Federal Reserve Bulletin, 1924-04

FEDERAL RESERVE BULLETIN APRIL, 1924 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Gold Movements and the Reserve Banks Business Conditions in the United States The Gold Situation New Regulation on Branch Banking Supreme Court Decision on Branch Banking WASHINGTON GOVERNMENT FEINTING OFFICE 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: D. R. CEissiNaEE, Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. HBNET M. DAWES, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary! WALTER WTATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART, W. M. IMLAT, Fiscal Agent. Director, Division of Research and Statistics. J. F. HESSON, M. JACOBSON, Statistician. Chief, Division of Examination and Chief Federal E. A. GOLDENWEISER, Associate Statistician. Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL 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. Bullen W. Willett. W. W. Paddock NewYork Pierre Jay....! Ben}. Strong J.H.Case L. H. Hendricks.s L. F. Sailer A. W. Gilbart.» G. L. Harrisoa J. W.Jones, i . E. E. Kernel G. E.Chapin." Philadelphia E.L.Austin Geo. W. Noreis Wm. H. Hutt W. A. Dyer. Cleveland D.C.Wills., E. B. Fancher M. J. Fleming J. C. Nevin. Frank J. Zurllnden Richmond Wm.W. Hoxton George J.Seay C. A. Peple Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.1 Atlanta Joseph A. McCord M.B. Wellborn J. li, Campbell M. W. Bell. Creed Taylor Chicago Wm. A. Heath J. B. McDougal C. E. McKay W. C. Bachman.1 John H.Blair K.C.Chllds.» J. H. Dillard." D. A. Joaes.» 0. J. Netterstrom,* Clarke Washburne.1 St. Louis, Wm. McC. Martin D.C. Biggs.... O.M.Attebery J. W. White. Minneapolis JohnH.Eieh R. A. Young W. B, Geery Gray Warren. B.V.Moore Frank C. Dualop.i Harry Yaeger» Kansas City M. L.McClure W.J. Bailey C. A. Worthington J. W. Helm. Dallas Lynn P. Talley B. A. MoKtaney E.E.Gilbert R. B. Coleman. Val. J-Grand San Francisco Joha Perrin J.TJ. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk" L. C. Pontious* »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. Earbart. 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 D. P. Reordan. New Orleans branch Marcus Walker. Houston branch...... Fred Harris. 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 Frederics Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch W. R. Cation. Seattle brancn C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch. J. J. Heflin. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only official organ or periodical publication of the Board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal Reserve Banks and member banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: Page. Review of the month—Gold movements and the reserve banks 243 Business conditions in the United States 251 Business conditions abroad... . 267 Research studies: The gold situation 269 Economic conditions in Hungary 270 Official: Rulings of the Federal Reserve Board 275 Law department— Regulation H—Membership of State banks and trust companies 279 Decision of United States Supreme Court on right of a national bank to establish a branch 281 State banks admitted to system 287 Fiduciary powers granted to national banks 287 Charters issued to national banks 287 Banks granted authority to accept up to 100 per cent of capital and surplus 287 Business statistics: Industrial statistics in the United States , 288 Wholesale and retail trade 294 Industrial statistics for foreign countries 296 Foreign trade of principal countries 297 Financial statistics for principal foreign countries 298 Price movements in principal countries: Federal Reserve Board wholesale price indexes 299 Comparative wholesale prices in principal countries 301 Comparative retail prices and cost of living in principal countries ; 302 Banking and financial statistics: Federal reserve banks- Condition of Federal reserve banks 303 Federal reserve note account 307 Holdings of earning assets 308 Discount and open-market operations of Federal reserve banks 309 Federal reserve clearing system 310 Gold settlement fund ..-- 311 Discount rates of Federal reserve banks 311 Member banks— Condition of member banks in leading cities . 312 Deposits of all member banks 314 Condition of all banks in the United States on December 31, 1923 315 Changes in membership 318 Money in circulation 318 Bank debits -.. 320 Money rates in principal cities 321 Gold and silver imports and exports 322 Foreign exchange rates and index „ 323 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 10 APRIL, 1924 No. 4 REVIEW OF THE MONTH the gold stock of the country and the gold holdings of the reserve banks to the highest During the first quarter of 1924 the position levels on record. In the absence of gold imof the reserve banks and the general credit ports, such a growth in the demand for credit situation has continued to be and currency would have led to increased bor- ° *n * e influenced by the importation credit situation. J V, i •> • rowings at the reserve banks on a scale roughly oi gold irom abroad. Gold im- equivalent to the net gold imports for the ports since the opening of the year have totaled period. over $100,000,000 and have been on a larger In reviewing the extent and influence of the scale than during the first quarter of 1922 or inflow of gold from abroad on the position of 1923. Member banks have used a portion of Gold imports the Federal reserve banks and this additional gold in the repayment of borand the reserve on the general credit situation, rowings at the reserve banks and partly in banks, the Federal Eeserve Board in consequence of this the earning assets of the its annual report for the year 1923, just Federal reserve banks have during the past two issued, says: months been below the volume outstanding "Since the Federal reserve banks began last autumn and lower than at any time in operations in November, 1914, over two billions recent years. This decrease in the volume of of gold have been added to the stock of the borrowing at the reserve banks during Febru- United States by importation. It is the gold ary and March has not been the outcome of a which has been thus received from abroad that reduced demand for credit at member banks now constitutes the larger portion of the gold nor of a decreased demand for currency. That reserves of the twelve Federal reserve banks. it was the imported gold and not a change in the domestic credit and currency situation " The first billion of this gold came prior to which brought about the reduction in the vol- the entry of the United States into the World ume of reserve bank credit outstanding is shown War. Under the policy of gold concentration by the fact that during March, 1924, the total pursued by the reserve banks during the war loans and investments of reporting member the bulk of the gold received during the two banks and total money in circulation were at years before our entry into the war was added approximately the same level as in November, to the gold holdings of the reserve banks. That 1923. Viewed in longer perspective, the influ- concentration formed a part of the genera] ence of gold imports on the demand for reserve policy of financial mobilization and was a most bank credit is indicated by the growth since material factor in the success of the plan the middle of 1922 of more than $3,000,000,000 adopted for the financing of the war. During in the volume of credit extended by all member the period of our participation in the war gold banks and the increase of almost a half billion movements were on a relatively small scale. of total money in circulation without an in- "The second billion of gold has been recrease in the earning assets of the reserve banks. ceived during the five years since the conclu- The receipt during this period of over sion of the war. This second billion was the $500,000,000 of gold from abroad has carried net addition to our gold stock after the loss of 243 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

244 FEDERAL RESERVE BULLETIN APRIL, 1924 some $400,000,000 of gold between the re- to $2,291,000,000 in December, 1918. The moval of the gold embargo in 1919 and the reserve ratio of the Federal reserve system, autumn of 1920. Net imports of gold during which stood at 84.7 per cent in April, 1917, the year 1921 alone amounted to around two- when the aggregate reserves of the system thirds of a billion dollars. The gold reserves amounted to $963,000,000, fell to 48.8 per cent of the Federal reserve system, which stood at in December, 1918, when the aggregate re- $2,063,000,000 at the end of the year 1920, in- serves of the system stood at $2,151,000,000. creased to $2,875,000,000 at the end of the "The imports of gold, which took place year 1921, to $3,047,000,000 at the end of the during the year 1921 and which amounted to year 1922, and to $3,080,000,000 at the end of $667,000,000, came to the United States in the year 1923. payment of foreign indebtedness and reached " Gold is the tangible and conventional basis us at a time when general loan liquidation of bank lending and currency issuing power. which followed the crisis of 1920 was under The particular effect exerted by an influx of way. This gold was a substantial factor in gold, therefore, depends upon business and facilitating reduction of borrowings by member credit conditions and needs at the time when banks at the Federal reserve banks. As the gold is received Gold received from nearly as can be estimated, about one-half of abroad in the usual course first finds its way the total reduction in the borrowings of into the member banks. So long as it remains member banks during the years 1921 and in their hands, it does not count as part of their 1922 was effected by the use of the imported legally required reserves. A member bank re- gold. ceiving the gold, therefore, deposits it with its "The gold received in the United States reserve bank. If this bank has paper under since the middle of 1922 has had an effect rediscount with its reserve bank at the time, Influence of different from that just noted the gold may be used to reduce its rediscounts. golcTimports dur- in 1921 and the first half of If it has no paper under rediscount the gold ing " 19223 and 1922. This recent influx of adds to its reserve balance and to that extent 1923> gold has taken place after a increases its lending power. period of liquidation and during a period "The first billion of gold which, as already when business was in process of recovery and noted, came prior to the entry of the United expansion, and when demand for credit was States into the World War by increasing the increasing member bank loans. With the reserves of member banks constituted a bank- turn in credit and currency demands arising ing basis for the enormous growth of bank about the middle of 1922, not as many member credit and currency which was used to finance banks had occasion to use their imported gold the production of war materials and other sup- to repay borrowings at their reserve banks. plies bought by European Governments in The gold, therefore, constituted an addition great volume. That was a period of business to their reserve balances and enabled them to and credit expansion calling for enlarged lend- expand their loans to their customers without ing by the banks of the country. the need of rediscounting, and also to supply "Further expansion of credit and currency the cash requirements of their customers, just was occasioned by the vast expenditures of the as was the case in the two years before our Government during the period of our partici- entry into the war in 1917. In brief, the gold pation in the war. The addition of $1,149,- received during the period of liquidation in 000,000 of gold to the reserves of the Federal 1921 and 1922 enabled the member banks to reserve banks after our entry into the war recover a considerable degree of the indeformed the basis of an increase in the discount pendence of reserve bank support which they and investment operations of the Federal re- had lost in the preceding years, while the gold serve banks from $226,000,000 in April, 1917, received since the middle of 1922 has enabled Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 FEDERAL RESERVE BULLETIN 245 them to maintain their state of relative the country, and as such they are charged with independence, notwithstanding the great in- large responsibilities for the constant maintervening growth of credit. tenance of a sound credit situation. They " The increase in credit extended by member must, therefore, be conducted with primary banks to their customers which, during the regard to the bearing of their operations upon past two years has amounted to over $3,- credit conditions rather than by the desire to 000,000,000, has been large enough to absorb make full use of their earning power. Reserve the gold received during this time and, taking bank credit is properly used when in response the banking situation in the country at large, to the credit and currency requirements of to require the continued maintenance of the industry and trade. The present large gold volume of reserve bank credit outstanding at holdings of the reserve banks not only afford the beginning of 1922. While this increase in assurance of adequate credit support for the credit and currency demands was large enough growth of productive industry in the United to maintain the existing volume of reserve States, but also will make it possible for this bank credit, it was not so large as to result in country to meet any probable future demand an additional demand for reserve bank credit. for gold from abroad that may arise in connec- " Gold received by a member bank is in tion with the restoration of the international ordinary course deposited with its reserve gold standard. It is the part of prudence bank. Its first effect is to add both to the for the United States and for the Federal reserve balance of the member banks and to reserve banks in particular, as the holders of the gold reserves of the Federal reserve banks- over $3,000,000,000 of gold (that is, about The reserve bank has no control over the use three-fourths of the total estimated stock of made of its free reserve balance by its member monetary gold in the United States), to pursue banks. Therefore, the use made in the first a course which will enable them to part with instance of credit arising from a gold import lies such portion of this gold as Europe will need with the member bank. When, however, the to reclaim for currency restoration with a member bank has expanded its operations to minimum of inconvenience and disturbance to the full extent for which the gold deposit has our internal financial and economic situation. furnished the required reserves, or has with- "In view of the important effects of gold drawn currency in a volume equivalent to this imports upon the American credit situation and deposit, a further use of the additional lending upon the international monepower arising out of the gold can be made tary situation, the probable moFvemUents.g°ld only by borrowing from the reserve bank. extent and direction of future gold movements is a matter of great concern. " The ordinary bank, like any business No inflow comparable with that which has concern, is organized and conducted for profit. already taken place can be expected, since this Banks seldom carry surplus reserves. Their movement has drained a large part of the disposition is to make full use of their surplus European gold formerly in circulation and has cash resources. If these resources are in in addition absorbed the bulk of the gold excess of what is needed to meet their customreserves of those countries, notably Eussia ers' credit requirements, they will put them and Germany, whose financial and monetary into the general market through the purchase conditions were such as to make it impossible of commercial paper, bond investments, or for them to keep their central banking reserves call loans, so as to keep all of their available intact. The reserves of the central banks of funds in one way or another always fully and other principal countries of Europe were conprofitably employed. The reserve banks are siderably enlarged during the war and have in a different position. They are the holders not declined during the postwar period. Presof the ultimate and only true banking reserves ent government policy in these countries is to of the country. They are the reserve banks of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

246 FEDERAL RESERVE BULLETIN APRIL, 1924 control gold exports and not to permit the necessity of a common basis for calculating reduction of the reserves of the central banks. the prices of commodities entering into world In fact, of the $600,000,000 of gold imported trade has had the result that through mutual into the United States during 1922 and 1923, adjustments of prices and exchange rates interthe bulk consisted of newly mined gold. It is national price levels, when expressed in terms hardly to be expected, therefore, that in the of gold, have tended toward equalization. In immediate future the gold inflow will exceed or this adjustment the American dollar, not only even equal the current gold production of the because of its convertibility into gold, but world. During the past year India has re- because of its stability, and because of the trade ceived a share of the new gold because im- position of the United States, has become proved economic conditions have led to a favor- increasingly the unit of account in international able trade balance, and gold has gone also to trade. Thus the dollar has become the link Egypt. A larger or smaller share of the gold between countries on a paper currency basis and the gold standard. output of a year constitutes the probable maximum which can be expected to be avail- " The premium on dollar exchange and the able for distribution to the United States and large movement of gold to the United States other countries. On the other hand, the pros- in the postwar period both arose out of the pect of net gold exports depends upon the large volume of goods exported to foreign balance of international payments as influ- countries during and since the war. Through enced by trade movements and international shipments of gold to the United States foreign loans and investments and upon the disposition countries have been able to meet their unfavand ability to withdraw gold on the part of orable merchandise trade balance and to reduce those countries which are undertaking to reor- their indebtedness for goods bought on credit ganize their currency systems on a gold basis. in earlier years. In spite of the disorganized " The attempts during the past year at cur- conditions of the exchanges, the volume of rency stabilization by European countries have trade between the United States and other been steps in the direction of countries has been in large volume, and in the payment for goods purchased in the United Gold standard the reintroduction of gold as a States the foreign countries have used gold, and currency re- , j j mi i A J. organization. standard. I hey have not yet not as before the war chiefly in the settlement resulted in any considerable of balances but more as one of the commodities addition to-gold reserves. Though they differ that they were able to export to the United in method and detail, European efforts to States. An added circumstance favorable to promote better monetary conditions have the shipment of gold to this country has been aimed at the establishment and maintenance the commanding r6le now played by the United of a constant relationship between the value States as the world's most important and, of local currencies and gold. Thus far experi- practically speaking, only' free' gold market. ments, which have been on a relatively small "By a free gold market is meant a market scale, have made use of the American dollar in which credits, howsoever established, are and other stable currencies as the equivalent of gold credits; that is to say, credits for which gold. In view of the low gold value of the gold can be promptly obtained for foreign shipment and withdrawn without obstacle or total volume of these currencies and the limobjection. It is well kno¥/n that in the finanited use of gold in the settlement of trade balcial economy of the world previous to 1914 ances, the demand for gold for purposes of London was the most important of the world's reestablishing currency stability has not been free gold markets—the one which commanded considerable. the greatest confidence and the one, therefore, "In international trade gold has retained its which attracted the largest volume of foreign conventional position as a standard throughout financial accounts and the large volume of the decade of currency disorganization. The Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 FEDERAL EESBEVE BULLETIN 247 varied business from every quarter of the world years, but about $50,000,000 less than the which followed in their wake. By virtue of its average production for the past ten years. creditor position and its unprecedentedly Over one-half of the total gold output in 1923 strong gold position the United States has now came from the South African mines, and since become the world's gold center. As such it the opening of 1924 the output of these mines has assumed the high responsibility of so has been unusually large. An article dealing managing the vast gold supply domiciled here with the present international gold situation, that it may be available for redistribution by including a discussion of production and gold export as occasion may arise without producing movements during 1923, and the distribution any untoward or disturbing effects in our own of the world's gold stock appears elsewhere domestic, economic, and financial situation." in this issue. Of the world's total monetary gold stock Changes in the gold position of the United of about $9,000,000,000, the United States States, as reflected in the increase in the gold now holds over $4,300,000,000, stock of the country and in Distribution more than twice the amount gol10LSe°rvesa"n the S°ld MdinSS °f the Fed" o st f o c w k o . rld's gold n, eld , •, m. 19r1t1 4. E _ u , rope s , total . the United States, eral reserve banks during the gold stock, including gold in past three years, are shown in circulation and in the central banks and the following table: treasuries, has decreased by nearly $2,000,- [In millions of dollars] 000,000 during the past decade, though, as a result of the withdrawal of gold from circula- Total Gold Increase over pretion, European central gold reserves are now gold holdings ceding year stock of the only slightly less in the aggregate than before Date in the Federal United reserve In gold In rethe World War. An almost complete loss of States banks stock serves gold reserves by Austria and Russia and a Mar. 1,192ll 2,917 2,148 considerable reduction in the gold stock of 1922 3,721 2,947 804 799 1923 3,961 3,073 240 126 Germany was practically offset by increases in 1924 4,338 3,120 . 377 47 the reserves of the principal allied and neutral countries. Gold reserves of nearly all non- Between March, 1921, and March, 1924, the European countries have increased since the monetary stock of gold in the United States inoutbreak of the war, the largest increases out- creasedJbyj;$l,400,000,000, the larger part of the side of the United States having taken place increase taking place early in the period. Durin Japan and Argentina. Thus, while the ing the past year the increase in the gold stock reserves of certain European countries have was much larger than the^increase in the gold been depleted, the concentration of gold holdings of the reserve banks, since the larger formerly. in circulation into central banking portion of the gold received from abroad durreserves has had the result that there has been ing the year was added to circulation ""father a considerable increase in the reserves of thethan to the reserves of the reserve banks. non-European countries, with only a slight Increased use of gold certificates in circuladecline in the aggregate gold reserves of Europe. tion has resulted in a larger proportion of gold During 1923 the two countries that shared in the total of money in circuchiefly in the distribution of the new gold lation'1 in drcu- lation. On March 1 this proproduced and such gold as was released from portion was 22 per cent, com- European reserves, principally from Germany, pared with 16 per cent a year ago. Since the were the United States and India. Gold pro- middle of 1922 total money in circulation has duction for the year was about $353,000,000, a increased by $471,000,000 in response to the larger figure than for any of the three preceding demand arising out of a larger volume of trade. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

248 FEDERAL BESEB.VE BULLETIN APRIL, 1924 The following table shows the changes in the increased in response to the growth in the various forms of currency in circulation be- demand for currency. The practice of certain tween August 1, 1922, and March 1, 1924: reserve banks of paying out one kind of currency rather than another affects merely the [In millions of dollars] composition of the money in circulation and Increase Kind of money A 1 u 9 g 2 . 2 1, M 1 a 9 r 2 . 4 1, d ( e + cr ) e o a r se not its total volume; it is total money in cir- (-) culation rather than any particular kind of Gold and gold certificates 588 1,048 +461 currency that reflects changes in the country's 2,115 2,031 . -84 1,634 1,728 +94 requirements. Total 4,337 4,808 +471 In the condition statement of the reserve banks the effect of substituting gold in circula- In meeting the demand for additional curtion for Federal reserve notes has been to rency the Federal reserve banks since the reduce the outstanding volume of Federal re- 6 BILLIONS OF DOLLARS BILLIONS OF DOLLA 1 R S 6 serve notes and to make total reserves as well as fluctuations in Federal reserve notes reflect Total Money changes in the demand for currency. With in Circulation the seasonal decrease in the demand for currency after the turn of the year, for example, the return flow of currency from circulation resulted in an abrupt increase in the reserves of the reserve banks as well as a decline in Federal reserve note circulation. During February and March, on the other hand, though the volume of Federal reserve note circulation continued to decline, the increased demand for currency was sufficient to absorb the gold imported during the two months and in addition to bring about some decrease in the reserves of the Federal reserve banks. r Thus, while seasonal and minor fluctuations in note circulation and in reserves give some indication of changes in »9!9 1920 1921 1922 1923 1924 the demand for currency, the full extent of Since the middle of 1922 increased demand for currency has been reflected in the growth of other money, rather than Federal reserve notes, in these changes can only be measured by fluctucirculation. This has been due to the paying out of gold by certain ations in the total money in circulation. reserve banks middle of 1922 have paid out gold certificates The practice of the reserve banks in paying instead of issuing Federal reserve notes, with out gold in no way affects the position of the the consequence that the volume of Federal member banks; it is the con- Gold and rereserve note circulation declined, while the tinued inflow of gold from serve bank credit. volume of gold and other currency in circula- abroad which by increasing the tion increased. Changes in the total volume funds at the disposal of the member banks inof money in circulation and in the volume of fluences their position in relation to the reserve Federal reserve notes and other currency for banks. Reference has been made in the portion the past five years are shown in the chart. of the annual report quoted earlier in this Review to the fact that the use made by member Changes in the demand for currency between banks of the additional funds arising out of gold 1919 and the middle of 1922, as shown by the imports depends upon the extent of the curchart, were reflected chiefly in fluctuations of rency and credit demand at the time the gold Federal reserve note circulation, while the is received. In 1921, when liquidation was volume of other kinds of currency remained under way, the large gold imports were used practically constant. During the past two to reduce indebtedness at the reserve banks; years, however, it is the other forms of money in 1922, with the renewed demand for credit, rather than Federal reserve notes which have Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 FEDERAL RESERVE BULLETIN 249 gold was used to increase the reserve deposits ments on subscriptions for which certificates of member banks at the reserve banks and maturing March 15, 1924, were tendered in thus served as a basis for additional loans; in payment. Of this last amount, $5,8^000,000 1923, with the growing demand for currency, were exchanges for Treasury account. All exgold provided member banks with the means change subscriptions and subscriptions in to meet this demand without increased use of amounts not exceeding $10,000 were allotted reserve bank credit. In the first quarter of in full, and subscriptions of over $10,000 were allotted at the rate of 40 per cent, but not less 1924 the imported gold has been used chiefly than $10,000 on any one subscription. in the repayment of borrowings from the re- Subscriptions and allotmentswere distributed serve banks, though also in part to meet the among the several Federal reserve districts as recent increase in the demand for currency. follows: Member banks, therefore, at a time of decreasing credit and currency demand, may use the Total sub- Total sub- Federal reserve district and Treasury scriptions scriptions additional gold to reduce their indebtedness at received allotted the reserve banks; at a time of increasing Treasury $58,000,000 $58,000,000 demand for credit and currency they may use Boston 30,363,500 18,652,500 New York 204,844,000 113,136,000 the gold in lieu of additional borrowing from Philadelphia 67,636,500 34,606,500 Cleveland 64,569,000 32,538,500 the reserve banks. The extent of the demand Eichmond 18,875,500 11,967,500 Atlanta 19,838,000 10,160,000 for reserve bank credit during 1924 will thus Chicago 72,975,500 49,417,500 St. Louis 14,359,000 10,006,500 depend not only upon changes in domestic Minneapolis 14,251,000 11,608,000 Kansas City 17,029,500 9,781,000 credit and currency requirements, but also Dallas 26,003,500 12,914,000 San Francisco 54,015,500 27,511,000 upon the volume of gold received from abroad. Total 662,760,500 400,299,000 FUNDING OF THE DEBT OF FINLAND TO THE TREASURY FINANCE UNITED STATES On February 2 the United States House of Loan operations of the Treasury, in connec- Representatives and on March 6 the United tion with the first installment of income taxes on March 15, took the form of an offering of States Senate passed the bill authorizing the one-year 4 per cent Treasury tax certificates of settlement of the indebtedness of the Republic indebtedness, dated and bearing interest from of Finland, made by the World War Foreign March 15, 1924. The amount of the offering Debt Commission and approved by the Preswas $400,000,000, or thereabouts. About ident. The amount funded was $9,000,000, $550,000,000 of Treasury certificates became composed of $8,281,926.17 of principal and payable on March 15, together with interest on $727,389.10 interest accrued and unpaid as of the public debt, of approximately $143,000,000. December 15, 1922, less payment in cash made Interest payments on the public debt due on on May 1, 1923, $9,315.27. April 15 and May 15 will require a further This settlement follows practically the same disbursement by the Treasury of about $217,- lines as the settlement with Great Britain. 000,000. With the tax payments to be re- The principal of the bonds is to be paid in ceived about March 15 and the balances on 62 annual installments on the 15th of each hand, the Treasury expects to cover all its re- December, up to and including December 15, quirements until the June 15, 1924, taxj date, 1984; the amount of the first year's installment when additional financing will be necessary. is to be $45,000, the annual installments to Subscription books to the March 15 short- increase regularly to $345,000, the last year's term loan opened March 10 and closed on the installment. The Government of Finland has next day. Reports received from Federal re- the right to pay off additional amounts of the serve banks give the total amount of subscrip- principal of the bonds on any interest date tions received to the new issue as $662,760,500. upon 90 days' notice. Interest upon the unpaid The total of subscriptions allotted was $400,- balances is payable on December 15 and June 15 299,000, of which $137,365,000 represent allot- of each year at the rate of 3 per cent per annum Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

250 FEDERAL RESERVE BTJIX.ETIH AFBIL, 1924 from December 15,1922, to December 15, 1932, bank and the territorial area within the State and thereafter at the rate of 33^ per cent per contiguous thereto (as defined in the board's annum. Any payment of interest or of resolution of November 7, 1923), except where principal may be made, at the option of the State banking authorities have certified and Government of Finland, in any United States the board finds that public necessity and ad- Government obligations issued after April 6, vantage renders a departure from the principle 1917, such bonds to be taken at par and accrued necessary or desirable. interest. (2) As a general principle no branches will In accordance with the settlement the be authorized, unless the State authorities regu- Government of Finland on June 15, 1923, paid larly make simultaneous examinations, satis- $135,000 of interest, and on December 15, 1923, factory to the board, of the head office and all $135,000 of interest and $45,000 as the first branches, agencies, or offices. installment on account of principal. On Inarch (3) As a general principle the board will 22 the Minister of Finland delivered to the require that the parent bank keep for itself Treasury bonds of the Government of the and its branches an adequate ratio of capital Republic of Finland amounting to $8,955,000, to total liabilities and an adequate percentage receiving in exchange the original notes given of its investments in the form of paper or by his Government for relief supplies furnished securities eligible for discount or purchase by during the period immediately following the Federal reserve banks. armistice. This action marks the final step (4) The board will not consider an applicain the funding of the debt of the Government tion to establish a branch until the local State of Finland to the United States. authorities have approved its establishment and the Federal reserve authorities of the district have made a report upon the financial NOTES condition of the applying bank, the general New regulation on branch banking character of its management, what effect the On April 7, 1924, the Federal Reserve Board establishment of the branch would have on issued a revision of Regulation H, series of other banks or branches in the locality, and 1923, dealing with membership of State banks whether the establishment of such branch and trust companies. The full text of the would be in the interest of the public, and regulation in its final form appears elsewhere in have also submitted their recommendation as this issue. to whether or not the application should be The new regulation contains three new secgranted. tions dealing, respectively, with condition of membership, changes in assets or broadening Annual Report of functions, and principles governing estab- The tenth annual report of the Federal lishment of branches. One of the conditions Reserve Board, covering operations of the of admission to membership which will be pre- Federal reserve system in 1923, was submitted scribed in all cases in the future and which to Congress on March 29. Copies of the text has been prescribed in many cases in the past of the report, together with summary tables, is that the applying State bank or trust com- are now available for distribution. pany shall not establish any branch, agency, Digest of Rulings or additional office, except by permission of The Digest of Rulings of the Federal Reserve the Federal Reserve Board. The general prin- Board, preliminary announcements of which ciples by which the board will be guided in were made in the Bulletin for November, 1923, considering applications for the establishment and January, 1924, has been published and of branches may be summarized as follows: copies are now being distributed by the (1) The establishment of branches will be Federal Reserve Board. The price is $2 per restricted to the city of location of the parent copy, post paid. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

251 , 1924 FEDERAL RESERVE BVULETIN BUSINESS CONDITIONS IN THE UNITED STATES Employment at industrial establishments increased in February and the output of basic commodities was slightly larger. Distribution, both at wholesale and retail, continued large; wholesale prices were somewhat higher; and there was a further increase in the volume of borrowing for commercial purposes. Production.—The Federal Reserve Board's index of production in basic industries, adjusted to allow for length of month and other seasonal variations, increased less than 1 per cent in February. Production of pig iron, steel ingots, and flour increased, while mill consumption of cotton and production of cement and lumber declined. Factory employment advanced 1 per cent in February, following successive decreases during the three preceding months. Increases in working forces were reported by most industries and were particularly large at iron and steel plants, automobile factories, and textile finishing establishments. Fuller employment through reduction of part-time work is indicated by an increase of over 5 per cent in average weekly earnings. Building activity was slightly less than in January, though contracts awarded were 7 per cent larger than a year ago. Trade.—Railroad shipments in February were in greater daily volume than in January and car loadings of practically all important commodities were larger than a year ago. The daily average volume of wholesale business increased about 5 per cent in February, but was slightly smaller than a year ago. Sales of meat, dry goods, and hardware were larger than in February, 1923, while sales of shoes were smaller. Department-store sales ia February averaged about the same daily volume as in January and about 8 per cent more than a year ago ? while merchandise stocks at these stores at the end of the month were 6 per cent above last year's level. Business of mail-order houses and chain stores also showed increased activity in comparison with January. Prices.—Wholesale prices, as measured by the index of the Bureau of Labor Statistics, advanced slightly in February. Prices of fuel, metals, and building materials increased, while prices of farm products, clothing, and chemicals declined. During the first two weeks in March PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES PER CENT PER CENT PER CENT PER CENT 1.50 150 300 f 300 V rsj / 1 200 \ AT 50 100 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 192* Index of 22 basic commodities corrected for seasonal yariation. Index of TJ. S. Bureau of Labor Statistics. (1913—100, base adopted (1919=100.) Latest figure, February, 121. by bureau.) Latest figure, February, 152. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

252 FEDEBAL RESERVE BULLETIN APRIL, 1924 RESERVE BANK CREDIT FACTORY EMPLOYMENT MILLIONS Of DOLLARS MILLIONS OP DOLLARS PER CEHT woor ]WQQ 150 150 100 ? 100 2000 50 50. n 0 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923. Weekly figures for 12 Federal reserre banks. Latest figure, March 19. Index for 33 manufacturing industries. (1919=100.) Latest figure, February, 99. price declines occurred in wheat, cotton, silk, hides, and rubber, and price advances in hogs, copper, and crude petroleum. Bank credit.—-The volume of borrowing for commercial purposes at member banks in leading cities in the early part of March continued the increase which began in the latter part of January, and on-March 12 total loans of the reporting banks were higher than at any time since the seasonal peak at the turn of the year and about $275,000,000 higher than a year ago. At the Federal reserve banks during the four-week period ending March 19 a further decline in the volume of discounts for member banks and of acceptances was offset by an increase in the holdings of United States securities, so that total earning assets were at about the same level as in February. Federal reserve note circulation continued to decline, while the total money in circulation increased. Easier money conditions were reflected in a slight decline in rates for commercial paper to 4£ per cent and also in lower rates for bankers' acceptances and reduced yields on Treasury certificates. The March offering of $400,000,000 of one-year Treasury certificates bearing interest at 4 per cent, as compared with 4| per cent on a similar issue sold in December, was oversubscribed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

253 APRIL, 1924 FEDERAL, RESERVE BUULETIN AGRICULTURE Grain Effects of the winter freezes in sections of the Agricultural operations during February Cleveland, Chicago, and St. Louis districts, were characterized by a further slackening in the movement of 1923 crops to market and where the winter wheat crop suffered from a preparations for 1924 plantings. While mar- lack of snow covering, became noticeable in keting showed a seasonal decline from January, March, and in some areas the crop has been the total volume of products distributed was killed. A heavy snow early in March supplied considerably greater than a year/ago, on ac- ample moisture in the Kansas City district count of larger receipts of livestock and grain. and the condition of the crop continued gen- Weather conditions were generally favorable erally satisfactory, although damage by the for farm work during the greater part of Hessian fly was reported from some parts of February, but the early weeks of March were Kansas. Keports on the intended plantings accompanied by rains and cold which delayed of grains indicated that the spring wheat acreoutdoor work in almost all Federal reserve age will be reduced 14 per cent as compared districts. In a few areas of the San Francisco with the acreage harvested in 1923, and much district, particularly where there has been a of the spring wheat areas will be planted in scarcity of rainfall throughout the winter and corn, flax, and oats. Intended plantings of spring, the growth of the crops has been im- corn show an increase of 3 per cent for the periled and farmers have already begun to entire country, but the increases are relatively water them. Notwithstanding the unfavor- greater in the States where plantings of spring able weather factors which have prevailed at wheat will be curtailed. Although an indifferent times since the beginning of the year, creased acreage of oats is indicated, spring plans for 1924, as reflected in recent reports seeding was delayed by unsatisfactory weather by the Department of Agriculture on intended during the last weeks of February and early in plantings, point to an increase of acreage over March. In the Richmond and Atlanta disthat harvested in 1923 for most of the prin- tricts winter-seeded oats were seriously injured cipal crops except spring wheat and white by freezes and they are generally in poor conpotatoes. Wages for farm labor, which were dition. An acreage reduction of 14 per cent higher in 1923 than in either of the two prewas reported in the South Atlantic States, but ceding years, are slightly higher this season in all other States indications point to inthan a year ago, and as a result agricultural creased plantings. producers are planning to reduce hired^help to Stocks of grains on farms, with the exception a minimum. Farm prices of crops and liveof wheat, were larger on March 1 than a year stock advanced further in February, and while earlier, and as the prices of corn, oats, and crop prices are at the highest level since 1920 barley are higher the total value of all grains livestock prices are lower than a year ago and on farms exceeds that of a year ago. The are near the 1913 levels. following table shows the farm reserves and prices of corn, wheat, oats, and barley for Following the President's Conference in Washington on Northwestern agriculture and 1923 and 1924: finance early in February active work has been carried on in the organization of the Ag- STOCKS AND PKICBS OP GRAINS ON FARMS, MARCH 1. 1923 AND 1924 ricultural Credit Corporation to relieve the situation. Committees consisting of bankers "and business men in the States affected have Stocks (000 omitted) Price per bushel (cents) been organized for the purpose of studying conditions in the different States, and the 1923 1924 1923 1924 plans for relieving the situation include the following: (1) To endeavor to provide capital Com 1,093,306 1,153,175 72.5 76.5 for reopening of good banks which have been Wheat 155,474 133,871 104.4 98.0 Oats 421,118 444,810 42.4 45.4 forced to close on account of pressure from Barley 42,469 44,844 5& 2 58.0 depositors; (2) to provide additional help by purchase of paper from banks now open and After declining in January to the lowest solvent to strengthen their reserves and put level since the beginning of the season, the them in position to take care of the usual marketing of grain increased in February and, spring demands; (3) to assist the farmers in with the exception of 1922, was the largest the matter of unpaid taxes and interest on February volume in the past five years. All such taxes. grains were distributed in greater volume Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

254 FEDERAL RESERVE BULLETIN , 1924 than in January, but the greatest increases mately 6 cents from the high point reached were for corn and wheat. Exports of wheat near the close of 1923. continued to decline in February and, with the Tobacco exception of the first six months of 1918 and one month in 1917, were smaller than in any Seasonal declines in the volume of tobacco month since 1913. marketed were noted in all of the principal Following an investigation by the Tariff growing districts in February, but total sales for Commission as to the cost of producing wheat the entire country were larger than in February in the United States and Canada the President a year ago. As the marketing season was drawing to a close a considerable amount of lower issued a proclamation early in March raising grade tobacco was offered by producers, parthe duty on wheat from 30 cents to 42 cents ticularly in the Richmond district, and as a per bushel and on some wheat products from result prices declined and were generally lower 78 cents to $1.04 per 100 pounds. The duty than in February, 1923. Deliveries by growers on certain mill feeds was reduced from 15 per hi the St. Louis district were delayed by weather cent ad valorem to 7J per cent ad valorem. conditions, and in the dark-tobacco sections in Cotton Kentucky deliveries are considerably behind Final ginning reports indicate that the 1923 those of last year. The cooperative marketing cotton crop totaled 10,159,498 bales, an in- association, which handles approximately the crease of 78,498 from the estimate made by entire crop of Burley tobacco, has received the Department of Agriculture in December. about 85 per cent of its pool and reports Preparations for the new crop were delayed indicate that the greater part of the undelivby generally unsatisfactory weather conditions ered crop represents the better grades of the in almost all sections of the South during the 1923 production. Reports by the Department latter part of February and early in March. of Agriculture on intended plantings of tobacco Efforts are being made throughout the Cotton indicate that the total acreage planted will be Belt to control the boll weevil through the the same as the acreage harvested. In the application of poison and intensive cultivation. Carolinas, Tennessee, and Kentucky, however, Recent reports from the Government's experi- where the greater part of the tobacco crop is ment station in Louisiana indicate a consider- produced, a smaller acreage is expected. able reduction in the number of live weevils Production of tobacco products in February that survived the winter freezes, which tends was smaller than in January, due largely to to lessen the potential damage by the weevils fewer working days in February, but the output in 1924. Sales of fertilizer in the cotton-growof all products except cigars was larger than a ing States during January and February were year ago. Cigar manufacturers in the Philaslightly larger than in 1923, but due to declindelphia district state tha,t the demand is not ing prices buyers are hesitant in making puras good as a year earlier and plants are operchases in large quantities. Although marketating from 75 to 80 per cent of capacity. Prices ingof the old crop showed a seasonal slackening remained firm and unchanged, but stocks of in February, sight receipts were slightly greater finished products are increasing in anticipation than a year ago. Mill takings, on the other of spring demand. hand, which represent the volume of cotton purchased by domestic spinners, were 29 per Fruits cent smaller than in the same month a year ago, With the exception of the second week in and were the smallest February takings in the March, when low temperatures slightly inpast few years. On account of reduced takings jured some of the early fruits in the Southern by spinners and a fairly large volume of con- States, conditions were generally satisfactory sumption, mill stocks were curtailed during the during the last weeks of February and early in month and were 22 per cent smaller than at March. The extent of the damage in March is the end of February, 1923. Exports connot yet determinable, but strawberries in tinued large, and although slightly less than in Louisiana and peaches in North Carolina and January they were 34 per cent greater than in Texas were the most seriously affected. Cit February, 1923. rus-fruit groves in Florida and California Reports of curtailment in the cotton-manu- continued in good condition and shipments facturing industry and the lessened demand for from those States were in good volume. Both goods were depressing factors in the raw- orange and grapefruit shipments from Florida cotton market, and the price ranged between were larger in February than a year ago, and 29 and 30 cents, which was a decline of approxi- shipments for the season through February Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 FEDERAL RESERVE BULLETIN 255 were decidedly greater than in the previous sea- receipts in February, prices of all animals son. Although orange shipments from Cali- fluctuated within narrow limits, and in the fornia for the season through February were middle of March prices of cattle were unslightly smaller than a year ago, lemon ship- changed from prices at the beginning of Februments were greater. The movement of apples ary, but hog and sheep prices were slightly to market continued large in February and higher. greater than in February, 1921 or 1922. As MINING a result of a large commercial crop in 1923, shipments since September have exceeded Coal and Coke those of the previous year, and cold-storage Buying of coal has been light for several holdings at the beginning of March were subweeks, production is declining, and prices are stantially larger than for either of the past weak. The knowledge of large stocks of bitutwo years. Prices are lower now than a year minous coal above ground and the removal of earlier, which may be attributed in part to the uncertainty as to future production by the greater available supply. The market for signing of a three-year wage contract by operacanned-fruit products during recent months has tors and union officials have caused consumers been characterized by a steady domestic to purchase more cautiously. Total producdemand and a slightly larger volume of export tion of bituminous coal in February was greater sales than was reported a year ago, and stocks than in the same month for any previous year held in the California district are smaller than on record. Weekly output, however, has been a year earlier. A heavy foreign demand for steadily reduced since the middle of February, dried fruit, which has been felt since early in and during March fell lower than in any week February, continued in March and has resulted since the 1922 strike, excepting those affected in effecting a substantial reduction in lower- by holidays. Mines are closing in nearly all grade stocks of certain dried-fruit products. sections of the country because of the poor market. Some contracts are being placed Livestock by public utilities, but little business is received from railroads and household consumers. Conditions affecting the livestock industry Prices have fallen slowly but steadily since during the greater part of February and early early in February, the Coal Age composite in March continued generally satisfactory, index dropping from $2.27 on February 11 to although some cattle losses were reported in $2.16 on March 17. sections of the Kansas City district, where the ranges were closed by snow. Ranges in cer- Anthracite markets were also weak during tain areas of Nevada, Utah, and California February and March. Dealers have endeavhave been seriously affected by drought, but ored to keep domestic stocks as low as possible, rains late in March brought considerable relief and the call for steam sizes likewise has lesto California and southern Nevada. As a sened. Production, however, has continued to whole, ranges and stock are in better condition average practically the same as in the precedthan a year ago and in most regions the winter ing two or three months. No price changes has been comparatively mild and cattle have of importance have been made m some time, wintered well. Lambing is progressing in the and consumers delayed purchases awaiting the southern areas of the San Francisco district, reductions which were made on April 1. but there have been some losses in the central Coke was not purchased as actively in March valleys of California, where there has been a as in February, as blast furnaces generally kept shortage of green feed. During the past year out of the market. The expectation that conditions have been generally favorable for prices might be reduced after April 1 was given the sheep industry, and as the wool-shearing as a reason for this check in buying. Quotaseason approaches the growers are expecting tions were shaded a little by some producers excellent yields. early in March, but no general cuts have been Marketing of livestock, as indicated by made. Daily average production of by-prodreceipts at 57 centers, showed a seasonal de- uct coke during February was greater than in cline in February, due principally to the short- January, and total output exceeded that of any ness of the month, but all animals were mar- other February on record. Weekly production keted in a larger volume than a year ago and by beehive furnaces also increased during exceeded the volume in any February in the February and in the first half of March was the past five years. Notwithstanding the heavy fergest since September. 92279—24 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

256 FEDERAL RESERVE BULLETIN APRIL, 1924 Petroleum suspended during March in order to avoid Production of crude petroleum, which has overproduction and strengthen prices. been decreasing since November, made further During February prices of both lead and declines in February and reached the lowest zinc ores in the Joplin district advanced monthly level since March, 1923. The de- steadily and there was an increase in the cline in February is not significant, however, volume of shipments. Demand for lead has when it is noted that there were two fewer been particularly heavy and quotations for days in the month and the total output was common lead were 9.025 cents at New York only slightly less than in January. While the and 9.05 cents at St. Louis in the second week of daily average production for the month was March. Premiums for prompt deliveries, howslightly greater than for January, fluctuations ever, disappeared in the third week of the were wide and varied from a high point of 1,918,- month and there was a moderate recession in 900 barrels for the week ending February price quotations. The trend of prices for slab 16 to 1,884,900 barrels for the week ending zinc has been similar to those of copper and March 1. Notwithstanding the decreased pro- lead. Due to a slight curtailment of smelter duction in recent months stocks of petro- production and an increase in shipments, leum have continued to increase and reached stocks of slab zinc decreased about 7,000,000 at the end of February the highest level in the pounds in February. The decrease in prices in history of the industry. * Prices continued up- the second week of March was due to reduced ward m the first half oi February and advances purchases of galvanizers. Demand from brass were made in almost all of the principal fields, manufacturers for high-grade zinc continued ranging from 15 to 25 cents per barrel. to be strong. The increasing cost of petroleum in February Quotations for silver at New York have was accompanied by advances in the price of shown little change, though February progasoline, but as stocks were accumulating in duction amounted to 5,427,000 ounces, which anticipation of the spring demand, quotations was 4 per cent more than in January and 15 became less firm in the closing weeks of- Febru- per cent larger than a year ago. Some imary and showed some tendency to decline. provement has been reported in the demand Early in March, however, when a better ex- from India. port demand became evident and an increased MANUFACTURING demand from domestic consumers was noted, prices became firmer. Prices for kerosene were Food products lowered at some centers early in March, which Contrary to the usual seasonal trend, proresulted in a larger volume of buying, although duction of wheat flour in February was greater stocks are still heavy and the market is gener- than in January and was the largest February ally dull. production in the past five years. Increased production, which amounted to 74,000 barrels, Metals was not distributed in all Federal reserve dis- Prices of nonferrous metals advanced dur- tricts from which reports were received. The ing the first two weeks of March, due to a Chicago, Minneapolis, Kansas City, and San reduction in stored stocks, but quotations Francisco districts showed decreases, while the showed some recession in the third week of St. Louis district alone showed an increase of the month. The price of refined electrolytic 52,000 barrels. Although the domestic demand copper delivered at New York was 13.625 for flour was generally less active than in Janucents per pound on ""March 19, as compared ary, sales in the Chicago and San Francisco with 13.50-13.75 cents on March 1 and 14 cents districts were greater than a year ago. Exports on March 12. The price trend has followed that of flour, while smaller than in January, conof the London market, as domestic demand tinued substantially greater than a year ago and has been restricted during recent weeks. in fact were larger than in any February in the past 10 years with the exception of 1915, 1918, Demand for brass and wire products has deand 1919. The larger shipments of flour to clined, but mills are still busy filling orders foreign markets is offsetting the lessened foreign placed in the winter. demand for wheat and is responsible in part for Copper production totaled 128,000,000 the increased production now as compared with pounds in February, as compared with 133,a year ago. 000,000 pounds in January and 103,000,000 pounds in February, 1923. Operations of Production of meat products continued in several of the largest American mines were large volume in February and exceeded any Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

^, .1924 FEDERAL RESERVE 257 other February on record, but there was a sea- Kaw-cotton prices fell in March to the sonal decline from January, due to fewer work- lowest point since last summer, and quotaing days. All animals were slaughtered in tions on yarns and goods have declined steadily greater numbers than a year ago, but the out- since the first of the year. Owing to continued standing increase was for hogs, which continued operations by most southern mills manufacto be marketed and slaughtered in exceedingly turing schedules, as reflected in statistics of large numbers. Since November the surplus raw-cotton consumption, were somewhat production of pork products has gone into cold greater during January and February than storage, and on March 1 holdings were larger was expected. In March, however, reports of than at the same date in any year since 1921. curtailment in all sections of the country be- This increase, however, is a seasonal occurrence came general, and although working forces and, despite the large production, holdings are have not been extensively cut, a majority of not excessive. Both domestic and foreign de- the mills are now running only a few days a mand for pork and lard has been good and the week, and much of the output is being placed large production has gone into consumption. in stock. In addition to inactive domestic Continental Europe and England have been the demand, manufacturers of fine-count cloths principal foreign markets for pork, but in Feb- have had to contend with severe competition ruary the demand from the Continent was less from foreign goods, which are being imported active and shipments were considerably less. in large volume. This cloth is shipped in the gray state and is finished in this country. BILLIONS OF POUNDS BILLIONS OF POUNDS Declines in production, orders, and shipments reported by finishers of cotton fabrics for February can be almost entirely attributed to the smaller number of working days in the month. Finishing business, however, is by no means as good as a year ago. Raw wool, although not selling actively in this country because of dullness in woolen and worsted goods, has remained firm in price owing to somewhat reduced supply and strong foreign markets. Imports of wool have shown a seasonal increase since the first of the year, but at the same time reexports have been large. Some contracts have recently been signed with western sheep growers for this season's clip at prices a little lower than or equal to those paid last year and in line with 1919 1920 1921 1922 1923 the present Boston market. Weaving and Production and consumption of pork have increased steadily since 1920, knitting trades are exercising caution in the and in 1923 the largest volume in the history of the country was produced and consumed. purchase of woolen and worsted yarns, and In addition to the increased demand from spinners have booked little business for future abroad in recent years for pork products the delivery. Piece-goods markets are unsettled; domestic consumption has increased steadily customers have not ordered freely since the since 1921 and was greater in 1923 than in any openings, which began in February, despite previous year. A chart is presented to show the relatively low prices quoted. Demand for graphically pork production and consumption dress goods has been better than that for men's since 1919. wear, and, in the case of the latter, woolens have been more active than worsteds. Manu- Textiles facturing schedules in general remained prac- Buying of textile products during recent tically unchanged during January and Febweeks has been restricted to the supplying of ruary—looms were less active in the later current needs. Manufacturing operations have month, but woolen and worsted, spindlesf and been somewhat reduced, and prices of both raw cards and combs were more active, while! the materials and finished goods have declined or daily average consumption of raw wool actually remained unchanged. Goods markets have increased. Clothing manufacturers report^a been largely dominated by the situation in recent increase in orders for spring suits and their respective raw material markets. top coats for immediate delivery. Light colors Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

258 FEDERAL RESERVE APRIL, 1924 are especially popular. One large manufac- somewhat more limited. Production and shipturer has opened his fall line of men's clothing ments, however, continue at a high rate, as with practically no changes in prices from the producers have a large back-log of unfilled previous season. In recent carpet and rug orders on their books. Despite the shorter auctions prices were around 20 per cent below month, the output of pig iron and steel ingots those prevailing at October sales. was greater in February than in January, the Raw-silk markets were weak during Febru- former averaging 106,026 tons a day, the largest ary and March, and prices dropped to the reported since last August, and the latter lowest point since the spring of 1922. The 151,227 tons, the maximum since May. Decurtailed buying of recent months was re- spite this large output, the unfilled orders of flected in imports for February, which were the United States Steel Corporation increased the smallest for any month since last June. during the month. Manufacturing operations For the first time in seven months mill takings of steel companies continued during March at exceeded imports, enabling warehouses to re- around 90 per cent of capacity. duce stocks. Consumers of both thrown silk Although the buying of pig iron and of cerand silk goods are buying sparingly, confining tain steel products has slackened, the demand purchases largely to current needs. Mills for many products continues large. Railroads have consequently been operating upon re- ordered more freight cars in February than in duced schedules. The number of looms active any month since 1918, except March, 1923, in the New Jersey manufacturing centers inand reports indicate that a large number have creased some about the middle of February, been contracted for in March. Locomotive but this change was sporadic, and during production, on the other hand, fell to 99 in the following two weeks operations were February, the smallest in nearly two years, but again curtailed. The decline in raw-silk prices unfilled orders increased slightly. Estimated was given as the chief reason for this inactivity structural steel contracts for February totaled in buying, and purchasers are .strenuously more than in January, and the call tor hardresisting quotations on goods. Consequently, ware and other products used in building is some concessions have Been granted on both holding up well. Automobile manufacturers cloth and thrown silk. require much steel, but they are now buying Falling cotton and silk prices have depressed more cautiously, awaiting the beginning of business in knit-goods trades. Prices of under- their spring selling season. The price advance wear were raised earlier in the year, but they noted in iron and steel between late November have become weaker under the influence of and the middle of February has been checked, slow movement in spring goods and declining and a number of quotations have been shaded. raw cotton quotations, and some reductions The Iron Trade Review's composite of 14 iron have been made. In general, however, prices and steel products fell from $43.53 on February have remained unchanged and buyers are 20 to $43.25 on March 19. hesitant. Production of winter underwear declined in February, while that of summer Automobiles tarments remained unchanged. Unfilled or- Production of automobiles at a recorders were reduced to a figure much smaller breaking rate for this season of the year has than that of a year ago. Novelties in hosiery resulted in the stocking of an unusually large are in greater demand than staple lines, light number of cars in preparation for spring sales. colors selling more readily than black. Pro- Some manufacturers are recently reported to duction of hosiery was only slightly less in have filled current requirements and to have February than in January and shipments incurtailed output. Others, however, continue creased a little. Unfilled orders declined and to operate at capacity. Output of passenger cancellations and stocks on hand increased. cars totaled 336,28^ during February, com- Statistics generally showed a somewhat more pared with 287,211 in January, and 259,383 in favorable trend in seamless than in full- February of last year. Shipments from facfashioned hosiery. tories snowed a proportional increase. Sales of automobiles and motor cycles during Feb- Iron and steel ruary, however, as indicated by tax collections for five Middle Western States, were 43 Iron and steel products continue in active per cent less than in January, and showed an demand, but the great increase in buying noted increase over last February of only 18 per cent earlier in the year has been largely checked and as compared with the 30 per cent growth in the volume of orders now being received is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1924 FBDBEAL BESEKVE BUULBTIN 259 production. Reports from a number of dealers of last year. Wholesale and retail shoe sales in the Middle West to the Chicago Federal followed the usual seasonal trends between Eeserve Bank indicated that they had over 45 January and February, the former remaining per cent more new cars on hand on February practically unchanged and the latter declining. 29 than they held a year ago, and 19 per cent As compared with February, 1923, however, more than on January 31. These dealers are wholesalers reported smaller sales and retailers apparently anticipating a large spring demand. larger ones. Price advances have been recently announced Lumber by a number of automobile manufacturers. A few downward revisions have also been made. During February and early March lumber Production of automobile tires and tubes shipments and orders declined steadily and increased slightly during February and totaled production continued at a fairly constant rate. about the same as in February, 1923., Ship- February totals showed an increase in producments were no greater than in January, but tion and a decline in shipments as compared were above those of a year ago. February with January. Both items were somewhat output somewhat exceeded shipments. Stocks consequently increased in accordance with the MILLIONS OF FEET MILLIONS OF FEET 3000 ~~ 3000 usual trend for this season of the year and were about the same or slightly larger than at the end of February of last year. 2500 2500 Leather and shoes Improvement noted in hide and leather 2000 early in the year proved to be short lived, and after the middle of February buying lessened and prices declined. Packer-hide markets were particularly weak. During the latter 1500 1500 part of February practically no trading occurred, then the Argentine market weakened considerably, and in the first week of March 1000 packers began to sell. Prices on butt-branded steers dropped 2\ cents one week and 1 cent the next, and other selections declined considerably. After the middle of March the 500 500 market steadied somewhat. Demand for leather also slackened in March, as shoe manufacturers have generally covered 1921 1922 1923 requirements for Easter and withdrawn from Lumber movement during the first 10 weeks of each year, 1921-1924, as the market. Production of sole leather in indicated by totals of weekly statistics compiled by the National February totaled 1,233,228 backs, bends, and Lumber Manufacturers Association. sides, the smallest for any month since Feb- larger than during February, 1923. The acruary, 1921. Stocks in process and raw stocks companying chart shows cut, shipments, and were also reduced, the former to a point 18 per orders for the first 10 weeks of each year since cent less than a year before. 1921. The recovery from the 1921 depression Shoe manufacturers have filled practically to the large volume of business done in 1923 and all spring orders and are now waiting until the 1924 is marked. Last year, it will be noted, season's belated opening brings in reorders. orders were received in great quantity early in Retailers are purchasing cautiously, as the re- the year, exceeding the amount cut by about spective popularity of the various new styles 29 per cent, while shipments were 22 per cent has not yet been definitely determined. greater than production. In 1924 the cut was Neither wholesalers nor retailers are disposed larger than during the same period last to order to meet after-Easter requirements. year, whereas orders were smaller and ship- Despite the apathy in buying, production and ments about the same. Manufacturers have shipments continue large to fill orders previ- evidently been able to fill orders promptly, as ously booked. Total production of shoes dur- their orders and shipments were approximately ing February was practically the same as in equal for the 10 weeks and were only 7 per January, but was smaller than during February cent greater than production. The relation- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

260 FEDERAL RESERVE BULLETIN AFBIL, 1924 ship between the three items this year is prac- and 41,611,000 square feet in February, 1923. tically the same as in 1921 and 1922. In 1922, The decrease in awards from the January total however, a rather active buying movement did was due entirely to a 19 per cent reduction in start later in the spring. the volume of residential Tbuilding. Contracts These relationships partially explain why for all other types of construction reached lumber prices rose so rapidly during the early larger totals than in January, the gain being months of 1923, whereas this year they have particularly pronounced in the case of educabeen unable to maintain even a slight rise. tional and public buildings. The following table shows the trend of Lum- The value of awards for new buildings in 10 ber's price indexes since the first of the year and Federal reserve districts totaled $297,400,000 for the corresponding period last year. The in February, which was 1 per cent less than 1923 upward movement continued until the in January and 7 per cent more than in Feblast week in April. ruary, 1923. Contracts were smaller in value than in January in eastern and southern districts, but showed some increase in sections Softwoods Hardwoods west of the Mississippi River. The increase in operations as compared with a year ago, on 1924 1923 1924 1923 the other hand, was confined to eastern districts. Statistics of new construction, classi- January: First week 31.58 34.36 43.51 45.54 fied by geographical districts and by purpose Fourth week 32.35 34.76 43.63 47.87 of structures, are published on page 293. February: Second week _. '33.14 35.50 43.99 48.23 Fourth week 32.77 36.12 44.93 48.52 Prices of building materials advanced slightly March: in February, but were about 5 per cent lower First week 32.36 36.56 145.30 48.73 Second week- 32.49 145.30 49.06 than in the corresponding period of 1923. Third week:, 32.40 36.70 43.60 49.79 Although both production and shipments con- Fourth week 32.52 36.80 43.62 49.79 tinued to be large, there was some accumula- 1 High point. tion of stocks in anticipation of spring demand. Unfavorable weather during late February and early March caused some slackening in TRANSPORTATION the distribution of lumber. Dealers are pre- Railroad shipments increased during Febsumably waiting for the prospective building ruary more than is usual at that season of the demand to move some of their stocks before year. Total car loadings, after allowance for ordering further, although stocks are not genlength of month and other seasonal factors, erally considered to be large. The San Franwere 10 per cent larger than in January and 12 cisco Federal Reserve Bank reports a decline per cent larger than m February , 1923. Loadin the previously abnormally active demand ings of all kinds of freight showed a tendency for Pacific coast lumber at Atlantic coast to increase during February, and shipments of markets, accompanied also by relative inacforest products, grain, and miscellaneous mertivity in foreign and other domestic markets. chandise were exceptionally large. Weekly statistics from eight associations show The heavy traffic during February rapidly a rather marked increase in orders during the reduced the number of surplus freight cars, week of March 15, which, however, was limbut there was a slight increase in the first ited almost entirely to the two associations week of March. The average surplus of cars producing southern pine and Douglas fir. in the week ending March 8 was 144,426, as compared with 169,036 in the week ending BUILDING January 31 and 134,273 in the week ending Building operations during February con- February 29. Orders for new equipment intinued to be on a large scale for midwinter, creased during February, according to the but both the value and volume of new con- Railway Age; locomotive orders totaled 214, as tracts awarded was somewhat smaller than in compared with 125 in January, and car orders January, which is contrary to the usual trend increased from 6,020 to 29,291. at this season of the year. The total floor Earnings of the Class I railroads of the space of buildings for which contracts were let United States averaged 4.54 per cent on their in 27 Northeastern States (according to reports tentative valuation, according to the Bureau compiled by the F. W. Dodge Co.) amounted of Railway Economics. Southern railroads to 48,036,000 square feet in February, as com- continued to report larger net earnings than pared with 49,867,000 square feet in January either eastern or western railroads. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 FEDERAL, RESERVE BULLETIN 261 TRADE San Francisco districts, but were smaller in the New York and Dallas districts. There Wholesale trade was no change in activity in the Boston and The index of wholesale trade was 76 in Feb- Minneapolis districts. Reports from departruary, as compared with 78 in January and 74 ment stores in the New York district indicate in February, 1923. The average daily volume that sales of hosiery, women's and misses' of sales was about 5 per cent larger than in ready-to-wear, house furnishings, women's January, sales of shoes, dry goods, clothing, ready-to-wear accessories, men's and boys' hardware, furniture, agricultural implements, wear, and shoes all increased by percentages machine tools, and jewelry increasing in averranging from 17 to 24 as compared with Febage volume during the month, while sales of ruary, 1923. In the Boston district, where the drugs, stationery, and diamonds declined. classification of departments is somewhat dif- The daily value of February trade averaged ferent, increases of over 20 per cent occurred about 1 per cent less than a year ago, but the in sales of sporting goods and toys, woolen dress volume of merchandise sold was probably goods, women's dresses, toilet articles, and jewsomewhat larger this year, as the wholesale elry. No departments in the New York stores price level was 3 per cent lower. Sales of showed decreased sales as compared with a hardware, dry goods, and agricultural impleyear ago, whereas stores in the Boston district ments were larger than in February, 1923, but reported smaller sales of women's suits, men's buying was smaller in all other lines. Sales and boys' shoes, linens, silk and velvet dress of shoes, women's clothing, and diamonds goods, men's clothing, and art goods. showed particularly substantial decreases. Stocks of merchandise showed more than the Stocks of merchandise in the hands of wholeusual seasonal increase in February in all dissale dealers was larger on February 29 than tricts except Minneapolis and averaged about either a month or a year earlier. Stocks of 6 per cent more than a year ago. Statistics of hardware increased during February in all wholesale and retail trade by lines and districts four Federal reserve districts for which figures are published on pages 294 and 295. were collected, and stocks of dry goods, shoes, and groceries showed a somewhat less uniform PRICES accumulation. Dry goods stocks averaged about 20 per cent larger than a year ago in the Wholesale prices increased 0.3 per cent in four reporting districts, and stocks of hard- February, according to the index of the Buware, furniture, farm implements, and jewelry reau of Labor Statistics. This advance was also increased. Inventories of grocery, shoe, due to an increase of 7 per cent in prices of and drug firms were slightly smaller than on lighting and fuels and slight increases in prices February 28, 1923. of metals and building materials. The group Reports from the Philadelphia and Chicago indexes for farm products, clothing, chemicals, districts indicate that outstanding accounts at and miscellaneous commodities declined. the end of February were larger than a year The regrouping of the Bureau of Labor ago for hardware, dry goods, and drug firms, Statistics index by stage of manufacture of but were smaller for shoe firms. commodities shows that prices of producers' goods increased 2 per cent and prices of raw Retail trade materials increased less than 1 per cent, while The volume of retail business, after making ?rices of consumers' goods were slightly lower, allowance for length of month and other sea- 'he accompanying chart shows the trend of sonal differences, was about 2 per cent larger raw material prices by groups since 1919. in February than in January. Trade at depart- Quotations for all types of raw materials adment stores, mail-order houses, music stores, vanced in the first half of 1919, but prices of 5-and-10-cent stores, drug stores, cigar stores, animal products reached a peak in the sumand candy stores was more active, while the mer of that year, whereas prices of forest grocery and shoe business was slightly smaller. products, crops, and mineral products did not Business in the first half of March showed some turn downward until 1920. All four groups recession in activity, due to stormy weather in declined during the last half of 1920 and first many sections and the fact that Easter is half of 1921 and reached low points in the sumunusually late this year. mer or autumn of 1921. Prices of mineral February sales of department stores were at products advanced sharply in the spring of a higher rate than January in the Philadelphia, 1922 and reached a peak in the summer, due Cleveland, Richmond, Atlanta, Chicago, and to the coal strike and the drastic curtailment Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

262 FEDERAL RESERVE BULLETIN APEIL, 1924 of operations at copper and zinc mines. market index, which had turned a month Prices of forest products rose throughout 1922 earlier, rose from - 0.39 to — 0.36. Increases of and the first quarter of 1923 as a result of the nearly 7 per cent in pay rolls and of over 5 per building boom, but declined during the re- cent in average weekly earnings reported by the mainder of 1923, as the volume of new build- Bureau of Labor statistics for the same period, ing was somewhat reduced and lumber pro- while no wage rates were being raised, indicate duction increased. Crop prices showed an a substantial enlargement of operations. upward tendency in the years 1922 and 1923, Many establishments also reported increases, but prices of animal products declined some- in full-time and full-capacity operations. what last year as a result of an increased sup- By industries, the greatest increases in numply of hogs. Mineral products, which have ber employed were noted in sugar refining, teen declining since the settlement of the last lumber, hardware, dyeing and finishing textiles, coal strike, turned upward in January, 1924. and iron and steel. Employment was greater Price declines were much more numerous also in the automobile, heating apparatus, than advances in the first two weeks of March. clothing, knit goods, furniture, bakery products, and glass industries. The only significant declines occurred in slaughtering and meat packing and in car building and repairing. In the cotton industry a small recession was noted, but in wool and silk the number CROPS employed remained practically unchanged. ANIMAL PRODUCTS FOREST PRODUCTS The greatest increases in per capita earnings MINERAL PRODUCTS and in full-time operations occurred in automobiles, stoves, clothing, iron and steel, and certain building materials. COMMERCIAL FAILURES Decreases from the January totals for both the number of commercial failures and the liabilities involved were reported by R. G. Dun & Co. for the short month of February. Commercial failures for the month numbered 1,730 and involved liabilities of $35,942,037. The improvement with respect to numbers was less marked this year than last, a decrease of 18 per cent from January comparing with a decrease of 29 per cent between the same months last year. However, with one more business day in February this year than last, the amount of indebtedness in default during the month was 30 per cent less than the total for January, which compares with a decline of 1919 1920 1921 1922 1923 192* only 17 per cent between January and Feb- Trend of raw material prices since 1919. ruary last year. This improvement over 1923 Quotations for all grains except barley, potaresulted chiefly from declines in the number toes, raw sugar, eggs, cotton, silk, coal, gasoand liabilities of large defaults among trading line, hides, and rubber were lower, while concerns. Conspicuous among these were dequotations for hogs, wheat flour, crude petrocreases in the liabilities involved in failures in leum, and copper were higher. the grocery and hardware branches of trade. EMPLOYMENT The decline from the January totals of this year was due largely to a decrease in the num- For the first time since last March a definite ber of large manufacturing insolvencies as upward turn was noted in the volume of well as the liabilities relative thereto. The factory employment between the middle of proportion of the liabilities involved in failures January and the middle of February. The in manufacturing lines was reduced from index * of employment in manufacturing inabout 56 per cent of the total liabilities in dustries increased from 98 to 99, and the labor January to about 46 per cent in February. 1 See chart on page 252, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKII., 1924 FEDERAL RESERVE BtlLLETIN 263 In all except the San Francisco district failures were less numerous during February Prime Prime Y o ie n ld Averof this year than in January. The liabilities com- bank- certifi- Eew de e l r p e h i l a e , s s M i in n n e a a l p l ol d is is , t a ri n c d ts D e a x ll c a e s p t d is t t h r e ic ts P . h il I a n - m m pa o e 4 p r n - c e 6 t i h r a , s l 9 a a 0 c n e c c r d e s e a p ' s y t , - s c in at d 4 e e - s 6 b o t- f L 4 i c * b e e p n r e t t r y r n a lo e c te a w a n l a l o s l n the New York and Chicago districts liabilities months bonds were lower than they have been for over two years. Comparative data by districts for 1923 February of this year and last are given below. February 4.41 4.82 March 4.12 4.49 5.14 1924 February 4-4| 3.54 4.30 Number Liabilities Average for week end' ing— District Mar. 1 3.59 4.30 4.30 1924 1923 1924 1923 Mar. 8 3.61 4.32 4.35 Mar. 15 35-11 3.62 4.31 4.20 Mar. 22 3.55 4.27 3.45 No. 1—Boston 140 150 $2,608, 111 $4,637, 721 No. 2—New York 300 262 5,594,337 No. 3—Philadelphia... 82 58 2,376,178 1,024,670 No- 4—Cleveland 135 121 2,824,143 6,293,852 In the London market money rates rose No. 6—Richmond 128 109 3,456,937 2,452,891 during the first half of February, but de- No. 6—Atlanta...'..... 129 135 2,361,030 4,029,704 No. 7—Chicago 243 195 8,733,400 3,081,365 clined in the latter part of the month and in N N o o . . 8 9 -^ — S M t. i L n o n u e i a s polis... 9 8 7 5 8 7 1 2 1 1 , , 4 8 2 9 1 , 6, 5 8 5 5 8 0 2 1 , , 2 0 1 0 7 8 , , 7 7 8 3 9 4 March. Three-months' bank bills were quoted N N o o . . 1 1 1 0 — — D K a a l n l s a a s s City.. 1 5 2 7 9 8 9 9 1 1 1 , , 9 2 6 8 8 0 , ,5 0 4 8 8 1 2 1 , , 1 1 0 5 4 4 , ,3 5 8 9 4 6 at 3TV-3|- per cent for the week ending No. 12—San Francisco 205 145 2,032,864 3,738,945 February 15, the highest rate since January, Total 1,730 1,508 35,942, 037 40,627, 939 1922, but during the first week in March fell to 3^ per cent, about the average level prevailing during the fall months of 1923. These MONEY RATES movements were ascribed largely to the in- Money rates in the New York market fluence of Government financing, large incomeremained practically unchanged during the tax receipts in February being used later to relast week in February and the first two weeks duce the volume of Treasury bills outstanding. in March, but declined sharply after March 15, when Government disbursements to meet ACCEPTANCE MARKET maturing Treasury obligations considerably exceeded receipts. The prevailing rate on 4-6 During the four-week period ending March months' commercial paper fell to 4£ per cent, 12, the acceptance market was less active than the lowest weekly rate since February, 1923, in the preceding four weeks. The supply of when it fell temporarily from 4f to 4£. Gener- bills showed a considerable reduction and was ally easier money conditions were also reflected smaller than in any month since October. in a lowering of the rate on 90-day bankers' Bills drawn to finance the exportation of cotton acceptances to 3f-3J per cent, the lowest rate and the importation of sugar constituted the touched since October, 1922, and in a decline in greater proportion of the total supply, but there the call rate to the lowest point since the sum- were also substantial amounts of acceptances mer of 1922. Yields on Treasury certificates issued against silk, wool, grain, provisions, and also declined during the third week in March, to provide dollar exchange. The demand was but not as far as when early in February they irregular during the greater part of the period touched the low point for more than a year. and total sales by dealers were considerably The new offering of certificates on March 15 at smaller than a month earlier. The principal 4 per cent, one-quarter of 1 per cent lower than demand for bills, expecially with short maturithe December issue, was oversubscribed, and ties, came from city banks, where considerable subsequently traded in at a premium in the funds had accumulated in anticipation of tax open market. Prices of Government bonds payments. rose in response to low money rates during the Rates on acceptances, after strengthening third week in March and the yield on Liberty early in February, when the demand for bills bonds fell to the October, 1922, level. The slackened, became firmer and remained genertable below shows the rates prevailing in the ally unchanged at 4J bid and 4 offered for New York market during the last two months 30-day maturities, and 4| to 4| bid and 4 to compared with the corresponding months a 4| offered for 60 and 90 day bills. Rates on year ago. maturities of more than three months ranged Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

264 FEDERAL RESERVE BULLETIN APRIL, 1924 from 4J to 4f bid and 4§ to 4J oifered, varying a total lower than for any single month since as to different length bills. After the middle August, 1923, when they amounted to of March money rates became easier and $311,000,000. Net exports for February, acacceptance rates showed a declining tendency. cordingly, fell to $32,000,000, less than onethird of those shown for January, and were SAVING DEPOSITS the lowest for any month since last July, when they amounted to $15,000,000. The Statistics of 876 banks distributed through- February net exports of commodities, out the United States showed savings de- $32,000,000, were somewhat more than balposits amounting to $6,972,418,000 on March anced by net imports of gold, amounting to 1, 1924, as compared with $6,910,460,000 $35,000,000. on February 1, 1924, and $6,441,405,000 on March 1, 1923. This represents an increase of nearly 1 per cent during the month and about MERCHANDISE TRADE BALANCE OF THE UNITED STATES 8 per cent during the year ending March 1, 1924. Decreases occurred during February [In thousands of dollars] in the Minneapolis and Kansas City districts, however, while in the Richmond, Atlanta, Months Imports Exports Excess of Excess of and San Francisco districts unusually large imports exports increases of 1.8, 2.3, and 2.7 percent, re- 1923 spectively, were indicated All districts showed January 329,254 335,417 6,163 an increase in savings deposits over those re- February 303,412 306,957 3,545 March 397,928 341,376 56,552 ported a year before, ranging from 4.4 per April 364, 252 325,492 38,760 May 372,545 316,360 56,185 cent in Richmond to 13.8 per cent in Dallas. June 320, 234 319,957 277 A comparison of savings deposits by Federal July 287,434 302,186 14,752 August 276,438 311,263 35,825 reserve districts on March 1, 1924, with de- September 253,645 381,433 127,788 October 308,291 399,199 90,908 posits on February 1, 1924, and March 1, November 291,438 400,507 110,069 1923, is shown in the following table. Figures December 288,067 426, 799 138, 732 for the Boston and New York districts are Year 3,791,938 4,167,946 876,008 those of large mutual savings banks, but in all 1924 other districts reports of other banks are in- January 295,551 395,170 99,619 February. 333,500 366,135 32,635 cluded to make the figures representative. GOLD MOVEMENTS SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTEICTS [Amounts in thousands of dollars] UNITED STATES Num- Gold imports into the United States during District ber of Mar. 1, 1924Feb. 1,1924 Mar. 1,1923 the month of February were $35,111,000, combanks pared with $45,469,000 for January. About 56 per cent of the imports came from England, No. 1—Boston 64 1,235,079 1,227,742 1,158,610 No. 2—New York 30 1,928,114 1,922,678 1,809,394 over 10 per cent from Canada, over 8 per cent No. 3—Philadelphia 79 485,356 483,826 446,707 No. 4—Cleveland 18 463,107 468,720 412,811 from France, over 7 per cent from Argentina, No. 6—Kichmond 91 298,464 293,099 285,829 and nearly 5 per cent from Australia. Sub- No. 6—Atlanta 96 224,817 219,855 204,038 No. 7—Chicago 207 899,888 894,953 835,065 stantial amounts of gold are also shown to have N N o o . . 8 9 — —M St i . n L n o e u a i p s olis -- 3 1 3 5 1 9 3 2 6 , , 0 9 7 2 6 9 1 9 3 2 6 , , 3 0 0 2 3 5 1 8 2 6 5 , , 7 9 7 4 4 6 been brought in during the month from Pales- No. 10—Kansas City 56 103,901 103,959 99,105 tine and Syria, Egypt, Peru, Germany, and the No. 11—Dallas 114 99, 209 98,362 87,202 No. 12—San Francisco 73 1,006,480 979,938 889,924 Dutch East Indies. Gold exports for the month were $505,000 and were shipped largely Total 876 6,972,418 6,910,460 6,441,405 to Venezuela, Mexico, and Canada. Net gold imports for the month totaled $34,606,000, FOREIGN TRADE compared with $45,188,000 for January. Net imports for the eight months since July 1, 1923, Imports of commodities during February were $264,225,000, compared with $156,758,000 totaled $335,000,000, an increase of $39,500,000 for the corresponding period the year before. as compared with January, and the highest Silver imports for the month were $7,900,000, figure reported since May, 1923, when total nearly one-third more than the month before, imports were $373,000,000. Exports during notwithstanding a substantial decline in im- February amounted to $367,000,000, a decline ports from Mexico. This decline was more of $28,000,000, as compared with January, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIIJ, 1924 FEDERAL RESERVE BTJIiLETTN 265 than offset by a large increase in silver imports January. Notable increases are also shown in from Peru and substantial silver imports from exports to Egypt, to India, and to the Nether- Germany. Silver exports for the fifth consec- lands. Total net exports for the month inutive month were in excess of imports and, as creased by £1,400,000, or nearly fourfold as in former months, were consigned principally compared with December. to British India, China, and Great Britain. For the seven months ending January, 1924, Silver exports to Japan were $418,000, com- a decline of about £1,000,000 in both imports pared with $858,000 the month before. and exports will be noted as compared with the Gold imports and exports by principal coun- seven months ending January, 1923. In imtries for February, 1924, and the eight months ports, the greatest decline is seen in gold ending February, 1924 and 1923, are shown in brought from the Transvaal, which fell off by the following table. A detailed table of the about £800,000, and from the United States, foreign trade in gold and silver for the same which fell off by about £500,000. On the experiods appears on page 322. port side there are both striking gains and losses. Increases are shown in exports to the United States, amounting to about £3,500,000; GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED STATES to Egypt, about £2,000,000, and to the Netherlands, over £1,600,000. On the other [In thousands of dollars] hand, exports to British India declined by about £5,400,000 and to France by about 8 months 8 months £3,500,000. Net exports for the seven months February, ending ending Country 1924 February, February, ending January, 1924, increased by about 1924 1923 £300,000 as compared with the similar period for the preceding year. IMPORTS England 19,70S 147,664 107,520 France - 2,964 16,499 16,784 GOLD IMPORTS INTO AND EXPORTS FROM GREAT Germany 522 23,185 Italy..- I 2,755 BRITAIN Netherlands _ 2 13,200 10,044 Canada. 3,522 29,739 25, 555 Mexico 395 4,893 3,602 7 months 7 months A Co rg lo e m nt b in ia a 2,5 9 3 4 5 7 2 , , 9 7 5 6 7 4 3,947 Country Jan 19 u 2 a 4 ry, Ja en n d u i a n r g y, Ja en n d u i a n r g y, Pern 575 1,752 1,142 1924 1923 China 119 4,029 788 1,974 3,271 All otto.V."""""""""""!! 14,952 15,569 IMPORTS Total. 35, 111 271,363 193,360 Egypt £57,678 £1, 505 £3,858 52,626 7,224 Rhodesia 194,671 1,388,641 1,209,373 Transvaal. — .. _ _ _. 4,046,271 21,969,243 22,816,134 C M a e n x a ic d o a 9 9 1 5 1 1 , , 2 9 9 7 3 8 2 3 1 , , 0 7 9 7 7 0 U W n e i s te t d A S fr t ic at a es 14 4 2 , , 7 1 7 2 8 4 6 5 9 0 3 , , 5 41 9 9 1 5 64 8 2 7 , , 1 4 8 4 0 5 Venezuela 300 300 Allother- 6,217 115,523 239,544 British India- 1,311 6,494 Hongkong 1,348 2,778 Total.* 4,397,919 24,327,721 25,503,405 Allother 2,463 Total- 505 7,138 36,602 EXPORTS Net imports. 34,606 264,225 156, 758 British India 597,868 4,182,893 9,544,383 Egypt 700,000 2,207,400 9,200 France - — 79,221 175; 786 3,650,185 10,000 35,384 20,469 GREAT BRITAIN Netherlands ._ . .. 521, 574 1, 728,706 80,093 Straits Settlements 75,721 135, 223 62,694 Imports of gold into Great Britain during S U w ni i t tz ed er l S a t n a d tes 4,13 7 2 8 , , 7 6 3 0 7 0 27,1 2 7 2 5 4 , , 9 3 1 2 0 4 23,682,"652 January, 1924, totaled £4,046,000, an amount All other 86,030 792,638 489,092 almost twice that reported for December, 1923, Total 6, 281,651 36,658,264 37,538,168 and higher than that reported for any month 1,883,732 12,330,543 12,034,763 since January, 1923, when the total was £4,837,000. The gain over December is al- FOREIGN EXCHANGE most wholly accounted for by the increase in shipments from the Transvaal, which rose During March some of the leading exchanges from £2,246,000 in December to £4,046,000 showed wider fluctuations than was the case in January. Exports of gold during January in preceding months. The French franc fell were £6,282,000, or more than double those from 4.18 cents per franc on March 1 to 3.49 for December. Most of this increase is shown cents on the 8th, thereby establishing a new in exports to the United States, which rose low record. Upon the announcement of the from £1,937,000 in December to £4,133,000 in banking credit granted to France in this coun- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

266 FEDERAL RESERVE BULLETIN APEIL, 1924 try and in England, it rallied and rose steadily rallied to 42.50 cents on the 17th, and stood until it reached 5.52 cents on the 31st, which at 42.08 cents on the 31st. up to that time was the highest record for the year. The Belgian franc fell from 3.64 cents on the 1st to 3.16 cents on the 10th, which also F a e r b y r , u- March, 1924 March, 1924 1923 was a new low record, but rose to 4.33 cents on the 31st, the highest record thus far for the year. The Italian lira fell from 4.30 cents per Month w Fi e r e s k t S w ec e o e n k d T w h e i e r k d F w ou ee r k th Month lira on the 1st to 4.13 on the 11th, the lowest point touched since November, 1922, but rallied Average quotations to 4.38 cents on the 31st. (cents): Sterling 430.77 429.50 427.92 429.03 429.52 469.57 Sterling declined from $4,299 on March 1 to French franc 4.42 4.04 3.98 5.02 5.41 6.32 Italian lira 4.35 4.28 4.20 4.27 4.33 4.86 $4,263 on the 10th, rallied to $4,304 on the 21st Netherlands florin. 37.42 37.24 37.09 37.03 36.93 39.49 Swedish krona 26.18 26.11 26.19 26.34 26.45 26.60 and on the 31st stood at $4,301. Fluctuations Canadian dollar 96.94 96.68 96.58 96.93 97.41 98.06 in other European exchanges were narrower Argentine peso 76.45 77.46 76.55 76.40 76.12 84.15 Shanghai tael 71.20 70.19 70.09 69.90 69.89 75.53 during March than during the preceding Percentages of par: months. S F t r e e r n li c n h g franc 2 88 2 . . 9 S 2 8 0 8 . . 9 3 8 2 7 0 . . 9 6 8 26 8 . . 0 2 8 28 8 . . 0 3 3 9 2 6 . . 8 5 Of the Far Eastern exchanges, the Shanghai Italian lira 22.5 22.2 21.8 22.1 22.4 25.2 Netherlands florin. 93.1 92.6 92.3 92.1 91.9 98.2 tael and the Indian rupee were relatively Swedish krona 97.7 t 97.4 97.7 98.3 98.7 99.3 Canadian dollar 96.9 98.7 96.6 96.9 97.4 98.1 stable,, though at slightly lower levels than Argentine peso 79.2 80.3 79.3 79.2 78.9 87.2 during February. The Japanese yen declined Shanghai tael 106.5 105.0 104.9 104.6 104.5 113.0 from 44.80 cents per yen on March 1 to 41.93 General index of 17 countries 58 56 56 59 60 67 cents on the 14th, which is a new low record, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BTJIJ^ETIN 267 BUSINESS CONDITIONS ABROAD CURRENCY REFORM AND EXCHANGE RATES Stabilization of exchanges through currency 1,241,990,000 at the end of 1923. Credits in reform in certain European countries has made this new currency granted to industry through considerable progress during the past six the Reichsbank rose from 200,000,000 at the months, though there have been wide fluctua- end of January to 400,000,000 a month later. tions in some of the leading exchanges, particu- The rentenmark is a strictly domestic currency larly those of France, Great Britain, and and is not traded in in foreign markets. Japan. Italian exchange has become quite Eussia.—Gradual transition to a more stable stable, with a maximum range of fluctuation currency has been in evidence also in Russia, in recent months from 4.59 cents in October, where improvement in foreign trade and de- 1923, to 4.13 cents on March 11, 1924, but crease in the budget deficit have enabled the with a prevailing rate of about 4.3 cents. With Soviet government to continue the currency the exception of Poland and Hungary, the reform begun when the chervonetz was introeastern and central European countries gen- duced. At the beginning of 1924 the State erally have in recent months experienced only was authorized to issue gold notes in denominacomparatively minor fluctuations in the tions of 1, 3, and 5 rubles, and silver Goins in exchange values of their currencies. In Austria smaller denominations, these notes and coins and the Baltic States, including Danzig, a con- to be freely convertible into chervontsi and siderable degree of stabilization has been their total amount to be limited to 50 per cent effected through currency reform. In Hun- of the total volume of chervontsi outstanding. gary the pending League of Nations loan and Paper rubles are to be withdrawn from circulathe establishment of a new bank of issue are tion at the rate of 50,000 of the issue of 1923 to 1 expected to effect results similar to those gold ruble, and in the near future those outattained in Austria, and in Poland a new bank standing will cease to be legal tender. of issue, on the lines of the Austrian National Since it was first put into circulation the Bank, with notes to be fully secured by com- chervonetz has been comparatively stable in mercial paper and to at least 30 per cent by value and has been instrumental in reducing gold, has been authorized and is now in process the circulation in Russia of foreign currency, of organization. Finally, in Germany and especially of dollars, which have been exchanged Russia, the two countries whose currencies in considerable amounts for chervontsi. At have suffered the greatest depreciation, cur- the same time remittance of funds to Russia rency reform measures have greatly reduced in chervontsi, instead of in foreign currencies, exchange fluctuations in recent months. has become more common, and, to provide for Grerxnany.—Greater stability of German ex- such remittances during the latter half of 1923, change since the end of last November, when it 2,826,000 chervontsi were sold to foreign banks, was 13.5 cents per trillion, as compared with of which 2,384,000 went to Great Britain, 21.9 cents per trillion at the end of March, 118,000 to Germany, and 105,000 to the is ascribed to the operation of the Renten- United States. On the New York market the bank and the issue of rentenmarks. Upon chervonetz, which at par is worth $5,146, was the organization of this bank the Reichs- quoted at $5.20 on March 22, as compared bank discontinued the granting of advances to with $4.55 at the beginning of January. the Government and the printing of bank notes Great Britain and France.—For February, for the purpose. Budget deficits have since 1924, the average rate of the pound sterling, been met through the use of loans obtained $4.3077, showed a small advance over the from the Rentenbank. The rentenmark has average for the preceding month—this after 11 maintained its gold value, 1 for 1 with the gold months of continuous decline from $4.72 in mark, with the consequence that the volume February, 1923. Gold shipments in large volof the various stable emergency currencies ume during January and February were a issued by municipal and provincial govern- factor in the recovery of sterling. ments and by the railroads has declined ma- Except for a brief rally in the spring months terially. Rentenmarks have now become a of 1923, the fall of the French franc, from the common means of payment throughout Ger- high point of 9.35 cents in April, 1922, to many; their circulation at the end of February 5.42 cents on December 6, 1923, was almost amounted to 1,579,370,000, as compared with continuous though gradual. From this point 1,374,000,000 at the end of January and it fell rapidly to 3.5 cents on March 8, 1924, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

268 FEDERAL KESEB.VE BULLETIN APRIL, 1924 losing nearly 40 per cent of its value in three Japan.—Among the eastern rates, only the months. The rapid fall of the franc in recent Japanese exchange has shown weakness. The months was due in part to speculative interests average value of the yen for November, 1923, and was followed by a sharp rally after March was 48.76 cents, and on March 14, 1924, it was 9, in which the credit extended to France by quoted at 41.93 cents. The low value of the an American banking syndicate was an im- yen may be ascribed to the rise in Japanese portant factor. On April 9 the franc crossed prices following the earthquake, and to heavy 6 cents. purchases abroad for reconstruction purposes. TREND OF BUSINESS ABROAD Eng- United Eng- United Items land France Canada States Items land France Canada States Million Million Million Million PIG IRON PRODUCTION: Relatives—191S-=li COMMERCIAL BANK LOANS: £ sterl. francs dollars dollars 1922—February 35.1 74 4 4a 0 63.6 1922—February 1,152 12,822 1,299 10,851 1923—February 63.5 70.5 52.7 116.9 1923—February 1,023 13,348 1,206 11,639 August • 70.1 112.0 110.2 134.7 August 1,007 13,979 1,199 11,677 December 73.2 130.2 71.0 114.1 December 1,033 14,380 1,183 11,934 1924—January 74.4 135.0 75.8 117.9 1924—January 1,053 14,816 1,177 11,884 February.-... 71.6 135.9 71.8 120.1 February _ 1,032 11,874 COAL PRODUCTION: COM 1 1 1 M 9 9 9 E 2 2 2 R 2 4 3 C — — — I A D F A F J F e L e u a e e b c n g b b B r e u u r r u m a A u u s a r t a a N b y r r r K y e y y r DEPOSITS: 1 1 1 1 1 1 , , , , , , 8 6 6 6 6 6 0 4 7 7 3 1 2 4 4 3 3 1 1 1 1 1 1 2 4 3 4 3 , , , , , 7 5 4 7 8 4 3 4 0 8 7 8 4 4 7 2 1 2 1 1 , , , , , 0 9 9 9 0 1 8 9 9 4 3 7 3 7 0 1 1 1 1 1 1 1 0 1 1 1 0 , , , , , , 2 2 5 1 0 8 3 4 2 6 3 9 9 5 5 5 4 0 1 1 1 9 9 9 2 2 2 4 2 3 — — — A D F J F F e a u e e e b n c g b b u r e u r r u a m u u s r a t a a y b r r r „ y e y y r 1 1 8 8 9 9 0 0 9 6 6 4 0 2 . . . . . . 4 4 4 0 6 6 • 1 1 1 9 7 2 3 1 9 6 6 2 0 . . . . . 6 6 4 7 5 1 1 1 9 0 3 2 8 2 0 7 . . . . 5 9 9 2 1 1 1 1 1 1 0 0 2 1 2 0 6 5 2 4 7 0 . . . . . . 4 7 4 5 7 7 CENTRAL BANK DISCOUNTS: SHIP CLEARANCES: 1922—February 2,726 721 1922—February 68.8 80.1 89.8 1923—February 79 2,684 596 1923—February 88.2 86.9 91.7 August 2,634 816 August 107.0 130.6 149.3 December 3,657 857 December 97.4 116.4 110.7 1924—January 4,197 522 1924—January 90.2 102.8 103.3 February 532 February 86.1 94.0 102.6 CENTBAL BANK NOTE ISSUES:1 1922—February... 400 36,151 412 2,197 Num- Rela- Rela- 1923— A F u e g b u ru st a ry „ 3 3 8 8 1 7 3 3 7 7 , , 0 3 5 6 5 4 4 40 0 5 4 2 2 , , 2 2 4 2 7 5 UNEM 19 P 2 L 2 O — YM F E e N br T u :6 ary.. Perc 1 e 6 n .6 t 4 b , e 3 r 85 tive 1 s 0 ' .6 tives' December 405 37,905 429 2,340 1923—February.. 12.2 666 6.4 101 1924— F J e a b n r u u a a ry ry 3 38 8 1 4 39,345 2 2, , 0 0 2 2 2 3 A D u ec g e u m st ber.. 1 10 1 . . 7 8 2 1 3 4 8 6 2 7 . . 2 2 1 9 0 9 1 BAN 1 1 K 9 9 2 2 C 3 2 L — — EA F F R e e I b b N r r G u u a a S r r : y y S 3,006 792 1 1 , , 1 0 4 6 9 7 1 16 4 , , 9 0 0 4 5 2 1924— F J e a b nu r a u r a y ry.. 1 1 1 0 . . 9 7 5 3 9 9 6 5 7.5 August 2,721 764 1,307 17,308 December „ 2,914 935 1,574 20,367 Thous. MiUion Thous. Thous. 1924—January 3,467 1,417 1,387 19,395 VALUE OF IMPORTS: £ sterl. franca dollars dollars February 3,205 1,490 1,272 17,512 1922—February.. 69,375 1,833 54,294 215,743 CEN 1 T 9 R 2 A 2 L — B F A e N b K ru D ar IS y C . OUNT EATE : Per cent. Per cent.Per cent.Per cent. 1923— A F u e g b u r s u t ary.. 8 8 3 8 , , 8 7 5 4 5 3 2 2, , 6 3 3 4 4 0 78,826 3 2 0 7 3 5 , , 4 4 1 3 2 8 1923—February December.. 109,190 65,468 288,108 August 1924—January 101,259 2,888 66,568 295,549 December February.. 96,704 3,714 62,134 333,500 1924—January VALUE OF EXPORTS: February 1922—February-. 58,335 1,853 47,004 250,620 WHOLESALE PRICE INDEX:' Relatives—191S~10 1923—February- - 57, S10 2,378 58,646 306,957 1922—February.- 165 149 146 August 60,104 2,543 81,330 311,263 1923—February 168 380 152 166 December.. 64,115 3,114 124,916 426,799 August , 164 391 150 159 1924—January 64,235 2,700 70,358 395,170 December 177 426 144 163 February.. 67,974 3,918 366,135 1924—January 178 443 146 163 February 180 465 148 163 VOLUME OP IMPORTS:' Relatives—191S-100 EETAIL PRICE INDEX:' July, 11,914*•100 1922—February.. 79.7 112.0 183.4 1 19 9 2 2 3 2 — — F F e e b b r r u u a a r r y y . . . _ 177 3 3 0 1 7 6 1 1 4 4 3 2 1 1 3 3 9 9 • 1923— A F u e g b u ru st ary 95.3 1 1 0 3 4 0 . . 7 3 2 1 0 5 9 3 . . 1 0 A De u c g e u m st ber 1 17 7 7 1 3 3 2 6 8 5 1 14 4 5 2 1 1 4 4 3 7 1924— D J e a c n e u m ar b y er 92.8 1 1 4 0 0 6 . . 2 7 1 18 7 2 5 . . 2 1 1924—January. 177 376 145 146 February.- 119.3 222.7 February 179 145 144 FOREIGN EXCHANGE: Per cent of par VOLUME OF EXPORTS:7 1922—February.. 89.63 45.24 96.31 1922—February- - 67.1 82.6 82.6 1923—February 96.39 31.84 98.67 1923—February.. 74.4 135.3 83.2 August 93.71 29.27 97.67 August 68.7 89.4 89.2 December . 89.60 27.20 97.59 December 77.5 144.7 114.8 1924—January 87.52 24.17 97.36 1924—January 96.2 101.0 February 88. 52 22.90 96.94 February.. 126.4 98.1 l Canada—issues of the Dominion and commercial banks. 1 England and Canada—total monthly clearings; France—average daily clearings; United States—total monthly debits to individual accounts, not including New York City. ' Federal Eeserve Board index numbers. 4 England—Ministry of Labor cost of living; France—Statistique Generate retail food in Paris; Canada—Department of Labor retail food index; United States—Bureau of Labor retail food recomputed on new base. • England—per cent of unemployed in insured trades; France—actual number unemployed in Paris; Canada—index of employment in 84 industries; United States—index of employment in 33 industries 'Canada—Jan. 17, 1920-100; United States—1919-100. ' Figures for England are for the quarter ending with the month for which figures tire shown. ' Excluding the Saar district. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 ITEDEKAX. RESERVE BULLETIN 269 THE GOLD SITUATION disappeared. The fact is that the increase in the gold holdings of the United States is Continued gold imports into the United roughly equivalent to the gold withdrawn States during the first quarter of 1924 on a from circulation in Europe. scale larger than in the early months of the two Important changes have occurred in the preceding years have once more attracted distribution of gold between the different public attention to the question of the distribu- European countries. Gold withdrawn from tion of the world's gold stock. There has also circulation of belligerent countries was conbeen manifest recently in many countries a centrated in the central banks and treasuries tendency to return to the use of gold as a basis and thence much of it was exported to neutral of monetary systems. These developments? European countries and to the United States. make it appropriate at this time to present a The neutral countries of Europe also drew brief review of the gold situation, in continu- in the gold from domestic circulation and ation of similar studies published in the BULLE- the concentration of this gold in central TIN in earlier years. reserves, together with additions to these stocks by importation from the belligerents, Redistribution of world's gold stock, 1918- 1922.—Total known gold stocks of the world, accounts for the enormous growth in the not including gold held in hoards by the people central gold reserves of such countries as the Netherlands, Spain, Sweden, and Switzerland. of India and Egypt, were about $8,000,000,000 Among the allied belligerents, England shows in 1913 and' about $9,000,000,000 in 1922. The a large increase in central gold holdings, increase of about a billion dollars for the nine derived both from domestic circulation and years represents chiefly additions to the holdings from imports from Russia, France, and other of the United States, Japan, and Argentina, in allied nations. The central reserves of France excess of losses sustained by Europe. The increased slightly, her loss of gold being about combined gold stock of Europe and the United equivalent to the gold in circulation in France States has, in fact, changed but little during prior to the war. Italy had little gold in circuthe period, the increase in the gold held in the lation in 1913 and lost part of her gold reserves United States being about equivalent to the during the war. Russia lost not only all the decrease in the gold of European countries. gold m circulation but practically her entire This fact is brought out by the following table. gold reserve, which was the largest in existence prior to the war. Of the central powers, GOLD HOLDINGS OF EUEOPB AND THE UNITED STATES Austria and Hungary lost their entire gold [In millions of dollars] holdings and Germany, after concentrating her own gold and gold received from her allies Increase 1913 1922 (+)or in the reserves of the Reichsbank, lost a large decrease part of this gold during the post-war period. (-) The net result in Europe has been an increase in the gold holdings of the neutral countries, EUROPE declines in the gold stock of France and Italy, 3,119 3,034 —85 In circulation 1,834 -1,834 a heavy loss of gold by Germany, and an almost complete dissipation of gold held prior Total 4,953 3,034 -1,919 to the war by Austria-Hungary and. Russia. UNITED STATES In central reserves - 1,824 3,504 +1,980 Gold holdings of principal countries prior to In circulation 381 429 +48 the world war and at the close of the past two Total 1,905 3,933 +2, 028 years are shown in the accompanying table. Grand total 6,858 6,967 +109 Figures for 1913 include gold in circulation, as well as gold in central banks and public In 1913, of the gold held in Europe, treasuries. Figures for the later years, except $1,834,400,000 was in circulation and $3,119,- for the United States, represent central reserves 400,000 in banks and public treasuries. Since alone, as gold has practically disappeared from that time the gold held in Europe as central circulation. For the United States the entire reserves has declined but little in the aggregate, stock of gold is shown, including gold held by while the gold in circulation has practically the Treasury against certificates in circulation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

270 FEDERAL RESERVE BULLETIN APRIL, 1924 GOLD HOLDINGS OF PRINCIPAL COUNTRIES and 1922, production was smaller than in any [In thousands of dollars] year since 1904. Production hi the United States, $51,379,000, was only about one-half Increase (+) or of that of 1915, and for the last four years has decrease (—) Country De 1 c 9 . 1 3 31,D 1 e 9 c 2 . 2 ' 31, f L ig a u te re st , between— ave T r h a e g e m d a l i e n s s s o t u h r a c n e o in f n a e n w y g y o e l a d r i s s i t n h c e e T 18 ra 9 n 5 s . vaal, 1923' 1913 and 1922 and which supplies over half the world total. Its 1923 1923' 1923 production of 9,133,060 ounces, valued at £40,178,170, has been exceeded only hi 1916. United States 1,904,694 3,933,476 4,247,201 +2,342,507 +313,725 United Kingdom 830,100 751,597 754,400 -75,700 +2,803 I C n a d n i a a d 2 a __ 1 12 4 4 2 , , 0 5 0 0 0 0 2 1 2 1 2 8, , 3 0 4 5 1 0 1 1 0 7 8 1 , , 6 19 0 1 9 + -1 2 5 8 , , 3 6 9 9 1 1 -5 -9 0 , , 7 8 3 5 2 9 GOLD PRODUCTION OF THE WORLD * Australia 216, 500 116,499 120,349 -96,151 +3,850 France.. 200,000 708,403 709,479 -490,521 +1,076 [In thousands of dollars! Germany 915,700 227,431 111, 247 -804,453-116,184- Italy 265,000 217,284 215,698 -49,302 -1,586 Netherlands ._ 60,900 233,880 233,876 +172,976 -4 1921 1922 1923' Spain 92, 500 487, 278 487,841 +395,341 +563 Sweden 27,500 73,428 72,853 +45,928 -575 Switzerland ^. 32,800 103,2831 103,669 +70,869 +386 Russia • 011,500 2,607 45,043 -966,457 +42,436 United States 50,067 48,849 51,379 A Br r a g z e i n l t . ina _ 29 9 2 0 , , 6 1 0 0 0 0 45 2 0 7 , , 0 4 5 0 7 1 45 2 1 8 , , 2 18 9 2 3 + - 1 6 5 1 8 , , 9 6 1 9 8 3 +1 + , 7 2 8 3 1 6 Canada.-., .. .. 19,1 89 4 3 9 2 3 6 , , 0 1 2 16 9 2 C 4 O ,382 Japan _ 64,963 605, 678 600,194 +535,231 -5,484 South Africa: 168,036 144,907 188,801 Total for 16 coun- 12,132 13,546 13,138 tries 7,271,357 8,278, 675 8,461,125 +1,189, 768+182,450 Australia: A W l o l r o l t d h e to r tal 7,7 5 8 1 9 7 , , 6 0 4 0 3 0 8, 9 6 1 3 0 1 , ,"" Bri - t i O W sh t e h s I e n t r e d A r i n a u A st u ra st l r ia a lia . 1 7 8 1 , , , 2 9 4 2 4 4 6 5 7 1 7 9 1 , , , 0 6 1 5 9 27 5 2 1 8 6 , , 7 0 5 5 9 8 All other 52, 337 54,857 « 50, 268 1 Central bank holdings only for specified countries in 1922 and 1923. 1 In banks and public treasuries only. Total 330,232 319,178 352, 785 Changes in gold holdings in 192S.—Com- ' The figures for 1923 are taken from the Annual Bullion Letter of parison of the figures for 1922 and 1923 Samuel Montagu Co., except for Canada, from the Dominion Bureau of Statistics, and for the United States, from the Director of the Mint. shows that the United States holdings increased Figures for 1921 and 1922 are from the Director of the Mint. * Preliminary. by about $314,000,000 and those of Russia by- 3 Included in "all other"; no separate figures available. over $42,000,000. Canada's reserve decreased 1 Including Russia and British India. $51,000,000 and Germany lost $116,000,000.1 The gold production of the world continues The net imports of the United States were low, compared with pre-war figures. While about $294,000,000—practically the amount of the output of the Transvaal is stul maintained the gain in gold holdings, the domesticproduc- at high levels, the production of the rest of tion mostly being used in industry. Gold im- the world is showing no tendency to return to ports into India amounted to about $120,000,000 earlier amounts. The result is that a larger for the year, but were largely absorbed by the proportion of the world's new gold originates population, as central holdings show only a in the British Empire—over 72 per cent in small increase. Increases hi gold holdings of 1923, compared with 62 per cent in 1913. the United States, India, and Russia were thus about equivalent to the new gold produced outside of the United States plus the gold exported from the reserves of Germany and ECONOMIC CONDITIONS IN HUNGARY Canada. Changes in gold holdings of other Present-day economic conditions in Hungary countries were relatively small, and little gold should be considered in the light of changes was available for use in the arts by European made in her territory by the treaties of Trianon countries. and of St. Germain, By these treaties the po- Gold production of the world in 1923.—The litical and economic union of Hungary with estimated world gold production of 1923 was Austria was dissolved, and in running out the about $350,000,000, an increase of some 10 boundaries of the new jurisdiction large areas per cent over 1922, but approximately 25 per of territory taken from Hungary were incorcent lower than the record production of porated within the domains of the "Succession 1915, $468,725,000. Except for 1920, 1921, States"—Rumania, Yugoslavia, and Czechoslovakia. Within the newly defined political 1 The Reichsbank reported a decrease in reserves of 537,800,000 gold areas new trade centers were developed, promarks, or $128,000,000. (This figure includes changes in "gold held abroad.") Of this sum only 367,200,000 gold marks, $88,000,000, has been tective tariffs were adopted, and various" resold, while 165,000,000 gold marks were deposited abroad in London and strictions placed upon trade with neighboring Berne to be held there for account of the Reiehsbank. This latter sum has been deducted from the reported holdings of Germany but has not States. Experience soon proved, however, been added to those of any other country. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 FEDERAL, KESERVE BTJLUilTIN 271 that these restrictions were disadvantageous to principal items of the national income and the the economic recovery of the new countries, charges against it on account of foreign debts: and the Succession States gradually modified their trade policies so as to facilitate intercourse DISTRIBUTION OP HUNGARIAN NATIONAL INCOME with Austria and in a lesser measure with Hun- [Amounts in millions of gold crowns.] gary. A further step in the direction of economic reconstruction was made when the Allies Present-day waived their reparations claims against Aus- Pre-war Hungary Hungary tria for 20 years, and when the League of Class of income Nations negotiated a loan of $125,000,000 to Amount Percent Amount Per ont Austria, which has helped to rehabilitate the finances of that country. Extractive industry 4,695 64.4 1,839 61.3 Manufacturing industry 1,694 23.2 822 27.4 A similar program of rehabilitation, involv- Commerce and transportation 722 9.9 300 10.0 ing also a League of Nations loan'—in this case Credits abroad 178 2.5 39 1.3 for $50,000,000—is now proposed for Hungary. Total national income 7,289 100.0 3,000 100.0 In view of this proposal the following account Debits abroad- 581 340 of Hungary's present economic position is of Net national income 6,708 2,600 timely interest. National wealth.—It has been estimated * In considering these figures it must be borne that Hungary's national wealth prior to the in mind that the Hungary of post-war settlewar amounted to 49,915,000,000 gold crowns, ments comprises only 28 per cent of her pre-war and that it now totals for the post-war Hungary territory and only 36 per cent of her pre-war of diminished jurisdiction 20,710,000,000 gold population. The shifting of monetary values crowns. The distribution of this wealth, by- furthermore introduces a wide margin of error general classes of property, and the item of in any estimate of her loss of wealth. Figured foreign indebtedness are shown in the table in gold crowns, it appears to have been in a below: somewhat smaller proportion than her loss of either territory or population. So estimated, DISTRIBUTION OF HUNGARIAN NATIONAL WEALTH her post-war wealth amounts to 41.5 per cent [Amounts in millions of gold crowns.] of her pre-war wealth and her present national income to 41.1 per cent of her pre-war income. Present-day Pre-war Hungary Hungary . Present net income in excess of foreign debt Class of wealth charges amounts to 38.8-per cent of the corre- Amount Per centAmount Per cent sponding pre-war income. These calculations are on the basis of gold crowns and understate Land 19,818 39.7 7,235 34.9 Hungary's losses of wealth and income by the Mines 2,223 4.5 915 4.9 Houses 8,574 17.2 4,533 21.9 amount of reduction since 1913 in the purchasing power of gold. Total immovable property.. 30, 616 61.3 12, 685 61.3 T M r o a v n a sp b o le r t p a r t o io p n erty 1 5 3 , , 7 3 9 0 7 9 2 1 6 1 . . 7 6 2 5 , , 1 7 2 8 5 7 2 1 7 0 . . 9 3 Hungary's foreign debt has increased from Credits abroad 192 . .4 112 16.8 to 24 per cent of her national wealth, and, Total national wealth 49,915 100.0 20,710 100.0 as noted above, the annual interest charge on N Fo e r t e n ig a n ti o d n e a b l t wealth 41 8 , ,3 5 9 20 5 16.8 1 5 5 , , 0 67 3 6 4 24.0 account of this debt, which in the pre-war period absorbed 7.9 per cent, now absorbs 11.3 per cent of the national income. Aggregate national income is estimated* to _ Hungary's foreign trade.—The table below have been for pre-war Hungary 7,289,000,000 gives the value of Hungary's exports and imgold crowns and for the Hungary of post-war ports for the four post-war years';- 1920-1923, settlements 3,000,000,000 gold crowns, giving in comparison with estimated averages for the an income yield in each period equal apsame territory for the three pre-war years, proximately to 14 per cent of accumulated 1911-1913. These estimates indicate "that the wealth. Annual charges on account of foreign total value of Hungary's foreign trade has indebtedness absorbed 7.9 per cent of the decreased considerably, and that the decrease national income of pre-war Hungary, and they has been much larger for exports than for absorb 11.3 per cent of the income of post-war imports. It will be noted, however, that ex- Hungary. The following table gives the ports have been increasing steadily, while imports have remained more or less stable. i Doctor Fellner in Berichte aus den Neuen Staaten. 92279—24 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

272 FEDERAL RESERVE BULLETIN APRIL, 1924 Since Hungary is primarily an agricultural HUNGARY s FOREIGN TRADE country her exports normally consist largely of [In millions of gold crowns] foodstuffs—wheat flour, sugar, cattle, meat, Excess of and meat products. Of the imports, on the imports Imports. Exports (-)or other hand, four-fifths are manufactured goods, .Year exports (+) the balance being raw materials, such as cotton and lumber. The lumber trade was greatly Average,1911-1913 813 777 -36 1920 498 195 -303 affected by the decrease in territory. Before 1921 592 286 -306 the war a large percentage of the exports con- 199Z 648 334 -214 1 23 558 477 -81 sisted of lumber and wood products, but the loss of Transylvania and Upper Hungary has Hungary's balance of merchandise trade bedeprived the country of all its woodlands. came favorable during the last quarter of 1923. Lumber must, therefore, now be imported in During the first nine months of the year the large quantities. excess of imports over exports amounted to about 115,000,000 gold crowns, while in the Classification of imports and exports by last quarter of the year exports exceeded im- countries of origin and destination indicates ports by 34,000,000 gold crowns. The turn the extent to which central European counfrom an unfavorable to a favorable balance is tries, especially the Succession States, are attributable partly to the newly imposed im- dependent economically upon one another, port restrictions and partly to the abolition of and the extent to which improvement in the certain export regulations in respect to agri- economic conditions of one country may be cultural products. The steady depreciation of expected to affect favorably conditions in the crown also has tended to decrease the im- other countries. Of Hungary's total imports portation of manufactured goods and to stimu- during 1922, 29 per cent came from Austria, late exports. Imports of cotton goods, for 24 per cent from Czechoslovakia, 17 per cent example, decreased from 116,373 metric tons from Germany, and 7 per cent from Rumania. in 1922 to 72,091 metric tons in 1923, and of Of her total exports, 38 per cent went to woolen goods from 38,987 to 23,687 metric Austria, 15 per cent to Czechoslovakia, 11.5 tons. On the other hand, depreciation of the per cent to Rumania, and 9 per cent to Yugocrown has created an export premium, which slavia. The proposed League of Nations loan has induced an increased exportation of agri- will immediately increase Hungary's purchascultural commodities. Export of wheat flour ing power and ultimately her productive increased from 1,626,683 metric tons in 1922 capacity, and it may, therefore, fairly be exto 1,849,688 in 1923, and the export of sugar pected that it will improve economic condifor the past year amounted to 440,997 metric tions, not only in that country but also in the tons, no sugar haying been exported during 1922. neighboring States with which Hungary is economically closely united. There is now in Hungary a strong desire to Hungary's balance of international payimprove the country's balance of trade, both ments.—As shown in the preceding table, by making every effort to reduce as far as Hungary's balance of merchandise trade in possible the import of foreign manufactured 1922 was unfavorable to the amount of goods and by intensifying agriculture and in- 214,000,000 gold crowns. Other items in her creasing exports of raw materials and foodstuffs. balance of international payment increased her Since the conclusion of peace 43 new textile net debit balance on this year's account to factories have been established, and the num- 293,000,000 gold crowns, or $59,000,000. These ber of cotton spindles has increased from items, as given by Doctor Fellner, are shown 17,000 immediately after the war to 35,000 in the following table: toward the end of 1923, and the number is still slowly but steadily increasing. A corresponding development has taken place in other industries, HUNGARY'S BALANCE OP INTERNATIONAL PAYMENTS, 1922 especially in the shoe and leather and the glass [In millions of gold crowns] industry. It appears that lack of capital and Item Credits Debits the competition of neighboring countries, which Foreign trade in merchandise 214,000 at present export large quantities of manufac- Gold and precious metals 7,589 tured goods to Hungary, have presented difficul- interest, dividends. - 80,586 Railway charges _ | 2.938 ties in the way of this development. It is felt Bemittances 19,020 Tourists 8,758 that capital needs can be in part provided for by Other Hi 20,827 the proposed League of Nations loan. Total 30,608 324,171 Surplus of debits over credits 293,563 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

273 APRIL, 1924 FEDERAL KESERVE BULLETIN Corresponding estimates for 1923 are not as at the then prevailing rate of exchange. After Jet available, but since the excess of imports establishment of the Royal Hungarian Note as decreased by 134,000,000 gold crowns, it Institute, various regulations were adopted to is probable that the debit balance of payments restrict the amount of notes to be issued by this has diminished. It should be noted that institution. In practice, however, the Govern- Hungary even before the war had an unfavor- ment continued to issue large amounts of curable balance of payments of about 176,000,000 rency. The budget deficit increased from crowns, representing principally interest paid month to month, amounting for the year on foreign capital invested in the country. 1922-23 to 40,652,890,500 paper crowns, Before the war, however, Hungary and Austria equivalent to 89,049,188 gold crowns, and was constituted an economic unit with a uniform met almost exclusively by the issue of State currency, a common schedule of customs notes. All of the usual consequences of inflatariffs, and a system of free trade with one tion followed, including a progressive increase another. Under these conditions, foreigners in the cost of government, which produced were investing freely in Hungary, and this con- larger budget deficits to be covered by new tinuous investment of foreign capital offset issues of depreciating paper. Hungary's debit balance'of payments on cur- The following tables show the course of rent account. The steady depreciation of the Hungarian exchange and the value of notes currency and the unstable economic and poli- outstanding. The growing budget deficit and tical situation of the country after the war, the steady depreciation of the crown made all however, have checked the inflow of foreign restrictions upon note issues ineffective. capital, and the unfavorable balance of payments tends further to depreciate Hungarian FOEEIGN EXCHANGE exchange. [Crowns to the dollar] Currency and exchange.—Hungarian financial experience since the war is in many respects 1921 1922 1923 1924 similar to that of Germany and of Austria. The extraordinary war expenditures were met January 656 2,551 25,445 February.. 668 2,625 30, 488 largely by the issue of paper notes, which con- March 796 3,460 66,700 tinuously depressed the exchange value of April 795 4,608 May 793 5,236 crowns. The Karolyi Government and the June 927 7,143 communistic regime carried note issues to new J A u u ly gust.... 3 3 0 8 1 0 1 1 , , 3 6 1 8 6 1 1 1 0 7 , , 3 8 0 5 9 7 high levels. Government expenditures during September. 514 2,364 18,181 October 2,488 18, 519 the Karolyi regime from the end of October, November. 2,421 18,519 1918, to March 21, 1919, amounted to 4,800,- December.. 2,326 19,231 000,000 crowns, and these expenditures were provided for almost entirely by. the issue of NOTES OUTSTANDING IN HUNGARY bank notes. The communistic regime issued [In millions of crowns] during its four-month existence 5,600,000,000 End of 1920 14, 038 in bank notes of the Austro-Hungarian Bank, End of 1921... 25, 175 about 3,500,000,000 crowns in "white" notes End of 1922 75,887 and about 254,000,000 post-office savings 1923—July.... 226, 285 bank notes. After the downfall of the soviet August? . 399,487 September 588, 810 government the "white" notes were declared October . 744,926 forgeries, but in order to meet the general November 853, 98& demand of the public, the 1 and 2 crown notes December.. ._ 931,337 and the savings-bank notes were declared legal 1924—January -... 1, 084, 674 tender, and the 25 and 200 crown notes were The Hungarian hanking situation.—The exchanged at 20 per cent of their par value. present Hungarian banking system is of com- A decree of March 17, 1920, ordered the paratively recent origin and began to assume stamping of all Austro-Hungarian notes in a western European character only after the circulation, except the 1 and 2 crown notes. compact with Austria in 1867. Up to that With certain exceptions 50 per cent of the date a majority of the banks were savings notes handed in for stamping were retained institutions which conducted a general bankas a 4 per cent forced loan. The total proceeds ing business. Hungarian banks, as is true of of the loan amounted to 3,970,000,000 paper banks in Germany and in almost all other crowns, equivalent to 105,000,000 gold crowns continental European countries, engage in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

274 FEDERAL RESERVE BULLETIN APRIL, 1924 both commercial and investment banking. drafts) of the five largest Budapest banks In fact, the banks have been pioneers in creat- decreased from about 2,000,000,000 crowns in ing industrial establishments in the country, 1913 to about 100,000,000 crowns of approxiand most industrial or large commercial mately equal purchasing power in 1922.1 enterprises are, more or less, under control In other words, while before the war the five of the big banks. The Hungarian banks, largest Hungarian banks were furnishing to however", since they had not originally suffi- Hungarian industries and trade more than cient means of their own, and since the de- 2,000,000,000 crowns in the form of shortposits of their customers were not adequate term loans, in 1922 their total short-term to meet the growing needs of industry and credits were less than 100,000,000 crowns. trade, borrowed large sums abroad, mainly in Even if one takes into consideration the England and France, and these foreign borrow- decrease in the territory served by these banks, ings eventually occasioned serious embarrass- these figures indicate the present lack of liquid ment in most instances. After the conclusion funds in Hungary and the great need for of peace the banks found themselves under foreign loans.. An even greater decrease is contract to repay their pre-war loans either indicated in the deposit accounts of these in foreign currencies or in Hungarian crowns banks, which reflects not only the weakened at pre-war values. The Hungarian crown had economic position of Hungary but also the reluctance of the public to deposit funds with greatly depreciated, and the securities in which banks in a period of currency depreciation. the proceeds of foreign loans had been invested Under such circumstances, it is more profithad declined in value in consequence of the able to invest liquid funds in so-called real war, of revolution, and of cession of territory. values, i. e., foreign exchange, securities, or Inevitably the banks suffered great losses commodities, which are not likely to depreciate and repayment of the foreign loans under to the same extent as bank deposits. It is to these conditions exhausted their resources. be expected that in Hungary, as has been the At the end of 1922 the total indebtedness case in Austria since the autumn of 1922, a in foreign currency of the Hungarian banks to more stable condition of the currency will foreign financial institutions amounted to about result in increased public confidence in the 88,000,000,000 paper crowns, or $39,000,000 at crown and in a growth of bank deposits. the rate of exchange prevailing at the end of December, 1922. The depreciation of Hunga- The Royal Hungarian Note Institution.—In rian exchange since that date has further in- view of the contemplated reorganization of creased the amount of these debts in terms of the Hungarian bank of issue, it is of interest paper crowns. About 68,000,000,000 crowns of to review briefly the organization of this this indebtedness represented debts of the Bu- institution. The peace treaty of St. Germain dapest banks, and about 20,000,000,000 crowns provided for liquidation of the Austro-Hundebts of provincial banks. By far the larger garian Bank and establishment of new banks portion of this indebtedness was due to the of issue in the Succession States. On Deformer Allied countries, principally to France cember 21, 1919, the Austro-Hungarian Bank and England. These debts have been guaran- ceased to operate in Hungary and was replaced teed by the Hungarian Government. on May 5, 1921, by the Royal Hungarian Note By the end of 1923 the banks had largely Institution, which alone is authorized to issue a liquidated their indebtedness to foreign coun- notes. The State notes form a floating debt tries. In most instances the capital stock of of the State. The institution took over all the banks increased in proportion to their the assets and liabilities of the Hungarian foreign debts, the creditors receiving the new section of the Austro-Hungarian Bank. It shares. This process increased the influence may engage in such banking transactions as of foreign banks over the domestic institutions. were permitted to the last mentioned in- Controversies regarding arrears of interest stitution with the exception of dealing in still remain to be settled. mortgages. The bank-note institution is authorized to open branches and at the end of No figures showing the position of the 1922 had 16 branches and 39 agencies in oper- •Hungarian banks for a later date than 1922 ation. The terms of the League of Nations are available. The banking figures at the loan provide for the creation of a new bank of end of 1922, when compared with pre-war issue and for a new currency. conditions, indicate the country's present poverty in liquid capital. Advances in curi The figure tor 1922 is arrived at by dividing amounts in paper crowns rent account and overdrafts (checks and by an index of internal purchasing power ot the erown in December, 1922. 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APRIL, 1924 FEDERAL RESERVE 275 RULINGS OF THE FEDERAL RESERVE BOARD Interpretation of the word "borrower" as used in may legally rediscount for any one member section 13 bank under the above quoted provision of For some time the Federal Reserve Board section 13, the maker of a note should be conhas had under consideration the question: sidered the borrower unless it appears that he What is the proper interpretation of the word is an accommodation maker, in which event "borrower" as used in the following provision the indorser who receives the benefit of the of section 13 of the Federal Reserve Act: loan, should be considered the borrower. The c Board was asked to reconsider that ruling and, "The aggregate of such notes, drafts, and after very careful reconsideration, reaffirmed bills hearing the signature or indorsement of any the position formerly taken. one borrower, whether a person, company, firm, Subsequently, the governors' conference or corporation, rediscounted for any one bank requested the Board to reconsider the quesshall at no time exceed 10 per centum of the tion again, and each Federal reserve bank reunimpaired capital and surplus of said bank; quested its counsel to render an opinion on this but this restriction shall not apply to the dissubject and submit it to the Federal Reserve count of bills of exchange drawn in good faith Board for the information and assistance of the against actually existing values." Board in formulating its final ruling. Opinions The question involved is whether the word of counsel to all Federal reserve banks were "borrower" as used in this provision refers to finally received and were found to be in hopethe maker or to the indorser of a promissory less conflict. Some counsel agreed with the note discounted at a member bank and later position taken by the Board, others took the offered for rediscount, at a Federal reserve opposite position, while others reached conbank. clusions at variance with both. The specific facts upon which this question The Federal Reserve Board has very carearose were as follows: A cattle dealer sold fully reconsidered this entire subject and, cattle to various farmers, taking in payment while the matter is not entirely free from therefor the notes of the individual farmers and doubt, the Board is of the opinion that the discounting these notes with his indorsement position formerly taken by it is correct. The at a member bank. The amount of each note Board has, therefore, ruled that in determinwas less, but the aggregate amount of all of ing the amount of notes bearing the signature them was more, than 10 per cent of the capital or indorsement of any one borrower which a and surplus of the member bank. Under such Federal reserve bank may legally rediscount circumstances, if the cattle dealer who indorsed for any one member bank under the above all the notes were considered the "borrower" quoted provision of section 13, the maker of a the Federal reserve bank could not rediscount note should be considered the borrower, unless such notes in an amount exceeding 10 per cent it appears that he is an accommodation maker, of the member bank's capital and surplus; but in which event the indorser who receives the if the farmers who were the makers of the notes benefit of the loan should be considered the were to be considered the " borrowers" the notes borrower. of each farmer would be eligible for rediscount in an amount not exceeding 10 per cent of the member bank's capital and surplus, and the Reserves of State foreign banking corporations aggregate amount of such notes bearing the The Federal Reserve Board recently granted indorsement of the same cattle dealer which to a foreign banking corporation organized might be discounted at a Federal reserve bank under State law, in which national banks are by a single member bank would be several authorized to hold stock under the terms of times 10 per cent of the member bank's capital section 25 of the Federal reserve act, perand surplus. mission to maintain its reserves in the form of When first called upon to rule on this ques- call loans to discount corporations or bill broktion, the Federal Reserve Board took the posi- ers secured by acceptances which are eligible tion that, in determining the amount of notes for rediscount or purchase with Federal rebearing the signature or indorsement of any serve banks as well as in the form of bank balone borrower which a Federal reserve bank ances. The Board reserved the right, however, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

276 FEDERAL RESERVE BULLETIN APRIL, 1924 to regulate the proportion of such reserves cultural products" as used in the amendment which may be maintained in each of these of March 4, 1923, to section 13 of the Federal forms. Reserve Act, which authorizes Federal reserve The Board's existing agreements with such banks to discount sight and demand drafts corporations require them to maintain reserves under certain circumstances. The board disagainst deposits in the same amount as is re- cussed the question substantially as follows: quired by law against the deposits of member The proper construction of the term "nonbanks located in central reserve cities; but the perishable, readily marketable staple agricul- Board decided that this is an unnecessarily tural products" presents a difficult question. strict requirement which places such corpora- In its Regulation A the board has adopted a tions at a slight disadvantage in competing definition of the term "readily marketable with similar corporations which are not oper- staple," as used in section 13 in connection ating under agreements with the Board, and, with bankers' acceptances, and it has held that therefore, it consented to this modification of the question of perishability is fundamentally the agreement with the corporation in ques- a question of fact which can not properly be tion. The Board will consider applications for answered by the application of any general similar modifications in its agreements with rule, but should be determined by a consideraother foreign banking corporations organized tion of the facts and circumstances surrounding under State laws, in the stock of which naeach particular case. The further question as tional banks are authorized to invest under the to whether or not, or under what circumstances, terms of section 25 of the Federal reserve act. a readily marketable, nonperishable staple The Board is unable, however, to make similar should properly be considered an agricultural modifications in its regulations governing the product will, in many cases, be an extremely operation of so-called "Edge corporations" ordebatable question, and it is doubtful if any ganized under the terms of section 25 (a) of rule can be laid down which will satisfactorily the Federal reserve act, because the law redispose of all cases. quires that such corporations must carry reserves either in the form of cash in vault or in In view of the complex and equivocal conthe form of bank balances. The Board has siderations involved the board is not prepared recommended to Congress an amendment to at this time to formulate a comprehensive section 25 (a) authorizing it to make similar definition of the broad term "nonperishable, modifications in the reserve requirements of readily marketable staple agricultural prodits regulations governing the operations of ucts," but deems it advisable for the present "Edge corporations." to rule upon questions involving the proper classification of particular commodities as they The Board granted the modification in the may be presented. After the Federal reserve agreement with the above mentioned corpora- banks have had a reasonable amount of praction with the distinct understanding that such .tical experience in handling transactions arising corporation must comply at all times with the in this connection it may prove feasible to laws of the State in which it was organized re- formulate a comprehensive ruling or statement garding the receipt of deposits and the main- of policy on this question which will properly tenance of reserves against same, and also interpret the law and be satisfactory from a with the understanding that such corporation practical standpoint. will confine its business of receiving deposits The board does not believe, however, that within the limits prescribed by the Board's the term "nonperishable, readily marketable agreement with sucli corporation. The Board staple agricultural products" as used in the also reserved the right to review and revise sight draft amendment under discussion, must this modification of the agreement in question be construed as limited to agricultural products at any time that it may deem it necessary or in their raw state. While it seems probable advisable to do so. that the primary intention of Congress in thus amending section 13 was to facilitate the marketing of crops, it does not necessarily Construction of term "nonperishable, readily marketfollow that Congress intended to legislate with able agricultural products" contained in amendment of March 4, 1923, to section 13 of the Federal reference solely to the movement of crops in Reserve Act their raw state. The language used contains no such limitation, but relates generally to the At the request of one of the Federal reserve shipment of agricultural products, and it is banks the Federal Reserve Board has recently significant that the amendment passed at the considered the proper construction of the term same time which authorizes the discount of "nonperishable, readily marketable staple agri- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 FEDERAL RESERVE BULLETIN 277 factors' paper expressly refers to "staple agri- the direct obligations of member banks secured cultural products in their raw state." A con- by bonds of the War Finance Corporation. sideration of these two amendments which form This statutory provision is incorporated in the part of the same legislative act is very per- third paragraph of section I, Article A, of suasive that Congress did not intend to limit Regulation A. Section 13 of the War Finance the application of the sight draft amendment to Corporation Act, in its original form, also raw agricultural products. The board feels, authorized Federal reserve banks "to redismoreover, that a strict construction of this count eligible paper secured by such bonds and amendment would be out of harmony with the indorsed by a member bank." This provision, liberal purpose and intent of the Agricultural however, apparently did not enlarge the dis- Credits Act as a whole. count powers of Federal reserve banks, inas- The board is of the opinion, therefore, that much as they were already authorized by Federal reserve banks should not refuse to section 13 of the Federal reserve act to discount discount sight or demand bill of lading drafts eligible paper, irrespective of the existence or merely because the agricultural products cov- character of security. Consequently, it was ered thereby are no longer in a technically unnecessary to embody this provision of the raw state, but have passed through the initial War Finance Corporation Act in Regulation A. stages of refinement or processing subsequent Section 13 of the War Finance Corporation to their actual harvest. It is, of course, Act was amended by an act approved August necessary that the line be drawn somewhere, 24, 1921. As amended, this section authorized but for the reasons stated above, the board the discount by Federal reserve banks of direct does not consider it proper to draw an arbitrary obligations of member banks secured by bonds line which would include only commodities in or notes of the War Finance Corporation, and their raw state within the scope of the provision also authorized Federal reserve banks "to authorizing the discount of sight and demand rediscount notes or other negotiable instruments drafts. Pending the issuance of a compresecured by such notes or bonds and indorsed hensive ruling or statement of policy on this by a member bank." This legislation apparsubject, Federal reserve banks should use ently did enlarge the discount powers of Federal their discretion in passing upon the eligibility of reserve banks, inasmuch as it purported to bill of lading drafts offered for discount under make eligible for discount paper which might this amendment, and the exercise of this not otherwise be basically eligible if it were discretion should be predicated upon a fair secured by bonds or notes of the War Finance and reasonable distinction between agricultural Corporation. It was apparently through an and nonagricultural products and not necesoversight that this provision of law was not sarily upon the initial stages of refinement taken care of in Regulation A, series of 1923. which an agricultural product may have reached in the course of its progress through It thus appears that notes and other negotithe normal channels of distribution. able instruments secured by bonds or notes of the War Finance Corporation are made eligible for discount, subject to regulations of the Federal Reserve Board, and that the board has Discount of paper secured by bonds of War Finance made no appropriate regulations covering the Corporation discount of this class of paper. The board is One of the Federal reserve banks has raised of the opinion, however, that Federal reserve a question as to the eligibility for rediscount banks should be authorized to discount negotiat Federal reserve banks of paper secured by able paper secured by bonds or notes of the bonds of the War Finance Corporation, stating War Finance Corporation and indorsed by a that the provisions of the board's Regulation member bank to the same extent and under A, series of 1923, seem to preclude the discount the same conditions as Federal reserve banks of such paper, inasmuch as provision is therein are now authorized to discount negotiable paper made for the discount only of such investment secured by bonds or notes of the United States. paper as is drawn to finance dealings in United The board accordingly rules that Federal States Government securities. reserve banks may discount negotiable paper Section 13 of the War Finance Corporation secured by bonds or notes of the War Finance Act, as originally enacted, authorized Federal Corporation and indorsed by a member bank reserve banks, subject to the maturity limita- when such paper is issued or drawn, or the tions of the Federal Reserve Act and to regula- proceeds have been used or are to be used in tions of the Federal Reserve Board, to discount the first instance, for the purpose of carrying Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

278 FEDERAL RESERVE BULLETIN APRIL, 1924 or trading in such bonds or notes of the War is the opinion of the Federal Reserve Board Finance Corporation, provided such paper that section 9 of the act is controlling on complies in other respects with the relevant the point. Examinations of State member provisions of law and of the board's regulations. banks conducted by Federal reserve banks, therefore, should not be made by examiners other than those selected or approved by the Federal Reserve Board in accordance with the Examinations of State member banks by Federal provisions of section 9 of the Federal reserve reserve banks act. The question has recently been presented to the Federal Keserve Board whether or not the Increase of capital by State member bank Intending Federal reserve banks may conduct examina- to withdraw tions of State member banks with examiners The Federal Reserve Board has been reother than those selected or approved by the quested to rule on the question whether a Federal Reserve Board. The board, consider- State member bank should be required to aping the applicable provisions of the Federal re- ply for additional Federal reserve bank stock serve act, ruled that this question must be an- under the following circumstances: The memswered in the negative. ber bank filed notice of intention to withdraw The following provision of section 21 of the from the Federal reserve system and within the Federal reserve act was contained in the act as six months' period subsequent to the date of originally enacted: filing the notice of intention to withdraw, the "In adddition to the examinations made and member bank increased its capital stock. conducted by the Comptroller of the Currency, Inasmuch as the notice of intention to withevery Federal reserve bank may, with the ap- draw from the system required by section 9 of proval of the Federal reserve agent or the Fed- the Federal reserve act is merely a prerequisite eral Reserve Board, provide for special exami- to withdrawal and can not be considered any nations of member banks within its district." part of the actual withdrawal itself, a State The following provision, which is now con- member bank which has given such notice, but tained in the Federal reserve act, was added has not yet acted pursuant thereto, remains to section 9 by the amendment of June 21, subject to all the provisions of the Federal re- 1917: _ ; serve act which are applicable to other State "As a condition of membership such banks member banks, and would, therefore, be subshall likewise be subject to examinations made ject to the provision of section 5 of the Fedby direction of the Federal Reserve Board or eral reserve act requiring an application for adof the Federal reserve bank by examiners se- ditional Federal reserve bank stock upon an lected or approved by the Federal Reserve increase in the capital of the member bank. Board." The mere fact that it has given notice of its intention to withdraw can not be said to affect in Although the provision of section 9 above any way the requirement that it subscribe for quoted does not expressly supersede that of additional stock in such case. section 21 on this subject, it seems to be controlling with respect to the examiners who shall Under the terms of the law, therefore, a make examinations of State member banks. member bank increasing its capital stock sub- Section 21 of the act contains no reference to sequent to the date of filing notice of intention the selection or qualification of such examiners, to withdraw, must subscribe for an additional but the later enactment in section 9 requires amount of capital stock in the Federal reserve that they be "selected or approved by the bank equal to 6 per cent of the increase in the Federal Reserve Board." Since the original amount of its own capital stock made prior to statute is silent on the subject, and the later the time it actually withdraws from the Federal provision contains an express requirement, it reserve system. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 FEDERAL BESEKVE BULLETIN 279 LAW DEPARTMENT Revision of regulation on membership of State banks and providing for such increase, every such bank shall set trust companies aside each year in a fund exclusively applicable to such capital increase not less than 50 per cent of its On April 7, 1924, the Federal Reserve net earnings for the preceding year prior to the pay- Board revised Regulation H, series of 1923, ment of dividends, and if such net earnings exceed 12 relating to membership of State banks and trust per cent of the paid-up capital of such bank, then all companies. Regulation H, as amended, reads net earnings in excess of 6 per cent of the paid-up capital shall be carried to such fund, until such fund is as follows: large enough to provide for the necessary increase in capital. Whenever such fund shall be large enough REGULATION H, SERIES OF 1924 to provide for the necessary increase in capital, or at such other time as the Federal Reserve Board may (Superseding ^Regulation H of 1923) require, such fund or as much thereof as may be necessary shall be converted into capital by a stock dividend MEMBEBSHIP OF STATE BANKS AND TBUST COM- or used in any other manner permitted by State law PANIES to increase the capital of such bank to the amount required under (a): Provided, however, That such bank SECTION I. Banks eligible for membership may be excused in whole or in part from compliance with the terms of this paragraph if it increases its 1. Incorporation.—In order to be eligible for member-capital through the sale of additional stock: Provided ship in a Federal reserve bank, a State bank or trust further, That nothing herein contained shall be concompany must have been incorporated under a special strued as requiring any such bank to violate'any proor general law of the State or district in which it^is vision of State law, and in any case in which the relocated. quirements of this paragraph are inconsistent with the 2. Capital stock.—Under the terms of section 9 ofrequirements of State law the requirements of this the Federal reserve act, as amended, no applying bank paragraph may be waived and the subject covered by can be admitted to membership in a Federal reserve a special condition of membership to be prescribed by bank unless— the Federal Reserve Board. (o) It possesses a paid-up, unimpaired capital sufficient to entitle it to become a national banking asso- SECTION II. Application for membership ciation in the place where it is situated, under the provisions of the national bank act, or Any eligible State bank or trust, company may (6) It possesses a paid-up, unimpaired capital of at make application on F. R. B. Form 83a, made a part least 60 per cent of such amount, and, under penalty of this regulation, to the Federal Reserve Board for an of loss of membership, complies with the rules and amount of capital stock in the Federal reserve bank regulations herein prescribed by the Federal Reserve of its district equal to 6 per cent of the paid-up capital Board fixing the time within which and the method stock and surplus of such State bank or trust company. by which the unimpaired capital of such bank shall This application must be forwarded direct to the be increased out of net-income to equal the capital Federal reserve agent of the district in which the required under (a). applying bank or trust company is located and must be In order to become a member of the Federal reserve accompanied by Exhibits I, II, and III, referred to on system, therefore, any State bank or trust company page 1 of the application blank. must have a minimum paid-up capital stock at the time it becomes a member, as follows: SECTION III. Approval of application In passing upon an application the Federal Reserve Minimum Minimum Board will consider especially— If located in a city or town with a population capital if capital if 1. The financial condition of the applying bank or of— admitted admitted trust company and the general character of its manageunder under clause (o) clause (&) ment; 2. Whether the corporate powers exercised by the applying bank or trust company are consistent with N Ex o c t e e e x d c in ee g d in 3, g 0 0 3 0 ,0 0 b 0 u t i n n h o a t bi e t x a c n e t e s d . i - ng 6,000 in- $25,000 $15,000 the purposes of the Federal reserve act; and habitants 50,000 30,000 3. Whether the laws of the State or district in which Exceeding 6,000 but not exceeding 50,000 in- the applying bank or trust company is located contain Ex h c a e b e i d t i a n n g t s 50,000 inhabitants 1 2 0 0 0 0 , , 0 0 0 0 0 0 1 6 2 0 0 , , 0 0 0 0 0 0 provisions likely to prevent proper compliance with the provisions of the Federal reserve act and the regulations of the_ Federal Reserve Board made in Any bank admitted to membership under clause conformity therewith. (6) must also, as a condition of membership^ the viola- If, in the judgment of the Federal Reserve Board, tion of which will subject it to expulsion from the an applying bank or trust company conforms to all the Federal reserve system, increase its paid-up and un- requirements of the Federal reserve act and these impaired capital within five years after the approval regulations, and is otherwise qualified for membership, of its application by the Federal Reserve Board to the board will issue a certificate of approval subject the amount required under (a). For the purpose of to such conditions as it may deem necessary. When Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

280 FEDERAL RESERVE BULLETIN APRIL, 1924 the conditions imposed by the board have been accepted 8. Such bank or trust company may accept drafts by the applying bank or trust company the board will and bills of'exchange drawn upon it of any character issue a certificate of approval, whereupon the applying permitted by the laws of the State of its incorporabank or trust company shall make a payment to the tion; but the aggregate amount of all acceptances Federal reserve bank of its district of one-half of the outstanding at any one time shall not exceed the amount of its subscription, i. e., 3 per cent of the limitations imposed by section 13 of the Federal reserve amount of its paid-up capital and surplus, and upon act; that is, the aggregate amount of acceptances receipt of this payment the appropriate certificate of outstanding at any one time which are drawn for the stock will be issued by the Federal reserve bank. The purpose of furnishing dollar exchange in countries remaining half of its subscription shall be subject to specified by the Federal Reserve Board shall not exceed call when deemed necessary by the Federal Reserve 50 per cent of its capital and surplus, and the aggre- Board. gate amount of all other acceptances, whether domestic or foreign, outstanding at any one time shall not SECTION IV. Conditions of membership exceed 50 per cent of its capital and surplus, except that the Federal Reserve Board, upon the application Pursuant to the authority contained in the first of such bank or trust company, may increase this limit paragraph of section 9 of the Federal reserve act, from 50 per cent to 100 per cent of its capital and surwhich provides that the Federal Reserve Board may plus: Provided, however, That in no event shall the permit applying banks to become members of the aggregate amount of domestic acceptances outstanding Federal reserve system "subject to such conditionsat any one time exceed 50 per cent of the capital and as it may prescribe," the Federal Reserve Board willsurplus of such bank or trust company. prescribe the following conditions of membership for 9. The board of directors of said bank or trust each bank or trust company hereafter applying for company shall adopt a resolution authorizing the interadmission to the Federal reserve system, in addition change of reports and information between the Federal to such other conditions as the board may consider reserve bank of the district in which such bank or necessary or advisable in the particular case— trust company is located and the banking authorities 1. Except with the permission of the Federal of the State in which such bank is located. Reserve Board, such bank or trust company shall Each bank or trust company applying for membernot cause or permit any change to be made in the ship hereafter will be required to agree to the aSbove general character of its assets or in the scope of the conditions and any other conditions which the board functions exercised by it at the time of admission to may prescribe, prior to the admission of such bank or membership, such as will tend to affect materially the trust company to the Federal reserve system. standard maintained at the time of its admission to the Federal reserve system and required as a condition SECTION V. Permission necessary prior to making' of membership. changes in assets or scope of functions 2. Such bank or trust company shall at all times conduct its business and exercise its powers with due Each bank or trust company hereafter admitted to the regard to the safety of its customers. Federal reserve system and each bank or trust company 3. Such bank or trust company shall not reduce its which has heretofore been admitted subject to condicapital stock except with the permission of the Federal tion No. 1 of Section IV or subject to any similar con- Reserve Board. dition shall, through the Federal reserve agent, request 4. Such bank or trust company shall not, except the permission of the Federal Reserve Board prior to after applying for and receiving the permission of the taking any action which may result in a change in the Federal Reserve Board, establish any branch, agency, general character of its assets or in the scope of the or additional office. functions exercised by it at the time of admission to 5. Such bank or trust company, except after apply- membership, such as will tend to affect materially the ing for and receiving the permission of the Federal standard maintained at the time of its admission to Reserve Board, shall not consolidate with or absorb the Federal reserve system and required as a condition or purchase the assets of any other bank or branch of membership. bank for the purpose of operating such bank or branch The board considers that among the actions which bank as a branch of the applying bank; nor directly or may result in changes of the kind referred to in this indirectly, through affiliated corporations or otherwise, section are the establishment of branches, agencies, or acquire an interest in another bank in excess of 20 additional offices and consolidations or mergers with per cent of the capital stock of such other bank; nor or purchases of the assets of other banks or branch directly or indirectly promote the establishment of banks. any new bank for the purpose of acquiring such an interest in it; nor make any arrangement to acquire SECTION VI. Principles governing establishment of such an interest. branches 6. Such bank or trust company shall reduce to, and maintain within, the limits prescribed by the laws of In passing upon applications by State banks and the State in which it is located, any loan which may trust companies for permission to establish branches, be in excess of such limits. agencies, or additional offices, under condition No. 4 7. Such bank or trust company shall reduce to an of Section IV, or under any similar condition which amount equal to 10 per cent of its capital and surplus may have been prescribed by the Federal Reserve all balances in excess thereof, if any, which are carried Board and agreed to by any bank or trust company with banks or trust companies which are not members heretofore admitted to the Federal reserve system, the of the Federal reserve system, and shall at all times Federal Reserve Board will observe the following maintain such balances within such limits. principles: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1924 FEDERAL RESERVE BUULEIIN 281 1. The Federal Reserve Board will as a general princi- SECTION VII. Powers and restrictions ple restrict the establishment of branches, agencies, or additional offices by such banks or trust companies to Every State bank or trust company while a member the city of location of the parent bank and the terri- of the Federal reserve system— torial area within the State contiguous thereto, as 1. Shall retain its full charter and statutory rights said territory has been defined in the board's resolution as a State bank or trust company, subject to the proof November 7, 1923,x excepting in instances where visions of the Federal reserve act, to the regulations the State banking authorities have certified and the of the Federal Reserve Board, and to the conditions board finds that public necessity and advantage prescribed by the Federal Reserve Board and agreed render a departure from the principle necessary or to by such State bank or trust company prior to its desirable. admission; 2. The Federal Reserve Board as a general principle 2. Shall maintain such improvements and changes will not consider an application by such bank or trust in its banking practice as may have been specifically company for a permit to establish a branch, agency, or required of it by the Federal Reserve Board as a conadditional office, unless the authorities of the State in dition of its admission and shall not lower the standard which such bank is located regularly make simultaneous of banking then required of it; examinations of the head office and all branches, 3. Shall enjoy all the privileges and observe all those agencies, or additional offices of such bank, nor unless requirements of the Federal reserve act and of the the examinations made by the State authorities are, in regulations of the Federal Reserve Board made; in the judgment of the Federal Reserve Board, of such conformity therewith which are applicable to State character in every respect as to furnish the Federal banks and trust companies which have become mem- Reserve Board with sufficient information as to the ber banks; and condition of such bank and the character of its manage- 4. Shall comply at all times with any and all conment to enable the Federal Reserve Board fully to ditions of membership prescribed by the Federal protect the interests of the public. Reserve Board at the time of the admission of such 3. The Federal Reserve Board as a general principle member bank to the Federal reserve system. will require each bank or trust company which establishes or maintains branches, agencies, or additional SECTION VIII. Examinations and reports offices to maintain for itself and such branches, agencies, or additional offices an adequate ratio of capital to Every State bank or trust company, while a member total liabilities and an adequate percentage of its of the Federal reserve system, shall be subject to total investments in the form of paper or securities examinations made by direction of the Federal Reserve eligible for discount or purchase by Federal reserve Board or of the Federal reserve bank by examiners banks. selected or approved by the Federal Reserve Board. 4. The Federal Reserve Board will not consider any In order to avoid duplication, examinations of State application to establish a branch, agency, or additional banks and trust companies made by State authorities office until the State banking authorities have approved will be accepted in lieu of examinations by examiners the establishment of such branch, agency, or additional selected or approved by the board wherever these are office, and the directors or executive committee and the satisfactory to the directors of the Federal reserve Federal reserve agent of the Federal reserve bank of bank, and examiners from the staff of the board or of the district in which such bank or trust company is the Federal reserve banks will, whenever desirable, be located have made a report upon the financialc ondition designated by the board to act with the examination of the applying bank or trust company, the general staff of the State in order that uniformity in the character of its management, what effect the establish- standard of examination may be assured. ment of such branch, agency, or additional office would Every State bank or trust company, while a member have upon other banks or branches in the locality in of the Federal reserve system, shall be required to which it is to be established, and whether, in their make in each year not less than three reports of condiopinion, it would be in the interest of the public in tion on F. R. B. Form 105. Such reports shall be such locality, together with their recommendation as made to the Federal reserve bank of its district on call to whether or not the application should be granted. of such bank, on dates to be fixed by the Federal 5. When permission is granted for the establish- Reserve Board. They shall also make semiannual ment of such branch, agency, or additional office, reports of earnings and dividends on F. R. B. Form same shall be established and opened for business 107. As dividends may be declared from time to time, within six months after such permission is granted. each State bank or trust company member shall also If such branch, agency, or additional office is not furnish to the Federal reserve bank of its district a established within such time the permit shall become special notification of dividend declared on F. R. B. void, unless the time is extended by the board for good Form 107a. F. R. B. Forms 105, 107, and 107a are cause. made a part of this regulation. 6. The Federal Reserve Board reserves the right to cancel any permit which it may grant hereafter to establish any branch, agency, or additional office whenever it shall appear, after hearing, that such Right of a national bank to establish a branch branch, agency, or additional office is being operated in a manner contrary to the interest of the public in The United States Supreme Court on Januthe locality in which it is established. ary 28, 1924, handed down its decision in the case of First National Bank in St. Louis v. i The term' 'contiguous territory" is denned in the board's resolution of Nov. 7, 1923, to mean: "The territory of a city or town whose State of Missouri, which was a case testing corporate limits at some point coincide with the corporate limits of the the authority of a national bank to establish • city or town in which the parent bank is located." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

282 FEDERAL RESERVE BULLETIN APRIL, 1924 and conduct a branch, in the city in which it The contention of the State was upheld and judgment rendered in accordance with the prayer. — Mo. —. is located. A Missouri statute provided " that The correctness of the judgment is challenged under no bank shall maintain in this State a branch numerous specifications of error presenting Federal bank or receive deposits or pay checks except questions, which, for the purposes of the case, may be in its own banking house." The First Na- considered under two heads: (1) Whether the State statute is valid as applied to national banks; and (2) tional Bank in St. Louis, organized under the whether a proceeding to call a national bank to account National Bank Act to do business in St. Louis, for acts of the kind here alleged may be maintained was operating a branch bank doing a general by the State, and whether the form of remedy pursued banking business in a separate building sev- is sustainable. First. The Missouri statute (§11737, R. S. Mo., eral blocks away from its main banking build- 1919) provides "that no bank shall maintain in this ing. The State of Missouri brought a proceed- State a branch bank or receive deposits or pay checks ing in the nature of quo warranto in the Supreme except in its own banking house." That the facts . Court of Missouri against the First National alleged in the information bring the case within that part of the statute-which prohibits the maintenance of Bank in St. Louis to determine its authority branch banks and that the statute applies to national to establish and conduct this branch. Upon banks is conclusively established by the decision of a decision in favor of the State, the case was the State court, and we confine ourselves to the taken to the United States Supreme Court, which inquiry whether, as thus applied, the statute is valid. National banks are brought into existence under affirmed the judgment of the State court and Federal legislation, are instrumentalities of the Federal held that the proceeding was properly brought Government, and are necessarily subject to the paraby the State and that a national bank has no mount authority of the United States. Nevertheless, authority in law for the establishment of a national banks are subject to the laws of a State in respect of their affairs unless such laws interfere with branch. the purposes of their creation, tend to impair or There is published below a copy of the opin- destroy their efficiency as Federal agencies or conflict ion of the Supreme Court of the United States with the paramount law of the United States. National by Mr. Justice Sutherland, together with a Bank v. Commonwealth, 9 Wall. 353, 362; Davis v. Elmira Savings Bank, 161 U. S. 275, 283. These two copy of the dissenting opinion of Mr. Justice cases are cited and followed in the later case of Van Devanter which was concurred in by McClellan v. Chipman, 164 U. S. 347, 357, and the prin- Chief Justice Taft and Mr. Justice Butler. ciple which they establish is said to contain a rule and an exception, "the rule being the operation of general There is also printed below a copy of a state- State laws upon the dealings and contracts of national ment issued by the Comptroller of the Cur- banks, the exception being the cessation of the operation rency on January 29, 1924, with reference to of such laws whenever they expressly conflict with the this decision. laws of the United States or frustrate the purpose for which national banks were created, or impair their efficiency to discharge the duties imposed upon them SUPREME COURT OF THE UNITED STATES by the law of the United States." See also Waite v. Dowley, 94 U. S. 527, 533. The question is whether No. 252.—OCTOBER TERM, 1923 the Missouri statute falls within the rule or within First National Bank in St. Louis,. plaintiff in error. the exception. vs. State of Missouri, at the information of Jesse W. Does it conflict with the laws of the United States? Barrett, attorney general.—In error to the Supreme In our opinion, it does not. The extent of the powers Court of the State of Missouri.—January 28, 1924.of national banks is to be measured by the terms of the Federal statutes relating to such associations, and Mr. Justice SUTHERLAND delivered the opinion of they can rightfully exercise only such as are expressly the court. granted or such incidental powers as are necessary to The State of Missouri brought this proceeding in carry on the business for which they are established. the nature of quo warranto in the State Supreme CourtBullard y. Bank, 18 Wall. 589, 593; Logan County Bank against the plaintiff in error to determine its authority v. Townsend, 139 U. S. 67, 73; California Bank v. to establish and conduct a branch bajik in the city of Kennedy, 167 U. S. 362, 366. Among other things the St. Louis. The information avers that the bank was Federal law (R. S., § 5154) provides that the organizaorganized under the laws of the United States and wastion certificate of the association shall specifically and is engaged in a general banking business in that state "the place where its operations of discount and city at a banking house, the location of which is given; deposit are to be carried on, designating the State, that, in contravention of its charter and of the act Territory, or district and the particular county, city, of Congress under which it was incorporated, it has town, or village." By another provision (R. S., § 5190) illegally opened and is operating a branch bank for it is required that "the usual business of each national' doing a general banking business in a separate building banking association shall be transacted at an office or several blocks from its banking house, and proposes banking house located in the place specified in its to open additional branch banks at various other loca- organization certificate." Strictly, the latter protions, and that this is in violation of a statute of the vision, employing, as it does, the article "an," to State expressly prohibiting the establishment of branch qualify words in the singular number, would confine banks. The prayer is that, upon final hearing, the the association to one office or banking house. We bank be ousted from the privilege of operating this are asked, however, to construe it otherwise in view branch bank or any other. A demurrer to the informa- of the rule that "words importing the singular number tion was interposed and the cause thereupon submitted. may extend and be applied to several persons or Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

o 1924 FEDERAL BESEBVE BULLETIN 288 things." R. S., § 1. But obviously this rule is not incidentally; for it is wholly illogical to say that a one to be applied except where it is necessary to carry power which by fair construction of the statutes is out the evident intent of the statute. See Garrigus v. found to be denied, nevertheless exists as an incidental Board of Commissioners, 39 Ind. 66, 70; Moynahan v. power. Certainly, an incidental power can avail City of New York, 205 N. Y. 181, 186. Here there is neither to create powers which, expressly or by reasonnot only nothing in the context or in the subject able implication, are withheld nor to enlarge powers matter to require the construction contended for, but given; but only to carry into effect those which are other provisions of the national banking laws are granted. persuasively to the contrary. By section 5138, E. S., Clearly, the State statute, by prohibiting branches, the minimum amount of capital is fixed in proportion does not frustrate the purpose for which the bank was to the population of the place where the bank is created or interfere with the discharge of its duties to located. If it had been intended to allow the estab- the Government or impair its efficiency as a Federal lishment by an association of not one bank only but, agency. This conclusion would seem to be self in addition, as many branch banks as it saw fit, it is evident, but if warrant for it be needed, it sufficiently remarkable, to say the least, that there should have lies in the fact that national banking associations have been no provision for adjusting the capital to the gone on for more than half a century without branches latter contingency or for determining how or under and upon the theory of an absence of authority to what circumstances such branch banks might be establish them. If the nonexistence of such branches established or for regulating them. Section 5155, or the absence of power to create them has operated R. S., provides that it shall be lawful for a State bank or is calculated to operate to the detriment of the "having branches, the capital being joint and assigned Government, or in such manner as to interfere with to and used by the mother-bank and branches in the efficiency of such associations as Federal agencies, definite proportions, to become a national banking or to frustrate their purposes, it is inconceivable that association . . . and to retain and keep in oper- the fact would not long since have been discovered ation its branches . . . the amount of circulation and steps taken, by Congress to remedy the omission. . . . to be regulated by the amount of capital Second. The State statute as applied to national assigned to and used by each." This provision, con- banks is, therefore, valid, and the corollary that it is fined by its terms, as it is, to existing State institu- obligatory and enforceable necessarily results, unless tions, may be fairly considered as constituting an some controlling reason forbids; and, since the sancexception to the general rule, and the presence of tion behind it is that of the State and not that of the safeguarding limitations in the excepted case, with National Government, the power of enforcement must their entire absence from the statute otherwise, goes rest with the former and not with the latter. To far in the direction of confirming the conclusion that demonstrate the binding quality of a statute but deny the general rule does not contemplate the establish- the power of enforcement involves a fallacy made apment of branch banks. This apparently was the parent by the mere statement of the proposition, for interpretation of Congress itself, since in two instances such power is essentially inherent in the very concepat least special legislation was deemed necessary to tion of law. It is insisted with great earnestness that allow the establishment of branch banks, viz: At the the United States alone may inquire by quo warranto Chicago Exposition, in 1892, c. 71, 27 Stat. 33, and whether a national bank is acting in excess of its at the St. Louis Exposition, in 1901, c. 864, 31 Stat. charter powers, and that the State is wholly without 1444, § 21, the- existence of the branch bank in each authority to do so. This contention will be conceded instance being expressly limited to the period of two since it is plainly correct, but the attempt to apply it years. here proceeds upon a complete misconception of what The construction of the executive officers charged the State is seeking to do, a misconception which with the administration of the law has been, with arises from confounding the relief sought with the cirsubstantial uniformity, to the same effect, and in this cumstances relied upon to justify it. The State is view the Department of Justice, in a well considered neither seeking to enforce a law of the United States opinion, rendered May 11, 1911, concurred. Lowry nor endeavoring to call the bank to account for an National Bank—-Establishment of Branches. 29 Op. act in excess of its charter powers. What the State Atty. Genl. 81.1 is seeking to do is to vindicate and enforce its own law, This interpretation of the statute by the legislative and the ultimate inquiry which it propounds is whether department and by the executive officers of the Govern- the bank is violating that law, not whether it is comment would go far to remove doubt as to its meaning plying with the charter or law of its creation. The if any existed. See Tiger v. Western Investment Co.,latter inquiry is preliminary and collateral, made only 221 U. S. 286, 309; United States v. Hermanos y Com-for the purpose of determining whether the State law pania, 209 U. S. 337, 339. is free to act in the premises or whether its operation But it is said that the establishment of a branch is precluded in the particular case by paramount law. bank is the exercise of an incidental power conferred Having determined that the power sought to be exerby section 5136, R. S., by which national banking cised by the bank finds no justification in any law or associations are vested with "all such incidental power authority of the United States, the way is open for as shall be necessary to carry.on the business of bank- the enforcement of the State statute. In other words, ing." The mere multiplication of places where the the national statutes are interrogated for the sole purpowers of a bank may be exercised is not, in our pose of ascertaining whether anything they contain opinion, a necessary incident of a banking business, constitutes an impediment to the enforcement of the within the meaning of this provision. Moreover, the State statute, and the answer being in the negative, reasons adduced against the existence of the power they may be laid aside as of no further concern. substantively are conclusive against its existence The application of the State statute to the present case and the power of the State, to enforce it being 1 Our attention is directed to a later opinion of the Attorney General, established, the nature of the remedy to be employed dated October 3, 1923, which, although in terms affirming the earlier is a question for State determination; and the judgment opinion, announces a limited rule which does not seem to be in precise of the State court that the one here employed was agreement with it. To the extent of the disagreement, however, we accept the view of the earlier opinion. appropriate is conclusive unless it involves a denial of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

284 FEDERAL RESERVE BULLETIN APKIL, 1924 due process of law, which plainly it does not. We are people of the United States? We think it demonnot concerned with the question whether an informa- strable that it does not. Those powers are not given tion in the nature of quo warranto, according to the by the people of a single State. They are given by the general principles of the law, is in fact appropriate. people of the United States, to a government whose It is enough that the Supreme Court of the State has laws, made in pursuance of the Constitution, are so held. Standard Oil Co. v. Missouri, 224 U. S. 270, declared to be supreme." 287; Twining v. New Jersey, 211 U. S. 78,110-111. In In Osborn v. Bank of the United States, 9 Wheat. 738, Iowa C. R. Co. v. Iowa, 160 U. S. 389, 393, this court there was drawn in question the validity of a State said: "But it is clear that the Fourteenth Amendment statute which, after reciting that the bank had been in no way undertakes to control the power of a State pursuing its operations contrary to a law of the State, to determine by what process legal rights may be provided that if the operations were continued the bank asserted or legal obligations be enforced, provided the should be liable to specified exactions, called a tax. method of procedure adopted for these purposes gives The statute was held invalid, the court saying: reasonable notice and affords fair opportunity to be (pp. 860, 861) "The bank is not considered as a heard before the issues are decided. This being the private corporation, whose principal object is individual case, it was obviously not a right, privilege, o§imrnunity trade and individual profit; but as a public corporation, of a citizen of the United States to have a controversy created for public and national purposes. That the in the State court prosecuted or determined by one mere business of banking is, in its own nature, a private form of action instead of by another. . . . Whether business, and may be carried on by individuals or comthe court of last resort of the State of Iowa properly panies having no political connexion with the Governconstrued its own constitution and laws in determining ment, is admitted; but the bank is not such an indithat the summary process under those laws was appli- vidual or company. It was not created for its own cable to the matter which it adjudged, was purely the sake, or for private purposes. . .. It is an decision of a question of State law, binding upon this instrument which is 'necessary and proper' for carrying court." See also Louisville & N. B. Co. v. Schmidt, 177on the fiscal operations of government." U. S. 230, 236; Hooker v. Los Angeles, 188 U.S. 314, The later legislation of Congress under which na- 318; Rogers v. Peck, 199 U. S. 425, 435. tional banks are created and maintained stands on the The judgment of the Supreme Court of Missouri is same constitutional plane. When its validity has been therefore assailed, or its operative force in a State questioned, the cases just mentioned have been regarded as settlihg Affirmed. the principles to be applied. Mr. Justice VAN DEVANTEE, dissenting. In Farmers' and Mechanics' National Bank v. Dear- I am constrained to dissent from the opinion and ing, 91 U. S. 29, 31, the court referred to those cases, judgment just announced. pronounced their reasoning applicable to the later National banks are corporate instrumentalities of legislation, and said: the United States created under its laws for public (pp. 33-34) "The national banks organized under purposes essentially national in character and scope. the act are instruments designed to be used to aid the Their powers are derived from the United States, are Government in the administration of an important to be exercised under its supervision and can be branch of the public service. They are means approneither enlarged nor restricted by State laws. The priate to that end. . . . Being such means, decisions uniformly have been to this effect and have brought into existence for this purpose, and intended proceeded on principles which were settled a century to be so employed, the States can exercise no control ago in the days of the Bank of the United States. over them, nor in any wise affect their operation, In McCulloch v. Maryland, 4 Wheat. 316, where the except in so far as Congress may see proper to permit. status of that bank was drawn in question and elabo- Anything beyond this is 'an abuse, because it is the rately discussed, this court reached the conclusion usurpation of power which a single State can not give'." that the Constitution invests the United States with To the same effect are Easion v. Iowa, 188 U. S. 220, authority to provide, independently of State laws, for 230, 237; Van Reedv. People's National Bank, 198 U. S. the creation of banking institutions, and their main- 554, 557; First National Bank v. Union Trust Co., 244 tenance at suitable points within the States, as a U. S. 416, 425; and First National Bank v. California, means of carrying into execution its fiscal and other 262 U. S. 366, 369. Of special pertinence are the folpowers. Chief Justice Marshall there dealt with the lowing excerpts from Easton v. Iowa: respective relations of the United States and the States (p. 229) "That legislation has in view the erection to such an instrumentality in a very plain and conof a system extending throughout the country, and vincing way. Among the other things, he said: independent, so far as powers conferred are concerned, (p. 424) "After the most deliberate consideration, of State legislation which, if permitted to be applicable, it is the unanimous and decided opinion of this court, might impose limitations and restrictions as various that the act to incorporate the Bank of the United and as numerous as the States." States is a law made in pursuance of the Constitution and is a part of the supreme law of the land." (pp. 231-232) "It thus appears that Congress has (p. 427) "It is of the very essence of supremacy to provided a symmetrical and complete scheme for the remove all obstacles to its action within its own sphere, banks to be organized under the provisions of the and so to modify every power vested in subordinate statute. governments, as to exempt its operations from their "It is argued by the learned attorney general on influence. This effect need not be stated in terms. It behalf of the State of Iowa that 'the effect of the is so involved in the declaration of supremacy, so statute of Iowa is to require of the officers of all banks necessarily implied in it, that the expression of it within the State a higher degree of diligence in the could not make it more certain." discharge of their duties. It gives to the general public (p. 429) "The sovereignty of a State extends to greater confidence in the stability and solvency of everything which exists by its own authority, or is national banks, and in the honesty and integrity of introduced by its permission; but does it extend to their managing officers. It enables them better to those means which are employed by Congress to carry accomplish the purposes and designs of the General into execution powers conferred on that body by the Government, and is an aid, rather than impediment, to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL,, .1924 FEDERAL, RESERVE BTTLLETTN 285 their utility and efficiency as agents and instrumen- strumentality of the State, but of the National Governtalities of the United States.' ment. Its presence in the State is attributable to the "But we are unable to perceive that Congress national power, not to the State's permission. Whether intended to leave the field open for the States to attempt the bank shall be kept within its legitimate powers to promote the welfare and stability of national banks and made to discontinue any departure from or abuse by direct legislation. If they had such power it would of them is a matter in which the people of all the States have to be exercised and limited by their own discre- have the same interest, the bank being a national tion, and confusion would necessarily result from con- creation and instrumentality. The people of Missouri trol possessed and exercised by two independent merely share in the common interest. "In that authorities." field it is the United States, and not the State, which It must be admitted that, in so far as the legislation represents them as parens patriae, when such represen- . of Congress does not provide otherwise, the general tation becomes appropriate; and to the former, and laws of a State have the same application to the ordi- not to the latter, they must look for such protective nary transactions of a national bank, such as incurring measures as flow from that status." Massachusetts v. and discharging obligations to depositors, presenting Mellon, 262 U. S. 447, 486. It therefore is apparent drafts for acceptance or payment and giving notice of that the State is here mistakenly appropriating to their dishonor, taking pledges for the repayment of itself a function which belongs to the United States. money loaned, and receiving or making conveyances of In Tarble's Case, 13 Wall, 397, 407, which possessed real property, that they have to like transactions of features making it particularly pertinent here, this others. But not so of questions of corporate power. Court pointed out the distinct and independent As explained in Eastern v. Iowa and other cases, their character of the National and State governments, solution must turn on the laws of the United States within their respective spheres, and in that conunder which the bank is created. nection said: National banks, like other corporations, have such " Neither can intrude with its judicial process into powers as their creator confers on them, expressly or the domain of the other, except so far as such intrusion by fair implication, and none other. Thomas v. West may be necessary on the part of the National Govern- Jersey R. B. Co., 101 U. S. 71, 82; Logan County Na- ment to preserve its rightful supremacy in cases of tional Bank v. Townsend, 139 U. S. 67, 73. Powers conflict of authority. In their laws and mode of ennot so conferred are in effect denied; a prohibition is forcement neither is responsible to the other. How implied from the failure to grant them. First National their respective laws shall be enacted; how they shall Bank v. National Exchange Bank, 92 U. S. 122, 128; be carried into execution; and in what tribunals, or by California National Bank v. Kennedy, 167 U. S. 362, what officers; and how much discretion, or whether 367. In short, all the powers of a national bank, like any at all, shall be vested in their officers, are matters its right to exist al all, have their source in the laws of subject to their own control, and in the regulation of the United States. Only where those laws bring State which neither can interfere with the other." laws into the problem,—as by enabling national banks Another case opposite in principle is Territory v. to act as executors, administrators, etc., where that Lockwood, 3 Wall. 236. It was a proceeding in the is permitted by State laws—can the latter have any nature of quo warranto brought by the Territory of bearing on the question of corporate power—the Nebraska to test the defendant's right to hold a privileges which the bank may exercise. First Na- Federal office in the Territory which he was charged tional Bank v. Union Trust Co., 244 U. S. 416. with unlawfully usurping. This Court disposed of the The proceeding now before us is an information in matter by saying, p. 239: the nature of quo warranto brought in the Supreme "The right of the Territory to prosecute such an Court of Missouri, whereby that State challenges the information as this would carry with it the power of power of a national bank in the city of St. Louis to a motion without the concurrence of the Government conduct a branch bank established by it in that city and from which the appointment was derived. This the asks that the bank be ousted from that privilege on the Territory can no more accomplish in one.way than in grounds, first, that establishing and conducting the another. The subject is as much beyond the sphere branch is a violation of the bank's charter powers, and, of its authority as it is beyond the authority of States secondly, that it is prohibited by a law of the State. as to the Federal officers whose duties are to be dis- It is not claimed that the laws of the United States charged within their respective limits. The right to contain any provision whereby the privilege asserted institute such proceedings is inherently in the Governby the bank is made to depend on the will or legis- ment of the nation." lative policy of the State; nor do they in fact contain With great deference, I think the judgment below any such provision. Whether the bank has the should be reversed on the ground that the State is privilege which it asserts is therefore in no way de- without capacity to bring or maintain this proceeding, pendent on or affected by the State law, but turns and the court below without authority to entertain it. exclusively on the laws of the United States. If they The- Chief Justice and Mr. Justice Butler authorize grant the privilege, expressly or by fair implication, me to say that they concur in this dissent. no law of the State can abridge it or take it away. And if they do not grant it, they in effect prohibit it, STATEMENT BY COMPTROLLER OP THE CURand no law of the State can strengthen or weaken the RENCY prohibition. In either event nothing can turn on the State law. It simply has no bearing on the solution BRANCH BANK OPINION OP THE SUPREME COtFBT OP THE of the question. TTNITEn STATES IN FIRST NATIONAL BANK V. MIS- In this situation the State is not, in my opinion, SOUBI entitled to maintain the proceeding. It has no dis- JANUARY 29, 1924. tinctive right to protect, nor any applicable law to The opinion delivered yesterday by the United vindicate or enforce. The proceeding is one which States Supreme Court in the case of First National may be maintained only in the public right. Here Bank in St. Louis v. Missouri will cause no change to the State is not authorized to represent or to speak be made in the rulings of the Comptroller of the for the public. The bank is not a creation and in- Currency relating to the branch bank question. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

286 FEDERAL, RESERVE BUILETIN APHID, 1924 This opinion affirms the opinion of Attorney General to set up a teller window beyond the four walls of its Wickersham of 1911, which held that it was unlawful banking house, or the authority of the comptroller for a national bank to establish a branch bank for the over the operation of such teller windows. The teller conduct of a general banking business unless such windows here mentioned have no general banking branch were acquired under section 5155 of the Revised powers and the employees assigned to them are not Statutes, which permits a State bank having such permitted to exercise any discretionary powers branches to convert into a national bank and elect whatsoever, but are confined solely to routine, clerical, to retain the branches. This view of the law confirms or ministerial duties. This question of the power "of a the position of the office of the comptroller. national bank to extend its teller windows in this Those national banks which have now in operation manner was not called into question in the First branch banks acquired under section 5155 are, of National Bank in St. Louis v. Missouri, the case course, not in any way affected by the above opinion. having gone to trial in the State Supreme Court upon This applies also to such branch banks as have been an apparently undisputed statement of facts that the acquired through the consolidation of national banks bank had established and was operating a branch under the act of 1918. bank and conducting a general banking business at a The Supreme Court did not have before it for location in the city of St. Louis at a distance from the decision the question of the power of a national bank parent bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

287 APRIL, 1924 FEDERAL RESERVE BULLETIN State Bank and Trust Companies Acceptances To 100 Per Cent The following list shows the State banks and trust Since the issuance of the March BULLETIN the followcompanies which were admitted to membership in the ing member institutions have been authorized by the Federal reserve svstem during the month ending Federal Reserve Board to accept drafts and bills of March 28, 1924, on which date 1,604 State institu- exchange up to 100 per cent of their capital and surplus: tions were members of the system: Safe Deposit National Bank, New Bedford, Mass. Fifth National Bank, New York, N. Y. ADMISSIONS New National Bank Charters Total Capital Surplus The Comptroller of the Currency reports the following increases and reductions in the number and capital of national banks during the period from District No. 2 February 22 to March 21, 1924, inclusive: Eamapo Trust Co., Spring Valley, N. Y $$110000,,000000 $$3355,,000000 $813,166 Num- Amount District No.S ber of of banks capital First Bank & Trust Co., Mechanicsburg, Pa. (succeeded First National Bank, Meehanicsburg, Pa.) 225500,,000000 6600,,000000 1,813,660 New charters issued 16 $1,080,000 Restored to solvency . . . .. 0 0 District No. t Increase of capital approved 22 2,175,000 Ci B ti a z l e t n im s o S re t , a t M e ic S h a vings Bank, New 2266,,000000 1100,,000000 309,023 Ag s g o r lv eg en at c e y , o a f n n d ew b a c n h k a s r t i e n r c s r , e b as a i n n k g s c r a e p s i t t o a r l ed to 37 3,255,000 District No. 8 Liquidations _ _ 37 2,855,000 Twin City Bank, North Little Rock, Reducing capital * . .. . 4 280,000 Ark 110000,,000000 2200,,000000 769,471 Chippewa. Trust Co., St. Louis, Mo... 220000,0,00000 6600,0,00000 1,613,516 Total liquidations and reductions of capital 41 . 3,135,000 District No. 10 Consolidations of national banks under act of Nov. 7,1918 1 2,000,000 Colorado Savings & Trust Co., La Junta, Colo - 7755,,000000 4400,,000000 616,652 Aggregate increased capital for period 3, 255,000 3,135,000 Reduction of capital owing to liquidations, etc CHANGES Net increase 120, 000 1 Includes one reduction in capital of $200,000 incident to a consoli- District No. 6 dation under act of November 7,1918. Citizens Bank & Trust Co. of Louisi- Fiduciary Powers Granted to National Banks ana, New Orleans, La. has merged with Canal-Commercial Trust & During the month of March the Federal Reserve Savings Bank.New Orleans (member) $$11,,000,000 $250,000 $10,887,638 Board approved applications of the national banks Planters Bank, Carlton, Ga. (closed) 25,000 listed below for permission to exercise one or more of District No. 7 the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as follows: Magnolia Savings Bank, Magnolia, Iowa (closed) 25,000 10,000 287,000 (1) Trustee; (2) executor; (3) administrator; (4) Farmers Savings Bank, Roland, Iowa registrar of stocks and bonds; (5) guardian of estates; (voluntary liquidation) 35,000 25,000 496,070 (6) assignee; (7) receiver; (8) committee of estates of District No. 9 lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations Ce M nt i r n a n l , M ( e a t b r s o o p r o b l e i d t an b y B a a n k n , S a t t . i P o a n u a l l , 80,000 4,931,000 which come into competition with national banks are bank) 400,000 permitted to act under the laws of the State in which District No. 11 the national bank is located. First State Bank & Trust Co., Mc- 761,330 Allen, Tex. D ( i v s o tr l i u c n t t N ar o y . w 12 ithdrawal).. 100,000 Place t D N ri i o c s . t - Name of bank P gr o a w n e te rs d The Valley Bank of Phoenix, Ariz., has absorbed the First National Bank of Glendale, Ariz 80,000 1,000 431,970 Wareham, Mass 1 National Bank of Wareham... 5 to 9 The Pacific Southwest Trust & Sav- Newport, Vt 1 National Bank of Newport Ito7 andS ings Bank, Los Angeles, Calif., has Jersey City, N.J—. 2 Franklin National Bank Ito7 andS absorbed the First National Bank NewYork, N. Y.... 2 Commercial National Bank.. ltoS of Wilmington, Los Angeles, Calif 100,000 20,000 1,505,000 NewYork, N. Y 2 East River National Bank ltot The Pacific Southwest Trust & Sav- Glens Falls, N.Y... 2 First National Bank ltoO ings Bank, Los Angeles, Calif., has Syracuse, N. Y 2 Salt Springs National Bank... ltoS absorbed the First National Bank & Pottsville, Pa 3 Miners National Bank ltoS Trust Co., Santa Paula, Calif 150,000 150,000 2,064,720 Greenville, Ohio 4 Sfipnnd National •Ranlr Ito7 and9 The Selah State Bank, Selah, Wash., Harlan, Ky... 4 TTarlan National Banlr Ito5,7to9 has absorbed the First National Leesburg, Va 5 London National Bank ltoS Bank of Selah 25,000 2,600 100,450 Clarksburg, W. Va . 5 Merchants National Bank of Ito9 Molson State Bank, Molson, Wash, West Virginia. (closed) 25,000 10,000 200,000 Fort Wayne, Ind 7 Lincoln National Bank ltoS Oarmi, 111 8 National Bank of Carmi ltoS Menomonie, Wis 9 First National Bank ltoS Voluntary liquidation.—The Citizens Savings Bank of Decorah, Iowa, Denver, Col 10 American National Bank Ito7 reported closed in the February BULLETIN, has gone into voluntary Los Angeles, Calif... 12 Commercial National Bank... 1 to9 liquidation. 92279—24 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

288 FEDERAL RESERVE BULLETIN APRIL, 192* BUSINESS STATISTICS INDUSTRIAL STATISTICS IN THE UNITED STATES Industrial activity during February con- Mining output, as shown by the index of tinued, at a somewhat diminished rate, the mineral production, had an almost purely seageneral upward movement noted in the pre- sonal decline in February, and, in general, convious month. Employment in manufacturing tinued at the relatively high rate maintained industries (see chart on page 252) definitely in- almost steadily for the past year. The decline creased for the first time since last March. in the agricultural index was somewhat less Production in basic industries (see chart on than usually occurs between January and Febpage 251) showed only a fractional increase, ruary, owing to an abnormal increase in grain because of lessened output, after allowances receipts. Marketing of animal products, fruits,, for usual seasonal changes, in the lumber, and vegetables was also somewhat larger than cement, and tobacco industries. The general in January. manufacturing index, shown in the chart Various indexes reflecting trends in industry below, in which no adjustment is made and trade and detailed statistics of individual for the drop usually occurring in February commodities are given on the following pages. because of the short month, also increased Description and analysis of recent developslightly. Greater activity in iron and steel, ments in certain industries may be found in the automobiles, and certain building materials, preceding sections on "Business conditions in offsetting declines in textiles, foods, paper, and the United States." tobacco, were responsible for this rise. INDEXES OF INDUSTRIAL ACTIVITY PER CENT ( MONTHLY AVERAGE, 1319 - 10O ) 175 ——— MANUFACTURING PRODUCTION — — — - MINERAL PRODUCTION AGRICULTURAL MOVEMENTS 125 100 100 75 50 50 25 25 1919 1920 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

,, 1924 FEDEKAL EESERVE BXTT.T.F,T1N 289 INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES* [Not corrected for seasonal variations. Monthly average, 1919=100] i G n e d r e a e n l x - G in M r d o p e u e r x t p o a d ls u c a s I a t r t n s n e o d e d n l G i T n r e d o x e u t x p iles a F r n i a c d b s - prod P u u r c o c t t d s s - L p u a b r u c n o e m t d d r s - - V c e le h s i- P p a i r a n n i p n g d e t- r F p u a o r c n o o t d d d s - s L p e u a r a c n o t t d d h s - er S c g a t l l o n a a n d y s e s , , b p u T a r c o c o t c d - s o - 1 C p u a h c r c n o a e t l d d m s s - i- 1919 average 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1920 average 104 110 110 100 98 103 96 105 110 101 92 103 99 101 1921 average 83 67 67 96 97 94 81 72 96 96 83 86 98 76 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 99 90 89 105 106 102 115 95 104 98 96 98 96 80 February. _ _ . 101 92 92 105 106 104 118 98 104 99 97 98 94 80 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 99 90 89 98 100 96 118 95 107 108 86 109 92 78 1924 January 98 • 89 89 97 96 98 118 2 95 106 104 86 105 89 78 February. 99 91 90 98 97 100 123 3 94 106 102 87 106 87 78 , * 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. 3 Preliminary. INDEX OF PRODUCTION IN BASIC INDUSTRIESi [Index and relatives for each industry adjusted for seasonal variations.2 Iron and steel Textiles General Year and month index Pig iron Steel Cotton Wool ingots 1919 average 100 100 100 100 100 1920 average 105 119 118 98 89 1921 average 80 55 58 92 98 1922 average 98 88 102 103 98 1923 average 120 131 128 110 110 1923 no 121 128 138 119 February 120 134 138 119 113 September, 114 121 117 103 105 October 118 118 118 111 106 N De o c v e e m m b b e e r r.. 1 1 1 1 6 1 1 11 1 7 1 1 1 0 0 9 7 1 9 1 6 3 100 1924 January 120 120 130 112 99 February2 . 120 132 145 102 100 Coal Nonferrous metals Year and moiith m B in it o u u - s An c t i h te ra- Copper Zinc 100 100 100 100 1920 average 121 101 105 102 1921 average 69 99 39 46 1922 average _ 87 60 82 79 1923 average . . 120 109 122 1923 January 123 122 111 February.. 120 126 110 September 114 40 127 October 114 108 128 November 108 103 131 102 105 128 1924 January 124 111 132 February 2_. . . _ 125 118 131 r-t rco a Monthly average 1919=100] Food products Animals slaughtered Lumber Wheat Sugar flour meltings Cattle Calves Sheep Hogs 100 100 100 100 100 100 100 84 90 86 183 86 91 101 92 97 76 97 103 95 75 95 132 86 106 87 106 102 96 111 91 114 92 131 124 82 121 87 125 93 104 126 96 127 93 123 89 102 110 96 107 87 103 78 149 122 91 165 89 126 85 150 184 84 138 82 122 79 141 137 87 97 81 121 87 116 138 389 97 95 133 98 119 136 100 127 94 137 93 116 130 Tobacco products le S a o th le er N p e ri w n s t - Cement P le e u tr m o- Manu- Cigars r C et ig te a s - factured tobacco 100 100 100 100 100 100 100 82 110 127 117 114 100 93 79 89 121 124 98 113 90 79 105 139 146 100 119 98 84 108 174 191 99 144 96 87 105 210 167 109 151 no 108 87 109 189 171 99 139 99 100 79 101 168 207 98 143 90 107 81 103 165 203 106 153 95 113 80 107 180 209 104 145 98 118 72 101 174 192 88 138 85 8 126 73 106 239 183 98 176 113 112 70 107 192 188 94 140 98 . * 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 251, 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 page's 1414-1421 of the BULLETIN for December, 1922. 1 Industry relatives and general index for February, 1924, given an additional adjustment to allow for 29th day. 3 Revised, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

290 FEDERAL RESERVE BULLETIN APRIL, 1924 INDEXES OF INDUSTRIAL ACTIVITY 1 COMMODITY MOVEMENTS—Continued [No seasonal correction. Monthly average, 1919=100] February, January, 'ebruary, 1924 1924 1923 1924 1923 Grain and Flour—Continued Febru- Janu- Decem- Febru- Janu- Total visible supply of grain east of the ary ary ber ary ary Rocky Mountains at close of month (000 omitted): Wheat (bushels) 68,005 71,714 51,500 Corn (bushels) 20,517 10,492 29,585 Agri L c i u v l e tu s r t a o l c k m .. o . vements 9 9 6 9 2-1 1 0 2 4 1 1 1 3 1 0 4 8 8 0 9 1 1 1 1 4 1 Oats (bushels) 19,011 18,712 29,937 Animal products. _ _ 103 2 98 124 89 109 Receipts at 9 seaboard centers (000 120 91 126 98 144 omitted): Cotton .. 41 83 154 37 80 Wheat (bushels) 13,816 12,794 10,767 Vegetables . - 123 120 80 88 106 Corn (bushels) 2,975 3,213 8,395 T F o ru b i a t c s co __ 1 1 0 3 2 3 2 2 9 3 0 9 2 2 9 4 5 2 10 8 6 4 1 9 7 6 9 R O y at e s ( ( b b u u s s h h e e l l s s ) ) 1,3 4 0 0 1 8 2,3 3 2 2 7 5 3 1 , , 7 2 9 3 4 5 Mineral production 128 136 123 117 133 Barley (bushels) 1,255 1,573 1,632 104 > 108 105 106 119 Bituminous 118 131 103 109 129 Total grain (bushels). 19,755 20, 232 25,823 Petroleum 175 2 179 187 154 164 Flour (barrels) 1,945 1,931 1,621 Pig iron 121 118 115 118 127 Copper . . _ 127 132 128 102 111 Total grain and flour (bushels) 28,505 28, 920 33,116 112 2126 118 108 118 Lead 106 104 112 Stocks at 8 seaboard centers at close of Silver 118 111 101 100 110 month (000 omitted): Manufacturing production. _. 122 U21 109 116 121 Wheat (bushels) 4,659 6,039 9,601 Iron and steel. 131 126 104 122 134 Corn (bushels) 1,007 1,484 4,796 148 129 129 117 102 Oats (bushels) 849 1,025 2,791 Textiles 106 116 94 120 125 Rye (bushels) 1,020 751 2,559 Food products. 105 2 109 112 94 103 Barley (bushels) 1,555 2,164 2,077 132 2128 113 112 118 Paper and printing 114 122 109 113 123 Total grain (bushels) 9,090 11,463 21, 823 Leather and shoes 95 98 85 106 111 Wheat flour production (barrels, 000 PfitrnlMiTn refining 166 172 170 142 15S omitted) : 10,434 10, 360 9,425 Cement and brick 124 118 129 111 124 103 118 94 100 114 Livestock Rubber tires 154 2 152 117 153 14S Receipts at 57 principal markets (head, 000 omitted): 1 For description and early figures see BULLETIN for March, 1924. Cattle and calves 1,429 1,846 1,374 2 Eevised. 5,214 6,102 4,393 Sheep 1,388 1,669 1,343 56 75 52 COMMODITY MOVEMENTS Horses and mules (43 markets) Total 9,691 7,162 Shipments at 52 principal markets February, January, February, (head, 000 omitted): 1924 1924 1923 Cattle and calves 530 550 Hogs 2,094 2,157 Sheep .- 674 758 634 Grain and Flour Horses and mules (43 markets) 55 75 51 Receipts at 17 interior centers (000 Total 3,354 2,883 omitted): Wheat (bushels) 21,433 16,861 22,099 Shipments of stockers and feeders from Corn (bushels) 45,667 31,075 31, 557 33 markets (head, 000 omitted): Oats (bushels) ' 21,331 18,175 16,041 Cattle and calves 167 238 206 Rye (bushels) 1,938 1,807 4,749 Hogs 46 47 50 Barley (bushels) _ 3,381 2,916 2,556 Sheep 106 145 165 Total grain (bushels) _ 93,750 70,834 77,002 Total- 319 430 Flour (barrels) 2,024 1,902 1,738 Slaughter at principal markets under Total grain and_flour;,(bushels) 102,859 79,395 84,823 Federal inspection (head, 000 omitted): Shipments at 14 interior centers (000 Cattle 813 634 omitted): Calves 346 373 297 Wheat (bushels) 12,005 12, 244 10,936 5,006 5,911 4,230 Corn (bushels) 20,520 17,579 14,377 Sheep... 912 1,083 836 Oats (bushels) 14,311 14,829 13,438 Rye (bushels) 420 582 2,476 Total. 6,933 8,180 8,997 Barley (bushels) 2,081 2,066 1,747 Meats, cold-storage holdings, first of fol- Total grain (bushels) 49,338 47,300 42,974 lowing month (pounds, 000 omitted): Flour (barrels) 3,166 3,182 3,055 Beef 97,874 102,340 100,591 Pork products 946,788 858,497 783,680 Total grain andjlour (bushels) 61,619 56,723 Lamb and mutton 2,175 2,343 5,758 Exports of certain meat products Stocks at 11 interior centers at close of (pounds, 000 omitted): month (000 omitted): Beef- Wheat (bushels).—. 62,471 59*785 36,096 Canned : 106 341 253 Corn (bushels) 15,330 6,832 18,492 Fresh 259 261 320 Oats (bushels) 15,328 14, 788 24,155 Pickled or other cured 1,605 1,201 1,929 Rye (bushels) 17,919 16,652 10,711 Hog products— Barley (bushels) 1,204 1,828 1,825 Bacon 41,005 42,427 36,296 Hams and shoulders 35,296 30,102 28,192 Total grain (bushels) __ 112,252 99,885 91,279 Lard _ ^. 99,910 132,758 89,055 Pork, pickled 3,001 2,755 3,863 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 FEDERAL RESERVE BULLETIN 291 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued February, January, February, February, January, February, 1924 1924 1923 1924 ' 1924 1923 Dairy Products Fuel and Power Receipts at 5 principal markets (000 Coal and coke (short tons, 000 omitted): om B C i h u tt e t e t e e d s r e ) : ( ( p p o o u u n n d d s s ) ) 16, 243 4 1 2 4 , , 6 3 1 9 5 9 4 12 0 , , 6 5 6 7 2 5 B A C i n o t t u k h m e ra - i c n i o te u s c o co al a l p p ro ro d d u u c c ti t o io n n 45 7 , , 6 7 2 2 1 5 5 7 0 , , 9 8 2 0 4 1 4 7 2 , , 7 16 7 0 3 Cold E P - g o st g u o s l r t a r ( g c y a e s ( e p h s o o ) u ld n i d n s g ) s first of following 27,4 9 4 9 7 9 37,9 7 1 1 5 3 2 1 3 , , 0 6 2 1 5 9 Petroleu B B m e y , e - c p h r r i u v o d e d e u c c ( o b t k a e c r o r p k e r l e o s , d p 0 u r 0 c o 0 t d i o o u m n ct i i t o te n d .. ) . : . 2 1 , ,2 9 1 8 1 1 3 1, , 1 0 5 9 4 4 2 1 , ,4 8 8 1 2 0 mo A C n m r t e h e a r m ( i 0 c e 0 a r 0 n y o c b m h u e i t e t t s t e e e r d ( ( ) p p : o o u u n n d d s s ) )... 3 9 5 , , 8 2 3 23 7 4 1 0 5 , , 4 2 9 4 9 3 2 8 0 , , 9 6 1 9 0 3 P S P t r r o o o c d d k u u s c c i t a n i t o g c n lo o se il o f w m e o ll n s th completed 3 5 3 5 4 , , 0 5 2 8 7 5 33 5 3 6 , , 4 7 5 4 5 2 2 4 6 8 0 , ,0 4 2 1 6 3 E Po gg u s l tr ( y ca s ( e p s o ) unds) 93,52 4 8 4 500 113, 50 1 3 3 Oil ref ( i n n u e m rie b s e : r l ) 904 774 1,094 Other Agricultural Products Production (000,000 omitted)— Cottonseed (tons): Crude-oil run (barrels) 50 43 Cott R C S o t n e r o u c s c e s e k h e i s v d e e d a d o t i m a l t i ( l m p ls o i u l a l n s t d c s lo , s 0 e 0 o 0 f o m m o i n tt t e h d): 3 3 1 8 3 5 5 8 6 , , , 0 8 7 7 7 1 7 5 6 4 5 2 0 7 4 8 7 2 , , , 0 6 05 6 9 8 2 3 3 3 1 9 0 4 2 5 , , , 0 0 6 2 9 8 9 6 4 Stoc G L K G ks u a e a b s s r ( o o 0 r a s i l 0 i n c e 0 n a d n , e 0 t e i f 0 ( n u ( 0 g g e g a l a o l o l l m o l o i o l i n i s l n s t s t s ( ) e ( ) g g d a a ) l — l l o lo n n s s ) ) 1,0 6 1 2 9 7 9 5 4 8 7 1,0 2 6 9 1 3 5 8 9 5 1 7 6 0 8 7 9 3 0 T O o l 0 ( e b 0 p o S a P 0 o m c t r u o o c o a n m c o d r d k g u i s s s t a c , t a r e t 0 l i i e d n 0 o s ) e 0 n a o c t m o l i n o t _ s o t u e _ se d m - ) l p : ea ti f o n w a ( r p e o h u ou n s d e s s , 1 1 2 0 2 3 0 8 , , , 6 1 5 8 1 1 9 7 8 1 1 2 2 3 3 1 6 , , , 1 8 3 4 4 4 7 8 1 1 8 0 1 6 0 9 , , , 9 7 5 5 2 5 9 2 1 L C G G K u r a a e u b s s r d o o r a e i s l c n i e - n o a d n e t i e l i f ( n u r ( g g e g u a l a n l o l l o l o i o ( l i n s l b n s s a s ( ) r ( g ) r g a e a l l l l s o l ) o n n s s ) ) 1 1 , , 3 5 3 2 7 5 1 5 4 1 7 6 1 1 , , 2 5 3 2 0 2 3 1 4 3 7 4 4 5 1 1 , , 1 2 2 2 3 7 7 2 3 0 7 3 8 9 Dark belt, Virginia 3,688 6,476 5,541 Electric power produced by public Bright belt- utility plants (kilowatt hours, 000,000 Virginia _ 6,024 10,397 3,451 omitted): B W u e r s l N e te y o rn rt h d a C rk a rolina _ 1 14 6 , , 9 6 4 7 9 0 2 2 1 8 7 2 , , , 3 2 5 7 1 6 7 3 3 1 4 8 2 , , , 7 2 8 2 6 3 8 3 2 P P r r o o d d u u c c e e d d b b y y f w ue a l t s er power 3 1 , ,5 3 6 1 0 8 3 1, , 6 5 8 2 0 2 2 1 , ,4 8 6 5 8 7 Sa o le f t o o f b r a e c v c e o n , u e e x s c t l a u m di p n s g f P or o r m to a n R u ic fa o c a tu n r d e Total. 4,878 5,202 4,324 Philippine Islands (000 omitted): Cigars (large) ; 504,024 507,266 Metals Cigars (small) _ 44,696 45,142 43, 539 Iron and steel: Cigarettes (small) _ 4,854, 527 6,256,784 4,623, 431 Pig iron production (long tons, 000 Fru M it a s n h u ip f m ac e tu n r ts e d ( c t a o r b lo a a c d co s) : (pounds) 31,219 34,217 29,083 St o ee m l i i t n te g d o ) t produc , tion (long tons, 3,075 3,019 2,994 G Or r a a n p g ef e r s u it _ 2 8 , , 6 3 6 8 0 9 2 6 , , 3 74 91 2 8 1 , ,8 0 7 0 7 9 Un 0 f 0 i 0 ll e o d m o it r t d e e d r ) s, United States Steel 3,781 3,600 3,455 Lemons ___ 644 602 626 Corporation (long tons, 000 Veg A et p ab p l l e e s s hipments: _.. 7,995 7,961 6,257 omitted) 4,913 4,798 7,284 Fabricated structural steel orders W O Ri n h c i e i o t n e ( s p p o ( o u c t a n a r t d l o o s e , a s d 0 s 0 ( ) c 0 a o rl m oa it d t s e ) d _ ) _ 1 9 2 9 2 , , , 0 8 6 9 6 5 2 2 5 1 1 1 2 8 0 , , , 4 9 4 1 8 8 1 3 8 1 5 1 6 3 , , , 3 1 4 9 7 8 8 8 1 Silve S r t e (t e o p l n r c o n a d a s g u ti e c n ) t g io s n b oo (t k r i o n y g s o ( u n n et c e t s o , n 0 s 0 ). 0 .. 1 7 8 0 9 , , 8 8 2 0 9 0 1 4 8 9 4 , , 0 6 4 0 6 0 2 9 0 0 2, , 8 1 0 5 0 2 Suga R r e , c a e l i l p p ts orts (long tons): 465,796 264,483 421, 370 Co om pp it e t r e d p ). r .. oduction (pounds, 000 5,427 5,221 4,729 M Ra e w lt i s n t g o s cks close of month 4 44 0 2 1 , , 9 0 6 0 9 0 2 45 1 5 7 , , 4 2 0 2 0 9 3 42 8 1 3 , , 0 1 3 0 4 0 Zi o n m c i ( t p t o ed u ) nds, 000 omitted): 128,260 133,356 102,736 Fishery Products Production __ 87,866 99,418 F C i o t s o l h d t - a l s a l t n o c d r a a e t g c d h e b h y (p o A o ld u m i n n e d g r s s i , c , a f 0 n r 0 o 0 f z i e o s n h m in a it n g t d e v d c e ) u ss r e e l d s, 17,309 10,550 12,499 Tin S S (p t h o o i c p u k m n s d , e s n c , l t o s 0 s 0 e 0 o o f m m : i _ t o t n e t d h ) : _ 9 7 4 4 , , 8 3 7 8 6 4 8 9 1 1 , , 3 1 9 8 4 0 9 2 6 1 , , 3 7 0 2 6 8 fish, on 15th of month (pounds, 000 Deliveries to factories 19,813 10,965 13,854 omitted) 56,122 70,141 47,053 Stocks, close of month 7,396 6,299 4,601 Forest Products Textiles Lumber: Number of mills- Cotton, (bales, 000 omitted): National Lumber Manufactur- Sight receipts 421 896 410 ers' Association 565 534 American spinners' takings 283 536 399 Southern Pine Association 181 179 179 Stocks at mills 1,578 1,633 2,021 West Coast Lumbermen's As- Stocks at warehouses 2,485 2,966 2,803 sociation 125 125 124 Visible supply 2,785 3,030 2,734 Production (feet, 000,000 omitted)— Consumption by mills 508 National Lumber Manufactur- Spindles active during month (000 577 567 ers' Association 1,210 1,155 978 omitted) 32,684 Southern Pine Association 391 394 359 Spindle hours active during month 33,340 35,304 West Coast Lumbermen's As- (000,000 omitted) 7,304 sociation 433 457 303 Finished cotton fabrics: 8,448 8,449 Shipments (feet, 000,000 omitted)— Finished yards billed (yards, 000 National Lumber Manufactur- omitted) 85,823 92,714 99,442 ers'Association 1,217 1,246 1,132 Orders received (yards, 000 omitted) 81,680 86,888 102,827 Southern Pine Association 366 434 386 Shipments (cases) 47,856 54,291 55,092 West Coast Lumbermen's As- Finished stocks (cases) 45,883 48,007 40,935 sociation 413 460 360 Knit underwear (dozens): Naval stores at 3 southern ports: Production 345,707 368,008 345,201 Spirits of turpentine (casks)— New orders received 216,865 378,754 248,600i Receipts 5,078 10,788 5,814 Shipments 358,498 390,503 450,010> Stocks at close of month 41,545 29,238 Cancellations 4,204 1,870 2,919, Rosin (barrels)— Unfilled orders end of month 1,017,501 1,163,338 1,616,156, Receipts '. 50,610 61,971 46,644 Stocks at closo of month 261,109 306,606 282,610 1 Figures for January, 1924, December, 1923, and January, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

292 FEDERAL RESERVE BULLETIN APRIL, 1924 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued 'ebruary, anuary, ebruary, ebruary, 1924 1924 1923 1924 Textiles—Continued Building Materials—Continued Wool: Consumption (pounds, 000 omitted) 50,633 53,845 57,916 Brick (number, 000 omitted)—Contd. Percentage of active machinery to Paving brick— total reported- Production 21,074 20,917 Looms wider than 50-inch reed Shipments. 8,457 11,368 space 71.4 73.3 83.4 Stocks, close of month 121,018 US, 438 Looms 50-inch reed space or less. 80.7 80.8 85.7 Orders received 17,648 8,496 Sets of cards 84.2 83.0 88.4 Unfilled orders, close of month:. 68, 208 59,648 Combs 80.2 75.5 87.4 Cement (barrels, 000 omitted): Spinning spindles, woolen 82.4 80.9 87.0 Production 8,588 - 8,210 Spinning spindles, worsted 77.6 73.3 91.3 Shipments 5,933 5,210 6,090 Percentage of active hours to total Stocks at close of month 16, 811 14,155 13, 596 reported— Oak flooring (feet, 000 omitted): Looms wider than 50-inch reed Production ._ 29,033 30,136 24,421 space 71.4 72.8 79.7 Shipments 30,441 31, 080 25,031 Looms 50-inch reed space or less 66.5 67.3 74.3 Orders booked 42,141 33,458 Sets of cards 94.5 87.1 95.0 Stocks at close of month 38,222 38, 595 25,301 Combs _ 94.0 89.6 93.3 Unfilled orders 53,052 56, 554 56, 936 Spinning spindles, woolen 89.6 86.4 94.6 Maple flooring: (feet, 000 omitted): Spinning spindles, worsted 76.9 72.8 95.8 Production 9,752 10, 225 11,333 Men's and boys' garments cut: Shipments 8,109 11,354 Men's suits, wholly or partly wool 757,447 700,1 876,508 Orders booked 8,653 14,736 16,033 Men's suits, all other materials... 108,756 119,516 149,752 Stocks, close of month 22, 747 21,831 25, 539 Men's separate trousers, wholly or Unfilled orders 19, 534 18,655 40, 200 partly wool 638,077 630,394 804,558 Enameled ware (number): Men's trousers, all other materials. 487, 587 342,925 461,238 Baths- Men's overcoats 119,142 147,160 119,416 Shipments 84,684 82,912 Boys' suits and separate pants 721,470 673,921 623,587 Stocks, close of month 52,581 46,470 40,124 Boys' overcoats and reefers 15,478 16,615 15,615 New orders 137,246 107,494 129, 847 Raw silk: Lavatories— Consumption (bales) 29,804 32,925 36,231 Shipments 121,878 117, 011 83,469 Stocks at close of month (bales) 40,226 44,398 44,615 Stocks, close of month 90, 272 56, 543 Imports (pounds, 000 omitted) 3,506 4,369 3,952 New orders 148, 414 125, 273 156, 033 Hosiery (dozen pairs): Sinks- Total, all classes _ 4, 769,148 4,877,128 Shipments 128, 036 Men's.. 2,038,220 ' 102,530 Stocks, close of month 90,509 90,003 59,806 Women's 1,675,010 i; 733,804 New orders 155,156 145, 977 167, 607 Miscellaneous ware- Hides and Leather Shipments.. 63,856 62, 640 44,766 Sales of raw hides and skins during Stocks, close of month 57,817 57,333 49,367 month (number, 000 omitted): New orders 93,785 76,800 75,431 Cattle hides 1, 1,952 1,697 Calfskins .. 841 787 725 Miscellaneous Manufactures K G C Sh o i a p e a b e s t r p k e a i a t n n t n d s a d . . k . l id amb_. ... 3 1, , 1 0 2 4 6 3 3 2 4 9 6 3 1, , 3 3 6 0 3 7 0 9 8 2 0 2 1 , , 9 1 1 9 0 1 8 3 2 W Ch o e o m A M d c i e p c e t a u t h l a l a s p t : e n o ( o s l f h l ( o i g m r a t e l l t o o ( n p n s o s ) u ): nds, 000 omitted; 68 1 9 3 , , 5 17 0 3 3 70 1 5 3 , ,4 7 2 4 0 7 73 13 0 , , 4 5 7 9 0 0 S P t r m o o c d o C G C S C K S k u n h o s a a a o i c t l p e l t b a o e h t f t e s i t f r l s , l p o k e e e k r a n i ( a t a i a n n h n t n w t n d s a i o u h s d d . f m e . k h e r l l s i b i e a d ( d e a m b e r . t s a , h . b . c e a 0 k ^ r n 0 s d 0 , ( 0 b s o 0 e k m 0 n i n d i o t s s m t , e a a i d t t n ) t c : d e lo d s s ) i e : d e o s f ; 4 8 1 5 1 , , , , , 8 8 2 4 8 5 6 3 3 3 2 6 9 ! 8 7 3 9 6 9 8 4 8 1 , , , 9 6 9 9 3 3 3 0 9 2 7 4 6 2 7 9 1 1 , , , , , , 9 9 6 6 0 0 4 6 5 6 4 5 5 6 8 0 8 8 0 8 6 Pape P C S N S B r h t r o o e o o i ( w o n c p s d k s P S S k h s m u u p t r h s o p o c m o , e r i r a c t p i n d t c p n i p k m l t u o t o t s t e s o c — i n r s e , o n t — e . n i c n s - o l t o . ) o s n : f s e m o o f n m th onth _ l _ 1 1 1 1 1 9 1 6 2 3 1 1 1 8 5 0 2 7 5 , , , , , , , 3 2 1 4 1 3 2 6 2 8 6 9 2 8 8 7 1 1 1 2 8 2 1 1 1 1 2 8 2 1 1 2 2 7 8 9 8 6 8 3 , , , , , , , 0 1 0 9 4 2 7 7 1 8 5 5 1 7 3 5 1 0 3 7 2 2 2 1 1 1 3 7 5 1 0 2 1 5 9 4 3 1 8 4 , , , , , , , 9 4 3 8 4 2 6 3 5 8 7 1 0 1 4 7 9 2 5 0 1 S O k a s i k t v u e f r le a s d n ( ) d d oz u en n s io ) n harness (sides 30 1 3 3 5 0 1 3 3 7 9 Pape S P r t r o o b c d o k u s a c , r t c d i l o - o n s . e of month .. 6 3 8 3 , , 5 29 9 8 2 7 38 1 , , 6 4 6 1 8 4 8 3 9 8 , , 0 2 4 6 3 5 Bo o o m t A M W s i l t e o l t a e n m o n d ' t s e d h ) . : n e . ' : r s shoes; output (pairs, 000 1 7 8 0 , , , 3 6 5 0 9 91 4 6 1 7 8 0 , , , 8 2 3 5 1 3 3 4 1 1 8 9 2 , , , 6 5 0 9 8 2 1 6 4 W Fin ra e S S P P p t t p r r p o o o o a i c c n d d p k k g e u u s s r c c , , — p t t c c i i a o o l l o o n p n s s e e e r o o - f f m m o o n n t t h h 1 3 5 5 1 0 5 0 7 , , , , 0 1 7 5 1 7 6 3 0 2 1 7 11 3 5 6 1 4 1 0 , , , , 9 7 5 2 1 3 2 1 7 6 2 3 1 7 4 9 62 7 8 8 , , , , 0 8 4 9 3 1 2 0 1 3 1 1 Total. 26,591 26,451 30,301 S P t r o o c d k u s c , t c io lo n s e of m _ onth 2 38 5 , , 6 5 4 9 4 5 2 40 5 , , 0 1 6 0 7 0 3 3 9 2 , , 7 3 7 7 2 7 Building Materials Advertising (agate lines, 000 omitted): 1,945 1,746 1,730 Bric C k la (n y N U S S P u t h f r n e m o i o i w r f c p e i d b l k m u e l o s e b r c e r d , a r t d n i t i 0 o o e t c 0 s c n r r 0 k l d s o - . e o s . r e . m s , o i t c f t l e m o d s o e ): n o t f h month.. 2 5 6 5 7 0 7 9 9 1 7 , , , , , 7 5 5 6 6 5 1 9 1 0 5 1 6 0 1 5 5 9 4 6 8 , , , 3 3 1 4 1 1 7 5 1 1 5 5 6 8 6 8 3 7 6 3 , , , , , 7 3 1 3 0 3 2 5 9 9 6 3 3 2 4 R Ti u r b e N I C P s b m e n o e a r e p w n n u d o P s ( s m p u r r p t t o o m u a s a d u p b t p ( u n i e e c p t c d r s i o s o t s t i u ( n , i o n n r 0 n u b e d 0 y m 0 s s , - b t o 0 i e m r 0 r e 0 , i t m o 0 t 0 e m a 0 d n i ) o t u : t m f e a d i c t ) t t u . e . r d e ) r : s 3 7 3 3 0 , , , 2 4 58 6 3 9 6 8 9 4 3 3 9 7 2 , , , , 2 0 7 1 2 8 8 7 0 0 6 2 8 6 34 3 3 0 , , , , 2 3 2 4 1 7 3 9 9 8 6 6 Face P S r h b o i r p i d c m u k c e '— t n i t o s n.. 2 2 8 1 . , 6 1 0 9 C f 2 1 5 6 , ,7 3 4 1 3 4 3 2 2 6 , ,6 4 7 7 9 3 Inne S S r h t t o i u c p b k m e s s e , — n cl t o s, s e d o o m f m es o ti n c th 2 5 , , 7 3 7 6 1 3 2,785 2 5 , , 5 2 8 2 9 4 U St n o f c il k l s e d i n o s r h de e r d s s , .. c lose of mon . th.. 9 55 7 , , 5 4 1 8 7 3 47.399 1 9 3 1 4 , , 8 1 1 7 9 5 S P h ro ip d m uc e t n io ts n , domestic 4 3 , , 0 2 3 6 0 9 3 3, , 4 8 7 8 6 8 4 3 , , 0 0 3 0 9 2 Silic P S S a h t r o o b ip c d r k m u i s c c e k t a n i t - t o s c n * l — ose .. . of month 4 1 1 1 8 7 , , , 4 2 3 4 5 0 ' ' 4 1 1 2 5 3 , , . 2 3 4 9 9 0 1 8 0 ; I ! 4 1 1 5 4 4 , , , 5 4 5 0 1 4 4 ' Solid S S P t h r t o o i i c p d r k m u e s c s , e - t n c io l t o s n s , e d o o f m m es o t n ic th 7,48 5 4 7 1 2 6,72 3 0 7 6,7 7 6 7 5 3 2 1 Not comparable with previous years after September, 1923. Stocks, close of month 168 152 270 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

,, 1924 FEDERAL RESERVE BULLETIN 293 COMMODITY MOVEMENTS—Continued BUILDING STATISTICS February, January, February, February, January, February, 1924 1924 1923 1924 1924 1923 Miscellaneous Manufactures—Contd. Building permits issued in 168 cities, grouped by Federal reserve dis- Automobiles: tricts: Production (number)— Passenger cars . — 336,284 287,211 259,383 Number of permits— Trucks 30,399 28,247 21,411 Ship B B D m y y r e i v n b ra t e o s i a a — l w w t a a (m y y s a ( c c ( h n a i r u n l m o e a s b d ) e s r ) ) 4 4 8 9 1 , , ,1 3 2 0 1 0 0 9 0 4 4 1 0 6 , , , 0 9 3 1 7 5 8 6 9 3 4 6 3 , , 1 6 8 6 1 8 5 3 2 N B P C h o l e e i w s l v t a o e d Y n la e o n l ( r p 1 d k h 4 i ( ( c a 1 2 i 2 t 2 ( i 1 e c c s 4 i i t ) t i c i e e i s t s ) i ) es) 8 3 1 1 , , , , 8 7 2 0 8 7 0 8 0 2 6 2 8 2 1 1 , , , , 7 6 4 6 5 1 0 3 4 3 0 5 6 2 1 , , , 5 9 8 8 7 0 8 3 3 1 0 8 Locomotives (number): Eichmond (15 cities). 2,905 2,428 2,585 Domestic shipped 92 147 196 Atlanta (15 cities) 3,133 2,745 2,516 Foreign completed 7 4 11 Chicago (19 cities) 6,998 5,666 5,729 St. Louis (5 cities) 2,035 1,527 1,743 Total 99 151 207 Minneapolis (9 cities) 789 481 612 Unfilled orders- Kansas City (14 cities) 2,063 1,243 1,913 Domestic. ... 466 344 2,141 Dallas (9 cities) 2,380 2,335 2,199 Foreign 33 32 79 San Francisco (20 cities) 12, 217 11, 620 9,666 Total 499 376 2,220 Total 47, 460 42,347 39,155 Vessels built in United States and officially numbered by the Bureau of Navigation: Value of permits (dollars, 000 omit- Number. __ __ 45 64 37 ted)— 3,950 10,780 21,392 Transportation B N o ew st o Y n o ( r 1 k 4 ( c 2 it 2 i e c s i ) t ies). . . _ 13 8 0 , , 8 2 2 86 8 9 7 0 , , 8 3 9 1 5 1 8 4 8 , , 0 20 0 7 3 Freight carried by Class 1 railways:i Philadelphia (14 cities) 9,973 11,944 9,877 Net ton-miles, revenue and non- Cleveland (12 cities) 12,735 12,624 14,165 revenue (000,000 omitted) 34, 514 33,419 37, 668 Eichmond (15 cities) 11,223 12,209 13,085 669 692 Atlanta (15 cities) ._ 8,142 7,138 7,810 Net tons per loaded car 27.2 29.0 Chicago (19 cities) .. 37,550 27,124 40.490 Re f o v r m o e m n it u t e e c d o ) f n : re n i e g c h t t i on lo s a d ( e e d a rs a n l d o ad re e c d e , iv 0 e 0 d 0 S M K t a . i n n K n sa o e s a u p i C s o i l ( t i 5 y s c ( ( i 1 9 ti 4 e c s i c t ) i i t e i s e ) s) 2 6 6 , , , 9 3 0 9 4 0 8 4 2 6 2 5 , , , 2 1 5 0 4 2 3 9 8 6 7 2 , , ,4 5 0 5 2 2 5 8 8 Classified by nature of products— Dallas (9 cities) 6,267 8,054 6,134 Grain and grain products 205 202 163 San Francisco (20 cities).... 34,176 33,229 28,831 L C i o v a e l stock 1 79 3 2 7 8 1 8 6 0 1 1 7 2 45 6 Total . 274, 524 224,408 228,613 Coke 54 53 60 332 298 265 Building contracts awarded: Ore ... 39 38 39 Merchandise, 1. c. 1 971 975 849 By Federal reserve districts (dollars Miscellaneous 1,255 1,234 1,141 000 omitted)— Total 3,785 3,841 3,388 Cl s as i s N A o S S E C P i o n o o f a l o e i l u u s c s n e r e t - a t t t d t g e h h h r h h r a w w e o n a l r b n e e n n w y s t s y a t t e e s e s r r t g n n e e r o n grap _ h ic _ a l . _ divi- 9 7 5 2 6 4 1 4 2 6 9 7 0 8 0 1 7 6 1 8 2 9 7 4 6 2 5 1 3 7 6 1 8 9 7 2 9 7 4 2 2 5 4 5 2 8 7 5 1 1 1 2 2 4 3 3 0 2 9 9 6 1 1 B N R P C A C S M K h t o i l e h a t . i e c l i w s n n i a l v L h t c a n s o n e m a o a d Y e n l t g s a a a u e o o n o p l i n C r p s d o . k d . h i . l . t i i y s a _ _ ._ . 1 1 3 2 2 4 1 1 0 0 5 3 6 7 6 4 8 8 6 , , , , , , , , , , 9 4 4 5 1 0 7 2 7 0 4 8 0 1 2 5 7 9 7 5 1 7 5 1 8 3 3 8 0 5 1 2 2 2 4 1 2 1 0 4 6 6 0 9 2 7 8 8 7 , , , , , , , , , , 7 2 0 4 3 8 4 0 6 5 8 8 6 9 9 5 6 3 5 7 9 9 9 7 5 4 9 2 3 5 3 2 4 1 5 1 3 2 1 1 6 4 8 0 3 8 8 1 2 2 , , , , , , , , , , 5 7 6 7 2 1 1 5 7 7 5 4 1 8 1 9 9 3 6 7 9 6 4 0 9 9 3 1 4 5 Total 3,785 3,841 3,388 Freight ear surplus (number):2 Total (10 districts) 297,421 300, 621 277,380 Total 131, 221 262,980 23,101 Bos 54,332 116,192 5,692 By classes of construction (square Frei C gh o t a l car shortage (number):! 51,230 116,045 6,263 feet, 000 omitted)— Bad- T B C o o o o r x t d a a l e l r cars (total)3 16 6 2 2 8 , , , , 2 8 0 7 7 9 8 8 6 1 2 3 16 2 5 1, , , 3 5 9 5 7 9 5 6 3 1 5 9 21 3 7 2 5 8 9 5 , , , , 4 1 2 5 3 3 2 5 2 8 8 2 I E R B n d e u d s u s u i c i d s n a t e e t r n i s i o t a s i n l . a . a l . l buildings 2 4 8 3 7 , , , , 8 9 7 0 3 6 8 3 8 1 7 7 3 3 6 2 4 , , , , 5 6 0 6 7 5 2 9 1 0 9 3 2 5 7 3 2 , , , , 0 0 9 6 9 4 9 6 6 4 2 8 Vessels cleared in foreign trade (tons, Hospital and institutions 989 784 692 000 omitted): Social and recreational. 1,014 824 1,354 American 1,917 1,817 1, 587 Religious and memorial 819 533 633 Foreign 2,683 2,818 2,526 Public 330 72 110 Total 4,600 4,635 4,113 Percentage of American to total 41.7 39.2 38.6 Total (27 States) * 48,036 49,867 41,611 1 Figures for January, 1924, December and January, 1923. 3 Condition first day of following month. 2 Daily average figures. 1 Includes miscellaneous building contracts as well as groups shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

294 FEDERAL RESERVE BULLETIN APRIL, 1924 WHOLESALE AND RETAIL TRADE STATISTICS OF THE UNITED STATES. A review of the recent trends of wholesale CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES and retail trade is published on page 261. Per- AND DISTRICTS—Continued. centage changes in trade, by lines and districts, Percentage change are shown in the following tables: in February, 1924, sales as compared with— WHOLESALE TRADE IN THE UNITED STATES, BY LINES [Average monthly sales 1919=100] January, February, 1924 1923 Genin e d ra e l x c G e r r o ie - s Meat g D oo ry ds Shoes H w a a r r d e - Drugs Shoe U s: nited States -0.8 -16.6 New York district -10.7 -10.6 Philadelphia district... 2.3 3.7 1923 Eichmond district 16.6 -17.7 January 75 58 101 57 89 113 Atlanta district ., 11.8 -12.8 February.-- 74 55 95 57 83 107 Chicago district -14.9 -29.1 March 81 61 108 82 109 121 St. Louis district. -31.3 28.3 April 80 59 86 62 112 106 Minneapolis district... 12.2 -19.4 May 81 62 83 68 118 107 San Francisco district.. 23.6 -4; 3 June 88 65 88 64 114 107 Hardware: July 81 64 88 51 100 106 United States -1.0 8.4 August 86 67 114 69 106 111 New York district 2.6 19.5 September.. 90 73 117 71 106 115 Philadelphia district-.. -2.4 14.1 October 98 73 112 75 117 129 Cleveland district 12.2 1.1 November.. 93 62 90 59 102 111 Eichmond district -14.4 9.1 December.. 76 62 66 48 90 Atlanta district -9.6 4.6 Chicago district - 1.4 6.4 1924 St. Louis district 3.7 4.2 January 79 66 98 48 91 116 Minneapolis district-.. -5.8 6.1 February... 75 62 100 47 90 110 Kansas City district -.. 7.4 -13.2 Dallas district 5.2 19.2 San Francisco district.. -0.3 7.4 Drugs: „ CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES United States -5.6 2.9 AND DISTRICTS New York district -4.2 5.9 Philadelphia district -4.7 0.7 Cleveland district -2.2 -2.5 Percentage change Bichmond district -9.1 5.1 in February, 1924, Atlanta district -6.2 14 7 Chicago district -5.7 -2.5 with— St. Louis district -8.0 -5.8 Kansas City district -12.8 -13.1 Dallas district -9.8 17.3 January, Febru- San Francisco district.. -5.6 13.8 1924 a 19 ry 2 , 3 Furn E i i t c u h r m e: ond district 14.8 31.9 Atlanta district 24.2 7.9 St. Louis district 22.5 -9.5 Groceries: Kansas City district- - - 33.1 3.1 U Bo n s i t t o ed n d S i t s a t t r e i s ct - -4 9 . 3 5 -7 2 . . 5 0 D Sa a n ll a F s r a d n i c st i r s i c c o t district.. - 1 1 0 .9 .3 - 1 6 2 .3 .3 New York district -8.2 4.9 Agricultural implements: Philadelphia district-. -3.1 6.1 United States 46.8 7.1 Cleveland district 0.5 11.8 Atlanta district .... 36.4 11.8 Richmond district -1.9 9.4 Minneapolis district- -. 75.6 4.5 Atlanta district -2.1 11.5 Dallas district -14.5 89.2 Chicago district -2.9 -3.9 San Francisco district.. 14.7 5.9 St. Louis district 4.6 9.1 Stationery: Minneapolis district -. -2.5 -0.6 New York district -5.6 8.0 Kansas City district.. 3.3 -1.8 Atlanta district -3.7 -1.3 Dallas district 2.1 24.1 San Francisco district-. -10.6 2.2 San Francisco district. -11.8 -7.2 Auto supplies: Dry goods: San Francisco district-. -3.3 20.9 United States 2.5 4.9 Men's clothing: New York district.... 10.1 9.3 New York district 59.1 2.8 Philadelphia district.. -4.8 -5.7 Women's clothing: Cleveland district..... 10.4 0.3 New York district 67.6 -11.1 Richmond district -5.2 -2.1 Machine tools: Atlanta district 1.3 -5.1 New York district 13.6 -15.7 Chicago district -8.1 1.8 Diamonds: m St. Louis district 7.0 1.1 New York district -6.8 Minneapolis district... -1.9 -5.6 Jewelry: Kansas City district.. 6.5 -2.5 New York district 16.2 -22.3 Dallas district -2.2 19.4 San Francisco district. 8.3 6.5 -8.1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

295 APRIL, 1924 FEDERAL, RESERVE BUL.LETIN RETAIL TRADE, BY REPORTING LINES ' [Average monthly sales 1919=100] Sales without seasonal correction Sales corrected for seasonal variation Number of re- 1924 1923 1924 1923 porting firms Feb. Jan. Dee. Nov. Oct. Sept. Feb. Feb. Jan. Dec. Nov. Oct. Sept. Feb. 333 102 109 203 142 148 112 90 127 124 125 126 132 123 116 4 96 99 118 122 134 92 84 101 99 97 97 105 95 92 32 185 189 185 187 190 170 159 187 189 176 185 181 176 168 5 140 126 331 176 180 151 117 179 174 183 169 167 161 156 Drug chains 10 143 141 185 141 152 143 126 150 145 152 149 149 144 138 Cigar chains 3 124 119 193 134 138 140 110 138 136 142 133 130 142 128 Shoe chains 6 93 99 171 131 139 127 72 131 132 132 119 123 138 106 Music chains.- ._ 4 97 84 214 149 137 102 88 110 100 114 123 114 100 104 Candy chains 4 166 154 261 174 185 176 133 187 183 177 183 180 176 156 DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal correction Sales corrected for seasonal variation Number District o p f o r r t e - - 1924 1923 • 1924 1923 ing firms Feb. Jan. Dec. Nov. Oct. Sept. Feb. Feb. Jan. Dec. Nov. Oct. Sept. Feb. United States.. 333 102 109 203 142 148 112 90 127 124 125 126 132 123 116 Boston ... 24 101 120 210 146 144 116 92 132 132 131 134 129 126 126 64 101 118 213 152 159 112 88 125 129 129 131 134 127 113 Philadelphia 22 111 111 203 169 154 104 101 130 122 130 132 139 130 123 Cleveland 27 116 115 210 144 156 119 97 141 123 131 133 143 133 122 19 86 88 188 124 130 90 80 112 109 109 108 116 103 109 Atlanta . .. 35 83 85 168 120 132 92 78 105 104 103 104 114 102 103 67 112 112 213 148 153 127 95 135 131 138 134 141 134 120 MinnAflpnliK 23 74 87 154 110 119 103 72 102 102 106 102 105 102 103 Dallas 21 79 86 158 112 125 102 73 95 99 97 98 110 103 92 31 121 132 236 146 160 127 102 152 148 150 144 147 134 134 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=>100] Stocks without seasonal correction Stocks corrected for seasonal variation Num- District o p f o r r t e - - 1924 1923 1924 1923 ing firms Feb. Jan. Dec. Nov. Oct. Sept. Feb. Feb. Jan. Dec. Nov. Oct. Sept. Feb. United States . . .. 286 126 116 123 149 146 139 118 134 129 133 133 131 129 12S Boston 24 115 111 123 145 142 129 112 122 122 129 128 127 122 118 64 118 112 121 145 142 131 112 124 124 128 128 129 123 118 Philadelphia 13 152 133 145 176 176 166 138 162 148 148 159 158 154 144 Cleveland 26 125 114 123 149 145 135 112 135 132 130 132 130 126 121 Richmond 19 121 104 112 142 141 130 113 129 123 126 126 122 116 . 121 22 118 109 107 133 134 130 112 122 121 118 119 118 119 115 Chicago _ - - .. 85 143 128 141 172 165 163 136 156 143 183 154 147 153 148 Minneapolis 15 102 95 98 118 118 115 101 106 108 108 110 109 109 105 Dallas 19 118 107 109 130 131 128 107 126 128 129 117 118 111 114 San Francisco - . .. 29 131 125 123 147 143 138 121 138 136 138 134 131 130 127 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

296 FEDERAL, RESERVE BULLETIN APEIL, 1924 INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES ENGLAND GERMANY 1924 1923 1923 1922 De b c e e r m- No b v e e r m- October De b c e e r m- Feb. Jan. Dec. Feb. Exports: Iron and its manufactures Production: (metric tons) 134,411 122,396 121,396 285,464 Coal (thousand long tons) 22,672 20,788 22,247 Machinery and electrical Pig iron (thousand long tons) 613 637 627 543 supplies (metrie tons) 37,676 32,309 35,079 85,350 Steel ingots and castings (thou- Dyes and dyestufls (metric Ra s w an d c lo o n tt g o n to , ns v ) isible supply3 694 653 707 Co to a n l s ( ) metric tons) 12 8 9 , , 7 63 3 8 9 10 8 3 , , 9 74 0 4 0 13 1 3 0 , , 8 5 0 6 4 5 1 1 2 6 3 , , 4 82 7 6 2 (thousand bales) 1,117 1,011 Imports: Exports: Raw wool (metric tons) 5,958 2,373 9,595 8,828 Iron and steel and manufactures Silk, half manufactured (thousand long tons) 331 338 355 318 (metric tons) 374 280 284 297 Cotton manufactures (million Cotton (metric tons) 22,302 18, 014 11, 685 25,942 yards) 400 357 326 346 Iron ore (metric tons) 70, 299 165,614 121, 939 1,037,884 Coal (thousand long tons) 5.07S 5,441 5,874 5,903 Imports: 1924 1923 E B E a a a w w w c w h o i o d t o t e o l s n , ( w m ( e m i t l l i ( i l t o l h i n o o n p u o s p a u o n n u d d n s p d ) o s) unds) 9,1 1 4 8 4 8 4 5 6,3 2 3 6 2 8 1 2 12,0 2 1 4 5 1 1 7 3,9 1 5 3 8 5 0 4 Ja a n ry u- De b c e e r m- No b v e e r m- Ja a n ry u- Transportation: Ship arrivals in Hamburg Ships cleared with cargo 3 (thou- (thousand net reg. tons) 1,179 1,348 1,222 1,142 sand tons) _ 5,101 5,510 4,988 Unemployment: Freight-train receipts (thousand Applicants for every 100 pounds sterling) 8,230 9,183 positions 614 941 902 214 Freight-train traffic (million ton- Number receiving State aid1,533,765 1,475,194 954, 664 85,418 miles) 1,511 1,505 Business failures.. 29 17 8 24 Unemployment: Capital issues (billion marks).. 5 148. 841,170,089 2108, 543 34 Among trade unionists (per cent). 8.9 9.7 13.1 Index of security prices: * In insured trades (per cent) 10.7 11.9 10.7 25 domestic stocks, Janu- Index of security prices, Dec, 1921= 12.2 ary, 1923=1 ._ 2,405. 7 1 2,116.2 •2, 731,346 1 100 114.3 112.2 112.8 Capital issues (thousand pounds ster- 115.3 1 Millions. ling) . 33,189 6,995 4,176 2 Does not include 22.3 million gold marks, stable value loans. 18, 598 3 Does not include 165 million gold marks, stable value loans. * Last week of month figures. 1 Five weeks. 5 In millions of gold marks. 2 End of month figures. CANADA 3 Figures include Irish Free State. 1924 1923 FRANCE Febru- Jan- Decem- February uary ber ary 1924 1923 Production: Pig iron (thousand tons) 60 64 60 44 Feb. Jan. Dec. Feb. Crude steel (thousand tons)... 71 41 41 46 Railway receipts (thousand dollars) 30,429 31, 412 41,391 26,931 Production: Unemployment among trade Coal' (thousand metrie tons) 13,762 4,303 2,609 unionists (percent) 7.5 7.2 6.4 Pig iron (thousand metric tons) _. 590 586 565 306 Business failures (number)1 65~ 64 ' 56 84 C Co ru tt d o e n s t s e t e o l c ( k th s o a u t s a H n a d v m r e e! t ri ( c th t o o u n - s) I 555 541 626 290 Au p t a h n o i r e i s z e ( d th o c u a s p a i n ta d l d o o f l la n r e s w )1 com- 13,222 17,811 13,876 17, 458 sand bales) 151 128 135 169 Bond sales (thousand dollars) 12, 255 86, 361 16,803 51,135 Exports: Security prices, average market Total volume (thousand metric price, 20 industrial stocks 94.1 92.3 96.5 98.6 tons) _ 2,325 1,770 2,663 2,490 Receipts of wheat at Fort William Imports: and Port Arthur (thousand Total volume (thousand metric bushels) 3,874 12,662 51, 910 3,176 tons) __ 4,395 3,933 5,165 3,860 Receipts of livestock at stockyards Raw cotton for consumption in Toronto and Winnipeg: (metric tons) 30,125 31, 779 39, 744 18,405 Cattle (number) _ . _ 33,439 41,800 46, 246 31, 323 Eaw silk (metric tons) 924 1,218 1,044 230 Hogs (number) 69,915 81, 037 64,856 45,554 Coal (thousand metric tons) 2,483 2,247 2,784 1,732 Transportation: 1924 1923 Ships cleared with cargo (thou- Jan- Decem- Novem- Jan- Ea s i a l n w d a y to ns) receipts (thousand 2,046 2,238 2,534 1,892 uary ber ber uary francs) __ 558,968 519, 061 722,335 509,078 Exports: Freight-car loadings (average Planks and boards (million daily number) _ 61, 401 58, 033 57,705 55,890 feet) 121,959 161,597 .213,028 167,541 Unemployment: Preserved fish (thousand Number in Paris receiving aid'.. 395 596 238 666 pounds): 10,519 10,478 15,967 7,300 Demands for employment not Wood pulp (thousand pounds) 111, 406 143,347 146, 005 139,749 rilled (number men in France)3. 8,438 8,454 4,914 8,816 , Wheat (thousand bushels) 12, 322 57, 378 64,197 9,740 Imports: Coal (thousand tons) 1,344 1,416 1,599 1,876 1 Coal and lignite, including Lorraine and the Saar. Baw cotton (thousand pounds) 13,798 11, 097 12, 213 20, 026 2 Bale of 50 kilos. End of month figures. Machinery (thousand dollars) 1,919 2,169 2,445 1,981 * End of month figures. * Excluding the Saar district. i Average for weeks reported. ' Three weeks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

297 APRIL, 1924 FEDERAL RESERVE BULLETIN FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] Cumu- Cumulative lative 1924 cu 1 m 92 u 4, la- cu 1 m 92 u 3, la- 1924 thr l o a u st gh thr l o a u st gh tive tive month month through through noted noted Febru- Janu- last last ary ary month month noted noted Fe a b ry ru- Ja a n ry u- 1924 1923 IMPORTS France (million francs): By classes of commodities: Imports 3,714 2,888 6,502 4,576 Total ,. 333,500 295,549 629,049 632,666 Exports 3,918 2,700 6,618 4,181 Crude materials for manu- Netherlands (million guilders): facturing 117,322 105,634 222,956 Imports 178 364 335 Foodstuffs in crude condition. 30,540 32, 631 63,171 57,210 Exports _ 125 117 242 186 Foodstuffs partly or wholly United Kingdom (thousand £ manufactured 58,763 38,586 97,349 69,910 sterling): Manufactures for use in man- Imports. 96, 705 101,259 197,964 183,611 ufacturing 66, 650 58,032 124, 682 120,062 Exports 67, 974 64, 235 132, 209 124,449 Manufactures ready for con- Reexports _ _ 13,231 13, 311 26, 542 19,621 sumption 57,881 58,029 115, 910 116,202 Canada (thousands of dollars): By c M ou is n c t e ri l e la s n : eous 2,344 2,637 4,981 2,724 I E m x p po o r r t t s s 6 68 2 , , 1 3 3 3 4 2 6 7 6 0 , , 3 5 5 6 5 8 1 1 2 3 8 8 , , 7 6 0 8 2 7 1 12 1 4 3 , ,3 2 9 8 4 1 Total Europe .__ _. 88,018 186,897 193, 324 India (million rupees): France 13, 587 10,818 24,405 24, 552 Imports 182 408 Germany 12,716 11, 245 23,961 24,265 Exports 357 325 682 612 Italy 5,600 5,992 11, 592 15, 255 Japan (million yen): United Kingdom 34, 535 30, 835 65, 370 68, 780 Imports 291 210 501 306 Total North America 75,197 174,081 146,835 Exports 104 110 214 218 Canada 33, 018 31,948 64,966 58,887 South Africa (thousand £ Total South America 36,425 37,967 74,392 83,109 sterling): Argentina 6,018 4,098 10,116 22,458 Imports. 4,920 4,932 9,852 7,790 Total Asia and Oceania 91,981 82, 680 174,661 182, 329 Exports 6,973 7,366 14,339 11,995 Japan,.. 26,128 34,812 60,940 55,891 Sweden (million kronor): Total Africa _. 7,332 11, 686 19,018 27,069 Imports 91 103 194 176 Exports 59 128 114 EXPORTS _192jL 1923 By classes of commodities: Janu- Decem- Total _ _... 366,135 395,170 761,305 642,374 ary ber F F C o o r f m o o u a d d a c d s t n s e u t t u u u r f m i f f a n f f s s c a g t t i u e n p r r a i e c a r d r t l u - s l y d e f o o c r r o n w _ m d h i a t o i n l o l u n y - . 1 5 1 1 2 3 3 , , , 9 2 8 2 8 6 7 7 2 1 5 3 1 2 9 3 , , , 3 7 7 1 9 4 9 2 9 2 1 4 1 2 6 1 7, , , 7 6 6 1 0 1 9 6 1 1 1 0 5 7 0 1 9 , , , 3 5 2 8 4 8 4 8 0 B D e e ( l m n g I E m i m i u l x l a m i p p r o o o k n r r t t ( s s f m r a a i n n ll c d io s ) n : kr L o u n x e e r m ): bourg 1 • ,3 8 3 7 7 1 1 1 , , 2 0 9 4 7 6 1,3 8 3 7 7 1 9 48 3 5 1 By c M T T T M M R T o o o o o e u u s a i a e s t t t t f u n n n a a a a c x a A I U F C G u t u m l l l l e t c p r r f f a r a n l e i t A N S E o a p a a l g e u l n r i a n r y o c c u s s e t t o m r a t n e : t i c i t u i n r s r d a u u e d o n e a o t t t a o h r g h r i n n p a e e n K u y e n . s s A a A s . d i . n m f m r o g e O r e e a d r c r u d o i i e s c y c m a e a a n i f i n o a r m c a o n n - - 1 20 5 4 7 7 4 2 2 1 5 0 0 4 9 7 8 4 5 1 7 9 8 , , , , , , , , , , , , 7 1 6 5 1 0 4 9 3 3 4 0 7 2 7 9 5 4 3 5 0 3 5 7 2 8 0 8 3 6 3 9 7 7 4 1 4 9 0 2 1 0 5 2 4 8 7 4 8 2 2 1 2 7 0 0 3 4 4 4 3 6 8 7 6 , , , , , , , , , , , , , 1 5 6 6 8 9 1 9 8 0 9 7 6 8 1 8 2 3 6 5 2 2 5 6 0 5 7 7 1 9 7 7 3 8 8 9 8 6 4 0 1 4 4 1 2 1 1 1 0 0 5 4 9 3 8 4 4 1 1 5 4 5 5 7 3 2 0 8 3 5 1 5 3 9 5 , , , , , , , , , , , , , , 7 0 3 4 0 7 9 6 3 0 1 6 0 3 4 4 2 0 7 1 7 5 3 2 7 0 8 6 7 6 5 0 6 5 4 7 0 4 2 1 7 1 2 3 1 1 8 3 2 9 4 8 5 5 1 5 4 1 5 0 2 7 6 2 8 3 1 8 2 9 7 , , , , , , , , , , , , , 5 6 0 1 9 2 6 9 3 1 3 0 5 7 1 7 9 5 9 6 0 4 7 1 2 4 9 7 7 7 7 4 3 3 3 8 1 8 1 I N B A G ta r o u e a l r r s y z m w I E I E I E E I E I E t i m r m m m m l x x x x x x a a ( a m l p p p p p p p p p p p y n ( i m o o o o a o o o o o o o y i ( l r r r r r r r r r r r i l m t t t t ( t t t t t t t ( l i s s s s s s s l t s s s s o m i h i o n l o l i n i l u l o l i i s m r n o a e n i n k ) l : r d r g e o o i £ n s ld e ) s - r ; m t ) i e : r a l r i k n s g ) ) : _ : 1 15 1 0 , , , 1 8 1 4 2 1 5 5 6 6 1 6 7 4 3 6 0 6 0 9 7 1 7 1 8 0 1 1 0 1 4 1 , , , , 6 8 4 2 1 1 5 3 0 0 0 3 9 2 6 4 8 5 6 0 0 6 7 2 8 7 9 5 3 1 0 0 1 1 1 1 0 5 , , , , 4 1 8 5 4 8 1 1 6 6 6 0 3 7 6 4 3 6 6 0 0 8 1 7 7 1 1 9 1 1 2 1 , , , , , 0 6 8 3 6 1 1 5 3 7 6 5 3 3 0 4 6 1 1 8 0 3 8 2 3 6 4 1 1 9 20,837 47, 637 68,474 31, 012 Total Africa.. 5,451 7,039 12, 490 9,409 'Figures for November and December, 1923, and cumulative through December, 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 RESEBVE BULLETINS for July, 1920, and August, 1921. FOREIGN TRADE INDEX INDEX OF OCEAN FREIGHT RATES [1913=100] [January, 1920=100] 1924 1923 1924 1923 Fe a b ry ru- Ja a n ry u- De b c e e r m-No b v e e r m- Fe a b ry ru- March Fe a b ry ru- Ja a n ry u- De b c e e r m- March Imports: United States Atlantic ports Total 222.7 182.2 175.1 153.7 209.1 to- • C P R r o a o n w d s u u m c m e a e r te s r ' s r ' i g a g o l o s o o d d s s 3 1 1 2 6 6 3 5 8 . . . 7 0 1 2 1 1 3 4 6 3 9 8 . . . 4 4 1 2 1 1 4 8 2 1 2 4 . . . 4 0 0 1 1 1 3 7 8 1 0 4 . . . 0 2 9 2 1 1 4 5 9 9 6 7 . . . 5 8 1 U N Fr n e e t i n h te c e d h rl a K A n i d t n l s a g n d t a o i n c m . d . Bel- 2 2 9 5 . . 6 9 2 2 9 5 . . 9 3 2 25 7 . . 4 5 2 2 5 7 . . 7 8 2 23 3 . . 6 1 Exp T R o P C r r o a o t o w t s n a d : s l u u m c m a e t r e e s r ' r s i ' g a g o ls o o o d d s s 1 1 9 7 8 3 8 4 4 4 . . . . 1 4 9 7 1 1 1 7 4 0 6 9 2 1 2 . . . . 3 9 0 2 1 1 1 1 3 5 0 1 3 0 3 4 . . . . 7 0 9 8 1 1 1 9 2 2 0 6 8 2 5 . . . . 2 9 8 7 1 1 8 6 3 2 3 2 3 9 . . . . 5 2 6 6 A S M c l g e l a i d u n E i m d t u e i r r n o r a p a v n e i e a a . n . . . 2 2 2 2 0 3 4 1 . . . . 0 8 8 1 2 2 2 1 3 5 5 9 . . . . 4 8 0 9 2 2 2 2 2 0 4 4 . . . 5 6 2 9 2 2 2 2 5 2 0 5 . . . . 5 2 3 1 2 2 1 2 0 2 1 9 . . . . 0 9 3 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

298 FEDERAL RESERVE BULLETIN APRIL, 1924 FINANCIAL STATISTICS OF PRINCIPAL FOREIGN COUNTRIES ENGLAND CANADA [Millions of dollars] [Millions of pounds sterling] 1924 1923 1924 1923 Janu- Decem-Novem- January ber ber ary Fe a b r r y u- Ja a n ry u- De b c e e r m- Fe a b ry ru- Chartered banks: 54 54 91 Current loans and discounts 1,183 1,190 1,197 Money at call and short notice 291 325 281 Bank of England: Public and railway securities 427 410 356 Gold and silver, coin and bullion. 155 155 155 155 Note circulation— . . __ 180 181 153 Bank notes in circulationl 103 104 106 102 Individual deposits 2,040 2,030 1,936 Currency notes and certificates... 277 280 299 279 Gold reserve against Dominion notes. 103 114 109 132 Total deposits _ 124 122 132 131 Dominion note circulation 231 249 241 241 Nine London clearing banks: 1,387 1,574 1,910 1,507 Money at call and short notice... 92 100 111 103 I D T n o i v s t e c a s l o t u d m n e e t p s n o t a s s i n ts d advances _ 1 1 , , 0 6 3 3 3 4 2 3 1 1 1, , 6 0 3 7 5 4 4 3 6 1 1 , , 0 6 3 3 7 4 3 3 0 1 1, , 6 0 3 4 2 4 4 3 9 1 1 N To o t t a l i n f c o l r u d m in o g n t g h o . ld held abroad. Total clearings 3,205 3,467 2,914 3,006 FRANCE Government floating debt: [Millions of francs] Treasury bills 628 651 652 Temporary advances _ 169 176 208 154 1924 1923 Total floating debt _ 797 827 860 852 Index number of foreign exchange Febru- Janu- Decem- Februvalue of the pound sterling. __ 127.6 127.2 126.0 ary ary ber ary 1 Less notes in currency note account. Bank G o o l f d F r r e a s n e c r e v : e1 • .. 3,677 3,677 3,676 3,671 298 297 297 291 War advances to the Government 23,100 22,800 23,300 23,200 ITALY 39,345 38,834 37,905 37,055 Total deposits ' 2,331 2,346 2,384 2,279 [Millions of lire] Clearings, daily average of Paris 1,490 1,417 935 762 Savings banks, excess of deposits (+) or withdrawals (—) +18 + 17 +2 +85 1923 1922 Price of 3 per cent perpetual rente 56.60 54.00 53.25 58.65 Decem-Novem- Octo- Decem- ' Not including gold held abroad. ber ber ber ber JAPAN [Millions of yen] Banks of issue: 1,118 1,130 1,134 1,126 Bank of Japan: Total reserve. .. 1,848 1,857 1,853 2,042 Reserve for notes'.. 1,058 1,057 1,057 1,000 Loans and discounts 8,598 10,813 10,618 9,345 Loans and discounts 469 589 654 157 Note circulation for commerce 9,491 9,292 9,482 9,935 Advances on foreign bills.. 192 181 207 140 Note circulation for the State 7,754 7,756 7,756 8,076 Note circulation 1,349 1,520 1,697 1,261 Total deposits _ 2,581 2, MA 2,285 2,602 Government deposits 471 372 360 396 Leading private banks: Private deposits... 39 45 63 31 1,011 736 982 Tokyo banks: Loans and discounts _ 8,075 8,684 9,166 Cash on hand 106 118 133 117 Due from correspondents 3,357 4,027 3,467 Totalloans 2,451 2,372 2,381 2,051 Participations 280 254 234 Total deposits 1,820 1,828 1,879 1,894 Total deposits . 11, 273 12,362 12,267 Total clearings.. 2,300 1,975 2,418 2,592 Index of security prices... . _ ._ 169. 08 162.33 116.33 1 Gold abroad, gold coin and bullion in Japan. DISCOUNT RATES OF CENTRAL BANKS [Prevailing rates with date of last change] Country Rate I s n i n e c f e f — ect Country Rate 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. a. P.ct. P.ct. P.ct. A B B C e u u z l l s e g g t i c a r u i r h m a i o a .. slo- 9 5 6 1 i J J S u a e n n p . e t . 2 1 4 2 4 , , , 1 1 1 9 9 9 2 1 2 3 9 2 E F F G i r s e n a t r h l n a m o c n e n a d i n a y... '10 ? 6 J M J D a a e n n a c . r . . — 2 1 6 7 3 , , , , 1 1 1 1 9 9 9 9 1 2 2 2 9 4 4 3 J L L N a a i e p t t t h a v h n u i e a a rl n a i n a d . s .. 8 8 6 5 .03 N J F S a e e o n b p v . . t . . — 2 1 2 4 6 7 , , , , 1 1 1 1 9 9 9 9 2 2 2 2 4 4 2 3 R S S Sw p o u a u m e i t d n h a e n n A ia frica 6 6 5 ? D S M N e o e a p c v r t . . . 2 2 9 4 3 9 , , , , 1 1 1 1 9 9 9 9 2 2 2 2 2 0 3 3 De v n a m ki a a rk ? J M an a . r . 1 1 7 0 , , 1 1 9 9 2 2 4 4 H Gr u e n e g c a e ry 1? J Ju an ly . 2 1 5 , , 1 1 9 9 2 23 3 N Po o l r a w n a d y 9 7 6 N Ja o n v . . 2 1 5 0 , , 1 1 9 9 2 2 4 3 Y Sw ug it o z s e l r a la v n ia d - . J J u u l n y e 2 1 3 4 , , 1 1 9 9 2 2 2 3 England 4 July 5,1923 Italy July 11,1922 Portugal.... 9 Sept. 12,1923 6 1 On Rentenmark and stable currency loans. Changes for the month.—Czechoslovakia, March 10, from 5 to 6J per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBII., 1924 FEDERAL RESERVE BULLETIN 299 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES In February the Federal Reserve Board for Japan, receipt of which was delayed by the wholesale price index remained at 163 for the earthquake, are now available. In August, sixth consecutive month. In England prices prices in Japanese currency stood at 179, and as rose from 178 to 180, in France from 444 to the exchange was only slightly under par, the 465, and in Canada from 146 to 148. In the gold index stood at 176. Prices rose immelast six months, with American prices un- diately after the disaster, carrying the index changed, English prices have risen 9 per cent, up 11 points in September to 190. This rise but this has been more than compensated by has since continued though at a slower rate. the fall in the exchange, so that the British Since the exchange showed little or no weakgold index, which was 9 points below the ness through November, gold prices in Japan American in September, is now only 3 points rose to almost the same degree as currency lower. In the same period French prices prices, the movement carrying them even advanced 15 per cent, most of the rise occurring further above the American level than they in the months of January and February. had been in August. In December the ex- During this period, however, the decline of the change began to decline, with the result that exchange was so rapid that gold prices actually gold prices ceased to advance, although curfell 13 per cent, leaving the French gold index rency prices continued upward. In January in February 107, or 56 points below that of the the exchange had fallen so far as to bring Japa- United States. nese gold prices into about the same relation to American prices as before the earthquake. Figures for the Federal Reserve Board index FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES fft. 1913 = 100 500f \ 500 ON PAPER CURRENCY BASIS CONVERTED TO GOLD BASIS «o ? MO wo 400 \ 350 350 France c 300 300 j\ 250 250 200 on / 200 Enaland ^~ us. . \ tgland 1S0 Canoo r 150 V Frante v 1 to ion 1-920 1921 1922 1923 1924 1920 1921 1922 1923 1924 100 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

300 FEDERAL KESEBVE BULLETIN APRIL, 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 indexes. In the first table the allcommodities 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 ALLCOMMODITIES On paper currency basis Converted to gold basis Year and month U S n ta i t t e e s d England France Canada Japan U S n ta i t t e e s d England France Canada Japan 100 100 100 100 100 100 100 100 100 100 1919, average.. .. 211 241 207 235 211 219 198 241 239 310 512 250 240 239 233 187 223 242 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 164 170 394 150 188 164 159 124 147 183 1923 January.. . . .. 166 165 346 148 176 166 158 120 147 172 February 166 168 380 152 183 166 162 121 150 178 169 173 398 155 185 169 166 131 152 180 April 170 175 390 156 185 170 167 135 153 181 167 173 386 155 187 167 164 133 152 184 June . 164 171 394 153 186 164 162 129 150 183 July 159 168 391 151 183 159 158 119 147 179 August 159 164 391 150 179 159 154 115 146 176 September ._ .. .. ._ 163 165 404 149 190 163 164 123 145 186 163 ' 166 404 147 196 163 154 125 145 192 November . . . . . .. 163 171 416 145 199 163 154 119 142 193 163 177 426 144 205 163 159 116 140 193 1924 163 178 444 146 205 163 156 107 142 185 February 163 180 465 148 200 163 160 107 144 182 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR 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 t o i o e m d s i - - te R m r a i a a w - ls d g u P o c r o o e d - r s s' g s C e o u o r o m s n d ' - - s g m D o t e i o o c s - d - s p g I o o m r o t d e - s d g p o o o r d t s Year and month m c t o i o e m d s i - - m E ri a a a t w l e s - d g u P o c r o o e d - rs s ' g s C e o u r o o m s n d ' - - s g m D o t e i o o c s d - - s p g I o o m r o t d e - s d g p o o o r d t s UNITED STATES FRANCE—contd. 1923 1924 166 181 156 154 168 145 187 January. J 444 459 469 414 423 548 487 163 167 160 161 165 150 182 February .. 465 478 485 443 439 595 515 163 166 159 163 165 147 196 December 163 167 157 162 165 148 199 CANADA 1924 1923 163 169 156 160 165 143 196 February ._ . 152 139 164 167 149 170 146 163 169 158 157 164 148 189 147 130 171 166 144 165 . 138 November 145 127 169 163 141 165 134 ENGLAND December 144 126 168 161 139 165 131 1923 1924 168 171 153 177 168 166 172 January 146 128 166 166 143 166 133 166 165 154 177 165 167 167 February 148 131 168 168 146 167 135 November 171 171 162 182 171 173 177 December 177 179 168 183 175 184 187 IAPAH 1924 1293 178 178 169 186 177 179 186 February . _ 183 , 192 186 177 183 184 214 180 182 167 191 180 182 185 August . . . 179 170 173 187 182 164 185 September 190 186 186 194 193 178 196 France October.. .. 196 195 194 197 198 187 207 199 202 194 199 199 199 205 1923 December . 205 213 201 201 205 205 211 380 406 393 343 372 420 405 October . . .. 404 417 435 374 394 457 422 1924 416 427 448 387 403 482 443 January 205 222 203 196 204 211 215 December 427 442 456 395 410 509 • 460 February 2C0 214 202 192 199 205 211 i Complete descriptions of these index numbers may be found in the following issues of the BULLETIN: United States—May and June, 1920, June, 1921, and May, 1922; England—February, 1922; France—August, 1922; Canada—July, 1922; Japan—September, 1922. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APKIL, 1924 FEDERAL RESERVE BULLETIN 301 WHOLESALE PRICES IN THE UNITED STATES INDEX OF THE BUREAU OF LABOR STATISTICS [1913=100] Bureau of Labor Statistics groups Federal Reserve Board groups All Raw materials m c it o o i m e d s - - F p u r a c o r t d m s - Foods C c a l i l o n o n t g d t h h - s l F i a i g u n n h e g d t l - M m p u a r e e c n o t t t d a d s a l l - s B m r u i i a n a i t g l l e d s - - C d i a r h c n u a e d g l m s s - H g n f o i o i u n s o u r g h d - s - s e n c M e e o l i l s u a - s - Crops p A u m r c n o a t i d s l - - F p u o r c o r t e d s s - t p M u e r c r o i a t n d s l - - m T r r i o a a a w t t l a e s l - g d P e o u r r o s o c d ' - - s s C e u o r m s n ' - - 1922 average 133 138 181 218 122 124 176 117 145 125 185 207 158 128 151 1923 average 141 144 200 185 145 189 131 183 123 168 122 210 185 159 141 156 1923 August 150 138 141 193 178 145 186 127 183 120 152 125 203 177 153 137 154 September. _ 154 144 147 202 176 144 182 128 183 121 163 131 196 176 158 139 158 October 153 144 148 199 172 142 182 129 183 120 172 122 197 171 155 139 159 November.. 152 145 148 201 167 141 181 130 176 118 179 115 196 167 154 138 159 December.. 151 145 146 203 162 142 178 130 176 116 181 115 191 165 153 136 158 1924 January 151 145 143 200 169 142 181 132 176 117 182 115 194 170 155 136 156 February 152 143 143 196 180 143 182 131 176 113 177 116 195 177 156 139 155 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [1913=100 except where noted] EUBOFE England Germany4 Year and month g B iu e m l- ' g B a u ri l a - C va z s e k lo c i - h a* o- m D a e r n k - 3 B Tr o o a a f d rd e Statist France St F B a e u t d i r s e e t r a i a c u l al Italy N la e e n r t d - h s - ( ti C N w a h n o a r i y r i a - s ) - 5 Poland • 1923 February.. 474 2,666 1,019 192 158 155 422 5,585 582 155 224 8,51& July 504 2,408 969 207 157 147 407 74,787 566 145 235 30,700 August 529 2,292 959 207 155 147 413 944,041 567 142 231 53,569 September. 514 2,265 958 202 158 150 424 23,940,000 569 145 234 73,022 October 515 2,263 974 205 158 150 421 7,100,000,000 563 148 237 273,807 November. 531 2,412 965 207 161 156 443 725,700,000,000 571 153 242 686,427 December.. 545 2,597 210 163 166 459 1,261,600,000,000 577 154 244 1,423,010 1924 January... 580 2,711 991 210 165 161 495 117.3 571 157 250 2,526,110 February. 642 2,658 1,028 223 167 163 116.2 573 160 260 2,484,300- March 1,036 227 120.7 579 266 ETJROPE—continued NOETH AMERICA ASIA AND OCEANIA Year and month Spain Sweden S l w an it d z e 2 r- U S n ta i t t e e s d Canada Au l s ia tra- ( C S h h h a a i i n n ). a g- D In E u d a t i s c e t h s c I u ( n C tt d a a i l ) a - > ( J T a o p k a y n o) Ze N a e la w nd ( E C g ai y r p o t ) A So fr u ic th a 1923 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 171 162 175 150 154 175 153 171 190 175 120 September 174 162 173 154 155 172 157 174 210 177 123 October 171 161 181 153 153 171 156 174 212 176 129 November 173 160 182 152 153 173 157 177 209 175 134 December 176 160 183 151 154 174 158 179 210 173 136 1924 January- 178 161 183 151 157 174 157 172 211 175 133 131 February. 162 183 152 157 160 178 135 March 180 158 1 April, 1914, base. 5 December, 1913-June, 1914, base. ' July, 1914, base. ' 6 January, 1914=1. 3 July, 1912-June, 1914, base. , ' January, 1913-July, 1914, base. 11913«=1 through 1923; beginning January, 1924, the index numbers refer to gold prices, the base being 100 for August, 1913, to July, 1914. 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

302 FEDERAL RESERVE BULLETIN APKIL, 1924 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES [July, 1914=100, except where noted] European countries Other countries United S ci t t ( a i 5 e t 1 e s s ) ( ( A V t n r u i a i e s a ) n - i - . g p B i r ( u e o 9 l m v - - C v o z a s e l k c o i b - a - to E l ( w a 6 n n 0 n g d 0 s - ) F (P ra ar n i c s e ) c m i G t ( i a 7 e e n 1 r s y - )« Italy N c la i e t e n ( i r t 6 e d - h s s - ) to N w w ( o 3 a n 1 y r- s) d S ( r M p i a d a i ) n - ' t S e o n w w e ( n 4 d s 8 - ) to z S l e a w ( w 3 r n - n i 3 d t s - ) c C i a t ( a d i 6 e n a 0 s - ) to t A r w ( a u 3 l n s 0 i - a s) ( I B b n a o d y m i ) a - to N l Z a w ( e e 2 n n a w 5 d - s) A t S o f o w r ( i u 9 n c t a s h * ) INDEX NUMBERS OF RETAIL FOOD PRICES 1922 Dec 144 10,519 429 178 305 807 657 147 215 155 140 146 157 138 118 1923 Jan 141 10,718 426 175 309 1,366 541 148 214 155 142 145 151 139 117 June 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 «17.3 142 218 163 141 161 149 145 115 Oct 147 12,636 172 349 '4,301.0 145 217 162 144 157 147 146 117 Nov 148 12,647 173 355 « 862,000.0 149 221 166 144 156 147 147 120 Dec... 147 12,860 176 365 »1,512,000 149 226 167 145 156 152 147 118 1924 Jan 146 13,527 175 376 « 1.3 150 230 168 145 155 154 150 120 Feb. .. 144 13,821 177 1.1 151 239 167 145 151 122 Mar 13,930 176 1.2 147 COST-OF-LIVING INDEX NUMBERS 1922 W O (8) (10) Dec 164 9,375 384 962 180 300 685 504 176 238 177 168 158 148 161 121 143 1923 154 9,454 383 941 178 1,120 505 180 166 158 149 156 "131 June 156 11,513 419 933 169 334 7,650 491 174 236 170 161 166 146 151 114452 131 July.... 157 10,903 429 921 169 37,651 487 172 160 166 146 153 145 130 Aug 156 10,496 439 892 171 586,045 483 178 161 164 148 154 146 130 Sept.... 157 10,841 463 903 173 331 «15.0 487 173 230 178 165 164 148 154 147 131 Oct 158 11,027 468 901 175 • 3,657.0 502 174 165 164 149 152 148 132 Nov 157 11,149 463 898 175 « 657,000.0 502 177 164 167 150 153 148 133 Dec... 158 11,249 470 909 177 345« 1,247,000 499 178 231 182 164 168 150 157 149 133 1924 157 11,740 480 917 177 6 1.1 510 178 163 169 160 158 133 Feb 156 11,940 495 917 179 1.0 517 190 162 168 149 156 134 Mar.. 11,996 510 178 1.1 521 153 1 July, 1914=1. ' Milan, first half of 1914=100. * April, 1914, base. 8 1910-11=100. 3 August, 1913-July, 1914-1. ' Massachusetts Commission on the Necessaries of Life. ! 1914 base. 10 6 months' moving average. • Millions. 11 Beginning January, 1923, sundries are included. 6 Gold prices, beginning January, 1924. Information as 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

303 APRIL, 1924 FEDERAL RESERVE BUIX.ET1N BANKING AND FINANCIAL STATISTICS CONDITION OF FEDERAL RESERVE BANKS EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PER CENTAGES FOR FEBRUARY AND JANUARY, 1924 [Daily averages; amounts in thousands of dollars.] Federal reserve notes Reserve per- Total earning assets Total cash reserves Total deposits in circulation centages Federal reserve bank February January February January February January February January February January Boston 65,773 72,187 277,977 277,234 128,797 130,263 201,950 209,052 84.0 81.7 New York 203,608 191,620 944,463 981,292 719,860 731,438 379,441 398,583 85.9 86.8 Philadelphia 86,444 96,249 262,156 246,479 116,870 118,389 199,320 202,977 79.7 76.7 Cleveland ... 90,963 103,779 317,646 308,811 164,056 164,766 224,012 228,462 81.9 78.5 53,376 . 52,709 108,249 115,161 65,224 67,934 89.041 94,556 70.2 70. S Atlanta 55,450 68,001 134, 220 125,518 59,301 60,102 131,301 135,724 70.4 64.1 106,955 124, 683 558, 944 555,952 285,234 282,419 358,005 380, 728 86.9 83.8 41,291 47,116 111, 096 106,750 73,956 74,187 70,003 72,466 77.2 72.8 Minneapolis. 28,685 31,031 89,009 87,363 48,185 50,363 65,685 62,744 78.2 77.2 Kansas City 44,509 54,224 105, 356 97,579 79,315 80,504 64,475 64,434 73.3 67. S Dallas 60,382 62,462 50,109 52,903 59,668 61,872 45,089 48,616 47.8 47.9 San Francisco 84,152 96, 607 290,057 286, 554 154,013 157,676 206,218 214,531 80.5 77.0 Total: 1924.. 921, 588 1,000,668 3, 239, 282 3,241,596 1,954,479 1,979,913 2,034,540 2,112,873 81.2 79.2 1923 1,152,862 1,191,191 3,208,682 3,201,969 1,969,757 1,981, 717 2,244,733 2,288,527 76.1 75.0 1922 1,215,221 1,304,165 3,070,045 3,043,984 1,814,446 1,800,989 2.176,529 2,272,057 76.9 74.7 1921 2.869,233 3,034,655 2,343,537 2,287, 274 1,804,476 1,822, 600 3,068,578 3,177,666 i 49.6 14V. 5 1920 3,154,054 3,043,952 2,053,422 2,098,498 2,002,503 2,027,861 2,946,863 2,887,846 143.3 144.9 1919 2,225,686 2,213,511 2,183,641 2,164,167 1,865,124 1,825,147 2,462,941 2,640,642 '52.5 •52.0 • Calculated on basis of net deposits and Federal reserve notes in circulation. MESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEBRUARY 20 TO MARCH 19, 1924 BESOUECES [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 Ri o c n h d - Atlanta Chicago L S ou t. is M ap in ol n i e s - K C an it s y as Pallas F S r a a n ncisco Gold with Federal reserve agents: Feb. 20.... 2,116,662 172,582 583,149 185,896 203,015 61,878 101,131 384,021 69,304 58,152 54,084 20,119 223,331 Feb. 27 2,109,124 174,742 583,104 182,471 206,061 60, 685 97,336 383,939 68,633 58,373 53,189 18,730 221,861 Mar. 5... 2,050,306 172,498 583,041 181,794 203,829 59, 256 94,447 343,840 '67, 524 58,900 52,780 18,118 214,279 Mar. 12. 2,046,696 179,359 582,984 180,632 202,665 47,829 101,080 343, 714 66,976 58,289 52,013 18,725 212,430 Mar. 19 2,098,170 181,016 635,928 183,046 204,056 46,328 98,806 343, 596 65, 584 58,441 51, 534 18,262 211,573 Gold redemption fund with TJ. S. Treasury: Feb. 20 45,101 7,769 8,430 3,864 2,522 2,367 3,196 5,050 2,487 2,645 2,183 1,808 2,780 Feb. 27 42,069 4,948 7,327 6,415 533 2, 739 3,465 4,450 2,705 2,174 2,704 1,686 2,923 Mar. 5 .. 48,393 6,461 5,877 9,918 1,594 3,155 3,738 3,743 3,385 2,405 2,707 1,963 3,447 Mar. 12 49,101 8,909 9,236 3,823 3,505 3,522 2,440 2,911 3,472 2,718 3,002 1,636 3,927 Mar. 19 52,764 6,363 7,582 6,604 4,763 8,850 3,171 7,066 4,111 2,256 3,026 1,889 2,083 Gold held exclusively against F. E. notes: Feb. 20 % 161,763 180,351 691,579 189,760 205, 537 64,245 104, 327 389,071 71, 791 60, 797 56, 267 21, 927 226,111 Feb. 27 '....2,151,193 179,690 590,431 188,886 206, 594 63,424 100,801 388, 389 71, 338 60, 547 65,893 20,416 224,784 Mar. 5 2,098,699 178, 959 688, 918 191,712 205,423 62,411 98,185 347, 583 70,909 61,305 55,487 20,081 217,726 Mar. 12 % 095,797 188, 268 592,220 184,455 206,170 51,351 103,520 346, 625 .70,448 61,007 55,015 20,361 216,357 Mar. 19 2,150, 934 187,379 643,510 189, 650 208, 819 50,178 101,977 350,662 69,695 60,697 54,560 20,161 213,656 Gold settlement fund with F. E. Board: Feb. 20 _.. 589,785 75, 765 150,026 18,846 81,648 24,740 11,400 106,767 14,366 20,120 37,332 10,705 38,080 Feb. 27 600,085 72,135 168, 515 20,454 99,784 21, 562 10,589 86,425 19, 522 15,617 40,363 7,086 38,033 Mar. 5 644,584 73,396 150,581 22,800 94,478 25, 818 17,064 136,466 21,217 19,469 37,823 7,447 38,025 Mar. 12.... 657,175 60,164 168,478 35,939 92,980 40,374 12,189 124,121 18,830 17,365 34,814 3,925 47,996 Mar. 19 606, 747 66,834 188,210 27,240 75, 868 32, 919 8,884 96, 996 13,602 12,126 38,471 7,319 38,278 Gold and gold certificates held by banks: Feb.20 373,949 18,426 185,428 37,848 12, 711 6,974 6,956 53, 387 4,587 9,167 3,273 12,127 23,065 Feb. 27 371,469 18,131 179,821 38,377 12,338 7,157 7,003 56, 234 4,518 9,198 3,293 12,210 23,189 Mar. 5. 373,480 18,278 185,322 39,097 12, 463 6,988 7,193 51,824 4,566 9,259 3,334 12, 283 22,873 Mar. 12 377,110 18,396 187, 544 39,213 12, 375 7,259 7,356 52,221 4,688 9,304 3,394 12,355 23,005 Mar. 19 374,164 18,312 182, 516 39,705 12,496 6,954 7,505 53,378 4,920 9,338 3,494 12, 387 23,159 Total gold reserves: Feb. 20 3,126,497 274,642 927,033 246,454 299,896 95,959 122,683 549,215 90,744 90,084 96,872 44,759 287,256. Feb.27 3,122,747 269,956 938,767 247,717 318, 716 92,143 118,393 531,048 95,378 85,362 99,549 39,712 286,006 Mar. 5 3,116,763 270,633 924,821 253, 609 312,364 95,217 122,442 635,873 96,692 90,033 96,644 39,811 278,624 Mar. 12 3,130,082 266,828 948,242 259,607 311, 526 98, 984 123,065 522,967 93,966 87,676 93,223 36,641 287,358 Mar. 19 3,131,845 272, 525 1,014,236 256,595 297,183 90,051 118,366 501,036 88,217 82,161 96, 525 39,857 275,093 92279—24- 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

304 FEDERAL RESERVE BULLETIN APKIL, 1924 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEBRUARY 20 TO MARCH 19, 1924—Con RESOUKCES—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 Ri o c n h d - Atlanta Chicago L s o t u .- is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - Reserves other than gold: Feb.20 111,917 8,004 31,006 3,404 11,450 3,820 9,145 14,189 13,732 1,217 5,274 6,530 4,146 Feb 27 106,993 8,042 30,131 2,671 9,935 3,394 9,492 12,728 13,941 1,364 5,255 6,513 3,527 Mar. 5 106,059 8,680 29,654 3,649 9,399 3,555 9,531 11,893 13,441 1,105 4,721 6,447 3,984 Mar. 12 105,758 8,833 30,619 3,238 9,158 3,416 10,161 11,159 12,917 1,521 4,752 6,336 3,648 Mar. 19 101,352 7,811 29,069 3,129 8,459 3,278 10,239 10,078 13,283 1,275 4,664 6,506 3,561 Total reserves: Feb.20 ,237,414 282,546 958,039 249,858 311,346 99,779 131,828 563,404 104,476 91,301 102,146 51,289 291,402 Feb.27 , 229,740 277,998 968,898 250,388 328,651 95,537 127,885 543,776 109,319 86,726 104,804 46,225 289,533 Mar. 5 , 222,822 279,313 954,475 257,258 321, 763 98,772 131,973 547, 766 110,133 91,138 101, 365 46, 258 282, 608 Mar. 12 , 235,840 275,661 978,861 262,845 320, 683 102,400 133,226 634,126 106,883 89,197 97,975 42,977 291,006 Mar. 19 ,233,197 280,336 , 043,305 259,724 305,642 93,329 128, 605 611,114 101, 500 83,436 101,189 46,363 278, 654 Nonreserve cash: Feb 20 50,502 3,542 10,529 2,317 3,249 2,773 5,495 7,392 4,639 668 3,092 2,792 4,014 Feb. 27 51,091 3,875 11,772 2,139 3,212 2,831 6,169 6,523 4,348 649 3,009 3,070 3,485 Mar. 5 48,116 3,797 11,047 2,089 3,740 2,582 5,539 5,859 3,796 698 2,612 2,583 3,774 Mar. 12 50,282 4,145 11,250 2,149 3,333 2,744 6,246 6,221 3,714 740 2,957 2, 773 4,010 Mar. 19 51,137 4,046 11,030 2,108 4,150 2,728 6,852 5,109 3,921 726 2,814 3,439 4,214 Bills discounted: Secured by U.S. Govern m e n t obligations— Feb.20 233,045 13,698 90,155 30,732 23,150 20,912 8,750 19,831 10,883 1,360 4,481 999 8,094 Feb. 27 263,512 21,539 106,840 32,129 26,762 19,705 10,520 19,551 11,033 1,355 3,608 1,058 9,412 Mar. 5 211,938 18,218 59,601 30,379 17,299 21,503 9,223 27,538 9,334 2,805 3,224 1,303 11, 511 Mar. 12 214,557 18,112 72,762 29,665 21,434 18,063 10,648 21,640 9,817 662 3,576 1,104 7,074 Mar. 19 166,826 12,852 31,284 30, 710 16,305 20,029 9,818 13,241 11,914 3,280 .3,226 664 13, 503 Other bills discounted— Feb.20 263,081 12,276 17,442 8,289 13, 398 31,182 33,725 35,982 27,357 14,057 23,413 7,967 37,993 Feb. 27 268,078 13,629 16,576 12,224 12,507 32,674 36,968 35,862 27,528 13,416 23,851 8,768 34,075 Mar. 5 276,370 13,477 21,059 9,635 15,862 34,342. 34,941 37, 562 24,240 12,885 23,747 9,026 39,594 Mar. 12 268,842 10,962 24,164 9,762 19, 557 32,849 33,112 37,254 21,991 12,377 22,323 8,672 35,819 Mar. 19 264,425 10,514 15,192 9,809 20, 569 35,526 37,597 35, 267 22,812 12,390 • 20,868 8,820 35,061 Total bills discounted— Feb. 20— 496,126 25,974 107,597 39,021 36,548 52,094 42,475 55,813 38,240 15,417 27,894 8,966 46,087 Feb.27.... 531,590 35,168 123,416 44,353 39,269 52,379 47,488 65,413 38,561 14, 771 27,459 9,826 43,487 Mar. 5 488,308 31,695 80, 660 40,014 33,161 55,845 44,164 65,100 33,574 15,690 26,971 10, 329 51,105 Mar. 12.... 483,399 29,074 96.926 39,427- 40,991 50,912 43,760 58,894 31,808 13,039 25,899 9,776 42,893 Mar. 19.... 431, 251 23,366 46,476 40, 519 36,874 55, 555 47,415 48,508 34,726 15,670 24,094 9,484 48, 564 Bills bought in open market: Feb. 20 253,476 25,733 44, 537 25,058 34,769 2,429 10,533 31,892 2,740 3,867 8,154 39,809 23,955 Feb. 27 263,310 24,035 56,264. 21,518 33,036 2,3.68 8,867 32,656 3,672 4,734 9,326 42,903 23,931 Mar. 5 259,737 22, 504 56,862 18,389 31,456 2,754 9,963 36,583 4,865 5,147 10, 527 38, 764 21,923 Mar. 12 242,616 23,031 44,284 17,151 30,115 2,846 10,161 34,620 7,211 5,838 10,933 35,406 21,021 Mar. 19 194,203 19,982 12,703 16,359 25,638 2,926 9,055 33,294 6,734 8,802 9,124 30,494 19,192 U. S. Government securities: Bonds— Feb. 20 18,260 544 1,202 549 918 1,191 202 4,426 7,117 332 1,779 Feb. 27 _ 18,347 544 1,202 573 919 1,191 241 4,426 7,139 332 1,780 Mar. 5 18,342 544 1,202 549 919 1,191 146 4,426 7,253 332 1,780 Mar. 12 . 18,282 544 1,202 649 918 1,191 152 4,426 7,188 332 1,780 Mar. 19— 18,264 544 1,202 549 919 1,191 173 4,426 7,148 332 1,780 Treasury notes— Feb.20 95,599 6,913 11,677 20,321 13,265 1,923 2,076 9,943 1, 514 1,479 7,613 5,754 13,121 Feb. 27 105,677 7,600 14, 687 20,321 14,346 2,380 2,619 10,793 1,904 1,918 7,992 6,981 14,136 1 Mar. 5 130,225 9,544 20,940 20,321 16,613 2,703 3,733 16,090 2,724 3,003 8,776 9,527 16,252 Mar. 12 155,311 12,031 - 28,971 20,321 19, 506 2,703 3,727 19,379 3,779 3,237 9,776 12,925 18,956 Mar. 19 • 174,577 13,768 34, 575 20,321 21, 525 2,703 3,726 23,127 4,515 4,121 10,498 14,855 20,843 Certificates of indebtedness— Feb.20 27,870 2,143 6,989 2,066 3,821 1,046 1,225 4,213 893 719 1,395 1,039 2,321 Feb. 27 31,777 2,478 7,963 2,067 4,207 1,209 1,416 4,841 1,032 799 1,530 1,551 2,684 Mar. 5 33,499 2,586 8,313 2,066 4,334 1,231 1,478 5,500 1,078 843 1,574 1,694 2,802 Mar. 12 38, 776 3,088 9,933 2,066 4,918 1,231 1,481 6,299 1,291 1,002 1,776 2, 343 3,348 Mar. 19—. 103,836 4,555 64,441 4,144 5,548 1,231 1,478 7,965 1,489 1,606 4,850 2,673 3,856 Total U. S. Government securities— Feb. 20— 141,729 9,600 19,868 22,936 18,004 4,160 3,603 18,582 2,407 9,315 9,340 8,572 15,442 Feb. 27 — 155,801 10,622 23,852 22,961 19,472 4,780 4,276 20,060 2,936 9,856 9,854 10,312 16,820 Mar. 5 182,066 12,674 30,455 22,936 21,866 5,125 5,357 26,016 3,802 11,099 10,681 13,001 19,054 Mar. 12— 212,369 15,663 40,106 22,936 25,342 5,125 5,360 30,104 5,070 11,427 11,884 17,048 22,304 Mar. 19— 296,677 18,867 100,218 25,014 27,992 5,125 5,377 35, 518 6,004 12,875 15,680 19, 308 24,699 All other earning assets: Feb 20 Feb.27. 100 100 Mar. 5 100 100 Mar. 12 100 100 Mar. 19— 51 51 1 j Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

305 APBJIL, 1924 EESEB.YE BTTT.T.TT.TTTST RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEBRUARY 20 TO MARCH 19, 1924—Con. RESOURCES—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 Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Total earning assets: Feb. 20... 891,331 61,307 172,002 87,015 89,321 58,683 56,511 106,287 43,387 28,599 45,388 57,347 85,484 Feb. 27... 960,801 69,825 203,632 88,832 91,777 59,627 60,631 108,129 45,169 29,361 46,639 63,041 84,238 Mar. 5 930,211 66,873 168,077 81,339 86,483 63,724 59,484 127,699 42,241 31,936 48,179 62,094 92,082 Mar. 12...1 938,484 67,768 181,416 79,514 96,448 58,882 59,281 123,618 44,089 30,304 48, 716 62, 230 86,218 Mar. 19... 922,182 62,215 159,397 81,943 90,404 63,606 61,847 117,320 47,464 - 37,347 48.898 59, 286 92,455 5% redemption fund—F. R. bank notes: Feb. 20 28 28 Feb. 27.. 28 28 Mar. 5_ 28 • 28 Mar. 12. 28 28 Mar. 19.. 28 28 Uncollected items: Feb. 20 ..... 627,100 55,562 136,361 59,235 67,373 54,848 29,224 79,964 35, 230 11,567 34,073 24,780 38, 883 Feb. 27.. 581,438 51,301 123,107 53,667 58,657 53,881 26,058 75,786 31,815 11,591 34,219 24,024 37, 332 Mar. 6.. 606,204 52,999 125,643 50,898 56, 748 51,495 25,310 90,857 32,400 13,287 38,735 28,978 38,864 Mar. 12.... 638,716 71,136 140,409 54, 755 66,839 50,753 29,165 78,205 36,404 13,046 35,686 26,636 45,691 Mar. 19 ... 681,527 59,211 147,821 63,497 65,008 61,701 34,020 88,123 38, 638 13, 212 37,677 27,779 44, 840 Bank premises: All o F F M M M t e e h a a a b b e r r r r . . . . . r 2 2 1 1 e 5 s 7 2 0 9 o . . u . rces: 5 5 6 6 5 5 5 5 5 5 , , , , , 2 4 1 1 1 5 6 6 9 5 4 6 9 7 3 4 4 4 4 4 , , , , , 3 3 3 3 3 1 1 1 1 1 2 2 2 2 2 1 1 1 1 1 3 3 3 3 3 , , , , , 9 9 9 9 9 8 8 9 8 8 0 0 0 2 7 1 1 1 1 1, , , , , 1 1 1 1 1 1 1 1 1 1 3 1 1 1 1 9 9 9 9 9, , , , , 1 1 1 1 1 1 1 0 0 0 7 0 9 9 9 2 2 2 2 2 , , , , , 5 5 5 5 5 2 2 2 2 2 8 8 8 8 8 2 2 2 2 2, , , , , 7 6 6 6 6 0 9 9 9 9 0 1 1 2 2 8 8 8 8 8 , , , , , 2 2 2 2 2 6 6 6 6 6 4 4 4 4 4 1 1 1 1 1 , , , , , 5 5 6 4 4 1 1 4 9 9 4 0 8 3 3 2 2 2 2 2 , , , , , 3 4 3 3 4 6 8 8 7 3 7 4 0 9 5 4 4 4 4 4 , , , , , 5 5 5 5 5 9 9 9 9 9 5 5 5 5 5 1 1 1 1 1 , , , , , 9 9 9 9 9 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 , , , , , 7 8 7 7 7 9 0 9 9 9 9 4 2 9 6 Feb. 20.. Feb. 27... 20,907 128 2,328 332 333 429 493 452 188 5,914 740 5,115 4,455 Mar. 6-. 21,623 113 2,893 350 331 406 583 436 166 6,106 789 5,015 4,435 Mar. 12. 22,077 199 3,367 368 338 406 639 522 167 5,980 740 4,948 4,403 Mar. 19 23,282 168 4,494 382 346 572 649 480 160 5,936 750 4,945 4,400 21,286 104 3,160 247 303 492 663 477 163 5,892 719 4,832 4,234 Total resources: Feb. 20.. 4,882,435 407,397 1,293,239 399,868 480,731 219,040 226,242 765,763 189,413 140,416 190,034 143, 262 427,030 Feb. 27 4,889,890 407,424 1,324,282 396,487 491,737 214,710 224,017 742,914 192,310 136,812 194,055 143,323 421,819 Mar. 6 4,884, 655 407,493 1,276,591 393,063 478,181 219,607 225,637 780,967 190,251 145,419 196,226 146,800 424,520 Mar 12 4,941,885 423,190 1,330,417 400, 756 486,759 217,879 231,249 750,914 192,760 141, 658 190,679 141,500 434,124 Mar. 19 4,964,823 410,224 1,378,703 408,632 474,624 224,384 234,687 730,407 193,334 143,097 195,892 143,638 427, 201 LIABILITIES JT. R. notes in actual circulation: Feb. 20 2,023,783 202,506 378,417 198,380 221,661 87,619 130,110 353, 643 69,223 67, 581 64,499 44, 477 205,667 Feb. 27 2,022,301 202,923 370, 592 201,479 229,934 86,782 130,739 349,355 69,413 67, 453 64, 082 43,986 205,563 Mar. 5 2,019,773 204,105 372,537 199,105 223, 775 88,491 132,628 343,030 69, 671 67,936 65,199 45,365 209,931 Mar. 12 2,010,595 203,204 371,197 202,049 227,975 85,627 132,889 336, 514 69,005 67,141 64,434 44, 081 206,479 Mar. 19 1,989,848 203, 607 368, 790 199,303 220, 755 84,417 133,853 330,032 69,003 66, 972 64,408 44, 055 204, 613 IT. R. bank notes in circulation—net: Feb. 20 410 410 Feb. 27 405 405 Mar. 5 402 402 Mar. 12 394 394 Mar. 19 389 389 Deposits: Member bank— reserve account— Feb. 20 1,891,258 121,429 695, 958 114,292 158,338 61,969 56,448 287, 677 69,815 47, 377 73, 620 54,253 150,082 Feb. 27 1,926,514 124,863 737,496 112,901 166, 757 59,524 56, 652 272,812 71,323 43,808 78,500 56,086 145,792 Mar. 5 1,906, 729 124,669 697,335 115, 731 158, 740 65,185 56,594 292, 795 69,249 50,414 77,004 54, 963 144,050 Mar. 12 1,944, 699 124,037 740,888 115,957 161,877 62,075 59,471 286,396 70,980 47,174 73,401 53,131 149, 312 Mar. 19 1,981,042 124,628 783,964 117,348 158,436 63,046 60,006 273,690 71, 959 49,063 76, 766 53,489 148, 647 •Government— Feb. 20 39,467 5,466 5,715 2,970 4,646 1,195 3,576 5,832 1,899 1,031 2,224 1,445 3,468 Feb. 27 38,441 3,997 7,495 2,379 3,125 1,438 3,268 4,637 3,671 800 2,271 1,980 3,380 Mar. 5 59,463 5,313 8,456 2,202 5,913 1,196 4,602 20, 602 3,365 1,322 1,477 1,333 3,682 Mar. 12 54,222 4,380 6,405 2,857 7,710 4,417 3,535 12,051 3,091 1,527 2,299 1,617 4,433 Mar. 19 8,856 422 667 908 254 721 512 784 1,167 857 482 312 1,780 Other deposits— Feb. 20 20,825 128 11,110 398 1,208 150 136 1,220 374 399 449 393 4,861 Feb. 27 20,876 179 11,326 356 1,183 125 139 1,280 364 373 435 334 4,782 Mar. 5 19,834 220 10,074 319 1,145 144 136 1,528 436 375 336 380 4,741 Mar. 12 19, 929 185 10, 779 421 946 136 99 1,133 491 411 339 273 4,716 Mar. 19 22,233 320 11,797 342 1,096 134 134 1,823 392 490 1,013 532 4,160 Total deposits— Feb.20....1, 951, 551 127,023 712,783 117, 660 164,192 63,314 60,160 294,729 72,088 48,807 76,293 56,091 158,411 Feb. 27....1,985,831 129,039 756,317 115, 636 171,065 61,087 60,059 278,729 75,358 44,981 81,206 58,400 153,954 Mar. 5 1,986,026 130,202 715,865 118, 262 165,798 66, 525 61,332 314,925 73,050 52, 111 78,817 56, 676 152,473 Mar. 12__.2, 018,850 128, 602 758,072 119,235 170,533 66,628 63,10.5 299,580 74,562 49,112 76,039 54, 921 158,461 Mar. 19....2,012,131 125,370 796,428 118, 598 159,786 63,901 60,652 276,297 73, 508 60,410 78,261 54, 333 154, 587 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

306 FEDERAL RESERVE BULLETIN APKIL, 1924 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, FEBRUARY 20 TO MARCH 19,1924—Con. LIABILITIES-Continued [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta hicago Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas • F c S i r s a a c n n o - Deferred availability items: Feb. 20 S61,666 53,209 110,391 53,255 57,679 49,841 21,337 70,470 32,399 11,914 28,497 38,130 Feb.27 535,818 50,816 105,538 48,820 53,484 48, 559 18,536 67,825 31,778 12,272 34,066 26,638 37,486, Mar. 5 532,998 48, B18 96,445 45,123 61,387 48,159 16,961 76,043 31,767 13,245 37,504 30,473 37,373 Mar. 12..._ 566,026 66,726 109,190 48,834 50,971 47,288 20,497 67,743 33,399 13,255 35,528 28,199 44,396 Mar. 19 616683 56,553 121,753 60,101 56,821 57.671 25,402 77,056 35,027 13,565 38,548 30,960 43,226 Capital paid in: Feb. 20 110,862 7,919 29,727 10,127 12,473 5,832 4.453 15,115 5,055 3,487 4,552 4,212 7,910 Feb. 27 110,880 7,919 29, 727 10,127 12,488 5,833 4,460 15,121 5,055 3,487 4,547 4,208 7,908 Mar. 5 110,831 7,919 29,728 10,127 12,488 5,835 4,465 15,065 5,067 3,490 4,545 4,202 Mar. 12... 110,836 7,915 29,728 10,134 12,482 5,840 4,473 15,065 5, 074 3,481 4,545 4,199 7|90O- Mar. 19 110,828 7,915 29,728 10,138 12,482 5,845 4,466 15,079 5,074 3,482 4,529 4,198 7,892: Surplus: Feb. 20 220,915 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. 27 220,915 16,390 59, 929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 Mar. 5 220,915 16,390 59,929 19,927 23,691 11,672 8,950 30,426 10,072 7,484 9,496 ' 7,577 15,30t Mar. 12 220,915 16,390 59,929 19,927 23, 691 11,672 8,950 30,426 10,072 7,484 9,496 7,577 15,301. Mar. 19 220,915 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: Feb. 20 13,248 350 1,992 519 1,035 762 1,232 1,380 576 1,143 650 1,998 1,611 Feb. 27 13,740 337 2,179 498 1,075 777 1,273 1,458 634 1,135 658 2,109 1, 607 Mar. 5.: 13,710 359 2,087 529 1,042 825 1,301 1,478 624 1,153 665 2,105 1,542 Mar. 12 14,269 353 2,301 577 1,107 824 1,335 1,586 648 1,185 637 2,129 1, 587 Mar. 19 14,029 389 2,075 565 1,089 878 1,364 1,517 650 1,184 650 2,126 1,542 Total liabilities: Feb. 20 4,882, 435 407,397 1,293,239 399,868 480, 731 219,040 226,242 765,763 189,413 140,416 190, 034 143,262 427,030- Feb. 27 4,889,890 407,424 1,324,282 396,487 491, 737 214,710 224,017 742,914 192, 310 136,812 194, 055 143,323 421,819' Mar. 5 4,884,655 407,493 1,276,591 393,063 478,181 219,507 225,637 780,967 190,251 145,419 196, 226 146800 424, 520 Mar. 12 4,941,885 423,190 1,330,417 400,756 486, 759 217,879 231,249 750, 914 192, 760 141,658 190,679 , 434,124 Mar. 19 4,964,823 410,224 1,378,703 408,632 474, 624 224,384 234,687 730,407 193, 334 143, 097 195,892 141, 500 427, 201 Ratio of total re- 143,638 serves to deposit and F. K. note liabilities combined— percent: Feb. 20 81.4 85.7 87.8 79.1 80.7 66.1 69.3 86.9 73.9 78.4 72.6 51.0 80.0' Feb. 27 80.6 83.7 86.0 79.0 82.0 64.6 67.0 86.6 75.5 77.1 72.1 45.1 80.5 Mar. 5 80.5 83.5 87.7 81.1 82.6 64.6 68.0 83.3 77.2 75.9 70.4 45.3 78.0- Mar. 12. 80.3 83.1 86.7 81.8 80.5 67.3 68'. 0 84.0 74.4 76.7 69.7 43.4 79.7 Mar. 19 80.8 85.2 89.5 81.7 80.3 62.9 66.1 84.3 71.2 71.1 70.9 47.1 77.6 Contingent liability on bills purchased for foreign correspondents: Feb.20 15,818 3,884 1,633 1,969 959 741 2,508 825 606 774 640 1,279' Feb. 27 12,366 3,563 1,204 1,453 708 546 1,850 608 447 571 472 944 Mar. 5 10,720 3,120 1,040 1,264 611 472 1,597 525 386 493 407 815 Mar. 12 9,785 2,185 1,040 1,254 611 472 1,597 525 386 493 407 815- Mar. 19 9,769 2,904 939 1,133 552 426 1,443 474 349 445 368 736 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Total Within 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 d F m a r y o o s m n t t o h 9 s 1 6 m O o v n e t r h 6 s Bills discounted: Feb.20 496,126 319,479 46,390 64,879 41,515 20,783 3,080 Feb. 27 531,590 350,745 44,941 67,120 44,125 20,610 4,049 Mar. 5 304,183 44,538 66,751 47,876 20,365 4,595 Mar. 12 - - 483,399 302,284 44,715 65,702 45,636 19,858 6,204 Mar. 19 -•-•— 431,251 244,358 43,227 68,251 48,726 20,858 5,831 Bills bought in open market: Feb. 20 --- 253,476 109,311 55,786 55,047 31,931 1,401 Feb. 27 •- 263,310 119,637 51,091 55,857 34,565 2,160 Mar. 5 259,737 115,726 40,416 60,334 42,065 1,196 Mar. 12 - - 242, 616 92,878 49,880 61,957 35,064 2,837 Mar. 19 - 194,203 56,490 50,077 55,839 30,031 1,766 United States certificates of indebtedness: Feb. 20-.... ,. 27,870 102 11,010 3,152 13,606- Feb. 27 31,777 11,001 7,202 13, 574 Mar. 5 33,499 948 10,304 157 7,703 14,387 Mar. 12. — 38,776 11,187 3 8,824 18,762- Mar. 19... 103,836 58,000 9,216 36, 62ft Municipal warrants: Mar. 19 - 51 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1924 FEDERAL RESERVE BULLETIN 307 FEDERAL RESERVE NOTES FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, FEBRUARY 20 TO MARCH 19, 1924 [In thousands of dollars] I 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 Ei o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Net>mount of F. R. notes received from Comptroller of the Currency: Feb. 20 -3,513,669 310,469 972,899 287,063 303,827 136,296 220,750 586,657 112,778 84, SOS- 107,060 80,672 340,495 Feb. 27 3,503,419 307,629 967,319 283,638 304,074 135,104 221,956 654,173 112,108 gO, 824 107,166 80,283 339,145 Mar. 5... 3,484,465 305,385 959, 542 284,922 301,841 135,175 221,567 549,772 110,999 90,351 107,436 79,672 337,803 Nov. 12 3,480,281 315,446 954,193 279,759 301,277 133,748 223,800 546,985 110,451 89,740 106,870 79,278 338,734 Mar. 19 3,464,475 318,703 946,929 281,674 298,668 132,247 223,025 541,770 109,303 89,392 106,591 78,816 337,367 • i1. E. notes on hand: Feb. 20 958,257 91,900 282,060 52,200 58,090 38,465 75, 982 175,280 27,300 11,396 30,153 32,412 83,020 Feb.27 953,317 87,900 282,060 50,200 64,490 37,365 76,922 174,480 27,300 17,695 31,153 32,032 82,720 Mar. 5 947,262 80,700 282,060 54,160 53,190 38,865 74,417 174,080 27,300 18,385 30,453 30, 932 82,720 Mar. 12 958,857 93,900 282,060 52,720 52,190 38,865 78,507 175,080 27,300 17,985 30,453 30,077 82,720 Mar. 19 956,717 95,500 282,060 51,320 51,290 38,065 75, 527 176,080 27,300 17,985 30,093 30,977 81,520 F. E. notes outstanding: Feb.20 2,555,412 218,869 234,863 245,737 97,831 144,768 381,277 85,478 73,408 76,907 48,260 257,476 Feb. 27 2,550,102 219,729 685,259 233,438 249,584 97,739 146,034 379,693 84,808 73,129 76,013 48,251 256,425 Mar. 5 2, 537,203 677,482 230,762 248,651 96,310 147,150 375,692 83,699 71,966 76,983 48,740 255,083 Mar 12 2,821,424 221,546 672,133 227,039 249,087 94,883 371,905 83,151 71,755 76,417 49,201 256,014 Mar. 19 2,507,758 223,203 664,869 230,354 247,378 94,182 147,498 366,690 82,003 71,407 47,839 266,837 Collateral security JEor F.E. notes outstanding: Gold and gold certificates— Feb.20 328,184 38,300 235,531 14,000 8,780 2,400 11,430 13,052 7,691 Feb. 27 328,184 36,300 235,531 14,000 8,780 2,400 11,430 13,052 7,691 Mar. 5—- 328,184 35,300 235, 531 14,000 8,780 2,400 11,430 13,052 7,691 Mar. 12 328,184 35,300 235, 531 14,000 8,780 2,400 11,430 13,052 7,691 Mar. 19 330,939 35,300 238,531 14,000 8,780 2,400 11,185 13,052 7,691 Gold redemption fund— Feb.20 121,925 19,282 31,618 14,007 12,235 1,583 7,731 7,377 3,874 1,100 4,724 2,928 15,466 Feb.27 122,915 16,442 31,573 15,582 15,281 3,390 6,936 7; 294 4,203 1,321 3,829 2,539 14,525 Mar. 5 116,702 14,198 31,510 10,905 13,049 1,961 6,047 7,195 4,094 1,848 3,420 2,927 19,648 Mar. 12 115,728 11,059 31,453 15,743 11,885 3,534 5,680 7,070 3,546 1,237 2,653 3,534 18,334 Mar. 19 117,658 17,716 31,397 11,657 13,276 2,033 4,406 6,952 4,399 1,389 4,174 3,071 17,088 Gold fund— F.R. Board— Feb. 20 1,666, 553 118,000 316,000 157,889 182,000 60,295 91,000 376.644 64,000 44,000 49,360 9,500 207,865 Feb.27 1,658,025 123,000 316,000 152,889 182,000 57,295 88,000 376.645 53,000 44,000 49,360 8,500 207,336 Mar. 5 1,605,420 123,000 316,000 156,889 182,000 57,295 86,000 52,000 44,000 49,360 7,500 194,731 Mar. 12 1,602, 784 133,000 316,000 182,000 44,295 93,000 336,644 52,000 44,000 49,360 7,500 194,096 Mar. 19 1,649,673 128,000 366,000 157,389 182,000 44,295 92,000 336,644 50,000 44,000 47,360 7,500 194,485 Eligible paper- Amount required— Feb. 20.. 441,494 48,987 107,690 48,967 42,722 35,953 43,637 16.174 15,256 28,141 34,144 Feb. 27- 445,224 44,987 102,155 50,967 43,523 37,054 16.175 14,756 22,824 29, 521 34,564 Mar. «... 62,187 94,441 44,822 37,054 52,703 31,852 16,175 13,066 24,203 30,622 40,804 Mar. 12.. 474,728 42,187 89,149 46,407 46,422 47,054 47,213 28,191 16,175 13,466 24,404 30,476 43,584 Mar. 19.. 409,588 42,187 28,941 47,308 43,322 47,854 48,692 23,094. 16,419 12,966 24,964 29, 577 44,264 Excess amount held— Feb. 20- 275, 811 6,720 29,199 7,391 25,415 16,448 8,907 87, 534 24,325 2,758 12,982 19,637 35,195 Feb. 27- 308, 093 14,216 53,419 6,592 26,108 16,083 7,125 87,889 25,013 3,491 13,596 22,524 32,037 Mar.5— 223,209 2,012 23,153 1,603 16,920 19,925 784 69,624 20,746 6,652 12,882 17,615 31,293 Mar. 12- 218, 508 9,918 37,070 3,978 21, 324 4,835 5,947 65,104 21,163 4,237 11,975 13,452 19; 505 Mar. 19.. 186,496 1,161 19,109 355 17,481 9,715 6,970 58,446 23,081 10,385 7,750 9,600 22,543 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

308 FEDERAL, RESERVE BULI>ETIN APRIL, 1924 EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON, FEBRUARY, 1924 [Amounts in thousands of dollars] Total B to o n s- Y N o ew rk P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap i o n l n is e- K C a i n ty sas Dallas F c S i r s a a c n n o - HOLDINGS ON FEB. 29,1924 Total earning assets 962,406 66,214 195,277 88,407 87,339 62,153 63,433 126,344 47,908 29,963 46,456 63,441 85,471 Bills discounted for members 528,963 32,094 109,497 46,293 33,462 54,640 49,719 67,760 40,322 14,616 26,364 10,181 44,015 Bills bought in open market 267,880 22,793 59,559 19,177 33,591 2,388 9,028 36,023 4,356 5,116 9,953 42,024 23,872 XT. S. securities.. 165,463 11,327 26,121 22,937 20,286 5,125 4,686 22, 561 3,230 10,231 10,139 11,236 17,584 All other earning assets 100 100 Bills Discounted Customers' paper secured by 2,715 658 1 216 531 230 204 143 408 11 225 2 86 Member bank collateral notes: Secured by Government obli- 254, 500 18,924 92,541 32,424 20,880 20,399 10,519 31,870 10,948 1,272 2,711 1,441 10,571 4,630 8 75 323 122 214 25 179 3,684 Commercial paper, n. e. s 194,564 11,611 16,045 13,030 10,577 29,473 31,892 21,036 23,072 2,453 9,264 3,829 22,282 50,487 571 558 541 489 2,974 6,080 14,035 4,555 8,456 5,814 1,874 4,540 15,994 3 278 42 137 300 1,983 8,300 2,841 2,110 Bankers' acceptances, domestic... 217 202 15 Trade acceptances, domestic 5,856 330 352 79 699 1,245 564 554 1,039 227 25 15 727 Total discounted bills 528,963 32,094 109,497 46,293 33,462- 54, 640 49,719 67,760 40,322 14,616 26,364 10,181 44,015 Bills Bought Bankers' acceptances: 109,295 9,075 25,521 7,207 18,321 63 785 13,422 1,754 1,598 4,516 16,349 10,684 Foreign, exports.. 94,432 7,762 20,425 7,368 10,595 90 5,761 13,033 1,600 2,446 3,083 13,965 8,304 48,362 4,951 9,940 3,090 2,781 2,235 2,479 6,862 757 899 1,691 8,619 4,058 13,558 1,005 1,440 1,512 1,894 3 2,706 245 173 663 3,091 826 Trade acceptances: 2,233 2,233 Total purchased bills 267,880 22,793 59,559 19,177 33,591 2,388 9,028 36,023 4,356 5,116 9,953 42,024 23, 872 Purchased Bankers'Acceptances, by Classes of Acceptors 81,987 11,319 17,547 7,283 7,563 100 1,656 13,842 1,606 1,324 3,169 10,482 6,096 Other member banks . _ 82,275 6,013 17,237 5,083 6,865 4,011 18,333 1,634 1,557 2,290 12,106 7,146 Nonmember banks and banking Private banks.. 4 3 9 1 , , 7 1 7 4 1 3 4,1 9 3 4 8 1 1 6 1 , , 8 0 4 5 5 7 2 3 , , 2 0 0 7 8 0 7 7 , , 0 5 8 3 6 6 2,23 5 8 0' 3,274 3,6 2 0 4 3 5 7 11 0 8 3 1,3 1 1 7 0 3 1 1 , , 3 7 0 1 2 5 8 7 , , 1 2 4 4 0 6 4 3 , , 4 43 72 7 Branches and agencies of foreign banks 20,471 382 4,640 1,533 4,541 80 295 752 1,477 4,050 2,721 U. S. Securities U S bonds 18,500 544 1,202 549 918 1,191 249 4,426 7,309 332 1,780 114, 246 8,262 16,814 20,321 15,110 2,703 2,996 12,890 2,180 2,012 8,259 7,847 14,852 Certificates of indebtedness 32,717 2,521 8,105 2,067 4,258 1,231 1,441 5,245 1,050 910 1,548 1,609 2,732 : Total U. S. securities 165,463 11,327 26,121 22,937 20,286 5,125 4,686 22,561 3,230 10,231 10,139 11,236 17,584 DAILY AVERAGE HOLDINGS DURING FEBRUARY Total earning assetsl 921, 588 65,773 203,608 86,444 90,963 53,376 55,450 106,955 41,291 28,685 44,509 60,382 84,152 Bills discounted .. . .. 516,171 30,996 122,339 40,815 37,016 47,007 41,985 57,197 36,950 15,989 31,258 9,363 45,256 Bills bought 271,408 25,869 63,158 23,486 36,663 2,571 10,277 32, 757 2,194 3,554 4,214 42,584 24,081 TJ. S. securities 133,990 8,908 18,094 22,143 17,284 3,798 3,186 17,001 2,147 9,142 9,037 8,435 14,815 EARNINGS DURING FEB. RUARY Total earning assetsJ. 3,192 228 704 299 313 187 196 366 146 100 158 202 293 1,847 111 437 146 133 168 150 205 132 57 112 34 162 Bills bought 901 86 206 78 123 9 35 109 7 12 14 141 81 U. S. securities 444 31 61 75 57 10 11 52 7 31 32 27 50 ANNUAL RATE OF EARNINGS Total earning assets 1 .__ 4.36 4.36 4.35 4.36 . 4.32 4.42 4.44 4.30 4.46 4.41 4.47 4.21 4.38 Bills discounted 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 Bills bought 4.18 4.17 4.10 4.17 4.22 4.36 4.28 4.19 4.16 4.16 4.17 4.17 4.21 TJ. S. securities 4.17 4.43 4.21 4.29 4.17 3.44 4.17 3.88 4.17 4.34 4.50 4.10 4.28 1 Including municipal warrants as follows: Atlanta—daily average holdings, $2,759; earnings, $10; annual rate of earnings, 4.48 percent; also iacluding Federal intermediate credit bank debentures as follows: New York—daily average holdings, $17,000; earnings, $68; annual rate of earnings, 4 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

309 APRIL, 1924 FEDERAL RESERVE TtTTT .T .V. DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS FOR FEBRUARY, 1924 [Amounts in thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C l l a e n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is n M o e l i a i n s p - - K C s a i a t n s y - Dallas F c S r is a a c n n o - Total discount and open mar- 2,826,826 166,892 4,567,249187,556 175,212 148,013 74,590 159,589 90,145 19,684 46,428 46,754 144,714 Bills discounted for member 2,462,407 135,494 1,398,139169,708 160, 635144,750 62,315 123,712 85,059 11,686 34,604 13,698 122,607 Bills bought in open market 289,139 24,788 154, 902 16,287 10,598 1,581 9,500 21, 885 3,651 3,092 7,412 17,068 18,375 Bills bought from other Federal 15, 340 53 3,005 12,282 17. S. securities bought in open 69,840 6,610 14,055 1,561 3,979 1,682 2,775 13,992 .1,435 4,906 1,407 3,706 3,732 Bills Discounted Customers' paper secured by Government obligations . _. — 1,608 513 49 156 100 184 47 377 3 122 57 Member bank collateral notes: Secured by Government 2,084,411 95,881 1,341,559 131,848 130, 305112,402 23,899 98,365 40.987 7,282 25,254 72,023 Otherwise secured 9,493 37 372 706 218 472 50 7,552 Commercial paper, n. e. s 332, 564 38, 682 55, 716 37,541 29,110 28,412 35,053 20, 645 34,960 2,043 5,231 4,645 40,526 Agricultural paper 17,233 248 481 212 159 1,596 2,065 4,336 2,929 1,154 1,557 791 1,705 4,638 15 115 4 47 96 683 2,287 870 521 Demand and sight drafts (based on agricultural products) 8,212 16 68 5,228 49 86 2,669 96 Bankers' acceptances, domestic. 116 110 6 Trade acceptances, domestic 4,132 170 368 58 737 1,754 293 101 482 17 31 121 Total bills discounted 2,462,407 135,494 1,398,139 169,708 160,635 144,750 62,315 123,712 85,059 11,686 34,604 13,698 122,607 Average rate (365-day basis)— 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) . 9,27 &42 3.97 8.48 8.17 8.36 33.75 22.54 29.65 40.76 29.75 45.00 19.59 Total reduced to a common maturity basis (exclusive of demand and sight drafts) 2,454,195 122, 746 597,086 154,795 141,038 176,747 234,622 299,773 254,564 51,011 110,414 53,363 258,036 100.0 5.0 24.3 6.3 5.7 7.2 9.6 12.2 10.4 2.1 4.5 2.2 10.5 Number of member banks on Feb 29 9,857 421 840 725 877 629 537 1,437 630 969 1,133 859 800 Number of banks accommodated during the month 3,465 209 373 320 259 277 265 609 246 217 321 128 241 Per cent accommodated 35.2 49.6 44.4 44.1 29.5 44.0 49.3 42.4 39.0 22.4 28.3 14.9 30.1 Bills Bought in Open Market Bankers'acceptances: • 215,037 15,931 118,910 12,271 8,842 102 7,540 14,388 2,649 2,178 4,912 14,887 12,427 60,489 6,972 28,676 3,136 1,263 1,479 1,957 6,283 782 769 1,925 1,725 5,522 11,367 1,885 8,070 880 493 3 1,214 220 145 575 456 426 Trade acceptances: Foreign ._ - .- 2,246 2,246 Total bills bought 289,139 24,788 151,902 16,287 10,598 1,581 9,500 21,885 3,651 3,092 7,412 17,068 18,375 Distribution by rates charged (360-day basis): 189,869 9,998 147,644 4,831 3,321 2,679 5,447 1,210 894 3,255 6,303 4,287 4£ per cent 75,747 12,952 4,537 11,306 6,280 468 3,096 14,106 2,421 2,198 3,495 10,089 4,799 16,609 1,737 330 141 922 1,113 113 2,242 20 139 659 9,193 4f percent., 299 81 18 9 75 3 17 96 4| per cent ._ 6,595 2,373 3,612 90 520 4| per cent-. _ 20 20 Average rate (365-day basis)— 4.16 4.15 4.09 4.17 4.18 4.28 4.31 4.19 4.16 4.17 4.19 417 4.21 Average maturity (in days) 30.82 25.81 16.69 58.17 57.80 47.05 46.41 61.26 54.85 41.67 51.22 52.51 33.34 Total reduced to a common ma- 289,139 20,754 83,861 30,738 19,871 2,414 14,304 43,496 6,497 5,935 12,317 29,076 19,876 100.0 7.2 29.0 10.6 6.9 .8 4.9 15.0 2.2 2.1 4.3 10.1 6.9 tt S. Securities Bought in Open Market U. S. bonds 3,606 145 529 1,813 1,119 Treasury notes.. . 47,084 5,934 12,066 1,370 3,486 1,473 1,852 9,125 1,258 2,933 1,234 3,083 3,270 Certificates of indebtedness 9,150 676 1,989 46 493 209 394 3,054 177 854 173 .623 462 Total U. S. securities bought.. . 59,840 6,610 14,055 1,561 3,979 1,682 2,775 13,992 1,435 4,906 1,407 3,706 3,732 i Includes $100,000 Federal intermediate credit bank debentures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM DURING FEBRUARY, 1924 OS h-1 [Numbers in thousands. Amounts in thousands of dollars) © Items drawn on banks located Total items handled} including Number of nonrnember b F a e a n d n n k e d u r o a m d l r i b r s b e t e r r s r a i e c n r t v ch e o r r e I s n b e r r a F v n e e c d i h b n e r a c o a n i l w k ty n di O s b e t u r r r b a a i t l c s a n i t n r c d e k h e s o e c F r r i v e ty e d- o I n t o e f m T S U s r t a e n d t a e i s r s t a u e w d re n r T o d o f l t e a d d l u , i p t e l e x i m c c a l s u t h i s o i a v n n e s - r o e t w s I h a b e t e n a r e r r d a r v m d n e F s t e c h e d b h f d e o a e t i e s r o n r - r k a s l o p r a w I t r d o t i e a n e i n r s m b d s t t r r s a e a i b d m c f n a o t c e t n r o h - k e s s Number duplicati A on m s ount N m u b m e a m e n o n m d b n k b e t s o h r e f a r o t f O b n a n p k a s r a li t s e t nd N of o t l m i o s o t n n i p th ar N b u e m r - Amount N b u e m r - Amount ££•• Amount ^ Amount \N™' AmountN b u e m r - Amount 1924 1923 1924 1923 1924 1923 1924 1923 1924 ! 1923 No. 1—Boston 703 674,398 4, 438,413 117 12,809 1,125,620 200 44,635 5,029 4,310 1,170,255 1,011,221 421 427 232 234 No. 2—New York 2,186 3, 960,904 4,562 885 93,128 4, 682,8901,221 136,268 5,447 8,877 8,704 4,824,605 4,282,672 753 726 281 263 Buffalo.-. 197 121,365 442 14 2,288 653 . 172,151 98 20,233 16,457 777 748 208,841i 189,425 81 78 No. 3—Philadelphia 1,143 825, 681 2,3' 291,862| 126 19,047 3,615 1,136,570 648 88,880i 4,163 3,627 1,225,450 1,097,919 725 715 516 4921 No. 4—Cleveland 625 436, 038 1,576| 157,912 65 5,258 2r" 599,208 76 7,228 11,238 2,387i 2,038 617.674 414,218 311 311 613 617 Cincinnati 337,391 855 79,788 58 9,255' 1,189 ! 427,856 37 7,516 4,453 1,2431 1,100 439,825 402,486 223 226 313 313 Pittsburgh 623 632,290 983 99,230 35 1,641 736,206 78 42, 340 10,740 1,753 1,512 789,286 632, 495 343 34. 251 254 No. 5—Richmond 127 354, 758 1,963 291, 270 43 5,359 2,133 651,387 171 59,975 7, """ 2,339 2,282 719,030 622,3S4 468 474 575 698 561 Baltimore. 277 212, 339 770 68, 935 48 5,714 1,095 286,988 137 34,611 6,597 1,299 1,174 328,196 287, 638 161 161 263 2. No. 6—Atlanta.... 118 103,965 400 45,154 41 3,844 559 152,963 25 8,534 4,810 621 S80 166,307 162,199 223 227 446 '466 13 Birmingham 56 50,941 223 18,990 1,93l] 71,862 21 14,590 35,223 343 309 121.675 106,812 94 32 33 146 145 Jacksonville,—. 65 84, 395 232 26,290 13 1,381 310 112,066 110 14,506 2,656 129, 228 103,068 70 78 71 60 150 148 Nashville- 63 83, 583 24' 13 1,121 323 106,972 2,157 579 109, 708 100,191 92 146 144 159J 159 New Orleans 131,441 140 16,683 34 3,901 261 152,025 47 11,377 650 281 164, 0S2 75,590 58 56 50 224 224 CO No. 7—Chicago ... 1,136 903,10! 4,041 319,298 277 43,052 5,4541 1,265,452 414 29, 911 12 1.420 5,880 5,366 1,296,783 1,226,609 1,309 1,318 3,827 124 Detroit.-. 316 296,009 698 65,6031 34 4,316 1,048 365,928 18 4,609 4 2,573 1,070 778 373,110' 422,321 128 123 247 258 17 No. 8—St. Louis .. 842 335,469 1,444 79,752' 1051 7,681 2,091 422, 902 62 5,580 12 759 2,165 1,877 429,241j 408, 718 403 391 1,620 1,690 42 IS L L i o tt u l i e s v R i o ll c e k - 1 4 1 9 6 14 4 2 0 , , 9 8 r 15 3 4 2 6 4 3 2 2 0 3 , , 0 8 6 5 8 7 301 2, 9 67 82 5 3 6 8 0 2 9 16 6 9 1 , , 3 9 4 6 7 7 12 1 1, 1 24 82 9 2 6 4 9 1 2 0 3 62 8 3 9 3 6 9 9 8 2 170,688 16 6 7 3, , 7 2 5 4 7 9 7 9 3 5 7 9 1 5 3 2 4 0 5 4 3 2 4 3 8 6 3 5 1 w Memphis. 77 33,711 188 12,971 6 271 46, 710 2 2 229 275 277 47,205 51,637; 59 164 187 183 159 p. No. 9—M i n n e- He a l p e o na lis... 2 2 9 5 4 1 1 0 1 7 , , 7 4 6 1 6 1 1,42 9 7 4 5,979 61 8 7 1, , 3 3 9 5 4 0'1,7 1 8 2 7 7 218 1 8 8 , , 2 7 6 8 1 4 8 5 3 17 1, , 4 5 5 4 7 2 1 1 154 l,8 1 7 3 l 3 ! 1 1, 3 7 9 34 2 2 0 0 5 , y9 8 5 7 7 0 1 2 90 3 , , 9 7 5 0 1 8 8 1 1 5 1 8 8 1 2 8 5 7 1,7 1 6 3 3 2 2,4 1 0 8 5 0 55 5 0 176 No. 10—Kansas City... 376 197,280 1,373 86,189 71 8,747 1,820 292,216 18,724 29 4,925 1,935 315,865 321,575 325 328 1,367 1,413 Denver. 139 41,162 342 32,375 23 3,073 504 76,610 68 12,892 36 9,735 — ' 606 99,237 91,961 159 162 221 245 Oklahoma' City...' 49,350 1,055 63,996 10 1,479; 1,134 114,825 9,704 19 8,518 1,093 133, 047 126,598 408 414 377 410 7 Omaha- 171 47,175 569 28, 64S 24 3,5731 2765 ' 79,621 4,592 1 3,518 87,731 94,036 241| 248 865| 170 151 No. 11—Dallas .-. 211 176, 5471,637 169,852 33 4,204 1,881 350,603 6,416 4,484 1,975 361,503 304,596 659 659 658! 725 87 53 El Paso_. 49 12,621 106 14 1,250 22,531 1,709 642 195 24,882 21,698 59 63 35 68 Houston. 57 58,728 428 50,651 10 1,019 495' 110,398 2,426 1,225 518 114,049 93,932 141 139 241 256 No. 12—San Francisco... 254 403, 420 561 40,335; 61 16,109 459,864 28 2,060 933 1,046 465, 729 406, 329 184 192 222 265 Los Angeles.. _ 517 221,893 2,208 149,779 8,878 2,781 380,550 13,910 51 8,115 2,918 402, 575 323,578 157 159 199 190 Portland. 68 83,391 14,234 2,736 354 100,361 3,537 42 4,528 403 108, 426! 50,159 137 136 132 136 27 SaltLake City... 60 31,337 411 22,493 2,151 486 55,981 14! 2,292 11 1,371 511 59,644 52,331 148 160 102 101 Seattle... 135 43, 506 245 16, 271 4,634 406 64,411 16; 3,423 41 4,491 463 72,325 67,311 ' 66 66 83 92 Spokane. 19,123 188 9,261 1,084 284 14j 3,423 19 2,185 297 35,076 29,421 108 109 140 147 Total: Feb..11,26611, 266,202 36,808, 523,0412,407 296,139* 50,494U5,091,554 3,875 640,499 725 168, 681 55,094 49, 789 15,900,634 14,02i,6 7.639,857 I,917[l6,33717,724 3,084 2,282 Jan._12,604 12,507,913 40,532 4,012,653 2,531 350, 27855, 682 16,877,444 4,274] 718,189 812 187,455 60, 768 59,248 17,783, "i', 9219,876 1,91116,48417,777 3,013 2,289 i Incorporated banks other than mutual savings banks. ' Includes items drawn on banks in other Federalreservedistrictsforwardeddirecttodraweebankasfollows: Cincinnati, 7,000 items, $1,422,000; Minneapolis, 5,000 items, $4,527,000; Omaha, 1,000 items, $225,000. Total, 13,000 items, $6,174,000. NOTB.—Number of business days in period for Boston, Richmond, Baltimore, Atlanta, Birmingham, Jacksonville, New Orleans, St. Louis, Little Rock, Kansas City and Oklahoma City was 24. and for other Federal reserve bank and branch cities 23 days. . • • Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APB.IL, 1924 FEDERAL, RESERVE BULLETIN 311 GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM FEBRUARY 14, 1924, TO MARCH 19, 1924, INCLUSIVE . [In thousands of dollars] Changes in ownership Transfers Daily settlements of gold through trans- Balance in Federal reserve bank fers and settlements fund at close of period - Debits Credits Debits , Credits Decrease Increase 7,500 100 921,269 930,926 2,257 66,834 New York 17,800 66,000 2,814,938 2,917,485 150,747 188,210 Philadelphia 6,000 813,441 800,148 7,293 27,240 11,000 717, 565 • 724,167 4,398 75,868 3,000 2,000 591,956 572,235 20,721 32,919 14,000 310, 507 316,324 8,183 8,8S4 Chicago 32,000 200 1,355, 587 1,334,112 53,275 96,995 "St. Louis 2,000 2,000 563, 525 549,502 14,023 13, 602 1,000 187,237 182,342 5,895 12,126 Kansas City 500 421,470 417,217 3,753 38,471 Dallas 17, 500 319,954 294,798 7, 656 7,319 San Francisco 7,000 1,000 350,536 328, 729 27,807 38,277 Total, five weeks ending- March 19,1924 95,300 95,300 9,367,985 9,367,985 153,004 153,004 606,745 Feb. 13,1924 44,500 44,500 8,828,412 8,828,412 553,781 Mar. 22,1923 . . . 108,000 108,000 8,825,339 8,825,339 648,222 Feb. 15,1923 - 98,100 98,100 8, 210, 635 8,210, 635 568,106 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MARCH 31, 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 agricultural, United States Bankers' Trade Agricultural' Agricultural and livestock Government acceptances acceptances and livestock and livestock paper, n. e. s. obligations paper paper Boston New York Philadelphia- Cleveland Richmond Atlanta Chicago....— St. Louis Minneapolis.. Kansas City.. Dallas San Francisco 1 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

312 FEDERAL RESERVE TVTTT.T.F.TTNr APRIL, 1924 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 FEBRUARY 13 TO MARCH 12, 1924 [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m R o ic n h d - la A n t t - a Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas F c S i r s a a c n n o - Number of reporting banks: Feb. 13 759 110 105 26 Feb.20 768 110 105 68 Feb. 27 759 110 105 Mar. 5 _ 758 110 104 Mar. 12 757 110 104 67 Loans and discounts, gross: Secured by V. S. Government obligations— Feb.13 238,015 14,431 96,814 12,795 25,126 35,385 9,779 3,772 3,232 12,317 Feb. 20 229,228 12,865 88,004 12,637 24,683 9,024 36,870 9,642 6,181 3,129 13,897 Feb. 27 227,448 12,846 91,327 12,348 24, 563 9; 040' 9,011 32,840 9,709 3^798 6,064 3,105 12,797' Mar. 5 213,687 12,501 73,457 12,325 24,033 8,767 35,130 9,557 3,798 6,341 3,208 15, 732 Mar. 12 207,499 11,645 72,143 12,178 24,174 9,546 34, 678 9,918 6,079 3,159 11,135 Secured by stocks and bonds— Feb. 13 3,817,901 230,4521., 601,487267,471 399,590 128,489 65,291 602,153 148,746 44,097 78,164 64,709 187,252 Feb.20.... 3,848,626 229,402 1,627,584 268,821 400,233 125,906 67,141 590,578 148,494 43, 799 86,404 67,367 192,897 Feb. 27 3,805,100 229,384 1., 579,214265,226 403, 704 127,537 66,470 601,251 146,764 44, 592 85,594 64,487 190,877 Mar. 5 3,820,369 230,6911., 592,293267,507 406, 712126,192 66,499 599,303 145,307 43,508 87,121 62, 857 192,379 Mar. 12 3,851,638 226,146 1., 617,879265, 748 404,437 128,078 67,715 603,271 151,701 42, 956 87, 595 64,156 191,956 All other loans and discounts— Feb.13 7,879,494 628,197 22,, 5i47,049 347, 625 329,175 355,480 ,122,761 314,445 187,332 329,626 217,158 813,848 Feb.20 7,848,667 618,849 22,,552299^, :742 346,442 694,285 330,259 349,581 , 126,496311,731 185,932 322,021 213, 430 819,899 Feb. 27 7,844,981 614,400 22,,552288,, 5 56600346,669 327.923 351,973 , 134, 751311.475 187,143 322,830 213, 755 816,609 Total lo M M an a a s r r a . . n 1 6 2 d . discounts: 7 7 , ,9 9 3 0 8 0 , , 5 2 0 8 9 4 6 66 2 11 0 22 , , ,44 67 00 3 11 , 2 2 2 , , , 55 5 77 9 99 0 ,44 , 55 3 1 9 1 7 3 35 4 2 5 , , 9 2 3 9 6 7 6 69 9 8 4 , , 4 2 7 5 4 0 327, 521 3 3 5 4 1 9 , , 6 4 8 7 2 5 , ,1 4 1 5 3 , 7 9 , 8 3 5 993 30 1 5 1 , , 3 8 5 5 6 0 1 1 9 9 3 9 , , 0 2 1 2 3 9 3 3 2 2 2 6 , , 7 4 5 4 1 8 2 2 0 1 8 1 , , 0 2 9 5 0 7 8 8 1 1 4 3 , , 7 2 6 0 3 6 Feb. 13 11, 935, 410 45,350 627, 8911, 111, 514466.230 429, 670 , 760,: 472,970 235.201 414,689 1,013,41? Feb. 20 ....11, 926,521 86i; 116 4,245,330627,9001,119,201 464,773 425,746 , 753, 944469,867 233,419 414,606 283,9261,026,693 Feb. 27 11,877,529 856,630 4,199,101 624,2431,117,160 464, 500 427,454 ,768,842 467,948 235,533 414,488 281,3471,020,283 Mar. 5 11, 934, 565 855, 593 4, 245, 201625,"1"2"91., 124, 995461,848 427,019 , 771,832466,220 240, 319416,213 277,322 '1., 022,874 Mar. 12 11, 997, 421 858,464 4,280,419630,8621., 127,085465,145 426,186 1,, 783,934467,469 246,033 420,122 275,4051,016,297 U. S. pre-war bonds: Feb. 13 269, 699 12,936 49,264 10,684 48, 274 29,000 14, 631 24, 821 14, 991 9,076 11,455 19,980 24, 587 Feb. 20 272, 730 12,936 49, 311 10, 679 48,275 28,997 17,382 24,820 14, 981 9,076 11,763 19,930 24,590 Feb. 27 273,241 12, 782 48,900 10,679 48,275 28,972 14, 761 24,770 14,981 9,076 11,853 19,780 28,412 Mar. 5_. 270,324 12,848 49, 720 10, 679 48,275 28,972 14, 761 23, 787 14,981 9,081 11,853 20, OOi 25,362 Mar. 12.. 270, 604 12, 949 50,264 10, 679 48,302 29,162 14, 741 23,788 14,981 9,081 11,829 19,466 25,362 U.S. Liberty bonds: Feb.13 1,034,397 78, 373 476, 653 45,548 109, 078 26,639 14, 018 96,133 23,556 14,155 40,845 12,542 96,857 Feb. 20 1,031,141 79,793 473,706 45,042 110, 585 26,784 14,618 98,124 23,656 14,232 38,818 12,722 93,061 Feb. 27 1,030,296 79, 532 476,235 45,387 110,365 27, 050 14, 617 99,814 23,643 14,245 37,691 12,748 89,069 Mar. 5 999,872 80,960 445,800 45,233 109,943 27,030 14,622 100,389 22,851 14,409 37,759 12,563 88,313 Mar. 12 1,031,714 80,855 471,450 45,133 109,860 26,920 14,631 101,179 22,689 14,725 37,694 12,595 •U. S. Treasury bonds: Feb.13 77,701 4,619 22, 924 2,984 6,160 2,498 1,721 12,665 6,242 680 2,086 12,196 Feb. 20... 77, 538 4,637 22,772 2,935 6,109 2,498 1,879 12,620 6,197 680 3,043 2,08" 12,081 Feb. 27 •-. 76,816 4,560 22, 515 2,675 5,420 2,324 1,879 12,608 6,168 680 2,997 2,113 12,887 Mar. 5 75,607 4,563 22,509 2,766 5,397 2,269 1,879 12,392 6,195 780 3,368 1,355 12,134 Mar. 12 73,837 4,566 21,607 2,703 5,217 2,169 1, — 12, 560 6,221 780 2,823 1,439 12,315 U. S. Treasury notes: Feb.13 811,800 20,825 442,473 40,093 56,07! 13,929 6,150 121,416 16,714 29,326 15,010 14,548 35,244 Feb. 20 802, 706 19,542 434,310 40,644 55,683 13,702 6,946 120, 785 16,603 29,122 15,177 14,610 36, 582 Feb. 27 794,273 20,917 428,752 40,715 54,760 13,261 6,311 117,239 16,624 29,081 15,422 14,854 36,337 Mar. 5 783,613 21,068 417,462 40,508 55,118 13,527 6,312 117,003 16,499 29,223 14, 688 15,357 36,848 Mar. 12 778,717 20,879 409,966 39,173 55,066 11,713 6,356 120,781 17,183 29, 57f 15,337 14,864 37,827 U. S. certificates of indebt- Feb.13 96,736 5,191 21,328 4,466 6,049 '1,393 2,272 20,944 7,451 1,542 2,494 6,236 17,370 Feb.20 102, 512 5,232 25,449 4,816 6,095 1,897 2,438 22,823 7,043 1,482 2,412 6,853 15,972 Feb. 27 101,765 5,272 25,856 5,255 6,099 1,851 1,793 21,523 1,482 2,984 7,088 15,579 Mar. 5 96,681 4,770 22,143 5,242 6,201 1,944 1,813 23,050 6,947 1,482 3,109 7,189 12,791 Mar. 12 100,797 4,470 27,227 3,976 6,160 2,103 2,802 21,918 1,482 2,316 7,152 14,325 Other bonds, stocks, and securities: Feb. 13 2,193,806 168,620 768, 073 180,186 304,173 51,828 39,066 333,864 89,584 26,028 56,701 14, 525 161,158 Feb. 20 2,207,640 169,010 778,174 183,384 306,127 53,162 38,939 333,865 89,310 25, 598 55,499 13,890 160,682 Feb. 27... 2,220,483 169,881 781,626 185,073 309,385 52,622 39, 576 337,566 90,292 25,445 55,217 14,127 159,67S Mar. 5 2,222,912 168,759 786,839 184,948 309,814 52,357 39,396 337,499 88,730 25,186 55,296 14, 654 159,434 Mar. 12 2,215,828 168,703 777,582 187,334 308,604 52,2r 39,285 337, 519 89,203 24,385 55,936 14, 064 160,996 Total loans and discounts and investments: Feb. 13 16,419,549 1,163,644 6,026,06! 911,8521,641,320 591, 517 507,528 2,370,142631,508 316,008 544,120 355,0161,,360,829 Feb. 20 16,420,7881,152,266 6,029,05: 915,4001,662,075 591,813 506,94^82 2,,336666,,998811627,657 313,609 541,308 354,0181,369,661 Feb. 27 16,374,4031,149,574 5,982,98! 914,0271,651,464 590, 580 506,39:2,382,362 626, 529315,542 540,652 352,0571,362,240 Mar. 5 . 16,383, 5741,148,5615,989,67' 914, 5051,659,743 587,947 505,802 2,385; 952622,423 320,480 542,286 348,4451,357,75ft Mar. 12.. 16,468,9181,150,886 6,038,61 919,860ll, 660,294 589,429 505,438 2,401,679624,612 326,058 546,05' 344,9—851",, 361,105 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APRIL, 1924 FEDERAL, RESERVE BUIiBTIS 313 PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM FEBRUARY 13 TO MARCH 12, 1924—Continued [In thousands of dollars] Total Boston N Yo ew rk d P e h lp il h a i - a . C l l a e n v d e- m R o ic n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - City Dallas F c S i r s a a c n n o - Reserve balance with F. R. banks: Feb. 13..... ... 1,416,333 88,675 622, 676 75,131 115,997 37,289 34,888 205,792 43,569 19,841 44,762 25,664 102,059 Feb. 20. _ 1,398,030 82,319 627,251 66,889 107,158 35, 038 34,229 215,235 40,864 22,369 42,771 24,473 99,434 Feb. 27 1,419,223 84,160 666,199 68,702 113,298 32,640 34,174 199,974 42,251 18,883 47,731 26, 549 84, 661 Mar. 5 1,409,988 83,096 632,792 69,366 104,525 33,903 216,943 38,757 24,764 46,278 25,993 95,239 Mar. 12 1,445,094 671,040 69,232 108, 878 35,960 33, 553 212,802 42,288 21,836 43,410 24,541 99,471 Cash in vault: Feb. 13_ 297,838 19,535 83,739 15,685 30,936 13,342 10,821 60,094 8,773 7,001 12,932 11,415 23,865 Feb. 20 : 280,659 19,552 83,816 15,898 29, 310 13,081 10,882 52, 719 7,264 6,232 11,842 9,180 Feb. 27 280,301 19, 516 81,079 15,626 29,109 13,047 10,782 53, 64" 7,365 6,486 12,437 9,198 22,009 Mar. 5 279,175 19,370 79,516 14,819 29,454 13,059 12,491 53, 753 7,101 5,765 12,142 9,730 21,975 Mar. 12.. __._ 278, 616 18,974 78,208 14, 579 30,034 13,218 11,401 54,042 7,299 5,906 12, 603 10,151 22,201 Net demand deposits: Feb. 13 11, 403, 683 827;225 4,834:.,125 684,878 899,190 346,456 286,7491,535,630 364,079 203,849 399, 078247,535 774,889 Feb. 20.... 11,235,478 7991,,414 4i,, 824,597666,958 893,064 331,225 281,756 1., 505,073344,946 198,992 242,177 748,412 Feb. 27 11,167,428 795, 516 ii,, 794,581659,672 884,29" 331,186 280, ., 492,479350,170 202,587 404,223 238, 368 734,157 Mar. 5 11,174,184 796,600 4, 790,083662,730 898,401 330,930 282, 038 ,I !505,480 350,584 209,161 406,952 235,176 706, 049 Mar. 12 11,347, 579 800,153 4,874,802 671,636 896,261 333,948 286, 397 .l!, 531,152355,584 216,556 411,937 233, 321 735,832 Time deposits: Feb. 13 4,132,239 276,383 885,965 127,089 158,551 177, 740 801,929 201,805 84,317 130,463 91,348 579,755 Feb. 20 4,175,980 281,984 907,356 130,400 620,931 158,586 178,364 809,304 202,040 130,269 91,403 581,394 Feb.27 4,183,680 282,199 902, 744130, 708 627, 521 159,420 176, 520 201,913 84,059 131,135 91,719 586,895 Mar. 5 4,194,062 284, 264 905,389 130, 366 624,395 160,328 178,262 807, 539 199,974 83,628 132,415 90,013 597,489 Mar. 12 4,191,105 284,290 906,337 129, 972 626,705 161,097 177,274 807,153 201,768 83,778 131,635 90,457 590, 639 Government deposits: Feb. 13 125,152 12,186 36,943 9.911 17,210 4,112 7,009 12, 783 4,186 1,337 1,461 5,317 12,697 Feb. 20 124,918 32,184 36,943 9,911 17,042 4,112 6,976 12,832 4,183 1,325 1,461 5,316 12, 633 Feb.27 124,094 12,183 9,911 17,042 4,112 6,763 12,831 4,186 1,325 1,461 5,316 13,021 Mar. 5.. 124, 644 12,181 36,943 9,911 17,042 4,112 6,952 12,831 4,186 1,014 1,461 5,316 12, 692 Mar. 12. 124,659 12,183 36,943 9,911 ]7,O4f 3,968 6,953 12,781 V" 1,220 1,461 5,319 12, 692 Bills payable and rediscounts with F. E. banks: Secured by U. S. Government obligations— Feb.13 202,496 4,282 126,925 8,222 22,479 10,089 3,958 10,860 3,237 515 5,902 775 5,252 Feb. 20 135,737 2,645 73,850 10, 510 13,079 9,068 6,053 9,201 4,107 415 2,285 250 4,274 Feb. 27 162, 621 6,877 88, 020 11, 346 16, 325 11,428 7,744 8,691 4,327 340 1,499 290 5,734 Mar. 5 118, 206 8,701 43,175 10, 551 7,022 12, 714 6,326 17, 230 3,691 2,115 867 685 8,129 Mar. 12 120,126 4,123 56, 750 9,361 10, 045 9,1""" 7,1""" 11,703 4,767 115 1,372 500 3,622 All other— Feb.13 114,860 3,927 11,804 2,541 15,110 14,900 10, 578 8,187 14,108 580 U, 719 3,147 18,259 Feb. 20 134,355 5,346 9,886 2,902 7,193 24,053 15, 533 10,686 18,413 1,859 9,927 3,364 25,193 Feb.27 134,831 6,402 8,457 6, l""" 6,459 21,009 19, 288 11,647 17,704 1,610 10,254 3,679 21,642 Mar. S ....... 143,591 6,387 13,238 4,097 10,288 22, 531 16,930 14,453 14,349 986 10,444 3,802 Mar. 12 138,133 5,154 15,948 4,184 13,820 20,762 15,653 14, 250 11,797 634 9,235 3,376 23,320 BANKERS' BALANCES IN FEDERAL RESERVE BANK CITIES [In thousands of dollars] Due to banks: Feb.13 2, 016,563 114,134 962,478 162,536 42,168 33,827 13,953 340,492 81,125 43,189 99,361 29,229 94,071 Feb.20 1,987,210 110, 004 964,865 158,857 42,297 32,864 15,588 339,280 75,522 44,453 95,876 26,651 80,953 Feb. 27 1,970, 023 109,441 954,336 155,639 41, 597 29,363 12,658 347,651 73,248 46,958 93, 532 24,931 80,669 Mar. 5 2,060, 552 114,612 991,132 162, 666 44,023 30, 380 13,001 375, 053 77,446 50,889 100,363 26,065 75,022 Mar. 12 2,013,362 113, 710 974,429 155,862 41,886 28,850 12,684 356,757 75, 749 48, 762 95,169 26,620 82,884 Due from Banks: Feb. 13...... 518,488 30,991 82,928 57, 586 23,259 13,016 9,073 141,872 21,927 18,235 43,764 25,260 50,877 Feb. 20 496,540 31,559 73,208 54,088 18,298 14, 325 12,852 148, 037 24,015 15,212 38,780 21,411 44,755 Feb. 27 475, 552 28,922 68,991 50,186 19,916 13, 350 9,244 141,856 23,320 21,004 36,728 20,084 41,951 Mar. 5 .. 493, 254 29,550 69,880 55, 766 21,781 13,912 6,612 151,354 24,016 16,945 36,065 22,883 44,490 Mar. 12 500,457 36,911 70, 710 50,013 24,873 13,167 9,531 141,136 23,199 19, 718 39,406 24,579 47,214 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

314 FEDERAL RESERVE BULLETIN APKIL, 1924 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO [Amounts in thousands of dollars] Banks in New York City Banks in city of Chicago Feb. 13 Feb. 20 Feb. 27 Mar. 5 Mar. 12 Feb. 13 Feb. 20 Feb. 27 Mar. 5 Mar. 12 Niimher nf reporting hanfrs 67 • 67 67 67 67 48 48 48 48 48 Loans and discounts, gross: Secured by U. S. Government obii- 89,309 80,522 83,741 66, 215 64,744 27, 382 28,803 24,700 25,866 25,610 Secured by stocks and bonds 1,412,788 1', 432, 5281,384,954 1,396,977 1,418,966 449,212 435,516 438,868 442, 321 446,513 All other loans and discounts 2,233,862 2,217,575 2,216,620 2, 265, 0112, 277,608 640, 515 636, 099 649, 605 648,089 652,029 Total loans and discounts 3, 735, 9593, 730, 6253, 685,315 3,728, 2033, 761,318 1,117,109 1,100,418 1,113,173 1,116, 2761,124,152 United States pre-war bonds 38, 236 38, 257 37, 946 38,666 39, 210 4,231 4,232 4,181 4,198 4,198 United States Liberty bonds 415,740 410, 620 412, 508 381,962 407, 569 42,851 40,924 42,468 43,177 43,949 United States Treasury bonds 15,521 16, 369 15,162 15,156 14,229 5,087 5,104 5,092 5,065 5,093 United States Treasury notes 413,944 405, 934 400,197 389,185 381,694 81,060 80,851 78, 066 77,745 81,275 United States certificates of indebtedness. 18,464 22,468 22,993 20, 330 25,414 13, 723 15, 074 14, 058 15, 569 14, 202 Other bonds, stocks, and securities 554,687 562, 561 565,105 571, 043 561,623 156, 585 156, 559 160, 247 160,745 159,894 Total loans and discounts, and investments 5,192; 651 5,185,834 5,139, 226 5,144, 5455,191,057 1,420,646 1,403,162 1, 417, 2851,422,775 1,432,763 Reserve balance with Federal reserve bank 573,934 580,947 615,867 584,446 619, 709 142, 770 150, 723 137, 298 150,725 149,648 Cash in vault 67,862 68, 667 66, 784 64, 902 63,991 30, 389 27,486 27,961 27,385 27,923 4, 324, 0304, 329,927 4,300, 3194, 297, 6474,370, 625 1, 021,536 1,002,672 997,819 1,015,185 1,022,434 Time deposits . .. 590,441 610, 267 604, 789 607,829 608,389 371,933 373,970 . 372,318 372,933 371,453 Government deposits 33,974 33,974 33,974 33,974 33,974 6,191 6,241 6,241 6,241 6,191 Bills payable and rediscounts with Federal reserve bank: Secured by U. S. Government obligations 115,325 59, 600 67, 825 27,175 41,375 3,644 2,100 800 5,274 4,174 All other 7,232 5,532 3,502 8,914 11,499 1,432 969 601 909 2,342 DEPOSITS OF ALL MEMBER BANKS NET DEMAND AND TIME DEPOSITS OF MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT, ARRANGED BY SIZE OF CITIES AND TOWNS [In thousands of dollars] Banks in cities and towns having population of— Federal reserve districts T m b o e a t m a n l k b a s e l r l Le 5 s , s 0 0 th 0 an 5 1 ,0 4 0 ,9 0 9 t 9 o 15,000 to a 1 n 0 d 0 , o 0 v 0 e 0 r T m b o e a t m a n l k b s a e l r l Le 5 s , s 0 0 th 0 an 6 1 ,0 4 0 ,9 0 9 t 9 o 15,000 to a 1 n 0 d 0 , o 0 v 0 e 0 r Increase (+) or decrease (—) since preceding Amount on Feb. 27, 1924 monthly report NET DEMAND DEPOSITS Boston 1,212,245 64,183 190,729 917, 348 -21,633 -1,388 -1,907 -4,233 -14,105 New York 5,390,662 157,552 103,342 272,809 4,856,959 +6,940 -5,913 -206 -431 +13,490 Philadelphia 1, 031,623 122,906 . 71,229 125,909 711, 579 —482 -853 -1,442 -3,062 Cleveland 1,371,641 154,833 127,455 194,614 894, 639 -10,949 —44 -120 —1,154 -9,631 Richmond 563,760 98, 568 66,248 155,734 243, 210 -26,173 -5,060 -2,481 -10,413 -8,219 Atlanta 517; 520 74, 732 67,481 166,203 209,104 -1,756 -1,590 +1, 736 -242 Chicago _ 2,137,427 198,798 115,236 347,929 1,475, 464 +15,077 +lli 135 +2,747 +9, 502 -8,307 St. Louis 643,005 115, 234 70, 752 85,485 371,534 -12, 256 +516 -1,635 —4,533 -6,604 Minneapolis . 403,030 101,639 69, 682 68,846 162,863 +2,148 -3,948 +1,841 +4,622 Kansas City 739,231 184, 518 115, 273 164,015 275,425 +120 -3,429 -2,170 +1,491 +4,228 Dallas 594,482 190,629 103, 777 118, 698 181,378 -30,095 -12,827 -4,382 +1, 258 -14,144 San Francisco 1,241,758 161, 222 81,015 145,829 853, 692 -12,144 -926 -3,296 -1,840 Total: Feb. 27, 1924 15,846,284 1,600, 6161,055, 6732,036, 800 1.1, 153,195-96,562 -25, 603 -17,471 -9,674 -43,814 Jan. 23,1924 15,942,846 1, 626,2191,073,144 2,046,474111., 197,009+112,543 -39,802 -17,157 -7,997 +177,499 Dec. 26,1923 15,830,303 1,666,021 1,090, 3012,054,47111, 019,510 -66,694 -20,'" +4,310 +31,583 -81,978 TIME DEPOSITS Boston „ 624,184 50,414 151,120 355,184 +18,116 +763 +1,322 +3,512 +12,529 New York 1,700,446 242,727 139,809 360,667 957, 243 +575 +2, 722 +1,931 +4,420 -8,498 Philadelphia 676,562 210,090 111, 725 189,676 165, 071 +12,126 +1,977 +2,179 +6,062 Cleveland _ 1,166,985 184,326 131,726 180,981 669,952 +23,993 +1,546 +1,498 +3^474 +17,475 Richmond __ 452,378 132,250 83,624 129,187 107, 317 +9,074 +829 +517 +4, 524 +3,204 Atlanta 324,089 51,922 45,444 119, 765 106, 958 +5,651 +1,442 +764 +1,576 +1,779 Chicago _ 1, 581,142 239,141 145,607 365,053 831,341 +16,245 -766 +898 +2,021 +14,092 St. Louis 406,098 68,370 43,077 65,026 229, 625 +7,677 +764 +647 +1,479 +4,687 Minneapolis , 403, 727 186,830 96,147 67,461 63,289 -5,842 -3,580 -1,084 -1,328 +150 Kansas City 292,437 89,062 56,998 61,808 84,569 —1, 249 -1,440 +596 -338 -67 Dallas 157,225 17,848 24,253 53,085 62,039 +5,962 +751 +419 +386 +4,406 San Francisco 1,019,927 101, 588 46,818 95,635 775,886 +19,279 +107 +1,068 +119 +17,985 Total: Feb. 27,1924.. 8,805,200 1,574, 568 992, 6941,829,464 4, 408,474+111,.407 +5,105 +10,745 +21, 753 +73,804 Jan. 23,1924 8,693,793 1,569,463 981,949 i, 807,7114,334, 670+108, 530 +16,319 +18, 779 +22,976 +50,456 Dec. 26,1923 — 8,585, 2631,553,144 963,170 1,784,735 4, 284, 214 +17, 501 -2,920 -6,375 -4, 713 +31,509 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1924 FEDERAL RESERVE BULLETIN 315 CONDITION OF ALL BANKS IN THE UNITED STATES ON DECEMBER 31, 1923 Comparative figures showing the condition ] 'In millions of dollars] of all banks in the United States, other than Loans and investments Total mutual savings banks and private banks not N be u r m o - f its, exunder State supervision, which have been com- banks clusive piled by the board and are presented below, re i p n o g rt- Total Loans I m nv en es ts t- o d f e b po a s n - k its indicate that between the middle of September and the end of December loans and discounts All b J a u n n k e, s : 1 9 1 20 28,716 36,813 28,177 8,636 32,642 increased $50,000,000, or from $26,923,000,000 June, 1921 29,477 34,318 25,857 8,461 31,134 June, 1922 29,092 34,148 24,647 9,471 31,944 to $26,973,000,000. During this period invest- June, 1923 29,342 37,359 26,793 10,566 34,512 ments of these banks increased by $59,000,000. S D e e p c t e e m m b b e e r r , , 1 1 9 9 2 2 3 3 , . . 2 29 9 , , 0 3 6 2 7 5 3 37 7 , , 4 3 0 0 9 0 2 2 6 6 , , 9 9 2 7 3 3 1 10 0 , , 4 3 3 7 6 7 3 3 4 5 , , 7 4 6 6 4 7 Total deposits, exclusive of bank deposits, Member banks: June, 1920 9,399 25, 945 19,784 6,161 21,887 aggregated $35,764,000,000 on December 31, June, 1921. 9,746 24,311 18,206 6,105 21, 612 or $1,297,000,000 more than the total shown J J u u n n e e , , 1 1 9 9 2 2 2 3 ._ 9 9, , 8 8 5 9 6 2 2 26 4 , , 3 6 5 7 8 5 1 1 7 8 , , 8 2 8 9 0 6 7 7, , 7 0 9 6 5 2 2 2 2 3 , , 8 3 3 6 7 6 on September 14. This increase in deposits, September, 1923. 9,843 26, 497 18,857 7,640 23, 712 December, 1923.. 9,774 26, 738 19, 052 7,686 24,974 however, is in large part due to the usual end- Nonmember banks: of-y ear swell in the amount of checks in process J J u u n n e e , , 1 1 9 9 2 2 1 0.. 1 1 9 9 , , 3 7 1 3 6 2 1 10 0 , , 0 8 0 6 7 8 8 7 , , 3 65 9 1 3 2 2, , 3 4 5 7 6 5 10 9 , , 7 5 5 2 5 2 of collection included in depositors' balances. June, 1922 19, 200 9,780 7,351 2,439 9,578 June, 1923 19,486 10,684 7,913 2,771 10,675 Aggregate interbank borrowings including September, 1923. 19,482 10,803 8,066 2,737 10, 755 accommodation at Federal reserve banks December, 1923.. 19, 283 10, 671 7,921 2,750 10, 790 1 Exclusive of mutual savings banks and private banks not under show a reduction from $1,389,000,000 to State supervision. $1,222,000,000. In continuation of the plan followed in the The following table shows in summary form January, 1924, BULLETIN, there are given bethe changes in loans, investments, and deposits low figures showing principal assets and liabiliof the banks for recent dates for which figures ties of State banks located in seven Federal are available: reserve districts and in five territorial groups. PRINCIPAL RESOURCES AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES, BY FEDERAL RESERVE DISTRICTS, ON DECEMBER 31, 1923 [In thousands of dollars] Number of Loans and Total loans Total de- Redis- Federal reserve district or group re b p a o n rt k i s ng d in is c c lu o d u i n n t g s, Investments inve a s n tm d ents p s o iv s e it s o , f e b x a c n lu k - cou b n i t l s l s and overdrafts deposits payable Boston _ 289 841,222 396,070 1,237,292 1,202,729 39,157 New York 600 3,205,136 1,448,587 4,653,723 4,711,985 78,577 Philadelphia 609 901,295 459, 619 1,360,914 1,256,631 40, 707 Cleveland' 1,044 1, 631,248 636,705 2,167,953 2,124, 232 34,340 Richmond 1,596 873,961 177, 523 1,051,484 1,005,326 41,528 Atlanta1 1,665 792,976 103,953 896,929 873,156 70,494 Chicago 3 4,738 2,942,077 1, 223,455 4,165,532 4, 203,650 102, 361 St. Louis* 2,695 963,095 254, 761 1,207,856 1,158,772 53,257 Minneapolis.. 2,675 664,693 103,469 768,162 810,604 48,301 Kansas City 2,709 560,228 68,727 628,955 647,320 26,992 Dallas 1,115 260,499 35,891 296,390 379,200 6,123 San Francisco 1,131 1, 562, 586 487, 527 2,050,113 2,165,026 22,223 Total Dec. 31,1923. 20,866 15,089, 016 5,396, 287 20,485,303 20, 538,631 564,060 Total Sept. 14,1923. 21,092 14,987, 264 5,383,280 20,370, 644 19,880, 290 634,784 1 Exclusive of the eastern part of Kentucky. a Exclusive of the southern part of Mississippi and including all of Tennessee. ' Including all of Illinois and Indiana. * Exclusive of the southern parts of Illinois and Indiana and the western part of Tennessee, and including all of Kentucky, Mississippi, and Missouri. • Exclusive of the western part of Missouri. Calls for condition reports by the banking figures available. Where the figures for- any departments of several of the States were not State do not represent the condition of State made as of December 31, and consequently banks and trust companies as of December 31, in compiling the figures shown in the various the date of the condition report used has been tables it has been necessary to use the latest indicated in a note. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

316 FEDERAL RESERVE APBIL, 1924 PRINCIPAL ASSETS AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES ON SEPTEMBER 14, 1923, AND DECEMBER 21, 1923, OR DATES NEAREST THERETO FOR WHICH FIGURES ARE AVAILABLE [In thousands of dollars] N po u r m tin b g er b o a f n r k e s - co L u o o n a v t n s e s r ( d a i r n n a c f d l t u s d ) d is in - g Investments To in ta v l e s lo tm an e s n a ts nd To b ta a l c n l k d u e s d i p v e o e p s o i o t s f s i , t s ex- Re b d il i l s s c o p u a n y t a s b l a e nd Sept., Dec, Sept., Dec, Sept., Dec, Sept., Dec, Sept., Dec, Sept., Dec, 1923 1923 1923 1923 1923 1923 1923 1923 1923 1923 1923 1923 Maine 53 74,196 72,200 70, 254 66,41! 144,450 138,612 136,200 132, 772 6,767 5,157 New Hampshire 25 20,305 20,305 16,735 16,735 37,040 37,040 33,503 33,503 Vermont - 40 51,993 51,969 15,106 13,314 67,099 65,283 64,833 65,343 838 1,036 Massachusetts..- 95 489,470 499,376 130,108 127, 221 619,578 626,597 591,476 603,640 1 17,196 29,924 Rhode Island 15 117,336 112,885 98,241 96, 271 215, 577 209,156 212,759 209,115 386 50 Connecticut 81 101,604 101,405j 109,330 114,060 210,934 215,465 201,972 209,422 2,880 4,232 Total, group 1 — 309 307 854,904 858,140 439, 774 434,013 1,294, 678 1, 292,1531, 240, 7431, 253, 795 8,067 40, 399 New York -- 441 444 2,783,814 2,819,678 1,157,713 1,163, 7433,941,527 3,983,421 3, 851,1144,058,804 90,769 68, 024 New Jersey 198 198 456,777| 456,777 289,586 289, 586 746,363 746,363 726,203 726,203 14, 773 14, 773 Total, group 2... 6423,240,591 3,276,455 1,447,299 1, 453,3294, 687,890 4,729,789 4,577,317 4,785,007 105,542 82, 797 Delaware 39 41 38,122 37,923 20,820 21,986 58,942 59,909 50,410 . 53,087 233 262 Pennsylvania 7 75 6 0 2 7 74 7 8 4 1 1, , 1 0 3 82 3 , , 1 5 2 7 5 1 1 1 , , 1 0 6 9 5 5 , , 3 9 7 5 4 1 7 3 0 3 6 1 , , 2 3 6 2 7 1 7 3 0 1 4 6 , , 9 3 5 3 2 9 1 1, , 4 8 1 3 3 9 , , . 4 " 4 "" 6 1 1 , , 8 4 7 1 0 2 , , 3 2 2 9 6 01 1 . , 4 6 3 5 3 4 , , 3 5 2 4 5 91 1, , 4 7 2 2 9 1 , , 1 7 0 3 3 7 4 2 0 0 , , 1 1 5 3 9 3 4 2 0 6 , . 9 3 6 3 8 1 Ohio 1,551 1, 5632, 253,818 2,299,248| 1,058,408 1,043,277 3, 312,226 3, 342,5253,138, 2843, 203,927 60, 525 67, 561 Total, group 3... 36 71,255 71,966 27, 535 26,689 98,790 98, 656 94, 684 96, 225 1,299 1,618 District of Columbia.. 147 148 178,565 191,924 91, 853 88,102 270,418 280, 026 251,937 268, 790 3,794 6,251 Maryland 336 336 169,501 169, 501 18,594 18, 594 188, 095 188,095 150,120 150,120 15, 098 15, 098 Virginia... 222 223 166, 776 170, 674 28,710 26,854 195, 480 197, 628 185, 671 185,195 7,887 9,407 West Virginia 528 534 206,863 207, f 15,867 15,616 222,730 223,611 196,566 231,339 24,936 8,643 North Carolina 341 350 108, r" 106,958 9,578 12,031 118, 477 118, 989 107, 031 126, 501 9,101 2,535 South Carolina 1,610 1,626 901,853 919, 019 192,137 187,885 1,093,990 1,106, 904 1, 058,174 62,116 43, 552 Total, group 4... Alabama 254 259 92, 680 96,862 9,978 9,950 102, 658 106, 812 100,927 119,877 4,818 Florida 233 233 88, 338 18, 031 18,031 106, 369 106, 369 110, 046 110,046 4,896 Georgia. --- 581 577 209,209 215, 376 16,727 17, 406 225,936 232, 782 188, 536 23, 653 25, 472 Louisiana -— 231 227 224,387 241,848 44, 052 44,010 268,439 285, 858 249,863 292,220 23,723 13,028 Tennessee 464 4C4 188,295 188,295 19, 708 19, 708 208,003 208,003 203,091 203,091 24, 035 24,035 Total, group 5— 1,763 1,760 802,909 830,719 108,496 109,105 911, 405 939,824 852,463 923,678 81,125 71,057 Illinois1 — 1,410 1, 4071,295,440 1, 321, 971 441,704 435,886 1,737,144 1, 757,857 1, 732,' 1,789, 773 23, 868 Indiana 854 851 352,897 352,707 82,070 82,783 434, 967 435,490 437,603 436, 764 13,954 13,466 Iowa 1,323 1,312 610,376 617, 652 25,597 25, 332 635,972 642, 984 634,697 635,914 33, 776 36,464 Michigan 587 588 377,813 375,415 592,944 603,800 970,757 979,215 980,981 986,158 10, 389 17,773 Wisconsin 839 840 347,000 347,828 95,436 95,691 442,436 443, 519 450,916 452,829 8,929 8,037 Total, group 6... 5,013 4,9 2,983, 5253,015,573 1,237, 7511,243,492 4, 221, 2764,259,065 4,236,990 4, 301,438 90,916 "IO4, 522 Arkansas . --- 403 398 109,692 110,827 11,102 9,206 120,794 120,033 119,211 120,032 7, 566 8,828 Kentucky' 475 475 166, 546 166, 546 44,244 44,244 210, 790 210, 790 197,399 197, 399 4,084 4,084 Mississippi 327 328 105, 324 105, 659 23, 346 23,608 128,670 129,267 124,533 143, 733 9,701 4,563 Missouri 1,506 1,494 582,499 570, 063 177,158 177, 703 759, 657 747, 766 705, 731 697,608 30 .— 35, 782 Total, group 7.. . 2,711 2,695 964, 061 953,095 255,850 254, 7611, 219,9111, 207,856 1,146,874 1,168, 772 52,240 53,257 Minnesota 1,143 1,124 333,090 317,788 55,987 61, 885 389,077 379, 673 396, 458 384,940 13,833 14,114 N M o o r n th ta n D a akota 645 187 98,275 4 8 8 3 , , 8 4 2 6 6 7 1 5 2 , , 5 0 2 64 7 1 5 2 , , 6 6 1 7 9 9 1 7 0 1 3 , , 8 5 0 3 2 3 8 61 9 , , 0 5 8 0 6 5 6 9 9 1 , , 0 3 0 0 8 5 6 79 5 , , 7 9 2 5 4 3 1 8 9, , 3 4 0 1 6 3 1 3 4 , , 3 3 2 0 4 5. South Dakota 556 535 147,690 141,116 3,223 3,249 150,913 144, 365 149, 572 182,199 15, 846 14, 397 Total, group 8. .. 2,573 2,415 638, 524 591,197 76. 801 83,432 715, 325 674, 620 706, 343 712, 816 57, 398 46,140 Colorado 219 213 60,720 56,542 20, 625 81,345 78, 211 85, 725 85,430 3,129 2,146 Kansas. 1,072 1,067 216,313 209,518 23,977 240,290 234,129 244,518 231, 726 11,694 11,175 Nebraska 942 938 220,493 220,021 11,416 231,909 230,648 239, 838 234, 572 7,254 9,946 Oklahoma 435 418 58, 706 51,317 9,548 68,254 61,778 69,168 69,846 6,983 2,900 Wyoming 20, 326 20,191 1,087 21,413 21, 587 22,257 23,715 580 Total, group 9— 2,757 2,714 576, 558 557, 589 66, 653 68, 764 643,211 626, 353 661, 506 645,289 29, 750 26, 747 New Mexico 50 14,859 11, 558 1,222 1,048 16,081 12, 606 13,954 11,651 2,080 1,192 Texas 950 215, 274 204,019 16,436 27,147 231, 710 231,166 244,117 305,071 15,871 4,014 Total, group 10.. 1,005 230,133 215,577 17, 658 28,195 247, 791 243, 772 258,071 316, 722 17,951 ' 5, 206 I N U A C W O d a e r t r a a a i l e v z h i s h g f a o h o o o d n i r n n a n a g . ia to 1 _ n . _ 4 1 2 1 5 2 9 3 0 7 7 2 4 6 2 9 0 8 4 2 1 1 2 9 2 6 7 0 4 5 3 7 9 8 1,2 8 3 2 7 6 4 1 1 1 3 2 5 6 9 , , , , , , , 4 1 5 8 5 2 5 0 7 8 4 6 7 3 9 5 4 5 8 3 4 1,2 3 2 7 6 7 8 1 2 0 9 0 6 6 4 , , , , , , , 6 7 9 9 4 9 7 4 0 1 8 5 3 7 6 6 1 4 2 2 3 39 3 2 1 1 4 5 6 2 6 5 , , , , , , , 1 7 2 8 6 5 2 8 3 5 7 3 4 2 3 9 1 7 0 5 8 4 3 0 2 1 2 2 0 7 6 5 4 , , , , , , , 3 0 8 8 0 9 8 7 4 5 8 4 3 9 1 5 8 2 6 4 8 1,6 1 3 2 9 8 1 4 1 2 9 7 7 2 4 7 , , , , , , , 4 9 9 8 4 7 6 1 1 2 0 2 1 3 9 4 4 8 2 7 7 1,6 1 8 9 3 2 8 1 1 6 6 7 9 1 7 2 , , , , , , , 9 4 5 1 8 8 6 9 8 4 4 4 2 0 4 4 4 2 6 6 2 1, 2 6 1 1 2 9 0 1 1 7 4 4 3 7 4 9 4 1 , , , , , , , 4 5 1 4 9 3 7 4 5 5 9 0 3 8 9 5 8 7 8 5 8 1, 2 7 1 1 8 2 7 1 1 4 0 8 5 9 5 9 4 4 , , , , , , , 2 9 9 9 8 2 7 3 6 9 6 0 5 9 9 5 9 0 5 4 1 8 3 3 2 2 5 1 3 , , , , , , 1 5 7 9 3 5 1 1 4 3 0 5 0 2 4 2 2 5 » 1 1 3 1 1 1 3 , , , ( , , 8 6 0 1 7 3 8 0 5 6 2 9 4 2 0 7 4 5 Total, group 11.. 1,161 1,146 1,540, 3881,572,404 482,453 490,034! 2,022,841 2,062,438 2,075, ( 2,179,013 49,155 "22, 822 Total United States 21,092 20,86614,987,26415,089,016 5,383,280 5,396,287 20,370, 544 20,485, 303 19,880, 290 20, 538,631 634,784 564,060 1 Eevised figures for September. - * Includes items due to banks. »Includes miscellaneous liabilities. NOTE.—All figures used in September column are for Sept. 14, except as follows: Maine, Sept. 29, 1923; New Hampshire, June 30, 1923; New York, Sept. 10, 1923; Pennsylvania, Sept. 29,1923; Alabama, June 30, 1923; Tennessee, Oct. 30,1923; Indiana, June 30, 1923; Iowa, Sept. 4, 1923; Arkansas, June 30, 1923; Kentucky, June 29, 1923; Minnesota, Nov. 1, 1923; North Dakota, Sept. 8, 1923; South Dakota, June 30, 1923; Kansas, Aug. 31,1923; Nebraska, Oct. 4,1923; Utah, Oct. 6,1923. NOTE.—All figures used in December column are for Dec. 31, except as follows: Maine, Dec. 29,1923; New Hampshire, June 30,1923; New York, Nov. 16, 1923; New Jersey, Sept. 14,1923; Virginia, Sept. 14,1923; Georgia, Dec 28, 1923; Florida, Sept. 14,1923; Tennessee, Oct. 30,1923; Kentucky, June 29,1923; South Dakota, Oct. 15. 1923; Kansas, Nov 15. 1923; Oklahoma, Dec. 29,1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

317 APRIL, 1924 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL BANKS ON SEPTEMBER 14, 1923, AND DECEMBER 31, 1923, OR DATES NEAREST THERETO FOR WHICH FIGURES ARE AVAILABLE [In thousands of dollars] N po u r m tin b g e r b o a f n k re s - co L u o o n a v t n s e s r ( d a i r n n a c f d t l s u d ) d i i s n - g Investments To in ta v l e l s o tm an e s n a ts nd To b t a a n l c k l d u e s d i p v e o e p s o o it s f s i , t s ex- Re b d il i l s s c p o a u y n a ts b l a e nd Sept., Dec, Sept., Dec, Sept., Dec, Sept., Dec, Sept., Dec, Sept., Dec, 1923 1923 1923 1923 1923 1923 1923 1923 1923 1923 1923 1923 113 113 135,340 132,673 121,647 118, 447 256,987 251,120 238,629 235, 226 8,337 7,673 New Hampshire 81 80 55,199 55,495 40,781 40, 505 95,980 96,000 81,779 82,413 2,239 2,804 87 87 82,824 82,832 36,395 34,832 119, 219 117,664 106,693 108,024 2,859 3,218 Massachusetts 252 263 1, 226, 2261, 216,769 369, 910 364, 530 1,596,136 1, 581, 289 1,434, 453 1,454, 566 1 82, 820 93, 790 Rhode Island -- 32 30 156, 604 151, 661 120,186 118, 244 276, 790 269,895 261,177 258.578 1,140 814 Connecticut 143 143 233,933 235,428 174,361 179,400 408,294 414.828 375,047 396,071 7, 526 7,263 Total, group 1 708 706 1,890,126 1,874, 838 863,280 855,958 2, 753,406 2, 730, 796 2,497, 778 2,534,878 104,921 115,562 966 963 5,155,996 5,240,943 2,280,980 2,331, 363 7,436,976 7, 572,306 6,773, 578 7,352, 438 242, 278 214,639 New Jersey 439 442 787,676 800,862 556, 896 559,436 1,344, 572 1,360,298 1, 302,881 1,315,398 28,648 39, 469 Total, group 2 1,395 1,405 5,943, 672 6,041,805 2,837,876 2, 890, 799 8, 781,648 8,932, 604 8, 076, 4598,667,836 270,926 254,108 57 59 49, 553 48,650 28,812 30,023 78,365 78,673 66,460 68,584 731 - 739 Pennsylvania— 1,631 1,636 2,404,439 2,417,230 1,587,084 1,584,728 3,991,523 4,001,958 3,482,070 3,603,891 105, 252 88,028 Ohio 1,117 1,113 1,688,413 1,688,967 572,099 549,706 2,160, 612 2,138, 673 2,077,076 2, 046,924 47,661 64,624 Total, group 3 2,805 2,808 4,042,405 4,054,847 2,187,995 2,164,457 6,230,400 6, 219,304 5,625,606 6,719,399 153, 644 143,391 District of Columbia... 50 49 139, 591 141,688 59, 552 57,877 199,143 199,565 187,289 189, 258 7,512 9,299 Maryland-. -- - 232 233 335,400 333, 500 165, 518 156, 527 500,918 490,027 437,805 451,279 21, 926 13, 304 516 517 427,672 431, 479 79,306 79, 078 506,978 510, 557 397, 093 402, 631 39, 501 36,410 West Virginia 347 348 294,907 304,064 68,996 65,817 363,903 369,881 334, 260 332,850 15, 622 20,753 North Carolina 611 618 323,881 330, 965 37,705 36,925 361, 586 367,890 306,455 358, 352 41, 671 16,478 South Carolina 425 433 190,522 191, 231 29,093 33, 265 219, 615 224, 496 192, 957 228,670 14,438 3,392 Total, group 4 2,181 2,198 1, 711,973 1, 732,927 440,170 429,489 2,152,143 2,162,416 1,855,869 1, 963, 040 140,670 99,636 360 365 184,481 196,112 40,524 41,613 225,005 237, 725 207,385 241,362 10,092 7,699 Florida 291 287 160,926 165,809 57,697 58,705 218,623 224, 514 216,034 227, 041 9,201 8,137 678 674 319,083 330,067 37,744 38, 359 356,827 368, 426 292, 516 310,184 34,231 32,977 265 261 294,948 320,917 61, 391 62,144 356,339 383, 061 324, 259 378,895 32,857 21, 996 Tennessee 570 .871 327,689 330,350 66,162 55,628 382,851 385,978 345, 537 349, 999 35,394 35,942 Total, group 6 2,164 2,168 1,287,127 1,343,265 252, 518 256,449 1, 539,645 1,599, 704 1,385, 7311,507,481 121, 775 106,751 1,914 1,908 2, 226, 716 2,233, 671 736, 751 746,434 2,963,467 2, 979,105 2, 730, 515 2,820, 523 58, 684 69,944 1,104 - 1,101 571, 048 571, 074 185, 528 184,438 756, 576 755, 512 710,908 714,306 27, 362 26,637 1,673 1,660 861,816 871,869 94,206 83,878 956, 022 955, 747. 899,599 896, 943 46, 596 56, 347 706 708 612, 738 606,136 704,378 713,830 1, 317,116 1, 319, 966 1, 322, 5811, 323, 842 14,971 23,913 Wisconsin — — 994 995 579,158 577,404 167, 733 171, 280 746,891 748,684 726, 719 732,710 16,769 17,680 Total, group 6 6,391 6, 372.4, 851,476 4,860,154 1,888,596 1,898,860 6, 740,072 6, 769,014 6, 390, 3226,488,324 164, 362 193,421 492 487 163, 714 166,868 26,086 24,457 189,800 191, 325 178,130 185,161 12.612 12, 014 613 613 329,808 340, 651 104,116 97,821 433,924 438, 372 370, 549 379,019 21,607 20, 318 358 360 141, 647, 144,692 36, 517 37,049 178,164 181, 741 166,207 190,437 14,618 8,023 Missouri 1,639 1,627 904,136 884,173 279,999 280,826 1,184,135 1,164,999 1,017, 060 1,018,875 52,322 57,334 Total, group 7 3,102 3,087 1, 539, 3051, 536, 284 446, 718 440,163 1, 986, 023 1, 976, 4371, 731,946 1,773,492 101,159 97, 689 Minnesota 1,485 1,465 688, 614 672,635 170,950 181,462 859,564 854, 097 822,037 811, 636 32, 025 24,442 346 289 115,860 96,017 27,126 27,641 142,986 123, 558 136,114 129, 717 14, 818 6,163 North Dakota _ 827 743 163, 758 145, 070 18, 557 19,146 182, 315 164, 216 163, 442 151,313 24,978 18,416 South Dakota.-- 686 662 211, 308 202,807 14,769 14,947 226,077 217, 754 217, 022 249,759 21,981 20, 047 Total, groups 3,344 3,159 1,179, 540 1,116,529 231,402 243,096 1, 410, 942 1, 359, 625 1, 338, 615 1, 342,426 93,802 69, 068 Colorado . 362 356 196,891 189, 059 79, 393 81,298 276,284 270,357 280, 367 280, 420 9,524 5,482 1,338 1,323 350, 486 340,319 63,335 59,876 413,821 400,195 405, 623 390,243 15,050 16,350 1,124 1,118 382, 248 382,439 44,560 40,126 426,808 422, 565 398,875 388,177 20,767 30,679 Oklahoma _ 890 862 273,866 250,142 68, 379 75,018 342, 244 325,160 343,018 342,951 21,142 12,180 Wyoming 134 131 61,903 69, 640 8,202 8,485 70,106 68,125 70, 579 71,811 1,997 1,445 Total, group 9 3,848 3,780 1, 265,393 1, 221, 599 263,869 264,803 1, 529,262 1,486,402 1,498,462 1, 473, 602 68,470 66,136 New Mexico - 98 90 42,848 36,219 5,517 5,296 48,465 41, 515 40,463 38,118 7,358 4,451 Texas.. 1,617 1,523 703,987 713,434 140,195 164, 470 844,182 877,904 781,140 910,838 52, 070 11,557 Total, group 10___ 1,615 1,613 746,935 749,653 145, 712 169,766 892,647 919,419 821,603 948,956 59, 428 16,008 72 70 48,620 48,469 11,572 12,051 60,192 60,520 63, 702 70, 289 4,883 2,072 California1 ' 703 698 1, 833, 216 1, 820, 718 591,628 583,323 2, 424, 844 2,404,041 2, 383,297 2, 456, 589 74,493 39,633 Idaho . 182 181 60,224 67,610 14, 352 16, 746 74,576 74,356 71,080 78,387 9,320 5,154 35 34 24,764 23,883 5,784 6,035 30,648 29,918 31,309 32,240 79 124 Oregon . 276 277 171, 565 167,130 71,542 74, 648 243,107 241,778 250,398 249,102 5,203 4,555 Utah.-. 118 116 95, 020 95, 774 24,365 24, 666 119,375 120,340 108,248 114,147 3,603 1,505 Washington ._- 386 383 231, 999 227, 731 99, 516 106,101 331,515 332,832 336,852 343, 509 12,266 7,309 Total, group 11 1,772 1,759 2,465,408 2, 441,315 818,749 822,470 3,284,157 3, 263, 785 3, 244,886 3,344, 263 109, 847 60,352 Total United States 29,326 29,04526,92?, 36026, 973,20610,376, 88510,436,30037,300,24537,409, 50634,467,26735,763,696 1,389,004 1,222,122 1 Revised figures for September. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

318 FEDERAL RESERVE BULLETIN APRIL, 1924 MONEY IN CIRCULATION MARCH 1, 1924 (Source: United States Treasury Department circulation statement) Money in circulation Money held by the U. S. Treas- Kind of money Stock of money' ury and the Mar. 1, 1924 Fed s e y ra s l t e r m es ! erve Amount ca P p e i r ta Feb. 1, 1924 Mar. 1, 1923 Gold coin and bullion.. » $4,338,127, 791 $3,922,080,365 $416,047,426 $3.71 $405, 573,238 $410,958,462 Gold certificates _.. * (1,038,426, 519) 405,173,980 633,252, 539 5.64 571, 380,449 314, 593, 081 Standard silver dollars.. 500, 369,769 444, 459, 829 55,909,940 .50 56,495,995 59,566, 639 Silver certificates <(406, 834,697) 38,084, 355 368,750,342 3.29 357,177,418 317,267,518 Treasury notes of 1890.. * (1,436, 526) 1,436,526 .01 1,439, 726 1,475,483 Subsidiary silver 277, 567,439 26, 030,072 251, 537, 367 2.24 252,510,908 241,086,562 United States notes 346,681,016 44,276,933 302,404,083 2.70 294,470,062 283,491,363 Federal reserve notes... 2,647,961,170 517,142,944 2, 030,818, 226 18.10 2,008,876,669 2,226,694,428 Federal reserve bank not 12,649,170 558, 568 12,090,612 .11 12,729,183 29,981,087 National bank notes 774,419,202 38, 888, 517 735, 630, 685 6.55 721,054,136 725,522,045 Total 8,797,775,557 6 5,436,695, 553 4,807,777,746 42.85 4,681,707,784 Comparative totals: Feb. 1,1924 8, 800, 008, 564 5 5, 524, 291, 506 4,681, 707, 784 41.77 Mar. 1,1923 8,489, 635,419 5 4,941,147, 056 4,610, 636,668 41.61 Nov. 1, 1920 8, 326, 338, 267 5 3, 394,764, 761 5,628,427, 732 52.36 Apr. 1,1917 5,312,109,272 5 3,896, 318, 653 4,100,590, 704 39.54 July 1, 1914 3, 738, 288,871 5 1,843,452,323 3,402, 015,427 34.35 Jan. 1,1879 1, 007, 084,483 5 212,420,402 816, 266, 721 16.92 ' 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 1890 is included under gold coin and bullion and standard silver dollars, respectively.- 6 Includes gold held in trust against gold certificates and standard silver dqllars 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. CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM DURING THE CAL- ENDAR YEAR 1923 As shown in the accompanying table, the classes of banks as indicated in the first and net result of changes in active membership of second footnotes to the table. the Federal reserve system during the calendar Among the 297 losses in membership there year 1923 was a decrease in number of member were 31 voluntary liquidations, 25 among nabanks from 9,859 on December 29, 1922, to tional banks and 6 among State banks and 9,774 on December 31, 1923, the decrease trust companies. As far as could be deterbeing 85, and an increase in resources from mined these liquidations represent the termina- $33,882,571,000 to $35,238,606,000, the in- tion of the existence of the respective institucrease being $1,356,035,000. Membership at tions; cases in which voluntary liquidation was the close of the year comprised 8,179 national intermediate in the process of a change in the banks and 1,595 State banks and trust com- character of the bank were, as far as possible, panies. For national bank members the net classified according to the ultimate status of decrease in number was 41 and the net increase the institution involved. in resources $429,749,000; for nonnational There were in all 83 insolvencies during the members the decrease in number was 44 and year, 71 of them among national banks and the increase in resources $926,286;000. It 12 among nonnational banks, and 19 suspenmay be noted that 87 of the losses in membersions of nonnational banks which may or may ship were the result of mergers and connot eventually prove to be insolvent. Of the solidations of member banks, which effected no changes in resources of the system. 102 banks insolvent or closed, 46 were in the The net reduction in membership was the Minneapolis district. result of additions numbering 212, of which 146 occurred among national banks and 66 1 The reorganization of a bank in one class of members to be succeeded by one of the other class, for instance, a State bank which is succeeded among nonnational banks, and of losses by a national bank, does not affect the total membership in the system, and in connection with the net change in membership in the system as numbering 297, of which 210 occurred among a whole such items in the following table should be regarded as compennational banks and 87 among nonnational satory as indicated in footnote 2 relating to the table. As explained in footnote 3 the absorption of one bank by another results in no addition banks, excluding from these figures com- to the number of member banks. In the case of an absorption of one pensatory l gains and losses between the two member bank by another, the number of member banks is reduced and total resources remain unchanged, the resources lost to one class of members being added to the other. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APBIIJ, 1924 FEDERAL RESERVE BULLETIN 319 Mergers between member banks, as shown among members, liquidations, and insolvencies, in the table, including reductions in member- it may be noted that during the year 66 State ship by mergers between member banks of banks and trust companies joined the system by the same class and absorption of banks of one becoming national banks, and 55 State banks class by those of the other, accounted for 66 and trust companies as such were admitted to losses among national banks and 21 among membership. As against these 121 additions 48 nonnational banks, a total of 87. Voluntary national banks were absorbed by nonmember withdrawals of nonnational member banks banks and 29 State banks and trust companies upon advance notice numbered 29. A loss of availed themselves of their option of with- 48 members was due to the absorption of drawal upon advance notice, a total loss of 77. national banks by nonmembers. The data in the accompanying table repre- As regards the movement of banks into and sent the status of the banks as shown by their out of the Federal reserve system, apart from reports of condition on the call dates at the the organization of new banks, consolidations beginning and the end of the year. CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, BT DISTRICTS AND BY CLASS OF BANKS, FOR THE YEAR ENDING DECEMBER 31, 1923 Federal reserve membership: Dec. 29,1922 Dec. 31,1923 Net increase (+) or decrease (—) National bank membership: Dec. 29, 1922. . . Dec. 31,1923 Net increase (+) or decrease (—) Nonnational bank membership: Dee. 29,1922 Deo. 31,1923 Net increase (+) or decrease (—) Changes in national bank membership: Total additions . rf Conversion of nonnational member banks3 Conversion of nonmember banks Absorption of nonnational member Reopened following suspension _. - Total losses Voluntary liquidation (terminal) Merger between national banks * Absorption by nonnational member Succession by nonnational member Absorption by nonmember bank Changes in nonnational bank membership: Total additions Nonnational banks joining Absorption of national hanlcs 3 Total losses Voluntary liquidation (terminal) Merger between nonnational banks *_. lla ,secruoseR t ni( stcirt allod fo sdnas 33 882 571 35, 238, 606 1 +1, 356,035 21, 965, 554 22, 395, 303 • +429, 749 11,917,017 12, 843,303 » +926, 286 359 571 122, 615 172 090 57, 663 6, 542 661 745,157 18, 755 40, 568 (187,130) 140 845 499 090 45,899 804, 025 164, 090 499 090 140,845 323,010 9,192 12, 912 6,280 (607,951) 6,642 155 675 132,409 stcirtsid llA 9,859 9 774 -85 8,220 8,179 -41 1,639 1,595 -44 176 89 30 55 (4) 2 217 25 71 43 23 7 48 73 66 7 (23) 117 6 19 12 17 4 30 29 notsoB 429 424 -5 390 388 —2 39 36 -3 7 4 3 9 1 1 6 1 1 1 4 4 kroY weN 803 835 +32 667 692 +25 136 143 +7 33 27 1 3 2 8 1 2 4 1 13 9 4 6 5 1 aihpledalihP 716 722 +6 658 656 -2 58 66 +8 10 10 12 1 4 1 1 5 9 8 1 (1) 1 1 dnalevelC ] 880 877 -3 764 759 -5 116 118 +2 12 9 3 17 2 2 6 2 5 4 4 (2) 2 1 1 dnomhciR dumber 630 627 ., q 562 561 -1 68 66 -2 8 4 4 (1) 9 2 1 2 4 2 2 (2) 4 1 3 atnaltA 536 525 -11 393 385 -8 143 140 -3 8 4 2 2 (1) 16 2 4 2 8 6 6 (2) 0 3 1 2 3 ogacihC 1,440 1,427 -13 1,061 1,058 -3 379 369 -10 9 5 1 3 12 2 5 2 3 4 4 (2) 14 1 2 2 1 1 7 siuoL .tS 608 624 +16 487 497 +10 121 127 +6 15 6 4 5 5 3 1 1 16 16 (1) 10 1 1 1 4 3 silopaenniM 1,000 940 -60 870 831 -39 130 109 -21 6 1 1 4 45 5 33 2 5 1 1 22 1 8 5 2 1 5 ytiC sasnaK 1,142 1,122 -20 1,099 1,086 -13 43 36 —7 25 3 4 18 (1) 38 10 12 6 1 9 4 4 (1) 11 1 1 1 4 4 sallaD 855 849 -6 656 659 +3 199 190 Q 22 4 11 7 19 1 11 2 5 7 7 16 2 2 n I ocsicnarF naS 820 802 -18 613 607 -6 207 195 -12 21 16 2 3 (1) 27 4 6 2 12 2 1 6 4 2 (12) 18 3 2 2 6 1 2 2 1 Includes changes in resources due to growth, reorganization, etc., in addition to changes listed. 1 Membership in ,the Federal reserve system as a whole not affected by succession or conversion between members. 1 Number not increased, only resources; both number and resources appear under losses by absorptiorunthe other class of banks, 4 Counted only among los;*3 in number, resources of members not diminished. 9227&--24 6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

320 FEDERAL RESERVE BULLETIN APRIL, 1824 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES [In thousands of dollars] MONTHLY SUMMARY FOE BANKS IN 141 CENTERS Number 1924 1922 1923 Federal reserve districts of centers December January February December January February No. 1—Boston 2,287,912 2,189,052 1,973,432 2,126,314 2,197,997 1,889,899 No. 2—New York 22,801,386 22, 814, 899 20, 511,857 21,546,408 22,763,018 19,595,761 No. 8—Philadelphia.. 1,999,728 1,925,455 1,723,139 1,939,197 1,914,857 1,648,925 No. 4—Cleveland 2,331, 503 2,227, 515 2, 006, 249 2,430,467 2, 305,963 1,949,930 No. 6—Richmond 804,167 j 733, 878 650, 035 753,942 746, 047 631,628 No. 6—Atlanta 1,124,910 ! 1, 047, 405 947,847 989,297 1, 005, 714 827,440 No. 7—Chicago 4,886,123 4,701, 940 4,178, 246 4, 615,171 4, 810, 899 4,383,817 No. 8—St. Louis 1,194, 752 1,130,859 981,669 1,145,954 1,178,722 962,802 No. 9—Minneapolis 660, 760 565, 332 523, 317 710,631 647, 312 510,811 No. 10—Kansas City- 1, 082,885 1,003,759 937,031 1,181, 287 1, 202, 253 996,426 No. 11—Dallas 620,979 567, 222 493,840 605,692 605,258 494,600 No. 12—San Francisco 2, 652, 946 2, 590,948 2, 470,230 2,392,621 2, 374,873 2,043,173 Total 141 42,448,051 41,498, 264 87, 397,792 40,436,981 41,752,913 35,925,212 New York City 1 22,081,149 22,113,958 19,886,015 20,851,135 22,087,156 19,019,491 Other cities 140 20, 366, 902 19, 384, 306 17, 511, 777 19, 585,846 19, 665, 757 16, 905, 721 WEEKLY SUMMARY FOR BANKS IN 247 CENTERS 1924 Number Week ending— Week ending— Federal reserve districts of centers included Feb.20 Feb. 27 Mar. 5 Mar. 12 Feb. 21 Feb. 28 Mar. 7 Mar. 14 No. 1—Boston 536,597 438,992 579, 045 476, 386 535,751 487,398 563,829 503,119 No. 2—New York 5,526,448 4,302,026 5,938,380 4,585,918 5,466,877 4,723,227 6,081,715 4,902,665 No. 3—Philadelphia.. 510,749 432, 285 473,252 430, 230 490,283 452,990 478,401 436,412 No. 4—Cleveland 646,248 530, 550 612,020 568,518 597,379 571,434 689,892 693, 553 No. 5—Richmond 270,000 231, 537 299,721 266,646 269,193 250, 395 293,243 269,149 No. 6—Atlanta 261,755 213,713 239,970 240,618 215,846 223,277 248,930 232,187 No. 7—Chicago 1, 202,130 1,004,151 1,190, 095 1, 081,668 1,138,144 1,432, 761 1,128, 661 1,071,864 No. 8—St. Louis 275, 305 223,186 279,128 253, 091 278, 501 248,106 271, 594 258,636 No. 9—Minneapolis 151,043 116, 335 156, 686 140,242 135,209 127, 039 149, 201 132,656 No. 10—Kansas City- 258,445 229,652 271,339 247,122 271,361 276,448 317, 751 269,470 No. 11—Dallas 156,695 119, 210 137, 550 132, 674 158, 222 147,126 159,812 147,106 No. 12—San Francisco 675,152 535,989 753, 701 610,230 569, 688 532, 375 698, 678 562,563 Total 10,470,567 8, 377,626 10,930,887 9,033,343 10,126,454 9,472, 576 10,981, 607 9,379,380 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston 360,122 290,345 397, 622 314,226 357,052 338,418 392,961 343,830 No. 2—New York 1,221,896 4, 5, 640, 692 4, 336,587 4,488,471 5,802,558 4,661, 234 5,058,843 Buflalo 78,435 56,722 76,133 59,596 71,389 59,086 65, 713 61,656 No. 3—Philadelphia.. _. 371,045 314,250 352,471 316,826 373,961 346,261 365,989 325, 713 No. 4—Cleveland 168,095 118,806 151, 734 137, 523 144,384 134, 269 140,341 133,208 Cincinnati 79,100 61, 396 74,433 65, 528 83,150 71,778 78, 625 76,423 Pittsburgh 201, 469 183,205 193, 694 180, 000 201,147 194,828 178,629 193, 697 No- 5—Richmond 29,835 25,712 34,916 26, 368 29,212 26,567 30,896 28,422 Baltimore 67,400 101,400 89,898 83,400 76,300 96,200 80, 300 No. 6—Atlanta 32,957 29, 525 32,355 29,915 31,816 29.117 33, 623 31,245 Birmingham 26, 505 22,945 24,953 25,564 23,676 25,628 25,336 23,272 Jacksonville 14,283 13,977 14, 484 13, 554 13,732 11,478 13,448 13,056 Nashville 17,075 16,140 17,833 18,864 17, 680 14, 603 17,928 16,335 New Orleans 94,444 69,149 73,814 80,952 57,330 72,188 75,613 70,192 No. 7—Chicago 730,925 576,101 703,662 649,372 704,669 1,010,107 684,597 Detroit 173,532 174,098 164, 541 147,484 169,824 151,492 126,013 156, 451 No. 8—St. Louis 156,143 127,073 164,093 144,907 156, 288 136,726 148, 727 143,181 Little Rock 14, 325 12,174 14,964 14, 655 13,454 15, 400 14,417 14,620 Louisville 42, 210 32,479 40, 311 37,809 43,129 33, 717 40,474 37,591 Memphis 35.119 26,134 31,764 28, 735 35, 29f 31,159 37,923 33,890 No. 9—Minneapolis 77,154 59,935 80, 642 60,283 70,139 63,962 Helena 1,928 1,888 2,212 l| 952 2|601 2,255 2,572 1,835 No. 10—Kansas City... 76, 794 64, 383 76,078 66, 761 80, 340 74,855 89,415 73,427 Denver 35,842 35,823 39,882 38, 293 34, 014 36,900 44,438 31, 506 Oklahoma City 16,087 12, 570 16,809 15, 235 18,928 16.118 22,330 19,460 Omaha 45,568 38,950 47,002 42, 756 49, 850 46,153 57, 385 50,617 No 11—Dallas 44, 649 35,165 40,496 36,172 42, 639 41,485 43,127 .35,891 El Paso 8,673 7,437 8,425 9,142 7,439 7,024 8,961 7,460 Houston 33, 280 25, 393 25, 673 26,109 26, 705 23,851 25,062 25,842 No. 12—San Francisco.. 215,470 159, 679 260,819 181,044 186,416 170, 627 247,192 172,261 Los Angeles... 216, 710 169, 660 245,185 191,949 161,874 145, 527 197, 626 158,927 Portland 40,583 31,746 39,669 36, 366 32,232 30,242 36,812 33, 093 Salt Lake City. 14,638 11,378 14,830 14, 214 15, 432 13,708 15,116 12,955 Seattle 39.120 35,498 38,447 44, 319 36, 773 33,144 38, 703 40,135 11, 262 9,158 11, 376 10, 717 10, 327 11,223 11,075 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

MONEY RATES PREVAILING IN LEADING CITIES The following table shows the customary rates charged on loans and comparisons between the rates charged during 1924 and rates charged discounts in the various cities in which Federal reserve banks and their at earlier periods, it should be borne in mind that the earlier rates branches are located, as reported by representative banks. These rates refer to an entire month, while the latest figures cover only a week. are not averages but are those rates at which the bulk of paper of Attention is also called to the fact that the method of reporting the each class is handled by reporting banks. Where it appears from the rates has been somewhat modified and that slight changes in the rates reports that no one rate clearly covers the bulk of the paper handled, mav reflect these modifications. & range of the rates most commonly charged is given. In making Customers' prime commercial paper Loans secured by stocks and bonds Loans secured by warehouse Cattle loans receipts Demand Time District SD<3 «W; M en o d n in th g iWeekj M en o d n in th g W e i n n e d g e - k M en o d n in th g W e i n n e d g e - k M en o d n in th g Feb. Mar. Mat. Feb. | Mar. Mar. Feb. Mar. Mar. Feb. Mar. -, 15, IS, 15, 15, 15, 16, 15, 15, 15, 15, 15, 1924 I 1924 1923 1924 1924 1923 1924 1924 1923 1924 1924 1923 £ No. I—Boston No. 2—New York. 5 -5) 6 -54 5 -6! 5 -84 5 -6| Buffalo SJ-6' 5-6 I 6 6 6 No. S—Philadelphia. 5 5 -Si 5 5 -6 No. 4—Cleveland- 6 Pittsburgh 6 Cincinnati. SJ-6 SJ-6 5J-6 6 6 No. 6—Richmond. 81-6 6 6 5 -51 Baltimore S4-Sf! 8} 5J-6 5H5 No. 6—Atlanta , [ 6 ! 6 6 6 Birmingham. 8 i -7 6 -7 I 6 -7 6 -7 G -7 Jacksonville- 6 -7 6 ; 6 -7 6 6 New Orleans 6 5 -6 ! 5J-6 6 6 Nashville. 7 6 i 7 5J-6 54-6 3 No. 7—Chicago 5 -5J 5 -oj Si 5 -6 5 -S No. 8— L D S o t e . u t L r i o s o v i u t i i l s l _ e. - f 6J * I 5J-6 6 6 S oJ J - -6 6 5J-6 8 54-6 6 3 No. 9— L M it i t n le n e B ap o o c l k i . s 5 -6 i 2*i 7 6-7 7 Helena----- 8 No. 10—Kansas City 6 6 I 7 D O e m n a v h e a r 7 6 -61! 6 6-?! 7 -8 6 -7 7 Oklahoma City. 8 0 8 No. 11—Dallas 7 e 7 -8 7-74 7-8 3 El Paso 8 8 S i 8-10 Houston' 6 6 -7 6 -7 6 -7 7-816-8 No. 12—San Francisco 5J-6 6 6 6 Portland 0 -64 6 -7 7 6-7 ? Seattle 6 6 -7 -7 7 7 Spokane 7 7 7 7 6J-7 7-8 7 -8 Salt Lake City 7 7 7 7 7 8 7 Los Angeles 0 6*-7 6^-7 | 6 -7 64-7 64-7 7 7 7 tc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

322 FEDERAL, RESERVE BULLETIN APRIL, 1924 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Gold Silver Countries February— Eight F m eb o r n u t a h r s y — ending February— Eight F m eb o r n u t a h r s y — ending 1923 1924 1923 1924 1923 1924 1923 1924 IMP0ET8 Denmark $1,115,469 $3,561,829 $987 $984,406 $2,964,069 16,784,133 16,449,659 $1,765 $3,216 77,558 $81, 896 Germany . 522,498 29,707 23,185. 507 1,221,027 55,764 1,226,142 Greece 4,798,294 21,156 2,406 10,044,247 13,200,077 1,791 Norway 543, 592 168 11, 732 611 Spain 12,473 22,108 48,655 40,013 24,512 42,422 98, 621 78,754 Sweden 15 1,326,938 44,426 1,180 1,926 England. . 1,047,114 19,704, 597 107, 520,188 147,663,969 31,723 14,179 185, 731 101,817 4,643,823 3, 522, 442 25, 554, 634 29, 740, 017 540,462 657, 736 5,804,627 4, 605, 581 Central America 170,199 238, 675 2, 014,359 1, 516,406 79,448 134,925 1, 000, 773 1,184,407 Mexico 315,438 395,135 3,601,575 4,893, 738 2,250,072 2,856, 556 29, 562,764 39,854, 549 West Indies 17,406 79,810 479,517 660, 272 8,111 9,418 179,868 118,091 Argentina . . „ . . .. _ 32,518 2,534, 533 80,056 7,970, 718 15,058 15, 558 30,152 43,169 Bolivia 800 4,234 18, 276 17,058 26,158 542,932 348,666 Chile 4,436 90,299 114, 288 243,499 147,899 223,454 1, 502,053 997,102 Colombia . . 394,129 94,113 3,946,732 2,764,004 10,520 14,163 135, 204 106, 603 Peru 123,384 575,190 1,142,001 1,752,555 587,323 2,508,947 5, 472,310 9,431,653 Venezuela . . 33,843 34, 556 461,418 477,657 70 1,866 1,819 6,029 China 47,000 118, 980 5,895,896 4, 029,151 58 10,924 4,283 Dutch East Indies . . 170,000 447,250 1, 378, 612 1,905,134 60,000 126,474 638, 111 739,307 Philippine Islands.. __ . 111, 786 133,146 704, 613 1,194, 304 1,467 1,975 9,451 17,287 British Oceania 78,699 1, 826,184 ' 1,076,376 2,689,376 86 189 1,188 1,906 Egypt . . .. 26,635 787,865 3,271,242 1,973, 671 12,730 15,619 Portuguese Africa „ 55,925 93,014 608, 671 508,734 13,899 14,348 154, 572 52,062 All other 112,707 924,399 814,542 4,980, 079 2,914 27,740 119,480 282,084 Total . 8,382,736 35,111,269 193,359,989 271,363,239 3,792,387 7,900,409 45, 531,687 59,301,335 EXFOETS France. 19,000 90,000 1,645 525 Spain _ . . . . .. 20, 000 7,487 1,354, 866 29, 703 England 7,959 134, 256 7,884 220,928 899,351 7,174, 885 5,124, 700 Canada 113,387 90,716 21,770, 433 1,293,115 101, 297 89,841 1,241,607 1,089, 724 1,000 500 3,950 58,675 Mexico. 546,124 94,919 3,096, 839 1,977, 995 135, 084 142, 628 1,190, 815 1, 054,237 West Indies 899 2,360 2,380 14,102 20,903 500,000 700,000 2,253 10,000 3,503 783,000 Venezuela 300,000 300, 000 233, 500 233,500 British India 6,493,929 1,310, 728 596, 720 4, 574, 633 9, 625, 278 25, 669,975 China 350,200 40,000 1,134,121 2,481,916 14,021, 314 27,502,842 Dutch East Indies 75,000 Hongkong 719,200 4,500 2, 778,360 1,346, 660 32,000 6,471,529 1,472,871 Japan _ _. _ 417,711 1,277,898 All other 4,932 15,000 7,930 40, 640 649 3,349 1,250 Total . 1,399,089 505,135 36,601,712 7,137, 725 2,191,059 8,876,713 39,758,474 64,293, 603 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Apair,, 1924 FEDERAL RESERVE BTJIXETHST 323 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency? COUNTRIES INCLUDED IN COMPUTATION OF INDEX Per cent of par1 March 1 to 21, inclusive February Par of Febru- March Monetary unit ex- ary change February Aver- Aver- Fourth First Second Third Low High age Low High age week week week week General index 57 56 56 59 58 Belgium Franc - 19.30 3.1600 4. 2200 3.6772 3.4200 4.1700 3.8370 19.07 18.25 17.68 21.23 19.88 Denmark _ Krone .- 26.80 15.3000 15.8100 15.5983 15.6300 16.4200 15.9983 59.15 58.89 57.69 58.03 59.70 France Franc 19.30 3.4900 5. 2300 4.3483 4.1000 4.7100 4.4191 22.08 20.93 20.64 26.02 22.90 Pound 486. 65426. 3200430. 3600428. 8167428.9600435. 7300430. 7709 88.44 88.26 87.93 88.16 88.52 Italy Lira 19.30 4.1300 4.3300 4. 2511 4.2800 4.3900 4. 3452 22.39 22.19 21.77 22.12 22.51 Netherlands Florin 40.20 36. 9100 37.2800 37.1211 37. 2300 37. 7500 37.4161 92.87 92.64 92.26 92.12 93.07 26.80 13. 3100 13. 7900 13. 5206 13.1400 13. 6100 13. 3248 49.16 50.49 50.07 50.79 49.72 Spain Peseta 19.30 12.1300 12. 9700 12. 5317 12. 5800 12. 8900 12. 7357 65.65 63.84 64.62 66.33 65.99 Sweden _..„ Krona 26.80 26. 0500 26. 3600 26. 2117 26. 0500 26. 3300 26.1826 97.49 97.41 97.71 98.30 97.70 Franc 19.30 17. 2200 17. 3200 17. 2800 17. 3000 17. 4600 17. 3683 89.73 89.65 89.45 89.51 89.99 Canada -_..« - Dollar „-..- 100.00 96. 5167 97. 2797 96. 7290 96. 5800 97. 0876 96. 9380 96. 72 96.68 96.58 96.93 96.94 Peso (gold) 96.48 75. 2700 77. 5900 76. 8022 74. 7200 78. 2500 76. 4517 80.51 80.29 79.34 79.18 79.24 Brazil Milreis „ 32.441 10.4900 12. 0600 11. 5583 11. 3900 12. 2100 11.9757 37.11 37.00 36.42 33.47 36.92 81 Chile ! 19. 53 9.4200 10. l?n0 9.8189 9. 8500 10. 4200 10.1335 51.36 51.54 50.57 48.72 51.89 China Shanghai tael 2 66.8569. 5800 70.' 70.0578 69. 8900 72. 5800 71. 2026 105.17 104.99 104. 85 104.56 106.51 India _..„ Rupee 48.66 29. 6600 29.'o^ 'Q. 8400 29. 7400 30. 7500 30. 3235 61.76 61.22 61.39 61.35 62.32 Yen 49.85 41. 9300 44.8000 43. 3017 44. 8600 46. 0900 45.4265 90.35 89.39 86.34 84.86 91.13 OTHER COUNTRIES 20. 26 0.0014 0.0014 0. 0014 0. 0014 0.0014 0.0014 0.01 0.01 0.01 0.01 0.01 19.30 .7263 .7488 .7378 .7100 .7567 .7315 3.87 3.83 3.80 3.83 3.79 2 8791 2. 8994 2. 8891 2 8854 2 9070 2.9015 Finland 19.30 2.4996 2. 5188 2. 5075 2.4873 2. 5141 2.4987 12.98 13.01 12.98 12.99 12.95 Reichsmark. 23.82 3.0213 ». 0223 !. 0219 3.0204 8.0233 3.0218 Drachma 19.30 1. 4513 1. 7331 1. 6034 1.6411 1.7728 1. 6983 8.78 8.49 7.87 8.57 8.80 Hungary _ Krone 20.26 .0012 .0024 .0016 .0026 .0035 .0033 .01 .01 .01 .01 .02 Poland Polish mark «. 0108 *. 0117 '. 0112 4.0102 !. 0114 *.0109 Portugal Escudo . 108. 05 3. 0400 3.1900 3.1144 3. 0500 3.3200 3.1639 2.95 2.91 2.89 2.85 2.93 Leu 19.30 .5166 .5296 .5243 .5007 .5568 .5182 2.76 2.71 2.72 2.71 2.69 19.30 1. 2172 1. 2609 1.2417 1.1538 1. 3131 1. 2232 6.50 6.52 6.42 6.37 6.34 Cuba 100. 00 99. 9594100.0719100. 0483 99. 9563 99. 9906 99.9713 99.97 100 03 100.06 100.06 99.97 .do 49.85 48. 0781 48. 3125 48. 2225 48. 0156 48. 4167 48. 2222 96.74 96.61 96.83 96.76 96.73 -do 103. 42 75. 4900 77. 0800 76. 5333 76. 8300 80. 0700 78. 2648 74.94 74.37 73 67 73.97 75.68 China Mexican dollar * 48.11 50.1800 50. 5900 50.4228 50. 3200 51. 7700 51.0109 105.12 104 93 104.72 104.77 106.03 Dollar 2 47. 7750.3000 50. 6300 50.4639 50. 3100 50.9400 50.6070 105. 70 105. 71 105. 49 105. 72105.94 Straits Settlements... Singapore dollar 56.78 49.9700 50. 5000 50. 2833 50.1300 50. 8500 50. 5587 88.77 88.79 88.43 88.46 89.01 1 Based on average. 11913 average. . s In cents per billion. ' In cents per thousand. SILYEE. [Average price per fine ounce] February London (converted at average rate of exchange). $0. 65135 New York _ . 64652 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Page. Acceptance market 263 Cost of living, principal countries , 302 Acceptances held and purchased by Federal Cotton manufacturing 257, 291 reserve banks 308, 309 Cotton, raw 254 Agricultural movements, index of 290 Currency in circulation 318 Agriculture, monthly statistics 253, 291 Currency reform and exchange rates abroad 267 Annual report of the Federal Reserve Board 250 Czechoslovakia: Australia: Cost of living _ 302 Foreign trade 297 Wholesale prices 301 Retail food prices and cost of living 302 Debits to individual account 320 Wholesale prices 301 Debt of Finland to United States, funding of... 249 Austria, cost of living in 302 Denmark: Automobiles, production of 258, 293 Foreign trade 297 Bank credit ----- 252 Wholesale prices-.. 301 Bank debits .-_-_-. 320 Department-store business., •_ 261, 295 Banks granted authority to accept up to 100 Deposits: per cent of capital and surplus 287 Savings.. . '._....... . 264 Belgium: Time and demand, of member banks ... 314 Cost of living and retail food prices 302 Digest of rulings, publication of . 250 Foreign trade 297 Discount and open-market operations of the Wholesale prices 301 Federal reserve banks. . 309 : "Borrower," interpretation of word, as used in Discount rates: section 13 , 275 Central banks - 298 Branch banking: Federal reserve banks.- 311 Decision of Supreme Court .. 281 Prevailing in various centers 321 Regulation H of the Federal Reserve Dutch East Indies, wholesale prices in 301 Board 250, 279 Earning assets held by Federal reserve banks... 308 Statement by Comptroller of the Currency. 285 Egypt, wholesale prices in 301 Brazil, foreign trade of 297 Employment, United States 262 Building statistics 260, 293 Index of .. 289 Bulgaria, wholesale prices in 301 England. (Se.e Great Britain.) Business and financial conditions: Examinations of State member banks by Federal Abroad 267 reserve banks _. 278 United States 251-264 Failures, commercial 262 Business failures 262 ; Federal reserve banks: Canada: Condition of 303 Cost of living and retail food prices 302 Discount and open-market operations of _. 309 Financial statistics 298 Federal reserve note account 307 Foreign trade 297 Fiduciary powers granted to national banks 287 Index of industrial activity 296 Financial statistics of principal foreign countries. 298 Wholesale prices 300,301 Capital, increase of, by State member bank in- Finland, debt of, to United States, funding of. . 249 tending to withdraw from system 278 Food manufacturing 256 Food prices in foreign countries 302 Certificates of indebtedness issued by the Treasury 249 Foreign exchange . 265 Chain-store statistics 261, 295 Index of 266,323 Charters issued to national banks 287 Stabilization of, abroad.. 267 Check clearing and collection 310 Foreign trade: China, wholesale prices in 301 Principal foreign countries „ 297 Clearing-house bank debits 320 United States 297 Coal and coke production 255, 291 Index of.. 297 Commercial failures 262 France: Commodity movements - 290 Cost of living and retail food prices 302 Comptroller of the Currency, statement by, on Exchange rates 267 branch banking 285 Financial statistics ; 1__ 298 Condition statements: Foreign trade . 297 All banks in the United States on December Index of industrial activity .. 296 31, 1923- - 315-317 Wholesale prices 300,301 Federal reserve banks 303 Freight rates, ocean 267 Member banks in leading cities. 312 Fruit crop and shipments 254, 291 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

IJ INDEX Page. Germany: Law department: Cost of living and retail food prices 302 Decision of Supreme Court oil right of a Exchange, stabilization of 267 national bank to establish a branch 281 Foreign trade 297 Regulation H—Membership of State banks Index of industrial activity 296 and trust companies 279 Wholesale prices 301 Leather industry 259,292 Gold holdings of principal countries 270 Livestock industry 255, 290 Gold imports and exports . 244, 264, 322 Lumber industry 259, 291 Gold production of the world 270 Mail-order houses, retail trade of 261, 295 Gold situation 243, 269 Manufacturing: Gold settlement fund transactions 311 Condition, by industries 256 Gold stock in the United States- 247 Index of production 290 Grain 253, 290 Maturities: Great Britain: Acceptances purchased 309 Exchange rates 267 Bills discounted and bought 306, 309 Financial statistics 298 Certificates of indebtedness 306 Foreign trade. ^ 297 Member banks: Gold imports and exports 265 Changes in membership 318 Index of industrial activity 296 Condition of 312 Retail food prices and cost of living.. 302 Number discounting 309 Wholesale prices.- 300, 301 Number in each district 309 Hungary: State banks admitted to system . 287 Currency and exchange 273 Mineral products . 256,290 Economic conditions. 270 Mining _.„ 255, 291 Foreign trade 271 Money in circulation 318 Royal Hungarian Note Institution, organi- Money rates 263, 321 zation of 274 National banks: Imports and exports of gold and silver 264, 322 Branches of, right to establish 281 Index numbers: Charters issued to 287 Agricultural movements 290 Fiduciary powers granted to 287 Cost of living 302 Netherlands: Department-store stocks 295 Cost of living and retail food prices 302 Employment 289 Foreign trade 297 Foreign exchange 323 Wholesale prices 301 Foreign trade.- 297 New Zealand: Industrial activity—• Retail food prices and cost of living 302 Foreign countries 296 Wholesale prices . 301 United States 288 " Nonperishable, readily marketable agricultural Manufacturing 290 products," construction of term, as contained Mineral production 290 in act of March 4, ,1923 276 Ocean freight rates 297 Norway: Production in basic industries 289 Cost of living and retail food prices 302 Retail food prices 302 Foreign trade 297 Retail trade 295 Wholesale prices 301 Wholesale prices- Ocean freight rates . 297 Bureau of Labor Statistics index 301 Par list, number of banks on 310 Federal Reserve Board index 300 Per capita circulation 318 Group index numbers1—United States, Petroleum industry 256, 291 England, France, Canada, and Japan 300 Poland, wholesale prices in 301 Principal countries 301 Prices: Wholesale trade 294 Food, in principal countries 302 India: Wholesale— Cost of living 302 Bureau of Labor Statistics index 261, 301 Foreign trade 297 Federal Reserve Board index 261,300 Wholesale trade 301 Group index numbers—United States, Industrial statistics: England, France, Canada, and Foreign countries 296 Japan 300 United States - 288-293 Principal countries 301 Interest rates prevailing in various centers 321 Production in basic industries, index of 251, 289 Iron and steel production ^ 258, 291 Regulation H—Membership of State banks and Italy: trust companies 250, 279 Financial statistics 298 Reserve ratio of Federal reserve banks 303 Foreign trade 297 Reserves of State foreign banking corporations. 275 Retail food prices and cost of living 302 Resources and liabilities: Wholesale prices 301 All banks in the United States on Decem- Japan: ber 31, 1923 315 Exchange rates 268 Federal reserve banks 303 Financial statistics 298 Member banks in leading cities 312 Foreign trade 297 Retail food prices 302 Wholesale prices 300, 301 Retail trade , o<" ~" Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX HI Rulings of the Federal ReserveJBoard: Page- State banks—Continued. PaSe- "Borrower," interpretation of word, as Examination of, by Federal reserve banks. 278 used in section 13 275 Increase of capital by State member bank Construction of term "nonperishable, read- intending to withdraw from system 278 ily marketable agricultural products," Revisions of regulation on membership 279 as contained in act of March 4, 1923 276 Supreme Court, decision of, on right of a national Eligibility for rediscount of paper secured by bank to open a branch 281 War Finance Corporation bonds .. 277 Sweden: Examinations of State member banks by Cost of living 302 Federal reserve banks 278 Foreign trade 297 Increase of capital by State member bank Wholesale prices.. 301 intending to withdraw from system 278 Switzerland: Reserves of State foreign banking corpo- Retail food prices and cost of living 302 rations 275 Wholesale prices 301 Russia, exchange stabilization in 267 Textile industry. 257, 291 Savings deposits 264 Shoe industry .... 259, 292 Time deposits of member banks 314 Silver imports and exports 264, 322 Tobacco industry 254 South Africa: Trade: Foreign trade 297 Foreign. (See Foreign trade.) Retail food prices and cost of living 302 Retail^ .. . . .. .. 261,295 Wholesale prices 301 Wholesale.. 251,261,294 Spain: Transportation .. 260,293 Cost of living . 302 Treasury financing 249 Wholesale prices ^ 301 War Finance Corporation bonds, eligibility for State banks: rediscount of paper secured by 277 Admissions to system 287 Condition of all banks in the United States Wholesale prices. (/See Prices.) on December 31, 1923 ' .._„_. 315 Wholesale trade. 251, 261, 294 92279—24 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS I .-.^f. N i ""MINNEAPOLIS Denver. 'Oj . COLO. ! KANSAS CITYa } KANS. . .L01 ST I- 1 r1 2 •^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