Federal Reserve Bulletin, 1924-01

FEDERAL RESERVE J JLJ ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Banking and Business in 1923 Summary of Business Conditions in the United States Agricultural Developments During 1923 Money Rates, Currency Values, and Commodity-Prices Abroad WASHINGTON GOVERNMENT PRINTING OFFICE Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD. Ex officio members: D. R. ORISSINGER, Governor, A. W. MELLON, EDMUND PLATT, Vice Governor, Secretary of the Treasury, Chairman. ADOLPH 0. MILLEK. GHARLES S. HAMLIN. HENRY M. DAWES, GEORGE R. JAMES. Comptroller of the Currency, EDWABD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J O.-NOBLL, Assistant Secretary\ WALTER W. STEWART, 8 W. M. IMLAY, Fiscal Agent. Director, Division of Research and Statistics. M. JACOBSON, Statistician. J. F. HERSON, Chief, Division of Examination and Chief Federal E. A. GOLDENWEISER, Associate Statistician. Reserve Examiner. E. L. SMEAD, Chief Division of Bank Operations* FEDERAL ADVISORY COUNCIL. (For the year 1923.) District No, 1 (BOSTON),. „... ..ALFRED L. AIKEN. District No. 2 (NEW YORK) .PAUL M. WARBURG, Vice President. District No. 3 (PHILADELPHIA).. ....;. .L. L. RUB, 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 8 District No. 10 (KANSAS CITY) .E. ¥. SWINNEY* District No. 11 (DALLAS) ................ .R, L. BALL. District No. 12 (SAN FRANCISCO).,........ D. W. TWOHY. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Chairman. Governor. Deputy governor. Cashier, Boston.... Frederic H. Curtiss W. P. 0. Harding... C. C. Bullen... ........ W.Willett. W. W. Paddock N®wYork. Pierre Jay Benj. Strong............... J. H.-Case....... L. H. Hendricks* * L. F. Sailer: J. D. Higgins. i G. L. Harrison A. W. Gilbart. t E. R. Kenzel J. W. Jones. * G. E. Chapia.» Philadelphia.... R. L. Austin George W. Norris Wm. H. Hutt W. A. Dyer. Cleveland D.C.Wills......... E."R. Fancher M. J. Fleming J. C. Nevin. Frank J. Zoranden Richmond W. W. Hoxton George J. Seay C.A. Peple Geo. H. Keesea. ' R. H. Broaddus A. S. Johnstons®.. John S. Walden....... Atlanta............. Joseph A. McCord M.B. Wellborn............ L. C. Adelson M. W. Bell. J. L. Campbell....... .. Chicago Wm. A. Heath.. J. B. McDongal.... C.R. McKay.............. W. C. Bachman. * John H. Blair.............. K. C. CMIdi. s J. H. Dillard.'i D. A. Jones.l 0. J. Netterstrom.l Clark Washburne.s St. Louis..... Wm. McC. Martin......... D.C. Biggs......... ... O.M. Attebery..... J. W. White. • Minneapolis...... .... John H. Rich....... R. A. Young W.B.Geery............... Gray Warren. B.V.Moore....... Harry Yaeger8............. FrankC. Dunlop*... Kansas City............. M. L. McClnre....... W. J. Bailey C. A. Worthington J. W. Helm. Dallas Lynn P. Talley............ B. A. McKfnney....... R. G. Emerson R. R. Gilbert. San Francisco........... John Perrin J.U. Calkins........ Wm. A. Day............... W. N. Ambrose. Ira Clerks L. C. Pontious8. ....... 1 Controller. s Assistant to governor. 8 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. 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 Saossure. San Francisco: Birmingham branch. A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch............ J.H. McNamara. Portland branch .,. Frederick Greenwood. Chicago: Salt Lake City branch.. R. B. Motherwell. Detroit branch Wo R. Cation. Seattle branch................ C.R.Shaw. St. Louis: Spokane branch.. W. Lc Partner Louisville branch., W. P. Kincheloe. Memphis branch J. J. Heflin. Little Rock branch A. F. Bailey. SUBSCRIPTION FHICE OF BULLETIN, The FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal Reserve Banks and member banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS. The Month: . Page. Review of the month—Banking and business in 1923 „____ 1 Treasury finance 8 Summary of business conditions in the United States 10 Official: State batiks admitted to system ^ 12 Fiduciary powers granted to national banks__ 12 Charters issued to national banks 12 Banks granted authority to accept up to 100 per cent of capital and surplus .__ 12 Research studies: Agricultural developments during 1923 13 Trend of retail trade, 1919-1923 17 Japanese index of wholesale prices in 1919 and 1920 22 Business conditions in the United States: Trend of business in the United States 25 Industrial statistics „ ' . 37 Wholesale and retail trade _.__ 43 Price movements in principal countries: International wholesale price index „ 4-5 Revision of French index „„__ 47 Comparative wholesale prices in principal countries 48 Comparative retail prices and cost of living in principal countries _ 49 Business and financial conditions abroad: Money rates, currency values, and commodity prices abroad . 50 Trend of business abroad _.__ . 51 Industrial statistics for foreign countries . 52 Foreign trade of principal countries . 53 Financial statistics for principal foreign countries 54 Discount rates of central banks 54 Banking and financial statistics; Federal reserve banks— Condition of Federal reserve banks _.__ 55 Federal reserve note account 58 Holdings of earning assets 59 Discount and open-market operations of Federal reserve banks . 60 Federal reserve clearing system 61 Resources and liabilities of Federal reserve banks combined—end of month figures for 1923 62 Gold settlement fund . 62 Discount rates of Federal reserve banks _-_ 62 Member banks- Condition of member banks in leading cities 63 Deposits of all member banks 65 Changes in membership „ 65 Condition of all banks in the United States 66 Earnings and dividends of member banks__ 69 : Bank debits _. - 70 Money in circulation 71 Interest rates in principal cities . _' 72 Gold and silver imports and exports 73 r Foreign exchange rates and index___ ,__ > 74 IT Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 10 JANUARY, 1924, No. 1 REVIEW OF THE MONTH. at a rate more rapid than the previous loan liquidation, so that by the middle of 1923 In the business and banking developments total loans and investments were greater than of the year 1923 the outstanding fact has been 5 in November, 1920. In 1922 the increase in „„ «„„„ the high level of industrial and loans was exceeded by the increase in demand The year 1923. .: f . • , deposits, while during the first nine months of agricultural output and the demand for bank credit to finance a volume of 1923 there was a decrease in demand deposits. production and trade never previously equaled. BILLIONS OF DOLLARS BILLIONS OF DOLLARS 3O 3O Throughout the year the buying power of consumers, arising out of practically full industrial emplojrment and increased income of fanners, LOANS AND INVESTMENTS has been reflected in a growth of retail trade 25 2 5. and in a more active distribution of merchandise than in any other year. The increase in the demand for commercial credit, which began in the middle of 1922, continued at a 20 2O rapid rate during the early part of. the year, when there was an unusual degree of industrial activity, and the demand was maintained at a 15 15 high level, with a further rise during the months of crop moving and fall.trade. Taking the year as a whole, the credit situation was characterized by a. growth of credit to meet the renewed 10 10 demand of active business. The extent of the demand for bank credit is shown by the fact that the total loans of all INVESTMENTS member banks increased about ^©©-quarters of a billion during the first nine months of the year. This increase of about 4 per cent followed upon a more rapid rate of advance dur- 1 1 I 111 ing the last nine months of 1922. In that year 1920 1921 1922 Figures are lor all member banks of the Federal reserve systemlon the growth of loans was accompanied by an call dates. even more rapid growth in investments; in The chief source of increase in member bank 1923, however, investments declined slightly, funds during 1923 was the growth in time de» while loans continued to increase. Changes posits supplemented by additional borrowin the position of all member banks from the ? ings at the Federal reserve banks. beginning of 1920 to September, 1923, are The growth in -member bank credit in the shown on tihe chart. The growth of member agricultural districts during the period was to bank credit since the spring of 1922 has been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE JANUARY, 1924. a much larger extent than in the industrial try steadily used from $1,000,000,000 to districts financed by borrowings at the reserve $1,200,000,000 of reserve bank credit. In banks. The discounts at the six Federal view of this relatively constant demand, the reserve banks located in the agricultural dis- years 1922 and 1923 afford an opportunity of tricts (Richmond, Atlanta, St. Louis, Minne- observing the effect of changes in the volume apolis, Kansas City, and Dallas) increased by of open-market holdings upon the volume of 69 per cent between January and September, member bank discounts. This changing relawhile discounts at all other reserve banks in- tionship was commented on in the May and creased by 31 per cent. Loans increased more July issues of the BULLETIN, and it now seems rapidly in industrial districts, and this increase appropriate, at the close of the year, to make was met in part through the sale of investments, a more complete review of the relation between while in the agricultural districts investments the two ' elements of Federal reserve credit continued to increase. In the financial centers policy—rediscount operations and open-market funds available for commercial loans were also operations. ! f9 increased through a reduction in loans secured In the early part of. 1922 the reserve banks by stocks and bonds. The volume of commer- purchased a considerable volume of shortcial borrowing at member banks in leading term Government securities in the open cities declined slightly after the first week in market, partly for the purpose of obtaining October and the lessened demand for credit earnings, and in 1923 they greatly reduced was also reflected in somewhat easier money their holdings of these securities. In the • rates. absence of change in the aggregate demand for reserve bank credit, the increases in open- At the Federal reserve banks discounts inmarket purchases during 1922 were offset by a creased rapidly during the year, but there was corresponding decline in the volume of dis- •a corresponding decline in opencounts, and in 1923 the reduction in securities Constancy of market holdings, with the result reserve bank , - , . ,. i . was accompanied by a substantially equivalent credit. that total earning assets reincrease in discounts. mained relatively stable. In In 1922/when the reserve banks bought fact, as shown by the chart, relative stability securities, the funds which they paid to the MiLLiQ^S OF DOLLARS MILLIONS OF DOLLARS sellers found their way into member banks and permitted these banks to repay an equal 1500 1500 amount of their rediscounts. The aggregate amount of reserve bank credit in use was not 1200 increased or even materially changed; a certain amount of their " rediscounts" were merely thus converted into "securities." But 900 900 the effect on the member banks, particularly in the large centers, was to add to their loanable 600 600 funds or to enable them to reduce their indebtedness at the reserve banks. Under such con- 300 ditions banks are likely to lend more freely to' their customers and others. 1922 1923 In 1923, on the other hand, when the reserve Weekly figures for the 12 Federal reserve banks combined. banks reduced their security holdings,, they in the total volume, with changes in the com- withdrew from the market an equivalent position, has been the principal characteristic amount of funds. Following the. withdrawal, of Federal reserve bank assets during the past the market borrowed substantially the same two years. During these two years the coun- amount from the banks; and the banks, in- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL RESERVE BULLET!!?. turn, rediscounted substantially the same chased by Federal reserve banks be governed amount at the reserve banks, so that there was with primary regard to the accommodation no material change in the total volume of of commerce and business and to the effect Federal reserve bank credit in use. of such purchases or sales on the general credit The volume of open-market holdings with situation/7 which the reserve banks entered the year 1923 As'the act provides that discount rates shall put them in possession of an be fixed "with a view of accommodating admirable instrument for.test- commerce and business," the adoption of this ing the degree of dependence principle- definitely' established open-market of the credit structure upon Federal reserve policies,on the same basis as discount policies. bank accommodation and for placing the Open-market operations provide a cushion initiative upon member banks to determine of credit between- the direct borrowings of the volume of reserve bank credit required to member banks and the money market, and meet the needs of business and industry. For have facilitated the flow of credit into and in rediscount operations the initiative is taken out of the reserve banks in such a way as to by. the member banks, which borrow from the exercise a steadying influence in the.market reserve banks at the established discount rate, and to reduce the tendency toward periodical while in open-market operations the initiative tightness of money formerly felt by business may be taken by the reserve banks, which buy or in the spring and by agriculture in the autumn. sell short-term securities in the market largely Indeed, open-market operations, particularly at their own volition and at market rates. sales of securities, have proved to be a valuable The fact that the reduction of open-market adjunct to discount policy. The minor inholdings during 1923 was accompanied by an fluence which sales of securities by reserve amount of' discounting by member banks banks exerts may at. times avoid the necesapproximately equal to the volume of funds sity for resorting to the major influence of a withdrawn from, the market by Federal reserve change in discount rates, . • banks indicated that the total volume of Discount rate changes in 1923 were fewer reserve bank credit outstanding was not in than in any other year in the history of the excess of requirements. system. Advances in discount rates from 4 Federal reserve credit policy during the per cent to 4£ per cent at the Federal reserve year has been reflected chiefly in open-market banks of Boston, New York, and San Francisco operations,, As the aggregate demand of the were made early in the year, and since that country for reserve bank credit may be met time the level of rates has been the same at all either through rediscount or through open- the reserve banks. With the growth of dismarket operations, the Federal Reserve Board counts, however, which accompanied the refelt that these two methods of extending credit duction in the holdings of Government securishould be brought into harmony. The.board, ties, the influence of existing discount rates therefore, in April, 1923, appointed a com- was extended to. a larger proportion of the mittee of officers of reserve banks to act in total Federal reserve bank credit in use, and conjunction with the board in effecting a more the cost of obtaining reserve bank credit was complete coordination of all open-market borne more directly by member banks. Changes operations of the reserve banks, both on their of discount rates made with a view of influencown account and in the execution of orders in ing the demand for rediscount accommodation Government securities for the Treasury as from Federal reserve banks are better underfiscal agents of the Government. stood by the general public than open-market At the time the committee was appointed transactions. The experience of the past the Federal Reserve Board adopted the year, however, shows that changes in the volprinciple "That the time, manner, character,; ume of securities held by the reserve banks, and volume of open-market investments pur- jwhen such changes are well timed, are capable Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

4 FEDERAL RESERVE BULLETIN. JANUARY, 1924. •of. exerting an important and useful influence middle of December was somewhat larger than on credit conditions. The weekly statements the increase in discounts, with the result that of condition of the Federal reserve banks show for the period the total volume of reserve bank the amount and composition of open-market credit decreased slightly. holdings and make it possible for the public to Stability in the other principal items of the follow these changes from week to week. reserve bank statement has also characterized In view of the importance during 1923 ofthe year's operations. Reserves remained at the open-market operations, a detailed state- about $3,200,000,000; Federal reserve note cirment of the changes during culation, after a seasonal decline early in the Open-market the year in the composition year, continued at about $2,200,000,000; dei o n p g e ra 1 t 9 io 2 n 3 s . dur- o „ i o u p en-marT ket , ho , l , d . ings an , d posits, consisting largely of member banks1 of their relation to total earn- reserve balances, declined somewhat, reflecting ing assets is shown in the table below: the decrease in demand deposits with member banks; and the reserve ratio throughout the EARNING ASSETS OF FEDERAL RESERVE BANKS IN 1923. year remained near 76 per cent. This absence [In millions of dollars.] of change in the reserve bank statement dur- Open-market holdings. ing a year of growth in business activity and of increasing credit and currency demand is Total. co D u i n s t - s. Total. U b S a o n ta n n i t t d d e e s s d c T c e u a r r e t r t e y i a f s s i . - - A an cc c e e p s. t- i c n lo t s h e i l s y r r e e v l i a e t w ed , , to a s th w e a u s s e p o m in a t d e e d o o f u t t h l e a s im t m po o r n te th d , notes. gold. During 1923 the inflow of gold continued in somewhat larger volume than during Jan. 10 1,246 512 734 176 332 226 Feb. 14.... 1,191 653 538 163 190 185 the previous year, net imports of $262,000,000 Mar. 14 1,183 613 570 161 184 225 Apr. 11... 1,135 623 512 163 75 274 for the first 11 months exceeding the total of M Ju a n y e 9 1 3 ... 1 1 , , 1 0 4 8 8 5 6 70 9 8 5 3 4 7 5 7 3 1 1 4 2 9 5 3 3 7 3 2 2 6 1 7 9 $238,000,000 for 1922. This additional gold July 11. 1,134 847 287 94 7 186 was not reflected in an increase in the reserves Aug 8 1,091 oOQ 268 83 7 178 S O e c p t. t . 1 0 12 1 1 , , 1 1 4 2 3 1 8 86 4 9 2 2 2 7 7 4 9 9 8 5 7 5 5 1 1 8 7 2 9 of the Federal reserve banks because certain N De o c v . . 1 1 2 4 1 1 , , 1 1 5 8 0 8 7 7 9 6 1 2 3 4 5 2 9 6 7 7 9 7 1 1 2 9 2 3 6 3 8 0 of these banks met the demand for currency Change between by putting gold certificates into circulation. Jan. 10 and Dec. 12 -58 +250 -308 -99 -313 +103 Thus the increase of the total money in circu- Of the two principal types of securities elilation of $307,000,000 between December, 1922, gible for purchase by reserve banks—acceptand December, 1923, was largely in gold cerances and United States securities—the volume tificates rather than in Federal reserve notes. of acceptances held by the reserve banks The trend of member bank credit during increased by about $100,000,000 during the the year, rather than of Federal year, while Government securities declined by over $400,000,000. The increase in Federal Course of busi- reserve bank credit, has reness. reserve bank holdings of acceptances since the flected the course of business middle of October reflected in part the seasonal developments. The period of most rapid growth in the volume of acceptances created increase in the demand for credit was the in connection with the financing of crop ex- first quarter of the year, when trade was ports. The reduction in holdings of United active and the volume of production in basic States securities, chiefly certificates of indebt- industries was greater than at any previous edness, continued almost without interruption time. Production reached its peak for the throughout the year, though during November year in May, and after that time the growth and December there was a slight increase in in the demand for credit for commercial purthe holdings of Treasury certificates. A com-poses slackened. The recession in industrial parison of the composition of earning assets activity during the summer months, however, shows that the reduction in open-market hold- was not accompanied by a decline in the ings between the middle of January and thedistribution of merchandise, and in the autumn Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY, 1924. FEDERAL RESERVE BULLETIN. the demand for additional credit, largely from In agriculture the final estimates for the agriculture, resulted in a further increase in year indicate a physical volume of production commercial loans at reporting member banks. larger than the year before, and at the pre- The slackening in trade activity during the vailing level of farm prices the total value of latter part of the year arose more largely the year's crops is about 12 per cent above from the hesitancy of business concerns In that of 1922. Furthermore, a larger proporplacing forward orders than from a less- tion of farm income was available for current ened demand on the part of ultimate con- expenditure, since less of the income than in sumers; and the price declines of the period preceding years was used in the repayment of were chiefly in materials used in Industry loans. Sales of mail-order houses, representrather than in consumers' goods. The year ing chiefly purchases in rural communities, inas a whole was characterized by a large indus- creased by 31 per cent in 1923. The recovery trial output, practically full employment, a of agriculture, however, is still incomplete, sustained consumers7 demand for goods, and particularly in the wheat and livestock indusa level of prices more stable than in any year tries, and the unusual business growth of the since 1915. year has been chiefly in the industrial sections. A national income larger than in 1922, aris- It is the demand on the part of industrial ing both out of increased earnings of factory workers which, even with the decreased foreign workers and larger proceeds from the sale of demand, has resulted in a better market for farm products, furnished the buying power agricultural products. A discussion of agrito absorb the year's increased output of goods. cultural developments in 1923 appears else- The income of industrial workers, as the result where in this BULLETIN. of a volume of employment approximately In addition to the large purchases of goods 13 per cent larger than in 1922 and of wage for immediate consumption there was also an advances, greatly exceeded that of the previous exceptionally heavy demand for houses and year. The total value of agricultural pro- automobiles, as indicated by the growth in the duction was about $900,000,000 greater than construction of buildings and the manufacture in 1922. This Increase in income was not of motor cars. The automobile output of the accompanied by a corresponding rise in the year will- total nearly 4,000,000, an increase of cost of living and the large growth In savings more than 50 per cent over 1922. The builddeposits indicates that there was a consider- ing activity, which had been at a high level able margin of Income above expenditures. during 1922, reached a maximum in the spring The increased buying during the year Is of 1923 and then slackened somewhat,, owing reflected In the volume of retail trade, which to the rapid advance in wages and In prices of was larger for every month of 1923 than of materials. With the subsequent decline in 1922 so far as monthly figures are now avail- construction costs activity was renewed, and able, and the total of department-store sales for,, the 11 months ending'in November confor the 10 months exceeded, those for the tracts awarded totaled.more, than for the corcorresponding months of last year by 13 per responding months of 1922. Building operacent. The" distribution . and marketing of tions on a considerable scale were general goods was facilitated by the Improvement of throughout the country, and residential buildtransportation facilities and the volume of ing not only increased more rapidly than conrailroad traffic was the largest on record. struction for business and industrial purposes Business developments during the .closing but constituted a larger proportion of the total months of the year are discussed in the sum- than in the four previous years. The large mary of business conditions In the United volume of construction not only led to in- States elsewhere In the BULLETIN, and the creased production of building materials, but charts on pages 10 and 11 show the level of pro- also resulted in large sales of furniture and duction, employment^ and prices in 1923 com- other household goods, and was an Important pared with earlier years. factor in the demand in many lines of trade. 76989—24 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

6 FEDERAL RESERVE BULLETIN. JANUABY, 1924. Prices of building materials and house ness became more confident. Throughout furnishings, while they declined during the 1923, a year when business volume, prices, and latter part of the year, re- credit were adjusting themselves to new levels, ts e read*ust' • m a i n e d, nevertheless, con- it was primarily the attitude of business siderably above the average which moderated both the upward and the for all commodities. The general price level, downward movements and exercised a stabilizas measured by the wholesale price index of ing influence upon trade and industry. the Bureau of Labor Statistics, after advancing somewhat during the first three months of NOTES, the year, declined by November to a point Federal-Reserve Bulletin. below that of November, 1922, but the average Beginning with the current issue of the for the 11 months of 1923 was slightly higher FEDEEAL RESERVE BULLETIN the'"first" and than the average for the year 1922. More "final"- editions will be consolidated and all significant than these changes in the general member banks and subscribers will receive current copies of the consolidated edition. level, however, are the readjustments which The subscription price of the BULLETIN will have taken place between various groups of be $2 per annum instead of $4, as formerly. commodities, particularly the increases in the Address by Mr. Cunningham. prices of certain agricultural products and the continued decline in fuel prices. Prices of Mr. Edward H. Cunningham, member of the Federal Reserve Board, addressed a meetfarm products, as a whole, were higher in ing of the American Farm Bureau Federation November, 1923, than at any time since held in Chicago on December 12. December, 1920. This rise was due entirely Publication of Digest of Rulings. to the higher prices of crops, as the prices of The Digest of'Rulings, a preliminary anlivestock and animal products were lower in nouncement of which was made in the BUL- November than at any time during the year. LETIN for November, 1923, is expected to be ready for distribution on or before February 1, The fact that the year, taken as a whole, 1924. The digest will be published in book has been one of unparalleled industrial and form of convenient size (6 by 9 inches), bound trade activity has been some- in durable buckram, and will contain approx- : Attitude of h t obscured by the reees- imately 400 pages. The price will be $2 per busmess. w a a sion irom the unusually high copy, postpaid. Orders will now be received by the Federal Reserve Board. levels reached during the first quarter. The The Digest of Rulings has been compiled growth during the early months was a conwith the thought of making it a complete tinuation of the expansion which had been and ready reference book to all questions conunder way for a year and a half, and carried cerning the interpretation and administration the volume of production to a record level. of the basic principles under which the Federal Stocks of materials had been replenished, the reserve system operates. The digest is designed for the use of the busy man who has available supplies of labor and equipment not the time or the opportunity to consult were being utilized near to capacity, and the FEDERAL RESERVE BULLETIN, or who has manufacturers began to feel some uncertainty not access to the text of the various laws and about the possibility of marketing at profitable regulations involved and to that end it has. prices the large current output. The wide been made comprehensive and complete in recognition that there had been a rate of itself. It is confidently believed that it will fill a great need and will be a very useful handadvance which could hardly be maintained book on Federal reserve matters for bankers gave rise to hesitancy, and the recession and business men throughout the country. which followed was an expression of the As previously announced, the general scope conservative attitude taken by the business and character of the Digest of Killings may community. In the fall months, however, be briefly described as follows: with the continuance of active trade and an The main part of the digest is given over to undiminished demand from consumers busi- digests or summaries of all the board's rulings. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY, 1924. FEDERAL RESEBVE BULLETIN". opinions of its counsel and of the Attorney John G. Lonsdale, St. Louis (reelected). ueneral, court decisions, and similar matters J. C. Bassett, Minneapolis (reelected). E. E. Mullaney, Kansas City (reelected). which have been published in the FEDERAL Howell E. Smith, Dallas (reelected). RESERVE BULLETIN from its inception, on J. S. Macdonnell, San Francisco. May 1, 1915, to January, 1924. These digests CLASS B DIRECTORS. give in brief and accessible form the gist of Philip-R..Allen, Boston (reelected). the rulings and opinions which have interpreted Theodore F. Whitmarsh, New York. the various provisions of the Federal reserve Edwin S. Stuart, Philadelphia (reelected). act and other legislation affecting the operation George D. Crabbs, Cleveland. D. R. Coker, Richmond (reelected). of the Federal reserve system, and they state Leon C. Simon, Atlanta (reelected). the salient facts and the conclusions reached Robert Mueller, Chicago (reelected). in sufficient detail to make it unnecessary in LeRoy Percy, St. Louis (reelected). most cases to refer to the full text of the rulings N. B. Holier, Minneapolis (reelected). Harrjr W..Gibson, Kansas City (reelected). as published in the BULLETIN. The digests J. J.' Culbertson, Dallas (reelected). are numbered and arranged according to the A. B. C. Dohrmann, San Francisco (reelected). sections of the. Federal reserve act and other acts to which they primarily relate,, and are CLASS C DIRECTORS. Frederic II. Curtiss,1 Boston. further grouped under appropriate headings Willam L. Saunders,2 New York. and subneadings for more ready reference. R. L. Austin,1 Philadelphia. A complete index and frequent cross references D. C. Wills/ Cleveland. have been provided, and a table of rulings in William W. Hoxton,1 Richmond. Joseph A. McCord,1 Atlanta. their order of publication in the BULLETIN, James Simpson,2 Chicago. together with their digest numbers, is included. John W. Boehne,2 St. Louis. In this respect the digest is substantially an John H. Rich,1 Minneapolis. annotated edition of the Federal reserve act. Mi. L. McClure,1 Kansas City. Clarence E. Linz, Dallas. In addition'to this, the digest will constitute John Perrin,1 San Francisco. a handbook or manual of the Federal reserve Appointment of Chairmen and Deputy, Chairmen* system,, The attempt has been made to put under one cover not only the interpretation The following have .been designatedJras of the law, but also the text of the law in^its Federal reserve agents and chairmen of" the original and amended forms, and other like board of directors of the Federal reserve banks for' material which might be helpful as a reference terms of one year, expiring December 31, 1924: to the development and administration of the Boston—Frederic H. Curtiss. Federal reserve system. Thus, the digest will New York—Pierre Jay. Philadelphia—Richard L. Austin. include the regulations of the Federal Reserve Cleveland—D. C. Wills. Board; the full text of the Federal reserve act, Richmond—William W. Hoxton. with appendices and index as published in Atlanta—Joseph A. McCord. the 1923 edition; the act as originally enacted Chicago—William A. Heath. St. Louis—William McC. Martin. December 23, 1913, followed by a composition Minneapolis—John H. Rich. showing by italics and canceled words the Kansas City—M. L. McClure. textual changes made; a nontechnical summary Dallas—Lynn P. Talley. of all these amendments; a list of officers of San Francisco—John Perrin. the Federal Reserve Board and of the Federal The following have been designated m reserve banks, and the Federal Advisory Coun- deputy chairmen of the Federal reserve banks for cil; and a map of the Federal reserve system. . terms'of one year, expiring December-31, 1924: Election of Directors. Boston—Allen Hollis. New York—William L. Saunders. The following directors of Federal reserve Philadelphia—H. B. Thompson. banks have been elected for the three-year Cleveland—L. B. Williams. Richmond—Frederic A. Delano* term beginning January 1, 1924: Atlanta—W. H. Kettig. Chicago—James Simpson. CLASS A DIRECTORS. St. Louis—John W. Boehne. Alfred L. Ripley, Boston (reelected). Minneapolis—Homer P. Clark. Robert H. Treman, New York (reelected). Kansas City—Heber Hord. Joseph Wayne, jr., Philadelphia (reelected). Dallas—W. B. Newsome. Robert Wardrop, Cleveland (reelected). San Francisco—Walton N. Moore. L. E* Johnson, Richmond (reelected). P. R. Kittles, Atlanta (reelected). * Redesignated chairman of the board and Federal reserve agent for E. L. Johnson, Chicago (reelected). the year 1924. a Redesignated deputy chairman for the year 1924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. JANUAEY, 1924. TREASURY FINANCE. HOTTED STATES SECURITIES AND THE BANKS. Recent Treasury operations centered about During the current year United States secu- December 15, when the fourth, quarterly installrity holdings of the reporting member banks ment of income taxes fell due. On the same in the larger cities have shown a practically date the Government redeemed about $350,uninterrupted decrease amounting for the 11 000,000 of maturing Treasury certificates and months ending November to about $270,000,000 paid about $75,000,000 of interest on the as contrasted with an increase of $1,157,000,000 public debt. New financing included an offerduring the preceding year. Outside of the ing of two series of Treasury certificates, larger cities member bank holdings show a both dated December 15, aggregating $300,moderate increase for the present year. Dur- 000,000, or thereabouts, the first series, at ing the same period the gross amount of the 4 per cent interest, being for six months interest-bearing Government debt was reduced and the second series, at 4-\ per cent interest, by over $700,000,000, from $22,483,000,000 to for one year. No heavy interest payments $21,780,000,000. Of these totals the reporting fall due during January and Feburary, 1924. member banks held $2,548,700,000, or 11.3 On the first of the new year about $60,per cent, about the close of 1922, and 000,000 of war-savings certificates of the $2,279,000,000, or 10.5 per cent, at the close series of 1919 mature, a part of which, it is of November, 1923. Government security expected, will be exchanged for new Tressury holdings of all member banks show a decrease savings certificates. Income-tax payments from $3,788,400,000 at the close of 1922 to during the December period are estimated at $3,722,400,000 about the middle of September $330,000,000, and this total, together with the of the year just closed. proceeds of the new offering of Treasury Treasury certificate holdings of the member certificates, and balances on hand, are expected banks, which at the close of the war constito provide for payments coming due in Decemtuted over one-third of the entire amount outber and the following months, until March 15, standing, have been greatly reduced owing to 1924, when the Treasury will once more make the large reduction in the volume of certificates arrangements for the transactions connected outstanding (from over $6,000,000,000 on with the quarterly income-tax dates. March 31, 1919, to less than $1,000,000,000 The new issue was oversubscribed, total since August of the present year), also because subscriptions amounting to $765,505,500, of of the great demand for this class of securities which $109,180,500 represented exchanges of by corporations and investors. Treasury certificates maturing on December Federal reserve bank holdings of United 15. All exchange subscriptions were allotted States securities show a large and rapid decline in full, while allotments on other subscriptions from the maximum of $630,000,000 attained on were made on a graduated scale, preference June 14, 1922, to a level of less than being given to smaller subscriptions. $100,000,000 during the second half of 1923, Total allotments, including exchanges, were This reduction was due in part to the redemp- 1349,277,500, and their distribution by Federal tion of Pitt-man certificates in connection with reserve districts is shown in the following table: the retirement of Federal reserve bank notes ? but chiefly to the open-market policy of the. Subscriptions allotted. Federal reserve system during the period. a r n e T s d r t e r e r i F a v c s e e ts u d , d r e . y i r s a - l T s r c e o r c t i e a p l i t v i s o e u d n b . s - T T c r c J s e e - e a r a 4 r t t i s e 9 i e f u s 2 i s , r - 4 y , T T c D r c e e a - r a 1 t t s e i 9 f u s 2 i , r - 4 y , Total. i c n h s c b e a E l o r n u x i t g e d h - s e e , s d , b co y I l l n a t t h e a e r d a d l b i t f a i o o n r n k s lo to a t n h G s e . o y v e L h r o o n a l m d n e s n s s t u e c c s h e u , c r e u s d r e i c t b i u e y r s i t U o ie w n s i n t e e a d d s m Ju a n tu e r i 1 n 5 g , m D a e t c u . r i 1 n 5 g , in a l t l o o t t a - l States obligations, however, which aggregated X924. 1924. ments. a large amount during and after the war are ? Treasury..... ), 000,000 $20,000,000 $20,000,000 $401,,000000,,000 $40i., 000,000 now in relatively small volume, and the Boston ... $,061,500 029,500 17,847,0'0"0" 2"5", 8"7 6,5"0" 0 1'',522,500 total • of United States securities held by New York... 273,188,000 743,500 62,405,00010.60!6,148,500 40,466,500 Philadelphia 54,637,500 925,000 15,255,000 21,180,000 1,068,500 member banks as collateral on June 30, 1923 Cleveland.... 83,759,000 143,000 21,636,500 31,779,500 3,919,500 ? Richmond... 17,417,500 142,000 5,739,500 8,881,500 80,000 was only $348,000,000. At the reserve banks Atlanta...... 29,087.500 013,500 7,590,500 12,604,000 27,000 loans secured by United States obligations Chicago...... 68,89l',500 207,500 24,727,000 37,934,500 9,649.000 St. Louis 21, 8~4"8 ,5"0"0 622,000 9,669,500 13,291,500 3,770,500 are still considerable, tbeir total at the close Minneapolis. 131;,648,000 924,000 3,571,500 7,495,500 2,567,000 Kansas City. 131.,387,000 581,000 3,225,500 4,806,500 1,145,500 of November being about $400,000,000, or Dallas.. 3T') 876,500 962,500 7,002,000 13,964,500 2,013,000 about one-half of the total discounts held by San Francisco 631:,743,000 835,000 15,480,000 25,315,000 2,951,500 the reserve banks. Total... 765,505,500135,128,500 214,149,000 349,277,500 109,180,5Q0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL RESERVE BULLETIN. TOTAL INTEREST-BEARING DEBT OF THE UNITED received also a payment of $180,000 from the STATES OUTSTANDING AND GOVERNMENT SECURITY Republic of Finland. This total was made HOLDINGS OF MEMBER BANKS AND THE FEDERAL up of $135,000 of semiannual interest, at the RESERVE BANKS, 1918 TO 1923. rate of 3 per cent, on a principal indebtedness [Amounts in millions of dollars.] of $9,000,000 and of $45,000 on account of principal. Payment was also made in Liberty Interest-bearing debt of the United States. bonds—$179,350 face amount of second Liberty loan 4i's, with $628.22 of accrued interest and Held by all $21.78 of cash adjustment. member banks. Call dates. s T t i o n a o u g n t t , d a - * l - Amount. P o e f r o t u o c t- t e a n l t m H r b e e e a i p l m n n d o g k b r b s t e - . y r H b F re a e e s n l d e d k e r s v r b a . e y 2 l t a h n u T d s h t e h a e c T c p e r p u ea t b e s l d i u c r h y d a e d a b n t b n e r o e e u n d n u c c c e e a d d n ce a t l h c e c a d o t rd a t i n h n d e g l r y b e . o ti n re d d s stand- In addition to the above debt reductions ing. by foreign governments, the Cuban Government during the latter part of August repaid 1918—Dec. 31 20,821 3,472 16.7 2,056 239 the balance of its war debt to the United 1919—Mar. 4..... 24,219 4,823 19.9 2.934 187 June 30 25,234 4,037 15.9 2,250 228 States, which originally totaled $10,000,000. Nov. 17 25,970 3,661 14.1 2,010 305 Dec. 31... 25,595 3,506 13.6 1,930 300 Aggregate amounts of obligations of foreign 1920—May 4......, 24,707 3,081 12.5 1,674 300 June 30..... 24,061 2,941 12.2 1,498 338 governments (with separate figures for principal Nov. 15 23,825. 2,786 11.7 1,354 296 and accrued interest) held by the United Dec. 29...... 23,745 2,759 11.6 1,391 288 1921—Apr. 28 23,760 2,627 11.1 1,293 268 States on December 15, after deduction of the J D u e n c. e 3 3 0 1 . . . . . .. . 2 2 3 3 , ,7 1 3 8 7 8 2 2, , 6 6 4 6 8 1 1 11 1 . . 4 2 1 1 , , 4 3 6 7 9 3 2 2 5 4 7 1 payments on account of principal received 1922—Mar. 10 23,239 2,755 11.9 1,571 444 from the British and Finnish Governments, June 30........... 22,711 3,247 14.3 2,101 557 'Dec. 29..... 22,483 3,788 .16.8 2,549 458 are as follows: 1923—Apr. 3..... 2-2? 390 3,883 17.3 2,533 239 June 30 22,008 3,870 17.6 2,511 95 Sept. 14... ... 21,902 3,722 17.0 2,362 100 OBLIGATIONS OP FOREIGN GOVERNMENTS HELD BY 1 Figures for the nearest end-oi-month date. THE UNITED STATES TREASURY, TOGETHEB WITH * Figures for report dates nearest to call dates. INTEREST ACCRUED AS OF DECEMBER 15, 1923* INDEBTEDNESS OF FOREIGN GOVERNMENTS* Aggregate indebtedness. Announcement was made by the Treasury Country. that the British Government on December 15 Total. Principal.1 Interest. paid $92,000,000 under the terms of the debt Armenia. $14,263,198 $11,959,918 $2,303,278 settlement approved by the act of February 28, Austria. 28,385,737 24,055,709 4,330,028 1923. Of this total, $69,000,000 represents the Belgium............. 454,463,173 377,029,570 77.433,603 Czechoslovakia 110,905,724 •91,879,671 19,026,053 second semiannual payment of interest at the Esthonia 16,788,729 13,999,146 2,789,583 Fialand* 8,955,000 8,236,926 718,074 rate of 3 per cent per annum on a principal in- France 3,990,656,873 3,340,605,644 650,051,229 debtedness of $4,600,000,000 and $23,000,000 Great Britain *...:... 4,577,000,000 4,577,000,000 Greece 16,500,000 15,000,000 1,500,000 the first installment on account of principal. Hungary 1,989,286 1,685,836 303,450 Italy 2,015,079,397 1,647,997,050 367,082,347 As authorized by the terms of the settlement^ Latvia............... 6,032,478 5,132,287 900,191 payment was made in Liberty bonds, which were Liberia 30,819 26,000 4,819 Lithuania 5,977,954 4,981,628 accepted at par and accrued interest with a Nicaragua 175,590 175,590 Poland 182,471,304 155,930,956 26,540,348 small cash adjustment. The bonds were Rumania ... 43,799,024 36,128,495 7,670,529 $91,678,850 face value of second Liberty Russia 241,903,072 192,601 297 49,301,775 Yugoslavia.......... 61,587,156 51,037,886 10,549,270 loan converted 4£'s, the accrued interest Total 11,776,964,512 10,555,463,609 1,221,500,903 being $321,127.84 and the cash adjustment $22.16. During the year the British Govern- 1 Represents obligations received for advances under Liberty bond ment also paid'$61,000,000, .which., completes acts, also obligations received from the Secretaries of War and of the Navy on account of sales of surplus war material; obligations received payment in full of balance of indebtedness from the American relief administration on account of relief supplies regarded as having been given for purchase of furnished; and obligations received from the the United States Grain Corporation on account of sales of flour. silver under the Pittman Act. 2 Agreement providing for refunding of these obligations executed* subject to approval of Congress, on May 1,1923. Under the terms of a settlement made under 3 Refunding bonds received under terms of agreement concluded the provisions of the same act the Treasury pursuant to the act of Congress approved February 9} 1922, as amended by act of Congress approved February 28,1923. 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10 FEDERAL RESERVE BULLETIN. JANUARY, 1924. SUMMARY OF BUSINESS CONDITIONS IN THE UNITED STATES. Production of basic commodities and factory employment decreased in November. Distribution of merchandise by wholesalers and retailers was somewhat less active, and wholesale prices showed a slight further recession. Production.—Production in basic industries decreased about 2 per cent in November. The decline was due chiefly to reduced production of iron and steel and smaller sugar meltings. The Federal Reserve Board's new index of factory employment, which is shown by the accompanying chart, also declined, due to lessened activity at iron and steel plants and large seasonal reductions at clothing establishments. The volume of employment is now 2 per cent smaller than in the spring, but 3 per cent larger than a year ago. Contract awards for new buildings were smaller in November than in October in all reporting districts except New York, but were 20 per cent larger than a year ago. Final estimates by the Department of Agriculture show larger yields of corn, oats, tobacco, and cotton than in 1922, and smaller yields of wheat, hay, and potatoes. The total value of agricultural production at December 1 prices was 12 per cent larger than in 1922. Each of the 10 principal crops, except wheat, showed an increase in value. Trade.—Railroad freight shipments in November showed about the usual seasonal decline from October, but were in heavier volume as compared with previous years. Wholesale trade was 13 per cent less in November than in October, which is more than the usual decrease at this season, but sales continued to be slightly larger than a year ago. Sales of hardware, drugs, and meat were larger than in November, 1922, while sales of shoes were smaller. Retail business was smaller than in October in most lines. Sales of mail-order houses declined more than sales of department stores, but were 11 per cent larger than a year ago. 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 (1319 = 100) PERCENT PERCENT (1313=100 BASE ADOPTED BY BUREAU ). PERCENT 300 1—— 300 540 140 250 k 120 \ f 120 100 100 80 80 60 60 100 100 40 40 50 20 20 LATEST FIGURE NOVEMBER LATEST FIGURENOVEMBER 0 0 1919 1S20 1921 1922 1323 1919 1920 1921 1322 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY, 1924. FEDERAL EESEEVE BULLETIN. 11 INDEX OF EMPLOYMENT BANK CREDIT IN MANUFACTURING INDUSTRIES 800 MEMBER BANKS-IN LEADING CITIES ( MONTHLY AVERAGE, 1919 = 100 ) PER CENT BILLIONS OF DOLLARS BILLIONS OF DOLLARS 14-0 16 14- 120 *<% 210/WS >4«!D \ DiSCOUt**TS A DEMAND / 10 80 60 60 /NVESn 1ENTS/+"'"''** !^ TIME 20 20 DEPOS/TS^ LATEST FIGRE DEC. 12 1919 1S20 1921 1922 1923 1919 1920 1921 ' 1922 1923 Prices,—The Bureau of Labor Statistics index of wholesale prices declined in November to a point 4 per cent lower than last spring and about 3 per cent lower than a year ago. The chief reductions occurred in prices of animal products-, fuel, and house furnishings. Prices of clothing and crops, on the other hand, increased and the latter group averaged higher than in any month since 1920. During the first half of December prices of sheep, beef, sugar, cotton, silk, and rubber declined, while quotations 'on crude oil, wheat, and wool were slightly higher. Bank credit.—The total volume of credit extended. by member banks in.leading cities showed but little change between the middle of November and the middle of December. A seasonal reduction in commercial and agricultural loans in most, districts was accompanied by increased loans on securities, with the result that total loans remained practically constant. During the same period borrowings at. the Federal reserve-banks were also practically unchanged. Holdings of acceptances increased somewhat, partly in connection, with the financing of cotton exports. The increased demand for currency for holiday trade was reflected in both a moderate expansion in Federal reserve note circulation and a reduction in gold certificates held by the reserve banks. . • : Rates of commercial paper sold in the open market continued to show an. easier tendency; as indicated by increased sales at 4f per cent, particularly in interior districts. The December issues of one-year 4J per cent and six-month 4 per cent Treasury certificates, compared with 4£ per cent on a six-month issue sold in September, were largely oversubscribed. • -' • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

12 FEDERAL RESERVE BUIiETIK". JANUARY, 1924. State Banks and Trust Companies. Fiduciary Powers Granted to National Banks. The following list shows the State banks and trust During the month of December the Federal Reserve companies which were admitted to membership in the Board approved applications of the national banks Federal reserve system during the month ending listed below for permission to exercise one or more of December 28, 1923, on which date 1,625 State institu- the fiduciary powers named in section 11 (k) of the tions were members of the system: Federal reserve act as amended, as follows: 1. Trustee. ADMISSIONS. 2. Executor. 3. Administrator, Capital. Surplus. T so o u ta r l c e re s. - 4. Registrar of stocks and bonds. 5. Guardian of estates. District No. 2. 6. Assignee. State Bank of Pearl River, Pearl River, 7. Receiver N.Y... . ........ $50,000 $12,500 $62,500 8. Committee of estates of lunatics. District No. 8. 9. In any other fiduciary capacity in which State Farmers Bank of Egypt, Egypt, Pa 60,000 30,000 668,070 banks, trust companies, or other corporations which Schnecksville State Bank, Sennecks- come into competition with national banks are perville, Pa 25,000 2,500 56,643 mitted to act under the laws of the State in which the District No. 8. national bank is located. Shaw State Bank, St. Louis, Mo........ 120,000 12,000 388,018 The numerals opposite the name of each bank Lindell Trust Co., St. Louis, Mo 200,000 20,000 220,000 indicate the power or powers it is authorized to exercise, Franklin County Bank, Washington, Mo. as given below: 50,000 20,000 429,034 District No. 11. Austwell State Bank, Austwell, Tex... CHANGES. 25,000 5,000 82,912 Place. Di N s o tr . ict Name of bank. g P r o a w nt e e r d s . District No. 2. Nantucket, Mass....... 1 Pacific National Bank 1 to"9. Citizens Trust Co., Buffalo, N. Y. Darby, Pa.... 3 First National Bank 1 to:a B (m uf e f r a g l e o d , N w . i Y th . ). M -.. arine Trust Co., 10,000,000 7,000,000 135,903,478 A E Fr a n a s n c t v o k i n v ll , i e l M l , e , d P . P a a ............ 3 5 3 A E Fi a n r s n s t t v o i N n ll a e N t i N a o t n a io t a i n l o a B n l a a B l n B a k n a . k n .. k . . . . . . 5 1 1 t t t o o o l f a 9 9 . . . District No. 4. H St a . t A tie u s g b u u s r ti g n , e M , F is l s a....... § 6 F C i o r m st m N er a c t i i a o l n al R B a a t n io k n .. a . l .. 1 It o to 9 o 9. Central Trust Co., Cincinnati, Ohio, Bank. took over the Fourth National Bank, Wisconsin Rapids, Wis. 7 First National Bank.. Ito9. Cincinnati, Ohio 500,000 1,000,000 12,623,810 Lebanon, III 8 First National Bank..... 1 to 9e and changed its title to the Fourth Mount Vernon, Ind 8 Old First National Bank.. Ito8. and Central Trust Co. Princeton, Ky... ... 8 Farmers National Bank... Ito9. Brush, Colo 10 First National Bank 1 to 3, 5 District No. 6. to 8. Bank of Ocoee, Ocoee, Fla. (voluntary Casper, Wyo 10 Citizens National Bank... Ito7. withdrawal) 25,000 3,000 123,301 Galveston, Tex 11 So B u a th n k. Texas National 1, 2 and 3 District No. 8. Lewiston, Idaho .... 12 Lewiston National Bank.. Ito9. Crittenden County Bank & Trust Co., Marion, Ark. (closed) 275,000 25,000 2,516,926 New National Bank Charters. District No. 9. Farmers State Bank, Spring Valley, The Comptroller of the Currency reports the fol- Minn, (closed) , 25,000 6,000 261,890 lowing increases and reductions in the number and Stockgrowers State Bank, Timber Lake, S. Dak. (closed) 25,000 5,000 272,679 capital of national banks during the period \from Security State Bank, Wolf Point, Mont, (closed) .... 25,000 3,500 219,104 November 24 to December 21, 1923, inclusive: Bank of Commerce, Forsyth, Mont, (closed) 75,000 764,648 State Bank of Plenty wood, Plentywood, Mont, (closed) 25,000 5,000 291,363 Num- Amount ber of of District No. 12. banks. capital. D. W. Standrod & Co., Blackfoot, Idaho (closed) 100,000 110,100 1,603,861 Payson Exchange Savings Bank, Pay- New charters issued. $2,125,000 son, Utah (closed) 50,000 30,000 563,284 Restored to solvency. 40,000 Farmers and Merchants Bank, Bur- Increase of capital approved.. 865,000 bank, Calif., has changed its title to Farmers and Merchants Savings Aggregate of new charters, banks restored to Bank 50,000 8,000 597,082 solvency, and banks increasing capital 22 3,030,000 Farmers State Bank, Sprague, Wash, (voluntary liquidation) , 25,000 3,000 129,670 Liquidations 2,705,000 Reducing capital 500,000 Total liquidations and reductions of capital... 30 3,205,000 Acceptances to 100 Per Cent. Consolidations of national banks under act of Nov. Since the issuance of the December BULLETIN the 7,1918 following member institution has been authorized by Aggregate increased capital for period.......... 3,030,000 the Federal Reserve Board to apcept drafts and bills of Reduction of capital owing to liquidations, etc.. 3,205,000 exchange up to 100 per cent of its capital and surplus: Net decrease 175,000 Illinois Merchants Trust Co., Chicago, 111. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL RESERVE BULLETIN. 13 AGRICULTURAL DEVELOPMENTS DURING shows the production of the principal crops in 1923. 1920, 1921, and 1922, compared with final estimates of yields in 1923, and the table on page 16 Agriculture during 1923 made further progshows yields in the different Federal reserve ress in its recovery from the depression which districts. had characterized the years 1920 and 1921. Prices,—Prices of agricultural commodities Prices of certain products, however, are still have advanced almost continuously since the below the general level and certain sections of beginning of the year, with a slight recession the country have suffered partial crop failures, in the summer months and a subsequent so that not all farming communities have shared recovery during the marketing season to a in the general improvement in agricultural conlevel higher than in either of the two preceding ditions which has characterized the year. By years. Prices of wheat, however, are lower the end of December, with harvesting comthan a year ago and corn prices, although higher pleted and marketing well advanced, more accuthan in either of the last two years, declined rate information became available regarding in November under the influence of heavy the final yields and the returns to farmers for marketing. Livestock prices have continued their year's work. It is therefore possible at to be much below crop prices, as is shown on this time to make a survey of farming developthe accompanying chart, which compares the ments for the purpose of determining the position of agriculture, at the close of the year. PER CENT ( 1313 = tOO ) PERCENT Production,—The volume of agricultural pro- 2001 ~ 1 200 duction in 1923 was larger than in either of the FARM PRICES two preceding years, though not as large as in 1920. While the production of wheat was materially below that of last year, yields of cotton, 150 150 corn, and tobacco were larger. The corn crop CROPS was one of the five largest in the history of the country and slightly exceeded 3,000,000,000 bushels. Cotton has not recovered as rapidly as other crops since 1920, and, although the 100 •\—100 yield in 1923 was approximately 300,000 bales larger than in 1922, it constituted the third relatively small crop in succession, and as a result the supply of raw cotton has been considerably reduced. With small supplies and an active 50 50 demand from domestic and foreign consumers, the price has advanced since the beginning of the harvesting season to the highest level in recent years, with the exception of the spring of 1920. The yield of tobacco was one of the 1922 1923 largest in history and was exceeded only by the record yield in 1920. The accompanying table trend of farm prices of 10 leading crops and 6 kinds of livestock since 1921. It will be noted that livestock prices at the present Production (000 omitted). time are only slightly above the 1913 level and Crops. Unit. lower than in 1922. 1923 1922 1921 1920 Higher prices for crops prevailing during the year were accompanied by increased cost Com Bushels. 3,054,395 2,906,020 3,068,569 3,208,584 of production. Wages of farm labor were Cotton..... . Bales 10,081 9,762 7,954 13,440 Hay, total Tons 106,626 112,013 97,770 105,315 higher than in 1922 in all sections of the Wheat, total Bushels, • 785,741 867,598 814,905 833,027 Winter... .do 572,340 586,878 600,316 610,597 country, and the greatest increases were in Spring ...do 213,401 280,720 214,589 222,430 districts where the demand for industrial Oats..... ...do..... 1,299.823 1,215,803 1,078,341 1,496,281 Tobacco Pounds. 1,474,786 1,246,837 1,069,693 1,582,225 labor caused a movement of farm workers to White potatoes. Bushels. 412,392 453,396 361,659 403,298 Sweet potatoes....do 97,177 109,394 98,654 103,925 the cities. In the cotton-growing States Apples ...do..... 198,770 202,702 21,557 33,905 fertilizer, which is a major item of expense, Rice.. . . .do..... 33,256 41.405 37,612 52,066 Barley ...do..... 198,185 182; 068 154,946 189,332 was used in greater quantities than in 1922, Rye. .......do..... 63,023 103,362 61,675 60,490 both because a greater acreage was fertilized 76989—24- 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

14 FEDERAL RESERVE BULLETIN. JANUARY, 1924. and because the average use per acre was demand for meat products was heavy throughgreater than in the preceding year. Whole- out the year and the volume of sales by meat sale prices of all commodities were slightly packing companies exceeded month by month higher during the growing season of 1923 than the volume in 1922. Cotton consumption of 1922, and although these prices are not an during the crop year ending July 31 was the accurate measure of the level of farm expenses, largest on record, with the exception of 1917, they are indicative of the fact that the farmer and for the 11 months ending November 30 had to pay more for supplies and equipment it was approximately 500,000 bales larger than in producing the 1923 than the 1922 crops. in the same period in 1922. Activity in the On the other hand, the rise in prices of agri- cotton-spinning industry was unusually large cultural commodities during the year has not during the spring months and reached a peak been accompanied by a corresponding rise in in May. After that period consumption was the prices of other commodities, and as a curtailed somewhat, but it continued larger consequence the buying power arising from than in either of the two preceding years. the sale of the farmer's products increased The volume of wheat which passed into steadily throughout the year and reached in domestic consumption was also larger for the November the highest level since the spring of 11 months than a year earlier. 1922. This general increase in purchasing The following table shows the domestic power of farm products has not been felt in the consumption of agricultural products for the livestock industry, as livestock prices have 11 months ending November 30,1922 and 1923: been below the level prevailing a year ago. The total value of the 1923 crops was DOMESTIC CONSUMPTION OF AGRICULTURAL PRODUCTS IN 11-MONTH PERIOD ENDING NOVEMBER 30. $8,323,000,000, an increase of approximately $900,000,000 over 1922. 1922 1923 Consumption.—Increased agricultural production during 1922 and 1923 was accom- Cotton consumption 5,556,765 6,051,418 panied by a large volume of consumption and Flour production barrels.. 114,616,000 114,980,000 Tobacco, manufactured pounds.. 358,523,587 349,378,003 this has resulted in considerable reduction in Hogs, slaughtered thousands.. 37,892,192 47,429,864 stocks of the principal crops. At the close of Cattle, slaughtered do.... 7,899,071 8,406,266 y slaughtered. .do.... 3,872,923 4,176,795 1923 the stocks, with the exception of those of 10,071,330 10,550,869 wheat, were the smallest since 1921. In contrast with the large volume of domestic STOCKS AT END OF CROP YEARS. consumption, exports of farm products were smaller in 1923. Grain exports during the [000 omitted.] year have been larger than in pre-war years, Cotton but smaller than in 1920. Cotton exports have Year. ( C b o u r . n ), W (b h u e .) a , t B (b a u rl . e ), y ( O bu a . t ) s , ( s e iv x e c l o u f - been less than before the war and in recent Nov. 1. July 1. Aug. 1. Aug. 1. linters), years. During the crop year ending August 31 Aug. 1. the volume was the smallest of the decade with the exception of 1918. Meat products, on the 1921 285,769 56,707 13,487 161,108 6,534 1922 177,287 32,359 7,497 74,513 2,832 other hand, have been going abroad in large 1923 83,357 35,634 6,961 70,082 2,088 volume and were exported in greater quantities during the first 11 months of 1923 than The increase in the volume of consumption in the same period in 1922. The following of agricultural products during 1922 and 1923 table shows the volume of agricultural products was due chiefly to an increase in the domestic exported during the first 11 months of 1922 demand, which for some of the principal com- and 1923: modities was larger in 1923 than in any previous year. The number of animals slaughtered EXPORTS OF AGRICULTURAL PRODUCTS IN 11-MONTH during the first 11 months of the year was the PERIOD ENDING NOVEMBER 30. largest on record. All classes of meat animals 1922 1923 were slaughtered in large numbers and the number of hogs slaughtered monthly was Cotton 5,504,000 4,442,000 considerably more than 4,000,000 head, the Wheat, including flour bushels..215,875,000 158,919,000 largest volume in the history of the meat- Tobacco pounds..393,955,000 425,912,000 Meat products, totall do— 657,003,000 868,692,000 packing industry. This was due in part to an Bacon, ham, and shoulders do 575,841,000 761,634,000 Lard do 688,355,000 936,802,000 exceptionally heavy production of hogs and the consequent low level of hog prices. The • I ncludes bacon, hams, shoulders, and other meats. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL, BESERVE BULLETIN. 15 Cooperative marketing.—The year witnessed ones, it includes the organizations operating a further development in cooperative market- on a large scale in the different crop-producing ing by agricultural producers. For many sections. In the case of cotton, tobacco, years dairy products in the West Central States wheat, and rice the figures represent generally and the fruit crops on the Pacific coast and the State or regional organizations which in other sections of the country have been distribute those commodities. The livestock marketed cooperatively, and in more recent organizations are the cooperative livestock years the cooperative movement has spread commission companies which operate in the to other crop-producing sections. In 1919 principal livestock terminal markets. Operasome sales by farmers through cooperative tions of terminal grain marketing organizations organizations were made in practically every and national sales organizations to distribute State in the United States, and the total the products of local associations are not shown volume of business done in that year was ap- in the table. The larger organizations are proximately $1,000,000,000. Since 1919 further usually federations of a number of the smaller progress has been made in the efforts of pro- associations. ducers to increase the size of existing coopera- Agricultural credit.—An important developtive organizations and to form new ones for ment of the year has been the organization marketing other products. Particularly sig- of new credit institutions authorized by nificant has been the recent growth of the the agricultural credits act of March 4, 1923. cooperative movement in the staple crop- Intermediate credit banks have been estabproducing areas. As the marketing of the 1923 lished in connection with each of the 12 crop requires a number of months and is not Federal farm land banks. These banks exyet completed, it is difficult to determine ac- tend credit to financial institutions which curately the volume of business that will be lend funds for agricultural or livestock purhandled through cooperative agencies. But as poses and to cooperative marketing associthe number of producers who have formed ations. From the passage of the act to cooperative associations is larger and more November 30, 1923, the banks loaned a commodities are being marketed cooperatively, total of $36,551,000, of which $27,863,000 the total amount of produce distributed through was advanced directly to cooperative marketing cooperative organizations will undoubtedly associations and $8,688,000 was loaned through exceed that of former years. The following rediscounts to banks which had extended credit table shows the latest available data relating for agricultural and livestock purposes. to the number, size, and volume of produce Since the long-term credit requirements of marketed in 1923 by the State or regional the farmer for the purchase of land, for equipcooperative associations which distribute comment, and for permanent improvements are modities on a large scale in the principal staplesupplied by private institutions, insurance crop sections of the country: companies, mortgage companies, Federal land banks, joint-stock land banks, and other banking institutions, it is difficult to trace the Number total volume of long-term borrowing that waa Commodity. orga o n f iza- M be e r m s. - 1 Volu m m a e r k o e f t ed p . r * oduce done in 1923. Available information which tions.* discloses the volume of long-term loans made by the Federal farm loan system and life Cotton 13 227,442 749,924 bales. Tobacco 8 259,840 602,486,000 pounds. insurance companies indicates that the loans R W i h c e e a .. t . 1 5 4 4 4 3, , 1 0 9 9 6 0 2 4 5 2 , 8 2 , 0 3 6 9 , 5 0 ,0 0 0 0 0 b p u o sh u e n l d s. s. by joint-stock land banks and life insurance Fruit 667 100,519 cars. companies for the 10-month period ending Livestock 21 81,772 cars. October 31 were considerably larger than the 1 Includes organizations developed through September, 1923. total volume extended in the previous year. 2 Includes volume of produce distributed from the 1922 production. Loans by Federal land banks during the same period in 1923 were smaller than in 1922, Although the table does not show all of the Total loans extended by both joint-stock land small cooperative marketing associations which banks and Federal land banks, as shown in the in many instances are affiliated with the larger following table, amounted to $362,820j000 in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

16 FEDERAL, RESERVE BULLETIN. JANUARY, 1924. 1922 and $338,816,000 (luring the 10-month of 1920-21. Yields were generally larger, period ending October 31, 1923: although in a few sections unsatisfactory growing and harvesting seasons resulted in almost LOANS BY FEDERAL FARM LOAN SYSTEM. complete crop failures. Domestic consumption of agricultural products was in large 1923, Janu- volume and offset the curtailed foreign demand. 1922, total. ary-October, inclusive. Stocks of agricultural commodities showed reductions and prices were higher than in Federal land banks: either of the two preceding seasons. In the Number of loans...... 73,995 51,552 Amount of loans ... $224,135,000 $161,624,000 absence of a corresponding rise in general prices Joint-stock land banks: the purchasing power of farm products in- Number of loans...... 15,916 25,356 Amount of loans $138,685,000 $177,192,000 creased, owing to higher crop prices, while Total: Number of loans those of livestock were lower than in the pre- Amount of loans $352,820,000 $338,816,000 vious year. Cooperative marketing showed further development during the year, which Summary.—Agricultural developments dur- also witnessed the organization of new credit ing the year 1923 were characterized by a further facilities for supplying the farmer's financial emergence of the farmer from the depression requirements. PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS, [Final estimates (Dec. 1,1922 and 1923) of the Department of Agriculture.] [In thousands of units.] Corn Total wheat Winter wheat Spring wheat Oats . (bushels). (bushels) (bushels). (bushels). (bushels). 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 Boston....... 10,756 11,485 240 184 240 184 8,952 New York.... 29,684 33,630 9,151 9,998 8,887 9,710 264 288 34,245 33,810 Philadelphia.. 57,007 62,317 22,110 22,299 21,972 22,129 138 170 21,382 25,048 Cleveland 208,310 199,540 49,779 42,365 49,552 42,175 227 190 67,790 57,279 Hiehmond 188,751 178,465 32,202 29,116 32,202 29,116 24,917 23,104 Atlanta 187,968 204,001 5,960 5,738 5,738 19,439 19,310 ^Chicago... 976,124 995,173 82,965 77,125 79,815 73,165 3,150 3,960 490,254 474,905 St. Louis 403,090 394,578 83,426 78,326 83,164 78,017 262 309 52,072 37,127 Minneapolis.. 351,852 285,167 159,776 247,784 15,616 15,474 144,160 232,310 333,084 343,834 Kansas City.. 514,530 395,723 180,333 246,278 168,635 235,462 11,698 10,816 158,756 126,179 Dallas 112,165 133,261 16.976 10,483 16,686 10,276 290 207 49,573 36,208 San Francisco 14,158 12,680 142,823 97,902 89,851 65,616 52,972 32,286 39,323 30,047 Total... 3,054,395 2,906,020 785,741 867,598 572,340 586,878 213,401 280,720 1,299,823 1,215,803 Hay (tons).1 Cotton (bales).2 Tobacco (pounds). Potatoes (bushels). 1923 1922 1923 1922 1923 1922 1923 1922 Boston 4,495 4,486 14,503 9,905 46,485 35,247 New York— 7,058 7,297 42,099 31,187 43,902 45,598 Philadelphia.. 2,256 3,533 58,950 56,760 25,036 30,958 Cleveland 5,226 7,168 181,143 166,350 21,710 20,651 Richmond 3,763 4,518 1,865 1,371 622,288 491,095 30,440 33,310 Atlanta. 3,066 3,647 1,474 1,949 101,404 83,205 11,157 12,727 Chicago...... 18,003 20,677 50,354 47,076 70,752 81,714 St. Louis 7,643 8,217 1,267 2,085 396,737 355,508 18,223 13,833 Minneapolis.- 18,876 19,351 2,886 2,736 72,842 90,955 Kansas City.. 18,480 16,781 630 670 4,422 3,015 33,766 40,418 Dallas 1,911 1,777 4,721 3,617 2,535 3,073 San Francisco 15,849 15,339 124 70 35,544 44,911 Total... 106,626 112,791 10,081 9,762 1,474,786 1,246,837 412,392 453,396 *1922 figures not revised. 2 In addition the following amounts v^rere estimated grown in Lower California (Mexico): 1923, 86,000 bales; 1922, 58,000 bales. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL RESERVE BULLETIN. THE TREND OF RETAIL TRADE, 1919-1923. median link relative for each calendar month from the figures for that month in each of the In view of the important influence of the years of the series; (3) conversion of these volume of retail trade upon the demand for medians of link relatives into a continuous bank credit, the Federal Reserve Board and the chain by expressing them as percentages of the 12 Federal reserve banks in 1919 commenced median for January; (4) adjustment of the the collection of retail trade data. The scope resulting differences between relatives for of these data has steadily increased during the consecutive Januaries by distributing these past four years until the Federal reserve sysdifferences evenly over the 12 months, and (5) tem now receives monthly reports from dedivision of each adjusted relative by the average partment stores, mail-order houses, and seven of the 12. The final series of percentages groups of chain-store organizations, which constructed by this method shows the typical together have annual sales of almost $3,distribution of a year's sales over the 12 000,000,000. months. The table below shows this monthly The best available measure of retail business distribution of trade for various lines of is the dollar value of sales, and this information retail business, and the accompanying chart is reported monthly by all cooperating dealers. compares the seasonal distribution of trade at Among the important factors which influence department stores with that at mail-order the value of monthly sales are seasonal and houses: cyclical variations in the volume of business, price fluctuations, long-time growth, changes in TABLE I.—SEASONAL VARIATIONS IN KETAIL SALES. methods of retailing, and fortuitous circumstances, such as weather conditions, strikes, [Average month == 100.] and changes in the number of working days. Since the volume of retail trade is particularly subject to seasonal fluctuations, it was deemed advisable to provide for seasonal corrections in presenting the monthly figures. For this purpose the link-relative method Department was adopted, since it is best adapted to data M s a t i o l- r o e r s der houses 1 1 6 2 0 2 Grocery chains... 105 5-and-10-cent 180 PER C 1 E 8 N 0 T Dr c u h g a i c n h s ains. . 1 1 8 2 1 2 160 — _- •.. M D A E I P L A O RT R M DE EN R T H S O T U O S R E E S S 1 160 C M Sh ig u o a s e i r c c c h c h h a a a i i n n in s s s . . . . . 1 1 18 2 3 7 9 5 1 Candy chains 97 147 1*4-0 140 1 120 120 It will be noted that there is a pronounced seasonal movement in the sales of all types of Ave. Month /, 100 100 retail business except grocery chains. In most **"*>•/ / V V / lines business is rather dull in January and 80 = 80 February, is maintained in considerable volume throughout the spring months, becomes dull 60 60 again in July and August, increases in volume during the fall, and reaches a peak in Decem- 40 40 ber. The period of winter inactivity is most 20 20 pronounced in the case of shoe stores and 5and-10-cent stores, while the midsummer dull- O ness particularly affects department stores, Jan. Feb. Mar. Apr. May June July Au|. Sept. Oct. Nov. Dec. mail-order houses, and music stores. Candy Seasonal distribution of trade at department stores and mail-order houses. and drug stores, on the other hand, live a large volume of hot-weather business which causes covering only a short period of time. The some growth in their sales during the summer steps involved in the use of the link-relative months. Shoe stores have a large expansion method are: (1) Conversion of the monthly of sales in the spring months, and department data for the four years, 1919-1922, into a stores, mail-order houses, 5-and-10-cent stores, series of link relatives—i. e., percentages of theand candy stores also show a marked increase previous month; (2) determination of the in volume of business at that season. Fall Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

18 FEDERAL RESERVE BULLETIN. JANUARY, 1924. buying is large in all reporting lines, and the last five months there was a general im- Christmas trade causes a sharp December peak provement in sales of musical instruments. in sales of music stores, 5-and-10-cent stores, The decline in value of sales in 1920 and 1921 and department stores. was due in large part to reductions in retail In the calculation of the final index numbers prices rather than to a decrease in the physical for each reporting line the monthly relatives of volume of commodities sold. sales on a 1919 base have been corrected by the The expansion of employment and of earnuse of the seasonal coefficients described above. ings of industrial workers, together with some The adjusted index numbers for each line of advance in prices, caused an increase of sales at retail trade are published in Table II at the most retail stores throughout the year 1922 and end of this article. Indexes of department- in the early months of 1923. Sales of departstore sales are available for 10 Federal reserve ment stores continued to increase during the districts and are combined to form a national last half of 1923, but sales of many other classes index by weighting the relatives for each of retailers were slightly smaller in volume than district by the total number of persons em- in the first half of the year. Much of the exployed in retail stores in that district according pansion in chain-store sales during the last two to the 1920 census. Comparison of retail sales in different lines r>ER CENT PERCENT since January, 1919, shows some differences in 180 1BO trend. Business was dull in all reporting lines !S0 160 during the early months of 1919, but sales expanded steadily throughout the year. This yv-y uniformity of trend ended in February, 1920, 120 120 rv PERCENT PERCENT / _ _ i •• 1 1 1 1 1 1 R'O 100 100 80 80 1£0 120 60 60 100 100 40 40 80 80 20 20 60 60 1919 1920 1921 1322 1S23 40 Sales of drug-store chains corrected for seasonal variations. Monthly average 1919=100. 20 20 years has been due to the opening of new stores, o 0 but it is difficult to estimate quantitatively the 1919 1920 1321 1922 1923 effect of this factor. Department-store sales corrected for seasonal variations. Monthly A review of the trend of sales for the nine average 1919=100. types of retailers during the past five years indihowever, when sales of mail-order houses cates that sales of cigar stores and drug stores reached a peak. The business of department have fluctuated but little after allowance is stores, cigar stores, grocery stores, and drug made for seasonal changes in demand, whereas stores continued to increase until July, 1920, sales of chain grocery stores, chain candy stores, while sales of mail-order houses, music stores, and chain 5-and-10-cent stores have shown a and candy stores showed a downward tendency. steady upward trend throughout the post-war During the last six months of 1920 sales of mail- period, largely because of the opening of new order houses, department stores, music stores, unit stores. Sales of mail-order houses and and grocery stores declined in gross value, but music stores have closely reflected changes in there was little change in the level of buying at industrial activity and employment, and this is other reporting stores. Sales continued to de- true in a less marked degree of departmentcline at most retail stores throughout 1921, store sales. Sales at chain shoe stores nave been although in March there was a large volume of more irregular than at any other reporting rebuying at shoe stores, reflecting the develop- tail establishments, owing to the fact that ment of new styles of women's shoes, and in changes in weather conditions and in styles had Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDEBAL &ESERVE BULLETIN". 19 a large effect on the volume of buying of foot- maintained on a fairly even level during 1919, wear. but showed a remarkable expansion in January, Data for geographical comparisons on a com- 1920, and the increased rate of buying was mainparable basis are available for department tained throughout most of the following year. stores. A comparison of the adjusted indexes In August, 1920, the dollar value of trade comof department-store sales in 10 Federal re- menced to decline and there was a downward serve districts; published in Table III, indi- trend until March, 1922, in most sections of the cates that there has been quite a close corre- country. Although some reduction in sales spondence in the month-to-month trend of occurred in all districts during this period, the sales in different sections, although the magni- amount of decrease varied greatly. Sales were tude of these fluctuations has varied consider- reduced by about one-third in the Dallas, Atably. There was a rather steady expansion in lanta, and Cleveland districts, where the decrease in retail business was most marked. PER CENT PER CENTThe decrease in the southern districts may be 180 160 largely ascribed to the great reduction in the 160 160 value of the cotton crop, while an important factor in the reduced sales of the Cleveland dis- 14Q 140 trict was the reduction in employment and A/ wages at steel plants, rubber factories, and 120 /I 120 other manufacturing establishments. Trade showed very little decrease in value during 1920 100 100 and 1921 in the San Francisco district and probably actually increased in physical volume. 80 80 Throughout most of the years 1922 and 1923 there has been an upward trend in sales of de- 60 60 partment stores in all sections of the United States far in excess of the increase in retail 40 40 prices, so that it is apparent that there has been 20 20 an expansion in the physical volume of business. The largest increases in sales have oc- 0 1919 1920 1321 1922 1923 n curred in the Chicago, Cleveland, and Philadel- Sales of 5-and-10-cent store chains corrected for seasonal variations. phia districts, and in general there has been Monthly average 1919=100. since 1919 a considerable increase in sales in volume of department-store business from Jan- the industrial sections of the East and Middle uary, 1919, to July, 1920, in all of the reporting West, while sales in southern districts and in districts except Chicago and Minneapolis. In the agricultural sections of the West are at the Chicago and Minneapolis districts sales were about the same level as four years ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

20 FEDERAL RESERVE BULLETIN. JANUARY, 1924. TABLE II.—TREND OF RETAIL SALES, BY LINES. [Corrected lor seasonal variation. Average monthly sales 1919=100.j Chain stores. Department Mail-order stores. houses. Grocery. 5 c a e n n d t . 10 Drug. Cigar. Shoe. Music. Candy. 1919. 92 87 89 96 95 85 92 78 90 February 93 80 91 95 91 90 90 92 92 March.... . ... 90 72 90 95 96 97 81 97 85 April 98 91 93 98 97 96 91 101 93 May . . . 96 94 98 100 96 101 91 99 89 June 96 89 94 94 95 96 89 97 88 July 104 103 103 96 100 99 93 102 93 August 101 107 102 99 102 103 129 99 100 September 105 106 103 99 100 97 115 104 101 October . . . . . . . .. 105 121 112 101 103 103 110 112 107 November 106 118 111 110 111 115 115 105 118 December.. 108 120 114 108 111 110 105 103 127 1920. January. 121 121 132 120 119 122 121 113 129 February 116 134 134 112 119 124 113 112 129 March ...... ... 122 113 138 119 118 125 126 122 135 April 117 107 153 118 114 128 111 • 107 130 May 123 105 154 119 120 134 123 112 134 122 104 156 120 121 136 119 120 136 July .... 126 109 163 124 124 139 128 114 143 121 105 147 118 122 133 119 116 139 September 120 94 148 121 123 138 118 106 141 October 118 81 139 122 123 142 125 106 147 November 122 100 139 123 123 133 121 109 143 December.. . ... 114 80 133 121 124 133 116 96 144 1921. January ... . . 117 70 127 119 122 137 118 94 144 February. 117 71 127 124 123 136 122 93 140 March 117 82 124 128 126 137 142 88 164 April 110 77 123 117 127 140 113 88 133 May .. 110 70 123 116 124 128 114 79 139 June 111 74 124 118 125 134 117 76 149 July 107 87 119 117 123 130 100 74 145 August ... 108 74 126 121 121 131 104 81 144 104 75 125 121 122 130 105 81 140 October . 110 69 131 131 123 130 114 83 137 November....... 107 66 133 128 124 124 105 88 135 December 108 66 140 133 121 128 111 92 138 1922. January . . . .. 102 66 137 130 121 126 110 86 138 February . .• . .• 104 65 137 134 126 128 118 88 142 March. .. 102 72 141 124 124 129 103 87 140 April 109 77 139 141 124 130 125 92 148 May.. • 112 81 141 134 127 127 107 98 147 June . . 111 82 143 136 127 129 113 104 148 July 107 79 139 137 125 129 110 111 144 August 113 75 144 136 129 131 107 113 149 September 117 78 146 144 130 137 126 116 154 October. 116 85 142 144 131 119 107 100 146 November 117 88 159 145 131 126 111 100 152 December. 117 89 157 154 133 132 126 109 149 1923. January 114 89 164 160 133 132 114 113 157 February = . 116 92 168 156 138 128 106 104 156 March 124 98 178 171 145 140 151 104 195 April . * .. 115 102 166 149 138 130 104 115 156 May 125 113 183 160 145 135 124 121 175 June 127 103 175 167 152 142 136 124 191 July ... ...... 120 100 170 155 139 129 107 110 180 August 129 96 178 160 145 139 121 117 178 September 123 95 176 161 144 142 138 100 176 October . . . 132 105 181 167 149 130 123 114 180 126 97 180 169 150 133 119 123 183 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL BESEBVE. BULLETIN. 21 TABLE III.—TREND OF DEPARTMENT STOEE SALES, BY FEDERAL RESERVE DISTRICTS. [Corrected for seasonal variation. Average monthly sales 1919=100.] d B i o st s r t i o c n t. N d e i w st r Y ic o t r . k P d h i p s i h l t a r ia i d c , e t l . - C d le is v t e r l i a c n t. d R d ic is h t m ric o t n . d A di t s l t a r n ic t t a . C di h s i t c r a ic g t o . M di i s n o t n l r i e i s c a t p . - d D is a t l r l i a c s t. S d a i n c s i t s F r c i r o c a t n . - 1919. January . 86 84 96 87 93 100 102 106 92 84 February 92 ^ 88 97 89 93 94 101 105 90 88 March........ ... .. 87 81 85 85 94 95 101 104 94 87 April. 95 97 104 95 104 96 101 103 94 96 May....... 97 96 88 96 98 92 100 102 96 92 June... 93 95 91 96 94 97 98 101 94 96 July. 105 105 106 106 103 110 100 102 100 104 August... 104 103 102 108 97 97 100 99 100 100 September..... 103 110 103 107 108 106 99 97 106 108 October 109 110 105 106 102 95 101 96 104 110 November. 109 110 109 109 104 103 100 95 108 108 December 112 111 108 110 104 110 99 96 113 114 1920. January.... . .. 118 121 115 121. 110 122 127 119 121 125 February 111 112 112 114 107 117 127 114 117 118 March. 120 120 114 128 115 120 127 115 124 120 April 114 112 117 116 105 119 126 107 123 120 May 117 126 132 129 109 121 125 112 125 121 June.. . . . 119 123 124 131 114 120 124 114 122 121 July... 123 127 128 139 119 123 123 119 126 125 August.. 115 120 117 136 118 123 121 109 126 121 September... . 118 117 117 138 116 120 120 111 119 123 October 111 115 117 128 115 119 120 107 120 120 November. 123 124 119 135 118 118 120 111 121 121 December... 111 113 111 121 109 113 119 109 110 119 1921. January . 120 117 116 130 114 111 114 110 107 121 February.. 118 115 117 127 115 116 113 110 111 124 March.. . 122 117 117 128 116 116 113 109 105 118 April 111 111 115 116 103 96 112 109 102 114 May.. . .. 111 111 109 117 104 100 111 104 105 114 June 115 115 111 115 108 101 111 103 103 114 July... 108 111 109 106 104 96 110 100 99 112 August. 110 113 115 106 106 95 109 101 98 116 September 106 105 106 103 96 93 109 97 93 115 October . 115 117 113 110 107 104 108 97 101 114 November. 114 114 108 105 102 95 107 96 91 114 December 117 116 114 105 103 95 105 94 91 115 1922. January . 111 108 104 96 94 91 106 92 87 112 February 115 110 109 103 98 97 101 93 89 110 March 112 108 118 104 92 87 97 92 85 112 April.. 120 114 105 114 101 94 113 102 91 114 May 117 115 112 115 101 92 114 101 98 133 June 117 116 112 116 99 92 116 96 93 119 July 115 111 106 110 96 90 113 95 90 116 August 119 119 118 116 101 94 116 102 95 123 September 126 122 123 120 104 97 124 102 102 120 October 123 123 120 122 107 98 117 102 92 127 November 125 123 119 120 106 98 122 97 92 132 December 123 122 122 121 107 99 122 108 91 130 1923. January 117 118 118 114 104 101 120 102 94 128 February 126 113 123 122 109 103 120 103 92 134 March... .. . 128 122 145 138 113 108 127 108 93 138 April 121 116 102 124 96 97 129 110 92 128 May 126 126 125 138 109 102 130 111 108 146 June..... . 129 129 130 141 110 108 139 107 93 135 July 126 121 120 128 112 100 125 96 93 140 August , 132 132 129 139 115 103 144 107 97 140 September... 126 127 130 133 103 102 134 102 103 134 October. 129 134 139 143 116 114 140 105 110 147 November. 134 131 132 133 108 104 133 102 98 144 76989—24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

22 FEDERAL RESERVE BULLETIN. JANUARY, 1924. JAPANESE INDEX OF WHOLESALE PRICES series in that month. The new series was IN 1919 AND 1920. therefore shifted by 2.6 per cent. Although 90 per cent of consumers' goods were used, it The index of wholesale prices in Japan as happened that the prices of those commodities originally constructed began with January, for which data were not available were con- 1921, since strictly comparable prices previous sistently lower than the general level of to that date were not available. It was felt, finished goods, so that there was a discrepancy however, that an index which would indicate of 5.1 per cent in January, 1921, and the level the general trend of prices for the two previous of 1919 and 1920 was lower by that amount. years would be of value, even though based The all-commodities level was lowered by 1 on fewer commodities. per cent. Smaller adjustments were made in With the cooperation of the Bank of Japan, the other groups. Among producers' goods 1919 and 1920 prices have recently been secotton yarns have always had the heaviest cured for 62 of the 90 quotations used at present weight and, since in the new series this comand a series of index numbers constructed for modity was one of a fewer number, its importhe back years, which were linked in January, tance was unduly emphasized. To give it the 1921, to the current series. same relative importance in the new series as in The same method of construction was used the old the weight used for 1919 and 1920 was that the board has employed in all its index somewhat reduced. numbers—that is, the index is a weighted The 1920 peak of prices in Japan occurred in arithmetic average with 1913 as a base. An March instead of in May, as in the other four index number was constructed for each group of commodities by applying to the new 1919 and 1920 prices the same weights as were used COMPARISON OF in the original series, and using as a base the FEDERAL RESERVE BOARD INDEX FOR JAPAN WITH BANK OF JAPAN INDEX 1913 prices of only those commodities included ( 1913 = 100 ) in the new series. The new indexes were 350 linked to the original series by raising or low- A ering their levels to join those of the current 300 A\ series in January, 192.1. This adjustment was / \ 275 made on a percentage basis, the percentage change for each group being determined by i\ 250 w r t e h l e a t p io o n si ti t o o n th o e f t p h o e s i i t n io d n e x o i f n t J h a e n u c a o r r y re , s 1 p 9 o 2 n 1 d , i n in g 225 \ \ A Bankof Japan 225 index in the original series. The percentage 200 P ?00 V/ adjustment was then applied uniformly to i 175 \ 175 each point of the index, so that the shift was greater, measured in actual points, when the Federal Reserve Board index was high than when it was low. 150 150 These adjustments were, as a matter of fact, relatively slight, for in spite of the fact that 125 125 there were 28 fewer commodities in the new series, the levels of the various groups were close to the fuller series. 100 100 In January, 1921, the following percentages 1319 1920 1321. 1922 1323 of the current series were represented by the new figures: countries, and was not reached at the same time by all the major groups of commodities. The Percent. Raw materials 95 decline from the peak, on the other hand, was Producers' goods . 77 much sharper in Japan, so that when prices Consumers' goods_ 90 in other countries were at their highest points, Goods produced 91 Japanese prices had fallen nearly to the level of Goods imported 66 Goods exported 98 early 1920. Although Japanese prices as a All commodities 87 whole reached their highest point in March, Goods imported was the least well repre- the group indexes show that the high prices sented group in the new series, and in January, prevailed in some classes of commodities from 1921, the level of prices of imported goods was December, 1919, to March, 1920. Raw maabout 4 points below the level of the original terials reached their peak of prices in January, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JAKUAKY, 1924. FEDERAL, RESERVE BULLETIN. 28 owing to sudden increases in raw silk, copper, was caused by prices of certain articles in this cotton, and wheat in that month. The two group which had increased disproportionately last commodities declined in February and over the 1913 price. Among domestic goods rose again in March. in this class were paper, glass, and mineral oil. Prices of producers' goods reached their high But this condition was particularly pronounced point in March, although cotton yarn prices among imported goods, such articles as imrose out of proportion to other items in this ported steel products, indigo, and potash being class of goods in October and November, 1919. in January, 1919, from 325 to 600 per cent The general price level of producers' goods in higher than in 1913. The prices of these items the earlier years was some 40 points above that in later years returned to a level more nearly for other classes of goods. This high level in line with that for other goods. WHOLESALE PRICES IN JAPAN INDEX NUMBERS OF COMMODITY GROUPS \ ( 1913 = 100) 400 k A 350 350 Ml COMMODITIES / \| 'MATERIALS 300 JiA e.oe....... GOO D O S S E IM X P P O O R R T T E E D D / 1 7.H.T.7 .. - . C P O R N O , 0 iU U M C E E R R S S G G O O O O D D S S 300 k!'> \\ \i 275 n .if w< 275 250 \ \ :1 \ .250 225 8 \ U\ 225 200 \\ V \n A* * *• „• % • -,7V. k 200 175 m. \s 175 fV n I 150 \ / \ J 150 *-\ 125 125 100 100 1919 1920 1921 1922 1923 1913 1320. 1921 1022 ' 1S23 In December, 1919, prices of consumers' materials imported that accounts for the low goods reached a figure only 7 points below the level of the raw materials group in 1921 and March, 1920, pe&k. Such articles of food as 1922, and it is in fact found that imported rice, wine, soy, salt fish, and fowl eggs, and also cotton prices have much to do with the trend cotton cloths reached their highest price of all raw materials. A few domestic agriearlier than March. cultural products, like soy bean, rye, and In comparing the indexes of goods produced barley, showed the same tendency to decline and goods imported the influence of the im- until August, 1921, and then to rise. The list Sorted articles mentioned before under pro- of commodities in the Japanese index for ucers' goods is seen in the higher price level of 1921 to date may be found in the FEDERAL imported goods. The close correlation between RESERVE BULLETIN for September, 1922, page the indexes for goods imported and raw mate- 1052. Of these, the following are included rials suggests that it is the influence of raw in the 1919 and 1920 series: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN. JANUARY, 1924. GOODS PRODUCED. The accompanying tables and charts show the Japanese index from 1919 to date: RAW M ATERIALS : CONSUMERS' GOODS—Con. Wheat. Woolen cloth and INDEX NXJMBEK OF WHOLESALE PKICES IN JAPAN BY Barley. COMMODITY GROUPS, 1919-1923. Rye. Silk fabric. [1913=100.] Soy bean. Silk crepe. Hemp. Muslin. Con- All Raw silk. White nankeen Goods Goods Goods Baw Pro- sum- com- Pinas family. (broad). . pro- im- ex- mate- ducers' ers' modi- Japanese cedar. White nankeen duced. ported. ported. rials. goods. goods. ties. Coal. (narrow). (62) (28) (21) (18) " (35) (37) (90) Coke. Sugar. Pig iron. Rice. 1919 average 231 271 254 237 291 215 235 Copper. Tobacco. 1920 average 236 267 246 240 282 225 240 PROD B U r C ic E k R s S . ' GOODS: S B a e l e t f e . d 1 fish. 1921 average 1 1 8 8 7 6 1 15 5 9 4 1 1 7 8 3 9 1 16 5 5 4 1 18 8 1 8 1 1 9 9 3 2 1 1 8 8 1 2 Cement. Fowl eggs. 1919. P R l o a o t f e i n a g n d ti l s e h . eet glass. K Sa e k r e o s ( e w ne in .2 e). M J F a e a n b r u c r a u h r a y ry... 2 2 1 0 0 9 3 5 4 2 2 23 6 3 3 2 7 2 2 1 0 0 9 1 2 9 2 2 1 0 1 9 4 7 2 2 2 2 6 5 5 1 9 4 1 1 1 9 8 8 3 3 8 198 Cotton yarn. Salt. April 193 240 207 199 249 180 197 Leather, Tea. J M u a n y e 2 2 0 2 5 0 2 27 5 3 2 2 2 2 4 1 7 2 2 1 3 4 2 2 2 6 7 1 4 I. 2 1 0 9 5 2 2 21 2 . 5 0 European paper. Miso. July 235 288 271 252 292 217 241 Fish manure. Soy. August 238 272 266 244 295 222 241 Indigo. Small red bean. S O e c p to te b m er ber.. 2 2 6 4 0 7 2 2 6 9 7 2 3 27 0 6 0 2 2 4 6 3 4 3 33 1 4 2 2 2 3 3 0 8 2 2 4 6 8 2 Soy-bean pake. Bonito, dried. November.. 279 320 320 286 347 260 283 Mineral oil. Rapeseed oil. December.. 292 313 334 301 351 272 294 Mats for floor. Firewoods. 1920. Flour by machine. Charcoal. January 297 342 371 333 358 265 302 CONSUMERS' GOODS: Japanese paper. February... 303 346 385 327 386 272 308 Cotton fabric mixed Matches. March 305 365 351 327 400 277 313 April 274 326 298 295 344 251 280 with silk. May.. 238 297 237 259 285 224 246 June 218 259 206 216 257 215 223 July........ 215 258 196 211 248 216 220 GOODS IMPORTED. A Se u p g t u e s m t ber.. 2 1 0 9 7 8 2 2 2 2 5 2 1 1 8 8 8 6 1 1 9 9 1 3 2 22 4 8 0 2 1 0 9 8 3 2 1 0 9 9 9 October 198 197 185 183 213 199 197 RAW C M ot A to T n E , R I g A in L n S e : d. PROD S U o C y E -b R e S a ' n G O ca O k D e. S—Con. D N e o c v e e m m b b e e r r . . . . 1 1 9 8 8 2 1 19 7 1 3 1 1 8 7 9 5 1 1 6 7 6 9 2 2 2 0 5 0 1 18 9 1 7 1 1 9 8 7 0 Coal.8 CONSUMERS' GOODS: 1921. PROD S U te C e E l R S b ' a r G s O , O ro D d S s : , and W s o e o r l g en es . cloth and J M F a e a n b r u c r a u h r a y ry... 1 1 1 7 7 7 3 0 7 1 1 1 7 5 4 0 8 8 1 1 1 7 7 6 3 5 7 1 1 1 6 5 4 1 5 9 1 1 17 8 9 3 4 2 1 1 1 7 7 7 9 4 4 1 1 1 6 7 7 7 6 1 Rice. April 173 146 167 148 179 177 169 Steel, plate and sheet. Fowl eggs. May 179 146 165 147 180 185 173 Leather. Salt. J J u u n ly e 1 18 7 6 8 1 1 4 4 1 0 1 1 6 6 3 6 1 14 4 1 2 1 1 8 8 1 4 1 19 8 7 5 1 1 7 7 2 8 Potash. Kerosene. August 184 144 166 142 187 193 177 Indigo. September 197 167 175 159 199 207 192 October... 208 172 185 171 209 217 202 November. 204 162 183 167 193 215 197 December. 201 154 192 167 192 209 GOODS EXPORTED. 1922. January... 198 153 197 168 191 203 191 RAW MATERIALS: CONSUMERS' GOODS—Con. February.. 192 151 186 163 183 198 185 Raw silk. White nankeen March 187 153 175 157 183 195 182 Coal. (broad). A M p a r y i l , 1 1 8 8 6 8 1 1 5 5 1 7 1 18 7 3 6 1 1 5 6 7 4 1 1 8 8 3 2 1 1 9 9 2 4 1 18 8 3 0 Copper. " W hite nankeen June , 191 166 192 168 191 196 187 PRODUCERS' GOODS: (narrow). July 200 167 196 170 195 208 195 Cement. Sugar . August 192 160 189 161 187 202 187 September , 183 156 189 159 177 190 179 Plate and sheet glass. Rice. October 177 159 195 166 171 179 174 Cotton yarn. Tea. November.. 173 166 194 173 168 173 172 European paper. Sake (wine). December.. 175 165 192 171 167 177 173 CONSUMERS' GOODS: Rapeseed oil. 1923. Silk fabric. Matches. January 176 175 199 178 176 174 176 Silk crepe. Soy. M Fe a b rc r h uary... 1 1 8 8 3 4 1 19 8 3 4 2 2 1 1 2 4 1 1 9 9 4 2 1 1 9 8 0 6 1 1 7 7 8 7 1 1 8 8 3 5 Muslin, April " 185 186 214 192 188 180 185 i Begins July, 1920. J M un a e y........ 1 1 8 8 8 7 1 1 8 8 4 0 2 1 1 9 3 8 1 1 8 9 6 0 1 1 8 8 5 9 1 18 8 7 5 1 18 8 6 7 a Begins January, 1920. July 184 173 192 179 176 182 • Begins September, 1919. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUAKY, 1924. FEDERAL DESERVE BULLETIN. 25 BUSINESS CONDITIONS IN THE UNITED STATES. AGRICULTURE,, value of agricultural production to approximately 12 per cent more than in 1922. All of Harvesting was completed in. November or the principal crops, • with the exception of early December, except in the southernmost wheat, as shown in the chart, had a greater areas of the country, where winter fruit harvalue than last year. The final yields of the vesting began and truck crops planted in the principal crops in the different Federal reserve early fall were being shipped. Mild weather districts are given in the table on page 16. aided farm operations in most sections of the country, and although rains delayed plantings Grain. : of fall grains in sections of the Atlanta, St. Final estimates of the total grain yields in Louis, and Dallas districts, they were generally 1923 showed but little change from earlier foreadvantageous to the growing cereals, and the casts. One of the outstanding developments condition of the winter wheat and rye crops during the year was the large increase in the were better on December 1 than in recent yield of flaxseed, which resulted from an inyears. Prices of agricultural commodities, creased acreage, especially in the Minneapolis after increasing during the early autumn Federal reserve district, where producers months and remaining at a higher level than planted the crop in lieu of wheat. All grains, in any harvesting season since 1920, declined with the exception of wheat and rye, had a slightly during November, when the markets greater value than in 1922. Under favorable weakened under the burden of seasonal distriweather conditions during November and early bution. Crop prices are still higher than in December winter wheat and other fall-sown either of the two preceding years, but livestock grains made good progress, especially in the declined in November to the lowest point since Kansas City district. Alttiougn the excessive rains delayed sowings in the Dallas district and MILLIONS OF DOLLARS MILLIONS OF DOLLARS caused smaller acreage than originally in- 2400 (2400 tended, they were very beneficial to the grow- 2200 2200 ing crop. As a result of exceptionally favor- 2000 2000 able seasons to date, the condition of winter 1800 1800 wheat and rye, as shown in the following table^ is considerably better than a year ago. The 1600 1600 acreage, however, is somewhat smaller than 1i*00 14-00 in 1922. 1 1200 1000 Acreage sown. Condition Dec. 1— aoo 600 600 1923 1922 1923 1922 400 400 mi Winter wheat 40,191,000 45,950,000 88.0 79.5 20.0 200 Rye . . . 4,377,000 5,157,000 89.9 84.3 0 CORN COTTON HAY WHEAT POTATOES TOBACCO The marketing of corn prior to November 1 (Lint &Seecf) was delayed by unfavorable weather for husk- Value of principal crops. ing, but during November harvesting pro- January, 1922. As a result of greater declines gressed rapidly and the volume distributed in prices, of farm products (crops and livestock) was considerably larger than in October. All than in other commodity prices the purchasing other grains except rye were marketed in power of farm products declined during the smaller volume than in October. The distrimonth to the levels existing at the beginning bution of grain in November is usually less than of the harvesting season. in October, but the volume this November was Notwithstanding the slight declines in recent also considerably smaller than a year ago. weeks, higher prices during the harvesting sea- Exports of wheat have been in small volume son than in 1922, together with larger yields in since the beginning of the harvesting season, most of the principal crops, increased the total reflecting the unwillingness of the American Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

26 FEDERAL RESERVE BULLETIN. JANUAKY, 1924. producers to dispose of their crops in the world Wisconsin, where stripping progressed slowly markets at prevailing prices and in competition on account of the dry weather. The total with other producing countries. crop is the second largest in the history of the country, being exceeded only by the Cotton. record crop in 1920. Although the average During November and December harvesting farm price on December 1 was 20.3 cents and ginning of the cotton crop neared comple- compared with 23.2 cents a year ago, the tion and final estimates indicated a yield of total value of the crop exceeds that of the 10,081,000 bales, valued at $1,563,347,000. previous year. The quality of the crop is The year was of particular significance in all somewhat lower than a year ago, and this is branches of the industry,, The small yields largely responsible for lower prices, but the and high prices in 1922 resulted in exceptionally yield per acre was larger than in 1922, which large plantings in the spring of 1923, but under offsets in part the lower returns from the the effect of unfavorable weather during the inferior quality. During the year cooperative growing season and unusual weevil damage the marketing associations in the tobacco seccrop deteriorated rapidly and the output was tions were further developed, and a larger small for the third successive year. Domestic proportion of the crop is now being distributed consumption of raw cotton was in exceptionally through cooperative channels. large volume during the spring months and The volume of tobacco products manureached a peak in May. Since that period the factured in November was less than in Octomonthly consumption has fallen below that of ber. All products, with the exception of the corresponding months in the previous year, cigarettes, were produced in smaller quantities but the total consumption of the year was than in November a year ago. The slackenlarger than in 1922. Exports, on the other ing in production in November is seasonal, as hand, were considerably reduced in the spring orders for the holiday season were generally and summer, but since the beginning of the filled in September and October. Production crop year they have increased and for the four of cigars during the first 10 months of the year months ending November 30 were greater than was greater than in the same period in 1921 during the same period a year ago. Following and 1922. Cigarette production during the the large volume of consumption in the spring 10-month period was the heaviest on record. months the price advanced rapidly and reached a peak in March. The curtailment in mill Fruit. operations in the second quarter of the year With the exception of unseasonably low and large plantings were reflected by declining temperatures prevailing in California during prices until August. At the opening of the the second week In December, weather conharvesting season a greater foreign demand and ditions were generally favorable during the late the effects of unfavorable weather and weevil weeks of November and early December for damage on the final yield were reflected in harvesting and distributing the fruit crops. higher prices and, with the exception of the The California Valencia orange crop was early weeks of October, the market advanced injured somewhat by the low temperature, but rapidly until the first of December, when spot the extent of the damage will not' be known cotton, middling grade, reached 35.80 cents in until about January 1. The harvesting of the New Orleans market. Since that period apples continued in all sections, and early in prices declined slightly, reaching 34.80 cents on December packing was completed in Georgia. December 14. With the exception of the Although the total apple crop is slightly spring of 1920, the recent levels in the cotton smaller than last year, the quality is higher market have been the highest since the period and a larger proportion of the crop will be immediately following the Civil War. marketed than in 1922. As a result, the total value of the crop is larger than last season. Tobacco. The yields of peaches and pears, as will be Weather conditions were generally favorable noted in the table showing the yields and during November and early December for value of the principal fruit crops, were smaller harvesting tobacco In all sections except than in 1922 and oranges larger. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL. RESERVE BULLETIN. 27 SIZE AND VALUE OF PRINCIPAL FRUIT CROPS. MINING, Coal and coke. Yield (000 omitted).Value (000 omitted). Gradual declines in the production of bituminous coal during November and Decem- 1923 1922 1923 1922 ber reflected the influence of inactive demand, large stocks, and falling prices. Total pro- Apples, total bushels.. 196,770 202,702 $201,110 $199,848 duction for the month of November was the Apples, commercial..barrels.. 34,403 31,945 95,979 93,636 smallest since last April, and about the middle Peaebes .bushels.. 45,702 55,852 64,043 74,717 Pears. do 17,390 20,705 21,053 21,943 of December daily output averaged less than OrangesJ boxes.. 34, 800 30,200 64,080 63,310 at any time since September, 1922. The large commercial stocks on hand September 1, 1 Figures include only California and Florida. the rather mild weather prevailing during the The marketing of citrus fruits was in ex- fall, curtailing domestic consumption, and the ceptionally large volume in November. Total declining output of coke have been important shipments of oranges and grapefruit from factors in the reduced demand for coaL The Florida, for the season ending November 30 fall in prices brought the Coal Age index of were the largest on record/ amounting to bituminous coal prices in the first week of 11,614 cars, compared with 8,083 cars a year December to $2.18, the lowest point since 1915, ago. The great increase was due to the heavy excepting a short period early in 1922. Inmovement of oranges. creased interest and a better tone was reported in several markets the following week and Livestock. some quotations were raised slightly. Pastures and ranges in all sections of the Weather has also affected the demand for country were very favorably affected by anthracite, although not to the same extent as autumn precipitation and mild weather in that of bituminous coal. November produc- November and December, and as a result livetion of anthracite was the smallest of all stock are generally in good condition. Very months this year except September, the month little severe winter weather has been noted to of the strike, but output increased a little in date and relatively little feeding has been nec- December. Total production to date in 1923, essary. Considerable improvement in range however, has been larger than for any previous conditions as compared with last year has year except 1917 and 1918. The anthracite materially benefited the range stock and they market has been rather weak in December, are going into the winter in better condition and quotations on some grades have been than in several years. lowered by independent producers. Marketing of livestock during November was Reduced output of coke continued during characterized by a continuation of the excep- November and December, accompanied by tionally heavy movement of hogs to market and §oor demand and falling prices. Total, proa slackening in the distribution of cattle, uction of beehive and by-product coke in calves, and sheep. The record-breaking mar- November was about the same as during the keting of hogs during November was a consame.month of 1922. Quotations on beehive tinuation of the unprecedented distribution coke for next quarter contracts have been that has been significant throughout the year. announced, and some contracts have been Reports early in the autumn of the spread of renewed at from $4.25 to $4.40 a ton, but cholera in principal swine-producing sections many consumers seem, unwilling to pay over $4, aided the large volume of selling, and the November receipts exceeded those of any previous Metals. month in the year and was one of the largest Production of all the important commercial monthly totals in the history of the livestock metals has been larger in 1923 than in any other industry. Cattle and sheep were marketed in year since the war. Shipments of iron ore from smaller volume in November than in either the Lake Superior totaled 59,000,000 tons this preceding .month or November a year ago. year, which was only exceeded in the war year The early autumn runs of range-fed cattle were 1918. Mine production of copper has been abated in November, as the stock had been maintained in every month since February at a shipped into country districts for feeding. higher rate than in any corresponding month The large volume of hogs marketed resulted in of the past four years. November copper profurther declines in prices in November and the duction amounted to 127,000,000 pounds, early weeks of December, and they are now near which indicated that the daily rate of output the 1913 level. was about the same as in October. A slight Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

28 FEDERAL RESERVE BULLETIN. 1924. surplus of workers has developed at the copper Texas fields. Stocks which had been accumumines, due to recent immigration of miners lating month by month since January continued from Europe, release of skilled miners by other to increase in November and amounted to industries, and a somewhat smaller demand. 323,366,000 barrels compared with 315,356,000 It is estimated that November shipments of at the end of October. copper were the largest of any month on record Although the consumption of gasoline was and exceeded the refinery output, which was larger than expected in November, there was less than in October. Demand, however, no effect on prices, which declined to a new slackened in the first two weeks of December, low point for the year. Both domestic and as a result of the approach of the annual inven- foreign consumption of gasoline was in larger tory period, and prices have shown little change. volume during the 10 months ending October Zinc and lead mines in the Joplin section 31 than in 1922, but they were not large were closed during the first week of November enough to absorb the increased production, and and the first week of December. Shipments as a result stocks have been greater each month of zinc ore reached the second largest monthly than a year ago and prices have declined contotal of the year, and the average price per ton stantly since March. Exports of gasoline durwas about $2 higher than in October. Lead ing the first 10 months of the year were 47 per ore shipments from the Joplin mines also in- cent greater than during the same period a year creased, but the average price continued to ago, but on account of lower prices the value decline. Production of slab zinc totaled was only 11 per cent greater. 88,600,000 pounds in November, which was 5 per cent more than in October, and stocks at the end of the month totaled 61,800,000, MANUFACTURING. the largest aggregate since May, 1922. Zinc Food products. stocks, however, are only equal to a three- During the first seven months of the year proweeks supply at the current rate of shipments. duction of flour exceeded month by month the Silver production in the United States deoutput in 1922, but following the harvesting clined from 5,428,000 ounces in October to season in August activity in the milling indus- 4,894,000 ounces in November. Due to this try failed to increase as rapidly as in the precurtailment in domestic production and the ceding season, and since that month the volume hindrance to imports from recent developments of production has been less than a year ago. in Mexico, the price of bar silver increased Production in November showed a decline of 8 from 64.1 cents to 65.3 cents per ounce during per cent from the high point of the year reached the first half of December. in October and a decrease of 14 per cent from Petroleum. November a year ago. While fewer working A further reduction in the daily average days than in October were partly responsible output of crude petroleum was the outstanding for the reduced output in November, curtaildevelopment in the oil industry in November. ment of mill operations followed the downward Production increased throughout the year until movement in wheat prices, which began in the the first week in September, when the record third week in October and continued throughfigure of 2,280,700 barrels was reached. After out November. Flour prices declined to the that week the output declined until the third lowest point of the year in November and, with week in October, when the Powell field in the exception of July, were lower than in any Texas came into bearing. Production in that period in recent years. Early in December, field, after reaching a peak of 355,000 barrels a when reports of food loans to Germany were day, declined rapidly, and in the week ending discussed, wheat and flour prices became firmer December 15 the Nation's daily volume was and recovered some of the losses in November. 1,943,000 barrels. The Powell field has been Under the influence of declining prices both the center of interest during recent months, domestic and foreign trade in flour were less but the continuous decline in production in active than in October. Buyers were reluctant that area relieved much of the uncertainty in to place future orders and purchased only for the industry and as a result the petroleum immediate purposes. Exports of flour, although market has become much firmer. Prices have less than the large volume in October, were been advanced in most fields, the increases greater than in November a year ago. Since amounting to 25 cents per barrel for Pennsyl- the beginning of the crop year in August, flour vania crude and from 5 to 30 cents in the north exports have exceeded the monthly volume of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUA&Y, 1924:. FEDBEAL EESEEVE BULLETIN.. the same period in. 1922 and have somewhat xnent of prices of raw wool in domestic markets. offset the decline in wheat exports. The following table gives some idea of the Meat packing was in exceptionally large recent decrease in imports and accompanying volume during November and exceeded the increase in reexports, which in the six months output in any month since January, '1919. The from May to October by far exceeded any number of hogs slaughtered was the largest on previous yearly totals. It must be remembered, record with the exception of January, 1919, and however^ that imports in the 12 months ended was 23 per cent greater than in October, All June 30 were the largest on record and evidently other animals were slaughtered in smaller num- exceeded the requirements of the country. In bers than in,October and, with the exception of November reexports began to decline. cattle, more animals were slaughtered than in [Pounds, 000 omitted.] November a year ago. Although domestic trade in packing-house products showed a sea- Imports. y&eexports. sonal decline of 21 per cent in November, it was larger than a year ago and, notwithstanding the 191&—monthly average........ 37,158 474 large volume of packing, stocks of .meat prod- 1 19 9 2 2 1 0 — — - m m o o n n t t h h l l y y a a v v e e r r a a g g e e........ 2 2 8 1 . , 7 6 2 3 2 5 1,0 1 3 3 5 4 ucts are not exceptionally large. Some whole- 1922—monthly average....... 31,400 368 1923—Average, January-April 63,544 197 sale meat prices, especially for pork products, Average, May-August.., 25,253 2,187 made further declines in November under the S O e c p t t o e b m e b r e . r . . . . . . . . . . . .. . . . . . . . . ..... 7 9, , 5 8 6 8 6 3 3 6, , 2 3 2 9 0 8 effect of a larger volume of production, and in November 9,815 2,722 a few cases they were lower than in 1913. Buying of woolen and. worsted goods has Textiles. continued inactive, as this is a between-seasons Among the textiles, demand was generally period before the opening of 1924 heavy-weight fair in November and December, production lines. The light-weight season now closing schedules were maintained, and prices were was not an entirely satisfactory one. Operateither steadier than in previous months or ing schedules were only slightly reduced durwere rising. ing November, as shown by statistics of active Demand for cotton products varied some- machinery and of raw wool consumption. In what with the fluctuations in raw material fact, consumption by many New England prices. Buying., particularly of gray goods, manufacturers actually increased, and the per improved rather considerably in November, cent of machinery hours active was slightly when the price of raw cotton reached its high greater than in October. Clothing manulevel, but quieted down upon later recessions facturers reduced operations considerably in in J the cotton market. Prices of yarns and November and employment indexes fell from cloth have continued the rise commenced in 94 in October to 87 in November for men's August, and the Fairchild cotton goods price clothing and from 83 to 75 in the case of index was 18.114 op. December 15, compared women's clothing. These indexes for Novemwith 18.196, the previous high record of the ber, 1922, were-94 and 78, respectively, for year^ attained April 7. The week of December men7s and women's lines. Sales by whole- 22 it ^dropped to 18.059. The general level of salers in the New York district were considercotton cloth and yarn prices is.now about up ably less than during October, but above those to that of last March the highest since the of November, 1922. ? fall of •-'1920. Mill consumption of raw cotton Activity in the silk industry continues to in November was 531,631 bales, slightly less in decline. Deliveries of raw silk to mills were total but greater in daily average than during only slightly less in November than during October. Neither in buying nor in manu- October, but were 29 per cent below those of facturing operations is the industry as active last November, and active loom hours in New as it was early in the y^ear.' Reports indicate Jersey mills decreased from 2 to 5 per cent that future buying is limited and production between November 15 and December 15. is in excess of orders being received. Cotton Buying of both thrown and broad silks is finishers reported . slightly less business in light. . Prices of raw. silk strengthened some- November than in October. what in the latter part of November, but in Increased buying of raw wool in November, December they fell to the lowest level in the following several weeks of unusually large re- period since the Japanese earthquake. Wareexports and higher prices prevailing in foreign house stocks of raw silk increased 8 per cent markets, have resulted in an upward move- during November. T6980-—24 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

30 EEDEEAL, RESERVE BULLETIN. JANUARY, 1924. Production of knit underwear during No- ing years and continue active. Locomotive vember was somewhat less than in October. production was likewise large throughout the New orders booked for winter underwear de- year, but in recent months new orders have clined and were smaller than shipments, con- been few and unfilled orders consequently sequently the volume of unfilled orders fell off. have decreased rapidly and are now the Shipments of winter underwear exceeded smallest since June, 1922. Railroads conproduction and stocks were reduced. Pro- tinue to be f a rly active buyers of rails and ducers of summer garments in the Philadelphia other equipment. district reported an increase in orders. Certain southern mills announced prices on heavy- Automobiles.' weight underwear for next year's contracts Substantial declines occurred in the prosomewhat earlier than usual,- rilled their order duction and distribution of automoblies during books for several months in advance, withdrew November as compared with October. Outtheir lines, and reopened Pater at higher pricey put and shipments remained, however, rela- Orders for hosiery in the Philadelphia district tively large and were over 30 per cent greater increased rather substantially in. November than during November of the previous year. and shipments declined. . On the other hand, Reports indicate continuation of the high rate manufacturers of cotton hosiery in the Atlanta of production well up into December. Comdistrict reported a material reduction in orders bined output of passenger cars and trucks for and an increase in shipments. The unsettled this year will total approximately 4,000,000, situation in the raw cotton market has affected an increase of more than 50 per cent above the sales of cotton hosiery. • 1922 total, heretofore, the record figure. A number of price changes in both directions have Iron and steel. been announced recently by manufacturers. Despite reports of increased buying of iron Dealers7 sales.of new cars in the Middle West, and. steel products during November, the as reported to the Federal Reserve Bank of various statistical indexes of the industry Chicago, were 30 per cent less during November declined .in that month. Total and .daily than in October. The number sold by retailers average production of pig iron and steel ingots was slightly above that of November, 1922, decreased—pig iron to tie lowest point since whereas wholesalers reported a decline. Stocks November, 1922, and steel to the lowest since of both new and old cars increased and were September of the same year. Furthermore, considerably larger than a year ago. Dealers unfilled orders of the United States Steel Cor- are evidently beginning to stock up for the poration declined for the eighth consecutive spring demand. month, and on November 30 were the smallest October production of pneumatic tires and since February 28, 1922, the post-war low inner tubes was the largest since early in the point. The output of steel ingots increased summer, and tire shipments likewise increased, slightly early in December, only to be di- causing a further decline in stocks. Inner-tube minished further the following week because shipments, however, were smaller and stocks of reduced activity among the independent consequently increased. No statistics are availproducers, while blast-furnace operation con- able for more recent months. tinued to decline throughout the period. Leather and shoes. ': Prices became rather firm the latter part of November, and basic valley pig iron rose from Hide markets were somewhat more active in $20 a ton to $22, but later it fell again to $20. December than during the previous month, The Iron Trade Review's composite index of price declines were stopped, and some advances iron and steel prices was $43 on December 19, occurred. Export, as well as domestic demand, as compared with $42.63 on November 21, has improved. Dullness continued, however, the low point of the year. in the leather markets—in fact it was perhaps Consumption of iron and steel products increased by the desire of buyers to have during the past year has been heavy and inventories as low as possible at the end of the production has consequently exceeded all year. Sole-leather output was further curtailed previous records; the 1923 output of pig iron and was the smallest monthly total, with one will total nearly 40,000,000 tons and that of exception, since June, 1922. Somebuyers,howsteel ingots exceeded that amount in 11 ever, have taken advantage of lower prices and months. Among important users of these bought fair-sized lots of heavy leathers. Sales products, building construction and auto- of upper leathers have been limited and kid mobile manufacturing have had record-break- leather production has been curtailed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

31 JANUARY, 1924. FEDERAL RESERVE BULLETIN". Productioji of shoes declined rather consider- amounted to 27 per cent and 25 percent, ably in November aad totaled less than for respectively. Value of contract awards in- November, 1922, Declines were largest in creased 8 per cent and value of new permits the Boston, Philadelphia, and St. Louis increased 12 per cent in the New York district districts, Eeports from the Philadelphia .dis- during November, due to an. exceptionally trict indicate that retailers are buying little large amount of new building in New York at present • and wholesalers are cautious in City. their purchasing for spring needs. • Statistics The floor space of new buildings for which compiled by the Federal reserve banks of contracts were awarded in 27 northeastern Boston, Philadelphia, and Chicago from-shoe States aggregated 51,972,000' square feet in ' manufacturers show substantial increases in November, as compared with 54 258,000 square ? unfilled orders and stocks during November* feet in October and 46,946,000 square feet in Orders, however, were much smaller than a November, 1922* Contracts for residences, year ago. Shipments were less than last business buildings, hospitals, churches, and year in the Boston district, but larger in educational buildings were in smaller volume Philadelphia and Chicago. Wholesale shoe than in October, while there was a considerable sales during November decreased as compared increase in awards for new industrial buildings. both with October and with November a year Statistics of new construction, classified by ago* Retail shoe stores reported increases in geographical districts and by purpose of strucsales over those of November, 1922* tures, are published on page 42. Prices of building materials showed a further Lumber* slight decline during November and averaged Orders, shipments, and production of lumber 11 per cent less than at their peak for the year declined during November and December in in April. Cement production was much larger accordance with usual seasonal . trends. than in November of any previous. year, and Throughout November orders were smaller output of brick, lumber, and other building than shipments, which in turn were exceeded materials was unusually large, considering the by cut; consequently stocks increased and un- season of the year. Sales of structural steel filled orders declined* But in December weekly were larger than in October. orders began to exceed both shipments and production. As . compared with this time last TRANSPORTATION. year, sales and output have been generally higher. Production and shipments during Railroad shipments during the first 11 November, as reported by the National Lum- months of 1923 were 17 per cent larger than in ber Manufacturers7 Association, totaled, re- the corresponding period of 1922 and were spectively, 1,332,054,000 and 1,229,874,000. also at-a higher rate than in any earlier year. feet, as compared with 1,235,748,000 and The railroads were able to handle this great 1,149,736,000 feet inrNovember, 1922. volume of traffic without congestion as a result of large purchases of new rolling stock and a Softwood prices, as shown by Lumber's index, great reduction in bad-order equipment. The fluctuated somewhat during ' November and number of new freight cars put in service December, but on December 21 was a little during the first 11. months of 1923 totaled larger than on November 23. The hardwood 178,000/as compared with 86,000 in the entire index declined rather steadily and reached the j;ear 1922; while the number of new locomolow point of the year in the week of December tives put in service prior to December 1 was 14, but a small advance during the following 3,704, as compared with 1,379 in the year 1922. week wiped out all of the preceding month's drop. As the number of freight cars awaiting repair BUILDING. on December 1 was over 70,000 less than a year previous, the supply of available cars has The building industry has been very active increased by almost 250,000 during the past throughout 1923, and the value of new con- year* As a result of this large increase in car struction reached a larger total than in any supply there was an average net surplus of previous year on record. Contract awards for 88,000 cars in November, 1923, as compared new buildings, according to statistics collected with an average net shortage of 150,000 cars by the F. W. Dodge Co., declined during in November, 1922, November in all reporting districts except New Car loadings in November were smaller than York. The most important reductions were in^any month since April, but this is the usual in the St.' Louis and Chicago districts and development in the late autumn. Total load- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

82 FEDERAL BBSBEVE BTILLETIN. JANUARY, 1924. ings for the month were 4 per cent larger than largest reductions of inventories as compared a year ago, although loadings in the last week with the end of October—16 per cent in the of' November fell below the total for the cor- Chicago district and 12 per cent in the Dallas responding week-of 1922. Shipments of mis- district. Collections in most lines were smaller cellaneous merchandise, forest products, live- than in October, but larger than in November ? stock, and ore were larger than in November, 1922, 1922, while shipments, of coal, coke, and grain Retail trade. were smaller. Analysis by railroad operating Retail' business was smaller in November. districts indicates that November loadings After correction for seasonal variations, departwere larger than last year in southern and ment-store sales were 4 per cent less than in western districts but were slightly smaller in October, while mail-order sales decreased 7 per the East. cent. Chains handling musical instruments, TRADE. Wholesale trade. candy, cigars, and 5 and 10 cent articles, on the other hand, showed less than the usual seasonal Wholesale trade was less active in November declines in sales. Sales in all'reporting lines than in any month since July, The index of were larger this November than a year ago. the Federal Reserve Board shows that sales Department-store trade was less active in Nowere 13 per cent less than in October, although vember in all Federal reserve districts except 5 per cent larger than a year ago. Trade was Boston and Philadelphia, whereas there is ususmaller in November in all important lines and ally an increase in buying at that season of the in all Federal reserve districts. Sales of shoes year. The largest decreases, after allowance for were also less than in November, 1922, in all seasonal changes, occurred in the Dallas and reporting districts except Atlanta, but sales of Atlanta districts and amounted to 11 and 9 per hardware, drugs, groceries, and meat were cent, respectively. Analysis of the November considerably larger. The accompanying chart sales in the New York district indicate that. sales were larger than a year ago in all major MILLIONS OF DOLLARS MILLIONS OF DOLLARS 20 20 departments except silk'goods. Sales of men's and boys' wear were 15 per cent larger than in November, 1922, and sales of the hosiery, cotton goods, women's and misses' ready-to-wear, and woolen-goods departments showed increases ranging from 7 per cent to 5 per cent. Sales of silk goods were 6 per cent less than in last November. Merchandise stocks.at 286 department stores increased slightly during November and were 15 per cent greater than a year ago. This accumulation of stocks continues to be most pronounced at stores located in the Chicago, Cleveland, and San Francisco districts. Statistics which show the trend of wholesale and retail trade by lines and districts are published on 1921 1922 1923 pages 43 and 44. Average weekly sales of 30 meat packers. PRICES. shows the average weekly value of packers' sales in each month of the past three years. Commodity prices declined during Novem- It will be noted that meat sales have been ber, according to the index of the Bureau of larger in each month of 1923 than in the corre- Labor Statistics. The chief reductions ocsponding month of 1922 and that the packing curred in the prices of house furnishings and business has shown a distinct upward trend, fuel and amounted to 4 per cent and 3 per after allowance for seasonal variations, for a cent, respectively. Prices of farm products period of two years. resumed their upward movement and reached Stocks of merchandise held by wholesalers, the highest level of the year, but there was a according to-reports to the Federal reserve further divergence of trend between prices banks of Chicago and Dallas, decreased during of crops and prices of animal products. Prices November? but continued to be larger than a of field crops in November were 12 per cent year ago. Dry-goods dealers reported the higher than a year ago, while prices of animal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JAHUABY, 1924, FEDEEAXi RESERVE BULLETIN. 83 products declined 11 per cent in the same Furthermore, establishments operating on a period. full-time schedule were 4 per cent fewer than Analysis of price changes of commodities; in October. Of those industries running full grouped according to stage of manufacture, time, however, a slightly larger percentage Indicates that prices of raw materials and were operating at capacity than during the semifinished products decreased In November, preceding month. Yet the declines in total while there was no change in the price level of number employed, pay rolls, per capita earnconsumers' goods. Comparisons with prices ings, and percentage of full-time operations in November, 1922, show that prices of raw indicate that productive activity was at a materials and semifinished products have be- somewhat smaller rate in November than in come adjusted closer to their pre-war relation- October. ship, but prices of semifinished products are COMMERCIAL FAILURES, still relatively low. The relationship between prices of raw materials and prices of consumers1 Commercial failures for November, reported goods is at present about the same as In 1913. by R, G. Dunn & Co,, numbered 1,704, some™ Most of the changes In price quotations what abpve the October figure but below that during the first half of December continued of November of last year. Liabilities totaled to be reductions. .Among the commodities $50,291,708, which was less than that for the which showed decreases were sheep beef, previous month but larger than that for the ? . sugar silk, coke and-rubber. Prices of wheat sam^e month: of last year. The size of the ; ? ? wool, and silver advanced. liabilities was again:accounted for in considerable measure by' a number of large manufac- EMPLOYMENT. turing failures. For the first three weeks of December the number of failures is reported at Factory employment declined 1 per cent In 1,818, which compares with 1,293 for the same November, according to the Index of employperiod of 1922. ment in manufacturing industries/ which Compared with that in November, 1922, the dropped from 101 in October to 100 in Novemnumber of Insolvencies for November, 1923, ber, the smallest figure since last January* was smaller in all districts except New York, This decrease was due chiefly to lessened em- Minneapolis, Kansas City, and Dallas, whereas ployment in the Iron and steel, car building liabilities were larger in all except New York, and repairing, clothing, flour, and baking In- Cleveland, Richmond, and San Francisco, dustries. Increases were noted in many Im- District figures comparing November of this portant. Industries such as cotton, dyeing and year with last are given below: finishing textiles, knit goods, meat packing, tobacco, cement, and printing. The Index was 3 per cent higher than It was In November, Number Liabilities* 1922, at which time employment was increasing Districtrapidly In practically all Industries, In textiles^ 1923 1922 1923 1922 leather and shoes, and tobacco there were fewer employees than on the same date last No,, 1— Boston..-. 133 149 $10,727,470 . $2,652,701 No 2—-New York. 356 344 8,126,848 9,548,910 ye D ar e . creases in employment during November, N N© o.o 4 3 — — . P C h le il v a e d la e n lp d h ... ia... 1 7 1 8 6 1 8 2 1 2 3 4, , 0 8 0 6 1 4 , , 5 3 8 0 2 1 6 2 , , 3 9 9 4 5 5 , , 9 3 0 4 6 5 No. 5—Richmond..... 103 1^1 2,223,757 2,938,562 with corresponding declines in pay rolls. In No. 6—Atlanta. 106 122 3,710,159 1,928,165 No. 7—Chicago 230 236 6,433,450 5,928,921 most cases, were reported In practically all No. 8—St. Louis ..... 109 T?0 2,233,369 2,060,085 States collecting such statistics, but in no case N N o o . . 9 1 — 0-— -M K in an n s e a a s p o C l i is ty .« .« . 9 7 1 5 7 8 4 2 1.5 8 6 9 5 2 , , 6 8 3 6 5 2 1,2 7 7 5 0 3 , , 8 9 0 8 5 4 was the total change large. The decreases No. 11—Dallas........ 127 8$ 4,445,724 1,361,108 % No. 12—San Francisco, 180 203 2.066,561 2,480,805 reported.;,^by the United States Bureau of Labor Statistics for the country as a whole Total............ 1,704 737 50,291,708 40,265,297 were 0.5 per cent in number employed, 1.4 per cent In total pay rolls, and 0.9 In average MONEY KATES weekly earnings. Average earnings are a Money rates remained practically unchanged fairly accurate measure of average hours in the New York market during the first three worked by emp!oyees as practically no changes l weeks in December. Commercial paper conoccurred in wage rates. Declines In this item tinued easy at 4f to 5 per cent, with a larger were reported by 84 out of 51 industries. volume sold at 4f per cent in the interior than 1 Shown on chart on page 11; detailed figures given OE page 88. during the previous month* The rate on Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

34 FEDEEAL RESERVE BULLETIN. JANUARY, 1924. prime bankers' acceptances remained at 4f per with short maturities, but in December recent, although a seasonal increase in the supply quests for longer maturities were noted. As . of acceptances based on exports, withjlarger a result of the large supply of bills which has purchases by the Federal reserve bank and a come upon the market in the recent periods decrease in foreign money offered in the dis- offerings to the Federal reserve banks have count market gave a slightly firmer tone to the been larger and their portfolios showed a bill market. The yield on 4 to 6 months substantial increase at the close of the period. Treasury certificates of indebtedness, figured Rates continued firm and unchanged at 4| to on the offering prices of dealers, declined some- 4i bid and 4 to 4| offered for 30 to 90 day what early in December but during the last bills, y/hile bills of 120 days ranged- from 4 J week reported rose approximately to the to 4f bid and 4| to 4| offered. These are November average. Liberty-bond yields also, practically the same levels that have been declined slightly the first week and then con- maintained throughout the .year, tinued without change. The table below shows the rates prevailing in the New York market SAVINGS DEPOSITS. . during the past two months compared with According to statistics furnished by ^889 the corresponding months of 1922: banks distributed throughout the united States, savings deposits increased nearly oneco P p m c a r i i p a m m e l r e e , r- a b a n P a c c n r c e i k e m s e p , r e t 9 s - 0 ' i Y n n c c d e i a e e s e t r l e s b t d i , s t f 4 e i o o - - d n 6 f - o A L n y v i c b i 4 e e e e r J n l a r d t p t g y e e r h D D a e e l c f c e e m m of b b e e 1 r r " p 1 1 e , , r 1 9 1 c 2 9 e 2 2 n , 8 t a , n b a d e n t D d w e e c 1 e e 0 n m p N b e e o r r v 1 c e , e m n 1 b t 9 e 2 r b 3 e , 1 t a w b a e o n e u d n t months. days. months. bonds. the same percentages1.of. increase as were shown by November 1 statistics compared with those 1922. of the previous month • and year. The total November, monthly average. 4.43 deposits reported amounted to $6,776,859,000 December, month|y average.. 3.65 4.42 on December 1, 1923, to $6,746,089,000 on 1923. November 1, 1923, and to $6,158,540,000 on November, monthly average. 5 3.94 4.44 December 1, 1922. The only decrease during D D e e c c e e m m b b e e r r 8 1 , , w w e e e e k k l l y y a a v v e er r a a g g e e . . , . 4f-5 3 3. . 8 8 4 7 4 4 . .4 4 3 1 the month of November, 1923, occurred in the December 15, weekly average. 3.86 4.41 Cleveland district, which had shown the largest December 22, weekly average. 3.92 4.41 . increase during the month of October, • and amounted to less than one-tenth of 1 per cent. • Rates on commercial paper in western mar- The greatest increase, 1.15 per cent, took place kets showed a somewhat easier tendency during in the Chicago district. • A comparison of savthis period. ings deposits by Federal reserve districts on December 1, 1923, with deposits on November ACCEPTANCE MAKKET. 1, 1923, and December 1, 1922, is shown in the Since the beginning of the crop-moving following table. The figures for the Boston season the acceptance market has been and New York districts are. those of large mucharacterized by an increased supply of bills tual savings banks, but in all other districts -drawn to provide funds for financing the disreports of other banks are included to make tribution of agricultural commodities. Durthe figures representative. ing the period ending December 12 the supply continued large, as seasonal drawings to SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS. finance the marketing and exportation of cot- [000 omitted.] ton were particularly heavy. Bills were also drawn in considerable volume against grain, sugar, silk, coffee, wool, and to provide dollar District. N be u r m o - f D 1 e 9 c 2 . 3 . 1, N 1 o 9 v 2 . 3 . 1, D 1 e 9 c 2 . 2 1 . , exchange. The demand for bills has not increased in recent periods to the same extent as the supply, and as a result dealers'" aggre- N B e o w sto Y n ork.... 30 $ 1 1 , , 8 2 7 0 6 7 , , 1 7 0 2 7 2 2 87 0 1 4 , , 6 3 4 2 4 6 $ 1 1 , , 7 1 4 1 6 6 , , 1 5 2 4 7 6 gate portfolios have been larger than in any Philadelphia.. 79 463,010 461,935 419,046 Cleveland 18 455,596 452,971 393,214 preceding month during the year. There was, Richmond 91 290,543 290,783 276,936 however, a slight reduction on December 12 Atlanta....... 99 222,500 221.200 196,650 Chicago 207 885,346 875,299 800,706 from the volume held on November 14. The St. Louis 33 131,862 131,741 120,589 Minneapolis. =. 15 90,355 90,043 81,246 demand during the latter part of Novem- Kansas City... 58 98,188 95,399 90,894 ber came principally from banks in the in- Dallas 121 97,644 95,301 82,830 San Francisco. 74 955,447 833,756 terior where funds resulting from crop re- Total... 6,776,859 6,746,089 6,158,540 turns had accumulated, and centered in bills Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABT, 1924. FEDERAL RESERVE BULLETIN. 35 FOREIGN . TRADE. 11 months of the past year are but Mightly in excess of the amounts stated to have been shipped Foreign trade figures for November show an to this country by the Eeichsbank during 1923 increase over October of $3,000,000 in exports (about 200,000,000 gold marks up to Septemand a, decline of $16,000,00,0 in imports. The ber 7). Gold exports for the 11 months of the continued rise in exports is due in part to the past year totaled $27,932,000, compared with seasonal movement abroad of raw cotton, $34 165000 in 1922. Over one-half of the which reaches its peak in October and No- ? ; gold exported during the year was consigned vember, and partly also to the higher price of to British India, Mexico and Hongkong being cotton as compared with'-a year ago. The the next largest destinations. decline in imports has been, continuous since Silver imports for November, $5,269,000, May, with the exception of the month of fell considerably below the imports for the October. preceding months and the average of $6,101,000 for the 10 months of the past year. Silver MERCHANDISE TRADE BALANCE OF THE UNITED imports from Mexico were $4,190,000, com- STATES. pared with $5,230,000 for October, and $5,397, fin thousands of dollars.] 000 for September, and silver imports from Months. Imports. Exports. E im xc p e o s r s t s o . f E ex x p ce o s r s ts o . f Peru, which averaged in excess of $1,000,000 for the three preceding months, declined to $88,000. November exports of silver, $8,775,- 1922. 000, were larger than for any month since February .... 215,743 250,620 34,877 May.... 252,817 307,569 54,752 April, 1920. China, British India, England, August 281,376 301,775 20,399 November....... 291,805 380,000 88,195 and Hongkong were the principal destinations of the silver shipped out of the country during 1923. the month. January...... 329,245 335,417 6,172 February 303,465 306,957 3,492 Gold imports and exports by principal March..... ... 398,178 341,376 57,802 April..... 364,230 325,492 38,738 countries for November and the 11 months J M u a n y e . . . . .. . . . . ..... 3 3 2 7 0 2 , , 2 5 5 4 7 5 3 32 1 0 6 , , 0 3 3 6 8 3 56? 2 1 1 8 9 2 ending November, 1923, are shown [in the July 287,335 303,030 15,695 following table: August... 275,382 311,352 35,970 September 253,645 381,531 127; 886 October..... 308,366 400,814 92,448 GOLD IMPORTS INTO AND EXPOBTS FROM THE UNITED November 292,000 404,000 112,000 STATES. GOLD MOVEMENTS* 11 months Country. Nov 19 e 2 m 3. ber, v e e n m d b in e g r, N 19 o 2 - 3. UNITED STATES, Gold imports during the month, of November totaled $39,757,000, compared with $29,353,000 F E r n a g n l c a e nd . $33,6 7 1 5 7 5 , ,5 3 4 6 6 1 $13 1 4 3, , 8 5 2 3 7 6 , , 7 8 7 6 5 4 for the preceding month and an average of Germany 49,614,417 Netherlands. 10,916,569 $25,038,000 for the first 10 months of 1923. Canada 3,028,178 47,493,388 About 85 per cent of the total gold imported M Co e lo x m ic b o i . a . ..... . 3 4 9 0 8 0 , , 0 8 5 6 1 1 5 4, ,9 2 5 4 2 3 , , 5 40 3 6 0 during the month came from England; over Allother..... 1,557,439 23,552,468 three millions of gold was brought in from Total. 39,757,436 290,137,417 Canada, and substantial gold imports were credited to France, Mexico, the Dutch East Switzerland... 1,379,957 Indies, and New Zealand. Gold exports for' Canada 171,437 1,563,437 Mexico i.. 303,145 4,376,414 the month totaled $747,000, leaving, the net Colombia..... 700,000 British India.. 233,912 14,637,246 gold imports for the month at $39,011,000, Hongkong.... 18,300 2,203,615 compared with $28,551,000 for October. For Allother .. 20,000 3,071,219 the 11 months of the present year gold imports Total. 746,794 27,931,888 were $290437,000, compared with $248,730,000 in 1922. Of the 1923 total, $134,537,000, or GEE AT BRITAIN. 46.4 per cent, came from England, $49,614,000, or 17.1 per cent, from Germany and, $47,493,- Imports of gold to Great Britain during 000, or 16.4 per cent from Canada. Combined October rose by about £143,000 as compared imports from these three countries account for with September, the greatest increase being about 80 per cent of the total gold imports for shown in imports from the Transvaal. Exports theperiod. Gold imports from Germany for the during October rose by about £l 840 000, the ? ? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

86 FEDERAL BESEBVE BULLETIN. 1924. greatest increase being shown in exports to the Italian lire fluctuated between 4.31 and 4.36 united States, whicn increased 76 per cent cents per lira. Other European exchanges reover the corresponding amount shown for mained fairly steady. September. The export balance of gold has Of the South American exchanges, the risen from £4,000,000 for the 9 months ending Argentine peso and the Brazilian, milreis September to £6 870,000 for the 10 months showed moderate improvement, while the ? ending October. Following is a table showing Chilean peso fluctuated around 10.6 cents peif the gold movement into and from. Great peso. f ' 'i Britain during the current year: The Shanghai tael rose slightly during De4 cember and the Indian rupee and the Japanese GOLD IMPORTS INTO AND EXPORTS FROM GREAT yen showed slight recessions,. •' j • BRITAIN. Imports. Exports. Novem-I Deeexn-' ber, ' December, 1923. ber, ' 1923, .1922. Country* 10 months Country. 10 months October. ending October, ending 1923. October, 1923, October, 1923. Month. First S w ec e o ek n . d T w h e i e r k d . F w o e u e r k th . Month. Egypt .... £57,678 Netherlands. £230,018 £977,358 West Africa... £133,108 1,119,039 Egypt....... 250,000 1,525,500 Average quotations United States 947 2,653,297 United States 5.,,122,209 22,657,043 (cents): Rhodesia 211,934 1,855,174 British India 341,585 18,656,431 Sterling......... 438.22 436.15 i 437.19 436.93 ! 434.56 460.98 Transvaal 3,034,708 32,474,639 Straits Settle- French franc.... 5.52 5.39 | 5.33 5.22 I 5.07 7.23 All other, 33,354 267,396 ments ..... 37,425 273,942 Italian lira...... 4.36 4.34 I 4.35 4.33! 4.33 5.03 All other 170,390 1,205,494 Netherla ntds Total... 3,419,051 38,427,223 fl orin......... 38.02 38.00 38.14 38.10 | 37.90 39.84 Total... 6,151,627 45,295,768 Swedish krona.. 26.29 26.29 26.31 26.33 j 26.36 26.95 Canadian dollar. 98.13 97.91 ! 97.51 97.48 I 97.48 99.45 FOREIGN EXCHANGE. A Sh rg an en g t h i a n i e t p a e e s l o .. . . . 7 70 1 . . 7 1 6 5 7 71 1 . .4 5 4 9 I ! 7 72 2 . . 4 4 4 3 7 7 3 2 . . 0 9 8 6 i | 7 7 2 1 . . 6 9 0 9 8 7 5 1 . . 5 0 7 4 Percentages of par: Comparative stability, with a slight down- F S r t e e n r c li h n f g ra .. n . c ...... 9 2 0 8 . . 1 6 2 8 7 9 . . 9 6 8 2 9 7 . , 8 6 2 8 7 9 . . 0 8 2 8 6 9. . 3 3 9 3 4 7 . . 7 5 ward tendency, marked the leading foreign Italian lira...... 22.6 22.5 22,5 22.5 22.4 26.1 Netherlands exchange rates during December. Sterling florin 94.6 94.5 94.9 94.8 94.3 99.1 declined from $4.39 on the 5th to $4.35 on the S C w an e a d d is ia h n k d r o o l n la a r .. . 9 9 8 8 . . 1 1 9 9 8 7 . . 1 9 9 9 8 7 . . 2 5 9 9 4 7 . . 5 5 9 9 8 7 . . 4 5 1 9 0 9 0 . . 5 6 21st and stood on the last day of the month at Argentine peso.. 73,7 74.1 •75.1 75.6 75.3 88.7 " Shanghai tael... 105.9 107.3 108.4 109,3 107.7 106.3 $4.32. French francs declined from.5.41 cents General index of 17 per franc on the 1st to 5 cents on the 26th. countries .... 61 01 60 60 60 '70 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY, 1924. FEDERAL RESERVE BULLETIN. INDUSTRIAL STATISTICS* . Industrial activity was at a somewhat les- Among minerals, declines were noted in the sened rate during November than in October, .November output of all the chief products according to statistics of employment^ produc- except zinc. Anthracite and bituminous coal tion; orders, shipments, and building construc- production and lead output were less than a . tion given on the following pages. Declines year ago. Lessened activity in iron and steel occurred in all three of the indexes shown on was reflected by declines in employment in that the chart below, representing movements of industry, in unfilled orders of the United States agricultural commodities, output of mines, and Steel Corporation, and in the production of pig production of manufactured goods. Decreases iron, steel ingots, and coke. Seasonal recesin a number of instances were partially sea- sions occurred in the output of certain food .sonal,i.as not only does November have fewer products, of tobacco, jind of lumber and other working days than October, but also fall activ- building materials. Declines in total output ity generally begins to slacken in November. of textile fabrics may be largely, attributed to Yet the index of production in basic industries, the fewer working days in'November, as emin which allowance is made for such customary ployment in cotton, wool, and knit goods inseasonal changes, also fell about 2 per cent. creased. Large seasonal decreases of employ- Factory employment decreased about 1 per ment occurred in the clothing industries. cent. Output of. leather and shoes was considerably Substantial declines in the receipts of cattle, less than in October and also lower than during sheep, oats, and cotton were more than suffi- November, 1922. Building permits issued ana cient to offset advances in corn and hog receipts contracts awarded declined less than is usually and in sales of tobacco at warehouses, and expected in November, and increases were therefore the agricultural index declined. noted in some sections of the country. INDEXES OF INDUSTRIAL ACTIVITY ( MONTHLY AVERAGE, 1919 * 100 ) PER 40 20 0 i_.x f. M %. m J J A. S 0, N D. J F M AH.JJASONUJF. M. A. M J J I. J. J. A, S. 0. N D J. r M A M. J J. A. 5 0 M 0. 1910 1S20 1321 1922 1323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

88 FEDERAL RESERVE BULLETIN. JANUABY, 1924. INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES.» [Not corrected for seasonal variations. Monthly average, 1919=100.] Metals and. Textiles and products. in G e d r e a e n l x - . i G n r d o p e u r x o p . duc I t a r s n o . d n i G n r d o e u x p . Fab- P u r c o t d s. - L p u a b r u c n o e t m d r d- - . V cl e e h s i . - P p i a r a n i n p n g d e . t- r F p u a o r c n o o t d d s d . - s L p e u a r a c n o t t d d h s. - er S c a t l o n a n d y e , , b p u T a r c o c o t - c d s o . - C p u a c h r c a n o e t l d m d s s . - isteel. November...... 97 101 102 113 102 104 92 106 100 78 December...... 103 105 100 110 104 104 103 100 79 1923. January 99 105 106 102 115 95 104 80 February 101 105 106 104 118 98 104 80 March. 103 107 107 107 121 101 106 104 81 April 103 106 107 105 122 101 106 96 110 79 May 103 105 107 102 120 103 105 97 115 78 June..... ... 103 103* 105 100 122 103 105 100 115 78 July..... 101 99 100 97 121 102 105 2103 114 77 August.. 101 93 98 3 98 121 102 104 2104 115 78 September... 101 99 99 2100 119 101 104 106 114 78 October.. 101 99 99 siOO 120 3100 105 *110 114 79 November... 100 100 96 120 106 110 112 78 1 This table contains for certain months of 1922 and 1923 the index numbers of employment which are shown in the chart on page 11, together with group indexes for its important industrial components. The general index is a weighted, average of relatives for 33 individual industries. The method of construction was described in detail, and indexes for the above groups since January, 1919, were published on pages 1272-1279 of th# BULLETIN for December, 1923, 2 Revised. 3 Preliminary. INDEX OF PRODUCTION IN BASIC 'INDUSTRIES.* ; [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919=* 100.] Iron and steel. Textiles. Food products. Total Year and month. i b n a d s u ic s- Animals slaughtered. Lumber. tries. Pig iron. Steel Cotton. * Wool. Wheat Sugar ingots. flour. meltings. Cattle. Calves. Sheep. Hogs. 1922. November.. 116 110 120 123 110 98 171 84 115 76 114 127 December 116 124 124 110 110 82 135 83 115 77 102 193 1923. January... 121 128 138 119 110 82 121 87 125 93 104 126 February. 120 134 138 119 113 96 127 93 123 89 102 110 March.. .... ... . 125 134 141 118 116 108 121 93 109 102 140 132 .April .. 124 139 141 117 118 99 118 99 100 113 140 119 May . 127 149 147 120 117 97 122 105 110 111 125 122 June.... .. .... 122 147 135 108 114 95 79 94 103 96 117 122 July 121 144 125 95 112 122 68 90 105 91 136 115 August - . 120 130 126 100 105 102 72 99 127 82 157 127 September 114 121 117 103 105 96 107 87 103 78 149 122 October .. ... 118 118 118 111 106 91 165 89 126 85 150 134 November. 116 111 109 113 104 84 138 82 122 79 141 137 Coal. Nonferrous metals. Tobacco products. Year and moiith. m B in it o u u - s. An ci t t h e r . a- Copper. Zinc. lea S t o h l e e r. N pr e i w nt s . - Cement. P le e u t m ro . - Cigars. r C et i t g e a s - . fa M ct a u n r u e - d tobacco. 1922. November . 114 112 104 102 86 114 162 154 109 122 100 December 118 115 105 109 82 102 151 161 101 110 86 1923. January . . 123 122 111 118 87 105 210 167 109 151 110 February 120 126 110 108 87 109 189 171 99 139 96 March 120 128 115 124 92 112 178 175 99 137 93 April .. 134 114 114 119 88 101 164 185 95 139 95 Mav - 131 111 120 121 84 120 161 193 98 150 100 June.. 125 112 122 109 81 114 158 193 95 I 147 99 July. . 122 113 128 110 91 112 173 197 96 137 97 August.... 121 119 2 131 106 93 112 163 203 91 145 95 September.. . .. . 114 40 127 100 79 101 168 207 98 143 90 October 114 108 128 107 81 103 165 203 106 153 95 November 108 103 130 113 83 107 180 209 104 145 93 1 This table contains for certain months of 1922 and 1923 the index numbers of production in basic industries which are shown in the chart at the bottom of page 10, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and arefweighted. The method of construction was described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. * Ssvised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924., FEDERAL RESERVE BULLETIN. 39 INDEXES OF INDUSTRIAL ACTIVITY. COMMODITY MOVEMENTS—Continued. [No seasonal correction. Monthly average, 1919=100.] Novem- October, November, 1923. 1923. ber, 1922. 1922 1923 Livestock, Octo- Novem- Sep- Octo- Novem- Receipts at 57 principal markets (head, ber. ber. tember. ber. ber. 000 omitted): Cattle and calves 2,142 2,751 2,354 5,301 4,699 4,351 Agricultural movements.... 154 138 124 151 135 1,787 3,-363 2,139 Mineral production 119 120 120 137 126 Horses and mules (43 markets). , 56 74 52 Manufacturing production... 108 109 103 115 108 Total............. 9,286 10,887 Shipments at 52 principal markets COMMODITY MOVEMENTS* ' (head, 000 omitted): Cattle and calves 1;114 1,357 1,307 Hogs.... ................. —.. 1,747 1,637 1,489 Novem- October, Novem- Sheep........... 1,064 2,346 1,405 ber, 1923. 1923. ber, 1922. Horses and mules (43 markets). 55 70 52 Total., 5,410 4,253 Grain and Flour. Shipments of stockers and feeders from 33 markets, (head, 000 omitted): Receipts at 17 interior centers (000 Cattle and calves................... 765 700 omitted): 67 97 53 C W o h rn e a ( t b ( u b s u h s e h ls e ) l s).. .... 3 2 8 3 , . 6 9 3 3 8 5 3 1 9 6, , 0 9 5 3 1 8 2 4 4 3 , , 0 7 2 7 2 9 Sheep.. 448 757 O Ry a e ts ( ( b b u u s s h h e e l l s s ) ) 1 3 9 , , 5 0 3 0 4 4 3 3 1 , , 4 3 3 15 4 2 7 3 , , 8 7 3 6 2 1 Total. 1,124 2,260 1,510 Barley (bushels).. 4,493 6,051 4,104 Slaughter at principal markets under Federal inspection (head, 000 omitted): Total grain (bushels)....;..:...'... 89,605 96.789 103,498 Cattle........ 846 859 Flour (barrels) .... ......... 2,929 3,198 3,305 Calves. 370 416 348 5,341 4,328 4,345 Total grain and flour (bushels)... 102,787 111,182 118,372 Sheep... 915 1,046 Sh o i m pm it e te n d ts ) : at 14 interior centers (000 Total. 7,472 6,743 6,434 Wheat (bushels).. 20,294 20,757 27,399 Meats, cold storage holdings, first of Corn (bushels). 9,778 7,582 13,166 following month (pounds, 000 Oats (bushels)..... .. 15,505 18,834 18,655 omitted): Rye (bushels). 2,720 1,492 7,459 Beef....... 93,144 63,578 95,628 Barley (bushels).. 2,994 3,182 3,146 Pork products 620,217 542,544 419,498 Lamb and mutton 2,015 1,997 3,633 Total grain (bushels) 51,291 51,847 69,825 Exports of certain meat products Flour (barrels) 4,380 4,789 6,471 (pounds, 000 omitted): Beef- Total grain and flour (bushels) 70,999 73,399 98,942 Canned. 122 101 Fresh.. 220 188 530 Stocks at 11 interior centers at close of Pickled or other cured.......... 1,804 2,210 1,888 month (000 omitted): Hog products—• Wheat (bushels). 63,039 56,564 19,796 Bacon .... 39,027 46,689 26,170 Corn (bushels) ........ 2,130 540 4,854 Hams and shoulders. 32,920 25,652 25,237 Oats (bushels).....:. 14,839 16,113 26,999 Lard 74,251 76,378 62,321 Rye (bushels) 14,664 14,484 5,966 Pork, pickled.... *.......... 2,765 4,328 3,802 Barley (bushels).................... 2,336 2,553 1,328 ©airy Products. Total grain (bushels).......-.; 97,008 90,254 58,941 Receipts at 5 principal markets (000 Total visible supply of grain east of the omitted): Rocky Mountains at close of month Butter (pounds). 41,316 45,703 38,678 (000 omitted): Cheese (pounds) 16,870 21,091 16,107 Wheat (bushels).. 77,356 74,735 37,128 Eggs (cases) 568 831 491 Corn (bushels).. . 3,254 1,084 12,034 Poultry (pounds) 57,819 27,412 45,171 Oats (bushels). '..... 19,858 22,236 34,887 Cold-storage holdings first of following Receipts at 9 seaboard centers (000 month (000 omitted): omitted): Creamery butter (pounds) 51,559 76,418 47,773 C W O o a h r t n e s a ( ( t b b u ( u b s s h u h e s e l h l s s e ) ) ls)... 2,527 2 2 7 , , 0 2 9 2 7 2 5 8 4 3 4 7 2 , , , 3 7 9 8 3 7 6 9 5 A Po m u e l r tr ic y a ( n p c o h u e n e d se s) ( . pounds).. 6 5 3 4 5 . , , 0 3 1 3 5 0 1 0 5 3 5 7 6 8 , , , 0 6 0 0 5 4 8 8 0 3 5 3 7 1 , , , 2 2 7 5 9 8 7 1 1 Rye (bushels) 1,031 2,196 5,053 Barley (bushels) .. „. 1,462 3,024 2,002 Other Agricultural Products. Cottonseed (tons): Total grain (bushels) 34,888 35,446 52,154 Received at mills 674,262 963,464 701,868 Flour (barrels) 2,453 2,284 2,267 Crushed 611,674 650,709 607,388 Stocks at mills at close of month... 794,506 731,281 875,431 Total grain and flour (bushels)... 45,928 45,722 62,357 Cottonseed oil (pounds, 000 omitted): Production 181,194 192,534 184,613 Stocks at 8 seaboard centers at close of Stocks.... 139,763 93; 858 116,859 month (000 omitted): Oleomargarine consumption (pounds, Wheat (bushels) 8,870 6,891 11,781 000 omitted) 24,101 21,236 19,806 Com (bushels) 105 111 3,515 Tobacco sales at loose-leaf warehouses Oats (bushels) , 1,148 1,067 3,255 (pounds, 000 omitted): Rye (bushels) 1,153 1,005 3,006 Dark belt, Virginia...... 2,739 3,154 Barley (bushels)... .,. 3,122 2,534 2,881 Bright belt- Virginia...... 17,467 13,849 Total grain (bushels) „ 14,398 11,608 24,438 North Carolina 75,811 68.617 35,465 Wheat flour production (barrels, 000 South Carolina 3,464 omitted) „ 11,524 12,561 13,424 Burley 965 307 Western dark 148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

40 FEDERAL RESERVE BTTLL.ETXH. JANUABY, 1924 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. b N er o , v e 1 m 923 - . Oc 19 to 23 b . er, b N e o r, v e 1 m 92 - 2. b N er o , v 1 e 9 m 23 - . Oc 1 t 9 o 2 b 3. er, b N er o , v 1 e 9 m 22 - . Other Agricultural Products—Contd. Sale of revenue stamps for manufacture Fuel and Power—Continued. of tobacco, excluding Porto Rico and Philippine Islands (000 omitted): Electric power produced by public Cigars (large)...................'.... 650,687 711,655 679,300 utility plants (kilowatt hours, 000,000 Cigars (small)....................... 45,523 46,711 50,967 omitted): Cigarettes (small). 5,363,016 6,279,043 4,524,272 Produced by water power.......... 1,491 1,367 Manufactured tobacco (pounds) 30,148 33,236 30,641 Produced by fuels................... 3,480 3,047 Fruit sMpuients (carloads): Grapefruit.. 2,546 1,965 1,934 Total. 4,971 4,414 Oranges.... ••• 8,288 2,888 4,779 Lemons 315 537 388 Metals* 25,187 44,515 10,512 Iron and steel: Vegetable shipments: Iron ore shipped from Lake Su- White potatoes (carloa'ds)... 19,400 33,433 19,932 perior (tons, 000 omitted)... 4,. 938 3,411 Onions (carloads).. « .... 2,622 ) 4,760 2,086 Pig iron production (long tons, 000 Rice (pounds, 000 omitted). 123,610 06,878 128,721 omitted)................'........., 2,894 8, 149 2,850 Sugar, all ports (long tons): Steel ingot production (long tons, Receipts..,...... ....... 159,886 316,303 257,706 000 omitted)....................... 3,114 3,548 3,430 Meltings.................... 268,442 380,500 342,779 Unfilled orders, United States Steel Raw stocks close of month,. 473,136 295,798 518,186 Corporation (long tons, 000 omit- Fishery Products. ted).............................. 4,369 4,673 6,840 Fabricated structural steel orders Fish landed by American fishing vessels, (tonnage) 135 120 123 total catch (pounds, 000 omitted) 15,777 ! 20,686 13,715 Steel barrels (number)— Cold-storage holdings, frozen and cured Shipments...................... 177,073 194,069 f o i m sh i , t t o e n d ) 1 .. 5 . th of month (pounds, 000 84,719 86,842 84,738 Stee U l c n a fi s l t l i e n d g s o r b d oo e k r i s n . g . s . .. ( . n . e .. t . t . ons).. 405,653 3 6 8 0 5, , 8 8 8 9 1 0 Lumber: forest Products. Silver production (troy ounces, 000 37,446 Number of mills- omitted) 4,894 4,870 National Lumber Manufactur- Copper production (pounds, 000 omit- 5,428 S W W o e c e e u r i s s s a t t t ' h t e i C e o A r r n o n n s a s P s o P i t c i n L n i e a u e t m i A o A b s n s s e . o s r o c m i c a e i t n a io ' t . s i n . o A . n . s . . s . . o . . . - . . . . , 5 1 8 8 3 2 5 1 1 S 5 2 8 6 0 2 2 5 1 1 3 5 7 7 5 0 2 4 Z T i in n c P S S ( p ( t h r p o o o i o c p u d k u m n u s n d c , e d s t n c i , s l o t , o 0 s n 0 0 s . e 0 0 0 o o f o m m m it i o t t e n te d t d ) h : ) . : ... ....... 1 6 8 7 2 1 8 8 7 , , , , 3 8 5 4 2 6 0 1 6 0 8 1 i ! | 13 8 7 5 2 4 8 1 , , , , 4 1 5 4 9 8 7 0 6 1 4 8 1 8 3 7 0 0 8 7 1 , , , , 4 9 4 6 0 9 9 0 0 4 2 7 Production (feet, 000,000 omitted)— Deliveries to factories. 15,198 12,410 10,779 National Lumber Manufactur- Stocks close of month............... 2,401 8,236 6,046 ers' Association. 1,552 1,236 Southern Pine Association 438 405 Textiles. Western Pine Association....... 161 142 West Coast Lumbermen's Asso- Cotton (bales, 000 omitted): ciation........ 523 Sight receipts. ... 2,135 2,368 2,156 Shipments (feet, 000,000 omitted)— American spinners' takings..... 1,054 790 1,150 National Lumber Manufactur- Stocks at mills...................... 1,439 1,103 1,724 ers' Association............... 1,427 1,150 Stocks at wareh ouses............... 3,771 •3,486 4,198 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 ci i a a t t i i o o n n . ....... 4 1 3 3 9 8 4 1 1 0 7 1 V Co is n i s b u le m s p u ti p o p n l y b . y .. mills .. . . .. . . . . « . , . • . » . . . . . .. . . . . . . . . 352 5 2 32 6 2?560 3,8 5 7 7 6 9 West Coast Lumbermen's Asso- Spindles active during month (000 §42 ciation ........................ 380 291 omitted) ...............:...'•.,...... 34,101 Naval stores at 3 southern ports: Spindle hours active during month 34,379 Spirits of turpentine (casks)— (000,000 omitted)........:......... 8,015 8,710 Rosi R R S S n t t e e o o ( c c b c c k k a e e r s s i i r p p e a a l t t t t s s s ) c c — l . . l o o . . . . s s . . e e . . . . o o . . f f . . . . m m . . . . . . o o . . n n . . . . t t . . h h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3 2 3 0 1 9 6 6 6 , , , , 2 5 0 8 2 8 8 2 1 6 8 0 1 2 3 3 9 1 7 3 5 5 , , , , 1 3 2 4 4 8 5 2 1 9 3 8 j 3 1 4 2 5 0 0 6 2 4 , , , , 1 4 5 8 6 6 0 8 1 5 0 2 Fini F O S sh i h r o n e d i d i p m e s m r h c i s e t o e r d t n t e e t c t o s d e y n i ) a ( v . r f e e . d a d a . b s . s r ( . i e y b . c . s a i s . l ) : r l . d . e . . d s . . , . . 0 . . ( . 0 . y . 0 . . a . . o . r . . d m . . s . i , . t . 0 t . e 0 . . d . 0 . ) . . . . 9 4 9 6 1 7 , , , 5 8 5 4 3 2 8 1 9 1 9 5 0 8 0 9 5 , , , , 3 3 6 2 8 4 6 7 2 1 2 5 1 1 5 0 1 4 2 0 , , , 7 2 8 8 1 9 6 1 8 Fuel and Power. Finished stocks (cases) .............. 49,017 48,177 45,969 Coal and coke (short tons, 000 omitted): Knit underwear (dozens): Bituminous coal production........ 42,946 49,171 | 45,103 Production....... i..... 370,364 387,411 446,873 A A n n t t h h r r a a c c i i t t e e c c o o a a l l p sh ro ip d m uc e t n io ts n 5 7 , , 8 74 2 6 9 8 6 , , 7 5 2 6 4 5 I 8 6 , , 6 4 9 2 5 0 N Sh ew ip m or e d n e t r s s . received 2 3 9 5 2 3 , , 4 8 4 1 2 3 3 w 3 }f4 ,9 0 1 5 0 1 6 3 6 9 7 7 , , 9 7 0 4 9 0 Coke- Cancellations 12,805 8,682 13,481 Beehive coke production....... 1,103 1,290 1,138 Unfilled orders end of month....... ,020,322 1,094,498 1,263,616 By-product coke production 2,942 2,925 Wool: Petroleum, crude (barrels, 000 omitted): Consumption (pounds, 000 omitted). 51,815 83,313 Production 64,526 65,977 47,531 Percentage of active machinery to Stocks at close of month 323,366 315,356 265,017 total reported- Producing oil wells completed Looms wider than 50-inch reed (number) 1,007 1,140 1,450 space.......... 76.5 76.8 Oil refineries.- Looms 50-in ch reed space or less. 80.8 81.0 82.0 Production (000,000 omitted)— Sets of cards........ ......... &5.0 86.1 85.7 Crade-oi! run (barrels) 66 44 Combs.................... 75.6 75.9 87.0 Gasoline (gallons)....... 659 567 Spinning spind ] es, woolen...... 82.1 83.9 84.4 Kerosene (gallons) 191 234 Spinning spindles, worsted..... 81.6 83.9 90.0 Gas and fuel oils (gallons) , 1,070 892 Percentage of active hours to total Lubricating oils (gallons). 88 reported—- Stocks (000 omitted)— Looms wider than 50-ineh reed Crude-oil run (barrels).......... 34 33 space., '.........i............. 77.0 76.7 80.0 Gasoline (gallons)............... 947 777 Looms 50-ineh reed space or.less 74.1 73.9 72.7 Kerosene (gallons)............... 225 258 Sets of cards.................... 93.3 92.7 93.7 Gas and fuel oils (gallons)....... 1,437 1,352 Combs........................... 85.4 88.2 111.4 Lubricating oils (gallons)....... 218 226 Spinning spindles, woolen...... 88.7 88.0 89.? Spinning spindles worsted 83.0 87.0 93.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1924, 1FEDBBAL 41 COMMODITY .MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Novem- October, Novem- Novem- October, November, 1923 1923. ber, 1922. ber, 1923. 1923, ber, 1922. Textile s—Continued. Building Materials—Continued. Men's and boys* garments cut (331;-es- Maple flooring: tablishments)* Production............. . 11,813 12,312 12,755 Men's suits, wholly or partly wool, 490,800 Shipments.. ........ 9,858 11,595 13,010 Men's suits, all other materials...... 59,114 Orders booked 9,022 9,394 11,281 Men's separate trousers, wholly or Stocks, close of month...... 22,159 19,861 23,908 partly wooL.................. 635,271 Unfilled orders ..... 15,129 14,797- 20,580 Men's trousers, all other materials.. ............ 413,819 Enameled ware (number): Men's overcoats... ............... 494,877 Baths- Boys' suits and separate pants...... 430,273 Shipments... ........... 87,182 107,308 74,043 Raw B s o i y lk s' : overcoats and reefers......... 129,065 N St e o w ck o s r , d c e lo rs se of month.. 34,874 1 2 0 9 1 , ,8 3 6 4 4 0 33,126 Consumption (bales) 25,225 25,917 35,467 Lavatories- Stocks at close of month (bales)..... 35,398 32,679 47,159 Shipments 115,822 141,206 90,324 Imports (pounds, 000 omitted)...... 5,020 4,021 4,710 Stocks, close of month.. 59,379 43,583 59,645 New orders-............ 102,791 126,474 108,976 Hides sEd Leather. Sinks- S ales of raw hides and skins during Shipments.............. 110,315 135,527 96,645 month (number, 000 omitted): Stocks, close of month. 62,072 53,346 61,183 Cattle hides........... .......... 1,841 1,536 New orders............. 114,010 136,963 139,373 Calfskins •.. . . 871 906 Miscellaneous ware- Kipskins..................... ... 256 336 Shipments... ........... 64,707 42,429 Goat and kid.... 1,136 1,508 Stocks, close of month.. 43,334 49,785 50,451 Cabretta ..... 143 52 New orders............. 62,499 60,567 62,935 Sheep and lamb 3,649 3,001 Stocks of raw hides and skins at close of Miscellaneous Manufactures. month, (number, 000 omitted): Cattle hides..... 5,278 6,163 Calfskins 2,297 3,692 Chemicals: Kipskins 822 1,153 Acetate of lime (pounds, 000 omitted 14,922 12,730 34,870 -Goat and kid . 10,889 8,202 Methanol (gallons) 763,630 650,058 794,879 Cabretta.- . 683 1,036 Wood pulp (short tons): Sheep and lamb.. ... 8,899 9,409 Production 169,165 186,643 300,746 Production of leather (000 omitted): Consumption..... .. 149,338 181,824 254,314 Sole leather (backs, bends, and Shipments...... ..... ....... 20,485 26,865 58,520 sides). ............... 1,441 1,556 1,538 Stocks, close of month 81,296 84,097 124,843 S O k a i k v er a s n ( d d oz u e n n i s o ) n . harness (sides 43 41 34 Pape N r e ( w sh s o p r r t i t n o t n - s): stuffed)... .. 135 147 135 Production.. .....' 119,720 122,073 127,983 Boots and shoes, output (pairs, 000 Shipments.. 117,176 124,894 117,537 omitted): Stocks, close of month 24,040 21,934 19,651 Men's................... 8,896 8,700 Book paper- Women's.... ... . 9,567 8,938 Production. 62,904 52,480 93,065 Aliother. .... 12,092 . 12,438 Stocks, close of month.......... 27,221 22,035 36,770 Paper board- Total.............. ........... 30,555 30,076 Production 99,351 113,624 198,947 Stocks, close of month.......... 33,941 31,892 55,864 • Building Materials. Wrapping paper- Production.. 50,917 52,458 77,300 Bric C k la (n y u f m ire b e b r. r i 0 c 0 k 0 - omitted): Fine S t p o a ck p s e , r c - lose of month... ... 51,066 45,927 45,539 Production 54,502 •61,266 56,546 Production 22,940 25,312 31,666 Shipments 48,918 56,468 54,423 Stocks, close of month.......... 38,676 38,415 Stocks at close of month........ 184,425 178,841 155,876 Advertising (agate lines, 000 omitted): m New orders 44,671 47,974 54,187 Magazines..... .'. 2,263 1,877 Face S U S P b t r h n o o r f i e i d i c p k l u l k s m e c d i t i n e i - o o r n s n r h t d s e e . d r . s s . , . . c . l . o . s . e . . o . f . . m .. o . n .. t . h .. .. .2 6 7 3 5 0 1 3 , , , , 9 4 8 0 7 0 6 3 7 0 0 9 7 3 3 6 1 5 9 4 , , , , 4 6 0 3 5 5 8 3 1 7 3 2 9 3 4 7 3 2 2 1 , , , , 2 9 5 0 0 0 8 9 9 0 7 6 T R i u re b I C s N b m e o a e r p n n w d s o ( s u p r p t t m o a u s u p b p ( n e t e p i r d s o o s s n u ( , n n 0 b u d 0 y m s 0 , t b o i 0 r e m 0 e r 0 , i m t o 0 te 0 a m d 0 n ) i u o : t f t m a e c i d t t u t ) e r . e d . r . ) s . : . 1 3 0 4 2 5 , , , 8 2 5 2 4 8 3 7 5 1 3 2 0 9 4 9 , , , 4 1 2 7 9 1 3 3 4 1 5 2 0 5 8 0 , , . 8 6 6 1 7 1 9 2 6 Unfilled orders'close of month.. 43,026 49,227 51,720 Pneumatic tires- Silica brick— Production 2,365 2,361 2,733 Production.... 9,666 12,124 13,871 Shipments, domestic 2,511 2,820 2,380 Shipments. ................ 8,519 11,250 11,359 Stocks, close of month 4,709 4,876 4965 Stocks at close of month 43,771 42,597 42, .260 Inner tubes— Paving-brick—• Production.... 3,331 3,855 3,851 Production 31,837 3S,796 Shipments, domestic 3,306 3,596 3,075 Shipments ................. 26,765 39,707 Stocks, close of month 6,210 Stocks, close of month.......... 98,858 97,639 Solid tires- Orders received 16,080 26,959 Production 29 37 Unfilled orders, close of month.. 62,315 74,226 Shipments, domestic , 48 48 61 Cement (barrels, 000 omitted): Stocks, close of month 181 235 235 Production. „....................... 12,603 13,350' 11,349 Automobiles: 10,251 14,285 10,167 Production (number)— Stocks at close of month 6,964 '4,612 5,320 284,758 334,244 215,225 Oak flooring (feet, 000 omitted): Trucks. 27,374 29,638 21,291 Production 30,654 29,267 26,828 Shipments— Shipments......................... 28,651 31,117 26,431 By railway (carloads). 39.850 42,236 27,232 Orders booked.... ..... .... 30,158 30,551 29,269 Driveaways (number). 29,100 37,947 27,376 Stocks at close of month............ 41,467 38,646 19,123 By boat (machines)... 7,000 7,663 5,070 Unfilled orders..................... 37,714 34,868 35,209 1 Not comparable with previous years after September, 1923,; Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

42 FEDERAL, RESERVE BULUSTIN. JANUAKY, 1924. COMMODITY MOVEMENTS-Continued. BUILDING STATISTICS. b N e o r, v 1 e 9 m 23 - . Oc 1 t 9 o 2 b 3 e . r, b N e o r, v e 1 m 92 - 2. N 1 o b 9 v e 2 e r 3 m , . - Oc 1 t 9 o 2 b 3 e . r, N 1 o b 9 v e 2 e r 2 , m . - Miscellaneous Manufactures—Con. Building permits issued in 168 cities, grouped by Federal reserve districts: Locomotives (number): Number of permits— D Fo o r m ei e g s n ti c co s m ni p p le p t e e d d .. 270 29 1 5 5 1 1 4 5 4 B N o e s w to Y n o ( r 1 k 4 ( c 2 i 2 ti e c s i ) ties) 1 2 0 , , 4 1 3 4 9 5 1 3 1 , , 1 9 0 60 8 9 2 , , 0 3 2 0 2 1 Total 299 310 159 Philadelphia (14 cities) 2,438 3,299 2,504 Unfilled orders- Cleveland (12 cities) ........ 4,945 6,595 4,150 Domestic. .......'. 656 915 1,501 Richmond (15 cities)........... 3,285 4 271 3,433 Fo T r o ei t g a n l. . . - 6 3 91 5 9 6 7 2 7 1,6 1 1 1 9 8 A C St h t . l i a c L a n o g t u a o i s ( ( 1 1 ( 5 9 5 c c c i i i t t t i i i e e e s s s ) ) ) 1 2 2 0 , , , 4 8 6 2 5 3 6 6 8 1 3 3 4 , , , 0 7 8 3 6 5 9 7 8 3 2 9 , , , 0 0 4 1 4 3 0 8 7 Vessels built in United States and Minneapolis (9 cities) 1,716 2,276 1,442 officially; numbered by the Bureau of Kansas City (14 cities) 2,256 2,703 2,269 Navigation: Dallas (9cities):................ 2,176 2,637 2,184 Number — - 82 78 San Francisco (20 cities)........ 12,380 15,140 10,490 Gross tonnage - - - 6,576 18,350 27,720 Transportation. Total 57,700 73,653 52,290 Freight carried by Class I railways: 1 Value of permits (dollars, 000 Net ton-miles, revenue and non- omitted)— revenue (000,000 omitted) 42,209 39,449 39,287 Boston (14 cities). 9,173 11,917 8,388 Net tons per train 722 733 732 New York (22 cities) 88,619 79,113 66,684 Net tons per loaded car.... — 27 27.4 27.7 Philadelphia (14 cities) 10,103 15,443 15,357 Bevenue freight loaded and received Cleveland (12 cities) 18,006 19,745 14,713 from connections (cars loaded, 000 A Ri t c la h n m ta o n (1 d 5 ( 1 c 5 it i c e i s t ) ies). 1 9 1 , , 0 2 9 7 4 0 1 9 1 , , 1 0 6 9 0 5 9 5 , , 5 1 1 2 9 5 omitted): Chicago (19 cities) 46,307 54,957 41,425 Clas C L C s F G if o i o o r i v e a r a e k e i d s n s l e t . t o b . a . p - c . y n . . r k d . . o n . . d . . g a . - u r t . . a u c . i t r - n s e . . p o r f o d p u r c o t d s - u cts . - . • . 3 2 1 7 1 6 4 7 1 9 3 4 3 1 8 2 3 1 5 6 3 2 9 4 3 3 2 7 8 2 2 1 3 5 6 2 6 4 4 7 9 8 M K D S S a t a a i . n U n n L n s a F o a e s r a s u a ( p i n C 9 s o c i l ( c i t i s 5 y s i c t i c ( o ( e 1 9 i s t ( 4 ) i 2 c e 0 i c s t ) i i c e ti s i e t ) s i ) es).... 3 5 4 0 7 7 , , , , , 9 3 5 8 5 9 7 8 8 1 2 9 8 1 2 4 4 5 8 0 4 , , , , , 9 0 5 0 7 7 2 3 8 0 0 8 7 8 1 2 5 5 8 3 6 , , , , , 2 8 2 2 8 6 1 0 7 6 0 8 2 8 0 O M r e e r . c . h -. andise, 1. c. 1 1,0 1 5 5 4 5 1,1 2 3 6 6 7 9 1 7 2 1 7 Total.. ..... 248,924 264,755 210,629 Miscellaneous.. 1,513 1,757 1,412 Building contracts awarded: Total..... 4,232 4,829 4,062 By Federal reserve districts (dol- Classified by geographical divi- lars 000 omitted)— sions- Boston 22,976 29,552 25,298 Eastern 1,008 1,137 1,018 New York 120,523 111,818 77,700 Allegheny 843 971 873 Philadelphia 20,828 25,346 16,929 Pocahontas. 166 200 132 Cleveland 33,768 41,235 29,337 Southern. 614 659 587 • Richmond..i 18,189 20,937 ' 19,848 Northwestern - 776 548 Atlanta 18,284 22,580 Central western. 763 649 Chicago.. ... 43,690 58,240 45,429 Southwestern .............. 310 323 255 St. Louis 20,473 28,248 Total 4,232 4,829 4,062 M Ka in n n s e a a s p C o i l t i y s 9 9 , , 3 3 5 9 6 5 1 9 1 , , 7 5 0 6 3 2 4,810 Freight car surplus (number): Total — - 91,982 27,393 5,209 Total (10 districts) 317,482 359,221 2 219,351 Box.. - 37,232 18,538 739 Coal 45,916 6,413 2,108 By classes of construction (square Freight-car shortage (number): feet, 000 omitted)— Total 3,551 14,518 154,771 Residential buildings 33,114 35,008 28,759 Box 1,018 5^063 79,818 Industrial.... 5,633 3,877 6,415 Coal 950 3,774 43,722 Business . . 6,906 7,582 6,427 Bad-order cars (total) — 155,626 150,624 226,288 Educational... ... 3,529 3,907 2,180 Vessels cleared in foreign trade (tons, Hospitals and institutions.. 698 1,419 1,016 000 omitted): Social and recreational 1,313 1,305 870 American 2,885 2,688 3,446 Religious and memorial 475 756 992 Foreign. 2,963 3,304 2,799 Public 287 311 266 Total.... - 5 4 ,8 9 4 .3 8 5 4 , 4 9 . 9 9 2 6 5 , 5 2 . 4 2 5 Total (27 States)» 51,972 54,258 46,946 Percentage of American to total... Commerce at; Sault Ste. Marie Canal (tons, 000 omitted): 2 Total for seven districts. Tota E l a f s r t e b ig o h u t n .. d . ..... 1 8 0 , , 3 7 6 0 1 6 1 1 3 0 , , 0 5 0 3 3 1 9 6 , , 4 5 6 5 8 9 3 Includes miscellaneous building contracts as well as groups shown. Westbound.. 2,344 2,471 2,909 i Figures for October, 1923, September, 1923, and October, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDEEAL RESERVE BULLETIN. 48 WHOLESALE AND RETAIL TRADE STATISTICS. Sales of both wholesale and retail dealers CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued. were considerably smaller in November than in October. This was partly due to a less Percentage change number of working days and other seasonal in- in November,, fluences in November. The size and impor- 1923, sales as compared with—tance of these influences is discussed in an article on pages 17 to 21,. while a discussion of October, Novemtrade developments in the month of November 1923. ber, 1922. is published on page 32. Indexes of wholesale and retail trade bylines and'districts, follow: Dry goods—Continued. Chicago district . —16.8 4.8 St. Louis district.. •. —17.3 —14 4 Minneapolis district ..... 4.5 1.6 WHOLESALE TRADE IN THE UNITED STATES, BY LINES. Kansas City district........ -10.8 —4.4 Dallas district... -26.4 31,3 [Average monthly sales 1919=100.] San Francisco district.... . —22.8 —10.2 Shoes: United States............... —21.3 —11.9 Gro- Meat. H w a a r re d . - Drugs. Total. N Ph e i w la d Y e o lp rk h i d a i s d t i r s i tr c i t c . t ...... ...... .... - - 1 24 7 . . 9 7 - — 15 3 . . 1 8 Richmond district............ —25.1 —20.2 Atlanta district -13.1 6.8 1922. Chicago district.............. -30.2 -19.4 St. Louis district,..... . . —21.3 —3.4 September., 61 116 105 Minneapolis district...... —24.5 —31.0 October 108 100 111 San Francisco district.......... —15.6 —11.0 November.. 94 94 103 Hardware: December.,. 78 73 United States......... —12,3 8.5 New York district......... . —8.3 11.7 1923. Philadelphia district.......... -17.5 2.1 January 103 113 Cleveland district —16.4 1.9 February... 98 82 107 Richmond district 14.7 2.7 March 113 109 120 Atlanta district............. —11.6 6.5 April 87 112 106 78 Chicago district................ . —15.8 12.7 May 84 118 107 St. Louis district 9.5 June 89 114 107 Minneapolis district. —8.9 5.1 July , 94 100 106 Kansas City district. —8 1 —5 6 August..... 121 106 111 Dallas district................ —9.5 9.7 September., 123 105 115 San Francisco district...... . . ... —13.9 1.1 October 123 117 129 Drags: November.. 97 102 110 United States. —13.9 7.8 New York district............ —26.1 1.1 Philadelphia district —11.1 3.5 Cleveland district........... —9.3 3.6 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Richmond district. —8.0 5.4 AND DISTRICTS. Atlanta district........ . — .6 11 1 Chicago district................. -8.8 13.1 St. Louis....... —5 4 8 8 Kansas City district.. .. . —9.0 —1.7 Percentage change Dallas district..... —14 7 16 7 i 1 n 9 23 N , s o a v le e s m as b c e om r, - Furn S i a t n u r F e r : ancisco district............... ... —8.3 19.7 pared with— Richmond district .. —22.2 19.6 Atlanta district —11.1 3 8 St. Louis district. —24.4 —26.8 October, Novem- Kansas City district......... —3 2 —4 4 1923. ber, 1922. Dallas district. —7 6 10 3 San Francisco district........ —7 5 5 5 Agricultural implements: Groceries: Minneapolis district... —19.7 29 3 United States • —5.1 5.7 Dallas district . 15 2 43 8 Boston district . .. . . . .. —5.6 7.5 San Francisco district —15.7 11.4 New York district —4.6 2 0 Stationery: Philadelphia district . —5.8 8.8 New York district....... 6.4 14 7 Cleveland district —10.1 4.0 Atlanta district -19.8 —16.2 Richmond district —5.7 13 3 San Francisco district..... —3.9 10.8 Atlanta district —6.1 5.1 Auto supplies: Chicago district........ ... ... ... . • -5.2 2.0 Chicago district . —9.8 21. S M St. i n L n o e u ap is o d li i s s d tr i i s c t t r ict „. —7 . . 2 1 3 5 . . 2 3 Men S 's a n cl o F t r h a i n n c g i : sco district. —6.4 23.2 Kansas City district... . -o.5 mo New York district —41 8 4 Dallas district —13.3 Women's clothing: San Francisco district. -3.2 75..42 New York district. . —46.0 —8.7 Dry goods: Machine tools: United States —21.9 2.1 New York district —12.7 5.3 New York district —21.5 —8.6 Diamonds: Philadelphia district...... —13.7 —2.8 New York district. —19.1 —12.6 Cleveland district —15.7 —4.0 Jewelry: Richmond district —24.1 4.5 New York district -4.0 9.3 Atlanta district... -22.5 3.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

44 FEDERAL, KESEKVE BUULETIH. .TAN OAKY, 1924. RETAIL TRADE, BY REPORTING LINES. [Average monthly sales, 1919^100.] <3hain stores. Depart- Mail-order ment houses (4 st s o t r o e r s e ( s 3 ) 3 . 3 houses). (3 G 2 r c o h c a e i r n y s). F c i t h v e a n e i n a ( s 5 n ) d . D ch ru a g in ( s 1 ) 0 . c C h le a a in r s ( ) 3 . c S h h a o i e n s (8 ). M ch u a s i i n c s ( ) 4 . (4 C c a h n a d in y s). 1922. September...... .. * . .... 108 75 142 135 129 135 116 118 154 October................ . ...... 130 109 149 155 133 127 121 119 150 November. 131 110 162 / 151 123 127 123 121 145 December. 188 108 166 279 162 179 162 204 220 1923, January............. .. ........ 101 88 165 115 129 116 68 95 132 February........................ 90 84 159 117 126 . 110 72 88 133 March .». 124 113 189 162 145 135 145 96 • 187 April 119 103 167 142 135 125 125 99 159 May „ 128 98 180 154 142 137 143 100 170 Juns... 126 86 168 154 149 136 144 97 176 July.... . . ... . . .... 89 74 166 143 141 128 102 82 176 August. 100 73 171 153 145 135 95 103 179 September... 112 92 170 151 143 140 127 102 176 October . ..... ..- 148 134 190 180 152 138 139 137 185 November 142 122 187 176 141 134 131 149 174 DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS. [Average month, 1919=100.] D N s B t i o o o ( s . s r 2 t e t 1 r 4 o i s — c n ) t . Y D N st o N i o o r s r . e k t 2 e w r ( — i s 6 c ). t 4 D N d s P t e i o o h s ( l . 2 r p t i e r l 2 3 h i a s — c i - ) a t . . • l D s N a C t n i o o l s . d e r t e v r 4 ( i s e 2 — c ) - 7 t . m D N s o R t i o o n s i . r t c d e 5 r h s i — ( - c ) 1 . t 9 A D N st t i o o ( s l . r 3 a t e r 5 6 n i s — t c ) a . t C D N st h i o o ( s i . r 6 c t e r 7 7 a i s — g c ) o . t a D N s M p t o i o o i s l . n r t i e s r 9 n i s — ( e c ) 2 - . t 3 N D s D t o i o a ( s . r 2 t l 1 e r l 1 1 a s ic — s ). t N F D s c r t o i S o a o s . n r a t 1 ( e r n c 3 2 i s i 1 — c ) s . t - I s U n S t d o ( n t 3 a e r i 3 e t x t e 3 e s s f d ) o . r 1922. 116 107 99 107 91 86 118 103 101 114 106 October 137 145 133 134 119 114 127 115 105 138 130 November. ... . ... 137 142 153 131 122 113 134 105 105 134 131 December 197 200 191 194 185 162 190 157 149 204 188 1923. January ... ; 106 108 107 106 84 83 102 87 81 115 101 February........... .... 92 88 101 97 80 78 96 72 73 102 90 March......... 127 124 133 139 115 106 128 105 99 135 124 April................... 128 122 115 129 101 101 131 114 89 124 110 May 133 129 128 136 112 108 136 113 106 147 128 June . ... ... ...... 136 128 133 143 115 102 137 109 92 128 126 July 90 85 82 97 83 77 96 79 67 116 ' 89 August ... . ..... 99 87 93 109 83 81 119 96 69 136 100 September 116 112 104 119 90 92 127 103 102 127 112 October ... ... .... 144 159 154 156 130 132 154 119 125 160 148 November 146 152 169 144 124 120 146 110 112 146 142 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS. [Average monthly stocks 1919=100.] District District District District District District District District District District Index for No. 1— No. 2— No. 3— No. 4— No. 5— No. 6— No. 7— No. 9— No. 11— No. 12— United Boston New Philadel- Cleve- Rich- Atlanta Chicago Minne- Dallas San Fran- States (24 York (64 phia (13 land (26 mond (19 (22 (55 apolis (15 (19 cisco (29 (286 stores). stores). stores). stores). stores). stores). stores). stores). stores). stores). stores). 1922. September .. 122 121 141 114 120 119 130 102 118 121 122 October 129 125 148 120 130 121 136 106 120 123 127 November. . 135 132 147 125 126 123 138 108 119 128 130 December . 111 111 124 106 103 101 115 90 94 110 109 1923. January . 107 107 118 103 100 105 115 93 97 110 107 February. . . . . . 112 112 135 112 113 112 136 101 107 121 118 March... . 120 123 148 121 124 119 149 113 115 128 128 April 125 127 153 128 126 121 150 111 119 136 132 May .. 124 125 148 127 122 121 146 113 117 130 130 June. 116 116 143 121 115 113 137 108 110 125 122 July .. 109 111 137 118 121 111 135 105 107 124 119 August.... ......... . 116 119 152 122 122 120 158 110 121 131 129 September.. 129 131 166 135 130 130 163 115 127 138 139 October. 142 142 176 145 141 134 165 118 131 143 146 November.... . . .. 145 145 176 149 142 133 171 118 130 148 149 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL. RESERVE BULLETIN". 45 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES. INTERNATIONAL WHOLESALE PRICE INDEX. In November the price index was unchanged in the United States, rose in England and France/ and declined in Canada. The 5-point advance m England reflects the rise in cotton and the decline of sterling exchange, which left the gold index unchanged at 154. In France the 12-point rise in prices did not fully compensate for the fall in exchange, with the result that the gold index fell 6 points, to 119. The figures necessary for compiling the Federal reserve index for Japan have not been received since August, but the October and November index numbers of the Bank of Japan show that since the earthquake there has been a violent rise in prices, A marked tendency of the commodity groups—raw materials, producers7 goods, and consumers7 goods—to return to the same relationship as 1913 has appeared during the year in the British and French as well as the American index. In the American index this trend was distinct as early as last April. In the British index it was not perceptible until August and still has not progressed so far as in the United States. The tendency is evident in France, although the groups respond in varying degrees to the fluctuations of the exchange. The movement of the British gold index with relation to the American index in 1923 has been strikingly similar to that of 1922. During the first half of 1922 the two indexes ran close together; from July to October they diverged until the British index was materially below the American. From November, 1922, to March, 1923, under the influence of rising exchange, British gold prices advanced until they practically coincided with American prices, remaining practically identical until July. In August and September British gold prices, with the fall in sterling, dropped well below the American level, but in October and November ran parallel to it, the spread being only about half as great as last year. . . • INTERNATIONAL WHOLESALE PRICE INDEX FEDERAL RESERVE BOARD 550 500 ON ACTUAL CURRENCY BASIS CONVERTED TO GOLD BASIS •50 400 350 300 200 150 Canada France 100 100 1920 1921 1922 1923 1924- 1920 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

46 FEDERAL, RESERVE BUULJETHsT. JANUARY, 1924. The tables below give the all-commodities currency and " converted to a gold basis." The and group index numbers of wholesale prices latter figure takes into account the depreciain the five countries included in the Federal tion of the foreign currency in terms of the Reserve Board's international index. In the American dollar and the series indicates relative first table the all-commodities index for each price levels in the several countries when all country is shown both in terms of the actual prices are expressed in dollars. INTERNATIONAL WHOLESALE PRICE INDEX—FEDERAL RESERVE BOARD. On actual currency basis." Converted to gold basis. Year and month. U S n ta i t t e e s d . England. France. Canada. Japan. U S n ta i t t e e s d . England. France. Canada. Japan. 1913 average - .... . - 100 100 100 100 100 100 100 100 100 100 1919 average 211 241 207 235 211 219 199 241 1920 average 239 310 512 250 240 239 233 187 223 242 1921 average 149 198 344 167 181 149 156 13E 150 175 158 165 319 149 182 158 150 136 147 175 1922. 164 162 329 147 172 164 149 117 147 165 164 337 147 173 165 155 126 146 170 1923. 166 165 346 148 176 166 158 120 147 172 F©t>ru&rv . ................... 166 168 380 152 183 168 162 121 150 178 March 169 173 398 155 185 169 168 131 152 180 April 170 176 390 156 185 170 167 135 153 181 167 173 386 155 187 167 164 133 152 184 164 171 394 153 186 164 162 129 150 183 159 168 391 151 182 159 158 119 147 178 159 164 391 149 159 154 115 146 September . . . ............... 163 165 404 148 163 154 123 144 163 166 404 147 163 154 125 145 163 171 416 144 163 154 119 141 GROUP INDEX NUMBERS OF WHOLESALE PRICES IN THE UNITED STATES, ENGLAND, FRANCE, CANADA, AND JAPAN.* 1923 1922 1928 1922 Countries and com- Countries and commodity groups. modity groups. July. Aug. Sept. Oct. Nov. Nov. July. Aug. Sept. Oct. Nov. Nov. UNITED STATES. All commodities,.. 159 159 163 163 163 164 All commodities.... J 151 149 148 147 144 147 Goods produced... 161 - 161 165 165 165 160 Goods produced j 149 148 146 144 141 143 Goods imported 141 136 144 150 147 136 Goods imported 164 162 163 165 165 165 Goods exported.... 170 166 176 182 196 173 Goods exported..... 142 142 141 137 134 138 Raw materials 163 162 167 167 166 177 Haw materials 137 131 131 130 127 135 Producers7 goods... 160 158 160 160 159 150 Producers' goods 168 166 167 171 169 157 Consumers' goods.. 155 157 162 161 163 156 Consumers' goods... 168 172 170 165 162 160 JAPAN. All commodities... 168 164 165 166 171 162 All commodities 182 172 Goods produced... 169 185 164 165 171 161 Goods produced 184 173 Goods imported... 164 162 167 167 173 165 Goods imported..... 173 166 Goods exported.... 173 166 167 167 177 154 Goods exported 192 194 Raw materials 171 165 164 165 171 166 Raw materials 179 173 Producers7 goods... 153 150 152 154 162 146 Producers' goods.... 176 168 Consumers' goods.. 178 " 177 176 177 182 172 Consumers' goods... 186 173 All commodities.... 391 391 404 404 416 329 Goods produced.... 398 397 409 410 419 336 Goods imported...'.. 434 445 460 457 482 362 Goods exported 384 393 419 422 443 355 Eaw materials.. 417 406 416 427 427 355 Producers' goods.... 418 414 433 435 449 333 Consumers'" goods... 345 363 375 374 385 296 i Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920, June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL RESERVE BULLETIN. 47 REVISION OF THE INDEX OF WHOLESALE PRICES IN FRANCE. A revision has been made in the board's brings that class of commodities more into line index, of wholesale prices in France in the raw with the other groups^ The revision resulted materials and producers' goods groups. The in raising the general index for all comxnodichange raises the level of producers' goods and ties by about 25 points. All commodi- All commodities. ties. Raw Pro- Goods Goods Raw Pro- Goods Goods m ri a al t s e . - d g u o c o e d r s s . ' d p u r c o e - d. po e r x te - d. r a e c c I n u t n u c r- y al . v b C g e t a o o r o s t l n i a e d s - d . m ri a a t l e s - ; d g u o c o e d r s s . ' d p u r c o e - d. po e r x te - d. r a e c c I n u t n u c r- y al . v b C g e t a o o r o s t l n i e a d s - d . 1920. 1922. January 465 500 436 516 447 196 January 314 307 322 293 306 130 February. 493 547 456 565 472 172 February. 307 305 319 291 303 137 March 521 586 498 595 513 191 March 312 307 326 288 307 143 April 562 646 542 669 562 182 April . . . 325 306 342 290 320 153 May 571 667 557 690 575 204 May .... ... ... 330 303 346 295 324 153 June 529 646 526 570 535 219 June ... 334 310 346 309 325 148 July 514 614 519 524 520 219 July 339 317 347 314, 328 140 August 534 607 537 528 536 199 August.. ........ 336 318 336 312 320 132 September 532 591 536 529 533 186 September. 331 319 327 318 315 125 October 519 559 523 489 517 175 October.. 335 319 325 325 315 120 November 507 530 494 423 489 152 November 355 333 336 355 329 117 December. . ...... 462 469 459 394 450 138 December 360 339 346 352 337 126 1921. 1923.. January . .... 415 408 421 372 414 138 January. 374 352 353 365 346 120 February.«.... . 390 370 398 348 389 145 February... .... 406 393 387 405 380 121 March „„ 366 360 378 322 370 135 March ..... 427 426 406 421 398 131 April... . 361 347 364 296 357 134 April............... 419 424 400 403 390 135 May 342 321 359 284 346 150 May 417 426 395 381 386 133 June 340 302 345 271 333 139 June 418 419 402 385 394 129 July 336 310 345 275 334 135 July. 417 418 398 384 391 119 August 329 307 331 276 323 130 August. ....« 406 414 397 393 391 115 September 335 321 324 292 322 121 September.......... 416 433 409 419 404 123 October.„. 326 320 316 308 316 119 October. 417 435 410 422 404 125 November 322 312 315 311 313 117 November.......... 427 449 419 443 416 119 December 320 308 321 299 307 125 WHOLESALE PRICES IN THE UNITED STATES. INDEX OF THE BUREAU OF LABOE STATISTICS. [1913=100.] Bureau of Labor Statistics groups. Federal Resenre Board regroupings. Rawr materials. p F u r a c o r t d m s - . Foods. C c a i l l o n o n t g t d h h . s - l F i i a g n u n h g e d t . l - M m p u a r c e e n o t t t d d a s a . l - l s B m ri i u a n a i l t g l s e d . - -C d h a c ru a n e g m l d s s i . -H g n o f o i i u n o s u r g h d s - - s e . l M o a c u n e i l s e s - . - - m i c t A o i o e m l d l s - - . Crops. p A m r n o a i d l - - p F e r o o s r t d - - M pr i a o n l d er - - m T ra o a w t t a e- l g d P e o u r r o o s c d ' - - s. g s C e u o o r o m s n d ' - - s. ucts. ucts. ucts. rials. 1922. November 143 143 192 218 133 ' 185 127 179 122 156 180 129 207 209 166 136 155 December 145 144 194 216 131 185 130 182 122 156 161 128 210 208 167 135 157 1923. January 143 140 196 218 133 188 131 184 124 156 164 125 215 213 168 136 155 February 142 141 199 212 139 192 132 184 126 157 170 123 220 207 167 141 155 March 143 143 201 206 149 198 135 185 127 159 174 123 227 202 167 14S 158 April.. . 141 144 205 200 154 204 136 187 126 159 172 123 232 198 166 150 157 May ...... 139 144 201 190 152 202 134 187 125 156 167 122 226 189 161 148 166 June.... .... 138 142 198 186 148 194 131 187 123 153 165 119 215 184 158 144 155 July. . 135 141 193 182 145 190 128 187 121 151 154 120 209 179 153 141 154 August.... 138 141 193 178 145 186 127 183 120 150 152 125 203 177 153 137 154 September . 144 147 202 176 144 182 128 183 121 154 163 131 196 176 158 139 158 October. ... . 144 148 199 172 142 182 129 183 120 153 172 122 197 171 155 139 159 November., 146 148 201 167 141 181 130 176 118 152 179 115 196 167 154 138 159 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

48 FEDERAL, EESERVE BULLETIN, JANUARY, 1924. WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. ALL-COMMODITIES INDEX NUMBERS. EUROPE. England. Year and month. g B iu e m l- . g B a u ri l a - . C v z a s e l k o c i h - a o . - m D a e r n k - . Bo o a f rd Statist. France. Germany. Italy. l N a e n e r t d - h s - . t ( i C N w a h n o a r i r y i a - s ) - . Poland. Spain. Trade. 1922. October . .. 385 2,558 1,059 176 155 153 337 566 601 155 221 2,013 172 November 408 2,564 1,017 180 158 153 352 1,151 596 158 221 2,756 174 December 407 2,630 999 182 156 152 362 1,475 580 155 220 3,464 172 1923. June 484 2,545 1 001 202 159 150 409 19,385 568 149 230 18,841 170 July 504 2,408 968 207 157 147 407 74,787 566 145 235 30,700 170 August... .. . 529 2,292 958 207 155 147 413 944,041 567 142 231 53,569 171 September = 514 2,265 957 202 158 150 424 23,900,000 569 145 234 73,022 174 October 515 2,263 973 205 158 150 421 7,100,000,000 563 148 237 273,807 171 November . 964 207 161 156 725,700,000,000 571 242 686,427 December 984 210 EUROPE—continued. NORTH AMERICA. j.*LSIA ANDOCEANIA. AFRICA. Year and month. Sweden. S l w an it d z . er- U St n a i t t e e s d . Canada. Au li s a t . ra- (S C h h h a a i i n n ). g a - D I E n u d a t i s c a t h . c I u ( n C t d t a a i l a - ). (T J o a k p y an o). Ze N a e l w and. ( E C g a y ir p o t ). A S f o r u ic th a. 1922. October.. 155 169 165 154 146 159 142 160 177 190 174 140 129 November 154 163 171 156 150 162 143 160 178 188 175 144 December. 155 163 172 156 151 161 149 160 176 183 172 147 1923. June 160 164 181 153 155 178 155 166 175 198 177 128 July. 157 162 180 151 154 180 155 160 170 192 176 123 124 Ausrust 163 162 175 150 153 175 153 171 175 120 September 155 162 173 154 155 172 157 174 210 177 123 October. 153 161 181 153 153 171 156 174 212 176 129 125 November 151 182 152 157 177 173 134 December. 183 158 The foreign index numbers of wholesale and retail prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board and may be had at any time upon request. Sources of information, number of commodities included, and base periods for the index numbers of the different countries and period of month to which figures refer are as follows: Belgium—Ministry of Labor, 128, April, 1914, last of half month; Bulgaria—General Statistical Office, 38, 1913, monthly average; Czechoslovakia—Central Bureau of Statistics, 126, July, 1914, beginning of month; Denmark—Finanstidende, 33, July, 1912-June, 1914, beginning of month; England—Board of Trade, 150, 1913, monthly average; England— Statist, 45, 1913, end of month; France—Statistique Generale, 45, 1913, end of month; Germany—Federal Statistical Bureau, 38, 1913 = 1, monthly average; Italy—Riccardo Bachi, 107, 1913, end of month; Netherlands—Central Bureau of Statistics, 53, 1913, monthly average; Norway—Okonomisk Revue, 92, December, 1913-June, 1914, end of month; Poland—Central Statistical Office, 58, January, 1914 = 1, end of month; Spain— Institute of Geography and Statistics, 74, 1913, middle of month; Sweden—Gotesborgs Handelstidning, 47, July, 1913-June, 1914, middle of month; Sweden—Kommers-Kollegium, 160, corresponding month in 1913, monthly average; Switzerland—-Dr. J. Lorenz, 71, July, 1914, first of month; United States—Bureau of Labor Statistics, 404, 1913, monthly average; Canada—Dominion Bureau of Statistics, 238, 1913, middle of month; Australia—Bureau of Census and Statistics, 92, July, 1914, end of month; China—Ministry of Finance, 147, February, 1913, last Wednesday in month; Dutch East Indies—Statistical Bureau, 17, 1913, end of month; India—Department of Statistics, 75, July, 1914, end of month; Japan—Bank of Japan, 56, 1913, monthly average; New Zealand—Department of Statistics, 106, 1913, middle of month; Egypt—Department of Statistics, 23, January, 1913-July, 1914; South Africa—Office of Census and Statistics, 188, 1913, monthly average. The retail price indexes have been shifted wherever possible from original bases to a July, 1914, base. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL RESERVE BULLETIN. 49 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES. European countries. Other countries. United ( A V n tr a u i i e ) a s . n - - i p g n B r i c 0 o u e e v l m s - - ). v c C a s h l k z o o i e - a - - . to E l ( w a 6 n n 0 n g d 0 s - ). ( F P r a a r n i c s) e . c m i G t ( a i 7 e e n 1 r s y - ). Italy. c N l i a t e e i ( n r e 6 t d - h s s - ).to N w w (3 o a n 1 y r s - ). d S ( r M p i a d a i ) n - . t S ow w ( e 4 n n e 8 s d ) - .to S l z w a ( w e 3 n n r i 3 d - s t- ). c S it t ( i a 5 e t 1 s e ) s . ci C a t ( i a d 6 e n a 0 s - ).to A t w l ( r i u 3 a n a 0 s - s - ). ( I b B n a d o y i m ) a . - to N l Z w a ( e 2 e n n a w 5 d s - ).to S A w o f ( u r 9 n i t c s h a ). p - B e 1 r a 0 i s o 0 e . d 1 J 9 u 1 1 l 4 . y = . A 19 p 1 ri 4 l . . ' J 19 u 1 l 4 y . , J 19 u 1 l 4 y . , J 1 u 91 l 4 y . , A J 1 u u 9 g l 1 u y 3 s , - t, 1913 J 19 u 1 l 4 y . , 1 J 9 u 1 l 4 y . , 1914 1 J 9 u 1 l 4 y . , J 1 u 91 n 4 e . , 1 J 9 u 1 l 4 y . , 1 J 9 u 1 l 4 y . , J 19 u 1 l 4 y . , J 19 u 1 l 4 y . , J 19 u 1 l 4 y . , 1914 1914=1. INDEX NUMBERS OF RETAIL FOOD PRICES. 1922. Oct... 11,886 406 172 290 266 555 149 220 153 140 138 146 158 139 119 Nov 11,145 433 176 297 550 561 146 216 155 142 139 145 155 139 120 Dec 10,519 429 178 305 807 557 147 215 155 144 140 146 157 138 118 1923. June 14 132 417 160 331 9 347 531 145 213 165 141 138 162 146 142 118 July.... 12,911 448 162 321 46,510 145 218 164 144 137 164 148 142 116 Aug.. 12,335 469 165 328 670,485 143 220 162 143 142 165 149 143 115 Sept.... 12,509 498 168 339 5 17.3 142 218 163 146 141 161 149 145 115 Oct... 12 636 172 349 54,301.0 145 217 162 147 144 157 147 146 117 Nov 12 647 173 58 620 0 221 166 148 144 147 147 120 Dec . 12' 860 176 COST-OF-LIVING INDEX NUMBERS. 1922 (2) (3) Oct.. 10,332 378 1,016 178 221 504 0) 178 178 155 153 147 162 143 121 Nov. 9,701 384 984 180 446 505 178 170 158 154 147 160 143 122 Dec. 9,375 384 962 180 300 685 504 176 238 177 168 158 154 148 161 143 121 1923 June. 11,513 419 933 169 334 7,650 491 174 236 170 161 166 156 146 151 145 120 July.. 10,903 429 921 169 37,651 487 172 160 166 157 146 153 145 119 Aug.. 10,496 439 892 171 586,045 483 178 161 184 156 148 154 146 118 S O e ct pt.. . 1 1 0 1 0 8 2 4 7 1 4 4 5 5 8 3 9 90 0 1 3 1 1 7 7 5 3 331 53 5 6 5 1 7 5 . 0 0 487 173 230 1 17 7 4 8 1 1 6 6 5 5 1 16 6 4 4 1 1 5 5 8 7 1 1 4 4 9 8 1 15 5 2 4 147 1 12 1 1 8 Nov.... 11,149 463 896 175 56 570 0 164 167 150 153 122 Dec 10,249 177 1 Milan, first half of 1914=100. «6 months' moving average. & Millions. 2 Massachusetts Commission on the Necessaries of Life. 41910-11=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

50 FEDERAL. RESERVE BULLETIN. JANUARY, 1924. BUSINESS AND FINANCIAL CONDITIONS ABROAD. MONEY RATES, CURRENCY VALUES, AND. COMMODITY PRICES ABROAD. Interest and discount rates in Europe during the second half of the year 1923 showed an upward movement, indicating an increasing demand for funds. In some continental countries there appeared, in fact, to be an acute shortage of funds resulting in unusually high levels of interest rates. The movement of gold to the United States continued in larger volume than in 1922, but exchange rates on nearly all the countries declined during the year. These declines in exchange rates, which have been due in part to political causes, have not been reflected in commensurate price advances in most foreign countries, with the consequence that at present price levels in these countries, when expressed in terms of gold, are lower than a year ago. Interest and discount rates.—High interest rates have prevailed in those European countries where currencies are greatly depreciated, while throughout the last three quarters of 1922 and the first half of 1923 in England and in other countries with currencies of relatively high value liquid funds have been abundant and money rates low. The monthly average rate on 3-month bankers' bills in the London market decreased from about 5| per cent in 1921 to about 3 J per cent in 1922, and during the first half of 1923 these bills were quoted below 2 per cent. Short-term treasury bills and 6-month trade bills showed the same tendency. After July, 1923 ; however, interest rates hardened, the rate on 3-month bankers' bills rose to above 3 per cent ; and 6-month trade bills during October and November commanded a rate of 5 per cent, the highest since the beginning of 1922. Treasury bills, whose average rate was about 1.80 per cent for the first half of the year, fluctuated between 2f and 3 per cent during the past six months. Money rates on the Continent were high throughout the second halt of the year, and in many countries, such as Austria, Hungary, Rumania, and Poland, the rates reached unusually high levels. The rise in interest rates has been reflected in the discount rates of several banks of issue. On November 9 the Bank of Sweden advanced the bank rate from 4| per cent, which had prevailed since July, 1922, to 5J per cent, the first increase in the Swedish discount rate since September 17, 1920. On November 10 the Bank of Norway followed with an increase in the discount rate from 6 to 7 per cent, the second advance during the year. The high rates of interest prevailing in surrounding countries and the large demand for credit induced the banking department of the Czechoslovak Government on November 29 to increase its discount rate from 4\ to 5J per cent. The Bank of Issue of Poland on October 1 raised its discount rate from 12 to 24 per cent, and on November 12 doubled it again to 48 per cent. The Bank of Finland, which on September 13 raised its rate from 8 to 9 per cent, decreased it on October 29 to 8 per cent, but on November 30 raised it again to 10 per cent, the highest rate ever reached during the past 15 years. The National Bank of the Netherlands, whose discount rate had been reduced to 4 per cent on July 18, 1922, advanced its rate to 4^ per cent on December 13, 1923. Exchange rates and price levels.—Exchange rates on foreign countries have shown declines for the year, the exchange index of the Federal Reserve Board falling from 70 for December, 1922, to 61 for November, 1923, a reduction of 13 per cent. Sterling declined 5 per cent; French francs, 24 per cent; Italian lire, 13 per cent. South American exchanges have shown similar weakness. In contrast to these declining rates the Oriental exchanges have been firm. The Shanghai tael, whose value depends upon the price of silver, closed the year at about the same figure as at the beginning, as did the Japanese yen and the Indian rupee. Among other exchanges, the Swedish krona, which in December, 1922, was at a slight premium over the dollar, was firm near par, as was the Netherlands florin, except for a break in November from which it partiall}^ recovered. Austrian exchange was stable throughout the year, and that of Czechoslovakia and Finland practically so. In countries with relatively steady exchanges, commodity prices have moved parallel with prices in the United States. As a result, their prices measured in gold now bear about the same relation to the American price index as they did a year ago. On the other hand, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUAKY, 1924. FEDERAL RESERVE BULLETIN. 51 in countries whose exchanges have depreciated severely during the year, commodity prices have not risen to a compensating degree, and gold prices in those countries are further below American prices now than they were at the beginning of the year. For example, in Italy, where, between December, 1922, and November, 1923, the exchange rate dropped 13 per cent, actual prices fell about 2 per cent, while prices converted to a gold basis declined 14 per cent. The Norwegian exchange fell 22 per cent, currency prices rose 10 per cent, and gold prices fell about 10 per cent. TREND OF BUSINESS ABROAD. Items. l E a n n g d - . France. Canada. U St n a i t t e e s d . Items. l E a n n g d - . France.Canada.United States. Million Million Million Million COM 1 1 1 M 9 9 9 E 2 2 2 R 2 1 3 C — — — I N S O A N N M e L o c o p o t v v a B o v t e e e y b e A m m m m . e N . r b . b b b K . e e e e r r r r L . OANS: . po 1 1 1 1 1 1 u , , , , , , n 0 2 0 0 0 0 d 1 0 0 0 3 2 s 9 5 5 5 1 1 . f 1 1 1 1 1 ra 4 1 3 3 3 n , , , . , 7 7 3 9 2 c 3 1 2 4 6 s 4 9 4 3 5 . do 1 1 1 1 1 l , , , , , 3 2 2 2 l 2 a 5 3 1 5 4 r 4 6 9 5 1 s. do 1 1 1 1 1 1 l 1 1 1 1 1 1 l , , , , , , a 8 2 3 9 8 9 r 4 1 0 3 7 4 s 0 9 4 5 7 3 . PIG 1 1 1 I 9 9 R 9 2 2 2 O 3 1 2 N — — — N S O M P N N e R o c a o p v O t o y v t o e v D e e b m m m e U e m b C b b r e e T . e b . r r r I . e O r N .. : ... , 6 6 3 5 8 7 9 5 1 3 . . . . . 7 4 8 5 8 (Rel 1 1 1 a 9 6 1 1 1 ti 0 8 8 8 1 v . . . . . e 6 0 4 2 1 s—1 1 9 7 4 8 8 5 2 1 4 7 9 0 7 0 3 . . . . . . ^ 6 5 1 8 1 8 100.) 1 1 1 1 1 5 1 2 2 5 1 3 3 5 1 2 1 . . . . . . 0 0 0 3 1 3 COMMERCIAL BANK DEPOSITS: COAL PRODUCTION: 1921—November.. ....... 1,793 11,150 2,093 10,270 1921—November. 80.9 97.2 121.6 90.2 1922—November 1,667 13,121 2,036 11,094 1922—November. 98.2 110.3 148.4 113.6 1923—May....r 1,608 13,634 2,067 11,173 1923—May 92.6 105.1 100.1 115.6 September 1,609 14,674 1,997 10,891 September. 97.5 129.6 97.3 115.9 October................ 1,629 13,961 1,990 11,158 October.... 101.8 126.9 123.3 November 1,630 11,102 November. 101.6 107.7 CENTRAL BANE: DISCOUNTS: 1921—November 83 2,287 1,182 SHIP CLEARANCES: 1922—November. 68 2,818 614 1921—November. 85.6 110.0 1923—May................... 71 2,372 731 1922—November. 112.8 139.0 September .. 71 2.511 1923—May 130.1 132.1 October • 72 3; 089 September. 119.1 133.0 November. 73 3,725 794 October.... 128.7 133.7 CENTRAL BANK NOTE ISSUES: 1 November.. 111.2 130.4 1921—November 418 36,336 2,366 1922—November . 390 36,114 421 2,330 Num- 1923—May ] 390 36,741 401 2,250 UNEMPLOYMENT: S ber. Relatives.* September 394 37,626 427 2,248 1921—November. 3,730 90.2 October 384 37,670 427 2,225 1922—November. 285 95.8 November 384 2,246 1923—May 199 91.4 BANK CLEARINGS: « September. 111 100,0 1921—November 2,921 505 1,667 15,925 October 52 99.5 1922—November 2,989 1,619 17,133 November. 70 98.8 1923—May 3,067 1,662 19,368 September 2,603 761 1,220 17,260 Thou- Thou- October 3,243 877 2,220 19,747 sand Million sand November ..... 3,192 1,910 18,521 VALUE OF IMPORTS: pounds francs. dollars. 1921—November. 89,254 1,761 64,271 CEN 1 1 1 T 9 9 9 R 2 2 2 A 2 3 1 L — — — B S O N M N A e c o N o p t a v o v K y t e b e e . m . m D e m r b I b . S b e e C r e r O . r U .. . N .. T . .. KA ._ T . E .' : .] . Co 3 3 4 4 5 . P.ct. 1 19 9 2 2 3 2 — — N S O M N e o c a o p t v y o v t e e b e m m e m r b b b e e e r r r . . . 1 9 9 8 8 0 9 1 5 3 9 , , , , , 9 6 2 4 5 1 6 7 0 8 5 6 9 0 5 3 3 2 2 2 , , , , , 0 5 1 3 6 6 9 6 4 1 9 7 1 9 3 7 7 7 7 8 6 2 1 6 4 , , , , , 2 0 3 3 2 8 6 6 5 4 4 4 5 1 1 November 4 VALUE OF EXPORTS: WHOLESALE PRICE INDEX: 3 (Relative—1918= 100.) 1921—November. 62,895 1,642 87,640 294,092 1921—November 174 313 145 1922—November. 66,491 1,683 131,826 380,000 1922—November 162 329 147 1923—May 71,555 2,675 76,049 316.359 1923—May [ 173 386 155 September. 63,836 2,435 68,758 381,434 September ..... 165 404 148 October 71,323 2,814 101,300 400;814 October 166 404 147 November. 65,768 2,941 139,005 404,000 November 171 416 144 RETAIL PRICE INDEX: « (July, 1914=100.) VOLUME OF IMPORTS: (2R2.elatives-1913=100.) 1921—November 203 326 149 1921—November 72.3 114.5 150.6 1922—November 180 297 139 1922—November 85.5 124.2 20i.l 1923—May .'...'..'.'.'.'.'.'.[ 170 325 140 1923—-May 98.0 122.2 236.4 September 173 339 141 September 92.1 137.4 128.2 October 175 349 144 October... 118.3 162.2 November 175 144 November 135.0 153.7 FOREIGN EXCHANGE: (Per ce,of par. VOLUME OF EXPORTS: 1921—November 81.58 37.30 9U1 1921—November 60.7 98.1 1922—November . 92. 06 35.54 100.03 1922—November 73.3 110.0. 112.4 1923—May ... 95.05 34.39 97.94 1923—May 80.7 102.2 81.0 September 93.34 30.34 97.65 September 71.4 145.7 112.5 October 92.96 30. S2 98.55 October. 117.9 115.4 November 90.05 28. 58 98.13 November 125 A 105.7 1 Canada—issues of the Dominion and commercial banks. 2 England and Canada—total monthly clearings; France—average daily clearings; United States—total monthly debits to individual accounts, not including New York City. 3 Federal Reserve Board index numbers. ^ England—Ministry of Labor cost of living; France—Statistique Generale retail food in Paris; Canada—Department of Labor retail food index; United States—Bureau of Labor retail food recomputed on new base. 5 England—per cent of unemployed in insured trades; France—actual number unemployed in Paris; Canada, index of employment in 54 ndustries; Imited States index of employment in 33 industries. e Canada—Jan. 17, 1920=100; United States—1919=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

52 FEDERAL RESERVE BULLETIN. ^ 1924. INDUSTRIAL STATISTICS IN FOREIGN COUNTRIES. ENGLAND. GERMANY. 1923 1922 1923 1922 Sep- Sep- July. August. tember. tember. Sep- Octo- No- Notember. ber. vember.vember. Exports: Iron and its manufactures Production: metric tons.. 131,870 132,789 117,913 244,012 Coal (thousand long tons) 26,925 22,507 22,467 21,712 Machinery and electrical sup- Pig iron (thousand long tons)... 559 596 598 494 plies metric tons.. 37,482 32,053 27,876 40,150 Steel ingots and castings (thou- Dyes and dyestuff s do.... 8,924 9,743 7,568 13,477 sand long tons) * 695 702 750 601 Coal.. do 68,633 70,675 146,316 110,245 Raw cotton, visible supply * (thou- Imports: sand bales).. 538 618 802 1,114 Raw wool do 15,129 11,873 9,399 8,708 Exports: Silk, half manufactured.do 316 223 256 342 Iron and steel amd manufac- Cotton do.... 16,598 10,735 12,082 13,959 tures (thousand long tons)... 334 395 372 Iron ore do.... 144,445 130,588 287,424 1,089,972 Cotton manufactures (million yards) 348 375 353 402 Imp C or o t a s l : (thousand long tons) 6,316 7,433 6,670 6,571 August. te S m ep b - er. October. O b c e t r o . - Raw cotton (million p ounds)... 63 175 171 183 Raw wool (million pounds).... 23 28 38 60 Ship arrivals in Hamburg Raw hides, wet (thousand thousand tons.. 1,364 1,351 1,187 1,272 Tran S s h p p i o p o r s u t a n c t d i l o e s a n ) r : . e . d . .. w .. i . t . h . .. cargo (2) 6,890 10,456 9,081 6,160 Une A m p t p i p o l l o n i y c s a m n e ts n t f : or every 100 posi- 257 395 572 134 Fr ( e t i h g o h u t s t a ra n i d n to re n c s e ) ipts(thousand 6,534 6,057 5,658 Busi N ne u s m s b fa e i r l u r r e e c s eiving State aid... 243,86 1 4 3 514,607 9 942.66 1 3 5 16,68 4 1 3 pounds sterling) 8,557 9,954 Capital issues.....million marks.. 11.9 »2,259 7,187 Freight train traffic (million Index of security prices:2 ton-miles). 1,558 1,568 25 domestic stocks (Jan. 1922= Unemployment: 100) 13.7 184 143,691 169 Among trade unionists (per cent). 11.3 10.9 10.5 14.2 In insured trades (per cent) 11.7 11.7 11.5 12.7 1 Millions. 2 Last week of month figures. Index of security prices (December, 1921=100) 115.5 115.5 113.6 114.1 CANADA Capital issues (thousand pounds sterling) 7,254 40,282 14,246 18,680 1923 1922 1 End of month figures. 2 Figures include Irish Free State. Sep- ^Octo- No- Notember. V ber? vember.vember. FRANCE. Production: Pig iron thous. tons.. 75 74 82 34 Production: Crude steel do 66 67 55 51 Coali (thousand metric tons)... 4,410 4,322 3,753 Railway receipts., .thous. dollars.. 38,944 49,935 46,160 44,259 C Pi r g u d ir e o n s t ( e th el o u ( s t a h n o d u s m an e d tr ic m t e o t n r s ic ). 482 514 513 U i n s e ts m ployment among tra .p d e e r u c n e io n n t. - . 2.0 6.2 tons) 446 477 410 Business failures number.. 56 160 55 79 Cotton stocks at Havre 2 (thou- Authorized capital of new comsand bales) 48 64 121 158 panies thous. dollars.. 10,961 8,256 13,666 14,486 Exports: Bond sales .do 2 211,659 63,560 4,182 16,183 Total volume (thousand metric Security prices, average market tons) 2,681 2,170 2,309 2,025 price, 20 industrial stocks 90.0 89.8 92.6 Imports: To to ta n l s v ) olume (thousand metric 5,063 4,360 4,975 4,576 August. te S m ep b - er. O b c e t r o . - O b c e t r o . - Raw cotton for consumption (metric tons). .- 11,101 32,379 33,047 20,387 Receipts of wheat at Fort -William Raw silk (metric tons) 971 1,137 908 526 and Port Arthur.. thous.bushels.. 2,036 28,318 67,050 65,120 Coal (thousand metric tons) 2,946 2,272 2,804 1,965 Receipts of livestock at stockyards Transportation: in Toronto and Winnipeg: Ships cleared with cargo Cattle number.. 65,796 61,456 85,076 87,092 (thousand tons) 2,592 2,800 2,419 2,455 Hogs do.... 40,224 35,923 51,939 39,806 Railway receipts (thousand Exports: francs) 768,916 600,615 532,152 Planks and boards Freight car loadings (average million feet.. 224,212 201,280 219,275 258,827 daily number) 59,025 60,517 61,368 56,046 Preserved fish..thous. pounds.. 7,386 11,661 15,443 13,240 Unemployment:, Wood pulp do 183,114 159,868 158,066 154,019 Number in P'aris receiving aid3 111 52 70 285 Wheat thous. bushels.. 11,419 5,300 29,071 Demands for employment not Imports: filled (number men in France)3 5,889 7,258 7,465 8,047 Coal thous. tons.. 2,025 2,090 1,641 1,465 Raw cotton...thous. pounds.. 3,699 1,697 8,351 4,383 Machinery thous. dollars.. 2,361 2,293 2,550 1,931 1 feCoal and lignite, including Lorraine and the Saar. \Bale of 50 kilos. End of month figures. s^End of month figures. 13 weeks. 3 Dominion loan. s Ontario loan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL RESERVE BULLETIN. 53 FOREIGN TRADE OF PRINCIPAL COUNTRIES. UNITED STATES. OTHER COUNTRIES. [Thousands of dollars.] 1923 1922 1923 1922 By classes o IM f P c O o E m TS m . odities: O b c e t r o . - No b v e e r. m- 1 c 1 u m t m iv o u e n l . t a h - s 1 c 1 u m t m iv o u e n l . t a h - s O b c e t r o . - No b v e e r m . -t m C h n la r o l u o o a t t m i n s e u v t t d [ : u e h g . - hn t m C h l s o r a u a o t n m m i u t v h g e u e h s - . Total 308,366 291,455 3,503,955 2,818,958 Crude materials for manu- France (million francs): facturing. 92,451 97,945 1,286,420 1,038,077 Imports 3,069 3,161 28,781 20,917 Foodstuffs in crude condi- Exports 2,814 2,941 24,810 19,614 tion ; 34,057 40,124 327,356 298,589 Netherlands (million guilders): Foodstuffs partly or wholly Imports , 193 1,658 1,691 manufactured 48,067 35,600 501,962 361,200 Exports 126 1,052 1,017 Manufactures for use in Sweden (million kronor): manufacturing 57,504 50,790 665,335 493,616 Imports. 140 1,104 942 Manufactures ready for con- Exports •. 118 900 906 sumption . 73,554 64,136 705,328 610,413 United Kingdom (thou. £ sterling): Miscellaneous «,. 2,734 2,860 17,554 17,063 Imports 99,915 101,585 989,108 909,338 By countries: Exports 71,323 65,768 703,215 661,614 Total Europe 105,780 93,448 1,064,062 894,085 Reexports 11,147 10,171 108,220 95,299 France .......... 15,926 12,786 136,489 131,009 Canada (thousands of dollars): Germany 15,727 13,426 147,662 108,680 Imports 76 72 692 Italy 9,248 10,777 83,562 54,959 Exports.. 101 139 903 786 United Kingdom... 32,833 27,701 375,155 325,835 Japan (million yen): Total North America 86,904 73,432 933,732 755,644 Imports. 142 155 1,558 1,737 Canada . 37,850 38,452 380,059 327,042 Exports 136 119 1,088 1,474 Total South America 34,923 430,216 319,576 South Africa (thousand £ sterling): Argentina 3,670 111,020 76,083 Imports. 5,342 44,913 Total Asia and Oceania 75,954 84,581 996,459 793,845 Exports 5,583 56,055 43,520 Japan.. 24,430 28,783 314,096 321,142 Total Africa............ 2,854 5,071 79,485 55,832 Septem- October. ber. EXPORTS. By classes of commodities: Belgium and Luxembourg (million Total.... 400,814 400,191 3,739,915 3,487,450 francs): Crude materials for manu- Imports. . 10,073 7,422 facturing. 151,098 160,821 1,020,004 868,012 Exports 820 6,977 4,952 Foodstuffs in crude condi- Denmark (million kroner): tion... 21,750 14,461 242,607 432,590 Imports. 169 177 1,611 1,237 Foodstuffs partly or wholly Exports.. 135 145 1,293 1,001 manufactured 50,969 52,294 526,635 Germany (thousand metric tons): Manufactures for use in Imports. 3,420 2,910 42,941 37,012 manufacturing 45,977 47,156 511,041 401,863 Exports.. 1,143 1,180 10,643 18,245 Manufactures ready for Italy (million lire): consumption... „ 123,447 118,668 1,362,552 1,178,452 Imports 12,676 11,163 Miscellaneous 573 954 5,849 6 297 Exports •. 7,325 6,349 Reexports... 71,227 61,610 Norway (million kroner): By countries: 7,009 5,837 Exports- 72 582,898 533,136 Total Europe.. 215,369 217,201 1,845,818 1,896,634 Brazil (million milreis): F G r e a r n m c a e ny 3 3 2 1, , 8 7 0 9 3 7 31,374 2 2 4 8 2 4 ? , 9 1 1 6 8 6 2 2 9 41 1 , , 9 3 0 7 3 2 I E m x p p o o r r t t s s 1 1 1 1 8 7 4 9 2 1 8 6 7 7 1 1 , , 4 6 1 6 7 6 1,3 9 4 6 5 2 Italy...! 19,176 18,231 147,693 -134,907 Chile (thousand gold pesos): United Kingdom...... 89,256 99,732 757,573 775,416 Imports 5,637 4,764 52,046 31,869 Total North America 89,908 84,806 1,006,612 830,390 Exports. 6,999 57,315 21,523 Canada. 51,717 45,743 606,646 523,851 Australia (thousand £ sterling): Total South America •21,868 23,411 250,081 203,947 Imports.. „ 9,217 13,000 112,071 Argentina. 8,593 9,215 106,474 85,672 Exports 5,783 11,210 170,422 Total Asia and Oceania 69,530 70,130 581,755 514,495 India (million rupees): ' Japan 27,585 35,113 226,554 198,273 Imports. 187 1,906 2,025 TotalAfrica 4,767 4,642 55,650 51,985 Exports 234 256 2,831 2,368 1 Figures for July and August, 1923, and cumulative through August, 1923 and 1922. The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreign trade of the United States, and monthly fluctuations in ocean freight rates prevailing between this country and principal European trade regions. For methods of construction of these indexes, reference may be made to the FEDERAL RESERVE BULLETINS for July, 1920, and August, 1921. FOREIGN TRADE INDEX, INDEX OF OCEAN FREIGHT RATES. [1913-100.] [January, 1920=100.] 1923 1922 1923 1922 August. te S m ep b - er. O b c e t r o . - No b v e e r. m-No b v e e r. m- te S m ep b - er. O b c e t r o . - No b v e e r. m- D b ec e e r. m- D b ec e e r. m- Imports: United States Atlantic ports Total . .. ... .. 153.0 128.2 162.2 153.7 204.1 to- Raw materials 130.1 103.5 123.5 131.0 195.1 United Kingdom........ 20.8 23.5 28.6 27.8 27.1 Producers' goods 195,1 152.8 204.2 170.2 244.0 French Atlantic 22.5 24.4 24.8 25.7 25.0 Consumers' goods.... 129.3 147.4 185.3 184.9 144.4 Netherlands and Bel- Exports: gium 19.8 23.1 24.9 25.3 22.2 Total. 89.2 112.5 115.5 105.7 112.4 Scandinavia 22.3 22.3 22.4 22.5 22.7 Raw materials... .... 69.0 102.3 103.4 96.2 112.6 Mediterranean 19.0 20.3 20.5 20.2 21.8 Producers' goods 149.5 143.3 159.4 122.8 101.6 All Europe 20.7 22.9 25.1 25.1 24.4 Consumers' goods 127.1 131.1 134.0 128.9 117.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

54 FEDERAL RESERVE BULiiETIK. JANUAKY, 1924. FINANCIAL STATISTICS OF PRINCIPAL FOREIGN COUNTRIES." ENGLAND. CANADA. [Millions of pounds sterling.] [Millions of dollars.] 1923 1922 1923 1922 . Sept. Oct. Nov. Nov. Sep- Octo- Novem-Novemtejmmber, ber. ber. ber. Char G te o r l e d d c b oi a n n k an s: d bullionx 61 67 92 Current loans and discounts 1,219 1,241 1,255 Bank of England: Money at call and short notice 283 300 303 Nine M B C T G L o u a o o t r n l o n a r d k n e e l a d n y d n n c o e o a y d n p t t e o n s c c s i s o l a l e i i l v t n t a l e s e r a s c r i n n , i a r d g c n c o d u b s i l h n a a c o n t a e i r k n r o t s t d n i n : f o i b i c t u . a i . l c t l . e i e . o s . . . n . . . . . . . 2 1 1 1 1 0 8 1 0 5 2 3 8 2 5 2 1 1 1 1 8 0 1 0 5 0 1 9 2 5 2 1 1 1 1 8 0 0 2 5 2 5 3 1 5 2 1 1 1 8 2 5 0 8 1 4 2 D B G a o o n l m d N I P k n i r u n o c d e b i t l s i o e e l v e i n a r i c c r d v i n i a r n u e o c n g a u t a d l s e g l a 2 d r a c t a e i i i n i r p o l c s o w n u t s . l a D i a t y " s t o . i s o m e n c in u i r o it n i e n s otes. 1 1 , , 9 2 2 4 1 1 9 2 1 4 1 8 7 0 7 3 4 4 2 1, , 9 2 4 2 1 1 9 2 3 4 8 1 0 0 4 2 5 2 1,910. 1 2 , , 6 0 3 1 2 1 3 1 9 7 5 9 6 7 6 0 1 Discounts and advances 1,005 1,021 1,019 1,031 Investments 337 336 337 365 1 Not including gold held abroad. 2 Total for month. Total deposits 1,609 1,629 1,630 1,667 Total clearings 2,603 3,243 3,192 . FRANCE. Government floating debt: Treasury bills 635 646 732 [Amounts in millions of francs.] Temporary advances 178 175 158 180 Total floating debt 804 810 911 1923 1922 Index number of foreign exchange value of the pound sterling 129.2 125.5 127.7 124.6 Octo- Novem-Decem-December. ber. ber. ber. i Less notes in currency note account. Bank of France: Gold reservel 3,675 3,675 3,670 Silver reserve 296 296 289 War advances to the Government 23,400 22,800 23,600 ITALY. Note circulation 37,670 37,329 36,359 Total deposits 2,033 2,204 2,309 Clearings, daily average of Paris banks 877 630 [Millions of lire.] Savings banks, excess of deposits (+) or withdrawals (—) —33 +33 Price of 3 per cent perpetual rente— 55.70 ........ ------ 59.02 1923 1922 1 Not including gold held abroad. JAPAN. Au- Sep- Octo- Octogust. tember. ber. ber. [Millions of yen.] 1923 1922 Banks of issue: Gold reserve 1 133 1 134 1 136 Oct. . Nov. Dec. Dec. Total reserve 1,917 1,853 2,039 L N o o a te n s c a ir n c d u la d t i i s o c n o f u or n t c s o . m ... m .. e . r .. c . e . . . . . . . . 9 9 , , 2 9 7 8 4 2 1 9 0 , , 3 4 8 2 7 1 9 9 ,7 0 8 8 2 2 Ban R k e o s f e r J v a e p a fo n r : notes1 1,062 1,061 1,064 Note circulation for the State..... 7,761 7,758 8,075 Loans and discounts 499 491 ""*654" 375 Total deposits.. 2,316 2,520 2,638 Advances on foreign bills 86 133 207 205 Leading private banks: Note circulation . . 1,449 1,415 1,697 1,590 Cash.. .. 756 751 781 Government deposits 350 416 360 333 Loans and discounts2 9,223 8,741 8 659 Private deposits . . 58 49 63 66 Due from correspondents 3,648 3,935 3,568 Tokyo banks: P T a o r t t a i l c d ip e a p t o io si n ts s. 12,5 2 1 5 4 2 12,4 2 5 5 4 2 11,9 3 6 3 0 9 C T a o s t h a l o l n o a h n a s n d .. 2,2 1 2 1 6 0 2,0 1 1 6 1 9 Index of security prices 161.61 160.05 111.09 Total deposits 1,816 1,869 Total clearings 1,460 3,329 8 Including treasury bills. 1 Gold abroad, gold coin and bullion in Japan. DISCOUNT RATES OF CENTRAL BANKS. [Prevailing rates with date of last change.] Country. Rate. I s n i n e c f e f — ect Country. Rate. In si n e c f e fe — ct Country. Rate . I s n in c e e ff — ect Country. Rate. I s n in c e e ff — ect P.ct. P.ct. P.ct. P.ct. A B B C u e z u v e l l s a g g t c k r i a h i i u a a r o m i s a l . . o . . . . - . . .: : . 1 9 » N J J S a u e o n n p v . e t . . 2 2 1 4 9 4 2 , , , , 1 1 1 1 9 9 9 9 1 2 2 2 9 3 2 3 H F F G G r i r u e n a e r n n l e m a g c c n e a a e d n ry y • 1 1 0 1 5 8 0 ? M J J N O u a o c a n l t y v r . . . . 2 3 1 1 8 5 0 1 , , , , , 1 1 1 1 1 9 9 9 9 9 2 2 2 2 2 3 3 3 3 2 J N N L L u a i e o g t t t h r v o h u w i s e a a l r a a n l y v a ia n i . a . d . . . . s . . . . . . 6 7 6 4i J N N S D u e o e o n p c v v e t . . . . 2 2 1 1 1 3 7 3 0 , , , , , 1 1 1 1 1 9 9 9 9 9 2 2 2 2 2 2 3 2 3 2 S S R S Sw p o w u a u m e i i t t d n h z a e e n n A r i l a f a ri n c d a . . • 6 6 5 454 M N J D S u e o e a l p c y v r t . . . . 2 1 2 4 9 9 4 3 , , , , 1 , 1 1 1 1 9 9 9 9 9 2 2 2 2 2 0 2 3 3 3 Denmark... May 1,1923 Italy July 11,1922 Poland 48 Nov. 12,1923 United England July 5,1923 Japan... 8.76 Nov. —,1923 Portugal 9 Sept. 12,1923 States 4J Feb. 23,1923 Esthonia.... . 4 • Jan. —,1920 - n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL RESERVE BULLETIN. 55 BANKING AND FINANCIAL STATISTICS. CONDITION OF FEDERAL RESERVE BANKS, EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENT- AGES FOR NOVEMBER AND OCTOBER, 1923. [Daily averages. Amounts in thousands of dollars.] Total earning assets. Total cash reserves. Total deposits. Fed i e n r a c l i r r c e u s l e a r t v io e n n . otes Reserve percentages. Federal reserve bank. November. October. November. October. November. October. November. October. November. October. Boston 81,408 61,252 274,811 303,416 131,698 131,417 223,043 229,123 77.5 84.2 New York 242,495 235,903 958,289 978,983 711,764 703,598 444,812 467,466 82.9 83.6 Philadelphia 94,676 95,972 263,209 258,201 117,643 116,959 218,886 215,271 78.2 77.7 Cleveland 105,433 100,272 317,690 325,032 160,677 162,213 243,001 244,009 78.7 80.0 Richmond. 65,163 75,31,4 109,670 92,400 65,457 64,3,17 102,007 96,675 65.5 57.4 Atlanta „. 93,680 87,378 102,955 98 839 56,303 54,417 142,460 134,333 51.8 52.4 Chicago 149,489 156,987 553,599 551,750 277,274 275,414 406,087 413,615 81.0 80.1 St. Louis 69,849 74,177 85,264 77,427 69,830 69,094 76,382 75,441 58.3 53.6 Minneapolis 31,162 41,749 86,387 73,840 50,205 49,093 60,916 59,330 77.7 68.1 Kansas City 67,914 65,423 82,477 82,401 79,084 80,113 63,835 62,853 57.7 57.6 Dallas 63,954 59,334 62,664 65,297 61,890 58,214 57,565 58,859 52.5 55.8 San Francisco 83,056 97,092 302,795 286,699 157,229 154,463 217,783 219,413 80.7 76.7 Total: 1923 1,148,279 1,150,853 3,199,810 3,194,285 1,938,964 1,919,312 2,256,777 2,276,388 - 76.3 76.1 1922.... 1,210,126 1,184,700 3,208,752 3,211,513 1,890,022 1,876,362 2,324,865 2,309,013 76.1 76.7 1921.... 1,520,283 1,640,740 2,964.419 2,905,727 1,732,504 1,728,029 2,402,442 2,456,121 71.7 69.4 1920.... 3,375,395 3,390,089 2,182,795 2,162,178 1,830,011 1,867,589 3,327,632 3,336,768 143.7 i 43.1 1919.... 2,907,803 2,709,330 2,185,149 2,207,386 2,013,944 1,980,676 2,812,247 2,738,394 M6.8 148.5 1 Calculated on basis of net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOVEMBER 28 TO DECEMBER 19, 1923. RESOURCES. [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 E o ic n h d - . la A nt t a - . c C a h g i o - . Lo S u t. is. n M o e l a i i s n p . - - C K s i a a t n y s - . Dallas. c F i r s a c n o - . Gold and gold certificates: Nov.28 359,568 21,213 171,972 39,632 13,439 5,235 6,595 51,678 4,709 8,795 3,170 11,935 21,195 Dec.5 358,847 20,555 172,217 40,230 13,644 5,016 6,651 50,774 4,674 8,822 3,198 11,943 21,123 Dec 12.. 367,158 20,146 177,627 40,099 13,014 5,238 6,721 54,4351 4,837 8,824 3,213 12,045 20,959 Dec. 19 348,584 19,749 169,915 32,934 12,382 5,305 6,650 51,240 4,356 8,816 3,217 11,912 22,108 Gold settlement fund—F. R. Board: Nov.28..... 587,079 50,345 125,847 32,686 83,012 43,166 14,071 79,627 38,254 27,745 38,540 15,311 38,475 Dec.5 647,658 57,447 96,219 40,596 82,600 43,739 18,214 143,333 37,032 29,849 39,874 12,619 46,136 Dec 12 584,501 49,660 82,864 33,757 67,582 38,558 17,484 135,479 34,485 26,446 42,672 12,521 42,993 Dec.19.... 511,011 56,935 81,720 29,083 66,302 31,654 16,809 115,389 25,152 24,714 47,141 11,866 34,246 Gold with F. R. agents: Nov.28 2,104,845 168,430 633,978 175,701 219,403 63,405 64,598 400,493 46,714 31,869 27,354 236,008 Dec.5...... 2,055,625 165,566 633,915 176,375 219,248 69,706 63,838 345,337 43,147 46,191 31,454 27,689 233,159 Dec. 12 2,100,895 161,895| 633,824 177,800 222,316 73,573 74,018 365,209 50,732 52,191 30,692 27,351 231,294 Dec. 19..... 2,140,445 173,256! 633,742 182,566 221,965 72,218 83,872 385,113 49,656 52,314 30,188 228,659 Gold redemption fund: i Nov.28... , 60,944 7,252 6,170 . 13,562 1,750 4,410 5,938 4,387 4,046 1,992 5,709 h 3,798 Dec.5 56,009 9,246 4,732 6,400 2,423 2,144 5,140 8,309 4,309 2,207 5,690 2,015 3,364 Dec. 12 63,085 11,954 7,894 9,543 3,847 2,067 5,336 7,033 3,595 1,833 5,906 2,199 1,878 Dec. 19 61,095 9,645 6,492 10,490 4,533 2,331 4,867 5,931 4,057 1,841 5,873 2,023 3,012 Total gold restrves: ! Nov.28 , 3,112,436 247,240 937,967 261,581 317,604 116,216 91,202 536,185 83,901 85,246 79,288 56,530 299,476 Dec.5 3,118,139 252,814 907,083 263,601 317,915 120,605 93,843 547,753 89,162 87,069 80,216 54,296 303,782 Dec. 12 3,115,639 243,655 902,209 261,199 306,759 119,436 103,559 562,156 93,649 89,294 82,483 54,116 297,124 Rese D r e v c e . s 1 o 9 ther than gold: 3,091,135 259,585 891,869 255,073 305,182 I 111,*5"0"8 1111O2 ,11Q9f8t 5£5£77, 6A773Q 83,221 87,685 86;419 52,697 288,025 Nov.28 , 84,846 5,521 26,180 8,127 5,663 3,3 6,600 6,789 9,009 1,010 3,861 6,262 2,464 Dec.5 79,516 4,949| 25,033 8,631 4,032 2,613 6,098 6,693 8,689 918 3,558 6,201 2,101 Dec. 12... 78,010 4,786 24,997 9,291 3,459 2,725' 5,212 6,827 8,357 996 3,306 5,995 2,059 Dec. 19... 72,303 4,353 22,527 9,998 3,174 2,126! 4,827 6,442 7,120 777 3,123 6,080 1,756 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

56 FEDERAL RESERVE JANUARY, 1924. RESOURCES AND LIABILITIES OP EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOVEMBER 28 TO DECEMBER 19, 1923—Continued. RESOURCES—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. c C a h g i o - . Lo S u t. is. n M o e l a i i s n p . - - K C s i a a t n s y - . Dallas. c F S i r s a a c n n o - . Total reserves: Nov. 28 3,197,282 252,761 964,147 269,708323,267119,576 97,802542,974 92,910 86,256 83,149 62,792301,940 Dec. 5 3,197,655 257,763 932,116 272,232321,947123,218 99,941 554,446 97,851 87,987 83,774 60,497305,883 Dec. 12 3,193,649 248,441 927,206 270,490310,218 122,161 108,771 568,983 102,006 90,290 85,789 60,111 299,183 Dec. 19 3,163,438 263,938 914,396265,071 308,356 113,634 117,025 564,115 90,341 88,462 89,542 58,777289,781 Nonreserve cash: Nov. 28..,.. ^58,754 12,009 7,372 2,259 2,940 1,336 7,953 5,425 5,460 1,316 3,449! 2,218 7,017 Dee.5 68,460 17,162 9,041 2,539 3,209 1,386 8,352 5,206 6,764 1,126 3,517 2,461 7,697 Dec. 12 67,612 15,307 8,842 2,140 3,242 1,585 8,695 5,604 8,093 1,287 3,427 2,625 6,765 Dec. 19 64,548 15,657 8,728 2,476 2,632 1,334 7,263 5,593 7,048 1,434 3,410 2,r~ 6,371 Bills discounted: Secured by XJ. S. Government obligations— Nov. 28 382,643 25,895 102,644 34,645 21,914 24,931 62,968 20,885 2,613 23,593 3,030 19,656 Dec.5 359,093 23,998 92,041 38,288 33,118 22,284 23,296 57,261 18,003 4,664 27,082 3,163 15,895 Dec. 12. 363,293 25,586 98,610 42,875 42,290 24,826 20,630 47,708 16,928 3,290 22,238 2,352 15,960 Dec. 19 385,425 25,462 104,894 45,516 43,610 29,518 20,443 40,914 21,129 6,769 22,895 1,917 22,358 Other bills discounted— Nov. 28 411,738 44,340 29,199 15,817 25,622 32,925 62,136 51,057 45,539 18,632 35,899 11,989 38,583 Dec.5 387,170 34,217 32,108 11,425 28,327 30,479 62,211 47,171 41,293 16,938 35,285 11,794 35,922 Dec. 12 398,635 45,002 44,984 13,486 29,089 28,926 55,507 45,871 37,676 16,307 34,992 11,192 35,603 Dec.19. 364,771 33,083 25,704 15,611 27,072 30,556 50,868 45,245 40,301 14,941 34,112 10,750 36,528 Bills bought in open market: Nov. 28 289,004 31,910 87,993 23,119 29,944 2,1 11,006 39,107 522 51 710 43,982 18,032 Dec.5...... 298,370 32,116 91,980 23,751 28,803 1,959 10,918 39,365 122 41 785 45,436 23,094 Dec. 12... 329,383 32,078 102,300 24,808 37,965 2,195 11,869 39,940 72 41 740 43,869 33,506 Dec.19 322,379 32,095 89,294 26,948 40,285 1,854 11,155 38,354 29 705 46,284 35,370 XJ. S. bonds and notes: Nov. 28 71,341 4,028 6,310 12,565 9,953 1,341 226 6,913 7,865 6,675 6,280 9,185 Dec.5 70,384 3,888 4,559 12,565 9,943 1,341 328 6,939 7,876 7,480 6,280 9,185 Dec. 12 77,182 3,929 10,364 12,565 9,943 1,341 206 7,511 8,378 7,481 6,279 9,185 Dec.19 72,957 5,109 12,565 1,341 202 8,784 8,370 7,484 6,279 9,185 U. S. certificates of indebtedness: Nov.28 13,119 587 9,294 38 810 2 2,102 50 236 Dec.5.... 20,911 562 18,101 38 812 2 660 500 236 Dec. 12... 19,112 1,264 13,861 38 812 1 2,387 749 Dec.19 8,292 832 4,590 102 1,297 1 840 16 514 100 Municipal warrants: Nov.28 154 103 51 Dec.5.... 154 103 51 Dec. 12 51 51 Dec.19 51 51 Total earning assets: Nov.28 1,167,999 106,760 235,440 91,511 100,974 58,808 98,352 162,147 66,946 29,211 67,113 65,281 85,456 Dec.5 1,136,082 94,781 86,170 101,003 56,063 96,806151,396 59,418 30,019 70,868 66,673 84,096 Dec. 12; 1,187,656 107,859 270,119 93,772 120,099 57,288 143,417 54,676 28,016 66,200 63,692 94,254 Dec.19 1,153,875 95,167 229,591 100,742 122,207 63,269 82,720 134,137 61,459 30,102 65,710 103,441 Bank premises: Nov.28... 56,649 4,434 14,153 745 9,853 2,617 2,923 8,715 1,269 1.935 4,970 1,953 3,082 Dec.5. 56,715 4,434 14.163 745 9,839 2,617 2,932 8,715 1,269 1,935 4,973 1,953 3,140 Dec. 12... 56,456 4,434 14.164 754 9,558 2,617 2,926 8,715 1,269 2,031 4,987 1,953 3,048 Dec.19 56,951 4,434 14,516 754 9,571 2,617 2,930 8,715 1,345 2,068 4,989 1,953 3,059 Five per cent redemption fund against F. R. bank notes: Nov.28 28 28 Dec.5.... ... 28 28 Dee. 12 28 28 Dec.19 28 28 Uncollected items: Nov.28........... 603,579 52,615 128,011 53,151 58,551 60,852 26,076 72,720 34.136 14,978 37,043 28,721 36,725 Dec.5... 643,289 58,521 134,949 55,501 5 7,652 61,302 29,090 81,115 36,423 16,473 38,305 30,040 43,918 Dec. 12... 683.968 63,862 146,484 60,848 63,919 64,135 29,800 78,632 38,370 18,235 40,507 31,182 Dec.19. 734,270 67,527 166,243 67,242 72,176 67,778 31,210 90,244 37,833 16,376 38,582 29,611 49,448 All other resources: Nov.28.. 13,987 140 1,160 25' 375 435 660 511 38 2,716 760 3,299 3,636 Dec.5 14,602 150 1,088 276 409 470 703 46f 41 2,732 695 3,260 4,311 Dec. 12 14,860 167 1,259 284 384 439 672 503 43 2,775 755 3,252 4,327 Dec.19.... 15,515 138 1,116 346 343 469 678 74 3,516 1,040 3,145 4,188 Total resources: - Nov.28 5,098,278 428,719 1,350,283 417,631 495,960243,624233,766 792,492200,759 136,412 196,484 164,292 437,856 Dec.5 5,116,831 432,811 1,330,146 417,463 494,059 245,056 237,824801,345 201,766 140,272202,132 164,912 449,045 Dec.12 ..; 5,204,229 440,070 1.368,074 428,288507,420248,225239,128 805,854204,457 142,634201,665 162,843 455,571 Dec. 19.. 5,188,625 446,861 1,334,590! 436,631515,285 249,101 241,826 198,100 141,958203,273 161,446 456,288 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL RESERVE BULLETIN. 57 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, NOVEMBER 28 TO DECEMBER 19, IS23—Continued. LIABILITIES. [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 l n ev d e . - m R o ic n h d - . la A nt t- a. c C a h g i o - . Lo S u t. is. n M o e l a i in s p . - - C K s i a a t n s y - . Dallas. F c S i r s a a c n n o - . Capital paid in: Nov.28.... 110,095 29,413 9,936 12,348 5,756 4,426 15,224 5,008 3,498 4,548 4,196 7,852 Dec.5. 110,114 29,443 9,936 12,335 5,755 4,427 15,223 5,012 3,497 4,548 4,196 7,852 Dec. 12 110,142 29,435 9,940 12,350 5,756 4,430 15,227 5,012 3,497 4,547 4,194 7,864 Dec. 19. 110,156 29,438 9,941 12,350 5,756 4,430 15,228 5,012 3,498 4,556 4,194 Surplus: Nov.28 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Dec.5..... .. 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 Dec. 12 218,369 16,312 59,800 18,749 23,495 11,288 8,942 30,398 9,665 7,473 9,488 7,496 15,263 Dec.19. 218,369 16,312 59,800 18,749 23,495 11,288 30,398 9,665 7,473 9,488 7,496 15,263 Deposits: Government— Nov.28 34,803 2,548 6,305 1,955 2,480 3,595 1,98' 3,624 2,24' 1,129 •2,791 2,486 3,654 Dec.5 30,065 940 5,979 610 2,707 1,418 1,81: 5,606 2,423 1,380 2,090 1,761 3,339 Dec,12. 26,612 1,261 4,048 2,280 1,337 1,664 2,288 2,254 2,022 2,561 1,714 3,327 Dec. 19... 11,334 3,781 768 216 721 853 530 1,218 319 743 Member bank—reserve account— Nov.28 1,881,025 125,791 701,181 113,791 156,430 63,277 54.278 269,285 68,076 46,707 72,996 59,716 149,497 Dec.5 1 884,010 124,033 685,630 115,542 161,941 65,002 56,060 272,870 67,136 47,197 76,400 61,225 150,974 Dec. 12 1,923,505 127,318 716,648 114,974 160,529 63,519 56,080 281,008 70,276 47,61.9 75,393 58,465 151,676 Dec. 19 1,849,596 124,219 669,767 113,177 158,337 60,955 55,912 266,496 65,920 47,356 76,775 59,425 151,257 Other deposits— Nov.28 22,765 12,833 394 1, 166 170 1,403 425 377 738 518 4,374 Dec.5 „ .. 21,429 202 11,652 353 1,115 138 16: 928 47; 466 703 536 4,699 Dec. 12 21,556 191 11,299 439 1,187 142 135 1,099 451 455 734 510 4,914 Dec. 19 ........... 21,922 283 10,926 395 1,160 205 151 1,632 527 798 749 4,560 Total deposits: Nov.28 .• 1,938,593 128,508 720,319 116,140 160,108 67,038 56,437 274,312 70,748 48,213 76,525 62,720 157,525 Dec.5 1,935,504 125,175 703,261 116,505 165,763 66,558 58,034 279,404 70,034 49,043 79,193 63,522 159,012 Dec. 12 1,971,673 128,770 731,995 117,693 163,572 64,998 57,879 284,395 72,981 50,096 78,688 159,917 Dec. 19..... 1,882,852 125,109 684,474 114,34.0 160,390 61,845 56,279 67,300 48,422 78,791 60,493 156,560 F. R. notes in actual circulation: Nov.28...... 2,246,300 224,516 429,997 222,613 244,680 102,809 142,698 405,089 77?140 60,973 64,336 56,596 214,853 Dec. 5 2,252,598 228,186 426,837 220,839 239,033 104,015 143,090 406,311 77,695 62,619 65,669 56,724 221,580 Dec. 12. 2,266,831 226,417 421,946 225,915 250,908 105,205 143,502 405,855 77,676 63,538 65,690 55,274 224,905 Dec. 19. 2,296,436 234,108 422,165 229,829 253,563 108,119 144,932 409,723 77,478 65,143 67,494 55,118 228,764 F. R.- bank notes in circulation—net liability— Nov.28 Dec.5...... Dec. 12. Dec. 19........ 477 477 Deferred availability items: Nov.28 559,044 50,272 105,674 48,180 53,100 55,203 19,468 64,956 36,687 14,787 40,277 30,305 40,135 Dec.5 574,347 53,981 105,715 49,376 51,239 55,886 21,505 67,540 37,886 16,332 41,876 29,982 43,029 Dec. 12..... 610,980 59,368 119,632 53,806 55,015 59,425 22,536 67,492 37,632 16,712 41,907 32,187 45,268 Dec. 19........... 654,456 62,100 133,460 61,617 63,391 25,415 76,522 37,106 16,103 41,573 31,172 45,517 All other liabilities: Nov. 28 25,379 1,221 w 2,013 2, 1,530 1,795 2,513 1,511 1, 1,310 2,481 2,228 Dee 5 25,410 1,267 2,058 2,194 1,554 1,826 2,469 1,474 1,308 1,358 2,503 2,309 Dec. 12 25,751 1,313 2,185 2,080 1,553 1,839 2,487 1,491 1,318 1,345 2,520 2,354 Dec. 19... 25,879 1,342 5,090 2,155 2,096 1,613 1,828 2,546 1,539 1,319 1,371 2,496 2,321 Total liabilities: 5,266 N D D De e o e c c v c . . . . 1 2 1 5 2 8 9 . . . . . . . . ... 5 5 5 5 , , , , 1 1 2 0 1 8 0 9 6 8 4 8 , , , , 8 6 2 2 3 2 2 7 1 5 9 8 4 4 4 4 4 2 3 4 0 8 2 6 , , , , 8 8 7 0 1 6 1 7 1 1 9 0 1 1 1 1 , , , , 3 3 3 3 3 6 5 3 5 0 0 8 4 , , , , , 2 1 2 0 5 5 4 8 7 9 3 6 3 4 0 4 4 4 4 1 3 2 1 7 6 7 8 , , , , 6 6 4 2 3 3 6 8 1 1 3 8 4 4 5 5 9 9 1 0 5 4 5 7 , , , , 0 2 9 4 8 5 2 6 5 9 0 0 2 2 2 24 4 4 4 9 5 8 3 , , , , 1 0 2 6 0 5 2 2 1 6 5 4 2 2 2 2 3 4 3 3 3 1 9 7 , , , , 7 8 1 8 6 2 2 2 6 6 8 4 7 8 8 9 0 0 2 5 1 , , , 4 3 8 9 4 5 2 5 4 2 2 1 2 0 0 9 0 0 4 8 1 , , , , 7 7 4 1 5 6 5 0 9 6 7 0 1 1 1 1 4 4 4 3 1 2 0 6 , , , , 9 6 2 4 5 3 7 1 8 4 2 2 2 2 2 1 0 0 0 9 2 1 3 6 , , , , 2 1 6 4 7 3 6 8 3 2 5 4 1 1 1 16 6 6 6 1 2 4 4 , , , , 4 8 2 9 4 4 9 1 6 3 2 2 4 4 4 4 5 3 5 4 5 7 6 9 , , , , 5 8 2 0 7 5 8 4 1 6 8 5 MEMORANDA. Ratio of total reserves to deposit and F. R. note liabilities combined—per cent: Nov.28 76.4 71. 83.8 79.6 79.9 70.4 49.1 79.9 62.8 79.0 59.0 52.6 81.1 Dec.5... 76.4 72. 82.5 80.7 79.5 72,2 49.7 80.9 66.2 78.8 57. 50.3 80.4 Dec.12 .... 75.3 69.9 80.4 78.7 74.8 71.8 54.0 82.4 67.7 79.5 59.4 51.8 77.7 Dec. 19.. 75.7 73.5 82.6 77.0 74.5 66.9 58.2 83,1 62.4 77.9 61,2 50.8 75.2 Contingent liability on bills purchased for foreign correspondents: Nov.28 24,655 8,457 2,130 2,675 1,015 3,443i 1,090 1,065 892 1,758 Dec.5............... 18,373 6,368 1,579 i,r~ 954 753 2,552 624 789 661 1,303 D D e e c c . . 1 1 2 9 1 1 8 7 , , 3 6 r 6 " 6 6, ,3 1 6 8 1 9 1 1 , ,5 5 7 3 9 8 1 1 , , ! 932 9 9 5 3 4 0 7 7 5 3 3 3 2 2, , 4 5 8 5 6 2 ! 787 6 6 2 0 4 8 7 7 8 6 9 9 6 6 6 4 1 4 1 1, , 2 3 7 0 0 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

58 FEDERAL, RESERVE BULLETIN. JANUARY/ 1924. MATUBITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Total. Wi d t a h y in s. 15 1 d 6 a t y o s 3 . 0 31 d a to y s 6 . 0 61 d a to y s 9 . 0 d m F a r o y o n s m t t h o 9 s 1 6 . m O o v n e t r h 6 s. Bills discounted: Nov 28 794,381 542,731 73,512 104,881 48,287 24,024 946 Dec 5 - 746,263 506,804 72,584 92,131 48,257 25,542 945 Pec 12 ... 761,928 528,800 70,082 84,867 50,519 26,452 1,208 Dec 19 . 750,196 522,264 63,229 77,781 58,171 27,551 1,200 Bills bought in open market: Nov 28 . 289,004 88,265 45,431 85,172 63,376 6,760 Dec 5 . 298,370 92,000 51,144 96,973 52,588 5,665 Dec. 12 329,383 103,719 65,164 103,904 48,641 7,955 Dec 19 .. .. 322,379 99,634 68,180 88,448 58,640 7,477 United States certificates of indebtedness: Nov 28 13,119 9,881 2,558 1 <> 79 Dec 5 20,911 20,186 1 724 Dec 12 19,112 17,259 1 1,852 Dec 19 . . ..- 8,292 1,924 1,022 5,026 320 Municipal warrants: Nov 28 154 113 31 10 Dec 5 154 113 31 10 Dec 12 51 10 31 10 Dec 19 51 10 31 10 FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS* ACCOUNTS ON WEDNESDAYS, NOVEMBER 28 TO DECEMBER 19, 1923. [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 - . l A an t- ta. c C a h g i o - . Lo S u t. is. M ap i o n l n is e . - K C an it s y a . s Dallas. F c S i r s a a c n n o - . Net amount of F. R. notes received from Comptroller of the Currency: Nov.28 3,602,150 331,117 1,015,867 279,169 315,416 143,344 231,018 576,672 115,657 74,504 108,606 85,248 325,532 Dec.5. 3,601,797 333,453 1,012,881 281,342 315,461 142,145 230,258 575,507 117,472 74,402 108,431 84,582 325,863 Dec. 12 3,607,858 329,782 1,007,509 282,767 317,628 143,472 231,938 581,223 116,507 76,442 108,468 84,244 327,878 Dec. 19 3,630,501 338,143 1,003,681 292,534 322,877 144,577 230,792 581,186 115,431 77,604 108,764 84,749 330,163 F. R. notes on hand: Nov.28 882,429 91,750 313,260 38,360 49,820 31,010 76,337 128,440 24,390 9,965 31,753 24,644 62,700 Dec.5... 869,054 87,850 310,720 41,400 49,120 27,950 74,432 126,440 24,390 9,245 30,753 24,054 62,700 Dec. 12 851,909 80,250 306,940 42,600 45,120 27,710 74,072 127,840 23,990 9,580 30,753 23.954 59,100 Dec. 19 836,664 78,750 297,740 44,000 46,820 28,430 70,752 126,040 23,990 9,860 28,853 25,029 56,400 F. R. notes outstanding: Nov.28 2,719,721 239,367 702,607 240,809 265,596 112,334 154,681 448,232 91,267 64,539 76,853 60,604 Dec. 5 2,732,743 245,603 702,161 239,942 266,341 114,195 155,826 449,067 93,082 65,157 77,678 60,528 263,163 Dec. 12 2,755,949 249,532 700,569 240,167 272,508 115,762 157,866 453,383 92,517 66,862 77,715 60,290 268,778 Dec. 19 2,793,837 259,393 705,941 248,534 276,057 116,147 160,040 455,146 91,441 67,744 79,911 59,720 273,763 Collateral security for F. R. notes outstanding: Gold and gold certificates— Nov.28 320,534 35,300 235,531 7,000 8,780 2,400 11,080 -13,052 7,391 Dec.5 320,534 35,300 235,531 7,000 8,780 2,400 11,080 13,052 7,391 Dec. 12 320,084 35,300 235,531 7,000 8,780 2,400 10,630 13,052 7,391 Dec. 19 327,084 35,300 235,531 14,000 8,780 2,400 10,630 13,052 7,391 Gold redemption fund— Nov.28 106,648 10,130 27,447 12,312 13,623 3,610 5,198 8,849 1,812 1,662 2,509 3,463 16,033 Dec.5 117,197 17,266 27,384 13,486 13,468 2,411 4,438 2,067 1,139 2,094 3,798 20,953 Dec. 12 119,439 13,595 27,293 13,911 14,536 4,278 6,618 8,565 3,102 1,139 3,332 3,460 19,610 Dec. 19 113,751 9,956 27,211 16,677 14,185 2,923 5,472, 8,468 3,026 2,828 4,005 17,738 Gold fund—F. R. Board— Nov.28..... 1,677,663 123,000 371,000 156,389 197,000 59,795 57,000' 391,644 24,000 32,000 29,360 16,500 219,975 Dec.5 1,617,894 113,000 371,000 155,889 197,000 67,295 57,000! 336,644 30,000 32,000 29,360 16,500 212,206 Dec. 12 1,661,372 113,000 371,000 156,889 199,000 69,295 65,000! 356,644 37,000 38,000 27,360 16,500 211,684 Dec. 19 ,. 1,699,610 128,000 371,000 151,889 199,000 69,295 76,000 376,645 36,000 38,000 27,360 15,500 210,921 " Eligible paper- Amount required— ! Nov.28 614,876 70,937! 68,629 65,108 46,193 48,929 90,083 47,739 54,375 17,825 44,984 33,250 26,824 Dec.5 677,118 80,037 68,246 63,567 47,093 44,489 91,988 103,730 49,935 18,966 46,224 32,839 30,004 Dec. 12 655,054 87,637 66,745 62,367 50,192 42,189 83,848 88,174 41,785 14,671 47,023 32,939 37,484 Dec. 19 653,392 86,137 72,199 65,968 54,092 43,929 76,168 70,033 41,785 15,430 49,723 32,824 45,104 Excess amount held— Nov.28 421,522 31,208 123,566 1,495 42,434 7,549 7,784 105,184 12,551 1,495 14,768 24,482 49,006 Dec. 5 318,392 10,294 117,053 851 40,587 8,827 4,172 39,882 9,455 472 16,468 25,852 44,479 Dec. 12 380,310 15,029 150,550 8,164 48,689 12,882 3,884 45,158 12,879 3,002 10,502 22,480 47,091 Dec. 19 365,737 4,503 117,454 8,159 53,275 16,487 6,215 54,259 19,655 4,531 7,552 25,068 48,579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDEKAL. RESERVE BULLETIN. 59 EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON, NOVEMBER, 1923. [Amounts in thousands of dollars.] Total, all F r b e e a s d n e e r k r v s a e . l B to o n s . - 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. c C a h g i o - . Lo S u t. is. M ap i o n l n is e . - K C a i n ty sa . s Dallas. F c S i r s a a c n n o - . HOLDINGS ON NOV. 30, 1923. Total earning assets 1,207,884 98,530 278,403 94,829 99,223 60,019 97,146 167,877 66,470 29,731 67,887 64,077 83,692 Bills discounted for members.... 803,354 61,258 140,919 58,199 59,163 56,219 86,158 121,496 66,348 21,814 59,760 15,423 56,597 Bills bought in open market 300,207 32,638 101,382 23,924 29,"2'9"7- 2,459 10,699 38,641 122 51 710 42,374 17,910 U. S. securities 104,169 4,634 36,102 12,603 10,763 1,341 238 7,740 7,866 7,417 6,280 9,185 Municipal warrants 154 103 51 Bills Discounted. Customers' paper secured by Government obligations 4,797 506 20 367 436 218 1,723 201 795 306 195 Member bank collateral notes: Secured by Government obligations —. 401,736 26,711 109,685 41,250 32,121 24,157 22,868 71,125 20,909 3,579 23,431 3,299 22,601 Otherwise secured 6,660 12 39 454 182 194 515 263 5,001 Commercial paper, n. e. s 306,233 33,236 30,294 16,082 24,587 27,749 51,843 32,770 37,969 7,149 17,767 5,290 21,497 Agricultural paper. 56,400 670 435 454 604 3,100 7,795 16,664 5,015 8,247 5,913 2,352 5,151 Livestock paper 20,751 31 493 245 2,062 12,160 3,999 1,390 Bankers' acceptances: Foreign, imports 22 22 Domestic 9 Trade acceptances: Foreign, imports 20 20 Domestic. 6,726 104 465 46 ! 910 1,230 554 1,177 233 183 219 740 Total discounted bills 803,354 61,258 140,919 58,199 I 59,163 56,219 86,158 121,496 66,348 21,814 59,760 15,423 56,597 Bills Bought. Bankers' acceptances: Foreign, imports 110,320 11,376 36,817 7,044 15,730 532 16,730 15,188 6,869 Foreign, exports 98,530 8,844 35,886 8,014 8,898 912 6,418 1.0,777 12,915 5,849 D D o o l m la e r s e t i x c change 7 1 5 4 , , 1 6 3 3 1 4 9 2 , , 5 8 4 69 9 2 2 4 , ,4 6 4 4 7 0 7 1 , ,8 0 2 4 1 5 3,8 7 8 84 5 1,547 3,749 9 1 , , 7 4 1 1 8 6 122 710 9 4 , , 6 6 1 5 3 8 4, 4 7 4 4 6 6 Trade acceptances, imports...... 1,592 1,592 Total purchased bills 300,207 32,638 101,382 23,924 29,297 2,459 38,641 122 51 710 42,374 17,910 Purchased Bankers* Acceptances, by Classes of Acceptors. National banks 14,988 32,633 9,413 6,081 125 2,142 12,782 122 710 14,122 5,56$ Other member banks 102,193 9,246 29,551 9,040 6,667 50 6,279 21,061 14,108 6,154 Nonmember banks and banking corporations „ 43,750 5,283 15,624 2,004 4,343 2,284 2,278 3,952 6,207 1,775 Private banks 30,967 2,844 10,774 1,867 7,890 4,476 2,578 Branches and agencies of foreign banks , 23,007 277 11,208 1,600 4,316 3,461 1,837 U. S, Securities. XT. S. bonds 18,507 I 529 1,149 747 918 1,191 219 4,426 7,116 432 1,780 Treasury notes 52,514 I 3,334 4,476 11,818 9,035 150 5 2,513 750 6,748 4,500 9,185 Certificates of indebtedness 33,148 771 30,477 38 810 14 801 237 Total XT. S. securities 104,169 4,634 36,102 12,603 10,763 1,341 238 7,740 7,417 6,280 9,185 DAILY AVERAGE HOLDINGS DURING NOVEMBER. Total earning assets * ... 1,148,279 81,408 242,495 94,676 105,433 65,163 93,680149,489 31,162 67,914 63,954 83,056 Bills discounted 801,902 50,093 154,406 55,916 65,493 61,572 83,902101,653 9,755 23,392 17,885 58,152 Bills bought 262,304 27,068 76,315 23,952 29,270 2,250 9,473 38,954 94 51 38,240 15,638 XT. S. securities 83,818 4,247 11,774 14,781 10,670 1,341 254 7,719 7,055 7,829 9,266 EARNINGS DURING NOVEMBER. Total earning assetsl. 4,156 294 873 341 380 345 536 258 114 251 224 302 Bills discounted 2,966 185 571 207 242 228 310 376 258 87 221 66 215 Bills bought... 901 93 259 82 101 8 34 135 ) 3 132 54 XJ. S. securities ~ 288 16 43 52 37 2 1 25 27 26 33 ANNUAL RATE OF EARN- INGS. Total earning assets * 4.40 4.40 4.38 4.39 4.39 4.45 4.48 4.36 4.50 4.44 4.49 4.27 4.43 Bills discounted 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 Bills bought 4.18 4.18 4.12 4.18 4.22 4.31 4.36 4.21 4.30 4.18 4.43 4.20 4.21 XI. S. securities , 4.18 4.49 4.47 4.29 4.18 2.31 4.21 3.42 4.26 4.44 4.09 4.33 1 Figures include average daily holding5 of municipal warrants, earnings and annual rate of earnings thereon, as follows: Philadelphia, $26,697 $100 and 4.56 per cent; Atlanta, $50,913, $18*and 4.50 per cent; Kansas City, $177,333, $656 and 4.50 per cent. Total, $254,943, $944 and 4.50 per cent. 2 Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

60 FEDERAL, RESERVE BULLETIN. JANUARY, 1924. DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS FOR NOVEMBER, 1923. [Amounts in thousands of dollars.] T a b l o l a t F a n . l k f s R o . . r 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 - , At t l a a . n- c C a h g i o - . Lo S u t. is. M ap i o n l n is e . - K C a i n ty s . as Dallas. F c S i r s a a c n n o - . Total discount and openmarket operations 3,114,479 348,212 ,218,375 233,577 247,572 209,214 14,191 267,419 134,165 25,818 124,042 37,613 154,281 Bills discounted for member banks ... 2,676,799 310,025 942,119 209,771 234,746 207,741 104,315 229,722 133,421 22,859 123,119 23,311 135,650 Bills bought in open market... 327,596 33,892 190,811 23,381 12,625 1,473 9,253 22,224 744 260 14,302 18,631 U. S. securities purchased 109,981 4,295 85,445 322 201 623 15,473 2,959 663 Municipal warrants purchased. 103 103 ========== Bills Discounted. Customers* paper secured by Government obligations 4,300 207 1,683 144 159 108 609 110 787 53 249 45 146 Member bank collateral notes: Secured by Government obligations. 1,926,203 111,496 776,808 147,078 188,477 177,240 50,457 174,166 73,061 16,195 101,900 10,793 98,532 Otherwise secured. . 13,705 32 161 775 563 444 840 369 10,521 Commercial paper, n. e. s.. 674,604 197,790 162,590 62,279 44,748 28,494 48,063 48,585 41,850 2,411 10,997 3,166 23,631 Agricultural paper . 21,490 345 435 246 267 1,218 13,040 6,113 2,302 2,493 2,292 819 1,920 Livestock paper . 9,874 5 30 170 21 52 85 613 7,228 1,253 417 Demand and sight drafts (based on agricultural products) 21,229 12 276 13,452 248 307 6,699 235 Banker's acceptances: Foreign Domestic 72 15 10 25 22 Trade acceptances: Foreign Domestic 5,322 182 558 24 893 477 1,043 185 1,415 6 146 167 226 Total bills discounted... 2,676,799 310,025 942,119 209,771 234,746 207,741 104,315 229,722 133,421 22,859 123,119 23,311 135,650 Average rate (365-day basis) per cent 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 Average maturity (in days)— 11.97 6.50 6.97 9.12 8.92 7.22 32.66 22.98 23.98 37.03 21.58 32.33 15.68 Total reduced to a common maturity basis (exclusive of sight and demand drafts) 2,655,570 168,398 548,491 159,866 174,846 125,326 283,857 440,990 240,280 69,950 221,358 44,861 177,347 Per cent of total 100.0 6.3 20.7 6.0 6.6 10.7 16.6 9.1 2.6 8.3 1.7 6.7 Number of member banks on 4.7 Nov. 30 9,889 423 835 721 882 535 1,437 627 979 1,147 864 810 Number of banks accommo- 629 dated during month 3,732 203 394 342 300 311 594 284 264 406 128 240 Per cent accommodated... 37.8 48.0 47.2 47.4 34.0 266 58.1 41.3 45.3 27.0 35.4 14.8 29.6 42.3 Bills Bought. Banker's acceptances: Foreign 217,039 21,100 129,841 14,214 10,617 927 6,944 12,086 10,254 11,056 Trad D D e o o a l m l c a e c r s e t e p i x c ta c n h c a e n s g : e 9 1 6 2 , , 2 6 9 3 4 9 1 1 1 , , 3 4 8 0 5 7 5 7 1 , , 4 9 0 4 1 5 7 1 , , 2 96 0 1 6 1,7 2 4 6 8 0 548 2,309 9,6 5 0 3 7 1 744 260 3 ' , 6 4 2 2 6 2 7,1 4 0 7 0 5 Foreign 1,624 1,624 Domestic Total bills bought. 327,596 33,892 190,811 23,381 12,625 1,473 9,253 22,224 744 260 14,302 18,631 Distribution by rates charged (360-day basis): 171,874 3,962 157,430 1,353 1,877 2,808 1,706 2,738 4| per cent „ 117,330 23,481 27,815 21,500 8,758 2,391 12,518 14,198 6,669 4J per cent 30,428 6,156 3,285 522 1,865 1,473 7,231 744 40 9 112 4| per cent . ... 1,316 262 598 6 125 169 64 92 4$ per cent 6,648 31 1,683 ' 4,054 600 260 20 Average rate (365-day basis) per cent 4.19 4.19 4.13 4.19 4.21 4.31 4.35 4.25 4.31 4.56 4.19 4.22 Average maturity (in days)... 38.26 38.31 23.94 75.82 67.38 46.59 51.73 74.78 79.98 85.54 69.10 40.94 Total reduced to a common maturity basis .. 327,596 33 938 119,425 46,337 22,236 1,794 12,513 43,442 1,555 582 25,833 19.941 Per cent of total 100.0 ib.3 36.4 14.1 6.8 .6 3.8 13.3 .5 .2 7.9 6.1 U. S. Securities Purchased. XJ. S. bonds.. 550 198 231 21 100 Treasurv notes.... 41,755 2,424 28,635 24 150 8,626 1,364 532 Certificates of indebtedness 67,676 1,871 56,810 100 201 242 6,847 1,574 31 Total U.S. securities purchased .. 109,981 4,295 85,445 322 201 623 15,473 2,959 663 i Includes $250,000 discounted for the Federal Intermediate Credit Bank of Columbia, S. C. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE CLEARING SYSTEM, OPERATIONS DURING NOYEMBES, 1923. • [Numbers in thousands. Amounts in thousands of dollars.] Number of nonmem- Items drawn on banks located Total items handled, including ber banks at end in own district. Items for- Items for- duplications. Number of month. Feder o a r l b re r s a e n r c v h e . bank re b s I e r n a r v n F e c e h b d a e c n r it a k y l . or O b e r u r a b a t n s l a i c r n d e h k e s e e c F r i r t v e y d e * - i I o te n o m f S T s U t r a e n t d a e i r s s t a u e . w r d e n r d T le o d d t u a , p l e l i i x t c e c a m l t u i s s o i n h v s a e . n o - f r o e t s w b h a e r e n a r a r v d r n d e F c t e h e b h d d e a e i e t n s r o r . k a s l o p r w a t i d r o n a e i r s b n s d t a r t r e a m i d b c n a t e c t . n o h k es Number. Amount. b a o m e t f r e o m b n n a e d t n m h k o . - f s O l n is p t. ar p N ar o l t i s o t n .1 ber. ; Amount. N b u e m r. - Amount.; 'N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. N b u e m r. - Amount. 1923 1922 1923 1922 1923 1922 1923 1922 1923 1922 Boston..» 637 715.762 4, 517,1721 166 15,657 1,248,591 223 5,412 4,858 1,296,671 1,120,598 423 428 259. New York 2,282 4,218,156 5,005 708,3391 1,066 128,076 8,353 5,054,571 1,322 152,688 4,240 9,699 9,679 5,211,499 5,470,614| 746 722 278 264. Buffalo 209 128,169 '516 60,570 16 2,514 741 191,253 105 21,130 16,864 872 893 229,247 205,190, 89 84 81 78. C Ph le i v l C a e d l i a n e n c l d p in h n ia a . ti.. 1,1 6 2 3 5 4 0 8 9 5 3 8 1 5 4 6 6 1 , , , 5 7 8 1 8 4 0 8 1 2 1 J , , 8 7 5 0 9 0 6 7 2 3 1 1 7 8 9 3 4 , , > 5 6 2 1 7 0 4 4 4 1 1 7 8 0 2 3 0 2 8 3 7, , , 1 2 2 6 8 3 7 5 32 3 2 1 , , , 8 4 2 6 1 2 4 5 6 ; 1 2 , 6 4 1 9 5 8 8 0 4 , , , 1 4 2 5 5 6 9 3 9 5 8 3 3 1 0 0 ; 9 8 7 7 , , , 3 7 6 6 5 79 4 2 4 1 7 9 ; 1 5 2 , , 4 2 8 6 3 6 4 2 1 , , , 3 2 5 4 7 9 5 5 2 14 2 1 , , , 1 7 3 4 5 3 7 6 2 1, 4 7 2 1 6 8 8 3 1 , , , 7 9 6 8 3 9 9 8 8 , 1 • , 4 2 2 3 3 3 9 2 2 , , , 2 3 4 3 2 6 9 8 9 ; ! 3 2 7 1 2 2 3 5 1 7 3 2 1 1 2 3 4 4 5 3 5 0 1 1 6 2 1 3 4 5 1 1 8 4 5 4 1 1 . Pittsburgh... 676 663,942 1,0471 111, 672 46 5,000 1 769 780,614 95 45,064 38| 11,863 1,903 1,635 837,541 417,321' 344 344 249 252'. Richmond ... 132 401,212 2,191 375,768 54 5,946 2,377 782,926 167 82,636 36: 8,735 2 580 2,550 874,297 554,012! 448 472 620 699' 614 568 Baltimore. 283 211,937 822 85,920 57 7,339 1,162 305.198 ' 1531 39,411 8,853 1,406 1,333 353,460 289,693! 161 161 268 263 1 Atlanta.......... 326 124,172 442 59,818 42 3,839 610 187.859 291 11,272 5,335 879 1,120 204,516 257,793' 223 227 85 91' 452 "4*58 B J N a i a c r s m k h s i v o n n i g l v l h e i a l . l m . e - .. 7 5 7 5 9 3 7 6 9 0 1 1 , , , 6 8 5 2 2 1 6 9 4 2 2 2 3 6 0 3 6 3 2 2 2 1 6 2 , , , 9 8 1 4 0 3 5 3 0 1 1 1 5 5 1 .1 1 1 , , , 5 0 9 2 3 1 4 9 3 1 3 3 2 5 0 8 4 7 9 1 8 9 2 5 3 0 , , , 1 5 6 5 1 5 9 0 7 • 2 4 1 6 2i i j 1 6 2 9 , , , 7 4 8 1 0 8 8 9 5 3 1 8 , , 7 2 6 3 0 2 8 0 8 3 3 3 5 3 6 9 8 3 2 4 3 7 2 9 1 1 1 1 1 1 0 2 4 2 3 3 , , . 0 1 6 6 9 4 6 3 2 1 5 4 18 6 4 , , , 6 5 3 1 8 5 0 6 2 1 9 7 9 3 3 0 7 9 8 8 3 9 1 3 6 4 2 8 5 1 3 6 4 5 1 5 ) 1 1 1 5 4 4 9 6 6 ; 1 1 1 4 5 4 7 9 3 § I New Orleans. 20 63,643 136 19,272 37 3,941[ 193 86,856 351 13, 623 659 235 280 101,138 85,450 56 56 48! 51 2241 223 Chicago 1,100 1,018,576 4,431 371,140 387 50,925; 5, 1,440,041 407; 32,508 1,578 6,338 5,863 1,474,727 1,032.7891.312 1,318 3,86813,986j 88|..... Detroit 341 340,154 789 70,760 39 3,898) 1,169 414,812 5,284 1,81011,194 973 421,906 235,427 '125 125 251! 2591 13..... St. Louis.... 508 354,180 1,637 100,331 138 8,623 2.283 463,134 5,139 940| 2,352 2,017 469,213 368,102 400 384 11,,64711,701' 26..... w Min M H n L L e o i e e a t u l t m p e l i o e s n p v l h R i a i s l i . o l s . e . ck 2 1 8 7 5 2 2 5 9 4 6 3 1 1 5 5 3 1 4 5 3 5 7 2 , , , , , 0 7 0 8 8 7 2 1 1 0 ; 9 6 1 3 1, 3 2 6 4 1 7 6 9 7 3 4 1 5 5 9 9 2 2 2 1 7 1 6 8 0 , , , , , 9 8 6 7 9 0 0 6 4 7 6 5 9 5 9 3 5 1 1 1 8 9 0 3 0 4 7 1 1, , , , 5 0 3 0 9 6 4 7 9 5 3 8 8 9 5 1 ! | 2 2, 3 4 6 1 0 5 3 5 7 1 9 6 9 5 7 2 1 2 8 7 2 7 4 6 5 9 3 5 , , , , , 4 7 3 9 5 4 5 6 4 3 3 6 3 0 0 . 1 9 3 8 2 I | 1 i : 2 1 0 ' , , 0 4 7 1 2 4 2 3 8 7 l 1 l . | 1,2 3 4 1 9 8 9 9 9 5 1 6 3 2 ; 2,1 3 6 4 1 1 6 5 8 6 Q 5 1 2 7 1,9 3 6 4 2 7 4 0 8 8 1 5 5 8 2 2 1 8 7 3 6 7 3 6 6 7 5 , , , , , 0 9 3 5 1 7 6 7 5 6 3 5 2 7 0 2 3 5 6 9 77 5 3 1 2 , , , , , ' 8 7 9 7 3 7 9 3 0 8 1 2 4 2 3 8 1 9 5 7 1 6 5 9 3 5 4 8 1 7 2 9 3 0 1 2,0 3 2 1 1 3 2 4 8 6 2 0 6 0 5 i 2, . 4 3 2 1 1 4 3 8 3 4 1 8 * ! ; | 1 4 6 0 1 5 5 7 1 7 .. 1 1 . 6 8 .. 0 0 a Kansas City 438 210,504 1,423 89,746 99 10,334 3, 960 310,584 19* 95l| 6,493 2,089 2,057 337,028 382,895 329 3301,L, 386 1,421! 5 D j 143 54,271 380 39,298 28 3,371 551 96,940 70' 19,965 13,919 604 656 130,824 115,961 159 161 229 263; 1 Oklahoma City......) 76 59,409 1,054 74,667 11 1,067 1,141 135,143 501 11,098! 5,574 1,208 1,168 151,815 149,303 416 414 394 422| 7 Omaha..... • 108 55,8131 565 33,525 36 3,282 3 710 2 92,889 43| 5,636' 4,542 773 795 103,067 103,392 243 249 864 913 j 176 154 Dallas ..........I 244 204,15211,745 35 4,959 2/024 477.199 61 7,286 7,788 2,137 1,804 492,273 334,368 662 660 685 736 78 52 El Paso I 52 16,577| 136 11,200 16 1,267 204 29,044 14 1,996 712 225 211 31,752 25,499 60 65 44 59| Houston....... j 58 61,346| 456 43,493 12 1,112 526 105,951 14 1,355 547 490 109,288 83,299 142 138 245 255J San Francisco i 252 374,125 i 647 63,912 73 17,102 972 455,139 31 3, 4,940 1,040 1,177 463,746 221,657 188 194 266! 2741 1 Los Angeles 563 228,616 2,0561 155,487 63 10,179 2,682 394,282 91 16,073 9,331 2,82412,067 419,686 292,723 160 161 205! 187! 1 Portland 74 281 j 18,749 21 2,950 376 129,792 8 5,434 6,936 430 366 142,162 58,555 137 136 131! 1361 301 25 Salt Lake City...... 57 45,098 489 33,582 19 3,310 565 81,990 14 3,765 1,635 591 519 87,390 74,257 149 163 102! 103!. S Sp e o a k tt a l n e e .. . . . .... 1 5 2 2 0 5 2 0 3 , , 2 2 0 4 4 7 2 22 5 7 7 1 1 3 8 , , 5 4 9 4 3 7 3 1 2 3 5 1 , ,5 6 2 0 8 8 3 7 8 4 , , 3 2 6 5 8 9 2 1 3 5 5 3, , 6 2 5 6 5 5 5 3 , , 9 2 9 5 1 2 4 3 7 2 8 7 474 4 8 5 5 , ,5 2 1 7 5 5 3 7 9 4 , , 6 4 . 8 2 8 2 1 6 1 6 0 1 6 0 6 9 1 8 4 6 1 ! 1 9 4 2 9 1 1 ----- Total: November.11,362 12,074,900 39,869 4,178,953 360,031* 54,277 « 16,621,269 3,975 731,053 804i 194,167 59,056 56,287 17,546,489 14,618,274 9,869 9,916 16919 17836 2,791 2,286 October....12,31113,413,092 42,662 4,532,926 3,583 405; 028 58,570 18,358,865 4,276 821,705 866! 210,357 83,712 59,275 19,390,927 16,070,199 9,898 9,91817114 17851 2,672 2,281 1 Incorporated banks other than mutual savings banks. 8 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 8.000 items, $1,665,000; Minneapolis, 5,000 items, $5,451,000: Omaha, 1,000 items, $269,000; total, 14,000 items and $7,385,000. NOTE.—Number of business days in period for Philadelphia,. Pittsburgh, Richmond, and Baltimore was 23 days; for Boston. Cleveland, Cincinnati, Atlanta, Birmingham, Chicago, Denver, Omaha, and Salt Lake Gity 25 days; and for other Federal reserve bank and branch cities, 24 days. . ' s Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

62 FEDERAL BESERVE BULLETIN. J 1924. PRINCIPAL RESOURCES AND LIABILITIES OF ALL FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] Earning assets. Eeserves. F.R. Date. Total.* B co il u l n s t d e i d s . - i b n B o u o il p g ls e h n t sec U u . r S i . ties. Total. Gold. de T p o o t s a i l ts. a c n c u t o u l t a e a t s l i o c i n i n r . - B r e a s t e i r o v . ® market. 1922—Dec. 27.. 1,334,101 629,885 246,293 457,883 3,148,837 3,040,439 1,900,255 2,464,121 72.1 1923—Jan. 31.. 1,139,552 597,251 188,566 353,735 3,227,132 3,0751810 1,991,062 2,203,701 76.9 Feb. 28. 1,166,512 595,760 207,678 363,074 3,201,600 3,072,813 1,952,317 2,246,943 76.2 Mar. 28. 1,203,720 700,019 254,251 249,469 3,176,288 3,063,794 1,976,270 2,232,482 75. § Apr. 25. 1,104,489 636,597 274,041 193,810 3,179,042 3,084,569 1,908,543 2,222,588 77.0 May 29.. 1,178,156 730,995 257,818 189,288 3,195,497 3,108,762 1,951,586 2,250,217 76.1 June 27. 1,114,219 774,963 204,225 134,976 3,202,479 3,110,744 1,936,599 2,226,954 76.9 July 25. 1,033,697 760,539 176,864 96,284 3,200,005 3,113,551 1,896,567 2,194,871 78.2 Aug. 29. 1,082,553 815,518 173,485 93,530 3,201,234 3,120,989 1,907,582 2,224,760 77.5 Sept. 26 1,126,334 862,008 172,124 91,885 3,192,698 3,116,604 1,930,073 2,247,830 76.4 Oct. 31.. 1,180,652 883,800 204,698 91,837 3,191,145 3,111,078 1,958,660 2,224,865 76.3 Nov. 28. 1,167,999 794,381 289,004 84,460 3,197,282 3,112,436 1,938,593 2,246,300 76.4 Dec. 26.. 1,297,775 857,151 336,415 104,158 3,137,510 3,070,927 1,937,869 2,340,375 73.3 1 Including municipal warrants. GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS FROM NOVEMBER 23, 1923, TO DECEMBER 20, 1923, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. of gold through trans- Balance Federal reserve bank. fers and settlements. in fund at close of period. Debits. Credits. Debits. Credits, Decrease. Increase. Boston 12,500 677,429 681,095 8,834 44,260 New York 1,500 98,000 2,220,394 2,083,310 40,584 93,564 Philadelphia... 11,000 1,500 643,798 653,249 25,796 Cleveland , 14,500 1,000 534,136 550,290 2,654 69,375 Eichmond..... 12,000 1,000 523,842 537,825 2,983 30,C41 Atlanta 3,500 500 268,460 292,209 20,749 19,902 Chicago 29,000 1,000 971,084 1,015,223 16,139 108,971 St. Louis....... 5,000 1,500 478,363 494,456 12,593 25,985 Minneapolis.... 2,000 1,000 138,937 144,908 4,971 25,858 Kansas City.... 6,000 2,000 342,011 347,669 1,658 44,924 Dallas 4,000 271.746 276,513 787 14,334 San Francisco.. 9,500 3,000 279,711 273,164 13,047 43,504 Total, four weeks ending- Dec. 20,1923. 110,500 110,500 7,349,911 7,349,911 62,514 62,514 546,514 Nov. 22,1923 ........ 60,000 60,000 9,041,620 9,041,620 600,766 Dec. 21,1922..... 69,500 69,500 6,414,807 6,414,807 563,433 Nov. 23,1922........... 48,500 48,500 6,548,906 6,548,906 653,862 DISCOUNT EATES OF FEDERAL RESERVE BANKS IN EFFECT DECEMBER 31, 1923. Paper maturing— After 90 days After 6 but Within 90 days. but within 6 within 9 Federal reserve bank. months. months. a a C n g o d r m i l c i m u v l e e t s r u c t r o i a a c l l k ? , , U G S n o e i v c te u e d r r e n S d m t b a e y t n e t s ac B ce a p n t k a e n r c s e ' s. acc T ep r t a a d n e ces. A an g d r i l c i u ve lt s u to ra c l k 1 a A nd g r l i i c v u e lt s u t r o a c l k paper, n. e. s. obligations. paper. paper. Boston New York..... Philadelphia... Cleveland...... Richmond Atlanta........ Chicago St. Louis Minneapolis... Kansas City... Dallas San Francisco. i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL EESEEVE BUULETIN. 68 CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES. PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS, FROM NOVEMBER 21 TO DECEMBER 12. [Amounts in thousands of dollars.) Total. Boston. Y N o e r w k. d P e h lp il h a i - a C la le n v d e . - m R o ic n h d - . la A n t t - a. 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 a n ncisco. Number of reporting banks: Nov.21..... 767 113 106 65 Nov.28 . 767 113 106 65 Dec.5 767 113 106 65 Dec. 12..... , 766 113 106 65 Loans and discounts, gross: Secured by XT. S. Government obligations— Nov. 21............... 225,143 13,234 78,806 14,817 27,516 8,559 8,783 35,269 12,849 4,042 6,014 3,143 12,111 Nov.28.. 226,939 13,399 79,362 15,575 27,738 8,207 36,966 11,772 3,943 6,152 3,072 12,061 Dec.5 226,051 12,875 77,818 15,692 27,687 8,445 37,214 12,201 3,864 6,687 3,003 11,934 Dec. 12.... 224,070 14,004 73,880 15,485 27,863 8 768 37,707 11,853 3,896 5,949 2,990 11,993 Secured by stocks and bonds— Nov.21 , 3,734,004 227,6031,544,298 259,721 405,314 122,029 65,254 595,156 141,912 38,547 80,487 65,882 187,801 Nov.28 , 3,732,015 223,0001,543,835 260,803 411,512 121,598 65,469 587,949 143,350 39,437 81,146 66,005 187,911 Dec.5 , 3,761,420 222,4691,555,753 268,356 413,398 124,304 65,158 594,532 143,550 39,560 80,790 66,413 187,137 Dec. 12.... 3,767,997 219,8841,564,197 265,760 409,223 123,217 65,160 596,644 146,338 40,695 80,837 68,355 187,687 All other loans and discounts-— Nov. 21........ 7,939,440 637,773 2,510,292 351,072 334,621 375,3051,136,183 315,855 206,861 347,990 222,828 801,784 Nov.28.. 7,945,033 6401,758 21:,515,032 351,407 695,053 332,714 376, 2~3~7~ %1 140,326 315,541 204,195 346,244 226,937 800,589 Dec.5..., 7,939,795 6401,,573 21!,524,419 349,109 688,353 330,391 376,5981',,136,435 316,809 203,335 346,611 224,454 802,708 Dee. 12.. , 7,925,456 6401,,053 2!;, 511,113 346,788 693,806 331,520 370,9451,136,339 312,138 200,287 347,871 225,870 Total loans and discounts: Nov. 21 11,898,587 610 4,133,396 625,6101,131,706 465,209 449L,3421.,766,608 470,616 249,450 434,491 291,8531,001,698 Nov.28 , 11,903,987 '1"5"7 41,138,229 627,7851.,134,303 462,519 4501,,3981,765,241 470,663 247,575 433,542 296,0141,000,561 Dec.5 11,927,266 875,9174L,157,990 633,1571.,129,438 463,140 450,3871.,768,181 472,560 246,759 434,088 293,8701,001,77© Dec. 12 11,917,523 873,94141,,149,190 628,033 I!,130,892 463,505 445.,,"7"8*7-*1.',770,690 470,329,244,878 434,657 297,2151,008,406 U. S. pre-war bonds: Nov. 21.... 275,888 12,666 48,733 10,694 47,848 29,528 14,499 24,770 15,193 9,161 11,440 20,711 30,645 Nov.28.... 275,655 12,666 48,733 10,694 47,278 29,626 14,499 24,768 15,193 9,161 11,733 20,661 30,643 Dec.5.... 275,964 12,656 10,694 47,647 29,636 14,483 24,769 15,193 9,161 11,439 20,711 30,644 Dec. 12 274,070 12,706 48,878 10,694 47,237 29,666 14,469 24,789 15,193 9,161 11,539 19,661 30,077 U. S. Liberty bonds: Nov.21 , 1,013,290 78,403 448,947 42,952 115,891 26,387 14,365 96,318 22,060 12,141 46,886 13,474 95,466 Nov.28. ., 1,011,466 78,417 449,592 43,044 114,894 26,277 13,774 94,054 22,116 12 186 46.691 13,713 96,708 Dee. 5 1,012,802 78,565 451,732 43,441 113,100 26,431 14,820 93,748 22,129 12,307 46,571 13,715 96,243 Dec. 12 1,012,494 78,637 448,300 112,235 27,196 14,183 94,619 21,861 12,412 46,555 15,574 97,531 U. S. Treasury bonds: Nov.21 81,305 4,797 26,010 3,275 3,077 1,710 11,849 7,009 955 4,087 1,.942 12, in Nov.28. 81,381 4,795 25,809 3,278 4*484 3,077 1,711 11,918 6,972 955 3,984 1,962 12,438 Dec.5.. 81,842 4,730 25,836 3,386 4,518 3,113 1,711 12,012 6,981 955 3,991 1,962 12,647 Dec. 12........... 80,834 4,728 25,991 3,091 4,462 3,114 1,711 11,990 6,956 955 3,476 1,963 12,397 XT. S. Treasury notes; Nov.21. 845,279 29,147 470,454 47,991 56,701 14,794 5,990 108,498 17,172 27,635 17,287 13,455 36,155 Nov.28......... 841.944 29,980 470,061 45,751 55,729 14,610 6,048 108,567 17,248 27,987 16,630 13,322 36,011 Dec.5..... 838,751 29,405 466,689 45,343 55,908 14,855 5,903 109,913 17,088 27,583 15,751 36,397 U. S. D c e e c r . ti 1 fi 2 cates of indebted- 841,379 29,820 469,823 45,027 55,907 15,197 6,448 105,936 17,103 28,286 16,032 15,§36 36,264 ness: Nov.21... 68,115 2,943 12,784 2,341 4,768 2,027 4,195 15,864 . 5,; 2,101 3,132 3,526 9,085 Nov.28 2,439 12,228 2,325 4,723 2,022 5,173 15,745 5,429 2,382 3,398 3,523 9,281 Dec.5 2,439 12,328 2,420 4,922 1,975 5,140 15,696 5,724 2,897 3,189 3,371 8,579 Dec.. 12 85,403 2,428 26,709 2,422 4,752 1,947 5,129 17,103 5,591 3,401 3,446 3,966 8,509 Other bonds, stocks, and securities: Nov.21 2,192,069 175,486 754,325 183,658 298,502 50,903 43,641 343,944 85,815 57,864 13,388 157,857 Nov.28.. 2,184,472 174,020 747,754 182,349 299,254 50,736 43,114 342,051 87,426 26,781 58,161 13,655 159,171 D De e c c . .5 12........ 2 2 , , 1 1 7 7 7 @ , ? 3 2 4 6 1 8 1 1 6 6 9 9 , , 8 0 3 0 5 5 7 7 4 4 7 7 , , 8 6 9 8 1 2 1 1 8 8 1 2 , ,6 4 4 6 8 0 2 29 9 9 9 , , 5 7 1 1 1 7 5 5 0 0 , , 8 8 9 1 4 0 43,021 3 3 3 4 8 2 , , 2 8 7 7 7 8 9 8 0 8 , , 9 0 8 0 6 0 2 2 6 6 , , 1 1 6 2 3 9 5 5 7 8 , ,0 6 1 5 1 7 1 1 4 4 , , 0 0 1 8 4 8 1 1 5 5 7 9 , , 7 2 0 3 3 0 Total loans and discounts and investments: Nov. 21 16/374,5331,182,052 5..,894,649 916,5211:, 659,899 591,925 533,7422,367,851 623,234 328,129 575,187 358,3491,342,995 Nov.28 16,367,5731,179,474 5i;, 892,406915,2261!^,660,665 588,867 534,717 21;, 336622^,344 625,047 327,027 574,139 362,8501,344.811 D®c, 5 .....16,384,5731,173,547 05,;911,188 919,901i;.,655,250 590,044 535,443 25,,362,596 630,641 325,825 573,040 361,57911 ,-34-5' ,—519- Dec. 12... 16,389,044. 1,171,2655,916,782 915,3061,654,996 591,435 630,748 f2,368,005 623,033 325,222 573,362 368,0031,350,887 Reserve balance with F. R. banks: Nov.21.......... 1,390,092 82,920 628,447 70,948 105,807 35,405 32,7«0 202,737 37,622 22,998 46,381 27,087 97.040 Nov. 28.......... 1,385,302 86,896 631,359 103,614 36,040 32,623 198,575 39,655 21,122 41,799 28,283 96,740 Dec.5..... 1,383,560 83,787 614,099 69,316 109,144 37,084 34,409 203,587 39,509 21,470 44,794 29,104 97,257 Dec. 12.......... 1,423,824 85,697 647,737 69,270 109,167 36,225 34,162 210,298 41,377 21,590 43,616 26,275 98,410 Cash in vault: NOT. 21.. 290,247 19,813 83,059 16,596 32,562 14,380 10,538 55,401 7,980 6,017 12,216 10,004 21,681 Nov. 28....... 298,516 19,527 87,940 17,688 31,415 14,222 10,964 55,186 8,434 5,904 12,393 10,401 22,442 Dec.5....... 305,498 22,668 87,611 17,469 33,715 15,485 11,152 57,397 9,168 6,278 12,394 10,105 22,058 Dec. 12 321,286 22,787 92,341 19,258 36,405 15,641 12,207 59,299 6,735 14,064 10,255 23,314 Net demand deposits: Nov.21 11,158,076 809,433 4,748,854 898,225 338,140 267,1171,468,734 329,605 204,830 397,276 257,288 749,955 Nov.28..., 11,106,667 $02,4684,741,783 679,521 343,742 266,0761,436,241 334,281 206,104 394,263 260,504 742.732 Dec. 5 ........... 11,111,15* S02,307 4,707,830 691,536 904,045 347,170 269,3651,446,799 346,955 205,36S 397,361 259,075 733,547 Dec. 12............. 11,252,421 813,4914,762,773 69CJ, 498 901,985 347,156 274,0931,485,393 350,185 205,592! 403,450 260,516 757,2S§ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

64 FEDERAL RESERVE BULLETIN. JANUAKY, 1924. • PRINCIPAL RESOURCES AND LIABILITIES OP ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS, FROM NOVEMBER 21 TO DECEMBER 12—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P e h lp il h a i - a C la le n v d e . - m R o ic n h d - , la A n t t - a. Chicago. Lo S u t. is. M ap i o n l n i e s. - City. Dallas. F c S i r s a a c n n o - . Time deposits: Nov. 21 1,022,110 269,041 881,254 110,316 604,504 152,383 180,: 797,427 193,795 83,329 133,948 77,881 537,864 Nov. 28 4,048,142 268,857 887,858 113,074 603,982 151,739 S 81,370 798,630 194,522 83,802 133,824 79,384 551,100 Dec. 5 4,044,394 267,529 890,915 112,190 601,994 150,6791 81,470 803,128 190,465 83,782 132,917 81,649 547,676 Dec. 12 4,058,847 267,941 900,732 110,883 601,256 148,793 83,750 804,657 189,760 84,169 131,202 82,629 553,075 Government deposits: Nov. 21....: 54,848 9,639 13,340 4,060 6,577 2,014 2, 5,527 2,361 684 2,110 4,781 Nov. 28... 49,296 8,678 11,998 3,656 5,907 1,736 2,582 5,033 2,127 796 580 1,902 4,301 Dec. 5 41,796 7,376 10,203 3,103 5,042 1,478 2,203 4,245 1,805 677 391 1,615 3,658 Dec. 12 33,500 5,901 8,161 2,482 4,040 1,186 1,766 3,405 1,444 540 391 1,292 2,892 Bills payable and rediscounts with F. R. banks: Secured by United States Government obligations— Nov 21 221,710 8,555 62,835 15,015 20,198 18,078 16,804 32,639 10,138 4,940 19,700 2,109 12,699 Nov. 28 256,178 11,623 78,130 15,904 20,336 13,367 i 18,693 48,129 10,573 1,440 20,336 2,359 15,288 Dec. 5 239,191 11,479 69,340 14,787 18,652 14,428, 17,763 42,488 8,631 3,090 23,905 2,518 12,110 Dec. 12.; 241,213 11,593 73,687 19,233) 28,123 16,963. 15,879 32,302 7,536 2,290 19,632 1,818 12,157 All other— Nov. 21 245,672 24,116 29,321 8,221 19,629 19,074) 35,! 18,151 36,831 5,618 23,380 2,805 22,637 Nov.'28 252,066 35,860 19,207 9,538 18,794 18,659; 38,990 21,766 34,146 6,336 21,436 2,608 24,726 Dec 5 234,505 25,885 23,409 4,933 21,779 17,352, 39.471 18,194 31,504 4,602 21,052 4,438 21,886 Dec. 12 .....I 247,472 36,453 35,026 7,704 22,490 16,123, 33,7331 16,974 28,295 4,393 20,256 4,210 21, S15 BANKERS* BALANCES IN FEDERAL RESERVE BANK CITIES. fin thousands of dollars.] Due to banks— Nov. 21..,.. 4,869,713 104,169 898,661 147,751 38,792 32,716 15,038 301,894 69,152 41,191 91,326 41,157 87,868 Nov. 28 1,879,894 99,948 880,074 152,159 39,458 32,060 15,166 295,308 71,360 40,586 91,998 43,272 88/505 Dec. 5 1,946,795 108,307 929,576 156,017 39,744 36,455 16,214 309,056 73,157 43,059 93,812 43,443 97,955 Dec. 12 1,960,655 107,391 949,471 157,095 39,129 35,316 15,655 310,777 71,764 40,995 95,158 42,941 Due from banks Nov. 21 531,892 32,458 73,226 59,308 26,238 15,029 7,442 149,773 29,649 19,766 37,454 31,242 50,307 Nov. 28...., 503,352 30,179 74,285 52,834 18,963 14,558 7,124 142,629 24,058 191428 37,630 30,760 50,904 Dec. 5 511,820 33,480 70,520 53,891 19,996 15,824 8,602 140,162 28,338 19,504 41,100 31,780 50,623 Dee. 12 521,759 32,671 74,945 55,578 21,060 15,971 8,012 145,811 27,842 19,494 40,535 29,949 49,891 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO. [Amounts in thousands of dollars.] Banks in New York City. Banks in city of Chicago. Nov.21. Nov. 28. Dec. 5. Dec. 12. Nov.21. Nov. 28. Dec. 5. Dec. 12. Number of reporting banks — 67 67 67 67 49 49 49 49 Loans and discounts, gross: Secured by United States Government obligations.. 71,128 71,662 70,592 66,213 26,421 28,105 28,372 28,559 Secured by stocks and bonds 1,350.049 3591K69 918 1,372,508 443, 439,416 446.642 446,878 All other loans and discounts 2,198,418 2 202,710 2 212J,297 2,199,417 666,886 668,951 665,418 666,489 Total loans and discounts 3,6lf9,595 3 627,241 3 643,807 3,638,138 1,136,616 1,136,472 1,140,432 1,141,926 U S pre-war bonds 37,878 37,878 38,076 37,923 182 4,179 4 18© 4,201 U. S. Liberty bonds 389,600 391,261 392,789 390,373 140 •37,511 37,253 37,496 U. S. Treasury bonds 18,404 18.903 18930 18,389 5 089 5,091 5 185 5,213 U S. Treasury notes 438,463 438,128 435',727 438,997 62,824 63,244 64 599 61,841 U. S. certificates of indebtedness . 476 9.480 P.580 24,008 4 154 4,063 3 4,832 Other bonds, stocks, and securities 539,080 536,071 531,285 532,372 169,024 166,786 162 498 166,024 Total loans and discounts and investments 5 052,496 5058,262 5069,494 5,080,200 1,421 029 1,417,346 1,418,143 1,421,533 Reserve balance with Federal reserve bank... 582,797 581.619 565,91Q 598m 141,987 137,286 140,592 146,074 Cash in vault 67,591 72,588 70,657 74 928 30,241 30,002 30 429 31,596 Net demand deposits 4 265,223 4 263,447 4 219,875 4,267 184 986,128 970,116 978 852 1,006,044 Time deposits . ..... . ..:. 593,804 601,109 613 6<W 372,207 372,891 377 084 378,560 Government deposits 11,724 10,545 8,964 7 171 2640 2,400 2 003 1,615 Bills payable and rediscount with Federal reserve bank: Secured-by United States Government obligations.. 35,280 46,255 40,205 47780 17087 22,886 16 528 5,931 All other 20,892 10,027 14,440 26 342 8285 8,740 6 230 3,946 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. JEDERAL RESERVE BTJIXETTBT. 65 DEPOSITS OF ALL MEMBER BANKS, MET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ARRANGED BY SIZE OF CITIES AND TOWNS. [In thousands of dollars.] Banks in cities and towns having a population of— Fed d e i r s a t l r i r c e t s s e . rve T m b o e a t m a n l k , b s e a . r ll Le 5 s , s 0 0 t 0 h . an 5 1 ,0 4 0 ,9 0 9 9 to . 1 9 5 9 ,0 ,9 0 9 0 9 t . o an 1 d 00 o ,0 v 0 e 0 r. T m b o e a t m a n l k , b s e a . r ll Le 5 s , s 0 0 t 0 h . an 5 1 ,0 4 0 ,9 0 9 9 to . 1 9 5 9 ,0 ,9 0 9 0 9 t . o an 1 d 00 o ,0 v 0 e 0 r. Amount on Nov. 28,1923. Increase (+) or decrease (—) since preceding monthly report. • NET DEMAND DE- POSITS. Boston 1,235,543 43,774 68,460 * 198,063 925,246 -54,301 -3,157 -2,413 -4,437 -44,294 New York 5,339,505 164,056 105,453 267,37S 4,502,623 4-29,269 -8,655 -1,461 -5,646 +45,031 Philadelphia 1,066,168 128,871 76,804 131,745 728,748 -16,795 -3,080 +1,633 -4,283 -11,065 Cleveland....... 1,380,954 155,129 123,468 192,945 909,412 -13,544 —5,224 -2,529 -2,857 -2,934 Richmond . . 587,186 106,210 69,565 164,299 247,112 +15,923 +2,167 +2,504 +5,727 +5,525 Atlanta ....... . 493,789 78,011 62,823 152,801 200,154 +20,370 +8,272 +3,603 +2,452 +6,043 Chicago .. 2,055,445 186,957 111,766 330,847 1,425,875 -38,237 -5,608 -3,898 -8,911 -19,820 St. Louis....... 629,013 117,048 72,630 85,339 353,996 +12,270 +2,091 +1,564 +1,884 +6,731 Minneapolis. ........ 423,314 110,143 76,430 73,500 163,241 +11,836 +285 +341 +4,384 +6,826 Kansas City 740,856 191,071 119,187 159,520 271,078 -11,451 +928 -4,229 -5,105 -3,045 Dallas............... 654,398 220,297 111,284 117,596 205,221 +24,454 +10,616 +3,304 +879 +9,655 San Francisco....... 1,290,826 185,063 88,121 148,860 868,782 +11,675 +2,237 +385 +2,542 +6,511 Total: Nov. 28, 1923.... 15,896,997 1,686,630 1,085,991 2,022,888 11,101,488 -8,531 +872 -1,196 -13,371 +5,164 Oct. 24, 1923 15,905,528 1,685,758 1,087,187 2,036,259 11,096,324 +278,813 +34,392 +8,806 +15,930 +219,685 Sept. 26, 1923.... 15,626,715 1,651,366 1,078,381 2,020,329 10,876,639 +97,892 +53,535 +19,299 +10,581 +14,477 TIME DEPOSITS. Boston.. 601,031 48,406 65,213 146,664 340,748 +816 +646 +324 +675 -829 New York...... 1,662,051 235,986 134,536 349,638 941,891 -18,935 +2,447 +409 +2,311 -24,102 Philadelphia........ 635,591 204,111 104,457 182,052 144,971 +7,765 -1,021 +3,766 -249 +5,269 Cleveland 1,126,611 179,291 128,330 175,066 643,924 +8,487 +1,747 +1,584 +480 +4,676 Richmond 436,939 128,160 80,630 124,326 103,823 +3,408 +1,869 +1,743 +374 -578 Atlanta 323,247 49,468 46,747 119,400 107,632 +378 +1,665 +576 -2,125 +262 Chicago...... ... 1,566,777 242,455 143,329 362,174 818,819 +16,860 +1,604 +1,835 +2,836 +10,585 St. Louis 391,830 66,188 41,991 62,098 221,553 +4,996 +522 +610 -37 +3901 Minneapolis. 411,609 192,982 98,191 59,275 61,161 —449 -1,537 +64 +571 +453 Kansas City 297,996 9L106 56,573 63,552 86,675 -2,576 -2,117 -1,020 -1,249 +1,810 Dallas. 143,713 17,111 23,479 52,550 50,573 +3,990 -336 +98 +2,009 +2,219 San Francisco. 970,367 100,710 46,069 92,653 730,935 +17,473 +2,032 +405 +1,077 +13,959 Total: Nov. 28, 1923.... 8,567,762 1,556,064 069,545 1,789,448 4,252,705 +42,213 +7,521 +10,894 +6,673 +17,625 Oct. 24, 1923.... 8,525,549 1,548,543 959,151 1,782,775 4,235,080 +52,586 +3,097 +5,546 +17,425 +26,518 Sept. 26, 1923-... 8,472,963 1,545,446 953,605 1,765,350 4,208,562 +36,979 +7,423 +2,223 +5,234 +22,099 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM. Changes in membership in the Federal Gains and losses were included in the data reserve system for the month of December, In accordance with the dates on which the 1923, are given in the accompanying table. changes actually became effective and the There were 7 additions to State bank and trust result shows as nearly as possible the number •company members and a loss of 11, which of members in the system having the status of included 1 merger of member banks, 1 volun- reporting banks. tary liquidation, 1 voluntary withdrawal, and n 8 e c b e a s n sa k r s i ly c l r o e s p e r d e . s en T t h a e - p l e a r t m te a r n , en w t h r i e c d h u c d ti o o n n i o n t S c a o ta n m t d e p t a b r n a u i n s e t k s s . N b a a t n io k n s a . l All b m an e k m s. ber membership, were principally in the ninth d di u s r t i r n ic g t * t he O f m o th n e th , 1 5 0 w n e a r t e io n n a e l w l b y a n o k rg s an a i d z d e e d d , N b u e m r. - a C n p a d l p u s i s t u . a r l - N b u e m r. - a C n p a d l p u s i s t u . a r l - N b u e m r. - a C n p a d l p u s i s t u . a r l - 4. were converted from nonmember banks 7 Membership, Dee. 1,1923 1,597|. 5,217 9,814 and 1 was restored to solvency after temporary Gains .......... 7 632,000 10 2,247,500 172,879,500 suspension. The loss of 20 national bank's L G o ai s n s s e b s y .. . a . b .. s . orpti . o . n . 2 11 1- 14 8 0 4 0 0 , , 0 6 0 0 0 0 ^201,524,700 312,3 4 6 0 5 0 , , 3 0 0 0 0 0 •occurred principally on account of 12 insolven- Net change, 4 -f 191,400 10 +722,800 .-14+914,200 Membership, Dec. 31,1923 1,593 8,207 9,800|..... eies (largely in the ninth and tenth, districts) and 4 successions by nonmembers. The net result 1 Affects State bank and trust company capital and surplus, and not number, and is included among national bank decreases. was a decrease in total membership of 14 and *Includes 1 merger of trust companies affecting number only. an increase in capital and surplus of S914 200 s Includes 1 absorption of a national bank by a national bank, F s affecting number only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

66 , FEDEEAX, RESERVE BUI^LETHT. JANUARY, 1924. CONDITION OF ALL BANKS IN THE UNITED STATES ON SEPTEMBER 14, 1923. comparative figures showing the condition [Inmillions of dollars.] of all banks in the United States, other than mutual savings banks and private banks not Number Loans and investments. de T p o o t s a i l ts, under State supervision, which have been com- of exclup in il d e i d c a b te y t t h h e a b t o b ar e d tw a e n e d n ar J e u n p e re s a e n n d te d S h e e p r t e e w m i b th er , r b e i a p n n o g k r . t s - Total. Loans. I m n e v n es ts t- . d s e b i p v a o e n s k o it f s. loans and discounts increased $197,00QGG0, or ; from $26,793,000,000 to $26,990,000,000./ Dur- All banks: i June, 1920.... 28,715 36,813 28,177 8,636 32,642 ing this period, however, the hanks* invest- June, 1921.......... 29,477 34,318 25,857 8,461 31,134 ments fell off $128,000,000, so that the total June, 1922.. 29,092 34,148 24,647 9 471 31,944 June, 1923 29,342 37,359 26,793 10,566 34,512 loan and investment account of all the banks September, 1923 29,318 37,428 26,990 10,438 34,605 Member banks: included in the. tabulation show an increase June, 1920.......... 9,399 25,945 19,784 6,161 21,887 of $69,000,000 and aggregated at the middle of June, 1921 9,745 24,311 18,206 6,105 21,612 June, 1922..... 9,892 24,358 17,296 7,062 22,366 September $37,429,000,000. In keeping with June, 1923.. ..... 9,856 26,675 18,880 7,795 23,837 September, 1923.... 9,843 26,497 18,857 7,640 23,712 the increase in loans and investments, demand Non-member banks: and time deposits, exclusive of. bank deposits, June, 1920... 19,316 10,868 8,393 2,475 10,755 June, 1921.......... 19,732 10,007 7,651 2,356 9,522 increased $94,000,000 for all banks. The in- June, 1922.......... 19,200 9,790 7,351 2,439 9,578 June, 1923 19,486 10,684 7,913 2,771 10,675 creases reported in loans and discounts by both September, 1923.... 19,475 10,931 8,133 2,798 10,893 State banks and national banks were met in part by increased borrowings. The total redis- 1 Exclusive of mutual savings banks and private banks not under State supervision. counts and bills payable of the banks increased from $1,308,000,000 in June to $1,397,000,000 In continuation of the plan followed in the in. September.' The following table shows in October, 1923, BULLETIN, there are given besummary form the changes in loans and in- low figures of principal assets and liabilities vestments, deposits, and borrowings of the for State banks located in seven Federal banks for recent dates for which figures are reserve districts and in five territorial groups available: more fully described in the October BULLETIN* PRINCIPAL BESOUBCES AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES,, BY FEDERAL EESERVE DISTRICTS, ON SEPTEMBER 14, 1923, [In thousands of dollars.] • Federal reserve district or group. N re u b p m a o n b r k t e i s r n . g of o L d in v i o s c e a c r l n u o d s d r u a a i n n f n t t g s s d , . I m n e v n e t s s t- . T an o m d t a e i l n n l v t o s e a . s n t s - p c T b o l p s a o u i o n s t t a i k s s v l i , t e d d e s e . x e o - - - f Re a p d n a i d y s a c b b o i l u l e l n s . ts Boston 291 836,829 403,390 1,240,219 1,188,487 26,40® New York 597 3,170,429 1,440,998 4,611,427 4,505,485 100,296 Philadelphia 594 881,216 461,279 1,342,495 1,207,511 39,091 Cleveland* 1,047 1,503,705 650,073 2,153,778 2,106,136 28,261 Richmond 1,580 858,987 181,878 1,040,865 934,734 60,750 Atlanta* 1,667 765,518 104,204 869,722 811,979 78,885 Chicago3 4,756 2,951,405 1,243,213 4,194,618 4,214,098 95,175 St. Louis* 2,701 956,475 248,925 1,205,400 1,136,077 55,252 Minneapolis 2,832 712,087 96,757 808,844 803,724 59,687 Kansas City» 2,750 578,472 66,660 645,132 663,817 29,234 Dallas... 1,124 275,288 24,377 299,665 309,437 21,511 San Francisco........... 1,146 1,563,455 523,315 2,086,770 2,136,847 48,351 Total Sept. 14,1923 21,085 15,053,866 5,445,069 20,498,935 20,018,332 642,902 Total June 30,1923. 21,106 14,976,535 5,503,815 20,480,350 20,030,117 584,543 1 Exclusive of the eastern part of Kentucky. 2 Exclusive of the southern part of Mississippi and including all of Tennessee. 3 Including all of Illinois and Indiana. * Exclusive of the southern parts of Illinois and Indiana and the western part of Tennessee, and including all of Kentucky, Mississippi, and Missouri. * Exclusive of the western part of Missouri. Calls for condition reports by the banking the figures do not represent the condition of departments of several of the States were not State banks and trust companies on Septemmade as of the same dates as the calls made by ber 14, 1923, the date to which the figures for the Comptroller of the Currency, consequently national banks relate, the date of the condition in compiling ^ the figures shown in the fol- reports used has been indicated in a note at lowing table it has been necessary to use the the bottom of the table showing the condition last figures available. In each instance where of the State banks and trust companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

67 JANUABY, 1924. RESERVE BULLETIN. PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES ON JUNK, 30,1923, AND SEPTEMBER 14, 1923, OR DATES NEAREST THERETO FOR WHICH FIGURES ARE AVAILABLE. [In thousands of dollars.] p N o u r m tin b g e r b a o n f k re s - . co L u o o n a v t n s e s r ( d i a r n n a c f d l t u s d d ) i . i s n - g Investments. T i o n t v a e M st o m an en sa ts n . d To b t a a n l c k l d u e s d p i e v o p e s o o i s t f s i , t s e . x- Re b d il i l s s c p o a u y n a ts b l a e n . d . June, Sept., June, Sept., June, Sept., June, Sept., June, Sept., June, Sept., 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. 1923. Maine 53 53 70,172 74,196 67,779 70,254 137,951 144,450 129,539 136,200 5,367 6,767 New Hampshire.... 25 25 20,3®5 20,305 16,735 16,735 37,040 37,040 33,503 33,503 Vermont...... ... . 40 40 51,428 51,993 14,942 15,106 66,370 67,099 64,868 64,833 724 838 Massachusetts 96 95 485,328 489,470 132,532 130s108 617,860 619,578 591,840 591,476 14,480 15,754 Rhode Island . 15 15 111,565 117,336 97,447 98,241 209,012 215,577 204,413 212,759 125 386 Connecticut.... .... 80 81 97,975 101,604 107,833 109,330 205,808 210,934 194,925 201,972 4,846 2,880 Total, group 1 3.09 309 836,773 854,904 437,268 439,774 1,274,041 1,294,678 1,219,088 1,240,743 25,532 26,625 New York 439 441 2,896,498 2,783,814 1,203,569 1,157,713 4,100,067 3,941,527 4,019,582 3,851,114 78,725 90,769 New Jersey.. ...... 1194 198 1448,039 456,777 i 295,257 289,586 1743,296 746,363 i 722,475 726,203 115,063 14,773 Total,group 2...... 633 639 3,344,537 3,240,591 1,498,826 1,447,299 4,843,363 4,687,890 4,742,057 4,577,317 93,788 105,542 Delaware 41 39 33,679 38,122 21,981 20,820 55,660 58,942 50,667 50,410 328 233 Pennsylvania.......... 757 762 1,094,745 1,133,125 768,705 706,321 1,863,450 1,839,446 1,622,842 1,654,549 55,086 40,159 Ohio.... . 748 750 1,076,732 1,082,571 320,823 331,267 1,397,555 1,413,838 1,409,016 1,433,325 21,835 20,133 Total, group 3.... 1,546 1,551 2,205,156 2,253,818 1,111,509 1,058,408 3,316,665 3,312,226 3,082,525 3,138,284 77,249 60,525 District of Columbia 35 36 70,916 71,255 27,939 27,535 98,855 •98,790 93,879 94,684 1,374 1,299 Maryland. 146 147 176,077 178,565 92,185 91,853 268,262 270,418 255,428 251,937 4,592 3,794 Virginia..... . 335 336 168,797 169,501 . 18,774 18,594 187,571 188,095 149,436 150,120 15,730 15,098 West Virginia...,. 222 222 166,256 166,770 28,974 28,710 195,230 195,480 189,578 185,671 6,846 7,887 North Carolina......... 533 528 201,383 206,863 16,855 15,867 218.238 222,730 193,673 196,566 22,130 24,938 South Carolina .... 345 341 110,653 108,899 9,767 9,578 120,420 118,477 106,141 107,031 8,477 9,101 Total, group 4 1,616 1,610 894,082 901,853 194,494 192,137 1,088,576 1,093,990 988,135 986,009 59,149 62,115 Alabama....... 254 254 92,680 92,680 9,978 9,978 102,658 102,658 100,927 100,927 4,818 4,818 Florida 228 233 85,751 88,338 18,568 18,031 104,319 106,369 118,765 110,046 1,675 • 4,896 Georgia ... . 583 581 210,609 209,209 16,466 16,727 227,075 225,936 188,965 188,536 24,975 23,653 Louisiana.. .. . 232 231 224,472 224,387 38,851 44,052 263,323 268,439 258,452 249,863 8,722 23,723 Tennessee.. 464 464 168,119 188,295 19,305 19,708 187,424 208,003 210,036 203,091 5,823 24, .035 Total, group 5 1,761 1,763 781,631 802,909 103,168 108,496 884,799 911,405 877,145 852,463 46,013 81,125 Illinois....... 1,412 1,412 1,336,883 1,336,883 467,122 467,122 1,804,005 1,804,005 1,807,282 1,807,282 30,416 30,416 Indiana . 854 854 352,897 352,897 82,070 82,070 434,967 434,967 437,603 437,603 13,954 13,954 Iowa. *... . . 1,325 1,323 612,861 610,375 25,341 25,597 638,202 635,972 637,205 634,697 34,233 33,776 Michigan..... . 581 587 376,329 377,813 557,579 592,944 933,908 970,757 947,119 980,981 16,383 10,389 Wisconsin . 838 839 347,621 347,000 93,619 95,436 441,240 442,436 448,351 450,916 10,023 8,929 Total, group 6 5,010 5,015 3,026,591 3,024,968 1,225,731 1,263,169 4,252,322.4,288,137. 4,277,560 4,311,479 105,009 97,464 Arkansas 403 403 109,692 109,692 11,102 11,102 120,794 120,794 119,211 119,211 7,566 7,566 Kentucky . . . 465 465 158,960 158,960 37,319 37,319 196,279 196,279 186,602 186,602 7,096 7,096 Mississippi... 325 327 105,269 105,324 23,306 23,346 128,575 128,670 134,005 124,533 4,639 9,701 Missouri... ... ... 1,493 1,506 561,075 582,499 169,130 177,158 730,205 759,657 706,840 705,731 21,348 30,889 Total, group 7.... 2,686 2,701 934,996 956,475 240,857 248,925 1,175,853 1,205,400 1,146,658 1,136,077 40,649 .55,252 Minnesota 1,143 328,108 333,090 58,683 55,987 386,791 389,077 391,142 396,458 14,125 13,833 Montana . '242 229 61,749 59,469 11,769 12,064 73,518 , 71,533 69,493 69,305 8,638 8,306 North Dakota.. .... 647 645 98,834 98,275 5,896 5,527 104,730 103,802 91,161 91,008 18,628 19,413 South Dakota. 556 556 147,690 147,690 3,223 3,223 150,913 150,913 149,572 149,572 15,846 15,846 Total, group 8 2,597 2,573 636,381 638,524 79,571 76,801 715,952 715,325 701,368 706,343 57,237 57,398 Colorado... 224 219 65,595 @0,720 26,658 20,625 92,253 81,345 94,989 85,725 3.002 3,129 Kansas................. 1,068 1,072 217,140 216.313 22,883 23,977 240,023 240,290 236,181 244,518 9,560 11,694 Nebraska 942 942 215,965 220,493 11,288 11,416 227,253 231,909 241,800 239,838 6,293 7,254 Oklahoma 443 435 59,415 58,706 10,265 9,548 69,680 68,254 71,772 69,168 7,293 Wyoming 89 89 20,105 20,326 905 1,087 21,010 21,413 21,597 22,257 1,030 '690 Total, group 9.... 2,766 2,757 578,220 576,558 71,999 66,653 650,219 643,211 666,339 661,506 27,178 29,750 New Mexico 50 57 16,238 14,859 1,314 1,222 17,552 16,081 15,881 13,954 1,792 2,080 Texas........ . . 956 948 212,490 215,274 16,832 16,436 229,322 231,710 217,369 244,117 17,307 15,871 Total, group 10... 1,015 1,005 228,728 230,133 18,146 17,658 246,874 247,791 233,250 258,071 19,099 17,951 Arizona..... .. 54 52 32,767 32,584 7,309 6,835 40,076 39,419 a 42,786 2 41,908 §3,074 «3,555 California . 429 433 1,223,529 1,282,313 435,960 438,536 1,659,489 1,720,849 1,722,365 1,768,908 18,094 31,344 Idaho...... . . 109 109 22,905 23,175 4,923 4,739 27,828 27,914 27,213 27,449 3,875 3,732 Nevada 24 24 15,548 15,534 2,241 2,183 17,789 17,717 19,389 19,155 Oregon... 180 178 69,999 71,273 25,809 26,651 95,808 97,924 100,116 104,388 2,930 2,902 Utah . 97 96 65,216 66,845 15,450 15,577 80,666 82,422 73,516 74,497 2,017 2,512 Washington •............. 274 270 79,476 81,409 30,554 31,228 110,030 112,637 110,607 113,735 3,650 5,110 Total, group 11.-.. 1,167 1,162 1,509,440 1,573,133 522,246 525,749 2,031,686 2,098,882 2,095,992 2,150,040 33,640 49,155 Total United States.. 21,106 21,08514,976,53515,053,866 5,503,815 5,445,06920,480,35020,498,93520,030,11720,018,332 584,543 642,902 1 Includes Sept. 14,1923, figures for 16 private banks. 2 Includes items due to banks. 8 Includes miscellaneous liabilities. NOTE.—All figures shown In September, 1923, column are for Sept. 14, except as follows: Alabama, June 30,1923; Arkansas, June 30, 1923, Illinois, June 30,1923; Indiana, June 30,1923; Iowa, Sept. 4,1923; Kentucky, Dec. 29,1922; Minnesota, Nov. 1,1923; Missouri, Apr. 3,1923; North Dakota, Sept. 8,1923; Kansas, Aug. 31,1923; Nebraska, Oct. 4,1923; South Dakota, June 30,1923; T®nn«ssee, Apr. 3,1923,and Oct. 30,1923; Utah, Oct. 6,1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

68 FEDEBAJL BESSSVE BULLETIN. JANUABYJ 1924. PRINCIPAL ASSETS AND LIABILITIES OF ALL BANKS ON JUNE 30, 1923, AND SEPTEMBER 14, 1923, OS DATES NEAREST THEEETO FOE WHICH FIGURES ARE AVAILABLE, [In thousands of dollars.] p N o u rt m in b g e r b o a f n r k e s - . co L u o o n v a t e n s r s d ( a i r n n a c d ft l s u d ) d . is i - ng Investments. To in ta v l e s lo tm an e s n t a s n . d To e t l a u l s d iv e e p o o s f it b s a , n e k x R b ed il i l s s c o p u a n y t a s b a le n . d June, Sept., June, Sept., June, Sep June, Sept., June, Sept., June, Sept., 1923. 1923. 1923. 1923. 1923. 19 1923. 1923. 1923. 1923. 1923. Maine 129,982 135,340 121,647 248,862 256,987 228,887 7,975 8,337 New Hampshire 54,852 55,199 40,644 40,781 95,496 95,980 78,906 81,779 3,917 2,239 Vermont 82,252 82,824 35,947 36,395 118,199 119,219 105,704 106,693 3,086 2,859 Massachusetts •1,210,247 1,226,226 375,556 369,910 1,585,803 1,596,136 1,434,515 1,434,453 70,812 81,378 Rhode Island 151,617 156,604 119, 543 120,186 271,160 276,790 252,286 261,177 1,783 1,140 Connecticut . ... 230,540 233,933 172,973 174,361 403,513 408,294 362,991 375,047 10,242 7,526 Total, group 1 710 1,859,490 1,890,126 863,543 2,723,033 2,753,406 2,463,289 2,497,778 97,815 103,479 New York. 951 956 5,270,626 5,155,996 2,381,886 2,280,980 7,652,512 7,436,976 6,773,578 219,076 242,278 New Jersey 432 439 775,904 787,676 556,324 556,896 1,332,228 1,344,572 1,302,881 34,693 28,648 1,383! 1,395 6,046,530 5,943,6722,938,210 2,837,876 8,984,740 8,781,548 8,232,381 8,076,459 253,769 270,926 Total, group 2-... 49,553 29,715 28,812 73,620 78,365 64,913 1,018 731 Delaware 2,404,439 1,656,492 1,587,084 4,020,333 3,991,523 3,448,103 3,482,070 140,415 105,252 Pennsylvania 1,588,413 563,792 572,099 2,138,143 2,160,512 2,034,301 2,077, 7€ 6 53,069 47,661 Ohio 4,042,405 2,249,999 2,187,995!3,232,096 6,230,400 5,547,317 5,625,606 194,502 153,644 Total* group 3..-.. 138,036 139,591 59,595 59,552 197,631 199,143 183,456 187,289 9,912 7,512 330,385 335,400 164,166 165,518 494,551 500,918 441,203 437,805 19,734 21,926 District of Columbia.... 423,073 427,672 79,740 79,306 502,813 506,978 395,764 397,093 36,557 39,501 Maryland •.. 294,096 294,907 69,178 68,996 363,274 363,903 337,669 334,260 13,796 15,622 Virginia...... 315,998 323,881 38,072 37,705 354.070 361,586 305,691 306,455 35,729 41,671 West Virginia 192,147 190,522 29,909 29,093 222,056 219,615 191,361 192,957 12,961 14,438 North Carolina South Carolina......... 2,188 2,181 1,693,735 1,711,073 440,660 440,170 2,134,395 2,152,143 1,855,144 1,855,859 140,670 Total, group 4 Alabama 182,277 184,481 40,859 40,524 223,136 225,005 208,058 207,385 8,704 10,092 T L F G e o l e n o u o n r i r s g i e i d i s a a a s n e . a . e . . .. , 3 2 3 1 9 0 2 6 5 4 0 0 , , , , 5 7 9 8 9 4 5 1 6 1 3 2 ! 2 3 3 1 2 9 1 6 7 4 9 0 , , , , 0 9 6 9 2 8 8 4 6 3 9 8 5 3 5 5 8 7 6 4 , , , , 8 4 I 1 7 S 6 6 1 O 5 0 6 3 5 5 1 5 7 7 , , , , 3 1 6 7 9 9 6 4 1 7 2 4 2 3 3 3 5 5 1 5 8 8 1 9 , , , , 9 7 6 4 2 5 8 1 1 6 3 8 3 3 2 3 5 8 1 5 2 6 8 6 , , , , 8 6 8 3 5 2 2 3 1 3 7 9 3 2 3 2 3 5 3 9 3 6 0 2 , , , , 2 6 8 6 6 3 3 3 1 4 0 8 2 2 3 3 9 1 2 4 2 6 4 5 , , , , 5 2 5 0 1 5 3 3 6 9 7 4 3 1 1 2 4 2 4 , , , , 4 3 2 2 1 7 2 2 3 1 7 9 3 3 3 9 4 2 5 , , , , 2 2 8 3 0 3 5 9 1 1 7 4 Total, group 5.... 2,164 2,164 1,264,379 1,287,127; 247,535 252,518 1,511,914 1,539,645 1,421,421 1,385,731 71,944 121,775 Illinois.. • 1,917 1,916 2,218,253 2,268,159 762,289 762,169 2,980,542 3,030,328 2,782,218 2,805,004 52,759 65,232 Indiana... 1,105 1,104 573,780 571,048 187,759 185,528 761,539 756,576 715,167 710,908 27,045 27,352 Iowa 1,674 1,673 867,019 861,816 90,432 94,206 957,451 956,022 899,297 899,599 47,424 46,596 Michigan............... 700 706 612.567 612,738 667,206 704.378 1,279,773 1,317,116 1,286,531 1,322,581 19,816 14,971 Wisconsin 993 583,244 579,158 167^733 749,733 746,891 723,569 726,719 21,862 16,759 Total, group 6 6,389 .6,393 4,854,863 4,892,919 1,874,175 6,729,038 6,933 S, 406,7826,464,811 168,906 170,910 Arkansas ~~163,124 163,714 26,902 26,086 190,026 189,800 180,785 178,130 10,423 12,612 Kentucky 321,687 322,222 100,589 97,191 422, i76 419,413 363,891 359,752 20,501 24,619 Mississippi -141,294. 141,647 36,585 36,517 177,879 178,164 177,187 166,207 7,094 14,618 Missouri. 879,946 904,136 272,736 279,999 1,152,682 1,184,135 1,012,577 1,017,060 42,578 52,322 Total, group 7.... 3,076 3,092 436,812 439,793 1,942,863 1,971,512 1,734,440 1,721,149 80,596 104,171 Minnesota.. 1,496 174,354 170,950 851,560 859,564 819,801 822,037 33,029 32,025 Montana... ........ 363 26,887 27,126 146,610 142,986 135,783 136,114 16,019 14,818 North Dakota 831 19,356 18,557 184,176 182,315 162,967 163,442 23,491 24,978 South Dakota.......... 687 14,619 14,769 227,631 226,077 217,707 217,022 21,468 21,981 Total, group 8.... 3,377 231,402 1,409,977 1,410,942 1,336,258 1,338,615 94,007 93,802 Colorado.......... 196,891 79,393 280,059 276,284 280,585 280,367 8,944 9,524 Kansas ....... 350.4S6j 63,335! 412,578 413,821 395,955 405,623 15,329 15,050 Nebraska..... ...... 382,248 44,560 423,370 426,808 400,263 398,875 19,696 20,757 Oklahoma 273,865 68,379 353,365 342,244 362,925 343,018 18,482 21,142 Wyoming. 61,903 8,202 68,559 70,105 68,276 70,579 3,121 1,997 Total, group 9.... 263,869 1,537,931 1,529,262 1,508,004 1,498,462 65,572 68,470 T N e ew xa M s. e . x . i . c . o ... ^ 1 4 5 , , 7 7 4 6 0 5 7 4 0 2 3 , , 9 9 4 8 8 7 14. 5 0 , , 7 1 0 4 0 0 14 5 0 , , 5 1 1 9 7 5 8 5 0 0 5 , , 4 9 4 0 0 5 8 4 4 8 4 , ,1 4 8 6 2 5 j 7 4 1 3 2;, 8 7 4 6 9 5 78 4 1 0 , , 1 4 . 6 4 3 0 4 5 6 , , 9 6 6 79 4 5 7 2 , ,0 3 7 5 0 8 Total, group 10... 1,618 1,615 710,505 746,935 145,840 145,712 856,345 892,647 756,614 821,603 52,643 59,428 Arizona ............. 48,602 48,6201 11.572J 60,646 60,192 64,862! 63,702 3,942 4,883 California 1,809,588 1,865/961 634',924j 2,448,322 2.500,885 2,405,420 2,457,647 67,653 74,493 Idaho.... 60,809 60,224 14,3521 75,191 74,576 70,076 71,080 9,408 9,320 Nevada 24,585 24,764 5,784! 30,406 30,548 31,346 31,3091 25 79 Oregon.. 165,867 171,565 71,542 236,427 243,107 239,397 250,398 6,321 5,203 Utah. 93,494 95,020 24,355 118,017 119,375 106,888 108,248 2,571 3,603 Washington 228,855 231, r~ 99,516 328,317 331,515 332,193 336,852 9,962 12,266 Total, group 11... 1,775 1,773 2,431,800 2,498,153 865,526 862,045 3,297,326 3,360,198 3,250,182. 3,319,236 109,847 TotalUaited States.......... 29,342 29,318 26,793,226 26,989,962 10,566,432 10,438,674 37,359,658 37,428,636 34,511,832 34,605,3019,308,325 1,397,122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUARY, 1924. FEDERAL RESERVE BULLETIN. EARNINGS, EXPENSES, AND DIVIDENDS OF ALL MEMBER BANKS. Earnings and expenses and dividend pay- as a consequence current net earnings were ments of all member banks in each Federal $19,232,000 less than for the earlier year^ reserve district for the fiscal year ending June despite the fact that gross earnings increased. 30, 1923, are presented in the following table. Charge-offs o account of losses sustained were Gross earnings of all member banks were smaller, hov >ver and this, together with in- 7 $1,683,512,000, exceeding the total for the creased recoveries of amounts previously preceding year by $14,083,000 but falling short charged off, more than offset the reduction in of those for 1921 by $146,159,000. Interest current net earnings for all member banks and discount collected accounted for 85.8 per combined. The net addition to profits during cent of total earnings, being $7,852,000 in the year, $345,137,000, exceeded the total for excess of the amount received from the same the previous year by $45,988,000. source during the 12 months ending June, Dividends paid in the year ending June 30, 1922. Exchange and collection charges show 1923, aggregated $270,862,000 and exceeded a reduction of $4,861,000, while miscellaneous dividend payments for the previous year by earnings increased by $11,092,000'. $24,812,000. Dividends declared ranged from Current expenses amounted to $1,189,732,000, 10.5 per cent of the aggregate capital of of which amount 44.7 per cent went to pay member banks in the Dallas district to 16.8 interest on deposits and 27.3 per cent salaries per cent in the Philadelphia district. In conand wages. The increase during the year in sequence of heavy charge-offs on account of the cost of salaries and wages was $16,493,000 losses, net additions to profits in the four and in interest paid on deposits $48,261,000, western Federal reserve districts were relawhile interest paid on borrowed money and tively low, as is evidenced by the fact that taxes paid show reductions of $32,451,000 and in the Minneapolis, Kansas City, and Dallas $15,726,000, respectively. districts such net profits were much less and Total current expenses were $33,315,000 in the San Francisco district slightly less than higher than during the year preceding, and the amount of dividends paid. ABSTRACT OF EARNINGS AND DIVIDENDS REPORTS OF ALL MEMBSK BANKS OF THE FEDERAL RESERVE SYSTEM FOE THE FISCAL YEAR ENDING JUNE 30, 1923. [In thousands of dollars.] D b N a i ( s 4 n o t 2 k . r 7 i s 1 c ) t . b D N a i ( n s 8 o t 2 k . r 1 s i 2 c ). t D b N a i ( n s 7 o t 2 k . r 0 i s 3 c ) t . D b N a i ( n 8 s o t 8 k . r 0 i s 4 c ) t . D b N a i ( n s 6 o t 2 k , r 9 i s 5 c ) t . b D N a i ( i 5 n ss o t 3 t k . rr 0 i s i 6 cc ). t D b ( N a 1 i n s , o 4 t k . r 3 i s 4 7 c ) t . D b N a i ( n s 6 o t 2 k . r 1 i s 8 c ) t . D b N a i ( n s 9 o t 8 k . r 5 i s 9 c ) t . b D N a (1 i n o s ,1 k . t r 4 s 1 i 5 ) 0 c . t D b N a ( i o 8 n st 5 . k r 7 s i 1 c ) 1 t . b D N a ( i o n 8 st 0 . k r 3 1 s ic ) 2 t . b U S a ( T 9 n n t , o a 8 k i t t t 5 s e e a 2 ) s d l .1 Capital stock paid in 1 144.701 475,974 127,835 90,322 290,967 107,955 76,793 101,457 94,160 174,388 1,997,893 Surplus fund 1 125,676 483,672 199,211 55,940 205,302 57,687 39,7201 50,094 44,514 86,636 1,631,575 Total capital and surplus.. 270,37 959,646 327,046 405,746 190,718 146,262 496,269 165,642 116,513 151,55: 138,674 261,024 3,629,468 Gross earnings: Interest and discount... 100,456 377,978 101,399 142,867 67,332 56,861 212,268 65,725 56,680 76,254 53,684 132,416 1,443,920 Exchange and collection charges 1,35 11,120 1,181 1,207 1,172 2,390 4,021 1,916 1,459 1,207 1,834 2,980 31,844 Commission 1,138 5,541 329 835 127 728 4,169 1,167 711 627 61 663 16,09§ Other earnings 11,957 66,340 13,402 28 993 5,193 6,114 25,184 6,535 3,144 7,079 3,051 14,660 191,652 Total gross earnings 114,908 460,979 116,311 173,902 73,824 66;093 245,642 75,343 61,904 85,167 58,630 150,719 1,683,512 Expenses: Salaries and wages 19,707 81,109 19,430 30,139 13,936 13,825- 47,585 15,136 13,789 19,751 14,425 35,506 324,338 Interest and discount on borrowed money 2,033 7,231 2,654 2,256 3,194 2,535 4,427 2,014 2,288 2,419 2,245 2,913 36,209 Interest on deposits 41,339 149,111 33,668 59,408 21,168; 16,795 79,639 21,860 22,947 24,639 13,038 47,853 531,465 Taxes......... T 8,023 18,116 5,775 9,938 4.9251 5,078 18,746 5,538 3,982 6,238 4,907 8,115 99,381 Other expenses 12,638 50,466 11,438 18,242 8,240 8,854 29,455 9,179 8,992 12,654 7,925 20,256 198,339 Total expenses 83,740 306,033 72,965 119,983 51,463 47,087 179,852 53,727 51,998 65,701 42,540 114,643 1,189,732 Net earnings during the year 31,168 154,946 43,346 53,919 22,361 19,006 65,790 21,616 9,996 19,466 16,090 36,076 493,780 Recoveries on charged-off assets., 3,876 29,219 3,200 3,634 2064 1,571 8,876 2,375 1,638 3,218 3,535 5,771 68,977 Total net earnings and recoveries 35,044 184,165 46,546 57,553 24,425 20,577 74,666 23,991 11,634 22,684 19,625 41,847 582,757 Losses charged off: On loans and discounts..... 8,097 48,863 4,587 7,549 5,484 5,371 21,756 6,555 7,085 14,580 13,870 16,640 160,437 On bonds, securities, etc,.... 3,117 8,862 2,867 3,233 891 353 4,149 907 395 828 403 3,904 29,909 Other losses .1,490 6,499 1,513 3,612 1,298 1,125 2,998 1,171 851 1,240 1,987 3,489 27,274 Total losses charged off. 12,704 64,224 8,967 14,394 7,674 6,849 28,903 8,633 8,331 16,648 16,260 24,033 217,620 Net addition to profits 22,340 119,941 37,579 43,159 16,751 13,728 45,763 15,358 3,303 6,036 3,365 17,814 345,137 Dividends declared 18,299 13,671 13,291 34,546 13,402 8,893 11,511 9,870 20,103 270,862 Ratio of dividends declared to 78,897 21,461 26,918 capital stock—per cent.. 12.6 12.4 14.7 11.9 12.4 11.6 11.3 10.5 11.5 13.6 Ratio of dividends declared to 16.6 16.8 13.3 capital and surplus—per cent... 6.8 7.2 9.1 . 7.0 8.1 7.6 7.6 7.1 7.7 7.5 Ratio of net profits to capital and 8.2 6.6 6. surplus—per cent 8.3 8. 9.4 9.2 9.3 2.8 4.0 2.4 6.8 9.5 12.5 11.5 10.6 1 Number of banks, capital, and surplus as of June 30,1§23. 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70 FEDERAL BESERVE BULLETIN. JANUARY, 1924. DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.1 [In thousands of dollars.] MONTHLY SUMMARY FOR BANKS IN 141 CENTERS. 1923 1922 Number Federal reserve district. of centers. September. October. November, September. October. November. No. 1—Boston . 1,760,956 2,154,617 2,150,666 1,717,635 2,087,622 1,986,523 No. 2—New York 17,414,976 19,846,052 20,632,112 19,793,005 22,987,053 19,637,137 No. 3—Philadelphia... 1,670,226 1,922.569 1,738,336 1,646,539 1,891,067 1,682,845 No. 4—Cleveland 2,005,409 2,241,154 1,998,108 1,877,032 2,025,319 1,867,671 No. 5—Richmond 655,258 746,504 710,408 598,901 705,455 660,697 No. 6—Atlanta........ 835,330 1,020,357 991,989 800; 649 901,535 911,367 No. 7—Chicago 4,208,411 4,660,972 4,428,485 4,070,134 4,438,210 4,051,955 No. 8—St. Louis 945,160 1,184,854 1,094,428 908,393 1,067,437 No. 9—Minneapolis 635,309 700,333 664,498 654,491 698,732 633,665 No. 10—Kansas City.. 1,089,497 1,159,741 1,053,147 1,058,493 1,155,094 1,050,896 No. 11—Dallas 540,722 629,517 583.636 541,700 589,186 556,549 No. 12—San Francisco. 2,318,980 2,632,667 2,460,057 2,103,48'l 2,218,498 2,131,811 TotaL. 141 34,060,234 38,899,337 38,503,870 35,768,453 40,745,186 36,159,896 New York City 1 16,799,454 19,151,902 19,982,927 19,215,296 22,322,276 19,026,750 Other cities.... 140 17,280,780 19,747,435 18,520,943 16,553,157 18,422,910 17,133,146 WEEKLY SUMMARY FOR BANKS IN 243 CENTERS. Num- 1928 1922 ber of Week ending— Week ending- Federal reserve district. centers included. Nov. 28. Dec. 5. Dec. 12. Dec. 19. Nov. 29. Dec. 6. Dec. 13. Dec. 20. No. 1—Boston 500,712 500,992 529,407 620,904 473,688 495,837 473,593 560,527 No. 2—New York 4,888,155 4,785,595 5,096,559 5,670,510 4,786,751 4,635,657 4,441,697 5,539,571 No. 3—Philadelphia... 462,755 458,638 454,082 518,079 452,182 430,886 454,575 498,591 No. 4—Cleveland.. 560,176 555,830 566,206 633,029 540,423 587,524 642,616 637,949 No. 5—Richmond. 271,369 306,169 299,587 317,294 267,078 270,350 279,993 308,625 No. 6—Atlanta 223,787 266,906 252,162 279,124 202,778 225,500 215,730 252,999 Nof7—Chicago 1,036,099 995,286 1,061,673 1,186,209 982,580 957,432 970,660 1,137,172 No. 8—St. Louis 275,455 281,363 279,823 310,416 256,536 249,600 261,402 304,224 No. 9—Minneapolis-.. 149,059 155,144 154,578 158,785 156,522 155,923 162,236 173,863 No. 10—Kansas City. - 248,014 243,721 255,794 273,869 256,345 259,611 260,168 287,699 No. 11—Dallas.. 163,300 160,797 162,445 164,133 150,524 155,705 151,560 165,812 No. 12—San Francisco. 592,807 626,072 596,411 656,408 546,005 526,843 553,317 609,397 Total.... 9,371,688 9,336,513 9,708,727 10,788,760 9,071,410 8,950,668 8,867,547 10,476,429 DEBITS FOR BANKS IN FEDERAL RESERVE BANK AND BRANCH CITIES. j Boston , 328,781 333,341 351,529 421,087 335,063 304,807 369,965 New York 4,624,411 4,515,707 4,828,271 5,335,161 4,531,560 4,379,083 4,180,662 5,229,239 Buffalo 67,449 66,310 65,339 79,345 68,127 61,470 63,297 72,143 Philadelphia... 342,815 345,666 330,617 380,698 343,098 326,013 340,309 389,974 Cleveland 130,838 127,252 134,953 154,881 132,690 128,845 131r458 148,818 Cincinnati 67,323 68,031 80,794 68,276 71,654 69,084 82,533 Pittsburgh 201,342 186,627 180,237 199,702 190,435 220,312 269,068 216,153 Richmond. 33,227 38,658 34,509 37,866 31,250 31,583 33,285 Baltimore. 75,800 89,600 83,135 96,200 82,386 79,944 80,500 97,500 Atlanta 36,000 29,880 27,137 35,967 27,064 26,182 28,521 32,608 Birmingham... 24,084 25,491 21,789 28,200 24,834 20,823 23,309 25,799 Jacksonville... 11,932 12,875 13,567. 14,870 10,554 12,330 12,104 13,023 Nashville 15,170 16,683 16,977 17,819 14,762 16,111 16,027 17 414 New Orleans.. 61,252 98,977 90,835 98,139 61,307 78,432 66,576 86,310 Chicago 648,231 618,993 651,350 730,000 637,012 587,641 586,073 686,220 Detroit.... 147,833 124,652 136,722 168,654 121,098 124,012 129,692 170,854 St. Louis. , 146,286 148,361 154,862 174,650 141,217 134,488 140,670 173,709 Little Rock 18,413 17,237 17,345 17,075 14,349 14,555 15,165 14,366 Louisville. 34,252 38,415 30,928 45,144 32,581 31,513 35,397 43,112 Memphis.. 44,586 47,043 43,228 41,778 39,220 39,581 41,256 Minneapolis..., 76,967 79,639 76,556 80,907 78,256 76,547 79,379 86,216 Helena 1,873 2,641. 2,241 2,125 2,753 2,743 2,658 3,284 Kansas City 80,384 78,240 77,363 84,780 72,848 69,213 70.750 87,152 Denver 34,520 35,257 35,205 36,108 37,799 34,439 36,599 35,262 Oklahoma City 15,767 17,775 15,387 17; 924 17,761 17,887 16,432 21,218 Omaha 39,447 36,833 43,017 46,339 43,450 47,159 48,126 48,387* Dallas.... 53,107 49,927 49,364 48,770 39,401 41,258 38,951 47,488 El Paso......... 6,718 7,995 7 182 7,224 6,772 8,144 6,871 7,588 Houston 33,810 31,068 33,600 34,788 26,349 28/119 26 594 29,102 San Francisco.. 186,567 193,563 173,893 203,190 190,952 156,732 162,995 193,489 Los Angeles... 172,204 167,432 188,548 188,004 129,692 126,368 139,481 158,223 Portland....... 37,082 34,602 41,130 40,361 30,748 29,491 34,241 34,669 Salt Lake City. 14,821 19,402 17,935 17,431 15,708 19,545 16,261 19,435 Seattle 39,772 44,457 42,406 44,603 43,031 35,247 37,517 39,071 Spokane.... 10,666 12,945 12,090 12,900 10,826 11,788- 10,871 11,840 1 Figures for other reporting cities are given to the press weekly and can be obtained by requests Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY, 1924. FEDERAL RESEKW BULLETIN. 71 MONEY IN CIRCULATION, DECEMBER 1, 1923. [Source: United States Treasury Department circulation statement.] Money in circulation. Money held by the United States Kind of money. Stock of money.l Treasury and the Dec. 1,1923. Federal reserve system.2 Nov. 1,1923. Dec, 1,1922. Per Amount. capita. Gold coin and bullion .. 3 $4,209,634,641 $3,809,786,027 $399,848,614 13.57 $396,737,411 $416,643,408 Gold certificates 4(910,656,369) 377,195,600 533,460,769 4.77 500,861,439 253,729,944 Standard silver dollars. 497,863,769 439,956,296 57,907,473 .52 58,127,032 60,761,829 Silver certificates *(409,624,194) 28,125,606 381,498,588 8.41 370,787,370 285,413,536 Treasury notes of 1890 4(1,445,127) 1,445,127 .01 1,448,677 1,489,323 Subsidiary silver........... 274,269,786 16,575,345 257,694,441 2.30 254,791,257 242,750,798 United States notes.......... 346,681,016 40,304,611 306,376,405 2.74 302,975,873 277,853,571 Federal reserve notes 2,719,744,770 483,107,865 2,236,636,905 20.00 2> 207,229,680 2,312,423,869 Federal reserve bank notes. 15,279,170 1,029,991 14,249,179 .13 15,312,321 42,501,508 National bank notes........ 773,435,044 39,394,794 734,040,250 6.56 726,981,987 722,940,273 Total.......... 8,836,908,196 * 5,235,476,135 4,923,157,751 44.01 4,835,-252,947 4,616,508,059 Comparative totals: Nov. 1,1923 8,794,881,012 & 5,245,683,814 4,835,252,947 43.27 Dec. 1,1922...... 8,482,254,551 5 4,885,537,645 4,616,508,059 41.80 Nov. .1,1920..... 8,326,338,267 6 3,394,764,761 5,628,427,732 52.36 Apr. 1,1917 , 5,312,109,272 5 3,896,318,653 4,100,590,704 39.54 July 1,1914...... 3,738,288,871 5 1,843,452,323 3,402,015,427 34.35 Jan. 1,1879 , 1,007,084,483 & 212,420,402 816,266,721 16.92 1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve banks, s Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta. s Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. 4 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. 5 Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this statement are shown In parentheses in the first column. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT AND INTEREST RATES, to Interest and discpunt rates prevailing in the various Federal reserve ever. Nearly all rates were higher than in the corresponding period bank and branch cities during the 30-day period ending December 15 of 1922. showed a declining tendency in many cases, as compared with those of The actual discount and interest rates prevailing during the 30-day the previous 30 days. Open-market rates on commercial paper were period ending December 15, 1923, in the different cities, are given in generally lower and among the cities where changes occurred in other the following table. A complete description of the several types of rates declines predominated. Rates on bankers7 acceptances, inter- paper for which quotations are given will be found in the September, bank loans, and collateral loans in some western cities increased, how- 1918, and October, 1918, FEDERAL RESERVE BULLETINS. DISCOUNT AND INTEREST RATES PREVAILING IN VARIOUS CITIES DURING THE 30-DAY PERIOD ENDING DECEMBER 15, 1923. Prime commercial paper. Bank 3 e 0 r t s o ' a 9 c 0 c d e a p y ta s n . ces, Collateral loans—stock exchange. Ordinary District. City. Customers. Open market. Int lo er a b n a s. nk C lo a a t n tl s e . S w r e a e c r c u e e r h i e p o d t u s b s . e y se L c l u i o b r a e e n d r s t y by Indorsed. d U o n rs in e = d. Demand. 3 months. m 3 o n to t h 6 s. bonds. 30 to 90 4 to 6 30 to 90 4 to 8 months. days. months. N N N o o o . . . 3 2 1 . . . . . . N B B Ph u e o f w i s f l t a a o l Y d o n e o . l . r p .. k h . i . a . . . . . .... 5 5 5 5 L . 5 6 5 5 4 $ a -5 -5 1 1 5 6 6 6 H 1 1 . L 5 5 5 5 , 5 a -51 5 5 5 H | § . 5 L 4 4 | | . 5 5 5- - a 5 5 1 | 5 5 5 H 1 | J 4 . 4 L | 4 5 f . | 5 5 a 5 6 H . 5 L 4 f f . 5 5- C 5 . 1 H.L. C. 4 5 H 1 . L 4 4 J . * 4 4 C 4 J - . 1 5 6 6 5 H .L 5 4 5 4 f66 4 C 1 . -5 \ 4 5 I L J 4 . 5 f - 5 C 5 1 . J 6 6 6 6 H .L 5 5 5 5 . J 6 5 5 5 C - | | 5 . 1 H.L. C. 6 H .L 5£ . 5 a 1 H 5 6 6 6 . 1 L 5 f 4 5 . 1 15 5 6 5 a - - 1 5 5 1 1 No. 4.. Cleveland 5 6 7 5 6 5 5 44 41 41 7 5 7 6 6 6 6 Pittsburgh 5 6 6 5 5J 5 51 51 5 51 6 5 6 4| 4 4£ 6 5 6 6 5 6 6 6 6 6 6 6 Cincinnati 5 6 6 5154 6 5 5A-6 6 5J 6 6 5 5-51 41 4 4|- 6 5 51-6 51 51-6 6 6 6 6 6 6 6 5 5-5| No. 5.. Richmond 5 6 6 5 6 41 5 6 5 6 6 5 6 6 5 6 5 6 6 5 6 6 5 6 6 5 6 Baltimore 5 S§ 6 5 5| 6 5 51 6 5 ? 5 5\ 6 5 51 6 6 6 6 5 51 No. 6.. Atlanta 4J 8 8 41 8 5 5J 8 51 6 6 51 6 8 5 5 6 8 5 6 8 5| 6 7 4! 6 Birmingham 5 6-8 8 5 6-8 7 5 6 4| 4J. 4|-4| 8 5 6 6 8 6 6 8 6 6-7 8 5 6 Jacksonville 6 6-7 7 6 6-7 6 6 6 7 6 5-6 6 6-7 7 6 6-7 7 6 6-7 6 6 6 N N e a w sh v O i r l l l e e a . n . s 8 7 5 6 9 74 6 8 5 6 | 5 7 | 4§ 4| 5" 44"4i" 8 7 5 6 £6 6 -7 6 5 16 7 7 6 6| 7 7 J 6 6 6 6 1 6| 54 5| N No o . . 8 7 . . . . C D St h e . i t c L r a o o g it o uis.......... 5 5 5 5 5 - 6 5 1 -1 6 6 6 5 5 5 5 5 6 - 1 51 5 5 5 i 1 1 4 4 4 f | | 5 5 45-5 6 6 6 15 5 5 1 5 5 5 1 - 4 6 6 4| 4 4 * J 4 H |-5| 4 4 1 1 4 | 1 4 | 1 6 6 6 5 5 5 1 7 5 6 J-6 5 5 5 5 5 6 1 J -6 6 6 6 5 5 5 5 6 5 % 1-6 6 7 6 5 | 5 6 1-6 6 6 6 4 5 6 f 1 6 6 5-6 6 6 6 4 5 5 f 5 6 51 -6 M Lo e u m is p v h i i l s le, 5 6 6 6 6 5 6 6 6 6 6 5 6 5 6 5 6 6 5 6 5 6 5 6 6 5 6 ? 6 5 6 6 6 5 6 6 6 6 5 6 6 6 6 5 6 6 6 Little Rock 7 6 6 51 4J 5 51 4| 5 6 6 6 7 6 7 6 7 8 6 7 7 6 7 7 6 6 N N o o . . 1 9 0 .. . M H Ka e in n le n s n e as a a p . C . o . i l t is y... 6 6 6 8 6 5 6 7 J 54 54 4| 5 5| 5 5 6 6 8 6 7 5 15 6 8 1 41 41 6 6 8 5 6 8 1 ? 6 6 7 6 6i3 8 6 7i2 6 6 8 6 5 7 1 6 8 51 7 7 8 7 6 7 £8 7 61 6 8 6 8 6 5 6 8 5 6 5 51 D O O e k m n l a a v h h e a o r ma City... 5 5 5 1 6 7 61 7 7 8 5 6 5 J 5 6 7 1 5 5 4 1 | 5 5 - 5 J 7 7 7 8 6 6 6 6 6 61 6 6 6 6 6 6 1 7 8 0 5 6 5 1 6 7 6 6 6 5 1 7 7 6 1 7 8 0 6 5 6 7 6 7 1 8 8 0 6 6 5 | 6 7 8 1 8 8 0 6 6 6 8 7 7 10 5 6 5 6 6 7 No. 11. Dallas ...... 5 5f* 6 5 6 5 5| 7 5 5| 6 5 5 6J 5 6| 6 71 8 6 6| 8 5 6| El Paso.. 10 8 10 8 8 9 6 8 10 8 67 • 8 8 10 8 8 10 8 8 10 8 8 10 8 8 Houston.......... 6 6:| 8 6 6 5 51 6 5 6 8 6 8 6 6 8 6 6 8 7 7 8 6 7 8 5 6 No. 12. San Francisco..... 5 5§~6 6 51 515 5 6 5151-6 41 44 44-4 6 5|6 51 6 6 5| 6 7 6 6 7 5 6 Portland.... .. 4f7 8 4f 54 4| 4| 7 6 6 ' 44 44 8 4141 6 6 7 8 6 7 8 6 7 8 5 7 Seattle 5 6 8 5 5| 4| 5 7 6 6 51 6 5| 5} 51 8 6*7 6 7 8 6 7 6 6 6 8 6 7 8 6 7 Spokane. 5J 7 7 5| 7 6 6-7 8 6 6 6 7 8 6 7 8 6 6 8 6 61-7 8 6 7 Salt Lake City.... 6 7 8 6 7 6 6 8 7 7-8 7 7 8 7 7 8 7 8 8 7 7 8 6 7 Los Angeles.."} 8 5 8 5 5| 5 51 5| 5 5f 7 5 6 41 4| 41 7 5 7 5 6| 8 5 61 6J 6J 6J 10 6 6f 7 5 64 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JANUABY, 1924. FEDERAL. RESERVE BULLETIN. 78 • {SOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Gold. Silver. Countries. Eleven months ending Eleven months ending November— "November— November— November— 1922 1923 1922 1923 1922 1923 1922 1923 IMPOSTS. $17 769 576 $3,561,829 ' $987 France $1,91.0,844 $755,546 21,516,936 13,827,775 $6,474" 204,494 $206,737 Germany 21,476 35,118 49,551,586 $9,103 707,137 114,439 Greece- 4,798,294 21,156 Netherlands . . 92,842 9,929,505 10,916,569 1,791 Norway 648 8,423,894 168 1,764 11,732 611 Spain - 20,720 8,547 55,663 35,839 44,364 16,978 116,485 67,446 Sweden. 68,055 32,865,047 2,865 1,790 Great Britain—England...... 11,782,865 33,617,361 106,131,504 131,976,482 29 199,073 195,835 Scotland 151,320 2,660,382 Canada 830,382 3,028,178 9,870,435 47,493,388 1,161,089 334,692 5,824,705 5.821,696 Central America. 276,724 205,817 4,178,033 2,222,772 256,293 272,936 1,377,940 1' 674,780 Mexico 568,456 398,051 5,418,970 5,952,530 3,897,071 4,327,970 43,251,880 43,514,798 West- Indies 43,461 37,871 1,764,688 526,26^ 25,007 18,818 . 537,829 116,476 Bolivia 18,193 26,295 2,064 849,346 620,197 Chile 6,615 19,649 361,268 222,911 211,249 8,140 1,723.941 1,181,293 Colombia... . ... - 356,055 400,861 6,592,671 4,243,406 7,597 18,120 241,368 132,730 Peru ....... 60,732 40,643 1,337,086 1,891,516 224,710 88,358 7,020,712 11,182,370 Venezuela . 67,334 35,886 848,172 "647,739 84 60 3,638 4,362 China 1,367,664 123,823 7,760,702 4,816,469 708 62 7,817 10,817 Dutch East Indies. 352,025 1,301,999 2,159,486 134,642 530,808 872,203 Philippine Islands. 1,261 132,360 714,335 1,415,852 3 2,179 10,477 20,733 British Oceania.... 164,180 238,425 4,135,016 1,556,349 144 272 1,456 2,310 Egypt . . . .. 637,155 262,756 981,763 1,736,664 12,730 12,788 15,619 Portuguese Africa 176 479,728 720,961 32 125,429 93,831 4JI other..... 50,618 99,461 1,290,192 2,008,489 3,429 37,347 176,095 430,155 Total 18,308,087 39,757,436 248,730,108 290,074,586 5,855,405 5,269,173 62,959,083 66,281,229 EXPORTS. France .. .... 2,660,000 Netherlands 20,000 19,000 35,000 1,645 525 Spain . . .. ... 10,000 717,000 500 1,500 Sweden. „ 78,000 600 1,150 Switzerland- . 3,542 21,644 1,379,957 Great Britain—England 2,254 5,518 138,249 1,576,514 1,219,153 8,787,613 6,106,948 Canada 2,192,534 171,437 20.504,822 1,563,437 166,608 114,556 2,087,011 1,425,141 Central America 12,127 7,350 73,844 Mexico. 175,135 303,145 3,848,659 4,376,414 206,002 138,610 2,087,351 1,583,130 West Indies..... 5,749 15 708 28,966 53,635 Colombia ....... 500,000 500,000 700,000 805,703 Peru 699,000 Venezuela 364,000 British India 35,000 233,912 4,445,339 14,637,246 1,894,282 2,885,127 9,857,305 20,456,684 China 100,000 110,005 1,512,003 4,031,185 17,932,214 30,120,616 Dutch East Indies 435,010 80,010 French Indo-China 1,320,000 Hongkong.. „. ... 512,600 18,300 3,270,625 2,203,615 1,240,856 384,915 12,561,625 2,384,991 AH other „ 201,810 67,440 2,200 ' 1,928 52,703 40,542 Total 3,431,065 746,794 34,165,303 27,931,888 6,599,171 8,775,474 55,894.086 62,947,706 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

74 FEDERAL RESERVE JANUABY, 1924. FOREIGN EXCHANGE RATES. [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX. Dec. 1 to 21, inclusive. November. Index (per cent of par).1 Par of December. Monetary unit. exchange. No- Low. High. Average. Low. High. Average. Sec- vemw F e ir e s k t . ond T w h e i e r k d . ber. week. General index 61 60 60 61 Belgium. .... Franc. 19.30 4.5200 4.6900 4.6100 4.4500 5.0100 4.7354 24.10 23.89 23.66 24.54 Denmark Krone 26.80 17.7600 18.0000 17.8533 16.6400 17.9900 17.1992 66.77 66.47 66.62 64.18 France - . Franc. 19.30 5.1200 5.4300 5.3133 5.2300 5.8700 5.5167 27.93 27.63 27.03 28.58 Great Britain Pound.. 486.65 434.0100 438.8900 436.7561 428.4600 448.1000 438.2152 89*62 89.84 89.78 90.05 Italy Lira... 19.30 4.3100 4.3600 4.3411 4.1800 4.4900 4.3575 22.50 22.52 22.45 22.58 Netherlands Florin 40.20 37.8700 38.2400 38.0800 37.0000 38.8400 38.0150 94.53 94.88 94.77 94.56 Norway Krone 26.80 14.8600 15.0400 14.9744 14.2500 15.0100 14.6546 55.85 55.94 55.84 54.68 Spain .... Peseta 19.30 12.9800 13.0900 13.0572 12.8800 13.3500 13.0800 67.63 67.60 67.74 67.77 Sweden Krona*1- 26.80 26.2600 26.3400 26.3117 26.1900 26.3500 25.2867 98.11 98.18 94.51 98.08 Switzerland Franc. 19.30 17.4200 17.4800 17.4461 17.2900 17.8100 17.5458 90.44 90.40 90.35 90.91 Canada Dollar 100.00 97.3963 97.9361 97.6316 97.8437 98.6419 98.1334 97.91 97.51 97.48 98.13 Argentina Peso (gold)— 96.48 70.8100 73.1600 72.2756 69.9400 72.2900 71.1450 74.0^ 75.07 75.62 73.74 Brazil Milreis. 32.44 8.8800 9.5000 9.2050 8.4900 9.0500 8.7563 28.04 28.22 28.87 26.99 Chile Peso (paper).. 2 19.53 10.5600 10.8200 10.6244 10.5500 11,4800• 11.0775 54.58 54.43 54.19 56.72 China . Shanghai tael. 2 66.85 71.0000 73.7000 72.3660 69.2500 72.8900 70.7600 107.09 108.36 109.31105.85 India Rupee 48.66 30.8400 31.1900 30.9800 30.4200 31.2600 30.8600 63.80 63.57 63.63 63,42 Japan . ... Yen... . 49.85 46.5900 48.0500 47.2178 48.0300 48.7600 48.3742 95.90 94.47 93.79 97.04 OTHER COUNTRIES. j4ustria . ... Krone 20.26 0.0014 0.0014 0.0014 0.0014 0.0014 0.0014 0.01 0.01 0.01 0.01 Lev 19.30 .7750 . 8817 .8323 .8833 .9650 .9221 4.54 4.31 4.09 4.78 Czechoslovakia Crown 2.9107 2.9328 2.9281 2.8863 2.9293 2.9057 Finland Markka 19.30 2.4581 2.5525 2.4783 2.5531 2.6786 2.6406 12.93 12.81 12.78 13.68 Germany Reichsmark. . 23.82 3,0153 3.0249 ». 0222 3.0140 3.2900 ». 0430 Greece Drachma 19.30 1.6700 2.0430 1.8344 1.5165 1.8694 1.5578 10.18 9.34 8.99 8.07 Hungary . .. Krone... 20.26 .0052 .0053 .0053 .0053 .0055 .0054 .03 .03 .03 .03 Poland. Polish mark... . 00002: . 00003 . 00003 . 00003 .00006 . 00005 Portugal. Escudo 108.05 3.4900 3.7100 3.6128 3.6700 4.0000 3.7858 3.41 3.36 3.27 3,50 Rumania Leu 19.30 .5089 .5247 .5150 .4774 .5286 . 5029 2.68 2.65 2.67 2.61 Yugoslavia Dinar 19.30 1.1335 1.1397 1.1364 1.1068 1.1828 1.1491 5.89 5.89 5.88 5.95 Cuba . .. . ...... Peso 100.00 99.9113 99.9750 99.9517 99.9113 100,0438 99.9886 99.93 ' 99.96 99.96 99.99 Mexico do........ 49. 85 48.4219 48.6250 48.5321 48.1406 48.8281 48.3449 97,34 97.27 97.35 96.98 Urusuav . . do.... . 103.42 74.1200 78.2200 77.0128 70.8900 74.1900 72.1304 73.29 74.75 75.51 69.75 China .. Mexican dol- 2 48.11 50.6100 52.0300 v51.3117 50.1500 51.5000 50.7375 105.82 106.73 107.42105,46 lar. Hongkong Dollar 2 47. 77 50.4300 51.2300 50.8400 50.1100 51.4300 50.8592 105.87 106,49 106.93106.47 Straits Settlements .. Singapore 56.78 50.6900 50.9700 50.8328 50.8100 52.6700 51.7292 89.43 89.50 89.64 91.10 dollar. 1 Based on average. * 1913 average. 8 In cents per billion marks. SILVEE* [Average price per fine ounce.] December. November. London (converted at average rate of exchange. 10.65559 $0.64702 New York .65035 .64122 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. Page. Page. Acceptance market ... 34 Freight rates, ocean.. 53 Acceptances. 59,60 Fruit crop, condition and shipments... = 26,40 Agricultural credit .. 5,15 Gold imports and exports: Agricultural developments during 1923...... . 13 Great Britain... 35 Agricultural movements, index of . 39 United States... 35,73 Agriculture, monthly statistics 25,40 Gold settlement fund transactions „ .. 62 Automobiles, production of. .. 30,42 Government securities held by banks, decrease in 8 B ank credit... .... . 1,11 Grain... , 25,39 Bank debits ...... 70 Great Britain: Banks granted authority to accept up to 100 per cent of capital and Debt payment to United States 9 surplus . 12 Financial statistics - 54 Building statistics.... 31,41,42 Foreign trade.. 53 Business and financial conditions: Goldimports. 35 Abroad 50 Industrial statistics , 52 United States.. 4,10,25 Retail food prices and cost of living. 49 Business failures 33 Wholesale prices 46,48 Canada: Industrial statistics: Financial statistics 54 Foreign countries ... 52 Foreign trade . . 53 United States.... 37-42 Industrial statistics. 52 Interest rates: Eetail food prices and cost of living 49 European countries 50 Wholesale prices. 46,48 New York market... , 33 Certificates of indebtedness, Treasury, issue of. 8 Prevailing in various centers 72 Chain-store statistics 20,32,44 Iron and steel production 30,40 Charters issued to national banks 12 Italy: Charts: Financial statistics... 54 Assets and liabilities of member banks .. 1 Foreign trade 53 Bank credit . 11 Retail food prices and cost of living 49 Crops, value of— 25 Wholesale prices . 48 Department store sales 17,18 Japan: Drug store chains, sales of . . 18 Finan cial statistics 54 Earning assets of Federal reserve banks. . 2 Foreign trade 53 Employment, index of. . 11 Wholesale prices 46,48 Farm prices, 13 Revision of index numbers 22 Five and ten cent stores, sales of.... 19 Leather industry 30,41 Industrial activity, indexes of 37 Livestock industry „ .. 27,39 Japanese wholesale price index 22,23 Lumber industry SI, 40,41 Mail-order houses, sales of.. 17 Mail-order houses, sales of 20,32,44 Meat packers, sales of. 32 Manufacturing i 28,39 Production in basic industries, index of...................... 10 Member banks: Wholesale prices, index numbers of .. 10 Changes in membership . 65 Check clearing and collection system 61 Condition of— Coal and coke production .......... —... 27,40 State bank members on September 14,1923 . 66 Consumption of agricultural products during 1923... 14 Weekly 63 Cooperative marketing by agricultural producers. — 15 Deposits of 65 Cost of living, principal countries... 49 Number discounting 60 Cotton, raw and manufactured —...... 26,29,40 Number in each district •.. 60 Crops....... 25 Resources and liabilities of State bank members on September Estimates, 1923 16 14,1923 ., 67 Prices 13 State banks admitted to system during December 12 Production, 1920-1923. - .-•-.... 13 Mining 27,40 Dairy products... 39 Money in circulation 71 Debits to individual account 70 Money rates 3,33,50 Debt, foreign governments to United States. 9 Open-market policy... 3 Department-store business 20,21,32,44 Petroleum industry ". 28,40 Deposits: Prices: Demand and time, of member banks. 65 Agricultural commodities during 1923 6,13 Savings 34 Commodity; . 32,50 Deputy Federal reserve agents, appointment of . 7 Food, in principal countries. 49 Digest of rulings of Federal Reserve Board, publication of 6 Wholesale- Directors of Federal reserve banks, election of. 7 Bureau of Labor Statistics index , 11,47 Discount and open-market operations of Federal reserve banks... 60 Group index numbers—United States, England, France, Canada, and Japan. 46 Discount rates: International index—Federal Reserve Board 45,46 Central banks —. —. 54 Principal countries 48 European countries 50 Revision of French index numbers 47 Federal reserve banks. 3,62 Revision of Japanese index numbers . 22 New York market.. ... 33 Production in basic industries, index of 10,38 Prevailing in various centers . 72 Resources and liabilities: Earning assets held by Federal reserve banks 59 All Federal reserve banks combined ..... 62 Earnings and dividends of member banks, year ending June 30... 69 All banks in the United States on Sept. 14,1923 68 Employment, United States . 33 Federal reserve banks 55 Index of.. .. 38 Member banks in leading cities. 63 Exports of agricultural products during 1923 ~ 14 State banks and trust company members on Sept. 14,1923... 66 Failures, commercial. 33 Retail food prices .. 49 Federal reserve agents, election of —. 7 Retail trade 10,17,32,44 Federal Reserve Bulletin, consolidation of first and final editions 6 Review of banking and business, year 1923 1 Federal reserve note account 58 Savings deposits 34 Fiduciary powers granted to national banks... 12 Silver imports and exports 73 Financial statistics of principal foreign countries 54 State banks: Fishery products .... • - - 40 Admitted to system during December. 12 Foreign exchange rates 36,50,74 Condition of member banks on Sept. 14,1923 66 Foreign governments, debt to United States, payment of. 9 Textile industry .„....*. 29,40 Foreign trade: Tobacco industry 26,40 Principal foreign countries - 53 Trade: United States. . 35,53 Foreign. (See Foreign trade.) France: Retail 10,32,44 Financial statistics - o4 Trend of, 1919-1923 17 Foreign trade. - -- - 53 Wholesale 10,32,43 Industrial statistics 52 Transportation .. 31,42 Retail food prices and cost of living 49 Treasury finance 8 Wholesale prices .. 46,48 United States securities held by banks, decrease in 3 Revision of index numbers . — 47 Wholesale prices. (See Prices.)! I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS •—•BOUNDARIES'OF FEDERAL RESERVE DISTRICTS -— BOUNDARIES OF FEDERAL RESERVE S'BANCH TERRITORIES # FEDERAL RESERVE-BANK CITIES @ FEDERAL RESERVE BRANCH CITIES © FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis