Federal Reserve Bulletin, 1924-03
FEDERAL RESERVE BULLETIN MARCH, 1924 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Course of Industry and Trade Summary of Business Conditions in the United States State Laws Relating to Bank Reserves Business Conditions Abroad WASHINGTON GOVERNMENT PRINTING OFFICE 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD. Ex officio members: D. R. CRISSINGER, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. HENRY M. DAWES, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART, W. M. IMLAY, Fiscal Agent. Director, Division of Research and Statistics. J. F. HERSON, M. JACOBSON, Statistician. Chief, Division of Examination and Chief Federal E. A. GOLDENWEISER, Associate Statistician. Reserve Examiner. E. L. SMBAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL. District No. 1 (BOSTON) _• ALFRED L. AIKEN, Vice President. District No. 2 (NEW YORK) PAUL M. WARBURG, President. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) C. E. SULLIVAN. District No. 5 (RICHMOND) JOHN M. MILLER, Jr. District No. 6 (ATLANTA) OSCAR WELLS. District NO. 7 (CHICAGO) JOHN J. MITCHELL. District No. 8 (ST. LOUIS) FESTUS J. WADE. District No. 9 (MINNEAPOLIS) G. H. PRINCE. District No. 10 (KANSAS CITY) E. F. SWINNEY. District No. 11 (DALLAS) - W. M. MCGREGOR. 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. G.Harding C. C. BuUen W. Willett. W. W. Paddock New York Pierre Jay Benj. Strong J.H.Case L. H. Hendricks.i L. F.Sailer J. D. Higgins.i G. L. Harrison A. W. Gilbart.i E. R. Kenzel J. W. Jones, i G. E. Chapin.i 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. Zuriinden Richmond W. W. Hoxton George J. Seay C.A.Pepie Geo. H. Keesee. R. H. Broaddus JohnS. Waldeni Atlanta Joseph A. McCord M. B. Wellborn L. C. Adelson M. W.BeU> •• J. L. Campbell Chicago Wm. A. Heath J. B. McDongal C.R.McKav W.C.Bachman. JohnH. Blair K. C. Childs.i • J. H. Dillard.i D. A. Jones, i 0. J. Netterstrom.i Clark Washburne.i St.. Louis Wm. McC. Martin D.C. Biggs O.M.Attebery J. W. White. Minneapolis JohnH. Rich R. A. Young W. B. Geery Gray Warren. B.V.Moore Harry Yaeger» Frank C. Dunlop • Kansas City M. L. McClure W. J. Bailey C. A. Worthington J. W. Helm. Dallas Lynn P. Talley B. A. MeKinney R. G.Emerson R. R. Gilbert. San Francisco Joha Perrin J. TJ. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk" L. C. Pontious 2 i Controller. ! Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS. Federal Reserve Bank of— Manager. Federal Reserve Bank of— Manager. New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch W.C.Weiss. New Orleans branch Marcus Walker. Houston branch R. B. Coleman. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch Frederick Greenwood. Chicago: Salt lake City branch R. B. Motherwell. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch..' W. P. Kincheloe. Memphis branch J. J. Heflin. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN. THE FEDERAL RESEBVE 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS. The month: Page Review of the month—Recent course of industry and trade 147 Summary of business conditions in the United States 152 Official: Law department—State laws relating to bank reserves^. 154 State banks admitted to system 182 Fiduciary powers granted to national banks 182 Charters issued to national banks 182 Banks granted authority to accept up to 100 per cent of capital and surplus 182 Research studies: Revised indexes of industrial statistics 183 Seasonal fluctuations in department-store stocks 189 Business conditions in the United States: Trend of business in the United States 191 Industrial statistics 205 Wholesale and retail trade 210 Price movements in principal countries: Federal Reserve Board wholesale price indexes 213 Comparative wholesale prices in principal countries 215 Comparative retail prices and cost of living in principal countries. : 216 Business and financial conditions abroad: Trend of business abroad z 217 Industrial statistics for foreign countries , 219 Foreign trade .of principal countries 220 Financial statistics for principal foreign countries . 221 Discount rates of central banks 221 Banking and financial statistics: Federal reserve banks- Condition of Federal reserve banks 222 Federal reserve note account 226 Holdings of earning assets 227 Discount and open-market operations of Federal reserve banks . 228 Federal reserve clearing system., , 229 Gold settlement fund 230 Discount rates of Federal reserve banks 230 Member banks— Condition of member banks in leading cities 231 Abstract of condition reports for December 31, 1923 234 Deposits of all member banks 233 Changes in membership * 238 Bank debits.. 239 Money in circulation 238 Interest rates in principal cities 240 Gold and silver imports and exports . 241 Foreign exchange rates and index : 242 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 10 MARCH, 1924. No. 3 REVIEW OF THE MONTH. This information has an important bearing on changes in the demand for credit, and it is Increased industrial and trade activity and presented in detail each month in the FEDEBAL a larger volume of borrowing for commerical EESEEVE BULLETIN, which is sent to all purposes have characterized the member banks. The brief edition of the Current busi- business situation since the BULLETIN, formerly sent to the banks, which ness situation. . opening of the year. In Janu- did not contain trade and industrial informaary the increase in the output of basic com- tion in the same detail, was discontinued at modities was unusually large and brought the the beginning of this year. In view of the volume of production from the low point of wider circulation of the BULLETIN in its 1923 reached in the preceding month to the present form and of the variety and comprelevel prevailing at the beginning of that year. hensiveness of the information which it con- During the last half of 1923 production de- tains, it is opportune, in connection with a clined and even after the sharp recovery in the discussion of current business developments, first month of 1924 the index was 5 per cent to indicate the type and uses of economic data below the high point of last May. The distri- available and; the method of their presentation. bution of commodities at wholesale and the In order to facilitate comparisons of indusshipments of merchandise also increased in trial and trade movements in different lines, January and were in greater volume than a many of the figures have been year ago. The level of wholesale prices, which Indexes of converted into percentages of a had declined sin<Je the spring of 1923, remained trade and indus- •• , common base year and are m unchanged between the middle of December try the form of so-called index and the middle of January, and the prices of numbers. All the Federal Reserve Board inmany commodities, particularly raw materials, dexes of production, employment, and trade advanced during the early weeks of February. take the r onthly average for 1919 as 100 and These changes in industry, trade, and prices express th figures for each month as percentreflect the extent and character of the recent ages of tl 3 average. For example, the probusiness readjustments. duction in ax in January, 1924, was 120, which The course of industry and trade, because means tha the total output in January of the of the growth in current information concerncommodit.os included in that index was 20 per ing business, can now be followed more closely cent larger than for the average month in 1919. and accurately than ever before. In recent Since the purpose of this index is to compare years much progress has been made in the the production during the current month with collection of such information by governthat of earlier months and not with what might mental and private agencies. The Federal be regarded as "normal," the base selected as Reserve Board and the Federal reserve banks, 100 per cent is the actual production in 1919 in addition to their reports on banking condi- and not an assumed or computed "normal." tions, gather data on changes from month to It is, therefore, the fluctuations in the indexes month in the industrial and business situation rather than their position with reference to the and make them available through their pub- base period that are significant. Since in some lications to member banks and to the public. lines of industry and trade definite and more 147 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
148 FEDEEAL KESERVE BULLETIN. MARCH, 1924. or less regular seasonal fluctuations occur, cer- The production index shows the changes in tain of the index numbers are presented both the output measured in physical units of 22 with and without allowance for seasonal influ- basic industries. Among the commodities ences. In retail trade, for example, there are included in the index are iron and steel, copper, pronounced seasonal peaks in the spring and cotton, wool, coal, lumber, cement, petroleum, especially during Christmas buying, and it is and various food products, the production of desirable to have an indication of the course which in terms of tons, yards, etc., is reported of retail-trade after allowance has been made monthly. The index, therefore, measures the for these seasonal movements. These index changes in the physical volume of output rather numbers of industry and trade are so con- than in the dollar volume of business. Producstructed that in addition to indicating the gen- tion in these basic industries ordinarily fluctueral movements of these basic factors and mak- ates to a greater degree than the total for all ing them comparable with each other, they industries, but changes in this index, which is also show the changes in the individual major available at an earlier date than the more comindustries and the extent of trade activity in plete information, indicate the direction of different sections of the country. The move- industrial activity. More comprehensive index ment of the component group indexes, there- numbers showing the production of manufacfore, reflects the changes in the position of the tured commodities, the output of minerals, various lines of industry and trade in relation and the movement to primary markets of agrito the general business movement. Tables pre- cultural commodities are also published regusenting the index numbers in detail and much larly. An article describing a recent revision of the information on which they are based in these indexes and presenting detailed figures appear currently in each issue of the BULLETIN, since 1919 is printed elsewhere in this issue. in connection with a discussion of the business The index of factory employment measures and industrial situation during the month- changes in the volume of employment at indus- The most important general index numbers are trial establishments in 33 lines of manufacture shown in the table below: throughout the country. This index reflects the degree of current productive activity and INDEXES OF INDUSTRY AND TRADE. also, when considered in connection with [1919 average=100.] changes in pay roll, indicates the extent of the buying power of industrial workers. ti d P o u r n o c- - in t F o ac r - y Whole- Department stores. The volume of purchases at retail and the Year and month. basic em- sale rate at which goods are moving through the indus- ploy- trade. Sales. Stocks. tries. ment. intermediate channels of distribution and into consumption is indicated by the indexes of 1919. 100 100 100 100 100 100 100 1920. 105 104 112 120 ISO 136 retail and wholesale trade. Figures on sales 1921. 80 83 73 110 110 115 115 1922. 98 90 74 111 111 116 lie by mail-order houses furnish some indication 1923. 120 101 82 124 129 of the extent of buying in rural communities. 1923. January 121 99 101 114 107 Any interruption in the movement of goods M Fe a b rc ru h ary 1 12 2 5 0 1 1 0 0 1 3 1 9 2 0 4 1 m 16 1 1 1 2 8 8 n w o from producer to consumer results in an accu- A M p a r y il 1 1 2 2 4 7 1 1 0 0 3 3 1 1 1 2 9 8 1 1 3 3 2 0 ISO mulation of stocks. Information on stocks J J u u n ly e 1 1 2 2 1 2 1 1 0 0 1 3 1 8 2 9 6 115 1 11 2 9 2 serves to indicate whether the goods produced A Se u p g t u e s m t ber... 1 1 1 2 4 0 1 1 0 0 1 1 1 1 0 1 0 2 1 1 2 3 9 9 are moving currently and regularly through N Oc o t v o e b m er ber... 1 11 1 6 8 1 1 0 0 1 0 1 1 4 4 8 2 1 1 4 4 6 9 m the channels of trade or are being accumulated. December... 111 99 203 125 123 I I S S S S Changes in the volume of stocks held by depart- 1924. ment stores are available monthly and are January. 120 98 78 109 115 based on reports from about 300 stores located NOTE.—The production index is seasonally corrected; department- in various cities in the different Federal reserve store sales and stocks with seasonal corrections are shown in italics. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 149 districts. Railroad shipments of merchandise sale prices are 3 per cent lower, indicates that also furnish an indication of the volume of the physical volume of trade is larger than a distribution. year ago. Retail trade, as shown both by In January the increased industrial activity sales at department stores and mail-order is reflected in the index of production of basic houses, is also in larger volume than at the commodities, which advanced from the low beginning of 1923. In fact, the sustained point reached in December, demand for goods at retail, even throughout Production and after a seven-month decline, to the recent recession in productive activity, employment. a level 8 per cent above the has been an important factor in the business previous month and approximately the same readjustment. as in the opening months of 1923. The steel In the process of production and distribuindustry showed a particularly large incres se tion it is the buying power of consumers that in activity during January; the output of st< el finally determines the level at which industry increased 27 per cent and brought producti In and trade can be maintained. The upward in that industry to the highest point since the trend of the seasonally corrected index of middle of 1923. Unfilled orders for steel, after department-store sales, which during 1923 declining for nine months, turned upward in reached the highest level on record, indicates December and again increased in January. the extent of the consumers' demand for goods. The demand for steel to meet railroad require- Stocks of merchandise at department stores ments, including equipment, continued large, also increased during the year, but their and the manufacture of automobiles and build- increase was not out of proportion to the ing construction were other sources of the in- increase in the volume of sales. In January, creased demand. An unusually large produc- 1924, sales at department stores, when allowtion for this season of the year of other building ance is made for seasonal influences, were materials, such as lumber, brick, and cement, smaller than in December, and stocks were also reflects the undiminished volume of build- also somewhat reduced. ing. Indeed, the increase in production for the In considering the present position of inmonth has been general in nearly all of the dustry and trade, the extent to which the large basic industries. The employment index, on production of basic materials the other hand, which is based on figures for the Stocks of basic in 1923 was used in manumiddle of the month, showed a slight decline in materials. facture and building rather January. In general, the employment index, than accumulated in stocks is indicated in because it represents a larger number of industhe volume of stocks held at the opening of tries and because an increase in industrial acthe year compared with previous years. Stocks tivity may result in less part-time employment of certain commodities in January, 1924, were rather than in an addition to the number on larger than a year ago, the increases being parthe pay roll, fluctuates over a considerably narticularly large in coal, the stocks of which a rower range than the production index. year ago were exceptionally low owing to inter- Wholesale trade in January increased 11 rupted production incident to the strike, and in per cent and was in somewhat larger volume petroleum and gasoline because of the unusually than a year ago. The extent heavy production in 1923. In stocks of gaso- Wholesale and > i ,• •, i line, however, as of a number of other comreta'I d business activity is also modities where stocks are in excess of last year, indicated by the volume of there has been a decline from the higher levels check payments, which since the opening of of last summer. Stocks of all textile materials 1924 have been at about last year's level. are considerably less than in January, 1923. The fact that wholesale trade and check pay- The table following presents the available inments, both of which are expressed in dollars, formation. are as large as in January, 1923, while whole- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
150 FEDERAL RESERVE BULLETIN. MARCH, 1D2± STOCKS OF BASIC MATERIALS. in January were 8 per cent lower than a year ago, while prices of producers' goods, which Jan. ], 1924. Jan. 1,1923. Jan. 1,1922. represent largely semifinished products bought by manufacturers, and consumers' goods re- Bituminous coal (tons) 62,000,000 36,000,000 48,000,000 Anthracite coal (long tons)... 1,063,277 412,232 1,418,732 mained practically unchanged. The general Crude petroleum (barrels) 336,556,000 264,578,000 185,623,000 Gasoline (gallons) 1,074,899,650 883,793,000 586,087,132 level of prices in January, 1924, was 3 per cent Iron ore, Lake Superior (long tons) 38,635,000 39,866,000 35,896,000 lower than in January, 1923, and 5 per cent C Zi o n p c p ( e p r o ( u p n o d u s n ) ds) 2 8 5 1 6 , , 3 0 9 00 4 , , 0 0 0 0 0 0 2 3 1 6 6 , , 5 0 0 0 4 0 , , 0 0 0 0 0 0 4 13 5 3 9 , , 2 0 1 0 6 0 , , 0 0 0 0 0 0 below the high point reached in April, 1923. Cement (barrels) 10,581,000 9,267,000 11,938,000 The following table shows prices by commodity Pine lumber (M feet) 2,160,520 2,113,054 2,178,402 Oak flooring (M feet). 41,140 21,230 21,763 groups for these three dates: Maple flooring (M feet) 24,239 25,156 30,865 Brick, clay fire (number) 183,009,000 155,011,000 145,406,000 Newsprint (short tons) 23,669 19,208 23,934 Cattle hides (number) 5,086,286 6,345,676 5,819,219 WHOLESALE PRICES. Calfskins (number) 2,175,404 3,298,299 2,965,000 Goat and kid skins (number).. 9,926,128 8,730,219 10,379,703 [1913=100.] Sheep and lamb skins (num- S U o p b s l i e p e d r e l e ) e r s a ) l t e h a e t r h ( e b r, a c c k a s t , t l b e e ( n s d id s, e a s n ). d . 1 7 6 0 , , , 4 9 0 0 7 4 0 0 8 , , , 2 6 0 9 5 8 6 1 5 9 9 7 , , , 1 7 0 5 6 8 1 3 2 , , , 4 7 6 8 6 9 4 5 3 1 1 7 2 1 , , , 5 6 3 0 6 0 9 1 3 , , , 1 4 3 1 3 0 0 8 3 Ja 1 n 9 u 2 a 3 r . y, A 1 p 9 r 2 i 3 l . , 1 Ja 1 n 9 u 2 a 4 r . y, Cotton (bales) 5,149,617 5,986,701 6,944,801 Wool (pounds) 415,681,316 515,543,585 '479,151,184 Silk (bales) 40,959 49,174 24,804 All commodities 156 159 151 Flour (barrels) 7,100,000 7,700,000 7,776,000 Beef (pounds) 105,655,000 116,255,000 84,808,000 Consumers' goods 155 157 156 Pork products (pounds) 756,818,000 619,319,000 415,096,000 Producers' goods 136 150 136 Lamb and mutton (pounds).. 2,508,000 4,523,000 6,444,000 Raw materials 168 166 155 P Su n g e a u r m ( a lo ti n c g r t u o b n b s e ) r tires (num- 57,929 44,828 62,419 C A r n o i p m s al products.. 1 1 6 2 4 5 . 1 12 7 3 2 1 11 8 5 0 ber) 4,329,300 3,696,519 Forest products... 215 232 194 Inner tubes (number) 6,318,446 5,732,125 4,731,021 Mineral products. 213 198 170 i June 30,1922. Fluctuations during the year in the prices of In comparing the position of stocks now and consumers' goods were relatively small. Proa year ago it should be taken into consideration ducers' goods, on the other hand, advanced that prior to the opening of 1923 production rapidly during the early part of the year, when in basic industries had been increasing rapidly the volume of production was approaching its for a year and a half, while for the seven peak, and declined during the subsequent remonths preceding the opening of 1924 produccession in business activity. Since September tion had been declining. In general, the figures indicate that the large volume of production in these prices also have remained fairly stable. 1923 in most lines of industry moved through The considerable decline in the raw-materials the channels of distribution and did not give group shown for the year occurred during the rise to an unusual accumulation of stocks. On first six months, and these prices have changed the other hand, in commodities which had an relatively little since mid-summer. At the beunusually low volume of stocks a year ago, ginning of the year raw materials were much stocks are now larger and indicate a better ad- above the general level of prices, and their dejustment between available supplies of these cline has brought them closer to the index for commodities and the current demand. all commodities. Price adjustment has taken Changes in the relationship between prices of place also among the several classes of comdifferent groups of commodities have accom- modities included in the raw-materials group. panied the industrial and trade Prices of forest products and mineral products, "^erea Just" readjustment of recent months. which at the beginning of the year were conmeRnnts. The regrouping" by the Federal siderably above the average, showed the largest Reserve Board of the 404 commodities included declines during the year. Prices of animal in the Bureau of Labor Statistics index of products in January were lower than a year ago, wholesale prices makes possible comparisons while prices of crops, after considerable fluctuabetween prices of commodities at different tion, advanced rapidly from August to Destages of manufacture. Prices of raw materials cember. Between December and January the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL EESEKVE BULLETIN. 151 index for all commodities remained unchanged, counts was reached on February 6, when they the advance in the prices of raw materials were slightly below $500,000,000, and total being offset by a decline in the prices of. con- earning assets below $900,000,000. In the sumers' goods. As a result of the year's price following three weeks an increase of over changes, the prices of commodities in different $55,000,000 in earning assets occurred. Durstages of manufacture are in closer adjustment ing February there was an increased demand to the general average than they were a year for currency which, however, was not reflected ago. in an increase in the outstanding volume of Increase in the volume of production and Federal reserve notes, as it was met largely by trade since the opening of the year has been the payment of gold certificates into circulaaccompanied by a growth of tion. Net gold imports in January totaled Bank credit. loans for commercial pur- $46,000,000, the largest imports, with a single poses at member banks in exception, for any month in the past two years. leading cities. The volume of these loans, Changes in the volume of bank credit from which had declined continuously since early in month to month are in response to a wide October, increased in the latter part of January variety of influences, and minor changes in and during the first two weeks of February. the course of industry and trade may not be In the middle of February these loans were immediately reflected in the credit situation. about $372,000,000, or 5 per cent above the Since changes in the demand for credit, howlevel of a year ago. The increase in this class ever, arise out of changes in the volume of of loans accounts for the large part of the in- business, there is a close relationship and a crease of credit extended by these member somewhat definite sequence between the major banks. The year's growth in loans has been movements in business and in banking. The largely offset by a decline in investment hold- business community, including both the bankings, with the consequence that the total loans ers and the borrowing public, are now in a and investments of these banks are only about better position through the use of current $127,000,000 larger than a year ago. economic data to shape their policies with reference to the broader trade and industrial For all member banks, total loans and inmovements, and there is evidence that this vestments increased by nearly $1,000,000,000 practice is resulting not only in a better underduring 1923 and at the close of the year were standing of business and credit trends, but the highest on record, $3,300,000,000 above the low point of March, 1922. The growth in the also is contributing to the maintenance of total volume of member bank credit during the sound credit conditions. last nine months of 1922 was due largely to the increase of their investment holdings, while in 1923 it was due to the larger volume of loans, NOTES. as investments remained practically constant. Meeting of Advisory Council. Time deposits continued to increase during the The Federal Advisory Council held its quaryear and were the chief source of funds for terly meeting with the Federal Reserve Board additional lending. Detailed tables showing February 18 and 19. At its organization meetthe condition of all member banks by Federal ing for 1924 Mr. Paul M. Warburg, of New reserve districts on December 31, 1923, are York City, was elected president, and Mr. A. L. published on page 234. Aiken of Boston, vice president of the council. At the Federal reserve banks the seasonal An executive committee was elected, conreturn flow of currency, which was the factor sisting of Messrs. Warburg and Aiken, ex offiresponsible for the decline in discounts during cio, together with Messrs. L. L. Rue, of Philadelthe early weeks of the year, ceased to be an phia, J. M. Miller, jr., of Richmond, J. J. Mitchell, influence in February. The low point in dis- of Chicago, and E. F..Swinney, of Kansas City. 86742—24 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
152 FEDERAL RESERVE BULLETIN. MARCH, 1924. SUMMARY OF BUSINESS CONDITIONS IN THE UNITED STATES. Production of basic commodities increased sharply in January, the volume of distribution continued larger than a year ago, and the wholesale price level remained unchanged. In February there was an increase in the demand for credit for commercial purposes. Production.—The Federal Reserve Board's index of production in basic industries increased 8 per cent in January and was at approximately the same level as a year ago. This increase followed a downward movement which had been under way since May, 1923. The increases over December, which occurred in most of the industries, were particularly large in the production of steel ingots, lumber, and bituminous coal and in mill consumption of cotton. A small but general reduction of working forces at industrial establishments resulted in a slight decline in the index of factory employment. The largest decrease occurred at plants manufacturing food products and tobacco. Contract awards for new buildings in January were slightly higher in value than in December and were 24 per cent above a year ago. Trade.—Railroad shipments, particularly of miscellaneous merchandise, increased during January and total car loadings were somewhat above the high level of January, 1923. The index of wholesale trade increased 11 per cent during January and was slightly higher than a year ago. Sales of groceries, meat, and drugs were larger than in January, 1923, while sales of dry goods and shoes were smaller. Retail trade in January showed the usual seasonal decline. Compared with a year ago department-store sales were 8 per cent larger and stocks of merchandise at these stores, after declining in January, were 7 per cent above last year's level. Sales of mail-order houses in January exceeded those of a year ago by 11 per cent. Prices.—The wholesale price index of the Bureau of Labor Statistics remained unchanged during January and was at a level 3 per cent lower than a year ago. Prices of fuels and building materials, which had been declining since early in 1923, increased in January, while prices of farm products, foods, and clothing declined. During the first two weeks of February prices of hogs, sugar, hides, lumber, and metals advanced, while prices of cotton, wheat, and silk declined. PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES PER CENT PER CENT PER CENT PER CENT 150 300 JUU t 100 AT 100 200 200 50 so 100 100 o 0 0 0 1919 1920 1921 1922 1923 1924- 1919 1920 1921 1922 1923 1924 Index of 22 basic commodities corrected for seasonal variation. Index of U. S. Bureau of Labor Statistics. (1913=100; base adopted (1919= 100.) latest figure, January, 120. by Bureau.) Latest figure, December, 161. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. •FEDERAL RESERVE BULLETIN. 153 MEMBER BANK CREDIT RESERVE BANK CREDIT BILLIONS OF DOLLARS BILLIOMS OF DOLLARS MILLIONS OF DOLLARS MILLIONS OF DOLLARS 1919 1S20 1921 1922 1S23 1924 1919 1920 192! 1922 1923 J924 Weekly figures (or member banks in 101 leading cities. Latest figure' Weekly figures for 12 Federal reserve banks. Latest figure, February 20. February 13. Bank credit.—The volume of borrowing for commercial purposes at member banks in leading cities, after an almost continuous decline for more than three months, increased considerably during the latter part of January and the first two weeks in February. This increase was accompanied by a decline in loans secured by stocks and bonds. Total loans and investments of the reporting banks are now slightly larger than a year ago, commercial loans and loans on stocks and bonds are larger, but investments are smaller. At the Federal reserve banks the total volume of earning assets fluctauted within narrow limits during February. The large return flow of currency and the repayment of discounts, which characterized the early weeks of the year, did not continue after-: January. Since the first week in February the volume of discounts for member banks has been about $500,000,000 and the holdings of securities purchased in the open market about $400,000,000. The easier money conditions of January were followed in February by slightly firmer rates on acceptances and on short-term Government securities. Commercial paper rates in the New York, market remained unchanged at 4f per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
154 FEDERAL RESERVE BULLETIN. MARCH, 1924. LAW DEPARTMENT. PROVISIONS OF STATE LAWS [NOTE.—The following summary of the legal provisions in force in the various States on the subject of bank reserves brings up to date a similar cited in the last column. The amounts expressed in percentages are based Dis- Vault reserve. Balances in reserve depositaries. State. trict Institutions affected. Total amount of No. reserve required. Amount. May consist of— Amount. May be carried in— Alabama... 6 Al s l o b n a s nk a s n , d f irm co s r , p p o e ra r- - 15 per cent of de- Banks and bankers; provided said tions doing banking mand deposits 2/5 Cash on hand (1). 3/5 balances are payable on demand business (1). CD- Arizona 1-12 Any bank authorized by law to receive deposits, deal in IS per cent of agcommercial paper, gregate deposits Lawful money of Solvent banks other than savings t o h r e re to o n, m a a n k d e t o l o le a n n d s 20 per cent in cities 1/3 U (2 n ). ited States 2/3 banks (2). | money on real or over 50,000 (2). personal property(l). 10 per cent of de- Lawful money of Solvent banks other than savings Savings banks (3). posit liabilities 1/4 United States. 3/4 banks (3). (2). Arkansas.. - 8 20 per cent of ag- Other banks or trust companies, Reserve agents (2). gregate deposits 2/5 Cash (1). 3/5 in or out of State, approved by (2). commissioner (2). All banks (1). 15 g r p e e g r a t c e e n d t e p o o f s a it g s - A part (1). Cash (1). Re d m er a ( i 1 n ) - . An p co y ro m v o p e th a d n e i b r e y s b a w c n o h k m i , c m h b a i h s n s a k i v o s e n , e b r o e r e a n t s r a u r p e s - t serve agents (1). California... 12 All commercial banks and all trust companies doing com- 18 per cent of de- Federal reserve bank or bank desmercial business posits (2). ignated as depositary by superwhich have prin- intendent of banks Such decipal place of busi- positaries may be banks or ness in cities of 100,- national banking associations 000 or over (2), (9). located in the State, or banking corporations with capital and All commercial banks Gold bullion or surplus of $1,000,000 or more and trust comoanies any form of located In any city in United d b 5 a 0 l o u l , i s 0 n i 0 n r g 0 e e s s t e s o r c v i o 1 n e 0 m 0 c m , d 0 it 0 e i e e p 0 r s o c a i s o a n i f - l d 15 p o p s e i r t s c ( e 2 n ) t . of de- 1/2 m i U ( z 2 e n o ) d . n it e e b y d y a la u S w t t h a s o t e o r s - f 1/2 b S d it a e t h a s n a i t k g e s i n s n a . a g c te a B d p a u i a s t t s s a n o l a o c a d i n b a e d a t p i n o s o k n u s i r o t p a r s l r h u n y a s a u l t o l i n o f l n t e b h s a e e s l taries in judicial following amounts: $250,000 if in townships of less a city of 300,000 or over; J200,000 than 50,000 (2), (9). if in a city of 100,000 to 300,000 $150,000 if in a citv of 50,000 to All commercial banks 100,000; $100,000 elsewhere in the and trust companies State (2). doing commercial 12 per cent of debusiness and located posits (2). elsewhere in the State (2), (9). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAECH, 1924. FEDERAL, RESERVE BULLETIN. 155 LAW DEPARTMENT. RELATING TO BANK RESERVES. statement which was published in the FEDERAL RESERVE BULLETIN for October, 1917. The figures in parentheses refer to the authorities on the amount of deposits; those expressed in fractions, on the total reserve.] Remainder. Ca r r e ri s e e d rv i e n b F a e n d k e . ral Provision r s e g fo ul r a e ti n o f n o s rc . ement of Remarks. Authorities. Amount May consist of— Banks and trust companies may become members and au- (1) Banking thorized to keep re- laws of 1922. serve required by sec. 19. Federal reserve act (2) Act of Sept and amendments in 17,1919. lieu of State law requirements (2). Banks and trust companies may become Any bank failing to make good Banks maintaining commercial members and -may its reserve within 30 days after and savings departments rer c F e o e q m d u e p i r r l a e y l m w r e e i n t s h t e s r r v e e se r a v o c e f t r s d e u o c p e m e i r p a i t n y t e b o n e f d e d n n e o t e t m o ic f e e d b a f i n r n o k - m o s l s v o e t n t h o t e e f q o a u r c i r h e c d d o m e to p m a m r e t a r m c in i e a t n l a t i n a a n r s e d s p e r r s o v a v e v i s i d n f e g o d s r G (1 l e ) a n w S e e r s a e , l . 1 1 b 9 6 2 a . 2 n . king in lieu of State law and proceeded against as such banks respectively (4). (2) Sec. 31. reserve require- (2). (3) See. 32. ments (5). (4) See. 33. (5) Sees. 72, 73, 74. No new loans shall be made while reserves are impaired(3). If two consecutive statements of reserve agent show deficiency in its reserve, commissioner shall notify bank to restore it, and if third consecu- Any bank, trust com- tive statement does not show pany, or savings that it has been restored, the l e m e m s q b i e r r e u a a a e r a u n i v l l m y r k e e o r r b s d c e e f e a s s b S r b e r e a e r r y t r o s y c v a v f o t e t e e m t s h a h u s e l r a i e a y c n e c w h s F g F t t e e e r r r d i m e d e e n a - - - - - W n n c a a b o h o t s o a a f i e m t l n t s l i e y k r t o m a a e s n t s t h r i a e e r s e m e e l m s r v v s i b a o o r e e e e a y k n r n s n v e e e t k a e r s r g t i u v r n h e a e b e s g e q g n h s u e o t t a a r . i n i l f i c t r l g u t e t a h t d N i ( i n e s t m 3 y a b ) t c b m . t o y o i b e o p e l a a o n t d i n h e c w a i k s e t - l A s m n m e y d a e r p e y o i r , a a p s i v b n y s r r e e i S g , o o ( c a v t 2 n o a a g b a ) e f m t e , l u t e r e n b ( s e f r 3 i t y i n r v o ) m e e e . b e r s s x a u e s s a n r n s t m v a t k a i t e f t n e i c i u n a m o o r a g n t m n t e h e a i i n s m o n e l h t t n s i . s S b c e s a o a t i R a a o n m n c e t n d k h e ^ - - B ( ( ( ( ( 4 5 1 2 3 a ) ) ) ) ) 1 n 92 S S S S S k 1 e e e e e i . n c c c c c . . . . . g 6 7 6 6 6 9 3 8 9 l 9 a 2 8 9 0 1 w . . . . . s of quirements (5). the required amount, it must make no new loans or discounts (except sight drafts); pay no dividends, and, after 30 days' notice, receiver may be appointed (4). If any bank fails to maintain total reserves required, the superintendent of banks may impose a penalty on it as fol- All State banks al- lows: 6 per cent per annum lowed to become upon any encroachment not members of Federal exceeding 2 per cent; 8 per reserve system and cent per annum upon any enconform to all re- croachment in excess of 2 per AH banks must maintain sepaquirements thereof cent and not exceeding 3 per rate reserves for each depart- (5). And banks be- cent; 10 per cent upon any en- ment, of the kind required for coming members ex- croachment in excess of 3 per that department (3). pressly permitted to cent and not exceeding 4 per Trust funds held by a bank or maintain on deposit cent; and at the rate of 12 per trust company can not be with Federal reserve cent per annum upon any ad- counted as part of reserve (4). banksuchportion of ditional encroachment in exits reserve as may be cess of 4per cent of deposits (2). required by the Fed- While reserves are below the reeral reserve act (2). quired amount,no new loans or discounts (except of sight drafts) nor any dividends shall be made; and, after 30 days' notice from the bank superintendent it may be deemed insolvent (2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
156 FEDERAL RESERVE BULLETIN. MARCH, 1924. PROVISIONS OF STATE LAWS RELATING Dis- Vault reserve. Balances in reserve depositaries. State. trict Institutions affected. Total amount of No. reserve required. Amount. May consist of— Amount. May be carried in- California— 12 Contd. 21 percent of deposits; but re- Gold bullion or Sa s m v a i e n v n g t i s s n o b g f a s b n an k d k s e s p a ( a S n r ) t d . - 5 g p p o e r s r . e i t c s g e ( n a 8 t ) t . o e f d ag e - - c i s o n a e n s r h e v a a n e n n o s y d t a r i o z e n f e y n U d c f n b o y i y r t m e t a d h u o e S t f h l t a c a o w u t r e r - s s - 2J s t p o u e b c r a j c e l e l c . n t t, Re c (8 s o e ) m . rv m e e d rc e i p a o l s b it a a n ri k e s s s ( a se m e e a a b s o v f e o ) r to ex- (8). c e e d $400,000 (8). 10 per cent of any amount up to and including 81,000,000; 5 per cent 'of any amount in excess of $1,000,000 and to and in- Mutual savings cluding $3,000,banks existing at 000; 3 per cent of time of enactment of any amount in statute (1). excess of $3,000,- 000 and to and including $25,- 000,000; 1 per cent of any amount in excess of $25,000,- 000 (1). Mutual savings banks created after At least $1,000,000 enactment of the (6). statute (6). Colorado 10 Reserve banks (1). 25 p p o e si r t s c e (1 n ) t . of de- Na d t e i s o i n g a n l a t b e a d n b k y s F lo e c d a e t r e a d l la in w c a i s t i r e e s serve cities, or banks or trust companies designated by the State bank commissioner. The 20 per cent State bank commissioner must 15 per cent of sav- of re- designate as reserve banks such ings deposits quired Cash (1). banks or trust companies in Savings banks (i). and 20 per cent reserve other States as he may deem of other de- (1). necessary (1); but no bank shall posits (1). carry on deposit with any other bank for more than 60 days in any year more than 20 per cent of its own deposits (2). All other banks (1). 20 per cent of deposits (1). Connecticut 1-2 Gold and silver Federal reserve banks; or another coin, demand bank being member of Clearing obligations of House Association of New York, 12 per cent of de- United States, Boston, Philadelphia, Chicago, St c a o te m b p a a n n k ie s s a ( n 1 d ). trust m 5 a p n e d r d c e e p n o t s it o s f , 1/3 o c r u r n r a e t n io cy n , a o l r b F a e n d k - 1/2 A ba l n b k an in y g , a o s r s B oc u i f a fa ti l o o n ; , o S r t a a t n e a b ti a o n n k a , l time deposits eral reserve or trust company located in New (1). notes and Fed- Haven, Hartford, Bridgeport, eral reserve or Waterbury, and approved by bank notes (1). bank commissioner (1). ^Delaware 3 Lawful money of 10 per cent of de- United States, Every bank and trust mand deposits gold or silver Any bank or trust cpmpany in company except sav- and 5 per cant certificates, or Delaware having capital of at ings banks (1). , of its savings notes and bills least $50,000 and surplus of at deposits (l). issued by nation- least $50,000, or any bank or al banking asso- trust company, or individual 1/3 ciations or Fed- 2/3 banker or firm of bankers doing eral reserve business in Philadelphia, New bank notes (1). York City, or Baltimore, all of For special pro- which must be approved by Savings banks (1). 5 p p o e s r i t c s e ( n 1 t ) . of de- v in is g i s o n b a a n s k to s, sa se v e - bank commissioner (1). column headed "Remarks." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 157 TO BANK RESERVES—Continued. Remainder. Carried in Federal Provisions for enforcement of reserve bank. regulations. Remarks. Authorities. Amount. May consist of— " No savings bank or savings de- Bank act of Calipartment shall receive deposits fornia, ap- 2i c ( 8 e p ) n . e t r R l e b r b c S S o S a e s a u o t t t t w n e h a a t a l n e r c l e t t t s d v i e e s e y r o e s s s s o n a s ( o f o r , u 8 o g o r f n o t r ) o f h t g o m . n l h o U o t d e e r l i s d n h U o U z , c e c f a i o e n n o d t r r n i i c t i e t t a i n b u d e e f d n i y d d r , o - y - rM i r r r c F e n e e e o m e s q q m d e l u u b i r e e p e i i v r r r u r l a e e e y s l m m o s w y r f o e e e i s n f n S t s t h t t e e t s s a r F m r v e ( t e e 8 s e d m e ) l e . r a a a v r o c w a y e f t l S N u i i b o ( n n b 8 a n g j ) n e e s c d k e w t e s c f . t l i i t o c o o i a n e n n p s c 2 e y m 0 n a i a f n l o y t i t r e b o s e t c a o m l p m r r a e o m d s v e e e i r r d d v c e u e i d a s r l - i p p i c s t e d t o n n h h e x o o o e f g a r e c n p s s o v c s n e i i s o s t e t t a e i h u i s s d s p n 1 d d i e m e t i s e g 5 r o i t r 3 h n p a e n b s 0 p b a o g l d o a e a l s d p l a n r n i d a e e n t n k b k s c e p s r d o s a , e ; p o c p n t n o o p s s e a k a t i s t u r b n n t h i r o o r e t t d t e v e p o f n o r t d i l f o t r d u o f t s h e f h s e s u s r t e a h h u d a c t t o a h c e n , h c e m l h f e a d t p l s h p o d t a n a d r h i o a r e v e i o t e e d e t a r - - - t - - l ( ( ( ( ( ( ( 1 7 5 2 3 4 6 ) ) p a a ) ) ) ) ) 1 m m , r S S S S S S S o e e e e e e e e e n c v c c n c c e c . . . . 1 . . d d e . 9 6 6 6 3 2 2 e e d 0 0 4 6 0 5 d 2 d 9 . . . 1 . . . . , 9 1 M 92 a a 3 a r s . . s and surplus of the depositary (8) Sec. 68. bank" (8). (9) Sec. 108. The directors of any mutual savings bank must, before each dividend, carry at least -fa of the net profits for the preceding 6 months to reserve fund; The deposits shall not be in- but such bank may provide creased while the reserve re- by its by-laws for the disposal quirements are not complied of any reserves above the rewith (1). quired amounts (7). Losses may be paid from the reserve fund; but the fund must not be reduced below the required amount (7). Li i n 3 q U b c e u 0 a e n s i t r i r p s e t t e y e e s d n d r o o r c S b e t f e s t o n a e t n i t o t r n e d v o s d e s e f e s c x b i e c ( t a t r e s 1 e t n e i ) r d f d d . e - - - Ba m b a l p m a n r e a w e e e k n r m n s i r t e r t e r b s a e s l u e i s n ( e s m e r 4 d v t s r ) v e a c t . a d r y e o n u m r d o b s e t e f p q m c a c S u o n o e i t m m i m r a e e t e s e - - - " " W b d d f o s i r n t h r e a o r o a i g n n l m r f d e d e k t v i s d s s a r m , b c e l a a w u a o s a g n n e s u y i a s r d k t n v h i ) m t n i e i s c t n s n a o o t m i k ( m s r 3 e e a u x 0 m p c i s n c m t a t d e i o u s y p a b p a s n y t i a e l a o e l s i n y f n r w o ' u e y e f n l d e r l l o o s y d x i t ( a i i t g i 3 r s v h n c e h t ) i e e s - - - . t ( ( ( ( 4 2 3 1 ) ) ) c 2 4 ) L h 5 5 I a L I . , . d d w B a 7 . p . , w s , 0 . a , s 2 . s 1 s e n 4 e 9 e o . e 1 . k f 9 s 3 . 1 i . 6 9 s n . 2 2 e g 6 3 c , . 1/6 B i o i S n n n t g v d a s e t s e s w t b ( m 1 a h ) e n i . c n k h t s s a f r o o e r f l s e a t g h v a e - l St s m b F a i a t s e i u n t t d s t k e e o r ( r f e e 1 a s x ) l e b . p r a r v e l e a r s e n s t l c s o y e e c s p r o v e n i r e n - - N s o a t d e e n e n r r n d v e d 3 e w i s f 0 r l i m o e s d q a a a n u b y y s e i r s , l b e o ' d e m w i n s m e o c n t o a r i e t d u c q n e n e u , o t w s i t r r , e m e h o c m i r l e e e d i e t v r n i a e v e t f r - : i - - "D d d c 3 e l e a 0 u m p y d d o s a e a , s n y i a a t d l n s s l d ( d d 1 p e e " ) a p p t . i y o o m a s s b i i e t t l s s e d " p e a i p w n y o c a i s t l b h u i l t i d e s n " e a i f a 3 n t l e 0 l - r (1) u 3 9 t G e 1 s 9 e , . n 1 e 9 ra 1 l 8 , S s t e a c t- . may be appointed (1). Bonds or other obligations of the United While the reserve of any institu- States owned abso- tionis below required amount, 1/2 l h t u u r y n u t p p e s o l l t e y t d h c g o e b e e m y d a p t , e b a d n a t o y n , k a u e n o x n d r - - M t q g e h u r m a e ir a b t e t e e d r r r e b r q e a s t u n o e i k r r v e n d e o c t a t h r b r a r e y y n - i l s d o t i e g a n m h n d t s u s d ; s o r t a r a f n d n ts d i o s ) t c i o o f m r u m r n a e t k s a s e e k r ( e v e a x e a n c n y e i y s p n d t n e i o v o w n i t - Th c b q e a e u l i l k r w w e e d h p i o t t h o le o f d n e s o a p d f v o e i s p n t i h t o g a e s s r i i t b e r e s s a u s n s e b p k r j e v s e c e c i m f t i e r a t e d y o - (l) a p L n p a d . w 29 s 2 6 9 o 4 . f , 1 2 9 9 2 5 1 . , t o e f n t fa c o e f 9 va 0 l u p e e , r w ce it n h t F (2 e ) d . eral reserve act r fr e o s m to re b d a n a k ft e c r o m 30 m d is a s y io s n ' e n r o , t t i h c e e a a n s d re s tr e u rv st e c d o e m po p s a i n ta ie ri s e s (1 o ) f . banks (2 p ) . L 2 a 5 w 5 s ,s e o c f . 1 9 91 . 9 express approval of: institution will be deemed inbank commissioner solvent (1). (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
158 FEDEKAL EESERVE BULLETIN. MARCH, 1924. PROVISIONS OP STATE LAWS RELATING Dis- Vault reserve. Balances in reserve depositaries State. trict Institutions affected. Total amount of No. reserve required. Amount. May consist of— Amount. May be earried in— District of 5 Columbia- Florida 6 All banking compa- 20 per cent of ag- Lawful money of Banks or bankers in other cities nies (1). gregate deposits 2/5 United States with which such company may (1). (1). keep its current account (2). Georgia 6 5 per cent of sav- Banks whose deposits i d n e g p s o si a t n s d a n t d i m 1 e 5 Lawful money of are subject to check per cent of de- United States, (1). m (1 a ). n d . deposits g c e e r o a r l t d l i f i a c r n a e t d e s s e s , i F r lv e v e d e r - Ban su k p s e a ri n n d t e b n a d n e k nt e rs o f a b p a p n r k o s v e ( d 1 ). by notes, national Savings banks and 5 per cent of bank notes (1). trust companies not amount of desubject to check (1). posits. Idaho 12 Al t l r u S s t t a c t o e m b p a a n n k ie s s a ( n 1) d . 15 g p at e e r c d e e n p t o o si f t s a g ( g 1 r ) e . - 1/5 Actual cash (1). 4/5 Good solvent banks (1). Savings departments of trust companues 5 i p n e g r s c d e e n p t o s o i f t s s ( a 4 v ) - . All. Actual cash (4). (4). Illinois 7-8 Banks and trust companies. 15 per cent. Approved reserve agents. Indiana 7-8 All banks of discount and deposit, savings banks, loan and 12J per cent of agp t a r r e n o u c d s e s i i t t v p in a r c i n g v o d a m te c s p a o a f m b e n a m i n e d e k s e r s , - - p m g c a r i a e a y g n l a a d b t l e d e a c e n o p o d m o n s m s u d i e b t e s r - - - "O b o n r a n c k u h , r a r n e i d n n c o y c r " a ( s l i ) h n . . cial deposits payable ject to check (1). upon demand and subject to cheek (1). 15 per cent of sight Iowa 7 and demand de- Savings banks doing posits and 8 per commercial business cent of savings and located in cities deposits and or towns of less than time certificates 3,000 (2). having definite time of maturity (2). Savings banks doing 20 per cent of sight commercial business and demand de- 17/20 Other State or national banks (2). and located in cities posits and 8 per and towns of 3,000 cent of time deor more (2). posits (2). Sa e v x i c n l g u s s iv b e a l n y k s s a d v o in in g g s 8 per cent of debank business (2). posits (2). State banks and trust (See "Remarks.") companies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 159 TO BANK RESERVES—Continued. Remainder. Amount. May consist of— Ca re rr s i e e r d v e in b F a e n d k e . ral Provision re s g f u o l r a e ti n o f n o s rc . ement of Remarks. Authorities. There is no statutory requirement of reserves in the District of Columbia. While the reserve is below the Balances; or bonds of required amount the company the United States, must make no new loans or (1) Code, sec. Florida, or counties discounts (except of sight 2710. or cities of Florida drafts) nor make any divi- (2) Code, sec. approved by the dends; and, after 30 days' 2711. Comptroller (2). notice, a receiver may be appointed (1). While reserve is below required amount, no bank or trust Any bank which is a company shall increase its lia- Banking Laws Reserves against sav- member of Federal bilities nor make new loans or of 1919, art. ings and time de- reserve system may discounts (except sight drafts) There is no provision regulating XIX. p v U o e n s s i t i t e t e s d d i m n S a ta b y t o e n b s d e s a i n n o d - f k i e s r e a e r l e p q r s u e u i s c r e e h r d v r e e b s y e a r c v F t e e d i a n - s n s m e o r e r v n p e ts a y n w o a i t t n h y i r n a d i s 3 iv e 0 i d d d e a t n o y d s s r s . e u q p I u e f i r r r i e e n - - - k th in e d p s r o o p f o r r e t s i e o r n v s e . of the various ( G 1 e L ) n a S e w r e a c s l . B 2 o 7 a f n . 1 k 9 in 20 g . Georgia (1). lieu of that required tendent of banks may take (2) Sec. 28. by State law (1). charge of its business and assets (2). All State banks and trust companies ex- While reserve is below required Banking Laws of pressly permitted to amount no new loans or dis- 1919. become members of counts (except of sight drafts) (1) Sec. 5252. Federal reserve sys- shall be made; and, after 30 Cash items are not considered (2) Sec. 5253 as tem, and to comply days' notice, bank commis- part of reserve (1). amended 1921. with Federal reserve sioner may proceed as in act (3) Sec. 5255 as act and regulations provided (2). amended 1921, of Federal Reserve (4) Sec. 5237. Board (3). No reserve reauired by statute, but auditor requires reserves indicated, as matter of practice. Banking is under supervision of bank commissioner. Savings banks are also permitted to "keep in reserve not exceeding 20 per cent of the total amount of deposits without Investment, or deposit the same on call with or without interest in any bank organized under the laws of this Banking Laws, State, or in any bank in any 1921. adjoining State organized un- (1) P. 78. der the laws of such State, or (2) P. 58. in any national bank in the United States, provided that no such deposit shall be made outside the State of Indiana, excepting in national banks as aforesaid, without the approval of the auditor of the State of Indiana" (2). All State banks, savings banks, and trust companies are empowered to become members of Federal By a later enactment, all the pro- Code of 1897 as reserve banks and visions of the section regulat- revised to July need carry only such ing reserves of savings banks 4.1921. reserve funds as may are made applicable to trust (1)'See.1889-0. be required from companies (3) and State banks (2) Sec.1860. time to time to be (3) Sec. 1889-m. maintained by na- (4) Sec. 1867. tional bank members of Federal reserve system (1). 86742—24 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
160 FEDERAL RESERVE BULLETIN. MARCH, 1924. PROVISIONS OF STATE LAWS RELATING Dis- Total amount of Vault reserve. Balances in reserve depositaries. State. trict Institutions affected. reserve required. No. Amount. May consist of— Amount May be carried in— 10 TT, except that,upon approvalof bank commis- Banks in cities of less sioner, than 50,000 in which 7 per cent of de- banks in the credits due other mand deposits cities of banks are less than and 3 per cent of less than 8/12 20 per cent of its de- time deposits (1) 1,000 posits (2). shall not Solvent banks none of the stockbe re- holders of which are stockquired holders in the depositing bank, to keep except when approved by State in vault bank commissioner (1). more than * Banks in cities of less than 50,000 in which credits due other 10 pel cent of debanks are not less mand deposits than 20 per cent of and 3 per cent of 5/15 10/15 (1) its deposits, and time deposits banks in cities of (1). 50,000 or over (1). 25 per cent of de- Trust companies re- posits subject to ceiving deposits (4). c p h e e r c c k e nt a o n f d tim 10 e (See"Eemainder.") (See "Remainder.") deposits (4). Kentucky.. 4,8 Ba p n a k n s ie a s n d i n t rus c t i c t o i m es - 13 m p a e n r d c en d t e p o o f s d it e s which are central re- and 3 per cent of serve cities under timedeposits (1) Federal reserve act (1). Banks and trust com- 10 per cent of depanies located in re- mand deposits 1/3 "Money" (1). 2/3 " Other banks" (1). serve cities (1) and 3 per cent of time deposits (1) All other banks and 7 per cent of detrust companies in- mand deposits corporated under and 3 per cent of laws of Kentucky time deposits (1). (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 161 TO BANK RESERVES—Continued. Remainder. Ca re rr s i e e r d v e in b F a e n d k e . ral Provision re s g lo u r la e t n io f n or s c . ement of Remarks. Authorities. Amount May consist of— (1) Bank law, sec. 12: laws, 1919. ch. 90, sec. 1. The reserves carried by banks in other banks may be checked (2) Bank law, against, under regulations of sec. 12; Gen. No bank shall make new loans or the bank commissioner, for the 5 S 2 t 8 a . t. 1915, sec. pay dividends unless the re- (3) Bank law, quired reserve is maintained (1). sec. 12; Gen. (1). The bank commissionermay sus- Stat. 1915, sec. Any bank the reserves of which pend any of thereserverequire- 529. are below therequired amount ments for a period not to ex- (4) Trust comwhich shall violate any regu- ceed 30 days and may renew pany law, sec. lation of the bank commis- such suspension for periods not 3; Gen. Stat. sioner as to such reserve, and to exceed 15 days (2). 1915, sec. 2389. shall fail to restore its reserves There are also very detailed pro- (5) Gen. Stat. after 30 days' notice, shall be visions for a guaranty fund to 1915, chap. 11, deemed insolvent (3). the benefits of which any bank art. 2, as Reserves are to be kept filling certain requirements amended by in same manner and and making certain contribu- laws of 1921, subject to same rules tions may become entitled (5). ch. 73, sec. 1; as State banks, ex- laws of 1923, cept United States eh. 72, sees, i bonds and demand and 2. loans secured by United States, State, county, or municipal bonds to cash value of such loan shall be accepted as part of legal reserves of trust companies in lieu of deposits in banks (4). "Demand deposits" include all W a c s d a h h o p m a i a u p y l o e l n o s l u ' r t i s n e n b n s t t e ( o e e , e t d r n x m i v c c o ( e e a e 2 , d n p i ) s r e . e t e ; w b c o e e a f l l i n o s o v i d w a e g , n r h r s a m t e f q o d t a e u r r y r a i d r f b e i 3 t s s d e 0 - ) l c 3 c p d d e l o o 0 e a s u u p y s s d i n o s d t t e , t s h a s w i a a y a t n l s s n h a l d n i d 3 c a p d e " h 0 n a p t d c i y a d o m e r a a s r e b i y a e t t i l l s s s f e l d u ' i p c n b e s a a o w p j a y t e t v o e c a i i i c s t s b t n h i e l g t t i o e s o n b s f " e a n f d f i a 3 o o n t c e e r 0 t - - - r e ( ( 2 1 ) S ) : t C I a d a ts . r , r . , o s l e s l e c 's c . . 5 K 5 8 8 5 y 4 . . . payment (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
162 FEDERAL, RESERVE BULLETIN. MARCH, 1924. PROVISIONS OF STATE LAWS RELATING Dis- Vault reserve. Balances in reserve depositaries. State. trict Institutions affected. Total amount of No. reserve required. Amount. May consist of— Amount. May be carried in— Louisiana.. 6,11; All banking associations carrying on the 4 per cent business of a bank 20 per cent of de- ol de- Cash balances in other solvent of discount, deposit, mand deposits mand Cash (1). banks (1). (See also "Reand exchange and (1). deposits mainder.") circulation (1). (1). Corporations conduct- 4 per cent i i p n n o g g s s i b t s , u a o s v i r i n n t e r g s u s s s , ( t s 3 a b ) f a . e n d k e - - 20 m ( 3 p a ) e . n r d c en d t e p o o f s d it e s - m d o e f p a o d n s e i d t - s Cash (3). O m the a r in b d a e n r. k " s ) (3). (See also " Re- (3). Maine 1 Lawful money or Any national bank or any trust Tr c u o s m t p a an n ie d s b h a a n v k i i n n g g IS per cent of de- n no a t t e io s n o a f l - U b n a i n te k d c M o a m in p e a n o y r a c n re y a t t r e u d s u t n c d om er p l a a n w y s l o o f authority to receive mand deposits States (1), (but 2/3 cated in New England States or deposits (1). (1). see Federal re- New York and approved by serve act). bank examiner (1), (but see Federal reserve act). I of 1 per cent of average amount of deposits every Savings banks (2). 6 months until 5 per cent reserve fund (2). amounts to 10 percent (2). Maryland... 5 5 per 10 per Such banks or trust companies All banks except sav- 15 per cent of de- cent of cent of of the State of Maryland or elseings banks without mand deposits demand Cash (1). demand where, of good standing, as the capital stock (1). (1). deposits deposits board of directors may direct (1). (1). (1). 10 per 15 per cent of de- cent of All trust companies (1). mand deposits (See "Balances.") demand Sa t m hi e s m a a s y a b b e o v c e a , s h e i x n c e h p a t n d p ( a 1 r ) t . of (1). deposits (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 163 TO BANE RESERVES—Continued. Remainder. Carried in Federal Provisions for enforcement of Remarks. Authorities. reserve bank. regulations. Amount. May consist of— Bills of exchange or If the amount of lawful money discounted paper All State bants, sav- on the premises, cash deposits maturing within not ings banks, and trust in other banks, or short paper more than one year, companies are ex- falls below the required or bonds, stools, or pressly permitted to amount and remains so for 10 securities of the become members of days, it is the duty of the United States, or of the Federal reserve president of the bank to notify any of the United bank of their dis- the bank examiner of the States, or of the mu- trict (4); cash re- shortage, and it is unlawful for nicipalities or cor- serves of member the bank to discount any new After providing for the reserve porations, public or banks deposited in paper until the proper reserve against demand deposits the private, thereof, or Federal reserve Is reestablished. By failure act provides: "For the reof the levee boards bank are construed to comply with this regula- mainder of the aggregate i o s f ia t n h a e ( S 1 t ) a . te of Lou- as cash on hand (1). t d io ay n i a t b is a n in k d fo e r f f a e u it l s t ( $ 2 1 ) 0 . for each a t k h m e e e o r p e u t o n o n t o h in f a n it l d s a w a d n f e u p a l o m s m o it u s o n n i t t e e s y q h u a o l a f l l W a o n lf d 's S tatu C te o s n s o t f , United States or cash balances L ouisiana Lawful money of the in some other solvent bank, or (1920). United States, or bills of exchange or discounted (1) 117. cash due from other paper maturing within not (2) 118. banks or bills of ex- more than one year, or in such (S) 112. change or discounted bonds as are described in sec. (4) Act 305 Of paper maturing 3 of this act" (1). 1914, seel. within not more Savings deposits not subject to than one year, or withdrawal "except upon bonds, stocks, or notice" are not considered desecurities of the (See above.) mand deposits (1) (3). United States, or of any of the united States or of the munici palities or corporations, public or private, thereof, or of the levee boards of the State of Louisiana (3). Trust companies permitted to become members of Federal Bonds of the United reserve system, and Whenever the reserve falls below States or State of thereupon become the required percentage, it 1/3 Maine (1), (but see subject to the re- must not be further dimin- Federal reserve act). serve requirements ished by new loans until the of the Federal re- required reserve is restored (1). serve act instead of State reserve requirements (1). Public Laws of 1923. Before declaring dividend } of 1(1) Chap. 144, per cent of average amount of sec. 80. deposits for preceding 6 (2) Chap. 144, months must be "passed to see. 34. the reserve fund" until the reserve fund amounts to 10 per cent of the deposits. The reserve fund must be kept constantly "to secure against losses and contingencies" until it amounts to 5 per cent of the deposits. All losses must be passed to the debit of the reserve fund (2). Any banking institution which is a mem- Balances, or bonds, or ber of the Federal In estimating the amount of depublic stock of Unit- reserve system shall When reserve is below required posits of a trust company for Banking Laws of ed States or Mary- not be required to amount no aew loans or dis- the purpose of determining the Maryland in land, or Baltimore, keep any reserves counts may be made (except amount of reserve, deposits force in 1922. or bonds of any other than those re- of sight drafts); and, after 30 made by city of Baltimore and (1) Sec. 62. 5 per county or municipal quired of banking days' notice, a receiver may secured by counter deposits of (2) Sec. 63. cent corporation of Mary- institutions which be appointed (2). Baltimore city stock are not (3) Sec. 62 (c). of de- land, which shall be are members of the counted (1). mand approved by the Federal reserve sysdepos- banking commis- tem (3). its (1). sioner; securities deposited with State treasurer may be counted in this reserve (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
164 FEDERAL EESEEVE BULLETIN. MARCH, 1924. PROVISIONS OF STATE LAWS RELATING Dis- Vault reserve. Balances in reserve depositaries. State. trict Institutions affected. Total amount of No. reserve required. Amount. May consist of— Amount. May be carried in— M s a e s t s ts a . chu- 1 Al d S l o ta i t n t r e g u ( s 1 t b ). u c s o in m e p s a s nie in s 15 m ( 1 p a ) e . n r d ce d n e t p o o f s i d ts e- 2/5 a m e t q ; l h w u u a b a i s l s y u t a s t t A l g s U t o a h o f w n l l a s e d i l f a t a l u e i s d l d t c o m t o r w o n o S n o s n e t s i - a e - i s f l h t y i t v e f a t e s o o h lf , r f f s least 5 certificates, o r Any trust company in Boston auper cent notes and bills thorized to act as reserve agent, of the issued by any with consent of bank commisaggre- national bank- 3/5 (but sioner; or any national banking g a t e ing association see "Re- association doing business in amount or Federal re- marks"). Massachusetts, New York City, of time serve bank; the Philadelphia, Chicago, or Aland de- other one-half bany; or the Federal Reserve Tr 3 h B u o o s m u t s s t i o e le c . n s o a m n fr p d o a m l n e i s e s s s t t a h t i a e n n - 20 ( m 1 p ) a e . n r d c en d t e p o o f s d it e s - m e s s d i a x e v v a p e c n i o n l s u g i d o t - s s f m U b M S o t n a a n a i y t d s t e e s s s d c a o o c S r n h t U s c a u i e t s n s e r t i e t s t i e t o f o t i d r s f - Bank of Boston. (2) (3). deposits cates of indebt- (2). edness (2). Lawful money of the United States, gold cer- Any trust company in Boston autificates, silver thorized to act as reserve agent, Trust companies au- certificates, or any national banking associathorized to act as 1/2 notes and bills 1/2 tion doing business in Massareserve agents (3). issued by any chusetts, New York Citv, Philalawfully organ- delphia, Chicago, or Albany (3). ized national banking association (3). Michigan... 7,9 Al t l h b a a n n k 1 s 0 0 in ,0 0 c 0 it i w es h l i e c s h s 20 per cent of total h n a a v te e d b a e s e n re d s e e s r i v g e - c d e e i p v o e s d i ts f r o re m - 1/2 Lawful money (7). cities (7). other banks (7). Commercial banks. Located in cities less 12 per cent of total than 100,000 (3). deposits. Any banks in cities approved by Lawful money (1). the commissioner as reserve cities (3). Located in cities over 20 per cent of said 100,000 (3). deposits (3). National or State banks or trust Savings banks (5). 12 per cent of total Lawful money (5). companies in State reserve cities deposits (5). (5). Minnesota.. 9 St c a i t t e ie b s a ( n 2 k ). s in reserve 15 m a , n p a d e n r 5 d c p e e d n r e t c p o e o n f s t i d t o e s f - Cash, including Solvent banks; but no bank havtime deposits (2). specie, legal ten- ing less than $25,000 capital and State banks not in re- 12 m p a e n r d c en d t e p o o f s d it e s - 1/4 n b d F o a e e n t d r e , k e s r n ( a 2 n o l ) t a . e r t e s i s , o e a n r n v a d l e 3/4 e i s n u x t r c e p e n l p u d t s e w n sh t i a t o h l f l a a b c p a t p n a r k o s s v r ( e a 2 s l ) e . r o v f e s a u g p e e n r- t, serve cities (2). and 5 per cent of time deposits (2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAKCH, 1924. FEDERAL, RESERVE BTJLJLETIN. 165 TO BANK RESERVES—Continued. Remainder. Amount. May consist of— Ca r r e ri s e e d rv i e n b F a e n d k e . ral Provision re s g fo u r la e ti n o f n or s c . ement of Remarks. Authorities. Member trust compa- No new loans or investments Bonds ofUnited States nies may carry re- may be made while reserve is or Massachusetts' serves required by below required amount; and computed at Mr Federal reserve act If reserve is not restored after General Laws, market value, which in lieu of those re- 30 days' notice from bank ch. 172. are absolute proper- quired by State law commissioner, he may take The bank commissioner may (1) Sec. 73. Not over ty and in possession possession of the business and authorize any trust company (2) Sec. 74. 1/5 of corporation (2). Balances required to liquidate its affairs, or if bank in Boston to act as reserve (3) See. 75. (Tliis may be sub- be carried in reserve acting as reserve agent toils to agent (3). (4) See. 76 as stituted for part of depositaries are ex- meet reserve requirements amended 1922. required balances pressly permitted to after 10 days' notice from bank (5) Sec. 81. with reserve depos- be carried in the commissioner he may revoke itaries.) Federal Eeserve authority to act as reserve Bank of Boston (2). agent (4). When the reserve of a commercial bank is below the required It is the duty of the bank com- St m m r s t s d f a e h e i t t o x s e i e r a a i t e v m e n t t t r e e d u g b v r b d e t a a e e e b s n c r s e y t s k o t r b o v s ( o a F p 2 e n f s e r a ) h b o o k d . F r a e e f , v e e l c r b i d l o a p d a a e m l e n e n r b r r a s d e k e - e l - l s a r m f a d w a o u e i p m s a g a s i n a p y t a e h n o y d h o r s t s u l s v i ' e b t n n n e h g o ( e d t t o 4 a e e r , r c d t ) l d a i i i r . e d c t t d f e n y t i e ( e s m s s 3 i , e p e ) c f ) r a ; a a o o d ; v i y s u r a l e t i e a i n n h t n m c n a r t d e g e e s r d a i y q r a v , k t i ( u e g o o e e b i a r h x r f a n f c e m c t n r t o o m e e e t k m ' a p r s o n e e y i t e p n a n r 3 v b w l o c t y 0 a s e e t f W Tr m n m s f m b c h u o e i a u e t i s e r i p t s s i t t n r e e a s t i e c n e s i r a i o c a d c e a a c ( o n t e s 2 l h e m e s t r ) b o a t , ( r r . a a p 6 n e a i n d a s ) t d n n e . o n k o d r i s v c e g a a t c e i s h e t n v o s i n e n i e m a m n e r s u r e g r b e a u a s a i l i l s n l s s n t y b e b o n b r u s a e t o e s d n s c i e k e n p k p o s r i e r e e m i v n g o s p r e g s - - - - t B ( ( ( 1 2 7 3 4 5 6 a 1 ) ) ) ) ) ) ) n 9 S S S S k S S S 21 e i e e e e e e n c e . c c c e c g . . . . . . . 3 3 1 1 3 3 4 L 6 3 4 0 7 1 9 a . . . . . . . ws of Savings banks may be dosed if vision for reserve. reserves not made good within 30 days. St p t c c F a e o o e t e m e m m r d m e b e p ( r a i 1 a a t n n ) t l m e . k ie r d s e e s m s a e e n x b r t d v o p e e r r t e s r s s u b y s o e s l s y t - - f W n m c c h l e e i a a p w l r d e t e e d o l r o e f ( a a s 2 n e n s ) d i r . s g v h e n o t o r i d s d r d a i i i s f m v c t i s o p d ) u a e n i n s r h t d e s a s d l l ( d e n b e x o - e - Th c c (2 e i i t t ) i i t . e e e s s r m b d e y " s r i e g F s n e e a r d v te e e r d a c l i a ty s a " u t r m h es o e e r a r i v n ty e s B ( ( 1 2 a 1 ) ) n 9 p p k 2 . . 1 i n . 1 1 g 9 6 . . Laws of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
166 FEDERAL RESERVE BULLETIN. MARCH, 1924. PROVISIONS OP STATE LAWS RELATING Dis- Vault reserve. Balances in reserve depositaries. State. trict Institutions affected. Total amount of No. reserve required. Amount. May consist of— Amount. May be carried in— Mississippi.. 6,8 Banks doing business 15 m p a e n r d c e d n e t p o o f s i d ts ein cities or towns of and 7 per cent of less than 50,000(1). time deposits (1). Actual cash or 25 per cent of de- balances (1). Good solvent banks (1). Banks doing business mand deposits in cities of over and 10 per cent 50,000 (1). of time deposits (1). Missouri 8,10 Bants and trust com- 18 per cent of de- 7 p o e f r c d e e n - t panies in cities of mand deposits mand 200,000 or over (1). CD- deposits. Any form of coin Banks, trust companies, or na- 6 per cent or currency au- tional banking associations ap- Banks and trust com- IS per cent of de- of de- thorized by law proved by bank commissioner panies in cities of mand deposits m and of United States (3), (4). 25,000 to 200,000 (1). (1). deposits. (1), (2). Banks and trust com- 15 per cent of depanies located else- mand deposits where (1). (1). Montana 9,12 Ba b n a k n s k s ( n 1 o ). t reserve 10 p o p s e i r t ce li n a t b i o li f t ie d s e- Su a c s h b o p a a r r d t of direc- Banks approved by superintendtors may ent of banks as reserve banks 15 per cent of de- deter- (1). Reserve banks (1). posit liabilities mine(l). Nebraska... 10 20 per cent of ag- Banks in cities of more than 25,000 (1). gregate deposits 2/5 3/5 Cash; but twofifths of this may consist of United States bonds at their market value (1). 15 per cent of ag- Depositaries approved by the Banks elsewhere (1). gregate deposits 1/3 2/3 banking department (1). Savings banks and savings depart- 5 per cent of aggrements of commer- gate deposits (1). cial banks (1). Nevada 12 Ba s (1 e n r ) k v . s e act d i e n p g o s a it s a r r i e es - 25 d e p p e o r s c it e s n ( t 1 o ). f de- 1/3 Actual cash (1). 2/3 Good solvent banks approved by bank examiner (1). But bank All other State banks 15 per cent of en- 1/3 Actual cash (1). 2/3 examiner may refuse to consider (1). tire deposits (1). as part of its reserves balances due from any bank which shall Banks doing savings fail to furnish him with informabank or trust com- tion required to enable him to p no an t y g en b e u r s a i l n b es a s n k b i u ng t 10 p p o e si r t s c . ent of de- 1/2 Actual cash (1). 1/2 determine its solvency (1). business (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
167 MARCH, 1924. FEDERAL RESERVE BULLETIN. TO BANK RESERVES—Continued. Remainder. Carried in Federal Provisions for enforcement of Eemarks. Authorities. reserve bank. regulations. Amount. May consist of— Banks and trust com- If from an examination of, or any panies may become report by a bank, it appears (1) General members of Federal thatits cash reserve is below Reserve must be in " actual cash Banking Act reserve system and the requirements it is the duty or balances due from good sol- of 1914, see. 57. may carry reserves of the board of examiners to vent banks"; and no certain (2) Id., sec. 20. required by Federal require such bank to make proportion of each is required (3) Act of Mar. reserve act in lieu of good the deficiency within 28,1918. those required by 30 days (2). State law (3. 1 State banks and trust companies are ex- BEinking laws: pressly permitted to Rev. Stats, of become members of Upon relation of the bank com- 1919. b F a e n d k e s r a a l n d re co s m er p v l e y m er i a s l s m ion a e y r i n th st e i tu A t t e t o p r r n o e ce y e d G in e g n s - (I1 S S e e c c . . 1 1 1 1 7 8 4 10 3 . . with and enjoy the against any institution failing Savings banks must create guar- Sec. 11744. privileges of the Fed- to comply with the banking anty fund by setting aside at Sec. 11811. eral reserve act (5), laws (7). least TV of net profits before (5 Sec. 11737. (6). Member trust While any bank or trust com- each dividend until the (6• Sec. 11799. companies and mem- pany has less than required amount equals the capital (10). (7 Sees. 11698, ber banks shall only amount of reserve it shall make 1697. be required to carry no new loans, discounts, or (8 Sec. 11745. reserves required by acceptances (8), (9). (9 Sec. 11812. Federal reserve act (K) Sec. 11881. (1), <?)• Any bank becoming Any solvent bank having paidmember of Federal While reserve is below required up capital and surplus of reserve system, and amount no new loans or dis- $100,000 which does business complying with counts (except of sight drafts) in any State of United States (1) Banking laws regulations of same shall be made; and, after 30 may be designated by the of 1921, see. shall be deemed to days' notice, receiver may be superintendent of banks as a 6069. have complied with appointed (1). reserve agent for Montana State regulations(l). banks (1). (1) B a n k i n g laws, 1921, sec. 22: Comp. Stat. 1922, sec. 8003. (2) Banking laws, 1921, sec. 64; Comp. Stat. For the purpose of providing a 1922, sees. 8044guaranty fund for the protec- 8045. Any State bank or tion of depositors, every State (3) Banking trust company may banking corporation is subject laws, 1921, sec. become a member of May not make new loans or dis- to assessments (4). New banks 23; Comp. Stat. the Federal reserve counts (except sight drafts) must contribute to the fund 4 1922, sec. 8001. system and shall nor pay dividends, while re- per cent of their capital stock (4) B a n k i n g have power to as- serves are below requirements, (5). When the fund amounts laws, 1921, sees. sume such liabili- and if reserves not made good toll per cent of the average de- 44, 46; Comp. ties and exercise in stated time bank may be posits no new assessments will Stat. 1922, sec. such powers as placed inhands of receiver (3). be made until it is depleted 8024. granted by the Fed- below 1 per cent, and if it falls (5) Banking eral reserve act (2). below 1 per cent a special as- laws, 1921, sec. sessment may be made to re- 45; Comp. Stat. store it (6), (7). 1922, sec. 8026. (6) B a n k i n g laws, 1921, sec. 47; Comp. Stat. 1922, sec. 8027. (7) Banking laws, 1921, sec. 48; Comp. Stat. 1922, sec. 8028. Compliance with reserve requirements While reserve is below required of Federal reserve amount no new loans or dis- (1) Rev. Laws ol act by members ac- counts (except of sight drafts) 1912, vol. 1, cepted in lieu of nor any dividends shall be sec. 629. compliance with made; and, after 60 days' no- (2) Acts 1919, ch. State law require- tice, the bank may be deemed 126, p. 241. ments (2). insolvent (1). 86742—24- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
168 FEDERAL RESERVE BULLETIN. MARCH, 1924. PROVISIONS OF STATE LAWS RELATING Dis- Vault reserve. Balances in reserve depositaries. State. trict Institutions affected. Total amount of No. reserve required. Amount. May consist of— Amount. May be carried in— New Hamp- 1 shire. Lawful money of United States (3). Trust com- All State banks, trust 15 per cent of ag- panies may have companies and simi- in commercial gold or silver Other banks approved by bank lar corporations do- V3 certificates, Fed- 2/3 commission (1), (3). See Feding general banking department (1), eral reserve eral reserve act (2). business (1), (3). (3). notes or national bank notes (1). See Federal reserve act (2). New Jersey. 2-3 Al i l n g b s a n b k a s n k e s x c ( e 1 p ). t sav- 15 m ti e p e s e d ( r i 1 a c ) t e e . n t l i o ab f i i l m i- - 2/5 Cash on hand (1). 3/5 Go p o a d n i s e o s l v (1 e ) n . t banks or trust com- 15 per cent of im- Al p c l e o t i r s v u i i t n s s t g ( c 2 d o ) e m . m p a a n ni d e s d r e e - - m ma e n d d i a li t a e b ili d ti e e - s 1/5 Cash on hand (2). 4/5 Go p o a d n i s e o s l v (2 e ) n . t banks or trust com- (2). New Mexico10-11 20 per cent 80 per cent Any bank authorized to do busi- Al " l R b e a m n a k r s k s ( . 1 " ) ) . (See 1 g 2 e n p er e a r l d ce e n po t sit o s f o r q e f u s i e r r r e v e d e - Cash (1). o r q e f u s i e r r r e v e d e - n o o e t f h s n e s o r t i b n l a e n s S s k t a t a h t p e a p n r h o $ a v 5 v e 0 i d , n 0 g 0 b 0 y c o a S r p t a i a t n t a e y l (1). (1). (1). bank examiner (2), (5). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 169 TO BANE RESERVES—Continued. Remainder. Amount. May consist of— C r a e r s ri e e r d v e i n b F an ed k e . ral Provision re s g f u o l r a e ti n o f n o s rc . ement of Remarks. Authorities. (1) Session laws, 1915, ch. 109, sec. 27; Banking laws, 1921, p. 48. (2) Session laws, Every State bank, trust com- 1915, ch. 109, Trust companies per- pany, or similar corporation sec. 28; Bankmitted to become doing a general banking busi- ing laws, 1921, members of Federal ness, must set aside annually p. 61. reserve system, and at least 10 per cent of its net (3) Session laws, thereupon become No new loan or investment per- earnings as a guaranty fund 1911, ch. 120, subject to the re- mitted when reserve require- until such fund amounts to 25 sec. 4; Bankserve requirements ments not met (1), (3). per cent of its capital stock (4). rag laws, 1921, of the Federal re- Every savings bank must annu- p. 60. serve act instead of ally pass to its guaranty fund (4) Session laws, the State reserve re- 10 per cent of its net earnings 1911, ch. 120, quirements (2). until such fund amounts to 5 sec. 5; Bankper cent of its deposits (5). ing laws, 1921, p. 48. (5) Public Stat., ch. 165, sec. 16, Banking laws. 1921, p. 38. (1) Laws, 1899, ch. 173, sec. 20; Banking laws, All trust companies Savings banks are required to in- 1921, p. 26. and State banks per- vest their deposits; but are (2) Laws, 1899, mitted to become allowed to keep not over 10 per ch. 174, sec. 20; members of Federal cent as an "available fund" Banking laws, reserve system and for the purpose of meeting cur- 1921, p. 65. assume liabilities Whenever the reserve is below rent expenses and payments. (3) Laws, 1914, j a t s q F ( e o 3 o n u e c ) d i d t t : r h e b e b a e r m e t e n a y o n c d l e e o b n r f r u m e e i e t t c p s s s s e o o e e e m o r r n n v v f u e d t e e i n o F t s d l i a u e r e n e c e d b d g r t - - - t m n c ( o h 2 o o r a e ) u r k . t n r m r e e t u q s a s a , u k t n e i e r x y e c c d a o e n n m p a e y t m w p o a d o n f l i u o v y s n a i i d g t n s e h t s h h n t a e d o l d s r l b r a a d ( n n f 1 i o t s k ) s t - , , h i T v t d Y n i a e e o h o n p n a n i r s o d t k a s s l , o N f o i t u b l e r o e v n a d w r e o n d n n k P o t J d e n m e i N n n e r s a c p n e e N y a o w s v l y s e l i , l b J w b t v e a e a i a r t J n n s n e k e k i i a r n a e y s n t p o , e e y t t r y N r r s e ; u n e o o s o a s w n l t r t - - , (4 l 9 c a a c ) a 7 c h s h w t . . . s L s 1 , 1 , a 9 5 a w 5 9 m 1 1 , 9 ; s 9 e 1 s , 2 B n e 9 1 1 c d a , 9 , . n e 0 d p p k 6 3 ; . . - , 6 eral reserve act in- company or national bank in 442; Savings stead of State re- New York or Pennsylvania; bank laws, serve requirements or loaned upon proper securi- 1921,p. 13. (3), (5). ties (4). (5) Act Mar. 29, 1917; Laws ol 1917, ch. 225; Banking laws, 1921,p. 97. The bank act provides: "The word 'bank' asusedinthisact A Co t S s c a b e s d n h y m o e l r e e t y l e a r s a m e r p v t l t m p e b l e F e e i o m r a a e e e b w i n n a d d n s r a c k e a e e e c n m e r n q s r c r o s k v a o u d w ( r e e l m 6 i p o m m e r i ) r t o f e x p a . e h a b m r e c l m s y i e a r t F e a e r c t e r n b e e n r i v m c o s e d e d t e e e s - f - - - Wh n c r t t p a n n o e a h i e c e o a o f l d l a p e t w i t t u u r i t t s c e s a c c u i r t e d n e l l a o e o c o i d p e s c h t f n t a h t x i k s o o n t e e i s a i c r s s q e m i e l b a t b g u v i d p a o e h n p a o e n i r t g a l n r t k a r i a t t r e r d v d l o f s e m s d t i a s r h e h s s u t a l t e c o a r e a u h f c o n l r c l t e e e l l s v u k t s 6 d t m , e ) n a h 0 m ; a m t a e e i b s a g a s k x d c e o n a y c e ( l a a u m i d o e e m p y n b n x w p i s i s o e t f - - - t t ' A i n i i c b r c o M C p n n n e o o y a f a o c g q t e m n r n b o m l S s u p x u k i a p i t o i b e m t d s c r n a a h r s a e o e t . k a n e e " e n e d s . t i r y n i k n ( c b f o g , 1 e r s i o g a B n a e a ) v : l n i l s l g . , a n e a o c k e e n r n w o r e t d y b k m v d p h x i a s n i e a e c a n ( n p g r e c i S t k a e a t n p ) n h n r r t s c t t e a s t e a e ; l d r o a r t i u b e s n n s ( n d m h b u s s i a o , e i n t i s ) t v a f p s i i g f c n k o i : N s i o d r a t e i n ( m m n e h e o v s a a w d g e s ) r - l - , ( ( ( ( ( ( 1 2 3 4 5 6 2 c s c s s ) ) ) ) ) ) e e e 8 h h L I I I c L L c c . . . d d d . . . a a a 6 1 . . . 6 w 7 3 w w , , , 4 7 . . . 9 s , s s c c c , s o o h h o h s e f f . . f . e e 1 1 c 1 s 1 1 1 9 9 9 . . 4 4 4 1 2 1 2 2 9 9 9 5 3 9 . , , , , , , , with State law re- $25,000 (3). proper application to the Stat ( ch. 97, sees. 96, : quirements (2), (6). bank examiner may be designated a reserve bank (2), (4). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
170 FEDERAL, KESERVE BULLETIN. MARCH, 1924. PROVISIONS OF STATE LAWS RELATING Dis- Vault reserve. Balances in reserve depositaries. Total amount of State. trict Institutions affected- No. reserve required. Amount. May consist of— Amount. May be carried in— New York.. 12percent ofaggregate demand de- Banks having an office 18 per cent of ag- posits in boroughs of 2,000,- gregate demand (1). (But 000 or over (1). deposits (1). s r e ie e d " C i a n r- Any part of a Federal bank's reserves r e serve on hand in exbank.") cess of 4 per cent of its aggregate demand de- Banks with offices in lOpercent posits and any b 1 0 a 0 , o 0 b 0 r 0 o o 0 a u r , n 0 o g 0 d u h 0 g s n h a o o n f o o d b f f e f 2 2 i t c w , , 0 0 e 0 0 e 0 0 i e n , , n - - 15 d g p e re p e g r o a s c t i e e ts n d t ( e 1 m o ). f a a n g d - m g o p f a o a a t n e g s d g i d r t d e e s e - - - p i c s n e o a r m r v t e e p x s o a c n f e o s y n a s 's h t o r a u r f n e s d 3 - t Depositaries designated by super- 000 or over (1). per cent of its intendent of banking, which aggregate de- may be a bank, trust company, 4 per cent mand deposits or national banking association Ba w n h k e s r e l i o n c a S te t d at e e ( l 1 se ) - . 12 d g e r p e p e g o r a s t i c e t e s d n ( e t 1 m ) o . a f n a d g- m g o p a f o a a t n e g s d g i d r t d e e s e - - - m i c e t a r e a a l d l y l , , w s b u i e t b h r j d e e a e c s F e p t r e o v t d s o e - - i s 0 2 n u 0 ,2 0 r 0 t p , h 0 l i , e u 0 f s 0 S l 0 o t a : a c m t o a e r t o e h o u d a v n v e i t i r n i n n J g g 7 a 5 c 0 b t a , o o 0 p 0 r i o $ 0 ta u 1 ,i l g , f 0 a h 0 l n o 0 o c d ,- a f - (1). bank in the dis- ted in a borough of 1,000,000 to trict in which 2,000,000, or in a city of 400,000 or lOpercent such bank or over; $500,000 elsewhere in the Tr 2 o u , f 0 s f 0 i t c 0 c e ,0 o si 0 m n 0 p b o a o n r r i o o e v u s e g w r h ( i s t 3 h o ). f 15 d g e r p e p e g o r a s t i c e t e s d n ( e t 3 m ) o . a f n a d g- m o p f o a a n g s d g i r t d e s e - - i t t h s h r a u e n l s o d t r c e a n s c t e o e o r t d v m ; s e p o s a a n o n d d n y e- w t S B 2 t , o i 0 a t s h 0 t t e 0 o ; , n 0 c o 0 , a r 0 p o a i r t o b a r P l a n m h k a i o l n i a n r d d e g e i l c s n p o u h r r C i p p a o h l . u r ic a s a t B i g o o u o n f t , (3). posited shall no corporation in the State, if in consist of gold a borough of 2,200,000, shall be a Trust companies with 8 per cent bullion, gold depositary for an in stitution havoffices in boroughs coin, tJnited ing a greater capital than its own, of from 1,000,000 to13 per cent of ag- gate de. States gold cer- unless its own exceeds 12,000,000 f 2 i , c 0 e 0 0 i , n 00 a 0 b a o n r d o u n g o h o o f- f g d r e e p g o a s t i e t s d ( e 3 m ). and m po an s d i t d s e- t S if t i a c t a e t s e s n , o U te n s it e o d r (5). 2,000,000 or over-(3). (3). any form of currency authorized Trust companies in 4 per cent by the laws of the l c o t a h i n t t a i i d e o n s n c 1 o l , ( a 0 f 3 s 0 f ) s 0 i . r , s 0 w t 0 i a 0 t n h p d o l s e p e s u c s - - 10 d g e r p e p e g o r a s t i c e t e s d n ( e t 3 m ) o . a f n a d g- m g p o a f a a o t n g e s d g i d r d t e e s e - - - U s F ( e 1 e n e ) d , i t e " e r C ( d a 3 a l ) r . r r e i S e s ( t d e B a r t v u e in e s t (3). bank.") 3 per cent Tr c u it s i t e s c o o f m t p h a i n rd ie s c la i s n s 10 g r p e e g r a t c e e n d t e m of a n a d g- m g o a f a a t n e g d g d r d e e e - - and in villages (3). deposits (3). p osits (3). 15 per cent of de- Private bankers in cities of first class (4). mand deposits (4). An y State bank, national banking 1/10 9/10 association, or trust company (4) 10 per cent of de- Private bankers in other cities (4). mand deposits (4)- North Carolina. 15 per cent of aggregate demand All banks (1). p d e e r p o c s e i n ts t o a f n t d im 5 e Cash. Ot d h e e p r o s s o it l a v r e ie n s t b (2 a ) n . ks designated as deposits (1.) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAECH, 1924. FEDERAL RESERVE BULLETIN. 171 TO BANK EESEEVES—Continued. Eemainder. Carried in Federal Provisions for enforcement of Remarks. Authorities. reserve bank. regulations. Amount, May consist of— (1)- Laws 1914, chap. 369, sec. Any part of a bank's 112 (as amendreserve on hand in ed by Laws excess of 4 per cent 1917,ehap.579). of its aggregate de- (2) Id., sec. 30. mand deposits and (3) Id., sec. 197. any part of a trust (4 Id., sec. 166. company's reserves (5 Id., sec. 38. on hand in excess of The reserves indicated in the col- (6 Id., sec. 252. 3 per cent of its ag- umn, headed "Vault reserve" (7 Id., sec. 253. gregate demand de- are the reserves which the (8) Id., see. 254. posits may be de- New York law defines as "re- (9) Id., sec. 255. posited, subject to serves on hand," which under (10) Id., sec. 234 call, with a Federal that law includes reserves in (11) Id., sec. 236. r d e i s s e tr r i v c e t ba in n k i w n h t ic h h e Ba v n a k te s , b tr a u n s k t e c r o s m fa p i a li n n i g e s t , o a n m d a p i r n i - - v F a e u d l e t r a a l n re d s er b v a e l a b n a c n e k s (1 w 7 i ) t . h a ( ( 1 1 2 3 ) ) I I d d . . , , s s e e c c . . 3 3 9 9 3 2 . . such bank or trust tain the required reserves are All savings banks, savings and (14) Id., sec. 395, company is located liable to assessments varying loan associations, land banks, as amended by (1), (3). (See "Ke- with the amount of shortage and credit unions are required laws of 1921, marks;" "Vault re- (1), (2), (3), (4). to maintain guaranty funds chap. 75, sec. serve.") for the security of their deposit- 395. Compliance with re- ors tir to meet contingencies (151 Id., sec. 427. serve requirements (6), (7), (8), (9), (10), (11), (12), (16) Id., sec. 457. of Federal reserve (13), (14), (15), (16). (17) Laws 1914, a b c a t n ks b a y n d tr m u e st m c b o e m r - c 3 h ( a a p s . 1 a 3 m 69 e , n s d e e c d . panies exempts them by Laws 1917, from compliance chap. 579). with State law re- (18) Morgan and quirements (18). Parker' banking law, 1921, sees. 112 ana 197. When reserve is below required Ba m l b b r i n e y e e e s k u r e m S s s r o t v b b s a f e h e e t t s e r a h c l l o o r a l m e s b w e m q a i u n r n ( a e i 1 g k i r q ) n m e s , u d t ( e i a 3 r m i i o e ) n n f . d - m c o a c n w U o o m f o a i p m u r t k o o h b n m e m n u i a t n s n n i a f a , s t a k k s n e 3 i i e l y x o t 0 u u h c n r a n e e n e d n m p t e a t y i t w b o l y a a o y s d r r n , e f l i e o t k p v s s a a c a i i e k d g n o i r s r e e h v s r h p n r t e a e o o d c l s d i r r l s h e s a r a r a t d n ( v r a i f 2 i g o o e t d s s ) e n s t - - / , N N o o i c U o ( t 1 a f s p r n ) r e . t r r i h s o i t s , e e e e e v r d d c i v S s u a e i S t r o s a e i t n t s a d c e t a r a e s e o s b s h q f y t b u o N o o i n r a a o n e m r d h d t d s a h o e o n u o p n C d n r o . a t d b s r e t i o o o t p n l i o b d n o s e s a f - B ( ( ( ( 4 1 3 2 a ) ) ) ) 1 1 n 9 9 S S S S k 2 2 e e e 1 e i 1 c c c n c , . . . . g c a 7 3 3 h 4 n 1 1 l 2 2 . d a . . . . 4 w . s a c o t f s justed or bankisliquidated (4). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
172 FEDERAL RESERVE BULLETIN. MARCH, 1924. PROVISIONS OF STATE LAWS EELAITNG Dis- Vault reserve. Balances in reserve depositaries. State. rict Institutions affected. Total amount of No. reserve required. Amount. May consist oi— Amount. May be carried in— North Da- 9 Actual cash on kota. h ite a m n s d w . ill C no a t s h be Bank of North Dakota or good counted and no solvent State or national banks, Al p c l i o a S r t t a i a o ti t n o e s n b ( s a 1 n a ) k . n i d n g a s c s o o r - - 0 m a o ( 1 p n f a ) e d t n . r i m d 7 c e e p n d d e t e e r p o p o c o f s e s d i n i t e t s t s - 2/5 t a c c g e h a s x a it i s s r c i n o r h h m y g c a i i a n a t a e e t g t s e x i m o e c c n e s a w p b s s a h h t a h n i n l a c y o e k l h - - r l 3/5 t l t s p o o o e u o r r c f s a s f a e i c t t c s e a t r i u d e s o a n s f s w i t t n b s i r u a l e s l c n c u s o e h k c f m r a i h v d n c p e e c g i a l p o i t n t o m e o a i x s e t e m i c e s t n h a e t r a r t i y c t n h c l i a g e e a b r e l a r t , h y p n c a i e u k e n n m n r s g d - , will be cleared approved by State banking on same or next board (1). business day (1). 20 per cent ol demand deposits and 8 per cent of time certifi- Solvent State or national banks Savings banks (2). cates; 5 per cent 2/5 Same as above. 3/5 or trust companies approved by of deposits sub- State banking commissioner (2). ject to notice (2). Ohio 4 11 per Commercial banks (1). 15 per cent (1). 4 c d d p d o a e e e e e f n n m p p r d t p o o t c a i s s e m e n i i o n 2 t t r d s s e f t La n n n o c S w a a o o r t t a t f t t e i s u e e t o i s e s s l l n s , , v o a e ( a l f o 1 r n m r ) U d . c o b e b n n g r a i i t e o l t n i l e f y l s k i d d , , - d c d a p o d (1 e e e e e f n n ) m p r p d . t o t o c a i s s e m n 1 i o i n t d t 3 s f e s t Ot b b d t o h o o e e f e s a r r b i r e a g d a c p b n n i p a a p k o n r t r e o s f o k d . v c s d a a N i l l o r b d e r o o c y e f t t p t r o w s o u r u r s s s e o i p t t s a a e o b c r n r l i i a o u d e n n m t s t i k e o s p ( s u n n 2 a b d ) n s j e . i h e o e n c a s f t t ll (1). 4 per 11 per cent of cent of demand demand Savings banks (4), 15 per cent of de- deposits deposits trust companies (6), mand deposits and 2 and 7 and special plan and 10 per cent per cent Same as above (4). per cent Same as above (4), (2). banks (7). of time depos- of time of time its (4), (7), (6). deposits deposits (4), (7), (4), (7), (6). (6). Oklahoma. 10,11 Banks in towns or c 2 i ,5 ti 0 e 0 s ( o 1 f ) . less than 15 ti p re e r d e c p e o n s t it o s f ( e 1 n ). - G t o i o m d e s o to lv e ti n m t e b a w nk it s h s e a l p e p ct r e o d v a fr l o o m f 1/3 Actual cash (1). 2/3 bank commissioner (1). (See also "Remarks.") Eeserve banks (1). 20 per cent of deposits (1). Savings banks which d g o e n n e o ra t l tr b an a s n a k c i t n g a 20 p p o e si r t s c e (1 n ) t . of de- 10 i o t p f s d e ( e r 1 p c ) o e . s nt Actual cash (1). Business (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MABCH, 1924. FEDEKAL KESERVE BULLETIN. 173 TO BANK EESEEVES—Continued. Remainder. Ca r r e r s ie e d rv i e n b F a e n d k e . ral Provision re s g f u o l r a e t n io fo n r s c . ement of Remarks. Authorities. Amount May consist of— While reserve is below required amount, no new loans or dis- Banking laws oi c a o n u d n t n s, o e x d c i e v p id t e o n f d s s i gh sh t a d ll r af b ts e , North Dakota law provides for (1 1 ) 92 S 1 e . c. 5170 as made; and, after TO days' no- a depositors' guaranty fund amended 1920. tice, State banking board may (2) p. 34. impose penalty of from $100 (3) p. 24. to $500(1), (2). (1) Gen. Code, see. 710-138; banking laws, 1921, p. 55. (2) Gen. Code, sec. 710-137, 138; Banking laws, 1921, p. 51. (3) Gen. Code, Co i s b r e ( F n e m e 3 x a e q r ) p n d p v . l u r k i l e e e e i i s r r a s u a e n s r l w m l c e o y e r q i e f e t u n h s b S i a t e r s y c t r r e a v c e m o t e s e S e f e p e t r a t a t n r v e h c t e t d e e e s t - W p 3 t w o d s q h e t o 0 r r u i i i n a s l n t i e d s f d d u r d t e e e i a t s r s s d i n , y e u o s c t c i s s p n o a o e a ' o u m n r n ( t n n v f 5 h o o o b t e b ) e s u f t e . a , i f t n a c n m u h e f t e k n f e x a a n i d c d p i n t o r e h e r g s i p o s ; e n t p m o a b e e f s n e w o a r u l t d f t y o h p y l w s e e o a t i a r a f a g i i r t n k n n n e e h d e s - r - - t Tr a s q f p n b u u e r e o u a s e r n s n t i v t h d s r k e e n e s s d c o o c ( ( 7 o a f t 6 t ) m o t a ) e . r t g . e h k d p a q e e a t i S u e n n o p p d i i s s r e e t e e e r s c p e c d i s o u a d e a s r l t e r i e r o p v p t e o i l e o n a k r s o n n d e i n t t e e o b s o b p t a t t r t h n e r r u h e d k y e s e - - s - - t ( ( 5 4 s s 1 ) s ) B 1 B 9 9 e e e a a 2 2 G n c n G c c 1 1 . . . k k , e , e i i n p p n n n . 7 7 . . . g g 1 1 5 7 7 0 0 7 C . C l l 1 - - a . a 1 1 o 0 o w w 4 2 - d d 4 5 9 e s s e ; ; ; , , , , Banking laws, 1921, p. 51. (6) Cfen. Code, sec. 710-167; Banking laws, 1921, p. 65. (7) Gen. Code, sec. 710-180; Banking laws, 1921,p. 69. Any bank or trust company organized under thelaws of the The banking commissioner may State may become refuse to consider as part of the members of the reserve of any bank balances Federal reserve sys- due to it from any other bank tem and exercise all which shall refuse or neglect to Co s s p o c S ( m e e 2 o o f t r r ) a m w p v v . t l e e e e p i F a r l l i s n a a e r a w c e n o d c e q c f t e ( u e 3 m w r i ) r d a . e i e e l t m m h e w m e b r r n i e e e t e t r h d - s - s W m n b d q c a h f o e o a u i t a c l u n e r i e k r l r k n m a e e t r r d 3 s c a e e , 0 o n k d s a e m e o e m d i x r n a m v a c o n s y n e e u i o e s y s p n l w ' i s t v s t d i n o e o i t o b n n l v h f o t e e t i i e a s d l c r ( o i n e e b 1 g i w s n t a ) h f . d n r t m o o t s k h d m r ; a r e s y a a d h t r n f i a b h t e s d s l e e - - l , Th f m b b t p g o u e r u a u r a r o n s a n d e y v i k r i e n a i s a t s e r h n e r w i e s e o r t s s h y m q a n u i l w u s c s i c i n f o h i h r u t e e f e h n o i s x n i d h r a t r t f a s e e o n l n 8 l r t y s l a o m s o t i e o i l d v a n n v t w e e t h a e g i p h o e n b d o r i n c l e t c e s y o t S h i a a h t ( t s i o a 1 l i i a h e r m t t ) l s s e d e . l ' ( ( ( ( 1 2 3 4 1 1 7 ) ) 1 1 ) ) 9 9 9 9 . C C C C 2 2 2 2 1 1 1 1 o o o o , , , , m m m m s s s c e e e p p p p h c c c . . . . a . . . p S S S S 4 4 4 . t 1 1 t t t 1 a a 2 a a 5 2 5 t t 4 t t 8 4 , 6 . . . , , . , . , , banks must contribute, and Art. III. Good bonds of United which is held for the purpose 10 per States, or State, of liquidating deposits of incent county, school, dis- solvent banks (4). o{ de- trict, or municipal No provision for reserves of pos- bonds of State of banks in cities over 2,500. its. Oklahoma worth not less than par (1), Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
174 FEDERAL, RESERVE BULLETIN. MARCH, 1924. PROVISIONS OP STATE LAWS RELATING Dis- Vault reserve. Balances in reserve depositaries. State. trict Institutions affected. Total amount of No. reserve required. Amount. May consist of— Amount. May be carried in— Oregon 12 15 per cent of total demand depos- All State banks, banks its and 10 per Banks or trust companies having a b c a o g c a m t e n i n n k p t g s a s , n a ie n a f s d s o r ( a 1 l r ) l e , s t S ( r e 2 t u r a ) v s . t e e t p c d c e e e o n p p s t o t o i s i f t n i s t t o g s t , a l d t e i o e x m f - - e 1/4 Ac U (1 tu n ), a i t l ( e 2 d m ) . on S e t y a te o s f 3/4 u p b o r n a f o n i n m v k o e s p t d a ( l i 1 e r b ) s e , s y d ( t 2 h c s ) a a u . p n p i t e $ a r 7 l i 5 n a ,0 t n e 0 d n 0 d s a e u n n r d t p l a u o p s f - United States or postal savings Funds (1), (2). 1 Pennsyl- 3,4 vania. J of re- Lawful money of J reserve All banks, banking s er ve United States, against companies, savings against gold or silver demand s b i c p i z n t o a o i e c m t n s d u o i k t p r t s s i p t a o , o o n n r i s e a w s r a t e s e v h a c d n i i e c n a i d h g v u u s e t t n r h u d d a o in e s r e r e t r - - - 15 m ( o ( 2 3 f p a ) ) e ; t n . i r m d 7 c e $ e d n d p e t e e p p r o o o c s f s i e d i t n t s e s t - d d p r ( a 2 e e e a g s ) m p r a e t o i a a r n s n v n i o s t d e d t s f c n o b t r i e o a e o f s n t n r e e a k r t n s v i i o n y f e r g i o c n F a r a a s e b t s t d i a o b o e e n c i n s r l i k a l , a a s , l l - d t p ( r a i 2 e e a g m ) p s r a e t e o i a r n s d n v i o s t e d e s t f - An S s P i y t e o a n n b t n e e a r s , n y o k l a v f p a o b p n r a r i o n a t v k , r e u i o n d s r g t i ( b n c 2 y o ) . m an c p o y a m n o m y th i i e s n r laws of Pennsyl- time de- or clearing house posits vania (1). posits certificates (2). (3). Rhode Is- 1 Banks, national banking associaland. tions or trust companies, being members of clearing-house associations of Providence, or incorporated in the State where located and located in cities of New York, Boston, Philadelphia, Chicago, and Albany, all of which must be approved by 15 per cent of ag- Gold and silver, bank commissioner and maintain All banks and trust gregatedeposits, demand obliga- as reserve 25 per cent of their companies in the excepting sav- tions of United deposits in reserve cities and as Stateexceptsavings ings or partici- 2/5 States, or na- 3/5 provided by National Banking banks (l). pating deposits tional bank cur- Act of United States, except rency (1). that banks and trust companies "in towns" (not cities) may deposit reserve in any bank, national banking association, or trust company in Providence which is member of Providence clearing house association and maintains merely same reserve as banks not acting as reserve agents (2). ; 7 per cent of de- So o u li t n h a . Car- 5 All banks (1). m an a d n 3 d pe d r e p ce o n si t t s of Cash (1). Any bank (1). ; time deposits. South Da- 9 kota. All banks (1). 17J per cent of total deposits (1). Amount determined Banks approved by public exby board aminer as reserve banks (1). of directors (1). 20 per cent of total Reserve banks (1). deposits (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAECH, 1924. FEDERAL EESEEVE BULLETIN. 175 TO BANE RESERVES—Continued. Remainder. Carried in Federal Provisions for enforcement of Remarks. Authorities. reserve bank. regulations. Amount. May consist of— (1) Laws of 1920 St n b s c m F ( a 1 e e o o t e r ) a e r t d v , m i e b n e ( r a r e 2 p s a t p a a s ) n a p l e i . r k n n l r e r y s v q i e e e a s u t s e t n i o l h r r a d v e e w m d e w t s r e u a h m r b d e c s o y o - t - t W t c b s d d m d o h e h l e i r a f a i n s e a a l l y r c o d e n f l e i s o l t w e t t d s ' u s n n r ) o e n o i t n s f n t n p t r e o s o s i e o r i r t o t o f n q v s i r l c c f u b e v ( m b i r e i e t a e e r o s x n a o e n a , n c k s k d f f t d e r a e e s o ( p s n a 1 i m t d n m t a a o ) s m y , n r a l ( y o o d y a o 2 s b f a f i u ) u i v t a n n . e b n p i n s v r s d e e t k i e a e r g d i s n n n 3 h i e t i d d t - s - 0 t - C C a r p u s c m c o a o e s o i a n m a t f d h t h a l p p r y v b i i o e t i i t r n e u t t r u r e a e n t o e s s l n a u m l i c t i f e n i n t a p e n n b t s e b i i l h t o v a u n s i a e g n e e n l s o s r d i u d k s e t t r 5 ( a i s e 1 e c i r n 0 a s n e a s ) i h o r e n , x p n e ( e t r r ( c e t 3 c s v e 2 y c e r a k ) g e r ) o e . m c s e f . u , d n u e q l e i s e o a n n n u i x r d d n t g t i c o r e c s o e e w r o o f p t e d o h u t t t n d f h i h r e n a e s t o e a i o n g e r r i s r r ( ( 2 3 a a s 1 B 1 1 1 B ) ) e 9 9 9 s s 9 L L a a c 2 2 2 2 n n . a 1 1 1 1 a k k w a a w , , , , 6 i i m 2 p m s p s n n s s 7 e e p . g g 1 o e c e c o . 2 . . f . n n 2 f 4 l l 6 6 1 a a 5 d . d 1 2 2 9 w w , e 9 6 e 2 0 4 2 d s 0 d s 9 1 8 0 , , . , ; ; "Immediate demand liabilities" State banks and trust include all deposits and claims companies expressly payable on demand; and permitted to become "time deposits" include all (1) Act of May 8, Bonds of United members of Federal While the reserve is below the deposits not payable by the 19 0 7 (as States, Pennsyl- reserve system, and required amount, no new contract of deposit on de- amended by vania, or any city, thereupon become loans or discounts (except of mand (4). act of July 11, county, or borough subject to all pro- sight drafts) and no dividends Any State bank or trust com- 1917), sec. 1. 1/3 of Pennsylvania, or visions of Federal shall be made; and if it is not pany becoming a member of 2) Id., sec. 2. bonds authorized as reserve act and snail restored after 30 days' notice Federal reserve system shall 3) Id., sec. 3. investments by sav- comply with reserve the institution may be pro- be subject to examinations re- 4) Id., sec. 4. ings banks and in- requirements of ceeded against by the commis- quired by Federal reserve act, 5) Id., sec. 5. stitutions (2). Federal reserve act sioner ofbanking (5). and State commissioner of 6) Act of Juns in lieu of State re- banking may, in his discre- 15, 1923. quirements (6). tion, accept such examinations In lieu of those required by State laws (6). Banks and trust com- Every savings bank must repanies are expressly serve as a guaranty fund from permitted to become While reserve fund is below 15 the net profits each year not members of the Fed- per cent the company must less than J per cent nor more (1) General Laws eral reserve system, make no loans or discounts, than i per cent of the whole 1909, ch. 236, and thereupon be- except of sight drafts, nor amount of deposits, until such sec. 1. come subject to all make any dividends; and if fund amounts to 5 per cent of (2) Id., sec. 3. provisions of the company fails to restore re- the whole amount of deposits, <3) Id., sec. 2. Federal reserve act serve in 30 days after notice which fund shall be thereafter (4) Acts of 1917, and entitled to all from bank commissioner, re- maintained and held to meet chap. 1514. powers and privi- ceiver may be appointed (1). losses in its business from deleges of member preciation of its securities, or banks (4). otherwise (3). Balances with Federal There is no provision as to the (1 C ) a C r o o d li e n a o , f S 19 o 2 u 2 th , reserve bank may amount which must be carried sec. 3993 as be counted as re- as cash in vault. amended by serves (1). chap. Ill of acts 1923. (1) Bank Guar- Cash items not considered as anty Law, 1915, part of reserve (1). art.2,sec.31(as There are also very detailed pro- amended by State banks expressly visions for a depositors' guar- Laws 1917, permitted to become While reserve is below required anty fund (4). Every State chap. 144). members of Federal amount no new loans or dis- bank must set aside J per cent (2) Bank Guarreserve system, and counts (except of sight drafts) of average daily deposits anty Law, 1915, thereupon become shall be made; and after 30 for this fund until the fund art. 2, sec. 32. subject to Federal days' notice bank examiner amounts to 1J per cent of aver- (3) Id., art 2, sec. reserve act, all State may wind up affairs of bank age daily deposits (5). And laws notwithstand- (2). national banks may avail (4) id.,art.3,sec. ing (3). themselves of the benefits of 6. this fund whenever they shall (5[ Id., art. 3, sec. be authorized to do so by Federal authority (6). (6)'ld.,art.3,sec. 26. 86742—24 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
176 FEDERAL RESERVE BULLETIN. MARCH, 1924. PROVISIONS OP STATE LAWS RELATING Dis- Vault reserve. Balances in reserve depositaries. State. t N ri o ct . Institutions affected. r T e o se ta rv l e a m re o q u u n ir t e o d f . Amount. May consist of— Amount. May be carried in— 6,8 All banks, firms, persons, and corpora- 10 per cent of detions doing banking mand deposits Cash (1). Banks and bankers (1). business (1). CD- Texas. 11 State banks and corporations with capi- 20 per cent of de- Any bank or banking association tal stock less than mand deposits 8/20 Actual cash (3). 12/20 of Texas or any State or United $25,000 and not (3). States bank, banking associamembers of Federal tion, or trust company approved reserve bank (3). by commissioner and having paid-up capital stock of $50,000 Banks not in central or more; but the deposit in any reserve city, hav- one bank or trust company ing capital stock of 15 per cent of de- shall not exceed 20 per cent of $25,000 or more and mand deposits 6/15 9/15 total deposits, capital, and surnonmembers of (3). plus of the depositing bank (3). Federal reserve bank (3). for 36 months after es- In Federal reserve bank, $, for tablish- Ba b c o F n i a r e t k n i d e s k e c s s r e a ( n n m 4 l t o ) r e t . a m l i r n b e e r r s e e r e s s s e e r r r v v o v e e e f 12 m a o p n f a d e t n r i d m 5 c e e p n d e t d e r e p o p o c f o s e d i s n t e i s t t - m r a m b e n e a a s d n n e n p t e r k e v n o r e t f - - Sa l o b U m a f w a n e i n s t a e k n s ( d 4 s a r ) t e . i q u S o u n t i a n d r t e e a e d r l s 5/12 t a a 1 a h n m m 2 e n r o o m u e u u o a o n n f l n l t t y s a t h p n t s e d o t r h a m a A e f d t r a > e d e n r a i w e t f i t n e o h e t s n r i l t c y a a h l b u l r f s i k e n s h q , t h a i u s m l l e l i r m e e b n i d i e t t ly there- (4). after " % for 36 months after establish- In Federal reserve bank, & for Ba c b F n i a e t k n y d s k e ( r 4 a a ) m l n . d e m i r n e b e r s e r e s s e r r v v o e e f 15 m a t i p n m a d e n e r 5 d d c e p e p e n d o r t e s c p i o e t o s f n ( s d t 4 i t o e ) s - f m a r F b e n e e a d s d n e n e p t r k r e v o a r e f - l Sa o u U ( m 4 f n n n ) e . d a i t e t a i r e o s d n l r a a e l q S w b u t a s a i n r t o e e k f d s s 6/15 t a a a 1 h n m m 2 e n r o o m e u u u o a o n n f l n l t t y s a t h p n t s e d o t r h a m a • e f & d t r a e d e , n r a i w e t f i n t o e h e t s n i r l c t y a a h l b u l r & s i e n h s q t h a i s u l m l e l i m r e b e n i i d e t - t manent- (4). ly thereafter ' (4). Sa t o v r f u i n s S g t t s c a o te d m e b p p a a a n n r k i t e m s s e a ( n 6 n t ) d s . 15 w o f p h e o s r l a e v c in e a g m n s t o u d o n e f t - 1/3 Ac m s t a u e v a n i l n t c g a ( s 6 s h ). d i e n p s a u r c t- h Re p in s r e s o u r v v r e a e d n a c g b e e y n a n t t s h d e d b e c s a o i n g m k n i m a n t g i e s d s ( i 6 a o ) n n . d er a o p f posits (6). Any bank or banking association of Texas or under laws of the United Statesapproved by superintendent of banking and having 15 per cent of Any part paid-up capital stock of $50,000 or Savings banks (8). a w s h se o t l s e ( a 8 m ). ount of (8). On hand (8). Any part. m ba o n r k e ; o t r m tr t u t s h t e c d o e m po p s a i n ts y i m n a u n st y n o o n t e exceed 20 per cent of the total deposits, capital, and surplus of such savings banks (8). Utah. 12 20 per cent of ag- Commercial banks in gregate amount cities of 50,000 or of deposits and more (1). d ti e e m s ( a 1 n ) d . liabili- Lawful money of 1/8 United States 7/8 15 per cent of ag- (1). gregate amount Solvent banks other than savings Commercial banks else- of deposits and banks (1). where (1). demand liabilities (1). 10 per cent of de- Lawful money of Savings banks (2) posit liabilities 1/4 United States 3/4 (2). (2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL BESEB.VE BULLETIN. 177 TO BANK RESERVES—Continued. Remainder. Amount May consist of— Ca r r e ri s e e d rv i e n b F a e n d k e . ral Provision re s g fo ul r a e ti n o f n o s rc . ement of Remarks. Authorities. Compliance by mem- While reserve is below required c s o a b e o c e f r t m r v F b e p is a e a d n n re e a k ie c r q s s a c u a l e i w n p re d r t i e e m t h d s t e e r u r n r v i e s t n s e t - a a n c d n e m a o p y y n o t s e u ' d o w n i f n v t s , l o i o i d t t g a i h e c h n n e e t s d , b d s o a r ; s r a n u d a f k p t n i s s e d ) m c r , o i n n a u a o t y n e f r t t n m e s m d r ( a e a e k 3 n k x e 0 t e - Th o o e r f b e re a a s c la e h r n v i c s e e n s m o a a t n y s d t c i t p h o u n e l s a p i t s r e o t d p o o f (1 r c t ) i a . o s n h ( ( 2 1 i p ) ) n . G A g 1 A e c 9 n t 1 c s e . t r , a o s l f e B c 1 . 9 a 1 1 n 9 9 k , . lieu of State law re- may take charge (1). quirement (2). "Demand deposits" include all deposits payable In 30 days; and "time deposits" include All State banks and all deposits payable after 30 trust companies ex- days and all savings accounts (1 Acts Thirtyp t p b d F e r r e o e m e e c i d s n s o e s s g m l ( r l y 1 y a e ) l p s , m r m e o e a r s e a n m e m d d a r i e r v t b e t e t e e h s r d s u o s e y s b t x o s o e - - - f W b l a r h o e m a e a s n n t n o o k e s u r v n o e f e a t r i r l t l d i s t i b t s h b s y c h e e o l c a u o o l r n l w e l l t s m e s e t c u a h r t v k i n e o e e t n r i e n l o ( i q o t 3 f u s ) n i . a h r e e n a w d l y l Th a j n t t e a o e n o c i r r d t l e t s i e c ' c d t a e g o e r u p r e b t n a r e i a o f o r f l i o a v t s c n r i o a l s e t e t i y e e o p s x s s n a f t o y s u e th n n f m f a o d s d e i n r e v n a p a e t 3 n o a 0 d ( d s 2 i n e d t a ) p d . s a o d u d y s e b e i s - - - - ' I t t j S 5 a h u , e I i i r l n d r s e e d e a . d , c t e s . s e L e 1 b c s e . i ( . s l g t l i h 2 i o N s i . n l r a o d ) - , . For 36 months after es- ject to all provisions positors' bond security system Id., sec. 3. tablishment of Fed- of Federal reserve of either of which any bank Id., sec. 4. v er a a u l l r t e s s o e f r v F e e d b e a r n a k l r i e n - act (3), (4). m fo a r y t , h a e t s i e ts c u o r p it t y io n o , f a i v ts a i d l e i p ts o e s l i f - (5 I B d. a , n se k c i . 1 n 1 . g serve bank or na- tors (9). (6aws, 1920, sec. tional bank in re- 77. serve or central re- ) Acts 1909, 2 serve city. There- S. S., p. 406, after in own vaults sec. 13; bankor inFederalreserve ng laws 1913, bankorinboth(4). 36C. 78. (8 Acts 1905, S. S., pp. 489,491, sec. 18; bankng laws 1913, sec. 40. (9) Acts 1909, 2 S. S., p. 406, sec. 1-47, bank- It is made unlawful /or any di- ing laws 1913, rector or other oflicer of any chap. 6. bank having a savings deposit to do anything which will reduce the cash on hand below 15 per cent of the deposits (7). Compliance by mem- (1) Bank act, ber banks and trust While reserve is below required Laws 1911, c c o a se o o c f r m m t v s F e p p h e l a a i d n a r l e l e i n e r q b c a s u e e l i i w r w n e r i e i l m t t i s h e h e e u r n r r v e e o t e s - - f c c a s te h o o m r m a u o l 3 n l m u 0 t n s n i o d s t ( s t a e i y o x b th n s c e ' e e e i p n r n , o t c l o r t t o i e h a c f a n e e s s s i e b f g r d a h o a ; n n t m a k d d n r b d m a d a , f a i n t a s s y f k - ) - Ba m a e n a n a c k d i h s n s a t h ( a 3 v a i ) i v n n . i g n r s e g q d b u e o i p r t e a h d r t c m r o e m e s n e m t r s v e e m r c f u i o a s r l t ( ( ( 2 3 4 c s ) ) ) e h I I c S a d d . p e . . 2 s , , . s 3 s 2 s i . o e e 5 c c n , . . p 2 2 l . a 4 5 3 w . . 0 s , serve requirements be deemed insolvent (1). of 1919, chap. of State law (4). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
178 FEDERAL RESERVE BULLETIN. MAEOH, 1924. PROVISIONS OF STATE LAWS RELATING State. t D N ri i o c s . t - Institutions affected. r T e o se ta rv l e a m re o q u u n i t r e o d f . Amount V . ault M re a s y e c rv on e. sist of— Amoun B t a . lances in r M es a e y rv b e e d c e a p r o ri s e i d ta i r n ie — s. Vermont... 1 ; 1/10 Banks or national banking associations in same county (1). Banking associations and trust companies approved by bank commissioner under supervision 15 per cent of com- of State or Federal authority in mercial deposits 1/10 Cash on hand (1). 2/5 Vermont or in cities of New All banks (1). and 3 per cent of York, Boston, Chicago, Albany, savings deposits Philadelphia, Concord, N. H., or any other bank designated as United States depositary, and national banks in St. Paul, Minneapolis, and Kansas City (1), (2), or not exceeding 4 per cent in aggregate of depositing bank's assets in chartered Canadian banks (2). Virginia.... 5 10 per cent of de- All banks. m an a d n d 3 p d e e r po c s e i n t t s Cash. Other solvent banks. of time deposits. Washington 12 Banks and trust companies, except mem- 15 per cent of total Actual cash or p b se l e y r r v s in e g o f s w y F i s t t e h e d m r e e r q a c u l o ir m r e e - - - p u d n e e r p i n o v c s e e it n s s t t e a d n o d f t r 1 u i 0 t s s 0 t v ch e e n c t ks b a o n n k s so i l n - Su a a c s p h p S r b o ta a v t n e e k ( s b 1 a ). o n r k t e r x u a st m i c n o e m rs p a m n a ie y s ments of Federal funds (1). same city (1). reserve act (1). West Vir- 4,5 ginia. 15 per centjof de- Lawful money of Any national or State bank All banks and trust mand deposits 2/5 United States 3/5 doing business in the State, or companies (1). (1). any solvent banking institution outside of State (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESEKVE BULLETIN. 179 TO BANE RESERVES—Continued. Remainder. Ca r r e r s ie e d rv i e n b F a e n d k e . ral Provision re s g fo u r la e ti n o f n o s rc . ement of Remarks. Authorities. Amount. : May eonsist of— (1) Gen. Laws, Compliance by mem- 1917, chap. 226, ber banks and trust sees. 5398,5399. Bonds of United companies with re- (2) Id., sec. 5363, States, any State, or serve requirements No new loans may be made VI—B , a s 2/5 any city of United of Federal reserve when bank's reserve does not amended by States of at least 200,- act deemed com- meet requirement (1). acts ol 1921, 000 inhabitants (1). pliance with State No. 152. faw (3). (3) Act Feb. 21, 1919. State banks may become members of Federal reserve sys- >-,-:'••• t s c w e e o m i r u t v h n e t e a b d n F a d n e d k in e b r m . a a d l l a a e y n t e c r b e e r e - s - N a o w n h p d i r c o i h n v i s s s h o io a lv n ll e n a b s t e b t c o a a n r t r k h ie s e d . a a m s o c u as n h t ( ( 2 1 L 4 ) ) 1 a I 1 w d 3 B . . s , a s 1 e n 9 c 2 k . 2 , 4 i 1 s n 3 e g 5 c. . mining the reserve required by State laws (1), (2). Mutual savings banks are required to invest their deposits; but, for the purpose of paying withdrawals or meeting expenses or awaiting more favorable opportunities for investment, they are allowed to State banks and trust keep on hand or on deposit in companies are ex- any bank or trust company in pressly permitted to the State organized under the become members of laws of the State or of the the Federal reserve United States, an available system and to that fund not exceeding 20 per (1) Laws 1917, end may comply cent of its aggregate deposits, chap. 80; Bank with any United but the sum deposited by any Laws 1917, sec. States laws (2). such savings bank in any one 53. State banks and trust bank or trust company shall (2) Id., sec. 27. companies becom- not exceed 25 per cent of the (3) Laws 1915, ing members of the • paid-up capital or surplus of chap. 175; Federal reserve sys- such bank or trust company, Bank Laws tem and duly com- and no more than 5 per cent 1917, see. 146. plying with all re- of the aggregate deposits of (4) Id., see. 147 serve and other re- any savings bank shall be de- etseq. quirements thereof posited in a bank or trust are expressly ex- company of which a trustee cepted from the of such savings bank is a direc- State reserve re- tor (3). quirements (1). Mutual savings banks are also required to maintain guaranty funds for the security Of their depositors, and the statute contains detailed provisions for the regulation of such funds (4). (1) West Virginia Code 1913, sec. Compliance by mem- 3047. ber banks and trust Savings banks must, every 6 (2) Id., sec. 3094. companies with re- months, set aside £ to £ per cent (3) Banking serve requirements While reserve is below required of total deposits from net pro- Laws of 1921j - of Federal reserve amount no new loans may be fits until this amounts to 5 per p. 13; Barnes' act accepted in lieu made (1). cent of deposits, and this must CodeofW.Va. of compliance with be held as guaranty fund to chap. 54, sec. 79 State law reserve meet losses (2). (a) as amended requirements (3). by chap. 60 of Session Laws of 1921. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
180 FEDERAL RESERVE BULLETIN. MARCH, 1924. PROVISIONS OF STATE LAWS RELATING Dis- Vault reserve. Balances in reserve depositaries. State. trict Institutions affected. Total amount of No. reserve required. Amount. May consist of— Amount. May be carried in— Wisconsin.. 7,9 State banks not State 12 per cent of total reserve banks (1). deposits (1). Reserve banks (1). 20 per cent of total deposits (1). Lawful money or Banks approved by commissioner balances (1), (2), (1), (2J, (4). 12 per cent of de- Trust companies (2). posits (2). Mutual savings banks 5 per cent of total (4). deposits (4). Wyoming.. 10 Sa a C v n D in d - g t s ru st a s c s o o m ci p a a ti n o i n e s s 10 in p g e s r d c e e p n o t s o it f s s ( a 1 v ). - Re b k s a e e n p rv d t e s e o i r m t h o e a n r y d o b e n e - So l b a l a v w n e s n k t s ( 1 n ) o . a rg ti a o n n i a se l d b a u n n k d s e r o g r e o n t e h r e a r l posit (1). Ba ( n 2 k ). ing associations 20 p b p o il s e it i r i t e o c s r e s n ( t t 2 o ) o . f d l e ia - - Ca s c a s a n i h a f c e t e i s i o s n o n ( f , v 2 t ) a h o . u e r l t a s b s a s o o l r - - Na b se t y i r o v n e t a h a l e g o e r S n S t t a s t t a ( e t 2 e ) e . b x a a n m ks in a e p r p a ro s v r e e d - Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 181 TO BANE RESERVES—Continued. Remainder. Carried in Federal Provisions for enforcement of Amount. May consist of— reserve bank. regulations. Remarks. Authorities. (1) Revised Statutes 1919; sec. Cash items are not considered as 2024-30. (2) Revised Statpart of reserve of any bank utes 1919; sec Bank commissioner Whenever the reserve of banks 2024-77-1. United States Gov- has signified willing- is below required amount no Savings banks are also required (3) Revised Stat- 1/3 e th rn e m c e a n s t e bo o n f ds S t ( a i t n e n F e e s d s e ra t l o a R p e p s r e o r v v e e l s o ig a h n t s o d r ra d ft i s s ) c o m un a t y s ( b e e x c m ep a t d o e; f t t o h e s e n m e i t a n p n ro u f a it ll s y 1 s e p t e a r s i c d e e n f t ro t m o 2 u 0 te 2 s 4 -3 1 1 9 . 19; sec. banks only) (1). Bank of Chicago as and, after 30 days' notice, 1 per cent of their total de- (4) Revised Statreserve bank. receiver may be appointed (3). posits as a guaranty fund until utes 1919; sec. it amounts to 10 per cent of 2024-75. deposits (5). (5) Revised Statutes 1919; see. 2024-71. (1) Comp. Stat. 1920, sees. 5182, S192. (2) Comp. Stat. 1920, sec. 5142. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
182 FEDERAL RESERVE BULLETIN. MARCH, 1924. State Banks and Trust Companies. Acceptances to 100 Per Cent. The following list shows the State banks and trust Since the issuance of the February BULLETIN the following member institution has been authorized by companies which were admitted to membership in the the Federal Reserve Board to accept drafts and bills Federal reserve system during the month ending of exchange up to 100 per cent of its capital and surplus: February 28, 1924, on which date 1,612 State institu- South Texas National Bank, Galveston, Tex. tions were members of the system: ADMISSIONS. New National Bank Charters. The Comptroller of the Currency reports the fol- Capital. Surplus. Total lowing increases and reductions in the number and capital of national banks during the period from January 26 to February 21, 1924, inclusive: District No. & Central Home Trust Co., Elizabeth, Num- Amount N.J $200,000 $50,000 $259,150 ber of of banks. capital. District No. 4. First American Bank & Trust Co., New charters issued $3,050,000 Lima, Ohio 150,000 207,000 4,557,923 Restored to solvency 0 Increase of capital approved. 4,535,000 District No. 7. Farmers Savings Bank, Palmer, Iowa.. 35,000 7,000 383,918 Aggregate of new charters, banks restored to tate Savings Bank, Marlette, Mien... 25,000 5,000 601,935 solvency, and banks increasing capital 7,785,000 District No. 8. Liquidations 4,160,000 Reducing capital • 400,000 Broadway Savings Trust Co., St. Louis, Mo 200,000 90,000 2,107,984 Total liquidations and reductions of capital.. 38 4,560,000 Consolidations of national banks under act of Nov. CHANGES. 7,1918 4,600,000 Aggregate increased capital for period 7,785,000 District No. 2. 4,560,000 Reduction of capital owing to liquidations, etc. Bu m ff e a m lo b e T r, r u h s a t s C ab o s . o , r B be u d ff a t l h o e , L N a . f a Y ye ., t t a e Net increase. 3,225,000 National Bank, Buffalo, N. Y $1,000,000 $267,000 $8,700,000 i Includes one reduction in capital of $100,000 incident to a consoli- District No. i. dation under act of November 7,1918. Dayton Savings & Trust Co., Dayton, Ohio (voluntary withdrawal) 600,000 600,000 17,550,508 Fiduciary Powers Granted to National Banks. Lewis Bank & Trust Co., Upper Sandusky, Ohio (voluntary withdrawal).. 150,000 50,000 958,063 During the month of February the Federal Reserve Board approved applications of the national banks District No. 6. listed below for permission to exercise one or more of Exchange Bank, Valdosta, Ga. (closed), 100,000 18,550 252,809 the fiduciary powers named in section 11 (k) of the Farmers Bank, Canon, Ga. (closed) 25,000 1,250 94,392 Federal reserve act as amended, as follows: Union State Bank, Winter Park, Fla. (voluntary withdrawal) 50,000 3,500 406,355 (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; District No. 7. (6) assignee; (7) receiver; (8) committee of estates of Battle Creek Savings Bank, Battle lunatics; (9) in any other fiduciary capacity in which Creek, Iowa (closed) 100,000 5,000 1,032,050 State banks, trust companies, or other corporations District No. 9. which come into competition with national banks are Bank of Br oolongs, Brookings, S. Dak. permitted to act under the laws of the State in which (closed) , 150,000 50,000 2,905,450 the national bank is located. Security Savings Bank, Eapid City, S. Dak. (closed) 50,000 16,000 719,084 Dis- Em M p o i n re t, ( a c n lo d s e S d t ) ate Bank, Lewistown, 150,000 25,000 1,422,520 Place. t N ri o c . t Name of bank. g P ra o n w t e e r d s . District No. 10. Bank of Van Tassell, Van Tassell, Wyo. Portland, Me Portland National Bank (closed) 25,000 7,000 107,034 Montpelier, Vt Montpelier National Bank Ito9 Clinton State Bank, Clinton, Okla. Smetnport, Pa Grange National Bank of McKean Ito9 (absorbed by a national bank) 50,000 5,000 207,778 County. Danville, Pa First National Bank 4 to 9 District No. 11. Greenville, Pa First National Bank 5 to 9 Uniontown, Pa Uniontown Nat'l Bank& Trust Co.. Ito9 Security State Bank, Decatur, Tex. Washington, D.C.. Commercial National Bank Ito8 (absorbed by national bank) 60,000 200,153 Jackson, Miss Capital National Bank Ito9 Pe ( c i o n s s o V lv a e l n le t y ) State Bank, Pecos, Tex. 110,000 8,000 503,959 Winter Haven, Fla. Snell National Bank 1 5 t t o o 3 7 , Hammond, La Citizens National Bank Ito9 District No. IB. National Peoples Savings Bank & Ito9 Fanners & Merchants Savings Bank, Vicksburg, Miss... Trust Co. Burbank, Calif, (voluntary with- National City Savings Bank & Trust Ito9 drawal) 50,000 14,000 Vicksbnrg, Miss... Co. Pioneer Bank, Porterville, Calif, (ab- McKeen National Bank Ito9 sorbed by State member) 150,000 46,500 1,542,262 Terre Haute, Ind.. Louisville National Bank 5 It t o o 3 9 Louisville, Ky Ottawa County National Bank lt0 9 h B a a s C n h k c a h n & a g n e g T e r o d u f s t i t i t t s l C e t . o — i . t , l N e B e a t w o ll i B n E g e a e r s n r t , e B r T n a e n x B k . i a , n n h g k a s & & c h T T a r n r u g u s e s t d t C C i o t . s o , . t N ; i t B e le a w ll t i B o n e g B r e n a r , l l S i N n t g . a e t C e r , M A M Po n c i r a a M t m h la e i a n n i , m n d O v , , i k O l C l l e a r a e , l i O g f reg. F U W i n r e s i s t t e t N d C a o S t a t i s a o t t n e N a s l a N t B i a o a t n n io a k n l a B l a B n a k nk I I l t t t o o o 9 S 9 State Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 183 REVISED INDEXES OF INDUSTRIAL Eevision of methods.—The indexes as previ- ACTIVITY. ously published were computed by the method * of "aggregates," whereby the production of New series of data relating to industrial aceach commodity was multiplied by its average tivity have become available in recent years, price in 1919 in order to secure the total value and have [from time to time been introduced in of the product manufactured during a given the industrial statistics section of the BULLETIN. period. The values for all products thus ob- During the past two years the number of such tained were totaled into aggregates which were series regularly published in the BULLETIN has in turn converted into percentages of the 1919 in fact more than doubled, and the proporaverage. In revising the indexes the method tion of data not covered by the indexes has accordingly increased.1 By way of giving the in- was adopted of first converting the figures into relatives, with the monthly average for 1919 dexes a basis corresponding more nearly to the as the common base or 100. Each set of relascope of available data, it has seemed desirtives is then multiplied by a constant weight able to incorporate the new series with those determined on the basis of the relative imoriginally available for computing the indexes. portance of each industry to the total of all Occasion has been taken at the same time to included in the index. The sum of these revise the methods of computation. weighted relatives for each month is then The three monthly indexes involved in this divided by the sum of the weights, in order to revision represent, respectively, the movements secure the final composite index. of agricultural products to market, the output Data by which the weights were deterof minerals, and the production of manufacmined were obtained largely from the 1919 tured commodities. In the revision the data census of agriculture, mining, and manufacfor many of the industry groups have been tures. In the agricultural index each series made more comprehensive by the inclusion of included was given a weight based upon the new series, and statistics for additional industotal value of that commodity marketed in tries have been added. 1919. Total value produced was noti used 1 These indexes were first presented, together with s description of data and methods, in the BTJLLETIN for March, 1922. »Explained in detail in the March, 1922, BTOXETIN, page 294. INDEXES OF INDUSTRIAL ACTIVITY PER CENT ( MONTHLY AVERAGE, 19)9 =100 ) PER CENT 175 175 —— MANUFACTURING PRODUCTION ™>— MINERAL PRODUCTION 150 AGRICULTURAL MOVEMENTS 150 125 125 100 75 75 50 50 25 25 1919 1920 1921 1922 1923 1924 86742—24 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
184 FEDERAL RESERVE BULLETIN. MARCH, 1924. because it would give undue weight to such REVISED INDEXES OF INDUSTIAL ACTIVITY—Contd. products as corn and hay, which enter trade more in the form of livestock than as crops. Series. Weights. Designation. Source. For minerals the weights were based upon both the number of wage earners engaged in MANUFACTURING PEOmining each product and the value of such DUCTION—Continued. product mined during the year. For each V. LUMBEE 10.0 20. Lumber 9.0 Lumber cut National Lummineral these items were expressed as percent- ber Manufacages of the total for all minerals included and turers' Association. the weight for each series was obtained by 21. Flooring 1.0 Oak flooring pro- Oak Flooring duction. Manufacturaveraging these two percentages. In manu- ers' Associafactures wage earners employed and total value tion. VI. PAPER AND PEINT- 8.0 added by the process of manufacture in the ING. a. Wood pulp and respective industries during the year were used paper— jointly to secure weights. The weights se- 2 2 2 3 . . W Ne o w od sp p ri u n l t p. 1 . . 7 8 P . ro . d d u o ction Fe C d o er m al m is T s r i a o d n e cured by these methods are listed in the table 24. Book paper. 1.0 do and American 25. Paperboard. 1.0 Pulp and Pafollowing. The use of 1919 as a base is uniform 26. Wraot) i n e .8 .d d o o per Manufacpaper. turers' Assoin all Federal Reserve Board indexes of trade 27. Finepaper.. . 7 .....do ciation. and industry and has been explained in previ- b. Printing— 28. Newspapers 2.0 Publishers' con- Federal Trade ous issues of the BULLETIN.3 sumption. C an o d m m Am is e s r i ic o a n n News paper REVISED INDEXES OF INDUSTEIAL ACTIVITY. Publishers' As- [Series included, weights, and sources.] VII. LEATHEE AND 5.0 sociation. SHOES. Series. Weights. Designation. Source. 29. Sole leather 1.0 Production Bu su re s. au of Cen- 30. Upper leather.. 1.0 do Do. 31. Boots and shoes 3.0 do Do. MANUFACTURING VIII. CHEMICALS AND 8.0 PRODUCTION. ALLIED PEOD- UCTS. METALS .. 22.5 a. Coke— a. Iron and steel— 32. Beehive... .3 .....do Geological Sur- 1. Iron . 5.0 Pig iron produc- Iron Age. vey. tion. 33. By-product .3 do Do. 2. Steel 17.0 Steel ingot pro- American Iron b. 34. Cottonseed. .5 Crushed by mills. Bureau of Cenduction. and Steel In- sus. stitute. e. Petroleum— b. Nonferrous met- 35. Gasoline... .7 Refinery produc- Bureau of Mines. 3. Tin .5 Deliveries to mills New York Metal 36. Kerosene.. .3 ...A'do Do. Exchange. 37. Fuel oil.... .3 do Do. II. VEHICLES 12.5 38. Lubricating .2 do Do. Automobiles— oil. 4. Passenger 7.0 Production [ 1 B u s r u e s a u a nd o f F C . e R n . - d. N 3 a 9 v . a T l u st r o p r e es n — tine .2 Receipts at three Naval Stores Re- 5. Tr c a a c r k s. s 1.0 do I I B c a a n g k o . of Chi- 2 po d rt o s, vie D w o . 6. Locomotives .5 Completions Compiled from IX. STONE AND CLAY 3.0 company re- PEODUCTS. ports. 41. Cement 1.0 Production Geological Sur- 7. Shipbuilding 4.0 Vessels built Bureau of Navi- vey. gation. 42. Clay-fire brick. 1.0 Computed pro- Refactories Man- III. TEXTILES 21.0 duction. • ufacturers' As- 8. Cotton 12.0 Mill consumption Bureau of Cen- sociation. sus. 43. Face brick 1.0 Production by 32 American Face Wool— mills. Brick Associa- 9. Consump- 2.0 do Do. tion. tion. X. TOBACCO PRODUCTS 2.0 10. Active ma- 3.0 Spindles and Do. 44. Cigars 1.0 Number upon Bureau of Interchinery. looms active. which taxes nal Revenue. 11. Carpetsand .5 Looms active Do. were paid. rugs. 45. Cigarettes .7 do.. Do. 12. Silk...... 3.5 Deliveries to mills Silk Association 46. Manufactured .3 do.. Do. of America. tobacco. IV. FOOD PRODUCTS... 11.0 XI. RUBBER 2.0 Animals slaugh- 47. Pneumatic tires 1.7 Production Rubber Assoc__ tion of Amer- 13. Cattle 1.6 Slaughtered un- Department of ica. der Eederal in- Agriculture. 48. Inner tubes .3 do Do. spection. 14. Calves .1 do Do. Total weights... 100.0 15. Sheep. .3 do Do. 16. Hogs 2.4 do Do. AGRICULTURAL MOVE- 17. Flour... 5.5 Wheat flour pro- Russell's Com MENTS. duction. mercial News. I. LIVESTOCK 20.0 18. Sugar 1.0 Refiners' melt- American Sugar 1. Cattle 9.0 Receipts at 57 Department of ings. Bulletin. markets. Agriculture. 19. Oleomargarine.. .1 Quantity upon Bureau of Inter- 2. Calves 1.0 do Do. which which nal Revenue. 3. Hogs 8.5 do Do. taxes were paid 4. Sheep 1.5 do Do. See BULLETIN for March, 1922, page 293, and December, 1922, page MIS. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAKOH, 1924. FEDEKAL KESERVE BULLETIN. 185 REVISED INDEXES OF INDUSTRIAL ACTIVITY—Contd. Kevisions ia data.—More important as to final results than the modification of the Series. Weights. Designation. Source. method of computation, were the additions to the statistical data used in compiling the AGRICULTURAL MOVE- indexes. The various series now included, to- MENTS—continued. gether with their weights and sources, are II. ANIMAL PRODUCTS. 20.0 isted in the preceding table. 5. Butter 9.5 Ee m c a e rk ip et t s s . at 5 D A ep g a r r i t c m ul e t n u t r e.1 of Among the minerals, revisions were unim- 6. Cheese 1.5 do Do. 7. Eggs 5.0 do Do. portant. Silver production was added in 8. Poultry.. 3.0 do Do. January, 1921, to the seven series included 9. Wool , 1.0 Domestic receipt s Boston Chamber at Boston. .of Commerce. in the previous index. The change in the III. GRAINS 25.0 methods of computation and weighting made 10. Wheat.. 15.0 Eeceipts at 17 Federal reserve centers. Boards coal and petroleum somewhat more important 11. Corn.... 6.0 do Do. 12. Oats.... 2.0" d Do. factors in the new index. As a result of the 13. Barley.. do Do. relatively high rate of output of these prod- 14. Eye.... do..... Do. 15. Eice.... Eeceipts at mills. Survey of Cur- ucts the level of the revised mineral index rent Business. since the latter part of 1920 has been some- IV. COTTON 20.0 16. Cotton.. 17.0 Receipts into New Orleans Cot- what higher than that of the old index. sight. ton Exchange. 17. Cottonseed 3.0 Eeceipts at mills,. Bureau oiCensus. The forty series making up the index of V. VEGETABLES 5.0 18. White potatoes. 3.7 Car-lot shipments. Department of agricultural movements generally show re- Agriculture. ceipts at primary markets or shipments from 19. Sweetpotatoes.. .5 ....do Do. 20. Tomatoes .4 ....do Do. growing^ centers of the principal farm products. 21. Onions .2 ....do Do. 22. Cabbages .2 ....do Do. Most of this information is gathered by the VI. FRUITS 4.0 Department of Agriculture, but some of the 23. Apples 1.6 ....do Do. 24. Peaches .5 ....do Do. data are reported by city boards of trade and 2 2 6 5 . . S G t r r a a p w e b s erries .4 .... . d d o o D D o o . . similar organizations to the Bureau of the 27. Watermelons... .do Do. Census or directly to the Federal Reserve 2 2 8 9 . . C O a ra n n ta g l e o s u . pes . . . . . . . . d d o o D D o o . . Board. Changes made in the composition of 30. Lemons ....do Do. this index may be briefly enumerated as follows: 31. Grapefruit ....do Do. VII. TOBACCO (1) Addition of two groups—animal prod- 32. Virginia dark.. Sales at loose-leaf Federal Eeserve warehouses. Board.3 ucts and vegetables, each including five com- 33. Virginia bright ....do Do. modities. 34. North Carolina 1.2 ....do Do. 35. South Carolina. .3 ....do Do. (2) Addition to the fruit index of four series 36. Burley .9 ....do Do. 37. Western dark.. .7 ....do Do. representing shipments of deciduous fruits and VIII 3 . 8 . M H IS a C y ELLANEOUS 2 2 . . 5 0 Eeceipts at 11 Survey of Cur- of one for grapefruit, and substitution of more markets. rent Business.1 inclusive data in place of statistics previously 39. Cane sugar .3 Ee s c ia e n ip a t s s o u f g a L r o u a i t - Am Bu er l i l c e a ti n n . Sugar used for orange and lemon shipments. New Orleans. (3) Addition of statistics representing rice, 40. Flaxseed.. .2 Eeceipts at Min- Northwestern neapolis and Miller1 hay, flaxseed and sugar. Duluth. (4) Adjustment of figures showing sales of Total weights... 100.0 tobacco at loose-leaf warehouses since 1921 to MINERAL PRODUCTION. allow for the portion of the crop which has 1. Bituminous coal... 50.0 Mine production Geological Sur- been marketed by cooperative associations. vey. The bases for these series are averages for the 2. Anthracite coal 14.0 do. Do. 3. Crude petroleum... 20.0 Deliveries to pipe Do. crop year July, 1919, to June, 1920, instead of lines. 4. Iron 6.5 Pig iron manu- Iron Age. the calendar year 1919. factured. Since both in the old and in the new index 5. Copper. 6.0 Mine production American Bureau of Metal Sta- over half of the total weight is given to grains, tistics. 6. Zinc. 1.3 Slab zinc pro- American Zinc livestock, and cotton, the revisions made haye duction. Institute. not radically changed the index. The chief 7. Lead. 1.2 Crude lead pro- American Bureau duction. of Metal Sta- result was to raise it to somewhat higher levels tistics. in the spring and summer months. 8. Silver 1.0 Production...... Do. Numerous changes were made in the index Total weights... 100. of manufacturing production. The number ' Weekly data prorated monthly by Survey of Current Business, of series entering into the composition of most s Compiled from reports of city boards of trade and like organizations. of the groups was increased, and three groups * Compiled from reports of State departments of agriculture. not previously represented were added. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
186 FEDERAL EESEBVE BUIULETIH'. MARCH, 1924. (1) In the iron and steel group pig iron is in- tober, 1921. Bases for these series also were cluded as well as steel ingots. The greater weight secured from the 1919 census of manufactures. is given to steel as it is more nearly representa- (8) The four industries grouped under the tive of the advanced stages of the industry. heading of chemicals and allied products all (2) Vehicles are presented as a separate group together make up a relatively insignificant porand include automobiles, as well as locomotives tion of the many industries which are classified and vessels built, which appeared in the former in this group by the Bureau of the Census. index. The automobile relatives for 1919 were No monthly statistics are available showing the computed from statistics of shipments and for production of chemicals and drugs, the most 1920 were estimates published in the Depart- important constituents of this group. Therement of Commerce Survey of Current Business. fore no combined index isr presented for these Annual production figures from the 1919 census industries. The petroleum-refining group inof manufactures were used as bases. dex is continued without changes except such (3) In textiles cotton, wool, and silk are as were caused by the revised methods of comincluded as in the previous index. Three series putation and weighting. are combined to show the production of woolen (9) Cement and two brick series have been comfabrics: (a) An index made by combining sta- bined to make up a new group. Cement was intistics of active woolen and worsted spindles cluded in the former index, but bricks were not. and looms, (b) the percentage^ of carpet and (10) The tobacco group has remained unrug looms active, and (c) mill consumption of changed in composition. raw wool. (11) Rubber tires and tubes were added in (4) Oleomargarine is a relatively unimpor- November, 1920, and together they form a new tant addition to food products. industrial group, which has in recent years be- (5) Lumber cut is represented by combined come increasingly important. The oases for figures of the National Lumber Manufacturers' these series were computed from the 1919 cen- Association, instead of the two series showing sus figures. The production of firms reporting respectively the production of southern pine monthly output in 1921 was found to be about and Douglas fir. Also, oak-flooring production 80 per cent of total production in that year, as has been added to the group. indicated by the 1921 census of manufactures. (6) Collection of wood-pulp and paper sta- This percentage was used to secure bases from tistics was discontinued by the Federal Trade the 1919 census totals. Commission in May, 1923, and assumed by the Results and uses.—Figures for group and tota American Pulp and Paper Manufacturers' indexes are given by months since January, 1919 Association. The data gathered by the two in the tables on pages 187-188, and the three organizations are not strictly comparable, but composites are shown in the chart on a preceda comparison of stocks held at the end of May ing page. Chief among the advantages of these by firms reporting to the Federal Trade Com- indexes is their comprehensiveness. They inmission with those held at the beginning of clude practically all the reliable statistical series June by firms reporting to the association gives measuring agricultural movements and mineral some idea of relationship between the two and manufacturing production which could be groups of statistics. In compiling the index converted to a 1919 base and were available adjustments were made between May and June with sufficient promptness. Another characby using factors based upon this relationship. teristic of these indexes is their separation into The resulting index appears to represent satis- groups, thereby providing fairly comprehensive factorily fluctuations in the industry. News- measurements of activity in many individual print consumption by publishers is the only lines of industry. new series included in the revised index for this No corrections for seasonal variations are group. An adjustment between May and June, made in these indexes, both because it is fresimilar to that made for paper, was also neces- quently desirable to include such variations in sary in this case. measures of activity and because many series (7) The leather-and-shoes group has been of statistics included have not been available considerably modified. The sole leather rela- for a sufficient length of time to make possible tives have been recomputed, using figures from an accurate measurement of seasonal changes. the 1919 census of manufactures as a base. The three indexes here presented should be con- The Tanners' Council statistics from January, sidered in connection with the board's index of 1919, to September, 1920,, have been adjusted production in 22 basic industries, which is corto correspond with this new base. From Sep- rected for seasonal variations.4 tember, 1920, monthly census data were used, and in that month upper lea therwas added to the 4 The Harvard Economic Service has for nearly two years published group. Boots and shoes were included from Oc- an Index of production, which includes a large number of series and Is corrected for both seasonal variations and normal growth. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BTJ)XETIN. 187 INDEX OP AGRICULTURAL MOVEMENTS. INDEX OF MINERAL PRODUCTION. [Monthly average, 1919=100,] [Monthly average, 1919—100.] •3 1919 average 100 100 100 100 100 100 19W average.. 100 100 100 100 100 100 100 1125 1920 average 117 102 122 117 119 105 102 1920 average.. 91 92 85 92 86 103 117 90 1921 average 92 103 124 54 39 46 93 1921 average.. 105 85 101 128 95 122 122 104 1922 average 95 60 146 88 82 79 97 98 1922 average.. 110 94 115 131 90 139 135 1923 average 132 109 117 191 131 122 113 115 115 1923 average.. 10S 104 119 111 87 129 149 1919. 1919. January 108 107 109 96 130 126 January 108 125 81 105 132 80 61 February... 85 70 86 115 104 February 71 89 74 56 74 60 49 March , 90 71 96 121 95 March... 70 81 88 60 57 86 48 April , 89 94 84 93 97 92 April........ 77 88 118 64 49 81 48 Maj 97 103 98 95 83 86 Mly......... 80 92 137 50 53 72 86 June 97 101 97 101 83 June..... 87 87 153 63 56 90 80 July 108 109 112 108 95 July......... 95 90 124 127 47 83 96 42 August 110 110 112 108 108 101 August...... 100 85 96 179 28 90 108 73 September.. 114 102 124 107 98 101 September..! 115 100 82 170 70 166 171 141 October 127 118 147 106 73 107 October 142 124 75 126 195 213 258 201 November.. 75 107 49 102 94 109 November... 131 120 S3 98 237 116 130 110 December.. 100 110 96 103 103 96 December.... 123 118 103 201 64 67 180 1920. 1920. January.... 118 102 128 107 118 114 111 January: 105 Ill 97 148 84 62 182 February... 104 87 106 104 117 110 112 February.... 82 79 84 97 62 63 154 March 119 108 123 114 133 113 123 March.. 81 88 78 80 72 90 70 72 April 102 86 100 113 108 109 116 J A M u p a n r y i e l . . . . . . . .. 6 6 8 0 9 1 7 9 9 6 4 2 12 7 9 5 5 6 5 6 8 3 5 7 4 3 2 7 0 3 6 5 9 4 9 8 9 5 8 1 3 9 2 1 4 2 8 J J M u u a l n y y e 1 1 1 1 0 1 7 8 7 1 1 1 1 0 1 2 9 4 1 1 1 1 0 1 9 3 8 H 1 11 2 7 6 1 1 1 1 1 2 1 9 0 7 1 1 1 0 0 0 9 3 8 1 1 1 0 0 1 4 2 6 July.. 81 79 121 94 30 95 94 21 August 123 110 129 124 124 109 97 August 83 86 101 108 26 90 105 82 September.. 115 64 129 120 123 98 94 September... 103 95 82 134 73 149 179 79 October 128 m 137 126 129 99 90 October 119 98 67 89 160 215 321 159 November.. 124 135 123 115 100 85 November.,. 124 114 72 109 180 163 182 158 December.. 125 103 137 124 106 90 72 December.... 104 87 84 102 151 70 98 128 114 1921. J D J A J A N M S O F M u u a e e u e c o p a l n n a p b t y c g v y o e r u r t r e u e i b e c u a m s l m e m h r a . t r y . b r 1 . b b . 9 y . e . . 2 e e . . . r ; 1 . ! I r 1 r . . / . . . . . . . . . . . . . . . . . . . , . . . . . . 1 1 1 1 1 1 1 1 4 2 0 0 1 0 8 9 7 1 6 8 8 1 7 6 7 0 7 1 1 0 0 9 6 8 8 8 7 8 7 8 8 4 0 8 9 5 4 5 9 0 7 0 4 1 1 1 1 1 1 1 0 1 0 4 2 9 9 8 7 7 9 3 6 1 9 1 6 2 7 8 0 1 4 2 1 1 1 1 1 1 1 1 1 5 8 3 2 7 0 9 8 9 7 1 8 4 9 3 0 2 4 0 3 1 4 1 1 1 1 1 3 9 6 1 1 6 7 5 5 5 5 5 2 8 4 7 1 6 9 9 1 7 2 5 11 1 2 1 1 1 1 1 1 0 1 6 0 , 8 2 1 0 0 9 8 7 8 0 4 2 5 1 0 4 5 6 3 6 2 1 1 1 1 1 1 8 0 9 2 2 0 1 7 8 8 9 8 9 6 1 0 6 2 2 6 0 2 2 9 2 1 1 1 1 6 3 8 8 9 7 3 1 1 6 8 4 7 2 9 0 3 7 5 J A J A N D J M S O F M u u a e e u p o c e a l n a n p b t y c g r v r y o e t i u c e r u e e l b u h m a s m m e t a r r b b y b r e y e e . r . r . r . . . . . , . . . . 1 1 0 0 9 9 9 8 9 9 8 9 9 8 2 6 2 0 3 7 1 3 5 2 2 5 1 1 1 1 1 1 1 1 1 1 0 0 0 0 1 0 0 0 0 0 9 8 2 1 6 9 0 0 7 9 5 5 7 5 1 1 1 0 9 8 7 5 6 5 1 3 1 1 1 1 1 1 1 1 1 1 1 1 2 1 1 3 3 3 2 2 2 2 3 1 1 6 3 3 3 0 8 8 7 1 0 2 1 1 1 1 0 0 0 0 8 9 8 7 7 7 8 7 3 3 0 9 5 4 6 4 2 0 8 8 , 1 1 1 1 1 0 2 0 9 8 8 8 9 8 6 6 4 9 0 1 5 9 0 4 5 5 1922. 1922. January...... 99 93 87 132 76 107 65 153 January 85 97 137 65 26 60 101 February 90 78 82 144 61 148 February 101 92 106 130 64 37 57 March....... 83 80 107 98 42 149 61 37 March 122 119 129 148 SO 62 68 April 1... 73 72 124 60 39 71 10 April 61 41 142 82 76 65 May 101 91 150 107 49 143 189 7 May 70 53 148 91 91 70 90 June 168 96 42 157 104 3 June 73 1 57 145 93 95 73 101 July 164 129 33 112 98 7 July 66 2 44 148 94 93 81 88 August 109 93 113 167 48 128 133 72 August 79 2 71 148 71 99 80 96 September... 137 101 89 182 141 194 258 108 September.. 103 68 102 144 80 94 84 95 October 160 124 85 162 230 228 318 173 October 122 121 116 152 104 103 102 108 109 N De o c v e e m m b b er er... 1 13 3 1 9 1 1 1 0 7 6 11 9 4 5 1 1 3 6 9 2 2 1 0 3 4 8 131 17 9 2 3 129 N D o ec v e e m m b b e e r r . . . . 1 12 2 6 2 1 11 1 5 8 1 12 1 0 6 1 1 5 5 9 1 1 1 2 1 1 2 1 1 0 0 4 1 1 1 0 0 9 2 1 10 1 9 3 1 1 0 0 7 3 1923. 1923. J J J A M A O D M S N F u u a e e c e o u p n a n l a p t y b c y v u o e g r t r e r e b e i a c u u m l m m r e h s . y a r . b . b t b r . . . e e y . e . . r : . r . . r . . , . . . . . . . . . . . . . . • 1 . : . ; . . . . . 1 1 1 1 1 1 1 3 2 4 5 1 7 8 9 8 0 0 8 4 8 4 8 6 0 5 1 1 1 1 1 1 1 0 2 1 0 0 3 1 9 9 8 9 9 0 1 4 2 6 5 1 1 8 9 2 2 1 1 1 1 1 1 1 1 1 1 1 3 0 0 6 2 5 0 2 1 9 8 3 7 9 0 8 4 0 9 0 2 7 9 1 1 1 1 1 1 1 1 2 2 7 1 3 4 9 9 7 1 6 6 5 9 0 4 8 5 8 2 2 1 1 0 3 5 4 5 3 2 3 2 2 8 3 1 3 4 4 0 9 6 1 3 4 0 7 1 2 1 1 1 1 1 1 1 0 2 3 2 4 8 1 5 0 9 8 8 5 5 1 9 1 2 5 0 6 3 0 8 2 3 2 1 1 1 1 3 9 2 0 1 1 7 9 9 9 7 8 1 5 7 3 2 0 0 5 6 0 7 4 2 1 1 1 1 1 4 9 3 6 0 7 6 7 1 2 9 3 1 6 9 2 1 6 3 1 1 J J A N D J M A M S F O u u a e e u o e p c n a a l n p b t c y g v r r y u o e t i c e r u e e l b a u h m s m m r e a t y r b b r b y e e e r . r r . . . . . . . . 1 1 1 1 1 1 1 1 1 1 1 1 2 4 3 3 3 3 2 2 3 1 3 4 3 2 6 0 3 5 5 8 4 7 7 2 1 1 1 1 1 1 1 1 1 1 1 0 1 0 2 0 1 1 1 1 1 2 4 6 3 5 1 5 8 9 7 9 0 8 0 1 1 1 1 1 1 1 1 1 1 1 1 1 2 0 1 2 1 2 1 2 0 1 1 1 6 3 9 1 7 7 6 9 9 9 0 2 2 2 2 2 1 1 1 1 1 1 1 0 0 8 1 1 0 5 9 8 9 7 6 6 7 7 0 0 4 4 7 5 5 8 4 1 1 1 1 1 1 1 1 1 1 1 1 3 4 4 1 3 3 1 2 5 2 1 2 9 4 4 4 5 8 5 7 2 3 8 4 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 1 2 3 0 1 2 3 1 6 4 4 4 7 S 0 2 1 4 2 1 1 1 1 1 1 1 1 1 1 1 1 2 0 1 2 0 0 1 1 1 0 1 0 1 9 3 4 8 8 8 9 0 0 8 7 1 1 1 1 1 1 1 1 1 1 1 1 0 2 1 1 1 0 2 2 0 2 1 1 8 1 1 1 6 6 3 5 4 4 7 2 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 1 1 2 4 0 4 0 1 0 4 4 6 5 2 9 5 0 0 8 0 1 1924. January 102 121 102 91 83 120 90 218 1924. January..... 1J3.6OU 1A0U9» -1I3O1A 180 118 132 127 HI 1 Tobacco series began July, 1919, and average for crop year, July, " 1919, to June, 1920, was used as a base. > Less than one-hall ol 1 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
188 FEDERAL RESERVE BULLETIN. MARCH, 1924. INDEX OF MANUPACTUEING PEODUCTION. [Monthly average, 1919=100.] Total. I a r n o d n Vehicles. Textiles. Food Lumber. P a a n p d er Le a a n t d her P l e e t u r m o- Ce a m n e d nt Tobacco. Kubber steel. products. printing. shoes. refining. brick. tires. 100 100 100 100 100 100 100 100 100 100 100 102 118 97 92 86 102 113 91 117 120 106 27 80 57 68 94 89 80 88 84 117 97 102 86 103 99 89 107 98 114 111 97 136 126 106 121 124 129 139 111 102 142 115 105 146 114 136 1919. 100 128 76 98 114 79 93 104 91 37 89 88 112 81 78 86 81 84 87 86 37 85 95 112 98 83 93 98 91 90 92 56 100 April 96 93 106 95 97 104 94 106 96 78 85 May 96 so 105 99 101 105 98 105 105 115 90 96 89 102 100 83 99 99 108 98 117 94 July 101 101 106 107 84 105 100 100 102 125 98 108 112 108 104 96 121 103 104 104 140 100 105 98 104 105 107 113 103 105 103 139 107 107 74 115 116 117 120 115 105 111 143 124 104 95 104 105 109 97 112 91 105 124 116 103 105 94 109 113 80 109 95 106 86 113 1920. 112 121 100 116 116 99 114 97 102 110 115 106 118 114 109 86 100 103 88 98 102 98 118 135 132 115 89 115 117 102 109 125 123 April . ... 109 108 127 112 76 120 118 93 106 124 108 May 110 118 116 104 84 123 119 100 112 130 112 108 122 109 96 83 111 118 106 116 130 114 July . ... 101 116 101 87 81 100 115 91 119 125 101 104 123 106 87 82 108 . 113 80 126 127 105 101 123 91 83 82 100 113 88 127 119 106 97 125 67 74 83 102 117 86 131 129 109 November 85 110 54 63 89 82 109 75 129 118 99 30 75 98 43 54 84 60 100 82 132 105 77 23 1921. 74 92 42 72 87 55 90 67 129 70 90 33 February 69 73 44 75 75 62 84 68 108 60 92 38 March 80 64 74 90 89 76 91 81 114 77 107 55 AprU 78 49 91 91 86 76 88 72 116 90 97 76 May 81 51 91 95 81 92 83 79 117 104 100 97 June 80 41 82 100 83 88 81 91 113 112 107 106 July 75 33 80 93 89 80 75 80 111 109 101 121 August... . 85 45 82 102 103 90 81 93 113 119 117 148 83 46 74 104 99 85 87 91 113 108 113 97 89 63 64 104 106 93 99 95 122 118 116 94 86 65 52 106 91 86 102 96 119 105 105 83 78 60 37 100 84 73 101 96 122 90 79 86 .1922. January 84 67 42 110 92 90 100 99 122 66 89 96 82 72 52 97 88 83 95 91 Ul 67 82 99 March..". 98 96 69 106 95 95 113 105 126 103 97 124 April 95 99 90 91 80 97 107 95 125 121 89 112 Jfay 109 109 105 105 92 122 116 92 135 149 108 126 June 109 107 118 105 94 113 114 88 136 149 119 132 July 103 103 102 95 96 117 104 84 148 135 114 117 August 110 89 112 111 106 140 113 98 143 147 133 139 106 96 85 108 102 126 113 98 137 140 122 121 October... 118 117 100 116 110 137 120 105 148 159 117 130 120 120 99 122 116 132 121 105 149 144 114 133 December 113 118 98 112 106 117 114 99 154 128 92 127 1923. 121 134 102 125 103 118 123 111 158 124 114 149 116 122 117 120 94 112 113 106 142 111 100 153 March 134 143 147 126 108 147 126 125 156 142 112 184 April 131 140 158 123 96 138 122 112 154 149 104 167 May 138 150 161 120 99 165 131 112 159 164 117 172 128 136 153 109 90 156 116 104 157 156 120 140 July 118 130 135 99 96 140 101 97 160 157 119 95 126 132 144 105 103 161 111 110 159 163 122 116 117 119 137 99 102 148 102 98 157 149 117 101 October 128 126 152 107 115 161 115 105 163 162 134 118 118 112 130 105 112 144 111 96 161 145 119 117 December 109 104 129 94 112 113 109 85 170 129 94 117 1924. J125 126 129 116 110 134 118 118 150 i Prelimary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 189 SEASONAL FLUCTUATIONS IN DEPART- stocks are highest in the months that sales are MENT-STORE STOCKS. highest and lowest during the periods when sales are also at a low level. For several years the Federal Reserve Board and the twelve Federal reserve banks have received monthly reports of stocks held by certain classes of retail dealers. From the statistics showing the dollar value of stocks held by 286 department stores on the last day of each month, from January, 1919, to date, an index of retail stocks has been constructed. Since the figures show well defined seasonal changes in the volume of department-store stocks, allowance has been made in the construction of the index for the usual seasonal movements. The method used in making this allowance is the same as that described in the presentation of the index of department store sales in the FEDERAL RESERVE BULLETIN for January, 1924. 20 Average monthly variations in departmentstore stocks for the 10 Federal reserve districts an. Feb. Mar. Apr. May June July Au|. Sept. Oct. Nov. Dec. for which statistics are available are shown in Comparison of the average seasonal movement of stocks and sales at the following table: department stores. SEASONAL VARIATIONS OF DEPARTMENT-STORE STOCKS. In the construction of the combined index, figures for each district were weighted by the [Average month=100.] number of people employed in retail trade. In the accompanying chart this combined index of retail stocks, corrected for seasonal varia- Federal reserve district. tions, is compared with an index which makes no allowance for seasonal changes. The seasonally corrected index shows that Boston 106 112 113 there was a fairly steady increase in the value New York 106 110 113 Philadelphia 108 111 111 Cleveland 107 111 113 Richmond 112 115 113 Atlanta 109 113 112 C M h i i n c n a e g a o polis 1 1 0 0 4 0 1 1 0 0 6 6 1 1 1 0 2 8 1 1 0 1 7 1 160 Dallas 101 114 114 112 San Francisco... 92 100 95 106 109 110 These figures indicate that changes in the volume of retail stocks are clearly defined and regular in all reporting districts and that the seasons for increasing or decreasing inventories correspond closely in different sections of the United States. Stocks decline during December and January in almost all districts; Stocks V/Hti Seasonal Correction increase in February and March; are at a Stocks Without Seasonal Correction I moderately high level during April and May; decline during June and July; increase during August, September, and October to the maximum for the year; and remain at about this 1919 1920 5921 1922 1S23 high level throughout November. These changes in stocks are shown graphically in the This chart shows the trend of department-store stocks during the past five years, both with and without allowance for seasonal variations. accompanying chart, together with the seasonal variations of sales at department stores. Fluc- of retail stocks from July, 1919, to August, tuations in stocks are smaller than in sales; 1920, which may be partly ascribed to rising Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
190 FEDERAL RESERVE BUL.LETIH'. MAECH, 1924. prices. The rapid decrease in value of inven- STOCKS IN RETAIL TRADE. tories which continued from September, 1920, [Corrected for seasonal variations.] until January, 1921, also reflects in part the influence of price change. In the period from February, 1921, to August, 1922, stocks were at a remarkably constant level, and fluctuated chiefly with the seasonal requirements of business. In September, 1922, department stores began to increase their stocks in response to 1919. the growing volume of sales and this increase January February continued to the end of 1923. March... . April Analysis by Federal reserve districts of M&y changes in the value of merchandise stocks, July shown in the accompanying table, indicates that August. while there are differences in month-to-month S O e c p t t o e b m e b r er ... movements, there is close correspondence in T)(w.mhpr trend. During 1919 and the first half of 1920 increases in inventories occurred in all Federal 1920. January.. . reserve districts and were particularly large in February March . the Chicago, Dallas, and Cleveland districts. April... Department-store stocks in the Philadelphia, fc&y Boston, and Minneapolis districts, on the July . .. August other hand, showed only about one-half as large an increase. The decline in stocks during October the last half of 1920 was remarkably uniform in eight of the reporting districts. Stocks in 1921. the Richmond district declined somewhat January more than stocks in other sections, while stocks in the Philadelphia district showed the smallest J&y reductions. July . During 1921 and the first half of 1922 there was some divergence between districts in trend October of stocks. Inventories continued to decline in the Cleveland, Atlanta, and Dallas districts; re- 1922. mained at a fairly even level in the New York, Richmond, Chicago, Minneapolis, and San March . Francisco districts; and showed a rather May distinct upward trend in the Boston and Philadelphia districts. In the latter half of 1922 July August and in the first half of 1923 stocks on retail October shelves were increased in all reporting districts, the increase being most marked in the Philadelphia and Chicago districts. Stocks 1923. showed further increases in the autumn of 1923 March in the Boston, New York, Philadelphia, Cleve- April land, Chicago, Dallas, and San Francisco dis- May tricts, but were smaller in the Richmond and July Atlanta districts. During December and Jan- August uary there was some reduction in total inven- October November. tories, due to decreases in the Boston, New December York, Philadelphia, Richmond, Chicago, and 1924. Minneapolis districts. detinu rof xedni .setatS 95 9? 90 94 93 9? 97 in? lOfi 109 111 116 128 133 136 138 138 141 141 140 138 131 124 113 113 11? 113 114 115 116 116 117 117 117 116 115 117 119 117 117 US 11' US 11! 114 Ufi 118 120 ra 129 130 128 m 129 131 133 133 128 .notsoB 90 89 90 90 91 91 97 104 107 114 118 117 1?,? 127 131 ian 128 131 129 127 124 119 197 ion 106 106 in7 107 108 107 107 107 111 11? 113 115 115 113 115 115 115 114 116 116 119 119 117 118 12? 121 117 1?7 128 122 .kroY weN 89 89 87 88 89 91 99 106 110 113 115 12? 129 135 139 140 138 139 141 143 140 136 1?,? 11? 113 11? 114 116 116 115 115 115 116 116 116 116 115 118 117 117 117 11' 11J nr Tu 117 117 118 118 123 1?6 123 17,1 i?q 12S 12S 124 .aihpledalihP 11? 104 99 98 95 96 96 93 99 100 101 110 123 121 124 123 1?? 123 122 116 111 114 104 106 105 105 ins 123 1?,7 128 127 130 123 13? 138 135 135 131 130 13? 131 133 133 13n 144 146 15? 153 147 146 154 154 158 159 148 143 .dnalevelC 93 89 9n 91 93 98 104 109 110 111 117 12? 13? 137 141 143 144 145 147 147 147 136 131 117 116 116 119 118 118 118 118 117 116 116 115 111 113 114 114 11? 110 108 106 107 108 110 11? 119 If) 126 124 126 1?? 13(1 13? 13fl 132 .dnomhciR 95 89 93 88 85 89 97 107 110 11? 116 119 131 134 141 140 141 139 141 138 133 1?? 114 103 10' 98 104 105 105 105 107 109 108 110 108 107 110 10S 108 108 110 107 107 107 113 11? 116 118 11 117 123 123 11 131 1? 116 122 1ft 1ft 123 .atnaltA 93 90 92 ion 87 92 94 101 103 lOf 115 131 129 130 131 143 141 141 14? 134 120 112 113 113 115 116 11? 11? 113 115 116 115 114 113 114 117 115 116 IK 109 109 108 107 110 11? 117 115 119 1? 119 118 i?n 119 118 119 11 123 .ogacihC ia3 96 89 109 101 89 9? 96 10? 104 107 111 147 145 146 153 151 1S7 157 158 158 158 150 141 1?6 121 123 126 1?^ 1?.S 124 120 128 130 121 123 122 121 121 12? 12? 1?/ 149 IS' 143 146 144 143 15? 153 147 154 153 135 .silopaenniM 91 94 94 95 10? 92 107 98 105 10(1 111 116 119 122 121 121 121 121 118 114 107 104 95 96 95 95 97 98 100 102 102 102 103 99 98 98 95 96 97 9' 94 97 98 101 100 106 ins iin 110 109 109 108 108 109 109 110 109 108 .sallaD 92 90 96 95 101 101 95 100 104 W8 107 110 1?fi 133 133 136 142 14? 160 159 159 154 140 120 117 118 117 118 113 116 115 116 117 115 120 117 115 115 115 115 109 105 107 105 103 105 107 111 113 114 115 120 116 115 115 114 HI IIS 117 129 124 .ocsicnarF naS 89 89 88 88 89 91 98 10S. HI 11 R. Ill 11 m m 137 138 13ft 13& IIS 131 129 131 12$ 11 111 ^111 "lit 115 116. 117 121 121 118 120 121 121 123: 12J lift. 116 116. m 114 113. 117 122" 119* 127 127 13& 130' 131 129 130 131 134 135 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 191 BUSINESS CONDITIONS IN .THE UNITED STATES. AGRICULTURE. former was relatively greater than in the latter, and as a result the purchasing power of agri- In the agricultural and livestock sections of cultural products increased 1 per cent over the country weather conditions continued gen- December and was 9 per cent higher than a erally satisfactory during the greater part of year ago. In the early weeks of February January, and farm preparations were about as prices of the principal commodities declined far advanced as at the same time a year ago. slightly, but they continued above the levels Early in February, however, excessive rains in of the harvesting season, as will be noted in the South and low temperatures hi the grain the accompanying chart, which shows in detail territories temporarily delayed developments. the movements of prices of several of the The influence of a fairly favorable season to principal crops since September, 1923. Grain. BRAIN - CEN7S P£H BUSHEL A lack of snow protection during periods of COTTON - CENTS PER POUND low temperatures in January caused some 120 120 damage to winter wheat in sections of the Spring Wheat Cleveland, Chicago, and St. Louis districts, but the extent of the losses is not yet determinable. Winter Wheat 100 100 Early in February fields in the Kansas City district, which produce the greater part of the Nation's winter wheat, were generally protected .80 Corn 80 by a snow covering and the crop is in good condition. By the middle of February seeding of spring oats had been considerably delayed by wet weather in the Chicago, St. Louis, and 60 60 Kansas City districts, and on account of freezes, winter-seeded oats in the Richmond, Atlanta, and Dallas districts were in poor condition, making considerable reseeding necessary. Since September the volume of grain marketed has been smaller each month than in the 20 20 MILLIONS OF BUSHELS MILLIONS OF BUSHELS Kggi AT SEABOARD CITIES 80 TOTAL 80 STOCKS WS&e AT INTERIOR CITIES OCT. NOV. JAN. FEB. 1923 1924- 70 Enn 70 Prices of grain declined during the harvesting season, but cotton in- creased steadily. Near the close of the year grain prices turned up- 60 60 ward and continued to advance in January, while cotton declined. wk date for farm work and greater returns from 50 1 5O m the 1923 crops than in either of the two pre- m m• " |- 40 40 ceding years has considerably improved agri- m - |cultural conditions, and the outlook is much Erm-m 30 30 better than a year ago. After a slight decline 1 11 i w n h c e r n o p m a a r n k d e t li i v n e g s t w o a c s k i p n r i l c a e r s g d e u v r o in lu g m th e e , a a u r t e u c m ov n - , 20 ~m- III \ \ ~ - 20 ery was made in January. Crop prices touched 10 • • 10 \the level of May, 1923, which was the highest B B M 0 0 point since November, 1920. Livestock prices 1919 1923 increased slightly during the month, but they Reduced exports of w1h9e2a0t since 1t9h2e1 beginni1n9g2 2of the crop year have are still below the levels of a year ago. The resulted in an increase in stocks in the United States, particularly at interior markets. rise in agricultural prices (crops and livestock) was accompanied by a slight_ rise in general corresponding month a year earlier. A concommodity prices, but the increase in the tinuation of this situation was evident in 88742—24 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
192 FEDERAL BESERVE BULLETIN. MAKCH, 1924. January, when total grain receipts were 36 per year ago and only a slight reduction in domestic cent smaller than in January, 1923. All consumption, the cotton market was adversely grains showed reductions from the December affected by reports of curtailment of mill operatotals, but the most significant was a decrease tions in New England during January' and in of 17 per cent in corn receipts, which was the Southern States in February, and the contrary to the usual seasonal developments. price of raw cotton declined continuously from Since 1919 January corn receipts have shown 36 cents on December 28 to 30 cents on Febincreases over those of the preceding December. ruary 21. One of the principal factors contributing to the Tobacco. small volume of grain that has been marketed during the present season is the reduced foreign The volume of tobacco marketed during demand. Exports of wheat and flour (in January was smaller than during the preceding terms of wheat) since the beginning of the crop month, but greater than in January a year year have been less than a year earlier and as a ago. The decreased volume of sales was due consequence stocks of wheat, as shown in the to a seasonal slackening of distribution in the accompanying chart, have accumulated in the bright-tobacco areas of the Richmond district. United States. It will be noted that the great- Sales in the dark-tobacco sections of that est accumulations are in the interior centers district were slightly larger than in December, and not at seaboard points, which indicates but were smaller in the dark sections of the that stocks are not being assembled for immedi- Cleveland and St. Louis districts. In the ate shipment abroad. burley areas of the St. Louis district, where the crop is marketed later than in the bright- Cotton. tobacco sections, sales were 73 per cent During January and February the principal greater than in December but only slightly factors affecting the cotton market were the greater than in January, 1923, Prices paid domestic and foreign demand for the com- to the producers for the crops are somewhat paratively small supply of American cotton. lower than during the previous season, which Domestic consumption during January was is attributed to the generally lower quality of considerably greater than in December, but the 1923 crop. The Burley Tobacco Growers' spinners' takings declined from 1,007,000 Cooperative Association early in January anbales in December to 536,000 bales in January nounced a sale which involved about 60,and were 151,000 bales less than in the same 000,000 pounds of its 1923 crop and 20,000,000 month a year ago. Stocks at mills showed pounds of the 1922 crop. Deliveries have little change from December, but were 18 per been delayed in sections of the St. Louis cent smaller than a. year ago. While stocks at district by unfavorable weather, and only mills fluctuate within comparatively narrow about 30 per cent of the tobacco grown by limits and do not indicate the situation from members of the Dark Tobacco Growers' the standpoint of supply of cotton, stocks at Cooperative Association has been delivered. warehouses are determined directly by the Total deliveries prior to February 9 ,to the size of the crop and reflect more accurately the association functioning in the Richmond disavailable supply. These warehouse stocks at trict amounted to 138,800,000 pounds. the end of January were 16 per cent smaller ^Production of all manufactured tobacco than at the end of the preceding month and 15 products increased in January and exceeded per cent smaller than at the end of January a the output of December and, compared with year ago. Exports during January showed a January a year ago, production of cigars seasonal reduction from the high point reached decreased, but the output of cigarettes and in December, but they continued to exceed the other tobacco products increased. The decline volume shipped abroad in the corresponding in tobacco manufacturing in December, as month a year ago. For the six months ending compared with earlier months in the autumn, January 31 total cotton exports amounted to was due to seasonal factors, and the increase 3,870,000 bales, compared with 3,379,000 bales in January is a normal sequence. In the for the same period a year earlier. All principal Philadelphia district the demand for cigars is importing countries increased their taking of fairly good and somewhat better than a year American cotton, but the most significant in- ago. Cigar factories are operating at about creases were by Great Britain and Germany. 80 per cent of capacity and cigarette factories Notwithstanding increased exports over a are working at close to capacity. Prices of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MAKCH, 1924. FEDERAL RESERVE BUULETIN. 198 cigarettes and cigars are firm and unchanged The steady decline in livestock prices during from the levels of the preceding month. 1923 was accompanied by exceptionally large marketing of almost all kinds of stock, particu- Fruit. larly hogs, and as a consequence the number Weather conditions in Florida and California of animals on farms and ranges at the beginning continued generally satisfactory during Jan- of 1924, with the exception of milch cows and uary and early in February for the harvesting sheep, was smaller than a year earlier. A and marketing of citrus fruits, but in other decrease in the number of stock together with fruit areas farther north the low temperatures a lower price level prevailing at the close of in February were injurious to peach buds, the year resulted in a decline of $266,258,000, particularly in Georgia, Tennessee, and Mis- or 5 per cent, in the value of all animals as souri. Citrus groves in Florida are in good compared with a year ago. The appended condition, but shipments of oranges and grape- table shows the changes that developed in the fruit fell off in January following the active industry in 1923 and a comparison with earlier demand which was evident prior to the holiday years. season. Compared with January a year ago total shipments of citrus fruit from Florida NUMBER AND VALUE OP LIVESTOCK ON FARMS AND were smaller, but for the season through Jan- RANGES, JANUARY 1. uary the volume of fruit marketed was 12 per cent larger than a year earlier. Picking of [000 omitted.] the navel orange crop in California continued under favorable conditions and shipments for 1922 1923 1924 the season ending January 31 amounted to 8,329 cars, as compared with 9,107 cars during N b u e m r. - Value. N b u e m r. - Value. N b u e m r. - Value. the preceding season. Lemon shipments, on the other hand, have exceeded those of a year Horses 19,056 $1,344,136 18,627 $1,300,729 18,263 SI,176,282 ago. Since the beginning of the year distinct Mules 5,467 481,578 5,485 471,385 5,436 457,697 progress has been made in marketing the dried- M Ot i h lc e h r c c o at w tl s e . . . 2 4 4 1 , , 0 9 8 7 2 7 1,2 9 2 9 7 7 , , 7 7 0 25 3 4 2 2 4 , ,4 8 3 0 7 3 1 1, , 0 2 9 4 4 2 , , 4 1 6 1 9 3 4 2 2 4 , , 1 6 2 7 6 5 1 1 , , 2 0 8 5 7 2 , , 0 5 4 5 4 9 fruit crops of California and considerable im- Sheep 36,327 174,545 37,223 279,464 38,381 302,092 Swine 58,127 587,482 68,227 791,005 65,301 637,193 provement has been noted in the industry, which has been in a critical situation for the past year. A heavy foreign demand for low- Marketing of livestock continued in large grade dried fruits has developed and has been volume during January and receipts of all anifollowed by increased activity in domestic mals exceeded the totals reached in December markets. Stocks have been substantially re- and in January a year ago. The supply of duced by the heavy shipments of the past hogs was unprecedentedly Targe and reflected month. a continuation of the exceptionally large receipts that were evident in 1923. In spite of the heavy receipts prices of hogs and sheep Livestock. increased slightly during the month, but cattle Excessively cold weather prevailed over the prices trended downward. For the week pastures and ranges in sections of the Kansas ending February 21 prices of hogs and cattle City district during the first week of February were lower than a year ago, but sheep quotaand caused some losses to livestock, but tions at Chicago were 47 per cent higher. The weather conditions in other range areas were table on page 207 shows in detail the statistics generally satisfactory in January and the first relating to the marketing of livestock in two weeks of February. With the exception January, 1924, and December, and January, of Oklahoma, where a scarcity of feed is evident 1923. and the cattle thin, the feed supply has been MINING. generally sufficient. In the Dallas district the stock are wintering well and are in better con- Coa! and coke. dition than a year ago. Ranges in the moun- Commercial stocks of bituminous coal, as tain States, which had been suffering from a estimated from a survey made by the Geololack of moisture, were improved by snows and gical Survey and the Bureau of Census, totaled rains and the cattle and sheep are in good con- on January 1 about 62,000,000 tons. This dition. By the middle of February consider- is the largest figure ever recorded except on able shearing was being done in the extreme Armistice Day, 1918, and on April 1, 1922, southwestern areas. immediately preceding the last strike. Fur- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
194 FEDERAL RESERVE BULLETIN. MARCH, 1924. thermore, production during January was the table below. Anthracite production totaled greater than in any previous month since more in January than in December, and output, December, 1920, and although weekly output during February continued at a uniform rate fell off some in February, it continued at a of about 1,900,000 tons a week. Prices were rate higher than usual for this season. It without significant changes during the month. therefore seems probable that coal has continued to move into storage. The accom- ANTHRACITE STOCKS IN THE YARDS OF SELECTED panying chart shows the trend of stocks and RETAIL DEALERS. MILLIONS OF TONS MILLIONS OF TOMS 70 Date. Net tons. Date. Net tons. •«•- PRODUCTION B STOCKS 60 60 1919—Jan. 1 942,398 1923—Jan. 1 412,232 1920—Junel 546,296 Aug. 1 837,099 1921—Jan. 1 709,373 Oct. 1 663,340 1922—Jan. 1 1,418,732 1924—Jan. 1 1,063,277 50 Improvement in iron and steel has been 40I 40 reflected in a greater demand for coke. Beehive-furnace production during January in- 30 30 creased for the first time since May, and by- 1 product output was likewise greater than m December. jVeekly statistics for February 20 20 If show further increases in the production of beehive coke to the highest rate since early in 10 10 October. Stocks at by-product plants inll creased between October 1 and January 1 from 0 n 476,000 tons to 772,000 tons, the largest figure A. S. 0.N. D F. M. A. M. J. J.A. S. 0. N. D J. R M. A. M. J. 0. 1922 1923 192* ever recorded except on March 1, 1922. Trend of production and commercial stocks of bituminous coal since the 1922 strike. Metals. monthly production since the 1922 strike. Prices of nonferrous metals were compara- Some of the large production in January was tively stable during the first half of February, in anticipation of a demand from England but advanced rather sharply in the third week during the railroad strike, which necessitated of the month. Quotations for refined electrolysome cessation of mining. But this strike tic copper delivered at New York were 12.50 proved to be short lived, and the expected cents per pound on January 19, 12.625 cents aemand failed to develop. Another stimulus on February 8, and 13.45 cents on February to increased production was the possibility 19. The advance in copper prices at New York of a miners' strike in this country on April 1, reflected a large advance in the London market but an agreement has now been reached be- and has been much helped by increased foreign tween miners and operators to extend the demand. Mine production of copper in January present wage contract for three years. Des- amounted to 133,000,000 pounds, as compared pite the weak statistical position of bitumin- with 129,000,000 pounds in December and ous coal, prices moved upward in late Jan- 112,000,000 pounds in January, 1923. Stocks of blister copper were somewhat reduced, uary and early February under the impetus while there was about a corresponding increase of increased buying for both household and in stocks of refined copper at smelters. commercial uses. Little activity was noticeable in anthracite Production of slab zinc totaled 99,400,000 markets during February. The weather, in pounds in January, which was the largest general, during the winter has been relatively output of any month in the four years for which mild, and consumption consequently not heavy. comparable statistics are available. Stocks Domestic coals are plentiful and are moving showed a slight further accumulation, but are slowly. Steam sizes are in somewhat better still less than one month's supply at the current demand. Retail dealers' stocks of anthracite rate of consumption. Zinc prices stiffened increased about 60 per cent in the period from somewhat in the middle of February, due to a October 1 to January 1, according to figures reduction in operations at both mines and smelters and to increased purchases by galreported by the Geological Survey, given in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 195 vanizers and brass makers. Lead prices have which reports were received during the month also continued to advance, due to large demand under review. The Chicago, Kansas City, and and only moderate supply. There has been a Minneapolis districts report increases, while large volume of forward sales of lead, with mills operating in the St. Louis and San Franpremiums for immediate delivery. cisco districts show a reduced output. Domes- Silver production increased to 5,220,751 tic trade in flour showed little change from the ounces in Janaury, which was 10 per cent more previous month, although the demand from the than in December and slightly larger than a South for soft wheat flour was reported better year ago when purchases were still being made than elsewhere. Following an advance in the under the Pittman Act. Silver quotations at price of wheat in January, flour prices increased both New York and London increased during and on February 21 standard patents at Minnethe first two weeks of February, but receded apolis were quoted at $6.30 per barrel, com- 1.25 cents in the third week of the month. pared with 16.10 at the end of December. Exports of flour, while slightly smaller than in De- Petroleum. cember, continued in large volume and offset Although the total production of crude somewhat the reduced exports of wheat. petroleum during January was less than in Under the effect of a continuation of the December, the daily average production, after heavy marketing of livestock the total volume reaching a low point of 1,884,050 barrels dur- of meat packing in January was the largest of ing the week ending January 5, increased dur- any month since January, 1919. All animals ing the remaining weeks of January and reached were slaughtered in greater numbers than in 1,918,900 barrels for the week ending February December or than in January, 1923, but the 16. The output in the California fields con- most significant increase was in the number of tinued to decrease, but there was an increase hogs slaughtered. Despite the large volume of in production in the Oklahoma and north packing, prices of most meat products increased Texas fields. The decline in the production during the month and the margin between the of petroleum since December has been accom- cost of live hogs and the price of pork products panied by an increase in price quotations at narrowed slightly. Inventories at packing all of the principal fields. The greatest ad- plants and cold-storage warehouses in the vances were made in January, and at the close United States on February 1 were larger than of that month prices had reached the levels of for the same month a year ago/but slightly less October and November. Conditions whichhave than the five-year average. Domestic trade in developed in the industry since the opening of packing-house products, as indicated by sales the year are very similar to those prevailing a of 36 packing firms reporting to the Chicago year ago. Federal Reserve Bank, was 5 per cent greater Despite the fact that consumption of gasoline than in December and also 5 per cent above is affected by seasonal factors and is at a low January a year ago. While total shipments of point at the present time, price quotations meats and lard to foreign markets were greater followed the advance in crude petroleum prices in January than in December, new orders were and were higher during January than at any less. January shipments were in fulfillment of period since early in the autumn. In anticipa- commitments made in November and Decemtion of consumption during the summer stocks ber calling for January delivery. of gasoline are being accumulated and with the recent advance in prices book values of the Textiles. stocks have increased considerably. Kerosene Textiles have not shared in the improvement prices have also been advanced in recent weeks noted in many other lines of business during and are higher than a year ago. Since the recent months. Raw-material prices are genadvance in gasoline and kerosene prices the erally considered to be relatively higher than export demand has been in limited volume. quotations on finished products, yet manufacturers and dealers report that little business MANUFACTURING. can be done at present levels. Consequently Food products. prices in many lines have been reduced some- Production of wheat flour during January what. Production was, on the whole, greater amounted to 10,784,000 barrels and vras the during January than in December, but demand smallest output since July, 1923, although larger did not show a corresponding increase. than for any January since 1920. Declines in Cotton yarns and goods were both in little production were not general in all districts from request during January and February and only Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
196 FEDERAL RESERVE BTJXUETIKV MARCH, 1924. a limited number of orders were received. The vances had generally been expected. Keports recovery begun last fall was short-lived, and so far indicate that buyers have not ordered as prices have fallen steadily since the first of the freely as a year ago. Sales of heavyweight year. The Fairchild cotton goods index, after clothing by retailers this winter were not up a continuous rise since August, reached 18.127 to expectations, and stocks are rather large. in the week of January 5, but later declined, Consequently they have ordered, sparingly for and for the week of February 23 was 17.081. spring, and clothing manufacturers in turn are The drop was sharpest about the middle of cautious about making commitments for fall February, following a rapid fall in raw cotton. goods. An increase of 20 per cent occurred in Despite these price recessions and the reported mill consumption of wool during January as poor business, raw cotton consumption in Janu- compared with December. The percentage of ary totaled 576,644 bales, the largest since last active loom and woolen-spindle hours was some- May. In fact, in some of the Southern States what greater than in December, but worsted January consumption was the largest on record. spindles were less active. Increased activity A large part of present production is for stock in January is partially seasonal. and not to fill orders now on books. Further Silk markets also have been rather dull since reports of extensive curtailment in operations the first of the year. Buyers of goods and of in New England and also in the South were thrown silk hesitate to make future commitreceived during February. ments and order only to supply current After the openings of fall lines of men's wear requirements. Consequently manufacturers at prices lower than those for last spring, the have in turn purchased relatively little raw rise in raw-wool prices was checked and the silk. Deliveries of raw silk, it is true, were market has been less active. No declines have seasonably larger in January than in Decemoccurred, however, as foreign markets have ber, but they Were smaller than imports, and continued strong and the supplies of foreign warehouse stocks increased further. Supplies wool in this country are very light. The fol- both in this country and in Japan are rather lowing table shows the stocks of wool held by large. Prices of raw silk weakened in the latter dealers and manufacturers on certain dates. part of January and in the following weeks fell Notice is called to the fact that manufacturers' to the lowest level since last August. Quotastocks on December 31 were smaller than at tions on artificial silk, which have been relaany other time in the past 18 months. Im- tively stable for the past two years, were ports have increased somewhat since the first sharply reduced early in February. Prices of of the year, but are still much smaller than a silk goods, particularly on those lines in which year ago. artificial silk is an important competitor, were also lowered. Loom activity in New Jersey increased slightly during the first two weeks of STOCKS OF RAW WOOL IN THE UNITED STATES. February, but is still well below the rate for [In thousands of pounds, grease equivalent.) the corresponding period last year. Production of winter underwear was sea- Total held bysonally greater in January than in December, Total. but the output of summer garments declined. Manu- Dealers. facturers. New orders were small and unfilled orders declined. As compared with a year ago, produc- Dec. 31,1923 415,681,316 201,154,240 214,527,076 tion, shipments, new orders, and unfilled Sept. 30,1923 474,747,517 250,864,707 223,882,810 June 30,1923 631,698,479 268,585,534 263,112,945 orders all showed rather substantial recessions. Mar. 31,1923 501,341.015 213,141,155 288,199,860 Buying of underwear was rather light in Janu- Dec. 31,1922 515,543i585 213,383,230 302,160,355 Sept. 30,1922 525,173,618 231,306,753 293,866,865 ary and February. Reflecting increased raw June 30,1922 479,151,184 201,225,406 277,925,778 material costs, many manufacturers have announced higher prices on new lines, and the Of chief interest in the woolen and worsted heavyweight openings showed advances ranggoods trade were the openings on January 31 ing from 5 to 20 per cent over a year ago. and February 18 of staple and fancy heavy- Hosiery markets have been somewhat disweight fabrics for men's wear by the largest turbed by changes in raw-material prices. producer. Prices announced were on the Quotations of artificial silk a few weeks ago whole only slightly higher than those of a year were suddenly rather drastically reduced, some ago and well below corresponding quotations cuts amounting to over 30 per cent. Furtherat the spring opening, whereas substantial ad- more, raw silk and raw cotton prices have been Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MABCH, 1924. FEDERAL RESERVE BULLETIN. 197 weak, and cotton and mercerized yarns have February. Locomotive completions and uneased off. Hosiery quotations also have in filled orders for January, on the other hand, many cases been reduced. Demand has been were the smallest in over a year, but some light and many mills have reduced operations. of the companies reported a slight increase in new orders. Another source of active demand Iron and steel. is building construction, responsible for 13 Buying of iron and steel products, which per cent of steel consumption in 1923. Strucbegan to improve last November on a small tural steel awards were less in January than scale, has continued to increase, and during in December, but were above all previous February inquiries and orders were receiver months since last April. In February some in larger volume than at any time since last rather large awards were made for bridges spring. Reflecting the enlarged demand, prices and for new buildings. Last year 10 per cent have tended upward, the Iron Trade Review's of the steel consumed was used in automobile composite average of iron and steel prices manufacturing, which continues to be a source rising steadily from $42.63 on November 21, of active demand, as the chief producers have the lowest point of last year, to $43.53 the announced large programs for the coming middle of February. The buying movement season. did not affect manufacturing operations until some time in December; in fact, the daily Automobiles. average production of pig iron and steel Automobile manufacturers report a large ingots in December reached the lowest point volume of business for this season of the year. of the year. Unfilled orders of the United The production of passenger cars and trucks States Steel Corporation, however, increased during January totaled 5 per cent more than upward during December for the first time in in December and 30 per cent more than in nine months. As a result of larger orders, January, 1923. Shipments likewise showed an operation schedules were substantially en- increase. Both output and shipments were larged in January; total production of pig greater than during any previous January on iron was over 3 per cent and that of steel ingots record. Relatively mild weather, the increas- 27 per cent above December output. In ing popularity of closed cars, better roads, February reports indicate that production easier terms of sale, well-maintained industrial has been at an even higher rate, steel plants employment, and somewhat improved agriculoperating at about 85 per cent of capacity, tural conditions are some of the factors conas compared with 76 per cent a month previous. tributing to the continued good demand for Despite greater output, the unfilled orders of passenger cars. Buying of trucks on the the Steel Corporation increased again in present scale is undoubtedly a result of active January. Buying now seems to be close to business. During the past month many manuproduction, although steel companies fre- facturers have announced price advances, quently accumulate stocks at this time of particularly on open models. This has probthe year in preparation for spring business. ably induced many purchases from those who Evidently during the period of inactive de- believed other increases would follow. Manumand last fall, consumers' stocks were reduced, facturers state that their stocks of finished cars and they have consequently requested prompter are not large for this season, despite heavy deliveries than usual. Orders are now be- production. Yet a number of middle western ing placed for second-quarter requirements. dealers, reporting to the Chicago Federal The demand for pig iron has been more mod- Reserve Bank, snow that they held 30 per erate than that for steel, but nevertheless has cent more new cars and 24 per cent more increased, and steel companies were active salable used cars at the end of January than purchasers about the middle of February. they did a year earlier. Inventories were also Demand has been particularly active for larger than at the end of December. Total railroad requirements, which in 1923 took dollar sales of new automobiles during January 30 per cent of the total steel output. Buying by manufacturers in the Chicago district were is rather heavy for use in new cars, car over 20 per cent greater than in December and repairing, bridge construction, rails, and other 45 per cent more than during January, 1923. equipment. Freight-car awards in January In accordance with seasonal trends noted in totaled 9,170, compared with 10,600 in De- previous years, the production of automobile cember, the highest since April. Indications tires and tubes increased considerably in are that a substantial increase occurred in January to the highest point since last spring. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
198 FEDERAL RESERVE BULLETIN. MARCH, 1924. Shipments were smaller than output and, a smaller extent, also rose and declined; proconsequently, stocks increased for the first duction increased steadily from the seasonal time in several months. Some prices on low point of the last week in December. Total balloon tires were reduced in January, but production, as reported by the National Lumstandard sizes remained relatively steady. ber Manufacturers' Association, was 1,152,- 550,000 feet in January, as compared with Leather and shoes. 1,026,581,000 feet for December. Shipments Increasing activity, first noted around the increased still more and in January exceeded beginning of the year, continued to characcut by about 90,000,000 feet. Weekly figures terize hide and leather markets until about the show that shipments continued greater than middle of February, but in the third week of output through the second week of February, as the month business was featureless. Packer did orders previous to that week. As compared hide prices advanced along with the increase with a year ago, 1924 orders and shipments in sales, although at this time of the year the have not been so great, but more favorable quality of hides offered generally becomes weather has permitted a larger volume of poorer. After the middle of February tanners production. withdrew from the markets and the price rise Although the production of Douglas fir, as ceased at a level ranging from one-half to 4J reported by the West Coast Lumbermen's cents above the low point of last November. Association, was considerably greater than in The tendency toward marked improvement in December, most western mills somewhat reheavy leathers and toward slight betterment duced output during January. Toward the in upper leathers likewise continued until the end of the month, however, operations were middle of February, when business became resumed, and in February a majority of the relatively stable. Leather prices rose, but the mills were producing. The amount of southadvance was smaller than in the case of hides. ern pine cut increased in January, and an even Production of sole leather was slightly greater greater growth in orders and shipments brought in January than in December, but stocks, both about a reduction of stocks. Wholesale and finished and in process, decreased. retail dealers have bought rather actively in Shoe manufacturers are now entering upon order to fill their spring requirements. Dethe period of maximum production and shipmand for hardwood from furniture manufacments of spring shoes. Output increased over turers and flooring mills has been strong, and 18 per cent in January, and reports indicate the movement of stock from producing to that a fairly large volume of orders is being consuming centers has been heavy. Softwood booked. Some tactories have sufficient busiprices, after a few weeks of stability, began to ness to maintain full operations until Easter. advance about the middle of January and have Spring styles have been more definitely detersince moved slowly upward, Lumber's index mined, and women's shoes are now selling rising from 31.58 for the week of January 11 with greater ease. As compared with a year to 33.14 for the period ending February 22. ago, however, available statistics and unofficial The hardwood index rose during the first three reports indicate that production, orders, and weeks in January to 43.90, dropped in the shipments have fallen off. In the Chicago disfollowing week, and later advanced slowly to trict orders for spring delivery received until 44.36 for the week of February 22. Both of February of this year were below those for the these indexes are somewhat lower than they same period a year ago. Recovery in producwere a year ago. tion during January over the previous month was greatest in the Boston, New York, Phila- BUILDING. delphia, and Chicago districts, in which declines Building operations continued to be mainhad been largest from November to December. tained at an exceptionally high rate during Sales of shoes at wholesale were practically the January, despite severe weather in many same during January as in December, but connorthern States. Contract awards for new siderably less than a year ago. Retail sales buildings in 10 Federal reserve districts reached were seasonally less than in December, but a total value of $300,621,000 in January, well above those of January, 1923. which was 1 per cent less than in December Lumber. and 24 per cent greater than in January, 1923. In the lumber industry, during January and The value of awards was greater than a year February weekly orders rose to the highest ago in all reporting districts except Kansas point in a year and then declined; shipments, to City, Cleveland, and Boston, which showed de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MABCH, 1924. FEDERAL, RESERVE BULLETIN. 199 clines of 41 per cent, 12 per cent, and 5 per at the end of the month were smaller than at cent, respectively. The largest increase was any time since early in 1922. However, a reported from the New York district and number of large orders for locomotives and amounted to 64 per cent. freight cars have been reported during Feb- The floor space of new buildings for which ruary. contracts were awarded in 27 northeastern The Class I railroads of the United States States totaled 49,867,000 square feet in Janu- earned $977,544,000 during 1923, according to ary, as compared with 47,845,000 square feet the Bureau of Railway Economics. This was in December and 38,947,000 square feet in equivalent to a rate of only 5.10 per cent January, 1923. Contracts for residences, hos- on their capitalization, whereas the Interstate pitals, recreational buildings, and religious Commerce Commission has fixed 5.75 per cent buildings specified a larger floor area than in as a fair average rate of earnings. Southern December, while awards for industrial, busi- railroads, which were most prosperous, earned ness, educational, and public buildings de- 5.84 per cent on their capitalization, as comclined. Comparison with a year ago shows an pared with average earnings of 5.40 per cent increased volume of contracts let for all classes by eastern railroads and of 4.57 per cent by of construction except industrial and public western railroads. buildings. Statistics of new construction, TRADE. classified by geographical districts and by pur- Wholesale trade. pose of structures, are published on page 209. The volume of wholesale trade increased Building material prices increased about 2 during January more than is usual at that per cent during January, but were about 4 season of the year and was somewhat larger per cent lower than a year ago. Stocks of most than a year ago. Much of this gain was due to building materials increased during January, spring buying by retailers. The Federal Reas is usual in the winter months, and were serve Board's index was 11 per cent higher in larger at the end of the month than on January January than in December, as a result of 31, 1923. Production of many types of malarger sales of groceries, meat, dry goods, terials was larger than in the corresponding drugs, clothing, agricultural implements, jewperiod of 1923, whereas orders were in smaller elry, and diamonds. Sales of stationery, volume. automobile supplies, and machine tools de- TRANSPORTATION. creased slightly. Volume of railroad traffic, as indicated by The value of January trade was about 2 per car loadings, was 6 per cent larger in January cent larger than a year ago and there was than in December and was also slightly larger probably a somewhat greater increase in volume than a year ago. Comparison with statistics of merchandise sold, as the level of wholesale for January, 1923, indicates that loadings of prices was 3 per cent lower than in January, miscellaneous merchandise, livestock, and coal 1923. Sales of groceries, meat, drugs, men's increased, while loadings of grain, coke, and clothing, and automobile supplies increased, ore were smaller. Traffic was heavier this while sales of dry goods, shoes, women's January than last year in New England, the clothing, agricultural implements, and dia- South, the CentralWest, and Southwest, but monds were smaller than a year ago. was somewhat smaller in the Central East and Stocks of merchandise at wholesale warethe Northwest. houses increased during January and con- The number of surplus freight cars continued tinued to be larger than at the corresponding to increase during January and averaged date last year. The general trend was the same 263,000 in the last week of the month, as com- in all districts for which information is availpared with 241,000 in the last week of Decem- able—Philadelphia, Richmond, Chicago, and ber. Locomotives in need of repair amounted Dallas. The increase in dry goods stocks to about 17 per cent of all owned on February during the month was particularly marked, but 1, while 7 per cent of the freight cars of the may be partly ascribed to the seasonal increase United States were in bad order. The num- in activity of business. Stocks of groceries, ber of locomotives awaiting repairs was re- hardware, and drugs also increased, while duced, whereas there was a slight increase in there was a slight reduction in stocks of shoes. the number of bad-order freight cars. Ship- Comparisons with a year ago indicate that ments from locomotive works totaled 151 m stocks of dry goods and hardware have in- January, as compared with 329 in December creased in all sections, whereas stocks of drugs and 229 in January, 1923, and unfilled orders show a slight decline. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
200 FEDERAL, RESERVE BULLETIN. MARCH, 1924. The accompanying bar diagram shows a com- Merchandise stocks at department stores deparison of the value of wholesale stocks in the clined 4 per cent during January, after allow- Chicago district at the end of each of the last ance for the usual seasonal change. Stores in three years. It may be noted that stocks of the Chicago district reported a 12 per cent dedry goods, shoes, and hardware were larger on crease in stocks, and smaller declines occurred December 31, 1923, than on the corresponding in all of the other districts except Cleveland, date of either 1921 or 1922, whereas stocks of Atlanta, Minneapolis, and San Francisco. An groceries and drugs were smaller. article is published on page 189, which shows the trend of department-store stocks by months since January, 1919. Statistics of wholesale and retail trade are published on pages 210 and 211. 120 PRICES. 100 The general level of wholesale prices, according to the index of the Bureau of Labor Statistics, was unchanged during January, but there were some readjustments between commodity groups. Prices of farm products, foods, and textiles, which advanced during the last half of 1923, declined, while prices of fuel and building materials, which declined during the greater part of 1923, turned upward in January. The freatest price changes during January were a GROCERIES DRY GOODS HARDWARE DRUGS SHOES ecline of 3 per cent in food prices and an in- Stocks ol wholesale dealers in the Chicago district were larger on De- crease of 4 per cent in fuel prices. cember 31, 1923, than at the end of either of the two preceding years for three of thef ivep rincipal reporting lines. The regrouping of the Bureau of Labor Statistics index by stage of manufactures of Retail trade. commodities shows that prices of raw materials Retail business showed about the usual sea- increased slightly more than 1 per cent in sonal decline from December to January, but January and prices of consumers' goods continued to be larger than a year ago for all showed about an equal amount of decrease, groups of reporting dealers except music chains. while prices of semifinished products were If allowance be made for the usual seasonal unchanged. Analysis of raw-material prices variations, sales of mail-order houses, grocery shows that quotations for mineral products stores, and candy stores increased in January, and forest products increased, while crop prices while sales of department stores, 5-and-10 cent declined slightly. stores, shoe stores, music stores, drug stores, Price advances were somewhat more numerand cigar stores declined. An increase in sales ous than declines during the first half of of staple winter goods was reported during February. Most of the advances occurred in February from many sections as a result of the prices of metals, fuel, and building materials, cold and stormy weather. while prices of textiles showed further decreases. January sales of department stores, after cor- Quotations for bituminous coal, lumber, hides, rection for seasonal variations, were 1 per cent sheep, hogs, sugar, wool, silver, and certain less than in December, due to decreases in the finished steel products increased, whereas prices New York, Philadelphia, Cleveland, Chicago, of cotton, silk, wheat, and potatoes decreased. Minneapolis, and San Francisco districts. Department-store trade, however, was larger EMPLOYMENT. than in January, 1923, in all districts except Kansas City and Minneapolis. Analysis of sales by departments at stores in the New York Despite other evidences of increased inand Boston districts shows larger business than dustrial activity during January, employlast year in practically all lines. The increases ment statistics indicated a further slight were particularly large for sales of men's decline in the number of workers on factory clothing, hosiery, furs, shoes, house furnishings, pay rolls, and the index of factory employand stationery. ment dropped from 99 to 98. Furthermore, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
201 MARCH, 1924. FEDERAL RESERVE BULLETIN. average weekly earnings were lower in January, COMMERCIAL FAILURES. indicating, since wage reductions were insig- Commercial failures for the month of Jannificant, that the number of hours worked uary numbered 2,108, as reported by R. G. per employee was less. These pay-roll sta- Dun & Co. Although more numerous than tistics, however, were taken for the middle during December of last year, failures were week of the month and consequently did not fewer than in January, 1923, and involved reflect the general curtailment noted in many industries late in December or the increase of liabilities somewhat smaller than the figure for operations in the latter part of January, December last year and only slightly in excess which did affect production statistics. The of the liabilities for the previous January. The figures of the United States Employment increase in numbers was largely due to in- Service, collected on the first of the month creases in the number of trading insolvencies, from a limited number of firms, indicated a but a considerable reduction occurred in the fractional increase in industrial employment indebtedness involved. Although there was between January 1 and February 1. The little change in the number of manufacturing Federal Reserve Board's index of the labor failures, the liabilities of this class represented market,1 which covers operations during the a larger proportion of the total than in either entire month, moved upward, from 0.50 in January or December of last year. In all December to 0.39 in January. This advance districts except Boston, St. Louis, Minneapolis, in the index, which is adjusted to allow for Kansas City, and San Francisco insolvencies usual seasonal changes, was due chiefly to the were fewer than for the same month last year, fact that the ratios of jobs offered to persons and in all districts except Boston and Chicago applying did not decrease in January as much the indebtedness was smaller. In the latter as they usually do, and in one State actually district the liabilities were the largest since increased. March, 1922. Comparative data by districts are given below. As in December, the greatest decrease in number employed was in the railroad car FAILURES DURING JANUARY. building and repairing industry. This was offset by an increase in automobile manu- Number Liabilities. facturing, so that the vehicle index recorded District. no change. Seasonal declines were noted in 1924 1923. 1924 1923 food, tobacco, and stone, clay, and glass products. Indexes for iron and steel, lumber, No. 1—Boston 203 17-' S7 173 S62 $2 716 407 chemicals, and leather and shoes remained No 2—New York. 407 441 8,884,038 14,478,212 unchanged. Declines in the manufacture of No. 3—Philadelphia.. 113 114 2,157,916 2,767,619 No. 4—Cleveland 175 18"> 6,160.933 7 235 898 textile fabrics—cotton, wool, and silk—and 152 173 3,505,170 3,623,783 in dyeing and finishing and knit goods were No. 6—Atlanta 136 1S« 2 452 051 2 689 396 251 283 12,641,812 6,250,185 partially offset by substantial seasonal in- No. 8—St. Louis 143 17 1 669 880 1 855 028 No. 9—Minneapolis... 104 ins 1,129,225 2 655 679 creases in the clothing industries. Decreased No. 10—Kansas City.. 168 81 2,035,090 1,491,314 employment in paper and pulp and in paper N S( o o . . 1 1 1 2 — — D Sa a n ll a F s rancisco 1 6 8 8 8 1 1 1 7 7 2 2 1 , 2 1 9 7 1 0 , 5 9 4 8 3 8 1 1 ,9 5 2 2 2 4 , 8 1 6 0 9 7 container mills caused the paper-and-printing Total 2,108 2 126 51,272,508 49,210.497 group index to decline, despite an increase in printing establishments. As compared with January, 1923, the general index was off 1 MONEY RATES point; foods, lumber, stone, clay, and glass, Money rates in the New York market conand printing were higher; iron and steel and tinued to show a declining tendency during vehicles about the same; and textiles, tobacco, the early part of February, but hardened after chemicals, and leather lower. the middle of the month as the volume of bor- According to Bureau of Labor Statistics rowing for commercial purposes increased and data total pay rolls in reporting establish- funds were withdrawn to the interior. While ments for January were 5 per cent and perthe prevailing rate on 4-6 months commercial capita earnings 4 per cent lower than in paper remained at 4| per cent, with a con- December. These reporting firms also showed siderable amount of paper sold at 4^ per cent, a 4 per cent decline in full-time operations. the volume of sales at this lower rate declined, Few wage changes were reported. particularly in the East. A decline in the rate on 90-day bankers' acceptances to 4 per cent 1 See BULLETIN for February, 1924, pp. 83-87. during the first two weeks of February proved Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
202 FEDERAL RESERVE BULLETIN. MARCH, 1924. to be only temporary, as reduced sales and and packing-house products. Cotton bills were enlarged dealers portfolios brought the rate in particularly large volume, and the supply of back to 4J per cent. The yield on 4-6 months bills drawn to finance the importation of sugar Treasury certificates reached the lowest weekly and coffee and the exportation of copper was average since October, 1922, during the second also large. week in February, but advanced somewhat Easier money conditions early in January toward the end of the month. The yield on resulted in lowering of dealers' offering rates to» Liberty bonds was almost unchanged from the 4 per cent on all maturities up to and including end of the year level, which was also the lowest 4-month bills. The consequence, however, was since October, 1922. The table below shows to cause the demand for bills to slacken, and the rates prevailing in the New York market by the end of the period offering rates had been during the last two months compared with the raised to 4| per cent on all maturities except corresponding months a year ago. 30-day bills, which continued at 4 per cent. Rates on maturities of more than four months- Prime Yield on Average remained unchanged at 4f to 4J bid and 4| tocom ci m al er- b P an ri k m er e s' c c a e t r e t s if o i- f yi 4 e } l d p e o r n R ra en te e w on al 4f offered. paper, accept- indebted- cent call ances, ness, 4-6 Liberty loans. SAVINGS DEPOSITS. months. 90 days. months. bonds. According to statistics furnished by 877 1923. banks distributed throughout the United January.... 4.41 4.32 States, the volume of savings deposits was- February 3.65 4.41 4.82 1924. almost the same on February 1, 1924, as on January 3.76 4.32 4.39 January 1, 1924. A total of $6,906,449,000 Average for week ending: was reported on February 1, 1924, as com- F F e e b b . . 2 9 3 3 . . 4 5 5 8 4 4 . . 2 2 8 8 4 4 . . 3 3 0 5 pared with $6,908,553,000 on January 1, 1924, Feb.16 3.52 4.30 4.44 and $6,382,006,000 on February 1, 1923. The Feb. 23 3.64, 4.30 4.19 increase in deposits over those of a year previous amounted to 8.22 per cent. _ The net decline In the London money market rates rose during the month of January is attributed'to markedly during January. Three months bank the withdrawal of deposits for investment bills were quoted at 3-^g- per cent for the week after the crediting of interest at the first of the ending January 25, the highest rate since the year. Decreases occurred between January 1 increase in market rates immediately following and February 1, 1924, in eight districts, the the advance in the bank rate last July. Treaslargest, of over 1 per cent, in the Atlanta and ury bills were allotted during the last two weeks Cleveland districts. The greatest increase, in January at the highest average rates since of 0.86 per cent, took place in Boston. A com- January, 1922, except for the first week in parison of savings deposits by Federal reserve July, 1923. districts on February 1, 1924, with deposits on ACCEPTANCE MARKET. January 1,1924, and February 1,1923, is shown in the following table. Figures for the Boston The acceptance market during the f our^weeks and New York districts are those of large ending February 13 was more active than for mutual savings banks, but in all other districts any period since early in the autumn. As a reports of other banks are included to make the result of large takings by New York and Boston figures representative. banks as well as those in the interior, the demand for acceptances increased rapidly in the SAVINGS DEPOSITS BY FEDERAL RESEEVE DISTRICTS; early part of the period and the volume of bills distributed was larger than for any month in [000 omitted.] w 19 h 2 i 3 ch e c x a c m ep e t i A nt p o r i t l h . e T m h a e r k s e u t p i p n l c y r e o a f s e n d e w du r b i i n l g ls District. b N b a e u n r m k o s - f . F 1 e 9 b 2 l 4 1 . , J 1 a 9 n 2 . 4 1 . , F 1 e 9 b 2 . 3 1 . , the first two weeks, but declined somewhat in the remaining weeks. The total supply of new No. 1—Boston 64 $1,227,742 $1,217,267 $1,150,793 No. 2—New York 30 1,922,678 1,923,763 1,805,923 bills exceeded any month in 1923 with the ex- No. 3—Philadelphia 79 483,826 480,131 442,083 ception of April and November. In fact, the No. 4—Cleveland 18 458,720 464,948 . 411,325 No. 5—Richmond 91 293,099 293,193 284,707 supply increased more than the demand, and No. 6—Atlanta 98 222,689 225,807 206,357 No. 7—Chicago 207 894,953 900,903 826,456 dealers' aggregate portfolios at the end of the No. 8—St. Louis 33 135,025 134,823 125,229 period showed considerable increases and were No. 9—Minneapolis 15 92,303 92,410 86,220 No. 10—Kansas City 58 105,964 106,501 99,722 at the highest point in over two years. Com- No. 11—Dallas 110 89,512 88,602 79,114 modities against which bills were drawn were No. 12—San Francisco 74 979,938 980,205 864,077 cotton, silk, grain, sugar, coffee, copper, wool, Total 877 6,906,449 6,908,553 6,382,006 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 203 FOREIGN TRADE. January, $4,506,000, while about $2,000,000 less than the month before, compare favorably Imports of merchandise during Januarywith the January, 1923, imports of $3,576,000 show an increase of $11,000,000 as compared and the average monthly imports of $4,171,000 with December, and a decline of $30,000,000 for the past calendar year. Silver exports as compared with January of last year. Exfor the month were $2,229,000. in excess of the ports of merchandise show a decrease during imports and were consigned largely to British January of $33,000,000 as compared with India, China, England, and Japan, the latter December, and an increase of $59,000,000 as country alone taking over $858,000 for the compared with a year ago. Excess exports, month. accordingly, declined during January by Gold imports and exports by principal coun- $44,000,000 as compared with December, tries for January, 1924, and the seven months when the export balance stood at $139,000,000; ending January, 1924 and 1923, are shown in and rose by $89,000,000 as compared with the following table. A detailed table of the January, 1923. foreign trade in gold and silver for the same The decline in exports is more than accounted periods appears on page 241. for by the loss in value of exports of raw cotton, which fell off from 846,000 bales in December to 546,000 bales in January. GOLD IMPOSTS INTO AND EXPOBTS FROM THE UNITED STATES. MERCHANDISE TRADE BALANCE OP THE UNITED [In thousands of dollars.] STATES. 7 months 7 month (In thousands of dollars.] January, ending ending Country. 1924. January, January, 1924. 1923. Months. Imports. Exports. E Im xc p e o s r s t s o . f E e x x c p e o s r s t s o . f IMPORTS. 22,940 127,959 106,473 1923. France 2,120 13,485 15,800 January 329,254 335,417 6,163 Italy 2,700 2,754 February 303,412 306,957 3,545 Netherlands 5,915 13,198 10,044 March 397,928 341,376 56,552 8,466 26,217 20,911 April 364,252 325,492 38,760 Mexico ... 560 4,498 3,286 May 372,545 316,360 56,185 203 5,422 June .. . . 320,234 319,957 277 Colombia 384 2,670 3,553 July . 287,434 302,186 14,752 China 512 3,910 '5,849 August 275,438 311,263 35,825 Egypt ... 486 1,186 3,245 September 253,645 381,433 127,788 Another 1,183 34,953 15,816 October 308,291 399,199 90,908 November 291,438 400,507 110,069 Total 45,469 236,252 184,977 December 288,067 426,799 138,732 Year 3,791,938 4,167,946 376,008 EXTORTS. Canada 128 1,202 21,657 1924. Mexico 138 1,883 2,551 January 299,000 394,000 95,000 British India 13 1 1, , 3 3 4 1 3 1 6 2, , 0 4 5 9 9 4 Allother 2 894 1,442 GOLD MOVEMENTS. Total 281 6,633 35,203 UNITED STATES. GEEAT BRITAIN. Net gold imports for the month of January totaled $45,188,000, the largest monthly total During the month of December gold imports since 1921, with the exception of May, 1923. into Great Britain declined by £600,000 as Of the total gold imports during the month, compared with November, £500,000 of the $22,940,000, or slightly over one-half, came decline being accounted for by decreased shipfrom Great Britain, over 18 per cent from ments from the Transvaal. Exports during the Canada, and about 13 per cent from the Neth- month declined by over £6,000,000, due to the erlands. Substantial amounts came also from decrease from £9,000,000 to £3,000,000 in Italy and France. Gold exports for the month shipments to the United States. were unusually small and went largely to For the year ended December, 1923, total Mexico and Canada. gold imports were £44,000,000, as compared Of the total silver imports for the month, with £35,000,000 during 1922, an increase of $5,980,000, or over 75 per cent, came from £9,000,000. Seven millions of this increase are Mexico and about 16 per cent from Peru and due to larger shipments from the Transvaal, Canada. Silver imports from Mexico during and two millions to larger shipments from the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
204 FEDERAL RESEBVE BULLETIN. MARCH, 1924. United States. Gold exports during 1923 in- Sterling declined from $4.36 on February 2 ta creased by £12,500,000 as compared with 1922. $4.29 on the 16th, but averaged $4.31 for the The two main streams of outgoing gold were to three weeks, as compared with $4.26 for the United States, £33,000,000, and to India January. French francs declined from 4.71 £19,000,000, which together accounted for 91 cents per franc on the 2d t;o 4.10 cents on the per cent of the year's total exports of gold. 19th, which is again a new low record, but Exports to each of these countries during 1923 rallied to 4.22 cents on the 21st. Belgian show an increase of more than £6,000,000 as francs declined still more sharply, from 4.17 compared with the previous year. From on the 2d to 3.42 cents on the 19th, but January to June, inclusive, exports to India rallied to 3.62 cents on the 21st. Italian lire were about £15,500,000, as compared with showed the same range and practically the with £10,000,000 to the United States; in same average as during January. July, however, considerable gold of South The Netherlands florin and the Swedish African origin, which had hithereto been krona, although showing a gradual recession diverted to India, began to be shipped to the from the first of the month, averaged somewhat United States, so that for the second half of higher for the three weeks of February than the year shipments to the United States totaled for the month of January. The Danish krone £23,000,000, as compared with £3,500,000 to declined from 16.42 cents per krone on Febru- India. Exports of about £2,000,000 to Egypt ary 3 to 15.63 cents on the 16th, but rallied to and £1,470,000 to the Netherlands are also 15.92 cents on the 21st. The Norwegian krone shown for 1923. declined from 13.55 cents per krone on Feb- Net exports of gold from Great Britain dur- ruary 1 to 13.14 cents on the 16th, but rallied to 13.22 cents on the 21st. ing 1923 amounted to £13,448,000, the greater part of which results from the export to The Argentine peso rose from 74.72 cents New York of gold held on account of the British per peso on February 1 to 77.53 cents on the Government. 21st, the highest rate quoted since July, 1923. The Brazilian milreis rose from 11.39 cents per milreis on the 1st to 12.21 cents on the 8th, GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN. and stood at 12.12 cents on the 21st. The Chilean peso declined from 10.42 cents per peso on February 2 to 9.85 cents on the 18th,. 12 months 12 months December. ending ending and stood at 10.03 cents on the 21st. Country. 1923. December, December, 1923. 1922. Of the oriental exchanges, the Shanghai tael and the Japanese yen rose slightly as compared with January, while the Indian Eggyypt £57,678 £3,564 rupee remained practically stable. NNeettherlands £2,862 58,580 RRhodesia 186,424 2,263,388 2,081,359 Transvaal 2,245,528 37,474,494 30,382,102 United States 2,654,877 472,360 West Africa 31,871 1,252,362 1,113,509 Janu- Feb- Another 1,495 217,523 430,693 ary, February,1924. ruary, 1923. Total. 2,468,180 43,986,655 34,542,167 EXPORTS. Month. w F e ir e s k t . 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. British India 304,321 19,092,740 12,949,424 Egypt 255,000 2,030,500 37,450 Java 238,407 20,469 Average quotations Netherlands 277,684 1,470,586 109,428 (cents): Straits Settlements. 11,440 289,512 531,339 Sterling 425.91 432.56 430.29 429.77 430.37 469.08 United States 1,937,471 33,005,253 26,632,645 French franc 4.67 4.67 4.52 4.25 4.26 6.15 All other 154,996 1,307,357 4,557,537 Italian lira 4.34 4.38 4.37 4.32 4.32 4.82 Netherlands norm.. 37.35 37.60 37.42 37.32 37.33 39.53 Total.. 2,940,912 57,434,355 44,838,292 Swedish krona 26.18 26.31 26.21 26.09 26.13 26.60 Canadain dollar 97.36 97.06 97.03 98.98 96.72 98.67 Net exports.. 472,732 13,447,700 10,296,125 Argentine peso 73.65 75.28 75.97 76.81 77.67 84.22 Shanghai tael 70.27 71.25 72.11 71.29 70.31 71.82 Percentages ol par: FOREIGN EXCHANGE. Sterling 87.5 88.4 88.4 96.4 French franc 24.2 24.2 23.4 22.0 22.1 31.8 Italian lira 22.5 22.7 22.6 22.4 22.4 25.0 Leading European exchanges during the Netherlands florin 92.9 93.5 93.1 92.8 92.9 98.3 Swedish krona 97.7 98.2 97.8 97.4 97.5 99.2 first three weeks of February showed a down- Canadian dollar 97.4 97.1 97.0 97.0 96.7 98.7 ward tendency, although in several instances Argentina peso 76.3 78.0 78.7 79.6 80.5 87.3 Shanghai tael 105.1 106.6 107.9 106.6 105.2 107.4 the average for this period showed an im- General index of 17 provement over the average for January. countries 59 58 57 57 57 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 205 INDUSTRIAL STATISTICS. Statistics given below reflect the general in- by industries may be found in the preceding crease in industrial activity which took place sections on "Business Conditions in the United in January. The adjusted index of production States," pages 191 to 200. The three indexes in basic industries and the unadjusted indexes of industrial activity—agricultural movements, of manufacturing and mining rose consider- mineral production, and manufacturing proably. The volume of factory employment, duction—heretofore published in the BULLEhowever, declined slightly between the middle TIN, have been revised. The revisions are of December and the middle of January. explained and the results presented in this Agricultural movements showed a seasonal issue on pages 183-188. The chart generally decline. Detailed discussion of developments published here may be found on page 183. INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTSIES.i [Not corrected for seasonal variations. Monthly average, 1919=100.] in G e d r e a e n l x - . i G n r d M p o e u r e x o p t . a d l u s c s a I t a t r n s e n o . d e d n l. i G T n e r d o x e u t x i p . les a F r n i a c d b s - . prod P u u r c c o t t d s s . . - L p u a b r u c n o e t m d d r s. - - 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 h d s. - er S g d a t l a o n a y n s d s , e . , b p u a r c o c t e d s o . - C p u c a r h c a n o e t l d d s s m . . - i- 1919 average 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1920 average.., 104 310 110 100 98 103 96 105 1)0 101 92 103 99 101 83 67 67 96 97 94 81 72 96 96 83 86 98 78 1922 average.... 90 76 75 96 93 101 107 76 99 96 89 99 95 73 1923 average 101 93 93 102 103 101 120 100 105 103 91 110 91 79 1923. January 99 90 89 105 108 102 115 95 104 98 96 98 96 80 February . . 101 92 92 105 106 104 118 98 104 99 97 98 94 80 March 103 95 94 107 107 107 121 101 106 99 96 104 94 81 April 103 96 95 106 107 105 122 101 106 96 94 110 91 79 May 103 96 96 105 107 102 120 103 105 97 92 115 89 78 June 103 97 97 103 105 100 122 103 105 100 88 115 89 78 July 101 95 95 99 100 97 121 102 105 103 87 114 87 77 August 101 94 93 98 98 98 121 102 104 104 91 115 84 78 September 101 93 93 99 99 100 119 101 104 106 90 114 90 78 October 101 92 92 99 99 100 120 100 105 109 90 114 90 79 November . 100 91 91 98 100 96 119 100 106 110 89 111 92 78 December 99 90 89 98 100 96 118 2 95 107 108 86 109 92 78 1924. January 98 89 89 97 96 98 118 '93 106 104 86 105 89 78 1 This table contains for certain months the index numbers of employment, 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 the BULLETIN for December, 1923. 2 Revised. »Preliminary. INDEX OF PRODUCTION IN BASIC INDUSTKIES.» [Index and relatives for each industry adjusted for seasonal variations. Monthly average 1919~100.] Iron and steel. Textiles. Food products. Year and month. G in e d n e e x ra . l Pig iron. in S g te o e t l s. Cotton. Wool. W flo h u e r a . t m S e u lt g i a n r gs. Cattle. A C ni a m lv a e ls s . slau S g h h e t e e p re . d Hogs. Lumber. 1919 average.. . . 100 100 100 100 100 100 100 100 100 100 100 100 105 119 118 98 89 84 90 86 103 86 91 101 1921 average.. . 80 55 58 92 98 92 97 76 97 103 95 75 98 88 102 103 98 96 132 86 106 87 106 102 1923 average.. - 120 131 128 110 110 96 111 91 114 92 131 124 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 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 85 150 131 116 111 109 113 104 84 138 82 122 79 141 137 December.. 111 117 107 96 100 87 97 81 121 87 116 129 1924. 120 120 130 112 99 87 97 95 133 98 119 136 1 This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 152, 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 are weighted. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
206 FEDERAL EESEEVE BUUJ3TIN. MARCH, 1924 INDEX OF PRODUCTION IN BASIC INDUSTRIES—Continued. Coal. Nonferrous metals. Tobacco products. Year and month. m B in it o u u - s. An ci t t h e r . a- Copper. Zinc. lea S t o h le er. N pr e i w nt s . - Cement. P le e u tr m o . - Cigars. r C et ig te a s - . f to a M c b t a a u n c r u c e - o d . 100 100 100 100 100 100 100 100 100 100 1900 1920 average... 121 101 105 102 82 110 127 117 114 100 93 1921 average 69 99 39 46 79 89 121 124 98 113 90 1922 average 87 60 82 79 79 105 139 146 100 119 98 120 109 122 113 84 108 174 191 99 144 1923. January 123 122 111 118 87 105 210 167 109 151 110 February 120 126 110 108 87 109 189 171 99 139 95 March... 120 128 115 124 92 112 178 175 99 137 9! April 134 114 114 119 88 101 164 185 95 139 95 May 131 111 120 121 84 120 161 193 98 150 10( June 125 112 122 109 81 114 158 193 95 147 9S July 122 113 128 110 91 112 173 197 96 137 91 August 121 119 131 106 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 108 103 131 113 80 107 180 209 104 145 9! December. 102 2 105 128 118 72 101 174 192 88 138 So 1924. January 124 111 132 124 73 106 239 183 98 176 113 ' Revised. INDEXES^OF INDUSTRIAL ACTIVITY. COMMODITY MOVEMENTS—Continued. [No seasonal correction. Monthly average, 1919=.1OO.] Janu- Decem- Janu- 1923 ary, 1924. ber, 1923. ary, 1923. Decem- Janu- Januber, ary, ary, 1922. 1923. Novem- Decem- 1924. Grain and Flour—Continued. ber ber. Stocks at 11 interior centers at close of month (000 omitted): Agricultural movements 131 114 144 130 102 Wheat (bushels) 59,785 65,502 33,787 Mineral production..... 126 133 130 123 136 Corn (bushels) 6,832 7,114 15,533 Manufacturing produc- Oats (bushels) 14,788 16,287 26,027 tion 113 121 118 109 125 Eye (bushels) 16,652 15,521 8,241 Barley (bushels) 1,828 2,595 1,880 COMMODITY MOVEMENTS. Total grain (bushels) 99,885 197,020 85,468 Total visible supply of grain east of the Janu- Decem- Janu- Rocky Mountains at close of month ary 1924. ber, 1923. ary, 1923. (000 omitted): Wheat (bushels) 71,714 79,470 50,361 Corn (bushels) 10,492 9,683 22,908 Grain and Flour. Oats (bushels) i... 18,712 21,350 33,165 Eeceipts at 17 interior centers (000 Receipts at 9 seaboard centers (000 omitted): omitted): Wheat (bushels) 16,861 30,188 38,122 Wheat (bushels) 12,794 22,659 24,693 Corn (bushels) 31,075 37,271 37,496 Corn (bushels) 3,213 2,222 8,211 Oats (bushels) 18,176 22,497 24,511 Oats (bushels) 2,327 4,190 2,407 Eye (bushels) 1,807 2,036 7,176 Bye (bushels) 325 1,363 6,031 Barley (bushels) 2,916 5,830 3,776 Barley (bushels) 1,573 1,894 1,455 Total grain (bushels) ^ 70,834 97,822 111, 081 Total grain (bushels) 20,232 32,328 42,796 Flour (barrels) 1,902 2,013 1,993 Flour (barrels) 1,931 3,105 1,849 Total grain and flour (bushels):. 79,395 106,882 120,051 Total grain and flour (bushels).. 28,920 46,298 51,115 Shipments at 14 interior centers (000 Stocks at 8 seaboard centers at close of omitted): month (000 omitted): Wheat (bushels) 12,244 15,847 18,278 Wheat (bushels) 6,039 8,116 10,163 Com (bushels) 17,579 18,013 21,083 Corn (bushels) 1,484 711 4,228 Oats (bushels).. 14,829 14,907 21,155 Oats (bushels) 1,025 1,156 3,252 Bye (bushels) 582 1,186 4,592 Rye (bushels) 751 1,028 2,130 Barley (bushels) 2,066 2,392 2,315 Barley (bushels) 2,164 2,454 2,597 Fl T ou o r t a ( l b g a r r a re in l s ( ) bushels) 4 3 7 , , 1 3 8 0 2 0 5 5 2 , ,3 3 4 4 4 0 6 3 7 , , 3 4 3 2 1 3 Total grain (bushels) 11,463 13,465 22,370 Total grain and flour (bushels).. 61,619 76,371 82,411 Wheat flour production (barrels, 000 omitted) . 10,784 11,741 10,137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE 207 COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Janu- Decem- Janu- tJ>annuuu-- D.~ewc;eemm-- January, 1924. ber, 1923. ary,1923. ary, 1924. ber, 1923. ary, 1923. Livestock. S = l O ile ti o te f r r e A v g e r n i u c e u s l t t a u m ra p l s P fo ro r d m u a c n ts u — fa C ct o u n re . Receipts at 57 principal markets (head, of tobacco, excluding Porto Rico 000 C H S H h a o o o e t r m t g e s l e p e s i s t . a t . e a n .. d n d ) d : c m al u v l e e s s (43 markets) 6 1 1 , , , 6 8 1 4 6 0 7 6 9 1 5 5 1 1 , , , 5 7 7 0 7 0 4 6 9 1 6 1 5 1, , , 6 8 1 8 2 4 9 3 0 2 0 an C C C M d i i i a P g g g n a a a h r r u r i s s e l f l t a ( ( i t c s l p e a m t s i u r n g a r e ( e e l s l ) d I ) m s l t a o a n b l d a l s ) c . c ( . o 0 . 0 . ( 0 . p . o . o m . u . i n . t . t d . e s . d . ) ) . . : . . . . ,2 5 5 4 3 0 8 4 5 4 , , , , 5 2 1 0 9 1 2 4 0 7 4 2 4,4 4 2 2 3 9 9 3 1 1 , , , , 8 2 3 4 4 5 7 2 2 2 9 7 5,3 5 3 4 2 3 9 , , , 1 5 7 4 4 7 6 6 1 Fruit shipments (carloads): Total 9,691 9,032 8,735 O G r r a a n p g ef e r s uit 2 6 , ,7 3 4 91 2 8 1 , ,6 5 6 0 1 8 2 7 , 0 5 0 1 9 2 Sh ( i h p e m ad e , n 0 ts 0 0 a o t m 5 it 2 te d p ) r : incipal markets A Le p m pl o e n s s 7,9 6 6 0 1 2 7,7 5 4 0 7 4 ,. 8, 6 17 8 1 6 Cattle and calves 699 776 743 Vegetable shipments: H H Sh o o e r g e s s e p s and mules (43 markets) 2,1 7 5 5 7 7 8 5 1,8 6 7 4 7 1 5 8 . 1 , 7 8 8 2 5 3 4 2 W O Ri n h c i e i o t n ( e p s p o ( o u c t a n a r d t l o s o e , a 0 s d 0 s ( 0 ) c a o r m lo i a tt d e s d ) ) ..... 1 1 1 2 8 0 , , , 4 9 4 1 8 8 1 3 8 1 8 1 1 1 , , , 6 4 9 8 0 6 3 3 5 , 1 1 0 6 1 , 1 , 0 5 , 4 5 9 9 2 09 Sugar, all ports (long tons): Total 3,370 3,402 R M e e c l e ti i n p g ts s 2 2 1 6 7 4 , , 4 4 0 8 0 3 168,000 2 2 7 7 4 0 , , 5 6 0 0 7 0 Shipments of stackers and feeders from Raw stocks close of month 455,229 491,610 482,250 33 markets (head, 000 omitted): Fishery Products. Cattle and ealves 238 348 274 Fish landed by American fishing ves- Hogs 47 43 62 sels, total catch (pounds, 000 omitted) 12,891 7,897 Sheep 145 152 v.a Cold-storage holdings, frozen and cured fish, on 15th of month (pounds, 000. Total ...,.: 544 506 omitted) 70,182 84,019 67,514 Forest Products. Slaughter at principal markets under Lumber: Federal inspection (head, 000 Number of millsomitted): National Lumber Manufac- C H Ca a o l t g v tl s e e s ., 5,9 8 3 1 1 7 1 3 3 5,9 7 3 0 2 5 4 4 6 5, 7 3 1 5 3 4 1 5 4 S W o t e u u s t r t h e C e r r s o n ' a A s P t s i s L n o e u c m A ia s b ti s e o o r n c m ia e ti n o 's n As- 3 1 5 7 3 9 5 1 6 7 2 9 5 17 5 2 3 Sheep 1,083 978 1,021 sociation 125 124 122 Production (feet, 000,000 omitted)— Total 8,180 7,961 7,252 National Lumber Manufacturers' Association 1,153 1,027 1,066 Meats, cold storage holdings first of fol- Southern Pine Association 394 336 409 lowing month (pounds, 000 omitted) West Coast Lumbermen's As- B Po ee rk l products 8 1 5 0 8 2 , , 4 3 9 4 7 0 7 1 5 0 6 5 , , 8 65 1 5 8 1 6 1 8 4 8 , , 1 9 1 2 3 4 Shipm s e o n c t i s a t ( i f o e n et, 000,000 omitted)— 457 359 314 lamb and mutton 2,343 2,508 5,890 National Lumber Manufac- Exports of certain meat products turers' Association 1,242 1,025 1,282 (pounds, 000 omitted): Southern Pine Association 434 342 477 Beef- West.Coast Lumbermen's As- Canned 103 168 sociation ; 321 373 Fresh 210 320 Naval stores at 3 southern ports: Pickled or other cured 1,201 1,460 1,205 Spirits of turpentine (casks)— Hog products— Receipts 10,788 27,986 10,326 Bacon 42,427 47,131 43,352 Stocks at close of month 41,545 50,318 Hams and shoulders 30,102 29,132 31,080 Rosin (barrels)— Lard 132,758 98,578 107,786 Receipts.... 61,971 119,011 67,967 Pork, pickled 2,755 2,725 3,806 Stocks at close of month....... 306,606 338,957 Dairy Products. Fuel and Power. Coal and coke (short tons, 000 omitted): Receipts at 5 principal markets (000 Bituminous coal production 50,801 40,165 50,178 omitted): Anthracite coal production 7,700 8,713 Butter (pounds) 42,615 41,881 48,123 Anthracite coal shipments 6,672 Cheese (pounds) 14,399 14,299 12,887 Coke- Eggs (cases) 713 587 853 Beehive coke production 1,154 1,063 1,478 Poultry (pounds) 37,915 75,576 43,735 By-product coke production... 3,094 3,100 Cold-storage holdings first of following Petroleum, crude(barrels, 000 omitted): month (000 omitted): Production 56,354 58,892 51,467 Creamery butter (pounds) 15,243 30,282 16,122 Stocks at close of month. . 331,496 333,053 264,675 American cheese (pounds) 40,499 49,560 26,593 Producing oil wells completed Eggs (cases) 500 1,926 213 (number) 772 887 1,208 Poultry (pounds) ,.,.,. 99,666 93,675 121,632 Oil refineries:1 Production (000,000 omitted)— Other Agricultural Products. Crude-oil run (barrels) 51 50 47 Gasoline (gallons) . 659 618 585 Cottonseed (tons): Kerosene (gallons). 235 221 226 Received at mills 242,058 378,518 202,808 Gas and fuel oils (gallons); 1,073 1,058 972 Crushed 408,062 432,823 464,980 Lubricating oils (gallons) 98 96 90 Stocks at mills at close of month.... 577,693 738,761 527,777 Stocks (000 omitted)— Cottonseed oil (pounds, 000 omitted): Crude-oil run (barrels) 33 34 Production, 121,147 128,122 143,-944 Gasoline (gallons) 1,075 884 Stocks.. :..... 136,348 140,863 95,787 Kerosene (gallons) 283 239 : 281 Oleomargarine consumption (pounds, Gas and fuel oils (gallons) 1,515 1,500 1,305 000 omitted) 23,841 20,748 20,633 , . Lubricating oils (gallons) 231 Tobacco sales at loose-leaf warehouses Electric power produced by public- (pounds, 000 omitted): utility plants (kilowatt hours, 000,000 Dark belt, Virginia ,. 6,476 6,294 omitted): Bright belt— ' Produced by water power 1,689 1,62ft Virginia 2,360 12,231 5,029 Produced by fuels 3,258 3,134 North Carolina.... 28,377 45,314 9,264 Total...... - 4,947 4,754 Burley 27,213 15,722 25,622 Western dark , 12,563 15,162 11,615 1 Figures for December and November, 1923; December, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
208 FEDERAL EESERVE BUULETLN. MARCH, 1924. COMMODITY MOVEMENTS-Contlnned. COMMODITY MOVEMENTS—Continued. Janu- Decem- Janu- Janu- Decem- January, 1924. ber, 1923. ary, 1923. ary, 1924. ber, 1923. ary, 1923. Metals. Textiles—Continued. Iron P a i n g d i r s o t n e e p l r : oduction (long tons, 000 Raw C s o i n lk s : umption (bales) 32,925 23,274 34,680 St o ee m l i i t n te g d o ) t production (long tons, 3,019 2,921 3,230 I S m to p c o k r s t s a t ( p cl o o u s n e d o s f , m 00 o 0 n o tn m ( i b tt a e l d e ) s) 4 4 4 , , 3 3 6 9 9 8 4 4 0 , ,9 0 5 4 9 8 4 4 7 , , 5 08 3 7 8 000 omitted) 3,600 2,844 3,822 Unfilled orders. United States Hides and Leather. Steel Corporation (long tons, 000 omitted) 4,798 4,445 6,911 Sales of raw hides and skins during Fabricated structural steel orders month (number, 000 omitted): • S C i o o lv p m e p S S r i e t t t e ( e r t t e e p e o p S U l l r d n r o c h b n ) o n a d a i f d a p s i r u l g u t r m l c i e e e c n t l e ) d t i s g i o n o s n o ( t n s n b r d u o ( ( e m o p t r r k o s b o i u y n e n r g ) d s — o s ( u , n n 0 e c 0 t e 0 t s o , o n m 0 s 0 i ) t 0 - .. 2 1 0 4 3 5 8 9 2 , , , , 2 8 0 1 2 1 0 6 1 7 0 4 1 3 1 4 4 7 4 4 1 0 9 4 , , , , , 7 4 0 0 6 0 4 9 0 4 0 8 8 8 8 2 5 1 1 1 0 1 8 1 0 5 6 8 9 2 0 , , , , , , 0 1 4 8 2 6 2 6 9 0 6 0 1 3 0 0 7 5 Sto o c f C C C S C k K G m ' h a a s a a o i o e l p b t t a f o t t e n s r s t l l f p e e e k k t a h t r i i a h h n t n n a a n d ( i i w s s d d n d e e k u h s l s i m a d id m b e e b s r , a n 0 d 0 0 s o ki m ns i tt a e t d c ) l : o l se , , 1 1 1 , , , 3 6 1 7 3 7 7 0 6 1 0 7 3 1 5 9 8 1 2 1 5 , , , , 7 2 2 8 2 4 6 7 8 6 2 9 7 5 8 5 0 3 5 6 2 6 1 1 , , , , 8 2 3 8 7 5 9 3 8 8 4 1 4 9 6 8 6 1 1 0 Zinc P S S ( r t h p o o i o c d p k u u m s n c , e d t c n i s o l , t o s n 0 s 0 e 0 o f o m m i o t n te th d): 9 8 9 9 1 1 , , , 4 3 1 1 9 8 8 4 0 1 9 7 8 2 2 9 3 1 , , , , 3 9 1 6 5 7 5 2 4 0 6 2 9 3 9 2 3 5 , , , 6 1 9 3 4 9 4 8 0 C K C G Sh a a i o l p e b a f e s s r t p k e k a t i i a n t n n a n d s s d k l i a d mb - 2 7 9 , , , 1 4 9 7 7 7 0 2 5 3 5 0 6 2 6 2 9 7 , , , 8 7 9 2 8 2 4 9 0 3 1 7 6 6 6 3 1 9 8 , , , , 1 9 2 1 7 5 9 6 3 3 1 8 4 0 0 Tin D S (p t e o o l c i u v k n e s d r , i s c e , l s o 0 s t 0 o e 0 f o o a f m c m to it o r t i n e e d s th ): 1 6 0 , , 2 9 9 65 9 1 3 0 , , 7 7 0 74 0 14 7, , 5 8 1 4 3 0 Prod S u o s c l i e t d i o e l n s e ) a o t f h e le r at ( h b e a r c ( k 0 s 0 , 0 b o e m n i d t s te , d a ): nd 1,312 1,667 Textiles. Skivers (dozens) 34 37 36 Oak and union harness Cotton (bales, 000 omitted): stuffed) 130 119 144 Sight receipts 1,707 872 American spinners' takings 536 1,007 687 Boots and shoes, output (pairs, 000 Stocks at mills 1,633 1,623 1,988 omitted):' Stocks at warehouses '. 2,966 3,526 3,486 Men's 6,773 8,063 8,235 Visible supply 3,030 3,405 3 359 Women's 6,882 7,957 8,379 Consumption by mills 577 462 All other , 9,021 10,926 11,239 Spindles active during month (000 610 omitted) 33,340 34,045 Total. 22,676 27,853 Spindle hours active during month 35,237 (000 omitted) 8,448 7,139 Building Materials. Finished cotton fabrics: 9,266 Brick (number, 000 omitted): Fi o n m ish it e te d d ) yards billed (yards, 000 92,714 94,824 105,986 Clay P f r i o re d u b c r t i io c n k- 56,310 46,873 64,804 S F O i h r t n e d i i p d e s m ) r h s e e r d n e t c s s e t o i ( v c c e a k d s s e ( s ( c ) y a a s r e d s) s, 000 omit- 5 4 4 8 , , 2 0 9 0 1 7 4 8 4 6 1 9 , , , 5 0 5 8 4 0 6 1 6 1 4 5 1 3 7 1 , , , 4 6 1 7 5 3 1 8 0 S S N U h t n e o i w f c p i k l m l o s e r e d a d n t e o t r s c r s l d o e s r e s , o c f l m os o e n o t f h mont . h _ . 6 5 6 6 4 9 , , , 0 1 8 6 0 3 3 8 8 1 4 8 4 5 7 3 8 9 , , , , 1 1 0 1 8 3 0 4 8 1 9 2 1 6 6 5 7 4 7 5 3 , , , , 8 5 4 9 8 6 2 7 3 9 1 7 Knit C P N S U u r h a e n o n n i w f p d i d c l m u e l e o e l c r r e l d w t d a n i t e o e o t i r s n o a r s d r n r e s ( e r d c s o e e i z v n e e d n d s o ): f month , 3 3 3 1 3 9 8 9 9 7 6 3 1 , , , , , 1 3 7 8 5 5 1 7 5 2 7 5 4 0 7 1, 3 5 2 2 1 0 9 1 0 1 0 0 4 5 , , , , , 1 0 5 1 9 3 1 8 9 5 1 4 2 2 8 1, 3 7 4 9 9 6 1 4 7 7 4 5 7 , , , , , 0 4 7 5 4 1 4 0 3 4 1 7 5 9 9 F Si a l c ic e P S S U a t r h b n o o b i r f c p d i i r l k c m u l i k s e c c e 2 d i t k — n n i - o o t s s n r h d e e d rs s , close of month. 2 8 4 1 7 5 8 6 , , , , 3 0 7 3 4 6 1 9 3 6 4 9 3 3 1 7 0 6 9 7 , , , , 4 6 1 8 2 7 5 3 0 2 8 2 1 2 4 7 2 8 4 3 9 , , , , 8 7 4 2 5 1 2 4 3 8 8 0 Wool: Production 13,407 5,980 14,308 Co te n d s ) umption (pounds, 000 omit- 53,845 45,452 63,348 S S h to i c p k m s e a n t ts close of month 1 42 5 , , 2 4 9 0 6 0 4 8 1 , , 4 2 9 5 2 9 1 4 4 6 , , 2 1 8 7 1 4 Percentage of active machinery to Paving brick— total reported- Production 20,917 26,691 Lo s o p m ac s e wider than 50-inch reed 73.3 73.1 81.0 S S h to i c p k m s, e n cl t o s se of month...... 1 1 1 1 5 , , 3 4 6 3 8 8 1 1 11 6 , ,7 1 0 9 6 2 L S C S S e p p o o le t i i o m s s n n m s b n n o s i i s f n n , c g g a 6 r 0 s s d p p - s i i i n n n c d d h l l e e r s s e , , e w w d o o s o r p l s e a t n c e e d . o . r . , 8 8 8 7 7 0 3 0 3 5 . . . . . 9 0 8 3 5 8 7 7 8 7 3 9 5 0 6 . . . . . 1 1 4 6 9 8 8 8 8 5 - 3 5 . 1 . . 7 8 8 8 Cem P S S e t r h n o o i t c p d U O ( k m u b s n r c a e d f a t r i n e i t l r o r l t e c s e s n l l d s o r , e s o 0 c e r 0 e d o i 0 v e f o r e m s d m , o c i n t lo t t e h s d e ) o : f month. 1 8 5 4 , , , 7 2 1 8 1 5 8 3 0 1 7 1 9 6 0 9 1 , , , , , 4 9 5 3 1 0 7 9 9 5 5 0 2 8 7 1 7 5 1 , , , 9 6 4 9 2 7 0 7 8 Percentage of active hours to total Oak flooring (feet, 000 omitted): reported- Production 30,136 26,032 27,473 L L S o e o l s e t o o p s s m m a s o c s s f e , w c a 5 i r 0 d d - e i s r n c th h an re e 5 d 0 -i s n p c a h c r e e e o d r 7 6 8 7 7 2 . . . 3 1 8 7 6 8 5 7 1 . . . 9 4 2 8 8 9 6 3 5 . . . 7 1 7 S U S O h t n r o i d f c p i e l k m r l s e s e d a b n t o o ts c o r l d k o e e s r d e s of mon ; th 3 4 3 5 2 8 6 1 , , , , 1 5 5 0 4 9 5 8 1 5 4 0 2 3 4 4 7 7 1 7 , , , , 8 4 1 7 5 3 4 0 1 5 0 0 2 3 2 5 4 0 5 0 , , , , 1 1 4 3 6 3 4 9 2 7 7 8 C S S p p o i i m n n n b n s i i n n g g s s p p i i n n d d l l e e s s , , w w o o o r l s e t n ed... 8 7 6 2 . . 4 8 8 8 7 3 0 4 . . . 3 7 2 10 9 9 3 1 5 . . . 6 0 4 Map P S O le r h r o i d f p l d e o m u r o s c r e t i b n n i o o g ts o n ( k f e e d et, 000 omitted): 1 1 8 1 0 , , , 8 6 3 7 8 3 6 1 3 1 2 1 3 4 3 , , , 9 4 2 2 8 6 9 1 9 Men's and boys' garments cut (327 es- Stocks, close of month 24,239 25,023 tablishments): Unfilled orders 15,375 36,084 Men's suits, wholly or partly wool 700,896 Enameled ware (number): Men's suits, all other materials 119,516 96,125 Baths- Men's separate trousers, wholly or Shipments 84,684 79,909 $5,703 partly wool 630,394 431,719 Stocks, close of month 46,570 36,165 40,530 Men's trousers, all other materials. 342,925 424,394 New orders 107,494 93,614 133,198 Men's overcoats 147,160 99,365 Boys' suits and separate pants... 673,921 504,898 1 Figures for December and November, 1923; December, 1922. Boys' overcoats and reefers 16,615 16,057 2 Not comparable with previous years after September, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
209 MARCH, 1924. FEDERAL RESERVE BULLETIN. COMMODITY MOVEMENTS—Continued. COMMODITY MOVEMENTS—Continued. Janu- - Decem- Janu- Janu- Decem- January, 1924. ber, 1923. ary, 1923. ary, 1924. ber, 1923. ary, 1923. Bonding Materials—Continued. Mtscell aneous Manufactures—Contd. Enameled ware—Continued. Vessels built in United States and offi- Lavatories- cially numbered by the Bureau of Shipments 117, 011 108,569 91,116 Navigation: Stocks, close of month 90,272 71,835 60,535 Number 64 176 36 New orders 125,273 113.022 170,693 Gross tonnage 10,780 38,880 14,292 Sinks— Shipments 114,560 116,539 Transportation. N St e o w c k o s r , d c e l r o s se of month 14 9 5 0 , ,0 9 0 7 3 7 12 7 9 9 , , 6 8 2 9 0 4 1 5 9 9 5 , ,9 5 8 8 4 0 Freight carried by Class I railways:1 Miscellaneous ware— Net ton-miles, revenue and non- Shipments 62,640 62,332 53,255 revenue (000,000 omitted) 33,419 38,159 37,668 Stocks, close of month 57,333 46,327 57,618 Net tons per train 669 701 081 New orders. 76,800 58,8fiO 93,427 Net tans per loaded car 27.2 27.0 28.6 Miscellaneous Manufactures. Revenue freight loaded and received from connections (cars loaded, 000 Chemicals: omitted): Acetate of lime (pounds, 000 omit- Classified by nature of productsted) 13,420 11,814 15,721 Grain and grain products 202 196 212 Methanol (gallons) 705,747 624,433 893,418 Livestock 160 204 153 Wood pulp (short tons): Coal. 880 703 868 Production 227,073 190,148 314,834 Coke 53 49 62 Consumption 189,115 153,204 257,879 299 255 300 Shipments 18,081 16,555 53,518 ore!!.. .......::.::::: 38 45 48 Stocks, close of month 116,950 62,627 116,738 975 976 925 Paper (short tons): 1,234 1,208 1,239 Newsprint- Production 128,772 117,790 127,452 Total 3,841 3,586 3,807 Shipments 123,253 116,826 123,656 Stocks, close of month 28,417 23,669 23,004 Classified by geographical divi- Book paper— sions- Production 70,000 68,812 97,318 932 880 910 Stocks, close of month .... 24,855 27,485 38,882 Allegheny 782 749 819 Paper board- 174 148 143 Production 111,213 88,339 209,473 597 527 591 Stocks, close of month 34,736 34,257 57,434 Northwestern 479 458 500 Wrapping paper- 613 573 599 Production 51, 522 42, 576 82,703 Southwestern 264 251 245 Stocks, close of month 60,917 58,134 48,123 Fine paper- Total 3,841 3,586 3,807. Production 25,100 20,921 34,906 ==: Stocks, close of month 40,067 39,530 38,822 Freight car surplus (number): Advertising (agate lines, 000 omitted): Total 262,980 94,679 26,588 Magazines l,74fi 2,109 1,399 Box 116,192 120,115 6 976 Newspapers 92,172 102,475 90,422 Coal.. 116, 045 240,936 7,208 Rubber (pounds, 000 omitted): Freight-car shortage (number): Imports (pounds, 000 omitted) 49,080 66,597 82,653 Total 2,373 340 73,163 Consumption by tire manufac- Box. . 591 73 26,815 turers 37,786 24,772 34,186 Coal 955 135 38,477 Tires and tubes (number, 000 omitted): Bad-order cars (total) 161,569 158,175 209,471 Pneumatic tires— Prodxict ion 3,220 2,437 3,127 Vessels cleared in foreign trade (tons Shipments, domestic 2,785 2,131 2,994 000 omitted): Stocks, close of month.. 4,808 4,329 4,696 ' 1,817 2,237 1,873^ Inner tubes— Foreign 2,818 2,727 2,678 Production 3,888 3,289 3,952 Shipments, domestic 3,476 3,549 3,749 Total 4,635 4,964 4,552 Stocks, close of month 6,720 6,318 5,838 Percentage of American to total... 39.2 45.1 41.2 Solid tires- Production 48 32 S3 S St h o i c p k m s, e n cl t o s s , e d o of m m es o t n ic th 1 3 5 7 2 1 5 4 6 9 2 6 6 1 2 BUILDING STATISTICS. Automobiles: Production (number)— Passenger cars 287,296 275,121 223,653 Building permits issued in 168 cities, Trucks 28,797 27,275 18,913 grouped by Federal reserve districts: Shipments— Number of permits— By railway (carloads) 48,600 34,984 35,228 Boston (14 cities) 1,413 1,883 918 Driveaways (number) , 37,200 27,608 30,031 New York (22 cities) 8,535 10,329 6,24; By boat (machines) 700 4,000 728 Philadelphia 14 cities) 1,754 1,734 1,486 Cleveland (12 cities) 2,600 3,582 2,946 Loco F D m o o r o m e t i i e g v s n e t i s c c o ( s n m h u i p p m l p e b e te e d d r): 14 4 7 30 2 5 4 2 1 1 2 7 A C R h i t c l ic a h a n m g ta o o n ( ( 1 d 1 9 5 ( c c 1 i i 5 t t i i c e e i s s t ) ) ies) 2 2 5 , , , 7 6 4 6 4 2 5 6 8 2 8 2 , , , 3 2 3 0 8 3 7 3 7 2 6 2 , , , 3 7 9 1 8 7 0 7 5 Total 151 329 229 M St. i n L n o e u ap is o ( li 5 s c ( i 9 ti c e i s t ) ies) 1,5 4 2 8 7 1 1 1, , 2 5 4 5 4 5 1,9 7 8 3 5 5 Unfilled orders- Kansas City (14 cities) 1,243 1,473 2,276 Domestic 344 305 1,699 Dallas (9 cities) . 2,335 1,519 2,554 Foreign 32 22 San Francisco (20 cities) 11,620 10,112 10,313 Total., 376 387 1,7 Total 42,347 46,358 41, 528 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
210 FEDERAL RESERVE BULLETIN. MARCH, 1924. BUILDING STATlSTICS-Continued. WHOLESALE TRADE IN THE UNITED STATES, BY LINES. [Average monthly sales 1919=100.1 Janu- Decem- January, 1924. ber, 1923. ary, 1923. Gen- Building permits issued in 168 cities, in e d ra e l x. c G er r i o e - s Meat. H w a a r re d . - Drugs. grouped by Federal reserve districts—Continued. Value of permits (dollars, 000 1922. omitted)-*- December.. 72 57 70 58 84 Boston (14 cities) 7,895 9,710 5,721 New York (22 cities) 90,467 88,937 73,574 1923. Philadelphia (14 cities) 11,944 8,796 9,767 January 101 113 Cleveland (12 cities) 12,624 22,273 16,459 February... 95 83 107 Richmond (15 cities) 12,209 10,116 12,868 March 108 109 121 Atlanta (15 cities) 7,138 6,794 7,265 April 112 10ft Chicago (19 cities) 27,124 40,537 31,022 May 118 107 St. Louis (5 cities) 6,528 7,025 7,936 June 114 107 Minneapolis (9 cities) . 2,143 7,997 3,751 July 100 109 Kansas City (14 cities) 5,209 6,742 6,903 August 114 106 111 Dallas (9 cities) 8,054 4,851 6,248 September. 116 106 115 San Francisco (20 cities)....... 33,229 36,656 26,164 October 112 117 129 November.. 90 102 111 Total 224,564 250,435 207,678 December.. 65 90 102 Building contracts awarded: 1924, By Federal reserve districts (dol- January 78 96 90 llfr lars, 000 omitted)— Boston 20,789 24,835 21,806 New York .. 107,039 111,421 65,233 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Philadelphia 18,497 15,960 16,770 AND DISTRICTS. Cleveland 22,494 28,175 25,691 Richmond.. 27,354 22,452 17,633 Atlanta...... 26,575 18,501 22,051 Chicago 49,288 40,436 43,137 Percentage change St. Louis . 18,869 20,851 17,864 in January, 1924, Minneapolis 5,062 13,397 4,524 sales as compared KansasCity 4,653 6,557 7,845 with— Total (10 districts) 300,621 302,585 242,554 Decem- By fe c e l t a , s 0 s 0 e 0 s o o m f c it o t n ed st ) r — uction (square • 1 b 9 e 2 r 3 , . Ja 1 n 9 u 2 a 3 r . y, Residential buildings .. • 34,693 30,501 24,586 Industrial 3,029 4,591 4,410 Groceries: Business 6,650 7,426 5,870 United States 5.2 5.9 Educational . 2,571 3,464 2,153 Boston district 1.7 5.4 Hospitals and institutions 784 322 480 New York district -0.1 0.7 Social and recreational.. 824 710 814 Philadelphia district... -2.7 5.0 Religious and memorial.... . . 533 450 395 Cleveland district...... -0.5 5.7 Public 72 381 200 Richmond district -1.4 8.6 Atlanta district 10.0 5.7 Total (27 states)' 49,817 47,845 38,947 Chicago district 5.3 6.0- St. Louis district —0.1 6.4 8 Includes miscellaneous building contracts as well as groups shown. M Ka in n n s e a a s p C o i l t i y s d d i i s s t t r r i i c c t t..'.. 8 6 . . 0 0 1 5 8. . © 8 WHOLESALE AND RETAIL TRADE D Sa a n l l F as r a d n i c st is ri c c o t district.. 1 1 3 9 . . 6 7 1 6 6 . . 7 4 " Dry goods: STATISTICS. United States 47.3 -5.4 New York district 32.7 4.1 Philadelphia district... 19.5 -4.9' The volume of both wholesale and retail Cleveland district 6.9 -13.0 Richmond district 83.2 -5.9' distribution continued large during January, Atlanta district .:.. 60.5 ^17.4 considering the season of the year. Wholesale C St h . ic L a o g u o i s d d is i t s r t i r c i t ct 7 5 4 1 . . 2 5 , -17 0 . . 2 8 - trade was 11 per cent larger than in December Minneapolis district -7.7 -9.0 Kansas City district... 42.0 -6.1 and was slightly larger than a year ago. De- Dallas district 80.7 7.3 partment-store sales, on the other hand, showed San Francisco district. 24.4 -5.1 Shoes: somewhat more than the usual seasonal de- United States -0.4 -15. 0crease in January, but were 8 per cent greater New York district 11.8 -11.3 Philadelphia district.. -8.8 4. ft than in January, 1923. The trend of depart- Richmond district 8.2 -16.5' Atlanta district 27.6 -8.1 ment store stocks, which also declined in Jan- Chicago district 8.5 -17.S uary, is discussed in an article on page 189, and St. Louis district -3.1 21.6 Minneapolis district -25.9 -32.8 a review of the present trade situation is pub- San Francisco ('istrict. -13.1 -19.6 Hardware: lished on page 149. The trend of wholesale and United States 0.1 1.7 retail trade, by lines and districts, is shown in New York district -13.3 8.5 Philadelphia district.. -8.6 12.3 the following tables: Cleveland district 8.3 5.9 Richmond district 31.6 10.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 211 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued. AND DISTRICTS—Continued. Percentage change Percentage change in January, 1924, in January, 1924, sales ascompared sales as compared with— with— D 1 e b 9 c e 2 e r 3 , m . - Ja 1 n 9 u 2 a 3 r . y, D 1 e b 9 c e 2 e r 3 m , . - Ja 1 n 9 u 2 a 3 r . y, Hardware—Continued. Furniture—Continued. Atlanta district 11.3 -0.9 -22.7 9.2 Chicago district 1.7 -1.0 Agricultural implements: St. Louis district 43.4 -21.0 United States 17.5 -11.5 Minneapolis district... -11.5 -1.9 -9.8 2.0 Kansas City district... -2.2 -9.4 -36.8 . -19.2 Dallas district 19.5 9.1 Dallas district - 43.4 65.1 San Francisco district. 8.0 5.7 9.0 -11.4 Drugs: Stationery: United States 14.2 3.1 New York district -6.3 7.0 New York district.... 26.0 8.2 0.2 -14.3 Philadelphia district.. 8.4 -2.7 San Francisco district •-. -6.2 0.6 Cleveland district 10.0 -7.5 Auto supplies: Richmond district 28.3 -4.4 12.9 36.1 Atlanta district 11.1 -0.9 -10.5 15.0 Chicago district 11.7 -2.9 Men's clothing: St. Louis district 13.0 -7.9 New York district 67.5 13.3 Kansas City district... 13.9 -6.1 Women's clothing: Dallas district 27.8 10.5 New York district 42.9 -9.8 San Francisco district. 16.7 20.8 Machine tools: Furniture: New York district .. -7.7 2.3 Richmond district 57.4 16.9 Diamonds: Atlanta district -8.2 -12.3 New York district .. 18.1 -10.9 St. Louis district -47.2 -28.7 Jewelry: Kansas City district... -10.9 -14.9 New York district 57.5 -2.2 Dallas district. -25.4 -12.4 RETAIL TRADE, BY REPORTING LINES. [Average monthly sales, 1919=100.] 3hain stores. Depart- Mail-order ment st s o t r o e r s e s (3 ). 33 h h o o u u s s e e s s ( ) 4 . (3 G 2 r c o h c a e i r n y s). F t iv en e a (5 nd D ch r a ug in ( s 1 ) 0 . c C h i a g i a n r s ( ) 3 . c S h h a o i e n s (6 ), M ch u a s i i n c s ( ) 4 . C c a h n ai d n y s ) ( . 4 chains). 1922. December 189 108 166 279 162 179 162 204 220 1923. January 101 89 165 115 129 116 86 95 132 90 84 '' 159 117 126 110 72 88 133 March 124 112 189 162 145 135 145 96 187 April 119 103 167 142 185 125 125 99 159 May 128 98 180 154 142 137 143 100 170 126 86 168 154 149 136 144 97 176 July ,. 89 74 166 143 141 128 102 82 176 100 73 171 153 145 135 95 103 179 September 112 92 170 151 143 140 127 102 176 October . . 148 134 190 180 152 138 139 137 185 142 122 187 176 141 134 131 149 174 203 118 185 331 185 193 171 214 261 1924. 109 99 189 126 141 119 99 84 154 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
212 FEDERAL RESEBVE BULLETIN. MARCH, 1924. DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS. [Average monthly sales, 1919=100.! I s n U S t d o ( n t 3 e a r i 3 x e t t e e 3 s f s d ) o . r D N s B t i o o o s ( . s r 2 t e t r 4 1 o i s — c n ) t . Y D N st o N i o o s r . r e k t e r 2 w i s ( — c 6 ) t . 4 D d N s P t e i o o h ( l s 2 r p . t i 3 e r l 2 h a — i s i c - ) a t . l D N s a C t n i o o l s d e r t . v e r 4 ( i s e 2 - c ) - 7 . t m D N s R o t i o o n s i r c t d . e r h 5 s i ( - - c 1 ). t 9 A D N st t i o o l ( s . r 3 a t e r 6 n 5 s i — t c ) a . t C D s N t h i o o ( s i . 6 r c t e r 7 a 7 s i g — c ) o . t a D s N p M t o o i o i s l . r n i t e s r 9 n s i — 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 F N D s r t o a i o S ( . s n r 3 a t c 1 e r 1 n 2 i s i s c — ) c . t o 1922. 189 200 200 191 194 185 162 190 157 149 206 1923. Tanuary 101 106 108 107 106 84 83 102 87 81 115 90 92 88 101 97 80 78 96 72 73 102 March... . 124 127 124 133 139 115 106 128 105 ' 99 135 April 119 128 122 115 129 101 101 131 114 89 124 May . . . 128 133 129 128 136 112 108 136 113 106 147 June.. 126 136 128 133 143 115 102 137 109 92 128 July 89 90 85 82 97 83 77 96 79 67 116 100 99 87 93 109 83 81 119 96 69 136 September. 112 116 112 104 119 90 92 127 103 102 127 October 148 144 159 154 156 130 132 153 119 125 160 142 146 152 169 144 124 120 148 110 112 146 December 263 210 213 203 210 188 168 213 154 158 236 1924. 109 120 118 111 115 88 85 HO 87 86 132 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS. [Average monthly stocks 1919=100.] Index for District District District District District District District District District District United No. 1— No.2— No.3— No. 4— No. 5— No. e— No. 7— No. 9— No. 11— No. 12— States Boston New Philadel- Cleve- Rich- Atlanta Chicago Minne- Dallas San Fran- (286 (24 York (64 phia (13 land (26 mond (19 (22 (55 apolis (15 (19 cisco (29 stores). stores). stores). stores). stores). stores). stores). stores). stores). stores). stores). 1922. 109 114 Ill 124 106 103 101 115 90 94 112 1923. 107 107 107 118 103 100 105 115 93 97 110 118 112 112 136 112 113 112 136 101 107 121 March . .. . . .. 128 120 123 148 121 124 119 149 113 115 128 April 132 125 127 153 12S 126 121 150 111 119 136 May 130 124 125 148 127 122 121 146 113 117 130 122 116 116 143 121 115 113 137 108 110 125 July ... 119 109 111 137 118 121 111 135 105 107 124 129 116 119 152 122 122 120 158 110 121 131 139 129 131 166 135 130 130 163 115 127 138 146 142 142 176 145 141 134 165 118 131 143 149 145 145 176 149 142 133 172 118 130 147 123 123 121 145 123 112 107 141 98 109 123 1924. 115 111 112 130 114 104 110 121 95 106 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 213 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES. In January the Federal Eeserve Board wholesale price index for the United States remained at 163 for the fifth consecutive month. In England prices rose from 177 to 178, in France from 426 to 439, and in Canada from 144 to 146. In the last five months, while the price level in the United States has been stable, prices in England in actual currency have risen 8 per cent, and in France 8.6 per cent, while in Canada they have declined 2 per cent. In England prices are now higher than in any month since October, 1921, and in France, since December, 1920. Gold prices, however, owing to the decline of the exchanges, fell in January both in England and in France. At the January figure of 106 French gold prices are at the lowest level recorded since 1914, and are lower than in Italy or Germany, in both of which countries gold prices are materially below the level of England and the United States. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES 1913 = 100 ;oo ON PAPER CURRENCY BASIS CONVERTED TO GOLD BASIS 400 300 250 200 V 150 Canada 100 100 1920 1921 1922 1323 1924 1920 1921 1922 1923 192% Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
214 FEDERAL RESERVE BULLETIN. MARCH, 1924. The tables below give the all-commodities and group index numbers of wholesale prices in the five countries included in the Federal Reserve Board's index. In the first table the all-commodities index for each country is shown both in terms of the paper currency and " converted to a gold basis." The latter figure takes into account the depreciation of the foreign currency in terms of the American dollar (or gold) and the series indicates relative price levels in the several countries when all prices are expressed in dollars. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES. On paper currency basis. Converted to gold basis. . Year and month. United United States. England. France. Canada. Japan. States. England. France. Canada. Japan. 1913, average 100 100 100 100 100 100 100 100 100 100 1919, average 211 241 207 235 211 219 198 241 1920, average 239 310 512 250 240 239 233 187 223 242 1921, average 149 198 344 167 181 149 156 133 150 175 1922, average 158 165 319 149 182 158 150 136 147 175 1923, average 164 170 394 150 164 159 124 147 1923. January 166 165 346 148 176 166 158 120 147 172 February 166 168 380 152 183 166 162 121 150 178 March 169 173 398 155 185 169 166 131 152 180 April 170 175 390 156 185 170 167 135 153 181 May 167 173 386 155 187 167 164 133 152 184 June 164 171 394 153 186 164 162 129 150 183 July 159 168 391 151 182 159 158 119 147 178 August 159 164 391 150 159 154 115 146 September 163 165 404 149 163 154 123 145 October 166 404 147 163 154 125 145 November 171 416 145 163 154 119 142 December 163 177 426 144 163 159 116 140 1924. January . 163 178 439 146 163 156 106 142 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXESJFOR GROUPS OF COMMODITIES. Grouped by stage of Grouped by Grouped by stage of Grouped by manufacture. origin. manufacture. origin. All Ex- All Ex- Year and month. m c ti o o e m d s. i - - te B m r a i a a w - ls. d g u P o r c o o e d - r s s . ' g s C o e u r o o m s n d ' s - - - g m o D t e o i o c s d - - s. p g o o Im o rt d - e s d . go p o o d rt s. Year and month. m c ti o o e m d s. i - - m r R i a a a t l w s e . - d g u P o c r o o e d - r s s - ' g s C o e u r o o m s d n ' s - - - g m o D t e o i o s c d - - s- p g I o o m o rt d e s d - g p o o o r d t s. UNITED STATES, 1923. 1923. January 166 182 150 156 168 139 180 January 346 374 352 312 384 September 163 167 160 162 165 144 176 September.. 404 416 433 375 460 419 October 163 167 160 161 165 150 182 October 404 417 435 374 394 457 422 November 163 166 159 163 165 147; 196 November.. 416 427 448 385 402 482 442 December 163 167 157 162 165 148j 199 December.. 426 441 456 409 507 457 1924. 1924. January 163 169 156 160 165 144 196 January. 439 450 467 411 416 546 484 ENGLAND. CANADA. 1923. 1923. January 165 167 151 175 165 164 165 January 148 136 160 163 145 170 140 September 165 164 152 178 164 167 167 September... 149 131 167 170 146 163 142 October 166 165 154 177 165 167 167 October 147 130 171 166 144 165 138 November 171 171 162 182 171 173 177 November... 145 127 169 163 141 165 134 December 177 179 168 183 175 184 187 December 144 126 168 161 139 165 131 1924. 1924. January 178 178 189 186 177 179 186 January 146 128 166 166 143 166 133 • 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
215 MAECH, 1924. FEDERAL RESERVE BULLETIN. WHOLESALE PRICES IN THE UNITED STATES. INDEX OF THE BUREAU OF LABOR STATISTICS. [1913-100.1 Bureau of Labor Statistics groups. Federal Reserve Board groups. All Raw materials. m i c t o i o e m d s - - . F p u r a c o r t m d s. - Foods. C c a i l l n o o n g t t d h h . - s l F i a i g n u n h g e d t . l - M m p u a r e c e n o t t t d a d s a . l - l s B m r i i u n a a i l g t l s e d . - - d C i a r c h u n a e g d l m s s. -H g n o f o i i u n o s u r g d h s - s e - - - e M o n e u e l i s l s - a . - - Crops. p A m ro n a d i l - - p F r e o o s r t d - - M pr i a o n l d e - r- m T ra o a w t t a e l - g . x d o e _ u r o r s c o d - - s. g s C o e u r o o m s n d ' - - s. ucts. ucts. ucts. rials. 1922 average. 149 133 138 181 218 122 168 124 176 117 145 125 185 207 158 128 151 1923 average. 154 141 144 200 185 145 189 131 183 123 167 122 210 185 159 141 158 1923. August 150 138 141 193 178 145 127 183 120 152 125 203 177 153 137 154 September.. 154 144 147 202 176 144 182 128 183 121 163 131 196 176 158 139 158 October 153 144 148 199 172 142 182 129 183 120 172 122 197 171 155 139 November.. 152 145 148 201 167 141 181 130 176 118 179 115 196 167 154 138 December... 151 145 146 203 162 142 178 130 176 116 181 115 191 155 153 136 158 1924. January 151 144 143 200 169 ^142 181 132 176 117 180 115 194 170 155 136 156 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES. ALL-COMMODITIES INDEX NUMBERS. [1913-100 except where noted.] England. Germany.* Year and month. g B iu e m l- .' g B a u ri l a - . C va z s k e lo c i - a h . o 2 - m D a e rk n . - s Bo o a f rd Statist. France. S F ta e t d is e t r i a c l al Italy. l N a e n e r t d - h s - . t ( i C a N w n h o a i r r a y i - s ) - .5 Poland.6 Trade. Bureau. 1923. January 434 2,657 1,003 181 157 153 387 2,785 575 157 220 5,447 February... 474 2,666 1,019 192 158 155 422 5 585 582 155 224 8,518 July... 504 2,408 968 207 157 147 407 74,787 566 145 235 30,700 August 529 2,292 958 207 155 147 413 944,041 567 142 231 53,569 September.. 514 2,265 957 202 158 150 424 23,%00,000 569 145 234 73,022 October 515 2,263 . 973 205 158 150 421 7,100,000,000 563 148 237 273,807 November.. 531 2,412 •207 161 156 443 725,700,000,000 571 153 242 686,427 December.. 545 2,597 210 163 156 459 1,261,600,000,000 577 156 244 1,423,010 1924. January... 580 990 210 165 161 7117.3 571 157 250 2,526,110- February.. 223 260 EUROPE—continued. NORTH AMERICA. ASIA AND OCEANIA. Year and month. Spain. Sweden. S l w an it d z . e 2 r- U St n a i t t e e s d . Canada. Au li s a tr . a- (S C h h h a a i i n n ). g a - I D n E u d a t i s c e t h s. c I u ( n C t d t a a i l ) a - .2 (T J o ap k a y n o).Ze N al e a w nd. ( E C g ai y ro p ) t .8 A S f o r u ic t a h . ' 1923. January 170 163 175 156 151 163 153 161 179 184 171 141 131 February 170 165 175 157 153 161 158 172 180 192 173 137 July 170 162 180 151 154 180 155 160 170 192 176 123 124 August 171 162 175 150 153 175 153 171 190 175 T>0 September 174 162 173 154 155 172 157 174 210 177 T*t October 171 161 181 153 153 171 156 174 212 176 129 125 November 173 160 182 152 153 173 157 177 209 173 134 December 176 160 151 154 174 158 179 210 173 161 1924. January. 161 183 151 157 158 172 211 133 February. 183 160 1 April, 1914, base. 6 December, 1913-June, 1914, base. 2 July, 1914, base. 'January 1914=1. s July, 1912-June, 1914, base. ' In gold marks. < 1913=1. 8 January, 1913-July, 1914, base. The foreign index numbers of wholesale 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 upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Exceptions are noted. Further information as to sources number of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
216 FEDERAL RESERVE BULLETIN. MARCH, 1924. RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES. [July, 1914=100, except where noted.) European countries. Other countries. United c S i t t ( a i 5 e t 1 e s) s . ( A ( V t n r u i i a e a s ) n - .i - in p g B c r i ( u o e e 9 l s m v - ) - .2 C v z a e k c i h a - to E l ( a w 6 n n 0 g n d 0 - s) ( F P r a a r n i c s e ) c m i G t ( a 7 i e e n 1 r s y - ).' Italy. c N l i a t e e n ( i r 6 e t d - h s s ) - . to N w w (3 o a n 1 r y s - . d S ( r p M i a d a i ) n - .' t S e o n w w e ( n 4 d s 8 - ) t S o l z a w ( w e 3 n r n i 3 d - t s - ) ci C a t ( i a d 6 e n a 0 s - ).t t o A r w ( a u 3 l n s 0 i - a s) ( I b B n a d o y i m ) a . - to N l Z a w ( e 2 e n a n w 5 d - s) A t S o f o w r ( u i 9 c n t a h s * ) INDEX NUMBERS OF RETAIL FOOD PRICES. 1922 Nov. 142 11,145 433 176 297 550 561 146 216 155 139 145 155 139 120 Dec. 144 10,519 429 178 305 807 557 147 215 155 140 146 157 138 118 1923 Jan.. 141 10,718 425 175 309 1,366 541 148 214 155 142 145 151 139 117 141 14,132 417 160 331 9,347 531 145 213 165 138 162 146 142 118 July. 144 12,911 448 162 321 46,510 518 145 218 164 137 164 148 142 116 Aug. 143 12,335 469 165 328 670,485 143 220 162 142 165 149 143 115 Sept. 146 12,509 498 168 339 s 17.3 142 218 163 141 161 149 145 115 Oct 147 12,636 172 349 6 4,301.0 145 217 162 144 157 147 146 117 Nov. 148 12,647 173 355 5 862,000.0 149 221 166 144 156 147 147 120 147 12,860 176 365 51,512,000 149 226 167 145 156 152 147 118 1924 Jan... 13,527 175 6 1.3 150 235 168 145 154 120 Feb.. 13,821 177 151 COST-OF-LIVING INDEX NUMBERS. 1922. (') (9) (10) Nov.... 154 9,701 384 984 180 448 505 178 170 158 147 160 143 122 Dec 154 9,375 384 962 180 300 685 504 176 238 177 168 158 148 161 143 121 1923. 154 9 454 383 941 178 1,120 505 180 166 158 149 156 142 120 June 156 11,513 419 933 169 334 7,650 491 174 236 170 161 166 146 151 145 120 July 157 10 903 429 921 169 37,651 487 172 160 166 146 153 145 119 156 10,496 439 892 171 586,045 483 178 161 164 148 154 146 118 Sept 157 10,841 453 903 173 331 5 15.0 487 173 230 178 165 164 148 154 147 118 Oct 158 11 027 458 901 175 6 3,657.0 502 174 165 164 149 152 148 121 Nov.... 157 11,149 463 898 Wr 5 657,000.0 502 177 164 167 150 153 148 122 Dee 158 11,249 470 909 3455 1,247,000 499 178 231 182 164 168 150 157 122 1924. 11 740 480 917 177 "1.1 163 169 150 158 13$ Feb 11,940 495 179 156 i July, 1914=1. 6 Gold prices. »April, 1914, base. ' Milan, first half of 1914=100. 'August, 1913-July, 1914=1. s 1910-11=100. < 1914 base. 9 Massachusetts Commission on the Necessaries of Life. ' Millions. 10 6 months' moving average. Information a? to the number of foods included and the items entering into the cost of living indexes is available in the board's office. The * original bases of the indexes have been shifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 217 BUSINESS AND FINANCIAL CONDITIONS ABROAD. Underlying business conditions in Europe present a more favorable tendency at the opening of 1924 than was apparent during the previous year. Volume of employment and foreign trade, which furnish an indication of the extent of industrial activity, reflect an increase in production and trade. Generally, excepting Holland, in those countries which were experiencing widespread unemployment a year ago, the amount of unemployment has somewhat diminished, and in other countries, excepting Germany, employment has been maintained at a high level. Statistics of foreign trade show increases both in volume and in value for 1923 in comparison with 1922, and also indicate a higher ratio of exports to imports. Unemployment.—In Great Britain and northern Ireland unemployment decreased slowly but steadily throughout the year 1923, the number of insured workers reported as unemployed falling from 1,431,929 in December of 1922 to 1,226,641 in December of 1923, and the percentage unemployed from 12.2 to 10.7. While these figures indicate improvement, it is still true that unemployment prevails in an exceptional degree, particularly in the engineering, metal, shipbuilding, and textile trades. Decrease in the number of unemployed is indicated also in reports for Italy, Norway, Sweden, Denmark, Poland, Austria, and Switzerland, while figures for Belgium and France indicate that the amount of unemployment continues negligible. In Germany unemployment, which had been inconsiderable during the first half of the year, began to increase rapidly in August. It is estimated that the number out of work in Germany early in December nad risen to 3,500,000 and the number working on a part-time schedule to 2,500,000, giving a total of 6,000,000 who were receiving government aid. The difficulties of the situation were for the time being intensified by the confusion of prices incident to the introduction of the rentenmark, and it appears that since the middle of December both the number unemployed in German industries and the number working on part-time schedules has decreased. International trade.—Foreign trade of leading European countries increased during 1923, and there was a tendency toward a more favorable balance of trade in France, Germany, Russia, and other countries. German official figures for 1923 show a favorable balance of trade of about 35,000,000 gold marks. Eussian exports, in terms of gold rubles, doubled in 1923, while imports fell off by more than one-half. In Great Britain, on the other hand, as in the United States, the increase in the value of imports was relatively greater than in the value of exports. Figured in dollars, imports into the United States increased 22 per cent and exports 9 per cent; and in Great Britain imports increased 13 per cent and exports 10 per cent. Great Britain.—A more detailed examination of the export statistics for Great Britain shows that 56 per cent of the net increase in exports of £48,000,000, consisted of coal shipments necessitated by disturbances on the Continent. The increase in the value of goods exported, however, does not fully indicate the growth in the physical volume of exports. Thus, although the aggregate value of manufactured goods exported in 1923 was only 2 per cent greater than in 1922, the estimates by the Board of Trade of the volume of these goods exported, after allowance for a decline of 7.7 per cent in price, show an increase of over 10 per cent. While the volume of trade has not reached pre-war levels, exports rose from 68.9 per cent of the 1913 figure in 1922, to 74.5 per cent in 1923, and imports from 85.8 to 93 per cent. France.—According to official French figures, exports increased in 1923 by 50 and imports by 37 per cent. A considerable portion of this increase, however, merely reflects the increase in prices. Reduced to a gold basis, exports increased by approximately 11 per cent and imports by 1 per cent. Figured on the same basis, imports of foodstuffs declined slightly, those of raw materials increased somewhat, and imports of manufactured goods decreased considerably. Exports of foodstuffs, raw materials, and manufactured goods showed increases. Russia.—Exports from Russia for the year ending September, 1923, more than doubled as compared with the previous year. The increase in exports for 1922-23 represents principally large shipments of grain, which for the first time in five years appeared in the world market. Imports of foodstuffs decreased very materially during the year, while imports of manufactured goods increased. Excluding relief shipments, 41 per cent of Russia's imports during the past year came from Germany and 25 per cent from Great Britain, and of the exports 32 per cent went to Germany and 22 per cent to Great Britain. Of the total foreign trade, including both imports and exports, 83 per cent was handled by governmental and 6 per cent by semigovernmental agencies, 9 per cent by cooperative associations, and about 2 per cent by individuals. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
218 FEDERAL RESERVE BULLETIN. MARCH, 1924. TREND OF BUSINESS ABROAD. Eng- United Eng- United Items. land. France. Canada. States. Items. land. France. Canada. States. Million MiWon Million Million PIG IKON PRODUCTION: Relatives—1913=* 100. COMMERCIAL BANK LOANS: £ sterl. francs. dollars. dollars. 1922—January 33.7 71.9 8.1 64.2 1922—January 1,192 13,030 1,287 10,919 1923—January 66.4 112.0 48.5 126.1 1923—January 1,046 13,361 1,197 11, 440 July 76.6 100.4 97.2 143.6 J N u o l v y e . m .. ber 1 1 , , 0 0 2 1 4 9 1 1 3 3 , ,8 8 5 2 6 1 1 1 , , 2 19 0 0 1 1 1 1 1 , . 7 90 1 4 6 N De o c v e e m m b b e e r r . 6 7 9 3 . . 9 2 1 1 2 3 3 0 . . 5 2 7 71 4 . . 0 1 1 1 1 13 4 . . 1 0' December 1,033 14,380 1,183 11, 934 1924—January 73.9 75.8 117.9' 1924—January 1,053 11, 884 COAL PRODUCTION: COMMERCIAL BANK DEPOSITS: 1922—January 80.0 103.8 98.5 94.3 1922—January 1,826 12,880 1,925 10,271 1923—January.... 96.0 123.4 139.6 125.9' 1923—January 1,693 13,744 1,963 11. 537 July 90.7 126.7 79.4 113.2" July 1,638 13,688 2, 003 Hi078 November. 101.6 134.6 118.5 107.7 N D o ec v e e m m b b e e r r 1 1 , , 6 6 3 7 0 3 1 14 3 , , 5 8 3 4 8 1 2 2 , , 0 0 4 3 0 0 1 1 1 1 , ,,0 1 3 0 4 2 1924— D J e a c n e u m ar b y e . r . . . . . 9 9 4 6 . . 0 4 128.2 1 10 2 0 7 . . * T 1924—January 1,674 11,,239 SHIP CLEARANCES: CENTRAL BANK DISCOUNTS: 1922—January... 69.4 79.7 89.0> 1922—January 2,392 850 1923—January.... 93.5 98.6 101.5 1923—January 2,662 597 July 98.0 129.4 155.2' July 2,472 761 November. 107.1 111.2 130.4 November 3,725 794 December.. 97.4 116.4 110.7 December 3,657 857 1924—January 90.2 102.8 103.4 1924—January 4,197 522 Per V Rela- Rela- CENTRAL BANK NOTE ISSUES: UNEMPLOYMENT:5 cent. ter. tives.1 tives.* 1922—January 408 36,433 418 2,184 1922—January 17.2 4,658 13.9 85. 1923—January 381 36,780 393 2,204 1923—January 13.1 684 7.8 July 392 36,929 397 2,195 July 11.5 171 2.9 101 November 384 37,329 422 2,246 November. 11.5 70 6.2 100' December 405 37,905 429 2,340 December.. 10.7 238 7.2 1924—January 384 38,834 2,023 1924—January 11.9 596 Thotis. Million Thorns, Thmis. BANK CLEARINGS: 2 VALUE OF IMPORTS: £ sterl. francs. dollars. dollars. 1922—January 3,399 1,349 15,872 1922—January 76,500 1,460 51,476 217,185. 1923—January 3,262 726 1,341 19,666 1923—January.... 99,756 2,136 68,086 329,254 July 3,004 765 1,332 18,184 July 76,818 2,616 77,074 287,434 November 3,192 919 1,910 18,521 November. 101,585 3,161 72,084 291,438. December 2,914 935 1,574 20,367 December.. 109,190 3,833 65,456 288,067 1924—January 3,467 1,387 19,395 1924—January 101,259 2,888 295,549' VALUE OF EXPORTS: CENTRAL BANK DISCOUNT RATE Percent. Per cent, Per cent. Per cent. 1922—January 63,147 1,443 47,098 278,848 1922—January 5 f f 1923—January 66,939 1,804 65,635 335,417 1923—January 3 July 59,504 2,424 84,478 302,186. July 4 5 4J November.. 65,768 2,941 139,005 401,507 November 4 5 4* December... 64,115 3,114 124,916 426,799. December 4 5 H 1924—January 64,235 2,700 70,355 395,170' 1924—January 4 VOLUME OF IMPORTS:7 Relative—1913=100. Relatives—1913—100. 1922—January 79.7 92.2 160.1 WHO 1 1 L 9 9 E 2 2 S 2 3 A — — L J N J E J u o a a l n n y v P u u e R a a m I r r C y y b E e r INDEX 1 1 1 1 6 6 6 7 7 5 8 1 3 3 3 4 0 4 1 9 6 6 6 1 1 1 1 1 4 4 5 4 8 5 1 4 1 1 1 16 4 6 5 3 2 6 9 1 1 9 9 2 2 3 4 — — N J D J J u o e a a l c n n v y e u u e m a a m r r b y y b e e r r 9 9 5 2 . . 3 8 1 1 1 1 1 1 3 3 4 0 1 2 5 0 6 . . . . . 6 0 0 2 7 2 1 1 1 1 5 7 4 8 6 3 5 2 2 5 . . 7 1 . . . 3 2 6 . ; . December 177 426 144 163 1924—January 178 439 146 163 VOL 1 U 9 M 2 E 2 — OF Ja n E u X a P ry ORTS:' 67.1 84.5 94.5. 1923—January 74.4 103.0 95.8- July 68.7 104.4 77.9- RETAIL PRICE INDEX: « July, 1914=100. November 125.4 105.7 1922—January 192 319 149 139 December 77.5 144.7 114. 8. 1923—January. 178 309 142 141 1924—January 96.2 101.0 July 169 321 137 144 November 175 355 144 148 December 177 365 145 147 1924—January 177 145 146 FOREIGN EXCHANGE: Per cent of par. 1922—January 86.81 42.30 94.82 1923—January 95.65 34.60 99.09 July 94.18 30.52 97.42 November 90.05 28.58 98.13 December 89.60 27.20 97.59 1924—January 87.52 24.17 97.36 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 en new base. 5 England—per cent of unemployed in insured trades; France—actual number unemployed in Paris; Canada, index of employment in 54 industries; United States—index of employment in 33 industries. 6 Canada—Jan. 17, 1920=100; United States—1919-100. ' Figures for England are for the quarter ending with the month for which figures are shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 219 INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES. ENGLAND. GERMANY. 1924 1923 1923 1922 Janu- Decem-Novem- Janu- Novem- Octo- Sep- Novemary. ber. ber. ary. ber. ber. tember. ber. Production: Exports: Coal (thousand long tons) 20,798126,643 22,647 21,219 Iron and its manufactures Pig iron (thousand long tons) 632 627 598 568 (metric tons) 122,396 121,396 117,913 233,553 Steel ingots and castings (thou- Machinery and electrical supsand long tons) 653 750 634 plies (metric tons) 32,309 35,079 .27,876 41,644 Raw cotton, visible supply2 Dyes and dyestufls (metric (thousand bales) 1,117 1,011 802 tons) 8,900 10,804 7,568 11,110 Exports: Coal (metric tons) 103,744 133,565 146,316 137,341 Iron and steel and manufactures Imports: (thousand long tons) 338 355 395 353 Raw wool (metric tons) 2,373 9,595 9,399 9,198 Cotton manufactures (million Silk, half manufactured (metyards) 357 326 353 404 ric tons) 280 284 256 425 Coal (thousand long tons) 5,441 5,874 6,670 5,612 Cotton (metric tons) 18,014 11,685 12,062 20,622 Imports: Iron ore (metric tons) 165,614 121,930 287,424 841,586 Raw cotton (million pounds) 222 241 171 135 Raw wool (million pounds) 61 57 38 98 Decem- Novem- Octo- Decem- Raw hides,wet (thousand pounds) 6,338 12,011 9,081 5,041 ber. ber. ber. ber. Transportation: Ships cleared with cargo3 (thousand tons) 5,101 5,510 6,057 5,281 Ship arrivals in Hamburg (thou- Freight-train receipts (thousand sand net reg. tons) 1,348 1,222 1,187 1,041 pounds sterling) 9,235 9,828 Unemployment: Freight-train traffic (million ton- Applicants forevery 100 posimiles). 1,659 1,616 tions 941 902 572 197 Unemployment: Number receiving State aid.. 1,464,359 954,50b 534,259 42,593 A In m in o s n u g r t e r d a d tr e a u d n es io ( n p i e s r ts c ( e p n e t r ) cent). 1 8 1 . . 9 9 1 9 0 . . 7 7 1 1 0 1 . . 5 5 1 1 3 3 . . 7 1 B Ca u p si i n ta e l s s is f s a u i e lu s r ( e b s illion marks) 31,162,90 1 4 7 2 108,543 8 8 9 1 3 5 4 3 2 9 1 Index of security prices, Dec, 1921= Index of security prices: * 100 112.2 112.8 113.6 114.2 25 domestic stocks, January, Capital issues (thousand pounds ster- 1922=100 12,509,32712,731,346 i 43,691 1,331 ling) 6,995 4,176 14,246 33,754 1 Millions. 2 Does not include 22.3 million gold marks, stable value loans. 1 Five weeks. 8 Does not include 165 million gold marks, stable value loans. 2 End of month figures. 4 Last week of month figures. ' Figures includes Irish Free State. CANADA. PRANCE. 1924 1923 Jan- Decem-Novem- Jan- 1924 1923 uary. ber. ber. uary. Production: Janu- Decem-!Novem- Janu- Pie iron (thousand tons) 64 62 41 ary. ber. ber. ary. Crude steel (thousand tons) 41 41 55 48 Railway receipts (thousand dollars).. 31,412 41,391 46,160 30,686 Unemployment among trade union- Production: ists (per cent) 7.2 6.2 7.8 Coali (thousand metric tons) 4,365 4,583 4,200 Business failures (number)* 64 55 C Pi r g u d ir e o s n t e ( e t l h ( o t u h s o a u n s d a n m d e m tr e ic tr i t c o t n o s n ) s . ) . 5 52 6 6 5 5 4 3 9 6 3 486 Au ( t t h h o o r u i s z a e n d d c d ap o i l t l a a l r s o ) f l new companies 17,811 13,870 13,666 13,327 Cotton stocks at Havre! (thou- Bond sales (thousand dollars) 86,361 16,803 4,182 42,648 sand bales) 128 135 121 203 Security prices, average market price, Exports: 20 industrial stocks 92.3 96.5 92.6 Total volume (thousand metric Receipts of wheat at Fort William and tons) 1,170 2,663 2,309 Port Arthur (thousand bushels) 12,662 51,910 72,482 11,574 Imports: Receipts of livestock at stockyards in Total volume (thousand metric Toronto and Winnipeg: tons) 3,933 5,165 4,975 4,111 Cattle (number) '. 41,800 46,246 67,424 42,126 Raw cotton for consumption Hoes (number} 81,037 64,856 66,525 64,219 (metric tons) • 31,779 39,744 33,047 33,275 Raw silk (metric tons) 1,218 1,044 238 1923 Coal (thousand metric tons) 2,247 2,784 1,888 Transportation: Decem- Novem- Octo- Decem- Ships cleared with cargo (thou- ber. ber. ber. ber. sand tons) 2,238 2,534 2,419 2,146 Railway receipts (thousand Une D N m Fr e u f f p d e r i m m l a l i a l o g i n e a l b y h d c y n e t m s d - r ( ) n c s e n u i a n n u r m t f m : o P b b r a e l e r o r i r e ) a s m m d r i e p e n c n l g e o s i i y n v m i F n e ( g r a n a v t a n e i c r n d a e o 8 g ) . t e . s. 5 8 8 , , 4 0 5 5 3 9 3 4 6 7 5 2 4 7 2 , , , 9 7 3 2 1 0 3 3 4 5 5 8 5 6 7 7 1 6 , , , 4 4 3 4 6 6 7 7 8 5 0 4 5 8 9 4 4 , , , 5 4 5 6 6 6 3 8 6 2 4 5 I E m x p p R P P W C W o o r l r r o a a e o h t t w a s s n s o e l : : e d k a ( c r t s t o v p h ( t a e u o t t d n o h l u p d n o s f i a u b ( s ( n t s h o t h d a h a o n ( o r t t u d d u o h s s s n o b a a s u ( n u n ) m s d s d a h i n l p e p l d l o i o s o u ) p u n n o n d f u d e s n s e ) d ) t . . s ) . . . . ) 1 1 5 1 1 6 4 7 1 1 0 1 3 , , , , , , 4 3 0 4 5 3 1 7 7 9 9 4 6 8 8 7 7 7 2 1 6 1 1 1 4 2 4 1 3 5 6 , , , , , , 5 2 1 9 0 0 9 1 9 6 2 0 9 3 7 7 8 5 2 1 1 2 5 1 8 5 9 1 8 9 , , , , , , 3 6 4 0 0 2 8 5 4 7 6 7 4 1 3 1 6 5 1 1 4 1 8 4 8 1 0 6 6 0 , , , , , , 9 6 6 9 5 0 6 1 6 8 2 0 4 4 9 0 1 1 Machinery (thousand dollars) 2,169 2,445 2,550 1,986 1 Coal and lignite, including Lorraine and the Saar. 2 Bale of 50 kilos. End of month figures. 1 Average for weeks reported. * End of month figures. •' Three weeks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
220 FEDERAL RESERVE BULLETIN. MARCH, 1924, FOREIGN TRADE OF PRINCIPAL COUNTRIES. UNITED STATES. FOREIGN COUNTRIES. [Thousands of dollars.] I Cumu- Cumulative lative cu 1 m 92 u 4, la- cu 1 m 92 u 3, la- 1924 1923 thr l o as u t gh thr la o s u t gh 1924, 1923, tive tive month month Jan- Decem- through through noted. noted. uary. ber. last last m no o t n e t d h . n m o o te n d th . J a a r n y u . - De b c e e r m . - 1924 1923. France (million francs): IMPOSTS. I E m x p p o o r r t t s s 2 2 , , 8 7 8 0 8 0 3 3, , 1 8 1 3 4 3 2 2, , 7 8 0 8 0 8 2 1 , , 1 6 4 9 4 6 By classes of commodities: Netherlands (million guilders): Total 295,549 288,067 295,549 329,245 Imports 178 175 178 173 Crude materials for manu- Exports 117 128 . 117 91 facturing .• 105,634 102,783 105,634 139,085 United Kingdom (thousand £ Foodstuffsln crude condition. 32,631 35,434 32,631 28,613 sterling): Fo m od an st u u f f a f c s tu p r a e r d tly or wholly 38,586 27,617 38,586 31,269 I E m x p p o o r r t t s s 1 6 0 4 1 , ,2 2 5 3 9 5 1 6 0 4 9 , , 1 1 1 9 5 0 1 6 0 4 1 , ,2 2 5 3 9 5 9 6 9 6 , , 7 9 5 3 6 9 M u a f n a u c f t a u c r t i u n r g es for use in man- 58,032 54,130 58,032 64,649 Cana R d e a e x (t p h o o r u ts s ands of dollars): , 13,310 10,397 13,310 9,798 Manufactures ready for con- Imports 66,468 65,456 66,468 68,086 M s is u c m el p la t n io e n ous 5 2 8 , , 6 0 3 2 7 9 6 3 4 , , 2 8 4 5 8 5 5 2 8, , 0 6 2 3 9 7 63 1, , 6 9 9 35 5 Indi E a x (m po il r l t i s on rupees): 70,355 124,916 70,355 65,635 By countries: Imports , 226 154 226 214 T T T o o o t t t a a a I A F G U C l l t l r a a r e n E N S a g n l r i n u y o m t e o a e c r u n d r o a d e t t t a n h h p i n K y e A A a in m m g e d e r o r i i c m c a a.... 8 3 7 3 1 1 3 5 5 0 8 4 1 1 0 7 , , , , , , , , , 9 1 8 0 2 0 9 8 9 9 9 3 4 1 1 9 4 6 7 2 5 5 8 8 8 8 7 3 9 6 3 1 1 4 8 6 5 8 3 3 3 , , , , , , , , 7 1 3 6 2 6 9 0 7 5 8 5 5 0 3 8 8 3 8 1 1 6 6 0 8 3 7 3 1 1 3 5 8 0 1 5 1 0 4 7 , , , , , , , , , 9 0 8 9 1 2 8 0 9 1 9 3 4 9 4 1 9 6 8 5 8 2 7 5 8 7 8 1 7 1 3 3 4 0 1 1 8 2 3 4 1 0 3 1 3 , , , , , , , , , 1 5 5 2 4 5 6 6 7 0 9 7 7 1 7 4 9 8 5 9 3 3 6 3 7 3 8 J S a o s p u t a e t I E E I E n h r m m x x l x i ( p p p p p n m o o o o o g A i r r r r r ) l t : t t t t f l s s s s s r io ic n a yen ( ) t : housand £ 3 2 1 1 1 1 6 0 0 4 6, , 5 4 1 1 8 6 7 4 8 5 6 6 3 2 1 1 1 1 6 0 0 4 6, , 6 0 2 1 1 2 5 9 4 2 0 5 Total Asia and Oceania 86,680 82,442 86,680 95,013 1923 Tota J l a A pa fr n ica 3 1 4 1 , , 8 6 1 8 2 6 32 7 , 5 8 9 4 3 4 3 1 4 1 , , 8 6 1 8 2 6 3 1 1 7 , , 0 7 4 3 1 1 Decem- Novem- 1923 1922 ber, ber. EXPORTS. Belgium and Luxembourg By c T la o s t s a e l s of commodities: 395,170 426,799 395,170 335,417 (m I i m lli p o o n r t f s rancs): 1,297 1,124 12,492 9,077 C Fo r f u o a d d c e t s u tu r m i f n f a s g t i e n r i c a r l u s de f o c r o n m di a t n io u n - 1 1 3 3 2, , 7 7 4 9 9 2 18 1 2 4 , , 4 8 2 7 3 4 13 1 2 3 , , 7 7 4 9 9 2 1 2 0 4 2 , , 2 0 1 7 7 3 Den E I m m x a p p rk o o r r ( t t s s million kroner): 1,0 1 4 8 6 0 183 1,973 6 1 , , 0 5 6 1 0 3 Fo m od an st u u f f a f c s tu p r a e r d tly or wholly 59,319 56,727 50,741 Germ Ex an p y o r ( t m s illion gold-marks): 139 165 1,616 1,443 M u an fa u c f t a u c r t i u n r g es for use in man- 54,627 50,881 54,627 43,235 I E m x p p o o r r t t s s 3 4 8 9 7 2 5 4 1 3 5 4 5 6, , 0 9 1 7 0 6 3 6 , , 9 2 6 0 8 0 By c M M T R o o e ss u a is t e uu n s n c a x mm u c t e l r p f le i pp E l a o e la tt c u l r s n ii t e t oo : r e u s o o nn o r p e u s e s ready for con- 1 2 2 0 6 7 2 , , , 1 9 6 6 1 2 7 3 6 8 1 9 1 24 1 5 6 5 , , , 5 6 3 6 8 5 3 5 7 5 1 6 2 1 0 2 2 6 7 , , , 6 1 6 9 3 1 7 2 9 1 6 8 1 1 8 0 4 9 9 , , , 8 6 6 6 9 4 5 1 1 9 0 8 I N ta o l r y w I E E m x ( x a m y p p p o o o i ( l r r r m l t t i t s s s o il n l i l o i n re k ): roner): 1 1, , 6 8 0 3 6 6 8 5 1 1 , , 3 0 8 5 8 4 8 1 1 1 7 1 , , 2 0 7 6 0 9 0 4 1 1 9 5 , , 2 7 7 6 2 3 8 8 0 Tota I C F G U l t r a a e n N a l n r i n y m t o a e c d r a d e t a n h . K y A in m g e d r o ic m a 7 4 2 4 8 1 0 0 3 4 4 6 , , , , , , 7 9 1 5 8 8 5 6 2 8 5 6 0 6 8 1 8 3 1 2 3 8 2 1 4 2 0 9 2 9 5 , , , , , , 3 0 9 8 9 3 9 3 9 5 7 4 5 9 5 4 7 0 2 4 8 7 1 4 3 4 4 0 0 6 , , , , , , 1 8 5 9 7 8 2 6 8 6 5 5 8 3 1 6 0 8 2 7 2 8 4 1 3 8 3 6 8 5 , , , , , , 2 6 3 0 9 4 0 8 3 6 8 0 3 6 6 8 9 8 B Sw ra e z I I E E d i m m l e x x n ( p p p p m o o o o (m i r r r r l t t t t l s s s s i i l o li n o n m k il r r o e n i e s r ) ) :l : 3 1 1 2 7 1 0 2 9 7 9 5 1 1 3 1 2 0 1 9 9 9 1 1 1 1 1 2, , , , 3 1 5 8 4 7 3 2 5 2 6 3 1 1 1 1 , , , , 1 1 8 2 1 5 4 9 4 4 5 7 T T o o t t t t l l a a AAA l lA rri A S gg o s o s ee u ii u a nn t a ht tt h ii a nn A n A aa dd m O e c ri e c a a nia 2 8 8 3 7 , , , 9 8 0 5 7 0 4 9 4 1 7 6 9 6 , , , 3 2 1 0 3 5 0 5 8 2 8 8 3 7 , , , 9 8 0 5 7 0 9 4 4 2 4 9 1 1 , , , 2 3 7 1 2 0 0 4 9 Aus I t E r m a x l p p i a o o r r ( t t t s s housand £ sterling): 1 14 0 , , 0 0 0 0 0 0 1 1 3 2 , , 4 2 8 4 0 0 1 19 3 6 5 , , 6 5 6 5 2 1 1 12 2 4 1 , , 3 9 9 7 8 6 Japan „ 47,637 37,571 47,637 13,366 Total Africa 7,039 5,016 7,039 4,479 i Figures for September and October, 1923, and cumulative through October, 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.] tJanuary, 1920=100.] 1923 1924 1923 . 1923 1924 1923 O b c e t r o . - v b N e e o m r - . - c b D e e e m r - . - J a a r n y u . - J a a r n y u . - v b N e e o m r - . - c b D e e e m r - . - J a a r n y u . - F a e r b y r . u- F a e r b y r . u- Imports: United States Atlantic ports Total 162.2 153.7 175.1 182.2 242.3 to— 123.5 131.0 124.0 149.4 220.4 United Kingdom. 28.6 27.8 27.5 29.9 21.8 Producers' goods. 204.2 170.2 241.4 233.1 312.2 French Atlantic.. 24.8 25.7 25.4 25.3 22.6 Consumers' goods. 185.3 184.9 182.0 168.4 155.3 Netherlands and Bel- 24.9 25.3 24.5 25.0 18.6 Total 115.5 105.7 114.8 101.0 95.8 Scandinavia 22.4 22.5 22.6 23.4 22.6 Raw materials.. 103.4 96.2 103.9 79.3 78.8 Mediterranean... 20.5 20.2 20.2 19.9 20.1 159.4 122 8 150.0 162.2 126.5 25.1 25.1 24.9 25.8 21. S Consumers' goods. 134.0 128.9 133.7 142.9 137. S Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 221 FINANCIAL STATISTICS OF PRINCIPAL FOREIGN COUNTRIES. ENGLAND. CANADA. [Millions of pounds sterling.] [Millions of dollars.] 1923 1922 1924 1923 Decem-Novem- Octo- Decem- Janu- Decem-Novem- Janu- ber. ber. ber. ber. ary. ber. ber. ary. Chartered banks: Gold coin and bullionJ 54 54 67 93 Bank of England: Current loans and discounts 1,183 1,190 1,241 1,230 Gold and silver, coin and bullion. 155 155 155 154 Money at call and short notice 291 325 300 284 Nine C D B T M L o u a i o s t r n o n c a r k n e e o l y d n u d n o c n e o a y n t p t t s e o n c c s a s l a o e i n i l t t n a l s d e r a s c i a n n i a d r g d n v c d s b a u h n a l c a o n c e t r e k i t r o s t : i n n f l o ic t a ic te e s . . . . . . 1,0 1 2 1 1 5 0 8 0 2 3 4 0 0 2 1,0 1 1 1 3 3 1 0 3 2 1 6 1,0 2 1 1 1 1 8 0 2 0 9 2 5 1 3 1,0 2 1 1 1 4 8 0 2 0 6 0 1 1 8 D B S a o o n l m d N I k P n i r u n o c d e b i t l s i o e e l v e n i a r c i c r v d i n i r a e u n o c n a g t a u d l e g s l a 2 d a r c t a e i i i n r i o p l c s n o w u t s l a D i a y t t s o io s m e n i c n u io ri n t i n e o s. t . e . s .. . 2 1 , , 0 5 4 1 1 2 4 7 1 4 8 2 0 4 4 9 0 7 2 1 , , 0 9 4 2 1 1 3 1 1 4 0 8 0 0 0 1 9 1 1 2, , 2 9 4 2 1 1 2 9 3 4 1 8 0 0 4 2 2 5 2 1 , , 0 5 3 2 1 1 6 5 4 5 7 2 1 5 1 7 6 9 I T n o v t e al s t d m ep en os ts its 1,6 3 7 4 4 6 1,6 3 7 4 3 0 1,6 3 3 3 0 7 1,6 3 9 57 2 1 Not including gold held abroad. a Total for month. G To o t v a e l r c n l m ea e r n in t g f s loating debt: 3,467 2,914 3,192 3,262 FRANCE. Treasury bills 651 652 646 715 [Amounts in millions of francs.] Temporary advances 176 158 207 Total floating debt 827 922 1924 1923 Index number of foreign exchange value of the pound sterling 125.4 127.2 127.7 129.2 Janu- Decem-Novem- January. ber. ber. ary. i Less notes in currency note account. Bank of France: Gold reserve1 3,677 3,675 3,671 ITALY. Silver reserve 297 297 296 290 War advances to the Government. 22,800 23.300 22,800 23,100 [Millions of lire.] Note circulation 38,834 37,905 37,328 36,780 Total deposits 2,346 2,384 2,204 2,208 Clearings, daily average of Paris 1923 1922 banks 935 919 726 Savings banks, excess of deposits (+) or withdrawals (—) +17 +2 -41 +44 Novem- Octo- Septem-Novem- Price of 3 per cent perpetual rente 54.00 53.25 54.00 58.00 ber. ber. ber. ber. 1 Not including gold held abroad. JAPAN. Banks of issue: Gold reserve J.. 1,130 1,134 1,134 1,136 [Millions ot yen.] Total reserve 1,857 1,853 1,853 2,039 Loans and discounts 10,813 10,618 10,421 9,082 Bank of Japan: Note circulation for commerce 9,292 9,482 9,387 9,782 Reserve for notes * 1,057 1,057 1,061 1,062 Note circulation for the State.. 7,756 7,756 7,758 8,075 Loans and discounts 589 654 491 180 Total deposits 2,544 2,285 2,520 2,638 Advances on foreign bills.. 181 207 133 159- Leading private banks: Note circulation 1,520 1,697 1,415 1,308 Cash 1,011 736 751 781 Government deposits 372 360 416 380 Loans and discounts1 8,075 8,684 8,741 8,659 Private deposits 45 63 49 34 Due from correspondents 3,357 4,027 3,935 3,568 Tokyo banks: Participations 280 254 252 339 Cash on hand 118 • 133 131 113 Total deposits 11,273 12,362 12,454 11,960 Total loans 2,372 2,381 2,376 2,002 Index of security prices 162.33 160.05 111.09 Total deposits 1,828 1,879 1,826 1,860 Total clearings 1,975 2,418 2,003 2,246 i 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 in e c f e f — ect Country. Rate. I s n i n e c f e f — ect Country. Rate. I s n i n e c f e f — ect Country. Rate. I s n i n e c f e f — ect P.d. P.ct. P.ct. P.ct. Austria 9 Sept 4,1922 Esthonia ? Jan. —,1919 Japan 8.03 Nov. —, 1923 Rumania 6 Sept. 4,1920 Belgium 5i Jan. 22,1923 Finland..... Mar. 6,1924 Latvia 8 Feb. 16,1924 South Africa 6 Dec. 29,1922 Bulgaria 6J June 14,1919 France 6 Jan. 17,1924 Lithuania... 6 Sept. 27,1922 Spain 5 Mar. 23,1923 Czechoslo- Germany UO Dec. 23,1923 Netherlands 5 Jan. 24,1924 Sweden ? Nov. 9,1923 vakia 5 Jan. 28,1924 Greece Jan. 1,1923 Norway 7 Nov. 10,1923 Switzerland. July 14,1923 Denmark 7 Jan. 17,1924 Hungary 1? July 25,1923 Poland 96 Jan. 25,1924 Yugoslavia.. June 23,1922 England 4 July 5,1923 Italy........ July 11,1922 Portugal 9 Sept. 12,1923 6 i On Rentenmark and stable currency loans. Changes for the month.—Latvia, February 16, from 7 to 8 per cent; Finland, March 6, from 10 to 9 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
222 FEDERAL RESERVE BULLETIN. MAECH, 1924. BANKING AND FINANCIAL STATISTICS. CONDITION OF FEDERAL RESERVE BANKS. EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENT. AGES FOR JANUARY, 1924, AND DECEMBER, 1923. [Daily averages. Amounts in thousands of dollars.] Federal reserve notes Total earning assets. Total cash reserves. Total deposits. in circulation. Reserve percentages. Federal reserve bank. January. December January. December January. December, January. December. January. December. Boston 72,187 106,489 277,234 251,989 130,263 127,055 209,052 229,973 81.7 70.6 New York 191 620 268,136 981,292 910,514 731,438 708,692 398,583 426,761 86.8 80.2 Philadelphia 96,249 99,766 246,479 267,099 118,389 116,811 202,977 228,236 76.7 77.4 Cleveland 103,779 112,939 308,811 316,335 164,766 159,643 228,462 252,271 78.5 76.8 Richmond 52,709 58,974 115,161 118,995 67,934 65,045 94,556 106,749 70.9 69.3 Atlanta 68,001 125,518 112,706 60,102 57,018 135,724 145,034 64.1 55.8 Chicago 124,683 148,439 555,952 560,389 282,419 276,511 380,728 410,860 83.8 81.5 St. Louis 47,116 58,639 106,750 97,555 74,187 71,651 72,466 78,044 72.8 65.2 Minneapolis 31,031 30,279 87,363 88,736 50,363 49,782 62,744 64,231 77.2 77.8 Kansas City 54,224 66,423 97,579 87,771 80,504 79,643 64.434 66,824 67.3 59.9 Dallas 62,462 64,984 52,903 60,436 61,872 63,040 48i 616 55,543 47.9 51.0 San Francisco 96,607 97,416 286,554 296,459 157,676 156,517 214,531 227,780 77.0 77.1 Total 1924-23 1,000,668 1,200,351 3,241,596 3,168,984 1,979,913 1,931,408 2,112,873 2,292,306 79.2 75.0 1923-22 1,191,191 1,304,433 3,201,969 3,166,019 1,981,717 1,891,457 2,288,527 2,415,515 75.0 73,5 1922-21 1,304,165 1,517,194 3,043,984 2,994,982 1,800,989 1,755,226 2,272,057 2,416,096 74.7 71.8 1921-20 3,034,655 3,313,502 2,287,274 2,221,573 1,822,600 1,821,746 3,177,656 3,342,520 147.5 '44.7 1920-19 3,043,952 3,034,224 2,098,498 2,149,653 2,027,861 1,990,221 2,887,846 2,955,476 144.9 1 Calculated on basis of net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JANUARY 23 TO FEBRUARY 13, 1924 EESOURCES. [In thousands of dollars.] New Phila- Cleve- Rich- St. Minne- Kansas San Total. Boston. York. delphia. land. mond. Atlanta. Mcago. Louis. apolis. City. Dallas. Francisco. Gold with Federal reserve agents: Jan. 23 2,103,477 174,455 613,372 170,622 199,885 64,719 93,897 384,525 62,872 55,908 49,614 19,942 213,666 Jan. 30 2,127,175 176,168 643,310 168,511 198,884 63,052 93,287 384,344 66,624 55,082 48,734 20,294 208,885 Feb.6 2,097,830 173,765 603,253 177,527 198,623 61,545 99,552 384,229 67,971 55,208 50,028 19,715 206,414 Feb. 13 2.139,913 170,181 603,209 183,438 204,364 63,210 105,239 384,135 68,359 58,511 54,261 20,258 224,748 Gold redemption fund with U. S. Treasury: Jan. 23 52,632 9,169 9,285 4,774 2,825 4,377 3,413 4,801 3,055 2,370 3,809 1,892 2,862 Jan. 30 50,931 6,547 7,690 5,937 1,946 4,635 3,608 3,311 3,537 2,782 4,066 1,750 5,122 Feb.6 50,315 8,117 6,284 7,008 2,710 4,978 3,612 2,028 3,598 2,208 2,169 1,592 6,011 Feb. 13 57,815 10,966 9,927 9,395 2,710 2,168 2,719 5,952 2,598 2,588 2,454 1,962 4,376 Gold held exclusively against F. R. notes: Jan.23.... 2,156,109 183,624 622,657 175,396 202,710 69,096 97,310 389,326 65,927 58,278 53,423 21,834 216,528 Jan.30 2,178,106 182,715 651,000 174,448 200,830 67,687 96,895 387 655 70,161 57,864 52,800 22,044 214,007 Feb.6..... 2,148,145 181.882 609,537 184,535 201,333 66,523 103,164 386,257 71,569 57,416 52,197 21,307 212,425 Feb. 13....2,197,728 181,147 613,136 192,833 207,074 65,378 107,958 390,087 70,957 61,099 56,715 22,220 229,124 Gold settlement fund with F. R. board: Jan. 23 587,327 62,339 153,136 19,871 82,641 33,506 7,344 95,015 23,952 18,096 37,451 12,153 41,823 Jan. 30 573,226 57,991 107,830 24,549 95,830 39,820 12,414 105,174 24,143 16,881 43,474 9,336 35,784 Feb.6 610,033 67,204 114,044 24,211 83,009 40,070 12,519 117,795 24,794 20,325 47,557 10,588 47,917 Feb. 13 553,784 74,426 52,863 30,743 88,267 36,546 13,527 115,271 26,627 17,371 38,724 12,776 46,643 Gold and gold certificates held by banks: Jan.23 408,226 24,160 215,481 36,107 13,092 i,459 7,069 53,956 4,779 9,016 3,299 12,040 22,768 Jan.30 391,821 21,136 204,677 36,669 13,050 i,802 7,292 49,972 4,736 9,042 3,279 12,162 23,004 Feb.6 381,115 19,273 193,994 37,307 12,563 i,516 7,346 51,521 4,844 9,080 3,275 12,242 23,154 Feb. 13 376,750 18,929 187,456 37,669 12,645 i,722 7,418 53,516 4,722 9,130 3,245 12,330 22,968 Total gold reserves: Jan. 23....3,151,662 270,123 991,274 231,374 298,443 109,061 111,723 538,297 94,658 85,390 94,173 46,027 281,119 Jan.30 3,143,153 261,842 963,507 235,666 309,710 114,309 116,601 542,801 99,040 83,787 99,553 43,542 272,795 Feb.6 3,139,293 268 359 917,575 246,053 296,905 113,109 123,029 555,573 101,207 86,821 103,029 44,137 283,496 Feb. J3-...3.128.262 274.502 853.455 261.245 307.986 108.(546 128. B03 5B8.874 102.306 87.600 08.684 47.388 2QS.725 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL. EESERVE BULLETIN. 223 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JANUARY 23 TO FEBRUARY 13, 1924— Continued. RESOUECES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m R o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Eeserves other than gold: Jan.23.... 119,923 9,860 32,044 6,259 10,415 4,832 9,715 15,307 13,569 1,636 4,979 6,611 4,696 Jan. 30 119,758 8,958 32,206 5,567 11,772 4,524 9,900 14,856 13,785 1,408 5,323 6,892 4,567 Feb.6 . ... 119,616 9,693 31,440 4,706 12,213 4,444 10,632 15,160 14,001 1,246 4,947 6,765 4,399 Feb. 13 117,224 8,421 31,512 4,267 10,785 4,540 11,053 14,471 14,320 1,259 5,310 6,544 4,742 Total reserves: Jan.23....3,271,585 279,983 1,023,318 237,633 308,858 113,893 121,438, 553,604 108,227 87,026 99,152 52,638 285,815 Jan.30 3,262,911 270,800 995,713 241,233 321,482 118,833 126,501 557 657 112,825 85,195 104,876 50,434 277,362 Feb.6 3,258,939 278,052 949,015 250,759 309,118 117,553 133,661 570,733 115,208 88,067 107,976 50,902 287,895 Feb. 13....3,245,486 282,923 884,967 265,512 318,771 113,186 139,956 573,345 116,626 88,859 103,994 53,870 303,477 Nonreserve cash: Jan. 23 63,331 4,080 14,711 2,145 3,831 3,775 6,567 10,354 5,140 754 3,325 3,570 5,079 Jan. 30 59,661 3,968 13,046 1,990 4,195 3,149 6,942 9,308 4,842 690 3,044 3,841 4,645 Feb.6 56,240 3,704 12,945 2,256 3,901 3,298 6,047 9,132 5,180 560 3,019 2,352 3,846 Feb.13 51,160 3,875 11,024 2,134 3,161 3,104 6,107 7,274 4,664 627 3,057 2,617 3,516 Bills discounted: Secured by United States Government obligations— Jan. 23 272,927 13,671 102,726 31,063 21,509 20,746' 13,959 23,903 14,680 2,411 9,626 1,598 17,035 Jan. 30 259,280 19,613 91,002 32,493 17,201 19,428 11,173 24,196 13,949 1 372 7,875 1,708 19,270 Feb.6 242,085 14,880 96,262 30,625 22,134 14,923 8,303 21,710 10,956 2,773 7,051 1,329 11,139 Feb.13 297,561 14,917 143,078 28,966 32,957 18,984 7,926 21,500 10,653 912 8,106 1,310 8,252 Other bills discounted— Jan. 23 267,851 12,140 22,969 8,596 14,445 25,299 36,132 38,216 26,649 14,908 28,775 7,409 32,3ia Jan.30 263,027 17,314 14,244 10,840 14,231 26,097 34,614 35,253 25,230 14,841 28,322 7,635 34,406- Feb.6 245,211 12,157 11,972 7,471 12,715 25,485 32,931 34,925 24,759 14,665 26,208 6,551 35,372 Feb. 13...... 248,785 11,264 19,540 7,733 20,893 25,494 28,156 34,074 23,063 13,059 25,330 7,720 32,459 Total bills discounted— Jan. 23 540,778 25,811 125,695 39,659 35,954 46,045 50,091 62,119 41,329 17,319 38,401 9,007 49,348 Jan. 30 522 307 36,927 105,246 43,333 31,432 45,525 45,787 59,449 39,179 16,213 36,197 9,343 53,676. Feb.6 487,296 27,037 108,234 38,096 34,849 40,408 41,234 56,635 35,715 17,438 33,259 7,880 46,511 Feb.13.... 546,346 26,181 162,618 36,699 53,850 44,478 36,082 55,574 33,716 13,971 33,436 9,030 40,711 Bills bought in open market: Jan.23 275,997 26,968 39,655 33,705 43,459 3,045 13,160 38,221 655 2,650 85 42,534 31,86ft Jan.30 271,792 27,038 50,603 30,082 41,415 2,313 11 740 34,514 746 2,891 75 42,427 27,948 Feb.6. . 283,399 27,614 71,802 23,930 40,337 2,643 10,666 32,734 1,162 3,031 575 43,188 25,817 Feb.13 278,079 24,939 78,136 21,503 36,708 2,776 9,704 31,308 1,630 3,059 3,279 41,080 23,957 V. S. Government securities: Bonds- Jan. 23 20,014 544 1,202 747 918 1,191 158 4,426 7,116 1,932 1,780 Jan.30 18,584 544 1,202 747 918 1,191 251 4,426 7,194 332 1,779 Feb.6 18,353 544 1,202 549 918 1,191 260 4,426 7,151 332 1,780 Feb. 13 18,234 544 1,202 549 918 1,191 170 4,426 7,123 332 1,779 Treasury notes— Jan.23 76,455 4,854 5,861 18,576 11,175 1,040 1,044 5,896 760 2,602 8,358 5,129 11,160> Jan. 30 77,355 6,947 6,803 18,859 11,514 1,183 1,213 6,328 882 930 6,987 5,231 11,478 Feb.6 78,401 . 5,359 7,111 18,951 11,624 1,230 1,268 6,594 922 1,460 7,037 5,263 11,582 Feb. 13 80,261 5,244 8,879 18,951 11,624 1,230 1,270 7,192 922 1,065 7,038 5,264 11,582 Certificates of indebtedness— Jan.23 24,457 1,839 5,912 1,774 3,470 898 1,051 3,637 767 596 1,471 1,049 1,993 Jan.30. 24,833 2,005 6,058 1,817 3,523 920 1,077 3,776 785 626 1,290 914 2,042 Feb.6 27,904 2,172 6,807 2,042 3,792 1,033 1,210 4,448 882 835 1,383 1,030 2,270 Feb. 13 28,760 2,117 7,219 2,042 3,792 1,033. 1,232 5,052 882 682 1,384 1,030 2,295 Total U. S. Government securities— Jan.23 120,926 7,237 12,975 21,097 15,563 3,129 2,253 13,959 1,527 10,314 11,761 7,958 13,153 Jan.30 120,772 8,496 14,063 21,423 15,955 3,294 2,541 14,530 1,667 8,750 8,609 7,924 13,520 Feb.6 124,658 8,075 15,120 21,542 16,334 3,454 2,738 15,468 1,804 9,446 8,752 8,073 13,852. Veb.13.... 127,255 7,905 17,300 21,542 16,334 3,454 2,672 16,670 1,804 8,870 8,754 8,073 13,877 Municipal warrants: Jan.23 10 10 Jan. 30 10 10 Feb 6 10 10 Feb 13. Total earning assets- Jan. 23 937,711 60,016 178,325 94,461 94,976 52,219 65,514 114,299 43,511 30,283 50,247 59,499 94,361 Jan. 30..... 914,881 72,461 169,912 94,838 88,802 51,132 60,078 108,493 41,592 27,854 44,881 59,694 95,144 Feb.6 895,363 62,626 195,156 83,568 91,520 46,505 54,648 104,837 38,681 29,915 42,586 59,141 86,180 Feb. 13.... 168.095 59,025 258,054 79,744 106,892 50,708 48,458 103,552 37,150 25,900 45,469 58,183 78,545. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
224 FEDERAL RESERVE BULLETIN. MAKCH, 1924. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JANUARY 23 TO FEBRUARY 13,1924— Continued. EESOUECES—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 B o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . 5% redemption fund—F. B. bank notes: Jan. 23 28 28 Jan.30 28 28 Feb. 6 28 28 Feb.13 28 28 Uncollected items: Jan.23 591,436 51,924 118,499 50,790 55,715 60,722 32,181 77,999 32,653 12,031 32,749 26,486 39,687 Jan.30 531,163 48,168 111,880 48,020 49,748 48,601 25,684 67,328 28,429 11,220 31,676 23,881 36,528 Feb.6 504,353 47,969 105,769 45,769 47,362 50,169 26,234 51,376 29,547 11,369 29,611 25,439 33,739 Feb.13 562,725 55,949 112,967 53,918 53,252 5], 043 28,945 61,709 33,754 12,033 34,427 25,438 39,290 Bank premises: Jan.23 54,578 4,312 13,641 1,111 9,097 2,528 2,678 8,264 1,409 2,262 4,595 1,911 2,770 Jan.30 54,594 4,313 13,641 1,111 9,097 2,528 2,679 8,264 1,410 2,272 4,595 1,911 2,773 Feb.6 54,614 4,312 13,653 1,111 9,096 2,528 2,681 8,264 1,414 2,273 4,595 1,911 2,776 Feb.13 54,732 4,312 13,653 • 1, 111 9,109 2,528 2,683 8,264 1,414 2,367 4,595 1,911 2,785 All other resources: Jan. 23 17,120 132 1,659 260 299 410 448 381 80 4,070 623 4,663 4,095 Jan. 30 19,027 128 2,011 262 309 411 447 343 175 4,734 626 5,420 4,161 Feb. 6 19,237 121 1,979 302 305 396 462 312 172 4,859 737 5,508 4,084 Feb. 13 20,088 148 2,089 323 312 706 462 339 172 5,304 746 5,309 4,178 Total resources- Jan. 23 4,935,789 400,447 1,350,153 386,400 472,776 233,547 228,826 764,901 191,020 136,426 190,691 148,795 431,807 Jan. 30 4,842,265 399,838 1,306,203 387,454 473,633 224,654 222,331 751,393 189,273 131,965 189,698 145,209 420,614 Feb.6 4,788,774 396,784 1,278,517 383,765 461,302 220,449 223,733 744,654 190,202 137,043 188,524 145,281 418,620 Feb. 13....4,885,899 406,232 1,282,754 402,712 491,497 221,275 226,611 754,483 193,780 135,090 192,288 147,356 431,791 LIABILITIES. F. R. notes in actual circulation: Jan. 23 2,049,834 200,862 389,419 191,043 222,238 90,992 132,555 371,667 70,850 62,053 63,335 46,623 208,197 Jan. 30 2,022,514 199,937 383,563 192,606 219,341 89,430 130,584 362,642 70,468 61,920 62,753 46,086 203,184 Feb. 6 2,017,424 199,733 381,050 190,387 214,517 89, 770 131,173 361,884 69,484 63,193 64,613 46,359 205,261 Feb.13 2,039,203 200,614 377,886 200,742 226,741 88,593 130,937 362,097 70,059 65,989 64,626 44,926 205,993 F. E. bank notes in circulation—net: Jan. 23 439 439 Jan. 30 434 434 Feb. 6 427 427 Feb. 13 418 418 Deposits: Member bankreserve account—• Jan. 23 1,934,949 123,658 738,510 115,236 158,452 65,317 57,249 277,908 69,281 46,972 76,107 58,322 147,937 Jan. 30 1 927,714 125,681 721,689 115 700 165,693 67,146 55,466 279,011 71,139 44,759 77,140 57,287 147,003 Feb.6 1,893,988 124,335 700,298 120,206 159,753 64,692 57,587 268,514 73,287 48,703 75,610 57,401 143,602 Feb.13 1,915,232 130,313 692,621 119,782 169,662 64,728 57,939 277,951 72,431 45,585 75,878 55,821 152,521 Government—• Jan. 23 61,184 2,674 22,784 4,721 4,508 2,771 2,901 4,077 2,738 2,943 3,564 2,112 5,391 Jan. 30 40,941 2,576 4,265 4,370 5,204 4,137 3,569 2,788 2,975 1,442 2,576 2,402 4,637 Feb.6 38,250 2,386 5,077 1,578 5,495 1,023 1,554 11,095 1,906 1,368 2 730 1,126 2,912 Feb. 13 36,960 3,050 4,954 3,043 3,732 3,179 3,287 4,171 2,774 1,029 2,161 1,736 3,844 Other deposits- Jan. 23 22,163 183 11,539 293 1,455 113 141 1,434 557 459 636 375 4,978 Jan. 30 22,430 160 11,766 280 974 122 141 1,977 803 480 595 327 4,805 Feb.6 21,365 159 11,371 383 1,319 162 247 1,039 425 425 556 378 4,901 Feb.13 20,017 136 10,423 372 1,088 142 163 1,219 440 433 544 376 4,681 Total deposits— Jan. 23 2,018,296 126,515 772,833 120,250 164,415 68,201 60,291 283,419 72,576 50,374 80,307 60,809 158,306 Jan. 30 1,991,085 128,417 737 720 120,350 171,871 71,405 59,176 283,776 74,917 46,681 80,311 60,016 156,445 Feb.6 1,953,603 126,880 716,746 122,167 166,567 65,877 59,388 280,648 75,618 50,496 78,896 58,905 151,415 Feb. 13.... 1,972,209 133,499 707,998 123,197 174,482 68,049 61,389 283,341 75,645 47,047 78,583 57,933 161,046 Deferred availability items: Jan. 23. . 523,511 48,467 96,634 44,817 49,042 56,171 21,460, 62,980 31,949 11,867 32,362 27,284 40,478 Jan.30 484,338 46,886 93,504 44,216 45,324 45,642 18,018 58,129 28,232 11,235 31,950 25,006 36,196 Feb.6. 473,584 45,534 89,448 40,913 43,282 46,610 18,600 55,263 29,474 11,226 30,312 25,876 37,046 Feb. 13 529,687 47,504 105,319 48,273 53,299 46,435 19,699 62,119 32,430 9,930 34,396 30,342 39,941 Capital paid in: Jan.23 110,035 7,901 29,454 9,941 12,338 5,791 4,432 15,045 5,003 3,494 4,538 4,208 7,890 Jan.30 110,043 7,901 29,454 9,941 12,338 5,791 4,430 15,046 5,011 3,494 4,532 4,215 7,890 Feb. 6. 110,005 7,919 29,446 9,941 12,247 5,791 4,436 15,047 5,020 3,494 4,561 4,213 7,890 Feb.IS. 110.357 7.918 28.515 10.127 12.248 Si 708 4.452 15.107 S.018 3.491 4.552 4.212 7.S9Q Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 225 BESOUBCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JANUARY 23 TO FEBRUARY 13,1924— Continued. LIABILITIES—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la i - a. C la le n v d e . - m E o ic n h d - . Atlanta. Chicago. Lo S u t. is. M ap i o n l n is e . - K C a i n t s y a . s Dallas. F c S i r s a a c n n o - . Surplus: Jan. 23 220,915 16,390 59,929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 Jan.30 220,915 16,390 59,929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 Feb.6. 220,915 16,390 59,929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 Feb.13 220,915 16,390 59,929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 All other liabilities: Jan. 23 12,759 312 1,884 422 1,052 720 1,138 1,364 570 1,154 653 1,855 1,635 Jan. 30 12,936 307 2,033 414 1,068 714 1,173 1,374 573 1,151 656 1,875 1,598 Feb. 6. 12,816 328 1,898 430 998 729 1,186 1,386 634 1,150 646 1,924 1,607 Feb. 13 13,110 306 2,077 476 1,038 728 1,184 1,393 556 1,149 635 1,948 1,620 Total liabilities: Jan. 23 4,935,789 400,447 1,350,153 386,400 472,776 233,547 228,826 764,901 191,020 136,426 190,691 148,795 431,807 Jan.30 4,842,265 399,838 1,306,203 387,454 473,633 224,654 222,331 751,393 189,273 131,965 189,698 145,209 420,614 Feb. 6 4,788,774 396,784 1,278,517 383,765 461,302 220,449 223,733 744,654 190,202 137,043 188,524 145,281 418,520 Feb.13....4,885,899 406,232 1,282,754 402,742 491,497 221,275 226,611 754,483 193,780 135,090 192,288 147,356 431,791 MEMOEAJTDA. Eatio of total reserves to deposit and F.E. note liabilities combined —per cent: Jan. 23 80.4 85.5 88.0 76.3 79.9 71.5 63.0 84.5 75.5 77.4 69.0 49.0 78.0 Jan. 30 81.3 82.5 88.8 77.1 82.2 73.9 66.7 86.3 77.6 78.4 73.3 47.5 77.1 Feb.6. 82.1 85.1 86.4 80.2 81.1 75.5 70.1 88.8 79.4 77.5 75.2 48.4 80.7 Feb. 13 80.9 84.7 81.5 82.0 79.4 72.3 72.8 88.8 80.0 78.6 72.6 52.4 82.7 Contingent liability on bills purchased for foreign correspondents: Jan. 23 17,010 5,886 1,463 1,837 885 697 2,365 748 578 731 612 1.208 Jan. 30 16 843 5,719 1,463 1,837 885 697 2,365 748 578 731 612 1,208 Feb. 6 16 305 4,372 1,633 1,969 959 741 2,508 825 605 774 640 1,279 Feb.13 16,294 4,361 1,633 1,969 959 741 2,508 825 605 774 640 1,279 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED. [In thousands of dollars.] From 91 Total. Within 15 16 to 30 31 to 60 61 to 90 days to 6 Over 6 days. days. days. days. t months. months. Bills discounted: Jan.23 540,778 357,494 41,702 72,735 40,892 26,064 1,891 Jan. 30 522,307 341,181 44,481 67,922 40,764 26,669 2,290 Feb.6 487,296 315,376 43,825 63,459 39,647 22,610 2,379 Feb. 13 546,346 377,886 47,027 60,682 36,328 21,689 2,734 Bills bought in open market: Jan. 23 . 275,997 95,035 56,348 83,416 36,755 4,443 Jan. 30 271,792 103,186 62,372 72,304 31,278 2,652 Feb.6 283,399 126,833 62,350 62,144 30,166 1,906 Feb. 13 278,079 137,869 56,904 56,069 25,615 1,622 United States certificates of indebtedness: Jan.23 . 24,457 1 10,426 5 3,004 11,021 Jan.30 24,833 120 10,644 120 3,034 10,915 Feb.6 27,904 75 11,166 3,265 13,395 Feb.13.. . 28,760 412 1 11,315 145 3,596 13,291 Municipal warrants: Jan.23 10 10 Jan 30 10 10 Feb.6 10 10 Feb.13 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
226 FEDERAL RESERVE BULLETIN. MARCH, 1924. FEDERAL RESERVE NOTES. FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JANUARY 23 TO FEBRUARY IS, 1924. [In thousands of dollars.] New Phila- Cleve- Rich- •St. Minne- Kansas San Total. Boston. York. delphia. land. mond. Atlanta. Chicago. Louis. apolis. City. Dallas. Francisco. Net amount of F. R. notes received from Comptroller of the Currency: Jan.23 3,572,170 322,342 291,790 313,697 140,578 226,317 576,759 111,947 81,359 107,391 81,795 329,009' Jan.30 3,548,646 319,055 986,654 289,678 310,696 138,911 224,707 569,827 110,698 80,533 106,511 81,147 330,229 Feb.6 3,542.276 316, «52 986,296 287,695 308,435 1S7,4O4 224,172 563,926 110,046 80,159 106,404 80,568 340,519- Feb. 13 3,527,154 313,068 978,544 290,606 305,177 136,069 221,858 559,715 112,734 80,542 107,237 81,112 340,492 F. E. notes on hand- Jan. 23 925,294 100,700 282,060 60,000 65,970 37,145 77,557 136,200 24,300 13,095 32,553 29,394 66,320 Jan. 30 943,402 99,700 282 060 58,640 63,970 37,145 78,687 149,500 24,300 12,945 33,033 31,102 72,320 Feb.6 952,757 96,900 282,060 55,170 63,970 35,845 78,042 157,000 24,300 12,155 32,453 30,542 84 320 Feb. 13 956,777 93,900 282,060 58,170 58,890 37,745 76,262 168,520 27,300 7,415 30,653 31,542 84,320 F. E. notes outstanding: Jan.23 2,646,876 221,642 707,126 231,790 247,727 103,433 148,760 440,559 87,647 68,264 74,838 52,401 262,689 Jan. 30 2,605,244 219,355 704,594 231,038 246,726 101,766 146,020 420,327 86,398 67,588 73,478 50 045 257,909 Feb.6 2,589,519 219,752 704,236 232,525 244,465 101,559 146,130 406,926 85,746 68,004 73,951 60,026 256,199 Feb. 13 2,570,377 219,168 696,484 232,436 246,287 98,324 145,596 391,195 85,434 73,127 76,584 49,570 256,172 Collateral security for F. R. notes outstanding: Gold and gold certificates- Jan. 23....... 327,584 35,300 235,531 14,000 8,7S0 2,400 11,130 13,052 7,391 Jan.30. 327,584 35,300 235,531 14,000 8,780 2,400 11,130 13,052 7,391 Feb.6 327,584 35,300 235,531 14,000 8,780 2,400 11,180 13,052 7,391 ' Feb. IS 327,584 35,300 235,531 14,000 8,780 2,400 11,130 13,052 7,391 Gold redemption fund— Jan. 23 119,072 11,155 31,841 14,733 14,105 4,424 8,497 7,880 3,242 1,856 3,2.54 3,051 15,034 Jan. 30 114,542 7,868 31,779 12,622 13,104 2,757 6,887 7,699 3,994 1,030 4,374 3,403 19,025 Feb.6 124,096 15,465 31,722 15,638 12,843 4,250 6,152 7,585 5,341 1,156 3,668 2,824 17,452 Feb.13 117,215 11,881 31,678 12,549 13,584 2,915 8,839 7,491 4,229 1,459 2,901 3,367 16,322 Gold fund—F. E. Board- Jan. 23 1,656,821 128,000 346,000 141,889 177,000 60,295 83,000 376,645 48,500 41,000 46,360 9,500 198,632 Jan. 30 1,685,049 133,000 376,000 141,889 177,000 60,2fc5 84,000 376,645 51,500 41,000 44,360 9,500 189,860 Feb.6 1,646,150 123,000 336,000 147,889 177,000 57,295 91,000 376,644 51,500 41,000 46,360 9,500 188,962 Feb.13 1,695,114 123,000 336,000 156,889 182,000 60,295 94,000 376,644 53,000 44,000 51,360 9,500 208,426 Eligible paper- Amount required- Jan. 23.. 543,399 47,187 93,754 61,168 47,842 38,714 54,863 56,034 24,775 12,356 25,224 32,459 49,023 Jan. 30.. 478,069 43,187 61,284 62,527 47,842 38,714 52 733 35,983 19,774 12,506 24,744 29,751 49,024 Feb.6... 491,689 45,987 100,983 54,998 45,842 40,014 46,578 22,697 17,775 12,796 23,923 30,311 49,785 Feb.13.. 430,464 48,987 93,275 48,998 41,923 35,114 40,357 7,060 17,075 14,616 22,323 29,312 31,424 Excess amount held— Jan. 23... 241,086 5,592 56,181 2,332 29,941 9,084 8,169 44,139 17,012 5,996 13,064 17,980 31,59& Jan. 30... 286,863 20,778 78,992 3,216 24,539 7,311 4,563 57,826 19,910 5,155 11,282 21,371 31,920 Feb.6... 254,002 8,564 65,300 1,361 28,373 2,326 5,029 66,451 18,747 6,067 9,690 20,202 21,892 Feb.13.. 364,774 2,133 131,453 785 48,121 11,732 5,088 79,648 17,824 1,125 14,155 20,105 32,605- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 227 EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON, JANUARY, 1924. [Amounts in thousandi 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. 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 JAN. 31, 1924. Total earning assets 944,682 69,037 196,478 97,293 86,419 49,979 60,979 113,393 43,584 28,925 43,430 61,500 93,665 Bills discounted, for members 532,260 32,708 118,180 45,633 28,836 44,223 46,989 62,507 40,909 16,052 34,622 9,575 51,966 Bills bought in open market 286,041 27,477 63,128 29,942 41,275 2.313 11,242 35,038 880 2,929 75 43,895 27,847 TJ. S. Securities 126,371 8,792 15,170 21,718 16,308 3; 443 2,7S8 15,848 1,795 9,944 8,733 8,030 13,852 10 10 Bills Discounted. Customers' paper secured by Government obligations 2,157 354 12 216 532 242 295 155 116 16 169 3 47 Member bank collateral notes: Secured by Government obligations- 265,821 18,617 103,786 32,539 14,398 17,864 10,871 27,208 12,869 1,321 6,418 1,817 18,113 Otherwise secured... 5,645 18 145 310 133 720 30 '208 4,081 Commercial paper, n. e. s... 181,261 12,688 13,407 12,206 12,355 22,342 28,933 18,027 22,617 2,483 11,650 3,624 20,929 Agricultural paper... 53,398 635 592 604 528 2,595 5,719 16,375 3,985 9,324 6,024 1,117 5,900 17 533 3 289 53 117 273 1,956 10,084 2,746 2,012 275 243 32 Trade acceptances, domestic 6,170 474 383 65 716 739 744 609 1,049 232 247 60 852 Total discounted bills 532,260 32,768 118,180 45,633 28,836 44,223 46,989 62,507 40,909 16,052 34,622 9,575 51,966 Bills Bought. Bankers' acceptances: 116 818 9 917 24,668 10,239 24,125 76 6,424 11,208 692 1,009 16,741 11,719 93,398 9,148 22,485 11,044 10,520 351 2,066 12,352 • 77 1,489 14,214 9,652 Domestic 59,299 6,357 11 752 6,711 4,967 1,886 2,752 9,741 111 395 75 8,986 5,566 14,191 2 055 1,888 1,948 1,663 1,737 36 3,954 910 Trade acceptances: Foreign, imports 2,209 2,209 126 126 Total purchased bills 286,041 27,477 63,128 29,942 41,275 2,313 11,242 35,038 880 2,929 75 43,895 27,847 Purchased Bankers' Acceptances, by Classes of Acceptors. 91 991 12 792 18 873 12,765 9,496 100 1,756 13,983 418 517 75 14,288 6,928 91 446 8 202 16 684 8 712 9 163 6 378 18 602 414 1,347 13,183 8,761 Nonmember banks and banking 45,864 4 613 11,062 4,264 7,841 2,148 2,907 2,198 28 543 6,359 3,901 28 680 928 7 127 2,506 8 462 65 228 84 4,192 5,088 Branches and agencies of foreign bants 25,725 942 7,047 1,695 6,313 201 27 20 438 5,873 3,169 U. S. Securities. TJ. S. bonds 18 598 544 1,202 747 919 1,191 273 4,426 7,185 332 1,779 Treasury notes 80,287 6,033 7,151 18,951 11,624 1,230 1,268 7,159 922 2,078 7,025 5,264 11,582 Certificates of indebtedness 27,486 2,215 6,817 2,020 3,765 1,022 1,197 4,263 873 681 1,376 987 2,270 Total TJ. S. securities 126,371 8,792 15,170 21,718 16,308 3,443 2,738 15,848 1,795 9,944 8,733 8,030 13,852 DAILY AVERAGE HOLDINGS DURING JANUAKT. Total earning assets1 1,000,668 72,187 191,620 96,249 103,779 52,709 68,001 124,683 47,116 31,031 54,224 62,462 96,607 Bills discounted 580,371 34,348 120,998 45,258 42,450 47,394 53,364 71,251 45,435 18,181 42,368 9,647 49,677 Bills bought 302,509 30,701 54,909 32,685 46,671 2,645 12,742 39,704 365 2,061 154 45,289 34,583 117,761 7,138 15,713 18,306 14,658 2,670 1,868 13,728 1,316 10,789 11,702 7,526 12,347 EARNINGS DURING JAN- UABT. Total earning assetsl •.. . . 3 720 267 711 356 381 199 257 459 180 117 208 225 360 Bills discounted 2,218 131 462 173 162 181 204 272 174 70 162 37 190 Bills bought 1.077 109 193 116 167 10 46 142 1 7 1 161 124 TJ. S. securities '425 27 56 67 52 8 7 45 5 40 45 27 46 ANNUAL RATE OP EARN- INGS. Total earning assets1 4.39 4.35 4.S7 4.35 4.32 4.44 4.45 4.33 4.49 4.44 4.51 4.23 4.39 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 : 4.20 4.18 4.15 4.18 4.21 4.31 4.28 4.19 4.19 4.18 4.56 4.18 4.21 U. S. securities 4.26 4.37 4.16 4.30 4.17 3.39 4.24 3.88 4.17 4.39 4.54 4.19 4.40 1 Figures include average daily holdings of municipal warrants, earnings, and annual rate of earnings thereon, for Atlanta, as follows, $26,746, $102, and 4.50 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
228 FEDEEAL RESERVE BUIXJETIN. MARCH, 1924. DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS FOR JANUARY, 1924. [Amounts in thousands of dollars.] Total. 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 s i a a t n y s . - Dallas. F c S i r s a a c n n o - . Total discount and openmarket operations '2,62,5,092 164,042 1,280,279 201,425 151,077 175,083 95,123 174,383 112,369 31,601 62,883 43,400 133,427 Bills discounted for member 2,295,566 123,7221,159,498 173,709 131,595 170,721 82,427 134,705 109,061 18,382 59,222 21,439 111,085 Bills bought in open market 231,941 30,791 98,805 18,573 14,366 2,260 9,228 19,622 1,513 2,305 75 16,727 17,676 Bills bought from other Federal reserve banks 3,661 59 3,602 U. S. securities bought in open market 85,033 8,576 21,299 8,234 4,015 1,637 2,923 18,207 10,608 3,200 1,303 3,633 U. S. securities bought from other Federal reserve banks.. 8,891 953 618 909 1,101 465 545 1,849 397 305 386 329 1,033 == Bills Discounted. Customers' paper secured by Government obligations 1,834 327 68 453 195 275 83 209 29 160 30 Member bank collateral notes: Secured by Government obligations 1,8 64,110 1,048,532 143,970 100,481 144,618 33,187 104,323 66,764 10,363 45,931 11,019 75,651 Otherwise secured 10,986 18 297 632 314 967 85 166 8,507 Commercial paper, n. e. s 388,551 58,873 109,940 29,316 29,446 23,418 44,666 24,770 30,829 2,920 7,556 3,699 23,118 Agricultural paper 20,953 323 594 310 199 1,377 33,006 5,086 2,303 3,059 1,756 591 2,349 Livestock paper 6,774 4 34 2 66 7 64 88 1,001 3,383 1,099 1,026 Demand and sight drafts (based on agricultural products) 13,330 116 8,159 32 110 4,837 76 Bankers' acceptance, domestic. 86 10 50 4 22 Trade acceptances, domestic... 4,103 85 385 43 932 759 481 129 705 11 241 26 306 Total bills discounted.... 2,295.566 123,722 1,159,498 173,70 131,595 170,721 82,427 134,705 109,061 18,382 59,222 21,439 111.085 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) 10.64 9.18 4.77 9.20 11.41 9.10 32.04 22.80 23.45 48.29 24.91 27.96 19.15 Total reduced to a common maturity basis (exclusive of demand and sight drafts) 2,282,236 106,505 518,325 149,889 140,819 145,653 247,297 287,904 221,809 83,079 138,065 43,529 199,362 Percent of total 100.0 4.7 22.7 6.6 6.2 6.4 10.8 12.6 9.7 3.6 6.1 1.9 8.7 Number of member banks on Jan.31 9,875 424 837 724 880 630 534 1,435 630 975 1,137 863 806 Number of banks accommodated during the month 3,663 202 372 327 311 272 258 634 264 298 349 112 264 Per cent accommodated. 37.1 47.6 44.4 45.2 35.3 43.2 48.3 44.2 41.9 30.6 30.7 13.0 32.8 Bills Bought in Open Market. Bankers' acceptances: Foreign 169,486 18,726 75,813 13,448 12,201 721 7,200 13,985 12,240 11,777 Domestic 49,634 8,210 17,981 3,723 1,395 1,539 2,028 4,965 105 302 3,697 5,614 Dollar exchange 11,172 3,855 3,362 1,402 770 672 36 790 285 Trade acceptances: Foreign 1,649 1,649 Domestic Total bills bought 231,941 30,791 98,805 18,573 14, 2,260 9,228 19,622 1,513 2,305 75 16,727 17,676 Distribution by rates charged (360-day basis): 4 per cent 126,526 10,278 91,040 6,576 1,869 3,280 3,120 63 376 7,505 2,419 4J per cent 76,231 17,976 4,644 11,511 9,902 2,697 12,534 1,450 ,894 8,458 5,165 4J per cent 23,476 2,399 1,410 486 2,373 2,255 226 3,509 35 764 10,019 4j per cent 674 138 62 202 5 194 73 4£ per cent 4,934 1,649 20 3,025 165 75 4 J per cent 100 100 Average rate (365-day basis)— per cent 4.18 4.17 4.10 4.17 4.21 4.31 4.33 4.21 4.18 4.17 4.56 4.16 4.22 Average maturity (in days)... 35.72 29.68 18.37 53.91 67.73 43.79 47.99 68.35 45.60 62.72 90.00 49.80 36.47 Total reduced to a common maturity basis 231,941 25,583 50,827 28,034 27,240 2,771 12,399 37,550 1,932 4,048 23,322 18,046 Per cent of total 100.0 11.0 21.9 12.1 11.7 1.2 5.3 16.2 1.8 10.1 7.8 U. S. Securities Bought in Open Market. U. S. bonds 1,658 15 346 697 600 Treasury notes 53,881 5,463 14,681 6,9i6 2,327 967 1,248 i.6,309 825 6,509 1,812 684 2,146 Certificates of indebtedness 29,494 3,098 6,618 1,324 1,688 670 1,329 7,898 573 3,402 788 619 1,487 Total U. S. securities bought 85,033 8,576 21,299 8,234 4,015 1,637 2,923 18,207 10,608 3,200 l;303 3,633 1 Includes purchases and sales of United States securities and bankers' acceptances between Federal reserve banks amounting to $12,552,000. ^ 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. OPEEATIONS DURING JANUARY, 1924. [Numbers in thousands. Amounts in thousands of dollars.] Number of nonmem- Items drawn on banks located Items for- Items for- Total items handled, including ber banks at end of Federal reserve bank or branch res I e n r v F e e b i d n a e n r o a k w l o n r di O s e t r u r b a i t c s l a t i n r . d e k e s e o F r r v ed e - T o d f r S r I a e t t U w a e a s m t n n e u i s s t r o e . e n d r . h si a v T n e o d o t t l a i e f o l d d n i , t u s e e . p x m l c i s c lu a - - e b o w b r a t a r h a n a l r e t k n r d h r e s c e e s F h d i a e r e e r n t d s v o d . - e to w b i d p b n a a i r a r n s d s a t r k a r n e e i s m d c n c h o t t e t . e r o s Number. duplica A tio m n o s. unt. b a N o m e t f u r o e m m b n n a e d t b n h m e o k . r - f s On m p o a n r t l h i . st. p N a o r t l i o s n t.1 and district number. branch city. branch city. No. 1—Boston 821 824,898 4,679 510,400 136 14,935 5,636 1,350,263 220 47,963 i 5,856 4,,S 1,398,226 1,198,468 424 427 230 259 No. 2—New York 2,560 4,448,794 5,238 744,6551 920125,317 8,718!5,318,7661,340148,084 5,31110,08310, 5, 472,161 5,200,058 749 727 282 263 Buffalo 225 119,702 518 56,510! 13| 2,530 756| 178,742 '106 22,421 16,637 928 217, 800 214,496 88 85 81 79 No. 3—Philadelphia 1,284 883,716 2,647 324,4891 138 21,076 4,087 1,229,281 580108,557 , 4,647 4,396 1,337,838 1,354,133 724 715 516 492 No. 4—Cleveland 735 472,167 1 717 173,3581 71 5,941 2,523 651,488 9"•4 7,295 10,657| 2,673 2,560 669,418! 531,48l! 313 312 513 518 Cincinnati 274 355,063 950 "2,342! 60 12,073 2 1,292 2 461,000 34 8,579 4,528 1,347 1,288 474,107! 488,876J 224 226 312 313 Pittsburgh 673 674,358 1,089 39 5,137 1 781 792,301 110 42,912 10,899 1,930 1,857 848,1121 819,648; 343 344 251 254 No. 5—Richmond 134' 371,410 2,132 47 5,684 2,313 708, 788 182 67,026 9,138 2,534 2,611 784,952j 622,007! 468 471 584 697 645 564 Baltimore 311| 233,414 855 77,864 52 6,297 1,218 317,575 168 40 279 7,759 1,467 1,402 365,6131 301,2511 162 161 267 263 1 No. 6—Atlanta 122 113,923 414 51,217' 43 3,910 579 169,050 43 13,464 5,538 663 650 188,052 200,018i 222 227 80 89 450 157 Birmingham 59 58,393 232 20,0151 15 1,904 308 80,912 23 15,366 39,886 360 368 136,164 132,464 94 93 32 36 146 142 Jacksonville 67 87,412 262 27,522i 12 1,386 341 116,320 67 12,852 2,537 417 349 131,709 102,8131 70 78 69 60 150 149 Nashville 71 90,213 264 27,4441 14 1,587 349 119,244 6 1,985 744 358 335 121,973 132,0791 92 88 146 144 159 159 New Orleans 94 56,920 135 18,19a! 35 3,890 264 79,008 44 12,187 667 316 314 91,860 99,219! 58 55 48 50 224 224 No. 7—Chicago 1,213 992,103 4,448 350,800 293 45, 478 5,952 1,388,379 467 30,463 1,467 6,433 6,446 1,420,309 1,298,538:13091,318 3,843 3,985 112 Detroit 362 325,705 73,274 30 4,464 1,161 403,444 21 4,352 2,054 1,187 954 409,850 260,127 126| 124 247 258 17 No. 8—St. Louis 552 378,609 1, 92,381 107 8,930 2,248 479,920 66 5,036 855 2,325 2,219 485,811 507,497! 404 1,622 38 Little Rock 52 46,476 343 22,921 9 1,172 404 70,569 1 172 520 412 466 71,261 81,656 208 '233 28 Louisville 124 168,780 483 28,274 31 2,858 638 199,912 13 1,100 131 653 660 201,143 231,517 345 348 Memphis 85 41,721 202 15,631 12 1,228 299 58,580 1 226 293 304 329 69,014 169 189 1781 159 No. 9—Minneapolis 300 111,323 1, 541 79,554 55 6,346 2 1,902 2202,032 102 19,522 89 2,005 2,085 221,643 243,617 815 825!1,835 2,410 507! 179 Helena 27 14,863 112 7,380 8 2,328 147 24,551 5 1,573 1,008 153 181 27,132 25,435 160 188' 137 184 10 No. 10—Kansas City 411 216,144 1,401 90,052 73 10,219 1,1 316,415 93 20,806 6,707 2,011 2,312 343,928 404,125 328 1,377 1,412 6 Denver 145 46,861 371 35,325 24 3,110 541 85,298 68 16,327 1100;1 10099J 648 722 111, 732 119,936 159 162 222 251 5 Oklahoma City. 81 59,382 1,091 72,950 11 1,694 1,183 134,026 50 12,979 9,995 1,252 1,225 157,000 154,079 409 411 382 412 7 Omaha 132 50,322 593 30,030 25 2,809 2 751 283,430 45 5,054 3,,5935 816 940 92,419 110,181 241 248 857 901 j 1771 149 No. 11—Dallas 252 229,486 1,774 207,491 35 4,931 2,081 441,908 65 7,346 5,475 2,167 1,908 454,729 339,781 661 660 667 726 85I! 52 El Paso 53 15,297 125 10,449 15 1,366 193 27,112 18 2,024 864 220 228 30,000 25,681 59 64 36 58 Houston 62 55,061 449 43,756 12 1,390 523 100,207 17 2,685 1,388 547 512 104,280 120,135 143 139 241 255[ No. 12—San Francisco.. 308 426,175 599 45,600 67 16,279 972 488,054 44 4,587 2,606 1,049 1,240 495 247 515,035 185 192 224 2711 1| Los Angeles 653 244,653 2,340 164,050 59 11,036 3,052 419,739 121 19,342 8,674 3,233 2,386 447,755 342,762 160. 158 202 193 1 Portland 75 98,580 285 15,878 19 4,104 379 118,542 8 4,707 7,272 431 390 130,521 63,294 138| 138 132 137 31 Salt Lake City.. 69 40,627 441 15 2,403 525 71,879 14 2,854 1,544 551 516 76,277 69,984 148 161 102 102 Seattle 145 48,333 283 18,3231 27 5,174 436 71,830 23 4,707 5,352 • 504 514 81,889 86,928 66 66 84 92 Spokane 70 21,235 203 10,591! 11 1,264 284 33 090 15 3,357 2,818 320 297 39,263 40,590 109; 109 141 147 Total: January 112,60112,1,422,09840,532 4,012,653 2,531350,2782 55,679 218,791,629 4,,274 718,189 812 187,455 60,765 59,248 17,697,273 16,486,921 9,875 9,911 16,484 17,777 3,013!2,289 December 12,414121,,677,809 43,030 4i;, 247,340 2,721381,007 58,17917,31:3, /0*3 8" 4,, 511 736,294 882 198,859 63,572 61,58118,248,19115,319,843 9,893 9,916 16,725 17,822 2,893^, 288 1 Incorporated banks other than mutual savings banks. 2 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 8,000 items, Sl,522,000; Minneapolis, 6,000 items, $4,809,000; Omaha, 1,000 items, $269,000. Total, 15,000 items and ?6,600,000. NOTE.—Number of business days in period for Richmond, Atlanta, Birmingham, Jacksonville, Nashville, New Orleans, and Memphis was 25, and for other Federal reserve bank and branch cities, 26 days. to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
230 FEDERAL RESERVE BTTT.T.F/TTNr. MARCH, 1924. GOLD SETTLEMENT FUND. INTERBANK TRANSACTIONS PROM JANUARY 17, 1924, TO FEBRUARY 13, 1924, INCLUSIVE. [In thousands of dollars.] Changes in ownership Transfers. Daily settlements. t o r f a nsf g e o rs ld and th s ro et u t g le h - Balance in Federal reserve bank. ments. fund at close of period. Debits. Credits. Debits. Credits. Decrease. Increase. 2,000 631,734 642,043 8,309 ' 74,426 [STew York 8,000 22,000 2,155,075 2,043,943 97,132 52,863 Philadelphia 1,000 3,000 613,549 630,821 19,272 30,743 10,000 504,735 531,464 16,729 88,266 2,000 1,500 426,925 425,186 '2,239 36,546 1,000 241,635 252,149 9,514 13,527 Chicago 17,500 1,666 973,464 1,019,224 29,260 115,270 St Louis 9,000 439,298 434,989 4,691 26,626 125,107 127,652 2,545 17,371 Kansas City 5,000 328,411 326,367 2,956 38,724 Dallas 500 230,223 231,540 1,817 12,775 San Francisco 1,000 500 250,342 255,120 4,278 46,643 Total four weeks ending— Feb. 13,1924 42,500 42,500 6,920,498 6,920,498 99,371 99,371 553,780 Jan 16 1924 24,500 24,500 7,011,872 7,011,872 573,039 Feb 15,1923 ... . .. 35,600 35,600 6,396,273 6,396,273 568,106 Jan. 18,1923 230,000 230,000 6,862,721 6,862,721 538,728 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT FEBRUARY 29, 1924. Paper maturing— After 90 days After 6 but Within 90 days. but within 6 within 9 months. months. Federal reserve bank. Commercial, Secured by a p a n a g d p r e i l c r i u , v l n e t . s u t e r o a . c l s k , . U G o n o b i l v t i e e g d r a n t S i m o ta n e t n s e . t s ac B ce a p n t k a e n r c s e ' s. acc T ep r t a a d n e ces. A an g d r p i l c a i u p ve e lt s r u . to ra ck l' a A n g d p ri l a c i p v u e e lt s r u . to ra c l k 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
MARCH, 1924. FEDERAL RESERVE BULLETIN. 231 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 JANUARY 16 TO FEBRUARY 6, 1934. [In thousands of dollars.] San Total. Boston. Y N o ew rk - . d P el h p i h la ia - . C la le n v d e . - m R o ic n h d - . la A nt t a - . Chicago. Lo S u t. is. M ap i o n l n i e s. - K C a i n t s y a . s Dallas. F ci r s a c n o - . Number of reporting banks: Jan. 16 762 111 76 105 35 73 Jan. 23 761 111 105, 35 72; Jan. 30 760 110 10S[ 35 72; Feb.6 759 110 79 1051 35 72' Loans and discounts, gross: Secured by U. S. Government obligations- Jan. 16 223,464 13,991 74,380 14,467 27,491 10,209 9,051 37,845 11,253 3, 7,086 3,212 10,678 Jan. 23 223,451 12,804 81,904 14,280 25,721 9,322 35,030 11,307 3,930 6,023, 3,226 10,916 Jan. 30 214,289 12,910 73,454 13,353 26,102 9,507 36,386 10,083 3,591 6,219 3,163 10,595 Feb.6 236,095 12,686 97,109 13,135 24,901 8,970 8,972 36,116 9,929 3,671 6,141 3,262 11,203 Secured by stocks and bonds- Jan. 16 3,879, 230,1021,663,336 270,543 404,947 127, 65,361 594,997 152,795 42,989 79,237 63,344 183,670 Jan. 23 3,877,395 218,1841,651,364 265,732 409,107 127,496 64,949 612,427 149,482 42,742 86,281 62,884 186,747 Jan. 30 3,862,865 220,9301,646,776 266,250 408,931 124,862 62,620 602,806 147,931 43,333 86,615 63,720 188,091 Feb.6 3,846,308 231,1551,633,578 268,485 407.307 126,402 62,537 597,235 149,091 43,420 78,122 64,265 184,711 All other loans and discounts— ' Jan. 16 7,774,227 630, 714 2,,473,602 337,580 676,204 332,470 ),0991,105,916307,041 186,223 336,139 218,182 810,057 Jan. 23 : 7,756,597 626,9832,465,269 339,456 683,343 330,332 358, 7481,108,651310,433 183,563 326,654 218,263 S04.902 Jan. 30 7,806,435 622,7062,510,209 343,374 687,075 329,831 358,9961,109,315311,448 184,173 326,652 218,856 803,800 Feb.6 7,849,825 620, 444 '2,,529,334 681,688 328,336 359, 4111,116,450312,897 335,323 218,459 812,259 Total loans and discounts: Jan.16 11,876,859 874, 807 4,211,31 622,5901,108,642 470,526 434,L,5111,738,758 471,089 233,013 422,462 284,7381,004,405 Jan. 23 11,857,443 857.9714!,198,537 1,4"6"8 1,118,171 467,150 432,6851,756,108 471,222 230,235 418,958 284/ " ,002,565 Jan. 30 11,883,589 856, 546 4,230,439 622,9771,122,108 464,200 430,542:1,748,507 469,462 231,097 419,486 285, ,002,486 Feb. 6 11,932,228 :,285 4,260,021 630,6081,113,896 463,708 4301,,9"2"01,749,801 471,917 233,327 419,586 285,9861,008,173 U. S. pre-war bond;: Jan. 16 269,824 12,885 49,007 10,684 48,31 28,845 14,578 24,807 14,992 9,071 11,515 20,480 24,645 Jan, 23 269,704 12,885 49,089 10,684 48,271 29,020 14,578 24,806 14,992 9,076 11,430 20,280 24,593 Jan. 30 269,844 12,885 49,098 10,""' 48,271 29,000 14,578 24,800 14,992 9,076 11,440 20,435 24,585 Feb. 6 269,535 12,936 49,129 10,684 29,000 14,631 24,799 14,991 9,076 11,455 19,980 24,585 U. S. Liberty bonds: Jan. 16 l,014,21£ 77,094 455,320 44,23' 105,22', 28,665 14,568 93,992 24,668 12,501 45,345 14,551 98,047 Jan. 23 1,024,363 79,735 460,699 43,749 107,013 27,023 14,538 95,264 26,531 13,702 44,154 14,551 97,404 Jan.30 1,012,648 80,301 453,359 44,247 106,431 27,843 12,828 96,338 24,149 13,838 42,797 12,974 97,543 Feb.6 1,029,690 79,510 471,202 43,456 508,577 26,464 12,812 23,872 14,125 42,344 12,476 98,164 U.S. Treasury bonds: Jan. 16 80,271 5,003 25,555 2,994 4,319 2,773 1,917 12,145 7,061 955 3,204 1,960 12,385 Jan.23 4,966 25,679 3,068 4,105 2,378 1,889 12,384 5,218 724 3,421 1,537 12,324 Jan. 30 79,108 5,099 25,144 2,926 4,548 2,476 1,721 11,801 7,010 724 3,858 1,536 12,265 Feb.6 76,038 4,699 23,349 2,957 4,'" 2,468 1,721 11,733 6,280 3,425 2,087 12,250 U. S. Treasury notes: Jan.16 841,760 20,977 468,383 42,792 55,712 13,875 5,959 119,385 17,403 29,745 14,639 16,538 36,352 Jan. 23 823,627 21,026 452,740 42,442 55,767 14,138 5,978 119,189 17,323 29,233 14,851 16,446 34,494 Jan.30 822,613 20,950 451,487 41,479 55,476 13,736 6,006 122,090 16,962 29,382 14,606 14,608 35,831 Feb.6...: 828,311 20,949 458,479 41,316 56,046 13,587 5,962 121,168 16,866 29,674 14,601 14,593 35,070 V. S. certificates of indebtedness: Jan.16 107,283 7,203 22,988 5,438 7,000 1,987 7,388 20,500 8,070 1,554 2,567 6,715 15,873 Jan.23 107,419 6,741 22,650 4,882 7,029 1,906 6,934 21,047 8,007 1,547 2,427 6,645 17,604 Jan. 30 104,802 6,380 24,009 4,948 6,502 1,584 3,453 21,839 7,875 1,547 2,352 6,615 17,698 Feb.6 103,795 6,243 25,357 4,866 5,95" 1,480 3,331 21,133 7,263 1,542 2,470 6,520 17,633 Other bonds, stocks, and securities: Jan. 16 2,181,411 169,928 755,391 179,243 301,639 51,311 41,687 338,922 86,625 26,390 58,060 13,940 158,275 Jan. 23 2,195,398 169,134 772,065 178,961 300,615 51,349 41,356 339,343 85,999 26,558 56,799 13,545 159,674 Jan. 30 2,190,901 169,758 767,934 180,850 302,237 51,151 40,998 334,397 87,439 26,547 55,638 14,115 159,837 Feb.6 2,179,140 168,813 759,208 179,61" 304,561 51,284 40,344 332,421 86,401 25,702 56,807 14,356 159,626 Total loans and discounts and investments: Jan.16 16,371,6231,167,89' 5,987,962 9781630,854 597,982 520,608 2,348,509 629,908 313,229 557,792 358,922 ,349,982 Jan. 23 16,355,6471,152,445518 55,.981,459 1,2541640,971 592,964 517,958 2,368,141 629,292 311,075 552,040 357,3771,348,658 Jan.30 16,363,5051,151,9196,001,470 1,1111645,573 589,990 5101,,126 2.359,772 312,211 550,177 356,022",350,245 Feb.6 16,418,7371,157, 4—3561,,046,745 913; 504 1,641,695 587,991 5091,,721 2;357,743 627,590 314,126 550/— 355,9981,355,501 Reserve balance with F. E. bank: Jan.16 1,433,554 88,503 668,786 70,694 107,751 36,190 34,421 197,31: 42,229 19,377 42,191 25,018 101,082 Jan. 23 1.434,796 81,429 667,595 70,354 105,040 36,406 36,414 205,130 41,028 21,593 44,726 26,514 98,567 Jan. 30 1,425,331 85,053 649,585 68,937 111,307 39,713 31,474 207,385 42,433 20,233 46,118 27,102 95,991 Feb.6 1,407,232 82,771 629,028 73,858 107,136 36,382 35,020 196,074 43,886 23,525 44,756 26,481 108,315 Cash in vault: Jan.16 279,605 19,042 78,572 15,190 30, 77 13,688 10,829 53,563 8,028 6,415 11,963 9,833 21, 705 Jan. 23 276,547 18,861 78,079 14,758 30,586 12,994 11,018 52,198 7,734 6,348 12,310 9,876 21,785 Jan. 30 272,966 18,815 78,650 15,061 25,172 13,226 10,428 52,558 7,798 6,122! 12,537 10,992 21,607 Feb.6 272,521 18,787 78,776 14,311 29,093 13,304 10,560 50,845 7,670 5,998! 12,051 9,884 21.242 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
232 FEDERAL RESERVE TSTTT.T.F.TTTJ. MARCH, 1924. PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM JANUARY 16 TO FEBRUARY 6, 1924—Continued. [In thousands of dollars.] Total. Boston. Y N o e r w k. d P el h p i h la ia - . C la 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 . - City. Dallas. F c S i r s a a c n n o - . Net demand deposits: Jan.16 11,308,162 831,247 4,,833,135 673,026 885,364 352,228 284, 88011,483,696 363,623 196,367 397,850 249,729 757,017 Jan. 23 11,209,811 807,639 4,779,900 663,612 892,235 347,768 280,195 :i,496,307 359,012 195,600 396,869 250,435 740,239 Jan. 30 11,239,097 808,545 4,827,708 660,956 898,343 350,071 276,007 I.!,489,784 356,969 196,866 397,178 247,199-729,471 Feb.6 11,274,898 813,874 <,851,004 673,751 887,925 342,395 281,8881:.,491,014 356,834 199,366 396,793 247,185 732,869 Time deposits: Jan.16 4,112,125 272,367 911,476 122,124 151,714 176,380 798,392 196,972 84,663 131,192 86,311 571,729 Jan. 23 4,137,429 271,995 914,166 124,335 612,613 152,046 176,711 796,987 197,650 84,642 130,304 87,166 588,814 Jan.30 4,097,307 273,126 878,020 127,951 617,343 151,997 176,556 798,168 199,023 83,95? 130,472 87,657 573,036 Feb.6 4,119,923 275,460 881,293 128,206 616,027 157,417 176,144 201,050 84,319 130,819 89,109 578,217 Government deposits: Jan. 16 138,776 13,462 41,048 11,015 18,931 4,571 7,723 14,296 4,649 1,476 1,622 5,908 14,075 Jan. 23 138,798 13,538 41,048 11,015 18,931 4,571 7,770 14,200 4,649 1,471 1,622 5,r" 14,075 Jan.30 138,719 13,539 41,011 11,015 18,931 4,571 7,723 14,203 4,649 1,471 1,622 5,! 14,076 Feb.6 138,693 13,538 41,011 11,015 18,931 4,571 7,723 14,203 4,625 1,471 1,622 5,907 14,076 Bills payable and rediscounts with F. R. banks: Secured by U. S. Government obligations— Jan. 16 148,443 2,266 69,900 9,071 7,670 12,946 11,168 10,385 5,788 1,415 6,890 350 10,594 Jan.23 165,257 2,230 84,175 8,310 9,641 13,142 11,204 9,879 5,464 1,225 6,633 725 12,629 Jan.30 152,693 7,860 71,259 9,298 5,788 11,369 8,361 10,384 4,940 725 5,200 400 17,109 Feb.6 144,575 4,350 80,650 9,855 11,386 7,061 5,- 7~~~ 3,587 1,765 4,530 700 7,222 All other— Jan.16 135,848 6,692 16,063 3,223 12,598 13,549 18,516 8,564 19,039 1,375 15,878 3,818 16,533 Jan. 23 128,397 4,041 14,795 2,305 8,706 14,505 18,343 9,323 17,791 1,785 15,082 3,171 18,550 Jan.30 120,421 9,800 5,661 4,715 7,965 15,102 15,842 7,370 16,106 1,315 14,538 3,967 18,040 Feb.6 110,244 5,536 4,— 1,821 7,202 14,693 14,680 7,721 15,895 1,399 12,364 2,550 21,995 BANKERS BALANCES IN FEDERAL RESERVE BANK CITIES. [In thousands of dollars.] Due to banks: Jan. 16 2,051,752 117,0811,009,725 162,792 43,255 35,253 15,239 321,711 81,162 42,543 97,208 33,428 92,355 Jan. 23 2,015,171 114,870 991,698 158,781 42,097 35,602 15,107 325,459 80,365 41,264 95,486 31,926 82,516 Jan.30 1,982,010 110,221 982,186 156,529 41,964 31,982 13,835 320,224 78,298 41,716 94,413 30,574 Feb.6 2,067,748 123,3561,004,819 163,766 42,475 35,177 14,964 343,348 80,997 45,237 99,566 29,357 Due from banks: Jan. 16 530,249 38,224 81,363 61,560 20,094 15,625 9,022 110,973 25,589 20,899 40,981 26,8021 49,117 Jan.23 500,734 34,916 75,076 55,590 24,242 15,941 8,109 140,631 24,461 15,226 38,326 23,748 44,468 Jan.30 473,389 28,982 73,750 54,196 17,681 12,502 8,142 137,488 21,581 17,078 36,227 21,013 44,749 Feb.6 493,596 29,732 71,877 53,333 21,094 13,584 7,491 144,829 24,623 16,227 42,606 23,725 44,475 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO. [Amounts in thousands of dollars.] Banks in New York City. Banks in city of Chicago. Jan. 16. Jan. 23. Jan.30. Feb.6. Jan. 16. Jan. 23. Jan. 30. Feb. Number of reporting banks 67 67 67 67 48 Loans and discounts, gross: Secured by United States Government obligations 66,563 74,219 65,800 89,753 29,285 27,088 28,319 28,319 Secured by stocks and bonds 1,463,102 1,455,812 1,453,883 1,441,991 441,473 458,325 449,355 443,948 All other loans and discounts 2,167,957 2,157,309 2,198,195 2,218,152 637,461 640,075 640,206 641,605 Total loans and discounts 3,697,622 3,687,340 3,717,878 3,749,896 1,108,219 1,125,488 1,117,8 1,113,872 United States pre-war bonds 38,052 38,108 38,101 38,101 4,215 4,215 4,211 4,211 United States Liberty bonds 396,715 402,176 395,197 410,872 39,028 41,397 42,787 43,111 United States Treasury bonds 17,149 16,567 16,050 15,694 5,205 5,443 5,090 5,086 United States Treasury notes 439,587 424,007 422,742 429,866 80,548 79,057 80,454 81,012 United States certificates of indebtedness 20,146 19,809 21,165 22,525 13,089 13,119 14,105 13,534 Other bonds, stocks, and securities 540,486 557,046 554,379 545,733 161,953 162,523 157,659 155,723 Total loans and discounts and investments 5,149,757 5,145,053 5,165,512 5,212,687 1,412,257 1,431,242 1,422,186 1,416,549 Reserve balance with Federal reserve bank.. 618, 111 620,105 600,902 578,414 136,341 i 142,967 145,433 136,407 Cash in vault 63,828 63,951 64,447 63,728 28,094 j 27,927 27,600 26,338 Net demand deposits 4,332,013 4,288,335 4,337,217 4,361,775 994,875 1,018,169 1,011,381 1,008,331 Time deposits 617,320 619,182 583,428 586,221 372,217 371,274 371,815 373,211 Government deposits 37,746 37,746 37,746 37,746 6,937 6,878 6,881 6,881 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government obligations 53,600 70,475 57,550 65,050 3,611 3,074 3,307 643 All other 11,237 9,094 1,021 191 2,301 2,190 643 245 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 233 DEPOSITS OF ALL MEMBER BANKS. NET DEMAND AND TIME DEPO3ITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, AEEANGED BY SIZE OF CITIES AND TOWNS. [In thousands of dollars.] Banks in cities and towns having population of— Federal reserve districts. 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 5,000 to 15,000 to an 1 d 0 0 o ,0 v 0 e 0 r. T m b o e a t m n al k b , s a e . l r l 5 t L , h 0 e a 0 s n 0 s . 5 1 ,0 4 0 ,9 0 9 9 to . 15,000 to 1 o 0 a v 0 n , e 0 d r 0 . 0 Increase (+) or decrease (—) since preceding Amount on Jan. 23,1924. monthly report. NET DEMAND DEPOSITS. Boston 1,233,878 41,373 66,090 194,9S2 931,453 + 12,105 1,212 1,257 3,990 18,564 New York 5,383,722 163,465 103,548 273,240 4,843,469 + 81,164 2,660 2,139 170 80,813 Philadelphia. 1,037,462 123,388 72,082 127,351 714,641 - 22,820 4,082 4,450 5,675 8.613 Cleveland 1,382,490 154,877 127,575 195,768 904,270 + 28,662 725 1,849 136 26,224 Richmond 589,933 103,628 68,729 166,147 251,429 + 8,718 843 1,305 851 11,717 Atlanta 519,276 76,392 69,071 164,467 209,346 + 10,795 3,206 4,328 3,878 5,795 Chicago 2,122,350 187,663 112,489 338,427 1,483,771 + 30,487 783 365 4,808 24,531 St. Louis 655,261 114,718 72,387 90,018 378,138 + 13,110 1,348 3,908 3,499 14,867 Minneapolis 400,884 102,008 73,630 67,005 158,241 - 6,340 5,581 374 3,125 1,992 Kansas City 739, 111 187,947 117,443 162,524 271,197 6,483 4,211 205 1,800 Dallas 624,577 203,456 108,159 117,440 195,522 - 22,114 8,821 3,643 3,666 5,984 San Francisco 1,253,902 167,304 81,941 149,1.25 855.532 - 12,535 12,394 3,160 2,774 5,793 Total: Jan. 23,1924 15,942,846 1,626,219 1,073,144 2,046,474 11,197,009 +112,543 - 39,802 - 17,157 - 7,997 + 177,499 Dec. 26,1923 15,830,303 1,666,021 1,090,301 2,054,471 11,019,510 - 66,694 — 20,609 + 4,310 + 31,583 - 81,978 Nov. 28,1923 15,893,997 1,686,630 1,085,991 2,022,888 11,101,488 - 8,531 + 872 - 1,196 13,371 + 5,164 TIME DEPOSITS. Boston 605,068 49,661 66,144 147,608 342,655 + 11,170 1,250 3,266 5,745 New York 1,699,871 240,005 137,878 356,247 955,741 + 31,346 3,762 3,130 7,342 17,112 Philadelphia.. 664,436 208,113 109,546 187,768 159,009 + 27,418 4,645 4,898 5,064 12,811 Cleveland 1,142,992 182,780 130,228 177 507 652,477 ' 13,472 2,228 1,734 3,236 6,274 Richmond 443,301 131,421 83,107 124,663 104,113 6,245 929 1,652 231 9,057 Atlanta 318,538 50,480 44,690 118,189 105,179 4,741 798 629 3,909 2,259 Chicago 1,564,897 239,907 144,709 363,032 817,249 4,559 1,071 1,955 2,443 1,232 St. Louis 398,521 67,605 42,430 63,547 224,938 12,540 1,827 591 1,389 8,733 Minneapolis 409,569 190,410 97,231 58,789 63,139 384 337 117 708 872 Kansas City 293,686 90,502 58,402 62,146 81,636 2,550 1,025 1,057 2,286 1,818 Dallas 151,263 17,097 23,834 52,699 57,633 6,552 1,001 1,165 1,127 3,259 San Francisco 1,000,648 101,481 45,750 95,516 757,901 9,525 71 835 1,209 7,552 Total: Jan. 23,1924 8,693,793 1,589,463 981,949 1,807,711 4,334,670 + 108,530 16,319 + 18,779 + 22,976 + 50,456 Dec. 26,1923 8,585,263 1,553,144 953,170 1,784,735 4,284,214 + 17,501 - 2,920 - 6,375 - 4,713 + 31,509 Nov. 28,1923 8,567,762 1,556,054 969,545 1,789,448 4,252,705 + 42,213 + 7,521 + 10,394 + 6,673 + 17,625 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
234 FEDERAL, RESERVE BULU5TIN. MARCH, 1924. CONDITION OF MEMBER BANKS. ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE DISTRICT ON DECEMBER 31, 1923. [In thousands of dollars.] I D b N a is o ( n 3 . t k r 6 i s 1 c ) t . 1 b D N a i ( n 1 s o 4 t . k r 3 s i 2 c ). t D b N a i ( s o n 6 t . k 6 ri s 3 c ) t . b D a N i ( n 1 s o 1 t k . r 8 s i 4 c ). t D b N a i ( s o c 6 t . 6 k r i s 5 c ) t . D b N a i (1 s n o 4 t . k 0 ri s 6 c ). t D b N a i (3 n s o 6 t . k r 9 i s 7 c ) t . D b N a i ( s 1 n o 2 t . k r 7 i s 8 c ) t . D b N a i (1 s o n 0 t . k 9 ri s c ). t D b N a ii o s ( s n . 3 tt k r 6 r: 1 s i 0 c ) t D b N a ( o i 1 n . s 9 t k r 0 1 s i 1 c ). tD N i ( o 1 s . 9 t r 5 i 1 c 2 t U b S T ( a 1 n t o n a ,5 i t t k t a 9 e e s l 5 s d , ). RESOURCES. Loans and discounts 478,847 2,531,730 275,682! 823,853 150,729 303,5681,217,247 334,552 69,339 74,131 78,632 822,924 7,161,274 Overdrafts >,2<1»0'!• 1,630 144 422 165 1,135 • 724 500 110 141 347 694 6,222 United States Government securities 72,270 522,244 49,741 74,605 5,404 12,077 163,899 39,975 5,C 18,801 6,668 107 023 1,077,773 Stock of Federal reserve banks 2,149 12,945 5,109 994 1,543 6,018 1,859 342 381 540 2,957 37,691 Other bonds, stocks, and se- 2,854 curities 98,931 505,490 203,797 19,436 28,701 318,155 73,586 10,528 12,342 125,609 1,530,967 Customers' liability on ac- 131,423 count of acceptances 8,509 134,578 3,555 2,084 8,851 17, 2,107 6,843 184,158 Banking house, furniture, 156 and fixtures 1.2,821] 81,527 14,785 34,965 6,537 17,547 41,510 12,254 2,283 2,919 4,030 42,! 274,014 O Go th ld er a r u e i a l g e o s l t d a t c e e r o t w ifi n c e a d tes — 1 1, ,689 7 5 ,7 " 5 " 5 3,3 2 8 9 0 8 19,2 3 6 8 6 0 1,2 1 7 5 3 0 3, 3 5 0 6 6 9 5,170- 3,3 2 1 5 4 5 1,6 1 3 2 7 0 1,03 8 1 7 2,4 1 1 0 9 8 5 1 , ,0 7 2 5 8 2 5 1 3 3 , ,7 7 4 6 9 8 Al' other cash in vault 13,355 42,812 7,168 20,038 4,377 7,188 34,558 7,820 2,255 1,496 3,220 18,151 162,438 Eeserve with Federal reserve banks 41,607 355,161 28,369 56,842 10,319 16,899 104.877 24,643 4.3 7,650 7,075 61,564 719,315 Items with Federal reserve banks in process of collection 13,313 81,649 12,285 25,716 8,059! 9,825 24,707 13,273 760 5,602 822 9,525 205,536 Due from banks, bankers, and trust companies— — 22,143 108,874 19,203 38,287 15,032 43,077 87,013 31,752 10,243 17,447 20,807 62,7 476,640 Exchanges for clearing house, also checks on other banks in same place 17,125 528,162 13,078 24,432 5,329 16,265 57,767 9,781 918 3,360 1,143 21,326 698,686 Outside checks and other cash items 1,' 20,498 713 6,395l 717 2,433 10,624 1,298 334 703 573 21,334 67,388 United States securities borrowed 902 l,860| 595 549 4,751 5,610 119 1 467 115 14,969 Other securities borrowed '124! 9 2,048 11 40 2,232 Other assets 5,763 91,460 2,S06 8,867| 1,624 10,954 18,914 2,9 350 3,819 3,394 5,550 156,483 Total.. 791,698 5,031, 562,9871,348,553 232,824 484,496j2,117,333 565,561 108.713J 149,911 133,3111,316,033 12,843,303 LIABILITIES. Capital stock paid in 33,350 227,825 35,424 79,375 18,462J 31,425 112,887 38,230 8,152 9,175 13,106 70,568 677,979 Surplus fund 38,389 195,100 59,973 94,564! 12,395 20,305 88,542 24,411 3,236 3,535 4,701 28,459 573,610 Undivided profits, less expenses and taxes paid 18,398 104,804 20,488 23,311 4,285 7,640 49,313 8,537 1,401 1,623 1,3 18,176 259,342 Due to Federal reserve banks. 626 4,101 2,174 880 835 554 276 16 18 2 109 118 9,709 Due to banks, bankers, and trust companies 21,551 505,012 23,538 55,911' 24,971 58,289 87,129 42,406 7,300 28,418 11,023 42,062 907,610 Certified and cashiers' or treasurers' checks outstanding. 7,885 286,307 8,121 22,404 3,327 3,814 21,621 7,023 1,: 2,130 2,023 22,633 388,524 Demand deposits 429,845 2,587,876 270,066 447,996 188,974 733,897 217,494 34,324 67,206 81,443 427,511 5,575,521 Time deposits 194,909 739,642 116,632 587,274 62,651 116,176 936,227 181,414 49,524 26,226 17,197 675,840 3,703,712 United States deposits 5,309 27,578 7,819 10,220 431 5,,.8 79. 8,084 4,446 355 1,346 34 9,960 81,461 Total deposits 660,125 4,150,516 428,3501,124,685 181,104 873,6861,787,234 452,799 92,757 125,328 111 .8291,178,12410,666,537 Bills payable (including all obligations representing money borrowed other than rediscounts) 5,003 43,824 12,521 10,415 4,770 3,202 17,769 10,468 1,879 5,553 416 4,997 120,817 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement 24,984J 124,981 2,710 6,840 7,127 28,886 20,360 15,045 1,056 671 5,106 238,765 Cash letters of credit and travelers' checks outstanding... lj 13,394 5 14 1,052 200 16 5 190 14,877 Acceptances executed for customers 8,609| 138,861 78 3,354 2,222 16,311 17,332 2,1 6,913 195,769 Acceptances executed by other banks for account of reporting banks 281 7,8 78 200 128 53 18 8,567 United States securities borrowed 902 1,1 595 549 4,752 5,610 119 U5 14,969 Other securities borrowed— 124 9 2,048 11 40 2.232 Other liabilities 2,558 24,7 2,458 3,811 1,736 1,378 16,896 8,338 113 4,020 417 3,345 69,839 Total. 791,698 5,031,883 562,9871,348,553 232,824 484,496 2,117,333 565,561 108,713 149,911 133,3111,316,033 12,843,303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH. 1024. FEDERAL RESERVE BULLETIN. 235 CLASSIFICATION OF LOANS AND DISCOUNTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON DECEMBER 31, 1923. [In thousands of dollars.] D b N a is ( o n 3 t . k r 6 i s 1 c ) t . D b N a i ( s n 1 o t 4 . k r 3 i s 2 c ) t . D b N a is ( o n 6 t . k r 6 i s 3 c ) t . D b N a i ( s 1 o n t 1 . k r 8 i s 4 c ) t . D b N a is ( o n 6 t . k r 6 i s 5 c ) t . D b N a i ( s 1 n o t 4 . k r 0 i s 6 c ) t . D b N a i ( s n 3 o t 6 . k r 9 i s 7 c ) t . D b N a i ( s 1 o n t 2 . k r 7 i s 8 c ) t . D b N a i ( s 1 o n t 0 . k r 9 i 9 s c ) t . D b N a i o s ( n 3 . t k r 6 i 1 s c 0 ) t . D b N a i ( o s 1 n . t 9 k r 0 i 1 s c 1 ) t . D b N i a ( o s 1 n . t 9 k r 5 1 i s c 2 ) t . b U S T ( a 1 n t o n , a 5 i t k t t 9 a e e s 5 l s d ). On demand: Not secured by collateral 30,266 102,356 19,090 40,066 4,827 7,407 33,878 21,671 3,343 1,312 2,077 30,625 296,918 Secured by U. S. Government obligations 2,196 18,425 5,078 4,918 235 497 3,664 3,123 51 3 62 883 39,135 Secured by other collateral.. 84,134 708,386 121,176 146,461 17,351 46,236 206,015 55,816 6,234 2,233 13,259 41,259 1,448,560 On time: Not secured by collateral 193,594 903,378 65,920 230,579 75,549 118,573 395,979 114,545 22,662 25,885 23,946 228,693 2,399,303 Secured by U. S. Govern- • ment obligations .' 5,178 23,035 2,355 10,607 1,278 5,481 11,393 3,733 778 1,836 201 3,820 69,695 Secured by other collateral.. 64,931 476,481 34,235 137,121 38,115 97,096 265,204 82,948 20,811 33,052 100,081 1,378,822 Secured by real estate deeds of 28,747 trust or other real estate liens.. 92,114 149,042 27,469 251,146 12,079 23,295 287,323 51,760 15,321 9,810 416,390 1,345,440 Acceptances of other banks dis- 9,691 5,971 120,739 354 74 1,184 2,881' 10,214 827 139 1,006 143,950 Acceptances of reporting banks 581 purchased or discounted 463 29,379 2,880 111 1,744 81 129 85 34,940 Customers' liability on account 68 of drafts paid under letters of credit. 509 5 41 17 136 82 790 Loans and discounts not classified 361 3,360 3,721 Total loans and discounts..478,847 2,531,730275,682 823,893 150,729 303,568 1,217,247334,552 69,339 74,131 78,632 822,924 7,161,274 ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON DECEMBER 31, 1923, BY CLASSES OF BANKS. [In thousands of dollars.] Central reserve city banks. Total United States. Other re- Country ( N 30 ew York (1 C 1 h b i a ca n g k o s). (41 T b o a t n a k l s). b s a e b n r a v k n e s k c ( s 1 i ) t 9 . y 2 b b ( a 1 a n , n 3 k 6 k s 2 s ). 19 D b 2 a e 3 c n . ( k 1 s 3 ,5 ) 1 . 9 , 5 1 S 9 b 2 e a 3 p n t ( k . 1 s , 1 6 ) 4 . 0 , 9 RESOURCES. Loans and discounts 1,921,325 475,207 2,396.532 3,021,005 1,743,737 7,161,274 6,906,563 Overdrafts 1,446 75 1,521 2,466 2,235 6,222 5,675 United States Government securities 387,903 46,613 434,516 406,336 236,921 1,077,773 1,123,272 Stock of Federal reserve banks 9,822 2,309 12,131 16,274 9,286 37,691 37,271 Other bonds, stocks, and securities 262,972 88,454 351,426 708,688 470,853 1,530,967 1,483,616 Customers' liability on account of acceptances 133,376 17,285 150,661 29,624 3,873 184,158 142,356 Banking house, furniture, and fixtures 55,658 5,292 60,950 135,620 77,444 274,014 263,038 Other real estate owned 2,840 2,840 33,567 17,361 53,768 58,882 Gold and gold certificates 5,497 785 6,282 2,902 4,565 13,749 11,713 All other cash in vault 25,467 7,122 32,589 70,830 59,019 162,438 150,797 Reserve with Federal reserve banks 297,763 49,942 347,705 248,165 123,445 719,315 699,581 Items with Federal reserve banks in process of collection.. 58,666 15,173 73,839 103,522 28,175 205,536 191,335 Due from banks, bankers, and trust companies 59,864 33,639 93,503 216,657 166,480 476,640 388,354 Exchanges for clearing house, also checks on other banks in same place 513,626 35,083 548,709 125,099 24,878 355,900 Outside checks and other cash items , 16,789 4,828 21,617 38,664 7,207 67,388 46,643 United States securities borrowed 6,515 8,454 14,969 15,188 Other securities borrowed 283 1,949 2,232 2,186 Other assets 85,520 14,175 99,695 43,771 13,017 156,483 143,623 Total. 3,838,534 795,982 4,634,516 5,209,888 12,843,303 12,025,993 LIABILITIES. Capital stock paid in 166,375 39,650 206,025 277,994 193,960 677,979 672,498 Surplus fund. 149,820 37,310 187,130 267,163 119,317 573,610 559,202 Undivided profits, less expenses and taxes paid 80,287 32,294 112,581 88,407 58,354 259,342 282,288 Due to Federal reserve banks 211 211 2,485 7,013 9,709 8,008 Due to banks, bankers, and trust companies 471,643 52,196 523,839 311,123 72,648 907,610 750,174 Certified and cashiers' or treasurers' checks outstanding... 278,904 10,836 289,740 78,837 19,947 388,524 237,031 Demand deposits 2,030,348 336,795 2,367,143 1,972,783 1,235,595 5,575,521 5,238,910, Time deposits.. 327,515 244,901 572,416 1,949,486 1,181,810 3,703,712 3,603,093' United States deposits 21,743 2,234 23,977 50,978 6,506 81,461 45,434 Total deposits ; 3,130,364 •546,962 3,777,326 4,365,692 2,523,519 10,666,537 9,882,650 Bills payable (including all obligations representing money borrowed other than rediscounts) 12,200 30 12,230 61,752 46,835 120,817 163,642 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 118,566 127,195 74,860 36,710 238,765 203,926 Cash letters of credit and travelers' checks outstanding 13,291 69 13,360 1,485 32 14,877 19,615 Acceptances executed for customers 137,809 17,285 155,094 36,890 3,785 195,769 145,927 Acceptances executed by other banks for account of reporting banks 7,742 7,742 824 1 8,567 7,782 United States securities borrowed 6,515 8,454 14,969 15,192 Other securities borrowed 283 1,949 2,232 2,186 Other liabilities 22,080 13,753 35,833 28,023 5,983 69,839 71,087 Total.. 3,838,534 795,982 4,634,516 5,209,888 2,998,899 12,843,303 12,025,993 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 13.0 12.5 9.5 7.0 10.2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
236 FEDERAL RESERVE BULLETIN. MARCH, 1024. ABSTRACT OF CONDITION REPORTS OP ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON DECEMBER 31, 1923 (INCLUDING 8,179 NATIONAL BANKS AND 1,595 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] D N i ( s 4 o t . 2 r 4 i 1 ct D N i ( o s 8 . t 3 r 5 i 2 ct D N i ( s 7 o t . 2 r 2 i 3 ct D N i ( s 8 o t 7 . r 7 i 4 ct D N i ( s 6 o t . 2 r 7 i 5 ct D N i ( s 5 o t 2 . r 5 i 6 ct D ( N i 1 s o , t 4 . r 2 i 7 7 ct D N i ( s 6 o t . 2 r 4 i 8 ct D N i ( s 9 o t . 4 r 0 i 9 ct D N ( i 1 o s , . 1 t r 2 1 i 2 c 0 t D N i ( o s 8 . t 4 r 9 1 ic 1 t D N i ( o s 8 . t 0 r 1 2 ic 2 t U S T ( n 9 t o a , i 7 t t t a 7 e e l d 4 s banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). banks). RESOURCES. Loans and discounts 1,470,804 5,222,6011,191,4191,841,935 949,064 795,7252,875,779 852,984 655,001 847,510 647,5601.,684,614 Overdrafts S33 2^314 313 996 900 2,018 2,203 1,249! 793 1,553 2,144 1,674 16,690 United States Government securities. 249,987 1,230,880 264,262 352,950 145,422 104,120 460,544 157,522 114,124 142,444 126,469 292,408 3,641,132 Other bonds, stocks, and securities 327,690 1,199,742 516,493 546,476 114,954 83,242 570,908 176,062 94,141 106,661 35,285 273,658 4,045,312 Customers' liability on account of acceptances 43,244 243,502 13,314 6,794 9,531 10,361 33,257 4,032 6,250 1,202 3,633 16,475 391,595 Banking house, furniture, and fixtures 54,428 151,117 55,965 97,908 47,882 42,956 116,803 32,781 26,357 39,983 36,181 84,431 786,792 Other real estate owned 7,846 11,512 7,453 26,547 8,639 7, 17,323 7,363 13,864 11,870 13,277 13,954 147,634 Cash in vault 45,784 115,168 42,813 62,138 29,986 25,704 96,346 22, f" 20,351 28,555 24,552 47,146 561,433 Reserve with Federal reserve banks. 124,243 713,147 118,960 152,093 66,378 55,029 270,698 70,058 46,652 76,579 60,602 145,714 1,900,153 Items with Federal reserve banks in process of collection 58,593 186,265 63,976 64,847 43,503 22,858 76,193 38,711 8,901 35,385 29,685 36,792 665,709 Due from banks, bankers, and trust companies 92,943 190,096 113,505 147,088 102,331 120,703 299,879 102,964 105,461 179,835 162,898 206,645 1,824,348 Exchanges for clearing house; also checks on other banks in same place 54,993 1,191,024 85,794 51,364 29,619 27,761 133,597 26,479 12,395 22,077 15,545 1,709,537 Outside checks and other cash items... 10,285 36,311 4,990 10,239 4,539 6,228 18,032 2,956 4,831 30,334 140,987 Redemption fund and due from United States Treasurer :. 2,641 2,956 5,060 3,250 2,176 4,570 2,208 1,750 2,237 2,41: 2,781 36,720 United States securities borrowedl.. 902 1, 595 549 4,751 5,610 119 467 115 14,969 Other securities borrowed i 124 9 2,048 11 40 2,232 Other assets 22,779 189,857 1,274 13,865 6,067 11,946 28,658 4,640 4,434 5,202 4,583 17,062 318,367 Total. 2,566,79310,688,2122,492,389 3,382,284 1,562,6601,319,371 5,011,589 1,508,509 1,117,5271,506,4021,170,138 ,912,73235,238,606 LIABILITIES. Capital stock paid in. 142,557 482,370 206,240 111,115 90,472 292,419 108,682 74,833 99,323 94,171 169,976 2,003,054 Surplus fund 121,774 489,984 205,370 208,496 80,635 56,588 207,894 58,461 38,757 48,200 43,990 81,170 1,641,319 Undivided profits less expenses and taxes paid 71,290 235,790 77,850 30,731 21,928 108,068 26,911 18,432 18,204 17,554 41,773 733,193 Due to Federal reserve banks 4,789 10,090 5,714 2,192 8,011 1,628 1,203 307 1,96 664 36,674 Due to banks, bankers, and trust companies 138,452 1,304,640 207,380 201,574 140,922 132,38: 501,809 164,824 107,634 213,774 166,334 195,926 3,475,656 Certified or cashiers' or treasurers' checks outstandstanding 21, 539 639,095 23,153 40,945 12,092 7,980 43,413 12,493 11,716 31,520 27,148 51,455 922,549 Demand deposits... 1,234,553 5,049,94611.,039, 9—291.1,289,850 580,418 533,7781,977,003 609,914 375,979 690,652 596, 5—281,185,63215,164,182 Time deposits 599,437 1,666,420 645, 25211,135,752 441,388 323,9341,572,311 384,646 413,926 291,930 143, 2501!,032,364 8,630,610 United States deposits 23,552 62,666 18,769 27,205 10,494 13,421 25,441 9,028 5,413 6,764 12,182 22,007 236,942 Total deposits 2,022,322 8,732,8571,994400,119977 2,687,5181,193,8251,013,1284,121,1801,181,212 914,7751,234,642 947,109 2,483,048 28,486,613 Bills payable (including all obligations representing money Borrowed, other than rediscounts) 26,331 146,359 54,293 32,810 31,110 15,542 57,672 25,866 11,393 18,792 3,747 21,068 444,983 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 78,799 178,592 16,154 26,449 34,643 53,000 59,553 39,43: 15,709 34,604 9,281 26,440 572,661 Cash letters of credit and travelers' checks outstanding , 868 14,945 38 454 36 1,052 2,284 26 27 75 52 493 20,350 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL, RESERVE BULLETIN. 237 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON DECEMBER 31, 1923 (INCLUDING 8,179 NATIONAL BANKS AND 1,595 STATE BANKS AND TRUST COMPANIES)—Coatinued. [In thousands of dollars.] Total D b N a i (4 s n o t 2 k r . 4 i l s c ) t . D b N a i ( s 8 n o t 3 . k r 5 i 2 s c ) t D b N a i ( s 7 n o t 2 . k r 2 i 3 s c ) t . D b N a i ( s 8 n o t 7 . k r 7 i 4 s c ) t . D b N a i (6 s n o t 2 k r . 7 i 5 s c ) t . D b N a i ( s 5 n o t 2 . k r 5 i 6 s c ) t . D b ( N a i 1 s o , n 4 t . r t 2 7 i s c 7 ) t . D b N a i ( s 6 n o t 2 . k r 8 4 i s c ) t . D b N a i ( s 9 n o t 4 . k r 0 9 i s c ) t . D b N ( a i 1 o s n ,1 t . r k 2 1 i s c 2 0 ) t . D b N a i ( o s 8 n . t 4 k r 1 9 i s c 1 ) t . D b N a i ( o s 8 n t . 0 r k 1 2 i s c 2 ) t . b U S a (9 n n t , a i 7 k t t 7 e e s 4 d ) s . LIABILITIES—COntd. Acceptances executed for customers 43,098 247,477 11,119 6,625 9,726 18,673 31,218 4,059 5,907 1,204 3,547 17,547 400,200 Acceptances executed by other banks for account of reporting banks. 2,543 16,990 3,003 313 171 179 2,420 18 214 26,197 National bank notes outstanding 52,071 92,770 58,345 99,734 62,600 43,258 90,472 44,308 55,140 725,441 United States securities borrowed 2,716 2,351 16,873 3,031 7,751 9,807 745 1,274 781 3,257 53,256 Other securities borrowed 27 50 655 50 269 2,069 65 2 804 92 1,187 5,270 Other liabilities. 4,523 47,312 5,961 8,267 4,438 2,251 10,080 1,975 4,972 1,282 6,419 126,069 Total 2,566,793 10,688,212 2,492,389 3,382,2841,562,6601,319,3715,0111,589 1,508,509 1,117,527 1,506,4021,170,138 2,912,732 35,238,606 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON DECEMBER 1923, BY CLASSES OF BANKS (INCLUDING 8,179 NATIONAL BANKS AND 1,595 STATE BANKS AND TRUST COMPANIES). [In thousands of dollars.] Central reserve city banks. Other Total United States. reserve Country ( N 63 ew b a Y nk o s rk ). (2 C 4 h b ic a a n g k o s). (87 T b o a t n a k l s). ci b ty a ( n 5 b 6 k a 0 s n ). ks b ( a 9 n ,1 k 2 s 7 ). 19 D 23 ec ( . 9 3 ,7 1 74 19 S b 2 e a 3 p n ( t k . 9 s , 1 8 ) 4 . 43 RESOURCES. Loans and discounts 3,790,960 1,057,462 4,848,422 6,672,032 7,514,542 19,034,996 18,838,478 Overdrafts 1,840 244 2,084 4,651 9,955 16,690 18,622 United States Government securities 897,303 124,680 1,021,983 1,116,276 1,502,873 3,641,132 3,722,441 Other bonds, stocks, and securities 517,689 139,298 656,987 1,233,995 2,154,330 4,045,312 3,918,011 Customers' liability'on account of acceptances 240,591 31,463 272,054 105,923 13,618 391,595 295,841 Banking house, furniture, and fixtures 91,598 20,439 112,037 297,341 377,414 786,792 767,651 Other real estate owned 3,502 64 3,566 55,149 88,919 147,634 145,279 Cash in vault 61,383 25,618 87,001 164,263 310,169 561,433 523,407 Reserve with Federal reserve banks 577,156 133,458 710,614 615,270 574,269 1,900,153 1,868,926 Items with Federal reserve banks in process of collection.. 133,325 41,597 174,922 390,009 100,778 665,709 654,791 Due from banks, bankers, and trust companies 82,285 122,877 205,162 713,700 905,486 1,824,348 1,640,178 Exchanges for clearing house; also checks on other banks in same place 1,163,045 85,559 1,248,604 367,750 93,183 1,709,537 886,796 Outside checks and other cash items 29,379 7,781 37,160 72,143 31,684 140,987 105,965 Redemption fund and due from United States Treasurer.. 1,924 130 2,054 8,961 25,705 36,720 36,909 United States securities borrowed i 6,515 8,454 14,969 15,188 Other securities borrowed * 283 1,949 2.232 2,186 Other assets 180,010 19,702 199,712 87,581 31,074 318,367 287,755 Total. 7,771,990 1,810,372 9,582,362 11,911,842 13,744,402 35,238,606 33,728,424 LIABILITIES. = = = =: Capital stock paid in 330,298 92,050 422,348 659,105 921,601 2,003,054 2,004,140 Surplus fund 373,520 79,995 453,515 556,668 631,136 1,641,319 1 626,922 Undivided profits, less expenses and taxes paid 174,408 55,708 230,116 223,196 279,881 733,193 805,170 Due to Federal reserve banks 211 211 8,792 27,671 36,674 37,771 Due to banks, bankers, and trust companies 1,227,355 331,182 1,558,537 1,498,429 418,690 3,475,656 3,165,502 Certified and cashiers' or treasurers' checks outstanding... 622,826 22,941 645,767 186,272 91,510 922, 549 534,642 Demand deposits 3,799,955 843,438 4,643,393 4,960,608 5,560,181 15,164,182 14,565,909 Time deposits. 588,578 281,651 870,229 2,950,007 4,830,374 8,650,610 8 466,416 United States deposits 51,406 9,835 61,241 133,884 41,817 236,942 144,478 Total deposits 8,290,331 1,489,047 7,779,378 9,736,992 10,930,243 28,486,613 26,914,718 Bills payable (including all obligations representing money borrowed other than rediscounts) 81,852 20,030 101,882 137,311 205,790 444,983 516,637 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 161,948 15,080 177,028 224,019 171,614 572,661 604,725 Cash letters of credit and travelers' checks outstanding.. 14,820 2,042 16,862 3,311 177 20,350 27,112 Acceptances executed for customers 244,914 29,465 274,379 112,806 13,015 400,200 291,713 Acceptances executed by other banks for account of reporting banks 16,658 2,349 19,007 6,513 677 26,197 26,679 National-bank notes outstanding 38,525 2,665 41,190 176,076 508,175 725,441 730,980 United States securities borrowed 2,478 2,478 29,597 21,181 53,256 52,175 Other securities borrowed 1,852 3,418 5,270 4,936 Other liabilities 42,238 21,941 64,179 44,396 17,494 126,069 122,517 Total 7,771,990 1,810,372 9,582,362 11,911,842 13,744,402 35,238,606 33,728,424 Eatio of reserve with Federal reserve banks to net deposit liability (per cent) 1? ° 12.9 12.8 7.4 9.7 9.8 1 Exclusive of securities borrowed by national banks. 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238 FEDERAL RESERVE BUIAETIN. MARCH, 1924. CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM. Between January 15 and February 15 there formerly closed, as against the loss of 40. Of was a decrease of 43 in membership in the these losses 30 were due to suspensions or Federal reserve system. There were 7 mergers insolvencies occurring principally in the Minneand absorptions, 2 voluntary liquidations, 3 apolis, Kansas City, and Dallas districts, 5 to voluntary withdrawals, 5 absorptions by non- mergers and absorptions among members, and member banks, 15 insolvencies, and 28 suspen- 5 to absorption or succession by nonmembers. sions. On the other hand, 3 banks formerly closed resumed activities, 7 State institutions Number. Capital and surplus. joined the system, and 7 new banks were organized. A reduction of 15 in State bank and trust company membership resulted from the addition of 5 State institutions and the loss of 20, i I 2 of them through absorption by national banks, 2 by voluntary liquidation, 3 by voluntary withdrawal, 1 through insolvency, and 12 by Gain?: suspension. Of the latter, 2 occurred in the By absorption.. () 2(2) (6) 1,684,611 235,000 1,919,611 All other 6 12 17; 769,7501 1,106,750 1,876,500 Atlanta and 2 in the Chicago district, 7 in the Losses 20 8 40 60 3,327,3 5,192,711 8,520,011 Minneapolis, and 1 in the Kansas City district. Net change -15 -28 -43 -872,939-3,850,961 -4,723,900 National bank membership sustained a reduc- 1 Includes absorption of 2 national and 2 nonmember banks. Does not tion of 28, the result of the addition of 12, 7 byaffect Stats bank and trust company numbers. 2 Does not affect national bank numbers, and is included among State primary organizations, 2 through conversions bank and trust company decreases, in both aumber and capital and of nonmembers, and 3 by resumption of banks su 3 r p In lu c s lu . des 3 mergers of national banks affecting number only. MONEY IN CIRCULATION FEBRUARY 1, 1924. [Source: United States Treasury Department circulation statement.] Money held Money in circulation. by the United States Kind of money. m St o o n c e k y o .1 f T t r h e e a s F u e r d y e a ra n l d Feb.1,1924. reserve Jan. 1,1924. Feb. 1,1923. system.3 Amount. Per capita. G old coin and bullion 8 $4,289,292,931 3,883,719,693 $405,573,238 $3.62 $415,319,417 $401,111,777 Gold certificates * (999,257,479) 427,877,030 571,380,449 5.10 582,029,209 301,370,459 Standard silver dollars 499,132,769 442,636,774 56,495,995 .51 58,704,040 59,560,117 Silver certificates «(405,213,521) 43,036,103 357,177,418 3.19 375,365,258 294,336,062 Treasury notes of 1890 '(1,439,726) 1,439,726 .01 1,442,926 1,478,683 Subsidiary silver 277,630,839 25,119,931 252,510,908 2.25 260,626,464 240,942,030 United States notes 346,681,016 52,210,954 294,470,062 2.63 306,822,634 278,863,553 Federal reserve notes 2,601,140,070 592,263,401 2,008,876,669 17.92 2,223,674,402 2,184,452,024 Federal reserve bank notes. 13,414,170 684,987 12,729,183 .11 13,610,751 32,867,215 National bank notes 772,796,769 51,742,633 721,054,136 6.43 713,490,282 714,145,598 Total 8,800,088,564 5 5,524,291,506 4,681,707,784 41.77 4,951,035,383 4,509,127,518 Comparative totals: Jan. 1,1924. 8,977,466,356 5 5,414,155,793 4,951,085,383 44.22 Feb. 1,1923 8,442,726,010 5 4,998,202,265 4,509,127,518 40.74 Nov. 1,1920 8,326,338,267 '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 1,007,034,483 5212,420,402 816,266,721 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. "~' * Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta. 3 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. * These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1880 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
MARCH, 1924. FEDERAL RESERVE BULLETIN. 239 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES.1 [In thousands of dollars.] MONTHLY SUMMARY FOR BANKS IN 141 CENTERS. 1928 1924 1922 1923 Federal reserve district. Number oicenters. November. December. January. November. December. January. No. 1—Boston 11 2,150,666 2,287,912 2,189,052 1,986,523 2,126,314 2,197,997 No. 2—New York 7 20,632,112 22,801,386 22,814,899 19,637,137 21,546,408 22,763,018 No. 3—Philadelphia... 10 1,738,336 1,999,728 1,925,455 1,682,845 1,939,197 1,914,857 No. 4—Cleveland 13 1,996,108 2,331,503 2,227,515 1,867,671 2,430,467 2,305,963 No. 5—Richmond 7 710,408 804,167 733,878 660,697 753,942 746,047 No. 6—Atlanta 15 991,989 1," 124,910 1,047,405 911,367 989,297 1,005,714 No. 7—Chicago 21 4,428,485 4,886,123 4,701,940 4,051,955 4,615,171 4 810,899 No. 8—St. Louis 5 1,094,428 1,194,752 1,130,859 988,780 1,145,954 1,178,722 No. 9—Minneapolis 9 664,498 660,760 565,332 633,665 710,631 647,312 No. 10—Kansas City.. 14 1,053,147 1,082,885 1,003,759 1,050,896 1,181,287 1,202,253 No. 11—Dallas 11 583,636 620,979 567,222 556,549 605,692 605,258 No. 12— San Francisco. 18 2,460,057 2,652,946 2,590,943 2,131,811 2,392,621 2,374,873 Total 141 38,503,870 42,448,051 41,498,264 36,159,896 40,436,981 41,752,913 New York City 1 19,982,927 22,081,149 22,113,958 19,026,750 20,851,135 22,087,156 Other cities 140 18,520,943 20,366,902 19,384,306 17,133,146 19,585,846 19,665,757 WEEKLY SUMMARY FOR BANKS IN 247 CENTERS. 1924 1923 Number Federal reserve djstrict. of centers Week ending— Week endingincluded. Jan. 23. Jan.S Feb. 6. Feb. 13. Jan. 24. Jan. 31. Feb. 7. Feb.14. No. 1—Boston 535,634 496,187 562,172 500,160 519,320 483,955 548,888 470, 111 No. 2—New York 5,163,563 5,125,828 5,749,960 4,386,317 4,947,489 4,932,063 5,388,178 4,421,961 No. 3—Philadelphia... 456,596 480,635 494,106 400,951 452,264 458,685 454,322 414 898 No. 4—Cleveland 584,960 553,681 620,411 515,335 599,529 597,576 645,284 527,522 No. 5—Richmond 267,797 268,094 303,128 253,738 276,305 264,358 295,233 253,187 No. 6—Atlanta 235,264 224,397 257,487 230,292 230,015 219,676 237,700 202,043 No. 7—Chicago 1,128,248 1,051,596 986,041 946,968 1,113,395 1,030,209 1,051,317 937,141 No. 8—St. Louis 266,935 252,362 272,737 247,605 266,365 255,878 259,005 253,924 No. 9—Minneapolis 126,654 125,090 133,164 118,575 146,158 145,127 155,998 122,422 No. 10—Kansas City.. 245,027 228,201 236,257 234,523 274,227 269,117 269,577 252,456 No. 11—Dallas 150,568 138,508 152,000 124,635 171,153 156,439 161,281 135,658 No. 12—San Francisco. 605,837 569,978 638,029 562,156 540,074 521,737 539,916 483,137 Total 247 9,767,083 9,514,557 10,405,492 8,521,255 9,536,294 9,334,820 10,006,699 8,474,460 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES. No. 1—Boston 361,694 337,551 385 106 338 727 357 463 327,004 376,548 314,908 No. 2—New York 4,891,066 4,868,735 5,465,716 4,162,599 4,696,897 4,689,679 5,130,097 4,208,646 Buffalo 68,901 62,694 69,243 56 578 66 177 59,199 66,198 57,783 No. 3—Philadelphia 340,442 365,617 373,124 294,490 345,377 345,575 342,763 312,174 No. 4—Cleveland 129,248 125,532 152,512 119 039 142 003 118,075 140,417 123,748 Cincinnati 74,656 69,725 73,351 61,745 74,280 75,901 69,880 63,192 199,864 191,179 199,835 171,943 199,868 197,494 260,650 177,993 No. 5—Richmond .. 28,436 29,637 35,132 28 750 33 900 29 467 33,818 27 148 Baltimore 83,000 88,600 95,500 74,300 83,700 81,400 92,500 75,600 tfo. 6—Atlanta ... 33,948 29,263 32,502 29 016 27,303 29,476 31,461 26,810 Birmingham 23,391 20,181 23,713 25,170 26,005 23,296 24,719 25,442 Jacksonville 13,401 12,635 13,571 12 325 11,986 10,860 13,143 11,428 16,568 16,372 16,635 14 608 15 596 15,058 15,924 15,845 New Orleans 72,786 78,606 91,027 77,642 77,548 71,793 76,270 55,846 No. 7—Chicago . 671,007 651,051 563,140 572,598 698,362 640,422 643,199 571,943 Detroit 186,113 149,004 150,797 128,786 146,188 131,581 138,536 123,578 No. 8—£t. Louis 150,174 142,803 157,127 139,034 147,834 139,841 145,804 138,277 Little Rock 14,314 12,042 13,763 14,208 13,009 12,506 12,499 13,016 39,183 38,401 39,780 38,661 39,995 33,033 35,487 40,974 Memphis 35,905 31,950 34,379 28,337 36,164 39,855 35,152 32,784 61,753 65,754 67,797 60,156 73,590 71,490 72,3;8 62,343 Helena 2,263 1,689 2,244 2,308 2,590 2,101 3,181 2,138 No 10-—Kansas City . . 69,341 61,613 68,837 • 68,434 78,863 75,606 76,082 70,005 Denver .. 34,817 36,329 36,823 30,696 35,868 35,883 37,015 32,740 Oklahoma City 15,792 13,604 17,568 15,696 16,401 16,527 17,881 18,489 Omaha 43,102 37,945 32,240 36,526 48,446 44,962 45,022 40,260 No 11—Dallas .. 46,632 40,198 44,868 37,768 40,660 39 507 40,191 34,743 ElPaso 6,860 7,555 8,294 7,277 7,081 6,830 7,838 6,242 Houston 30,203 28,856 30,180 21 620 29,317 29,(iO5 27,526 21,302 181,213 172,368 199,890 185,501 170,295 174 520 172,332 151,045 182,380 173,436 • 186,067 167,613 146,401 141,212 147,611 131,610 Portland 35,012 32,835 39,324 34,415 30,244 27,163 32,188 29,832 Salt LakeCity 15,594 13,372 13,435 11,730 13,486 15,315 13,522 11,816 Seattle .. 41,179 37, 63 38,184 35,504 36,127 34,089 35,884 34,487 Spokane 10,112 8,926 12,085 10,385 10,757 10,171 11,166 9,719 i Figures for other reporting cities are given to the press weekly and can be obtained upon request. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
to MONEY RATES PREVAILING IN LEADING CITIES. O The following table shows the customary rates charged on loans and between the rates charged during the week ending February 15, 1924, discounts in the various cities in which Federal reserve banks and their and rates charged at earlier periods, it should be borne in mind that the branches are located, as reported by representative banks. These rates earlier rates refer to an entire month, while the latest figures cover only are not averages but are those rates at which the bulk of paper of each a week. Attention is also called to the fact that the method of reporting class is handled by reporting banks. Where it appears from the reports the rates has been somewhat modified and that slight changes in the that no one rate clearly covers the bulk of the paper handled, a range rates may reflect these modifications. of the rates most commonly charged is given. In making comparisons Customers' prime commercial paper. Loans secured by stocks and bonds. Loans secured Loans secured Interbank loans. by Liberty bonds. by warehouse Cattle loans. 30-90 days. 4-6 months. Demand. Time. receipts. District and city. W e in n e g d e . - k e M nd o i n n t g h . W e in n e g d e . - k e M nd o i n n t g h . W e in n e g d e . - k e M nd o i n n th g. W e in n e g d e . - k e M nd o i n n t g h . W e in n e g d e . - k e M nd o i n n th g. W e in n e g d e . - k e M nd o i n n t g h . W e in n e g d e . - k e M nd o i n n t g h . W e in n e g d e . - k e M nd o i n n t g h . Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb. 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 15, 1924. 1924. 1923. 1924. 1924. 1923. 1924. 1924. 1923. 1924. 1924. 1923. 1924. 1924. 1923. 1924. 1924. 1923. 1924. 1924. 1923. 1924. 1924. 1923. 1 2 — — B N o e s w to Y n ork 5 -54 5-5 5 1 4|-5 5 5-5J 5 -51 4J-5 5 5 - - 5 5 1 ! 5-5 5 1 J 4J-5 4|-5 5 5-3 5-5 5 J 1 5-5f 3 4— — B P C P i u h l t e f t i f v s l a a e b l d l o u a e r n l g d p h hia..... 5 5 - - 5 6 6 6 6 6 1 5 -6 6 5-5 5 6 J 1 5 5 - - 5 6 i ""5 6 6 ' 5 -6 5 6 5 6 6 1 6 5 6 6 5-5 6 6 4 S 6 i 6 5 5 -6 Cincinnati 51-6 5J-6 5J-6 51-6 5 -51 5-51 5-5J 5 -51 51-6 51 54-6 51-6 5—Richmond 54-6 6 5i-6 6 5J-5J 6 5J-6 6 516 6 6 54-6 6 6 5-51 6— B A a tl l a ti n m ta ore 5 -6 51 5 6 * 5-6 Si 5 5 i 4 5 - 5 6 ) ' 5 5 J- - 5 6 J 5 6 1 5j- 6 5| f 51 54-SJ 51 5 6 1 51- 6 6 5f-6 Birmingham — 6 -7 6 -8 6 -7 6-8 5-6 5-6 6 6 6 -7 6-7 6 6 -7 Jacksonville 6 -7 7 6 6 6 7 6 6 7 New Orleans f 5J 5 f ?51-6 5 -6 ¥ 7 Nashville 6 7 5-6 6 6 7 54-6 7 8 — — D L C S o t h e . u i t c L r i a o s o g v i u t o i i l s le: 5 5 5 - - - 6 5 51 }5 -6 5 5- -6 5 S 6 1 i 5 -6 H 6 5 5 4 5-5 5 f 1 J 51- ? 5 6 5-6 -5 ? | 6 5 1 J- - 6 6 6 5 1 5-6 f 6 5 -5 k 5 -6 5 " 4 5 - f 6 6 5- 5 5 6 6 * i " " 5 5 4 1 - - 5 6 6 6 1 54- 6 6 515J-6 Little Bock 6 6 6 6 7 7 7 7 7 9—Minneapolis 5i 5H 5i-6 5! 54 51 6 5 -6 6-64 Helena 8 10—Kansas City 6 6 -7 Omaha 6 61 6-7 8 Denver i -7 7 6-7 6 7 6-7 6- 6 -61 6-7 Oklahoma City.. 6 -8 6 -8 6 6 i -7 6 -8 6 6 -8 6 7-8 11—Dallas..... 6 5-6 7 7-8 6-7 6 6-7 7- 8 7-8 El Paso 8 8 8 8 8 8 8-10 8 12— H Sa o n u s F to ra n ncisco... 545 5 4 - - 6 7 5J-6 6 5J - - 7 6 51- 6 6 5J-6 51-6 6 7 5J-6 7 55- 7 6 6-7 6 7 6 6- 8 7 -8 Portland 6 6-7 7 7 7 7 Seattle 7 7 6 6 7 6 6 6 7 7 7 Spokane 7 7 7 6-8 7 6J-8 6 -61 7 7 6J-7 7 Y-ti Salt Lake City.. 6 6 6 6 6 6 6 7 8 Los Angeles 64-7 6J-7 6J-7 61 61-7 6J 6}-7 6J-7 61 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
MARCH, 1924. FEDERAL RESERVE BULLETIN. 241 GOLD AND SILVER IMPORTS AND EXPORTS. IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES. Gold. Silver. Seven months ending Seven months ending Countries. January— January— January— January— 1923 1924 1923 1924 1923 1924 1923 1924 Denmark $1,115,469 $3,561,829 S987 France $1,079,032 $2,119,621 15,799,727 13,485,590 $19,010 $10,779 75,973 $78,680 Germany 29,707 22,663,009 21,751 55,764 5,115 Greece 4,798,294 21,156 Netherlands 96," 273 5,915,000 10,044,247 13,197,671 1,791 Norway 543,592 168 11,732 611 Spain 5,910 36,182 17,905 12,731 74,109 36,332 Sweden 41,934 1,326,923 44,426 143 1,180 1,926 England 9,403,211 22,939,710 106,473,074 127,959,372 42,304 154,008 87,638 Canada 18,279,316 8,466,428 20.910,811 26,217,575 825,058 369,446 5,264,165 3,947,845 Central America 177,566 151,020 1,844,160 1,277,731 192,553 306,453 921,325 1,049,482 Mexico 423,750 560,318 3,286,137 4,498,603 3,576,350 4,505,555 27,312,692 36,997,993 West Indies 51,105 74,244 462,111 480,462 20,207 19,281 171,757 108,673 Argentina 31,747 202,966 47,538 5,436,185 14,512 15,094 27,611 Bolivia . . 1,662 3,434 18,276 73,186 4,324 525,874 322,508 Chile..... 21,233 4,441 109,852 153,200 233,684 48,358 1,354,154 773,648 Colombia 448,707 384,185 3,552,603 2,669,891 13,714 13,509 124,684 92,440 Peru 117,524 104,217 1,018,617 1,177,365 566,301 572,033 4,884,987 6,922,706 Venezuela 73,494 19,491 427,575 443,101 68 33 1,749 4,163 China 525,393 512,170 5,848,896 3,910,171 275 320 10,924 4,225 Dutch East Indies.. 197,038 1,208,612 1,457,884 141,495 81,127 478,111 612,833 Philippine Islands.. 92,244 156,888 592,827 1,061,158 1,233 2,357 7,984 15,312 British Oceania 226,482 148,712 997,677 863,192 123 227 1,102 1,717 Egypt 1,010,679 486,456 3,244,607 1,185,806 12,730 15,619 Portuguese Africa.. 277,571 4,219 552,746 415,720 19,063 3,153 140,673 37,714 Allother 143,891 2,973,650 701,835 4,055,680 63,750 29,929 116,566 254,344 Total. 32,820,163 45,468,618 184,977,253 236,251,970 5,824,637 5,979,758 41,739,300 51,400,926 Netherlands. 19,000 90,000 1,645 525 20,000 Switzerland 1,325,000 1,347,379 29,703 England 105,307 126,297 7,884 2,243,196 958,948 6,953,957 4,225,349 Canada 95,509 128,278 21,657,046 1,202,399 118,286 146,372 1,140,310 999,883 Central America 1,000 1,000 1,100 775 3,950 58,175 Mexico 479,775 137,695 2,550,715 1,883,076 46,708 156,303 1,055,731 911,609 West Indies 15 899 1,840 12,895 11 742 18,523 Colombia 500,000 700,000 1,250 10,000 1,250 Peru 3844,,000 783,000 British India 6,388,929 6,493,929 1,310,728 2,028,149 3,981,653 9,028,558 21,095 342 China 350,200 40,000 2,291,010 1,675,239 12,887,193 25,020,926 Dutch East Indies- 75,000 Hongkong 77,645 13,000 2,059,160 1,342,160 190,713 32,250 6,471,529 1,440,871 J 858,259 860,187 Allother 18 756 2," 998' 25*646* 700 2,800 1,250 Total. 8,472,198 280,723 35,202,623 6,632,590 6,921,002 8,208,644 37,567,415 55,416,890 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
242 FEDERAL RESERVE BULLETIN. MARCH, 1924. FOREIGN EXCHANGE RATES. [Noon buying rates for cable transfers in New Yori as published by Treasury. In cents per unit of foreign currency.] COUNTRIES INCLUDED IN COMPUTATION OF INDEX. 1 Per cent of par. i February 1 to 21, January. inclusive. Par. January. February Monetary unit. of exchange. Janu- Low. High. A a v g e e. r- Low. High. A a v ge e . r- F w o e u e r k t . h w F e ir e s k t . S w e e c e o k n . d T w h ee ir k d . ary. 58 58 58 57 oil 19.30 3.4200 4.1700 3.8941 4.0200 4.4300 4.1819 21.12 21.39 20.47 18.72 21.67 26.80 15.6300 16.4200 16.0506 16.9200 17.5800 16.9419 60.22 61.03 59.81 58.81 63.22 France Franc 19.30 4.1000 4.7100 4.4776 4.3800 5.0100 4.6650 23.39 24.18 23.43 22.03 24.17 Great Britain 486.63 428.9600 435.7300 430.9082 420.9400 430.9600 425.9092 86.89 88.89 88.42 88.31 87.52 Italy 19.30 4. 2800 4.3900 4.3541 4. 2800 4.3900 4.3400 22.50 22.71 22.62 22.36 22.49 Netherlands Floiin 40.20 37.2300 37.7500 37.4465 36.9200 37.8200 37.3496 92.24 93.32 93.08 92.84 92.91 Norway Krone 26.80 13.1400 13.6100 13.3700 13.5300 14.4800 14.0765 51.27 50.42 50.00 49.27 52.52 19.30 12.7000 12.8900 12.7641 12.6500 12. S300 12.7462 65.77 66.44 66.09 65.86 66.04 Krone 26.80 26.0500 26.3300 26.2035 25.8700 26.4000 26.1831 96.83 98.18 97.79 97.35 97.70 Switzerland Franc 19.30 17.3000 17.4600 17.3865 17.2500 17.4300 17.3212 89.43 90.28 90.16 89.84 89.75 Dollar 100.00 96.9143 97.0876 97.0242 97.0137 97.8573 97.3645 97.37 97.06 97.03 96.98 97.36 Argentina Peso (gold) 96.48 74.7200 77.5300 76.0241 71.8300 74.9300 73.6542 76.68 78.03 78.74 79.62 76.34 Brazil Milreis 32.44 11.3900 12.2100 11.9582 9.8100 11.7000 10. 8523 34.04 3S.98 37.45 37.25 33.45 Chile Peso (paper) 2 19. S3 9.8500 10.4200 10.1729 9.9500 10.6800 10.3631 51.50 53.13 52.21 50.95 53.06 China 166.85 70.3800 72.5800 71.5182 69.6400 71.3500 70.2704 104.98 106.59 107.87 106.84 105.12 India . 48.66 30.3000 30.7500 30.4371 30.1700 30.8300 30.4473 62.22 62.8S 62.39 62.39 62.57 Japan Yen 49.85 44.9400 46.0900 45.5735 43.3800 46.0900 44.8965 89.96 91.39 92.18 90.82 90.06 OTHER COUNTRIES. Austria Krone 2026 0.0014 0.0014 0.0014 0. 0014 0.0014 i 0.0014 0.01 0.01 0.01 0.01 0.01 Bulgaria Lev. 1930 .7100 .7470 .7263 .6833 .7506 '• .7143 3.66 3.70 3.75 3.84 3.70 Czechoslovakia Crown 2.8854 2.9070 2.9016 2.8726 2.9080 ' 2.8981 Finland ! Markka "ifl 3(i" 2.4873 2.5032 2.4959 2.4658 2.4943 I 2.4828 12.90 12.91 12.94 12.95 12.89 Germany Reichsmark 23 »?, s.0204 8.0233 3 .0218 3.0219 3.0236 i 3.0226 Greece Drachma 19 30 1.6411 1.7728 1.0999 1. 7610 2. 0207 I 1.9357 9.96 9.05 8.81 8.57 10.03 Hungary Krone 20 26 .0031 .0035 .0034 .0034 .0052 | .0039 .02 .02 .02 .02 .02 Poland Polish mark < . 0102 4.0112 <. 0108 4_ oog9 <.0159 *. 0116 Portugal Escudo iosOff 3.0500 3.3200 3.1547 2.9700 3.3700 3.1831 2.89 2.83 2.90 3.02 2.95 Rumania Leu 1930 .5007 . 55C8 .5134 .4913 .5096 .4993 2.57 2.63 2.61 2.74 2.59 Yugoslavia Dinar 1930 1.1538 1.3131 1.2120 1.1169 1.1471 1.1335 5.92 6.07 6.15 6.60 5.87 Cuba Peso 100.00 93.9563 99.9906 99.9726 99.9349 100. 0000 99.9736 99.97 99.97 99.97 99.98 99.97 Mexico do 49.85 48.0156 48.4167 48. 2148 47.6094 48.4219 48.0737 96.58 96.60 96.95 96.65 96.44 Uruguay ....do 10342 77.5100 80.0700 78. 5724 77. 4700 83. 2000 79.6808 76.70 76.66 75.94 75.31 77.05 China Mexican dollar.. 2 4811 50. 5000 51.7700 51.1547 50.0200 51.4200 50.3727 104.27 105.62 107. 08 106.41 104, 70 Hongkong Dollar i 4777 50.3100 50.9400 50.6482 49.9500 50. 7200 50. 2081 104.72 105.84 106.33 105.9fi 105.10 Straits Settlement^. Singapore dollar. 56.78 50.1300 50.8500 50.6112 49.7100 50.8500 50.3481 88.17 89.16 89.26 89.00 88.67 1 Based on average. 81013 average. 8 In cents per billion marks. * In cents per thousand Polish marks. SILVER. [Average price per fino ounce.] February. January. London (converted at average rate of exchange). $0.65135 SO. 64369 New York .64652 . 63781 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
INDEX. Page. Abstract of condition reports of member banks- 234 Discount and open-market operations of Federal Acceptance market 202 reserve banks 228 Acceptances held and purchased by Federal Discount rates: reserve banks 227, 228 Central banks 221 Agricultural movements, index of 187, 206 Federal reserve banks 230 Agriculture, monthly statistics 191, 207 Prevailing in various centers 240 Australia: Dutch East Indies, wholesale prices in 215 Foreign trade.- 220 Egypt, wholesale prices in 215 Retail food prices and cost of living 216 Employment: Wholesale prices 215 European countries _ •_ 217 Austria, cost of living in 216 United States 149, 200, 205 Automobiles, production of 197, 209 England. (See Great Britain.) Bank credit 151, 153 Failures, commercial , 201 Bank debits 239 Federal advisory council, meeting of 151 Banks granted authority to accept up to 100 per Federal reserve banks: cent of capital and surplus 182 Condition of 222 Belgium: Discount and open-market operations of 228 Cost of living and retail food prices 216 Federal reserve note account 226 Foreign trade 220 Fiduciary powers granted to national banks 182 Wholesale prices 215 Financial statistics of principal foreign coun- Brazil, foreign trade of 220 tries 221 Building statistics 198, 208, 209Food manufacturing 195 Bulgaria, wholesale prices in 215 Food prices in foreign countries 216 Business and financial conditions: Foreign exchange 204 Abroad 217 Index of 242 United States 147, 191 Foreign trade: Summary of 152 Principal foreign countries 217,220 Business failures 201 United States 203, 220 Business situation since opening of year 147 Index of- 220 Canada: France: Cost of living and retail food prices 216 Cost of living and retail food prices 216 Financial statistics 221 Financial statistics 221 Foreign trade 220 Foreign trade 217, 220 Index of industrial activity i. _ 219 Index of industrial activity 219 Wholesale prices 214, 215 Wholesale prices 214, 215 Chain-store statistics 200, 211 Freight rates, ocean 220 Charters issued to national banks 182 Fruit crop and shipments 193 Check clearing and collection 229 Germany: China, wholesale prices in 215 Cost of living and retail food prices. -1 216 Clearing-house bank debits 239 Foreign trade 220 Coal and coke production 193, 207 Index of industrial activity 219 Commercial failures 201 Wholesale prices 215 Commodity movements 206 Gold imports and exports 203, 241 Condition statements: Gold settlement fund transactions 230 Abstract of condition reports of member Grain 191, 206 banks 234 Great Britain: Federal reserve banks 222 Financial statistics 221 Member banks in leading cities 231 Foreign trade 217, 220 Cost of living, principal countries 216 Gold imports and exports 203 Cotton manufacturing 195, 208 Index of industrial activity 219 Cotton, raw . 192, 195 Retail food prices and cost of living 216 Currency in circulation 238 Wholesale prices 214, 215 Czechoslovakia: Imports and exports of gold and silver 203, 241 Retail food prices 216 Index numbers: Wholesale prices 215 Agricultural movements 187,206 Debits to individual account .- 239 Cost of living 216 Denmark: Department-store stocks, construction of.- 189 Foreign trade . - 220 Employment 149,205 Wholesale prices 215 Foreign exchange 242 Department-store business 200, 211, 212 Foreign trade 220 Index of stocks, construction of 189 Industrial activity— Deposits: Foreign countries 219 Savings 202 United States. 147, 205 Time and demand, of member banks 233 Revision of index 183 i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
II INDEX. Index numbers—Continued. Netherlands: Manufacturing 188, 206 Cost of living and food prices 216 Mineral production 187, 206 Foreign trade 220 Ocean freight rates 220 Wholesale prices 215 Production in basic industries 149, 152, 205 New Zealand: Retail food prices 216 Retail food prices and cost of living 216 Retail trade 149, 190 Wholesale prices 215 Revised indexes of industrial activity 183 Norway: Wholesale prices— Cost of living and retail food prices 216 Bureau of Labor Statistics index 152, 215 Foreign trade 220 Federal Reserve Board index 150, 213 Wholesale prices 215 ' Group index numbers—United States, Ocean freight rates 220 England, France, and Canada 214 Par list, number of banks on 229 Principal countries 215 Per capita circulation 238 Wholesale trade 149, 210 Petroleum industry 195, 207 India: Poland, wholesale prices in 215 Cost of living and retail food prices 216 Prices: Foreign trade 220 Food, in principal countries 216 Wholesale prices... 215 Wholesale—• Bureau of Labor Statistics index. 152, 200, 215 Industrial statistics: Federal Reserve Board index... 150, 200, 214 Foreign countries 219 Group index numbers—United States, United States 147, 205 England, France, and Canada 214 Revision of index 183 Principal countries ; 215 Interest rates prevailing in various centers 240 Production in basic industries, index of.. 149, 152, 205 Iron and steel production 197, 208 Reserve ratio of Federal reserve banks 222 Italy: Reserves, State laws relating to 154-181 Financial statistics 221 Resources and liabilities: Foreign trade 220 Federal reserve banks 222 Retail food prices and cost of living 216 Member banks in leading cities 231 Wholesale prices.. 215 Retail food prices 216 Japan: Retail trade 149, 152, 200, 210 Financial statistics 221 Revision of indexes of industrial activity 183 Foreign trade 220 Russia, foreign trade of : 217 Wholesale prices 214, 215 Savings deposits 202 Laws relating to State bank reserves 154, 181 Shoe industry 198 Leather industry 198, 208 Silver imports and exports 241 Livestock industry 193, 207 South Africa: Lumber industry 198, 207 Retail food prices and cost of living 216 Mail-order houses, retail trade of 200, 211 Wholesale prices 215 Spain: Manuf acturing: Cost of living 216 Conditions, by industries 195 Wholesale prices 215 Index of production 188, 206 State banks: Maturities: Admissions to system ' 182 Acceptances purchased 228 Laws relating to reserves 154-181 Bills discounted and bought 225, 228 Sweden: Certificates of indebtedness 225 Cost of living 216 Member banks: Foreign trade 220 Changes in membership; 238 Wholesale prices 215 Condition of _< 231Switzerland: Abstract of 234 Retail food prices and cost of living 216 Deposits of 233 Wholesale prices 215 Number discounting 228 Textile industry 195, 208 Number in each district 228 Time deposits of member banks 233 State banks admitted to system 182 Tobacco industry . 192 Mineral production, index of 187, 206 Trade: Mining 194 Foreign. (See Foreign trade.) Money in circulation 238 Retail 149, 152, 200, 210 Money rates 153, 221, 230, 240 Wholesale 149, 152, 199, 210 National banks: Transportation 199, 209 Charters issued to 182 Wholesale prices. (See Prices.) Fiduciary powers granted to 182 Wholesale trade 149, 152, 199, 210 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS MINN, j MINNEAPOLIS (- •— BOUNDARIES OF FEDERAL RESERVE DISTRICTS —-BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES # FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1924, February 29). Federal Reserve Bulletin, 1924-03. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_192403
@misc{wtfs_bulletin_192403,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1924-03},
year = {1924},
month = {Feb},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_192403},
note = {Retrieved via When the Fed Speaks corpus}
}