Federal Reserve Bulletin, 1923-11

FEDERAL RESERVE BULLETIN (FINAL EDITION) ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON NOVEMBER, 1923 WASHINGTON GOVERNMENT PRINTING OFFICE 1J23 -• Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. Ex officio members: D. R. GRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. ADOLPH G. 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, E. A. GOLDENWEISER, Associate Statistician. Chief, Division of Examination and Chief Federal Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL. (For the rear 1923.) District No. 1 (BOSTON) ALFRED L. AIKEN. District No. 2 (NEW YORK) PAUL M. WARBURG, Vice President. District No. 3 (PHILADELPHIA) L. L. RUE, President. District No. 4 (CLEVELAND) C. E. SULLIVAN. District No. 5 (RICHMOND) JOHN M. MILLER, Jr. District No. 6 (ATLANTA) 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. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Chairman. Governor. Deputy governor. Cashier. Frederic H. Curtiss W. P. G.Harding C. C. BuUen W. Willett. W.W. Paddock New York Pierre Jay Benj. Strong J.H.Case L. H. Hendrlcks.« L. F. Sailer J. D. Biggins, i G. L.Harrison A. W. Gllbart.» 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. Fancher. M. J. Fleming J. C. Nevin. Richmond W. W. Hoxton George J. Seay C. A. Peple Geo. H. Keesee. A. S. Johnstone • John S. Waiden • 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. i J. H. Diliard.« D. A. Jones.l 0. J. Netterstrom. • Clark Washburae.' St. Louis Wm.McC. Martin D.C. Biggs O.M.Attebery J. W. White. Minneapolis JohnH. Rich R. A. Young W.B.Geery Gray Warren. B. V. Moore Harry Yaeger' Frank C. Dunlop1 Kansas City : M. L. McClure W.J.Bailey C. A. Worthington J. W. Helm. Dallas Lynn P. Talley B. A. McKmney R. G. Emerson R. R. GUbert. San Francisco John Perrin..." J.TJ.Calkins Wm. A. Day W. N. Ambrose. IraClerk' L. C. Pontious' 1 Controller. » Assistant to governor. »Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. Denver branch 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. Motherwell. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch J. J. Heflin. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OP BULLETIN. The FEDERAL BESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It is printed in two editions, of which the first contains the regular official announcements, the national review of business conditions, and other general matter, and is distributed without charge to the member banks of the Federal Reserve System. Additional copies may be had at a subscription price of $1.50 per annum. The second edition contains detailed analyses of business conditions, special articles, review of foreign banking, and complete statistics showing the condition of Federal Reserve Banks. For this second edition the Board has fixed a subscription price of $4 per annum to cover the cost of paper and printing. Single copies will be sold at 40 cents. Foreign postage should be added when it will be required. Remittances should be made to the Federal Reserve Board. No complete sets of the BULLETIN for 1915, 1916, 1917, or 1918 are available. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. General summary: Review of the month 1175 Business conditions in the United States 1181 Official: Rulings of the Federal Reserve Board— Discontinuance of collection of checks through agents other than banks 1194 Purchase by Federal reserve banks of debentures of Federal intermediate credit banks 1194 Bankers' acceptances to finance the storage of coal on docks 1194 Reduction of capital of member State bank below amount originally required for membership 1195 Law department— Opinion of Attorney General on right of national banks to establish additional offices in same city as head office -. - 1196 Regulations of the Comptroller of the Currency relating to establishment of additional offices by national banks 1197 State banks admitted to system 1214 Fiduciary powers granted to national banks 1214 Charters issued to national banks 1214 Business and financial conditions abroad: Business trends in England and the United States 1199 Statistical summary—Trend of business abroad 1200 Price movement and volume of trade: International wholesale price index 1201 Comparative wholesale prices in principal countries 1203 Comparative retail prices and cost of living in principal countries 1207 Indexes of industrial activity—United Kingdom, France, Germany, Sweden, Canada, and Japan 1208 Foreign trade of principal countries 1211 Foreign trade index 1213 Ocean freight rates 1213 Physical volume of trade 1215 Building statistics 1220 Wholesale and retail trade 1121 Commercial failures 1192 Banking and financial statistics: Domestic— Discount and open-market operations of Federal reserve bankB 1225 Condition of Federal reserve banks 1229 Federal reserve note account 1232 Condition of member banks in leading cities 1233 Savings deposits 1214 Bank debits 1236 Operations of the Federal reserve clearing system 1240 Gold settlement fund 1243 Gold and silver imports and exports 1242 Deposits of all member banks 1241 Money in circulation 1243 Discount rates approved by the Federal Reserve Board 1241 Discount and interest rates in various centers 1244 Foreign exchange rates 1245 Foreign— England, France, Italy, Germany, Sweden, Canada, Argentina, and Japan 1246 Charts: Percentage of bank resources outside of Federal reserve system 1176 Index of production in basic industries and wholesale prices in the United States 1181 Bank credit 1182 Prices of corn and hogs 1185 Prices of spring wheat and flour 1187 Production and prices of pig iron 1188 Trend of mail-order sales 1191 International wholesale price index—Federal Reserve Board 1201 Volume of domestic business 1215 Stocks and sales of department stores 1221 !V Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 9 NOVEMBER, 1923. No. 11 REVIEW OF THE MONTH. system. The annual growth of membership and its distribution between national and non- The relation of the Federal reserve system to national banks are shown in the table below. the banking structure of the country has been On June 30, 1923, of the total of 9,856 members, under consideration during the 8,236 were national banks and 1,620 State banks month by a J°int committee of inquiry. and trust companies. The most rapid growth Congress which has before it in nonnational membership occurred during the question whether changes in existing laws the years 1917 and 1918, State bank and trust or methods of administration may be desirable company members increasing from 37 at the to bring about, particularly in rural comend of 1916 to 930 at the end of 1918 and to munities, a further growth of membership. 1,620 at the present time. This committee, created by the agricultural credits act of 1923 and consisting of three members of the Banking and Currency Com- Member banks. mittee of the Senate and five members of the End of year. corresponding committee of the House of Rep- Total. National. na N ti o o n n - al. resentatives, has been conducting hearings for 1914 ... . .. 7,582 7,574 8 the purpose of learning the reasons that have 1915 7,631 7,600 31 1916 . . . 7,614 7,577 37 actuated eligible nonmember banks in remain- 1917 ... 7,907 7,657 250 1918 8,692 7,762 930 ing outside of the Federal reserve system. 1919 9,066 7,885 1,181 1920 : 9,606 8 125 1,481 Among those who have presented their views 1921 . . .. 9,779 8,165 1,614 1922 9,859 8,220 1 639 to the committee are the Governor of the Fed- 1923 (June) . . . 9,856 8,236 1,620 eral Reserve Board, the Comptroller of the Currency, other members of the Federal Re- A survey of the distribution of membership serve Board, members of the Federal Advisory by Federal reserve districts shows that the Council, the Director of the War Finance Cor- largest number of member banks is in the four poration, members of the Farm Loan Board, middle western districts, which have nearly and representatives of banking and farm organ- half the member banks, while the larger proizations. portion of member-bank resources, as is to be This inquiry into the reasons why a larger expected, is in the eastern districts, nearly a number of banks have not joined the system third of the total resources being in the New gives current interest to the York district alone. The table following shows Extent of facts concerning the growth the number and total resources of member membership. and present distribution of banks, separating national and nonnational, by membership. A practically continuous in- Federal reserve districts. The most imporcrease in the number of member banks has tant fact brought out by the figures is that taken place since the organization of the nonnational banks, which constitute less than system, so that at the present time approxi- one-sixth of the number of member banks, mately 33 per cent of all the banks, represent- represent more than one-third of the resources. ing over 70 per cent of the total banking This reflects the much larger average size of resources of the country, are members of the State bank and trust company members than 1175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1176 FEDERAL. RESERVE BULLETIN. NOVEMBBB, 1923. of national banks. In fact, the total resources ber of nonmember banks. These banks are of the more than 8,000 national banks are on the average much smaller than member about $22,000,000,000, or an average of about banks, so that nonmember banks, which con- $2,500,000, while the total for the £ 1,600 stitute about two-thirds of the total number State bank and trust company members is of banks, represent less than one-third of the about $12,000,000,000, or an average of about total banking resources. In resources, how- $7,500,000. ever, as in the case of numbers, the proportions outside the system are in general largest in the MEMBER BANKS, JUNE 30, 1923. agricultural districts, and particularly in the Middle Western States. Five States—North Number Resources (in millions and South Dakota, Kansas, Nebraska, and of dollars). Iowa—in each of which more than half of Ftderal reserve district. Na- N n o a n - - All Na- N n o a n - - the banking resources are outside the system, tional banks. tional tional have 7 per cent of the total population and banks. banks. banks. more than 20 per cent of all the banks in Boston 427 390 37 2,508 1,743 765 the country. This is the region with a large NswYork ... 821 680 141 9,882 5,193 4,689 Philadelphia 720 660 60 2,401 1,881 520 number of small banks doing a business largely 880 764 116 3,349 2,027 1,322 Richmond. 629 561 68 1,481 1 275 206 Atlanta 530 389 141 1,191 768 423 Chicago 1,434 1,062 372 4,948 2,813 2,135 St. Louis 621 497 124 1,443 912 531 Minneapolis 989 867 122 1,133 1,013 120 Kansas City 1,145 1,106 39 1,542 1,376 166 Dallas 857 658 199 978 864 114 San Francisco 803 602 201 2,940 1,637 1,303 Total 9,856 8,236 1,620 33,796 21,502 12,294 For the country as a whole two-thirds of all the banks, both eligible and ineligible, are still outside the system, but the geographic distribution of nonmember banks is far from uniform. The largest number of such banks is concentrated in the agricultural districts, while Percentages, by States, are shown on page 1180. in the eastern financial and industrial districts local in character and serving chiefly rural comthe proportion of nonmembership is low. In munities. In some of the Southern States which the New York district it is only 30 per cent, have a large percentage of banks outside the while in the St. Louis district it is 81 per cent, system the proportion of resources held by and in nearly all of the middle western and nonmember banks is relatively low, as, for southern districts it is more than 70 per cent. example, in Louisiana, where nonmembers are Following are the percentages of nonmember 82 per cent of all banks but hold only 33 per banks by districts: cent of the total banking resources. Per cent. Per cent. The relation of the smaller nonmember banks Boston 35 | Chicago 75 in the agricultural districts to the financial New York 30 j St. Louie 81 centers is through their corre- Philadelphia 41 Minneapolis 73 Nonmember ndents, with whom they Cleveland 55 Kansas City 73 spO an s an t e balances and from whom Richmond 71 j Dallas 55 carrv reserve banks. J . Atlanta 74 i San Francisco 54 they secure accommodation, When measured in terms of total banking and most of these city correspondents are resources, the proportion of banking power members of the system. In fact, member outside the system is much less than is indibanks hold over 90 per cent of the total cated by these percentages based on the numbankers' balances of all banks. When the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1177 resources of these nomnember banks are not credit banks paper bearing the indorsement of sufficient to meet the needs of their customers, such banks as are eligible but are not members they turn for assistance to their city corre- of the Federal reserve system. In June, 1923, spondents who are members of the system, the Federal Reserve Board withdrew the genand therefore the demand arising from non- eral authority granted to member banks during member banks indirectly reaches the Federal the war and post-war emergency period to reserve banks. This procedure, however, does discount with Federal reserve banks paper not give the Federal reserve banks an imme- acquired from nonmembers, so that now this diate contact with the sources of the demand practice is permitted only upon specific apfor credit which they help to supply and pro- proval by the Federal Reserve Board. vides only an indirect relationship between Under the present law most of the banks the nonmember bank and the Federal reserve outside the system are eligible for membership. system. Such a relationship can hardly be While in passing upon applicaregarded as a substitute for membership. Eligible non- •• * , -T- , 1 -™ J member banks. tl0DS for membership the Fed- Nonmember banks have less assurance of eral Reserve Board gives conaccommodation during periods of unusual sideration to th.e financial condition of the demand for credit than they would have if applying bank, the general character of its they joined the Federal reserve system, whose management, and whether or not the corporate function it is to furnish the additional credit powers exercised are consistent with the purrequired to meet the seasonal and emergency poses of the Federal reserve act, the most defineeds of its members. nite provision with regard to eligibility is in In commenting upon the indirect relation connection with capital requirements. Until between nonmember banks and the Federal recently the capital required for admission was reserve banks, the Joint Committee of Agriculthe same for State banks and trust companies tural Inquiry in its report to Congress stated as was required for the organization of national that" banks outside the Federal reserve system banks, but the agricultural credits act of 1923 are without direct access to the general resermade eligible for membership State banks and voir of credit, consequently must rely for the trust companies whose capital was 60 per cent expansion necessary in times of stress or busiof that required for national banks, with the ness expansion upon the accommodation which provision that the difference in capital requireit is possible to secure from their correspondments shall be made up out of net earnings. ents. These banks contribute little to the gen- At the time of the amendment, of the 19,200 eral reserves of the country, as those reserves nonmember banks (exclusive of mutual savings are now represented principally by deposits and private banks) about half were already in the Federal reserve banks. Consequently, if eligible to membership, and as a result of the they are permitted to borrow either directly or reduction in capital requirements about 4,200 indirectly from the Federal reserve banks in additional banks became eligible, while about times of stress or business expansion they must 5,300 banks remained ineligible. The eligible do so at the expense of the reserves contributed banks outside the system are largely concenby the banks which are members of the Federal trated in the agricultural States of the Middle reserve system." West and South. It is in these sections that The attitude of Congress toward the desirathe largest additions to eligible banks were bility of direct relationship between the rural made by the amendment and where also there banks and the Federal reserve banks was apparremains the largest number of ineligible banks. ently indicated by the provision in the agricul- So far only one application for membership has tural credits act that the Federal reserve banks been received from banks made eligible by the shall not discount for Federal intermediate amendment, and it is clear that the provisions Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1178 FEDERAL RESERVE BULLETIN. NOVEMBBB, 1923. regarding capital requirements have not been than they were prior to the establishment of the decisive influence operating against the the system. A further phase of the legislative increase of membership. situation with regard to reserves is that 30 An important factor affecting the status of Stat es have authorized State member banks member and nonmember banks and entering to be governed entirely by the requirements of into the consideration of the the Federal reserve act, while in 18 States, in qi advantages and disadvantages the absence of such legislation, the State banks member and of joining the system is the dif- which become members must conform to both nonmember. » . . , the Federal and the State law. lerence in reserve requirements As an explanation why a larger number of under Federal and State laws. The balances the eligible banks have not joined the system, carried with the reserve banks are the entire the point is frequently raised legally required reserves of member banks, ' that the Ffderal reserve banks corresponding to the vault reserve and the do not pay interest upon reserve balances with reserve city banks formerly rebalances carried with them by member banks. quired by the national bank act. In compar- In any consideration of the payment of interest ing the required balances which bear no interest on these reserve balances it must be borne in under the present law with cash in vault, mind that the Federal reserve banks are the which constituted the noninterest-bearing porcustodians of the ultimate banking reserves of tion of the reserves under the old law, it the country. In their capacity as reserve may be pointed out that cash in vault carried banks they should be free to shape their by member banks has been much reduced. In policies with a view to the proper administrafact, the total required balances with the Fedtion of credit and their management should not eral reserve banks plus the till money now carbe influenced by the necessity of making profits ried by member banks is considerably less than sufficient to pay interest on reserve balances. the cash they formerly carried in vault. While Furthermore, since these balances may be combined demand and time deposits of national maintained by borrowing from the reserve banks increased by $8,500,000,000 between 1913 banks, the payment of interest upon them and 1923, the amount of cash in vault declined would tend to interfere with the effectiveness by $650,000,000. This reduction in cash holdof discount policy. The experience with reserve ings is not merely a result of the changes in the banking in other countries has shown the law but also of the fact that under the Federal wisdom of managing the central banking reserve system currency to meet the demands reserve and of determining discount policy of depositors is at all times more readily and without the necessity of considering interest more promptly available. payments. It is a pertinent fact that in no In deciding upon the advantages and discountry do central banks of issue pay interest advantages of joining the reserve system from on deposits. the standpoint of reserve requirements the nontnember banks compare their existing status The payment of interest at the rate of 2 per under State laws with the requirements under cent on reserve balances would amount to the Federal reserve act. The lower reserve between $35,000,000 and $40,000,000 a year, requirements prescribed in the Federal reserve and in ordinary times the Federal reserve banks act were predicated upon membership in the have not had sufficient earnings to make such system, but subsequent to the passage of this payments. In order to meet payments of such act many of the States also enacted legis- an amount the reserve banks would have to lation reducing reserve requirements, so that make large additional investments in compewhile at the present time there is no uniformity tition with the member banks who would in the State requirements, in general the re- receive the interest. This would more than serves required of nonmember banks are lower offset the return to the member banks and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER 1923. FEDERAL RESERVE BULLETIN. 1179 would also tend to bring pressure upon the more widely distributed. The strength and reserve banks to pursue an open-market policy effectiveness of the Federal reserve banks is with a view to making earnings rather than to not dependent upon increased membership, and influencing the general credit situation. The the desirability of further growth arises from Federal Reserve Board has consequently placed the advantages of membership to the banks that itself on record as opposed to the payment of join and to the communities which they serve. interest on member bank balances and has been supported in this position by the Federal NOTES. Advisory Council. Among other plans for increased participa- Appointment of Secretary and Assistant Secretary. tion of member banks in the earnings of Federal The Federal Reserve Board on October 4, reserve banks is one that would provide for 1923, appointed as its secretary Mr. W. L. payment, after the 6 per cent dividend to Eddy, who has been connected with the board members of an equal amount to the Govern- since the establishment of the system. Mr. ment, and then of an additional 3 per cent to Eddy succeeds Mr. W. W. Hoxton, who the members. Another plan presented to the resigned to become chairman of the board of congressional committee would, after meeting directors at the Richmond bank. Mr. J. C. the 6 per cent dividend, pay to the Government Noell, who has been with the Federal Reserve a 2 per cent tax on Federal reserve note cir- Board's division of examination, has been apculation not covered by gold, and would dis- pointed assistant secretary. tribute the balance of earnings among member Hearings by Congressional Committee. banks in proportion to their balances. Those The joint congressional committee, which is advocating this proposal base their argument conducting an inquiry into the reasons why on the principle that the reserve banks, instead eligible State banks remain outside of the of paying to the Government as a franchise tax Federal reserve system, has announced that it all their net earnings above 6 per cent on their will hold hearings in the following cities: capital, should make their payments to the Chicago, November 5 and 6; Omaha, Novem- Government in proportion to the use they make ber 7; Kansas City, November 8 and 9; St. of the privilege of fiduciary note issue. Louis, November 10; Little Rock, November In considering methods of securing a larger 11 (Sunday, no formal hearing); Dallas, Nomembership it is clear that the system must vember 12; Houston, November 13; New Effect of in- D0^ adopt any plan at variance Orleans, November 14; Montgomery, Ala., creased member- with the principles and policies November 15; and Atlanta, November 16. ship on system. demonwhich experience has strated are sound bases for reserve banking. Forthcoming Publication of Digest of Rulings. Larger membership in the reserve system The board has in course of preparation a would undoubtedly increase its usefulness Digest of Rulings which is expected to be by enabling it to reach more directly a greater ready for distribution in the near future, and number of banks, particularly in the rural com- it makes this preliminary announcement in munities. Since the addition to membership of order to advise all who may be interested of the smaller rural banks, however, would the general scope and character of the publiadd little to the reserves of the system, while cation. it would increase its responsibilities, the The main part of the Digest is given over to desirability of their admission rests not upon digests or summaries of all the board's rulings, their contribution to the strength of the system opinions of its counsel, and of the Attorney but upon the fact that through their admission General, court decisions, and similar matters the benefits of the reserve system would be which have been published in the FEDERAL Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1180 FEDERAL EESEEVE BULLETIN. NOVEMBEE, 1923. RESERVE BULLETIN from its inception, on May The Digest of Rulings has been compiled with 1, 1915, to date. These digests give in brief the thought of making it a complete and ready and accessible form the gist of the rulings and reference book to all questions concerning the opinions which have interpreted the various interpretation and administration of the basic provisions of the Federal reserve act and other law under which the Federal reserve system legislation affecting the operation of the Fed- operates. It is confidently believed that the eral reserve system, and they state the salient Digest will fill a great need and will prove a facts and the conclusions reached in sufficient most valuable addition to the libraries of detail to make it unnecessary in most cases to bankers, lawyers, and business men throughout refer to the full text of the rulings as published the country. in the BULLETIN. The digests are numbered The Digest will be published in book form of and arranged according to the sections of the convenient size (6 by 9 inches) and will contain Federal reserve act and other acts to which approximately 400 pages. The price will be they primarily relate, and are further grouped based upon the cost of printing and binding under appropriate headings and subheadings for and will be definitely announced later. more ready reference. Cross references have been provided wherever useful, and a table of Resources of Nonmember Banks. rulings in their order of publication in the The following table shows the percentage of BULLETIN, together with their digest numbers, total bank resources held by nonmember banks is included. In this respect the Digest is on June 30, 1923, by States. These percentages substantially an annotated edition of the are graphically presented in the map on page Federal reserve act. 1176. In addition to this, the Digest will constitute a handbook or manual of the Federal reserve Per Per system. The attempt has been made to put cent. cent. under one cover not only the interpretation of the law, but also the text of the law, in its Maine 42.8 Indiana... 52.7 New Hampshire 36.1 Illinois 30.6 original and amended forms, and all other ma- Vermont 55.3 Michigan.. 22.1 terial which might be helpful as a reference to Massachusetts 12.0 Wisconsin. 45.1 Rhode Island 8.8 Minnesota. 39.6 the development and administration of the Connecticut 41.2 Iowa. 54.9 Federal reserve system. Thus, the Digest will New York 10.8 Missouri | 34.8 include the regulations of the Federal Reserve New Jersey 28.3 North Dakota. 55.8 Pennsylvania 29.8 South Dakota. 59.9 Board; the full text of the Federal reserve act, Delaware 40.5 Nebraska 51.5 with appendices and index as published in the Maryland 45.9 Kansas 55.8 District of Columbia 46.8 Montana 29.9 1923 edition; the act, as originally enacted Virginia 28. 2 Wyoming 29.4 December 23, 1913, followed by a composition West Virginia | 45.6 Colorado 22.4 showing by italics and canceled words the North Carolina 45.9 N O e k w la h M om ex a ico.. 3 1 0 8. . 6 2 South Carolina 46.4 textual changes made in the original act by all Georgia 31.5 Washington... 22.9 amendments thereto; a nontechnical summary Florida 40.6 Oregon 22.2 Alabama 25.8 California 28.5 of all these amendments setting forth the pur- Mississippi 68.4 Idaho 22.7 pose and effect of the changes made; a list of Louisiana 33.0 Utah 32.8 Texas 18.9 Nevada 57.5 officers of the Federal Reserve Board and of.the Arkansas 40.2 Arizona 52.7 Federal reserve banks, and the Federal Ad- Kentucky 34.1 Tennessee 39.1 Total United States 28.0 visory Council; and a map of the Federal Ohio. 26.4 reserve system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBEB, 1923. FEDERAL, RESERVE BTJULETIN. 1181 BUSINESS CONDITIONS IN THE UNITED STATES. Production of basic commodities declined during September, wholesale trade continued large, while retail trade, though larger than a year ago, increased less than is usual at this season of the year. Wholesale prices, particularly those of agricultural products, advanced during the month. Production.—Production in basic industries, according to the Federal Reserve Board's index, declined 5 per cent during September, and was 10 per cent below the peak output of May. The principal factors in this decline were the suspension of anthracite coal mining for over two weeks and a substantial reduction in the production of iron and steel. Cement production and sugar meltings were larger than in August. The decline in the production index, which is corrected for seasonal variations and reflects chiefly changes in the output of raw and semifinished products, was not accompanied by a reduction of employment at industrial establishments. New building construction showed about the usual seasonal decline in September, due to a curtailment in contracts for residences. Contract awards for business and industrial buildings, however, were larger than in August. Estimates by the Department of Agriculture on October 1 showed some reduction from the September forecasts in the yields of corn, wheat, oats, and tobacco, but increased yields of cotton, potatoes, and hay. Trade.—Distribution of all classes of commodities by railroads continued at a high rate throughout September. Wholesale trade, according to the Federal Eeserve Board's index, in September reached the largest total in three years and was 9 per cent larger than a year ago. Sales of meat, hardware, and drugs were considerably larger than in last September, while 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 ( 1313-100) PERCENT PERCENT (1313' WO BASE ADOPTED BY BUREAU ) PER CENT 3001 1300 140 250 120 120 \ \r too / 100 \ \ 80 \ /* eo 150 60 60 100 40 50 20 20 LATEST FIGURE IPTEMBCFt 0 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1182 FEDERAL BESEEVE BULLETIN. NOVEMBER, 1923. BANK CREDIT BANK CREDIT 800 MEMBER BANKS IN LEADING CITIES ALL FEDERAL RESERVE BANKS BILLIONS Of DOLLARS BILLIONS OF DOLL MILLIONS OF DOLLARS MILLIONS OF DOLLARS 16 16 *% LOANS ADt* \ DISCOUIITS 1 12 12 3000 DIM AND T DEPOSITS/* to 10 2500 2500 \y\,»,orc J S \ e e 2000 2000 \ 6 5 1500 1500 ; EARNING i ASSETS i INVEST* TIME DEPOSITS^.— -^ LATEST FIGUBE OCT. 10 LATEST FIGJRC OCT. 17 0 i i 1919 1920 1921 1922 1923 1919 1920 1921 1922 1923 shoe sales were smaller. Retail trade was slightly larger in September, but the increase was much less than is usual at this season of the year. Department-store sales were 6 per cent more than in September, 1922, and stocks at the end of the month were 13 per cent larger than a year ago. Prices.—Wholesale prices increased over 2 per cent during September, according to the index of the Bureau of Labor Statistics, particularly large increases occurring in the prices of clothing, farm products, and foods. Fuel prices, on the other hand, declined in September for the eighth successive month, and prices of building materials and metals were also lower. During the first three weeks of October prices of certain farm products continued to advance, wheat and cotton reaching the highest points of the current year, while prices of hogs, coal, and metals declined. Bank credit.—Demand for bank credit showed a seasonal increase in September and the early part of October, loans of member banks in leading cities increasing by $116,000,000 between September 12 and October 10. This increase reflected chiefly the demand for commercial loans, which on the latter date stood at a new high point for the year, almost $100,000,000 above the total on September 12. Increases in the holdings of Government securities by these banks were partly offset by reductions in corporate security holdings. The demand for accommodation at the Federal reserve banks in some of the agricultural districts increased, while at the reserve banks in the East the volume of discounts for member banks declined. Federal reserve note circulation continued to increase and in the middle of October was about $100,000,000 above the July level. In October money rates showed an easier tendency and after the 15th of the month rates for commercial paper in the New York market declined from a range of 5J-5J to 5-5J per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BOTiBTIlT. 1183 AGRICULTURE. bushels, a decrease of 7,000,000 bushels from the September 1 forecast. The decline was Agricultural developments during September due to a smaller estimate for spring wheat, and in early October indicated further improvecaused largely by rust and bad weather just ments in the principal crop-producing sections prior to the harvest. The forecasted yield of of the country. By October 1 harvesting had corn was also lower than on September 1, but begun in all Federal reserve districts, and in it is still greater than 3,000,000,000 bushels many sections it had been completed. Crop and is one of the four largest yields in the reports of the Department of Agricultui j, which history of the country. Frost damage, rebecame available in October, furnished more ported principally from the Chicago and Mindefinite information on the volume of agriculneapolis districts, was largely responsible for tural production and the prices at which the the decline in the estimated yield. In sections crops are being marketed. Forecasts of the where the crop had not matured frost was parprincipal grain and tobacco crops on October 1 ticularly injurious to the quality of the crop, were slightly lower than on September 1, but which is reported to be below that of last year. were generally larger for the other important In connection with the grain situation in the crops. Farm prices continued to rise during Minneapolis district, the increased production September, and on October 1 they were apof flaxseed is significant. The estimated yield proximately 27 per cent higher than a year ago. is 20,000,000 bushels, compared with 12,000,000 The rise in prices of agricultural products was bushels in 1922. The price of flax is likewise not accompanied by a similar rise in other comconsiderably higher than last year, as shown modities, and the purchasing power of the in the accompanying table. During Septemfarmer's dollar reached its highest point since ber the farm price of all grains except corn, April, 1922. With the exception of a few which declined slightly, increased. Compared areas where excessive rains delayed field work, with last year all grains with the exception of weather conditions were generally favorable for rye are selling at higher prices. The following harvesting in September and October. Fall table shows the farm prices, as reported by the preparation and sowing of winter grains made Department of Agriculture, prevailing on Ocgood progress. In the St. Louis, Minneapolis, tober 1, 1923, September 1, 1923, and October Kansas City, and Dallas districts rains left the 1, 1922. soil generally in good condition and fall seedings are further advanced than during the pre- FARM PRICES. vious season. In the Richmond district fall [In cents per bushel.] preparation was handicapped by a lack of labor, and in some sections dry weather retarded progress. The estimated yield of pota- Commodity. Oct. 1, Sept. 1, Oct. 1, 1923. 1923. 1922. toes was greater on October 1 than on September 1, but it was approximately 50,000,000 Wheat. 93.2 88.7 90.4 bushels less than the production in 1922. The Corn... 85.7 86.6 61.6 Oats... 38.6 37.3 34.5 quality and yield of the crop in the Eastern Barley, 53.1 50.7 46.? States are good, but in some of the Western E Fl y a e x . . . . . . 2 5 12 8 . . 1 2 2 5 0 6 4 . . 2 8 1 6 8 3 8. . 1 2 States the crop suffered from early frosts, and the yields are slightly lower than expected. Grain marketing during September, as indi- The estimated yield of sugar beets is considercated by receipts of all grains at 17 interior ably larger than last year, but the forecasted centers and also by car loadings of grain and production of sugar cane .is smaller. The estigrain products, was in smaller volume than mated yield of rice shows a reduction of about during the previous month or in September, 20 per cent from the production in 1922. The 1922. In the Minneapolis district, however, crops in Louisiana and Arkansas are being receipts were larger than in August on account harvested rapidly, but threshing has been deof the seasonal increase in the distribution of layed by heavy rains. spring wheat, which moves to market later than winter wheat. The marketing of the old Grain. corn crop was practically completed in Sep- Threshing of small grains was generally com- tember and early October. Stocks are low pleted in September and on October 1 pre- and, as a result of small supplies in the face of liminary estimates of the wheat, oats, and an active demand for corn m certain wholesale cities, prices increased sharply in September barley crops became available. The total and the first weeks of October, but in more wheat crop was estimated at 782,000,000 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1184 FEDERAL RESERVE BtTLLETIN. NOVEMBER, 1923. recent weeks they have receded in anticipa- bales imported by England for the same period. tion of the new crop, which begins to come on The cotton market reflected the increased dethe market in late October and early Novem- mand from abroad and also unfavorable factors ber. The table on page 1217 gives in detail the affecting the crop. The market for upland statistics relating to the movement of all grains. spot cotton, middling grade, at New York, declined in the latter part of September, but Cotton. moved upward again in October, reaching Conditions affecting the cotton crop in 30.45 cents on October 15. September and October varied in different Tobacco. sections of the belt. In the Dallas Federal reserve district the crop was improved by rains, Although the tobacco crop suffered a severe but in sections where precipitation was ex- reduction during September on account of cessive and prolonged the quality of the crop losses resulting mainly from early frosts in was reduced. In the Atlanta district the con- Ohio and Wisconsin, the crop is estimated to dition declined further in September, and the be 1,462,000,000 pounds, which is the third forecast on October 1 was lower than on largest crop in the history of production. The September 1 and also lower than the final yield quality of the crop is generally lower than in in 1922, which was unusually small for the the previous season. The crop is being hardistrict. The crop in the Richmond district vested and cured, but markets have not gendid not deteriorate to the same extent as in the erally opened. In the Richmond district some Atlanta district. The low conditions in the markets opened about October 1, while others southeastern States were due to the boll opened earlier. The crop in South Carolina weevil and excessive rains which materially has practically been harvested and sold. affected the open cotton in the fields. Leaf The yield was good, quality satisfactory, worms have contributed to the destruction of and prices were good. In North Carolina the crop in all States, but the damage done in sales at auction warehouses were somewhat the eastern States was greater than in Texas larger in September than in September, 1922, and Oklahoma. The forecasted yield on Oc- but the prices were not as good as in 1922, tober 1 was 11,015,000 bales, compared with chiefly on account of the lower quality of 10,788,000 bales estimated on September 1 tobacco this year. The approaching harvestand a production of 9,762,000 bales in 1922. ing season in the tobacco districts is significant in that a large quantity of the crop is The marketing of the new crop proceeded going to be marketed cooperatively. Recent rapidly prior to September 1, when ginnings information furnished by the Department of were exceedingly large for that season, but Agriculture shows that in 1922 eight cooperathe rapidity of harvesting failed to continue in tive tobacco marketing associations func- September and October, resulting from unfavortioned and marketed approximately 600,000,000 able weather, and the number of bales ginned pounds of tobacco, which was nearly one-half prior to October 18 was not as large as in the of the total crop. previous year. Sight receipts of cotton at principal interior cotton centers were nearly three Production of manufactured tobacco during times as large in September as receipts in Au- September was in smaller volume than in the gust. The increase is seasonal, but the percent- preceding month, and, with the exception of age increase over August was larger than in any cigarettes, it was also smaller than in Sep- September in the past three years. The tember, 1922. In the Philadelphia district early marketing of the crop resulted in in- the demand for cigars under the influence creased stocks at warehouses and large ex- of orders for Christmas trade was better ports. Stocks at mills continued' to grow than during the previous month. Large smaller and were lower than the previous low manufacturers are operating at close to capacity figure of September, 1920, amounting to only and the best demand is for the better-grade 773,000 bales. Exports, on the other hand, cigars. Prices remained firm and unchanged, were larger than any month since November, but stocks continued moderate. ^ '%£' 1922, amounting to 689,000 bales, compared with 244,000 bales in August and 368,000 Fruit! ' " | " ' ' bales in September, 1922. For the eight With the exception of light frosts in some months ending August 31, Germany was the Northern States in September, weather condibest foreign purchaser of American cotton, tions were generally favorable to the maturing importing 510,000 bales compared with 443,000 fruit crops. Harvesting was general in most Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEB, 1923. FEDERAL RESERVE BULLETIN. 1185 producing sections and the yields are reported The large corn crop is making it attractive for to be good. The estimate of the total apple country feeding, but the relative price of corn crop on October 1 was 191,000,000 bushels, in wholesale markets is considerably higher compared with a yield of 201,000,000 bushels than the price of hogs. The following chart in 1922. Although the total crop is slightly shows that while the price of corn has been smaller than in 1922, a greater quantity is to increasing steadily the price of hogs has been be marketed than in the previous year. The declining. The continuation of this difference commercial crop is estimated to be 33,000,000 between the cash corn market and the hog barrels, compared with 31,000,000 barrels in market is causing a divergence of opinion as to 1922. A larger yield of citrus fruits is indi- the future course of corn and hog prices when cated for Florida than in 1922. Crops of both the new corn crop is ready for market. The oranges and grapefruit are larger, but the chart shows only the relative average monthly harvesting has not yet begun on a large scale. prices through September. In the first weeks of Heavy shipments of fresh fruits from the San October the price of hogs declined, but corn Francisco district continued during September, but in the first weeks of October, when the PER CENT PER CENT seasonal movement of grapes became large, transportation facilities were inadequate to 160 160 handle the crop. Compared with a year ago, however, the transportation situation has 1*0 140 greatly improved. Shipments of deciduous HCGS fruits from California are considerably greater 120 A \ > 120 than in the previous season. The demand for fruits for canning has not been as great as in 1OO 1 s~ N V- / 100 t m h a e rk p et r e e d c e a d in g g re at s e e r a s p o r n o po a r n ti d o n p o ro f d t u h c e e ir r s c ro h p a v in e 80 ' /'COR 80 the fresh-fruit markets. The demand for 60 60 canned fruits in recent weeks has improved and the total volume of canned fruit is reported 40 40 to be slightly larger than previously estimated, although it is still below the volume of 1922. 20 20 O n 1921 1322 1923 Livestock. Monthly average relative prices of corn and hogs (1913—average 100). General improvement in the condition of ranges and pastures has been noted throughout showed further advances. Corn reached its the season. In recent weeks the droughts high point of the year during the week ending which prevailed in sections of the Kansas City October 12, but subsequently showed declines. and Dallas districts were relieved by general rains, and prospects for winter feeding are con- MINING. siderably better than a year ago. Improve- Coal. ment in the condition of the ranges has been On account of the strike in the anthracite reflected in the development of the cattle, fields, which lasted from September 1 to 19, which are now in much better condition than production was necessarily curtailed. Full at the beginning of the autumn season a year activity was restored shortly after the resumpago. Marketing of livestock during September tion of operations, and for the last week in was in greater volume than in August, due September and the first weeks in October promainly to shipments of cattle, calves, and sheep duction exceeded that for the corresponding from the ranges to market. Compared with periods in 1922. In spite of the strike in the receipts in September a year ago sheep September, production for the first nine months were marketed in greater numbers, but cattle of 1923 was considerably greater than in prereceipts were not as large, reflecting the tend- vious years and was exceeded only during the ency to keep cattle on the ranges while the corresponding periods in 1918 and 1920. Propastures are good. Shipments of livestock duction amounted to 71,000,000 tons for the from the principal centers to the country dis- nine months ending September 31, compared tricts for feeding purposes were in large with 73,000,000 tons in 1920 and 77,000,000 volume in September and were considerably tons in 1918. An increased demand for dogreater than in any September since 1919. mestic eizes was evident with the approach of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1186 FEDKKAIi EESEKVE BULLETIN. NOVEMBER, 1923. cooler weather and consumers are accumulat- of December. Stocks of zinc ore at the ing supplies for winter needs. Prices increased beginning of October totaled about 50,000 tons, slightly after the resumption of operations, while there was very little surplus of lead ores. but remained at approximately the same level Silver production was curtailed once more during the first weelss of October. and amounted to 4,988,000 ounces, which was Production of bituminous coal continued in 6 per cent less than in August. The price of large volume, but it did not reach the quan- silver declined about 1 cent during trie first tity produced in August, when output was two weeks of October. accentuated by the threatened anthracite Petroleum. strike. The industry was characterized by increased demand during the period of the After an almost uninterrupted increase for anthracite strike, but with the resumption of several months, the production of crude petrooperation in the anthracite fields the demand leum has finally been slightly curtailed. The decreased and large stocks are on hand. In daily average production for September, it is true, was a little greater than in August, but southern and western regions the mild weather the monthly total declined, and weekly figures during September retarded trade, and stocks in the first two weeks of October showed furthere are reported large. Under the influence ther reductions in output. In the week ending of heavy production and little demand stocks October 20, however, estimated daily produchave accumulated and prices have declined to a tion increased 10 per cent. Price declines point considerably lower than a month ago or continued during September and October, the a year ago. Production of beehive and by-prodmost important being the reduction in Miduct coke was smaller than in August. Beehive continent oil on September 20 and that of the coke reached the lowest monthly figure for the higher grades of California oil on October 9. year and by-product coke was less than in any Receipts of California oil at Atlantic ports fell month this year, with the exception of Februoff in September, but they have increased some ary. Prices of coke made further declines in since this price reduction. Production again September and the early weeks of October exceeded consumption in September and conand are considerably lower than last year. sequently stocks continued to increase. Metals. Among refined products decreases were Mine production of the more important announced in the prices of bunker-oil and in metals declined during September, partly as a tank-wagon quotations of both gasoline and result of the fewer number of working days, kerosene. On the other hand, some advances but continued to be substantially larger than were made in refinery prices of kerosene. Conin September, 1922. The output of copper sumption of gasoline continues at a high rate mines totaled about 125,000,000 pounds, which and exceeds the large production, thereby was 4 per cent less than in August. Prices, bringing about a decline in refinery stocks. nevertheless, have receded further, due to a This, of course, is expected during the early curtailment of both foreign and domestic pur- fall months. Tank-wagon and service-station chases in September and an accumulation of prices were reduced 2 and 3 cents in the surplus stocks. Low prices proved some incen- Eastern States during October, but in the tive for foreign buyers in October and a number South, Middle West, and West few declines of large sales were reported at prices ranging were made. Refinery quotations, which have from 12\ to 13 cents delivered at New York. been considered low relative to dealers' prices, Price quotations for refined zinc and lead remained practically unchanged. have shown little change during the past month, but there has been some improvement MANUFACTURING. in the statistical position of these metals. Food products. Production of slab zinc aggregated 39,100 tons Production of wheat flour in September rein September, while shipments amounted to flected the uncertainties which characterized 42,700 tons, causing a reduction of 3,600 tons the wheat market. Domestic consumers purin the stocks. Some weakening occurred in chased only for immediate needs and millers the price of both zinc and lead ores in the were reluctant to make commitments for de- Joplin section, and operators closed their ferred shipments at the present level of prices. mines during the first week of October. It has The production of flour was slightly less than also been announced that mines will be closed in August, but there was a considerable rein the first week of November and the first week duction from the output in September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1187 With the exception of September, 1920, pro- ticularly for lard and fats. Prices of meat duction was lower than in any September in products have showed but little change under recent years, amounting to only 11,995,000 the influence of heavy marketing of livestock barrels, compared with 12,016,000 barrels in and a largo volume of packing. Goods have August and 12,540,000 barrels in September, passed into distribution, and stocks on October 1922. Exports of flour during September, 1 were lower than in any previous month this with the exception of 1919 and 1921, were year. greater than in any September on record. Demand from abroad was accentuated by flour Textiles. purchases for relief work in Japan. Flour Buying of textile products during September prices, which had been declining since early and October was only fair. Cotton prodin the year, turned upward in July and conucts improved slightly in September, but the tinued to rise through September, but in market became irregular and uncertain in October prices softened with the decline in the October, and the wool and silk markets conprice of wheat. The following chart, based tinued relatively inactive throughout the peupon the price of spring wheat at Minneapolis riod. Prices as a rule were higher in September than in previous months, but more recently PERC 2 E 2 NT 0 weakness has been noted in some lines. Irregularity has generally prevailed in cotton textile markets during recent weeks. The upward tendency in the raw cotton market caused some increase in buying during August and September, but relative inactivity was noted early in October. This was reflected in the upward movement of the Fairchild cottongoods index number from 15.612 on August 4 to 16.997 on September 22, to be followed by a decline to 16.837 on October 20. Consumption, although less in the aggregate, was at about the same rate in September as in August, and employment in cotton-manufacturing establishments increased. Early in October, however, one of the largest producers of ging- 40 hams in New England announced an indefinite suspension of operations, and later other plants 20 did likewise. Southern mills, on the other hand, reported no recent curtailment and some 1921 1922 1923 are, in fact, operating overtime. Cloth and Monthly average relative pricos of s; wheat and flour (1913 average—100) yarn production in the Atlanta district, howand flour in the same market, shows the close ever, was less in September than in August, relation between the price of wheat and flour. although shipments and orders increased. All While meat packing during September of these items except yarn shipments were beshowed further declines, continuing the down- low those of a year ago. The Philadelphia yarn ward movement which began in June, it con- market has been quiet since September and tinued in large volume and was greater than in prices have receded. Cotton finishers through- September, 1922. With the exception of sheep, out the country reported slight improvement all animals were slaughtered in smaller numbers during September in production, orders, and than in August. The demand for meat prod- shipments, which, however, continued small ucts for both domestic and export purposes relative to the early months of the year. was generally good. Domestic demand for Little change has been noted in the woolen meat products has been greatly influenced and worsted industry during the past month. by industrial activity and full employment Manufacturers of cloth continue to report a which have been maintained throughout the fairly active demand for dress goods, accomyear. Export trade with Europe continued panied by dullness in the men's-^ear markets. fairly satisfactory except with the United Manufacturing activity changed but little in Kingdom. The demand from the Continent September; consumption of raw wool and active has been for low-priced meat products, par- spindle hours declined, whereas the percentage Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1188 FEDERAL EESEBVE BULLETIN. NOVEMBER, 1923. of active loom hours was somewhat greater. than during August. The raw-silk situation Operations in many mills making men s wear has somewhat unsettled the hosiery market, as were curtailed during October. This dullness many producers, because of higher raw main men's wear was reflected in the yarn and terial costs, have announced advances in prices, raw-wool markets. Prices have been generally which customers generally refuse to pay. unchanged, but some grades of yarns have weakened. The new season for carpets and Iron and steel. rugs opened on October 1 with an auction sale Iron and steel products were in relatively by the largest factor. Eugs were in better de- little demand during September, and, although mand than carpets, and some liberal conces- buying of steel appeared to increase in October, cessions were made in prices of the latter. the iron market continued to be weak. Steel Rug quotations were about the same as those prices have remained practically unchanged for of last season, with small advances on some several weeks, but quotations on pig iron have items. moved steadily downward. Basic valley pig iron averaged $24 or less in October, as com- Openings of spring lines of men's clothing pared with $25 in September and $30.60 for have generally been at prices on the same level last October. The weakness in iron is genas those at the last fall opening but above the erally attributed to the unusually heavy proprevious spring prices. Reports indicate that future buying has been conservative, although spot business has been fairly good. Chicago LLIONS OF TONS DOLLARS PER T 5 O 0 M tailors to the trade report that business in September was 10 per cent better than a year ago. Sales by wholesale clothiers in the New York district were smaller than in August but above those of last September. Despite reduction in the supply of raw silk resulting from the Japanese disaster, buyers refused to pay the higher prices demanded, and quotations fell off considerably in October. Prices are still above the level prevailing before the disaster occurred. The weakness in raw silk was the reason given for an equally inactive goods market. Attempts to raise cloth prices in accordance with raw material advances met with strong resistance, and customers have refrained from buying except for immediate 1919 1920 1921 1922 1923 needs. Consequently production has been cur- Trend of production and prices of pig iron, by months, 1919-1923. tailed by a number of manufacturers. Deliv- duction in the earlier months of the year, eries of raw silk to American mills during which exceeded consumption by a large September totaled only 26,929 bales, as com-margin. Output has been curtailed conpared with 33,547 bales in August. Exports siderably since May, and the total for Septemexceeded mill takings and warehouse stocks ber, 3,125,512 tons, was the smallest for any therefore increased slightly. month this year, although exceeding all Statistics from manufacturers of knit goods months in 1921 and 1922. Total steel-ingot indicate substantial increases during Septem- production in September likewise declined to ber in orders for both underwear and hosiery. the lowest point of the year. Operations in Unfilled orders on hand at the end of September steel mills were reduced further early in Octofor both branches of the industry were sub- ber, but increased slightly about the middle of stantially larger than those held a year ago. the month. Unfilled orders of the United Production of underwear was less than in States Steel Corporation at the end of Sep- August, as were shipments in most cases, tember totaled only 5,035,750 tons, the smallest although mills in the Philadelphia district re- since March, 1922. Reports indicate that ported an increase in shipments, particularly bookings of steel products in October have of winter garments. Hosiery output in both been larger than in September. the Philadelphia and Atlanta districts was Orders for sheets have been particularly below that of August, but greater than in Sep- heavy recently. Railroads have continued as tember, 1922. Shipments were slightly larger active purchasers of rails, and inquiries on the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1189 NOVBMBER, 1928. FEDERAL RESERVE BULLETIN. part of the roads for new cars point to demand although sales have fallen off recently. The for steel products. Locomotive manufacturers September output of sole leather declined to have orders sufficient to run them for a few 1,431,590 pieces, the smallest in over a year. months, even at the present high rate of opera- Shoe production declined nearly 10 per cent tions. Automobile output and building con- in September as compared with August, and struction continue large, despite the lateness preliminary reports indicate that total output of the season. There is some buying of steel, will be less than in September, 1922. Figures particularly of sheets, for Japanese account, for all previous months of this year have been although probably not as much as was gen- well above those for corresponding months of erally expected. 1922. According to reports from the Federal Reserve Banks of Boston, Philadelphia, and Automobiles. Chicago, shipments increased during Septem- Competition appears to be becoming more ber and exceeded output. Consequently, of a factor in the automobile industry and is stocks declined. Unfilled orders fell off in the being met by making new improved models, Boston and Philadelphia districts, but were by reducing prices, dmd by permitting pay- above those of last year, whereas the reverse ments on the installment plan. These induce- was true in the Chicago district. Factories ments seem to be effective in disposing of cars, making fine shoes for women in the Philadelas production continues at a high rate. Sep- phia district report that orders on books are tember output of passenger cars totaled small, and new business is needed to continue 298,600 cars, a seasonal decline of 5 per cent production at the present rate. Shoe sales by below the August figure, and an increase of wholesalers in September were practically the 60 per cent above that for September, 1922. same as in August and smaller than a year ago, Shipments of automobiles showed similar tenwhereas September retail trade showed a dencies. Reports by distributers in the Middle seasonal increase. West to the Federal Reserve Banks of Chicago and St. Louis indicated decreases of about 10 Lumber. per cent from August in September sales of Lumber manufacturers received a large influx new cars. As compared with September, 1922, of orders during the latter part of September, sales by wholesalers were larger, whereas those which was immediately reflected in shipments. by retailers declined. Stocks of both new and According to weekly totals compiled by the used cars increased during the month and National Lumber Manufacturers Association those of used cars were greater than a year 'ago. from about 400 mills, orders reached the high- Production of automobile tires and tubes, est point since February during the week endalthough larger in August (the latest figures ing October 6, and one week later the reported available) than in July, continues at a rate cut was greater than in any week during the well below that of the early months of this past three years. Orders dropped off rapidly year. Beginning with July shipments have during October, but shipments and production, exceeded production, and stocks have conse- although somewhat less, were fairly well mainquently been reduced. Inventories, however, tained. Total cut and shipments for the month are rather large for this season, and prices of September were below the August figures, have been reduced by a number of manu- but daily averages were no lower. Despite facturers. the increase in buying, lumber prices fell slightly during September, and "Lumber's" Leather and shoes. hardwood and softwood indexes reached low points for the year in the weeks of September Packer-hide markets were fairly active dur- 28 and October 5, respectively. Movements, ing October and a large volume of sales realthough at a higher level, were irregular during sulted. One or two fractional advances in the weeks following. prices occurred, but as a rule quotations were unchanged from the previous month. Dullness Manufacturers in practically all sections of continues to characterize leather markets, and the country shared the increase in orders dursales of both upper and sole leathers have been ing September and continued operations at small and chiefly for immediate delivery. The practically the same rate as in August. Deal- Federal Reserve Bank of Philadelphia states ers in the Chicago district reported a weakenthat upper leathers are more active than heavy ing tendency in the market, with orders almost leathers, and that calfskins are still in demand, entirely for immediate delivery. Reports from Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1190 FEDERAL RESERVE BULLETIN. NOVEMBER, 1923. the San Francisco district, on the other hand, ments of coal, due to the temporary closing of state that dealers in California, on the Atlantic anthracite mines. coast, and in the Middle West increased their Prompt handling of traffic was much facilipurchases of western lumber. Japanese im- tated by an increase in the supply of serviceporters have also been active purchasers. able equipment by about 42,000 cars and 1,000 locomotives during September. Over one-half BUILDING. of this increase was due to a reduction in the amount of equipment in bad order, while the New building operations were slightly cur- remainder consisted of deliveries from car tailed in September, but the reduction was less factories and locomotive works. Only 7 per than is usual in the early fall. Production of cent of all freight cars and 15 per cent of all most types of building materials was also locomotives were awaiting repair on October 1. curtailed, and shipments were smaller than September shipments of the three chief locoin August. motive companies reached the largest aggre- The value of building contracts awarded in gate of any month on record. 10 Federal reserve districts (compiled from Net operating income of Class I railroads in figures gathered by the F. W. Dodge Co.) August was at the rate of 4.94 per cent on their amounted to $287,819,000 in September, which tentative valuation, as compared with an was 3 per cent less than in August. Decreases average rate of 5.51 per cent in the seven occurred in all reporting districts except Philapreceding months. delphia, Cleveland, and Chicago. Awards of business, industrial, and recreational buildings TRADE. reached a greater volume in September than Wholesale trade. in August and contracts for hospitals were Sales of wholesale dealers in September were over twice as large. Contracts for residences, 4 per cent larger than in August, according to educational buildings, religious edifices, and the Federal Reserve Board's index, and public buildings, on the other hand, were less reached the highest total value of any month numerous than in August. since October, 1920. Grocery and meat business showed the greatest improvement in Sep- Prices of building materials declined over 2 tember, and sales of drugs, jewelry, and diaper cent in September and showed an average monds also increased. The volume of trade decrease of 11 per cent from the May peak. in clothing, automobile supplies, and ma- Production of all types of brick and of house chine tools, on the other hand, was smaller flooring was reduced in August, yet there was than in August. Business in the eastern a slight accumulation of finished, stocks. Ceindustrial districts continued to be relatively ment production reached the highest monthly larger than in the agricultural sections of total on record, 13,109,000 barrels, but was the West. still less than shipments. Consequently, stocks of cement were reduced to 5,492,000 barrels on September trade averaged about 9 per cent September 30, which is the smallest supply on larger than a year ago. Business was larger hand since October 31, 1922. in all reporting lines except shoes, women's clothing, diamonds, and machine tools. The greatest increases were recorded in sales of TRANSPORTATION. agricultural implements and automobile sup- The increased efficiency of the railroads con- plies, while sales of hardware, drugs, and tinues to be one of the most favorable factors men's clothing also showed substantial gains. in the present business situation. Car loadings Statistics collected by the Federal Reserve reached the highest total on record during the Banks of Chicago and Dallas indicate that last week of September, yet there continued to merchandise stocks in the hands of wholebe a net surplus of 18,000 freight cars on salers declined during September, but were October 8, owing to the reduction in number somewhat larger than a year ago. Stocks of of cars and locomotives awaiting repairs and dry goods, which are particularly heavy as the delivery of much new equipment ordered compared with a year ago, were reduced 13 in the spring. per cent in the Dallas district and 10 per The large volume of railroad traffic in Sep- cent in the Chicago district during September. tember was due to a continuance of heavy ship- The only important reduction in stocks as ments of manufactured goods and grain, compared with a year ago is reported by shoe together with an increase in shipments of live- dealers in the Dallas district and amounts to stock. There was a marked decline in ship- 11 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1191 Collections improved somewhat in most sec- there is usually some improvement at this tions of the country during September, espe- season of the year. Detailed statistics of cially in the case of dry goods firms. wholesale and retail trade are published on pages 1221 and 1224. Retail trade. PRICES. Sales of retailers increased during September, but the gain was less than is usual at this season The upward movement of prices which of the year. The largest gain occurred in the commenced in the latter part of August consales of chain shoe stores and amounted to 34 tinued throughout September and the first per cent. Mail-order sales increased 25 per cent half of October. The index of the Bureau of in September,^ but this was slightly less than Labor Statistics advanced 2.2 per cent in the average increase over August. The accom- September, due to increases in all important panying chart indicates that if allowance be groups of commodities except building mamade for seasonal fluctuations there has been terials, fuel, and metals. The largest gain a downward trend in mail-order sales since occurred in the price of clothing and amounted May. Sales of department stores and cigar to 5 per cent, while prices of farm products stores were also larger than in August, but and foods each showed an average increase of sales of candy stores, drug stores, and grocery about 4 per cent. Prices of building materials stores declined. This decline was partly due have declined for five successive months and in September averaged 11 per cent less than ieor the April peak. Prices of most basic commodities increased during the first two weeks of October but receded rather sharply in the third week of the month. During the period of three weeks prices of corn, cotton, barley, and eggs showed substantial gains, while prices of hogs, coal, coke, pig iron, steel products, copper, and silver declined. The price of cash corn advanced 20 cents per bushel during this period. EMPLOYMENT. Industrial employment in September was chiefly characterized by the failure to increase 20 as much as might ordinarily be expected in that month. In fact, decreases were noted in a 1919 1920 1921 1922 1923 number of industries and in many States. Trend of mall-order sales corrected for seasonal variations. Similar tendencies were noted in pay rolls. to the fact that there were only 24 working Changes in total industrial employment from days in September. August to September, as reported by various Department-store sales averaged 6 per cent official agencies, are shown in the table below: more in September than a year ago and were United States No change. larger in all districts except Kansas City and Massachusetts —0. 6 per cent. Dallas. The most important increases were New York +0.5 per cent. reported from the Cleveland and San Fran- Pennsylvania +1-6 per cent. cisco districts. New Jersey —0.4 per cent. Illinois —1.0 per cent. Merchandise stocks at reporting department Wisconsin —2.8 per cent. stores increased about 8 per cent during September. This increase of stocks on shelves As regards industrial groups, increases were averaged twice as much in eastern department noted in food products, textiles, tobacco, stores as in stores located west of the Mississippi vehicles, and nonferrous metals, whereas de- River. Stocks at the end of September were creases predominated in iron and steel, lumber, over 13 per cent greater than on September 30, leather, paper, chemicals, and stone, clay, and 1922. glass products. The effect of the change to Collections during September continued at shorter hours in the steel industry was shown by about the same rate as in August, whereas statistics for Pennsylvania showing an increase Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1192 FEDERAL RESERVE BULLETIN. NOVEMBER, 1923. of 5 per cent in number employed in steel works number of failures from those of a year ago, and rolling mills, accompanied by a decrease of 1,035 defaults in the present month comparing 2 per cent in average weekly earnings, although with 1,215 during the same period in October the basic rate per hour had been raised. of last year. Eighty per cent of 5,620 reporting establish- District figures comparing September of this ments throughout the country operated on a year with last indicate diminished liabilities in full-time basis in September, as compared with the Boston, New York, Cleveland, St. Louis, 78 per cent in August. A smaller section of the and San Francisco districts. Although the iron and steel industry ran full time in the later Atlanta and Minneapolis districts show an month. The cotton industry, on the other increase over the year, a comparison with last hand, increased both the number employed and month denotes a decrease, while Cleveland, the percentage of full-time operations. Cement though showing a decrease from last year, had plants operated 100 per cent full time. an increase from August to September of this Out of 51 industries, 35 reported wage in- year. Liabilities of insolvent interests in creases in the month ending September 15, both the St. Louis and San Francisco districts averaging 15 per cent and affecting 2.5 per were the smallest since before 1921. cent of employees in all reporting establishments. The greatest increases, averaging 17 COMMERCIAL FAILURES DURING SEPTEMBER. per cent, occurred in the iron and steel industry and affected 20 per cent of employees in estab- Numbe Liabilities. lishments reporting for that industry. Other Districts. advances of importance were noted in glass, 1923 1922 1923 1922 foundry and machine-shop products, and steam-railroad car building and repairing. Per First 113 118 $1,476,871 $1,479,198 Second 228 376 6,283,981 12,209,811 capita earnings increased in 39 of the 51 indus- Third 44 61 2,695,645 1,107,680 tries. Decreases occurred in clothing, boots Fourth 95 128 2,741,378 3,848,535 Fifth 66 128 984,349 4,269,453 and shoes, automobiles, and in a number of Sixth 91 120 2,840,497 2,765,041 Seventh 172 212 6,219,732 3,863,884 iron and steel and allied industries. Eighth 71 100 536,652 2,417,725 Ninth 63 50 637,652 575,947 Tenth 64 66 1,622,295 738,243 COMMERCIAL FAILURES. Eleventh... 79 70 i 1,757,766 1,480,222 Twelfth 140 137 ; 921,831 2,152,387 Commercial failures reported by R. G. Dun Total. 1,226 1566 28,698,649 36,908,126 & Co. decreased 25 per cent to 3,376 for the third quarter. Liabilities for the same quarter FOREIGN TRADE. have declined by 15.7 per cent to $98,754,559. Insolvencies reported for the month of Sep- Foreign-trade figures for the United States tember, numbering 1,226, involved liabilities during the first nine months of 1923 show a amounting to $28,698,649, figures which repre- merchandise export balance of about $35,000,sent decreases from those of the month pre- 000. An excess of imports amounting to vious of 7 per cent and 16 per cent, respec- $143,000,000 for the first six months of the tively, and from September, 1922, of over 20 year, due chiefly to a heavy demand for raw per cent for both. Except for July of this materials arising out of the large volume of year the number of failures was the smallest domestic production, has thus been more than since November, 1920. In like manner, with offset by the seasonal excess of exports for the exception of those for June of this year, July, August, and September. the liabilities stood at the lowest point since A comparison of the export and import August, 1920. figures month by month shows that the change The number of failures as well as liabilities in the balance has been due in greater measure among both manufacturers and traders was to a decline in imports than to an increase in reduced, the reduction in manufacturing in- exports. Imports for September were 35 per solvencies being considerably more substantial cent less than in March, the peak figure for the than that in trading defaults, with the result nine months, while exports for September were that the proportion of trading failures increased $381,000,000, or only 25 per cent larger than to 70 per cent of the total number for the the July low of $303,000,000. month, as against 67 per cent for August and The increase of $70,000,000 in exports be- 67 per cent for September, 1922. tween August and September was due largely Reports for three weeks of October indi- to increased shipments of cotton, which totaled cated a reduction of about 15 per cent in the. 690,000 bales in September as compared with Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1193 245,000 bales in August. Of the September with $13,143,000 in 1922. Over one-half of shipments, 476,000 bales, or slightly over two- the gold exported during the nine months of thirds of the whole amount, were sent to the present year was consigned to British India. Great Britain, Germany, and France—to Great Silver imports during September, $8,518,000, Britain 245,000 bales, to Germany 132,000 were larger than for any other month of the bales, and to France 99,000 bales. present year except July. Over 90 per cent of the total amount of silver brought to this MERCHANDISE TRADE BALANCE OP THE UNITED STATES. country during the month came from Mexico, Peru, and Canada. Silver exports for the [In thousands of dollars.] month, $8,123,000, were in excess of any monthly total since April, 1920. Over 95 per Months. Imports. Exports. Excess of E ex x p ce o s r s t s o . f cent of the September silver exports were to British India, China, and Hongkong. 1922. | Gold imports and exports by principal coun- February : 215,743 250,620 | 34,877 tries for September and the nine months ending May I 252,817 307,569 i 54,752 August i 281,376 301,775 20,399 September, 1923, are shown in the following November I 291,805 380,000 88,195 table: 1923. j January I 329,245 335,417 GOLD IMPORTS AND EXPORTS. February 303,465 306,957 March 398,178 341,376 57,802 April 364,230 325,492 38,738 9 months J M u a n y e 3 3 7 2 2 0 , , 5 2 4 5 5 7 3 3 1 2 6 0 , , 3 0 6 3 3 8 56,1 2 8 1 2 9 Country. Sept 1 e 92 m 3. ber, Se e p n t d em in b g er, July 287,335 303,030 15,695 1923. August 275,382 311,352 35,970 September 255,000 381,000 • ' 126,000 France $1,571,460 $12,100,318 GOLD MOVEMENTS. Germany I 3,500,000 42,432,450 Netherlands j 460,794 10,916,569 Gold imports during the month of September Great Britain I 17,034,473 I 86,303,178 Canada 2,350,786 i 41,105,875 totaled $27,804,000, compared with $32,856,000 Mexico ] 360 560 I 4.927,942 Colombia 425,691 I 3,440,032 during August, and gold exports were $863,000, Allother I 2,100,197 ! 19,295,603 compared with $2,201,000 for the month before. Total 27,803,961 j 220,521,965 Net gold imports for September were thus $26,941,000, as against $30,655,000 in August and an average of $20,963,000 for the first eight C Sw an it a z d e a r . land 152,871 1 1 , , 0 3 3 7 8 4 , , 4 9 8 4 0 7 months of the present year. Nearly 70 per Mexico 214,610 3,770,164 Colombia .. .. 700,000 cent of the total gold imported during the British India 455,196 13,814,345 month came from England and Canada, about H A o ll n o g t k h o er ng 3 2 7 , ,2 8 0 2 0 0 2 3 , , 1 0 5 2 4 5 , , 8 2 1 8 5 3 13 per cent from Germany, and about 6 per Total . . 862,697 25,878,034 cent from France. Exports of gold during the month were mainly to India, Mexico, and Canada. Gold imports during the nine months FOREIGN EXCHANGE. ending September of the present year totaled Foreign exchanges during October generally $220,522,000, compared with $209,556,000 im- continued their downward trend. Sterling deported during the corresponding period last clined from a peak of $4.72 on February 21 to year. Of the 1923 total about $127,409,000 $4.4810 on October 25. This is the lowest came from Great Britain and Canada, $42,- point touched since November 18, 1922, when 432,000 from Germany, $12,100,000 from the pound stood at $4.49. Exchange rates on France, and $10,917,000 from the Netherlands. leading foreign countries in September and in About 87 per cent of the total imports for the October are shown in the table on page 1245. nine months of the present year is credited to The general foreign exchange index, representthese five countries. Gold exports during the ing a weighted average of rates on 17 counsame period totaled $25,878,000, compared tries, was 63 in both September and October. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1194 FEDERAL RESERVE BULLETIN. NOVBMBEB, 1923. RULINGS OF THE FEDERAL RESERVE BOARD. Discontinuance of collection of checks through agents nitely described in the lease and as far as pracother than banks. ticable separated from the remainder of the dock company's premises by partitions or In order to conform to the fullest possible fences. On each side, at each corner, and at extent to the spirit as well as the letter of the each entrance to such premises, the storage recent decisions of the Supreme Court of the company will place, and at all times maintain, United States in the par clearance cases, the large signs stating that the premises are leased Federal Reserve Board has directed the Fedto it and that the premises and all of the goods eral reserve banks to discontinue the use of therein are in the exclusive possession and agents other than banks for the purpose of control of the storage company. Upon the making collections at par of checks upon nondelivery of the lease the lessor and a reprepar remitting banks in any district in which sentative of the storage company will go upon such practice still exists. the premises, and the lessor will thereon state that he delivers the premises and all the goods therein into the exclusive possession and con- Purchase by Federal reserve banks of debentures of trol of the storage company, and thereafter the Federal intermediate credit banks. storage company will direct its representative There is quoted below a resolution adopted to take and hold such possession and control by the Federal Reserve Board on September for it. It will also employ an agent or cus- 27, 1923: todian to represent it who shall be entirely independent of the dock company, and it is to Whereas the Federal Reserve Board has been requested be distinctly understood between all parties to express an opinion on the question of whether or not Federal reserve banks may purchase the debentures of concerned that the storage company's agent or Federal intermediate credit banks issued under the terms custodian shall act exclusively upon its instrucof the agricultural credits act of March 4, 1923, tions and shall have the exclusive possession Be it resolved, therefore, That the Federal reserve banks and control of the leased premises and of all are authorized in their discretion to purchase the debentures of Federal intermediate credit banks issued in ac- goods therein, and that no goods shall be moved cordance with the terms of the agricultural credits act of into or removed from such premises except 1923, provided such debentures have a maturity at the under his express direction and control. The time of purchase not in excess of six months. dock company will have no access to the premises except with the permission of the storage company and will have no control over the Bankers' acceptances to finance the storage of coal on premises or the goods stored therein. The docks. storage company's custodian shall make regular The Federal Reserve Board has been asked reports to the storage company from time to for a ruling as to the validity of financing the time, and the storage company shall give him storage of coal on docks through the use of instructions with regard to the receipt and debankers' acceptances secured by warehouse livery of goods. Upon taking possession of the receipts. coal on the premises, and subsequently upon It appears that the coal in question is now delivery of additional coal upon the premises, stored on the docks of a dock company, which the storage company will issue warehouse rewishes to pledge it as collateral, and that the ceipts for such coal, and such receipts are to be dock company proposes to lease a portion of pledged as security for bankers' acceptances each dock to an independent storage company which are to be drawn under regular bankers' which is financially and morally responsible, acceptance agreements. has been in the business of stormg goods and merchandise of others for profit over a period The Federal Reserve Board is of the opinion of forty or fifty years, and is qualified to do a that such warehouse receipts will comply with storage business m the States in which the docks the requirements of the Federal reserve act and are located. Such storage company is to be the board's regulations relating to the characallowed the privilege of using the portion of ter of warehouse receipts required as security the dock leased as a public warehouse; the lease for bankers' acceptances used to finance the of such premises is to be duly executed and domestic storage of readily marketable staples, recorded in accordance with all legal require- provided they are in proper form to convey and ments; and the leased premises are to be defi- secure title to the holder. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1195 The board has frequently had occasion to Section 9 of the Federal reserve act also prorule that coal is a "readily marketable staple" vides in part: within the meaning of section 13 of the Federal State banks admitted to membership under authority of reserve act, so that there is no question with refthis section shall be required to comply with the reserve erence to that particular requirement of the law. and capital requirements of this act and to conform to The board is of the opinion, therefore, that those provisions of law imposed on national banks * * • bankers' acceptances secured by such receipts which relate to^the withdrawal or impairment of their capital stock. are eligible for acceptance by member banks and for rediscount by Federal reserve banks, The provisions of law which relate to the provided they comply as to maturity and in all withdrawal of capital stock of national banks other respects with all other provisions of the are found in section 5204 of the Revised Stat- Federal reserve act and the board's regulations. utes. In general, they prohibit a national bank from withdrawing or permitting to be Reduction of capital of member State bank below amount withdrawn in the form of dividends or otheroriginally required for membership. wise any portion of its capital, but expressly The question has been raised whether a State except from this prohibition a reduction of member bank may reduce its capital from capital made under the provisions of section $25,000 to $15,000 without loss of member- 5143 of the Revised Statutes. This latter secship, provided it increases its capital to $25,000 tion authorizes the reduction of capital stock in accordance with the provisions of the amend- in national banks by a two-thirds vote of the ment of March 4, 1923, to section 9 of tho shareholders, but expressly provides that no Federal reserve act, permitting State banks to reduction of capital may be made below the become members with reduced capitalization amount required for the organization of a naunder certain conditions. tional bank. The effect of these provisions of law is to prohibit a State member bank from The amendment of March 4, 1923, to section withdrawing any portion of its capital except 9 of the Federal reserve act, permitting State upon a reduction of capital, and no reduction banks to become members of the Federal remay be made which would reduce the capital serve system with a capital equal to 60 per below the amount required for the organization cent of the amount formerly requited, does not of a national bank in the place in question. authorize banks which are already members to reduce their capital and remain members of The board is of the opinion, therefore, that a the Federal reserve system; because it relates reduction of the capital of a member State only to the admission of banks to membership bank to an amount less than that required for and not to the capital which they are required the organization of a national bank would conto maintain subsequent to their admission. stitute a violation of the conditions of member- The right of a member bank to reduce its cap- ship imposed upon it by law when it joined the ital, therefore, will depend upon other provi- Federal reserve system and would subject it to sions of law. expulsion from the system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1196 FEDERAL RESERVE BULLETIN. NOVEMBER, 1923. LAW DEPARTMENT. Right of national banks to establish additional offices in "Seventh. To exercise by its board of directors, or duly same city as head office. authorized officers or agents, subject to law, all such incidental powers as shall be necessary to carry on the business There is published below the text of an of banking; by discounting and negotiating promissory opinion rendered on October 3 by the Attorney notes, drafts, bills of exchange, and other evidences of debt; General with reference to the power of national by receiving deposits; by buying and selling exchange, coin, and bullion; by loaning money on personal security; banks to open and operate offices at places and by obtaining, issuing, and circulating notes, according other than their banking houses, and also the to the provisions of this title. text of the regulations on this subject issued "SEC. 5190. The usual business of such national banking by the Comptroller of the Currency on October associations shall be transacted at an office or banking 26, 1923. house located in the place specified in its organization certificate." DEPARTMENT OF JUSTICE, WASHINGTON, October S, 1923. The provisions of section 5190 R. S., as to the place at SIR: I have your letter of August 30, 1923, requesting which the usual business of the bank shall be transacted my opinion on the power of national banking associations refers to the city or town in which the bank is located and to open and operate offices at places other than their bank- not the particular place within the city. McCormick v. ing houses for the performance of such routine services as Market National Bank, 165 U. S. 538, 549. the receipt of deposits and cashing of checks for their cus- National banks have only those powers specified in the tomers. You request to be advised whether: national banking acts, and such other powers as are necessarily incidental thereto. McBoyle v. Union National " (1) Assuming that a national banking association is Bank, 122 Pa. 458; First National Bank v. National Exwithout power to establish and maintain a branch bank for change Bank, 92 U. S. 122, 127; Logan Co. National Bank carrying on a general banking business, has it the corporate v. Townsend, 139 U. S. 67, 73; Bullard v. Bank, 18 Wall, power to open and operate an office or offices at a place or 589, 593. places other than its banking house, for the performance of In Bullard v. Bank, supra, the Supreme Court said: such routine services as the collection of deposits and cashing of checks for its customers? "The extent of the powers of national banking associa- " (2) If a national banking association has the corporate tions is to be measured by the act of Congress under which power to open and operate such an office or offices, must such associations are organized." they be located within the city limits of the place designated in the organization certificate of the association as the In Logan Co. National Bank v. Townsend, supra, the Elace where its operations of discount and deposit would court said: e carried on?" "It is undoubtedly true, as contended by the defendant, The statutes relating to national banking associations, so that the national banking act is an enabling act for all asfar as they are material to our present inquiry, are sections sociations organized under it, and that a national bank can 5133, 5134 (par. 2), 5136 (par. 6 and 7), and 5190, R. S. not rightfully exercise any powers except those expressly The material parts of said statutes read as follows: granted by that act, or such incidental powers as are necessary to carry on the business of banking for which it was " SEC. 5133. Associations for carrying on the business of established." banking under this title may bo formed by any number of natural persons, not less in any case than five. They shall It is to be observed that section 5190 R. S. relates to the enter into articles of association, which shall specify in "usual business" which, in my opinion, is to be congeneral terms the object for which the association )s formed, strued the general banking business usually conducted by and may contain any other provisions, not inconsistent national banks. There is no statutory requirement that with law, which the association may see fit to adopt for the all the business of a national bank shall be transacted at regulation of its business and the conduct of its affairs. the general office or banking house of the association. "SEC. 5134. The persons uniting to form such an associa- In my opinion, a national banking association may estabtion shall, under their hands, make an organization certifi- lish in the city or place designated in its certificate of cate, which shall specifically state: * * * organization an office or offices for the transaction of busi- "Second. The place where its operation of discount and ness of a routine character, which does not require the deposit are to be carried on, designating the State, Terri- exercise of discretion, and which may be legally transacted tory, or district, and the particular county and city, town, by the bank itself. It may not, however, establish a or village. branch bank to do a general banking business such as is "SEC. 5136. Upon duly making and filing articles of usually done by national banks. The establishment of association and an organization certificate, the association such a branch would be illegal, and subject the offending shall become, as from the date of the execution of its organ- bank to the forfeiture of its charter. 29 Op. 81. ization certificate, a body corporate, and as such, and in It seems to be the intent of the national banking act the name designated in the organization certificate, it shall that the business of banking ordinarily transacted by a have power—* * * national banking association shall be performed in the city "Sixth. To prescribe, by its board of directors, by-laws or place designated in ita organization certificate. not inconsistent with law, regulating the manner in which It has been held that a. national bank can not make a the stock shall be transferred, its directors elected or ap- valid contract for the cashing of checks upon it, at a pointed, its officers appointed, its property transferred, its different place from that of its residence, through the general business conducted, and the privileges granted to agency of another bank. Armstrong v. Second Nat'l it by law exercised and enjoyed. Bank, 38 Fed. 883, 886. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBEH, 1923. FEDERAL RESERVE BULLETIN. 1197 While national banking associations may exercise all therefor to the Comptroller of the Currency on a form prethe powers expressly given them by the statute, and such scribed or approved by him in which shall be set forth, additional powers as may be necessary to carry on the among other things, the following: business of banking, the manner in which the powers may (a) The number of offices and the proposed street locabe exercised are subject to the supervision of the Comp- tion or vicinity of each. troller of the Currency. Should the Comptroller, in the (6) A statement of the condition of the applying bank exercise of his supervisory powers over national banks, as of the date of application. ascertain that the directors or officers have knowingly (c) The number of banks with branches or additional violated, or are violating the national banking laws, he offices in operation in said city. may proceed against such association, its officers and (d) A statement of the facts and conditions which, in directors as provided by section 5239, R. S., which reads the opinion of the board of directors, make it necessary for as follows: the applying bank to establish the proposed office or offices. "If the directors of any national banking association (5) Each application for one or more additional offices shall knowingly violate, or knowingly permit any of the shall be accompanied by a certified copy of a resolution of officers, agents, or servants of the association to violate the board of directors showing that such application has any of the provisions of this Title, all the rights, privileges been submitted to and approved by the board. and franchises of the association shall be thereby forfeited. (6) After the comptroller has approved the application Such violation shall, however, be determined and adjudged of a national bank for one or more additional offices and by a proper circuit, district or territorial court of the United before such office or offices are opened for business, a state- States, in a suit brought for that purpose by the Comptroller ment shall be transmitted to the comptroller showing the of the Currency, in his own name, before the association street location, the purchase price paid, the annual rental shall be declared dissolved. And in cases of such violation, cost, and the cost of equipment, for each such office. every director who participated in or assented to the (7) Operations of additional offices of national banks same shall be held liable in his personal and individual established under these regulations shall be confined to capacity for all damages which the association, its share- the receipt of deposits and the payment of checks and holders, or any other person, shall have sustained in con- other such routine or administrative functions. sequence of such violation." (8) No investment in bonds or other securities for the Answering your specific questions I have the honor to account of the bank shall be made at any such additional advise you as follows: office. First. National banking associations have the power (9) No loan or discount shall be made to any customer to open and operate offices at places other than their bank- of the bank through any such additional office that has ing houses, within the place specified in their organization not been authorized at the banking house by a resolution certificate, for the performance of such routine services of the board of directors, or by an appropriate committee as the receipt of deposits and the cashing of checks for of such board, or by an officer or officers acting under their customers. authority from such board, and no general authority issued Second. National banking associations have no authority by the board of directors shall vest in any officer or emto open offices for the purpose of receiving deposits, paying ployee at such additional office any discretionary authority checks, etc., outside of the limits of the city or place with reference to making such loans or discounts. designated in the organization certificate as the place of (10) A statement of the business conducted at such its operations of discount and deposit. offices shall be transmitted to the banking house as of the Respectfully, close of business daily, shall be incorporated on the H. M. DAUGHERTY, books at the banking house at regular intervals, and shall Attorney General. enter into all statements of the condition of the bank. The Honorable THE SECRETARY OF THE TREASURY. STATEMENT TO ACCOMPANY REGULATIONS. OCTOBER 26, 1923. REGULATIONS OP THE COMPTROLLER OF THE CURRENCY DEAR SIR: The Attorney General in an opinion dated RELATING TO ESTABLISHMENT OP ADDITIONAL OFFICES October 3, 1923, has made the following ruling: BY NATIONAL BANKS. OCTOBER 26,1923. "A national banking association may establish in the (1) Under the authority of the national bank act, as city or place designated in its certificate of organization, construed by the Attorney General in opinions rendered an office or offices for the transaction of business of a on May 11, 1911, and October 3, 1923, respectively, the routine character which does not require the exercise of Comptroller of the Currency will permit national banks, discretion and which may be legally transacted by the under the conditions hereinafter set forth, to establish one bank itself. It may not, however, establish a branch or more additional offices. bank doing general banking business such as is usually (2) A national bank will be permitted to establish such done by national banks. The establishment of such a an office only in a city in which other banks are engaged branch would be illegal and subject the offending bank to in, and under existing law or regulation are permitted the forfeiture of its charter." to engage de novo in, banking practices which make it necessary for the national bank in question to operate such In this connection the Attorney General further held an office in order effectively to conduct its banking busi- that the manner of the exercise of the incidental powers ness. by virtue of which under the law national banks are (3) National banks will be permitted to establish such permitted to establish such offices, must be exercised offices only within the limits of the city, town, or village "subject to the supervision of the Comptroller of the named in its organization certificate as the place where its Currency." operations of discount and deposit are to r>e carried on. In the opinion rendered by Attorney General Wicker- (4) A national bank desiring to establish and to operate sham May 11,1911, it was held that a national bank is not one or more additional offices shall make application authorized under the national bank act to establish : Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1198 FEDERAL RESERVE BULLETIN. NOTEMBEB, 1923. branch bank for the purpose of engaging in a general additional offices without restriction, or in localities where banking business; that the establishment of such a branch the other banks are prohibited from enjoying similar would be illegal and would subject the offending bank to privileges. The establishment of such offices being an the forfeiture of its charter. exercise of an implied power, must be exercised only This view is confirmed and restated in the opinion of where an actual necessity exists in each instance and only October 3, in which Attorney General Daugherty elaborates after approval by the Comptroller of the Currency. the earlier opinion by making a distinction between the Where a bank desires through such offices to exercise discretionary powers of a national bank (that is to say, the particular administrative functions not dealt with in excorporate powers of the bank as exercised by its board of isting regulations, an application should be made to the directors) and the purely routine or administrative func- Comptroller of the Currency for a special ruling. tions which may be performed by the bank employees. With reference to applications to the comptroller by Upon this theory, while denying to a national bank the national banks for permission to establish such an offics power to maintain a branch bank in which the discre- or offices, the comptroller will not take into consideration tionary authority of the board of directors could be exer- as a reason for his approval the fact that a bank has prior cised, he held that a national bank might establish an to making such application invested funds in property for office or offices within the city or town in which the bank the purpose of securing a site or sites therefor. is located, at a distance from its banking house, and at or The above-mentioned opinion of the Attorney General through such office or offices the bank might perform and the regulations of the Comptroller of the Currency, to routine or administrative functions, leaving the discre- which reference is herein made; have no application to tionary authority of the bank to be exercised solely at the branches of national banks acquired under the provisions banking house. of the act of March 3,1865, by virtue of which a State bank, The right or power to establish such additional offices in having branches, may convert into a national bank and the city or town in which the bank is located, not being elect to retain its branches; nor to branches of national expressly authorized by statute but being an implied in- banks acquired as a result of the consolidation of national cidental power, and the functions to be performed through banks under the provisions of the act of November 7,1918, such offices, in the opinion of the Attorney General, being under which the branches of one or more of such consolilimited to routine or administrative functions, it is neces- dating banks, having been acquired under the act of 1865 sary for the Comptroller of the Currency in the exercise above referred to, may be retained by the national bank of his general supervisory powers to prescribe regulations resulting from such consolidation. in which are set forth the conditions under which such A copy of the regulations of the Comptroller of the offices may be established and operated. Currency relating to the establishment of additional While the opinion of the Attorney General permits the office, together with application to establish such office, Comptroller of the Currency to afford a measure of relief is inclosed. to national banks in certain cities where local banking Yours very truly, practices have put the national banks to a disadvantage, he HENET M. DAWBS, could not properly permit such national banks to establish Comptroller of the Currency. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1199 BUSINESS TRENDS IN ENGLAND AND THE UNITED STATES. Business developments in England and in the United States during the past year have in general been similar in direction, though they have differed in extent. In both countries expansion of business during the early part of this year was accompanied by a rise in prices, and the subsequent slackening of business was accompanied by price declines. In the United States, however, the volume of production has been considerably above the pre-war level, while in England it is still distinctly below that level. Employment.—Both in England and in the United States employment has increased, but while in this country the activity of trade has resulted in practically full employment, in Great Britain unemployment continues to be a serious problem. Even in May and June, when trade was most active, the number of unemployed out of 11.750,000 insured workers was as high as 1,300,000, or 11 per cent. This percentage, however, represents a considerable improvement over the situation at the close of 1921, when 16.2 per cent of insured workers in the United Kingdom were unemployed. In normal times before the war a figure of 3 or 4 per cent was usual. Production and trade.—Production of basic commodities reached a peak both in Great Britain and the United States in May, 1923, and since that time there has been a moderate recession in both countries. It should be noted, however, that while the general level of production in the United States was the highest on record, greater even than during the war, in England the output in most lines was below the 1913 level. Nevertheless, there was marked improvement in the British situation in the first six months of the year as compared with the same period of 1922, the production of coal, pig iron, and steel being materially greater. The textile industry has shown little recovery, and shipbuilding continues to be depressed. British foreign trade during the first half of the year showed a considerable recovery, which has not since been fully maintained. Comparing the second quarters of 1922 and 1923, the volume of imports increased from 92 per cent of the 1913 volume to 97 per cent, and the volume of exports from 65 per cent to 81 per cent. The value of both imports and exports likewise increased, the exports for May being especially large. Although recent figures are somewhat less favorable, British foreign trade is still more active than a year ago. Commodity prices and money rates.—Because of the close trade relations between the United States and Great Britain and the relative stability of sterling, prices in the two countries have recently had similar trends. In both countries prices reached a peak in April, one month before production was at its maximum, and then receded as business slackened. In September prices, particularly of foodstuffs and cotton, again advanced in both countries. Money rates in this country reflected more promptly the increased demand for credit arising out of the growing business activity, so that during the first half of 1923 rates were considerably higher here than in England. In midsummer, however, with the raising of the Bank of England rate, money rates in New York and London were brought more closely into line. Since that time seasonal credit demands have resulted in some increase in rates in both countries, although there has been less than the usual seasonal advance. Domestic factors in Great Britain's business and financial position during the past year have thus shown improvement, and the incompleteness of her business recovery has been due largely to the limited buying power of continental markets, which have remained greatly disturbed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1200 FEDERAL RESERVE BULLETIN. NOVEMBER, 1923. 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 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 . CREDIT." PRODUCTION AND TRADE. COM 1 M 9 E 2 R 1 C — IA S L e p B te A m N b K e r LOANS: 1,186 12,834 11,573 PIG 1 IR 9 O 21 N — P S R e O p D te U m C b T e IO r N (1913=100): 19 56 39 1922—September 1,007 13,354 10,988 1922—September 50 107 79 1923—March 992 13,402 11,783 1923—March 74 73 138 June 1,028 13,950 11,850 June 81 103 143 July 1,024 13,821 11,716 July 77 100 144 August 1,007 13,979 11,677 August 70 112 135 September 1,003 11,877 , September 65 122 October 11,943 COAL PRODUCTION (1913=100): COMMERCIAL BANK DEPOSITS: 1921—September 75 100 1921—September 1,771 12,540 1922—September 93 109 99 1922—September 1,660 13,167 11,085 1923—March 100 90 117 1923—March 1, — 13,512 11,082 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 13,887 10,890 September 116 S O e c p to te b m er ber 1,609 1 1 0 1 , , 8 1 9 5 1 8 UNE 1 M 9 P 2 L 1 O — Y S M e E p N te T m : » ber 12.2 7,486 132 CENTRAL BANK DISCOUNTS: 1922—September 12.2 410 119 91 1921—September 2,460 100 1,403 1923—March 11.4 588 245 103 1922—September 2,104 400 420 June 11.0 166 197 102 1923—March 2,685 6,924 700 July 11.3 171 172 99 June 2,487 8,747 775 August 11.5 146 257 100 July 2,472 72,066 761 September 11.4 111 100 August 2,6341,151,863 816 September 2,511 862 BANK CLEARINGS:1 October 3,089 884 1921—September 2,641 553 15,498 CENTRAL BANK NOTE ISSUES: 1922—September 2,690 484 474 16,553 1921—September 420 37,129 2,457 1923—March 3,315 755 7,258 19,644 1922—September 390 36,603 317 2,243 June 2,960 733 28,375 19,532 1923—March 388 37,188 5,518 2,232 July 3,004 765 76,624 18,184 June 389 36,689 17,291 2,227 August 2,721 764 817,134 17,308 July 392 36,929 43,595 2,195 September 2,603 761 17,260 August 387 37,364 663,200 2,225 S O e c p to te b m er ber 394 3 3 7 7 , , 6 6 2 7 6 0 2 2 , , 2 2 4 2 8 5 SHIP 1 1 P 9 9 IN 2 2 1 2 G — — A S S C e e T p p I t t V e e m I m T b Y b e e r r (1913-100): 1 7 0 3 1 1 9 0 1 8 102 1 14 3 5 4 CENTRAL BANK DISCOUNT RATE 1923—March 107 113 117 104 (per cent): June 112 129 111 137 1921—September July 98 130 119 155 1 19 9 2 2 3 2 — — J M S u e n a p r e c te h mber 1 1 2 8 A Se u p g t u e s m t ber 1 1 0 0 3 8 1 1 3 1 0 9 1 1 1 1 5 4 1 1 4 3 9 3 July 18 VALUE OF EXPORTS:' August 30 1921—September 55,248 1,648 324,863 September 90 1922—September 62,511 1,859 291 313,197 October 108 1923—March 60,921 2,474 341,376 June 62,884 2,479 320,038 PRICES AND EXCHANGE. July 59,504 2,424 303,030 August 60,103 2,243 311,352 WHOLESALE PRICE INDEX (rela- September 63,836 2,435 381,531 tives): * 1921—September 194 301 146 VOLUME OF EXPORTS (1913=100):' 1922—September 165 294 432 164 1921—September 70 1923—March 175 372 6,425 169 1922—September 142 96 June 174 372 39,898 164 1923—March 99 87 July 170 283,599 159 June 98 82 August 166 3,063,358 159 July 104 78 September 166 381 163 August 89 89 RETAIL PRICE INDEX (relatives):* September 146 113 1921—September 220 329 12 153 1 19 9 2 2 3 2 — — J J S A M S u u e u e l n p a y g p e r t c u t e e h s m m t b b e e r r 1 1 1 1 1 1 7 7 7 6 7 6 9 1 6 9 3 9 2 3 3 3 3 3 9 2 3 2 3 2 1 1 1 1 9 8 3 2 6 3 , , , 9 6 3 1 7 2 0 1 7 0 9 4 1 1 1 1 1 1 4 4 4 4 4 4 6 9 7 4 0 2 VAL 1 1 1 U 9 9 9 E 2 2 2 3 1 2 O — — — F J J A M S S u u I u M e e l n a y g p p e r P c u t t O e e h s m m R t T b b S e e : r r • 8 7 9 7 8 6 6 0 8 6 , , , , , 9 8 0 7 8 4 7 2 4 1 4 8 2 3 8 2 2 2 1 1 2 , , , , , , 6 6 8 4 9 5 1 3 8 8 5 5 6 3 1 2 7 8 4 5 2 0 2 3 3 2 2 1 2 3 2 8 7 7 2 9 0 7 5 9 9 8 , , , , , , 2 3 3 2 4 1 5 3 8 9 9 7 7 5 2 2 3 8 FOREIGN EXCHANGE (per cent of September 83,266 2,613 253,645 par): 1921—September 76.52 37.72 1.019 VOLUME OF IMPORTS (1913-100):' 1922—September 91.04 39.68 .287 1921—September 114 42 1923—March 96.49 32.77 .020 1922—September 112 197 June 94.83 32.65 .004 1923—March 111 262 July 94.18 30.52 .0014 June 134 206 August 93.71 29.27 .00014 July 132 166 September 93.34 30.34 .000008 August 130 153 October 92.96 30.82 .0000003 September 92 137 128 1A full explanation of this table, including a list of the sources employed, appears in the BULLETIN for February, 1923, pp. 182-185. • 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, is taken as 1. German figures are as first of following month. < United Kingdom and France—July, 1914 - 100; Germany—October 15,1913-June 15,1914 -1; United States—1913 average - 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-Tan 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. ' Figures for United Kingdom refer to quarterly period. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL EESERVE BULLETIN. 1201 PRICE MOVEMENT AND VOLUME OF TRADE. INTERNATIONAL WHOLESALE PRICE INDEX. In September the Federal Reserve Board's index numbers of wholesale prices rose 4 points in the United States and 12 points in France, while in England the index was unchanged and in Canada there was a decline of 1 point. Figures for Japan are not available. For nearly a year the averages of commodity prices in the United States, England, and Canada have maintained a remarkable degree of stability. In September, 1923, as compared with September, 1922, prices in the United States were 1 point lower, in England 1 point higher, and in Canada 4 points higher. In France, however, the September figure was 87 points higher than that of the corresponding month of the preceding year, indicating an advance of nearly 30 per cent during the period. This rise in French prices has been accompanied by a compensating decline in exchange, which in September, 1923, left French prices reduced to a gold basis 2 points lower than the figure of the preceding year and still materially below the level in England and the United States. While the averages of all commodities in England and the United States show little change during the past 12 months, the movement of group indexes presents a number of significant features. There has been a marked convergence of the group indexes in both countries. In the United States in September, 1922, raw materials were 181, producers' goods 147, and consumers' goods 154. The dispersion between the highest and lowest of these groups was 34 points. In September, 1923, the groups stood respectively at 167, 160, and 162—a maximum dispersion of 7 points. The tendency in England has been similar, but much less pronounced. In September, 1922, raw materials were 166, producers' goods 143, and consumers' goods 177— a maximum dispersion of 34 points. In September, 1923, the figures were respectively 164, 152, 176—a maximum dispersion of 24 points. INTERNATIONAL WHOLESALE PRICE INDEX FEDERAL RESERVE BOARD soo 1913 =• 100 600 V\ 550 550 500 /' N \ 500 •fSO / \ 450 400 400 350 \NCE 350 ••,/»> 300 300 \ • •-.•*** /' S 250 250 7 \ 1 s i / ENGLAND 200 ^ \ ZOO JAPAN- 175 175 ^ CANADA\ n 150 1 1 • 150 0NITEDSTATE. 12S 125 100 100 J. F. M.A.M.J. J. A.5. 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

1202 FEDERAL RESERVE BULLETIN. NOVEMBEE, 1923. The tables below give the all-commodities currencies and "converted to a gold basis." and group index numbers of wholesale prices in The latter figures take into account the deprethe five countries included in the Federal Re- ciation of 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. Converted to gold basis. Year and month. United England.1 France. Canada. Japan. United England.1 France. Canada. Japan. States.' States.' 100 100 100 100 100 100 100 100 100 100 211 241 207 211 218 199 239 310 478 250 239 233 174 223 149 198 321 167 181 149 156 124 150 175 1922, average 158 165 298 149 182 158 150 126 147 175 1922. 164 163 294 144 179 164 148 117 144 171 October 165 160 294 145 174 165 146 112 145 168 November 164 162 307 147 172 164 149 109 147 167 185 164 315 147 173 165 155 118 146 179 1923. 166 165 324 148 176 166 158 112 147 172 February 166 168 355 152 183 166 162 113 150 178 March 169 173 372 155 185 169 166 122 152 180 Anril 170 175 364 156 185 170 167 126 153 181 l&y 167 173 363 155 187 167 164 125 152 184 June 164 171 372 153 186 164 162 121 150 183 July 159 168 369 151 182 159 158 113 147 178 159 164 369 149 159 154 108 146 163 164 381 148 163 153 115 144 OROUP INDEX NUMBERS OP WHOLESALE PRICES IN THE UNITED STATES, ENGLAND, FRANCE, CANADA, AND JAPAN.' 1928 1922 1923 1922 Countries and commodity Countries and commodity groups. groups. Sept. Aug. July. June. Sept. Sept. Aug. July. June. Sept. UNITED STATES.1 CANADA. A U commodities 163 159 159 164 164 All commodities... 148 149 151 153 144 Goods produced 165 161 161 166 167 Goods produced... 146 148 149 151 140 Goods imported 144 136 141 148 127 Goods imported... 163 162 164 166 170 Goods exported 176 166 170 182 157 Goods exported... 141 142 142 146 133 Raw materials 167 162 163 171 181 Raw materials 130 131 136 141 133 Producers' goods 160 158 160 164 147 Producers' goods.. 167 166 168 168 154 Consumers' goods 162 157 155 157 154 Consumers' goods. 170 172 168 167 157 ENGLAND. JAPAN. All commodities 164 164 168 171 163 All commodities.. 182 186 179 Goods produced 154 165 169 173 165 Goods produced.. 184 187 183 Goods imported 164 162 164 167 157 Goods imported.. 173 184 156 Goods exported 166 166 173 185 154 Goods exported.. 192 198 18» Raw materials 164 165 171 177 166 Raw materials. 179 186 150 Producers' goods 152 150 153 158 143 | Producers'goods.. 176 185 177 Consumers' goods 176 177 178 175 177 Consumers' goods. 186 187 190 FEANCE. All commodities. 381 372 294 Goods produced 365 355 357 359 289 Goods imported 460 445 434 434 320 Goods exported 405 381 373 373 301 Raw materials 416 406 417 418 323 Producers' goods 323 309 312 314 238 Consumers' goods 359 363 349 345 296 1 Revised figures. See p. 1208. ' 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, 192;'; Canada—July, 1922; Japan—September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL BESBBVE BUIJLETIN. 1203 COMPARATIVE WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. AIX-COMMODITIES INDEX NUMBERS.' EUBOFE. Bul- Czecho- Ger- Spain; Sweden; Year and month. M g B i i u e n m l i - s ; - Statis- C v e a s n l k o t i - r a a ; l F m i D n a e a r n n k - s ; - F G S r e t a a n n t e i c r s e a - ; l F m G r a a e n n r y k - ; - F m S e t d a a e n ti r y s a ; - l I R ta i l e y - ; N C la e e n t n h d tr e s a r ; l - tiania); C S e ta n t t i r s a - l t I G u n t e e s o t g i o - - f Q b H o 6 a r t n g e - s - S D l w a r i n . t d i J e ; . rtry of tical Bureau tid- tical furter tical cardo Bureau Oekon- tical raphy dels- Loreni." Labor.' re B a u u - .5 t o i f s t S ic t s a . - ' ende.1 re B a u u - .* tu Z n ei g - .1 re B a u u - .1 Bachi.« t o i f s t S ic t s a . - ' R o e m vu is e k ." Office.* a S n ta d - ni t n id g - .10 tistics.' (128) (38) (126) (33) (45) (98) (38) (107) (48) (92) I (58) (74) (47) (71) 1913 100 100 100 100 100 "100 1914 Is 100 103 "100 "100 101 "1.0 1.1 95 109 M 115 101 116 "100 1919 sl 1,166 294 356 4.2 364 304 Jlg22 204 330 1920 1,940 382 510 »19.7 14.9 631 292 382 221 347 »S26 1921 2,006 250 345 »21.3 19.1 578 182 "570 190 211 195 1922 367 2,473 1,355 179 327 327.2 341.8 562 160 1,376 176 162 168 1922. September... 364 2,531 1,059 176 329 432 287 582 152 225 1,524 174 158 165 October 385 2,558 1,017 180 337 945 566 601 155 221 2,013 172 155 171 November... 408 2,564 999 182 352 1,674 1,151 596 158 221 2,766 174 154 172 December 407 2,630 1,003 181 2,054 1,475 580 155 220 3,464 172 155 1923. January 434 2,657 1,019 192 | 387 7,159 2,785 575 157 220 5,447 170 156 175 February 474 2,666 1,028 199 422 6,770 6,585 582 155 224 8,518 170 158 181 March 482 2,828 1,031 200 424 6,425 4,888 687 156 229 9,885 171 162 188 April 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 2,408 958 207 407 283,599 74,787 566 145 235 30,700 170 157 175 August 529 2,292 957 202 413 3,063,358 331,695 567 142 231 53,569 171 163 173 September.. 514 2,265 973 205 424 182,953,5002,390,000 569 143 234 73,022 174 155 181 October 207 . 563 237 EUROPE—continued. NOETH AMERICA. ASIA AND OCEANIA. Year and month. T U B K d r n o a o i o i n a d m f t r g e e d ; - d .5 E m c i o s n t. o * - S U K t d a n o i t i n i m t s g e t ; d - .* o B t U S f i s u S t n L a t r t i i t a a e c t e b e - a s s d o u . ; 5 r C m L D a a e e n b p n a o a t d r r o a t ." f - ; C B t o i a s f u n t r i S a e c d t a s a u a . - 5 ; B s o t u A r f u S a s C r u t l e a a s i e - - a a n n u ; d - ( M C S h i h h a n i i a i ) n n s ; a g - - I D S n E t B t i u d a c a u t i t a s e c i - t l s h s - ; m D c S I ( u e e t n C a n t p d a t t t a a i l i - a s r ) o - t ; f - Japan.1 Z m D S t e N e i e t a c a p n l e s t a a t w i . n r s " o t d - - f ; m D ( S C t e e t i a a n p c S t t a s i o . o r s t - ) f - ; O A C S S f a e t f f o a r i n n c u i t s d c e i t u s a h o - s ; f tistics.*nance." reau.* tics.* tics.' (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 1914. 99 101 98 101 "100 99 »100 95 104 "100 97 1919. . 235 242 206 217 208 180 »141 I 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 I 176 181 200 201 171 161 1922. 159 159 155 149 165 150 154 146 I 164 180 196 177 145 129 1922. September 154 156 150 153 163 145 158 140 160 176 ! 103 174 October 155 158 153 154 162 146 159 142 160 ' 177 I 190 174 140 129 November 158 159 •153 156 164 150 162 143 160 178 ! 188 175 144 December 156 158 152 156 165 I 151 161 149 160 i 176 I 183 172 147 | 1923. January 157 161 153 156 165 151 163 153 161 179 184 171 141 131 February 158 163 155 ! 157 166 163 161 158 172 180 192 173 137 March 160 163 156 i 159 167 ! 155 163 159 174 181 196 174 1SW April 162 165 157 i 169 168 I 15« 166 158 172 178 196 174 133 126 May 160 164 155 I 156 169 j 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 | 154 180 155 160 170 192 176 123 124 August 155 155 147 150 164 1 153 175 153 171 175 120 September 158 160 150 154 163 I 155 172 157 174 177 123 October 160 ' The number of commodities or quotations ' New series based on 48 articles instead of 53. "July, 1914-1. in each index is indicated by figures in paren- »Dec. 31,1913, to June 30,1914-100.. End of month. "January, 1914-1. theses at head of each column. »15th of the month. 21 December figure. J Average of last half of month. 10 Middle of month. a January figure. 1 Figures as of the first of the following month. "1913 average-1. " A« of last Wednesday in month. • End of month. 11 July 1,1913, to June 30,1914-100. " February, 1913-100. • Average for the monl h. 15 April, 1914-100. * End of July, 1914-100. • 38 commodities prior to 1920; 76 commodi- '•July, 1914-100. » Jan. 1,1913, to July SI, 1914-100. ties during 1921. End of month. " July 1,1912, to June 30,1914-100. *• Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1204 FEDERAL RESERVE BULLETIN. NOVEMBER, 1923. The foreign index numbers published on the numbers for the other countries are published preceding page are constructed by various only occasionally, but such figures may be foreign statistical offices and are sent to the obtained from the Division of Research and Federal Reserve Board by cable. References Statistics at any time upon request. to the BULLETINS in which these are described A comparative summary table showing the may be found in the January, 1923, issue. board's international index for the United Index numbers showing the price levels of States, England, France, Canada, and Japan separate groups of commodities in the United appears on page 1202. Group index numbers, States and a few foreign countries are presented computed as part of this international series, below and on the following page. Group index will also be found on that page. GROUP INDEX NUMBERS—UNITED STATES-COMMODITIES IN BUREAU OF LABOR STATISTICS INDEX REGROUPED BY FEDERAL RESERVE BOARD. Raw materials. Pro- Con- AU Year and month. p A r t g o u r d r i u c a u c l t l- 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 in d e u r c a t l s. r t a T e w r o i t a 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 2SS 186 311 236 228 215 231 226 1921 . . 134 110 165 184 142 135 159 147 1922 145 125 185 207 158 128 151 149 1922. September 136 132 199 236 168 132 150 153 147 132 204 218 166 135 152 154 November 160 129 207 209 166 136 155 156 December 161 128 210 208 167 135 157 156 1923. January 164 125 215 213 168 136 165 156 170 123 220 207 167 141 155 157 March " . . . . . . . .. 174 123 227 202 167 148 156 159 April . 172 123 232 198 166 150 157 159 May 167 122 226 189 161 148 156 158 165 119 215 184 158 144 155 153 July ... . . . 154 120 209 179 153 141 154 151 August . 152 125 203 177 153 137 154 150 September 163 131 196 176 158 139 158 154 GROUP INDEX NUMBERS—UNITED STATES—BUREAU OF LABOR STATISTICS. Year and month. F p u r a c o r t d m s. - Foods. cl C o a l t o h n t d i h n s g. F li u gh el 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 r t i a l a d t ls i e n . - i? ic C d a r h ls u e g a m s n - . d f H g u o r i o n n o u g d is s s h e . - la M n i e s o ce u l s - . co i m t A i m e U s o . d- (66) (110) (65) (20) (37) (43) (31) (25) (404) 1913 100 100 100 100 100 100 100 100 100 100 1919 231 207 263 181 162 201 169 184 175 206 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. September 133 138 183 244 134 180 124 173 116 16} October 138 140 188 226 135 183 124 176 120 154 November 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 February 142 141 199 212 139 192 132 184 126 157 March 143 143 201 206 149 198 136 185 127 159 April 141 144 205 200 154 204 136 187 126 159 May 138 144 201 190 152 202 134 187 125 156 June 138 142 198 186 148 194 131 187 123 153 July 135 141 193 183 145 190 128 187 121 151 August 139 142 193 178 145 186 127 183 120 150 September 144 147 202 176 144 182 128 183 121 154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1023. FEDERAL RESERVE BULLETIN. 1205 GROUP INDEX NUMBERS OF WHOLBSALE PRICES IN FOREIGN COUNTRIES. FRANCE. SWEDEN. [1913=100.] [July, 1913-June, 1914=100.] Groups. i S S b e e p r, t e 1 m 92 - 3. Auu 19 g 2 u 3. st, J 1 u 92 l 3 y . , te 1 S m 9 e 2 p b 2 - . er, te 1 S m 9 e 2 p b 1 - . er, Groups. b S e e r p , t e 19 m 2 - 3. Au 1 g 9 u 23 s . t, te 1 S m 9 e 2 p b 1 - . er, All commodities 424 413 i 407 329 344 All commodities 155 163 157 ! 158 182 Allfoods 408 382 385 318 | 352 Vegetable foods 143 164 156 146 183 Animal foods 423 404 393 346 | 373 Animal foods 157 142 134 ! 179 208 Vegetable foods 341 330 340 279 311 Raw materials for agri- Sugar, coffee, cocoa.. 514 439 455 333 389 culture 149 150 150 I 160 207 All industrial material... 437 439 425 339 338 Coal 180 188 190 169 223 Minerals 385 395 376 279 253 Metals 121 121 123 119 130 Textiles 556 557 527 418 388 Building materials 200 200 200 215 191 Sundries 413 410 408 341 370 Wood pulp 191 198 198; 154 178 Hides and leather 88 87 87 90 108 Textiles 201 197 210 171 168 GERMANY—FEDERAL STATISTICAL BUREAU. Oils 149 151 151 ! 150 191 [1913=1.] NORWAY. All commodities 2,390,000 331,695 74,787 287 Goods produced. 2,300,000 166,604 160,841 258 [First half of 1914=100.) Goods imported. 3,240,000 518,404 296,857 431 AH commodities... 234 231 235 225 287 Animal foods 235 217 208 238 302 UNITED KINGDOM-BOARD OF TRADE. Vegetable foods 213 213 232 208 303 [1913-100.] Coal and coke 298 297 314 258 333 Iron 267 269 275 249 339 Metals 184 178 178 161 190 All commodities 158 155 157 154 187 Building materials. 178 177 176 185 299 Total food 159 \ 153 155 156 199 Textiles 189 185 179 141 309 Cereals 139 135 139 143 196 Hides and leather.. 265 263 269 242 210 Meat and fish 160 ! 152 148 174 200 Other foods 179 I 172 177 152 202 Total, not food 157 ! 156 158 154 181 ITALY. Iron and steel 143 i 145 148 132 183 Other minerals and [1920=100.] metals 138 ! 138 139 140 161 Cotton 198 I 184 188 185 213 All commodities 91 91 91 93 93 Other textiles 168 165 166 168 162 Vegetable foods 96 100 104 112 114 Other articles 159 I 160 161 163 190 Other vegetable products 102 102 101 120 102 Animal foods 113 110 1114 110 125 Chemicals 68 68 68 70 71 UNITED KINGDOM—STATIST. Textiles 89 85 K5 80 75 [1913=100.] Minerals and metals.... 66 65 65 65 59 Building materials 84 86 85 81 91 All commodities. 150 147 147 150 ! 175 Sundries 96 97 97 95 93 Foodstuffs 159 155 155 159 I 191 A Su n g im ar, a l c o fo ff o e d e s , tea 1 1 5 9 9 1 1 1 6 6 1 7 1 1 5 8 5 0 1 1 7 5 8 1 ! 1 1 8 5 6 3 INDIA. Vegetable foods.. 146 143 144 137 ! 203 (July, 1914-100.] Materials 145 142 142 145 i 168 M T Su e i x n n t d e i r r l a i e e l s s s 1 1 1 6 3 3 7 5 7 1 1 13 5 3 6 8 4 1 1 1 3 3 5 5 7 6 1 1 1 2 6 4 6 6 6 j | 1 1 1 7 4 8 3 9 2 Au 1 g 9 u 23 s . t, J 19 u 2 l 3 y . , J 1 u 9 n 2 e 3 , . Au 1 g 9 u 22 s . t,Au 1 g 9 u 23 s . t, CANADA—DOMINION BUREAU OF STATISTICS. 174 171 170 176 187 114 111 115 135 153 11913-100.] 112 114 108 145 182 231 246 265 227 238 All commodities 155 153 154 145 I 161 Tea 211 209 202 154 107 Vegetable products 148 147 147 132 I Other articles of food — 222 207 219 196 170 Animal products 133 127 126 131 134 135 138 145 150 Textiles 197 196 199 174 73 76 92 109 85 C I N N W r h o o o o e n n n o m m f d p e i e r r c p r o t a o r a d l o u l s u l d s i c c u m t c s m t e s t i a n l e s rals 1 1 1 1 6 8 6 7 8 4 8 « 1 1 1 16 7 6 8 5 8 8 4 1 1 1 1 9 6 8 7 7 9 6 4 9 0 1 1 1 1 1 0 5 6 9 6 0 7 6 2 6 O O t t h h e e r r t r ex a t w i l a es n — d si l m k a n a u n - d 2 1 1 3 9 6 9 6 0 2 1 1 7 3 8 4 8 7 2 1 1 4 7 9 5 9 1 2 2 1 1 5 0 3 9 8 1 2 1 3 4 5 5 2 0 Kaw materials, or partly Building materials— manufactured 145 144 144 j. 119 116 122 127 143 Manufactured, fully or chiefly 159 156 158 Producers' goods 145 146 147 NEW ZEALAND. Consumers' goods 152 149 148 [1913-100.] CHINA. All commodities 175 169 177 177 197 [February, 1913=100.] Agricultural products 166 166 167 144 158 All commodities 157 153 155 140 154 F W lo o u o r l, , h b i r d a e n s , , a t n al d l o o w at , m b e u a t- l. 159 161 161 179 207 Cereals 153 150 153 140 140 ter, etc 132 135 136 139 15S Other food products 150 149 154 129 134 General merchandise, etc. 168 168 170 176 207 Textiles 155 154 156 139 158 Building materials 199 199 199 201 328 Metals 167 157 156 130 150 Leather , 151 151 149 154 175 I F B n u u d e i u l l d st in ri g a l m m at a e t r e i r a i l a s ls 1 1 1 6 6 7 6 6 3 1 1 16 6 6 3 4 2 1 1 1 6 7 6 1 1 8 1 1 1 7 6 8 0 5 5 1 1 2 7 7 5 3 7 8 C Co h a e l micals and manures.. 1 1 3 8 2 7 1 1 3 8 2 7 1 18 3 7 3 2 1 0 3 1 8 1 2 7 1 1 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1206 FEDERAL KESEBVE BULLETIN. NOVEMBER, 1923. REVISION OF THE INDEX OF WHOLESALE PRICES IN THE UNITED STATES. The index number of wholesale prices in the United States, compiled by the Federal Reserve Board, has undergone slight revisions to correct errors in calculation. The changes occur chiefly in the goods produced group in the months following June, 1921, and have resulted in a five or six point increase in the price level of such goods, accentuating the spread between the prices of domestic and imported goods. The general level of all commodities has remained unchanged except for an occasional adjustment of one point. The entire index number in its corrected form is given below from June, 1921, to date: Goods Goods Goods Raw Pro- Con- All Goods Goods Goods Raw- Pro- | Con- All pro- im- ex- ma- duc- sum- com- pro- im- ox- ma- due- comduc- port- port- teri- ers ers modi- duc- port- port- teri- modied. ed. ed. als. goods.goods. ties. ed. ed. ed. als. goods. ] goods.ties. 1921. 1922. June 146 102 126 133 143 154 143 August 169 127 162 184 144 156 166 July 149 103 126 134 136 162 146 September. 167 127 157 181 147 154 164 August 150 104 127 133 133 167 147 October 168 134 163 179 150 156 165 September.. 150 106 149 138 133 162 147 November.. 166 136 173 177 150 156 164 October 149 107 146 140 132 158 146 December.. 167 137 174 177 149 157 165 November.. 148 108 143 141 128 157 145 1923. December.. 145 111 141 140 127 153 143 January 168 139 180 182 150 156 166 1922. February... 168 145 187 181 156 154 166 January.— 145 110 139 141 127 150 142 March 171 153 193 184 165 155 169 February... 149 110 142 145 127 155 146 April 172 155 186 181 169 158 170 March 150 111 144 147 126 157 147 May 169 155 179 176 167 158 167 April 152 115 144 150 129 156 149 June 166 148 182 171 164 157 164 Miy 161 119 155 164 137 160 158 July 161 141 170 163 160 155 159 164 124 163 167 141 164 161 August 161 136 166 162 158 157 159 June 168 128 165 177 143 163 165 September. 165 144 176 167 160 162 163 July REVISION OF THE INDEX OF WHOLESALE PRICES IN THE UNITED KINGDOM. There have been revisions in the index numbers of wholesale prices in England which lower the general level of all commodities about 2 points, and also change the gold basis figures. Both series are given below from 1919 to date in their final form. There were no changes in the group index numbers. All All AU AU All m i n c t n u i o o d e m m d s e , i x - - - t v o b C e a r g o s t o n i e s l - d . d m i n c n t o i u o d e m m d e s i , x - - - t v o b e C a r g o s t o n e is l d - d . . m i c n n t o i u o d e m m d e s x i - , - - t v o b C e a r g o s t o n e is l - d d . m i n c n t o i u o d e m m d e s, i x - - - t v o b e C a r g o s t o e n i l s d - d . m i n c n ti u o o d e m m d e s i x , - - - v to b e C a r g o t s o e n i l s d - d . bers. bers. bers. bers. bers. 1919. 1920. 1921. 1922. 1923. January 227 222 January 301 227 January 240 185 January 167 145 January 165 158 February 222 217 February... 316 219 February... 223 177 February... 165 148 February... 168 162 March 210 203 March 325 249 March 210 168 March 166 149 March 173 166 April 214 205 April 330 266 April 203 164 April 165 150 April 175 167 May 224 215 May 336 265 May 198 182 May 169 154 May 173 164 June. 234 222 June 334 271 June 195 151 June 167 153 June 171 162 July 242 220 July 322 255 July 193 144 July 169 154 July 168 158 August 249 218 August 317 236 August 193 1*5 August 166 152 August 164 154 September... 251 215 September.. 311 224 September.. 191 146 September.. 163 148 September.. 164 153 October 261 224 October.... 293 209 October 185 147 October 160 146 November... 272 229 November.. 277 195 November.. 174 142 November.. 162 149 December 283 221 December.. 257 184 December.. 170 145 December.. 164 155 • INDEX NUMBER OF RETAIL FOOD PRICES IN^ESTHONIA. The following index number of retail food prices in Esthonia has recently been constructed and is presented m the BULLETIN for the first time. The index is constructed by the Central Statistical Bureau of Esthonia and is based on the retail prices of 24 foods. It is an unweighted arithmetic average of relatives, with 1921 equal to 100. [1921-100.] 1921 1922 1923 1921 1922 1923 January... 115.8 85.3 92.2 || July. 98.1 83.5 February. 111.5 82.0 93.7 !| August. 93.9 83.4 March 111.5 79.9 102.3 September. 94.0 87.9 April 106.1 81.9 October 92.7 89.4 M y 103.7 80.8 92.7 November. 87.1 90.3 Jane 100.2 84.6 92.3 December.. 85.1 92.6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1207 COMPARATIVE RETAIL PRICES IN PRINCIPAL COUNTRIES. In the following tables are presented statistics showing the trend of retail food prices and cost of living in the United States and certain other countries. Descriptions of these index numbers were given in the BULLETINS for January and April, 1923. Wherever possible the index numbers have been shifted to a July, 1914, base, instead of being shown on the different bases used in the original computations. INDEX NUMBERS OF RETAIL FOOD PRICES. EUROPEAN COUNTRIES. UNITED STATES AND OTHER COUNTRIES. Year and Nethmonth. e ( A n t V r n u i i a a s - - ). g B iu e m l- . C v z a s e l k o c i - h a o . -F ( r i P s a ) a n ." r c - e c m i G t ( a i 7 e e n 1 r s y - ). m ( l G B i a n e e n ) r r . y - - Italy. l ( s a A t e n e r m d r - - s - N w o a r y - . ( S r M p id a a ) i . d n ' - S d w en e . - l S a z n w e d r it . - " - U K d n o i i n m t g e . - dU St n a i t t e e s d . C ad a a n . - t A ra u l s ia - . ( I b B n a o d y m i ) a . - l N Z an e e a w d - . dam). 1914, July. 1 >100 100 100 1 1 •100 "100 100 100 100 «100 100 100 100 100 100 100 1920, Sept. 407 »13 13 480 336 307 267 199 215 197 173 1921, Sept. 422 1,428 329 16 17 542 290 ""187" 228 203 225 150 159 154 183 161 1922. Sept 13,531 384 1,105 291 154 176 537 154 228 179 180 153 172 137 139 149 161 139 Oct 11,886 406 1,016 290 266 288 555 149 220 178 178 153 172 140 138 146 158 138 NOT 11,145 433 984 297 550 606 561 146 216 178 170 155 176 142 139 145 155 139 Dec 10,519 429 962 305 807 832 557 147 215 177 168 155 178 144 140 146 157 13S 1923. Jan 10,718 425 941 309 1,366 1,337 541 148 214 180 166 155 175 141 142 145 151 Ut Feb 10,784 436 934 316 3,183 3,304 527 149 214 181 165 154 173 139 142 144 150 139 Mar 11,637 434 926 321 3,315 3,261 523 149 214 178 166 156 171 139 145 145 149 141 Apr 12,935 411 927 320 3,500 3,286 530 149 212 180 163 158 168 140 143 146 150 143 »fey 13,910 407 928 325 4,620 4,624 535 147 214 178 161 161 162 140 140 148 148 143 June 14,132 417 933 331 9,347 10,059 531 145 213 170 161 165 160 141 138 162 146 143 July, 12,911 448 921 321 46,510 39,915 145 218 172 160 164 162 144 137 164 148 142 Aug 12,335 469 892 328 670,485 643,626 143 220 178 161 162 165 143 142 165 149 143 Sept 12,509 498 904 339 16,554,6S0 143 218 178 165 177 168 146 141 161 149 145 Oct 12,636 162 172 1 Includes, in addition to foodstuffs, certain items of fuel and light. « April 15,1914. • Average for 1913. * June. * July. COST OF LIVING INDEX NUMBERS. EUROPEAN COUNTRIES. UNITED STATES AND OTHER COUNTRIES. Y m ea o r n a th n . d A (V n u i s a 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 ( G l B i a n e e n r ) r . - y - I l ( t a M a n l i ) y - . d N l ( s a A a e t e n e r m 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 - c U S i n t t ( i a 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 an s. - ( I B b n a o d y m i ) a . - l N Z an e ea w d - . S A o c f u a r . t i h - 1914, July. i "100 '100 100 »1 1 <100 U00 100 1 a 100 100 ' 100 100 100 100 noo •100 1920, Sept. 471 «931 9 10 261 }96 186 192 152 1921, Sept. •100 386 1,278 295 12 12 520 199 296 398 203 220 177 157 158 185 155 130 1922. Sept 11,306 371 1,160 289 133 164 498 175 246 1,077 154 179 166 162 147 165 144 120 Oct 10,332 376 1,178 221 261 504 1,284 155 178 153 147 162 143 121 NOT 9,701 384 1,169 446 565 505 1,710 158 180 154 147 160 143 122 Dec 9,375 384 1,158 300 685 868 504 176 238 2,310 158 180 170 154 148 161 143 121 1923. 9,454 383 1,150 1,120 1,291 505 3,627 158 178 154 149 156 142 120 Feb 9,601 397 1,149 2,643 2,814 497 5,706 157 177 155 150 155 142 120 Mar 10,151 408 1,147 324 2,854 2,608 493 172 237 7,618 158 176 169 154 151 154 143 119 £:::::::1 1 0 1 , , 8 4 9 4 7 0 4 4 0 1 9 3 1 1 , , 1 0 1 9 6 6 2 3 , , 9 8 5 1 4 6 2 4, , 2 5 3 9 3 6 4 49 9 0 2 9 8 , , 4 3 6 5 7 1 1 1 6 6 3 0 1 1 7 7 4 0 1 1 5 5 5 6 1 1 4 5 7 0 1 1 5 5 5 3 1 1 4 4 3 4 1 1 2 2 0 0 11,513 419 1,109 334 7.650 8,770 491 173 236 12,780 166 169 170 156 146 151 145 120 June 10,903 429 1,111 37,651 32,886 487 20,937 166 169 157 146 i 153 145 lit July .... 10,496 439 1,163 586,045 59,017 43,956 164 171 156 148 154 146 118 Ang 10,841 458 1,172 148,372 173 230 51,755 173 172 157 148 154 Sept 11,027 175 Oct 1 > Apr. 15, 1914-100. New series; food, clothing, < First half of 1914-100. * 6 months moving average. fuel, and lighting in 9 Provinces. • 1910-11-100. • 1914=100. »1913-1914-1. »July. s June. ' 1913-100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1208 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1923, INDEXES OF INDUSTRIAL ACTIVITY IN FOREIGN COUNTRIES. UNITED KINGDOM. PRODUCTION. TRANSPORTATION. Unem- Y m ea o r n t a h n . d Coal. i P ro ig n. S c i g a n i a t o n n e g s d t - e s t s - l . i s F s t h e in e e - d l. r p R i s t c s l u o o a y i p n b t w - - - , l « e m t s I u a f t r 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. R c to o a n w t- . w R o a o w l. h R w id a e e w t s. u s t V c t s n i r o e o e d u s n l n e s - c - . r - c c w V a s l i r e e e n i g a l s t g s - h o r- - m t N o i r l e n a e B t - i s r l , w iti a f T s r y h e r o s e i t . g - a h l t 1 p a 0 s s 2 0 m l p u o o 0 ,0 e r n o y e 0 r s i n e - d 0 n . d g * , - - p a U u t m l i n r o n s a i o e y t o d s m n e n . e d g - - p i p c n a t r N r o n d o o i m e u f i f a e t i l s t - s s - . freight ceipts. Long Long Long Long Long Square Long Oross Net Ton- £ sta- Per Per Per Monthly av: tons.1 tons.1 tons.1 tons} Bales.' tons.1 yards.' Ions.' Lbsf Lbs.1 tons.1 tons.1 miles.* ling.1 cent. cent. cent. 1913 23,953 855 639 414 «596 6,117 181 7,757 2,003 5,652 2.1 11.7 1920 19,108 670 756 646 1,397 271 374 2,078 158 4,508 3,603 3,049 1,546 2.4 15.2 1921 18,388 218 302 238 1,234 142 244 2,0.55 98 5,367 3,313 3,033 1,108 9,132 13.8 15.3 10.3 1922 20,996 408 349 1,064 283 352 5,350 119 5,500 1,810 4,974 1,401 9,636 13.3 15.4 7.0 1922. September. •25,681 430 556 853 279 399 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 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 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 5,711 5,145 1,429 8,887 12.4 14.0 1923. January... 21,219 568 634 480 1,123 353 404 5,612 135 5,281 1,616 9,828 13.0 13.7 9.9 February.. 22,247 543 707 507 1,104 318 346 5,903 130 4,985 1,505 9,183 12.1 13.1 March •27,577 634 803 56$ 1,034 36S 337 7.180 124 1,492 6,043 1,695 10,345 11.4 12.3 April 21,264 652 749 513 871 387 320 6,840 63 5,980 1,530 9,353 11.2 11.3 9.8 May 20,464 714 821 537 762 425 410 7,684 54 6,444 1,598 9,470 11.0 11.3 Tune • 28,021 693 768 528 602 365 305 6,589 36 1,338 6,339 1,517 9,159 11.0 11.1 July 20,061 655 640 453 535 308 320 6,767 46 5,540 11.3 11.1 August.... 19,108 600 568 451 324 333 6,580 55 '2, 5,833 11.5 11.4 September.. •26,925 559 583 334 348 6,316 63 1,271 11.4 11.3 > In thousands; 000 omitted. * Figures for end of the month. ' Figures for 5 weeks. 1 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. IMPOSTS. TRANSPORTATIOK. Unem- Year and month. Pig iron. C st r e u e d l e . s H C to a o c v t k t r o e n a . t ' v T o o lu ta m l e. v T o o lu ta m l, e. c c o o n R tt s o a u w n m f p o - r co si n R lk s a u w f m or p- c C o o t n i a s o l u n m f . o p r - c V le e a ss re el d s . A fr d v e c a e i a i r g l r a h y g t e o R p f a e p l c r e r i a i n p i c l t - i s - m r p e u a P l c n i o a d e i y r i c i v i e i s n i p d . n a g l tion. tion. loadings. ways.* Metric Metric Metric Metric Metric Metric Metric Monthly average: tons.1 tons.1 Balu.h' 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 1,658 2,176 .......... •165,892 1920 286 264 225 1,071 4,211 19,577 390 2,005 1,412 479,894 36,222 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. August 447 397 135 1,797 4,471 16,291 579 1,767 2,399 50,875 546,310 606 September... 462 407 99 2,415 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 December... 513 414 197 2,429 4,930 36,468 436 2,177 2,366 55,848 691,539 414 1923. January 486 408 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 316 318 125 1,822 4,087 19,867 285 2,053 2,467 56,972 516,463 588 Sfc:::: 850 355 102 1,513 4,175 17,270 176 1,927 2,485 54,930 647,472 354 393 388 84 1,880 4,502 17,093 298 2,193 2,832 54,272 523,097 199 447 427 64 1,799 4,932 12,550 276 2,561 2,804 56,757 542,148 166 June 400 47 1,921 4,864 14,292 205 2,473 2,817 54,541 558,709 171 July 452 26 1,645 4,803 12,497 610 2,239 2,841 55,412 580,796 146 August 48 2,681 5,063 11,101 971 2,946 2,592 '58,631 111 September... 1 In thousands; 000 omitted. » End of the month figure. • Railways included are: State Railways, Paris-Lyon-M£diterran6e, Nord, Orleans, Est, Midi, Alsace-Lorraine, and Cuillaume-Luxcmbourg. * Bale of 50 kilograms. • Figures do not include Lorraine. * Excludes the Alsace-Lorraine and Guillaume-Luxenabourg Railways. 7 Figures for first three weeks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL. RESEKVE BULLETIN. 1209 CANADA. Re- Receipts at ceipts stockyards in PRODUCTION. of Toronto and Unemwheat Winnipeg. ployat Rail- ment Busi- Fort road among ness Year and month. Wil- re- trade- fail- Ir P o ig n. C st r e u e d l e . l P a ia n o m d rt i Cattle. Hogs. P bo l a a a n n r d d ks s. se f P l r r s v e h - e . d W pu o l o p d . Wheat. Coal. c S ot a t w on. c e M h r i y a n . - - ceipts. u m b n e e i r m o s n . - ares. AAi-r thur. I Bush- Num- Num- Bush- Dol- Dol- Per Num- Tons.'1 Torn.1 eU> ber. ber. Feet.' Lbs* £6». els* Tons.* Lbs* lars.* lars* cent. ber. 1921 average. 50 56 14,447 39,904 34,165 85 11,007 87,871 12,238 1,525 7,269 2,292 33,885 12.5 47 1922 average. 32 41 20,363 49,832 40,473 166 9,488 136,375 17,462 1 085 9,229 1,895 34,021 7.1 74 1922. August 29 59 3,681 75,212 29,381 i 213 7,607 169,611 11,587 440 8,459 1,963 i 35,546 3.6 64 September.. 25 36 36,986 67,579 26,154 191 20,675 180,068 9,233 663 4,276 1,918 39,693 ' 2.8 65 October 37 53 65,120 87,092 39,806 i 239 13,239 154,019 37,593 1,465 4,383 1,931 47,641 3.9 72 November... 34 51 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... 36 47 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 88 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 84 93 7,641 44,969 58,771 152 5,452 103,660 5,143 1,432 9,633 2,410 33,128 4.6 i 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 89 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 40,224 224 7,386 183,114 11,419 2,025 3,699 2,361 fc7,898 2.2 '52 September . 75 66 28,318 61,456 35,923 38,944 56 ' In thousands; 000 omitted. »In millions; 000,000 omitted. » Average for four weeks only. JAPAN. PBODXJCTIO1J.* EXPORTS. TEAUSPORTATIOK.I Raw silk Year and month, i C ya o r tt n o s n . f ( t a h a S b a y i r b l e i k c u ). s - Paper. s Y h t m k o a o e a c m k r t k o . a * s - , S ra il w k . , f ( t a h a S b a y i r b l e i k c u ). s - C ya o r tt n o s n . S s g i i a h h n n r n e i g a g r d e y s s t , t - . - G t r e e a e . n c g o R in t a t n o w e n d , . Wool. s p h I a l r e a n o e t d n e ts s . V c f t o l r e e r a i s e a n d s i r g e e e l n . d s F c w S a r r e r o a t a r a i i n y i g l t e - s e h d . t c w S e r R a o t a i e a p i f y - l t t - s e s . Monthly average: Bales. Hiti.' Pound*.! Bales. Pieuls.' Pieuls. Pieuls. YardtA Piculs.i Pieuls.* Flculs. Piculs.* Tons. Tons. Yen. 1913 126 16,857 2,302 113,374 7,921 537 13,162 132 2,075 2,923 11,728 1920 151 53,111 14,557 2,264 74,839 28,465 14,357 648 46,918 2,216 4,548 27,589 1921 151 149 44,538 I 58,477 21,836 1,702 73,065 23,210 9,240 720 22,278 312 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 i 2,969 4,768 33,864 1922. July 183 159 53,734 45,848 34,541 1,793 51,660 25,284 28,243 433 37,431 872 2,987 4,641 32,977 August 179 116 54,553 56,032 36,198 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 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 53,280 152 2,771 4,496 30,166 February... 183 90 57,837 30,900 25,399 1,129 54,298 24.431 2,914 918 35,093 239 2,589 4,580 28,909 J A J M M u u p a a n ly r r y e i c . l h 1 1 1 1 1 8 9 8 9 9 2 6 9 5 3 1 1 1 7 9 1 1 2 3 7 7 4 6 6 6 6 6 6 1 4 2 3 3 , , , , , 8 3 2 6 8 0 4 2 9 2 1 1 9 3 4 3 3 3 4 2 3 6 0 9 6 , , , . , 4 9 7 1 7 7 2 1 7 8 4 3 4 2 3 2 1 1 1 7 7 6 6 , , , , 2 6 7 9 0 9 9 2 7 6 7 8 9 7 8 6 5 7 3 6 0 2 8 2 9 9 7 8 8 2 , , , 3 5 2 7 0 9 6 5 2 3 3 2 0 3 9 , , , 4 0 9 9 0 9 9 3 5 3 2 6 1 1 , , , , 6 1 6 6 5 9 4 1 0 3 5 1 1,1 8 9 2 4 8 6 4 0 9 7 6 4 1 5 , , , 9 9 7 7 9 2 0 9 7 2 2 4 9 1 5 9 1 8 3 2 S , . i 3 9 3 1 1 3 5 6 0 5,414 3 4 7 2 , , 5 40 1 5 3 August 46,771 September.. 144 ' In thousands; 000 omitted. 1 One hiltl 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

1210 FEDERAL BESEEVE BULLETIN. NOVEMBER, 1923. GERMANY. UNEMPLOY- MENT. Y m ea o r n t a h n . d t c i P d c a o o o n u n r k a o d c e l o - - . f o p c f a I o o m n c k r o d e t - a s . l fa m I i c a r a r t n o u o n d n n r u e - s. c t h e s a r M u i l i n n e c p a d c e a - - - r l y s D t d a u y n y f e d e f - s s . Coal.» w R o a o w l. m t H s u f a i a r l a n c k e l - u d f . - t C o o n t . - ' I o r re o . n < H A v r a e r s m i s v e b a l u s ls r i n o g f . A e a c a v v a p f 1 b o e a n 0 p l r r i 0 t e l l y s i - - 1 | j 1 j i ( r p p J S e e n i l c t r o n a e e s y g i t m o v e e n - d - s B u fa u r i s e l i - s - . plies. posi- aid. tions. Monthly aver- Metric Metric I Mark Metric Metric Metric Metric Metric I Metric Metric Num- Num- Num- Numtons.6 tons.' tons. tons. tons. tons. tons. tons. ' tons. tonsfi ber. Tons.' ber. bers ber. 1913. 17,003 928 541,475 60,919 21,812 2,881,126 16,608 920 | 43,424 1,225 1,256 1,182 816 1820. 13,043 30 145,883 46,772 8,462 608,749 «4,025 «232 12,490 538 401 374 366 331 1921. 13,664 179 1203,681 39,037 !8,530 518,937 '11,860 1393 130,894 '619 700 794 165 310 744 1922. 13,337 1,074 220,803 49,147 12,731 421,835 15,910 407 21,483 1,003 907 1,084 131 77 84 1922. August.... 12,780 1,774 198,408 50,978 12,616 121,359 11,011 459 20,915 997 1,005 1,171 107 15 j 69 S O N e c o p t v o t e e b m m er b b e e r r . . 1 1 1 3 2 2 , , , 6 3 9 2 2 8 3 9 6 2 1 1 , , , 8 1 8 6 4 9 1 8 0 2 2 2 4 4 3 6 4 3 , , , 0 0 5 1 7 5 2 4 3 4 5 4 0 0 1 , , , 1 6 6 5 9 4 0 9 4 1 1 1 3 5 1 , , , 4 1 1 7 1 8 7 0 7 1 1 1 2 1 3 5 0 7 , , , 2 6 3 4 7 4 5 0 1 1 8 9 0 , , , 7 1 0 0 9 2 8 8 3 3 3 4 4 7 2 2 1 5 1 1 2 3 0 0 , , , 9 5 6 5 8 2 9 4 2 ! I I 1 1 , , 0 3 8 9 1 4 0 6 2 1,0 9 8 1 4 7 6 5 7 1 1 1 , , , 2 2 0 0 7 4 8 2 6 1 1 1 1 3 6 9 4 2 1 2 12 7 5 i ! i 4a u 5 December.. 12,251 1,491 285,464 85,350 16,472 123,826 8,828 297 ! 25,942 1,038 936 1,041 187 43 I 39 I 1923. January.... 1,987 1,897 236,709 42,209 13,651 90,626 11,448 254 26,382 867 993 1,142 214 85 24 February.. '1,554 1,438 209,965 34,438 12,077 120,947 10,240 244 19,030 269 900 ,1)47 242 150 17 March 3,470 143,853 36,608 11,443 34,237 8,635 278 10,655 148 ,250 381 245 190 30 April. 4,658 143,213 30,038 9,244 142,219 26,170 202 19,423 144 ,165 ,319 265 222 45 May. 2,591 135,605 30,464 10,223 92,735 9,998 249 16,380 100 ,102 ,314 211 266 32 June 3,094 107,151 24,856 9,716 75,315 11,867 455 5,604 208 ,158 1,313 197 255 35 July 2,477 131,870 37,482 8,924 68,633 15,129 316 7.39S 144 1,411 172 138 18 August ,180 1,364 257 244 13 September.. ,203 1.351 9 > Figures for first 4 months not available. Average 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. IMPOSTS. TRANSPORTATION. Unemployed Year and month. li P o i n g . st I e r e o l n I n a g n o d ts. U b n o p a l r a d n s e . d P p a u p lp e . r Coal. wi e V t n h e t s e c s r a e e r l d g s o. wi V c t l h e e a s c s r a e e r l d g s o. r o F a c n a i r l r e w S r i t g i a a e h y d t t s e . v w a p o c e r a r k n m 1 c 0 i e e 0 n s. B fa u i s lu in r e e s s i . Metric Metric Cubic Metric Metric Metric Monthly average: torn.' (OTU.I meleri.1 ton*.' tons.1 Net tons.' Net (OTU.I torn.' Number. Number. 1913. 61 49 328 71 408 1,147 1,147 830 112 817 1920. 39 37 306 73 234 677 692 991 107 191 1921 26 17 162 40 122 519 482 589 276 at 1922 . .. 22 26 320 87 220 594 642 681 290 388 1922. 22 27 539 104 294 694 836 765 172 300 22 31 608 113 229 684 808 776 155 371 October 23 31 494 144 270 699 822 799 177 33f November 27 34 465 189 302 705 751 796 269 361 28 29 384 158 346 655 671 635 321 309 1923. January. 22 15 97 41 227 679 639 643 346 387 6 0.4 15 12 201 603 517 669 308 338 March.. . .. . 10 1 38 9 218 783 729 785 231 322 April 10 2 74 18 243 718 720 747 165 273 May . . 12 2 311 98 363 756 932 702 135 301 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 .. . 30 37 352 93 309 861 1,067 140 217 September 308 79 404 126 268 1 In thousands; 000 omitted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1211 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.] Year and month. to d F b a r o a i n o n c d d k c , o , . u f r a m a i n m r a c R m t a l t a i s a u i c a t n w r a l e n e l e n - y u d s d - .f A m a w m c r h a a t t o u i i o n c r n r l u l e l l e y y - d s . I jl i a M p n p n a c i i e o n s r l o s c u c g u t e e d . l s l - - , Total. to d F b a r o a i n o n c d d k c , , o.u f r a m a n i m r a c R m a t t l i a s u a i c a n t w r a l e n e l e n - y u d s d - . f A m a w m c r a h a t t u i i o n c n r l u l e l l e y y - d s . l i M a p n p n a c i i o e n s r l o s c c u g t e e u d . l l s - - , Total. e e a x T x n p p d o o o t r a r r e t l t s s - . Monthly average: I 1913 ! 24,184 23,485 16,134 259 64,061 2,716 5,825 34,281 949 43,770 52,901 1920 1 63,817 59,196 37,787 254 161,387 4,245 12,126 93,312 1,523 111,206 129,769 1921 47,391 22,598 20,421 268 90,458 3,122 5,297 49,055 1,126 58,600 67,528 1922 39,429 24,853 19,160 261 83,660 3,027 8,501 47,451 1,062 60,041 68,689 1922. September.. 35,555 21,818 19,244 296 76,944 3,154 10,099 48,361 897 68,893 October 38,617 26,409 19,726 262 85,01fi 3,066 9,211 47,010 1,112 68,674 November.. 45,501 30,223 19,587 290 95,600 3,408 10,101 51,964 1,018 75,639 December.. 42,292 32,499 19,838 283 94,912 2,796 9,493 44,932 1,662 67,362 1923. January 47,398 30,288 21,707 307 99,700 3,364 9,372 53,135 1,068 66,939 76,737 February... 37,141 26,739 19,462 513 83,855 2,864 9,470 44,324 852 57,510 67,333 March 40,726 27,732 21,226 338 90,022 2,646 11,564 45,935 776 60,921 70,008 April 41,772 22,939 21,446 260 86,417 3,224 11,717 46,922 1,009 62,871 75, *00 May 43,631 23,741 21,562 544 89,479 3,851 14,041 52,801 861 71,555 83,»28 June 44,087 23,652 21,179 390 89,308 3,940 11,540 46,534 870 62,884 73,838 July 35,188 20,991 20,272 368 76,818 3,131 10,835 44,734 803 59,504 68,304 August 44,070 22,333 21,774 561 88,743 3,428 10,223 45,446 1,006 60,103 66,232 September. 38,150 23,579 20,874 662 83,266 4,010 9,821 48,937 1,068 71,947 FOREIGN TRADE OF FRANCE. IMPORTS.1 EXPORTS.' In thousands of francs. In thousands of francs. Year and month. In In thou- thou- Food. Manufac- Total. s m a t n o e d n tr s s i . o c f Food. ma R te a r w ia - ls. 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 o . of Monthly average: 1913 151,465 412,144 138,169 701,778 3,685 154,841 301,421 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 479,026 950,746 409,220 1,838,992 3,165 172,571 340,967 1,029,701 104,470 1,647,709 1,333 19223 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 1922.3 August , 506,064 1,100,369 367,549 1,973.982 4,471 179,19J 505,603 963,599 158,036 1,806,432 1,797 September 474,000 1,084,000 323,000 1,881,000 4,138 139,000 554,000 1,086,000 80,000 1,859,000 2,415 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 ':,087 243,551 728,243 1,379,622 122,962 2,474,378 1,822 April' 582,489 1,628,170 349,539 2,560,198 ,175 2,507,895 1,5U May 599,368 1,611,688 385,825 2,596,881 ,502 271,206 810,836 1,455,389 137,614 2,675,045 1,880 June 569,370 1,654,438 334,528 2,558,336 252,543 768,803 1,321,161 136,884 2,479,391 1,789 July 603,994 1,657,197 354,457 2,615,W8 279,663 760,815 1,276,251 107,052 2,423,781 1,921 August 645,454 1,635,462 352,301 2,633,217 249,201 701,641 1,497,144 94,834 2,542,820 1,645 September 604,000 1,651,000 358,000 2,613,000 5,063 222,000 683,000 1,380,000 150,000 2,435,000 2,681 ' Calculated on basis of actual declared value. > Exports calculated on 1921 value units until May, 1923. »Not including reexport trade. < 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

1212 FEDERAL BESERVE BULLETIN. NOVEMBER, 1923. FOREIGN TRADE OF DENMARK. ITALY. NETHERLANDS SWEDEN. CANADA, BRAZIL, INDIA, AND JAPAN. 1 Denmark. Italy. Netherlands. Sweden. Canada. Brazil. India. Japan. (In millions of (In millions of (In millions of (In millions of (In millions of (In millions of (In millions of (In millions of kroner.) lire.) guilders.) kronor.) dollars.) milreis.) rupees.) yen.) Year and month. Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- i Ex- Im- i Ex- Im- Exports. ports. ports. ports. ports. ports. ports. ports. ports. ports. ports, i ports. ports. ! ports. ports. ports. i i Monthly average: 1913 71 60 304 210 (i) (i) 71 68 56 31 84 ! 82 134 ! 205 61 fa 1920 262 151 •2,235 981 278 142 281 191 89 107 174 i 146 173 ; 272 195 ! 162 1921 136 121 '1,439 690 187 114 106 91 103 101 141 : 142 280 214 135 ! 104 1922 126 103 1,311 776 169 102 97 97 63 74 138 194 201 244 158 136 1922. 134 90 1,052 732 179 99 105 124 67 74 147 182 : 212 2S2 137 14« 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 ' 1(11 132 120 1,248 1,046 172 104 111 128 76 132 169 237 - 207 289 116 13V December 143 110 1,918 1,014 163 100 110 120 70 112 186 250 192 281 143 198 1923. January . . 143 108 1,060 789 173 91 88 65 68 66 183 248 .: 214 295 150 nil February 153 118 1,572 750 162 95 88 49 65 59 142 251 : 194 317 156 i 123 March 168 135 1,496 887 165 107 109 61 92 78 222 283 186 327 197 121 April 168 115 1,389 731 170 97 115 62 68 54 177 220 '' 211 307 188 150 May 154 134 1,587 785 160 104 111 105 84 76 185 223 193 301 203 UK June 141 136 1,956 943 160 98 111 112 85 95 169 194 ISO 299 208 110 Julv Ifi6 127 157 96 103 105 77 84 184 179 164 261 159 j 119 August 172 140 151 108 113 112 79 81 September 166 128 127 111 71 69 1 Dutch figures tor 1913 not comparable with later figures. »Based on 1920 value units. «Based on 1921 value units. FOREIGN TRADE OF UNITED STATES, CLASSIFIED ACCORDING TO STAGE OF MANUFACTURE. [In thousands of dollars.] Merchandise. Merchandise. I Food- Food- Year and month. Gold. Silver. f m u C m a r i s c r i f n a a e a o u t n g t u l r d i e u s . r n e - - - c s c m t f a a o t r o i u i n u n a n o n o f i d l d d n f - d s s e i . - ! W j | i ! [ ] t w p s u F t f a m r u o a h o e r c f r o o t i f d - l d s - l y . l i - yf u ! M ui t ? s ' ; u f ru e f a . a t l o r a uh c m n . e ! r - n e t u s H u r I - 1 i M t t uc u f i m a a o o r c P n n e n - - u - s . - c T d m h i o s a e t e n r a . - i - l ; | I [ | ! [Cold. Silver.! ! i ! : f u m m a C i r s c n f i r a a e o a t g u t u n l . r e i d s r u n - - e - c c m s f t a a o t r o i u i n n u a n o o n f i l d d d n d - f s s i e . - ! ! ; ; 'm t F s w p u t f o a a u r h o a o n e r f c o r f t d d u - l l s l y - . - y . f m f M u a u t i u s f c a r f n a a e t r o t n c h n g u e r - i u e u s . r n r - - - s M r t t u c e u f i f a o a m a o o r c n n d n e r - p " - u y s . - - c T d m h i o s e a t e r n a - . l - ' Monthly average; 1913 !. 5,309 2,989; 50,414 18,399 16,529 28,354 34,453 149,383 7,650[ 5,2311 64,072 14,132 27,069 33,0771 64,998 207,002 1920 34,756i 7,338! 145,995 48,136103,178,66,871 73,060; 439,873; 26,841 9,468 155,897] 76,499 93,050 79,875' 267,071 685,668 1921 57,606i 5,270' 71,087 25,3-45! 30,737! 28,672! 51,587 209,929! 1,991 4, 82,002 57,681 55,809 33,323; 135,450 373,760 1922 22,919! 5,8»9i 96,756 27,484! 32,284! 46,056 55,246 259,395 3,073 5,236 81,780 38,219 48,999 36,481i 107,693 313,758 1922. April 12,244! 4,800 69,800 25,711 32,487j 37,203j 50,818 217,023 1,579 5,109 79,497 31,162 47,770 37,999 113,846 318,470 May 8,994! 5,512; 87,877 31,264 34,785 39,595 58,268 252,8171 3,4071 5,677 64,374 34,151 50,369 40,422] 112,161 307,569 June 12,977; 6,346] 91,146 26,176 37,342147,527 57,453 260,461] 1,601 6,004 70,262!40,998 55,471 39,465! 121,319 335,117 July 42,987; 6,957 87,366 27,596 38,513147,960; 49,475 251.772| 6441 6,269 59,859]41,959 49,225 35,625] 109,596 301,157 August 19,092': 4,944' 110,304 22,481 42,405 48,386!55,857 281^376! 956| 3,861 47,868, 61,314 46,074 35,733 104,853; 301,775 September' 24,464^ 6,370, 86,818 18,729 24,023 41,767; 54,036 229,4931 1,399! 3,735 66,611- 55,149 43,229,34,964 107,254 313,197 October* 20,866; 3,940 137,651 37,465 30,289 65,67-1171,746 345,104! 17,592; 3,269| 133,700!40,798 47,921 32,940! 110,190l 370, 719 November 18,308! 5,855 111,146 32,650 31, 770 56, 759j 291,805] 3,431 6,599! 144,333!33,615 51,471'33,850 110,275 380,000 December 26,440; 7,848 123,937 31,221 26,196 58,007 52,673 293,789 2,710 6,913' 113,343;26,021 49,362 35,867 113, 855! 344,328 1923. J F a e n b u r a u r a y ry 3 8 2 , , 3 8 8 2 3 0 [ r 5 3, , 7 8 9 2 2 5 1 1 2 3 7 9 , , 4 08 6 5 7 2 28 8 , , 5 61 9 3 3 3 1 8 , , 2 6 6 4 9 1 6 5 4 5, , 4 6 1 1 3 9 ! 6 5 3 2 , ,3 9 2 3 0 5 1 ! 3 3 2 0 9 3, , 4 2 6 4 5 5 ! ] ! ( 1 8 , , 3 4 9 7 9 2 6 2 , , 9 1 2 9 1 1 1 7 0 7 2 , , 2 0 0 7 7 3! ; 2 2 4 7 , , 2 1 1 6 7 7 i i 5 4 0 9 , , 7 8 4 0 1 7 3 4 9 3 , ,2 3 3 8 5 2 ] ! 1 10 0 7 9 , , 7 6 6 1 0 8 3 3 3 0 5 6 , , 4 9 1 5 7 7 March 15,951! 4,626 144,657 71,024 73,047! 69,830| 398,1781] 10,392 4,732 79,913! 19,364i 55,025 45,978; 132,420 341,377 April 9,188! 4,262 142,710 32,866 60,359 64,821 [ 62,400; 336644,223300!!! 665555 4,336 71,136) 17,730 50,801 49,916!128,493 325,492 May 46,156; 4,461 144,924 28,839 59,893 73,074] 65,320i 372,545] 824 3,499 53,300 25,997 49,132 50,006! 130,653 316,364 June 19,434! 6,066 117,999 24,657 53,328 62,422 61,435! 320,2571] 548 3,581 68,278 21,336 41,543 49,219 131,560] 320,038 July 27,929 10,066 107,035 23,784 56,198 62,391 287,335! [ 523 6,233 60,560 19,509 37,521 49,318! 129,453 303,030 August 32,856 6,466 93,994 21,058 33,010 58,133 67,518 275,382j 2,201 7,032 65,319 23,898, 42,666 45,810! 127,061 311,352 September 27,804' 8,518 77,560 26,468 33,325 49,192 62,939 253,645 863 8,123 131,500 27,056] 45,040! 124,293 375,010 1 Including miscellaneous merchandise imported not shown in the groups. * Including miscellaneous and foreign merchandise exported not shown in the groups. ' Imports of merchandise under old tarifl law Sept. 1-21,1922, only. < Imports of merchandise for Sept. 21-Oct. 31. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBBK, 1923. FEDERAL RESERVE BULLETIN. 1213 FOREIGN TRADE INDEX. wire, acetate of lime, and gasoline. Consumers' goods showed a slight increase, due to larger There are presented below the Federal Re- exports of flour and sugar. serve Board's series of index numbers designed A decrease of more than 16 per cent was to reflect relative quantity movements in the shown in the index number of commodities foreign trade of the United States. Changes imported. Raw materials fell 20 per cent, rein the level of prices have been allowed for by flecting declines in imports of copper, lumber, multiplying the quantities of selected com- silk, and wool; producers' goods fell 22 per modities exported or imported each month by cent, due to declines in imports of rubber, fixed 1913 prices.1 nitrate of soda, hemp, and wrocd pulp. The increase of 14 per cent in consumers' goods was chiefly due to increased imports of coffee. EXPOETS. IMPORTS. Year and Pro- Con- Pro- Conmonth. m R a a t w e- d e u rs c ' - s e u r m s' - Total m Iv a a t w e- d e u rs c ' - s e u r m s' - Total. INDEX OF OCEAN FREIGHT RATES. rials. goods. goods. rials. goods. goods. (12) (10) (7) (29) (10) (12) (5) (27) The accompanying table shows the monthly fluctuations in ocean freight rates prevailing 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 between United States Atlantic ports and the 1920, year. _ 92.2 168.7 133.6 107.5 135.8 227.5 138.9 168.8 principal European trade regions. The figures 1921, year. 103.1 116.9 124.1 108.9 113.6 162.8 141.4 135.6 1922, year. 89.7 108.9 135.1 101.1 157.6 253.1 143.0 189.1 are derived from the actual rates quoted on 1922. the following commodities: Grain, provisions, January.. 82.6 104.3 129.7 94.5 118.4 228.7 135.2 160.1 cotton, cottonseed oil, and sack flour. Rates February. 68.5 86.0 127.6 82.6 128.3 281.3 133.5 183.4 March...... 89.8 121.7 156.5 106.9 148.1 306.8 161.1 206.5 in January, 1920, have been used as a base. Ma? 9 7 0 8 . . 5 3 1 12 2 8 0 . . 8 9 1 15 5 5 0 . . 4 5 1 9 0 9 6 . . 4 0 1 14 2 4 5 . . 6 5 2 2 3 2 6 7 . . 1 9 1 1 6 5 8 2. . 0 0 1 1 6 7 9 7 . . 1 9 For the methods used in constructing the J J u u n ly e.. 8 79 6 . . 1 3 1 12 2 4 4 . . 0 3 1 13 6 3 9 . . 5 2 1 9 0 5 7 . . 0 4 1 1 4 4 8 6 . . 7 9 2 2 7 6 3 6 . . 3 3 1 1 3 3 7 7 . . 3 5 1 1 9 8 1 7 . . C 7 index see the August, 1921, BULLETIN, pages August 88.8 90.0 126.3 96.7 174.2 255.5 120.3 194.2 931-934. September . 91.2 98.9 111.5 96.2 183.5 244.0 133.4 196.7 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 RELATIVE OCEAN FREIGHT RATES IN UNITED STATES AND December • 86.7 109.9 122.8 96.5 219.1 263.0 153.9 224.0 EUROPEAN TRADE. 1923. Jumary.. 78.8 126.5 137.3 95.8 220.4 312.2 155.3 242.3 February. 62.2 133.6 129.6 83.5 197.1 249.5 156.8 209.1 United States Atlantic ports to- March.... 61.9 143.6 144.4 87.3 214.0 348.5 218.5 262.4 April . 89.1 141.9 136.5 83.6 211.1 303.6 212.4 244.1 J A M J u u u a n l g y y e u .. st .. 5 6 5 6 3 7 6 9 . . . . 6 4 0 0 1 1 1 1 5 4 4 4 9 9 5 9 . . . . 4 6 5 8 1 1 1 1 1 2 0 3 3 7 6 0 . . . . 1 3 2 8 8 8 7 8 1 9 7 2 . . . 0 2 3 9 2 1 1 1 6 0 5 3 1 7 0 6 . . . 1 1 2 0 3 2 1 1 2 9 9 9 5 8 6 2 . . . . 1 9 6 0 1 1 1 1 4 2 2 3 4 1 9 4 . . . . 7 1 3 6 2 2 1 1 0 3 8 5 6 5 3 6 . . . . 6 0 4 C Month. U K d n o i m i n t g . e - d A F t r la en n c ti h c. B N l e a e a lg t n n h i d d u e s m r- . S n c a a v n i d a i . - t M n e e r e a r d a n i - . - Eu A ro U pe. September. 102.3 143.3 131.1 112.5 103.5 152.8 147.4 128.2 January, 1920.. 100.0 100.0 100.0 100.0 100.0 100.0 An increase of more than 26 per cent was January, 1921.. 60.7 30.2 34.1 42.9 43.2 43.3 shown in the September index number of com- 1922. January 31.7 22.7 23.3 23.4 32.2 27.1 modities exported, the greatest rise being in the February 34.7 25.9 25.2 23.3 31.8 29.1 raw-materials group, which rose from 69 in March 33.1 26.5 24.9 23.4 30.1 28.3 April 27.8 24.8 22.7 24.0 27.1 25.4 August to 102.3 in September. This reflected May 27.9 25.5 22.8 23.4 27.4 25.7 June.... ... 27.5 26.1 23.0 23.4 27.4 25.7 large increases in exports of cotton, together July 28.8 25.9 22.6 23.0 26.4 25.9 with smaller increases in exports of wheat, corn, 29.2 23.4 20.7 22.4 24.0 24.6 September 27.0 24.1 19.1 22.6 22.2 23.4 oats, and tobacco, althoxigh these were partly 25.3 23.9 18.9 22.9 21.6 22.7 November 28.0 23.4 21.3 22.9 21.3 24.0 offset by decreased exports of anthracite coal. December 27.1 25.6 22.2 22.7 21.8 24.4 The slight decline in producers' gocds was the 1923. result of lowered exports of steel plates, copper 25.3 24.7 19.8 22.3 21.2 22.9 February 21.8 22.6 18.0 22.3 20.6 21.1 March 23.1 23.6 20 0 22.3 19.5 21.9 » The Ust includes 27 of the most important imports the value of which April 22.6 24.2 21.9 22.3 22.0 22.6 In 19! 3 formed 49.3 per cent of the total import values, and 29 of the most May 22 3 23 7 21 0 22 3 20.9 22.1 Important exports the value of which in 1913 formed 56.3 per cent oi the June 21.2 23.5 19.9 22.3 20.6 21.3 total export values. The classification of the originalllst of commodities July 20.2 21.5 18.1 22.3 18.9 19.9 used was given in the July, 1920, BULLETIN. The classification of 11 August 20.1 22.2 17.7 22.3 19.6 20.0 additional commodities of Imports was given in the April, 1921, BULLE- September 20.8 22.5 19. S 22.3 19.0 20.7 TIN, and 2 additional commodities in the November, 1921, BULLETIN. October 23.4 24.4 23.1 22.3 20.3 22.9 Exports of gasoline have been altered to include naDhtha. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1214 FKDEKAL RESERVE BULLETI}?. NOVEMBER, 1923. State Banks and Trust Companies. New National Bank Charters. The following list shows the State banks and trust com- The Comptroller of the Currency reports the following panies which were admitted to membership in the Federal increases and reductions in the number and capital of reserve system during the month ending October 30, 1923, national banks during the period from September 22 to on which date 1,620 State institutions were members of October 26, 1923, inclusive: the system: Num- Amount ber of of Surplus. banks. capital. District No. S. New charters issued.. . . 17 $2,900,000 Restored to solvency 1 150,000 Ninth Bank & Trust Co., Philadel- Increase of capital approved 12 2,925,000 phia, Pa $1,500,000 $16,714,546 Aggregate of new charters, banks restored to District No. 6. solvency, and banks increasing capital 30 5,975,000 Commercial Bank, Trust & Title Liquidations 20 3,850,000 Co., Miami, Fla 150,000 1,395,246 Reducing capital 1 15,000 District No. 7. Total liquidations and reductions of capital.. 21 3,865,000 First Iowa State Trust & Savings Consolidations of national banks under act of Nov. Bank, Burlington, Iowa 300,000 6,043,575 7,1918 50,000 Webster County Trust & Savings Bank, Fort Dodge, Iowa 16,000 391,467 Aggregate increased capital for period j j 5,975,000 Reduction of capital owing to liquidations, etc 3,865,000 Insolvent.—State Bank of Garfield, Panguitch, Utah; Banking Corpo- Net increase 2,110,000' ration of Montana, Helena, Mont. Voluntary liquidation.—Sioux Falls Savings Bank, Sioux Falls, S. Dak. (succeeded by a nonmember). Withdrawn.—First Utah Savings Bank, Ogden, Utah; State Bank & SAVINGS DEPOSITS. Trust Co., Harrodsburg, Ky.; Security State Bank, Neligh, Nebr. Closed.—Discount and Deposit State Bank, Kcntland, Ind.; Farmers According to statistics furnished by 893 Bank, Crawford, Ga. Change of title.—The Falls Banking & Trust Co., Cuyahoga Falls, Ohio> banks distributed throughout all sections of to The Falls Banking Co. the United States, savings deposits were 0.7 per cent greater on October 1 than on Septem- Fiduciary Powers Granted to National Banks. ber 1 and 10 per cent greater than on October During the month of October the Federal Reserve Board 1, 1922. Increases were indicated in all Fedapproved applications of the national banks listed below eral reserve districts except in the Philadelfor permission to exercise one or more of the fiduciary phia, St. Louis, and Kansas City districts, powers named in section 11 (k) of the Federal reserve act where very slight decreases were noted. Deas amended, as follows: posits for the entire country on October 1 were 1. Trustee. 2. Executor. $6,723,550,000, compared with $6,677,016,000 3. Administrator. on September 1 and $6,096,691,000 on October 4. Registrar of stocks and bonds. 1, 1922. A comparison of savings deposits by 5. Guardian of estates. Federal reserve districts on October 1, 1923, 6. Assignee. 7. Receiver. with deposits on September 1, 1923, and Octo- 8. Committee of estates of lunatics. ber 1, 1922, is shown in the following table.. 9. In any other fiduciary capacity in which State banks, The figures for the Boston and New York distrust companies, or other corporations which come into tricts are those of large mutual savings banks, competition with national banks are permitted to act under the laws of the State in which the national bank is but in all other districts reports of other banks located. are included to make the figures representative. The numerals opposite the name of each bank indicate the power or powers it is authorized to exercise. SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS- Place. t D ri i c s- t Name of bank. Powers [000 omitted.] No. granted. Num- ! District. ber of lOct. 1,1923.Sept. 1,1923. Oct. 1,1922.. banks. Meriden, Conn 1 Home National Bank Ito3,5to9 Lewiston, Me 1 Manufacturers National 3, 5, and 9 Bank. Boston $1,198,304 $1,194,152 $1,108,924 Montrose,Pa 3 First and Farmers Na- 1 to 9. New York.... 1,873,986 1,854,412 1,744,493 tional Bank. Philadelphia.. 461,474 461,922 420,090 Allentown, Pa. 3 Second National Bank— Ito9. Cleveland 18 447,247 443,884 383,995 Richmond, Va 5 Planters National Bank... Ito9. Richmond 290,092 288,652 274,199 Etoanoke, Va 5 Colonial National Bank... Ito9. Atlanta 220,055 218,052 193,617 Sheffield, Iowa 7 First National Bank Ito9. Chicago 869,114 866,146 780,502 Evansville, Ind 8 Old National Bank Ito9. St. Louis 35 130,128 130,158 117,136 Marquette, Mich 9 Union National Bank Ito9. Minneapolis.. 15 90,326 88,820 80,356 Chippewa Falls, Wis... 9 First National Bank Ito9. Kansas City.. 61 104,326 104,341 95,547 Beaumont, Tex 11 Texas National Bank Ito9. Dallas 117 89,581 89,539 78,804 Dallas, Tex 11 Republic National Bank.. Ito9. San Francisco 74 948,946 936,938 819,028- Galveston, Tex 11 First National Bank 5 to 9. Everett, Wash 12 Security National Bank... Ito9. Total... 6,723,579 6,677,016 6,096,691 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL EESERVE BULLETIN. 1215 PHYSICAL VOLUME OF TRADE. they continued to be large for the time of the year. Grain movements fell off considerably Business activity, as measured by physical from the high point reached in August. Eeceipts volume of trade, declined in September for and shipments of wheat and oats declined, and manufactured and mineral products, while those of corn failed to advance as much as agricultural movements showed a seasonal in- usual. Stocks and the visible supply of wheat crease. The general index of production in are large, but in the case of corn they are unbasic industries, which includes minerals and usually small. September sight receipts of cotbasic manufactured commodities and is cor- ton were larger than for the same month of any rected for seasonal changes, declined 5 per cent year since 1919. Cotton seed received at mills during September to 114, the lowest point since was also in large volume, although not up to last October. On the other hand, the index of last year. Marketing of loose-leaf tobacco conmanufacturing output, which includes many tinued large in North and South Carolina, and commodities m the more advanced stages of sales exceeded those of last September. manufacturing, declined little more than in The anthracite miners' strike was responsi- September of previous years, and employment ble for the greater part of the decline in the in all industrial establishments remained prac- mining index for September, but all other comtically unchanged during the month. Trans- ponents of the index likewise decreased. The portation of all classes of goods, although gen- drop in pig-iron output was large, while the erally lighter than in August, continued heavy. amount. of bituminous coal mined was rela- Although movements of agricultural prod- tively small for September. Copper producucts were very large in August, the September tion fell from the August high point to about index moved further upward, advances in the the level prevailing during the three previous marketing of livestock, cotton, cottonseed, and months. Zinc output was the smallest since tobacco offsetting a substantial drop in grain September, 1922, but shipments were somereceipts. Receipts of livestock at principal what larger, resulting in a decline of stocks. centers continued heavy. Although hog re- In practically all lines of manufacturing, ceipts were slightly smaller than in August, operations decreased during September, and VOLUME OF DOMESTIC BUSINESS ( MONTHLY AVERASE, 1919 - 100 ) PER CENT 160 160 140 140 120 100 100 80 80 60 60 40 20 20 J. F. M.A.M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. 0. N. D. J. F. M. A. M. J. J. A. S. <J. N. 0. J. F. M.A.M. J. J. A.S. 0. N. D. J. r M. A. M. J. J. A. S. 0. H. D 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1216 FEDERAL BESERVE BULLETIN. NOVEMBER, 1923. low records for 1923 were established in steel, IXDEX OF PRODUCTION IN BASIC INDUSTRIES, WITH ALbeehive coke, wool consumption, sole leather, LOWANCE FOR SEASONAL VARIATION—Continued. paper, hogs slaughtered, brick, and maple MINERAL PRODUCTS. flooring. High points were attained only in Total the cases of cement and locomotives. Dull- min- Bi- An- Crude ness generally prevailed in the iron and steel Date. p e r r o a d l - t n u o m u i s - t c h i r t a e - p le e u tr m o- . Iron. C p o e p r - . Zinc. Lead. industry during September, resulting in a ucts.1 ooal. coal. decrease in production and orders. Building 1922. materials, in general, continued fairly active, September... 100 107 68 144 80 90 84 95 although a number of seasonal recessions were October , 119 118 116 150 104 96 102 108 November... 120 119 114 152 112 95 102 113 noted in production, orders, and shipments of December 125 122 115 159 121 98 109 109 various products. Among food products, the 1923. number of animals slaughtered and the output of January 132 131 119 164 127 105 118 113 wheat flour declined, but the former remained F M e a b rc ru h ary 1 13 1 4 7 1 1 1 2 1 3 1 1 2 0 8 6 1 1 5 7 4 8 1 1 3 1 8 8 1 9 1 6 4 1 1 0 2 8 4 1 1 2 0 1 4 rather large. Sugar refining advanced some- April 127 111 110 184 139 110 119 117 May 137 121 117 197 152 117 121 124 what from the low level which had prevailed in June 135 119 118 195 144 117 109 125 the summer. Consumption of cotton, wool, and J A u u ly gust 1 1 4 3 0 5 1 12 1 8 8 1 1 1 2 3 1 2 2 0 1 7 0 1 1 4 3 4 5 1 1 1 2 7 2 1 1 0 1 6 0 1 1 2 1 1 6 silk all declined from the August figures, although September... 120 121 40 204 123 117 100 115 that of cotton remained above the low point of the year reached in July. Sole leather produc- 1 Combination of 7 independent series. tion was the smallest in over a year, and the PRODUCTION OF MANUFACTURED GOODS. output of shoes also declined. A smaller num- Total b an e r i o n f c r c e i a g s a e r e w tte a s s w no er te e d m i a n d e c i t g h a a r n p in ro A du u c g t u io st n , . but Date. m u tu f a a r n c e - . - 1 Steel. L b u e m t - p P e a r - . le t P r u o e m - - . T ti e le x s - . Le e a r. th- Food. ba T c o c - o. _— INDEX OP PRODUCTION IN BASIC INDUSTRIES, WITH 1922. ALLOWANCE FOR SEASONAL VARIATION. September.. 101 100 102 108 139 Ill 80 99 122 [Monthly average, 1919-100.] N O o ct v o e b m er ber.. 1 10 0 9 3 1 1 2 2 2 2 1 11 1 3 5 1 1 1 1 3 3 1 1 4 5 7 0 1 1 2 2 0 5 8 7 3 9 1 1 0 15 6 1 11 1 2 5 December.. 100 118 104 107 153 113 79 107 89 1919 1920 1921 1922 1923 1923. January 109 136 106 117 157 128 89 105 115 February... 100 123 96 109 141 122 78 96 101 J J M A M J A F S u u a e e u p a a l n n p b y g r r y e t u c i r u e l u h a m s a r t b y ry e .. r . . . . 1 1 1 1 1 9 9 0 9 9 0 0 0 0 6 9 0 3 3 3 7 5 2 1 1 1 1 1 1 1 1 1 1 0 0 1 1 0 0 0 0 6 7 8 5 5 5 6 2 2 8 8 8 7 7 7 7 7 7 9 4 9 4 4 1 9 7 7 1 8 9 9 8 9 9 9 0 9 4 7 0 5 1 5 6 2 4 1 1 1 1 1 1 1 1 1 2 1 2 2 2 2 2 2 2 4 4 0 0 2 1 1 8 5 A J M M J A S u u e p u a a l n p y g r r y t e c i u e l h . . s m . t .. . ber.. 1 1 1 1 1 1 1 0 0 0 1 0 1 0 4 9 7 2 8 3 1 1 1 1 1 1 1 1 2 3 1 4 4 3 4 5 1 8 1 4 4 9 1 1 1 1 1 1 1 1 1 2 0 2 1 2 6 0 9 7 7 5 6 1 1 1 1 1 1 1 0 1 0 2 2 2 1 2 6 4 0 1 8 5 1 1 1 1 1 1 1 5 5 5 5 5 5 5 6 6 8 8 8 5 3 1 1 1 1 1 9 0 9 1 2 1 2 9 7 4 0 4 9 8 9 9 9 8 8 9 7 1 1 8 9 4 6 2 1 1 1 1 9 9 9 1 0 0 0 9 4 0 1 2 3 7 1 1 1 1 1 1 1 1 1 2 0 2 1 2 6 8 1 5 0 8 3 October... 101 99 83 107 ' Combination of 34 independent series November. 98 95 86 116 December. 103 90 83 116 COMMODITY MOVEMENTS. INDEXES OF DOMESTIC BUSINESS UNCORRECTED FOR Septem- August, September, 1923. 1923. ber, 1922. SEASONAL CHANGES. [Monthly average, 1919-100.] Grain and Flour. AGRICULTURAL MOVEMENTS. Receipts at 17 interior centers (000 Date. a T t g u o r r i t c e a u . l ' l- m T a o n a i t l - a s l . g T ra o i t n a s l . b L a t c e o c a - o f . om C W i o t h t r e n e d a ( t ) b : ( u b s u h s e h ls e ) ls) 4 1 7 8 , , 3 4 5 4 2 7 6 20 9 , , 9 8 1 3 9 5 3 5 4 9 , , 7 9 4 0 1 5 Oats (bushels) 27,622 31,935 22,910 1922. Rye (bushels) 5,342 3,839 11,980 September 129 107 151 ! 140 38 86 Barley (bushels) , 7,210 5,036 5,087 N D O e o c c t v o e e b m m e b r b e e r r 1 1 1 5 3 2 4 8 1 1 1 10 2 3 2 2 5 1 1 1 3 2 1 6 9 8 ! ! i 2 2 1 0 2 3 4 8 9 1 4 4 0 1 9 0 1 9 9 4 6 7 5 Fl T ou o r t a ( l b g a r r a r i e n ls ( ) bushels). 10 2 5, , 9 9 7 8 4 5 13 2 1 , , 5 5 9 6 4 4 13 3 4, , 6 9 2 2 3 4 1923. Total grain and flour (bushels)..} 119,407 143,235 152,282 M J J A J M A F u a u e u p a n a n l b y r g r y u e i c r u l a u h s r a t y ry 1 1 7 7 6 8 7 7 0 1 6 2 0 0 3 8 3 7 1 1 0 8 8 8 8 9 0 9 4 8 8 4 8 8 7 7 »1 1 6 7 8 9 7 5 6 1 2 6 3 5 0 2 1 6 5 8 3 4 2 3 2 2 0 0 7 0 6 2 5 4 1 1 1 1 1 1 1 9 6 1 1 5 0 9 4 2 6 8 4 9 0 8 9 38 Sh o i m p C B W O R m i o a y a t h e t r r t e e n l s e n e d a ( t ( y ( b s ) t b b : u u ( a ( u s b b t s s h u u h h e 1 s s e e l 4 h h l s l s s e e ) i ) ) n l l s s t ) ) erior centers (000 2 1 1 3 3 6 6 0 , , , , , 8 2 2 2 9 8 7 4 6 4 6 2 7 6 5 I , 3 1 1 2 2 0 6 1 , , , , , 3 4 5 9 4 7 8 4 4 2 9 6 8 1 5 3 1 1 1 2 3 7 7 0 , , , , , 9 0 8 0 0 4 6 7 4 5 1 6 3 3 5 September... 124 109 128 143 87 101 Total grain (bushels). 60,616 80,978 Flour (barrels) 4,356 6,404 i Combination of 14 independent series. ! Less than one-half. Total grain and flour (bushels).. 80,217 83,264 109,798 • Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1217 NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Septem- August, Septem- Septem- August, September, 1923. 1923. ber, 1922. ber, 1923. 1923. ber, 1922. Grain and Flour—Continued. Livestock—Continued. Stocks at 11 interior centers at close of I Exports of certain meat products month (000 omitted): (pounds, 000 omitted)—Continued. Wheat (bushels) 51.342 45,741 18,708 Hog products— Corn (bushels) 1,234 944 8,072 Bacon 45,161 33,004 30,448 Oats (bushels) 12,216 7,360 29,562 Hams and shoulders 31,749 36,190 20,592 Rye (bushels) 12,179 10,816 3,736 Lard 83,630 83,758 61,120 Barley (bushels) 2,499 1,072 1,295 Pork, pickled 5,158 4,311 4,009 Total grain (bushels) 79,470 65,932 61,373 Dairy Products. Visible supply of grain east of the Receipts at 5 principal markets (000 Rocky Mountains (000 omitted): omitted): W C O o a h r t n e s a ( ( t b b u ( u b s s u h h s e e h l l s s e ) ) ls) 6 1 2 9 8 , , , 4 6 5 7 3 1 4 5 0 6 1 1 1 0 , , , 9 8 9 2 8 6 7 7 2 3 3 1 6 7 3 , , , 6 0 4 1 4 5 0 1 8 C B E P h o g u e g u t e t s l e s t r ( r e c y ( ( a p p s (p e o o s o u u ) u n n n d d d s s ) ) s) 5 1 1 1 8 8 , , , 2 9 4 8 9 8 4 4 1 7 5 8 5 2 1 8 1 2 8 , , , , 8 2 2 0 0 1 9 6 4 5 1 8 4 1 1 6 7 7 , , , 8 4 7 2 1 1 2 2 5 9 9 9 Receipts at 9 seaboard centers (000 Cold storage holdings first of following omitted): month (000 omitted): W C R O o y a h r t e n e s a ( ( ( b t b b u u ( u s b s s h u h h e s e e l h l s l s s e ) ) ) ls) 1 2 6 1 , , , 1 8 7 8 0 1 9 0 9 4 7 6 i ! j 14 1 1 , , . 9 9 2 5 4 7 3 1 3 4 2 2 1 3 5 4 8 , , , , 9 4 4 8 4 0 5 7 3 6 8 2 C A E Po r g m e g u a e s l m r t r i ( c e c y a r a y s n (p e b s c o ) h u u e t n e te d s r s e ) ( ( p p o o u u n n d d s s ) ) 9 6 3 6 3 2 8 , , , , 7 0 1 4 1 8 0 8 8 8 6 5 1 6 3 0 9 4 3 2 , , , , 9 1 3 9 0 3 3 5 6 1 0 7 9 4 2 9 6 5 7 , , , , 4 6 9 9 7 8 8 2 3 0 4 4 Barley (bushels) 3,411 3,470 4,500 Other Agricultural Products. Total grain (bushels). 24,937 22,131 37,179 Cottonseed (tons): Flour (barrels) 1,634 1,813 1,778 Received at mills 547,624 159,218 674,766 Total grain and flour (bushels).. 32,294 30,291 45,181 C St r o u c s k h s e d at mills at close of month... 4 2 1 4 9 7, , 8 3 4 3 5 0 1 5 1 2 9 , , 4 5 5 5 3 1 3 4 3 0 2 8 , , 2 4 8 4 1 3 Cottonseed oil (pounds, 000 omitted): St m oc o k n s t a h t ( 8 0 0 se 0 a b o o m a i r t d te c d e ) n : ters at close of Production 70,058 14,464 96,615 C R B W O o a y a h r r t e l n e s e a ( ( y ( b t b b u u ( ( u s b b s s h u u h h e s s e e l h h l l s s s e e ) ) ) l l s s ) ) 3 6 1 , , , 2 0 1 4 1 0 4 2 3 3 4 5 7 2 2 3 6 , , 1 5 1 3 5 0 6 5 8 1 2 2 0 1 , , , , 3 5 7 0 2 5 5 6 0 7 6 8 8 7 7 O To l 0 ( e b p 0 o a S 0 o m B c u t o o c r n a c m o i r d g k g s i s h s a t a , t t r l e 0 i e n d b 0 s e 0 ) e a c o l t o t m - l n o i s o t u s te e m - d l p e ) a t : i f o w n a (p re o h u o n u d s s e , s 3 1 4 9 , , 4 8 5 5 7 4 1 7 8 , , 4 0 3 8 1 1 5 1 5 6 , , 9 1 6 1 1 3 Total grain (bushels) 10,940 11,038 16,966 Virginia 1,585 Whea,tt fHloouurr ppiroduction (b'iarrels, 000 North Carolina 50,245 11,409 45,247 omitted) 11,995 12,016 12,541 South Carolina 20,266 25,710 8,012 Burley 392 212 1,009 Livestock. Western dark 121 121 Sale of revenue stamps for manu- Receipts at 57 principal markets facture of tobacco, excluding Porto (head, 000 omitted): Rico and Philippine Islands (000 Cattle and calves 2,260 I 2,185 2,345 omitted): 3,535 3,641 3,011 Cigars (large) 598,817 616,265 625,772 Sheep 2,606 ! 1,787 2,207 Cigars (small) 35,441 37,506 55,497 Ho T r o se ta s l and mules (42 markets)... 8,44 4 8 7 ; 7,6 3 4 1 4 7,6 3 0 9 2 Frui C M t i s a g h n a i u r p e f m a tt c e e t s u n r ( t e s sm d ( c a t a l o r l b ) lo a a c d c s o ) : (pounds).. 5,5 3 6 0 7 , , 8 39 04 7 5,85 3 9 2 , , 2 7 8 8 5 7 5,5 3 5 3 4, , 3 8 0 0 1 7 Shipments at 52 principal markets j Grapefruit 457 123 219 (head, 000 omitted): j Oranges 2,390 2,383 1,173 C H S H h a o o e t g r t e s l s e p e s a a n n d d c m alv u e le s s (42 markets)... 1 1 1 , , , 1 3 7 4 0 1 4 2 0 8 6 i 1 1 , , 0 8 4 2 4 3 9 8 8 2 4 1 1 1 , , , 2 2 1 3 3 3 4 7 4 5 2 Veg A L e W O t e p a n h m b p io i l l t o e e n e n s s s p s h ( o c i t p a a r m t l o o e e a n s d t s s ( ) c : arloads) 1 2 3 4 2 , , , 4 7 3 9 4 0 7 0 3 1 7 7 1 3 2 5 , , , 7 1 3 4 4 8 6 2 4 9 8 4 1 2 4 4 4 , , , 4 6 7 3 9 0 8 3 6 7 5 9 Total 4,206 3,402 3,648 Rice (pounds, 000 omitted) 61,795 41,039 79,047 Sugar, all ports (long tons): Shipments of stockers and feeders Receipts 267,251 273,134 255,304 from 33 markets (head, 000 omitted): Meltings 345,600 293,700 361,300 Cattle and calves 622 ! 475 594 Raw stocks, close of month 217,252 312,434 221,680 H Sh o e g e s p 8 9 7 9 8 I I 3 5 3 9 9 5 3 2 2 4 Fishery Products. Total 1,599 874 1,150 Fi v sh es s l e a ls n , d e t d o ta b l y ca A tc m h e ri ( c p a o n u n f d is s h , in 00 g 0 Slaughter at principal markets under omitted) 21,373 22,728 18,816 Federal inspection (head, 000 omit- Cold storage holdings, frozen and ted): cured fish, on 15th of month Cattle 810 I 820 796 (pounds, 000 omitted) 79,066 61,110 73,343 Calves 338 403 353 Forest Products. S H h o e g e s p 3.2 9 1 90 2 3,5 9 5 5 6 7 2 1 , , 7 0 4 1 8 3 Lum N b u e m r: ber of mills- Total 5,350 5,736 : 4,910 National Lumber Manufacturers' Association 554 574 551 Meats, cold-storage holdings first of Southern Pins Association 182 182 150 following month (pounds, 000 Western Pine Association... 48 50 omitted): West Coast Lumbermen's Beef 47,891 46,041 53,572 Association 127 120 116 Pork products 612,284 754,262 ; 483,096 Production (feet, 000,000 omit- Lamb and mutton 1,721 1,785 3,473 ted)— Exports of certain meat products National Lumber Manufac- (pounds, 000 omitted): turers' Association 1,404 1,519 1,207 Bee C f- anned 132 287 S W o e u s t t h e e r r n n P P in in e e A A s s s s o o c c ia ia ti ti o o n n 400 4 1 2 8 7 7 3 1 6 5 8 6 Fresh 220 339 209 West Coast Lumbermen's Piekled and other cured 2,854 1,551 2,841 Association 413 480 342 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1218 FEDERAL BESERVE BULLETIN. NOVEMBER, 1923. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Septem- August, Septem- Septem- August September, 1923. 1923. ber, 1922. ber, 1923. 1923. ber, 1922. Forest Products—Continued. '.Textiles—Continued. Lumber—Continued. Cotton (bales, 000 omitted)-Contd.. Shipments (feet, 000,000 omit- Stocks at warehouses 2,148 1,179 3,218 ted)— Visible supply 1,597 9H 2,228 National Lumber Manufac- Consumption by mills 492 turers' Association 1,239 1,067 Spindles active during month 484 494 Southern Pine Association 386 407 301 (number, 000 omitted) 33,709 Western Pine Association 124 133 Spindle hours active during month 33,930 33,297 West Coast Lumbermen's (000,000 omitted) 7,569 Association * 406 444 298 Finished cotton fabrics: 7,482 7,761 Naval stores at 3 southern ports: Finished yards billed (yards, 000 Spirits of turpentine (casks)— omitted) 77,892 76,322 88,917 Receipts 35,693 43,678 29,797 Orders received (yards., 000 omit- Stocks close of month 36,375 29,672 29,601 • ted) 99,618 78,022 103,835 Rosin (barrels)— Shipments (cases) 42,377 38,662 49,844 Receipts 114,308 138,320 100,522 Finished stocks (cases) 46,665 49,399 44,512 Stocks close of month 289,564 263,457 335,602 Knit underwear (dozens): Fuel and Power. P N r e o w d u o c r t d i e o r n s received 3 5 2 8 2 2 , ,9 8 6 8 6 3 3 3 5 5 2 5 , , 6 9 0 0 7 7 3 3 5 1 5 2 , , 7 4 4 9 8 7 Coal and coke (short tons, 000 omit- Shipments 354,868 442,413 403,103 ted): Cancellations 4,004 16,958 4,973 Bituminous coal production 46,216 48,864 39,413 Unfilled orders end of month 1,133,074 763,993 Anthracite coal production 2,917 8,868 4,979 Wool: Anthracite coal shipments 2,195 6,673 Consumption (pounds, 000 omit- Coke— ted)... ; 46,616 48,233 54,771 Boe-hive coke production 1,373 1,494 606 Percentage of active machinery to By-product coke production. 3,112 3,239 2,2t4 total reported— Petroleum, crude (barrels, 000 omit- Looms wider than 50-inch reed ted): space 76.9 76.9 72.4 Production 64,352 65,936 45,291 Looms 50-inch reed space or Stocks at close of month 307,208 298,872 263,761 less 79.8 76.4 Producing oil wells completed Sets of cards 86.3 87.1 86.2 (number) 1,278 1,465 1,572 Combs 76.0 77.1 78.3 Oil refineries: Spinning spindles, woolen 83.9 84.1 84.7 Production (000,000 omitted)— Spinning spindles, worsted... 83.3 84.5 81.4 Crude-oil run (barrels) , 49 50 43 Percentage of active hours to total Gasoline (gallons) 624 649 536 reported— Kerosene (gallons) 194 198 Looms wider than 50-inch reed Gas and fuel oils (gallons) 1,033 1,011 918 space 77.6 76.3 72.4 Lubricating oils (gallons) 87 87 82 Looms 50-inch reed space or Stocks (000 omitted)— less 67.4 63.8 71.3 Crude-oil run (barrels) 33 34 34 Sets of cards 94.0 93.2 91.3 Gasoline (gallons) 973 1,054 690 Combs 85.5 84.4 93.2 Kerosene (gallons) 238 244 271 Spinning spindles, woolen 88.9 89.0 88.1 Gas and fuel oils (gallons) 1,481 1,462 1,365 Spinning spindles, worsted... 81.5 84.0 Lubricating oils (gallons) 215 220 215 Men's and boys' garments cut (331 establishments): Electric power produced by public Men's suits, wholly or partly wool. 504,089 662,002 utility plants (kilowatt-hours, 000,- Men's suits, all other materials 43,749 21,555 000 omitted): Men's separate trousers, wholly or Produced by water power 1,492 1,579 1,358 partly wool 578,834 671,997 Produced by fuels 3,079 3,095 2,691 Men's trousers, all other material.. 288,524 393,499 Men's overcoats 369,918 401,304 Total. 4,571 4,674 4,049 Boys' suits and separate pants 450,611 595,846 Boys' overcoats and reefers 133,608 80,399 Metals. Raw silk: Iron and steel: Consumption (bales) 26,929 33,547 34,212 Iron ore shipped from Lake Su- Stocks at close of month (bales)... 27,367 25,459 36,795 perior (tons, 000 omitted) 9,096 10,296 6,801 Imports (pounds, 000 omitted) 3,747 4,258 3,887 Pig 0 00 ir o o n m i p tt r e o d d ) u 1 ction (long tons 3,149 3,126 2,638 Hides.and Leather. Steel ingot production (long tons Sales of raw hides and skins du ring 000 omitted)1 3,313 3,678 2,818 mouth (number, 000 omitted): Unfilled orders, U. S. Steel Cor- Cattle hides 1,427 1,523 1,565 poration (long tons, 000 omitted)' 5,036 5,415 6,692 Calfskins 943 1,002 1,358 Fabricated structural steel orders Kipskins 178 211 209 (tonnage) 132,500 147,500 160,000 G oat and kid 1,512 1,265 1,589 Steel barrels (number)— Cabretta 41 15 47 Shipments 164,511 217,127 206,448 Sheep and lamb 3,232 2.963 3,186 Stee U l c n a f s il t l i e n d g s o -b rd o e o r k s ings (net tons). 335,324 366, 754 322,632 Stocks o o f f m r o a n w t h h i ( d n e u s m a b n e d r , s k 00 in 0 s o a m t i c t l t o e s d e ): Silver production (troy ounces, 000 47,574 50,515 97,919 Cattle hides 5,487 5,635 5,515 omitted) Calfskins 2,644 3,209 3,674 Copper production (pounds, 000 4,988 5,293 5,325 Kipskins 786 763 990 omitted) Goat and kid , 10,999 11,797 8,641 Zinc (pounds 000 omitted): 125,289 131,088 94,975 Cabretta 914 981 810 Tin P S ( S p h r t o o o ip u d c m k n u s d c e , t s n i c , o t l s o 0 n 0 se 0 o o f m m it o t n ed th ): 4 7 8 5 5 8 , , , 7 3 2 8 6 1 6 6 0 8 5 7 3 2 2 , , , 2 9 7 5 8 4 0 8 2 6 3 7 7 6 1 , , , 6 2 91 1 6 4 2 8 Prod S S u h o s c l e i t e d e i o p e l s n e a ) a n o t d h f e l l e r a a m t ( h b b e a r c ( k 0 s 0 , 0 b o e m nd it s t , e d an ): d 9 1 , , 2 4 0 3 3 2 9 1 , ,7 0 6 7 3 7 1 1 0 , , 5 4 0 7 2 5 Deliveries to factories... 10,170 12,342 11,312 Skivers (dozens) 39 39 34 Stocks close of month... 5,291 6,467 2,769 Oak and union harness (sides Textiles. stuffed) 136 134 131 Cotton (bales, 000 omitted): Boots and shoes, output (pairs, 000 Sight receipts 1,487 538 1,389 omitted): American spinners' takings. 443 224 367 Men's 7,897 8,796 8,514 Stocks at mills 773 807 1,065 A W l o l o m th en er 's 1 8 0 , , 7 7 8 9 2 3 1 9 1 , , 2 9 7 5 3 9 1 8 1 , , 7 0 4 3 1 3 1 Figures for October, 1923, September, 1923, and October, 1922. Total 27,472 30,028 28,288 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1928. FEDERAL RESERVE BULLETIN. 1219 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Septem- August, Septem- Septem- August, September, 1923. 1923. ber, 1922. ber, 1923. 1923. ber, 1922. Building Materials. Miscellaneous Manufactures—Con. Brick (000 omitted): Pneumatic tires (000 omitted): Clay fire brick- Production. 2,030 2,35« 2,505 P S N S h r t e o o i w c p d k m u o s c e r t a d n i t o e t s r c n s lose of month 1 5 5 4 7 0 5 8 3 , , , , 7 8 4 4 3 2 4 9 9 7 6 3 1 6 5 5 6 9 2 0 9 , , , , 4 2 6 3 5 0 4 2 6 9 8 5 1 4 5 5 5 8 2 9 6 , , , , 8 6 7 8 3 9 9 7 9 9 3 1 Inne S S P r t h r o t o i u c p d b k m u e s c s e a t n i ( t 0 o t c s 0 n l , 0 o . d s o o e m m o i f e t s t m t e i d c o ) n : th. 2 5 3 , , , 6 3 2 2 9 5 4 8 5 6 2 3 , , , 8 0 5 0 5 7 7 8 8 2 4 3 , , , 6 5 5 1 0 0 2 1 2 Unfilled orders, close of month 73,219 75,500 79,511 Shipments, domestic 3,684 4,304 3,559 F S a il c ic e P S S U a t b h r n o o b i r f c p d i i r c k l m u i l k e s c c e » d k t i n i n — - o o t s n r s d h e e r d s s , close of month. 3 2 6 5 0 8 3 6 , , , , 6 6 3 8 3 3 3 1 5 0 8 1 3 3 9 6 8 1 1 5 , , , , 2 0 8 2 9 6 3 6 1 6 9 0 1 5 4 8 0 1 3 0 0 , , , , 6 6 8 5 7 2 8 5 4 1 6 9 S A o u l t i o dS P S S m t t r h to o o i i o cr c p d e b k k m u s i s s c l e e (a t a 0 n i s 0t t o : t 0c s c n l , l o o o d s s m o e e m io o tt e f f e s m md ti ) c o o: n n t t h h. 6,4 2 5 3 4 4 7 7 6 9 6,9 2 5 4 4 6 1 8 6 3 5,1 2 6 6 8 0 5 7 3 0 Pavi P S S n t h r g o o i c p d b k m u r s c i e t a c n i t o k t s c n - lose of month 4 9 9 1 , , , 8 9 7 3 6 2 0 7 3 4 1 1 1 2 2 , , , 5 2 3 8 6 9 6 0 7 3 1 1 7 1 2 , , , 1 3 8 0 3 6 8 2 1 P S r h o ip d T P m u a r c u e s t s n c i e o t k s n n s — g e (n r u c m ar b s er)— 2 2 9 7 8 , , 8 6 4 0 1 0 3 2 1 9 3 , , 9 9 8 7 2 2 1 1 8 8 7 , , 8 4 3 5 0 6 Cement S P S U O (b h t r n r o o a i d f p c d r i e l k r m u r l e e s s c l e , d t s r n i c , e o o t l c 0 o s n r 0 e d s 0 i e e v r o e o s d m f , c m i l t o t o s e n e d t ) o h : f month. 1 1 4 4 3 1 0 0 0 3 2 3 , , , , , 8 4 6 1 8 7 2 7 6 1 8 3 3 9 8 1 3 4 9 3 0 5 9 3 3 1 , , , , , 0 5 5 5 1 1 6 3 1 5 1 6 8 2 7 Loco D F m o o r o m e D B R t i i e g v o a r s n i e i a t v l i s t r c c e o o ( a ( s a n m w m h d u a i a s p m p c y l p ( h e s b c e t i a e e n ( d r m r d e l ) s o : a ) a c d h s i ) nes) 3 3 8 6 7 , , , 5 8 4 3 0 8 0 2 1 5 0 0 2 3 3 4 1 8 0 5 , , , 2 0 9 2 5 2 4 5 1 0 7 2 9 3 2 30 6 8, , , 1 1 3 1 1 7 3 1 8 7 5 6 3 Production 13,109 12,967 i 11,424 Total ; 335 272 119 Shipments 13,698 14,971 12,444 Unfilled orders- Stocks at close of month 5,492 6,080 ] 4,724 Domestic 1,102 1,406 1,347 Oak flooring (feet, 000 omitted): Foreign 76 91 116 Production 28,546 32,429 23,903 Total 1,178 1,497 1,463 Shipments 30,421 30,108 25,672 Vessels built in United States and Orders booked 35,538 27,444 21,991 officially numbered by the Bureau Stocks at close of month 40,306 40,634 20,120 of Navigation: Unfilled orders 32,873 27,355 35,957 Number 85 84 76 Maple flooring (feet, 000 omitted): Gross tonnage 20,906 25,217 15,834 P S r h o ip d m uc e ti n o t n s. 1 9 0 , , 9 4 3 2 3 2 1 1 2 1 , , 4 7 4 1 7 8 1 1 2 2 , , 5 7 1 0 8 5 Transportation. Orders booked 8,603 7,163 12,093 Freight carried by Class I railways:] Stocks at close of month 19,794, 19,552 23,111 Net ton-miles, revenue and non- Unfilled orders 17,671 18,681 22,397 revenue (000 000 omitted) 40,355 38,513 30,453 Enameled ware: Net tons per train 746 712 690 Baths- Net tons per loaded car 28.5 28.2 26 3 Shipments 83,593 87,439 75,766 Revenue freight loaded and received Stocks at close of month 28,005 29,225 21,195 from connections, classified accord- New orders 71,029 73,169 79,722 ing to nature of products (cars, Lavatories- loaded, 000 omitted): Shipments 107,737 118,439 88,161 Grain and grain products 210 234 221 Stocks at close of month 38,849 41,381 52,826 Livestock 165 154 152 New orders 85,704 97,125 99,232 Coal 743 869 735 Sinks- Coke 56 61 37 Shipments 102,521 112,516 90,456 Forest products 303 344 244 Stocks at close of month 47,113 49,394 58,034 Ore 306 361 229 New orders 89,225 99,288 112,951 Merchandise, 1. c. 1 1,012 1,079 981 Miscellaneous ware- Miscellaneous 1,534 1,576 1,408 S S h to i c p k m s e a n t t s close of month 5 4 1 0 , , 7 9 1 3 4 3 5 4 9 6 , , 6 9 7 9 0 5 4 4 9 7 , , 9 45 7 0 5 Total 4,329 4,678 4,007 New orders , 44,567 51,842 57 813 Revenue freight loaded, classified according to geographical divisions: Miscellaneous Manufactures. Eastern 971 1,110 975 C W h o e o A M m C P d r c o i e o c e p n t a d t h u s a l u u a s l t p c n m e : t o o i ( p o l f s t l h n i ( i o m g o n a r e l t ( l o p to n o n u s) s n ) d : s,000 om : itted" 5 1 1 6 4 1 4 8 7 9 1 , , , , 7 9 0 5 8 9 9 4 6 9 1 1 6 1 1 4 1 7 7 9 2 2 4 , , , , 0 8 2 0 5 1 9 0 3 5 5 4 5 2 2 7 2 3 9 2 1 9 , , , , 5 6 7 8 7 7 8 0 9 2 2 1 A S C P N S o o o e l o l u c u n e r o t t t t g h h h r h h a e w w o e l r n n e e n w t s s y a e t t s e e s r r t n e n rn 8 5 1 7 6 2 9 7 7 8 3 9 9 7 4 0 6 2 1,0 1 6 3 5 7 0 9 0 8 9 8 1 5 1 8 7 6 1 8 5 6 6 2 1 4 4 4 6 1 7 7 8 2 7 1 Shipments 21,162 23,832 54,318 Total 4,329 4,678 4,007 Stocks at close of month 98,409 116,202 178 517 Freight car surplus (number): Paper (short tons): Total 59,371 73,512 20,818 Newsprint— Box 37,731 55,358 1,389 Production , 110,209 132,604 125,402 Coal 13,941 5,452 15,701 Shipments . 110,240 129,173 117,229 Freight car shortage (number): Stocks at close of month 24,663 25,674 18,810 Total 12,825 97,949 Book paper- Box 4,386 2,583 51,879 Production 51,205 59,744 87,782 Coal 5,748 4,389 28,914 Stocks at close of month 25,671 23,971 36,717 Bad-order cars (total) 175,327 189,014 321,624 Paper board- Production 96,477 117,932 198,248 Vessels cleared in foreign trade (tons, Stocks, at close of month.... 29,314 27,777 57,899 • 000 omitted): Wrapping paper- American 2,443 2,559 3,050 Production. 49,678 50,563 70,329 Foreign 3,521 4,136 3,429 Stocks, at close of month 48,496 46,813 54,843 Total 5,964 6,695 6,479 Fine paper— Percentage of American to total 38.2 47.1 Production 23,395 22,859 31,576 Panama Canal traffic (tons, 000 41.0 Stocks, at close of month 38,233 37,179 36,213 omitted): Advertising (agate lines, 000 omitted): Total cargo traffic 2,169 2,338 1,138 Magazines 1,780 1,505 1,485 American vessels 1,507 1,556 543 Newspapers 93,014 80,653 87,904 Commerce at Sault Ste. Marie Canal Rubber (pounds, 000 omitted): (tons, 000 omitted): India rubber imports 25,903 42,741 44,345 Total freight 12,776 14,353 10,986 Consumption by tire manufac- Eastbound 10,580 11,236 8,451 turers 21,258 24,597 28,051 Westbound 2,196 3,117 2,535 > September, 1923, not comparable with previous months. i Figures for August, 1923, July, 1923, August, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1220 FEDERAL RESERVE BULLETIN. NOVEMBER, 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. September... 2,734 | 8,427 j 2,940 4,789 ! 3,997 3,114 10,490 2,373 1,901 2,629 2,208 11,291 I 50,893 1923. 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 3,378 2,847 12,541 77,488 June 3,230 10,808 3,428 5,931 3,757 2,887 13,598 2,923 2,433 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 2,414 2,706 2,347 13,177 69,162 September.... 3049 10,370 2,748 5,656 3,670 3,029 12,634 2,768 2,270 2,832 2,331 12,562 63,910 VALUE OF PERMITS ISSUED (000 OMITTED). 1922. September $8,656 $56,670 $15,869 $25,078 $12,970 $6,326 i $31,545 \ $5,384 $4,761 $8,352 $5,056 $23,976 [ $204,643 1923. 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 I 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 I42,544 : 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 10,846 6,049 6,211 40,470 250,298 September 9,492 55,072 11,605 15,980 9,210 5,S51 49,238 j 8,546 5,124 7,679 6,225 30,847 214,569 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 i o st . r l. ict 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 s . tr 9 ic .i t D N i o s . t r 1 i 0 c . t ' Total. 1922. September $29,245 $64,299 j $24,948 ! $34,685 $22,997 1 $62,220 ! $5,868 3$244,262 1923. March 25,079 98,412 31,265 52,793 30,147 $25,538 59,868 $17, 15,259 $11,277 367,590 April 31,893 96,267 30,553 48,786 39,364 20,817 75,240 25, 17,585 11,346 397,192 May 35,837 88,362 29,172 51,865 43,862 37,700 70,229 31, 22.754 15,309 426,804 June 28,817 84,843 19.801 36,960 24,146 31,003 83,007 25, 17,902 16, 407 368,116 July 25,719 82,940 19,497 43,922 18,559 25,054 53,268 23, 11,165 9,794 313,263 August. 27,913 82,304 15,324 32,975 22,698 27,045 45,783 23, 9,671 9,478 296,977 September 23i158 77,573 23,172 40,413 16,988 21,245 50,830 17, 8,819 287,819 1 Montana not included. • Colorado, Wyoming, and Arizona not included. 3 Total for 7 districts only; figures for districts 6, 8, and 10, not available prior to 1923. BUILDING CONTRACTS AWARDED, BY CLASSES OF CONSTRUCTION. [Compilation by F. W. Dodge Co. for 27 Northeastern States.] [Thousands of square foot.] Religious Residential i Industrial Business E ti d o u n c a a l - a H n o d s p i i n t s a t l i s - r S ec o r c e ia a l t io a n n a d l and PubUc Total." buildings. | buildings. buildings. buildings. tutions. buildings. memorial buildings. buildings. 1922. September 23,059 4,569 9,074 3,641 1,855 1,035 198 44,275 1923. March 39,286 7,673 4,092 1,172 1,643 274 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 3,285 549 867 982 384 39,786 September 22,530 4,056 6,966 2,364 1,207 1,150 479 182 38,968 1 Includes miscellaneous building contracts as well as groups shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1221 WHOLESALE AND RETAIL TRADE. the end of September were 13 per cent larger than a year ago, while sales for the month Wholesale trade during September showed were only 6 per cent greater than in Septemabout the usual seasonal increase over August, ber, 1922. Furthermore, the total value of and sales reached the highest total since stocks at the end of September was greater October, 1920. Retail trade was also larger than in any month of the years 1919, 1921, than in August, but the gain was somewhat 1922, and 1923, and was only exceeded in a less than usually occurs at this season of the few months of 1920 at a time when prices were year. on a much higher level. The chart at the bottom of the page shows A more detailed discussion of the current the trend of sales and stocks of department condition of wholesale and retail trade is pubstores since January, 1919. Both sales and lished on page 1190, together with a chart snowstocks have been larger each month this year ing the trend of mail-order sales after making than in the corresponding months of 1922, allowance for the usual seasonal variations. although this is partly explained by the rise Statistics of wholesale and retail trade by in retail prices during the past year. The most lines and districts follow. Monthly sales of noteworthy recent development in department- chain systems since January, 1919, are pubstore business is the relatively high level of lished in this issue, as the figures have been stocks as compared with volume of sales. revised to include a number of additional This is indicated by the fact that stocks at chains. STOCKS AND SALES OF DEPARTMENT STORES ( 1919 = 10O ) PER PER CENT CENT 1 180 1 ii 180 JII! ,'! 160 (i /I • 160 •vM ! i i / 1*0 • J 140 A •\ K !/ r ft A r\ j 120 \ J\ * I y \ i/ A Iff'4 1 I./ 120 " \ \ 1/7 100 \ V w V Y 1 / t\ V 1 V 100 4 // r V y SO 80 V —— 60 60 STOCKS SALES 40 40 20 20 0 0 J. F. M.A.M. J. JJ. S. 0. N. D. J. F. MA. M. 0. J. A. S. 0. N. D. •}. 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 MA. H.J. J. A. S. ON D 1915 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1222 FEDERAL RESERVE BULLETIN. NOVEMBER, 1923. WHOLESALE TRADE IN THE UNITED STATES, BY LINES. CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued. [Average monthly sales 1919-100.] Percentage change in c G er r i o e - s. Meat. g D oo r d y s. Shoes. H w a a r r d e - . Drugs. Total. S a e s p t c e o m m b p e a r r , e 1 d 9 2 w 3, i t s h a — les 1922. August, September, July 7* 59 80 48 82 94 72 1923. 1922. August.. 80 56 111 68 90 103 81 September 84 60 116 78 96 105 85 October. 91 68 108 77 100 111 89 Shoes^-Continued. 88 54 94 68 94 103 81 Richmond district 9.8 -2.5 December 78 57 73 59 83 99 72 Atlanta district 5.3 -3.0 Chicago district -5.3 -16.0 1923. St. Louis district -14.7 1.8 January . 75 60 103 57 89 113 78 Minneapolis district -11.4 -9.4 75 57 98 57 82 107 76 San Francisco district. 7.7 7.7 March. 81 63 113 81 109 120 86 Hardware: April.. 80 60 87 62 112 106 7S United States -0.8 9.8 May 81 64 84 68 117 107 8( New York district 0.8 7.5 87 67 89 64 113 107 Si Philadelphia district.. -1.3 7.1 July. 81 66 94 51 100 106 SI Cleveland district 0.7 7.8 August 85 70 121 71 106 111 9( Richmond district -4.5 7.2 September 90 76 123 72 105 114 94 Atlanta district 3.4 13.2 Chicago district 5.3 7.8 St. Louis district -16.7 10.9 Minneapolis district -22.9 -17.2 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Kansas City district... -2.3 -9.3 AND DISTRICTS. Dallas district -15.4 1.6 San Francisco district. -2.1 6.8 Drugs: United States 3.3 9.5 Percentage change in New York district 14.8 13.0 September, 1923, sales Philadelphia district.. -4.8 4.9 as compared with— Cleveland district -0.7 9.2 Richmond district. 0.1 6.1 Atlanta district -3.0 9.4 August, September, Chicago district -4.4 7.0 1923. 1922. S K t a . n L s o a u s i C s i d ty is t d ri i c s t trict... - - 4 3 . . 5 9 -4 1 . . 0 1 Dallas district 2.4 4.5 San Francisco district. 2.3 15.2 Groceries: Furniture: United States 5.5 7.7 Richmond district -20.5 16.4 Boston district -2.3 2.6 Atlanta district 0.4 0.S New York district.... 3.6 2.0 St. Louis district -4.1 -1.1 Philadelphia district. 0.1 14.3 Kansas City district... -2.3 -9.3 Cleveland district 7.0 9.0 Dallas district 14.4 5.2 A Ri t c la h n m ta o n d d is t d ri i c s t trict... 7 4 . . 7 1 1 9 3 . . 4 1 Agri S c a u n lt u F r r a a l n i c m is p c l o e m di e s n tr t i s c : t. 9.9 6.0 Chicago district 2.7 5.4 Atlanta district 25.8 22.1 St. Louis district 13.4 4.0 Minneapolis district... -3.4 8.6 Dry U D N M S K R a n e a a o i n l w n i n o l t n a d s e F a e Y s s d r a : s a d o p S n C i r o s c t k i a l t i t i r s t y s d i e c c i s o d d t s i i t d s s r i t t i s r r c t i i t r c c . i . t t c . . . . . t . - 2 1 1 6 7 1 4 5 0 . . . . 3 . . 7 4 9 7 1 1 1 1 1 6 1 8 2 1 8 . . . . . . 0 0 4 0 5 8 Stati A D N S S o a a e t a n n l n w l e a l r a n F F y Y s t r r a : a a d o n n i d r s c c k i t i i s r s s d t i c c r c i i o o s t c t t r d d i i i c s s t t t r r i i c c t t . . - - 2 - 1 2 4 1 0 0 9 0 . . . . 3 . 4 3 2 5 -1 5 1 4 8 7 5 . . . . . 1 7 0 2 8 C P R h l i e c i v l h a e m d la e o n l n p d d h d ia d is i t d s r t i i s r c i t t r c i t c . t .. . - 3 4 6 0 . . . 2 4 2 1 1 8 3 5 . . . 7 9 3 Auto C S a h su n ic p a F p g r l o a ie n d s c i : i s s t c ri o c t district. - - 8 1 . . 8 2 1 1 5 9 . . 0 0 A Ch tl i a ca n g ta o d d i i s s t t r r i i c c t t - 1 0 1 .3 .1 1 9 5 . . 6 5 Men N 's e c w lo Y th o in rk g : district -18.2 13.2 M St i . n L n o e u ap is o l d i i s s t d ri i c s t trict- -41 0 . . 9 3 3 5 0 . . 5 0 Wom N e e n w 's Y c o lo r t k h i d n i g st : rict -26.4 -12.3 K Da a l n l s a a s s d C is i t t r y ic d t istrict.. - - 3 1 . . 0 1 1 6 7 . . 6 3 Mac N hi e n w e t Y oo o l r s k : district -25.1 -4.1 Shoe S s a : n Francisco district -6.6 0.0 Diam N o e n w d s Y : ork district 23.3 -18.7 U N n ew ite Y d o S r t k a t d e i s strict.... 7 1. . 3 9 - - 5 7 . . 6 5 Jewe N lr e y w : York district 25.8 12.3 Philadelphia district. 8.1 -2.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL, RESERVE BULLETIN. 1223 RETAIL TRADE BY REPORTING LINES. [Average monthly sales, 1919—100.1 Chain stores. Depart- Mail-order ment houses(4 st s o t r o e r s es ( ) 3 . 04 houses). (2 G 7 r o ch c a e i r n y s). F c T i h r e ai e n n a s ( ) n 5 . d D c r ha u i g n ( s) 1 . 0 c C h i a g i a n r s ) ( . 3 c S h h a o i e ns ( ) 6 . M ch u a s i i n c s ) ( . 4 (3 C c a h n a d in y s). 1919. January 81 86 89 69 92 75 69 65 68 72 73 86 71 83 77 61 78 68 March . 94 83 95 90 96 94 77 90 80 April 101 92 93 93 95 92 110 86 89 May 101 81 96 96 94 102 106 82 89 TliTIP. 96 75 91 87 93 92 94 76 94 July 78 76 101 88 101 98 88 76 101 78 82 99 95 102 100 102 87 102 96 102 100 92 99 96 106 106 113 October 117 156 118 109 105 110 125 134 122 November 117 148 112 114 104 115 126 127 114 169 146 120 196 135 149 136 194 164 1920. 106 120 132 87 116 107 90 95 February 88 122 128 84 109 106 77 95 109 March 120 131 146 113 118 120 121 113 142 April.... 119 108 154 112 111 123 134 91 143 May 125 90 152 115 118 136 143 92 145 TlfTtA . 119 87 150 111 119 130 126 94 154 July 94 81 160 114 126 137 122 85 160 95 80 143 113 122 129 94 102 160 September.. 109 91 144 113 122 137 109 108 165 October 131 104 146 132 125 151 141 127 171 133 126 141 128 116 134 133 132 154 December 182 98 140 219 151 181 150 179 213 1921. 100 69 127 86 118 120 88 79 149 88 65 121 93 112 117 83 78 March 117 95 132 121 126 132 136 82 190 M Ap a r y i . l. 1 1 1 1 2 2 7 6 8 0 1 12 24 1 1 1 1 1 2 2 1 1 2 2 4 1 1 1 3 3 5 0 1 1 3 3 6 2 7 6 5 5 1 1 7 7 3 3 109 62 119 110 122 128 123 68 189 July... 81 49 117 108 125 129 95 55 184 August 84 56 123 116 122 128 82 72 183 95 73 122 113 121 128 97 82 185 October.. 125 89 138 141 125 138 129 99 171 November 120 83 135 133 117 125 116 107 157 172 80 148 242 147 173 143 173 225 1922. January... . . 90 65 138 94 118 111 82 72 151 February 80 59 131 100 115 109 80 75 144 102 84 150 117 124 124 99 81 171 April 113 77 140 134 121 125 151 79 173 May . 116 70 139 129 124 129 124 81 191 TllT)fi , 108 69 138 126 124 123 119 81 192 July 80 58 137 126 127 127 105 83 185 87 57 140 130 129 127 84 99 IS* September 106 75 142 135 129 135 116 118 199 October.. . 130 109 150 155 133 127 121 119 195 130 110 162 151 123 127 123 121 182 186 108 166 279 162 179 162 204 257 1923. 100 88 165 115 129 116 86 95 181 88 84 160 117 126 110 72 88 165 123 113 190 162 145 135 145 96 22« April 118 102 168 142 135 125 125 99 225 May 128 97 181 154 142 137 143 100 244 123 87 169 154 149 136 144 97 264 July 90 74 166 143 141 128 102 82 256 100 73 172 153 145 135 95 103 253 113 92 171 151 143 140 127 102 244 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1224 FEDERAL RESERVE BULLETIN. NOVEMBER, 1923. DEPARTMENT STORE SALES BY FEDERAL RESERVE DISTRICTS. [Average month, 1919=100.] (2 D N B 4 i o o s s t . s t o t r 1 o r i — c e n t s). ( N 6 D N e 4 w i o s s t . t o Y r 2 r i — o c e t r s k ). (1 P D N 7 h p i o i s s l h t . a t o i r 3 d a i r — e c e t l s - ). ( R 1 D N i 9 c i o s h s t . m t o r 5 r i o — c e n t s d ). (3 A D N 5 t i o s l s t a . t o 6 r n — i r t c e a t s). (7 D C N 0 h i o s s i t . c t o r a 7 r i g — c e o t s). (2 D N M 3 a i p o s s i . n o t t o r n l 9 i i r e s c e - - t s). (2 N D 1 D o i s s a . t t l o 1 r la 1 i r c s — e t s). ( F 3 N D r 1 a o i S s n s . t a t c o 1 r n i i 2 r s c e — c t s o ). (3 I 0 n U S 4 d n t e s a i x t t t o e e r s d f e o s r ). 1922. August 89 79 94 73 74 92 91 68 120 87 116 107 107 91 86 114 103 101 114 106 October 135 145 144 119 114 122 115 105 137 120 November 135 135 142 147 122 113 131 105 105 132 130 197 200 187 185 162 185 157 149 204 186 1923. 106 108 107 84 83 99 87 81 115 100 February 92 88 98 80 78 92 72 73 102 88 March 127 124 150 115 106 124 105 99 135 123 April 128 122 128 101 101 127 114 89 124 118 May . . 133 129 152 112 108 130 113 106 147 12S June 136 128 132 115 102 132 109 92 128 123 July 91 85 112 83 77 92 79 67 116 90 99 87 115 83 81 118 96 69 136 100 September 116 112 115 96 92 127 103 102 127 113 TREND OF DEPARTMENT STORE STOCKS. [Average monthly stocks, 1919-100.] (2 D N B 4 i o o s s t . s t o t r 1 o r i — c e n t s). N (6 D N e 4 w i o s s t . t o Y r 2 i r — o c e t s rk ). (1 P D N 3 h p i o i s s l h . t t a o i r 3 d a r i — c e e t s l- ). ( R 1 D N i 9 c i o s h s t . m t o r 5 r i o — c e n t s d ). (2 D A N 2 i t o s s l . t a t o r 6 n r i — t c e a t s). (5 D C N 9 h i o s s i t . c t o r a 7 r i g — e c o t s). (1 D N 5 M a i p o s s i t . o n t o r l n 9 i i r e s c e - - t s). (1 N D 9 D o i s a s . t t l o 1 l r 1 a r ic e — s t s). ( F 2 N D 9 ra o i S s n s . t a t c o 1 r n i r 2 i s c e — c t s o ). (2 I 6 n U S 4 d n t e s a i x t t t o e e r s d f e o s r ). 1922. August 109 110 130 105 109 125 96 Ill 115 114 122 121 141 120 119 129 102 118 121 123 October 125 125 148 130 121 135 106 120 123 127 130 132 147 126 123 137 108 119 127 130 December 111 111 124 103 101 115 90 94 110 109 1923. 107 107 118 100 105 112 93 97 110 107 February 112 112 135 113 112 127 101 107 121 117 March 120 123 148 124 119 139 113 115 128 127 125 127 153 126 121 141 111 119 136 131 May 124 125 148 122 121 136 113 117 130 12* 116 116 143 115 113 128 108 UO 125 12C July 109 111 137 121 111 128 105 107 124 US August 116 119 152 122 120 141 110 121 132 127 September 129 131 166 141 130 151 115 127 138 138 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL, RESERVE BULLETIN. 1225 BANKING AND FINANCIAL STATISTICS. DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS. VOLUME OF OPERATIONS DURING SEPTEMBER, 1923. United States securities Bills dis- Bills bought purchased. Municipal Total. Federal reserve bank. co m u b n e a m t n e k d b s e . r for i m n a o r p k e e n t. Bo n n o d t s e s a . n d C in e d rt e i b fi t c e a d te n s e s o s f . p w u a rc rr h a a n s t e s d. Sep 1 t 9 e 2 m 3. ber, Sep 1 t 9 e 2 m 2. ber, Boston $292,663,942 $14,771,530 $1,155,300 $12,481,850 $321,062,622 $202,769,534 New York 806,281,429 76,777,150 44,678,000 91,657,000 1,019,393,579 844,510,107 Philadelphia 228,029,514 9,990,900 3,114,000 241,134,414 174,424,900 Cleveland 182,289,901 5,635,667 4,613,000 192,538,568 106,431,930 Richmond 272,642,936 205,000 272,847,936 76,416,057 Atlanta 88,071,109 5,006,203 574,450 48,500 $30,913 93,731,175 42,413,359 Chicago 207,282,977 26,608,592 7,988,000 19,523,500 261,403,069 181,857,549 St. Louis 189,158,695 3,072,500 192,231,195 70,072,778 Minneapolis 29,240.682 "3,'625,"706' 897,500 33,163,882 22,684,933 Kansas City 73,097,525 75,000 2,189,500 1,652,000 266,000 77,280,025 20,285,980 Dallas 33,803,919 9,463,747 2,000,000 45,267,666 18,816,717 San Francisco 219,409,033 10,886,265 1,000,000 231,295 298 159,900,851 Total: September, 1923. 2,621,961,662 159,420,054 59,610,950 140,059,850 296,913 2,981,349,429 September, 1922. 1,267,357,685 217,052,760 120,971,250 315,203,000 1,920,584,695 9 months ending- Sept. 30,1923 30,014,638,396 1,664,927,309 564,271,760 2,450,493,060 413,077 34,694,743,602 Sept. 30,1922 13,439,405,613 1,370,127,111 939,843,900 2,229,561,500 137,632 *i7,'979,"675,"756 VOLUME OF BILLS DISCOUNTED DURING SEPTEMBER, 1923, BY CLASSES OF PAPER; ALSO NUMBER OF MEMBER BANKS ACCOMMODATED. Cu p st a o p m er ers' Member b n a o n te k s s . ' collateral Sight Bankers' acceptances. secured by Commercial Agricultural Livestock and Federal reserve bank. G m ov e e n r t n- G S o ec v u e r r e n d m e b n y t O se th c e u r r w ed is . e paper, n. e. s. paper paper. d d e r m af a t n s. d Foreign. Domestic. obligations. obligations. Boston $568,000 $100, 956, $190,618,642 $284,564 $102,384 New York , 1,971,500 672, 492, 130,830,209 418,787 1,000 Philadelphia 156,000 158, 092, 69,521,758 231,957 Cleveland 364,039 139, 064, $84,500 41,435.497 234,792 93,109 Richmond 250,473 219, 846, 48,628.819 2,353,923 9,532 $148,529 Atlanta 240,007 36,377, 453,550 46,970,134 3,010,658 68,714 40,197 Chicago 82,750 151,399, 159,818 50,657,544 4,922,436 St. Louis 247,360 139, 395, 10.000 46,318,123 2,321,679 176,485 $19,342 Minneapolis 357 20, 092! 899,245 6,596,955 1,210,678 267,467 163,230 Kansas City 257,591 58,055: 9,956,711 1,505,840 3,312,873 8,580 Dallas 100 21,475 561,330 4,222,345 744,978 1,108,963 5,672,404 San Francisco 22,763 158, 4U8, 12,008,070 46,505,181 1,573,583 380,956 83,974 Total: September, 1923 4,160,940 1,875,659,260 14,176,513 692,261,918 18,813,875 5,521,483 19,342 August, 1923.... 5,018,641 2,330,982,180 15,117,203 . 670,828,703 20,277,348 5,890,076 296,823 September, 1922 2,662.1X3 802,270,810 24,357,058 | 404,427,412 23,196,327 7,433,985 33,000 August, 1922.... 1,592,541 727.893,985 26,072,966 ! 303,909,358 25,993,458 6,433,590 7,540 Total, exclusive of sight 1 and demand drafts, re- | Trade acceptances. duced to a common ma- Member banks. Total, all turity basis.1 Federal reserve bank. classes. Per cent Number Accommodated. Foreign. Domestic. Amount. of total. in district Sept. 30. Number. Percent. Boston $123,852 $292,653,942 $148,612,887 5.7 423 199 47.0 New York 567,183 806,281,429 602,796,606 23.0 831 340 40.9 Philadelphia... 27,099 228,029,514 158,380,443 6.1 722 322 44.8 Cleveland 1,013,664 182,289,901 156,895,275 6.0 882 276 31.3 Richmond 1,404,930 272,642,936 189,596,994 7.2 629 316 50.2 Atlanta 909,949 88,071,109 230,376,417 8.8 536 321 59.9 Chicago 60,729 207,282,977 390,298,235 14.9 1,440 521 36.3 St. Louis 670,256 189,158,695 250,837,502 9.6 624 271 43.4 Minneapolis... 10,000 29,240,682 72,756,033 2.8 991 215 21.7 Kansas City... 73,097,525 117,778,635 4.5 1.155 327 28.3 Dallas 17,849 33,803,919 48,732,377 1.9 '862 224 26.0 San Francisco. 425,908 219,409,033 248,783,344 9.5 811 33.0 Total: September, 1923. 5,231,417 2,621,961,662 2,615,844,748 100.0 9,906 3,600 36.3 August, 1923 3,637,720 3,052,048,694 9,905 3,960 40.0 September, 1922. 2,976,910 1,267,357,685 9,917 3,944 39.8 August, 1922 2,402,539 1,094,305,977 9,917 4,042 40.8 1 Total discounts multiplied by ratio of average maturity of bills discounted by each bank to average maturity (12.56) for system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1226 FEDERAL RESERVE BULLETIN. NOVEMBER, 1923. VOLUME OF BILLS DISCOUNTED DURING SEPTEMBER, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Average maturity, Average exclusive Federal reserve bank. 4 per cent. 4J per cent. 5 per cent. Total. rate (365- of sight day basis). and demand drafts. Per cent. Days. $292,653,942 $292,653,942 4.50 6.38 New York. . 806,281,429 806,281,429 4.50 9.39 Philadelphia 228,029,514 228,029,514 4.50 8.72 182,289,901 182,289,901 4.50 10.81 H j o h m o T i rl , . .. 272,642,936 272,642,936 4.50 8.74 Atlanta . . .. 88,071,109 88,071,109 4.50 32.87 207,282,977 207,282,977 4.50 23.65 St. Louis.. . 189,158,695 189,158,695 4.50 16.66 29,240,682 29,240,682 4.50 31.43 Kf\"SHP City. 73,097,525 73,097,525 4.50 20.24 Dallas 33,803,919 33,803,919 4.50 21.76 219,409,033 219,409,033 4.50 14.25 Total: September, 1923 2,621,961,662 2,621,961,662 4.50 12.56 August, 1923 3,052,048,694 3,052,048,694 4.50 10.62 September, 1922 . . .. $67i,i68,ii7 596,189,268 1,267,357,685 4.36 13.43 August 1922 602,016,980 483,415,225 $8,873,772 1,094,305,977 4.34 13.48 VOLUME OF BANKERS' AND TRADE ACCEPTANCES PURCHASED DURING SEPTEMBER, 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. Domestic. Total. Amount. P of e r to ce ta n l t . $7,553,543 $5,722,987 $1,495,000 $14,771,530 $14,771,530 $8,913,022 5.0 New York 59,140,020 13,481,252 3,401,712 76,022,984 $754,166 $754,166 76,777,150 39,211,925 24.6 Philadelphia 6,703,840 2,292,060 995,000 9,990,900 9,990,900 18,996,889 11.9 4,432,765 1,079,067 123,835 5,635,667 5,635,667 9 666 757 «. T 125,000 80,000 205,000 205,000 297,506 ; .2 Atlanta 4,357,095 649,108 5,006,203 5,006,203 6,138,124 3.9 19,348,044 6,574,573 685,975 26,608,592 26,608,592 47,571,410 | 29.8 75 000 75,000 75,000 158,546 -1 Dallas. 7,373,272 1,815,475 275,000 9,463,747 9,463,747 19,325,563 12.1 5,971,006 4,769,970 145,289 10,886,265 10,886,265 9,140,312 5.7 Total: September, 1923....115,004,585 36,539,492 7,121,811 158,665,888 754,166 754,166 159,420,054 159,420,054 100.0 August, 1923 109,471,641 46,561,116 4,018,025 160,050,782 321,886 321,886 160,372,668 September, 1922 160,792,652 50,270,374 4,580,859 215,643,885 1,184,950 $223,925 1,408,875 217,052,760 August, 1922 144,236,793 34,287,658 6,303,646 184,828,097 379,034 379,034 185,207,131 1 Total purchases multiplied by ratio of average maturity of bills purchased by each bank to average maturity (40.32) for system. VOLUME OF ACCEPTANCES PURCHASED DURING SEPTEMBER, 1923, BY RATES OF DISCOUNT CHARGED; ALSO AVERAGE RATES AND MATURITIES. Federal reserve bank. 4 per cent. 4J per cent. 44 per cent. 4| per cent. 4J per cent. Total. r A a v te e r ( a 3 g 6 e 5 m A a v t e u r r a i g ty e . day basis). Per cent. Day). Boston $1,973,160 $11,129,605 $1,398,608 $259,776 $10,381 $14,771,530 4.19 24.33 New York 68,949,815 5,242,165 1,206,634 585,433 793,103 76,777,150 4.12 20.59 Philadelphia . 604,701 8,760,057 597,573 28,569 9,990,900 4.19 76.66 1,205,844 2,842,084 1,290,293 296,446 1,000 5,635,667 4.23 69.15 Richmond . 205,000 205,000 4.31 58.51 612,217 3,033,664 i, 360,322 5,006,203 4.24 49.43 5,592,189 15,181,908 3,160,905 988,590 1,685,000 26,608,592 4.27 72.08 St. Louis Minneapolis 75,000 75,000 4.56 85.23 Dallas 192,379 7,687,518 1,191,662 392,188 9,463,747 4.21 82.33 San Francisco 1,456,337 2,982,500 6,289,378 60,943 97,107 10,886,265 4.22 33.85 Total: September, 1923 80,586,642 56,859,501 15,340,053 2,611,945 4,021,913 159,420,054 4.21 40.32 August, 1923 82,898,681 51,487,690 22,728,728 1,231,454 1,907,418 1160,372,668 4.20 38.85 1 Includes $118,697 of acceptances purchased at 4| per cent. NOTE.—All Federal reserve banks use 360 days to the year in calculating interest on bills bought in open market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEB, 1923. FEDERAL RESERVE BULLETIN. 1227 HOLDINGS OF EARNING ASSETS, BY CLASSES. AVERAGE DAILY HOLDINGS OF EACH CLASS OF EARNING ASSETS, EARNINGS THEBEON, AND ANNUAL RATE OF EARNINGS DURING SEPTEMBER, 1923. Average daily holdings of— Earnings on— Annual rate of earnings on— Feder b a a l n r k e . serve 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 A r s s n e e l i l t s n s g o . f co b D u i i n l s l - t s e . d c b h P i a u l r s l - s e . d se U S cu n ta r i i t t t e e ie s d s. e c a l A a r o s n l f s l i e n s g 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 e s - . d U s S e t n t i c a e i u t t s e e r . i s d - Pa- Per Per Per cent. cent. cent. cent. Boston $77,440,872 $63,561,356 $9,279,608 $4,599,908 $281,894 $235,169 $31,918 $14,807 4.43 4.50 4.18 3.92 New York 239,805,148 191,526,426 30,293,999 17,984,723 872,333 708,549 103,112 60,672 4.43 4.50 4.14 4.10 Philadelphia I 97,813,451 60,691,839 19,515,162 17,606,450 353,465 224,533 67,470 61,462 4.39: 4.50 4.20 4.24 Cleveland 101,182,124 54,590,724 36,075,483 10,515,917 362,512 201,897 124,849 35,7661 4.36 4.50 4.21 4.14 Richmond 77,409,256 75,418,736 649,620 1,340,900 284,038 279,192 2,301 2,545 4.46 4.50 4.31 2.31 Atlanta 68,262,611 59,044,139 8,928,193 258,553 242,030 211,103 29,959 855! 4.46 4.50 4.22 4.16 Chicago 133,800,174 81,204,345 42,358,906 10,236,863 475,649 300,345 146,657 28,647 4.33 4.50 4.21 3.40 St. Louis 69,945,805 65,877,267 229,405 3,839,133 257,740 243,597 789 13,354 4.48 4.50 4.18 4.23 Minneapolis 42,444,237 29,341,340 13,102,897 153,751 108,536 45,215i 4.41 4.50 4.20 Kansas City 54,821,141 41,589,948 2,044,843 11,079,950 201,818 153,829 7,030 40:565! 4.48 4.50 4.18 4.45 Dallas 52,904,406 38,804,953 12,186,680 1,912,833 189,324 143,547 41,596 4,181 4.35 4.50 4.15 2.66 San Francisco 107,705,266 86,296,019 12,057,300 9,351,947 393,700 319,136 41,599 32,965 4.45 4.50 4.20 4.29 Total: Sept., 1923.. 1,123,534,551 847,947,092 173,619,259 101,830,074 4,068,254 3,129,433 597,280 341,034 4.41 4.50 4.19 4.07 Aug., 1923...1,078,204,441 811,251,100 176,949,977 4,046,871 3,099,928 629,388 317,497 4.42 4.60 4.19 4.15 Sept., 1922..1,113,342,904 416,612,107 209,792,025 486,920,439 3,511,891 1,514,089 535,565 1,462,166 3.84 4.4: 3.11 3.65 Aug., 1922... |1,053,098,212 396,243,184 159,020,851 497,824, 8773,445,344 1,502,777 420,119 1,522,410 3.85 4.47 3.11 3.60 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, $31,726, $113 and 4.50 per cent; Kansas City, $106,400, $394, and 4.50 per cent. Total $138,126, $507 and 4.50 per cent. HOLDINGS OF DISCOUNTED BILLS, BY CLASSES. [End of September figures. In thousands of dollars.] Custom- c M o e ll m at b e e ra r l b n a o n te ts s ' . Bankers' acceptances. Trade acceptances. ers' paper Commer-Agricul- Live- Federal reserve bank. Total. e b s r y e n c m G ur o e e v n d - t b S y e c G ur o e v d - Other- p n. a c p e ia . e l r s , . p t a u p ra e l r. p s a to p c e k r. Foreign. Domes- Foreign. Domeso t b io li n g s a . - e o rn b m lig e a n - t w cu is r e e d se . - Im- Ex- tic. Im- Ex- tic. tions. ports. ports. ports. ports. Boston 58,544 1,149 23,613 33,185 398 101 98 New York 192,683 1,019 128,632 61,975 419 3 635 Philadelphia 62,519 444 39 006 22,565 458 46 Cleveland 53,459 367 30,439 56 20,726 546 210 1,109 Richmond 79,286 524 29,873 40,385 7,241 53 31 1,179 Atlanta 74,587 293 16,352 239 44,405 11,054 849 795 Chicago ' 93,180 257 45,991 110 35,994 10,320 514 St. Louis 76,133 433 23,476 360 42,540 8,092 575 657 Minneapolis 29,641 5 7,500 480 8,039 9,112 3.679 226 Kansas City 47,235 248 15,935 15,031 4,207 11,744 10 Dallas 29,879 8 5,253 "234- 9,127 8,435 6,797 25 San Francisco 80,401 153 30,216 0,053 36,628 10,715 2,063 573 Total, Sept. 29,1923.. ' 883,553 4,900 396,286 7,532 371,200 71,657 26,077 34 5,867 Aug. 31,1923.. 864,562 4,800 407,512 7,402 330,145 79,033 30,533 23 79 5,029 Sept. 30,1922.. 463,696 2,553 160,227 12,499 104,408 86,823 33,457 33 3,696 Aug. 31,1922.. 397,448 2,525 123 588 12 374 123,316 97,404 34,903 43 1 iifi 3,179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1228 FEDEBA1. EESEBVE BULJiETIN. NOYEMBEB, 1923. HOLDINGS OF BANKERS' ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTING INSTITUTIONS. [End of September figures. In thousands of dollars.] Member bank. Nonmem- Branches ber banks and agen- Federal reserve bank. Total. and bank- Private cies of National. Nan- ing corpo- banks. foreign national. rations. banks. Boston 7,212 4,598 944 754 714 202 New York 21,622 4,717 5,395 5,163 3,698 2,689 Philadelphia... 17,593 6,828 6,614 1,703 1,675 773 Cleveland 32,566 8,191 8,528 5,432 8,277 2,138 Richmond 479 156 323 Atlanta 9,586 1,952 3,275 3,125 1,148 Chicago 42,679 16,894 18,691 4,444 1,135 1,515 St. Louis 39 32 Minneapolis... Kansas City... 2,087 584 1,025 383 95 Dallas 26,792 5,455 8,354 4,850 5,418 2,715 San Francisco. 12,326 3,787 4,034 1,291 1,666 1,548 Total: Sept. 29,1923 173,021 53,169 56,892 27,468 23,826 11,666 Aug. 31,1923 171,537 58,824 56,291 24,313 24,015 8,094 Sept. 30,1922 242,917 100,672 82,867 27,900 19,139 12,339 Aua. 31,1922 179,367 74,182 61,808 23,246 12,482 7,649 Purchased in open market: Sept. 29, 1923 172,987 53,135 56,892 27,468 23.826 11,666 Aug. 31.1923 171,436 58,746 56,268 24,313 24,015 8,094 Sept. 30,1922 242,884 100,639 82,867 27,900 19,139 12,339 Aug. 31,1922 179,324 74,147 61, 800 23,246 12,482 7,649 Discounted for member banks: Sept, 29, 1923 34 34 Aug. 31,1923 101 78 Sept. 30, 1922 33 33 Aug. 31,1922 43 35 HOLDINGS OF BANKERS' AND TRADE ACCEPTANCES PURCHASED OR DISCOUNTED, BY CLASSES OF ACCEPTANCES. [End of September figures. In thousands of dollars.] All classes. Bankers' acceptances. Trade acceptances. Dis- Foreign. Foreign. Federal reserve bank. Pur- counted Total. m i c n h a a o r s k p e e e d n t. m b f e o e m r r - Total. Im- Ex- Do ti m c. es- c D ha e o x n ll - g a e r Total. Im- Ex- Do ti m c. esbanks. ports. ports. ports. ports. Boston 7,310 7,212 7,212 3,037 835 3,045 295 New York 22,568 21,930 638 21,662 11,083 7,108 2,781 C90 900 271 635 Philadelphia... 17,639 17,593 46 17,593 7,038 3,495 4,270 2,190 46 46 Cleveland 33,675 32,566 1,109 32,566 21,392 5,788 4,981 425 1,109 1,109 Richmond 1,658 448 1,210 479 25 105 349 1,179 1,179 Atlanta 10,381 9,586 795 9,586 2,921 5,277 1,213 175 795 795 Chicago 43,193 42,679 514 42,079 22,334 9,518 8,789 2,038 514 514 St. Louis 696 39 057 39 39 657 657 Minneapolis... 220 226 226 226 Kansas City... 2,097 2,087 10 2,087 1,604 100 383 10 10 Dallas 20,817 26,792 25 26,792 9,756 7,884 6,942 2,210 25 25 San Francisco. 12,899 12,326 573 12,320 5,406 2,977 3,843 100 573 573 Total: Sept. 29,1923 179,159 173,021 85,196 43,0S7 36,615 8,123 6,138 271 5,867 Aug. 31,1923 176,737 171,537 100,395 31,748 33,200 0,128 5,200 171 5,029 Sept. 30,1922 248,104 242,917 ! 189,088 46,415 6,SK 5,187 1,292 3,895 Aug. 31,1922 183,514 179,367 143,963 29,587 5,817 4,147 968 3,179 Purchased in open market: Sept. 29,1923 173,258 172,987 85,196 43,087 36,581 8,123 271 271 Aug. 31,1923 171,607 171,430 100,372 31,748 33,188 6,128 171 171 Sept.. 30,1922 244,375 242,884 189,688 I 46,382 I 6,814 1,491 1,292 199 Aug. 31,1922 180,176 179,324 143,903 i 29,544 j 5,817 852 852 Discounted for member banks: I Sept. 29,1923 5,901 34 34 I. 5,867 I 5,867 Aug. 31,1923 5,130 101 23 78 I. 5,029 5,029 Sept. 30,1922. 3,729 33 33 I 3,696 3,096 Aug. 31,1922.. 3,338 43 43 3,295 3,179 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1229 CONDITION OF FEDERAL RESERVE BANKS. CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENTAGES FOR OCTOBER AND SEPTEMBER, 1923. [Daily averages. Amounts in thousands of dollars.] Federal reserve notes Total cash reserves. Total deposits. in circulation. Federal reserve bank. October. September. October. ] September. October. September. October. September. Boston 303,416 281,849 131,417 129,647 229,123 226,649 84.2 79.1 New York 978,983 982,575 703,598 695,205 467,466 482,425 83.6 83.4 Philadelphia 258,201 259,563 116,959 117,165 215,271 219,402 77.7 77.1 Cleveland 325,032 327,351 162,213 164,646 244,009 246,349 80.0 79.6 Richmond 92,400 77,133 64,317 62,613 96,675 85,500 57.4 52.1 Atlanta 98,839 110,363 54,417 53,772 134,333 129,392 52.4 60.3 Chicago 551,750 574,495 275,414 280, 276 413,615 415,040 80.1 82.6 St. Louis 77,427 80,171 69,094 70,144 75,441 72,406 53.6 56.2 Minneapolis 73,840 69,815 49,093 47,906 69,330 57,314 68.1 66.4 Kansas City 82,401 95,499 80,113 82,259 62,853 63,402 57.6 65.6 Dallas 65,297 56,239 58,214 52,651 58,859 48,694 55.8 55.5 San Francisco 286,699 271,947 154,463 151,909 219,413 217,607 76.7 73.6 Total: 1923. 3,194,285 3,187,000 1,919,312 1,908,193 2,276,388 2,264,090 76.1 76.4 1922. 3,211,513 3,192,420 1,876,362 1,866,300 2,309,013 2,225,457 76.7 78.0 1921 2,905,727 2,836,396 1,728,029 1,716,162 2,456,121 2,493,910 69.4 67.4 1920 2,162,178 2,139,280 1,867,589 1,912,070 3,336,768 3,275,535 143.1 143.3 1919 2,207,386 2,157,932 1,980,676 1,930,969 2,738,394 2,627,295 148.5 150.4 i Calculated on basis of net deposits and Federal reserve notes in circulation. RESOURCES AND LIABIUTIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 3 TO OCTOBER 24, 1923. RESOURCES. [In thousands of dollars.) Total. Boston. Y N o e r w k. d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. St. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F S r a a n ncisco. Gold and gold certificates: Oct.3 357,185 20,547 171,075 36,564 13,159 11,596 6,296 48,477 4,436 8,587 3,423 11,752 21,273 Oct. 10 364.693 20,457 178,293 37,069 13,157 11,974 6,562 47,926 4,389 8,622 3,399 11,433 21,412 Oct. 17 367.835 20,987 183,232 36,259 13,367 12,141 5,891 47,280 4,357 8 645 2,871 11,472 21,333 Oct. 24 375,456 21,432 182,909 37,955 13,436 12,477 5,855 52,484 4,408 8,671 2,906 11,571 21,344 Gold settlement fund—F. R. Board: Oct.3 643,874 68, 159,252 37,556 95,482 38,213 13,368 95,508 18,551 23,401 34,190 16,821 42,650 Oct. 10 623,054 60,295 143,646 33,430 99,662 36,870 10,189 94,876 22,920 20,985 34,427 15,506 50,248 Oct.17 607,734 68,551 140,835 24,118 89,181 29,711 16,804 90,427 28,157 22,118 32,287 19,867 45,678 Oct. 24 618,424 67,621 151,349 41,177 94,020 32,191 14,088 77,764 26,067 22,168 31,222 17,785 42,972 Gold with F. R. agents: Oct.3 2,055,663 192,325 634,833 171,268 207,619 28,006 71,830 401,380 35,171 38,692 42,085 26,455 205,999 Oct. 10 2,074,372 198,759 634,657 171,313 207,493 36,952 73,248 401,276 35,495 37,658 41 753 26,898 20S 870 Oct. 17 2,087,371 195,801 634,528 170,052 209,277 45,789 67,391 401,145 35,122 37,365 40,597 27,378 222,926 Oct. 24 2,089,358 210,451 634,443 165,953 208,805 44,622 401,053 34,125 37,461 35,464 29,052 221,061 Gold redemption fund: Oct.3 59,108 11,431 8,418 8,308 4,197 3,714 3,575! 3,679 4,031 1,840 4,5761 2,248 3,091 Oct. 10 60,275 13,829 7,010 11,000 2,470 3,611 3,958! 2,475 3,156 2,521 4,4181 2,114 3,713 Oct. 17 62,229 15,879 5,332 13,082 1,152 3,657 4,133 1,252 3,021 2,489 5,032 2,095 5,105 Oct. 24 53,174 10,184 8,859 5,054 205 3,677 4,013 5,144 3,525 2,024 4,682 2,309 3,498 Total gold reserves: Oct.3 3,115,830 293,185 973,578 253,696 320,457 81,529 95,069 549,044 62,189 72,520 84,274j 57,276 273,013 Oct. 10 3,122,394 293,340 963,606 252,812 322,782 89,407 93 957 546,553 65,960 69,786 83,997 55,951 284,243 Oct. 17 3,125 169 301,218 963,927 243,511 312,977 91,298 94,219 540,104 70,657 70,617 80,787! 60,812 295,042 Oct. 24 3,136,412 309,688 977,560 250,139 316,466 92,967 90,834 536,445 68,123 70,324 74,2741 60,717 288,875 Reserves other than gold: Oct.3 72,160 3,558 16,834 12,080 3,787 2,190 4,304 8,740 9,241 917 2,542 6,131 1,836 Oct. 10 71,529 3,784 16,603 10,650 3,910 2,398 4,599 8,194 9,968 1,006 2,556 6,204 1,657 Oct. 17 72,854 4,256 18,298 8,941 3,896 2,677 5,129 7,882 10,067 1,138 2,500 6,324 1,748 Oct. 24 72,710 5,141 19,041 6,148 3,655 3,285 5,447 8,205 9,433 1,255 2,817 6,392 1,891 Total reserves: Oct.3 3,187,990 296,743 990,412 265,776 324,244 83,719 99,373 557,784 71,430 73,437 86,816 63, 407 274,849 Oct. 10 3,193,923 297,124 980,209 263,462 326,692 91,805 98,556 554,747 75,928 70,792 86,553 62,155 285,900 Oct. 17 3,198,023 305,474 982,225 252,452 316,873 93,975 99,348 547,986 80,724 71,753 83,2S7 67,136 296,790 Oct. 24 3,209,122 314,829 996,601 256,287 320,121 96,252 96,281 544,650 77,556 71,579 77,091 67, KB 290,766 Nonreserve cash: Oct.3 72,354 14,266 10,819 2,0 4,529 1,566 10,602 6,600 6,795 1,157 4, 1,814 7,621 Oct. 10 68,932 15,670 9,837 1,8 2,829 1,371 7,864 6,112 7,3r 1,531 4,502 2,315 7,719 Oct. 17 74,877 17,751 10,749 2,3 5,135 1,529 7,902 6,759 6 - 1,153 4,161 1,876 8,652 Oct. 24 78,872 15,785 11,118 1,8 3,515 1,555 8,639 6,584 1,356! 4,457 2,946 10,860 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1230 FEDERAL. EESEEVE BULLETIN. NOVEMBER, 1923. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS. OCTOBER 3 TO OCTOBER 24,1923—Con. EESOURCES—Coatinued. [In thousands of dollars.) Total. Boston. Y N o e r w k. d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F S r a an n cisco. Bills discounted: Secured by U.S. Government obligations— Oct.3 400,158 19,489 136,459 33,442 29,044 28,925 17,332 53,002 23,250 7,584 20,465 4,067 27,099 Oct. 10 406,269 18,900 146,344 36,529 32,945 28,632 18,042 49,714 22,174 19,203 2,057 23,081 Oct.17 386,175 17,367 116,593 29,553 28,130! 21,108 59,335 22,684 9,037 20,361 3,353 21,574 Oct. 24 384,346 14,602 111,001 37,825 35,954 26,874i 20,339 56,574 24,740 6,507 24,217 3,856 21,857 Other bills discounted— Oct.3 481,5031 34,522 67,517 18,396 22,732 47,120| 53,545 52,284 52,507 20,841 30,042 22,803 59,194 Oct. 10 462,7481 30,767 58,703| 18,356 26,564i 45,328 57,122 51,382 48,258 20,771 30,739 20,863 53,895 Oct. 17 :. 468,346' 28,675 54,215 20,253 31,619i 45,433 61,389 55,727 49,260 20,274 32,399 19,459 49,643 Oct. 24 451,892! 16,277 52,440 20,558 27,3541 44,173 63,101 55,377 49,838 23,563 32,631 18,497 Bills bought in open market: Oct.3 172,902 8,021 22,357 18,888 30,0021 495 9,108 40,188 2,247 28,470 13,069 Oct. 10 182,407 8,903 32,741 17,844 28,2061 915i 9,026 42,659 2,215 27,966 11,874 Oct. 17 ; 190,518 10,247 43,727 20,424 24,508 1,141, 5,452 42,155 2,199 29,214 11,394 U. O S c . t . b 2 o 4 n ds andi 179,747 10,734 36,097i 20,269 98 SOi l,266j 5,671 37,751 1,520 27,127 10,360 notes: Oct.3 89,628 3,657 10,424 17,367 9,953 1,341! 222 6,826 3,668 13,617 11,588 1,780 9,185 Oct. 10 86,808 3,568 5,176 17,367 9,953 1,341 260 6,555 3,668 13,867 6,280 9,185 Oct. 17 86,251 3,567 7,644 17,367| 9,953 1,341: 240 6,919 13,867 6,280 9,185 Oct. 24 79,907 3,567 1,349 17,367 9,953 1,341 252 6,859 13,867 6,279 9,185 IT. S. certificates of indebtedness: Oct.3 5,514 3,150 336. 53 853L 178 Oct. 10 5,075 250 1,673 336. 17 215:. 178 2,345 Oct. 17 7,790 170 4,425 393]. 1 60|. 178 2,500 Oct. 24 3,200 593j. 1 1,755!. 178 2,500 Municipal warrants: Oct.3 317 51 Oct. 10 317 51 266 Oct.17 317 51 266 Oct. 24 317 51 266 Total earning assets: Oct.3 1,150,022 66,592 239,907 88,134 92,067 77,881 80,311 153,153 79,432 42,092 64,786 57,120 108,547 Oct. 10 1,143,624 62,388 244,637 90,137 98,004 76,216 84,518 150,525 74,107 43,357 62,189 59,511 98,035 Oct.17 1,139,397 60,026 226,604 95,165 96,026 76,045 88,241 164,196 71,951 43,250 65,291 60,806 91,796 Oct. 24 1,104,495 45,180 204,087 96,060 102,748 73,654 89,415 158,316 74,585 44,006 68,700 58,259 89,485 Bank premises: Oct.3 55,173 4,434 13,396 744 9,676 2,617 2,818 8,715 1,155 1,755 4,970 1,952 2,941 Oct. 10 55,202 4,434 13,396 744 9,684 2,617 2,828 8,715 1,155 1,755 4,970 1,952 2,952 Oct. 17 55,640 4,434 13,756 744 9,700 2,617 2,829 8,715 1,156 1,815 4,970 1,952 2,952 Oct. 24 55,895 4,434 13,762 744 9,720 2,6171 2,909 8,716 1,220 1,842 4,970 1,951 3,011 Five per cent redemption fund against F. R. bank notes: Oct.3 28 28 Oct. 10 28 28 Oct. 17 28 22 Oct. 24 28 Uncollected items: Oct.3 663,548 61,769 147,181 61,496 63,802 63,237 24,953 82,114 37,672 15,672 35,247 30,854 39,551 Oct. 10 646,278 56,287 130,388 55,275 62,304 63,831 25,225 79,739 42,286 17,453 37,140 33,295 43,055 Oct.17 840,286 78,871 193,389 74,759 90,325 74,012 29,655 102,042 47,450 17,935 40,854 36,964 54,030 Oct. 24 660,460j 62,753 138,274 54,719 62,749 65,603 26,027 84,054 36,216 16,417 39,151 31,855 42,642 All other resources: Oct.3 13,1181 174 1,061 274' 303 478 674 484 104 2,399 637 2,1 Oct. 10 13,470 125 1,211 2841 321 619 660 484 108 2,379 692 2,903 3,684 Oct.17 13,690 126 1,057 313 326 484 661 522 50 2,532 1,049 2,900 3,670 Oct. 24 13,470 126 ir~ 312| 354 477 648 507 50 2,523 913 2,842 3,620 Total resources: Oct.3 5,142,233 443,978 1,402,776 418,523 494,621 229,498 218,731 808,850 196,588 136,512 196,942 158,013 437,201 Oct. 10 5,121,457 436,034 1,379,678 411,750 499,834 236,459 219,651 800,322 200,912 137,267 196,046 162,159 441,345 Oct. 17 5,321,941 466,682 1,427,780 425,826 518,385 248,662 228,636 830,220 208,148 138,438 199,612 171,662 457,890 Oct. 24 5,120,342 443,107 1,364,940 409,988 499,207 240,158 223,919 802,826 197,818 137,723 195,282 164,990 440,384 I LIABILITIES. Capital paid in: Oct.3 109,669 7,867 29,289 9,865 12,242: 5,734 4,428 15,195 5,018 3,521 4,560 4,189 7,761 Oct. 10 109,676' 7,867 29,302 9,865' 12,242| 5,740 4,426 15,194 5,018 3,520 4,554 4,189 7,759 Oct. 17=.... 109,688 7,867 29,302| 9,865; 12,242' 5,742 4,427 15,209 5,016 3,520 4,554 4,189 7,755 Oct. 24 109,709 7,867 29,302! 9,865; 12,242: 5,742 4,435 15,209 4,993 3,521 4,548 4,195 7,790 Surplus: Oct.3 218,369 16,312 59,80* 18,749! 23,495! 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Oct. 10 218,369 16,312 59,8001 18,749 23,495j 11,288 8,942 30,398 9,666 7,473 9,488 7,496 15,263 Oct. 17 218,369 16,312 59,800! 18,749 23,495! 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Oct. 24 218,369 16,312 59,800; 18,749 23,495| 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL. RESERVE BULLETIN. 1231 BESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, OCTOBER 3 TO OCTOBER 24,1923— Continued. LIABILITIES—Continued. [In thousands of dollars.] I Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. C F S i r s a a c n n o. Deposits: Government— Oct. 3 30,065 2,083 8,155 1,232 1,530 500 2,359 8,218 1,833 1,036 1,499 540 Oct. 10 20,151 1,430 5,349 337 2,146 1,168 1,410 1,937 1,502 m 951 l.T" 1,867 Oct. 17 36,575 942 7,183 1,226 1,888 2,853 3,059 5,168 2,295 2,C11 2,: 5,619 Mem O b c e t r 2 4 bank— 28,823 2,798 4,513 335 1,299 2,141 1,987 3,650 1,897 2 2 , , 1 1 2 6 4 2 2,001 2,620 3,420 reserve account— Oct.3 1,884,046 129,472 700,065 119,909 157,165 62,637 52,083 268,229 65,957 48,101 79,500 53,633 147,295 Oct. 10 1,863,850 123,607 693,640 114,837 159,069 63,591 51,273 266,221 66,544 47,846 75,942 54,153 147,127 Oct. 17 1,915,740 135,624 705,579 115,439 160.794 63,6051 53,504 277,769 67,508 46,468 78,213 57,759 153,448 Oct. 24 1,872,179 128,719 688,145 118,949 159;751 61,635 52,969 268,52 67,128 47,418 75,213 56,865 146,863 Other deposits— Oct.3 22,126 169 13,037 273 1,296 14! 126 1,109 598 376 596 241 4,156 Oct. 10 21,754 278 12,553 455 1,060 129 1,246 472 334 532 229 4,318 Oct. 17 23,007 270 13,194 634 1,191 144 1,146 533 393 487 218 4,640 Oct. 24 22,536 197 13,343 617 1,068 125! 188 971 439 332 504 237 4,515 Total deposits: Oct.3 1,936,237 131,724 721,257 121,414 159,991 63,288f 54,568 277,556 49,557 81,132 55,373 151,991 Oct. 10 1,905,755 125,315 711,542 115,629 162,275 64,907 52,812 269,404 68,518 77,425 55,718 153,312 Oct. 17 1,975,322 136,836 725,956 117,329 163,873 66,615 56,707 284,083 70,336 48,985 80,711 60,184 163,707 Oct. 24 1,923,538 131,714 706,001 119,901 162,118 63,901 55,144 273,145 69,464 49,912 77,718 59,722 154,798 F. R. notes in actual circulation: Oct.3 2,272,308 229,712 474,894 213,198 241,581 92,738 131,892 415,011 74,717 59.219 63,063 56,737 219,546 Oct. 10 2,288,580 232,514 471,073 216,938 247,896 95,046 133,426 415,859 75,074 59,337 62,852 58,272 220,293 Oct. 17 2,272,391 231,872 463,507 213,006 241,601 96,787 134,518 412,236 76,004 59,496 63,262 59,583 220,519 Oct. 24 2,255,354 226,597 457,029 210,635 243,964 97,166 133,911 410,865 75,310 59,379 62,503 59,509 218,486 F. R. bank notes in circulation—net liability: Oct.3 485 485 Oct. 10 480 480 Oct.17 473 473 Oct. 24 529 529 Deferred availability items: Oct.3 583,742 57,392 113,384 53,611 55,509 55,107 17,616 68,672 37,471 15,238 37,653 31,541 40,548 Oct. 10 576,277 53,063 103,571 48,808 52,051 58,101 18,689 67,325 41,269 16,430 40,629 33,796 42,545 Oct.17 723,251 72,783 144,789 65,109 75,289 22,606 86,085 45,816 17,487 40,493 37,496 48,472 Oct. 24 589,636 59,581 108,256 55,386 60,606 19,975 70,920 37,007 15,922 39,864 31,278 41,846 All otherliabilities: Oct.3 21,423 971 4,152 1,686 1,803 1,345 1,285 2,018 1,329 1,504 1,046 2,092 Oct. 10 22,320 963 4,390 1,761 1,875 1,377 1,356 2,142 1,368 1,609 1,098 2,173 Oct.17 22,447 1,012 4,426 1,768 1,885 1,404 1,436 2,209 1,311 1,477 1,104 2,241 2,174 Oct. 24 23,207 1,036 4,552 1,843 2,002 1,455 1,512 2,289 1,379 1,516 1,161 2,261 2,201 Totalliabilities: Oct.3 5,142,233 443,978 1,402,776 418,523 494,621 229,498 218,731 196,588 136,512 196,942 158,013 437,201 Oct. 10 5,121,457 436,034 1,379,678 411,750 499,834 236,459 219,651 800,322 200,912 137,267 196,046 162,159 441,345 Oct.17 5,321,941 466,682 1,427,780 425,826 518,385 248,662 830,220 208,148 138,438 199,612 171,662 457,890 Oct. 24 5,120,342 443,107 1,364,940 409,988 499,207 240,158 223,919 802,826 197,818 137,723 195,282 164,990 440,384 MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities combined— per cent: Oct.3 75.8 82.1 82.8 79.4 80.7 53.7 53.3 80.5 49.9 67.5 60.2 56.6 74.0 Oct. 10 76.1 83.0 82.9 79.2 79.6 57.4 52.9 81.0 52.9 65.4 61.7 54.5 76.5 Oct. 17 75.3 82.6 76.4 78.1 57.5 52.0 78.7 55.2 66.1 57.8 56.1 77.2 Oct. 24 76.8 87.9 85.7 77.5 78.8 59.8 50.9 79.6 53.6 65.5 55.0 56.3 77.9 Contingent liability on bills purchased for foreign correspondents: Oct.3 34,311 11,950 2,949 3,703 1,783 1,406 4,766 1,509 1,165 1,474 1,234 2,372 Oct.10 , 36,015 11,993 3,159 3,967 1,910 1,506 5,106 1,616 1,249 1,579 1,322 2,608 Oct. 17 ! 40,528 15,344 3,312 4,159 2,002 1,579 5,353 1,694, 1,309 1,656 1,386 2,734 Oct. 24 42,331 14,374 3,675 4,615 2,222 1,752 5,r"~ 1 — 1,453 ir~ 1,548 3,034 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1232 FEDERAL, RESERVE BULLETIN. NOVEMBER, 1923. DisraiB'jrtoM 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 1 d 6 a to y s 3 . 0 31 d a to y s 6 . 0 61 d a to y s 9 . 0 d F m 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: Oct. 3 881,661 585,560 85,064 117,004 80,435 13,337 261 Oct. 10 8S9,017 578,169 80,062 121,813 75,599 13,088 286 Oct.17 854,521 558,679 78,705 126,020 76,515 14,278 324 Oct.24 833,238 487,038 129,496 125,902 76,596 16,743 463 Bills bought in open market: Oct.3 172,902 57,237 32,222 39,403 39,500 4,540 Oct.10 182,407 63.939 27,447 42 953 43,728 4 340 Oct 27 190,518 68,283 21,767 44,871 51,484 4,113 Oct.24 179,747 54,194 25,647 51,320 44,851 3,735 United States certificates of indebtedness: Oct.3 5,514 4,053 361 1,100 Oct.10 5,075 1,923 261 2,870 21 Oct. 17 7 790 4,595 163 3,031 1 Oct. 24 8 283 3,200 1,601 1 3,484 Municipal warrants: Oct.3 317 266 51 Oct. 10 317 266 41 10 Oct.17 317 266 41 10 Oct. 24 317 266 41 10 FEDERAL RESERVE NOTES. FEDERAL RE3ERVE AGENTS' ACCOUNTS ON WEDNESDAYS, OCTOBER 3 TO OCTOBER 24, 1923. [In thousands of dollars.) C la le n v d e , - m R o ic n h d - . Atlanta; Chicago. St. M ap i o n l n i e s. - K C a i n ty sa . s Dallas, j F S r a a n ncisco. Net amount of F. R. notes received from Comptroller of the Currency. Oct.3 3,598,004 338,413 1,043,433 279,776 301,652 122,965 220,850 577,7631 116,016 72,983 108,942 87,348! 327,863 Oct. 10 3,600,728 334,846' 1,040,164 281,421 301,025 127,410 224,268 579,6491 115,340 72,629 108,610, 88,792! 326,574 Oct. 17 3,617,660 337,888' 1,037,316 283,760 299,409 132,308 225,810 590,892i 114,967 73,176 108,013! 88,272! 325,849 Oct. 24 3,614,101 332,538' 1,033,533 279,660 299,317 133,600 228,287 594,454! 114,470 74,132 108,880: 87,945! 327,285 F. R. notes on hand: i Oct.3 861,504 92,950| 313,260 47,000i 31,420 23,150 73,722 116,340! 24,390 10,085 35,813! 25,774; 67,600 Oct. 10 860,844 87,350 313,260 50,400 31,420 24,390 75,262 115,400! 24,390 10,605 35,313! 25,454: 67,600 Oct. 17 873,934 89,350 313.260J 51,000] 29,720 26,350 75,382 127,000! 24,390j 10,015 34,513 25,354! 67,600 Oct.24 877,249 86,350 313,2601 50,600! 29,700 25,950 77,027 133,200 24,390 11,295 35,513 24,164! 65,800 F. R. notes outstanding: Oct.3 2,736,500 245.463] 730,1731 232,776 270,232! 99,815 147,128! 461,423! 91,626: 62,898 73,129' 61,574! 260,263 Oct. 10 2,739,884' 247J496! 726,904 231,021! 2«9,605' 103,020 149,006! 454,249 90,9501 62,024 73,297j 63,338; 258,974 Oct.17 2,743,726! |248,5381 724,056 232,7601 269,6891 105,958 150,428i 463,892, 93,577i 63,1611 73,500! 62,918, 258,249 Oct 24 2,736,852 246,188 720,273 229,0601 269,617j 107,650 151,260! 461,254 90,080! 62,8371 73,367! 63,781; 261,485 Collateral security for F. R. notes outstanding: Gold and gold certificates— Oct.3 i 320,534 35,300; 235,531 7.0001 8,780!. 2,400' ! 11,080 13,052 ! 7,391: Oct. 10 i 320,534 35,300; 235,531 7,000! 8,780. 2,400' 11,080! 13,052 ! 7,3911 Oct.17 ! 320,5341 35,300] 235,531 7,000: 8,780. 2,400 11,080! 13,052! ! 7,391! Oct. 24 1 320,534| 35,300' 235,531 7,000: 8,780. 2,400 11,080] 13,052 : 7,391! Gold redemption fund— i Oct.3 1 114,668 14,025' 28,302: 12,879 13,839! 4,211 4,430 9,736 2,091! 2,640! 3,725! 3,564 15,226 O O c c t t . . 1 1 0 7 J ' 1 1 1 2 2 2 , , 0 8 7 6 4 0 ! ! 1 1 0 7 , , 4 5 5 0 9 l : | 2 2 8 7 , , 1 9 2 9 6 7 ! ; 1 1 3 5 , ,6 9 6 2 3 4 : 1 1 3 5 , , 7 4 1 9 3 7 3 1 , , 1 9 5 9 7 4 , ! 7 6 , , 8 9 4 9 8 1 ! 9 9 , j( 5 ,3 0 1 0 2 2, , 0 4 4 1 2 5 ! ! 1 1, , 3 6 1 0 3 6 ! : 2 3 , , 2 3 3 9 7 3 4 3, , 4 0 8 0 7 7 > ! 1 1 3 8 , , 7 6 9 3 5 8 Oct. 24 i 113,435! 12,151; 27,912! 11,561 15,025 3,827; 6,46S 9,409 2,045! 1,409! 2,104; 4,161: 17,360 Gold fund—F. R. I Board— Oct.3 1,620,4611 143,000J 371,000 151,389 185,000 23,795 65,000 391,644 22,000! 23,000! 38,360: 15,500! 190,773 Oct. 10 1,641,7641 153,0001 371,000 150,389 185,000! 33,795' 63,000! 391,645 22,000) 23,000 38,360 15,500; 195,075 Oct.17 1,643,977 143,000 371,000! 147,389 185,000 43,795! 58,000; 391,645 22,000! 23,000 38,360! 16,500! 204,288 Oct. 24 1,655,389 163,000 371,000! 147,389 185,000' 40,795! 58,000! 391,644 21,000; 23,000 33,300, 17,500i 203,701 Eligible paper- Amount required— Oct.3... 680,837' 53,138 95,340, 61,508 62,613! 71,809! 75,2981 60,0431 56,455! 24,206; 31,044 35,119> 54,264 Oct. 10.. 665,512 48,737 92,247; 59,708 62,112 66,068! 75,758! B2,973' 55,455 24,366i 31,544! 36,440; 50,104 Oct. 17.. 656,355 52,737 89,528 62,708! 60,412! 60,169 83,037: 62,747 55.455 25,796! 32,903: 35,540! 35,323 Oct. 24.. 647,494 35,737 S5,830l 63,107! 60,812: 63,028! 84,392: 60,201 55,955 25,376; 37,903 34,729 40,424 Excess amount held— O O O O c c c c t t t t . . . . 3 2 1 1 . 4 7 0 .. . . . . . . 3 3 3 3 4 4 3 1 3 2 9 8 , , , , 9 0 1 4 5 3 8 8 9 2 2 3 1 ' 9 5 8 3 , , , , 8 8 5 ! 5 7 3 2 6 3 1 11 0 9 8 7 3 6 9 , , , ,3 5 7 8 6 6 8 7 6 5 1 3 3 6 2 1, 0 4 2 8 7 2 3 8 1 5 4 1 2 2 2 1 4 4 4 8 , , , , 6 5 8 9 7 6 2 0 9 0 3 8 1 3 6 8 3 , , , , 5 7 8 5 8 6 7 3 4 0 9 6 ) i ! ! 4 4 4 8 , , , ,3 8 6 6 6 1 0 0 2 0 1 2 i : 9 8 8 8 4 5 0 9 , , , , 3 3 5 3 7 4 8 5 3 9 4 9 ! : ; 1 1 1 1 6 8 4 9 , , , , 4 5 8 2 1 2 7 7 9 0 4 2 2 2 3 3 , , . , 9 9 2 1 2 1 5 7 0 9 2 3 ! ! 1 j 2 2 2 2 1 1 0 0 , , , , 6 2 9 3 3 4 4 4 0 2 7 8 1 1 1 1 3 4 5 9 , , , , 8 1 7 7 8 1 9 6 2 2 0 9 4 3 4 3 7 9 4 6 , , , , 8 0 1 4 6 4 2 3 4 8 5 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEH, 1923. FEDERAL, RESERVE BULLETIN. 1233 CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OP REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM SEPTEMBER 26 TO OCTOBER 17, 1923. ALL EEPOETING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT. [In thousands ot dollars.] Total. Boston. lanta. Chicago. Lo S u t. is F S r a a n n- Number of reporting banks: Sept. 26 770 Ill 55 106 Oct. 3 770 111 106 66 Oct. 10 770 112 106 65 Oct.17 770 112 106 36 76 65 Loans and discounts, gross: Secured by V. S. Government obligations— Sept.26 258,121 12,055 105,565 18,202 28,065 9,262 8,332 37,115 12,207! 4,566! 7,054 3,139 12,559 Oct.3 258,423 11,735 105,198 18,210 27,677 9,220 8,593 38,250 12,107 4,608! 7,120 2,93S 12,767 Oct. 10 257,452 12,495 103,612 17,981 27,965 9,633 8,963 36,751 12,679 4,455; 7,323 2,866 12,729 Oct. 17 258,451 12,364 102,608 18,841 27,S9S 9,794 8,r" 38,147 12,392 4,60l! 7,101 2,883 12,833 Secured by stocks and bonds- Sept. 26 3,676,508 230,4431,500,134 267,377 404,829 121,420 61,990 579,630 140,140 41,3571 81,722 57,433 187,033 Oct.3 3,737,706 235,2831,555 271 —26 7,3-3—91 412 505 121,135 64,745 578,886 140,960 39,306 81,075 57,363 183,838 Oct. 10 3,664.713 235, 5511,469 072 268,4S0 413,995 121,521 65, 893 584 157141,626 38,399! 80,985 61,571 183,463 Oct. 17 3,664,912 241,2881,472 601 265', 137 410,624120,162 66,526 584,161 140,964 38,807 82,270 58,483 183,889 All other loans and dis- I counts— Sept. 26 7,942,376 643,097 2!,, 541,778 357,020 695,103 336,624 341,7431,., 143,148 313,254 198,231 354,520 209,962 807,896 Oct.3 7,987,517 645,3602,561,748 360,678 694,1 338,424 346,106 I, 153,893 316,497 199,726 355,365 211,728 803,326 Oct. 10 8,033,757 647,9—25 %2, 587,423 359,785 695,575 338,602 350,3631,160,926 315,253 201,971 354,643 217,157 804,134 Oct. 17 8,038,007 642,580 2!., 597,123 353,607 694,028 338,043: 355,903 1,166,219 315,906 200,072 351,8841 218,932 803,710 Total loans and discounts: Sept. 26 11,877,005 885,595 4,147,477 642,5991,127,997 467,306 415,0651,759,893 465,601 244,154 443,296 270,5341,007,488 Oct.3 11,983,646 892,378 4,,222:217 646; 227 1,134,848468,779 419,444 1,771,029 469,564 243,640;443,560| 272,029 999,931 Oct.10 11,955,922 895,971 4•, 1-6"O-•;i-O—7'i 6--4 6,2461,137,535 469,756 425,2191,781,834 469,558 244,825!442,951; 281,594 ,000,326 Oct.17 11,961,370 896,232 4,172,332 637,5851 132,550 467,999 431,4181,788,527 469,262 243,480| 441,255]280,2981,000,432 V. S. pre-war bonds: I Sept.26 274,995 12,533 48,231 10,6981 47,888 29,410 14,476 24,742 15,304 9,16l! 11,565[ 20,761 30,226 Oct.3 275,379 12,702 48,2571 10,698J 47,890 29,410 14,475 24,764 15,304 9,161! 11,566! 20,961 30,191 Oct. 10 274,029 12,541 48,257! 10,698 47,896 29,419 14,475 24,805 15,204 8,661j ll,423i 20, 461 30,189 Oct.17 274,278 12,566 48,130| 10,698 47,990 29,427 14,470 24, P02 15,204 8,061 11,423, 20,516 30,391 U. S. Liberty bonds: Sept. 26 1,053,456 77,644 474, 5331 43,746 115,841 32,516! 14,073 96,772 22,829 13,342i 49,490! 13,765! 98,905 Oct.3 1,043,067 77,754 468,842; 44,074 115,917 32,032' 14,186 95,505 23,165 13,345! 47,034! 13,766 97,447 Oct. 10 1,045,385 78,554 471,508: 43,824! 117,489 31,101' 14,208 93,755 22,487 13,457i 48,817 13,783 96,402 Oct. 17 1,042,500 78,104 471,003 43,887] 118,668 27,799j 13,495 94,531 23,551 13,033: 48,757 14,323 95,349 U. S. Treasury bonds: Sept. 26..." 87,092 4,812 27,279i 3,278! 4,568 4,059i 1,666 12,493 8,614 955; 4,795 2,177 12,396 Oct. 3 86,457 4,533 27,343 3,281! 4,560 4,070! 1,666 12,227 8,614 955 4,588! 1,997] 12,623 Oct. 10 85,997 4,534j 26,574 3,271 j 4,707 4,129 1,670 12,224 8,726 955 4,780] 1,9971 12,430 Oct. 17 85,409 4,838 26,538; 3,2691 4,69" 3,739 1,670 12,185| 7,610 955 5,450! 1,998; 12,460 U. S. Treasury notes: Sept. 26 855,604 29,115 458,559] 49,626] 58,983 12,853 5,619 116,274] 19,662 27,640! 19,375] 14,387! 43>511 Oct.3 860,058 29,3011 460,949! 4499,,445544 59,430 12,702; 5,828 119,737 19,048 27', 379; IS, 863 14,397 42,970 Oct. 10 875,390 33,8% 466,067] *4°9 ,4•9"4"1I 59,311 13,141! 9,717 120,057 18,594 27,873, 19,258! 15,372 42,610 Oct. 17 874,010 33,939 468,042! 49,312 58,267 14,895j 6,063 120,705 18.410 27,826' 19,329! 15,373 41,849 U. S. certificates of indebtedness: I Sept. 26 115,953 13,706 21,476! 4,825! 9,598[ 3,155; 8,950 22,785 5,750 3 924 4,049; 5,102 12,633 Oct.3 111,318 13,120 20,982; 4,778; 9,6071 3,1471 8,647 21,121 5,559 3,910! 3,832! 4,305; 12,308 Oct. 10 99,365' 6,106 16,775; 3,728' 9,318! 2,970: 8,474 21,083! 5799 3,800 3,810: 4,900l 12.605 Oct. 17 90,863i 5,695 16,126. 3,7iS6] 9,778 2,753 4,913l 20,032 5,861 3,346 3,842: 4,044 10,707 Other bonds, stocks, and securities: • i I Sept. 26 2,157,761]] 171,950j 731,336! 180,344] 299),061j 51,771 42,923 340,384 84 498 27, C20i 61,962! 10,940' 154,972 Oct. 3 2; 145,849!! 171,125] 724,846; 180,587 296j, ,663399! 51,451 42,538 335,432 84 Oil! 27,908! 62,429; 11,275 157,580 Oct. 10 2,139,838, 171,808! 730,320 180,063 2299661,, 66"33°44'> 5i1l,,222244 38,392 331,461 83,061 27,468! 62,056: 11,293' 156,058 Oct. 17 I 2,144,561'; 173,160! 730,39-1! 180,044 296,074 61,127 43,445 332,378 83,532 27,369! 60,875! 11,559 154,604 Total loans and discounts and investments: S O e c p t t . . 3 26 t 1 ie 6 , , 4 5 2 0 1 5 , , 8 7 6 7 6 2 : ; 1 1 , , 1 2 9 0 5 0 , , 3 9 5 1 5 3 1 .5 5 , , 9 9 7 0 3 8 , , 4 8 3 91 6 , 9 9 3 3 5 9 , , 1 0 1 9 6 9 1 1 , , 6 6 6 6 3 8 , , 9 8 3 9 6 1 6 6..0 0 . 1 1 , , 0 5 .7. 9 .0 1 5 5 0 0 2 6 , , 7 7 7 8 2 4 i 2 , , o 3 i 7 ig) 3 , 1 8 ,3 1 4 5 3 [ 6 6 2 2 5 2 , , 2 2 9 5 a 8 ! 3 3 2 2 6 6 , , 2 7 9 9 6 6 5 5 9 9 1 4 , , 8 K 7 ) 2 2 ; j 3 3 3 3 8 7 , , 7 6 3 6 0 6 1 1 , , 3 3 5 6 3 0 , , 0 1 5 3 0 1 Oct. 10 16,475,926] 1,203,410:5,919,608! 937,33!241', 672', 890 601,740 512,1552,385,219! 623,420! 327,045] 593,095; 349,4001,350,620 Oct. 17 16,472,991; ;1,204,534 5,932,565] 928,01611! 2,393,160 623,430] 324,670 590.931! 348,1111.345.792 Reserve balance with F. U. banks: Sept.26 1,365,732!! 83,815! 619,910] 65,725 101512 32673 32,086 195,223 37,953 21,545 47,09' 2-1,570! 103,593 Oct.3 1,395,681]] 87,375] 628,577' 73,747 99632 36243 32,379 196,263 38,744 22,831 48,039 23,605 106,156 Oct. 10 1,372,450;! 83,334] 623,855: 69,599 106991 36338 31,083 191,901 38,706 22,320 44.401 2.5,000' 98,922 Oct. 17...... 1,409,948:: 92,140 633,169] 68,677 106311 37,377 33,102 203,637 39,530 20,896 -•16,368 27,891 100,850 Cash in vault: Sept. 26 283,824h 18,552 79/J541 15,910 31740 13442 10,341 54,274 7,727 5,740 12,880 11,183 22,081 Oct.3 286,926]] 19,499 81,716; 15,919 32684 13779 10,400 55,489 8,1051 5,700 12,337] 9,874' 21,424 Oct.10 305,200] 21,100] 89,254! 17,872 32050 14517 10,798 59,295 8,220 5,845 13,150 10,324! 22,775 Oct. 17 290,42211 21,069! 80,422! 16,6231 32,783 14084 10,562 55,280 8,163] 5,04" 12,321 10,1711 23,297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1234 FEDEEAL EESEBVE BULLETIN. NOVEMBBB, 1923. PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANKS IN LEADING CITIES ON WEDNESDAYS, FROM SEPTEMBER 26 TO OCTOBER 17, 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. P p d h h e i i l l a a - . - C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. n M e l a i i s p n . o - - K C s i a a t n s y - . Dallas. F c S i r s a a c n n o - . Net demand deposits: Sept. 26. 10,891,330 797, 135 4,578,654 681,066 902,981 321,139| 253,0231,453,740 325,439 197,835 425,867 227,821 726,630 Oct.3 11,044,636 804,8384.674.825 698,012 917,083 328,8221 259,3111,447,425 327,719 198,673 427,341 234,725 725,862 Oct. 10 11,059,895 815,082 4,640,522 690,568 915,618 336,900 261,9001,466,452 333,924 198,970 418,891 243,129 737,939 Oct. IT 11,186,050 848,6514,717,232 686,309 917,670 340,620 262,448% 466,097 333,606 198,315 416,032 247,734 751,336 Time deposits: Sept. 26 4,019,613 270,567 906,769 103,006 591,570 152,481: 181,107 781,944 187,841 84,452 134,702 75,543 549,631 Oct.3 4,015,597 269,279 895,989 104,884 596,289 152,798 180,064 783,804 188,842 83,612 134,941 76,027 549.068 Oct. 10 4,010,199 268,741 894,142 104,863 596,177 152,456! 178,423 787,908 189,230 83,707 134,991 73,869 545,692 Oct. 17 4,023,620 268,937 906,734 104,785 598,423 151,584 179,415 788,754 190,183 83,026 133,814 75,905 542,060 Government deposits: Sept. 26 238,222 41,037 59,614 19,812 23,954 9,188 11,089 26,330 8,647 5,199 2,743 8,264 22,345 Oct.3 236,358 41,037 59,599 19,812 22,154 9,188 11,485 25,939 8,646 5,199 2,743 8,264 22,292 Oct. 10 209,040 36,354 52,381 17,135 20,590 8,007 10,285 22,817 7,888 4,501 2,456 7,177 19,449 Oct. 17 131,371 23,086 32,027 9,758 15,741 4,726 6,860 13,368 5,658 2,567 1,635 5,061 10,884 Bills payable and rediscounts with. F. R. banks: Secured by U. S. Government obligations- Sept. 26 294,534 9,378 126,996 18,948 20,061 19,989 11,155 25,747 15,554 6,735 14,246 2,984 22,741 Oct.3 293,567 9,451 117,391 14,869 18,195 18,535 12,155 38,440 14,504 6,185 18,577 2,160 23 105 Oct. 10 297,920 8,240 127,820 17,939 21,650 17,960 12,632 35,187 13,552 7,065 17,036 773 18,066 Oct. 17 280,310 7,179 97,934 18,991 17,481 17,890 15,370 45,027 13,616 8,215 18,112 2,298 18,197 All other: Sept. 26 278,770 24,248 45,099 15,503 19,028 24,580 24,783 27,134 33,601 7,093 17,966 5,308 34,427 Oct.3 304,852 27,364 58,836 13,665 16,209 26,110 27,609 29,917 38,217 6,255 17,261 5,662 37,747 Oct. 10 291,726 24,504 50,059 13,180 20,262 25,107 31,315 28,133 34,068 6,532 18,047 5,590 34,929 Oct. 17 301,623 22,728 46,375 15,022 25,886 25,958 35,339 32,622 35,060 6,694 19,370 5,852 30,717 REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES. Number of reporting banks: Sept. 26 258 15 Oct.3 258 10: 15 Oct. 10 258 10; 15 Oct. 17 258 10; 15 Loans and discounts, gross: Secured by U. S. Government obligations- Sept. 26 182,313 9,575 97,389 16,774 7,815 1,545 2,076 9,015 1,595 l.i 934 4,814 Oct.3 182,060 9,247 96,706 16,790 7,741 1,819.1 2,142 29,648 8,955 1,632 1,964 4,848 Oct. 10 179,469 9,958 95,141 16,569 7,452 1,575! 2,115 28,307 9,368 1,485 2,000 798 4,701 Oct. 17 179,894 9,859 94,121 17,143 7,450 1,604; 2,103 29,502 9,088 lf " 2,001 778 4,590 Secured by stocks and bonds— Sept. 26 2,585,319 174,4041,322,948 233,533 162,360 19,593] 11,514 430,234 96,308 16,714 19,827! 12,760 85,124 Oct.3 2,646,786 177,7871,374,836 234,002 167,119 19,5121 11,542 432,734 96,562 16,444 19,734 12,526 83,988 Oct. 10 2,567,154 181,1981,287,997 235,327 166,440 19,367 11,581 436.4671 97,035 15,725 19,554 12,924 83,539 Oct. 17 2,569,490 183,9971,292,149 232,362 165,984 19,315 11,429 437,555 95,951 15,748 19,896 11,418 83,686 All other loans and discounts— Sept. 26 4,924,728 492,893 2,226,723 324,650 316,484 68,848 58,082J 673,657 182,034 102,753 111,737 53,601 313,266 Oct.3 4,954,427 495,543 2,247,938 328,388 313,858 69,693 58,188: 679,457 182,864 103,530 111,885 55,792 307,291 Oct 10 4,985,794 495,2812,272,127 327,711 315,344 69,910 58,925 684,315^ 179,498 104,658 111,511 60,314 306,200 Oct. 17 4,977,448 490,696 2,275,722 321,477 315,151 69,899 60,461 689,363: 175,118 105,161 109,216 306,195 Total loans and discounts: Sept. 26 7,692,360 676,872 3,647,060 574,957 486,659 89,986 71,6721,132,774 287,357 121,062 133,462 67,295 403,204 Oct.3 7,783,273 682,577 3,719,480 579,180 488,718 90,724 71,8721,141,839 288,381 121,606 133,583 69,186 396,127 Oct. 10 7,732,417 686,437 3,655,265 579,607 489,236 90,852 72,6211,149,089] 285,901 121,868 133,065 74,036 394,440 Oct. 17 7,726,832 684,552 3,661,992 570,982 488,585 90,818 73,9931,156,420 280,157 122,555 131,113 71,185 394,480 U. S. pre-war bonds: Sept. 26 93,487 2,080; 37,428 6,558 4,525 1,805 2,857 4,095 8,224 3,431 2,050 5,148 15,286 Oct.3 93,655 2,249 37,428 6,558 4,525 1,805 2,856 4,125 8,224 3,431 2,050 5,148 15,256 Oct. 10 92,995 2,088; 37,428 6,558 4,525 l814 2,856 4,117 8,224 3,431 2,050 4,648 15,256 Oct. 17 92,749 2,113. 37,275 6,558 4,525 2,851 4; 113 8,224 3,431 2,050 4,548 15,256 U. S. Liberty bonds: Sept. 26 636,362 32,910 408,436 32,312 23,931 4,916 273 39,919 14,461 6,930 22,120 3,933 46,221 Oct.3 627,685 33,016 403,371 32,647 23,928 4,944 273 38,597 15,034 6,879 20,126 3,933 44,937 Oct. 10 629,846 33,466 405,759 32,381 25,028 4,939 273 36,778 14,325 6,996 21,758 3,933 44,210 Oct. 17 631,984 33,354- 405,491 32,444 26,011 4,953 273 37,689 15,305 7,016 21,708 3,943 43,797 U. S. Treasury bonds: Sept. 26 45,115 2,482 18,170 2,377 760 280 15 5,387] 7,519 495 1,128 5,621 Oct.3 44,848 2,203 18,234 2,380 771 280 15 5,207, 7,520 495 1,128 5,746 Oct. 10 45,234 2,204 18,462 2,370 771 280 10 5,1981 7,631 495 939 1,128 5,746 Oct. 17 44,388 2,333 18,451 2,368 871 280 10 6,522 963 1,128 5,761 U. S. Treasury notes: Sept. 26 624,423 20,578' 424,110 46,161 10,587 846 361 68,173 13,705 12,007 6,864 4,399 16,632 Oct.3 629,120 20,643' 426,500 45,985 10,717 846 361 71,875 13,589 11,801 6,348 4,399 16,056 Oct. 10 641,214 25,211 431,651 45,950 10,782 846 361 72,824 13,887 12,301 6,803 4,404 16,194 Oct. 17 643 576 25,415 433,600 45,747 10,725 846 361 73,205 13,675 12,301 4,405 16,448 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL BESEKVE BULLETIN. 1235 PRINCIPAL RESOURCES AND LIABILITIES OF REPORTING MEMBER BANES IN LEADING CITIES ON WEDNESDAYS, FROM SEPTEMBER 26 TO OCTOBER 17, 1923—Continued. REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. P p d h h e i i l l a - a , - C la le n v d e . - m R o ic n h d - . la A n t t - a. Chicago. Lo S u t. is. n M e l a i i s p n . o - - C K s i a a t n y s - . Dallas. F c S i r s a a c n n o - . V. S. certificates of indebtedness: Sept. 26 55,658 12,101 16,778 3,685 1,242 127 2,194 7,417 4,904 2,152 449 3,405 1,204 Oct. 3 52,498 11,687 16,362 3,638 1,402 127 2,194 6,092 4,762 2,131 442 2,853 808 Oct. 10 41,528 4,983 12,151 2,588 1,402 127 2,195 6,237 4,961 2,117 3,533 845 Oct. 17 4,666 11,493 2,651 1,402 127 2,195 5,718 4,919 2,107 396 2,671 883 Other bonds, stocks, and securities: Sept. 26 78,495 523,067 144,371 73,423 5,398 3,823 166,339 52,766 13,215 12,265 2,880 62,394 Oct.3 1,124,751 77,708 514,419 144,610 71,349 5,367 3,702 161,746 52,791 12,888 13,084 2,874 64,213 Oct. 10 1,124,633 78,290 519.731 144,054 71,170 5,326 3,968 157,932 52,156 12,479 12,517 2,798 64,212 Oct. 17 1,132,581 78,973 525,799 144,142 71,223 5,316 3,963 158,721 52,747 12,672 12,385 2,723 63,917 Total loans and discounts and investments: Sept. 26 10,285,841 825,5185,075,049 810,421 601,127 103,358 195 1,424,104 388,936 159,292 178,091 88,188 550,562 Oct.3 10,355,830 883300;,0 08833 5,135,794814,998 601,410 104,093 273 1,429,481 390,301 159,231 176,502 89,521 543,143 Oct. 10 10,307,867 832,679 55,;080,447 813,508 602,914 104,184 2841,432,175 387,085 159,687 177,521 94,480 540,903 Oct. 17 10,311,338 — 406 55,,094,101 804,892 603,342 104,145 646 I,!441,072 381,549 160,577 175,463 90,603 540,542 Reserve balance with F. R. banks: Sept.26 976,798 65,692 573,055 59,399 31,232 5,223 5,907 134,710 24,707 10,991 17,250 6,829 41,803 Oct.3 1,000,171 579,408 66,538 32,681 6,069 5,746 135,439 25,352 12,177 17,378 6,989 43,570 Oct. 10 986,203 66,225 579,552 62,112 36,901 7,054 6,035 132,722 26,220 11,562 14,262 6,569 36,989 Oct. 17 1,001,667 73,413 580,767 62,061 33,003 6,687 5,870 142,608 26,841 10,226 15,075 7,942 37,174 Cash in vault: Sept. 26 141,921 7,961 65,186 12,746 8,794 1,992 29,089 3,451 1,916 2,454 1,338 5,995 Oct.3 144,023 8,466 66,472 12,472 9,152 1,904 29,820 3,486 1,866 2,239 1,402 5,759 Oct. 10 155,783 73,473 14,228 9,270 1,030 1,909 30,807 3,496 2,009 2,516 1,450 6,300 Oct. 17..... 144,544 65,341 12,987 9,095 937 1,904 30,248 3,520 1,776 2,421 1,673 5,775 Net demand deposits: Sept. 26 7,413,691 612,7134,103,787 593,440 250,536 52,869 44,705 971,908 220,527 94,288 148,680 61,683 258,555 Oct.3 7,518,962 617,5 "2~9 41.,191,750 609,441 251,857 51,750 43,500 967,521 222,216 96,221 146,225 64,699 256,253 Oct. 10 7,509,958 628,687 4:,, 160,437 602,922 251,658 54,295 44,007 981,659 226,716 92,919 142,075 68,117 256,466 Oct. 17 7,613,105 656,936 4:,: 227,681 598,757 246,164 53,488 45,705 985,491 224,401 93,490 143,331 70,016 267,645 Time deposits: Sept. 26 1,960,446 118,127 621,085 82,582 342,074 25,599 23,476 365,201 105,323 41,817 13,049 11,693 210,420 Oct.3 1,954,643 116,408 610,177 84,519 344,926 25,568 23,508 367,536 105,963 41,184 13,061 11,761 210,032 Oct. 10 1,952,091 115,782 606,717 84,293 345,267 25,512 23,739 368,084 106,560 41,090 13,028 11,853 210,166 Oct. 17 1,962,943 115,680 617,648 84,224 346,798 25,547 23,774 369,154 106,896 40,374 12,945 11,848 208,055 Government deposits: Sept. 26 155,085 38.582 53,758 16,872 6,500 873 1,548 11,054 7,155 2,089 1,757 5,886 9,011 Oct.3 153,219 38,582 53,758 16,872 4,700 873 1,548 11,042 7,154 2,089 1,757 5,886 8,958 Oct. 10 135,511 34,133 47,026 14,613 4,394 747 1,385 9,827 6,644 1,933 1,558 5,196 8,055 Oct. 17 85,531 21,555 28,130 8,377 3,412 404 915 6,340 5,079 1,451 994 3,819 5,055 Bills payable and rediscounts with F. R. banks: Secured by TJ. S. Government obligations— Sept. 26 173,156 5,918 97,161 15,548 1,075 2,423 583 15,046 6,953 4,085 17,500 Oct.3 177,552 6,206 88,086 12,069 800 4,723 778 26,284 6,505 3,935 10,316 17,850 Oct. 10 177,061 4,670 98,111 13,989 800 3,973 778 18,507 5,950 4,915 9,818 15,500 Oct. 17 157,563 3,709 67,765 15,341 900 3,484 778 28,506 4,997 6,165 11,134 14,734 All other- Sept. 26 160,514 23,333 35,778 15,503 4,160 7,462 3,548 14,437 14,601 5,253 5,388 2,024 29,027 Oct.3 180,418 26,496 48,421 13,163 3,358 7,524 5,183 16,846 16,985 4,488 5,268 2,616 30,070 Oct. 10 165,917 23,851 39,739 12,678 7,976 7,025 5,438 14,905 12,575 4,950 5,101 2,686 28,993 Oct. 17 165,683 21,774 35,907 14,772 11,684 7,745 5,327 18,512 11,838 5,206 4,6361 3,002 25,280 MEMORANDA. Bank deposits: Due to banks- Sept. 26 1,835,117 103,204 854,994 153,674 41,791 26,773 11,850 311,057 69,450 41,885 95,205 34,191 91,043 Oct.3 1,974,803 114,164 935,967 171,183 44,714 29,650 11,702 321,597 72,317 45,589 100,022 37,715 90,183 Oct. 10 1,846,534 108,812 843,180 158,279 41,490 31,283 11,996 313,911 72,878 44,517 96,284 36,576 87,328 Oct. 17 1,925,610 122,372 896,536 165,968 43,110 32,856 12,430 310,900 73,306 42,791 94,012 38,285 93,044 Due from banks— Sept. 26 495,451 31,072 70,218 53,219 21,719 13,614 5,782 138,384 22,115 16,514 39,428 29,857 53,529 Oct.3 517,555 31,623 73,957 58,384 25,883 14,368 6,582 149,849 24,852 18,363 32,570 33,110 48,014 Oct. 10 521,858 43,423 68,172 53,252 21,054 14,670 6,780 144,570 26,353 22,152 41,028 29,961 50,443 Oct. 17 565,706 58,245 75,671 59,888 23,288 16,351 7,449 156,320 24,510 20,339 32,369 62,310 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1236 FEDERAL BESEKVE BULLETIN. NOVEMBER, 1923. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES. MONTHLY SUMMARY FOB BANKS IN 141 CENTERS. (In thousands of dollars.) Federal reserve district. o N f u ce m n b te e r r s. A 1 u 9 g 23 u . st, Sep 1 t 9 e 2 m 3. ber, Oc 19 to 23 b . er, A 1 u 9 g 22 u . st, Sep 1 t 9 e 2 m 2. ber, Oc 19 t 2 o 2 b . er, No. 1—Boston 771,572 1,760,956 2,154,617 1,586,094 1,717,635 2,087,622 No. 2—New York 829,386 17,414,976 19,846,052 18,854,442 19,793,005 22,967,053 No. 3—Philadelphia... 733,171 1,670,226 1,922,569 1,589,819 1,646,539 1,891,067 No. 4—Cleveland 081,604 2,005,409 2,241,154 1,850,667 1,877,032 2,025,319 No. 5—Richmond 668,610 655,258 746,504 616,520 596,901 705,455 No. 6—Atlanta 790,799 835,330 1,020,357 739,642 800,649 901,635 No. 7—Chicago 240,633 4,208,411 4,660,972 3,991,612 4,070,134 4,438,210 No. 8—St. Louis 930,888 945.160 1,184,854 830,180 908,393 1,067,437 No. 9—Minneapolis.... 598,206 635,309 700,333 580,550 654,491 698,732 No. 10—Kansas City.. 106,154 1,069,497 1,159,741 1,056,449 1,058,493 1,155,094 No. 11—Dallas 448,966 540,722 629,517 ! 440,729 541,700 589,166 No. 12—San Francisco. 295,578 2,318,980 2,632,667 I 1,999,425 2,103,481 2,218,496 Total 141 33,495,567 34,060,234 38,899,337 I 34,136,129 35,768,453 40,745,186 New York City 1 16,188,613 16,799,454 19,151,902 18,287,224 19,215,296 22,322,276 Other cities 140 17,306,954 17,260,780 19,747,435 15,848,905 16,553,157 18,422,910 WEEKLY SUMMARY FOR BANKS IN 246 CENTERS. [In thousands of dollars.] 1923 1922 Number of cen- Week ending— Week ending— Federal reserve district. ters included. Oct. 3. Oct. 10. Oct. 17. Oct. 24. Oct. 4. Oct. 11. Oct. 18. Oct. 25. No. 1—Boston 16 546,714 482,942 547,058 533,188 520,466 482,756 555,730 519,116 No. 2—New York 13 5,104,309 4,654,759 3,998,816 4,454,041 5,425,698 5,313,354 ! 5.407.680 5,410,880 No. 3—Philadelphia... 18 513,110 464,084 487,989 462,412 490,768 456,840 507,670 481,069 No. 4—Cleveland 23 666,061 586,150 592,591 596,250 583,569 540,548 588,921 552,590 No. 5—Richmond 23 308,433 282,890 293.681 274,416 285,276 265,236 286,394 268,520 No. 6—Atlanta 24 243,002 230,115 256,231 247,956 234,655 212,349 232,074 218,879 No. 7—Chicago 33 1,136,142 995,694 1,091,614 1,131,478 1,093,544 1,000,991 1,144,513 1,054,090 No. 8—St. Louis 12 285,315 277,522 300,560 306,216 265,423 262,985 292,653 257,576 No. 9—Minneapolis... 15 169,550 163, 111 168,057 158,706 173,640 160,829 182,526 161,194 No. 10—Kansas City.. 28 282,272 281,192 289,702 274,760 289,293 280,743 301,025 295,195 No. 11—Dallas 15 185,615 179,431 185,185 189,080 172,113 166,973 187,373 178,204 No. 12—San Francisco. 26 664,002 590,494 622,602 594,475 534,574 530,685 545,240 523,595 Total 246 10,104,525 9,188,384 8,834,086 9,222,978 10,069,019 9,674,289 10,231,799 9,920,908 DATA FOR EACH CITY. [In thousands of dollars.] 1923 1922 Week ending- Week ending— Oct. 3. Oct. 10. Oct. 17. O)cctt.. 2244.. Oct. 4. Oct. 11. Oct. 18. Oct. 25. District No. 1—Boston: Bangor, Me 5,572 3,640 4,570 3,562 4,650 3,774 3,329 3,319 Boston, Mass 357,762 304,365 361,211 347,720 338,805 318,603 371,286 340,055 Brockton, Mass 5,117 4,240 6,972 5,978 4,700 4,401 5,612 4,875 Fall River, Mass.... 8,658 9,283 9,088 8,991 7,923 6,682 8,496 8,485 Hartford, Conn 29,102 24,663 24,469 23,817 25,715 22,399 31,160 21,565 Holyoke, Mass 4,273 5,013 4,079 4,127 4,249 4,024 3,801 4,041 Lowell, Mass 5,420- 5,348 5,349 5,177 5,721 4,772 5,320 5,524 Lynn, Mass 6,438 7,297 7,032 7,351 5,623 5,360 8,095 6,410 Manchester, N. H.. 5,104 4,466 4,923 4,363 4,399 4,521 3,860 4,001 New Bedford, Mass. 6,975 6,892 7,762 7,224 6,120 6,256 8,378 8,335 New Haven, Conn.. 22,235 21,726 24,197 20,001 20,417 18,706 19,286 18,148 Portland, Mo 12,584 11,413 9,933 9,162 13,366 8,298 9,631 8,074 Providence, R. I... 33,326 34,601 37,193 44,965 36,239 35,520 37,470 43,329 Springfield, Mass... 18,199 16,588 15,870 17,298 17,879 16,338 16,424 18,042 Waterbury, Conn... 9,237 7,686 7,019 7,561 8,024 7,157 6,904 7,195 Worcester, Mass 16,712 15,721 17,391 15,891 16,636 15,945 16,678 17,718 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL, KESERVE BULLETIN. 1237 DATA FOR EACH CITY—Continued. [In thousands of dollars.] 19-23 1922 Week ending- Week ending— Oct. 3. Oct. 10. Oct. 17. Oct. 24. Oct. 11. Oct. 18. Oct. 25. District No. 2—New York: Albany, N. Y 23,669 23,467 20,385 17,874 26,575 22,468 19,915 18,029 Binghamton, N. Y 3,640 5,142 4,973 4,517 4,761 5,031 3,626 4,127 Buffalo, N. Y 87,337 69,182 72,918 69,314 73,692 64,267 67,274 64,856 Elmira, N. Y 4,016 3,551 3,256 3,660 3,869 3,891 3,938 3,836 Jamestown, N. Y 4,135 4,258 4,309 4,214 3,825 3,801 3,989 3,731 Montclair, N. J 3,3S2 3,456 3,188 3,058 3,262 2,647 2,755 2,678 Newark, N. J 75,403 57,808 62,336 60,831 63.468 53,403 58,050 57,221 New York, N. Y 4,783,827 4,383,989 3,725,236 4,189,881 5,132,725 5,061,257 5,151,813 5,165,932 Northern New Jersey Clearing House Association 44,507 43,138 41,894 43,830 44,391 39,640 39,054 36,462 Passaie, N. J 7,712 7,326 8,836 7,545 6,329 6,403 6,784 6,222 Rochester, N. Y 42,188 31,993 32,685 30,810 43,031 32,974 33,487 31,278 Stamford, Conn 4,844 3,276 3,448 2,665 3,508 3,504 2,878 2,579 Syracuse, N.Y 19,649 18,173 15,352 15,842 16,262 14,068 14,117 13,929 District No. 3—Philadelphia: Allentown, Pa 9,478 7,946 7,343 6,545 8,522 7,456 6,587 6,367 Altoona, Pa 4,298 3,764 4,602 4,007 4,030 3,230 3,790 3,445 Camden, N. J 13,074 11,203 12,103 11,682 11,172 9,740 11,472 9,142 Chester, Pa 7,139 6,159 6,778 6,193 6,115 4,972 7,313 4,452 Harnsburg, Pa 10,796 8,118 9,748 8,414 9,185 7,235 8,684 7,378 Hazleton, Pa 3,187 3,439 2,991 3,179 2,827 2,538 2,498 2,303 Johnstown, Pa 6,135 5,756 5,469 6,126 6,441 5,448 5,412 4,841 Lancaster, Pa 7,766 6,549 6,177 6,171 6,248 6,203 6,157 5,615 Lebanon, Pa 1,935 1,970 1,931 1,538 1,446 1,622 1,597 1,302 Norristown, Pa 863 970 1,021 959 918 1,018 933 804 Philadelphia, Pa 378,149 341,157 360,947 338,230 368,713 340,708 390,377 371,510 Reading, Pa 9,457 10,287 11,035 8,508 8,934 9,169 8,806 Scranton, Pa 17,400 16,700 16,100 18,021 14,782 21,011 14,304 16,786 Trenton. N. J 13,926 14,120 14,013 13,444 11,987 11,935 12,694 12, 111 Wilkes-Barre, Pa 11,246 10,042 10,021 9,865 9,427 8,645 9,420 7,909 Williamsport.Pa 4,893 4,081 4,297 3,874 5,850 4,236 4,683 4,443 Wilmington, Del 7,724 8,523 9,258 8,646 9,057 7,319 8,167 9,427 York, Pa.... 5,644 4,704 4,903 4,483 5,540 4,590 4,413 4,428 District No. 4—Cleveland: Akron, Ohio 16,315 15,406 15,702 ! 16,265 14,473 14,225 12,814 14,609 Butler, Pa 3,796 3,640 3,082 2,515 2,947 3,290 2,431 2,684 Canton, Ohio 10,495 i 10,955 9,956 8,514 9,325 10.184 9,905 8,324 Cincinnati, Ohio 75,122 69,541 75,206 71,352 71,172 67,167 74,069 67,740 Cleveland, Ohio 175,951 145,289 150,283 138,133 144,947 118,700 164,624 127,614 Columbus, Ohio 36,694 33,556 32,575 32,746 31,490 30,353 34,935 31,194 Connellsville, Pa 1,360 1,301 1,334 1,243 1,867 1,638 1,518 1,286 Dayton, Ohio 16,070 14,935 16,220 15,401 14,167 11,283 15,632 14,446 Erie, Pa 8,8X9 7,480 7,940 7,154 7,201 7,029 7,003 6,549 Greensburg, Pa 5,595 4,509 5,814 5,295 5,317 4,973 6,030 5,027 Homestead, Pa 1,440 1,111 979 856 1,485 873 717 838 Lexington, Ky 4,581 4,314 4.520 4,002 5,116 3,788 4,555 4,585 Lima, Ohio 4.285 3,961 4i 218 4,053 4,040 3,065 3,218 3,040 Lorain, Ohio 1,686 1,546 1,712 1,667 1,508 1,404 1,551 1,277 New Brighton, Pa 3,542 2,886 2,775 2,706 2,738 2,206 2,284 1,948 Oil City, Pa 3,190 2,750 3,035 3,016 3,215 4,004 3,446 3,295 P Sp it r t i s n b g u fi r e g l h d , , P O a hio 21 4 5 , , 4 7 4 4 1 6 18 4 7 , , 5 8 2 0 7 4 18 4 1 , , 8 6 0 4 7 1 19 4 7 , , 5 5 6 41 6 18 4 1 , , 5 7 5 7 5 5 17 4 9 , , 0 0 3 5 2 1 16 5 7 , , 7 7 6 87 4 19 4 2 , , 2 6 5 0 2 3 Toledo, Ohio 41,323 39,152 40,933 51,652 44,103 47,470 37,700 34,902 Warren, Ohio 3,600 2,783 3,310 2,392 3,037 3,146 3,284 2,234 Wheeling, W. Va 10,893 9,997 10,010 9,247 10,805 8,721 11,377 9,732 Youngstown, Ohio IS,101 15,639 13,740 12,933 15,466 11,046 15,131 11,593 Zanesville, Ohio 2,966 3,068 2,799 3,001 2,820 2,900 3,148 3,818 District No. 5— Richmond: Asheville, N. C 5,106 5,826 5,402 4,932 4,655 5,049 4,903 4,483 Baltimore, Md 101,600 85,300 93,300 81,100 93,702 79,174 88,307 81,467 Charleston, S. C 5,884 4,400 4,500 6,195 5,841 5,010 4,666 4,889 Charleston, W. Va 9,469 8,593 9,348 8,636 9,190 9,207 »,207 8,894 Charlotte, N. C 11,249 9,702 10,054 10,103 8,955 8,260 9,114 8,486 Columbia, S.C 6,200 5,676 6,324 5,791 6,692 6,490 5,387 5,921 Cumberland, Md 2,334 2,300 2,404 2,037 2,159 1,779 2,140 1,840 Danville, Va 2,513 2,417 2,264 2,515 2,421 3,024 3,596 3,716 Durham, N. C 5,185 5,-102 5,277 4,957 4,361 4,470 4,948 5,962 Greensboro, N. C 5,325 6,705 5 258 6,174 4,844 5,017 4,855 4,504 Greenville, S. C 7,384 7,391 6,735 6,574 4,700 4,800 5,200 3,700 Hagerstown, Md 2,671 2,6,7 2,395 2,366 2,985 2,078 2,370 2,183 Huntington, W. Va 6,096 5,7;'* 5,946 5,752 5,315 5,253 6,249 5,247 Lynchburg, Va 5,675 5 329 5,742 4,287 5,478 4,540 4,736 4,224 Newport News, Va 1,822 1,779 1,516 1,556 1,709 1,487 1,682 1,601 Norfolk, Va 19,121 16,308 19,810 19,297 16,832 17,978 17,441 18,318 Raleigh, N. C 6,400 7,090 6,940 7,020 5,900 7,400 4,700 9,400 Richmond, Va 34,014 30,984 31,461 29,879 31,943 29,022 35,275 32,017 Roanoke, Va ".,929 5,882 5,599 5,418 5,388 6,192 5 460 Spartanburg, S. C 3,125 4,442 4 477 4,251 2,871 2,972 3,320 2,582 Washington, D. C 47,570 45,152 45,718 41,933 47,149 43,870 44,091 40,834 Wilmington, N. C 5,831 6,087 5,405 5,821 5,623 5,662 6,021 6,011 Winston-Salem, N. C 7,831 7,870 7,523 7,641 6,533 7,306 11,994 «,781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1238 FEDERAL, EESEEVE BULLETIN. NOVEMBER, 1923. DATA FOR EACH CITY—Continued. [In thousands of dollars.] 1928 1922 Week ending— Week ending— Oct. 3. Oct. 10. Oct. 17. Oct. 24. Oct. 4. Oct. 11. Oct. 18. Oct. 25. District No. 6—Atlanta: Albany, Ga 1,220 1,155 1,320 1,113 1,322 1,130 1,300 1,033 Atlanta, Ga 33,080 29,613 36,050 34,444 28,723 29,167 30,846 27,311 Augusta, Ga 9,600 7,066 7,999 9,071 7,881 7 146 8,342 7,568 Birmingham, Ala 27,330 25,849 29,075 28,712 24,530 23,443 24,579 18,896 Brunswick, Ga 760 713 762 655 660 778 622 677 Chattanooga, Tenn 9,164 8,316 9,285 9,413 8,437 7,632 8,624 7,253 Columbus. 3,742 3,414 4,016 3,450 3,245 3,835 3,502 3,646 Dothan, Ala 926 815 828 909 1,034 800 900 1,023 Elberton, Ga 308 362 428 382 310 259 246 244 Jackson, Miss 4,663 3,780 3,526 3,373 2,559 2,851 3,034 2,557 Jacksonville, Fla 12,073 12,247 12,690 12,354 10,360 9,908 10,537 11,231 Knoxville, Tenn 7,632 7,257 8,934 6,950 6,930 5 871 7,605 5,813 Macon, Ga 4,523 4,715 5,111 5,320 5,385 4,917 5,293 4,830 Meridian, Miss 1,923 2,088 2,362 2,501 2,183 2,450 2,730 2,397 Mobile, Ala 7,033 5,602 7,298 6,842 7,141 5,792 7,788 7,526 Montgomery, Ala 6,218 6,671 6,496 6,058 5,182 5,170 5,539 5,330 Nashville, Tenn 18,245 17,403 19,281 15,900 17,154 16,740 17,257 17,146 Newnan, Ga 503 434 565 438 585 422 394 462 New Orleans, La 67,328 68,431 77,793 69,409 79,788 63,911 72,862 72,957 Pensacola, Fla 1.842 1,809 1,302 1,486 1,550 1,287 1 351 1,411 Savannah, Ga 15,250 12,662 10,931 19,495 11,086 10,430 9,980 10,931 Tampa, Fla 6,790 6,705 6,829 6,623 5,701 5,380 5,549 5 357 Valdosta, Ga 1,184 1,196 1,074 1,007 1,090 1 211 1,087 1,013 Vicksburg, Miss 1,675 1,812 2,276 2,051 1,819 1,819 2,107 2,267 District No. 7—Chicago: Adrian, Mich 824 731 720 363 782 742 775 659 Aurora, 111 3,428 3,541 3,569 3,764 3,159 2,637 3,681 2,959 Bay City, Mich 2,917 3,328 2,848 2,629 3,020 2,403 2,482 2,440 Bloomington, 111 2,528 2,508 2,805 2,221 2,560 1,859 2,435 2,233 Cedar Rapids, Iowa 8,486 8,008 6,854 6,502 5,996 5,816 5,450 4,922 Chicago, 111 705,133 593,206 634,683 689,272 689,607 648,408 752,272 654,477 Danville, 111 3,500 4,100 3,600 3,100 2,400 2,500 2,600 2,300 Davenport, Iowa 9,576 8,538 7,292 7,331 9,811 8,900 8,023 7,609 Decatur,IU 4,064 3,549 3,260 2,960 3,331 3,189 3,475 3,556 Des Moines, Iowa 18,065 18,262 19,123 19,445 16,613 13,665 17,137 19,363 Detroit, Mich 147,832 118,904 171,346 170,664 136,394 114,724 122,664 143,468 Dubuque, Iowa 3,431 3,325 3,406 3,506 3,081 3,095 2,892 3,304 FlintjMch 8,184 7,264 7,583 8,058 5,728 5,959 5,279 7,421 Fort Wayne, Ind 9,251 9,300 9,085 8,416 9,029 7,387 7,518 6,971 Gary, Ind 3,402 4,436 3,693 4,037 3,037 2,620 3,185 2,563 Grand Rapids, Mich 16,393 14,698 15,031 14,730 15,075 14,179 16,136 14,920 Green Bay, Wis 2,690 2,807 2,909 2,749 Hammond, Ind 4,230 4,840 3,830 3,940 3,290 2,770 3,400 3,570 Indianapolis, Ind 34,357 33,994 37,200 34,413 34,759 28,045 41,903 32,194 Jackson, Mich 4,979 4,622 4,986 4,512 4,275 3,878 4,325 4,234 Kalamazoo, Mich 5,243 4,628 5,070 4,524 4,822 4,480 4,884 4,350 Lansing, Mich 6,800 6,500 6,900 6,900 6,100 6,100 6,400 6,533 Mason City, Iowa 2,650 2,342 2,135 2,582 2,504 2,053 2,076 2,519 Milwaukee, Wis 64,985 69,779 68,944 62,643 69,493 57,065 63,850 63,828 Moline,m 1,975 2,003 2,258 1,944 1,496 1,542 1,886 1,920 Muscatine, Iowa 1,329 1,279 1,447 1,805 1,536 1,762 1,516 1,467 Oshkosh, Wis 2,500 2,400 2,700 2,300 2,200 2,400 2,400 2,300 Peoria, 111 9,822 8,901 9,793 8,758 9,163 7,088 10,528 9,160 R S S S Sp i a o o o g r c u u i i k t n x n h f g a o C f B w r i d e i e , t , l n y d M 1 , d , 1 i , I 1 1 c o 1 I h w n 1 d a 1 1 5 5 7 0 7 , , , , , 6 1 0 2 5 9 4 5 2 4 1 2 1 4 2 1 5 5 5 0 , , , , 6 7 7 4 5 4 9 0 1 0 6 5 1 1 5 6 5 7 0 , , , , , 7 6 9 8 3 9 3 4 9 1 2 4 4 0 6 1 1 5 5 5 8 0 , , , , , 1 9 4 7 3 6 5 6 0 0 7 4 6 0 0 1 4 4 8 5 7 , , , , , 9 3 9 1 0 7 7 0 3 4 2 7 5 6 2 1 6 4 5 7 , , , , 0 8 2 2 1 7 4 5 3 8 9 2 1 5 5 7 5 7 , , , , , 1 0 9 8 2 8 4 7 4 0 1 6 9 5 9 1 4 4 8 5 6 , , , , , 1 5 7 1 0 6 5 8 0 8 1 0 5 5 0 Terre Haute, Ind 5,400 5,985 5,325 5,730 Waterloo, Iowa 4,608 4,124 4,877 4,572 3,851 "3,'638 4,081 4,169 District No. 8—St. Louis: East St. Louis and National Stock Yards 111 10,226 11,139 11,893 11,502 10,643 10,255 10,136 10,280 Eldorado, Ark , 1,884 1,936 1,814 1,847 Evansviile, Ind 7,916 7,217 7,635 6,948 7,512 6,650 6,949 7,349 Fort Smith, Ark 3,548 3,560 3,670 3,416 3,420 3,410 3,677 3,551 Greenville, Miss 821 1,036 837 796 754 968 1,013 933 Helena, Ark 1,162 1,416 1,555 1,500 1,346 2,230 2,240 2,106 Little Rock, Ark 13,980 17,647 19,206 16,893 13,800 15,432 15,166 15,491 Louisville, Ky 38,268 33,880 37,547 36,982 31,807 32,531 35,416 33,635 Memphis, Tenn 31,390 35,578 40,230 36,449 35,200 34,078 39,333 38,068 Owensboro, Ky 1,360 1,570 1,565 1,244 937 1,187 1,212 1,025 Quincy, 111 2,637 2,593 2,547 2,323 2,332 2,543 2,665 2,377 St. Louis, Mo 170,424 158,198 170,392 184,970 154,749 150,925 171,528 139,896 Springfield, Mo 3,583 3,483 3,193 2,923 2,776 3,318 2,865 District No. 9—Minneapolis: Aberdeen, S. Dak 1,397 1,716 1,433 1,249 1,524 1,374 1.429 1,217 Billings, Mont 1,830 2,170 2,230 2,000 1,819 1,700 2; loo 1,975 Dickinson, N. Dak 387 399 348 350 328 309 416 393 Duluth, Minn 21,343 20,189 21,160 19,978 26,545 24,241 25,037 20,467 Fargo, N. Dak 3,213 3,429 4,028 3,067 3,484 3,469 3,272 3,250 Grand Forks, N. Dak 2,229 2,276 2,541 2,358 Helena, Mont 1,778 2,391 2,278 2,479 2,035 2,640 2,763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVBMBEK, 1923. FEDERAL RESERVE BULLETIN. 1239 DATA FOR EACH CITY—Continued. [In thousands of dollars.] 1923 1922 Week ending- Week ending— Oct. 3. Oct. 10. Oct. 17. Oct. 24. Oct. 4. Oct. 11. Oct. 18. Oct. 25. District No. 9—Minneapolis—Continued. Jamestown, N. Dak 505 563 641 559 539 612 580 484 LaCrosse, Wis 2,313 2,177 2,440 2,235 Lewistown, Mont 1,129 1,113 1,104 1,021 1,496 1,520 1,567 1,438 Minneapolis, Minn 89,515 84,986 86,762 79,443 182,856 80,066 89,252 80,558 Minot, N.Dak 1,033 1,134 1,284 1,023 , 1,295 1,235 1,784 1,543 Bed Wing, Minn 557 599 530 572 f 638 517 500 479 St. Paul, Minn 39,783 37,894 39,476 40,362 44,518 36,201 46,925 40,962 Sioux Falls, S. Dak 3,527 3,582 3,680 3,594 3,580 3,700 3,616 3,302 Superior, Wis 2,319 1,871 1,984 1,959 1,869 2,009 2,181 1,792 Winona, Minn 1,234 1,075 J,119 1,050 1,114 1,236 1,104 936 District No. 10—Kansas City: Atchison, Kans 1,468 1,359 j 1,441 1,501 1,320 1,552 1,504 1,285 Bartlesville, Okla 2,384 1,738 1,996 1,780 2,711 2,155 2,275 1,992 Casper, Wyo 3,009 3,747 3,444 4,298 3,305 ! 3,845 3,821 3,962 Cheyenne, Wyo 2,559 2,270 2,768 2,803 2,394 I 3,119 2,839 6,388 Colorado Springs, Colo 2,800 2,894 2,858 2,476 2,708 j 2,965 2,899 2,774 Denver, Colo 42,009 38,469 41,781 38,689 38,262 39,116 42,639 49,910 Enid, Okla 2,533 2 930 2,224 1,973 2,939 I 2,874 2,874 2,598 Fremont, Nebr 875 865 973 686 772 741 724 802 Grand Junction, Colo 086 850 791 744 574 i 748 690 755 Guthrie, Okla 792 755 870 669 768 ! 813 922 999 Hutchinson, Kans 2,681 2,839 2,490 2,421 3,086 3,130 2,988 2,908 Independence, Kans 1,793 1,902 1,882 1,754 2,224 1,830 2,914 1,923 Joplin, Mo 3,661 3,400 3,414 3,058 2,587 2,583 3,001 2,473 Kansas City, Kans 5,218 6,320 4,525 4,267 4,301 3,909 3,536 3,357 Kansas City, Mo 86,447 80,274 SI, 089 79,435 83,297 75,704 82,726 85,163 Lawrence, Kans 962 1,440 1,331 937 1,142 1,098 1,040 776 McAlester, Okla 1,073 1,108 998 942 1,311 1,116 1,499 1,162 Muskogee, Okla 6,693 7,722 7,200 8,429 7,662 7,571 8,103 8,111 Oklahoma City, Okla 16,730 18,828 16,919 15,374 22,388 18,394 18,939 17,082 Okmulgee, Okla 1,393 1,479 1,477 1,152 2,132 1,880 1,868 1,690 Omaha, Nebr 46,381 51,004 53,935 50,744 49,440 48,856 54,072 47,724 Parsons, Kans 645 749 583 680 976 965 918 1,020 Pittsburg, Kans 1,328 1,365 1,771 1,234 1,171 1,123 1,325 1,252 Pueblo, Colo 3,313 4,324 3,011 5,436 3,003 3,670 3,288 3,858 St. Joseph, Mo 13,851 14,059 14,242 13,922 14,232 16,201 13,931 Topeka, Kans 3,474 3,850 3,848 3,095 3,220 3,808 3,850 3,225 Tulsa, Okla 18,010 15,786 22,494 19,169 19,813 21,292 22,513 18,973 Wichita, Kans 0,504 8,866 9,347 9,092 10,698 11,654 11,057 9,102 District No. 11—Dallas: Albuquerque, N. Mex 2,235 ! 1,936 2,075 1,982 2,063 2,468 2,429 2,142 Austin, Tex 4,026 i 4,621 5,412 3,827 4,780 4,642 5,165 4,031 Beaumont, Tex 3,502 3,593 4,045 3,730 3,092 3,900 3,802 3,776 Corsicana, Tex 2,375 2,426 2,550 2,500 1,252 1,430 1,599 1,201 Dallas, Tex 49,797 46,578 45,151 53,699 45,408 41,037 52,673 47,611 El Paso, Tex 6,607 i 6,553 6,729 6,782 6,508 6,761 6,903 7,175 Fort Worth, Tex 19,084 18,727 19,010 17,793 21,966 22,846 23,460 23.875 Galveston, Tex 33,412 31,124 34,674 32,840 30,739 29,048 29,128 29,852 Houston, Tex 36,601 34,537 36,492 39,490 31,302 29,824 35,538 33,312 Eoswell, N. Mex 590 608 542 586 702 852 670 732 San Antonio, Tex 7,876 8,378 7,972 7,367 6,992 7,622 7,655 6,935 Shreveport, La 7,955 9,029 9,128 8,584 7,663 7,828 8,608 8,088 Texarkana, Tex 2,167 3,000 2,985 1,767 1,646 1,502 1,796 1,550 Tucson, Ariz 1,896 1,735 1,659 1,981 1,578 1,670 1,627 2,022 Waco, Tex 7,492 6,586 6,761 6,152 6,422 5,543 6,320 5,902 District No. 12—San Francisco: Bakersfleld, Calif 2,303 2,168 2,420 2,096 2,523 2,123 1,956 1,733 Bellingham, Wash 2,305 2,102 2,264 1,906 1,726 1,825 1,943 1,689 Berkeley, Calif. 4,315 4,908 4,188 3,651 3,901 5,535 3,942 3,634 Boise, Idaho 2,962 3,087 3,369 3,145 2,993 3,034 3,018 2,957 Eugene, Oreg 2,631 2,872 3,200 3,211 1,815 2,700 2,220 2,600 Fresno, Calif. 15,041 15,060 14,161 13,581 14,533 15,511 18,747 17,022 Long Beach, Calif 16,689 14,043 14,423 14,398 9.206 7,920 11,009 9,569 Los Angeles, Calif 173,817 161,458 172,910 177,009 126,900 117,872 132,573 123,543 Oakland, Calif. 28,457 30,112 26,838 25,450 22,742 29,947 26,294 2^,363 Ogden, Utah 7,284 7,622 7,291 7,363 4,366 5,037 5,473 4 886 Pasadena, Calif 7,770 7,521 7,614 7,063 5,713 5,775 6,020 6,331 Phoenix, Ariz 5,071 5,036 5,118 4,434 4,140 4,337 4,065 4,432 Portland, Oreg 44,181 42,610 50,031 40,020 41,045 38,579 38,999 36,412 Reno, Nev 3,092 2,401 2,745 2,563 J 2,831 2,678 2,769 2,684 Ritzvffle, Wash 285 212 261 '214 | 197 202 216 142 Sacramento, Calif 10,985 10,852 9,642 9,764 l 17,537 16,328 18,605 13,263 Salt Lake City, Utah 15,062 14,742 15,379 15,179 i 14,718 14,569 14,921 14,419 San Bernardino, Calif 1,856 2,132 1,937 2,098; 1,466 1,596 1,468 1,351 San Diego, Calif. 9,437 10,001 10,147 9,390 8,531 8,584 9,404 8,864 San Francisco, Calif 229,112 173,404 189,763 176,746 ' 175,358 173,162 166,277 172,901 San Jose, Calif 5,870 6,599 6,010 5,556 > 5,978 6,277 5,258 ' 6,815 Seattle, Wash 43,346 39,559 42,598 39,965 : 37,017 35,798 39,000 37,461 Spokane, Wash 13,625 13,938 13,149 11,903 12,549 12,130 13,417 11,599 Stockton, Calif 6,383 6,061 5,474 6,084 ; 5,521 5,631 4,808 5,803 Tacoma, Wash 9,096 9,043 8,743 8,815 8,656 10,903 10,077 8,364 Yakima,Wash 3,027 2,951 2,927 2,871 2,612 2,632 2,761 2,758 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM. to OPERATIONS DURING SEPTEMBER, 1923. o [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 b F a e n d k e r o a r l b re r s a e n r c v h e . re b s I e r n a r v n F e c e h b d a c e n r it a k y l . or O re b u se r t a s r i v n d e c e h b F a c e n i d t k y e r o . a r l o U n n T it r e e d a s S u ta re te r s o . f h s a i n v d c e l a e o t d i f o , d n e u s x . p c l l i u - - r o e t s b h a e r n e r a r d v n e F c t h e h b e d e a i e s n r . r k a s l o p r a t r d i o e n i n s b s t t r a r a i m b c n a t c e . n h k e s s Number. Amount. a m t b e a o n n n d k t h s o . f On par lilt Num- Num- Num- Number. Amount. ber. Amount. ber. Amount. ber. Amount. ber. Amount. Amount. 1923 1922 1923 1922 I 1923 1923 1922 i 1923 ! 1922 Boston 599 657,044 3,900 472,271 145 14,359 4,644 1,143,674 223 54,144 4,867 4,494 1,197,818 1,000,783 423 429 230 260' New York 2,345 3,838,314 4,532 677,975 1,114 97,542 7,991 4,613,831 1,175 146,310 4,8 9,190 4 765,038 5,387,796 742 720 274 261' • Buffalo 214 118,986 478 60,043 14 2,029 706 181,058 142 25,987 16,634 886 223,679 185,666 89 84 81 78' Philadelphia 1,032 791,925 2,287 329,061 152 27,571 3,471 1,148,557 423 101,634 3,894 4, 1,250,191 1,194,021 722 714 501 479 Cleveland 617 488,848 1,563 179,210 93 5,597 2,273 673,655 55 8,047 38 10,678 2,366 2,250 692,380 437,630 313 314 511 514 Cincinnati 243 359,488 853 85,262! 75 7,592 81,180 a 453,902 23 6,809 16 4,644 1,219 1,150 465,355 221,908 224 224 314, 314! 1 Rich P m it o ts n b d urgh 5 1 8 2 4 5 6 33 5 2 9 , , 0 5 2 4 0 2 1,9 9 0 5 0 1 3 1 1 1 3 4 , , 1 2 0 56 9 ! | 5 5 3 2 5 4 , , 3 8 9 3 8 0 2 1 , ,5 0 8 7 8 7 7 6 7 5 8 0 , , 6 5 2 2 8 7 1 9 4 9 9 3 72 9 , , 2 7 3 3 8 1 3 3 9 4 1 8 0 , , 6 1 3 46 6 2 1, , 7 2 2 6 6 0 2 1, , 5 2 2 8 2 2 7 8 3 28 1 , , 5 4 0 0 5 1 ] 4 4 0 7 0 8 , , 1 6 5 8 6 1 ; 3 4 4 6 5 8 3 4 4 6 4 8 6 2 4 4 4 9 1 2 7 5 0 2 5 i 591 "wi At ; l a B nt a a ltimore 2 11 6 6 7 1 9 9 8 8 , , 1 3 1 7 0 1 8 47 2 , , 1 6 4 8 1 0 5 4 6 1 6 3 ,7 1 1 7 6 2 1,0 5 9 3 2 7 2 14 8 8 7 , , 9 2 6 2 7 3 1 2 1 4 4 3 8 8 , ,8 4 7 39 8 8 35 4 8 4, , 4 1 2 1 4 8 ) 1,2 5 9 9 0 6 1 1 , , 2 0 2 9 7 1 3 1 3 6 4 1 , , 2 8 1 3 9 0 2 2 7 3 2 5 , , 2 2 7 0 5 5 1 2 6 2 1 5 2 1 3 6 9 1 j 26 8 8 6 2 9 6 0 3' [ 453 481 Birmingham 55 47,171 202 16,360 15 1,637 272 65,168 21 16,265 26 32,300 319 441 113,733' 101,155 93 83! 32 32! 146 119 Jacksonville • 67 51,499 195 17,980 10 898 272 70,3771 38 5,156 5 1,621 315 253 77,154| 38,184 72 69 60! 147, 145 M K C St h a i . i n n c L M D O n N N D L L H O s a o a e g o i k e e m e a e e u a s t o u n l w s l t t m p i e a r a l C h i v s o o e s n h h p v e O i v l i a o a t h i i r t R i y l s m r l i l l s l e o e e a c a C k n i . s t . . y . . . . . : 1,0 3 2 4 1 4 1 1 2 6 5 6 8 8 2 3 3 4 1 3 4 0 0 4 9 6 3 1 3 8 0 6 3 8 7 4 3 9 2 1 2 1 3 8 4 4 4 4 4 1 5 1 9 8 2 3 1 7 6 5 2 5 5 4 4 1 9 2 8 4 , , , , , , , , , , , , , , 6 4 8 8 6 0 9 5 9 2 5 9 8 6 8 4 4 1 7 7 5 4 9 2 9 9 8 1 6 9 9 4 2 9 3 9 0 4 7 9 0 8 4 1 1 1, , , , 5 5 1 3 3 4 2 9 5 2 7 1 3 1 8 2 8 4 6 1 2 4 4 2 2 4 2 5 4 8 3 0 2 3 9 3 7 3 4 6 8 5 36 9 9 3 6 3 2 7 2 2 8 1 1 8 6 3 4 7 3 8 7 0 6 5 2 2 6 , , , , , , , , , , , , , , 7 3 3 3 2 0 6 1 9 5 5 3 6 2 3 2 5 6 6 2 3 2 4 2 0 0 5 3 6 4 5 5 0 5 6 5 9 8 8 2 2 7 3 1 1 3 3 0 7 4 3 4 5 2 1 1 1 i H o 8 5 7 5 6 9 6 2 8 2 0 1 i i ; ; j ; 1 ' l ' ! 1 ] 1 3 4 3 3 3 8 7 1 1 1 1 2 , , , , , , , , , , , , 3 4 0 1 6 4 3 5 3 8 6 5 9 0 7 0 1 1 1 2 8 5 0 2 3 8 2 0 9 0 0 0 1 1 2 5 5 0 5 »1 5 2 1 1 1 , , , , , , 9 0 1 1 5 3 2 3 6 3 5 1 2 0 0 0 8 1 2 8 0 0 4 5 3 7 2 0 1 4 9 8 5 3 0 6 1 » , » 3 3 3 4 2 1 1 1 9 6 4 8 9 1 6 2 7 5 6 3 1 1 9 5 3 4 8 2 5 0 5 4 1 4 5 2 , , , , , , , , , , , , , , 4 8 2 8 8 7 0 8 3 6 8 7 7 3 9 8 3 3 5 8 4 7 0 4 3 4 7 0 5 2 9 7 7 1 8 6 7 9 0 3 0 8 1 1 1 ! j j ! ! ! , ! | 4 9 9 4 4 2 4 1 8 0 2 7 6 2 7 1 0 9 4 4 8 1 3 1 2 1 1 6 2 5 2 7 4 1 9 2 7 9 1 , , , , , , , , , , , , 5 6 4 4 3 5 8 4 1 2 1 5 4 1 5 3 3 7 2 2 1 8 5 7 3 7 5 9 6 4 4 9 9 3 8 5 3 9 6 3 0 1 4 4 1 1 1 3 8 7 2 6 4 7 2 1 1 1 7 8 3 1 6 6 4 2 1 1 1 2 , , , , , , , , 1 9 6 5 0 2 3 3 3 8 6 5 2 1 2 8 2 5 2 9 9 8 7 5 4 2 7 3 9 0 8 2 7 9 5 9 4 6 8 5 5 5 6 2 2 1 1 1 , , , , , , 9 0 1 1 0 0 3 3 6 3 6 7 2 1 9 8 2 5 0 4 3 4 4 8 0 4 6 7 2 7 5 7 2 5 0 6 6 8 9 1 4 9 2 5 1 1 1 , , , , , 8 9 1 1 7 4 5 2 6 7 3 2 9 2 8 5 0 1 1 6 3 8 9 5 6 1 0 2 2 1 1 1 5 6 2 5 5 5 4 9 3 1 1,4 3 2 3 4 1 1 1 1 1 4 4 4 8 5 7 6 2 1 5 6 2 0 1 0 1 6 7 4 8 5 4 6 9 4 7 2 5 , , , , , , , , , , , , , , 0 1 4 6 4 3 9 6 7 2 8 7 6 8 9 4 5 9 4 2 7 1 8 6 3 9 0 5 6 1 5 4 3 1 0 4 3 7 2 5 9 * 1 1 ! ! | 1,0 3 2 3 2 1 1 1 3 5 5 7 4 9 4 3 7 3 5 3 0 0 0 0 4 6 3 5 8 3 3 5 1 6 1 4 , , , , , , , , , , , , , , 0 0 6 9 2 6 8 2 7 2 1 6 5 2 7 0 6 9 3 4 1 7 2 2 6 5 8 3 6 6 6 9 0 9 1 2 8 8 5 9 3 5 ! 1,3 3 3 4 2 1 8 1 1 1 9 9 9 2 2 5 7 5 4 2 6 7 1 5 0 5 8 9 1 6 2 9 5 5 0 3 8 1,3 3 8 3 1 4 2 1 1 1 2 9 6 2 8 8 5 7 5 2 1 9 5 8 5 1 5 6 0 8 9 3 6 6 1 4 0 ! ! ! ! ! j 3 1 2 1 , , , , 6 9 2 2 3 4 1 4 8 2 2 1 1 5 1 4 5 4 4 0 0 3 4 7 8 7 2 0 0 7 3 2 8 5 1 0 2 5 5 3 3 3 2 1 1 , , • , , 7 4 9 4 9 2 3 2 4 1 2 2 1 0 2 8 2 1 5 4 2 5 6 2 0 4 8 4 9 0 4 2 7 2 7 1 5 9 8 8 8 2 1 1 2 1 6 2 6 2 8 5 1 2 6 4 4 4 4 8 4 3 8 1 ! 1 | | ""1 2 1 1 1 5 7 2 6 5 6 4 3 7 0 8 S D a a n ll S H L P S S E a F p a e o s o l o r l a o r s a u P t t t k n t s l A a L a l c a t s e o n n i n a o s n g e k d c e e o l e C s ity. 2 4 1 2 5 1 5 6 5 6 6 4 3 0 4 6 6 6 3 7 7 1 3 2 1 3 2 9 5 8 6 1 1 6 3 5 0 5 0 0 7 4 2 , , , , , , , , , 3 2 3 8 5 9 1 1 4 9 5 5 1 0 4 6 1 3 4 6 0 6 0 2 9 5 8 1 1 , , 2 4 2 2 4 7 7 1 5 4 1 1 5 3 3 6 1 2 3 0 2 9 3 0 5 4 0 2 1 2 2 4 1 1 3 3 4 6 0 6 2 4 9 3 9 4 , , , , , , , , , 1 6 4 5 0 2 8 8 4 1 3 3 9 5 8 6 4 4 1 1 8 0 8 2 7 8 8 3 3 7 6 2 2 1 H 5 1 5 0 2 0 6 i : 1 | i 1 1 3 6 4 2 4 1 1 5 5 , , , , , , , , , 8 9 2 2 3 0 6 2 2 6 9 0 7 9 3 5 5 3 7 1 5 3 4 9 7 3 7 2 1 1 , , ,0 2 3 2 5 1 6 9 7 4 0 7 8 1 3 7 0 8 3 4 1 4 1 6 7 3 6 2 1 4 0 0 6 5 7 6 4 7 1 7 6 , , , , , , , , , 6 0 4 0 7 7 0 0 2 8 8 5 8 2 1 9 3 8 7 5 8 7 5 9 7 0 1 1 ! ; , ; , ' : 2 5 2 7 1 1 1 l 3 1 3 3 6 9 2 l ! | 1 3 3 3 5 3 7 2 1 3 , , , , , , , , , 1 1 3 8 7 3 3 4 6 3 4 2 6 6 3 3 5 2 4 9 8 1 6 3 3 0 3 4 5 3 4 4 1 1 5 1 6 6 1 9 4 7 1 3 2 9 9 6 6 1 1 , , , , , , , , 7 2 4 4 9 8 7 2 7 6 9 5 1 8 5 2 9 5 0 2 1 2 0 8 3 7 8 1 2 l, , , i 1 4 3 4 3 5 5 1 2 1 5 0 9 1 1 9 5 9 4 2 8 9 3 7 2 1, , 6 0 3 9 4 4 2 2 5 7 5 4 8 4 7 6 0 0 3 8 5 2 8 2 2 0 2 3 4 4 1 1 7 8 4 8 2 4 2 2 1 3 9 0 9 6 8 7 3 0 , , , , , , , , , 0 6 0 0 9 3 8 6 1 0 9 1 7 6 3 2 4 1 9 3 9 1 8 3 1 8 5 ! ! ! 3 2 2 3 9 6 5 6 2 8 3 6 7 9 4 3 3 2 5 0 3 , , , , , , , , , 3 6 4 1 0 5 1 9 4 4 4 8 5 6 2 7 5 7 2 2 7 9 3 2 8 2 2 ! ! ! j 6 1 1 1 1 1 1 6 6 5 1 8 3 6 5 4 0 6 4 0 6 7 1 8 1 6 1 1 1 1 1 1 6 5 6 6 9 6 3 3 0 6 9 5 8 8 4 6 4 9 1 ] ! ; 6 2 2 2 1 8 0 4 4 6 4 1 5 6 7 6 8 2 7 2 1 1 1 1 9 5 7 5 4 5 7 3 0 2 5 4 0 1 9 8 9 3 7 2 3 9 ' ""2 5 4 1 Total: Sept.. 10,826 11,153,657 36,4013,908,623 3,023! 334,216 50,265 15,403,358 3,622 708,655 769 183,841 54,656 53,637 16,295,854|l4,108,584! 9,906 9,91717.255 17,863 2,580 2,276 Aug .. 10,86211,213,817 37,846 3,807,757 2,569: 315,055 51,293 15,343,833! 3,755 694,465 188,305 55,857 52,497 16,226,603 13,271,576] 9,905 9,91717,38117,885 2,489 2,281 1 Incorporated banks other than mutual savings banks. 3 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 9,000items, $1,560,000; Minneapolis, 5,000items, $5,017,000; Omaha, z 1,000 items, $285,000; total 15,000 items, $6,862,000. I NOTE.—Number of business days in period for Baltimore, San Francisco, and Los Angeles was 23 days, and for other Federal reserve bank and branch cities, 24 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL EESERVE BULLETIN. 1241 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.] I Banks in cities and towns having population of— Federal reserve districts. T m b o e a t m n a k l 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 . 1 9 5 9 ,u ,9 0 9 0 9 t . o j I 100 o ,0 v 0 e 0 r a . nd ™ i?™ |nk 1^ s '1 j ! L e 5 s '0 s 0 t 0 h > an ; 1 5,0 U 0 'm 0 - 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 Amount on Sept. 26,1923. Increase or decrease since preceding monthly report. NET DEMAND DEPOSITS. j Boston ! 1,235,190 46,653 69,323 198,343 920, 871 +15,639 i +666 +1,467 +3,600 +9,906 New York | 5,192,001 171,604 106,899 273,583 4,639,915 +61,634 i -2,161 -3,262 —4,854 +71,911 Philadelphia j 1,075,367 131,647 76,397 I 135,814 i 731,509 +374 I +397 +1,208 +5,082 -6,313 Cleveland | 1,398,289 161,092 129,265 194,457 ; 913,475 -27,117 ' -1,018 -3,515 -3,298 -19,286 Richmond j 552,044 101,968 63,045 j 150,622 I 236,409 +14,941 +8,186 +2, 934 +3,687 +134 Atlanta 463,873 67,838 57,227 ! 147,857 ! 190,951 I -735 j +3,412 +932 -1,391 -3,688 Chicago ! 2,094,949 196,469 118,275 I 345,289 1,434,916 +63,175 -1,902 +1,266 +2,396 +61,415 St. Louis.... 612,672 113,570 72,045 | 81,965 345,092 -17,189 —5,262 -498 -3,5x8 -7,911 Minneapolis.. 407,381 106,437 74,882 I 69,049 157,013 , +13,064 +5,254 +2,101 -1,042 +6,751 Kansas City. 769,068 188,619 125,264 169,622 285, 503' -10,019 | +301 +1,015 -1,232 -10,103 Dallas.. 574,421 186,786 101,334 ; 109,108 177,193 | +73,333 i +37,206 +13,562 +5,600 +16,965 San Francisco 1,251,460 178,683 84,425 j 144,620 843,732; +15,568 ; +8,456 +2,089 +5,551 -528 Total: Sept. 26,1923. 15,626,715 1,651,366 1,078,381 2,020,329 10,876,6391+202,668 I+53,535 +19,299 ' +10,581 +119,253 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. " — " 1,576,283 1,057,760 ! 2,042,429 11,031,899 -48,018 -8,327 -6,926 -11,629 -21,136 TIME DEPOSITS. Boston 597,798 47,401 64,280 143,441 342,676 +4,806 , +296 +204 +1,654 +2,652 New York 1,662,566 230,550 134,001 340,058 957,957 +7,795 ! +3,765 +2,051 -533 +2,512 Philadelphia j 622,325 202,745 101,358 181,650 136,572 -4,823 I -7,622 +451 +3,831 -1,483 Cleveland | 1,104,900 176,044 125,524 173,463 629,869 +5,686 +1,540 +814 +571 +2,761 Richmond j 433,997 125,423 78,089 124,604 105, 881 + 1,631 ; +246 +560 -428 +1,253 Atlanta I 320,703 48,301 45, 111 119,058 108,233 +1,628 +139 +660 -33 +862 Chicago 1,534,621 239,957 140,984 352,593 801,087 +2,537 +919 -860 +315 +2,163 St. Louis. 382,144 65.407 40,894 62,413 213, 430 -1.824 -881 I -1,232 +290 Minneapolis... 412,663 195; 070 97,563 58,274 61, 756 —4^251 -2,218 i +158 -2,119 Kansas City... 309,236 94,229 57,524 65,200 92,283 -8,365 -850 | -2,952 -525 -4,038 Dallas 139,472 i 18,344 . 22,978 I 50,264 47,886 +116 I -172 i -11 +535 , -266 San Francisco.. 960,503 i 101,975 I 45,299 ! 94,332 718,897 +18,475 I +3,261 ; +1,149 +1,121 ! +12,944 Total: Sept. 26,1923 8,480,928 1, 545,446 953,605 1,765,350 4,216,527 +23,411 ! -1,577! +2,223 +5,234 : +17,531 Aug. 29, 1923 ! 8,457,517 1,547,023 951,382 1,760,116 4,198,996 +114,991 +17,553 +8,445 +16,700 j +72,293 July 25, 1923 ! 8,342,526 1,529,470 942,937 1,743,416 4,126,703 -45,712 j +3,798 ! +14,075 +26,789 -90,374 DISCOUNT^ RATES OF FEDERAL RESERVE BANKS IN EFFECT OCTOBER 31, 1923. Paper maturing— Within 90 days. Federal reserve bank. p a C a n a g d o p r m e i l c r i m v u , e l n e t s r u . t c r e o i a . a c l l s k , , . U G o s n e b o i c l v t i e u g e d r r a e n t S d i m o t a n D e t s n e y . t s A an g d r p i l c a iv u p e l e t s u r t . o ra c l k • Boston New York Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis... Kansas City... Dallas San Francisco. I Including backers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, *tc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1242 FEDEBAL KESEBVE BULLETIN. NoVEMBEK, 1923. GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTEIES. Gold. Silver. Countries. September- Nine Se m p o te n m th b s e r— ending September— Nine Se m p o te n m th b s e r— ending 1922 1923 1922 1923 1922 1923 1922 1923 IMPORTS. Denmark $17,769,576 $3,561,829 $219 $987 France 2,070,389 $1,571,460 16,970,838 12,100,318 8,870 $10,505 202,505 $198,058 Germany 2.766 3,500,000 13,642 42,432,450 16,445 3,120 698,034 114,439 Greece 4,798,294 4,798,294 21,156 21,156 Netherlands 4,842,500 ""460,'794' 4,958,516 10,916,569 1,791 1,791 Norway 542,120 8,422,696 168 1,700 4,644 611 Spain 3,448 34,943 27,292 307 "6," 623' 71,819 50,468 Sweden 113,608 32,501,205 2,865 356 1,790 Great Britain—England 8,442,467 17,034,473 84,441,232 83,742,794 42,688 191,898 182,232 Scotland 151,320 2,560,382 Canada 231,941 2,350,786 8,945,454 41,105,875 727,316 812,843 4,411,914 5,087,982 Central America 250,522 226,763 3,454,696 1,859,314 90,977 152,153 1,082,148 1,271,766 Mexico 674,190 360,560 4,524,172 4 927,942 4,155,275 5,396,820 36,862,589 33,956,439 West Indies 120,402 307,998 1,606,331 484,032 32,624 4,573 493,681 87,237 Bolivia 140 3,136 18,193 12,065 93,062 201,291 769,346 598,293 Chile 17,377 38,424 354,425 196,988 75,318 218,887 1,505,840 1,143,089 Colombia 651,371 425,691 5,655,558 3,440,032 50,313 11,255 217,532 98.890 Peru 191,181 305,292 1,151,560 1,608,453 890,898 1,590,935 5,849,068 10,133,267 Venezuela 53,741 35,688 705,812 332,311 19 3,922 2,262 4,251 China 970,556 139,087 5,796,986 3,325,359 4,940 630 6,684 8,523 Dutch East Indies 227,447 134,467 1,171,999 1,612,299 74797 42,781 470,808 639,134 Philippine Islands 143,377 169,214 499,766 1,137,879 1,675 3,681 7,656 16,155 British Oceania 79,571 108,416 3,800,785 1,233,309 221 140 1,154 1,788 Egypt 270,952 335,173 1,341,146 58 15,619 Portuguese Africa 5,959 479,728 711,443 78,908 784 125,429 88,825 All other 33,847 357,312 992,965 1,848,851 2,185 43,964 164,327 383,893 Total 24,464,235 27,803,961 209,555,865 220,521,965 6,730,279 8,517,971 53,163,329 54,082,745 EXPORTS. France 2,660,000 Netherlands 12,000 13,000 15,000 720 720 Spain , 707,000 500 1,500 Sweden , 78,000 "606' 550 eoo' 1,150 Switzerland , 3,611 14,384 1,374,947 Great Britain—England. 3,264 1,530 3,264 132,313 175,407 7,211,099 3,959,605 Canada 686,026 152,871 1,549,596 1,038,480 301,764 134,713 1,767,049 1,111,386 Central America 12,127 21 000 6,850 73,844 Mexico 372,025 214,610 3,344,794 3,770,164 109,753 138,894 1,744,182 1,323,008 West Indies 449 5,749 15 1 646 1,740 26,805 52,895 Colombia 700,000 10,000 805,703 Peru 366,000 Venezuela 364,000 China 100,000 100,000 90,005 763,590 3,912,336 15,232,731 22,957,499 British India 30,000 455,196 4,395,339 13,814,345 651,923 3,648,473 7,204,863 14,892,559 Dutch East Indies 435,010 60,010 French Indo-China 1,320,000 Hongkong 190,990 37,200 2,282,570 2,154,815 1,719,775 265,754 10,291,079 1,871,327 All other 242 1,290 201,810 67,440 50,503 38,614 Total. 1,398,607 862,697 13,142,643 25,878,034 3,735,178 8,123,460 46,026,184 46,649,387 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL KESERVE BULLETIN. 1243 MONEY IN CIRCULATION, OCTOBER 1, 1923. [Source: United States Treasury Department circulation statement.] Money in circulation. Money held by L the United States Kind of money. Stock of money.1 Treasury and | Oct. 1,1923. the Federal Ee- i_ serve system.5 r Sept. 1,1923. Oct. 1,1922. Amount. Per capita, j Gold coin and bullion • $4,135,466,456 $3,737,485,792 $397,980,664 $3.56 i $397,341,912 I $412,894,448 Gold certificates '(844.753,659) 379,474,650 465,279,009 4.17 441,154,839 ; 214,956,729 Standard silver dollars 497,227,769 439,286,231 57,941,538 .52 I 57,615,365 i 60,581,489 Silver certificates "(406,453,506) 30,765,454 375,688,052 3.37 : 374,877,496 : 277,777,738 Treasury notes of 1890 8(1,451,177) 1,451,177 .01 ! 1,455,623 i 1,500,823 Subsidiary silver 271,115,069 18,616,386 | 252,498,683 2.26 : 249,497,880 : 236,357,030 United States notes 346,681,016 40,389,644 306,291,372 2.74 • 304,576,800 i 281,493,275 Federal reserve notes 2,733 803,830 488,262,445 2,245,541,385 20.12! 2,204,824,450: 2,249,855,937 Federal reserve bank notes.. 17,352,000 850,841 | 16,501,159 .15 17,612,842 : 55,526,489 National bank notes 770,322,007 39,573,907 730,748,100 6.55 : 728,949,604 j 729,951,335 Total 8,771,968,147 * 5,174,705,350 j 4,849,921,139 43.45 i 4,777,906,811 ! 4,520,895,293 Comparative totals: Sept. 1,1923 8,707,407,229 1 5,166,202,457 1 4,777,906,811 42.85 : Oct. 1,1922 8,388,237,342 •4,876,861,796 j 4,520,895,293 41.04 ! 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 i 4,100,590,704 39.54 July 1,1914 3,738,288,871 11, 843,452,323 ' 3,402,015,427 34.35 Jan. 1,1879 1,007,084,483 * 212,420,402 j 816,206,721 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. * 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. 6 Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta. GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM SEPTEMBER 21, 1923. TO OCTOBER 18, 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. dose of period. Debits. Credits, Debits. Credits Decrease. Increase. Boston 18,500 2,000 583,927 624,277 23,850 74,057 New York 3,000 20,000 2,031,050 1,978,346 35,704 152,919 Philadelphia... 6,000 7,000 625,467 616,181 8,286 22,254 Cleveland 2,000 562,627 588,828 4,201 94,582 Richmond 3,000 512,531 533,802 24,271 28,534 Atlanta 3,000 245,510 247,208 1,302 18,540 Chicago 6,000 972,023 961,955 16,068 82,799 St. Louis 3,000 479,055 480,515 7,460 24,937 M D K Sa a a i n l n n l s n a F a s e r s . a a C p n o c it l i y i s s c . o .. . . . 2 5 2 , , , 5 0 0 0 0 0 0 0 0 j " " 7 s * ' 5 s 6 o 6 o ' ' 1 3 25 4 3 6 1 5 , , , 0 3 8 1 9 1 0 5 0 3 3 2 1 6 0 1 4 4 9 2 4 , , , , 3 4 3 1 5 1 7 1 4 6 4 7 17,521 1 5 3 , , 6 4 0 0 4 4 7 8 4 2 2 4 1 1 8 3 7 , , , , 3 1 3 4 7 5 8 9 5 1 8 7 Total four weeks ending— Oct. 18, 1923 48,000 48,000 7,041,373 7,041,373 78,881 78,881 Sept. 20,1923 65,500 65,500 6,251,754 6,251,754 641,891 Oct. 20,1922. 159,500 159,500 6,767,793 6,767,793 598,661 Sept. 21,1922 116,500 116,500 5,730,197 5,730,197 528,538 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES. to Discount and interest rates prevailing during the 30-day period ending The actual discount and interest rates prevailing during the 30-day October 15 in the various cities in which the Federal reserve banks and their period ending September 15, 1923, in the different cities, are given in the branches are located show but little change from the rates of the preceding following table. A complete description of the several types of paper for 30-days. In nearly all localities rates on all types of paper were higher which quotations are given will be found in the September, 1918, and than during the corresponding period of 1922, the chief exception being October, 1918, FEDERAL RESERVE BULLETINS. loans secured by stock-exchange collateral, by cattle, and by warehouse receipts in a few western cities. DISCOUNT AND INTEREST KATES PREVAILING IN VARIOUS CITIE3 DURING THE 30-DAY PERIOD ENDING OCTOBER 15, 1923. Bankers' acceptances, Prune commercial paper. 30 to 90 days. Collateral loans—stock exchange Ordinary loans District. secured by Liberty Demand, i 3 months. bonds. No. 1.. Boston H.L. C. H.L. a No. 2.. New York 54 5, 4i H 4} Buffalo 6 5 5 4i 4J-4* N»••o. 3... Philadelphia 51 M No. 4.. Cleveland. 5 6 CO Pittsburgh 5 Cincinnati. 5 6 No. 5.... Richmond 5 Baltimore. 6 5 5} No. 6.... Atlanta 6 54 6 Birmingham 6 Jacksonville 8 51 6 -8 N N a e s w h v O il r l l e eans 6J 6 5 1 7 6 6 7 | No. 7.. Chicago 6 5 51 6 54 51-6 Detroit 6 5 6 6 6 6 No. 8.. S L t o . u L is o v u il i l s e I 6 6 5i 51 6 6 5 54 6 Memphis 6 6 Little Rock No. 9... Minneapolis. Helena No. 10.. Kansas City. Omaha. Denver Oklahoma 10 No. 11. Dallas 6 El Paso Houston No. 12.. San Francisco Portland Seattle Spokane Salt Lake City Los An; | Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBER, 1923. FEDERAL RESERVE BULLETIN. 1245 FOREIGN EXCHANGE RATES. [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency.] COUNTEIES INCLUDED IN COMPUTATION OF INDEX. Index (per cent ol Low. High. Average. par).' Monetary unit. October. Se b p e te r. m- October. Se b p e te r m . - October. I Sege?m" 'October. Se b p e te r. m- General Index 63 63 Belgium Franc. 19.30 4.9100 4. 5400 5.2800 5.4400 5.0877 I 4.9017 26.36 25.40 Denmark Krone.. 26.80 17.1S00 17. 8500 17.7700 18.3900 17.5262 18.1633 65.40 67.77 Trance Franc.. 19.30 5.7600 5.5300 6.1500 6.2600 5.9488 ! 5.8550 30.82 30.34 Great Britain Pound. 486.65 448.1000 450.9900 456.1700 456.1200 452.3745 I 454.2217 92.96 93.34 Italy Lira 19.30 4.4200 4.2400 4.5900 4.6200 4.5146 • 4.4375 23.39 22.99 Netherlands Florin- 40.20 38.7600 39.1800 39.3300 39.3600 39.1338 39.3025 97.35 97.77 Norway Krone.. 26.80 15.0400 15.8800 15.8500 16.3000 15.5046 16.0758 57.85 59.98 Spain Peseta. 19.30 13.2500 13.3300 13.6200 14.1900 13.4704 ' 13.5783 69.79 70.35 Sweden Krona.. 26.80 2fi. 2500 26.5000 26.5200 26.6900 26.3996 i 26.5496 98.51 99.07 Switzerland Franc.. 19.30 17.7800 17.6600 17.9600 18.0500 17.8735 17.8621 92.61 92.55 Canada Dollar.. 100.00 | 97.8690 97.5296 98.9659 97.8713 98.5518 : 97.6506 98.55 97.65 Argentina. Peso (gold) 96.48 ! 72.0100 73.2200 7.5.6000 76.0500 73.6581 74.8533 76.35 77.58 Brazil Milreis 32.44 ! 9.0400 9.4400 9.7600 9.9100 9.4758 ; 9.7317 29.21 30.00 Chile Peso (paper).. 219.53 ; 11.3200 12.1300 12.2400 12.5600 11.7512 ; 12.3754 60.17 i 63.37 China Shanghai tael. '66.85 ' 69.5000 69. 7100 70.5600 71.6100 69.9465 ' 70.7S50 104.63 105.89 India Rupee 48.66 30.7300 30. 2800 31.4300 30.8700 31.0627 30.6017 63.84 62.89 Japan Yen 49.85 ! 48.6100 48.4100 48.9200 49.0900 48.8092 48.6200 97.91 97.53 OTHER COUNTRIES. Austria I Krone 20.26 0.0014 0.0014 0.0014 0.0014 0.0014 ' 0.0014 0.01 0.01 Bulgaria Lev 19.30 .9775 .9450 1.0371 .9971 1.0150 .9590 5.26 4.97 Czechoslovakia Crown 2.9305 2.9536 3.0017 3.0144 2.9705 2.9945 Finland Markka.. 19.30 2.6675 2.6439 2.6800 2.7689 2.6732 I 2.6996 13.85 13.99 Germany * 1 Reichsmark, 23.82 s.0075 ».4030 2.3200 '9.8500 2.0680 I 2 1. 8800 .0000003 .000008 Greece < Drachma.... 19.30 1.4495 1.6361 1.6305 1.8820 1.5432 ! 1.7866 8.00 I 9.26 Hungary Krone 20.26 .0054 .0053 .0055 .0057 .0054 I .0055 .03 .027 Poland ! Polish mark .0000425 . 00028 .00026 .00041 .00011131 .00035 Portugal I Escudo 108.05 I3.8700 4.0300 4.0600 4.5900 4.0035 i 4.1663 3.71 3.86 Rumania j Leu 19.30 .4586 .4536 .4781 .4772 .4688 .4642 2.43 2.41 Yugoslavia \ Dinar 19.30 1.1323 1.0633 1.2238 1.1760 1.1748 1.0940 6.09 5.67 Cuba • Peso 100.00 99.8503 99.7500 99.9688 99.9250 99.9086 99.8818 99.91 Mexico do I 49.85 48.2969 48.3208 48.6075 49.0417 48.4303 48.5692 97.15 97.43 Uruguay | do.. 103.42 72.0300 71.9900 75.6800 ! 76.0700 73.6381 74.4592 71.20 72.00 China Mexican dollar , '48.11 ;50.2900 50.4000 51.0000 51. 7900 50.6923 51.1579 105.37 106.34 Hongkong Dollar « 47.77 !51.4700 51.7300 52.1900 52.7500 51.8512 52.3821 108.54 109.65 Straits Settlements.. Singapore dollar 56.78 J52.3800 53.0800 53.2500 53.2500 52.9831 , 53.1896 93.31 93.68 • Based on average. 1 In cents per million marks. • 1913 average. SILVER. [Average price per fine ounce.] September. London (converted at average rate of exchange) $0.64920 New York .64529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1246 FEDERAL RESERVE BULLETIN. NOVEMBER, 1923. FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES. ENGLAND. [Amounts in millions of pounds sterling.] Note accounts and Bank of England de- Nine London clearing Government posits. banks.* floating debt. a* •3-3 M Iff \ M Pi I I £ IH Average of end of month ; figures: : 1913 i 38 29 ! 57 . 1,370 15 1920 1 146 103 34S ; 147 J 3,252 1,078 1921 ! 157 108 327 ! 136 wTilifo 309 | 1,763 j 2,911 11,139 1922 156 103 296 ' 130 372 | 1,727 3,097 j 796 1922, end of— 107 j 1,058 October • 154 101 287 125 105 1,033 370 1,686 3,124 November I 154 102 288 121 9S 1,031 365 1,667 2,9S9 December ! 154 104 301 133 106 j 1,030 360 1,684 2,769 1923, end of— i January 154 101 280 121 108 1,046 35? 1,692 3,262 February 155 102 279 131 103 1,023 3!9 1,644 3,008 March. li 102 288 133 104 992 333 1,59(5 3,315 April.. 155 100 284 123 100 994 327 1,606 3,339 May... 1.55 102 i 287 119 109 1,005 325 1,608 3,067 June.. 155 103 287 128 113 1,018 331 1,638 2,960 July.. 155 103 289 120 104 1,024 338 1,638 3,004 August i 155 125 285 120 99 1,007 339 1,611 2,721 September j 155 102 2S3 118 102 1,005 337 1,009 1 1 Held by the Bank of England and by the Treasury as note reserve. • Statist. * Loss notes in currency notes account. • Bankers Magazine. ' Average weekly figures. • Excluding Germany. FRANCE. [Amounts in millions of francs.) Bank of France. I Savings N b e o w n s d t o is c s k u e a s n . d urfno «f ' Average I banks, P|*?L0' i daily excess of p clearings deposits War cent per- of the i (+)or | Gold Silver * « ~: »«*• Total petual Paris I wlth- Average reserve.' reserve. I G » ^. ^ n. deposits. rente. banks. drawals Value. r ra et te u r o n f . ment. Averai 1913 3,343 ; 629 5,565 830 86.77 59 2920 3,586 253 26,000 38,066 3,527 57.34 554 1921 3,568 274 25,300 37,404 2,927 56.56 550 1922 3,597 285 23,042 36,177 2,307 58.48 525 1922, end of— October.... 23,600 36,694 2,170 November. 3,636 22,900 36,114 2,184 December.. 3,670 289 23,600 36,359 2,309 1923, end of— January.... 3,671 290 23,100 36,780 February.. 3.671 I 291 23,200 37,055 March 3.672 | 292 23,100 37,188 April 3,672 ' 292 22,500 36,548 I May 3.673 292 23,000 36,741 June 3,673 293 23,100 36,689 July 3,674 294 23,000 36,929 Aueust 3,674 294 23,400 • 37,364 September 3,674 295 23,700 37,626 October.... 3,675 296 23,400 37,670 ' Not including gold held abroad. • Includes Fr. 3,000,000 issues of the Credit National. 'Includes Fr. 2,000,000 issues of the Credit National. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBEB, 1923. FEDERAL, EESERVE BULLETIN. 1247 ITALY. [Amounts In millions of lira.] Banks of issue. Leading private banks.1 Reserve. circ N ul o a t t * ion. L a o n a d ns i I n n u d m ex - ' I L d o a i n a s n d - s F c o o r u a n c t - ! j F a o e- r p T o d o s e t - i a ts l . Cash, i c n o d i c u u t l s g u n - d ts - ! s c p f D o r e o r u n r m e e d - - 1 [ t t i i P c o a i n p r s - a . - p T o d o s e t i - a ts l . s p b e r e c i r u c s r e i o s t f y .' Oold, ! Total. counts- of j count treas- ents. com- of the ury merce. State. bills. Average of end of month figures: 1913» ,375 1,661 | 857 2,284 I 318 129 j 1,093 914 I 55 1,674 1920 ,043 2,088 6,335 7^035 i10,581 2,474 1,308 I 10,594 5,945 ! 446 15,810 1921 ,074 2,020 7,586 9,304 i 9,064 2,475 1,200 10,677 5,575 i 465 16,001 1922 ,120 1,998 9,466 9,734 8,214 2,759, 917 8,594 3,265 ! 318 ,11,810 102.83 1922, end of— I 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 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 i 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 9,166 3,467 234 12,267 116.33 1923, end of— January ,126 2,021 8,552 9,389 i 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 ,129 1,983 8.478 9,004 8,031 2,488 775 9,163 3,597 229 12,363 140.30 April ,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 1,133 1,978 9,724 9,619 7,763 2,511 776 9,231 3,707 251 12,507 155.43 August 1,133 1,917 9,982 9,274 7,701 2,316 September 1,134 1,853 10,421 9,387 7,758 2,520 1 Includes Banca Commerciale Italians, Credito Italisuo, Banco di Roma, and until November, 1921, Banca Italians di 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.) Retchsbank. n V e a w lu s e t o o c f k Index p r o i f c s e e s. c 1 urity Darlehns-j and kassen- Treasury bond Discounts. scheme ! bills out- issues re G se o r l v d e. c N u o la te t i c o i n r . - de T p o o t s a i l ts. Treasury I Coiamer- c T in l o e g a t s a r . - l i In l a c t i i r o c n u . - i standing. o p n m l a 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. | dal bills. market. Average of end of montb figure 1 19 9 s? 2 1 0 3 1 1 , , 0 0 6 9 8 2 6 1 3 , , 9 9 5 6 8 4 17, 6 7 6 0 8 2 47.9S0 5 6 7 , , 1 8 3 9 6 8 13,145 1220 Per tent. Per cent. 1921 1,056 80,952 20,213 83,133 89,297 8,861 192,832 2,655 1922 1,002 339,677 108,633 338,147 I 72,211 530,647 11,217 475,835 8,726 1922, end of— September. 1,005 316,870 110,012 349,770 i SO, 234 473,715 13,995 451,000 7,937 105 October 1,005 469,457 140,779 477,201 101,155 789,341 14,009 614,000 7,187 November. 1,005 754,086 240,969 672,222 ! 246,949 1,463,766 13 809 839,000 15,223 1,334 312 December.. 1,007 1,280,095 530,526 1,184,464 | 422,235 2,078,969 13,450 1,495,000 21,315 1,378 322 1923, end of— January 1,005 1,984,496 762,264 1,609,081 ! 697,216 3,826,206 13,395 2,082,000 33,549 4,638 726 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 4,014,694 13,345,002 12,378 10,274,850 115,813 16,451 1,221 June 717 17,291,061 9,952,717 i 18,338,177 6,914,199 28,375,345 12,239 22.019,623 384,256 84,861 5,338 July 596 43,594,738 27,857,077 | 53,752,030 18,318,292 70,624,492 11,892 57,848,700 441,248 329,311 39,174 August 510 663,200,050 591,079,834 1987,218,783 164,644,250 817,133,634 11,022 1,196,294,500 1,883,675 3,703,999 308,100 September. 444 328,228,815 " 16,966,617h>45,21(;,224 »3,660,094 22,627,680 8,525 8 46,716,616 •2,259,303 84,078,542 > End of March, 1913. »Eecalculated 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. » In trillions. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1248 FEDERAL RESERVE BULLETIN. NOVEMBER, 1923. SWEDEN. (Amounts in millions ol kronor.] Riksbank. Joint-stock banks. Value of Index stock Index number issues number of foreign G b o u a ld l 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 l s s i b n t d a t h e n i d s k - . re m d g u i o s r n t i e n t r h g e . d o p f r s i t c o e c s k . e v x k a c r l h o u a n e n a o g . f e Averages of end of month figures: 1913» 102 235 108 585 2,287 139 24 258 1920 269 733 •Z26 3,596 6,008 476 61 176 112.9 1921 280 661 193 2,715 5,948 389 31 121 121.8 1922 274 579 269 2,109 5,317 340 29 103 128.4 1922, end of— September 274 605 180 1,902 6,181 288 14 103 130.5 274 569 178 1,995 5,149 206 15 98 131.7 274 575 191 1,979 5,099 252 69 90 132.2 December 274 584 389 2,588 4,984 331 12 96 129.9 1923, end of— 274 520 321 1,800 4,888 214 11 93 129. S 274 538 270 1,455 4,903 175 11 96 129.0 March 274 587 265 1,768 4,833 222 16 103 129. S April 273 557 245 1,633 4,751 218 32 105 130.0 May 273 539 238 1,612 4,745 208 11 101 131.3 273 586 183 1,695 4,738 198 36 98 131.7 July. . 273 543 150 1,517 4,751 152 17 99 133.0 August ... 273 561 128 1,502 4,763 134 19 97 132.9 September 272 600 117 1,542 4,741 157 13 97 133.4 • End of December figures. CANADA. [Amounts in millloni of dollars.] Chartered banks. Qold 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 la te ti c o i n r- . I d a n d e n d p e d i m o v t s i i a i d m t n s u d — e a . l D a r o n e g m s o a e t i i r n n e v s i s o e . t n D c n u o o l m t a e t i i n c o i i o n r- n . cle B ar a i n n k gs.8 Average of end of month figures: 1921 72 1,403 282 369 195 2,125 85 272 1,454 1922 75 ,27? 280 332 166 2,009 90 240 1,35J 1922, end of— 71 1,250 279 322 177 1,985 (1 235 1,263 October 87 ,276 301 310 179 2,020 93 240 1,497 November.. 92 1,255 303 317 170 2,036 96 251 1,619 93 1,230 284 341 176 2,061 129 257 1,555 1923, end of— January ,.. 75 ,197 281 356 153 1,963 132 241 1,607 Februa'ry 72 ,206 270 377 157 1,997 133 247 1,067 March... 68 ,220 292 385 173 2 008 126 243 1 199 April 68 ,251 305 403 166 2,084 126 239 1,168 May.......:........::::.:::. 68 ,236 309 397 157 2,067 126 244 1.514 June 68 ,222 316 403 175 2,081 121 234 1,465 July 68 ,201 287 400 163 2,004 121 234 1,332 August 63 1.199 302 412 170 2,013 114 235 1,307 59 1,219 283 417 184 1,997 114 243 1,220 'Includes gold in centra] gold reserve but not gold held abroad > Total for month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

NOVEMBBB, 1923. FEDERAL RESERVE BULLETIN. 1249 ARGENTINA. [Amounts in millions of pesos.] Banco de la Nacidn. Commercial banks.i I Caja de Conversion.! Clearing s in Cash. Dis- Cash. Dis- Buenos Gold. Paper. a ( d c p v o a a a u n p n n d e c t r s e ). s (p T a o p t e a r l ). Gold. Paper. a ( d c p o v a a a u n p n n d e c t r s e ). s I d (p e T a p o p o t e s a i r l t ) s . re G se o r l v d e. N c (p u o a l t a p e t e i c o r i ) n r . - (p A a i p r e e r s ). End of— 1913 32 ISO 478 541 435 1,541 1,464 263 823 1,471 1919 39 268 676 1,250 771 2,113 3,010 »399 1,177 2,805 1920 25 406 804 1,412 1,081 2,505 3,530 470 1,363 3 612 1921 23 410 1,310 1,087 2,543 3,375 470 1,363 3,482 1922, end of— August.... 23 I 407 946 1,353 1,041 2,491 3,356 470 1,363 2,570 September. 23 I 402 950 1,346 1,048 2,514 3,379 470 1,363 2,725 October 23 i 405 921 1 328 1,028 2,549 3,354 470 1,363 2,827 November. 23 ] 396 934 1,345 1,053 2,557 3,394 470 1,363 2,827 December.. 23 { 340 1,036 1,389 1,025 2,664 3,456 470 1,863 2,954 1023, end of- January 23 359 992 1,369 1,015 2,651 3,451 470 ,363 3,415 February.. 23 363 989 1,366 993 2,667 3,464 470 ,363 2,897 March 23 362 1,003 1,379 1,000 2,666 3,467 470 ,363 3,017 April 23 357 992 1,358 992 2,693 3,461 470 ,363 May 23 354 969 1,332 975 2,676 3,468 470 ,363 June 23 385 943 1,353 1,007 2,647 3,500 470 ,363 July 23 384 951 1,358 2,665 3,505 470 August * Includes Banco de la Naclta. > 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. Capital n S s o p e r f t o r e e e v c r - s i e . e 1 c L o a d o u n i a n s d n - ts s . f v o b a A r o i n e l d c n l ig s - e . n s 'N c t c i u o o i l r t n a e - . - J d m i a G e e t p s p r e o n a o n i v - n n s t - - . J d i v a P t e s p a p r t a o i i e n - n s- . h C a o a n n s d h . l T o o a t n a s l . d T e i o f p s t o . a s l - T c I l n o e g a ta s r . l - c A r a o a v f u t s e e n t r . t - J i a ss p i u n a e n s . Average of end of month figures: 1913 216 47 33 363 7 333 304 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 1,961 1,789 2,834 9.31 124 1922, end of— 1 068 160 142 1 236 437 33 126 1 926 1 812 2 697 9 38 98 1,066 183 141 1,241 445 40 126 1,929 1,828 2,971 9.45 100 December 1,054 375 205 1,590 333 66 169 2,011 1,869 3,329 9.34 56 1923, end of— 1,062 180 159 1,308 380 34 113 2,002 1,860 2,246 9.34 137 February 1,060 157 140 1,261 396 31 117 2,051 1,S94 2,592 9.34 131 1 057 241 109 1 238 463 29 190 2 256 2,143 9.34 245 April . 1,056 279 105 1,236 501 30 142 1,999 1,851 3,077 9.38 114 May 1,053 236 77 1,225 452 28 121 1,984 1,854 3,518 9.42 86 1 053 311 52 1,371 371 49 133 2,024 1,850 3.486 9.49 JUly 1,053 244 46 1,278 361 32 139 2,195 1,870 3,220 1 053 296 50 1,287 386 38 1 060 518 76 1 460 331 125 October 1,062 499 86 1,449 350 58 I Iadudu fold credits abroad, gold coin and bullion in Japan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Acceptances: Page. Discount rates: Page. Bankers' acceptances to finance the storage of coal on docks, Federal reserve banks 1241 eligibility for rediscount 1194 Prevailing in various centers 1244 Held by Federal reserve banks 1228 Dutch East Indies, wholesale prices in 1203' Purchased by Federal reserve banks 1226 Eddy, Walter L., appointed secretary of Federal Eeserve Board.. 1179 Agents, use of, discontinued in check-collection transactions 1194 Egypt, wholesale prices in 1203 Agricultural movements, index of 1216 Employment, United States 1191 Agriculture 1183,1217 England: Argentina, financial statistics 1249 Business trend 1199 Attorney General, opinion of, relating to right of national banks Costofliving 1207 to establish branch offices 1196 Financial statistics 1246 Australia: Foreign trade 1211 Eetail food prices 1207 Index of industrial activity 1208 Wholesale prices 1203 Betail food prices 1207 Austria, cost of living and retail food prices in 1207 Wholesale prices 1202,1203,1205 Automobiles 1189,1219 Eevision of index 1206 Bank credit 1182 Esthonia, retail food prices in • 1206 Bank debits 1236 Failures, commercial, in the United States 1192 Belgium: Federal intermediate credit banks, purchase of debentures of, by Cost of living 1207 Federal reserve banks 1194 Eetail food prices 1207 Federal reserve banks: Wholesale prices 1203 Condition of 1229 Branch offices of national banks: Discount and open-market operations of 1225 Opinion of Attorney General on right to establish 1196 Purchase by, of debentures of Federal intermediate credit Regulations of Comptroller of the Currency 1197 banks 1194 Brazil, foreign trade of 1212 Federal Reserve Board: Building 1190,1219,1220 Eddy, Walter L., appointed secretary 1179 Bulgaria, wholesale prices in 1203 Noell, J.C., appointed assistant secretary 1179 Business and financial conditions: Resolution of, relating to purchase of debentures of Federal Abroad 1199,1246 intermediate credit banks by Federal reserve banks 1194 United States 1181 Federal reserve note account 1232 Business failures 1192 Fiduciary powers granted to national banks 1214 Canada: Finland, cost of living in 1207 Cost of living 1207 Food manufacturing 1186,1216 Financial statistics 1248 Foreign exchange rates 1193,1245 Foreign trade 1212 Foreign trade: Index of industrial activity 1209 Principal foreign countries 1211,1212 Eetail food prices 1207 United States 1192,1212 Wholesale prices 1202,1203,1205 Index of 1213 Capital of State-bank members, reduction of, under amendment of March 4,1923 1195 France: Chain-store statistics 1223 Costofliving 1207 Financial statistics 1246 Charters issued to national banks 1214 Check clearing and collection: Foreign trade 1211 Agents, use of, discontinued in collection transactions 1194 Index of industrial activity 1208 Retail food prices in Paris 1207 Gold settlement fund 1243 Wholesale prices 1202,1203,1205 Number of banks on par list 1240 Freight rates, ocean 1213 Operations of system during September 1240 Fruit crop, condition and shipments 1184,1216,1217 China, wholesale prices in 1203,1205 Clearing-house bank debits 1236 Germany: Coal production 1185,1216 Costofliving 1207 Coal stored on docks, bankers' acceptances to finance, eligibility of. 1194 Financial statistics 1247 Commercial failures 1192 Index of industrial activity 1210 Comptroller of the Currency, regulations of, relating to branch Eetail food prices 1207 offices of national banks 1197 Wholesale prices -- 1203 Condition statements: Gold imports and exports 1193,1242 Federal reserve banks 1229 Gold settlement fund transactions 1243 Cong M re e s m si b o e n r a b l a h n e k a s r i i n n g l s e a to d i a n s g c c e i r t t i a e i s n why eligible State banks re- 1233 Grai P n r ices on farms i"v 11 83, 1 1 1 2 8 1 3 6 main outside of system 1175 1179 Hearings, congressional, to ascertain why eligible State banks Cost of living, principal countries ' 1207 remain outside of system HSi'lilX Cotton manufacturing 1187 1218 Imports and exports of gold and silver 119a, 124J Cotton, raw .. 1184,1218 Index numbers: Crops ; k 1183 Agricultural movements 1216 Currency in circulation 1243 Cost of living, principal countries 1207 Czec E h e o t s a lo il v f a o k o i d a : prices 1207 F F o o r r e e i i g g n n e tr x a c d h e a nge 1 l 2 i 4 l3 5 Wholesale prices 1203 Industrial activity, foreign countries 1208-1210 Dairy products 1217 Manufacturing 1216 Debits to individual account 1236 Mining 1216 Denmark: Ocean freight rates 1213 Foreign trade 1212 Production in basic industries 1216 Wholesale prices 1203 Eetail food prices, principal countries .' 1207 Department-store business 1191,1224 Construction of index for Esthonia 1206 Deposits: Retail trade -•• Jgg Savings 1214 Wholesale prices abroad 1302-1205 Time and demand, of member banks 1241 Revision of index for United Kingdom 1206 Digest of rulings, publication of 1179 Wholesale prices in the United States 1202,1204 Disc A o c u c n e t p a ta n n d c o es p e h n e - l m d arket operations of Federal reserve banks: 1228 Who E le e s v a i l s e i o tr n a d o e f index 1 1 2 2 0 22 6 Acceptances purchased... . 1226 Bills discounted 1225 Costofliving 1207 Bills held 1227 Foreign trade 1212 Earning assets held 1227 Eetail food prices --• J207 Number of banks discounting 1225 Wholesale prices ..-••- 1203,1205 Rates of earnings 1227 Interest on reserve balances carried by Federal reserve banks — ins Volume of 1225 Iron and »teel 1188,1218 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Italy PaSe- Prices: Page. Cost of living J207 Retail 1207 Financial statistics J247 Construction of index numebr for Esthonia 1206 Foreign trade \f\£ Wholesale, abroad 1202,1203,1205 Retailfood prices -•- J207 Revision of index for United Kingdom 1206 Wholesale prices 1203,1205 Wholesale, in the United States 1182,1191,1202,1204 Japan: ,„,„ Revision of index 1206 Financial statistics }2f9 Production, index of 1181,1216 Foreign trade 1212 Rates: Index of industrial activity 1209 Discount 1241,1244 Wholesale prices 1202,1203 Foreign exchange 1193,1245 Regulations of Comptroller of the Currency relating to branch Law department: offices of national banks 1197 Bran O c p h i n o i f o fi n c e o s f o A f n tt a o t r i n o e n y a l G b e a n n e k r s a — l on right to establish 1196 Reserve ratio of Federal reserve banks 1229 Regulations of Comptroller of the Currency 1197 Reserve requirements, member and nonmember banks 1178 Resources of member banks, June 30,1923 1176,1180 L L e iv a e th st e o r c i k n i d n u d s u tr s y t ry 1 " 18 ^ 5 ' « ^ 12 J ^ ? Resources and liabilities: Lumber 1180,1217 Federal reserve banks 1229 Manufacturing: Member banks in leading cities 1233 Condition, by industries U86 Retail prices 1207 Index of production 1216 Construction of index number for Esthonia 1206 Retail trade 1181,1191,1223 Maturities: Rulings of the Federal Reserve Board: Acceptances purchased 1226 Agents, use of, discontinued in check-collection transactions.. 1194 Bills discounted and bought 1226,1232 Bankers' acceptances to finance the storage of coal on docks, Certificates of indebtedness 1232 eligibility for rediscount 1194 Member banks: Capital of State bank member, reduction of, below amount Capital of State bank members, reduction of, under amend- originally required for membership 1195 ment of Mar. 4,1923 1195 Digest, publication of 1179 Condition of. 1233 Purchase, by Federal reserve banks, of debentures of Federal Congressional hearings to ascertain why eligible State banks intermediate credit banks 1194 remain outside of system 1175,1179 Savings deposits 12)4 Deposits, time and demand 1241 Shoe industry 1189,1218 Eligible State banks for membership in system 1177 Silver imports and exports 1193,1242 Number discounting 1225 South Africa: Number in each district 1225 Retoil food prices 1207 Number in system, 1914-1923 1175 Wholesale prices 1203 Reserve requirements, member and nonmember banks 1178 Spain: Resources, June 30,1923 1176,1180 Retail food prices 1207 State banks admitted to system during October 1214 Wholesale prices 1203 Minerals and metals 1216,1218 State banks: Mining 1185 Admitted to system during October 1214 Money in circulation 1243 Capital, reduction of, under amendment of March 4,1923 1195 National banks: Congressional hearings to ascertain why eligible banks remain Branch offices of— outside of system 1175,1179 Opinion of Attorney General on right to establish 1196 Membership in system, 1914-1923 1175 Regulations of Comptroller of the Currency 1197 Number eligible for membership in system 1177 Charters issued to 1214 Resources, June 30,1923 ". 1176,1180 Fiduciary powers granted to 1214 Storage of coal on docks, eligibility of bankers' acceptances to Netherlands: finance 1194 Cost of living 1207 Sweden: Foreign trade 1212 Financial statistics 1248 Retail food prices 1207 Foreign trade 1212 Wholesale prices 1203 Index of industrial activity 1210 New Zealand: Retail food prices 1207 Cost of living 1207 Wholesale prices 1203,1205 Retail food prices 1207 Switzerland: Wholesale prices 1203,1205 Cost of living 1207 Noell, J. C, appointed assistant secretary of Federal Reserve Retail food prices 1207 Board 1179 Wholesale prices 1203 Nonmember banks eligible for membership in Federal reserve Textile industry 1187,1218 system 1177 T To im ba e c d c e o p i o n s d i u ts s t o r f y m ember banks 1184, 1 1 2 2 4 1 1 7 Norway: Trade: Cost Of living 1207 Foreign 1192,1211,1212,1213 Retailprices 1207 Physical volume of 1215-1219 Wholesale prices 1203,1205 Retail 1181,1191,1223 Ocean freight rates 1213 Wholesale 1181,1190,1222 Par list, number of banks on .... 1240 Transportation 1190,1219 Per capita circulation 1243 Wholesale prices: Petroleum industry 1186,1218 Abroad 1202,1203,1205 Physical volume of trade 1216-1219 Revision of index for United Kingdom 1206 Poland: In the United States 1182,1191,1202,1204 Cost Of living 1207 Revision of index 1206 Wholesale prices 1203 Wholesale trade, condition of. , 1181,1190,1222 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS N. DAK. _ 9 \ MINN. MINNEAPOLIS, S.DAK. '"''./.!' VA.^ MO. $ _ ST.LOJJIS V'} Savannah BOUNDAMitS OF FEDERAL RESERVE DISTRICTS BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES o FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis