Federal Reserve Bulletin, 1923-09

FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASfflNGTON SEPTEMBER, 1923 WASHINGTON GOVEENMENT PRINTING OFFICE 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. Ex officio members: D. R. CBISSINGER, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. HENRY M. DAWES, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. W. W. HOXTON, General Secretary. WALTER WYATT, General Counsel. W. L. EDDY, Executive 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. AIKEN. District No.2 (NEW YORK) PAUL M. WARBURG, 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) EDWABD 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. SWINNEY. District No. 11 (DALLAS) R. L. BALL. District No. 12 (SAN FRANCISCO) D. W. TWOHY. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Chairman. Governor. Deputy governor. Cashier. Boston Frederic H. Curtiss W. P. G.Harding C. C. Bullen W. Willett. W. W. Paddock New York Pierre Jay Benj. Strong J.H.Case L. H. Hendricks. > L. F. Sailer J. D. Higgins.l G. L. Harrison A. W. Gilbart. 1 E. R. Kenzel J. W. Jones, i G. E. Chapin.' 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. Neyin. Frank J. ZurEnden Richmond George J. Seay C.A. Peple Geo. H. Keesee. R. H. Broaddus A. S. Johnstone • JohnS. 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. i JohnH. Blair K. C. Childs.» J. H. Dillard. 1 D. A. Jones.l 0. J. Netterstrom.» Clark Washbume.l St. Louis Wm. McC. Martin D.C. Biggs O.M. Attebery J. W. White. Minneapolis JohnH. Rich R. A. Young W. B. Geery Gray Warren. B.V.Moore Harry Yaeger • Frank C. Dunlop1 Kansas City M. L. McClure W. J. Bailey C. A. Worthington J. W. Helm. Dallas Lynn P. Talley B. A.McKinney R. G. Emerson R. R. GUbert. San Francisco JohnPerrin J.U.Calkins Wm. A. Day W. N. Ambrose. Ira Clerk" L. C. Pontious' i Controller. »Assistant to governor. • Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. Denver branch 3. 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: Birmineham hranch 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. Motherwell. 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. Heflin. 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: Review of the month 981 Business conditions in the United States 986 Special articles: International price comparisons under depreciated exchange 1004 The silver situation 1011 Foreign loans placed in the United States 1016 Official: Rulings of the Federal Reserve Board— Summary of rulings with reference to eligibility of paper of cooperative marketing associations 999 State banks admitted to system 1043 Fiduciary powers granted to national banks 1043 Charters issued to national banks 1003 Business and financial conditions abroad: International trade, exchange, and prices 1018 The London money and capital market since 1920 1020 German banking during 1922 1026 Price movement and volume of trade: International wholesale price index 1030 Comparative wholesale prices in principal countries 1032 New index number of the Canadian Bureau of Statistics 1035 Comparative retail prices and cost of living in principal countries 1036 Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan 1037 Foreign trade of principal countries 1040 Foreign trade index 1042 Ocean freight rates 1042 Physical volume of trade 1044 Building statistics 1049 Wholesale and retail trade 1050 Commercial failures 997 Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve banks 1052 Condition of Federal reserve banks... 1056 Federal reserve note account 1059 f Condition of member banks in leading cities 1060 Savings deposits 1043 Bank debits 1063 Operations of the Federal reserve clearing system 1067 Gold settlement fund 1069 Gold and silver imports and exports 1070 Deposits of all member banks 1068 Money in circulation 1068 Discount rates approved by the Federal Reserve Board 1069 Discount and interest rates in various centers 1071 Abstract of condition reports of State bank and trust company members 1073 Foreign exchange rates 1072 Foreign— England, France, Italy, Germany, Sweden, Canada, Argentina, and Japan 1078 Charts: Index of production in basic industries and wholesale prices in the United States 986 Bank credit 987 Prices of cotton, corn, and wheat at principal wholesale markets 988 Stocks of cotton in the United States, 1914-1923 989 Copper production in 1923 992 Sales of mail-order houses 996 Purchasing power parity and exchange value of the pound, franc, florin, and krona 1004,1005 Prices on a gold basis for United States, England, and Italy 1007 Gold prices, exchange, and purchasing power parity for England and France 1008 Price of silver and wholesale price index 1011 Long and short term interest rates in Great Britain compared with Bank of England discount rate 1022 Short-term interest rates in Great Britain and the United States 1024 Long-term interest rates in Great Britain and the United States 1025 International wholesale price index—Federal Reserve Board 1030 Volume of domestic business .* 1044 IT Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 9 SEPTEMBER, 1923. No. 9 REVIEW OF THE MONTH. The relation of the dollar to foreign currencies is due not only to its convertibility Recent monetary developments have given into gold but is also the outfurther evidence of the importance of gold as International f the position of Ameran indispensable basis of mod- trade readjust- come . o , \, . , , currendes^and ern trade and financial econ- ments. ica in the world markets and of the position of omy. Gold has never lost its the economic necessity of conposition as the standard in in- tinued trade between this country and those with depreciated currencies. In the geoternational trade, notwithstanding the unpregraphical distribution of American foreign cedented currency disorganization incident to trade there was noticeable, up to about the the Great War and now continuing for almost end of 1922, a progressive shifting toward the a decade. Moreover, gold is now regaining its pre-war proportions, following the dislocation function as a basis for domestic business calcuof trade caused by the war. Imports from lations, even in countries with depreciated cur- Europe, for instance, which had fallen from rencies. Indeed, the persistence of the gold about 50 per cent of total imports in pre-war standard and the need of an acceptable unit years to 19 per cent in 1919, were increasing of account in international trade is reflected in in importance, though in 1922 they still the position of the American dollar. The formed only 32 per cent of the total. Imimportance of the dollar is the outcome of both ports from the rest of the world were in general the gold position and trade position of the tending toward their pre-war proportions, United States. As foreign currencies have except in the case of imports from Asia, undergone further depreciation, the dollar has which continued to be relatively larger than increasingly served to measure in terms of in 1913. Exports were likewise tending to gold the value of those currencies. It is now readjust themselves to the pre-war geographthe link between countries on a paper curical distribution, except for a sustained inrency basis and the gold standard. crease in exports to Asia. Since the beginning Values of European currencies in New York, of 1923, however, these tendencies have been after a period of relative stability, have rereversed by the great reduction which has cently moved further from their gold parities, occurred in our trade with Europe. The desome of them having declined to the lowest cline in American exports to Europe arises points yet recorded. Price levels, however> partly from the fact that most European both here and abroad, have also recently countries have restricted their imports to declined and in such a way that foreign prices, such necessities as food and raw materials expressed in gold, have much the same relation and have tended to adjust their production to prices in the United States as they did prior in such a manner as to make themselves less to the recent declines. It is because these dependent upon imported commodities. As fluctuations in exchange tend to be compen- the European trade has fallen off, our trade sated by corresponding changes in price levels with North and South America and Asia has that a common basis for international trans- assumed greater importance, both relatively actions is maintained. and in terms of absolute values. The increase 981 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

982 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. in American exports to South America and In the absence of free gold movements, Asia is to be explained in part by the enhanced which formerly tended to equalize prices and buying power of those countries which have keep exchange rates at par, been selling raw materials to us in larger Price levels and , . » , j , exchange rates. a common basis tor trade has quantities. As a result of the large requireto a degree been found by ments for raw materials used in domestic promeans of continuous readjustments of prices duction, imports during the first six months of and exchange rates in such a way as to bring 1923 exceeded those for the corresponding the buying power of currencies at home and months of 1922, both in quantity and value, abroad to a common level. Thus, under preand exports, though somewhat reduced in vailing conditions of depreciated currencies, the quantity, have also been higher in value. value of a currency unit is no longer related to The foreign trade of Great Britain has its gold content as fixed by law, but is measured shown the same general tendency toward reby its buying power over commodities, and is adjustment in the period following the war related to gold only indirectly through the as has the trade of the United States. Since necessity in world trade of calculating the 1919 the geographical distribution of both imprices of commodities in terms of a common ports and exports, which was greatly altered gold basis. Since the United States is the only by the war, has been gradually tending toward country in the world operating on an effective the pre-war status. Imports to Great Britain gold standard and with a free gold market, the from the continent of Europe, which were 40 relation of the different currencies to gold is per cent of the total in 1913, dropped to only commonly expressed by reference to the dollar. 15 per cent in 1919, but recovered to 30 per During the past year there has been a procent in 1922. On the other hand, the propornounced tendency for prices in the United tion of British imports supplied by the British States and in foreign countries and for exchange Empire itself has been increasing, the amount rates to work toward a closer adjustment, with in 1922 being 32 per cent of total British imthe consequence that prices when expressed ports, as compared with about 25 per cent in terms of gold (or dollars) are more nearly immediately before the war. On the export on a common level than at any time since the side the distribution of British trade in 1922 war. The extent of these recent adjustments, was very similar to that of 1913, despite the together with a consideration of the general fact that in the intervening years the estabproblem of the relation between prices and lished channels of trade had been greatly disexchange, is discussed in an article elsewhere turbed. The relative importance of British in this issue of the BULLETIN. trade with the United States in both directions In recent months the values of most foreign was larger in 1922 than in pre-war years, currencies, as measured by exchange rates in though some falling off is noticeable in the New York, have tended decidedly downward, more recent months of 1923. Total exports while at the same time wholesale prices abroad from Great Britain held up remarkably well have also been falling. Thus, in England, in the early part of 1923 in the face of un- Italy, and many other countries prices have settled conditions on the Continent, but in been declining, although in France prices June and July export trade declined, not altohave changed but little in the last three or four gether owing to seasonal influences. It is a months. The downward movements in English notable fact that the foreign trade both of the prices and exchange rates have, however, been United States and of Great Britain has inparalleled by a decline of prices in the United creased in volume in spite of the heavy de- States, with the result that thlTrelative posipreciation of most European currencies, the tion of English prices, when expressed in gold, wide fluctuations of foreign exchange rates, and American prices has remained fairly and the abnormal gold movements. steady. As a result of changes in rates of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEB, 1923. FEDERAL RESERVE BULLETIN. 983 exchange and price levels, prices in different loans. Unsuccessful attempts at stabilization countries, when expressed in terms of dollars, have been made in Germany and Poland. by allowing for the depreciation of the cur- Through the purchase of exchange by the rencies in which prices are quoted, have Reichsbank the German mark was kept at tended toward a level throughout the world. about 21,000 marks to the dollar from about the The recent tendency toward closer and middle of February to the middle of April, but prompter adjustment between prices and ex- the demand for exchange on foreign countries, in change rates is in part due to a clearer recog- spite of efforts to regulate exchange transactions, nition of the consequences of currency deprecia- was so great that the bank had to abandon tion and to a more widespread demand from the this policy after suffering a considerable loss of classes most unfavorably affected to have their its gold holdings. In its efforts to obtain funds wages or incomes on a stable basis expressed of stable value the German Government also in terms of gold. attempted to float a dollar loan of $50,000,000, There are, however, limitations within which and many States, municipalities, and corporathis trend toward equalization of price levels tions have issued loans in terms of such staple operates. While prices of commodities which commodities as rye, coal, etc. The Governhave a well-established world market are ment's dollar loan, which was only partially substantially on the same level throughout the subscribed, was intended to furnish the Reichsworld when measured in gold, prices of many bank with foreign exchange bills to be used commodities having merely a local market or in stabilizing the mark, and subscriptions subject to Government regulation lag behind were permitted only in gold or certain stable in the adjustment. Furthermore, exchange foreign currencies. In this respect the dollar rates are more responsive to speculation and to loan differs from the new gold loan recently political developments than are prices, and in offered to the public to which subscriptions a period of wide and rapid fluctuations of both may be made in paper marks. Germany's prices and exchange rates changes in prices are financial difficulties have recently been still likely to lag behind changes in exchange rates, further complicated by a shortage of currency. with the consequence that at such times the The last decline of the mark was so rapid and adjustment between prices and exchange rates, the rise of prices and wages followed its fall or between the internal and external purchas- so closely that the demand for currency for ing power of a currency, is never complete. ordinary payments increased faster than the Reichsbank could print notes, in spite of the Chief among the influences which have fact that the bank has been putting out trilaffected the value of foreign currencies more lions of paper marks weekly. In its efforts to directly at home, but also meet the situation, the Reichsbank early in Attempts at abroad, has been the volume currency stabili- ^ August raised its discount rate from 18 per Qf paper mQney igsued by cent to 30 per cent. Because of the ineffecgovernments and the central tiveness of the discount rate under the banks. In many European countries the conditions now prevailing in Germany, the volume of notes still continues to increase, Reichsbank also adopted other measures, such though attempts have been made in certain as limiting and apportioning its sales of foreign countries to check the issue of notes and to currencies. stabilize the currency. In Great Britain and in Czechoslovakia stabilization has to a large The continued depreciation of the mark extent been effected through control of the some time ago induced commercial and indusamount of notes outstanding, followed by an trial enterprises in Germany to give up the appreciation of the currency both at home and use of the paper mark as a unit of calcuabroad. In Austria currency has been stabi- lation and to base all transactions on gold. lized at its current value by the aid of foreign More recently banks have pursued the same Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

984 FEDERAL EESEBVE BULLETIN. SEPTEMBER, 1923. policy. Many prices are quoted at basic pre- balances is partly responsible for the relatively war rates to be multiplied by an index which low interest rates in the London market which, is frequently adjusted, the index for a given together with the comparative stability of commodity being fixed by agreement among sterling, have during recent months led to an those engaged in the trade. At present there increase there in the volume of foreign security is a strong movement on the part of wage flotations. Short-term money rates and bond earners to have their wages also fixed on the yields in London, owing to the depressed basis of an index or some other principle condition of trade and to the concentration insuring stable buying power, and the Gov- of funds from continental countries in the ernment itself is endeavoring to find a way of London market, have remained at a lower insuring a constant value for receipts from level than in New York, where the demand for taxation. credit has reflected the activity of business in Attempts to return to the gold standard are the United States. The relatively higher rates being made by other countries suffering from in this country led to a movement of funds highly inflated currencies. In Kussia, for from London to New York, both for the reexample, the State bank has issued a new currency (chervonetz) secured by gold, prime PER CENT PERCENT 18 commercial paper, and foreign exchange, which now serves as the unit of calculation in practically all important business transactions. Some smaller countries, such as Latvia and Lithuania, have recently undertaken currency reforms by creating new banks which issue paper notes under strict limitations as to gold reserves. Under these arrangements, while gold does not become available for export to meet unfavorable trade balances nor for redemption of note issues, yet the requirement of gold as a basis of further note issues reestablishes its function of limiting cur- •—... RATE ON BRITISH 3 MONTHS TREASURY BILLS rency expansion. _____ yIELD ON 4- TO 6 MONTHS U.S. CERTIFICATES OF JND£BTEDN£SS The efforts to restore sound domestic monetary conditions, however, do not furnish a 1920 1921 1922 1923 means of making international trade settIements- and conse- purchase of securities and for short-time inquently payments for imported vestment, with a consequent decline in the goods, in so far as they are not covered by ex- sterling exchange rate. The advance in July ports, are made through the transfer of credits of the Bank of England discount rate from 3 in such centers as London and New York. per cent to 4 per cent was made partly in rec- The maintenance of balances in principal finan- ognition of these conditions and resulted in an cial centers has always been a part of the ma- advance of money rates in London and in some chinery of international settlements, and upon rise in sterling exchange. A similar advance the ability of countries to maintain these bal- in the discount rate by the central bank of ances depends the continuance of their foreign Switzerland is of interest in view of the fact that trade. These balances arise mainly from ship- with a stable currency near gold parity, that ments of merchandise, but also from the sale country has been a center for the settlement of of securities, the shipment of gold, or com- trade balances of the countries of Central Europe mercial credits. The accumulation of such Since the increase in discount rate by the Bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTBMBEB, 1923. FEDERAL RESERVE BTTLXETIN. 985 of England there has been a closer agreement ency in the direction of such an adjustment. between money rates in London and New York This trend toward the restoration of gold as a than had prevailed in more than a year. Re- unit of account has resulted in the use of the cent changes in short-term money rates in Lon- American dollar as a standard by which to don and New York are shown in the chart and measure currency values, commodity prices, are discussed more fully in an article (p. 1020) and security quotations in all markets. on developments in the London money and In view of this important r6le played by capital markets since 1920. the dollar in international transactions, changes While, therefore, the credit markets of the in the purchasing power of the dollar over world are not so closely adjusted to each other commodities become an important factor in as they were when gold moved freely, yet even the world situation, for any modification of now there is an unmistakable relationship be- the dollar's own purchasing power means an tween interest rates and exchange rates, some- equivalent change in the purchasing power of what similar to the relation between exchange gold, and therefore affects the standard of comrates and price levels. The fact tnat the risks parison used in international trade and finance. and uncertainties of conducting trade in depre- The United States has an interest in the resciated and fluctuating currencies has led to in- toration of the gold standard in some form as a creased concentration of credit transactions in means of placing trade relations upon a more markets where balances have a stable value in stabilized basis of prices, exchange rates, and sold is another indication of the r61e still played interest rates. Our interest in this matter has by gold as the ultimate standard of interna- more than once been the subject of comment tional trade settlements. in the BULLETIN. The abnormal concentra- In the international movement of goods and tion of gold in this country has long been recogof funds the trend has been toward the estab- nized as presenting a peculiarly difficult problishment of a common unit of measure, and lem in the administration of credit, because this unit has largely been the dollar as the the present gold movements are not respononly currency that is now firmly on a parity sive to trade and crean requirements. From with gold. There has therefore been a tend- the standpoint of domestic credit as well as ency toward a mutual adjustment between from that of international finance, therefore, dollar exchange, prices, and (to a lesser extent) policies affecting the position of gold must be interest rates in many of the leading countries shaped with a view to the ultimate reestabof the world. While it is true that owing to lishment of free gold movements. At a time the absence of the free movement of gold and when countries with depreciated currencies are to the wide fluctuations of exchange rates in pursuing policies which seek a gold basis for response to temporary political conditions the their monetary systems it must be recognized adjustment is far from being as complete as that the true economic function of central gold was the case before the war, nevertheless there reserves is their use in the restoration of the has been during the past year a definite tend- international gold standard. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

986 FEDERAL RESERVE BTJLLETI1T. SEPTEMBER, 1923. BUSINESS CONDITIONS IN THE UNITED STATES. Production of basic commodities and employment at industrial establishments decreased in July, and there was a further decline in wholesale prices. The distribution of goods, as indicated by railroad freight shipments, maintained record totals, and the sales of merchandise, though showing the usual seasonal decline, continued to be relatively heavy. Production.—Production in basic industries, according to the index of the Federal Reserve Board, declined 1 per cent in July. Mill consumption of cotton, steel-ingot production, and sugar meltings were considerably smaller than in June. New building operations during the month, as measured by the value of permits granted and of contracts awarded, showed more than the usual seasonal decline. Employment at industrial establishments located in various sections of the country decreased 2 per cent during July. Manufacturers of automobile tires and cotton goods showed large reductions in number of employees. There were some further announcements of wage advances, but these were not as numerous as in the three previous months. Average weekly earnings of factory workers, due to a decrease in full-time operations, were 3 per cent less than in June. Crop forecasts of the Department of Agriculture on the basis of condition on August 1 indicated that yields of wheat and rye would be below July estimates, while larger yields of cotton, corn, oats, and barley were forecast. Due to a seasonal increase in grain shipments and continued large shipments of industrial raw materials and manufactured goods, car loadings in the last week of July reached the largest total on record. Trade.—The volume of wholesale trade was about the same in July as in June, while there was a decline in retail trade, which was largely seasonal in nature. Among the wholesale lines sales of dry goods and clothing were larger than in June, while sales of groceries, hardware, and 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 PERCENT ( ISIS'100) PERCENT PERCENT ( IS13'100 BASE ADOPTED BY BUREAU) PERCENT 160 160 SOU 140 250 250 120 j \ 200 200 v A/ \ A/ 80 80 150 V—. 150 100 100 40 50 50 LATEST FIGUREJUL* LATE5T FIGUREJULY o 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEB, 1923, FEDERAL RESERVE BULLETIN. 987 BANK CREDIT BANK CREDIT 800 MEMBER BANKS IN LEADING CITIES ALL FEDERAL RESERVE BANKS BI 1 L 6 LIONS OF DOLLARS EUU.UWS OF DOLLA 4 M 0 I 0 L 0 LIONS OF DOLLARS MILLIONS OF DOL l* L o A o R o S *•» LOANS ADt \DISCOUIVTS 3000 DEMAND DEPOSITS/* 10 1500 INVEST*'ENTSf'""' „ " TIME * • -' DEPOSITS^ LATEST FIGIRE AUG 15 LATEST flG RE AUG. 22 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 shoes were considerably smaller. Business in all reporting lines was larger than in July, 1922, and the average increase, as indicated by the Federal Reserve Board's index of wholesale trade, was 13 per cent. Sales of department stores were 10 per cent larger than a year ago, while mail-order sales showed a gain of 27 per cent. Stocks of department stores showed a seasonal reduction during July and were smaller than in any month smce January. Prices.—Wholesale commodity prices declined during July for the third consecutive month, and the index of the Bureau of Labor Statistics was 5 per cent below the April peak. Prices of all groups of commodities, except house furnishings, were lower in July. The largest declines occurred in quotations of clothing, drugs and chemicals, farm products, and building materials. During the first half of August price changes were more moderate, and quotations of cotton, spring wheat, hogs, sheep, and rubber advanced Bank credit.—-Since the middle of July the volume of bank credit in use has shown a reduction, largely because of the substantial liquidation of loans on stocks and bonds at New York City banks. Between July 18 and August 15 loans of member banks in leading cities secured by stocks and bonds decreased by $94,000,000, to the lowest point for the year—$258,- 000,000 below the amount outstanding at the beginning of the year. Commercial loans, however, increased, so that the net reduction in total loans for the period amounted to $60,000,000. Security investments declined $73,000,000 to a new low level for the year. The volume of discounted paper held at the Federal reserve banks showed a slight decrease, while their holdings of acceptances and United States securities reached new low points for the year. Between the middle of July and the middle of August gold holdings of the Federal reserve banks increased by $21,100,000, reflecting in part net gold imports during July of $27,- 400,000. Federal reserve note circulation increased by about $15,000,000, and there were also substantial increases in the volume of gold certificates and national-bank notes in circulation. Slightly firmer tendencies in money rates during the month were reflected in a gradually increasing proportion of commercial paper sales at 5J per cent, as compared with 5 per cent in the previous month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

988 FEDEEAI. RESERVE BTJXJJETIN. SEPTEMBER, 1923. AGRICULTURE. result of injury from frost last spring. The acreage in these States is greater than last During July some improvement was noted year, as some of the potato acreage in 1922 was in the condition of all crops of the United planted in sugar beets in 1923. In the San States. The composite condition on August 1 Francisco district favorable weather stimuwas approximately 3 per cent below the 10lated the growth of most field crops during the year average on that date, but it was 1 per month and in many cases the estimates of cent higher than on the first of the preceding yields were revised upward. The condition month. According to the Department of Agof sugar cane in Louisiana declined slightly riculture's estimate the total acreage of 20 culduring the month and the estimated yield of tivated crops is about 0.6 per cent more than sugar is smaller than last year. in 1922. Harvesting and threshing of small The level of prices paid to producers of the grains made rapid progress in the Western United States for the principal crops con- States, and in the winter-wheat areas of the tinued to decline during July, and on August 1 Kansas City and Dallas districts they have it was 1.4 below the level on July 1. The been practically completed and the crop has downward movement of farm prices in July been moving to market in large volume. There was contrary to the general movement in July for the past 10 years, which has increased 0.4 zeo per cent. Since 1921 the trend of the prices of 240 corn, cotton, and wheat, the three great staple 240 220 f / v \ 220 s c i r d o e p r s a b o le f v t a h r e i a U tio n n it s e . d T St h a e t e p s r , i c h es a s o f s h c o o w tto n n c a o n n d - 200 corn have steadily increased, while the price of 200 180 / FTON / / 160 w pa h n e y a i t n g h a c s h ar t t e n s d h e o d w s d t o h w e n tr w e a n r d d . o f T th h e e pr a i c c c e o s m of - 160 \r\ s r A 160 these products at principal wholesale markets 140 n WHEAT A' 140 since January, 1921. 120 \ y CO 120 Grain. 100 t A, 100 Harvesting and threshing of small grains 80 1 SO made good progress in all Federal reserve 60 districts during July. The weather was gen- 60 erally dry and hot in the principal grain- 4-0 40 producing States, and threshing of winter 20 wheat is practically finished in the Dallas and 20 Kansas City districts. In the spring wheat 0 1921 1922 1923 o sections of the Chicago and Minneapolis dis- Monthly average prices of cotton, corn, and wheat at principal whole- tricts harvesting is well advanced and threshsale markets, reduced to relatives with 1913 monthly average price ing has begun, although it was somewhat reas 100. tarded by rains in South Dakota. Corn made is a hesitancy, however, on the part of some good progress in the Richmond, Atlanta, and growers to dispose of their crop at the present in some sections of the St. Louis district where time in face of the reduced wheat prices. rains were plentiful, but in some of the western Harvesting is nearing completion in the dis- districts hot and dry weather was a retarding tricts farther north and threshing is making factor and caused considerable deterioration rapid progress, being aided generally by dry in the Dallas district. According to the conand hot weather. Although weather condi- dition report of the Department of Agriculture, tions have been generally satisfactory for greater yields of corn and oats than in 1922 summer harvesting, growing crops have suf- are indicated, but smaller yields of winter fered somewhat from high temperatures. In wheat, spring wheat, and rye are forecasted. the Atlanta district the condition of the rice Greater yields of corn are indicated in all of crop declined slightly during July and the es- the principal corn-growing Federal reserve timated production in Louisiana is 16,328,000 districts except in the Chicago district. Smaller bushels, compared with 19,980,000 bushels in yields are indicated in all of the southern dis- 1922. Sugar beets in Colorado, Wyoming, and tricts. Greater yields of wheat are forecasted Nebraska made good progress in July, but in for all of the principal wheat-producing dis- Nebraska some stands are reported thin as a tricts except for the Kansas City and Minne- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEB, 1923. FEDERAL RESERVE BULLETIN. 989 apolis districts. The price of wheat continued The cotton year ended July 31 and was one to decline during July, and the average of the best years hi the American textile price reached the lowest level since 1914. industry. During the year 6,665,000 bales, Corn, on the other hand, made further ad- exclusive of linters, were consumed in the vances, continuing the upward movement United States, compared with 5,910,000 bales which began in October, 1921. in 1922 and 4,893,000 bales in 1921. Exports, The marketing of grain during July, as indi- exclusive of linters, on the other hand, were cated by receipts of all grains at 17 interior hi smaller volume than in the two preceding centers, was in larger volume than in June, but years, amounting to only 4,823,000 bales, failed to reach the volume marketed in July, which was 1,361,000 bales less than hi 1922 1922. The increase in July over the preceding and 922,000 bales less than in 1921. The month is seasonal and is due to the marketing carry over of cotton in the United States on of the winter wheat crop, which begins in late July 31 was 2,088,000 bales, the smallest June. The total movement of all grains during carry over since 1914, as is indicated in the July amounted to 80,611,000 bushels, com- accompanying chart, which shows the stocks pared with 54,800,000 bushels in June and of cotton in the United States on July 31, 1914 93,933,000 bushels in July, 1922. Increases to 1923. Prices of raw cotton declined conover the preceding month were noted in the movement of wheat, corn, and oats, but de- MILLIONS OF BALES MILLIONS OF BALES creases in the receipts of barley and rye were 71 indicated. The table on page 1046 gives in detail the movements of all grains. Cotton. During July and the early weeks of August the weather in all sections of the Cotton Belt was unfavorable. Dry weather accompanied mm by excessive temperatures prevailed generally hi Texas and Oklahoma and caused considerable shedding and deterioration in those States. 1 1 1 1 1 1 1 11 In the eastern sections of the belt the weather was cloudy and was accompanied by fre- 1 1 1 1 1 1 1 1 1 11 quent general rains, both of which aided bollweevil activity. Damage from weevils is re- 191* 1315 1916 1917 1918 1919 1920 1921 1922 1923 ported from all Federal reserve districts, Stocks of cotton (exclusive of linters) in the United States on and army worms and boll worms are injur- July 31,19H to 1923. ing the crop in sections of the St. Louis and Dallas districts. Cultivation was generally tinuously during July, but following the crop completed in July and early August in all report on August 1 the market became firmer Federal reserve districts, and picking is pro- and prices moved upward. The price of upgressing rapidly in sections of the Dallas dis- land spot cotton, middling grade, at New York, trict. An adequate supply of labor is available which increased slightly from 27.85 cents a for present needs, but fears of a shortage are ex- pound on July 2 to 28.05 cents a pound on pressed in some sections as the picking season July 6, declined steadily to 22.45 cents a pound advances. According to the Department of on July 31. Since August 1 the market Agriculture the condition of the cotton crop has advanced and reached 25.8 cents on Auon July 25 was 67.2 per cent of normal, com- gust 27. pared with 69.9 on June 25 and 70.8 on July Tobacco. 25 one year ago. The decline of 2.7 per cent The condition of the tobacco crop throughin July resulted from the generally unsatisout all sections of the country showed some factory weather in all sections of the belt. improvement on August 1 compared with the Improvements, however, were noted hi North preceding month, with August 1, 1922, and also Carolina, Arkansas, Tennessee, Missouri, and with 10-year average condition on August 1. New Mexico. The estimated yield was 11,- In some sections of the Eichmond district dry 516,000 bales, a slight increase over the foreweather retarded early developments of the casted yield on June 25. The final yields hi crop and the final yields in those sections will the two preceding years were 9,762,000 bales be somewhat affected, but rains in July were in 1922 and 7,954,000 bales in 1921. very helpful. In South Carolina warehouses Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

990 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. opened early in August and the marketing As a result shipments of deciduous fruits for season is rapidly advancing. The yield in the season to August 5 totaled 14,477 cars, South Carolina is estimated at 63,000,000 compared with 6,573 cars during the previous pounds, compared with 57,000,000 pounds season. Shipments of oranges nave also exgrown in 1922. Prices being paid to the grow- ceeded shipments during the same season one ers for this year's crop are considerably higher year ago, amounting to 42,106 cars, compared than last year's prices on the lower grades, and with 25,726 cars last year. Lemon shipments, are at approximately the same level for the on the other hand, have not been as great as better grades. The cooperative marketing last year. association is reported to be making higher Live Stock. initial advances on receipts than last year. Pastures and ranges, with few exceptions, Harvesting of tobacco has begun in a limited continued satisfactory during July in all secway in the burley sections of the St. Louis tions of the country. Dry weather during the Federal reserve district, but in the other seclast two weeks of the month was injurious to tions the crops will not be cut before early in the ranges in the Dallas district and in some September. The Burley Tobacco Growers' places there is a scarcity of stock water. In Cooperative Association has been increasing Arizona and New Mexico, however, moderate its membership and now has approximately rains relieved the drouthy conditions, caused 80,000 tobacco growers for whom to market steady improvement in the ranges, and supplied the crop this season. In the Atlanta district an adequate amount of stock water. The cona larger crop is being produced than in recent dition of all cattle ranges in the Dallas district Jears, and the crop is in good condition and declined 7 per cent during the month, but as been bringing satisfactory prices. despite this deterioration the condition of live Leaf dealers in the Eichmond district report stock generally is fairly good. Live stock in that trade conditions in the tobacco industry are the mountain and plain States of the Kansas good and manufacturers are showing a decided City district continued in good condition interest in adding to their floor purchases of during the month, as the ranges and pastures the 1923 crop by buying from leaf dealers. In in those States were reported to be in above the Philadelphia district demand for cigars is normal condition. In the San Francisco disgenerally good and prices are practically the trict ranges were in excellent condition. In same as during the preceding month. Stocks the intermountain States of the district, where of finished products are moderate and firms are small losses of live stock, due to failing feed shipping cigars as fast as they can be made. and water supplies, had been reported, conditions improved greatly during the latter part Fruit. of July and the first weeks of August. The In all of the fruit-growing sections of the marketing of live stock during July continued country weather conditions were very favorin large volume and was greater than in the able during July. The condition of oranges preceding month or in July, 1922. The movein the Atlanta district improved during the ment of hogs to market, which has been month and on August 1 was 94 per cent of unusually heavy during the preceding months normal. Trees are making excellent growth of the year, showed some tendencies toward and are bearing heavy crops of oranges. Imabatement in July, but early spring farrowed provement was also noted in the condition of pigs began arriving on the market in the first grapefruit and increased production is indi-weeks of August. Grass-fed cattle from the cated, as a result of a large number of new ranges of the Southwest began to arrive on groves which are coming into bearing. Peaches the markets, and in the Dallas district the were moved rapidly from Georgia and the seareceipts of cattle and calves exceeded the heavy son there ended in July. Shipments began June movements and reached the highest total from States farther north and also from Califor the year. The supply of cattle was the fornia. Deciduous fruit crops of the San most liberal offered in any July since 1919. In Francisco district are maturing rapidly and a the Kansas City district receipts of calves large part of the crop has been marketed. established a new high record for the month of Prices which have been obtained for deciduous July, and were 72 per cent above receipts for fruits have been lower than in recent years, July, 1922. The table on page 1046 shows and, rather than accept prevailing prices detailed figures for the movement of all live offered by canning and drying plants, many stock in the United States during July, 1923, growers have shipped a larger proportion of June, 1923, and July, 1922. their crops than usual to the fresh-iruit markets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BTJlliETIN. 991 MINING. Figures compiled by the American Petro- Coal. leum Institute indicate that stocks of gasoline Production of anthracite and bituminous decreased during July to a much smaller extent coal decreased slightly during July from the than is normally expected at this season of levels of the preceding month, but it was greater maximum consumption. Crude petroleum prothan the production in either July, 1922, or duction increased each week during July, fell July, 1921. Production of anthracite amounted off slightly the first week in August, and parto 8,320,000 tons, compared with 8,665,000 tons tially recovered the loss the following week. hi June and 7,309,000 tons in July, 1921. The Output during July totaled 65,247,000 Darrels, possibility of an anthracite strike on September averaging 2,104,742 per day, the second con- 1, resulting from the failure of the operators secutive month in which the daily average has and miners to reach an agreement alter the exceeded 2,000,000 barrels. Consumption did resumption of the conference on August 20 for not equal production, not to mention imports, the second time, has influenced the demand for hence stocks increased from 283,651,000 barrels domestic sizes of anthracite. Retail stocks on at the end of June to 293,054,000 barrels on July 1, as estimated by the United States July 31. The opening of a new field in Cali- Geological Survey, were about 13 per cent fornia resulted in a rather substantial increase larger than on June 1 but were smaller than on in output from that section, despite efforts the same date for recent years. Prices for all to curtail. The central Texas field has also sizes remained very firm during the month. had an enlarged flow of oil. Curtailment was Bituminous production during July amounted successful in a number of the Oklahoma, to 45,126,000 tons, compared with 45,490,000 Kansas, and Louisiana fields. The number tons in June. The market during the month of new wells completed throughout the country was dull and prices declined continuously declined from 1,830 in June to 1,733 in July. throughout the period and the first weeks of August. Railroads were the principal buyers Metals. and were making heavy purchases. Stocks Operations at smelters continued very active of bituminous coal on July 1, according to the during July and metal production was close to Geological Survey, amounted to 45,000,000 net a maximum. As the large output was accomtons, compared with 42,000,000 net tons on panied by declining prices, many mines in the June 1. The estimated stocks were sufficient to Joplin district closed for two weeks during supply the country for about 37 days at the July. This curtailment of ore output resulted rate of consumption that was maintained in in higher prices for both lead and zinc ores June. in the latter part of July. The Kansas City The manufacture of beehive coke was slightly Federal Reserve Bank reports the price of zinc less in July than in June, but by-product coke ore was $37.50 per ton at the close of July, as production exceeded the June output and, compared with $36 per ton at the close of June, with the exception of the March and May while the price of lead ore advanced from $65 outputs, was greater than in any preceding to $75 per ton. Despite the curtailment of month in 1923 and greater than any July mine operations, production of slab zinc record in the past four years. amounted to over 43,000 tons in July, as com- Petroleum. pared with 42,800 tons in June, and output of Record-breaking production and increasing pig lead was only reduced about 3 per cent. stocks of crude oil and refined products for the Although shipments of slab zinc were slightly past several months, together with falling larger than in June, stocks increased by about prices of crude oil since June, finally in August 4,000 tons. brought about a reduction in prices of gasoline Copper production during each of the last to the consumer. Refinery prices had been five months has been larger than in any of the reduced to as low as 8$ cents a gallon before corresponding months of the post-war years. any substantial reductions were made in tank- This is partly shown on the chart on page 992, wagon prices. About the middle of August, which gives the monthly output of copper however, cuts were announced all over the during 1923 in comparison with that of the country varying from 1 cent to 6.6 cents a past three years. This output has been abgallon. In most places gasoline prices are sorbed by average exports of about 60,000,000 still relatively high as compared with quota- pounds per month and about an equal amount tions on crude oil. Frequent cuts in crude oil of domestic business. The continuance of prices were announced from various fields large-scale operations by American mines and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

992 FEDERAL RESERVE BTmjETIN. SBPTDMBEE, 1923. a recent expansion of imports of copper ore, the previous year. In July declines in wheat together with the decrease in industrial activity prices were accompanied by lower flour quotain this country and the reduction in German tions, but during the first weeks of August the buying power, have caused a steady decline flour market was firmer and prices were slightly in the price of refined electrolytic copper from higher in the principal markets. 17.375 cents per pound on March 22 to 14 Meat packing during July, as indicated by cents on August 15. animals slaughtered under Federal inspection, Demand for silver has recently shown some continued in good volume, although it was improvement, while mine production totaled slightly smaller than in the preceding month 5,406,000 ounces in July, an increase of 6 per but greater than in July, 1922. The total of cent over June. all animals slaughtered amounted to 6,048,635 head, compared with 6,331,772 head in June and 5,085,179 head in July, 1922. The detailed MILLIONS OF POUNDS MILLIONS OF POUNDS figures of animals slaughtered are given in the 160 table on page 1046. Consumption of pork products in July was in record volume, and as a 140 140 result a substantial decrease in stocks of pork 192 was indicated. Sales of meat products by 34 •*- 120 > .-'- S •••• . ••••••• 1920 120 m Ch e i a c t a - g p o a c F k e in d g e ral c o R m es p e a r n v i e e s B a r n e k p o w r e ti r n e g 5 p t e o r c t e h n e t greater in July than in June and were 3 per 100 r 100 cent greater than in July, 1922. Demand from —." A the Continent for meat products during the 80 \ \ 80 month was somewhat less than in June, due •*•/• / largely to the unsatisfactory condition of A German exchange, but this was offset somewhat \ 60 ti \ \ 60 b K y i n i g n d c o r m ea . sed buying by firms in the United \ 40 \ 40 s Textiles. / After a dull summer, a few evidences of 1921 20 "••"••. 20 greater activity in the buying of textile products became noticeable during the latter part of August. Buyers as a rule are still cautious and 0 ft few commitments for delivery in the distant JAN. FEB. MAR. APR. MAY JUNE JULY AUG. SEPT. OCT. NOV. DEC. Monthly copper production In 1923, compared with corresponding future have been made. Prices have been a months ol 1920, 1921, and 1922. bit steadier and advances were noted in some cases. Manufacturing operations continued to MANUFACTURING. be curtailed. Food Products. Advances in the price of raw cotton, followed Under the influence of a better demand for by small increases in print-cloth quotations, flour the milling industry during July was brought about improved sentiment in the characterized by increased activity and, with cotton textile markets and a slightly larger the exception of March, when the peak of the volume of business. Manufacturing continued year was reached, production was maintained at a low ebb, and the consumption of raw at a higher level than in any month since cotton during July totaled only 461,575 bales, December. Total production of wheat flour the smallest figure for any month since July, during the month amounted to 10,408,000 1922. Curtailment in New England was parbarrels, compared with 8,331,000 barrels in ticularly drastic, and southern mills also June and 10,321,000 barrels in July, 1922. operated on a reduced basis. According to Exports of wheat flour increased slightly in reports from the Federal Reserve Bank of July over the preceding month but were Richmond, mills in that district have received smaller than in July, 1922. Although the few new orders recently, and current operations monthly exports of flour since March have were based on sales made some months before. been smaller than exports in the corresponding The demand for cotton yarns in the Philadelmonths in 1922, the total flour exports for the phia district improved somewhat, but was still year are at approximately the same level as in only fair and not up to that of a year ago. In Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEB, 1923. FEDERAL RESERVE BULLETIN. 993 the Atlanta district production, shipments, and of loom hours active dropped from 44 to 30 per orders for both cloth and yarns were less in cent. The latter figure indicates that opera- July than in either June, 1923, or July, 1922. tions were less than one-half those of early Statistics furnished by cotton finishers showed May, the most active period of the year. rather substantial declines in business during Production of knit underwear declined dur- July. Finished yards billed, orders received, ing July but was greater than that of a year and cases shipped were the smallest reported ago. Output of summer garments was seasonsince early 1921 or the latter part of 1920, and ally at the lowest point of the year, and producstocks on hand were unusually large. tion of winter underwear remained practically Buying of woolen goods was not as active at the same level as in June. Shipments were after the openings for next spring as was ex- fairly well maintained, but new orders received, pected, although in some cases business was although greater than in June, were smaller said to be better during August than in the than usual for this season. Consequently the preceding month. Dress goods have been in volume of unfilled orders fell off, whereas ordibetter request than men's wear. Some lines narily an increase occurs in July, and this item of lightweight women's wear were in fact on August 1 was smaller than it was a year withdrawn from sale within a few days after previous. The Philadelphia Federal Reserve the opening. Quotations on dress goods ranged Bank states that the best demand for spring from 1 to 5£ per cent above those of the previ- lines was for men's balbriggans. Prices were ous opening. Woolen and worsted yarns have from 10 to 15 per cent above those of the openbeen in poor request. July statistics of wool ing in 1922. consumption ana of active machinery hours Hosiery output during July in the Philadelshow recessions in manufacturing operations phia and Atlanta districts averaged over 10 per during that month. The Department of Agri- cent less than in June, yet remained greater culture has issued a preliminary estimate of than that of last July. Shipments and unfilled the wool clip of the United States for 1923, orders were smaller than during June and above which is given below, together with compara- those of a year ago. New orders decreased tive figures for earlier years: slightly in the Philadelphia district, whereas Pounds. the Atlanta manufacturers reported a small 1923 228,031,000 increase. Declining prices of silk and cotton 1922 220,155,000 yarns have caused some firms to name lower 1921 223,062,000 quotations for their hosiery. The falling mar- 1920 235,005,000 1919 249,958,000 ket naturally slowed up buying to some extent. Wholesale clothing firms in the New York Iron and Steel. district reported sales during July nearly Moderate improvement was generally noted 50 per cent above those for June and one- in iron and steel during August, indicating an third greater than those of July, 1922. In the end to the period of summer dullness in buying. St. Louis district manufacturers and jobbers Inquiries are more numerous, orders are being noted a brisk demand for fall lines. Tailors placed in somewhat larger volume, shipments to the trade reporting to the Chicago Federal and production, although declining slightly, Reserve Bank experienced a seasonal decline continued fairly large all through the period of in business during July as compared with June, curtailed buying, and the drop in prices has but orders, production, and shipments were been checked. The Iron Trade Review comover 30 per cent above the corresponding items posite of prices of 14 iron and steel products for July of last year. remained practically unchanged during the Raw silk prices, which have fallen since the first three weeks in August after a continuous 1st of May about $2.50 a pound, strengthened decline for three months. The change of the some during August. These fluctuations have working day in the steel industry from a 12affected both the silk goods and the thrown- hour to an 8-hour basis has begun, and many silk markets so that buying has been upon a plants are now operating with the shorter day. small scale. Plant operations have conse- The recent stiffening in prices has been attribquently been reduced considerably. Operating uted to the expectation that higher costs will schedules in the Philadelphia district varied result. considerably among the different establish- Daily average output of pig iron during ments, averaging between 65 and 75 per cent July was less than in June, although the total of capacity. In the Paterson section during for the latter month was greater. The estithe first two weeks of August the percentage mated total production of steel ingots, as well Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

994 FEDERAL RESERVE SEPTEMBER, 1923. as the daily average, declined further during put of sole leather during July totaled 1,871,890 July. Considering the reports of inactivity in sides, the largest figure recorded since 1919. iron and steel markets throughout the summer, As the process of tanning covers a period of output of these products has been fairly well several months, this reflects increased activity maintained, evidently for the purpose of filling in the earlier part of the year. orders previously booked. In consequence, Shoe production declined further during July unfilled orders, as indicated by those of the and reached the lowest point of the year. United States Steel Corporation, have been This is seasonal, as many factories usually close falling off since March and on August 1 were down in July for inventory taking and vacathe smallest in the past year. Railroads con- tions. Manufacturers in the Philadelphia Fedtinue to be important factors in the market eral reserve district report that wholesalers and for maintenance materials, although buying of retailers are purchasing with caution, but suffisteel for use in railway equipment has fallen off. cient orders have been booked to insure pro- The oil industry has curtailed buying some- duction in most cases until October. Demand what. Automobile makers have been buying is particularly good for women's su&de shoes. more actively, since many of them have placed According to figures compiled by the Federal new models on the market, and hardware Reserve Banks of Philadelphia and Chicago, demand continues to be good. production, shipments, and orders of shoes were substantially less in July than in June, while Automobiles. production and shipments were greater than Although the July production of automobiles during July, 1922. Sales by wholesale shoe and trucks was smaller than that for any other dealers showed a seasonal decline in July but month since February, it still exceeded the remained well above those of last year. Refigures for all months previous to February. tailers and chain stores reported shoe sales The output of automobiles during the first smaller than in June, but chain-store sales were seven months of this year almost equaled the about the same as in July, 1922. total for last year. Curtailment of operations at this time of the year is seasonal, and, fur- Paper. thermore, is to be expected after such enor- Comparative figures compiled by the Amerimous activity during the earlier months of the can Paper and Pulp Association for June and year. Shipments ofautomobiles from factories July show a decrease of 14 per cent in total were likewise less in July than in the four pre- production and of 12 per cent in total shipceding months but above those of all months ments of paper during the latter month. Shipin previous years. Distributers and dealers in ments of hanging paper increased slightly, but the Chicago Federal reserve district reported both output and shipments for every other decreases in sales during July as compared with grade fell off. Stocks on hand were also en- June, whereas in the St. Louis district increases larged during the month for all kinds except were noted. In both sections business was paper board and bag and tissue paper. Manumuch better than it was a year ago. The facturers and wholesalers in the Philadelphia used-car market has shown no improvement. district reported that the demand for paper in The demand for tires has been unsatisfactory August was only fair, owing to the usual sumand production of tires and tubes and ship- mer dullness. No important change in prices ments of tires fell off rather substantially was noted during July and August. Stocks during June. are considered to be sufficient in view of the current volume of business. Leather and shoes. Hide and leather markets were generally dull Lumber. during July and August. Some little activity Lumber production and shipments declined was noted among hides in July, and prices rose rather substantially during July for all reporton the Chicago packer-hide market late in the ing associations except southern pine and month, but sales declined during the following western pine. This downward trend was month, and about the middle of August slight partly seasonal, although not entirely so. New recessions in prices occurred. Tanners report orders received remained fairly steady and that the demand for most leather has been were smaller than shipments, consequently the light, although certain grades of upper leather volume of unfilled orders fell off and at the have been in fair request. Sole leather has end of the month equaled about half of a been quiet, and tanners have further curtailed normal monthly cut. Shipments continued to the number of hides placed in process. The out- be less than production, and as a result manu- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 995 facturers' stocks increased. Since the first number and value of permits granted are pubof August general improvement has been noted lished on page 1049. in lumber markets, inquiries for fall goods have The average price of building materials debegun, and some actual orders have been creased 2 per cent during July, according to placed. the index of the Bureau of Labor Statistics. Prices continue to be weak, however, and Orders booked and shipments of oak and maple in the week of August 17 "Lumber's" soft- flooring and all classes of sanitary ware were wood index reached the lowest point in over a increased in July, while the stocks of most of year, and the hardwood index was lower than these materials were reduced. Production of at any time since December. The former has cement was larger than in June or July a year fallen 14 per cent and the latter 10 per cent ago, while stocks on July 31 were smaller than from their high points of last spring. at any date since November 30 and were 4 per Wholesalers in the Philadelphia district re- cent less than on July 31, 1922. ported only moderate sales in July and August; orders, in fact, were smaller than they were at this TRANSPORTATION. time last year. The demand for southern pine Railroad traffic was exceptionally large began to improve after the early part of July, throughout July, but ample equipment has and orders booked increased rather steadily. been available for shippers and no considerable In the San Francisco district, manufacturers congestion has developed. Car loadings reached reported a general increase in orders during the highest number on record in the week July for the first time since April. Shipments ending July 28 and totaled 1,041,000 cars. to the Atlantic coast through the Panama This great volume of traffic was due to a Canal continue to be heavy. Logging camps seasonal increase in grain loading,while loadings in the West did not shut down in July of this of coal, forest products, ore, and miscellaneous year as much as they usually do, because of merchandise continued at close to a maximum. the steady demand for logs. Total shipments in July were slightly less than in June, but this may be ascribed entirely to BUILDING. the fact that there was one less working-day in New building operations were fewer in July July. than in June and their value reached a smaller The unprecedented number of cars loaded in total than in any month since February. The the last two months has resulted in a decrease volume of orders booked for various types of in the net surplus of freight cars since the building materials, on the other hand, increased middle of July. The number of surplus following a reduction of 7 per cent in their serviceable cars has declined from an average average price from the high level of April. of 84,210 in the week ending July 14 to 74,168 The value of contracts awarded in 10 Fed- in the week ending August 8. This decrease eral reserve districts (compiled from figures would have been more drastic except for an gathered by the F. W. Dodge Co.) totaled increase of the available supply of cars during $313,264,000 in July, a decrease of 15 per July by about 19,000. The additional cars cent as compared with June. Decreases in consisted of 17,710 new cars put in service and awards were reported for all districts except a reduction of the number of bad-order cars by Cleveland, which showed an increase of 19 per 1,397. The number of locomotives awaiting cent. Comparison of total value of contracts repair was increased by 105 during July, but in seven districts for which information is this was more than counterbalanced by the available since 1919, shows that July contracts addition of 223 new locomotives. were 16 per cent less than in the corresponding month a year ago. Statistics of square feet of TRADE. buildings contracted by classes show an average Wholesale trade. reduction of 35 per cent from the March peak. The value of wholesale trade in July, ac- The volume of industrial building has shown cording to the index of the Federal Reserve the greatest curtailment and was only about Board, was 3 per cent less than in June, but one-half as large in July as in March, while the 13 per cent greater than in July, 1922. The volume of residential building has declined decrease in sales during the month was due about 40 per cent. Contracts for educational chiefly to reductions of 18 per cent in shoe buildings were larger than in any month this sales, 13 per cent in hardware sales, and 8 per year with the exception of April. Statistics of cent in grocery sales. The largest increases in value and volume of contracts awarded and wholesale business were reported by firms Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

996 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. selling men's clothing and women's clothing The accompanying chart shows the trend in the New York district and amounted to 44 of mail-order sales during the past four years per cent and 54 per cent, respectively. Dry- and a half, after allowance has been made for goods merchant also reported increased busi- the usual seasonal variations. This chart ness in 6 of the 10 districts from which reports indicates that the mail-order business reached were received. Comparisons with a year ago a peak in February, 1920, and showed a rather indicate that business is larger in almost all steady decline until July, 1921. After a lines and districts. Sales of machine tools in period of very low sales, which lasted almost a the New York district continued to be over year, business commenced to expand in the twice as large as a year ago, while sales of spring of 1922 and showed an upward trend men's clothing increased by more than one- until May, 1923. There has been a recession half. Sales of women's clothing, hardware, in the volume of mail-order sales during June dry goods, diamonds, and jewelry were also and July, but sales continue to be substantially substantially larger than in July," 1922. De- larger than in the corresponding months of tailed statistics showing the trends of important 1921 and 1922 and are only slightly smaller lines of wholesale trade by Federal reserve than in 1920. districts are published in the table on page 1050. Chain-store sales were smaller in July for all reporting lines. Sales of chain shoe stores Retail trade. decreased 27 per cent and were almost exactly Sales by retailers were much smaller in July equal in volume to sales in July, 1922. Sales than in June, which is the usual trend at this of grocery and variety chains were substantially season of the year. Decreases in the total larger than in last July, but this gain may be value of department-store sales occurred in all largely ascribed to an increase in the number districts and varied in size from 9 per cent in of stores operated. PRICES. 180 I6p Wholesale prices continued to decline in Ji July, the Federal Reserve Board's own index HO dropping 5 points and that of the Bureau of / Labor Statistics 2 points. Practically all groups 120 of commodities in both index numbers were .A V lower than in June, but the most important de- 100 clines were in cotton and cotton goods, wheat, 80 hides, coke, pig iron, nonferrous metals, and V building materials. The principal advances 60 occurred in corn, hogs, cattle, and meat products, though foods as a whole declined slightly. 40 As compared with July, 1922, the general level of prices was about 3 per cent lower in 20 July of this year. If, however, coal and coke, which have dropped enormously during the 0 1919 1920 1921 1922 1923 past year, are left out of account, the general Monthly sales of four mall-order houses from January, 1919, to level of other prices is well above that of a year date, corrected to eliminate the usual seasonal fluctuations. Average sales in 1919 equal 100. ; ago. Farm products and foods as a whole are about where they were in July, 1922, while the the San Francisco district to 34 per cent in the remaining groups in the Bureau of Labor Sta- New York district. Comparisons with figures tistics index have increased in the past year for July, 1922, indicate that department-store beiween 6 per cent, in the case of chemicals and sales were larger in all sections, the average drugs, and a maximum of 20 per cent in the increase amounting to 10 per cent. The case of metals and metal products. volume of business continues to be relatively The monthly index numbers of the Bureau of smaller in the agricultural sections of the Central Labor Statistics, both as compiled by that West than in the industrial centers. Depart- bureau and as regrouped by the Federal Rement-store stocks showed a further reduction serve Board, are shown in detail on page 1033. during July and were about 11 per cent less The board's own international price index on July 31 than on April 30. appears on page 1031. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SBPTEMBEB, 1923. FEDERAL RESERVE BULLETIN. 997 EMPLOYMENT. FOREIGN TRADE. Recent trends in the foreign trade of the Employment at industrial establishments United States are indicated by the figures declined in July for the first time in a year, below. The first table shows the monthly and there was also a reduction in the average value of imports and exports and the changes number of working hours of those employed. that have recently taken place in the mer- Reports of 6,739 establishments to the Bureau chandise trade balance, while the second table of Labor Statistics showed that the number shows the percentage distribution of American of employees decreased 2 per cent, while the imports and exports by principal countries. average weekly earnings were reduced 3 per Additional foreign trade figures appear on page cent. The most important decreases in num- 1041, and a discussion of the foreign trade pober of employees were reported by manusition of the United States may be found on facturers oi automobile tires, stoves, cotton page 1018. goods, and glass. The decrease in earnings was due entirely to a reduction in the number of factories working full-time from 83 per MERCHANDISE TRADE BALANCE OP THE UNITED STATES. cent to 80 per cent of the total, as the average [In thousands of doUars.l wage rates continued to advance. Wage inc a r n e d a s a e f s f e w ct e e r d e a 1 n .4 n o p u e n r c e c d e n b t y o 3 f 0 t 2 h e e s t t o a t b a l l i s n h u m m e b n e ts r Months. Imports. Exports. i E m x p ce o s r s t s o . f E ex x p ce o s r s t s o . f of workers covered. 1922. Reports from Federal reserve banks and January 217,185 278,848 61,663 State departments of labor indicate that there April 217,023 318,470 101,446 July 251,772 301,157 49,385 were small, but rather uniform, decreases in October 276,104 370,719 94,615 employment during July in all industrial sec- 1923. tions of the United States. The Massachu- January 329,903 335,539 5,636 February 303,413 307,208 3,795 setts Department of Labor and Industries March 398,178 341,162 57,016 April 364,230 325,727 38,503 reports that employment at 694 establishments May 373,244 316,649 56,596 decreased 2 per cent in July, due to decreases June 320,257 320,054 203 July 287,335 303,030 15,695 in about two-thirds of the reporting industries. The largest curtailment occurred at hosiery and knit-goods mills and amounted to 20 per DISTRIBUTION OP UNITED STATES FOREIGN TRADE. cent. According to the New York State De- [Per cent of total.] partment of Labor, factory employment decreased less than 1 per cent during July, and Imports. Exports. most of the reduction was due to seasonal causes. The Philadelphia Federal Reserve Grand divisions Bank reports that employment at 502 indus- and countries. J 1 u 92 n 3 e . , M 192 a 3 y . , 1922 1913 J 1 u 92 n 3 e . , M 19 a 2 y 3. , a a 1 v g 9 e 2 e r . 2 - 1913 trial establishments in its district decreased about 3 per cent during July, while average Europe 28.0 27.4 31.9 49.3 43.8 43.7 54.4 60.0 weekly earnings declined 2 per cent. Large North America 28.0 28.3 26.4 20.0 31.1 32.8 23.9 25.0 reductions in forces were shown by manu- A So si u a t h Ame : rica 2 1 8 1 . . 6 4 2 1 6 3 . . 8 2 26.6 15.3 1 7 1 . . 7 4 1 7 1 . . 2 7 1 5 1 . . 9 7 4 5 . . 7 9 facturers of cotton goods, automobiles, rubber Africa and Oceania. 40 4.3 3.6 3.3 6.0 4.6 4.1 4.4 goods, and chemicals, while the car building, Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 pottery, and petroleum industries employed France 3.3 3.3 4.6 7.8 6.2 6.5 7.0 6.2 additional workers. In the Chicago district Germany 3.8 3.4 3.8 10.3 5.9 7.3 8.2 14.2 Italy 2.2 1.5 2.1 3.1 4.1 3.1 3.9 3.2 reports of 189 manufacturing firms showed United Kingdom.. 10.0 11.8 11.5 15.2 17.2 15.3 22.3 23.8 an average decrease of 2 per cent in employ- C Cu an b a a da 1 1 1 1 . . 0 7 1 9 3 . . 7 4 1 8 1 . . 6 7 7 7. . 0 9 1 5 9 . . 4 5 2 5 0 . . 5 9 1 3 5 . . 3 0 1 2 6 . . 9 2 ment and a reduction of 4.5 per cent in man- Argentina 3.9 4.5 2.8 1.4 3.5 3.3 2.5 2.2 Japan 7.5 8.9 11.4 5.5 5.3 6.3 5.7 2.5 hours. An increase of 5 per cent in employment at steel mills was apparently due to the effort to eliminate the 12-hour day, as there COMMERCIAL FAILURES. was little change in number of man-hours. According to data compiled by R. G. Dun & Reports from the San Francisco district in- Co. the number of commercial failures throughdicate that there is less insistent demand for out the country during July was the smallest building craftsmen, miners, and harvest hands, for any month since November, 1920. Liabilidue to a slackening in business activity. ties involved, on the other hand, , iinnccrreeaased from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

998 FEDERAL BESERVE BULLETIN. SEPTBMBEK, 1923. the low point reached in June. This increase GOLD AND SILVER MOVEMENTS. was due to a few large insolvencies among manufacturers, in which group there were 32 fail- Gold imports during July totaled $27,929,ures, involvingover $100,000 each and totaling 000 and gold exports $523,000. Net gold im- $14,192,013. Defaults were particularly large ports for the month were thus $27,406,000, in the iron, machinery and tools, chemical, and compared with average monthly net imports leather industries. Trading liabilities, as a of $18,274,000 for the first half of the present whole, fell off, the only increase worthy of note year. Total gold imports for the seven months being in the chemical and drug group. During ending July of the present year, $159,862,000, the first three weeks in August failures num- were $6,147,500 less than in 1922, while net bered 895, as compared with 1,164 for the same gold imports fell $18,164,000 short of the correperiod a year ago. sponding 1922 total. Gold imports during the month from England, $10,201,000, led those Liabilities were larger than in June in every from all other countries, imports from Ger- Federal reserve district except New York, many, $7,332,000, following next in impor- Richmond, St. Louis, and Minneapolis, whereas tance. Other countries from which considerathe number of failures was smaller in all except ble amounts of gold were received during the New York and Dallas, where slight increases month were Denmark, France, Canada, Mexwere noted. As compared with July, 1922, the ico, and China. Most of the gold exported western districts of Minneapolis, iCansas City, was consigned to Mexico and Canada. Dallas, and San Francisco all had increases in the number of failures and, except in the San Silver imports during July, $10,066,000, Francisco district, in liabilities involved. In were larger than during any previous month the Philadelphia and Cleveland districts also since April, 1920. Over 90 per cent of the liabilities were greater, but there were decreases total silver imported during the month came in number of failures. from Mexico and Peru. Silver exports for the month show a corresponding increase to $6,- COMMERCIAL FAILURES DURING JULY. 233,000, and were largely directed to China and British India. Number. Liabilities. Gold and silver movements in July and dur- District. ing the seven months ending in July are shown 1923 1922 1923 1922 in detail in a table on page 1070. No. 1—Boston 91 130 $1,644,931 $2,393,565 No. 2—New York 298 384 7,049,066 8,035,662 No. 3—Philadelphia 40 86 3,979,044 1,676,773 FOREIGN EXCHANGE. No. 4—Cleveland 91 163 5,763,981 5,164,164 No. 5—Bichmond 76 150 1,301,279 2,349,539 No. 6—Atlanta 82 173 1,743,751 2,157,713 Exchange rates on leading foreign countries No. 7—Chicago 136 249 5,382,698 11,484,832 No. 8—St. Louis 47 87 563,872 1,721,083 in July and in August are shown m the table No. 9—Minneapolis 71 60 1,163,446 1,142,174 No. 10—Kansas City 66 61 2,795,103 891,386 on page 1072. The general foreign exchange No. 11—Dallas 81 64 2,576,000 1,230,581 index, representing a weighted average of No. 12—San Francisco 152 146 1,758,017 1,762,841 rates on 17 countries, was 62 in August, com- Total, United States.... 1,231 1,753 35,721,188 40,010,313 pared with 63 in July. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 999 RULINGS OF THE FEDERAL RESERVE BOARD. Paper of cooperative marketing associations. ers thereof pending orderly marketing, and the On page 1044 of the FEDERAL RESERVE breeding, raising, fattening, or marketing of BULLETIN for September, 1922, there was pub- live stock, such paper may be eligible for dislished a summary of rulings made by the Fed- count if it has a maturity at the time of diseral Reserve Board with reference to the eli- count of not more than nine months, exclusive gibility for discount by Federal reserve banks of of days of grace. On the other hand, if a paper arising out of the operations of agricultural note, draft, or bill of exchange has been issued cooperative marketing associations. Subsequent or drawn, or the proceeds have been used or to the publication of that summary of rulings are to be used for a commercial purpose, it the law with respect to the eligibility for dis- will not be eligible for discount if it has a macount of agricultural paper in general, and of turity at the time of discount in excess of 90 cooperative marketing association paper in par- days, exclusive of days of grace. The board's ticular, was materially amended by the agri- regulation A further provides that no note, cultural credits act, approved March 4, 1923. draft, or bill of exchange is eligible for dis- (See FEDERAL RESERVE BULLETIN for April, count, if the proceeds have been or are to be 1923, p. 429). Many of the rulings thereto- used for permanent or fixed investments of any fore made concerning the paper of cooperative kind, for any other capital purpose, or for inmarketing associations accordingly do not con- vestments of a purely speculative character. form to the terms of the law as amended and With two exceptions which will be discussed the summary of such rulings published in the later, this regulation also provides that a note, September, 1922, BULLETIN no longer fur- draft, or bill of exchange is not eligible for disnislies an accurate guide to the credit facilities count, if the proceeds have been or are to be which can be extended to cooperative market- advanced or loaned to some other borrower. ing associations through the Federal reserve 2. Glasses of associations under considerabanks. It is deemed advisable, therefore, to tion.—Each of the associations involved in the publish a new summary, bringing this subject rulings heretofore issued was organized under up to date, and all previous rulings concerning the so-called Sapiro plan—i. e., it was organthe eligibility for discount of cooperative marized without capital and its members consisted keting association paper are to be considered exclusively of the producers of the particular as superseded by the rulings published below, crop which the association was organized to except where otherwise noted. market. The members had agreed to sell and 1. Definition of eligible commercial and agri- deliver their entire crops to the association cultural paper.—Regulation A of the Federal under agreements providing in substance that Reserve Board's regulations, series of 1923, de- title should pass to the association at the time fines eligible commercial and agricultural paper of delivery, that the association should have as negotiable notes, drafts, or bills of exchange absolute control over the commodities dewhich have been issued or drawn, or the pro- livered and over the resale thereof, and that ceeds of which have been used or are to be used the association should have power to borrow in the first instance, in producing, purchasing, money upon such commodities and to pledge carrying, or marketing goods (including goods, the commodities for money borrowed. The wares, merchandise, agricultural products, and price at which the commodities were sold by live stock) in one or more of the steps of the the growers to the association was not fixed at process of production, manufacture, or distribu- the time of that sale, but the commodities were tion. This regulation further provides that pooled according to grades, and after all of a the name of a party to such transaction must particular pool had been sold by the associaappear upon the paper as maker, drawer, ac- tion the proceeds were distributed pro rata ceptor, or indorser. If a note, draft, or bill of among the producers who had contributed to exchange has been issued or drawn, or the pro- that pool. It was stated in the rulings heretoceeds have been or are to be used, for agri- fore published that the conclusions expressed cultural purposes, including the production of therein were not necessarily applicable to the agricultural products, the marketing of agri- paper of associations which operated on any cultural products by the growers thereof, the plan substantially different from that just carrying of agricultural products by the grow- described. Section 13a of the Federal reserve Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1000 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. act, which was added by the agricultural credits superseded or modified in any way by this act of 1923, however, refers in terms to " cooper- ruling. ative marketing associations composed of pro- 5. Grower's draft on association not trade ducers of agricultural products," and it is acceptance.—A draft drawn by a grower on an probable that some classes of associations other association to which he has delivered his crop, than those operating under the so-calledSapiro accepted by the association, and discounted by plan will constitute " cooperative marketing as- the grower at his bank is not, however, a trade sociations " within the scope of that section. It acceptance within the meaning of the board's is impracticable, however, to rule in advance as regulations, which define a trade acceptance as to just what kinds of associations would thus "a draft or bill of exchange, drawn by the come within the terms of the law, and the board seller on the purchaser of goods sold, and will pass upon each other class of associations accepted by such purchaser," because the deas the occasion arises. livery of a crop to a cooperative marketing 3. Growers' drafts accepted by associatioanssociation under an agreement such as that eligible as agricultural paper.—Where, at the described in paragraph 2 of this summary is time the growers deliver their crops to an agri- not the kind of a sale which should be made the cultural cooperative marketing association, basis of a trade acceptance. Trade acceptances the association accepts drafts drawn upon it however, constitute merely a special class of by the growers, and such drafts are discounted eligible paper which sometimes bears a preferenby the growers at their local banks, they are tial discount rate, and the mere fact that such eligible for discount by Federal reserve banks as drafts are not included in that special class of agricultural paper with maturities up to nine eligible paper does not prevent them from months, provided the proceeds are used by the being eligible for discount as agricultural or growers for agricultural purposes. (See ruling commercial paper, if the proceeds are used for published in FEDERAL RESERVE BULLETIN, an agricultural or commercial purpose. (See October, 1921, p. 1199, which held such drafts FEDERAL RESERVE BULLETIN, October, 1921, to be eligible with maturities up to six months p. 1199.) As indicated in paragraph 3, growers' only.) The amendments contained in the agri- drafts accepted by associations may be eligible cultural credits act make such drafts eligible as agricultural paper, if they are discounted by with maturities up to nine months. the growers at their local banks and the growers use the proceeds for agricultural pur- 4. Growers' drafts accepted by association as poses. bills of exchange drawn against actually existing values.—Where a member of an association 6. Carrying crop pending orderly marketing organized under the so-called Sapiro plan, as is an agricultural operation.—Inasmuch as agridescribed in paragraph 2, delivers his crop to cultural products should not be dumped upon the association and at substantially the same the market as soon as harvested, but should be time draws a draft on the association, which is marketed gradually, the carrying of agriculaccepted by it and discounted by the drawer at tural products for such periods as are reasonably his own bank, such a draft is a bill of exchange necessary in order to assist the orderly marketdrawn in good faith against actually existing ing thereof is a proper step in the process of values, so as to be excluded from the 10 per cent distribution, and a farmer's note or draft limitation prescribed in the fourth paragraph of which is drawn, or the proceeds of which are section 13 of the Federal reserve act on the used, to finance the carrying of the farmer's aggregate amount of paper of any one borrower products for such reasonable period constitutes which a Federal reserve bank may discount for paper which has been issued or drawn for an any one member bank. The board has not yet agricultural purpose within the meaning of had occasion to pass on the question whether sections 13 and 13a of the Federal reserve act. the same conclusion would be reached as to Such paper, therefore, may be eligible for disdrafts drawn on and accepted by an association count by Federal reserve banks with maturities not organized on the Sapiro plan; and the up to nine months. answer would depend upon the facts applicable Money borrowed by a grower to enable him to the particular association in question, espe- to meet his obligations without selling his crop cially as to its form of organization and method immediately enables him to "carry" the crop, of operation. The general principles involved and therefore when a grower delivers his crop are set forth in a ruling published in the to a cooperative marketing association which FEDERAL RESERVE BULLETIN for November, is actually engaged in orderly marketing, and 1922, at p. 1286, which is not intended to be when the grower is obliged to borrow money Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL, RESERVE BULLETIN. 1001 for ordinary general purposes, such as the the purchase of supplies in connection with its payment of obligations previously incurred in business of packing and marketing agriculgrowing or harvesting the same crop, a draft tural products, is eligible for discount only as drawn Dy the grower on the association for a commercial paper and with maturities not in part of the market value of the crop may excess of 90 days. The theory upon which properly be considered to be drawn for an this ruling was based was that, while the note agricultural purpose. of a farmer the proceeds of which have been There is a distinction, however, between used to finance the packing or marketing of carrying agricultural products for such periods his own crop should be classed as agriculas are reasonably necessary to effect orderly tural paper, this is not true of the note of a marketing and mere speculative withholding corporation or association engaged in perfrom the market in the hope ultimately of forming services in packing and marketing obtaining a higher price. Such withholding is agricultural products grown by others, because not an agricultural purpose within the meaning that is a commercial rather than an agricultural of the law, and if a marketing association business, even though such corporation or should engage in such a speculative holding of association deals exclusively with growers. a crop, instead of marketing it in an orderly (See FEDERAL RESERVE BULLETIN, November, manner, drafts drawn to finance the growers of 1921, p. 1312.) That ruling is superseded by such a crop during the holding of it lor specu- the above-mentioned provision of section 13a lation should not be considered to be drawn for in so far as it applied to "cooperative marketan agricultural purpose. The exact dividing ing associations composed of producers of line between legitimate carrying and specula- agricultural products. tive withholding is, of course, very difficult to 8. Notes and drafts of association for funds define. The question of whether a doubtful to pay for commodities purchased.—Under the case falls on one side or the other of this line is specific provisions of section 13a of the Federal a question of fact which it is not for the Federal reserve act as amended by the agricultural Reserve Board to determine, but which should credits act, paper of cooperative marketing be determined rather by the local bank whose associations composed of producers of agricustomer desires the loan and by the Federal cultural products is deemed to have been reserve bank, if the paper representing the loan issued or drawn for an agricultural purpose, is offered for discount. (FEDERAL RESERVE if the proceeds have been or are to be used by BULLETIN, August, 1922, p. 931.) the association in making payments to any of 7. Notes and drafts of associations for funds its members on account of agricultural prodto finance packing and marketing.—Under sec- ucts delivered by such members to the association 13a of the Federal reserve act as amended tion. Such paper, therefore, may now be by the agricultural credits act of March 4, 1923, eligible for discount with maturities up to paper of cooperative marketing associations nine months; whereas prior to the enactment composed of producers of agricultural products of the agricultural credits act it was eligible is expressly deemed to have been issued or only as commercial paper with maturities not drawn for an agricultural purpose, and con- in excess of 90 days, because the proceeds sequently eligible for discount with maturi- were used for the commercial purpose of buying ties up to nine months, if the proceeds of such the commodities from the growers. (See ruling paper have been or are to be used by the asso- in FEDERAL RESERVE BULLETIN, August, 1922, ciation to meet expenditures incurred or to p. 931.) be incurred by the association in connection 9. Notes and drafts of associations for funds with the grading, processing, packing, prepa- to advance to members.—Section 13a of the ration for market, or marketing of any agri- Federal reserve act, as amended March 4, 1923, cultural product handled by such association also makes eligible for discount as agricultural for any of its members. paper notes and drafts of cooperative market- The board had ruled previously that a note ing associations composed of producers of agriof a corporation or association engaged in per- cultural products if the proceeds have been forming services in connection with packing or are to be advanced by the association to and marketing agricultural products not grown any of its members for an agricultural purby the corporation or association itself, the pose. As stated in paragraph 1 hereof, the proceeds of which note are used to pay the board's regulation A provides generally that current expenses of such corporation or asso- paper is ineligible for discount if the prociation, such as the payment of wages and ceeds are used for the purpose of lending^to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1002 FEDERAL KESEBVE BULLETIN. SEPTEMBER, 1923. some other borrower. The agricultural credits in determining under what circumstances wareact, however, expressly made two excep- houses are to be considered independent of the tions to this principle, one of which is the borrowers in passing upon bankers' acceptances, provision above described, making eligible for and the application of those principles to spediscount as agricultural paper with maturities cific cases involves questions of fact which are up to nine months notes and drafts of coop- primarily for the determination of the Federal erative marketing associations the proceeds reserve banks. (See rulings on pp. 31, 634, and of which are advanced by the association to 862, respectively, of the 1918 BULLETIN.) its members for an agricultural purpose. The 11. Warehouse receipts covering agricultural second exception is a provision making eligible products as security.—Numerous inquiries have for discount, with maturities not in excess of 90 been made as to the eligibility of paper created days, factors' paper issued for the purpose of by such associations and secured by warehouse making advances exclusively to producers of receipts for agricultural products stored in staple agricultural products in their raw state. warehouses which, although they may be These two exceptions are covered in Regulation owned by the associations or by corporations A, series of 1923, Sections VI (b) and VIII. _ organized and controlled by them, yet have 10. Bankers' acceptances drawn by associa- independent management and organization. tions.—Drafts drawn by cooperative mar- Inasmuch as the eligibility of paper, other than keting associations are eligible for acceptance bankers' acceptances, is not dependent upon by member banks when secured at the time the existence or character of collateral security, of acceptance by warehouse receipts covering the question whether such paper of the assononperishable agricultural commodities stored ciation is technically eligible for discount is in independent warehouses, and after accept- not dependent upon whether the warehouse ance such drafts are eligible for discount t>y issuing the receipt offered as collateral security Federal reserve banks, provided they comply is independent of the borrower. The charas to maturity and in all other respects with acter of a warehouse receipt or other security the provisions of the Federal reserve act and offered as collateral for paper other than the board's regulations. (FEDERAL RESERVE bankers' acceptances is material only as bear- BULLETIN, August, 1921, page 963.) Under ing upon the acceptability of the paper, as section 13 of the Federal reserve act, as distinguished from its eligibility, and the quesamended March 4, 1923, bankers' acceptances tion of the acceptability is for the determinadrawn for agricultural purposes and secured tion of the Federal reserve banks rather than at the time of acceptance by warehouse re- the Federal Reserve Board. The preceding ceipts or other such documents conveying or paragraph indicates the type of warehouse securing title covering' readily marketable receipt that is required as the basis of an staples are eligible for discount with maturities eligible banker's acceptance. at the time of discount up to six months. 12. Other kinds of paper of associations may The law requires that a warehouse receipt also be eligible.—-Section 13a of the Federal in order to be the basis of an eligible banker's reserve act provides that the express enumeraacceptance shall be a document "conveying tion therein of certain classes of paper of coor securing title covering readily marketable operative marketing associations as eligible for staples." Inasmuch as associations organized discount shall not be construed as rendering on the Sapiro plan as described in paragraph ineligible any other class of paper of such as- 2 take title to the agricultural products de- sociations which is otherwise eligible for dislivered to them and are given full control count. Similarly, the discussion herein of thereof with authority to borrow money upon various kinds of paper issued or drawn by them and to pledge them for money borrowed, such associations as eligible for discount by it is clear that such associations can store such Federal reserve banks does not necessarily products in independent warehouses and ob- mean that these are the only kinds of cooperatain negotiable warehouse receipts conveying tive marketing association paper which may security title thereto; but whether or not the be eligible for discount; it merely means that same is true of other associations will depend these classes of paper are the only classes upon the facts pertaining to each particular which the board to date has had occasion to association and especially upon its form of consider, and as questions arise concerning the organization and the method of operation. The eligibility for discount of other kinds of coboard has indicated already the general prin- operative marketing association paper, further ciples to be applied by Federal reserve banks rulings will be issued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1003 13. Paper representing organization expenses and rendered unnecessary by the amendment or fixed vnyestments.—Regulation A, Series of contained in the agricultural credits act of 1923, provides in part that, "Paper of coopera- March 4, 1923, which makes a broader class of tive marketing associations the proceeds of acceptances drawn for agricultural purposes which have been or are to be used (1) to defray eligible for discount with maturities up to six the expenses of organizing such associations, months. Regulation B, series of 1923, accordor (2) for the acquisition of warehouses, for the ingly provides in general terms that all bankers' purchase or improvement of real estate, or for acceptances and bills of exchange which are any other permanent or fixed investment of eligible for discount under the terms of regulaany kind, are not eligible for discount, even tion A are eligible for purchse on the open marthough such warehouses or other property ket, if (1) they have been accepted by the are to be used exclusively in connection with drawees prior to purchase, or (2) are accomthe ordinary operations of the association." panied or secured by shipping documents or by This is merely a corollary to the principle warehouse, terminal, or other similar receipts stated in paragraph 1 hereof, that paper the conveying security title, or (3) bear satisfacproceeds of which have been or are to be used tory bank indorsements. Bankers' acceptances, for permanent or fixed investments of any therefore, drawn by cooperative marketing askind, or for any other capital purpose, is in- sociations for agricultural purposes and secured eligible for discount by Federal reserve banks. by warehouse, terminal, or other similar receipts conveying or securing title covering 14. No obligation to discount paper even readily marketable staples may be purchased though eligible.—It should be understood, of by Federal reserve banks on the open market course, that even though paper may techniwith maturities up to six months, and bills of cally be eligible for discount, a Federal reserve exchange drawn by such associations for an bank is under no obligation to discount it, agricultural purpose may similarly be purbut may accept it or refuse it in the exercise of chased with maturities up to nine months, if its discretionary power. they conform to the provisions of regulations 15. Open-market purchase of cooperative mar- A and B. Tceting association paper.—On December 19, 1922, the board amended its regulation B (see FEDERAL EESERVE BULLETIN for January, New National Bank Charters. 1923, p. 19) for the purpose of permitting Federal reserve banks to purchase in the open The Comptroller of the Currency reports the following market bankers' acceptances with maturities increases and reductions in the number and capital of not in excess of six months which were drawn national banks during the period from July 28 to August 24, 1923, inclusive: by growers, or by cooperative marketing associations composed exclusively of growers, of nonperishable, readily marketable, staple agri- Num- Amount ber of of cultural products, to finance the orderly mar- banks. capital. keting of such products, when secured at the time of acceptance by warehouse, terminal, or 11 $800,000 Restored to solvency 0 other similar receipts issued by parties inde- Increase of capital approved 17 1,960,000 pendent of the borrowers and conveying se- Aggregate of new charters, banks restored to curity title to such products. Formerly, solvency, and banks increasing capital 28 2,760,000 bankers' acceptances of this kind had been 10 1,150,000 eligible for purchase only with maturities not Reducing capital 0 0 in excess of three months, and this amendment Total liquidations and reductions of capital.. 10 1,150,000 to the regulations was intended to provide more Consolidations of national banks under act of Nov. ample facilities for financing the orderly mar- 7, 1918 0 0 keting of staple agricultural products, especi- Aggregate increased capital for period 2,760,000 Reduction of capital owing to liquidations, etc 1,150,000 ally by cooperative marketing associations. This provision, however, has been superseded Net increase 1,610,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1004 FEDERAL RESERVE BULLETIN. SBPTBMBEB, 1923. INTERNATIONAL PRICE COMPARISONS parities, soon declined not only to the level UNDER DEPRECIATED EXCHANGE. where their purchasing power at home and in the United States was equal, but fell very The purpose of this article is to explain and much below that level (see accompanying illustrate the most useful methods of compar- charts). These movements in the chief Euroing prices in different countries under currency pean exchanges were due in no small measure conditions now prevailing. In normal times, to the continued demand for American goods when the various currencies in which prices after foreign credit balances arising from Govare quoted fluctuate but little around fixed ernment loans had been largely exhausted. gold parities, the problem is not so difficult as Foreign prices, on the other hand, during that it is under existing conditions of widely fluctu- period did not rise sufficiently to counterbalating exchange. Now, in addition to differ- ance the falling exchanges and the rise in ences in the units of currency of different American prices. The result was that, especicountries, besides differences in grades of com- ally in those countries whose exchanges were modities and their relative importance, it is falling rapidly while prices were rising more necessary to take into account changes in the slowly, foreign currencies generally had more gold value of the currencies themselves. Prob- purchasing power at home than in the United ably the best-known method of dealing with States. That is, the exchange rates of many rates of exchange in relation to prices is through currencies were below the purchasing power the calculation of "purchasing power parities, l parities. a concept which will be explained in considerably more detail than was possible in the arti- CHART I. THE POUND STERLING. cles on prices in Great Britain, France, and Italy that appeared in the FEDERAL RESERVE DOLS VAHGE VALUE 1 DOLi BULLETIN for April and May, 1923. 5.00 — PAXITVOFPUR. POWER / 5.00 4.50 450 PURCHASING POWER PARITIES. / 4.00 J 4.00 The purchasing power parity of the currencies 330 3.50 of any two countries may be defined as the V S' rate of exchange at which either currency would 3.00 possess the same purchasing power over com- 1919 1920 1921 1922 1923 modities in both countries. Theoretically, with Purchasing power parity computed from Federal Eeserve Board's price indexes for United States and England. certain limitations which will be discussed later on, the purchasing power parity and the actual In the middle of 1920 the general decline rate of exchange should agree, or at least of prices all over the world was accompanied soon become adjusted at the same level if by greater stability in the principal foreign either is temporarily disturbed. As a matter exchanges. At that time there was noticeable of fact, however, differences of some magni- a tendency for prices and exchange to work totude not only occur temporarily but often ward a closer adjustment, but it was not until persist for considerable periods. That in after the American price level had reached practice the market rates of exchange are relative stability in the middle of 1921 that this frequently for long periods not closely adjusted tendency became especially pronounced. Since to the purchasing power parities is apparent that time, in spite of temporarily opposite from a study of exchange and price movements movements of prices and exchange, the tendin the principal countries since the armistice. ency for prices at home and abroad to be equal- During 1919 and the early part of 1920, ized by changes in the rate of exchange has when the principal foreign exchanges were been clearly apparent. This has been so during rapidly declining with reference to the dollar, the general rise in prices late in 1922 and in the the adjustment between prices and exchange early months of 1923 and also during the more was in most countries far from close. With recent downward movement of prices in many the removal of official support from the pound countries. sterling, franc, and lira, these currencies, Price and exchange adjustments between which had been "pegged" in the New York Great Britain and the United States have been market far above their purchasing power exceptionally close. This has been particularly true in recent months, as the first chart i This term Is usually associated with the name of Prof. Gustav Cassel,shows, but the disparity has never been so wide of the University of Stockholm, who has given it wide circulation in his writings. as in the case of other countries. Besides Great Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL, RESERVE BULLETIN. 1005 Britain, other countries in which the adjust- countries are given in the first table at the end ment with the United States has been closest of the article. are the Netherlands, Norway, Sweden, and Method of calculation.—From our previous Italy, although in Sweden and Italy prices at definition of purchasing power parity it is evident that two variable factors are involved, namely, the levels of prices in the two countries CHART II. THE FRENCH FRANC. considered. These levels are expressed by CUTS separate index numbers of prices, each rets ferred to a similar pre-war base of 100. These index numbers indicate changes in the pur- 16 \ chasing power of each currency within a given > UR.f>cm Based oii StotG•n. index country, but, since prices in different countries 14 X are quoted in different currencies, they do not show purchasing power in terms of a common \ 12 J \ unit. Some common denominator between the two countries is essential, and for that purpose v the currency of either may be selected and the 10 V \\1 s \ relation between that currency and the other 9 \ may be expressed by the pre-war rate of ex- \ change or gold parity between them. Thus, e W V before the war the pound sterling was worth J V \ $4.8665; i. e., assuming the level of prices to 7 1(j have been the same in Doth markets, a pound would buy in the British market goods valued € at $4.8665 in the American market. The problem is to find how many dollars the •S pound is worth to-day, not in the exchange 1919 1920 1921 1922 1923 market but in purchasing power over comhome and abroad were far from closely adjusted modities. That is, taking the dollar as the in 1919 and 1920 (see Chart III). France, common unit of measure, how many dollars' Switzerland, and Japan, on the other hand, worth of goods (if valued at current American are good examples 01 countries in which price prices) will the pound buy in Great Britain to-day ? That depends upon how prices have CHART III. THE DUTCH FLORIN AND SWEDISH KRONA. changed in both Great Britain and the United States. Suppose prices in Great Britain have advanced from a pre-war figure of 100 to 200, while prices in the United States have risen from 100 to 150. The pound under those conditions would buy only one-half as many goods in the British market as before, or $2.4333 worth at pre-war prices. But prices in the United States are assumed to have increased 50 per cent, so that at current American prices the same goods would cost 1.5 times $2.4333, or $3.6499. Under the price conditions assumed that would be the "purchasing power parity" of the pound sterling. From the above example it may be seen that the purchasing power parity between two currencies is obtained by dividing the par of IS 15 exchange by the price index of one country 1919 1920 1921 1922 1923 Purchasing power parities computed from the Federal Reserve Board's and multiplying the result by the price index price index for the United States and from the official indexes of of the other country. In other words, the Netherlands and Sweden. pre-war parity is simply multiplied by the and exchange movements have been less closely ratio between the two current price index related. The purchasing power parities and numbers. In the example just given between actual exchange rates of a number of these Great Britain and the United States, the steps Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1006 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. in the computation may be indicated by an parity" is perhaps a little misleading, as it equation, thus: seems to imply a fixed relationship of some kind. As a matter of fact, purchasing power Purchasing power •parity of the pound sterlings parity might be described as a " price equalizing , , . , „ U. S. price index par of exchange m do llarws X p ' rate ''—such a rate of exchange as would equal- BrUish Hce index ize the cost of purchasing goods at any given It will be noted that the numerator of the time, whether bought in one country or the price ratio is the index number for the country other. Nevertheless, in so far as exchange in whose currency the computation is being rates may tend to be stabilized at levels made.1 different from their former gold parities, the use Meaning of the results.—It will be apparent of the word "parity" has the advantage of from what has already been said that the pursuggesting the idea of a new normal rate of exchasing power parity of a given currency (the change to which the actual market rates tend to pound sterling in the foregoing example), albe adjusted. That is, purchasing power parithough expressed in terms of another currency ties, when calculated from time to time, may be (in this case the dollar), is really a measure of thought of as affording a standard with which the internal value of the given currency (steractual market rates of exchange may be comling) within the country. That is, the pound pared. sterling will buy a certain amount of goods in Great Britain, which, as ascertained from the Limitations of purchasing power parity relative levels of prices there and in the United theory.—Among the limitations of this theory, States, would cost so many dollars in the it is obvious first of all that it can be applied, United States. It should be clearly under- strictly speaking, only to prices of goods which stood, however, that it is the internal value of enter freely into international trade. When the pound in the British market that is being so applied, however, the theory becomes a measured. On the other hand, the external mere truism, having comparatively little invalue of the pound sterling is given by what it terest or practical value. As a matter of fact, will buy, say, in the New York market, which commodities produced and consumed at home, is readily measured by the current rate of ex- as well as those having a world market, are change on New York. We have, therefore, usually included in the computation of price the purchasing power parity as a measure of index numbers and in comparisons of price the internal value of a currency, and the cur- levels in different countries. When all comrent market rate of exchange as a measure of modities are thus considered, there is no reason its external value. Both the internal and ex- to expect a complete adjustment between prices ternal measures of the given currency are in and exchange, unless it be assumed that prices terms of a common second currency, thus mak- of domestic commodities have followed the ing possible direct comparison between the pur- same course as prices of other commodities. chasing power of the given currency at home This assumption may or may not be well and abroad. Since, however, price levels are founded, according to the circumstances of the continually changing and since the currency case. which serves as a common measure of both in- Not merely must the price levels of different ternal and external value is itself subject to countries be considered, but also the cost of fluctuation in value, the calculated purchasing transporting goods from one country to another, power parity is really a momentary relation- including tariff and commission charges. The ship, essentially different from the fixed pre- difficulties of figuring such costs on a wide war parity of exchange determined by the gold variety of commodities ordinarily make necescontent of the currencies or its equivalent. sary another assumption, namely, that in the For this reason, the phrase "purchasing power period considered these costs are a more or less constant factor, so that changes in the price 1 Stated in general terms, if the par of exchange between two mone- index numbers may be considered indicative of tary units, A and B, is expressed as B-KaA, and if the price levels changes in the total cost of goods. It is well in the two countries are respectively P a and Pi, the purchasing power known, however, that import tariffs in many parity of currency B in terms of currency A is given by the expression (^aX^)- countries are very different to-day from those The par of exchange of currency B in terms of currency A, instead of of 1913. being expressed as Ka, may also be put equal to 100 per cent; in which Another difficulty arises from the fact that case the purchasing power parity ( 100Xp")would be comparable with the price levels of different countries in 1913, the current rate of exchange expressed as a percentage of par. The formula first given, however, which expresses purchasing power parity in which are generally taken as equal to 100, may terms of a currency unit, is employed in all calculations throughout this article. in reality nave been quite different. Conse- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER. 1923. FEDERAL RESERVE BULLETIN. 1007 quently purchasing power parities calculated as well as based upon prices in terms of each from index numbers, which in 1913 repre- local currency (see page 1031). Other index sented different price levels as between two numbers converted to a gold basis arepresented countries, will not indicate the rate of exchange in a table at the end of this article. The movewhich tends to be established unless it be ments of gold prices in the United States, Engassumed that a price differential similar to that land, and Italy since January, 1919, are shown existing in 1913 is also now the normal situation graphically in the following chart. between the two countries. In the case of Great Britain and the United States, whose CHART IV. PRICES ON A GOLD BASIS. price levels in 1913 seem to have been very [1913-100.] close together, this difficulty does not present itself, but between some countries it is un- —— UNTED STATES 275 doubtedly a factor which would prevent a \ \ .-«_.,. ENGLAND 250 similarly close agreement between exchange v J and the computed purchasing power parities. M \ 225 Differences between exchange rates and pur- 200 chasing power parities may also be due in \ /r,\ part to differences in methods of constructing w \ 175 the various price index numbers employed. \ For the proper application of the theory of 150 t \\ ftf\ purchasing power parities it is essential that Xt * I I price index numbers accurately representative \ \ I of price movements in the countries considered 125 X I/* j, J should be available. v' One further limitation in particular should be noted. Purchasing power parities are of 1919 1920 1921 1922 1923 little value in enabling one to forecast the future Computed (ram Federal Reserve Board's price Indexes for United States course of foreign exchange, since among other and England and Riccardo Baehi's index for Italy. reasons, influences primarily affecting inter- It is worth noting that precisely the same nal price levels may bring the parity of pur- factors are involved in a comparison of gold chasing power closer to the rate of exchange index numbers as in a comparison of purchasing instead of causing the latter to move in the power parities with exchange rates. In either direction of the theoretical rate previously comparison four factors are involved—the price computed. index for each of the two countries, the current rate of exchange, and the par of exchange. The difference nes in the terms in which the PRICES EXPRESSED IN TERMS OF GOLD. comparisons are expressed and in the manner Another method of comparing prices in in which the factors are combined. Now it can different countries is to convert the price levels be demonstrated mathematically that the ratio of the various countries to a gold basis. This of the gold index of one country to the gold is especially convenient at the present time, index of a second country is the same at any since, with the currency of the United States given time as the ratio between the purchasing on a gold basis, it is only necessary to multiply powe* parity and the current rate of exchange. the price index number of a foreign country by This relationship between purchasing power the percentage which its currency is of the gold parities and gold index numbers may De illus- Earity between that country and the United trated by plotting the constituent parts of the tates. That is equivalent to expressing the above ratios on a logarithmic scale, where equal prices of individual commodities in the foreign vertical distances between points indicate country in terms of dollars, instead of the local equal ratios between the values thus reprecurrency, and computing an index number on sented. In the accompanying chart the two the basis of dollar prices. Such a foreign index lower curves represent, respectively, the rate number, when compared with the United of exchange of the pound sterling in terms States index, shows the relative cost of repre- of francs and the corresponding purchasing sentative assortments of goods in the United power parity. The two upper curves represent States and abroad. The price index numbers the price index numbers for England and of the Federal Reserve Board are shown in the France converted to a gold basis. It will be BULLETIN each month converted to a gold basis, observed that, while all four curves have their Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1008 FEDERAL RESERVE BULLETIN. SEPTEMBEB, 1923. CHART V. GOLD PRICES, EXCHANGE, AND PURCHASING own separate trends, the distance between the POWER PARITY FOB ENGLAND AND FRANCE. first pair of curves is always the same as the distance between the second pair. This pro- INDEX NUMBERS vides graphic demonstration of the fact that the ratio between curves (1) and (2) is at any given tune identical with the ratio between curves (3) and (4). In the use of gold index numbers it should be noted that, smce precisely the same data are used in their calculation as are required for the comparing of purchasing power parities and exchange, the same limitations already discussed under the heading of purchasing power parities apply also, with certain minor modifications, to index numbers on a gold basis. Furthermore, while the same set of factors may be analyzed either by the method of purchasing power parities or gold index numbers, the two methods bring into special prominence different factors in the dual priceexchange problem. If it is desired primarily to emphasize and explain exchange movements, the method of purchasing power parities is convenient. If, on the other hand, price movements are primarily to be considered, the calculation of index numbers on a gold basis is probably the clearer and simpler method of procedure. Certainly this is the case if the United States is one of the countries included, for the reason that prices here are already on a gold basis without necessitating a correction for exchange. Nevertheless, both methods 1319 1920 1921 1922 1923 have their place and may often be used in For each month, note the equal distances between the first pair of curvesconnection with the same data to supplement and between the second pair, indicating on a logarithmic scale equal each other. ratios. Purchasing power parity computed from Federal Reserve Board's price indexes for England and France. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1009 PURCHASING POWER PARITIES AND AVERAGE MONTHLY RATES OF EXCHANGE. United States and— France and Great Britain. France. Great Britain. Italy. Sweden. Year and month. c p p o h P o a f a u r w s t i r h i t e - n y e r g c o h R f a a n e t g e x e - . R co a t o l o . t f io 1 c p p o h P o a f a u r w t s i r h i t e - n y e r g c o h R f a a n t e g e x e - . R co a t o l o . t f io 1 c p p o h P a o f a r u w s t i r h i t e - n y e r g c o h R f a a n e t g e x e - . R co a t o l o . t f i 1 o c p p o h P a o f a r u w t s i r h i t e - n y e r g c o h R f a a n e t g e x e - . R co a t o l o . t f io 1 c p p o h P o a f a u r w t s i r h i t e - n y e r g c o h R f a a n e t g e x e - . R co a t o l o . t f io 1 franc.1 col. 2. pound.' col. 2. lira.' col. 2. krona.f col. 2. pound.1 col. 2. 1919- Cents. Cents. Per ct. Cents. Cents.Per ct. Cents. Cents. Perct. Cents. Cents. Perct. Francs. Francs. Perct. January 18. 35 431.10 476.58 90.5 11.97 15.75 76.0 28.89 25.97 February 18.35 426. 59 476. 49 89.5 11.70 15.75 74.3 28.22 25.97 March | 17.70 452. 75 471.47 96.0 11.62 14.97 77.6 27.77 26.64 April j 16.69 455.19 466.17 97.6 11.73 13.66 85.9 26.90 27.93 May j 15.80 447. 95 466.76 96.0 11.23 12.58 89.3 25.94 29.54 June 15.65 430.55 462.11 93.2 11.22 12; 55 89.4 25.88 29.53 July ! 14.39 434.52 442. 87 98.1 11.55 11.90 97.1 25.00 30.78 August I 12.76 435. 56 427.20 102.0 11.70 10.87 107.6 24.67 33.48 September L 11.76 421.01 417.90 100.7 11.63 10.21 113.9 24.56 35.54 October 11.62 406.52 418. 40 97.2 10.84 9.84 110.2 24.39 36.01 November 10.62 402.11 409.82 98.1 9.96 8.46 117.7 23.09 48.67 December 9.24 395.23 381.23 103.7 7.66 129.0 21.60 41.25 1920. January— 11.45 8.48 135.0 395.02 376.79 104.8 8.70 7.14 121.8 19.38 20.70 93.6 41.33 43.34 95.4 February.. 10.85 7.04 154.1 376.85 338.10 111.5 8.59 5.51 155.9 18.62 18.60 100.1 42.45 48.32 87.9 March 10.18 7.19 141.6 373.29 372.58 100.2 8.11 5.32 152.5 18.53 20.37 91.0 43.86 52.24 84.0 April 9.83 6.25 157.3 389.10 393.10 99.0 7.76 4.46 174.0 19.29 21.87 88.2 45.61 64.22 71.0 May 9.65 6.86 140.7 384.12 384.77 99.8 7.42 5.17 143.5 19.28 21.22 90.9 42.53 57.29 74.2 June 10.13 7.92 127.9 376.49 394.98 95.3 8.00 5.91 135.3 18.67 21.83 85.5 38.59 50.22 76.8 July 10.12 8.13 124.4 379.58 386.47 98.2 8.12 5.78 140.4 18.10 21.85 82.8 39.36 47.80 82.3 August 9.24 7.18 128.7 362.52 362.19 100.1 7.41 4.89 151.6 17.15 20.59 83.3 40.35 50.99 79.1 September. 9.06 6.74 134.4 357.85 351.03 101.9 6.84 4.34 157. 5 16.80 20.21 83.1 42.63 52.43 81.3 October 8.56 6.53 131.1 350.55 347.51 100.9 6.27 3.94 159.1 16.02 19.70 81.3 41.90 53.33 78.6 November. 8.31 6.01 138.3 340.88 343.72 99.2 5.65 3.62 156.0 15.54 19.10 81.3 40.4J 57.46 70.5 December.. 8.22 5.92 138.9 334.73 349.24 95.8 5.27 3.49 151.0 15.68 19.59 80.0 41.53 59.13 70.2 1921. January 8.37 6.43 130.2 334.80 hi. 20 89.5 5.05 3.55 142.2 16.55 21.40 77.3 41.70 58.94 70.7 February.. 8.33 7.17 116.2 338.36 °87.58 87.3 4.94 3.65 135.3 16.44 22.26 73.9 42.24 54.35 77.7 March 8.52 7.03 121.2 348.65 291.11 89.1 4.86 3.85 126.2 16.36 22.83 71.7 43.01 55.69 77.2 April 8.43 7.24 116.4 343.84 i>92.92 87.5 4.83 4.60 104.9 16.37 23.57 69.4 42.67 54.61 78.1 May 8.67 8.37 103.6 351.22 397.54 88.3 5.12 5.30 96.6 16.90 23.49 71.9 41.05 47.85 85.8 June 8.83 8.07 109.4 350.77 378.15 92.8 5.38 4.98 108.0 17.07 22.56 75.7 41.38 47.03 88.0 July 9.00 7.81 115.2 360.69 363.21 99.3 5.38 4.53 118.8 17.99 21.04 85.5 42.88 46.62 92.0 August 9.34 7.76 120.4 364.12 365.36 99.7 5.20 4.32 120.5 18.54 21.11 87.8 43.91 47.20 93.0 September. 9.40 7.28 129.1 367. 05 372.40 98.6 4.86 4.20 115.7 19.47 21.78 89.4 46.37 51.36 90.3 October 9.50 7.25 131.0 377.14 387.29 97.4 4.67 3.97 117.7 20.03 22.94 87.3 46.10 53.58 86.0 November. 10.26 7.20 142.5 398.55 397.02 100.4 4.70 4.12 114.1 20.56 23.23 88.5 48.37 55.38 87.3 December.. 9.57 7.84 122.1 402.38 415. 61 96.8 4.61 4.44 103.8 20.24 24.53 82.5 48.91 53.51 91.4 1922. January 9.58 8.16 117.4 406.92 422.48 98.3 4.75 4.37 108.7 21.03 24.95 84.3 48.26 51.79 93.2 February.. 9.94 8.73 113.9 423. 99 436.20 97.2 5.01 4.91 102.0 21.86 26.15 83.6 47.61 50.01 95.2 March 9.87 9.00 109.7 425.13 437.57 97.2 5.32 5.11 104.1 22.26 26.16 85.1 48.37 48.60 99.5 April 9.59 9.23 103.9 431. 71 441.34 97.8 5.46 5.37 101.7 22.82 26.05 87.6 49.47 47.87 103.3 May 10.05 9.12 110.2 447. 50 444. 61 100.7 5.82 5.26 110.6 24.20 25.77 93.9 49.94 48.76 102.4 June 10.21 8.76 116.6 461.27 445.19 103.6 5.79 4.96 116.7 24.80 25.81 96.1 51.20 50.85 100.7 July 10.38 8.24 126.0 469. 05 444. 64 105.5 5.71 4.57 124.9 25.56 25.91 98.6 51.20 53.96 94.9 August 10.69 7.96 134.3 478. 48 446.47 107.2 5.58 4.51 123.7 25.56 26.34 97.0 53.48 56.13 95.3 S N O D e o c e p t c v o t e e e b m m m er b b b e e e r r r . . . . 1 1 1 1 0 0 0 0 . . . . 3 8 0 7 6 0 4 5 7 7 6 7 . . . . 8 6 3 2 6 6 7 3 1 1 1 1 3 4 4 5 8 6 0 1 . . . . 9 0 5 3 4 4 4 4 8 9 8 8 2 2 6 0 . . . . 3 1 8 3 1 9 2 0 4 4 4 4 4 4 6 4 3 3 0 7 . . . . 9 0 9 8 9 7 8 5 1 1 1 1 0 0 0 1 9 8 4 0 . . . . 0 6 2 9 5 5 5 5 . . . . 3 4 3 4 1 6 0 4 4 4 4 5 . . . . 2 1 5 0 7 7 1 3 1 1 1 1 2 2 0 1 7 7 8 7 . . . . 4 1 5 7 2 2 2 6 6 5 . . . 1 9 8 7 6 5 2 2 2 2 6 6 6 6 . . . . 4 8 6 9 6 4 5 5 1 1 9 9 0 0 8 7 0 0 . . . . 2 7 4 0 5 5 5 5 4 3 6 8 . . . . 8 8 5 4 1 5 2 9 5 6 6 6 5 0 7 3 . . . . 5 1 8 8 1 8 3 5 9 9 9 8 3 1 1 6 . . . . 6 1 2 1 1923. January... 6.68 147.9 481.79 465.46 103.5 5.54 4.88 113.5 27.13 26.86 101.0 62.13 69.44 89.5 February. 9.03 6.15 146.8 475.31 469.08 101.3 5.51 4.82 114.3 26.96 26.60 101.4 67.33 76.22 88.3 March 8.77 6.32 138.8 469.96 469.57 100.1 5.57 4.86 114.6 26.96 26.60 101.4 66.80 74.59 89.6 April 8.96 6.67 134.3 464.65 465.55 5.55 4.96 111.9 26.96 26.64 101.2 64.97 69.85 93.0 May 8.83 6.64 133.0 461.62 462. 57 5.56 4.84 114.9 26.80 26.65 100.6 64.12 69.66 92.0 J J u u n ly e 8 8. . 2 5 9 1 6 5. . 8 3 9 0 1 1 3 4 5 0 . . 1 7 4 45 5 5 8 . . 1 6 6 8 4 4 6 5 1 8 . . 4 3 7 4 9 99 9 . . 3 4 5.57 4 4 . . 5 3 7 3 121.9 26.80 2 2 6 6 . .5 5 3 6 100.9 6 6 5 4 . . 3 8 5 4 7 77 3 . . 8 2 1 1 8 84 8 . . 0 6 1 Computed from Federal Reserve Board wholesale price indexes for United States and France. 2 Computed from Federal Reserve Board wholesale price indexes for United States and Great Britain. s Computed from Federal Reserve Board index for United States and index of Riecardo Bachi for Italy. < Computed from Federal Reserve Board index for United States and index of Swedish Board of Trade. »Computed from General Statistical Bureau index for France and Board of Trade index for Great Britain. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1010 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. INDEX NUMBERS OF WHOLESALE PRICES ON A GOLD BASIS. Swed- United Year and month. C F R B e a e o n d s a e a e r r d r d v a a . e l ; l C D m L a e e a n p n b a a t o d r r o a t . - f : i m D i d a e n e r n a n k n - d s ; e -R B r e e a o d s n a e e r e r r v d e a e . ; l B S r u e t t a i n a r c n e t e a i e a r s l e a u - ; l . B I c a R t a c a i r l h c d y - i o ; . J J B a a p a p o n a a f k n n ; . B N C o l u a e f e n r t n S e h d t a t e s r a u a ; r - - l O R o w e N e m a o k i v r y o s u - ; n e k - . G b H d o o a e e r t l n n s g e - ; - s - L e D o S r r r w l . e i a n t n J z - d . ; . , F R U I e e d n C d s o i i e e n t m r r g e ; v a - d e l U B K d n o i o i o a n m t f r g ; e d - d F R U B S e e t n o d a s i a e t e t e r r e r d v s a d ; . e l B S L S u t a a o t r b a t e f e o - a s r u ; tistics. idning. Board. Trade. tistics. 1913. 100 100 100 100 100 100 100 100 100 100 1919. January 192 295 330 264 218 353 222 201 199 February... 187 323 261 215 277 217 194 193 March 189 308 251 207 367 203 195 196 April 193 287 233 208 340 205 200 199 May 199 266 219 218 319 215 206 202 June 198 267 232 230 297 313 222 207 203 July 200 211 260 223 247 298 220 216 212 August 214 229 207 251 295 218 223 216 September.. 215 219 196 256 292 215 217 ! 210 October 206 214 230 198 272 279 224 218 ' 211 November.. 208 211 223 191 286 265 229 225 217 December... 206 228 203 181 292 248 256 225 233 223 1920. January 218 227 295 183 214 204 302 270 238 246 302 231 224 248 233 February... 215 220 161 190 159 308 263 221 237 222 216 248 232 March 226 231 179 207 166 306 262 238 269 252 244 253 234 April 242 239 170 190 153 293 270 262 289 270 263 267 245 May 251 238 191 195 188 281 267 256 286 269 257 269 247 June 243 228 205 202 194 256 264 250 298 275 262 262 243 July 241 225 241 204 209 181 247 258 252 296 259 252 254 241 August 228 216 236 186 186 158 243 236 233 280 239 233 240 231 September.. 220 218 220 174 184 147 237 223 222 273 228 225 232 226 October 212 213 208 163 170 135 233 217 216 2.54 212 216 214 211 November.. 197 201 209 142 144 126 225 195 201 236 198 203 196 196 December... 179 185 207 129 133 118 208 179 207 219 1S7 189 179 179 1921. January 175 182 201 129 136 118 196 174 226 213 193 188 189 168 170 February... 166 175 195 135 140 116 190 168 212 208 195 180 179 157 160 March 16) 170 194 126 131 120 186 161 188 202 194 171 170 152 )55 April 157 167 174 125 130 139 185 152 177 202 187 166 166 146 148 May 150 164 173 140 143 150 186 161 173 191 168 164 165 145 145 June 147 159 171 130 136 131 185 151 160 184 171 153 154 142 142 July 144 155 162 126 134 122 189 139 150 166 157 146 145 145 141 August 150 156 150 121 133 121 193 139 145 156 152 147 143 146 142 September.. 141 155 135 113 130 126 200 142 138 148 157 149 143 146 141 D O N e c o t c v o e e b m m er b b e e r r . . . . . 1 1 1 3 3 3 5 3 6 1 1 15 5 5 8 4 4 1 1 1 3 3 3 1 3 0 1 1 1 1 0 1 1 9 7 1 1 13 2 2 3 4 4 1 1 1 2 3 2 7 7 3 2 2 2 0 0 0 1 9 6 1 1 1 4 4 4 9 1 4 1 1 1 3 4 5 5 5 3 1 1 1 5 5 5 7 1 0 1 1 17 6 7 3 4 2 1 1 1 4 4 4 9 7 4 1 1 1 4 4 4 1 3 4 1 1 1 4 4 4 5 5 2 1 1 1 4 4 4 2 1 0 . 1922. January 137 159 130 121 133 131 197 147 152 158 176 147 142 142 138 February 145 163 132 128 138 143 194 152 157 162 172 150 145 146 141 March 145 161 140 134 143 141 191 152 158 160 173 151 144 147 142 April 148 162 140 143 150 147 187 152 164 160 164 152 145 149 143 May 152 165 140 143 150 143 184 159 159 158 162 157 147 158 148 June 151 163 143 138 148 138 189 161 147 158 159 155 146 161 150 July 152 164 145 131 139 132 193 156 145 160 159 156 146 165 155 August 149 164 145 123 136 134 187 150 146 160 161 154 143 165 155 September.. 144 163 143 117 131 129 186 148 141 156 161 150 140 164 153 N O D o c e t c v o e e b m m er b b e e r r . . . . . 1 1 1 4 4 4 5 7 6 1 1 1 6 6 6 4 4 2 1 1 1 3 3 3 8 6 7 1 1 1 0 1 1 9 8 2 1 1 13 2 2 6 9 5 1 1 1 3 3 5 9 0 1 1 1 1 8 7 8 3 9 2 1 1 1 5 5 5 1 4 7 1 1 1 5 5 4 1 5 7 1 1 1 5 5 5 4 6 4 1 1 1 6 5 6 1 9 2 1 1 1 4 5 5 8 2 7 1 1 1 4 4 4 1 5 8 1 1 1 6 6 6 4 5 4 1 1 1 5 5 5 6 6 4 1923. January... 147 163 140 112 134 145 180 156 153 156 172 160 150 165 156 February. 150 164 142 113 134 145 187 155 155 157 170 164 148 166 157 March 152 164 142 122 139 148 191 161 156 161 176 169 155 169 159 April 153 165 143 126 143 151 191 159 154 158 179 169 154 169 159 May 152 166 144 124 140 146 196 159 143 157 177 166 151 167 156 June 149 163 141 122 133 135 195 159 143 159 169 164 151 164 153 July 149 162 139 113 124 188 159 142 155 167 160 148 159 151 1 July 1,1912-June 30,1914-100. s July 1,1913-June 30,1914=100. 2 Dec. 31,1913-June 30, 1914=100. * July, 1914=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1011 SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. THE SILVER SITUATION. decline, with some fluctuations, until in July, 1923, the average price was slightly over 63 The announcement by the Treasury of thecents. United States that its purchases of silver under the provisions of the Pittman Act have COMPLETION OF SILVER PURCHASES UNDER now been virtually completed has brought THE PITTMAN ACT. about renewed discussion of tlie silver situation. The Pittman Act, it will be recalled, Repurchases of silver at $1 an ounce from was passed on April 23, 1918, as an emergency American producers, to replace the amount war measure to relieve the silver stringency in sold to Great Britain, were also provided for India. It authorized the United States Treas- in the Pittman Act. Accordingly, in June, ury to break up and to sell as bullion to the1920, when the market price of silver had Government of Great Britain, at $1 per fine fallen below $1, the United States Treasury ounce, silver dollars not to exceed $350,000,000. began to buy. Tenders were made in such During the year following about $260,000,000 amounts that the repurchase of 200,000,000 of silver coin was broken up under the terms ounces has now been practically completed, of this act, and silver bullion totaling about sooner than was expected. The cessation of silver repurchases by the Treasury will release for sale in the world market the entire production of the United PRICE OF SILVER AND WHOLESALE PRICE INDEX States, which averages about 55,000,000 ounces ( PER CENT OF 1913 AVERAGES ) PER PER annually. Inasmuch, however, as there re- CENT CENT main considerable amounts still to be delivered to the Treasury, the new silver will come on 250 250 the market only very gradually, and is therefore not expected to bring about any abrupt INT OF SILVER DOLLAR change in the situation. 200 200 SILVER PRODUCTION. Below is given a table showing the silver 150 150 production of the world since 1910 by principal countries. SILVER PRODUCTION OP THE WORLD, BY PRINCIPAL COUNTRIES. [In thousands of fine ounces.] 50 50 o-year 5-year aver- average, age, 1920 1921 1922 1910- 1915- '18 1919 1920 1921 1922 1923 1914. 1919. 200,000,000 ounces was delivered to Great United States. 64,112 69,122 55,362 53,052 55,511 Canada 31,434 22,342 12,794 13,135 17,612 Britain. Meanwhile, the price of silver, which Mexico 62,637 44,624 66,662 64,514 81,202 had risen from about 75 cents per fine ounce B Ch o i l l i e via 3,987 4,219 2 2 , 2 6 0 0 0 4 2 2 , , 2 4 0 0 0 0 10,000 at the time when the United States entered Peru 8,179 10,135 9,196 9 854 Germany 5,409 5,024 3 305 3,376 the war, to about $1 per fine ounce at the time Spain 4,384 3,333 2,957 2,679 8,000 of the passage of the Pittman Act, remained A Br u i s t t i r s a h l a I s n ia dia.. 16,398 9 1 , , 4 6 1 0 4 3 2 2 , , 6 87 8 1 5 9 3 , , 4 8 4 28 6 9,000 steady at $1,015. By May, 1919, the need China 49 50 40 8,860 Japan 4,692 5,918 4,892 3,994 for silver in India had been fairly satisfied, so Africa 1,086 1,220 1,232 1,161 1,040 that purchases by the Government of Great All other 9,779 7,852 6,451 5,589 2,000 Britain under the terms of the Pittman Act Total. 212,193 184,855 173,261 175,268 193,225 ceased. Following this, the price of silver, largely as the result of the demand from China, There was a considerable drop in the total rose rapidly until January, 1920, when it reached production from 1912 to 1913 and again to a peak of $1.34 per fine ounce. Since that 1914, which was almost entirely accounted for time there has been a slow but continuous by the falling off in the production in Mexico, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1012 FEDERAL. RESERVE BULLETIN. SEPTEMBER, 1923. due to revolution in that country and con- silver was at its peak in 1920, the English tinued internal disorder. Then followed an Government reduced the fineness of its silver increase from 1915 to 1918, largely the re- coins from 0.925 to 0.500. Recoinage under sult of Mexican recovery, which more than this provision will probably be finished during balanced the losses in production by the 1923. It is reported on good authority that United States and Canada. Mexico, before the British treasury has disposed of a considerher revolution, was the foremost silver-pro- able part of the available bullion thus released, ducing country of the world, supplying about retaining about £7,000,000 as part cover for one-third of the total annual world output. its currency notes. There is no likelihood that With the restoration of more stable conditions, any large amount of the silver thus retained silver production has again increased, until will be thrown on the market in the near future in 1922 Mexico reached its pre-war peak of in competition with American silver. The Union 81,000,000 ounces. Although some of the of South Africa adopted a new union subsidi- Mexican mines have been operated for more ary coin of 0.800 fineness in place of the Britthan 100 years, no appreciable diminution of ish fractional silver in circulation, though the output is noticeable. latter was to remain legal tender. Canada Second only to Mexico in importance as a reduced the fineness of its coins from 0.925 to source of silver supply is the United States. 0.800, the Netherlands and the Dutch East Silver production here declined steadily from Indies from 0.945 to 0.720, Honduras and San its peak of 75,000,000 ounces in 1915 to Salvador from 0.900 to 0.500, Ceylon from 53,000,000 ounces in 1921. This decline re- 0.800 to 0.550, Mexico from 0.9027 to 0.7200, flects to some extent decreased production of and Chile from 0.720 to 0.500. copper, lead, and zinc ores, in wnich silver is an important by-product. In 1922, however, there was a notable expansion in the demand FACTORS OF SUPPLY AND DEMAND FOR SILVER. for copper and other silver-bearing ores, which has caused a substantial increase during the Four factors, therefore, are at present inyear in the supply of silver from these sources. fluencing the silver supply: (1) The increased output of the leading silver-producing countries; Canada, which ranked third in silver produc- (2) the withdrawal of silver from circulation tion prior to the war, shows a decline in annual in some of the European countries, which, output from 31,500,000 ounces in 1913 to only however, can not be regarded as a new factor 12,800,000 ounces in 1920, after which an inin the situation, because the withdrawal took crease to 18,600,000 ounces is shown for 1922. place during the war; (3) the reduction of the silver content in the coins of other countries, EFFECT OF CURRENCY DEPRECIATION ON which also is no new factor, though probably SILVER CIRCULATION. not yet completed, and therefore operative to a greater degree than withdrawal from circula- When the price of silver had risen to the tion ; (4) the release, with the end of the operapoint where the bullion content of silver coins tion of the Pittman Act, of the supply of United exceeded their face value, silver in many States silver on the world market. countries with depreciated currencies wholly disappeared from circulation. This was the World demand for silver may be analyzed as case in Austria, Belgium, France, Italy, Poland, depending chiefly upon the following factors: Bulgaria, and Germany. In Germany, with the (1) Demand for use as currency and as cover for depreciation of the currency, not only did silver notes in the United States and certain countries currency disappear from circulation, but suc- of Europe; (2) demand for use in manufactures cessive decrees in 1917 and 1920 (the latter and the arts throughout the western world; and going into effect on January 1, 1921), officially (3) the demand from India and China. retired it and deprived it of its legal-tender quality. Since then silver has not been used PRINCIPAL USES OF SILVER. as metallic reserve in covering Reichsbank notes, but the amount held by the Reichsbank Demand for silver in the United States is has been reported among "other assets."_ partly for currency and partly for use in manu- Many other countries, as the price of silver factures and the arts. Coinage shows a notable rose, were forced to reduce the silver content increase from 24,000,000 ounces in 1921 to of their coins to keep them from being melted 72,000,000 ounces in 1922, which reflects the down for sale as bullion. When the price of restoration to currency of a large part of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL, RESERVE BULLETIN. 1013 silver purchased under the Pittman Act. SILVER RESERVES HELD BY CENTRAL BANKS AND GOV- The amount of silver used in manufactures ERNMENT TREASURIES OF SELECTED COUNTRIES. and the arts is fairly constant, the greatest [In thousands of local currency.) increase being from 27,000,000 ounces in 1917 to 36,000,000 ounces in 1918. A table showing Latest the amounts of silver used for coinage and in c U ur n re it n o c f y. va P l a u r e. D 1 e 9 c 1 . 3 3 . 1, D 1 e 9 c 1 . 8 3 . 1, D 1 e 9 c 2 . 0 3 . 1, a a v b a l i e lthe arts during the more recent years is shown date, 1923. below. United States imports and exports of silver by principal countries from 1919 to Cents. 1922 and for the first seven months of the India Rupee.. 48.661164,527 321,300 610,900 872,600 present year are shown in the table on page Spain. Peseta.. 19.30 716,488 642,157 573,567 666,678 United States«.... Dollar... 100.00 477,705 264,818 185,653 417,064 1015. Franc 19.30 640,063 318,348 266,333 293,742 Italy Lira 19.30 115,797 116,865 114,676 115:374 Switzerland Franc... 19.30 20,836 58,412 121,571 101,411 SILVER FURNISHED IN THE UNITED STATES FOR COINAGE Portugal Escudo.. 108.05 9,012 16,873 17,644 17,596 Java Florin... 40.20 129,025 14,376 9,314 61,372 AND FOR USE IN THE MANUFACTURES AND THE ARTS. Belgium Franc... 19.30 56,367 25,000 27,920 62,425 Sweden 26.80 5,203 365 2,733 25 106 [From annual report of the Director of the Mint.] Netherlands Florin... 40.20 9,016 8,545 21,190 10,821 Denmark Krone... 26.80 2,438 2,603 3,198 [In fine ounces.] Austria-Hungary.....do 20.26 26i, 545 56,881 200 595 For use in manufactures and the 1 Mar. 31,1914. arts.» 2 Includes amounts held in trust against outstanding silver certificates and Treasury notes of 1890, also amounts of silver held by Fedlear. Fo a r g c e o .! in- eral reserve banks and agents. New Old material. material. Total. The supply of silver as metallic reserve in the countries listed has on the whole in- 1911 2,311,709 26,288,103 5,725,582 32,013,685 creased during the last 10 years. The great- 1912 6,984,479 22,644,821 7,291,699 29,936,520 est gain is shown by India, which increased 1913.. 2,494,341 23,128,368 7,864,466 30,992,834 1914 4,514,018 22,551,631 6,758,330 29,309,961 the amount of its silver reserve more than five- 1915 2,425,600 22,966,240 7,001,875 29,968,115 1916 2,408,030 22,204,261 9,899,246 32,103,507 fold. A gain of similar proportion is noted for 1917 13,211,431 15,998,807 11,041,038 27,039,845 Sweden and for Switzerland, although the 1918 . . 25,321,344 26,722,333 9,530,263 36,252,596 1919 10,620,649 26,237,519 6,463,002 32,700,521 latter country shows a decline since 1920. 1920 14 296,497 19,280,129 8,694,392 27,974,521 1921 24,413,888 28,843,628 7,024,318 35,867,946 Portugal and Java have about doubled their 1922 71,572,517 31,300,931 6,609,168 37,910,099 holdings; Belgium and the Netherlands show slight increases. Spain and Italy hold their i Figures for fiscal vear ended June 30. 3 Figures for the calendar year. silver reserves somewhat below the prewar figure, while France has reduced her prewar The great excess of silver exports over imports holdings to about one-half. in 1919 reflects heavy shipments to India, which The Bank of England holds no silver reserve comprise more than two-thirds of the total against its notes, although legally one-fifth of amount, and were made under the terms of its metallic reserve may be in silver. This the Pittman Act. In 1920 the volume of privilege, however, is unlikely to be used, beexcess exports had dropped to about one-sixth cause it has become a fixed tradition with the of the preceding year's total, and by 1921 Bank of England to have its notes, with the the balance had shifted to such an extent exception of a certain amount of fiduciary that the United States showed an excess of currency, wholly secured by gold. Silver, howimports amounting to about $12,000,000. ever, is reported to the amount of £7,000,000 Since 1920 the silver imports of the United as cover for currency notes issued by the States have exceeded the exports, net imports treasury. for the first seven months of 1923 being larger In many countries, as mentioned above, silthan for the entire preceding year. ver has entirely disappeared from circulation. Canada, however, reports a gradual increase in SILVER RESERVES AND SILVER IN CIRCULATION. the total face value of silver coins in circula- Below is given a table showing the silver tion from 1914 to 1922 of about $8,000,000, reserves of selected countries on December 31, bringing the latest available figure up to $28,- 1913, just before the war; on December 31, 000,000. In Spain silver coin was not with- 1918, just after the armistice; at the close of drawn from circulation during the war, so that 1920, when the price of silver was at its peak; Spanish silver coins circulate freely. No and on the latest available date in 1923: silver has been coined since 1914 by Spanish Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1014 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. mints, because the supply has been adequate rupees in its reserve and partly also because and the bullion value of silver for several years bank notes to an increasing extent are coming was higher than the face value of the coins. into use in India. The ability of the British Silver circulation reported by the Netherlands Government to maintain silver payments durshows an increase from January 1, 1914, to ing the war gave the public confidence in paper January 1, 1922, of about 35,000,000 guilders, money, when they saw that they could always bringing the estimated circulation on January get silver in exchange for it. Notes were used 1, 1922, the latest date for which figures are almost entirely to finance the crop movements available, to about 106,500,000 guilders, reck- of northeastern India in 1921 and again in oned at face value. The Dutch East Indies 1922. The bazaar demand for silver, however, have also kept their silver currency in circula- shows no signs of decrease. tion. According to the latest estimates of the Another factor of great importance to the Royal mint, the total amount of silver coins in future of the silver market is the demand from circulation there is about 393,000,000 guilders. China. All the extensive business transacted in the interior of that country is carried on by SILVER DEMAND FROM INDIA AND CHINA. means of silver payments, for the use of gold is The chief factor in the silver situation has restricted to international commerce, and the always been the demand from the Orient, use of bank notes is exceedingly limited. Hence, especially from India and China. The Indian more silver currency is needed for the domesdemand is largely dependent on the balance tic commerce of China than for that of any of trade. India has usually a favorable other country. merchandise balance, but in 1920, owing to Hoarding is an almost universal custom unsatisfactory crop conditions in India and to throughout China, which has prevailed for business depression in Europe and the United many centuries and is interrupted only when States, the trade balance became adverse for the needs created by a famine or some other the first time in many years. Similar condi- serious catastrophe release the hidden treasure. tions prevailed through 1921. In 1922a marked At present the disturbed conditions in China improvement took place, which continued encourage hoarding to an unusual degree. Even through the early months of the year, includ- less than in India are the people accustomed ing May, after which trade balances became to banking facilities, for only the Chinese merless favorable until near the end of the year. In chants in the treaty ports have any knowledge November and December, however, the mer- of banks or any dealings with them. chandise balances were more favorable than in In the early months of 1922 the Chinese any previous month of the year, so that the demand for silver was light, for trade connet favorable merchandise balance for 1922 was ditions were unfavorable and large stocks of 514,000,000 rupees, as compared with a net silver were already on hand. In April, howadverse balance of 530,000,000 rupees for 1921. ever, there was a run on several of the Chinese For the first five months of 1923 there was a banks, the result of conditions arising from favorable merchandise balance of 548,000,000 the civil war. This reduction of stocks, rupees. together with the increased hoarding due to Net imports of silver into India increased the continued unsettled state of the country, from 16,500,000 rupees in 1920 to 139,500,000 brought about a period of active demand for rupees in 1921, and to 161,600,000 rupees in silver. By October the demand fell off 1922. Part of this demand may be ascribed to again, for stocks were fairly well replenished, the increase of hoarding which resulted from and in this same month the principal mint in the internal disturbances. If the average of China, at Canton, closed down, so that coinage silver imports from January to May of the there was indefinitely suspended. How serious current year be maintained until its close, net an influence this might be expected to have silver imports into India in 1923 may total about on the demand for silver is shown by the fact 240,000,000 rupees. that from January to October, 1922, this Whether the demand will continue at this mint had coined something like 30,000,000 rate it is, of course, impossible to predict. ounces of silver. The silver mines of India itself produce about A table showing the course of the price of 250,000 ounces each year, which is all taken silver in the New York market and the revised for coinage at a fixed rate by the Government. wholesale price index of the Bureau of Labor Aside from this, the Government of India has Statistics, Deginning with November, 1918, is recently bought very little silver, partly because shown below, and a chart illustrative of this it has an enormous accumulation of coined movement is shown earlier in the article. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEK, 1923. FEDERAL, RESERVE BULLETIN. 1015 SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES. [In thousands of dollars.] 1919 1920 1921 1922 January to July, 1923. Country. po Im rts - . p E or x t - s. E o o p x r f o c i r e e m t x s s - s - p I o m rt - s. p E or x t - s. E o o p x r f o c i r e e m t x s s - s - p I o m rt - s. p E or x t - s. E o o p x f r o c i r e e m t x s s s - - p I o m rt - s. p E or x t - s. E o o p x r f o c i r e e m t x s s - s - p I o m rt - s. p E or x t - s. E o o p r x f o c i r e m e t x s s - - s ports. ports. ports. ports. ports. 76 6,588 6,512 118 33 85 185 185 104 104 161 161 Germany. 4 4 5,320 5,320 638 638 112 112 Great Britain 62 15,635 15,578 926 4,925 8,999 1,199 11,843 10,644 102 3,616 3,514 156 3,565 3,409 Canada. 7,171 7,854 683 3,788 7,062 8,274 3,807 4,591 784 1,312 695 617 3,254 831 2,423 Mexico 63,303 1,926 61,377 53,197 3,241 49,956 41,250 2,141 39,109 12,934 572 12,362 24,368 1,058 23,310 Chile 1,927 1,927 3,744 3,744 1,826 1,826 527 527 838 838 Peru.. 8,863 8,863 11,991 11,991 5,598 5,598 1,650 1,650 7,640 24 7,616 China. '77,"583' 77,583 1,295 '6i,"348* 60,053 8 12,783 12,775 "4,'376' 4,876 8 15,445 15,487 India 109,181 109,181 642 642 12 3,233 3,221 2,759 2,759 8,959 8,959 Hongkong 20 10,245 10,225 2 24,873 H,871 10,408 10,408 1,332 1,332 1,201 1,101 Japan. 3,946 3,946 4,674 4,674 3,492 3,492 All other.. 7,988 6,063 1,925 12,995 6,818 6,177 4,038 3,084 954 953 2,021 1,068 2,561 410 2,151 Total 89,410 239,021 149,611 88,060 113,616 25,556 63,243 51,575 11,668 18,220 15,371 2,849 39,098 31,493 7,605 NOTE.—-Excess of exports in italics. NEW YORK PRICE OF SILVER AND WHOLESALE PRICE INDEX. U.S. Bu- U.S. Bu- Average reau of Average reau of New Per cent labor New Per cent Labor York of 1913 Statistics York of 1913 Statistics price of average whole- price of average wholesilver of sale silver of sale per fine J0.61241. price per fine W.61241. price index. ounce. index. 1918. 1921. November $1.01500 166 203 January $0.66388 108 170 December 1.01587 166 202 February .59813 98 160 March .56736 93 155 1919. April 98 148 January 1.01558 166 199 May . 60310 98 145 February 1.01500 166 193 June . 59125 97 142 March 1.01495 166 196 July . 60798 99 141 April 1.01500 166 199 August .62070 101 142 May 1.08020 176 202 September .66235 108 141 June 1.11402 182 203 October . 71373 117 142 July 1.07332 175 212 No\ ember .68470 112 141 August 1.12386 184 216 December . 66250 108 140 September 1.15636 189 210 October 1.20692 197 211 Year .63117 103 147 November 1.30446 213 217 December 1.33072 217 223 1922. January .65853 108 138 Year 1.12087 183 February 107 141 March .64838 106 142 1920. April . 67055 109 143 January 1.33899 219 233 May . 71623 117 148 February 1.32665 217 232 June .71604 117 150 March 1.27287 208 234 July .70693 115 155 April 1.20576 197 245 August 114 155 May 1.03495 169 247 September 114 153 June .92789 152 243 October .68405 112 154 July .92935 152 241 November . 65485 107 156 August 158 231 December .64250 105 156 September .94510 154 226 October . 84187 137 211 Year . 67934 111 149 November .78490 128 196 December .65503 107 179 1923. January .66094 108 156 Year 1.01940 166 226 February . 64716 106 157 March . 67963 111 159 April .67270 110 159 May .67455 110 156 June .65194 106 153 July .63383 103 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1016 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. FOREIGN LOANS PLACED IN THE UNITED by the Commercial and Financial Chronicle STATES. and by the Monetary Times of Canada. Issues of both foreign government and In the table below are shown figures by foreign corporate securities show a decided foreign government and corporate loans placed decline during the first half of the present year, in the United States during the first six not merely as compared with 1922, when the months of 1919 to 1923 and the 12-month flotation of foreign securities reached its peak, periods ending June 30, 1920 to 1923, in but also with 1920 and 1921. Refunding continuation of similar figures published in operations during the present year, $21,800,earlier numbers of the FEDERAL RESERVE 000, show a particularly heavy decline from BULLETIN . Data for the earlier years represent the high 1922 total. About two-thirds of the revisions of figures previously published and total refunding operations is represented by supersede the former compilations. The in- Canadian Government securities. There was formation has been prepared, at the request no refunding of other foreign government of the Federal Reserve Board, by the Guaranty loans. New Government loans placed during Co. of New York, and is more summary in the first six months of the present year, form than the similar table for 1922 prepared $132,000,000, were only one-third of the by the Guaranty Trust Co. and published volume of foreign government loans offered on page 1050 of the September 1922, FEDERAL during the first half of 1922, loans to European RESERVE BULLETIN. and Asiatic governments showing the largest The distinction made in previous compila- decreases. New issues of foreign corporations, tions of this character between new capital $59,972,000, were about 60 per cent less than and refunding issues has been retained. The in 1922. Of new foreign corporate securities geographical segregation—much more con- offered over one-half were of Canadian origin, densed than in previous compilations—is in while of the total foreign government security accordance with the domicile or place of offerings for the same period Canadian Govbusiness of the issuers and not the part of the ernment securities constituted less than 20 per world to which the capital may have been cent. exported. Securities are grouped under the following Comparative 12-month figures of foreign main heads: capital issues also show a large decline for the latest period. Since foreign security issues in (1) Government, comprising government New York were considerably larger during the loans of foreign countries and political sublatter half of 1922 than during the first half divisions thereof, largely municipalities. These of the present year, the 12-month figures show loans include both dollar loans and the more a relatively smaller decrease from the 1922 important loans payable in foreign currency, peak than the 6-month figures. Of the total converted to dollars at rates of exchange of $437,000,000 offered nearly 10 per cent current at the time of public offering in the represented refunding of previous issues, United States. largely of Canadian and Latin-American origin. (2) United States noncontiguous territory About 62 per cent of the new foreign issues represents loans of overseas possessions of the were Government securities, compared with United States and political subdivisions thereof. slightly larger percentages for the earlier (3) Corporate, comprising bond, note, and years. About two-thirds of the total foreign stock issues of foreign corporations and of government offerings were made up of domestic corporations whose principal business Canadian and Latin-American securities, which is conducted in foreign countries or in nonis a larger percentage than for the earlier contiguous territory of the United States. Totals years. Of the total foreign corporate secushown under this head include the more imrities offered during the year, over 80 per cent portant issues the face value of which is exwas represented by Canadian and Latinpressed in foreign currencies, converted at American securities. There were no offerings rates of exchange current at the time of offerof European corporate securities during the ing for public subscription in the United entire year. Over 10 per cent of the total new States. issues was represented by Government secu- In the preparation of the tables use was rities of our overseas possessions. made of the similar compilations published Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBBK, 1923. FEDERAL RESERVE BULLETIN. 1017 SUMMARY OF THE PRINCIPAL FOREIGN SECURITIES OFFERED FOR PUBLIC SUBSCRIPTION IN THE UNITED STATES. SIX MONTHS ENDED JUNE 30, 1919 TO 1923. [In thousands of dollars.] 1923 1922 1921 1920 1919 New Re- New Re- New Re- New Re- New Recapi- fund- Total. capi- fund- Total. capi- fund- Total. capi- fund- Total. capi- fund- Total. tal. ing. tal tal. ing. tal. ing. tal. ing. Government: E urope 25,37S 25,375 99,525 99,525 95,000 50,000145,000 86,300 86,300 25,000 30,481 55,481 Far East 25,000 25,000 1101758 110,758 Latin America 56,500 56,500 106,525 19,000125,525 61,506 'hi',5M io,"666 io,"666 North America 25,308 14,100 39,408 68; 856 103,250 172,106 20,224 20,224 45,213 10,596 55,809 20,426 5,000 25,426 Total 132,183 14,100 146,283 385,664 122,250 507,914 176i,,724 50,000 226,724131,513 10,596 142,109 55,426 35,481] 90,907 United States noncontiguou s territory 381 381 950 9,950 3,430 3,430 10,000 10,000 Corporate: Europe 97,270 97,270 3,275 3,275 3,760 3,760 Far East 19,900 19,900; 1, 250 1,250 2,500 4,313 4,313 Latin America 8,375 2,942 11,317 22,160 1,120 23,280 40,767 2,600 43,367 32,887 4,900 37,787 10,037 1,000 11,037 North America 31,697 4,770 ~ 1,467 32,550 1,000 33,550 22,500! 22,500 83,702 1,315 85,017 20,596 3,377 23,973 Total. 59,972 7,712 67,684 153,230 3,370156,600 66,542 2,600 142 124,662 6,215 130,877 30,633 4,377 35,010 Summary: Government 132,183 14,100 146,283 385,664 122,250 507,914 176,724 50,000 226,724 131,513 10,596 142,109 55,426 35,481 90,907 United States noncontiguous territory 381 381 ),950 9,950 3,430 3,430 10,000 10,000 Corporate 59,972 7,712 67,684153,230 3,370156,600 66,542 2, 142124,662 6,215130,877 30,633 4,377 35,010 Grand total. 192,536 21,812 214,348 548,844 125,620 674,464 246,696 52,600 299,296 256,175 16,811272,986 96,059 39,858 135,917 FISCAL YEARS ENDED JUNE 30, 1920 TO 1923. [In thousands of dollars.] 1923 1922 1921 1920 ca N p e i w tal. fun R d e i - ng. Total. ca N p e i w tal. fun R d e i - ng. Total. ca N p e i w tal. fun R d e i - ng. Total. ca N p e i w tal. fun R d e i - ng. Total. Government: Europe 57,575 5,000 62,575 142,795 13,8 156,595 186,000 150,000 336,000 131,300 272,200 403,500 Far East 25,000 25,000 122,758 122,758 5,500 5,500 Latin America 98,250 98,250 233,278 19,000 252,278 61,500 61,500 5,050 4,950 10,000 North America 61,452 17,850 79,302 124,614 103,250 227,864 59,424 4,300 63,724 111,165 85,596 196,761 Total 212,277 22,850 265,127 623,445 136,050 759,495 306,924 154,300 461,224 247,515 (,246 615,761 United States noncontiguous territory 40,804 40,804 60,647 60,647 19,707 19,707 1,700 1,700 Corporate: Europe 97,270 97,270 15,190 15,190 22,873 22,873 Far East 19,900 19,900 1,250 1,250 2,500 1,609 1,609 6,262 6,262 Latin America.. 43,515 10,442 53,957 34,760 5,120 39,880 60,567 3,800 64,367 54,209 17,279 71,488 North America. 47,153 10,150 57,303 114,925 2,750 117,675 35,225 50,500 85,725 95,767 4,925 100,692 Total ! 110,568 20,592 131,160 248,205 9,120 257,325 112,591 54,300 166,891 179, 111 22,204 201,315 Summary: Government 242,277 22,850 265,127 623,445 136,050 759,495 306,924 154,300 461,224 247,515 368,246 615,761 United States noncontiguous territory 40,804 40,804 60,647 60,647 19,707 19,707 1,700 1,700 Corporate 110,568 20,592 131,160 248,205 ' 9,120 257,325 112,591 54,300 166,891 179, 111 22,204 201,315 Grand total. 393,649 43,442 437,091 I 932,297 145,170 1,077,467 439,222 208,600 647,822 428,326 390,450 818,776 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1018 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. BUSINESS AND FINANCIAL CONDITIONS ABROAD. International trade.—The foreign trade balance of the United States was again favorable in July after six months, in which imports either approximated or exceeded exports. This return to an export surplus was brought about not through any increase of exports, which have remained fairly constant since the beginning of the year, but by large decreases in imports, both in June and again in July. Prior to June imports had been mounting steadily ever since the middle of 1921, in response to the greater requirements of American manufacturers for foreign raw materials and semifinished products, as domestic business revived. During the first six months of the current year the excess of merchandise imports over exports amounted to $142,000,000, which was augmented by net imports of gold to the amount of $110,000,000, thus bringing the net import balance on both accounts up to $252,000,000. This amount is somewhat increased by including the July figures, since the merchandise export surplus of $16,000,000 was more than offset by the $27,000,000 in gold imported during the month. A complete statement of the current trade position of the United States would require estimates of the various "invisible" items affecting our trade balance, such as capital movements, interest payments, tourist expenditures, and the like. It is generally agreed, however, that in the aggregate the invisible items currently constitute a net debit balance, or claim of foreign countries upon the United States. In fact, during 1922 the invisible items in our trade were more than sufficient, according to careful estimates, to counterbalance the visible items of merchandise and gold, leaving a considerable net balance for the year against the United States. During 1922 the foreign loans floated in this country in large amount not only increased the foreign credit balance but were one of the important factors in the advance of certain of the foreign exchanges. This year the smaller volume of foreign flotations in the New York market and the decline in the purchasing power of central European countries, which have led to a shrinkage in our exports to Europe, find their reflection in recent movements of the exchanges. Foreign exchange.—The tendency toward greater stability, which was the outstanding 'feature of the foreign exchange market in the latter part of 1922 and early in 1923, has more recently given way to pronounced weakness of many of the principal exchanges. In January practically every foreign currency, with the exception of sterling, started downward, but the fundamental character of the movement was obscured by the continued advance of sterling and the moderate recovery of the franc and lira in March and April. Since April, however, the trend of exchange rates, including that of the British pound, has been unmistakably downward. Thus the foreign exchange index of the Federal Reserve Board, which averages the rates of 17 principal foreign currencies excluding the German mark, fell from 70 in December to 62 in August, the lowest level reached since November, 1921. Not a few currencies have lost all the ground gained in the general rise in 1922, while several currencies, among them the French franc, have recently touched the lowest point yet recorded. The German mark has continued its precipitous decline, but its effect upon other currencies and upon international trade has been slight, since the mark has ceased to exist as a medium of account, having been supplanted by gold or stable currencies like the dollar, guilder, and pound sterling. Wholesale prices.—Recent declines in foreign exchange have been accompanied in many countries by a fall in wholesale prices. Thus in England, Italy, Czechoslovakia, Spain, Switzerland, Canada, and India prices have been declining, following a general advance earlier this year. In France, the Netherlands, Sweden, and Japan prices have changed but little in the last three or four months, while, aside from such countries as Germany and Poland, where currency inflation continues, prices show a distinct upward trend only in Belgium and Australia. The combined effect of these downward movements in prices and exchange would have lessened the purchasing power of foreign countries in the American market but for the simultaneous decline of prices in this country. The result is that the relative position of gold prices abroad and in the United States has been but little altered by the developments of the past three months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL BESEEVE BULLETIN. 1019 THE TREND OF BUSINESS ABROAD.1 Items U K d n o i i n m te g 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 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 . I. CREDIT." III. PRODUCTION AND TRADE. COMMERCIAL BANK LOANS: PIG IRON PRODUCTION (relatives):' 1921—July. 1,191 12,728 11,662 1921—July 62 34 1922—July 1,066 13,181 10,739 1922—July 99 94 October 1,033 13,549 11,249 October 116 103 1923—January 1,046 13,361 11,425 1923—January 112 126 April 994 13,511 11,839 April 81 138 May 1,005 13,734 11,840 May 91 151 June 1.028 13,950 11,850 June 103 144 July. 1,024 11,716 July 100 144 COMMERCIAL BANK DEPOSITS: COAL PRODUCTION (relatives):» 1921—July 1,785 12,575 10,002 1921—July 95 76 1922-July 1,730 13,063 11,043 1922—July 84 103 43 October 1,686 13,527 11,162 October 96 113 113 1923—January 1,893 13,744 11,537 1923—January 96 123 126 April 1,606 13,411 11,156 April 96 90 107 May 1,608 13,634 11,173 May 93 105 116 June 1,638 13,807 11,104 June 101 114 July 1,638 11,078 July , 91 127 113 CENTRAL BANK DISCOUNTS: UNEMPLOYMENT: • 1921—July 2,769 81 1,650 1921—July 14.8 10,616 151 87 1922—July 2,103 216 380 1922—July 12.6 602 104 88 October 2,152 578 469 October 12.3 272 134 94 1923—January 2,662 2,306 597 1923—January 13.0 684 214 99 April 2,646 9,221 637 April 11.2 354 265 102 May 2,372 9,914 731 May 11.0 199 211 102 June 2,487 8,747 775 June , 11.0 166 102 July 2,472 72,066 761 BANE CLEARINGS (actuals):4 August 2,344 816 1921—July 2,961 78 15,148 CENTRAL BANK NOTE ISSUES: 1922—July 3,236 562 243 16,343 1921—July 434 36,941 77 2,538 October 3,124 556 789 18,423 1922—July 400 38,050 190 2,127 1923—January 3,262 726 3,828 19,666 October 388 36,694 469 2,299 April 3,339 761 8,177 18.816 1923—January 381 36,780 1,984 2,204 May 3,067 680 13,345 19,368 April 384 36,548 6,546 2,223 June 2,960 733 28,375 19,532 May 390 36,741 8,564 2,250 July 765 76,624 18,184 June 389 17,291 2,227 SHIPPING ACTIVITY (relatives):' July 392 36,929 43,595 2,195 1921—July 50 87 75 131 August 37,364 2,225 1922—July 85 116 90 141 CENTRAL BANK DISCOUNT KATE October 99 107 108 137 (per cent): 1923—January 93 99 97 102 1921—July April 106 114 112 109 1922—July May 114 130 111 132 October June 112 129 111 137 1923—January July 119 155 April VALUE OF EXPORTS (actuals):' May 1921—July 43,172 1,563 325,181 June 1922—July 60,419 1,532 337 301,157 July October 60,399 1,937 290 370,719 August 1923—January 66,939 1,696 311 335,539 April 62,871 325,727 II. PRICES AND EXCHANGE. May 71,555 316,649 WHOLESALE PRICE INDEX (relatives):1 June 62,884 2,479 320,054 1921—July 196 312 145 July 59,504 2,424 303,030 1922—July 171 307 91 165 VOLUME OF EXPORTS (relatives):8 October 163 294 432 165 1921—July 46 73 113 1923—January 187 324 2,054 165 1922—July 70 105 95 April 177 304 6,425 169 October 73 111 120 May 178 363 8,237 167 1923—January 75 103 96 June 174 372 14,639 164 April 82 84 July 170 370 159 May 102 81 RETA 19 IL 2 1 P — RI J C u E ly INDEX (relatives): < 219 11 148 J Ju u l n y e 81 10 9 4 8 7 8 8 2 1 1 9 9 2 2 2 3 — — J A J M O J u u J u p c a a l n l y t r n y y e o i u l b a e r r y 1 1 1 1 1 1 1 6 8 7 7 6 7 7 9 4 4 0 9 8 8 2 3 2 3 3 3 3 9 2 3 2 0 9 2 7 5 1 1 9 0 0 7 2 3 6 1 1 , , , , , 5 0 7 9 1 4 2 5 3 9 7 6 7 1 0 4 5 6 4 9 1 1 1 1 1 1 1 4 4 4 4 4 4 4 4 7 4 2 3 3 3 VALU 1 1 1 9 9 9 E 2 2 2 O 1 2 3 — — — F O A J M I J J J u M u u c p a a n l l t P n r y y y e o i O u l b a R e r T r y S ( : actuals):' 8 8 8 9 8 8 8 1 5 0 9 6 9 9 , , , , , , , 7 0 5 4 7 4 3 8 1 1 0 7 0 0 4 5 7 2 9 0 8 1 2 2 2 1 2 2 , , , , , , , 4 9 1 1 5 5 5 9 6 4 0 9 6 5 7 9 4 9 7 0 8 6 5 5 8 6 3 5 4 2 2 2 3 3 3 3 1 7 7 5 2 2 6 7 6 3 9 1 0 4 8 , , , , , , , 9 2 1 2 2 1 7 0 5 0 4 5 3 7 3 7 4 4 9 0 2 FOREIGN EXCHANGE (per cent of par): July 76,818 2,615 287,335 1921—July 74.64 40.48 5.467 VOLUME OF IMPORTS (relatives):' • 1922—July 91.37 42.68 .857 1921—July 79 67 32 113 October 91.20 38.19 .139 1922—July , 87 115 79 188 1923—January 95.65 34.60 .031 October , 86 123 91 172 April 95.66 34.54 .017 1923— January 95 112 78 242 May 95.05 34.39 .0092 April 113 105 244 June 94.83 32.65 .0042 May 122 6fi 236 July 94.18 30.52 .0014 June 97 134 79 206 August 93.71 29.27 .0001 July 132 166 1 AfuUexplanationofthistable,includingalistofthesources employed, appears in the BULLETIN for February, 1923, pp. 182-185. 1 Amounts stated in millions of pounds sterling, millions of francs, billions of marks, and millions of dollars. » Monthly average in 1913 is taken as 100, except for Germany where July, 1914= 1. 4 United Kingdom and France—July, 1914= 100; Germany—October 15, 1913-June 15, 1914-1; United States—1913 average-100. '1913=100. • United Kingdom—percentage of unemployed in insured trades; France—number of unemployed in the city of Paris; Germany—number of applicants for every 100 available positions; United States-^-an index of employment in 12 representative trades, 1919 being taken as 100. ' Amounts stated in thousands of pounds sterling, millions of francs, millions of gold marks, and thousands of dollars. • 1913—100. Figures for United Kingdom refer to quarterly period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1020 FEDERAL. RESERVE BULLETIN. SEPTEMBER, 1923. THE LONDON MONEY AND CAPITAL London discount rates have also been run- MARKET SINCE 1920. ning 1 to H per cent below corresponding rates in New York from the time these rose last fall For more than a year British banking and until the rise in the bank rate in July, while credit developments have presented a conlong-time interest rates in the two markets trast with those in the United States and have been more closely adjusted to each other. until recently money rates in London have A comparison of actual bond yields in New ruled considerably lower than in New York. York and London is difficult on account of The recent advance of the Bank of England differences in taxation, but it is notable that discount rate, which has brought the two while the trends of the return on British and markets more nearly into line, gives particular on United States Government bonds were interest to a study of the London money nearly parallel until the first of this year, market during the period. since then the former has been falling and the latter rising. The consequences of these varia- COURSE OF INTEREST RATES. tions will be touched upon below. Their This raising of the Bank of England official explanation must be sought in the differences discount rate from 3 to 4 per cent on July 5 between local financial conditions, which are marks its first advance since April, 1920. of so much greater importance than before It will be recalled that the bank rate was the war when the gold standard was universally maintained. Without attempting to assign definite causes for the trend of interest rates in London during the last two years and a half, this review will point out certain of the more important factors affecting the demand for funds and their supply in that market. The outstanding element in the British situation, in sharp contrast with that of the United States, has been the depression from which business and trade have continued to suffer in spite of a very definite gradual improvement during the past year. A second and complicating factor is Government borrowing and refunding operations— an outgrowth of war and post-war financing. We may consider in turn the demand of trade for both short-term and long-term credit and that of the Government. SHORT-TERM CREDIT MARKET. 1920 1921 1922 1923 Trade demands.—From the point of view of lowered from 7 to 6£ per cent in March, 1921, business conditions in England, as those who and successively by one-half per cent until have followed the situation are aware, the it reached 3 per cent in July, 1922, where it period since interest rates began to fall in has remained until its rise last month. The 1921 divides itself into two phases—one of general trend of short-time interest rates in falling prices with diminishing trade activity the London market has roughly paralleled and one of a comparatively stable price level the bank rate, showing a steady drop through- with a very slow but continuous improvement out 1921 and the first half of 1922, with com- in both foreign and domestic trade which conparative stability during the last year. The tinues as yet in spite of a recent decline of long-time interest rate in London followed a security and commodity prices. The present somewhat similar course, but fell so much interest in these movements is in their effect more gradually that whereas the yield on the upon the volume of demand for short-term 4 per cent funding loan, for example, was credit. about equal to the discount rate on 3-months The precise extent of changes in demand for bills in April, 1921, the latter has been at trade financing is entirely a matter of estimate, least 2 per cent lower for more than a year made particularly difficult by certain changes now. which nave taken place in the organization of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBBH, 1923. FEDERAL BESEEVE BULLETIN. 1021 the London discount market since pre-war is taken as evidence of this tendency. It is days and the channels of international trade probably also indicative to an uncertain extent financing. One of the most reliable estimates of an increase in the total volume of accepas to the total volume of bills on the market is tances in the market during the last two that of Mr. Spring-Rice, the submanager of years. Alexander Discount Co., one of the three big Perhaps the best evidence of the financial discount houses in London. He estimates that requirements of domestic business is found in the total volume of acceptances at the peak of the trend of the nine London banks' advances activity in 1919 was about equal to their vol- to customers. These reflect clearly enough ume in 1914, prices having meanwhile risen the period of frozen credits during the early to almost two and a half times their previous part of 1921, the process of liquidation and level, and that by January, 1923, this total had the very slow growth of the demand for loans declined to about half that amount, repre- beginning with the last quarter of 1922. In senting only one-third of the 1914 volume of June, 1923, they were still but £36,000,000 goods. above their low mark of £711,000,000 in The volume of all foreign trade which was September, 1922, and £116,000,000 below the formerly financed in London has of course high point of £863,000,000 in March, 1921. been very much reduced by the impoverish- At that time they made up 45.4 per cent of ment of Europe and the dislocation of eco- total assets and this last June amounted to nomic relations between different countries. 40.9 per cent. Moreover, much of such trade as that between Government financing.—Discount rates in the United States and other parts of the the London market have been affected not world, which used to go by way of London, only by trade conditions but by the operations now uses more direct routes and is financed of the Government in connection with its floatdirectly. In addition, the supply of London ing debt. This consists of ways and means bills in relation to trade volume has been advances from the Government departments reduced by the growth of the telegraphic and the Bank of England, and of treasury bills, transfer market with the world-wide specula- most of which are held by the banks. Tempotion in foreign exchange. At the same time rary borrowings by the Government in these the supply of funds in the London market has ways was familiar before the war, but their been augmented by the transfer of balances large and continuous volume of recent years from continental countries to avoid the risks has given them peculiar importance for the of depreciated currencies. money market. The evidence of the bank statements with Advances to the treasury from the departregard to the demands for commercial credit ments are of relatively little significance, since is somewhat blurred by changes in the London they represent no new governmental demand discount market since pre-war days. Formerly upon the credit resources of the country. the vast majority of bills of exchange were Government borrowings from the Bank of accepted by acceptance houses, which made England through 1921, however, represented an a specialty of this business, and were then almost continuous demand upon the bank for discounted either directly by the banks or by credit in addition to the needs of the market. discount houses which in turn borrowed from The table of ways and means advances below the banks. Fluctuations in the volume of the shows how these loans have resumed their banks' discounts resulted from variations in former occasional character during the last the credit demand for trade purposes. At year, being now made and repaid in accordance present, however, the bills discounted by with the fluctuating relation between Governthe banks consist to a large extent of treasury ment receipts and expenditures. bills, the volume of which varies with the financial condition and policy of the Govern- AVEBAGB WEEKLY WAYS AND MEANS ADVANCES OF THE ment. Moreover, the banks themselves have BANK OF ENGLAND OUTSTANDING. been doing a growing acceptance business [Millions of pounds sterling.] largely through their foreign affiliations. While the item of acceptance liabilities shown Month. 1921 1922 1923 Month. 1921 1922 1923 in the statements of the nine great London joint-stock banks includes a variety of items January 39 7 10 July 29 1 1 February 21 7 0 August 25 0 which can not all be classed as acceptances, March 5 0 4 September 35 2 the increase of their total from £58,000,000 A M p a r y il 1 1 2 5 8 7 0 0 N Oc o t v o e b m er ber.... 5 1 2 1 0 7 in June, 1921, to £74,000,000 in June, 1923, 39 12 7 December 16 9 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1022 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. Treasury bills have been issued in various of money, instead of the banks causing brokers different ways during and since the war, but to apply to the Bank of England and so in April, 1921, the method of daily issue at bringing the market rate of discount within fixed rates then in effect was replaced by a the control of the central bank, the Governsystem of weekly tender, which is still in ment may do the borrowing and create a conoperation. Three months' treasury bills are dition of artificial ease in the money market. allotted weekly in limited amounts at rates In this way the existence of large amounts of determined by the bids of subscribers, followed treasury bills is a potential source of inflation, by the issue of additional bills in indefinite but the decrease in the Government's ways amounts at a fixed ("tap") rate somewhat and means advances from the bank in the less than the average rate on the bills just last year and a half indicates that they have previously allotted. In January, 1921, not been recently so used, and the reduction £1,147,000,000 in treasury bills was out- in the volume of the bills tends still further to standing. Their volume fluctuated during remove the possibility. The substitution for that year, showing only a slight net decline at them of treasury bonds is supposed to have the end, but with the first of 1922 a sharp been partly responsible for the fall in bank reduction brought it down to an average of deposits, since the high return on these securi- £772,000,000 in May. After taxes began to ties in comparison with the low deposit rate come in, in March. 1923, the amount out- of the banks, 2 per cent below the bank rate, standing fell further to £585,000,000 on May has led depositors to draw uron their balances 5, but has risen somewhat since. in order to invest in the bonds. This reduction in the treasury bill obliga- Naturally, the market rate of discount in tions of the Government has been accom- London has very closely approximated the plished partly through the excess of public rate on treasury bills. When the bills were revenues over expenditures and partly through offered at fixed rates, as they were before the issue of bonds. Recent reports of Govern- April, 1921, these rates largely determined the ment finances, it may be noted, show a cur- rate on three months' bank bills. Since then rent deficit, partly as a result of American the two have reacted upon each other, being debt payments, which makes any further influenced by both trade and treasury conimmediate reduction through revenue sur- ditions and have seldom been more than onepluses improbable. Since the first quarter eighth of 1 per cent apart. of 1922 treasury bonds have been offered Whether due chiefly to the improvement in intermittently by tender along with treasury trade activity, the reduction in Government bills and their proceeds have been used largely borrowing from the Bank of England, or to for the redemption of maturing treasury bills. the substitution of bonds for the liquid treasury At the end of last July £208,000,000 of bonds bills, the market rate of discount seems to allotted in this way were outstanding. have come into somewhat closer relation with The course of Government short-term bor- the bank rate since 1921. As may be seen in rowings traced above has affected the London the chart on page 1020, the average rate on discount market somewhat differently from treasury bills fell faster than the bank rate for trade demands for credit. In the absence of the first year of cheapening money, but since active trade, treasury bills have formed a then more slowly, so that after the bank rate welcome source of earning power to the reached 3 per cent the rate on the bills came banks, as a substitute for commercial bills, within one-half of 1 per cent of it and has since and they also serve as a secondary reserve. fluctuated somewhat below that point, vary- The Government must either float a sufficient ing with seasonal changes in monetary condiquantity of these bills each week to cover tions. It will be observed that the last rise in the excess of expenditures over revenue or the bank rate was followed immediately by a resort to borrowing in the form of ways and sharp rise in the bill rate. means advances, and it is in the power of The Bank of England's position.—The very the banks to increase their own cash holdings summary statement of the Bank of England and force this borrowing by allowing their is always difficult of analysis, and particularly holdings of treasury bills to mature without so since the war, but the trend of certain renewing them. Thus in case of a scarcity items is indicative of the general credit situa- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEB, 1923. FEDERAL, RESERVE BULLETIN. 1023 tion. The following table indicates the changes The volume of borrowing from the bank, as in "other" (private) deposits, which include indicated by the amount of other than Govbankers' balances, and are often regarded as ernment "securities," has declined consideran index of the supply of funds for the money ably since 1921, as is shown by the following market. figures: OTHEK DEPOSITS OF BANK OF ENGLAND. OTHER SECURITIES OF BANK OF ENGLAND. [Millions of pounds sterling.] [Millions of pounds sterling.] Month. 1921 1922 1923 Month. 1921 1922 1923 Period. 1921 1922 1923 Period. 1921 I 1922 i 1923 January 127.6 135.9 103.7 July 129.9 114.5 1132 First quarter.. 88.7 72.3 Third quarter. 80.4 74.9 February... 115.4 136.6 106.9 August 116.9 105.5 Second quarter 86.9 76.2 70.5 Fourth quarter 83. 2 i 69.1 March 112.5 1)9.8 104.1 September.. 122.7 109.3 April 118.2 121.1 108.2 October 145.2 113.4 May 114.1 120.7 104.1 November.. 118.2 107.3 June 130.3 116.1 110.1 December... 128.6 116.9 An increase of over £15,000,000 took place in this item during the first week in July, how- It will be noted that their volume was ever, and caused the fall in the reserve ratio. subject to wide fluctuations during 1921. The real basis for the bank's action in raising These correspond to inverse movements of the rate is to be found in more fundamental public deposits as money flowed back and conditions than a temporary decline in reforth between the Government and banks serves, particularly in the decline of sterling with the collection of taxes and the disburse- exchange, which has been taking place since ment of interest and other payments; and the last March. In pre-war days the official bank stability of the discount rate in the face of rate was raised on occasion to protect the bank these operations attests the skill with which against the loss of gold. Since gold can not they were managed. The general level of now be exported from Great Britain except private deposits declined noticeably after the by Government permission, there is no danger spring of 1922, and their volume became much of the loss of the bank's reserves; changes in more stable except for the usual increase at the gold holdings of the Bank of England have the end of the year. This decline, which been negligible for a long time now. The under ordinary circumstances would be con- absence of free gold movements makes more sidered indicative of a growing scarcity of difficult any check upon a falling exchange rate money, has been paralleled by the continuous by the bank, but its discount policy neverthedrop in the deposits of the joint stock banks less influences conditions affecting the price since January, 1922, which leaves the ratio of of sterling exchange. One of the factors in their reserves in cash and at the Bank of the decline of sterling has doubtless been the England to deposits a little higher than at low discount rate in London as compared with that time (11.7 per cent in July, 1923, as com- New York, which has encouraged the loaning pared with 11.4 per cent in January, 1922). of British funds in the New York market. The process has been one of reduction in Below is a chart which shows the relation deposits, accompanying falling prices and the between rates on short-term British and repayment of loans, rather than of depletion of United States securities, representative of the reserves. general course of discount rates in the two The reserve ratio of the banking department markets. The distance between them was of the Bank of England itself, l. e., the ratio widening steadily until the rise in the Bank of of gold and notes held in that department to England rate brought them nearer together the bank's deposit liabilities, which, commonly than they have been for more than a year. stood between 40 and 50 per cent before the This rise naturally tends to discourage lending war and fell to the low point of 7-J per cent in New York and to strengthen sterling exin December, 1920, increased rapidly during change. A continually rising sterling rate, 1921. For the last year and a half it has i. e., a falling exchange rate on New York, centered around 17 per cent, but fell to 14\ hinders' the lending of English funds in the per cent during the first week in last July, United States, also because such loans would thus forming the immediate occasion of the have to be repaid at a loss. But sterling has raising of the bank rate. This decline was the not maintained its increase, being influenced result of an unusually large demand for money by numerous factors aside from international at the end of the fiscal year. credit relations. Indeed, when exchange is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1024 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. subject to frequent and considerable fluctua- for money resulting from a lack of trade tions such as last winter's advance of 30 points demand for funds and a low bank rate have in less than three months and the spring de- encouraged investment in readily marketcline from $4.70 to $4.60 within two months, able long-term securities. The movement of a difference of 1 per cent in interest rates the long-time interest rate is naturally much appears negligible in comparison with the less pronounced than the fluctuations of disprofit and loss from these exchange movements. count rates, and it will be noted that the gap It must also be considered that the return between the two, until the rise of the bank rate in July, was extreme. In 1894-95, when interest rates were falling as they are now, the average excess of the yield on consols over the market rate for money was only about 1 per cent as compared with the recent 2 per cent. In the New York market the return on Liberty Loan bonds has been less than 1 per cent above the market rate on prime 90-day bills during most of the period covered by this study. The explanation of these differences in the relation between short and long time rates in different markets must be sought partly at least in differences of banking practice. Long-time interest rates in New York and London are closer than short-term rates, though, of course, in each market the long and short term rates influence each other. ..... YIELD ON if TO 6 MOUTHS U.S. CERTIFICATES OF INDEBTEDNESS Another influence contributing to low bond yields in London has been the transfer of funds from the stock to the bond market as a result of low and uncertain business profits. The 1920 1921 1922 1923 rise of bond prices in London in the last half of Trend of short-term interest rates in Great Britain and the United States. 1921 and the first half of 1922 was coincident with the fall in the price of stocks, and it was to the London market of funds loaned abroad after the stock market began to improve that would emphasize the conditions making for gilt-edged bond yields became stabilized below rates there unless changes in trade and tween 4 J and 5 per cent, and their recent decline industrial conditions meanwhile increased the is coincident with a sharp reaction in the stock demand for short-term credit. These conmarket. ditions, also have their reactions upon the The direct demand for capital for investmarket for long-term credit. ment may be followed through the volume of securities floated in the London market from LOXG-TERM CREDIT MARKET. time to time. According to the compilation Tlxe capital marlcet.—The movement of the of the "Statist," the total volume of 1920 flointerest rate on long-term securities in London tations for trade purposes only declined from is indicated in the chart on the following £308,000,000 in 1920 to £92,000,000 in 1921 page. The yield on the funding loan fell and rose to £124,000,000 in 1922. For the rapidly during the winter and spring of 1921- first six months of 1923, however, they were 22 from near 6 per cent to about 4| per cent, £54,000,000 less than for the first half of either and has remained at about that level until a 1921 or 1922. The London Joint City and renewed decline during the last few months. Midland Bank's figures for flotations of all It has been slightly below the yield on first- kinds except British loans for National Govclass local Government securities, such as the ernment purposes, thus including municipal London County Council's 3^ per cent .consoli- and foreign Government issues, also showed a dated bonds and 3 per cent local loans, and decline from £384,000,000 in 1920 to £216,slightly above that on consols. 000,000 in 1921, and an increase to £236.- Bond yields have been affected by the same 000,000 in 1922. The decline in these demands influences which have brought about easy for capital after 1920, however, was more • credit conditions for trade. Low market rates than compensated by the flotation of British Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1025 Government loans. According to the "Statist," when all municipal and Government issues are included, the total volume amounted to £584,000,000 in 1922, as compared with £480,000,000 in 1920. The bulk of the 1922 issues was floated in the first six months, amounting in all to £449,000,000, while the total for the first half of 1923 was only £198,- 000,000. Parf of this Government demand, it may be recalled, has been the result of refunding operations discussed above, which, while adding to the demand for capital for long-time investment, has not tended to increase the supply of funds available for use in the discount market. The investment demand in London has, of course, never been confined to the needs of YIELD ON BRITISH 4% FUNDING LOAN British industry. Before the war, as shown by AV. YIELD ON 2«,3!. AND «» LIBERTY LOAN BONDS the averages for the years from 1909 to 1918, 81 per cent of the securities issued in London were of colonial or foreign origin, according to 1920 1921 1922 1923 the "Statist." In 1921 these amounted to Trend of long-term interest rates in Great Britain and the United States. only 28.7 per cent of the total, in 1922 to 24.5 per cent, but in 1923 they have risen to 45.4 per SUMMARY. cent. The London Joint City and Midland Bank's compilation, which excludes National It has been shown above how the depression Government loans, shows a proportion of over- of foreign trade and domestic industry and seas issues amounting to 73 per cent of the commerce contributed to the maintenance of total in the first half of 1923. The demand for low interest rates in the London market, while capital in the London market is thus coming to in New York business was active and rates be again largely determined by foreign de- were rising. The demands of the British mands, both industrial and governmental. It Government for short-term credit have not been evidences the tendency of London to regain her an equivalent substitute for trade demands on place as the international financial center. account of the possibility of credit expansion The low interest rates prevailing recently in through Bank of England borrowings. Re- London have been an important factor in this funding operations of the Government have tendency. The chart opposite, showing the tended to decrease the demand for liquid funds yield on the British 4 per cent funding loan in through the gradual reduction in treasury bills. comparison with the average yield on United On the other hand, this process has resulted in States 4J per cent Liberty bonds, illustrates the the investment of free balances of both the contrary movements of long-term interest rates banks and private individuals in Government in the two markets since the first of the year. bonds, and also in the reduction of the volume of When the exemption of the United States bonds credit created for the Government through the from taxation is taken into consideration, it is elimination of continuous ways and means clear that the return on the British loan reached advances by the Bank of England. The a very low comparative level before the abrupt effect has been to decrease the total volume of rise in London discount rates lowered bond bank credit in use, thus reenforcing the effects prices. This situation had its effect not only of the decline in the price level. in encouraging the flotation of new securities This withdrawal of the Government from in London, but also in causing the repurchase the bank has given the latter a greater control of securities in the New York market by over market discount rates than formerly, British investors. The consequent movement which it made use of in July to check the fall of securities from New York to London is to be in sterling exchange. This fall is attributed held partly responsible for the decline in partly to the lending of British funds in the sterling exchange, while the fall in bond prices New York market at the higher rates offered following the rise in the bank rate tends to check there and to the flotation of foreign loans in this movement. London. It is also due in part to the purchase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1026 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. of American securities by British investors as a ords of previous years, their gold value deresult of rising bond prices in London and falling creased, and only funds due from banks kept bond prices in New York. The raising of the pace with the depreciation of the paper mark. bank rate from 3 per cent to 4 per cent, with a Holdings of fv/Q,ds abroad.—Some of the corresponding rise in market rates of discount above items represent hidden reserves, while in London and a consequent rise in bond prices, others do not disclose actual values. Regardnaturally discourages these operations, having less of these difficulties a few facts are brought interest rates in the two markets outstanding. The most conspicuous developcloser together than they have been for some ment during the past year is the huge increase time. of amounts due from other banks. This is the only item which increased more rapidly than the value of the dollar in terms of marks. The latter, as expressed in marks, appreciated GERMAN BANKING DURING 1922. during 1922 39 times over the past year, while deposits with other banks increased 60.1 times The balance sheets of the large German over 1921. Deposits with banks represent banks for the year 1922, recently published, mainly funds held abroad and the extraordireflect the state of inflation and the general nary increase of this item indicates the general financial situation of the country. The printendency of both banks and business houses to cipal items of the combined statements of the convert their liquid funds, as much as possible, seven largest banking institutions presented into foreign exchange. Total deposits of the below are in many respects not sufficiently seven banks under consideration with other lucid and fail to disclose the actual situation of banks amounted at the end of 1922 to 83J.,000,the banks. However, they indicate in a gen- 000,000 paper marks and represent 47 per cent eral way along what lines German banking develof the total liabilities of the banks, as compared oped during the year and what policies were with 12 per cent at the close of the previous adopted by the larger institutions in view of the year. To what extent deposits with other steady depreciation of the mark. Although tobanks represent holdings of foreign assets it tal turnover, net profits, and declared dividends is impossible to state, for the figures of most increased very largely and surpassed all rec- PRINCIPAL ITEMS OF BANK BALANCE SHEETS. [In millions of marks.] Deutsche Disconto Dresdner Darmst&dter Commerz u. Berliner Mittel- Bank. Gesellschaft. Bank. u. National Privat Bank. Handelsges. deutsche Total. Bank. Credit Bank. In- In- In- In- In- In- In- In- 1922. c o re v a e s r e 1922. c o re v a e s r e 1922. c o re v a e s r e 1922. c o re v a e s r e 1922. c o re v a e s r e 1922. c o re v a e s r e 1922. c o re v a e s r e 1922. c o re v a e s r e 1921. 1921. 1921. 1921. 1921. 1921. 1921. 1921. ASSETS. Fold. Fold. Fold. Fold. Fold. Fold. Fold. Fold. Cash with Eeichsbank.... 33,322 21.8 12,679 5.1 14,353 19.6 21,320 15.3 8,438 24.5 5,410 17.7 4,160 7.S 101,682 13.7 D D T D r e o u e b e m a i s t e f s r u s o t r i m i y n c c b s o u e i t r l c h r ls u e e n r r i t t b ie a a s c n c k o s unt.. 2 1 1 7 5 2 9 5 1 , , , 8 5 0 5 4 9 9 2 0 7 3 < 7 1 6 2 4 - . . . 4 7 2 0 1 | 1 1 2 0 4 2 1 1 , , , 6 5 2 1 4 5 7 9 3 4 0 1 4 4. . 3 1 4 7 4 6 3 4 , , , 4 3 9 7 4 1 3 3 2 4 8 5 1 5 2 2 . . . 5 5 3 11 5 5 4 6 1 , , , 3 3 2 6 6 0 7 6 2 3 1 5 0 7 . . . 5 8 V f 9 4 1 3 6 0 2 7 , , , , 5 3 3 0 1 0 7 1 2 4 5 0 9 3 [ 1 1 1 1 4 8 . . . 0 0 0r 1 4 '^ 3 9 9 , , 2 0 2 7 0 4 1 0 3 7 . . 4 5 1 8 4 4 , , , 3 7 6 5 2 8 2 4 3 1 5 8 . . 3 1 8 3 4 3 5 0 0 4 8 , , , 9 0 8 2 2 0 1 22 2 0 2 6 1 6 0 1 . . . 1 7 7 Acceptances and drafts... 1,403 6.41 788 3.7 1,480 9.2 1,356 3.7 2,695 25.6 659 9.3 8,437 LIABILITIES. Capital and surplus.. 3,050 .3 OO 1,311 2.0 970 60 1,053 103 3,200 4.8 200 40 300 20.5 10,083 2.3 Deposits 607,143 15. 7 278,737 12.6 326,795 16.9 246,115 12.SJ ' 1 9 ? 6 ? , ' 5 ? 0 ! 0 ?}n.4I 1 H 27 9 , , 5 0 ! 00 5.731,265 13.01,768,724 15.3 Nonliquid liabilities secured 18,361 27.3 32.7 84,366 15.3 52,245 8.4 39,540 12.2 12,568 7.7 4,095 6.6 407,662 12. g PROFIT AND LOSS. Turnover (in billions) 19,383 9.2 10,701 7.3 13,129 7. I 6,999 9.5 2,327 7.4 Gross profits ! 23,693 20.2 13,123 19.3 18,227 21.9! 14,040 16.6 8,466 18.5] 2,655 17.5 2,734 18.2j 82,938 19.2 Netprofits 5,964 20.4 4,789 21.0 2,626 12.6l 2,950 17.51 1,553 14.7 6S0 11.0 740 21.7 19,206 17.6 Dividends (per cent) 300 24.0 250 20.0 200 16.0 200 14.0 150 16.01 200 16.0 150 12.5! 1 55.2 gold marks calculated on the rate of exchange of Dec. 31,1922. 2 28.6 gold marks calculated on the rate of exchange of Dec. 31, 1922. 3 Includes only acceptances. Checks above three billion are included under creditors. 4 Decrease. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, FEDERAL RESERVE BULLETIN. 1027 German banks do not distinguish between pressed in gold marks corresponds to the genmark deposits and foreign exchange deposits. eral policy of German business men to keep Only a few banks, such as the Berliner Handels- with banks only an absolute minimum of their gesellschaft and the Commerz und Privatbank liquid funds in paper marks and to convert the state their deposits with banks abroad in gold rest into foreign exchange, real estate, or other marks. The holdings of the above institu- tangible assets whose value is not affected by tions, as stated in their balance sheets, the depreciation of the mark. The increase in amounted to 28,600,000 gold marks and deposits with banks abroad, coupled with the 55,200,000 gold marks, respectively. Deposits decline in paper mark holdings, clearly indiwith other banks is not the only item repre- cates the general policy of banks and comsenting holdings of foreign values, for other mercial houses to emancipate themselves from items, such as cash, securities, bills, etc., no the paper mark and to convert their assets doubt also include a considerable amount of into values not subject to depreciation. In foreign bills and securities. this respect the banks followed the example of Relation of banks to Reichsbank.—In contrast the big industrial and commercial houses of with the large increase of deposits with other the country which for some time past have banks is the very moderate increase in the used the paper mark merely as a means of holdings of treasury certificates, domestic payment, while all their transactions of imbills, and securities. The comparatively small portance were figured on a gold basis. increase in treasury bills, much smaller than Capital.—Figures of the capital and surplus the appreciation of the dollar, reflects the of the banks, although largely augmented durgeneral policy of banks of devoting them- ing the past year, are much smaller than the selves to the financing of private industry increase of deposits. The total capital and surand trade rather than to the financing of the plus of the seven "great" banks at the end of Government, a burden which has been shifted 1922 amounted to 10,083,000,000 paper marks of late almost entirely to the Reichsbank. as compared with 1,777,161,000,000 paper Simultaneous with the growth in the number marks of liabilities. Thus, while the first item of treasury bills held by the Reichsbank was showed an increase of 2.3 times over the past the increase in its holdings of private drafts year, liabilities increased 15.1 times over 1921. and checks. The reintroduction of the docu- Despite this fact, however, the ratio between mentary bill of exchange gave the private quick assets and current liabilities became banks an opportunity to shift a considerable more favorable, mainly due to huge increases part of their domestic financing upon the of deposits with other banks. Increases in the Reichsbank. While at the end of 1921 private capital account of the banks were made necesbills discounted with the Reichsbank amounted sary by two main factors, viz, the necessity to about 1,000,000,000 paper marks, they for more working capital and the desire to preincreased to about 422,000,000,000 marks at vent outsiders from gaining control of banks. the end of December, 1922, an increase which To prevent control by outside interests resort by far surpassed the appreciation of the dollar was had to • the distribution of new shares, in terms oi paper marks. which in many instances enjoyed preferential The dependence of the private banks upon rights, among persons closely connected with the Reichsbank was further increased by the the banks. Owners of such shares are under fact that private deposits with banks did not obligation not to dispose of them for a certain expand in proportion to the demand for funds period of time. Some banks bought a part of or the depreciation of the paper mark. The the newly issued shares and held them in trust item deposits of the seven banks amounted to for the administration of the bank, while others 1,768,724,000,000 marks and represents a inserted a clause that new shareholders may be fifteen-fold increase over last year, as com- notified that their shares are needed and must pared with a ninety-seven-fold increase of be surrendered on terms specified at the time the wholesale price index and a thirty-nine- of their acquisition. fold decrease in the value of the mark in terms Profit and loss.—The increased activity of the of gold. Total deposits of German banks, in- banks and the rapid depreciation of the mark cluding savings institutions, at the end of 1922 are well reflected in their profit and loss statewere estimated at about 3,000,000,000 gold ments. The high rate of interest and commarks, as compared with 8,500,000,000 gold mission charged to customers, coupled with the marks at the end of 1921 and about 20,000,- huge demand for new capital and the steady 000,000 gold marks of savings banks alone in increase of securities held by banks, increased 1913. The decline in deposits of banks ex- the earnings of the latter and enabled them to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1028 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. pay dividends ranging from 150 per cent to 300 securities. Speculation in securities has in- Ser cent. Large as these profits and divi- creased steadily ever since the mark started on ends may appear, they are very small and its downward movement, and during the last show considerable decreases when measured in year was encouraged by the passage of laws terms of dollars. However, profits and divi- preventing the free purchase of foreign exdends alone do not represent the full earnings changes. Thus, large numbers of persons of the banks, for all institutions set aside large who normally placed their surplus funds in sums in the form of hidden reserves. The savings banks or in Government securities Darmstadter und Nationalbank, for instance, turned to speculative issues which promised valued its total holdings of securities, partici- larger profits. On the other hand, the depations, and real estate at 1 paper mark. How crease m the value of the mark necessitated large these reserves are may be gauged from continued increases in the capitalization of the fact that participations include such items industrial and commercial enterprises. New as the shares of the German-Brazilian Bank, issues put on the market during the past year which operates entirely on a gold basis, the amounted to 80,813,000,000 paper marks, shares of the German Orient Bank, etc., and excluding commoditv loans, as compared with that the item real estate includes the buildings 32,000,000,000 marks for the year 1921. of the main offices and of 121 branches all over These functions of the banks, which in many Germany. The other banks proceeded in respects have no connection with the commersimilar manner, placing very low values upon cial and industrial activities of the country, inthe above-mentioned assets. creased the business of the banks, which were General position of hanks.—In addition to forced to increase their staffs and to enlarge the developments of German banking during their premises. The large number of laws the past year, which are more or less reflected dealing with new taxation, foreign exchange, in the figures published by the banks, other and other matters affecting the activities of the important changes took place which find no banks may also be mentioned as causes of the expression in their balance sheets. The con- increase in the number of employees. Thus, tinued depreciation of the mark, followed by for instance, the number of employees of the an even more rapid increase in prices and Deutche Bank increased from 21,137 at the wages, made business houses more dependent end of 1921 to 26,286 at the end of 1922, and upon banks and tended to enhance the ac- the number of emplo3Tees of the Dresdner tivities and importance of the latter. In this Bank from 15,471 to .19,144. The total turnrespect, however, a great change took place over of the former institution amounted to during the last year. While the smaller 19,383,000,000,000 marks, representing a turnenterprises became more and more dependent over of 737,000,000 paper marks for each emupon bank credit, the large industrial enter- ployee as compared with 20,000,000 gold marks prises and the leading trading companies m 1913. The above factors have tended to combined into huge "vertical" trusts which increase the operating costs of all banks so that were in a position to do their own financing. the ratios of this item to gross profits have in- For them the functions of the banks became creased from year to year, as may be seen from secondary in importance and as a result in the following figures: many instances banks became subsidiaries of the large combines. Thus, while before and PERCENTAGE OP OPERATING COSTS TO GROSS PROFITS. i f n o s r ti s t o u m ti e o n t s i m e e x e a r f c t i e s r e d t h t e h e w g a r r e t a h te e s l t a r i g n e fl u b e a n n c k e in in g D B eu a t n s k ch . e D G s i c e s h s c e a o l f n l t - . to D B re a s n d k n . er s D B ta a a d r n m te k - r . the formation of syndicates and cartells and in determining their policy, the influence of 1922' 72.0 63.5 85.5 79.0 the banks in this respect has more recently 1921 63.5 60.3 59.5 71.1 1920 56.9 52.6 56.3 68.7 been diminishing and their functions have in 1919 50.3 49.7 53.3 63.7 1913 37.8 31.3 33.1 49. many cases been taken over by various forms of syndicates and combines. i Including taxes. Speculation.—Another important change This increase in the operating costs caused an that occurred during the last year is the increase in the interest rates and commissions tremendous increase in the stock exchange charged to customers and also an unwillingactivities of the banks. These activities of the ness on the part of the banks to handle small banks may be divided into two dist net groups, accounts. namely, that of trading in securities for Bank failures.—In spite of the large growth account of their customers and of issuing new of speculation in foreign exchange and in se- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1029 curities, only a few bank failures occurred in to 6 per cent, on August 28 from 6 per cent to Germany during the past year. The two in- 7 per cent, on September 21 from 7 per cent stitutions of importance which were forced to to 8 per cent, and on November 13 from 8 per close their doors early in 1922 were the Pfalz- cent to 10 per cent. These increases, however, ische Bank and the Allgemeiner Bank Verein. had very little or no effect on the credit situ- The failure of both institutions was caused by ation of the country, mainly due to the steady speculation in foreign exchange and inex- depreciation of the mark and the much higher perience of their managers. The Pfalzische rates of interest charged by private banks to Bank was taken over by the Deutsche Bank their customers. During 1922, in contrast to and the Rheinische Credit Bank, with which its activities early in 1923, the Reichsinstitutions the bank had maintained close bank took no active measures to prevent the relations. The Allgemeiner Bank Verein was steady depreciation of the mark, and its gold a new institution and its failure was brought reserve increased 9,451,000 gold marks. But about by speculation in Swiss francs, from while at the end of 1921 the total gold stock of which the bank suffered a loss of about 150,- the bank was held at home, during the year 000,000 marks. The absence of failures among 50,032,000 gold marks were deposited with the German banks is the more remarkable in view Bank of England in accordance with the law of the fact that during the same period a large passed early in 1922, which provides that the number of banks practically all over the world Reichsbank may count among its cash holdmet with great difficulties, leading in many in- ings gold deposits with foreign banks of issue, stances to suspension of payments. provided that the deposits are held at the disposal of the Reichsbank. However, under ANNUAL REPORT OF THE REICHSBANK. present conditions in Germany the relation between gold reserve and notes outstanding has Figures of the Reichsbank for the year 1922 no significance and the ratio has steadily likewise reflect the general financial situation decreased since 1918, as may be seen from the of the country. Regardless of its autonomy following table: (see FEDERAL RESERVE BULLETIN, June, 1922, p. 688), the activities of the Reichsbank were entirely determined by the state of the Govern- RATIO BETWEEN REICHSBANK AND DARLEHNSKASSEN NOTES IN CIRCULATION AND THE GOLD RESERVE OF ment finances, for the large deficits of the THE REICHSBANK. Government were covered almost exclusively by [In millions of marks.] the discount of treasury bills with the Reichsbank, resulting in the issue of new paper notes. Reich s- Per cent ReichsbankDarlehns- bank's ofpaper A th e c o R m ei p c a h r s is b o a n n k o f a t t h th e e m en o d st o i f m 1 p 9 o 2 r 1 ta a n n t d i t 1 em 92 s 2 o f is Date. notes. k n a o s t s e e s n . Total. re g se o r l v d e. b c y o n v o g e t o e r l e s d d . given in the following table: July 23,1914 1,890.9 1,890.9 1,356.8 71.8 STATEMENT OF REICHSBANK AT THE END OF 1921 AND D D e e c c . . 3 3 1 1 , , 1 1 9 9 1 1 4 8 2 5 2 , , 0 1 4 8 5 7 . . 9 8 " 1 " 0 4 , 4 2 5 42 .' . 8 2 " 3 5 2 , , 4 4 9 3 1 0 . . 7 0 2 2 , , 0 2 9 6 2 2 . . 8 2 38 7 . . 1 0 1922. Dec. 31,1919 35,698.4 13,781.2 49,479.6 1,089.5 2.2 Dec. 31,1920 68,805.0 12,033.3 80,838.3 1,091.6 1.3 fin thousands of marks.] Dec. 31,1921 113,639.5 8,324.7 121,964.2 995.4 0.8 Dec. 30,1922....1,380,094.8 13,450.4 1,293,545.2 1,004.8 0.08 1922 1921 192 I 2 n c o r v e e a r s 1 e, 921. Gross profits of the Reichsbank for the year ASSETS. 1922 amounted to 64,133,000,000 paper marks, Metal reserve—(a) gold reserve in gold marks.. 1,004,843 995,392 9,451 as compared with 9,713,000,000 paper marks Reichskassen and Dar- for the immediately preceding year. The lehnskassen notes 238,481,105 6,963,607 231,517,498 Bills of exchange and main sources of earnings of the Reichsbank Di c s h c e o c u k n s ted treasury bills 1,1 4 8 2 4 2 , , 4 2 6 3 4 5 , , 3 2 5 9 9 6 13 1 2 , , 0 3 6 3 1 0 , , 7 9 5 0 4 6 1,0 4 5 2 2 1 , , 1 1 3 7 3 3 , , 4 5 5 4 3 2 were from holdings of private and treasury LIABILITIES. bills and foreign-exchange transactions. These Reichsbank notes in cir- two items yielded 22,000,000,000 marks and De c p u o la s t i i t o s n : 1,280,094,831 113,639,464 1,166,455,367 42,000,000,000 paper marks, respectively. Of (a) Government 153,190,991 7,591,343 145,599,648 the total earnings, 17,200,000,000 paper marks (b) Private 377,335,296 25,314,330 352,020,966 Other liabili ties 115,403,260 2,944,172 112,459,088 were handed over to the Reich and about 16,000,000,000 put aside as reserve for doubtful The policy of the Reichsbank during 1922 accounts. Cost of printing paper notes was largely one of routine activity and non- amounted to 4,265,000,000 paper marks, while interference. The only means it used to check only 72,777,000 paper marks were paid to the huge expansion of credit was to raise the share holders, the dividend rate being 40 per discount rate on July 28, 1922, from 5 per cent cent as compared with 10 per cent for 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1030 FEDERAL RESERVE BULUETTN. SEPTEMBER, 1923. PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEX. Wholesale prices in the United States and many foreign countries continued to fall in July. According to the board's index numbers, prices in the United States, England, and Japan showed marked declines, but in Canada and France the price level remained stationary, or nearly so. The changes in number of points may be noted from the tables on the following page. Prices of those commodities which enter into foreign trade declined more noticeably than prices of domestic goods, although in the United States, France, and Japan a decline in domestic goods was also evident. The only group showing an increase in any of the five countries is consumers' goods, and such an increase appears hi Canada and England only. The downward movement of foreign exchange rates in all the foreign countries included caused a greater decrease in the gold basis figures than hi those based on the respective currencies of the different countries. When converted to a gold basis, prices in England remained very close to the United States level, as in other recent months. Not only did the general level of prices hi both countries move similarly in July, but the principal commodities likewise showed similar trends in both markets. The slightly less rapid decline of British as compared with American prices is largely the result of greater declines in cotton, silk, and raw sugar in the United States, and of more noticeable increases in wheat, wool, and lumber in England. INTERNATIONAL WHOLESALE PRICE INDEX FEDERAL RESERVE BOARD 1913 -100 600 600 530 550 500 * 500 / \ MO / "\ 450 400 >• 400 350 \ MCE 350 / 300 /- 300 / \ 250 250 J \ ENGL. 200 200 175 \ JAPAN/ '•\ \ . 175 a mm s CANADA\ s —~-~-• 150 150 bV/TSDSTATE; 125 125 100 100 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. J. F M.A.A. J. J. A.S. 0. N. 0. 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL, RESERVE BULLETIN. 1031 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 the 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.g Based on prices in respective currencies. Converted to gold basis. Year and month. United England. France. Canada. Japan. United England. France. Canada Japan. States. States. 1913, average 100 100 100 100 100 100 100 100 100 100 211 241 207 211 218 199 239 314 478 250 239 237 174 223 148 201 321 167 181 148 159 124 150 178 1922, average 157 167 29X 149 182 157 152 126 147 175 1922. July 165 171 307 154 195 165 156 131 152 187 165 168 29K 149 187 165 154 123 149 179 September 161 165 294 144 179 164 150 117 144 171 October 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. January 165 167 324 14K 176 165 160 112 147 172 166 170 355 152 1X3 166 164 113 150 178 March 169 175 372 155 185 189 169 122 152 180 April 169 177 3'4 156 185 169 169 126 153 181 May Ifi6 175 363 15A 187 166 166 125 152 184 164 174 372 153 186 164 164 121 150 183 July 159 170 370 153 182 159 160 113 149 178 GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES. ENGLAND, FRANCE. CANADA. AND JAPAN.' 1923 19-22 1923 1922 Countries and commodity Countries and commodity groups. groups. July. June. May. Apr. July. July. June. May. Apr. July. UNITED STATES. CANADA. 159 164 166 169 165 All commodities 153 153 155 156 154 155 159 162 165 162 Goods produced.. 151 151 152 153 153 141 148 155 156 128 Goods imported 164 166 171 173 165 Goods exported 170 182 179 186 165 Goods exported 142 146 148 152 154 163 171 176 181 177 137 141 144 143 143 160 164 167 169 143 Producers' goods 168 168 169 168 152 156 157 158 158 163 Consumers' goods 173. 167 166 170 171 ENGLAND. JAPAN. 170 174 175 177 171 All commodities.. . 182 186 187 185 195 169 173 175 176 172 Goods produced 184 187 188 185 200 164 167 167 170 158 Goods imported 173 184 180 186 167 Goods exported 173 185 189 191 158 Goods o xported 190 195 213 214 196 171 177 179 180 168 Raw materials 179 186 190 192 170 153 158 159 161 147 Producers' goods 176 185 189 188 195 178 175 177 180 190 Onnsrimfirs' grinds 186 187 185 180 208 FRANCE. 370 372 363 364 307 358 359 351 355 306 Goods imported 434 434 420 420 30S 373 373 365 297 417 418 412 413 332 Producers' goods 312 313 31** 317 237 349 351 326 335 325 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; /Wee-—August, 1922; Canada—July, 1922; Japan—September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1032 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. ALL-COMMODITIES INDEX NUMBERS.' EUROPE. Year and month. L M g t a B r i y i b u e n o m l i o - r s f ; . - 2 G S g r B t e B t a e i a n c u r a u t i a e l u i a - - l r s . ; a - l C C B t o v i z s e u f a s e t n l r k i c S o e c t i h - r t a a s a o a . u ; - l 3 - F m e i D n n t a i e d a d r n n e k - - . s ; s - F G S r r t e e B t a i a n c a n u t e a u i c - r l s . e 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 . ; ' - F m S r e t G e B t i d a a a c e e n u t u a r i r - y l . - s a 5 ; - l B I c a R t a a c r i l h c d y - i o . ; « N C B t o l i a e s e f u n t t n r S h i d e t c e r t a s s a a r ; u . - - l 'R N t O ( o i C e a o e m v n r h k w u i i r o s a i e a n k s ) . y - - ; 8 P C O S o t e t f i l f a n c a i t c t a n i r e l s a d . - 4 l ; t S r I G u a a S n p t e p n e a s t o a h t d i g i n - o y - - ; f S n w G b H d i t o n e e i o a d r g d l t n g s - e . e - - 1 s - n " ; L S D w l o a r r i n e t . z n d J e z ; . r .8 tistics.' (128) (38) (126) (33) (45) (98) (38) (100) (53) (92) (58) (74) (47) (71) 1913 . 100 100 "1,0 100 100 100 •2 100 1914 is 100 103 "100 I'lOO 101 "1.0 1.1 95 105 soi 101 116 i«i66 1919 211,166 294 356 4.2 364 297 21322 204 330 1920 1 940 382 510 2219.7 14.9 631 281 382 221 347 «326 1921 . 2,006 250 345 22 21.3 19.1 578 181 298 190 211 195 1922 367 2,473 1,355 179 327 327.2 341.8 562 160 233 1,376 176 162 166 1922. July 360 2,489 1,386 180 325 140 101 558 162 232 1,016 175 165 163 360 2,526 1,155 178 331 291 192 571 155 227 1,358 175 163 163 364 2,531 1,059 176 329 432 287 582 153 225 1,524 174 158 163 385 2,558 1,017 180 337 945 566 601 156 221 2,013 172 155 169 408 2,564 999 182 352 1,665 1,151 596 158 221 2,756 174 154 170 407 2,630 1,003 181 362 2,054 1,475 580 158 220 3,464 172 155 175 1923. 434 2,657 1,019 192 387 7,159 2,785 575 159 220 5,487 170 156 175 474 2,666 1,028 199 422 6,770 5,585 582 158 224 8,591 170 158 181 March 482 2,828 1,031 200 424 6,425 4,888 586 164 229 9,885 171 162 186 480 2,757 1,029 204 415 8,237 5,212 588 163 231 10,589 174 159 187 May. 474 2,613 1,000 202 407 14,639 8,170 580 163 233 11,254 171 158 181 June 484 2,545 967 207 409 39,898 19,385 568 163 230 18,814 170 160 180 July. 504 2,408 207 407 286,248 183,510 162 235 30,700 157 175 August 412 3,063,358 231 EUROPE—continued. NORTH AMERICA. ISIA AND OCEANIA. AFRICA. Year and month. U T B K d r n o o i o a i n a m t d f r g 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 d ta n o i t i n m i t s g e ; t d - .' o B U S t f i u S t s n L a t r t i a i t e a t c e b e a - s s d o u ; . r C m L D a a e e n b p n a o a t d r r o . a t i - f " ; C B o ti a f u s n t r S a i e c d t a a s a u . - ;B s o t t u i A r f u S s a s r C t u t l i e a a i s c e a a - - n n s ; u d . - 'n ( M C S t a h r n h h F a y in a c i i i ) n - n e i o ; s a . g f - 2 - 3 I D S r n E t B e t i u d a c a a u t i t a s u c e i - l s t s h . - ; m D c S I t ( u e e n t i C a n t c p d t a t s t a a i i l . a s r - ) o ' t - ; f - ( B J T J a a o a p n p k a k a y n n o o . ) ' f ; Z D m S t e N e i e t a c a p n e l s t a a t w i . n r s » o t d - - f ; m D ( E S C e t e t g i a a n p c y i t t a s r i p o . o s r t t - ) f - ; O A C S S f a t e f t f o i a i r n n c c u i t s c d s e i t u a . s h o - ; s f (150) (44) (45) (404) (271) (238) (92) (147) (17) (75) (•56) (106) (23) (187) 1913 100 100 100 100 100 100 84100 100 100 100 1914 99 101 98 101 "100 99 »100 95 104 »100 100 1919 .... 235 242 206 217 208 180 »133 217 198 236 178 225 170 1920 307 283 295 226 246 241 218 140 275 204 259 212 299 231 1921 197 181 188 147 182 170 167 145 176 181 200 201 171 166 1922 159 159 155 149 165 150 154 146 164 180 196 177 145 133 1922. July 160 163 157 155 166 152 157 145 167 181 201 177 138 131 156 158 152 155 164 150 155 142 163 178 195 177 139 154 156 150 153 163 145 158 139 160 176 193 174 138 155 158 153 154 162 146 159 143 160 177 190 174 140 133 157 159 153 156 164 150 162 143 160 178 188 175 144 December 156 158 152 156 165 151 161 149 160 176 183 172 147 1923. 157 161 153 156 165 151 163 153 161 179 184 171 141 133 158 163 155 157 166 153 161 158 172 180 192 172 137 March 160 163 156 159 167 155 163 159 174 181 196 173 136 April 162 164 157 159 168 156 166 158 172 178 196 174 133 130 May. 160 164 155 156 169 155 170 158 177 199 175 134 159 160 150 153 167 155 178 155 175 198 177 128 July. . ... 157 155 147 151 166 180 155 170 192 123 153 120 1 The number of commodities or quotations 7 Based upon price of 52 commodities during 1920; 53 " July 1, 1912, to June 30,1914-100. in each index is indicated by figures in paren- during 1921. "July, 1914-1. theses at head of each column. • Dec. 31,1913, to June 30, 1914=100. End of month. M January, 1914=1. 2 Average of last half of month. •15th of the month. 21 December figure. 1 Figures as of the first of the following month. "Middle of month. 22 January figure. ' End of month. i21913average=l. 23 As oflast Wednesday in month. • Average for the mont h. is July 1,1913, to June 30,1914-100. 24 February, 1913= 100. • 38 commodities prior to 1920; 76 commodi- » Corresponding month in 1913-100. 2» End of Julyy,, 1914=100. ties during 1921. End of month. 15 April, 1914=100. 17 Jan. 1, 1913. to July 31, 1914=100. "July, 1914-100. 2! September figure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 11(23. FEDERAL RESERVE BULLETIN. 1033 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 fndex numbers showing the price levels of States, England, France, Canada, and Japan separate groups of commodities in the United appears on page 1031. Group index numbers, States and a few foreign countries are presented computed as part of this international series, below and on the following page. 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. Raw materials. Pro- Con- All Year and month. p A r t g o u r d r i u c a u l c l t - s. p A ro n d im uc a t l s. p F ro o d r u es c t ts.p M ro i d ne u r c a t l s. r t a e T w r o i a t m a ls l a . - d g u o c o e d r s s . ' s g u o m o e d r s s . ' com ti m es o . di- (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. 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. 164 125 215 213 168 136 155 156 February 170 123 220 207 167 141 155 157 174 123 227 202 167 148 156 159 April 172 123 232 198 166 150 157 159 May 167 122 226 189 161 148 156 156 165 119 215 184 158 144 155 153 July 154 120 209 180 153 141 156 151 GROUP INDEX NUMBERS-UNITED STATES-BUREAU OF LABOR STATISTICS. Year and month. F p u r a c o r t d m 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 u t d a a c l l s ts. B m u ri i a a ld l t s e in . - g ic C d a r h l u s e g m a s n . - d f H u g r o i o n n o u i g d s s h s e . - la M n i e s o ce u l s - . co i m t A i m e l s l o . d- (56) (HO) (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. July 135 142 180 254 121 170 121 173 114 155 August 131 138 181 271 126 172 122 173 115 15S 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 15( 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... . 139 144 201 190 152 202 134 187 125 156 June 13S 142 198 186 148 194 131 187 123 153 July 135 141 193 183 145 190 128 187 121 151 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1034 FEDERAL, RESERVE BULiETIN. SEPTEMBER, 1923. GROUP INDEX NUMBERS OP WHOLESALE PRICES IN FOREIGN COUNTRIES. FRANCE." UNITED KINGDOM—STATIST.' Groups. Au 1 g 9 u 23 s . t, J 1 u 9 l 23 y . , J 1 u 9 n 23 e . , Au 1 g 9 u 22 s . t,Au 1 g 9 u 2 s 1. t, Groups. J 1 u 92 l 3 y . , J 1 u 9 n 23 e . , M 19 a 2 y 3. , J 1 u 9 l 22 y . , J 1 u 92 l 1 y . , 407 409 331 331 All commodities 147 150 155 157 186 385 388 327 355 Foodstuffs 155 154 163 174 206 393 400 354 371 Animal foods 155 157 166 187 212 340 346 292 337 180 190 215 156 144 Sugar, coffee, cocoa 455 447 336 352 Vegetable foods . 144 137 139 165 222 425 425 334 312 Materials 142 148 150 147 174 376 367 275 245 135 138 142 125 168 Textiles. 527 544 421 321 Textiles 156 169 168 166 167 Sundries 408 406 330 356 137 141 144 151 183 CANADA—DEPARTMENT OF LABOR.' GEEMANY—FEDERAL STATISTICAL BUREAU.* All commodities 166 167 169 166 176 Grains and fodder 126 130 134 143 146 All commodities.. 183,510 19,385 192 19 Animals and meats 127 129 130 143 143 Goods produced.. 160,841 17,029 165 19 Dairy products 118 115 120 122 133 Goods imported.. 296,857 31,166 325 19 Fruits and vegetables 170 170 172 178 157 Other foods 164 165 164 154 174 Textiles 188 192 189 184 179 GEEMANY—FRANKFURTER ZEITUNG.s hides and leather 96 99 102 100 105 Metals 155 158 161 138 147 Implements 215 213 214 216 236 All commodities 286,248 39,898 291 Building materials—lumber. 191 192 192 178 217 Foodstuffs and luxuries. 234,828 37,683 292 Fuel and lighting 203 204 204 234 207 Textiles and leather 457,915 61,841 322 Drugs and chemicals 156 156 157 160 175 Minerals 407,450 45,301 426 I M nd is u c s e t ll r a i n a e l o fi u n s ished products 2 2 1 1 2 0 , , 1 5 3 2 5 1 3 2 4 9 , , 7 8 3 0 6 9 2 2 1 2 6 7 AUSTRALIA." All commodities 178 170 157 159 ITALY.* Metals and coal 165 166 176 195 Textiles, j ute, etc 195 183 156 111 Agricultural products. 168 169 153 158 Groups. J 1 u 9 l 2 y 3 , . J 1 u 9 n 23 e . , M 19 a 23 y . , J 1 u 9 l 2 y 2 , . sac D G M r a e o i a c r t y e r p ie r s o a d n u d c ts tobacco. 1 2 1 7 0 7 3 0 1 1 1 1 7 7 5 2 1 2 1 1 1 8 5 1 1 6 9 1 1 1 6 1 8 6 9 8 Building materials 185 187 168 238 Chemicals 186 187 199 220 All commodities 91 93 83 Vegetable foods 105 110 112 100 Other vegetaule products.. 109 122 113 92 CHINA.' Animal foods 107 110 100 109 Chemicals 69 70 68 65 All commodities 155 155 158 145 145 T M B Su e u i x n n il t d e d i r r l i a e i n e l s g s s a m n a d t e m ri e a t l a s ls 8 6 8 9 5 4 4 3 9 8 6 8 2 2 5 3 7 6 7 9 6 1 9 1 9 5 6 8 5 4 0 7 C T O M e e t e r h x t e e t a a i r l l l s e s f s ood products 1 1 1 1 5 5 5 5 6 6 3 4 1 1 1 1 5 5 5 5 6 3 8 4 1 1 1 16 5 6 5 2 5 0 4 1 1 1 1 4 3 4 2 7 6 5 7 1 1 1 1 4 2 5 2 1 4 2 8 Fuels 168 168 170 169 178 Building materials.. 161 159 162 162 169 SWITZERLAND.* Industrial materials. 171 173 178 191 272 Sundries 133 126 134 136 140 All commodities 175 180 163 181 SPAIN.1 Consumers' goods 176 177 167 209 Agricultural products. 139 151 153 152 Industrial products 193 166 153 All commodities 170 171 174 178 186 Total food 167 171 176 178 Animal foods 179 194 194 193 UNITED KINGDOM—BOARD OF TRADE.i V Li e q g u e o ta rs ble foods 1 1 5 6 4 5 1 1 6 5 6 5 1 1 7 6 0 9 1 15 8 5 1 Total industrial materials. 176 176 180 198 Fuel and lighting 175 174 186 218 All commodities 157 159 160 160 194 Textiles and leather... 172 172 148 136 Total food 155 153 150 169 211 Metals 155 156 151 163 Cereals 139 141 144 156 202 Building materials 229 229 242 255 Meat and fish 148 148 150 170 213 Chemicals 147 147 163 195 Other foods 177 168 154 181 216 Total, not food 158 163 166 156 186 Iron and steel 148 153 157 137 202 BELGIUM.s Other minerals and metals 139 147 152 138 185 June, May, April, June, June, Cotton 188 197 193 191 180 1923. 1923. 1923. 1922. 1921. Other textiles 167 169 174 166 159 Other articles 161 165 165 164 193 All commodities... 484 474 480 356 11913-100. Food products 408 381 362 344 2 1913=1. Fuel 639 643 634 392 'July, 1914=1; figures as of the beginning of the following month. Metals 501 492 526 319 *192J=100. Pottery 645 619 644 525 6 July, 1914=100; figures as of beginning of the following month. Chemical products. 430 429 439 321 • July, 1914=100. Textiles 580 681 579 432 ' February, 1913=100. Building materials 447 433 433 358 8 April 15,1914=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1035 INDEX NUMBER OF THE CANADIAN BUREAU OF STATISTICS. A new index number of wholesale prices in number of the Canadian Department of Labor, Canada has recently been constructed by the which has hitherto been the official Canadian Dominion Bureau of Statistics. It is cal- index. culated from 238 series of price quotations, and The index numbers for all commodities by the year 1913 is adopted as the base period. months since January, 1919, are shown below. The index number is weighted according to The larger table gives the same index monthly the importance of the various commodities, since January, 1922, in the grouping according and three systems of groupings are used. The to chief component material. classification according to chief component material," which is the principal analysis, is INDEX NUMBERS OF WHOLESALE PRICES IN CANADA; published herewith. The other classifications DOMINION BUREAU OP STATISTICS. are according to "purpose" (wood, clothing, [1913=100.] producers' goods, etc.) and according to origin" (farm, forest, mineral, marine, etc.). Mouth. 1919 1920 1921 1922 1923 Since the method of constructing the new index is similar to that emploved by the 205 233 202 150 151 United States Bureau of Labor Statistics for 2 2 0 0 1 0 2 24 3 1 8 1 1 9 8 1 6 1 1 5 5 1 2 1 1 5 5 3 5 this country, a satisfactory comparison between April 198 251 181 151 156 May 201 257 171 152 155 prices in Canada and the United States is now 201 255 164 151 155 possible from the official index numbers of the July 2 2 0 0 7 2 2 2 5 5 0 6 1 16 6 6 3 1 15 5 0 2 154 two countries. It may be noted incidentally 213 245 162 145 214 236 156 146 that the new Bureau of Statistics index number 217 224 154 150 moves on a lower level than the unweighted 223 212 154 151 GROUP INDEX NUMBERS—CANADA—DOMINION BUREAU OF STATISTICS. [1913=100.] Year and month. V pr e o g d e u ta c b ts le . p a A r n o n d d i m u th c a e t l i s s r . an t F e d x i b t t i e e l x r e s s t , i , le w u o c W o t d s o , o p a d r n o , d d- pr a o n I d d ro u n i c t t s s. m No e n t t a h f l e e s r i r r a o n u d s l N i a c n o m d n m i t n h e e e t r a i a r l- ls a C p n r h d o e d m a u i l c c li a t e s l d . s m A o ll d c it o i m es - . products. paper. products. products. (67) (SO) (28) (21) (26) (15) (17) (14) (238) 1922, average 148 135 178 166 150 99 189 167 150 1922. January 146 137 172 166 148 104 192 170 150 February 157 135 172 162 116 102 192 167 152 Marcn 162 133 167 162 145 97 191 167 151 April 161 137 165 163 143 96 191 166 151 May 161 131 173 165 145 97 187 166 152 June 156 131 175 164 147 98 187 166 151 July 157 134 175 166 148 99 188 167 152 August 148 133 174 166 152 99 186 167 150 September 132 131 174 166 157 100 192 166 145 October 131 133 176 171 156 100 190 166 146 November 137 140 183 171 155 188 166 150 December 138 143 184 174 154 188 167 151 1923. January 137 141 188 176 157 100 167 151 February 142 139 199 175 161 98 185 167 153 March 144 139 205 175 163 103 187 165 155 April 151 136 202 174 166 102 187 165 156 May 153 127 198 175 171 103 183 165 155 June 151 126 202 180 172 102 183 164 155 July 147 126 199 179 170 184 166 154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1036 FEDERAL RESERVE BULLETIN. SEPTEMBER, 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. EUROPEAN COUNTRIES. UNITED STATES AND OTHER COUNTRIES. Neth- Y m e o ar n a th n . d e ( A n t V r n u i i a s a - - ). g B iu e m l- . 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 i 7 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 n w e d r i - . t " - U K d n o in i m t g e . - dU St n a i t t e e s d . C ad an a. - t A ra u l s ia - . ( I b B n a o d y m i ) a . - l N Z a e n e w a d - . dam). 1914, July. 1 3 100 100 100 1 ii 8 100 100 100 100 100 <100 100 100 100 100 100 100 1920, July 459 373 13 452 210 319 190 297 239 258 215 227 194 167 1921, July. 410 306 15 15 501 180 295 184 232 205 220 145 148 161 ifi 164 „ 1922. July 3 282 381 1 430 297 68 522 140 233 179 179 157 180 139 138 148 160 144 Aug 7,224 377 1,290 289 97 111 531 139 232 178 181 152 175 136 141 149 159 141 Sept 13 531 386 1 105 291 154 176 537 141 228 179 180 153 172 137 139 149 161 139 Oct 11,886 406 1,016 290 266 288 555 143 220 178 178 153 172 140 138 146 158 139 Nov 11,145 432 984 297 550 605 561 136 216 178 170 156 176 142 139 145 155 139 Dec 10,519 429 962 305 807 831 557 137 215 177 168 156 178 144 140 146 157 138 1923. 10,718 426 941 309 1,366 1,336 542 140 214 180 166 155 175 141 142 145 151 139 Feb 10,784 439 934 316 3,183 3,319 527 142 214 181 165 154 173 139 142 144 150 139 Mar .. 11,637 439 926 321 3,315 3,323 523 141 2H 178 166 156 171 139 145 145 149 141 12 935 417 927 320 3,500 530 139 212 180 163 158 168 140 143 148 150 142 May 13,910 414 928 325 4,620 135 214 178 161 161 162 140 140 148 148 143 June 14,132 426 933 331 9,347 213 170 161 165 160 141 138 146 142 July 12 911 459 921 321 37 651 218 160 164 162 144 137 148 12,335 328 220 162 165 1 Includes, in addition to foodstuffs, certain items of fuel and light. ' April, 1914. 3 Average for 1913. • June. COST OF LIVING INDEX NUMBERS. EUROPEAN COUNTRIES. UNITED STATES AND OTHER COUNTRIES. Neth- 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 e m l- . l F an in d - . F ( r P i a s a n ). r c - e c m i G t ( a i 7 e e n 1 r s y - >. m ( G l B i a n e e n ) r r . - y - I l ( t a M a n l i ) y - . d l ( s a a A e t n m e r m d - r ) - s . - N w o ay r- . 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 ) s d . ( U M S s c e t n h a a t i s t u t t s e s e - 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 UOO <100 UOO *1 • 1 «100 >100 100 1 •100 100 '100 100 100 100 «100 •100 1920 July 931 341 9 11 441 217 302 252 217 198 190 190 1921^ July.. 100 404 1,214 307 11 11 494 208 302 257 205 219 180 157 155 177 133 1922. June 1,871 373 1,137 302 38 41 488 187 255 684 155 180 167 152 146 163 151 121 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 1,160 289 114 164 498 175 249 1,077 154 179 166 152 147 165 150 120 Oct 10,332 406 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 1,158 300 612 868 504 176 238 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 8,351 160 174 155 150 155 149 May 11,440 407 1,096 3,521 490 9,467 163 170 156 147 153 150 June 11,513 417 1,109 6,979 •191 173 236 12,780 166 169 170 156 146 151 151 July in, 903 448 1,111 71,476 9.365 166 169 157 144 153 10 496 171 i Apr. 15. 1914-100. •First half of 1914=100. ' 1913-100. « 1913-1914=100. • 1910-11-100. « 1909-1913-100. a August, 1913-July, 1914-1. 6 June. » 1910-100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEE, 1923. FEDERAL, EESEEVE BULLETIN. 1037 INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES. UNITED KINGDOM. PRODUCTION. TRANSPORTATION. Unem- Raw ployed Unem- Net cot- British among ployed profits Y m ea o r n t a h n . d Coal. i P ro ig n. S c i g a n i a t n o n e g s d t - e t s s - l . i s F s t h e in e ed l - . v p i s t s o u i i y p b n - - , l ' e m t I s u a f r t a a r n e o c n e d e n - u s l . - m t C u f t a a o r o c n e n t - s - u . - Coal. R t c o o a n w t- . w R o a o w l. h R w id a e e w t s. u s t V c t s n i r o o e e d u n l s n e s c - - . r - c c w a s l i e r e n i g a t l g h s r o - . m t N o i r l e n a e t - i s lwa f T r y e r o s i e t g . - a h l t 1 0 s s 2 0 p u o , 0 0 e r n e 0 r i s - d 0 n . , ' - - a u t m i n r s a i o t o d s n n . e g - p i c n a t o r n d o i m u i a f e l s - s - . ceipts. Long Lonf Long Long Long Square Long Gross Net Ton- £ ster- Per Per Per Monthly av: tons.1 tons.1 tons.1 tons.1 Bales.' tons.1 yards.3 tons.1 Lbs.' Lbs.' Lbs1 tons.1 ions.1 miles.' ling.1 cent. cent. cent. 1913 23,953 855 639 414 •596 6,117 181 67 7,757 2,003 5,652 2.1 11.7 1920 19,108 670 756 646 1,397 271 374 2,078 158 73 4,508 3,603 3,049 1,546 2.4 15.2 1921 18,38.8 218 302 238 1,234 142 244 2,055 98 63 5,367 3,313 3,033 1,108 •9,074 13.8 15.3 10.3 1922 20,996 408 486 349 1,064 283 352 5,350 119 92 5,500 1,810 4,974 1,401 9,636 13.3 15.4 7.0 1922. July 23,135 399 473 345 252 447 5,064 111 79 8,277 4,829 1,369 9,561 12.6 14.6 5.9 August 19,151 412 528 338 864 270 381 6,146 81 107 8,154 5,855 1,455 9,398 12.3 14.4 September.. '25,681 430 556 386 853 279 400 7,083 60 52 8,220 1,617 5,731 1,464 9,204 12.2 14.6 October 21,207 482 565 393 882 347 357 6,195 128 60 5,701 5,590 1,54.5 9,922 12.3 14.0 9.1 November.. 21,712 494 601 410 1,056 372 402 6,571 183 60 6,160 5,653 1,568 9,954 12.6 14.2 December.. '25,841 534 546 407 1,138 341 364 5,955 205 70 5,711 5,145 1,429 8,887 12.4 14.0 1923. January 21,219 568 634 480 1,123 353 404 5,612 135 5,041 5,281 1,616 9,828 13.0 13.7 February... 22,247 543 707 507 1,104 318 346 5,903 130 3,955 4,985 1,505 9,183 12.1 13.1 March 6 27,577 634 803 568 1,024 368 337 7,180 124 4,768 1,492 6,043 11.4 12.3 April 21,264 652 749 513 871 387 316 6,841 63 4,299 5,980 11.2 11.3 May 20,464 714 821 537 762 425 410 7,684 54 5,520 6,414 11.0 11.3 June 22,417 693 7t>8 602 365 305 6,589 36 5,460 1,338 6,339 11.0 11.1 July 20,061 655 624 535 308 320 6,767 46 8,476 5,540 11.3 11.1 ' In thousands; 000 omitted. ' Figures for end of the month. » Figures for 5 weeks. 2 In millions: 000,0(10 omitted. * Expressed in yards. • 11 months average. 7 Figures subsequent to May, 1922, have been revised to include a due proportion of claimants to beaeflt in respect to systematic short time previously not included. Differences from former results are usually less than 0.5 of 1 per cent. FRANCE. PRODUCTION. EXPORTS. IMPORTS. TRANSPORTATION. Unem- Cotton ployed Year and month. Pig iron. C st r e u e d l e . s H to a c v k r e a . t ' Total. Total. c c o o t n R t i t s o o a u w n n m . f p o - r co si t n R l i k s o a u w n f m o . r p- c C o o t n i a s o l u n m f . o p r - c V le e a ss re e d ls . l A o f a r d v e c d a e i a i i r g n l r a h y g g t s e . o R p f w a e p l c a r e y r i a i n s p i . c l ' t - i s -m r u e a P c n i a d e i r c i i i v i s n p i . n a t l Metric Metric Metric Metric Metric Metric Metric Monthly average: tons.1 tons.1 Bales.1'1 torn.1 tons.1 tons. tons. tons.1 Tons.1 Number. Francs.1 Number. 1913 '434 '391 274 1,840 3,685 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 30,222 1921 . 280 255 169 1,333 3,165 16,666 205 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. June 416 358 145 1,800 4,313 22,380 391 1,829 2,473 49,585 517,104 958 July 428 369 153 1,737 4,220 26,325 566 1,631 2,523 50,031 651,720 602 447 397 135 1,788 4,512 16,291 579 1,767 2,399 50,875 546,310 606 462 407 99 2,616 4,138 17,302 550 1,692 2,359 54,431 720,210 410 503 430 131 2,034 4,543 27,877 722 1,768 2,336 57,185 563,314 272 513 410 158 2,034 4,577 20.387 526 1,965 2,455 56,046 532,152 285 813 414 197 2,429 4,930 36,468 436 2,177 2,366 55,848 691,539 414 1923. 486 408 203 1,896 4,111 33,275 238 1,888 2,146 54,432 484,566 681 306 290 169 2,490 3,884 18,405 230 1,732 1,892 55,890 496,581 666 March 316 316 125 1,822 4,087 19,867 285 2,053 2,467 56,528 516,463 588 April 350 355 102 1,513 4,175 17,270 176 1,927 2,485 54,900 647,472 354 May 393 388 84 1,880 4,502 17,093 298 2,183 2,832 53,660 523,097 199 447 427 64 1,799 4,932 12,550 276 2,561 2,804 542,148 iee July 436 300 47 1,921 4,864 14,292 808 2,817 558,709 171 • In thousands; 000 omitted. • End of the month figure. • Railways included are: State Railways, Paris-Lyon-Me'diterranfie, Nord, Origans, Est, Midi, Alsace-Lorraine, and Gulllaume-Luxembourg • Bale of 50 kilograms. ' Figures do not include Lorraine. • Excludes the Alsace-Lorraine and Guillaume-Luxembourg Railways. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1038 FEDERAL RESERVE BULLETIN. SEPTEMBER,, 1923. CANADA. Re- Receipts at PRODUCTION. ce o ip f ts s T tn 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. Wil- re- trade- failir P o i n g . C st r e u e d l e . l P a i A a n o r m d r - t Cattle. Hogs. P bo l a a a n 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 to w n. c e M h r i y a n . - - ceipts. u m b n e e i r m o s n . - ures. thur. Bush- Num- Num- Bush- Dol- Dol- Per Num- Tons.1 Tons.1 els.' ber. ber. Feet.' Lbs.' Lbs.' els' Tons.' Lbs.' lars.' lars.' 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 a 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. June 5,597 34,856 41,445 214 6,749 168,169 11,760 412 8,438 2,008 30,536 5.3 64 July 5,420 52,473 32 812 215 9,936 155,502 9,487 427 7,518 1,559 33,274 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 78 December... 32,044 45,705 49,244 187 8,614 140,001 40,669 1 964 16 980 1,986 36,758 6.4 82 1923. January 41 11,574 42,126 64,219 168 7,325 139,749 9,740 1,876 20,0?6 1,981 30,686 7.8 Febiuary... 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 6.8 77 April 84 7.641 44,969 58.771 152 5,452 103,660 5,143 1,432 9,633 2,410 33,128 4.6 60 May 102 10,561 48,493 59,044 218 8,693 119,832 11,932 1,620 7,567 2,397 34,848 4.5 60 June 99 6,907 34,531 38,962 228 7,300 177,996 22,229 1,794 6,520 2,606 33,902 58 July 82 74 6,032 53,089 44,096 36,145 ' In thousands; 000 omitted. ' In millions; 000,000 omitted. JAPAN. PRODUCTION.1 EXPORTS. IMPORTS. 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 a o e c a m k t k r o . - a s - , S ra il w k, . f ( t a h a S b a y i r b l e i k c u ) s . - C y o a t m to s n . S s g i i a h n h n r n e a g i g r d e y s s t t , - . - G t r e e a e . n 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 t a 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 e p i y f l - t t - s e s . Monthly average: Bales. HM.* Pound: Bales. Pkuls.' Picul*. Pkuls. Yards.*Piculs.' Ptculs.i Plculs. Piculs.' 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 14,357 648 46,918 528 2,216 4,548 27,589 1921 151 149 44,538 58,477 21,836 1,702 73,065 23,210 9,240 720 22,278 312 2,324 4,342 31,182 1922 185 145 52,445 44,832 28,697 1,721 98,516 24,260 16,619 716 47,096 545 2,969 4,768 33,864 1922. 192 173 52,791 18,547 29,569 2,176 139,057 29,713 27,858 490 68,415 890 3,024 4,965 32,180 Julv 181 159 53.734 45,848 34,541 1,793 51,660 25,234 28,243 433 37,431 872 2,987 4,641 32,977 179 116 54,553 56,032 36,196 2,017 40,075 22,343 39,512 731 29,936 697 3,119 4,489 33,944 September 179 121 53,326 48,810 35,959 1,686 68,773 17,668 30,677 766 17,559 351 2,849 4 502 32,464 October 193 118 54,892 48,472 35,970 1,839 118,431 25,259 22,118 330 16,994 332 2,784 4,920 35,374 November 199 123 54,340 75,419 26,804 1,253 101,406 22,537 16,244 339 47,469 240 2,895 4,884 32,882 December 190 117 56,306 68,304 31,133 1,608 129,466 29,463 15,533 805 46,182 131 3,049 5,189 33,041 1923. 175 llfi 57,119 47,394 14,985 717 73,769 22,989 2,149 885 53.280 152 2,771 4,496 30,166 February 183 90 57,637 30.900 25.399 1,129 54,298 24,431 2,914 91S 35,093 239 2,589 4,580 28,909 189 124 61,624 30,714 16,928 738 98,505 30 499 2,193 1,126 94,970 299 3 315 5,414 37,513 April 196 73 63,893 28,783 27,696 862 98,376 33,003 1,650 880 75,727 258 2,916 May 193 117 64,801 33 471 16,797 672 72,292 29,995 6,645 944 01,999 411 3,330 June. 182 97 63,229 36.923 July 116 49,172 1 In thousands; 000 omitted. 1 One hitd equals two pieces. ' A picul varies from 133 to 140 pounds avoirdupois. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1039 SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. GERMANY. UNEMPLOY- PRODUCTION. EXPORTS. IMPOBTS. SHIPPING. 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 a r n o o n d n n u- c t h e a r M i l i n n e c a c d e a - - r l y s D d t a u y n y f e d e f - s 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 l s r i n o g. f A a e c v v p a 1 fo e a n 0 p r r i 0 t l l y s i - - p U r p e e l n i o c r n e e y s g m o i e v n d - - s B n u fa u r e i s e s l s - i s - . factures. sup- silk. able State plies. posi- aid. tions. Monthly aver- Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Num- Num- Num- Numage: tons.6 tonsfi tons. tons. tons. tons. tons. tons. tons. tons.* ber. Tons.6 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 1,182 815 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 1393 •30,894 '619 700 794 1«5 310 744 1922 13,337 11,432 220,803 49,147 12,731 421,835 15,910 407 21,483 1,003 907 1,084 131 77 84 1922. 11,416 10,487 213,220 49,347 16,335 528,766 15,723 436 22,037 1,159 1,092 1,287 103 29 91 July 11,972 11,411 212,365 44,162 12,671 199,961 14,119 435 26,085 962 793 1,065 104 20 81 August 12,780 12,147 198,408 50,978 12,616 121,359 11,011 459 20,915 997 1,005 1,171 107 15 59 September 12,623 11,823 244,012 40,150 13,477 110,245 8,708 342 13,959 1,090 945 1,208 119 12 45 October 13,329 12,078 246,074 50,699 15,187 125,670 10,023 371 10,584 1,316 1,016 1,272 134 17 43 November 12,986 11,896 233,553 41,644 11,110 137,341 9,198 425 20,622 842 877 1,046 162 25 34 December 12,251 11,897 285,464 85,350 16,472 123,826 8,828 297 25,942 1,038 936 1,041 187 43 39 1923. January 1,987 9,104 236,709 42,209 13,651 90,626 11,448 254 26,382 867 993 1,142 214 85 24 February '1,554 8,2*9 209,965 34,438 12,077 120,947 10.240 244 19,030 269 900 1,047 242 160 17 March 143,853 36.608 11,443 34,237 8,635 278 10 665 148 1,250 1,381 245 190 30 April. 143,213 30,038 9,244 142,219 26.170 202 19,423 141 1,165 1,319 2)5 222 45 May. 135,605 30,464 10,223 92,735 9,998 249 16,380 100 1,102 1,314 211 266 32 107,151 24,856 9,716 75,315 11,867 455 5,604 208 1,158 1,313 255 35 July 1,411 18 1 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 Business Year and month. ir P o ig 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. wi e V t n h e t s e c s r a e e r l d g s o. wi V c t l h e e a s c s r a e e r l d g s o. r o F e a n a i r l r e w S n ig t a e a h y d t t s e . v w a p o c e r a r k n m 1 c 0 i e e 0 n s. failures. Metric Metric Cubic Metric Metric Metric Monthly average: torn.1 torn.' meters.1 ton*.' ton*.' Ncttont.i Nettons.i 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. 21 24 500 80 172 596 738 645 215 362 July 20 27 608 89 214 625 787 715 203 374 August 22 27 639 104 294 694 836 7«5 172 300 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 28 29 384 158 346 655 671 635 321 309 1923. January 22 15 97 41 227 776 757 643 346 387 6 0.4 45 12 201 657 631 6fi9 308 338 March 10 1 38 9 218 7«5 231 322 Anril 10 2 74 18 243 747 273 May 12 2 311 93 363 702 135 301 10 2 442 84 310 696 146 305 July 364 92 270 141 261 1 In thousands: 000 omitted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1040 FEDERAL BESERVE BULLETIN. SEPTEMBER, 1923. 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. to d F b a r o a i n o n c d d k co , , .u f r a m a n i m a c r R m t a l t i a u s a i c a t n w r l a e n e e l n - y u d s d - .f A m a w m c r h a t t a o u i o i n c n r r l u l e l l e y y d - s . l i a M p n p n a c i i e o n r s l o u c s c g t u e e d . l l s - - , Total. to d F b a r o a i n n o c d d k co , , . [ f r u a m a i m a r n R c t a l i t a m s a i c u t n w l a e r a e l n - e v s n d d u . .! ™ A m „ Ia , „ r c ^ t ™ • t i ° u c 1 r l e , , - e y d , - s l i a M p n p n a c i o i e n r s l o c s u c g t e u e d . l l s - - , Total. ex R p e o - rts. e e a x T x n p p d o o o ta r r r t t e l s s - . Monthly average: 1913 24,184 23,485 16,134 259 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 90,458 3,122 5,297 49,055 1,126 58,600 8,921 67,526 1922 39,429 24,853 19,160 261 83,660 3,027 8,501 47,451 1,062 60,041 8,648 1922. July 38,770 24,237 18,579 151 81,784 2,806 8,041 48,455 1,117 60,419 8,317 68,735 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 68,893 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 95,600 3,408 10,101 51,964 1,018 66,491 9,148 75,639 December 42,292 32,499 19,838 283 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.... 40,726 27,732 21,226 338 90,022 2,646 11,564 45,935 776 60,921 9,086 70,006 April :...:: 41,772 22, 939 21,446 260 86,417 3,224 11,717 46,922 1,009 62, 871 12,429 75, 300 May 43,631 23,741 21, 562 544 89,479 3,851 14,041 52.801 861 71,555 11,773 83,328 June 44,087 23,652 21,179 390 89,308 3,940 11,540 46,534 870 62,884 10,955 73,838 July 35,188 20,991 20,272 368 76,818 3,131 10,835 44,734 59,504 8,800 68,304 FOREIGN TRADE OF FRANCE. EXPOKTS.l Year and month. In thousands of francs. In In thousands of francs. In thou- thou- Food. ma R te a r w ials. M a t r a u t n i r c u e l f d e a s c . - Total. s m a t n o e d n tr s s i . c of Food. ma R te a r w ia - ls. M ar t a u t n i r c u e l f e d 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 . c of Monthly average: 1913 151,465 412,144 138,169 701,778 3,685 69,908 154,841 301,421 47,182 573,351 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 19212 517,158 1,033,170 412,045 1,962,373 3,165 161,031 463,219 1,067,413 104,430 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.» June' 466,816 1,094,023 291,144 1,852,000 4,313 132,055 441,485 885,222 92,368 1,551,130 1,800 July ;;;: 489,000 1,191,000 317,000 1,997,000 4,220 114,000 441,000 910,000 67,000 1,532,000 1,737 August 510,597 1,096,903 352,229 1,959,729 4,512 179,407 408,005 931,066 157,836 1,676,000 1,788 September 473,000 1,087,000 333,000 1,893,000 4,138 141,000 477,000 1,055,000 68,000 1,741,000 2,616 October 570,395 1,189,564 348,913 2,108,872 4,543 195,467 493,804 1,098,983 149,213 1,937,467 2,034 November 516,586 1,478,424 353,235 2,348,245 4,577 196,112 537,370 856,421 116,596 1,706,499 2,034 December 628,705 1,903,975 390,616 2,923,296 4,930 249,079 1,185,596 1,119,980 224,292 2,778,947 2,429 1923. January 457,976 1,374,222 312,096 2,144,294 4,111 187.004 434,786 944,740 129,368 1,695,898 1,896 February. 551,134 1,445,337 346,543 2,343,014 3,884 242,045 729,853 1,235,587 121,373 2,328,858 2,490 March 613,952 1,508,160 364,624 2,486,737 4,087 243,551 728,243 1,379,622 122,962 2,474,378 1,822 April' 582,489 1,628,170 349,539 2,560,198 4,175 1,513 May 599,368 1,611,688 385,825 2,596,881 4,502 271,206 810,836 1,455,389 137,614 2,675,045 1,880 June 569,370 1,654,438 334,528 2,558,336 4,932 252,543 768,803 1,321,161 136,884 2,479,391 1,799 604,000 1,657,000 354,000 2,615,000 4,864 280,000 761,000 1,276,000 107,000 2,424,000 1,921 July 1 Not including reexport trade. 3 Imports calculated on basis of actual declared value. ' Calcullaatteedd oonn 11991199 vvaalluuee uunniittss.. < Beginning with June, exports calculated on 1921 value units, s Value of exports not available. Beginning with May, exports calculated on 1922 value units. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1041 FOREIGN TRADE OF DENMARK. ITALY, NETHERLANDS, SWEDEN, CANADA, BRAZIL, INDIA, AND JAPAN. Denmark. Italy. Netherlands. Sweden. Canada. Brazil. 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- 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 (i) (l) 71 68 56 31 84 82 134 205 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 2H0 214 135 104 1922 126 103 1,311 776 169 102 97 97 63 74 138 194 201 244 158 136 1922. 142 126 1,663 861 151 101 93 104 62 73 130 149 162 193 157 146 July 117 107 1,134 672 164 105 83 113 61 72 109 154 182 245 142 144 134 90 1,052 732 179 99 105 132 67 74 147 1S2 212 252 137 146 135 122 1,231 747 165 116 109 123 60 73 132 202 1X2 2)6 135 150 148 112 1,399 889 187 112 118 122 67 104 202 299 229 216 105 161 129 120 1,248 1,046 172 104 111 128 76 132 169 237 207 2X9 116 139 143 110 1,918 1,014 163 100 110 120 70 112 186 250 192 281 143 158 1923. January. 143 108 1,060 789 173 92 88 65 68 66 183 248 214 295 150 95 February 156 118 1,572 750 162 95 88 49 65 59 141 251 194 317 156 123 March 168 134 1,496 887 165 107 109 61 92 78 232 283 185 327 197 121 April 168 118 1,404 722 170 97 115 62 68 54 177 220 211 307 188 150 May 154 134 1,587 782 160 104 111 105 84 76 193 300 203 115 June 141 136 160 98 111 112 85 95 208 110 July 141 130 77 84 159 119 1 II 1 Dutch figures for 1913 not comparable with later figures. • Based on 1920 value units. • Based on 1921 value units. FOREIGN TRADE OF UNITED STATES.o [In thousands of dollars.) Groups of domestic exports.1 Y m ea o r n t a h n . d im T p o o ta rt l s. ex T p o o ta rt l s. A a p n n a r i i n o m m d d a a - l l s V p t f a r o e b o o g l d d e e - - ve O p u g r e c t o h t t a d s e b . - r le Textiles. p W a a p n o d e o r d . m m i N e n t e o a r n l a l - i l c s. f m m a O c a e a t n r t u n e a d r u s l e s , - s , v M e e r h y a i c c a h l n i e n d s - . , I Chemi- Miseel- p R o e r e t x s. ucts. ucts. thereof. 1921. January 208,797 654,271 60,151 111,670 36,428 83,581 22,732 91,039 101,955 104,833 16,833 12,962 12,086 February 214,530 486,454 45,777 84,074 29,810 55,687 16,145 66,450 73,665 77,691 I 10,559 9,708 16,837 March 251,969 386,680 42,783 73,944 29,601 39,995 12,268 53,444 44,328 56,256 8,797 8,053 17,210 April 254,579 340,464 38,632 69,900 22,987 33,983 11,301 56,171 34,955 46,600 8,299 7,575 10, 000 May 204,911 329,710 30,836 81,381 23,538 42,159 9,771 56,181 29,177 40,527 7,174 6,704 7, 260 June 185,690 336,899 33,823 87,097 19,416 42,655 10,116 55,125 27,798 39,728 7,107 6,886 7,150 July 178,159 325,181 41,445 81,061 25,520 51,013 9,473 43,992 23,049 30,051 6,396 6,710 6,471 August 194,769 366,888 45,716 134,007 27,985 38,175 9,357 41,741 20,671 29,454 I 6,913 6,607 6,262 September 179,292 324,863 42,891 94,174 16,443 55,883 9,356 35,073 23,456 26,701 ! 8,112 6,312 6,442 October 188,008 343,331 32,550 62,151 21,426 104,266 9,765 40,098 22,555 29,501 8,124 6,513 6,382 November 210,948 294,092 28,745 49,493 16,719 76,815 10,139 40,883 26,543 25,582 7,950 6,374 4,850 December 237,496 296,198 30,647 45,034 22,405 74,072 11,653 39,827 25,509 27,600 ! 8,373 0,056 5,024 1922. January 217,185 278,848 34,601 50,088 20,616 55,659 10,883 39,8r>5 25,211 24,492 7,923 5,284 4,237 February 215,743 250,620 34,877 46,109 18,935 42,471 9,582 33,882 23,215 23,773 7,665 5,624 4 4S7 March 256,178 329,980 39,750 65,350 21,402 59,465 13,079 44,290 32,349 29,406 10,472 7,541 6 815 April 217,023 318,470 30,338 56,696 22,564 72,376 12,271 38,486 29,310 30,644 9,561 9,085 7 138 May 352,817 307,569 32,301 60,281 19,428 63,133 12,074 35,662 29,394 39,777 10,426 8,449 5 643 June 260,461 335,117 36,001 68,389 18,053 70,939 12,304 37,353 31,107 37,789 8,660 7,044 7 478 July 251,772 301,157 34,454 63,569 18,054 60,818 10,885 36,197 27,020 31,014 8,453 6,177 4 662 August 281,376 301,775 32,690 81,934 16,463 47,287 12,645 34,192 26,275 30,034 8,372 6,382 5,533 September 298,497 313,197 31,211 74,340 19,164 60,146 11,669 41,609 25,849 29,154 8,199 6,116 5,634 October 276,099 370,719 33,997 62,407 29,162 110,749 12,335 47,076 25,480 30,245 8,159 6,567 4,543 November 291,805 380,000 33,440 59,165 23,703 125,733 11,825 44,857 25,039 33,726 9,314 7,742 5,508 December 293,789 344,328 37,464 46,562 22,231 95,073 12,969 45,677 27,744 35,484 8,881 7,269 5,073 1923. January 329,903 335,539 44,229 41,324 27,006 79,468 13,763 46,603 30,945 33,470 8,639 5,449 4,645 February 303,413 307,208 39,262 46,778 17,619 67,631 14,135 42,387 25,917 33,442 9,321 5,675 5,101 March 398,178 341,162 44,690 40,244 21,937 68,118 14,887 50,075 33,043 41,301 11,857 7,179 7,831 April 364,230 325,727 39,842 37,938 21,089 57,177 15,882 51,241 34,742 41,722 11,498 7,136 7,369 May 373,244 316,649 37,116 46,326 15,856 40,129 16,534 56,369 36,786 41,789 11,821 6,943 6,980 June 320,257 320,054 32,554 39,271 21,917 47,282 18,417 56,510 36,042 41,541 11,291 7,814 7,815 July 287,335 303,030 6,179 a In the July and August BULLETINS the foreign trade of the United States is shown by countries; in the June BULLETIN and previous issues it is shown by groups of commodities classified according to stages of manufacture, i Not including reexports. 61297—23 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1042 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. FOREIGN TRADE INDEX. but it should be noted that the volume of exports has for many months been much lower There are presented below the Federal Re- relative to 1913 than has the volume of imports. servt Board's series of index numbers designed Lower exports of raw materials were the result to reflect relative quantity movements in the of decreases in exports of cotton, tobacco, foreign trade of the United States. Changes wheat, and corn, as is usual at this season of in the level of prices have been allowed for by the year. The increase in producers' goods multiplying the quantities of selected com- was caused by larger exports of gasoline, steel modities exported or imported each month by rails, copper wire, and cottonseed oil. The fixed 1913 prices.1 very marked decline in the quantity of sugar exported was chiefly influential in the decline of consumers' goods group. Illuminating oil, EXPORTS. IMPORTS. cotton cloths, and boots and shoes fell slightly. Year and Pro- Con- Pro- Conmonth. m ri a a t l e s. - g d o er u o s d c ' - s. g s e o u r o m s d ' - s. Total m ri a a t l e s. - g d o er u o s d c ' - s. g s o e u r o m s d ' - s. Total INDEX OF OCEAN FREIGHT RATES. (12) (10) (7) (29) (10) (12) (5) (27) 1913, year... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 The accompanying table shows the monthly 1919, year... 88.9 155.1 1S3.6 115.3 157.5 192.9 147.5 168.4 fluctuations in ocean freight rates prevailing 1920. year... 92.2 158.7 133.6 107.5 135.8 227.5 138.9 168.8 1921, year... 103.1 116.9 124.1 108.9 113.6 162.8 141.4 135.6 between United States Atlantic ports and the 1922, year... 89.7 108.9 135.1 101.1 157.6 253.1 143.0 189.1 principal European trade regions. The figures 1922. are derived from the actual rates quoted on January 82.6 104.3 129.7 94.5 118.4 228.7 135.2 160.1 February... 6a 5 86.0 127.6 82.6 128.3 281.3 133.5 1S3.4 the following commodities: Grain, provisions, March 89.8 121.7 156.5 106.9 148.1 306.8 161.1 206.5 cotton, cottonseed oil, and sack flour. Rates April 90.5 120.9 150.5 106.0 125.5 236.1 152.0 169.1 May. 78.3 128.8 155.4 99.4 144.6 227.9 168.0 177.9 in January, 1920, have been used as a base. June 86.3 124.3 169.2 107.4 148.7 273.3 137.3 191.0 July 79.1 124.0 133.5 95.0 146.9 266.3 137.5 187.7 For the methods used in constructing the S A e u p g t u em st ber 8 9 8 1 . . 8 2 9 9 0 8 . . 0 9 1 1 2 1 6 1 . . 3 5 9 9 6 6 . . 7 2 1 18 7 3 4 . . 5 2 2 2 4 5 4 5 . . 0 5 1 1 3 2 3 0 . . 4 3 1 1 9 9 4 6. . 7 2 index see the August, 1921, BULLETIN, pages October 122.9 96.8 121.0 119.8 155.0 241.6 138.8 172.4 931-934. November.. 112.6 101.6 117.2 112.4 195.1 244.0 144.4 204.1 December.. 86.7 109.9 122.8 96.5 219.1 263.0 153.9 224.0 RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND 1923. January.... 78.8 126.5 137.3 95.8 220.4 312 2 155.3 242.3 EUROPEAN TRADE. February... 62.2 133.6 129.6 83.5 197.1 249.5 156.8 209.1 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 United States Atlantic ports to- May. 56.0 149.4 130.8 81.0 201.1 326.6 144.7 236.4 June 63 6 145.8 113 3 82 3 167 0 292.0 134.6 206.0 July 57.4 159.6 106.2 77.9 156.2 198.9 121.1 155.6 Month. United French N la et n h d e s r- Scandi- Medi- AU In 1 1 T 91 h 3 e f l o i r s m t I e n d c l 4 u 9 d .3 e s p 2 e 7 r c o e f n t t h e o f m th o e st t i o m ta p l o i r m ta p n o t r t i m v p al o u r e t s s , t a h n e d v 2 a 9 lu o e f o t f h e w m hic o h st K do in m g . - Atlantic. Be a lg n i d um. navia. t n e e r a r n a . - Europe. Important exports the value of which in 1913 formed 56.3 per cent oi the totalexpoit values. The classification of the original list ofeommodities used was given in the July, 1920, BULLETIN. The classification of 11 January, 1920.. 100.0 100.0 100.0 100.0 100.0 100.0 additional commodities of imports was given in the April, 1921, BULLE- January, 1921.. 60.7 30.2 34.1 42.9 43.2 43.3 TIN, and 2 additional commodities in the November, 1921, BULLETIN. Exports of gasoline have been altered to include naohtha. 1922. January 31.7 22.7 23.3 23.4 32.2 27.1 February 34.7 25.9 25.2 23.3 31.8 29.1 In July there was a decline of 20 per cent in March 33.1 26.5 24.9 23.4 30.1 28.3 the board's index number of 27 commodities April 27.3 24.8 22.7 24.0 27.1 25.4 May 27.9 25.5 22.8 23.4 27.4 25.7 imported, all of the groups showing decreases. June 27.5 26.1 23.0 23.4 27.4 25.7 July 28.8 25.9 22.6 23.0 26.4 25.8 The raw materials group was influenced chiefly August 29.2 23.4 20.7 22.4 24.0 24.0 by the smaller quantities of cotton, copper, S O e c p to te b m er ber 2 25 7 . . 3 0 2 2 3 4 . . 9 1 1 1 9 8. . 9 1 2 22 2 . . 9 6 2 21 2 . . 6 2 2 22 3 . . 7 4 and lumber that were imported. Nearly all November.... 28.0 23.4 21.3 22.9 21.3 24.0 the commodities included in the group of pro- December 27.1 25.6 22.2 22.7 21.8 24.4 ducers' goods imported declined, but rubber 1923. January 25.3 24.7 19.8 22.3 21.2 22.9 and sugar were the influencing factors in the February 21.8 22.6 18.6 22.3 20.6 21.1 decrease of 32 per cent for this group. Con- March 23.1 23.6 20.0 22.3 19.5 21.9 April 22.6 24.2 21.9 22.3 22.0 22.6 sumers' goods as a group fell 10 per cent. May 22.3 23.7 21.0 22.3 20.9 22.1 June 21.2 23.5 19.9 22.3 20.6 21.3 A smaller decline of 5 per cent appears in July 20.2 21.5 18.1 22.3 18.9 19.9 August 20.1 22.2 17.7 22.3 19.6 20.0 the index number for commodities exported, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1043 STATE BANKS AND TRUST COMPANIES. tual savings banks, but in all other districts reports of other banks are included to make the The following list shows the State banks and trust com- figures thoroughly representative. panies which were admitted to membership in the Federal reserve system during the month ending August 29, 1923, on which date 1,028 State institutions were members of SAVINGS DEPOSITS BY FEDERAL RESERVE DISTRICTS. the system: [000 omitted.] Num- Aug. 1, July 1, Aug. 1, District. ber of banks. 1923. 1923. 1922. Dhtrict No. 2. Mutual Bank of Roseville, New- No. 1—Boston 64 $1,192,585 $1,188,854 $1,102,250 ark, N. J $200,000 $160,000 52,446,487 No. 2—New York 30 1,854,810 1,859,503 1,728,753 Dhtrict. No. 6. Mo. 3—Philadelphia 80 461,876 456,910 423,963 j No. 4—Cleveland 18 430,014 430,919 377,989 Farmers Bank of Pelham, Pel- No. 5—Richmond 92 289,348 291,721 269,238 ham, Ga 100,000 j 50,000 634,147 No. 6—Atlanta 98 216,381 218,042 190,651 District No. 7. No. 7—Chicago 209 858,0B8 867,528 764,312 No. 8—St. Louis 35 129,740 129,907 114,733 First State Bank, Mount Carroll, No. 9—Minneapolis 15 88,821 89,123 79,165 111 100,000 ; 1,406,824 No. 10—Kansas City 50 91,293 92,330 81,859 District No. 12. No. 11—Dallas 123 91,545 91,855 77,661 No. 12—San Francisco 75 936,123 934,834 802,488 American Bank, San Francisco, Calif. 2,000,000 \ 400,000 26,260,787 Total 895 6,640,604 6,651,526 6,013,062 Converted into national bank.—First State Bank, Streetman, Tex.; First State Bank, Porrin, Tex.; Bank of Commerce, El Dorado, Ark. Insolvent.—Capital City Bank, Santa Fe, N. Mex.; State Bank of Belt, FIDUCIARY POWERS GRANTED TO NA- Beit, Mont. Expiration of cnarfer.—First State Savings Bank, Mount Carroll, 111., TIONAL BANKS. succeeded by the First State Bank, Mount Carroll, III., now a member. Voluntary liquidation.—Commercial Bank, Yakima, Wash. Withdrawals.—Bank of Arcadia, Arcadia. Wis.; Citizens Bank, Dyers- During the month of August the Federal Reserve Board burg, Tenn.: Clarkfield State Bank, Clarkfield, Minn.; Wells-Hine approved applications of the national banks listed below Trust Co., Savanna, Mo. for permission to exercise one or more of the fiduciary Chanye o't'tle.—Union Savings Bank & Trust Co., Cincinnati, Ohio, to Union Trust Co.^CincinnaH, Ohio; Deposit Bank of Winona, Winona, powers named in section 11 (k) of the ITederal reserve act Minn., to Deposit Bank & Tru=t Co , Winon*, Minn. as amended, as follows: Closed.—State Bank of Garfield, Panguiteh, Utah. 1. Trustee. Merger.—Columbia Bank of New York, N. Y., has merged with the Manufacturers Trust Co., Brooklyn, N. Y. 2. Executor. 3. Administrator. 4. Registrar of stocks and bonds. 5. Guardian of estates. SAVINGS DEPOSITS. 6. Assignee. 7. Receiver. 8. Committee of estates of lunatics. Savings deposits, as reported by 895 banks 9. In any other fiduciary capacity in which State banks, distributed throughout all sections of the trust companies, or other corporations which come into United States, decreased during July in allcompetition with national banks are permitted to act Federal reserve districts except in the Boston, under the laws of the State in which the national bank is located. Philadelphia, and San Francisco districts. The The numerals opposite the name of each bank indicate large increase in the Philadelphia district was the power or powers it is authorized to exercise, as given partly accounted for by a bank merger. De- below: posits for the entire country on August 1 were $6,640,604,000, as compared with $6,651,526,- 000 on July 1, a decrease of 0.2 per cent. De- Place. t D ri is c - t Name of bank. Powers No. granted. creases during July are largely seasonal, due to withdrawals for financing vacations and for Columbia, Pa 3 Central National Bank 1 to9 making investments. Compared with deposits Kutztown, Pa 3 Kutztown National Bank. Ito9 on August 1, 1922, increases were noted in all P P e it n ts A bu rg rg y h l, , P P a a 3 4 F H i i r g s h t la N n a d t i N on a a ti l o B na a l n k Bank. 5 It t o o 9 9 districts, and for the entire country the increase Lake Charles, La... 6 Calcasieu National Bank 5 and 8 Buffalo Center, First National Bank 1 to9 was 10.4 per cent. A comparison of savings Iowa. deposits on August 1, 1923, with deposits onFort Dodge, Iowa.. 7 Fort Dodge National ltoS Bank. July 1, 1923, and August 1, 1922, is shown in Waukesha, Wis 7 Waukesha National Bank. ltoS Billings, Mont 9 Midland National Bank.. Ito9 the following table. The figures for the Boston Lead, S. Dak 9 First National Bank Ito9 and New York districts are those of large mu- HaskeU, Tex 11 Haskell National Bank 1 to 3, 5 to 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1044 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. PHYSICAL VOLUME OF TRADE. Substantial increases in the receipts of grain at interior markets, together with a moderate Despite usual seasonal factors and the rise in the movement of live stock, was responlethargy in buying which had been reported for sible for the upward trend of the agricultural some weeks, the volume of production and index. Shipments of grain from interior cenmovement of goods during July was remark- ters were small for this season of the year, as ably well maintained. There were recessions were receipts at seaboard cities. Stocks of in many lines, it is true, but they were little wheat were large in the interior, but small at more than seasonal. Railroad car loadings, ports. Receipts, shipments, stocks, and the visione of the best measurements of the movement ble supply of corn were all abnormally small. of goods, averaged over 1,000,000 cars weekly Sight receipts of cotton were greater than those and for two successive weeks broke all previous of June, the smallest since June, 1920. Cotrecords. The production of manufactured tonseed receipts were very small. Loosegoods was somewhat less than during June, and leaf tobacco sales during July were practically the output of mineral products remained un- negligible. The movement of citrus fruits changed, as shown by the indexes given below. from California slackened some, but orange The index of production in basic industries, shipments were still rather large for July. which includes both manufactured goods and Although declines were more common than minerals and is corrected for seasonal factors, increases in the output of various minerals showed a very small decline. The movement during July, the only decreases of any size of agricultural goods increased considerably occurred in the cases of anthracite and lead. during July, and the agricultural index for The output of bituminous coal and of pig iron that month was slightly above that for July, was only fractionally less than in June, whereas 1922. that of zinc and copper was slightly greater. VOLUME OF DOMESTIC BUSINESS ( MONTHLY AVERAGE, 1919 - 100 ) PER PER CENT CENT 160 160 140 /•••. 120 120 100 80 80 60 60 40 20 20 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. 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

SEPTEMBER, 1923. FEDERAL, RESERVE BULLETIN. 1045 Zinc shipments showed little change, but stocks INDEXES OP DOMESTIC BUSINESS UNCORRECTED FOR increased considerably. Crude petroleum pro- SEASONAL CHANGES. duction rose above the figures for May and [Monthly average, 1919=100.] June and established a new high record. AGRICULTURAL MOVEMENTS. Practically all manufactured products showed d cr e e c a li s n e e s s no in t ed o u w tp e u re t i d n u r m in o g s t J c u a l s y e . s s T m h a e l l f . e w T h in is - Date. a T t g o u r r i t e c a . u l l 1 - m T a a o n l t i s a - . l g T r o a t in a s l . Cotton. Fruit. b L a t c o e c a - o f . is seasonal, for in the majority of industries 1922. July is a less active month than June. In July 80 81 106 33 59 12 August 107 97 154 48 43 55 iron and steel, declines occurred in the produc- September 129 107 151 140 38 86 October 154 132 136 228 41 145 tion of steel ingots, in orders for structural November... 138 122 118 204 49 96 steel, steel barrels, and steel castings, and in December 121 105 129 139 100 97 unfilled orders of the United States Steel Cor- 1923. January 107 108 116 80 100 75 poration. Among textiles, both cotton and February 73 84 76 37 118 45 wool consumption was less than during June, March 78 88 83 40 159 31 April 70 88 70 26 149 5 whereas silk deliveries increased slightly. May 70 97 52 32 19S 1 Cotton finishers reported rather substantial June 66 88 61 24 166 July 82 97 95 25 114 declines in production, shipments, and orders, and knit-underwear manufacturers also cur- i Combination of 14 independent series. * Less than one-half. tailed production some, although shipments MINERAL PRODUCTS. were fairly well maintained. The large numb m in e o c r r n e o t a h f s s e h a id g i e o n s w p a s u o s t l r e i e - n s l t e p o a o t n p h s r e i o r b c l e e s p s f r o o b r d y u t h c t e t a i n o s n n u e b r s s d t a u s n o r t i m i n a g e l Date. T p u m o e c i r r t t n o a a s - d l l . - 1 t n c B u o o i a m u - l i s . -t c A c h o i n r a t a l - e . -C p l e r e t u u r d m o e . -Iron. C p o e p r - . Zinc. Lead. July to the largest figure since 1919. The number of shoes manufactured was smaller in 1922. July than in June. Building materials showed July 6 6 5 8 4 58 5 2 2 1 1 4 4 8 7 9 7 4 1 8 9 5 4 8 8 1 0 8 9 8 7 mixed tendencies—lumber output by most September 100 107 68 144 80 90 84 95 October 119 118 116 150 104 96 102 108 associations declined, as did the production of 120 119 114 152 112 95 102 113 brick and of oak flooring, whereas that of 125 122 115 159 121 98 109 109 cement and of pine lumber increased. Auto- 1923. January 132 131 119 164 127 105 118 113 mobile production and shipments declined 117 111 106 154 118 96 108 104 considerably, but as compared with figures of March 134 123 128 178 138 114 124 121 April .. 127 111 110 184 139 110 119 117 previous years were still rather large. Sugar May 137 121 117 197 152 117 121 124 135 119 118 195 144 117 109 125 meltings were unusually small for July and the July 135 118 113 207 144 117 110 121 number of animals slaughtered fell off slightly, but wheat flour production increased by such a ' Combination of 7 independent series. substantial amount as to raise the index for PRODUCTION OF MANUFACTURED GOODS. the food-products group. INDEX OP PRODUCTION IN BASIC INDUSTRIES, WITH Date. T m t u o u f a a t r a n c e l - - .' Steel. L b u er m . - p P e a r - . l t P e r e o u - - m. T ti e l x e - s. Le e a r t . h- Food.ba T c o c - o. ALLOWANCE FOR SEASONAL VARIATION. [Monthly average, 1919=100.] 1922. July 96 105 104 100 146 95 97 115 1919 1920 1921 1922 1923 A Se u p g te u m st b . e .. r. 1 1 0 0 5 1 1 9 0 4 0 1 1 1 0 6 2 1 1 1 0 1 8 1 1 4 3 1 9 1 11 1 1 6 1 9 0 9 5 1 1 2 3 2 4 October... 108 122 115 113 147 120 106 115 November 109 122 113 113 150 125 115 112 January... 107 116 84 87 121 December 100 118 104 107 153 113 107 February.. 100 115 84 91 120 March 98 115 81 95 125 1923. April 99 108 79 86 124 January.. 109 136 106 117 157 128 105 115 May 93 105 77 92 127 February. 100 123 96 109 141 122 78 96 101 June 93 107 77 94 122 March 113 144 129 120 156 128 92 110 116 July 102 105 74 95 121 April 107 141 110 116 153 124 91 99 105 August 103 102 79 94 May 112 149 127 128 158 119 91 103 118 September. 105 102 79 100 June 2 107 134 116 *114 156 110 88 94 121 October... 101 99 83 107 July a 101 125 107 »103 158 94 100 97 120 November. 98 95 86 116 December. 103 90 83 116 i Combination of 34 independent series. 2 Partially estimated. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1046 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. COMMODITY MOVEMENTS. COMMODITY MOVEMENTS—Continued. •Tidy, June, July, July, June, i July, 1923. 1923. 1922. 1923. 1923. 1922. Grain and Flour. Live Stock—Continued. Shipments of stockers and feeders from 33 Receipts at 17 interior centers (000 markets (head, 000 omitted): om W C O i o a t h t r t e n e s d a ( ( ) t b b : u ( u b s s u h h s e e h l l s s e ) ) ls) 4 1 1 8 6 2 , , , 5 5 0 0 8 4 5 7 3 1 1 1 5 5 9 , , , 6 3 0 8 1 9 1 6 9 4 2 1 5 6 8 , , , 4 3 4 0 6 4 7 6 3 C H Sh a o e t g t e l s p e and calves 2 30 2 3 4 0 1 2 1 5 1 2 4 6 1 2 2 2 2 0 9 1 3 Rye (bushels) 1,458 2,542 1,433 Total 555 391 453 Barley (bushels) 2,018 2,162 2,283 Slaughter at principal markets under Federal inspection (head, 000 omitted): Fl T o o u t r a ( l b g a r r a re in ls ( ) bushels). 8 2 0 , , 4 6 2 11 7 5 2 4, , 8 0 0 6 0 4 93 2 , , 9 6 3 1 2 2 C Ca a l t v tl e e s 7 3 2 7 5 9 3 7 8 2 8 7 6 3 9 2 7 9 Total grain and flour (bushels)....'.. 91,533 64,087 105,687 H Sh o e g e s p 3,9 9 8 6 3 2 4, 9 3 1 0 4 3 3, 9 0 6 9 4 4 Shipments at 14 interior centers (000 Total 6,049 6,332 5,084 omitted): Meats, cold-storage holdings, first of fol- Wheat (bushels) 20,582 16,732 28,552 lowingmonth (pounds, 000omitted): B C O R o a y a r r t e l n s e ( ( y ( b b b u u ( u s b s s h u h h e s e e l h l s l s s e ) ) ) ls ) , 1 1 4 1 0 3 , , , , 3 0 2 5 4 7 5 3 9 8 9 3 1 1 3 1 5 1 , , , , 7 6 3 5 0 4 2 2 8 4 2 4 2 1 1 3 1 4 1 , , , , 9 9 4 1 9 4 6 0 5 5 1 5 Exp P L B o o r a e t e m r s k f o b p f a r c o n e d d rt u a m c i t n u s t m to e n at products (pounds, 1,00 4 2 4 6 , , , 9 0 0 4 4 9 6 4 9 90 5 3 7 7 , , , 5 2 0 4 3 9 7 7 8 8 4 2 3 7 6 , , , 0 3 5 3 0 3 0 5 8 000 omitted): Total grain (bushels). 49,801 48,930 80,058 Beef- Flour (barrels) 3,686 3,520 3,998 Canned 174 176 273 Total grain and flour (bushels) 68,388 64,770 98,047 F P r ic e k sh led and other cured 2,0 2 1 7 6 1 2,1 1 0 3 7 9 2,0 1 1 9 6 2 Hog products— St m oc o C W O k n o s a h t r t h n e a s a t ( ( ( t 0 b b 1 0 u ( u 1 0 b s s u h h o in s e e m h l t l s e s e i ) ) r l t s i t o e ) d r ) c : ent ' e . rs at close of 2 1 1 4 , , . 4 2 1 0 3 4 3 1 2 22 1 6 , , , 5 8 8 7 6 0 8 7 2 1 1 3 0 0 1 , , , 3 3 8 6 2 0 5 9 4 L P B H o a a a r c r m d k o , n s p a i n c d k le sh d oulders 3 6 2 3 9 6 7 , , , , 3 4 6 5 7 7 8 8 6 8 3 1 2 3 6 2 8 0 4 , , , , 6 7 6 9 4 4 0 7 1 9 5 7 3 2 6 6 3 6 2 , , , . 0 2 5 6 5 8 4 6 8 4 4 8 Rye (bushels) 10,223 13,065 634 Barley (bushels) 564 398 Dairy Products. Receipts at 5 principal markets (000 Total grain (bushels). 37,563 45,003 53,530 omitted): Butter (pounds) 75,692 90,415 92,829 Visible supply of grain east of the Rocky Cheese (pounds) 23,312 25.421 23,940 Mountains (000 omitted): Eggs (cases) 1.338 2.072 1,561 Wheat (bushels) 31,237 27,688 21,533 Poultry (pounds) 16,696 16,562 16, 709 Corn (bushels) 2,256 38,470 20,561 Cold-storage holdings first of following Oats (bushels) 6,138 9,234 38,224 month (000 omitted): Creamery butter (pounds) 101,714 62,770 103,151 Receipts at 9 seaboard centers (000 American cheese (pounds) 55, 76S 3fi, 226 46,5N0 omitted): Eggs (cases) 10,503 10,208 10,161 Wheat (bushels) 9,448 12,382 17,501 Poultry (pounds) 41,262 49,069 30,659 Corn (bushels) 1,004 2,381 6,478 Fishery Products. Oats (bushels) 1,153 1,147 4,018 Rye (bushels) 1,871 3,459 2,454 Fish landed by American fishing vessels, Barley (bushels) 1,943 584 3,073 total catcii (pounds, 000 omitted) 21,367 18,614 18,738 Cold-storage holdings, frozen and cured Total grain (bushels). 15,419 19,953 33,524 fish, on 15th of month (pounds, 000 Flour (barrels) 1,436 1,377 1,376 omitted) 47,047 34,891 42,890 Total grain and flour (bushels) 21,879 21,330 39,715 Other Agricultural Products. Cottonseed (tons): Stocks at 8 seaboard centers at close of Received at mills 13,314 23.561 17,846 month (000 omitted): Crushed 14,549 33,391 24.445 Wheat (bushels) 5,401 2,325 7,235 Stocks at mills at close of month 12,032 13, 768 13,168 Corn (bushels) 120 883 936 Cottonseed oil (pounds, 000 omitted): Oats (bushels) .. . 924 1,488 2,027 Production 9,266 11.003 7, 232 Rye (bushels) 609 542 258 Stocks 5,036 11,733 6,905 Barley (bushels) 2,390 735 2,901 Oleomargarine consumption (pounds, 000 omitted) 11,616 14,361 14,974 Total grain (bushels) 9,444 5,973 13,357 Tobacco sales at loose-leaf warehouses Wheat flour production (barrels, 000 (pounds, 000 omitted): omitted) 10,408 8,331 10,321 B urley 177 206 1,547 Western dark 70 139 406 Live Stock. Sale of revenue stamps for manufacture of tobacco, excluding Porto Rico and Receipts at 57 principal markets (head, Philippine Islands (000 omitted): 000 omitted): Cigars(large) 589,176 591,514 585,874 Cattle and calves 1,881 1,610 1,679 Cigars (small) 36,620 40.724 42,341 Hogs 4,089 4,131 2,930 Cigarettes (small) 5,839,707 5,836,468 5,246,«10 Sheep 1,650 1,438 1,617 Manufactured tobacco (pounds) 31,210 32,539 32,591 Horses and mules (42 markets) 17 12 15 Fruit shipments (carloads): Grapefruit 187 616 57 Total. 7,637 7,191 6,241 Oranges 3.862 4.986 1,5«1 Lem ons S3S 1.376 833 Shipments at 52 principal markets (head, Apples 3,153 468 2,592 000 omitted): Vegetable shipments: Cattle and calves 741 631 664 White potatoes (carloads) 15,651 19,849 18, 755 Hogs 1,480 1,017 Onions (carloads) 1,396 683 1,5H8 Sheep 707 625 693 Rice (pounds, 000 omitted) 34,558 34,837 26,755 Horses and mules (42 markets) 15 12 14 Sugar, all ports (long tons): Receipts 265,143 354,739 521,282 Total. 2,943 2,657 2,388 Meltings 282,100 328,400 513,300 Raw stocks close of month 358,683' 396,233 444,375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1047 COMMODITY MOVBMBHTS—Continued. COMMODITY MOVEMENTS—Continued. July, June, July, July, June, July, 1923. 1923. 1922. 1923. 1923. 1922. Forest Products. Lumber: Textiles. Number of mills— National Lumber Manufacturers' Cotton (bales, 000 omitted): S W W o A e e u s s s t t t s h e o e C r c r n n o i a a P t P s i i o t n i n n e L e u A A m s s s b s o o e c c r ia m ia ti t e o io n n n 's Asso- 5 1 S 7 8 0 I 1 5 1 5 8 9 1 1 0 4 1 5 7 7 0 7 6 S A S S i t t m g o o h c c e t k k r s s i r c e a a a c t n t e m w i s p a p i t l r s i l e n s h n o e u rs s ' e t s akings 1,0 2 2 9 8 9 3 7 9 1 9 1 1 1 , , 3 2 2 2 4 3 5 7 5 3 4 5 1 1 , , 2 4 3 3 1 8 2 9 8 8 2 3 Prod N u a c c t i t i a i o o ti n n o a n l ( f L ee u t, m 0 b 0 e 0 r ,0 0 M 0 a o n m uf i a tt c e t d u ) r — ers' 114 118 119 V C Sp o is i n i n b s d u l l e m e s s p u t a p i c o p t n i l y v b e y 'd u m r i i l n l g s month (num- 8 4 3 6 7 2 1,1 5 0 4 8 2 2,8 4 4 5 0 8 Nav S S al p h i s i r p t W N W S i S W o W m t r o s o a c c A A e e e e e e u u t i i o s s s s i s n s a a s t t t o t t t f s h h s t t t a e e i i n s o o e t e t o o r C C r u c a c r r n n n n ( 3 n n i l i o o r f a a p e a a s P L P t t e P P e s s o i i i i o o u t t t n u n i i n , n n n n m t e t e L L 0 i e e h n b 0 A u u e A e A A 0 e r m m s , s r n 0 s s s s ( b b 0 s s o c o M p o o 0 e e a c c c o c s r r i i a o a i i m m k a r a a n t m t t s i t t i s e e u ) o i i o : — i o o n n f n t n a n n t ' ' s s e c d tu A A )— r s s e s s r o o s - - ' , 1 1 , , 1 2 4 3 1 3 1 3 1 9 3 3 0 9 7 0 2 6 5 7 5 4 0 9 1 1 , , 2 4 4 4 3 4 1 1 6 5 2 2 7 3 9 0 ! 2 0 4 9 9 4 ? ) 1 1 , , 4 1 3 4 3 1 0 0 0 0 2 4 0 3 9 5 7 3 4 7 5 4 2 2 F K i n n i i t C U s S P O S P N S F h p r r u h h i a n e r b ( n e o o i n d n i i w 0 f e d n p p i d d i c e 0 d s r l d m m u u e 0 r l , h e o c e s l l , c c r e e 0 0 e e r i l d t t w a r d d t 0 0 n n i i e t t o o e 0 0 e t t o h o i c s s s r o n n a r n o e t o s o n d r o i ( u m m v ( r s e c c f r e y ( e a a r k s i d i c s a d b s t t s o e t e t r r e e a i e z d s i ( ( v d n c c ) c d e y s e s ) d t a n ) , a i : d s s v 0 r e o ) d 0 e s : f s 0 ) , m o d 0 o m u 0 n 0 r i i t t n h o te g m d ) i m tte o d n ) th .. 3 3 9 2 4 0 3 7 6 3 5 7 3 0 1 5 1 0 9 7 5 0 6 4 , , , , , , , , . , , 1 2 9 4 3 8 5 2 1 8 8 3 3 3 5 5 6 3 7 6 4 6 6 8 1 1 1 1 9 9 0 3 8 1 3 3 1 ,0 3 9 7 4 9 4 5 8 8 8 4 0 4 1 7 9 8 7 7 4 , , , , , , , . , , 3 3 1 3 8 5 1 4 4 , 5 4 & 8 4 0 4 5 8 7 9 2 1 5 6 2 3 5 8 6 8 8 3 51, 5 3 2 0 3 7 0 8 8 4 4 8 6 7 5 6 7 4 2 4 6 5 2 0 , , , , , , , , , , , 0 0 0 0 2 0 6 2 5 5 4 4 5 3 4 0 5 5 7 1 1 7 5 2 7 9 8 9 7 2 0 0 2 Rosi R S n t e o ( c c b e k a i s p r r t a e s t ls c )— lose of month 4 2 0 1 , , 5 2 8 8 0 5 3 1 9 3 , , 0 1 1 7 4 6 3 1 8 6 , , 1 72 6 6 7 Woo C P l: e o r n c s e u n m ta p g t e io n o f ( p a o c u t n iv d e s , 0 m 0 a 0 c o hi m ne it r t y e d t ) o .. 46,347 52,649 46,902 R S t e o c c e k i s p t a s t close of month 1 21 2 9 7 , , 1 0 3 9 5 8 2 1 1 1 5 6 , , 1 9 0 0 0 2 3 1 0 0 3 7 , , 5 8 8 2 8 2 tot L a o l s o p r m e a p c s e o r w te i d d — er than 50-inch reed 81.8 84.0 64.1 Fuel and Power. Looms 50-inch reed space or less... 82.9 84.6 71.5 Coal B A A a i n n n t t t u d h h m r r c a a i o n c c k i i e o t t e e n ( s s c c h o c o o o a a l a l r t l p s h t p r o o i r p n o d m s d u , u c e 0 c t n i 0 t o t i 0 s o n n o • mitted): 4 8 6 5 , , , 3 2 1 2 6 2 0 0 6 4 8 6 5 , , , 6 6 49 6 3 0 5 5 1 0 7, ) 0 1 0 16 3 Perc C S S S e p e p n o t i i t m s n n a n g n b o e i s i f n n c g g o a r s s f d p p a s i i n n ct d d i l l v e e e s s , , h w w o o o u r o r s l s t e e n d to total 8 8 8 9 1 6 8 0 . . . . 6 3 8 5 8 8 8 9 3 0 7 8 . . . . 6 2 2 8 8 7 8 6 3 8 5 3 . . . . 1 0 2 7 ' O P e il t r r C P o P S e l r t r o f b e o o o i k n u e c d d e B B r e m k — u u ) r s e y c c i , e e - i t a c - n s p i t h o : r g r u n i c o v l d o d o e e u i s l e c c ( w o t b o k e a c f e l r o l m r s p k e e r o l c o s n o p , d t m r 0 h u o 0 p c d 0 t l u i e o o c te n t m d io i n t ( t n e u d m ): - 2 6 9 5 1 3 3 1 , , , , , 2 0 7 2 5 4 5 5 3 8 7 4 5 3 2 2 6 8 3 1 1 1 3 , , , , , 1 8 4 6 7 6 9 5 3 5 6 1 1 0 5 2 4 6 6 2 1 1 , , , , 4 5 4 3 7 5 9 8 9 9 0 3 5 8 6 re C S S S L p L p e p o o o o s t i i o m p r o s n n t m a m n n b e o c i s s i s d f e n n - c g 5 g w a 0 r s s i - d d i p p n s e i i c n n r h d d t l l r h e e e s s a e , , n d w w s 5 o o p 0 o r a s - l c e i t n e e n c d o h r l r e e s ed s.. 7 9 9 9 8 8 0 3 7 9 4 0 . . . . . . 3 8 2 7 2 7 1 1 9 9 8 8 0 0 4 3 8 3 2 5 . . . . . . 5 0 0 8 4 9 6 6 8 8 8 66 0 8 2 6 2 . . . . . . 1 4 2 5 0 8 Production (00(1,000 omitted)— Men's and boys' garments cut (334 iden- Stoc C L C L G K G G K G ks r u u r a a a a e e u u b b s s s s r r ( d d o o o o 0 r r a a e e s i i 0 s l l n i i c c n - - e e 0 n n o o a a d n n d . e e 0 i i t t e e l l 0 i i f f ( n n ( u 0 r r u ( ( g g g g e u u g g e a a l o n n a a l l l o o l m l l l o o o l l o i i ( ( o o i l l n i i b b n s l s l t n n s s a a s t ( ' s s ( ( e ) ) r r g g g ) ) ( r r d a g a a e e ) l a l l l l — l l l s s l o o o l ) ) n o n n s n s s ) ) s ) ) 1 1 1 , , , 0 4 1 2 6 2 1 0 5 6 « 9 3 2 5 3 8 1 3 5 9 4 7 5 1 4 8 1 l. , S 2 6 9 2 1 ' 6 M 7 9 3 6 3 4 7 4 1 6 2 4 7 8 9 1. 5 9 1 7 3 M 9 3 5 7 0 7 9 4 2 9 5 9 0 3 3 5 4 Ra ti w c C M M M B B a s l o m o e e e i n y l e n n n - k s W O W O s s s ' ' ' s s s : u ' t ' t t a m s o o o s s h O h b u e o o u v e e p l v i p l l i e r r i t t t e a s s r i s r c o h r c a a o n m ( o n t a n e a e t d ( u s t b n t s m r a s t o s e l b e ) u p e : s s a r ) e r ) r — a s t — e pants 6 7 3 3 6 4 6 1 5 6 3 6 2 9 9 6 8 7 0 6 8 , , , , . , , , 2 1 7 2 0 8 4 5 6 9 4 3 2 5 9 7 9 4 6 9 5 2 2 3 6 7 3 3 7 8 2 8 2 8 8 4 5 0 0 7 8 1 9 3 0 , , . . , , , , 2 7 9 7 5 8 8 8 S 4 8 5 3 8 9 2 4 9 8 9 0 3 7 4 24.996 Electric power produced bv public utility Stocks at close of month (bales) 22.914 25,865 27,474 1 plant?"(000,000 kilowatt hours): Imports (pounds, 000 omitted) 5,218 2,970 3,593 Produced bv water power 1,666 1,764 1,557 "~ Produced by fuels 2,870 2 7R6 2,3H Hides and Leather. F" Total 4,536 4,530 3,871 Sales of raw hides and skins during month Iron I P S r a i t o g e n ( o o n l e - d m m o i - l r n o - s i o i i g r t t n t n t e e t g e t e e s o o d p l d h n t : ) r i ) 2 s o p p ! , d m r 0 M o u 0 e d c 0 n e u t t i t o c s a o t m l n f i s r o i . o n t m t ( e l ( o d l n L o ) g n a g k e t t o o S n n u s s , p , e 0 0 r 0 0 i 0 0 or 1 3 3 0 , , , 6 4 4 7 3 1 9 5 1 9 3 3, , , 5 5 6 1 0 7 6 0 8 8 2 1 , , , 6 8 9 1 2 4 6 9 2 (n C C C K G S um h a a a o i l e p t b a f b t o s s r t l e p e k e k a r t i i h a n t n n a i s n 0 s d d 0 d e k 0 s l i a o d m m b itted): 3 1 1 1 , , , , 1 0 4 4 2 9 0 2 8 X < 3 S 7 8 6 3 9 2 1 1 1 , , , , 6 1 0 0 2 8 5 9 5 1 4 0 1 8 5 7 3 2 1 1 1 , , , , 2 1 5 7 8 2 5 0 3 5 9 1 7 7 5 2 2 Unfilled orders. United States Steel Stocks of raw hides and skins at ciose of r C Z S ~ i i o " ^ o l n p v m c S p e F S r e t ( i t a e C t e ( p r p b t t e e o e o o r r p l l U S d u o i r n r c b c p h ) n n d o n a a a o i f d u d a p t s i r r g e c s u l t r a m l , i d t e e c e t n i i ) l e ( t d o o g s 0 i n n o n 0 s s o t ( n , 0 s t n r ( b r d l u u o ( o o e p ( m c m o n r t o t g k r s b u i o u i t t e n r y n t o r a e g d n ) l d s — s s ) , , ( : o 0 s 0 n 0 u t 0 e e 0 n 0 e t c o l t e o o m s m n , o i s t i r ) t t d e t 0 e e d 0 r d ) 0 s 2 ). 1 2 4 1 5 1 1 2 2 5 5 2 3 0 2 5 , , , , , , , 4 4 0 3 4 9 6 1 0 6 3 7 8 2 5 6 6 1 8 3 ! 1 2 4 1 8 1 0 2 9 5 5 4 6 5 7 \ , , , , , , 7 9 1 4 6 8 5 3 1 0 3 0 7 6 1 3 1 ' 9 8 3 ? 1 2 3 6 9 5 2 3 5 7 6 3 0 4 4 , , , , , , 6 3 9 1 4 9 8 3 4 5 6 8 9 8 1 1 6 6 0 2 1 Pr m od o C C C K G S S S O u n o h k a a a o i a c t l l p e t i b k h a e t f t v e s i s r t l o e p e k a k e l ' e a r n n t i i n s h a a n t n n u a d t i s s n o d ( m h d d u d f e e k o b n l r s l i e z i e d a o a e ( r m b n , t n h a s b 0 e h ) c 0 r a k 0 r s ( n , o 0 e 0 m b s 0 e s i n t o ( t d m s e s i d d , i ) t e a : t s e n d d s ) t : u si f d fe e d s) ) . . 1 3 9 5 1 1 1 , , , , , , 9 4 8 5 0 5 8 1 3 2 3 7 9 3 7 7 2 1 2 8 3 3 3 2 2 8 1 6 3 0 1 1 9 , , , , , , 0 4 1 1 6 8 9 1 8 8 6 2 5 9 3 1 3 6 7 5 8 5 1 8 6 2 5 3 9 9 1 . , , , , 9 3 6 0 8 1 8 4 1 6 2 6 2 7 1 0 9 7 8 5 5 7 8 6 4 7 Production 86,130 85 680 63,834 Boots and shoes, output (pairs, 000 Tin D S S (p t h e o o i l c p i u v k m n e s d r , e i s n c e , l t s o s 0 s t 0 o e 0 f o o a f c m m to it r o t i n e es d th ): 7 4 1 7 2 1 , , , 9 4 8 9 8 8 6 0 3 7 3 1 7 4 2 , , , 3 3 1 4 7 1 6 2 8 5 6 1 7 5 0 , , , 2 7 2 3 5 8 6 0 2 om M A W i l t e o l t n e m o ' d s t e ) h : n e ' r s 1 7 7 0 , , , 1 7 2 2 5 4 2 3 6 1 7 8 1 , , , 8 4 9 0 4 3 7 3 8 6 7 8, , , 7 3 6 1 1 5 6 8 2 Figures not issued during coal strike, April to September, 1922. Total. 25,121 28,188 22,686 Figures for August, 1923, July, 1923, and July, 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1048 FEDERAL, RESERVE BULLETIN. SEPTEMBER, 1923. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. July, June, July, July, June, July, 1923. 1923. 1922. 1923. 1923. 1922. Miscellaneous Manufactures—Contd. Building Materials. Solid tires (000 omitted): Brick (000 omitted): Production. . 42 72 72 Clay fire brick— Shipments, domestic 45 52 60 Production 60,085 47,266 Stocks at close of month 264 283 176 Shipments 57,569 60,321 45,851 Automobiles: Stocks at close of month 166,493 162,404 158,236 Production (number)— New orders 47,659 46,244 55,681 Passenger cars 297,173 337,048 224,203 Unfilled orders, close of month.. 84,308 93,274 67,557 Trucks 29,712 39,945 21,453 Face brick- Shipments- Production 36,803 38,138 52,408 Railroads (carloads) 31,600 40,550 29,116 Shipments 33,540 36,587 50,579 Driveaways (machines) 43,000 58,628 28,100 Stocks in sheds and kilns 98,651 89,075 109,545 Boat (machines) 9,570 13,415 7,030 Unfilled orders, close of month. 69,161 73,112 90,678 Locomotives (number): Silic S P a h ro b ip d r m u ic c e t k n i - o ts n 1 14 4 , , 5 4 8 9 1 9 1 16 5 , , 0 2 5 6 6 4 1 12 1 , , 5 3 3 3 3 2 D Fo o r m ei e g s n t ic c , o m sh p ip le p t e e d d 2 2 1 8 1 2 1 2 1 1 12 6 2 Stocks at close of month 41,450 41,504 37,572 Total 239 232 128 Cem P S S e t r h n o o i t c p d k ( m u b s c a e t a r n i r t o t e s n c l l s o , s 0 e 0 o 0 f o m m o i n tt t e h d): 1 1 8 2 3 , , , 0 6 7 7 2 1 0 6 2 1 1 9 3 2 , , , 1 3 3 6 0 8 8 7 2 1 1 8 3 1 , , , 4 8 5 3 5 5 3 0 7 Unfi D F ll o e o d r m e i e o g s n r t d ic ers- 1,65 8 2 6 1,8 1 5 0 4 4 7 9 1 9 2 Oak flooring: Total. 1,738 1,958 811 Production 30,489 34,342 24,082 U S S O t h n r o d i f c p i e k l m r l s e s e d a b n t o o t s c o r l d k o e e s r d e s of month 2 4 3 1 2 0 2 7 , , , , 5 7 0 9 0 0 0 2 1 8 0 4 2 3 3 1 3 8 8 5 , , , , 7 0 5 0 8 9 3 6 1 3 0 7 2 2 2 3 4 0 5 1 , , , , 2 7 6 3 6 1 3 4 1 2 7 0 Ve c g s i a s a N t e l i l l o u y s n m n : b b u u e m i r lt . b e i r n e d U b n y it t e h d e B St u a r t e e a s u a o n f d N o a f v fi i - - 116 126 108 Maple flooring: 9,760 54,161 19,356 Production 10,590 10,509 10,434 Transportation. Shipments 10,515 11,033 12,956 Enam B O U St n e r a o d l f t c e i e h l k d r l s s e s - d w a b t a o o r c o r e l d k o : e e s d r e s of month 2 1 5 1 8 , , 8 6 7 7 2 1 1 9 5 2 1 4 8 8 , , , 9 2 8 8 6 6 7 5 7 1 2 25 1 4 , , , 0 0 5 7 7 2 6 8 8 Frei N N N gh e e e n t t t t u c t t t e o o o a r n n n ( r 0 s s - i 0 m e p p 0 d i , e e 0 l r r e b 0 s t l 0 y , o r a a o r C i e d m n l v e a i d e s t s n t c e u I d a e ) r r a a i n lw d a n y o s n :' reve- 38 2 ,0 7 8 0 3 .2 1 1 39 2 ,5 7 8 9 2 .0 8 6 29 2 ,0 6 5 4 5 .0 9 4 Shipments 76,479 74,457 70,700 Revenue freight loaded and received from Stocks at close of month 26,428 28,411 29,756 connections, classified according to na- New orders 64,979 63,748 99,235 ture of products (cars, loaded, 000 Lavatories— omitted): Shipments 94,769 94,312 84,077 Grain and grain products 189 152 216 Stocks at close of month 42,973 41,440 62,349 Live stock 133 133 115 New orders 75,494 74,193 111,455 Coal 803 815 326 Sinks- Coke 62 65 41 Shipments 99,473 101,855 87,492 Forest products 305 341 237 Stocks at close of month 45,241 44,331 70,789 Ore 359 348 277 New orders 75,539 73,763 123,938 Merchandise, 1. c. 1 1,011 1,057 1,000 Miscellaneous ware— Miscellaneous 1,429 1,507 1,324 S S h to i c p k m s e a n t t s close of month 5 45 1 , , 4 0 5 6 7 7 5 45 6 , , 8 3 6 8 5 8 6 4 2 0 , , 9 1 8 8 1 7 Total 4,289 4,418 3,536 47,597 42,745 61,491 Revenue freight loaded, classified accord- New orders Ing to geographical divisions: Miscellaneous Manufactures. Eastern 1,029 1,092 814 950 984 714 Wood pulp (short tons): Pocahontas 182 180 130 Production 157,670 167,115 279,308 Southern 551 579 489 Consumption 152,103 144,521 238,173 711 735 633 Shipments " 17,866 15,943 47,987 Central western 606 600 526 Stocks at close of month '.'.'..'...'. 125,995 86,865 239,220 Southwestern 260 246 230 Paper (short tons): Newsprint— Total 4,289 4,418 3,536 Production 125,768 133,692 120,839 Freight car surplus (number): Shipments 124,322 132,311 123,050 Total 76,110 53,850 212,609 Stocks at close of month 21,237 19,514 21,156 Box 56,466 31,271 42,315 Book paper- Coal .• 5,300 3,706 142,792 Production 45,156 43,548 74,435 Freight car shortage (number): . Stocks at close of month 23,214 24,613 38,520 Total 7,481 12,220 12,131 Paper board- Box 1,762 1,791 7,296 Production .". 87,000 86,817 165,551 Coal 3,754 8,450 3,396 Stocks at close of month 23,607 20,931 64,033 Bad-order cars (total) 190,411 211,766 324,583 Wra P p r p o i d ng u c p ti a o p n er— 47,796 53,294 65,481 Ve o s m se i l t s t e c d le ): ared in foreign trade (tons, 000 — Fine S t p o a c p ks e r a - t close of month 43,405 37,993 American 2,612 2,649 3,053 Production 21,650 26,216 27,767 Foreign 4,348 3,475 3,286 Stocks at close of month , 37,785 35,546 37,621 Total 6,960 6,124 6,339 Rubber (pounds, 000 omitted): Percentage of American to total 37.5 41.7 48.2 India rubber imports (pounds, 000 Panama Canal Traffic (tons, 000 omitted):2 omitted) 44,635 79,189 56,855 Total cargo traffic 2,096 2,262 978 Consumption by tire manufacturers... 21,366 32,003 28,181 1,408 1,502 480 Pneumatic tires (000 omitted): Commerce at Sault Ste. Marie canals (tons, Production 1,993 2,957 2,477 000 omitted):2 Shipments, domestic 2,539 2,502 2,695 Totalfreight 14,353 14,389 10,286 Stocks at close of month 6,471 7,041 4,834 East bound 11,236 10,983 9,809 Inner ttubb es ((000 omitted): West bound 3,117 3,406 477 Production. 2,625 3,590 3,068 Shipments, domestic 3,942 3,581 3,631 1 Figures for June, 1923, May, 1923, and June, 1922. Stocks at close ol month. 7,396 8,924 5,676 ' Figures for August, 1923, July, 1923, and August, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL KESERVE BULLETIN. 1049 BUILDING STATISTICS. BUILDING PERMITS ISSUED IN 168 SELECTED CITIES. [Collected by the 12 Federal Reserve Banks.] NUMBER OF PERMITS ISSUED. District District District 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 No. 11 No. 12 Total (14 (22 (14 (12 (15 (15 (19 (5 (9 (14 (9 (20 (168 cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). cities). 1922. July.. 2,597 7,756 3,029 3,756 2,978 10,385 2,291 2,132 2,467 2,241 9,415 53,727 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 2,571 13,358 66,845 April 3,536 11,881 6,203 7,886 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 June I 3,230 10,808 3,428 5,931 3,757 2,887 13,598 2,923 2,43S 2,654 2,366 11,825 65,845 July 3,081 10,745 3,053 5,959 3,694 2,893 12,527 2,591 2,068 2,412 2,692 10,938 62,653 VALUE OF PERMITS ISSUED (000 OMITTED). 1922, July $9,175 $48,163 $15,899 $26,559 $15,515 $7,516 S38,151 $5,699 $7,695 $8,041 $5,862 $22,391 $210,666 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 6,641 39,270 268,199 June 13,792 73,249 12,894 17,710 11,328 7,989 42,544 5,884 6,627 8,866 6,190 39,492 251,565 July 11,348 67,007 14,883 22,453 12,007 7,922 36,745 5,490 8,973 7,954 4,962 31,952 231,696 BUILDING CONTRACTS AWARDED. VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS, FOR ALL CLASSES OF BUILD- INGS (000 OMITTED). (F. W. Dodge Co.) 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. 9.1 No. 10.2 1922. July $24,911 $79,819 $28,768 $52,224 $25,362 $83,160 $9,304 $303,548 August 27,913 82,304 15,324 32,975 22,698 27,045 45,783 23,786 9,671 9,478 296,977 1923. January 21,806 65,233 16,770 25,691 17,633 $22,051 43,137 $17,864 4,524 $7,845 3 242,554 February 13,759 58,614 18,780 38,546 20,219 34,775 46, 764 21,193 12,199 12,531 3 277,380 March 25,079 98,412 31,265 52,793 30,147 25,538 59, 868 17,961 15,259 11,277 3 367,599 April 31,893 96,267 30,553 48, 786 39,364 20,817 75,240 25,340 17,585 11,346 3397,192 May 35,837 88,362 29,172 51,865 43.862 37,700 70,229 31,714 22,754 15,309 3426,804 June 28,817 84,843 19.801 36,960 24,146 31,003 83,007 25,230 17,902 16,407 3 368,116 A Ju u l g y ust 2 25 6 , , 7 7 8 1 0 9 8 8 0 2 , , 8 9 1 4 1 0 4 1 3 9 , , 8 4 1 9 9 7 5 4 0 3 , . 8 9 1 2 2 2 2 1 0 8 , , 9 5 8 5 4 9 25,054 5 56 3 , , 9 2 5 6 4 8 23,345 1 8 1 , , 2 1 5 6 0 5 9,794 33 2 1 8 3 8 , , 2 41 6 0 3 1 Montana not included. 8 Colorado, Wyoming, and Arizona not included. 3 Figures for Districts 6, 8, and 10 not available for previous months, included in total. BUILDING CONTRACTS AWARDED, BY CLASSES OF CONSTRUCTION. [Compilation by F. W. Dodge Co. for 27 Northeastern States.] [Thousands of square feet.] I R b e u s i i l d d e in n g ti s a . l I b n u d il u d s i t n r g ia s l . b B u u il s d in in e g ss s. bu E t i i d l o d u n i c n a a l g - s. H a t n u o d t s i p o i i n n t s a s t l . i s - r S b ec u o r c i e l i d a a l i t n io a g n n s a d . l m Re e l a m i n g o d io ri u a s l bu P il u d b i l n i g c s. Total.' buildings. 1922. July 24,392 6,870 8,780 6,901 1,396 1,435 1,433 452 51,705 1923. January 24,586 4,410 5,870 2,153 480 814 395 200 38,947 February 22,668 5,096 7,044 3,992 692 1,354 633 110 41,611 March 39,286 7,673 4,092 1,172 1,643 892 274 64,920 April 39,174 5,997 9,561 5,849 672 1,736 1,270 264 64,527 May 34,332 8,826 9,759 3,949 508 1,743 1,062 216 60,430 June 25,254 4,817 8.387 3,717 1.346 1,589 1,007 161 46,344 July 23,698 3,861 7,094 4,131 931 1,210 885 153 42,021 1 Includes miscellaneous building contracts, as well as groups shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1050 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. WHOLESALE AND RETAIL TRADE. A discussion of the current condition of wholesale and retail trade is published on page 995, together with a chart showing the trend of mail-order sales since January, 1919. Detailed statistics of trade by lines and Federal reserve districts are given below: WHOLESALE TRADE IN THE UNITED STATES, BY LINES. (Average monthly sales, 1919-100.) c G er r i o e - s. Meat. g D oo r d y s. Shoes. H wa a r r e d . - Drugs. Total. ce G r r i o e - s. Meat. g D oo r d y s. Shoes. H w a a r r d e - . Drugs. Total. 1922 1923 July 74.5 59.2 80.2 45.2 81.3 93.6 72.1 January 74.9 60.4 105.4 55.7 87.3 113.4 78.4 August 86.4 55.9 112.7 66.0 89.5 102.9 83.6 February 74.9 56.8 100.8 56.3 82.0 106.3 76.1 September... 90.5 60.5 116.1 77.6 95.1 104.6 88.1 March 80.7 63.3 113.0 81.6 108.8 120.1 86.0 October 98.7 67.8 108.3 77.2 98.9 111.1 92.4 April 79.9 60.3 87.6 62.1 111.4 105.6 79.0 November... 95.8 54.1 94.4 67.4 93.1 102.9 84.0 May 81.3 64.2 83.6 67.8 117.2 107.1 80.2 December... 85.0 56.8 72.8 57.3 83.1 99.0 75.0 June 87.9 67.4 88.7 63.8 113.4 106.3 84.1 July 80.9 69.5 94.0 51.3 99.5 105.3 81.1 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS. Percentage change in Percentage change in July, 1923, sales as July, 1923, sales as compared with — compared with— June, 1923. July, 1922. June, 1923. July, 1922. Groceries: Hard ware—Continued. United States -8.3 8.6 Kansas City district -16.4 -2.0 Boston district -9.6 11.3 Dallas district 1.1 37.8 New York district -6.5 8.8 San Francisco district -13.0 10.9 Philadelphia district.. -1.7 25.3 Drugs: Cleveland district -11.4 9.4 United States -0.9 12.5 Richmond district 1.1 12.2 Boston district -9.6 11.3 Atlanta district -3.5 9. S New York district 1.7 10.8 Chicago district -16.7 3.2 Philadelphia district -2.6 10.1 St. Louis district 3.6 3.9 Cleveland district -1.3 11.3 Minneapolis district... -9.1 4.8 Bichmond district -1.8 9.1 Kansas City district... 0.5 15.9 Atl anta district -1.6 21.1 Dallas district -10.4 3.2 Chicago district -7.7 15.0 San Francisco district. -10.3 3.8 St Louis district 4.3 14.0 Dry goods: Kansas City district —3.2 6.3 United States 6.0 17.2 Dill is district 6.5 9.0 New York district -19.0 25.2 S an Francisco district 5.8 23.8 Philadelphia district.. -18.7 22.0 Furniture: Cleveland district -2.2 40.8 Richmond district -1.4 11.0 Richmond district 5.3 1.8 AtL.nta district -24.1 35.4 Atlanta district 15.5 —4.1 St. Louis district -10.8 22.2 Chicago district 29.6 33.3 Kansas City district -20.6 24.8 St. Louis district 0.7 5.0 Dallas district —16.2 5.0 Minneapolis district... 165.4 12. 1 San Francisco district 23.1 -25.7 Kans is City district... -3.3 7.2 Agricultur.il implements: Dallas district 29.6 7.8 Atl Dta district 1.3 10.9 San Francisco district. 3.9 5.9 Minneapol is district 108.4 -14.2 Shoes: Dallas district 6.4 96.2 United States -20.6 13.5 San Francisco district —14.5 -20.3 New York district. —IS. 5 13.3 Stationery: Philadelphia district.. -20.8 35.8 New "York district -11.2 11.7 Richmond district -19.4 -3.2 Atlanta district -4.6 -8.3 Atlanta district -25.5 10.8 San Francisco district 17.6 -7.8 Chicago district -20.6 6.9 Auto supplies: St. Louis district -5.1 5.8 Chicago district -6.4 0.8 M Sa i n n n F e r a a p n o c l i i s s c o d i d s i t s r t i r c i t c .. t . . - - 1 2 5 3 . . 6 1 1 1 1 . . 1 7 Men S 's a n c lo F th r t i n n c g i : sco district 10.6 -4.2 Hardware: New York district 44.4 56.6 United States -12.3 22.3 Women's clothing: New York district -15.2 14.9 New York district 53.9 23.4 Philadelphia district.. -10. 6 23.6 Machine tools: Cleveland district -15.7 25.4 New York district 4.3 131.5 Richmond district -6.6 11.5 Diamonds: Atlanta district -10.1 28.3 New York district 3.2 18.8 Chicago district -2.9 17.2 Jewelry: St. Louis district -13.8 24.5 New York district -21.5 17.2 Minneapolis district... -7.1 111.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923 FEDERAL RESERVE BULLETIN. 1051 RETAIL TRADE BY REPORTING LINES. [Average monthly sales, 1919=100.] Chain stores. Department Mail-order st s o t r o e r s e ( s 3 ) 0 . 6 h h o o u u s s e e s s ( ) 4 . (2 G 1 r c o h c a e i r n y s). F c T i h v e a e n i n a ( s n 4 ) d . D ch ru a g in ( s 1 ) 0 . C ch ig a a in r s ( ) 3 . c S h h a o in e s (5 ). M ch u a s i i n c s ( ) 4 . 1922. April 113.1 77.1 139.2 134.9 120.9 124.5 156.1 78.9 May . .. 115.4 69.9 137.9 129.6 123.6 128.8 126.9 80.9 June 108.2 68.8 136.7 127.0 124.2 123.4 121.7 81.3 July 80.1 58.4 135.1 126.3 126.8 127.3 101.2 83.0 87.2 57.2 139.1 130.4 128.7 126.9 86.7 99.1 September 106.2 75.1 141.0 136.1 129.0 135.4 117.7 118.2 129.9 108.7 148.6 156.6 133.4 127.1 121.1 118.8 November 130.1 110.4 162.4 152.3 123.2 126.9 121.9 120.7 186.1 107.8 165.5 279.2 161.5 178.7 164.7 203.7 1923. January . 100.0 88.4 165.1 115.9 129.3 115.6 85.5 95.0 8a 4 83.6 158.8 117.4 125.6 109.7 70.8 87.8 122.6 112.8 188.4 163.4 144.9 134.5 145.5 96.0 Anril 118.2 101.9 163.8 143.0 135.0 124.8 121.6 98.8 May .. .. 127.8 97.0 177.2 154.6 142.0 136.5 140.0 100.1 June 123.2 86.6 164.3 155.1 149.2 136.3 139.3 97.3 July 90.4 74.1 161.5 143.9 140.6 127.7 101.2 87.7 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 o 1 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 — c o e t s rk ). (1 P D N 8 h p i i o s s l h t . t a o i r 3 d a r i — c e e t s l- ). K (1 D N i 9 c i o s h s . t m t o r 5 i r o — c e n t s d ). (3 D A N 5 i t o s s l . t a t o r 6 n r i — t e c a s t ). (7 D C N 0 h i o s s i t . c t o r a 7 r i g — e c o t s). (2 D N 4 M a i p o s s i t o . n t o r l 9 n r i i — s e c e - t s). (2 N D 1 D o i s s a . t t l 1 o r l 1 a i r c — e s t s'). ( F 3 N D r 1 a o i S s n s . t a t c o 1 r n i 2 i r s c e — c t s o ). (3 I 0 U n 6 S d n t e s a i x t t t o e e f d r s o e r s). 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 89.2 111.6 108.2 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 87.2 114.2 107.0 107.2 90.8 86.4 114.4 105.4 101.0 112.5 106.2 134.8 145.1 143.8 119.1 113.8 122.1 119.8 104.5 137.0 129.9 134.9 142.0 146.8 122.3 113.1 130.9 107.0 104.9 132.2 130.1 197.3 199.5 185.8 184.7 161.8 184.5 164.1 149.2 203.7 186.1 1923. 106.3 108.1 106.1 83.9 83.0 99.4 92.1 81.0 114.6 100.0 92.3 87.7 98.0 79.6 78.2 92.2 77.0 73.3 101.5 88.4 126.9 123.9 149.0 115.3 105.5 123.8 105.3 99.4 134.6 122.6 April.... 127.9 121.6 127.2 100.5 101.2 127.4 114.3 88.9 124.4 118.2 133.4 128.6 150.7 111.6 108.4 129.8 113.5 106.2 147.1 127. { 136.2 128.2 131.5 114.5 101.5 131.5 109.3 92.3 127.8 123-2 July 90. S 84.3 111.3 82.7 76.8 92.4 84.9 66.8 115.9 90.4 TREND OF DEPARTMENT STORE STOCKS. [Average monthly stocks, 1919—100.] (2 D N 4 B i o o s s . t s t o t r 1 o i r — c e n t s). ( N 6 D N e 4 w i s o s t . t o Y r 2 r i — c o e t s rk ). (1 P D N 3 h p i i s o s l h t a t . o l r d 3 a r i - e c e t l s - ). ( R 1 D N i 9 c i o h s 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 r n 6 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 — c e o t s). (1 D N M 6 a i p o s i s t . n o t o r n l 9 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 1 r a i e c — s s t ). ( F 2 N D 9 ra o i S s n s . t a t c o 1 r n i 2 r i s c e — c t s o ). (2 I 6 n U S 5 d n t e s a i t x t t o e e r f s d o es r ). 1J22. 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 0 109.5 111.9 105.0 109.3 125.0 102.0 111.0 112.1 111.8 116.9 120.6 121.6 119.5 118.5 128.9 107.7 117.7 118.0 120.5 125 1 125.1 127.5 130.3 121.3 134.8 112.6 119.6 120.0 125.7 130 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. 104 0 106.8 102.2 99.6 105.2 112.2 100.0 97.0 107.4 105. S 111.5 111.5 116.5 113.0 111.9 127.2 107.2 106.8 117.7 115.3 March 119 9 122 9 127.5 124.3 118.9 138.7 117.1 115.4 124.6 125.3 April 125.2 127.3 132.1 125.8 121.4 140.5 117.3 118.9 131.8 128.9 May 124.1 125.0 127.7 121.7 120.8 136.0 115.8 117.2 126.7 125.9 115.9 116.1 123.1 114.8 113.4 128.0 103.9 109.9 120.6 118.1 July 111.2 110.9 118.6 121.1 111.4 127.6 97.3 107.1 119.1 115.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1052 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. BANKING AND FINANCIAL STATISTICS. DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. VOLUME OF OPERATIONS DURING JULY, 1923. United States securities pur- Bills dis- Bills bought chased. Municipal Total. Federal reserve bank. counted for in open warrants member banks. market. Bo n n o d t s e s a . nd i C n e d r e ti b f t ic e a d t n e e s s o s f . purchased. July, 1923. July, 1922. Boston $295.670,887 $22,665,751 SI, 759,390 $1,291,800 $321,387,828 $129,735,377 New York 1,503^906,579 92,821,780 34,807,000 21,037,000 1,652,572,359 788,744,215 Philadelphia 279;008,329 7,830,460 286,838,789 172,635,602 Cleveland 322,132,108 11,695,466 1,000 333,828,574 91,697,674 Richmond 310,044,168 1,028,000 311,072,168 57,456,421 Atlanta 53,243,149 7,329,566 900,050 144,000 61,616, 765 25,290,884 Chicago 206,525,867 29,373,081 13,729,100 14,209,000 263,837,048 106,016,601 St.Louis 173,190,167 173,190,167 63,406,497 Minneapolis 25,775,538 2,318,800 647,500 28,741,838 16,177,168 Kansas City 82,172,730 825,000 47,000 83,044,730 14,640,509 Dallas 32,490,754 1,698,636 34,189,390 17,310,714 San Francisco 203,245,917 12,384,084 215,630,001 123,785,952 Total: July, 1923 3,487,406,193 186,826,824 54,339,340 37,377,300 3,765,949,657 July, 1922 1,317,601,617 158,759,144 52,468,250 78,060,000 1,606,897,614 6 months ending- July 31,1923 24,340,628,040 1,345,134,587 448,744,210 2,282,280,960 106,164 28,416,893,961 July 31,1922 11,077,741,951 967,867,220 727,977,350 1,813,318,500 119,632 "i4,"587,"024,"653 VOLUME OF BILLS DISCOUNTED DURING JULY, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Customers' Member banks' collateral Bankers' acceptances. paper se- notes. cured by Commercial Agricultural Live-stock Federal reserve bank. m G e o n v t e o r b n l - i- G S o e v cu e r r e n d m b e y nt Otherwise paper, n. e. s. paper. paper. Foreign. Domestic. gations. obligations. secured. Boston $680,500 $112,608,000 $181,846,800 S370,108 $83,028 NewYork 1,756,725 1,264,232,750 236,801,431 416,053 $9,501 Philadelphia 67,650 191,887,600 86,697,808 318,744 C R l i e c v h e m la o n n d d 3 1 1 4 5 3 , , 5 1 5 7 7 5 2 2 7 5 5 4 , , 5 5 4 0 3 3 , , 3 0 6 0 0 0 $ 5 3 6 8 , ,0 0 0 0 0 0 6 3 6 0 , , 2 3 9 0 7 0 , , 5 2 9 5 2 1 3,2 1 0 7 5 1 , , 0 1 6 2 2 0 7 1 5 1 , , 4 9 4 5 5 3 266,666 Atlanta 212,470 18,526,600 220,500 31,166,061 2,811,208 154,852 Chicago : 120,795 151,544,515 497,163 50,450,895 3,708,026 St.Louis 192,745 126,916,200 43,081,072 2,611,312 ,50i Minneapolis 3,111 17,525,550 901,002 4,008,898 2,380,073 952,205 Kansas City 86,937 68,2-45,830 7,231,498 1,352,236 5,225,779 Dallas 95,293 13,483,900 567,500 9,970,915 4,892,508 3,410,485 San Francisco 206,438 152,537,500 12,498,473 32,563,988 3,315,000 1,016,288 $22,731 2,034 Total: July, 1923. 3,881,396 2,647,554,805 14,778,638 780,417,209 25,551,450 11,046,539 22,731 211,535 June, 1923. 3,313,511 2,320,355,339 14,348,672 716,889,835 26,466,603 12,371,153 July, 1922. 2,856,274 929,180,480 22,933,412 323,300,839 28,579,561 7,800,638 44,987 16,240 June, 1922. 4,466,532 793,426,941 26,080,057 290,071,468 32,125,821 9,784,903 89,974 25,000 Total reduced to a common Trade acceptances. maturity basis.1 Member banks. Total, all Federal reserve bank. Foreign. Domestic. classes. Amount. P o e f r t o c t e a n l t . N J d u u i m s ly t b r e i 3 c r 1 t . in Accommodated. Number. Per cent Boston $82,451 $295,670,887 $233,362,095 6.7 424 212 50.0 New York $173,000 517,119 1,503,906,579 880,354,864 25.3 830 367 44.2 Philadelphia.. 36,527 279,008,329 234,632,310 6.7 721 338 46.9 Cleveland 903,776 322,132,108 222,324,873 6.4 882 294 33.3 Richmond 411,985 310,044,168 204,961,468 5.9 631 344 54.5 Atlanta 151,458 53,243,149 179,143,978 5.1 536 278 51.9 Chicago 204,473 206,525,867 492,178,879 14.1 1,438 515 35.8 St.Louis 272,334 173,190,167 287,710,464 8.3 624 251 40.2 Minneapolis... 4,699 25,775,538 87,924,861 2.5 999 328 32.8 Kansas City... 30,450 82,172,730 175,910,123 5.0 1,155 338 29.3 Dallas 70,153 32,490,754 161,314,033 4.6 863 508 58.9 San Francisco.. 1,083,465 203,245,917 327,588,245 9.4 813 337 41.5 Total: July, 1923. 173,000 3,487,406,193 3,487,406,193 100.0 9,916 4,110 41.4 June, 1923. 193,000 4,194,113 3,098,132,226 9,933 4,009 40.4 July, 1922.. 2,889,186 1,317,601,617 9,930 4,167 42.0 June, 1922. 3,248,019 1,159,318,715 4,436 44.7 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (10.08) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1023, FEDERAL RESERVE BULLETIN. 1053 VOLUME OF BILLS DISCOUNTED DURING JULY, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVEXAGE RATES AND MATURITIES. Average Federal reserve bank. 4 per cent. 41 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. Days. Boston $295,670,887 $295,670,887 4.50 7.96 New York 1,503,906,579 1,503,906,579 4.50 5.90 Philadelphia.. 279,008,329 279,008,329 4.50 8.48 Cleveland 322,132,108 322,132,108 4.50 6.96 Richmond 310,044,168 310,044,168 4.50 6.67 Atlanta 53,243,149 53,243,149 4.50 33.92 Chicago 206,525,867 206,525,867 4.50 24.03 St. Louis 173,190,167 173,190,167 4.50 16.75 Minneapolis... 25,775, 538 25,775,538 4.50 34.39 Kansas City... 82,172,730 82,172,730 4.50 21.58 Dallas 32,490,754 32,490,754 4.50 50.06 San Francisco. 203,245,917 203,245,917 4.50 16.25 Total: July, 1923.. 3,487,406,193 !. 3,487,406,193 4.50 ! 10.08 June, 1923. 3,098,132,226 |. 3,098,132,226 4.50 11.17 July, 1922.. 5810,474,889 474,290,016 $32,836,712 1,317,601,617 4.39 11.97 June, 1922. 240, 708,000 866,104, 000 52, 505,000 1,159,318,000 4.54 15.61 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING JULY, 1923, BY CLASSES. Total reduced to a Bankers * acceptances. Trade acceptances. common maturity Total basis.1 Federal reserve bank. bills purchased. Foreign. Domestic. ex D ch o a ll n a g r e. Total. Foreign. Do ti m c. es- Total. Amount. P o e f r t o ce ta n l t . $13,614,778 $7,775,973 $1,275,000 $22 665 751 $22,665,751 $11,703,007 6.3 68,575,670 18,608,131 5,578,563 92,762,364 $59,416 $59,416 92,821,780 54,056,534 28.9 Philadelphia 4,827,628 2,137,832 865,000 7,830,460 7,830,460 13,770,631 7.4 10,016,406 1,432,068 246,992 11,695,466 11,695,466 18,567,306 9.9 Richmond... 10,000 1,018,000 1,028,000 1,028,000 1,181,111 .6 Atlanta 5,837,893 1,291,673 200,000 7,329,566 7,329,566 11,492,830 6.2 21,315,111 6,2-12,970 1,815,000 29,373,081 29,373,081 62,544,422 33.5 ... Dallas 1,274,724 308,912 115,000 i, 698,636 1,698,636 1,741,457 .9 7,959,745 4,239,458 184,881 12,384,084 12,384,084 11,769,526 6.3 Total: July, 1923 133,431,955 43,055,017 10,280,436 186,767,408 59,416 59,416 186,826,824 186,826,824 100.0 June, 1923 138,408,837 39,479,537 4,969,934 182,858,308 874, 255 874,255 183,732,563 July, 1922 125,333, 111 30, 243, 235 2,653,505 158,229,851 529,293 529,293 158,759,144 June, 1922 131,907,995 37,834,233 4,941,784 174,684,012 810,014 810,014 175,494,026 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (40.51) for system. VOLUME OF ACCEPTANCES PURCHASED DURING JULY, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average Federal reserve bank. 3 c | e p n e t. r 4 c e p n e t r . 4 c i e p n e t. r 4 c J e p n e t. r 4 c | e p n e t r . 4 c J e p n e t. r 4 c f e p n e t r . 4 c j e p n e t. r Total. (36 r 5 a - te day m A a v t e u r r a i g ty e . basis). Per cent. Dayt. $3,396,886 $13,576,336 $5,282,988 $358,799 $50,742 $22,665,751 4.18 20.92 80,492,649 10,821,961 1,026,098 386,900 94,172 92,821,780 4.12 23.59 Philadelphia 1,074,262 5, 917,775 734,271 104,152 7,830,460 4.20 71.25 1,497,067 9,172,392 793,169 182,063 50,775 11,695,466 4.19 64.32 1,028,000 1,028,000 4.31 46.55 666,419 5,210,365 420,853 66,694 965,235 7,329,566 4.23 63.52 1,847,285 18,803,626 5,095,535 2,861,635 765,000 29,373,081 4.27 86.23 St Louis Dallas 1,120,651 577,985 1,698,636 4.13 41.53 892,456 5,117,272 6,192,122 77,631 104,603 12,384,084 4.21 38.50 Total: July, 1923. 90,987,675 69,197,712 20,573,036 4,037,874 2,030,527 186,826,824 4.20 40.51 June, 1923.$96,131 94,789,128 66,566,482 19,730,873 1,062,180 1,474,344 $11,294 $2,131 183,732,563 4.18 36.07 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

1054 FEDERAL, RESERVE BULLETIN. SEPTEMBER, 1923. HOLDINGS OF EARNING ASSETS, BY CLASSES. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATE OF EARNINGS DURING JULY, 1923. Average daily holdings of— Earnings on- Annual rate of earnings on- All All All Federal reserve bank. of c a e l s a a s s e r s n t e s i s n . g co b D u il n is l t s - e . d Pur b c i h ll a s s . ed se U S cu n ta r i t t i e e ti s d es. e c a a l s a r s o n s e s f i t n e s s g . co b D u i n l is l t s - e . d c b h P i a u l s l r e s - . d U s S e t n t i c a e i u t t s e e r . i s d - e c a a l s a r s o n s e s f i t e n s s . g co b D u il i n s l t s - e . d c b h P i a u l s l r e s - . d U s S e t n t i c a e i u t t s e e r . i s d - Per ct. Per ct. Per ct. Per ct. Boston $74,374,168 $52,532,749 117,660,274 $4,181,145 $279,447 $200,857 $62,765 $15,825 4.42 4.50 4.18 4.46 New York 259,745,359 207,576,701 42,268,731 9,899,927j 978,541 792,970 147,825 37,746 4.44 4.50 4.12 4.49 Philadelphia 108,410,949 71,163,741 19,857,5851 17,381,000 405,693 272,0031 70,663 62,994 4.40 4.50 4.19 4.27 Cleveland 101,470,658 67,629,191 23,536,673 10,304,794! 378,903 258,470' 84,137 36,296 4.40 4.50 4.21 4.15 Richmond 70,195,901 66,812,041 2,042,960 1,340,900! 265,455' 255,350| 7,476 2,629 4.45 4.50 4.31 2.30 Atlanta 46,408,930 39,745,369 6,388,578' 264,983 175,7871 151,904! 22,879 966 4.46 4.50 4.22 4.29 Chicago 140,479,087 85,568,883 43,836.1071 11,074,097 516,180 327,026! 155,451 33,703i 4.33 4.50 4.18 3.58 St. Louis 58,104,888 46,783,378 4,070,910 7,250,600 220,065 178,803j 14,406 26,856 4.46 4.50 4.17 4.36 Minneapolis 41,153,794 29,278,483 11,875,311 155,249 111,910' 43,339 4.44 4.50 4.30 Kansas City 60,534,513 48,247,674 21,5761 12,265,263 229,864 184,407| 84! 45,373i 4.47 4. SO 4.57 4.36 Dallas 49,757,375 40,001,129 7,976,7461 1,779,500 185,494 152,942 28,513' 4,0391 4.39 4.50 4.21 2.67 San Francisco 109,151,241 81,699,355 18,147,108 9,304,778 410,886] 312,3871 64,703 33,796! 4.43 4.50 4.20 4.28 Total: July, 1923....1,119,786,863 837,038,694 185,807,248! 96,922,298 4,201,564 3,199,029 058,902: 343,562! 4.42 4.50 4.18 4.17 June, 1923....1,124,890,946 744,305,819 225,395,535 155,133,444 4,031,798! 2,752,764! 766,611! 512,213 4.36 4.50 4.14 4.02 July, 1922....1,127,887,882 428,326,143 154,010,451 545,546,588 3,737,104J 1,636,868! 416,027,1,684,189 3.90 4.50 3.18 3.63 June, 1922...1,166,616,503 438,788,415 135,180,853 592,647,235 3,817,476! 1,662,364 365,2681,789,844 3. 4.61 3.29 3.67 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, $8,623, $33, and 4.54 per cent; Atlanta, $10,000, $38, and 4.50 per cent. Total, $18,623, $71, and 4.52 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of July figures. In thousands of dollars.! Member banks' Bankers' acceptances. Trade acceptances. Custom- collateral notes. er's paper Comsecured mercial Agricul- Live- Federal reserve bank. Total. b e o r y n b m l G ig o e a v n - - t b e S r y e n c m G ur o e e v n d - t O w th is e e r- n p . a e p . e s r . , p t a u p ra e l r. p s a to p c e k r. Foreign. Do- Foreign. Dotions. obliga- secured. Im- Ex- mestic. Im- Ex- mestic. tions. ports. ports. ports. ports. Boston 52,313 1,169 18,185 32,051 672 143 93 232,352 238 164,051 66,823 679 9 552 Philadelphia 64,818 301 41,153 22,697 590 77 49,398 341 27,372 38 19,820 509 258 1,060 67,187 472 29,097 28,992 7,554 56 200 816 42,300 167 6,135 129 24,656 10,109 917 187 79,846 248 35,081 164 33,175 10,557 621 St. Louis 43,248 286 15,390 20,447 6,350 509 266 27,367 8 4,788 490 8,035 9,780 4,054 212 41,159 202 9,921 11,456 4,351 15,199 30 Dallas 44, 757 78 6,428 266 13,403 15,673 8,661 248 San Francisco 81,191 243 30,583 6,160 29,610 11,288 2,571 23 2 711 Total: July 31,1923... 825,936 3,753 388,184 7,247 311,165 78,112 32,368 23 211 4,873 June 30,1923.. 836,949 4,000 403,356 7,393 317,308 70,404 29,783 4,705 July 31,1922... 406,178 2,700 129,690 11,790 126,030 96, 813 35,466 35 3,654 June 30,1922.. 461,418 3,983 163,258 12,590 147,123 95,782 34,844 81 3,757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTE.MBEE. 1923. FEDERAL, RESERVE BULLETIN. 1055 HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of July figures.' In thousands 01 dollars.] Member banks. Nonmem- Branches ber banks and Federal reserve bank. Total. National. na N ti o o n n - al. a p n o in d r g a b t c i a o o n n r k - s - . P b r a i n v k a s te . o a f b g a e fo n n r k c e i s i e g . s n 15,288 8,463 2,683 2,795 1,225 122 New York 42 652 11 771 12 707 6 316 7 343 4 515 Philadelphia. . 18,797 6,508 6,274 2,516 2,922 577 Cleveland 29,065 6,231 8,530 5,311 6,562 2,431 Richmond 2,111 223 1 363 525 8,989 2,325 3,305 1,447 1,443 469 Chicago 46,244 20,0/3 19,803 4,741 1,517 160 St. Louis . 2,645 1,019 1,130 333 158 Kansas City Dallas 1 594 749 449 137 22.5 34 San Francisco 15,805 5,218 5,5-15 1,999 1,859 1,184 Total: July 31,1923 1X3,190 62,530 60,426 26,958 23,626 9 650 June 30 1923 205,065 75,558 65,403 30,220 23,496 10,388 July 31,1922 139,117 60, 968 47,034 14,879 9,371 6,865 June30,1922 160 413 72,482 54,650 16 960 8,191 8 130 Purchased in open market: July 31,1923... 182,9.56 62,321 CO,424 26,935 23,626 9,650 June 30 1923 205, 0B5 75,558 65,403 30,220 23,496 10,388 July 31,1922. . . . .. 139 082 60 933 47,034 14,879 9,371 6 865 June 30 1922 160 332 72 444 54 607 16 960 8 191 8 130 Discounted for member banks: July 31 1923 234 209 2 23 June 30 1923 . July 31, 1922. . . 35 35 June 30 1922 81 38 43 HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of July figures. In thousands of dollars.] All classes Bankers' acceptances. Trade acceptances. Federal reserve bank. Pur- Dis- Foreign. Foreign. Total. i m c n h a a o r s k p e e e d n t. f c o b o r a u b m n n e k t r e e s m d . - Total. p I o m rt - s. p E or x t - s. m D es o t - ic. c D h e a o x n ll - g a e r . Total. p I o m rt - s. p E or x t - s. m D es o t - ic. Boston 15,381 15,288 93 15,288 7,062 2,331 5,335 560 93 93 New York 43,305 42,744 561 42,652 24,479 9,083 7,831 1,259 653 101 552 Philadelphia .. 18,913 18,836 77 18,797 9,909 3,819 3,509 1,560 116 39 77 Cleveland 30,125 29,065 1,060 29,065 21,036 4.041 3,212 776 1,060 1,060 2,927 1,911 1,016 2,111 208 1,903 816 816 9,176 8,989 187 8,989 3,657 3,829 1,303 200 187 187 46,865 46,244 621 46,244 27,427 9,070 6,802 2,945 621 621 St Louis... 2,911 2,645 266 2,645 1,256 352 787 260 266 266 212 212 212 212 30 30 30 30 Dallas 1,812 i 594 248 1,594 681 486 167 260 248 248 16,516 15,780 736 15,805 9,367 1,988 4,170 280 711 711 Total* July 31 1923 188 203 183,190 104,874 35,207 35,019 8,090 5,013 140 4,873 June 30, 1923 210,305 205,065 113,906 46,211 37,115 7,833 5,240 535 4,705 July 31 1922, 143 800 139 117 114407 21,911 2,799 4,683 1,029 3,654 June 30, 1922 164,950 160,413 124,142 31,736 4,535 4,537 780 3,757 Purchased in open market: July 31, 1923 183,096 182,956 104,851 35,207 34,808 8,090 140 140 June 30 1923... 205,600 205,065 113,906 46,211 37,115 7,833 535 535 July 31, 1922 140,111 139,082 114407 21,876 2,799 1,029 1,029 June 30 1922 161 112 160,332 124142 31,655 4,535 780 780 Discounted for member banks: July 31 1923 5 107 234 23 211 4,873 4,873 June 30 1923 4,705 4,705 4,705 Julv 31 1922 3 689 35 35 3,654 3,654 June 30 1922 3,838 81 81 3,757 3,757 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1056 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. CONDITION OF FEDERAL RESERVE BANKS. CASH RESERVES, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR AUGUST AND JULY, 1923. [ Daily averages. Air.ounts in thousands of dollars.] Federal reserve notes Total cash reserves. Total deposits. in circulation. Eeserve percentages. Federal reserve bank. August. July. August. July. August. July. August. July. 280,140 276,613 127,256 128,514 221,653 218,914 80.3 79.6 988,634 1,015,273 684,614 711,152 498,790 523,710 83.5 82.2 Philadelphia 252,736 236,469 117,297 116,345 214,769 209,042 76.1 72.7 316 0(2 315,142 164,096 163,894 238,175 234,442 78.6 79.1 Richmond 77, 460 77,716 61,865 62,202 79,984 78,699 54.6 55.2 Atlanta 131 987 144,282 54,108 55,503 131,220 134,673 71 2 75.9 577,158 563,128 279,808 281,332 408,920 408,069 83.8 81.7 94,136 95,083 72,460 72,218 72,007 73,572 65.2 65.2 67,501 68,711 47,238 48,154 54,954 56,060 66.1 65.9 97,873 90,162 S3,412 83,167 61,549 60,971 67.5 62.6 Dallas 40,559 35,475 46,697 47,036 36,192 30,782 48.9 45.6 San Francisco 270,138 263,166 151,220 150,262 210,734 213,209 74.6 72.4 Total: 1923.., 3,194,364 3,181,220 1,890,069 1,919,779 2,228,947 2,242,143 77.6 76.4 1922 . 3,195,502 3,158,276 1,859,524 1,882,118 2,151,185 2 157 405 79.7 78.2 1921 2,740,388 2,655,179 1,691,137 1,696,481 2,512,348 2,604,750 65.2 61.7 1920 2,127 305 2,118,899 1,885,062 1,909,221 3,165,222 3,143 465 1 43.7 '43.7 1919 2,146,003 2,176,779 1,911,769 1,959,758 2,544,357 2,523,960 150.0 150.4 i Calculated on basis of net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 1 TO AUGUST 22,1923. 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 is e . - K C a i n ty sa . s Dallas. c F P i r s a a c n n o - . Gold and gold certificates: Aug. 1 344,561 17,124 168,181 28,123 14,161 10,145 6,375 51,026 3,959 8,318 3,340 12,176 21,633 Aug. 8 346,809 17,254 171,308 28,589 13,565 10,423 6,227 50,712 3,980 8,351 3,345 12.344 20,711 Aug. 15 348,655 16,980 173,175 29,037 13,484 10,514 6,011 50,111 4,242 8,398 3,368 12,521 20,814 Aug. 22 356,864 17,075 179,100 30,777 13,648 10,817 49,856 4,262 8,406 3,400 12,584 20,871 Gold settlement fund—F.R.Board: Aug. 1 650,318 61,795 176,878 27,863 89,219 32,579 16,951 104,940 25,056 20,872 53,220 4,993 35,952 Aug. 8 664,114 61,027 150,305 38,506 82,835 34,126 27,704 122,290 27,966 21,081 51,338 5,763 41,173 Aug. 15 634,519 53,160 147,830 41,419 76,236 31,135 19,757 128,193 22,766 20,737 47,466 6,271 39,549 Aug. 22 615,695 45,030 165,685 31,573 86,242 29,084 13,962 114,331 19,525 19,713 46,252 6,768 37,530 Gold with F. R. agents: Aug. 1 2,048,062 188,519 636,710 166,427 207,319 27,409 105,119 382,400 51,467 35,242 38,130 12,897 196,423 Aug. 8 2,040,012 186,779 636,612 166,770 207,433 26,402 96,175 382,290 50,579 35,729 37,257 13,370 200,616 Aug. 15 2,079 719 195,098 636,527 168,561 209,433 31,448 100,502 382,209 49,753 35,729 41,946 14,610 213,903 Aug. 22 2,081,265 193,328 636,255 168,861 206,816 30,256 99,594 392,091 50,589 35,087 41,224 16,079 211,055 Gold redemption fund: Aug. 1 66,725 11,606 10,073 12,968 1,946 6,595 1,685 3,335 2,115 2,873 1,092 4,349 Aug. 8 61,701 12,719 8,988 6,332 2,357 6,281 1,891 7,044 3,587 2,265 3,201 1,494 5,542 Aug. 15 57,988 14,158 8,538 7,851 1,690 3,809 2,225 6,663 4,174 2,105 3,277 1,258 2,240 Aug. 22 69,040 15,346 12,508 11,764 2,949 3,776 2,450 5,740 2,868 2,476 3,568 1,519 4,076 Total gold reserves: Aug. 1 3,109,666 279,044 991,842 235,381 312,645 76,728 130,130 546,454 83,817 66,547 97,563 31,158 258,357 Aug. 8 3,112,636 277,779 967,213 240,197 306,190 77 232 131,997 562,336 86,112 67,426 95,141 32,971 268,042 Aug. 15 3,120,881 279,396 966,070 246,868 300,843 76,906 128,495 567,176 80,935 66,969 96,057 34,660 276,506 Aug. 22 3,122,864 270,779 993,548 242,975 309,685 73,933 122,074 562,018 77,244 65,682 94,444 36,950 273,532 Reserves other than gold: Aug. 1 84,058 5,462 25,479 6,547 5,522 2,455 5,209 8,788 13,392 720 3,684 4,887 1,913 Aug. 8. 77,484 4,074 22,474 7,857 4,847 2,297 4,860 7,722 12,856 770 3,252 4,851 1,624 Aug. 15 74,186 4,470 20,469 8,963 3,637 2,308 4,374 7,923 11,594 910 2,893 5,331 1,314 Aug. 22 78,612 5,378 19,699 10,913 3,786 3,147 4,739 9,243 11,010 1,115 2,606 5,410 1,566 Total reserves: Aug. 1 3,193,724 284,506 1,017,321 241,928 318,167 79,183 135,339 555,242 97,209 67,267 101,247 36,045 260,270 Aug. 8 3,190,120 281,853 989,087 248,054 311,037 79,529 136,857 570,058 98,968 68,196 98,393 37,822 269,666 Aug. 15 3,195,067 283,866 986,539 255,831 304,480 79,214 132,869 575,099 92,529 67,879 98,950 39,991 277,820 Aug. 22 3,201,476 276,157 1,013,247 253,888 313,471 77,080 126,813 571,261 88,254 66,797 97,050 42,360 275,098 Nonreserve cash: Aug.l 66,492 13,836 7,666 1,902 3,705 1,577 5,853 8,333 6,105 3,096 3,458 3,491 7,470 Aug. 8 64,138 12,626 7,843 2,106 2,810 1,293 6,332 7,526 5,730 3,117 4,777 2,966 7,012 Aug. 15 70,947 14,634 8,966 2,930 5,320 1,531 6,364 7,427 5,872 3,030 4,612 2,928 7,333 Aug. 22 79,585 15,463 10,422 2,975 3,126 1,635 12,740 7,489 6,753 2,974 4,622 2,535 8,851 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1057 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 1 TO AUGUST 22, 1923— Continued. RESOURCES—Continued. [In thousands ol dollars.l 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. 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 - . Billa discounted: Secured by U.S. Government obligations— Aug. 1 381,862 18,986 148,391 42,171 30,806 28,312 6,270 38,714 15,788 4,727 10,777 6,484 30,436 Aug. 8 397,209 20,443 172,663 42,392 34,782 27,160 6,600 28,474 15,798 6,851 10,066 6,566 25,414 Aug. 15 380,560 22,232 146,794 42,135 37,571 29,311 8,633 26,668 18,912 7,807 8,742 6,554 25,201 Aug. 22 359,999 23,211 124,742 37,288 29,639 30,622 9,051 28,300 20,985 6,982 11,182 8,601 29,396 Other bills discounted— Aug. 1 424,575 27,363 61,015 23,857 23,997 36,643 35,725 42,776 30,482 22,859 31,006 38,115 50,737 Aug. 8 425,893 33,453 50,209 21,441 27,330 38,313 34,084 49,918 30,517 22,376 30,522 38,616 49,114 Aug. 15 420,879 30,247 48,831 23,074 25,437 38,086 33,596 48,847 32,455 22,486 29,973 39,608 48,239 Aug. 22 420,597 37,495 42,649 21,923 25,207 39,827 35,989 43,949 36,859 22,449 29,495 39,681 45,074 Bills bought in open market: Aug.l 182,630 14,814 40,000 19,274 31,287 1,786 47,346 2,227 1,270 15,688 Aug. 8 177,409 12,870 37,002 19,959 34,288 1,718 45,152 1,527 667 15,340 Aug. 15 173,189 11,771 31,910 20,212 38,110 1,318 8,542 44,690 1,111 630 14,895 Aug. 22 176,610 10,323 35,905 20,306 41,701 1,273 8,209 42,071 882 2,012 619 13,309 U.S.bonds and notes: Aug.l 83,802 3,870 6,083 17,367 9,953 1,341 206 8,177 7,251 11,370 7,220 1,779 9,185 Aug. 8 82,921 4,324 2,974 17,367 9,953 1,341 216 7,065 7,251 11,845 9,620 1,780 9,185 Aug. 15 84,867 3,869 3,984 17,367 9,953 1,341 251 6,951 7,251 11,815 11,120 1,780 9,185 Aug. 22 80,925 4,235 3,093 17,367 9,953 1,341 196 6,902 3,668 12,235 10,970 1,780 9,185 U. S. certificates of indebtedness: Aug.l 9,991 474 6,091 248 1 3,076 40 Aug. 8 7,285 312 3,650 249 1 3,001 Aug. 15 4,974 406 1,665 248 1 2,575 Aug. 22 3,834 461 753 248 1 1,960 330 Municipal warrants: Aug.l 10 10 Aug. 8..-. 10 10 Aug. 15 20 20 Aug. 22 20 20 Total earning assets: Aug.l ,082,870 65,507 261,580 102,683 96,291 68,082 51,150 140,089 55,748 38,996 49,050 47,648 106,046 Aug. 8 1,090,727 71,402 266,498 101,173 106,602 68,532 49,797 133,610 55,093 41,072 50,266 47,629 99,053 Aug. 15.... 11,064,489 68,525 233,184 102,802 111,319 70,056 51,043 129,731 59,729 42,108 49,900 48,572 97,520 Aug. 22 1,041,985 75,725 207,142 96,898 106,748 73,063 53,466 123,182 62,394 41,996 53,726 50,681 96,964 Bank premises: Aug.l 53,360 4,434 12,719 721 9,154 2,617 2,679 8,715 1,039 1,624 4,965 1,947 2,746 Aug. 8 53,424 4,434 12,725 721 9,195 2,617 2,687 8,715 1 040 1,625 4,965 1,947 2,753 Aug. 15 53,664 4,434 12,726 721 9,208 2,617 2,748 8,715 1,089 1,672 4,970 1,947 2,817 Aug. 22 54,183 4,434 13,004 723 9,389 2,617 2,766 8,715 1,089 1,681 4,970 1,950 2,845 5 per cent redemption fund against F. R. bank notes: Aug. 1 193 65 100 Aug. 8 193 65 100 Aug. 15 93 65 Aug. 22 93 65 Uncollected items: Aug.l 578,520 55,057 131,175 51,299 60,531 49,490 21,574 77,789 29,677 12,940 33,153 ! 18,874 36,961 Aug. 8 539,877 49,328 112,457 48,388 55,432 48,747 19,115 70,508 30,519 13,450 34,373 i 20,015 37,545 Aug. 15 679,279 65,843 158,711 63,914 73.066 • 53,706 22,314 90,617 34,571 13,959 37,319 i 22,512 42,747 Aug. 22 583,815 52,744 125,516 51,230 64,824 50,209 20,232 79,241 32,610 14,228 32,280 21,722 38,979 All other resources: Aug.l 12,982 151 1,127 279 330 557 562 624 148 1,845 811 2,671 3,877 Aug. 8 13,058 132 1,148 308 457 474 571 619 170 1,859 826 2,664 3,830 Aug. 15 13,184 126 1,259 329 336 585 578 607 177 1,866 811 2,744 3,796 Aug. 22 13,043 130 1,087 339 567 592 580 115 1,890 2,667 3,887 Total resources: Aug.l 4,988,141 423,491 1,431,588 398,812 488,178 201,506 217,157 790, 857 189,926 125,768 192,784 110,704 417,370 Aug. 8 4,951,537 419,775 1,390,358 400,750 485,533 201,192 215,359 791,101 191,520 129,319 193,700 113,071 419,859 Aug. 15 5.076,723 437,428 1,401,385 426,527 503,729 207,679 215,916 812,261 193,967 130,514 196,562 118,722 432,033 Aug. 22 4,974,180 424,653 1,370,418 406,053 497,921 205,171 216,609 790,533 191,215 129,566 193,474 121,943 426,624 LIABILITIES. Capital paid in: Aug.l 109,497 8,110 29,108 9,772 12,168 5,702 4,416 15,151 4,956 3,540 4,580 4,192 7,802 Aug. 8 109,673 8,110 29,337 9,751 12,168 5,714 4,416 15,147 4,952 3,528 4,580 4,192 7,778 Aug. 15 109,886 8,110 29,342 9,827 12,236 5,726 4,423 15,166 4,987 3,526 4,583 4,191 7,769 Aug. 22 109,678 7,867 29,342 9,829 12,234 5,764 4,420 15,167 4,990 3,524 4,583 4,190 7,768 Surplus: Aug.l 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 Aug. 8 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Aug. 15 218,369 16,312 59,800 18,749 . 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Aug. 22 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 61297—23 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1058 FEDERAL, RESERVE BULLETIN. SEPTEMBER, 1923. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 1 TO AUGUST 22, 1923— Continued. LIABILITIES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P e h lp il h a i - a. C la l n ev d e . - m Ri o c n h d - . Atlanta. Chicago. Lo S u t is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F P r a a n ncisco. Deposits: Government— Aug. 1 41,584 2,055 9,709 2,425 3,776 2,878 1,527 7,476 2,793 1,719 2,270 1,422 3,534 Aug. 8 21,935 1,682 3,995 1,444 1,473 1,723 1,039 2,198 2,302 781 1,835 1,477 1,986 Aug. 15 30,038 1,455 8,610 2,253 2,333 1,551 1,956 1,802 2,092 914 2,784 1,480 2,808 Aug. 22 34,285 1,439 10,741 2,341 2,645 2,088 1,562 2,479 2,184 1,466 2,244 1,749 3,347 Member bankreserve account— Aug. 1 1,879,504 125,588 715,734 115,529 164,342 59,005 52,240 270,650 68,837 43,847 79, 533 43,314 140,885 Aug. 8 1,860,022 123,453 690,236 112,581 162,220 58,881 53,343 274,586 70,706 48,007 79,008 43,352 143,649 Aug. 15 1,850,690 124,741 668,701 118,438 158,756 59,693 51,093 281,424 68,981 48,534 78,879 43,741 147,709 Aug. 22 1,824,572 125,380 659,730 114,806 163,247 59,118 54,175 264,270 68,234 46,967 80,360 44,097 144,188 Other deposits— Aug.l 23,463 243 13,456 515 1,025 183 138 1,356 709 472 818 258 4,291) Aug. 8 22,834 215 13,210 396 1,003 164 129 1,745 566 512 424 198 4,272 Aug. 15 21,682 220 12,893 466 1,059 162 199 1,138 412 364 439 219 4.111 Aug. 22 23,048 178 13,205 435 1,148 161 117 806 479 370 392 213 5,544 Total deposits: Aug.l 1,944,551 127,886 738,899 118,469 169,143 62,066 53,905 270,482 72,339 46,038 82,fi21 44.994 148.709 Aug. 8 1,904,791 125,350 707,441 114,421 164,696 60,768 54,511 278,529 73.574 49,300 81.267 45.027 149,907 Aug. 15 1,902,410 126,416 690,204 121,157 162,148 61,406 53,248 284,364 71.485 49.812 82,102 45.440 154,628 Aug. 22 1,881,905 126,997 683,676 117,582 167,040 61,367 55,854 267,555 70,897 48,803 82,996 46,059 153,079 Federal reserve notes in actual circulation: Aug.l 2,187,729 219,631 497,762 204,916 227,907 77,036 132,256 401,106 72,235 55.010 59.994 31,858 208.018 Aug. 8 2,224,358 223,142 504,061 214,366 236,466 78,254 132,209 406,102 71.656 55,008 60.693 32.989 209.412 Aug. 15 2,231,815 223,409 496,945 218,992 239,675 79,453 132,203 407,970 72,521 54,813 60,589 34.385 210.860 Aug.22 2,225,063 222,851 495,327 211,043 237,127 80,108 132,138 408,953 71,757 55,077 60,906 38,064 211,712 F. E. bank notes in circulation—net liability: Aug.l 1,556 1,079 477 Aug. 8 1,571 1,097 474 Aug. 15 1,550 1,078 472 Aug.22 1,521 1,056 465 Deferred availability Items: Aug.l 508,543 50,783 102,578 45,560 53,977 44,437 16,647 61,831 29.664 12,502 35.154 19.648 35,762 Aug. 8 474,269 46,083 86,079 42,050 47,133 44,146 14,263 57,952 30,577 12,807 36,704 20.834 35,641 Aug. 15 594,033 62,405 121,266 56,377 64,560 48,776 16,091 71.472 34,205 13.657 38,848 24.686 41,690 Aug.22 518,366 49,766 98,489 47,355 56,302 45,542 14,220 65,552 32,776 13,370 34,487 23,591 36,916 All other liabilities: Aug.l 17,896 769 3,441 1,346 1,488 977 991 1,810 1,067 1,205 947 2.039 1,816 Aug. 8 18,506 778 3,640 1,413 1,575 1,022 1,018 1,876 1,096 1,203 968 2,059 1.858 Aug. 15 18,660 776 3,828 1,425 1,615 1,030 1,009 1,813 1,104 1,233 952 2.052 1,823 Aug.22 19,278 860 3,784 1,495 1,723 1,102 1,035 1,852 1,130 1,319 1,014 2,078 1,886 Total liabilities: Aug.l 4,988,141 423,491 1,431,588 398,812 488,178 201,506 217,157 790.857 189,926 125,768 192.784 110.704 417.370 Aug. 8 4,951,537 419,775 1,390,358 400,750 485,533 201,192 215,359 791,101 191,520 129.319 193.700 113.071 419.859 Aug. 15 5,076,723 437,428 1,401,385 426,527 503,729 207,679 215,916 812,261 193,967 130,514 196.562 118.722 432,033 Aug.22 4,974,180 424,653 1,370,418 406,053 497,921 205,171 216,609 790,533 191,215 129,566 193,474 121,943 426,624 MEMORANDA. Eatio of total reserves to deposit and F. E. note liabilities combined —per cent: Aug.l 77.3 81.9 82.3 74.8 80.1 56.9 72.7 81.6 67.2 66.6 71.-0 46 9 73 0 Aug. 8 77.3 81.7 75.4 77.5 57.2 73.3 833 68.1 65.4 69 3 48 5 75 0 Aug. 15 77.3 81.1 83.1 75.2 75.8 56.2 71.6 83.1 64.2 64.9 69 3 50.1 76.0 Aug.22 77.9 78.9 85.9 77.3 77.6 54.5 67.5 84.4 61.9 64.3 67.4 50.4 75.4 Contingent liability on bills purchased for foreign correspondents: Aug.l 33,133 11,466 2,849 3,578 1,723 1,358 4,605 1,458 1,126 1,425 1.193 2.352 Aug. 8 33,136 11,469 2,849 3,578 1,723 1,358 4,605 1,458 1,126 1,425 1,193 2,352 Aug. 15 33,244 11,577 2,849 3,578 1,723 1,358 4,605 1,458 1,126 1,425 1,193 2,352 Aug.22 35,142 12,113 3,028 3,803 1,831 1,444 4,895 1,549 1,197 1,514 1,268 2,500 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1023. FEDERAL RESERVE BULLETIN. 1059 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RE3ERVE BANKS COMBINED. [In thousands of dollars.) Total. 1 W 5 i d t a h y in s. 16 d a t y o s . 30 31 d a t y o s . 60 61 d a t y o s . 90 6 F d m r a o y o m s n t t 9 h o 1 s. m O o v n e t r h S s. Bills discounted: Aug.l 806,437 528, 303 57,073 95,014 87,339 38,576 132 Aug. 8 823,102 538,727 63, 521 108,264 82,177 30,258 155 Aug. 15 801,439 521,433 66,354 106,867 78,476 28,128 181 Aug. 22 780,596 496,397 65,204 119,568 75,390 23,812 225 Bills bought in open market: Aug. 1 182,630 56,346 32,123 47,367 44,271 2,523 Aug. 8 177,409 51,280 33,142 49,944 39,417 3,626 Aug. 15 173,189 53,421 29,705 50,557 36,613 2,893 Aug. 22 176,610 59,029 29,013 52,949 31,440 4,179 United States certificates ol indebtedness: Aug. 1 9,991 5,111 3,480 973 427 Ang. 8 7,285 3,962 2,100 27 1,072 124 Aug. 15 4,974 2,071 2,197 660 46 Aug. 22 3,834 1,214 1,967 402 251 Municipal warrants: Aug.l 10 10 Aug. 8 10 10 Aug. 15 20 20 Aug. 22 20 20 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, AUGUST 1 TO AUGUST 22, 1923. [In thousands of doUars.l Total. Boston. Y N o e r w k. i I P h p i h la i d a. el- C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t i . s. a M p i o n l n is e . - K C a i n ty sa . s Dallas. F S r a a n ncisco. Net amount of F. R. notes received from Comptroller of the Currency: Aug.l 3,528,787 331,206 1,059,879 288,934 290,527 108,988 215,138 570,457 114,952 72,533 54,660 322,127 Aug. 8 3,531.873 329,466 1,061,544 284,278 295,641 110,841 215,195 573,598 114,064 72,580 99,713 54,133 320,820 Aug. 15 3,536,787 327,785 ll, 058,706 288,069 296,441 109,887 214,521 574,777 114,238 72,580 99,403 58,594 321,788 Aug. 22 J3,533,989 326,015 1,056,087 282,368 291,854 114,195 215,014 583,895 114,574 72,499 98,681 58,068 320,739 F. B. notes on hand: Aug.l 855,629 90,650 313,260 53,200 25,220 25,210 78,672 110,700 24,890 13,145 29,913 19,469 71,300 Aug. 8 855,674 89,650 313,260 50,760 31,920 24,670 77,817 111,100 24,890 12,825 29,913 17,569 71,300 Aug. 15 852,049 85,050 313,260 51,620 32,220 22,370 76,597 112,300 24,890 12,785 29,913 20,244 70,800 Aug. 22 846,654 81,950 313,260 49,020 31,220 25,570 72,067 119,700 24,890 12,180 29,713 16,284 70,800 F. E. notes outstanding: Aug.l 2,673,158 240,556 746,619 235,734 265,307 83,778 136,466 459,757 90,062 59,388 69,473 35,191 250,827 Aug. 8 2,676,199 239,816 748,284 233,518 263,721 86,171 137,378 462,498 89,174 59,755 69,800 36,564 249,520 Aug. 15 2,684,738 242,735 745,446 236,449 264,221 87,517 137,924 462,477 89,348 59,795 69,490 38,350 250,986 Aug. 22 2 687,335 244,065 742,827 233,348 260,634 88,625 142,947 464,195 89,684 60,319 68,968 41,784 249,939 Collateral security for F.E. notes outstanding: Gold and gold certificates— Aug.l 320,429 35,300 235,531 7,000 8,805 2,400 11,880 13,052 6,461 Aug. 8 320,429 35,300 235,531 7,000 8,805 2,400 11,880 13,052 6,461 Aug. 15 320,429 35,300 235,531 7,000 8,805 2,400 11,880 13,052 6,461 Aug. 22 320,424 35,300 235,531 7,000 2,400 11,880 13,052 6,456 Gold redemption fund— Aug.l 117,262 15,219 30,179 12,038 13,514 2,614 5,719 10,755 3,087 1,190 3,770 2,436 16,741 Aug. 8 114.013 13,479 30,081 12,381 13,628 4,607 4,775 10,646 3,199 1,677 2,897 1,909 14,734 Aug. 15 114,772 11,798 29,996 15,172 15,628 3,653 4,102 10,565 3,373 1,677 2,586 2,649 13,573 Aug. 22 125,847 20,028 29,724 14,472 13,041 2,461 7,194 10,446 2,709 1,035 3,864 2,623 18,250 Gold fund—F. R. Board— Aug. 1 1,610,371 138,000 371,000 147,389 185,000 24,795 97,000 371,645 36,500 21,000 34,360 4,000 179,682 Aug. 8 1,605,570 138,000 371,000 147,389 185,000 21,795 89,000 371,644 35,500 21,000 34,360 5,000 185,882 Aug. 15 1,644,518 148,000 371,000 146,389 185,000 27,795 94,000 371,644 34,500 21,000 39,360 5,500 I 200,330 Aug. 22 1,634,994 138,000 371,000 147,389 185,000 27,795 90,000 381,645 36,000 21,000 37,360 7,000 ' 192,805 Eligible paper— Amount required— Aug.l... 625,096 52,037 109,909 69,307 57,988 56,369 31,347 77,357 38,595 24,146 31,343 22,294 54,404 Aug. 8... 636,187 53,037 111,672 66,748 56,288 59,769 41,203 80,208 38,595 24,026 32,543 23,194 48,904 Aug. 15.. 605,019 47,637 108,919 67,888 54,788 56,069 37,422 80,268 39,595 24,066 27,544 23,740 37,083 Aug. 22.. 606,070 50,737 106,572 64,487 53,788 58,369 43,353 72,104 39,095 25,232 27,744 25,705 38,884 Excess amt. held— Aug. 1... 323,208 9,126 118,335 5,931 22,345 8,182 19,549 51,473 9,902 2,921 10,423 23,405 41,616 Aug. 8... 325,878 13,729 129,452 5,689 35,080 6,100 8,331 43,330 9,238 4,639 8,026 22,585 39,679 Aug. 15.. 329,405 16,613 99,573 5,855 40,002 11,354 13,312 39,928 12,872 5,401 11,147 22,973 50,375 Aug. 22.. 312,103 20,292 3,072 38,590 10,773 9,861 42,205 19,617 3,612 14,921 23,154 48,008 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1060 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING'CITIES ON.WEDNESDAYS FROM JULY 25 TO AUGUST IS, 1923. ALL REPORTING,,MEMBER BANKS IN EACH FEDERAL JRESERVE DISTRICT. [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. 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 July 26 772 111 106 66 Aug.) 771 111 106 66 Aug. 8 771 111 106 66 Aug. 15 770 111 106 Loans and discounts, gross: Secured by U. S. Government obligations- July 25 231,407 12,529 78,302 18,731 29,766 9,053 7,629 36,194 11,267' 4,435 7,036 3,922 12,543 Aug.l 230,846 12,508 78,935 18,851 29,377 9,199 7,893 34,473 11,611! 4,474 6,779 4,002 12,744 Aug. 8 230,126 12,503 78,305 18,251 29,212 9,158 7,797 35,420 11,799 4,437 6,760 3,891 12,593 Aug. 15 230,250 12,246 77,765 19,243 29,422 9,318 7,657 35,528 11,636 4,390 6,950 3,706 12,389 Secured by stocks and bonds— July 25 3,741,557 247',,9921,,571,062 257,995 396,721 120,382 62,294 585,652 136,384 42,611 79,723 50,831 189,910 Aug.l 3,711,802 236i,,9891,, 554,816 257,962 398,466 119,351 62,106 583,830 137,112 42,725 79,882 50,470 188,093 Aug. 8 3,653,219 244,5391,482,217 272,131 399,467 120,633 62,575 576,553 137,568 42,371 78,920 50,196 186,049 Aug. 15 3,645,448 236,473 1.,476,856 264,422 399,865 119,505 61,661 582,416 138,453 42,276 81,425 48,946 192,150 All other loans and discounts— July 25 7,742,762 622,134:2,445,977 356,473 695,837 324,949 330,0991,127,488: 307,870 186,395 359,840 196,132 789,568 Aug.l 7,797,152 626,86012,474,282 356,157 699,339 328,139 329,806 1,136,698 308,430 184,833 359,871 196,906 795,831 Aug. 8 7,812,747 625,687,2, 482,004 355,555 700,101 328,379 328,635| 1,140,787; 309,427 185,050 361,912 198,168 797,042 Aug. 15 7,826,311 631,538'2,502,031 355, 771 700,521 329,341 330,1921,133,419 312,096 188,638 360,506 199,442 784,816 Total loans and discounts: July 25 11,715,720 882,65514,095,341 633,1991,122,324 454,384 400,0221,749,334 455,521 233,441 446,599 250,885 992,021 Aug. 1. 11,739, 800 876,357|4,108,033 632,970|l,127,182 456,689! 399,805 1,755,001 457,153 232,032} 446,532 251,378 996,668 Aug. 8 |ll,696,O92 882,729 4,042,526 645,93711,128,780 458,170 399,0071,752,760 458,794 231,858 447,592 252,255 995,684 A'—ug . "1"5 . 11,702,009 880,257 4,056,652 639,4361,129,808 458,164! 399,5101,751,363 462,185 233,304 448,881 253,094J 989,355 U. S. pre-war bonds: July 25 277,773 12,541 48,180 11,003 48,152 30,335 14,331 24,463 15,335 8,821 12,007 20,614 31,991 Aug.l 276,640 12,5411 48,180 10,998 48,052 30,335 14,343' 24,645 15,335 8,961 11,416 20,711 31,123 Aug. 8 277,195 12,5411 48,190 10,998 48,052 30, 335| 14,326 24,670: 15,325 8,636 11,416 20, 711 31,995 Aug. 15 275,060 12, S4l| 48,079 10,698 47,822 29,335l 14,430, 24,694i 15,325 8,461] 11,716 20,115 31,844 V .S. Liberty bonds: July 25 1,054,697 79,559! 475,680 43,995 116,641 32,321 14,346 95,582 22,799 12,054 47,945' 14,226 99,549 Aug.l 1,063,474 79,4881 473,420 44,463 116,675 31,978 14,345 97,830 23,156 12,198 52,553, 14,251 103,112 Aug. 8 1,060,189 79,507 472,850 44,144 116,843 32,308 14,384 96,099 23,517 11,756 52,354; 14,154 102,213 Aug. 15 1,063,055 79,485 473,023 44,012 116,767 32,190 14,341' 95,972 23,419 11,780 51,201 14,053 106,812 U.S.Treasury bonds: July 25 91,837 5,057 29,202 3,698 5,536 3,931 2.1031 11,862 9,491 1,215 4,400! 2,1941 13,148 Aug.l 92,372 5,066 29,230 3,613 5,563 4,073 1938 12,260 9,177 1,215 4,839 2,197 13,201 Aug. 8 92,080 5,065 29,053 3,462 5,499 4,120 1,769 12,406 9,350 1,215 4,814 2,222 13,085 Aug.15 91,840 5,059 28,400 3,441 5,455 4,120 2,045 12,433 9,377 1,220 4,930, 2,202 13,158 TJ. S. Treasury notes: I July 25 912,057 28,952 502,602 54,696 56,086 11,949 5,683 127,560 22,155) 28,900 22,519 13,372| 37,583 Aug.l 900,786 28,625 492,087 54,095 56,361 11,412 6,2711 127,151 21,745 28,729 22,101 13,1151 39,094 Aug. 8 892,597 29,506 485,137 52,851 57,935 11,385 5,8951 126,042 21,255, 28,768 22,126 13,1321 38,585 Aug.15 885,665 28,708| 482,957 52,846 58,137 11,532 5,893 124,263 21,214 28,740 22,269 13,202 35,904 TJ. S. certificates of indebtedness: July 25 106,857 3,058 24,175 6,638 7,662 2,307 7,107 21,267 2,1 5,491 4,443 15,624 Aug.l 103,736 3,079 23,544 6,028 7,3101 2,314 7,007 21,250 6,120 2,546 5,982 3,991 14,565 Aug. 8 100,584 2,944 21,276 5,937 7,2981 2,323 7,003 20,426 6,563 2,546 5,619 4,045 14,584 Aug.15 99,350 2,664 21,632 5,789 7,358 2,294 6,870 21,522 6,195 2,617 5,688 4,058 12,665 Other bonds, stocks, and securities: July 25 2,185,085! 169,210 745,588 184,933 299,718 52,430 39,683 354,777 85,899! 29,349 59,587 10,443 153,468 Aug.l 2,173,133 168,819 736,768 184,406 302,092 52,472 40,716 354,311 85,853| 29,002 59,606 10,350 148,738 Aug. 8 2,160,121 168,656 740,067 183,202 297,491 52,355 40,185 344,929 84,707i 28,472 60,489 10,937 148,631 Aug.15 2,155,744 168,274 739,117 183,390 298,107 51,332 40,523 343,107 84,788 60,007 10,906 147,385 Total loans and discounts and investments: July 25 16,344,0321,181,032 5,920,768 938,1621,656,119 587,657 483,275 2!., 384,845617,589 316,476 598,548 316.,,.1,7.7 »1,343,384 Aug.l 16,349,9411,173,9755,911,262 936,55773311,663,235 589,273 484,425 2!', 392,448618,539 314,683 603,034! 315,993 1,346,501 Aug. 8 16,278,8181,180,948 5,839,099 946,55331111,661,898 591,056 482,569 2!;, 377,332619,511 313,251 604,410 317,456"1,344,757 Aug.15 16,272,7231,176,988,5,849,860 939,6121,663,454 588,967 483,612 2!,, 373,354622,503 314,930 604 692 317,6281,337,123 R eserve balance with F. R. banks: July 25.... 1,355,902 83,880 591,474 69,403 111,627 33,788 32,925 196,915 40,737 22,174 49,906 21,038 102,035 Aug.l 1,395,825 83,580 647,406 69,492 110,658 33,987 31,700 198,814 39,591 19, •"' 47,813 21,116 92,617 Aug. 8 1,382,893 82,817i 619,993 69,665 110,668! 33,681 32,793 202,906 41,556) 22, 47,609 21,464 97,060 Aug. 15 1,359,778 82,610i 596,200 71 931 105,459i 34,033 30,293 206,853 42,042j 23,658 46,813 21,552 98,334 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1023. FEDERAL RESERVE BULLETIN. 1061 PRINCIPAL RESOURCES AND LIABILITIES OP REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS FROM JULY 25 TO AUGUST 15, 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 - . Atlanta. Chicago. 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 - . Cash in vault: July 25 282,945 18,911 79,522 15, 31,380 13,972 10,428 55,093 7,677 6,764 12,737j 9,001 21,671 Aug. 1 271,835 18,917 75,280 14,764 31,017 12,722 10,081 53,682 7,484 6,251 12,397| 8,704 20,536 Aug. 8 294,923 19,701 90,343 17,000 32,679 13,732 9,765 55,277 7,840 6,412 12,625! 8,501 21,048 Aug. 15 278,584 19,278j 78, — 16,258 32,522 13,281 10,027 53,040 8,194 5,927 11,849 8,640 20,745 Net demand deposits: July 25 11,077,870 814,181 4,647,935 692,859 936,276 323,361 268,3121,485,725 342,855 192,776 433,675: 208,505 731,410 Aug. 1 11,079,524 809,49014,640,118! 686,840 935,140 328,276 267,775:1,490,612 343,440 192,514; 443,633| 205,480 736,206 Aug. 8 10,965,316 800,461 4, 540, 882 701,326 922,103 325,731 272,720;i,484,717 345,910 191,344! 443.464' 205,766 730,892 Aug. 15 11,008,459 809,954 4,564,489 695,313 922,367 325,401 270,3561,492,227 345,704 193,807j 445,517 212,000 731,324 Time deposits: July 25 3,964,432 265,629 890,143i 105,666 576,348 152,299 178,686] 783,683 190,328 85,531; 133,514 74,783 527,822 Aug. 1 3,972,103 266,130 895,435! 104,602 581,476 152,157 178,518' 782,209 190,3091 86,559, 128,418 74,930 531,360 Aug. 8 3,971,879 267,991 888,515] 102,973 583,591| 151,950 177,8691 781,817 190,633 86,707 133,700! 74,949 531,184 Aug. 15 3,971,754 886,991; 103,079 580,496 152,009 177,119 780,194 190,615 86,712 133,532! 74,589 537,938 Government deposits: July 25 145,920 21,888 42,799; 13,384 8,490 6,100 6,792 19,185 5,227 3,436 1,876 3,919 12,824 Aug.l 147,040 21,888 42,799j 13,384 8,490 6,100 6,932! 19,175 5,228 3,436; l,873i 3,911 13,824 Aug. 8 147,264 22,080 42,7991 13,398 8,473 6,100 6,892! 19,150 5,228 3,543 1,876 3,901 13,824 Aug. 15 132,187 20,702 37,199 12,263 7,522 5,513 6,304 17,003 4,428 3,152] 1,586: 3,647 12,868 Bills payable and rediscounts with F. R. banks: Secured by U. S. Government obligations— July 25 255,449; 6,201 104,624 22,041! 23,322 20,529 3,789 18,612: 9,317 5,460] 11,321 3,724 26,509 Aug.l 277,942i 7,462 128,274 20,746] 21,650 19,783 2,829 26,663 9,569 3,480 8,831 4,112 24,543 Aug. 8 295,646i 8,771 154,864, 21,476! 25,372 18,597 3,068 16,337! 9,943 5,675! 8,103 3,831 19,609 Aug. 15 276,109 10,645 128,774: 21,943, 28,749 19,562 2,979 14,933 i 12,063 6,440 6,846 3,613 19,562 All other- July 25 216,689 20,683 34,008! 13,516 16,995 17,549 12,704 22,863 18,580 4,993 17,447 10,044 27,307 Aug.l 237,851 19,448 51,034] 18,812 18,948 15,665 14,023 20,228, 18,703 5,676j 17,426 10,106 27,782 A A u u g g . . 8 15 2 2 3 4 4 4 , , 8 7 9 9 6 6 2 22 6 , , 7 0 8 6 0 2 4 4 2 2 , , 6 98 7 2 5 ] ! 1 16 8 , , 1 0 9 8 2 3 ] 2 2 0 2 , , 4 2 8 5 4 6 1 17 7 , , 3 8 2 9 5 1 1 7 2, , 1 r 4 ~ 3 2 2 7 7 , , 9 4 4 1 1 3 j 2 1 0 8 , , 9 9 8 2 1 7 7 4 , , 3 7 1 6 3 9 1 1 6 7 , , 6 0 0 2 6 1 1 1 0 1 , , 3 7 8 3 4 0 2 25 5 , , 6 O 8 i 4 l REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: I July 25 ! 258 15 Aug.l 258 15 Aug. 8 258 15 Aug. 15 258 15 Loans and discounts, gross: Secured by U.S. Government obligations— July 25 151,963 10,064 69,538 17,075 6,033 1,426 2,129 27,888 7,844 1,447 1,910 5,123 Aug.l 151,170 10,023 70,226 6 037 1,392] 2,133 26,211 8,248] 1,414 1,796 1,513 5,020 Aug. 8 151,150 10,012 69,732 6,027 1,406] 2,147 27,150 8,350 1,446 1,780 1,411 5,086 Aug. 1-5 151,341 9,721 69,167 17,634 5,997 1,426 1,930 27,306 1,434 2,100 1,347 5,020 Secured by stocks and I bonds— July 25 2,672,003 189,69311,393,171 231,670 156,495 18,953 11,006 437,25,0 94,760] 15,891] 19,923 11,741 91,450 Aug.l.... 2,640,299 179,56411,378,013 227,140 158,685 19,097 10,926 435,385 95,396| 15,817] 19,880 11,852 88,544 Aug. 8.... 2,564,985 "1.825 I1!,304,199 223,570 155,756 19,169 10,983 433,083 95,603 16,190 18.943 12,012j 88,652 Aug.15 2,554,639 178; 562 1,297,426 222,820 155,791 18,913 11,060 438,126 96,281 15,847 19,254 12,028] 88,531 All other loans and discounts— July 25 4,761,090 476,4712,130,458 321,983 313,926 65,061 58,844 659,444 179,315 98,021 116,730 46,957 293,880 Aug. 1 4,810,030 480,818 2,158,884 325,981 314.675 65,163 58,739] 667,105 180,6221 97,393 116,034 47,516 297,100 Aug. 8 4,827,091 478; 479 2,166,924 325,892 319,058 65,652 57,991! 670,882 181,912) 97,209 118,942 47,272 296,878 Aug. 15 4,847,834 483,822|2,186,350 326,525 317,279 57,444| 663,061 183,335! 118,673 47,793 299,427 Total loans and discounts: July25 7,585,056 676,228 35,,593,167 570,728 476,454 85,440 71,9791,124,582 281,919 115,359] 138,563 60,184] 390,453 Aug.l 7,601,499 670,405 3t,, 607,123 570,278 479,397 85,652 71,798a, 128,701 284,266 114,624 137,710 60,881] 390,664 Aug. 8 7,543,226 675i,,316 31,,540,855 566,065 480,841 86,227 71,121 1,131,115 285,865 114,845 139,665 60,695i 390,616 Aug. 15 7,553,814 6721,,105 3!!, 552,943566,979 479,067 86,428 70,4341,128,493 287,875 115,317 140,027 61,168, 392,978 U. S. pre-war bonds: July 25 95,587 2,088 37,429 6,858 4,530 1,805 2,857 4,025 8,225 3,091 2,050 5,148] 17,481 Aug.l 95,657 2,088 37,429 6,858 4,530 1,805 2,856 4,049 8,225 3,231 2,050 5,148! 17,388 Aug. 8 95,457 2.r~ 37,429 6,858 4,530 1,805 2,852 4,074 8,215 3,231 2,050 5,1481 17,177 Aug. 15 95,020 2,1 37,428 6,558 4,525 1,805 2,856 4,086 8,215 3,231 2,050 5,148 17,030 U.S. Liberty bonds: July 25 637,366 34,646 407,547 32,553 24,468 5,1 273 37,924 14,344 6,527 21,794 4,344 47,866 Aug.l 642,172 34,525 407,149 33,019 24,469 4,887 273 38,163 14,564 6,555 25,886 4,344 48,338 Aug. 8 640,783 34,535 406,595 32,698 24,482 4,887 273 38,835 14,891 6,607 24,589 4,144 48,247 Aug. 15 639,385] 34,479 406,600 32,565 24,500 4,1— 273 38,707 14,876 6,618 23,159 4,144 48,574 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1062 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANES IN LEADING CITIES ON WEDNESDAYS FROM JULY 25 TO AUGUST 15, 1923—ooatinued. REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.] San 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. 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 - . XT. S. Treasury bonds: July 25 47,839 2,724 20,239 2.79B 808 246 75 4,737 7,787 655 1,103 5,776 Aug. 1 48,010 2,733 20,011 2,7li 803 341 75 5,212 7,630 655 963 1,103 5,772 Aug. 8 47,715 2,732 19,836 2,561 771 341 75 5,362 7,569 655 936 1,103 5,774 Aug. 15 47,230 2,726 19,216 2,539 771 341 75 5,384 7,635 660 962 1,103 5,788 U.S. Treasury notes: July 25 673,918 20,539 467,064 51,005 9,598 818 361 69,501 15,055 7,544 4,548 15,909 Aug. 1 662,728 20,229 457,549 50, 419 9,696 848 361 15,112 , 7,778 4,047 15,780 A A u u g g . . 8 15 6 6 5 5 6 2 , , 1 1 5 4 6 3 2 2 1 0 , , 0 2 6 5 2 4 4 4 5 4 0 8 , , 9 5 1 9 3 8 4 49 9 , , 1 2 6 5 6 0 , 9 9 , , 8 8 1 5 6 0 8 8 4 4 6 8 3 36 6 1 1 6 6 9 8 , , 3 2 9 6 2 5 1 1 4 4 , , 7 6 6 7 2 0 1 1 1 1 1 1 , , , 7 8 9 8 2 6 7 0 0 8 8 , , 1 1 2 3 6 8 4 4 , , 0 0 4 9 7 7 1 16 5 , , 1 6 1 8 5 5 XT. S. certificates of indebtedness: July 25 50,132 1,: 21,227 5,39 2,840 1,464 6,344 5,128 1,594 278 2,032 1,978 Aug.l 49,929 1,823 20,790 5, 13:i 2,8.0 1,463 6,788 4,860 1,594 279 2,032 1,975 Aug. 8 47,230 1,715 18, (01 5,367 2,810 1,464 6,640 4,828 1,594 274 2,072 1,980 Aug. 15 48,518! 1,687 18,78-1 5,219 2,810 1,464 7,747 ir~ 1,665 233 2,087 1,936 Other bonds, stocks, and securities: July25 1,167,867 77,767 540,124 148,977 73,954 5,175 4,075 177,649 52,938 14,884 11,413 2,709 58,202 Aug.l 1,157,478 77,338 531,996 148,605 73,550 5,346 4,078 175,808 53,264 14,633 12,073 2,745 58,042 Aug. 8 1,147,549 76,893 534,720 147, t 6 73,250 5,353 3,631 167,508 52,132 13,852 12,125 2,996 57,643 Aug. 15 1,142,952 76,432 533,506 147,661 72,964 5,532 4,004 164,806 52,164 13,952 11,986 2,r" 56,949 Total loans and discounts and investments: July 25 10,257,765 815,794 5,086,797 818,310 592,652 98,646 81, ,424,762 385,396 154,056 182,535 80,068 537,665 Aug.l 10,257,473 809,1415,082,047 817,324 595/85 98,931 80,9041,427,710 387,921 153,212 186,739 80,300 537,959 Aug. 8 10,178.116 814,3415,008,752 810,245 596,564 99,513 79,7771,422,926 388,262 152,644 187,765 80,205 537,122 Aug. 15 10,179,062 809,7715,017,105 810,687 594,513 99,862 79,4671,417,488 390,271 153,230 186,555 80,743 539,370 Reservebalancewith F. R. banks: July 25 959,008 66,989 543,181 63,675 35,961 5,302 5,473 137,563 26,231 11,641 18,232 5,242 39,518 Aug. 1 1,001,908 67,148 602,277 61,905 33.815 4,694 5,665 135,293 25,173 9,224 16,483 5,816 34,415 Aug. 8 987,311 65,263! 574,488 61,238 3fi,136 5,875 5,417 141,052 27,299 12,117 16,163 5,627 36,636 Aug. 15 963,930 64,8tO 547,534 64,384 33,954 4,542 4,791 144,444 28,607 13,420 16,252 5,247 35,895 Cash In vault: July 25 141.302 8,186 64,642 12,584 8,794 1,019 1,758 29,419 3,606 2,112 2,350 1,230 5,602 Aug.l 135,618 8,003 61,548 12,0.8 8,635 858 1,809 28,517 3,371 1,902 2,500 1,135 5,342 Aug. 8 152,645 8,873 73,731 13,849 9,121 900 1,336 30,003 3,541 2,098 2,398 1,236 5,559 Aug. 15 141,391 8,563 64,343 13,142 9,1(>2 997 1,894 29,162 3,404 1,835 2,210 1,138 5,541 Net demand deposits: July 25 7,518,880' 629,4014,153,730 607.220 257,704 49.353 44,452 993,046 226,804 92,153 151,979 57,651 255,387 Aug.l 7,521,333: 622,8'59 4,154,545 600,639 257,655 50,953 44,531 995,706 228,771 90,699 160,722 57,018 257,225 Aug. 8 7,415,409 616,291 4,063,530 5 8.910 252.207 50,141 47,116 991,661 230,277 89,272 161,134 56,140 258,820 Aug. 15 7,455,857 621,172 4,076,050 601,211 253.357 51,420 45,346 994,276 231,216 91,546 161,758 58,728 269,777 Time deposits: ! July 25 1,943,182 115,150 613,049 85,144 332,704 26,123 23,771 369,333 106,078 41,949 12,923 11,892 204,976 Aug. 1 1,948,456 114,467) 61>,579 84,330 33B.482 26,112 23,602 367,788 100,191 43,103 12,728 11,788 204,286 Aug. 8 l,934,P03 116,132 604,950 82,586 337,740 26,003 23,512 365,333 106,496 43,272 12,793 11,594 204,192 Aug. 15 1,932,698: 116,266 603,080 82,754 340,499 25,820 23,466 364,435 106,844 43,417 13,148 11,597 201,372 Government deposits: July 25 96,118 20,322 39,634 11,451 1,901 692 938 8,018 3,91 926 1,370 2,423 4,531 Aug.l 97,108 20,322 39,634 11,451 l,P01 692 938 8,010 3,913 926 1,367 2,423 5,531 Aug. 8 97,40) 20,514 39.634 11,44 1.901 692 938 8,018 3,913 1,033 1,370 2,413 5,531 Aug. 15 86,372 19,382 34,528 10.443 1,592 626 802 6,805 3,146 799 1,135 2,278 4,836 Bills payable and rediscounts with F. R. banks: Secured by U. S. Government obligations— July 25 147,476 3,574 79,046 19,291 56/ 3,356 650 4,401 4,279 3,745 4,722 23,782 Aug. 1. 165,520 4,745 103,871 18,446 201 2,242 375 6,197 4,616 1,945 880 22,003 Aug. 8. __ 190,549 6,174 129,061 17,97. 2o( 3, vr 6,842 5,021 4,240 944 61 16,843 Aug. 15 168,249 8,448 102,971 19,36> 250 5,544 6,267 4,890 505 17,543 AH other- 2,463 July 25 130,787 19,294 23,394 13, il) 4,0.13 4,1 3,354 13,083 10,427 3,394 8,918 3,141 24,025 Aug. 1. 150,121 18,201 40,577 18,30 4,(151 4,166 3,432 10,598 10,469 3,851 8,442 3,278 24,153 Aug. 8. 156,200 24,775 34,464 15,88? 9,608 5,543 2,863 17,498 9,848 3,221 7,748 3,412 21,537 Aug. 15 150,998 21,263 35,104 17,5U( 7,10!) 4,950 1, " 18,653 10,646 2,781 7,511 3~~ 19,638 MEMORANDA. Bank deposits: Due to banks— July 25 808,257 103,742 864,879 154,21!- 43,294 25,141 11,483 319,569 68,704 35,521 89,244 11,752 80,710 Aug.l 926,746 105,564 967,032 l.">4, 1. 42, K02 25,74] 12,667 320,405 70,954 35,446 96,513 11,895 83,310 Aug. 8 861,398 101,449 879,509 152,774 42,814 27,050 11,915 333,425 72,551 36,220 100,144 13,293 90,254 Aug. 15 874,1611 108,710 875,537 15.S.7IS 4-!, 694 26,241 11,906 332,022 72,609 35,219 101,414 13,207 93,886 Due from banks— July 25 460,846 31,126 72,055 51,168 21,915 11,784 6,018 137,820 21,638 13,376 35,614 12,725 45,577 Aug.l 489,779 34,164 76,593 56,277| 22, 90 11,752 5,8221 143,434 19,062 19,081 40,191 14,212 46,701 Aug. 8 454,119 29,602 64,712 5003: 18, 4.J7 12,358 4,158 136,049 20,192 15,960 42,113 13,038 47,197 Aug. 15 501,335 30,271 83,845 x 1,507 12,815 7,031 145,900 21,935 13,116 44,504 14,679 49,952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTUM HER. WlTf. FEDERAL, EESEEVE BULLETIN. 1063 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES. MONTHLY SUMMARY FOR BANKS IN 141 SELECTED CITIES. [In thousands of dollars.] Number Federal reserve district. of cities. June, 1923. July, 1923. August, 1923. June, 1922. July, 1922. August, 1922. 11 2,172,872 1,983,223 1 771 572 1,992,898 1,899,373 1,586,094 7 21,789.805 19,008.372 16 829,386 22,693,592 20,328,510 18,854,442 No. 3—Philadelphia 10 2,083.113 1,826,560 1,733,171 1,720,649 1,668,316 1,589,819 No 4—Cle' eland . .. 13 2 278,941 2 237,042 2,081,604 1,927,948 1,911,065 1,850,667 No 5—Richmond 7 742.692 681,119 668,610 681,167 636,506 616,520 No 6—-* tianta 15 902,403 837,023 790,799 785,260 743,297 739,642 No 7—Chica"o 21 4,772,812 4,509,455 4,240,633 4,326.058 3,995,629 3,991,612 No. 8—St. I ouis ... 5 1,104,142 980,103 930,888 930,887 871,384 830,180 9 652.341 593.964 598 206 569.323 554,605 580.550 No. 10—''ansasCitv 14 1,155,879 1,081,943 1,106,154 1,081,813 1,041,778 1,056,449 No 11—^allrs 11 465,461 420,874 448,966 479,097 432,944 440,729 18 2,453,134 2,344,597 2,296,888 2,047,485 1,972,381 1,999,425 Total 141 40,573,595 36,504,275 33,496,877 39,236,177 36,055,788 34,136,129 New Yor^ City 1 21,041,296 18,320,626 16,188 613 22,063,382 19,713,134 18,287,224 Other cities. . .. 140 19,532,299 18,183,649 17,308,264 17,172,795 16,342,654 15,848,905 WEEKLY SUMMARY FOR BANKS IN 245 CITIES. [In thousands of dollars.] 1923 1922 Number Week ending— Week ending— Federal reserve district. of centers included. Aug. 1. Aug. 8. Aug. 15. Aug. 22. Aug. 2. Aug. 9. Aug. 16. Aug. 23. T No. 1—Roston 482,699 458,072 411,580 438, 794 459,988 380,527 398,617 383,960 No. 2—N.'w York 4,385.880 4,109,124 3,400,410 3,923,920 5,053,098 4,350,485 4,324,097 4,084,107 No. 3—Philadelphia... 457,448 429,864 416,460 446,057 423,748 356,129 409,973 391,769 No. 4—Cl<vi>land 595,498 565,256 544,309 556,797 542,305 498,192 540,614 462,868 No. 5—Richmond 264,420 265,691 234,280 250,494 257,680 237,168 231,871 212,699 No. 6— Atlanta 194,396 197,723 177,820 187,969 179,574 176,531 174,303 171,243 No. 7—Chicago 1,056,275 984,659 949,863 1,009, 789 985,023 916,468 945,075 875,076 No. 8—31. Louis 234,037 220,231 227,505 240,695 209,912 218,118 194,788 No. 9—N jnnoapolis 134,736 136,086 132,998 147,513 142,236 127,636 141,413 136,279 No. 10—Kansas City.. 267,956 273,460 254,287 273,278 250,846 274,095 267,380 242,844 N N o o . . 1 1 2 1 — — S D an a l F la ra s. n . c .. i . s " c . o .. . 5 1 2 1 7 7 , ,7 2 4 2 6 1 5 1 3 1 2 7 , ,7 7 9 4 6 9 1 5 1 2 9 2 , , 0 3 7 7 7 2 1 55 3 8 5 , , 7 0 0 3 3 5 5 1 0 1 6 5 , , 9 1 8 8 9 1 4 1 5 1 7 6 , , 8 1 3 8 9 8 4 1 9 2 4 2 , , 6 37 8 5 2 4 1 6 2 5 5 , , 0 2 1 5 3 8 Total 245 8,718,312 8,290,711 7,390,961 8,169,044 9,119,6 8,101,170 8,268,518 7,745,904 DATA FOR EACH CITY. [In thousands of dollars.] 192S 1922 Week ending— Week ending— Aug. 1. Aug. 8. Aug. 15. Aug. 22. Aug. 2. Aug. 9. Aug. 16. Aug. 23. District No. 1—Boston: 3,458 3,519 3,067 3,265 3,191 3,034 3,009 2,641 320,031 295,083 258,517 281,312 310 654 237,659 252,511 251,659 4,004 4,516 4,645 4,659 4,418 4,155 5,715 3,936 Jail River Mass 6,235 6,565 6,312 6,397 7,234 6,394 6,533 6,053 Hartford Conn 25,592 23,808 21,303 20,913 23,387 21,596 19,123 17,597 3,977 3,626 3,280 3,525 3,141 2,798 2,715 2,629 5,052 4,801 4,529 5,150 4,343 4,314 4,491 4,446 Lvnn, Mass 5,915 5,705 8,519 5,893 4,919 5,292 6,103 5,097 4,497 4,760 4,200 4,473 4 112 3,666 4,448 3,188 Nev. Belford, Mass 6,686 6,279 6,229 6,398 6,499 5,823 6,734 5,832 18,723 21,734 17,976 19,310 18,244 16,469 17,473 17,331 Portland, Me 9,283 9,041 8,699 7,916 8,994 8,376 8,503 6,925 Provi lence, R.I 30,916 28,766 29,728 32,137 28,909 26,213 27,360 24,257 15,523 16,003 13,530 14,313 14,099 12,901 13,653 13,118 7,974 8,604 6,056 6,818 5,578 7,339 6,124 5,672 W orcest er, M ass 14,833 15,262 14.990 16,315 12,266 14,498 14,122 13,579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1064 FEDERAL EESERVE BULLETIN. SEPTEMBER, 1923. DEBITS TO rNDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOK EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending— Week ending— Aug. 1. Aug. 8. Aug. 15. Aug. 22. Aug. 2. Aug. 9. Aug. 16. Aug. 23. District No. 2—New York: Albany, N.Y 21,599 18,954 20,314 18,766 20,599 19,080 18,804 23,045 Binghamton. N. Y 4,548 5,024 4,501 4,828 4,043 4,431 4,101 3,595 Buffalo, N.Y 69,455 64,416 64,228 67,199 62,803 60,519 63,512 53,131 Elmira, N.Y 4,087 4,273 3,925 3,730 2,904 4,289 3,375 2,984 Jamestown, N.Y 4,008 4,243 4,174 4,105 3,307 3,541 3,475 3,266 Montclair, N. J.. 2,751 2,753 2,606 3,156 2,279 2,323 2,465 1,948 Newark, N.J 61,416 53,135 47,574 58,366 57,247 50,421 50,008 49,379 New York, N.Y 4,126,791 3,867,814 3,171,086 3,670,919 4,814,644 4,127,612 4,094,371 3,865,070 Northern New Jersey Clearing House Association 36,072 33,183 30,586 35,570 34,489 31,900 33,357 35,608 Passaic, N. J 7.044 6,911 7,218 6,461 5,380 5,520 6,146 5,491 Rochester, N. Y 30,386 31,011 28,457 31,997 29,277 26,566 29,647 26,597 Stamford, Conn 3,376 3,125 2,645 2,857 2,599 2,477 2,579 2,261 Syracuse, N.Y 14,347 14,282 13,096 15,966 13,527 11,806 12,257 11,732 District No. 3—Philadelphia: Allentown, Pa 6,434 6,621 5,8-40 6,579 5,961 5,628 5,497 5,252 Altoona, Pa 4,340 3,779 3,823 3,615 3,209 3,327 3,249 3,500 Camden, N.J 11,673 10,686 9,476 10,564 11,340 8,415 10,582 8,739 Chester, Pa 5,566 5,542 4,867 6,092 3,927 3,722 4,344 4,370 Harrisburg, Pa 8,717 8,365 8,258 7,755 6,916 6,957 6,909 6,636 Hazleton, Pa 2,992 3,193 2,576 2,578 2,414 1,976 2,332 1,879 Johnstown, Pa 6,221 5,334 5,890 5,231 4,803 4,517 4,807 4,946 Lancaster, Pa 5,477 5,187 4,835 5,329 4,625 4,675 4,632 4/650 Lebanon, Pa 1,485 1,693 1,777 1,478 1,144 1,180 1,154 1,081 Norristown, Pa 827 904 911 910 708 699 791 676 Philadelphia, Pa 338,566 297,735 291,365 325,830 325,533 264,810 314,662 302,902 Reading, Pa 8,498 8,846 9,756 11,412 7,186 6,670 7,922 7,003 Scranton, Pa 16,300 16,400 16,600 15,500 11,877 10,834 9,511 10,402 Trenton, N.J 13,231 13,056 12,211 11,994 10,764 10,962 11,175 10,563 Wilkes-Barre, Pa 10,854 9,772 9,801 9,523 6,754 6,196 6,340 6,098 Williamsport.Pa 3,930 3,812 4,081 3,934 4,185 4,644 4,029 3,314 Wilmington, Del 7,818 24,376 20,271 12,409 8,402 7,249 8,296 5,946 York, Pa 4,519 4,563 4,092 5,324 4,000 3,668 3,741 3,812 District No. 4-^Cleveland: Akron, Ohio 16,173 13,143 14,556 15,097 13,434 12,808 13,692 12,989 Butler, Pa 2,248 2,597 2,483 2,105 2,092 2,189 2,311 2,796 Canton, Ohio 9,316 9,385 8,808 9,365 7,621 8,025 8,405 6,970 Cincinnati, Ohio 64,647 61,247 60,508 68,327 61,210 59,558 64,706 56,038 Cleveland, Ohio 154,917 154,942 140,980 134,383 136,288 126,533 149,481 108,600 Columbus, Ohio 34,042 35,867 34,847 32,994 29,584 28,150 27,709 26,886 Connellsville, Pa 1,183 1.256 1,338 1,128 1,197 1,156 1,400 1,031 Dayton, Ohio 15,715 14,748 13,090 14,251 13,648 11,618 13,171 11,476 Erie, Pa 7,025 7,375 7,405 7,564 6,310 5,774 6,524 6,008 Greensburg, Pa 5,541 2,392 3,885 5,775 4,425 3,413 6,129 4,476 Homestead, Pa 1,072 878 904 938 693 687 702 641 Lexington, Ky 3,834 4,123 3,921 3,640 3,906 3,916 3,873 3,446 Lima, Ohio 3,899 4,082 3,498 3,323 3,341 3,159 3,119 2,999 Lorain, Ohio 1,446 1,398 1,415 1,518 1,257 - 988 1,170 1,021 New Brighton, Pa 2,817 2,478 2,617 2,618 2,275 2,026 2,116 2,395 Oil City, Pa 2,820 2,895 2,466 3,445 3,000 3,016 3,171 2,734 Pittsburgh, Pa 196,953 172,405 170,396 178,310 186,890 163,405 165,196 148,874 Springfield, Ohio 4,435 4,495 4,161 4,153 4,591 4,025 4,802 4,245 Toledo, Ohio 37,432 41,707 37,970 40,393 35,736 36,264 37,040 36,876 Warren, Ohio .' 2,537 2,727 3,517 2,521 2,203 2,106 2,599 2,839 Wheeling, W. Va 10,420 9,976 8,915 9,674 9,700 8,238 8,552 7,888 Youngstown, Ohio 14,389 12,282 13,922 12,376 10,760 9,050 12,388 9,335 Zanesville, Ohio 2,637 2,858 2,707 2,899 2,144 2,088 2,358 2,305 District No. 5—Richmond: Asheville, N. C 6,209 6,366 5,146 5,417 4,570 4,158 4,565 4,113 Baltimore, Md 94,900 88,700 74,900 82,500 103,957 88,150 83,309 71,779 Charleston, S. C 6,184 6,184 5,811 5,784 5,811 5,820 5,555 4,967 Charleston, W. Va 8,001 8,174 7,875 8,135 6,518 6,933 6,881 6,500 Charlotte, N. C 7,388 7,907 7,793 8,050 6,503 6,071 6,825 6,121 Columbia, S.C 3,909 6,600 5,384 4,483 4,109 3,962 3,096 2,916 Cumberland, Md 2,099 2,192 1,837 1,859 1,836 1,800 1,718 1,681 Danville, Va 2,057 1,874 1,704 1,781 1,838 1,784 1,808 1,498 Durham, N. C 4,068 3,800 4,415 4,059 4,502 4,006 3,785 3,910 Greensboro, N. C 4,162 5,376 4,157 3,790 4,408 3,215 3,259 3,379 Greenville, S. C 4,300 4,501 4,580 4,800 3,653 3,738 3,316 2,900 Hagerstown, Md 2,254 2,429 2,062 2,429 1,962 1,673 1,888 1,777 Huntington, W. Va 5,678 6,395 5,655 5,843 4,467 4,574 4,368 4,331 Lynchburg, Va 4,565 4,248 4,041 4,198 3,492 3,381 3,856 3,457 Newport News, Va 2,150 1,756 1,603 1,719 1,854 1,607 1,582 1,396 Norfolk, Va 14,822 15,478 13,292 14,497 14,003 13,727 15,199 14,267 Raleigh, N. C 6,900 7,300 6,950 7,000 3,900 4,000 4,450 4,035 Richmond, Va 25,869 27,107 25,352 26,737 24,603 23,461 24,244 23,510 Roanoke, Va 5,370 5,493 4,842 6,171 4,545 4,719 4,670 4,746 Spartanburg, S.C 2,447 2,437 1,999 2,087 1,761 1,685 1,807 1,747 Washington, D.C 40,319 40,101 35,717 39,342 39,108 38,742 36,856 33,966 Wlmington, N. C 4,208 3,743 3,277 3,468 3,862 4,567 3,399 4,380 Winston-Salem, N. C 6,561 7,530 5,888 6,345 6,418 5,395 5.435 5,323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1065 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOR EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending— Week ending- Aug. 1. Aug. 8. Aug. 15. Aug. 22. Aug. 2. j Aug. 9. Aug. 16. Aug. 23. I District No. 6—Atlanta: Albany, Ga 767 842 816 955 818 Atlanta, Ga 25,700 25,492 24,748 27,542 24,776 23,569 24.129 23,066 Augusta, Ga 4,592 4,220 4,051 4,702 5,245 4,610 4,322 4,449 Birmingham, Ala 23,341 22,277 21,680 22,295 17,113 15,152 17,354 16,172 Brunswick, Ga 545 775 714 671 587 914 575 542 Chattanooga, Tenn 7,178 8,047 8,342 8,471 6,348 7,158 7,015 6,798 Columbus, Ga 2,046 2,319 2,340 2,158 1,939 2,139 2,009 2,101 Cordcle, Ga 194 213 191 193 162 278 376 363 Dothau, Ala 350 450 365 377 506 438 448 602 Elberton, G a 121 156 248 148 140 172 127 99 J ackson, Miss 2,434 3,029 2,502 2,457 2,081 2,252 2,070 2,023 Jacksonville, Ha 11,941 10,896 10,578 10,842 10,924 11,075 10,237 9,938 Knoxville, Tenn 6,061 6,807 6,550 7,099 5,975 5,182 5,705 5,605 Macon, G a 4,807 4,141 3,712 4,500 3,892 3,656 3,936 3,674 Meridian, Miss 1,764 1,852 1,785 2,305 1,755 1,659 1,560 1,727 Mobile, Ala 6,347 6,648 5,908 6,187 5,318 5,677 5,283 4,977 Montgomery, Ala 3,356 3,696 3,489 3,380 3,109 3,092 3,416 3,337 N ashville, Tenn 15,131 15,784 14,689 14,693 14,698 15,451 14,903 13,555 Newnan, Ga 305 345 223 323 346 236 352 270 New Orleans, La 59,020 59,266 48,003 51,563 57,378 57,692 53,881 55,263 Pensacola, i la 1,795 1,661 1,631 1,635 1,600 1,266 1,655 1,198 Savannah, Ga 8,810 8,063 7,296 7,574 9,025 8,080 7,827 7,853 Tampa, Ha 6,259 9,138 6,360 6,310 4,699 4,811 4,971 5,471 Valdosta, G a 1,023 1,060 987 1,150 815 874 836 987 Vicksburg, Miss 1,270 1,388 1,428 1,394 1,143 1,098 1,316 1,173 District N o. 7—Chicago: Adrian, Mich 713 826 905 737 675 679 729 575 Aurora, 111 3,208 3,574 3,164 3,217 3,248 2,786 2,645 2,461 Bay City, Mich 2,053 2,370 2,376 2,626 2.462 2,388 2,242 1,967 Bloomington, 111 2,057 2,530 2,080 2,245 2,353 2,059 2,329 2,000 Cedar Rapids, Iowa 6,009 6,028 5,339 5,689 4,498 4,739 4,684 4,285 Chicago, 111 676,546 600,186 572,949 583,822 627,229 583,763 582,901 524,924 Danville, 111 3,100 3,300 2,900 2,800 2,700 2,300 2,100 2,100 Davenport, Iowa 6,228 6,842 5,949 7,397 7,491 6,823 6,611 7,398 Decatur, 111 3,618 3,721 3,362 3,535 3,442 3,726 3,566 3,273 Des Moines, Iowa 17,333 16 961 15,947 16,642 14,987 15,641 14,279 14,311 Detroit, Mich 130,604 127,738 132,913 173,941 129,566 114,588 137,905 139,665 Dubuque, Iowa 2,797 3,058 2,428 3,160 2,673 2,872 2,662 2,470 Flint, Mich 6,085 6,590 6,554 6,987 5,061 5,146 5,298 5,794 Fort Wayne, Ind 8,101 8,826 7,906 8,521 6,466 6,354 6,276 6,148 Gary, Ind 3,736 3,297 4,668 3,088 3,104 2 245 3,514 2,241 Grand Rapids, Mich 16,054 15,058 14,727 14,053 14,085 13,396 14,817 13,541 Green Bay, Wis 2,312 2,877 2,788 2,760 Hammond, Ind 4,209 3,614 3,760 4,250 2,900 2,550 2,700 2,970 Indianapolis, Ind 33,378 34,106 33,098 34,149 33,465 30,414 31,585 28,367 Jackson, Mich 5,328 5,068 4,411 5,444 4,909 3,650 3,525 4,512 Kalamazoo, Mich 4,600 4,183 4,384 4,677 4,355 3,855 4,683 4,473 Lansing, Mich 7,611 9,150 9,859 7,112 6,149 5,350 6,256 5,942 Mason City, Iowa 2,128 2,246 1,894 2,154 1,791 2,032 2,614 2 089 Milwaukee, Wis 57,332 58,657 56,075 60,776 51,777 49 159 52,559 49,233 Moline, 111 1,659 2,141 1,759 2,137 1,790 1,787 1,604 1,610 Muscatine, Iowa 1,174 1,500 1,363 1,278 920 1,300 1,100 1,043 Oshkosh, Wis 2,300 2,500 2,400 2,700 2,300 2,300 2,100 2 100 Peoria, 111 9,038 8,630 8,150 8,254 8,801 8,629 7 899 7 228 Rockford, 111 4,962 5,597 4,960 4,424 4,319 4,183 4,462 4,268 Saginaw, Mich 5,158 5,785 4,868 5,572 4,902 4,621 5,043 Sioux City, Iowa 15,709 16,861 15,796 14,860 14,708 14,530 14,605 13,358 Soutli Bend, Ind 8,300 9,634 7,987 9,615 7,902 7,760 8 828 7,162 Springfield, 111 6,015 5,660 6,394 5,592 5,751 5,952 5,548 4,575 Terre Haute, Ind 5,016 5,079 5,293 4,682 Waterloo, Iowa 3,690 4,107 3,406 3,907 3,146 3,512 2,449 2,9 District No. 8—St. Louis: East St. Louis and National Stock Yards, 111 9,552 9,765 11,156 11,017 7,721 8,677 8,923 8,229 Eldorado, Ark 2,017 2,044 1,992 2,038 E vansville, Ind 6,616 6,948 6,673 6,599 6,800 6,558 7,347 5,117 Fort Smith, Ark 2,307 2,185 2,327 2,266 2,104 1,998 1,942 1,899 Greenville, Miss 550 662 633 610 801 663 630 523 Helena, Ark 745 725 939 1,263 1,146 595 807 735 Little Rock, Ark 10,662 10,518 10,817 11,300 7,862 7,970 8,730 7,883 Louisville, Ky , 30,275 32,545 32,800 33,816 29,824 26,899 28,784 28,485 Memphis, Tenn 24,785 19,852 21,943 24,500 20,363 20,787 20,171 19,298 Owensboro, Ky 1,251 1,490 1,119 1,130 1,282 1,292 1,123 979 Quincy, 111 2,66! 2,965 2,418 2,161 1,955 2,760 2,224 1,952 St. Louis, Mo 141,827 129,494 133,867 142,783 120,591 128,482 134,731 117,197 Springfield, Mo 2,803 3,082 2,813 3,250 2,511 3,231 2,706 2,491 District No. 9—Minneapolis: Aberdeen, S. Dak 1,217 1,496 1,294 1,250 1,353 1,462 1,390 1,303 Billings, Mont 1,717 1,950 1,600 1,800 1,670 1,775 1,777 1,552 Dickinson, N. Dak 358 322 262 289 318 355 291 228 Duluth, Minn 16,581 14,654 15,793 15,359 14,870 14,184 19,048 17,840 Fargo, N. Dak.... 2,410 3,051 2,545 2,670 2,563 2,913 3,104 2,739 Grand Forks, N. Dak 1,601 1,674 1,695 1,503 1,130 1,502 1,441 1,465 Helena, Mont 1,981 2,529 1,811 2,582 2,484 2,016 2.215 1,952 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1066 FEDERAL RESERVE BULLETIN. SEPTEMBEB, 1923. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES-Continued. DATA FOR EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending— Week ending— Aug. 1. Aug. 8. Aug. 15. Aug. 22. Aug. 2. Aug. 9. Aug. 16. Aug. 23. District No- 9—Minneapolis—Continued. 358 453 494 511 421 525 545 350 2 700 2 682 2 809 2 947 852 906 828 724 791 749 710 650 Minneapolis, Minn 67,472 60,416 63,308 69,608 64,414 59,668 68,712 66,086 Minot.N.Dak 873 1,073 1,000 1,082 887 940 860 739 Red Wing, Minn 421 497 437 497 473 488 471 392 St. Paul, Minn 32,849 40,093 35,839 43,231 45,376 35,243 34,783 35,293 Sioux Falls S Dak 3,100 3,732 3,307 3,243 2,809 3,215 3,300 3,134 Superior, Wis 1,896 2,190 1,892 2,191 1,643 1,679 1,899 1,770 Winona, Minn.. 1,050 1,050 893 973 1,034 922 867 786 District No. 10—Kansas City: 1,193 1,225 1,181 1,380 1,503 1,378 1.350 1,163 Bartlesville, Okla 2,978 1,721 2,124 1,913 2,628 2,113 2,499 1,870 Casper, Wyo 4,490 5,142 4,186 4,832 2,806 3,159 3,049 3,274 Cheyenne, Wyo.. 2,227 2,123 1,515 1,621 2,040 2,227 1,877 1,592 2,069 3 427 2,694 3,207 2,440 3,397 3,267 3,025 Denver, Colo....' 33,091 43,780 30,398 34,988 32,977 38,107 31,934 30,235 Enid.Okla. . 3,304 3,992 3,612 3,310 3,648 3,373 3,144 2,766 Fremont, Nebr.. 789 823 738 617 669 655 654 627 1,093 1,237 1,048 1,093 1,154 1.108 939 Grand Junction, Colo 432 696 707 649 447 608 647 498 Guthrie, Okla 577 676 776 572 433 691 453 529 Hutchinson, Kans 3,018 3,255 2,774 2,644 3,710 3,695 3,203 2,804 Independence, Kans 2,178 1,845 2,003 2,022 2,112 2,135 2,207 1,749 Joplin, Mo 2,252 2,445 2,754 2,872 2,125 2,221 2,720 2,421 Kansas City, Kans 4,989 4,434 4,832 4,664 3,487 3,550 3,301 3,167 Kansas City, Mo 83,587 76,406 74,874 88,668 67,060 82,910 74,085 73,954 Lawrence, Kans. .. 870 1,004 951 918 937 875 784 682 McAlester, Okla 901 854 1,223 774 674 908 852 726 Muskogee, Okla . 4,541 4,589 4,631 4,994 4,956 5,074 5,609 5,046 Oklahoma City, Okla. 16,084 16,479 15,699 15,553 16,994 17,331 17,770 15,322 Okmulgee, Okla 2,049 2,013 2,064 1,509 1,634 1,961 1,570 Omaha, Nebr... 43,726 44,945 42,754 46,867 43,329 43,800 45,651 42,804 Parsons, Kans 587 764 580 773 588 966 631 803 Pittsburg, Kans.. 1,415 1,365 1,501 1,496 1,028 1,008 1,145 1,028 Pueblo, Colo 2,507 4,283 4,204 3,470 2,677 4,396 3,836 3,087 St. Joseph, Mo ... 12,169 12,559 12,241 13,238 11,346 13,827 11,741 14,022 Topeka Kans 3,585 4,357 3,072 3,037 3,203 3,933 3,321 2,775 Tulsa, Okla 22,623 17,923 22,061 18,250 26,547 18,748 29,778 16,406 Wichita, Kans 11,774 12,348 10,202 9,949 10,482 13,010 11,872 10,469 District No. 11—Dallas: Albuquerque, N. Mex 2,044 2,172 1,529 2,099 1,812 1,946 1,817 1,691 Austin, Tex . . 3,328 2,814 2,778 3,074 2,613 2,421 2,543 2,330 Beaumont, Tex 3,519 3,705 3,645 3,606 2 688 3,193 3,190 3,224 Corsicana, Tex.. 1,480 1,506 1,465 2,089 682 670 808 797 Dallas, Tex 28,698 28,036 28,308 34,186 29,000 28,559 28,090 30,40S El Paso, Tex 5,952 6,464 5,792 6,166 6,318 6,483 6,216 6,345 Fort Worth, Tex 13,947 13,933 13,337 13,919 19,477 20,366 19,767 19,122 Galveston, Tex 16,290 16,276 18,221 23,080 11,902 13,087 15,574 15,539 Houston, Tex 24,806 21,663 22,753 23,052 22,725 20,412 24,410 26,288 Eoswell, N. Mex 472 581 551 507 537 841 647 658 San Antonio, Tex 5,598 6,909 7,018 7,882 5,731 5,980 7,048 6,594 Shreveport, La 5,887 7,057 6,815 7,108 6,096 6,060 6,248 5,961 Texarkana, Tex 1,674 1 652 2,075 1,847 1,225 1,349 1,527 1,800 Tucson, Ariz 1,282 1,658 1,120 1,575 1,516 1,501 1,359 1,408 Waco, Tex... 2,769 3,370 3,670 4,845 2,859 3,320 3,131 3,093 District No. 12—San Francisco: Bakersfleld, Calif 3,233 2,103 2,010 1,894 3,218 2,160 2,907 1,897 BelUngham, Wash 1,682 1,880 2,028 1,975 1,490 1,697 1,704 1,604 Berkeley, Calif. 3,117 3,973 3,230 4,021 3,478 3,563 3,429 3,867 Boise, Idaho 2,838 2,945 2,648 2,590 2,649 2,649 2,684 2,303 Eugene, Oreg 2,201 2,080 2,375 3,107 1,459 1,871 1,994 2,103 Fresno, Calif 10,918 11,469 11,552 11,633 12,204 10,240 8,401 9,156 12,662 14,920 12,535 14,503 8,808 8,546 8,753 7,869 Los Angeles, Calif. 154,916 152,720 143,507 157,752 124,117 110,692 122,174 110,531 Oakland, Calif. 24,322 25,449 25,274 27,452 17,285 19,281 19,917 18,749 Ogden, Utah.... 5,916 5,941 6,617 5,140 4,188 3,927 4,396 4,008 6,047 6,413 6,491 6,725 5,202 5,485 5,949 4,879 3,270 4,913 3,841 3,679 3,545 3,576 3,130 3,370 Portland, Oreg 31,470 33,566 35,601 35,162 30,785 30,945 34,547 29,610 2,143 2,306 2,055 2,486 2,257 2,461 2,200 2,168 Ritzville, Wash 130 136 133 117 106 100 136 92 Sacramento, Calif 7,942 9,189 8,726 8,306 13,107 14,279 13,814 16,360 Salt Lake City, Utah 13,591 12,743 11,128 14,406 13,533 13,511 13,794 12,413 1,799 1,962 1,759 1,873 1,321 1,605 1,372 1,212 San Diego, Calif 10,229 9,316 10,662 9,589 8,594 8,964 8,116 7,846 San Francisco, Calif 164,634 159,113 161,255 174,942 185,371 150,949 167,844 159,027 San Jose, Calif 4,222 5,218 4,727 4,779 4,986 4,924 5,358 5,132 Seattle Wash 37,030 36,585 36,509 38,915 35,334 31,060 35,980 36,548 Spokane, Wash. 9,693 11,359 11,502 11,109 9,271 8,961 9,176 9,587 Stockton, Calif 4,780 6,018 5,300 5,910 4,702 5,221 5,210 4,724 7,263 8,632 9,069 8,578 7,954 9,121 9,635 7,891 Yakima, Wash 1,773 1,800 1,838 2,060 2,025 2,051 2,062 2,067 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS DURING JULY, 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 for- Items for- duplications. banks at end of month. I o t n em T s re d a r s a u w re n r To h t a a n l d i l t e e d m , s ot w he a r r d F e e d d t e o ral pa w re a n rd t e b d a t n o ks N m um em b b e e r r of b F a e n d k e r o a r l b re r s a e n r c v h e . I s b n e r r a v F n e e c d b h e a r n c a i k l t y r o e . r - O b er r u b a a ts n l a i n c r d e h k e s e c o F r i r v e ty d e . - of S U ta n te it s e . d d e u x p c l l i u c s a i t v i e o n o s f . b b a r r n e a th s n k e e c s r i h v a r e e n s d . b i d r n a i o s n s r t c a r t i h m o c e t e s . Number. Amount. b m e a n n o d k n s t o h a f . t On par list. No l t i s o U n par Num- Num- Num Num- Num- Number. Amount. ber. Amount. ber. Amount ber. Amount. ber. Amount. ber. Amount. 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 Boston 678 694,571 4,512 514,394 131 14,636 5,321 1,223,601 239 52,122 5,560 4,553 1,275,723 963,849 424 432 229 259 New York 2,521 3,959,802 4,950 744,558 894 101,216 8,365 4,805,576 1,213 150,214 5,588 9,604 9,015 4,961,378 4,777,758 742 717 272 256 Buffalo 225 127,586 514 64,277 12 2,507 751 194,370 156 27,982 20,651 949 877 243,003 183,720 88 84 80 78 Philadelphia 1,135 856,575 2,620 326,001 150 22,391 3,905 1,204,967 444 103,357 4,349 4,599 1,308,324 1,102,080 721 713 501 476 Cleveland 659 616,701 1,627 183,770 73 5,772 2,359 806,243 46 7,468 9,902 2,440 2,196 823,613 415,047 313 316 51 513 Cincinnati 253 373,104 895 87,780 62 7,585 2 1, 221 2 470,087 24 6,698 4,528 1,263 1,094 481,313 206,053 224 223 316 312 Pittsburgh 614 682,411 1,020 121,085 40 4,530 1,674 808,026 113 41,808 11,996 1,828 1,534 861,830 373,966 345 344 247 251 Eichmond 133 288,656 2,049 303,405 47 6,239 2,229 598,300 162 64,071 9,828 2,432 2,251 672,199 436,780 471 467 662 705 576 577 Baltimore 282 212,892 805 80,633 52 6,301 1,139 299,826 130 40,395 9,524 1,360 1,201 349,745 255,349 160 162 265 262 Atla B J N N n a t i e a c a r w s k m h s v o i O n i n l r g l v l e h e il a a le n m s. . .. . 1 5 6 7 9 3 7 3 0 2 6 9 4 6 4 4 6 6 8 8 5 , , , , , 0 5 1 3 4 8 4 7 9 3 9 0 2 3 5 3 2 2 1 1 8 4 0 3 8 3 8 3 5 7 4 2 1 2 1 3 4 0 5 5 , , , , , 1 8 5 9 2 2 4 5 1 1 1 1 7 6 0 3 3 1 1 1 8 6 4 0 4 4 3 1 1 1 , , , , , 5 4 2 9 0 5 7 8 6 6 3 2 5 2 6 5 2 3 2 2 5 7 3 6 6 7 4 2 3 0 1 6 6 8 7 4 5 4 2 9 4 , , , , , 3 9 7 5 1 0 0 4 6 0 0 3 1 0 8 2 3 2 2 4 8 7 3 4 1 1 8 4 2 5 2 , , , , , 3 7 8 1 3 9 8 4 0 3 1 6 7 9 0 2 4 7 1 , , , 1 6 3 6 7 8 3 0 8 3 8 9 2 3 9 6 3 3 3 2 1 2 4 0 9 5 6 2 6 1 1,0 3 4 2 2 5 0 4 7 5 8 5 0 3 2 1 1 9 7 7 5 0 6 5 8 6 7 , , , , , 2 9 3 6 4 2 8 8 1 0 7 9 3 9 8 1 7 3 4 7 9 9 9 0 7 5 , , , , , 4 3 8 8 8 3 4 0 2 9 1 6 1 8 3 2 9 2 8 5 7 3 4 ; 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other than mutual saving banks. 2 Inrtu le- items dra n >n banks in 'ther le,e!al re erve districts forwarded direct to drav ee banks as Mlov s: Cincinnati, 11,000 items, $1,618,000; Minneapolis, 5.000 items, $5,213,000 Omaha, 1.000, items $302,000. Total 17,000 items, 17,133,000. NOTE.—Number of business day.s in period for Nashville, Memphis, Portland, an ! Salt Lake City • as 24, and f r ther Federal reserve hank and branch cities, 25 days. Ci Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1068 FEDERAL RESERVE BULLETIK. SEPTEMBER, 1923. DEPOSITS OF ALL MEMBER BANKS. [In thousands of dollars.] Deposits of banks in cities having population of— Total. Less than 5,000. 5,000 to 14,999. 15,000 to 99,999. 100,000 or over. June 27, July 25, June 27, July 25, June 27, July 25, June 27, July 25, June 27, July 25, 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. TIME DEPOSITS. System i 8,388,238 8,342,526 1,525,672 j 1,529,470 928,862 942,937 1,716,627 1,743,166 4,217,077 4,126,703 Boston 573,576 584,887 45,845 46,552 62,691 62,944 138, 084 139,394 326,956 335,997 New York 1,646,399 1,636,235 233,571 226,515 130,553 132,229 323, 893 337,239 958,382 940, 252 Philadelphia... 604,822 612,245 195,583 198,768 98,415 100,181 174,377 175, 111 136,447 138,185 Cleveland 1,058.044 1,080,108 169,214 172,198 121,767 123,717 166, 728 169,990 600,335 614,203 Richmond 430; 426 431,766 125,196 124,041 76,968 78,181 122,958 125,482 105,304 104,062 Atlanta 318, 831 321,102 48,271 48,575 44,517 45, 844 117,494 118,756 108, 549 107,927 Chicago 1,523,014 1,493,296 235,515 237, 594 136,826 138, 744 345,945 346,719 804, 728 770,239 St. Louis 370,379 381,839 65,621 I 66,317 40,042 40,756 63,159 63,231 201, 557 211,535 Minneapolis... 410,450 414, 565 198,656 i 198, 824 94,794 95,858 58, 298 58,211 58,702 61,672 Kansas City... 299,657 303,778 93,661 i 96,637 58,110 58,640 62,857 65,758 85,029 82,743 Dallas 141,251 139,868 18,261 i 18,507 21,692 22,014 50,897 50,940 50,401 48,407 San Francisco. 1,011,389 942,837 96,278 1 94,942 42,487 43,829 91,937 92,585 1 780,687 2 711,481 NET DEMAND DEPOSITS. System. 15,756,419 15,708,401 1,584,610 i 1,576,283 1,064, 716 1,057,790 2,054,058 2,042,429 11,053,035 11,031,899 Boston 1,232,669 1,253,798 40,568 43,342 66,219 68,097 196,764 200,662 929,118 941,697 New York 5,331,349 8,264,514 162,698 170,648 103,843 106,733 278,675 280,011 4,786,133 4,707,122 Philadelphia... 1,060, 842 1,078,901 127,322 129,950 74,577 74,030 128,486 130,630 730,457 744,291 Cleveland 1,414,338 1,436,209 157,934 161.324 128,157 132,529 195, 539 199,438 932,708 942, 918 Richmond 542,505 542,443 94,753 94,670 62,204 61, 243 152,457 150,509 233,091 236,021 Atlanta 488,298 479, 761 69.321 67,972 60,942 58,796 155,463 153,561 202, 572 199,432 Chicago 2,129,969 2,130,485 198; 363 194,245 118,786 117,736 353,142 347,163 1,459,678 1,471,341 St. Louis 651,351 645,750 125,606 122,518 77, 574 74,971 88,902 89,101 359, 269 359,160 Minneapolis 405,877 399,606 109,081 103,175 75,906 73,930 74,621 72,263 146,269 150,238 Kansas City... 783,547 772,340 192,194 189,070 128,071 122,497 181,747 172,644 281,535 288,129 Dallas 496,227 485,644 139,013 133,796 84,832 84,405 109,330 107,579 163,052 159,864 San Francisco. 1,219,«7 1,218,950 167,757 165,573 83,605 82, 823 138,932 138,868 i 829,153 2 831,686 1 Includes 5 banks with scattered branches having combined deposits as follows: Net demand $261,730,000 and time $415,761,000. 2 Includes 5 banks with scattered branches having combined deposits as follows: Net demand $269,867,000 and time $414,645,000. MONEY IN CIRCULATION, AUGUST 1, 1923. [Source: United States Treasury Department circulation statement.] i Money held by Money in circulation. i the United Stock of moneyi States Treasin the | ury and the United States. se F rv e e d e s r y a s l t r e e m - . Amount. Per capita. Gold coin and bullion l $4,078,568,612 I $36,75,350,833 $403,217,779 $3.62 Gold certificates 2 (791,'754,349)1 379,816,760 411,937,589 3.70 Standard silver dollars 491,889,404 434,890,113 56,999,291 .51 Silver certificates 2 (407,,129,197)! 38,190,716 368,938,481 3.31 Treasury notes ol 1890 ,459,123) 1,000 1,458,123 .01 Subsidia ry silver 269^,411,337 21,541,516 247,869,821 2.23 United States notes 346,681,016 46,670,124 300,010,892 2.69 Federal reserve notes 2,671,084,200 510,635,114 2,160,449,086 19.40 Federal reserve bank notes 20,380,000 1,479,446 18,900,554 .17 National bank notes 810,377 43,822,868 725,987,509 6.52 Total 8,647,824,946 [ s 5,152,398,490 4,695,769,125 42.16 Comparative totals: July 1,1923 8,603,306,097 j3 5,023,684,535 4,729,789,527 42.51 Aug. 1,1922 8,227,669,509 Is 4,894,381,009 4,337,418,158 39.47 Nov. 1, 1920 8,326,338,267 •3 3,394,764,761 5,628,427,732 52.36 Apr. 1,1917 5,312,109,272;3 3,896,318,653 4,100,590,704 39.54 July 1, 1914 3,738,288,871 i» 1,843,452,323 3,402,015,427 34.35 Jan. 1, 1879 1,007,084,483 »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. 2 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. 8 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

SBPTBMBEE, 1923. FEDERAL RESERVE BULLETIN. 1069 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT AUGUST 31, 1923. Paper maturing— After 90 days, After 6 but Within 90 days. but within 6 within 9 months. months. Federal reserve bank. Commercial, Secured by agricultural, United States Bankers' Trade Agricultural • Agricultural and live-stock Government acceptances. acceptances. and live-stock and live-stock paper, n. e. s. obligations. paper. paper. Boston 4+ 44 44 44 New York 44 44 44 44 44 Philadelphia. 44 44 44 44 44 Cleveland 44 44 44 44 44 Richmond 44 44 44 44 44 Atlanta 44 44 44 44 44 Chicago 44 44 44 44 4i St. Louis 44 44 44 44 44 Minneapolis.. 44 44 44 44 4J Kansas City.. 44 44 44 44 44 Dallas 44 44 44 44 4* San Francisco 44 44 44 44 44 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. GOLD-SETTLEMENT FUND. INTER-BANK TRANSACTIONS FROM JULY 20, 1923, TO AUGUST 23, 1923, INCLUSIVE. [In thousands of dollars.) Changes in ownership Transfers. Daily settlements. ol gold through trans- Balance in Federal Eeserve Bank. fers and settlements. fund at close of period. Debits. Credits. Debits. Credits. Decrease. Increase. Boston 7,000 676,171 680,548 2,623 44,583 New York 8,500 2,217,241 2,189,683 19,058 162,969 Philadelphia.. 1,000 3,000 697,761 704,556 8,795 30,697 Cleveland 5,500 675,030 693,613 13,083 91,907 Richmond 1,500 2,000 586,765 585,233 1,032 28,965 Atlanta 500 258,3S7 237,221 20,666 13,134 Chicago , 4,000 1,158,238 1,180,402 18,164 119,118 St. Louis 3,000 499,377 492,931 3,446 20,156 Minneapolis 500 500 156,119 154,077 2,042 19,985 Kansas City... 2,000 394,792 397,233 441 43,422 Dallas 500 500 202,717 209,501 6,784 6,963 San Francisco. 4,000 281,168 278,768 1,600 36,294 Total 5 weeks ending- Aug. 23, 1923 22,000 22,000 7,803,766 7,803,766 618,195 July 19, 1923 149,000 149,000 8,739,047 8,739,047 649,035 Aug. 24, 1922 88,500 88,500 6,931,406 6,931,406 522,934 July 20, 1922 106,000 106,000 7,307,714 7,307,714 487,138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1070 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES. DISTRIBUTED BY COUNTRIES. Gold. Silver. Seven months ending Seven months ending Countries. July— July— July— July— 1922 1923 1922 1923 1922 1923 1922 1923 IMPORTS. $3,561,829 $16,654,107 $3,561,829 $768 $768 France $1,688,202 1,278,269 14,010,665 8,948,601 2,130 $3,171 152,203 $161,555 5,465 7,332,000 10,876 34,220,577 673,124 111,319 Netherlands .. 106,040 115,936 6,009,148 Norway 168 7,880,302 168 611 611 Spain. .. . 34,943 23,844 71,512 43,845 Sweden 245,895 31,804,847 2,865 238 848 United Kingdom: England 38,065,994 10,201,163 62,728,283 52,293,459 10,769 10,973 135,641 156,338 151,320 2,560,382 Canada.. 580,074 i, 433,476 8,320,671 33,056,878 805,658 330,673 3,115,431 3,255,260 Central America . . 272,436 140,639 2,979,062 1,457,548 132,275 29,427 864,732 1,017,077 Mexico... 466,616 1,670,843 3,516,966 4,313,997 4,683,178 6,812,702 29,399,915 24,369,311 West Indies 103,410 22,934 1,472,424 164,340 13,814 10,532 439,401 71,381 B-livia 234 641 18,053 8,660 104,788 55,228 600,139 369,268 Chile 9,399 24,388 316,059 121,185 506,324 256,229 1,231,361 837,690 Cclombia 618,544 357,354 4,362,558 2,523,227 10,101 5,391 152,144 71,002 Peru 138,142 146,132 856,168 1,142,804 607,500 2,290,127 4,489,842 7,640,705 Venezuela 80,825 2,685 641,913 265,204 137 20 2,174 307 China 342,458 971,258 3,956,930 3,161,272 53 653 1,619 7,893 D'tch East Indies 100,946 386,305 858,528 1,455,571 76,239 188,956 356,295 594,968 Philippine Islands 3,938 154,725 356,389 822,315 43 1,433 5,981 11,613 British Oceania. 119,317 79,354 3,579,022 1,021,437 73 223 673 1,274 Egypt 335,173 1,037,314 58 Portuguese Africa 2,839 7,920 219,521 528,721 808 9,654 27,675 88,041 Another 35,953 157,364 818,706 1,160,561 2,402 60,460 127,752 289,367 Total 42,986,727 27,929,447 165,999,422 159,861,907 6,957,298 10,066,463 41,849,288 39,098,825 EXPORTS. France 2,660,000 Netherlands 1,000 5,000 1,000 5,000 Spain 707,000 500 1,500 Sweden .. 78,000 600 Swit erland 7,216 7,122 1,357,470 United Kingdom England 418 130,783 i,6ii,843 511,452 6,989,622 3,564,484 Canada... 124,809 135,141 725,031 765,625 123,241 106,077 1.321,888 831,789 Central America 12,127 2,350 3,400 6,850 22,844 Mexico.... 371,570 307,320 2,604,239 3,268,414 248,440 148,537 1,509,102 1,058,321 West Indies 300 5,300 15 2,405 318 21,936 48,325 Cnl.imbla 795,703 Peru 24,000 324,000 Venezuela 364,000 China 70,005 3,365,551 2,897,101 12,995,176 15 444 630 British India 10,000 32,631 4,350,339 13,359,149 786,798 2,351,148 5,757,740 8,958,388 Dutch East Indies 25,000 385,010 60,010 French Indo-China i,32o 666 Hongkong 111,035 32,500 1,711,905 1,081,255 725,325 191,130 7,297,306 1,200,211 All other 2,600 201,110 56,150 50,503 38,614 Total 643,714 522,826 10,788,183 22,814,376 6,268,953 6,233,163 38,429,826 31,493,706 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. Discount and interest rates, with few exceptions, during the 30-day period loans and stock exchange collateral loans were slightly lower in a few cenending August 15, 1923, in the various cities in which the Federal reserve ters and unchanged in others. banks and their branches are located, were generally unchanged. Prime The actual discount and interest rates prevailing during the 30-day •commercial paper rates were reported slightly higher in some western cen- period ending August 15, 1923, in the various cities, are given in the followters, but remained unchanged in most eastern cities. Compared with the ing table. A complete description of the several types of paper for which corresponding period ending August 15, 1922, rates on all type3 of paper quotations are given will be found in the September, 1918, and October, and in nearly all centers were higher. Prime commercial paper and 1918, FEDERAL RESERVE BULLETINS. bankers' acceptances demanded universally higher rates, while interbank DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING AUGUST 15, 1923. ]Prime commercial paper. Bank 6 e 0 r t s o ' 9 a 0 c c d e a p y ta s n . ces, Collateral loans—stock exchange. Ordinary District. City. 30 to C 9 u 0 stomer 4 s' . to 6 30 t O o p 9 e 0 n mark 4 e t t o 6 In l t o e a rb ns a . nk Indorsed. ( U io n rs in e - d. Demand. 3 months. m 3 o n to th 6 s. C lo a a t n t s le . b r S e y h e c o c e w u u ip a s r t e e r s e d . - se L c b l u i o o b r a r i J n d d r s s t y . by days. months. days. months. H. L. C. H L. C. H. L. C. H i . C. H Z. C. H. L. C. ff. £. C. H. I. C. H. i. C. H . C. H. L. C. H. I. C. H L C. No. 2.... N Bu ew ff a Y lo ork 6 5 7 } 5 5 < \ 5 a 3 * , 6 7 * " A 5 4 c, } 5 6* J 5 5 El } 1 C 5 5 5 5 -5i V- 5 5 =; 5 5 1 i 6 7 V- • • 4 s 15 5 6 -51 4 4 1 1 4 4 4 44 4 4 4 -4} 4 5 4 4 4* 4 4 4 4 4 6 f 5 i 4 S } 6 5 6 f V i 1 , 5 51 5 6 5 i 1 -5} 6 fi ' 5 5 5 6 - } 5} 9f 51 4 6 5 2 1 -5 No.3.... Philadelphia 6 5 ? 6 5 ? 5} 5 6 5 6 6 5 51 6 5 5-5} 6 5 5} 6 5 ? ¥ 5 6 f ? No.4.... Cleveland 7 5 7 5 6 *i 4i 41 7 5 6 7 5 6 7 5 6 6 6 N No o . . 6 5 ... . . C R Pi i i t n c t h c s i m b n u n o r a n g t d h i 6 6 6 6 7 5 5 P i S 6 66 ? 6 6 6 6 7 ? 5 ( W S 6 6 6 ? 5 6 6 5 1 5 5 5 5 }6 5 5 5* 6 f S M i - n 8 5 6 5 6 5 f f 6 6 7 i i f 5 5 5 5 i } 6 6 5 6 5 - 2 51 4 4 6 1 4 5 4 4 4 4 5 - 4 4* 4} 4 4 1 4 4 - f 44 f f 6 6 7 i i 5 5 5 5 6 6 5 6 5 } } -6 f 6 f 6 7 i i 5 5 ? 54 6 6 5 5 6 " } 2 -6 f f 6 6 7 i i f " i i 66 6 6 52 f 6 i f 5 i } 6 si 66 6 6 8 f f 6 f 5 i i i } 6 6 6 f f f 6 6 7 i i f 4 • 5 5 i I 2 t 6 f f 5 i i 5 - i 51 * Birmingham « <;6 8 5 6 51 42 i* 5 5 7 S 6 8 5 6 R 5 6 8 S 6 8 8 8 8 fi 6 8 5 6 7 a 6 7 7 6 6 7 5} 5J5i-5} V- 51-5} 6 fi 6 7 fi 6-7 7 fi 6-7 7 fi 6-7 fi fi 6 fi fi 6 New Orleans 6i 5J61 7 6 6} 6 5 5} 4}4j 41 6} 5152 615155 7 6 6} 6i5 5} 615152 tut No.7.... Chicago 6 <;5}-6 6 5 5}-6 5} °5 5-5* 5+5 5-5* 6 5 5-6 44 V-44-41 fi 5 5}-6 fi 5 5}-6 fi F, 51-6 fi 5} « 51 5}-6 fi 5 5-5} No.8.... D S L t o e . u t L r i o s o v i u t i i l s le 6 6 6 4 F * J i ,6 6 5} 66 6 }*5 "i P 6 5 5 1 } 5 5 5 5 5* 6H 5 5 <; 5 ? 6 f 6 i 5 5 5 44 5 4 5 1 f 6 f i i 5 5 5 5 6* f 6 6 i 5 6" f 6 f i i 5 f 6 6 i" f 7 i 6 5 } 6 6 « 6 fi f 5 5 i 1 6 6 5} f 6 f i i 5 5 Pi i f 5 f i i * 1 " e, >; 6 6 6 6 6 6 fi fi 6 fi fi 6 fi fi 6 fi fi 6 fi 5 fi Little Rock . R 6 8 ?6 51 4J5 51 4a 5 6 6 6 7 fi 6 8 6 7 S fi 7 7 7 7 7 fi 6 7 51 6 No.9.... 6 5} 6 ? 5} 5 5 61 5 51 f fi51 5 4|42 5 5} 5 6 ? 6}? ?51? 6 8* 6}5 f 6 5 5 Helena. s 7 8 8 8 S 8 71 8 8 8 8 8 No. 10... 7 5 6 7 5 6 51 5 5 515 5 7 5 6 7 5 6 8 5 6 8 5 6 8 6 6-7 7 516 8 ?6 No 11 O O D El a m k l l P l a a a a h h s s a o o ma City....1 1 7 f s 7 0 0 i 6 6 5 5 6 g 7 8 6 51 1 1 7 8 l 7 0 0 i 6 6 5 8 = 5 i 6 g 5 6 7 8 | 6 5 6 5 5 2 } 5 5 5 5 4 I 5 5 5 5 t 1 } 1 6 ¥ 6 0 5 5 8 <; 6 5 5 5 8 5 1 J 7 7 9 r S 7 > *" f 6 6 5 5 1 i }6 6 8 5 8 3 * * 7 7 7 1 1 6 8 7 0 0 8 5 6 6 7 8 K * f 5 8 8 7 8 i 1 1 6 s 7 s 0 0 6 5 f 8 5 5 i 6 7 8 1 1 6 8 7 s 0 0 f 6 f 5 8 i i 6 6 5 7 7 8 - } 8 1 1 8 7 8 s 0 0 6 6 7 7 8 7 7 6 8 7 8 7 } " 1 1 8 7 8 s 0 0 6 f 6 f 8 fi i i 7 g 8 7 8 7 1 1 f f s 0 0 i 4 5 8 1 ' f 6 P 8 5 8 i . } No. 12... San Francisco 6 «i 6 ?5* 5 515 5 6 ? 5 4} 4§4i 6-6}"5i 6 6 6 6 ?6 6-6} (> 6 6 5-<) 51-6 P S o ea rt t l t a le n . d . s 6 S 8 <i 6 5} 4} 5 5 5 ta >-4 4 f + 5 5 7 7 S 66 6 6 6 6 51 6 7 8 f 4 i * ' 6 ft 8 8 f f i i4 6 7 f 8 i fi 7 7 f 7 i f 6 i 6 fi } " 8 < H f fi i 7 7 8 8 f f i i 7 Spokane s 6 7 7 6 7 5 5 5 gi 5 5 7 6 7 7-8 fi 6 S fi 7 8 fi 7 8 6-7 7 7-S fi 7-8 8 fi 7 Salt Lake City 8 6 7 8 6 7 7 6 6 8 7 7 8 7 7 8 7 7 8 7 7 8 7 7 8 6 7 Los Angeles 8 5 6} & 5 61 51 H 5 514J5 7 5 5i 444444 7 6 61 8 6 6| 8 6 6| 7 7 10 6 8 516} Rates for demand paper secured by prime bankers' acceptances—high, 5; low, 4; customary, 4-4}. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1072 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. FOREIGN EXCHANGE RATES. [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX. Low. High. Average. Index p ( a p r e ). r 1 cent of Par of Monetary unit. exchange. August. July. August. July. August. July. August. July. General Index 62 63 •Rp.ljn'nTn 19.30 4.3500 4.7700 4.7800 5.0300 4.5492 4.8824 23.57 25.30 Denmark TTrnnA 26.80 17.9900 17.1600 18.6900 17.9000 18.4612 17. 5416 68. 89 65.45 19.30 5.50O0 5.7900 5. 8500 5.9800 5.6500 5. 8905 29.27 30.52 Great Britain Pound 486.65 454.5800 455. 2700 457. 2000 460. 5800 456.0338 458. 3385 93.71 94.18 Italy Lira . . 19.30 4.2600 4.2100 4.3500 4.4100 4.3062 4. 3260 22.31 22.41 Netherlands Florin 40.20 39,3000 39.0800 39. 4500 39. 4300 39. 3446 39- 2296 97.87 97.59 26.80 15. 9100 16.0100 16.6300 16 3200 16. 2954 16.2IM0 60.80 60.46 Spain Peseta 19.30 13. 2800 14.1900 14.1800 14.5000 13.6573 14. 2972 70. 76 74.08 Sweden 26-80 26.5700 26.4000 26.7000 26.7000 26.6281 26. 5316 99. 36 99 00 Switzerland Franc 19.30 17.8400 17.0800 18.2800 17.9200 18.0538 17.5536 93.54 90.95 Dollar 100.00 97.5381 97. 0541 97. 7274 97.7257 97.6666 97. 4204 97.67 97.42 Peso (gold) 96.48 73.0000 76.4500 76.8800 80. 0700 74. 4581 77. 7376 77.17 80.57 Brazil Milreis 32.44 9.0600 10.1500 10.1900 10. 8900 9. 7481 10.3685 30 05 31.96 Chile Peso (paper) 219.53 12.0600 12. 2700 12 3600 13.0700 12.2115 12. 6340 62.53 64.69 China Shanghai tael 2 66.85 69.3800 69. 3500 69. 9900 70.6800 69. 7096 70.0292 104. 28 104. 76 India 4S. 66 30. 3000 30.5600 30. 6000 30.9500 30.4608 30. 8036 62.60 63.30 Japan Yen 49.85 48. 7500 48.6500 48.9000 48.9000 48.8765 4S. 7S92 98.05 97.87 OTHER COUNTRIES. Austria 20.28 0.0014 0.0014 0.0014 0.0014 0.0014 0.0014 0.01 0.01 Bulgaria Lev 19.30 .8700 1.0992 1.0708 1.2450 .9583 1.1850 4.97 6.14 Chechoslovakia 2.9178 2.9578 2.9444 3.0247 2.9340 2.9971 Finland.. Markka 19 30 2.7581 2.752.5 2 7731 2 7850 2.7723 2.7677 14 36 14 34 Germany. . 23.82 . 0000089 .000088 . 000095 .0006 . 0000339 .00034 .00014 .0014 Greece Drachma . . . 19.30 1.5163 1.7288 1.9444 3.0278 1.7462 2.5463 9.05 13.19 Hungary Krone 20.26 .0047 .0039 .0060 .0118 .0056 .0097 .028 .048 Poland Polish mark .0004 .00048 .00047 .0009 .00042 .000724 Portugal 108.05 4.0100 4.0100 4.6100 4.4200 4.2119 4.2140 3.90 3.90 Rumania Leu .. . . .. . 19.30 .4038 .5059 .5056 .5291 .4677 .5177 2.42 2.68 Yugoslavia... 19.30 1.046S 1.0181 1.0772 1.1075 1.0570 1 0668 5.48 5.53 Cuba... . Peso . 100.00 99.8438 99.8844 99.9125 99.9750 99. 8818 99.9303 99.88 99.93 Mexico ..do 49.85 48.2636 48.2656 48.4583 48.4844 48.3432 48.3692 96.98 97.03 Uruguay . do . . 103.42 72.0400 76.2600 76.4800 81.6100 73.9662 79.1884 71.52 76.57 China 2 48.11 50.3000 50.3300 50.8500 51.4000 50.5015 50.8260 104.97 105.65 Hongkong Dollar... . 2 47.77 51.6800 51.5800 52.0500 52.4300 51. 8746 52.0356 108.59 108.93 Straits Settlements 56.78 53.1300 52.5000 53.3300 53.6700 53.2485 53.2684 93.78 93. S2 i Based on average. 21913 average. SILVER. [Average price per fine ounce.] July. London (converted at average rate of exchange). $0.63893 New York . 63383 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1023. FEDERAL RESERVE BULLETIN. 1073 CONDITION OF MEMBER BANKS. ABSTRACT OF CONDITION EEPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE DISTRICT ON JUNE 30, 1923. [In thousands of dollars.) D b N a i ( s o n 3 t . k r 7 i s 1 c ) t . b D N a i (( n s n o 1 t k . 4 r s 1 i 2 ) c . t D b N a is ( o n 6 t . k r 0 i s 3 c ) t . D b N a i ( s n 1 o t . 1 k r 6 s i 4 c ) t . b D a N i n ( s o 6 t k . r 8 s i 5 c ). t b D a N i ( n s o 1 t . k 4 r s 1 i 6 ) c . t D b N a i ( n s o 3 t . k 7 r 2 s i 7 c ) t . D b N a i ( s n 1 o t k . 2 r s 4 i 8 c ) t , D b N a i ( s n o 1 t . k 2 r s 2 i 9 c ) t , D b N a is o n ( t 3 . k r 9 s 1 i c ) 0 t , D b N a i ( o s n 1 t . k 9 r s 1 i 9 c ) 1 t . D b N a i ( o n s 2 . t 0 k r 1 s i 1 c ) 2 t . b U T S ( a 1 n o t n , a 6 i t k t t a 2 e e s l 0 s d ). KE SOURCES. Loans and discounts 465,537 2,478,722 252,855 816,094 139,103 274,987 1,244,267 312,505 81,585 79,421 80,309 823,907 7,049,292 Overdrafts 178 1,138 105 312 165 808 698 329 173 319 363 721 5,309 Customers' liability on account of acceptances.. 9,151 113,396 131 3,966 1,934 4,111 9,680 1,383 314 12 3,174 147,252 United States Government securities 72,388 572,231 54,533 92,428 6,360 14,226 174,392 41,051 4,777 27,095 5,517 114,863 1,179,861 Stock of Federal reserve banks 2,170 12,564 2,719 4,910 871 1,539 5,985 1,815 369 427 564 3,029 36,962 Other bonds, stocks, and securities 104,575 503,387 126,842 190,181 16,885 26,141 313,090 70,891 10,626 12,583 1,780 135,837 1,512,818 Banking house, furniture, and fixtures 12,470 78,806 12,609 27,907 5,957 17,335 41,684 12,242 2,553 V 3,802 40,506 258,839 Other real estate owned... 1,849 5,412 3,814 22,378 1,368 3,388 6,585 2,769 1,949 769 2,528 5,253 58,062 Gold and gold certificates. 1,421 4,677 357 534 107 278 2,085 281 147 124 124 1,143 11,278 All other cash in vault 9,647 35,536 4,666 14,373 2,267 4,892 29,988 5,515 1,871 1,402 1,859 15,172 127,188 Reserve with Federal reserve banks 41,635 370,035 26,462 53,187 7,704 18,345 108,537 24,487 4,536 8,251 4,904 60,196 728,279 Items with Federal reserve banks in process of collection 10,497 64, 111 7,381 22,706 5,900 8,479 18,514 10,259 823 6,252 751 6,724 162,397 Due from banks, bankers, and trust companies 18,928 74,048 14,920 39,975 10,919 31,684 90,357 27,454 9,022 16,205 6,979 51,457 391,948 Exchanges for clearing house, also checks -on other banks in same place 8,791 264,527 8,151 16,349 2,964 7,948 51,167 8,316 790 3,073 753 18,905 391,734 Outside checks and other cash items 1,531 14,986 740 6,548 413 1, 12,683 1,862 278 451 217 15,661 57,356 United States securities borrowed 1,300 1,400 873 57 5,009 6,186 13! 421 248 15,629 O O t t h h e e r r s a e s c s u et r s ities borrowed 4,547 95,279 2,404 10 2,626 6,41 3 1 0 18 1 , ,7 5 8 3 4 7 3,20 64 6 368 5,887 3,02 1 7 3 5,8 1 8 4' 6 15 2 6 , , 0 8 4 7 8 2 Total. 765,315 4,688,855 519,989 1,321,952 206,416 422,645 2,135,042 530,615 120,002 165,541 113,923 1,302,829 2,293,124 LIABILITIES. Capital stock paid in 33,700 224,427 33,760 74,550 17,700 31,567 114,013 37,485 8,87 10,375 13,730 69,970 670,154 Surplus fund 38,773 191,061 57,266 89,452 11,367 19,713 87,678 23,57" 3,338 3,844 4,967 30,640 561,676 Undivided profits, less expenses and taxes paid 13,805 86,029 17,720 21,861 3,732 7,027 41,187 7,569 1,156 2,723 1, 12,562 217,034 Amount reserved for interest and taxes accrued 4,684 18,118 1,520 3,267 555 1,593 9,690 2,017 256 393 106 1,770 43,969 Due to Federal reserve banks 733 4,834 1,131 43: 386 538 750 153 262 53 9,278 Due to banks, bankers, and trust companies 20,409 441,328 20,016 55,104 15,541 42,454 96,293 33,697 9,710 25,670 4,632 34,627 799,481 Certified and cashiers' or treasurers' checks outstanding 4,571 146,996 2,964 10,055 2,500 2,040 17,233 4,428 1,504 1,721 805 20,330 215,147 Demand deposits 416,171 2,464,525 241,385 473,979 71,746 171,273 760,254 211,644 35,429 74,342 59,205 428,968 5,408,921 Time deposits 194,098 738,744 115,634 550,223 61,685 114,729 913,019 170,559 53,657 29,358 17,791 664,551 3,624,048 United States deposits... 7,057 41,781 9,,775 5,962 939 6,695 14,721 5,456 349 1,270 15 11,901 105,921 Total deposits 643,003399 3,838,208 3900,990055 1,095,760 152,797337,729 1,802,270425,937 100,650 132,361 82,710 11,160,43010,162,796 Bills payable (including all obligations representing money borrowed other than rediscounts) 5,140 58,604 13,239 17,591 3,694 4,069 15,402 6,882 2,665 12,662 2,983 9,137 152,068 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 13,785 90,418 1,901 10,725 13,302 14,656 21,79* 11,752 2,819 709 6,850 8,706 197,421 Cash letters of credit and travelers' checks outstanding 14 19,047 22 54 1,433 4,935 184 28' 26,018 Acceptances executed for customers 7,843 115,334 136 3,941 1,934 3,597 9,692 1,412 114 3,171 147,173 Acceptances executed by other banks for account of reporting banks 1,585 13,807 11 15,410 United States securities borrowed 1,300 1,400 57 5,003 6,186 13£ 42' 24. 15,634 Other securities borrowed 10 30 1,784 64 13 14' 2,048 Other liabilities 2,947 2,220 3,341 450 1,163 21,583 7,695 106 2,171 478 5,76! 81,723 Total. 765,31 4,688,855 519,989 1,321,952 206,416 422,645 2,135,042 530,615 120,005 165,54: 113,923 1,302,82912,293,124 61297—23 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1074 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS ON JUNE 30, 1923, BY CLASSES OF BANKS. [In thousands of dollars.] Central reserve city banks. Total United States. Other County reserve city banks" ( N 30 ew b a Y n o k r s k ). (1 C 2 h b i a ca n g k o s). (42 T b o a t n a k l s). ba b n a k n s k s (1 ). 9 4 b ( a 1 n ,3 k 8 s 4 ). 1 J 9 b u 2 a 3 n n e ( k 1 3 s ,6 0 ). 2 , 0 19 b A 2 a 3 p n r ( k . 1 s , 3 6 ) , . 26 RESOURCES. Loans and discounts 1,895,876 513,489 2,409,365 2,941,070 1,698,857 7,049,292 6,889,418 Overdrafts 947 92 1,039 2,338 1,932 5,309 5 181 Customers' liability on account of acceptances 112,391 9,642 122,033 20,788 4,431 147,252 175,333 United States Government securities 416,860 46,857 463,717 466,148 249,996 1,179,861 1,192,691 Stock of Federal reserve banks 9 547 2,384 11,931 15,896 9,135 36,962 36,670 Other bonds, stocks, and securities 268,259 101,660 369,919 687,222 455,677 1,512,818 1,494,519 Banking house, furniture, and fixtures 54,300 8,260 62,560 123,909 72,370 258,839 251,619 Other real estate owned 2,794 2,214 5,008 36,323 16,731 58 062 52,018 Gold and gold certificates 3,383 760 4,143 2,904 4,231 11,278 9,547 All other cash in vault 22,356 8,437 30,793 54,388 42,007 127,188 150,115 Reserve with Federal reserve banks , 315,138 53,572 368,710 244,093 115,476 728,279 729,086 Items with Federal reserve banks in process of collection. 44,844 9,877 54,721 83,300 24,376 162,397 176,899 Due from banks, bankers, and trust companies , 47,350 33,971 81,321 189,461 121,166 391,948 441,096 Exchanges for clearing house, also checks on other banks in same place 252,037 33,006 285,043 87,416 19,275 391,734 406,091 Outside checks and other cash items 11,659 7,514 19,173 32,219 5,964 57,356 49,319 United States securities borrowed 7,341 15,629 18,449 Other securities borrowed 57 1,991 2,048 1,954 Other assets 88,466 13,893 102,359 39,067 15,446 156,872 168,865 Total. 3,546,207 845,628 4,391,835 5,033,940 2,867,349 12,293,124 12,248,870 LIABILITIES. Capital stock paid in 165,125 42,150 207,275 272,270 190,609 670,154 661,559 Surplus fund 149,300 38,810 188,110 258,662 114,904 561.676 563,491 Undivided profits, less expenses and taxes paid 64,040 26,235 90,275 177,232 49,527 217,034 207,121 Amount reserved for interest and taxes accrued 15,229 6,836 22 065 [14,169 7,735 43,969 51,888 Due to Federal reserve banks 116 116 1,770 7,392 9,278 7,960 Due to banks, bankers, and trust companies 404,101 60,540 464,641 269,977 64,863 799,481 814,205 Certified and cashiers' or treasurers' checks outstanding.. 140,720 7,701 148,421 48,881 17,845 215,147 276,968 Demand deposits 1,946,866 367,865 2,314,731 1,954,083 1,140,107 5,408,921 5,349,066 Time deposits 345,570 246,709 592,279 1,887,696 1 144,073 3,624,048 3,563,258 United States deposits 32,174 6,611 38,785 55,036 12,100 105,921 142,281 Total deposits 2,869,647 689,426 8,558,973 4,217,443 10,162,796 10,153,738 Bills payable (including all obligations representing money borrowed other than rediscounts) 24,145 24,145 78,730 49,193 152,068 124,247 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 81,644 9,381 91,025 58,847 47,549 197,421 182,940 Cash letters of credit and travelers' checks outstanding... 18,859 4,838 23,697 2,215 106 26,018 12,184 Acceptances executed for customers 114,529 9,668 124,197 18,771 4,205 147,173 179,372 Acceptances executed by other banks for account of reporting banks 13,773 13,780 1,622 15,410 14,982 United States securities borrowed 7,341 8,293 15,634 18,462 Other securities borrowed 57 1,991 2,048 1,954 Other liabilities 30,016 18,277 26,581 81,723 76,932 Total- 3,546,207 845,628 4,391,835 5,033,940 2,867,349 12,293,124 12,248,870 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) „... 14.0 22.5 13.7 9.5 7.0 10.6 10.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1075 SYSTEM ON JUNE 30, 1923. [In thousands of dollars.] D b N a i ( s n o 3 t . k r 7 i s 1 c ) t . D b N a i ( s n 1 o t . 4 k r 1 s i 2 c ) t D b N a ii ( ss n o 6 tt . k rr 0 ii s 3 cc ) t . D b N a i ( ss 1 n o tt . 1 k r r 6 ii s 4 cc ) t . D b N a iis ( n o t 6 t . k r i 8 ci s 5 c ) t . D b N a ii ( ss 1 n o tt . 4 k r r 1 ii s 6 cc ) t . D b N a i ( n s 3 o t . 7 k r 2 s i 7 c ) t . D b N a i ( s 1 n o t 2 . k r 4 i s 8 c ) t . D b N a i ( s 1 n o t . 2 k r 2 i s 9 c ) t . D b N a i o ( s n 3 . t k 9 r 1 i s c 0 ). tD b N a i ( o s 1 n . t 9 k r 1 9 i s c 1 ) t . D b N a i ( o s 2 n . t 0 k r 1 1 i s c 2 ) t . b U S T ( a 1 n t n o a , i 6 k t t t 2 a e e s l 0 s d ). On demand: Not secured by collateral.. 25,841 98,970 16,022 41,248 3,802 11,006 36,369 19,135 4,159 1,386 2,071 37,172 297,181 Secured by U. S. Government obligations 2,868 15,801 4,964 4,431 268 1,261 4,379 2,433 73 8 13 1,023 37,522 Secured by other collateral. 82,888 636,029 112,538 166,043 13,432 38,784 180,308 45,645 5,726 2,718 4,787 38,0761,326,974 On time: Not secured by collateral.. 198,649 954,268 61,812 243,145 68,393 110,158 444,007 112,550 25,904 28,818 26,336 210,586 2,484,626 Secured by U. S. Government obligations 5,252 28,348 3,664 8,835 1,235 3,349 8,878 3,343 379 1,424 125 4,428 69,260 Secured by other collateral. 61,521 547,050 31,007 122,741 38,141 86,139 276,104 81,409 26,304 35,057 36,786 96,1341.,438,393 Secured by real estate deeds of trust or other real estate liens. 83,515 115,036 22,848 227,526 12,979 23,432 285,750 46,146 18,433 10,010 9,950 430,2991,285,924 Acceptances of other banks discounted 4,588 74,546 263 620 292 3,845 1,173 60 6,052 91,439 Acceptances of reportingbanks purchased or discounted 328 8,350 1,861 233 312 8 655 547 70 12,364 Customers' liability on account of drafts paid under letters of credit 324 165 32 61 589 Loans and discounts not classified 89 4,587 241 6 5,020 Total loans and discounts. 465,537 2,478,722 252,855 816,094 139,103 274,987 1,244,267 312,505 81,585 79,421 80,309 823,907 7,049,292 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON JUNE 30, 1923 (INCLUDING 8,236 NATIONAL BANKS AND 1,620 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] Total District District District I District District District District District District District District District United No. 1 No. 2 No. 3 ! No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States (427 (821 (720 (629 (530 (1,434 (621 (989 (1,145 (857 (803 (9,856 banks). banks). banks), banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). RESOURCES. Loans and discounts.. 1,462,717 5, 111, 698 1,176,092 1,838,699 924,199 736,635 ,883,091 819,012 689,472 884,367 599,4951,738,84418,864,321 Overdrafts 573 1,949 302 977 803 1,242 2,381 993 1,243 1,749 1,643 1,882 15,737 Customers' liability on account of acceptances 53,032 207,608 12,430 7,059 6,827 4,690 21,094 2,265 2,: 423 1,226 14,843 334,383 United States Government securities1. 258,0671,317,254 282,832 389,475 149,753 107,642 478,771 168,881 115,270 162,127 117,690 322,470 3,870,232 Other bonds, stocks, and securities 2 330,1441,165,566 507,602 519,381 113,589 75,956 551,052 171,387 90,971 99,530 26,789 272,748 3,924,715 Banking house, furniture, and fixtures... 45,858 149,134 52,443 88,220 46,278 42,288 111, 790 31,545 26,641 39,253 35,139 83,459 752,048 Other real estate owned 12,207 10,384 7,121 29,085 7,656 7,035 16,739 6,381 12,872 9,511 13,167 13,022 145,180 Cash in vault 31,938| 89,194 30,39? 47,161 19,101 16,546 79,761 17,236 16,256 24,267 16,454 40,600 428,911 Reserve with Federal Ite re m s s e r w ve it h b a F n e k d s eral re- 125,773 700,431 116,108 151,213 59,493 53,814 273,134 68,782 46,937 81,198 48,288 145,844 1,871,015 serve banks in proc- Du e e ss f r o o f m c o b l a le n c k ti s o , n bank- 48,748 156,768 53,252 58,061 37,666 18,679 64,711 31,941 9,577 32,123 17,108 30,674 559,308 ers, and trust com- Ex p c a h n a ie n s ges for clearing 79,175 153,136 97,850 153,032 80,510 96,574 306,254 90,164 97,236 173,949 81,491 186,813 1,596,184 house, also checks on other banks in same place 29,293 597,427 47,203 36,440 21,562 15,944 98,569 17,476 9,838 19,122 8,403 44,902 946,179 Outside checks and other cash items 10,332 31,965 5,465 10,474 4,191 4,200 18,576 3,784 7,292 4,692 3,283 24,653 128,907 Eedemption fund and due from United States Treasurer 2,562 4,610 2,969 5,058 3,243 2,163 4,604 2,206 1,751 2,291 2,497 3,130 37,084 United States securities borrowed 1,300 1,400 57 5,009 6,186 135 421 248 15,629 Other securities borrowed 10 30 1,784 64 13 147 2,048 Other assets 17,797 184,381 7,620 13,648 4,810 7,466 30,526 4,820 4,796 7,199 4,470 15,912 303,445 Total.. 2,508,216 9,881,505 2,400,986 3,349,3931,480,5541,190,9614,947,8461,443,1231,133,1731,541,801 977,577 2,940,191 33,795,326 ' Includes United States Government securities borrowed by national banks. * Includes other bonds and securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1076 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANES IN EACH FEDERAL RESERVE DISTRICT ON JUNE 30, 1923 (INCLUDING 8,236 NATIONAL BANES AND 1,620 STATE BANES AND TRUST COMPANIES)—Continued. [In thousands of dollars.] Total District District District District District District District District District District District District United No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States (427 (821 (720 (880 (629 (530 (1,434 (621 (989 (1,145 (857 (803 (9,856 banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). LIABILITIES. Capital stock paid in.. 144,701 475,974 127,835 202,840 110,501 90,322( 290,917 108,005 77,193 101,457 94,160 174,390 1,998,295 Surplus fund 125,769 483,672 199,211 202,896 80,218 55,940| 205,312 57,676 39,763 50,095 44,514 86,636 1,631,702 Undivided profits, less expenses and taxes paid' 72,748 232, 779 63,609 78,624 31,673 23,916 109,401 28,102 17,385 21,356 19,410 38,078 737,081 Due to Federal reserve banks 4,490 11,012 3,853 1,807 6,331 1,195 2,164 467 1 5 1,577 570 33,472 Due to banks, bankers, and trust companies 128,0351,205,711 181,233 206,669 101,344 107,563 519,344 153,103 99,493 213,163 73,039 195,281 3,183,978 Certified and cashiers' or treasurers' checks outstanding. 14,276 279,428 12,571 19,149 9,871 5,307 31,876 8,747 12,991 18,974 9,404 45,560 468,154 Demand deposits ,202,""' 806,477 ,0080,-1-01,340,262 530,563 479,929 1,961,321 588,971 379,104 716,897 490, "~ , 190,22667714,692,905 Time deposits 574, ,610,560 613, 7281,068,268 432,936 317,947 .,530,721 367,882 416,088 300,687 136, ,007,863 8,378,211 United States deposits. 38,182 81,806 24,776 18,919 14,090 13,421 37,941 14,196 8,394 9,209 8,278 27,270 296,482 Total deposits ,962,055 7,994,9—941, 842,1712,655,0741, 095,135 925,362 41,,008833,, 3—6711,133,366 916,071 l, s 258,935 719,8612, 66—811 27,053,202 Bills payable (including all obligations representing money borrowed other than rediscounts) 26,480 161,911 77,305 51,838 38,630 9,649 40,937 20,517 20,409 26,289 14,784 34,239 522,989 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 64,215 138,255 11,252 33,404 46,849 34,461 53,868 30,847 22,725 32,291 49,687 550,222 Cash letters of credit and travelers' checks outstanding 654 22,201 305 348 69 1,449 8,197 82 17 90 882 34,577 Acceptances executed for customers 49,428 201,480 9,180 6,915 6,994 4,249 19,882 2,293 2,531 238 1,214 14,977 319,381 Acceptances executed by other banks for account of reporting banks 7,518 29,649 4,334 251 134 102 2,267 32 355 1,177 45,819 National bank notes outstanding 49,397 89,776 57,541 98,308 62,722 41,898 88,937 42,368 34,180 44,838 48,474 61,050 719,489 United States securities borrowed 2,763 2,451 12,656 5,127 1,267 8,912 10,267 644 1,760 823 3,308 50,586 Other securities borrowed 27 50 775 160 351 1,796 130 7 846 99 784 5,025 Other liabilities 4,616 48,001 5,791 5,464 2,342 1,995 34,053 9,438 1,8 3,336 1,857 8,172 126,958 Total 2,508,216 9,881,505 2,400,986 3,349,3931, 480,5541,190,961 4,947,8461,443,123 1 133,173 1,541,801 977,577 2,940,191 33,795,326 s Includes amounts reserved for taxes and interest accrued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923 FEDERAL, RESERVE BULLETIN. 1077 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON JUNE 30, 1923 BY CLASSES OF BANKS (INCLUDING 8,236 NATIONAL BANKS AND 1,620 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] Central reserve city banks. Other Total United States. reserve Country city banks ( N 61 e w ba Y nk o s rk ). (2 C 4 h b i a c n ag k o s). (85 T b o a ta n l ks). b b a ( a n 5 n 6 k k 9 s s ). b ( a 9 n ,2 k 0 s 2 ). 1 J 9 b u 2 a 3 n n o ( k 9 s , 3 8 ) 0 . 5 , 6 19 b A 2 a 3 p n r ( k . 9 s , 3 8 ) , 5 . 0 RESOURCES. Loans and discounts 3,722,909 1,061,854 4,784,763 6,681,853 7,397,705 18,864,321 18,554,983 Overdrafts 1,437 235 1,672 4,608 9,457 15,737 16,842 Customers' liability on account of acceptances 204,764 19,549 224,313 99,875 10,195 334,383 378,159 United States Government securities1 958,692 115,430 1,071,122 1,266,494 1,532,616 3,870,232 3,883,266 Other bonds, stocks, and securities2 512,832 150,221 663,053 1,206,017 2,055,645 3,924,715 3,877,102 Banking house, furniture, and fixtures 89,483 21,527 111,010 279,117 361,921 752,048 731,082 Other real estate owned 3,397 2,288 5,685 61,460 78,035 145,180 134,143 Cash in vault 51,437 22,468 73,905 129,690 225,316 428,911 518,112 Reserve with Federal reserve banks 569,931 134,484 704.41S 620,147 546,453 1,871,015 1,908,586 Items with Federal reserve banks in process of collection.. 111,451 31,4S0 142,931 332,026 84,351 559,308 601,519 Due from banks, bankers, and trust companies 65,863 117,393 183,256 652,373 ! 760,555 1,596,184 1,774,287 Exchanges for clearing house, also checks on other banks in same place 576,149 62,354 638,503 234,353 73,323 946,179 989,629 Outside checks and other cash items 21,490 9,059 30,549 69,128 29,230 128,907 103,242 Redemption fund and due from United States Treasurer. 1,953 131 2,084 9,355 25,645 37,084 36,869 United States securities borrowed 7,341 8,288 15,629 18,449 Other securities borrowed 57 1,991 2,048 1,954 Other assets 173,450 21,396 194,846 76,297 32,302 303,445 323,817 Total. 7,062,238 1,769,869 | 8,832,107 11,730,191 I 13,233,028 33,795,326 33,852,041 LIABILITIES. Capital stock paid in 328,200 91,972 420,172 663,042 915,081 1,998,295 1,979,953 Surplus fund 373,520 79,984 453,504 560,526 617,672 1,631,702 1,630,553 Undivided profits, less expenses and taxes paid3 171,253 55,125 226,378 230,163 280,540 737,081 745,076 Due to Federal reserve banks 130 130 7,675 25,667 33,472 34,477 Due to banks, bankers, and trust companies 1,124,776 330,171 1,454,947 1,358,783 370,248 3,183,978 3,473,760 Certified and cashiers' or treasurers' checks outstanding... 265,601 14,191 279,792 113,066 75,296 468,154 601,465 Demand deposits 3,594,806 824,857 4,419,663 4,990,803 5,282,439 14,692,905 14,525,756 Time deposits 591,324 279,022 870,346 2,854,411 4,653,454 8,378,211 8,142,574 United States deposits 63,552 14,745 78,297 159,449 58,736 296,482 404,427 Total deposits 5, 640,189 1,462,986 7,103,175 9,484,187 10,4.65,840 27,053,202 27,183,459 Bills payable (including all obligations representing money borrowed other than rediscounts) 97,970 7,304 105,274 209,404 208,311 522,989 494,412 Notes and bills redisrounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 118,188 13,197 131,385 222,270 196,567 550,222 473,407 Cash letters of credit and travelers' checks outstanding 21,985 8,025 30,010 4,198 369 34,577 17,723 Acceptances executed for customers 199,030 18,195 217,225 92,475 9,681 319,381 380,245 Acceptances executed by other banks for account of reporting banks 29,313 1,988 31,301 13,755 763 45,819 41,126 National-bank notes outstanding 37,866 2,584 40,450 180,750 498,289 719,489 727,574 United States securities borrowed 2,478 1,000 3,478 26,155 20,953 50,586 52,542 Other securities borrowed 1,622 3,403 5,025 6,115 Other liabilities 42,246 27,509 69,755 41,644 15,559 126,958 120,856 Total. 7,062,238 1,769,8 8,832,107 11,730,191 13,233,028 ! 33,795,326 33,852,041 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 12.9 13.0 12.9 7.4 9.8 10.0 1 Includes U. S. Government securities borrowed by national banks. * Includes other bonds and securities borrowed by national banks. 3 Includes amounts reserved for taxes and interest accrued. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1078 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES. ENGLAND. (Amounts in millions of pounds sterling.) Note accounts and Bank of England de- Nine London clearing posits. banks.* 11 fee Average of end ofmonth figures: 1913 38 29 57 1920 146 103 848 147 1921 157 108 327 136 97 1,176 309 1922 156 103 296 130 107 1,068 372 1922, end of— August 154 103 293 124 105 1,020 390 September 154 101 289 121 104 1,007 381 October 154 101 287 125 105 1,033 370 November 154 102 288 121 98 1,031 365 December 154 104 301 133 106 1,030 360 1923, end of— January 154 101 280 121 108 1,046 357 February 155 102 279 131 103 1,023 349 March 155 102 286 133 104 992 333 April 155 100 281 123 100 994 327 May 155 102 287 119 109 1,005 325 June 155 103 287 128 113 1,018 331 July 155 103 289 120 104 1,024 338 1 Held by the Bank of England and by the Treasury as note reserve. < Statist. 1 Less notes in currency notes account. ft Bankers Magazine. 8 Average weekly figures. 6 Excluding Germany. FRANCE. [Amounts in millions of francs.] Bank of France. Savings N b e o w n s d t o is c s k u e a s n . d Price of Average banks, 3 per daily excess of re G se o r l v d e.1 re S s i e lv rv er e. a G d to o W v v a t a n 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. ce p r n e e t n t u t p e a e . l r- c b l o e P a f a a n r t r i k h i n s s e g . s d d ( e r w + a p i w ) o t o h s a r i - l t s s Value. A r r e v a 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 86.77 59 -65 1920 3,586 253 26,000 38,066 3,527 57.34 554 +48 702 1921 3,668 274 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 +53 674 6.41 1922, end of— August 3,583 286 23,900 36,3S5 2,170 60.10 512 +66 151 6 32 September 3,584 287 24,000 36,603 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 3,636 289 22,900 36,114 2,184 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 3,848 6.11 March 3,672 292 23,100 37,188 2,066 57.25 755 +44 315 6.26 April. 3,672 292 22,500 36,548 2,116 57.70 761 -22 404 6.32 May 3.673 292 23,000 36,741 2,200 57.85 680 +14 808 6.40 June 3,673 293 23,100 36,689 2,162 55.90 +22 July 3,674 294 23,000 36,929 2,072 57.15 +11 1 Not including gold held abroad. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1923. FEDERAL RESERVE BULLETIN. 1079 ITALY. I Amounts In millions of lire.] Banks of issue Leading private banks.' Note Loans Reserve. circulation. and Index 1 Loans I— Total co d u is n - ts ' f D ro u m e Par- Total b n e u rs m o - f j a d n is d - F c o o r u a n c t - I F ae o - r po d s e i - ts. Cash. in i c n l g u d-! ! e sp or o r n e d - - t t i i c o i n p s a . - po d s e i - ts. s p e r c i u ce ri s t . y ' Gold. ! Total. counts- of j count treas- ' ents. com- j of the merce. ! State. I Average of end of month figures: 19133 1,375 1,661 j 857 2,284 , 318 129 1,093 914 I 55 1,674 1920 1,043 2,088 I 6,335 7,035 10,581 2,474 1,308 10,594 5,945 : 446 15,810 1921 1074 2,020 I 7,586 9,304 I 9,064 2,475 1,200 10,677 5,575 ! 465 16,001 1922 1,120 1,998 ; 9,466 9,734 I 8,214 2,759 917 8,594 3,265 318 11,810 102.83 1922, end of— June 1,106 1,976 9,573 9,615 ; 8,049 2,935 845 8,800 3,180 318 11,863 100.13 July ' 1,125 1,991 9,118 9,947 ! 8,050 2,681 861 8,846 3,272 337 11,896 100.22 August ! 1 125 2,024 9,142 9,695 8,050 2,779 763 8,877 3,286 337 I 11,883 104.56 September | 1,125 2,024 8.X58 9.924 2,661 769 8,706 3,460 337 11,897 107.42 October j 1,136 2,039 9,082 9,782 8,075 2,638 781 8,659 3,568 339 11,960 111.09 November , 1,141 2,034 8,680 9,892 8,074 2,634 781 8,797 3,554 336 I 12,045 117.01 December ; 1,126 2,042 9,345 9,935 8,076 2,602 982 9,166 3,467 234 12,267 116.33 1923, end of— ; January • : 1,126 2,021 8,552 9,389 8,057 2,610 831 9,185 3,573 225 12,327 135.19 February j 1,127 1,994 8,572 9,117 8,036 2,675 850 9,196 3,547 226 12,332 137.16 March i 1,129 1,983 8.478 9,004 8, Ml 2,488 775 9,163 3,597 J 229 12,363 140.30 April ; 1.129 1,983 10,102 8,661 I 8,024 2,461 753 9,271 3,537 230 12,388 153.94 May j 1,130 1,9X5 8,851 8,525 7,763 2,350 771 9,168 3,393 239 12,250 150.77 June I 1,130 1,977 9,860 9,571 7,704 2,691 1 Includes Banca Commerciale Italiana, Credito Itallano, Banco dl Roma, and until November, 1921, Banca Italiana di Sconto. ' Figures for 1921 based on quotations of Dec. 31,1920=100; those for 1922 on quotations of Dec. 31,1921-100. 3 End of December figures. GERMANY. (Amounts In millions of marks.] j Reichsbank. n V ew al u s e to o c f k Index p r o i f c s e e s c .' urity Darlehns ! and kassen- Treasury1 bond Discounts. scheine bills out- issues Gold c N u o la te t i c o i n r . - de T p o o t s a i l ts. Treasury Commer- c T in l o e g a t s a r . - l in la c ti i o rc n u . - standing. o p n m l a G a c n e e d r- sto 2 c 5 ks. b m 1 o 0 e n s d d t o i s c - . bills. cial bills. market. Average of end of montb figures: Per cent. Per cent. 1913 1,068 1,958 668 6,136 »220 1920 1,092 53,964 17,702 47,980 57,898 13,145 1821 1,066 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— July 1,005 189,795 39,976 207,858 8,122 243,493 12,234 307,810 2,330 August 1,005 23«, 147 56,124 249,766 21,704 374,856 13,383 331,000 2,468 beptember 1,005 316.870 110,012 349.770 50,234 473,715 13,999 451,000 7,937 169 105 October 1,005 469', 457 140.779 477,201 101,156 7X9 341 14,009 614,000 7,187 November 1,005 754,086 2411.966 672,222 246,949 ,463,766 13,809 839,000 15,223 1,334 312 December 1,007 1,280,095 530,526 1,184,464 422,235 2,078,969 13,450 1,495,000 21,315 1,378 322 1923, end of— January 1,005 1,984,496 762,264 1,609,0«1 697,216 3,820,206 13,395 2,082,000 33,549 4,6(!S 728 February 1,005 3,512,788 1,582,981 2.947,364 1,829,341 7,444,323 12,625 3,588,000 65,563 3,664 725 March 1,005 5,517,920 2.272,084 4,5T,2,012 2.372,102 7 257,658 12,600 6,601.000 540,198 3,837 694 April 920 6,545,984 3,854,275 6,224,899 2,986,117 8,177,378 12,491 8,440,000 64,275 6,266 696 May 758 8,563.749 5,063.070 8,021,905 4,014,694 13,345,002 12,378 10,274,850 115,813 16,451 1,221 June 717 17,291,061 9,9o2,717 18.338,177 i), 914,199 28,375,345 12,239 22,019,623 84,861 5,338 July 596 43,594,738 27,857,077 53,752,030 18,318,292 76,624,492 329,311 39,174 »Recalculated iy the Frankfurter Zeitung, using as base (100) prices for January, 1922, instead of for January, 1921, and eliminating the five bonds in foreign currencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1080 FEDERAL RESERVE BULLETIN. SEPTEMBER, 1923. SWEDEN. [Amounts in millions of kronor.] Riksbank. Joint-stock banks. Value of Index stock Index number G b o u a l l d n l i d c o o n i , n c N u o l t a e t i c o i n r- . de T p o o t s a it l s. Clearings. L di o s a c n o s u n an ts d . R B c i o i k w l u l s s i n b t t d a h e n i d s k - . re m d g is u i o s s r n u t i e n e t r h s g e . d n o p u f r m i s c to b e c s e . k r e o v x f k a c r f l h o o u a r n e e n a i o g g . f e n Averages of end of month figures 19131 102 235 108 585 2,287 139 258 1920 269 733 226 3,596 6,008 476 176 112.9 1921 280 661 193 2,715 5,948 389 121 121.8 1922 274 579 269 2,109 5,317 340 103 128.4 1922, end of— •July 274 551 243 2,015 5,268 307 113 127.0 August 274 559 213 1,803 5,221 293 110 128.8 September 274 605 180 1,902 5,181 288 103 130.5 October 274 569 178 1,995 5,149 206 98 131.7 November 274 575 191 1,979 5,099 252 90 132.2 December 274 584 389 2,588 4,981 331 129.9 1923, end of— January 274 520 321 1,800 4,888 214 83 129.8 February 274 538 270 1,455 4,903 175 96 129.0 March 274 587 265 1,768 4,833 222 103 129.5 April 273 557 245 1,633 4,751 218 105 130.0 May 273 539 238 1,612 4,745 208 101 131.3 June 273 586 183 1,695 4,738 198 98 131.7 July 273 543 150 1,517 4,751 152 99 133.0 i End of December figures. CANADA. [Amounts in millions of dollars.] Chartered banks. Gold c b o u G i l n l o i a o ld n n d .' d lo C is a u c n r o s r u e a n n n t t d s. M c n a s o o l h n l t o e i a c y r n t e a d . t P se u r c a b u i l l r i w c it a i a e y n s d c N u o la te t i c o i n r- . I d a n d n e d e d p i m v o t i i a s d m n i u t d e s a . - l D a r o n e g m s o a e t i i r e n n v s i s e o . t n D c n u o o l m t a e t i i n c o i i o n r- n . cle B ar a i n n k gi.' Average of end of month figures: 1921 1,403 282 369 195 2,125 85 272 ,454 1922 1,272 280 332 166 2,009 90 240 ,353 1922, end of— July 1,248 272 323 152 2,016 87 231 .27* August 1,248 277 331 158 1.979 89 229 .172 September 1.250 279 322 177 1,985 91 235 .253 October 1,276 301 310 179 2.020 83 240 .497 November 1,255 303 317 170 2,036 96 251 .619 December 1,230 284 341 176 2,061 129 257 .555 1923, end of— January 1,197 281 356 153 1,963 132 241 ,807 February 1,206 270 377 157 1,997 133 247 ,067 March 1,220 292 385 173 2.008 126 243 ,199 April 1,251 305 403 166 2,084 126 239 ,168 May 1,236 309 397 157 2.067 126 244 ,514 June 1,222 316 175 2,081 ,465 July 1,332 • 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

SEPTEMBER, HI23. FEDERAL RESERVE BULLETIN. 1081 ARGENTINA. [Amounts in millions of pesos.) Banco de la Naclrtn. Commercial banks.1 Caja de Conversion. Cleanngi Cash. Dis- Cash. Dis- Bu i e n nos counts Total counts Totul Note cir- Aires 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 si r t ) 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 1,464 823 1,471 1919. 39 268 676 1,250 66 771 2,113 3,010 »399 1,177 2,805 1920 25 406 804 1,412 46 1,081 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— 23 395 933 1,329 35 1,060 2,461 3,326 470 1,363 2,716 July 23 399 920 1,322 35 1,013 2,473 3,308 470 1,363 2,814 23 407 946 1,353 35 1,041 2,491 3,356 470 1,363 2,570 23 402 950 1,346 35 1,048 2,514 3,379 470 1,363 2,725 23 405 921 1,328 35 1,028 2,549 3,354 470 1,363 2,827 23 396 934 1,345 35 1,053 2,557 3,394 470 1,363 2,827 December. .. .. 23 340 1,036 1,389 35 1,025 2,664 3,456 470 1,363 2,954 1923, end of— 23 359 992 1,369 35 1,015 2,651 3,451 470 1,363 3,415 February 23 363 989 1,366 34 993 2.667 3,464 470 1,363 2,897 23 362 1,003 1,379 34 1,000 2,666 3,467 470 1,363 3,017 April 23 357 992 1 358 34 992 2 693 3 461 470 1 363 23 354 969 1,332 34 975 2,676 3,468 470 1,363 23 385 943 1,353 33 1,007 2,647 3,500 470 1,363 ' Includes Banco de la Nacidn. » 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. n S s o p e f r 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 - t s s. f v o b a A r i o n e l d n l c ig s - e . n s c N t c i u o o i l r n a t - e . - J d m i G a e e ts p r p e o n a o n v i - n n s t - - . J d i a v e P ts p p a r a t i o 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 . d T e i o p ts t o . a s l - T c in l o e g t a a s r . l - c A r d o a a v g i u t s e e e n - r . t - C J i a s a s p i p u n a i e t n s a . l j Average of end of month figures: 1913 216 47 33 363 7 333 :1m 8.38 32 1921 1,200 107 39 1,226 297 50 932 2,572 9.O0 186 1922 1,172 208 94 1,291 409 36 129 ;o6i 1,789 2,834 9.31 124 1922, end of— 1,132 241 90 1,280 488 30 115 ,928 1,783 2,582 9.42 93 September 1,069 134 115 1,237 382 29 145 1,822 2,750 9.38 150 October 1,068 160 142 1,236 437 33 126 926 1,812 2,097 9.38 »8 1,066 183 141 1,241 445 40 126 !929 1,828 2.971 9.45 100 1,064 375 205 1,590 333 66 169 2| 011 1,869 3,329 9.34 56 1923, end of— 1,062 180 159 1,308 380 34 113 2,002 1,860 2,246 137 1.OS0 157 140 1,261 396 31 117 2,051 1,894 2,592 131 241 109 1.238 463 29 190 2,256 2,143 25.6 245 1,056 279 105 1,236 501 30 142 1,999 1,851 3,077 25.7 114 1,053 236 77 1,225 452 28 121 1,984 1,854 3,518 25.8 1 053 311 52 1.371 371 49 133 2,024 1,850 3.486 26.0 July 1.053 244 46 1,278 361 32 139 2,195 1,870 3,220 i > Includes gold credits abroad, gold coin and bullion in Japan. 61297—23 -8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Page. Page. Abstract of condition reports of State bank members 1073-1077 Food manufacturing 992 Acceptances: Foreign exchange: Held by Federal reserve banks 1055 Index of 998,1018,1072 Purchased by Federal reserve banks 1053 International price comparison under depreciated exchange.. 3004 Agricultural movements, index of 1045 Price levels and exchange rates 982 Agriculture 988,1046 Foreign loans placed in the United States 1016 Argentina, financial statistics 1081 Foreign trade: Australia: Principal foreign countries 1040 Retail food prices 1036 United States 981,997,1018,1041 Wholesale prices 1032,1034 Index of 1042 Austria, cost of living and retail food prices 1036 France: Automobiles 994,1048 Cost of living and retail food prices j.. 1036 Belgium: Financial statistics 1078 Cost of living and retail food prices 1036 Foreign trade 1040 Wholesale prices 1032,1034 Index of industrial activity 1037 Brazil, foreign trade of 1041 Wholesale prices 1031,1032,1034 Building industry 995,1048,1049 Freight rates, ocean 1042 Bulgaria, wholesale prices in 1032 Fruit crop, condition and shipments 990,1046 Business and financial conditions: Germany: Abroad 1018,1078 Banking during 1922 1026 United States 986-998 Cost of living and retail food prices 10?6 Business failures 997 Financial statistics '. 1079 Canada: Index of industrial activity 1039 Cost of living and retail food priees 1036 Reich'bank, annualreport of 1C29 Financial statistics 1080 Wholesale prices 1032,1034 Foreign trade 1041 Gold basis, prices converted to 1007, loin, 1031 Index of industrial activity 1038 Gold imports and exports 998,1070 Wholesale prices 1031,1032,1034,1035 Gold settlement fund transactions 1069 New index number 1035 Gold standard 981 Chain-store statistics 1051 Grain, crop condition and marketing 988,1046 Charters issued to national banks 1003 India: Check clearing and collection: Cost of living and retail food prices 1036 Gold settlement fund 1069 Foreign trade 1041 Operations of system during August 1067 Wholesale prices 1032 China, wholesale prices in 1032,1034 Iron and steel 993,1047 Coal production 981,1047 Italy: Condition statements: Cost of living and retail food prices 10^6 Federal reserve banks 1056 Financial statistics 1079 German banks 1026 Foreign trade 1041 Member banks in leading cities 1060 Wholesale prices 1032,1034 Abstractor 1073-1077 Japan: Cooperative marketing associations, eligibility of paper oi, ruling Financial statistics 1081 on 999 Foreign trade 1041 Corporate loans, foreign, placed in the TJnited States 1017 Index of industrial activity 1038 Cost of living, principal countries 1036 Wholesale prices 1031,1032 Cotton, raw 989,1047 Leather industry 994.1047 Cotton manufacturing 992,1047 Live-stock industry 99O;iO46 Currency: Loans, foreign, placed in the United States 1016 Circulation, United States 1068 Lumber 994,1047 Market in London since 1920 1020 Mail-order houses, sales of 1051 Stabilization of, foreign 983 Manufacturing: Czechoslavakia: Condition, by industries 992 • Eetail food prices 1036 Index of production 1045 Wholesale prices 1032 Metals 991,1047 Debits to individual account 1063 Mineral products, index of 1C45 Denmark: Money in circulation 1068 Foreign trade 1041 Money market in London since 1920 1020 Wholesale prices 1032 Netherlands: Department-store business 1051 Cost of living and retail food prices 1036 Deposits: Foreign trade 1041 Of all member banks 1068 Wholesale prices 1032 Savings 1043 New Zealand: Discount and open-market operations of Federal reserve banks... 1052 Cost of living and retail food prices 1036 Discount rates: Wholesale prices -. ..1032 Bank of England 984,1020 Norway. Federal reserve banks 1069 Cost of living and retail food prices 103S Prevailing in various centers 1071 Wholesale prices 1032 Employment, United States 997 Paper industry 994,1048 England: Petroleum industry 991,1047 feCost of living and retail food prices 1036 Physical volume of trade 1044 Discount rates, Bank of England 984,1020 Poland: Financial statistics 1078 Cost of living 1036 Foreign trade 1021,1040 Wholesale prices 1032 Government financing 1021 Price comparisons, international, under depreciated exchange 1004 Index of industrial activity 1037 Production, index of 986,1045 London money and capital market since 1920 1020 Purchasing power parity, theory of 1004 Long-term credit market 1024 Reserve ratio of Federal reserve banks 1056 Short-term credit market 1020 Retail food prices in principal countries 1036 Wholesale prices 1031,1032,1034 Retail trade 996,1060 Failures, commercial, in the United States 997 Rulings of the Federal Reserve Board: Federal reserve note account 1059 Summary of rulings on eligibility of paper of cooperative Fiduciary powers granted to national banks 1043 marketing associations 999 Finland, cost of living in 1036 Savings deposits 1043 1082 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. 1083 Page. Page. Shoe industry 994,1047 S weden—Continued. Silver: Index of industrial activity 1039 Imports and exports 998,1015,1070 Retail food prices 1036 Price of 1015,1072 Wholesale prices 1032 Production of the world 1011 Switzerland: Purchases under Pittman Act 1011 Cost of living and retail food prices 1036 South Africa; Wholesale prices 1032.1034 Cost of living 1036 Textile industry 992,1047 Wholesale prices 1032 Tobacco industry 989,1046 Spain: Transportation 995,1048 Retail food prices 1036 Wholesale prices: Wholesale prices 1032 Abroad 1018,1030-1035 State hanks admitted to system 1043 In the United States 987,996,1030,1033 Sweden: Method of comparing prices in different countries 1004 Financial statistics 1080 New Canadian index number 1035 Foreign trade 1041 Wholesale trade, condition of 986,995,1050 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS •KM BOUNDARIES OF FEDERAL RESERVE DISTRICTS -—BOUNDARIES OF FEDERAL RESERVE B^NCH.TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis