Federal Reserve Bulletin, 1923-10

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

FEDERAL RESERVE BOARD. Ex officio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. HENRY M. DAWES, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART, Director, Division of Research and Statistics. W. M. IMLAY, Fiscal Agent. M. JACOBSON, Statistician. J. F. HERSON, 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. G (ATLANTA) EDWARD W. LANE. District No. 7 (CHICAGO) JOHN J. MITCHELL. District No. 8 (ST. LOUIS) FESTUS J. WADE. District No. 9 (MINNEAPOLIS) G. H. PRINCE. District No. 10 (KANSAS CITY) E. F. SWINNEY. District No. 11 (DALLAS) R. L. BALL. District No. 12 (SAN FRANCISCO) D. W. TWOHY. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANES. Federal Reserve Bank of— Chairman. Governor. Deputy governor. Cashier. Boston Frederic H. Curtiss W. P. G. Harding. C. C. BuUen W. Wfflett. W. W. Paddock New York Pierre Jay Ben). Strong J. H.Case L. H. Hendricks. > L.F. Sailer J. D. Higsins.l G. L. Harrison A. W. Gilbart. > E. R. Kenzel J. W. Jones.' G. E. Chapin.» Philadelphia R.L.Austin George W. Norris Wm. H. Hutt W. A. Dyer. Cleveland D.C.Wills E. R. Faneher M.J. Fleming J. C. Nevin. Frank J. Zurlinden Richmond W. W. Hoxton George J. Seay C. A.Peple Geo. H. Keesee. R. H. Broaddus A. S. Johnstone' John S. Walden» Atlanta Joseph A. McCord M. B. Wellborn L. C. Adelson M. W. Bell. J. L. Campbell Chicago Wm. A. Heath J. B.McDougal C.R. McKay W. C. Bachman. • JohnH. Blair K. C. Childs.» J. H. Dillard.» D. A. Jones.l 0. J. Netterstrom.» Clark Washbume.» St. Louis Wm. McC. Martin D.C. Biggs 0. 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. TaUey B. A. McKinney R. G. Emerson R. R. Gilbert. San Francisco John Perrin J.TJ. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk' L. C. Pontious3 ' Controller. • Assistant to governor. »Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: 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 J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch W. C. Weiss. New Orleans branch Marcus Walker. Houston branch R. B.Coleman. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. MotherweU. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. 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 tho 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 1915,191G, 1917, or 1918 are available. m Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: page- Re view of the month 1085 Business conditions in the United States 10S0 Special article: Seasonal movements of farm commodities .. 1103 Official: State banks admitted to system 1138 Fiduciary powers granted to national banks 1138 Charters issued to national banks 1138 Banks granted authority to accept up to 100 per cent of capital and surplus 1138 Business and financial conditions abroad: Agricultural conditions abroad 1112 Recent developments in Russian banking and currency 1114 The Bank of the Republic of Colombia 1119 Price movement and volume of trade: International wholesale price index ^ 1124 Wholesale prices of individual commodities in the United States 1126 Comparative wholesale prices in principal countries 1128 Comparative retail prices and cost of living in principal countries 1131 Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan 1132 Foreign trade of principal countries 1135 Foreign trade index 1137 Ocean freight rates 1137 Physical volume of trade 1139 Building statistics 1144 Wholesale and retail trade 1145 Commercial failures 1101 October crop report, by Federal reserve districts 1111 Banking and financial statistics: Domestic— Condition of all banks in the United States as of June 30,1923 1107 Discount and open-market operations of Federal reserve banks 1147 Condition of Federal reserve banks.. * 1151 Federal reserve note account 1155 Condition of member banks in leading cities 1156 Savings deposits 1137 Bank debits 1159 Operations of the Federal reserve clearing system. 1164 Gold settlement fund 1168 Gold and silver imports and exports 1167 Deposits of all member banks 1165 Money in circulation 1166 Discount rates approved by the Federal Reserve Board 1168 Discount and interest rates in various centers 1169 foreign exchange rates 1170 lgland, France, Italy, Germany, Sweden, Canada, Argentina, and Japan 1171 orices 1086 of production in basic industries and wholesale prices in the United States 1090 redit 1091 lings of grain and grain products 1103 ts of wheat and all grains 1104 sight receipts 1105 i stocks in warehouses 1105 n stocks at mills 1106 on ginned, 1914-1923 1093 cotton consumption and output of finished fabrics 1096 iding contracts awarded 1099 ernational wholesale price index—Federal Reserve Board 1124 lume of domestic business 1139 holesale trade and department-store sales 1145 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 9 OCTOBER, 1923. No. 10 REVIEW OF THE MONTH. terially below last year's and the price of wheat, both at the farm and in the primary During the autumn months the primary markets, has somewhat advanced. Wheat concern of the banks of the country is to furnish credit and currency for harvest- prices, however, are below those of last year Financing the keting the year's and only slightly above their pre-war level. mg and mar crop movement. „,, . . , The position of the wheat farmer in certain crop. I his year the agricultural sections is still difficult. The cotton crop foredemand comes after a period of more than a cast also indicates a reduction from earlier exyear of credit growth arising from the increased pectations, which in July and August placed the industrial and trade activity. Since midsum- crop at about 11,500,000 bales, compared with mer of last year the banks have extended to the October estimate of 11,015,000 bales, with commerce and industry a large amount of the result that the price of cotton has advanced, additional credit and the present volume of particularly in recent weeks. This improvement member bank credit in use is greater than ever in the outlook for the two principal cash crops is before at this season of the year. The banks, important for the farmer, because it is the cash particularly those in agricultural districts, are crop upon which his immediate income depends. now meeting the additional demand for credit The following table shows the production of the for crop marketing purposes through the use principal crops in 1920, 1921, and 1922, comof funds released by liquidation of loans made pared with the latest forecasts for 1923: during the growing season and through increased accommodation at the Federal reserve Production (000 omitted). banks. Since the increased demand for credit Crop. Unit. during the year has been largely concentrated 1923 i 1922 1921 1920 in the industrial districts, the banks in the Corn Bushels.3,021,000 2,890,712 3,068,569 3,208,584 agricultural districts are in a strong lending Cotton Bales... 11,015 9,762 7,954 13,440 Hay, total Tons 103,000 112,791 97,770 105,315 position at a time of the year when the de- Wheat, total I Bushels. 781,737 862,191 814,905 833,027 Winter I...do.... 568,386 586,204 690,316 610,597 mand upon them reaches its seasonal peak. Spring j.. .do.... 213,351 275,887 214,589 222,430 Oats I...do 1,302.000 1,201,436 1,078,341 1,4%, 281 The volume of credit required in financing Tobacco Pounds.1,462; 000 1,324,840 1,069,693 1,582,225 White potatoes Bushels. 401,000 451,185 361,659 403.296 the crop movement is affected by the total Sweet potatoes do 96,000 109,534 98,654 103, 925 Apples do 191,000 201,000 99,002 223,677 yield and the prices prevailing Rice do 33,000 41,965 37,612 52,066 Barley ...do... 199,000 186,118 154,946 189,332 yield. 1923 crop at marketing time, and these Rye ...do... 65.000 95,497 61,675 60,490 are also the factors that deter- 1 October 1 forecast. mine the year's return to the farmer. The ad- According to the October estimate, the corn vance in the prices of certain principal crops crop is to be over 3,000,000,000 bushels for the during the past two months has partly refifth time in the history of the country, and flected the lower estimated yields, and these the price of corn during recent months has adadvances have been more than sufficient to offvanced, as it has done almost uninterruptedly set in the total value the decline in expected since the beginning of 1922. This rise in the output. The October 1 estimates of proprice of corn was for some time accompanied duction indicate an expected wheat crop ma- 1085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1086 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. by a decline in the price of hogs and cattle, spring and early summer reflect expectations in though more recently cattle and hog prices the speculative market and do not materially have also increased, and this has brought about affect the farmer's returns, price advances dursome improvement in the outlook of the live- ing the crop-moving season are of direct benefit stock farmer. to the farmer. The improvement in the The farmer's net return as a producer de- farmer's condition during the past year has pends not only on the prices brought by his been due mainly to the large purchasing power products, but also upon the ex- of the domestic consumer arising out of full ! Pense of makillg ^e crops, and employment and larger earnings of the industhis year the cost of labor, fer- trial worker, this improvement in the domestic tilizer, and other materials has been generally market being more than sufficient at present to higher than last year. From the standpoint of counteract the effect upon prices of the less the farmer as a consumer, however, the advance satisfactory condition of the foreign market. during the past year in the prices of many farm The foreign demand for the American wheat surplus is likely to be affected by the larger PER CENT PERCENT world production, and also by the fact that 2001 1200 European countries which are the principal FARM PRICES importers of wheat are expected to produce a larger crop than a year ago. 150 150 The market for this year's crops, as well as the credit required in financing the marketing, is influenced by the stocks left Marketing the over from the crop of the previ- 100 100 crops. ous year. The following table shows the stocks of certain crops at the end of the crop years 1920 to 1923: 50 STOCKS OP CERTAIN CHOPS ON FAKMS. [000 omitted.] Corn (bushels). Cotton Wheat Oats (bales, ex- Year. (bushels), (bushels), clusive of 1921 1922 1923 On farms, Nov. 1. July 1. Aug. 1. linters), Mar. 1. Aug. 1. products, which has not been accompanied by 1920 1,045,575 139,083 49,546 54,819 3,563 a corresponding increase in retail prices, has 1921 1,564,832 285,769 56,707 161,108 6,534 1922 1,305,559 177,287 32,359 74,513 2,832 increased the purchasing power of the farmer's 1923 1,087,412 35,634 70,082 2,088 dollar. The chart shows the trend of farm prices of 10 leading crops and 6 classes of live It will be seen that the stock of wheat is stock since 1921. It will be noted that crop somewhat larger than last year, but much less prices are, on the average, considerably higher than in the preceding two years and that than last year, while live-stock prices, though cotton stocks this year are exceptionally low. higher than two months ago, are still consid- In considering the size of stocks carried in erably below last year's level. In September this country it must be borne in mind that the prices of some agricultural products showed decided changes have occurred since the war further advances. The recent advance of crop in the practice of European buyers with respect prices gains in significance because it has oc- to carrying stocks and that they now pursue curred during the period when the farmer mar- more of a hand-to-mouth policy. This reduckets his crops. While price advances in the tion in the European stocks has resulted in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1087 the necessity of a larger volume of crops being The seasonal demand for credit this year carried in this country. comes at a time when the banking situation A further influence both on the volume of differs from that of a year ago the crop offered for sale during the harvesting mand Sona meml in tQat &« volume of loans ber banks and after a year of growth is at a season and upon the character of the financing reserve banks. •, , . •, , , » required is the length of time the crops are T much higher level. Loans of held on the farm. It is well recognized that member banks in the larger cities have infrom the time the crop is produced until it is creased by nearly $1,000,000,000, the addiconsumed credit must be extended for carrytional borrowing being chiefly for commercial ing it, but the character and the location of and industrial purposes. Member banks have the credit demand is different when it is held met this growing demand for credit out of by the farmer and when it has been passed the addition of about $440,000,000 to their on to the middleman. During the summer time deposits, through an increase of a similar months the movement of wheat to market was amount in accommodation at the reserve delayed by the low prices then prevailing, but banks and through the use of gold imported under the influence of somewhat better prices from abroad. While most of the increase of in late August and early September the marbank loans for the year occurred in the indusketing increased in volume and was larger trial districts, during the past two months there than during the corresponding weeks of the has been an increased demand for credit at the preceding season. Cotton has matured early banks in the agricultural districts, and these in certain sections, particularly in Texas, and banks have met this demand in part by reducthe volume thus far marketed is about equal ing their balances carried with correspondents to that of last season. A factor affecting the in financial centers. movement of crops this year to a larger degree During the current year the chief demand than in previous years has been the activity for reserve-bank accommodation has come of cooperative marketing associations, to which from the member banks in the agricultural disthe growers turn over the crops at harvest tricts. From the middle of January to the time to be financed until their final marketing. middle of September, out of a total increase of During the crop-marketing period the use of over $260,000,000 in reserve-bank discounts, transportation facilities ordinarily reaches the about three-fourths represents an increase in peak for the year, and during the current moveborrowings from the reserve banks in the cotment these facilities have been more adequate ton and in the wheat growing districts. In than a year ago. At the end of August the the Dallas district the early marketing of cotrailroads reported a surplus of cars, while durton has recently reduced the volume of boring the 1922 crop movement there was a freightrowing at the reserve banks. The increase in car shortage. Through the addition of new discounts at reserve banks in some of the agriequipment, a decrease in the number of cars cultural districts since the first of the year has awaiting repairs, and a more efficient use of been accompanied by a reduction in their cars the railroads have provided for the seaopen-market holdings, so that the total volume sonal movement of agricultural products in of their earning assets has increased much less addition to carrying a record volume of other than their discounts. commodities. Adequate transportation, as The reserve banks, particularly those in the well as adequate credit, is essential to orderly agricultural districts, have recently felt the marketing, and this year agricultural shipments seasonal demand for Federal reserve notes. have not been delayed by lack of facilities. The demand for currency, which has increased Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1088 FEDERAL EESERVE BULLETIN. OCTOBER, 1923. throughout the year and has recently reflected $290,000,000 of Treasury certificates fell due, the crop-moving requirements, has chiefly been together with interest of about $145,000,000 on met, however, by other forms of curency than the public debt, including semiannual interest the Federal reserve note. The following table on the maturing certificates and on the third shows the different classes of money in circu- Liberty loan bonds. There were also still outlation on September 1, 1922, and September 1, standing about $53,000,000 of called and ma- 1923: tured Victory notes and of about $30,000,000 MONET IN CIRCULATION. of matured war savings certificates. Incometax payments during the September period Increase (+) Sept. 1,1923. Sept. 1, 1922. or decrease were expected to bring in about $340,000,000. To meet the payments coming due in Sep- Gold and gold certificates... 1838,496,751 $610,375,435 +8228,121,316 tember over and above tax receipts and to U Si n lv it e e r d a n S d ta s te il s v e n r o t c e e s rtificates. 3 6 0 8 4 3 , , 5 4 7 4 6 6 , , 8 3 0 6 0 4 5 28 6 5 4 , , 0 9 0 5 0 4 , , 7 8 3 7 7 4 + + 1 11 9 8 ,5 ,4 7 9 6 1 ,0 ,4 6 9 3 0 cover further cash requirements, the Treasury F F e e d d e e r r a a l l r r e e s s e e r r v v e e b n a o n te k s notes.. 2,20 1 4 7 , , 8 61 2 2 4 , , 8 4 4 5 2 0 2,14 6 1 0 , , 3 15 0 8 5 , , 8 9 1 4 2 9 - + 4 6 2 3 ,5 5 1 4 8 5 , , 5 9 0 7 1 0 offered for subscription a new series of 4^ per National-bank notes 728,949,604 731,711,120 -2,761,516 cent Treasury certificates, running for six Total 4,777,906,811 4,393,506,927 +384,399,884 months from September 15, 1923. Subscriptions for these certificates closed on Septem- Of the total increase, $228,000,000, or about ber 12 and amounted to $553,678,500. This 60 per cent, was in gold and gold certifitotal included $63,846,500 of subscriptions cates, which corresponds approximately with for which Treasury certificates maturing Septhe net gold imports for the year. Thus the tember 15 were tendered in payment, all of imported gold has not been added to the rewhich were allotted in full, while allotments serves of the reserve banks, but has gone into on other subscriptions were made on a gradcirculation to meet the currency demand. The uated scale. large increase in silver certificates and United Distribution of subscriptions and allot- States notes is accounted for in part by the ments, by Federal reserve districts, is shown retirement of Federal reserve bank notes and in the following table: in larger part by the demand for currency of low denominations. The growth in Federal reserve notes has constituted only about 17 per Federal reserve district. T sc o r t i a p l t i s o u n b s - T sc o r t i a p l t i s o u n b s cent of the total increase of money in circula- received. allotted. tion. Boston $63,860,000 $30,693,000 New York 187,041,500 78,348,500 Since the currency demand has been largely Philadelphia.. 39,848,500 16,535,000 Cleveland 63,295,000 23,405,500 met by the use of the gold certificates repre- Richmond 14,885,000 053,000 Atlanta 18,905,500 032,500 senting additions to the country's gold stock, Chicago 51,835,000 32,792 500 St. Louis 15,557,500 399,500 and since the growth in discounts during the Minneapolis... 10,789,000 179,000 Kansas City... 12,283,000 5,463,000 year has been accompanied by a reduction in Dallas 26,224,500 10,211,000 San Francisco. 49,154,000 18638,000 open-market holdings, the total volume of re- Total... 553,678,500 249,750,500 serve bank credit in use has not thus far shown the usual seasonal increase. In the agricul- Announcement was also made by the tural districts, however, there has been an in- Treasury that the British Government had creased use of Federal reserve bank credit and made final payment to t e United States of currency in response to the requirements of $30,500,000 on account of principal, together crop moving. with accrued interest, on its obligations regarded as having been given for purchases of TREASURY FINANCE. silver under the Pittman Act. The total of On September 15, the date of the third these obligations was originally $122,017,633.57. installment of income and profits taxes, about In 1920 an agreement was made with the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1089 British Government for the funding and pay- The Federal Advisory Council, having heard Messrs. ment of this amount, at which time $17,633.57 Claiborne and Adams in support of the so-called Claiborne- Adams check collection plan and the recent amendments was paid with accrued interest in order to thereto, is of the opinion that the plan is unsound, and reduce the amount to a round total of therefore unanimously recommends its rejection by the $122,000,000. According to the agreement this Federal Reserve Board. The council concurs in the amount was to be repaid in equal annual in- essential objections to the plan as set forth in the report stallments in the years 1921, 1922, 1923, and of the advisory committee of governors of the Federal reserve banks to the Federal Reserve Board dated August 1924 in the proportions of 60 per cent on 1, 1923. April 15 and 40 per cent on May 15 of each of these years. Accordingly payments aggre- The council also recommended some changes gating $91,500,000 were made during the years in Regulation J, which is not yet in effect, the 1921, 1922, and 1923. This left a balance of chief of which was that Federal reserve banks $30,500,000, payment of which was made on shall not receive on deposit checks on any September 15, 1923. nonmember bank which are not collectible at par. The council also opposed any charge by Federal reserve banks for collecting checks NOTES. drawn on member banks even if indorsed by Federal Reserve Agent at Richmond. nonmember banks which refuse to remit at Mr. Caldwell Hardy, chairman of the board par. and Federal reserve agent at the Federal Opening of Federal Reserve Bank Agencies in Cuba. Reserve Bank of Richmond, died on August On September 1 the Federal Reserve Banks 26, 1923. Mr. W. W. Hoxton, who has been of Boston and of Atlanta opened agencies in general secretary of the Federal Reserve Board Habana, Cuba. The opening of the agencies since November 1, 1920, was appointed to had been authorized by the Federal Reserve succeed Mr. Hardy, and took office on Septem- Board on June 28, 1923. ber 15, 1923. Meeting of Federal Advisory Council. Publication of Pamphlet on Cotton Financing. The Federal Advisory Council held its third The Federal Reserve Board has recently statutory meeting for the year 1923 on Septem- issued as a separate pamphlet a series of artiber 17 and 18. The council has reported to cles which had appeared in the FEDERAL the Federal Reserve Board upon the Claiborne- RESERVE BULLETIN on financing the produc- Adams check collection plan as follows: tion and distribution of cotton. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1090 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. BUSINESS CONDITIONS IN THE UNITED STATES. The Tolume of merchandise distributed during August, as indicated by railway traffic and wholesale and retail trade, was large. Production of certain basic commodities and industrial employment showed further slight decreases. Production.—The Federal Reserve Board's index of production in basic industries declined 1 per cent during August and was at the lowest point for this year. The August output, however, was 27 per cent larger than a year ago, and production in every month this year has been at a higher level than in any month of the previous five years. The lower production index in August reflected reduced output, after a correction for the usual seasonal trend, of pie iron, woolen goods, flour, and cement. Cotton consumption, sugar meltings, lumber cut, and bituminous coal production increased. The number and value of new building projects, as measured by permits granted in 168 leading cities, increased during August, but actual contract awards were smaller than in July. Employment at industrial establishments throughout the United States was slightly smaller in August, while average weekly earnings advanced about 1 per cent. Increases in wages amounting to 10 per cent were granted to anthracite coal miners, and readjustment of wages and hours in the steel industry continued, but wage advances during August were fewer than in any month since last winter. The principal changes in crop estimates shown by the September 1 forecast of the Department of Agriculture were a large reduction in the expected cotton crop, slight decreases in the probable yield of wheat, barley, and oats, and increases in yields of corn, tobacco, and potatoes. Trade.—Railroad freight shipments were larger in August than in any previous month on record. This was due to a seasonal increase in shipments of coal, miscellaneous merchandise, and agricultural products. Wholesale trade, according to the index of the Federal Reserve Board, increased 12 per cent in August, which is more than is usual at this season. Sales of clothing, dry goods, and shoes showed substantial gains as compared with July and were larger than a year ago. Retail trade also increased in August and sales in all reporting lines were larger than in August, 1922. Department-store sales in all sections of the country averaged 13 per cent above last year's level. 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 ( /SfS'roo) PER CENT PER CENT ( )313*IOO BAS£ ADOPTED Br BUREAU) PERCENT 160 160 3001 1300 140 140 250 250 t 120 200 v \f 100 \ V 80 150 60 60 100 100 40 50 50 20 20 LATEST riCUREAU6US1 1919 1920 1921 1922 1923 1919 i920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1091 BANK CREDIT BANK CREDIT 800 MEMBER BANKS IN LEADING CITIES ALL FEDERAL RESERVE BANKS MILLIONS OF DOLLARS Ml LUOWS OF DOLLARS B 1 IL 6 LIONS OF DOLLARS BILLIONS OF DOLLARS 40001 1*000 14 14 3500 3500 *•. LOANS AND \D1SCOUI \ITS 12 12 3000 DEMAND DEPOSITS/* 10 10 2500 8 8 6 5 1500 1500 wvESnVNTSS""' A 1000 1000 TIME ' • . — DEPOSITS^,^ -— 2 2 500 500 LATEST MOIRE SEPT. 12 LATEST riGURE SEPT. 19 0 0 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 Prices.—The general level of wholesale prices, according to the index offthe Bureau of Labor Statistics, remained relatively constant in August, the change for the month being a reduction of less than one-fifth of 1 per cent, compared with declines of about 2 per cent in each of the three preceding months. Prices of building materials, house furnishings, and fuel were materially reduced, while prices of farm products and foods increased. Prices of certain raw materials, particularly cotton and silk, advanced substantially during September, while prices of petroleum and copper declined. Bank credit.—After a decline during July and the first part of August the volume of bank credit in use showed a seasonal increase during the last week of August and the first two weeks of September. Total loans and demand deposits of member banks in principal cities increased during recent weeks, reversing the trend of the preceding two months. Loans, chiefly for commercial and agricultural purposes, increased by $122,000,000 and reached a high point for the year. Investment holdings of these banks, on the contrary, continued to decline and on September 12 were lower than at any time since the middle of October of last year. Between August 22 and September 19 the amount of accommodation extended to member banks by Federal reserve banks in industrial districts declined, while in agricultural districts the seasonal demand for credit and currency resulted in a considerable growth of reserve bank credit in use. The demand for currency arising out of crop moving and fall trade has been reflected in an increase of $82,000,000 in money in circulation between August 1 and September 1. Of this amount about $44,000,000 represents an increase in Federal reserve note circulation. Money rates were firmer during the first two weeks of September but eased somewhat after the 15th, partly because Government disbursements were temporarily in excess of tax collections. The Treasury offered on September 15, $200,000,000 of six months' certificates bearing 4 J per cent interest, compared with 4 per cent borne by six months' certificates issued iin June. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1092 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. AGRICULTURE. Grain. By late August and September the harvesting Harvesting of small grains was generally and marketing season had begun in all of the completed during August and early September staple crop-producing areas and more definite in all Federal reserve districts. Threshing was harvesting returns began to become available. practically finished in September and the Crop reports on September 1 showed that the harvesting of corn has begun in some sections composite condition of all crops improved of the Minneapolis, St. Xiouis, and Chicago during August and that the total production districts. The corn crop is in good condition, of all crops is estimated to be slightly greater although rainfall and cool weather durjng the than last year. Weather conditions during the first part of September delayed the maturity last weeks of August were generally favorable of the crop in the Chicago district. On for maturing crops and harvesting, but the high September 1 a yield of 3,076,000,000 bushels temperatures, accompanied by unusually dry of corn was forecasted, which was an increase weather in the Kansas City and Dallas districts, of 94,000,000 bushels over the estimated yield were very unfavorable to the growing crops of August 1 and also greater than the final and ranges. Late growths were prevented yield of 1922. Estimated production of spring and many crops were affected by prematurity. wheat, oats, and barley declined from the The prolonged drought in these districts was forecasts of August 1. A greater yield of corn broken by general rains late in August and is predicted for all Federal reserve districts September, which were generally beneficial, except the Boston, New York, Philadelphia, although the open cotton in Oklahoma and Atlanta, and Dallas districts. While the first Texas was somewhat adversely affected. In three of these districts produce relatively small the small-grain areas the dry weather delayed quantities of corn, the Dallas and Atlanta fall plowing and preparation for planting, but districts produce fairly large quantities. The following the rams the work was resumed. decline in the forecasted production of spring Unseasonably cold weather, accompanied by wheat was due principally to conditions in the light frosts, in September delayed harvesting Minneapolis district, where threshing returns irifjsome sections of the Chicago and Minne- are indicating that both heat and black rust apolis districts. Some damage was done to injured the crop. The price of wheat, which the corn crop by frost in sections of these had been declining since February, moved districts, but the extent of the damage varies upward in August, but was still lower than with the lateness of the crop. Harvesting of during the same month in 1922. Corn, on the the early field crops in the San Francisco dis- otherliand, was slightly higher in August than trict continued under generally favorable con- in July, but the average change from July was ditions. On account of excessive rains during very small. the growing season, which prevented proper The marketing of grain during the present cultivation, the condition of rice and sugar season has been somewhat delayed, as the procane in Louisiana declined during August. ducers have been reluctant to dispose of the The condition of rice on September 1 was concrop at prevailing prices, but the upward movesiderably below the 10-year average and, with ment oi wheat prices in August caused inthe exception of 1919, the condition of sugar creased activity in marketing the crop. Eecane was lower than on any September 1 ceipts of all grains at 17 interior centers since 1911. amounted to 131,563,407 bushels, compared According to the United States Department with 80,611,265 bushels in July and 129,426,911 of Agriculture, farm prices for the principal bushels in August, 1922. The table on page crops increased about 0.4 per cent during 1141 gives in detail the movements of all grains. August. During the past year farm prices Cotton. have increased approximately 22 per cent, but the index figure was 17 per cent lower than the Weather conditions in the Cotton Belt average for the past 10 years on September 1. showed varying tendencies during August and Live-stock prices decreased 0.2 per cent from the early weeks of September. In the Dallas July 15 to August 15, which compares with an and Kansas City districts continuation of the increase of 0.5 per cent during the last 10 years summer drought during the early weeks of for the same period. On August 15 they were 9 August materially affected the crop by causing {>er cent lower than a year ago and 28 per cent considerable deterioration to the plants. Durower than the 10-year average on August 15. ing the last weeks of the month and the first Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEB, 1923. FEDERAL RESERVE BULLETIN. 1093 weeks of September the dry areas received Texas and has advanced rapidly. The accomexcessive rains, and the crop, which was open panying chart shows the number of bales of in the fields, was damaged and the quality cotton ginned prior to September 1 from 1914 was somewhat reduced. In sections where the to 1923. The number ginned this year was plants were not entirely killed by the heat and the largest on record and was due entirely to dry weather some indications point to a top ginnings in Texas. crop, but the increased activity of the boll The condition of the cotton crop has been weevils following the rains is an offsetting fac- reflected in recent price movements. From a tor to a late crop. In the Richmond, Atlanta, low point of 22.45 cents a pound on July 31 and St. Louis districts wet weather has delayed for upland spot cotton, middling grade, at New early maturity, prevented picking, and aided York, the market has moved upward steadily the activity of the weevils. Army worms and and reached 30.75 cents a pound on September boll worms are also reported in those districts, 19. Since that time it has declined somewhat, and in sections of Georgia, Alabama, Missis- reaching 28.25 cents on September 27. Demand sippi, and Louisiana the damage is severe. for cotton from abroad was also greater during The result of generally unfavorable weather August and exports were 244,415 bales, comwas indicated in the condition report of the pared with 171,469 bales in July and 273,308 Department of Agriculture, which gave the bales in August, 1922. American mill takings were slightly less than in July, amounting to 224,000bales. THOUSANDS OF BALES THOUSANDS OF BALES 12001 11200 Tobacco. The tobacco crop in all sections of the coun- 1000 1000 try made further improvements during August, showing on September 1 a gain of 3.5 per cent 800 800 over the condition on August 1. The indicated yield is 1,551,000,000 pounds, which is larger than any yield since 1920, when the eoo 600 largest yield on record was reported. The crop has practically been gathered in the Richmond district. Some damage from wildfire 4-00 400 was indicated in Virginia, but the crop is mm generally above the average. Markets in that 200 200 State will not open until about October 1, but they opened in August in North Carolina, and slightly more than 11,000,000 pounds were 191<* 1915 1916 1917 1918 1919 1920 1921 1922 1923 sold by the producers, compared with 18,- Number of,bales of cotton ginned prior to September 1,1914 to 1923. 000,000 pounds sold in August, 1922. The quality of the tobacco being marketed in North condition of the crop on August 25 as 54.1 per Carolina at present is only fair, much of it cent of normal, a decrease of 13.1 per cent from being of low grade. In the Atlanta district the condition reported on July 25. A crop good yields are reported in both Tennessee and of 10,788,000 bales was estimated, but this was Georgia. A large part of the crop in Georgia 728,000 bales less than the July estimate. All is bright tobacco and has brought good prices. States except Virginia, California, and New About 75 per cent of the crop in the St. Louis Mexico showed declines in the condition be- district has been cut and/ housed. Some tween July 25 and August 25. The greatest damage from wildfire has been reported, but declines were in Florida, Mississippi, Louisiana, part of the crop was cut while green in order Oklahoma, and Texas. Weevil activity, wet to protect it from wildfire damage. In Wisweather, and army worms were the deterio- consin the crop was injured somewhat by the rating factors in the first three States, while unseasonable frosts in September, but the hot and dry weather were responsible for the extent of the damage is yet indefinite. declines in Oklahoma and Texas. Production of manufactured tobacco during While the drought was responsible for decline August was in greater volume than in the prein the condition of the crops in the Southwest, ceding month, but was smaller than in August it was also responsible for early maturity of a year ago. Detailed figures for the producthe crop. Harvesting began late in July in tion of all classes of manufactured tobacco are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1094 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. given in the table on page 1141. In the Phila- the month and early September relieved the delphia district the demand for cigars was drought in Oklahoma and Texas, and considgreater than during the preceding month. erable improvement was noted in the ranges. The demand for cigars for the Christmas The deterioration in the pastures was not season was an important factor during the reflected in a decline in the conditions of cattle month, but it was not as great as during Sep- and sheep, which slightly improved and were tember, 1922. Stocks of cigars are generally reported at 92 and 98, respectively, on Sepmoderate, although larger than a year ago at tember 1. The marketing of live stock conmany factories. Prices for tobacco and to- tinued in large volume in August, exceeding bacco products were firm during the month the volume marketed in the preceding month and showed little change. and in August, 1922. Receipts of all animals except hogs increased. The decline in the mar- Fruit. keting of hogs is seasonal, as many raisers are Conditions affecting the fruit-producing sec- waiting the harvest of the corn crop in order tions of the country were generally favorable to improve the quality by feeding. The induring late August and early September. creased receipts of cattle and calves reflected Peaches began to move to market from the the marketing of grass-fed products in the Philadelphia and Cleveland districts late in Southwest. At markets in the Dallas district August and continued into September. Warm receipts of cattle and calves exceeded all preweather in California during the entire period vious August records except 1917 for cattle was favorable for fruit drying. Citrus fruit and 1921 for calves. The quality of the cattle made good progress in Florida and on Septem- has been somewhat lower than earlier marketber 1 the condition of oranges was 94 per cent ings. At this season the movement of stockers of normal, which was a gain of 5 per cent over and feeders into the country for fall and winter the same date last year. The condition of feeding is significant. Better prices are offered grapefruit is also higher than last year and the for the fed cattle and farmers are becoming indications are that the crop will exceed that of enthusiastic for feeding this year's corn crop. last season because of the favorable condition The table on page 1141 shows in detail the movecombined with many new groves which will ment of all live stock for August, 1923, July, begin producing this season. In the San Fran- 1923, and August, 1922. Prices of hogs moved cisco district the greater part of the deciduous upward during August and in early September, crops, with the exception of apples and grapes, but prices of cattle showed relatively little has been harvested and shipments of fresh change. The outlook for the live-stock indusfruit have been greater than in any previous try during the fall and winter has been slightly corresponding period. Although prices for improved. deciduous fruits have been lower than during the preceding season, they are reported to have MINING. been more satisfactory to growers than returns Coal. for canning and drying fruit. Shipments of Production of anthracite and bituminous oranges and lemons from California up to coal was in greater volume in August than in September 1 amounted to 53,000 cars, com- the preceding month and in August, 1921. In pared with 36,000 cars during the correspond- August, 1922, production was retarded on ing season last year, although shipments of account of the coal strike. The output of lemons were smaller. The total production of bituminous coal in August increased, although apples in the United States was estimated on the gain was less than is usual at this season of September 1 to be 190,000,000 bushels, which the year, and, with the exception of March, is slightly above the August 1 estimate but anthracite reached the greatest monthly total below the final production of 201,000,000 since March, 1918. Production of anthrabushels in 1922. cite amounted to 8,868,000 tons in August, compared with 8,320,000 tons in July and Live stock. 7,459,000 tons in August, 1921. Production was considerably curtailed during the first Pastures and ranges during August conweek in September on account of the strike tinued to afford sufficient grazing for live stock, which began on September 1. The strike, although the continued dry weather caused however, lasted for only a short time, as on some deterioration in the ranges in sections of September 8 the miners and operators acthe Kansas City, Dallas, and San Francisco discepted the peace proposal offered t»y the Govtricts. Precipitation in the closing weeks of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1095 ernor of Pennsylvania. On September 17 the tion, which maintained its prices while other plan was ratified by the miners, and on Sep- companies were making cuts, about the midtember 19 the men returned to work under a dle of September announced substantial renew contract to remain in force until August ductions in quotations. 31, 1925. The market was somewhat influ- Metals. enced by the strike, and the demand for domes- Mining of iron and of all the important nontic sizes, which was good prior to September 1, ferrous metals continues to be maintained at a became slightly more insistent after that date. high level, although the output of iron, lead, Prices, however, remained firm and unchanged. and zinc was slightly smaller in August than Bituminous production during August in July. Copper production amounted to amounted to 48,864,000 tons, compared with 129,377,000 pounds in August, which was 3 per 45,126,000 tons in July and 35,291,000 tons in cent larger than in July and was also larger August, 1921. The market for bituminous than in any month during the past four years. continued dull and prices showed slight reces- The price of refined electrolytic copper delivsions during August for certain grades, but beered at New York declined from 14 cents on came firm in September. Railroads continued August 21 to 13.25 cents on September 19 as a to be the most active purchasers. The manuresult of the large mine output and imports and facture of beehive coke and by-product coke the slackening demand. Substantial orders during August was slightly less than in July. have been received from Japan since the earth- The production of beehive coke amounted to quake, but domestic buyers are hesitant. The 1,494,000 tons, compared with 1,582,000 tons reason for the present low price of copper is the in July, and by-product coke amounted to small margin of exports over imports, whereas 3,239,000 tons, compared with 3,267,000 tons prior to the war about one-half the American in July. Productions of both were considermine output was consumed in foreign countries. ably larger than in August last year, but pro- American consumption has been large during duction during that month was curtailed on 1923, but it is not probable that there will be account of the coal strike. any permanent increase in the price until for- The United States Coal Commission in its eign demand becomes substantially larger. final report to the President recommended, Production of lead and zinc declined 3.7 per among other things, for the improvement of cent and 3.3 per cent, respectively, in August. conditions in the coal industry, that a system The price of prime western zinc declined of Federal control be established over the naslightly in September, while quotations for tional coal industry and administered through common lead continued firm. Shipments of a separate division created in the Interstate slab zinc were smaller in August than in July, Commerce Commission. and stocks showed a further accumulation. Petroleum. Joplin producers state that they have about 50,000 tons of zinc ore in bins, while the supply Efforts to curtail crude-petroleum produc of lead ore is practically negligible. In order tion have been unsuccessful, for monthly outto prevent overproduction zinc mines in that put again exceeded previous records in August, section will close for one week during October. and weekly figures for September indicate a The price of silver advanced in September, due continuation of this high rate of production. to larger Indian purchases and the fact that Despite the enormous consumption of petro- August mine output of 5,293,000 ounces was leum products, stimulated in part by recently 2 per cent less than July production. lowered prices, crude-oil stocks continue to increase. Production of refinery products also MANUFACTURING. continues at a rapid rate. During these Food products. months of greatest consumption refinery stocks Under the influence of seasonal factors and are being reduced, but they are still very large a check in the downward movement in the for this late in the season, as after August price of wheat the milling industry during consumption generally begins to decline. August was characterized by the greatest Drastic cuts in gasoline tank-wagon prices have activity of any month since November, 1922. occurred. Reductions in crude prices con- Total production of wheat flour in August tinued in various fields, and the quotations are amounted to 12,016,000 barrels, compared now generally in line with or below those pre- with 10,408,000 barrels in July and 12,332,000 vailing at this time last year. The largest barrels in August, 1922. In the St. Louis disbuyer of crude oil in the Mid-Continent sec- trict the best business was evidenced during Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1096 FEDEEAL KESEKVE BULLETIN. OCTOBER, 1923. August since 1920. Domestic trade, particu- Textiles. larly with the South, where wholesalers and In textiles, conditions have varied recently jobbers are stocking for fall and winter trade, among the different branches of the industry. was good and demand from Europe and Latin In general, recovery from the summer lethargy America improved. In Kansas City the flour has been noted. Cotton goods and yarns were mills attained the largest weekly production particularly active, owing to the rapid advance on record for the week ending September 1. in raw-cotton prices, and quotations on the Exports of wheat flour during August amounted manufactured products have likewise risen. to 1,273,000 barrels, compared with 1,169,000 Although the raw-wool market has been barrels in August, 1922. stronger, but little improvement could be noted In connection with the wheat and flour situa- in the demand for woolen goods. Silk, of tion and the relation of the American wheat course, has been affected by the disaster in producer to the world markets, the Depart- Japan, and trading is partially held up until ment of Commerce in a recent survey of world trade in agricultural products points out that THOUSANDS Of SALES MILLIONS OF YAROS the average pre-war exports of wheat grain 700 140 from the United States amounted to 57,- 000,000 bushels per year and flour exports 600 averaged 10,678,000 barrels. The average grain exports during the past three calendar years have been 221,000,000 bushels, while flour exports averaged 17,227,000 barrels. 500 100 This represents an increase of 300 per cent over the pre-war average in wheat exports and an 400 — increase of 61 per cent in flour exports. In both cases the largest importer was Europe, but the relative proportion of wheat exports 3O0 taken by Europe decreased during the past three years, and flour exports increased. The volume of meat packing during August 200 was seasonally smaller than in the preceding month, but continued greater than in the corresponding month in 1922. While the slaughter 100 of all animals, as indicated by animals slaughtered under Federal inspection, was smaller than in July, the number of cattle and calves 1920 1921 1922 1923 killed was larger. Hogs and sheep declined Eaw cotton consumption and output of finished fabrics. and the greatest decrease was in the number of hogs slaughtered. Increased slaughter of more information as to the extent of the damage cattle and calves followed the summer move- becomes available. ment to market of grass-fed animals from the Rapidly advancing raw-material prices ranges of the Southwest. The numbers of all featured the cotton textile situation during animals slaughtered are given in the table on September. Quotations on yarns and goods page 1141. Domestic trade in packing-house also moved up, but not to the same extent as products continued in good volume. Sales by did raw cotton. Buying in the yarn and cloth 37 packing companies reporting to the Chicago markets began to improve in August and under Federal Reserve Bank were 5 per cent greater the impetus of rapidly advancing prices activity in August than in July and 16 per cent greater during late August and early September than last August. Improved industrial ac- became comparable with that of last spring. tivity and better employment conditions than More recently, however, buying has slackened last year have partly contributed to the better some, partially because many customers have demand for meat products. Foreign demand supplied their needs and partially because the for American meat products was somewhat higher prices have curtailed demand. Spring greater than in the previous month or a year ginghams were opened on September 18 by ago. the largest factor at the same prices as were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL, RESERVE BULLETIN. 1097 named at the latest fall opening. Manu- uncertainty as to the future restricted trading facturing activity has increased somewhat later in the month, and buyers held back purfrom the low point reached in July, as shown by chases. The same was true in the raw material statistics for August of raw-cotton consump- markets and prices eased off somewhat. tion, active spindle hours, cloth and yarn pro- Knit-goods markets noted increased activity duction in the Atlanta district, and output of during August and September, the Japanese finished cotton fabrics, and reports indicate silk situation and advancing raw cotton prices further improvement for September. Yet, as being responsible for the unusually great imcompared with the preceding 10 or 12 months, provement in the later month. Silk-hosiery production continues to be somewhat cur- prices were withdrawn early in September by tailed. The accompanying chart shows the many manufacturers and reopened later at trends of raw-cotton consumption and of the higher prices. Cotton hosiery was also active output of finished cotton fabrics since the and advanced quotations were announced. middle of 1920. Attention is called to the Production and orders in the Philadelphia and similarity of fluctuations in the two curves. Atlanta districts were slightly greater in Advances of 5 per cent in the prices of better August than in July, as were also shipments of grades of raw wool and firmness in other grades cotton hosiery in the Atlanta district. All at the London wool auction early in September items exceeded those of last August. In knit served to somewhat strengthen American underwear considerable improvement was noted markets. Prices, which had declined in in buying during August and September, and August, became steadier, and buying in- prices were advanced by some manufacturers. creased slightly. Reports of a more optimistic Production, shipments, and new orders intone in the woolen and worsted yarn and creased during August, but with many mills cloth markets were received, although actual these items were smaller than they were a year buying has as yet increased but little. Sales ago. of men's wear fabrics have been unsatisfactory, and some mills producing these lines have Iron and steel. reduced operations. Statistics of active wool Although buying of iron and steel was genmachinery during August indicated sharp cur- erally expected to improve after Labor Day, tailment of manufacturing activity in all most divisions of the industry report that branches of the industry. Consumption of raw business has been only fan* since the middle wool was slightly greater than in July but was of August. Many varying factors have inwell below that of last August. Although fluenced conditions in the industry during clothing manufacturers, particularly of men's September. The dullness in petroleum has wear, have not been active purchasers of goods, naturally curtailed buying from that source, reports indicate that their sales have been fairly the railroads and equipment manufacturers large this season. August sales by wholesale have not been purchasing as heavily in many clothiers in the New York district were double lines as in the earlier months of the year, and those of July, and a substantial increase was the end of the season of greatest activity in the noted in the St. Louis district. Material im- automobile industry and in building is approvement was also noted as compared with proaching. Yet the continued high rate of August of last year. One large manufacturer in activity in automobile manufacturing and in an early opening of spring lines of men's clothing building, the quick settlement of the anthraannounced prices at practically the same level cite strike, the expectation of large orders from as those prevailing in the previous opening. Japan, and increased buying of pig iron early All silk markets were disturbed throughout in the month have been favorable factors. September by the effects of the Japanese Prices have been fairly steady, particularly disaster, and although trading was nominally for steel. Pig-iron quotations were raised resumed about the middle of the month, early in September in anticipation of higher activity continued to be limited until more prices for coke, because of the anthracite definite information could be obtained as to strike, but when the strike was settled prices the degree of damage. Prices of Chinese and fell off again. Italian, as well as of Japanese, raw silk imme- Operations continue to be reduced, and prodiately moved upward by from $2 to $4 a duction rates for August were less than during pound. Thrown and broad silk quotations any month since last winter. Pig-iron output also rose, increases in the latter ranging from fell off considerably, although greater activity 10 to 20 per cent. These higher prices and ordinarily is noted in August, and the number 65288—23 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1098 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. of furnaces in blast were reduced by 26. Total the Chicago market totaled about 140,000, estimated production of steel ingots was with a general advance in price, but during the greater than the July figure, but the daily following week the lethargy was resumed, average output was the smallest this year. although prices remained unchanged. Leather Operating schedules, however, are stifl at prices are barely steady. The greatest deabout 80 per cent of capacity and activity is mand in the upper-leather market is for suede above that prevailing a year ago. Orders for calf in colors and blacks. The Philadelphia fabricated structural steel, although consider- Federal Reserve Bank reports that the slight ably less than for the earlier months of the improvement noted in sales of heavy leather year, were larger in August than during July, last month has not continued. Sole-leather whereas new orders received for steel castings output in August totaled 1,763,502 pieces, an continued to decline. increase of 6 per cent over the revised figure for July. Automobiles. Shoe production, following the usual seasonal After declines during June and July, the trend, increased over 20 per cent in August as production of automobiles and trucks again compared with July and was somewhat greater increased in August. The figures, however, than during August, 1922. The increase over indicate that activity was not quite at the July was noted in all sections and in New high rate noted during the unusually active England was greater than the average. Shipspring months; in fact, the increase during ments during August by factories in the August may be partly attributed to a larger Boston, Philadelphia, and Chicago Federal number of working days than in July, as a reserve districts were greater than both in similar trend has been noted in previous years. July and in August of last year. New orders Nevertheless, cars are still being produced and were fewer than shipments, hence unfilled d in large volume, and the output during orders declined. Wholesalers reported that the first eight months of this year exceeded the August sales were about 10 per cent greater total output of 1922, a record-breaking year. than a year ago. Retail shoe sales in the Price reductions were announced during August Philadelphia district and sales by chain shoe and September by a number of manufacturers stores were less in August than in July but on both low and high priced cars, and in sev- above those of August, 1922. eral instances cars are now selling at very close to previous minimum prices. New models re- Lumber. cently placed on the market are said to have Moderate improvement in lumber markets evoked greater interest on the part of buyers. was noted during August and early September, Reports to the Chicago and St. Louis Fed- but during the second week of September eral Reserve Banks from dealers in the Middle really substantial increases occurred in pro- West indicated a decline in the distribution duction, shipments, and particularly in orders. of automobiles during August as compared For the first time since February the volume with July. The number of new cars sold of orders received exceeded production. Pracby both retailers and wholesalers and the tically all associations shared this increased sale of used cars all participated in this de- business, which is partly seasonal, as dealers cline. Sales by wholesalers were less in num- are buying for fall stocks. Increased orders ber than during August, 1922. Stocks of from Japan are expected, but have not yet new cars on August 31 were greater than those materialized in any appreciable volume. Softheld on July 31, 1923, and on August 31, 1922. woods have been particularly strong owing to Production of automobile tires and tubes de- building demand, which is also responsible for clined substantially during July, although a greater call for the common grades of hardshipments were somewhat larger than during wood. the preceding months. One large tire manu- Prices continued to decline during August, facturer has recently announced price reduc- "Lumber's" softwood index reached a low tions on tires for Fords. point during the week ending August 31, strengthened slightly in the following two Leather and shoes. weeks, and then fell off again to the lowest Dullness continued in hide and leather figure since June, 1922. The hardwood index markets during August and September. About was at the minimum since last fall in the week the middle of the latter month some greater of September 14. A drop of 10 per cent in activity was noted, and sales of packer hides on lumber prices in the Cleveland district was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDEKAL KESERVE BULLETIN. 1099 attributed to a slackening in local demand received, most of the curtailment being reported because of curtailed building operations. from the Middle West. Some expansion in Both wholesale and retail demand is re- awards was reported from southern districts ported to have improved in most sections of and from New England. Statistics of value the country, and manufacturers of flooring, and volume of contract awards and number and furniture, and automobiles are active buyers. value of permits granted are published on The San Francisco Federal Reserve Bank re- page 1144. ports that improved demand for Pacific coast The accompanying bar diagram shows a lumber on the Atlantic seaboard is reflected comparison of the volume of building conin increased shipments. Local demand was tracted in each of the four most important also good, and greater activity was noted in classes in the first seven months of 1923, as the export market. Capacity operations at compared with the corresponding period of western logging camps continue, but consump- 1922. This indicates that the volume of tion has been so great that mills have been residential and industrial building has been unable to accumulate sufficient stocks of logs larger this year than last year, while there has to carry them through the winter. been some reduction in contracts for business and educational buildings. BUILDING. Purchases of building materials—cement, Construction activity continues to be very brick, oak and maple flooring, and sanitary large in most sections of the United States, due ware—were larger in August than in July or to the number of buildings projected in the August, 1922, as was shown by increased shipments and a large increase in the volume of new orders. The rate of production was MILLIONS OF SQ. FEET MILLIONS OF SQ. FEET 250 250 also increased slightly, but stocks of finished materials declined except in the case of sanitary ware and maple flooring. The average price ZOO 200 of building materials, as indicated by the index of the Bureau of Labor Statistics, declined during August, despite the large volume of new orders, and was 9 per cent less than at the April peak. TRANSPORTATION. Railroad traffic in August reached the largest 50 volume of any month on record. Car loadings totaled 4,678,000, which was 9 per cent more than in July and 20 per cent greater than in RESIDENTIAL BUSINESS INDUSTRIAL EDUCATIONAL August, 1922. Loadings have been main- Volume of contracts awarded in first 7 months of 1923 compared with tained at a very high level since early in March, first 7 months of 1922 in 27 Northeastern States. yet the weekly volume of shipments continued spring months. The number and value of to show an upward tendency throughout building permits granted during August was August and reached a new maximum in the larger than in July or August, 1922, but the week ending September 1. The latest statistics value of new buildings contracted declined for of railroad operations indicate that the average the fourth consecutive month and was 18 per load per car has also been increasing, but that cent smaller than a year ago. This decrease in there has been some decline in the average car new contracts was confined to buildings for mileage per day. business or public use, as the awards for new The surplus of freight cars has shown some residences were somewhat larger than in July. decline since the middle of July, but still The value of contracts awarded in 10 Federal averaged 66,559 cars in the period ending reserve districts (compiled from figures gath- August 31. This surplus of equipment during ered by the F. W. Dodge Co.) totaled $296,- a period of exceptionally heavy traffic is en- 977,000 in August, which was 5 per cent less tirely ascribable to the organized efforts of the than in July and 30 per cent below the peak railroads, which have resulted in the putting figures of May, 1923. Awards were smaller in into service of 116,117 freight cars and 2,583 six of the districts from which reports were locomotives during the first eight months of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1100 FEDERAL RESERVE BULLETIN. OCTOBBB, 1923. 1923, and the reduction in the number of bad- stocks, which showed the largest changes, order cars to 40,684. were 11 per cent less than on July 31, but 36 As a result of the large traffic and increased per cent more than on August 31, 1922. efficiency, the Class I railways of the United Retail trade. States reported earnings at the annual rate of 5.51 per cent on the tentative valuation fixed Retail business in August was considerably by the Interstate Commerce Commission dur- more active than in July, and sales in all reporting the first seven months of 1923. The car- ing lines were larger than a year ago. Sales of riers in eastern and southern regions showed chain music stores were 24 per cent larger than a substantially larger rate of earnings during in July, which was more than the usual increase this period than those in the West, as a result at this season, and sales of 5-and-10-cent stores of the greater activity of industrial business and cigar stores increased 7 per cent and 6 per and more general prosperity of industrial cent, respectively. The August trade of mailworkers and cotton farmers than of wheat order houses and grocery stores was of about the farmers and live-stock raisers. same volume as in July, but mail-order sales were 28 per cent larger than in August, 1922. TRADE. Department store sales increased 8 per cent Wholesale trade. in August and were 13 per cent larger than a year ago. The most pronounced gains during The wholesale trade of the United States was the month occurred in the Chicago, San Fran- 12 per cent larger in August than in July, accordcisco, and Minneapolis districts, while the only ing to the Federal Reserve Board index, and decline in business occurred in the Richmond reached the largest volume of any month since district, and was comparatively small. De- October, 1922. Increased sales were reported mand for house furnishings and men's and from all districts and for almost all lines of women's clothing has been particularly large in trade. Dealers in men's and women's clothall sections of the country. Stocks of merchaning more than doubled their sales in August. dise at department stores increased about 8 per Shoe sales also showed large increases comcent during August, as is usual in preparation pared with July in all districts except St. Louis, for fall trade, and were 12 per cent larger than with an average gain of 45 per cent. Sales of on August 31, 1922. The volume of both stocks dry goods were larger in all reporting districts, and sales continues to be relatively larger in the increases ranging from 4 per cent in the industrial districts than in agricultural districts. Chicago district to 71 per cent in the Minneapolis district, and dealers in furniture, jewelry, and diamonds also reported sub- PRICES. stantially larger sales in August than in July. In August wholesale prices declined slightly. The only lines showing decreased business were The index of the Bureau of Labor Statistics agricultural implements and machine tools. dropped 1 point, but the price changes were Prices of most wholesale merchandise showed not sufficient to cause any change in the Fedlittle change in August and September, but eral Reserve Board's figure for July. The outdry goods has shown an advancing tendency standing declines took place in sugar, lumber, on account of increases in the prices of raw cotton and cotton goods, wool, copper, and cotton and silk. gasoline. Pig-iron prices continued to de- Comparisons with a year ago indicate that crease slightly. Coal prices, on the other hand, business is larger in all reporting lines. Sales remained unchanged for the most part. Adof machine tools, men's clothing, and hard- vances occurred in live-stock prices, such as ware showed the greatest improvement as cattle and hogs, in wheat and wheat flour, and compared with August, 1922, with increases in other staple food products, especially butter of 66 per cent, 49 per cent, and 18 per cent, and eggs. respectively. • In most other lines sales ranged As compared with August, 1922, prices are from 5 to 10 per cent higher than last year. now about 3 per cent lower, according to the Detailed statistics of sales by lines and districts Bureau of Labor Statistics index. The presare published in the table on page 1145. ent low level is due to a decrease of 34 per cent Statistics collected by the Federal Reserve in the group of fuel and lighting. All other Bank of Dallas show that stocks of merchandise groups show an increase over 1922, the greatest held by wholesalers decreased during August, occurring in the cloths and clothing group, but were larger than a year ago. Dry-goods which is 47 per cent higher than a year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEB, 1923. FEDERAL BESEB.VE BULLETIN. 1101 EMPLOYMENT. Liabilities of all defaults during August in the Boston and Cleveland districts were the Employment at industrial establishments smallest since 1920, and those in the Dallas showed a further slight reduction in August, and New York districts have been smaller only and there was also a reduction in the percentonce since that year. Liabilities in the Philaage of full-time operation of factories. Reports delphia and Atlanta districts, on the other ol 6,589 establishments to the Bureau of Labor hand, were unusually large and have been Statistics showed a decrease of 0.2 per cent in exceeded only two or three times. The Richnumber employed in August and an increase mond and Minneapolis districts likewise of 0.9 per cent in average weekly earnings. showed increases in liabilities both as com- Increases of over 5 per cent in employment pared with July and August of last year. occurred in the flour, fertilizer, pottery, Only in the New York, Philadelphia, and structural-iron work, and confectionery in- Minneapolis districts were failures more numerdustries. These were more than offset by ous than during August, 1922. large decreases in the machine-tool, automobiletire, sugar-refining, enamel-ware, and brick industries. Only 78 per cent of the reporting COMMERCIAL FAILURES DURING AUGUST. establishments operated on a full-time basis in August, as compared with 80 per cent in July. Number. Liabilities. Increases in wage rates were reported by 156 District. establishments and affected 1 per cent of the 1923 1922 1923 1922 employees in all establishments, as compared with increases which affected 1.4 per cent of No. 1—Boston 118 118 (966,830 *1,556,039 No. 2—New York 273 269 5,734,168 7,364,329 the employees in July. The most important No. 3—Philadelphia... 80 76 5,027,408 2,735,637 August wage increases occurred at the various N No o . . 5 4— — C R l i e c v h e m la o n n d d 1 9 1 4 6 1 1 5 3 6 4 2 1 , , 9 8 0 7 7 0 , ,6 9 5 1 6 9 3 2, , 2 5 5 7 3 4 , , 7 1 4 4 8 8 iron and steel plants which have been elimi- No. 6—Atlanta 92 152 5,598,050 2,890,891 No. 7—Chicago 168 243 6,163,449 6,776,867 nating the 12-hour day. During September No. 8—St. Louis 45 135 694,960 2 347,687 a strike settlement was made in the anthracite N N o o . . 9 1 — 0— M K in an n s e a a s p C ol i i t s y .. . . . o£ fOctC 1 1 , , 3 0 1 8 4 3 , , 7 1 4 8 6 4 1, 8 9 8 6 8 3, , 1 7 1 5 9 0 coal industry which increased miners' wages No. 11—Dallas 6688 9855 1,020,596 5,198,294 No. 12—San Francisco 115 182 1,952,756 2,730,209 10 per cent. Total 1,319 1,714 34,334,722 40,279,718 Gains and losses in employment were about equal in August, according to the Federal FOREIGN TRADE. reserve banks and State bureaus which collect figures. Small reductions in industrial em- Recent trends in the foreign trade of the ployment occurred in most sections of the United States are indicated by the figures East, while conditions were practically un- below. The first table shows the monthly changed in the West. Farm labor has been value of imports and exports and the changes sufficient in most sections to meet the harvest that have recently taken place in the merdemands. chandise trade balance, while the second table shows the percentage distribution of American COMMERCIAL FAILURES. imports and exports by stage of manufacture. Commercial failures throughout the United States, according to R. G. Dun & Co., were MERCHANDISE TRADE BALANCE OP THE UNITED STATES. slightly greater in number and less in liabilities [In thousands of dollars.] than during July. As compared with August of the two preceding years, both number and Excess of Excess of liabilities showed declines. The number of Months. Imports. Exports. imports. exports. failures each month has gradually approached the level of pre-war figures, but because of 1922. higher values liabilities continue to exceed all February 215,743 250,620 34,877 May 252,817 307,569 54,752 monthly data prior to 1920. The increase in August 281,376 301,775 20,399 number of failures occurred among both manu- November 291,805 380,000 88,195 facturers and traders, but the liabilities of the 1923. January 329,245 335,417 6,172 former fell off, whereas those of the latter in- February 303,465 306,957 3,492 creased. During the first three weeks of March 398,178 341,376 57,802 April 364,230 325,492 38,738 September the number of insolvencies was May 372,545 316,363 56,182 June 320,257 320.038 219 over 20 per cent less than for the corresponding July 287,335 303,030 15,895 period last September. August 276,382 311,352 35,978 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1102 FEDERAL EESEBVE BULLETIN. OCTOBER, 1923. PERCENTAGE DISTRIBUTION OP UNITED STATES FOREIGN Silver imports during August, $6,466,000, TRADE AMONG STAGES OF MANUFACTURE. while considerably less than in July, were larger than for any other month of the present Stages of manufacture. g 1 A 9 u 2 u s 3 t - , . M 19 a 2 y 3 , . r F 1 u 9 e a 2 b r 3 y - . v 1 b N 9 e e 2 m o r 2 - , - . g 1 A 9 u 2 u s 2 t - , . a 1 a v 9 g e 2 e r 2 . - a 1 a v 9 g e 2 e r 3 . - y b M e ro e a x u r. i g c h o t , N e C i a n a r l n y a d d u 9 a r 5 , i n p g a e n r t d h c e e P n e t m ru o o . f n t t h S h i e lv c e t a o r m ta e e l x s p f i r o l o v r m e ts r for the month, $7,032,000, were in excess of IMPOSTS. imports and showed the customary main desti- Crude materials 39 39 42 38 39 37 34 nations, viz, British India, China. Hongkong, Foodstuffs, crude 8 8 9 11 8 11 12 Foodstuffs, manufactured 15 16 13 11 15 12 11 and England. A table showing gold and silver Manufactures for further movements in detail appears on page 1167. 17 20 18 20 17 18 19 Manufactures for con- 20 17 17 20 20 21 23 MiscftllftnAnns , . 1 0 1 0 1 1 1 GOLD IMPORTS AND EXPORTS. Total 100 100 100 100 100 100 100 EXPORTS. Eight 16 17 26 39 16 26 32 Country. August, en m di o n n g t h A s u- Foodstuffs, crude 21 9 9 9 21 12 7 gust, 1923. Foodstuffs, manufactured 16 16 16 14 16 16 13 Manufactures for further 12 16 13 9 12 12 16 IMPORTS. Manufactures for con- 35 42 36 29 35 34 32 France . . tl,580,257 $10,528,858 Miscellaneous 0 0 0 0 0 0 0 4,711,873 38,932,450 4,446,627 10,455,775 Total...^ 100 100 100 100 100 100 100 Great Britain 14,414,862 69,268,703 5,698,211 38,755,089 Mexico 234,685 4,548,682 491,114 3,014,341 GOLD MOVEMENTS. British South Africa ... . 278,731 278,731 All other 981,037 16,916,675 Gold imports for month of August to- Total 32,837,397 192,699,304 taled $32,837,000 and gold exports $2,201,000. There was thus an addition of $30,636,000 EXPORTS. $10,000 $15,000 to the country's gold stock during the month, 17,477 1,374,947 compared with $27,407,000 for July. Net 119,984 885,609 Mexico 287,140 3,555,554 gold imports for the eight months ending 700,000 700,000 August of the present year were $167,684,000. B Ch ri i t n i a sh India 20,000 13,3 9 5 0 9 , , 0 1 0 4 5 9 The table below shows gold imports and ex- 1,036,360 2,117,615 All other 10,000 2,917,458 ports by principal countries for the month of August and for the eight months ending in Total 2,200,961 25,015,337 August, 1923. Of the gold imported during the eight FOREIGN EXCHANGE. months, $69,000,000 has come from Great Britain and about $39,000,000 each from Ger- Exchange rates on leading foreign countries many and Canada, these three countries ac- in August and in September are shown in the counting for over 75 per cent of the total table on page 1170. The general foreign eximports. Of the exports a large part has gone change index, representing a weighted average to British India, China, and South and Central of rates on 17 countries, was 63 in September, American countries. compared with 62 in August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1103 SEASONAL MOVEMENTS OF FARM COM- of the total crop. In some years when market MODITIES. conditions are unfavorable the percentage marketed during this period is smaller. On Seasonal demand for bank credit in financing the other hand, under favorable market conagriculture, though it begins early in the year ditions a greater percentage is distributed, as for growing purposes, reaches its peak during in 1918, when 78 per cent of the crop was disthe harvesting, marketing, and crop-moving posed of in the five-month period. The folseason. On account of the diversity of agri- lowing table shows the percentage of the wheat cultural production in the United States and crop sold by months for five years, 1917-1922: the different seasons in which the principal staple crops are harvested and marketed, the PERCENTAGE DISTRIBUTION OF SALES OP WHEAT BY demand for credit appears at different times FARMERS, BY MONTHS.1 in the several staple crop sections of the country. A study of the periods for marketing Averthe crops in the various regions is significant Month. 1917-18 1918-19 1919-20 1920-21 1921-22 1 a 9 g 1 e 7 , in disclosing the periods in which the greatest 1922. needs for banking accommodation are evident. The staple crops of the country which have the July ... 7.4 17.6 17.1 12.1 19.1 14.7 greatest demand for credit to facilitate their 12.4 19.9 23.2 14.3 18.2 17.6 19.3 18.0 15.6 15.9 16.4 17.0 harvesting and marketing are the grain and October 18.0 13.8 11.1 10.6 10.6 12.8 cotton crops. 13.7 8.7 7.5 6.9 6.8 8.7 7.6 7.3 5.7 6.2 5.4 6.4 4.7 4.6 4.2 5.5 4.4 4.7 GRAIN. 3.9 3.1 3.0 5.3 4.9 4.0 March ... . 3.7 2.0 2.9 4.9 3.9 3.5 April 4.1 1.6 3.1 5.0 3.2 3.4 Harvesting of small grains begins in June May .. 3.1 1.9 3.4 6.4 3.5 3.7 June 2.1 1.5 3.2 6.9 3.6 3.5 in the southernmost areas of the winter wheat belt and is practically completed by late Total .... 100.0 100.0 100.0 100.0 100.0 100.0 July, while in the principal spring wheat pro- 1 United States Department of Agriculture Yearbook, 1922. ducing States of the northwest harvesting begins in late July and early August. Marketing As the producer sells the greater part of his of wheat follows rapidly upon the harvesting crop in the months immediately following the and threshing season and continues in large harvest, the greatest demand for transportavolume until November. The portion of the tion to move the crop is evident at that time. crop that is marketed by the farmer in the five Car loadings of grain and grain products, as months, July, August, September, October, shown in the accompanying chart, begin to and November, is influenced somewhat by increase in July and usually reach their peak market conditions during those months, but in August, but continue heavy in September approximately 60 to 75 per cent of the crop is and October. In 1920 the crop did not move sold within that period. The average sales of to market as freely as in other recent years and all wheat by farmers during those months for the peak was not reached until September. the five years, 1917-1922, was 70.8 per cent Car loadings fell off considerably in September, 1922, owing to a lack of facilities resulting from THOUSANDS OF CARS, THOUSANDS Or CARS the shopmen's strike, but the movement was 300 300 accelerated in October and continued heavy until November. During the present season 250 the prevailing prices of wheat have been influential in delaying the movement and the 200 200 July and August car loadings were less than in 1921 and 1922, but greater than in 1919 and 1920. 150 150 As the wheat begins to move from the farms the problem of financing becomes important. 100 100 The grower needs funds with which to meet harvesting expenses and distributors need credit to finance the carrying of the crop until it is placed into the hands of the final consumer. The volume of wheat which reaches the interior markets is an indicator, although 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1104 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. not a direct measure, of the quantity of the following table shows the percentage of corn crop that passes into the hands of those en- marketed by growers by months for five years, gaged in its distribution. Receipts of wheat 1917 to 1922: at 17 interior centers from which the Federal Reserve Board collects figures each month PERCENTAGE DISTRIBUTION OP SALES OI1 CORN BY show that the volume of grain distributed FAKMERS, BY MONTHS.1 monthly corresponds closely with the seasonal sales from the farm, railroad car loadings, and Averthe demand for credit. The following chart, Month. 1917-18 1918-19 1919-20 1920-21 1921-22 1 a 9 g 1 e 7 , '- 1922. which shows the relative receipts of wheat and of all grains by months at 17 interior centers July. 5.3 6.7 4.5 5.4 4.9 5.4 from January, 1919, to August, 1922, indicates August 10 6.8 5.6 5.6 7.3 5.9 the influence which the seasonal movement of 3.4 8.4 4.9 6.9 8.6 6.4 October. 3.8 6 7 5.6 5.3 6.7 5.6 wheat has upon the marketing of all grains. November 8.8 7.3 9.2 7.1 6.6 7.8 12.2 12.1 15.0 11.3 12.4 12.6 January 14.2 15.0 12.9 14.3 13.8 14.0 16.1 7.2 9.5 11.7 12.4 11.4 March... 13.7 7.5 8.7 8.9 7.5 9.2 250 250 April 7.1 8.2 5.9 5.6 4.7 6.3 May. .. 5.6 8.0 7.6 8.5 7.6 7.5 June 5.8 6.1 10.6 9.4 7.5 7.9 Total 100.0 100.0 100.0 100.0 100.0 100.0 zoo 200 > United States Department of Agriculture Yearbook, 1922. On account of the fact that car loadings of 150 150 grain and grain products are influenced mainly by heavy wheat marketing they reach a peak generally in August. But a slight seasonal increase 100 100 is again evident in December and January, indicating the movement of corn at that time. Receipts of corn at principal interior distributing centers, as shown in the following table, show a seasonal movement which follows closely the farm sales. Receipts begin to increase in 1919 1920 1921 1922 1923 November or December and continue in large volume until February. But market con- Other grain crops—oats, rye, and barley— ditions and prevailing prices of corn and liveare harvested during the late summer months stock are influential in determining the moveand come upon the market at the same time ment of corn to market. If the price of corn as wheat, but as these crops are commercially is high and that of livestock low, farmers are less important than wheat, their marketing does likely to market the crop more freely. On the not require as much bank credit as that of other hand, when corn is low and livestock wheat. Corn, on the other hand, is quantita- selling at good prices the prevailing tendency tively the most important of all crops, and while is to market the crop through feeding it to it is consumed largely on the farms the sea- livestock. sonal movements are significant, because an average of approximately 20 per cent of the corn RECEIPTS OF CORN AT 17 INTERIOR CENTERS. in the United States is shipped out of the [In bushels, 000 omitted.] county where it is grown. Although the harvesting of corn begins in September and Octo- Month. 1919 1920 1921 1922 1923 ber, in some of the southern States the movement of the crop to market from the great January 745,347 24,1391,,094 42,036,8121 55,068,801 37,495,682 Corn Belt does not begin until about November M Fe a b r r c u h ary 0 43 3 1 4 , , 7 8 9 5 7 2 2 2 6 4 , , 0 3 5 0 1 4: , , , , 8 9 5 4 5 6 3 2 4 7 , , 1 5 6 65 5 ; ,3 7 2 7 4 9 ; | 5 3 7 0 , , 8 6 9 5 3 0 , ,6 2 8 2 2 7 3 2 1 5 , , 5 67 5 2 7 , , 3 1 3 7 5 8 1. It follows the movement of wheat, as April 669,321 11,326i,,509 12,160,9331 15,356,74417,218,677 m b p O th e e c o e r r t i , n o o t l b J d h a a e s t n r t a . e u f p r o a p r r r T c y o o d h , x n i e i s t a m t i m n r n a i u d b o t e e u n F s l t t y i e h n i b s n 4 g r 5 u o l c a a f p o r r y e r g N n r e , o a c v v r e a e e o n n m l t d u t b h m o d e e f e r u , p r t i h t r D n h i e n g r e o c c c i u t e p o h g m a m i h s l - - A D J J S N M O u u e e u o c a l n p c t g y v y e o t e u e e b m m s m e t b r b b e e e r r r ! i i 2 1 1 3 2 46 5 5 2 4 9, , , 3 0 0 S 0 4 9 6 9 0 6 3 4 0 7 8 1 3 , , , , , , . , 1 2 2 1 1 1 6 0 3 8 1 0 4 4 5 0 7 2 9 7 6 5 7 0 2 2 2 1 1 1 1 9 7 0 0 9 2 1 9 , , , , , , , , 8 2 8 6 3 1 4 0 4 5 2 9 9 0 0 6 0 1 4 6 0 7 7 4 1 i 1 :, , , , , , ,, , , , , , 7 2 , , 1 9 2 5 3 9 1 2 6 5 6 0 2 5 4 4 6 0 8 8 0 5 4 3 3 3 2 1 3 1 1 7 5 5 9 0 0 7 J , , , , , , , 3 8 7 9 9 5 4 7 3 1 1 3 8 7 5 3 3 6 3 9 3 1 0 1 ; , , . , ; 5 8 6 2 7 5 9 5 7 3 6 6 7 9 9 9 0 8 5 4 2 9 9 l ; : 1 | 3 3 2 2 2 3 2 3 2 2 4 6 2 7 4 7 , , , , , , , , 5 0 6 0 2 3 7 0 7 2 5 6 9 6 4 4 7 8 1 5 3 4 0 4 , , , , , , , , 3 5 9 1 9 4 1 9 6 9 3 6 1 2 1 1 0 8 1 5 , , , , 6 0 5 9 6 9 1 0 2 9 9 5 , , , , 5 0 4 1 6 0 0 9 6 9 9 0 mercial crop is sold by the producers. The Total... .193,675,010 226,405,509355,470,146 395,835,602 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1105 OCTOBER, 1923. FEDERAL RESERVE BULLETIN. and other expenses incurred during the produc- COTTON. ing season. After the cotton arrives upon the Following the demand for funds to finance market it immediately passes either into the the marketing of the wheat and other grain hands of spinners, is exported, or is stored in crops is the demand upon the banking system warehouses where it awaits consumption. The to finance the distribution of the cotton crop. extent to which spinners buy cotton during the Harvesting of cotton usually begins late in harvesting season is determined by the market August and marketing reaches its peak in Oc- conditions for raw cotton as well as for cotton tober and November, but continues heavy until goods and prevailing prices of the staple. As late in December, after which time the move- the mills receive cotton it passes into their ment falls off gradually, until the low point is warehouses, and the extent to which they acreached in August, the end of the crop year. cumulate stocks in the harvesting season is Weather and crop conditions generally deter- shown in the fluctuations in the warehouse mine the periods for harvesting, and prevailing holdings of the mills. The following chart prices are influential in determining the rapidity shows the relative size of stocks of cotton in "with which the staple is marketed. The har- mill warehouses by months since August, 1918: vesting season opens in the southernmost areas of the belt several weeks before picking begins ( 1318-IS MONTHLY AVERAGE'lOO ) 150 150 in the Atlantic uplands. The greatest demand A A /\ for credit for financing the crop comes during A the months of October, November, and Decem- 100 / \ / \ 100 ber, but it is evident slightly earlier in the / ^ southernmost areas of the belt than in the States farther north. The rapidity with which 50 50 the crop comes to market is indicated in the COTTON accompanying chart, which shows the relative STOCKS AT MILLS receipts of cotton at the principal interior cities . . . 1 . . in the cotton States since August, 1918. The Aug. reb. Aug. Feb. Au£. Feb. Au|. Feb. Aug. Feb. Au|. chart also shows that during the past two years 1918-19 1319-20 1920-21 1921-22 1922-23 the crop has moved to market earlier than in It will be noted from the chart that mill former seasons, but this may be accounted for stocks begin to increase in September and rise by the small crops since 1920 and by an at- rapidly until December and January, when tempt to mature the crop early in order to they begin to decrease as the cotton is conlessen the damage by the boll weevils. sumed. Mills, however, are not primarily influential in financing the cotton crop, as they usually make cash payments to those from eso ( t$t8-'/9 MONTHLY AVERAGE'lOO) 250 whom they purchase the raw product.1 The problem of assembling the greater part of the cotton crop and distributing it in accord- 200 ance with the demand falls upon those engaged in the cotton trade, and as a large portion of the crop is financed on the basis of warehouse 150 receipts representing stored cotton the months in which warehouse stocks are the largest are the periods of the greatest demand for 1OO credit. The following chart shows that warehouse stocks reach their peak shortly after the movement of the crop to market begins. The 50 proportion of the crop which enters public warehouses is affected directly by the demand by mills for cotton during the harvesting Feb. Aug. Feb. Au^ Feb. Aug. Feb. Aug. Feb. Feb. season. If mill stocks increase rapidly other 1918-19 1919-20 1920-21 1921-22 1922-23 warehouses receive less and the demand for Funds for financing the initial movement of credit is not as great. Conversely, if market conditions are such that mills are hesitant the crop are needed to pay the producer for this about accumulating supplies a greater amount product, or if the grower desires to warehouse his product and await further developments in 1 See article on Cotton Financing, Federal Reserve Bulletin, April the market, he needs funds to meet harvesting 1,1923. 65288—23 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1106 FEDERAL, EESEEVE BULLETIK. OCTOBER, 1923. flows into public storage. In 1920 the charts per cent of wheat exports were made in the four show that mills did not accumulate supplies months of July, August, September, and and consequently stocks in other warehouses October. On account of the expansion in total increased and presented a big demand for exports during the war and other factors banking accomodation to finance them until influencing our wheat trade which grew out of they could be passed into the channels of war conditions seasonal movements were not distribution. In the fall of 1922 mills accumu- regular during the period of the war. Since lated large stocks early in the season and a 1918, however, an average of about 48 per cent smaller proportion of the supply went into of the wheat shipments abroad has been made storage and the crop was financed more easily in the four months of July, August, September, than in 1920. and October. The following table shows the percentage of wheat exported by months, 1913 to 1922: ( ISIB-W MONTHLY AVERAGE' IOO ) 200 PERCENTAGE DISTRIBUTION OP WHEAT EXPORTS, BY MONTHS, 1913-1922. 150 Month. 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 100 Januarv.. 8.5 2.8 11.7 8.7 17.8 1.7 6.7 3.9 7.6 6.1 February 4.4 2.3 11.9 9.8 9.8 1.1 4.1 2.3 6.6 3.4 March 4.6 2.0 10.0 11.2 7.4 1.5 6.9 3.2 5.2 4.6 April 6.6 1.8 11.0 10.7 13.4 0.9 11.7 1.9 6.3 2.9 50 May 7.2 3.9 6.9 9.5 10.7 0.3 9.5 5.0 9.0 S.7 June.. . 5.7 4.3 4.7 3.8 14.8 0.4 11.1 5.9 9.0 8.5 July 9.4 15.1 3.9 4.1 4.8 0.2 3.9 10.9 8.9 9.1 August . 24.4 14.0 8.1 7.2 4.9 13.6 8.7 12.6 21.0 20.5 September 12.0 14.9 10.4 8.5 2.5 24.1 11.6 14.1 11.1 15.8 October 7.5 11.3 8.7 7.8 5.1 19.2 9.2 16.4 6.6 11.1 ~Au4 Feb Au4. Feb. Au£. Feb. hat,. Feb. Au£. Feb. Aug. November 3.9 11.0 6.6 9.3 4.6 14.5 10.2 11.9 5.0 6.4 1918-19 1919-20 1920-21 1921-22 1922-23 December 5.8 16.6 6.1 9.4 4.2 22.5 6.4 11.9 3.7 5.9 Total 100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0 EXPORTS. The problem of extending credit to facilitate Flour exports are more regular than wheat the marketing of staple agricultural com- exports, although there is normally a slight modities is influenced to a large extent by the seasonal increase during the closing months of foreign demand. Cotton and wheat are the the year. Flour is exported somewhat later most important of our agricultural exports, than wheat on account of the time which is and the periods in which these staples were required to convert wheat into flour. The shipped abroad prior to the war followed months in which the greatest amounts are closely the harvesting and marketing season, exported are September, October, November, but during the war the old methods of export- and December. In 1913 and 1914 the average ing and financing were found in many respects exports during those months were 43 per cent impracticable and new methods were devel- of the total for the year. Conditions affecting oped. European importers began to take the wheat exports during the war were also incommodities on a hand-to-mouth basis and strumental in influencing flour shipments to maintain smaller stocks on hand. This abroad, but the monthly exports of flour were placed a greater burden on the American generally very regular, except in 1918. During banking structure to finance the commodities the years 1919 and 1920 exports were greatest until they could be shipped to foreign markets. in the spring months of April, May, and June. Changes "in the methods of shipping cotton In 1921 the movement was somewhat later, abroad were analyzed in the BULLETIN for May, partly on account of the downward movement 1923, and a table was there presented showing m the price of wheat, and exports were greater the percentage of cotton exported by months in the months of August, September, and since 1913. October. Normal seasonal movements were The total volume of wheat and flour exports again in operation in 1922, although the perincreased during the war and has continued centage of exports during October, November, greater since the war than in pre-war years. and December was not so large as during the The periods for exporting wheat generally same period in the pre-war years. The followfollow closely the months of harvesting and ing table shows the percentage of flour exthreshing, and during 1913 and 1914 about 55 ported by months, 1913 to 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1107 PERCENTAGE DISTRIBUTION OP FLOUR EXPORTS, BY [In millions of dollars.] MONTHS, 1913-1922. Num- Loans and investments. Inber of divid- Month. 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 r b e i a p n n g o . k rt s - Total. Loans. m In e v n es t t s - . po u d s e a i - l ts. January 9.1 8.2 11.3 11.5 8.0 10.8 10.2 4.3 7.6 7 S 8.8 6.3 9.9 9.3 5.1 9.7 8.3 6.3 6.1 8.0 All banks: A M p a r r i c l h . . 7 7 . . 6 6 6 7. . 0 1 10 9 . . 7 2 10 9 . . 5 1 7 6. . 8 3 1 1 0 1 . . 7 6 11 8 . . 6 5 .1 1 0 1 . . 7 1 9 8 . . 5 0 in 8 .0 o J A u p n r e il . , 1 1 9 9 2 2 2 3 2 29 9 , , 2 5 0 4 9 0 3 36 4 , , 6 2 3 1 3 5 2 25 4 , , 7 7 7 0 8 5 1 9 0 , , 5 8 1 5 0 5 3 33 1 , , 4 2 0 1 2 6 May 7 6. . 3 3 6 7 . . 7 1 8 5. . 8 6 9 9 . . 3 8 7 8 . . 8 9 1 11 0 . . 2 8 1 13 0 . . 7 3 1 10 6 . . 0 8 7 9. . 2 5 7 6 .2 1 Mem Ju b n er e , b 1 a 9 n 2 k 3 s: 29,230 37,369 26,511 10,858 33,593 July 6.5 6.6 5.3 6.5 5.4 11.2 6.5 12.1 7.4 fi •> June, 1922 9,892 24,358 17,296 7,062 21,427 7.2 5.7 5.1 6.0 7.3 4.5 6.2 5.6 11.2 7.8 April, 1923 9,850 26,332 18,572 7,760 22,668 10.0 9.7 6.8 7.8 7.3 1.5 6.7 4.7 10.7 8.7 June, 1923 9,856 26,675 7,795 23,071 10.3 10.6 8.0 6.4 9.7 3.3 6.1 8.0 9.3 10.1 Nonmember banks: November.. 10.4 11.7 8.2 7.3 9.2 6.0 7.0 5.6 7.4 10 4 June, 1922 19,648 9,857 7,409 2,448 9,789 December 8.9 14.3 11.1 6.5 17.2 8.7 4.9 4.8 6.1 10.0 April, 1923 19,359 10,301 7,206 3,095 10,734 June, 1923 19,374 10,694 7,631 3,063 10,522 Total. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 inn n Efforts were made to obtain data for both The result of the practice by European member and nonmember banks by Federal countries since the war of purchasing com- reserve districts and were largely successful, modities as they are needed has been to dis- owing to the cooperation of the banking detribute the periods for importing and to partments of the various States that are lessen the extreme seasonal movements. With divided between two reserve districts. Thirthis change has come a greater and more con- teen out of sixteen of these States furnished the tinuous burden on the American banking and board either with totals distributed by Federal financial structure to supply credit necessary reserve districts, or else with sufficiently deto finance the goods until they can be exported. tailed information to enable the board to segregate the State totals by reserve districts. Since the banking departments of Illinois and Indiana did not segregate the figures between CONDITION OF ALL BANKS IN THE UNITED the portions of the States falling within the STATES ON JUNE 30, 1923. Chicago and the St. Louis districts, these two Comparative figures of principal assets and States were entirely included in the tabulation liabilities of commercial banks in the United in a territorial group which is considerably States as of June 30, 1922 and 1923, based larger than the seventh reserve district. No upon data furnished to the State banking de- report showing condition of the State banks at partments, to the Comptroller's office, and to the close of June having been received from the Federal Reserve Board direct are pre- the Kentucky banking department, no separasented in the tables below. The number of tion of data for the Kentucky State banks reporting institutions shows a decrease from located in the Cleveland and in the St. Louis 29,540 to 29,230, smaller totals being reported districts was possible. Inasmuch as the larger for many States, chiefly in the Middle and portion of the State falls within the eighth Northwest. Notwithstanding this decrease, Federal reserve district, however, it was the midyear consolidated report shows for the thought proper to include the latest available preceding 12 months increases of $1,806,- data for all the Kentucky State banks (Decem- 000,000, or 7.3 per cent, in loans and discounts, ber, 1922, figures) with the total for group 8, of $1,348,000,000, or 14.2 per cent, in invest- which includes, therefore, the whole of Kenments, and of $2,377,000,000, or 7.6 per cent, tucky, the eastern part of Missouri, the whole in individual deposits. The growth of these of Arkansas, the western part of Tennessee, banking figures has been practically continu- and the northern part of Mississippi. Group',4 ous, except in the case of investments, which represents the Cleveland district less the eastshow a slight decline during the last quarter of ern part of Kentucky. A comparison of the the period under review. estimated population of these three groups with Loans of member banks show a relatively that of the corresponding reserve districts larger growth during the year than those of follows: nonmember banks, 8.4 per cent as against 3 [In thousands.] per cent; investments increased 21.9 per Popula- Federal reserve dis- Populacent at nonmember banks, compared with 9.4 Group. tion. trict. tion. per cent at member banks, and individual de- 4 9,265 4 10,403 posits show a much more uniform rate of change 7 17,973 7 16,108 for the two classes of banks. The following 8 8,518 8 9,245 table summarizes the figures: 35,756 35,756 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1108 FEDEKAL1 RESERVE BULLETIN. OCTOBER, 1923. Data for State banks and trust companies It is hoped that before long the board will be as of June 30, 1923, for nine reserve districts able to present a complete grouping by Federal and for the three territorial groups, as defined reserve districts for both member and nonabove, are shown in the following table: member banks which will supersede the grouping by 11 geographic districts adopted in the PRINCIPAL RESOURCE AND LIABILITY ITEMS OF ALL STATE July BULLETIN and continued in this num- BANKS AND TRUST COMPANIES, BY FEDERAL RESERVE ber. DISTRICTS, ON JUNE 30, 1923. [In thousands of dollars.] Loans and discounts of all reporting banks on June 30 of the present year were larger than a Num- Federal reserve district or group. r b e i e p n r o g o rt f - L d in i o s c a c l n o u s u d n i a n t n s g d , I m n e v n e t s s t . - g y r e e a a r te b s e t f o i r n e c r i e n a s a e l s l t b h e e i n g g e o s g h r o a w p n h ic f o g r ro g u r p o s u , p th 3 e , banks. overdrafts. particularly the States of Pennsylvania and Ohio, and for group 6, particularly the States of Boston $818,924 $397,533 New York 581 3,024,456 1,743,204 Illinois, Indiana, Iowa, and Wisconsin. Small C Ph le il v a e d l e a l n p d h ' ia 1,0 4 3 9 8 4 1,5 8 0 2 4 1 , , 4 5 7 5 6 8 6 5 4 2 9 2 , , 7 11 0 2 5 decreases are shown in the loan figures of the Richmond 1,586 823,684 209,696 banks in Montana, North Dakota, Kansas, Atlanta 1,642 703,393 103,666 Chicago* 4,753 2,952,155 1,204,701 Arizona, and Idaho. Larger totals of security St. Louis' 2,365 818,111 193,276 investments are shown for all geographic Minneapolis 2,855 710,817 98,441 Kansas City 3,107 748,209 125,957 groups. Individual deposits likewise show Dallas 1,132 270,240 24,975 San Francisco 1,152 1,489,198 519,562 larger totals for all groups, though in New York State figures for both member and Total: June 30,1923 20,994 14,685,221 5,792,828 June 30,1922 21,296 13,273,693 4,950,867 non-member banks are smaller than a year ago. Individual deposits, Borrowings of the reporting banks, while 2.2 Federal reserve district or group. lo i a T n n v o s e t s a a t l n - d d in iv cl i u d d en in d g s a c R n o d e u d b n i i s t l s - ls per cent larger than in June of last year, show ments. unpaid payable. different developments in the several geographic and postal savings. groups. Thus, rediscounts and bills payable of the banks in group 2 were more than twice as Boston $1,216,457 $1,154,780 $22,209 large as last year, while the banks in some of the New York . 4,767,660 4,573,891 87,387 Philadelphia .. 1,343,670 1 153,885 41,350 southern and western sections, particularly C R l i e c v h e m la o n n d d 1 2 1 , , 1 0 5 3 4 3 , , 1 3 8 8 1 0 1,9 9 3 2 3 4 , , 0 7 6 8 2 2 3 5 2 7 , , 7 24 3 4 9 those located in groups 5, 6, and 8, show sub- Atlanta 807,059 778,804 42,857 stantial reductions in their rediscounts and bills Chicago2 4,156,856 4,127,772 102,491 St. Louis» 1,011,387 961 147 34,504 payable. Minneapolis... 809,258 790,141 59,755 Kansas City ... 874,166 895,517 37,957 In the following tables are shown compara- D Sa a n ll a F s rancisco. 2,0 2 0 9 8 5 , , 7 2 6 1 0 5 1,9 2 7 8 9 2 , ,2 1 4 25 2 2 32 1 , , 6 4 2 4 7 8 tive figures as of June 30, 1922 and 1923, for the more important asset and liability items of all Total: June 30,1923 . 20,478,049 19,555,148 572,568 June 30,1922 . 18,224,560 17,955,995 549,434 reporting banks, and of State banks and trust companies, including private banks subject to 1 Exclusive of the eastern part of Kentucky. 2 Including all of Illinois and Indiana. State supervision, arranged by States and > Exclusive of the southern parts of Illinois and Indiana and inclusive groups of States: of all of Kentucky. PRINCIPAL ASSETS AND LIABILITIES OF ALL BANKS ON JUNE 30, 1922, AND JUNE 30, 1923. [In thousands of dollars.] Individual dep N o u r m tin b g e r b a o n f k re s - . Lo c in a o g n u s n o t v s e a r n d ( d i r n a c ft l d s u i ) d s . - - Investments. To i t n al v es lo tm an e s n ts a . nd d p p a o iv i s d i i t d s a e ( n n i d n d c s l p u o d s u i t n n a g - l Re b d i i l s ls c o p u a n y ts a ble. and savings). June, June, June, June, June, June, June, June, June, June, June, June, 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 115 113 119,620 129,982 94,066 115,082 213,686 245,064 194,706 223,581 6,471 7,975 New Hampshire 81 81 48,839 54,852 35,541 40,644 84,380 95,496 68,130 77,727 2,406 3,917 88 87 75,962 82,236 33,274 35,932 109,236 118,168 94,164 105,063 3,644 3,086 Massachusetts 264 255 1,126,430 1,210,247 360,646 375,556 1,487,076 1,585,803 1,310,986 1,395,726 42,404 68,521 Rhode Island 32 32 134,816 151,617 113,211 119,543 248,027 271,160 228,092 249,581 1,645 1,783 142 142 207,907 230,540 146,361 172,973 354,268 403,513 312,262 356,110 6,336 10,242 Total, group 1 722 710 1,713,574 1,859,474 783,099 859,730 2,496,673 2,719,204! 2,208,340 2,407,788 62,906 95,524 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1109 PRINCIPAL ASSETS AND LIABILITIES OP ALL BANES ON JUNE 30, 1922, AND JUNE 30, 1923—Continued. [In thousands of dollars.] Individual dep N o u r m tin b g e r b a o n f k re s. - Lo c in a o g n u s n o t v s e a r n d ( d i r n a c ft l d s u i ) d s . - - Investments. To i t n al v es lo tm an e s n ts a . nd p p d a o iv i s d i i t d s a e ( n n i d n d c s p l u o d u s i t n n a - g l Re b d i i l s ls c o p u a n y t a s b l a e n . d savings). June, June June, June June, June, June, June, June, June, June, June, 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. New York 940 951 5,053,388 5,110,106 2,373,637 2,542,838 7,427,025 7,652,944 7,068,093 6,688,970 103,118 219,076 New Jersey 416 637,845 675,874 511,511 653,614 1,149,356 1,329,488 1,114,127 1,266,602 20,988 34,666 Total, group 2. 1,348 1,367 5,691,233 5,785,980 2,885,148 3,196,452 8,576,381 8,982,432-8,182,220 7,955,572 124,106 253,742 Delaware 55 59 39,841 43,905 27,120 29,715 66,961 73,620 59,580 63,787 1,305 1,018 Pennsylvania 1,611 1,617 2,050,623 2,363,841 1,482,578 1,656,492 3,533,201 4,020,333 2,969,227 3,391,118 88,460 140,415 Ohio 1,120 1,116 1,375,114 1,574,351 477,501 563,792 1,852,615 2,138,143 1,722 107 1,885,958 34,119 40,598 Total, group 3 2,786 2,701 3,465,578 3,982,097 1,987,199 2,249,999 5,452,777 6,232,096 4,750,914 5,340,863 123,884 182,031 District of Columbia 50 49 122,594 138,036 56,679 59,595 179,273 197,631 170,012 179,476 4,832 9,912 Maryland 230 231 304,549 303,501 149,522 191,050 454,071 494,551 425,183 428,295 6,832 19,734 Virginia 509 516 386,871 423,073 72,414 79,740 459,285 502,813 359,157 389,777 22,298 36,557 West Virginia 347 347 261,849 294,096 63,953 69,178 325,802 363,274 292,464 334,937 13,746 13,796 North Carolina 582 616 295,890 315,998 31,696 36,912 327,586 352,910 275,631 300,504 28,150 35,729 South Carolina 454 429 193,240 192,147 29,542 29,909 222,782 222,056 172,781 189,587 21,898 12,961 Total, group 4 2,172 2,188 1,564,993 1,666,851 403,806 466,384 1,968,799 2,133,235 1,695,228 1,822,576 97,756 128,689 Alabama 356 360 159,824 182,277 31,953 40,859 191,777 223,136 166,040 206,883 11,743 8,704 Florida 280 289 132,795 160,953 47,112 58,465 179,907 219,418 184,955 226,325 2,633 2,413 Georgia 686 680 296,318 320,812 36,516 37,871 332,834 358,683 253,514 288,770 31,485 34,227 Louisiana 264 266 269,740 295,596 43,604 56,160 313,344 351,756 304,519 332,349 12,222 14,371 Tennessee 571 570 273,113 304,741 45,829 54,180 318,942 358,921 294,086 351,397 16,214 12,229 Total, group 5 2,157 2,165 1,131,790 1,264,379 205,014 247,535 1,336,804 1,511,914 1,203,114 1,405,724 74,297 71,944 Illinois 1,906 1,917 2,042,190 2,218,253 662,844 762,289 2,705,034 2,980,542 2,439,943 2,742,026 51,399 52,759 Indiana 1,089 1,105 522,298 573,780 165,042 187,759 087,340 761,539 637,181 706,893 18,914 27,045 Iowa 1,681 1,674 825,157 867,019 74,332 90,432 899,489 957,451 780,708 895,306 71,917 47,424 Michigan 695 701 589,468 612,567 557,970 665,046 1,147,438 1,277,613 1,116,421 1,252,138 21,413 19,816 Wisconsin 996 993 540,482 583,244 143,765 166,489 684,247 749,733 637,875 715,153 23,770 21,862 Total, group 6 6,367 6,390 4,519,595 4,854,863 1,603,953 1,872,015 6,123,548 6,726,878 5,612,128 6,311,516 187,413 168,906 Arkansas 486 491 147,156 163,124 19,737 26, 166,893 190,026 147,236 157,783 15,721 10,423 Kentucky 601 604 290,990 321,687 89,194 100,589 380,184 422,276 317,991 359,450 12,984 20,501 Mississippi 351 356 124,504 141,294 28,631 36,585 153,135 177,879 148,738 155,141 9,108 7,094 Missouri 1,651 1,625 855,219 879,946 193,542 272,736 1,048,761 1,152,682 892 479 1,001,405 25,184 42,578 Total, group 7 3,089 3,076 1,417,869 l,506,05l| 331,104 436,812 1,748,973 1,942,863 1,506,444 1,673,779 62,997 80,596 Minnesota 1,508 1,496 652,932 685,972 160,730 177,0)3 813,662 863,015 738,126 801,188 31,657 33,029 Montana 400 363 133,236 119,723 22,635 26,887 155,871 146,610 130,619 134,625 25,291 16,019 North Dakota 846 831 171,820 164,820 17,323 19,356 189,143 184,176 148,769 160,400 36,355 23,491 South Dakota 695 687 209,443 213,012 12,336 14,619 221,779 227,631 199,712 214,727 28,563 21,468 Total, group 8 3,449 3,377i 1,167,431 1,183,527 213,024 237,905 1,380,455 1,421,432 1,217,226 1,310,940 121,8 94,007 Colorado 381 367) 181,393 194,534 74,944 85,525 256,337 280,059 252,370 276,112 7,943 8,944 Kansas 1,364 1,334 355,572 354,509 53,919 58,069 409,491 412,578 377,085 390,112 16,548 15,329 Nebraska 1,153 1,124 362,069 385,144 36,482 57,283 398,551 442,427 371,561 432,012 18,038 22,450 Oklahoma 933 902 277,567 281,767 61,979 71,598 339,546 353,365 340,885 352,687 23,007 18,482 Wyoming 146 134 57,687 61,098 7,263 7,461 64,950 68,559 60,742 67,510 3,473 3,121 J_ Total, group 9 3,977 3,8G1! 1,234,2 1,277,052] 234,587 279,936 1,468,875 1,556,9 1,402,643 1,518,433 9,009 68,326 New Mexico 110 101; 46,313 44,740 6,157 5,700 52,470 50,440 45,394 43,067 4,614 5,964 1,538 1,517 657,285 664,182 117,969 140,140 775,254 804,322 659,554 697,288 50,071 46,679 Texas 1,618 703;598 708,922 124,126 145,840 827,724 854,762 704,9 740,355 54,685 52,643 Total, group 10... 74 50,241 48,602 13,061 12,044 63,302 60,646 64,927 64,289 5,391 3,942 Arizona 723 699 1,492,636 1,799,270 540,690 638,734 2,033,326 2,438,004 1,962,515 2,294,312 38,636 67,653 California 198 182 68,604 60,809 14,177 14,382 82,781 75,191 69,919 68,949 15,196 9,408 Idaho 35 35 23,269 24,585 5,179 5,821 28,448 30,406 28,536 31,037 636 25 Nevada 277 277 160,327 165,867 58,865 70,560 219 192 236 427 212,376 232,898 6,977 6,321 Oregon 121 119 87,794 93,494 20,200 24,523 107,994 118,017 92,882 105,745 5,180 2,571 Utah 391 391 212,370 228,855 99,462 299,358 328,317 301,503 308,519 7,251 9,962 Washington 1,825 1,777 2,095,241 2,421,482 739,160 865,526 2,834,401 3,287,008 2,732,658 3,105,749 79,267 99,882 Total, group 11... 29,540 29,230 24,705,190 26,510. 9,510,220 10,858,134 34,215,410 37,368,812 31,215,863 33,593,295 1,058,186 1,296,290 Total, U. S Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1110 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANES AND TRUST COMPANIES ON JUNE 30, 1922, AND JUNE 30, 1923. [In thousands of dollars.] Individual de- Loans and dis- posits (including p N o u r m tin b g e r b a o n f k re s. - c in o g u n o t v s erd (I r n a c ft l s u ) d . - Investments. To i t n al v es lo tm an e s n ts a . nd p d a iv id i d a e n n d d s p o u st n a - l Re b d i i l s ls c o p u a n y t a s ble. and savings). June June, June, June, June, June, June, June, June, June, June, June, 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. Maine 55 65,944 70,172 48,253 63,981 114,197 134,153 106,811 12.5,182 4,710 5,357 New Hampshire 25 17,767 20,305 14,814 16,735 32,581 37,040 29,245 33,503 Vermont 39 47,583 51,412 13,355i 14,927 60,938 66,339 57,809 64,595 1,564 724 Massachusetts 105 513,112 485,328 151,3511 132,532 664,463 617,860 641,199 587,700 13,608 12,189 Rhode Island 15 98,296 111,565 92,519 97,447 190,815 209,012 185,853 202,163| 659 125 Connecticut 78 83,964 97,975 88.573; 107,833 172,537 205,808 161,170 191,723 3,048 4,846 Total, group 1 317 826,666 836,757 408,865 433,455 1,235,531 1,270,212 1,182,087 1,204,866 23,5 23,241 New York 433 2,412,60a! 2,735,978 1,212,695 1,364,521 3,625,300 4,100,499 3,998,938 3,925,058 21,316 78,725 180 364,618 348,009 281,966 392,547 646,584 740,556 640,001 714,960 7,654 15,036 New Jersey 613 617 2,777,223 3,083,987 1,494,661 1,757,068 4,271,884 4,841,055 4,638,939 4,640,018 28,970 93,761 Total, group 2 3' 41 29,823 33,679 19,776 21,981 49,599 55,660 45,133 49,677 665 328 Delaware 745 657 887,222 1,094,745 689,0671 768,7051 1,576,289 1,863,450 1,379,380 1,597,497 33,092 55,086 Pennsylvania 747 748 910,763 1,076,732 249,0061 320,823!1,159,769 1,397,555 1,142,429 1,271,872 16,689 9,364 Ohio 1,529 1,446 1,827,8 2,205,156 957,849 1,111,509 2,785,657 3,316,665 2,566,942 2,919,046 50,446 64,778 Total, group 3 35 35 64,328 70,916 26,770 27,939 91,096 98,855 87,846 93,284 756 1,374 143 146 161,418 149,193 84.770j 119,069 246,188 268,262 255,530 250,826 2,453 4,592 District of Columbia 330 335 140,833 168,797 15,899 18,774 156,732 187,571 129,158 147,879 7,879 15,730 V M W i a e rg r s y i t n l V a ia n ir d ginia 2 4 3 9 2 7 6 5 2 2 5 3 3 4 2 3 5 2 1 1 1 1 8 4 5 4 6 , , , 8 5 9 0 9 6 6 7 0 2 1 1 0 6 1 1 8 0 . , 2 6 3 5 5 8 6 3 3 2 1 8 7 2, , , 7 5 8 6 0 5 1 7 7 1 ] 2 1 8 9 5 , , , 9 7 6 7 9 6 4 5 7 1 1 1 9 7 2 7 4 4 , , , 5 4 4 6 6 5 7 7 4 1 2 1 1 1 9 2 7 5 0 , , , 2 0 4 3 7 2 0 8 0 1 1 9 7 6 0 2 9 , , ,4 8 6 5 9 3 9 4 7 1 1 1 9 0 8 0 5 8 , , , 6 , 1 — 4 1 1 7 6 3 , , , 9 8 3 9 1 0 6 8 4 2 6 8 2 , , , 8 4 1 4 7 3 6 0 7 N So o u r t t h h TC C oa a tr r ao o ll l ,i i n n ga a roup 4 1,601 1,616 813,940 867,198 176,564 220,218 990,504 1,087,416 905,522 976,470 49,206 59,149 Alabama 249 254 79,150 92,680 7,070i 9,978 86,220 102,658 81,074 100,927 6,249 4,818 Florida 218 228 66,756 85,751 15,342' 18,568 82,098 104,319 90,278 116,838 1,742 1,675 Georgia 589 186,290 210,609 14,012^ 16,466 200,302 227,075 154,150 1188,076 21,970 24,975 Louisiana... 230 232 199,621 224,472 29,241 38,851 228,862 263,323 231,076 256,131 7,440 8,722 Tennessee*.. 470 485 154,247 168,119 15,469! 19,305 169,716 187,424 170,126 210,036 9,925 5,883 Total, group 5 1,756 1,762 686,064 781,631 81,134i 103,168 767,198 884,799 726,704! 872,008 47,326 46,073 Illinois 1,406 1,412 1,180,328 1,336,883 423,929! 467,122 1,604,2571 1,804,005 1,581,884 1,787,046! 30,451 30,416 Indiana... 838 854 316,137 352,897 71,908! 82,070 388,045j 434,967 383,601 434,508 12,556 13,954 Iowa2 1,332 1,325 580,834 612,861 25,298: 25,341 606,132] 638,202 556,126 637,205 51,729 34,233 Michigan.. 576 582 371,261 376,329 458,112: 555,419 829,373' 931,748 808,406 921,592 16,096 16,383 Wisconsin. 841 838 325,830 347,621 80,658: 93,619 406,488! 441,240 392,574 443,974 16,913 10,023 Total, group 6 4,993 5,011 2,774,390 3,026,591 1,059,905 [1,223,571 3,834,295 J4,250,162 3,722,591 4,224,3251 127,745 105,009 Arkansas... 402 403 101,317 109,692 8,1471 11,102| 109,464! 120,794 98,852 97,398] 12,384 7,566 Kentucky». 465 465 154,031 158,960 32,803' 37,319| 186,S341 196,279 171,007 185,772] 5,030 7,096 Mississippi. 319 325 92,171 105,269 17,791 23,306 109,962; 128,575 112,202 112,975; 7,011 4,639 Missouri2... 1,5161 1,493 545,657 561,075 116,731 169,130 662,388! 730,205 615,182 708,810] 21,441 21,348 Total, group 7 2,702| 2,686 893,176 934,9% 175,472j 240,857 l,088,64S| 1,175,853] 997,243 1,102,985J 45,866 40,649 Minnesota 1,165 1,152 308,163 328,108 66,178 58,683 374,341] 386,791 366,061 386,398 21,121 14,125 Montana 268 242 72,676 61,749 9,533 11,769! 82,209] 73,518! 70,363 69,493 14,990 8,638 North Dakota.. 664 647 105,330 98,834 5,227 5,896 110,557 104,730] 85,485] 89,410 26,309 18,628 South Dakota.. 562 556 143,314 147,690 2,687| 3,223 146,001 150,913 137,329 148,287 19,886 15,846 Total, group 8 2,659 2,597 629,483 636,381 83,625j 79,571 713,108, 715,9521 693,588 82,306 57,237 Colorado... 23S 2241 61,285 65,595 24,181 26,658 85,466j 92,253! 86,771 93,551 2,27 3,002 Kansas 1,097 1,068 222,917 217,140 20,150 22,883 243,087i 240,0231 226,794 234,213 11,771 9,560 Nebraska.. 970 912 210,422 221,002 10,145 22,308 220,5671 M6, 310: 225,647 276,930 12,165 9,047 Oklahoma. 486 443 69,277 59,415 9,779 10,265] 79,056! 69,680 74,571 70,782 10,399 7,293 Wyoming., 99 89 19,678 20,105 1,139 905! 20,817] 21,010 19,909 21,597 1,379 1,030 Total, group 9 2,8 2,766 583,579 586,257 65,394 83,019 648,973; 669,276 633,692 697,073 37,991 29,932 New Mexico. 63 59 16,747 16,238 1,546 1,314 18,293, 17,552 16,895! 15,881 1,348 1,792 Texas 983 956 217,661 210,907 15,913! 16,832| 233,574: 227,739 206,282 216,472 22,018 17,307 Total, group 10... 1,046 1,015 234,408 227,145 17,459 18,146 251,867| 245,291 223,177 232,353 19,099 1 Includes $2,792 call money. 2 Figures for June 30,1923, not available. Report of Apr. 3, 1923, used. » Figures for June 30,1923, not available. Report of Dec. 29,1922, used. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1111 PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES ON JUNE 30, 1922, AND JUNE 30, 1923—Continued. [In thousands of dollars.] Individual dep N o u r m tin b g e r b a o n f k r s e . - Lo i c n a o g n u s n o t v s e a r n d ( d i r n a c ft l d s u i ) d s . - - Investments. To i t n al v es lo tm an e s n ts a . nd p p d a o iv i s d i i t d s a e ( n i n n d d c s l p u o d u s i t n n a - g l Re b d i i l s l c s o p u a n y t a s b le. and savings). June, June, June, June, June, June, June, June, June, June, June, June, 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. 1922. 1923. Arizona 54 32,491 32,787 8,198 7,309 40,689 40,076 42,269 •142,786 3,507 5 3,074 California 429 947,441 1,213,211 354,732 435,960 1,302,173 1,649,171 1,351,247 1,641,787: 12,493 18,094 Idaho 119 109 27,071 22,905 4,127 4,923 31,198 27,828 27,439 26,817| 6,215 3,875 Nevada 24 24 14,434 15,548 1,989 2,241 16,423 17,789 17,920 19,321i 473 Oregon 181 180 67,123 69,999 21,837 25,809 88,960 95,808 91,077 '95,923| 2, 2,930 Utah 97 97 60,023 65,216 12,122 15,450 72,145 80,666 63,067 72,948; 3 304 2,017 283 276 78,373 79,476 26,934 30,554 105,307 110,030 106,891 92,S34| 3,923 3,650 Washington 1,190 1,169 1,226,956 1,499,122 429,939 522,246 1,656,895 2,021,368 1,699,910 1,992,416; 32,623 33,640 Total, group 11... 21,296 20,994 13,273,693 14,685,221 4,950,867 5,792,828 18,224,560 20,478,049 17,955,995 19,555,148J 549,434 572,568 Total U.S * Figures include items due to banks. 6 Includes United States deposits. 5 Includes other liabilities. ' Includes cashiers' checks. OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS. [Forecasts of the Department of Agriculture. In thousands of units of measurements.] Winter wheat Corn (bushels). Total wheat (bushels). (bushels). Spring wheat (bushels). Federal reserve district. F S o e 1 r 9 p e 2 c t 3 . a . 1 st , , F O o 1 r c 9 e 2 t c . 3 a . 1 s , t, Est 1 i 9 m 22 a . te, F S o 1 e r 9 p e 2 c t 3 . a . 1 st , , F O o 1 r c 9 e 2 t c . 3 a 1 . s , t, Est 1 i 9 m 22 a . te, F S o 1 e r 9 p e 2 c t 3 . a . 1 1 st , , Est 1 i 9 m 22 a . te, F S o 1 e r 9 p e 2 c t 3 . . a 1 s , t, F O o 1 r c 9 e t 2 . c 3 a 1 . s , t, Est 1 i 9 m 22 a . te, Boston 11,596 11,706 11,963 404 404 464 404 404 464 New York.... 29,552 30,486 33,735 9,672 9,675 10,046 9,361 9,710 311 314 336 Philadelphia.. 57,398 56,725 62,304 19,623 19,620 22,884 19,444 22,714 179 176 170 Cleveland 228,980 208,544 199,540 51,543 51,565 42,772 51,036 42,312 507 529 460 Richmond 181,853 182,830 178,229 33,081 33,081 29,224 33,081 29,224 Atlanta 195,928 193,643 204,142 6,129 6,129 5,738 6,129 5,738 Chicago 1,002,962 969,465 984,328 91,200 91,132 78,175 87,696 74,010 3,504 3,436 4,165 St. Louis 421,893 406,836 394,916 79,472 79,463 78,652 79,189 78,356 283 274 296 Minneapolis... 328,831 333,946 282,352 163,454 152,564 237,696 8,954 10,614 154,500 143,610 227,082 Kansas City... 500,263 508,496 393,585 178,337 177,902 246,871 165,758 235,809 12,579 12,144 11,062 Dallas 102,516 104,718 132,938 18,953 18,870 10,483 18,503 10,259 450 367 224 San Francisco. 14,014 14,059 12,680 137,359 141,332 89,235 67,458 48,124 52,097 31,628 Total.... 3,075,786 3,021,454 2,890,712 789,227 781,737 862,091 568,386 586,204 I 220,841 213,351 275,887 Cotton (bales). Oats (bushels). Hay, tame and wild (tons). Federal reserve district. F S o e 1 r 9 p e 2 c t 3 . a . 1 s , t, F O o 1 r c 9 e 2 t c . 3 a 1 . s , t, Est 1 i 9 m *> a te, I F s 6 ° e1 e !9 r ?2 p 3 e h t . c 1' f- 1923. (Es i t 9 i » mate, F S o e 1 r 9 p e 2 t c 3 . . a 1 s , t, F O o 1 r c 9 e 2 t c . 3 a 1 . s , t, Es 1 ti 9 m 22. ate, Boston 9,151 ,410 9,404 4,400 4,519 4,486 New York. 34,014 34717 33,810 6,704 6,949 7,297 Philadelphia... 20,173 21723 25,954 2,202 2,350 3,533 Cleveland 69,869 70,543 57,835 5,064 5,318 7,168 Richmond 1,643 I 1,708 1,371 22,582 23:177 22,222 2,994 3,528 4,518 Atlanta 2,029 1,769 1,949 19,459 18,704 19,621 2,879 3,025 3,647 Chicago 494,214 483583 401,600 15,986 16,745 20,677 St. Louis , 1,947 1,781 52,003 50289 35,861 7,084 7,486 8,217 Minneapolis 334,188 336744 341,874 17,478 17,841 19,351 Kansas City 850 670 162,678 161968 126,889 16,635 17,626 16,781 Dallas 4,201 M,656 3,617 53,726 52414 36,240 1,270 1,708 1,777 San Francisco.. 3 118 3 119 3 70 39,630 39,181 30,120 15,310 15,819 15,339 Total. 10,78 11,015 9,762 1,311, 1,302,453 |l,20I,436 8,006 102,914 112,791 1 Preliminary estimate on Aug. 1. »Includes all other cotton being grown in the United States. 8 In addition the following amounts were estimated grown in Lower California (Mexico): October, 1923, 88,000 bales; Sept. 1,1923, 87,000 bales; October, 1922, 70,000 bales. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1112 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. BUSINESS AND FINANCIAL CONDITIONS ABROAD. Official estimates now available regarding the yield of the chief cereal crops in foreign countries indicate generally larger yields this year as compared with last year's rather poor harvests. Wheat production in 24 countries for which reports have been received by the United States Department of Agriculture is estimated at 2,600,000,000 bushels this year, representing an increase of about 8 per cent over the 1922 crop. Nearly every country reports an increase in the prospective yield of wheat, with the exception of the United States, for which the latest official estimate gives an anticipated reduction of 8 per cent, and Great Britain, where a somewhat reduced crop is expected, while in Europe as a whole and in Canada increased yields are indicated. The Argentine wheat crop harvested last spring was very nearly as great as in the preceding year and was considerably above the average of recent years. Other important crops, such as rye, barley, and oats, are reported to be larger in most countries than they were a year ago. Central Europe.—In central Europe this year's grain crops are especially promising. Wheat, rye, barley, and oats all give indications of exceeding last year's production in Prussia and Bavaria by more than 40 per cent. Imports of wheat into Germany have greatly fallen off, while cheaper foodstuffs like rye have been imported in greater quantities. Much of Germany's imports of food has come from the United States, but there is a tendency, where possible, to import more from countries having depreciated currencies. Cereal production in other central European countries, like Austria, Czechoslovakia, Rumania, and Yugoslavia, has been favored by weather conditions and the prospects for increased yields are good. France.—Crop conditions in France are generally good. Increased acreage and favorable weather have increased the estimated yield of wheat by about 19 per cent over the poor crop of last year and have brought it materially above the preceding five-year average. The French crop, moreover, is supplemented by that of Algiers, Tunis, and French Morocco, which is nearly double that of last year. In order to conserve the wheat supply, the Government has required that wheat flour be mixed with a proportion of rice, rye, or potato flour. With the continuance of these regulations, French officials expect that France will need to import little or no wheat during the current crop year. Italy.—Italian crops are reported as being exceptionally large. Wheat shows an increase of 23 per cent over last year and is nearly 20 per cent above the average of the last five years. Barley, oats, and rye have increased in about the same proportion. Wine and sugar beets show increases and the hay crop is large. The output of olive oil is somewhat less than the exceptional yield of 1922, but is above the average. The gross value of agricultural products is estimated by the Ministry of Agriculture as about 4,000,000,000 lire greater than in 1922. These facts make it clear that European countries, which are the chief customers of the United States for surplus food products, are in a position this year to supply a larger portion of their requirements than they were a year ago. The influence of this larger European supply upon the demand for the American surplus is reflected in the world wheat markets and partially explains the relatively low level of wheat prices. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1113 THE TREND OF BUSINESS ABROAD.1 Items. U K d n o i i n m t g e . - d France. m G a e n r y - . U St n a i t t e e s d . Items. U K d n o in i m t g e . - d France. m G a e n r y - . U St n a i t t e e s d . CREDIT.' PRODUCTION AND TRADE. COMMERCIAL BANK LOANS: PIG IRON PRODUCTION (relatives):* 1921—August 1,179 12,584 11,491 1921—August 11 59 37 1922—August 1,020 13,051 10,761 1922—August 48 103 71 November ,031 13,265 11,219 November 58 118 111 1923—February ,023 13,348 11,639 1923—February 64 70 117 005 13,734 11,840 May...." 84 91 151 June 028 13,950 11,850 June 81 103 144 July 024 13,821 11,716 July 77 100 144 August 007 11,677 August 70 112 134 September 005 11,877 COAT, PRODUCTION (relatives):5 COMMERCIAL BANK DEPOSITS: 1921—August 75 100 87 1921—August 764 12,406 1922—August 87 108 69 1922—August ,688 12,884 10,942 November 98 110 114 November 13,121 11,094 1923—February 101 77 106 1923—February l!644 13,444 11,525 May 93 105 116 May 1,608 13,634 11,173 June 101 128 114 June 1,638 13,807 11,104 July 91 127 113 July 1,638 13,688 11,078 August 133 123 August 1,611 10,890 UNEMPLOYMENT: • September 1,609 10,891 1921—August 13.1 9,706 142 88 CENTRAL BANK DISCOUNTS: 1922—August 12.0 606 107 89 1921—August 80 2,458 85 1,492 November 12.4 285 162 96 1922—August 76 2,194 271 404 1923—February 11.8 666 242 101 November 68 2,818 919 614 May 11.0 199 211 102 1923—February 79 2,684 4,777 596 June 11.0 166 197 102 May 71 2,372 9,914 731 July 11.3 171 172 99 June 81 2,487 8,747 775 August 11.5 146 257 100 July 71 2,472 72,086 761 BANK CLEARINGS (actuals):2 August 69 2,634 151,863 816 1921—August 2,787 467 79 14,887 September 71 2,511 862 1922—August 512 375 15,849 CENTRAL BANK NOTE ISSUES: November 783 1,464 17,133 1921—August 427 36,783 80 2,481 1923-February 3,006 792 7,441 16,905 1922—August 396 36,385 238 2,153 May 3,067 680 13,345 19,368 November 390 36,114 754 2,330 June 2,960 733 28,375 19,532 1923—February 381 37,055 3,513 2,247 July 3,004 765 76,624 18,184 May 390 36,741 8,564 2,250 August 2,330 764 817,134 17,308 June 389 36,689 17,291 2,227 SIOTPING ACTIVITY (relatives):6 July 392 36 929 43,595 2,195 1921—August 67 94 81 129 August 387 37,364 663,200 2,225 1922—August 104 110 99 138 September 394 37,626 2,248 November 100 113 139 CENT 1 R 92 A 1 L — B A A u N g K u st DISCOUNT RATE: S* 1 19 9 2 2 3 3 — — M Fe a b y ruary 1 8 1 8 4 1 8 3 7 0 111 1 9 3 2 2 1922—August June 112 129 111 137 November 3 July 98 130 119 155 1923—February 3 August 103 130 115 149 3 VALUE OF EXPORTS (actuate):' June 3 1921—August 51,346 1,725 366,888 July.. 4 1922—August 60,032 1,676 255 301,775 August 4 November 66,491 1,706 255 380,000 September 4 1923—February 57,510 2,329 361 306,957 May 71,555 2,675 316,363 PRICES AND EXCHANGE. June 2,479 320,038 WH tiv O e L s) E : S 3 ALE PRICE INDEX (rela- J A u u ly gust 5 60 9 , , 1 5 0 0 3 4 2 2 , , 4 2 2 4 4 3 3 3 0 1 3 1 , , 0 3 3 5 0 2 1921—August 195 146 VOLUME OP EXPORTS (relatives):' 1922—August 168 | 29,116 165 1921—August 65 142 November 165 307 167,495 164 1922—August 97 97 1923—February 170 355 677,000 166 November 111 112 May 175 363 14,980 166 1923—February 135 84 June 174 372 39,898 163 May 102 81 Jujy 170 369 283,599 159 June 81 98 82 August 167 359 3,063,358 159 July 104 78 RETAIL PRICE INDEX (relatives): * August 89 1921—August 222 317 1,192 155 VALUE or IMPORTS (actuals):'1 1922—August 181 289 •7,765 139 1921—August 88,555 1,731 194,769 November 180 297 44,610 145 1922—August 82,661 1,960 545 281,376 1923—February 177 316 264,300 142 November 95,600 2,348 536 291,805 May 170 325 381,600 143 1923—February , 83,855 2,343 446 303,465 June 169 331 765,000 144 May 89,479 2,597 372,545 July 169 321 3,765,100 147 June 2,558 320,257 August 171 328 146 July 76,818 2,615 287 335 FOREIGN EXCHANGE (percentofpary August 88,743 2,633 275,382 1921—August 75.08 40.20 4.993 VoOTME OF IMPORTS (relatives):1 1922—August 91.74 41.23 .415 1921—August 82 136 November 92.06 35.54 .058 1922—August 122 194 1923—February 96.39 31.84 .016 November 124 204 May 95.05 34.39 .009 1923—February 103 209 June 94.83 32.65 .004 May. 122 236 July 94.18 30.52 .0014 June. 97 134 206 August 93.71 29.27 .00014 July. 132 69 166 September 93.34 30.34 .000008 August. 130 153 1 A full explanation of this table, including a list of the sources employed, appears in the BULLETIN (final edition) for February, 1923, pp. 182-185. 2 Amounts stated in millions of pounds sterling, millions of francs, billions of marks, and millions of dollars. » 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. » Series changed to include clothing as well as food, heat, light, and rent. April, 1922, without clothing, 3,175; with clothing, 3,436. July, 1923, without clothing, 3,330.000. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1114 FEDERAL KESEKVE BULLETIN. OCTOBER, 1923. RECENT DEVELOPMENTS IN RUSSIAN per cent of the face value and as to the remainder by interest-bearing bonds of the Commissariat of Finance.2 BANKING AND CURRENCY. Quotations of bank notes in terms of paper rubles may be made on all the stock exchanges of the Russian Socialist During the past year some important changes Federation of Soviet Republics. have taken place in the banking and currency situation in Kussia.1 A number of public and When the State Bank was founded it was not the intention of the Government to private banks have been created and the bestow upon it the right of issue. The soviet Soviet Government has made an attempt to ruble depreciated so rapidly, however, that find a way out of the chaotic currency situait was almost impossible for the bank to tion. The rapid development of the State carry on its transactions in terms of paper Bank and the creation of an industrial bank rubles. The State Bank, therefore, while it and other credit institutions indicated a great received paper rubles on deposit in order demand for credit on the part of Governmentto attract funds, credited the depositors owned trusts as well as of private enterwith the gold equivalent at the current rate prises. So long, however, as the paper ruble of exchange. When deposits were withdrawn was the only available currency in the country, the bank paid out paper rubles at the gold the activities of the banks were limited and rate of the day. In order to protect itself hazardous, for the steady depreciation of the against losses, the bank invested its ruble currency tended, on the one hand, to keep holdings in foreign exchange and in old gold holders of funds from depositing them with rubles, thus increasing the demand for forthe banks and, on the other hand, to keep the eign exchange and gold. Since Russian gold banks from extending credit. Banks and comrubles were preferred by the peasants, who mercial enterprises therefore tried as far as were reluctant to accept foreign exchange, possible to convert their rubles into foreign the demand for gold rubles increased, and they exchange or goods, and this further aggravated were at times quoted at a premium exceeding the currency situation and contributed to the the value of their gold content by as much decline of the paper ruble. as 30 per cent. This situation was terminated when the State PRESENT CURRENCY SITUATION. Bank began to issue notes, since the new currency had the same status as gold. The small- In its effort to remedy this situation and est unit of the new currency is 1 chervonetz, to bring about more stable conditions in worth 10 pre-war gold rubles. The high miniindustry and trade, the Soviet Government mum value of the chervonetz notes was adopted on November 16, 1922, issued a decree, the in order to confine the use of the new currency most important points of which are sumto larger exchange transactions and to prevent marized below: it from being hoarded, as would undoubtedly The State Bank is empowered to issue bank notes. have been the case if smaller units had been in The bank notes are to be in denominations of 1, 2, 3, 5, circulation. The new bank notes are intended 10, 25, and 50 chervontsi (1 chervonetz equals 10 prewar gold rubles, or roughly" £1). to meet the needs of industry and commerce These bank notes must be secured, to the extent of a rather than to provide funds for the Governminimum of one-fourth of their value, by gold, precious ment, and the State Bank has authority to metals, or stable foreign currency, and as to the remainder issue chervontsi notes for loans to the Governby readily marketable goods, short-term bills of exchange, or other specified securities. ment only by the special permission of the The amount of notes put into circulation and the com- Supreme Council of People's Commissaries, position of the security are to be published by the bank and such loans must be secured up to 50 per twice monthly. cent by gold, the balance being covered by Bank notes will be accepted at their face value in payshort-term, interest-bearing treasury bills payment of State taxes and dues (customs, railway fares, etc.), and in all cases where the law requires payments in able in gold. gold. Cover of bank notes.—The issue department of The State Bank shall have the right to demand that in the State Bank is under supervision of a special all cases where loans were made in bank notes, or where the redemption of bonds is provided for in bank notes, board which determines the value of the cover payment or redemption shall be made in such notes. offered as security for nt>tes. For this purpose Loans in bank notes made to the Commissariat of Finance the following rules have been adopted. Gold is are to be secured by precious metals to a minimum of 50 accepted at its full value, merchandise up to 50 1 Developments in the field of Russian banking and currency since the outbreak of the war up to the middle of 1922 were discussed in the * The making of such loans is only allowed with the express pe. mis- August and October, 1922, issues of the BULLETIN. sion of the Government. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1115 per cent of its market value, Russian and for- calculated in chervontsi and almost all banks eign securities belonging to the bank at not more open accounts and grant loans in terms of than 75 per cent, and bills of exchange taken the new currency. Current accounts in cherover from customers of the bank up to 90 per vontsi of the five large banks in Moscow have cent of their market value. Between Novem- grown forty five times since January, 1923, ber, 1922, when chervontsi notes were at first and amounted to about 6,240,000 chervontsi put into circulation, and the middle of June, on the 1st of June, while from January 1 1923, about 8,650,000 chervontsi were issued. to May 1, 1923, the State Bank granted They are covered by assets representing a value loans amounting to about 22,000,000 cherof about 9,930,000 chervontsi, of which vontsi, as compared with the equivalent of 4,576,000 is Russian and foreign gold and about 1,000,000 chervontsi during the same 748,486 are drafts in dollars, Swedish kroner, period in 1922. and sterling. Below are given statements of the The relation of the chervonetz to gold or to issue department of the State Bank as of Jan- stable currencies may be seen from the followuary 2, February 1, March 1, April 1, May 1, ing figures, comparing the quotation in paper and June 1, 1923: rubles of the 1923 issue of the chervonetz with CONDITION OP THE ISSUE DEPARTMENT OP THE RUSSIAN STATE BANK. [In eherrontsi.] Jan. 2, Feb. 1, Mar. 1, Apr. 1, Mayl, June 1, 1923. 1923. 1923. 1923. 1923. 1923. Gold cover . .. 506,528 1,138,777 1,533,836 2,710,836 13,764,694 3,978,627 Foreign exchange 996,178 629,571 701,086 383,321 489,551 742,567 Discounted bills 414,060 830,308 1,113,758 1,617,946 Secured loans 1,139,646 1,139,646 2,290,995 2,663.537 Tol al assets 1,502,706 2,679,417 3,788,629 5,064,052 7,659,000 9,002,678 Bank notes handed over to the banking department 1,118,000 1,930,000 3,000,000 4,500,000 6,000,000 8,000,000 384,706 749,117 788,629 564,052 1,659,000 1,002,678 1 Including 58,307 chervontsi in silver. Chervontsi notes, although nominally re- that of 10 ruble gold coins, the pound sterling, deemable in gold chervontsi, are in practice and the dollar: not redeemed in gold but in soviet rubles at the current rate of exchange. Their value, [In soviet rubles, 1923 issue—1,000,000 rubles of earlier issues.] therefore, rests upon the confidence of the public in the State Bank and in the cover held Official Stock exchange rate. by it. State Bank notes are legal tender for quota- Date. tion of all payments to the Government and are the 10 g r o u l b d. les C n h e e t r z v . o- s P te o r u li n n d g. Dollar. only kind of currency accepted by the Government in payment of custom duties. Jan. 1, 1923 174 175 200 43 Quotation of chervontsi.—At first chervontsi Feb. 1,1923 202 212 219 49 were at a discount in relation to gold, but the Mar 1 1923 235 240 212 46 Apr. 6, 1923 358 390 368 80 confidence of the public in them soon increased, Per cent increase since Jan. 1, 1923 . . 105 122 84 84 and at the end of March, 1923, they were quoted above the pound sterling and other foreign exchanges. During May the cher- The higher stock-exchange quotation of the vonetz started to depreciate again and was at chervonetz as compared with that of 10 gold times quoted at 30 per cent Tbelow par, but rubles is due to the fact that the official quotathrough the efforts of the bank it soon recov- tion is usually lower than the open-market ered and is at present somewhat above the quotation. As a direct consequence of the pound sterling. The fact that chervontsi are creation of chervontsi, the demand for foreign quoted regularly in some of the Scandinavian exchanges decreased, which explains the smaller countries and that the State Bank is always percentage increase of the pound and the dolready to buy them at the daily rate of exchange lar in terms of paper rubles. has further enhanced their popularity. At Relation of chervonetz to soviet rubles.— present practically all larger transactions are Although the use of the chervonetz in daily Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1116 FEDERAL. RESERVE BULLETIN. OCTOBER, 1923. transactions is steadily increasing, it has not tended to increase the number and activity supplanted the paper ruble. The treasury of the banks. During the second half of 1922 still issues paper rubles in large quantities and and the first half of 1923 a number of public in denominations up to 100,000,000 rubles. As and private banks were created. At the end the amount of rubles outstanding reached a of March, 1923, there were in the territory of fantastic sum, the Government on November the Soviet Republic 10 banks and 22 mutual 3, 1921, issued a decree creating a new type of credit institutions, besides a large number of ruble, 1922 issue, the value of which was made smaller loan and credit associations, and their equal to 10,000 rubles of earlier issues. On resources are steadily growing. The increase October 24,1922, a similar decree was published in resources is due mainly to the rapid growth creating rubles of the 1923 issue, the value of of deposits, which formed 21.6 per cent of the which is equal to 100 rubles of the 1922 issue total resources on February 1, 1923, 25 per or to 1,000,000 rubles issued before 1922. cent on March 1, and 37.5 per cent on April 1. Amounts of soviet rubles and bank notes out- In some banks demand deposits surpass about standing during the first five months of the five times their capital and surplus. Most banking institutions are located in Moscow, year are given in the table below: and about 80 per cent of all bank resources are concentrated in that city. Even in some MONEY IN CIRCULATION IN RUSSIA. of the largest provincial cities, such as Rostov [000 omitted.] on the Don, and Kharkov, the activities and resources of the banks are insignificant. Total money in The following table showing the operation circulation State Bank Date. in terms of notes, in of the more important banking institutions soviet chervontsi. for the first four months of the present year rabies of 1923. indicates the state of development of Russian banking: Jan. 1,1923. 1,995,000 1,120 Feb. 1,1923 2,629,000 1,930 Mar. 1,1923 3,237.000 3,000 OPERATION OP THREE RUSSIAN BANKS. Apr. 1,1923 4,483,000 4,500 May 1,1923 6,079,000 6,000 [In thousands of chervontsi.1 Recently the Soviet Government changed Percentage increase over Jan. 1,1923. its policy with regard to soviet notes in cir- Disa m c m u o l o a n t u t i h o n n t m , o u f s a t n r u d n b o l t i e s e s x n u c o e e d t e e d s a t i h ss e d u e v e c a d re l u e d e u r o w i f n h g 3 e 0 re , a 0 b n 0 y y 0 ,0 o t 0 h n 0 e e s T ou r o e r t c - a e l s. a d a C n e c d u p c r o o o r s u e t i h n n ts e t t . r c m o t a i d u a n m e n n d - e t d s, T r o e t - al C c u o a a r u n c r n d - e t n s t c t o D a i u m n i n d s e - ts, gold rubles. Whether or not the new State loans. sources. o d th e e - r m d a e n - d Bank notes will ultimately supplant the soviet posits. loans. ruble altogether, it is difficult to predict, since this depends largely upon the financial policy Industrial Bank: Jan. 1,1923... 343 35 207 of the Soviet Government. The new cur- Feb. 1,1923.. 622 171 329 iii 489 159 rency is a step in the direction of making it M Ap a r r . . 1 1 , , 1 1 9 9 2 2 3 3 . . . . 1,7 9 9 4 1 2 2 7 6 3 0 2 5 5 2 3 9 0 274 2,0 7 9 4 1 3 2 2 5 5 6 6 possible for industry and commerce to emanci- Commercial Bank: 522 Jan. 1 1923 pate themselves from the disastrous effects of Feb. 1,1923... 1,124 32 U46 currency inflation. It is too early to deter- Mar. 1,1923.. 1,253 51 294 2 iii 2 159 «201 Apr. 1,1923.. 1,553 72 575 >138 '225 "394 mine what the final outcome will be of having Municipal Bank: Jan. 1,1923... 189 10 46 two currencies, in circulation both having legal- Feb. 1,1923.. 391 72 193 206 720 420 tender value and one having adequate cover, Mar. 1,1923.. 768 272 538 406 2,720 1,170 Apr. 1,1923.. 1,319 599 952 696 5,990 2,026 while the other is strictly fiat money and continues to be issued in enormous volume. • Including letters of credit. ' Increase of Feb. 1. A brief description of some of the more BANKING. important individual banks at present in The adoption by the Soviet Government of operation in Russia may give an idea of the the "new economic policy," more tolerant of general trend of Russia's banking development private enterprise, and the creation of the under the new economic policy of the Governchervontsi notes made it possible once more to ment. Although private persons are allowed engage in banking operations in Russia and to open banks and some private banks are Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1117 already in operation, their activities are re- The State Bank.—The organization and operstricted and the most important banks are ation of the State Bank has been fully disowned and operated by the State or cooperative cussed in an earlier issue of the BULLETIN, SO associations. The policy of the Soviet Govern- that only those phases need be discussed here ment thus far has been not to use the funds of which are of more recent development. The the banks for fiscal purposes, and this has en- creation of the cheryonetz had a beneficial abled the banks to devote most of their re- effect upon the operation of the bank. Up to sources to the financing of trade and industry. the time when the bank was authorized to The two largest banks, the State Bank and the issue notes, its activities were hampered by Industrial Bank, have a number of branches all the rapid depreciation of the ruble, which made over Russia. The State Bank alone has more the extension of credit risky. Under such conthan 100 branches in all important towns and ditions the bank was able to extend only a larger number of correspondents and agencies. short-term credits at very high rates of interest. In addition to the branches of the two The increased use of the chervonetz as a meinstitutions already mentioned, the Govern- dium of account remedied this situation. It ment established banks such as the Bank of resulted in an increase in the bank's resources the Ukraine, the Agricultural Credit Associa- and caused a considerable decline in the rate tion of the Crimea, and other provincial banks of interest, both on loans and deposits. The intended to serve particular provinces and rapid growth of the State Bank since the creterritories. The development of the provincial ation of the chervonetz may best be seen from banks has been slow, mainly owing to the lack the following table showing the assets and of capital and the general suspension of trade liabilities of the bank for the period February and industry. 1 to May 1, 1923: CONSOLIDATED BALANCE SHEET OF THE RUSSIAN STATE BANK. [000 omitted.) Feb. 1,1923. Mar. 1,1923. Apr. 1,1923. May 1,1923. In i r s u 1 s s b 9 u o 2 l e v e 3 o i s . e , f t v c o h I n n e t r s - i. In i r s u 1 s s b 9 u o 2 l e v e 3 o s i . e , f t v c o h I n n e t r s - i. In i r s u 1 s s b 9 u o 2 l e v e 3 o s i . e , f t v e o h I n n e t r s - i. In i r s u 1 s s b 9 u o 2 l e v e 3 o s i . e , f t v c o h I n n e t r s - i. Cash 125,287 204,136 1,012 338,869 1,931 573,197 2,832 Special advances to industry 342,388 386,821 182 564,281 519 26,983 5,642 Bills purchased: ' (a) Used as security for note issues. 414 830 1,114 (6) Other 27,996 503 15,033 1,022 2,150 1,873 979 2,550 Advances on merchandise: (a) Used as security for note issues. 911 1,140 1,140 2,291 (&) Other 251,362 1,519 219,807 3,080 180,490 5,067 96,606 5,958 Advances to agriculture 42,905 1 64,398 21 104,058 32 1,553 846 Merchandise and securities. 31,936 472 8,265 1,110 6,331 2,641 1.225 Foreign currency (valuta) and precious metal: (a) Used as security for note issues 1,768 2,235 3,094 4,254 (6) Other.. 16,996 2,307 22,415 2,788 1,462 3,362 4,238 3,098 Due from branches and agencies 222,055 988 262,941 1,583 368,634 2,533 825,888 4,069 Current expenses, paid interest, and differences in exchange. 23,104 2 37,081 6 89,729 17 199,741 26 Allother 611,092 280 899,449 1,371 1,016,461 911 1,064,182 1,273 Total assets. 1,695,121 2,120,347 16,263 2,672,464 22,193 2,795,987 35,178 LIABILITIES. Capital assigned to main office 130.750 130,750 130,750 130,750 Operating capital of offices and branches 32,621 93 13,211 617 506 1,279 6,347 2,493 Bank notes in circulation 1,930 1,000 4,500 6,000 Special funds for loans to industry 352,126 433 395,991 1,427 570,963 1,707 70,978 7,543 Current account and other deposits 532,864 1,823 857,427 2 677 1,093,963 4,883 1,400,670 7,094 Transfer operations 9 116 137 9,668 1,069 10,618 965 17,097 931 Due to branches, offices, and agencies 221,319 707 240,045 1,244 326,139 1,541 448,991 2,190 Interest and commissions received 20,245 39 53,440 176 81,007 359 108,313 715 Profits for the year 1922 310,628 22 319,562 23 344,460 22 378,307 28 Other liabilities 85,451 4,801 100,253 6,030 114,058 6,937 234,484 8,185 Total liabilities. 1,695,121 9,987 2,120,347 16,263 2,672,464 22,193 2,795,987 35,178 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1118 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. Through its foreign department the State and the rest loans to private individuals and Bank facilitates the financing of Russia's corporations. At the beginning of its operaforeign trade. With this end in view the tion the bank financed mainly the textile bank established connections with other banks industry, whose returns were more assured abroad and recently opened a branch in Lon- than those of the "heavy" industries, loans to don. It grants loans to Russian exporters, the textile trusts constituting 34 per cent of provides importers with foreign exchange, the bank's total loans. issues letters of credit, and undertakes the The bank has 15 provincial branches, incollection of items all over European and cluding one each in retrograd, Kharkov, and Asiatic Russia. The State Bank also transmits Rostov on the Don. The establishment of funds within Russia and between Russia and twenty-four more branches is planned. Provinforeign countries in chervontsi and in foreign cial branches, however, are opened only in those currencies, if so stipulated. Although the places where local capital is available to pro- State Bank performs the functions of a bank vide the branch with the necessary working of issue, it is chiefly a commercial bank capital. During the first six months of existintended to grant short-term credits to the ence its total resources in chervontsi increased various industrial and commercial enterprises twelve times and its deposits twenty-nine times. of the country. According to various state- Foreign exchange transactions of the bank also ments of officers of the bank, it exercises great increased very rapidly. This increase is due caution in granting credits and furnishes no to the fact that a very close relationship exists credits to State-owned enterprises which are between the Industrial Bank and the Comnot profitable. missariat of Foreign Trade, and the commercial representatives of the latter act as agents The Industrial Bank.—Next in importance for the former. to the State Bank is the Industrial Bank, founded October 24, 1922, for the purpose of Russian Commercial Bank.—This institution financing State-owned "trusts" and other in- is the first Russian bank of importance estabdustries. The object of the Government in lished with the aid of foreign capital. It was founding this bank was to concentrate the founded by the Svenska Economiaktiebolaget financing of the most important industries in a of Stockholm, with a subscribed capital of single credit institution which would be in close 10,000,000 gold rubles ($5,146,000). Of the contact with the Supreme Council of People's total capital of the bank 25 per cent was Economy. The bank is a Government enter- deposited with the State Bank as a guaranty prise and its principal shareholders are the against its domestic liabilities, and a part of Supreme Council of People's Economy, the its funds was required to be converted into Foreign Trade Commissariat, the textile trust, Russian paper rubles. The main business of and a number of other trusts. The original the bank consists in making advances against subscribed capital of the bank amounted to merchandise and in financing exports from about 3,000,000 gold rubles, but decreased and to Russia. In a circular letter addressed from the time of subscription to the time the to various American banks the Russian Combank opened for business to about 1,700,000 mercial Bank stated its readiness to execute gold rubles, the decline being caused by the orders in Russian rubles of the 1923 issue, as rapid depreciation of the paper ruble in which well as in dollars, and to make collections in subscriptions were made. The creation of the Moscow and other cities. The total resources chervonetz enabled the management of the of the bank on June 1, 1923, amounted to bank to invest its funds in a stable currency, 2,041,298 chervontsi, as compared with and at the end of June, 1923, the bank's capital 1,120,000 chervontsi on February 1, when the amounted to 5,637,000 gold rubles. first balance sheet was published. The principal customers of the bank are, as Moscow "Municipal Bank.—This bank had a already stated, the various industrial trusts capital of 200,000 chervontsi on May 1, with owned by the Government. They received total resources amounting to about 2,000,000 from^the bank during the first half of 1923 in chervontsi. The rapid growth of this instituthe form of credits and discounts the equiva- tion can best be seen from the following figures: lent of about 30,000,000 gold rubles (3,046,000 The amount of discounted bills increased from chervontsi), which represents about 80 per 34,000 chervontsi on January 1, 1923, to about cent of the total credits granted by this insti- 468,000 chervontsi on April 1, an increase of tution. Of the balance, about 7 per cent repre- 1,276 per cent, and deposits during the same sent loans to commercial enterprises, about 5 period rose from about 10,000 chervontsi to per cent loans to transportation companies, about 600,000 chervontsi, an increase of 5,900 3 per cent loans to cooperative associations, per cent. The rapid growth of the bank is due Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1119 partly to the fact that it serves as depository vincial branches of the Consumers' Cooperative of all the liquid funds of the Moscow local Bank increased more rapidly than those of the soviet. In this respect its activities also differ Moscow head office. from those of other banks in that it finances the construction and repairing of buildings. Of SUMMARY. the total loans granted, 82 per cent were to State The creation in Russia of industrial trusts undertakings, 13 per cent to cooperative asso- and commercial enterprises on a capitalist ciations, and only 5 per cent to private persons. basis made it necessary to introduce a stable Consumers' Cooperative Banlc.—The purposecurrency and led to the creation of the cherof this credit institution is to finance the vonetz, which was an important step toward various cooperative organizations in Soviet the restoration of Russia s financial activity. Russia. Since the cooperative associations had The existence of a more or less stable curnot enough funds of their own to provide the rency acted as a stimulus for the establishment necessary capital, bo'th the State Bank and of new banks and encouraged the making of the Commissariat of Finance bought stock of deposits and the extension of loans. At the new institution and deposited large sums present two independent currencies are in cirwith it. The growth of activities of the bank culation in Russia, the State Bank notes and is reflected in an increase in deposits from the soviet ruble. The bank notes are the 25,000 chervontsi on February 1 to 93,000 almost universal unit of account and the basis chervontsi on May 1. In contrast to other of foreign trade, while soviet rubles still constibanks, whose provincial branches are of rela- tute the actual medium of exchange in dotively small importance, the deposits of pro- mestic transactions. THE BANK OF THE REPUBLIC OF COLOMBIA. Following disastrous experiences with irre- par with Colombian money in an effort to put deemable currency issued by Government insti- this currency into circulation. The customtutions, such as the Banco Nacional and the houses found it difficult, however, to dispose of Banco Central, established in Colombia in 1880 the English paper money received in payment and 1905, respectively, the people of that coun- of duties, and the law was finally rescinded. On try since 1909 have used gold, silver, and cer- December, 1920, authorization was given the tain foreign currencies as the circulating me- banks of the country to issue certificates, dium of the country. In 1919 all the old issues which were to run for a three-year period from of irredeemable paper were retired from circu- the date of issue and to be guaranteed by lation by the Government at the rate of 100 commercial securities. The maximum amount pesos of irredeemable currency to 1 peso gold for which these certificates might be issued note, and the total amount of gold notes put was fixed at 8,000,000 pesos. in circulation during that year amounted to During the most recent period the money in 10,180,000 pesos, quoted at par in terms of circulation (mostly paper and silver) became pounds sterling. This parity was maintained depreciated in terms of gold. Exchange rates during the war, notwithstanding financial diffi- in Colombia on the United States—the only culties of the country during that period which large free gold market of the world—have been forced the Government to use for other pur- for some time considerably above gold par, and poses the metallic reserves accumulated against gold has been at a substantial premium in the the gold notes in circulation. Monetary con- domestic market. Gold has been moving out ditions improved, for a time, however, when of Colombia rather than coming in, and reheavy importations of gold were made by demption of the paper currency has been sus- Colombia from the United States in payment pended. In addition to coins of gold, silver, for exceptionally large quantities of Colom- and nickel there were on May 1, 1923, the folbian staples exported. American gold coin lowing kinds of currency in circulation: was thus put into free circulation in Colombia Pesos. at par with the English and Colombian gold. National notes (billetes nacionales) 10,200,000 In spite of the new forms of currency included Treasury notes (bonos del Tesoro1) 5, 111, 993 in the Colombian monetary system, the amount Treasury certificates (cedulas de Tesoreria).... 3, 215, 940 in circulation was not sufficient to take care of Total Government currency 18, 527,933 the needs of the country, and new circulating Bank notes (bonos Bancarios) 820, 600 media had to be found. English paper money Bank certificates (cedulas Bancarias) 4,008, 664 was made receivable by the customhouses at Total bank currency "17829,264 Grand total 23,357,197 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1120 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. The dependence of the country upon these After a careful and detailed study of the ecovarious unsecured currencies, coupled with the nomic and banking situation of the country, lack of cooperation and coordination between the financial mission submitted for the apthe banks of the country, made the establish- proval of the Government of Colombia two ment of a central bank of issue and rediscount bills—one relating to existing banks and the a subject of paramount importance. Lack of other providing for the establishment of the organization has been recently evidenced by Bank of the Republic. The latter bill became the failure of the Banco Lopez, the most im- law on July 11, 1923. Other financial measportant private financial institution of Colom- ures were presented and adopted. bia, which caused the opening of the new Bank The financial mission presented also its of the Kepublic to be effected on July 23, 1923, observations affecting the banking situation of earlier than had been originally planned, as an the country, the main points of which may be emergency measure to prevent an impending summarized as follows: The scope of operations general banking panic. conceded to the banks o'f Colombia is unduly The difficulties of the Banco Lopez in meet- broad, including as it does investment banking, ing the demands of its depositors started on the promotion and organization of industrial July 16, 1923. At the beginning a certain and public utility undertakings, and the flotaamount of confidence was created in the public tion of corporate securities; banking supervision is inadequate; banking statistics as compiled mind by the payment of 750,000 pesos, largely at present are not adequate for their purpose; gold, by the Government for the Lopez buildthe majority of the banks do not keep their ing. In spite of this assistance, however, the assets in a sufficiently liquid condition; and bank was forced on the following day to suspend existing legislation with respect to the capitalipayments, after, however, having turned over zation of the banks is not satisfactory. to the Government Board for the Conversion of Paper Money sufficient funds to meet all A summary of the principal provisions of the payments on account of savings deposits. act providing for the establishment of the Bank A committee for the organization of the Bank of the Republic follows: of the Republic was appointed and a joint Capital.—The capital of the bank shall meeting of this committee and of the Bogota consist of 10,000,000 gold pesos, divided into bankers was immediately called by the Secre- 100,000 shares of 100 pesos each. These shares tary of the Treasury. On July 20, 1923, the shall not be transferred to foreign governments. board of directors of the new bank was formed, There shall be four classes of shares—shares of and on July 23 the bank began operations. class A, amounting to 5,000,000 gold pesos, to be subscribed for and paid in gold by the The Government subscribed to 5,000,000 National Government. These shares do not pesos of stock of the new bank and paid its confer the right to vote, but the Government initial installment (60 per cent), 3,000,000 is to have the right of appointing three mempesos gold, in New York. Three Bogota banks bers of the board of directors, whose term of subscribed at once and paid in approximately office shall be three years. The funds neces- 500,000 pesos in gold. The funds thus made sary to cover the payment of these shares shall available rendered possible the rediscounting be included in the national budget, and the of sufficient paper held by the local banks to Government may take them from the ordinary strengthen their reserves sufficiently to meet resources of the treasury or from its extraorany reasonable demands which might be made dinary revenues, but the Government is not upon them. On July 22 the bank redis- authorized to discount for this purpose any of counted 1,900,000 pesos of commercial paper the installments of the indemnity received from for three banks in Bogota and issued to them the .United States. If the Government shall 1,500,000 pesos of provisional notes, using for reduce its holdings of class A shares below a par this purpose, with some modification, un- value of 4,000,000 pesos, but hot below issued gold certificates of the Medellin mint. 2,000,000 pesos, its representation on the On July 23 the Bank of the Republic and the board of directors shall be reduced from three commercial banks opened for business at the members to two; and if it shall reduce its usual hour and the panic was broken. holdings below 2,000,000 pesos, its representa- The law creating the new bank of issue in tion shall be reduced from two members to Colombia was based on the work of a mission one. The Government shall always have at of American financial counsellors, headed by least one representative on the board of di- Dr. E. W. Kemmerer, of Princeton University. rectors. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1121 Shares of class B are to be subscribed for ex- in the capitals of the departments and in clusively by the national banks engaged in com- other important cities. Each branch shall be mercial banking operations established in ac- administered by a branch manager appointed cordance with the laws of the country and whose by the board of directors. The branch manstock is owned wholly or in greater part by ager shall be a member and ex-officio chair- Colombian citizens. Besides national banks, man of the branch board of directors, which mortgage institutions conducting commercial shall be composed of four members in addition banking departments are authorized to sub- to the branch manager. Two of the members scribe to the stock of the Bank of the Republic. shall be appointed by the board of directors National banks may subscribe 15 per cent of of the main office, one by the local stockholding their total subscribed capital and surplus ac- banks and the other member by the National cording to the statement of condition on June Executive. They shall hold office for two 30 previous to the purchase of stock, while the years. amount of stock to be subscribed by the mort- Functions.—The board of directors of the gage banks is 15 per cent of the total amount of bank shall determine in the by-laws of the intheir capital and surplus assigned to the com- stitution the kinds of loans, discounts, and inmercial department. Class B stockholders shall vestments which the bank may make. The elect four members of the board of directors of bank shall not make any loans, discounts, or the bank. Two members shall be bankers, investments with a maturity exceeding 90 while the other two shall be persons engaged days, except in the case of bills fully secured in business, agriculture, or the professions. by agricultural products or livestock, in which Shares of class C are to be subscribed for ex- case the maturity of the loan may be up to six clusively by foreign institutions conducting a months, provided, however, that the bank commercial banking business in Colombia in shall at no time hold such paper to an amount an amount equivalent to 15 per cent of the exceeding one-third of its total paid-up capital part of their capital and surplus assigned to and surplus. The bank is not authorized to operations in Colombia. Class C stockholders grant credits without fixed maturity or to allow shall elect two members of the board of direc- overdrafts. The bank shall not be permitted tors of the bank, one to be a banker and the to purchase, discount, or accept as collateral other a business man, agriculturist, or profes- for loans, or in any other way make advances sional man. Shares of class D shall be sub- upon the following kinds of paper: (a) Paper scribed for and owned by the general public bearing less than two responsible signatures, and shall carry with them no right to vote one of the signatures being that of the bank until an amount equivalent at par to 500,000 applying for rediscount, provided, however, pesos has been subscribed for. At such a time that for one of the nonbanking signatures there and so long as at least 500,000 pesos par value may be substituted collateral security in the of such shares are outstanding, one additional form of bills of lading, warehouse receipts, or member of the board may be elected by this other documents giving the bank control of actually existing products, or merchandise in froup. Class D shares may be bought by process of production, transportation, or sale, anks and converted into class B or C shares, the current market value of which is at least and conversely class B and C shares may be 25 per cent larger than the amount of the loan; converted into class D shares. The amount of provided also that the bank may purchase from the bank's capital shall be increased whenever its member banks single-name paper in the form the demand for shares on the part of the banks of drafts drawn on foreign banks, the maturity to fulfill the requirements of the banking law of which shall not exceed 90 days' sight, up to shall exceed the authorized capital. such an amount as the board of directors may Organization.—The period of existence of the provide in the by-laws; (6) paper, the proceeds bank is to be 20 years from the date of the of which have been or are intended to be used registration of the bank's charter, but it may for speculative purposes; (c) paper, the probe extended by legislative act. The control of ceeds of which have been or are intended to be the Bank of the Republic shall be placed in the used for permanent investments, such as the hands of the board of directors, the majority of purchase of lands, buildings, mines, machinery, whose members are to be Colombian citizens. and furniture; (a) promissory notes, accept- Members of the board shall hold office for two ances, bonds, and other obligations of the nayears. The manager of the bank shall be tional, departmental, or municipal governments elected by the board by at least seven favorable of Colombia in excess of 30 per cent of the votes. The bank is authorized to open branches g5288—23 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1122 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. bank's paid-up capital and surplus; (e) its own faction of loans previously made by the bank, shares, or paper secured by its own shares or by and to purchase at public auction real estate its own bank notes; and (f) shares of transpor- previously hypothecated to it for the liquidatation, mining, commercial, industrial, or ag- tion of loans, but the bank is not authorized ricultural corporations or paper secured by such to hold property so acquired for over two shares. years. The board of directors of the bank shall fix Note issxie.—The Bank of the Republic shall from time to time the discount rates at which enjoy the exclusive privilege of note issue for it will rediscount the eligible paper of member a period of 20 years. In case of insolvency, the banks, and the rates at which it will discount bank's notes shall have a prior lien over all eligible paper offered by the public. These other liabilities of the bank. The bank may rates may differ for different classes of paper. issue notes only for the following purposes: No member bank shall be permitted to re- (a) For the purchase of gold bullion or specie; discount paper at the Bank of the Republic (i) for the purchase or discount of drafts and if it is charging its customers on paper of the bills of exchange on foreign countries having same kind and maturity discount rates higher a maturity of not over 90 days; (c) for the disthan 3 per cent above the rate charged by the count or rediscount of commercial or agricul- Bank of the Republic. tural paper in accordance with the limitations The bank is authorized to engage in the fol- outlined above; and {d) for the purchase and lowing operations with its member banks: To retirement from circulation of treasury certifimake loans and discounts, as explained above, cates in an amount not exceeding 3,216,000 to receive deposits, to buy and sell bills of pesos. exchange, to buy and sell gold bullion and Reserves.—The Bank of the Republic shall specie, and to act as a clearing house. maintain a gold reserve of not less than 60 per The bank is also permitted to engage in the cent of its notes in circulation and deposit liafollowing operations with the general public: bilities combined. Demand deposits payable (a) To buy and sell cable transfers; (6) to buy in gold kept in foreign banks of high standing and sell gold bullion and specie; (c) to buy and may be counted as part of the reserve in an sell or discount bank drafts on foreign countries amount not to exceed two-fifths of the total and foreign bills of exchange with a maturity reserve. The same proportion of reserve shall of not over 90 days, covering import or export be held against outstanding treasury certifitransactions. Such bills shall bear at least cates for the redemption of which in gold on two responsible signatures, or one signature demand the bank obligates itself. Whenever when accompanied by shipping documents, the bank's reserve shall fall below the legal warehouse receipts, or similar documents minimum the bank shall be subject to a pengiving to the bank control of produce or alty tax, graduated according to the degree of merchandise having a ready market or in deficiency. The discount or rediscount rate of process of being marketed; (d) to buy, sell, or the bank shall not be less than 8 per cent per discount bank acceptances, bills of exchange, annum when the bank's reserve shall have been or promissory notes, made and payable in for one week or more continually below 60 per Colombia, with a maturity of not more than cent. Whenever a deficiency tax is imposed, 90 days. Two responsible signatures are re- an amount equivalent to at least one-half the quired, or one when accompanied by shipping rate of the tax on the reserve deficiency shall documents or warehouse receipts of readily be added to the bank's discount and rediscount marketable products; (e) to receive deposits rates; thus, if the rediscount rate is 8 per cent payable at sight; and (/) to buy, sell, or accept and the deficiency tax rate is 6 per cent, the as collateral for loans (subject to the limita- bank should charge a discount of at least 11 tions imposed by the act), bonds, or other per cent. The notes of the bank shall be reobligations of the national, departmental, or deemable in gold on presentation at the prinmunicipal governments of Colombia. cipal office of the bank. Notes presented to the branch offices for redemption shall be ex- The bank shall be authorized to purchase, changed, at the option of the holder, for gold hold, and convey real estate only when the at sight up to the amount of funds available property is required for its immediate accomand beyond that for checks on the main office modation in the transaction of its business. or for demand drafts on New York payable in The bank, however, is permitted to accept real gold. In time of emergency the.bank may estate as additional security for loans presubstitute for domestic gold coin in the reviously made or when it is tendered in satis- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL, RESERVE BULLETIN. 1123 demption of its notes sight or cable drafts on to such examinations as he may require. The New York payable in gold. bank shall also render weekly to the superin- Every banking institution operating in Co- tendent of banking a statement of condition, lombia, with the exception of the Bank of the showing in detail the amount of bank notes in Republic, shall maintain a reserve in legal cur- circulation; total amount of deposits classified rency amounting to a minimum of 50 per cent so as to show separately deposits of member against its demand deposits and of 25 per cent banks, deposits of the general public, deposits against its time deposits. Member banks of of the General Government, and other public the Bank of the Republic, however, shall be deposits; cash on hand, the bank's deposits required to keep reserves of only one-half of abroad; loans and discounts and other adthe percentages above indicated. These banks vances, classified as to classes of borrowers may count their demand deposits with the (member banks, general public, National Gov- Banco de la Republica which bear no interest ernment, and other divisions of the Governas lawful reserves up to one-half of the reserve ment) and as to maturity. requirement. Summary.—The new bank has a twofold The bank shall be the principal depositary of character. It is an official bank in the sense national funds and the fiscal agent of the Na- that the Government owns 50 per cent of the tional Government, taking over the functions capital stock and appoints three members of of the conversion office. All funds in the hands the board, while the bank acts as Government of the Junta de Conversion and the Junta de depositary and fiscal agent. On the other Vigilancia shall be turned over to the bank. hand, the majority of the members of the board Distributwn of net earnings.—The net profits of directors are elected by the stockholding of the bank shall be distributed in the follow- member banks, and the most important funcing manner: (a) 20 per cent to be paid into a tion which the bank will perform will be that surplus fund until it shall amount to one-half of rediscounting for the member banks and the of the authorized capital and 10 per cent there- issue of paper currency. The bank is also auafter; (6) 5 per cent to the employees' benefit thorized to conduct directly with the public and pension fund; (c) out of the balance a certain specified classes of transactions. dividend not exceeding 12 per cent on the Although several of the most important prostock; and (d) of the remaining balance one- visions of the act have been borrowed from the third shall be paid in dividends and the other Federal reserve act of the United States, the two-thirds shall be turned over to the National Bank of the Republic of Colombia has been Government as a franchise tax. All dividends organized with regard to banking conditions paid to the Government and all funds received and practices of the country. In this respect from the franchise tax and the tax on reserve the new bank differs in some essentials from deficiencies shall be used to retire from circu- another recently organized Latin-American lation Government paper circulating as cur- central bank, viz, the Peruvian Reserve Bank, rency until all such paper shall have been com- whose organization and functions are more pletely retired. closely modeled after the Federal reserve^ act The bank shall supply to the superintendent of .the United States. of banking such information and shall submit Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1124 FEDERAL RESERVE BULLETIN". OCTOBER, 1923. PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEX. Wholesale prices were unchanged in August in the United States and in France, according to the Federal Reserve Board's index numbers. In England and Canada there were declines of 3 and 2 points, respectively. There was a noticeable uniformity of trend among the various groups in the four countries. Raw materials and producers' goods declined in all four, consumers' goods advanced in all except England, where the decline was nominal. Goods produced dropped in all except the United States, where the %ure yeas unchanged. Goods imported and goods exported rose only in France, reflecting, perhaps, the decline of franc exchange during the month of August. When converted to a gold basis, the British figure, which for five months had been identical or nearly identical with that of the United States, was some 3 points lower. INTERNATIONAL WHOLESALE PRICE INDEX FEDERAL RESERVE BOARD 1913 = 100 600 600 550 550 r'\ 500 i 500 *50 J 450 *\ VX) \ ... 400 350 r '' • •^FRt \NCE / 350 300 • 300 \ /^ \ 250 250 7 \ \N ENGL.iND 200 \ 200 s ...... ^ JAPAN/ 175 175 -A CANAM\ ^ 1 150 150 uWTED STATE: 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. 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

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1125 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. Based on prices in respective currencies. Year and month. U St n a i t t e e s d . England. France. Canada. 100 100 100 100 211 241 207 239 314 478 250 148 201 321 167 157 167 298 149 1922. 165 168 298 149 164 165 294 144 October 165 163 294 145 164 165 307 164 166 315 1923. 165 167 324 166 170 355 March 169 175 372 April 169 177 364 May 166 175 363 June , 163 174 372 July .. . 159 170 369 159 166 369 MM OoS Converted to gold basis. Japan. United England. France. Canada. Japan. States. 100 100 100 100 100 100 211 218 199 239 237 174 223 181 148 159 124 150 i75 182 157 152 126 147 175 187 165 154 123 149 179 179 164 150 117 144 171 174 165 148 112 145 168 172 164 151 109 147 167 173 164 157 118 146 170 176 165 160 112 147 172 183 166 164 113 150 178 155 185 169 169 122 152 180 156 185 169 169 126 153 181 155 187 166 166 125 152 184 153 186 153 164 121 150 183 151 182 159 160 113 147 178 149 159 156 108 146 GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES. ENGLAND, FRANCE, CANADA, AND JAPAN." 1923 1922 1923 1922 Countries and commodity Countries and commodity groups. groups. Aug. July. June. May. Aug. Aug. July. June. May Aug. UNITED STATES. CANADA. All commodities 159 159 163 166 165 All commodities... 149 151 153 155 149 G oods produced 155 155 159 162 162 Goods produced... 148 149 151 152 146 Goods imported 137 141 148 155 127 Goods imported... 162 164 166 171 166 Goods exported 166 170 182 179 162 Goods exported 138 142 146 148 144 Raw materials 162 163 171 176 184 Raw materials 131 136 141 144 136 Producers' goods 158 160 164 167 144 Producers' goods.. 166 168 168 169 154 Consumers' goods 157 155 157 158 156 Consumers' goods. 172 168 167 166 166 ENGLAND. JAPAN. All commodities 166 170 174 175 168 All commodities... 182 187 187 Goods produced 165 169 173 175 170 Goods produced... 184 187 188 192 G oods imported 162 164 167 167 155 Goods imported... 173 184 160 Goods exported 166 173 185 189 159 Goods exported... 192 198 213 189 Raw materials 165 171 177 179 170 Raw materials 179 186 190 161 Producers' goods 150 153 158 159 143 Producers' goods.. 176 185 187 Consumers' goods 177 178 175 177 183 Consumers' goods. 186 187 185 202 FRANCE. All commodities 369 369 372 363 298 G oods produced 355 357 359 351 296 G oods imported 445 434 434 420 309 Goods exported 381 373 373 365 296 Raw materials 406 417 418 412 329 Producers' goods 309 312 314 318 238 Consumers' goods 363 349 345 326 303 1 Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920 June, 1921, and May, 1922; England—February, 1922; .France—August, 1922; Canada—July, 1922; Japan—September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1126 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES. In order to give a more concrete illustration of actual price movements in the United States, there are presented in the following table monthly actual and relative figures for certain commodities of a basic character. The prices have in most cases been obtained from the records of the United States Bureau of L&bor Statistics. This table is published in the BULLETIN at quarterly intervals. [Average price for 1913-100.] Wheat, No. 1, Wheat, No. 2, Cattle, steers, Hides, packers, Corn, No. 3, Cotton, middling, northern spring, red winter, good to choice, heavy native Hogs, light, Chicago. New Orleans. Minneapolis. Chicago. Chicago. steers, Chicago. Chicago. Year and month. p A b r v u ic e s e r h a e p g l e . e r p R t r i e i v c l e a e - . p A p r v i o c e u e r n a p d g e . e r p R t r i e i v c l e a e - . p A b r v i u c e s e r h a p e g l e . e r p R t r i e i v c l e a e - . p A b r v u ic e s e h r a p e g l e . e r p R t r i e i v c l e a e - . p A p r o v ic u 1 e e 0 n r a 0 d p g s e e . r p R t r i e i v c l e a e - . p A p r v o ic e u e r n a d p g . e e r p R t r i e i v c l e a e - . p A p r o v ic u 1 e e 0 n r a 0 p d g e s e . r p R t r i e i v c l e a e - . 1913 $0 616 100 $0 127 100 $0,874 100 $0,986 100 $8,507 100 $0,184 100 $8,454 100 1914 .683 111 .113 89 1.003 115 1.005 102 9.039 106 .196 107 8.382 99 1915 .722 117 .096 76 1.306 150 1.307 132 8.702 102 .242 132 7.187 85 1916 .812 132 .141 111 1.411 162 1.351 137 9.573 113 .262 142 9.400 111 1917 1.620 263 .226 178 2.325 266 2.278 231 12.809 151 .327 178 15.459 183 1918 1.522 247 312 246 2.191 251 2.210 224 16.368 192 .300 163 17.663 209 1919 1.580 257 .319 251 2.566 294 2.537 239 17.496 206 .393 214 18.326 217 1920 1.397 227 .330 260 2.558 293 2.523 256 14.486 170 .312 170 14.711 174 1921 .565 92 .141 111 1.466 168 .435 146 8.780 103 .139 76 8.891 105 1922 .614 100 .204 161 1.345 154 .238 126 9.438 111 .180 98 9.727 115 1922. July .637 103 .221 174 1.423 148 1.152 117 9.700 114 .182 99 10.695 127 .617 100 .216 170 1.186 135 1.057 107 10.375 122 .201 109 9.656 114 September... .627 102 .209 164 1.085 124 1.071 109 10.713 126 .213 116 9.694 115 .686 112 .221 174 1.132 130 1.177 119 10.245 120 .227 123 9.430 117 November... .717 117 .255 201 1.218 139 .273 129 10.500 123 .228 124 8.206 92 December... .722 117 .254 200 1.251 143 .325 134 10.581 124 .204 111 8.269 98 1923. January .698 113 .273 215 1.221 140 1.258 128 9.780 115 .200 109 8.395 99 February .724 118 .290 228 1.241 142 1.360 138 9.356 110 .199 108 8.069 95 March .727 118 .305 240 1.232 141 1.321 134 9.263 109 .193 105 8.344 99 .785 128 .284 223 1.279 146 1.320 134 9.015 106 .188 102 8.250 98 Mav .805 131 .268 211 1.250 143 1.289 131 9.538 112 .187 101 7.619 90 .834 136 .286 225 1.139 130 1.189 131 10.313 121 .163 89 7.075 84 July .852 138 .255 201 1.084 124 1.011 103 10.590 125 .146 79 7.440 88 August .872 142 .244 192 1.144 131 1.017 103 10. 875 128 .147 80 8.375 99 September... .880 143 .273 215 1.176 135 1.048 106 10.656 125 .141 77 9.025 107 e g W a r s a o t d o e e r l, n s , O m s h c a i o o r u k , r e e t d H s , . Y N e f e l l l w o o o w r Y i n p o g i r , n k e . , C ru o s n p a P l o o , i t f t b t m a i s t t b i u n u m m e r i . g i n f n h . e o . o s u , . s b , .P C o o s c p a C a l o , h o t b o l a i u n t t m t u m a m b s i . u i n f n s . e . o o s u , . s b , . v C tl o l k e, e , a t C o fu n r n n e a l c ls e - . C e o l p r e e p c f t e i r n r o , e l i r y n y t . g ic o , t, d N L es e e i w l a v d e Y , r i p o z i r e g k d , . , Year and month. Average Average Rela- price per Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive M feet tive price per tive price per tive price per tive price per tive price per tive pound. price. manufac- price. short ton. price. short ton. price. short ton. price. pound. price. pound. price. tured. 1913 $0,471 100 $44,591 100 $1,320 100 •$1,571 100 $2,440 100 $0,157 100 $0,044 100 1914. . . .440 93 42.750 96 1.808 74 .134 85 .039 88 1915 .571 121 39.591 89 1.785 73 .173 110 .046 104 1916 .680 144 39.375 88 3.246 133 .275 175 .068 155 1917 1.145 243 50.909 114 8.250 338 .294 187 .091 207 1918 1.439 306 60.750 136 6.000 246 .247 157 .074 169 1919 1.189 248 78.833 177 4.738 194 .191 122 .058 131 1920 .971 203 145.417 326 6.043 458 5.889 375 10.816 443 .180 114 .081 184 1921 .. .508 108 93.708 210 2.203 167 3.180 202 3.636 149 .126 80 .046 104 1922 .782 166 94.583 212 2.813 213 4.048 258 7.136 293 .134 .85 .058 132 1922. July. .818 174 92.500 207 4.955 315 10.750 441 .137 87 .058 132 .818 174 92.500 207 5.688 362 12.800 525 .138 87 .059 133 September... .836 178 92.500 207 4.600 349 5.750 366 11.125 456 .138 87 .062 140 October .836 178 92.500 207 3.675 278 5.938 378 9.800 402 .137 87 .067 151 November .946 201 100.500 225 3.163 240 6.125 390 7.188 295 .136 87 .072 165 December... .946 201 102.500 230 2.725 206 6.038 384 7.000 287 .141 90 .073 166 1923. January .982 205 102.500 230 3.319 251 6.619 421 8.250 338 .146 93 .078 178 February.... 1.000 209 102.250 229 2.838 215 4.775 304 7.125 292 .155 98 .082 185 March. 1.000 209 105.250 236 2.450 186 4.500 286 7.313 300 .169 108 .085 193 April 1.018 213 110.250 247 2.000 152 4.225 269 6.313 259 .169 108 .083 188 May 1.018 213 110.250 247 2.060 156 4.075 259 5.150 211 .156 99 .074 168 .982 205 110.250 247 2.125 161 4.006 255 4.750 195 .148 94 .072 164 July 1.000 209 110.250 247 1.975 150 3.270 208 4.550 187 .144 92 .064 145 August .946 198 110.250 247 2.088 158 3.000 191 4.563 187 .139 88 .067 153 September... .946 198 102.250 229 2.163 164 3.025 193 4.500 185 .134 85 .071 161 1 Toledo market average for last six months of 1913. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL BESERVE BULJ^ETIN. 1127 WHOLESALE PRICES OF INDIVIDUAL COMMODITIES IN THE UNITED STATES—Continued. Pe P tr e o n a l n t e s u w y m l e v , l l a s c n . r i u a d , e, S P h M e ig a a n t h a ir o n f o u n g n r o i n n , g a V b c a a a e s l . n i l c e d , y, n C o 1 o r 0 t t / h t 1 o e n B rn o y s c a t o r o n n n e s . , s, b L o a e a c a B k k t , o h s , s s e c t r h o o , e n u s a . r o v e l y d e, , S P B t i e t e e t s l s s b b e u m il r l e g e r h t , s . , S ta te n b e k u l , r p g P l h a it . t t e s s - , o P S p i e t t e t n e s - l b h u r e a r a i g r l t s h h , . , Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tiye price per tive price per tive price per tive price per tive price per tive barrel. price. long ton. price. pound. price. pound. price. long ton. price. pound. price. long ton. price. 1913 S2.450 100 $14.706 100 $0,221 100 $0.449 100 $25.789 100 $0.015 100 $30,000 100 1914 1.917 78 12.873 88 .197 89 .471 105 20.078 78 .012 78 30.000 100 1915 1.529 62 13.741 93 .173 78 .504 112 22.441 87 .013 86 30.000 100 1916 2.483 101 19.768 134 .265 120 .640 143 43.946 170 .032 219 33.333 111 1917 3.200 131 38.904 265 .397 179 .831 185 69.856 271 .056 i 376 40.000 133 1918 3.974 162 32.509 221 .600 271 .796 177 47.300 183 .032 I 219 56.150 187 1919 4.135 169 27.697 188 .534 241 .913 204 40.539 157 .027 | 183 49.264 164 1920 5.975 244 42.269 287 .625 282 .856 191 56.260 218 .033 ! 222 53.827 179 1921 3.314 135 21.668 147 .290 131 .594 132 34.385 133 .019 ! 130 45.654 152 1922 3.173 130 24.264 165 .361 103 .562 125 33.990 132 .017 ! 117 40.692 136 1922. July 3.313 135 24.250 165 .378 171 .515 115 35.000 136 .017 ! 115 40.000 133 August 3.000 122 26.600 181 .387 175 .515 115 36.100 140 .019 127 40.000 133 September. 3.000 122 32.625 222 .373 168 .525 117 39.500 153 .021 142 40.000 133 October... 3.000 122 30.900 210 .391 177 .535 119 40.000 155 .021 142 42.250 141 November. 3.000 122 27.750 189 .420 190 .525 117 37.750 146 .020 135 43.000 143 December. 3.000 122 24.813 169 .430 192 .525 117 36.500 142 .020 132 43.000 143 1923. January... 3.370 138 25.800 175 .435 197 .525 117 37.300 145 .021 139 43.000 143 February.. 3.944 161 26.250 179 .448 203 .525 117 39.625 154 .022 151 43.000 143 March 4.000 163 30.125 205 .462 209 .540 120 44.375 172 .024 162 43.000 143 April 3.875 158 31.000 211 .448 202 .540 120 45.000 175 .025 169 43.000 143 May 3.400 139 29.000 197 .423 191 .540 120 44.600 173 .025 169 43.000 143 June 3.125 128 27.375 186 .412 186 .540 120 42.625 165 .025 169 43.000 143 July 2.800 114 25.100 171 .404 183 .540 120 42.500 165 .025 169 43.000 143 August 2.750 112 24.750 168 .402 182 .515 115 42.500 165 .025 169 43.000 143 September. 2.688 110 24.875 169 .448 203 .490 109 41.875 1S2 .025 43.000 143 2 W -3 o 2 r ' B s s t o e c s d r t , o o s n y s . a b r r n e s d , , st B e g e e o e r o s f d , , c C n a h a r i c t c i a v a s e g s o , . Cof N le e e w ,R Y io o , r N k o . .7, sta F M n lo d in u a n r r e , d a w p p o a h l t e i e a s n . t 2 , ts, Ham C s h , i c s a m g o o. ked, Ill 1 u N 5 m 0 e ° w i n f i a r Y t e i o n t r g e k s . o t, il, g N r e a S w n u u g Y l a a r o t , e r d k . . Year and month. Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Rela- Average Relaprice per tive price per tive price per tive price per tive price per tive price per tive price per tive pound. price. pound, price. pound. price. barrel. price. pound. price. gallon. price. pound. price. 1913. $0,777 100 10.130 100 $0,111 100 $4,584 100 $0,166 100 $0,123 100 $0,043 100 1914. .610 82 .136 105 .082 73 5.096 111 .167 100 .120 97 .047 110 1915. .788 101 .129 100 .075 67 6.663 145 .153 92 .121 98 .056 130 1916. 1.050 135 .138 107 .092 83 7.261 158 .185 111 .122 99 .069 161 1917. 1.556 200 .167 129 .093 83 11.391 249 .252 152 .121 101 .077 181 1918. 2.109 272 .221 171 .097 88 10.131 221 .318 191 .170 137 .078 183 1919. 1.627 210 .233 180 .179 160 11.998 262 .343 207 .200 163 .089 209 1920. 1.825 235 .230 178 .120 108 12.675 277 .334 201 .263 213 .127 297 1921. 1.179 152 .163 126 .072 65 8.326 .268 161 .243 197 .062 144 1922. 1.413 182 .150 116 .103 92 7.282 .264 159 .208 169 .059 139 1922. July 1.400 180 .118 114 .104 93 7.788 170 .301 181 .200 162 .066 155 August 1.400 180 .155 120 .100 90 6.995 153 .264 159 .200 162 .067 157 September.. 1.450 187 .155 120 .102 92 6.344 138 .235 141 .202 161 .063 146 October 1.500 193 .155 120 .102 92 6.135 140 .232 140 .215 171 .066 154 November.. 1.650 212 .155 120 .108 97 6.713 146 .213 128 .220 178 .068 160 December.. 1.050 212 .155 120 .111 100 6.775 148 .206 121 .220 178 .069 162 1923. January 1.700 219 .154 119 .119 107 6.630 145 .202 122 .220 178 .067 158 February... 1.750 225 .148 114 .130 117 6.713 146 .203 122 .220 178 .073 171 March 1.750 225 .145 112 .130 117 6.625 145 .206 124 .220 178 .086 201 April 1.750 225 .145 112 .115 104 6.956 152 .212 128 .218 176 .092 215 May 1.800 232 .145 112 .116 104 8.720 147 .211 127 .210 170 .091 220 June 1.800 232 .151 117 .117 105 6.263 137 .211 127 .210 170 .092 215 July 1.800 232 .158 122 .109 98 6.025 131 .217 130 .205 166 .085 199 August 1.750 225 .158 122 .107 96 6.100 133 .223 134 .205 166 .076 178 September.. 1.700 219 .175 135 .107 136 .223 134 .205 166 .082 1 Grade in 1918 is "standard war" instead of "standard patents." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1128 FEDERAL KESEKVE BULLETIN. OCTOBER, 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 b i u e n o m l o i - r s f ; . - 2 G S g r B t e B t e a i a n c u r a u t e i a l u i a - - r l s . ; a - l C C B t v o i z s e u f a s e t n l k r c i S o e t c i h - r t a a s o a a ; u . - l - ' F m e i D n t n a i e d a d r n n e - k - s . ; ' - G F S r r t e e B t a i a n a c 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 g i r e y - k - r . ; ' - F m S r e G t e B t d a i a a c e e n u t u a r i r - y - l . s a 5 ; - l B I c R t a a a c r l l c d h y - o i ; .' N C B t o l i a e e f s u n t t n r h i S d e t c e r t a s s a a r ; u . - l - ' N R t O ( o i C o e a e m n v r h k w i i u r o s a i a e n k s ) y - . - ; ' P C O S o t e t f i l a f n c a i t t a c n i r l e s a d - . l ' ; t t S r I G i u a s n a S p t e t p e n s a t i o a h t d c i g i - n o y s - - ; f .' S n w G b H d i t o n e e S i a r d g d l t n g s - e . e - - s 1 - n 0 ; S L D w l o a r r i n e t . z d n J e z ; . r . - 3 (128) (38) (126) (33) (45) (98) (38) (100) (48) (92) (58) (74) (47) (71) 1913 100 100 i*l 0 100 100 100 « 100 1914 . 15 100 103 «ioo i'100 101 u 1.0 1.1 95 109 21115 201 101 116 '«100 1919 211,166 294 356 4.2 364 304 21322 204 330 1920 1 940 382 510 2219.7 14.9 631 292 382 221 347 a 326 1921 2,006 250 345 22 21.3 19.1 578 182 298 « 570 190 211 195 1922 367 2,473 1,355 179 327 327.2 341.8 562 160 233 1,376 176 162 168 1922. 360 2,526 1,155 178 331 291 192 571 156 227 1,358 175 163 166 September 364 2,531 1,059 176 329 432 287 582 152 225 1,524 174 158 165 385 2 558 1,017 180 337 945 566 601 155 221 2,013 172 155 171 408 2,564 999 182 352 1,66^ 1,151 596 158 221 2,756 174 154 172 407 2,630 1,003 181 362 2,054 1,475 580 155 220 3,464 172 155 175 1923. 434 2,657 1,019 192 387 7,159 2,785 575 157 220 5,487 170 156 175 474 2,666 1,028 199 422 6,770 5,585 582 155 224 8,591 170 158 181 March 482 2,828 1 031 200 424 6,425 4,888 586 156 229 9,885 171 162 186 480 2,757 1,030 204 415 8,237 5,212 588 156 231 10,589 174 159 187 May. 474 2,613 1 001 202 407 14,980 8,170 580 149 233 11,254 171 158 181 June 484 2,545 968 207 409 39,898 19,385 568 149 230 18,814 170 160 180 July. 504 2,408 957 207 407 283,599 80,580 566 145 235 30,700 170 157 175 August 529 2,292 202 412 3,063,358331,695 567 156 231 53,569 171 160 173 September 205 234 EUROPE—continued. NORTH AMERICA. ASIA AND OCEANIA. AFRICA. Year and month. U T B K d n r o o i o a i n a m t f d 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 L D m a a e e n b p n a o a t d r r o a . t " - 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 t C u t l i e a a i s c e a - a n - n s ; u d . - 'n ( M C S a h n h h a i c n a i i n e ) n i ; s . a g 2 - * - I D S n r E t B t e i u d a c a a u t i t a s u e c i - l t s h . s - ; m D c S I t ( u e e n t i C a n t c p d t t a t s a a i i l . a s r - ) o ' t - ; f -( B J T J a a o a p n k p a k y a n n o o .6 ) f ; Z m D S t e N e i e t a c a p n e l s t a a t w . i i n r s o " t - d - f ; m D S e t e t i n a p c t t a s i . o r s t - f -O A C S S f a t e t f f o i a i r n n c c u i t s d c e s 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 "100 100 100 100 100 1914 99 101 98 101 i« 100 99 » 166 95 104 " 100 1919. . 235 242 206 217 208 180 » 146 217 198 236 178 225 165 1920 307 283 295 226 246 241 218 152 275 204 259 212 299 223 1921 197 181 188 147 182 170 167 150 176 181 200 201 171 161 1922 159 159 155 149 165 150 154 146 164 180 196 177 145 129 1922. 156 158 152 155 164 150 155 142 163 178 195 177 139 September 154 156 150 153 163 145 158 140 160 176 193 174 138 October . .. 155 158 153 154 162 146 159 142 160 177 190 174 140 129 November 158 159 153 156 164 150 162 143 160 178 188 175 144 December.. 156 158 152 156 165 151 161 149 160 176 183 172 147 1923. 157 161 153 156 165 151 163 153 161 179 184 171 141 131 February 158 163 155 157 166 153 161 162 172 180 192 173 137 March. 160 163 156 159 167 155 163 159 174 181 196 174 136 April 162 164 157 159 168 156 166 158 172 178 196 174 133 126 May... 160 164 155 156 169 155 170 158 171 177 199 176 134 June 159 160 150 153 167 155 178 155 166 175 198 177 128 July. 157 155 147 151 166 154 180 155 170 192 169 123 August .. . 155 155 147 150 164 153 153 171 175 120 September 163 154 ' 1 ' ' 1 The number of commodities or quotations ' Dec. 31,1913, to June 30,1914-100. End of month. "January, 1914=1. in each index is indicated by figures in paren- 915th of the month. 21 December figure. theses at head of each column. 10 Middle of month. 22 January figure. 2 Average of last half of month. '21913 average-1. 23 As of last Wednesday in month. » Figures as of the first of the following month. u July 1,1913, to June 30,1914-100. 2'February, 1913-100. «End of month. " Corresponding month in 1913= 100. * End of July, 1914= 100. • Average for the month. 15 April, 1914-100. " Jan. 1,1913, to July 31,1914=100. • 38 commodities prior to 1920; 76 commodi- "July. 1914-100. *> September figure. ties during 1921. End of month. » July 1,1912, to June 30,1914= 100. 29 Revised figures. ' New series based on 48 articles instead of 53. "July, 1914-1. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1129 The foreign index numbers published on the numbers for the other countries are published preceding page are constructed by various only occasionally, but such figures may be foreign statistical offices and are sent to the obtained from the Division of Research and Federal Reserve Board by cable. References Statistics at any time upon request. to the BULLETINS in which these are described A comparative summary table showing the may be found in the January, 1923, issue. board's international index for the United Index numbers showing the price levels of States, England, France, Canada, and Japan separate groups of commodities •in the United appears on page 1125. 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 BS FEDERAL RESERVE BOARD. Raw materials. Pro- Con- AU 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. pr F o 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 255 186 311 236 228 215 231 225 1921 134 110 165 184 142 135 159 147 1922 145 125 185 207 158 128 151 149 1922. August 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 November 160 129 207 209 166 136 155 156 December 161 128 210 208 167 135 157 156 1923. January 164 125 215 213 168 136 155 15$ 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 15« 165 119 215 1M 158 144 155 153 July . .. 154 120 209 179 153 141 154 151 August .. . 152 125 203 177 153 138 155 150 GROUP INDEX NUMBERS-UNITED STATES—BUREAU OF LABOR STATISTICS. Year and month. F p u r a c o r t m d s. - Foods. cl C o a l t o n h d t i h n s g. F li u g e h l t i a n n g d . p M r m o a e d e n t t u d a a c l l s ts. B m u ri i a a ld l t s e i . n - g ic C d a r h l u s e g m a s n . - d f H 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 U s o . d- (56) (110) (05) (20) (37) («) (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. August 131 138 181 271 126 172 122 173 115 155 133 138 183 244 134 180 124 173 116 153 October 138 140 188 226 135 183 124 176 120 154 143 143 192 218 133 185 127 179 122 156 December 145 144 194 216 131 185 130 182 122 156 1923. January 143 141 196 218 133 188 131 184 124 156 142 141 199 212 139 192 132 184 126 157 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 15S 138 142 198 180 148 194 131 187 123 153 July 135 141 193 183 145 190 128 187 121 151 August 139 142 193 178 145 186 127 183 120 150 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1130 FEDERAL RESERVE BULLETIN. OCTOBEH, 1923. GROUP INDEX NUMBERS OF WHOLESALE PRICES IN FOREIGN COUNTRIES. FEANCE.i CANADA—DOMINION BUREAU OF STATISTICS. Groups. A 1 u 9 g 2 u 3 s . t, July, J 1 u 9 n 23 e . , A 1 u 9 g 2 u 2 s . t, Groups. A 1 u 9 g 2 u 3 s . t, J 1 u 92 ly 3 , . J 1 u 9 n 23 e . , A 1 u 9 g 2 u 2 s . t, A J u 9 g 2 u 1 s . t, All commodities 412 407 409 331 331 All commodities 153 154 155 150 166 All foods 382 385 388 327 355 Vegetable products... 147 147 151 14S Animal foods 404 393 400 354 371 Animal products 127 126 126 133 Vegetable foods 330 340 346 292 337 Textiles 196 199 202 174 Sugar, coffee, cocoa... 439 455 447 336 352 Wood products 178 179 180 166 All industrial material... 437 425 425 334 312 Iron products 168 170 172 152 Minerals 395 376 367 275 245 Nonferrous metals 98 99 102 99 Textiles 557 527 544 421 321 Nonmetallic minerals. 184 184 183 186 Sundries 407 408 406 330 356 Chemicals 165 166 164 167 SPAIN.i GERMANY—FEDERAL STATISTICAL BUREAU.* 171 170 170 175 183 A Go ll o c d o s m p m ro o d d u i c t e ie d s 3 1 3 6 1 6 , , 6 6 9 0 5 4 80,580 1 17 9 , , 0 3 2 8 9 5 1 1 9 6 2 5 Tota A l n fo im od al foods 1 1 1 6 5 88 4 5 1 1 1 7 6 5 9 1 5 1 1 1 7 6 6 2 2 0 2 1 1 0 6 7 3 4 5 2 1 1 0 6 7 2 9 4 Goods imported 518,404 31,166 325 Liquors 154 152 '152 165 151 Total industrial materials... 177 177 179 175 194 Fuel and lighting 166 167 172 172 196 GERMANY—FRANKFURTER ZEITUNG.' Textiles and leather 187 184 185 147 143 Metals 158 158 160 151 163 Building materials. 232 282 232 242 266 All commodities 3,063,358 283,599 39,898 291 Chemicals 146 146 146 158 180 Foodstuffs and luxuries.. 2,649,457 234,828 37,683 292 Textiles and leather 4,084,431 457,915 61,841 322 ITALY.' Minerals 4,746,174 405,405 45,301 426 I M n u d is c u c t s e s t ll r a i n a e l f o i u n s ished prod- 2 2, , 3 6 4 6 1 8 , , 7 2 0 7 6 2 2 2 1 0 2 0 , , 1 8 3 0 5 6 3 2 4 9 , , 7 8 3 0 6 9 2 2 1 2 6 7 Groups. J 1 u 9 l 2 y 3 , . J 1 u 9 n 2 e 3 , . M 19 a 2 y 3 , . J 1 u 9 l 2 y 2 , . UNITED KINGDOM—BOARD OF TRADE.' A V l e l g c e o ta m b m le o f d o i o ti d e s s 1 9 0 1 5 1 9 1 3 0 1 8 1 9 2 1 8 0 3 0 109 122 113 92 Animal foods 107 110 100 109 All commodities 155 157 159 146 190 Chemicals 69 70 68 65 Total food 153 155 153 160 211 Textiles 85 82 76 54 Cereals 135 139 141 151 205 Minerals and metals 64 65 61 60 Meat and fish 152 148 148 169 216 B uilding materials 84 83 79 95 Other foods 172 177 168 161 210 Sundries 93 92 91 87 Total, not food 156 158 163 154 ISO I O ro th n e r a n m d i s n t e ee ra l ls and 145 148 153 133 197 AUSTRALIA.* metals 138 139 147 142 172 Cotton 184 188 197 186 176 All commodities 180 178 170 157 159 Other textiles 165 166 169 165 158 Metals and coal 166 165 166 176 195 Other articles 160 161 165 162 189 Textiles, jute, etc 188 195 183 156 111 Agricultural products 169 168 169 153 158 Dairy products 167 173 172 156 166 UNITED KINGDOM-STATIST.' G M r e o a c t eries and tobacco 1 2 7 2 0 3 2 1 0 7 0 1 1 1 7 5 1 2 1 1 8 1 1 9 1 11 8 9 8 Building materials... 178 185 187 168 238 All commodities. 147 147 150 152 181 Chemicals 193 186 187 199 220 Foodstuffs 155 155 154 165 207 Animal foods 161 155 157 186 213 BELGIUM.e Sugar, coffee, tea 167 180 190 156 159 V T S M M u e e i a x n g n t t d e e e i r t r r l a i e a i a e b l s l s s l s e foods.. 1 1 1 1 1 3 3 4 5 4 4 6 2 8 3 1 1 1 1 1 5 4 3 4 3 6 2 5 4 7 1 1 1 1 1 4 6 3 4 3 1 9 8 8 7 1 1 1 1 1 2 4 4 6 4 4 6 4 6 1 2 1 1 1 1 2 6 7 5 6 1 5 5 6 0 A M F P F o o u l e l o e t t t c a l d e o l r s p m y ro m d o u d ct it s ies... 5 5 4 6 6 0 4 3 4 4 1 7 3 1 4 4 4 6 5 6 3 8 0 0 4 9 4 1 8 5 4 3 6 4 6 9 1 7 8 4 2 9 4 1 3 4 3 3 3 5 0 2 3 3 6 0 9 0 6 0 Chemical products. 433 430 429 321 Textiles 607 580 581 440 CANADA—DEPARTMENT OF LABOR.* Building materials 460 447 433 351 SWITZERLAND.' All commodities 164 166 167 164 174 G A D O Fr n r a t u h a i i r m i i e n t y r s a s p f l a a o s r n n o o a d d d d n s u v d f c o e m t d g s d e e e a t r a ts bles... 1 1 1 1 1 2 2 2 6 5 8 4 5 2 9 1 1 1 1 1 2 1 2 6 7 7 8 6 4 0 1 1 1 1 1 2 3 7 1 6 9 0 0 5 5 1 1 1 1 1 2 3 2 5 5 7 8 0 2 6 1 1 1 1 1 4 5 4 7 8 3 2 2 3 2 A C A In o l g d l n r u c i s c o s u u t m m r l i t m e a u r l r o s a p ' d l r g i p o t o i r e d o o s d u d s c u t c s. t . s . 1 1 1 1 7 7 3 9 5 6 8 3 1 1 1 1 8 7 5 9 0 7 1 8 2 1 1 1 0 7 8 5 0 7 1 5 1 1 1 1 6 6 4 6 7 6 8 8 2 1 1 1 0 4 8 4 9 4 1 5 Textiles 185 188 192 181 181 Hides and leather 94 96 99 105 102 11913=100. Metals 153 155 158 142 145 a 1913=1. Implements 215 215 213 216 237 * July, 1914—1; figures as of the beginning of the following month. Building materials—lumber 191 191 192 179 192 • July, 1914-100. Fuel and lighting 202 203 204 257 206 « April 15,1914-100. Drugs and chemicals 159 156 156 161 176 ' July, 1914=100; figures as of beginning of the following month. Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL. RESERVE 1131 COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following tables are presented statistics showing the trend of retail food prices and cost of living in the United States and certain other countries. Descriptions of these index numbers were given in the BULLETINS for January and April, 1923. Wherever possible the index numbers have been shifted to a July, 1914, base, instead of being shown on the different bases used in the original computations. INDEX NUMBERS OF RETAIL FOOD PRICES. UNITED STATES AND OTHER EUROPEAN COUNTRIES. COUNTRIES. Y m ea o r n t a h 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 7 i e e n 1 r s y - ). m ( l G B i a n e e n ) r r . y - - Italy. N l ( s a A e t e n e r t m - d r h - s - - w N a or y - . ( S r M i p d a a ). i d ! n - S d w en e . - l S a z w n e d r it - . - ' U K d n i o i n m t g e . - d U St n a i t t e e s d . C ad an a. - t A ra u l s i - a. ( I b B n a o d y m i ) a . - l N Z an e e a w d - . dam). 1914, July. 1 UOO 100 100 1 1 >100 100 100 100 100 UOO 100 100 100 100 100 100 1920, Aug. 496 373 '13 14 464 6 210 333 M90 308 '239 262 203 221 6 194 171 1921, Aug. 427 317 6 15 15 534 6 ISO 297 »184 234 6205 226 152 154 6 161 163 1922. Aug 7,224 377 1,290 289 97 111 £31 139 232 178 181 152 175 136 141 149 159 141 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 NOT 11,145 432 984 297 550 605 561 136 216 178 170 155 176 142 139 145 155 139 Dec 10,519 429 962 305 807 831 557 137 215 177 168 155 178 144 140 146 157 138 1923. Jan 10,718 426 941 309 1,366 1,336 542 140 214 ISO 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 3,323 523 141 214 178 166 156 171 139 145 145 149 141 Apr 12.935 417 927 320 3,500 530 139 212 180 163 158 168 140 143 146 150 142 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 9,347 136 213 170 161 165 160 141 138 162 146 142 July 12,911 459 921 321 46,510 218 172 160 164 162 144 137 164 148 Aug 12,335 478 892 328 220 178 161 162 165 143 142 165 149 Sept 12,509 453 177 168 149 ' Includes, in addition to foodstuffs, certain items ol fuel and light. ' April, 1914. »Average for 1913. < June. 6 July. COST OF LIVING INDEX NUMBERS. KUROFEAN COUNTRIES. UNITED STATES AND OTHER COUNTRIES. Y m ea o r n t a h n . d A (V n u i a s e t ) n r . i - 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 ( l G B i a n e e n ) r r . - y - I ( l t a M a n l i ) y - . N l ( s a A e t e n e r t m r - d h - s - - N w o a r y - . la P n o- d. S la z w e n r i d t - - . U K d n o i i n m t g e . - d U c S i n t t ( a i 3 i e t t 2 s e e ) d s . ( U M s S c e n t h a t a i t s u t t s s e e - ) a d s . - 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 . t i h dam). 1914, Julv. 1 1100 '100 <100 >1 • 1 UOO 6 100 100 1 •100 100 '100 100 100 100 • 100 >100 1920, Aug. 463 «931 «341 9 11 •441 »217 •302 255 217 194 188 191 156 1921, Aug. «100 384 U.214 6 307 12 12 •494 6208 «293 304 205 222 180 158 157 180 162 124 1922. July 2,645 366 1,142 1054 61 488 788 159 184 153 146 165 150 116 Aug 5.932 366 1,159 78 103 491 908 154 181 152 147 164 150 116 Sept 11,306 371 1,160 289 113 164 498 175 246 1,077 154 179 166 152 147 165 150 117 Oct 10,332 376 1,178 221 261 504 1,284 155 178 153 147 Ifi9 149 119 Nov 9,701 384 1,169 446 565 505 1,710 158 180 154 147 1 lfin 149 120 Dec 9,375 384 1,158 300 685 868 504 176 238 2,310 158 ISO 170 154 148 161 148 118 1923. Jan 9,454 383 1,150 1,120 1,291 505 3,527 158 178 154 149 156 148 120 Feb 9,601 397 1,149 2,643 2,814 497 5,706 157 177 155 150 155 148 120 Mar 10,151 408 1,147 324 2,854 2,608 493 172 237 7,618 158 176 169 154 151 154 148 119 Apr 10,897 409 1,116 2,954 2,596 492 8,351 160 174 155 150 155 149 120 May 11,440 413 1,096 3,816 4,233 490 9,467 163 170 156 147 153 150 120 June 11,513 419 1,109 7,650 8,770 •191 173 238 12,780 166 169 170 156 146 151 151 120 July 10,903 429 1,111 37,651 32,886 9,365 166 169 157 144 153 119 Aug 10,496 439 1,163 59,651 43,956 164 171 156 144 154 Sept 10,841 173 154 •Apr. 15, 1914-100. New series; food, clothing, 6 1910-11-100. ' Series changed to include clothing as well as fuel, and lighting in 9 Provinces. • July. food, heat, light and rent. April, 1922, with- »1913-1914=100. ' 1913-100. out clothing, 3,175; with clothing, 3,436. «August, 1913-July, 1914-1. • 1909-1913-100. July, 1923, without clothing, 33,300. > First half of 1914-100. •1910-100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1132 FEDERAL RESERVE BULLETIN^ OCTOBER, 1923. INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES. UNITED KINGDOM. PRODUCTION. EXPORTS. IMPORTS. TRANSPORTATION. Unem- E co aw t- British p am lo o ye n d g p U l n o e y m ed - p N ro e f t its Y m ea o r n t a h n . d Coal. ir P o ig n. S c i g a n i a t o n 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 l i y n b p . , - l ' e m t I s a u f r t a a n r e o c n e d e n - s u l - m t C u f t a a o r o c n e n t - s - u . - Coal. E t c o o a n w t- . w R o a o w l. h E w id a e e w t s. u s t V c t s n i r o e o e d u n l n s s e c - - . r - c c w V a s l i e r e n i e g a l t e s s h r o - - . m t N o i r l n e a e t - i s l , w f a 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 0 e r i s - d 0 n . , ' - - a u t m n i r s a i o t o d s n n . e g - p i c n a tr o n d o i m i u f a e l s - s - . freight ceipts. Long Long Long Long Long Square Long Gross Net Ton- £ ster- Per Per Per Monthly av: tons.1 tons.1 tons.1 tons.1 Bales.1 tons.1 yards.9 tons.1 Lbs? Lbs? Lbs.1 tons.1 tons.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 2,07S 158. 73 4,508 3,603 3,049 1,546 2.4 15.2 1921 18,388 218 302 238 1,234 142 244 2,055 98 63 5,367 3,313 3,033 1,108 9,132 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. August 19,151 412 528 338 873 270 381 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 1,545 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 1,469 5,145 1,429 8,S87 12.4 14.0 1923. January 21,219 568 634 480 1,123 353 404 5,612 135 98 5,041 5,281 1,616 9,828 13.0 13.7 9.9 February... 22,247 543 707 507 1,104 318 346 5,903 130 84 3,955 4,985 1,505 9,183 12.1 13.1 March '27,577 634 803 568 1,024 368 337 7.180 124 78 4,768 1,492 6,043 1,695 10,345 11.4 12.3 April 21,264 652 749 513 871 387 320 6,840 63 93 4,299 5,980 1,530 9,353 11.2 11.3 9.S May 20,464 714 821 537 762 425 410 7,684 54 90 5,520 6,414 11.0 11.3 June '28,021 693 768 602 365 305 6,589 36 80 5,460 1,338 6,339 11.0 11.1 July.. 20,061 655 624 535 308 320 6,767 46 40 8,476 5,540 11.3 11.1 August — 19,108 600 583 451 324 333 6,580 55 40 12,666 5,833 ::"".: 11.5 11.4 1 In thousands; 000 omitted. » Figures for end of the month. > Figures for 5 weeks. 2 In millions: 000,000 omitted. < Expressed in yards. «Figures subsequent to May, 1922, have been revised to include a due proportion of claimants to benefit 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 .1 t v T o o lu ta m l e. v T o o lu ta m l. e. c c o o n t R t i t s o o a u w n n m . f p o - r co si n t 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 r e e l d s . l A o f d r a v e c d a e i a i i g r l n r a h y g g t e s. o E p f w e a p l c a r e y r i i a n s p i . c l t ' - i s -m re u a P c n i a d e i r i c i v i i s n p i . n a g l Metric Metric Metric Metric Metric Metric Metric Monthly average: tons.1 «m«.> Bales.1' tons.1 tons.1 tons. tons. tons.1 Tons.1 Number. Francs.1 Number. 1913 '434 '391 274 1,840 3,685 27,428 629 1,653 2,176 •165,892 1920 . 286 284 225 1,071 4,211 19,577 390 2,005 1,412 479,894 30,222 1921 280 255 169 1,333 3 165 16,666 206 1,472 1,803 516 397 20,671 1922 427 373 148 1,885 4,281 21,923 480 1,861 2,229 51,107 557,194 1,679 1922. 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 September 462 407 99 2,616 4,138 17,302 550 1,692 2,359 54,431 720,210 410 October 503 430 131 2,034 4,543 27,877 722 1,768 2,336 57,185 563,314 272 November 513 410 158 2,034 4,577 20,387 526 1,965 2,455 56,046 532,152 285 513 414 197 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 54,432 484.566 684 February 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 56,972 516,463 588 April 350 355 102 1,513 4,175 17,270 176 1,927 2,485 54,930 647,472 354 May 393 38S 84 1,880 4,502 17,093 298 2,193 2,832 54,272 523,097 199 June.. . 447 427 64 1,799 4,932 12,550 276 2,561 2,804 56,757 542,148 iee July 436 400 47 1,921 4,864 14,292 808 2,817 2,817 558,709 171 486 452 26 1,645 4,803 2,841 580,796 146 1 In thousands; 000 omitted. * End of the month figure. * Railways included are: State Railways, Paris-Lyon-Me'diterranee, Nord, Orleans, Est, Midi, Alsace-Lorraine, and GuUlaumc-Luxembourg • < Bale of SO kilograms. • Figures do not Include Lorraine. • Excludes the Alsace-Lorraine and Guillaume-Luxembourg Eailways. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL EESERVE BTJUuETIN. 1133 CANADA. Re- Receipts at PRODUCTION. ce o ip f ts s T to o c r k o y n a to rd a s n i d n Unemwheat Winnipeg. ployat Rail- ment Busi- Fort road among ness Year and month. Wil- re- trade- fail- I K ro g n. 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 a la n a n r d d k s s . se f P i r r s v e h e - . d W pu o l o p d . Wheat. Coal. c R ot a 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- TOM.1 Tons.1 ete.1 ber. ber. Feel.' Lbs.i eUA Tout.1 Lb. lars' fars.i cent. ber. 1921 average. 50 56 14,447 39,904 34,165 85 11,007 87,871 12,238 7,260 3,292 33,883 12.3 47 1922 average. 32 41 20,363 40,473 166 9,488 136,375 17,462 1,085 9,229 1,895 34,021 7.1 74 1922. 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 35,546 3.6 64 September... 36,986 67,579 26,154 191 20,675 180,068 9,233 663 4,276 1,918 39,158 2.8 65 October 65 120 87,092 39,806 239 13,239 154,019 37,593 1,465 4,383 1,931 47,641 3.9 72 November... 56,847 80,084 56,328 205 9,995 173,180 55,316 2,127 11,284 2,114 44,259 6.2 76 December... 32,044 45,705 49,244 187 8,614 140,001 40,669 1,964 16,980 1,986 36,758 6.4 82 1923. January 41 48 11,574 42,126 64,219 168 7,325 139,749 9,740 1,876 20,0?6 1,981 30,686 7.8 February 44 46 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 89 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. S4 93 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 102 104 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 S9 96 6,907 34,531 38,962 228 7,300 177,996 22,229 1,794 6,520 2,606 33,902 3.4 58 July 82 74 6,032 53,089 44,096 259 8,208 167,846 12,665 1,905 4,810 2,541 36,145 2.9 59 August 93 105 2,036 65,796 40,224 37,898 1 In thousands; 000 omitted. 2 In millions; 000,000 omitted. JAPAN. PRODUCTION.' EXPORTS. IMPORTS. TBANSPORTATION.' Raw silk Year and month. C ya o m tto 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 m a k t k r o . a - s - , S ra i w lk . , f ( t a h a S b a y i r b l e i k c u ). s - C ya o r tt n o s n . S s i i a n h h n n g e i g r d e 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 S a r r e r o a t r a i i n i g l t e - e h d t c S r e R a o t i e a p i f l - t t - e s gray. ways. ways. Monthly average: Bales. HIM.'Poundt. Bales. Piculs.*Plculs. Piculs. YardtA Piculs.1 PkulsAPkuls. 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. July 181 159 53,734 45,848 34,541 1,793 51,660 25,284 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. January 175 116 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 2,914 916 35,093 239 2,589 4,580 28,909 March... 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 26,783 27,696 862 98,376 33,003 1,650 880 75,727 258 2,916 42,405 May 193 117 64,801 33 474 16,797 672 72,292 29,9SS 6,645 944 61,999 411 3,330 June 1S2 97 63,229 36,923 July.... 116 49,172 > in thousands; 000 omitted. 1 One hlki equals two pieces. 1A picul varies from 133 to 140 pounds avoirdupois. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1134 FEDERAL RESERVE BULLETIN. OCTOBEB, 1923. GERMANY. UNEMPLOY- PRODUCTION. MENT. Appli- Y m ea o r n t a h n . d c C a o n o k d a e l . Lignite. f m a I i c a r a r t n o o u n d n n r u e - s. c t h e s a r M i l u i n e n c p a d c e a - - - l ry s D d t a u y n y f e d e f - s s . Coal.» w S o aw ol. m t s H u f a i a r l a n c e k l - u d f . - t C o o n t . - * I o r r o e n .' H A v r a e r s m i s v e b a l u s ls r i g n o . l e a c a v v a f 1 b o a e n 0 l r i r 0 t e l y s - p U p r S e e l i n c o r t n e a e s y g o i m t e v e n d - - s B n u fa u e r i e s s l s - i s - . plies. posi- aid. tions. Monthly aver- Metric Metric Metric Metric Metric Metric Metric Metric Metric Metric Num- Num- Num- JVttmage: tvns.* Ions.* 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 1,182 816 1920 13,043 9,303 145,883 46,772 8,462 608,749 •4,025 •232 12,490 j 538 401 374 169 331 1921 13,664 10,241 '203,681 •39,037 '8,530 '518,937 '11,860 '393 '30,894 '619 700 794 165 310 744 1922 13,337 11,432 220,803 49,147 12,731 421,835 15,910 407 21,483 1,003 907 1,084 131 77 84 1922. July 11,972 11,411 212,365 44,162 12,671 199,961 14,119 435 26,085 962 793 1,065 104 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 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 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 43 November 12,986 11,896 233,553 41,644 11,110 137,341 9,198 425 20,622 842 877 1,046 162 34 December 12,251 11,897 285,464 85,350 16,472 123,826 297 25,942 1,038 1,041 187 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 8,289 209,965 34,438 12,077 120,947 10,240 244 19,030 269 900 1,047 242 150 17 March 143,853 36,608 11,443 34,237 8,635 278 10,655 148 1,250 1,381 245 190 30 ApriL 143,213 30,038 9,24-1 142,219 26,170 202 19,423 141 1,165 1,319 2o5 222 45 May 135,605 30,464 10,223 92,735 9,998 249 16,380 100 1,102 1,314 211 266 32 June 107,151 24,856 9,716 75,315 11,867 455 5,604 208 1,158 1,313 197 255 35 July 131,870 37,482 8,924 68,633 15,129 316 7,398 144 1,411 172 138 18 August.... 1,364 13 I 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. TRANSPOETATION. Unem- 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 s go. wi V c t l h e e s a c s r a e e r l d g s o. r o a F c n i a r l e r w S r i i g t a e a h y d t t s e . v w a p p o c l e r a o r k n y 1 m c e 0 i d e 0 e n s. B fa u i s l i u n r e e s s s . Metric Metric Cubic Metric Metric Metric Monthly average: tons? tow.' meters.1 font.' tons.1 Net tons.1 Net tons.' torn.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. July 20 27 608 89 214 625 787 715 203 374 August 22 27 539 104 294 694 836 765 172 300 September 22 31 508 113 229 684 808 776 155 371 October 23 31 494 144 270 699 822 799 177 335 November... 27 34 465 189 302 705 751 796 269 353 December 28 29 384 156 346 655 671 635 321 309 1923. January 22 15 97 41 227 679 639 643 346 387 February .. 6 0.4 45 12 201 603 517 669 308 338 March... 10 1 38 9 218 783 729 785 231 322 April 10 2 74 18 243 718 720 747 1«5 273 May 12 2 311 98 363 766 932 702 135 301 June 10 2 442 84 310 826 1,168 696 146 305 July 10 2 364 92 270 785 1,080 755 141 261 August 352 93 309 140 217 - • In thousands; 000 omitted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL. RESERVE pTTT.T.TCTTTT. 1135 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 ol pounds sterling.] IMPORTS. Year and month. d F a r o i n o n d d k , , r a m i m r a R t a l i a s a i c t n w a l e l e n - y s d A m w r h a t o i i o c n r l l l l e y y s l i a M n n c i i e n s l o c u g e u d l s - - , Total. d F a r o i n o n d d k , , l i a M n n c i i e n s l o u c g e u d l s - - , Total. exp R o e- rts. e e a x T x n p p d o o o ta r r r t l e t s s - . tobacco. unmanu- manu- parcel tobacco. parcel factured.factured. post. post. 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 20,421 268 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 68,689 1922. August 37,717 24,141 20,326 432 82,616 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 j 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 2,616 I 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 44,734 803 59,504 8,800 68,304 August 44,070 22,333 21,774 561 88,743 3,428 10,223 45,446 1,006 60,103 6,129 66,232 FOREIGN TRADE OF FRANCE. IMPORTS,' EXPORTS.' In thousands of francs. In thousands of francs. Year and month. In In thou- thou- M ar t a t u 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 ials. M ar t a u t n i r c u e l f d e a s c . - P p a o r s c t e . l Total. s m a t n o e d n tr s s i . 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 19213 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 1,851,983 4,313 132,055 441,485 385,222 92,368 1,551,130 1,800 July 489,136 1,190,600 317,000 1,996,607 4,220 114,169 441,165 910,079 66,944 1,532,357 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 1,78$ 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 Aprils 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, 137,614 2,675,045 1,880 June 569,370 1,654,438 334,528 2,558,338 4,932 252,543 768,803 1,321,161 j 136,884 2,479,391 1,799 July 603,994 1,657,197 354,000 2,615,6J8 4,864 279,663 760,815 1,276,251 107,052 2,423,781 1,921 August 646.000 1,835,000 352,000 2,633,000 4,803 249,000 702,000 1,497,000 95,000 2,243,000 1,645 1 Calculated on basis of actual declared value. s Calculated on 1919 value units. * Not including reexport trade. < 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

1136 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. 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 (ID millions of (In millions of(In millions of (In millions of (In mulions 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 0) (') 71 68 m 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 91 103 101 141 142 280 214 135 104 1922 126 103 1,311 776 169 102 97 97 63 74 13S 194 201 244 158 136 1022. July 117 107 1,134 672 164 105 83 113 61 72 109 154 182 245 142 144 August. 134 90 1,052 732 179 99 105 132 67 74 147 182 212 252 137 146 September 135 122 1,231 747 165 116 109 123 60 73 132 202 182 216 135 150 October 148 112 1,399 889 187 112 118 122 67 104 202 299 229 216 105 161 November 129 120 1,248 1,046 172 104 HI 128 76 132 169 237 207 289 116 139 December 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 91 88 65 68 66 183 248 214 295 150 95 February ... 156 118 1,572 750 162 95 88 49 65 59 142 251 194 317 156 123 March 168 135 1,496 887 165 107 109 61 92 78 222 283 186 327 197 121 April 168 115 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 76 185 223 193 300 203 115 June 141 136 160 98 111 112 85 95 100 299 208 110 July 167 127 103 105 77 84 159 119 August 79 81 i Dutch figures tor 1913 not comparable with later figures. 1 Based on 1920 value units. > Based on 1921 value units. FOREIGN TRADE OF UNITED STATES, GROUPED BY ARTICLES." [In thousands of dollars.] Groups of domestic exports. 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 o b o g d l d e e - - ve O p u g r c e t o h t t d a s e b . - r le Textiles. p W a a p n o e d o r d . m m i N e n t e o a r n l a l - l i s c - 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 - . C c h a e l m s. i- l M an i e s o ce u l s - . p R o e r e t x s. ucts. ucts. thereof. 1922. January 217,185 278,848 34,601 50,088 20,616 55,658 10,883 39,855 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 4 487 March 256,178 329,980 39,750 65,350 21,402 59,466 13,079 44,290 32 349 29,466 10,472 7,541 6 815 April 217,023 318,470 30,339 56,696 22,564 72,376 12,271 29,310 30,644 9,561 9,085 7,138 May 252,817 307,569 32,301 60,281 19,428 63,133 12,074 35,662 29,394 30,778 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 34,449 63,568 18,051 60,653 10,881 36,207 27,013 31,025 8,465 6,177 4,669 August 281,376 301,775 32,691 81,911 16,463 47,287 12,640 34,201 26,265 30,040 8,371 6,380 5,525 September 298,493 313,197 31,212 74,337 19,151 60,141 11,559 41,298 26,380 29,157 8,199 6,128 5,634 October 276,104 370,719 33,997 62,408 29,162 110,749 12,336 47,075 25,480 30,252 8,160 6,567 4,543 November 291,805 380,000 33,440 59,165 23,702 125,733 11,825 44,846 25,041 33,724 9,329 7,744 5,452 December 293,789 344,328 37,461 46,561 22,241 95,073 12,955 45,679 27,742 35,391 8,879 7,269 5,077 1923. January 329,245 335,417 44,229 41,341 27.004 79,455 13,768 46,597 33,372 8,622 5,451 4,640 February 303,465 306,957 39,203 46,835 17,548 67,631 14,136 42,378 25,861 33,428 9,316 5,675 4,948 March 398,178 341,377 44,690 40,244 21 932 68,117 14,887 50,311 33,232 41,290 11608 7,178 7,887 April 364,230 325,492 39,859 37,941 21,086 57,178 15,879 51,658 34,735 41,587 11,502 7,128 6,939 May 372,545 316,363 37 125 46,328 15,850 40,130 16,525 56,158 36,762 41,730 11,834 6 942 6,969 June 320,257 320,038 32,550 39,271 21 516 47,270 18,417 56,510 36,042 41,541 11,291 7,814 7,815 July 287,435 303,030 32,530 32,305 21,359 39,874 18,084 52,236 36,961 43,272 11,999 7,931 6,479 August 275,382 311,352 35,748 38 844 17,364 51,183 17,446 50,779 35,174 41,431 10,183 6,785 6,414 <* In the June BULLETIN and in previous issues the foreign trade of the United States is shown by groups of commodities classified according to stages of manufacture. In the July and August BULLETINS the classification is by country; in the September BtnxETiN, by articles, as above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1137 FOREIGN TRADE INDEX. rials also gained 12 points, due to larger exports of wheat, barley, cotton and copper. The de- There are presented below the Federal Recline of 10 points in producers' goods reflects serve Board's series of index numbers designed smaller exports of acetate of lime, leather, steel to reflect relative quantity movements in the products, and gasoline. foreign trade of the United States. Changes in the level of prices have been allowed for by multiplying the quantities of selected com- INDEX OF OCEAN FREIGHT RATES. modities exported or imported each month by fixed 1913 prices.1 The accompanying table shows the monthly fluctuations in ocean freight rates prevailing between United States Atlantic ports and the principal European trade regions. The figures are derived from the actual rates quoted on Y m ea o r n t a h n . d m r R ia a a l t w e s. - g d P o e u r r o o c s d ' - - s. g s C e o u r o o m s n d ' - - s. Total. ! m ri R a a a l te s w . - - g d P o e u r r o o s c d ' - - s. g s C o e u r o o m s n d ' - - s. Total. c i t n h o e t J t o a fo n n l , u l o a c w r o y i t n t , o g n 1 s 9 c e 2 o e 0 m d , m h o o a i d l v , i e t a ie n b s d e : e n s G a c u r k a s i e n d f , lo p a u s r r o . v a i s R b io a a t n s e s e s , . (12) (10) (7) I (29) (10) (12) (5) (27) For the methods used in constructing the index see the August, 1921, BULLETIN, pages 1913, year 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 1919, year 88.9 155.1 183.6 115.3 157.5 192.9 147.5 168.4 931-934. 1920, year 92.2 I 158.7 133.6 107.5 135.8 227.5 138.9 168.8 1921, year. 103.1 I 116.9 124.1 108.9 113.6 162.8 141.4 135.6 1922, year. 89.7 i 108.9 135.1 101.1 157.6 253.1 143.0 189.1 RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND 1922. EUROPEAN TRADB. January. 82.6 104.3 129.7 94.5 118.4 228.7 135.2 160.1 February 08.5 86.0 127.6 82.6 128.3 281.3 i133.5 183.4 United States Atlantic ports to- March... 89.8 121.7 156.5 106.9 148.1 306.8 | 161.1 206.5 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 S J J A u u e u n l p y g e t u e s m t ber 9 8 7 8 1 6 9 8 . . . . 2 3 1 8 1 1 9 9 2 2 0 8 4 4 . . . . 0 9 0 3 1 1 1 1 6 2 3 1 9 6 3 1 . . . . 2 3 5 5 1 9 9 9 0 5 6 6 7 . . . . 0 2 7 4 1 1 1 1 7 4 4 8 4 6 8 3 . . . . 2 9 7 5 2 2 2 2 7 6 4 5 3 6 4 5 . . . . 3 3 0 5 1 1 1 1 3 3 2 3 7 3 0 7 . . . . 4 3 3 5 1 1 1 1 8 9 9 9 7 1 4 6 . . . . 7 0 2 7 Month. U K d n o i i m n te g . d - A F t r l e a n n c ti h c. B N l e a a e l n n g th d i d u e s m r- . S n c a a v n i d a i . - t n M e e r e a r d n a i . - - Eu A ro ll pe. October... 122.9 96.8 121.0 119.8 155.0 241.6 138.8 172.4 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 January, 1920.. 100.0 100.0 100.0 100.0 100.0 100.0 January, 1921.. 60.7 30.2 34.1 42.9 43.2 43.3 1923. January 78.8 126.5 137.3 95.8 220.4 312 2 155.3 242.3 1922. February.. 62.2 133.6 129.6 83.5 197.1 249.5 156.8 209.1 January 31.7 22.7 23.3 23.4 32.2 27.1 March 61.9 143.6 144.4 87.3 214.0 348.5 218.5 262.4 February 34.7 25.9 25.2 23.3 31.8 29.1 April 59.1 141.9 136.5 83.6 211.1 303.6 212.4 244.1 March 33.1 26.5 24.9 23.4 30.1 28.3 May 5fi.O 149.4 130.8 81 0 201.1 326.6 144.7 236.4 April 27.3 24.8 22.7 24.0 27.1 25.4 June 63.6 145.8 113.3 82.3 IH7.0 292.0 134.6 206.0 May 27.9 25.5 22.8 23.4 27.4 25.7 July 57.4 159.6 106.2 77.9 156.2 198.9 121.1 15 .6 June 27 5 26.1 23.0 23.4 27.4 25.7 August 69.0 149.5 127.1 | 89.2 130.1 195.1 129.3 153.0 July 28.8 25.9 22.6 23.0 26.4 259 August 29.2 23.4 20.7 22.4 24.0 24.6 1 The list includes 27 of the most important imports the value of which S O e c p to te b m er ber 2 2 7 5 . . 0 3 2 2 3 4 . . 9 1 1 18 9 . . 9 1 2 22 2 . . 9 6 2 21 2 . . 6 2 2 2 3 2 . . 4 7 in 1913 formed 49.3 per cent of the total import values, and 29 of the mostNovember 28.0 23.4 21.3 22.9 21.3 24.0 Important exports the value of which in 1913 formed 56.3 per cent ol the December 27.1 25.6 22.2 22.7 21.8 24.4 totalexport values. The classilication of the originallist of commodities used was given in the July, 1920, BULLETIN. The classification of 11 1923. additional commodities of imports was given in the April, 1921, BULLE- January 25.3 24.7 19.8 22.3 21.2 22.9 TIN, and 2 additional commodities in the November, 1921, BULLETIN. February 21.8 22.6 18.6 22.3 20.6 21.1 Exports of gasoline have been alteied to include naohtha. 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 In August a further decline of 8 per cent is 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 shown in the board's index number of commodi- July 20.2 21.5 18.1 22.3 18.9 19.9 ties imported. Raw materials show the great- A Se u p g t u em st ber 2 2 0 0 . . 1 8 2 2 2 2 . . 2 5 1 1 7 9 . . 7 8 2 2 2 2 . . 3 3 1 1 9 9 . . 6 0 2 20 0 . . 7 0 est decline, accounted for chiefly by the falling off in imports of cotton, hides, and silk. Pro- SAVINGS DEPOSITS. ducers' goods show a decline of only 4 points, decreases in imports of nitrate of soda, jute, Savings deposits, as reported by 894 banks rubber, and sugar being partly offset by in- distributed throughout all sections of the creases in imports of hemp, paper, and wood United States, increased during August in all pulp. Consumers' goods show an increase of S Federal reserve districts except in the New points, due to large imports of cocoa, coffee, and York, Richmond, and Atlanta districts. In olive oil. the Minneapolis district they remained rela- The index number for commodities exported tively unchanged from the level of the precedshows an increase of 14 per cent. The greatest ing month. Deposits for the entire country on increase, 21 points, is shown in consumers' September 1 were $6,659,615,000, an increase goods, due to large exports of wheat flour, lard, of $4,811,000, or 0.07 per cent, over deposits on illuminating oil, and cotton cloth. Raw mate- August 1. Compared with deposits on Sep- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1138 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. tember 1, 1922, increases were noted in all dis- Fiduciary Powers Granted to National Banks. tricts, and for the entire country the increase During the month of September the Federal Reserve was $619,247,000, or 10 per cent. A compari- Board approved applications of the national banks listed son of savings deposits on September 1, 1923,below for permission to exercise one or more of the fiduciary with deposits on August 1, 1923, and Septem- powers named in section 11 (k) of the Federal reserve act as amended, as follows: ber 1, 1922, is shown in the following table. 1. Trustee. The figures for the Boston and New York dis- 2. Executor. tricts are those of large mutual savings banks, 3. Administrator. but in all other districts reports of other banks 4. Registrar of stocks and bonds. are included to make the figures thoroughly 5. Guardian of estates. 6. Assignee. representative: '* 7. Receiver. 8. Committee of estates of lunatics. SAVINGS DEPOSITS BY FEDERAL RESERVE DISTRICTS. 9. In any other fiduciary capacity in which State banks, trust companies, or other corporations which come into [000 omitted.l competition with national banks are permitted to act under the laws of the State in which the national bank is Number Sept. 1, Aug. 1, Sept. 1, located. District. ofbanks. 1923. 1923. 1922. The numerals opposite the name of each bank indicate the power or powers it is authorized to exercise, as given below: Boston... 64 $1,194,152 $1,192,585 $1,104,435 30 1,854,412 1,854,810 1,728,310 Dis- Powers Philadelphia . 80 461,922 461,876 422,128 Place. trict Name of bank. grant- Cleveland 18 432,286 430,014 380,941 No. ed. Richmond 92 288,652 289,348 269,220 Atlanta 99 217,421 217,946 192,303 Roscoe,N.Y 2 First National Bank 1 to9 Chicago 20S 858,657 858,068 767,120 3carsda!e, N. Y 2 Scarsdale National Bank Ito9 St. Louis . 35 130,158 129,740 116,715 Dover, N. J 2 National Union Bank 5 to 9 Mlnnfl^pnliR 15 88,820 88,821 79,195 McKeesport, Pa 4 First National Bank 1 to9 59 101,468 101,391 91,831 Newcastle, Pa 4 Citizens National Bank I to 9 Dallas 118 94,729 94,082 80,624 Columbia, 8. C 5 Columbia National Bank Ito9 San Francisco 75 936,938 936,123 807,546 Jackson, Miss 6 Jackson State National Bank...\ f a I n t d o 7 9 Total 893 6,659,615 6,654,804 6,040,368 Batavia, 111 7 First National Bank 1 to 8 Thornton, Iowa 7 First National Bank Ito9 Wausau,Wis 7 First National Bank I Gary, Ind.1 7 National Bank of America Ito9 New National Bank Charters. Owensboro, Ky.1... 8 First National Bank 1 to9 Paragould, Ark.1... 8 First National Bank Ito9 Vevay, Ind.1 8 First National Bank Ito9 The Comptroller of the Currency reports the following Denver, Colo 10 Broadwav National Bank Ito9 increases and reductions in the number and capital of Reno, Nev 12 Farmers and Merchants National land 4 national banks during the period from August 25 to Sep- Bank. Long Beach, Calif.. 12 California National Bank Ito9 tember 21,1923, inclusive: • Approved during July. Num- Amount ber of of State Banks and Trust Companies. banks. capital. The following list shows the State banks and trust New charters issued 10 $715 000 companies which were admitted to membership in the 0 Federal reserve system during the month ending Sep- Increase of capital approved' 10 1,020,000 tember 29, 1923, on which date 1,625 State institutions Aggregate of new charters, banks restored to were members of the system: solvency, and banks increasing capital 20 1,735,000 Liquidations 11 2,485 000 Capital. Surplus. T so o u ta rc l e r s e . - Reducing capital 2 225,000 District No. S. Total liquidations and reductions of capital.. 13 2,710,000 East Petersburg State Bank, East Consolidations of national banks under act of Nov. Petersburg, Pa $50,000 $5,000 $190,548 7,1918 1 200,000 Atlantic Safe Deposit & Trust Co., Atlantic City, N. J 300,000 350,000 6,714,654 Aggregate increased capital for period 1,735,000 Reduction of capital owing to liquidations, etc 2,710,000 District No. 6. Rutherford County State Bank, Mur- Net decrease 975,000 freesboro, Tenn 50,000 25,000 75,000 1 Includes one increase in capital of $100,000 incident to a consolida- District No. 10. tion under act of Nov. 7,1918. Federal Trust Co., Kansas City, Mo 200,000 40,000 495,356 Insolvent.—Eden State Bank, Eden, Idaho; Bank of Hansen, Hansen, Idaho. Acceptances to 100 Per Cent. Converted to national bank.—South Texas State Bank, Galveston, Tex.; First State Bank, Graford, Tex. Merged with another State member.—Illinois Trust & Savings Bank, Since the issuance of the September BULLETIN the Chicago, 111., has merged with Merchants Loan & Trust Co., Chicago; following bank has been authorized by the Federal Battery Park Bank, New York, N. Y., has merged with the Bank of Reserve Board to accept drafts and bills of exchange up America, New York, N. Y.; and the Security Bank & Trust Co., San Francisco, Calif., has merged with the American Bank, San Francisco. to 100 per cent of its capital and surplus: Succeeded 6y national bank.—Fort Scott State Bank, Fort Scott, The American Bank of San Francisco, Calif. Kans. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL KESEBVE BUU^ETIN. 1139 PHYSICAL VOLUME OF TRADE. the largest since November, 1921. Wheat receipts have not been exceeded since August, Commencement of fall activity was evident 1921. Corn, on the other hand, was received in August statistics of the movement and in somewhat smaller volume than in August production of commodities. Wholesale and of last year. Shipments of grain from these retail trade increased; the volume of trans- centers were not so large as in August of portation, as shown by carloadings, continued 1921 and 1922, but were fairly comparable at a high rate; the marketing of agricultural with those of the two previous years. As a staples Decame substantially greater; the out- result of large receipts and relatively small put of mineral products, as a whole, was shipments, interior stocks and the visible above that of any month since 1919; and the supply of wheat on September 1 were unusually production of manufactured goods increased large. Receipts and stocks of wheat at seaas compared with July. Most of these move- board centers, as well as exports, were somements were entirely seasonal. In fact, the what smaller than in August of previous years. index of production in basic industries, given Movements of livestock, particularly receipts in the table below, which makes allowances of hogs, showed the usual seasonal increase in for normal seasonal changes, continued the August, although they were already at an decline evident since June, thereby indicating extraordinarily high level for this season. that the increases were not as great as is Receipts of cottonseed at mills were unusually ordinarily expected. large for August, and the movement of cotton Agricultural movements reflected the mar- into sight was almost double that of July. keting of recently harvested crops, and the Loose-leaf tobacco markets opened during index, given below, increased more than in August in North and South Carolina, and the any August within the past four years. All western market became more active. Orange items included in the index, except citrus shipments from California, although less than fruits, shared in this upward movement. in July, were larger than usual for August. Grain receipts at principal centers were par- Apple shipments were a little larger than in July, ticularly heavy; in fact, as a whole they were and those of white potatoes were slightly less. VOLUME OF DOMESTIC BUSINESS ( MONTHLY AVERAGE, 1919 = 100 ) C P E E N R T C P E E N R T 160 14-0 120 100 100 80 80 60 SO 40 20 20 J. F. M. A. M. J. J. A. S. O. 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. 0. 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

1140 FEDERAL RESERVE BULLETIN. OCTOBEBj 1923. Mining output, as indicated by the index, INDEXES OP DOMESTIC BUSINESS UNCOBRECTED FOB rose to a new high level during August. Stim- SEASONAL CHANGES. ulated by the prospective strike, the production [Monthly average, 1919=100.) of anthracite was, with two exceptions, the greatest on record, and the amount of bitumi- AGRICULTURAL MOVEMENTS. nous coal mined was also large. Crude petrol r e e u c m or d ou a t n p d u t s in to c c r k ea s sed w er a e g ai a n l so to c a o n n s e i w de r h a i b g l h y a T t g u o r r i t e c a u . l 1 l- T m a o n a i t - l a s l . g T ra o i t n a s l . Cotton Fruit. b L a t c o e - c a o f . enlarged. Copper production was the maxi- 1922. mum since January, 1919. The manufacture August." 107 97 154 48 43 55 September 129 107 151 140 38 86 of pig iron declined rather substantially, and October 154 132 136 228 41 145 silver, lead, and zinc output was also smaller. November 138 122 118 204 49 96 December 121 105 129 139 100 97 Zinc shipments dropped further and stocks 1923. increased to the largest figure within the past January 107 108 116 80 100 75 year. February 73 84 76 37 118 45 March 78 88 83 40 159 31 In manufacturing during August greater April 70 88 70 26 149 5 May 70 97 52 32 193 1 production was noted in a number of indus- June 6fi 88 61 24 166 tries, and the manufacturing index advanced. July 82 97 95 25 114 August 113 104 161 50 92 38 This upward movement, however, was hardly more than seasonal in most industries, and, i Combination of 14 independent series. * Less than one-half. moreover, the records of earlier months this MINERAL PRODUCTS. year were not equaled except in a few cases— sole leather, cement, lumber, and wheat flour, f a a o s n r d g e w x re a h a m e t a p t l a e s f . l o o u O r r d f f i n r t o a h m r e i s l y e J , u t o l h y c e c t u i o n r s c A re u a a g t s u e t s h t i n a w t c a e s t m i m n e o e n t . t Date. T u m p e o c r i r n t o t a - a s d l l . - 1 t n c u B o o m i a u - l i s . - t c A c h o i n r a t - a e l - . C pe ru tr d o e - Iron. C p o e p r - . Zinc. Lead. The average daily output of steel ingots during 1922. August was the smallest this year, and ship- August. 58 2 147 71 80 97 ments of and orders for most iron and steel September.. 100 107 68 144 80 84 95 October 119 118 116 150 104 102 108 products declined. Slight recovery in textiles November.. 120 119 114 152 112 102 113 was denoted by greater consumption of cotton, December... 125 122 115 159 121 109 109 wool, and silk, but the per cent of machinery- 1923. January 132 131 119 164 127 105 118 113 active in these industries was decreased. February... 117 111 106 154 118 96 108 104 Although building contracts awarded fell off, March 134 123 128 178 138 114 124 121 April 127 111 110 184 139 110 119 117 permits increased, and the volume of building May 137 121 117 197 152 117 121 124 June 135 119 118 195 144 117 109 125 actually under construction is large; therefore July 135 118 113 207 144 117 110 121 production of building materials continues at August 139 128 121 209 135 121 106 116 a high rate. Seasonal increases were noted in 1 Combination of 7 independent series. automobiles, locomotives, leather and shoes, paper, sugar, animals slaughtered, and tobacco PRODUCTION OF MANUFACTURED GOODS. manufactures. Total INDEX O A P L LO P W RO A D N U C C E T I F O O N B S IN E AS B O A N S A IC L I V N A D R U IA ST T R IO IE N S . , WITH Date. m u tu f a a n r - e c- .1 Steel. L b u e m r - p P e a r - . l t e P ro u e - - m. T ti e l x e - s. Le er a . th- Food. ba T c o- co [Monthly average, 1919-100.] 1922. August 105 94 116 Ill 141 116 80 105 134 1919 1920 1921 1922 1923 September. 101 100 102 108 139 111 80 99 122 October... 108 122 115 113 147 120 83 106 115 November. 109 122 113 113 150 125 79 . 115 112 January.. 107 116 84 87 121 December. 100 118 104 107 153 113 79 107 89 February.. 100 115 84 91 120 1923. J N M A M J A S O u u e o c u p a a n l p t v g r r y y e o t c i e u . e b . h l m s m . . e . . t r b b e e r r . 1 1 1 1 9 9 9 9 9 0 0 0 0 f 9 3 3 8 2 3 5 1 i 1 1 1 1 1 1 1 9 9 0 0 0 1 0 0 0 9 5 5 7 8 5 5 2 2 8 7 7 8 7 7 7 7 8 1 7 7 6 9 4 9 9 3 1 1 1 8 9 9 9 9 9 1 0 0 6 5 2 4 5 4 6 7 0 1 1 1 1 1 1 2 2 2 2 2 2 0 4 1 8 2 5 J J M A M A F l u u a e u p a a l n n b y g v r r e u c r i u h u l a s . a t r .. y ry .. . . . j i 1 1 1 1 1 1 1 1 1 0 0 0 1 0 0 0 3 9 8 9 0 2 7 1 1 1 1 1 1 1 1 1 2 4 3 3 4 2 4 3 5 4 6 4 9 3 1 1 1 1 1 1 1 1 1 9 0 2 0 1 2 1 2 6 6 9 7 6 7 0 6 1 1 1 1 1 1 1 1 0 0 1 2 1 2 1 2 4 9 6 1 7 0 5 8 1 1 1 1 1 1 1 1 5 5 5 5 4 5 5 5 7 8 6 3 1 6 8 8 1 1 1 1 1 1 1 9 2 0 1 2 1 2 2 4 2 7 0 4 9 8 8 8 7 9 9 8 9 9 8 9 8 2 1 8 1 1 9 1 1 1 1 9 9 9 9 0 1 0 0 6 7 9 4 2 0 5 3 1 1 1 1 l 1 1 1 l 2 1 2 1 0 0 2 f C 6 3 5 5 1 1 December 103 90 83 116 1 Combination of 34 independent series. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1141 COMMODITY MOVEMENTS. COMMODITY MOVEMENTS—Continued. August, July, August, August, July, August, 1923. 1923. 1922. 1923. 1923. 1922. Grain and Flour. Livestock—Continued. Receipts at 17 interior centers (000 Slaughter at principal markets under omitted): Federal inspection (head, 000 omit- Wheat (bushels) 69,835 42,043 62,644 ted): Corn (bushels) 20,919 18,505 22,058 Cattle 820 725 761 Oats (bushels) 31,935 16,587 26,519 Calves 403 379 345 Eye (bushels) 3,838 1,458 14,085 Hogs 3,556 2,888 Barley (bushels) 5,036 2,018 4,121 Sheep 957 962 1,024 Total grain (bushels) 131,563 80,611 129,427 Total. 5,736 | 6,049 5,018 Flour (barrels) 2,594 2,427 2,990 Meats, cold-storage holdings, first of fol- Total grain and flour (bushels)... 143,235 91,533 142,880 lowing month (pounds, 000 omitted): Shipments at 14 interior centers (000 Beef 46,673 4o,893 48,291 Pork products 867,730 !l, 009,738 739,425 om W it h te e d at ) : (bushels) 30,489 20,582 49,633 Lamb and mutton 2,019 | 2,752 3,376 C B O E o a y a r r e t n s l e ( y ( ( b b b u ( u u s b s s h u h h e s e e l h l l s s s e ) ) ) ls) 1 1 2 2 6 1 , , , , 5 3 9 4 4 4 7 2 6 8 5 1 1 1 4 0 3 1, , , , 3 2 5 0 4 5 3 7 9 9 4 8 1 1 1 2 7 1 9 , , , , 1 8 9 9 5 4 0 6 2 6 3 4 Ex ( p p B o o r u e t n s e d C f s - a , o n f 0 n 0 e 0 d c o er m ta i i t n te d m ): eat products 92 174 258 Fl T ou o r t a ( l b g a r r a re in ls (bushels) 6 4 3 , , 3 7 3 7 0 9 4 3 9 , , 6 8 8 0 6 2 10 4 1 , , 8 4 4 9 6 8 Hog P F p i r r c e o k s d h l u ed c t a s— nd other cured 1,5 3 5 3 1 9 2,0 2 1 7 6 1 2,6 3 2 0 1 0 Total grain and flour (bushels)... 83,264 66,388 123,303 B H a a c m o s n and shoulders 3 3 3 6 , , 0 1 0 9 4 0 3 2 6 7 , , 6 5 8 8 3 1 3 1 2 8 , , 5 7 9 6 1 1 Stocks at 11 interior centers at close of Lard S3,75S 69,478 68,907 month (000 omitted): Pork, pickled 4,311 3,376 3,384 Wheat (bushels) 45,741 21,403 11,852 Corn (bushels) 944 1,242 4,390 Dairy Products. Oats (bushels) 7,360 4,131 32,048 Receipts at 5 principal markets (000 Rye (bushels) 10,816 10,223 2,213 omitted): Barley (bushels) 1,071 564 Butter (pounds) 58,814 75,692 62,494 Total grain (bushels) 65,932 37,563 51,483 C Eg he g e s s ( e c ( a p se o s u ) nds) 22 1 , ,2 2 0 9 5 1 23 1, , 3 3 3 1 8 2 19 1, , 0 8 2 1 8 9 Visible supply of grain east of the Eocky Poultry (pounds) 18,068 16,6% 15.571 Mountains (000 omitted): Cold storage holdings first of following Wheat (bushels) 61,887 31,237 30,586 month (000 omitted): Corn (bushels) 1,927 2,256 8,229 Creamery buttery (pounds) 102,957 101,774 112,039 Oats (bushels) 10,962 • 6,138 40,073 American cheese (pounds) 63,330 55,839 53,625 Eggs (cases) 9,931 10,509 9,608 Receipts at 9 seaboard centers (000 Poultry (pounds) 34,106 41,250 27,671 omitted): Wheat (bushels) 14,934 9,448 32,480 Fishery Products. Corn (bushels) 943 1,004 6,261 Oats (bushels) 1,512 1,153 3,847 Fish landed by American fishing ves- Eye (bushels) 1,272 1,871 3,808 sels, total catch 'pounds, 000 omitted) 22,728 21,367 20,167 Barley (bushels) 3,470 1,944 2,827 Cold-storage holdings, frozen and cured fish on 15th of month (pounds, 000 Total grain (bushels) 22,131 15,420 49,223 omitted) 61,110 46,912 54,136 1,813 1,436 1,705 Flour (barrels Other Agricultural Products. Total grain and flour (bushels)... 30,291 21,879 56,895 Cottonseed (tons): Stocks at 8 seaboard centers at close of - Eeceived at mills 159,21S 13,314 100,470 month (000 omitted): Crushed 52,453 14,549 52,245 Wheat (bushels) 6,557 5,401 11,207 Stocks at mills at close of month 119,551 12,032 61,393 C B O E o a y a r r e t 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 l s s s ) e ) ) ls) 3, 3 1 8 1 3 5 8 0 6 8 1 6 2,3 9 6 1 9 2 0 2 0 4 9 0 3 2 , , 4 3 8 7 1 1 3 8 5 4 9 2 C O o le tt o P S o m t n r o o s a c d e r k g e u s d a c r t i o i n o il e n (p c o o u n n su d m s, p 0 t 0 io 0 n o m (p it o te u d n ) d : s, 1 7 4 , , 4 4 3 6 1 4 9 5 , , 2 0 6 3 6 6 1 1 4 0 , , 3 0 0 3 3 8 Total grain (bushels) 11,038 9,444 18,557 000 omitted) 18,081 11,616 11,754 Wheat flour production (barrels, 000 Tobacco sales at loose-leaf warehouses omitted) 12,016 10,408 12,332 (pounds, 000 omitted): Bright belts f Livestock. North Carolina 11,409 I 18,160 Receipts at 57 principal markets (head, South Carolina 25,710 ! 17,995 000 omitted): Burley 212 177 1,162 Cattle and calves 2,185 1,881 2,149 Western dark 121 70 178 Hogs 3,641 4,089 2,982 Sale of revenue stamps for manufacture H Sh o e r e s p es and mules (42 markets) 1,78 3 7 1 1,65 1 0 7 1,86 2 6 4 o P f h t i o li b p a p c i c n o e , I e s x l c a l n u d d s i , n ( g 0 0 P 0 o o rt m o i E tt i e c d o ) : and Cigars (large) 616,265 589,176 641,164 Total 7,644 7,637 7,021 Cigars (small) 37,506 36,620 60,498 Shipments at 52 principal markets Cigarettes (small) 5,859,285 '5,839,708 (,373,890 (head, 000 omitted): Manufactured tobacco (pounds) 32,787 31,210 38,021 H Ca o t g t s le and calves 1 1, 0 4 4 3 8 4 1,4 7 8 4 0 1 1 1 , , 0 0 2 5 8 2 Frui G t r s a h p i e p f m ru e i n t ts (carloads): 123 187 11 S H h o T e r o e s p t e a s l and mules (42 markets) 3,4 8 0 2 9 2 8 2 I 2,9 7 4 0 1 3 7 5 2, 8 9 5 2 5 5 2 7 Veg O L A et e r p a a m b p n l l o e g e n s e s s s hipments: 2 3 , , 4 3 7 8 8 4 4 3 9 3 3, , 1 8 8 5 3 6 3 8 2 1 4 , , 1 7 8 7 9 9 3 6 9 Shipments of stockers and feeders from White potatoes (carloads) 15,324 i 15,853 18,224 33 C H S m h a o T e t a g t o e r s l p t k e a e a l t n s d ( h c e a a lv d e , s 000 omitted): 4 3 87 7 3 5 4 5 9 9 2 3 5 2 3 0 5 0 2 4 6 4 8 3 6 4 0 6 4 Suga R M E R O r i e a , n e c w c a i l e o t e l i ] i n n ( s p s p p t g t o o o s s ( c u r c k t a n s s r d l ( c o s l l , o a o 0 n d s 0 g s e ) 0 o t o o f m n m s i o ) t : t n e t d h ) 2 2 3 4 9 7 1 1 2 3 3 2 , , , , , 1 0 7 1 4 6 3 0 3 3 8 9 0 4 4 I | 2 2 3 1 6 5 8 3 5 S 2 4 , , , , , 3 1 6 1 5 9 4 S 0 5 6 3 3 0 8 4 3 5 3 8 5 5 6 1 8 2 7 , , , , , 0 3 9 5 4 9 0 6 6 2 1 0 5 2 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1142 FEDERAL EESERVE BTJLJJETIN. OCTOBEB, 1923. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. August, July, August, August, July, August, 1923. 1923. 1922. 1923. 1923. 1922. Lumber: Forest Products. Textiles. Number of mills- National Lumber Manufac- Cotton (bales, 000 omitted): turers' Association 574 570 535 Sight receipts 538 292 541 Southern Pine Association 182 181 174 American spinners' takings 224 271 404 Western Pine Association 48 51 52 Stocks at mills 807 089 1,025 West Coast Lumbermen's Asso- Stocks at warehouses 1,179 939 1,530 ciation 120 114 120 Visible supply 914 837 1,597 Production (feet, 000,000 omitted)— Consumption by mills 492 462 526 National Lumber Manufac- Spindles active during month turers' Association 1,519 1,297 1,327 (number, 000 omitted) 33,709 34,238 32,492 Southern Pine Association 427 405 437 Spindle hours attive during month Western Pine Association 187 170 169 (000.000 omitted) 7,569 7,136 8,033 West Coast Lumbermen's Asso- Finished cotton fabrics: ciation 480 332 426 Finished yards billed 76,322 70,931 96,879 Shipments (feet, 000,000 omitted)— Orders received 78,022 61,451 87,249 National Lumber Manufac- Shipments 38,662 35,361 48,04S turers' Association 1,286 1,115 1,230 Finished stocks 49,399 50,279 45,526 Southern Pine Association 407 394 411 Knit underwear: Western Pine Association 124 109 156 Production 355,236 309,534 377,114 West Coast Lumbermen's Asso- New orders received 328,623 223,553 329,270ciation 444 336 385 Shipments 444,328 326,919 473,408 Naval stores at 3 southern ports: Cancellations 16,938 5,K61 9,525 Spirits of turpentine (casks)— Unfilled orders end of month 858,977 991,620 859,572 Receipts 43,678 40,580 34,346 Wool: Stocks at close of month 29,672 21,285 26,089 Consumption (pounds, 000 omitted). 48,233 46,347 57,340 Rosin (barrels)— Percentage of active machinery to Receipts 138,320 127,098 106,008 total reported- Stocks at close of month 263,457 219,135 329,268 Looms wider than 50-inch reed space 76.9 81.8 64.7 Fuel and Power. Looms 50-ineh reed space or less. 80-9 82.9 67.5 Coal and coke (short tons, 000 omitted): Sets of cards 87.1 88.6 84.3 Bituminous coal production 48,864 45,126 27,538 Combs 77.1 81.6 76.0 Anthracite coal production 8,868 8,320 161 Spinning spindles, woolen 84.1 86.3 82.» Anthracite coal shipments 6,673 6,260 Spinning spindles, worsted 84.5 90.5 74.8 Percentage of active hours to total Beehive coke production 1,494 1,582 539 reported- By-product coke production 3,239 3,267 1,794 Looms wider than 50-inch reed Petroleum, crude (barrels, 000 omitted): space 76.3 80.7 63.6 Production. 65,716 65,247 46,521 Looms 50-inch reed space or less. 63.3 73.8 58.3 Stocks at close of month 297,933 293,054 262,707 Sets of cards 93-2 94.2 88.8 Producing oil wells completed Combs '. 84.4 97.2 85.8 (number) 1,465 1,733 1,709 Spinning spindles, woolen 89.0 90.3 86.2 Oil refineries: Spinning spindles, worsted 81.5 89.7 71.4 Production (000,000 omitted)— Men's and boy's garments cut: Crude-oil run (barrels) 50 51 44 Men's suits wholly or partly wool... 665,391 630,825 Gasoline (gallons) 649 637 550 Men's suits, all other materials 26,055 49,052 Kerosene (gallons) 186 188 184 Men's separate trousers, wholly or Gas and fuel oils (gallons) 1.011 1,053 944 partly of wool 672,923 716,194 Lubricating oils (gallons) 87 94 89 Mens' trousers, all other material 394,013 369,269 Stocks (000,000 omitted)— Men's overcoats 410,875 367,239 Crude-oil run (barrels) 34 34 34 Boys' suits and separate pants 595,846 658,746 Gasoline (gallons) 1,054 1,165 704 Boys' overcoats and reefers 81,001 66,492 Kerosene (gallons) 244 269 2«6 Raw silk: Gas and fuel oils (gallons) 1,462 1,401 1,367 Consumption (bales) 33,547 28,573 34,772 Lubricating oils (gallons) 220 225 221 Stocks at close of month (bales) 25,459 22,914 32,515 Electric nower produced by public Silk imports (pounds, 000 omitted). 4,258 5,218 5,547 utility plants (kilowatt-hours, 000,000 omitted)' Produced by water power 1,594 1,666 1,495 Hides and Leather. Produced by fuels . .. 3,061 2,870 2,580 Total. 4,655 4,536 4,075 Sales of raw hides and skins during month (number, 000 omitted)— Iron and steel: Me*»'s- Cattle hides 1,523 1,407 1,541 Iron ore shipped from Lake Superior Calfskins 1,002 1,028 1,144 (tons, 000 omitted) 10,296 10,411 9,016 Kipskins 211 283 215 Pig-iron production (long tons, 000 Goat and kid 1,265 1,486 1,114 omitted)9. 3,126 3,449 2,034 Cabretta 15 69 22 Steel ingot production (long tons, Sheep and lamb 2,963 3,196 2,548 000 omitted)1. 3,313 3,678 2,818 Stocks of raw hides and skins at close of Unfilled orders, United States Steel month 'number, 000 omitted): Corporation (long tons, 000 Cattle hides 5,635 5,931 5,343 omitted)2... 5,036 5,415 6,692 Calfskins 3,209 3,422 3,583 Fabricated structural steel orders Kipskins 763 838 949 (tonnage) 140,000 125,000 170,000 Goat and kid 11,797 11,572 9,197 Steel barrels (number)— Cabretta 981 1,093 663 Shipments . 217,127 210,621 244,291 Sheep and lamb 9,077 9,573 11,294 Unfilled orders 366,754 422,478 309,044 Production of leather (000 omittod): Steel castings—bookings (net tons). 50,515 52,066 63,416 Sole leather (backs, bends and sides). 1,764 1,669 1,521 Silver production (troy ounces, 000 Skivers (dozens) 39 32 31 omitted) 5,293 5,406 6,562 Oak and union harness (sides Copper production (pounds, 000 stuffed) 134 127 130 omitted) 129,377 125,249 99,726 Boots and shoes, output (pairs, 000 Zinc (pounds. 000 omitted): omitted): Production 83,250 86,130 62,846 Men's 8,796 7,129 7,949 Stocks, close of month 52,942 42,480 43,258 Women's 9,202 7,809 9.062 Shipments 72,788 77,996 76,824 Allother 11,855 10,318 10,665 Tin (pounds. 000 omitted): Deliveries to factories 12,342 11,883 9,462 Total. 29,853 25,256 27,676 » Figures for September, 1923, August, 1923, September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBEit, 1923. FEDERAL BESEEVE 1143 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. August, July, August, August, July, August, 1923. 1923. 1922. 1923. 1923. 1922. Building Materials. Miscellaneous Manufactures—Contd. Brick (000 omitted): Automobiles: Clay fire brick— Production (number)— "Production 62,209 60,085 51,828 Passenger cars 313,972 297,173 248,044 Shipments 59,456 57,569 49,075 Trucks 29,882 29,712 24,093 Stocks at close of month 169,325 166,493 162.876 Shipments- New orders 50,648 47.659 82.300 Railroads (carloads) 37,770 32,426 32,817 Unfilled orders, close of month. 75,500 84,308 74,399 Driveways (machines) 50,460 46.511 36,768 Face brick- Boat (machines) 8,800 10,049 10,104 P S r h o i d pm uc e t n io ts n 3 3 8 5 , , 2 2 9 6 1 0 3 3 6 3 , , 8 5 0 4 3 0 4 4 6 6 , , 8 7 4 1 9 0 Locomotives (number): U St n o f c il k l s e d in o s r h d e e d rs s , a c n lo d s e k i o ln f s month. 9 61 1 , , 0 8 6 3 6 9 9 6 8 9 . , 6 1 5 6 1 1 9 7 1 5 . , 3 8 3 2 9 5 Foreign completed 25 1 9 3 21 2 1 8 1 2 3 1 0 Silica brick— Production 12.397 14,499 9,666 Total 272 239 151 Shipments 12,260 14, 581 11,687 Unfilled orders— Stocks at close of month 41,586 41,450 35,743 1,406 1,652 926 Cement (barrels, 000 omitted): Foreign 91 86 1(19 Production 12,967 12,620 11,664 Shipments 14,971 13,712 14,361 Total 1,497 1,738 1,035 Stocks at close of month 6,077 8,081 5,746 Oak floorings: Vessels built in United States and offi- P S r h o ip d m uc e t n io ts n 3 3 2 0 , , 4 1 2 0 9 8 3 22 0 , , 5 4 0 8 1 9 2 27 7 , , 0 6 3 6 7 9 c N ia a l v ly ig a n t u io m n b : ered by the Bureau of Orders booked 27,444 17,924 25,971 84 116 95 Stocks at close of month 40,634 40,708 21,054 25,217 9,760 11,511 Unfilled orders 27,355 32,000 37,173 Transportation. Maple flooring: Production 12,447 10,590 13,047 Freight carried by class 1 railways:' Shipments 11,718 10,515 14,002 Net ton-miles, revenue and non- Orders booked 7,163 5,671 11,950 revenue i (000 omitted) 38,513 38,001 27,115 Stocks at close of month 19,552 18,829 23,272 Net tons per train 712 731 650 Unfilled orders 18,681 21,715 22,668 Net tons per loaded car 28.2 28.2 26.2 Enameled ware: Baths- Revenue freight loaded and received Shipments 87,439 76,479 78,435 from connections, classified according Stocks at close of month 29,225 26,428 22,775 to nature of products (cars, loaded, New orders 73,169 64,979 82,536 000 omitted): Lavatories- Grain and grain products 234 189 251 Shipments 118,439 94,769 94,219 154 133 133 Stocks at close of month 41,381 42,973 58,483 Coal 869 803 440 New orders 97,125 75,494 98,765 Coke 61 62 38 Sinks- 344 305 258 Shipments 112,516 99,473 95,235 Ore 301 359 300 Stocks at close of month 49,394 45,241 59,400 1,079 1,010 1,034 New orders 99,288 75,539 102,617 Miscellaneous 1,576 1,428 1,432 Miscellaneous ware— Shipments 59,670 51,067 42,634 Total 4,678 4,2S9 3,887 N St e o w ck o s r a d t e r c s lose of month 5 4 1 6 , , 8 9 4 9 2 5 4 4 5 7 , , 4 5 5 9 7 7 5 5 9 6 , , 0 5 8 1 8 6 Re c v o e rd n i u n e g t f o re g ig e h o t g r l a o p a h d i e c d al , d c i l v a i s s s i i o fi n e s d : ac- Miscellaneous Manufactures. 1,110 1,029 911 Wood pulp (short tons): 1,001 950 812 Production 172,295 162,246 282,570 195 182 132 Pap C S S er t h o o i n ( c p s s k h m u s o m e a r n t p t t t t c s o i l o o n n s s e ) : of month 1 1 7 1 1 4 8 6 , , , 0 2 1 0 0 0 4 2 9 1 1 5 3 1 5 4 9 , , , 3 5 J 0 0 9 7 7 5 2 2 5 5 0 8 2 9 , , , 8 9 9 7 5 6 1 7 2 N So o u rt t h h w w e e s s t te e r r n n 5 7 6 3 X 8 9 0 6 7 1 8 5 7 6 2 5 1 0 6 1 1 6 0 6 5 6 2 7 0 1 3 9 0 7 5 New P s r p od ri u n c t t - ion 132,604 125,768 133,236 Total 4,67« 4,289 3,886 Shipments 129,173 124,322 123,830 Freight car surplus (number): Stocks at close of month 25,674 21,237 19,902 Total 73,512 7fi,110 121,387 Book paper— Box 55 35S 56 466 9,603 Production 59,744 45,156 87,922 Coal 5,-152 5,300 95,134 Stocks at close of month 23,971 23,214 37,473 Freight car shortage (number): Paper board—• Total 8,899 7,481 42,919 Production 117,932 96,362 195,115 Box 2.583 1,7«2 28,251 Stocks at close of month 27,777 27,179 59,627 Coal 4,389 3,754 8.654 Wrapping paper- Bad-order cars (total) 189,014 190,411 345.013 Production 50,563 47,796 74,315 Stocks at close of month 46,813 43,405 62,444 Vessels cleared in foreign trade (tons, Fine paper— 000 omitted): Production 22,859 21,650 33,081 2,559 2,612 2,903 Stocks at close of month 37,179 37,785 37,889 Foreign 4,136 4,34S 3,274 Rubber (pounds, 000 omitted): India rubber imports , 42,741 44,635 54,332 Total 6 695 6 960 6,178 Consumption by tire manufacturers 33,739 21,367 33,739 Percentage of American to total... 38.2 37.5 47.0 Pneumatic tires (000 omitted): Panama Canal traffic (tons, 000 Production 2,356 1,993 2,905 omitted):1 Shipments, domestic 2,807 2,539 3,030 2,338 2,09i> 1,211 Stocks at close of month 6,058 6,471 4,629 1,556 1,408 582 Inner tubes (000 omitted): Commerce at Sault Ste Marie Canals Production 3,578 2,625 (tons, 000 omitted): Shipments, domestic 4,304 3,942 4,220 Total freight 14,353 14,389 10,286 Stocks at close of month 6,951 7,396 5,207 11,230 10,9«3 9,809 Solid tires (000 omitted): 3,117 3,406 477 Production 48 42 84 Shipments, domestic 46 45 69 Stocks at close of month 263 264 190 i Figures for July, 1923, June, 1923, July, 1922 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1144 FEDERAL EESERVE BULLETIN. OCTOBER, 1923. 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.l 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. August 2,873 7,950 3,044 5,093 4,018 3,130 11,112 2,354 2,424 2,778 2,534 11,596 58,906 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 3,230 10,808 3,428 5,931 3,757 2,887 13.598 2,923 2,438 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 2,281 2,412 2,692 10,938 62,866 August ... 3,064 13,660 2,851 5,836 3,628 3,221 13,467 2,791 2,574 2,706 2,347 13,177 69,322 VALUE OF PERMITS ISSUED (000 OMITTED). 1922, August $16,577 $49,511 $15,353 $22,037 $11,605 $7,985 $40,453 $5,416 $8,896 $9,793 $5,010 ! $29,424 $222,060 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 9,550 7,954 4,962 31,952 232,273 August 8,307 73,236 13,295 17,361 12,659 7,631 48,315 5,919 11,098 6,049 6,211 40,470 250,550 BUILDING CONTRACTS AWARDED. VALUE OF BUILDING CONTRACTS AWARDED, BY FEDERAL RESERVE DISTRICTS, FOR ALL CLASSES OF BUILD- INGS (000 OMITTED). (F. W. Dodge Co.) D N is o t . r i 1 c . t D N is o t . r i 2 c . t D N is o t . r i 3 c . t D N is o t . r i 4 c . t D N is o t . r i 5 c . t D N is o t . r i 6 c . t D N is o t . r i 7 c . t D N is o t . r i 8 c . t D N i o st . r 9 ic .1 t D N i o s . t r lO ic . t s Total. 1922. August $26,780 $80,811 $43,819 $50,811 $20,984 $$5,6,954 $8,250 $288,409 September 29,245 64,299 24,948 34,685 22,997 6622,222200 5,868 244,262 1923. January 21,806 65,233 16,770 25,691 17,633 $22,051 43,137 $17,864 4,524 $7,845 » 242,554 February 13,759 58,614 18,780 38,546 20,219 34,775 46,764 21,193 12,199 12,531 »277,.— March 25,079 98,412 31,265 52,793 30,147 25,538 59,868 17,961 15,259 11,277 April 31,893 96,267 30,553 48,786 39,364 20,817 75,240 25,340 17,585 11,346 a 397,192 May 35,837 88,362 29,172 51,865 43.862 37,700 70,229 31,714 22,754 15,309 s426,804 June 28,817 84,843 19.801 36,960 24,146 31,003 83,007 25,230 17,902 16,407 ' 368,116 July. 25,719 82,940 19,497 43,922 18,559 25,054 53,268 23,345 11,165 9,794 3 313,263 August 27,913 82,304 15,324 32,975 22,698 27,045 45,783 23,786 9,671 9,478 3 296,977 September 23,158 77,573 23,172 40,413 16,988 21,245 50,830 17,332 8,819 8 287,819 1 Montana not included. f Colorado, Wyoming, and Arizona not included. 3 Figures for Districts 6, 8, and 10, not available prior to 1923, included in total. BUILDING CONTRACTS AWARDED, BY CLASSES OF CONSTRUCTION. [Compilation by F. W. Dodge Co. for 27 Northeastern States.] [Thousands of square feet.] 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. a H t n u o d t s i p I o n i n t s a s t l . i s - r S b e o c u r c i e l i d a a l i t i n a o g n n s d a . l m Re e l a m i n g o d i r o i u a s l bu P i u ld b i l n ic gs. Total.' buildings. 1922. August 23,712 11,262 7,793 5,228 1,712 2,555 1,337 270 54,019 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 41,811 March 39,288 7,673 9,886 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 August 24,106 3,367 6,245 3,285 549 867 384 39,786 1 Includes miscellaneous building contracts ,as well as groups shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL EESEBVE BULLETIN. 1145 WHOLESALE AND RETAIL TRADE. CHANGE IN CONDITION OF WHOLESALE TRADE. BY LINES AND DISTRICTS. The volume of both wholesale and retail Percentage hange trade was larger in August than in July, the in August 1923, sales as comusual development at this season of the year. nared with— Sales in most lines were also larger in August Jvuy, 1923.Aug.,1922. Groceries: than in the corresponding month of the two United States 4.7 6.3 previous years. The accompanying chart Boston district -2.4 9.3 New York district 2.4 6.3 shows a comparison of the trends of wholesale Philadelphia district... -1.1 15.7 trade and department-store sales without mak- C R l i e c v h e m la o n n d d d d i i s s t t r r i i c c t t 3 3 . . 7 0 6 8 . . 2 0 ing any correction for seasonal variations. Atlanta district 12.7 12.0 Chicago district 5.3 -1.9 This chart indicates that the gain in department- St. Louis district 8.5 2.4 store sales, as compared with a year ago, is M Ka in n n s e a a s p C o i l t i y s d d i i s s t t r r ic ic t t.... 1 3 4 . . 3 4 1 8 3 . . 1 3 considerably more pronounced than the in- Dallas district 19.0 8.9 San Francisco district.. -5.8 1.4 crease in wholesale business. It is also worthy Dry goods: of note that the dollar value of department- United States 27.0 8.0 New York district 20.7 14.8 store trade in August, 1923, was larger than Philadelphia district... 31.8 9.8 Cleveland district 44.9 32.2 in August, 1919, or August, 1920, whereas the Richmond district 44.5 1.5 value of wholesale trade was much smaller. Atlanta district 44.1 -0.5 Chicago district 3.7 2.7 This is partly due to a somewhat greater reduc- St. Louis district 28.8 -0.6 tion in wholesale prices than in retail prices M Ka in n n s e a a s p C o i l t i y s d d i i s s t t r r i i c c t t 7 8 0 . . 3 7 3 1 4 . . 5 8 Dallas district 52.7 11.5 San Francisco district.. 35.1 8.1 WHOLESALE TRADE AND DEPARTMENT STORE SALES Shoes: United States 46.6 11.2 200! ( MONTHLY AVERAGE, 1919 -100 ) 200 N Ph e i w la Y de o l r p k h i d a i s d tr i i s c t t rict... 3 50 5 . . 7 5 1 3 0 2 . . 1 1 Richmond district 57.8 5.3 180 180 Atlanta district 49.5 3.6 Chicago district 25.8 0.0 160 160 M St. i n L n o e u ap is o l d i i s s t d r i i s c t t rict -1 6 5 7 . . 2 0 1 6 0 . . 0 6 San Francisco district.. 27.7 0.6 140 1M3 Hardware: United States 11.7 18.1 120 120 N Ph e i w la d Y e o l r p k h i d a i s d tr i i s c t t rict... -0 9 . . 3 1 1 9 6. . 9 & Cleveland district 6.7 15.2 100 100 Richmond district.. . 23.3 20.6 Atlanta district 19.0 13.3 80 80 C St h . ic L a o g u o i s d i d s i t s r t i r c i t ct 1 1 2 . . 1 0 1 9 6 . . 5 0 Minneapolis district 1.0 95.1 60 60 Kansas City^ district 0.0 -4.6 Dallas district 2.5 36.0 40 40 Drug S s a : n Francisco district.. 5.4 8.4 • WHOLESALE TRADE United States 5.1 7.7 • DEPARTMENT STORE SALES New York district -3.1 5.0 Philadelphia district... 5.3 10.0 Cleveland district 3.7 8.0 1919 1920 1921 1922 1923 R A i t c la h n m ta o n d d is d tr i i s c t t rict 1 9 3 . . 1 0 2 1 6 6 . . 9 a since 1919, but also indicates that the growth Chicago district 12.4 14.5 St. Louis district 1.0 7.0 of business of department stores during the Kansas City district 4.5 l.S Dallas district 12.5 5.9 past five years has been substantially larger San Francisco district.. 7.9 6.7 Furniture: than that of jobbers and wholesale dealers. Richmond district 27.3 61.1 Further discussion of the current condition Atlanta district 32.7 25.5 St. Louis district 10.8 0.0 of trade is published on page 1100. Kansas City district 20.3 -3.8 Dallas district 37.3 -2.6 WHOLESALE TRADE IN THE UNITED STATES, BY LINES. San Francisco district.. 20.2 11.5 Agricultural implements: [Average monthly sales 1919=100.] Atlanta district -18.4 -0.6 c G er r i o e - s. Meat, g D oo ry ds. Shoes. H w a a r r d e - . Drugs. Total. M D Sa a i n n ll n a F e s r a a d p n i o s c l t i i r s s i c c d o t is d t i r s i t c r t ict. - - 3 1 1 0 2 1 . . . 0 2 2 -2 1 2 7 1 . . . 5 5 6 1922. Stationery: July 74.5 59.2 80.2 47.5 81.6 93.6 71.6 New York district 3.0 8.0 August 79.6 55.9 111.2 67.6 89.9 102.9 80.6 Atlanta district 31.7 -5.6 September 83.6 60.5 116.1 77.5 95.9 104.6 85.3 San Francisco district. 48.1 7.5 1921. Auto supplies: January 75.0 60.4 102.6 56.6 88.7 11.3.0 78.1 Chicago district 0.3 -8.4 February 75.0 56.8 98.0 56.9 82.4 106.6 75.7 San Francisco district. 2.8 15.5 March 80.7 63.3 113.0 81.3 109.3 120.4 86.1 Men's clothing: April 79.9 60. H 87.0 62.4 111.9 106.2 78.7 New fork district 123.6 49.0 May SO. 7 64.2 81.5 67.5 117. 1 107.4 80.0 Women's clothing: June 87.1 67.4 88.7 63.9 113 4 106.6 83.8 New York district 114.8 16.7 July 80.8 66.1 94.6 51.3 95.1 105.6 80.1 Jewelry: August 84.6 69.6 120.1 75.2 105.6 110.8 89.4 New York district 24.5 5.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1146 FEDERAL RESERVE BULJ^ETIN. OCTOBER, 1923. RETAIL TRADE BY REPORTING LINES. [Average monthly sales, 1919=100.] Chain stores. Depart- Mailorder ment houses(4 st s o t r o e r s e ( s 3 ) 0 . 6 houses). (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 r a u i g n ( s 1 ) 0 . c C h ig a a in r s ( ) 3 . c S h h a o i e n 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 August 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 October , 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 December 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 February 88.4 83.6 158.8 117.4 125.6 109.7 70.8 87.8 March 122.6 112.8 188.4 163.4 144.9 134.5 145.5 96.0 April 118.2 101.9 163.8 143.0 135.0 124.8 121.6 98.8 May 127.8 97.0 177.2 154.6 142,0 138.5 140.0 100.1 June 123.2 86.6 164.3 155.1 149.2 136.3 139.3 97.3 July 90.4 74.1 161.7 143.9 140.6 127.7 101.2 82 4 August 97.8 73.3 165.6 153.7 145.4 135.3 99.5 102.6 DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS. [Average month, 1919-100.] (2 D B N 4 o i o s s s t . t o t r 1 o r i — n c e t s). N (6 D N e 4 w i o s s t . t o Y r 2 r i o — c e r t s k ). (1 P D N 8 h p i o s i s l h t . t a o r i 3 d a r i — c e e t s l- ). ( R 1 D N i 9 c i o s h s t . t m o r 5 r i o — c e n t s d ). (3 D A N 5 t i o s l s t . a t o 6 r n r i — t c e a t s). (7 C D N 0 h i o s s i t . t c o r 7 a r i g — e c o s t ). (2 D N 4 M a i o p s s i t . n o t o r l 9 n r i i — e s c e - t s). (2 N D 1 D o i s s a . t t l o 1 r l r 1 a ic e — s t s). ( F 3 N D 1 r o a i s S s . n t a t o 1 c r n 2 r i i s c e — c t s o ). (3 I 0 U n 6 S d n t s e a i t t x t o e e r d f 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 M»y 122.8 117.5 126.4 103.3 97.6 116.5 105.6 96.5 132.5 115.4 121.8 115.3 108.7 103.0 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 1019 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 March 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 May 133.4 128.6 150.7 111.6 108.4 129.8 113.5 106.2 147.1 127.8 136.2 128.2 131.5 114.5 101.5 131.5 109.3 92.3 127.8 123.2 JUly 90.5 84.7 111.3 82.7 76.9 92.4 83.7 66.8 115.9 90.4 August 98.7 87.0 114.3 82.5 81.7 118.2 96.9 69.4 136.3 100.5 TREND OF DEPARTMENT STORE STOCKS. [Average monthly stocks, 1919—100.) (2 D N 4 B i o s o s t . s t o t r r 1 o i e c - n t s). N (6 D e N 4 w i s o s t . t o Y r 2 r i o — c e r t s k ). (1 P D N 3 h p i o s i s l t h . t a o r i 3 d r a i — c e e t s l- ). ( R 1 D N i 9 c i o s h s t . t m o r 6 r i o — c e n t s d ). (2 A D N 2 t i o s s l t . a t o r 6 n r i — t c e a t s). (5 C D N 9 h i o s s i t . t c o r 7 a r i g — c e o t s). (1 D N M 6 a i s o p s i t . n t o o r n l r 9 i i e s e c - - s t ). (1 N D 9 D o i s s a . t t l o 1 r l r 1 a ic e — s t s). ( F 2 N D 9 r o a i s S s . n t a t o 1 c r n r 2 i i s c e — c t s o ). (2 I 6 n U S 5 d n t s e a i t x t t o e e r f d s o e r s). 1922. April 112.2 121.9 113.9 110.6 116.4 124.6 98.7 113.8 122.2 117.6 ifty 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 1*8.6 110.6 111.1 105.9 103.2 101.2 115.2 97.2 94.1 107.6 107.7 1933. 104.0 106.8 102.2 99.6 105.2 112.2 100.0 97.0 107.4 105.6 111. 5 111.5 116.5 113.0 111.9 127.2 107.2 106.8 117.7 115.3 Mwch 119. S 122.9 127.5 124.3 118.9 138.7 117.1 115.4 124.6 IK. 3 April 125.2 127.3 132.1 125.8 121.4 140.5 117.3 118.0 131.8 128.9 May.. 124.1 125.0 127.7 121.7 120.8 136.0 115.8 117.2 126.7 125.9 115.9 116.1 123.1 114.8 113.4 128.0 103.9 109.9 121.2 118.1 July 108.6 110.9 118.1 121.1 111.4 127.6 97.3 107.1 120.5 115.5 August 112.4 118.5 131.4 122.4 119.8 141.2 103.8 121.3 127.5 124.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1147 BANKING AND FINANCIAL STATISTICS. DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. VOLUME OF OPERATIONS DURING AUGUST, 1923. United States securities Bills dis- purchased. Total. counted for Bills bought Municipal Federal reserve bank. m b e a m nk b s e . r m in a r o k p e e t n . Bonds and Certificates of p w ur a c r h r a a s n e ts d. August, August, notes. indebtedness. 1923. 1922. $359,754,330 Mi, 554,958 $1,857,500 $1,305,750 $377,472,53S $184,129,632 New York 1,137,184,815 76,815,491 36,340,100 15,683,500 1 266,023 906 520,360,969 Philadelphia 284,242,937 10,391,719 294,634,656 184,276,491 220,704,410 25,769,539 42,500 246 516 449 112,868,262 Richmond 290,577,727 250,900 290,828,627 45,486,567 52,628,105 2,366,562 287,700 35,000 $10,000 55 327,667 21,482,592 Chicago 195,873,690 16,830,924 8,923,800 10,391,000 232,019,414 148,929,799 201,896,445 39,405 201,935,850 53,870,669 Minneapolis 26,483,542 2,479,500 489,000 29,452,042 18,759,947 52,765,365 1,611*859 6,028,000 205,500 60,010,724 9,549,808 Dallas... . 42,516,198 42,516,198 18,826,501 187,420,830 12,341,311 199,762,141 152,925,171 Total: August, 1923 3,052,048,694 160,372,668 55,916,600 28,152,250 10,000 3,296,500,212 August, 1922 1,094,305,977 185,207,131 90,895,300 101,040,000 18,000 1,471,466,408 8 months ending— Aug. 31,1923 27,392,676,734 1,505,507,255 504,660,810 2,310,433,210 116,164 31,713,394,173 Aug. 31,1922 12,172,047,928 1,153,074,351 818,872,650 1,914,358,500 137,632 16,058,491,061 VOLUME OF BILLS DISCOUNTED DURING AUGUST, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Member banks' collateral Bankers' accept- Customers' notes. ances. paper se- Federal reserve bank. Go cu v r e e r d n m b e y nt Secured by p C a o p m er m , e n r . c e ia .s l . Agr p i a cu p l e t r u . ral Li p v a e p s e to r. ck obligations. G ob o l v i e g r a n t m io e n n s. t O s t e h c e u r r w ed is . e Foreign. m D es o t - ic. Boston $357,900 $179,932,300 $178,996,875 $413, $1,600 New York 2,922 047 991,209,550 142.175,086 271, 2,015 $12,500 Philadelphia 459,892 186,814,650 96,703,737 240, Cleveland 294,141 166,167,400 827,000 52,825,575 138, 16,951 Richmond 274,100 250,059,640 18,046 36,599,970 3,043, 5,650 179,396 Atlanta 56,513 23,073,150 504,500 25,764,320 2,788, 80,124 Chicago 54,300 149,076,710 161,310 43,207,724 3,096, St. Louis 206,516 156,524,750 42,242,664 2,442, 192,038 24,977 Minneapolis 12,901 19,672,150 731,708 4,129,542 1,311, 619,889 Kansas City 152,058 40,292,080 8,669,376 1,111, 2,465,161 '74,'750 Dallas 107,308 25,239,200 701,500 11,689,131 2,893, 1,859,487 San Francisco 120,965 142,920,600 12,973,139 27,824,703 2,526, 647,161 "5," 200 Total: August, 1923 5,018,641 2,330,982,180 15,117,203 670,828,703 20,277,348 5,890,076 296,823 Julj', 1923... 3,881,396 2,647,554,805 14,778,638 780,417,209 25,551,450 11,046,539 $22,731 211,535 August, 1922. 1,592,541 727,893,985 26,072,966 303,909,358 25,993,458 6,433,590 7,540 July, 1922... 2,856,274 929,180,480 22,933,412 323,300,839 28,579,561 7,800,638 "44," 987 16,240 Trade acceptances. T m ot o a n l r m ed a u tu ce ri d t y t o b a a s c i o s m .1 - Member banks. Total, all Federal reserve bank. Foreign. Domestic. classes. Amount. P o e f r to ce ta n l t . in N A u u d m g i . s b t 3 r e i 1 r c . t Nu A m c b c e o r m . mod P a e t r e d c . ent. Boston $52,591 $359,754,330 $224,236,766 7.3 424 190 44.8 New York 592,029 1,137,184,815 786,467,850 25.8 831 334 40.2 Philadelphia.. 24,646 284,242,937 224,877,370 7.4 721 329 45.6 Cleveland 1,234,838 220,704,410 194,116,750 6.3 882 260 29.5 Richmond 397,891 290,577,727 209,575,665 6.9 630 318 50.5 Atlanta 361,086 52,628,405 152,360,822 5.0 534 313 58.6 Chicago 276,955 195,873,690 429,141,726 14.1 1,440 511 35.5 St. Louis 262,802 201,896,445 271,087,019 8.9 624 258 41.3 Minneapolis... 5,842 26,483,542 69,821,119 2.3 993 294 29.6 Kansas City... 52,765,365 117,205,129 3.8 1,153 322 27.9 Dallas.....".... 26,196 42,516,198 117,603,684 3.9 862 515 59.7 San Francisco. 402,844 187,420,830 255,544,794 8.3 811 316 39.0 Total: August, 1923. 3,637,720 3,052,048,694 3,052,048,694 100.0 9,905 3,960 40.0 July,1923.... $173,000 3,768,890 3,487,406,193 9,916 4,110 41.4 August, 1922.. 2,402,539 1,094,305,977 9,917 4,042 40.8 July, 1922 2,889,186 1,317,601,617 9,930 4,167 42.0 1 Total discounts multipled by ratio of average maturity of bills discounted by each bank to average maturity (10.62) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1148 FEDEKAL KESEKVE BUJXETIN. OCTOBER, 1923. VOLUME OF BILLS DISCOUNTED DURING AUGUST, 1923, BY BATES OF DISCOUNT CHABGED; ALSO AVERAGE RATES AND MATURITIES. Average rate Average Federal reserve bank. 4 per cent. 41 per cent. 5 per cent. Total. (365-day maturity. basis). Per cent. Dapi. Boston $359,754,330 S359,754,330 4.50 6.62 New York 1,137,184,815 1,137,184,815 4.50 7.35 Philadelphia.. 284,242,937 284. 242,937 4.50 $.40 Cleveland 220,704,410 220, 704,410 4.50 9.34 Richmond 290,577,727 290, 577,727 4.50 7.66 Atlanta 52,628,405 52,628,405 4.50 30.75 Chicago 195.873,690 195, 873,690 4.50 23.27 St. Louis 201,896,445 201, 896,445 4.50 14.25 Minneapolis... 26,483,542 26,483,542 4.50 28.01 Kansas City... 52,765,365 52,765,365 4.50 23.60 Dallas 42,516, i98 42,516,198 4.50 29.39 San Francisco. 187,420,830 187420.830 4.50 14.48 Total: August, 1923 3,052,048,694 3,052,048,694 4.50 10.62 July, 1923 3,487,406,193 3,487,406,193 4.50 10.0& August. 1922 1602,016,980 483,415,225 $8,873,775 1,094,305,977 4.34 13.4S July, 1922 810,474,889 474,290,016 32,836,712 1,317,601,617 4.39 11.97 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING AUGUST, 1923, BY CLASSES. Total reduced to a Bankers' acceptances. Trade acceptances. common maturity basis.1 Total bills Federal reserve bank. purchased. Foreign. Domestic. ex D ch o a ll n a g r e. Total. Foreign. Do ti m c. es- Total. Amount. c t e o P n t e t a r o l. f $7,107,031 $6,547,927 $900,000 $14,554,958 $14,554,958 $8,009,230 5.0 56,865,774 17,853,319 1,774,512 76,493,605 $321,886 $321,886 76,815,491 37,608,040 23.5 Philadelphia 6 022,766 3,423,953 945,000 10 391,719 10,391,719 20,279,855 12.7 20,163,052 5,415,857 190,630 25,769,539 25,769,539 45,297,275 28.2 65,000 185,900 250,900 250,900 367,409 .2 Atlanta 2,223,562 143,000 2,366,562 2,366,562 3,717,132 2.3 9,804,339 6,894 377 132,208 16 830,924 16,830,924 32,705,635 20.4 39 405 39,405 39,405 62,678 903,952 107,907 1,011,859 1,011,859 2,023,914 1 3 Dallas San Francisco 6,316,165 5,949,471 75,675 12,341,311 12,341,311 10,301,500 6.1 Total: August, 1923.. 109,471,641 46,561,116 4,018,025 160,050,782 321,886 321,886 160,372,668 160,372,668 100.0 July, 1923 133,431,955 43,055,017 10,280,436 186,767,408 59,416 59,416 186,826,824 August, 1922.. 144,236,793 34,287,658 6,303,646 184,828,097 379,034 379,034 185,207,131 July, 1922 125,333,111 30,243,235 2 653 505 158,229,851 529,293 529,293 158,759,144 i Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (38.85) for system. VOLUME OF ACCEPTANCES PURCHASED DURING AUGUST, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal reserve bank. 4 per cent. 4J per cent. 4J per cent. 4| per cent. 4} per cent. 4| per cent. Total. d r A a a y v te e b r a ( a 3 s g 6 i e s 5 ) - .m A a v t e u r r a i g ty e . Per cent. Days. Boston $1,749,581 $10,458,560 $1,800,350 $480,245 $48,222 $18,000 $14,554,958 4.18 21.38 72,208,108 3,255,418 979,478 50,601 221,189 100,697 76,815,491 4.10 19.02 Philadelphia 663,730 8,904,069 823,920 10,391,719 4.20 75.81 3,949,164 16,931,612 4,582,487 172,982 i33,294 25,769,539 4.21 68.29 250,900 250,900 4.31 56.89 Atlanta . 182,690 1,519,689 664,183 2,366,562 4 25 61.02 2,473,892 6,617,905 "6," 795,' 279' 473,848" 470,000 16,830,924 428 75.49 St. Louis 39 405 39,405 4.18 61.79 Minneapolis Kansas'City 1,011,859 1,011,859 418 77.70 Dallas 1,671,516 2,749,173 7,496,314 53,778 370,530 12,341,311 4.24 32.43 Total: August, 1923 82,898,681 51,487,690 22,728,728 1,231,454 1,907,418 118,697 160,372,668 420 38.85 July, 1923 90,987,675 69,197,712 20,573,036 4,037,874 2,030,527 186,826,824 4 20 40.51 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

OCTOBEH, 1923. FEDERAL RESERVE BUT.T.F.TIN. 1149 HOLDINGS OF EARNING ASSETS, BY CLASSES. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEREON, AND ANNUAL RATE OF EARN- INGS DURING AUGUST, 1923. Average daily holdings of— Earnings on- Annual rate of earnings on— All Federal reserve bank. A of l a l e s c a s l e r a n t s s i s n . e g s Dis b c i o ll u s n . ted Pur b c i h ll a s s . ed se U S cu n ta r i t i t e t e i s d es. c e l a a a s s r A s s n e e l i t l n s s g . of co b D u i i l n s l t s - e . d c b h P i a u l s l r s e - . d U s S e t n t i c a e i u t t s e e r . i s d - e c a la r o s n s f i e n 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 s e - . d U s S e t n t i c a e i u t t s e e r . i s d assets. Per ct. Per ct. Per ct. Per ct. Boston $72,903,253 $56,799,641 $11,947,1 $4,155,727 $275,315 $217,128 $42,460 $15,727 4.45 4.50 4.18 4.46 New York 240,406,147 197,757,661 34,856,933 7 791,553 907,695 755,758 122,126 29,811 4.44 4.50 4.13 4.50 Philadelphia 101,899,032 64,587,331 19,930,701 17,381,000 380,879 246,887 71,090 62,902 4.40 4.50 4.20 4.26 Cleveland 106,993,734 57,773,397 39,009,995 10,210,342 395,941 220,675 139,225 36,041 4.35 4.50 4.20 4.15 Richmond 71,622,419 68,885,057 1,396,462 1,340,900 270,766 263,026 5,111 2,629 4.45 4.50 4.31 2.31 Atlanta 52,868,403 44,176,091 8,456,884 220,267 200,047 168.837 30,380 772 4.46 4.50 4.23 4.13 Chicago 130,025,863 75,579,836 44,337,027 10,109,000 476,953 288,860 158,192 29,901 4.32 4.50 4.20 3.48 St. Louis 57,991,545 51,273,934 1,192,417 5,525,194 220,718 195,983 4,236 20,499 4.48 4.50 4.18 4.37 Minneapolis 40,380,086 28,406,783 11,973,303 151,687 108,571 43,116 4.42 4.50 4.24 Kansas City 52,004,331 40,921,699 876,159 10,206,473 197,774 156,396 3,112 38,266 4.48 4.50 4.18 4.41 Dallas 49,787,104 47,327,731 679,873 1,779,500 187,272 180,811 2,424 4,037 4.43 4.50 4.20 2.67 San Francisco 101,322,524 77,761,939' 14,265,641 9,294,914 381,824 296,996 51,032 33,796 4.44 4.50 4.21 4.28 Total: August, 1923.1.078,204,441 811,251,100! 176,949,977 89,988,203 4,046,871 3,099,928 629,388 317,497 4.42 4.50 4.19 4.15 July, 1923....i; 119,786,863 837,038,694 185,807,248 96,922,298 4,201,564 3,199,029 658,902 343,562 4.42 4.50 4.18 4.17 August, 1922.1,053,098,212 396,243,184 159,020,851 497,824,877 3,445,344 1,502,777 420,119 11,522,410 3.85 4.47 3.11 3.60 July, 1922....1,127,887 — 428,326,143 154,010,451 545,546,588 3,737,104 1,636, "~ 416,0271.,684,189 3.90 4.50 3.18 3.63 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: Atlanta, $15,161, $58, and 4.50 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of August figures. In thousands of dollars.] Member banks' Cus- collateral notes. Bankers' acceptances. Trade acceptances. tomers' Federal reserve bank. Total. G s o p e m b o c a b v l e u p i y e g n r e e r a t r n d - - G S m e o c b v e u y e n r r e t n d - se O w c t u h i r s e e e r d - . m n p C e . a o r p e m c e . i a r s - l . p A t a c u u p g r l a r e - i l r - . p s L a to i p v c e e k r - . Im F - oreign E . x- Do ti m c. es- Im F - oreign E . x- Do ti m c. estions. o t b io li n g s a . - ports. ports. ports. ports. 70,884 952 25,519 43,948 337 85 43 206,345 1,165 149,608 54,427 547 9 589 Philadelphia 64,088 630 41,311 21,599 494 54 52,612 350 29,122 12 21,335 476 179 1,138 72,695 455 28,420 34,534 8,333 59 40 854 Atlanta 50,973 203 10,551 202 27,359 11,272 1,015 371 84,968 178 43,141 64 31,894 9,079 612 59,920 335 22,595 28,315 7,665 590 25 395 28,067 12 6,250 535 6,623 10,258 4,172 217 40,645 198 10,760 12,388 3,953 13,316 30 48,982 60 8,434 334 16,659 14,740 8,693 62 84,383 268 31,801 6,255 31,064 11,879 2,424 23 5 661 Total: Aug. 31,1923 864,562 4,806 407,512 7,402 330,145 79,033 30,533 23 79 5,029 July 31,1923 825,936 3,753 388,184 7,247 311,165 78,112 32,368 23 211 4,873 Aug. 31,1922 397,448 2,525 123,588 12,374 123,316 97,404 34,903 43 116 3,179 July 31,1922 408,178 2,700 129,690 11 790 126,030 96,813 35,466 35 3,651 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1150 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. HOLDINGS OP BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OP ACCEPTING INSTITUTIONS. [End of August figures. In thousands of dollars.] Member banks. Nonmem- Branches ber banks and Federal reserve bank. Total. Nonna- a in n g d c b o a r n po k - - P b r a i n v k a s te . ag f e o n r c ei i g es n of National. tlonal. rations. banks. Boston 10,883 7,437 1,129 1,258 73 New York 34,919 8,854 10,428 6,023 7,308 2,306 Philadelphia... 19,629 7,273 7,447 1,895 2,379 635 Cleveland 40,877 10,408 11,283 6,858 9,025 3,303 Richmond 993 187 606 200 Atlanta 7,676 1,519 2,791 1,969 1,255 142 Chicago 41,993 18,583 18,225 1,154 392 St. Louis 41S 132 283 Minneapolis... Kansas City... 2,012 509 1,025 383 95 Dallas......... 444 98 112 135 99 San Francisco. 11,696 3,865 3,527 1,547 1,514 1,243 Total: Aug. 31,1923 171,537 58,865 56,250 24,313 24,015 8,094 July 31,1923 183,190 62,530 60,426 26,958 23,626 9,650 Aug. 31,1922 179,367 74,182 61,808 23,246 12,482 7,649 July 31,1922 139,117 60,968 47,034 14,879 9,371 6,865 Purchased in open market: Aug. 31,1923 171,436 58,787 56,227 24,313 24,015 8,094 July 31,1923 182,956 62,321 60,424 26,935 23,626 9,650 Aug. 31,1922 179,324 74,147 61,800 23,246 12,482 7,649 July 31,1922 139,082 60,933 47,034 14,879 9,371 6,865 Discounted for member banks: Aug. 31,1923 101 78 23 July 31,1923 234 209 2 23 Aug. 31,1922 43 35 July 31,1922 35 35 HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of August figures. In thousands of dollars.] All classes. Bankers' acceptances. Trade acceptances Federal reserve bank. Total. m i c n h P a a o r u s k p r e e e - d n t. m co e D u f m o i n s r t b - e e d r Total. Impo F r o ts r . e E ig x n p . orts. m D es o t - ic. c D h e a o x n ll - g a e r . Total. Impo F r o ts r . ei E g x n p . orts. m D es o t - ic. banks. Boston 10,926 10,883 43 10,883 .4,862 1,215 4,556 250 43 43 New York 35,640 35,042 598 34,919 21,584 7,394 5,240 701 721 132 589 Philadelphia... 19,722 19,668 54 19,629 9,534 3,469 4,561 2,065 93 39 54 Cleveland... 42,015 40,877 1,138 40,877 28,580 5,646 6,267 384 1,138 1,138 Richmond 1,847 954 893 993 145 848 854 854 Atlanta 8,047 7,676 371 7,676 3,007 3,560 909 200 371 371 Chicago 42,605 41,993 612 41,993 24,761 8,032 6,883 2,317 612 612 St. Louis. 810 390 420 415 250 65 100 395 395 Minneapolis 217 217 217 217 Kansas City. 2,042 2,012 30 2,012 1,604 100 308 30 30 Dallas.. . 506 444 62 444 257 187 62 62 San Francisco 12,360 11,668 692 11,696 5,956 2,000 3,629 111 664 664 Total: Aug. 31,1923 176,737 171,537 100,395 31,748 33,266 6,128 5,200 171 5,029 July 31,1923 188,203 183,190 104,874 35,207 35,019 8,090 5,013 140 4,873 Aug. 31,1922 183,514 179,367 143,963 29,587 5,817 4,147 968 3,179 July 31,1922 143,800 139,117 114 407 21,911 2,799 4,683 1,029 3,654 Purchased in open market: Aug. 31,1923 171,607 171,436 100,372 31,748 33,188 6,128 171 171 July 31,1923 183,096 182,956 104,851 35,207 34,808 8,090 140 140 '•'• Aug. 31,1922 180,176 179,324 143,963 29,544 5,817 852 852 July 31,1922 140, 111 139,082 114,407 21,876 2,799 1,029 1,029 Discounted for member banks: Aug. 31,1923 5,130 101 23 78 5,029 5,029 July 31,1923 5,107 234 23 211 4,873 4,873 Aug. 31,1922 3,338 43 43 3,295 116 3,179 July 31,1922 . 3,689 35 35 3,654 3,654 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1151 CONDITION OF FEDERAL RESERVE BANKS. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR SEPTEM- BER AND AUGUST, 1923. (Daily averages. Amounts in thousands of dollars.] Federal reserve notes Total cash reserves. Total deposits. in circulation. Reserve percentages. Federal reserve bank. September. August. September. August September. August. September. August Boston 281,849 280,140 129,647 127,256 226,649 221,653 79.1 80.3 New York 982,575 988,634 695,205 684,614 482,425 498,790 83.4 83.5 Philadelphia.. 259,563 252,736 117,165 117,297 219,402 214,769 77.1 76.1 Cleveland 327,351 316,042 164,646 164,096 246,349 238,175 79.6 78.6 Richmond 77,133 77,460 62,613 61,865 85,500 79,984 52.1 54.6 Atlanta 110,363 131,987 53,772 54,108 129,392 131,220 60.3 71.2 Chicago 574,495 577,158 280,276 279,806 415,040 408,920 82 6 83.8 St. Louis 80.171 94,136 70,144 72,460 72,406 72,007 56.2 65.2 Minneapolis... 69,815 67,501 47,906 47,238 57,314 54,954 66.4 66.1 Kansas City... 95,499 97,873 82,259 83,412 63,402 61,549 65.6 67.5 Dallas 56,239 40,559 52,651 46,697 48,604 36,192 55.5 48.9 San Francisco. 271,947 270,138 151,909 151,220 217,607 210,734 73.6 74.8 Total: 1923. 3,187,000 3,194,364 1,908,193 1,890,069 2,264,090 2,228,947 76.4 77.6 1922. 3,192,420 3,195,502 1,866,300 1,859,524 2,225,457 2,151,185 78.0 79.7 1921. 2,836,396 2,740,388 1,716,162 1,691,137 2,493,910 2,512 348 67.4 65.2 1920. 2,139,2,80 2,127,305 1,912,070 1,885,062 3,275,535 3,165,222 143.3 143.7 1919 j 2,157,932 2,146,003 1,930,969 1,911,769 2,627,295 2,544,357 '50.4 150.0 i Calculated on basis of net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26,1923. RESOURCES. [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 le n v d e . - m R o ic n h d - . Atlanta. c C a h g i o - . 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. c F i S s r a c a o n n . - Gold and gold certificates: Aug. 29 17,075 180,954 33,595 13,138 10,872 6,249 49,386 4,274 8,437 3,292 12,664 21,130 Sept.5 344,746 17,109 165,975 33,213 13,358 10,973 6,114 48,534 4,268 7,964 3,350 12,651 21,237 Sept. 12 349,597 17,435 169,925 34,914 12,980 11,193 6,178 48,287 3,957 8,533 3,330 11,733 21,132 Sept. 19 357,345 17,468 175,138 35,531 13,195 11,393 6,188 49,152 4,327 8,571 3,438 11,736 21,208 Sept. 26 359,664 17,761 176,866 36,030 12,915 11,649 6,260 48,994 4,184 8,580 3,426 11,731 21,268 Gold settlement fund—F. R. Board: Aug. 29 649,455 51,305 151,773 40,614 90,970 32,953 11,533 129,701 22,867 20,834 48,148 39,788 Sept.o 645,876 54,769 122,197 40,497 100,589 31,132 12,015 137,727 21,030 21,543 50,274 15,807 38,296 Sept. 12 633,454 54,124 143,918 29,655 97,815 33,057 11,825 123,036 20,683 19,523 44,026 13,338 42,454 Sept.19 638,892 63,029 194,477 26,306 88,729 23,598 10,393 96,217 11,949 20,639 37,751 19,284 46,520 Sept. 26 641,647 70,121 156,203 33,630 98,515 33,462 12,449 100,495 16,768 20,844 35,629 19,731 43,800 Gold with F. R. Agents: Aug. 29 2,061,164 191,477 636,029 166,710 208,411 29,052 95,793 391,935 50,106 35,305 40,193 16,617 199,536 Sept.5 2,060,700 190,593 635,872 169,176 207,556 28,071 92,056 391,824 49,163 35,805 40,029 18,324 202,231 Sept. 12 2,070,557 188,449 635,518 174,332 207,041 26,752 88,320 391,737 48,378 37,956 44,458 19,840 207,776 Sept. 19 2,066,488 185,467 635,279 171,885 208,828 30,472 81,050 401,609 42,312 37,574 43,960 22,367 205,685 Sept. 26 2,061,965 196,132 635,024 169,791 209,952 29,185 77,988 401,524 36,992 43,157 22,820 203,131 Gold redemption fund: Aug. 29 49,304 6,322 10,837 4,009 3,268 3,733 2,426 4,499 2,743 4,054 1,74a 3,772 Sept.5 50,688 6,476 9,640 6,171 4,657 3,637 2,429 3,580 3,157 1,573 3,783 1,893 3,692 Sept. 12 57,053 7,962 8,350 8,617 3,658 3,856 2,320 3,379 1,576 3,833 1,626 4,511 Sept. 19 59,245 10,283 6,937 12,559 2,427 4,014 2,905 6',038 3,423 1,649 3,822 1,819 3,369 Sept. 26 53,328 8,796 10,137 5,167 1,684 3,926 3,181 4,850 3,921 1,887 4,084 3,606 Total gold reserves: Aug. 29 3,120,989 266,179 979,593 244,928 315,787 76,610 116,001 575,521 79,990 66,474 95,687 39,993 264,226 Sept.5 3,102,010 268,947 933,684 249,057 326,160 73,813 112,614 581,665 77,618 66,885 97,436 48,675 265,456 Sept. 12 3,110,661 267,970 957,711! 247,518 321,494 74,858| 108,043 570,425 76,397 67,588 95,647 46,537 275,873 Sept. 19 3,121,970 276,247 1,011,831) 246,281 313,179 69,477 100,536 553,016 62,011 68,433 88,971 55,206 276,782 Sept. 26 3,116,604 292,810 978,230; 244,618 323,066 78,222 99,878 555,863 61,142 68,303 86,296 56,371 271,805 Reserves other than gold: Aug. 29 80,245 4,863 18,774! 12,417 3,508 3,280 5,014 10,976 11,137 1,085 2,436 5,038 1,717 Sept.o 76,324 4,404 12,841 3,587 3,083 4,715 9,792 10,187 945 2,604 5,240 1,580 Sept. 12 77,004 4,462 12,468 3,675 3,054 4,817 ', 172| 10,649 981 2,850 5,535 1,593 Sept.19 77,832 4,840 17,802| 12,878 4,202 3,0311 4,112 i,615 10,607 981 2,783 5,343 1,638 Sept.26 76,094 4,096 17,367 13,455 3,646 2,741 4,147 8:, 7777<5d' 10,368 1,053 2,750 6,00o' 1,691 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1152 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26, 1923—Continued. RESOURCES—Continued. [In thousands of dollars.] Total. Boston. Y N o ew rk. d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . Atlanta. c C a h g i- o. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . Total reserves: Aug.29 3,201,234 271,042 998,367 257,345 319,295 79,890 121,015 586,497 91,127 67,559 98,123 45,031 265,943 Sept.5 3,178,334 273,351 951,030 261,898 329,747 76,896 117,329 591,457 87,805 67,830 100,040 53,915 267,036 Sept. 12 3,187,665 272,432 975,459 259,986 325,169 77,912 113,460 579,597 87,046 68,569 98,497 52,072 277,466 Sept. 19 3,199,802 281,087 1,029,633 259,159 317,381 72,508 104,648 562,631 72,618 69,414 91,754 60,549 278,420 Sept. 26 3,192,698 296,906 995,597 258,073 326,712 80,963 104,025 564,638 71,510 69,356 89,046 62,376 273,496 Nonreserve cash: Aug. 29 69,504 15,755 8,704 2,577 4,513 1,860 6,156 7,331 6,279 2,171 4,120 2,472 7,566 Sept.5 65,782 13,449 6,988 2,492 4,108 1,611 10,473 6,434 5,254 1,836 4,202 2,456 6,479 Sept. 12 77,139 18,020 10,915 1,884 4,209 1,388 10,932 6,294 7,309 1,817 5,245 2,391 6,735 Sept. 19 84,295 21,206 10,218 2,648 6,278 1,777 12,085 6,848 6,785 1,360 4,997 2,043 8,050 Sept. 26 74,248 13,496 10,441 1,857 3,752 1,887 10,308 7,140 8,184 1,565 5,214 2,147 8,257 Bills discounted: Secured by U. S. Government obligations— Aug. 29 376,194 24,286 125,507 41,469 30,040 28,423 10,885 32,548 21,829 6,915 10,863 7,170 36,259 Sept.5 399,118 21,264 152,620 39,147 27,635 28,756 10,983 37,145 22,195 5,529 10,932 8,265 34,647 Sept. 12 389,071 20,556 144,183 36,596 37,229 28,724 12,836 26,857' 20,655 7,963 10,400 6,571 36,501 Sept. 19 324,640 18,225 90,196 36,774 26,636 30,952 15,835 29,4811 21,108 4,498 14,284 6,522 30,129 Sept. 26 402,141 21,181 146,370 38,077 30,600 30, — 16,147 38,427 24,097 7,379 15,939 5,025 28,002 Other bills discounted— Aug. 29 439,324 45,673 54,805 21,158 22,835 41,318 37,267 36,087 35,089 22,032 28,793 40,767 53,500 Sept.5 450,976 48,936 57,168 23,253 19,406 42,772 41,789 37,003 37,380 21,016 28,182 37,276 56,795 Sept. 12 452,288 49,359 61,511 22,045 22,872 43,823 39,956 39,197 38,637 21,866 27,722 32,361 52,939 Sept. 19 449,600 38,696 48,541 22,290 22,830 47,518 45,538 45,770 47,919 22,867 29,637 27,438 50,556 Sept. 26 459,867 32,034 54,082 20,918 24,759 46,483 51,176 47,607 22,332 30,879 25,099 55,803 Bills bought in open market: Aug. 29 173,485 10,126 33,440 20, 213 42,704 954 7,780 43,081 390 2,012 464 12,321 Sept. 5 174,563 10,748 41,271 19,866 39,056 723 8,505 39,897 389 2,012 435 11,661 Sept. 12 179,313 10,330 36,828 19,778 36,281 708 9,044 41,932 389 2,012 9,999 12,012 Sept. 19 171,044 9,381 23,435 18,333 34,524 478 9,383 43,955 40 2,087 17,872 11,556 Sept. 26 172,124 7,578 26,556 19,256 32,610 548 9,142 40,257 39 2,087 22,546 11,505 U. S. bonds and notes: Aug. 29 91,478 3,614 12,201 17,367 9,953 1,341 207 8,348 3, 12,827 10,988 1,779 9,185 Sept.5 96,320 3,728 16,881 17,367 9,953 1,341 257 9,152 3,668 12,836 10,173 1,779 9,185 Sept. 12 94,718 3,947 13,407 17,367 9,953 1,341 229 9,837 3,668 12,832 11,173 1,779 9,185 Sept 19 84,670 3,569 3,924 17,367 9,953 1,341 239 9,650 3,668 13,117 10.877 1,780 9,185 Sept. 26 87,737 3,"" 7"~" 17,367 9,953 1,341 314 7,247 3/"" 14,368 10.878 1,779 9,185 U. S. certificates of indebtedness: Aug. 29 2,052 210 281 1,269 252 Sept.5 2,452 1,500 305 324 253 Sept. 12 5,139 3,843 305 682 254 Sept. 19 7,919 6,120 263 1,252 178 Sept. 26..... 4,148 355 2,020 336 1,200 178 Municipal warrants: Aug. 29 20 20 Sept.5 20, 20 Sept. 12 20 I 20 Sept. 19 317 51 266 Sept. 26 317 51 Total earning assets: Aug. 29 1,082,553 83,724 226,163 100,221 105,813 72,036 56,160 121,333 60,976 41,774 52,908 50,180 111,265 Sept.5 1,123,449 84,711 269,440 99,647 96,355 73,592 61,555 123,521 63,632 39,401 51,552 47,755 112,288 Sept. 12 1,120,549 84,192 259,772 95,800 106,640 74,596 62,086 118,505 63,349 42,701 51,561 50,710 110,637 Sept. 19 1,038,190 69,871 172,216 94,830 94,206 80,289 71,047 130,108 72,739 40,517 57,329 53,612 101,426 Sept. 26 1,126,334 64,846 236,967 95,661 98,258 79,269 76,831 135,826 75,411 44,094 60,227 54,449 104,495 Bank premises: Aug. 29 54,239 4,434 13,010 723 9,415 2,617 2,772 8,715 1,096 1,681 4,970 1,950 2,856 Sept.5 54,269 4,434 13,012 723 9,440 2,617 2,775 8,715 1,097 1,681 4,970 1,950 2,855 Sept. 12 54,361 4,434 13,012 723 9,444 2,617 2,783 8,715 1,097 1,748 4,970 1,950 2,868 Sept. 19 54,915 4,434 13,372 743 9,529 2,617 2,788 8,715 1,146 1,748 4,970 1,950 2,903 Sept. 26 65,023 4,434 13,372 744 9,588 2,617 2,813 8,715 1,154 1,755 4,970 1,951 2,910 Five per cent redemption fund against F. R. bank notes; Aug. 29 93 65 28 Sept.5 28 28 Sept. 12 28 28 Sept. 19 28 28 Sept. 26 28 28 Uncoliected items: Aug. 29 546,129 47,274 116,414 51,394 58,545 46,914 21,005 73,183 12,939 32,370 21,219 35,536 Sept.5 594,984 53,779 131,303 50,876 65,111 47,683 20,813 78,408 34,609 14,208 37,234 24,537 36,423 Sept. 12 670,862 59,029 139,927 59,924 68,802 57,609 23,396 92,104 35,908 17,542 39,094 29,810 47,717 Sept. 19 747,873 66,598 168,201 66,772 75,926 63,934 26,977 103,953 39,121 17,259 41,905 31,005 46,222 Sept. 26 616,211 53,528 132,019 53,922 58,914 58,205 24,136 82,393 32,431 14,681 36,534 27,586 41,862 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 115a RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26.. 1923—Continued. RESOURCES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la ia - . C la l n ev d e . - m R o ic n h d - . Atlanta. c C a h g i o - . L S ou t. is. M ap i o n l n i e s. - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . All other resources: Aug. 29 13,477 132 1,247 343 358 775 583 595 117 1, 791 2,: 3,832- Sept. 5 13,339 144 1,081 470 373 526 646 583 123 2,026 792 2,732 3,843 Sept. 12 13,532 152 1,282 388 381 539 642 585 126 1,995 811 2,778 3,853 Sept. 19 13,332 107 1,210 265 317 552 663 540 104 1,881 1,064 2,886 3,743 Sept. 26 13,717 131 1,311 267 325 472 669 524 107 927 2,1— 3,721 Total resources: Aug. 29 4,967,229 422,361 1,363,905 412,603 497,939 204,092 207,691 797,719 188,931 128,020 193,282 123,688 426,998 Sept.5 5,030,185! 429,868 1,372,854 416,106 505,134 202,925 213,591 809,118 192,520 126,982 198,790 133,373 428,924 Sept. 12 5,124,136 438,259 1,400,367 418,705 514,645 214,661 213,299 805,800 194,835 134,372 200,178 139,739 449,278 Sept. 19 5,138,435 443,303 1,394,850 424,417 503,637 221,677 218,208 812,795 192,513 132,179 202,019 152,073; 440,764 Sept. 26 5,078,259, 433,341 1,389,707! 410,524 497,549 223,413 218,782 799,236 188,797 133,854 196,918 151,397 434,741 LIABILITIES. Capital paid in: Aug. 29 109,751 7,8 29,342 9,829 12,235 5,768 4,423 15,166 4,990 3,523 4,580 4,188 7,840- Sept.5 : 109,718 7,8. 29,342 9,830 12,234 5,768 4,424 15,164 4,994 3,522 4,544 4,188 7,841 Sept. 12 109,682 7,867 29,342 9,850 12,235 5,768 4,428 15,166 4,995 3,521 4,551 4,188 7,771 Sept. 19 109,644 7,867 29,282 9,850 12,234i 5,767 4,426 15,192 4,995 3,521 4,551 4,188 7,771 Sept. 26 109,657 7,:— 29,282 9,850 12,234 5,769 4,428 15,192 4,997 3,521 4,558 4,188 7,771 Surplus: Aug. 29 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 7,496 15,263 Sept.5 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 7,496 15,263 Sept. 12: 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 7,496 15,263 Sept. 19 218,369 16,312 59,800 18,749 23,495 11,288 8,942 . 30,398 9,665 7,473 7,496 15,263 Sept. 26 218,369, 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 7,496 15,263 Deposits: Government— Aug. 29 37,960 3,442 8,024 2,369 3,398 2,757 1,788 3,450 3,430 1,599 1.738 4,091 Sept.5 38,534 3,797 4,991 1,395 5,164 1,727 1,002 10,472 3,860 346 1,359 2,989 Sept. 12 39,597 3,295 16,536 1,651 2,674 1,668 2,194 1,199 2,600 1,434 951 3,631 Sept. 19 37,970 4,353 17,086 2,567 772 537 1,068 3,641 1,341 225 1,695 2,614 Sept. 26 56,279 7,203 16,428 3,773 3,081 4,135 4,422 4,011 2,449 1,500 4,180 2,925- Member bank— Reserve a ceount— Aug. 29 1,848,617 125,581 674,461 117,859 161,804 59,074 50,690 273,910 68,302 46,639 78,093] 44,423 147,781 Sept.5 1,843,065 122,361 674,965 120,292 161,632 59,869 52,838 267,141 67,877 43,602 81,132! 47,196 144,160' Sept. 12 1,872,773 126,597 689,101 114,658 164,861 59,224 51,052 271,723 68,764 47,688 77,838i 48,671 152,596 Sept. 19 1,825,005 122,629 664,932 114,071 154,225 59,101 52,677 269,634 65,698 45,078 77,816! 51,553 147,591 Sept. 26 1,851,790 125,504 112,850 156,193 58,549| 53,019 267,618 64,399 46,659 78,753: 51,973 145.465 Other deposits— Aug. 29 21,005 207 11,986 544 967 132 145 1,419 517 315 407i 198 4,168 Sept.5 20,776 182 12,251 363 1,040 123 129 1,277 519 332 512! 209 3,839 Sept. 12 24,086 483 12,413 1,025 2,295 132 532 1,634 656 468 437; 235 3,776 Sept. 19 24,865 239 14,636 485 1,157 151 130 1,553 533 275 683! 542 4,481 Sept. 26 22,004 188 13,406 456 1,170 161 109 964 472 280 526; 239 4,033 Total deposits: Aug. 29 1,907,582 129,230 694,471 120,772 166,169 61,963 52,623 278,779 72,249 48,553 80,374' 46,359 156,040 Sept. 5 1,902,375 126,340 692,207 122,050 167,836 61,719 53,969 278,890 72,256 44,280 83,076! 48,764 150,988 Sept. 12 1,936,456 130,375 718,050 117,334 169,830 61,024 53,778] 274,556 72,020 49,590 80,039 49,857 160,003 Sept. 19 1,887,840 127,221 696,654 117,123 156,154 59,789 53,875 274,828 67,572 45,578 80,570 53,790 154,686 Sept. 26 1,930,073 132,895 720,642 117,079 160,444 62,845 57,550 272,593 67,320 48,439 81,451' 56,392 152,423 P. R. notes in actual circulation: Aug. 29 2,224,760 222, 484,705 215,674 242,910 80,480 126,776 409,967 71,585 54,755 63,598 40,394 211,021 Sept. 5 2,257,278 228,297 486,765 218,611 241,383 82,493 128,483 417,207 71,527 56,691 63,997; 44,290 217,534 Sept. 12 2,262,525 227,148 481,804 220,316 250,045 82,955 128,051 414,481 72,297 57,163 63,793; 45,796 218,676 Sept. 19 2,254,764 228,208 478,053 218,244 242,498 85,049 128,673 412,134 72,310 57,954 63,308, 49,970 218,363 Sept.26 2,247,830 224,640 469,443 214,104 247,792 88,320 129,467 412,250 73,038 58,002 62,552! 51,653 216,569- F. R. bank notes in circulation—net liability: Aug. 29 1,565 1,045 520 Sept. 5 509 Sept. 12 5091 509 Sept. 19 4971 497 Sept. 26 492 492 Deferred availability items: Aug. 29 4S5,041 45,157 91,604 46,055 51,346 43,467 13,855 60,212 29,274 12,329 34,258 22,630 34,854 Sept.5 522,057 50,137 100,767 45,288 58,446 40,478 16,664 65,657 32,883 13,641 36,714 26,041 35,341 Sept. 12 576,015 55,646 107,228 50,826 57,230 52,424 16,980 69,285 34,619 15,142 41,335 29,746 45,554 Sept. 19 645,866 62,7371 127,063 58,850 67,446 58,533 21,129 77,493 36,627 16,216 43,085 33,997 42,691 Sept. 26 550,527l| 50,6981 106,287 49,053 51,729] 53,911 17,158 66,783 32,398 15,011 37,855 29,010 40,634 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1154 FEDERAL. RESERVE BULLETIN. OCTOBER, 1923. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 28, 1923—Continued. LIABILITIES—Continued [In thousands of dollars.) Total. Boston. Y N o e r w k - . d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. c C a h g i- o. 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 - . All other liabilities: Aug. 29 20,161 900 3,983 1,524 1,784 1,126 2,152 1,168 1,387 2,101 1,980 Sept. 5 19,879 915 3,973 1,578 1,740 1,179 1,802 1 195 1,375 971 2,085 1,957 Sept. 12 20,580 911 4,143 1,630 1,810 1,202 1,914 1,239 1,483 972 2,147 2,009 Sept. 19 21,455 958 3,998 1,601 1,810 1,251 2,750 1,344 1,438 1,017 2,135 1,990 Sept. 26 21,311 4,253 1"~ 1,855 1,280 2,020 1,379 1,408 1,014 2,166 2,081 Total liabilities: AUK. 29 4,967,229 422,361 1,363,905 412,603! 497,939 204,092 207,691 797,719 188,931 128,020 193,282 123,688 426,998 Sept.5 5,030,185 429,868 1,372,854 416,106 505,134 202,925 213,591 809,118 192,520 126,982 198,790 133,373 428,924 Sept.12 5,124,136 438,259 1,400,367 418,705! 514,645 214,661 213,299 805,800 194,835 134,372 200,178 139,739 449,276 Sept. 19 5,138,435 443,303 1,394,850 424,417 503,637 221,677 218,208 812,795 192,513 132,179 202,019 152,073 440,764 Sept.26 5,078,259 433,341 1,389,707 410,524 497,549 223,413 218,782 799,236 188,797 133,854 196,918 151,397 434,741 MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities combined—percent: Aug. 29 77.5 77.0 84.7 76.5 78.1 56.1 67.5 85.2 63.4 65.4 68.2 51.9 72.5 Sept. 5 76. 77.1 80.7 76.9 80.6 53.3 64.3 85.0 61.1 67.2 68.0 57.9 72.5 Sept. 12 75.9 76.2 81.3 77.0 77.4 54.1 62.4 84.1 60.3 64.2 68.5 54.4 73.3 Sept. 19 77.2 79.1 87.7 77.3 79.6 50.1 57.3 81.9 51. 67.0 63.8 58.4 74.6 Sept. 26 76. 83.0 83.7 77.9 80.0 53.6 55.6 82.4 50. 65.2 61.8 57.7 74.1 Continsent liability on bills purchased for foreign correspondents: Aug. 29 35,404 12,375• 3,028 3, 1,831 1,444 4,895 1,549 1,197 1,514 1' 2,500 Sept. 5 34,304 11,143 3,046 3,824 1,842 1,452 4,923 1,558 1,204 1,523 1,275 2,514 Sept 12 33,784 11,930 2,874 3,609 1,738 1,370 4,645 1,470 1,136 1,437 1,203 2,372 Sept. 19 33,75f 11,898 2,874 3,609 1,738 1,370 4,645 1,470 1,136 1,437 1,203 2,372 Sept.26 33,794 11,940 2,874 3,609 1,738 1,370 4,645 1,470 1,136 1,437 1,203 2,372 TMATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Total. W d it a h y in s. 15 16 d a t y o s 3 . 0 31 d a t y o s. 60 61 d a t y o s 9 . 0 d m F a r o y o s n m t t h o 9 s 1 . 6 m O o v n e t r h 6 s. Bills discounted: Aug. 29 815,518 531,631 64,241 120,476 76,809 22,127 234 Sept.5 850,094 572,012 74,317 117,292 68,487 17,765 221 Sept. 12 841,359 558,412 76,545 119,401 71,152 15,625 224 Sept. 19 774,240 482,783 83,725 121,103 72,793 13,608 228 Sept. 26 862,008 571,155 81,295 120,935 75,155 13,223 245 Bills bought in open market: 173,485 54,600 32,094 52,339 29,674 4,778 Sevi.6.'............................ 174,563 60,115 33,815 48,277 28,501 3,855 Sept. 12 179,313 61,971 34,545 45,662 33,300 3,835 Sept. 19 171,044 56,621 33,483 39,976 38,374 2,590 Sept. 26 172,124 56,831 34,308 38,148 38,749 4,088 TJnited States certificates of indebtedness: Aug. 29 2,052 235 706 612 49 450 Sept. 5 2,452 1,827 377 248 Sept. 12 5,139 4,452 1 409 277 Sept. 19 7 919 6,120 392 1,112 295 Sept. 26 4,148 2,375 264 1,509 -Municipal warrants: Aug. 29 20 20 Sept. 5 20 20 Sept. 12 20 20 Sept. 19 317 266 51 Sept. 26 317 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1155 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, AUGUST 29 TO SEPTEMBER 26, 1923. [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. Minne- 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. 29 3,552,703 324,164 1,053,649 277,217 295,219 115,090 223,212 584,752 114,090 72,396 101,049 71,525 320,340 Sept.5 3,563,431 323,280 1,054,741 279,523 296,063 115,570 222,475 582,862 114,848 72,396 104,886 77,152 319,635 Sept. 12 3,584,439 327,536 1,051,833 287,240 300,148 114,251 221,740 586,993 114,383 73,047 110,315 76, 733 320,220 Sept.19 3,607,199 346,554 1,045,832 288,393 301,835 118,471 220,470 588,757 113,717 73,185 110,816 76,260 322,909 Sept.26 3,610,978 342,219 1,047,465 284,298 304,159 120,144 222,007 582,526 115,714 72,604 110,014 83,714 326,114 F. R. notes on hand: Aug. 29 865,944 83,950 313,260 43,360 29,720 26,470 81,977 124,300 24,890 12,860 27,613 27,344 70,200 Sept.5 861,854 83,950 313,260 46,840 31,720 25,630 80,557 115,700 24,790 11,080 30,613 28,514 69,200 Sept. 12 867,749 85,550 313,260 49,700 29,520 23,230 78,992 120,500 24,590 11,780 36,213 26,614 67,800 Sept. 19 885,464 102,850 313,260 51,400 32,720 25,400 77,207 121,900 24,390 11,665 36,013 22,059 66,600 Sept. 28 885,114 101,950 313,260 50,000 31,620 24,920 77,857 118,940 24,390 10,805 36,013 26,759 68,600 F. R. notes outstanding: Aug. 29 2,686,759 240,214 740,389 233,857 265,499 88,620 141,235 460,452 89,200 59,536 73,436 44,181 250,140 Sept.5 2,701,577 239,330 741,481 232,683 264,343 89,940 141,918 467,162 90,058 61,316 74,273 48,638 250,435 Sept. 12 2,716,690 241,986 738,573 237,540 270,628 91,021 142,748 466,493 89,793 61,267 74,102 50,119 252,420 Sept. 19 2,721,735 243,704 732,572 236,993 269,115 93,071 143,263 466,857 89,327 61,520 74,803 54,201 256,309 Sept.26 2,725,864 240,269 734,205 234,298 272,539 95,224 144,150 463,586 91,324 61,799 74,001 56,955 257,514 Collateral security for F. R. notes outstanding: Gold and gold certificates— Aug. 29 320,424 35,3O0 235,531 7,000 8,805 2,400 11,880 13,052 6,456 Sept.5 320,924 35,300 | 235,531 7,000 8,805 2,400 11,880 13,552 6,456 Sept. 12 321,359 35,300 j 235,531 7,000 8,805 2,400 11,880 13,052 7,391 Sept. 19 320,959 35,300 235,531 7,000 8,805 2,400 11,480 13,052 7,391 Sept. 26 320,959 35,300 235,531 7,000 8,805 2,400 11,480 13,052 7,391 Gold redemption fund— Aug. 29 124,045 18,177 29,498 14,321 14,606 4,257 6,393 10,290 3,226 1,253 2,833 2,661 16,530 Sept.5 119,710 17,293 29,341 15,787 13,751 3,276 5,656 10,180 3,283 1,253 2,669 2,368 14,853 Sept. 12 119,921 15,149 28,987 11,943 13,236 1,957 4,920 10,092 2,498 3,904 4,098 2,949 20,188 Sept. 19 116,797 12,167 28,748 11,496 15,023 3,677 3,650 9,964 2,832 3,522 3,600 3,478 18,642 Sept. 26 120,813 17,832 12,402 16,147 2,390 5,588 2,789 2,940 2,797 2,929 16,626 Gold fund—F. R. Board— Aug. 29 1,616,695 138,000 371,000 145,389 185,000 24,795 87,000 381,645 35,000 21,000 37,360 7,500 183,006 Sept.5 1,620,066 138,000 371,000 146,389 185,000 24,795 84,000 381,644 34,000 21,000 37,360 9,500 187,378 Sept. 12 1,629,277 138,000 371,000 155,389 185,000 24,795 81,000 381,645 34,000 21,000 40,360 9,500 187,588 Sept. 19 1,628,732 138,000 371,000 153,389 185,000 26,795 75,000 391,645 28,000 21,000 40,360 11,500 187,043 Sept. 26 1,620,193 143,000 371,000 150,389 185,000 26,795 70,000 391,644 22,000 21,000 40,360 12,500 186,505 Eligible paper- Amount required— Aug. 29.. 625,595 48,737 104,360 67,147 57,088 59,568 45,442 68,517 39,094 24,231 33,243 27,564 50,604 Sept. 5.. 640,877 48,737 105,609 63,507 56,787 61,869 49,862 75,338 40,895 25,511 34,244 30,314 48,204 Sept. 12. 646,133 53,537 103,055 63,208 63,587 64,269 51,428 74,756 41,415 23,311 29,644 30,279 44,644 Sept. 19. 655,247 58,237 97,293 65,108 60,287 62,599 62,213 65,248 47,015 23,946 30,843 31,834 50,624 Sept. 26. 44,137 99,181 64,507 62,587 66,039 66,162 62,062 55,055 24,807 30,844 34,135 54,383 Excess amount held— Aug. 29.. 324, S67 31,348 89,611 3,658 37,425 7,419 10,455 43,171 18,199 4,016 8,406 20,790 50,369 Sept. 5.. 340,070 32,211 121,018 4,432 28,880 7,745 11,346 38,682 19,055 289 6,870 15,537 54,005 Sept. 12. 333,937 26,708 114,851 4,997 31,517 6,945 7,366 33,161 18,250 5,872 10,480 18,062 55,728 Sept. 19. 244,671 8,065 37, 214 591 22,851 13,442 8,507 53,916 22,037 2,785 15,141 19,5% 40,526 Sept. 26. 327,216 16,656 101,633 1,512 24,986 10,146 10,249 65,242 16,673 4,268 18,025 17,860 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1156 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM AUGUST 22 TO SEPTEMBER 19, 1923. ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. (In thousands of dollars.) Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i- o. Lo S u t i . s. M ap i o n l n i e s. -K C an it s y a . s Dallas. F c S i r s a a c n n o - . Number of reporting banks: Aug. 22 110 106 76 66 Aug. 29 110 106 76 66 Sept.5 769 110 108 76 66 Sept. 12 770 111 106 76! 66 Sept. 19 770 111 106 76j 66 Loans and discounts, gross: Secured by U. S. Government obligations— Aug. 22 227,398 12,028 75,755 19,261 28,876 8,577 7,756 35,991 11,876 4,371 6,896 3,767 12,244 Aug. 29 230,001 12,157 77,233 19,451 28,502 7,999 35,805 12,264 4,444 3,760 12,495 Sept.5 229,243 12,448 76,957 19,303 29 620 7,978 34,614 12,290 4,490 3,694 12,383 Sept. 12 231,783 11.878 77,166 18,721 30,342 8,711 8,075 36,259 12,445 4,503 8,017 3,284 12,382 Sept. 19 245,301 11 996 92,143 18,989 28,483 8,820 8,339 35,720 12,244 4,593 8,537 3,174 12,263 Secured by stocks and bonds— Aug. 22 3,616,145 241,1331,446,296 257,428 401,277 120,473 62,480 586,557 138,376 39,429 81,935 51,584 189,177 Aug. 29 3,641,374 238,3861,490,958 257,132 402,304 119,215 64,112 573,127 138,288 41,316 81,764 51,861 182,911 Sept.5 3.661,113 235,5941,500,730 261,251 400,556 120,319 63,993 577,793 140,034 41,324 82,664 53,157 183,698 Sept. 12 3', 660,242 235,16011,491,127 264,496 399,182 121,039 63,815 582,760 139,697 41,521 80,570 54,565 186,310 Sept. 19 3,696,676 240,195 1,507,455 265,488 406,442 121,269 65,085 582,969 140,389 40,635 79,989 55,515 191,245 All other loans and discounts— Aug. 22 7,832,964 630,168 2,,5,077,24 357,258 699,145 327,753 329,,8711,135,458 309,852 184,879 358,018 203,832 789,006 Aug. 29 7,836,176 628,( 8f1 6 2,,509"',449 356,350 698,686 330,064 328,8781,133,573 307,352 189,016 354,150 202,294 797,548 Sept.5 7,880,194 633,1 ,i357 2,,526,812 355,361 694,297 333,109 330, 1,151,836 309,059 192,217 356,497 201,039 796,234 Sept 12 7,948,210 645,' ,554,152 357,838 696,592 334,763 334,1711,152,957 310,985 194,259 355,566 207.411 804,399 Sept. 19 7,949,674 640,i, 177 2,5,55,819 357,999 690,294 334,699 340,5371,152,042 313,277 196,987 355,128 208,711 804,004 Total loans and discounts: Aug. 22 11,676,507 883, 329 41,,029,775 633,947 1.,129,298 456,803 400,10: 1,758,006 460,104 228,679 446,849 259,183 990,427 Aug. 29 11,707,551 879, 359 41^,077,640632,933 1.,129,492 458,172 400,9988!9 11,.742,505 457,904 234,776 442,912 257,915 992,954 Sept.5 11,770,550 881, 399 41:,104,499 635,915 1., 124,473462,034 402,3471,764,243 461,383 238,031 446,021 257,890 992,315 Sept. 12 11,840,235 892, 1,122,445 641,055 1., 126,116464,513 406,00661111,771,976 463,127 240,283 444,153 265,2—601,003,091 Sept. 19 11,891,651 892, 368 41,,155,417 642,47i'61.,125,219 464,788 413,9611,770,731 465,910 242,215 443,654 267400 1.,007,512 U. S. pre-war bonds: Aug. 22 274,989 12,533 49,079 10,698 47,822 29,335 14,435 24,456 15,335 8,486 11,715 20,861 30,234 Aug.29 274,456 12,533 48,026 10,697 47,824 29,344 14,431 24,496 15,335 11,715 20,861 30,233 Sept.5 274,746 12,533 48,078 10,698 47,924 29,344 14,430 24,714 15,335 9,011 11,600 20,771 30,308 Sept. 12 274,707 12,132 48,231 10,698 47,829 29,040 14,430 24,767 15,334 9,111 11,600 20,861 30,674 Sept. 19 274,840 12,293 48,231 10,""" 47,888 29,410 14,430 24,707 15,304 9,161 11,505 20,961 30,192 U. S. Liberty bonds: Aug. 22 1,053,361 79,321 467,288 44,324 116,941 32,207 14,300 96,242 23,682 11,696 50,960 14,039 102,361 Aug. 29 1,064,090 80,112 472,221 44,513 117,318 32,690 14,253 100,091 23,835 11,681 49,870 14,043 103,463 Sept.5 1,058,263 79,391 471,907 44,448 116,075 32,188 14,240 99,227 23,615 11,799 49,312 13,911 102,150 Sept. 12 1,059,181 79,875 472,251 44,366 116,604 32,014 14,187 100,362 23,591 13,299 49.441 13,741 99,450 Sept. 19 1,051,603 78,431 472,637 43,942 116,508 32,593 14,04' 95,5% 22,865 13,312 49,131 13,793 98,748 U. S. Treasury bonds: Aug. 22 90,781 5,065 27,743 3,300 5,263 4,065 1,925 12,447 9,479 1,220 4,903 1,952 13,419 Aug. 29 89,792 4,812 27,480 3,271 5,227 4,114 1,925 12,662 9,381 1,219 4,901 1,977 12,823 Sept.5 88,425 4,90Si 27,192 3,304 4,923 4,064 1,841 12,376 9,335 1,119 4,881 1,977 12,505 Sept.12 88,034 4,805! 27,180 3,278 4,913 4,735 1,841 12,376 8,723 955 4,780 2,202 12,246 Sept. 19 87,059 4,80S 27,241 3,312 4,671 4,104 1,781 12,542 8,601 955 4,r" 1,977 12,377 tr. S. Treasury notes: Aug. 22 879,476 28,676 477,123 51,825 57,452 11,076 5,908 122,929 21,317 28,735 21,849 12,745 39,841 Aug. 29 881,155 28,637 468,599 49,681 56,799 10,763 5,905 138,364 21,560 28,235 19,852 12,524 40,236 Sept.5 871,699 28,756 462,886 49,675 56,540 11,771 5,911 132,457 21,370 29,358 19,033 12,938 41,004 Sept. 12 859,616 25,703 457,318 49,562 56,825 11,782 6,806 131,855 20,564 27,869 19.090 12,942 39,300 Sept. 19 861,145 28 868 456,888 50,471 57,851 12,434 6,778 123,4lr 20,799 28,151 19;194 13,382 42,914 V. S. certificates of indebtedness: Aug. 22 93,060 1,716 19,025 4,940 6,967 2,259 6,785 21,362 6,214 2,272 5,657 4,004 11,859 Aug. 29 83,362 1,424 11,696 5,140 6,858 2,344 7,507 19,895 6,022 2,267 4,995 3,353 11,861 Sept.5 80,821 1,096 11,321 3,589 6,987 2,803 7,493 19,842 6,148 1,653 5,054 3,387 11,448 Sept. 12 80,501! 1,201 11,192 3,610 6,871 2,723 6,789 19,718 6,238 1 652 5,073 3,775 11,659 Sept. 19 135,7901 15,145 25,755 4,380 13,421 5,781 8,637 28,147 7,065 3,962 4,605 4,9401 13,952 Other bonds, stocks, and securities: Aug. 22 2,143,1' 168,533 730,737 181,121 297,318 51,247 41,125 341,664 84,864 28,973 59,773 10,687 147,130 Aug. 29 2,143,9331 168,453 727,846 181,047 297,954 51,187 41,249 342,664 85,116 29,137 59,934 10,746 148,600 Sept.5 2,139,773] 167,331 733,884 180,037 298,335 51,186 41,172 333,929 84,393 28,512 61,092 11,116 148,776 Sept. 12 2,146,444 171,069 730,069 179,911 298,257 51,201 41,798 335,402 84,886 28,704 61,059 10,866! 153,222 Sept. 19 2,153,932 170,784 735, 111180,577 297,967 51,286 41,920 337,534 85,189 28,330 60,422 11,618! 153,194 Total loans, discounts, and investments: Aug. 22 16,211,346 1,179,173 5,800,770930,1551,661,061 586,992 484,585 2,377,106! 620,995 310,061 601,706 323,4711,335,271 Aug. 29 16,244,339 1,175,330 5,833,50S927,2821,661,472 588,614 486,259 2,380,677! 619,153 316,276 594,179 321,4191,340,170 Sept.5 16,284,277 1,175,414 5,859,767927,6661,655,257 593,400 487,434 2,386,788| 621,579 319,483 596,993 321,9901,338,506 Sept. 12 16,348,71811,186,940 5,868,686932,4801,657,415 596,008 491,912 2,396,456! 622,463 321,873 595,196 329,6471,349,642 Sept. 19 16,456,1— 1,202,697 5,921,280935,8561,663,525 600,396 501,554 2,392,672' 625,733 326,086 593,261 334,0711,358,889 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1157 PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM AUGUST 22 TO SEPTEMBER 19, 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 - . la A n t t - a. c C a h g i o - . Lo S u t i . s. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F ci r S s a c a n o n - . Reserve balance with F. R. banks: Aug. 22 1,340,529 82,467 589,946 70,254 109,250 33,522 33,570 190,847 39,679 22,171 48,650 22,184 97,989 Aug. 29 1,305,588 83,921 602,981 70,773 107,194 34,166 30,330 200,868 39,459 22'— 48,654 21,486 103,463 Sept. 5 1,367,827 81,712 604,993 76,013 108,108 35,614 32,898 195,658 40,032 19,090 49,412 23,359 100,938 Sept. 12 1,379,717 84,464 614,745 68,394 111,273 33,999 31,585 199,250 40,433 22,321 45,897 22,862 104,494 Sept. 19 1,339,553 80,610 595,333 68,650 100,369 33,729 32,731 195,793 37,869 20,000 45,821 24,778 103,870 Cash in vault: Aug. 22 281,274 19,357 79,824 16,140 32,615 13,109 9,953 53,816 7,892 5,950 12,426 9,450 20,742 Aug. 29 282,805 18,569 79,592 16,364 31,327 13,561 9,938 53.900 7,653 6,159 14,691 9,852 21,199 Sept. 5 286,663 18,808 81,831 15,867 32,134 13,601 9,971 56,346 8,171 5.864 12,744 10,153 21,173 Sept. 12 292,752 19,274 82,407 16,133 33,267 13,507 10,267 57,661 7,950 6,417 13,402 9,940 22,527 Sept. 19 286,427 18,956 81,358 15,928 32,790 13,360 9,853 54,595 7,981 5,598 12,432 9,689 23,887 Net demand deposits: Aug. 22 10,889,593 793,234 41.,500,679 688,788 927,897 322,137 266,4961,481,122 336,270 188,199 440,514 209,926 734,331 A„u„g„.. -29 10,880,405 786,114 4:,' 509,994684,238 923,308 323,4431262,7481,495,870 335,069 192,170 436,266 208,088 723,097 Sept. 5 110,963,233 790,843 4L 546,480 690,624 926,729 326,890 263,236 1,502.878 339,567 195,260 439,974 214,502 726,250 Sept. 12 11.0S2.167 805,332 41',581,851 691,184 919,827 330,205 266,8381,526,589 344,204 200,406 447,857 222,051 745,823 Sept.19 U,019,656J| 798,342 41,643,586 680,984 910,348 322,162 262,7551,484,245 329, •— 198,420 426,937 225,254 737,130 Time deposits: Aug. 22 3,981,112 268,622 891,388 103,003 587,690 151,392 178,561 780,362 190,939 86,947 134,020i 74,662 533,526 Aug. 29 4,005,773 268,582 902,635 104,599 592,008 151,536 178,295 779,960 191,179 87,129 134,5261 74,415 540,909 Sept. 5 4,009,236 269,383 905,403; 102,195 594,850 151,806 178,279 781,226 190,654 86,761 135,4871 74,052 539,137 Sept. 12 4,004,610 269,0211 900,897 103,733 595,334 151,053 178,136 781,652 188,688 84,876 135,013 75,102 E41,105 Sept. 19 4,012,034 269,629 904,079 103,411 592,424 153,173 179,757 781,153 188,578 84,722 134,329] 75,344 545,435 Government deposits: 3 Aug. 22 132,315 20,702 37,199 12,26^ 7,522 5,513 6,304 16,948 4,328 3,152 1,579| 3,647 13,158 Aug. 29 121,642 19,662 33,040 12,19 6,789 5,110 5,814 15,544 3,603 2,942 1,361! 3,457 12,128 Sept. 5 109,556 18,611 28, 10,591"! 6,198 4,685 5,508 13,611 2,976 2,762 1,139] 3,268 11,402 Sept. 12 98,238 16,752 25,922 9,530i 5,588 4,222 4,753 12,245 2,678 2,485 840 2,941 10,282 Sept. 19 235,884 41,037 59,614 19.8121 21,839 9,218 11,089 26,050 8,636 5,237 2,743 8,264 22,345 Bills payable and rediscounts with F. R. banks: Secured by U. S. Gov-. vernment obligations— Aug. 22 256,246 10,608 107,949 18,097 20,167 20,632 3,799 16,553 14,463 5,695 9,325 5,263 23,395 Aug. 29 269,918 7,809 107,979 21,491 20,535 19,281 6,512 21,465 15,265 5,385 10,223 3,813 30,160 Sept. 5 296,770 9,410 136,164 20,337 17,448 19,010 6,547 25,055 15,281 4,285 9,O6ll 5,609 28,563 Sept. 12 288,191 8,777 127,936 18,146 26,528 18,536 8,309 15,336 13,588 6,810 8,843! 4,039 31,363 Sept. 19 220,921 7,805 72,441 18,407 15,392 21,536 7,506 18,137 13,828 3,"" 12,605j 4,213 25,366 All other— I Aug. 22 233,147 28,506 36,420 16,815J 19,858 18,336 12,110 23,124 24,769] 4,900 15,879i 11,163 21,267 Aug. 29 251,335 40,293 46,628 15,736 17,652 19,503 12,513 15,140 22,851 4,263 14,7501 12,599 29,407 Sept.5 260,271 40,071 50,469 13,542 14,887 20,807 15,843 17,051 24,264 3,719 15,624 10,919 33,075 Sept. 12 268,832 40,378 53,036 16,848 17,975 21,475 15,413 18,813 25,188 5,065 15,237! 9,025 30,379 Sept. 19 270, 111 30,758 40,067 17,492 19,102 25,771 19,985 25,545 33,944 6,601 17,019! 6,228 27,599 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Aug.22 257 10 6 49 15 Aug. 29 257 10 6 49 15 Sept.5 257 10 6 49 15 Sept. 12 258 10 6 49 15 Sept. 19 258 10 6 49 15 Loans and discounts, gross: Secured by U. S. Government obligations— Aug. 22 149,777 9,574 17,651 5,920 1,332 2,128 28,128 8,496 1,402 2,106 1,329 4,826 Aug. 29 152,272 9,685 68,726 17,851 6,017 1,557 2,110 27,612 8,950 1,479 2,089 1,335 4,861 Sept.5 152,374 9,942 68,442 17,681 7,473 1,539 2,194 26,436 9,1141 1,494 1,996 1,336 4,727 Sept. 12 153,167 9,386 68,763 17,085 7,756 1,501 2,143 28,093 9,198! 1,.'" 1,981 946 4,816 Sept. 19 168,351 9,519 83,996 17,422 7,858 1,469 2,152 27,529 9,107] 1.' 1,958 958 4,795 Secured by stocks and bonds— Aug. 22 2,526,601 184,2031.,272,197 220,537 157,795 18,964 10,921 435,084 96,265 13,503 20,278 11,943 84,911 Aug. 29 2,563,738 181,8561.,316,122 222,257 161,339 18,960 11,346 423,629 95,847 15,515 20,146 11,971 84,750 Sept.5 2,578,666 179,4471.,325,367 226,798 158,552 19,618 11,811 428,362 96,356 15,923 20,011 11,995 84,426 Sept. 12 2,575,180 182,064 1,311,657 229,760 158,323 19.525 12,245 433,063 95,686 16,162 20,172 11,506 85,017 Sept. 19 2,602,950! 183,397 1.,329,918 231,834 162,864 19,672 11,937 432,436 96,860 16,289 20,100 11,529 86,414 All other loans and discounts— Aug. 22 4,862,644 482,,056 2,,195,172 328,052 317,081 66,527 58,822 667,337 181,458 98,053] 115,467 49,793 302,826 Aug. 29 4,860,370 480,, 744 2,,,197,710 326,761 316,019 67,422 57,742 668,166 178,261 99,727 114,554 49,436 303,828 Sept.5 4,896,745 485,152 2,,221144,,769 325,509 315,520 67,930 55,714 679,586 180,660 101,650 113,951 49,852 306,452 Sept. 12 4,943,616 491,,, 702 2,240,052 328,195 316,835 68,400 57,631 679,381 181,735] 101,737 112,978 53,678 311,292 Sept. 19 4,936,733 448899,7512,240,8831 325,886 312,038 69,029 58,197 678,701 182,6071 103,325 112,543 53,871 309,802 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1158 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM AUGUST 22 TO SEPTEMBER 19, 1923—Continued. REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.] Boston. Y N o e r w k. d P el h p i h la i - a. C l l a e n v d e . - m R o i n ch d - . At- c C a h g i o - . Lo S u t i . s. M ap i o n l n is e . - Ka C n i s ty a . s Dallas. F S r a a n ncisco. Total loans and discounts: Aug. 22 7,539,022 675,833 3,,534,254 506,240 4«0,796 86,823 8711,130,549 286,219 112,958137,851 63,065 392,563 Aug. 29 7,576,380 672,285 3,582,558 566,869 483,375 87,939 , 198 I,!119,407 283,058 116 721136,789 62,742 393,439 Sept. 5 7,627,785 674,5413,608,578 569.988 481,545 89,087 i, 719 .1, 134,384 286,130 119,067 135,958 63,183 395,605 Sept. 12 7,671,963 683; 152 3,620 472 575,040 482,914 89,426 72, :,140,537 286,619 119,398135,131 66,130 401,125 Sept.19 7,708,034 682,667 3,654,797 575,142 482,760 90,170 72,2861,138,666 288,274 121,202134,601 66,458 401,011 FJ. S. pre-war bonds: Aug. 22 94,316 2,080 38,328 6,558 4,525 1805 2,861 4,085 8,225 3,231 2,050 5,148 15,420 Ang. 29 93,256 2,080 37,275 6,557 4,525 1,814 2,857 4,075 8,225 3,231 2,050 5,148 15,419 Sept.5 93,299 2,080 37,275 6,558 4,525 1,814 2,856 4,068 8,225 3,281 2,050 5,148 15,419 Sept. 12 93,203 1,679 37,428 6,558 4,525 1,814 2,856 4,121 8,224 3,381 2,050 5,148 15,419 Sept. 19 93,260 1,840 37,428 6,558 4,525 1,805 2,856 4,095 8,224 3,431 2,050 5,148 15,300 V. S. Liberty bonds: Aug. 22 635,063 34,320 401,209 32.940 24,515 4,895 273 39,014 15,029 6,607 23,338 4,144 48,779 Aug.29 644,110 35,092 406,257 33,132 24,521 4,896 273 42,933 14,886 6,625 22,360 4,133 49,002 Sept.5 641,685 34,353 405,886 33,063 24,065 4,476 273 43,010 14,885 6,645 21,856 3,933 49,240 Sept.12 641,511 34,824 406,637 32,964 24,186 4,478 270 43,182 14,856 6,885 21,968 3,933 47,328 Sept. 19 633,795 33,587 406,547 32,520 24,148 I,910 270 38,427 14,505 6,903 21,716 3,933 46,329 US. S. Treasury bonds: Aug. 22 46,789 2,732 18,525 2,399 771 341 75 5,385 7,737 660 922 1,103 6,139 Aug. 29 46,257 2,480 18,422 2,369 771 291 75 5,680 7,640 659 922 1,128 5,820 Sept.5 45,386 2,477 18,135 2,402 760 240 75 5,390 7,640 659 900 1,128 5,580 Sept. 12 45,189 2,476 18,124 2,376 860 240 75 5,391 7,624 495 865 1,128 5,535 Sept. 19 45,202 2,479 18,134 2,410 860 281 15 5,422 7,506 495 1,128 5,606 U. S. Treasury notes: Aug. 22 645,741 20,272 442,556 48,154 9,837 846 361 68,944 14,621 11,783 8,087 4,089 16,191 Aug. 29 650,527 20,227 434,284 46,208 10,018 845 361 84,972 14,780 11,783 6,877 4,089 16,083 Sept.5 644,566 20,145 428,642 46,203 9,695 845 361 84,399 14,482 12,462 6,713 4,129 16,490 Sept. 12 637,936 20,153 423,077 46,091 9,930 846 361 83,159 14,365 12,252 6,781 4,429 16,492 Sept. 19 630,618 20,321 422,456 46,507 9984 846 361 75,265 14,555 12,513 6,748 4,399 16,663 U.S. certificates of indebtedness: Aug. 22 43,261 16,648 4,670 2,840 20 1,464 7,708 4,854 1,320 234 2,085 733 Aug. 29 33,402 394 9,307 4,670 2,840 20 1,464 6,258 4,762 1,315 272 1,384 716 Sept5 31,444 365 8,924 3,119 2,840 438 1,464 6,161 4,844 811 331 1,364 783 Sept. 12 32,285 345 9,308 3,140 2,843 438 1,464 6,226 4,944 810 280 1,704 783 Sept.19 65,493 13,450 20,604 3,633 2,172 277 2,184 10,047 5,626 2,190 646 2 "- 1,775 Other bonds, stocks, and securities: Aug. 22 1,130,027 76,591 525,250 145,436 72699 5542 4,046 163,240 52,037 13,648 11,643 2,675 57,2?0 Aug. 29 1,128,315 76,197 521,549 145,301 73140 5499 3,981 163,550 52,565 13,979 11,785 2,675 58,094 Sept.5 1,129,597 75,036 527,515 144,336 72867 5360 3,944 161,596 52,663 13,461 12,404 2,775 57,640 Sept. 12 1,132,123 75,607 524,403 144,212 732612 5330 3,909 162,809 53,011 13,693 12,347 2,789 60,751 Sept. 19 1,139,971 77,733 527,611 144,852 72970 5,395 3,859 164,357 53,703 13,359 12,067 2,893 61,172 Total loans, discounts, and investments: Aug. 22 10,134,219 812,513 4,976,770 806,397 595,983 100,272 80,9511,418,925 388,722 150,207 184,125 82,309 537,045 Aug. 29 10,172,247 808,755:5,009,652 805,106 599,190 101304 80,209!l,426,875 385,916 154,313 181,055 81,299 538,573 Sept.5 10,213,762 808,997 5,034,955 805,669 596297102,260 78,692;i,439,008 388,869 156,386 180,212 81,660 540,757 Sept.12 10,254,210 818,236 5,039,449 810,381 598,520 102,572 80,9541,445,425 389,643 156,914 179,422 85,261 547,433 Sept. 19 10,316,373 832,077 5,087,577 811,622 597419103,684 81,8311,436,279 392,393 160,093 178,694 86,848 547,856 Reserve balance with F. R. banks: Aug.22 943,288 64,975 541,535 63,733 35410 4542 5,120 130,991 25,546 11,419 16,770 5,940 37,307 Aug. 29 962,293 65,761 554,599 63, Hr 32384 5842 4,585 138,392 24,753 11,477 14,778 5,796 40,781 Sept. 5 973,406 64,529 558,407 69,800 36607 6116 5,899 135,596 26,213 8,648 16,346 6,357 38,888 Sept.12 978,119 65,011 563,581 61,679 38074 5340 5,768 135,341 27,885 12,092 16,279 6,099 40,970 Sept. 19 947,371 63,208 547,920 61,636 31293 5730 5,427 132,458 24,975 9,337 15,862 6,670 42,855 Cash in vault: Aug.22 141, 8,436 65,251 13,072 9080 889 1,1 28,836 3,389 1,975 2,297 1,238 5,575 Aug. 29 142,136 8,124 65,466 13,152 9,154 937 1,627 29,206 3,419 1,942 2,313 1,246 5,550 Sept.5 144,269 8,388 66,410 12,755 9047 851 1,865 30,067 3,476 1,787 2,408 1,335 5,880 Sept. 12 147,711 8,147 68,011 12,987 9488 940 1,904 30,435] 3,475 2,112 2,551 1,357 6,304 Sept. 19 143,339 7,890 66,090 12,615 9; 459 995 1,894 29,615 3,402 1,949 2,314 1,398 5,718 Net demand deposits: Aug.22 7,364,178 608,3014,022,508 600.033 251344 51698 45,436 987,550 223,875 87,651 158,764 56,886 270,132 Aug. 29 7,376,127 603,753,4,036,891 596,656 253267 53073 44,0631,000,820 223,103 90,819 155,518 56,157 262,007 Sept.5 7,444,185 607,22414,069,903 603,597 255906 52586 44,9501,007,668 230,873 93,623 156,716 58,522 262,617 Sept. 12 7,504,485 615,5514,098,661 603,118 254134 52608 46,469|l,019,459 232,665 96,027 154,757 61,230i 269, f 06 Sept.19 7,497,364 610,628 4,164,240 593,804 24S 51235 46,256 986,418 223,263 95,210 148,370 62,264| 266,982 Time deposits: Aug.22 1,936,127 116,761 607,168 82,614 340812 25,760 23,561 363,970 107,014 43,727 13,162 11,623 199,955 Aug. 29 1,952,106 116,973 618,118 83,840 344262 25640 23,489 363,946 107,049 44,184 13,077 11,595 199,933 Sept.5 1,952,399 117,586 618,266 81,757 346191 25696 23,571 364,779 106,700 43,938 13,094 11,453 199,368 Sept. 12 1,955,678 116,905 618,118 83,409 346400 25715 23,588 365,534 105,609 42,046 13,036 11,496 203,822 Sept. 19 1,957,339 117,335 620,503 82,949 342; 053 25638 23,570 364,862 105,582 42,073 13,060 11,698 208,016 Government deposits: Aug.22 86,316 19,382 34,528 10,443 1592 626 803 6,755 3,146 799 1,135 2,278 4,829 Aug.29 78,394 18,531: 30,698 9,6861 1405 558 735 6,114 2,522 705 965 2,176 4,299 S S S e e e p p p t t t . . . 1 5 1 2 9 1 6 6 5 9 2 3 , , . 9 7 4 6 9 0 3 6 9 1 1 3 7 5 8 , , , 6 9 5 7 0 8 4 8 2 2 2 5 6 4 3 , , , 8 1 7 8 9 5 3 1 8 1 8 8 6 , , , 0 9 8 4 4 7 5 0 2 1 4 1 0 2 7 9 1 2 7 8 5 4 5 8 5 0 7 1 1 3 1, 6 5 5 5 8 4 0 5 8 1 4 4 1 , , , 3 8 1 7 6 2 2 6 0 1 l 7 , , , 7 9 1 9 9 4 8 6 4 l ! ' 2, 6 1 5 1 2 5 2 0 7 1, 7 5 7 8 2 5 9 5 7 2 1 5 , , , 0 — 76 3 3 9, , , 0 7 4 1 6 0 1 4 & Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1159 PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM AUGUST 22 TO SEPTEMBER 19,1923—Continued. REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—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 l l a e n v d e . - m R o ic n h d - . la A n t t - a. c C a h g i o - . Lo S u t i . s. M ap i o n l n i e s. - K C an it s y a . s Dallas.! F c S i r s a a c n n o - . Bills payable and rediscounts with F. R. banks: Secured by U. S. Government obligations— Aug. 22 150,465 7,986 84,181 16,122 550 2,692 3,565 6,730 4,085 2, 1,140 20,746 Aug. 29 156,457 4,037 80,496 18,591 150 1,840 10,855 6,657 4,335 2,948 450 26,098 Sept.5 186,200 5,888 108,496 17 737 2,6911 38 15,214 5,837 2,435 2,271 1,500 24,093 Sept. 12 172,853 5,665 98,191 15,696 500 3,110 543 7,677 5,670 4,535 2,869 209 28,188 Sept.19 114,009 4,735 45,206 15,282 800 3,558 763 9,316 5,401 1,285 6,384 9 21,270 All other— Aug. 22 141,823 27,144 28,056 16,298 6,113 5,384 2,456 12,075 13,504 3,072 6,737 4,034 16,950 Aug. 29 158,889 39,334 37,656 15,234 3,220 6,473 2,248 6,332 10,547 2,252 5,088 6,054 24,451 Sept.5 164,404 39,224 41,765 13,040 1,275 6,974 2,557 7,637 11,132 1,840 6,190 5,372 27,398 Sept. 12 172,117 39,501 43,070 16,346 5,474 7,061 2,452 6,634 12,372 3,388 5,865 4,902 25,052 Sept. 19 158,493 29,881 30,813 16,990 3,593 8,555 2,390 13,714 16,307 5,345 6,459 2,360 22,086 MEMORANDA. Bank deposits: Due to banks— Aug. 22 1,813,089 100,784 840,751 152,995 43,519 25,530 11,645 322,393 71,807 35,598 100,861 14,653 92,553 Aug. 29 1,807,068 98,160 833,246 150,401 43,053 24,355 11,011 337,942 68,965 37,852 98,686 16,384 87,013 Sept.5 1,898,515 105,815 859,858 159,344 47,574 26,368 12,090 352,095 72,759 42,066 104,577 23,179 92 790 Sept. 12 1,894,594 107,503 851,613 155,089 44,474 26,385 12,302 355,551 72,181 43,494 101,709 28,193 96,100 Sept. 19 1,904,354 107,049 881,149 162,206 44,078 28,300 12,880 331,000 71,044 43,520 98,217 31,121 93,790 Due from banks— Aug. 22 465,825 28,555 65,070 52,463 19,966 12,779 6,628 142,933 21,372 15,794 38,759 15,264 46,242 Aug.29 452,129 28,755 69,405 48,152 19,015 11,321 5,444 133,799 21,262 13,582 37,847 16,084 47,463 Sept.o 502,827 32,457 72,384 50,795 21,793 12,728 7,384 148,315 22,741 18,466 44,458 22,859 48,447 Sept. 12 503,757 31,200 69,419 50,364 20,851 13,723 6,457 149,206 22,458 19,143 43,928 26,872 50,136 Sept. 19 512,604 34,371 71,815 53,366 21,273 15,639 6,607 146,529 22,223 20,471 40,637 28,206 51 467 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES. MONTHLY SUMMARY FOR BANKS IN 141 SELECTED CITIES. [In thousands of dollars.] Federal reserve district. N of u c m it b ie e s r . July, 1923. August, 1923. Sep 1 t 9 e 2 m 3 b . er, July, 1922. August, 1922. Sep 1 t 9 e 2 m 2. ber, No. 1—Boston 1,983,223 1,771, 572 1,760,956 1,899,373 1,586,094 1,717,635 No. 2— New York 19,008,372 16,829,386 17,414,976 20,328,510 18,854,442 19,793,005 No. 3—Philadelphia... 1,826,560 1,733,171 1,670,226 1,668,316 1,589,819 1,646,539 No. 4—Cleveland 2,237,042 2,081,604 2,005,409 1,911,065 1,850,667 1,877,032 No. 5—R ichmond 681,119 668,610 655,258 636,506 616,520 596,901 No. 6—Atlanta 837,023 790,799 835,330 743,297 739,642 800,649 No. 7—Chicago 4,509,455 4,240,633 4,208,411 3,995,629 3,991,612 4,070,134 No. 8—St. Louis 980,103 930,888 945,160 871,384 830,180 908,393 No. 9—Minneapolis 593,964 598,206 635,309 554,605 580,550 654,491 No. 10—Kansas City.. 1,081,943 1,106,154 1,069,497 1,041,778 1,056,449 1,058,493 No. 11—Dallas 420,874 448,966 540,722 432,944 440,729 541,700 No. 12—San Francisco. 2,344,597 12,295,578 2,318,614 1,972,381 1,999,425 2,103,481 Total 36,504,275 '33,495,567 34,059,868 36,055,788 34,136,129 35,768,453 New York City 1 18,320,626 16,188,613 16,799,454 19,713,134 18,287,224 19,215,296 Other cities 140 18,183,649 i 17,306,954 17,2(50,414 16,342,654 15,848,905 16,553,157 WEEKLY SUMMARY FOR BANKS IN 246 CITIES. [In thousands of dollars.) Num- 1923 1922 ber of Week ending— Week ending— Federal reserve district. centers included. Aug. 29. Sept. 5. Sept. 12. Sept. 19. Sept. 26. Aug. 30. Sept. 6. Sept. 13. Sept. 20. Sept. 27. No. 1—Boston 16 398,731 389,353 456,053 518,686 444,909 351,737 357,215 407,468 496,662 426,946 No. 2—New York 13 3,674,062 3,605,369 3,931,176 4,838,733 4,384,476 4,008,669 4,105,263 4,555,707 5,215,474 4,464,122 No. 3—Philadeplhia.... 18 414,260 386,583 444,483 486,720 444,648 384,009 361,944 397,408 470,815 419,018 No. 4—Cleveland 23 508,866 531,311 575,386 612,442 589,440 446,656 454,951 521,153 571,296 530,860 No. 5—Richmond 23 224,142 246,755 249,762 296,023 255,409 202,041 215,464 222,897 259,991 227,863 No. 6—Atlanta 24 167,870 176,182 204,540 237,627 218,965 163,457 170,938 189,423 214,152 195,484 No. 7—Chicago 33 931,472 866,720 1,063,119 1,157,074 1,068,315 886,203 847,718 923,903 1,073,201 988,007 No. 8—St. Louis 12 211,781 217,658 254,507 270,045 240,329 180,103 195,376 223,916 258,180 224,606 No. 9—Minneapolis 16 137,179 137,147 169,540 174,359 156,244 131, 248 135,655 160,039 173,193 158,278 No. 10—Kansas City... 27 259,464 255,744 289,592 294,137 276,916 232,923 228,311 282,159 285,887 254,941 No. 11—Dallas 15 140,832 143,673 165,042 193,705 176,095 115,816 132,212 161,525 173,247 163,612 No. 12—San Francisco.. 26 495,854 480,503 533,703 670,134 583,714 405,743 466,178 506,738 564,927 478,353 Total 246 7,564,063 7,436,998 8,336,903 9,749,685 8,839,460 7,508,605 7,671,225 8,552,336 4,757,025 8,531,790 'Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1160 FEDERAL EESERVE BULLETIN. OCTOBEB, 1923. DEBITS TO INDIVIDUAL ACCOUNTS BY BANES IN SELECTED CITIES-Continued. DATA FOB EACH CITY. [In thousands of dollars.] 1923 1922 Week ending— Week ending— Aug. 29. Sept. 5. Sept. 12. Sept. 19. Sept. 26. Aug. 30. Sept. 6. Sept. 13. Sept. 20. Sept. 27. District No. 1—Boston: Bangor, Me 3,291 3,003 3,634 3,766 3,027 2,555 2,965 3,198 3,312 3,121 Boston, Mass 252,735 251,224 290,322 343,479 288,921 233,158 233,320 262,425 328,943 285,577 Brockton, Mass 3,705 4,044 5,248 6,124 4,707 3,298 3,773 4,848 5,543 3,768 Fall River, Mass 5,796 6,033 6,831 8,212 8,750 ! 4,576 4,651 6,431 7,377 6,312 Hartford, Conn 21,233 20,982 26,143 23,437 21,514 I 17,124 16,299 21,907 23,362 17,678 Holyoke, Mass 3,209 3,160 3,675 4,071 3,631 I 2,673 2,481 3,396 3,479 3,550 Lowell, Mass 4,368 4,442 4,876 5,402 4,944 3,879 3,698 4,392 4,957 4,406 Lynn, Mass 5,109 4,760 6,083 7,829 5,582 4,251 4,798 5,698 6,439 4,900 Manchester, N. H 3,905 3,846 4,789 4,955 4,223 3,056 3,320 4,011 3,992 3,498 New Bedford, Mass 6,614 5,269 6,821 6,831 6,247 4,764 5,838 5,851 6,283 5,931 New Haven, Conn 18,010 18,455 20,584 20,135 18,693 15,196 16,622 17,922 21,278 15,354 Portland, Me 8,388 7,981 10,136 9,692 7,821 7,389 7,708 8,184 8,213 7,617 Providence, R. I 28,490 24,592 30,464 35,727 30,050 21,858 22,674 26,416 34,609 31,699 Springfield, Mass 14,013 12,536 14,465 15,000 15,385 11,948 11,995 13,500 16,669 14,308 Waterbury, Conn 5,881 5,986 6,471 7,629 6,736 5,002 5,050 5,779 6,990 6,393 Worcester, Mass 13,984 13,040 15,511 16,397 14,678 11,010 12,123 13,510 15,216 12,834 District No. 2—New York: Albany, N. Y 24,230 17,997 23,475 20,434 19,408 17,840 17,375 19,748 20,011 17,632 Binghamton, N. Y 4,108 4,134 4,969 4,851 4,023 3,265 3,583 4,162 4,473 3,606 Buffalo, N. Y 61,625 64,272 65,648 72,999 62,075 .50,892 54,108 56,779 67,963 56,034 Elmira, N. Y 3,315 3,502 4,259 5,129 4,442 2,763 2,534 3,212 3,770 3,182 Jamestown, N. Y 3,705 3,376 4,351 4,531 3,733 3,003 3,953 3,612 4,076 3,404 Montclair, N. J 2,073 2,085 2,662 3,061 2,859 1,840 2,268 2,333 2,979 2,660 Newark, N. J 52,095 47,764 56,443 64,199 55,742 44,150 41,596 54,176 60,345 50,850 New York, N. Y 3,437,598 3,383,494 3,676,693 4,558,806 ,,141,946 3,813,641 1,908,327 4,326,992 4,955,548 4,239,732 Northern New Jersey Clearing House Association— 33,060 30,795 36,991 39,399 35,650 28,722 26,778 33,825 38,590 Passaic, N.J 8,844 6,280 7,344 8,897 7,393 4,884 5,242 6,260 6,822 5,334 Rochester, N. Y 27,994 26,509 31,709 35,266 29,305 24,019 26,455 28,147 33,395 26,051 Stamford, Conn 2,392 2,463 3,134 3,015 3,048 2,065 2,094 2,654 2,769 2,401 Syracuse, N. Y 13,023 12,698 13,49S 18,146 14,852 11,585 10,950 13,807 14,733 13,256 District No. 3—Philadelphia: Allentown, Pa 5,495 5,550 6,977 7,453 6,383 4,676 5,265 5,723 6,087 5,683 Altoona, Pa 4,333 3,331 4,040 4,328 3,775 3,049 2,553 3,401 3,210 3,698 Camden, N. J 10,592 9,601 11,321 11,769 11,481 8,756 7,943 10,182 11,780 10,273 Chester, Pa 5,062 4,540 4,718 6,867 5,202 3,802 3,479 3,839 4,683 4,463 Harrisburg, Pa 8,544 7,214 8,701 9,120 8,222 5,688 6,098 7,251 7,731 6,864 Hazleton, Pa 2,280 2,206 2,339 3,133 2,452 1,629 2,002 2,298 2,081 2,018 Johnstown, Pa 5,479 5,591 6,231 5,513 5,193 4,580 4,623 5,221 5,425 4,788 Lancaster, Pa 4,993 5,150 5,815 6,124 5,187 4,094 4,327 4,951 5,152 5,254 Lebanon, Pa 1,588 1,401 1,792 1,638 1,531 1,079 1,063 1,247 1,254 1,264 Norristown, Pa 753 739 1,181 889 1,020 626 658 842 713 795 Philadelphia, Pa 305,843 287,625 324,149 360,746 332,972 302,166 277,444 298,156 363,366 321,532 Reading, Pa 8,859 8,405 9,126 10,032 8,747 6,151 6,314 8,092 8,511 7,918 Scranton, Pa 15,300 12,100 17,800 15,500 13,800 8,612 9,181 10,511 11,142 12,524 Trenton, N. J 11,189 10,316 14,945 14,160 12,930 10,926 11,118 12,773 15,493 11,012 W Y W W o i i i r l l l m k l k i e a , i s m n P - g B a s t p a o o r n r r , e t , , D P P e a a l 8 3 8 3 , , , , 5 9 0 3 7 2 6 8 3 9 5 3 3 8 3 7 , , , , 2 8 4 2 2 4 4 9 1 8 8 7 4 9 7 4 , , , , 0 2 6 5 1 1 0 1 4 5 9 0 1 1 4 4 0 0 , , , , 6 2 2 2 9 0 9 5 1 6 3 8 9 4 7 4 , , , , 2 2 3 8 9 1 7 6 6 5 9 3 6 2 6 3, , , , 2 1 7 0 3 2 8 3 1 4 3 7 3 3 6 6 , . , , 8 2 1 6 7 9 R 3 1 3 2 0 4 7 6 4 , , , , 0 8 0 9 2 3 9 6 5 4 5 7 8 3 7 4 , , , , 1 9 9 2 4 3 1 0 3 0 2 2 3 7 6 3 , , , , 7 0 2 9 0 4 2 5 1 6 7 8 District No. 4—Cleveland: Akron, Ohio 12,876 29,383 16,758 15,426 16,153 I 11,561 13,657 14,549 14,079 13,870 Butler, Pa 2,266 2,370 2,884 2,938 3,030 ! 2,077 2,209 2,493 2,459 2,533 Canton, Ohio 8,896 9,132 11,078 10,139 8,320 7,640 8,921 9,983 8,956 Cincinnati, Ohio 57,790 60,473 69,254 79,510 78,179 52,858 53,721 64,756 78,891 66,782 Cleveland, Ohio , 122,037 120,497 143,569 167,567 141,303 107, 111 114,671 132,666 149,165 128,598 Columbus, Ohio 28,632 32,235 38,101 41,032 31,221 24,984 33,249 32,443 32,226 26,728 Conuellsville, Pa 1,192 929 1,548 1,291 1,451 1,638 1,240 1,576 1,374 2,118 Dayton, Ohio 12,964 15,239 19,067 16,532 14,068 11,141 14,214 12,053 13,795 12,442 Erie, Pa 6,810 6,074 7,810 8,235 7,799 5,698 5,002 5,916 7,074 6,676 Greensburg, Pa 3,909 4,206 5,192 4,988 5,797 3,907 3,657 4,830 4,606 6,062 Homestead, Pa 765 778 900 869 841 583 699 767 750 795 Lexington, Ky 3,320 3,468 4,228 4,203 3,557 3,333 3,011 4,223 3,807 3,851 Lima, Ohio 4,163 3,543 4,284 4,064 3,458 3,282 2,766 3,288 3,086 3,187 Lorain, Ohio 1,273 1,516 1,644 2,539 1,438 1,053 1,303 1,149 1,407 1,442 New Brighton, Pa 2,484 2,470 2,805 2,821 2,681 2,033 1,960 2,402 2,389 2,177 Oil City, Pa 2,580 2,407 2,738 2,731 2,534 3,015 2,725 2,887 2,846 2,829 Pittsburgh, Pa 172,060 172,267 163,252 174,623 192,574 147,687 136,527 155,861 173,454 179,119 Springfield, Ohio 4,641 4,583 5,681 4,781 4,766 3,646 4,628 6,237 4,591 3,918 Toledo, Ohio 33,440 31,350 40,902 40,920 37,475 28,682 29,958 35,473 36,480 33,102 Warren, Ohio 2,549 3,095 4,460 3,314 2,320 2,249 2,220 3,635 3,121 2,131 Wheeling, W. Va 9,064 8,501 10,047 9,806 11,065 8,164 7,108 8,016 9,419 9,163 Youngstown, Ohio 12,594 14,309 16,003 11,076 16,223 11,513 10,085 14,153 13,805 11,911 Zanesville, Ohio 2,561 2,486 3,181 3,037 2,714 2,121 2,701 2,859 2,489 2,470 District No. 5—Richmond: Asheville, N. C 4,983 5,332 5,503 5,404 5,183 3,761 3,989 4,373 4,722 4,337 Baltimore, Md 73,800 80,000 69,400 99,700 77,400 70,743 68,274 64,212 87,954 73,622 Charleston, S. C 5,101 5,864 4,800 4,160 4,970 4,910 5,684 3,168 2,651 3,893 Charleston, W. Va 7,390 6,632 8,971 9,695 8,349 6,078 5,968 7,483 7,719 7,543 Charlotte, N. C 6,371 7,757 9,304 10,328 9,538 5,404 7,183 7,621 7,138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1161 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES-Continued. DATA FOE EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending— Week ending— Aug. 29. Sept. 5. Sept. 12. Sept. 19. Sept. 26. Aug. 30. Sept. 6. Sept. 13. Sept. 20. Sept. 27. District No. 5—Richmond—Con. Columbia, S.C 3,000 4,390 5,558 5,474 5,800 3,000 4,114 4,117 4,977 5,098 Cumberland, Md 1,702 1,805 1,845 2,630 1,913 1,666 1,690 1,679 2,153 1.809 Danville, Va 1,515 1,808 2,091 2,121 1,654 1,418 1,576 2,183 1,756 1 295 Durham, N. C 3,737 4,128 4,255 4,808 4,942 3,821 5,641 4,649 4,883 3,709 Greensboro, N. C.. 3,605 4,174 4,657 5,294 4,352 3,059 4,500 4,062 4,195 4,023 Greenville S C 4,246 7,182 5,500 4,300 6,138 2,919 3,455 3,838 3,400 3,600 Hagerstown, Md 2,042 1,910 1,890 2,887 2,403 1,727 1,626 1,765 2,456 1,919 Huntington, W. Va 5,611 4,889 6,160 6,567 5,521 4,245 3,931 5,006 5,552 4,431 Lynchburg, Va. 3,406 4,390 4,857 4,486 3,968 3,043 3,347 4,200 4,210 4,008 Newport News, Va. . 1,355 1,608 1,565 1,670 1,597 2,111 1,447 .1,636 1,689 1,321 Norfolk, Va. 12,683 14,874 15,151 20,402 15,805 12,596 12,130 12,583 13,239 12,896 Raleigh, N. C 6,400 7,050 6,950 6,459 5,900 3,189 4,000 4,000 5,000 3,900 26,765 30, HI 33,129 33,910 28,860 21,730 24,553 29,370 30,710 26,179 Roanoke, Va 4,493 5,041 5,213 5,835 5,433 4,427 5,163 5,177 5,452 4,571 1,704 2,160 2,185 2,445 2,467 1,283 1,506 1,570 2,198 2,185 Washington, D. C 35,698 36,583 40,273 45,365 41,167 32,253 35,996 39,337 43,113 39,155 Wilmington, N. C 3,260 3,549 3,831 4,428 4,951 3,939 4,647 4,774 5,166 4,814 Winston-Salem, N. C. 5,275 5.518 6,674 7,655 7,098 4,719 5,046 6,094 7,905 6,117 D istrict No. 6—Atlanta: Alban v, Ga 723 907 1,086 1,120 1,080 870 1,020 1,072 1,131 1,110 Atlanta, Ga. 24,308 23,450 28,144 32,953 29,790 22,115 23,776 25,907 27,811 24,430 Augusta, Ga 4,003 4,522 5,644 8,379 8,688 5,161 5,341 5,962 7,357 6,005 20,995 19,668 22,686 26,082 25,933 16,301 12,662 17,607 21,303 21,761 Brunswick, Ga 509 606 835 748 659 491 691 655 626 703 Chattanooga, Tenn 8,411 7,108 9,005 9,869 7,764 5,424 6,482 8,343 8,284 6,866 Columbus, Ga.. 2,078 2,912 3,041 3,750 2,731 1,783 2,605 2,844 3,281 2 751 Dothan, Ala 352 508 707 848 785 747 988 980 1,009 762 Elberton, Ga... 110 198 187 203 243 120 142 144 174 203 Jackson, Miss 1,900 2,290 2,905 3,056 2,793 2,063 2,692 3,218 2,484 2,539 Jacksonville, Fla 9,964 9.896 10,996 12,457 11,037 11,188 8,784 9,607 10,874 9 059 Knoxville, Tenn 5,861 6,693 7,446 8,066 6,765 5,124 5,643 5,836 7,779 5,657 Macon, Ga .. . 3.809 3,903 4,471 5,338 4,798 3,481 4,095 4,140 5,133 4,558 1,451 1,849 2,774 2,186 2,026 1,670 1,842 2,484 2,605 2,094 Mobile, Ala.. . 5,278 5,979 5,873 6,482 5,708 4,787 5.614 5,850 6,075 6 307 Montgomery, Ala ... 3,077 3,649 4,429 5,426 5,735 3,325 4,361 4,601 5.006 4,513 Nashville, Tenn 13,865 13,217 16,309 18,310 16,584 13,218 13,676 16,803 15,482 14,885 Newman, Ga 276 425 585 675 444 238 225 360 293 466 New Orleans, La 43,713 49,450 56,849 67,861 63,027 49,597 51,989 54,169 67,620 62,005 Pensacola, Fla 1,418 1,509 1,720 1,668 1,472 1,208 1,283 1,412 1,372 1,143 Savannah, Ga . " 7,934 9,215 9,156 12,656 11,727 8,424 10.279 9,828 10,557 10,503 Tampa, Fla 5,817 5,868 6,705 6,428 6,344 4,160 4,608 5,032 5,264 4 552 Valdosta, Fla 980 992 1 226 1 140 1 158 926 917 1 080 1 055 970 Vicksburg, Miss 1,038 1,368 1,761 1,926 1,674 1,036 1,223 1,489 1,577 1,642 District No. 7—Chicago: Adrian, Mich 621 872 588 822 712 656 588 729 813 574 Aurora, 111 . 3,320 2,985 3 346 3,422 3 825 2,444 2 559 2,763 3 358 2 797 Bay City, Mich.. . 2,292 1,977 2,454 2,844 2,495 2,151 2,257 2,234 2 287 2 278 2,058 2,606 2 650 2,918 2 522 1,870 2 479 2,284 2 305 1 947 5,448 5,889 6,772 6,385 6,944 5,173 4,808 5,237 5,340 4,478 567,556 518,585 639,668 697,783 630,211 544,281 531,506 570,569 672,722 617,675 Danville, 111 2,900 2,700 3,800 3,004 3,100 1,800 1,800 2,200 2,700 2,100 6,576 5,979 6,947 7,866 6,941 5,725 8,065 7,842 8,653 7,723 Decatur, 111 3,475 3,395 3,533 3,939 3,535 3,120 2,992 3,379 3,279 3,180 Des Moines, Iowa . 15,369 13,991 18,608 19,329 16,858 12,820 13,218 17,489 16,500 15,641 Detroit, Mich 127,901 116,048 144,630 166,151 173,998 130,825 110,981 110,019 139,940 141,783 Dubuque, Iowa 2,767 2,665 3,496 3,246 3,106 2,210 2,633 3,240 3,052 2,843 Flint, Mich... . 6,447 6,372 7 764 8,315 7,045 5,565 4 878 5,295 6 768 5 952 Fort Wayne, Ind 7 965 7,184 8 647 8,837 9 223 5 906 6 167 6,885 7 305 9 487 4,604 2.325 5,259 3,357 4,708 2,840 2,292 2,963 2,661 2,523 Grand Rapids, Mich . 13,093 19,968 17,340 16,579 15,203 13,275 12,161 13,941 14,717 13,180 Green Bav, Wis 2,371 2,478 2 915 3 491 2 690 Hammond, Ind 3,770 3,570 3,620 4,020 4,280 2,890 2,100 2,670 3,000 3,037 Indianapolis, Ind 30,304 29,052 34,553 37,389 34,489 29,126 27,936 32,415 37,677 30,561 Jackson, Mich 5,280 4,868 6 529 5,279 5,820 4,060 3,440 3,711 4 069 4 167 4,066 4 095 5 042 5 297 4 378 3 845 3 910 3 504 5 367 4 627 Lansing, Mich.. 7,054 6,200 8 500 6,700 7 500 5,009 5 600 5 100 7 067 5 900 2,361 2,187 2,352 2,430 2,031 1,561 1,898 2,267 2,193 1,883 Milwaukee, Wis.. 51,761 49.164 62,391 75,007 60,263 49,358 44,073 59,320 62,883 52,289 Moline, 111 1,685 1,471 2,048 2,048 2,591 1,303 2,129 1,963 1,793 1,569 1,209 1,248 1,296 1,628 1,218 1,028 1,177 1,181 1,306 1,319 Oshkosh, Wis 2,200 2.200 2,600 2,900 2,400 4,200 2,500 3,000 2,800 2,100 Peoria, 111. .. 7,871 8,709 9,336 9,693 8,405 6,862 7,624 8,246 8,964 7,375 Rockford,Ill 4,656 4,285 5 678 5 574 5 198 4,162 4 467 4 652 4 677 4 356 Saginaw, Mich 4,581 4,205 6,900 5,868 5,503 4,246 3,494 4,264 5,504 4,407 Sioux Citv, Iowa 14,322 15,318 18 149 17 974 15 696 14 116 13 824 16 361 16 177 14 981 South Bend, Ind 8,478 8,020 7,815 9,740 8,651 6,495 6,398 9,439 8,418 7,210 Springfield, 111 5 601 4,911 6,418 6,467 5,381 4,257 4,723 5,202 5,299 4,598 Terre Haute, Ind 5,275 4,051 6 479 5.419 6 208 Waterloo, Iowa 3,881 3,676 4,390 4,263 4,085 3,024 3,061 3,539 3,607 3,467 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1162 FEDERAL, RESERVE BULLETIN. OCTOBER, 1923. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES—Continued. DATA FOB EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending— Week ending Aug. 29. Sept. 5. Sept. 12. Sept. 19. Sept. 26. Aug. 30. Sept. 6. Sept. 13. Sept. 20. Sept. 27. District No. 8—St. Louis: East St. Louis and National Stock Yards, 111 10,868 10,418 12,485 11,761 10,089 7,381 7,400 8,585 9,884 9,644 Eldorado, Ark 1,782 1,848 2,312 1,977 1,728 Evansville, Ind 6,307 8,403 6,104 7,203 6.912 4,055 6,489 5,929 7,388 7,388 Fort Smith, Ark 1,821 2,249 2,679 2,737 2,921 1,905 2,038 2,804 3,022 3,318 Greenville, Miss 486 618 759 768 726 559 533 823 1,002 677 Helena, Ark 902 990 988 986 866 735 897 1,513 1,436 1,587 Little Rock, Ark 12,026 12,809 12,696 13,471 12,488 7,609 10,725 10,868 13,594 12,667 Louisville, Ky 28,034 27,889 35,436 37,362 33,639 25,837 24,269 32,137 32,991 28,957 Memphis, Tenn 23,428 24,620 27,465 28,822 28,727 17,410 25,112 22,607 28,578 27,173 Owensboro, Ky 971 1,127 1,186 1,175 1,102 973 912 1,124 1,218 992 Quincy, 111 2,004 2,070 2,498 2,510 2,252 1,817 1,947 2,098 2,483 2,166 St. Louis, Mo 122,135 123,298 148,753 159,753 137,129 109,223 112,367 132,563 153,370 127,480 Springfield, Mo 2,799 3,187 3,458 3,497 3,478 2,599 2,687 2,867 3,214 2,557 District No. 9—Minneapolis: Aberdeen. S. Dak 1,303 1,360 1,635 1,557 1,342 1,111 1,572 1,644 1,419 1,203 Billings, Mont 1,550 1,732 2,014 1,980 1,590 1,338 1,514 1,677 1,700 1,586 Dickinson. N. Dak 262 276 341 386 307 293 287 302 301 277 Duluth, Minn 16,145 14,849 22,854 23,146 22,381 18,263 18,175 26,254 26,036 24,892 Fargo, N. Dak 2,451 2,475 3,181 3,285 2,835 2,557 3,120 3,131 3,284 2,840 Grand Forks, N. Dak 1,543 1,558 2,200 2,074 1,969 1,211 1,612 1,904 1,666 1,873 Helena, Mont 1,711 2,061 2,098 2,234 1,550 2,041 1,975 2,288 2,530 1,920 Jamestown, N. Dak 497 409 666 555 493 340 405 566 516 468 LaCrosse, Wis 2,285 2,413 2,603 2,562 2,101 Lewistown, Mont 613 774 856 810 1,003 788 934 1,156 1,149 1,193 Minneapolis, Minn 69,215 66,865 83,596 87,790 79,923 63,479 66,825 77,622 82,553 80,980 Minot, N. Dak 897 807 1,206 1,155 988 915 943 1,171 1,067 1,108 RedWing, Minn 435 459 571 571 489 354 437 451 513 396 St. Paul, Minn 35,024 36,813 4.1,377 41,863 35,189 33,318 32,231 36,131 43,657 33,654 Sioux Falls, S. Dak 2,807 3,390 3,873 3,718 3,304 3,012 3,132 2,887 3,565 3,000 Superior, Wis 1,925 2,358 1,962 1,973 1,964 1,530 1,593 1,835 2,210 1,726 Winona, Minn 801 961 1,110 1,262 917 698 900 1,010 1,027 1,162 District No. 10—Kansas City: Atchison, Kans 1,392 1,341 1,294 1,406 1,270 1,024 1,164 1,368 1,322 1,130 Bartlesville, Okla 2,124 1,780 2,458 2,057 1,647 2,293 2,461 2,142 2,004 2,015 Casper, Wyo 3,737 4,354 4,407 3,515 4,132 2,981 3,138 3,031 3,439 3,319 Cheyenne, Wyo 4,328 3,230 1,815 1,745 2,488 1,708 1,888 2,495 1,885 3,775 Colorado Springs, Colo 2,665 2,784 3,051 3,496 2,635 2,275 2,854 2,995 3,354 2,671 Denver, Colo 35,202 32,866 43,344 40,672 41,866 30,549 30,652 38,439 38,395 35,967 Enid, Okla 2,597 2,796 2,705 2,520 2,470 2,820 2,789 3,038 2,901 2,640 Fremont, Nebr 604 855 868 771 756 557 741 805 722 711 Grand Junction, Colo 478 525 790 754 797 486 598 818 731 579 Guthrie, Okla 675 628 752 680 729 490 590 546 547 557 Hutchinson, Kans 2,760 2,597 2,640 2,395 2,122 3,092 2,853 3,609 3,173 2,930 Independence, Kans 1,647 1,732 1,665 2,408 1,686 2,526 1,440 1,885 2,404 1,766 Jophn, Mo 3,122 2,872 3,981 3,618 3,016 2,118 2,217 2,929 2,568 2,339 Kansas City, Kans 4,484 4,626 4 744 4,840 4,445 3,672 3,738 4,280 3,870 3,696 Kansas City, Mo 79,357 83,336 85,907 90,515 81,368 62,024 63,659 83,483 85,959 71,272 Lawrence, Kans 786 852 928 955 878 649 801 1,006 1,402 818 McAlester, Okla 850 676 1,051 1,308 792 646 636 891 1,083 995 Muskogee, Okla 4,738 4,078 5,442 5,523 5,528 6,279 3,429 5,985 7,153 6,848 Oklahoma City, Okla.... 17,726 16,762 16,852 17,687 15,559 14,604 17,825 17,025 18,306 15,685 Okmulgee, Okla 1,491 1,233 1,501 1,666 1,422 1,583 1,763 1,712 1,689 Omaha, Nebr 43,664 42,221 49,234 54,573 48,047 42,819 40,606 49,149 49,898 41,961 Parsons, Kans 569 577 739 737 612 701 833 883 927 821 Pittsburg, Kans 1,592 1,073 1,706 1,296 1,508 1,909 1,018 1,360 1,149 1,482 Pueblo, Colo 3,002 2,813 3,715 3,961 5,116 2,853 2,993 3,038 3,224 2,900 St. Joseph, Mo 11,552 12,669 17,275 14,038 13,565 11,750 11,409 12,389 15,240 13,614 Topeka, Kans 2,457 2,682 3,322 3,340 3,159 2,143 1,854 3,753 3,187 3,176 Tulsa, Okla 19,052 14,477 19,252 18,816 22,454 20,645 15,246 24,216 19,568 21,364 Wichita, Kans 8,304 10,542 9,655 10,511 8,271 9,310 10,879 10,601 11,476 9,910 District No. 11—Dallas: Albuquerque, N. Mex 2,304 1,808 2,253 2,224 1,888 1,731 2,010 1,832 1,846 1,649 Austin, Tex 3,624 4,511 4,617 4,914 4,040 2 830 3,580 4,908 4,688 4,469 Beaumont, Tex 2,987 2,828 3,832 3,836 3,448 2,377 2,727 3,611 3,781 3,057 Corsicana, Tex 2,091 1 793 2,989 2 085 2,870 785 1,180 1,533 1,440 1,270 Dallas, Tex 30,306 34,868 41,593 48,658 48,062 26,247 35,388 37,571 49,702 41,483 El Paso, Tex 5,493 5527 6,188 6 225 5,624 8,188 6,255 6,826 6,783 5,993 Fort Worth, Tex 13,943 13,816 13,789 21,177 14,214 18,147 18,131 19,106 20,987 20,847 Galveston, Tex 25,595 26,968 28,237 34,014 33,363 16,769 17,279 22,409 27,117 30,814 Houston, Tex 29,872 29,260 33,867 39,747 36,811 21,150 26,317 39,131 32,140 30,669 Roswell, N. Mex 468 599 509 585 525 538 494 427 494 525 San Antonio, Tex 7,737 6,806 8,319 8,467 7,345 6,038 6,483 8,346 6,902 7,042 Shreveport, La 7,296 6,462 7,611 8,376 8,054 5,858 5,335 7,172 7,710 6,963 Texarkana, Tex 1,914 1,266 2,596 2,960 2,141 1,217 1,124 1,535 1,888 1,614 Tucson, Ariz 1,348 1,311 1,913 1,747 1,592 1,119 1,439 1,463 1,384 1,669 Waco, Tex 5,404 5,850 6 729 8,690 6,118 2,822 4,470 5,655 6,385 5,548 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL BESERVE BULLETIN. 1163 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. 29. Sept. S. Sept. 12. Sept. 19. Sept. 26. Aug. 30. Sept. 6. Sept. 13. Sept. 20. Sept. 27. District No. 12—San Francisco: Bakersfield, Calif 2,787 1,501 1,884 2,300 2,657 2,201 1,958 2,245 2,355 2,032 Bellingham, Wash 1,742 1,833 2,348 2,135 1,897 1,576 1,465 1,910 1,870 1,538 Berkeley, Calif 3,478 3,345 3,412 3,430 3,379 2,510 4 231 3,489 5,516 3,508 Boise, Idaho 2,108 2,142 3,246 3,398 2,561 2,318 2,210 3,093 3,365 2,450 Eugene, Oreg 2,255 2,502 2,359 2,986 2,702 1,808 1,571 1,889 2,207 2,445 Fresno, Calif. 10,790 9,504 11,923 15,203 13,946 8,745 9,949 11,407 13,845 14,351 Long Beach, Calif 13,258 11,267 12,948 15,603 13,575 6,537 8,010 8,690 10,137 8,234 Los Angeles, Calif 141,672 127,494 150,655 185,641 168,796 87,990 107.133 123,004 132,155 112,364 Oakland, Calif. 21,320 22,371 24,246 33,831 31,313 20,133 18,897 20,728 22,471 21,081 Ogden, Utah 4,856 5,847 5,170 6,161 5,681 4,272 4,342 4,898 5,123 4,394 Pasadena, Calif 5,318 5,276 6,132 7,188 6,080 3,842 5,281 5,490 5,691 5,028 Phoenix, Ariz 2,799 3,639 3,773 4,407 4,219 2,718 2,437 3,970 3,460 3,343 Portland, Oreg 32,715 30,064 39,216 43,882 37,054 29,860 28,907 34,778 36,349 32,522 Reno, Nev 1,904 2,067 2,156 2,820 2,359 2,082 2,262 2,852 2,442 2,454 Ritzville, Wash 111 187 230 202 219 135 169 193 178 184 Sacramento, Calif. 7,776 6,274 8,563 8,574 9,356 14,278 14,653 17,818 16,174 15,665 Salt Lake City, Utah.... 12,223 12,120 14,027 14,905 14,297 10,724 11,890 13,260 13,399 12,300 San Bernardino, Calif.... 1,650 1,366 1,531 1,896 1,671 1,001 1,102 1,485 1,528 1,254 San Diego, Calif 8,000 8,046 9,027 11,272 10,250 6,988 9,054 8,385 8,855 7 722 San Francisco, Calif 153,798 158,093 152,672 220,353 177,619 134,683 168,984 166,975 205,091 162,178 San Jose, Calif 4,493 5,301 4,902 5,329 4,881 5,252 4,788 4,786 5,074 5,258 Seattle1, Wash 37,920 34,751 41,301 45,980 39,756 33,916 32,268 38,973 40,556 34,283 Spokane, Wash 8,855 10,512 12,375 12,130 11,363 8,971 8,937 9 732 9,327 9,221 Stockton, Calif. 4,757 4,865 5,593 8,140 6,519 3,964 5,534 4,781 5,650 4,610 Tacoma, Wash 7,419 7,759 11,014 10,045 8,533 7,381 7,746 9,156 9,552 7,640 Yakima, Wash 1,850 2,377 3,000 2,323 3,031 1,858 2 400 2,751 2,557 2,294 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. OPERATIONS DURING AUGUST, 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. Number of banks at end of month. Items drawn Total items warded to warded to member Federa o l r r b e r s a e n rv c e h . bank o r r e I b s n e r a r F v n e e c d h b e a r c a n i l t k y. Ou er t b s a i a l d n r e e k s o e o f r r v F e ed- on o f S T t U r a e t n a e i s s t u e . d rer h si a v n e d o l t e i f o d n d , s u e . p x l c ic lu a - - r o e t s h b a e e r n r a r d v n e F c t h e h b d e e a i e s n r . r k a s l o p i r n a t r o s e t a n r b m i t r c a e t b n . d a c n i h s k e - s Number. Amount. b m a e n n o k d n s t h o a f . t On par list. Not l i o s n t. p ' ar branch cities. 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 625 641,219 4,219 483,513 131 15,249 4,976 1,139,981 251 52,894 5,227 4,472 1,192,875 941,693 424 432 229 259 New York 2,368 3,905,964 4,802 693,408 1,000 102,031 8,170 4,701,401 1,161 143,064 25 5,250 9,356 9,155 4,849,715 5,212,649 743 716 271 258 Buffalo 211 124,246 509 60,793 12 2,357 732 187,396 160 27,316 18,400 934 842 233,112 182,954 88 84 80 78 Philadelphia 1,052 809,690 2,473 321,631 144 31,068 3,669 1,162,395 444 96,174 4,113 4,634 1,258,569 1,124,162 721 714 503 479 Clev C P e i l i t a n t n c s d b in u n r a g t h i 5 6 2 9 4 6 7 8 0 4 3 66 9 6 7 3 2 , , , 3 5 8 9 1 8 1 6 6 1,6 8 9 1 9 9 5 9 9 1 1 1 8 1 7 5 4 7 , , , 0 6 3 7 1 8 0 1 5 6 6 3 6 1 8 5 7 ,, ,3 3 5 8 9 8 2 2 1 ,, , 2 2 7 3 8 0 2 6 7 4 7 8 5 9 6 7 , , , 2 8 8 8 7 4 9 5 0 1 4 2 0 8 5 3 4 6 6 1 , , , 6 7 7 9 5 6 7 1 8 1 1 4 1 0 , , , 8 7 4 0 7 5 6 4 9 2 1 1 , , , 2 8 3 7 2 5 2 9 9 2 1 1 , , , 5 1 1 3 1 9 0 6 2 6 4 8 9 4 6 6 0 9 , , , 7 1 3 6 0 9 0 2 7 4 3 2 8 1 0 0 3 6 , , , 5 5 4 4 8 5 9 0 1 3 2 34 2 1 5 4 3 3 3 2 4 1 2 4 5 4 3 2 5 4 1 1 8 4 3 5 3 25 1 1 1 3 3 A R t i l c a h B n m a ta l o ti n m d o .. re 1 2 1 3 0 8 0 9 0 2 2 1 1 9 0 3 5 2 , , , 7 7 6 9 6 9 6 7 6 1,9 8 3 4 7 0 9 5 0 2 4 7 9 2 9 4 , , , 8 3 6 2 7 2 6 0 2 4 4 3 4 9 8 4 5 7 , , , 8 7 0 1 3 7 4 2 8 2 1 1 , , , 1 1 6 2 2 8 9 3 5 3 5 1 0 9 4 0 6 9 , , , 2 1 5 4 2 8 4 1 0 1 1 2 2 5 4 2 8 6 3 8 9 6 , , , 5 1 9 9 2 0 4 8 5 1 9 4 0 , , , 8 4 5 9 8 2 8 6 1 2 1, , 3 3 5 4 2 7 3 0 9 2 1 1 , , , 1 2 1 4 2 8 9 5 4 3 6 1 4 7 6 9 2 2 , , , 9 8 6 2 9 6 4 3 0 4 2 1 3 6 9 5 2 9 , , , 0 6 2 7 4 3 4 1 3 2 4 1 2 7 6 5 0 0 4 2 1 6 3 6 7 6 0 6 2 8 5 6 6 0 7 2 7 9 6 0 0 2 2 4 5 6 8 3 9 4 5 8 7 3 3 B irmingham 57 46,455 207 15,518 14 41 ,065382 522728 63,605[ 21 13,995 32,262 326 415 109,862 81,664 93 83 32 32 146 119 Jacksonville 69 62,584 187 19,220 9 1,073 265 82,877i 29 4,689 1,497 301 252 89,063 38,607 72 76 69 61 147 146 Nashville 69 86,308 251 24,151 14 1 103 334 111,562 6 1,946 629 342 311 114,137 51,299 88 87 145 145 158 162 New Orleans 90 49,618 135 16,051 36 4,152 261 69,821 35 12,427 611 302 243 82,859 74,182 56 56 49 51 223 223 Chicago 900 971,378 4,294 357,986 267 40,365 5,461 1,369,729 391 36,778 2,265 5,864 5,424 1,408,772 962,441 1,316 1,319 3,9253,982 52 Detroit 318 357,144 771 69,940 31 3,956 1,120 431,040 21 6,276 1,935 1,144 970 439,251 232,551 124 126 253 256 8 St.Louis 391 358,170 1,566 94,029 106 7,743 2,063 459,942 54 5,422 835 2,126 1,877 466,199 325,246 398 382 1,662 1,705 15 Little Rock -18 38,201 326 19,732 9 916 383 58,849 1 186 453 392 413 59,488 36,985 72 71 228 230 9 Louisville 117 135,468 481 25,941 33 3,001 631 164,410| 13 1,230 216 645 587 165,856 89,003 95 95 350 341 2 Memphis 81 33,144 217 11,935 12 1,319 310 46,398 2 466 339 315 266 47,203 36,923 59 58 184 188 161 156 Minneapolii 266 120,409 1,613 89,188 47 5,567 n,931a 220,423 87 19,251 101 2,019 1,772 239,775 211,835 820 82? 2,311 2,415 228 179 Helena 24 15,594 134 8,918 9 823 167 25,335 7 1,007 2,370 175 232 28,712 25,029 173 194 175 208 5 Kansas City 432 220,946 1,423 89,423 70 7,9 1,925 318,351 107 23,135 6,905 2,082 1/ 348,391 360,848 326 330 1,404 1,435 2 Denver 143 44,415 347 34,452 26 3,196 516 82,063 109 17,393 10,986 678 676 110,442 100,770 160 161 236 266 7 Oklahoma City... 71 47,230 1,035 68,936 10 1 117 1,116 117,283 50 5,721 9,301 1,186 1,077 132,305 124,691 420 411 403 430 6 D Sa a n ll H S O E L P S S a F s e p a o o l o m r a l o a r s u P t t t a n k s l t A a L h c a l a t s e o i a n n n a o s n g e k d c e e o l e C s ity... 2 1 2 5 1 4 6 5 4 2 0 1 0 8 5 8 8 8 7 0 8 5 0 2 9 1 3 2 3 4 5 1 5 9 2 4 1 2 9 2 4 2 3 4 2 2 9 3 , , . , , , , , , , 2 9 4 7 2 7 8 5 8 8 S 2 2 6 5 9 1 7 9 3 1 9 4 6 7 9 5 7 5 3 1 1 , , 3 8 4 5 4 7 1 2 2 2 4 5 1 5 9 1 5 5 2 0 6 7 7 0 2 9 7 5 3 3 1 1 4 3 3 2 2 1 3 7 1 9 6 1 9 4 0 0 8 2 5 , , , , , , , , , , 0 0 7 6 5 2 0 8 1 9 7 1 6 0 2 6 1 5 4 4 2 7 4 0 6 4 8 9 7 3 6 6 3 2 3 1 2 1 1 1 9 0 0 4 2 4 0 8 1 5 2 3 2 2 5 1 5 8 1 , , , , , , , , , 4 4 9 6 6 7 9 8 9 3 3 6 1 1 8 7 5 3 9 0 3 0 0 6 4 2 8 9 8 6 1 1 2 2 , , , 1 5 4 3 4 4 4 2 1 6 4 9 1 9 4 0 9 6 8 8 3 8 7 3 5 0 2 1 6 3 s 3 3 3 1 8 3 2 9 5 0 7 1 9 7 7 0 4 5 9 0 5 1 4 0 , , , , , , , , , , 2 9 5 7 6 5 6 3 5 6 6 8 2 9 2 9 4 7 9 1 5 4 9 7 7 6 9 3 0 3 1 4 3 2 6 1 1 1 1 0 7 2 0 4 4 5 3 5 4 2 1 7 3 7 1 2 3 5 2 5 5 , . , , , , , , , , 2 8 6 9 0 2 0 7 5 7 8 4 6 4 8 2 9 9 7 5 0 4 1 2 9 7 3 0 3 3 4 4 5 8 6 7 2 1 1 , , , , , , , , , 2 0 6 0 7 3 3 8 3 5 3 9 2 3 0 1 3 5 0 0 3 5 4 7 9 4 1 6 3 4 1 2 1 , , , 7 2 5 5 4 7 2 5 3 2 0 0 7 7 1 1 9 0 4 9 6 6 6 0 8 2 8 5 5 2 1 2 , , 5 1 4 9 3 4 4 2 7 1 3 2 8 6 7 2 5 2 9 1 1 1 0 0 8 7 9 3 8 8 3 1 4 3 1 6 9 2 8 3 0 1 2 0 9 3 8 6 6 8 1 3 3 0 5 , , , , , , , , , , 6 5 5 9 6 6 3 7 0 0 5 3 3 1 6 7 9 7 6 7 0 4 1 3 9 2 3 9 5 5 2 2 2 2 7 3 9 5 5 7 5 3 6 2 9 4 6 1 8 4 0 3 0 , , , , , , , , , , 4 3 5 3 1 1 2 7 0 6 2 2 0 3 4 6 5 2 1 3 6 3 4 0 3 6 3 7 1 3 2 6 1 1 1 1 1 1 6 6 4 1 6 8 3 5 4 5 0 6 7 0 1 7 7 4 1 7 6 2 1 1 1 1 1 1 5 6 6 6 0 3 5 3 9 6 9 6 6 6 9 8 0 3 9 3 8 6 2 2 2 1 1 1 4 9 8 0 4 8 4 6 0 3 7 0 5 5 3 0 8 6 0 0 9 7 1 1 2 2 1 1 9 4 5 5 4 1 0 5 7 7 2 1 1 9 5 7 4 5 4 7 1 3 7 6 6 1 1 2 2 0 1 4 2 5 7 8 2 Total: August..10,86211,213,817i37,846 3,807,757 2,569 305,055 51,29315,333,833 3,755 694,465 809 188,305 55,857 52,497 16,216,603 13,271,576 9,905 9,91717,38117,865 2,489 2,281 July 11,28311,505,114138,4653,917,683 2,512 320,436 52,27715,750,366 3,822 706,731 823 180,838 56,922 51,851 16,637,93512,687,560 9,916 9,93017,56517,884 2,324 2,285 i Incorporated banks other than mutual savings banks. • Includesitems drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 10,000items, $1,684,000; Minneapolis, 5,000 items, $5,259,000; Omaha, 1,000 items, $261,000; total, 16,000 items, $7,204,000. NOTE.—Number of business days in period for Atlanta, Birmingham, Jacksonville, Nashville, New Orleans, St. Louis, Little Rock, Louisville, Memphis, Minneapolis, Helena, Kansas City, Oklahoma City, and Omaha was 27 days, Denver, 25 days, and for other Federal reserve bank and branch cities, 26 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL RESERVE BULLETIN. 1165 DEPOSITS OF ALL MEMBER BANKS. NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, ARRANGED BY SIZE OF CITIES AND TOWNS. [In thousands of dollars.] Banks in cities and towns having a population of— Federal reserve districts. T m b o e a t m n al k b s a e . l r l Le 5 s , s 0 0 t 0 h . an 5 1 ,0 4 0 ,9 0 9 9 to . 15,000 to 10 a 0 n , d 00 o 0 v a e n r d . T m b o e a t m n al k b a s e . l r l 5 t L h ,0 e a 0 s n 0 s . 5 1 ,0 4 0 ,9 0 9 9 to . 1 9 5 9 ,0 , 0 99 0 9 t . o 1 o 0 a 0 v n , e 0 d r 0 . 0 Increase or decrease since preceding monthly Amount on Aug. 29, .923. report. NET DEMAND DEPOSITS. Boston 1,219,551 45,987 67,856 194,743 910,965 -34,247 +2,645 -241 -5,919 -30,732 New York 5,130,367 173,765 110,161 278,437 4,568,004 -134,147 +3,117 +3,428 —1,574 -139,118 Philadelphia 1,074,993 131,250 75,189 130,732 737,822 -3,908 +1,300 +1,159 +102 -6,469 Cleveland 1,425,406 162,110 132,780 197,755 932,761 —10,803 +786 +251 -1,683 -10,157 Richmond 537,103 93,782 60, 111 146,935 236,275 -5,340 -888 -1,132 -3,574 +254 Atlanta 464,608 64,426 56,295 149,248 194,639 -15,153 —3,546 -2,501 -4,313 -4,793 Chicago 2,031,774 198,371 117,009 342,893 1,373,501 -98,711 +4,126 -727 -4,270 -97,840 St. Louis 629,861 118,832 72,543 85,483 353,003 -15,889 -3,686 -2,428 —3,618 -6,157 Minneapolis 394,317 101,183 72,781 70,091 150,262 -5,289 -1,992 —1,149 -2,172 +24 Kansas City 779,087 188,318 124,249 170,854 295,666 +6,747 -752 +1,752 -1,790 +7,537 Dallas 501,088 149,580 87,772 103,508 160,228 +15,444 +15,784 +3,367 -4,071 +3b4 San Francisco 1,235,892 170,227 82,336 139,069 •844 260 +16,942 +4,654 -487 +201 +12,574 Total: Aug. 29.1923 15,424,047 1,597,831 1,059,082 2,009,748 10,757,386 -284,354 +21,548 +1,292 -32,681 -274,513 July 25/1923 15,708,401 1,576,283 1,057,790 2,042,429 11,031,899 —48,018 -8,327 -6,926 —11,629 —21,136 June 27,1923 15,756,419 1,584,610 1,064,716 2,054,058 11,053,035 -136,302 -15,540 -6,653 -6,141 -107,968 TIME DEPOSITS. Boston 592,992 47,105 64,076 141,787 340,024 +8,105 +553 +1,132 +2,393 +4,027 New York 654,771 226,785 131,950 340,591 955,445 +18,536 +270 -279 +3,352 +15,193 Philadelphia 627,148 210,367 100,907 177,819 138,055 +14,903 +11,599 + 726 +2,708 -130 Cleveland 099,214 174,504 124,710 172,892 627,108 +19,106 +2,306 + 993 +2,902 +12,905 Richmond 432,366 125,177 77,529 125,032 104,628 +600 +1,136 -652 -450 +566 Atlanta 319,075 48,162 44,451 119,091 107,371 -2,027 -413 —1,393 +335 -556 Chicago 532,084 239,038 141,844 352,278 798,924 +38,788 +1,444 +3,100 +5,559 +28,685 St. Louis 383,968 66,288 40,895 63,645 213,140 +2,129 -29 + 139 +414 +1,605 Minneapolis 416,914 197,288 97,405 58,346 63,875 +2,349 -1,536 +1,547 +135 +2,203 Kansas City 317,601 95,079 60.476 65,725 96,321 +13,823 —1,558 +1,836 -33 +13,578 Dallas...... 139,356 18,516 22,989 49,699 48,152 -512 +9 +975 —1,241 -255 San Francisco 941,978 98,714 44,150 93,211 1 705,903 -859 +3,772 +321 +626 -5,578 Total: Aug. 29,1923.... 8,457,467 1,547,023 951,382 1,760,116 4,198,946 +114,941 +17,553 +8,445 +16,700 +72,243 July 25,1923 8,342,526 1,529,470 942,937 1,743,416 4,126,703 —45,712 +3,798 +14,075 +26,789 —90,374 June 27,1923 8,388,238 1,525,672 928,862 1,716,627 4,217,077 +97,194 +45,977 +9,879 +11,089 +30,249 > Includes banks with scattered branches having combined deposits as follows: Net demand, $277,561,000; and time, $411,647,000. NOTE.—The classification of cities and towns according to population was made on the basis of the 1920 census of incorporated places published by the United States Bureau of the Census as supplemented by the bureau's estimates for July 1,1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1166 FEDERAL. RESERVE BULLETIN. OCTOBEB, 1923. MONEY IN CIRCULATION, SEPTEMBER 1, 1923. [Source: United States Treasury Department circulation statement.] Money held by Money in circulation. the United States Kind of money. Stock of money.1 Treasury and the Fed s e y r s a t l e m re . s * erve Amount. Per capita. Gold coin and bullion 214,109,052,543 $3,711,710,631 $397,341,912 $3.56 Gold certificates 3 (826,369,469) 385,214,630 441,154,839 3.96 Standard silver dollars 495,464,404 437,849,039 57,615.365 .52 Silver certificates (3 408,876,947) 33,999,451 374,877,496 3.36 Treasury notes of 1890 3 (1,455,623) 1,455,623 .01 Subsidiary silver 269,510,124 20,012,244 249,497,880 2.24 United States notes 346,681,016 42,104,216 304 576,800 2.73 Federal reserve notes 2,698,808,330 493,983,880 2,204,824,450 19.77 Federal reserve bank notes 18,946,000 1,333,158 17,612,842 .16 National-bank notes 768,944,812 39,995,208 728,949,604 6.54 Total 8,707,407,229 « 5,166,202,457 4,777,906,811 42.85 Comparative totals: Aug. 1,1923 8,647,824,946 <5,152,398,490 4,695,769,125 42.16 Sept. 1,1922 8,303,549,241 U, 918,691,521 4,393,506,927 39.93 Nov. 1,1920 8,326,338,267 * 3,394,764,761 5,628,427,732 52.36 Apr. 1,1917 5,312,109,272 « 3,896,318,653 4 100,590,704 39.54 July 1,1914 3,738,288,871 •1,843,452,323 3,402,015,427 34.35 Jan. 1,1879 1,007,084,483 «212,420,402 816,266,721 16.92 1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve banks. 2 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. * These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. * Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this statement are shown in parentheses in the first columns. * Includes $12,809,233 held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta. CORRECTION. Through a clerical error the figures for silver imports and exports for 1922, as published in the FEDERAL RESERVE BULLETIN for September (p. 1015), were stated too low. The entire table with corrected figures for 1922 is reproduced below. SILVER IMPORTS INTO AND EXPORTS FROM THE UNITED STATES. [In thousands of dollars J 1919 1920 1921 1922" January to July, 1923. Country. Excess Excess Excess Excess Excess p I o m rt - s. p E or x t - s. o o p f r o i e r m t x s - - p I o m rt - s. p E or x t - s. o o p f r o i e r m t x s - - p I o m rt - s. p E or x t - s. o o p f r o i e r m t x s - - p I o m rt - s. p E or x t - s. o o p f r o i e r m x ts - - p I o m rt - s. p E or x t - s. o o p f r o i e r m t x s - ports. ports. ports. ports. ports. France 76 6,588 6,512 118 33 85 185 185 207 207 161 161 Germany . 4 4 5,320 5,320 707 707 112 112 Great Britain 62 15,635 15,573 926 4,925 3,999 1,199 11,843 10,644 237 10,686 10,449 156 3,565 3,409 Canada.. 7,171 7,854 683 3,788 7,062 3,174 3,807 4,591 784 6,976 2,221 4,755 3,254 831 2,423 Mexico 63,303 1,926 61,377 53,197 3,241 49,956 41,250 2,141 39,109 48,453 2,270 46,183 24,368 1,058 23,310 Chile 1,927 1,927 3,744 3,744 1,826 1,826 1,640 1,640 838 838 Peru 8,863 8,863 11,991 11,991 5,598 5,598 8,180 8,180 7,640 24 7,616 China "77,"583" 77,583 1,295 "6i,'348" 60,053 8 "i2,"783" 12,775 12 '20"226* 20,214 8 15,445 16,437 India 109,181 109,181 642 642 12 3,233 3,221 11,971 11,971 8,959 8,969 Hongkong 20 10,245 10,226 2 24,873 24,871 10,408 10,408 12,853 12,853 1,201 1,201 Japan 3,946 3,946 4,674 4,674 3,492 3,492 47 All other 7,988 6,063 1,925 "i2,'995" 6,818 6,177 "4," 038" 3,084 ""4,"395" 2,533 1,862 2,561 410 2,151 Total 89,410 239,021 149,611 88,060 113,616 25,556 63,243 51,575 11,668 70,807 62,807 8,000 39,098 31,493 7,605 1 Revised figures. NOTE.—Excess of exports in italics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL, RESERVE BULLETIN. 1167 GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Gold. Silver. Countries. August— Eight A m u o g n u t s h t s — ending August— Eight m Au o g n u t s h t s — ending 1922 1923 1922 1923 1922 1923 1922 1923 Denmark $1,115,000 $17,769,107 $3,561,829 $768 France 889,784 tl,580,257 14,900,449 10,528,858 $41,432 $25,998 193,635 $187,553 Germany 4,711,873 10,876 38,932,450 8,465 681,589 111,319 Netherlands 4,446,627 116,016 10,455,775 Norway 274 7,880,576 168 2,944 2,944 611 Spain 34,943 23,844 71,512 43,845 Sweden 582,750 32,387,597 2,865 576 1,424 Great Britain—England. 13,270,482 14,414,8 75,998,765 66,708,321 13,569 14,621 149,210 170,959 Scotland. 151,320 2,560,382 Canada 392,842 5,698,211 8,713,513 38,755,089 569,167 1,019,879 3,684,598 4,275,139 Central America 225,112 175,003 3,204,174 1,632,551 126,439 102,536 991,171 1,119,613 Mexico 333,016 253,385 3,849,982 4,567,382 3,307,399 4,190,308 32,707,314 28,559,619 West Indies 13,506 11,694 1,485,929 176,034 21,656 11,283 461,057 82,664 Bolivia 269 18,053 8,929 76,145 27,834 676,284 397,102 Chile 20,989 37,379 337,048 158,564 199,161 86,512 1,430,522 924,202 Colombia 641,629 491,114 5,004,187 3,014,341 15,075 16,633 167,219 87,635 Peru 104,211 160,357 960,379 1,303,161 468,328 901,527 4,958,170 8,542,232 Venezuela 10,158 31,419 652,071 296,623 69 22 2,243 329 China 869,500 25,000 4,826,430 3,186,272 125 1,744 7,893 Dutch East Indies 86,024 22,261 944,552 1,477,832 39,716 1,385 396,011 596,353 Philippine Islands 146,350 356,389 968,665 861 5,981 12,474 British Oceania 142,192 103,456 3,721,214 1,124,893 260 369 933 1,643 Egypt 32,880 335,173 1,070,194 15,619 58 15,619 Portuguese Africa 251,248 182,722 473,769 711,443 18,846 46,521 88,041 All other 140,412 330,978 959,118 1,491,539 34,390 50,562 162,142 339,929 Total. 19,092,208 32,856,097 185,091,630 192,718,004 4,943,762 6,465,949 46,793,050 45,564,774 EXPORTS. France 2,660,000 Netherlands 10,000 1,000 15,000 Spain 707,000 500 1,500 Sweden 78,000 600 Switzerland 3,651 17,477 10,773 1,374,947 Great Britain—England 130,783 46,070 395,121 7,035,692 3,959,605 Canada 138,539 "ii9,984 863,570 885,609 143,397 144,884 1,465,285 976,673 Central America 12,127 30,000 6,850 52,844 Mexico "368,'53O 287,140 2,972,769 3,555,554 125,327 125,793 1,634,429 1,184,114 West Indies 5,300 15 3,223 2,830 25,159 51,155 Colombia '760,066 700,000 795,703 Peru "42," 666' "366,666 Venezuela 364,000 China 20,000 90,005 1,473,965 3,600,533 14,469,141 19,045,163 British India 15,000 4,365,339 13,859,149 795,200 2,285,698 6,552,940 11,244,086 Dutch East Indies 50,000 435,010 60,010 French Indo-China 1,320,000 Hongkong 379,675 1,036,360 2,091,580 2,117,615 1,273,998 405,362 8,571,304 1,605,573 All other 458 10,000 201,568 66,150 50,503 38,614 Total. 955,853 2,200,961 11,744,036 25,015,337 3,861,180 7,032,221 42,291,006 38,525,927 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1168 FEDERAL RESERVE BULLETIN. OCTOBER, 1923. GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM AUGUST 24, 1923, TO SEPTEMBER 20, 1923, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance in fers and settlements. fund at Federal reserve bank. close of period. Debits. Credits. Debits. Credits. Decrease. Increase. Boston 1,000 4,500 531,118 543,243 15,625 70,208 New York 14,500 48,500 1,767,467 1,746,640 13,173 190,302 Philadelphia.., 3,000 2,000 555,039 557,382 1,343 24,540 Cleveland 10,500 1,000 496,794 516,769 10,475 96,381 Richmond 8,000 1,000 478,895 481,231 4,664 22,540 Atlanta .... 1,000 500 204,641 185,729 19,412 12,222 Chicago 22,000 1,000 901,540 909,445 13,095 93,358 St. Louis 2,000 1,000 410,125 393,966 17,159 15,497 Minneapolis,... 1,000 123,333 126,616 2,283 21,268 Kansas City 500 317,957 308,409 36,874 Dallas 2,500 237,191 252,528 17,837 18,002 San Francisco.. 2,500 3,000 227,654 229,796 2,642 Total four weeks ending- Sept. 20,1923 65,500 65,500 6,251,754 6,251,754 63,378 63,378 641,891 August 23,1923 19,500 19,500 6,110,114 6,110,114 618,195 Sept. 21,1922 116*500 116,500 5,730,197 5,730,197 528,538 Aug. 24,1922 84,500 84,500 5,539,078 5,539,078 522,933 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT SEPTEMBER 29, 1923. Paper maturing— After 90 days, After 6 but Within 90 days. but within 6 within 9 months. months. Federal reserve bank. a p C a n a g d p o r e m i r l c i m , u v n e l e t . - r u s c e r t i o a . a c l l s , , k . U G o S n b o e i l t v c i e u e g d r r a e n t d S i m o t b n e a y n s te . t s ac B c a e n pt k a e n r c s e ' s. acc T ep ra ta d n e ces. a A n g d r p i l c a i u v p e l e t - u r s . r to a c l k > a A nd g p r l i a i c v p u e e l - t r s u . t r o a c l k Boston 44 44 5 New York 44 44 44 44 Philadelphia. 44 44 44 5 Cleveland 44 44 44 44 Richmond 44 44 44 44 Atlanta 44 44 44 44 Chicago 44 44 44 44 St. Louis 44 44 44 44 Minneapolis.. 44 44 -44 44 Kansas City.. 44 44 44 44 Dallas 44 44 44 44 San Francisco 44 44 44 44 i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. Discount and interest rates during the 30-day period ending September The actual discount and interest rates prevailing during the 30-day M 15 in the various cities in which the Federal reserve banks and their branches period ending September 15, 1923, in the different cities, are given in the » are located remained, with few exceptions,'unchanged from the levels of following table. A complete description of the several types of paper for the 30 days ending August 15. Prime commercial paper rates for paper which quotations are given will be found in the September, 1918, and purchased in the open market were slightly higher in some eastern centers. October, 1918, FEDERAL RESERVE BULLETINS. Compared with the corresponding period ending September 15, 1922, rates on all types of paper were generally higher, although interbank loan rates were lower in some cities. DISCOUNT AND INTEREST BATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING SEPTEMBER 15, 1923. Bankers' acceptances, Prime commercial paper 60 to 90 days. Collateral loans—stock excharige. Ordinary loansto District. City. 3nto 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 Int l e o r a b n a s n . k Indorsed. d T o J r n s i e n d - . Demand. 3 months. m 3 o n to th 6 E . C lo a a t n tl s e . S w e r a e c r c u e e r h e ip o d t u s b s . e y s c e u L c b s u i o t b r o n e e n d c i l I t e y b r y s day?. months. days. months. N N N N o o o o . . . . 4 2 1 3 . . . . . . . . . . . . . . . . N B B C Ph l u o e e w f i s v f l t a a e o Y l d l n o a e o . n l r d p k h i i . a . . . . 5 f 7 I i } I 5 5 f f L i i 5 65 fi 1 1 " a " , 5 6 6 f 7 H i } } .L f 5 5 c S i 5 f 5 5 i 1 1 1 C -5 . ) 5 5 H ? | .L 5 5 A 3 5 5 5} - 1 5 C } . 5 5 5 H } } 1 . L 5 5 5 5 5} 1 C -5 . } g 7 h.£ f 5 s S 5 5 5 S - 1 " 6 a 4 5 H } 5 . L 4 4 } } 4 4 1 1 a -4} 4 4 4 H 1 £ i . 4 4 4 L 1 1 . H 4 4 J J C. 5 f H 7 i } (J 5 4 f L i 1 " . 5 5 f 5 i } * } C. 6 6 f 6 H 7 i 'f f L i i 5 5 6 5 fi } 1 4 " C -6 . 6 6 f f 7 H i i .L f 5 f i i . P 5 fi } " C. H. L C. . f7 I . i . I.£ , 6 s I 5 6 6 f f I t t . 1 4 L 4 5 5 } 5 . ? 1 > 5 - c 5 1 } . C Pi i t n t c s i b n u n r a g t h i 6 6 5 5 6 6 6 6 5 6 6 6 El K 5 5 6 5 1 5 5 } 5 6 6 6 6 5-5} 41? 4 4 | -4J 4 4 * 1 4 4 | 4 4 } -41 6 6 5 5 6 5}-6 6 6 5 5 1 6 5}-6 6 6 6 5 6 6 6 6 6 6 6 6 6 6 6 6 6 6 5 f 5 i -5) No. 5.... B R a ic lt h i m m o o n re d f f i i 5 fi } 6 f f i i 4 6 6 5 6 516 f f i i 5 fi 6 5| f f i i fi f 6 i 5 S} f f i i 54 6 5| f f i i f f i il 6 fi 6 6 5 5 f 5 i * No. 6.... Atlanta 8 fi 54 8 5*51 5J 5 5 5)- 5 5 7 fi 6 5 6 8 fi 6 8 fi 6 8 fi fi 7 S fi 7 fi fi Birmingham.. 8 5 8 fi g 5$ 5 5 5} 5 5 7 6 6 5 6 8 6 6 8 fi 6 8 ft 6 8 fi fi Jacksonville... 7 6 6-7 7 fi 6-7 El El 51-5} 51-5} fi fi 6 7 fi 6-7 7 fi 6-7 7 fi 6-7 fi fi 6 fi « 6 H New Orleans.. f 5 6 6} 6 4} 4| 4} 41 4| 4| 61516 7 6 7} 6 61 7 5}6 7 5 H No. 7.... N C D h a e i s t c r h a o v g i i t o l le . 6 6 f 5 5 i 5 5} 1-6 6 6 8 5 5 7 5 5} }-6 5 5 } 1 5 5 }f 6 6} 5 5 5 5 7 } } 4 4 1 1 4 4 } 4S 4 4 1 1 4 4 J J 4 4 J J-41 6 6 5 6 65* 6 6 8 5 5 7 6 6 8 5 5 6 6 5} 5} 6 6 8 f ? i 7 5 6 1-6 6 6 7 ft g 6 5-5} 3 No. 8.... St. Louis fi fi 5} fi fi 5} 515} Cl fit 5} fi* 54 fi 5 fi fi 5} 6 S 5} 7 51fi fi fi fi 5 51 Louisville 6 fi «• 6 fi g 51 5 5" 51 5 fi1 fi" 5 6* fi fi g fi fi ft' 6 5 fi fi 5 fi 6 5fi fi fi 5 ft Memphis 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 Little Rock... V 6 6 7 6 6 51 4-}5 51 4f5 fi 6 V ti 6 b 6 1 b b No. 9.... M He i l n e n n e a apolis... 6 8 5 7 6 8 T* 51 5 5 5} 5 K 5}6 8 41414i 5 4? 4} 6 8 ? ? 5} 6}5*f 7 8 6 7} 61 615 8 f 6 8 8 5 No. 10... Kansas City... 7 5 6 7 5 6 6 4}5 6 4}5 n 5 6 8 5 6 8 5 6 8 5 6 8 6 6 8 5} 6 8 4| fi Denver 8 fi 6-8 8 ^ 6 6 515-6 6 5}5-6 7 fi 6 7 5 6 7 fi 6 7 6 6 7 5 fi 8 fi 8 8 7 fi Oklahoma Cityin 5 7 8 fi 7 6 5 6 6 6 6 8 6 6 in fi 7 in fi 7 m fi 7 in fi 8 10 fi 8 in S 8 No. 11 - Dallas... 7 51 R 7 6 6 5 6 6 5 5 7 5 8 fi 8 fi 8 fi 8 7 8 fi 8 4i <U El Paso in fi 8 m 8 5} 4 41 10 8 8 0 6 c in 8 g in 8 g in 8 g in 8 g in 8 g 10 8 8 Houston 7 S fi 7 5 fi 5 5 v 5 5 5 6 fi 51 *w~ 7 6 7 fi 6 7 fi 6 7 7 7 7 6 7 7 No. 12... San Francisco. 6 5} 5} 6 5} 5}-6 5} 5 51 51 5 51 61-6 5}*5} 4}-4f 1141 6 54-6 6-6} 5} 6 6-6} 5} 6 6 54/-6 6 6 5 5-6 Portland 8 5 7 8 5 7 5}4i 5 5} 4| 5 7 6 6 4141 7 ?5 8 6 7 8 6 7 3} 6} 8 6 7 8 5 7 Seattle 8 7 8 5} fil 5} 4 5 5 7 6 6 5} 5} 8 7 8 6 7 8 6 7 8 6 7 8 SI 7 8 7 fi fi 6 5} 5 5 54 5 5 7 fi 7 8 fi-r 7-8 8 7 7 8 6-7 7-8 8 fi 7 8 fi-'r 7 8 fi1 7 Salt Lake City 8 fi 7 8 fi 7 7 fi 6 8 6 7 8 7 8 fi 7 8 7 7 8 7 7 7 fi fi Los Angeles... 8 5 61 8 5 6} 5} 4 5i 5} 4 51 9 5 61 5} 4141 4f 4J 41 9 5 6} 8 5 6} 8 5 61 8 7 7 10 6 6J 8 6 65 Kates for demand paper secured by prime banker's acceptances—high, 5; low ,4; customary, 4}-5. O5 CO Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1170 FEDERAL RESERVE BULLETIN. OCTOBER, 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. Index (per cent of Low. High. Average. par.).i Par of Monetary unit. xchange Se b p e te r m . - August. Se b p e te r m . - August. Se b pp e ttee r m . m- August. Seg£m- August. General Index.. I 63 63 Belgium Franc. 19.30 4.5400 4.3500 ! 5.4400 4.7800 4.9017 4.5492 25.40 23.57 Denmark Krone.. 26.80 17.8500 17.9900 18.3900 18.6900 18.1633 18.4612 67.77 68.89 France Franc.. 19.30 5.5300 5.5000 6.2500 5.8500 5.8550 5.6500 30.34 29.27 Great Britain Pound. 486.65 450.9900 454.5800 456.1200 457.2000 454.2217 456.0338 93.34 93.71 Italy Lira.. 19.30 4.2400 4.2600 4.6200 4.3500 4.4375 4.3062 22.99 22.31 Netherlands Florin.. 40.20 39.1800 39.3000 39.3600 39.4500 39.3025 39.3446 97.77 97.87 Norway Krone.. 26.80 15.8800 15.9100 16.3000 16.6300 16.0758 16.2954 59.98 60.80 Spain Peseta.. 19.30 13.3300 13.2800 14.1900 14.1800 13.5783 13.6573 70.35 70.76 Sweden Krona.. 26.80 26.5000 26.5700 26.6900 26.7000 26.5496 26.6281 99.07 99.36 Switzerland Franc.. 19.30 17.6600 17.8400 18.0500 18.2800 17.8621 18.0538 92.55 93.54 Canada Dollar- 100.00 97.5296 97.5381 97. 8713 97.7274 97.6506 | 97.6666 97.65 97.67 Argentina Peso (gold) 96.48 73. 2200 73.0000 76.0500 76.8800 74.8533 74.4581 77.58 77.17 Brazil Milreis 32.44 9.4400 9.0600 9.9100 10.1900 9.7317 9.7481 30.00 30.05 Chile Peso (paper).. 2 19.53 12.1300 12.0600 12.5600 12.3600 12.3754 12.2115 63.37 62.53 China.. Shanghai tael. 2 66.85 69.7100 69.3800 71.6100 69.9900 70.7850 69.7096 105.89 104.28 India.. Rupee 48.66 30.2800 30.3000 30.8700 30.6000 30.6017 30.4608 62.89 62.60 Japan. Yen 49.85 48.4100 48.7500 49.0900 48.9600 48.6200 48. 8765 97.53 98.05 OTHER COUNTRIES. 20.26 0.0014 0.0014 0.0014 0.0014 0.0014 0.0014 0.01 0.01 19.30 .9450 .8700 .9971 1.0708 .9590 .9583 4.97 4.97 2.9536 2. 9178 3.0144 2.9444 2.9945 2.9340 Finland Markka 19.30 2.6439 2.7581 2.7689 2.7731 2.6996 2.7723 13.99 14.36 23.82 . 000000403 .0000089 .00000995 .000095 .00000188 .0000339 .000008 .00014 19.30 1.6361 1.5163 1.8820 1.9444 1.7866 1.7462 9.26 9.05 Krone 20.26 .0053 .0047 .0057 .0060 .0055 .0056 .027 .028 Poland .00028 .0004 .00041 .00047 .00035 00042 Portugal Escudo 108.05 4.0300 4.0100 4.5900 4.6100 4.1663 4.2119 3.86 3.90 Leu 19.30 .4536 .4038 .4772 .5056 .4642 .4677 2.41 2.42 Yugoslavia Dinar 19.30 1.0633 1.0468 1.1760 1.0772 1.0940 1.0570 5.67 5.48 Cuba Peso 100.00 99.7500 99.8438 99.9250 99.9125 99.8818 99.8818 99.88 99.88 Mexico do 49.85 48.3208 48.2036 49.0417 48.4583 48. 5692 48.3432 97.43 96.98 do 103.42 71.9900 72.0400 76.0700 76.4800 74.4592 73.9662 72.00 71.52 China Mexican dollar 2 48.11 50.4000 50.3000 51.7900 50.8500 51.1579 50 5015 106.34 104 97 Hongkong Dollar 2 47.77 51.7300 51.6600 52.7500 52.0500 52.3821 51.8746 109.65 108. 59 Straits Settlements.. Singapore dollar 56.78 53. 0800 53.1300 53.2500 53.3300 53.1896 53.2485 93.68 93.78 ' Based on average. 21913 average. SILVER. [Average price per fine ounce.] September.! August. London (converted at average rate of exchange). $0.64920 $0.63574 New York . 64529 .63176 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL EESEKVE BULLETIN. 1171 FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES. ENGLAND. [Amounts in millions of pounds sterling.] Note accounts and p B o a s n i k ts . of England de- Nine Lo b n a d n o k n s. c ' learing f G lo o a v ti e n r g n m de en b t t. Discount rates. I 3 CO •a -§ 1 | •3 En o Average of end of month Per Per figures: cent. cent. cent. 1913 38 29 57 1,370 15 1920 146 103 147 3,2521,078 219 1,297 99.6 1921 157 108 327 136 97 1,176 309 ,768 2,911 1,139 183 1,322 3t 99.2 110.1 1922 156 103 296 130 107 1,068 372 ,727 3,097 796 165 961 111.7 120. S 1922, end of— 21 August 154 103 293 124 105 1,020 390 2,885 715 153 114.7 121.3 September 154 101 289 121 104 1,007 381 2,690 724 148 872 114.0 122.7 October 154 101 287 125 105 1,033 370 3,124 740 179 919 115.1 123.0 November 154 102 288 121 98 1,031 365 ,667 2,989 732 179 911 114.1 124.6 December 154 104 301 133 106 1,030 360 ,684 2,769 719 222 941 113.2 125.8 1923, end of— January 154 101 121 108 1,046 357 3,262 715 206 922 2 114.2 123.4 February 155 102 279 131 103 1,023 349 644 3,006 698 154 852 2 115.3 126.0 A M p a r r i c l h , 1 1 5 5 5 5 1 1 0 0 0 2 2 2 8 8 4 6 1 1 2 3 3 3 1 1 0 0 0 4 9 9 9 9 4 2 3 3 3 2 3 7 , , 5 6 9 0 6 6 3 3 , , 3 3 1 3 5 9 5 6 8 1 9 6 2 1 0 9 1 4 7 8 9 1 0 0 i1: 1 1 1 16 9 . . 4 0 1 1 2 2 4 6. . 0 0 May 155 102 287 119 109 1,005 325 ,608 3,067 592 184 776 118.0 123.8 June 155 103 287 128 113 1,018 331 ,638 2,960 604 206 819 118.0 124.6 July 155 103 289 120 104 1,024 338 ,638 3,004 602 200 802 114.1 129.4 August 155 125 285 120 1,007 339 1,611 603 186 789 114.4 130.6 September 155 102 283 118 629 179 2 T 2i 1 Held by the Bank of England and by the Treasury as note reserve. * Statist. 1 Less notes in currency notes account. 6 Bankers Magazine. »Average weekly figures. • Excluding Germany. FRANCE. [Amounts in millions of francs.] New stock and Bank of France. Savings bond issues. Average banks, Price of daily excess of res G e o r l v d e.1 re S s l e iv rv er e. a G d t W o v ov a t n a e h r r c e n e - s l c a N i t r i o c o t u n e - . de T p o o t s a i l ts. ce p r 3 n e e n t t p u t p e e a e r . 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 w r + a p i w ) o t o h s a i r - l t s s Value. A r r e a v t t e u e r r a o n g f . e ment. Average of end of month figures: 1913 3,343 629 5,565 86.77 -65 1920 3,586 253 26,000 38,066 3,527 57.34 554 +48 702 1921 3,568 274 25,300 37,404 2,927 56.56 550 +67 1,100 6.70 1922 3,597 285 23,042 36,177 2,307 58.48 525 +53 574 6.41 1922, end of— August 3,583 23,900 36,385 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 23,600 36,694 2,170 58.25 556 +17 421 6.41 November 3,636 22,900 36,114 2,184 59.00 783 +43 179 6.59 December 3,670 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 68.00 726 +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 55.90 733 +22 »2,417 July 3,674 294 23,000 36,929 2,072 57.15 765 +11 August 3,674 294 23,400 37,364 1,971 57.45 September 3,674 295 23,700 37,626 1,992 iNot including gold held abroad. 2 Includes Fr. 3,000,000 issues of the Cr<5dit National. •Includes Fr. 2,000,000 issues of the Credit National. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1172 FEDERAL, RESERVE BULLETIN. OCTOBEB, 1923. ITALY. [Amounts in millions of lire.] Banks of issue. Leading private banks.' Note Loans Reserve. circulation. and Index L a o n a d ns For ac- For T d o e t - al Cash. i c n o d c u i l s u n - d ts - c f D o r r o o r * m e- ti P c a ip r a - - T d o e t - al s b ec e u rs r o it f y Aailse-* count ac- posits. ing spond- tions. posits. prices.* Gold. Total. counts. of count treas- ents. com- of the ury merce. State. bills. Average of end of month figures: 1913s J..175 1,661 857 2,284 318 129 1,093 914 55 1,674 1920 1043 2,088 6,335 7,035 10,581 2,474 1,308 10,594 5,945 446 15 810 1921 1,074 2,020 7 586 9,304 9,064 2,475 1,200 10,677 5,575 465 16,001 1922 1,120 1,998 9,466 9,734 8,214 2,759 917 8,594 3,265 318 11,810 102.83 1922, end of— July ,125 1,991 9,118 9,947 8,050 2,681 861 8,846 3,272 337 11,896 100.22 August ,125 2,024 9,142 9,695 8,050 2,779 763 8,877 3,286 337 11,883 104.56 September ,125 2,024 8,858 9,924 8,066 2,661 769 8,706 3,460 337 11,897 107.42 October ,136 2,039 9,082 9,782 8,075 2,638 781 8,659 3,568 339 11,960 111.09 November ,141 2,034 8,680 9,892 8,074 2,634 781 8,797 3,554 336 12,045 117.01 December ,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 ,126 2,021 8,552 9,389 8,057 2,610 831 9,185 3,573 225 12,327 135.19 February 127 1,994 8,572 9,117 8,036 2,675 850 9,196 3,547 226 12,332 137.16 March 1,129 1,983 8,478 9,004 8,031 2,488 775 9.163 3,597 229 12,363 140.30 April 1,129 1,983 10,102 8,661 8,024 2,461 753 9,271 3,537 230 12,388 153.94 May 1,130 1,985 8,851 8,525 7,763 2,350 771 9,168 3,393 239 12,250 150.77 June 1.130 1,977 9,860 9,571 7,764 2,691 833 9,340 3,697 251 12,627 153.22 July ],133 1,978 9,724 9,619 7,763 2,511 155.43 1 Includes Banca Commerciale Italiana, Credito Italiano, Banco di Roma, and until November, 1921, Banca Italians dl Sconto. » Figures for 1921 based on quotations of Dec. 31,1920-100; those for 1922 on quotations of Dec. 31,1921=100. * End of December figures. GERMANY. [Amounts in millions of marks.] Beichsbank. n V ew al u st e o o c f k Index p o ri f c s e e s c .' urity Darlehns- and Treasury bond Discounts. scheine bills out- issues Gold c N u o l t a e t i c o i n r- . de T p o o t s a i l ts. Treasury Commer- c T in le o g a t s a r . - l in la c t i i r o c n u . - standing. o p n m la G a c n e e d r- sto 2 c 5 ks. m b 1 o 0 e n s d d ti o s c - . biUs. cial bills. market. Average of end of month figures: Per cent. Per cent. 1913 1,068 1,958 668 6,136 1220 1920 1,092 53,964 17,702 47,980 57,898 13,145 1921 •,056 80,952 20,213 83,133 89,297 8,861 192,832 2,655 1922 ,002 339,677 108,633 338,147 72,211 530,647 11,217 475,835 6,726 1922, end of— August ,005 238,147 56,124 249,766 21,704 374,856 13,383 331,000 2,468 September ,005 316,870 110,012 349,770 50,234 473,715 13,995 451,000 7,937 169 105 October 005 469,457 140,779 477,201 101,155 789,341 14,009 614,000 7,187 November ,005 754,0S6 240,969 672,222 246,949 1,463,766 13,809 839,000 15,223 1,334 312 December 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 1,609,081 697.216 3,820,206 13,395 2,032,000 33,549 4,698 726 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 4,552,012 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 4,014,691 13,345,002 12,378 10,274,850 115,813 16,451 1,221 June 717 17,291,061 9,952,717 18,338,177 6,914,199 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 11,592 57, SIS,700 329,311 39,174 August 510 663,200,050 591,079,834 987,218,783 164,644,250 817,133.634 11,022 1,196,294,500 3,703,999 308,100 i End of March, 1913. • Recalculated by the Frankfurter Zeitung, using as base (100) prices for January, 1922, instead of for January, 1921, and eliminating the five bonds in foreign currencies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OCTOBER, 1923. FEDERAL EESERVE BULLETIN. 1173 SWEDEN. [Amounts in millions of kronor.] Kiksbank. 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 i l ts. 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 s ls b i n t d a t h e n i d s k - . re m d g is u i o s s r u n t i e e n t r h s g e . d n o p u f r m s i t c o b e c e s k . r o e v x f k a c f r l h o o u r a n e e n a i o g g . f n e 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 4,984 331 96 129.9 1923, end of— January 274 520 321 1,800 4,888 214 93 129.« February 274 538 270 1,455 4,903 175 96 129.0 March 274 587 265 1,768 4,833 222 103 129. i 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 August 273 561 128 4,763 134 97 132.9 i End of December figures. CANADA. [Amounts in millions of dollars.] Chartered banks. Gold reserve Dominion Bank c b o u G i l n l o i a l o d n n d .' d lo C i a s 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 r y n e t d a . 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 l t a e t i c o i n r- . I d a n d n e d e d p i m v o t i a i s d m i n u t d e s a . - l D a o n g m o a t i i n n es i s o . t n c n u o l t a e t i c o ir n - . clearings.' Average of end of month figures: 1921 72 1,403 282 369 195 2,125 85 272 1,454 1922 75 1,272 280 332 166 2,009 90 240 1,353 1922, end of— July 70 1,248 272 323 152 2,016 87 231 1,273 70 1,248 277 331 158 1,979 89 229 i.i7a 71 1,250 279 322 177 1,985 91 235 1.253 October 87 1,276 301 310 179 2,020 93 240 1.497 92 1 255 303 317 170 2,036 96 251 1.619 December 93 1,230 284 341 176 2,061 129 257 1.551 1923, end of— 75 1,197 281 356 153 1,963 132 241 1,507 72 1,206 270 377 157 1,997 133 247 1,067 March 68 1 220 292 385 173 2,008 126 243 1,199 April 68 1,251 305 403 166 2,084 126 239 1,168 Mav 68 1,236 309 397 157 2,067 126 244 1,514 68 1,222 316 403 175 2,081 121 234 1,465 July 6S 1,201 287 400 163 2,004 121 234 1.332 63 1,199 302 412 170 2,013 114 235 1 Includes gold In central gold reserve but not gold held abroad •Total for month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1174 FEDERAL RESERVE BULLETIN. OCTOBEE, 1923. ARGENTINA. [Amounts in millions of pesos.) Banco de la NackSn. Commercial banks.' Caja de Conversion. Clearing s. Cash. Dis- Cash. Dis- Bu i e n nos. counts Total counts Total 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 si r t ) s . reserve. c (p u a la p t e io r n ). (paper). End of— 1913 32 180 478 541 62 435 1.541 1,464 263 823 1,471 1919 39 268 676 1,250 66 771 2,113 3,010 »399 1,177 2,805. 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— July 23 399 920 1,322 35 1,013 2,473 3,308 470 1,363 2.8H 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 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 2.6B7 3,464 470 1,363 2,897 March 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 May 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 July 23 384 951 1,358 33 998 2,665 3,505 470 1,363 1 Includes Banco de la Naci<5n. • 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 o e r e e v c r - s e ie .' c L o a d o u n i a s n d - n ts s . f v o b a A r o i n e l d n i l c g s - e . n s c t N c i u o i o l r n a t - e - . J d m i a G e e ts p r p e o n a o i n v n - n s t - - . J d i a v e P t p s p a r i a t o i - e n n s- . h C a o a n n s d h l T o o an ta s l . d T e i o t p s t o a . s l - T c in l o e g t a a s r . l - c A r d o a v i u t s e e n - r . t - C J i a s a s p I p u n a i e t n a s . l Average of end of month figures: 1913 216 47 33 363 7 33.3 3H4 8 38 32 1921 1,200 107 39- 1,226 297 50 1,932 2,572 9.00 186 1922 . 1,172 208 94 1,291 409 36 129 ,961 I,7R9 2,834 9.31 124 1922, end of— ,m 1,132 241 90 1,280 488 30 115 1,783 2,582 9.42 93 1,069 134 115 1,237 382 29 145 ,921 1.822 2,750 9.38 150 1,068 160 142 1,236 437 33 126 926 ,812 2,697 9.38 98 1,066 183 141 ?41 445 40 126 .929 ,828 2,971 9.45 100 1,064 375 205 1,590 333 66 169 2; on ,869 3,329 9.34 56 1023. end of— January 1,062 180 159 308 380 34 113 2,002 ,860 2,246 187 February 1,060 157 140 ,261 396 31 117 2.051 ,894 2,592 131 1,057 241 109 1,238 4S3 29 190 2 256 iw 25.6 245 April . . . .. 1,056 279 105 ?36 501 30 142 1,999 ,851 3,077 25.7 114 May 1,053 236 77 1,225 452 28 121 1,984 ,854 3,518 25.8 86 1,053 311 52 1,371 371 49 133 2,021 ,850 3,486 26.0 July . . 1,053 244 4« 1,278 361 32 139 2,195 .870 3,220 1,044 296 50 .287 386 38 1,060 518 76 1,460 331 125 i 1 Includes gold credits abroad, gold coin and bullion in Japan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Page. Page. Agencies of Federal reserve banks of Boston and Atlanta opened Germany—Continued. in Cuba 1089 Index of industrial activity 1134 Agricultural conditions abroad 1112 Wholesale prices 1128,1130 Agriculture 1086,1092,1140 Gold imports and exports 1102,1167 Argentina, financial statistics in 1174 Gold settlement fund transactions 1168 Australia: Grain: Retail food prices 1131 Exports, financing of 1106 Wholesale prices 1128,1130 Marketing, financing of 1092,1103 Austria, cost of living in 1131 Hardy, Caldwell, death of 1089 Automobiles 1098,1143 Hoxton, W. W., appointed Federal reserve agent at Richmond.. 1089 Bank of the Republic, Colombia, organization of 1119 India: Belgium: Cost of living 1131 Cost of living and retail food prices 1131 Foreign trade 1136 Wholesale prices 1128,1130 Wholesale prices 1128 Brazil, foreign trade of 1136 Iron and steel 1095,1097,1142 Building - 1099,1144 Italy: Business and financial conditions: Cost of living and retail food prices 1131 Abroad 1112 Financial statistics 1172 United States 1090-1102 Foreign trade 1136 Business failures 1101 Wholesale prices 1128,1130 Canada: Japan: Financial statistics 1173 Financial statistics 1174 Foreign trade 1136 Foreign trade 1136 Index of industrial activity 1133 Index of industrial activity 1133 Retail food prices 1131 Wholesale prices 1125,1128 Wholesale prices 1125,1128,1130 Leather industry 1098,1142 Chain-store statistics 1146 Livestock industry 1094,1141 Charters issued to national banks 1138 Lumber 1098,1142 Check clearing and collection system 1164 Manufacturing 1095,1140 Coal production 1094,1142 Member banks, condition of 1156 Colombia, bank of the Republic, organization of 1119 Mineral products, index of 1140 Commercial failures 1101 Money in circulation: Condition statements: Colombia 1119 All banks in the United States 1107 Russia 1115 Federal reserve banks 1151 United States 1166 Member banks in leading cities 1156 Netherlands: Russian State Bank 1117 Cost of living and retail food prices 1131 Cost ofliving, principal countries 1131 Foreign trade 1136 Cotton financing 1105 Wholesale prices 1128 Pamphlet on 1089 New Zealand: Cotton, raw 1092 Cost of living and retail food prices 1131 Credit for crop moving 1085,1103 Wholesale prices 1128 Crops 1092,1103,1111 Norway: Financing of marketing of 1085,1103 Cost of living and retail tood prices 1311 Production, 1920-1923 1085 Wholesale prices 1128 Stocks on farms 1086 Ocean freight rates 1137 Currency in circulation: Petroleum industry 1095,1142 Colombia 1119 Physical volume of trade 1139 Russia 1115 Poland: United States 1166 Cost ofliving 1131 Debits to individual account 1159 Wholesale prices 1128 Denmark: Prices. (See Retail prices; Wholesale prices.) Foreign trade 1136 Production, index of 1090,1140 Wholesale prices 1128 Resources and liabilities: Department-store business 1146 All banks in the United States 1107 Deposits, savings 1137 Federal reserve banks 1151 Discount and open-market operations of Federal reserve Member banks in leading cities 1155 banks 1147-1150 Retail prices 1131 Discount rates 1168,1169 Retail trade 1100,1145 Employment, United States 1101 Russia, recent developments in banking and currency 1114 Savings deposits 1137 Eng C la o n s d t : ofliving and retail food prices 1131 S S i h l o v e e r i n im du p s o t r r t y s and exports 1 1 1 0 0 9 2 8 , , 1 1 1 1 6 4 7 2 Financial statistics 1171 Correction in September Bulletin 1166 Foreign trade 1135 South Africa: Index of industrial activity 1132 Cost of living and retail food prices 1131 Payments to United States on obligations for silver purchases Wholesale prices 1128 under Pittman Act 1088 Spain: Wholesale prices 1125,1128,1130 Retail food prices 1131 F F a ed rm er a p l r i A ce d s v isory Council, meeting of 1086,1 1 0 0 9 8 2 9 State W b h a o n le k s s a : le prices 1128,1130 Fede A ra g l e n re c s y e r o v p e e n b e a d n k in s : Cuba 1089 A Co d n m d i i t t t i e o d n t o o f s a y ll s b te a m n ks 1 1 1 1 3 1 8 0 Condition of 1151 Sweden: Discount and open-market operations of 1147 Financial statistics 1173 F F e id d u e c ra ia l r r y e s p e o rv w e e r n s o g te r a a n c t c e o d u n to t national banks 1 1 1 1 3 5 8 5 I F n o d r e e x ig n o f t i r n a d de u strial activity 1 1 1 1 3 3 6 1 Food manufacturing 1095 Retail food prices 1131 Foreign exchange, index of 1102,1170 Wholesale prices 1128 Foreign trade: Switzerland: Principal foreign countries 1135 Cost of living and retail food prices 1131 United States 1101,1136 Wholesale prices 1128,1130 Index of 1137 Textile industry 1096,1142 France: Tobacco industry 1093,1141 Cost of living and retail food prices 1131 Trade. (.See Foreign trade; Physical volume of trade; Retail trade; Financial statistics 1171 Wholesale trade.) Foreign trade 1135 Transportation 1099,1143 Index of industrial activity 1132 Treasury certificates, issue of 1088 Wholesale prices 1125,1128,1130 Wholesale prices: Germany: Abroad. 1128 Cost of living and retail food prices 1131 In the United States 1090,1124-1127 Financial statistics 1172 Wbelesale trade, condition of 1090,1100,1145 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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