in the volume formed by far the larger part of its portfolio. of note circulation. In the March-April number of the Revue d'Economic Politique total deposits of 18 leading French banks are given as 20,756,100,000 francs as of December 31, RECENT DEVELOPMENTS IN JAPANESE 1921. As the figures of the six great banks BANKING. alone amounted to 16,532,000,000 francs on that date, it is evident that this total includes Business and banking developments in Japan the greater part of the total demand liabilities since the outbreak of the European war are in of the entire French banking system. On the many respects similar to those in the United same date the note circulation of France was States. Both countries went through a period 36,487,000,000 francs. In other words, in of great business prosperity followed by a gen- France currency in circulation greatly exceeds eral depression, and both had an excess of merthe volume of bank deposits, a condition op- chandise exports accompanied by an inflow of posite to that obtaining in England and the gold unprecedented in modern history. The United States, though not radically different activities of the banks in both countries were from the relation between bank deposits and to a large extent influenced by these developcurrency in France in 1913. ments. On the basis of their increased specie Of the remaining items, acceptances show reserves the banks greatly increased their loans only a small increase, and are actually less during the period of business expansion, and than one-half of what they were in 1913. Con- after the collapse of prices a portion of their sidering the advance in prices, it appears that loans was frozen, i. e., not paid at maturity, they represent perhaps one-tenth of the volume and some loans could not be paid at all. In the of goods covered by such instruments before United States, however, after a certain period Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL BESERVE BULLETIN. 805 the banks were able to liquidate their frozen subsequent part of this article. The Yokoloans and to write off bad debts, while Japanese hama Specie Bank was founded in 1880 for the banks are still to a certain extent suffering purpose of financing the country's foreign from the price decline of 1920, and the readjust- trade. This institution handles practically all ment of business, although far advanced, is not the business of the Government connected as yet completed. with foreign loans and is also intrusted with In this study Japan's financial structure will the management of Government funds for be surveyed, its development during the period international account. To facilitate the financof prosperity and depression reviewed, and the ing of foreign trade the bank has branches in relation of banking in general and of the Bank almost all the important commercial centers of Japan in particular to the general business of the world. The Industrial Bank of Japan conditions of the country analyzed. Since for- is organized to finance industrial enterprises of eign trade developments and the huge inflow the country. For this purpose it is authorized of gold have in many ways affected the activity to make loans against stocks and bonds, to of the banks, these phases will also be con- subscribe to securities of industrial concerns, sidered. and to make loans for a limited period on city Banlcing structure of Japan.—The develop- real estate. The bank may issue its own ment of Japanese banking in recent years and debentures up to an amount not exceeding ten its relation to the general economic conditions times its paid-in capital. The Bank of Chosen of the country can be better understood if the is the sole bank of issue for Korea (Chosen) and general principles upon which these institu- issues notes which are legal tender' in that tions rest are first surveyed. There is a funda- country. By an imperial order of November mental difference between the status of banks 27, 1917, the notes of the Bank of Chosen in the United States and in Japan. In the became legal tender also throughout the South latter country banks are not regarded as quasi- Manchurian railway zone, and all notes of the public institutions and are not subject to such Yokohama Specie Bank circulating in this close supervision by the Government as in the territory have been replaced by notes of the United States. Japanese banking laws have Bank of Chosen. The main purpose of the no definite provisions as to capital, surplus, par Bank of Taiwan is to serve as a central bank value of shares, or the character of incorpora- for the island of Taiwan (Formosa). In additors. While Government control of banks in tion to these functions, the bank engages in all Japan has thus not been developed to the same kinds of foreign and domestic banking transextent as in the United States, the Government actions and is at present one of the most has endeavored through special legislation to important exchange banks in Japan, with a create banks which would serve all classes of large number of branches at home and abroad. the population and the various business needs The rest of the special charter banks are landof the country. mortgage institutions, the most important of which is the Hypothec Bank of Japan. The Banks in Japan may be divided into two main object of this institution is to make longdistinct classes, viz, those established under term loans upon mortgages on immovable the general banking laws and those created property, which are redeemable in annual by special charter of the Government. The installments. number of special banks is 52, the most important of which are the Bank of Japan, the Yokohama Specie Bank, the Industrial Bank BANKING DEVELOPMENTS, 1914-1919. of Japan, the Bank of Chosen, and the Bank of Taiwan. Forty-six of the 52 specially char- Developments in Japanese banking since 1914 tered banks are provincial, industrial, and agri- are marked by a rapid and steady growth of all cultural-mortgage banks. A description of the phases of banking activity and by a tendency more important special banks follows. toward concentration and amalgamation. Be- The central bank of issue of the country is fore the outbreak of the war there were in the Bank of Japan, whose functions corre- Japan 2,155 banking institutions. The reason spond more or less to those of other banks of for the large number of banks is to be found in similar character. The bank engages in all the peculiar banking legislation of Japan, which, kinds of commercial banking transactions and in accordance with the desire of the Governis the fiscal agent of the Government. Its ment to spread banking facilities all over the relation to the other banks and its activities country, made the opening of banks dependent during the last few years are discussed in a upon very few requirements. The increase in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

806 FEDERAL KESEEVE BULLETIN. JULY, 1923. business activity since 1914 and the enhanced at the end of 1913 to 1,046 at the end of 1920, importance of Japan in commercial and finan- whereas banks with a capital of more than cial fields created a need for larger banking in- 1,000,000 yen increased during the same period stitutions, with the result that a number of from 165 to 496 and those with a capitalizabanks amalgamated and others increased their tion of over 10,000,000 yen from 14 to 43. capital and surplus. The number of banks in Not only did the Japanese banks increase operation therefore decreased, and at the end their activity at home, but they also became of 1921 Japan had 119 fewer banks than at the important factors in international markets, end of 1913. This decrease in the number of especially in the Orient. Before' the war, banks occurred during a period of enormous although some of the Japanese exchange banks increase in the business activity of the coun- already had a number of branches in the Far try. The huge increase of the business of East, on the continent of America, and in banks can best be seen from the following Europe, a considerable proportion of Japan's figures of the Tokyo Clearing House Associa- foreign trade was still financed by branches of tion. The number of bills cleared and their European and American banks. The Eurovalue increased from 4,658,000 bills, represent- pean war and the fluctuation of most Euroing a value of 4,490,000,000 yen in 1914, topean currencies after the war restricted and 10,780,000 bills, with a value of 32,691,000,000 hampered to a large degree the activities of yen for 1920. the European banking institutions, with the While the number of independent banks de- result that their business was taken over by creased, the number of branches and agencies Japanese banks. To what extent the Japanof the larger banking institutions increased ese banks have replaced foreign banks in rapidly. Previous to the war the number of financing Japan's foreign trade can best be branches and agencies of all banks was 3,153, gauged from the following figures.1 while at the end of June, 1921, the number was 5,277. The decrease of independent banks and IMPORT AND EXPORT BILLS HANDLED BY JAPANESE the increase of branches during the period 1913- BANKS. 1921 may be seen from the following table: fin thousands of yen.] NUMBER OF HEAD OFFICES AND BRANCHES OF JAPANESE 1913 1918 1919 1920 BANKS. Number Num of ber R b a ra ti n o c o h f Bills handled by Yoko- | of branches offices to hama Specie Bank and i head and head Bank of Taiwan 445,094 1,890,836 2,145,557 1,758,464 offices. agencies. offices. Value of merchandise 729,432 1,668,144 2,173,460 1,758,464 Value of invisible imports.. 159,200 319,000 410,600 443,700 Total value 888,632 1,987,144 2,584,060 2,202,164 Percent oftotalhandled by End of— Yokohama Specie Bank 1913 2,155 3,153 1.5 to 1 and Bank of Taiwan 50.0 95.2 83.0 79.9 1917 2,114 3,891 1.8 to 1 1918 2,088 4,181 2.0 to 1 1919 2,062 4,589 2.2 to 1 1920 2,039 5,097 2.5 to 1 Bills handled by Yoko- i End of July, 1921 • 2,036 5,277 2.6 to 1 hama Specie Bank and Bank of Taiwan 459, 750 2,357,084 2,058,304 2,077,939 Value of merchandise 632,460 1,962,101 2,098,873 1,948,395 Bank resources show the same remarkable Value of invisible exports.. 148, 700 894,600 915,000 761,000 Total value 781,160 2,856,701 3,013,873 2,709, 395 growth for the period. At the end of 1913,Percent oftotal handled by Yokohama Specie Bank the paid-in capital of the 2,155 banks amounted and Bank of Taiwan 58.8 82.5 68.3 76.7 to 616,000,000 yen, while at the end of June, 1921, the capital of the 2,036 banks amounted When account is also taken of the amount to 1,712,000,000 yen, an increase of 177 per of import and export bills of the other exchange cent. Figures of the surplus of the banks banks, it is easily seen that a very large proshow a similar increase, from 218,000,000 yen portion of Japan's international financing is at at the end of 1913 to about 594,000,000 yen at present handled by native institutions. It is the end of June, 1921. impossible to bring the figures of the above With the continuous increase of the capital table up to date, for since 1918 the foreign of banks both the relative and absolute numexchange business of the other exchange banks ber of the smaller banking institutions dehas increased considerably and the exchange creased. The number of banks with a capital of less than 500,000 yen decreased from 1,755 • See the Japan Financial <fc Economic Monthly, January, 1923, p. 18. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 807 banks do not publish separately the number and especially of the Bank of Japan, increased and value of bills arising out of the trade of and the amount of notes in circulation rose Japan proper and of different countries. With from 816,000,000 yen at the end of March, to the increase in the participation of Japanese 1,025,000,000 yen at the end of August, 1919. banks in the financing of Japan's foreign trade, The money stringency was somewhat alleviated the business of the branches of foreign banks by the removal of the gold embargo in the decreased from about 40 to 50 per cent of United States on June 9, 1919, which was Japan's total trade before the war to less than followed by a large inflow of gold to Japan, 20 per cent after the war. as may be seen from the following table. Japanese discount market.—Another important change that has taken place in the Japa- IMPORTATION OF GOLD INTO JAPAN. nese money market since 1914 is the develop- Yen. 1919—January-June None. ment of a discount market. Before 1914 sur- July 28,173, 693 plus funds of Japanese banks were invested August 49,997, 023 largely in Government or private securities September 34,561, 708 which could be pledged with the Bank of Japan October 30. 408, 910 as security against advances. The rapid November 51,348, 786 December :... 131, 281,339 growth of the foreign trade of the country, coupled with the inflow of large funds from Most business men took the influx of gold abroad, made the creation of a discount market into Japan as a good omen for the future and urgent. In order to facilitate the financing of further increased their speculative activities. the country's foreign trade, the Bank of Japan As a result of this speculation the demand encouraged the use of bankers' acceptances and, for funds increased and money rates tightened. in cooperation with the exchange banks, a dis- To curb speculation and to give warning to count market was developed adequate to meet the public, the Bank of Japan raised its disthe needs of the country. Most bankers' account rate from 6.57 per cent to 7.3 per cent ceptances dealt in in the open market in Japan on October 6, and then again to 8.03 per cent are based on imports and only a comparatively on November 19, 1919. On November 22 the small percentage represent export transactions. Government issued a statement to the banks throughout the country warning them to be BANKING DEVELOPMENTS, 1919-1922. careful in the granting of loans. Despite these warnings speculation continued during the Business prosperity in Japan and the con- first month of 1920 and the number of new tinuous expansion of banking activities suf- companies increased more rapidly than ever fered a serious check early in 1920. The con- before. The value of new securities floated in clusion of the armistice in 1918 was immedi- the first four months of 1920 amounted to ately followed by a decline in the demand for 3,700,000,000 yen, as compared with 2,678,war materials, which resulted in a general 000,000 yen for the entire year 1918 and decrease of business activity throughout the 250,797,000 yen for the year 1914. Imports country, but the demand for other goods from increased greatly, and in 1919 for the first time the former European belligerents and espe- since 1915 exceeded exports, and this unfavorcially from the United States caused a revival able balance increased in 1920. of industry and trade in 1919. Stimulated by Business and speculative activity was sudthe demand for foreign goods, speculation in denly checked in March, 1920, when a shortage securities and commodities grew rapidly and of loanable funds developed. The money prices of manufactured goods as well as of raw stringency was at first felt on the stock market, materials rose steadily. with sudden breaks in security prices, both in The money market reflected the general Tokyo and Osaka, the chief stock exchanges of economic condition of the country. Money at the country. How great the slump in the value the beginning of the year 1919 was compara- of securities was may be seen from the following tively easy and the ruling open-market rate in figures. The index of 120 leading securities Tokyo was 1.9 sen for 100 yen per day, or 6.94 decreased from 250 in January to 165 in April, per cent per annum. From about the middle and the volume of securities traded in declined of May the demand for funds became brisk during the same period from 920,000 shares in and after July the open market rate rose to January, 800,000 shares in February, and 7.3 per cent per annum. Loans of all banks, 1,150,000 shares in March to 270,000 shares in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

808 FEDERAL EESEEVE BULLETIN. JULY, 1923. April. The fall in stock exchange values was A detailed analysis of the accounts of the quickly followed by a drop in prices of all Bank of Jaj)an shows that there is a close commodities, but especially of silk and cotton. relation between the volume of operations of Banks which had already overexpanded their the bank and the country's foreign trade. credit in many instances were unwilling to The general experience of Japan in recent grant additional loans, and their reluctance years has been that a period during which the mcreased with the failure of the Seventy-fourth trade balance is unfavorable is characterized Bank of Yokohama and the consequent run by an increase of bills discounted, by a decline on other banks. As a result the money market in deposits, and by an increase of notes in became very stringent, many business enter- circulation. Deposits are also influenced by prises were forced to liquidate, and a general the total volume of foreign trade, and a shrinkbusiness stagnation set in, followed by a age both in imports and exports is usually slackening in the demand for credit. To pre- followed by an increase in deposits of the vent the crisis from becoming more serious, Bank of Japan. From the au um « f 1920 the Bank of Japan and the Government inter- up to about October, 1921, Japane c foreign vened to save those houses which had a good trade decreased about 50 per cent j'rom its credit standing and were only in temporary 1919 value, and during the same period dedifficulties. The Bank of Japan formed a posits showed a similar increase. syndicate of the most important banks in Similarly, the amount of advances of the Osaka and Tokyo and extended liberal loans Bank of Japan against foreign bills depends to to banks whose customers were in distress, and a large extent upon the foreign trade of the the Government aided certain industries country. An increase of imports and exthrough the Industrial Bank of Japan. ports naturally gives rise to a larger number Operations of the Bank of Japan, 1920-1922?— of foreign bills, which are then tendered by the Bank of Japan figures for the years 1920-1922 exchange banks to the Bank of Japan as security reflect the general credit and business con- against advances. During the first half of ditions of the country. The collapse of the 1920, when the foreign trade of Japan was security and commodity markets in March, large, advances secured by foreign bills formed 1920, was followed by the liquidation of a large a considerable part of the assets of the Bank of number of business houses, a stagnation of Japan and at times were even larger than the industry and trade, and a slackening demand total amounts of discounted bills. With the for credit from the private banks. These decline of Japan's foreign trade since the fall banks were thus able to meet the credit de- of 1920 to May, 1922, advances of the Bank of mands of their customers without recourse to Japan against foreign bills decreased steadily, the Bank of Japan, whose commercial accounts reaching their lowest point of 9,500,000 yen in in consequence show a decided decrease. As February, 1922. The recovery of Japan's exin the case of the United States, the decreased ports and the favorable balance of trade demand for funds upon the Central Bank was which set in during the second half of 1922 not simultaneous with the decrease in prices. resulted in an increase of the advances against While in the United States discounts of foreign bills. Federal reserve banks started to decrease Private banks.—Operations of the private about six months after the fall in prices banks also reflect the general economic condioccurred, advances and discounts of the Bank tions of Japan. Total advances of all clearing of Japan started to decline in June, 1920, or banks in Japan decreased from 4,837,000,000 about three months after prices started to yen at the end of March, 1920, to 4,377,000,000 decline. (See table on p 810.) yen at the end of October. Advances did not The discount policy of the Bank of Japan show a greater decline, despite the stagnation during the period of depression was different of industry and trade, because of the large from the practice followed by the Federal volume of frozen credits held by the banks reserve banks and the Bank of England. even as late as the end of 1922. It was While these institutions began to lower their estimated by Japanese economists that during discount rates early in 1921, the Bank of 1921-22 about 20 per cent of ail outstanding Japan has not up to the present time lowered loans and advances of private banks repreits discount rate from the high level put in sented frozen credits granted before March, force in November, 1919. 1920, which could not be liquidated. Frozen credits were also regarded as one of the main 2 For operations of the Bank of Japan, 1914-1919, see FEDERAL RE- causes of the failure of a number of banks of SERVE BULLETIN, August, 1919, pp. 731-734. 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JULY, 1923. FEDERAL. RESERVE BULLETIN. 809 local importance at the end of 1922, when a reason for the increase of gold held abroad by general banking crisis was avoided only by the 869,000,000yenfromtheendofl916totheendof quick intervention of the Bank of Japan. 1919 is largely to be found in the gold embargo The assistance rendered by the bank is reflected imposed by the United States on September 7, in the amount of bills discounted and in the 1917. A considerable part of the gold kept amount of notes outstanding. Bills dis- abroad was owned by the Government of counted increased from 73,000,000 yen on Japan, which had acquired part of this gold by November 18 to 284,000,000 yen on December purchase from the exchange banks which were 16, 1922, while notes in circulation rose during unable to utilize the large balances abroad for the same period from 1,069,000,000 yen to commercial purposes in Japan. The flow of 1,345,000,000 yen. gold to Japan from its balance accumulated The gold and currency situation.—Notes in during the war continued even during 1919-20, circulation in Japan, where payment by means despite the large excess of merchandise imports. of checks has not reached the same stage of development as in the United States, reflect to GOLD STOCK OP JAPAN. a considerable extent prevailing business con- [In millions of yen.] ditions of the country. The increased busi- Owned ness activity of Japan and the inflation that Owned by Jap- Held in Held Total set in during 1915 caused the amount of notes Date. by Bank anese Japan. abroad. gold of Japan.Govern- stock. in circulation to increase rapidly. The Bank ment. of Japan is required by law to hold against notes outstanding a reserve of gold and silver, End of— the total value of silver not to exceed one- 1914 292 49 129 212 341 1915 362 150 137 375 512 fourth of the entire cash reserve. In addition 1916 452 262 228 486 714 19171 470 337 238 569 807 to notes fully covered by specie, the bank may 1918 733 855 453 1,135 1,588 issue notes to an amount not exceeding 1919 1,000 1,051 702 1,355 2,057 1920 1,294 889 1,107 1,076 2.183 120,000,000 yen, covered by Government 1921 1,289 791 1,225 855 2,180 •1922 . .. 1,163 667 1,215 615 l,83o bonds, treasury notes, or commercial bills. 1923' 1,150 647 1,204 593 1,797 The amount of notes not secured by specie may be further increased with the permission of the 1 End of May figures. Minister of Finance, but a tax of at least 5 per After January, 1921, the gold stock of Japan cent must be paid against such notes in excess started to decline, owing mainly to the unfavorof 120,000,000 yen. able balance of trade and partly also to the Since the notes of the Bank of Japan in excess purchase of British securities. The transfer of 120,000,000 yen must normally be secured of gold from Japan to other countries was by specie, an increase or decrease of notes out- effected first through the sale of gold owned by standing depends mainly upon the gold stock the Government, for the gold stock of the Bank of the bank. At the end of December, 1914, of Japan continued to increase until May, 1921. the Bank of Japan had a note circulation of Thus, while in 1921 the gold stock of the Bank 386,000,000 yen, 219,000,000 yen of which of Japan decreased by 6,000,000 yen, gold were covered by gold and 160,000,000 yen by owned by the Government decreased by 93,- Government securities and commercial paper. 000,000 yen. During 1922, however, the gold Thus, of each 100 yen of paper notes outstand- reserve of the Bank of Japan decreased by ing, 57 were covered by gold and 43 by securi- 126,000,000 yen and that of the Government ties. Since the beginning of 1916 large by 124,000,000 yen, the total decrease for the amounts of gold were transferred to Japan by year being 250,000,000 yen. From December, the Allies and the gold stock of the country in- 1920, to the end of April, 1923, the gold stock creased very rapidly, as may be seen by the of Japan decreased by 381,000,000 yen. accompanying table. The inflow of gold into Japan during and The increase of the gold stock of Japan by immediately after the war and the consequent 1,842,000,000 yen up to the end of 1920 is due increased gold reserve of the Bank of Japan mainly to the country's large excess of exports is reflected in the rise of its ratio of gold to over imports, which for the four years 1915 to notes, in spite of the rapid increase in circula- 1918 amounted to 1,408,000,000 yen. The tion, as may be seen from the following table: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

810 FEDERAL RESERVE BULLETIN. JULY. 1923. GOLD RATIOS OP THE BANK OF JAPAN. specie. Since September, 1921, the ratio has remained more or less stable. The ratio of total gold held by the Bank of R g a o t l i d o t o o f o R f a g t o io ld Japan to deposits and note liabilities combined notes to showed a continuous upward movement up to Ratio out- Ratio notes of gold stand- of gold out- July, 1922, when it began to decrease. The up- Year and month. no to tes pr i i n v g a , te Year and month. no to tes st i a n n g d , - ward and downward movements of the ratio st o a u n t d - - and st o a u n t d - - pr a i n v d ate are to a considerable extent influenced by Goving. g m ov e e n rn t - ing. g m ov e e n r t n- ernment deposits, which are much larger than depos- depos- private deposits. its. its. ACCOUNTS OP THE BANK OP JAPAN. 1919. 1921. [In millions of yen.] January 74.03 35.62 January... 109.00 54.95 February... 83.62 37.59 February.. 114.10 56.60 March 87.31 37.42 March 122.20 57.40 Ad- April 87.77 37.24 April 121.10 56.50 vances May 85.45 35.99 May 125.70 57.40 on se- Bills Notes in Govern- Other June 72.44 34.24 June 116.50 57.00 Ad- circula- ment de- depos- July 74.09 34.94 July 118. 70 57.40 tion. posits. its. August 75.14 35.22 August 115.80 57.40 eien September.. 74.15 35.39 September. 111.10 56.80 bills. October 71.92 35.67 October... 108.50 55. 70 November.. 73.71 36.85 November. 110.50 58.30 December.. 72.32 37.99 December. 90.90 54.20 1919. Tan. 18 326.8 44.7 46.1 31.6 899.5 901.2 112.7 1920. I 1922. Feb. 15 313.8 21.6 47.8 31.2 827.7 1,013.9 45.2 January 71.27 37.71 January... 97.70 55.30 Mar. 15 309.4 12.8 47.4 31.2 790.6 1,081.2 33.5 February i 71.65 37.96 February.. 105.50 56.20 Apr. 19 268.9 13.6 55.7 31.5 786.1 1,056.3 43.8 March. 76.68 38.96 March 106.80 57.80 May 17 279.2 30.8 58.0 32.8 782.2 1,098.1 29.9 April 72.79 36.98 April 110.90 63.60 June 14 336.9 67.0 58.0 33.7 951.1 1,039.1 43.0 May 75.79 37.08 May 117.70 66.50 July 19 344.9 42.6 i 48.9 49.6 940.1 1,053.5 39.1 June 78.94 40.34 June 105.10 64.70 Aug. 16 348.4 71.8 56.6 48.1 967.6 1,095.4 41.0 July 85.19 42.63 July 110.05 66.20 Sept. 13 297.1 100.6 55.9 60.8 1,000.6 1.117.8 39.9 August 92.38 44.78 August 109.60 64.80 Oct. 18 253.8 90.3 55.1 110.3 1,092.2 1.110.2 34.8 September.. 97.89 48.69 September. 102. 70 60.90 Nov. 15 273.0 66.4 51.7 97.0 1,090.1 1.094.9 31.3 October 100.42 50.80 October 100.80 59.50 Dec. 13 293.6 107.5 47.1 96.0 1,185. 6 1.094.3 43.3 November.. 107.38 51.15 November. 102.60 58.30 December.. 96.31 50.71 December. 84.5 52.70 1920 Jan. 17 289.6 125.1 55.6 76.1 1,227.8 1,085.3 117.8 Feb. 14 323.1 188.1 55.8 91.2 1.294.8 1,136.7 37.8 Mar. 13 301.9 197.7 62.0 88.8 1,187.3 1,158.7 25.5 It is seen that with the exception of the Apr. 17 287.7 349.8 52.8 84.4 1,210.0 1,167.3 65.5 May 15 302.4 369.0 51.9 94.3 1,180.5 1,177.6 119.5 period, 1919 to August, 1920, the notes of the June 12 250.0 308.5 52.1 94.2 1,203.5 1,101.4 80.8 f B b n i y o r a s t n t e g k s o h l a i d o l n f . f c o J i T f a r c p h 1 u a 9 e l n 2 a d 0 t e i w o c w n r e e a r a e s o s c f e a a l t u i m h n s e e o t d s h y t e b e a e y r r n a t t t h i 1 i r o e 9 e 1 l i o y n 9 f c a r c g e o n o a v d l s d e e t r h e t i o d n e J A S O N D u e e u o c l c p y t g v . . t . . . 1 1 1 1 1 1 6 7 4 8 8 3 2 1 1 9 8 8 2 9 0 5 0 9 9 8 2 . . . . . . 4 5 0 2 8 3 2 1 1 1 9 3 7 7 3 0 7 4 4 4 1 2 . . . . . . 6 5 1 3 5 3 4 4 4 5 4 5 3 7 0 5 0 9 . . . . . . 9 3 6 3 6 2 1 1 8 9 9 9 9 5 9 3 9 7 2 7 . . . . . . 6 0 1 8 9 1 1 1 1 1 1 1 , , , , . , 0 1 0 0 1 0 8 2 3 6 4 3 9 5 9 8 4 2 . . . . . . 3 7 5 9 4 2 1 1 1 1 , , , , 0 0 0 0 9 9 9 9 4 8 6 9 3 4 4 8 9 0 . . . . . . 4 8 1 8 5 4 1 1 1 9 7 5 1 0 6 3 1 5 4 5 0 . . . . . . 6 3 8 5 2 9 note circulation required by the growth of busi- 1921 Jan. is 52.8 58.6 45.8 196.6 1,102.0 982.0 209.0 ness activity and speculation during the latter Feb. 19 52.1 51.8 46.6 175.5 i1,042.5 971.1 235.0 half of 1919 and the first quarter of 1920, andM Ap a r r . . 1 1 9 6 4 4 0 1 . . 8 1 4 4 4 2 . . 5 4 4 3 2 8 . . 5 3 1 1 8 9 6 4 . . 6 1 1 1 , . 0 0 0 1 3 7 . . 2 8 1 1 , , 0 0 1 7 2 4 . . 5 5 1 16 9 1 0 . .9 5 by the aid extended by the Bank of Japan after May 14 38.2 33.6 36.0 193.1 992.5 1,107.4 144.5 June 18 37.9 38.3 36.0 202.4 1,073.1 1,053.8 107.6 the collapse in prices in March, 1920. The July 16 29.1 35.4 35.6 190.8 1,048.9 1,047.4 128.0 continuous rise in the amount of notes out- A Se u p i t. 1 1 3 7 2 2 3 1. . 3 1 4 2 4 9 . . 3 3 3 35 5 . . 9 8 2 1 0 90 3 . . 0 4 1 1 . , 1 0 0 7 5 5 . . 9 5 1 1 , , 0 0 6 4 3 3 . . 4 0 4 97 2 . . 7 1 s w ta er n e d in am g o a n h g d t t h h e e m de a c i r n e a f s a e c t i o n r s t h w e h re ic s h e rv in e d r u a c t e io d N O De o c c t v . . . 1 1 1 5 9 7 3 1 2 0 2 8 . . . 4 0 9 6 6 7 5 2 2 . . . 4 0 3 3 3 36 6 6 . . . 0 1 1 1 1 19 9 9 6 3 2 . . . 9 4 3 1 1 1 , , , 1 1 2 2 3 0 0 2 5 . . . 7 5 3 1 1 , , 0 0 9 7 4 9 6 6 2 . . . 8 2 3 3 3 3 7 8 3 . . . 9 9 9 the Bank of Japan to increase its discount rate 1922 twice at the end of 1919 and caused the Gov- Jan. 14 35.6 56.8 36.0 188.2 1.202.2 928.3 63.7 ernment at the end of 1919 to increase the tax F M e a b r . . 1 1 8 8 2 9 5 . . 5 9 6 7 2 9 . . 6 2 3 3 6 6 . . 3 8 2 2 2 3 9 8 . . 9 9 1 1, , 0 1 9 0 7 8 . . 4 2 9 99 7 7 0 . . 6 4 7 50 1 . . 0 9 on unsecured notes in excess of 120,000,000 yen Apr. 15 46.1 154.4 27.6 258.9 1,114.6 892.6 38.3 May 13 34.5 94.4 37.7 275.2 1,057.5 785.3 56.7 from 6 to 7 per cent. Despite these measures June 17 51.3 96.2 39.6 326.6 1,183.4 695.4 60.3 the ratio of gold to notes continued to decline J A u U l K y . 1 1 5 9 6 8 5 6 . . 8 0 6 92 8 . . 0 5 3 37 6 . . 7 8 2 2 9 0 8 2 . . 5 6 1 1, , 1 1 0 5 1 0 . . 8 1 7 7 1 5 8 9 . . 6 4 6 3 0 9. . 2 1 until May, 1920, when it turned upward and Sept. 16 94.0 73.5 36.9 300.4 1.103.3 748.3 61.7 Oct. 14 102.4 70.9 37.6 296.5 1,104.8 773.9 42.2 increased rapidly, so that in September of that Nov. 18 112.3 73. 3 36.7 308.1 1,068.9 806.7 53.7 year the notes were again fully covered by Dec. 16 151.fi 2S4.0 37.5 327.3 1, 345. 5 7S1.8 70.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL, RESERVE BULLETIN. 811 PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEX. The general movement of wholesale prices in the United States and foreign countries during May was toward somewhat lower levels. In France the index number fell 5 points, in the United States and England 2 points, and in Canada 1 point. Japan was an exception, prices in that country having continued to advance. When computed on a gold basis, prices in these foreign countries showed the same trends as in their respective currencies, since foreign exchange rates varied but slightly during May from the April averages. As in April, the prices of those commodities which enter into foreign trade show a more marked decrease in all countries than domestic goods, although in France a decline in domestic goods was likewise noticeable. In the United States there was furthermore a marked decline in the raw-materials group, which was caused by the fall in prices of metals and farm products. Declines in the prices of metals and minerals in all countries, together with a fall in cotton, rye, and wheat prices, were the determining factors in the movements of the index numbers. INTERNATIONAL WHOLESALE PRICE INDEX FEDERAL RESERVE BOARD 1913 = 100 600 ! 600 550 550 r '\ 500 \ 500 \ «0 i >• \ *\ 4-50 400 \ 400 y- ' 350 350 \ •^FRt HCE 300 300 \ *- •-.--• / \ 250 V ENGU s 200 \ 200 JAPAN/ S ......•• 175 ....... 175 \. | CWAM\ 150 150 u*• \ V/TEDSTAT£i 125 125 100 100 J. F. M:A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. SO. N. D. J. F. MA. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M.A.M. J. J. A. S. 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

812 FEDERAL RESERVE BULLETIN. JULY, 1923. The tables below give the all-commodities currencies and "converted to a gold basis." and group index numbers of wholesale prices in The latter figures take into account the deprethe five countries included in the Federal Re- ciation of foreign currencies in terms of serve Board's international index. In the the American dollar and indicate relative price first table the all-commodities index for each levels in the several countries when all prices country is shown both in terms of the respective are expressed in dollars. INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD. Based on prices in respective currencies. Converted to gold basis. Year and month. U St n a i t t e e s d . England. France. Canada. Japan. U St n a i t t e e s d . England. France. Canada. Japan. 100 100 100 100 100 100 100 100 100 100 211 241 207 211 218 199 239 314 478 250 239 237 174 223 148 201 321 167 isi" 148 159 124 150 175 1922, average 157 167 298 149 182 157 152 126 147 175 1922. I May 158 171 302 154 183 158 157 143 152 174 161 169 304 153 187 161 155 138 151 179 July 165 171 307 154 195 165 156 131 152 187 165 168 298 149 187 165 154 123 149 179 164 165 294 144 179 164 150 117 144 171 165 163 294 145 174 165 148 112 145 168 164 165 307 147 172 164 151 109 147 167 164 166 315 147 173 164 157 118 146 170 1923. 165 167 324 148 176 165 160 112 147 172 February 166 170 355 152 183 166 164 113 150 178 169 175 373 155 185 169 169 122 152 180 April 169 177 365 156 185 169 169 126 163 181 Way 167 175 360 155 187 167 166 124 152 184 GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES, ENGLAND, FRANCE, CANADA, AND JAPAN.* 1923 1922 1923 1922 Countries and commodity Countries and commodity groups. groups. May. Apr. Mar. Feb. May. May. Apr. Mar. Feb May. UNITED STATES. CANADA. All commodities... 167 169 169 166 158 All commodities... 155 156 155 152 154 Goods produced... 162 165 164 162 155 Goods produced... 152 153 152 149 153 Goods imported... 155 156 154 146 119 Goods imported 171 173 173 170 157 Goods exported... 179 186 193 187 155 Goods exported... 148 152 151 146 154 Raw materials 176 181 184 182 164 Eaw materials 144 143 141 139 145 Producers' goods.. 167 169 165 156 137 Producers' goods.. 169 168 166 164 147 Consumers' goods. 158 158 155 154 160 Consumers' goods. 166 170 173 167 168 JAPAN. All commodities 175 177 175 170 171 All commodities... 187 185 185 183 18S Goods produced 175 176 174 168 175 Goods produced... 188 185 184 183 188 Goods imported 167 170 169 166 153 Goods imported... 180 186 193 184 157 Goods exported 189 191 185 172 155 Goods exported... 213 214 212 214 183 Haw materials 179 180 178 171 169 Raw materials 190 192 194 192 164 Producers' goods.. 159 161 158 153 146 Producers' goods... 189 188 190 186 182 Consumers' goods.. 177 180 179 177 191 Consumers' goods. 185 180 178 177 194 FRANCE. All commodities.. 360 365 373 355 302 Goods produced. 348 354 359 342 305 Goods imported.. 420 420 442 420 288 Goods exported.. 367 383 400 384 279 Raw materials.. 413 411 419 397 322 Producers' goods.. 307 317 318 293 226 Consumers' goods. 326 335 343 333 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 813 WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES. In order to give a more concrete illustration of actual price movements in the United States, there are presented in the following table monthly actual and relative figures for certain commodities of a basic character. The prices have in most cases been obtained from the records of the United States Bureau of Labor Statistics. This table is published in the BULLETIN at quarterly intervals. [Average price for 1913=100.) Corn, No. 3, Cotton, middling, Wheat, No. 1, Wheat, No. 2, Cattle, steers, Hides, packers, Hogs, light, Chicago. New Orleans. no M rt i h n e n r e n a p sp o r li i s n . g, re C d h w ic i a n g t o e . r, goo C d h t i o c a c g h o o . ice, st h e e e a rs v , y C n h a ic ti a v g e o. Chicago. Year and month. p A b r v i u c e s e r h a p e g e l e . r p R t r i e i v c l e a e - . p A p r v o ic e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A b r v i u c e s e r h a p e g e l e . r p R t r i e i v c l e a e - . p A b r v i u c e s e r h a p e g l e . e r p R t r i e i v c l e a e - . p A p r o v ic u 1 e e 0 n r a 0 d p g e s e . r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A p r o v ic u 1 e e 0 r n a 0 p d g e s e r . p R t r i e i v c l e a e - . 1913 $0.616 100 $0.127 100 $0.874 100 $0,986 100 $8,507 100 $0,184 100 $8. 454 100 1914 .683 111 .113 89 1.003 115 1.005 102 9.039 106 .196 107 8.382 99 1915 .722 117 .096 76 1.306 150 1.307 132 8.702 102 .242 132 7.187 85 1916 .812 132 .141 111 1.411 162 1.351 137 9.573 113 .262 142 9.400 111 1917 1.620 263 .226 178 2.325 266 2.278 231 12.809 151 .327 178 15. 459 183 1918 1.S22 247 .312 246 2.191 251 2.210 224 16.368 192 .300 163 17.663 209 1919 1.580 257 .319 251 2.566 294 2.537 239 17.496 206 .393 214 18.326 217 1920 1.397 227 .330 260 2.558 293 2.523 256 14.486 170 .312 170 14.711 174 1921 .565 92 .141 111 1.466 168 1.435 146 8.780 103 .139 76 8.891 105 1922 .614 100 .204 161 1.345 154 1.238 126 9.438 111 .180 98 9.727 115 1922. April .576 94 .168 132 1.563 179 1.391 141 8.406 99 .134 73 10.500 124 May .609 99 .194 153 1.589 182 1.356 137 8.615 101 .146 79 10.660 126 June .601 98 .217 171 1.419 143 1.160 118 8.863 104 .168 91 10.600 125 July .637 103 .221 174 1.423 148 1.152 117 9.700 114 .182 99 10. 695 127 August .617 100 .216 170 1.186 135 1.057 107 10.375 122 .201 109 9.656 114 September... .627 102 .209 164 1.085 124 1.071 109 10.713 126 .213 116 9.694 115 October .686 112 .221 174 1.132 130 1.177 119 10.245 120 .227 123 9.430 117 November... .717 117 .255 201 1.218 139 1.273 129 10.500 123 .228 124 8.206 92 December... .722 117 .254 200 1.251 143 1.325 134 10.581 124 .204 111 8.269 98 1923. January .698 113 .273 215 1.221 140 1.258 128 9.780 115 .200 109 8.395 99 February .724 118 .290 228 1.241 142 1.360 138 9.356 110 .199 108 8.069 95 March .727 118 .305 240 1.232 141 1.321 134 9.263 109 .193 105 8.344 99 April .785 128 .284 223 1.279 146 1.320 134 9.015 106 .188 102 8.250 98 May .805 131 .268 211 1.250 143 1.289 131 9.538 112 .187 101 7.619 90 June .834 136 .286 225 1.139 130 1.189 131 10.313 121 .163 89 7.075 84 e g W a r s a o t d o e e r l, n s , O m s h c a i o o r u , k r e e 1 t d - s , | . Y N e f e l l l w o o o w r Y i n p o g i r , n k e . , r C un o sp a P o l o , i f t t b m t a i s t t i b u n m u m e r , i g i n f n h . e o . s o u , . s b , .P C o o s c p a a C l o , h t o b o l a i n u t t t u m a m m s b i , u i n t n s . e o . o s u , . b s, . v C il o l k e, e , a t C o fu n r n n e a l c ls e - . C e N o l p e e c p w t e r r o Y , l i y o n t r g i k c o . , t, d N L es e e i w a lv d e , Y r p i o z i r g e k d , . , Year and month. Average Average Rela- price per Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive M feet tive price per tive price per tive price per tive price per tive price per tive pound. price. manufac- price. short ton. price. short ton. price. short ton. price. pound. price. pound. price. tured. 1913 $0.471 100 S44.591 100 $1,320 | 100 '$1,571 100 $2.440 100 $0,157 100 $0,044 100 1914 .440 93 42. 750 9(5 1.808 74 .134 85 .039 88 1915 j .57i 121 39.591 ! 89 1.785 73 .173 no .046 104 1916 1 .680 144 39.375 88 3.246 133 .275 .068 155 1917 1.145 243 50 909 ' 114 8 250 338 .294 175 .091 207 1918 1.439 306 60.750 136 6.000 246 .247 187 .074 169 1919 1.189 248 78.833 177 4.7.38 194 .191 157 .058 131 1920 .971 203 145.417 326 6.043 458 5.889 375 10.816 443 .180 122 .081 184 1921 .508 108 93. 708 210 2.203 167 3.180 202 3.636 149 .126 114 .046 104 1922 .782 166 94.583 212 2.813 213 4.048 258 7.136 293 .134 80 .058 132 85 1922 April .727 154 95.500 214 2.000 152 1.975 126 4.475 183 .126 80 .051 116 May .727 154 90.000 202 2.750 175 6.000 246 .132 84 .055 125 June .746 158 90.000 202 3.036 210 6.750 277 .136 86 .058 132 July .818 174 92.500 207 4.955 315 10.750 441 .137 87 .058 132 August .818 174 92.500 207 5.688 362 12.800 525 .138 87 .059 133 September... .836 178 92.500 207 4.600 349 5.750 366 11.125 456 .138 87 .062 140 October .836 178 92. 500 207 3. 675 278 5.938 378 9.800 402 .13? 87 .067 151 November... .946 201 100.500 225 3.163 240 6.125 390 7.188 295 .136 87 .072 165 December... .946 201 102.500 230 2.725 206 6.038 384 7.000 287 .141 90 .073 166 1923. January .982 205 102.500 230 3.319 251 6.619 421 8.250 338 .146 93 .078 178 February 1.000 209 102.250 229 2.838 215 4.775 304 7.125 292 .155 98 .082 185 March 1 1.000 209 105. 250 236 2.450 186 4.500 286 7.313 300 .169 108 .085 193 April 1.018 213 110. 250 247 2.000 152 4.225 269 6.313 259 .169 108 .083 188 May 1.018 213 110.250 247 2.O60 156 4.075 259 5.150 211 .156 99 .074 168 June .982 205 110.250 247 2.125 161 4.006 255 4.750 195 .148 94 .072 164 • Toledo market average for last 6 months of 1913 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

814 FEDERAL EESERVE BULLETIN. JULY, 1923. WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES—Continued. Pig iron, basic, Petroleum, crude, Mahoning and Cotton yarns, Leather, sole, Steel billets, Steel plates, Steel rails, Pennsylvania, Shcnango Valley, northern cones, hemlock, No. 1, Bessemer, tank. Pitts- open-hearth, at wells. at furnace. 10/1 Boston. Chicago. Pittsburgh. burgh. Pittsburgh. Year and month Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive price per tive barrel. price. long ton. price. pound. price. pound. price. long ton. price. pound. price. long ton. price. 1913 $2,450 100 $14,706 100 JO 221 100 $0. 282 100 825.789 100 $0. 015 100 $30.000 100 1914 1.917 78 12.873 88 .197 89 .302 107 20.078 78 .012 78 30.000 100 1915 1.529 62 13. 741 93 .173 78 .309 110 22.441 87 .013 86 30.000 100 1916 2.483 101 19. 768 134 .265 120 .388 138 43.946 170 .032 219 33.333 111 1917 3 200 131 38 904 265 .397 179 .535 190 69.856 271 .056 376 40.000 133 1918 3.974 162 32.509 221 .600 271 .484 172 47.300 183 .032 219 56.150 187 1919 4.135 169 27.697 188 .534 241 .528 187 40. 539 157 .027 183 49.264 164 1920 5.975 244 42.269 287 .625 282 .534 189 56.260 218 .033 222 53. 827 179 1921 3.314 135 21.668 147 .290 131 .358 127 34.385 133 .019 130 45.054 152 1922 3.173 130 24. 264 165 .361 163 .3.50 124 33.990 132 .017 117 40.692 136 1922. April 3.250 133 20.000 13-3 .314 142 . 350 124 29.500 114 .015 100 40.000 133 May 3.250 133 24.600 167 .331 150 .350 124 34 000 132 .016 105 40.000 133 June 3.500 143 25.000 170 .360 163 .360 128 35.000 136 .016 108 40.000 133 July 3.313 135 24.250 165 .378 171 .350 124 35.000 136 .017 115 40.000 133 August 3.000 122 26.600 181 .387 175 .350 124 36.100 140 .019 127 40.000 133 September... 3.000 122 32.625 222 .373 168 .350 124 39.500 153 .021 142 40.000 133 October 3.000 122 30.900 2J0 .391 177 .350 124 40.000 155 .021 142 42.250 141 November... 3.000 122 27.750 189 .420 190 .350 124 37.750 146 .020 135 43.000 143 December,.. 3.000 122 24.813 169 .430 192 .350 124 36.500 142 .020 132 43.000 143 1923. January 3.370 138 25.800 175 .435 197 37.300 145 .021 139 43.000 143 February 3.944 161 26.250 179 .448 203 39.625 154 .022 151 43.000 143 March 4.000 163 30.125 1 205 .462 209 44.375 172 .024 162 43. non 143 April 3.875 158 31 000 211 .448 202 45.000 175 .025 169 43.000 143 May 3.400 139 29.000 197 .423 191 44.600 173 .025 169 • 43.000 143 3.125 128 27.375 186 .412 ISfi 42.625 165 .025 169 43.000 143 I 2 W - P 3 o h 2 r i ' s s l t a e c d d r e , o l s p y s h a b i r r a n e . d s, , st B e g e e o e r o i s " , d , c C n a a h r t c i i c a v a s e g s, o. Cof N fe e e w , R Y io o , r N k. o. 7,sta F M n l d o in a u n r r d e , a w p po a h l t e i e s a n . t " , ts, Ham Ch s, i c s a m go o . ked, Il 1 l 5 u N 0 m ° e w i f n i a r Y e t i o n t r e g k s o . t, il, g N r e a S w n u u g Y l a a o r t , e rk d . , Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound. price. pound. price. pound. price. barrel. price. gallon. price. pound. price. 1913 $0,777 100 $0.130 100 $0. Ill 100 $4,584 100 $0.166 100 $0.123 100 $0.043 100 1914 .640 82 .136 105 .082 73 5.096 111 .167 100 .120 97 .047 110 1915 .788 101 .129 100 .075 67 6.663 145 .153 92 .121 98 .056 130 1916 1.050 135 .138 107 .092 83 7.264 158 .185 111 .122 99 .069 161 1917 1.556 200 .167 129 .093 83 11.391 249 .252 152 .124 101 .077 181 1918 2.109 272 .221 171 .097 88 10.131 221 .318 191 .170 137 .078 183 1919 1.627 210 .233 180 .179 160 11.998 262 .343 207 .200 163 .089 209 1920 1.825 • 235 .230 178 .120 108 12.675 277 .334 201 .263 213 .127 297 1921 1.179 152 .163 126 .072 65 8.326 182 .268 161 .243 197 .062 144 1922 1.413 182 .150 116 .103 92 7.282 159 .264 159 .208 169 .059 139 1922. April 1.300 167 .145 112 .108 97 8 114 178 .309 185 .202 164 .052 122 May 1.350 174 .145 112 .110 99 8.060 176 .313 188 .199 161 .053 123 June 1.427 184 .145 112 .110 99 7.500 164 .313 188 .200 162 .059 138 July 1.400 180 .148 114 .104 93 7.788 170 .301 181 .200 162 .066 155 August 1.400 180 . 155 120 .100 90 6.995 153 .264 159 .200 162 .067 157 September... 1.450 187 . 155 120 .102 92 6.344 138 .235 141 .202 164 .063 146 October 1.500 193 .155 120 .102 92 6.435 140 .232 140 .215 174 .066 154 November... 1.650 212 .153 120 .108 97 6.713 146 .213 128 .220 178 .068 160 December... 1.650 212 .155 120 .111 100 6.775 148 .206 124 .220 178 .069 162 1923. January 1.700 219 .154 119 .119 107 6.630 145 .202 122 .220 178 .067 158 February 1.750 225 .148 114 .130 117 6.713 146 .203 122 .220 178 .073 171 March 1.750 225 .145 112 .130 117 6.625 145 .200 124 .220 178 .080 201 April 1.750 225 .145 112 .115 104 6.956 152 .212 128 .218 176 .092 215 Mav 1.800 232 .145 112 .116 104 6.720 147 .211 127 .210 170 .094 220 June 1.800 232 .151 117 .117 103 6.283 137 .211 127 .210 170 .092 215 2 *Grade in 1918 is "standard war" instead of ''standard patents." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDEEAL RESERVE BULLETIN. 815 COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. ALL-COMMODITIES INDEX NUMBERS.' Spain; Year and month. I ! ! ! I M L t g B r a y i i e b u n l o o m i - s f r ; - .2 ! | G S g r B t e B t e a i a n c u r a u t i e a l i u - a - s l r . ; - al C C B t v o i z s f e u a s e t n l k c r i o S e c h t i - r t s a a o a a . u ; - ' - l F m e D i n t n a i e d d a r n e - k n - . ; ; s- G F S r r t e e B t a i a n a c n u t u e a i c - r . l s e 4 a ' - ; l F m t f u G u r Z a a n r e e n t n i g r e - y k - r . ; ' - N B C o l ti a e f s u e n t t n h r S i d c e e t t s r s a r a ; a . - u - 7 1 l ! N ( M R O o C o e m e a h r v n k w r i u i i s o a s e a k n - ) y . ;' 8 - . P C O S o t f e t i f l a n c i a t c a t i n e r s l . d a - 4 l ; t r I u a a n S t p n s e ta t h d i o - - y f S n w G b H d i t n o e o i e a g d r l d t n g . s e - ™ e - - - s n; S T B w r o e a o a d d f r e e d n . ; tistics ? (128) (38) (126) (33) (45) (98) (53) (92) (58) (74) (47) (160) 1913. | 100 100 100 100 '3 100 11 100 1914. 15 100 i 103 l«100 •' 100 101 105 21 H5 ; 20 1 101 116 1919. 1211,166 294 356 297 21 322 I 204 330 1920. I 1,940 382 510 281 382 j 221 347 359 1921. 2,008 250 345 181 298 I 190 211 218 1922. 367 2,473 1,355 179 327 160 233 ' 1,376 176 162 173 May 348 2,695 1,471 179 317 165 231 786 178 164 175 June 356 2,436 1,464 180 325 167 230 877 178 164 174 July 360 2,489 1,386 180 325 162 232 1,016 175 165 173 August 360 2,526 1,155 178 331 155 227 1,358 175 163 173 September.. 364 2,531 1,059 176 329 153 225 1,524 174 158 170 October 385 2,558 1,017 180 337 156 221 2,013 172 155 169 November.. 408 2,564 999 182 352 158 221 2,756 174 154 163 December.. 407 2,630 1,003 181 382 158 220 3,464 172 155 163 1923. January. 434 2,657 1,019 192 387 7,159 159 220 5,487 170 156 163 February. 474 2,666 1,028 199 422 6,770 158 224 8,591 170 158 165 March 482 2,828 1,031 200 424 6,425 164 229 9,885 171 162 163 April 480 2,757 1,029 204 415 8,237 163 231 10, 589 174 159 168 May 474 2,613 1,000 202 407 14.639 233 11,254 158 166 June 409 39,S98 EUROPE—continued. NORTH AMERICA. ASIA AND OCEANIA. Year and month. S L D w l o a r r i n e . t z n d J e z ; . r . - 3 U T B K d r n o o i a o i m n a d f t g r e ; e d - d . U E K m d c n o i o i i n m s t n g e t o . ; - d - S U K t d a n o i t i n m i t s g e t ; - d .4 o B U S t f i u S t s n L a t r t i i t a e a t c e e b - a s s d o u . ; r : | C D m L a e a e n b p n a o a t d r r o . a t w - ; f o s B t t u i f A r S s u s a t u t C r i l a c e i a s e - a s - n a n ; . u d 4 - n ( M C S t a h r n h h y F a in c a i i i ) - n e i n o ; s a . g f - 2 3 - : ! j i ! I S D r n B t E t e i d u a c a a u i t t a s u e i - c l t s . h s - ; m S I t e t i n a c n d t s t i i . s 4 o a - f j Z m D S t e N e i e t a c a p n e l s t a a t w i . 1 s n r o ' - t d f - ; m D S e t e t i a n p c t t s a i . s o r - t f - C S S e t t o i a n c u t s s i t . s u h - s (71) (150) (44) (45) (404) ; (271) (92) (147) (17 (75) (56) (106) (23) (187) 1913. 100 100 100 100 100 4 100 I 100 100 100 1914. 99 101 98 101 •MOO 99 2«100 i 95 104 "100 100 1919. 235 242 206 217 180 > 133 217 198 236 178 225 170. 1920. 22320 307 283 295 220 246 218 140 275 204 ; 259 212 299 231 1921. 195 197 181 188 147 182 167 145 176 181 I 200 201 171 166 1922. 166 159 159 155 149 165 154 146 164 180 •• 196 177 145 133 May 160 161 182 159 148 167 155 146 164 187 194 177 141 June 161 160 163 159 150 165 150 144 164 183 197 175 139 July 163 160 163 157 155 166 157 145 167 181 201 177 138 August 163 156 158 152 155 164 I 155 142 163 178 195 177 139 September.. 163 154 156 150 153 163 15S 139 160 176 193 174 138 October.... 169 155 158 153 154 162 ! 159 143 160 177 190 174 140 November.. 170 158 159 153 156 164 I 162 143 160 178 188 175 144 December.. 175 156 158 152 156 165 ! 161 149 160 176 183 172 147 1923. January. 181 157 161 153 156 165 163 153 161 179 184 171 141 ! 13:. • February. 186 153 163 155 157 166 161 158 172 180 192 172 137 . March 187 160 163 156 159 167 163 159 174 1S1 193 173 136 !. April 161 164 157 159 IBS 167 158 178 193 174 133 May 159 164 155 156 169 1 W 177 199 134 '. June 1 The number of commodities or quotations 7 Based upon price of 52 commodities during 11 July 1,1912, to June 30, 1914—30?. in each index is indicated by figures in paren- 1920: 53 during 1921. '8 July, 1914=1. thesis at head of each column. * End of year and end of month. 20 January, 1914=1. 2 Average of last half o) month. 915th of the month. 21 December figure. a Figures-as of the first of the following month. i» Middle of month. :- January figure. 1 End of month. 121913avera?e=l. 23 As of last Wednesday in month. 5 Average for the monl . ls July 1,1913, to June 30, 1914=-100. 24 February, 1913= 100. 6 38 commodities prioi to 1920: 76 commodi- 14 Corresponding month in 1913= 100. 26 End of July, 1914=100. ties during 1921. End of month. "April, 1914=100. 27 Jan. 1,1913, to July 31, 1914=100. '« July. 1914-100. S! September figure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

816 FEDEKAL EESERVE BULLETIN. JULY, 1923. The foreign index numbers published on the numbers for the other countries are published preceding page are constructed by various only occasionally, but such figures may be foreign statistical offices and are sent to the obtained from the Division of Research and Federal Reserve Board by cable. References Statistics at any time upon request. to the BULLETINS in which these are described A comparative summary table showing the may be found in the January, 1923, issue. board's international index for the United Index numbers showing the price levels of States, England, France, Canada, and Japan separate groups of commodities in the United appears on page 812. Group index numbers, States and a few foreign countries are presented computed as part of this international series, below and on the following pages. Group index will also be found on that page. GROUP INDEX NUMBERS—UNITED STATES—COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BY FEDERAL RESERVE BOARD. Eaw materials. Pro- Con- AU Year and month. Agricul- Animal Forest Mineral Total ducers' sumers' commodipr t o u d r u a c l ts. products. products. products. r t a e w ri a m ls a . - goods. goods. ties. (21) (21) (11) (35) (88) (117) (199) (404) 1913 100 100 100 100 100 100 100 100 1919 251 221 211 179 217 179 211 206 1920 255 186 311 236 228 215 231 226 1921 134 110 165 184 142 135 159 147 1922 145 125 185 207 158 128 151 149 1922. May 152 122 174 202 157 125 150 148 June 146 123 186 211 159 127 151 150 July 147 130 188 241 171 129 152 155 138 127 191 261 173 129 149 155 136 132 199 236 168 132 150 153 October 147 132 204 218 166 135 152 154 160 129 207 209 166 136 155 156 December 161 128 210 208 167 135 157 156 1923. January 164 125 215 213 168 136 155 156 170 123 220 207 167 141 155 157 March 174 123 227 202 167 148 156 159 172 123 232 198 166 150 157 159 May 167 122 226 189 161 148 156 156 GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. Year and month. F p u r a c o r t m d s. - Foods. cl C o a l t o n h t d i h n s g. F li u g e h l t i a n n g d . p M r m o a e d e n t t u d a a c l l s ts. B m u ri i a a ld l t s e i . n - g ic C d a r h l u s e g m a s n . - d f H g u o r i o n n o u i g d s s s h e . - la M n i e s o ce u l s - . co i m t A i m e ll s o . d- (56) (110) (65) (20) (37) (41) (43) (31) (25) (404) 1913 100 100 100 100 100 100 100 100 100 100 1919 231 207 253 181 162 201 169 184 175 206 1920 218 220 295 241 192 264 200 254 196 226 1921 124 144 180 199 129 165 136 195 128 147 1922 . 133 138 181 218 122 168 124 176 117 149 1922. May 132 138 175 216 119 160 122 176 116 148 131 140 179 225 120 167 122 176 114 150 July 135 142 180 254 121 170 121 173 114 155 131 138 181 271 126 172 122 173 115 155 133 138 183 244 134 180 124 173 116 153 October 138 140 188 226 135 183 124 176 120 154 143 143 192 218 133 185 127 179 122 156 December. 145 144 194 216 131 185 130 182 122 156 1923. 143 141 196 218 133 188 131 184 124 156 February... 142 141 199 212 139 192 132 184 126 157 March 143 143 201 206 149 198 136 185 127 159 April 141 144 205 200 154 204 136 187 126 159 May 139 1« 201 190 152 202 134 187 125 156 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 817 GROUP INDEX NUMBERS OF WHOLESALE PRICES IN FOREIGN COUNTRIES. FRANCE.! UNITED KINGDOM—BOARD OF TRADE.i June, May, April, June, June, Groups. May, April, March, May, May, Groups. 1923. 1923. 1923. 1922. 1921. 1923. 1923. 1923. 1922. 1921. All commodities 159 161 160 161 202 409 407 415 325 325 Total food 147 149 151 172 216 Allfoods 389 384 393 341 357 Cereals 144 141 138 159 199 400 409 413 363 349 Meats and fish 150 151 154 174 219 Vegetable foods 346 311 322 318 368 Other foods 146 155 160 181 228 449 485 498 334 338 Total, not food 166 169 166 155 194 AH industrial material. 425 425 433 313 300 Iron and steel 157 160 152 139 221 367 377 390 255 261 Other mineral and Textiles.. 536 537 530 372 27K metals 152 155 152 142 193 406 403 416 322 341 Cotton 193 201 200 179 183 Other textiles 174 175 176 164 165 Other articles 165 165 164 163 202 GERMANY—FEDERAL STATISTICAL BUREAU.? 8,170 5,212 70 14 Goods produced . ... 17,029 7,0X4 4,761 65 13 UNITED KINGDOM—STATIST.! 31,166 13,601 7,466 95 16 155 157 156 159 191 GERMANY—FRANKFURTER ZEITUNG.s 163 165 163 179 209 166 171 173 199 223 Foodstuffs and luxuries 3 37 9 , , 6 8 8 9 3 8 1 1 4 2 , , 6 5 3 7 9 5 8 7, , 0 2 0 3 3 7 9 8 1 3 2 1 1 3 5 9 2 1 1 3 2 9 2 1 0 3 9 3 1 1 6 47 7 2 1 1 58 1 61,841 27,640 14,066 110 150 153 151 147 179 Minerals 45,301 17,577 10,186 122 Minerals 142 144 146 123 177 34,736 10,924 6,844 69 Textiles 168 169 161 163 164 Industrial finished products. 29,809 10,233 5,903 73 Sundries 144 148 148 154 192 ITALY.* CHINA.' 93 94 86 81 110 111 109 97 122 128 105 95 158 158 159 146 145 110 114 97 101 154 150 149 148 126 70 70 67 63 Other food products... 160 156 156 135 126 Textiles 8 6 8 2 5 3 8 6 8 3 6 3 5 7 7 7 4 6 1 4 6 0 6 0 2 T M F e u e x e ta t ls i l l s es 1 1 1 6 7 5 2 0 5 1 1 1 6 7 5 0 7 4 1 1 1 6 5 7 3 9 6 1 1 1 3 7 4 2 1 6 1 1 1 5 8 3 7 7 3 92 93 87 90 Building materials 1 1 6 7 2 8 1 1 9 6 0 8 1 1 6 9 6 9 2 1 0 6 5 5 1 2 6 9 6 6 134 135 137 127 141 CANADA.1 All commodities 169 168 165 179 INDIA.* Grains and fodder 134 135 143 146 Animals and meats 130 129 144 146 D O T F e r a t u h x ir i e t y t i r s l e p f a s o r n o o d d d s u v c e t g s etables 1 1 1 1 2 6 7 8 0 4 2 9 1 1 1 1 3 6 8 6 1 3 4 2 1 1 1 1 5 1 8 8 3 5 5 0 1 1 1 1 2 6 8 8 4 9 0 3 Pulses 1 1 1 7 1 10 7 5 1 1 1 7 1 1 4 8 8 1 1 1 1 1 8 1 9 1 1 1 15 8 4 2 7 7 1 1 15 8 4 6 4 5 Hides and leather 102 102 99 106 277 272 260 171 302 D M I B F m u u r e u e p i t l l g a l d e s l a s i m n n a d g n e d n l i m t g c s h a h t e t e i m n ri g i a c l a s l — s lumber. 2 1 2 1 1 0 6 1 5 9 4 1 4 7 2 1 2 1 1 1 5 6 9 4 6 0 3 2 2 1 1 1 2 1 6 7 3 1 3 2 3 7 2 2 2 1 1 3 1 1 5 7 6 8 2 4 5 T O O e i t l a h e se r e t d e s xtiles—silk and wool. 2 2 1 2 1 1 2 8 3 3 6 3 6 1 2 6 2 2 2 1 1 2 1 0 0 0 4 3 6 4 4 1 7 0 2 2 2 2 1 1 1 0 2 2 6 3 1 4 8 1 4 0 9 1 1 1 1 1 1 4 2 9 5 8 6 4 0 8 0 3 1 1 1 1 1 7 2 5 7 2 4 8 4 5 3 6 2 Other raw and manu- DENMA BK.i 194 211 229 261 262 Building materials—Teak- 124 127 127 130 151 202 204 180 253 206 209 177 250 195 197 186 257 NEW ZEALAND.! BELG1OM.6 M 19 a 2 v 3 , . A 1 p 92 ri 3 l . , M 1 a 9 r 2 c 3 h . , M 19 a 2 v 2 , . M 19 a 2 v 1 , . Groups. A 1 p 92 ri 3 l . , M 1 a 9 r 2 c 3 h . , j ! F a e ai . rr b 9 r r 2 y u 3 , " . A 1 p 9 r 2 i 2 l . , A 1 p 9 r 2 i 1 l . , Fuel 474 4 3 6 8 6 3 0 2 4 4 3 6 8 7 2 2 4 0 3 3 3 4 9 3 8 2 7 A A Fl l g o l r u c ic r o , u m l b t m r u a r o n a d , l it a p i n r e o d s d u o c a t t s meal... 1 1 1 7 4 6 4 2 0 1 1 1 7 6 1 3 0 2 | | I 1 1 1 4 5 7 7 9 2 1 1 1 8 8 4 0 0 0 2 2 1 0 0 5 5 5 9 526 548 3)8 Wool, hides, tallow, butter, Pottery 6 4 1 3 4 9 6 4 3 1 5 3 3 5 2 33 1 Ge e n tc eral merchandise, crock- 149 151 148 122 151 Textiles 4 5 3 7 3 9 5 42 9 7 0 3 34 9 6 9 Bu e i r l y d , i n e g tc materials 2 1 0 7 0 2 2 1 0 6 0 9 1 19 6 9 8 2 1 0 7 8 9 2 2 3 1 7 3 Leather 149 151 150 159 192 U913 = 100. Chemicals and manures 135 135 137 145 190 11913 = 1. Coal 1S7 187 187 214 219 'July, 1914 = 1; figures as of the beginning of the following month. « 1920 = 100. 6 July 1, 1912-June 30, 1914 = 100; figures as of the beginning of the 1 1913 - 100. following month. ' February, 1913 - 100. 6 April 15, 1914= 100. s July, 1911= 100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

818 FEDERAL RESERVE BULLETIN. JULY, 1923. COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following tables are presented statistics showing the trend of retail food prices and cost of living in the United States and certain other countries. Descriptions of these index numbers were given in the BULLETINS for January and April, 1923. Wherever possible the index numbers have been shifted to a July, 1914, base, instead of being shown on the different bases used in the original computations. INDEX NUMBERS OF RETAIL FOOD PRICES. UNITED STATES AND EUROPEAN COUNTRIES. OTHEB COUNTRIES. Neth- Y m ea o r n a th n . d g B iu e m l- . g B a u ri l a - . C v z a s e l k o c i - h a o . -F ( i r P s a ) a n .* r c - e c m i G ( t a 7 i e e n 1 r s y - ). m ( l G B i a n e e n ) r r . y - - Italy. l ( s a A e t n e r m d - r- s - w N a o y r- . ( S r M i p d a a ) i . d n " - S d w en e- . l S a z w n e d r i - t . - 2 U K d n o in i m t g e . - d U St n a i t t e e s d . C ad a a n . - t A ra u l s i - a. l N Z an e ew a d - . - A So fr u ic th a. dam). X. 1914, July. UOO 100 100 100 1 •1 »100 100 100 100 100 UOO 100 100 100 100 100 100 1920, July. 459 1,694 373 13 14 452 210 319 190 297 239 258 215 227 194 167 197 1921, July. 410 1,612 306 15 15 501 180 295 184 232 207 220 145 UK 161 1R4 139 1922. May 379 2,634 1,444 317 47 45 530 136 230 188 178 152 172 136 138 147 145 120 June 384 2,381 1,475 307 51 48 137 227 183 179 153 170 138 137 146 143 118 July 381 2,434 1,430 297 68 71 522 140 233 179 179 153 180 139 138 148 144 116 Aug 377 2,479 1,290 289 97 111 531 139 232 178 181 152 175 136 141 149 141 116 Sept 386 2,479 1,105 291 154 176 537 141 228 179 180 153 172 137 139 149 139 117 Oct 406 2,507 1,016 290 266 288 555 143 220 178 178 155 172 140 138 146 139 119 NOT 432 2,520 984 297 550 605 561 136 216 178 170 156 176 142 139 145 139 120 Dec 429 2,580 962 305 807 831 557 137 215 177 168 156 178 144 140 146 138 118 1923. Jan 426 2,605 941 309 1,366 1,336 542 140 214 180 166 155 175 141 142 145 138 117 Feb 439 2,711 934 316 3,183 3,319 527 142 214 181 165 153 173 139 142 144 139 117 Mar 439 2,773 926 321 3,315 3,323 523 142 214 178 166 156 171 139 145 145 141 117 Apr 417 2,702 927 320 3, £00 530 212 ISO 163 159 168 140 143 142 117 May 414 2,562 928 325 214 lfil 162 140 140 331 160 • • i r • i • 1 Average for 1913. 2 Includes, in addition to foodstuffs, certain items of fuel and light. 3 April, 1914. 'June. COST OF LIVING INDEX NUMBERS. EUROPEAN COUNTRIES. UNITED STATES AND OTHER COUNTRIES. Y m ea o r n a th n . d A (V n u a i s e ) t . n ri - a g B iu el m - . l F an in d - . F ( r P i a s a n ) r . c - e c m i G ti a e e n s r y V - m ( l G B i a n e e n ) r r . - y - I l ( t a M a n l i ) y - . d N l ( s a A a e t e n m e r m t d - r h ) - s - - . N w o a r y - . la P n o d - . S la z w e n r i d - t . - U K d n o i i n m t g e . d - c U S it n t ( i a 3 i e t t 2 s e e ) d s . ( U M S s c e t n h a a t i t s u t t s e e s - a ) s d . - C ad a a n . - ( I B b n a o d y m i ) a . - l N Z an e e a w d - . S A o c f u a r . i t - h 1914, July. 1 2100 100 100 UOO 6100 100 I 1 «100 100 » 100 100 100 100 100 UOO 1 1 9 9 2 2 1 0 , , J J u u l l y y . . "ioo' 1,2 9 1 3 4 1 3 30 4 7 1 11 4 49 4 4 1 217 3 3 0 0 2 2 I : 257 205 2 2 5 1 2 9 217 1 1 9 5 8 7 1 1 9 5 0 5 1 1 9 7 0 7 "i33 1922. May 1,093 365 1,111 35 35 492 639 156 181 152 145 163 152 122 June 1,871 373 1,137 302 38 41 488 187 255 I 684 155 180 167 152 146 163 151 121 July 2,645 372 1,142 50 61 488 788 159 184 153 146 165 150 120 Aug 5.932 369 1,159 70 103 491 908 154 181 152 147 164 150 120 Sept 11,306 384 1,160 114 164 498 175 249 1,077 154 179 166 152 147 165 150 120 Oct 10,363 406 1,178 195 261 504 1,284 155 178 153 147 162 149 121 Nov 9,701 433 1,169 400 565 505 1,710 158 180 154 147 160 149 122 Dec 9,375 429 1,158 300 612 504 176 238 2,310 158 180 170 154 148 161 148 121 1923. Jan 9,454 425 1,150 1,034 1,291 505 3,527 158 178 154 149 156 148 120 Feb 9,601 436 1,149 2,408 2,814 497 5,706 157 177 155 150 155 148 Mar 10,151 434 1,147 324 2,627 2,608 493 172 237 7,618 158 176 169 154 151 154 148 Apr 10,897 411 1,116 2,764 2,596 492 8,351 160 174 155 150 149 j May 11,440 407 3,521 163 170 156 147 June 169 T »First half of 1914-100. • August, 1913-July, 1914-1. 7 1909-1913-100. a Apr. 15, 1914-100. » 1910-11-100. 6 1910-100. »1913. •June. ' 1913=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL, RESERVE BULLETIN. 819 INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES. UNITED KINGDOM. I PRODUCTION. TRANSPORTATION. Unem- Y m ea o r n t a h n . d m tu C f t a a o r o c n e n t - s u - . - Coal. E t c o o a n w t- . w R o a o w l. h E i w d a e e w t s. u s t V c t s n i r o e o e d u n l n s e s c - - . r - c V s i le n e e a g l s s r . - - 1 p a 0 s s 2 0 m l p u o o , 0 0 e r o n y e 0 r i n s e - d 0 n . d g , - - p U a u t m l i n r n o s a i o e y t o d s m n e n . e d g - - p p i c n a t r N o r d o n o i m e u f i a f e i t l s - t s s - . Long Square Long Gross Ton- £ ster- Per Per Per ons.1 yards.3 tons.' Lbs* Lbs* Lbs.' ions.1 Tons.' miles? ling.' cent. cent. cent. 23,953 «596 6,117 181 67 7,757 2,003 5,652 2.1 11.7 19,108 374 2,078 158 73 4,508 3,603 3,049 1,546 2.4 15.2 18,388 244 2,055 98 63 5,367 3,313 3,033 1,108 «9,074 13.8 15.3 10.3 20,996 352 5,350 119 92 5,500 1,810 4,974 1,401 9,636 13.3 15.4 7.0 1922. May j 19,146 341 5,057 120 138 3,353 4,766 1,379 10,442 13.5 16.4 June ; 15,827 315 4,794 127 97 3,105 1,920 4,975 1,160 8,903 12.7 15.7 July 447 5,064 111 79 8,277 4,828 1,369 9,561 12.3 14.6 5.9 August 381 6,146 81 107 8,154 5,855 1,455 9,398 12.0 14.4 September.. 400 7,083 60 52 8,220 1,617 5.731 1,464 9,204 12.0 14.6 October 357 6,195 128 60 5,701 5,590 1,545 9,922 12.0 14.0 November.. 402 6,571 183 60 6,160 5,653 1,568 9,954 12.4 14.2 December.. 364 5,955 205 70 5,711 i,"469 5,145 1,429 8,887 12.2 14.0 1923. January 404 5,612 135 98 5,041 5,281 12.7 13.7 9.9 February... 346 5,903 130 84 3,955 4,985 11.8 13.1 March...... •27,577 337 7.180 124 7S 4,768 1,492 6,043 11.1 12.3 April 21.264 387 316 6,841 63 93 4,299 5,980 10.9 11.3 May 20,464 425 410 7,684 54 90 .5,520 6,414 10.7 11.3 ! 1 In thousands; 000 omitted. • Figures for end of the month. 6 Figures for 5 weeks. «In millions; 000,000 omitted. •< Expressed in yards. • 11 months average. FRANCE. PRODUCTION. EXPORTS. IMPORTS. TRANSPORTATION. Unem- Year and month. Pig iron. C st r e u e d l e . l ! s C H to o a c t v k to r e n a .1 t Total. Total. c c o o n t R t i t s o o a u n w n m . f p o - r co si n t R l i k s o a u w n m f . o p r - c C o o t n i a s o l u n m f . o p r - c V le e a ss r e e l d s . l A o f a d r v e d c a e i a i i r g n l a r h y g g t e s. o R p f w e a l c p a e y r r i i s a n p . i c 8 t l s - i-m r p e u a P c l n i o a d e i y r i c v i e i i s i n p d . n a g l Metric Metric Metric Metric Metric Metric Metric Monthly average: tons.1 tons.1 ! Bales.'.' tons.' tons.' tons. tons. tons.1 Tons.' Number. Francs.' Number 1913 •434 • 391 274 1,840 3.6S5 27,428 629 1,558 2,176 • 165,892 1920 286 254 225 1,071 4 211 19 577 390 2,005 1 412 479,894 3 022 1921 280 255 169 1,333 3,165 16,666 206 1,472 1,803 516,397 20,671 1922 427 373 148 1,885 4,281 21,923 480 1,861 2,229 51,107 557,194 1,679 1922. April 383 324 138 1,794 3,787 17,391 207 1,538 2,888 47,225 616,106 2,447 May 442 364 169 1,548 4,396 18,090 404 2,058 2,340 49,055 472,607 1,636 June 416 358 145 1,799 4,307 32,380 391 1,S29 2,473 49,585 504,431 958 July 428 369 153 1,936 4,223 28,325 566 1,631 2,523 50,031 651,720 602 August 447 397 135 1,788 4,512 16,291 579 1,767 2,399 50,875 546,310 606 September -162 407 99 2,616 4,138 17,302 550 1,692 2,359 54,431 720,210 410 October 503 430 131 2,031 4,543 27,877 722 1,768 2,336 57,185 563,314 272 November 513 410 158 2,031 4,577 20.3S7 526 1,965 2,455 56,046 532,152 285 December 513 414 197 2,429 4,930 36,468 436 2,177 2,366 55,848 691,539 414 1923. January 486 408 203 1,896 4,111 33,275 238 1,888 2,146 54,432 484,566 684 February 306 290 169 2,490 3,884 18,405 230 1,732 1,892 55,890 496,581 666 March 316 315 125 1,822 4,087 )9 867 285 2,053 2,467 56,528 516,463 588 April 350 355 102 1,513 4,175 17,270 176 1,927 2,485 54,90f) 647,472 354 May 391 38S l.SSO 4,502 2,832 53,660 523,097 199 1 In thousands; 000 omitted. ' End of the month figure. ' Railways included are: State Railways, Paris-l.yon-Me'diterrane'e, Nord, Origans, Est, Midi, Alsace-Lorraine, and Guillaume-Luxembourg. * Bale of 50 kilograms. 6 Figures do not include Lorraine. ' Excludes the Alsace-Lorraine and Cuillaume-Luxembourg Railways. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

820 FEDERAL EESEEVE BULLETIN. JULY, 1923. GERMANY. UNEMPLOY- PRODUCTION. MENT. Y m ea o r n a th n . d c C a o n o k d a e l . Lignite m i I a r r a n o o n d n n u- c t h e a r M i l i n e n c a d c e a - - l ry s D d t a u y n y f e d e fs - s . Coal.' w R o a o w l. m t H u f a a r a n c e l - u d f - t C o o n t . - ' I o r r o e. n * H A v a r e r s m i s v e b a l u s ls r i o n g f . A e a c v v a p 1 fo e a n 0 p r r i 0 t l y l s i - - p U p re e l n i o c r n e s e y g o i m e v n d - - s B n u fa u e r i e s s l s - s i- . factures. sup- silk. able State plies. posi- aid. i tions. Monthly aver- Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Num- Num- Num- Numage: tons.* tons.* tons. tons. tons. tons. tons. tons. tons. tons.* ber. Tons.* ber. ber.* ber. 1913 17,003 7,266 541,475 60,919 21,812 2,881,126 16,608 920 43,424 1,225 1,256 1,182 81S 1920 13,043 9,303 145,883 46,772 8,462 608,749 «4,025 «232 12,490 538 401 374 169 366 331 1921 13,664 10,241 203,681 39,037 '8,530 '518,937 '11,860 '393 '30,894 '619 700 794 165 310 744 1922 13,337 11,432 220,803 49,147 12,731 421,835 15,910 407 21,483 1,003 907 1,084 77 84 1922. April 13,800 10,634 200,677 46,112 11,095 795, 24,091 462 24,070 866 972 1,112 113 116 107 Miy 14,669 11,437 209,432 47,354 12,629 701, 25,619 486 26,112 1,519 1,143 ,244 107 65 95 June 11,416 10,487 213,220 49,347 16,335 528, 15,723 436 22,037 1,159 1,092 ,287 103 29 91 July 11,972 11,411 212,365 44,162 12,671 199, 14,119 435 26,085 962 793 ,065 106 20 81 August 12,780 12,147 198,408 50,978 12,616 121 11,011 459 20,915 997 1,005 ,171 109 15 59 September. 12,623 11,823 244,012 40,150 13,477 110, 8,708 342 13,959 1,090 945 ,208 122 12 45 October 13,329 12,078 246,074 50,699 15,187 125 10,023 371 10,584 1,316 1,016 ,272 138 17 43 November.. 12,986 11,896 233,553 41,644 11,110 137, 9,198 425 20,622 842 877 ,046 165 25 34 December.. 12,251 11,897 285,464 85,350 16 472 123, 8,828 297 25,942 1,038 936 1,041 195 43 39 1923. January 1,987 9,104 236,709 42,209 13,651 90,626 11,448 254 26,382 867 993 1,142 223 85 24 February.. '1,554 8,289 209,965 34,438 12,077 120,947 10.240 244 19,030 269 900 1,047 251 149 17 March 143,853 36,608 11,443 34,237 8,635 278 I 10,665 148 1,250 1,3S1 S40 195 30 April. 143,213 30,038 9,244 142,219 26,170 202 i 19,423 144 1,145 1,319 365 45 May 1,122 1,315 I ' Export and import figures for first 4 months of 1921 not available; 1921 averages based on 8 months. * Not including coal for reparations account. .• Includes linters. * Includes manganese ore. «In thousands; 000 omitted. * Average based on 6 months. ' Coal-production figures only. SWEDEN. PRODUCTION. EXPORTS. IMPORTS. TRANSPORTATION. Unemployed Year and month. Freight workmen Business ir K o g n. st I e r e o l n i n a g n o d ts. U b n o p a l r a d n s e . d P p a u p lp e . r Coal. e V n e te ss r e e l d s . c V le e a ss re el d s . o e n a r S n t e a d te va p c e a r n 1 c 0 ie 0 s. failures. railways. Metric Metric Cubic Metric Metric Metric Monthly average: (O7U.1 tons.1 meters.1 tons.1 tons.1 Net tons.1 Net tons.1 tons.1 Number. Number. 1913 61 49 328 71 408 1,147 1,147 830 112 317 1920 39 37 306 73 234 677 692 991 107 196 1921 26 17 162 40 122 519 482 589 276 432 1922 . 22 26 320 87 220 594 642 681 290 388 1922. April 19 21 66 21 206 524 485 622 368 400 May 24 31 99 76 230 600 633 578 257 430 21 24 500 80 172 596 738 645 215 362 July 20 27 608 89 214 625 787 715 203 374 22 27 539 104 294 694 836 765 172 300 22 31 508 113 229 684 808 776 155 371 October 23 31 494 144 270 699 822 799 177 335 27 34 465 189 302 705 751 796 269 353 December 28 29 384 156 346 655 671 635 321 309 1923. 22 16 97 41 227 776 757 557 346 387 February 6 0.4 45 12 201 657 631 308 338 March 10 1 38 9 218 785 231 322 April 2 74 IS 243 747 165 273 May 311 9S 363 135 301 1 ' In thousands; 000 omitted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDLY, 1923. FEDERAL RESERVE BULLETIN. 821 CANADA. Re- Receipts at PEODUCTION. ce o ip f ts s T to o c r k o y n a to rd a s n i d n Unemwheat Winnipeg. ployat Rail- ment Busi- Fort road among ness Year and month. ir P o i n g . C st r e u e d l e . l W P a i A a n o i r m d r l - t - Cattle. P bo l a a n a n r d d k s s . se f P i r r s v e h e - . d W pu o l o p d . Wheat. Coal. c R ot a t w on. c e M h r i y a n . - - ce r i e p - ts. t u m r b n a e e i d r m o s e n . - - u fa re il s - . thur. Bush- Num- Num- Bush- Dol- Dol- Per Num- Tow.1 TOM.1 els.1 ber. ber. Fed.' Lbs.1 Lbs.1 els.1 TOM.1 Lbs.1 lars.1 lars.1 cent. ber. 1921 average 50 56 14,447 39,904 34,165 85 11,007 87,871 12,238 1,525 7,269 2,292 33,885 12.5 47 1922 average 32 41 20,363 49,832 40,473 166 9,488 136,375 17,462 1,085 9,229 1,895 34,021 7.1 74 1922. April 6,128 30,845 36,584 84 5,075 62,153 1,940 7,320 1,637 26,809 10.4 May 11,684 37,367 46,432 156 5,711 105,197 14,207 548 9,788 1,999 30,799 8.8 67 June 5,597 34,856 41,445 214 6,749 168,169 11,760 412 8,438 2,008 30,536 5.3 61 July 5,420 52,473 32,812 215 9,936 155,502 9,487 427 7,518 1,559 32,624 4.1 60 August 3,681 75,212 29,381 213 7 607 169,611 11,587 440 8,459 1,963 34,937 3.6 64 September 36,986 67,579 26,154 191 20,675 180,068 9,233 663 4,276 1,918 39,158 2.8 65 October 65,120 87,092 39 806 239 13,239 154,019 37,593 1,465 4,383 1,931 47,641 3.9 72 November 56,847 80,084 56,328 205 9,995 173,180 55,316 2,127 11,284 2,114 44,259 6.2 76 December 32,044 45,705 49,244 187 8,614 140,001 40,669 1,964 16,980 1,986 36,758 6.4 1923. January 41 11,574 42,126 64,219 188 7,325 139,749 9,740 1,876 20,0?6 1,981 30,686 7.8 February 44 3,176 31,323 45,554 124 7,272 100,929 7,129 1,601 12,426 2,033 26,238 6.4 82 March 65 5,992 36,429 45,756 205 10,856 150,304 6,614 1,903 14,362 2,938 32,833 B.8 77 April 84 93 7,641 44,969 58,771 33,128 4.6 May 102 104 34,848 60 1 In thousands; 000 omitted. 'In millions; 000,000 omitted. JAPAN. PRODUCTION.' TRANSPORTATION.! Raw silk Year and month. C ya o r tt n o s n . f ( t a h a S b a y i r b l e i k c u ). s - Paper, ! s Y h t m k o o a e c a m k k t r o . - s a - , S ra i w lk . , f ( t a h a S b a y i r b l e i k c u ). s - C ya o r tt n o s n . S s g i i a n h h n r n g e a i g r d e y s s t , t - . - c g o R in t a t n o w e n d , . Wool. s p h I a l r e a n o e t d n e ts s . V c f t o l r e e r a i s e a n d s i r g e e e l n d . s F c w S a r r e r o a t a r a i i n y i g l t e - s e h d . t c w S r e R a o t a i a i e p f y l t - - t s e s . I Monthly average: Bales. Hiki* Pound), Bales. Pkulsf PicuU. Piculs. YardtA PicuU.1 Piculs. Piculs.1 Tons. Tons. Yen. 1913 126 16,857 2,302 113,374 7,921 537 13,162 132 2,075 2,923 11,723 1920 151 53,111 14,557 2,264 74,839 28,465 648 46,918 528 2,216 4,548 27,889 1921 151 149 44,538 58,477 Si, 836 1,702 73,065 23,210 720 22,278 312 2,324 4,342 31,182 1922 185 145 52,445 44,832 28,697 1,721 98,516 24,260 716 47,096 545 2,969 4,768 1922. April 191 110 52,687 40,777 27,380 1,669 138,226 24,725 707 76,416 582 2,971 4,968 42,074 May 194 160 53,975 18,293 35,147 1,977 146,354 £5,821 580 24,753 752 3,287 5,225 38,486 June 192 173 52,791 18,547 29,569 2,176 139,057 29,713 490 68,415 890 3,024 4,965 32,180 July 181 159 53,734 45,848 34,541 1,793 51,660 25,284 433 37,431 872 2,987 4,641 32,977 August 179 116 54,553 56,032 36,196 2,017 40,075 22,343 731 29,936 697 3,119 4,489 33,944 September 179 121 53,326 48,810 35,959 1,686 68,773 17,668 766 17,559 351 2,849 4,502 32,464 October 193 118 54,892 48,472 35,970 1,839 118,431 25,259 330 16,994 332 2,784 4,920 35,374 November 199 123 54,340 75,419 26,804 1,253 101,406 22,537 339 47,469 240 2,895 4,884 32,882 December 190 117 56,306 68,304 31,133 1,608 129,466 29,463 805 46,182 131 3,049 5,189 33,041 1923. January 175 116 57,119 47,394 14,985 717 73,769 22,989 885 53,280 152 2,771 4,496 30,166 February 183 90 57,637 30,900 25,399 1,129 54,298 24,431 916 35,093 239 2,589 4,580 28,909 March 189 154 61,624 30,714 16,928 738 98,505 30,499 1,126 94,970 299 3 315 April 196 73 63,893 25,783 May 194 33,474 > In thousands; 000 omitted. i One hiki equals two pieces. 8 A picul varies from 133 to 140 pounds avoirdupois. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

822 FEDERAL RESERVE BULLETIN. JULY, 1023. FOREIGN TRADE OF PRINCIPAL COUNTRIES. In the following tables are presented figures from official sources showing the monthly value of the foreign trade of a group of European countries, Canada, Brazil, India, Japan, and the United States. FOREIGN TRADE OF UNITED KINGDOM. [In thousands of pounds sterling.] Year and month. d F r a o i n o n d d k , , a m r R ti a a c t w l e e - s A m r a t o i i c n r l l e y s l i a M n n c i i e n s l o u c g e u d l s - - , Total. d F a r o i n o n d d k , , a m m r R t a a i a i c t n w l e l e - y s A m r a t o i i c n r l l e y s l i a M n n c i i e n s l o u c g e u d l s - - , Total. exp R o e r - ts. e a e T x n x d p p o o o ta r r r e l t ts s - . tobacco. manu- parcel tobacco.unmanu- manu- parcel factored. post. factured.!factured. post. Monthly average: 1913 24,184 23,485 16,134 i 259 64,061 2,716 5,825 34,281 949 43,770 9,131 52,901 1920 63,817 59,196 37,787 254 161,387 4,245 12,126 93,312 1,523 111,206 18,563 129,769 1921 47,391 22,598 20,421 268 90,458 3,122 5,297 49,055 1,126 58,600 8,921 67,521 1922 39,429 24,853 19,160 261 3,027 8,501 47,451 1,062 60,041 8,648 1922. May 43,075 25,358 20,207 176 88,814 3,045 8,757 45,073 1,171 58,045 8,965 67,010 June 39,936 25,242 18,857 263 84,298 3,044 7,671 40,556 875 52,146 8,720 60,866 July 38,817 24,237 18,579 151 81,784 2,806 8,041 48,455 1,117 60,419 8,317 68,736 August 37,762 24,141 20,326 432 82,661 3,105 8,900 47,149 878 60,032 7,504 67,536 September.. 35,555 21,848 19,244 296 76,944 3,154 10,099 48,361 897 62,511 6,381 68,892 October 38,617 26,409 19,726 262 85,015 3,066 9,211 47,010 1,112 60,399 8,277 68,676 November.. 45,501 30,223 19,587 290 1 95,600 3,408 10,101 51,964 1,018 66,491 9,148 75,639 December.. 42,292 32,499 19,83S 283 94,912 | 2,796 9,493 44,932 1,662 58,883 8,479 67,362 1923. January ! 47,398 30,288 21,707 307 99,700 3,364 9,372 53,135 1,068 66,939 9,798 76,737 February ' 37,141 26,739 19,462 513 83,855 2,864 9,470 44,324 852 57,510 9,823 67,333 March i 40,726 27,732 21,226 338 90,022 I 2,646 11,564 45.935 776 60,921 9,086 70,007 April ; 41,772 22,939 ' 21,446 260 Hfi.417 i 3,224 11.717 46,922 1,009 62.K71 12,429 75,300 May 43,631 23.741 21,562 544 89,479 3,851 14,0-11 52,801 861 71,555 11.773 83,328 FOREIGN TRADE OF FRANCE. In thousands of francs. In thousands of francs. Year and month. In i In thou- thou- Food. ma R te a r w ials. M ar t a t u n i r c u e l f d e a s c . - sands of | Food. ma R te a r w ials. M ar t a t u n i r c u e l f d e a s c . - P p a o r s c t e . l Total. s m a t n o e d n tr s s i . o c f Monthly average: 1913 151,465 412,144 138,169 701,778 3,685 69,908 154,841 301,421 47,182 I 573,351 1,840 1920 989,576 2,096,379 1,072,787 4,158,741 4,211 217,733 509,485 1,413,548 100,479 2,241,245 1,071 1921» 517,158 1,033,170 412,045 1,962,373 3,165 161,031 463,219 1,067,413 104,430 j 1,796,092 1,333 1922 483,334 1,170,678 337,705 1,991,717 4,281 160,067 453,656 988,349 118,094 ! 1,720,166 1.885 1922.' April 438,000 983,000 323,000 1,743,640 3,787 136,000 461,000 1,231,000 134,000 1,962,997 1,794 May 501,000 992,000 305,000 1,798,000 4,387 136,000 437,000 1,005,000 100,000 1,778,000 1,548 June* 483,356 ,082,371 285,448 1,851,184 4,307 1,799 July 476,813 ,200,764 318,169 1,9&S 746 4,223 113,435 374,959 885,029 59,6.19 1,433,042 1,935 A ugust 510,597 ,096,903 352,229 1,959,729 4,512 179,407 408,005 931,066 157,836 1,676,000 1,788 September 473,000 ,087.000 333,000 1,893,000 4,138 141,000 477,000 1,055,000 68,000 1,741,000 2,616 October 570,395 ,189,564 348,913 2.108,872 4,543 195,467 493,804 1,098,983 149,213 1,937,467 2,034 November 516,586 ,478.424 353,235 2,348.245 4,577 196,112 537,370 856,421 116,596 1,706,499 2,034 -December 628,705 ,903,975 390,616 2,923,296 4,930 249,079 1,185,596 1,119,980 224,292 2,778,947 2,429 1923. January 457,976 ,374,222 312,096 2,144,294 4,111 187,004 434,786 944,740 129,368 1,695,898 1,896 February 551,134 ,445,337 346,543 2,343,014 3,884 242,015 729,853 1,235,587 121,373 | 2,328,858 2,190 March 613,952 ,508,160 364,624 2,486,737 4,087 243,551 728,243 1,379,622 122,962 I 2,474,378 1,822 April 582,489 628,170 349,539 2,560.19S 4,175 1,513 May 599,000 612,000 386.000 2,597,000 4,502 271,000 811,000 1,455,000 138,000 | 2,675,000 1,880 1 Not including reexport trade. 1 Imports calculated on basis of actual declared value. •Calculated on 1419 value units. • Value of exports not available. Beginning with June, exports calculated on 1921 value units. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 823 FOREIGN TRADE OF DENMARK, ITALY, NETHERLANDS, SWEDEN, CANADA, BRAZIL, INDIA, AND JAPAN. Denmark. Italy. Netherlands. Sweden. | Canada. Brazil. I India. Japan. (In millions of (In millions of(In millions of (In millions of (In millions of(In millions of, (In millions of(In millions of kroner.) lire.) guilders.) kronor.) dollars.) milreis.) , rupees.) yen.) Year and month. Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- , Ex- |i Im- Ex- Im- Exports. ports. ports. ports. ports. ports. ports, ports, ports. ports. ports. ! ports, ports, ports. ports. ports. Monthly average: 1913 71 60 304 210 () () 71 i 68 56 31 84 82 134 I 205 61 53 1920 262 151 »2,235 981 278 142 281 ! 191 89 107 174 146 173 272 195 162 1921 136 121 »1,439 690 187 114 106 91 103 101 141 142 280 214 135 104 1922 126 103 1,311 776 169 102 97 ! 97 63 74 138 194 201 244 158 136 1922. April 126 76 1, lf'7 689 167 93 102 | 60 48 33 127 187 178 236 185 129 May 159 113 1,245 592 194 108 97 : 90 70 127 141 i 189 274 174 155 June 142 126 1,663 861 151 101 93 | 104 73 130 149 162 193 157 146 July 117 107 1,134 672 164 105 83 ! 113 72 109 154 182 245 142 144 August 134 90 1,052 732 179 99 105 [ 132 74 147 182 212 252 137 146 September 134 122 1,231 747 165 116 109 I 123 73 132 202 182 216 135 150 October 148 112 1,399 889 187 112 118 122 104 202 299 i 229 216 105 161 November 130 120 1,248 1,046 172 104 111 128 132 169 237 j 207 288 116 139 December 142 109 1,918 1,014 163 100 110 120 112 186 250 192 280 143 158 1923. January 142 108 I 1,036 789 173 92 88 65 181 : 248 214 295 150 95 February j 155 118 1,571 751 162 95 88 49 141 [ 256 194 316 156 123 !March ; 167 134 I 1,498 ; 872 165 107 109 61 232 I 283 185 326 197 121 April I 167 115 ! 1,404 722 170 97 115 62 211 307 188 150 May ! 164 104 193 300 201 114 • Dutch figures for 1913 not comparable with later figures. • Based on 1920 value units. » Based on 1921 value units. FOREIGN TRADE OF UNITED STATES, BY COUNTRIES.i [In thousands of dollars.] IMPORTS FROM- EXPORTS TO— Year and month. France.Im G a e n r y - , Italy. U K d n o in i m t g e - d - C ad an a. - c tr o A i u e l n s l . - France. m G a e n r y - . Italy. U K d n o i i n m t g e . d - C ad an a. - A ti r n ge a n . - Japan. c tr o A i u e l n l s. - 11,406 15,747 4,509 24,630 10,048 2,239' 7,636 149,383 12,175 27,640 6,357 49,762 34,621 4,408 4,812 207,002 13,805 7,403 6,280 42,821 50,989 17,315 34,548 439,8731 56,349 25,953 30,980 152,086 80,988 17,810 31,495 685,668 11,8241 6,690 5,191 19,900 27,953 4,994 20,939 209,096 18,743 31,031 17,955 78,510 49,473 9,236 19,619 373,753 11,901 9,791 5,329 29,741 30,336 7,140 29,525 QRO. final 22,247 26,343 12,575 71,323 48,056 7,962 18,209 319,328 10,654! 7,223 4,590 20,805j 25,214 5,229 37,941 217,185 17,753 23,669 9,266 64,933 32,606 6,187 27,985 278,848 11,656 8,901 3,180 26,518 20,137 6,1931 22,406 215,743 16,054 22,053 5,637 53,3901 35,301 6,246 18,788 250,620 13,025 9,6331 5,501 33,3321 25,950 4,727 19,370 256,178 19,080 35,658 6,558| 72,788 44,493 6,987 22,785 329,980 10,742 8,497 3,598 22,122 21,296 4,440 18,990 217,023 22,076 31,102 11,028 72,291 43,402 8,411 14,041 318,470 ll,590l 8,520, 5,584 25,439 28,249 6,083 29,693 252,817 20,117 26,106 9,473| 74,486 44,287 8,064 15,936 307,569 10,025! 9,596' 4,791 27,141 30,733i 7,891 35,825 260,461 22,946i 28,192 11,933 75,245 47,961 9,023 16,363 335,117 9,059| 9,598 5,155 27,938 33,082: 8,234 20,261 251,772 21,243! 20,315 18, 111 62,346 49,514 7,378 16,024 301,157 13,3901 10,737: 4,017 31,486 32,185 7,920 38,362 281,376 18,466! 26,317 13,042 55,264 56,492 7,053 10,646 301,775 11,146! 10,683 4,395 31,851 28,0811 8,405 26,870 228,795j 22,025! 21,716 12,674 70,853 55,363 8,991 12,556 313,197 17,495 13,021 7,258 45,537 46,809! 8,408 46,954 345,0831 30,215! 28,981 19,385 83,928 58,460 8,900 21,690 370,719 1 1 2 1 , , 2 8 2 0 7 0 , 1 1 0 0 , , 2 8 4 1 7 7 , | 6 8 , , 7 9 6 7 7 1 3 3 3 1 , , 7 0 2 3 2 6 3 3 6 4 , , 9 69 8 5 2 ' ; 8 9, , 5 5 9 2 5 8 3 33 4 , , 1 4 5 5 6 4 2 2 9 9 1 3 , , 8 7 0 8 5 9 3 25 1 , , 0 9 6 2 2 8 ! 2 2 7 4 , , 3 74 8 2 5 1 1 7 5 , , 8 9 0 8 0 9 8 8 9 0 , , 7 4 3 1 1 2 5 5 5 2 , , 9 8 8 3 9 3 8 9 , ,8 4 7 3 1 0 2 2 1 0 , , 4 2 5 3 5 7 3 3 8 4 0 4 , , 0 3 0 2 0 8 14,273; 13,788 8,593 33.579 30,597! 11,676 31,041 329,903 23,286: 26,086 15,489 83,603 48,908 9,210 13,366 335,539 10,277; 10,476 6,658 35,201 28,290! 10»827 24,881 303, 413 13,791' 24,442 10,705 71,537 44,497 9,780 17,661 307,208 15,381! 14 997: 11 00849,386 32,705! 13,511 32,685 398,078 20.4751 25,03ll 12,851 63,630 9,1051 23,642 341,162 13,730! 13,642 7,308 41,364 36,249 15,052 26,480 364,230 22,306! 26,2901 14,416 58,460 53,799 9,289 18,939 325,727 12,300 12,762 5,769 44,038 36,282! 16,875 33,113 373,244 20,524 22,968 9,914 48,414 66,086 10,276 19,889 316,6.50 1 In previous issues of the BULLETIN the foreign trade of the United States has been shown classified into groups of commodities according to stages of manufacture. 2 Import figures cover period Sept. 1-21, inclusive. »Import figures cover period Sept. 22-Oct. 31, inclusive. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

824 FEDERAL RESERVE BULLETIN. JULY, 1923. FOREIGN TRADE INDEX. months of 1922, but producers' goods have been higher. There are presented below the Federal Re- The volume of imports showed a decline of servt Board's series of index numbers designed 4.7 per cent in May. Raw materials decreased to reflect relative quantity movements in the slightly as a result of a falling off in imports of foreign trade of the United States. Changes wool, cotton, tin, and tobacco. The large dein the level of prices have been allowed for by cline , in the consumers' goods index resulted multiplying the quantities of selected com- from smaller imports of cocoa and coffee. modities exported or imported each month by Producers' goods rose 7.6 per cent, all comfixed 1913 prices.1 modities in this group having increased somewhat. Y m e o ar n a th n . d m r R i a a a t l w e s. - g P d o e u r o r o s c d ' - - s. g s C o e u o o r m s n d ' - - s. Total. m r R ia a a l t w s e . - g d P o e u r o r o c s d ' - - s. g s C o e u o o r m s d n ' - s - . Total. Savings d S ep A o V s I i N ts G , S a s D re E p P o O rt S e I d T S b . y 888 banks (12) (10) (7) (29) (10) (12) (5) (27) distributed throughout all sections of the United States, increased during May in all 1913,year.. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1919, year.. 88.9 155.1 183.6 115.3 157.5 192.9 147.5 168.4 Federal reserve districts except in the St. 1 1 9 9 2 2 1 0 , , y y e e a a r r . . 1 9 0 2 3 . . 2 1 1 11 5 6 8 . . 9 7 1 1 3 2 3 4 . . 6 1 1 10 0 8 7 . . 9 5 1 1 1 3 3 5 . . 6 8 2 16 2 2 7 . . 8 5 1 14 3 1 8 . . 4 9 1 13 6 5 8 . . 6 8 Louis and Minneapolis districts, where slight 1922, year. 89.7 108.9 135.1 101.1 157.6 253.1 143.0 189.1 decreases occurred. The greatest increases 1922. over April were in the San Francisco, Chicago, January.. 82.6 104.3 129.7 94.5 118.4 228.7 135.2 160.1 and Dallas districts. Compared with deposits February. 68.5 86.0 127.6 82.6 123.3 281.3 133.5 183.4 March.... 89.8 121.7 156.5 106.9 148.1 306.8 161.1 206.5 on June 1, 1922, increases were noted in all A M p a r y il 9 7 0 8 . . 5 3 1 1 2 2 0 8 . . 9 8 1 1 5 5 5 0 . . 4 5 1 9 0 9 6 . . 4 0 1 1 2 4 5 4 . . 5 6 2 2 2 36 7 . . 1 9 1 1 5 6 2 8 . . 0 0 1 17 6 7 9 . . 9 1 districts. For the entire country the total June 86.3 124.3 169.2 107.4 148.7 273.3 137.3 191.0 deposits on June 1 were $6,547,792,000, or 0.8 July 79.1 124.0 133.5 95.0 146.9 266.3 137.5 187.7 August 88.8 90.0 126.3 96.7 174.2 255.5 120.3 194.2 per cent increase over May 1 and 10 per cent S O N D e e o c p c v t t o e e e m b m m e b b b r e e . e r . r r , . 1 1 9 8 1 2 6 1 2 2 . . . . 7 2 9 6 1 1 9 9 0 0 8 6 1 9 . . . . 9 6 8 9 1 1 1 1 1 1 2 2 7 1 2 1 . . . . 2 5 8 0 1 1 9 9 1 1 6 6 2 9 . . . . 2 5 4 8 2 1 1 1 1 9 8 5 9 5 3 5 . . . . 1 1 5 0 2 2 2 2 4 4 4 6 1 4 4 3 . . . . 6 0 0 0 1 1 1 1 5 3 4 3 3 3 4 8 . . . . 9 4 4 8 2 2 1 1 0 9 2 7 4 6 2 4 . . . . 7 1 4 0 J in u c n r e e a 1 s , e 1 92 o 2 v . e r A $ 5 c , o 9 m 50 p , a 8 r 7 i 1 so ,0 n 0 0 o f s o a n v in d g e s p d o e si p t o s o it n s on June 1, 1923, with deposits on May 1, 1923, 1923. and June 1, 1922, are shown in the following January.. 78.8 126.5 137.3 95.8 220.4 312.2 155.3 24\3 February. 62.2 133.6 129.6 83.5 197.1 249.5 156.8 209.1 table. The figures for the Boston and New March.... 61.9 143.6 144.4 87.3 214.0 348.5 218.5 262.4 April 59.1 141.9 136.5 83.6 211.1 303.6 212.4 244.1 York districts are those of large mutual sav- May 56.0 149.4 130.8 81.0 201.1 326.6 144.7 236.4 ings banks, but in all other districts reports of other banks are included to make the figures In May the board's index of the volume of thoroughly representative. exports fell 2.6 points, or 3 per cent, as compared with April. The decline in raw materials was caused by a falling off in exports of cotton, SAVINGS DEPOSITS BY FEDERAL RESERVE DISTRICTS. barley, and tobacco, while the consumers' [000 omitted.] goods group was influenced by smaller shipments of wheat flour, cotton cloths, and illu- Num- June 1, Mayl, June 1, minating oil. Producers' goods showed an District. ber of 1923. 1923. 1922. Wanks. increase of 7 points, which, was due to larger exports of gasoline, steel rails, and leather. 64 $1,178,188 $1,173.515 $1,091,620 The general export index and the groups of 30 1,825,584 1,820', 182 1,701,562 raw materials and consumers' goods have re- Philadelphia 80 455,808 453,217 423,582 18 421,667 418,287 377,299 cently been much lower than in corresponding 92 293,716 290,706 268,659 100 216,072 213,565 188,865 209 849,428 839,043 758,091 t u i i o m n s t • e a 1 p d 9 T l o 1 e h r 3 w x t e a f a p l o n s i o r s t m r t g e t i i e x n v v d p c e a o l n l 4 u u 9 r d t e . i 3 s n e s . s t p h t e 2 h e T r 7 e v c h o e J a e f n u l c t u t l h l y e a e o , s o f s m 1 i f t f 9 h o w i 2 c e s 0 a h t t , t i i i o c m o B h t n a U p i l L n o i o m L r f 1 t E t a p 9 h T 1 n o I e 3 N t r o t f i . o m r v i r g a T m p i l o n h u e r a e e d t l s s l c , 5 i t l a 6 s h a . n t 3 s e d o s v p i f f 2 a e i c 9 c l r o u a o c m e ti f e o o m n t n h f t o e w o d o m f i h f t i i t o c 1 e h s h s 1 e t S M D S K a t a a . i n n l n L l n a s F o a e s r u a s a p i n C s o c i l i i t s s v co. 1 3 6 7 1 0 5 6 4 5 5 9 1 1 0 8 8 2 0 9 7 1 4 4 , , , , , 0 9 9 1 2 0 1 8 4 7 4 6 9 7 3 8 1 1 8 8 9 2 0 8 0 0 6 3 , , , , , 2 9 3 9 5 2 4 3 2 9 0 6 6 1 1 7 1 7 9 6 8 1 9 3 8 5 4 , , . , , 3 6 5 2 3 9 2 9 4 4 6 2 5 1 1 additional commodities of imports was given in the April, 1921, BULLE- TIN, and 2 additional commodities in the November, 1921, BULLETIN. Total . . 888 6,547,792 6,498,529 5,950,871 Exports of gasoline have been altered to include naohtha. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1023. FEDERAL RESERVE BULLETIN. 825 REPORT OF ASSOCIATED KNIT UNDER- WEAR MANUFACTURERS OF AMERICA. Dis- Place. trict Name of bank. Powers. No. Production of winter and summer underwear, by months, since May, 1922, is given Laconia, N. H Peoples National B ank 1 and 4. New Canaan, Conn. First National Bank Ito9. in the following table: Schenectady, N. Y.. Mohawk National Bank 1 to 9. Chambersburg, Pa.. National bank of Chambers- Ito9. burg. Houtzdale, Pa First National Bank Ito9. Number of mills Production (in dozens). Philadelphia, Pa... Dr t o io v n e a rs l. & Merchants Na- Ito9. reporting. Brownsville, Pa Second National Bank Ito9. Lancaster, Ohio Fairfield National Bank 1 to 7, and 9. Month. Middlesboro, Ky... The National Bank 1 to 5, 7 to 9. Total. Win- Sum- Total. Winter. Summer, Fayetteville, Tenn.. First National B ank 1 to 3, 5 to 9. ter Crawfordsville, Ind. First National Bank Ito9. Pontiac, Mich American National Bank.... Ito9. Lawrenceville, 111... First National Bank 1 to 9. 1922. Louisville, Ky Citizens Union National Ito9. May 47 28 I 518,150 298,080 220,070 Bank. June 47 25 564,893 345,605 219,288 Pierce City, Mo First National Bank Ito9. July I 50 23 422,872 269,223 153,649 Wadesville. Ind.... Farmers National B ank Ito9. August i 49 24 519,511 341,713 177,798 Cleveland, Okla First National Bank Ito9. September I 52 513,572 318,220 195,352 San Antonio, Tex.. Alamo National Bank Ito9. October. 524,486 283,242 241,244 November. 599,891 321,644 277 947 December.. 461,695 233,459 228,236 INDEX OF OCEAN FREIGHT RATES. 1923. January I 49 558,845 269,026 289,819 The accompanying table shows the monthly February. 564,708 269,950 294,758 fluctuations in ocean freight rates prevailing March 593,020 275.552 317,468 April 732,437 3721686 359.751 between United States Atlantic ports and the May 697,518 373,068 324,450 principal European trade regions. The figures are derived from the actual rates quoted on Thirty-eight representative mills which re- the following commodities: Grain, provisions, ported for April and May furnished the data cotton, cottonseed oil, and sack flour. Kates tor the following table: in January, 1920, have been used as a base. For the methods used in constructing the index see the August, 1921, BULLETIN, pages April, May, 931-934. 1923. 1923. Loss. Gain. RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND Unfilled orders (end of month) 1,483,585 1,325,289 158,296 EUROPEAN TRADE. New orders 257,260 300, 111 42,851 Shipments 451,522 447.700 ""'3,' 822' Cancellations 6,826 10,707 3,881 United States Atlantic ports to— Production 496,549 525,816 29,267 FIDUCIARY POWERS GRANTED. Month. U K d n o i i n m t g e . d - A F t r l e a n n c ti h c. B N l e a e a l n g t n h i d d u e s r m - . S n c a a v n i d a i . - M t n e e r e a r d n a i - . - Eu A r l o l pe. During the month ending June 30 the Federal Reserve Board approved applications of the national banks listed January, 1920.. 100.0 100.0 100.0 100.0 100.0 100.0 below for permission to exercise one or more of the fidu- January, 1921.. 60.7 30.2 34.1 42.9 43.2 43.3 ciary powers named in section 11 (k) of the Federal 1922. reserve act as amended, as follows: January 31.7 22.7 23.3 23.4 32.2 27.1 1. Trustee. February I 34.7 25.9 25.2 23.3 31.8 29.1 2. Executor. M Ap a r r i c l h I j 3 2 3 7 . . 1 3 2 2 6 4 . . 5 8 2 2 4 2 . . 9 7 2 2 3 4 . . 4 0 3 2 0 7 . . 1 1 2 25 8 . . 4 3 3. Administrator. May I 27.9 25.5 22.8 23.4 27.4 25.7 4. Registrar of stocks and bonds. J J u u l n y e 2 28 7 . . 8 5 2 25 6 . . 9 1 2 22 3 . . 6 0 2 23 3 . . 0 4 2 2 7 6 . . 4 4 2 25 5 . . 9 7 5. Guardian of estates. August 29.2 23.4 20.7 22.4 24.0 24.9 6. Assignee. September 27.0 24.1 19.1 22.6 22.2 23.4 8 7. . C R o e m ce m iv i e tt r e . e of estates of lunatics. O D N e c o c t v o e e b m m e b r b e e r r 2 2 27 5 8 . . . 1 3 0 2 2 2 5 3 3 . . . 6 9 4 2 2 1 2 8 1 . . 2 9 .3 2 2 2 2 2 2 . . . 9 7 9 2 2 2 1 1 1 . . . 6 8 3 2 2 2 2 4 4 . . . 7 4 0 9. In any other fiduciary capacity in which State banks, trust companies, or other corporations which come into 1923. January 25.3 24.7 19.8 22.3 21.2 22. S competition with national banks are permitted to act under February 21.8 22.6 18.6 22.3 20.6 21.1 the laws of the State in which the bank is located. March 23.1 23.6 20.0 22.3 19.5 21.9 The numerals opposite the name of each bank indicate April 22.6 24.2 21.9 22.3 22.0 22.6 the power or powers it is authorized to exercise, as given J M u a n y e 2 2 2 1 . . 3 2 2 2 3 3 . . 5 7 2 1 1 9 . . 0 9 2 2 2 2 . . 3 3 2 2 0 0 . . 9 6 2 2 1 2. . 1 3 below: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

826 FEDERAL RESERVE BULLETIN. JULY. 1923. PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.1 April 1923. Jlay, 1923. W go h o i d t s e . g D o y o e d d s. P g r o in od te s d . Total. W go h o i d t s e . g D o y o e d d s. P g r o in od te s d . Total. Total finished yards billed during month: District 1. 14,633,944 29,887,738 11,524,786 60.613,527 12,576,139 32,359,979 9,939 225 58 895,599 2 0,888,653 2,346,170 5,298,022 21,621,687 7,409,807 5,335,541 3,447,236 21,119,068 3 8 262,181 6,136,045 14,398,226 7,431,079 8,079,294 15,510,373 5 5,666,154 348,637 6,014,791 5,289,057 479,298 5,768,355 6. 919,000 919,000 1,206,000 1,206,000 8 1 892 647 1,840,566 Total 36,369,932 38,718,590 16,822,808 105,459,878 33,912,082 44,254.112 13,386,461 104,339,961 Total average per cent of capacity operated: District 1 61 99 60 50 109 66 78 2 72 76 49 89 64 59 35 6S 3 97 87 92 82 89 86 5 . 46 46 48 48 6 70 70 91 91 8 .. .. 80 71 Average for all districts 66 94 5S 79 58 98 61 74 Total gray yardage of finishing orders received: 11,703,281 30,783,080 8,462,967 56,002,802 10,646,289 23,261,930 6,505,610 43,724,067 2 6 874,653 6,036,407 2,958,687 20,067,577 5,145,589 3,471,622 2,635,687 14,530,873 3 8,056,941 6,841,147 14,898,088 6,843,608 6,441,427 13,285,035 5 5 195,566 462,247 5,657,813 5,175,948 188,616 5,364,564 6 919 000 919 000 1,206,000 1 206,000 8 2,196,222 1,708,185 Total : 32,749,441 44,122,881 11,421,654 99,741,502 29,017,434 33,363,595 9,141,297 79,818,724 Number of cases of finished goods shipped to customers: District 1 5,631 8,408 2,173 28,758 4,950 7,643 2,377 27,730 2 3 292 718 11,254 3,551 655 10,907 3 7,527 754 8,281 7,691 862 8,553 5 1 516 3,460 1,396 3,946 6 8. 257 433 Total 17,966 9,880 2,173 52,010 17,588 9,160 2,377 51,569 Number of cases of finished goods held in storage at end of month: District 1 5 139 4,990 2,846 23,212 4,935 5,428 2,943 24,799 4,339 906 11,601 4,818 883 11,937 348 285 6,938 360 294 6,894 5 1,131 619 6 8 217 196 Total 9,826 6,181 2,S46 43,103 10,113 6,605 2,943 44,445 Total average work ahead at end of month (expressed in days): District 1 4.1 23.5 24.8 17.0 4.0 16.9 14.9 11.5 2 10.4 12.2 4.6 7.0 7.2 6.2 4.6 4.6 3. 15.6 15.2 14.9 13.8 10.0 14.4 5.9 5.9 6.8 6.8 6 8 . . .. 7.3 8.6 Average for all districts... 7.3 20.2 21.4 13.3 6.6 15.2 13.1 9.8 1 The National Association of Finishers of Cotton Fabrics at the request of the Federal Reserve Board prepares a monthly survey for the industry. The results of the inquiries are herewith presented in tabular form. The secretary of the association makes the following statement concerning the tabulation: The accompanying figures are compiled from statistics furnished by 32 out of 57 member firms of this association. It is probably fair to state that in the absence of having specific detail at hand, but according to our best estimate, it is probably well within the fact that the figures given for the various classes of work would cover, approximately, the following percentages of the entire industry: White goods, 70 per cent; dyed goods, 62 per cent; printed goods, 30 per cent. The figures given represent reports from exactly the same finishers for the two months, both of the totals and for the subdivisions, and, therefore, are strictly comparable. NOTE.—Many plants were unable to give details under the respective headings of white goods, dyed goods, and printed goods, and reported their totals only; therefore the column headed " Total" does not always represent the total of the subdivisions, but is a correct total for the district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 827 PHYSICAL VOLUME OF TRADE. May as in the preceding month, although a slight increase ordinarily occurs at that time. Activity in many lines of business during This retardation was due to the very small May, as reflected in current statistics, recovered receipts of grain at principal interior markets. from the April seasonal slump, and reached The total for all grains was the lowest recorded record-breaking heights. In March the volume for any May within the last five years, and was of business was considered large, but May less than the April figure, whereas it is ordifigures of the production and movement of narily larger. Shipments of grain from interior foods indicated equal or greater activity, points, however, increased, and stocks declined espite reported declines in purchasing and during May, in accordance with usual trends. recessibns in prices. Movements of agricul- With reduced receipts and increased exports, tural products increased only fractionally from port stocks fell off during the month. In conthe low point of the year, which is always trast to grain movements, live-stock receipts and reached in April, and the index was the lowest shipments at principal markets were greater than recorded for May in the past five years. Pro- for the same season of any of the four previous duction of practically all minerals and manu- years. Cotton receipts, although larger than in factured goods, however, was materially greater April, were nevertheless exceptionally small, in May than in April; in fact, the index of and tobacco sales were practically nil. mining, shown on the chart below, advanced Production of the various mineral products to a new high point, and that of manufacturing was uniformly at a high rate during May, and almost attained the March peak. Some of the mining index exceeded the previous maxithis upward trend was seasonal, but the index mum attained in March. Crude petroleum and of production in basic industries, which allows pig-iron output again reached new high points, for normal seasonal changes, rose above all copper and lead were produced at a greater rate previous levels, exceeding the war-time record than during any month within recent years, and of May, 1917, by about 4 per cent. the amounts of coal and zinc mined were large. Agricultural products as a whole moved to Stocks of zinc and of petroleum increased durmarket in practically the same volume during ing the month. VOLUME OF DOMESTIC BUSINESS ( MONTHLY AVERAGE, 1919 = 100 ) PER PER CENT CENT 160 160 140 140 120 100 100 80 80 60 60 40 20 20 J. F. M. A. M. J. J. A. S. 0. H. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

828 FEDERAL RESERVE BULLETIN. JULY, 1923. Manufacturing during May showed practically INDEXES OF DOMESTIC BUSINESS UNCORRECTED FOR the same high rate of activity as in March. SEASONAL CHANGES—Continued. Records were made in the production of steel MINERAL PRODUCTS. ingots, automobiles, cement, and newsprint. Most items were larger than in April. Silk deliveries, however, declined considerably and Total Bi- Anb th e e lo w te , x c t o il n e s -g eq ro u u e p n tl i y n d m e o x v , ed sh d o o w w n n w in a r t d h , e d e t s a p b i l t e e Date. u p m e r c r o i t a n s d l . - - ' t n c u o o m a u l i s . - t c c h o i r t a a e l. - p l C e e r u t u r m d o e . - Iron. C pe o r p . - Zinc. Lead. increases in cotton and wool consumption. Sole-leather output and shoe production also 1922. decreased slightly as compared with April. January 91.3 98.5 85.1 137.1 64.3 24.1 ea 3 100.7 February.. 95.4 107.3 92.0 129.7 63.9 34.8 57.3 93.3 Lumber cut, on the other hand, recovered sub- March 117.5 131.5 119.1 149.1 79.9 58.0 67.5 92.8 April 59.5 41.3 .4 141.9 81.3 71.7 65.6 88.7 stantially from its April slump and was greater May 67.9 53.1 .6 147.7 90.5 83.7 69.8 88.8 than for any month since 1917. Production of June 70.6 58.4 1.1 143.8 92.6 89.0 72.6 88.9 July.. 65.4 44.5 1.6 148.0 94.2 85.0 81.2 88.2 practically all building materials, in fact, was August 67.5 58.3 2.2 147.1 71.1 93.9 79.9 96.5 at a high rate, although slight recessions were September. 99.9 107.3 67.7 143.8 79.8 89.8 84.3 95.1 October 118.5 118.3 116.1 150.1 103.5 96.2 101.6 108.1 noted in orders for some of these products. November. 120.1 118.6 114.1 152.1 111.8 94.6 102.3 113.0 December.. 124.5 121.7 114.7 159.3 121.1 97.5 109.0 108.6 Gasoline refiners and rubber-tire manufacturers continued to operate at close to capacity, re- 1923. January.... 131.5 131.4 118.5 163.5 126.7 104.6 117.8 112.5 flecting the enhanced demand for their prod- February.. 116.6 110.5 105.8 153.8 117.5 95.6 108.0 103.6 March 134.2 122.6 127.6 178.3 138.1 113.8 124.0 120.7 ucts growing out of increased automobile sales. April 127.4 111.4 109.7 1S4.2 139.1 110.2 118.5 117.3 The number of animals slaughtered in May May 136.9 120.7 116.6 196.9 151.7 116.2 120.5 124.3 was rather large for that month, but output of ' Combination of 7 Independent series. other food products continued about as in previous months. A rather substantial in- PRODUCTION OF MANUFACTURED GOODS. crease occurred in the volume of tobacco products manufactured; in fact, the number of small Total cigarettes made exceeded previous records. man- Lum- Pa- Petro- Tex- Leath- To- Date. ufac- Steel. ber. pep leum. tiles. er. Food. bacco. ture.' INDEX OF PRODUCTION IN BASIC INDUSTRIES, WITH ALLOWANCE FOR SEASONAL VARIATION. 1922. [Monthly average, 1919=100.] January... 87.0 63.4 100.7 95.0 119.0 112.2 88.2 91.3 90.6 February.. 80.2 69.3 95.4 90.0 108.6 96.8 78.1 88.5 83.8 1919 1920 1921 1922 March 90 9 94.3 102.5 108.4 123.9 107.6 78.5 96.5 98.4 J J J A S F M a u u e e u n p a n l b g y u t r e r u e a c u s m r h a t y . r b . y e .. . r.. 1 1 1 1 1 9 9 9 9 0 0 0 0 0 2 2 6 8 1 4 3 7 0 . . . . . . . . . 8 9 9 2 6 6 4 3 3 1 1 1 1 1 1 1 1 1 0 0 0 0 0 1 1 0 1 1 6 4 2 7 4 4 5 5 . . . . . . . . . 7 8 9 1 6 8 5 4 8 8 8 8 7 7 7 7 7 7 1 8 3 4 4 9 6 6 8 . . . . . . . . . 0 6 9 1 1 3 7 7 5 9 9 9 9 9 8 9 8 9 4 4 9 2 4 8 3 6 0 . . . . . . . . . 8 9 9 1 2 3 9 5 5 1 1 1 1 1 2 2 2 2 2 0 5 7 3 0 . . . . . 7 1 2 8 1 J J A A S O N D M u u e p o e u c a p n l c v r y t g y t e e i o e e l u m m b m s e b b t b r . e e e . . r r r . . . . . . 1 1 1 1 1 8 9 9 9 0 0 0 0 0 4 8 9 5 0 4 9 7 0 . . . . . . . . . 7 1 1 3 6 4 0 5 3 1 1 1 1 1 9 9 8 9 1 0 1 1 0 a 7 4 8 0 7 4 4 4 . . . . . . . . 9 0 4 1 5 9 8 2 8 1 1 1 1 1 1 1 1 9 1 1 0 0 0 2 1 0 a 2 5 3 1 4 1 6 4 . . . . . . . . 9 1 3 6 5 4 1 2 3 1 1 1 1 1 1 1 9 9 1 1 1 0 1 0 1 9 9 0 2 0 7 2 6 3 . . . . . . . . . 9 9 7 3 6 8 8 8 4 1 1 1 1 1 1 1 1 1 5 3 4 4 4 3 2 3 4 2 9 2 6 7 3 4 9 1 . . . . . . . . . 7 7 2 2 2 8 4 1 2 1 1 1 1 1 1 1 9 9 0 1 1 2 2 0 1 1 5 8 5 0 0 5 7 3 . . . . . . . . . 3 0 9 7 7 0 0 1 3 7 7 7 7 8 7 8 7 7 0 2 0 2 9 2 0 8 9 . . . . . . . . . 4 1 7 7 5 4 4 1 5 1 1 1 1 8 9 9 9 9 0 0 0 1 4 8 6 7 7 7 4 6 4 . . . . . . . . . 9 9 8 8 5 1 7 6 0 1 1 1 1 1 1 1 8 8 1 1 0 3 2 1 1 4 9 9 5 8 4 1 2 9 . . . . . . . . . 0 1 1 6 6 4 4 8 S October 101.1 99.0 82.7 106.9 November.. 97.9 95.3 85.6 115.5 1923. December.. 103.3 89.6 83.3 115.6 January 108.7 129.3 105.8 117.3 156.8 128.0 88.9 104.1 115. S February... 99.5 116.1 95.8 109.0 140.8 122.0 78.1 95.3 101.3 March 112.7 135.3 128.7 120.4 155.5 128.3 91.6 110.5 116.2 INDEXES OF DOMESTIC BUSINESS UNCORRECTED FOR April 102.7 132.0 109.6 115.5 152.6 124.1 91.2 98.8 105.2 SEASONAL CHANGES. May 111.7 140.7 126.6 128.2 158.3 118.8 90.6 103.1 117.8 [Monthly average, 1919=100.] ! AGRICULTURAL MOVEMENTS. l Combination of 34 independentserie*. Total Total Total Leaf Date ag tu rl r c e u .i l- m an al i- s. grains. Cotton Fruit. ba t c o c - o. COMMODITY MOVEMENTS. 1922. January 88.9 91.8 83.8 76.8 96.1 113.2 May, April, May F M e a b r r c u h a . r .. y . . 7 7 0 7 . . 7 7 7 7 9 6 . . 2 5 9 7 2 3 . . 3 0 4 4 2 3 . . 8 3 1 5 3 5 0 . . 6 4 1 2 0 7 1 . . 5 2 1923. 1923. 1922 April 57.4 71.8 49.6 37.0 103.0 5.5 May 82.6 90.2 92.5 50.1 105.7 3.9 June 75.1 88.7 77.1 43.0 93.8 1.5 Grain and Flour. July 79.8 81.2 106.4 33.4 59.3 12.3 S O A e c u p t g o t u b e s e m t r ber.... 1 1 15 2 0 4 8 6 . . . 2 8 7 1 1 9 3 0 6 6 2 . . . 5 6 0 1 1 13 6 5 5 0 3 . . . 7 6 8 2 1 2 4 3 7 8 9 . . . 3 8 5 3 4 4 8 3 0 . . . 1 0 6 1 5 8 4 5 5 4 . . . 7 2 7 Re o c m e W i i p t h t t e s e d a ) t a : t ( bu 1 s 7 h e in ls t ) erior centers (000 18,095 22,091 30,126 November 137.9 122.2 118.2 204.1 49.0 96.3 Corn (bushels) 11,663 17,219 27,364 December 121.3 104.6 128.5 139.2 100.1 97.3 Oats (bushels) 14,593 17,532 21,471 January 1923. 106.6 107.7 116.4 80.2 99.7 75.1 R Ba y r e l e ( y b u ( s b h u e s l h s) els) 2 1, , 8 3 0 8 6 8 4 2 , , 0 50 2 0 2 4 2 , , 5 9 6 3 4 3 February 73.3 84.4 75.7 37.4 117.7 45.1 March... 77.7 88.1 82.6 39.8 158.9 31.0 Total grain (bushels) 48,544 63,365 86,458 April 70.0 88.4 69.8 26.2 148.7 5.1 Flour (barrels) 2,009 2,094 2,204 May 70.3 97.0 52.3 32.0 193.1 1.0 Total grain and flour (bushels)... 57,583 72,787 96,377 > Combination of 14 independent series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 829 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. May, April, May, May, April, May, 1923. 1923. 1922. 1923. 1923. 1922. Grain and Flour—Continued. Live Stock—Continued. Shipments at 14 interior centers (000 Meats, cold-storage holdings, first of folomitted): lowing month (pounds, 000 omitted): Wheat (bushels) 20,982 13,568 26,268 Beef 64,922 78,535 56,852 Corn (bushels) 14,527 13,331 21,988 Pork products 906,496 940,071 635,656 Oats (bushels) 15,835 16,572 22,838 Lamb and mutton 4,582 5,774 2,310 Rye (bushels) 4,516 1,001 7,783 Exports of certain meat products Barley (bushels) 1,707 1,687 2,800 (pounds, 000 omitted): Beef- Fl T ou o r t a ( l b g a r r a re in ls ) (bushels) 57 3 , , 5 3 6 3 7 2 4 3 6 , ,1 3 5 4 9 2 81 3 , , 6 6 7 2 7 4 C Fr a e n s n h ed 2 44 2 0 2 1 1 1 5 7 7 217 Total grain and flour (bushels) 83,472 61,199 97,984 Pickled and other cured 1,612 1,937 1,928 Hogproduets— Stocks at 11 interior centers at close of Bacon 34,524 34,790 19,070 month (000 omitted): Hams and shoulders 30,032 33,738 24,988 Wheat (bushels) 27,851 38,328 17,563 Lard 93,199 85,475 50,817 Corn (bushels) 6,585 17,867 15,820 Pork, pickled 2,443 2,763 2,342 Oats (bushels) 11,372 17,684 40,369 Dairy Products. Rye (bushels) 14,373 16,332 1,746 Barley (bushels) 1,645 641 Receipts at 5 principal markets (000 omitted): Total grain (bushels) 61,062 91,856 76,139 Butter (pounds) 65,020 46,692 Cheese (pounds) 18,815 15,779 18,809 Visible supply of grain east of the Rocky Eggs (cases) 2,909 2,121 2,587 Mountains (000 omitted): Cold-storage holdings first of following Wheat (bushels) 35,962 46,985 28,061 month (000 omitted): C O o a r t n s ( ( b b u u s s h h e e l l s s ) ) 1 1 0 5 , , 4 5 4 7 0 3 2 2 4 3 , ,5 2 8 3 5 8 2 5 9 0 , , 4 9 6 1 3 7 A Cr m ea e m ric e a ry n b ch u e t e te s r e ( ( p p o o u u n n d d s s ) ) 1 9 7 , , 9 4 0 9 7 0 1 3 4 , , 2 0 4 7 8 7 1 15 3 , , 4 3 8 0 1 2 Eggs (cases) 7,884 3,737 8,056 Receipts at 9 seaboard centers (000 omitted): Fishery Products. Wheat (bushels) 12,950 11, 202 12,704 Fish landed by American fishing ves- Corn (bushels) 1,402 4,159 6,223 sels, total catch (pounds, 000 omitted) 31,239 27,131 15,444 Oats (bushels) 1,800 3,157 8,730 Cold-storage holdings, frozen and cured Rye (bushels) 1,287 2,469 3,771 fish on 15th of month (pounds, 000 Barley (bushels) 901 1,874 2,063 omitted) 29,586 27,578 31,654 Total grain (bushels) 18,340 22,861 33,491 Other Agricultural Products. Flour (barrels) 1,549 1,915 1,870 Cottonseed (tons): Total grain and flour (bushels) 25,311 31,477 41,907 Received at mills 19,204 21,131 17,859 Crushed 60,858 116,301 40,619 Stocks at 8 seaboard centers at close of Stocks at mills at close of month 23,098 64,752 23,38ft month (000 omitted): Cottonseed oil (pounds, 000 omitted): Wheat (bushels) 3,466 5,869 5,020 Production 20,176 40,356 12,389' C O o a r t n s ( ( b b u u s s h h e e l l s s ) ) 1,9 7 2 2 6 0 3 2 , , 1 6 2 0 1 4 5 2 , , 9 7 0 4 7 5 Oleo S m to a c r k g s arine consumption (pounds, 24,196 37,484 23,704 B R a y r e l e ( y b u ( s b h u e s l h s e ) ls) 1,8 5 7 8 1 4 2 1 , ,7 7 5 4 1 2 1, 7 3 6 8 1 2 To 0 b 0 a 0 c o c m o i s t a te le d s ) at loosfe-leaf warehouses 18,454 18,033 12,765- Total grain (bushels) 8,567 16,087 15,815 (pounds, 000 omitted): Dark belt, Virginia 49 328 49> Wheat flour production (barrels, 000 Burley 191 806 2,139omitted) 9,007 8,969 8,073 Western dark 3,175 2,393 Sale of revenue stamps for manufacture of tobacco, excluding Porto Rico and Live Stock. Philippine Islands (000 omitted): Re 0 c 0 e 0 i p o t m s i a t t t e 5 d 7 ) p : rincipal markets (head, C C i i g g a a r r s s ( ( l s a m rg a e ll ) ) 5 4 7 5 5 , , 5 9 5 1 0 6 5 4 3 1 2 , , 1 5 5 3 4 4 5 5 6 6 9 , , 5 2 0 0 3 9 C H Sh a o e t g t e s l p e and calves , 4 1 ), , , 6 4 8 1 7 3 2 1 7 4 1 1 , , , 6 2 3 4 3 6 1 4 3 3 1 1 , , , 8 7 6 3 6 7 6 5 4 Frui C M t i s a g h n a i u r p e f m t a t c e e t s u n r ( t e s s m d ( c a t a o ll r b ) lo a a c d co s) : (pounds)... 5,55 3 4 2 , , 9 9 9 9 0 7 4,7 3 1 0 0 , , 7 5 5 4 9 5 4,60 3 1 2 , , 3 5 7 1 3 1 Horses and mules (42 markets) 20 36 20 O G r r a a n p g ef e r s uit 6 1 , ,8 6 0 2 1 9 7 1 , , 1 8 4 4 8 6 3, 8 5 0 5 3 8 Total 7,910 7,274 7,295 Lemons ],301 848 1,821 Apples.. 1,529 2,699 1,140 Shipments at 52 jprincipal markets Veget' aabbllee shipments: (head, 000 omitted): White potatoes (carloads)... 15,124 21,745 20,322 Cattle and calves 706 563 774 Onions (carloads) 2,514 1,315 2,325 Hogs 1,420 1,377 1,139 Rice (pounds, 000 omitted). 70,774 48,181 Sheep 888 562 803 Sugar, all ports (long tons): Horses and mules (42 markets) 19 35 19 Receipts 466,425 539,858 588,304 Total 3,033 2,537 2,735 M Ra e w lti n s g to s cks close of month.. 4 43 7 3 9 , , 7 1 7 0 0 0 4 50 7 1 8 , , 3 1 3 0 9 0 5 54 8 6 1 , , 9 0 5 0 3 0 Shipments of stockers and feeders from Forest Products. 33 H C S m h a o e a t g t e r s l p k e e a ts n d ( h c e a a lv d e , s 000 omitted): 2 2 0 8 6 7 2 4 2 7 8 2 0 1 9 3 1 6 5 4 6 3 4 Lum N b u e m r N : b a e e t r i r s o ' o n A f a m l s s i L o ll c u s i — m at b io e n r Manufactur- 573 465 Total 553 380 563 Southern Pine Association 181 178 172: Western Pine Association 51 48 52: Slaughter at principal markets under West Coast Lumbermen's Asso- Federal inspection (head, 000 omitted): ciation 121 121 Cattle 762 697 702 Production (feet, 000,000 omitted)— Calves 467 400 401 National Lumber Manufactur- Hogs 4,325 4,179 3,716 ers' Association 1,537 1,271 1,185. Sheep 972 960 872 Southern Pine Association 427 380 437 Total 6,526 -• 6,236 — 5,691 W W e e s s t te C rn o a P st i n L e u m A b ss e o r c m ia e t n io 's n Asso- 197 175 158. ciation 482 399 412; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

830 FEDERAL RESERVE BULLETIN. JULY, 1923. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. May, April, May, May, April, May, 1923. 1923. 1922. 1923. 1923. 1923. Forest Products—Continued. Textiles—Continued. Lumber—Continued. Cotton (bales, 000 omitted)—Con. Shipments (feet,000,000 omitted)— Stocks at warehouses 1,580 1,966 2,559 Na e t r i s o ' n A a s l so L c u ia m ti b o e n r Manufactur- 1,448 1,274 1,254 V Co is n ib su le m s p u t p io p n ly by mills 1,432 1,878 3,001 Southern Pine Association 455 427 508 Spindles active during month 621 577 495 Western Pine Association 153 131 161 (number, 000 omitted) West Coast Lumbermen's Asso- Wool: 35,390 35,516 31,641 ciation. : 494 420 432 Consumption (pounds, 000 omitted). Naval stores at 3 southern ports: Percentage of active machinery to 59,682 56,411 52,533 Spirits of turpentine (casks)— total reported— Receipts 34,130 16,267 29,295 Looms wider than 50-inch reed Stocks at close of month 18,224 15,312 4,795 space 86.5 86.7 62.7 Rosin (barrels)— Looms 50-inch reed space or less. 85.3 85.2 64.7 Receipts 105,626 65,058 59,712 Sets of cards 91.2 90.5 86.1 Stocks at close of month .... 211,063 202,391 253,787 Combs 88.1 89.9 72.9 Spinning spindles, woolen 89.6 90.0 85.5 Foel and Power. Spinning spindles, worsted 94.1 94.3 66.8 Percentage of active hours to total Coal and coke (short tons, 000 omitted): reported- Bituminous coal production 46,076 42,564 20,601 Looms wider than 50-inch reed Anthracite coal production 8,573 8,063 35 space 91.3 89.5 62.4 Anthracite coal shipments 6,564 6,174 Looms 50-inch reed space or less. 84.4 83.7 55.2 Coke- Sets of cards 101.4 127.3 89.7 Beehive coke production 1,829 1,776 432 Combs 112.6 119.8 79.2 By-product coke production 3,328 3,206 2,537 Spinning spindles, woolen. 99.9 102.0 88.6 Petroleum, crude (barrels, 000 omitted): Spinning spindles, worsted 103.6 109.5 65.3 Production 61,9&2 58,133 46,456 Raw silk: Stocks at close of month 273,157 264,627 247,093 Consumption (bales) 24,509 38,193 33,284 Producing oil wells completed Stocks at close of month (bales)— 29,962 28,657 20,826 (number) 1,871 1,521 1,511 Oil refineries: Hides and Leather. Production (000,000 omitted)— Stoc C K G C L G K G L G k r u r e s u a a e a a u u r s b s r b s s ( q d d o o o 0 r r a i a 0 e e i l s l i s i n c i c n - 0 e - e n n o o a a d n n d e e o i t t i e e l i f i l m f ( ( n n u u r g ( ( g u r g g e g g e i a a u t l n l a a l t l o o n l e l l o l o o i l o l i ( d i l o o l i b n ( n l s s ) l n n s b a s s s — ( ( s s a ) ) r ( g g ) ) r g ( r a a e g r a l e l l a l l l s l o l o l s ) o l n n ) o n s s n s ) ) s ) ) 1 1, , 2 3 2 9 2 6 1 1 4 2 3 2 4 6 3 7 0 8 7 9 2 6 8 6 2 3 5 9 U 1,2 3 2 6 9 2 1 7 3 3 3 4 9 1 7 7 8 3 6 1 5 7 1 9 7 3 2 1,3 2 9 8 3 5 1 2 2 3 3 5 1 1 7 » 1 6 5 7 7 9 4 4 3 S S a t m m o le c C C o o C C C S K G s k n n h a a a s a a o i t o l t e l p t b t a o f h h f t t e f s s r s l t l f p k e k e e k ( ( a r r t i i i n n a h h a n t a n n n a u u w i i n w s s s d d d m m d e e h k b b s s h l i i e e a d i d d r r m e , , e s b s 0 0 a 0 0 n a 0 0 d n o o d s m m k i i i s n t t k t t s e e i n d d a s t ) ) : : c d lo u s r e in o g f 3 2 6 1 1 1 , , , , . , 1 2 3 7 0 4 3 9 5 6 6 3 7 8 4 9 5 2 8 0 3 6 7 3 1 6 2 1 1 , , , , , , 5 6 5 0 7 2 2 6 6 5 4 9 2 5 2 6 5 7 8 3 0 7 9 2 3 1 5 1 1 , , , , , , 3 1 4 0 0 3 1 1 3 6 8 0 6 6 5 9 4 1 5 1 9 3 2 El i e o t c y m P P t r r r i i o o t p c t d d l e p a u u d o n c c ) w t e : e s d d e r b b ( p k y y r i o l f w o u d w e a u l t c a s e e t r t d - p h b o o w y u p e rs r u , b l 0 i 0 c 0 u ,0 t 0 il 0 - 2 1 , , 7 90 2 1 9 2 1, , 7 6 8 9 4 0 2 1 , , 1 64 7 8 7 Prod S K C G S u o h a i o c l p e b a e t e s i r t o l k p e a e n i t n a n a t a t d n s o h d f e k r l l i e a d ( a b m t a h b c e k r s ( , 0 b 0 e 0 n d o s m , a it n te d d s ) i : des; 9 8 1 1 , , , , 1 9 1 8 7 3 6 5 0 9 3 7 3 0 0 1 8 9 1 1 , , , , , 0 0 8 7 2 3 6 0 0 7 4 1 2 0 5 1 9 1 1 , , , 9 9 8 3 1 0 1 5 3 4 3 9 7 9 2 Total. 4.630 4,474 3,825 S O k a i k v er a s n ( d do z u en n s io ) n harness (sides 39 39 16 Metals. stuffed) 137 133 91 Iron and steel: Boots and shoes, output (pairs, 000 Iron ore shipments from Lake omitted): Superior (long tons, 000 omitted) 6,672 14 1,585 Men's 8,399 9,015 6,495 Pig-iron production (long tons, 000 Women's 9,578 9,918 8,714 omitted)' 3,668 3,868 2,361 AUother 12,839 12,935 11,018 Steel-ingot production (long tons, 000 omitted) i 3,749 2 4,196 «3,128 Total. 30,816 31,868 26,227 Unfilled orders, United States Steel Corporation (long tons, 000 Building Materials. omitted)' 6,386,261 6,981 5,636 Brick (000 omitted): Fabricated structural steel orders Clay fire brick- (tonnage) 130,929 184,884 184,638 Production 67,242 64,647 46,794 Steel barrels (number)— Shipments 66,299 65,276 44,120 Shipments 245.125 225,372 Stocks at close of month 158,864 157,685 152,259 Unfilled orders 556,801 416,477 New orders 53,086 66,613 51,041 Steel castings—bookings (net tons).. 89,493 Unfilled orders, close of month.. 107,352 120,564 45,300 Silver production (troy ounces, 000 90,968 77,600 Face brickoomitittetedd)) 6,835 Production 26,057 34,906 54,867 Copper production (pounds, 000 omit- 6,616 4,258 Shipments 29,421 37,968 56,433 teed)) 124,785 Stocks in sheds and kilns 60,939 92,794 121,540 Ziin c ((pounds, 000 omitted): 117,914 92,048 Unfilled orders, close of month.. 57,363 87,674 87,626 Production 94,694 93,732 54,838 Silica brick- Stocks, close of month 26,038 17,952 80,818 Production 16,684 13,981 12,233 Shipments 86,608 95,822 77,476 Shipments 17,995 14,363 10,704 Tin (pounds, 000 omitted): Stocks at close of month 42,297 42,242 37,845 Deliveries to factories 13,518 15,176 10,618 Cement (barrels. 000 omitted): Production 12,910 11,359 11,176 Textiles. Shipments 14,257 12,954 12,749 Cotton (bales, 000 omitted): Stocks at close of month 10,115 11,463 12,893 Sight receipts 375 305 594 Oak flooring: American spinners' takings 406 357 367 Production 34,636 30,706 21,914 Stocks at mills 1,621 1,420 Shipments 32,009 32,068 25,251 1 Figures for June, 1923; May, 1923; June 1922. » Revised to include all mills. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 831 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. May, April, May, May, April, May, 1923. 1923. 1922. 1923, 1923. 1922. Building Materials—Continued. Miscellaneous Manufactures—Con. Oak flooring—Continued. Locomotives (number)—Continued. Orders booked 22,677 25,298 30,608 Unfilled orders- Stocks at close of month 26,816 23,749 23,534 Domestic 2,045 2,111 497 Unfilled orders 49,548 57,356 40,417 Foreign 105 93 124 ^aple flooring: Production 12,069 11,401 11,031 Total. 2,150 2,204 621 Shipments 12,999 15,181 13,725 Orders booked 8,034 10,924 18,387 Vessels built in the United States and Stocks at close of month 19,131 19,060 30,215 officially numbered by the Bureau of Unfilled orders 34,578 36,722 25,109 Navigation: Enameled ware: Number 125 133 Baths- Gross tonnage 15,518 38,972 21,419 Shipments 8?, 005 83,281 82,100 Stocks at close of month 32,771 34,308 Transportation. New orders 74,585 100,644 150,475 Lavatories— Freight carried by class I railways:1 Shipments 103,242 91,704 107,703 Net ton-miles, revenue and non- Stocks at close of month 39,481 50,429 78,062 revenue (000 omitted) 18,308 39,288 24,735 New orders 98,272 136,587 192,546 Net tons per train 722 711 614 Sinks- Net tons per loaded car 27.6 27.9 24.4 Shipments 105,076 97,834 109,377 Revenue freight loaded and received Stocks at close of month 4S, 378 50,628 102,747 from connections, classified according New orders 103, 781 132,830 195,503 to nature of products (cars, loaded, Miscellaneous ware- 000 omitted): Shipments 55,234 51,618 50,644 Grain and grain products 151 159 182 Stocks at close of month 47,650 53,594 77,788 Live stock 140 132 476 New orders 60,354 61,821 80,341 Coal : 810 736 357 Coke 68 66 38 Miscellaneous Manufactures. Forest products 341 321 261 Ore 277 84 79 Wood pulp (short tons): Merchandise, less than carload 1,077 993 1,039 Production 371,499 330,059 331,694 Miscellaneous 1,539 1,433 1,265 Consumption 279,468 236,647 257,986 Shipments 50,383 59,869 54,151 Total. 4,403 3,924 3,347 Stocks at close of month 175,463 144,444 232,453 Paper (short tons): Revenue freight loaded, classified ac- Newsprint— cording to geographical divisions: Production 138,86S 116, 719 129,950 Eastern 1,094 993 790 Shipments 136,979 118,023 130,043 Allegheny 984 871 638 Stocks at close of month 20,832 18,943 24,781 Pocahontas 181 156 177 Book paper— Southern 612 587 543 Production 97,221 93,390 82,574 Northwestern 677 500 495 Stocks at close of month 40,614 36,871 39,491 Central western 603 578 485 Paper board- Southwestern 251 238 219 Production 199,939 179,744 176,790 Stocks at close of month 56,107 52,300 65,702 Total. 4,403 3,924 3,347 Wrapping paper— Production 85,348 78,559 71,494 Freight car surplus (number): Stocks at close of month 44,015 43,403 70,906 Total 22,411 13,507 332,940 Fine paper— Box 9,084 4,054 80,123 Production 35,196 32,507 30,129 Coal 3,175 3,249 212,218 Stocks at close of month 40,957 37,889 36,985 Freight car shortage (number): Rubber (pounds, 000 omitted): 22,235 46,001 1,148 Consumption by tire manufacturers 47,671 38,34S 29,068 Box.! ] 5,411 20,538 588 Pneumatic tires (000 omitted): Coal 14,584 20,981 431 Production 3,660 3,539 2,722 Bad-order cars (total) 210,505 206,312 327,704 Shipments, domestic 2,758 2,976 2,639 Vessels cleared in foreign trade (tons, Stocks at close of month 6,907 6, OSS 5,523 000 omitted): Inner tubes (000 omitted): American 2,547 2,042 2,621 Production 4,318 4,260 2,971 Foreign 3,373 2,848 2,554 Shipments, domestic 3,414 3,536 2 939 Total 5,920 4,890 5,175 Solid S t t o ir c e k s s ( a 0 t 0 0 c lo o s m e i o tt f e m d) o : nth. 9,292 8,394 7^190 Panam P a e rce C n a ta n g a e l of t r A af m fic e rica ( n to t n o s , t ota 00 l. 0 .. 43.0 41.8 50.7 Production 77 71 58 omitted):1 Shipments, domestic 67 73 61 Total cargo traffic 2,187 1,941 Stocks at close of month 268 261 171 American vessels 1,373 1,168 370 Automobiles: Commerce of canals at Sault Ste. Marie Production (number)— (000 omitted): Passenger cars 350,073 343, 793 231,829 Eastbound— Trucks 42,373 36,786 23,189 Grain other than wheat (bush- Shipments— els) 9,791 26,735 Railroads (carloads) 46,075 44,977 34,416 Wheat (bushels) 37,055 24,662 Driveaways (machines). 60,550 59,522 28,827 Flour (barrels) 1,042 1,155 Boat (machines) 12,050 4,869 7,406 Iron ore (short tons) 6,081 1,380 Total (short tons) 7,543 2,946 Locomotives (number): Westbound— Domestic, shipped... 228 201 Hard coal (short tons) 241 2 Foreign completed... 10 16 Soft coal (short tons) 2,622 203 Total (short tons) 3,102 371 Total. 238 217 80 Total freight (short tons) 10,645 3,317 i Figures for April, 1923; March, 1923; April, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

832 FEDERAL RESERVE BULLETIN. JULY, 1923. BUILDING STATISTICS. BUILDING PERMITS ISSUED IN 168 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. D c N i i t ( s i o 1 t e . r 4 s i 1 ) c . t D c N i i t ( s i o 2 t e . r 2 s i 2 c ). t D c N i i t s ( i o 1 t e r . 4 s i 3 c ). t D c N i i t ( s o i 1 t e . r 2 s i 4 c ). t D c N i i t ( s i o 1 t e . r 5 s i 5 c ). t D c N i i t s ( i o 1 t e r . 5 s i 6 c ). t D c N i i t s ( i o 1 t e r . 9 s i 7 c ). t D c N i i t s ( i o t e 5 . r s i 8 c ). t D c N i i t s ( o i t e 9 . r s i 9 c ). t D c N i i t o ( s i 1 t . e r 4 1 s ic ) 0 . t D c N i i t s o i ( t . e 9 r s 1 ic ) 1 . t D c N i i t o ( s i 2 t . e r 0 s 1 ic ) 2 . t c T i ( t 1 o i 6 e ta s 8 l ). 1922. I May 3,339 10,136 3,991 6,666 5,321 3,443 13,796 2,955 3,391 10,907 2,973 10,384 77,302 November.... 2,301 9,022 2,504 4,150 3,433 3,010 9,437 2,048 1,437 2,669 2,184 10,490 52,685 December 1,285 7,466 1,639 2,666 2,458 2,070 6,620 1,653 698 1,601 1,540 7,767 37,453 1923. January.. 918 6,243 1,486 2,946 2,787 2,975 6,310 1,985 735 2,276 2,554 10,313 41,528 February. 838 6,880 1,573 2,901 2,585 2,516 5,729 1,742 612 1,913 2,199 9,666 39,154 March 1,993 13,838 3,308 6,411 4,232 3,251 10,735 2,645 1,417 3,086 2,589 13,358 66,863 April..... 3,536 11,881 6,203 7,888 4,954 3,434 15,066 3,349 2,974 3,798 2,259 12,661 78,001 May 4,080 11,545 4,031 7,649 4,409 3,529 16,739 3,517 3,225 3,376 2,847 12,541 77,488 VALUE OF PERMITS ISSUED (000 OMITTED). 1922. May $13,105 $60,239 $13,845 $22,614 $13,349 $7,262 $53,789 $7,444 $9,914 $3,843 $5,391 $28,319 $239,115 November... 8,388 66,684 15,357 14,713 9,519 5,125 41,425 5,812 5,273 8,278 3,860 26,200 210,634 December 7,252 80,400 10,640 13,050 14,486 5,156 53,134 10,115 3,686 6,923 9,570 22,035 236,446 1923. January 5,721 73,574 9,767 16,458 11,083 7,265 31,022 7,936 3,751 6,903 6,248 26,164 205,892 February 4,003 88,207 9,877 14,165 13,085 7,811 40,490 6,528 2,455 7,028 6,121 28,830 228,601 March... ... 10,986 167,410 31,845 23,264 14,156 7,498 59,463 8,641 5,574 10,952 11,427 40,203 391,418 April 15,304 58,589 28,781 25,203 25,126 11,195 91,738 8,368 8,089 12,725 6,376 35,423 326,918 May 13,623 59,843 18,691 21,500 12,149 8,384 60,758 8,408 7,977 10.956 7,641 39,270 269,199 VALUE OF BUILDING CONTRACTS AWARDED BY FEDERAL RESERVE DISTRICTS. (F. W. Dodge Co.) VALUE OF CONTRACTS FOR ALL CLASSES OF BUILDINGS (000 OMITTED). District District District District District District District District District District No. 1. No. 2. No. 3. No. 4. No. 5. No. 6. No. 7. No. 8. No. 9.' No. 10.» Total. 1922. June $36,259 $81,614 $26,631 $46,802 $30,668 $77,561 $12,153 $311,689 October 25,305 65,061 20,440 35,165 19,685 52,048 4,623 222,226 November 25,298 77,700 16,929 29,337 19,848 45,429 4,810 219,351 December 19,740 58,685 18,706 28,042 15,677 45,128 5,285 191,263 1923. January 21,806 65,233 16,770 25,691 17,633 $22,051 43,137 $17,864 4,524 $7,845 • 242,554 February 13,759 58,614 18,780 38,546 20,219 34,775 46,764 21,193 12,199 12,531 •277,380 March 25,079 98,412 31,265 52,793 30,147 25,538 59,868 17,961 15,259 11,277 •367,599 April 31,893 96,267 30,553 48,786 39,364 20,817 75,240 25,340 17,585 11,346 •397,192 May 35,837 29,172 51,865 43,862 37,700 70,229 31,714 22,754 15,309 •426,804 VALUE OF CONTRACTS FOR RESIDENTIAL BUILDINGS (000 OMITTED). 1922. June $12,519 S40,4S3 $11,276 $17,434 $16,037 $28,207 $2,677 $128,632 N O o ct v o e b m er ber 1 1 3 3 , , 5 6 5 6 3 7 5 3 1 3 , , 8 2 9 3 2 8 1 7 0 , , 3 0 9 7 7 2 1 11 3 , , 4 7 0 3 5 0 7 7 , , 4 9 1 9 6 8 2 22 0 , , 3 2 0 9 8 1 ...... . .... 2 2 , , 2 8 2 4 8 7 . . . . , . . . . . , . # .... 1 1 1 0 7 0 ^ ,5 5 2 1 8 6 December 13,963 42,981 11,526 17,809 5,003 17,949 2,046 111,278 1923. January 14,469 47,702 5,722 11,803 7,815 $10,223 14,567 $5,884 2,072 $2,120 •122,376 February 4,587 10,849 9,128 13,75.1 7,930 10,065 18,315 6,476 6,073 3,288 •90,462 March 11,044 65,912 13,336 23,338 9,146 8,993 27,065 8,676 4,493 3,295 • 175,298 April 15,493 56,811 13,823 20,807 11,411 8,506 28,525 9,360 5,345 3,369 •173,452 May 15,653 •46,677 12,372 18,507 13,500 14,180 27,137 10,956 6,476 3,841 •169,299 1 Montana not included. ' Colorado, Wyoming, and Arizona not included. Figures for Districts 6,8, and 10, not available for previous months, included in total. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 833 WHOLESALE AND RETAIL TRADE. due partly to an additional working day in the month, partly to the advent of warmer weather, Wholesale and retail business in May was and partly to the larger buying power of consubstantially larger than in April or in May, sumers resulting from increased employment 1922. The Federal Eeserve Board's index of and advances in wages. Department>store wholesale trade in May was 3 per cent higher sales were 8 per cent larger than in April for than in April and 12 per cent higher than a the entire United States, due to increases in all year ago. Increases as compared with April reporting districts except Minneapolis. Busiwere reported by all important lines of whole- ness was exceptionally active in the Philadelsale business except dry goods, clothing, ma- phia, Dallas, and San Francisco districts, as chine tools, and stationery. Sales of meat, compared with earlier months of 1923. Deshoes, and hardware registered particularly partment-store stocks were reduced in all Fedlarge gains, which amounted to 11 per cent, 9 eral reserve districts during May and averaged per cent, and 6 per cent, respectively. 2.5 per cent less on May 31 than on April 30. Comparisons with a year ago indicate that All of the six reporting groups of chain stores wholesale trade is larger in all reporting lines had larger sales in May than in April, the gains and in all sections of tie United States. Sales varying from 5 per cent for drug stores to 15 of machine tools, jewelry, hardware, clothing, per cent for shoe stores. Mail-order sales were and furniture were from 25 per cent to 220 per 6 per cent smaller than in April, but this decent larger than in May, 1922. The accom- crease was less than is customary at this season of the year. WHOLESALE HARDWARE SALES (AVERAGE MONTH, tsts-ioo) 160 DEPARTMENT STORE SALES IN NEW YORK AND DALLAS DISTRICTS 140 (AV. MONTH, 1919=100. SEASONAL VARIATIONS ELIMINATED) / r 1601 192C • ••••' 120 ••••• r1\9 140 w 100 192: r / 80 ... 100 r 100 % 60 40 80 80 20 60 60 - 0 40 JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPr OCT. NOV. DEC. panying chart contrasts the value of hardware 20 sales in each month of 1928 with sales in 1920 and 1922. It is worthy of note that sales have been maintained at a much higher level 1919 1920 1921 1922 1923 this year than last year, but are still somewhat smaller in dollar value than in the first five Reports of over 500 department stores months of 1920. If allowance be made for showed that sales during May were 11 per cent price changes, it appears that the physical vol- larger than a year ago. The accompanying ume of business during the current year has chart shows a comparison of changes in debeen higher than in the corresponding months partment-store sales in the New York and Dalof any other year of the post-war period. las districts since January, 1919, after eliminat- Sales of all groups of reporting retailers, ex- ing the customary seasonal variations. This cept mail-order houses, were substantially graph shows that there was little relative larger in May than in April, 1923, or May, change in the dollar sales of these two groups 1922. The increase in volume of business was of department stores during 1919 and 1920, but Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

834 FEDERAL RESERVE BULLETIN. JULY, 1923. that since the beginning of 1921 sales have WHOLESALE TRADE IN THE UNITED STATES, BY LINES. been distinctly lower in Dallas than in New [Average monthly sales 1919=100.] York. An analysis of department-store sales in the eight Federal reserve districts reporting c G er r i o e - s. Meat. go D o r d y s. Shoes. H w a a r r d e - . Drugs.Total. dollar sales shows that the trend of business in the Boston, Philadelphia, and San Francisco 1922. districts has been similar to that in New York, April 66.2 48.3 74.6 65.1 84.6 93.6 65.8 May 74.1 58.2 79.0 60.5 92.7 96.6 72.6 while the trend of sales in the Richmond, At- June 82.2 62.6 78.9 58.8 91.7 99.6 76.9 July 74.5 59 2 80.2 45.2 81.3 93.6 72.1 lanta, and Minneapolis districts have been simi- August 86.4 55J9 112.7 66.0 89.5 102.9 83.6 lar to those in the Dallas district. Retail September 90.5 60.5 116.1 77.6 95.1 104.6 88.1 October 98.7 67.8 108.3 77.2 98.9 111.1 92.4 business during the past two years shows thus November 95.8 54.1 94.4 67.4 93.1 102.9 84.0 December 85.0 56.8 72.8 57.3 83.1 99.0 75.0 a distinctly larger increase in industrial districts than in agricultural districts. 1923. January 74.9 60.4 105.4 55.7 87.3 113.4 78.4 Tables are appended showing the trend of February 74.9 56.8 100.8 56.3 82.0 106.3 76.1 wholesale and retail trade in the United States March 80.7 63.3 113.0 81.6 108.8 120.1 86.0 AprU 79.9 60.3 87.6 62.1 111.3 105.6 79.0 for all reporting lines of business. May 81.0 66.8 86.6 67.8 117.0 107.1 81.3 CHANGE IN CONDITION OP WHOLESALE TRADE, BY LINES AND DISTRICTS. Percentage change Percentage change in May, 1923, in May, 1923, sales as com- sales as compared with— pared with— April, May, April, May, 1923. 1922. 1923. 1922. Groceries: Hardware—Continued. United States 1.4 9.3 Minneapolis district 7.2 127.3 Boston district 12.1 13.7 Kansas City district 5.0 12.7 New York district 4.9 11.4 Dallas district 10.7 35.9 Philadelphia district... 9.6 14.4 San Francisco district.. 3.5 18.6 Cleveland district 8.0 16.6 Drugs: Richmond district 6.5 7.2 United States 1.0 10.9 Atlanta district 2.1 7.5 New York district -1.2 11.1 Chicago district -2.7 7.0 Philadelphia district... 1.3 11.4 St. Louis district -3.2 0.6 Cleveland district 1.5 12.8 Minneapolis district 1.9 8.6 Richmond district 1.6 10.3 Kansas City district -5.1 3.2» Atlanta district 0.9 17.5 Dallas district 1.9 14.0 Chicago district 2.1 10.3 San Francisco district.. -7.3 6.4 St. Louis district 27.1 30.2 Dry goods: Kansas City district 0.5 7.5 United States -1.2 9.5 Dallas district 1.9 5.5 New York district -6.4 7.2 San Francisco district.. 3.9 15.5 Philadelphia district... 2.0 32.6 Furniture: Cleveland district -1.0 20.8 Richmond district 10.2 41.5 Richmond district -10.9 6.0 Atlanta district 11.5 58.6 Atlanta district -7.3 4.2 Kansas City district 0.1 25.6 Chicago district -3.4 -9.1 Dallas district 1.0 9.1 St. Louis district 8.7 9.8 San Francisco district.. 1.4 32.4 Minneapolis district -8.6 -26.3 Agricultural implements: Kansas City district.... -0.8 39.9 Atlanta district -16.2 17.7 Dallas district 2.5 -1.4 Minneapolis district 10.0 j -1.2 San Francisco district.. 1.9 20.1 Dallas district -7.3 I 18.1 Shoes: San Francisco district.. 2.9 7.7 United States 12.1 Stationery: New York district 5.1 24.7 New York district -3.1 15.8 Philadelphia district... 5.3 24.0 Atlanta district —0.9 19.9 Richmond district 25.2 52.5 San Francisco district.. -1.6 20.6 Atlanta district 16.2 30.3 Auto supplies: Chicago district 5.6 -22.3 Chicago district 10.-2 26.5 St. Louis district 71.0 27.5 San Francisco district.. 1.6 22.1 Minneapolis district 13.8 40.0 Men's clothing: San Francisco district.. 2.0 20.2 New York district -18.0 24.4 Hardware: Women's clothing: United States 5.1 26.3 New York district -33.9 49.1 New York district 1.5 19.3 Machine tools: Philadelphia district... 5.7 16.0 New York district -11.9 220.8 Cleveland district 9.0 25.2 Diamonds: Richmond district 2.7 23.7 New York district -7.3 37.3 Atlanta district 2.6 28.0 Jewelry: Chicago district 6.9 19.0 New York district 57.9 St. Louis district 14.4 31.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BUT.T.KTIN. 835 RETAIL TRADE BY REPORTING LINES. [Average monthly sales, 1919=100.] Chain stores. Depart- Mall-order ment houses (4 stores(306 houses). Grocery Five and Drug (8 Cigar (3 Shoe(5 Music (4 stores). (21 chains). c T h e a n in ( s 4 ). chains). chains). chains). chains). 1922. April 113.1 77.1 139.2 134.9 120.5 124.5 156.1 78.9 May 115.4 69.9 137.9 129.6 123.2 128.8 126.9 80.9 108.2 68.8 136.7 127.0 123.8 123.4 121.7 81.3 July 80.1 58.4 135.1 126.3 126.2 127.3 101.2 83.0 87.2 57.2 139.1 130.4 128.2 126.9 86.7 99.1 106.2 75.1 141.0 136.1 128.7 135.4 117.7 118.2 October 129.9 108.7 148.6 156.6 133.1 127.1 121.1 118.8 130.1 110.4 162.4 152.3 122.4 126.9 121.9 120.7 December 186.1 107.8 165.5 279.2 161.0 178.7 164.7 203.7 1923. 99.9 88.4 165.1 115.9 128.7 115.6 85.5 95.0 February 88.5 83.6 158.8 117.4 125.3 109.7 70.8 87.8 March 122.3 112.8 188.4 163.4 144.7 134.5 145.5 96.0 April lift. 6 102.0 163. 8 143.0 134.7 124.8 121.6 98.8 126.2 95.4 177.2 154.6 141.5 136.5 140.0 105.3 DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS. [Average month, 1919—100.) (2 D B N 4 o i o s s s . t t o t r 1 o r i — n c e t s). N (6 D N e 4 w i o s s t . t o Y r 2 r i — o e ct s rk ). (1 P D N 8 h p i i o s s l h t . a t o i r 3 d a r i — c e e t l s - ). ( R 1 D N i 9 c i o s h s t . m t o r 5 r i o — e c n t s d ). (3 D A N 5 i t o s s l . t a t 6 o r n — r i t c e a t s). (7 D C N 0 h i o s s i . t c t o r a 7 r i g c e - o t s). (2 D N 4 M a i p o s s i t . o n t o r 9 l n r i i — s e e c - t s). (2 N D 1 D o i s a s . t t l o 1 r l r 1 a i e c — s t s). ( F 3 N D 1 ra o i S s n s . t a t c 1 o r n i 2 i r s c — e c t s o ). (3 I 0 U n S 6 d n t e s a i t x t t o e e r d f s o es r ). 1922. April 126.8 119.1 132.1 105.8 98.3 111.9 106.8 87.4 110.8 113.1 Mav 122.8 117.5 126.4 103.3 97.6 116.5 105.6 96.5 132.5 115.4 121.9 115.3 108.7 103.0 86.3 110.3 101.3 89.2 111.6 ioa2 July 81.7 77.9 86.8 71.0 69.8 83.0 81.2 64.8 95.9 80.1 87.5 78.6 94.9 72.9 73.9 92.1 93.1 67.7 119.3 87.2 September 114.2 107.0 107.2 90.8 86.4 114.4 105.4 101.0 112.5 106.2 October. . 134.8 145.1 143.8 119.1 113.8 122.1 119.8 104.5 137.0 129.9 134.9 142.0 146.8 122.3 113.1 130.9 107.0 104.9 132.2 130.1 197.3 199.5 185.8 184.7 161.8 184.5 164.1 149.2 203.7 186.1 1923. 106.3 108.1 106.1 83.9 83.0 98.5 92.1 81.0 114.6 99.9 92.3 87.7 98.0 79.6 78.2 92.7 77.0 73.3 101.5 88.5 March. 126.9 123.9 149.0 115.3 105.5 122.0 105.3 99.4 134.6 122.3 April 127.9 121.6 127.2 100.5 101.2 119.2 114.3 88.9 124.4 116.6 133.4 128.6 150.7 111.6 108.4 121.6 113.5 106.2 147.1 126.2 TREND OF DEPARTMENT STORE STOCKS. [Average monthly stocks, 1919-100.) (2 D N 4 B i o s o s . t s t o t r 1 o r i — c e n t s). ( N 6 D N e 4 w i o s s t . t o Y r 2 r i o e c - t s rk ). (1 P D N 3 h p i i s o s l h t a t . o i r d 3 a r i e - c e l t s - ). ( R 1 D N i 9 c i o s h s t . m t o r 5 r i o — c e n t s d ). (2 A D N 2 t i o s l s t . a t o 6 r n r — i t c e a t s). (5 C D N 9 h i o s s i t . c t o r a 7 r i g — e c o t s). (1 D N M 6 a i p o s i s t . n o t o r n 9 l r i i e — s e c - t s). (1 N D 9 D o i s a s . t t l o 1 r l r 1 a ic e — s t s). ( F 2 N D 9 ra o i S s n s . t a t c o 1 r n i r 2 i s e c — c t s o ). (2 In 6 U S 5 d n t e s a i x t t t o e e f r s d o e r s). 1922 April 112.2 121.9 113.9 110.6 116.4 124.6 98.7 113.8 122.2 117.6 May 110 9 116 8 110.1 107.0 111.7 122.8 102.5 110.1 114.4 114.1 106.2 110.3 109.8 103.7 104.9 115.7 99.2 100.4 107.0 108.3 July 103.7 104.8 105.6 99.8 103.2 113.6 97.8 99.6 108.1 105.6 105 0 109.5 111.9 105.0 109.3 125.0 102.0 111.0 112.1 Ul.S 116.9 120.6 121.6 119.5 118.5 128.9 107.7 117.7 118.0 120.5 October 125 1 125.1 127 5 130.3 121.3 134.8 112.6 119.6 120.0 125.7 November 130.0 132.1 126.7 126.0 123.1 136.8 115.5 118.9 124.2 128.5 110.5 111.1 105.9 103.2 101.2 115.2 97.2 94.1 107.6 107.7 1923. January 104.0 106.8 102.2 99.6 105.2 111.4 100.0 97.0 107.4 105.4 111.5 111.5 116.5 113.0 111.9 125.3 107.2 106.8 117.7 114.9 March 119 9 122 9 127.5 124.3 118.9 137.2 117.1 115.4 124.6 125.0 April 125.2 127.3 132.1 125.8 121.4 138.4 117.3 118.9 131.8 128.5 Mav 124.1 125.0 127.7 121.7 120.8 132.9 115.8 117.2 127.0 125.3 y Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

836 FEDERAL RESERVE BULLETIN. JULY, 1923. BANKING AND FINANCIAL STATISTICS. DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. VOLUME OP OPERATIONS DURING MAY, 1923. Bills dis- Bills bought United p S u t r a c t h es a s s e e d c . urities Municipal Total. Federal reserve bank. co m u e n m te b d e J r or i m n a o r p k e e n t. p w u a r r c r h a a n s t e s d. banks. Bonds and Certificates of May, 1923. May, 1922. notes. indebtedness. Boston $248,761,640 $17,768,749 $1,623,850 $895,300 $269,049,539 $129,425,049 New York 1,747,308,520 119,752,376 61,111,800 69,368,500 1,997,541,196 414,736,057 Philadelphia 248,967,113 6,100,083 406,300 $55,481 255,528,977 197,571,354 Cleveland 240,137,077 9,501,444 24,700 1,920,000 251,583,221 140,467,406 Richmond 264,312,702 819,134 265,131,836 72,719,587 Atlanta 49,834,044 4,193,015 419,950 1,242,500 55,689,509 31,095,014 Chicago .• 212,299,889 11,385,379 9,397,750 9,326,500 242,409,518 146,747,108 St. Louis 161,808,308 1,829,712 1,100 163,639,120 74,126,507. Minneapolis 33,411,491 3,553,800 1,133,000 38,098,291 23,785,621 Kansas City 77,662,059 128,998 883,200 52,000 78,726,257 18,770,487 Dallas 26,167,010 3,253,923 29,420,933 16,533,213 San Francisco 221,842,426 11,631,247 45,000 233,518,673 118,747,193 Total: May, 1923 3,532,512,279 186,364,060 77,467,450 83,937,800 55,481 3,880,337,070 May,1922 1,113,931,285 150,606,561 32,909,750 87,277,000 1,384,724,596 5 months ending- May 31,1923 17,755,089,621 974,575,200 317,332,200 2,023,462,480 96,164 21,070,555,665 May 31,1922 8,600,821,618 633,614,050 528,610,800 1,081,794,500 111,029 10,844,951,997 VOLUME OF BILLS DISCOUNTED DURING MAY, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Customers' Member b n a o n t k e s s ' . collateral Bankers' acceptances. Federal reserve bank. m p c G g u a e a o p r n t e v t e i d o r e o n r s b b n s e l y - . - i- G o S b o e l v c i u e g r r a e n t d i m o b n e y n s. t O s t e h c e u r r w ed is . e p C a o p m er m , n e . r c e i . a s l . A p t g a u r p i r c e a u l r. l- j 1 Liv p e a - p s e to r. ck Foreign. Do ti m c. es- ex D ch o a ll n a g r e. Boston $1,214,687 $106, 019,050 $141,215,401 $238,664 $10,000 New York 206,939 1,589,028,050 157,164,834 423,975 5,587 Philadelphia 266,129 175, 706,375 72,522,037 387,528 Cleveland 278,316 176, 756,550 $45,000 61,689,191 196,253 124,344 Richmond 298,113 239935,759 20,575,175 2,795,748 29,221 Atlanta 108,388 213,100 132,300 32,381,080 3,538,089 i 246,979 Chicago 113,715 158!921,925 237,375 47,491,901 5,372,836 I St. Louis 134,247 123,776,750 35,621,904 1,769,490 187,127 Minneapolis 8,039 22,676,040 574,861 6,071,310 2,658,955 1,402,286 Kansas City 101,730 60,961,830 15,000 8,649,079 1,.414,874 6,440,096 Dallas . 16,500 13,350,250 782,254 4,919,698 4,446,214 2,496,654 San Francisco 103,618 174, 065,000 12,890,436 29,803,616 3,964,295 i 880,589 Total: May, 1923. 2,850,421 2,854,410,679 14,677,226 618,105,226 27,206,921 11,822,883 April, 1923 4,849,558 2,645,459,039 16,149,814 590,237,588 22,057,380 8,902,125 $35,869 $76,873 May, 1922. 3,946,347 732,313,832 26,707,038 301,251,671 35,599, 567 10,398,643 44,987 112,520 April, 1922 9,230,460 874,574,676 24,071,482 350,938,594 35,231,736 10,273,556 612 Total reduced to a com- Trade acceptances. mon maturity basis.1 Member banks. Total, all Federal reserve bank. classes. Per cent of Number in Accommodated. Foreign. Domestic. Amount. total. district May 31. Number. Per cent Boston $63,838 $248,761,640 $286,376,636 8.1 429 238 55.5 New York $301,000 178,135 1,747,308,520 831,725,736 23.6 823 399 48.5 Philadelphia.. 85,044 248,967,113 240,229,130 6.8 718 359 50.0 Cleveland ,047,423 240,137,077 211,134,144 6.0 886 292 33.0 Richmond 678,686 264,312,702 219,451,819 6.2 635 325 51.2 Atlanta 214,108 49,834,044 173,047,665 4.9 537 258 48.0 Chicago 162,137 212,299,889 536,309,589 15.2 1,438 512 35.6 St. Louis 318,790 161,808,308 243,675,243 6.9 623 228 36.6 Minneapolis... 20,000 33,411,491 135,031,621 3.8 1,004 292 29.1 Kansas City... 79,450 77,662,059 213,244,646 6.0 1,154 345 29.9 Dallas 155,440 26,167,010 137,179,053 3.9 • 863 375 43.5 San Francisco. 134,872 221,842,426 305,106,997 8.6 817 319 39.0 Total: May, 1923.. 301,000 3,137,923 3,532,512,279 3,532,512,279 100.0 9,927 3,942 39.7 April, 1923.. 3,303,098 3,291,071,344 9,923 3,507 35.3 May, 1922... 3,556,680 1,113,931,285 9,909 4,636 46.8 April, 1922.. 14,687 3,430,990 1,308,055,478 9,906 4,738 47.8 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (9.45) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 837 VOLUME OF BILLS DISCOUNTED DURING MAY, 1923, BY KATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Federal reserve bank. H per cent. 5 per cent. Total. (36 ra 5 t - e day m A a v t e u r r a i g ty e . basis). Per cent. Daps. Boston $248,761,640 $248,761,640 4.50 10.88 New York 1,747,308,520 1,747,308,520 4.50 4.50 Philadelphia... 248,967,113 248,967,113 4.50 9.12 Cleveland 240,137,077 240,137,077 4.50 8.31 Richmond 264,312,702 264,312,702 4.50 7.85 Atlanta 49,834,044 49,834,044 4.50 32.82 Chicago 212.299,889 212,299,889 4.50 23.87 St. Louis 16i;808,308 161,808,308 4.50 14.23 Minneapolis 33,411,491 33,411,491 4.50 38.19 Kansas City 77,662,059 77,662,059 4.50 25.95 Dallas 26,167,010 26,167,010 4.50 49.54 San Francisco.. 221,842,426 221,842,426 4.50 13.00 Total: May, 1923 3,532,512,279 3,532,512,279 4.50 9.45 April, 1923 3,291,071,344 3,291,071,344 4.50 9.04 May, 1922 1,058,471,000 $55,459,000 1,113,930,000 4.59 17.44 April, 1922 1,206,775,000 101,280,000 1,308,055,000 4.60 15.86 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING MAY, 1923, BY CLASSES. Total reduced to a Bankers' acceptances. Trade acceptances. common maturity basis.' Total bills Federal reserve bank. purchased. — Dollar Per cent Foreign. Domestic. exchange. Total. Foreign. Domestic. Total. Amount of total. Boston $9,972,398 $6,956,351 $840,000 $17,768,749 .!$17,768,749 $12,788,572 6.9 New York 81,619,318 30,595,329 6,248,545 118,463,192 $1,289,184 $1,289,184 119,752,376 88.448,594 47.5 Philadelphia... 3,658,934 2,091,149 350,000 6,100,083 6,100,083 14,415,545 7.7 Cleveland 7,209,074 1,892,370 400,000 9,501,444 9,501,444 20,033,718 10.7 Richmond 25,000 794,134 819,134 819,134 1,464,940 .8 Atlanta 2,848,418 1,269,597 75,000 4,193,015 4,193,015 7,025,639 3.8 Chicago 6,287,542 4,512,837 585,000 11,385,379 11,385,379 18,034,319 9.7 St. Louis 972,712 607,000 250,000 1,829,712 1,829,712 2,904,654 1.5 Minneapolis... Kansas City... 75,726 53,272 128,998 128,998 230,390 .1 Dallas 2,507,936 665,987 80,000 3,253,923 3,253,923 5,173,391 2.8 San Francisco. 7,189,435 4,116,812 325,000 11,631,247 11,631,247 15,844,298 8.5 Total: May, 1923 122,366,493 53,554,838 9,153,545 185,074,876 1,289,184 1,289,184 186,364,060 ,186,364,060 100.0 April, 1923.... 135,113,393 48,580,072 9,570,118 193,263,583 1,588,341 1,588,341 194,851,924 May. 1922 114,746,968 32,239,091 3,620,502 150,606,561 150,606,561 April, 1922.... 68,347,551 23,875,815 3,297,242 95,520,608 "204," 243' "264,' 243 95,724,851 'Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (33.02) for system. VOLUME OF ACCEPTANCES PURCHASED DURING MAY, 1S23, BY BATES CF EI£CCLNT CHARGED; AI£O AVERAGE RATES AND MATURITIES. Average Federal reserve bank. 4 per cent. 4J per cent. 4} per cent. 4 c | e p n e t. r 4 c A e p nt e . r 4 c i e p n e t r . 4 c | e p n e t r . Total. (36 ra 5 t - e day m A a v t e u r r a i g t e y. basis). Per cent. Days. $1,673,453 $12,669,919 $2,746,955 $578,767 $68,966 $30,689 $17,768,749 4.20 23.77 107,660,394 8,327,483 1,957,731 462,887 1,124,569 219,312 119,752,376 4.11 24.39 Philadelphia. 2,310,841 2,758 328 996,684 4,230 6,100,083 4.19 78.04 3,697,667 2,952,719 2,451,799 296,859 102,400 9,501,444 4.23 69.63 819 134 819,134 4.31 59.08 2,661,645 644,674 526,923 17,527 342,246 4,193,015 4.19 55.33 6,499,911 1,126,894 2,648,675 574,899 $100,000 435,000 11,385,379 4.23 62.31 St Louis 835,760 875,618 118,334 1,829,712 4.15 52.42 128,998 128,998 4.56 58.98 2 218 869 1 Oil 345 23 709 3,253,923 4.11 52.50 San Francisco 2,988,045 2,548,780 5,900,022 133,025 1,375 11,631,247 4.23 44.98 Total: May, 1923 130,576,585 32,915,760 18,249,966 2,068,194 100,000 2,203,554 250,001 186,364,060 4.16 33.02 April, 1923 124,546,813 36,660,052 9,667,592 1,849,995 2,948,570 185,611 •194,851,924 4.12 44.28 1 Includes $18,993,291 of acceptances purchased at 3J per cent. NOTE.—All Federal reserve banks use 360 days to the year In calculating interest on bills bought in open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

838 FEDERAL KESEKVE BULLETIN. JULY, I92& HOLDINGS OF EARNING ASSETS, BY CLASSES. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATES OF EARN- INGS DURING MAY, 1923. Average daily holdings of— Earnings on— Annual rate of earnings on— All Federal reserve bank. A of l a l e s c a s l e r a n t s s i s n . e g s Dis b c i o ll u s n . ted Pu b rc il h ls a . sed se U c S u t n a r i i t t t e e i s e d . s A of ll e c a l r a n s i s n e g sD e i d s c b o i u ll n s t . - c b h P i a u l s l r e s - . d se U S cu t n a r i t i t t e e i s d es. o c a l s f a i s n e s e a s g t e r s n s . - e c d o D b u is i n - l t l - s. c b h P i a u l s l r s e - . d U s S e t n t i c a e i u t t s e r e . i s d - Percent. Percent,Percent.Percent. Boston 815,251 $42,648, 534,917 $5,632,147 $255,913 $163,241 $71,650 $21,022 4. 4.50 4.11 4.39 New York 257,181,057 177,188, 448,850 13,543,898 957,974 677,096 231,825 49,053 4.50 4.11 4.26 Philadelphia.. 109.618,039 62,582, 249,023 24,737,000 406,948 239,190 77,416 90,153 4.37 4.50 4.09 4.29 Cleveland 115,114,556 54,659, 711,770 18,743,048 420,827 208,960 146,274 65,593 4.30 4.50 4.13 4.12 Richmond 66,053,698 62,478, 234,046 1,340,900 249,511 238,797 8,065 2,649 4.45 4.50 4.25 2.33 Atlanta 59,854,353 29,406, 838,068 609,575 218,555 112,391 103,888 2,276 4.30 4.50 4.10 4.40 Chicago 149,184,385 89,788, 33,484,807 25,911,208 542,730 343,171 116,199 83,360 4.28 4.50 4.09 3.79 St. Louis 60,349,525 32,566, 169,810 16,613,519 224,027 124,476 38,609! 60,942 4.37 4.50 4.07 4.31 Minneapolis... 39,683,129 24,849, 174,981 14,659,050 148,764 94,979 586 53,199 4.41 4.50 3.94 4.27 Kansas City 73,863,370 39,297, 112,353 34,453,847 277,004 150,162 435 126,407 4.42 4.50 4.56 4.32 Dallas 48,672,030 27,331, 058,066 9,282,726 176,055 104,505 41,630 29,920 4. 4.50 4.06 3.80 San Francisco.. 125,376,294 66,169, 245,715 27,961,498 462,532 251,424 109,849 101,259 4.34 4.47J 4.14 4.26 Total: May, 1923.1,173,765,687 708,965,404 271,262,406 193,488,416 4,340,840 2,708,392 946,426 685,833 4.35 4.50 4.11 4.17 April, 1923 1,165,177,583 660,503,223; 274,533,267 230,101,766 4,136,765 2,439,304 919,764 777,550 4.32 4.49 4.08 4.11 May, 1922.1,188,849,317 481,627,272; 103,073,301 604,148,744 4,119,881 1,912,902 306,461 1,900,518 4.08 4. 3.50 3.70 April, 1922 1,190,003,581 576,630,605 93,085,741 520,197,135 4,149,528 2,244,220 292,534 1,612,399 4.25 4.75 3.83 3.77 NOTE.—The figures in the first, fifth, and ninth columns include average daily holdings of municipal warrants, earnings and annual rate of earnings thereon, as follows: Philadelphia, $49,461, $189, and 4.50 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. fEnd of May figures. In thousands of dollars.] Cus- M co e ll m at b e e r r a l b n a o n t k e s s ' . Bankers' acceptances. Trade acceptances. tomer's Fede b ra a l n r k e . serve Total. G s o p e t m o b i c a b o v l e u p y i n e g n r e s r e a t r . n d - - G S o m t e b o i c b o l v e u i y n e g n r s r a e t . n - d - s O e w c t u h is r e e e r d - . m n p C . e a o r e p m c . e i - s r a . l A p t g a u r p r ic a e u l r. l- p L s a t i o p v c e e k r - . p I o m r F t - s o . reig p n E o . r x t - s. m D es o t - ic. p I o m r F t - s o . reig p E n o x . rt - s. m D es o t - ic. Boston 60,817 974 27,082 32,157 514 15 75 New York 188,533 256 147,318 39,973 645 171 170 69,100 324 42,874 25,139 650 113 Cleveland 51,356 566 29,984 45 18,768 565 429 999 62,021 392 24,398 30,623 5,725 69 814 Atlanta 33,712 101 4,119 47 20,676 7,766 747 256 100,245 156 54,597 "71 32,538 12,420 463 43,077 117 18,986 19,212 4,286 267 209 Minnpnpntis 23,769 8 4,621 281 7,023 6,835 4,790 211 47,323 172 19,430 12,363 4,202 11,106 50 Dallas 30,330 75 3,761 545 7,446 10,470 7,874 159 San Francisco 60,451 197 26,316 6,285 17,454 7,555 2,489 7 25 9 114 Total: May 31,1923 770,734 3,338 403,486 7,274 263,372 61,633 27,786 7 25 9 171 3,633 Apr.30,1923 724,993 4,653 381,426 8,041 249,021 52,426 25,658 11 28 65 45 3,619 May 31,1922 471,490 5,009 166,097 12,228 150,224 98,620 33,974 103 5,235 Apr.29,1922 510,104 7,797 177,946 13,000 168,523 100,595 36,680 118 15 5,430 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

839 JDLY, 1923. FEDERAL RESERVE BULLETIN. HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of May figures. In thousands of dollars.] Member banks. Nonmember Branches banks and and Federal reserve banks. Total. b co an rp k o i r n a g - P b r a i n v k a s te . ag f e o n r c e i i e g s n of National. Nonnational tions. banks. Boston 20,349 12,456 4,293 2,294 1,306 New York 79,306 27,513 24,675 11,109 8,890 7,119 Philadelphia.. 19,665 6,786 6,886 3,061 2,494 438 Cleveland 36,929 9,375 11,895 5,142 7,846 2,671 Richmond 2,047 19 1,734 294 Atlanta 23,489 8,913 6,930 3,404 3,269 973 Chicago 29,354 14,178 14,348 794 34 St. Louis 9,693 3,719 4,168 1,013 356 "437 Minneapolis... Kansas City... 129 129 Dallas 9,180 3,731 3,519 795 730 405 San Francisco. 27,391 11,950 6,711 3,297 3,636 1,797 Total: May 31,1923 257,532 98,769 83,425 32,643 28,855 13,840 Apr. 30, 1923 269,955 101,094 88,177 34,796 31,475 14,413 May 31,1922 118,204 53,780 37,750 14,683 6,117 5,874 Apr. 29,1922 90,688 35,334 28,593 12,108 9,201 5,452 Purchased in open market: May 31,1921 257,491 98,762 83,391 32,643 28,855 13,840 Apr.30,1923 269,851 101,063 88,135 34,765 31,475 14,413 May 31,1922 118,101 53,768 37,659 14,683 6,117 5,874 Apr.29,1922 90,570 35,332 28,482 12,103 9,201 5,452 Discounted for member banks: May 31,1923 41 7 34 Apr.30,1923 104 31 42 May 31,1922 103 12 91 Apr. 29, 1922 118 2 111 HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of May figures. In thousands of dollars.] All classes Bankers' acceptances. rrade acceptances. Federal reserve bank. Pur- Dis- Foreign. Foreign. Total. m i c n h a a o r s k p e e e d n t. m co e u f m o n r b te e d r Total. Imports. Exports. Do ti m c. es- c D h e o a x n l - l g a e r . Total. Imports.Exports. Do ti m c. esbanks. 20,424 20,349 75 20,349 10,220 3,200 5,754 1,175 75 75 80,836 80,495 341 79,306 42,410 16,896 16,444 3,556 1,530 1,360 170 Philadelphia 19,778 19,665 113 19,665 11,757 3,515 3,318 1,075 113 113 37,928 36,929 999 36,929 26,826 5,709 3,434 960 999 999 2 861 2 047 814 2 047 190 1 857 814 814 23,745 23,489 256 23,489 13,410 6,598 2 957 524 256 256 29,817 29,354 463 29,354 12,015 7,739 7,573 2,027 463 463 9,902 9,693 209 9,693 4,453 2,234 1,916 1,060 209 209 211 211 211 211 179 129 50 129 76 53 50 50 Dallas 9,339 9,180 159 9,180 4,199 4,084 317 580 159 159 27,505 27,350 155 27,391 16,971 5,099 4,721 600 114 114 Total: May 31 1923 262,525 257,532 142,261 55,340 48,374 11,557 4,993 1,360 3,633 Apr. 30,1923 275,341 269,955 149,891 61,392 46,200 12,472 5,386 1,688 3,698 May 31 1922 . 123 520 118 204 88, 004 26 599 3,601 5,316 81 5,235 Apr 29 1922 96,240 90,688 68,306 19,294 3,088 5,552 122 5,430 Purchased in open market: May 31,1923 258,680 257,491 142,254 55,315 48,365 11,557 1,189 1,189 Apr.30,1923 271,573 269,851 149,880 61,364 46,135 12,472 1,722 1,643 79 May 31,1922 118,182 118,101 88,004 26,496 3,601 81 81 Apr.29,1922.. .... 90,677 90,570 68,306 19,176 3,088 107 107 Discounted for member banks: May 31,1923 3,845 41 7 25 9 3,804 171 3,633 Apr.30,1923 3,768 104 11 28 65 3,664 45 3,619 May 31 1922 5 338 103 103 5,235 5,235 Apr. 29,1922 5,563 118 :::::::: 118 5,-445 15 5,430 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

840 FEDERAL EESEBVE BULLETIN. JULY, 1923. CONDITION OF FEDERAL RESERVE BANKS. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES, FOR JUNE AND MAY, 1923. [Daily averages. Amounts in thousands of dollars.] Total cash reserves. Total deposits. Fed i e n r a c l i r r c e u se la rv ti e o n n . otes Reserve percentages. Federal reserve bank. June. May. June. May. June. May. June. May. 274,667 272,688 128,556 128,293 214,380 206,218 80.1 81.5 New York 1,080,518 1,076,404 718,542 717,101 556,802 567,659 84.7 83.8 Philadelphia ... 230,057 231,770 115,009 117,158 206,394 204,179 71.6 72.1 Cleveland . . . 306,718 298,238 162,396 163,964 231,489 229,504 77.9 75.8 76,304 81,623 60,402 63,105 78,236 79,126 55.0 57.4 140,366 133,032 56,471 58,165 133,951 134,100 73.7 69.2 558,685 553,951 284,525 288,498 403,029 398,054 81.3 80.7 St Louis 94,529 102,371 72,893 74,912 74,457 76,821 64.2 67.5 70,423 73,645 48,694 49,583 54,546 55,514 68.2 70.1 76,139 78,852 83,018 85,034 60,160 60,846 53.2 54.1 Pallas 36,548 37,440 48,923 51,634 27,772 27,625 47.7 47.2 San Francisco 259,349 240,419 151,783 151,431 205,319 203,614 72.6 67.2 Total' 1923 3,204,303 3,180,433 1,931,212 1,948,878 2,246,535 2,243,260 76.7 75.9 1922 . 3,136,308 3,126,773 1,892,591 1,877,269 2,138,430 2,153,053 77.8 77.6 1921 2,605,779 2,541,640 1,723,271 1,717,423 2,682,560 2,787,379 59.1 56.4 1920 2,102,985 2,078,822 1,974,537 1,987,323 3,113,949 3,089,737 >43.3 '42.4 1919 2,248,265 2,246,087 1,940,647 1,944,547 2.500,969 2,534,112 152.6 151.8 i Calculated on basis of net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, MAY 29, AND ON WEDNESDAYS, JUNE 6 TO JUNE 27, 1923. RESOURCES. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P e h lp i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n i e s - . K C a i n t s y a . s Dallas. F S r a a n ncisco. Gold and gold certificates: May 29 341,175 17,274 173,977 24,965 12, ,536 5,917 51,489 3,429 8,055 3,174 10,694 20,943 June 6 346,-- 17,211 180,231 25,225 12,783 8,855 5,973 50,201 3,512 8,073 3,166 10,760 20,810 June 13 346,, 18,182 179,261 25,461 12,470 9,035 6,063 49,529 3,526 8,121 3,199 10,850 20,825 June 20 350,252 18,092 177,746 25,734 17,126 9,326 6,106 48,819 3,905 8,142 3,230 11,088 20,938 June 27 326,334 17,203 156,424 25,992 15,715 9,463 6,158 48,038 3,678 8,173 3,267 ir,321 20,902 Gold settlement fund—F. K. Board: May 29 702,308 57,420 228,535 31,876 78,714 28,860 29,819 134,413 19,745 12,874 30,628 8,195 41,229 June 6 677,179 71,815 212,572 23,346 73,240 29,534 28,899 124,336 19,211 14,225 35,100 11,529 33,372 June 13 678,665 61,880 225,385 28,914 76,702 27,681 23,255 121,654 18,879 12,479 36,9.58 7,961 36,917 June 20 688,063 53,442 267,091 18,020 72,501 28,754 24,909 104,723 11,739 19,174 34,127 8,168 45,415 June 27 691,429 60,030 253,292 21,207 84,155 31,258 22,632 98,858 19,598 18,454 34,007 5,264 42,674 Gold with F. R. agents: May 29 2, Oil, 734 175,235 637,800 167,124 211,701 33,660 89,975 369,501 60,323 47,919 31,815 11,840 174,841 June 6 2,031,421 173,973 637,699 173,346 212,232 32,612 94,384 375,210 52,851 47,919 30,995 12,113 188,087 June 13 2,057,611 176,031 637,550 171,735 212,236 31,359 103,587 383,127 55,447 47,601 30,317 12,260 196,361 June 20 2,033,359 178,773 637,387 166,011 207,662 30,020 102,873 383,005 53,846 36,968 29,960 12,406 194,448 June 27 2,035,011 178,040 637,278 168,336 207,458 28,660 103,046 382,895 53,057 36,56S 29,422 12,923 197,328 Gold redemption fund: May 29 53,545 10,333 7,591 4,808 2,017 4,566 2,377 7,382 3,238 2,128 3,225 1,203 4,677 June6 58,266 11,184 7,014 5,275 2,644 4,812 2,553 10,671 4,146 1,772 3,555 1,072 3,568 June 13 56,459 12,619 11,393 5,911 1,621 5,040 2,856 1,747 4,090 1,819 3,863 1,178 4,322 June 20 57,341 14,233 10,434 6,365 2,486 5,320 2,997 1,777 3 130 2,128 3,704 915 3,852 June 27 57,970 15,257 9,592 6,978 1,515 5,810 2,260 2,742 3,489 2,304 3,850 1,253 2,920 Total gold reserves: May 29 3,108,762 260,262 1,047,903 228,773 304,968 75,773 128,118 562,785 86,735 70,976 68,842 31,932 241,690 June 6 3,113,666 274,183 1,037,516 227,192 300,899 75,813 131,809 560,418 79,720 71,989 72,816 35,474 245,837 June 13 3,139,257 268,712 1,053,589 232,021 303,029 73,115 135,761 556,057 81,942 70,020 74,337 32,249 258,425 June 20 3,129,015 264,540 1,092,658 216,130 299,775 73,420 136,885 538,324 72,620 66,412 71,021 32,577 264,653 June 27 3,110,744 270,530 1,056,586 222,513 308,843 75,191 134,096 532,533 79,822 65,499 70,546 30,761 263,824 Reserves other than gold: May 29 86,735 6,352 17,812 3,758 4,769 6,019 7,523 11,858 17,010 697 3,286 4,164 3,482 June6 84,552 5,963 20,106 4,574 4,455 5,217 6,276 10,675 15,968 579 3,052 4,477 3,210 June 13 87,357 7,275 23,137 4,091 4,375 4,755 5,692 10,514 15,953 590 3,120 4,682 3,173 June 20 85,966 7,352 24,226 3,781 4,474 4,039. 5,758 9,770 15,472 558 2,872 4,592 3,072 June 27 91,735 6,149 26,779 5,273 5,078 3,4741 6,636 10,877 15,004 682 3,326 5,202 3,255 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN". 841 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, MAY 29, AND ON WEDNESDAYS, JUNE 6 TO JUNE 27, 1923—Continued. RESOURCES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Jhicago. Lo S u t. is. M ap i o n l n i e s - . K C a i n t s y a . s Dallas. F S r a a n ncisco. Total reserves: May 29 3,195,497 266,614 1,065,715 232,531 309,737 81,797 135,646 574,643 103,745 71,673 72,128 36,096 245,172 June 6 3,198,218 280,146 1,057,622 231,766 305,354 81,030 138,085 571,093 95,688 72,568 75,868 39,951 249,047 June 13 3,226,614 275,987 1,076,726 236,112 307,404 77,870 141,453 566,571 97,895 70,610 77,457 36,931 261,598 June 20 3,214,981 271,892 1,116,884 219,911 304,249 77,459 142,643 548,094 88,092 66,970 73,893 37,169 267,725 June 27 3,202,479 276,679 1,083,365 227,786 313,921 78,665 140,732 543,410 94,826 66,181 73,872 35,963 267,079 Nonreserve cash: May 29 61,245 10,418 7,326 4,167 4,; 1,: 7,748 6,748 3,938 1,678 3,232 3,778 June6 71,908 14,916 10,981 4,155 4,153 1,970 6,909 7,223 5,271 2,118 3,497 3,536 7,179 June 13 73,860 15,263 10,365 4,592 4,908 2,013 7,279 8,015 5,147 2,012 3,608 4,301 6,357 June 20 68 914 12,490 8,068 4,968 4,087 1,826 6,439 8,569 5,476 2,159 3,883 4,032 6,917 June 27 72,030 14,276 8,128 4,906 3,798 1,905 6,827 8,587 5,789 2,135 4,130 3,910 7,639 Bills discounted: Secured by U. S. Government obligations- May 29 371,533 26,586 127,711 44,378 32,105 25,717 3,507 33,984 17,054 6,505 19,324 2,969 31,693 June 6 384,131 20,802 153,421 42,106 24,584 26,177 3,950 39,193 16,025 4,810 17,954 3,890 31,219 June 13 359,488 21,700 130,194 42,189 34,399 28,562 4,901 33,281 15,265 4,452 16,232 2,942 25,371 June 20 352,733 20,232 105,381 44,342 35,007 27,659 6,607 38,112 17,651 8,986 19,534 3,264 25,958 June 27 383,2971 20,713 120,956 45,820 38,289 27,903 6,259 50,760 17,674 7,282 19,544 2,752 25,345 Other bills discounted— May 29 359,462 30,256 43,414 25,705 22,609 37,072 28,838 46,570 16,926 19,446 27,080 26,453 35,093 June 6 350,790 21,320 40,998 22,317 21,510 36,674 29,760 43,602 23,524 18,760 28,180 27,422 36,723 June 13 348,382 27,004 48,885 20,962 18,966 35,977 24,734 40,549 20,846 19 024 28,503 27,674 35,258 June 20 378,368 34,142 33,464 27,130 24,271 37,469 29,389 46,255 29,918 19,430 30,188 28,562 38,150 June 27 391,666 27,629 39,372 26,560 26,643 38,083 28,916 50,587 23,013 21,11" 29,940 30,982 48,824 Bills bought in open market: May 29 257,818 21,024 75,500 20,003 37,553 2,170 23,998 29,859 9,719 129 9,522 28,341 June6 248,234 19,818 74,058 20,462 35,181 1,945 20,573 28,343 9,821 129 12,642 25,262 June 13 218,618 18,267 52,314 20,119 30,769 1,900 17,057 31,055 9,077 129 12 969 24,962 June 20 205,716 18,028 38,964 19,860 30,592 1,780 12,840 41,471 7,359 129 13,227 21,496 June 27 204,225 18,564 43,712 19,509 27,591 1,778 9,652 43 043 7,061 26 12,638 20,651 V. S. bonds and notes: May 29 152,011 5,529 7,385 24,471 12,328 1,341 553 6,681 14,879 14,936 32,912 3,379 27,617 June 6 141,877 3,637 6,966 24,446 12,653 1,341 488 6,653 11,552 15,129 28,015 3,380 27,617 June 13 125,287 3 897 10,810 17,435 12,740 1,341 24! 8 125 11,152 13,434 25,147 1,779 19,185 June 20 108,563 3,981 10,423 17,367 9,756 1,341 183 9,122 8,101 12,479 24,846 1 779 9,185 June 27 108,158 4,074 9,701 17,66: 10,453 1,341 221 8,357 8,101 12,615 24,664 1,779 9,185 XT. S. certificates of indebtedness: May 29 37,277 5,841 348 7,141 18,573 55 50 233 5,000 24 June 6 40,874 126 14,182 348 7,143 1 18,804 243 24 June 13 32,813 42 5,800 7,493 1 18,749 360 101 243 24 June 20 12,966 128 10,088 19 322 1 2,033 308 65 June 27 26,818 87 21,442 14 347 101 4 505 302 20 Municipal warrants: May 29 55 55 June 6 55; 55 June 13 55! 55 June 20 55i 55 June 27 55 55 Total earning assets: May29 1,178,156 83,400 259,851 114,960 111,736 66,300 56,903 135,667 58,633 40,937 79,678 47,323 122,768 June 6 1,165,961 65,703 289,625 109,734 101,071 66,137 54,772 136,595 60,922 38,702 74,521 47,334 120,845 June 13 1,084,643 70,910 248,003 100,760 104,367 67,780 46,935 131,759 56,700 37,011 70,254 45,364 104,800 June 20 1,058,401 76,511 198,320 108,773 99,948 68,219 49,020 136,993 63,337 40,897 74,762 46,832 94,789 June 27 1,114,219 71,067 235,183 109,625 103,323 69,105 45,149 157,252 56,151 41,014 74,194 48,151 104,005 Bank premises: May 29 51,164 4,434 12,063 715 8,508 2,617 2,524 8,71. 955 1,270 4,936 1,942 2,485 June 6 51,251 4,434 12,066 719 8,550 2,617 2,548 8,71. 955 1,273 1,942 2,496 June 13 51,719 4,434 12,066 719 8,753 2,617 2,581 8,71. 991 1,443 4, 1,946 2 518 June 20 52,215 4,434 12,398 719 8,830 2,617 2,584 8,71. 993 1,471 4,955 1,946 2,553 June 27 52,270 4,434 12,39f 719 8,844 2,617 2,592 8,71. 1,000 1,471 4,954 1,946 2,580 Five per cent redemption fund against F. R. bank notes: May 29 191 100 26 June 6 191 100 26 June 13 191 65 100 26 June 20 191 65 100 26 June 27 193i 65 100 28 Uncollected items: May 29 572,394 51,428 119,439 49,546 65,219 46,9; 21,21' 78,389 31,520 14,648 36,922 21,579 35,529 June 6 609,959! 55,689 122,827 51,608 62,743 56,276! 24,339 84,039 37,394 14,981 37,229 25,526 37,308 June 13 689,539! 67,240 157,935 61,664 76,147 56,229 24,409 88,351 37,320 15,465 37,028 24,388 43,363 June 20 685,812 63,201 145,019 64,085 77,011 58,262 26,745 97,448 34,744 15,911 40,620 21,863 40,903 June 27 583,917 51,47( 128,45' 56,512| 63,536 50,557 20,812 78,720 30,665 13,982 33,527 18,457 37,222 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

842 FEDERAL RESERVE BULLETIN. JOLY, 1923. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, MAY 29, AND ON WEDNESDAYS, JUNE 6 TO JUNE 27, 1923—Continued. RESOURCES—Continued. [In thousands of dollars] San Total. Boston. Y N o e r w k. d P e h lp il h a i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n i e s - . K C a i n t s y a . s Dallas. F ci r s a c n o - . All other resources: May2» 14,734 139 1,820 501 603 403 431 893 291 1,732 1,215 2,220 4,486 14,216 112 1,378 537 606 401 478 930 179 1,782 1,115 2,134 4,564 June 13 14,170 181 1,585 419 619 387 475 1,008 189 1 771 1,083 2,112 4,341 June 20 12,299 100 1,304 200 291 440 479 558 120 1,755 1,002 2,101 3,949 June 27 12,394 102 1,479 229 302 417 472 585 128 1,797 858 2,103 3,922 Total resources: May 29 5,073,381 416,433 1,466,214 402,420 500,183 199,918 224,469 805,120 199,082 131,938 198,211 112,964 416,429 8,111,704 421,000 1,494,499 398,519 482,477 208,431 227,131 808,660 200,409 131,424 197,266 120,449 421,439 June 13 5,140,736 434 0151,506,680 404,266 502,198 206,896 223,132 804,484 198,242 128,312 194,466 115,068 422,977 June 20 5,092,813 428,628 1 481,993 398,656 494,416 208,823 227,910 800,442 192,762 129,163 199,215 113,969 416,836 June 27 5,037,502 418,028 1,469,010 399,777 493,724 203,266 216,584 797,334 188,559 126,580 191,635 110,558 422,447 LIABILITIES. [In thousands of dollars.] Capital paid in: May 29 109,348 8,066 29,184 9,764 12,085 5,724 4,414 15,014 4,933 3,558 4,597 4,197 7,812 June 6 109,363 8,066 29,186 9,764 12,085 5,725 4,415 15,024 4,933 3,558 4,597 4,198 7,812 June 13 109,381 8,066 29,186 9,764 12,085 5,725 4,416 15,030 4,951 3,557 4,589 4,198 7,814 June 20 109,422 8,066 29,206 9,780 12,079 5,725 4,419 15,033 4,951 3,566 4,585 4,198 7,814 June 27 109,427 8,066 29,206 9,780 12,079 5,725 4,419 15,042 4,951 3,567 4,585 4,198 7,809 Surplus: May 29 218,369 16,^12 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 June 6 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 June 13 218,369 16.312 59,800 18,749 23,495 11,288 8,942 9,665 7,473 9,488 7,496 15,263 June 20 218,369, 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,498 15,263 June 27 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Deposits: Government— May 29 41,439 3,965 10,855 2,772 3,191 2,254 2,880 5,060 3,631 1,: 1,341 1,645 2,562 June 6 50,870 3,603 14,723 2,667 1,658 945 1,637 15,861 2,616 1,! 1,380 1,704 2,138 June 13 14,323 447 8,234 51 1,130 231 114 293 1,157 648 577 688 753 June 20 20,764 341 11,365 600 817 2,409 468 296 417 496 1,099 531 1,925 June 27 43,952 3,858 18,954 1,932 1,: 1,391 1,! 3,405 2,079 1,051 1,402 2,590 3,428 Member bank— reserve account— May 29 1,874,106 125,395 680,128 113,529 162,335 62,339 55,974 278,287 68,955 49,045 81,060 47,822 149,237 June 6 1^895,629 124,333 704,990 116,403 159,558 61,073 58,487 276,940 70,029 46,773 79,287 48,827 148,929 June 13 1,913,879 128,854 714,054 114,145 168,025 58,431 56,124 281,643 70 337 45,009 79,712 48,336 149,209 June 20 1,874,220 129,099 700,560 111,368 161,628 58,323 58,292 271,169 69,403 46,139 79,754 46,384 142,101 June 27 1,867,650 122,546 705,323 109,581 162,326 59,875 51,151 276,172 66,372 44,575 77,569 45,205 146,955 Other deposits— May29 36,041 906 16,565 1,040 2,036 765 375 3,960 1,516 1,166 3,149 407 4,156 June 6 29,530 509 16,127 809 1,596 459 357 1,979 893 839 1,562 324 4,076 June 13 28,121 575 15,385 881 1,482 459 233 1,693 766 789 1,490 283 4,085 June 20 26,330 377 15,122 679 1,429 335 184 1,390 707 634 1,065 261 4; 147 June 27 24,997 301 15,091 507 1,251 140 1,302 652 511 823 225 4,008 Total deposits: May 29 1,951,586 130,266 707,548 117,341 167,562 65,358 59,229 287,307 74,102 51,494 85,550 49,874 155,955 June 6 1,976,029 128,445 735,840 119,879 162,812 62,477 60,481 294,780 73,538 49,550 82,229 50,855 155,143 June 13 1 956,323 129,876 737,673 115,077 170,637 59,121 56,471 283,629 72,260 46,446 81,779 49,307 154,047 June 20 1,921,314 129,817 727,047 112,647 163,874 61,067 58,944 272,855 70,527 47,269 81,918 47,176 148,173 June 27 1,936,""" 126,705 739,368 112,020 165,446 61,452 53,284 280,879 69,103 46,137 79,794 48,020 154,391 F.R. notes in actual circulation: May 29 2,250,217 211,291 566,030 206,755 233,232 77,243 133,656 402,403 75,455 54,367 59,915 26,768 203,102 June 6 2.250,213 214,846 568,599 202,694 227,403 77,997 133,502 401,993 74,900 54,936 60,432 28,045 204,866 June 13 2,235,755 213,763 555,158 204,884 232,872 78,223 133,735 399,386 73,911 54,373 59,745 27,264 202,441 June 20 2,222,352 214,194 547,527 201,381 225,330 77,128 134,004 400,752 73,702 54,776 60,371 27,831 205,356 June 27 2,226,954 216,027 533,713 206,686 233,504 77,251 133,190 404,058 73,214 54,391 59,946 27,561 207,413 F. R. bank notes in circulation—net liability: May 29 1,752 625 743 384 June 6 1,628 753 490 385 June 13 1,410. 697 320 393 June 20 1, 756 219 514 June 27 1,548 837 203 508 Deferred availability items: May 29 524.323 49,695 99,684 48,556 62,245 39,466 17,260 67,699 33,908 13,883 37,054 22,281 32,592 June 6 537,938 52,523 97,160 46,093 55,125 50,065 63,903 36,349 14,761 39,095 27,454 36,577 June 13 601,040 65,178 120,964 54,482 61,513 51,651 18,593 73,480 36,413 15,225 37,584 24,375 41,582 June 20 601,028 59,379 114,597 54,696 67,977 52,669 20,619 78,645 32 785 14,892 41,637 24,705 38,427 June 27 525,165 50,055 102,954 51,085 57,488 46,568' 15,751 64,051 30,474 13,823 36,581 20,683 35,652 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 843 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON TUESDAY, MAY 29, AND ON WEDNESDAYS, JUNE 6 TO JUNE 27, 1923—Continued. LIABILITIES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. L ' o S u t i . s. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . All other liabilities: May 29 17,786 803 1,255 1,564 839 968 1,674 1,019 1,163 864 1,964 1,705 June 6 18,164 808 3,914 1,340 1,657 879 958 1,809 1,024 1,146 935 2,016 1,778 June 13 18,458 820 3,899 1,310 1,596 888 975 l,f 1,042 1,238 961 2,035 1,830 June 20 18,839 860 3,816 1,403 1,661 946 982 2,1 1,132 1,187 997 2,049 1,803 June 27 19,440 863 1,457 1,712 982 998 2,069 1,152 1,189 1,038 2,092 1,919 Total liabilities: May 29 5,073,381 416,433 1,466,214 402,420 500,183 199,918 224,469 805,120 199,082 131,938 198,211 112,964416,429 June 6 5,111,701 421,000 1,494,499 398,519 482,477 208,431 227,131 200,409 131,424 197,266 120,449421,439 June 13 5,140,736 434,015 1,506,680 404,266 502,198 206,896 223,132 804,484 198,242 128,312 194,466 115,068422,977 June 20 5,092,813 428,628 1,481,993 398,656 494,416 208,823 227,910 800,442 192,762 129,163 199,215 113,969416,836 June 27 5,037,502 418,028 1,469,010 399,777 493,724 203,266 216,584 797,334 188,559 126,580 191,635 110,558422,447 MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities combined— per cent: May 29 76.1 78.1 83.7 71.7 77.3 57.4 70.3 83.3 69.4 67.7 49.6 47.1 68.3 June 6 75.7 81.6 81.1 71.8 78.3 57.7 71.2 82.0 64.5 69.5 63.2 50.6 69.2 June 13 77.0 80.3 83.3 73.8 76.2 56.7 74.4 83.0 67.0 70.0 54.7 48.2 73.4 June 20 77.6 79.0 87.6 70.0 78.2 56.1 73.9 81.4 61.1 65.6 51.9 49.6 75.7 June 27 76.9 80.7 85.1 71.5! 78.7 56.7 75.5 79.3 66.6 65.8 52.9 47.6 73.8 Contingent liability on bills purchased for foreign correspondents: May 29 29,245 2,152 8,327 2,468| 3,099 1,492 1,176 3,988 1,263 976 1,234 1,033 2,037 June 6 29,243 2,196 7,900 2.818J 3,162 1,522 1,200 4,070 1,288 995 1,259 1,054 2,079 June 13 33,485 2,196 12,142 2,518; 3,162 1,522 1,200 4,070 1,288 995 1,259 1,054 2,079 June 20 33,500 14,088 2,518! 3,162 1,785 1,200 4,072 1,288 995 1,259 1054 2,079 June 27 33,539 11,091 2,9521 3,707 1,785 1,407 4,771 1,510 1,167 1,476 1,236 2,437 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANES COMBINED. [In thousands of dollars.] From 91 Total. Wi d t a h y in s . 15 1 d 6 a t y o s 3 . 0 3 d 1 a t y o s 6 . 0 6 d 1 a t y o s 9 . 0 d m ay o s n t t h o s. 6 m O o v n e t r h 6 s. Bills discounted: May 29 730,996 508,360 54,923 82,487 44,549 39,988 688 June 6 734,921 508,613 51,960 83,421 47,569 42,862 496 June 13 707,865 484,315 51,647 80,784 45,924 44,685 510 June 20 . 731,101 489,821 55,058 85,413 53,297 47,198 314 June27 774,963 524,586 56,282 83,480 61,403 48,853 359 Bills bought in open market: May 29. 257,818 89,430 61,748 74,037 23,972 8,631 248,234 98,320 57,945 57,045 28,686 6,238 June 13 218,618 83,411 63,387 44,419 32,082 5,319 June 20 205,716 79,163 53,611 41,260 25,240 6,442 June 27 204,225 77,785 47,013 36,906 37,723 4,798 United States certificates of indebtedness: May 29 37,277 4,846 1,643 1,530 29,258 40,874 11,103 5,865 23,906 June 13 32,813 2,695 5,933 24,185 June 20 12,966 10,088 186 2,212 480 June 27 . . 26,818 21,529 177 3,432 1,680 Municipal warrants: May 29 55 55 55 40 15 June 13 55 40 15 55 40 15 55 40 15 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

844 FEDERAL EESEBVE BULLETIN. JULY, 1923. FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON TUESDAY, MAY 29, AND ON WEDNESDAYS, JUNE 6 TO JUNE 27, 1923. [In thousands of dollars.] Total. Boston. Y N o ew rk - . d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. C g h o i . ca- Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. c F S i r s a a c n n o - . Net amount of F. R. notes received from Comptroller of the Currency: May 29 3,467,464 311,122 1,052,367 284,632 282,038i 115,358 218,995 564,835 120,868 70,410 99,372 49,503 297,964 June6 3,472,137 309,860 1,056,880 283,353 282,7691 115,271 218,403 567,197 119,396 70,409 102,152 49,276 297,171 June 13 3,495,810 320,318 1,058,238 286,743 285,874 114,018 217,607 570,048 118,901 70,772 102,073 50,923 300,205 June 20 3,493,556 318,060 1,063,884 285,019 284,469! 112,679 219,893 564,485 117,892 70,138 101,717 50,569 304,751 June 27 3,511,965 316,327 1,066,033 285,966] 112,779 219,065 569,134 117,102 69,739 101,179 50,686 315.012 F.R. notes on hand: May 29 852,258 86,950 318,340 44,200 31,2201 29,810 80,148 117,300 25,890 12,168 30,563 20,269 55,400 June6 836,909 81,350 318,340 40,200 31,2201 29,450 79,940 117,300 25,890 10,982 33,563 18,574 50,100 June 13 855,454 88,650 318,340 45,200 33,120 28,210 78,650 121,700 25,890 12,457 32,763 20,374 50,100 June 20 842,054 85,250 318,340 43,600 31,220! 27,810 80,480 112,700 25,440 11,157 32,763 19,694 53,600 June 27 846,824 81,450 318,340 44,400 30,520[ 27,870 81,450 113,300 25,440 10,997 31,963 19,894 61 200 F. R. notes outstanding: May 29 2,615,206 224,172 734,027 240,432 250,8181 85,548 138,847 447,535 94,978 58,242 68,809 29,234 242,564 June 6 2,635,228 228,510 738,540 243,153 251,549 85,821 138,463 449,897 93,506 59,427 68,589 30,702 247,071 June 13 2,640,356 231,668 739,898 241,543 252,754 85,808 138,957 448,348 93,101 58,315 69,310 30,549 250,105 June 20 2,651,502 232,810 745,544 241,419 253,249 84,869 139,413 451,785 92,452 58,981 68,954 30,875 251,151 June 27 2,665,141 234,877 244,543 255,446 84,909 137,615 455,834 91,662 58,742 69,216 30,792 253,812 Collateral security for F. R. notes outstanding: Gold and gold certificates— May 29 314,899 25,300 235,531! 7,000 13,275 2,400 11,880 13,052 6,461 June6 314,899 25,300 235,531 7,000 13,275 2,400 11,880 13,052 6,461 June 13 318,899 29,300 235,531 7,000 13,275 2,400 11,880 13,052 6,461 June 20 319,429 34,300 235,531 7000 8,805 2,400 11,880 13,052 6,461 June 27 320,429 35,300 235,531 7,000 8,805 2,400 11,880 13,052 6,461 Gold redemption fund- May 29 118,977 11,935 31,269 13,735 13,426 1,865 4,575 15,856 3,943 2,867 3,455 1,379 14,672 June 6 128,937 20,673 31,168 12,457 13,957 3,817 3,984 11,565 3,471 2,867 2,635 1,652 20,691 June 13 129,635 18,731 31,019 15,846 13,961 2,564 7,187 11,483 3,067 2,549 1,957 1,799 19,472 June 20 124,088 16,473 30,856 14,122 13,857 4,225 6,473 11,360 2,966 1,916 1,600 1,945 18,295 June 27 118,451 14,740 30,747 12,447 13,653 2,865 5,646 11,251 3,177 1,516 3,062 2,462 16,885 Gold fund—F. R. Board- May 29 1,577,858 138,000 371,000 146,389 185,000 31,795 83,000 353,645 44,500 32,000 28,360 4,000 160,169 June6 1,587,585 128,000 371,000 153,889 185,000 28,795 88,000 363,645 37,500 32,000 28,360 4,000 167,396 June 13 1,609,077 128,000 371 000 148,889 185,000 28,795 94,000 371,644 40,500 32,000 28,360 4,000 176,889 June 20 1,589,842 128,000 371,000 144,889 185,000 25,795 94,000 371,645 39,000 22,000 28,360 4,000 176,153 June 27 1,596,131 128,000 371,000 148,889 185,000 25,795 95,000 371,644 38,000 22,000 26,360 4,000 180,443 Eligible paper- Amount required- May 29.. 603,472 48,937 96,227 73,308 39,117 51,888 48,872 78,034 34,655 10,323 36,994 17,394 67,723 June6... 603,807 54,537 100,841 69,807 39,317 53,209 44,079 74,687 40,655 11,508 37,594 18,589 58,984 June 13.. 582,745 55,637 102,348 69,808 40,518 54,449 35,370 65,221 37,654 10,714 38,993 18,289 53,744 June 20.. 618,143 54,037 108,157 75,408 45,587 54,849 36,540 68,780 38,606 22,013 38,994 18,469 56 703 June 27.. 630,130 56,837 110,415 76,207 47,988 56,249 34,569 72,939 38,605 22,174 39,794 17,869 56,481 Excess amount held— J J M u u a n n y e e 6 2 1 . 9 3 . . . . . . 3 3 4 4 6 2 , , 3 9 6 7 0 8 2 7 8 , , 4 9 0 29 3 1 14 3 7 0 , , 5 4 8 1 4 5 2 2 , , 4 6 7 7 7 9 5 4 2 1 , , 5 4 1 8 0 1 1 9 0 , , 9 8 8 28 4 1 7 0 , , 3 0 2 6 8 5 3 3 2 6 , , 3 4 3 4 4 7 8 8 , , 7 4 6 9 0 0 1 11 5 , , 6 2 6 9 3 4 8,661 2 25 1 , , 2 5 8 0 7 5 2 33 6 , , 4 2 3 4 6 9 June 20.. 310,501 11,334 108,272 4,818 43,047 10,351 11,210 39,628 7,285 12,401 5,863 25,241 31,051 June 27.. 271,310 18,365 43,702 2,902 38,940 10A7l 12,197 57,045 5,942 10,845 26,470 27,749 308,347 10,069 4,!— 43,596 10,161 71,449 5,726 9,716 28,395 37,503 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOLT, 1923. FEDERAL RESERVE BULLETIN. 845 CONDITION OF REPORTING MEMBER BANKS IN LEAPING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANES IN LEADING CITIES ON WEDNESDAYS FROM MAY 23 TO JUNE 20, 1923. ALL EEPOETING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . A t tl a a . n- Ihicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Number of reporting banks: May 23 774 109 82 106 52 66 May29-30 774 109 106 52 June 6 774 109 106 52 June 13 774 109 106 52 June 20 774 109 39 106 52 66 Loans and discounts, gross: Secured by U. S. Government obligations- May 23 262,006 12,963 85,507 17,688 33,143 10,788 7,795 41,685 16,120 8,015 7,997 5,526 14,779 May 29-30 266,535 13,173 88,703 18,216 32,559 11,091 7,820 41,429 14,473 11,256 7,455 5,400 14,960 June6 261,162 13,068 90,597 18,411 31,603 10,629 7,886 41,340 12,328 8,032 7,364 5,412 14,492 June 13 259,429 13,134 88,839 18,530 32,237 10,715 7,905 40,607 11,727 7,997 7,614 5,378 14,746 June 20 252,182 13,673 84,414 18,374 31,594 10,855 7,818 39,366 11,931 8,061 7,456 3,994 14,646 Secured by stocks and bonds- May 23 3,804,359 235,583 ,660,933 257,382 394,633 125,251 63,306 588,480 135,001 52,043 78,317 46,790 166,640 May 29-30 3,799,544 240,381 249,002 404,809 121,065 62,612 584,887 135,116 54,522 78,979 46,927 173,040 June 6 3,807,487 245,851 ,644,145 250,260 406,558 120,064 63,540 589,437 138,289 54,914 78,484 46,709 169,236 June 13 3,785,861 242,514 ,640,080 250,396 400,758 120,278 63,865 574,288 140,983 53,899 77,938 49,176 171,686 June 20 3,755,352 245,145 ,600,223 254,465 400,923 120,387 62,649 575,846 141,062 54,437 79,171 50,105 170,939 All other loans and discounts- May 23 7,825,733 624,1542,482,059 343,873 686,503 326,639 335,984 ,170,214 303,995 179,547 361,681 196,045 815,039 May 29-30 7,773,756 607,8382,460,154 348,056 692,362 327,174 335,798 , 156,000305,957 174,319 360,456 195,820 809,822 June 6 7,739,623 609,9202,439,583 349,693 685,209 325,426 332,651 , 143,714302,269 177,543 360,417 197,014 816,184 June 13 7,777,896 622,110077 22,,448,829 356,090 689,458 324,628 335,855 , 147,213299,806 179,731 359,958 194,345 819,876 June 20 7,782,860 614,3232,456,838 356,837 686,450 323,509 341,219 ,146,200 300,757 177,740361,432 193,746 823,809 Total loans and discounts: May 23 11,892,098 872,700 4,,228,499 618,943 ,114,279 462,678 407,085 ,800,379 455,116 239,605 447,995 248,361 996,458 May 29-30 11,839,835 861,392 4,,197,061 615,274., 129,730 459,330 406,230 ,782,316 455,546 240,097 446,890 248,147 997,822 June 6 11,808,272 868,839 4,,174,325 618,364 ,123,370 456,119 404,077 ,774,491 452,886 240,489 446,265 249,135 999,912 June 13 11,823,186 877,755 4,177,748 625,016 ,122,453 455,621 407,625 ,762,108 452,516 241,627 445,510 248, 8—991,006,308 June 20 11,790,394 873,1414!,141,475 629,676 ,118,967 454,751 411,686 ,76i;412 453,750 240,238 448,059 247,8451,009,394 U. S. pre-war bonds: May 23 282,412 12,567 48,535 11,043 47,571 30,335 14,381 25,362 15,332 8,771 11,921 20,118 36,476 May 29-30 279,391 12,899 11,033 47,112 30,331 12,880 25,165 15,332 8,786 11,921 20,118 35,329 June6 278,514 12,568 48,485 11,033 48,130 30,327 12,881 24,662 15,332 8,801 11,920 20,043 34,332 June 13 279,928 12,569 48,405 11,003 48,130 30,335 12,981 24,686 15,336 8,761 11,921 20,056 35,745 June 20 280,371 12,561 48,405 11,003 4S, 130 30,349 12,981 24,950 15,335 8,761 11,921 20,226 35,749 V. S. Liberty bonds: May 23 1,005,515 78,380 429,646 46,479 117,374 31,920 14,699 92,655 22,614 11,815 45,536 14,641 99,758 May29-30 1,001,685 78,495 427,802 46,481 116,312 31,877 14,484 91,861 21,792 11,817 44,912 14,545 101,307 June 6 1,013,180 78,617 437,227 46,715 115,435 31,845 14,276 92,750 22,422 11,738 46,079 14,305 101,771 June 13 1,018,292 79,156 441,819 45,675 116,121 32,428 13,859 92,129 23,450 11,783 46,768 14,667 100,437 June 20 1,031,202 79,118 450,676 45,470 116,226 32,309 14,491 93,797 23,040 12,508 47,644 14,884 101,039 U. S. Treasury bonds: May 23 97,674 5,315 31,313 3,961 7,007 5,052 2,25' 12,821 9,360 1,225 4,637 2,239 12,487 May29-30 98,410 5,760 31,485 3,972 6,724 4,598 2,119 12,711 9,024 1,225 4,912 2,239 13,641 June 6 , 97,260 5,308 31,078 4,001 6,792 4,591 2,057 12 577 9,043 1,295 4,815 2,239 13,464 June 13 , 98,473 5,161 30,791 3,993 6,784 4,596 2,174 14,030 9,024 1,285 5,188 2,239 13,208 June 20 95,658 5,163 30,652 3,979 6,556 4,529 2,058 12,148 8,943 1,285 4)776 2,380 13,189 U. S. Treasury notes: May 23 1,018,959 29,112 556,233 61,622 61,410 12,94; 7,029 130,709 32,222 30,310 24,743 18,173 54,449 May 29-30 991,751 30,298 557,233 60,185 57,966 11,288 7,175 126,509 23,257 29,271 24,019 17,113 47,437 June 6 997,858 29,529 552,005 59,378 61,954 10,003 7,281 136,937 24,886 29,877 23,439 17,152 45,417 June 13 988,734 28,950 549,654 60,281 61,962 9,824 8,224 132,180 23,994 29,611 22,716 17,119 44,219 June 20 983,591 28,829 540,460 60,058 61,696 9,673 7,643 134,695 26,895 28,621 22,700 16,677 45,644 U. S. certificates of indebtedness: May 23 129,026 4,264 35,831 5,949 10,780 2,979 9,255 24,409 4,504 2,123 8,008 7,180 13,744 May 29-30 129,732 4,149 32,270 6,665 11,405 3,002 8,387 23,628 7,854 2,973 7,856 6,567 14,976 June 6 131,898 3,882 36,323 7,571 8,767 2,865 8,822 23,761 11,029 2,189 7,806 6,072 12,811 June 13 130,251 3,804 35,287 6,222 8,110 2,821 8,653 26,266 10,490 2,103 7,584 6,390 12,521 June 20 159,606 14,068 39,517 7,466 10,537 4,703 11,338 26,500! 9,732 4,204 7,457 7,323 16,761 Other bonds, stocks, and securities: May 23 2,132,751 174,836 711,039 183,712 283,730 51,012 36,707 353,068 87,739 29,224 57,67 9,079 154,931 May29-30 2,148,937 174,936 713,108 184,798 284,576 50,742 35,633 358,607 89,284 29,219 60,335 9,036 158,663 June 6 2,139,604 174,432 714,459 183,939 282,730 51,119 37,488 352,908 88,586 31,188 58,423 9,418 154,914 June 13 2,133,008 174,197 711,403 184,503 282,896 51,099 37,174 351,398 87,635 28,905 57,708 9,307 156,786 June 20 2,140, 159 174,265 715,664 185,477 285,066 51,303 38,178 88,09" 57,956 9,299 157,365 Total loans and discounts and investments: May 23 16,558,435 1,177,17,6,041,096 931,7091,642,151 596,923 491,41 2,439,403 323,07 600,51 319,1,7911,368,301 May29-30 16,489,741 1,167,92s6,007,444928,4081,653,825 591,16f 486,90S2,420,797 622,08U 323,38 600,84i 317,',76511,,369,175 June 6 16,466,586 1,173,17S5,993,902 931,001"1 ,"64'"7 ,1"7"8 586,869 486,8852,418,086 624,184 325,577 598,74; 318,36411,362,621 June 13 16,471,872 1,181,5955,995,107 936,6931,646,456 586,724 490,6902,402,797! 622,445 324,072 597,395 318,6771.,369,224 June 20 16,480,98 1,187,"1455-,, 966,849943,1291,647,178' 587,61 498,3752,402,190 625,79 324,418 600,51 318,634 IL!. 379.141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

846 FEDERAL EESEKVE BULLETIN. JULY, 1923. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM MAY 23 TO JUNE 20, 1923—Continued. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . A t t a la . n- Chicago. Lo S u t. is. M ap i o n l n i e s. - Dallas. F c S i r s a a c n n o - . Reserve balance with F. R. banks: May 23 1,431,523 85,514 637,691 70,450 115,184 33,995 33,360 214,658 44,673 23,204 48,976 23,252 100,566 May 29-30 1,385,551 83,888 610,337 71,075 108,595 37,551 32,462 203,569 39,501 23,227 49,725 24,147 101,474 June 6 1,405,889 81,957 634,937 72,212 107,855! 35,097 36,882 220033,113300 40,149 21,174 46,877 25,081 100,538 June 13 1.419,551 87,582 642,602 70,211 114,944 33,779 34', 027 208,233 40,535 19,289 47,038 24,873 96,438 June 20 1,397,116 631,422 67,602 108,745 33,938 36,9531 200,833 40,2241 20,782 47,153 23,296 97,363 Cash In vault: May 23 283,080 18,630 80,435 16,383 32,112 13,086 10,534 54,517 8,308 6,205 12,605 8,916 21,349 May 29-30 281,879 18,232 81,340 15,909 29,740 13,287 9,822 55,505 8,352 5,904 12,566 8,837 22,385 June 6 293,097 19,637 83,795 15,969 32,646 14,168 10,737 57,790 8,592 6,341 12,292 21,522 June 13 290,235 19,930 81,654 16,783 31,129 13,910 10,530 58,795 8,225 6,185 12,761 21,130 June 20 279,247 19,203 79,284 15,737 31,112 13,585 9,796 55,346 8,006 5,807 12,050 8,738 20,583 Net demand deposits: May23 11,216,130 815,4944,722,163 694,068 926,217324,364 277•,,063 1,519,635 363,094 196,486 432,798 219,452 725,296 May 29-30 11,172,706 804,68814,688,737 692,381 926,211 327,578 276i , 062 1,,516,121 358,883 205,822 431,957 220,570 723,696 June 6 11,171,818 811,00114,692,004 699,200 939,142325,644 278,0991,,502,692 357,318 204,574 423,875 222,015 716,254 June 13 11,320,130 832,196 4,751,967 705,176 938,103 324,356 282,053 I,!525,465 359,942 203,899 436,635 224,007 736,331 June 20 11,094,097 813,3014,694,349 684,185 919,721 321,940 275,167 I,!481,359 342,769 196,367 425,908 216,919 722,112 Time deposits: May 23 3,986,993 255,128 907,696 97,480 558,014 158,201 169,166 786,296 184,047 84,298 128,444 75,821 582,402 May29-30 4,004,052 255,636 914,493 98,009 561,869 156,853 171,881 785,341 183,678 84,249 131,807 73,667 586,569 June 6, 3,999,063 255,315 907,626 101,125 561,627 155,715 176,129 780,708 181,949 84,456 131,788 73,782 588,843 June 13 3,991,008 255,863 900,193 100,996 562,332 154,878 178,181 782,466 181,536 83,123 132,290 74,069 585,081 June 20 3,995,750 257,184 899,464 102,741 561,822154,230 178,250 784,521 181,915 83,979 131,779 75,125 584,740 Government deposits: May 23....f. 282,141 23,735 108,420 21,039 21,903 9,965 10,026 38,384 12,899 5,061 5,618 6,476 18,615 May 29-30 191,646 16,576 67,196 13,495 14,171 6,940 6,599 33,661 11,022 3,512 3,566 3,077 11,831 June 6 146,785 13,263 53,710 10787 10,655 5,426 5,210 21,438 8,819 2,795 2,814 2,463 9,405 June 13 , 146,715 13,263 53,710 10,787 10,572 5,406 5,278 21,404 8,819 2,795 2,814 2,462 9,405 June 20 255,582 31,874 82,518 21,377 15,705 10,191 11,124 34,782 11,793 5,765 4,053 5,740 20,660 Bills payable and rediscounts with F. E. banks: Secured by U. S. Government obligations- May 23 259,134 8,515 112,749 18,780 24,701 14,692 1,320 20,713 7,163 5,030 17,857 1,1 25,725 May 29-30 258,448! 12,187 106,230 19,818 20,923 16,184 1,481 21,376 9,170 5,630 17,598 1,239| 26,612 June 6 278,6841 6,865 133,885 19,278 14,762 16,365 1,309 28,402 9,104 3,950 16,278 2,379 26,107 June 13 "1,592 7,511 111,064 19,461 24,953' 17,905 1,698 21,742 8,860 3,515 14,527 1,053 20,303 June 20 5,350 87,039 21,509 25,251 17,316 3,494 26,713 11,577 7,""" 17,596 1,321 20,734 All other- May 23 176,543 10,404 21,739 19,359 15,987 22,123 10,328 25,402 9,591 6,549 13,522 4,444 17,095 May 29-30 200,683 23,192 34,583 20,524 17,546 19,301 10,981 22,744 9,484 5,595 14,681 6,245 15,717 June6 192,733 15,206 32,477 17,126 16,244 19,023 12,710 20,719 15,783 4,519 15,876 6,101 16,949 June 13 188,553 21,996 40,473 16,489 14,034 18,088 7,160 17,516; 12,853 2,281 15,732 6,652 15,279 June 20 216,292 28,249 25,612 22,518 19,436 18,995 11,350 22,928j 21,392 4,464 17,302 6,376 17,670 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: May23... 259 10 6 48 13 6 15 8 15 May29-30 259 10 6 48 13 6 15 8 15 June 6 259 10 6 48 13 6 15 8 15 June 13 259 10 6 48 13 6 15 8 15 June 20. 259 10 6 48 13 6 15 8 15 Loans and discounts, gross: Secured by TJ. S. Government obligations— May 23 171,800 10,314 76,450 15,816 6,248 2,121 2,039 32,367 12,278 4,757 2,301 1,624 5,485 May 29-30 177,070 10,537 80,078 16,350 6,101 1,927 2,072 32,413 10,690 7,987 1,834 1,485 5,596 June 6 173,943 10,433 82,048 16,613 6,046 1,921 2,219 32,459 8,535 4,769 1,871 1,478 5,551 June 13 171,922 10,515 80,150 16,644 6,902 2,090 2,120 31612 8,198 4,756 1,876 1,473 5,586 June 20 165,414 10,980 75,344 16,460 6,302 2,058 1,937 30,272 8,371 4,834 1,889 1,470 5,497 Secured by stocks and bonds— May 23 2,753,319 1791,,5351,,475,033 235,498 149,873 19,166 10,838 450,208 96,631 31,719 20,028 11,672 73,118 May 29-30 2,750,786 183[,,0731,468,210 226,593 161,636 18,913 H,007 447,605 96,371 31,830 20,152 11,244 74,152 June 6 2,756,521 187',,597 I.!,463,825 226,622 161,090 17,833 U 526 452,561 98,605 31,916 20,000 11,132 73,814 June 13 2,731,745 185i,,776 1."',461,276226,855 154,130 17,791 10,990 437,401100,889 32,329 19,402 11,283 73,623 June 20 2,702,847 188,31311,421,837 230,063 156, r 17,817 11,147 436,529100,719 32,415 21,073 n,648 74,778 All other loans and discounts- May 23 4,854,234 480,6512!, 168,801310,004 312,522 66,971 58,237 696,494172,498 81,470 118,150 48,394 340,042 May 29-30 4,804,414 465,i, 176 !2,144,501 313,908 312,180 67,523 57,722 686,538174,364 76,584 118,259 48,170 339,489 June 6 4,767,857 4691,,560 2';120,858 316,264 307,803 66,629 55,609 673,647171,618 80,017 117,441 47,263 341 148 June 13.; 4,806,562 4791,,973 2i;, 131,804322,249 312,961 65,593 58,099 677,476170,374 80,915 118,507 46,839 341,772 June 20 4,803,070 474I 060 3!, 142,532322,795 312,026 64,901 58,443 668,387172,394 78,044 117,077 019 345,392 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL KESERVE BULLETIN. 847 PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM MAY 23 TO JUNE 20, 1923—Continued. REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.! Boston. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . At ta la . n- Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Total loans and discounts: May 23 7,779,353 670,500 3,720,284 561,318 468,643 88,258 71,114 1,179,069 281,407 117,946 140,479 61,690 418,645 May 29-30 7,732,270 658,786 3,692,789 556,851 479,917 88,363 70,8011,166,556 281,425 116,401 140,245 60,899 419,237 June6 7,698,321 667,590 3,,666,731 559,499 474,939 86,383 69,3541,158,667 278,758 116,702 139,312 59,873 420,513 June 13 7,710,229 676,264 3,673,230 565,748 473,993 85,474 71,2091,146,489 279,461 118,000 139,785 59,595 420,981 June 20 7,671,331 673, 353 3 569,318 474,836 84,776 71,5271,135,188 281,484 115,293 140,039 60,137 425,667 U. S. pre-war bonds: May 23 98,822 2,114 37,884 6,868 4,530 1,805 2,857 3,963 8,222 3,031 2,050 5,040 20,458 May 29-30 97,983 2,114 37,834 6,858 3,715 1,805 2,857 3,983 8,222 3,031 2,050 5,040 20,474 June6 2,115 37,834 6,858 4,530 1,805 2,857 3,985 8,222 3,031 2,050 5,065 20,477 June 13 2,116 37,754 6,858 4,530 1,805 2,857 4,008 8,226 3,031 2,050 5,093 20,475 June 20 98,847 2,108 37,754 6,858 4,530 1,805 2,857 4,004 8,225 3,031 2,050 5,148 20,477 TJ. S. Liberty bonds: May23 589,902 34,071 366,419 35,086 22,832 4,012 273 35,465 15,044 5,293 20,233 4,503 46,671 May 29-30 588,518 34,319 365,261 35,087 22,908 4,016 273 34,861 14,247 5,284 19,665 4,503 48,094 June6 599,717 34,098 374,559 35,314 23,025 4,015 273 35,700 14,734 5,284 20,171 4,500 48,044 June 13 603,490 34,321 378,915 34,264 23,070 4,560 273 35,022 15,230 5,336 20,248 4,500 47,751 June 20 611,797 34,384 34,051 23,485 4,588 273 36,508 14,707 6,380 20,808 4,499 48,121 U. S. Treasury bonds: May 23 50,409 2,652 21,870 3,060 849 467 452 5,653 7,574 665 734 1,103 5,330 May29-30 50,859 2,730 22,129 3,071 845 346 90 5,576 7,565 665 925 1,103 5,814 June6 50,269 2,727 21,742 3,100 829 341 90 5,506 7,610 665 907 1,103 5,649 June 13 51,041 2,730 20,787 3,092 829 341 90 6,902 7,615 655 1,103 5,629 June 20 48,657 2,732 20,647 3,078 783 341 90 5,058 7,633 655 1,103 5,639 XT. S. Treasury notes: May 23 764,281 21,578 519,095 57,026 9,544 1,870 479 78,103 21,457 12,485 9,066 7,466 26,112 May 29-30 748,297 22,984 520,269 56,012 9,490 1,758 372 74,798 13,443 12,406 8,451 6,540 21,774 June6 754,063 22,127 515,248 55,359 9,941 1,757 372 86,803 15,112 12,198 8,372 6,570 20,204 June 13 742,293 21,860 511,101 56,371 8,942 1,757 372 82,031 14,366 12,149 7,381 6,548 19,415 June 20 ; 736,951 21,835 501,982 55,879 9,021 1,557 372 84,511 17,232 12,377 7,323 5,933 18,929 U. R. certificates of indebtedness: May 23 61,123 1,042 30,938 5,240 2,235 502 2,208 8,262 2,749 1,338 509 4,012 2,088 May29-30 61,635 1,332 27,381 5,956 2,235 502 1,800 7,849 5,834 1,338 351 3,709 3,348 June6 69,392 930 31,850 6,086 2,235 502 1,779 8,008 9,203 1,388 332 3,714 3,365 June 13 69,180 838 31,439 5,957 2,235 502 1,779 8,366 9,226 1,378 266 3,778 3,416 June 20 82,246 11,708 34,699 6,486 3,245 151 1,476 7,244 7,498 1,883 874 4,187 2,795 Other bond stocks and securities: May 23 1,138,784 81,992 511,303 147,155 65,413 5,161 4,046 175,128 55,415 13,192 10,833 2,005 67,141 May 29-30 1,151,534 81,705 514,060 147,995 67,241 5,042 3 874 179,937 56,619 13,139 13,127 2,006 69,789 June6 1,144,347 81,028 514,565 147,454 65,256 5,121 4,222 176,653 56,055 13,244 10,788 2,022 67,939 June 13 1,140,848 80,849 512,829 147,859 64,933 5,080 3,861 174,969 55,465 12,962 10,538 2,022 69,481 June 20 , 1,143,176 513,799 148,908 66,732 5,143 3,853 172,177 55,826 13,024 10,986 1,999 69,846 Total loans and discounts and investments: May 23 10,482,674 813,9495,207,793 815,753 574,046 102,075 81,,4291,485,643 391,868 153,950 183,904 85,819 586,445 May 29-30 10,434,096 803,9705,179,723 811,830 586,351 101,832 80,0671,473,560 387,355 152,264 184,814 83,800 588,530 June6 10,414,938 810,6155,162,529 813,670 580,755 99,924 78,947 1,475,322 389,694 152,512 181,932 82,847 586,191 June 13 ,10,415,884 818,9785,166,055 820,149 578,532 99,519 4411,457,787 389,589 153,511 181,536 82,639 587,148 June 20 10,393,005 827,0035,132,587 824,578 582,632 98,361 4481,444,690 392,605 152,643 182,978 83,006 591,474 Reserve balance with F. R. banks: May 23 1,024,794 68,807 588,869 64,711 37,418 5,515 5,243 151,759 28,568 12,891 16,369 6,007 38,637 May 29-30 976,874 66,678 560,256 65,465 31,726 6,454 5,181 144,070 25,541 12,274 16,702 6,533 35,994 June 6 1,001,406 64,822 585,844 65,908 35,224 5,222! 7,304 139,454 26,023 9,864 14,686 7,272 39,783 June 13 1,010,985 69,045 588,997 63,874 37,160 5,1081 6,305 146,356 26,263 8,568 15,618 6,620 37,071 June 20 994,297 70,760 583,619 61,648 34,078 5,4721 6,648 138,035 25,551 10,861 15,843 6,013 35,769 Cash in vault: May 23 142,458 7,962 65,578 12,948 8,577 967j 1,757 29,104 3,711 2,033 2,544 1,272 6,005 May 29-30 144,015 7,923 66,903 12,826 8,316 885j 1,650 30,072 4,013 1,815 2,466 1,19£ 5,951 June6 149,012 8,745 68,141 12,763 8,952 1,028 2,294 31,289 3,718 2,096 2,539 1,453 5,994 June 13 147,989 8,662 66,664 13,278 9,141 930| 1,946 31,693 3,736 2,031 2,607 1,340 5,961 June 20 142,114 8,502 64,373 12, — 8,785 931! 1,788 29,617 3,596 1,951 2,588 1,241 6,043 Net demand deposits: May 23 7,616,385 630,413 4,,217,051 610,592 247,310 49,571 42,4141:, 034,477236,343 93,704 147,114 60,852 246,544 May 29-30 7,575,287 619,907 41;,185,627 609,976 255,135 51,211 41,8041,029,031 235,658 93,384 147,721 61,367 244,466 June6 7,555,572 628,065 41,,184,396 615,316 253,659 49,029 44,1461,010,866 231,709 93,984 138,217 61,835 244,350 June 13 v.. 7,667,770 645,977 4L;239,776 620,888 254,793 47,946 44,8851,020,258 237,781 95,543 145,778 63,874 250,271 June 20 7,512,557 632,060 4,,192,536 600,811 247,681 47,317 44,416 983,730 226,687 90,258 142,977 60,530 243,554 Time deposits: May 23 2,011,400 107,519 643,407 78,021 318,416 26,031 23,158 376,086 104,778 39,908 13,100 13,282 267,694 May 29-30 2,026,190 108,271 649,844 78,483 322,337 25,913 23,180 375,673 104,644 39,901 13,176 13,251 271,517 June6 2,013,478 107,271 642,828 81,449 320,561 25,788 23,418 370,401 103,459 40,154 13,173 12,996 271,980 June 13 2,002,114 107,405 634,128 81,267 321,265 25,647 23,809 372,308 103,081 38,776 13,215 12,985 268,228 June 20 2,001,454 108,267 631,780 82,933 320,492 25,737 23,874 372,372 103,206 38,962 13,339 12,883 267,609 Government deposits: May 23 200,328 19,169 19,101 5,058 1,357 2,214 21,326 10,266 2,608 4,139 3,596 12,634 May 29-30 135,486 13,556 61,158 12,124 3,686 943 1,352 19,011 9,192 1,718 2,773 1,622 8,331 June6 105,126 10,844 48,906 9,691 2,881 756 1 ~™ 12,064 7,355 1,364 2,219 1,298 6,666 June 13 105,091 10,844 48,906 9,691 2,881 756 1, 12,030 7,355 1,364 2,219 1,297 6,666 June 20 174,425 28,518 75,789 18,631 3,100 1,257 2,092 16,657 9,349 2,184 3,008 3,383! 10,457 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

848 FEDERAL, EESEBVE BULLETIN. JULY, 1923. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM MAY 23 TO JUNE 20, 1923—Continued. REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. C la le n v d e . - I j m R o ic n h d - - At t l a a . n- Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Bills payable and rediscounts with F. R. banks: Secured by U. S. Gov- i ernment obligations— May 23 156,729 5,083 89,345 15,555 1,155 2,370 2,382 2,434 1,295 11,435 900 24,775 May 29-30 157,329 5,525 84,095 16,563 590 3,539 533 2,823 3,849 2,445 11,389 25,978 June6 186,233 1,730 113,965 15,523 590 3,333 544 10,550 4,165 665 9,355 "500 25,313 June 13 154,478 2,821 88374 16,621 1,475 3,879 512 9,693 3,394 665 7,357 19,687 June 20 132,128 1,635 60,249 18,480 990 4/" 10,176 4,438 4,663 7,953 18,851 All other- May 23 102,671 9,444 12,110 19,339 4,164 8,644 4,170 14,953 4,091 5,230 5,190 1,1 14,243 May 29-30 125,315 21,757 22,639 20,524 5,098 7,339 4,256 13,972 3,858 4,175 6,488 1,964 13,245 June6 120,822 13,665 21,902 17,126 5,162 6,856 4,540 13,722 9,904 3,374 8,019 2,010 14,542 June 13 121,995 20,379 29,682 16,019 5,187 6,075 2,274 10,815 6,332 1,101 8,169 2,583 13,379 June 20 140,121 26,679 18,261 22,149 8,393 5,860 3,837 14,311 12,156 3,718 8,477 2 1™ 14,194 MEMORANDA. Bank deposits: Due to banks— May 23 1,870,036 106,693 872,057 156,096 43,817 26,904 11,079 337,778 78,142 40,628 97,107 16,177 83,558 May 29-30 1,862,252 103,576 864,289 156,224 45,329 24,963 11,528 341,411 79,391 41,017 96,707 15,691 82,126 June6 1,878,478 112,24A 862,546 161,620 44,473 26,064 12,719 341,613 78,527 42,132 99,342 15,958 81,240 June 13 1,879,621 110,569 865,244 164,728 45,362 24,991 12,072 345,547 76,198 39,981 93,869 14,440 86,620 June 20 1,829,031 107,740 852,465 162,212 43,176 25,352 12,015 323,795 72,999 37,450 97,520 13,954 80,353 Due from banks— May 23 490,667 33,424 76,672 54,853 19,117 13,826 6,623 153,893 23,148 14,313 38,172 14,606 42,020 May 29-30 500,062 34,547 80,335 51,662 20,768 11,495 6,669 158,531 22,698 15,495 38,812 13,217 45,833 June6 501,887 34,390 71,689 53,344 20,782 11,916 8,236 151,384 23,608 18,831 43,611 16,087 48,009 June 13 512,033 37,285 74,672 52,214 21,594 11,962 7,268 157,390 23,891 22,230 40,810 16,882 45,835 June 20 490,655 32,019 71015 57,021 18,748 13,614 6,050 152,815 21,441 17,497 38,197 15,736 46,502 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 849 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES. MONTHLY SUMMARY FOR BANKS IN 141 SELECTED CITIES. [In thousands of dollars.) Number April, May, June, April, May, June, Federal reserve district- of cities. 1923. 1923. 1923. 1922. 1922. 1922. No. 1—Boston 2,119,787 2,139,645 2,172,872 1,760,157 1,837,939 1,992,898 No. 2—New York.... 21,180,741 21,399,850 21,789,805 21,326,277 22,268,911 22,693,592 No. 3—Philadelphia.. 1,863,477 1,973,625 2,083,113 1,569,312 1,634,314 1,720,649 No. 4—Cleveland 2,227,570 2,266,888 2,278,941 1,744,376 1,741,268 1,927,948 No. 5—Richmond 676,260 701,164 742,692 614,409 664 853 681,167 No. 6—Atlanta 886,328 922,450 902,403 710,303 764,397 785,260 No. 7—Chicago./. 4,737,859 4,899,390 4,772,812 3,945,171 4,097,957 4,326 058 No. 8—St. Louis 1,039,549 1,076,560 1,104,142 826,599 911,346 930,887 No. 9—Minneapolis... 596,914 634,217 652,341 512,419 546,252 569,323 No. 10— Kansas City.. 1,130,015 1,142,172 1,155,879 956,757 1,026,849 1,081 813 No. 11—Dallas 488,255 486,003 465,461 470,827 486,707 479,097 No. 12—San Francisco 2,347,653 2,429,942 2,453,134 1,951,433 1,995,215 2,047,485 Total 141 39,294,408 40,071,906 40,573,595 36,388,040 37,976,008 39,236,177 New York City 1 20,478,562 20,703,871 21,041,296 20,716,594 21,653,679 22,063,382 Other cities 140 18,815,846 19,368,035 19,532,299 15,671,446 16,322,329 17,172,795 WEEKLY SUMMARY FOR BANKS IN 246 CITIES. [In thousands of dollars.] 1923 1922 Week ending- Week ending— Number Federal reserve of centers district. included. May 30. June 6. June 13. June 20. June 27. May 31. June 7. June 14. Juno 21. June 28. No. 1—Boston 16 434,482 584,995 495,039 555,516 496,941 396,556 495,288 512,850 528,222 421,842 No. 2—New York.. 13 3,985,595 5,225,977 4,436,933 5,381,756 4,899,847 4,166,799 5,639,972 5,194,460 5,319,218 5,035,831 No. 3—Philadelphia 18 405,344 528,260 467,630 584,683 515,959 348,951 447,555 415,872 464,797 415,44C No. 4—Cleveland... 23 493,149 655,868 578,948 641,560 608,578 418,224 516,961 507,549 577,037 524,24S No. 5—Richmond.. 23 236,109 302,045 266,824 300,665 261,062 219,672 282,083 254,198 267,649 234,757 No. 6—Atlanta 25 189,080 228,628 213,211 220,094 200,090 165,948 186,425 191,047 197,426 176,622 No. 7—Chicago 31 970,231 1,089,698 1,067,935 1,167,334 1,104,320 802,730 1,093,500 979,515 1,076,110 918,248 No. 8—St. Louis... 11 219,703 317,832 252,600 282,747 238,874 212,840 242,877 222,771 236,545 209,0OC No. 9—Minneapolis. 16 127 180 173,484 151,925 158,906 145,262 110,372 153,675 128,528 138,573 127,206 No. 10—Kansas City 29 232,302 326,712 274,842 296,770 268,750 225,580 271,211 270,928 275,899 259,841 No. 11—Dallas 15 109,124 146,445 130,807 138,889 118,213 144,993 135,665 132,567 136,037 115,214 No. 12— San Franciscc 26 462,678 618,128 555,485 611,799 547,367 378,961 500,913 481,391 519,761 454,531 Total 246 7,864,977 10,198,072 8,892 179 10,340,719 9,405,263 7 561,626 9,966,125 9,291,676 9,737,274 8,892,781 DATA FOR EACH CITY. [In thousands of dollars.] 1928 1922 Week ending- Week ending— May 30. June 6. June 13. June 20. June 27, May 31. June 7. June 14. June 21. June 28. District No. 1—Boston: Bangor, Me 2,746 3,952 3,275 4,022 3,185 2,757 3,629 3,367 3,258 2,774 Boston, Mass 287,618 380,573 322,363 362,308 272,128 338,922 359,957 359,304 284,194 Brockton, Mass 3,575 4,890 5,507 5,301 4,252 3,637 4,511 4,776 5,039 3,787 Fall River, Mass 5,865 7,209 7,531 7,673 7,019 5,853 6,566 6,876 7,745 6 417 Hartford, Conn 21,970 26,065 23,304 28,040 23,606 18,393 23,345 20,617 22,453 20,511 Holyoke, Mass 3,591 5,144 4,286 4,875 4,358 2,552 3,104 2,852 3,632 2,628 Lowell, Mass 4,813 5,900 5,666 6,069 5,683 3,389 4,925 4,611 4,704 3,383 Lynn, Mass 5,598 6,758 5,907 5,935 6,322 4,249 6,214 5,511 5,043 5,479 Manchester, N. H 3,857 5,561 4,594 5,389 4,591 3,177 3,925 4,371 4,353 3,280 New Bedford, Mass 6,010 8,671 7,415 8,596 6,775 4,957 6,552 6,076 7,136 5,663 New Haven, Conn 17,320 26,568 19,738 21,238 18,052 15,150 18,359 16,142 18,075 13,656 Portland, Me 8,164 11,192 9,530 11,154 9,026 6,431 6,419 7,579 7,902 7,259 Providence, R. I 26,988 41,621 34,610 37,877 33,036 24,892 29,363 35,063 38,935 29,699 Springfield, Mass 15,511 20,958 16,126 18,352 17,801 11,349 16,351 14,351 16,824 13,548 Waterbury, Conn 6,527 9,091 9,346 10,216 6,621 6,173 8,026 5,490 8,548 5,093 Worcester, Mass 14,329 20,842 15,841 18,471 18,186 11,469 15,077 15,211 15,271 14,471 tDistrict No. 2—New York: Albany, N. Y 25,498 28,441 30,207 29,959 18,668 23,998 21,372 22,651 25,571 20,955 Binghamton, N. Y 3,576 4,893 5,198 5,158 4,599 3,689 4,478 4,206 4 451 3,635 Buffalo.N. Y 56,367 75,162 64,576 76,188 66,489 50,599 62,095 61,737 62,573 54,207 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

850 FEDEKAL BESEBTB BTJL.L.E11N. JULY, 1923. DEBITS TO INDIVIDUAL ACCOUNTS BY BANES IN SELECTED CITIES—Continued. DATA FOE EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending— Week ending- May 30. June 6. June 13. June 20. June 27. May 31. June 7. June 14. June 21. June 28, District No.2—New York—Con. Elmira,N. Y 3,795 4,378 4,115 4,894 3,834 2,490 3,141 3,674 3,501 Jamestown, N. Y 3,220 5,039 4,436 4,463 3,926 2,829 3,979 3,732 3,721 3,082 Montclair, N. J 2,633 4,065 3,822 3,823 2,930 2,035 3,309 3,034 , 3,097 2,241 Newark, N. J 50,697 76,261 59,634 74,065 58,991 46,242 61,505 50,414 63,708 50,784 New York, N. Y 3,762,678 4,905,612 4,164,387 5,067,690 4,648,323 3,964,722 5,376,326 4,957,814 5,054,218 4,815,943 Northern New Jersey Clearing House Association... 29,321 44,000 37,649 46,099 36,665 26,398 38,100 32,243 40,769 33,073 Passaic, N. J 6,349 10,166 7,278 7,560 7,501 4,876 6,971 5,968 6,742 5,880 Rochester, N. Y 26,327 46,413 37,218 40,450 30,929 24,727 41,005 33,278 33,694 28,271 Stamford, Conn 2,565 4,256 2,762 3,728 2,913 2,168 3,418 3,158 3,000 2,442 Syracuse, N. Y 12,569 17,291 15,651 17,679 14,079 12,026 14,145 13,084 14,000 11,817 District No. 3—Philadelphia: Allentown, Pa 6,103 8,219 6,846 7,428 7,185 4,8*8 6,489 5,564 6,095 5,779 Altoona, Pa 3,215 4,520 4,205 4,232 4,193 2,784 3,240 3,385 2,989 3,042 Camden, N. J 9,792 13,356 10,824 11,172 9,979 8,787 10,986 10,233 12,331 9,046 Chester, Pa 4,143 5,967 5,257 6,747 4,906 3,443 4,261 4,096 4,960 3,813 Harrisburg, Pa 7,003 10,232 8,966 9,919 8,336 5,848 6,687 7,447 6,787 6,560 Hazleton, Pa 2,596 3,628 2,521 2,752 2,502 1,662 2,106 2,102 2,060 1,829 Johnstown, Pa 5,725 6,244 6,339 6,193 6,393 4,746 5,246 4,826 4,699 4,443 Lancaster, Pa 4,833 5,963 5,869 6,084 5,281 3,909 5,188 5,099 5,224 5,110 Lebanon, Pa 1,387 1,768 1,782 1,685 1,651 1,052 1,237 1,185 1,152 1,288 Norristown. Pa 727 1,656 1,011 1,044 1,054 601 836 801 725 851 Philadelphia, Pa 303,936 397,760 349,429 451,947 396,911 266,257 343,016 320,087 360,260 321,312 Reading, Pa 8,171 10,757 10,154 11,561 9,369 6,394 9,481 7,994 7,951 7,354 Scranton, Pa 14,800 16,100 17,005 16,002 18,006 9,368 13,181 10,855 12,648 11,244 Trenton, N. J 10,866 14,302 12,128 15,366 14,209 9,421 11,141 10,701 12,215 7,103 Wilkes-Barre, Pa 8,492 10,125 9,463 10,887 9,676 6,653 8,242 6,808 8,497 11,493 Williamsport, Pa 3,503 4,330 4,195 4,431 3,962 3,393 4,566 4,263 4,406 4,447 Wilmington, Del 6,156 8 111 6,932 9,170 7,870 6,698 8,444 6,998 8,069 6,790 York, Pa 3,896 5,222 4,704 5,063 4,476 3,047 3,208 3,428 3,729 3,936 District No. 4-^leyeland: Akron, Ohio 13,672 17,118 17.365 18,913 19,436 9,926 13,802 13,383 15,583 14,717 Butler, Pa 2,158 3,375 2,483 3,356 2,779 1,996 2,498 2,428 2,374 2,249 Canton, Ohio 8,403 10,737 12,346 12,993 10,294 5,931 9,142 8,419 9,641 7,313 Cincinnati, Ohio 60,155 81,467 69,609 84,081 77,460 52,397 67,824 67,990 80,422 73,770 Cleveland, Ohio 118,032 169,011 150,987 162.241 140,852 101,780 138,632 128,623 141,046 124,263 Columbus, Ohio 31,596 37,806 36,245 38,007 34,348 24,946 27,969 27,139 29,852 35,403 Connellsville, Pa 1,238 1,394 1,588 1,318 1,438 932 1,303 1,311 1,136 1,308 Dayton, Ohio 13,954 18,188 15,646 17,910 15,206 11,342 13,546 12,413 14,030 12,082 Erie, Pa 5,903 8,339 7,727 8,160 7,220 5,395 6,356 6,252 6,030 5,788 Greensburg, Pa 4,950 5,919 5,354 5,127 5,215 3,772 4,141 4,234 4,066 3,726 Homestead, Pa 747 1,051 926 1,130 800 585 841 765 758 625 Lexington, Ky 3,397 6,473 5,417 4,462 4,430 3,355 4,115 4,677 4,578 3,780 Lima, Ohio 3,841 4,266 4,528 4,275 3,385 2,184 3,225 2,972 3,561 3,006 Lorain, Ohio 1,113 1,482 1,383 1,759 1,550 898 1,246 1,144 1,332 1,233 New Brighton, Pa 2,699 3,119 2,848 2,885 2,603 1,642 2,272 2,195 2,099 1,982 Oil City, Pa 2,806 3,813 2,930 2,993 2,976 2,638 3,813 3,559 3,121 3,071 Pittsburgh, Pa 155,460 204,402 162,200 186,156 201,435 135,326 154,449 154,953 189,138 169,(242 Springfield, Ohio 3,956 4,933 4,700 6,330 4,520 3,196 4,076 4,026 4,313 3,585 Toledo, Ohio 32,190 41,935 42,266 47,682 40,057 27,551 32,522 35,021 39,095 32,026 Warren, Ohio 2,756 3,071 3,315 3,515 2,728 2,257 2,315 2,699 2,499 2,169 Wheeling, W. Va 8,807 10,449 10,323 10,557 11,158 8,315 8,607 8,880 9,590 9,221 Youngstown, Ohio 12,768 14,305 15,593 14,463 15,495 10,005 11,774 11,937 10,408 11,292 Zanesville, Ohio 2,548 3,215 3,169 3,247 3,193 1,855 2,493 2,529 2,365 2,397 District No. 5—Richmond: Asheville, N. C 4,261 4,728 5,519 4,362 3,315 4,081 4,352 4,071 3,487 Baltimore, Md 69,400 102,700 84,100 101,261 85,500 78,150 96,747 83,727 98,653 88,225 Charleston, S.C 5,900 6,981 6,742 7,868 7,984 4,934 5,888 5,706 5,424 4,330 Charleston, W. Va 8,153 9,908 8,501 9,515 8,202 5,477 9,427 8,643 9,085 6,809 Charlotte, N.C 8,572 9,158 7,903 12,135 7,997 5,824 8,132 6,326 7,548 6,267 Columbia, S.C 4,187 4,800 6,315 5,191 4,000 5,145 5,133 5,846 4,155 Cumberland, Md 1,822 2,199 2,177 2,204 1,951 1,475 1,903 1,913 1,899 1 805 Danville, Va 1,454 2,129 1,860 1,927 1,708 1,524 1,911 1,632 1,608 1,615 Durham, N.C 4,058 4,000 4,111 3,930 3,732 2,590 3,976 3,178 4,404 4,211 Greensboro, N.C 3,190 5,384 4,278 5,070 3,799 2,931 4,103 3,583 3,549 3,242 Greenville, S.C 4,926 4,996 5,200 4,816 4,160 3,600 4,022 3,269 3,108 2,906 Hagerstown, Md 2,026 2,772 2,590 2,602 2,707 1,500 2,321 1,867 1,670 1,829 Huntington, W. Va 5,781 6,738 6,430 6,816 5,962 3,927 5,201 4,751 5,166 4,842 Lynchburg, Va 3,598 4,765 4,876 4,811 4,659 3,229 4,403 3,950 4,052 3,796 Newport News, Va 1,406 1,867 1,778 1,742 1,439 1,357 1,276 1,684 1,676 1,820 Norfolk, Va 14,396 16,789 15,525 16,567 13,931 14,571 17,551 18,227 15,341 15,230 Raleigh, N.C 7,100 7,300 6,900 5,900 7,250 3,800 4,900 4,300 3,600 3,900 Richmond, Va 22,450 32,082 28,008 29,430 27,749 22,537 30,734 24,851 25,976 20,848 Roanoke, Va 4,963 6,428 5,460 5,657 5,293 3,770 5,397 4,673 5,987 4,371 Spartanburg, S.C 2,201 2,358 2,006 3,044 2,180 1,785 2,075 2,235 2,102 2,009 Washington, D.C 47,733 51,304 46,747 52,282 44,360 38,280 51,796 47,876 44,864 40,021 Wilmington, N. C 3,571 5,474 4,129 4,524 4,812 6,717 5,423 4,267 4,245 3,953 Winston-Salem, N. C 4,961 7f- 6,460 7,157 6,134 4,379 5,671 8,055 7,775 5,086 District No. 6—Atlanta: Albany, Ga 1,107 1,104 838 744 746 937 821 840 760 Atlanta, Ga » 26,442 38,535 29,357 31,217 27,424 22,534 24,595 25,059 26,618 21,627 Augusta, Ga 5,041 5,500 5,577 5,598 5,726 6,511 6,943 5,535 4,789 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 851 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOE EACH CITY—Continued.. [In thousands of dollars'.] 1923 1922 Week ending- Week ending- *y30. June 6. May 31. June 7. June 14. June 21. June 28. District No. 6—Atlanta—Con. Birmingham, Ala 22,023 23,767 23,446 23,750 23,947 15,428 15,444 15,876 16,840 17,093 Brunswick, Ga 507 657 845 734 569 443 574 587 521 512 Chattanooga, Tenn 6,514 8,965 8,737 9,454 7,672 5,785 7,349 7,213 7,815 6,471 Columbus, Ga 2,422 2,567 2,688 2,627 2,146 2,249 2,488 2,590 2,400 1,861 Cordele, Ga 180 236 261 225 185 184 274 240 166 154 Dothan, Ala 446 540 566 500 475 355 428 381 460 366 Elberton,Ga 129 150 202 155 120 193 197 197 185 121 Jackson. Miss 2,194 2,721 2,897 2,646 2,362 1,853 2,160 3,264 2,593 2,172 Jacksonville, Fla 10,835 12,235 11,971 13,617 11,708 10,309 10,692 11,100 11,664 9,510 Knoxville, Tenn 5,880 8,563 7,395 7,750 6,951 4,658 5,792 5,499 5,964 6,190 Macon, Ga 3,798 4,233 5,385 4,539 4,605 3,186 3,938 3,772 4,286. 3,910 Meridian, Miss 2,882 4,022 4,480 4,802 3,801 1,437 2,057 1,948 2,135 1,580 Mobile, Ala 6,199 6,578 6,488 6,504 5,973 5,388 5,814 5,569 5,759 5,265 Montgomery, Ala 3,664 4,486 4,074 4,724 3,778 3 030 3,568 3,611 3,686 3,081 Nashville, Tenn 13,272 19,188 17,789 17,592 15,313 12,762 17,951 15,011 14,276 14,170 Newnan, Ga 335 315 258 466 297 283 267 306 324 283 New Orleans, La 56,337 62,187 58,973 61,111 58,231 51,562 55,539 62,501 66,358 60,549 Pensacola, Fla 1,478 1,822 1,782 1,919 1,294 1,300 1,475 1 463 1,557 1,258 Savannah, Ga 8,322 9,779 8,710 8,446 7,874 9,630 10,456 9,614 9,833 8,604 Tampa, Fla 7,060 7,956 7,712 7,860 6,917 4,769 5,776 5,046 5,493 4,400 Valdosta, Ga 860 1,022 1,052 1,088 927 808 767 1,086 875 827 Vicksb'urg, Miss 1,400 1,497 1,462 1,442 1,179 1,330 1,376 1,350 1,243 1,069 Dist A ri d ct r i N an o , . M 7— ic C h hicago: 668 918 806 837 i 675 477 906 791 599 Aurora, 111 2,860 3,465 3,153 3,665 3,287 2,068 3,490 2,790 2,948 2,625 Bay City, Mich 2,045 2,357 2,314 2,353 2,673 2 153 2,447 2,128 2,461 2,098 Bloomington, 111 2,032 2,953 2,434 2,886 2 224 2,069 2,580 2,101 2,072 1,916 Cedar Rapids, Iowa 6,196 8,261 6,101 6,265 6,034 3,919 5,867 5,371 4,987 4,293 C D D D h a a e i n v c c v a e a t n i g u l p o l r e , o , , 1 r 1 1 1 t 1 , 1 1 1 1 Iowa 59 2 5 2 2 , , , , 9 6 7 3 0 3 7 8 0 1 6 8 61 3 8 4 9 , , , , 9 8 6 0 0 3 6 0 2 0 5 2 63 3 7 3 9 , , , , 8 6 3 8 0 5 7 2 0 2 7 9 70 3 7 4 3 , , , , 1 9 5 7 6 3 0 0 8 1 0 9 65 3 7 8 3 , , , 0 9 3 4 0 4 9 1 4 0 8 1 51 6 4 1 2 , , , 6 8 8 5 8 0 8 9 6 5 0 2 72 2 8 2 3 , , , 5 0 1 5 0 1 9 8 0 4 2 4 625 2 7 3 , , , , 7 2 6 0 7 0 5 5 5 0 0 6 70 2 7 4 3 , , , , 9 3 4 0 5 0 2 4 1 7 0 8 58 6 2 3 2 , , , , 0 4 9 9 6 0 4 9 0 9 0 8 DesMoines, Iowa 13,937 22,749 24,429 31,103 18,493 12019 18,584 15,138 16,040 15,694 Detroit, Mich 146,455 162,334 151,051 163,080 186,116 99,052 123,450 121,203 130,508 116,981 Dubuque, Iowa 2,504 3,824 3,284 3,343 3,135 2,339 3,343 2,697 2,938 2,754 Flint, Mich 6,512 8,745 7,261 8,192 7,096 5,370 5,844 5,916 7,483 5,914 F G o a r r t y , W In a d yne, Ind 1 4 6 , , 0 32 2 4 3 1 3 4 , , 2 7 6 0 1 3 1 4 0 , , 8 2 5 8 3 9 9 3 , , 9 2 0 3 6 9 8 4, , 6 4 9 9 9 7 5 3, , 2 9 3 3 1 6 7 1 , , 6 9 0 9 1 0 7 2 , , 1 9 9 9 5 4 7 2, 1 6 3 8 6 7 6 2, , 9 8 1 2 6 9 Grand Rapids, Mich 12,443 16,895 15,763 17,142 15,581 12,050 15,530 14,600 14,735 13,406 Green Bay, Wis 2,452 2,853 2,803 2,896 2,337 Hammond, Ind 3,400 3,920 3,712 4,260 4,540 Indianapolis, Ind 32,882 41,250 36,342 40,424 34,913 26,974 33,710 34,343 36,466 32,876 Jackson, Mich 4,007 5,536 4,327 6,437 5,581 3,914 3,880 5,036 3,851 5,584 Kalamazoo, Mich 3,942 5,565 4,780 5,485 4,515 3,344 4,138 3,714 4,361 4,270 Lansing, Mich 7,709 10,915 8,450 9,573 9,025 4 763 7,830 5,909 6,029 6,524 Mason City, Iowa 2,135 2,806 2,431 2,468 1,977 1,983 2,620 2,571 2,888 2,256 Milwaukee, Wis 52,909 71,497 64,503 71,966 58,042 44,672 57,788 56,222 57,070 49,329 Moline, 111 1,519 2,152 2,153 2,192 1,916 1,683 2,590 1,865 1,955 1,328 Muscatine, Iowa 1,199 1,680 1,381 1,429 1,151 860 1 169 1,046 1,086 887 Oshkosh, Wis 2,000 3,000 2,300 3,200 2,200 1,700 2,400 2,000 2,500 2,100 Peoria, 111 7,831 9,944 9,040 9,258 9,334 6,085 9,472 7,928 8,901 7,864 Rockford, 111 4,434 6,185 6,675 5,615 5,400 3,641 4,854 4,599 4,626 4,373 Saginaw, Mich 4,172 5,189 5,360 5,522 5,007 Sioux City, Iowa 13,551 18,717 18,689 17,093 16,555 14,110 17,420 16,429 16,422 15,383 S Sp o r u i t n h g f B ie o l n d d , , 1 1 In 1 d 8 5, , 0 0 1 2 7 3 1 6 1 , , 7 9 9 7 7 7 1 6 0 , , 1 0 8 2 0 0 1 6 0 , , 0 4 6 8 2 5 1 5 2 , , 9 8 3 0 9 0 5 4 , , 4 0 0 7 5 2 8 5, 8 4 6 7 2 0 6 5 , , 8 8 4 8 0 7 7 6, , 0 9 2 45 8 6 4 , , 2 63 6 9 4 Terre Haute, Ind 4,915 5,634 6,398 5,456 5,492 Waterloo, Iowa 3,379 4,813 4,268 4,328 3,709 2,878 3,393 3,406 3,470 3,142 District No. 8—St. Louis: East St. Louis and National Stock Yards, 111 8,795 11,286 10, 347 9,952 10,698 9,849 9,397 9,086 Eldorado, Ark 2,914 3,341 2,831 3,013 2,654 Evansville, Ind 7,156 7,048 7,680 7,807 7,330 6,056 "6," 867' 6,744 6,486 7,398 Fort Smith, Ark 2,009 3,930 2,527 2,463 2,117 2,783 2,473 Greenville, Miss 571 818 826 747 531 851 785 785 601 Helena, Ark 769 1,009 931 902 779 878 968 930 939 795 Little Rock, Ark 11, 269 12.414 12,061 11,888 9,500 7,611 9,725 9,098 9,424 8,475 Louisville, Ky 29,178 47,905 36,345 37,393 36,415 29,899 32,704 31,445 32,825 32,394 Memphis, Tenn 21,918 33,615 30,133 28,854 25,030 21,072 26,671 24,069 23,000 22,044 Owensboro, Ky 925 1,488 1,324 1,361 1,098 857 1,108 985 1,107 991 Quincy, 111 2,055 3,103 2,800 2,616 1,991 1,596 2,777 2,149 2,191 1,984 St. Louis, Mo 133,849 194,734 146,261 177,973 142,671 133,797 147,047 134,327 147,358 122,239 Springfield. Mo 3,218 4,412 3,254 2,831 3,237 3,979 2,842 3,344 2,431 District No. 9—Minneapolis: Aberdeen, S. Dak 915 1,427 1,360 1,491 1,183 862 1,506 1,1 1,287 1,087 Billings, Mont 1,490 1,923 1,826 1,743 1,580 1,276 1,719 1,576 1,616 1,802 Dickinson, N. Dak 247 331 313 241 208 249 260 222 212 193 Duluth, Minn 16,016 25,986 21,056 19,486 20,357 13,123 26,698 14,661 15,099 14,643 Fargo, N. Dak 2,189 3,385 3,191 3,191 2,728 2,199 2,912 2,741 2,526 1,993 Grand Forks, N. Dak 1,308 1,876 1,855 1,788 1,661 1,208 1,496 1,417 1,279 948 Helena, Mont 1,501 2,021 2,354 2,183 1,728 1,586 2,383 2,174 1,903 Jamestown, N. Dak 386 282 564 509 414 312 459 533 390 LaCrosse, Wis 2,575 3,109 3,055 3,230 2,723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

852 FEDERAL RESERVE BULLETIN. JULY, 132». DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOR EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending- Week endingfay 30. June 6. June 13. June 20. June 27. May 31. June 7. June 14. June 21. June 28. Dist. No. 9—Minneapolis—Con. Lewistown, Mont 737 1,005 883 824 659 621 834 623 698 653 Minneapolis, Minn 63,627 77,629 71,459 75,676 66,602 54,085 67, 576 62,399 65,382 60,012 Minot, N. Dak , 631 1,111 548 952 885 640 802 771 767 594 Red Wing, Minn..." 415 785 567 492 456 414 661 532 511 486 St. Paul, Minn 32,659 48,396 39,229 43,987 40,882 29,184 39,885 33,514 40,630 37,555 Sioux Falls, S. Dak 2,812 4,231 3,847 3,535 3,182 2,517 3,138 3,030 3,673 2,502 Superior, Wis 1,438 1,816 1,728 1,758 1,781 1,366 1,627 1,708 1,533 1,641 Wmona, Minn 809 1,280 1,145 1,050 956 730 1,719 998 1,133 804 District No. 10—Kansas City: Atchison, Kans 1,296 1,498 1,472 1,424 1,364 1,045 1,113 1,106 1,201 1,121 Bartles'ville, Okla 2,281 3,416 2,300 2,643 2,733 2,445 2,650 2,692 2,424 3,007 Casper, Wyo 3,244 4,578 • 4,676 4,500 4,516 2,244 3,251 3,254 3,163 3,428 Cheyenne, Wyo 1,430 2,850 2,043 1,778 2,563 1,323 1,838 1,645 1,673 1,973 Colorado Springs, Colo 2,679 3,337 3,030 2,982 2,686 1,968 3,566 3,070 2,513 2,279 Denver, Colo 34,594 41,823 35,443 41,116 32,465 30,084 35,067 32,390 33,958 33,324 Enid, Okla 2,100 3,132 2,274 2,707 2,904 2,093 2,717 2,750 2,708 2,420 Fremont, Nebr 513 997 1,012 923 616 544 1,091 839 804 624 Grand Island, Nebr 872 1,409 1,297 1,240 1,064 900 1,255 911 1,038 1,199 Grand Junction, Colo 516 781 883 787 559 548 688 653 628 511 Guthrie, Okla 574 843 706 754 625 351 563 617 515 579 Hutchinson, Kans 1,894 2,775 2,306 2,533 2,377 2,026 2,692 2,915 3,060 2,610 Independence, Kans 2,238 2,211 1,831 4,922 2,307 2,023 1,673 2,523 2,887 1,803 Jopun, Mo 2,522 3,461 3,444 3,167 2,647 2,138 2,769 2,678 2,799 2,734 Kansas City, Kans 4,256 4,529 4,613 5,224 5,019 3,672 3,273 3,191 3,911 4,826 Kansas City, Mo 60,005 94,318 74,900 86,544 71,241 60,371 72,018 68,603 76,660 71,948 Lawrence, Kans 802 1,135 990 1,336 985 653 1,161 925 1,153 1,016 McAlester, Okla 701 838 ,966 850 879 632 916 909 883 699 Muskogee, Okla 4,063 6,247 5,025 5,783 5,731 5,116 5,897 5,433 6,009 5,947 Oklahoma City, Okla 15,208 26,810 16,369 17,378 18,357 15,006 24,749 21,036 19,846 16,986 Okmulgee, Okla 1,582 2,191 2,473 2,257 2,009 2,419 2,660 2,085 2,342 1,626 Omaha, Nebr 39,708 51,509 49,315 47,992 46,327 39,032 47,609 46,071 46,395 44,302 Parsons, Kans 432 986 838 818 682 468 1,353 694 1,164 860 Pittsburg, Kans 1,327 1,376 1,672 1,375 1,596 774 1,035 1,028 1,160 1,014 Pueblo, Colo 2,621 4,677 3,253 3,426 3,717' 3,304 3,579 3,622 3,352 3,417 St. Joseph, Mo 12,045 17,449 14,346 12,637 11,116 9,854 12,049 11,959 12,058 9,931 Topeka, Kans 2,343 4,319 3,305 3,692 3,587 2,627 3,581 3,352 3,303 2,849 Tulsa, Okla 22,985 24,330 24,468 27,305 28,204 23,400 20,331 34,291 27,160 26,531 Wichita, Kans 7,471 12,887 9,592 8,677 9,874 8,520 10,067 9,686 11,132 10,277 District No. 11—Dallas: Albuquerque, N. Mex 1,490 2,581 2,250 2,327 1,885 1,827 2,336 2,238 2,434 1,764 Austin, Tex 2,373 3,690 3,579 2,995 2,818 2,273 3,857 3,127 2,619 2,472 Beaumont, Tex 2,791 4,511 3,975 4,557 3,117 2,536 3,248 3,438 3,992 2,612 Corsicana, Tex 1,235 1,263 1,225 1,361 1,349 688 796 946 942 762 Dallas, Tex 25,196 36,172 30,388 36,909 30,027 26,475 34,882 32,880 35,502 29,243 El Paso, Tex 5,653 11,021 7,220 6,937 6,310 6,000 7,054 7,818 8,316 6,528 Fort Worth, Tex 17,836 17,878 17,029 17,053 15,307 24,180 24,440 24,447 22,946 21,486 Galveston, Tex 15,822 20,108 20,130 16,930 15,662 12,071 12,432 12,513 14,346 11,991 Houston, Tex 18,618 24,632 21,250 27,664 21,327 19,719 22,778 23,200 24,424 19,848 Roswell, N. Mex 498 678 592 610 629 405 567 598 487 465 San Antonio, Tex 5,153 9,285 7,800 6,956 5,865 5,872 7,876 6,785 5,866 4,901 Shreveport, La 7,033 7,420 7,606 8,276 7,650 6,420 7,435 7,310 7,596 7,205 Texarkana, Tex 1,715 1,743 3,037 1,404 1,925 1,326 1,495 2,315 1,959 1,469 Tucson, Ariz 1,440 1,880 1,636 1,632 1,656 1,410 1,904 1,843 1,522 1,767 Waco, Tex 2,271 3,583 3,090 3,278 2,686 3,191 3,965 3,109 3,086 2,701 District No. 12—San Francisco: Bakersfield, Calif 2,492 2,518 2,425 2,345 2,433 2,702 2,414 2,374 2,351 2,974 Bellingham, Wash 1,305 2,070 1,189 2,073 1,793 1,193 1,826 1,734 1,978 1,631 Berkeley, Calif 2,719 4,160 3,754 3,894 3,226 2,469 4,428 4,029 4,084 3,033 Boise, Idaho 2,099 3,608 2,869 3,139 2,866 2,273 3,030 2,696 2,622 3,267 Eugene, Oreg 3,800 1,900 2,399 2,685 2,384 1,872 1,336 1,922 2,216 1,786 Fresno, Calif 8,860 9,603 10,323 11,073 11,754 7,085 9,629 9,617 9,684 8,156 Long Beach, Calif 10,874 14,584 14,162 14,339 13,080 5,729 7,764 7,650 7,155 6,563 Los Angeles, Calif 141,944 170,192 149,981 168,156 156,056 88,879 116,704 119,106 125,070 115,046 Oakland, Calif 22,191 30,514 26,701 25,746 24,099 15,151 22,325 19,337 20,818 17,218 Ogden, Utah 5,319 5,992 5,199 5,847 4,930 3,711 4,237 4,038 3,883 4,168 Pasadena, Calif 6,931 8,300 7,214 7,222 6,527 4,622 6,129 6,372 5,913 5,206 Phoenix, Ariz 3,419 6,613 4,087 4,458 4,248 4,267 4,458 4,477 5,056 4,344 Portland, Oreg 24,737 34,987 35,924 38,381 31,264 26,506 30,627 30,826 36,366 30,551 Reno, Nev 1,797 3,184 2,627 2,532 2,149 1,668 3,340 2,414 2,510 2,446 Ritzville, Wash 108 162 161 125 132 143 186 188 145 109 Sacramento, Calif 7,266 9,195 7,955 7,875 7,301 9,566 14,283 13,164 19,218 12,327 Salt Lake City, Utah 11,931 16,150 15,426 15,115 13,897 10,526 13,681 12,197 12,300 12,224 San Bernardino, Calif 1,354 1,746 1,976 1,768 1,692 1,123 1,700 1,722 1,408 1,400 San Diego, Calif. 8,512 10,659 11,001 11,092 9,867 7,479 8,960 9,087 8,987 9,340 San Francisco, Calif 139,668 200,996 172,793 207,054 178,849 132,258 175,001 158,147 180,872 153,783 San Jose, Calif. 3,597 4,786 4,686 4,416 4,569 3,506 4,702 5,181 4,001 4,016 Seattle, Wash 31,341 44,043 42,431 41,889 36,610 23,486 34,149 38,161 35,541 31,818 Spokane, Wash 8,237 12,726 11,401 11,959 10,541 10,717 11,917 10,275 11,615 9,240 Stockton, Calif 4,003 5,984 5,964 5,829 5,483 3,259 5,098 5,544 5,003 4,321 Tacoma, Wash 6,669 10,859 10,505 10,836 9,862 6,882 10,267 8,644 9,351 7,841 Yakima,Wash 1,505 2,597 2,332 1,951 1,755 1,889 2,722 2,489 2,414 1,723 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS DURING MAY, 1923. [Numbers in thousands. Amounts in thousands of dollars.] Items drawn on banks located Total items handled, including Number of nonmember in own district. Items Items duplications. Number of banks at end of month. Items drawn Total items forwarded to forwarded to member on Treasurer handled, other Federal parent banks banks b F a e n d k e r o a r l r b e r s a e n r c v h e . re b s I e r n a r v n F e c e h b d a c e n r it a k y l . orFed O e b r a u a n t l s k r i e d o s e r erve of S U ta n te i s te . d d e u x p c l l i u c s a i t v io e n o s f . res a b e n r r a d v n e c t h h b e e a i s n r . ks or t i d o n i s b s t r a r a i m c n t c e . hes Number. Amount. a m t o en n d t h o . f O l n is p t. a r I ! No li t s o t. n ' par branch city. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount N b u e m r. - Amount. 1923 1922 1923 1922 1923 1922 1923 1922 : 1923 1922 B N o e s w to Y n ork 2,2 7 1 0 3 4 4,4 7 2 5 9 2 , , 8 81 9 7 8 5 4 , , 0 4 1 0 4 6 5 7 1 4 8 8 , , 8 2 3 8 3 71,1 1 5 6 4 9 1 1 3 6 7 , , 5 51 1 7 5 5 8, , 3 2 8 7 1 9 5 1 , , 3 2 1 8 5 8 , , 7 1 0 6 2 5 1,2 2 9 3 2 8 1 5 6 5 0 , , 4 9 2 3 9 8 5,908 9 5 , ,5 6 1 9 7 8 4 9 , , 6 0 8 4 2 8 5 1 , , 4 3 8 4 2 3 , ,5 5 9 4 4 8 4,8 9 1 6 8 1 , , 8 4 0 04 3 4 7 2 3 9 5 4 7 3 1 4 7 2 26 3 9 2 2 2 5 56 8 ! i Buffalo 222 130,053 518 62,623 16 2,844 756 195,520 157 29,514 21,238 951 851 246,272 181,292 88 84 79 77' Philadelphia 1,157 900,267 2,544 331,406 164 3,865 1,260,476 470 111,357 4,335 4,967 1,371,833 1; 142,296 718 710 495 475; Cleveland 628' 578,669 1,608 193,598 98 6,919 2,334| 779,186 67 7,426 12,202 2,435 2,222 798,814 392,792 314 316 515 511 Cincinnati 235 402,278 905 93,649 78 10,12421,229| 2 607,926 22 6,420 4,308 1,268 1,161 518,654 205,996 225 223 314 319 Pittsburgh.... 599 748,927 1,035 126,172 56 5,729 1,690 880,828 94 41,707 12,261 1,824 1,552 934,796 364,714 347 344 253 250 Richmond 139 320,160 2,244 321,194 55 5,781 2,438 647,135 171 63,021 9,567 2,653 2,306 719,723 440,836 474 468 691 709 556 578 Baltimore 298 236,415 829 82,886 60 11,832 1,187 331,133 139 37,404 9,051 1,411 1,261 377,588 269,543 161 163 263 263 Atlanta 142 119,485 415 49,360 42 4,712 599 173,557 31 9,913 4,962 662 1,122 188,432 215,139 223 230 90 94 454 487 Birmingham. 59 53,039 224 17,486 14 1,446 297! 71,971 24 18,928 35,519 352 494 126,418 82,626 93 81 33 33 145 119 Jacksonville... 65 82,597 202 24,233 11 733 278i 107, 563 35 8,547 1,576 321 278 117,686 50,367 76 76 62 63 148 144 Nashville 94,664 250 26,775 18 1,678 337i 123,117 6 2,541 966 346 300 126,624 50,750 89 87 143 145 156 161 New Orleans.. 52,398 165 18,380 42 16,550 293 87,328 49 15,421 790 349 269 103,539 71,951 56 57 49 51 223 223 Chicago 1, HO, 202 4,475 375,768 403 48,842 5,916 1,534,812 396 38,358 2,850 6,324 5,633 1,576,020 983,246 1,315 1,318 3,979 3,971 Detroit 326 363,310 710 72,913 42 4,145 1,078 440,368 21 2,416 1,102 908 450,864 217,277 123 125 260 263 St. Louis 364 384,256 1,608 97,783 117 8,950 2,089 490,989 50 5,082 1,804 2,151 1,911 497,875 320,541 397 379 1,684 1,717 Little Rock... 75 44,885 366 23,874 10 1,560 a 451 70,269 1 232 443 460 398 70,944 40,498 71 70 t 237 231 Louisville 122 157,455 524 30,463 41 6,414 ' 687 194,332 11 816 187 700 618 195,335 86,638 95 93 IJ350 343 Memphis 87 36,937 220 13,302 13 2,940 "320 53,179 2 427 233 324 271 53,839 40,000 60 56 186 185 159 162 Minneapolis 283 130,087 1,722 93,615 62 6,802!2,073 2 235,648 77 18,884 96 2,151 1,832 254,628 205.457 822 827 2,391 2,419 175 172 Helena 27 15,974 138 9,379 9 994 174 26,347 4 2,430 1,107 180 243 29,884 24,859 182 196 179 210 7 1 Kansas City 451 229,192 1,406 96,769 103 9,433 1,960 136 24,584 10,908 2,153 2,064 370,886 334,891 327 333 1,403 1,437 Denver 144 50,128 369 36,207 29 4,029 542 90,364 87 16,980 11,842 675 623 119,186 96,694 161 161 242 267 6 Oklahoma City 73 48,622 1,029 76,555 11 1,243 1,113 126,420 54 7,142 1,188 1,063 142,351 118,083 419 401 409 439 5 Omaha 123 61,636 617 36,953 38 4,560 4 779 •103,474 45 6,532 844 762 116,988 102,915 247 251 887 903 158 176 Dallas 258 140 728 1,352 169,399 37 4,006 1,647 314,133 72 9,396 4,7401,763 1,537 328,269 235,415 661 660 707 754 58 41 El Paso 50 16,310 135 10,279 17 1,321 202 27,910 13 1,930 659 222 214 30,499 23,976 62 67 55 63 Houston 76 42,624 378 31,528 17 2,449 471 76,601 18 3,248 971 494 461 80,820 68,663 140 1351 252 256 San Francisco 279 395,558 794 75 22,374 1,148 515,962 31 2,825 4,2851,214 833 523,072 193,165 190 2061 265 273 Los Angeles 492 216,736 1,840 136,624 60 15,370 2,392 101 17,099 10,2052,554 1,827 396,034 254,482 157 168 196 175 Portland 71 95,029 248 15,061 23 5,600 342 115,690 6 2,936 5,174 391 347 123,800 54,004 136 133 134 156 28 Salt Lake City 55 33,042 440 25,834 18 3,189 513 62,065 13 2,778 1,503 537 475 66,346 57,694 158 168 100 104 Seattle 116 52,124 262 19,582 46 7,614 424 79,320 24 6,548 5,579 491 458 91,447 64,788 66 65 93 Spokane 45 19,486 196 11,369 12 253 34,241 14 3,928 2,440 284 275 40,609 35,773 110 107 146 155 Total: May... 1,17112,545,93839,188 4,096,1693,160 416,404«3,537 '17,065,855 3,971 748,801 816 201,56158,324 53,26618,016,21712,807,562 9,927 9,90917,64317,918 2,279 2,280 April.. 1,16811,997,86657,6063,915,283 3,430 52,220 16,265,953 4,055 743,172 792 183,129 57,06750,51317,192,25412,259,137 9,923 9,90417,66317,943 2,280 2,293 > Incorporated banks other than mutual savings banks. » Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 11,000 items, $1,875,000; Minneapolis, 6,000 items, $5,144,000; Omaha, 1,000 items, $325,000. Total, 18,000 items, $7,344,000. NOTE.—Number of business days in period for Atlanta, Birmingham, Jacksonville, New Orleans, ani Little Rock was 27, and for other Federal reserve bank and branch cities, 26 days. 00 Co Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

854 FEDERAL RESERVE BULLETIN. JOLT, 1923. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JUNE 30, 1923. Paper maturing— Alter 90 days, After 6 but Within 90 days. but within 6 within 9 months. months. Federal reserve bank. a p C a n a g o d p r m e i l c r i m v , u e l n e t - r u . s c t e r o i a . a c l s l , k , . U G o S n b o e i l v c t i e u e g d r r a e n t S d i m o t b a n e y t n s e - . t s ac B ce a p n t k a e n r c s e ' s. acc T ep ra ta d n e ces. a A n g d r p i l c i a v u p e l e t - u r s . t r o a c l k • a A nd g p r l i i a c v p u e e l - t r s u . to ra c l k Boston 44 44 44 New York.... 44 44 44 44 Philadelphia.. 44 44 44 44 Cleveland 44 44 44 44 Richmond 44 44 44 44 Atlanta 44 44 44 44 Chicago 44 44 44 44 St. Louis 44 44 44 44 Minneapolis.. 44 44 44 44 Kansas City.. 44 44 44 44 Dallas 44 44 44 44 San Francisco 44 44 44 44 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. MONEY IN CIRCULATION JUNE 1, 1923. [Source: United States Treasury Department circulation statement.] Money held by Money in circulation. Stock of money the U. S. Treasin the United ury and the States. Federal reserve system. Amount. Per capita. Gold coin and bullion I $4,023,250,195 $3,615,993,471 $407,256,724 {3.66 Gold certificates * (725,150,459) 386,265,800 338,884,659 3.05 Standard silver dollars 4911,,2:99,404 433,324,658 57,974,746 .52 Silver certificates s (406"',,1119,1721 40,989,297 365,129,875 3.29 Treasury notes of 1890 ,463,583) 1,000 1,462,583 .01 Subsidiary silver ;,554 102 23,030,543 245,493,559 2.21 United States notes 346i,,1 681,016 40,678,308 306,002,708 2.75 Federal reserve notes 2,6121,(,962,950 384,840,252 2,228,122,698 20.05 Federal reserve bank notes. 231,1,868,000 2,283,657 21,584,343 .20 National-bank notes 7700,,0 (07,992 35,996,488 734,011,504 6.60 Compa T r o a t t a iv l e totals: 8,536,623,659 34,963,433,474 4,705,923; 399 42.34 May 1,1923 8,470,504,689 84,893,724,505 4,668,041,079 42.04 June 1,1922 8,126,500,982 3 4,750,990,688 4,370,469,992 39.87 Nov. 1,1920 8,326,338,267 3 3,391,764,761 5,628,427,732 52.36 Apr. 1,1917 5,312,109,272 '3,896,318,653 4,100,590,704 39.54 July 1,1914 3,738,288,871 •1,843,452,323 3,402,015,427 34.35 Jan. 1,1879 1,007,084,483 3 212,420,402 816,266,721 16.92 1 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. * These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. »Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this statement are shown in parentheses in the first column. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDEBAL RESEBVE BULLETIN. 855 GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Gold. Silver. Eleven months ending Eleven months ending Countries. May— May— May— May— 1922 1923 . 1922 1923 1922 1923 1922 1923 IMPORTS. Denmark $2,255,218 $14,834,484 W, 115,469 $844 $987 France 543,754 $854,002 128,983,454 21,678,828 830,642 $9,343 237,890 157,931 Germany 84 14,188,578 19,924,893 14,218,285 12,725 2,061 5,726,340 57,825 5,003 4,798,294 21,156 Netherlands 4,186,976 15,894,247 1,669 6,750,505 543,592 7,767 11,732 Spain 4,800 2,527 380,167 53,782 3,433 4,876 71,797 105,672 1,919,853 2,850 55,278,447 1,329,788 1,964 1,180 United Kingdom—England 20 26,806,215 120,494,505 137,712,612 8,118 702 171,105 204,032 Scotland . 2,560,382 Canada 103,298 1,424,794 19,120,435 32,081,003 139,311 208,482 3,522,561 6,965,217 Central America 414,449 142,693 5,876,195 2,509,942 151,024 169,748 1,502,459 1,430,085 Mexico... 648,164 686,355 5,248,212 5,130,496 4,230,508 3,029,481 43,635,374 37,793,124 West Indies 524,215 6,156 3,634,588 548,754 32,060 674,466 204,949 Bolivia 47 711 20,322 6,313 41,081 62,503 493,690 700,248 Chile 2,274 3,245 425,628 168,806 76,706 15,501 1,401,878 1,575,361 Colombia 396,237 254,877 8,828,495 4,968,741 12,501 6,756 217,336 166,603 Peru 107,132 128,549 1,576,938 1,625,502 718,645 941,537 5,958,003 8,385,338 Uruguay 4,112,636 8,959 25,347 2,167 Venezuela 162,097 18,677 990,755 567,939 65 26 1,637 1,928 China 1,706,631 1,277,814 7,018,768 7,453,517 794 615 3,041 17,889 British India 14,863,765 11,718 Dutch East Indies 1,622,670 1,785,081 484,175 680,816 Philippine Islands 52,262 163,905 1,113,639 1,096,494 537 2,015 16,263 16,130 British Oceania 81,035 18),565 12,821,417 1,564,655 107 262 1,657 1,728 Egypt 7,210,097 3,271,242 227 12,730 Portuguese Africa 3,"i<S4* 495,163 624,374 6," 263' 33,483 185,134 Allother 72,387 9,518 9,573,480 1,338,91.4 53,296 975 235,863 181,116 Total 8,993,957 46,156,195 455,341,637 264,656,011 5,511,553 4,461,146 64,338,554 58,881,078 EXPORTS. France 2,660,000 Netherlands 19,000 1,645 Spain 702,200 20,000 1,500 Sweden 2,721,013 i 1,200 Switzerland 6,724 1,362,207 United Kingdom—England 7 527 151,355 540,661 96,641 11,002,217 7,664,073 Canada 126,676 101,322 2,303,672 22,110,873 246,061 114,916 4,367,786 1,598,860 Central America 12,127 2,000 3,200 8,543 10,594 Mexico 349,898 561,120 4,885,628 4,655,074 189,730 189,304 2,033,286 1,724,583 West Indies 3,000 3,350 899 2,031 1,940 38,200 57,111 Colombia 500,000 312,000 762,703 10,000 Venezuela :. . . . 649,000 China 50,005 400,205 1,930,140 2,166,877 16,876,749 21,349,938 British India 2,639,134 5,418,939 13,411,518 777,676 686,751 6,087,322 12,777,900 Dutch East Indies 160,010 20," 666" 320,010 135,010 French Indo-China 3,168,000 Hongkong 124,240 84,470 9,132,415 2,990,820 1,676,456 239,729 10,085,550 7,087,997 Allother. 3,700 238,450 56,530 1,610,900 40,474 Total 3,406,658 824,444 25,744,528 48,473,491 5,676,755 3,499,358 56,690,256 52,325,875 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

856 FBDEEAL RESERVE BULLETIN. JULY, 1923. GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM MAT 25.I92J. TO JUNE 21,192S, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance in fers and settlements. fund at Federal Reserve Bank. close of period. Debits. Credits. Debits. Credits, Decrease. Increase. Boston 18,750 1,300 654,024 666,967 4,507 61,339 New York 65,800 80,750 1,980,614 1,978,348 12,684 283,227 Philadelphia 16,000 4,900 601,771 600,385 12,486 Cleveland : 11,000 6,500 553,390 566,125 ........ 8,235 Richmond 5,000 8,600 479,738 475,621 Atlanta 8,000 228,648 Chicago 15,000 22,500 1,011,417 992,315 11,602 St. Louis 4,000 7,000 451,796 431,608 17,188 Minneapolis 2,000 500 131,317 128,979 3,838 Kansas City 3,000 5,500 320,287 911 Dallas 2,000 2,500 176,323 178,339 2,516 San Francisco 7,500 18,000 246,148 251,583 15,935 Total, four weeks ending- June 21,1923 158,050 158,050 6,819,205 6,819,205 51,049 51,049 694,763 May 24,1923 169,000 169,000 7,110,334 7,110,334 698,472 June 22,1922 129,000 129,000 6,788,399 6,788,399 529,732 May 25,1922 27,500 27,500 5,713,197 5,713,197 488,014 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. Discount and interest rates prevailing during the 30-day period ending stock-exchange collateral yielded lower rates in many western markets and June 15, 1923, in the various cities in which the Federal reserve banks and in some eastern markets than in the corresponding period in 1922. In most their branches are located, showed generally little change. Rates for prime eastern cities the customary rates were unchanged. commercial paper in some western cities were reported slightly lower, while The actual discount and interest rates prevailing during the 30-day period in the eastern cities they remained unchanged. Compared with the 30-day ending June 15, 1923, in the various cities are given in the following table. period ending June 15, 1922, rates on all types of paper, with the exception A complete description of the several types of paper for which quotations of prime commercial paper ranging from four to six months, open-market are given will be found in the September, 1918, and October, 1918, FEDERAL paper of four to six months' duration, and bankers' acceptances which RESERVE BULLETINS. demanded higher rates, were lower in almost all centers. Paper secured by DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING JUNE 15, 1923. Prime commercial paper. Bankers' acceptances, Collateral loans—stock exchange. 60 to 90 days. Ordinary Secured by loans to District. City. • Customers'. Open market. Int l e o r a b n a s n . k C lo a a t n tl s e . w r a e r c e e h i o p u ts s . e s c e u c s u t r o e m d e b rs y 30 to 90 4 to 6 30 to 90 4 to 6 Indorsed. d U or n s i e n d - . Demand. 3 months. m 3 o t n o t h 6 s. L b i o b n e d r s ty . days. months. days. months. H. L. C. H. L. C.H. L. C. H. L H. L. C. //. L. O. H. L. C. H. L. C. II. L. C. H. L. C. No. 1... Boston 5£5 5 5} 5 5 4} 4 5 5 5 6 51 51 6 51 51 5 5 5 No. 2.. NewYorki j 6}4} 5-51 " 4} 5-51 6 4, 6 4 4J-51 6 5 5-51 6 5 5-51 5J 415 Buffalo 7 5 6 5 4. 7 5 6 6 5 6 6 5 6 6 5 6 No. 3.. Philadelphia.... 6 5 51 5 5 4| 4| 6 41 5 6 5 5J 6 5 51 51 5 S 6 4| 5-51 No. 4.. Cleveland 7 5 6 415 4} 4; 7 5 6 7 5 6 7 5 6 7 5 6 Pittsburgh 6 5 6 51 5 5 51 5 5 6 6 4§ 4i 41 6 5 6 6 5 6 6 5 6 6 6 6 6 6 Cincinnati 6 5 6 6 5 51 6 51 6 5 5-51 4J4 4 6 5 51-6 5 51 51-6 6 6 6 6 6 6 5 5-5} No.5... Richmond 6 6 4f 51 6 6 6 6 5 6 6 5 6 6 5 6 5 51 6 4| 6 Baltimore 6 5*51 5 5 5 5 5 6 5 51 6 5 5J 6 5 51 51 6 No. 6... I A Bi t r la m n i t n a gham 7 8 5 5 6 6 si 4i a 5 5 6 5 5 5 5 5 5 5 7 8 5 5 6 6 7 8 5 5 6 6 6 8 5 5 6 6 6 6 7 7 8 8 5 6 * 6 6 1 Jacksonville 8 4f6-7 51 5 5 6 6 7 5 6-7 8 5 7-8 8 5 6-7 6 6-7 8 6 6-7 ! Nashville 8 6 7 5 4J4f-5 8 6 6 8 6 7 8 6 7 6 7 7 6 6 New Orleans 6J516 5 5} 514|41 5 4|4i 7 5} 6} 7 51 6 7 516} 51 6 6} 5- 6 No. 7... Chicago 6 415-6 5 5-51 4*4 4J 4} 4 4-41 6 5 51 6 5 51 6 5 51 6 51 51 5} 51-6 6 41 5-51 No. 8.. D L St o e . u t L r i o s o v i u t il i l s e 6 6 6 4 5 5 } 6 5 6 1 5 5 I 5 5- 6 ? ? 51 ? 6 6 6 6 1 5 5 51 5 6 6 1 6 6 6 1 5 5 5 1 " 6 5 6 1 7 5 6 51 6 5 5 6 5 6 1 6 6 6 4 5 5 ^ i 66 5 6 ' 1 Memphis 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 Little Rock 7 6 6 51415} 5}41i 6 6 8 6 6 8 6 7 8 6 7 7 6 6 6 6 8 6 6 No. 9... M He in le n n e a apolis 6 8 5 7 1S 8 i 51 41 5 6 5 ; 5 7 1 8 6 5 4}4J 6 8 8 4 f5 8 1 6 8 5 7 1 8 51 6 8 1 7 6 18 6} 8 5 5 8 5 8 1 5 8 5 ? 1 No. 10.. Kansas City 7 5 6 5 5 5 5 5 5 5 6 7 5 6 8 5 66 8 5 6 8 6 6-7 5} 6 8 5 6 Omaha 7 5 6 5}4f 5 5i 4} 5 5 6 5} 4-5 6 5 5* 6 5 51 8 6 7 6 7 61 5} 61 Denver 8 6 6-8 5 41 41 5} 5 5 6 7 8 4: 5-8 8 6 66 7 6 6 8 6 6 7 7-8 8 516-8 Oklahoma City.. 8 4161 51 41 51 10 6" 77 10 6 7 10 6 7 10 6 8 6 8 10 5 7 No. 11.. Dallas 6 5 51 6 5 51 6 5 51 7 4} 51 5 6 8 5 61 5 7 8 7 71 5 7 8 41 6 El Paso 10 6 6 51 4 41 10 8 9 6 8 10 8 8 10 8 8 10 8 8 10 8 8 8 8 10 8 8 Houston 7 5 6 6 5 6 6 5 6 61 41 6 7 5 6 8 6 7 8 6 7 8 7 7 7 7 6 5 51 No. 12.. San Francisco... 6 5 51 5} 5 5 51-6 51 51 414} 4| 6 5* 5J-6 6 5 6 6 51 5}-6 Si 51 5f 6 6 6 5 51-6 Portland 8 4}7 5}4f 5 51 4f 5 7 6 6 7 44}} 66 7 6 7 7 6 6 7 6 61 6 7 8 6 7 Seattle 8 517 51 4i 5 51 41 5 7 6 6 515151 8 66 6 8 6 7 8 6 7 6 6 6 6 7 8 6 Spokane 8 6 7 51 5" 5 51 5 5-51 7 6 6 8 6 7 8 6 7 8 6 7 7 6 6-7 7 8 6 7 Salt Lake City.. 8 6 7 6 8 6 7 8 6 7 8 6 7 8 7 7 7 7 6 7 Los Angeles 8 5 61 8 5 6 41 5 6 41 5 5 5J 4J414J 7 6 6{ 8 5 61 8 6 61 8 7 7 6 61 5 61 1 Rates for demand paper secured by prime banker's acceptances—high, 5; low, 4; customary, 41. 00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

858 FEDERAL RESERVE BULLETIN. JCLY, 1923. FEDERAL RESERVE AND MEMBER BANK DEVELOPMENTS DURING YEAR ENDING JUNE 30, 1923. EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS. [In thousands of dollars.] Bills discounted. Bills bought in open market. Member Bankers' acceptances. Date. e a a T s r o s n e t i a t n s l g . Total. e b S o r y t e n b i c o m l G u i n g r o e s e a v n . d - - t m n p C . e a o e r p m c . e i s r - a . l c p u s A l a a t i l o p v g n tu c e r e d i r k - r - a . l a B c e a c r n e s' p k t - - a a T c nn r c c a e e d p s e t . - ^ l s b a n e a c c t o b o n e u y t l r k - r e e a s s d l ' Total. m D es o t - ic. e F i o g r n - . c D h o a e n x ll - g a e r . a a T c n r c c a e e d p s e t . - U s S e t n t i c a e i u t t s r e e . i s d eligible paper. Dec. 27,1918. '2,318,170 1,702,938 1,400,371 208,247 56,718i 15,986 21,616 303,673 166,493 129,162 796 7,222 311,546 June 27,1919. 2,354,167 1,818,040 1,573,483 153,402 68,256i 1,113 7,803 13,983 304,558 231,569 Dec. 26,1919. 3,080,495 2,194,878 1,510,354 576,025 51,0681 18,183, 30,992 8,256 585,212 121,169 452,460 3,914 7,66 300,405 June 25,1920. 3,183,275 2,431,794 1,277,980 937,645 168,038 25,174: 20,034! 2,923, 399,185 352,296 Dec. 30,1920. 3,263,027 2,719,134 1,141,036 ,274,606 246,940 17,218: 21,427; 17,907 255.702 () 288,191 June 30,1921. 2,050,757 1,751,350 637,590 842,096 234,129 8,456 13,853 15,2261 40;223 8,492| 28,470 3,168 259,184 Dec. 31,1921. '1,523,691 1,144,346 485,233 452,331 178,707 338 9,985 17,752 33,962 99,919 11,164 218233,703 1922. June 30 1,177,995 461,418 167,241 147,123 130,626 81 i 3,757 12,590 161,112 31,655 124,142 4,535 780 555,465 July 31 > 1,082,961 406,178 132,390 126,030 132,279 35i 3,654 11,790 140, 111 21,876 114,407 2,799 1,029 536,669 Aug. 31 •1,084,776 397,448 126,113 123,316 132,307 43! 3,295 12,374 180,176 29,544 143,963 5,817 852 507,131 Sept. 30 '1,190.762 463,696 162,780 164,408 120,280 33j 3,696 12,499 244,375 46,382 189,688 6,814 1,491 482,676 Oct. 31 '1,197,263 576,435 269,042 188,777 103,337 352! 4,661 10,266 258,165 67,033 181,005 8,796 1,331 362,639 Nov. 30 '1,213,807 650,096 315,280 225,250 94,532 475| 5,053 9,506 259,226 65,491 183,504 8,633 1,598 304,461 Dec. 30 '1,326,096 617,780 331,790 185,616 85,165 330 4,844 10,035 272,122 65,280 195,921 9,743 1,178 436,155 1923. Jan.31 1,139,552 597,251 377,482 131,367 75,997 677 3,319 8,409 188,566 36,181 145,195 6,052 1,138 353,735 Feb. 28 1,166,512 595,760 356,039 157,244 1,567 3,022 8,790 207,678 42,122 157,267 6,917 1,372 363,074 Mar. 31 '1,212,673 372,768 242,134 71,843 396| 3,124 8,649 263,358 48,579 201,907 10,756 2,116 250,360 Apr. 30 1,181,871 724,993 386,079 249,021 78,084 104 3,664 8,041 271,573 46,135 211,244 12,472 1,722 185,305 May 31 '1,221,433 770,734 406,824 263,372 89,419 41 3,804 7,274 258,680 48,365 197,569 11,557 1,189 191,964 June 30 '1,144,117 836,949 407,356 317,308 100,187 4,705 7,393 205,600 37,050 159,094 7,833 1,623 101,503 1 Includes municipal warrants as follows: Dec. 27,1918, $13,000; Dec. 31,1921, $379,000; 1922: July 31, $3,000; Aug. 31, $21,000; Sept. 30, $15, OOOJ Oct. 31, $24,000; Nov. 30, $24,000; Dec. 30, $39,000; 1923: Mar. 31, $41,000; May 31, $55,000; June 30, $65,000. • Data not available. DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, RESERVES, AND RESERVE PERCENTAGE OF THE FEDERAL RESERVE BANES. [Amounts in thousands of dollars.) Deposits. Total deposits and Date. Total. G m o e v n er t n . - M re b e s a m e n r b k v e e r de O p t o h s e i r ts. ci n F r r o c e e u s t d e e l e s a r r v t a i i e n o l n. c F ir r e c e n d u s o e e la r t r e v t a i e l on re T se o r t v a e l s. res G e o r l v d es. p R e e r s c e e r n v t e account. combined. Dec. 27,1918 1,757,677 63,367 1,587,318 106,992 2,685,244 4,442,921 2,146,219 2,090,274 50.6 June 27,1919 1,902,337 73,614 1,713,030 115,693 2,499,180 4,401,517 2,216,256 2,147,784 50.4 Dec. 26,1919 1,956,890 72,357 1,786,874 97,659 3,057,646 5,014,536 2,135,536 2,078,432 44.8 June 25,1920 1,916,086 14,189 ,831,916 69,981 3,116,718 5,032,804 2,108,605 1,969,375 43.6 Dec. 30,1920 1,798,779 27,639 ,748,979 22,161 3,344,686 5,143,465 2,249,163 2,059,333 45.4 June 30,1921 1,675,217 43,446 :, 603,845 27,926 2,648,086 4,323,303 2,627,494 2,467,659 60.8 Dec. 31,1921 1,876,082 95,951 ,753,217 26,914 2,409,392 4,285,474 3,010,252 2,874,995 70.2 1922. June 30. 1,883,329 33,093 1,820,377 29,859 2,152,962 4,036,291 3,144,542 3,021,767 77.9 July 31 1,846,582 58,583 1,760,824 27,175 2,132,145 3,978,727 3,178,652 3,047,949 79.9 Aug. 31 1,874,688 48,446 1,803,622 22,620 2,155,515 4,030,203 3,195,558 3,061,049 79.3 Sept.30 1,897,182 14,511 25,411 2,268,652 4,165,834 3,207,494 3,077,210 77.0 Oct.31 1,875,436 34,355 .,812,570 28,511 2,301,777 4,177,213 3,217,882 3,079,966 77.0 Nov.30 1,860,223 33,449 1,807,631 19,143 2,329,814 4,190,037 3,202,810 3,072,858 76.4 Dee. 30 1,973,532 10,756 1,933,888 28,888 2,395,789 4,369,321 3,176,872 3,047,393 72.7 1923. Jan. 31'. 1,991,062 46,014 ,913,446 31,602 2,203,701 4,194,763 3,227,143 3,075,810 76.9 Feb.28 1,952,317 43,401 ,887,552 21,364 2,246,943 4,199,260 3,201,600 3,072,813 76.2 Mar.31 1,961,651 79,354 ., 862,676 19,621 2,247,257 4,208,908 3,167,446 3,059,592 75.3 Apr.30. 1,926,109 40,290 1,864,756 21,063 2,235,435 4,161,544 3,179,666 3,082,282 76.4 May 31 1,964,128 28,130 1,899.810 36,188 2,245,848 4,209,976 3,201,326 3,112,104 76.0 June 80., 1,914,043 33,544 1,851,938 28,561 2,253,033 3,167,076 3,194,665 3,095,217 76.6 1 Net deposits were used in calculating the reserve percentages shown for dates prior to 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 859 PRINCIPAL ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK, 1918-1923.' [Amounts in thousands of dollars.] Federal reserve bank. c o b o B w e u i r n l n l b t s m e a d d n e i s f m k o - s - r . a c n A m h c a o c a e s c p i s e e k e d p p n e u t t i - . n r- se U S cu n ta r it t i e e ti d s es. M re e s m e b n e D e r e . s' posits T . ota " l " .1 " ci n r F r c e o e u s t d e e l e a s r r t v i a i e o n l n. T r o e t s a e l r v c e a s s . h H r e a s ti e o n . e Boston: Dec 27 1918 . .. 162,572 31,087 8,521 96,924 91,835 103,205 115,168 June 27,1919.. . 155,174 23,242 17,485 106,625 102,438 176,159 115,574 41. 5 Bee 2i> 1919 194 836 86 405 22, 200 110 335 108,572 246, 455 156 103 44 0 June 25, 1920 134 088 28,181 22,497 117 948 111,189 280,617 222,362 56 8 Dec. 30, 1920 161,968 19,532 22,240 116, £00 104,893 291,196 219,158 55. 3 June 30 1921 87 943 8,648 19,735 104,484 109,959 250,158 260,762 72 4 Dec. 31,1921 59,171 13,149 11,306 110 7C0 120, 214 202,535 251,760 78.0 June 30 1922 30,796 25,083 45,940 119 352 120,797 1.55,675 195,380 70.7 Dec 30 1922 - - - 61 584 25 407 29,593 126 342 1-27. 856 201,314 220 877 67 1 June 30 1923 63 752 19 467 4,046 126 077 128', 175 213,533 267,854 78 4 New York: Dec 27 1918 652,375 109,25! 203, 720 082,887 • 763,230 736,552 637,295 42. 5 June 27 1919 621,117 123, 216 65,253 730, 278 800,002 737,437 834,523 54. 3 Dec 26 1919 788,194 249,513 68, (;54 706, 254 714,874 824,944 616,040 40.0 719,601 194,736 118,755 745,307 722,422 859,232 620,103 39.2 Dec 30 3920 . ~~ 904 239 116 819 61,210 693 474 662,271 864,516 610,242 40 0 June 30 1921 35° 769 15 549 60,970 618,341 643,131 (583,186 944,250 71.2 Dec 31 1921 209 080 72 593 103 525 72" 098 773,165 663,363 1,131 540 78 8 June 30 1922 60, 289 46,536 175,933 725,942 744,9C9 63P 960 1,173,022 84.9 Dec 30 1922 184,289 60,864 167,252 749,006 760,963 597,071 988,098 72.8 June 30 1923 192,598 43,308 11,957 688,578 716,143 546,104 1,001,573 84.1 Philadelphia: Dec 27 1918 195 519 9 425 11 419 92 955 88,174 23.3,481 143 556 44 6 June 27 1919 249 153 860 23,218 100, 213 104,415 203,703 124,873 40 5 Dec 26 1919 4 698 31 914 95 505 99,841 240,273 138 880 40 8 June 25 1920 190*421 2 012 37,477 103,508 97,3fO 248,785 155,671 45.0 Dec 30 1920 156,454 12,893 32,181 106,675 92,550 280,960 202,257 54.2 June 30 1921 140 595 29 341 105 286 109,927 226,454 193,505 57 5 Dec 31 1921 88, 552 15,895 12,362 104,706 107,702 200,724 219,653 71.2 June 30 1922 - - 4S 241 19 003 33 879 112 844 115,806 181,602 222,956 75 0 Dec. 30, 1922 49,610 23,380 29,190 119,075 119,917 214,067 250,394 75.0 June 30 1923 80,762 19,540 17,381 115,657 117,468 210, 259 231,675 70.7 Cleveland: Dec 27 1918 105,731 39, 276 12,766 114,860 102,029 255,486 198, 579 55. 5 June 27,1919 1P3 219 36 972 18 580 123 903 123,163 214,663 184,400 54 6 Dec 26 1919 167,577 44,658 25,600 127,627 119,706 272, 884 181,7S6 46.3 June 25 1920 122 542 52 012 24 868 138 379 120,176 315, 789 222,968 51.1 Dsc. 30, 1920 117' 760 26 581 24,643 145 617 135, 281 350, 725 287,326 59.1 June 30 1921 . . .. 151, 856 2,356 22.728 131,910 139,205 25-1,066 257, 785 65.5 Dec. 31,1921 114 594 5 378 13' 682 130 933 137,991 214,775 243, 286 69.0 June 30 1922 37,301 16,716 75,821 139,192 142,485 197,945 239,583 70.4 Dec 30 1922 38 541 51 007 25 739 144 487 146,737 242,565 291,991 75.0 June 30,1923 76 748 20 743 10 400 149 862 152,879 234,558 293, 891 75.9 Richmond: Dec. 27, 1918 82 874 10 457 6,018 52, 560 35,285 138,118 88,234 50.9 June 27 1919 - - - 143 175 7 744 7 594 51 156 48,461 109,630 67,667 42.8 Dec 20,1919 108 661 10 951 13,495 61,081 51, 091 148,693 81,731 40.9 June 25 1920 - - - 1°3 971 8,171 13 493 56 764 47 572 122,109 70,716 41.7 Dec 30 1920 122 886 5 252 13 495 56 710 39, 806 155,162 88, 525 45.4 June 30 1921 123 987 2 137 8 493 52 997 55,162 119,679 79,073 45.2 Dec 31 1921 94,668 3' 558 4 993 56 127 61,021 107,101 71,557 42.6 June 30 1922 41 216 '711 4, 793 57,073 60, 257 82,380 107,805 75.6 Dec 30 1922 53 285 1 734 1 291 61 527 62,960 101,147 111,912 68.2 June 30 1923 70 126 2 178 1 341 56 789 59 583 79,323 73,190 52.7 Atlanta: Dec 27 1918 86 334 12 239 6 618 4-1,091 31,017 122,764 67,538 43.9 June 27 1919 88,590 7^ 173 10,982 44,997 44,921 115,662 68,853 42.9 Doc 26 191*) ---- 90 222 11 166 16 045 61 081 54 924 156,599 111,676 52.8 122,018 l' 621 15; 783 53,229 49,526 140,592 77,127 40.6 Dec. 30, 1920 167 808 3 492 16,789 48,345 36,240 175,166 86,091 40.7 June 30 1921 99 980 977 24 740 40 869 42,300 151,267 85,965 44.4 Dec 31 1921 90 827 3 686 18 880 42 967 54, 516 121,471 76,282 43.3 Juno 30,1922 29,110 6-15 8,912 44,902 48.118 113,488 137,155 84.9 Dec 30 1922 26 332 11 422 2 372 62 398 53 744 124,036 142,351 80.1 June 30 1923 36 816 9 160 362 52 480 55, 028 133,180 145,924 77.5 Chicago:. Dec 27 191S 147,262 33,894 20,121 219,664 208.28!) 433,775 419, 842 65.4 June 27 1919 158 129 40,4h3 29,088 23ii,012 235,131 421,672 405,202 61.7 Dec 26 1919 260,599 62,932 44,230 253,864 228,842 510,018 374,184 50. 6 June 25, 1920 451,905 54,048 44,108 252,674 230,499 531,449 304,469 40.0 Doc 30 1920 475 869 25,961 4-4,102 240,241 215,182 548,191 308,333 40.4 Tune 30 1921 321 934 3 500 40 712 232,919 239,05S 444,884 3K5 956 53 5 Dec. 31, 1921 185, 520 8,489 26,644 237,012 249, 214 402,463 455,472 69.9 June3), 1922 63,130 21,475 57,424 265,608 270,565 367,400 528,686 82.9 Dec. 30, 1922 73,871 14,565 62,833 282,901 285, S5-4 420,506 5!>2,253 79.5 June 30,1923 80,968 44,196 11,427 277,413 280,862 408,513 566,505 82.2 NOTE.—Figure? shown in the first and second columns represent actual holdings plus accommodation received from other Federal reserve banks, and lens accommodation extended to other Federal reserve banks. 1 Prior to 1921, figures represent net deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

860 FEDERAL RESEBVE BULLETIN. JULY, 1923. PRINCIPAL ASSETS AND LIABILITIES OF EACH FEDERAL RESERVE BANK, 1918-1923—Continued. [Amounts in thousands of dollars.] Bills dis- an A c c e c s e p p u t- r- •United Deposits. Federal Federal reserve bank. c b o o e w r u n n b t m a e n d e k m f s o . - r c m h o a a s p r e k e d n e t i . n se S cu ta r t i e ti s es. M re e s m er b v e e r . s' TotaU ci n r r c e o u s te e la s r t v i i e n on. T re o s t e a r l v c e a s s . h R r e a s ti e o r . ve 8t. Louis: Dec. 27,1918.. 65,577 7,824 7,721 57,083 50,097 120,722 100,892 59.1 June 27,1919. 56,363 7,396 18,221 58,762 56,313 102,860 87,908 55.2 Dec. 26,1919.. 78,235 7,914 18,369 67,092 59,038 148,452 96,507 46.5 June 25,1920. 132,202 4,867 65,885 63,958 126,289 79 631 41.9 Dec. 30,1920.. 114,218 1,146 17,235 65,660 63,359 136,610 88,904 44.5 June 30,1921. 86,793 219 13,020 58,848 61,699 103,116 83,338 50.6 Dec. 31,1921.. 63,053 218 7,933 64,613 69,264 95,246 106,641 64.8 June 30,1922. 18,529 11,539 25,507 63,281 65,653 67,878 93,961 70.4 Dec. 30,1922.. 30,082 13,028 19,551 73,798 76,936 93,659 117,887 69.1 June 30,1923. 46,479 6,608 7,251 69,120 72,061 74,123 94,255 64.5 Minneapolis: Dec. 27,1918.. 7,827 9,941 5,286 48,487 43,925 97,361 86,644 61.3 June 27,1919. 19,018 18,786 7,286 51,051 50,249 82,032 73,408 55.5 Dec. 26,1919.. 70,057 14,401 8,596 51,532 42,643 87,475 51 245 39.4 June 25,1920. 95,797 4,205 8,602 44,660 41,189 77,728 48,921 41.1 Dec. 30,1920. 96,470 1,413 8,596 43,882 42,204 80,067 48,704 39.8 June 30,1921. 84.504 5,611 41,795 43,872 58,863 41,934 40.8 Dec. 31,1921. 51,212 4,565 43,524 46,965 56,789 60,687 58.5 June 30,1922. 27,850 13,556 44,947 46,548 48 840 66,724 70.0 Dec. 30,1922. 21,916 13,071 49,310 61,026 58i 735 82,019 74.7 June 30,1923. 31,426 12,885 47,395 48,871 64,525 67,524 65.3 Kansas City: Dec. 27,1918.. 56,398 9,372 13,263 68,032 47,626 112,510 92,740 57.9 June 27,1919. 93 647 8 15,748 80,735 67,639 93,677 71,306 44.2 Dec. 26,1919. 100,433 10,176 24,116 77,723 76,104 105,100 78,031 43.1 June 25,1920. 123,096 2,102 21,946 82,677 83,346 97,622 74,317 41.1 Dec. 30,1920. 140,180 2,017 21,688 74,521 67,583 111,874 74,274 41.4 June 30,1921. 78,602 20 17,189 70,583 72,830 78,557 76,791 50.7 Dec. 31,1921. 69,979 1,337 14,254 71,997 78,808 69,044 74,658 50.5 June 30,1922. 20 841 5 45,615 78,798 81,738 57,184 88,296 63.6 J D u e n c. e 3 3 0 0 , , 1 1 9 9 2 2 2 3 . . . 5 2 1 6 , , 8 5 8 4 0 4 4 2 0 6 2 3 13 9 , , 4 1 8 8 8 9 8 8 0 2 , , 5 7 0 8 8 2 8 8 4 7 , , 3 3 0 5 3 1 6 6 0 9 , , 0 8 7 8 9 7 9 8 4 5 , , 7 6 3 2 7 7 5 6 9 0 . . 3 3 Dallas: Dec. 27,1918.. 60,294 2,678 7,900 32,767 28,046 59,578 35,353 40.3 June 27,1919. 62,494 1,020 9,654 43,583 39,871 46,937 35,570 41.0 Dee. 26,1919.. 28,116 1,556 13,056 58,423 41,237 74,886 57,347 49.4 June 25,1920. 78,475 405 12,461 51,140 40,492 82,351 50,912 41.4 Dec. 30,1920.. 96,596 247 12,279 44,593 34,612 79,474 47,632 41.8 June 30,1921. 71,572 150 6,379 42,607 45,794 46 175 35,797 38.9 Dec. 31,1921.. 50,597 165 4,530 43,372 48,013 35,470 35,964 43.1 June 30,1922. 32,264 2,876 5,981 45,807 48,343 26,241 43,176 57.9 - J D u ee n . e 3 3 0 0 , , 1 1 9 9 2 2 2 3 . . 3 1 3 4 ; , 4 9 2 3 2 1 2 12 6 , , 3 8 5 2 5 7 1 1 1 , , 7 3 8 0 0 8 4 5 6 4 , , 2 4 4 6 2 1 4 5 8 5 , , 5 6 2 3 7 9 3 2 7 8 , , 7 9 6 4 1 6 3 4 6 6 , , 5 5 2 4 9 9 4 4 7 9 . . 1 8 San Francisco: Dec. 27,1918.. 80,175 28,229 8,187 77,008 63,339 211,692 150,378 58.3 June 27,1919. 67,961 37,678 8,430 85,715 78,091 194,748 146,974 53.9 Dec. 26,1919. 72.193 80,842 14,070 116,357 107,598 241,867 192,006 54.9 June 25,1920. 137,688 42,625 13,837 121,745 114,494 234,155 181,408 52.0 J D D u e e n c c . . e 3 3 3 1 0 0 , , , 1 1 1 9 9 9 2 2 2 1 0 1 . . . . 1 1 6 4 6 5 7 5 4 0 , , , , 0 8 6 8 9 5 8 1 3 1 6 5 2 4 1 2 0 6 0 , , , 7 5 2 3 9 2 0 4 5 3 9 2 6 1 1 1 2 0 3 0 , , , , 1 2 7 8 6 0 2 5 6 4 4 4 1 1 1 1 1 2 0 2 2 2 3 1 , , , , 6 6 1 1 6 3 7 0 1 1 6 8 1 1 1 1 1 2 1 3 0 9 2 8 , , , , 2 2 2 0 0 0 8 5 9 9 2 0 2 2 2 2 4 1 3 7 0 7 1 0 , , , , 4 3 6 7 1 6 8 4 1 9 1 5 1 2 2 2 8 0 4 8 7 2 7 2 , , , , 7 3 7 7 1 3 9 5 7 8 8 2 4 5 7 6 9 9 6 8 . . . . 3 7 5 8 June 30,1922. 37,304 43,486 34,766 137,801 143,549 235,041 267,804 70.7 Dec. 30,1922. 71,463 22,019 9,185 141,807 150,113 209,890 270,118 75.0 June 30,1923. 1 Prior to 1921, figures represent net deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDLT, 1923. FEDERAL RESERVE BULLETIN. 861 VOLUME OF DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS. [Amounts in thousands of dollars.] Bills discounted. Bills purchased. United States securities. Num- Muni- Month. T c o la ta ss l e a s l . l Amount. A ch v r a e a r r t g a e e g d e . m A r a i v a t g t e y e u r . - - a b b c m a e c n r o o k m o - s f - Amount. c A h v r a a e r t r g e a e g d e . m A r a i a v t g t e y e u r . - - Bonds. V n i o c t t e o s r . y T no u re t r e a y s s . - i c e C n a d e d t n r e e t e s i b s f o i t s - - f . r c w a i n p a t r a s - l . dated. Per cent. Days. Per cent. Days. December, 1918. 8,118,734 6,215,084 4.18 8.54 3,288 155,733 (') 1,747,880 June, 1919 6,771,913 6,328,912 4.19 9.79 4,047 291,915 4.24 45.60 278 150,808 December, 1919. 8,449,946 7,290,873 4.67 11.52 3,659 400,708 4.84 57.11 3 758,361 June, 1920 7,800,839 6,336,642 6.20 14.48 4,948 285,752 6.07 45.72 1,178,445 December, 1920. 10,659,740 9,461,658 6.49 11.55 5,551 253,828 6.08 38.43" 1 944,253 June, 1921 4,799,534 3,674,977 6.14 19.29 5,745 64,673 5.88 28.83 1,640 13,624 1,044,620 December, 1921. 4,870,435 4,168,566 4.91 11.67 5,679 230,101 4.41 23.39 63 20,786 15,500 435,107 312 1922. June 2,135,173 1,159,318 4.54 15.61 4,436 175,493 3.22 37.57 2,825 33,705 110,368 653,464 July 1,606,899 1,317,602 4.39 11.97 4,167 158,758 3.13 36.63 595 14,113 37,761 78,061 9 August 1,471,469 1,094,307 4.34 13.48 4,042 185,208 3.10 42.18 1,276 19,058 70,562 101,040 18 September 1,920,587 1,267,358 4.36 13.43 3,944 217,053 3.19 51.24 915 27,212 92,845 315,204 October 2,825,699 2,172,114 4.34 9.99 3,793 206,617 3.68 46.23 16,690 28,435 89,866 311,965 12 November 3,400,191 3,155,775 4.29 8.43 3,859 175,378 4.10 43.41 924 5,003 45,455 17,653 3 December 4,465,624 3,315,593 4.30 9.00 3,873 202,566 4.11 39.14 1,609 4,865 97,470 843,498 23 1923. January 5,636,299 3,691,259 4.25 6.08 3,294 152,755 4.09 37.74 2,580 1,586 73,174 1,714,945 February 4,038,996 3,720,547 4.28 6.70 2,976 186,464 4.08 43.14 1,473 8,479 64,531 57,602 March 3,971,427 3,519,700 4.49 8.86 3,282 254,141 4.09 46.59 1,274 8,191 47,182 140,898 41 April 3,543,496 3,291,071 4.50 9.04 3,507 194,852 4.12 44.28 142 3,397 27,854 26,180 May 3,880,337 3,532,512 4.50 9.45 3,942 186,364 4.16 33.02 12,227 19,800 45,441 '55 1 Figures not available. FEDERAL RESERVE BANK DISCOUNT RATES IN EFFECT JULY 1, 1923, AND 1922. Paper maturing— After 90 days, After 6 months, Within 90 days. but within 6 but within 9 months. months. Federal reserve bank. Commercial, Secured by Agricultural' Agricultural agricultural, United States Bankers' ac- Trade accept- and live-stock and live-stock and live-stock Government ceptances. ances. paper. paper. paper, n. e. s. obligations. 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 Boston 4J 4 41 4 41 4 41 4 New York 41 4 41 4 41 4 41 4 41 4 Philadelphia... 41 41 41 41 41 41 41 41 41 41 5 Cleveland 41 41 41 41 41 41 41 41 41 41 41 Richmond 41 41 41 41 41 41 41 41 41 41 41 Atlanta 41 41 41 41 41 41 41 41 41 41 41 Chicago 41 41 41 41 41 41 41 41 41 41 41 St. Louis 41 41 41 41 41 41 41 41 41 41 Minneapolis.... 41 41 5 41 5 41 5 41 5 4i Kansas City.... 41 41 5 41 5 41 5 41 5 41 Dallas 41 41 5 41 5 41 5 41 5 41 San Francisco. 41 41 41 41 41 41 41 41 41 41 41 i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

862 FEDERAL RESERVE BULLETIN. JDLV, 192 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON THE LAST REPORT DATE IN EACH MONTH SINCE JUNE, 1922. [Amounts in thousands of dollars.] 1922 June 28. July 26. Aug. 30. Sept. 27. Oct. 25. Nov. 29. Dee. 27. 798 793 790 790 787 784 782 Loans and discounts, gross: Secured by United States Government oMiga- 285,373 260,769 259,330 261,442 285,043 297,401 290,261 Secured by stocks and bonds (other than United States Government obligations) 3,465,247 3,459,763 3,482,013 3,589,810 3,718,731 3,688,457 3,774,775 All other loans and discounts 7,032,501 7,018,614 7,019,852 7,136,275 7,245,134 7,232,873 7,203,941 10,783,121 10,739,146 10,761,195 10,987,527 11,248,908 11,218,731 11,328,977 1,264,277 1,305,789 1,366,860 1,381,003 1,503,010 1,510,540 1,485,007 United States Victory and Treasury notes 575,500 563,398 695,188 653,776 686,914 087,931 825,736 United States certificates of indebtedness 260,796 256,910 192,583 184,127 111,038 95,094 237,956 Other bonds, stocks, and securities 2,304,747 2,323,711 2,277,718 2,247,210 2,239,841 2,249,041 2,274,145 Total loans and discounts and investments... 15,188,441 15.18S, 954 15,293,544 15,453,643 15,789,711 15,761,337' 16,151,821 Reserve with Federal reserve bants 1,440,290 1,386,457 1,377,582 1,358,358 1,345,743 1,356,129 1,393,755 278 457 274,824 "274,189 281,349 289,452 286,463 358,449 Net demand deposits 11,123,877 11,043,393 10,942,232 11,OSS 421 11,161,802 11,094,036 11,255,425 Time deposits 3,3*0,434 3,515,379 3 598,688 3,573,401 3,628,187 3,647,977 3,708,466 Government deposits . .... 123,674 99,287 177,680 146,493 259,678 170,637 471,209 Bills pavable and rediscounts with Federal reserve banks: Secured by United States Government obligations 97,501 35,685 58,659 65,651 115,889 205,654 206,253 All otiier 67 072 62 147 68,778 93,495 110,680 176,239 163,322 1923 Jan. 31. Feb. 2* Mar. 28. Apr. 25. May 29. June 27. Number of reporting banks 780 777 777 776 774 774 Loaus and discounts, gross: Secured by United States Government obligations 276,332 282,521 265,268 261,817 266,535 250,827 Secured by stocks and bonds (other than United Al S l t o a t t h e e s r G lo o a v n e s r n a m nd e n d t i s o c b o li u g n a t t s ions^ 3 7 , , 7 4 2 4 3 0 , , 1 4 8 8 2 4 3 7 7 5 9 5 9 7, 7 14 1 0 ° 3 7 , , 7 7 6 5 5 2 , 873 3 7, 7 7 < 8 C 4, J9 3 9 8 5 3 3 7 7 7 0 7 0 3, 5 75 4 6 4 _ 3 7 , ,7 80 9 6 3 ,1 3 9 9 6 4 11,439,998 11 639,373 11.7K* 4l0 11,t-39195 11,F3P,F3o 11,850,417 United States bonds 1 480,693 1437,357 1,432 432 1,414 691 1,379,486 1,417,030 United States Victory and Treasury notes 952,341 op) 058 928 753 908 642 991,751 973,848 United States certificates of indebtedness 193,617 145,704 191 462 15« 5S6 129 732 143,352 Other bonds, stocks, and securities 2,221,957 2 186,290 2,161 484 2,151 772 ?,148 937 2,158,134 Total loans and discounts and investments 16,28s,606 1632S>, 788 16,497 611 16 470 886 16489 741 16 542,781 Reserve with Federal reserve banks 1,444,013 1408 310 1,394 778 1,367 695 1,385 551 1390,388 ('ash in vault 274,952 077 ISO 282 544 9S0 503 •>81879 282 040 11 536,958 11 >-,•),( 61 •> 11,082 059 11 156 317 11 17>706 11 104 201 3,728,502 3 775 827 3,948 420 3 988 7f3 4,004 052 4000,009 Government deposits 149,830 100 109 337 323 265 843 191 646 255, 839 Bills payable and rediscounts with Federal reserve banks: Secured by United States Government obligations 287,301 267 ISO 290 245 243 046 258 448 270,704 All other 92,093 118 334 184 708 159 430 200 683 220,357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 863 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM. [In thousands of dollars.] June 30, Dec. 31, June 30, Dec. 29, June 30, Dec. 31, June 30, Dec. 29, Apr. 3, 1919 (8,822 1919 (9,066 1920 (9,399 1920 (9,606 1921 (9,745 1921 (9,779 1922 (9,892 1922 (9,859 1923 (9,850 banks). banks). banks). banks). banks). banks). banks). banks). banks). RESOURCES. Loans and discounts 15,517.765 IS,341,241 19,761,783 19,744,677 18,191.423 17,468,936 17,282,290 18061,459 IS,554, Overdrafts . 17,993 403 22, 22,676 13,653 19, 16,842 Customers' liability on account of 22, 587 14,588 14,582 328 acceptances 440,411 571 652, 566,678 299,179 372, 378,159 United States Government se- 624, 001 412,571 343,559 550 curities l.. ... 4,036,899 3, 426 2,941, 2,759,428 2 2, 3,246,824 378S, 3,883,266 Other bonds, stocks, and securi- 506, 655 661,078 647,793 377 Ba t n ie k s i 2 n . g . house, furniture, and 3,030,696 3, 311, 441 3,219, 382 3,360,948 3, 443,577 3, 512,891 3,815,247 3,899, 339 3,877,102 448,128 483, 397 565,567 608,812 642,503 680.225 711,917 731,082 68.775 69,177 69'066 73,901 80,786 87,152 108,695 123,354 134,143 Cash in vault 559 433 691 173 817 677925 529 764 478 416 464 614 561576 518 11° Reserve with Federal reserve 1723 774 1903 814 18?8 648 1763424 1624 662 1758 341 1835116 1939 1908 ^6 Items with Federal reserve banks 369,612 579,235 615,116 544,815 448,765 477,042 493,335 635,926 601,519 Due from banks, bankers, and 9 9 518709 1894041 1576(S99 1353 614 449 637 1646773 1805579 1774997 Exchanges for clearing house, also checks on other banks in same place 1 188 101 1509006 1998 799 963 881 1085,375 777 439 13 VI390 1405 989 6?9 Outside checks and other cash 109046 147?,76 269 91999 100,607 106 333 110377 117963 1039^9 Redemption fund and due from United States Treasurer .. 38 484 41 489 38 505 38350 36,264 36,672 36 741 36 800 36 869 United States securities borrowed. 35,710 20 353 19471 18,449 381 488 012 1954 Other assets . 182043 166898 386,892 447 001 344,011 276,749 319,650 382 771 323 817 Total. . 29856 234 33 916044 33 868958 33 197 115 30 935,897 30 114,136 31 723950 33,882 571 33852041 LIABILITIES. Capital stock paid in 1489 792 1593 833 1717044 1799061 1858,710 1867,821 1912 227 1940916 1979953 Surplus fund 1 716 1375 727 1480 4?9 1 596 901 1557,719 1557,475 158409? 16?5 7IK> 1630553 Undivided profits less expenses and taxes paid ^ 567 418 572 523 655591 794?45 716,076 667,711 717 600 797233 745076 Due to Federal reserve banks.... 11876 14189 24682 21953 24,593 25,521 26644 39610 34477 Due to banks, bankers, and trust „ companies 3650502 4 091400 3461 016 306? 304 688,098 834,645 3 123741 3 452 773 3473760 Certified and cashiers' or treasurers' checks outstanding 704319 906515 648361 593389 563,443 438,336 783324 857234 601465 Demand deposits 1319507? 15 156 169 15067 172 14019 901 13,292,177 13176,122 14251855 14,815 507 14525756 Time deposits 434338? 5304 793 59109?6 6 187 6 366,632 6 450,629 175005 7644 881 8 142574 United States deposits 909 339 648555 960 179 316 191 389,910 306,103 156118 461799 404 427 Total deposits 99 807 5?0 26 121 621 2537? 336 ?4 901659 23324,851 ?3 231.356 25 516 687 27271804 27182459 Bills payable (including all obligations representing money borrowed other than rediscounts)... 1436.248 1261819 1?77 510 1?34 93?. 812,241 655,304 297 135 429930 494 412 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 61? 505 1299 788 1674657 01? 917 1,296,638 797,658 425609 447597 473407 Cash letters of credit and travel- 94 875 17 173 98 896 17901 25,185 16,437 29 560 15,628 17723 Acceptances executed for cus- 466 586 641 018 673 565 593708 418,165 346,555 297683 366.539 380,245 Acceptances executed by other j banks for account of reporting 13,722 22,245 23087 33,652 41,126 National-bank notes outstanding. 676,657 685,237 687,653 693,415 703,654 716,968 725,265 723,317 727,574 United Statessecurities borrowed 233,638 182,665 130,860 140,451 100,324 102,675 65,037 54,138 52,542 6697 5578 4,582 4377 2.830 6,121 3.385 4.960 6,115 Other liabilities 241,582 159,062 165,835 177,548 105,782 125,810 126,583 171,092 120,866 Total 28,856,234 33,916,044 33,868,958 33,197,115 3d,935,897 30,114,136 31,723,950 33,88*,571 33,852,041 1 Includes United States Government securities borrowed by national banks. 2 Includes other bonds and securities borrowed by national banks, a Includes amounts reserved for interest and taxes accrued. < Includes acceptances executed by other banks for account of reporting banks, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

864 FEDERAL RESERVE BULLETIN. JOLT, 1923. PRINCIPAL ASSETS AND LIABILITIES OF ALL MEMBER. BANKS. [In thousands of dollars.] Loans and Demand Time Bills payable Federal reserve district and date. discounts. Investments. deposits. deposits. and rediscounts. All Federal reserve districts: Dec. 31,1918 14,302,174 6,368,216 13,309,303 3,834,320 1,969,851 June 30,1919 15,517,765 6,827,260 13,195,072 4,343,382 2,048,753 Dec. 31,1919 18,341,241 6,629,624 15,156,169 5,304,793 2,561,607 June 30,1920 19,761,783 6,025,595 15,067,172 5,910,926 2,952,167 Dec. 29,1920 19,744,677 5,975,548 14,019,901 6,187,921 3,247,849 June 30,1921 18,191,423 6,001,501 13,292,177 6,366,632 2,108,879 Dec. 31,1921 17,468,936 6,088,021 13,176,122 6,450,629 1,452,962 June 30,1922 17,282,290 7,016,699 14,251,855 7,175,005 722, 744 Dec. 29,1922 18,061, 459 7,650,153 14,815,507 7,644,881 877,527 Apr.3,1923.. 18,554,983 7,722,127 14,525,756 8,142,574 967,819 Boston: Dec. 31,1918 1,171,202 440,336 1,092,569 216,078 203,532 June 30,1919.. 1,252,767 450,781 1,080,805 247,012 192,572 Dec.31,1919 1,398,221 442,141 1,197,395 276,175 255,624 June 30.1920.. . 1,426,559 411,498 1,234,574 320,556 164,834 Dee. 29,1920 1,441,133 406,575 1,125,236 365,108 194,195 June 30,1921.. 1,335,814 406,814 1,058,963 393,492 101,144 Dec. 31,1921 1,305,094 436,085 1,079,212 408, 778 76,020 June 30,1922.. 1,307,586 549,551 1,163,535 480,337 50,839 Dec.29,1922 1,387,057 580,203 1,210,365 510,961 86,769 Apr.3,1923 1,416,338 574,582 1,179,963 551,328 85,104 New York: Dec.31,1918 4,557,820 2,055,138 5,045,425 562,115 745,720 June 30,1919 5,085,381 2,052,921 4,757,737 637,772 692,528 Dec.31,1919 5,683,139 1.936,201 5,211,484 804,785 927,257 June 30,1920 5,875,745 1,786,654 5,200,065 881,858 913,562 Dec. 29,1920 5,840,301 1,745,881 4,801,087 965,107 1,068,358 June 30,1921 5,107,841 1,816,899 4,792,722 981,168 427,997 Dec.31,1921 4,892,388 1,916,636 4,688,513 1,047,905 276,403 June 30,1922.. 4,797,111 2,404,964 5,104,448 1,343,726 148, 084 Dec.29,1922 5,035,670 2,533,807 5,104,682 1,438,246 271,963 Apr.3,1923 5,092,353 2,473,201 4,681,979 1,578,708 350,548 Philadelphia: Dec. 31,1918 891,319 660,414 901,715 285,171 195,864 June 30,1919... 987,422 722,637 909,370 308.174 257,233 Dee. 31,1919 1,088,214 678,561 997,337 337,223 263,834 June 30.1920... 1,133,672 642,038 1,000,052 386,497 214,013 Dec. 29,1920 1,135,108 640,697 981,096 422,221 172,374 June 30,1921. 1,079,203 667,764 908,090 449,637 149,219 Dec.31,1921 " '.".' 1,028,675 664,736 890,630 466,531 96,354 June 30,1922 ,.. 1,021,532 711,086 939,738 495,846 54,852 Dec.29,1922. . 1,078,160 755,893 1,002,140 521,677 56,386 Apr.3,1923 1,136,395 778,883 1,010,023 575,226 72,435 Cleveland: Dec.31,1918 1,206,670 745,394 1,090,512 552,997 121,357 June 30,1919. 1,293,452 809,160 1,111,819 605,038 112,030 Dec. 31,1919 1,473,528 771,421 1,172,739 677,381 175,073 June 30.1920 1,629,025 733,886 1,292,543 736,296 128,896 D J D u e e c c n . . e 2 3 3 9 1 0 ,1 , , 1 9 1 9 2 9 2 0 2 1 1 .. . . .. 1 1 1 , , 7 6 6 1 0 8 7 0 2 , , , 3 7 9 7 3 7 6 3 4 7 7 7 6 6 2 1 9 1 , , , 8 9 9 3 6 8 5 5 2 1 1 1 , , , 2 0 1 8 7 6 7 8 9 , , , 0 6 8 3 0 3 9 8 0 8 8 8 2 4 0 9 6 9 , , , 7 6 6 7 2 7 9 8 9 1 1 1 2 3 6 8 4 7 , , , 5 5 7 7 0 6 8 6 2 J A D u p e n c r e . . 2 3 3 9 , 0 1 , , 1 9 1 9 2 9 2 3 2 2 2... 1 1 1 , , , 6 7 6 2 3 7 3 7 4 , , , 1 3 7 3 9 2 1 1 4 7 9 8 9 0 9 2 0 2 , , , 0 0 0 5 6 0 7 0 2 1 1 1 , , , 2 2 3 0 4 2 2 2 0 , , , 8 2 9 4 5 9 5 7 0 1 1, , 9 0 0 1 2 0 5 4 5 , , , 8 7 5 9 7 4 8 4 7 4 5 4 7 7 4 , , , 9 3 1 3 7 1 6 5 2 Richmond: Dec. 31,1918 659,983 284,876 535,182 216,756 June 30,1919 712,634 327,721 514,480 257,302 158,856 Dec. 31,1919 854,117 294,604 611,803 302,567 129,930 June 30,1920 . 904,195 256,494 569,343 326,160 157,878 Dec. 29,1920 920,205 255,627 552,864 336,121 159,191 June 30,1921 883,331 253,630 491,591 356,258 151,735 Dec.31,1921 864,852 246,361 490,636 362,861 115,193 June 30,1922 854,592 235,957 501,236 395,235 54,388 Dec.29,1922 895,049 254,212 532,809 399.175 66,810 Apr. 3,1923 910,852 258,567 543,453 422,732 63,080 Atlanta: Dec. 31,1918 520,291 221,074 446,023 152,915 101,512 June 30,1919 535,880 252,238 425,153 189,436 93,655 Dec. 31,1919.. 687,912 234,484 561,001 211,327 100,011 June 30,1920 749,738 193,010 497,585 258,167 141,711 Dec. 29,1920 775,010 185,115 445,059 248,826 210,136 June30,1921 685,699 172,486 389,720 257,001 135,078 Dec. 31,1921 . 683,937 162,630 404,588 246,313 122,304 June 30,1922.. 653,390 153,165 428,729 264,680 38,285 Dec. 29,1922 713,144 168,380 490,886 281,241 40,921 Apr. 3,1923 :;::.::.: 729,522 176,565 498,070 306,252 28,435 Chicago: Dec. 31,1918... 2,065,388 1,560,066 920,701 160,617 June 30,1919 2,255,186 1,004,724 1,672,250 1,043,910 194,090 Dec. 31,1919.. 2,674,149 915,424 1,892,876 1,179,582 286,817 June 30,1920 3,124,978 807,381 1,923,274 1,295,017 520,103 Dec. 29,1920.. 3,053,586 785,902 1,691,847 1,310,866 537,555 June30,1921 2,868,137 763,094 1,656,546 1,281,845 375,191 Dec. 31,1921 2,716,529 768,337 1,647,085 1,285,597 233,724 June 30,1922 2,699,159 870,926 1,834,952 1,336,364 108,888 Dec.29,1922 . 2,758,740 997,856 1,888,796 1,433,100 116,559 Apr. a. 1923 !..'.".'."....'. 2,864,225 1,017,594 1,910,021 1,483,743 130,052 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JULY, 1923. FEDERAL RESERVE BULLETIN. 865 PRINCIPAL ASSETS AND LIABILITIES OF ALL MEMBER BANKS—Continued. [In thousands of dollars.) Federal reserve district and date. L di o s a c n o s u a rt n s d . Investments. d D e e p m os a i n ts d . de T p i o m si e ts. B a il n ls d p r a e y d a is b - le counts. St. Louis: Dec. 31,1918. 582,807 241,860 464,067 162,227 77,883 June 30,1919. 604,543 265,170 463,314 182,826 66,749 Dec. 31,1919. 767,890 244,082 573,468 211,177 86,666 June 30,1920. 836,706 214, 341 535,046 240,461 157,895 Dec. 29,1920. 817,219 214,615 518,955 255,017 140,163 June 30,1921. 773,233 216,142 479,371 271,819 102,723 Dec. 31,1921. 763,231 219,865 505,192 284,143 74,795 June 30,1922. 738,396 260,644 524,251 313,782 27,165 Dec. 29,1922. 801,790 315,913 603,323 340,447 37,827 Apr. 3,1923.. 820,373 331,811 610,596 362,186 35,627 Minneapolis: Dec. 31,1918. 569,305 170,357 396,785 277,460 10,048 June 30,1919. 604,340 195,583 392,611 319,167 21,427 Dec. 31,1919. 749,824 182,103 433,695 349,144 82,094 June 30,1920. 812,739 158,918 416,003 378,271 122,462 Dec. 29,1920. 789,589 153,524 373,056 371,802 127,783 June 30,1921. 756,633 151,285 351,226 372,937 109,903 Dec. 31,1921. 711,554 150,067 347,491 363,010 74,017 June 30,1922. 686,274 172,540 361,889 373,566 50,944 Dec. 29,1922. 693,023 189,855 385,660 390,583 38,260 Apr. 3,1923.. 695,120 203,032 380,767 408,234 31,885 Kansas City: Dec. 31,1918. 784,850 228,796 646,691 179,813 68,847 June 30,1919 858,169 237,990 673,738 202,697 104,975 Dec. 31,1919. 996,648 248,944 806,042 221,979 128,624 June 30,1920 1,043,287 213,398 771,494 252,124 150,678 Dec. 29,1920. 1,003,661 209,225 710,056 243,203 175,838 June 30,1921 905,524 192,034 637,893 247,633 110,071 Dec. 31,1921. 866,435 190,713 620,218 242,616 95,019 June 30,1922 840,633 224,766 705,776 262,921 31,238 Dec. 29,1922. 864,517 248,723 723,724 273,040 35,873 Apr. 3,1923. 874,999 257,082 738,841 285,648 32,607 Dallas: Dec. 31,1918. 480,537 130,367 396,377 54,298 91,903 June 30,1919 491,818 151,798 434,798 65,400 78,941 Dec. 31,1919. 632,454 185,726 642,804 73,278 34,024 June 30,1920 711,403 143,841 592,380 96,908 107,677 Dec. 29,1920. 706,754 135,286 537,638 104,026 125,846 June 30,1921 636,488 114,609 459,661 108,700 98,889 Dec. 31,1921. 591,860 117,646 456,524 104,835 70,032 June 30,1922 586,500 119,709 480,258 116,888 46,516 Dec. 29,1922. 606,749 139,814 540,408 120,460 20,000 Apr. 3,1923. 618,155 149,467 528,546 133,776 26,475 San Francisco: Dec. 31,1918. 812,002 350,722 733,891 253,789 93,583 June 30,1919 856,173 356,537 758,997 284,648 75,697 Dec. 31,1919. 1,335,147 495,933 1,055,525 660,175 91,653 June 30,1920 1,513,736 464,136 1,034,813 738,611 172,458 Dec. 29,1920. 1,544,735 481,266 992,988 755,998 201,902 June 30,1921. 1,476,587 476,779 896,586 799,363 179,167 Dec. 31,1921. 1,453,607 492,963 967,403 808,361 90,525 June 30,1922 1,473,986 521,334 1,004,198 875,762 64,170 Dee. 29,1922 1,552,836 573,495 1,090,457 930,404 48,223 Apr. 3,1923. 1,659,260 601,283 1,122,507 1,009,987 67,459 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES. [In thousands of dollars.) Distribution by Federal reserve districts. Total New Month. (141 York San centers). City. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o nn li e s . . K C a i n ty sa . s Dallas. F ci r s a c n o - . 1922. June 39,236,177 22,063,382 1, 992,898 22,693,592 1,720,649 1, 927,948:681,167 785,2604,326,058 930,887 569,3231,081,813 479,0972,047,485 July 36,055,78819,713,134 1,899,373 20,328,510 1,668,316 1, 911,065 636,506 743,2973,995,629 871,384 554,605l', 04i; 778 432', 9441,972,381 August 34,136 8,287,224 1, 586,094 18,854,442 1,589,819 1,850,6671616,520 739,642 3,991,612 830,180 580,1 ,"5"501-,'—05 6:449 440,7291,999,425 September 35,768,453 19,215,298 1, 717,635 19,793,005 1,646,539 i,87^032 596,901 800,64914,070,134 990088;, 393 654,4911,058; 493 541 2,103,481 October 40,745,186 22', 332222', 276 2,087,622 22,967,053 1.891,067 2,\025,319J705,455 901,535 4,438,2101,067,437 698; 732-,--, , 2,218,498 November 36,159,896 19 ., 986,523 19,637,137 1,682,8451,867,671 660,697 911,367 4,051,955 988,780 633,6651,050,898 556,549 2,131,811 December 40,436,981 20; 85i; 135 2,126,314 21,546,408 1,939,197 2,,430,467 753.942 989,297 4,615,171 1,145,954 710,6311,181,287 605,692 2,392,621 1923. January 41,752,913 22,087,156 2,197,997 22,7631,,0181,914, 857 2,305,963 746,04?1,005,714 4,810,8991,178,722 647,3121,202,253 605,258 2,374,873 February 35,925,212 19,019,4911,889,899 19,595,7611,648,9251,949,930631,628 827,440 4,383,817 952,802 510,811 990 426 494,600 2,043,173 March 42,185,143 22,541,298 2,222,088 23,231, ,926,493 2!,, 206,665 737,293 991,808 4,828,0411,112,395 600,8051,199,481 547,188 2,581,355 April 39,294,408 20,478,562 2,119,787 21,180,741 \, 863; 477 21,,227,5701676,260 886,328 4,737,859 1,039,549 596,9141,130,015 488,255 2,347,653 May 40,071,906 20,703,871 2,139,645 21,399,850 1,973,625 21,266,8881701,164 922,45014,899,3901,076,560 634,2171,142,172 486,003 2,429,942 June 40,573,595 21,041,296 2,172,872|21,789,805 2,083,113 21,278,941742,692 902,403 4,772,812 1,104,142 652,3411,155,879 465,4612,453,134 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

866 FEDERAL RESERVE BULLETIN. JULY, 1923. FOREIGN EXCHANGE RATES. General index for June, 1923, 66; for May, 1923,66; for June, 1922, 71. Noan 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. Low. High. Average. Index p (p ar e ) r . i cent of Monetary unit. Par of xchange. June May. June. May. June. May. June. May. Belgium Franc.. 19.30 5.1400 5.6200 5.6100 5. S100 5. 3985 5.7231 27.97 29.65 Denmark Krone.. 26.80 17. 5300 18. 4600 1.8.5100 IS. 8500 17.9573 18.6481 67.00 69.58 France Franc. 19.30 6. 0500 6. 5500 6. 5000 6. 7400 6. 3012 6.6385 32.65 34.39 Great Britain Pound. 4«6.65 45S. 0000 460.7700 482.9500 463.9200 4S1. 4381 462.5677 94.83 95.05 Italy Lira 19.30 4.3900 4. 7300 4.7000 4. 8000 4.5746 4. 8392 23.70 25.07 Netherlands Florin.. 40.20 39.1500 39.0300 39.2600 30.1800 39. 2012 39.1304 97.52 97.34 Norway Krone.. 26.80 16.3700 15.9000 10.9200 17.1400 16. 6396 16. 5362 62.09 61.70 Spain Peseta. 19.30 14. 4600 15.2000 15. 2000 15. 2900 14.9242 15. 2327 77.33 78.93 Sweden Krona. 26.80 26. 4700 26.5600 26.6600 26. 7400 26. 5596 26. 6462 99.10 99.43 Switzerland Franc 19.30 17. 6300 17.9500 18.0600 18. 0900 17.9404 18. 0277 92.96 93.41 Canada Dollar 100. 00 97. 5078 97. 6484 97.9000 98. 0945 97. 6578 97.9403 97.66 97.94 Argentina. Peso (gold).. 96.48 78.9400 79,4000 81.6100 82.7200 80. 4669 81.6785 S3.40 84.66 Brazil Milrcis. 32.44 10.1300 10.1600 10.9700 10. 6100 10. 4254 10. 3477 32.14 31.90 Chile Peso (paper) 2 19. 53 12.9900 12.3500 13.6900 13.1300 13. 4012 12.8250 68.62 65.67 China. Shanghai tael. 2 66. 85 70. 5400 73. 5600 72. 8900 75.3000 72.1746 74. 5342 107.96 111. 49 India.. Rupee 48.66 30.7600 30. 9700 31. 0700 31.3500 30.99)9 31.0812 63.69 63.87 Japan. Yen 49.85 48. 8900 48.8000 49. 2200 49. 2200 49. 0450 49. 0785 98.39 98.45 OTHER COUNTRIES. Austria Krone.. 20.26 0. 0014 0.0014 0.0014 0.0014 0.0014 0.0014 0.01 0.01 Bulgaria Lev. 19.30 1. 0414 .7443 1. 2900 -1.0814 1.1749 .7982 0.09 4.14 Czechoslovakia Crown. 2.9818 2.9706 3.0061 2.9884 2.9934 2.9791 Finland Markka - 19. 30 2.7533 2. 7481 2. 7775 2. 7822 2.7694 2.7705 14.35 14.35 Germany Reichsmark- 23.82 .0006 .0014 . 0015 . 0033 .0010 .0022 .004 .01 Greece Draehma 19.30 2.6189 1.1875 4.0943 2.7371 3. 0975 1. 6883 16.05 8.75 Hungary Krone.. 20.26 .0099 .0182 .0189 .0197 .0140 .0191 .07 .09 Poland Polish mark. .0007 .0018 .0019 . 0021 .0013 .0021 Portugal Escudo 108. 05 4. 4300 4.3400 5. 0300 4. 7600 4.6604 4.4731 4.31 4.14 Rumania Leu 19.30 . 5011 . 4775 . 5350 .5969 .5168 .5097 2.68 2.64 Yugoslavia Dinar 19.30 1.0867 1.0338 1.3040 1. 0625 1.1484 1.0499 5.95 5.44 Cuba Peso 100.00 99. 9625 99.9500 99.9938 100. 0391 99.9753 99.9977 99.98 100. 00 Mexico ....do 49.85 4S. 2969 48. 2969 48. 5417 48.6458 48. 3721 48. 4267 97.04 97.14 Uruguay. .do. 103. 42 78.9600 79. 4300 82. 4500 82. 6500 80. 8492 80. 8638 78.18 78.19 China Mexican dollar. 2 48.11 50. 9800 52. 8800 52.6900 54. 2500 52.1315 53. 8415 108.36 111.91 Hongkong Dollar.. 2 47. 77 52. 2600 54. 2300 53.8800 55. 2100 53. 2085 54. 7958 111.38 114.71 Straits Settlements Singapore dollar.. 56.78 53. 3300 53. 7900 54.0000 55.3300 53. 8458 54. 2635 94. S3 95.57 i Based on average. «1913 aver SILVER. [Average price per fine ounce.| June. May. London (converted at average rate of exchange). $0.65677 $0.67950 New York . 65194 . 67455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1023. FEDERAL BKSEKVE BULLETIN. 867 FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES. A summary of banking and financial conditions abroad is presented statistically in the accompanying tables. ENGLAND. [Amounts in millions of pounds sterling.J r Note accounts and Bank of England deposits. Avcragoofendofmonth figures: 1913 29 ! ' 57 1920 146 103 j 318 ! 147 1921 157 108 327 I 136 1922 156 103 2I» ! 130 1922, end of— May 157 103 2PS j 130 June 157 103 295 I 131 July 154 104 296 i 122 August 154 103 2«t 124 September 151 101 289 121 October 154 101 287 125 November 154 102 288 121 December 154 104 301 133 1923, end of— January 154 101 280 121 February 102 279 i 131 Ma"ch 102 A nrll 100 123 May 102 11(1 Juiie 103 128 1 Held by tho Bank of Enjdand an-i by tlie Treasury as note reserve. * .Still ist. 2 Less notes in currency notes account." 'Ban kers Magazine. * Average weekly litnires. ' Excluding Germany. FRANCE. [Amounts in millions of francs.] New stock and Bank of France. Savings bond issues. Price of Average banks, 3 per daily excess of res G e o r l v d e.1 re S s i e lv rv er e. a G d to o v W v a t n a e h r r c e n e - s l c a N i t r i o c o t u e n - . de T p o o t s a i l ts. e p r n e e t n t u t p e a e . l r- cl b o e P a a f a n r t r i k h n is s e g . s d d ( e r w + a p i w ) o t o h s a i r - l t s s Value. A r r e a v t t e u e r r a o n g f . e ment. (-)• Average of end of month figures: 1913 3,343 629 5,565 830 86.77 59 —65 1920 3,586 253 26,000 38,066 3,527 57.34 554 +48 702 1921 3,568 274 25,300 37,404 2,927 56.56 550 +67 1,100 6.70 1922 3,597 285 23,042 36,177 2,307 58.48 525 +53 574 6.41 1922, end of— May 3,579 284 23,100 35,982 2,303 57.70 454 +55 644 6.37 June 3,580 285 23,300 36,039 2,448 57.95 474 +53 947 6.30 July 3,582 285 23,000 36,030 2,432 58.25 562 +62 485 6.02 August 3,583 286 23,900 36,385 2,170 60.10 512 +66 151 6 32 September 3,584 287 24,000 30,603 2,199 61.10 484 +58 636 6.36 October 3,635 288 23,600 36,694 2,170 58.25 556 +17 421 6.41 November 3,030 289 22,900 35,114 2,181 59.00 783 +43 179 6.59 December 3,670 289 23,600 36,359 2,309 59.02 630 +33 1,453 6.22 1923, end of— January 3,671 290 23,100 36,780 2,208 58.00 726 +44 160 6.57 February 3,671 291 23,200 37,055 2,279 58.65 792 +64 March 3,672 292 23,100 37,188 2,066 57.25 755 +44 Anril 3,672 292 22,500 36,548 2,116 57.70 761 —22 Mav 3.673 292 23,000 36,741 2,200 57.85 680 +14 June 3,673 293 23,100 36,689 2,162 55.90 1 Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

868 FEDERAL RESERVE BULLETIN. JULY, 1923. ITALY. [Amounts In millions of lire.] Banks of issue. Leading private banks.i Note Loans Reserve. circulation. and Short- Index L a d o n i a s d - ns F c o o r u n ac t - F ac o - r p T o d o s e t i - a ts l . Cash. i c n o d i c u n i l s u n g - d ts - s c p f D o r o r o u n r m e e d - - t t i P i c o a i n p r s a - . - p T o d o s e t i - a ts l . t t b r u e i e r r l a l m y s s . - s p b e n r c e i u r u c m s e r s i o - t . y " f Gold. Total. counts. of count treas- ents. com- of the ury merce. State. bills. Average of end of month figures: 1913" 1,375 1,661 857 2,284 318 129 1,093 914 55 1,674 1920 1,043 2,088 6,335 7 035 10,581 2,474 1,308 10,594 5,945 446 15,810 13,200 1921 1,074 2,020 7,586 9,304 9,064 2,475 1,200 10,677 5,575 465 16,001 1922 1,120 1,998 9,466 9,734 8,214 2,759 917 8,594 3,265 318 11,810 102.83 1922, end of— March 1,118 1,956 9,899 9,589 8,523 2,890 965 8,250 3,157 316 11,403 24,442 93.66 April 1,122 1,964 10,181 9,360 8,350 2,663 908 8,572 3,180 317 11,708 92.23 May 1,104 1,963 9,391 9,259 8,061 2,751 841 8,500 3,232 316 11,698 98.62 June 1,106 1,976 9,573 9,615 8,049 2,935 845 8,800 3,180 318 11,863 23,862 100.13 July 1,125 1,991 9,118 9,947 8,050 2,681 861 8,846 3,272 337 11,898 100.22 August 1,125 2,021 9,142 9,695 8,050 2,779 763 8,877 3,286 337 11,883 104.56 September 1,125 2,024 8,858 9,924 8,066 2,661 769 8,706 3,460 337 11,897 25," 574' 107.42 D O N e o c c t v o e e b m m e b r b e e r r 1 1 1 , , , 1 1 1 3 4 2 6 1 8 2 2 2 , , , 0 0 0 3 3 4 9 4 2 9 8 9 , , , 6 3 0 8 4 8 5 0 2 9 9 8 , , , 7 9 8 8 3 9 2 5 2 8 8 8 , , , 0 0 0 7 7 7 5 4 6 2 2 2 , , , 6 6 6 3 3 0 8 4 2 7 7 8 8 1 1 8 9 8 , , , 6 1 7 5 6 9 9 6 7 3 3 3 , . , 5 S 4 6 6 M 8 7 3 3 2 3 3 3 6 9 4 1 1 1 1 2 2 , , , 9 0 2 6 4 6 0 5 7 1 1 1 1 1 1 7 1 6 . . . 0 0 3 1 9 3 1923, end of— January 1,126 2,021 8,552 8,057 2,610 831 9,185 3,573 225 12,327 135.19 February 1,127 1,994 8,672 9,117 8,036 2,675 850 i 9,196 3,547 226 12,332 137.16 March 1,129 1,983 8,478 9,004 8,031 2,488 775 9,163 3,597 229 12,363 140.30 April 1.129 1,983 10,102 8,661 8,024 2,461 1 Includes Banca Commerciale Italiana, Credito Italiano, Banco dl Roma, and until November, 1921, Banca Italiana dl Sconto. • Figures for 1921 based on quotations of Dec. 31,1920-100; those for 1922 on quotations of Dec. 31,1921-100. • End of December figures. GERMANY. (Amounts In millions of marks.] Reichsbank. n V ew al u st e o o c f k Index p o ri f c s e e s c .1 urity Darlehns- and kassen- Treasury bond Discounts. scheine bills out- issues Total in circu- standing. placed 10 dore G se o r l v d e. c N u o l t a e t i c o i n r- . de T p o o t s a i l ts. Treasury!Commer- c in le g a s r . - lation. on m G an er- sto 2 c 5 ks. m bo e n s d tl s c . bills. cial bills. market. Average of end of month figures: Per cent. Per cent. 1913 l,06» 1,958 668 6,136 1220 1920 1,092 53,964 17,702 47,980 57,898 13,145 1921 1,056 80,952 20,213 83,133 89,297 8,861 192,832 2,655 1922 1,002 339,677 108,633 338,147 72,211 530,647 11,217 475,835 6,726 1922, end of— May ,003 151,949 33,128 167,794 3,377 179,370 9,440 289,246 4,152 June ,004 169,212 37,174 186,126 4,752 191,414 10,374 311,600 2,762 July ,005 189,795 39,976 207,858 8,122 243,493 12,234 307,810 2,330 108 August ,005 238,147 56,124 249,766 21,704 374,858 13,383 331,000 2,468 September ,005 316,870 110,012 349,770 50,234 473,715 13,995 451,000 7,937 October ,005 469,457 140,779 477,201 101,155 789,341 14,009 614,000 7,187 105 November ,005 754,086 240,969 672,222 246,949 1,463,766 13,809 839,000 15,223 December ,007 1,280,095 530,526 1,184,464 422,235 2,078,969 13,450 1,495,000 21,315 1,334 1923, end of— J F a e n b u ru ar a y ry , lo 0 o 05 s 3 1 , , 5 9 1 8 2 4 , , 7 4 8 9 8 6 1,5 7 8 6 2 2 , , 9 2 8 64 1 2 1 , , 9 6 4 0 7 9 , , 3 0 6 8 4 1 1,8 6 2 9 9 7, , 2 3 1 4 6 1 3 7 , , 8 4 2 4 6 4 , ,3 2 2 0 3 6 1 1 2 3 , , 6 3 2 9 5 5 2 3 , , 0 5 8 8 2 8 , , 0 0 0 0 0 0 3 6 3 5 , , 5 5 4 6 9 3 4 1 , , 6 37 « 8 8 3 72 2 8 2 March 1,005 5,517,920 2,272,084 4,552,012 2,372,102 7,257,658 12,600 6,601,000 540,198 3,664 725 April 920 6,545,984 3,854,275 6,224,899 2,986,117 8,177,378 12,491 8,440,000 64,275 3,837 694 May 758 8,563,749 5,063,070 8,021,905 4,014,694 13,345,002 12,378 10,274,850 115,813 6,266 696 1 End of March, 1913. > Recalculated by the Frankfurter Zeitung, using as base (100) prices for January, 1922, Instead of for January, 1921, and eliminating the five bonds In foreign currencies. Figures are as of beginning of month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1923. FEDERAL RESERVE BULLETIN. 869 SWEDEN. [Amounts In millions of kronor.] Riksbank. Joint-stock banks. Value of Index stock Index number issues number of foreign G b o u a l l d n l i d c o o n i . n N cu o la te ti c o i n r- . de T p o o t s a i l ts. Clearings. L di o s a c n o s u n an ts d . B co i w l u ls i n t d t h e i d s- re m d g u i o s r n t i e n t r h g e . d o p f r s ic to e c s. k e v x k a c r l h o u a n e n a o g . f e Riksbank. Averages of end of month figures: 19131 102 235 108 685 2,287 139 24 258 1920 269 733 226 3,596 6,008 476 61 176 112.9 1921 280 661 193 2,715 5,948 389 31 121 121.8 1922 274 579 269 2,109 5,317 340 29 103 128.4 1922, end of— May 274 567 293 2,162 5,378 380 50 115 124.8 274 585 247 2,118 5,388 320 63 113 125.6 July 274 551 243 2,015 5,268 307 35 113 127.0 274 559 213 1,803 5,221 293 22 110 128.8 274 605 180 1,902 5,181 288 14 103 130.5 October 274 569 178 1,995 5,149 206 15 98 131.7 274 675 191 1,979 5,099 252 59 90 132.2 December 274 684 389 2,588 4,984 331 12 96 129.9 1923, end of— 274 520 321 1,800 4,888 214 . 11 93 129.8 274 538 270 1,455 4,903 175 11 96 129.9 274 587 265 1,768 4,833 222 16 103 129.5 April 273 557 245 1,633 4,751 218 32 105 130.0 May .. 273 539 238 1,612 4,745 208 101 ' End of December figures. CANADA. [Amounts In millions of dollars.] Chartered banks. Gold reserve Dominion Bank Gold Current Money at Public and Individual against note cir- clearings.' coin and loans and call and railway Note cir- deposits— Dominion culation. bullion.' discounts. short securities culation. demand notes. notice. and time. Average of end of month figures: 1921 72 J.403 282 369 195 2,125 85 272 1.454 1922 75 1,272 280 332 166 2,009 90 240 1,353 1922, end of- May 70 1,285 288 313 156 2,059 83 222 4»7 70 1,266 274 319 166 2,053 85 233 3?3 July 70 1,248 272 323 152 2,016 87 231 L.27S August 70 1,248 277 331 158 1,979 89 229 171 71 1,250 279 322 177 1,985 91 235 L.253 October.... 87 I 276 301 310 179 2,020 93 240 4«7 92 ,255 303 317 170 2,036 96 251 M9 93 1,230 284 341 176 2,061 129 257 1.55S 1923, end of— 75 ,197 281 356 153 1,963 132 241 1,607 February 72 ,206 270 377 157 1,997 133 247 1,067 March 68 ,220 292 385 173 2,008 126 243 ,1OT 68 251 305 403 166 2,084 126 239 168 May 68 236 309 397 157 2,067 126 244 1,514 1 Includes gold In central gold reserve but not gold held abroad. «Total for month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

870 FEDERAL RESERVE BULLETIN. JULY, 1923. ARGENTINA. [Amounts in millions of pesos.] Banco de la NacKSn. Commercial banks.1 Caja de Conversion. Clearings Cash. Dis- Cash. Dis- Bu i e n nos counts Total counts Total Note cirfield. Paper. a ( d p v a a a n p n d e c r e ). s d (p e a p p o e s r it ) s . Gold. Paper. a ( d p v a a a n p n d e c r e ). s d (p e a p p o e s r it ) s . reserve. c (p u a la p t e io r) n . (paper). End of— 1913. . . 32 180 478 541 62 435 1,541 1,464 263 823 1,471 1919 39 268 676 1,250 66 771 2,113 3,010 "399 1,177 2 S05 1920 25 406 804 1 412 46 1 0X1 2 505 3 530 470 1 363 3 612 1921. 23 410 866 1 310 36 1,087 2,543 3,375 470 1,363 3,482 1922, end of— April 23 393 SR7 1.2X3 3d 999 2,4S9 3,304 470 1.363 May 23 3X6 906 ,294 35 1,016 2,401 3,278 470 1,363 3,016 23 395 933 ,329 35 1,060 2.461 3.326 470 1,363 2 7)6 July 23 399 920 ,322 35 1,013 2.473 3,308 470 1,363 2,814 23 407 946 ,353 3o 1,041 2. 4«l 3,356 470 1,363 2 570 23 402 950 ,346 35 1,048 2,514 3,379 470 1.363 2,725 October 23 405 921 ,328 35 1 028 2,549 3,354 470 1 363 2 827 23 396 934 ,345 35 1,053 2.557 3.3'H 470 1,363 2,827 23 340 1 036 3X9 35 1 025 2 664 3 456 470 1 363 2 954 1923, end of— 23 359 992 369 35 1.01*i 2,651 3.45] 470 1 363 3 415 23 363 989 ,3«6 34 993 2.6R7 3.4fi4 470 1.3IW 2,S97 23 362 1.003 379 34 1 000 2.666 3,4fi7 470 1 363 3 017 23 357 992 358 34 992 2,693 3,461 470 ,1,363 > Includes Banco de la Nacion. ' Figures for 1919 include 79,000,000 pesos, and for succeeding years 4,000,000 pesos, held in foreign legations. JAPAN. [Amounts in millions of yen.) Bank of Japan. Tokyo banks. Gov- Capital Index n S s o p e r f t e o r e e v c - r s i e . e 1 c L o a d o u n i a s n d n - ts s . f v o b a A r o i n e l d n l i c g s - e . n s c t N c i u o i o l r n a t - e - . J d m i a p e t p r s p e n a i n n n - n s t . - J d i a v e P t p s p a r a i o t i - e n n s- . h C a o a n n s d h l T o o a t n a s l . < T l« i o * t p s t o . a s l T r i l n e .. r g l t » s f . l c A r o d a a v g i u t s e e e n - r . - t J i a ss p I u n a e n s . p c o r u i f c r e s i e s f . - . * Average of end of month figures: 1013 .... 2)6 47 33 363 7 333 364 8.38 32 1921 1,200 107 39 ,226 297 50 ,932 2,572 9 00 186 194 1922 1,172 208 94 ,291 409 36 129 ,961 1,789 2,834 9.31 124 1922, end of— April 1,263 267 61 ,226 520 30 130 ,980 1.761 2,809 9.34 217 160 May 1,203 178 50 .203 469 33 120 973 748 3, 14:1 9.42 110 168 1.223 179 98 ,344 377 43 122 ,998 7<»8 3. 178 9. 45 121 170 July ,220 133 82 ,224 427 35 127 ,971 ,802 2, 7(i(l 9.38 101 165 August ,132 241 90 ,280 488 30 115 9W 783 2.582 9.42 93 165 ,069 134 115 ,237 382 29 145 ,921 8W 2,750 9.38 150 152 October ,0<>S 160 142 ,236 437 33 126 ,926 ,812 2,697 9.38 i)8 160 November 066 183 141 ,241 445 40 126 o-^ ,828 2.971 9. 45 100 1«1 ,064 375 205 ,590 333 66 169 2.011 ,869 3.329 9.34 56 1923, end of— 0fi2 180 159 ,308 380 34 113 2.002 ,860 2,246 137 ,060 157 140 ,261 396 31 117 2, Oil .894 2,59? 131 .0.-7 241 109 23« 4«3 29 190 2,256 2,143 056 279 105 . 536 501 30 142 1.999 1,851 3,077 May 1,053 231 77 1*225 452 28 121 1.984 1,854 3,518 June 1,053 311 52 1,371 371 49 1 Includes gold credits abroad, gold coin and bullion in Japan. • Tokyo market Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Page. Page. Held by Federal reserve banks 839 uba, Federal reserve bank agency in 772 Purchased by Federal reserve banks 837 Currency in circulation 854 Agricultural movements, index of 828 Czechoslovakia: Agriculture 777, 829 Retail food prices 818 Argentina, financial statistics 870 Wholesale prices 815 Australia: Debits to individual accounts 849, 8C5 Retail food prices 818 Denmark: Wholesale prices 815 Foreign trade 823 Austria, cost of living in 818 Wholesale prices 815, 817 Automobiles 783, 831 Department-store business 770, 785, 833, 835 Bank debits 849, 805 Deposits: Banking developments in the United States during Demand and time, of all member banks 795 • the first quarter of 1923 790 Savings, of commercial banks 824 Belgium: Discount and open-market operations of Federal re- Cost of living 818 serve banks: Retail food prices 818 Acceptances held 839 Wholesale prices 815, 817 Acceptances purchased 837 Brazil, foreign trade of 823 Bills discounted 830, 837 Building industry 784, 832 Bills held 838 Bulgaria: Earning assets held 838 Retail food prices 818 December, 1918-June, 1923 858 Wholesale prices 815 Number of banks discounting 836 Business and financial conditions: Rates of earnings 838 Abroad 800, 867 Volume of 836 Trend of, statistical summary 801 December, 1918-May, 1923 861 United States 775-787 Discount rates: Canada: Federal reserve banks— Cost of living 818 On June 30 854 Financial statistics 809 On July 1, 1922, and 1923 861 Foreign trade K23 Prevailing in various centers 857 Index of industrial activity 821 Division of analvsis and research and office of statis- Retail food prices 818 tician consolidated 774 Wholesale prices 812, 815, 817 Dutch East Indies, wholesale prices in 815 Cash reserves, total deposits, note circulation, and Egypt, wholesale prices in 815 reserve percentages of Federal reserve banks: Employment, United States 780 June and May, 1923 840 England: December, 1918-June, 1923 858 Cost of living 818 Chain-store statistics 835 Financial statistics 867 Charters issued to national banks 793 Foreign trade 822 Check clearing and collection: Index of industrial activity 819 Gold settlement fund transactions 85€ Retail food prices 818 Number of banks on par list 853 Wholesale prices 812, 815, 817 Operations of system during June 853 Failures, commercial 787 Supreme Court decisions in par clearance cases. 788 Federal reserve banks: Board's statement on 773 Agency established in Cuba 772 China, wholesale prices in 815, 817 Condition of 840, 859 Clearing-house bank debits 849, 865 Discount and open-market operations of 830 Coal.. .* 780, 830 Federal Reserve Board: Commercial failures 787 Division of analysis and research and office of Condition statements: statistician consolidated 774 Federal reserve banks— Statement re par clearance 773 Five weeks ending June 27 840 Statistical work of, 1922-23 794 December, 1918-June, 1923 859 Federal reserve note account 844 Member banks in leading cities— Fiduciary powers granted to national banks 825 Five weeks ending June 20 845 Financing, Government, during the month 774 June, 1922-June, 1923 802 Finland, cost of living in 818 Cost of living, foreign countries 818 Food manufacturing 781 Cotton, raw" 778, 830 Foreign exchange 800, 866 Cotton fabrics, finishing 820 Foreign trade: Cotton manufacturing 781, 830 Brazil 823 Credit position at midyear 767 Canada 823 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Foreign trade—Continued. Maturities: Page. Denmark 823 Acceptances purchased 837 England 822 Bills discounted and bought 837, 843 France 822 Certificates of indebtedness 843 India 823 Member banks: Italy 823 Abstract of condition reports, 1919-1923 863 Japan 823 Condition of—• Netherlands 823 Five weeks ending June 20 845 Sweden 823 June, 1922-June, 1923 862 United States 787,800,823 On April 3, 1923, and December 29, 1922.. 799 Index of 824 Number discounting 836 France: Number in each district 836 Banking in, 1922 802 State banks admitted to membership 793 Cost of living 818 Mineral products, index of 828 | Financial statistics 867 Money in circulation 854 Foreign trade 822 National banks: Index of industrial activity 819 Charters issued to 793 Retail food prices in Paris 818 Fiduciary powers granted to 825 Wholesale prices 812,815,817 Netherlands: Freight rates, ocean 825 Cost of living 818 Fruit, crop condition and shipments 779,829 Foreign trade 82.3 Germany: Retail food prices 818 Cost of living .• 818 Wholesale prices 815 Financial statistics 868 New Zealand: Index of industrial activity 820 Cost of living 818 Retail food prices 818 Retail food prices 818 Wholesale prices 815,817 Wholesale prices 815, 817 Gold imports and exports 855 Norway: Gold settlement fund transactions 856 Cost of living 818 Grain, crop condition and marketing 777,828 Retail food prices 818 Imports and exports of gold and silver 855 Wholesale prices :.. 815 Index numbers: Ocean freight rates 825 Agricultural movements 828 Paper industry 783, 831 Cost of living, foreign countries 818 Par list, number of banks on 853 Foreign exchange 866 Par capita circulation 854 Foreign trade ^. 824 Petroleum industry 780,830 Industrial activity, foreign countries 819 Physical volume of trade 827-831 Manufacturing 828 Poland: Mining 828 Cost of living 818 Ocean freight rates 825 Wholesale prices 815 Production in basic industries 775,794,828 Prices: Retail food prices in foreign countries 818 Retail, in principal countries 818 Retail trade. 794,835 Wholesale, abroad 811,812,815, 817 Wholesale prices abroad 811,812,815,817 Wholesale, in the United States. 776, 786,812, 813,816 Wholesale prices in the United States 811-816 Production, index of 775, 794,828 Wholesale trade 794,834 Rates: India: Discount 854, 861 Cost of living 818 Foreign exchange 800, 866 Foreign trade 823 Reserve ratio of Federal reserve banks 840 Wholesale prices 815,817 Resources and liabilities: Iron and steel 782,830 Federal reserve banks 840, 859 Italy: Member banks in leading cities 845, 862-865 Cost of living 818 Retail food prices in foreign countries 818 Financial statistics 868 Retail trade 775, 785, 833, 835 Foreign trade 823 Review of banking, year ending June 30, 1923... 858-865 Retail food prices 818 Savings deposits of commercial banks 824 Wholesale prices 815, 817 Shoe industry'. 783,830 Japan: Silver imports and exports 855 Banking conditions since the war 804 South Africa: Financial statistics 870 Cost of living 818 Foreign trade 823 Retail food prices 818 Index of industrial activity 821 Wholesale prices 815 Wholesale prices 812, 815 Spain: Knit-underwear manufacturing 782, 825 Retail food prices 818 Leather industry 783, 830 Wholesale prices 815 Live-stock industry 779, 829 State banks and trust companies: Lumber 783, 830 Abstract of condition reports 863 Manufacturing: Admitted to system 793 Condition, by industries 781 Condition of, on April 3,1923, and December 29, Index of production 828 1922 796 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Ill Page. Page. Statistical work of the Federal Reserve Board, Textile industry 781, 830 1922-23 .--.-•-•. 794 Tobacco industry 778, 829 Trade: Supreme Court decisions in par clearance cases 788 Foreign. (See Foreign trade.) Sweden: Physical volume of 827-832 Financial statistics 869 Retail 775, 785 Foreign trade 823 Index of industrial activity 820 Wholesale 775,785,833,834 Retail food prices 818 Transportation '. 784,831 Wholesale prices 815 Treasury financing during the month 774 Switzerland: Wholesale prices: Cost of living 818 Abroad 811, 812,815,817 Retail food prices 818 In the United States 776,786, 812, 813, 816 Wholesale prices 815 Wholesale trade, condition of 775,785,833,834 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MINNEAPOLIS' S.DAK. BOUNDARIES OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES FEDERAL RESERVE BRANCH CITIES FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis