Federal Reserve Bulletin, 1924-06

FEDERAL RESERVE BULLETIN JUNE, 1924 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Money Rates and the Demand for Credit Business Conditions in the United States Resumption of Gold Payments by the Swedish Riksbank New Regulation on Check Collections WASHINGTON GOVERNMENT PRINTING OFFICE 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex offlcio members: D. R. CRISSINGEB, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, ADOLPH C. MILLEE. Secretary of the Treasury, Chairman. CHABLES S. HAMLIN. HENEY M. DAWES, GEOBGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDT, Secretary. WALTEE WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWABT, W. M. IMLAY, Fiscal Agent. Director, Division of Research and Statistics. J. F. HEESON, 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) CHAS. A. MORSS. 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, Vice President. District No. 11 (DALLAS) W. M. MCGREGOR. District No. 12 (SAN FRANCISCO) D. W. TWOHY. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANES Federal Reserve Bank ol— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss W. P. G. Harding C.C. BuUen W. WUlett. W.W. Paddock New York Pierre Jay Ben]. Strong... J. H. Case L. B. Hendrioks.i L.F. Sailer A. W. GJlbart. i G. L. Harrison... J. W. Jones, i E. R. Kernel : G. E. Chapin. > Philadelphia R. L.Austin Geo. W. Norris Wm. H. Hutt W. A. Dyer. Cleveland.. D. C. Wills E. R. Fancber M.J.Fleming J. C. Nevin. Frank J. ZurOnden Richmond Wm.W. Boston..... George J. Seay C. A. Peple Geo. B. Keesee. R. B.Broaddus John S. Walden, jr.i Atlanta Joseph A. McCord M. B. Wellborn J. L.CampbeU M. W. Bell. Creed Taylor...... Chicago Wm. A. Heath J. B.McDougal... C.R. McKay W. C. Baconian, i John B. Blair K.C.ChUds.i J. H.DlUard.» D. A. Jones, i 0. J. Netterstrom. i Clarke Wsshburae.! St. Louis.... Wm. McC. Martin D. C. Biggs O.M. Attebery J. W. White. Minneapolis R. A. Young W. B. Geery Gray Warren, B.V.Moore Frank C. Dunlop.1 Harry Yaeger* Kansas City M. L. McClure W. J.Bailey. C. A. Worthlngton J. W. Helm. Dallas Lynn P. Talley B. A. MeKInney R. R.Gilbert B. B. Coleman Val. J. Grund San Francisco JohnPerrin J. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk' , L. C. Pontious« 1 Controller. ' Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Manager Federal Reserve Bank of— Manager New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch A. H. Dudley. Dallas: Atlanta: El Paso branch 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. MeNamara. Portland branch Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner.. Louisville branch W. P. Klncheloe. Memphis branch J. J. Heflin. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESEBVE BULLETIN is the Board's medium of communication with member banks of the Federal Reserve System and is the only offlcial 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—Money rates and the demand for credit 455 Business conditions in the United States 462 Trade of the United States with foreign countries 479 Foreign banking developments: Resumption of gold payments by the Swedish Riksbank . 483 New banks of issue in Poland and Hungary 486 Official: Rulings of the Federal Reserve Board 488 Law department— New regulation on check collections—Regulation J 489 State banks admitted to system-! 491 Fiduciary powers granted to national banks , 491 Charters issued to national banks , : 478 Business statistics: Industrial statistics in the United States 492 Wholesale and retail trade : 498 Industrial statistics for foreign countries 500 Foreign trade of principal countries •__ 501 Financial statistics for principal foreign countries 502 Price movements in principal countries: Federal Reserve Board wholesale indexes 503 Comparative wholesale prices in principal countries 505 Comparative retail prices and cost of living in principal countries 506 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 1 507 Federal reserve note account 512 Holdings of earning assets 513 Discount and open-market operations of Federal reserve banks 514 Federal reserve clearing system 515 Gold settlement fund 511 Discount rates of Federal reserve banks , 514 Member banks— . Condition of member banks in leading cities , 516 Deposits of all member banks * 518 Abstract of condition reports of member banks 519 Money in circulation - - 524 Bank debits - _' 525 Money rates in principal cities 526 Gold and silver imports and exports 527 Foreign exchange rates and index 528 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 10 JUNE, 1924 No. 6 REVIEW OF THE MONTH volume of such borrowing, after decreasing during the last quarter of 1923, increased During May the Federal Reserve Board during the early months of this year and at held the customary spring conference with the middle of April was near its high level and the governors of the Federal about $1,000,000,000 greater than at the low .^nfjf.re"ces reserve banks and the Federal point in the middle of 1922. Since the at Washington. Advisory Council held its middle of April the further easing of money statutory quarterly meeting in Washington; rates has been accompanied by a decrease in followed by a conference with the board. borrowing for commercial purposes, particu- At the conference with the governors the larly at New York. , The chart, which shows business and credit situation in different MILLIONS OF DOLLARS sections of the country was surveyed and 9000 the general problems of discount and openmarket policy were considered. These problems also received the attention of the advisory council, more particularly with reference to the bearing of the financial proposals of the committee of experts appointed by the Reparation Commission upon the banking and investment situation in the United States and upon the manner in which the Federal reserve system may participate in the financial program proposed by the experts. The recom- 1922 1923 mendation of the advisory council to the board Commercial loans—weekly figures of "all other" loans at reporting member banks in leading cities. Commercial paper rate—open-market on this topic is presented in full elsewhere in rate on prime commercial paper of 4 to 6 months maturity in New York City. this issue and is referred to later in this review, the course of rates on prime commercial paper following a review of recent developments in at New York and the volume of commercial the credit situation. loans at reporting member banks since the In the credit situation the most notable beginning of 1922, brings out the fact that there development has been the continued decline in has been a general correspondence between the money rates in the New York Money rates market. An almost continu- movement of money rates and the volume of and commercial IT • . commercial borrowing. The volume of comborrowing. ous decline m rates on prime mercial loans, however, is now considerably commercial paper since Octoabove the level at the opening of the year, while ber, 1923, has brought present rates 1 per money rates have shown a substantial decline cent below their level at that time and since January. The recent reduction in comlower than at any time since 1922. That mercial loans is due to the smaller credit the prevailing ease in the money market is not requirements of current business, but the into be attributed solely or primarily to a creasing ease of money rates reflects not only decreased demand for credit is indicated by this slackening in the commercial demand but the fact that money rates have declined over a also the continued increase in the supply of period during which there has been little loanable funds caused in considerable part by decrease in the volume of commercial borrowing the large inflow of gold. at member banks in the larger centers. The. 455 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

456 FEDERAL RESERVE BULLETIN" JUNE, 1924 Money rates are at about the same level The period of most rapid growth in member now as two years ago, but the underlying bank credit was between the spring of 1922 business and credit situation is quite dif- and the spring of 1923 and accompanied the ferent in character. At that time the ease increase in industrial and trade activity. Durin the money market was the outcome of a *ng that year total loans of member banks year and a half of credit liquidation and de-increased over $1,400,000,000, and their increased currency demand. Business recovery, vestments increased by over $1,500,000,000. which had begun several months earlier, had In the next 12 months loans showed a further not yet resulted in a growth in the total vol- increase, but at a much reduced rate, while ume of borrowing for commercial purposes, and the volume of investments declined. In the funds arising both from domestic liquidation two-year period loans and investments taken and gold imports were used by member banks together increased by over $3,400,000,000, or to reduce borrowings at the reserve banks and about 15 per cent. Such a growth in the to purchase investment securities. At the credit extended by member banks at a time present time the volume of member bank when there was also a considerable increase in credit, after a continuous growth for more than the demand for currency was made possible two years, is larger than at any previous time without being more largely reflected in a rise and total money in circulation is 1400,000,000 in money rates by the use of funds made availlarger than in 1922. Industrial and trade able through gold imports. activity, employment, and pay roll, which were The use made of these funds by member at relatively low levels in the early part of 1922, banks at different times and under different increased rapidly during the remainder of that conditions in the money market in the puryear and continued at high levels during 1923 chase of investments or in the granting of adand the first quarter of 1924. Thus, while ditional loans is brought out more clearly by easy money conditions in 1922 came after a the weekly reports of member banks in larger period of business depression and credit liqui- cities. During the first half of 1922, when dation, present money rates are low at a time money rates and the volume of commercial when the volume of business, though recently loans at these banks were declining, there was showing a recession, is at a high level and the a rapid increase in the holdings of investment volume of bank credit and currency in use securities and in loans secured by stocks and continues large. bonds. Between the middle of 1922 and the The extent of increase in the loans and in- autumn of 1923, with the increased demand for Changes in vestments of all member banks credit for commercial purposes, money rates member bank since the spring of 1922 is and the volume of commercial loans increased shown in the following table: and the holdings of securities and collateral loans declined. After the seasonal peak in the ALL MEMBER BANKS demand for credit in October, 1923, both [In millions of dollars) money rates and the volume of commercial borrowing declined. Since the opening of Loans and investments 1924, with gold imports on a larger scale than Invest- in either of the preceding years and with a Total Loans ments reduced demand for currency, funds have become more abundant, money rates have de- Mar. 10,1922 23,419 17,161 6,258 Apr. 3,1623 26,332 18,572 7,760 clined further, and the banks have increased Mar. 31,1924 26,832 19,176 7,656 Increase: their holdings of securities. 1922-1923.. 2,913 1,411 1,502 1923-1924....: 500 604 ' 104 Changes in the position of the money market Total, 2-year period 3,413 2,015 1,398 between the low point in the summer of 1922, the high point in October, 1923, and the i Decrease. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

457 JTJNB, 1924 FEDERAL RESERVE BTJIiBTTN present, as indicated by money rates in the banks during the past two years is in contrast New York market and yields on Government with the large increase in member-bank credit. securities, are shown in the following table: This difference in the movement of memberbank and reserve-bank credit indicates that Class of paper Au 1 g 92 . 2 17, O 1 c 9 t 2 . 3 9, M 1 a 9 y 2 4 22 member banks have met the large demand for additional credit, and yet because of the inflow Commercial paper, prime, 4-6 months, Per cent Per cent Percent of gold from abroad are using a smaller volume 4 51 f Call loans, renewal, rate 3i 5i of reserve-bank credit than two years ago. Bankers' acceptances, prime, 90 days, rate 3 4i 3 Since the turn of the year the rapid decline in Certificates of indebtedness, 4-6 months, yield 3.07 4.26 2.93 earning assets of the reserve banks has been Liberty bonds, 4J per cent, average yield: 4.18 4.53 4.13 due both to a decrease in the demand for currency, partly seasonal in character, and to gold The extent to which money rates reflected imports, which have been at the rate of more the active demand for credit during the latter than $1,000,000 a day. part of 1922 and in 1923 and the decline of During April and May production of basic money rates during the last seven months are commodities and wholesale prices showed debrought out by the table. On May 1 the Fed- „ . , . clines. The Federal Reserve eral Keserve Bank of New York reduced its Recent busi- . discount rate from 4$ to 4 per cent, thus adjust- ness situation. Board s index ot production deing its rate to prevailing credit and money clined 2 per cent in April, and market conditions. The chart shows the dis- prices of commodities at wholesale, according to the index of the Bureau of Labor Statistics, decreased 1 per cent. The volume of pur- Commercial Paper Rate ,.-\ chases at retail was larger in April than in ! F.R.BonkOisi March, owing chiefly to a late Easter, and at about the level of January and February. Treasury Certificate Employment at industrial establishments, par- Yield ticularly in the textile and clothing industries, declined during April, and the index of factory employment showed a reduction of 2 per cent, the first decline since the opening of the year. Movements of production, employment, trade, and prices during the first four months of 1924 1922 1923 Money rates in the New York market: Bate on commercial paper of are shown in the following table: 4 to 6 months maturity; discount rate of the New York Federal reserve bank; yield on Treasury certificates of indebtedness of 4 to 6 months' [1919 average=100] • maturity. B co a u n n k t s r i a n t c e e o th f e th b e e gi N n e n w in g Y o o f r k 1 9 F 2 e 2 d e an ra d l t R he e s r e e r l v a e - d b P t u a i r s o s o i t n d c r i u e i i c n s n - - i e F m m ac p e t l n o o t r y y - D s m s e a t p o l e e a n re s r t ' t- W tr s h a a o l d e l e e- p W r s i h c a o e le l s e - > tion of this rate to the commercial paper rate and the yield on Treasury certificates. 1924—January 120 98 124 80 151 During April and May there was a consider- F M e a b r r c u h ary 1 11 2 6 0 9 9 9 9 1 1 1 2 5 7 7 7 8 9 1 1 5 5 2 0 able reduction in the volume of Federal reserve April 114 97 125 77 148 bank credit in use. Total earn- i Corrected for seasonal variations. Federal re- f h Federal re- > Bureau of Labor Statistics index: 1913=100. serve bank mg& agsetg o t e credit. serve banks at the middle of May A summary of recent changes in the business were about $200,000,000 less situation and a more detailed statement of than on April 2 and below the low point of 1922. developments in different lines of industry are The decline in earning assets of the reserve presented elsewhere in this BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

458 FEDERAL RESERVE BULLETIN JUNE, 1924 The existing shortage of funds abroad and reserve svstem be necessary. There should be the unusually high level of interest rates in no difficultv in olacins this loan, (provided it . , continental Europe has led is properly secured and provided the investing F rowing in New recently to the notation of public feels confident that the debtor, having York market. loans by a number of European accepted the burden in good faith, will be free countries in the United States. The fact that to go about his work without hindrance as credits established in the United States are gold long as he makes the utmost effort of which credits and that investment funds are available he is capable. in larger volume here than abroad has resulted "While, therefore, the council has no sugin foreign governments coming to this market gestion to offer to the Federal Reserve Board not only for long-term capital borrowing but concerning this phase of the problem, there are also to obtain credits to be used in the support important services the Federal reserve system of their currencies and exchanges. Flotation could render with regard to the operations of of foreign loans in the New York market since the new note-issuing bank which Germany is the opening of 1924 has been in greater volume to organize under the provisions of the Dawes than during the corresponding period of the plan. previous year and, in contrast to 1923, on a "The council urges the Federal Reserve larger scale than in the London market. In Board to examine very closely into the powers addition to loans to European borrowers, which vested in this respect in the Federal reserve during this year have constituted a larger banks and to study the question how far it proportion of the total foreign flotations than may be desirable to amend existing rulings in 1923, there has been a larger volume of and regulations in order to approach the probfinancing for Canadian enterprises and loans to lem of Europe's financial and economic reconthe Governments of Argentina and Japan. struction in the most helpful spirit, in the The recently established German rediscount same manner as is being done by the Bank bank, known as the Schacht Bank, which was of England and other central note-issuing organized for the purpose of facilitating the banks. * * * financing of foreign trade and to serve as an " The council has been pleased to learn that interim arrangement pending the creation of it has been ruled that Federal reserve banks the new note-issue bank proposed under the may consider as eligible for their open-market Dawes plan, has been granted short-term cred- purchases certain German dollar trade bills, its by New York bankers, and it is expected payable in the United States, if indorsed by the that there will be further demands for credit recently established German Gold Rediscount from this source. Bank, the so-called Schacht Bank, and by ap- The Federal Advisory Council in its recom- proved American indorsers. mendation of May 13, in commenting upon the " The council sees in this decision a move in Advisory coun- rePort of the committee of ex- the right direction, helpful to all parties concil recomriienda- perts to the reparation com- cerned, inasmuch as it transfers credit power tions- mission, and upon the relation from where it is idle and redundant to where of the Federal reserve system to the financial an acute shortage of credit cripples the purproposals, says in part: chasing ability of a country which normally "It is obvious that the Federal reserve ranks second in line as a buyer of our goods. system, as such, can not by any action of its " The council recommends that when the own cooperate in the flotation and distribu- new German note-issuing bank, provided in tion of the new German loan, the absorption of the Dawes plan, is organized, the Federal rewhich on a liberal scale by the United States is serve banks take the steps necessary in order one of the prerequisites of the Dawes plan. to facilitate the rediscounting in this country Nor should any such direct aid by the Federal of properly protected German gold bills, be it Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JBNB, 1»24 PBDEEAX. RESERVE 459 through the intermediary of American banking Federal reserve banks if they are negotiable institutions or through so-called agency agree- bills of exchange arising out of commercial ments, or such other arrangements as have transactions. When the bills are off ered to the been concluded by Federal reserve banks with Federal reserve banks for purchase they must, central banks of other countries." of course, comply with the applicable pro- The full text of the board's ruling on April 7 visions of the Federal Reserve Board's Regon the eligibility of certain German trade bills ulation B. In making this ruling the board for purchase by the Federal re- has assumed that provision will be made for . Poard's rul- 'serve banks, referred to by the the payment of these trade bills in the United ing on German ' . •_•' States at maturity." trade bills. advisory council, is as follows: " The Federal Reserve Board This ruling of the board establishes, under has recently been called upon to rule on the the conditions prescribed, the eligibility of eligibility for purchase by Federal reserve banks „ . „ these German trade bills for Demand for of German trade bills, payable in dollars and dollar credits, purchase as a part ol the in the United States, indorsed by the German open-market operations of the Gold Rediscount Bank, and also by an Federal reserve banks. The volume of these American banking institution. These bills bills created will depend upon the extent of would arise out of a credit which certain Germany's trade recovery and the consequent American banks and bankers propose to ar- demand for foreign credits; the amount placed range in favor of the German Gold Rediscount in this country will depend largely upon the Bank. willingness of the American bankers and "It is provided in section 14 of the Federal financial public to enter into the necessary reserve act that Federal reserve banks may credit arrangements. Under the existing dispurchase bills of exchange of the kinds and organized conditions of currencies and exmaturities made eligible for rediscount under changes the demand for dollar credits in order the terms of the Federal reserve act. The reg- to maintain definite relations of exchanges to ulations of the board prescribe that a bill of gold has recently resulted in the establishment exchange or trade acceptance eligible for redis- of credits in the New York market for that count shall be payable in the United States in purpose by several European countries. These dollars, but there is no requirement that the dollar (i. e., gold) credits not only afford bill shall be drawn in the United States. A facilities for the financing of our foreign trade, bill of exchange or trade acceptance drawn in but also assist those countries whose economic a foreign country is technically eligible for and financial position has enabled them to discount or purchase at a Federal reserve bank make progress in the restoration of sound upon the same terms and conditions as a bill of monetary conditions to reestablish the conexchange or trade acceptance which is drawn nection between their currencies and gold. in the United States. Accordingly, if the German trade bills, which are to be drawn under NOTES the proposed credit to the German Gold Rediscount Bank as above described, are Recommendation of the Federal Advisory Council. negotiable in- form, arise out of commercial At the meeting of the advisory council of transactions, and have maturities not exceed- the Federal Reserve Board held in Washington ing the maturities prescribed by the Federal re- on May 12 and 13, in addition to the customary serve act for paper eligible for rediscount, there discussion of discount rates and economic is no legal objection to their purchase by Fed- conditions, the council, at the request of the eral reserve banks. The Federal Reserve Board board, gave consideration to the Dawes report. has, therefore, ruled that German trade bills of In view of the general interest in the matter the kind described above may be purchased by it was decided to permit the publication of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

460 FEDERAL RESERVE BTJIXJETIN JUNE, 1924 council's statement to the board bearing on other countries to avail themselves of our dollar facilthis subject, as follows: ities. It is obvious that our credit power can not continue to grow indefinitely without the danger of over- At the request of the Federal Reserve Board the saturation. If the stream of gold that floods our shore advisory council has given careful consideration to the is not stemmed in time it is to be feared that ultimately Report of the First Committee of Experts, the so- we will not be able to ward off its inflationary effects. called Dawes report. And inflation would only aggravate the economic mal- The council wishes to record its admiration for the adjustment already existing within our own boundexcellent work done by the committee and to express aries—a maladjustment which not only disturbs and the hope that with the least possible delay the com- endangers our trade with other countries but which mittee's recommendations '•will be carried into actual makes our agricultural situation particularly difficult effect. and distressing. The council furthermore indorses the wish recently But, irrespective of the danger of inflation, against expressed by President Coolidge that American which there still are at our disposal powerful cushions private capital and initiative give this plan its hearty that could be applied in order to counteract or soften support as a demonstration of the Nation's desire to its effect, the problem ought to be weighed from do its full share in the economic rehabilitation of the another and even more important angle. Old World. It is the question of whether, the world is more likely The council has given particular thought to the to regain the blessings of economic stability under the question of how far the Federal reserve system may sway of several fluctuating standards of exchange or by aid the country in accomplishing these aims. a general return, as speedy as circumstances may per- It is obvious that the Federal reserve system, as such, mit, to definite relations of exchanges to gold as the can not by any action of its own cooperate in the flota- ultimate measure and regulator. tion and distribution of the new German loan, the ab- The Dawes report leads the world to the cross-roads sorption of which on a liberal scale by the United States in this regard. It provides for a German note-issuing is one of the prerequisites of the Dawes plan. Nor shouldbank on a gold basis, but leaves the door open to place any such direct aid by the Federal reserve system be it on a sterling basis, and it can not be denied that there necessary. There should be no difficulty in placing is no small probability of the latter basis being chosen. this loan, provided it is properly secured and provided In the opinion of the council the sooner Germany can the investing public feels confident that the debtor, be placed on a gold or gold-exchange basis the sooner having accepted the burden in good faith, will be free can England, and other countries also, return to an to go about his work without hindrance as long as he unrestricted gold standard, while if Germany were makes the utmost effort of which he is capable. placed on a sterling basis, England—in returning to an unrestricted gold basis—would have to pull not only While, therefore, the council has no suggestion to her own weight, but that of Germany also. It is offer to the Federal Reserve Board concerning this obvious, therefore, that, if the new German bank is phase of the problem, there are important services the placed on the sterling exchange basis, the world must Federal reserve system could render with regard to the prepare itself to remain on a basis of exchange inoperations of the new note-issuing bank which Germany stability for a prolonged period, the end of which can is to organize under the provisions of the Dawes plan. not be foreseen, while the adoption of the gold (that The council urges the Federal Reserve Board to exis, the dollar) basis would accelerate the return to amine very closely into the powers vested in this reworld-wide stability. spect in the Federal reserve banks and to study the question how far it may be desirable to amend existing It is this momentous alternative that is involved in rulings and regulations in order to approach the prob- the organization of the new German note-issuing bank, lem of Europe's financial and economic reconstruction and the council deems it its duty to point to its importance with all the emphasis of which it is capable. It in the most helpful spirit, in the same manner as is is not as an American problem that we are discussing being done by the Bank of England and other central this phase, but as one that touches the future of all the note-issuing banks. world. Unless America finds ways and means to permit her excessive banking strength to benefit other countries, The council has been pleased to learn that it has particularly those striving to bring their^house in order, been ruled that Federal reserve banks may consider the dollar can not maintain its position as a world as eligible for their open-market purchases certain standard of exchange, and foreign countries—and even German dollar trade bills, payable in the United States, if indorsed by the recently established German Gold American banking and commerce—will, once more, in Rediscount Bank, the so-called Schacht Bank, and by a larger degree become dependent upon and tributary approved American indorsers. The council sees in to the pound sterling, to the greater exclusion of the this decision a move in the right direction, helpful to dollar. It is idle, however, to preach the use of the all parties concerned, inasmuch as it transfers credit dollar unless at the same time we render it possible for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BUIiETIN 461 power from where it is idle and redundant to where an A. Morss, of Boston, has been designated by acute shortage of credit cripples the purchasing ability the Boston Federal Reserve Bank to succeed of a country which normally ranks second in line as a Mr. Aiken, and has been elected a member buyer of our goods. The council recommends that, when the new Ger-and vice chairman of the executive committee. man note-issuing bank provided in the Dawes plan is Mr. E. F. Swinney, of Kansas City, has been organized, the Federal reserve banks take the steps elected vice president of the council. necessary in order to facilitate the rediscounting in Personnel of the Federal Reserve Board. this country, of properly protected German gold bills, be it through the intermediary of American banking in- Gov. D. R. Crissinger, whose term of office stitutions or through so-called agency agreements, or as governor of the Federal 'Reserve Board such other arrangements as have been concluded by expired April 30, has been redesignated as Federal reserve banks with central banks of other countries. governor by the President. Mr. Adolph C. Miller, of California, whose present term of Measures of this character do not only tend to bring our gold hoard into active and healthy use, but, by office as member of the Board will expire enabling and encouraging other countries to trade in August 9 of this year, has been renominated terms of dollars, we stimulate our own foreign comby the President to serve until August 9, 1934, merce. We facilitate, furthermore, the direct sale in and the nomination has been approved by the dollars of our own products, instead of making foreign countries and ourselves dependent in this respect upon Senate. Great Britain's acting as broker and banker, as naturally Conference of governors. she would, where the pound sterling would govern as an exclusive basis of commerce and trade. The annual spring meeting of the governors If there is any reason to assume that sucess of the of the Federal reserve banks was held in Wash- Dawes plan may prove the turning point in Europe's ington on March 5-8. At this meeting the long road of suffering and decline, it is a unique opgeneral banking and credit situation in the portunity and duty for the United States to lend a helpseveral districts was discussed by the goverful hand to the utmost of its ability. In the opinion of the council there does not seem to nors and a joint conference was held with the be any room for doubt with regard to the policy which Federal Reserve Board. in these circumstances the Federal reserve system Death of Minneapolis Federal reserve agent. should pursue. John H. Rich, Federal reserve agent of the Personnel of the Federal Advisory Council. Minneapolis bank since 1914, died on May 21. Mr. Alfred L. Aiken has resigned as a member and vice president of the council. Mr. Chas. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

462 FEDERAL RESERVE BULLETIN JTJNE, 1924 BUSINESS CONDITIONS IN THE UNITED STATES Factory employment and production of basic commodities declined in April and there was a further recession in wholesale prices. Retail trade was larger than hi March, chiefly because of Easter buying, and was at about the level of earlier months of the year. There was a decrease in the volume of borrowing for commercial purposes and further easing of money rates. Production?.—The Federal Reserve Board's index of production in basic industries, adjusted to allow for seasonal variations, declined 2 per cent in April. Declines were particularly large in the iron and steel, coal, and woolen industries. Mill consumption of cotton, on the other hand, showed less than the usual seasonal reduction between March and April. Factory employment declined 2 per cent in April, owing chiefly to large reduction of forces at textile and clothing establishments. Contract awards for new buildings reached a higher value than in March and were also larger than a year ago; value of building permits granted, however, declined and was smaller than in the corresponding month of 1923. Department of Agriculture estimates on May 1 of the yield of winter wheat and rye are somewhat above the forecasts made in April. The acreage of winter wheat is estimated at 7 per cent less than last year. Trade.—Railroad shipments, which since the middle of March have been smaller than last year, were 3 per cent less in April than a year ago. Shipments of coal were much below last year, while loadings of merchandise and miscellaneous freight were higher. Wholesale trade in April was in slightly smaller volume than during the preceding month or than in April, 1923. Sales of dry goods and hardware were smaller than a year ago, while sales of drugs and shoes showed some increase. Department-store sales were considerably larger in April than in March, partly owing to the unusually late Easter; total sales for the two months were 2 per cent greater than in the corresponding period of 1923. Merchandise stocks at department stores showed less than the usual seasonal increase in April, but were at a higher level than a year ago. PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES PER CENT PER CENT PER CENT PER. CENT 150 300 300 roo / 100 200 200 \ V 50 50 100 100 0 0 n 0 1919 1920 1921 1922 1923 1924 1919 1920 1921 1922 1923 1924 Index of 22 basic commodities corrected for seasonal variations. (1919= Index of TJ. S. Bureau of Labor Statistics. (1913=100, base adopted 100.) Latest figure, April, 114 by bureau.) Latest figure, April, 148 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 463 RESERVE BANK CREDIT FACTORY EMPLOYMENT MILLIONS OF DOLLARS MILLIONS OF DOLLARS PEH CENT «X)OJ 1!)0 ISO /«/ 100 wst \ 2000 Total Earning As efs 50 50 Acceptances & ..',^, U.S.Sec. Discounts 0 1913 1920 1921 razz 1923 1924 1919 1920 1921 1922 1923 "Weekly figures for 12 Federal reserve banks. Latest figure, May 21 Index for 33 manufacturing industries. (1919=100) Latest figure, April, 97 Prices.—Wholesale prices, according to the Bureau of Labor Statistics index, declined 1 per cent during April and reached the lowest point since May, 1922. Farm products, however, advanced 2 per cent in April. Metals and foods showed substantial reductions; prices of clothing, fuel, and chemicals also declined; while prices of building materials and house furnishings remained unchanged. During the first half of May quotations oh cotton, wheat, flour, and hogs increased, while prices of sugar, silk, wool, and metals declined. Bank credit.—During the five-week period ending May 14 the volume of borrowing for commercial purposes at member banks in leading cities declined somewhat from the high level reached early in April. There were increases, however, in loans on stocks and bonds and in investments in securities; so that the total of all loans and investments at the middle of May was higher than a month previous, and in larger volume than at any time in more than three years. Volume of borrowing by member banks at Federal reserve banks declined further during the last week of April and in May, while holdings of securities bought in the open market increased slightly. Total earning assets declined to $795,000,000 on May 21, the lowest figure since the autumn of 1917. Further easing of money conditions during the last week of April and the first three weeks of May was reflected in a continued rise of the prices of Government securities, in a reduction from 4£ to i\ per cent in the rate for prime commercial paper and a decline in the rate for bankers' acceptances from 4 to 3 per cent. On May 1 the discount rate of the Federal Reserve Bank of New York was reduced from 4J to 4 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

464 FEDERAL EESEEVE BULLETIN JONE, 1924 AGRICULTURE apolis, Chicago, and San Francisco districts the weather was too dry and the crops were Seasonal increase in activity, accompanied adversely affected. Corn planting was proby a larger demand for credit, a further slackgressing rapidly in the Corn Belt, but in Iowa ening in marketing, and an increase in crop and dry weather and cool soil were detrimental to livestock prices were the principal developdlanting and germination. ments in the agricultural situation during April The volume of grain marketed in April was and May. Despite early reports of unseasonsmaller than in March, which was due to able weather in some sections spring plowing seasonal factors; and it was 25 per cent smaller and plantings were further advanced by May 1 than in April a year ago. Wheat and rye than by the same period a year ago and comreceipts were decidedly smaller than a year pared favorably with the average conditions ago, but the demand for corn was well suson May 1 for the past 10 years. As the tained and receipts were heavier than in any season has advanced, demand for credit to April since 1919. The export demand for finance operations has been noted in some wheat increased in April for the first time since sections, but the local banks have been November, but the volume of shipments was able to supply the credit without having to 25 per cent smaller than a year ago. apply to any appreciable extent to outside agencies. Marketing of the old crop showed Cotton. a further seasonal slackening in April and Weather conditions during April and May was in smaller volume than last year. Comcontinued unsatisfactory in many sections for pared with the preceding month and the the growing cotton crop. Planting has been same month a year ago, the most prodelayed by low temperatures and excessive rains nounced decline was in the distribution of and much replanting has been necessary, but grain. Contrary to the downward movement fertilizers are being used in greater quantities of general commodity prices in April, farm than in the previous season and considerable new prices of agricultural products and livestock areas in the States bordering on the Cotton Belt increased. have been brought under cultivation. Boll weevils are appearing in the southernmost areas of Grain the belt, but the extent of the early damage is With the approach of the rye and winternot yet known. The demand for the old crop wheat harvesting season, more definite inwas fairly well sustained in April. Consumption formation as to the acreage, probable yield, was only slightly smaller than in March, and and the result of the efforts of the producers with the exception of 1923 and 1920, the volto curtail acreage and production became ume was largest for any April since 1918. In available. Estimates by the Department of the first three weeks of May exports increased Agriculture indicate that the condition of winter and exceeded the volume in either the correswheat on May 1 was 85, compared with 83 on ponding period of the previous month or of April 1, and the condition of rye was 88, com- May, 1923. Continued export demand and the pared with 84 on April 1. The winter-wheat fairly well sustained domestic consumption acreage is 36,898,000 acres, a decrease of about have considerably reduced the available supply 8 per cent from the acreage planted, and is the of raw cotton. Stocks at mills and waresmallest since 1913 with the exception of 1917, houses have declined constantly since the end when the abandonment of planted acreage was of the harvesting season and are considerably exceptionally large. On the basis of the May lower now than a year ago, as is shown in the condition the final yield of winter wheat is table: estimated at 553,000,000 bushels, the smallest since 1917 and 19,000,000 bushels less than in 1923. In the principal growing States, Kansas, STOCKS OF COTTON AT MILLS AND WAKEHOUSES Nebraska, and Oklahoma, the prospect is [Bales; 000 omitted] excellent, but in the States east of the Mississippi River the indicated yield is smaller than Stocks at ware- Stocks at mills houses in 1923. Wheat prices advanced steadily during April and May, although the levels 1924 1923 1924 1923 reached earlier in the year were not recovered. Seeding of spring wheat, oats, and barley was January 1,633 1,988 2,966 3,486 practically completed in all districts by the February 1,578 2,021 2,485 2,803 March 1,498 2,034 1,984 2,38® middle of May, but in sections of the Minne- April ?. 1,328 1,878 1,512 1,966 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 465 Following a recession which occurred early tured tobacco products was smaller than in in 1924, when the domestic demand for raw April a year ago, but the production of cigarcotton became less active on account of a ettes was slightly larger. In the Philadelphia general slackening in the textile industry, district the demand for cigars continued fairly prices became firmer in May under the effect good during April and May and prices remained of unfavorable reports on the new crop and the generally firm, although some reductions were resumption of domestic and export demand. noted. Stocks of both finished products and On March 25 the price of spot cotton was 27 raw materials were moderate. cents, a month later it had advanced to 29 cents, and. by the middle of May it reached 32 Fruit. cents. There is, however, a considerable dif- During the last two weeks in April the fruit ference between the price for near month crops in the Northwestern States suffered confutures and those of the new crop months. siderable damage from severe freezes, and in a And so long as the new crop months are at a few of the heavy producing centers in that area great discount mills are reluctant about ac- the entire crop was lost. In other sections cumulating excessive supplies and are buying of the country weather conditions were satisonly to supply their immediate needs. factory and the prospect for good fruit crops continued excellent. Marketing of the early Tobacco. fruit crops began in April and shipments of In practically all districts the tobacco mar- strawberries were particularly heavy, although keting season closed in April. Final estimates they were smaller than in April, 1923. Eevised of the 1923 yield in Virginia indicate that the estimates of the California orange crop indicate crop amounted to 151,908,000 pounds, as that production will be about 24,500,000 compared with 156,750,000 pounds in 1922. boxes, as compared with 22,800,000 boxes last Prices averaged lower for all classes than in year. Harvesting and shipping of navel the preceding season, which may be attributed oranges are practically completed and the harin part to the lower quality of the 1923 crop. vesting of the Valencias has begun. The lemon The greatest decline was in the average price crop is also larger than in the previous season. of bright tobacco, which will be noted in the The marketing season for citrus fruits in table. Florida was practically completed in May and the commercial production is expected to exceed the early estimate of 20,000,000 boxes. AVERAGE PRICES FOB TOBACCO SOLD IN VIRGINIA Shipments of oranges and grapefruit during [Per 100 pounds] April continued to exceed those of the corresponding month a year earlier and for the season Class 1923 1922 total shipments were 20 per cent larger. Condition reports on May 1 indicate some Burley $23.12 $26. 59 deterioration in both orange and grapefruit Bright . 20.57 29.36 Dark 18.09 19.77 groves during April, but the trees have blos- 13.22 14.27 somed freely and the prospects for next season are good. The average prices relate only to the tobacco sold by producers at warehouses and do not Livestock. cover tobacco handled by the Cooperative With the exception of several range counties Marketing Association. On May 20 the Bur- in California, where the foot-and-mouth disease ley Tobacco Growers' Cooperative Association caused heavy cattle losses in April and May, in Kentucky made a third payment on the 1922 livestock continued in good condition, and on crop, which brought the total paid for that May 1 they showed decided improvement over crop to $43,000,000, and represented the final a year earlier. Early in May, however, the settlement on a number of grades. Prepara- effects of a scarcity of rainfall in the Minneapotions in all districts for the new crop progressed lis and sections of the San Francisco district as rapidly as the weather would, permit, in were noted and there was considerable deteriora- April and May, but the plant beds were retarded tion in the ranges, which was reflected in the by the cold weather and the plants are small. condition of cattle and sheep. In the Kansas Notwithstanding a seasonal decline in the City and Dallas districts the condition of the production of all tobacco products except ranges and stock is satisfactory. Prospects cigarettes in April, activity was well main- for the calf and lamb crop are generally good tained. The output of cigars and manufac- and the demand for spring lambs is excellent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

466 FEDERAL RESERVE BULLETIN JUNE, 1924 and at satisfactory prices. Shearing was volume than in April a year ago. ' In the dairy delayed in sections of Montana and Wyoming industry a normal seasonal expansion begins in by storms and considerable losses have been March and April and continues until June, when reported. the high point of the year is reached, but it is Marketing was well sustained in April, significant that the production and marketing although the total volume was slightly smaller were heavier in April than for any other April on than in March. Spring shipments of stocker record. Production during the spring and and feeder cattle from the grass ranges of the summer months is always in excess of the Dallas district and southern sections of the current demand and the surplus is placed Kansas City district began to increase in in cold storage. The volume of butter in April and were 30 per cent heavier than a year storage began to increase in April, and on ago. Shipments of sheep and lambs from May 1 it was 176 per cent larger than a year Utah were particularly large, but the move- earlier and was heavier than for any correment from other States has been delayed. sponding period since 1919. In addition to Shipments from Tennessee, Kentucky, and the increase in the domestic production imports Virginia are expected to begin late in May or of butter since the beginning of the year have early in June and the movement from Cali- been greater than in 1923. Prices of butter fornia has been restricted on account of the became firmer after the middle of April, embargo due to the foot-and-mouth disease. and on May 16 quotations for 92 score creamery Hog receipts continued to decline and were butter advanced to 38.5 cents, as compared with 36.5 cents a month earlier. Receipts of RECEIPTS W MILLIONS OF HOGS PRICE IN DOLLARS PER 100 BS. milk in the New York market, the greatest HOGS consuming center in the country, increased i. X 12 in April and were 5 per cent larger than in PRICE \ April a year ago. 5 1 j /•—- A J/ 10 \ J y \n 8 MINING r—"fm Coal and coke. 3 RECEIPTs 6 Prices and production of bituminous coal Z * since March have been close to the lowest levels reached in recent years. Total output in 1 2 April was the smallest for any month since 1917, except April, 1921, a month of extreme 0 1921 1922 1923 1924 industrial depression, and the strike period of Comparison of trend of hog prices with hog receipts during the past 1922. A slight increase in weekly output three years was noted in May, but mining operations conapproximately the same as in April, 1923. tinue to be unusually slack. Loss of produc- Marketing in April is seasonally smaller than tion attributed to "no market" ranges in most in March, as the heavy winter runs reach a of the fields around 55 per cent of capacity. peak early in the year, but it is significant Although output is considered to be less than that the volume was no larger than a year consumption, prices continue at the lowest ago, suggesting a tendency among producers point since about 1916. The Coal Age comto curtail the supply of hogs. Since 1922 the posite index fell to $2.02 in the week of May number of hogs available for marketing has 26, as compared with $2.04, the low point, been increasing and the price of corn has been reached in the latter part of April. Contract advancing in response to the strong demand, prices are higher than spot prices, and railbut hog prices have been declining. These roads and public utilities are depleting stocks factors nave made hog production less attrac- or buying for current needs rather than maktive, and the slackening in the rate of market- ing contracts. ing which has been evident since January is Anthracite markets have improved somereflecting the smaller available supplies. The what. Consumers are having their bins filled, accompanying chart shows the volume of hogs and dealers have consequently had a good demarketed and the price since 1921. mand for domestic sizes. Prices have strengthened since the first of May. Production was Dairy products. curtailed during April and totaled less than in any month, excepting those affected by strikes, Production and distribution of butter and since April, 1920. In May, however, subcheese increased in April and were in larger Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1924 FEDERAL RESERVE BULLETIN 467 stantial increases have been noted and weekly May, although the volume of buying conoutput advanced almost to the level of last tinued large. Quotations for refined electroyear. lytic copper delivered at New York declined Reflecting the slackened activity in iron and from 13 J cents on April 16 to 13 cents on steel, coke production was materially curtailed May 14. Mine output of copper in April in April and totaled less than in any month amounted to 131,600,000 pounds, which was since December. Weekly estimated output of greater than in March, despite the fact that beehive coke was further reduced in May, and several of the larger mines have been curtailing several furnaces have been blown out. Prices operations. Shipments from refineries exare weak, and quotations on furnace coke at ceeded production for the third successive Connellsville were reduced about May 1 from month and refined stocks have now been re- $3.60 to $3.25. Some operators have lowered duced to about 221,000,000 pounds, which is wages. only equivalent to one month's consumption. Foreign demand for copper, however, has con- Petroleum* tinued to be restricted and there was also some Daily average production of crude petroleum curtailment of domestic buying in the middle in April exceeded the daily output in March, of May. but on account of the snorter month total Production and shipments of zinc ore and production was slightly smaller. Since the lead ore from the Joplin section declined during beginning of the year production has exceeded April and prices were somewhat lower. The the volume in the corresponding months in 1923, but the rate of increase over a year ago THOUSANDS OF TONS THOUSANDS OF TONS declined in March and April. Early in. the 100 100 spring of 1923 the heavy producing fields of A ZINC California came into operation and the monthly output increased rapidly. But production at 80 those pools is falling off and no new and exten- V. sive fields have been opened for 1924! In view ^Stocks of the outlook for smaller production, prices 60 60 \ for crude oil moved slightly upward during the I month, reaching an average of $2.45 per barrel, according to the Oil, Paint, and Drug Reporter. V Shipmen Stronger prices in March and April stimulated production and daily average output increased % \ *9 somewhat in the first weeks of May, which, 20 vQp—'Preduction together with a delayed demand for refined products, caused prices to weaken again in some mid-continent fields. 1920 1921 1922 1923 192* Activity in the refined products industry was Production, shipments, and stocks of zinc compared. Figures comadversely affected by cold weather, which de- piled by American Zinc Institute. In April production and snipments were about equal in volume, while stocks were equal to about layed the motoring season. Domestic demand three weeks' consumption. has fallen below expectations, exports have accompanying chart shows the production been smaller than anticipated, and as a conseshipments, and stocks of slab zinc in the quence, refiners' stocks of gasoline, are heavy United States, by months, for the last four in all parts of the country. In sections of the years. It may be noted that production ex- West tank-wagon quotations were lowered durceeded shipments from the middle of 1920 ing the month, but price cutting was not noted until the middle of 1921 and that shipments in the Eastern States. The demand for kerowere larger than production from the middle sene has weakened recently, as export buying of 1921 to the beginning of 1923. Since the has been light and domestic buyers are hesitatbeginning of 1923, however, there has been a ing about filling their requirements. Prices have somewhat closer adjustment between productrended lower. tion and consumption, and they were about Metals. equal in volume during April. Although Prices of nonferrous metals, with the excep- stocks are considerably larger than a year ago tion of silver, showed some further softening they are still equal only to about three weeks' in the last part of April and first two weeks of consumption. 102881—24t 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

468 FEDERAL EESEB.VE BULLETIN JUNE, 1924 Silver production amounted to 4,588,000 as great as a year ago. The export demand ounces in April, which was 20 per cent less was less active and the volume of meat and lard than in March. Quotations advanced both exported during the month was below that of at London and New York during the first two the preceding month, but the decline may be weeks of May, due to the smaller production attributed in part to larger supplies in the and increased European demand. foreign markets. Textiles. MANUFACTURING Food products. Slackened activity characterized textile indus- Activity in the food product industries was tries during April and May. Demand was light affected by seasonal factors in April, and the and only for current requirements, reports of production of flour, sugar, and meat was in further curtailment in production were comsmaller volume than in March. The output mon, employment decreased, wage rates were of wheat flour, which usually declines just reduced in a few instances, and prices moved prior to the grain harvesting season, was in generally downward. smaller volume than in any month since June, Cotton goods markets continue dull, despite 1923. Compared with April, 1923, production the fact that the dealers have refrained from was 6 per cent greater, but the increases were active buying for several months and despite not general in all reserve districts. In the the strengthening of the raw-cotton market. Minneapolis district production was smaller Slight increases in buying of certain constructhan in April a year ago, but in the Chicago, tions were noted at times, and quotations were St. Louis, and Kansas City districts it ex- raised on those goods, but the general trend of ceeded that of 1923. Domestic demand was prices, as indicated by the Fairchild composite less active than in March; consumers are cotton goods index, was downward until the reported to be only supplying their immediate week ending May 24. The following table requirements and are carrying relatively small compares this index with average raw-cotton stocks. Exports declined further and were in prices. Attention is called to the fact that smaller volume than in any April since 1917. while cotton prices are higher than a year ago, Since July, 1923, exports in each month have the price of cotton goods has declined. been heavier than in the corresponding month in the previous year, but in March the total fell below that of a year earlier and this movement Cotton Average goods price of continued in April, when exports were 11 per index cotton cent smaller than in 1923. Sugar refining declined further in April and May 24,1924.. 15.673 32.23 May 17,1924.. 15.661 31.59 the volume was smaller than in the same Mar. 29,1924., 15.882 27.27 month a year ago, and stocks at the end of Deo. 29,1923.. 18.125 1 36. 75 Aug. 4, 1923... 215. 612 2 23.20 the month, although heavier than at the end of May 26, 1923.. 17.020 28.35 Apr. 7,1923... ' 18.196 29.49 March, were smaller than a year earlier. During the month the estimates of the world's raw- i Maximum, 1923-24. 2 Minimum, 1923-24. sugar production were revised upward and the 1923-24 crop will be the heaviest on record. Mill consumption of raw cotton was greater Prices of both raw and refined sugars made in April than was expected in view of curtailfurther declines in April and the first half of ment reports, and the decrease from March was May, and under the influence of declining prices much less than ordinarily occurs. In a number buyers have been slow in placing orders. of States, particularly in New England, there As the result of a seasonal decline in the were increases in consumption. The greatest marketing of hogs, the total production of meat decline was in South Carolina. The number of products decreased in April and was in smaller active spindles and spindle hours decreased in volume than in any month since September, most States and, excepting the early months of 1923, and fell below the volume in April a the 1922 strike, were the smallest since early year ago. Slaughter of cattle and calves was 1921. Cotton finishers reported declines in larger than in March, and was greater also shipments and production during April and an than in April, 1923. The domestic demand, insignificant increase in orders received. Imas reflected in sales by 40 meat-packing firms ports of cotton goods, which are reputed to reporting to the Chicago Federal Reserve Bank, have aided in depressing the market, were was slightly greater than in March, but not slightly less in April than in previous months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNB, 1924 FEDERAL RESERVE BULLETIN 469 The following table, classifying exports of cot- ing of the new clip in the West has gone forward ton cloth from the United Kingdom to this at lower prices than were obtained last year, the country, show that although the total has large Jericho clip selling for 42 cents a pound, changed little in the past year, yet shipments as compared with 51 cents in 1923. of gray goods have increased considerably. The total for April, 1924, was the smallest since last [In thousands of pounds] September. Consumption Imports Reexports (grease EXPORTS OP COTTON GOODS FBOM THE UNITED KING- equivalent) DOM TO THE UNITED STATES [In thousands of square yards] 1924 1923 1924 1923 1924 1923 AprU, March April, April 30,786 56, 313 568 97 53,845 63,348 1924 1924 1923 1922 February ... . 39,487 57, 111 699 99 50,633 57, 916 March 41,058 63,706 3,357 118 47,630 62,859 April 29, 457 77,047 5,321 474 44,361 56,411 Total cotton goods 12,265 15,386 15,467 7,337 Gray piece goods 9,998 12,472 8,263 2,174 Total -. 140, 788254,177 9,945 788 196,469 240, 534 Bleached piece goods 563 733 1,209 784 Printed piece goods 446 375 587 389 G Co o l o o d r s e d d y c e o d t to in n s p i ( e d c y e e . d _ - i _ n yarn) 8 3 7 8 8 0 1,1 6 6 4 1 5 4 1 , , 1 2 4 6 8 0 2 1 , ,3 6 2 6 1 9 Manufacturing activity in woolen and worsted mills decreased somewhat during April, as indicated by statistics of raw wool consump- Light buying of raw wool by manufacturers tion, active machines, active machinery hours, has resulted in recessions in prices in domestic and employment. The decline in the number markets and even in the most recent auction on pay rolls between March 15 and April 15 sales in London, which have heretofore been was over 5 per cent, which was about as large active, business was irregular, and some price as the decrease which had been gradually declines were noted. Yet foreign markets are taking place during the preceding 11 months. still stronger than those in this country, as indi- Employment in the men's clothing industry cated by the relatively small imports and large also fell off sharply and is at the lowest point reexports of raw wool. The accompanying chart since early 1921. In Illinois this decline has been almost continuous for over two years. MILLIONS OF POUNDS MILLIONS OF POUNDS This slackening in men's clothing production 0 Dealers Stocks • Manufacturers Stocks and the threatened garment workers' strike in RAW WOOL Consumption New York has lessened buying in woolens and — Imports worsteds of both men's wear and dress goods. 300 300 Fall lines of carpets and rugs were opened on May 1 by the largest producer at prices about p 15 per cent below those named in March, but buying was unsatisfactory, and an auction sale 200 was announced for May 12. At this sale prices ^ \ paid were considerably below those named on "P May 1, but the new price list announced on \ May 17 averaged only about 10 per cent lower. 100 '\ Manufacturers have generally curtailed production, and on May 1 wages were reduced about 10 per cent in many mills. Demand for raw silk and silk goods has 1922 1923 192* shown no improvement, operations have been Imports and mill consumption of raw wool, by quarters, and stocks reduced considerably, and prices are weak. at the end of each quarter, as reported by the Department of Quotations on raw silk during May fell to new Commerce low levels since 1921, thrown-silk prices have and table show that, despite the substantial also been reduced somewhat, and declines in declines in both dealers' and manufacturers' silk goods have been as great as 1\ to 10 per stocks to the lowest level recorded in the past cent. Although imports of raw silk increased two years, imports during the first four months and mill takings decreased in April, stocks in of this year have been much less and reexports warehouses were further reduced. Curtailmuch greater than during the same period last ment of operations, noted for some time in the year. Consumption has also been less. Buy- New Jersey centers, continued, and employ- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

470 FEDERAL RESERVE BULLETIN JUNE, 1924 ment statistics from many States indicate that curtailment in automobile output. Sheet sales the number of employees on pay rolls are and structural steel awards in April were the less than at any time since the middle of 1922. smallest since November. Underwear markets have been quiet and the spring season, which is nearing an end, has Automobiles. not been satisfactory. Jobbers seem unwilling Manufacturers of automobiles have curto anticipate requirements. Production and tailed output somewhat, owing to the failure shipments of knit underwear were less during of sales during the spring to come, up to expec- April than during March, although new orders tations. Production was unusually, well mainwere somewhat greater. All of these items tained throughout the winter, and stocks were were smaller than in April, 1923. Although large at the beginning of spring, but sales there has been an increase in the demand for have not been sufficient to take care of capacity women's full fashioned silk hosiery, sales of production and at the same time move these hosiery are light and prices are falling. Pre- stored cars from warehouses. Consequently liminary statistics indicate that total produc- April production and shipments, contrary to tion in the Philadelphia and Atlanta Federal usual seasonal trends, were less than in March. reserve districts were about the same in April Furthermore, output was below that of April, as in March. Shipments were less in both dis- 1923, and this was the first time since 1921 tricts, but new orders were generally greater that the production in any month has been except those for men's seamless hosiery. less than in the corresponding month of the preceding year. Weekly statistics of em- Iron and steel. ployment in Detroit, compiled largely by Sharp reductions in production continued automobile producers, indicate further deduring April and May in the iron and steel clines in manufacturing activity since May 1, industry. Shipments were relatively steadier and since the last of March there has been a and consequently stocks have been reduced. decline of about 9 per cent. Nevertheless Bookings, however, are light and the volume April retail sales were fairly heavy, the largest of unfilled orders continues to decrease. The producer reporting a record figure for the reduction in steel-ingot production from March month and a continuation at this high rate to April was larger than for any month, ex- during the first part of May. Dealers reportcept during the 1919 strike, since monthly ing to the Chicago Federal Reserve Bank statistics have been available, and the num- showed sales of both new and used cars exber of blast furnaces blown out was the ceeding those of March and last April. Fewer greatest for any month since 1921. Neverthe- salable cars were on hand than on March 31, less, output of both steel ingots and pig iron but more than on April 30, 1923. Internal continued at a higher rate than during last revenue tax collections on automobile sales fall. Further curtailment has been reported showed little change in April as compared since May 1, and during the later part of the with March, but a substantial increase above month steel mill activity averaged about 62 last April. per cent of capacity,, as compared with 80 Production and shipments of automobile per cent a month earlier. Several more blast tires and tubes during April totaled less than furnaces have also been blown out. Prices in March. Shipments were not as great as have continued to fall and the Iron Trade output and stocks increased to the highest Review's composite iron -and steel index on point since last summer. Reduction in out- May 21 was $41.22, as compared with $42.01 put and shipments and enlargement of stocks a month before. Furthermore, concessions between March and April, however, appear to from list prices are reported to have been made be largely seasonal, as similar trends have on many transactions. been noted in previous years. Prices of crude Railroad buying of rails and cars has con- rubber have decreased fairly steadily for some tinued fairly good throughout the year. Un- months. filled orders for rails have been estimated at Lumber. about 2,500,000 tons, enough to 'Carry mills Until the end of the year. Freight car orders During April production of lumber was in April were 10,253, making a total of 72955 greater than in March, owing to a large in- ; for four months, compared with 76,599 during crease in output by mills in the California the same period last year. Automobile pro- White and Sugar Pine Association and to ducers have not been active buyers within small increases in the Northern Pine, Western recent months, and there are reports of further Pine, and Southern Pine Associations. Th Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDNB, 1924 FEDERAL RESERVE BULLETIN 471 cut of Douglas fir, California redwood, and districts, except New York, and for all kinds of North Carolina pine was reduced during the leather shoes except boys' and youths' and month. Shipments totaled more than in infants'. Production in every month this year March but were again smaller than the cut. has, been below that for the corresponding Weekly statistics indicate that during the five month last year, and the cumulative totals weeks ending May 17 production continued for the four months show a decline of 15 per to exceed shipments, which were in turn cent. Employment in shoe factories declined greater than orders, and the cumulative totals considerably • from March 15 to April 15. for the first 20 weeks of this year show the Both wholesale and retail shoe sales during same relationship, indicating an increase in April were greater than in either March, 1924, stocks and a decrease in unfilled orders. or April, 1923. This increase may be largely Stocks held at the end of April by mills of the attributed to the lateness of Easter this year, Southern Pine Association were the largest as the wholesalers' total of March and April reported since November. sales was less in 1924 than in 1923. Buying is by no means active, although a large volume of lumber is necessarily going ' BUILDING into building, which continues on a large scale. The presence of sufficient stocks and New construction continued in large volume adequate transportation facilities removes the during April, but .there was some divergence necessity for anticipating needs. Prices of of trends between the various indicators of softwoods have been declining, and during building activity. The value of building ithe week ending May 23 Lumber's softwood permits granted and the square feet of buildindex suffered the greatest decline since last ings for which contracts were awarded were July, falling to the lowest figure recorded smaller than in March, 1924, or April, 1923; since the summer of 1922. Declines were while the number of permits issued and the noted in Douglas fir, yellow pine, North value of contracts awarded were both larger Carolina pine, and white pine. Hardwood than in either of those months. The total prices have been firm, and Lumber's index value of permits at 168 cities in April was rose slightly in May. Both export and domes- $297,000,000, being 31 per cent less than in tic markets on the Pacific coast were less March and 12 per cent smaller than a year ago. active during April than in March. This reduction in value of new projects from March totals was confined to the New York, Leather and shoes. Cleveland, Dallas, and San Francisco districts, and was chiefly caused by the rush to file Hide markets had a pronounced increase in building plans in New York prior to April 1 activity during May, but the demand for in the fear that the tax-exemption privilege leather and shoes continued dull and featurewould not be extended beyond that date. less. Beginning the last week in April packer- The law was reenacted for another year, but hide sales on the Chicago market became much there was naturally a substantial reduction in greater than in previous weeks. This activity requests for permits from the record total of continued during the first three weeks of the March. month and prices recovered from the low points reached in April. March statistics of sales The value of contract awards in 10 Federal and stocks showed declines in most classifica- reserve districts (compiled from data collected tions of hides and skins. by the F. W. Dodge Co.) was $477,000,000 in Buying of leather is still light and production April, which was 11 per cent greater than in has been curtailed. Sole leather output during March and 20 per cent more than in April, April was less than the small volume produced 1923. Awards reached a higher value than in March, and tanners' stocks were further re- in March in all reporting districts except Richduced. Prices in some of the heavy leathers mond. The floor space of the buildings conhave stiffened slightly since the strengthening tracted, on the other hand, was 7 per cent less of the hide market, but in general prices are than in March, due to a reduction in resinot particularly strong. dential, business, institutional, recreational, and Shoe manufacturers report that business public buildings. Volume of new industrial, has been unsatisfactory this spring. April educational, and religious structures increased. production was less than in March, but prob- Production and shipments of most building ably because of the late season this year the materials showed a slight seasonal increase in rate of decline was not so great as in the two April and there was practically no change in preceding years. Declines were noted in all their average price. Stocks of oak flooring. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

472 FEDERAL EESERVE BULLETIN JONE, 1924 maple flooring, paving brick, and various types and fuel, to eliminate unprofitable branch of sanitary ware increased, while there was lines, and to increase the motive power of some reduction in stocks of cement and face locomotives in order to permit the operation brick. of longer trains. TRADE TRANSPORTATION Wholesale trade. Car loadings of freight totaled 3,813,000 Sales of wholesale dealers reached a slightly during April, which was 3 per cent less than a smaller dollar value in April than in the preyear ago. The accompanying chart, which ceding month or the corresponding month a makes allowance for the usual seasonal changes, year ago; the Federal Reserve Board's index indicates, however, that traffic was relatively was 77 in April, as compared with 79 in March and 79 in April, 1923. Wholesale trade has been somewhat hindered this spring by ab- FREIGHT CAR LOADINGS normally rainy weather and low temperatures, which discouraged retail buying in certain lines and by generally cautious buying of retailers as a result of declining prices. Sales w fo dry goods, drugs, groceries, stationery, 100 men's and women's clothing, agricultural imyv v Ipements, electrical supplies, machine tools, 80 and jewelry were smaller in April than in March. Increases were reported in sales of shoes and hardware. Although the value of wholesale trade was almost 2 per cent less than a year ago, it is probable that the volume of merchandise distributed was actually larger, as the level of wholesale prices was 7 per cent lower this year. 1919 1920 1921 1922 1923 1924 Dollar sales of groceries, dry goods, hardware, Trend of total freight car loadings after correction for the usual seasonal variations. (1919=100.) Figures compiled by American Railway agricultural implements, electrical supplies, au- Association. Loadings in April continued to be at a higher rate than tomobile supplies, machine tools, and jewelry in any month prior to 1923 were smaller than in April, 1923; sales of furnilarger in April than in March and continued to ture and stationery were of about the same be on a level much above the average for the size; and sales of clothing, shoes, and drugs past five years. Loadings of general merchan- were larger. dise and of ore were in greater volume than in Merchandise stocks decreased during April March, while loadings of coal, coke, forest in the four districts which collect data on this products, • grain, and livestock were smaller. item and were also smaller than a year ago in In spite of the large volume of traffic the each of those districts except Dallas. Stocks number of idle freight cars increased from of shoes, jewelry, paper, electrical supplies, 248,000 on March 31 to 329,000 on April 30. and furniture were smaller on April 30 than a The number of idle coal cars increased 42 per year previous, whereas dry goods and hardware cent during April, as a result of the slackening were larger. in demand for fuel. Orders for 10,253 new Accounts outstanding were somewhat smaller freight cars were placed in April, which was at the end of April than at the corresponding slightly less than in March, but more than in date of 1923 in the Philadelphia and Chicago April, 1923. districts for the dry goods, shoe, grocery, and Net operating income of Class I railways electrical supply lines. Outstandings held by amounted to $80,240,000 in March, which was hardware and drug dealers, on the other hand, 5 per cent less than a year ago. The chief showed a small increase in both districts. decrease in revenue occurred in the central eastern region, while earnings of New England Retail trade. carriers were substantially larger than in 1923. Business at retail stores showed more than Reduction in traffic and net revenues during the usual seasonal increase in April and was sub- 1924 has caused some agitation for an economy stantially larger than a year ago, but the large campaign to curtail expenditures on main- volume of April trade may be partly ascribed tenance of way, maintenance of equipment, to the late date of Easter and the cold and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 473 rainy weather in March. Spring buying, as between 1 and 2 per cent during April, while represented by the total sales of March and raw material prices were only slightly lower April, was 2 per cent larger than last year at than in March. Prices of the three main both department stores and mail-order houses groups of commodities were lower in April than and was also larger at all other reporting retail a year ago, the decreases being 10 per cent for establishments except chain music stores. producers' goods, 7 per cent for raw materials, April sales of department stores were 11 per and 4 per cent for consumers' goods. Of the cent larger than a year ago for the country as a raw materials prices of forest products and whole, due to increases in all districts except mineral products were substantially lower than Minneapolis and Kansas City. The largest in April, 1923, while prices of crops and animal gain was reported from the Philadelphia dis- products showed only moderate reductions. trict and amounted to 21 per cent. Analysis The level of wholesale commodity prices was of sales, by departments, in all Federal reserve practically unchanged during the first three districts (compiled by the National Retail Dry weeks of May. Advances were noted in raw Goods Association) show increases in sales of cotton, wheat, flour, hogs, and hardwood lumboys' wear, men's clothing, neckwear, millinery, ber, while quotations for sugar, silk, wool, softtoilet articles, leather goods, laces, hosiery, wood lumber, and certain metals declined. shoes, women's and misses' ready-to-wear, and Retail food prices declined 2 per cent in women's accessories. Business of the silk, April and were at the lowest level since Sepwoolen dress goods, linen, fur, furniture, house tember, 1922. Prices of bacon, eggs, butter, furnishing, and art goods departments, how- and flour were much lower than a year ago, ever, was somewhat smaller than in April, 1923. while prices, of potatoes, corn meal, and beef Stocks of merchandise at department stores products were higher. increased 2 per cent in April, which was less than the usual gain at that season of the year. EMPLOYMENT Inventories of stores in the Philadelphia, Rich- Between March 15 and April 15 factory emmond, Chicago, Minneapolis, and Kansas City ployment decreased more than in any month districts were slightly less than on March 31. since July, 1922, as shown by the fall in the Merchandise stocks were larger on April 30 Federal Reserve Board's employment index than a year earlier in all districts except Minnefrom 99 to 97. This brings employment down apolis and Kansas City and showed an average to about the same level as in November, 1922. increase of 5 per cent. The amount of total pay rolls declined in the Retailers have been very cautious in placing same period somewhat more than the number orders with wholesalers, however, as is indicated employed, causing a decrease in average weekly by the fact that the percentage of outstanding earnings. Wages were reduced somewhat in orders at the close of April to total purchase last a few industries during May, but as wage year averaged 5.7, as compared with 6.6 per changes were insignificant in the period from cent on March 31 and 8.1 per cent on April 30, March 15 to April 15 the decrease in average 1923. The ratio of April collections to ac- weekly earnings indicates a lessening of workcounts outstanding at the beginning of the ing hours. In fact, manufacturers reporting month was larger than last year in both the extent of operations to the Bureau of Labor Chicago and Dallas districts. Statistics were running at 92 per cent of full time and with an 80 per cent full force, as PRICES compared with 94 and 82 per cent, respectively, Prices declined 1 per cent during April, ac- in March. The Federal Reserve Board's index cording to the index of the Bureau of Labor of the labor market, indicating the trend of Statistics, and reached the lowest point since the relation between the demand for and the May, 1922. The April recession was due to supply of labor, declined from — 0.51 in March . decreases of 3 per cent in both metals and to —0.59 in April, the lowest point since April, foods, together with smaller reductions in 1922. In this index allowance is made for a prices of clothing, fuel, and chemicals. Farm seasonal increase at this time of the year as a products averaged about 2 per cent higher than result of the beginning of outdoor work in agriin March and there was no change in prices cultural and construction industries. of building materials and house furnishings. The decline in employment was shown for The regrouping of this index by stage of all groups of manufacturing industries exceptmanufacture of commodities shows that con- ing those making building materials, where sumers' goods and producers' goods declined slight seasonal increases were noted. Reduc- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

474 FEDERAL EESEB.VE BULLETIN JUNE, 1924 tions were particularly great in the textile in- and 38 per cent to trading failures. These dustries, ranging from 2 per cent in dyeing and proportions compare with 62 and 30 per cent, finishing and in millinery to 13 per cent in respectively, for the preceding April. men's clothing. Pay rolls and operations in Comparative data by districts for the month these industries were also less in April than in of April are presented in the accompanying March. Employment in leather and shoes de- table. Comparing this year and last, both clined considerably, reaching the lowest point number and liabilities were larger this year in since 1921. The drop in the food products all except the New York, Philadelphia, St. index was largely seasonal and the April figure Louis, and Dallas districts. In the Cleveland was above that of a year ago. The lumber district the liabilities were the largest, and in and stone, clay, and glass groups were also the Dallas district both number and liabilities greater than last year, but aU other group in- were the lowest since before 1921. dexes were lower. Pay-roll totals were larger than during April, 1923, in the iron and steel, FAILURES DURING APRIL lumber, food, paper and printing, and stone, clay, and glass groups. In textiles and leather, on the other hand, there had been declines of Number Liabilities 13 per cent and 15 per cent, respectively, during District the year. Employment and pay rolls in the 1924 1923 1924 1923 vehicles group were less than a year ago, largely because of sharp recessions last winter in rail- No. 1—Boston 161 151 $2, 875,171 $2,139,720 road car building and repairing, but in April N N o o . . 3 2— — N Ph ew ila d Y e o lp r h k i . a ... 3 6 0 3 8 34 6 2 3 8 1 , , 3 5 6 4 2 8 , , 9 3 4 4 7 2 1 1 6 , ,0 7 7 7 0 5 y , 5 4 6 6 2 3 No. 4—Cleveland- ... 148 116 13,040, 996 3,914, 384 that industry showed increases and automobiles No. 6—Richmond 121 86 3, 351, 299 2, 593, 827 turned downward. Weekly statistics of in- No. 6—Atlanta 110 97 2, 491,189 1, 260, 290 No. 7—Chicago- 250 197 10, 664, 228 8, 750, 459 dustrial employment in Detroit indicate fur- No. 8—St. Louis..., 79 80 1, 033, 327 2,168,109 No. 9—Minneapolis .. _ __ 105 76 1, 264, 620 840,890 ther reductions in the automobile industry No. 10—Kansas City 112 84 1, 243, 363 1, 220, 260 during May. No. 11—Dallas 56 93 881, 236 8,874,897 No. 12—San Francisco- 194 135 2,157, 734 1, 883,080 Total 1,707 1,520 48,904, 452 51,491,941 COMMERCIAL FAILURES MONEY RATES During the month of April 1,707 commercial failures, with liabilities amounting to Money rates in the New York market $48,904,452, were reported by R. G. Dun & Co. throughout May continued the decline which Both of these totals are less than the corre- set in during the last week in April, a decline sponding figures for the month previous, the which was both more marked and at a lower total liabilities in particular showing a decline range than that which occurred during the of 50 per cent from the unusually high record corresponding period of 1923. The rate on of the preceding month. Although failures prime commercial paper of 4-6 months' matuwere somewhat more numerous in April of rity went to 4J per cent, the lowest since Septhis year than in the same month last year, as tember, 1922, demand from banks in interior has been the case with four out of the iast five cities being fair. The offering rate of 3 per months, the amount of indebtedness for the cent during the last two weeks of May on 90-day month was less than for April of last year. bankers' acceptances was also the lowest since The reduction was due to the fact that smaller that month. The average yield on 4-6 months liabilities were involved in the larger class of Government securities declined to below 3 per insolvencies this year. This was true particu- cent during the week ending May 24, a new larly in the case of manufacturing enterprises, postwar low. This movement was also reflected among which, in April, 1923, there were 30 in the market for Government bonds, where, failures, with liabilities amounting to about under the influence of easy money, prices rose one-half of the total for the month, whereas and the yield on Liberty bonds fell to new low in the same month this year 38 such insol- levels for the period since the war. The table vencies involved about one-third of the total below shows the rates prevailing in the New indebtedness for the month. Of the total York market during the last two months indebtedness involved in the month's insol- compared with the corresponding months a vencies 47 per cent was due to manufacturing year ago. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDNE, FEDERAL BE SERVE BULLETIN 475 SAVINGS DEPOSITS Yield on m P c e r o r i m c m i - a e l b a P a c n r c i k e m p e e r t- s' c i c n a e d t r e t e s i b f i o t - - f y A ie 4 v l i e d % r a o g n eR ra e c t n e a e l o w l n al ou S t t t a h t e is U tic n s i te o d f S 9 t 1 a 4 te b s a r n e k p s o r d te i d st r s i a b v u i t n e g d s t d h e r p o o u s g i h ts m pa oA p nf e tth r, s 9 a 0 n d ce a s y , s ed 4 n - e 6 ss, L b i o b n e d rt s y loans amounting to $7,293,816,000 on May 1, 1924, months as compared with $7,292,142,000 on April 1, 1914, and $6,755,499,000 on May 1, 1923. 1923— M A a p y ril.... 6-5 5 1 4 ^ J 4 3. . 9 1 5 3 4 4. . 4 5 8 1 4 4 . . 8 7 7 0 Decreases occurred during the month in the 1924—April *i 3|-4 3.38 4.24 4.21 Cleveland, Chicago, Minneapolis, and San Fran- Average for week ending: cisco districts, but they were comparatively M M a a y y 3 10 •_.. 4 4 J J - - 4 4 J i 3 3 i 1 2 3 . . 9 0 9 3 4 4 . . 2 1 0 8 3 3 . . 9 5 0 0 small. The largest increase was in the Richmond May 17 . _ _ 4i 3| 3.00 4.15 3.45 district and amounted to 2 per cent. A com- May 24 4i 3 2.96 4.13 3.00 May 31 ,. 4i 3.01 4.12 parison of savings deposits, by Federal reserve districts on May 1, 1924, with deposits on In the London money market money rates April 1, 1924, and May 1, 1923, is shown in the were steady during April, but fell off some- following table. Figures for the Boston and what at the beginning of May. Three- New York districts are those of large mutual months bank bills fluctuated around 3-j^ and savings banks, but in all other districts reports 3T2 per cent throughout April, maintaining of other banks are included to make the figures the position that was reached after the lowrepresentative. of 3 during the third week of March, but during the first half of May they were again SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS quoted at 3 per cent. This rate is the lowest [Amounts in thousands of dollars.] since the advance in the bank rate last July. The average of 2.96 per cent at which Treasury bills were allotted during the month of April Number May 1, Apr. 1, May 1, was the lowest since June, 1923. District of 1924 1924 1923 banks ACCEPTANCE MARKET Boston 64 1,247, 628 1,241,474 1,173, 515 For the period ending May 14 the principal New York._. 30 1,941,969 1, 948,347 1,820,182 Philadelphia. 78 487,634 485,844 453,217 factor influencing the acceptance market was a Cleveland 64 742,407 742,906 659,075 general decline in money rates. Early in R A i t c la h n m ta o . nd.. . 9 9 1 4 3 22 0 7 8 , , 4 9 1 4 0 1 226, 369 2 2 9 0 0 9 , , 7 3 0 9 6 6 April call-money rates declined and dealers' Chicago _ 206 905, 225 908,162 847,337 St. Louis 32 137, 545 136,244 126,920 rates on acceptances were reduced from 4 per Minneapolis.. 14 89,137 89,688 84,671 cent bid and 3% offered to 3| per cent bid Kansas City.. 57 105,860 105,351 101,925 Dallas 112 94,221 93,856 85,058 and 3f per cent offered. The reduction in San Francisco 72 1,005,839 1,010,941 903,497 rates resulted in an active demand for bills and Total.. 914 7, 293,816 7,292,142 6,755,4 dealers' aggregate poitfolios were reduced to the lowest levels since October. The active FOREIGN TRADE demand and a decrease in holdings caused a further reduction in dealers' quotations in the Imports of merchandise into the United week ending April 30 to 3f per cent bid and States during April amounted to $324,000,000, 3J per cent offered, rates that were maintained an increase of $4,000,000 as compared with during the remaining weeks of the period. March and a decrease of $40,000,000 as com- The demand for bills came principally from pared with April. 1923. Exports during April banks and investors. Federal reserve banks' totaled $347,000,000, an increase of $7,000,000 holdings declined steadily during the period as compared with March and of $22,000,000 and reached the lowest level of the year in theas compared with April, 1923. Net exports, week ending May 14. Bills of short maturity, accordingly, show a gain of $3,000,000 over principally 60 days, were reported to be mthe preceding month and of $61,000,000 over the best demand, although bills of longer the corresponding month of last year. maturities were easily absorbed. Commodi- Below is given a table showing the total imties against which bills were drawn were sugai, ports and exports of merchandise, gold, and cotton, grain, wool, hides and leather, tobacco, silver for the first four months of 1923 and of and provisions. 1924. It will be noted that the excess import Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

476 FEDERAL RESERVE BULLETIN JUNE, 1924 merchandise balance of $86,000,000 for the stood at the end of May at about 99 percent of 1923 period has given place in 1924 to an excess its par value. Other European currencies show export balance of $175,000,000; that net gold slight advances over the average rates for April. imports are almost 3i times larger in 1924 than The Argentine peso, which stood at 72.90 in 1923; and that the total balance has shifted cents on April 25, rose to 75.33 cents on May 7 from an excess of imports amounting to and stood at 74.20 cents on the 31st. Brazilian $131,000,000 to an excess of exports amounting milreis remained relatively stable, while the to $27,000,000. Chilean peso advanced from an average of 10.54 cents for April to an average of 10.97 cents for MERCHANDISE TRADE BALANCE OF THE UNITED May. STATES The Shanghai tael and Indian rupee rose [In thousands of dollarsl somewhat during May as compared with April. The Japanese yen rose from the low rate of Excess of Excess of Months Imports Exports imports exports 39.02 cents touched on April 24 to 40.37 cents on May 16, and on the 31st stood at 40.29 1923 cents per yen. January 329,254 335,417 6,163 February 303,412 306,957 3,545 March 397,928 343,376 56,552 April 364,252 325,492 38,760 J M u a n y e 3 3 7 2 2 0 , ,2 5 3 4 4 5 3 3 1 1 6 9 , , 3 9 6 5 0 7 56, 2 1 7 8 7 5 A 1 p 92 ri 4 l, May, 1924 M 1 a 9 y 2 , 3 July 287,434 302,186 14, 752 August 275,438 311, 263 35,825 S O e c p to te b m er b . er... 3 2 0 5 8 3 , , 2 64 9 5 1 3 39 8 9 1 , , 1 4 9 3 9 3 127, 788 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 o e u e r k th Month November... 291, 438 400,507 110,069 December 288,067 426,799 138, 732 Average quotations Year... 3, 791,938 4,167,946 376,008 (cents): Sterling 435.13 438.52 436. 59 436.42 434.34 462.57 1924 French franc 6.16 6.47 5.86 5.61 5.41 6.64 January 295, 551 395,170 99,619 Italian lira 4.44 4.48 4.45 4.44 4.42 4.84 February 332, 540 366,134 33, 594 Netherlands March.., 320,616 339, 674 19, 058 florin 37.19 37.46 37.37 37.40 37.40 39.13 April 324,428 346,859 22,431 Swedish krona. .26. 38 26.42 26.49 26.55 26.54 26.65 Canadian dollar, 98.09 98.40 98.26 98.22 98.34 97.94 Argentine peso.. 74.80 74.88 74.72 74.61 74.44 81.68 COMPARATIVE TRADE BALANCE OF THE UNITED Shanghai tael-. 69.74 70.62 71.14 71.53 74.53 Percentages ofpar: STATES FOR FOUR MONTHS ENDING APRIL, 1923 AND Sterling 89.4 90.1 89.7 89.3 95.1 1924 French franc 31.9 33.5 30.3 29.1 28.1 . 34.4 [In thousands of dollars] Italian lira , 23.0 23.2 23.0 23.0 22.9 25.1 Netherlands Merchan- florin 92.5 S3. 2 93.0 93.«0 93.0 97.3 dise Gold Silver Total Swedish krona. 98.4 98.6 98.9 99.1 99.0 99.4 Canadian dollar 98.1 98.4 98.3 98.2 98.3 97:9 Argentine peso. 77.5 77.6 77.4 77.3 77.2 84.7 1923 Shanghai tael.. 104.3 104.7 105.6 106.4 107.0 111.5 Imports * 1,394,846 66, 343 18, 505 1,479,694 Exports •-. 1, 309,242 20,919 18,180 1, 348,341 General index of 17 Net imports (+) or countries...- 63 63 61 61 66 exports (—) +85, 604 +45, 424 +325 +131,353 1924 Monetary unit and par of exchange in cents, for the countries listed: Imports 1,273,135 159,987 24,009 1,457,131 Pound=486.65; franc=19.30; lira=19.30; florin=40.20; krona=26.80; Exports 1,447,837 2,994 33,242 1,484,073 dollar=100; Argentine gold peso=96.48; Shanghai tael=66.85. Net imports (+) or exports (—) -174,702 +156,993 -9,233 -26,942 FOREIGN EXCHANGE GOLD MOVEMENT Recessions from the high points touched in UNITED STATES the latter part of April marked several of the leading' European exchanges during May. Net gold imports for the month of April Sterling declined from $4,394 on April 23 to totaled $44,027,000, bringing the total for the $4,309 on May 31. French francs declined current calendar year up to $156,993,000, comfrom 6.72 cents per-franc on April 23 to 5.11 pared with $45,424,000 for the corresponding cents on May 31, and the Belgian franc during period last year. About 47 per cent of the the same period declined from 5.72 to 4.43 cents total gold imports for the month, or $21,146,per franc. The Italian lira declined from 4.50 000, came from the Netherlands, the National cents per lira on April 22 to 4.34 cents on May 31. Bank of that country reporting a correspond- The Swedish krona, following the resump- ing reduction in its gold reserve. Gold imtion of gold payments by the Riksbank on ports from England constituted about 31 per April 1, fluctuated within a narrow range and cent, those from Canada about 9 per cent, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE; 1924 FEDERAL BESEEVE BULLETIN 477 those from the Philippines about 7 per cent of GREAT BRITAIN the total for the month. Gold exports for the Gold imports into Great Britain during month totaled $1,390,000 and were consigned March declined by £800,000 as compared with largely to Venezuela, Mexico, and Spain. February, a decrease of about 25 per cent. For the 10 months ending April net gold im- This decline in the total is almost identical ports were $341,757,000, compared with $170,with the decline in imports from the Transvaal; 851,000 for the corresponding period in 1922-23 other changes, minor in amount, offset one and $424,010,000 in 1921-22. Larger imports another. Gold exports during March defrom Great Britain, Canada, and the Netherclined as compared with the previous month lands and substantial imports from Germany by £1,500,000, or about 21 per cent. This deand Argentina, as against practically none in crease is almost, wholly accounted for by low- 1922-23, as well as greatly reduced exports, ered exports to the United States and India. account for the large gain in net gold imports Net exports for the month declined by about during the present fiscal year. £700,000 as compared with February. Silver imports during April amounted to Gold imports for the nine months ending $3,908,000, compared with $6,221,000 in March, 1924, show a decline of £3,000,000 as March, and an average of $7,280,000 for the compared with the period a year earlier, owing preceding nine months. Imports from both to the fact that imports from the United States Mexico and Peru show large declines, while declined from £2,400,000 to an amount almost imports from Canada were larger than in negligible. Exports of gold for the 9-month March. Exports for the month under reperiod show a gain of £4,000,000. The most view were again in excess of imports, the total notable increase is shown for the United States, net silver exports for the 10 months ending £12,000,000; for Egypt there is an increase of April being $11,020,000. British India and £3,000,000, and for Netherlands of £2,000,000. China continued as the principal destinations These increases are offset by a decline of of the silver exports during the month. £10,000,000 to India and of £3,500,000 to Gold imports and exports, by principal coun- France. Net exports for the period show a tries, for April, 1924, and the 10 months ending gain of £7,000,000 as compared with figures for April, 1924 and 1923, are shown in the follow- the preceding year. ing table. A detailed table of the foreign Below is given a table showing the visible trade in gold and silver for the same periods trade balance of Great Britain for the first appears on page 527. three months of 1923 and of 1924. It will be noted that the total volume of merchandise GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED trade rose by about £47,000,000 for the 1924 STATES period as compared with that for 1923, while [In thousands of dollars] net imports rose by about £10,000,000. Gold imports for the three months of 1924 declined 10 monthslOmonths somewhat, whereas gold exports rose; net gold April, March, ending ending Country 1924 1924 April, April, exports increased by more than £6,000,000. 1924 1923 Silver imports and exports both show less activity during the three months of 1924, IMFOBT3 14,292 19,327 181,283 113,467 resulting in a decline in net silver exports of 742 3,433 20,674 20,825 29 2,359 25, 573 30 £180,000. The total works out at a net Italy o 368 3,123 import balance of £59,800,000 for the 1924 21,146 34, 346 15,894 4,041 5,296 39, 076 30, 656 period, as compared with £56,400,000 for the 54 5 9 1,7 4 4 8 9 7 9 5 , , 7 9 1 2 1 9 4,444 1923 period. 198 199 3,161 4,714 Peru 76 272 2,100 1,497 China 351 91 4,471 6,176 COMPARATIVE TRADE BALANCE OF GREAT BRITAIN FOR 176 2,150 3, 271 THREE MONTHS ENDING MARCH, 1923 AND 1924 All other _ 3, 9§9 565 19, 506 17, 526 Total 45,418 34, 322 351,103 218, 500 Merchandise Gold Silver Total France EXPORTS - 83 167 1,543 22 2 , , 6 0 6 1 0 0 Imports 1923 £273,674,766 £12,553,832 £2,990,066 £289,218,664 544 411 2,933 4,094 Exports 214, 076,428 15,134,117 3, 563, 521 232,774,066 British India 600 201 1 1 , , 1 3 0 1 1 1 13, 412 Ne e t x p i o m rt p s o ( r — ts ) (+) or +59, 598, 338 -2,580,285 -573,455 +56, 444,598 Allother 1 2 4 4 0 38. 1 1 , , 0 4 4 1 8 0 2 2 , , 9 5 0 6 6 7 1924 Imports _ 301,692,790 10,174,113' 1,978, 759 313,845,662 Total •-.. 1,-391 817 9,346 47,649 Exports 232, 555, 258 19, 073, 791 2,373, 265 254,00'2, 314 Net imports . 44,027 33, 505 341, 757 170,831 Net imports (+) or exports (—) +69,137, 532 —8, 899, 678 —394, 506 +59, 843, 348 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

478 FEDERAL RESERVE BULLETIN JUNE, 1924 GOLD IMPORTS INTO AND EXPOBTS PKOM GBEAT New National Bank Charters BBITAIN The Comptroller of the Currency reports the fol- 8 months 8 months lowing increases and reductions in the number and Country March, February, ending ending capital of national banks during the period from 1924 1924 March, March, 1924 1923 April 26 to May 23, 1924, inclusive: IMPOETS Num- Amount Netherlands...: £16,748 £7,900 £77,274 £19,004 ber of of United States 600 314 51, 505 2, 412, 774 banks capital Egypt 2,200 8,325 68, 203 1,505 Rhodesia.. 172,654 210,193 1, 771,488 1, 608,190 Transvaal . .. 2,160,303 2, 964, 782 27,094, 328 27, 977,833 New charters issued. .- 10 $2,380,000 West Africa 122, 243 97, 883 913, 545 915, 522 Restored to solvency 1 50,000 Allother 8,200 3,849 127, 572 285, 604 Increase of capital approved... _ 5 365,000 Total . 2,482,948 3, 293,246 30,103, 915 33, 220, 432 Aggregate of new charters, banks restored to solvency, and banks increasing capital 16 2, 795, 000 EFFORTS Liquidations.__ _ ... ... 25 4, 060,000 Belgium .. -. 7,090 33, 500 86, 688 120, 499 Reducing capital' . . 2 950, 000 3,147 178, 933 3, 650,185 Netherlands 128, 600 257, 637 2,114,943 110, 663 Total liquidations and reductions of capital-- 27 5, 010, 000 53,884 278, 794 14,300 United States . 4,155, 429 5,399, 267 36, 730, 020 24, 550, 609 Consolidations of national banks under act of British India . 888, 840 1, 048, 277 6,120, 010 16,105, 221 Nov. 7,1918. 2 4,300,000 35,384 230, 992 Straits Settlements... 38, 040 35, 808 209,071 272, 520 Aggregate increased capital for period __ ._ 2, 795, 000 Egypt 285, 000 300, 000 2,792,400 29,800 Eeduction of capital owing to liquidations, etc 5, 010, 000 All other... 129,095 28,526 904,161 407, 924 Net decrease .-. % 215, 000 Total 5, 635,241 7,156, 899 49,450,404 45,492, 713 Net exports 3,152,293 3, 863, 653 19,346,489 12,272,281 i Includes one reduction in capital of $400,000 incident to a consolidation under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 479 TRADE OF THE UNITED STATES WITH FOREIGN COUNTRIES American foreign trade statistics for the first areas, during the years 1921, 1922, and 1923, quarter of 1924, as contrasted with similar and indicates a surprising degree of stability figures for 1923, show changes which corre- after the abnormal war and post-war period spond to the changes in business conditions in the relative volume of purchases in the between the two periods. In consequence of United States by the different parts of the the increased purchasing power arising out of world and in our purchases in the various the gradual improvement in production and foreign markets. trade and the generally greater stability of economic conditions that has characterized the DISTRIBUTION OP AMBBICAN FOREIGN TRADE, BY past year, foreign countries have increased GEOGRAPHICAL AREAS their purchases from the United States to the Per cent of total exports Per cent of total imports extent of $114,000,000, bringing our total ex- i ports for the first quarter of 1924 to $1,080,000,- 1921 1922 1923 1921 1922 1923 000. More than 50 per cent of the increase, Europe 52.7 54.4 50.2 30.5 31.8 30.5 or $60,000,000, represents a growth of cotton NTorth America...... 25.2 23.9 26.1 30.1 26.4 26.4 South America 6.1 5.9 6.5 11.8 11.5 12.3 exports at higher prices, and nearly one-half, Asia.. 11.9 11.7 12.3, 24.6 26.6 26.9 Oceania : 2.5 2.7 3.5 1.4 1.6 1.6 or $51,000,000, represents increased exports to Africa 1.6 1.5 1.5 1.6 2.1 2.3 Germany. Imports into the United States, on the other hand, > decreased by $80,000,000 to The fact that our sales abroad have main- $950,000,000, reflecting the replenishment of tained a relative stability between different stocks and the falling off of business activity markets during the three years and have shown in the United States from the exceptionally an actual increase in value during the past high level of the first quarter of 1923. Over 90 two years, in the face of keen foreign competiper cent of this decrease occurred in the raw tion, would seem to indicate that our export and manufactured textile group, and of the commodities as a whole are for the present in a $42,000,000 decrease of imports from Europe, relatively strong competitive position and that more .than half, or $23,000,000, was due to a future changes would be more likely to reflect falling off of merchandise imports from Great changes in the purchasing power of foreign Britain, a decline that was balanced by in- countries rather than a diversion of trade to creased shipments of gold from that country. other exporting nations. Similarly, the volume As a result of increased exports and reduced of our imports from different countries appears imports, the balance of trade in favor of this to be determined chiefly by the degree of activity country was $130,000,000 for the first quarter in this country in the lines of business which reof the present year, as against an adverse bal- quire the particular raw materials exported by ance of $74,000,000 during the first quarter these countries. of 1923. Foreign trade statistics of other countries Both total exports and total imports during clearly reflect the greater importance of the the year 1923 were greater than in 1922, when United States in foreign markets at the present the post-war low in exports was registered, ex- time as compared with the pre-war period. The ports increasing from $3,832,000,000 in 1922 to table below, showing the proportion of trade of $4,168,000,000 in 1923, and imports from the leading countries in each geographical $3,113,000,000 to $3,792,000,000, with a balance group with the United States in 1913 and 1922, in favor of exports of $719,000,000 in 1922 and i ndicates the relative increase of world trade $376,000,000 in 1923. that is conducted with the United States. The table below shows the percentage dis- Although the total international exchange of tribution of our foreign trade, by geographical goods was smaller in 1922 than in 1913, if price Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

480 FEDERAL RESERVE BULLETIN JCNE, 1924 changes are taken into consideration, this Germany, with $317,000,000; France, with contraction was offset, so far as the United $272,000,000; Italy, with $168,000,000; Hol- States was concerned, by the greater proportion land, with $109,000,000; and Belgium, with of purchases made by other countries in our $101,000,000. These six countries imported markets and the greater part of their total from the United States during 1923 goods production which was sold to the United States. representing a value of $1,849,000,000, or 88 In constructing this table, North American per cent of our total exports to Europe. Imcountries which furnish about one-fourth of ports into the United States during the past both our import and export trade were ex- year were more widely distributed, although cluded on the grounds that their location nat- the above-mentioned countries supply most urally results in a larger volume of trade with of the commodities exported from Europe to the United States. In the other geographical the United States, as appears from the folareas, Europe, South America, Asia, Oceania' lowing figures: United Kingdom, $404,000,000; and South-Africa, where our commerce is, if Germany, $161,000,000; France, $150,000,000; anything, at a competitive disadvantage so Italy, $92,000,000; Holland, $78,000,000; and far as location, trade routes, accustomed com- Belgium, $68,000,000. Total imports from the mercial and financial connections, etc., are above countries thus aggregate a total of concerned, the most important countries in $953,000,000, or 82 per cent of our total each group, comprising altogether 70 per cent imports from Europe for the year. Thus all of our foreign trade with these areas and more important countries of Europe have an unthan 50 per cent of our total foreign trade, favorable balance of trade with the United were selected as representative. The large States. It is, however, of interest to note increase in the importance of our trade to these that a number of smaller European countries countries may be seen from the table. have a favorable balance of direct trade with the United States, which in the case of Switzer- PROPORTION THAT TBADB WITH THE UNITED STATES land amounts to $32,000,000, and in the case CONSTITUTES OP TOTAL FOREIGN TBADE OP LEADING of Czechoslovakia to about $16,000,000. It COUNTRIES IN EACH GEOGRAPHICAL GROUP IN 1913 should be noted, however, that these countries AND 1922 receive a considerable volume of imports" from [Per cent] the United States indirectly through neighbor- Imports from Exports to ing countries. Since total exports to Europe United States. United States are almost twice as large as imports from European countries, it is evident that these coun- 1913 ' 1922 1913 1922 tries pay for almost one-half their imports from Europe: the United States by other means than mer- Great Britain 18 22 6 8 10 16 6 10 chandise exports. Germany _ . _ . - 16 1 18 7 19 Italy 14 28 10 11 Asia: The trade of the United States with other India8 3 8 8 11 6 17 9 15 North American countries for the past year Japan 17 32 29 45 shows exports of $1,087,000,000 and imports of South America: Argentina - 15 22 5 12 $1,002,000,000, leaving an excess of exports Brazil 16 23 33 39 Oceania: Australia3 _ 12 18 4 5 of $85,000,000. The movements of goods from Africa: Union of South Africa _ . ... 10 12 1 7 and to Canada are by far the most important, 2 1 Y E e s a ti r m e a n t d e i n h g a s M ed a o r. n 3 p 1 r . e-war values. amounting to $652,000,000 exports and, 8 Year ending June 30. $416,000,000 imports. The trade with the The countiies of Europe which received the West Indies shows a great deficit for the United largest part of American goods exported during States, imports aggregating $406,000,000 and the past year are the United Kingdom (including exports $249,000,000, leaving an excess of Scotland and Ireland), with $882,000,000; imports of $157,000,000. ' Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JDNE, 1924 FEDERAL RESERVE BULLETIN 481 Balances in the foreign trade of the United United States trade with British India and States with most South American countries are China is also unfavorable to the United States, unfavorable for the United States, the excess of the excess of imports over exports during the imports over exports during the past year past year amounting to $98,000,000 in the case amounting to $198,000,000. Brazil and Argen- of India and to $77,000,000 in the case of China. tina are the most important countries of origin American exports in 1923 were almost and destination. Imports from the two countries equally divided between foodstuffs and crude were $143,000,000 for Brazil and $115,000,000 materials for use in manufacturing, on the one for Argentina. Exports to Brazil amounted to hand, and manufactures for immediate con- $46,000,000, leaving an unfavorable balance of sumption or for further use in manufacturing, about $97,000,000, and exports to Argentina on the other. In 1922 foodstuffs and crude were $113,000,000, leaving an excess of only materials for use in manufacturing were someabout $2,000,000. what in excess of manufactured and consump- The largest excess of imports, however, is in tion goods. The change may be attributed our trade with Asia, where for the past year both to the decided falling off in the export imports amounting to $1,020,000,000 exceeded of foodstuffs, both crude and manufactured, exports by $509,000,000. Japan, China, and to an actual as well as relative increase in Straits Settlements, and British India are the total exports in all other groups. The most largest shippers of goods to the United States striking decrease was that in grains and their and^ with the exception of Straits Settlements, preparations, which decreased 40 per cent as also the largest consumers of American goods. compared with 1922. The most noteworthy The last mentioned country exported during increases were 20 per cent in raw cotton, 21 per 1923 goods representing avalue of $154,000,000, cent in machinery, 26 per cent in ores, metals while her imports from the United States and their manufactures, excluding machinery amounted to only about $7,000,000, leaving an and vehicles, 49 per cent in wood and wood excess of imports of $147,000,000. This is the products, 53 per cent in vehicles, and 63 per largest trade deficit of the United States with cent in coal and coke. Of our imports in 1923, any one country in the world. Japan's im- over one-fourth consisted of raw silk, sugar, and ports from the United States during the past crude rubber. The most striking increases in year amounted to $264,000,000, and her ex- imports over 1922 were 49 per cent in wool, ports to $347,000,000, leaving a balance 51 per cent in sugar, 57 per cent in oil and against the United States of $83,000,000. flax seeds, and 81 per cent in rubber. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

482 FEDERAL RESERVE BULLETIN JUNE, 1924 TREND OF BUSINESS ABROAD Items England France Canada U S n ta i t t e e s d Items 1 England France Canada U S n ta i t t e e s d Million Million Million Million FOREIGN EXCHANGE—Con. Per cent of par COMMERCIAL BANK LOANS: £ atari. francs dollars dollars 1924-February 88.52 22.90 [ 96.94 1922-April 1,065 13,139 1,314 10, 846 March. 88.17 24. 25 96. 96 1923-April 994 13, 511 1,251 11,839 April... 89.41 31.90 October.. 1,021 13,924 1,241 11,943 1924- M Fe a b rc ru h ary 1 1 , , 0 0 3 0 2 9 1 1 5 5 , , 1 0 3 2 9 1 1 1, , 1 1 8 7 6 3 1 1 1 2 , , 8 0 7 6 4 5 PIG 1 I 9 R 2 O 2 N — P A R p O ri D l UCTION: 46.1 Rela 8 t 8 iv . e 2 s —1913 3 = 8 1 . 0 8 0 April 1,015 12,121 1923—April.1 76.3 138.7 COMMERCIAL BANK DEPOSITS; October 69.7 118.4 87.6 123.0 1922-April 1,737 13,015 2,000 10, 676 1924—February 71.7 1.35. 9 71.8 120. 1 1923-April 1,606 13,411 2,084 11,156 March 78.2 146.3 92.8 135.1 October 1,629 13.961 1,990 11,158 April 72.3 150. 0 126.2 1924- M Fe a b rc ru h ary 1 1, , 6 6 0 3 3 3 1 1 4 5 , , 9 0 9 9 2 3 2 2 , , 0 0 0 2 0 3 1 1 1 1 , , 1 1 6 7 5 1 COA 1 L 9 2 P 2 R — OD A U p C ri T l ION: »82.8 96.3 53.8 39.6 April 1.615 11, 439 1923—April 96.2 90.0 103.0 106.8 CENTRAL BANK DISCOUNTS: October 101.8 142.8 122.2 123.3 1 1 9 9 2 2 2 3 - - A A p p r r i i l l ' 7 6 8 8 2 2 , , 5 6 8 4 0 6 6 5 3 0 7 0 1924— M F a eb rc r h u ary _. » 1 1 0 0 2 4. . 6 0 * ! 1 1 1 3 0 5 . . 8 9 96.9 1 1 1 0 4 0 . . 7 1 October 72 3,089 884 April.... 94.3 74.0 1924- M Fe a b rc ru h ary 6 7 8 5 3 5 , . 8 3 8 6 9 0 5 4 3 8 2 2 SHIP 1 9 C 2 L 2 E — AR A A pr N il CES: 74.1 96.0 109.0 April.... 74 4,603 447 1923—April 105.7 114.2 109.1 CENTRAL BANK N OTH ISSUES :< October 115.6 128.7 133.7 . 1922-April 405 35,787 407 2,158 1924—February 86.1 94.0 102.6 1923-April 384 36, 548 406 2,223 March . 90.1 113. 2. 101.2 October 384 37, 670 427 2,225 April.... 93.5 115.2 118.4 1924-February 381 39,345 391 2,022 BAN 1 1 1 K 9 9 9 2 2 2 C 2 3 4 L - - - M E M A O A A F A p c p p e a a R r t b r r r r o i i i I c r l l l c N b u h h e G a r . r S . y . :2 3 3 3 3 3 , , , , , 3 3 2 3 3 2 3 9 8 4 7 0 0 3 3 4 3 9 5 5 9 • 3 3 9 1 1 9 , , , 7 4 8 , 4 7 8 9 9 9 2 1 7 6 5 4 0 4 1 7 1 0 1 1 2 1 1 , , , , , 1 2 1 2 3 2 5 7 9 4 8 2 4 2 3 3 7 0 ! | : ( 1 1 1 1 1 7 8 5 1 1 9 9 , , , , , , , 9 9 7 1 6 5 8 2 8 4 9 7 1 1 6 7 3 3 1 2 6 UNE 1 1 1 M 9 9 9 P 2 2 2 L 2 3 4 O — — — Y A O M A A F M p c p a p e t E r r r b r o i i N c i l l r b l h . u T e : a r • ry. Per 1 1 1 1 c 9 9 5 1 0 1 e . . . . . n . 9 7 4 7 7 4 t Num 2, b 4 3 3 2 1 e 4 5 9 5 5 4 r 7 4 5 2 0 2 Relati 8 8 9 9 9 8 ve 0 0 9 0 7 9 s . . . . . . 6 7 5 6 6 3 6 Relative 1 1 s 9 9 9 8 0 0 « 9 9 7 6 3 1 April 3,454 1.386 1, 238 .1 18, 865 Thous. Million Thous. Thous. CD R N A 1 1 1 T T 9 9 9 R E 2 2 2 A : 3 2 4 L - - - M O A A F c p p e B a t r r b r A o i i c r l l b N h u e K a r r y. DIS : COUNT . Per cen 4 3 4 4 4 t Per cen 5 5 6 6 5 t Per cent VALU 1 1 1 9 9 9 E 2 2 2 3 2 4 O — — — F O M A A A F IM c p p a e p t r r b r P o r i i c l r l i O b l h u e . R a . r . T r y S : . 1 £ 1 9 8 8 9 8 0 s 9 f 0 3 6 6 t l e , , , , , , 9 7 1 6 7 4 r 6 2 1 3 0 4 l. 6 9 5 3 5 8 , fra 3 2 3 3 3 1 n , , , , , , c 0 7 5 2 7 6 s 1 6 5 9 5 2 4 9 0 2 1 3 do 4 6 7 6 6 6 l 7 8 0 2 l , , , a , , 2 6 1 1 3 r 0 3 9 8 4 s 3 4 5 1 1 do 3 2 3 3 3 3 6 2 3 1 l 0 2 l 4 0 2 7 8 4 a , , , , , , r 4 2 5 6 0 2 s 2 9 1 1 2 5 7 1 6 9 3 3 April 4 6 VAL 1 U 9 E 2 2 o — r A E p X r P il O RTS; . ; i 55,508 1,963 32, 652 318,470 1923—April 62,871 2,441 54,328 325, 492 WHOLESALE PEICE INDEX:: Relatives—1913-100 October 71,323 2,814 101, 300 399,199 1922-April 165 320 152 149 1924—February 67,974 3, 918 68, 332 366,134 1923-April 175 390 156 170 March 61,103 4.355 93,615 339, 674 October 166 404 147 163 April 62,867 4,027 49, 518 346, 859 1924-February 180 469 148 163 M Ap a r r i c l h 1 1 8 8 0 1 4 4 2 8 8 3 1 1 4 4 7 3 1 H 6 i 0 VOLU 19 M 2 E 2 — O A F p I r M il PORTS:" 91.5 Rela 1 ti 0 v 2 e . s 8 —1913=100 169.1 1923—April 94.8 112.1 244.1 RETAIL PKICE INDEX:1 July, 19U=100 October... 92.8 118.3 162. 2 1922-April.... 182 304 138 136 1924—February 119.3 222.7 1923-April 174 320 143 140 March "ioi'o" 130.9 195.3 October 175 349 144 •147 April 133.6 224.9 1924- M Fe a b r r c u h a . r . y 1 17 7 8 9 3 39 8 2 4 1 14 4 3 5 1 1 4 4 1 4 VOLU 19 M 2 E 2 — O A F p E ri X l PORTS: 7 65.0 97.5 106.0 April... 173 380 137 138 1923—April 77.6 82.1 83.6 October 77.5 117.9 115.5 FOREIGN EXCHANGE: Per cent of par 1924—February. 126.4 98.1 1922-April 90.69 47.82 97.76 March 79.0 135.0 90.4 1923-April 95.66 34.54 98.02 April 135.9 91.7 October 92.96 30.82 98.55 1 Canada—issues of the Dominion and commercial banks. 2 England and Canada—total monthly clearings; France—average daily clearings; United States—total monthly debits to individual accounts, not including New York City. 3 Federal Reserve Board index numbers. 4 England—Ministry of Labor cost of living; France—Statistique Generaie retail food in Paris; Canada—Department of Labor retail food index; United States—Bureau of Labor retail food recomputed on new base. 5 England—per cent of unemployed in insured trades; France—actual number unemployed in Paris; Canada—index of employment in 54 industries; United States—index of employment in 33 industries. • Canada—Jan. 17,1920=100; United States—1919=100. 7 Figures for England are for the quarter ending with the mouth for which figures are shown. 3 Excluding the Saar district. ' Five weeks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 483 RESUMPTION OF GOLD PAYMENTS BY obligation of purchasing it at a fixed price. THE SWEDISH RIKSBANK As a matter of fact, the bank made gold! purchases at a discount during the greater part of On April 1, 1924, the Swedish Riksbank the war, and its gold holdings increased from resumed the redemption of its notes in gold, 142,000,000 kronor in the beginning of 1916 to which had been suspended since the outbreak about 280,000,000 kronor at the close of the war. of the World War. At the same time restric- Sweden's balance of payments.—During the tions on the export of gold, except Scandinavian war the merchandise trade balance of the gold coins, were removed and the importation country was continually favorable, the excess of gold on private account was prohibited. The of exports over imports aggregating 1,345,- Riksbank's obligation to purchase at a fixed 000,000 crowns for the five-year period 1914price all gold tendered has not been restored, 1918. During the same period Sweden imhowever, nor have the mints been reopened ported over 200,000,000 crowns (net) of bullion to the free coinage of gold. The step under- and specie, nearly all of which was gold. taken by Sweden can not, therefore, be viewed Among the "invisible" items in Sweden's as a complete restoration of the gold standard, international account, the earnings of the merbut as a measure to prevent the decline of the chant marine increased greatly during the war. value of the krona below its gold parity. Thus gross earnings for the calendar year 1918 Nevertheless, in view of the fact that this were 630,000,000 crowns, compared with averaction by Sweden was the first return to gold age annual earnings of 197,300,000 for the convertibility by any European belligerent or period 1913-1915. These large earnings conneutral country, it is opportune to review tinued' during the two years following the briefly Sweden's currency position and the gold armistice, but declined by more than one-half and foreign exchange policy of the Riksbank in 1921. After the war imports of foreign mersince 1914, when the outbreak of the war chandise, chiefly foodstuffs; and raw materials, caused all European countries to suspend gold were on a large scale, as tlie'y;.were needed to payments. replenish the exhausted stbisks' of the country, and for the years 1919 and 1920 foreign trade War measures concerning bank notes and showed adverse balances aggregating nearly gold.—On August 2, 1914, immediately upon 2,000,000,000 crowns, or about 650,000,000 the outbreak of the World War, the Swedish crowns in excess of the aggregate favorable Riksbank suspended the redemption of its merchandise balance for the five war years, notes in gold, and caused the adoption on 1914-1918. In consequence of the favorable April 15, 1915, of an amendment to the bank balance of payments which the country had act, whereby in case of war or monetary crisis during the war period, Swedish nationals were the bank might be freed from the obligation of able to repurchase a large amount of Swedish redeeming its notes in gold for a limited period securities held in foreign countries, and this to be fixed by special act of Parliament, or by homeward movement of securities has conroyal order in times when Parliament was not tinued until the present time. It is estimated in session. In the following year, in view of a that since the outbreak of the war a total of large inflow of gold, a further amendment to 711,250,000 crowns of Swedish securities the bank act was adopted (act of February 8, in foreign countries has been repurchased. 1916), whereby the bank might be freed by Repatriation of these foreign-held securities royal order from the obligation of purchasing was an offset to the favorable balance of merat a fixed rate all gold tendered to it by the chandise exports. public. As a corollary to this change of the bank act, an amendment to the mint act was Government finances.-—At the same time, passed providing for the suspension for a as the result of large exports and the stated period by royal order of the free and effective blockade by the belligerents, there unlimited coinage of gold. Orders suspending developed a great scarcity of goods, and the gold purchases by the bank and the free coin- Government became directly interested in the age of gold were issued on February 8 and purchase and distribution of essential food- April 28, 1916. All of these measures were stuffs and fuel. The imports of cereal's, the continued from time to time and were in force marketing of the entire Swedish harvest, and until April 1 of the present year. The bank, the bulk of the national supply of fuel were it should be noted, was not prohibited from for several years financed directly by the Govpurchasing gold, but merely released from the ernment with the aid of the Riksbank. Not- 102881—24t 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

484 FEDERAL RESERVE BULLETIN JUNE, 1924 withstanding these measures and the strict change bills, and the total holdings by the rationing adopted by the authorities, prices of Riksbank of funds available for foreign paycommodities advanced and reached a level ments (valuta), composed of bills of exchange, higher than in some of the belligerent coun- net balances with foreign banks, and foreign tries. Note circulation of the Riksbank in- government securities, became an important creased from 238,971,000 kroner at the eve of item in the bank's balance sheet. The total of the Great War to 813,533,900 kronor at the these holdings by months since 1919 and their close of 1918. During the trade expansion composition in the years 1919-23 and at which followed the termination of the warclose of recent months are shown in the followprices advanced still further, but the volume ing tables: of outstanding bank notes did not show any increase beyond the maximum just mentioned. CLAIMS ON FOREIGN COUNTBIES HELD BY THE SWEDISH During the entire war and post-war period, RIKSBANK AT CLOSE or EACH MONTH, 1919-1924 government finances were maintained on a [In thousands of kronor] sound footing through increase of taxation. Tax revenues, which averaged 207,000,000 Month 1919 1920 1921 1922 1923 1924 crowns a year for the period 1911-15, increased to an annual average of 637,000,000 for the January 193,370 157,765 116,144 138, 295 240, 289 112,300 period 1916-20 and reached a high total of February.. _ 198,806 149,668 117, 770 141, 214 231,187 98,100 828,000,000 in 1919, and total government March.... 179, 699 135,305 118,036 146,105 219, 333 99, 099 April 185, 575 128, 795 131, 752 146, 756 190, 709 89, 668 receipts, exclusive of proceeds from loans, rose May 194,198 120, 733 129, 853 147,995 178, 799 June 175,685 134, 377 132,146 148, 278 181, 232 from 315,000,000 for the period 1912-1915 to an July 190,085 137,616 127,802 147,943 169,612 annual average of 895,000,000 for the period August . 179, 266 128,127 124,833 147,898 169,827 September 189,639 132, 386 127,990 147, 777 162, 543 1916-1920 and^exceeded 1,000,000,000 during October 189,292 141,877 121,427 150,374 136, 437 November 174, 230 150,748 123, 563 164, 848 124,318 each of the fp$Cfsyiiig two-years. Nevertheless, December- 156,156 110, 315 135, 667 247, 914 142, 786 the war caused large budget deficits and a great Average 184, 084 137, 531 124,696 151, 829 179, 520 deal of public borrowing, so that the national debt at the close of the war, 1,656,179,000 kronor, stood about 1,000,000,000 higher than DISTRIBUTION, BY CLASSES before the war. One-third of the total indebt- [In thousands of kronor] edness was unfunded, but the larger part of the Foreign Net e c x o c v e e s r s e d r e b q y u l i o re n m g- e te n r t m s o b f o n t d h s e p G la o c v ed e r i n n m t e h n e t h w o e m re e Average for— m go e v n e t r s n e - - Fo b r i e ll i s gn ba h la e n ld ces Total curities abroad market. Moreover, as early as 1919 the Government undertook to curtail and fund 1919 49,597 80,982 53,505 184, 084 the short-term debt, composed largely of a 1920. _ 41,393 54,140 41,998 137,531 1921 _ 13, 039 70, 677 40,980 124, 696 revolving bank credit. By the close of 19211922 60, 313 51,246 40,270 151, 829 this part of the debt had been reduced by 1923. . 119, 497 14,332 45, 691 179, 520 Mar. 31, 1924 77, 455 190 21, 454 99, 099 481,600,000 crowns, from 559,300,000, the Apr. 30, 1924 62, 263 94 27, 311 89, 668 amount at the close of the war, io 77,600,000 crowns, while the funded debt increased by At the close of 1922, in order to prevent an 336,000,000 crowns. At the close of 1923 the excessive rise of the crown in terms of the total national debt stood at 1,643,000,000 dollar, the Riksbank increased its foreign crowns, of which only 46,000,000 crowns was exchange holdings by nearly 100,000,000 unfunded. It is notable that Sweden's per capi- crowns. Late in 1923, when, owing to a poor ta indebtedness is less than that of any other harvest and abnormally large cereal imports, European country, that the revenue from State an adverse trade balance of about 200,000,000 enterprises (railways, posts, telegraph, telecrowns for the year developed, the bank folphones, public domain, etc.) is considerably in lowed the opposite course and liquidated a subexcess of the interest on the national debt, and stantial portion of its foreign exchange portthat the value of these national assets is nearly folio. In so doing, however, the bank pertwice as large as the amount of the national mitted the official rate of exchange for the debt. dollar to rise slightly above the upper gold Foreign exchange policy of the Biksbank.— point. But even at this higher rate the bank During the World War the favorable merchanundertook to sell dollars only to finance dise trade balances resulted in a substan- "legitimate" demands; i. e., payments for tial increase in the supply of foreign eximports. As a consequence, the open-market Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 485 rate on dollars, as distinct from the official dollar ests, especially those whose largest export marrate, advanced further and at one time went ket was in England. The opponents of this up as high as 3 to 4 per cent above par. policy pointed out that at the close of 1923 Most of the time, however, the difference be- sterling was quoted officially in Stockholm tween the two rates was much smaller. Thus about 8 to 9 per cent below par, and that stathe average dollar quotation of the Riksbank bilization of the crown at par with the pound for November, 1923, was 3.795 kronor, while meant a substantial depreciation of the crown. the open-market rate (high) averaged 3.805 But while there was more or less unanimity in kronor. The average margin between the two official circles regarding the necessity of keeping rates narrowed further in December, but the crown at par with the dollar, there was until widened considerably in January, 1924, the recently much doubt as to the wisdom of resum- Riksbank rate for that month averaging 3.789 ing gold payments, so long as none of the larger kronor, as against an average high open-market European countries had taken that step. The rate for the month of 3.825 kronor. The fol- action finally determined upon, as outlined at lowing table shows the official quotations of the the beginning of the article, was intended to dollar in Stockholm from 1919 to April, 1924. protect the value of the crown against a decline below its value in gold, thus providing for a definite relation at mint parity between the OFFICIAL QUOTATIONS OF THE DOLLAR (SIGHT DRAFTS) krona and the dollar. IN STOCKHOLM Following the resumption of gold payments, [Monthly averages, 1919-1924; par=3.7315 kronor per dollar] i. e., between the end of March and May 10, the [In kronor] bank's gold reserves decreased by 23,600,000 kronor, all of which was exported to the United 1919 1920 1921 1922 1923 1924 States, while its foreign "valuta" holdings declined during April by 9,431,000 kronor. About J F a e n b u r a u r a y ry .. . . 3 3 . . 4 5 9 7 4 5 . . 8 4 3 0 4 4 . . 7 5 4 0 4 3. . 8 0 3 2 3 3. . 7 7 6 3 3 3 . .7 7 8 9 8 5 the middle of April the Swedish Government March 3.64 4.98 4.41 3.83 3.76 3. 792 placed in the New York market $10,000,000 of April 3.76 4.61 4.25 3.85 3.75 3.791 May 3.88 4.75 4.26 3.89 3.76 six-months 5 per cent Treasury bills, and in June _ 3.89 4.62 4.46 3.88 3.77 addition late in May arranged with one of the July. 4.01 4.58 4.75 3.86 3.77 August 4.06 4.87 4.75 3.80 3.76 leading New York City banks for a one-year September 4.10 4.97 4.60 3.78 3.77 October... 4.12 5.09 4.37 3.76 3.79 revolving credit of $25,000,000. The proceeds November 4.35 5.27 4.32 3.73 3.796 of both the loan and the most recent bank December. 4.68 5.12 4.10 3.72 3.795 credit are to be used for commercial purposes, presumably in connection with the currency The action of the Riksbank in supplying a stabilization program of the Riksbank. limited amount of dollar exchange at a rate substantially lower than the open-market rate was criticized as likely to encourage unnecessary GOLD HOLDINGS, NOTES IN CIRCULATION, AND PER- CENTAGE OF GOLD COVER OF THE SWEDISH RIKSand excessive imports. Professor Cassel gave BANK, 1919-1923 it as his opinion that it would be far better were [Amounts in thousands of kronor] the bank to let its dollar exchange quotations go up to the level of the market but sell an unl T im o i m te a d i n a t m ai o n u t n h t e o c f ro d w ol n la r n s e a a r t i t t h s a t p a r r a i t t e y . with ho G ld o i l n d gs ci N r t c io o ul n t a e - P c b o e y r v g e c o r e e l n d d t the dollar was considered by the bank's administration as tantamount to maintaining its gold 1 1 9 9 1 2 9 0 _ 2 26 9 8 1 , , 9 1 2 0 5 9 7 7 0 1 8 0 , , 2 7 0 1 6 0 4 37 1 . . 8 1 4 1 parity; but controversy arose as to whether 1921 _ 280, 210 640, 615 43.74 1922__ _ 274,074 554,848 49.40 the monetary policy of the bank should not 1923... 273, 014 536,173 50.92 be modified so as to stabilize the crown at 1924 its parity with the British pound rather than Jan. 31 271, 687 509,302 53.35 Feb.29 271,498 522, 695 51.94 the dollar. This change of policy was advo- Mar. 31 271, 435 557,179 48.72 cated by the industrial and commercial inter- Apr. 30 _. 264,999 521, 790 50.79 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

486 FEDERAL KESERVE BULLETIN JUNE, 1924 NEW BANKS OF ISSUE IN POLAND AND The bank may receive noninterest-bearing HUNGARY deposits, time as well as demand, but interestbearing deposits may be received only with POLAND the permission of the Minister of Finance. Poland has recently effected a reform of its Bank notes.—The bank must redeem its finances with a view to balancing the national notes in gold, but the date when redemption budget and the establishment of a stable cur- will be put into effect has not yet been deterrency. The program included the organization mined. Notes issued are of denominations of of a new central bank of issue, called "Bank 5, 10, 20, 50, 100, and 500 zlote. Notes out- Polski." The currency to be issued by the new standing must be secured up to 30 per cent by bank is the zloty, equal in value to one gold (a) gold, (&) foreign currency not subject to franc. The old currency, the Polish mark, is to excessive fluctuations, and (c) foreign exchange be withdrawn from circulation at the rate of bills in stable currencies. In calculating the one zloty to 1,800,000 Polish marks. The reserves mentioned under b and c, the obliga- Bank Polski is to handle the redemption of the tions of the bank in foreign currencies must be old currency and the issue of the new bank deducted. The administrative board of the notes, and is to have charge of the liquidation bank decides which foreign currencies may of the affairs of the Polska Krajowa Kasa serve as cover. When gold redemption of the Pozyczkowa (Polish State Loan Bank), which bank notes shall have been resumed, only such up to April 28, 1924, when the new bank began foreign currency and bills of exchange will its operations, performed the functions of a count as gold cover "as are actually redeemable central bank of issue. in gold. The rest of the cover may consist of (1) commercial bills arising out of certain spe- The Bank Polski is granted a monopoly of cified classes of transactions, (2) silver on the note issue until December 31, 1944, with probasis of its gold value, and (3) cash consisting visions for renewal of the privilege. It has a of subsidiary Polish coin of silver or base metal, capital of 100,000,000 zlote, divided into up to an amount not exceeding 5 per cent of 1,000,000 shares of 100 zlote each, subscribed the total notes outstanding, and (4) noninterestalmost entirely by private enterprises and indibearing treasury notes up to the amount of viduals in Poland. 50,000,000 zlote. This sum represents a non- Operations of the bank.—The bank, in addiinterest-bearing loan of the bank granted to tion to being the fiscal agent of the Governthe Government for the duration of the notement, may engage in ordinary commercial issue privilege. banking, such as discounting of commercial paper, buying and selling gold and foreign ex- Administration of the bank.—The general change, receiving of deposits, etc. It is, how- assembly of shareholders elects the members of ever, not permitted to buy shares of stock for the administrative board, votes upon increases its own account or to buy real estate except for of capital, which must be approved by the use as bank premises. Commercial bills eli- Minister of Finance, passes on modifications of gible for discount must be of a maturity of not the by-laws, and has the power to decide upon more than three months, must have at least the liquidation of the bank. The last two three, or in exceptional cases two, signatures, mentioned acts, however, require the sanction and must be payable in a place where the bank of Parliament. Each 25 shares represent one has a branch or agency. The bank may also vote; no individual shareholder may have discount government and municipal securities, more than 500 votes. The administrative as well as mortgages, provided they are of a board elects the general manager and the other maturity of not more than three months. members of the managing board, whose ap- The bank is authorized to make advances pointment must be approved by the Minister for a maximum period of three months against of Finance. It also appoints the discount comthe following collateral: (1) Gold and silver; mittee, fixes the discount rate as well as rates (2) bonds listed on Polish stock exchanges; of interest and commission to be charged by (3) bills of exchange having a maturity of not the bank. The administrative board consists more than six months, payable within the of the president, vice president, both appointed country or abroad in Polish or foreign money, by the President of the Republic for five years, provided they are otherwise eligible; (4) for- and of twelve members and three alternates, eign currency and other instruments of for- elected by the general assembly for a period of eign exchange. three years. The managing board, which is Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 487 the executive and administrative organ of the completely independent of the State, with a bank, is composed of a general manager and a capital of 30,000,000 crowns to be subscribed in number of managers elected by the admin- Hungary. The capital is divided into 300,000 istrative board. The latter also appoints five shares of 100 gold crowns each. Payment may bank examiners and three alternates, who have be made in gold coins of any description or in the right to investigate all operations of the stable foreign currency. The bank is to be adbank. ministered by a general council, consisting of Distribution of projits.—Profits of the bank a president and 13 members, not more than are to be distributed as follows: 10 per cent to four of whom may be bank directors. The the reserve fund until the latter amounts to 20 State binds itself not to issue notes for the per cent of the capital, and 5 per cent thereafter duration of the new bank's charter period, i. e., until the surplus amounts to 50 per cent of the up to December 31, 1943, during which period capital. Of the remainder, a dividend of not the bank has the sole privilege of note issue. more than 8 per cent is to be distributed among Neither the State nor the local authorities shall the shareholders. In case the net profits exceed have any claim for financial accommodation 12 per cent of the capital, the excess is to be from the bank unless they deposit an equivadivided equally between the stockholders and lent of the loans either in gold or in foreign the Government. In case the profits of the bills. On the other hand, the Government has bank are not sufficient to provide for a 4 per the right to supervise the dealings of the bank. cent dividend and the surplus exceeds 10 per Only three months' bills or bills of shorter macent of the capital, the surplus may be used to turity are to be accepted for discount, except make up the 4 per cent dividend. in the case of agricultural paper, which may run for six months. The metallic cover of the bank notes in the first five years is to HUNGARY be 20 per cent of the circulation, in the sub- The League of Nations scheme for the re- sequent five years 24 per cent, and during construction of Hungary provides, among other the last 10 years of the bank's charter projects, for the stabilization of the currency period 33 J per cent. This cover may include through the creation of a new bank of issue.1 stable foreign money. Notes outstanding se- The charter of the bank and the method of cured by the national debt securities, which the absorption of the old bank-note institute by new bank takes over from the present governthe new bank follow more or less closely the mental note-issuing institution, remain unlines adopted for the National Bank of Austria. covered. The new bank takes over all the As in the case of Austria, the League of Nations assets and liabilities of the Hungarian Note is authorized to exercise a certain control over Institute. The bank must also deposit the operation of the bank. The bank is to be 25,000,000 gold crowns in certain leading European and American centers. i See Federal Reserve Bulletin, April, 1924, p. 267. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

488 FEDERAL BESER.VE BULLETIN JtlNE, 1924 RULINGS OF THE FEDERAL RESERVE BOARD Eligibility of German trade bills for purchase by Fed- page 196, the board expressed the opinion that eral reserve banks. it had legal authority to grant to any national The Federal Beserve Board has recently bank located in the State of Wisconsin a permit been called upon to rule on the eligibility for to exercise trust powers. This opinion was purchase by Federal reserve banks of German based upon the construction of (1) the protrade bills, payable in dollars and in the United visions of section 11 (k) of the Federal reserve States, indorsed by the German Gold Bedis- act which make the capital requirements of count Bank and also by an American bank- national banks exercising trust powers depend ing institution. These bills would arise out of upon the capital required of competing State a credit which certain American banks and banks and trust companies which are authorbankers propose to arrange in favor of the ized to exercise such powers, and (2) the recip- German Gold Bediscount Bank. rocal provisions of the Wisconsin law which It is provided in section 14 of the Federal make the capital requirements of State banks reserve act that Federal reserve banks may exercising trust powers depend upon the capital purchase bills of exchange of the kinds and required of national banks with similar powers. maturities made eligible for rediscount under The board held, however, as an administrathe terms of the Federal reserve act. The tive matter, that it would not grant permits to regulations of the Federal Beserve Board exercise trust powers to national banks in prescribe that a bill of exchange or trade Wisconsin with a capital of less than $50,000. acceptance eligible for rediscount shall be This action was taken in order to cooperate payable in the United States in dollars, but with the Wisconsin Banking Department, there is no requirement that the bill shall be which had adopted the policy of requiring drawn in the United States. A bill of ex- State banks to have a capital of at least change or trade acceptance drawn in a foreign $50,000 before being authorized to act in a country is technically eligible for discount or fiduciary capacity. purchase at a Federal reserve bank upon the The board was recently advised that the same terms and conditions as a bill of exchange Wisconsin Banking Department has adopted or trade acceptance which is drawn in the a new policy with regard to the capital require- United States. Accordingly, if the German ments of State banks exercising trust powers, trade bills, which are to be drawn under the viz, that in order to receive permission to act proposed credit to the German Gold Bedisin fiduciary capacities a State bank must have count Bank as above described, are negotiable •a capital not less than the capital required for in form, arise out of commercial transactions, the organization of a new national bank in the and have maturities not exceeding the matusame city, and in no event less than $50,000. rities prescribed by the Federal reserve act for It was represented that this practice might in paper eligible for rediscount, there is no legal certain cases conflict with the board's practice objection to their purchase by Federal reserve in granting trust power permits to national banks. The Federal Beserve Board has, banks, as, for example, in cities now having therefore, ruled that German trade bills of the over 6,000 inhabitants, but in which there may kind described above may be purchased by be national banks organized when the city Federal reserve banks if they are negotiable had less than 6,000 inhabitants and which have bills of exchange arising out of commercial not increased their capital above $50,000, the transactions. When the bills are offered to the amount originally required. The board was Federal reserve banks for purchase they must, requested to state whether it would cooperate of course, comply with the applicable proviwith the State authorities and impose similar sions of the Federal Beserve Board's Begulacapital requirements on national banks in order tion B. In making this ruling the board has to avoid such conflicts. assumed that provision will be made for the payment of these trade bills in the United It was the board's opinion that cooperation States at maturity. with the Wisconsin Banking Department would best serve to prevent discrimination as between national and State banks in their fiduciary functions and to enable national banks Capital required of national banks in Wisconsin in to compete upon a basis of substantial equality order to obtain permission to exercise trust powers. with State banking institutions, thus carrying In a ruling published in the FEDERAL out the basic purpose of section 11 (k) of the BESEKVE BULLETIN for February, 1922, at Federal reserve act. The board accordingly Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNB, 1924 FEDERAL RESERVE BULLETIN 489 ruled that in granting to national banks in and which are exercising trust powers without Wisconsin permission to exercise trust powers having increased their capital. It might be a it will require such banks to have not less than discrimination against national banks in such the capital required for the organization of new cities which similarly had not increased their national banks, and in no event less than capital to $100,000 to refuse them permission to $50,000. exercise trust powers. The board accordingly The board made one slight qualification to reserved the right to grant trust powers to this ruling. It was stated that the Wisconsin national banks haying less than $100,000 Banking Department would not permit the capital and located in cities which may have organization of a new trust company in a city grown in excess of 6,000 inhabitants, in case of over 6,000 inhabitants with a capital of less it should become appropriate to enable such than $100,000, but it is conceivable that there national banks to compete on a basis of subare trust companies originally organized in stantial equality with trust companies of similar such cities with a capital of less than $100,000, capitalization and located in the same city. LAW DEPARTMENT Revision of Regulation J relating to check clearing cal system of check collection and settlement of and collection. balances, has arranged to have each Federal reserve bank exercise the functions of a clearing house and On May 9, 1924, the Federal Reserve Board collect checks for such of its member banks as desire to issued Regulation J, series of 1924, superseding avail themselves of its privileges and for such non- Regulation J, series of 1920, relating to check member State banks and trust companies as may clearing and collection. Under date of July 10, maintain with the Federal reserve bank balances sufficient to qualify them under the provisions of sec- 1923, in connection with the revision of all the tion 13 to send items to Federal reserve banks for board's regulations, the board had issued Regu- purposes of exchange or of collection. Such nonlation J, series of 1923, which was intended to member State banks and trust companies will hereinsupersede Regulation J, series of 1920, but the after be referred to as nonmember clearing banks. effective date of that regulation was fixed as of Each Federal reserve bank shall exercise the functions of a clearing house and collect checks under the August 15, 1923, and before that date the general terms and conditions hereinafter set forth. regulation was suspended and never became effective. Regulation J, series of 1924, reads SECTION III. Checks received for collection as follows: (1) Each Federal reserve bank will receive at par from its member banks and from nonmember clearing KEGULATION J, SERIES OF 1924 banks in its district, checks ' drawn on all member and nonmember clearing banks, and checks drawn on all (Superseding Regulation J of 1920) other nonmember banks which are collectible at par in funds acceptable to the Federal reserve bank of the CHECK CLEARING AND COLLECTION district in which such nonmember banks are located. (2) Each Federal reserve bank will receive at par SECTION I. Statutory provisions from other Federal reserve banks, and from all member and nonmember clearing banks in other Federal re- Section 16 of the Federal reserve act authorizes the serve districts which are authorized to route direct for Federal Reserve Board to require each Federal reserve the credit of their respective Federal reserve banks, bank to exercise the functions of a clearinghouse for its checks drawn on all member and nonmember clearing member banks, and section 13 of the Federal reserve banks of its district, and checks drawn on all other act, as amended by the act approved June 21, 1917, nonmember banks of its district which are collectible authorizes each Federal reserve bank to receive from at par in funds acceptable to the collecting Federal any nonmember bank or trust company, solely for the reserve bank. purposes of exchange or of collection, deposits of (3) No Federal reserve bank shall receive on depositcurrent funds in lawful money, national-bank notes, or for collection any check drawn on any nonmember Federal reserve notes, checks and drafts payable upon bank which can not be collected at par in funds acpresentation, or maturing notes and bills, provided ceptable to the Federal reserve bank of the district such nonmember bank or trust company maintains in which such nonmember bank is located. with its Federal reserve bank a balance sufficient to offset the items in transit held for its account by the SECTION IV. Time schedule and availability of credits Federal reserve bank. (1) Each Federal reserve bank will publish a time SECTION II. General requirements schedule showing the time at which any item sent to it In pursuance of the authority vested in it under 1 A check is generally denned as a draft or order upon a bank or bankthese provisions of law, the Federal Reserve Board, ing house, purporting to be drawn upon a deposit of funds, for the paydesiring to afford both to the public and to the various ment at all events of a certain sum of money to the order of a certain person therein named, or to him or his order, or to bearer, and payable banks of the country a direct, expeditious, and economi- on demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

490 FEDERAL RESERVE BULLETIN JUNE, 1924 will be counted as reserve and become available for count or clearing account of any such bank at any withdrawal or other use by the sending bank. For all time when in any particular case the Federal reserve checks received, the sending bank will be given im- bank deems it necessary to do so. mediate credit, or deferred credit, in accordance with (5) Checks received by a Federal reserve bank such time schedule, and as provided below. payable in other districts will be forwarded for col- (2) For all such checks as are received for immediate lection upon the terms and conditions herein provided credit in accordance with such time schedule, imme- to the Federal reserve bank of the district in which diate credit, subject to final payment, will be given upon such checks are payable. the books of the Federal reserve bank at full face value (6) The amount of any check for which payment in in the reserve account or clearing account upon day actually and finally collected funds is note received of receipt, and the proceeds will at once be counted shall be charged back to the forwarding bank, regardas reserve and become available for withdrawal or less of whether or not the check itself can be returned. other use by the sending bank. (3) For all such checks as are received for deferred SECTION VI. Penalties for deficiencies in reserves credit in accordance with such time schedule, deferred credit, subject to final payment, will be entered upon (a) Statutory provisions.—Section 19 of the Fedthe books of the Federal reserve bank at full face eral reserve act provides that— value, but the proceeds will not be counted as reserve The required balance carried by a member bank with a Federal reserve nor become available for withdrawal or other use by bank may, under the regulations and subject to such penalties as may the sending bank until such time as may be specified be prescribed by the Federal Reserve Board, be checked against and in such time schedule, at which time credit will be trans- withdrawn by such member bank for the purpose of meeting existing liabilities: Provided, however, That no bank shall at any time make new ferred from the deferred account to the reserve account loans or shall pay any dividends unless and until the total balance reor clearing account subject to final payment and will quired by law is fully restored. then be counted as reserve and become available for (b) Computation of reserves.—Items can not be withdrawal or other use by the sending bank. counted as part of the minimum reserve balance to be carried by a member bank with its Federal reserve SECTION V. Terms of collection bank until such time as may be specified in the ap- The Federal reserve board hereby authorizes the propriate time schedule referred to in Section IV. If Federal reserve banks to handle such checks subject a member bank draw against items before such time, to the following terms and conditions; and each the draft will be charged against its reserve balance member and nonmember clearing bank which sends if such balance be sufficient in amount to pay it; but checks to any Federal reserve bank for deposit or any resulting impairment of reserve balances will be collection shall by such action be deemed (a) to au- subject to all the penalties provided by the act. thorize the Federal reserve banks to handle sujoh checks (c) Basic penalty.—Inasmuch as it is essential that subject to the following terms and conditions, (b) to the law in respect to the maintenance by member warrant its own authority to give the Federal reserve banks of the required minimum reserve balance shall banks such authority, and (c) to agree to indemnify be strictly complied with, the Federal Reserve Board, any Federal reserve bank for any loss resulting from under authority vested in it by section 19 of the the failure of such sending bank to have such authority. Federal reserve act, hereby prescribes a basic penalty (1) A Federal reserve bank will act only as agent for deficiencies in reserves according to the following of the bank from which it receives such checks and rules: will assume no liability except for its own negligence (1) Deficiences in reserve balances of member banks and its guaranty of prior indorsements. in central reserve and reserve cities will be computed (2) A Federal reserve bank may present such checks on the basis of average daily net deposit balances for payment or send such checks for collection direct covering a weekly period of seven days. Deficiencies to the bank on which they are drawn or at which in reserve balances of other member banks will be they are payable, or in its discretion may forward computed on the basis of average daily net deposit them to another agent with authority to present them balances covering a semimonthly period. for payment or send them for collection direct to the (2) Penalties for deficiencies in reserves will be bank on which they were drawn or at which they are assessed monthly on the basis of average daily depayable. ficiencies during each of the reserve computation (3) A Federal reserve bank may in its discretion periods ending in the preceding month. and at its option, either directly or through an agent, (3) A basic rate of 2 per cent per annum above the accept either cash or bank drafts in payment of or in Federal reserve bank discount rate on 90-day comremittance for such checks and shall not be held liable mercial paper will be assessed as a penalty on defor any loss resulting from the acceptance of bank ficiencies in reserves of member banks. drafts in lieu of cash, nor for the failure of the drawee (d) Progressive penalty.—The Federal Reserve Board bank or any agent to remit for such checks, nor for will also prescribe for any Federal reserve district, upon the nonpayment of any bank draft accepted in pay- the application of the Federal reserve bank of that disment or as a remittance from the drawee bank or any trict, an additional progressive penalty for continued deagent. ficiencies in reserves, in accordance with the following (4) Checks received by a Federal reserve bank on rules: its member or nonmember clearing banks will ordi- (1) When a member bank in a central reserve or narily be forwarded or presented direct to such banks, reserve city has had an average deficiency in reserves and such banks will be required to remit or pay there- for six consecutive weekly periods, a progressive penalty, for at par in cash or bank draft acceptable to the col- increasing at the rate of one-fourth of 1 per cent lecting Federal reserve bank, or at the option of such for each week thereafter during which the average Federal reserve bank to authorize such Federal re- reserve balance is deficient, will be assessed on weekly serve bank to charge their reserve accounts or clearing deficiencies until the required reserve has been re^ accounts; provided, however, that any Federal re- stored and maintained for four consecutive weekly serve bank may reserve the right in its check collec- periods, provided that the maximum penalty charged tion circular to charge such items to the reserve ac- will not exceed 10 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 491 (2) When a member bank outside of a central State Banks and Trust Companies reserve or reserve city has had an average deficiency in reserves for three consecutive semimonthly periods, The following list shows the State banks and trust a progressive penalty, increasing at the rate of one-companies which were admitted to membership in the half of 1 per cent for each half month thereafter duringFederal reserve system during the month ended May which the average reserve balance is deficient, will be 28, 1924, on which date 1,601 State institutions were assessed on semimonthly deficiencies until the required members of the system: reserve has been restored and maintained for two consecutive semimonthly periods, provided that the maximum penalty charged will not exceed 10 per cent. ADMISSIONS SECTION VII. Other rules and regulations Capital Surplus Total Each Federal reserve bank shall also promulgate rules and regulations not inconsistent with the terms of the law or of this regulation, governing the details District No. 2 of its check clearing and collection operations. Such rules and regulations shall be set forth by the Federal International Union Bank, New York, . reserve banks in their letters of instruction to their N. Y— _ $$225500,,000000 $$220000,,000000 $2,148,950 member and nonmember clearing banks and shall be District No. 3 binding upon any member or nonmember clearing bank which sends any check to such Federal reserve Merchants & Miners State Bank, Luzerne, Pa __ 5500,,000000 55,,000000 279,314 bank for collection or to any other Federal reserve bank for the account of such Federal reserve bank for District No. 7 collection. Home State Bank for Savings, Grand Eapids, Mich... _ 225500,,000000 6622,,550000 2,928,882 Fiduciary Powers Granted to National Banks District No. S Merchants & Farmers Bank, Bald- During the month of May the Federal Reserve wyn, Miss. _ 1155,,000000 33,,775500 50,551 Board approved applications of the national banks listed below for permission to exercise one or more of the fiduciaryp owers named in section 11 (k) of the CHANGES Federal reserve act as amended, as follows: (1) trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) District No. $ • receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which State banks, Bridgeport Trust Co., Bridgeport, Conn, (voluntary withdrawal) $1,000,000 $300,000 $10,315,452 trust companies, or other corporations which come into competition with national banks are permitted District No. 6 to act under the laws of the State in which the national Eastern Bank & Trust Co., New bank is located. Bern, N. C. (voluntary withdrawal) 145,000 30,000 2,518,102 District No. 8 Place t D ri i c s- t Name of bank Powers Security National Bank of East St. No. granted Louis, 111. (absorbed by Union Trust Co. of East St. Louis, a member) - 300,000 45,000 2,597,000 Boekland, Me. ... 1 Eoekland National Bank... 1 to 9 District No. 11 Manchester, N. H_. 1 First National B ank 1 and 4 MiEburn, N. J 2 First National Bank.. _ . . ltoS Yoakum State Bank, Yoakum, Tex. Hancock, N. Y 2 First National Bank. 1 toS (voluntary withdrawal) 100,000 100,000 1,914,900 Malone, N. Y 2 Farmers National Bank ... 1 to 9 Danville, Pa.1 3 Danville National Bank 1 tot District No. IB Lewistown, Pa 3 RI7KRP.11 National TtATilr 1 to 9 Philadelphia, Pa..— 3 Kensington National Bank. 1 to 3,5 to i Marin County National Bank, San Philadelphia, P a- 3 Union National Bank.. 9 Rafael, Calif, (absorbed by Mercan- Plymouth, Pa 3 First National Bank 1 tot tile Trust Co. of SanFrancisco,Calif., Newark, Ohio 4 Franklin National Bank 1 to 7 and i a member) 50,000 15,000 779,550 Pittsburgh, Pa 4 Columbia National Bank lto£ First National Bank, Meridian, Baltimore, Md 5 Citizens National Bank 1 tot Idaho (absorbed by Meridian State Covington, Va 5 Citizens National Bank 5 tot Bank, a member). _ 40,000 261,830 Charleston, W. Va. 5 Citizens National Bank 1 toS Miami, Fla . 6 First National Bank — 1 tot Lowell, Ind... 7 Tnwell "NTat.imifl.1 Ttn.Tik ltoE Princeton, Ky 8 First National Bank 1 to 3,5 to 7, Change of title.—The Central State Bank, of Lakeland, Fla., has changed its title to Central Bank & Trust Com- Deadwood, S. Dak. 8 First National Bank 1 to 9 pany. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

492 FEDERAL RESERVE BULLETIN JUNE, 1924 BUSINESS STATISTICS INDUSTRIAL STATISTICS IN THE UNITED STATES Declines in the physical volume of business was produced in greater volume than in the prenoted in March continued during April in ceding month. In the manufacturing index inseveral phases of activity. The index of pro- creases were noted in the various building mateduction in basic industries, which is adjusted to rials, but the iron and steel group index declined allow for a seasonal decline usually occuring in from 145 to 122. Textiles, leather and shoes, April, fell from 116 to 113. The factory em- food products, tobacco products, vehicles, and ployment index declined 2 per cent, the greatest rubber tires also showed recessions in output. decrease in one month since July, 1922, and Agricultural movements were in general at declines were general in all industries except a about the same level as is usual in April, few which were affected by seasonal factors. seasonally the month of minimum activity. The uncorrected indexes of manufacturing The outstanding feature was the decrease in production, mineral production, and agricul- the index of grain receipts from 87 to 54, the tural movements all receded during the month. smallest figure for any month since April, 1920. The mineral index was brought down by the Receipts of dairy products increased considerunusually small output of bituminous coal to ably and were unusually large for April. Fruit the lowest point since September, 1922, when shipments were fairly well maintained, but the the coal strikes were curtailing production. Of marketing of vegetables was smaller than in the eight commodities in the index only copper the corresponding period of 1922 and 1923. INDEXES OF INDUSTRIAL ACTIVITY ( MONTHLY AVERAGE, 1319 =100 ) 175 ' MANUFACTURING PRODUCTION MINERAL PRODUCTION 150 AGRICULTURAL MOVEMENTS 150 125 125 100 100 75 50 SO 25 25 1919 1920 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN" 493 INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES 1 [Not corrected for seasonal variations. Monthly average 1919=100] Metals and products Textiles and products Lum- Chemi- G er e a n l - a b n e d r Vehi- P a a n p d er F a o n o d ds Le a a n t d her S c t l o a n y e , , b T ac o c - o c a a n l d s index G in r d o e u x p s I a r t n e o e d n l G in r d o e u x p F r a ic b s - P u r c o t d s - p u r c o t d s - cles pr in in g t- p u r c o t d s - p u r c o t d s - g a l n a d ss p u r c o t d s - p u r c o t d s - 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 92 103 101 1921 average 67 97 81 72 76 1922 average 90 96 93 101 107 76 99 99 73 1923 average 101 102 101 101 120 100 105 103 91 110 79 1923 March. 103 107 107 107 121 101 106 104 81 April___ _. 103 106 107 105 122 101 106 96 110 79 November 100 100 96 119 100 106 1)0 111 78 December 100 118 95 107 108 109 92 78 1924 January _. 97 118 106 104 105 February 100 123 106 102 106 78 March... ... 100 3124 106 101 110 78 April 94 123 105 98 115 77 1 This table contains for certain months the index numbers of employment, together with group indexes for its important industrial components. The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pages 1272-1279 of the BULLETIN for December, 1923. 2 Preliminary. 3 Revised. INDEX OF PRODUCTION IN BASIC INDUSTRIES 1 [Index and relatives for each industry adjusted for seasonal variations.2 Monthly average 1919=100] Iron and steel Textiles Food products Year and month General index Steel Wheat Pig iron ingots Cotton Wool flour 1919 average. 100 100 100 100 100 100 1920 average . 105 119 118 98 89 84 1921 average 80 55 58 92 98 92 1922 average. 08 88 102 103 98 95 1923 average. . 120 131 128 110 110 96 1923 March 125 134 141 118 116 108 April... 124 139 141 117 118 fl9 November. . 116 111 109 113 104 December 111 117 107 96 100 1924 January 120 210 130 112 99 February2.. 120 132 145 102 100 March 116 ! 131 145 92 101 April... 114 127 121 97 97 Coal Nonferrous metals Year and month m B in it o u u - s An c t i h te ra- Copper Zinc 1919 average 100 100 100 100 1920 average... 122 102 105 102 1921 average 89 103 39 46 1922 average. _ 87 62 82 79 1923 average . 118 109 122 113 1923 March.. 118 128 115 124 April 132 114 114 119 106 103 131 113 December 100 105 128 118 1924 122 111 132 126 Februaiy* 123 118 3 130 112 March 101 111 ' 123 122 April 92 97 127 114 OO OC PD Animals slaughtered Lumber Sugar meltings Cattle Calves Sheep Hogs 100 100 100 100 100 100 90 86 103 86 91 101 97 76 97 103 95 75 132 86 106 87 106 102 111 91 114 92 131 124 121 93 109 102 140 132 118 99 100 113 140 119 138 82 122 79 141 137 .97 81 121 87 116 129 97 95 133 98 119 136 100 127 94 137 93 116 130 107 115 90 112 90 132 124 105 115 98 116 102 136 127 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- Ciga- Manu- Cigars factured rettes tobacco 100 100 100 100 100 100 100 • 82 110 127 117 114 100- 93 81 89 121 124 98 113 90 79 105 139 146 100 119 98 84 108 174 191 99 144 96 92 112 178 175 99 137 93 88 101 164 186 95 139 95 80 107 180 209 104 145 98 72 101 174 192 88 138 85 73 106 239 183 98 176 113 71 107 192 189 94 140 98 65 103 187 '186 90 143 91 63 111 169 188 88 157 91 1 This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 462, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The method of construction was described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. s Industry relatives and general index for February, 1924, given an additional adjustment to allow for 29th day. 8 Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

494 FEDERAL B.ESERVE BULLETIN JUNE, 1924 INDEXES OF INDUSTRIAL ACTIVITY 1 COMMODITY MOVEMENTS—Continued [No seasonal correction. Monthly average 1919=100] April, March, April, 1924 1924 1923 1924 1923 Grain and Flour—Continued April March r F u e a b r - y April March To R ta o l c k v y is i M ble o u s n u t p a p i l n y s o a f t g c r l a o i s n e e o a f s t m o o f n th th e (000 omitted): Wheat (bushels) 53,914 62,715 46, 985 Agricultural movements. _ _ 1 _ 77 80 95 78 89 Corn (bushels) 19, 735 27,284 24,238 Livestock 94 93 99 92 92 Oats (bushels).. ' 11, 568 17, 739 23,585 129 90 101 112 120 Grains... - . 54 87 120 78 95 Receipts at 9 seaboard centers (000 34 33 41 26 39 omitted): Vegetables 113 138 123 141 150 Wheat (bushels) 13, 559 12,482 11,202 Fruits. 93 92 102 77 90 Corn (bushels) 894 3,894 4,159 17 75 133 16 62 Oats (bushels) 981 1,414 3,157 Mineral production 10) 126 128 128 134 Rye (bushels) 1,244 877 2,469 Anthracite coal. . _ 93 110 104 110 128 Barley (bushels) 878 1,274 1,874 76 103 118 110 121 Petroleum 188 U90 176 185 178 Total grain (bushels) 17,556 19,940 22,861 127 136 121 139 138 Flour (barrels) 1,861 2,105 1,915 131 129 U28 117 121 Zinc 114 U22 112 119 124 Total grain and flour (bushels) 25,932 29,414 31,477 126 H34 124 121 126 Silver 97 121 115 140 129 Stocks at 8 seaboard centers at close of Manufacturing production -. 122 127 123 131 134 month (000 omitted): 122 145 131 140 143 Wheat (bushels) _ 2,686 4,171 5,869 Vehicles 152 156 148 158 147 Corn (bushels) 1,002 1,772 2,604 Textiles 96 100 106 123 126 Oats (bushels) 713 901 3,121 98 105 105 96 108 Rye (bushels) 645 1,082 2,742 Lumber - 149 141 132 138 147 Barley (bushels) 1,786 1,532 1,750 Paper and printing 129 2123 117 122 126 90 "94 96 112 125 Total grain (bushels) 6,832 9,458 16,087 Petroleum refining 181 180 166 154 156 Wheat flour production (barrels). _. 9,521 10, 578 8,969 Cement and brick. 154 140 123 149 142 Tobacco 106 109 103 104 112 Livestock Rubber tires 152 2 162 154 167 184 Receipts at 57 principal markets (head, 000 omitted): ' For description and early figures see March, 1924, BULLETIN. Cattle and calves 1,720 1,526 1,640 1 Revised. Hogs. _ 4,275 4,726 4,232 Sheep__ - 1,335 1,353 1,414 COMMODITY MOVEMENTS Horses and mules (43 markets) 24 38 35 Total _ 7,354 7,643 7,323 April, March, April, Shipments at 52 principal markets 1924 1924 1923 (head, 000 omitted): Cattle and calves 617 544 563 Hogs 1,537 1,824 1,377 Grain and Flour Sheep ... .- 610 647 562 Horses and mules (43 markets) 23 37 36 Receipts at 17 interior centers (000 omitted): Total 2,787 3,052 2,538 Wheat (bushels) 10,847 18, 289 22,092 Corn (bushels) 18,107 29,059 17, 219 Shipments of stackers and feeders from Oats (bushels) 16,004 18,704 17,532 33 markets (head, 000 omitted): Rye (bushels) 960 1,677 4,022 Cattle and calves 233 172 229 Barley (bushels) 2,804 2,993 2,500 Hogs ... 55 49 70 Sbeep__ 105 82 81 Total grain (bushels) 48, 722 70, 722 63,365 Flour (barrels) 1,957 2,005 2,094 Total- _ 303 379 Slaughter at principal markets under Total grain and flour (bushels) _ _. 57,528 79, 743 72,787 Federal inspection (head, 000 omitted): Shipments at 14 interior centers (000 Cattle 665 697 omitted): Calves 466 377 400 Wheat (bushels) 12,933 12,450 13,568 Hogs 4,074 4.536 4,179 C O o at r s n ( ( b b u u s s h h e e l l s s ) ) 1 1 4 6 , , 9 2 2 0 7 7 1 1 5 5 , , 4 6 6 7 1 6 1 1 6 3 , ,3 5 3 7 1 2 Sheep 860 960 R B y ar e l e ( y b u ( s b h u e s l h s e ) ls) 2, 9 1 9 2 9 1 1 2 , , 0 0 2 5 6 2 1 1 , , 0 6 0 8 1 7 Total 6,447 6,236 Meats, cold-storage holdings, first of fol- Total grain (bushels) 47,187 46, 665 46,159 lowing month (pounds, 000 omitted): Flour (barrels) 2,656 3,194 3,342 Beef. 78,177 93, 225 78, 535 Pork products 1,007,215 1,015,683 940,071 Total grain and flour (bushels). _. 59,137 61,039 61,199 Lamb and mutton.. 2,085 1,771 5,774 Exports of certain meat products Stocks at 11 interior centers at close of (pounds, 000 omitted): month (000 omitted): Beef- Wheat (bushels) 44,477 53, 717 38, 328 Canned 115 124 117 Corn (bushels) . 15,010 20,263 17,867 Fresh __ 180 ' 150 157 Oats (bushels) 8,793 14,413 17, 684 Pickled or other cured 1,848 1,630 1,937 Rye (bushels) 18,602 18, 804 16, 332 Hog products- Barley (bushels) 701 1,352 1,645 Bacon 26,390 31,713 34,790 Hams and shoulders 25,849 30,170 33, 738 Total grain (bushels) 87, 583 108,549 91,856 Lard.. 73,307 100,726 85,475 Pork, pickled 2,332 2,760 2,763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1924 FEDERAL RESERVE BULLETIN 495 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued April, March, April, April, March, April, 1924 1924 1923 1924 1924 1923 Fuel and Power Dairy Products Coal and coke (short tons, 000 omitted): Receipts at 5 principal markets (000 Bituminous coal production 29,517 39,909 42,564 omitted): Anthracite coal production 6,811 8,114 8,063 B C E P g o h u g e u tt e s l e t s r r ( e y c ( a ( p s ( p e p o o s o u u ) u n n n d d d s s s ) ) ) . -_. 5 1 15 2 6 2 , , , , 4 4 3 6 8 4 4 0 7 0 4 S 4 1 1 0 2 6 1 , , , , 1 7 8 8 9 4 1 9 6 1 0 3 1 1 2 5 2 , , , 1 4 7 2 4 7 1 6 9 Petr Po o ^o l i- e pK u B B e 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 o c 0 d t i u o o c m n ti i o tt n ed): 3 1 , ,0 0 7 1 9 0 3 1 , , 2 34 2 3 1 3 1, , 7 2 7 0 6 6 Cold-storage holdings first of following Production. ... 59,194 59,729 58,133 month (000 omitted): Stocks at close of month.. 341,928 338, 531 264,627 Creamery butter (pounds) 8,977 7,830 3,248 Producing oil wells completed American cheese (pounds) 26,159 28, 234 14,077 (number) 1,429 1,088 1,625 Eggs (cases) 3,609 569 3,737 Oil refineries: Poultry (pounds) 52, 094 76, 035 74, 748 Production (000,000 omitted)— Crude-oil run (barrels).. . .. 53 53 47 Other Agricultural Products Gasoline (gallons) ... 755 743 819 Cottonseed (tons): Kerosene (gallons) 203 200 182 S R C t e r o a c c s e k h i s v e e d a d t m at i l m ls i l a _ ls t close of - month 1 1 4 3 4 4 7 0 , , , 6 2 2 5 2 9 3 9 7 2 2 3 8 3 3 2 4 , , , 1 3 9 2 5 4 1 3 8 1 6 1 1 1 8 0 , , , 9 5 3 5 2 8 7 9 3 Stoc L G ks u a b s ( 0 r a i 0 c n 0 a d o t i f m n u g e it l t o e o i d l i s l ) s — (g (g a a ll l o lo n n s s ) ) 1,11 9 7 7 1,1 1 1 0 4 1 9 9 7 1 7 Cottonseed oil (pounds, 000 omitted): Crude-oil run (barrels). 40 39 31 S P t r o o c d k u s ction 4 7 5 3 , , 1 1 0 1 4 2 1 6 1 8 0 , , 1 8 1 8 5 7 3 3 9 6 , , 1 9 2 6 5 2 G K a e s ro o s li e n n e e ( ( g g a a l l l l o o n n s s ) ) 1,6 3 0 G 8 6 1,5 3 7 4 1 5 1,3 2 3 7 6 3 Oleomargarine consumption (pounds, Gas and fuel oils (gallons). 1,555 1,509 1,273 000 omitted) — 20, 083 23, 345 Lubricating oils (gallons) 253 251 235 Tobacco sales at loose-leaf warehouses 18,033 Electric power produced by public util- (pounds, 000 omitted): ity plants (kilowatt hours, 000,000 Dark belt, Virginia 772 2, 757 omitted): Bright belt- 328 Produced by water power 1,846 1,712 1,783 Virginia. _ J 1 2, 599 Produced by fuels 2,905 3,269 2,690 Bari N ey o rth Carolina _._ r _ 975 3 6 , , 8 2 5 4 8 0 806 Total 4,751 4,981 4,473 Sale W of e s re te v r e n n u d e a r s k t amps for man : ufacture 3,053 8.653 3,188 Metals of tobacco, excluding Porto Rico and Iron and steel: Philippine Islands (000 omitted): Iron ore shipped from Lake Superior C C i i g g a a r r s s ( ( s la m rg a e ll ) ) 5 3 0 4 1 , , 4 5 2 9 2 1 5 5 1 1 5 , , 9 8 0 9 5 5 53 4 2 1 , , 1 5 5 3 4 4 Pig (t - o ir n o s n 0 p 0 r 0 o d o u m c i t t i t o e n d ) (long tons, 000 224,064 14,184 M Ci a g n a u re fa tt c e t s u r ( e sm d a t l o l) bacco (pounds) 5, 3 2 2 9 3 , , 5 2 4 9 0 55,26 3 8 1 , , 3 7 5 0 6 3 4, 7 3 1 0 0 , , « 7 4 5 5 9 St o ee m l- i i t n te g d o ) t production (long tons, 3,233 3,466 3,550 Fruit shipments (carloads): 000 omitted) 3,386 4,188 3,964 Grapefruit 2,053 2,752 1,866 Unfilled orders, United States Steel Oranges - 9,373 8,602 7,248 Corporation (long tons, 000 omit- L A e p m pl o e n s s 3 1 , , 3 2 7 5 3 4 8,1 8 8 9 2 7 2,6 S 9 4 9 8 Fa t b ed ri ). cated structural steel orders 4,208 4,783 7,289 Vegetable shipments: (tonnage) - 169,000 182, 000 205, 400 Suga W O R r i , n c h i a e i o l t n l e ( s p p p o o ( o u c r t t a n a s r d t l o ( o s l e . a o s d n 0 s 0 g ( ) 0 c t a ' o o . rl m n o s a i ) t d : t s e ) d) 4 1 7 8 2 , , , 2 0 4 7 5 0 0 0 6 8 22 1 1 , , , 8 8 0 9 9 9 8 0 1 2 70 1 1 , , , 3 7 7 1 2 7 5 8 4 C Si o t l e v p d e S p ) r t e . e p r e r l p o r e d o a u d s c t u t i i n c o g t n i s o ( n b t o ro ( o p y k o i o n u u g n n s d c s ( e , n s 0 , e 0 0 t 0 0 t 0 o o n o m m s i ) i t . t - . - . 7 4 6 , , 5 1 8 7 8 6 9 5 8 , , 7 4 2 2 7 0 91 6 , ,6 4 1 6 6 4 R M e e c lt e i i n p g t s s... 468,600 6 47 1 7 2 , , 0 6 7 0 0 0 5 4 5 7 8 8 , , 1 6 0 0 0 8 Zi t n e c d ) ( . poun .. ds, 000 omitted).: 131,600 129,816 118,157 Raw stocks close of month 452,771 528, 602 491, 911 P St r o o c d k u s c , t c io lo n se of month. 8 6 9 5 , , 8 5 9 5 8 6 9 6 5 4 , , 1 5 4 5 8 0 9 1 3 7 , , 7 9 3 5 2 2 Fishery Products Shipments 88,490 105, 786 95, 822 Tin (pounds, 000 omitted): Fish landed by American fishing vessels, Deliveries to factories 17, 002 10, 214 15.176 total catch (pounds, 000 omitted) 17, 577 15,274 Stocks, close of month 9, 681 4,036 8; 032 Co fi l s d h - , s t o o n ra g 1 e 5 h th o l o d f i n m gs o , n f t r h o ze ( n p o a u n n d d s c , u 0 re 0 d 0 Textiles omitted) 31,845 42,821 27, 578 Cotton (bales, 000 omitted): Sight receipts _. 403 369 305 Forest Products American spinners'takings 311 312 357 Lumber: Stocks at mills 1,328 1,498 1,878 Number of mills- Stocks at warehouses 1,512 1,984 1,966 National Lumber Manufactur- Visible supply 1,834 2, 365 1,878 ers' Association 574 560 573 Consumption by mills . . _ 480 484 577 Southern Pine Association 183 182 178 Spindles active during month (000 West Coast Lumbermen's As- omitted) 31,872 32, 392 35, 513 sociation 120 120 121 Spindle hours active during month Production (feet, 000,000 omitted)— (000,000 omitted) 6,770 7,073 8,787 National Lumber Manufactur- Finished cotton fabrics: ers' Association 1,359 1,275 1,271 Finished yards billed (yards, 000 Southern Pine Association 419 410 380 omitted) 79, 776 85,110 105,460 West Coast Lumbermen's As- Orders received (yards, 000 omitted) . 80, 530 80,300 99,742 sociation . 383 394 Shipments (cases) 42,170 46,469 52,010 Shipments (feet, 000,000 omitted)— Finished stocks (cases) 44,959 43, 948 43,103 National Lumber Manufactur- Knit underwear (dozens): ers' Association 1,274 1,248 1,274 Production 349,375 363 390 376, 289 Southern Pine Association 414 382 | 427 New orders received 179,674 110,300 196,666 West Coast Lumbermen's As- Shipments - 275,106 318, 349 340,244 sociation 425 409 420 Cancellations 7,351 5 623 4, 572 Naval stores at 3 southern ports: Unfilled orders end of month 691,275 794,058 1,261,052 Spirits of turpentine (casks)— • wool. Receipts 15, 581 1,802 16,357 Consumption (pounds, 000 omitted) 44,361 47, 630 56,411 Stocks at close of month 22,456 23, 487 15,312 Percentage of active machinery to Rosin (barrels)— total reported- Receipts 57, 310 18,173 65,058 Looms wider than 50-inch reed Stocks at close of month... 203,158 226, 775 202,391 space 71.0 72.1 86.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

496 FEDERAL RESERVE BULLETIN JUNE, 1924 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued April, March, April, April, March, April, 1924 1924 1923 1924 1924 1923 Textiles—Continued Building Materials—Continued Wool—Continued Brick (number, 000 omitted)—Contd Percentage of active machinery to Paving brick— total reported—Continued Production Looms 50-inch reed space or less _ 79.2 79.6 85.2 Shipments 24,537 23,459 36, 469 Sets of cards 84.3 85.5 90.5 Stocks, close of month 21,841 14,393 30,630 Combs 76.6 81.8 Orders received 140,519 137,459 101,486 Spinning spindles, woolen 82.2 84.4 90.0 Unfilled orders, close of month. 26,579 37,441 31, 444 Spinning spindles, worsted 71.9 78.0 94.3 Cement (barrels, 000omitted): 95,585 90,861 105,678 Percentage of active hours to total Production reported- Shipments - 11, 726 10, 370 11, 359 Looms wider than 50-inch reed Stocks at close of month 12, 771 8,995 12, 954 space -.- 65.7 71.4 89.5 Oak flooring (feet, 000 omitted): 17,144 18,189 11, 463 Looms 50-inch reed space or less. 52.5 66.3 83.7 Production Sets of cards ... 90.9 98.9 127.3 Shipments. 33,927 32, 659 30,706 Combs.. 77.7 90.6 119.8 Orders booked 32,442 30, 547 32,068 Spinning spindles, woolen 88.3 92.0 102.0 Stocks at close of month 25,867 26,021 25, 298 Spinning spindles, worsted 67.1 73.5 109.5 Unfilled orders 44,677 40, 627 23,749 Men's and boys' garments cut: Maple flooring (feet, 000 omitted): 45,938 51, 281 57, 356 Men's suits, wholly or partly wool.. 517,665 682,107 710, 495 Production Men's suits, all other materials 80,244 105, 831 133, 757 Shipments 9,900 10,070 11,401 Men's separate trousers, wholly or Orders booked 8,225 9,186 15,181 partly wool 492,415 731, 865 Stocks, close of month 4,819 7,383 10, 924 Men's trousers, all other materials.. 404,834 481, 849 460, 880 Unfilled orders 24, 383 23,008 19,060 Men's overcoats 138,554 139, 567 195, 425 Enameled ware (number): 13,902 17, 625 36, 722 Boys' suits and separate pants _ 549,171 609, 510 644, 808 Baths- Boys' overcoats and reefers ..... 23,999 19,823 33, 527 Shipments. Raw silk: Stocks, close of month 94,021 104,842 83,281 Consumption (bales) 25, 985 26, 543 38,193 New orders _. 57, 577 54,584 34,308 Stocks at close of month (bales) 25, 662 30, 375 28,657 Lavatories— 88,677 117,911 100, 644 Imports (pounds, 000 omitted) 3,463 2,004 3,230 Shipments Hosiery (dozens, 000 omitted): Stocks, close of month. 118,602 134,910 91,704 Total... 1,410 4,787 New orders 116,017 108, 496 50,429 Men's.. 1,802 1,980 Sinks- 95,437 129,119 136,587 Women's 1,642 1,716 Shipments Stocks, close of month 120,138 143,891 97,834 Hides and Leather New orders. 89,729 90, 210 50, 628 Miscellaneous ware- 145, 557 145, 556 132, 830 Sales of raw hides and skins during Shipments month (number, 000 omitted): Stocks, close of month 65,607 77, 494 51,618 Cattle hides 1,323 1,512 1,566 New orders 54,420 53,350 53, 594 Calfskins 870 772 1,048 46,378 71,964 61,821 Kipskins 129 143 223 Miscellaneous Manufactures Goat and kid 1,754 1,324 1,565 Cabretta 41 17 50 Chemicals: Sheep and lamb 2,690 3,657 Acetate of lime (pounds, 000 omitted. 12.650 14,107 13, 698 Stocks of raw hides and skins at close of Nethanol (gallons) 673;746 741, 505 713, 643 month (number, 000 omitted): Wood pulp (short tons): Cattle hides 4,278 4,689 6,229 Production 248, 662 201,272 330,059 Calfskins J 2,246 1,913 2,797 Consumption 200,996 167,847 236,647 Kipskins -- 5S3 602 1,034 Shipments 18,310 20, 260 59, 869 Goat and kid 7,957 7,195 8,800 Stocks, close of month 167,296 139,035 144,444 Cabretta 558 1,061 Paper (short tons): Sheep and lamb 5,752 9,275 Newsprint- Production of leather (000 omitted): Production 128, 249 119,098 116,719 Sole leather (backs, bends, and Shipments 127, 505 118,604 118,023 sides) -- 1,200 1,231 1,702 Stocks, close of month 31, 699 30,853 18, 943 Skivers (dozens) 34 34 39 Book paper— Oak and union harness (sides Production 84,310 82,840 93, 390 stuffed). -- 133 Stocks, close of month 31, 029 32,531 36,871 Paper board- Boots and shoes, output (pairs, ooo Production 98,916 121,786 179, 744 omitted) Stocks, close of month 32, 564 33,618 52,300 Men's 6,705 7,550 9,015 Wrapping paper- Women's 9,361 9,894 9,918 Production. 50, 538 51, 034 78,559 Allother 11, 854 11, 420 12,935 Stocks, close of month 60,320 58,245 43, 403 Fine paper- Total. 27,921 28, 864 31, 868 Production 26, 749 25, 974 32, 507 Stocks, close of month.. 39,038 38,465 37, 889 Building Materials Advertising (agate lines, 000 omitted): Bric C k l ( a n y u f m ire b e b r r , ic 0 k 0 — 0 omitted): M Ne a w ga s z p i a n p e e s r s . _. 10 2 7 , , 4 30 8 9 3 10 2 4 , , 2 3 1 4 9 1 10 2 8 , , 2 4 9 3 8 2 S S P t h r o o i c p d k m u s e c a n t t i t o s cl n o . s . e ., of month ^. 21 6 5 6 2 7 , , , 7 2 7 0 1 0 4 0 8 21 6 5 2 5 8 , , , 6 7 5 1 9 5 9 4 1 15 6 6 7 5 4 , , , 6 2 6 4 7 8 7 6 5 Rub I C b m e o r p n o s (p u rt o m s u p ( n t p d i o o s u n , n 0 b d 0 y s 0 , t o 0 i m r 0 e 0 i t m o te m a d n i ) t u : te fa d c ) turers 8 3 5 7 , , 0 2 4 3 3 8 4 3 6 6 , , 4 9 3 0 4 9 3 6 8 9 , , 3 5 4 8 8 0 New orders 56, 095 59,122 66,613 Tires and tubes (number, 000 omitted): F S a il c ic e U P S U S S P S a b r h h t t r n n o o b o o r i i f f c c r p p d i i d i i l c l k k m m c u u l l k e s s e k c c e 2 d e d — t i t a — n n i n i t o o o o t t s s n s c n r r h d l d o e e e s d r r e s s s , , o c c f l l m o o s s o e e n o o t f f h m m o o n n t t h h . .. 8 3 4 8 6 4 1 1 1 1 8 7 3 7 8 7 , , , , , , , , 6 1 6 2 2 6 6 5 9 8 9 3 6 1 5 5 9 2 7 0 7 5 5 8 3 9 7 3 6 2 4 2 2 2 7 2 4 2 2 4 , , , , , , , , 1 2 4 6 0 2 0 8 4 7 8 5 9 8 1 7 6 4 9 7 3 0 1 8 1 9 3 8 2 4 1 1 2 0 7 2 1 4 3 , , , , , , 7 9 5 6 2 3 9 6 8 7 4 6 4 4 1 4 2 3 I P S n o n n l e i e d u S P S P S S P S r m t t r h h r r h t t o o o o o i u i i i a c c p p d p d d r b t k k m m u m u e i u e s c s c c s s c , , e e e - — t t t t n c n n c i i i i o o l l t t t o o r o s s n n s s e n , s , , e e s . d d d . - o . o o o o f f m m m m m e e _ e s s o s o t t t n n i i i c c t c t _ h h . . 3 2 6 4 3 8 , , , , , , 1 3 9 5 0 6 6 0 2 2 3 2 5 4 4 7 0 1 5 7 9 6 3 2 5 4 3 8 , , , , , , 9 4 2 1 7 4 0 5 2 1 2 6 6 5 8 2 9 8 1 3 1 0 3 2 4 8 3 , , , , , 9 5 2 5 3 7 3 6 3 7 7 9 6 9 0 6 1 3 4 ! Not comparable with previous years after September, 1923. Stocks, close of month 185 174 261 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 497 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued April, March, April, April, March, April, 1924 1924 1923 1924 1924 1923 Miscellaneous Manufactures—Contd. Transportation—Continued Automobiles: Commerce at Sault Ste. Marie Canal Production (number)— (tons, 000 omitted) Passenger cars _ __ . .. 336,968 348, 287 343, 793 Total freight 1,610 Trucks. . 34,977 33, 061 36,786 Bastbound 1,063 Shipments— Westbound 547 By railway (carloads) 49,400 54,445 46,102 Driveaways (number) 36,628 41, 555 60, 483 By boat (machines) ... 4,056 495 5,028 BUILDING STASTISTICS Locomotives (number): Domestic shipped - 63 128 201 Foreign completed 10 4 16 Building permits issued in 168 cities, Total. .. . 73 132 217 grouped by Federal reserve districts: Number of permits- Unfilled orders— Boston (14 cities) 4,079 2,562 3,724 D Fo o r m ei e g s n tic- 58 5 6 4 49 4 4 0 2,11 9 1 3 N C Ph l e e i w v la e d Y la e o n l r p d k h ( i ( a 1 2 2 2 ( 1 c c 4 i it t i c i e e i s t s i ) e ) s - ) .... .. .. 1 8 4 2 , , , 1 5 4 9 0 0 5 5 2 2 3 5 0, , , 2 6 7 4 8 9 1 2 9 1 4 7 0 , , , 3 6 6 5 9 3 0 6 0 Total..... 640 534 2,204 A Ri t c la h n m ta o n (1 d 5 ( c 1 i 5 t i c e it s i ) e . s - ) 4 4 , , 0 6 2 9 6 1 3 3 , , 8 7 3 4 2 0 4 3 , , 4 9 3 5 4 4 Vessels built in United States and offi- Chicago (19 cities) 17,131 12,610 15,066 cially numbered by the Bureau of St. Louis (5 cities) .. 3,892 3,110 3,349 Navigation: Minneapolis (9 cities) 2,605 1,721 2,974 120 84 89 Kansas City (14 cities)... 3,614 2,773 3,797 Gross tonnage 36, 510 21, 782 38,972 Dallas (9 cities) 2,842 2,783 2,608 San Francisco (20 cities). -_ . 12, 382 13,662 12,661 Transportation Total 80,364 76,415 75,243 Freight carried by Class I railways:' Net ton-miles, revenue and non- Net r t e o v n e s n p u e e r ( t 0 r 0 a 0 m ;0 . 0 _ 0 om . itted) 36,4 7 2 0 1 3 35, 7 9 0 6 6 2 39, 7 2 0 2 9 2 Va o l m ue i tted of ) — permits, (dollars, 000 Net tons per loaded car 26.6 27.6 27.8 Boston (14 cities) . 13, 910 13, 290 15,407 New York (22 cities). 69, 543 217, 312 71,157 Revenue freight loaded and received Philadelphia (14 cities) 28,052 23,335 28, 781 from connections (cars loaded, 000 Cleveland (12 cities) .. 22,233 23, 511 23,815 omitted): Richmond (15 cities) 16,453 15, 790 25,126 Classified by nature of products- Atlanta (15 cities) _ 11,102 8,114 11,195 Grain and grain products 164 178 160 Chicago (19 cities) 69,650 58, 862 91,738 Livestock 129 132 130 St. Louis (6 cities) 10,170 8,709 8,368 Coal 537 708 735 Minneapolis (9 cities) 5,408 4,231 8,089 Coke.. 48 58 66 Kansas City (14 cities) 9,277 8,353 12, 646 Forest products 330 351 321 Dallas (9 cities) 6,899 8,474 6,573 Ore 90 51 84 San Francisco (20 cities) 34,556 39,361 35, 423 Merchandise, 1. c. 1 1,085 1,086 993 Miscellaneous.. 1,430 1,400 1,435 Total 297,253 429,342 338, 318 Total- _ 3,813 3,964 3,924 Building contracts awarded: Classified by geographical divisions- By Federal reserve districts (dollars, Eastern 928 979 993 000 omitted)— Allegheny 793 836 872 31, 516 28, 973 31, 893 Poeahontas 157 171 156 New York 169, 637 168, 895 96, 267 S N o o u rt t h h w er e n st .. e rn . 5 51 8 3 3 6 51 3 3 3 5 5 8 01 7 Philadelphia 3 4 8 9 , , 8 7 7 8 5 8 .4 2 3 7 , ,0 3 1 1 5 1 3 4 0 8 , , 7 5 8 5 6 3 Central Western 571 569 577 24, 516 25,409 39,364 Southwestern.. 268 263 238 35,303 29,421 20,817 Total „ 3,813 3,964 3,924 Chicago . . . 6 3 6 4 , , 5 75 6 9 2 6 2 0 4 , , 4 8 0 2 6 6 7 2 5 5 , , 2 3 4 4 0 0 Minneapolis _. 11, 347 10,828 17,586 Freight-car surplus (number): Kansas City.. . . 15, 074 12,150 11, 346 Total 309,007 195, 205 13,507 Box 94,984 66,040 4,054 Total (10 districts) 477,377 431, 234 397,192 Coal 180,680 100,982 3,249 Freight-car shortage (number): Total 307 833 46, 601 By classes of construction (square Box 113 362 20, 538 feet, 000 omitted)— Coal 133 240 20,981 Residential buildings 42,009 44,389 39,174 Bad-order cars (total) ! 179,275 172, 748 210, 505 Industrial 4,488 4,225 5,997 Business . . 7,954 10,000 9,561 Vessels cleared in foreign trade (tons, 4,836 4,615 5,849 000 omitted): Hospitals and institutions. 1,042 1,669 672 American 2,469 2,002 2,042 Social and recreational 1,186 1,753 1,736 Foreign ._ .. . 2,839 2,537 2,848 Religious amd memorial 1,420 1,231 1,270 Total 5,308 4,539 4,890 Public 121 240 264 Percentage of American to total 46.5 44.1 41.8 Total (27 States)«... 63,347 68,425 64, 527 1 Figures for March and February, 1924; March, 1923. 2 Condition first of following month. 3 Includes miscellaneous building contracts as well as groups shown Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

498 FEDERAL, EESEBVE BULLETIN" JUNE, 1924- WHOLESALE AND RETAIL TRADE STATISTICS OF THE UNITED STATES WHOLESALE TRADE IN THE UNITED STATES, BY LINES CHANGE IN CONDITION OF WHOLESALE TEADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919=100] Percentage change i G e n e r d n a e - l x c G e r ri o e - s Meat g D o r o y ds Shoes H w a a r r d e - Drugs i s w n a i l t e h s — A a p s r c il o , m p 1 a 9 r 2 e 4 d , 1923 March, April. January 78 75 61 101 57 89 113 1924 1923' February... 76 74 60 95 57 83 107 March 86 81 65 108 82 109 121 April. 79 80 62 86 62 112 106 Shoes—Continued. May. 80 81 64 83 68 118 107 A tlanta district -7.1 -2.5 June 84 88 68 88 64 114 107 Chicago district 26. 1 13.4- July 80 81 66 88 51 100 106 St. Louis district 11.1 -10.9 August 89 86 70 114 69 106 111 Minneapolis district —19. 5 September.. 92 90 75 117 71 106 115 San Francisco district.. -4.8 -11.3 October 97 99 76 112 75 117 129 Hardware: November- 85 93 65 90 59 102 111 United States 5.5 -5.0 December.. 72 76 65 66 48 90 99 New York district .2 -4.4 Philadelphia district... 4.2 — 5. 1 1924 Cleveland district 3.9 -8.8 January 80 79 66 98 47 91 116 Richmond district 4.8 -7,9 February... 78 76 63 99 48 90 110 Atlanta district 2.9 -3.6 March 79 79 62 90 62 101 118 Chicago district 11.5 2.9 April.. 77 78 61 81 65 106 115 St. Louis district 4.9 -6.9 Minneapolis district—. 8.5 -6.9 Kansas City district... 4.2 -9.7 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Dallas district -1.0 9.5 AND DISTRICTS San Francisco district.. -6.5 -10.2 Drugs: United States -2.7 8.1 New York district -6.7 12.3 Percentage change Philadelphia district... -1.9 5.4 in April, 1924, Cleveland district -2.4 6.8 sales as compared Richmond district -5.1 4.4 with— Atlanta district -0.2 8.5 Chicago district -0.0 0.1 St. Louis district .4 5.2 Kansas City district... 1.4 0.2 Dallas district -1.0 21.3 San Francisco district.. 1.0 19.6 Furniture: Groceries: Eichmond district 10.2 23.1 United States -1.1 -2.6 Atlanta district -0.2 -7.3 Boston district 1.4 -3.4 St. Louis district -10.3 -20.8 New York district —6.6 0.2 Kansas City district... 4.4 -16.5 Philadelphia district... -4.8 -3.3 Dallas district -1.9 17.8 Cleveland district 1.6 0.5 San Francisco district.. .1 1.4 Richmond district —0, 2 3.3 Agricultural implements: Atlanta district -5.5 3.3 United States -4.3 -10.7 Chicago district.. 2.6 -6.6 Minneapolis district... -10.9 -5.7 St. Louis district -4.6 -0.5 Dallas district -20.4 83. 2 Minneapolis district.... 2.8 -8.1 San Francisco district . -5.3 5.1 Kansas City district... 4.3 2.4 Stationery: Dallas district . -0.9 15.0 New York district -9.5 5.3 San Francisco district.. 2.6 Philadelphia district.. -6.5 -2.6 Dry U R A N P C C g h i h l e n o t c e l i w i o i a h l v c t a d n e a m e d s Y d g t l : a a e o o o n l S n p d r d d d t k h i a i s i d s t d t d a e t r i r i i s s i s s i c t d c t t r t r r i t i i i s c c c t t t t rict.. . . - - 1 - - - - - 1 9 8 8 7 6 7 2 . . . . . . . 9 7 3 2 1 0 0 — - - - - - - 3 4 5 9 8 1 11 . . . . . . 2 6 0 2 3 8 .1 A M W u e o t n m o A S N N S ' s a a e s t e e n l n n u w w c a ' p l s n F F o p Y Y t r r t c a l h a a i o o l n e n i o d r r n s c c t k k i : g h i i s s s : i t d d c c n r i i o o i g s s c : t t t d r r d i i i i c c s s t t t t r r i i c ct t - - - — - - 1 1 2 -1 3 6 8 1 . . . 1 . 2 9 7 1 .9 -1 - 3 6 1 4 5 . . . . . 7 3 2 4 7 S M t. i n L n o e u a i p s o d li i s s t d ri i c s t trict... -1 -3 7 . . 6 9 -2 -9 0 . . 2 6 Mac N hi e n w e Y to o o r l k s: district -33.2 -49.1 Kansas City district _. -7.2 -12.9 Diamonds: Dallas district 1.9 19.9 New York district -16.8 -22.9 Shoe S s a : n Francisco district. -10.4 -11.5 Jewe N lr e y w : York district -9.8 -4.7 United States. _. 5.8 5.7 Philadelphia district.. —6.9 -9. 5 New York district - 4.7 26.4 Electrical supplies: Philadelphia district.. 20.2 17.4 Philadelphia district.. -7.6 Eichmond district 1.9 2.7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 499 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 Apr. Mar. Feb. Jan. Dec. Apr. Mar. Apr. Mar. Feb. Jan. Dec. Apr. Mar. Department stores 333 132 115 102 110 202 119 124 127 115 127 124 125 115 124 Mail-order houses 4 114 105 96 98 118 103 112 113 91 101 100 97 102 97 29 210 198 199 204 201 180 205 208 184 199 203 193 177 19C Five-and-ten-cent chains. 5 178 163 140 126 331 142 162 187 173 179 174 183 149 171 Drug chains . .. .. 10 145 149 143 141 185 135 145 147 149 150 145 152 138 145 Cigar chains 3 130 136 124 119 193 125 135 136 141 138 136 142 130 140 Shoe chains. _ 6 178 118 93 99 171 125 145 148 123 131 132 132 104 151 4 93 99 97 84 214 99 96 108 107 110 100 114 115 104 Candy chains 4 208 181 166 154 261 159 187 204 188 ' 187 183 177 156 .195 DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919 = 100] Sales without seasonal correction Sales corrected for seasonal variation Number District of re- 1924 1923 . 1924 1923 porting firms Apr. Mar. Feb. Jan. Dec. Apr. Mar. Apr. Mar. Feb. Jan. Dec. Apr. Mar. United States 333 132 115 102 110 202 119 124 127 115 127 124 125 115 124 Boston 24 137 113 101 120 210 128 127 130 114 132 132 131 121 128 New York . . _. 64 135 117 101 118 213 122 124 129 115 125 129 ' "129 116 122 Philadelphia 22 136 120 111 111 203 115 133 120 130 130 122 130 102 145 Cleveland .. . 27 145 124 116 115 210 129 139 139 123 141 123 131 124 138 19 125 105 86 88 188 101 115 119 103 112 109 109 96 113 Atlanta 35 107 94 83 85 168 101 105 102 97 105 104 103 97 108 Chicago .____.. 67 142 122 112 112 208 131 128 139 120 135 132 138 129 127 Minneapolis 23 109 93 74 87 154 114 105 105 96 102 102 106 110 108 Dallas 21 101 94 82 85 158 89 99 104 88 98 99 97 92 93 31 139 134 121 132 236 124 135 143 135 152 148 150 128 136 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919 = 100] Stocks without seasonal correction Stocks corrected for seasonal variation Number District o p f o r r t e - - 1924 1923 1924 1923 ing firms Apr. Mar. Feb. Jan. Dec. Apr. Mar. Apr. Mar. Feb. Jan. Dec. Apr. Mar. United States - - 286 140 138 126 116 123 132 128 136 137 135 130 133 129 127 Boston.. . .. 24 128 128 115 111 123 125 120 125 128 122 ]22 129 122 120 New York 64 134 129 118 112 121 127 123 129 125 124 124 128 123 120 13 161 164 152 133 145 153 148 161 162 162 145 148 152 146 Cleveland . . - . 26 143 138 126 114 123 128 121 140 136 136 132 130 125 120 19 134 134 121 104 112 126 124 131 127 129 123 126 123 117 Atlanta 22 122 123 119 109 107 121 119 121 123 122 121 118 120 119 Chicago ... .. 55 159 160 144 128 140 150 149 152 164 156 142 153 143 152 15 108 109 102 95 98 in 113 107 107 105 108 108 110 110 D S a a l n l a F s rancisco. . . . - 2 1 9 9 1 14 2 8 5 1 1 2 4 6 2 1 13 1 1 8 1 12 0 5 7 1 1 0 2 9 3 1 13 1 6 9 1 1 1 2 5 8 1 1 2 4 6 5 1 14 2 1 6 1 13 2 8 7 1 13 2 6 5 1 1 2 3 9 5 1 1 2 3 0 2 1 12 1 7 5 102881—24t- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

500 FEDEBAL EESEEVE BULLETIN" JUNE, 1924 INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES ENGLAND GERMANY 1924 1923 1924 1923 April March r F u e a b r - y April March February January March i Exports: Production: Iron and its manufactures Coal (thousand long tons) __ 20,840 ' 28,754 22,672 21,264 (metric tons) 134,223 147,029 129,190 143,697 Pig iron (thousand long tons) 618 669 613 652 Machinery and electrical Steel ingots and castings (thou- supplies (metric tons) 26,947 26,695 27,039 36,606 sand long tons) 712 825 749 Dyes and dyestuffs (metric Raw cotton, visible supply2 tons) _- 8,466 7,670 11, 443 (thousand bales) 807 1,033 854 Coal (metrictons) 62,750 68,923 96, 544 34,237 Exports: Imports: Iron and steel and manufactures Raw wool (metric tons) 16,607 19,217 12, 310 8,635 (thousand long tons) 337 331 387 Silk, half manufactured Cotton manufactures (million (metric tons) 447 450 317 278 yards) 381 357 400 320 Cotton (metrictons) 21, 856 28,193 15, 509 10,655 Coal (thousand long tons) __ 5,063 5,190 5,075 6,841 Iron ore (metric tons) 18, 667 43, 877 87,560 148,199 Imports: Coal (metrictons) 980, 012 1, 232, 244 1,086,728 2, 478,238 Raw cotton (million pounds) 42 97 145 63 Raw wool (million pounds) _ 85 115 84 93 Tran R s a p w or h t i a d ti e o s n , w : et (thousand pounds). 5,362 8,500 9,148 4,299 1924 1923 Ships cleared with cargo s (thousand tons) 5,288 5,096 B,974 Freight-train receipts (thousand April March February April pounds sterling) -. 9,270 9,353 Freight-train traffic (million tonmiles) _ 1,714 1,530 Ship arrivals in Hamburg Unemployment: (thousand net reg. tons) 1,382 1,072 1,134 1,319 Among trade-unionists (per cent). 7.5 7.8 8.1 11.3 Unemployment: In insured trades (per cent) 9.7 9.9 10.7 11.4 Applicants for every 100 Index of security prices, Dec, 1921= positions __ 331 545 265 100 _ 115.6 114.2 114.3 119.0 Number receiving State aid- 702,510 1,170,180 1,439,843 222,410 Capital issues (thousand pounds ster- Business failures 139 58 46 45 ling)..- 6,592 21,101 33,180 34,011 Capital issues (billion marks). 2 54.2 2 10.0 64.3 Index of security prices: i 25 domestic stocks, Jantt 1 Five weeks. ary 5, 1923=1 1,299. 5 2, 037. 8 2,398.0 1 End of month figures. 8 Figures include Irish Free State. 1 Last week of month figures; in millions. FEANCE ' In millions of gold marks. CANADA 1924 1923 April March r F u e a b r - y April Production: Production: Pig iron (thousand tons) 78 84 Coal i (thousand metric tons) Crude steel (thousand tons) 104 95 71 93 Pig iron (thousand metric tons) Railway receipts (thousand dollars).. 32,361 35,144 30,429 33,877 Crude steel (thousand metrictons) Unemployment among trade-union- Cotton stocks at Havre3 (thou- ists (percent) 6.7 7.8 4.6 sand bales)-- Business failures (number) '.. 43 56 65 60 Exports: Authorized capital of new companies Total volume (thousand metric (thousand dollars) i 14, 893 9,777 13, 222 19,013 tons). _ Bond sales (thousand dollars) 24, 578 15,153 14, 010 Imports: Security prices, average market price, 12, 255 Total volume (thousand metric 20 industrial stocks 89.5 94.5 100.9 tons).- _ _ Receipts of wheat at Fort William 94.1 Raw cotton for consumption and Port Arthur (thousandbushels) 2,542 7,641 (metric tons) - Receipts of livestock at stockyards in 3,874 Raw silk (metric tons) Toronto and 'Winnipeg: Coal (thousand metric tons) Cattle (number) 38, 572 33,439 44,969 Transportation: Hogs (number) _ 73,325 69, 915 58,771 Ships cleared with cargo (thousand tons) _ Ra fr i a lw nc a s y ) receip . t _ s (thou _ sand March Fe a b ry ru- Ja a n ry u- March Freight-car loadings (average daily number) Exports: Unemployment: Planks and boards (million feet).. 211,334 140,360 121, 959 205,100 Number in Paris receiving aid * Preserved fish (thousand pounds). 15,045 1, 606 10, 519 10,855 Demands for employment not Wood pulp (thousand pounds)-.. 152,159 107,388 111,406 150, 304 filled (number men in France)4. i Wheat (thousandbushels) 13,446 11,770 12, 322 6,614 I Imports: Coal (thousand toas) 2,122 1,420 1,344 1,903 1 Coal and lignite, including Lorraine and the Saar. Raw cotton (thousand pounds) _. 8,101 8,111 13,798 14, 362 2 Excluding the Saar district. Machinery (thousand dollars) 2,810 1,767 1,919 2,938 3 Bale of 50 kilos. End of montb figures. 4 End of month figures. * Five weeks. i Average for weeks reported. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDEBAL KESEBVE BULLETIN 501 FOREIGN TRADE OP PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] [Thousands of dollars] 1924 1923 1924 1924 1923 Cumu- Cumu- Cumu- Cumulative lative lative lative through through through through April March last last April March last last month month month month noted notod noted noted IMPOETS France (million francs): By classes of commodities: Imports _ 3,292 3,623 13,516 9,505 Total 324,427 320,616 1,273,088 1,394,847 Exports 4,027 4,355 14,999 9,002 Crude materials for manu- Netherlands (million guilders): facturing 110,558 102,157 435,671 553,928 Imports 190 187 740 670 Foodstuffs in crude condition. 35,318 132, 952 128,374 Exports 136 132 510 390 Foodstuffs partly or wholly 34, 465 United Kingdom (thousand £ manufactured 58,652 223,295 201,186 sterling): Manufactures for use in man- 67, 294 Imports - 86,166 103,729 387,858 360,123 ufacturing 64,609 235,466 258,061 Exports 62,867 61,103 256,180 248,241 Manufactures ready for con- 56,175 Reexports 11,771 12,701 51,013 41,135 sumption 64,103 59, 014 239,027 248, 432 Canada (thousands of dollars): Miscellaneous . 1,189 1,511 7,681 4,867 Imports 60,203 i 86,922 275,827 293,456 By countries: Exports 49,518 i 93,815 281,820 256,396 Total Europe ___ 83,970 85,799 356,666 419,940 India (million rupees): France 12,731 13,264 50,390 53,413 Imports 203 193 804 805 Germany 9,604 9,952 43,517 52,904 Exports 307 414 1,402 1,246 Italy _ _ 7,199 5,502 24,293 33, 573 Italy (million lire): United Kingdom 28,893 28,460 122,723 159,684 Imports.. 1,564 1,518 5,815 5,516 Total North America 94, 395 114,344 382,820 365,923 Exports 1,198 1,217 4,358 3,157 Canada _ 33,178 35, 749 133,893 127, 842 Japan (million yen): Total South America 34,528 43,974 152,894 182, 967 Imports 248 306 1,062 Argentina 7,444 11,359 28,919 51, 021 Exports. 148 120 484 490 Total Asia and Oceania 104,501 66, 619 346,780 379,852 South Africa (thousand £ ster- Japan. _ . 24,728 16,134 101,802 115,168 ling): Total Africa... _ 7,033 9,880 35,931 46,164 Imports 6,737 4,941 20,530 16,720 EXPORTS Exports 5,006 5,664 25,009 23,440 By classes of commodities* Sweden (million kronor): T C o ru ta d l e . materials for manu- 346,859 339, 674 1,447,863 1,309, 243 I E m x p p o or r t t s s 1 1 3 7 9 4 90 4 1 2 4 3 3 237 facturing _ 80,620 85,436 412,667 330,323 F F o o m o o d d a s s n t t u u u f f f a f f s s c t i u n p r a e c r d r t u ly d e o c r o n w d h it o io ll _ n y . 1 4 3 2 , ,6 3 8 3 1 6 4 1 9 4 , , 8 9 2 6 5 8 2 5 0 6 4 , , 0 1 2 1 3 2 206,374 March Fe a b ry ru- Manufactures for use in manufacturing 50,980 50, 059 206,040 178, 512 Manufactures ready for eon- Belgium and Luxembourg (milsumption _ 147,574 130, 597 533,532 478,291 lion francs): By c M R o e u i e s n x c t p e ri l o e l r a s t : n s eous... 11,2 4 1 5 4 4 8,1 6 6 2 3 6 3 2 3 , , 4 0 1 5 2 3 24 2 , , 4 8 1 4 4 3 Den E I m m x a p p r o o k r r t t ( s s million kroner): 1 1, , 3 6 4 1 6 9 1 1, , 0 4 8 3 2 8 4 3, , 2 3 9 92 4 2 1 , , 7 7 2 8 1 6 T T T o o o t . t t a a a I U C F A G l l l t r a a n r e S N a E g l r n i n o y t u m e o a e c u n r r d d a e o t t t h n h i a p n K y . e . a A A in m m gd e e r r o i i c c m a a __ I""" 1 8 4 2 3 6 1 1 8 8 5 4 2 5 5 9 0 , , , , , , , , 7 8 7 1 2 9 3 2 0 7 1 2 7 1 1 0 6 4 1 0 8 5 9 6 1 2 2 3 5 8 4 1 6 3 9 8 5 6 1 6 3 9 , , , , , , , , , 2 9 8 1 1 4 2 2 9 9 8 7 6 2 1 4 2 9 9 5 9 7 7 7 7 2 4 7 2 3 ] 1 S 8 6 9 3 8 5 1 5 3 0 C 4 4 1 3 6 9 , , , , , , . , . 8 7 8 1 6 0 7 2 9 6 2 8 2 1 8 4 9 9 8 0 5 5 5 7 8 8 4 6 2 3 2 1 7 8 7 5 3 3 0 7 0 0 7 8 6 0 7 9 3 1 , , , , , , , , , 0 6 9 1 8 4 8 4 2 8 8 1 3 3 5 6 4 3 3 4 4 9 1 1 8 5 3 N G o e r rm w I I I E E E m m m x x x a a y n p p p p p p o o o o y o o ( r r r r r m r t t t t t ( t s s s s s m s i . l . l i . i l . o li n o n k r g o o n - l . e d r - ) m : art - s — ): 4 1 1 1 5 4 9 7 7 1 5 2 4 7 1 1 1 7 6 1 0 6 6 8 6 9 5 9 7 1 1, , 3 9 3 2 5 4 5 7 4 2 2 8 4 9 6 3 9 7 1 1 , , 4 3 5 1 1 7 7 1 0 9 7 5 6 3 8 Total Asia and Oceania 49, 287 56, 635 251,096 194, 211 Australia (thousand £ sterling): Japan.._ 13,953 21,629 104,056 73, 585 Imports. 11,155 12,053 36,763 33, 882 Total Africa I. 7,382 4,381 24,253 21, 034 Exports 13,715 15, 612 39,939 36,121 The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreign tradeof 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 RBSEHVB BULLETINS for July, 1920, and August, 1921. FOREIGN TRADE INDEX INDEX OF OCEAN FREIGHT RATES [1913-100] [January, 1920= 100] 1924 1923 1924 1923 April March Fe a b ry ru- Ja a n ry u- April May April March Fe a b ry ru- May Imports: United States Atlantic ports Total 224.9 195.3 222.7 182.2 244.1 to- R P C r a o o w n d s u u m c m e a r e t s e r ' r s g i ' a o g l o s o d o s d s ... . _ .. _ 3 1 1 4 5 6 3 6 9 . . . 9 0 1 2 1 16 6 5 5 9 1 . . . 1 4 3 3 1 1 2 6 6 3 8 5 . . . 0 7 1 1 2 1 4 3 6 9 3 8 . . . 4 1 4 2 3 2 1 1 0 1 2 3 . . . 1 4 6 U N Fr n e e t i n h te c e d h r l a K A n i t d n la s g n d t o i a c m nd Bel- 2 2 8 6 . . 4 7 2 26 8 . . 1 S 2 2 9 5 . . 6 9 2 2 9 5 . . 9 3 2 2 2 3 . . 3 7 Exp T o R P C r r o a o t o t w s n a d : s l u u m c m e a r e t s e r ' s r ' g i g a o o l o o s d . d . s . s _ 2 1 9 6 0 2 6 1 3 2 . . . . 2 7 1 1 1 1 9 6 2 5 0 9 9 5 . . . . 4 1 3 8 1 1 9 7 3 8 8 4 4 4 . . . . 1 4 7 9 1 1 1 G 7 0 4 2 9 1 2 . . . . 3 0 9 2 1 1 8 5 4 3 3 9 1 0 . . . . 6 1 9 5 M S A c l g e a l i d n u E i d m t u e in r r o r a a v p n i e a e . a n _. 2 2 2 2 5 1 3 5 . . . . 4 3 5 7 2 2 2 2 3 4 0 5 . . . . 7 5 5 3 2 2 2 2 1 3 0 4 . . . . 1 8 5 8 2 2 1 2 5 3 9 5 . . . . 0 4 9 8 ' 2 2 2 2 1 0 2 2 . . . . 0 9 3 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

502 FEDERAL, RESERVE BULLETIN' JONE, 1924 FINANCIAL STATISTICS OF PRINCIPAL FOREIGN COUNTRIES ENGLAND . CANADA [Millions of pounds sterlingl (Millions of dollars) 1924 1923 1924 1923 March Fe a b r r y u- Ja a n ry u- March Febru- April March ary April Chartered banks; Gold coin and bullion * 54 54 54 68 Current loans and discounts 1,186 1,173 1,177 1,220 Bank of England: Money at call and short notice... 313 300 289 292 Nine T G B M C o a u L o o t n l r o n a d r k n e l e a n d y d n n c o o e a d y n p t t e o s n c s c i s l o a l e i i v t l n t a e l e s r s r . a c i . n , n i a r g c d n c o d b u i s n a l h a c n o a t e k r i n r o t s t d : i n n f ' b o lc t u i a c l t l e e io s. n .. . 2 1 1 1 9 2 0 5 0 2 3 5 2 1 1 1 9 8 2 5 0 4 2 7 5 3 1 2 1 1 9 2 5 7 0 2 4 5 7 3 2 1 1 1 1 8 2 0 0 5 4 3 0 0 5 G D Ba o o n l m d N I P k n i u n r o d c e b i t l i o s e e l v e n i a i c r c r d v i i n a u r n e o c n g a u a t d l s e g l a d 2 a r c t a e i i i n . o i p r l . c s o n w t u s a l i D a t y s t o io s m e n c in u i r o it n ie n s otes. 2 1, , 1 0 4 2 1 5 2 9 1 7 7 4 3 9 7 0 1 2 1 , ,2 0 4 2 1 1 7 0 2 6 6 0 2 0 7 5 3 2 1 1 , , 3 9 4 2 1 1 8 9 3 3 5 0 7 3 6 1 7 3 2 1, , 1 0 3 1 2 1 9 0 2 8 4 7 9 8 6 5 3 3 Discounts and advances 1,015 1,009 1,032 994 Tota I T l n o v c t l e a e s l a t r d m i e n e p g n o s t s s i ts _ _ 3 1 , ,6 4 3 1 5 3 5 4 2 3 1, , 6 3 3 0 7 3 3 9 6 3 1, , 6 2 3 3 0 4 3 5 1 3 1, , 3 3 6 3 2 0 9 7 6 ' Not including gold held F R ab A ro N a C d. E 3 Total for month. Government floating debt: (Millions of francs) Treasury bills .... 545 628 589 T T e o m ta p l o fl r o a a r t y i n a g d v d a e n b c t e . s _ 2 7 1 5 0 5 1 77 8 4 6 1 7 6 9 9 7 2 79 0 0 1 1924 1923 Index number of foreign exchange value of the pound sterling 123.5 127.7 127.6 124.0 April March Fe a b r r y u- April i Less notes in currency note account. Bank of France: 3,678 3,677 3,677 3,672 ITALY S W il a v r e r a d re v s a e n r c v e e s to the Government 22, 2 7 9 0 9 0 22, 2 7 9 0 8 0 23,1 2 0 9 0 8 22, 5 2 0 9 0 2 [Millions of lire] Note circulation . 39 2 , , 4 8 3 2 7 4 39 3 , , 2 9 4 5 2 0 39 2, , 3 3 3 4 1 5 3 2 6 , , 1 5 1 4 6 8 Clearings, daily average of Paris banks 1,386 1,794 1,490 761 Savings banks, excess of deposits (-1-) 1924 1923 4-10 + 8 + 18 -22 Price of 3 per cent perpetual rente 54.00 55.32 56.60 57.70 March Fe a b ry ru- Ja a n ry u- March 1 Not including gold held abroad. JAPAN (Millions of yen) Banks of issue: Gold reserve 1 1 , , 1 8 2 3 6 2 1 1 , , 8 12 3 2 8 1 1 , , 1 8 2 3 0 2 1 1 , , 1 9 2 8 9 3 Bank R e o s f e r J v a e p a fo n r : notes J 1,061 1,061 1,058 1,056 Loans and discounts... 7,264 7,484 7,569 8,478 Loans and discounts 527 501 469 279 Note circulation for commerce 9,212 8,852 9,019 9,004 Advances on foreign bills 126 202 192' 105 Note circulation for the State 7,607 7,749 7,750 8,031 Note circulation 1,333 1,347 1,349 1,236 Total deposits ... 2,763 2,517 2,573 2,488 Government deposits 479 511 471 501 Leading private banks: Private deposits 36 46 39 30 Cash.. 775 Tokyo banks: Loans and discounts 9,163 Cash on hand 117 127 106 142 Due from correspondents... . 3,597 Total loans. 2,467 2,449 2,451 1,999 Participations- 229 Total deposits 1,839 1,838 1,820 1,851 Total deposits 12,363 Total clearings 2,318 2,228 2,300 3,077 Index of security prices . 203. 39 196. 29 182.16 140. 30 1 Gold abroad, gold coin and bullion in Japan. DISCOUNT RATES OF CENTRAL BANKS [Prevailing rates with date of last change] Country Rate I s n in 6 c 3 e— ect Country Rate I s n in e c f e f — eet Country Rate I s n in e c f e f — ect Country Rate I s n in e c f e f — ect P.ct. P.ct. P.ct. P.ct. B A e u l s g t i r u ia m 12 J J u a n n e . 2 5 2 , , 1 1 9 9 2 2 4 3 E Fi s n th la o n n d ia ? J M an a . r . — 6, , 1 1 9 9 2 1 4 9 J It a a p l a y n 8 5 .0 1 3 J N u o ly v . — 11, , 1 9 1 2 92 2 3 P R o u r m tu a g n a i l a .. 9 6 S S e e p p t t . . 1 4 2 , , 1 1 9 9 2 2 0 3 Bulgaria 3 June 14,1919 France _ 6 Jan. 17,1924 Latvia 8 Feb. 16,1924 South Africa 6 Dec. 29,1922 Czechoslo- Germany •10 Dec. 23,1923 Lithuania.. . 6 Sept. 27,1922 Spain 5 Mar. 23,1923 D En e v g n a l m k a i n a a d rk 6 4 7 J J M u an l a y . y 2 1 5 8 7 , , , 1 1 1 9 9 9 2 2 2 4 3 4 I H G n u r d e n i e a g c a e ry 7 1? J J M u an l a y . y 2 2 1 9 5 , , , 1 1 1 9 9 9 2 2 2 4 3 3 N N Po o e l t r a h w n e a d r y lands 9 • 5 6 7 J J N a a o n n v . . . 2 2 1 4 5 0 , , , 1 1 1 9 9 9 2 2 2 4 4 3 S S Y w w u e g it d o z e s e n l r a l v an ia d . . . ? 6 J N J u u o n ly v e . 2 1 9 3 4 , , , 1 1 1 9 9 9 2 2 2 2 3 3 1 On Reniteamark and stable currency loans. Changes.—Czeeaoslavakia, May 28, from 6| to 6 per cent; India, May 29, from 8 to 7 par cent; Austria, June 5* from 9 to 12 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL EESERVE BULLETIN 503 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES In April the Federal Reserve Board whole- gold basis were advancing rapidly. The allsale price index for the United States declined commodity index rose 20 points to 137, at which 2 points to 158. In Canada, prices declined 4 figure it was still below the level of most other points to 143; in France 55 points to 428; in countries, but was 30 points, or 28 per cent, England they rose 1 point to 181, and in Japan above the figure for January and February. 1 point to 201. On a gold basis, however, On the same basis, all the groups rose, the British prices rose 4 points to 162, a figure smallest advances occurring in those groups 4 points above the American index, a situation where the declines in currency prices were which has not occurred since the spring of greatest, namely, imported and exported goods, 1922. the former rising only 8 points to 153 and the Owing to the recent movements of the ex- latter 11 points to 138. change, French prices in April fluctuated vio- As a result of these movements, the disperlently. The all-commodity index, which had sion between the groups has been greatly rebeen rising almost continuously from 303 in Feb- duced. In February, for example, imported ruary, 1922, to 483 in March, 1924, fell 55 points, goods were 152 points above domestic goods. or nearly 12 per cent in April. The decline in In March this difference had narrowed to 136 the two groups most directly affected by the points and in April to 61. On a gold basis, exchange rate was even more extreme, imported the dispersion in March between the highest goods falling 117 points, or nearly 20 per cent, groups, imported goods (145), and the lowest and goods exported 91 points, or 17 per cent. fro up, domestic goods (112), was 33 points, At the same time, French prices reduced to a n April it was 20 points. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES 1913 = 100 ON PAPER CURRENCY BASIS CONVERTED TO GOLD BASIS 400 350 300 250 200 Conodc 100 1920 1921 1922 1323 1924 1920 1321 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

504 FEDERAL RESERVE BULLETIN JUNE, 1924 The tables below give the all-commodities converted to a gold basis. The latter figure and group index numbers of wholesale prices in takes into account the depreciation of the the five countries included in the Federal Re- foreign currency in terms of the American serve Board's indexes. In the first table the dollar (or gold) and the series indicates relaall-commodities index for each country is tive price levels in the several countries when shown both in terms of paper currency and all prices are expressed in dollars. FEDERAL RESERVE BOAED 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 ed s England France Canada Japan 1913, average _ . _ 100 100 100 100 100 100 100 100 100 100 211 241 207 235 211 219 198 241 1920, average 239 310 512 2S0 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 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 May 167 173 386 155 187 167 164 133 152 184 164 171 394 153 186 164 162 129 150 183 July 159 168 391 151 183 159 158 119 147 179 159 164 391 150 179 159 154 115 146 176 September .. 163 165 404 149 190 163 154 123 145 186 October 163 166 404 147 196 163 154 125 145 192 163 171 416 145 199 163 154 119 142 193 December .. . . 163 177 427 144 205 163 159 116 140 193 1924 January . .. _ 163 178 445 146 205 163 156 108 142 185 163 180 469 148 200 163 160 107 144 182 March . . .. 160 180 483 147 200 160 158 117 143 172 April .. . 158 181 428 143 201 158 162 137 140 165 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 o ie m d s i - - t R e m r a i a a w - ls d g u P o c r o e o 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 o i m e d s i - - te E m r a i a w a - ls d g u P o c r o e o d r - s s' g s C e o u o r o m s n d ' - - s g m D o t o i e o c s d - - s p g o I o m r o t d - e s d g p o o o r d t s UNITED STATES TRANCE—COntd. 1924 A D p e r c i e l mb 1 e 9 r 23 1 1 7 6 0 3 1 1 8 6 1 7 1 1 6 5 9 7 1 1 5 6 8 2 1 1 7 6 2 5 1 1 5 4 5 8 1 1 8 9 6 9 J F M a e n a b r u r c a u h r a y ry 4 4 4 8 5 3 4 4 4 5 8 7 9 3 8 4 5 8 0 5 7 4 4 4 1 5 7 7 3 4 4 4 4 2 6 4 4 0 3 5 5 5 4 9 9 8 6 5 4 5 5 8 2 2 9 4 2 1924 April... 428 429 446 421 418 479 433 January 163 156 160 165 143 196 February 163 158 157 164 148 189 March 160 166 158 154 161 146 179 1£23 April 158 165 155 151 159 141 182 April 156 143 168 170 153 173 152 December.. 144 126 168 161 139 165 131 1924 1923 January 146 128 166 166 143 166 133 April 175 180 161 180 176 170 191 February... 148 131 168 168 146 167 135 December-. 177 179 168 183 175 184 187 March 147 129 167 168 145 166 132 April 143 126 164 162 141 159 130 1924 January 178 178 177 179 186 February... 180 182 167 191 180 182 185 1923 M Ap a r r i c l h 1 1 8 8 0 1 1 18 8 6 3 1 16 6 9 7 1 1 8 8 7 7 1 1 8 8 3 0 1 17 7 8 8 1 18 8 8 5 A D p e r c i e l mber.. 1 2 8 0 5 5 1 2 9 1 2 3 201 1 2 8 0 0 1 1 2 8 0 5 5 1 2 8 0 6 5 2 2 1 1 4 1 FRANCE 1924 January 205 222 203 204 211 215 1923 February... 200 214 202 192 199 205 211 April. 390 419 424 335 384 420 403 March 200 211 203 193 200 199 207 December. 427 442 456 395 410 509 460 April 201 226 191 199 214 198 ' 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

JUNE, 1924 KESEKVE BULLETIN" 505 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 n o t g d t h h - s l F i a i g n u n h g e d t l - M m p u a r e e c n o t t t d d a a s l - l s B m r u i i n a a il g t l d e s - - C d i a r c h n u a e d g l m s s - g H n f o i i u o n s o r u 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 o n a t d i s l - - F p u o r c r o e t d s s - t p M u e r c r o i a t n d s l - - m T r r i a o a a w t t l a e s l - g d P e o u r r o o s c d ' - - s g s C e o u o r o m s n d ' - - s 1922 average 149 133 138 181 218 122 168 124 176 117 145 126 185 207 168 128 161 1923 average 154 141 144 200 185 144 189 131 183 123 168 122 210 185 159 141 156 1923 April 159 141 144 205 200 154 204 136 187 126 172 123 232 198 166 150 157 October 153 144 148 199 172 142 182 129 183 120 172 122 197 171 155 139 159 November-. 162 146 148 201 167 141 181 130 176 118 179 115 196 167 154 138 159 151 145 147 203 162 142 178 130 176 116 181 115 191 165 153 136 158 1924 January 151 144 143 200 169 142 181 132 176 117 182 115 194 170 155 136 156 February 152 142 143 196 180 143 182 131 176 114 ]76 116 195 177 156 139 154 March 160 137 141 191 181 144- 182 130 175 113 165 118 194 179 154 137 153 April . 148 139 137 189 179 139 182 128 175 113 166 119 195 174 154 135 151 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [Pre-war=100J England Year and month g B iu e m l- g B a u ri l a - C v z a s e l k o c i - h a o- m D a e r n k - Bo o a f rd Statist France S G t F B a e e t u r d i m r s e e t a r i a a c n u l a y l ; Italy N la e e n r t d - h s - ( ti C N w a h n o a r i y r a i - s ) - Poland Trade 1923 Gold basts April 480 2,757 1,032 200 162 158 415 89.5 156 231 1,058, 920 May 474 2,613 1,030 204 160 156 407 71.9 149 233 1,125,350 August 529 2,292 959 207 155 147 413 85.8 '567 142 231 5,356,943 September. 514 2,265 958 202 158 150 424 101.7 569 145 234 7,302, 200 October 515 974 206 .158 150 421 117.9 563 148 237 27,380, 680 November. 631 2,412 965 207 161 156 443 139.0 671 153 242 68, 642, 700 December.. 545 2,597 984 210 163 157 459 126.2 577 154 244 142, 300,700 1924 January... 2,711 991 210 165 161 495 117.3 571 156 250 252,610,900 February. 642 2,658 1,028 223 167 163 544 116.2 573 158 260 248, 429,600 March 625 2,612 1,036 227 165 161 499 120.7 579 155 266 245,278, 000 April 2,798 1,022 228 165 161 450 124.1 579 153 267 242,320,000 May 1,015 225 263 EOROPE—continued NORTH AMERICA ASIA AND OCEANIA Year and month Spain' Sweden Sw la it n z d er- U S n ta i t t e e s d Canada Au l s ia tra- (S C 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 t d a t i a l a - ) (T Ja o p k a y n o) Ze N a e la w nd ( E C g a y ir p o t ) A So fr u ic th a 1923 April 174 168 186 159 157 166 158 178 196 174 133 126 May __ 171 166 187 156 155 170 158 177 199 176 114 August 171 162 175 150 154 175 153 191 171 190 175 120 September... 174 162 173 154 155 172 157 193 174 210 177 123 October 171 161 181 153 163 171 156 194 174 212 176 129 125 November... 173 160 182 152 153 173 167 197 177 206 175 134 December 176 160 183 151 154 174 158 207 179 210 173 136 1924 January 178 161 151 157 174 156 205 172 211 175 133 131 February 180 162 183 152 157 170 160 205 178 180 135 March 180 162 180 150 154 167 158 179 206 180 136 April 184 161 182 148 151 166 154 174 207 134 May __. 181 154 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 tor 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. Further information as to base periods, 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 BULLETDJ. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

506 FEDERAL RESERVE BULLETIN JDNE, 1924 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES [Pre-war=100] 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 P g n B r i c u e o e l m v - s - ) C v o z a s e l k o c i h - a - to E l (6 a w n 0 n g n 0 d - s) F (P r a a r n i c s e ) c m G i ( t a 7 i e e n 1 r s - y ) Italy N c la i e t e n i r t e d - h s s - ) to N w w (3 o a n 1 r y - s) ( S M r p id a a ) i d n - d to S e w n w n e ( - s 4 ) 8 to S l z a w w ( e 3 n r n i 3 d - t s - ) c C i a ( t a d 6 ie n a 0 s - ) t t o A r w ( a u 3 l s n 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) t A S o o w f ( r u 9 i n c th s a ) INDEX NUMBERS OF RETAIL FOOD PRICES 1923 « Ooldbasis Apr 1401, 293, 500 96 168 320 530 149 212 158 143 146 150 142 117 May... 140 1,391,000 96 162 325 535 147 214 161 140 148 148 143 118 141 1, 413, 200 98 160 331 531 145 213 165 138 162 146 142 118 July. 1441,291,100 103 162 321 518 145 218 164 137 164 148 142 116 Aug... 143 1, 233,500 109 165 328 143 220 162 142 165 149 143 115 Sept 146 1, 250,900 116 168 339 142 218 163 141 161 149 145 115 Oct.... 147 1, 263, 600 117 172 349 145 217 162 144 157 147 146 117 148 1, 264, 700 121 173 355 149 221 166 144 156 147 147 120 Dec... 147 1, 286, 000 124 176 365 151 149 226 167 146 156 152 147 118 1924 Jan 146 1,352,700 126 176 376 127 150 230 168 145 155 154 150 120 Feb 144 1, 382,100 130 177 384 117 151 239 167 145 153 151 149 122 Mar... 141 1, 393, 000 128 176 392 120 152 241 167 143 152 147 150 122 138 1,383, 800 121 167 380 123 152 240 165 137 150 143 122 May 1, 416, 900 163 241 133 143 1 INDEX NUMBERS OF COST-OF-LIVING 1923 (!) 155 1, 089,700 409 927 174 492 180 163 160 150 155 143 131 May 1561,144,000 413 928 170 490 178 161 163 147 153 144 131 1561,151,300 419 933 169 334 491 174 236 170 161 166 146 151 145 131 July 1571, 090,300 429 921 169 45 487 172 160 166 146 153 145 130 Aug 156 1,049,600 439 892 171 54 483 178 161 164 148 154 146 130 Sept.._. 157 1,084,100 453 903 173 331 64 487 173 230 178 165 164 148 154 147 131 Oet 158 1,102,700 458 901 175 61 502 174 165 164 149 152 148 132 Nov 157 1,114,900 , 463 898 175 126 502 177 164 167 150 153 148 133 Dec 158 1,124,900 470 909 177 345 125 499 178 231 182 164 168 150 157 149 133 1924 157 1,174,000 480 917 177 110 510 178 163 169 150 158 150 133 Feb 156 1,194,000 495 917 179 104 517 190 162 168 149 156 151 134 Mar.... 156 1,199,600 510 908 178 365 107 521 179 236 176 162 168 148 153 152 134 Apr 154 1,197,700 498 907 173 112 170 159 166 145 150 134 May 1,220,900 485 171 143 150 i New series; 1921=100. * Massachusetts Commission on the Necessaries of Life. 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

, 1924 FEDERAL BESERVE BULLETIN 507 BANKING AND FINANCIAL STATISTICS CONDITION OF FEDERAL RESERVE BANKS EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENT- AGES FOR APRIL AND MARCH, 1924 [Daily averages. Amounts in thousands ot dollars) Total earning assets Total cash reserves Total deposits Federal reserve notes Reserve percentages in circulation Federal reserve bank April March April March April March April March April March Boston _ 61,127 67,057 293,694 , 279,918 132,547 128,736 207,374 204,784 86.4 83.9 New York . _ __ 186,515 179,712 963,788 987,148 746,270 748, 764 361,463 371,461 87.0 88.1 Philadelphia 75,619 82,409 271,422 260,990 119,173 116,490 205,759 204,319 83.5 81.4 Cleveland- .. . . _. . . 98,976 92,516 313,052 322,109 166,826 166,876 224,795 226, 663 79.9 81.8 66, 564 62,441 86, 766 94,645 64,196 64, 042 81,491 85,467 59.6 63.3 Atlanta 52, 616 61,148 146,948 132,442 60,724 60,441 139,405 133,792 73.4 68.2 Chicago 129,192 126,242 500,716 525,090 301,921 293, 953 305,272 335,169 82.5 83.5 45, 520 46, 217 103,600 104,231 73, 795 72, 920 66,849 69,145 73.7 73.4 Minneapolis .. .. . .. 38, 226 34, 031 82,474 87,045 50,126 50,023 66,686 67,223 70.6 74.2 Kansas City 48,098 48,044 101,208 .102,342 79, 738 79,870 64,116 64,452 70.4 70.9 Dallas 50, 240 60,206 54,942 46,655 55,035 56, 684 43,796 44,344 55.6 46.2 San Francisco. . . 87,800 91,751 283,153 280, 262 154,040 152,267 204,178 206, 696 79.0 78.1 Total: 1934 940,493 951, 774 3, 201, 763 3, 222,877 2,004,391 1, 991,066 1, 971,184 2,013,515 80.5 80.5 1923 1,164, 606 1,178,919 3,176, 630 3,190, 625 1,944, 805 1,960, 540 2, 236,378 2, 253,189 76.0 75.7 1922 1,190,004 1,191, 013 3,114,928 3,095,762 1,822,788 1,794,895 2,190,447 2,195,131 77.6 77.6 1921 2, 527,253 2,735, 784 2, 485,079 2,403,470 1,749,568 1,808, 529 2,870, 645 2,979,486 53.8 50.2 1920 3,191,945 3,211,936 2,084,077 2,058, 293 1, 998, 732 2, 032,787 3,071,754 3, 040,440 '43.0 142.7 1919 2, 341, 724 2, 318, 422 2, 224,948 2,202, 368 1,878,879 1, 951, 752 2, 547, 535 2, 503, 350 "52.0 151.6 i Calculated on basis of net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, APRIL 23 TO MAY 21, 1924 RESOURCES [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 Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F S ra an ncisco Gold with Federal reserve agents: April 23 2,047,470 195,367 585, 695 188, 382 204,338 38,130 113, 663 300, 311 63,762 58, 596 53,449 26, 787 218,990 April 30 2,088, 317 197,420 635, 651 187,024 204,702 36,108 111, 496 300, 245 62,718 56, 253 54,760 32,151 209,789 May 7 2,110,776 204,302 635, 580 192,971 202,767 39,404 115, 264 300,153 63,940 61,460 53,875 41,437 199, 623 May 14 2,135, 212 205, 444 635, 527 189, 834 202,419 37, 558 117, 670 300,123 63, 685 61, 515 58, 533 40,419 222, 485 May 21 2,113,340 202,195 635, 475 190,096 202, 639 35, 786 116, 143 280,044 64,384 57, 480 38,329 229, 881 Gold redemption fund with U. S. Treasury: April 23 55,971 7,817 9,187 3,303 3,307 6,972 3,109 1,478 3,717 1,876 2,372 April 30 50, 749 4,838 7,357 10, 890 1,391 6,797 2,787 5, ,775 3,583 1,471 1,972 1,761 2,127 May 7 39, 755 7,062 5,604 2,358 1,802 2,192 3,324 4, 720 2,784 1,939 2,415 1,938 3,617 May 14 35, 911 4,931 3,690 5,267 2,668 2,580 2,114 3,485 2,426 1,522 2,267 1,345 3,616 May21..»_ 36, 216 7,215 1,956 7,709 871 2,669 2,940 2,443 3,210 778 2,832 1,270 2,023 Gold held exclusively against Federal reserve notes: April 23 2,103,441 203,184 594,882 195, 246 207, 641 44,099 116, 970 307, 283 66,871 60,074 57,166 28,663 221,362 April 30 2,139,066 202, 258 643, 008 197,914 206,093 42,905 114,283 306,020 66, 301 57,724 56,732 33,912 211,916 May 7 2, 150, 531 211, 364 641,184 195,329 204, 569 41, 596 118, 588 304,873 66, 724 63,399 56, 290 43, 375 203, 240 May 14... 2,171,123 210, 375 639, 217 195,101 205,087 40,138 119, 784 66, 111 63,037 60,800 41,764 226,101 Mlay21 2,149, 556 209,410 637,431 197, 805 203, 510 38,755 119, 083 282,487 67, 594 61, 666 60,312 231,904 Gold settlement fund with Federal Reserve Board: April 23 623,182 62,278 207,089 26,842 78,240 25,406 9,115 112,156 13, 686 8,166 28,891 15,175 36,138 April 30 610, 622 62, 895 204,027 29,549 80, 706 28,861 10, 715 100,181 14,704 10,165 29,726 10,022 29,071 May7 601, 766 57,734 157,993 35,715 88,135 31,757 16, 712 84, 531 22,181 11,078 33,248 56, 614 M:ayH.- 578,914 54, 998 152, 713 35. 592 88,713 33,445 17, 440 97,660 22,127 6,783 30,886 5,245 33,312 May 21 t. 595, 676 56,962 171, 569 27,911 81, 565 32,198 118,881 22,429 4,544 30, 282 8,025 32,211 Gold and gold certificates held by banks:1 April 23._ 387, 267 18, 380 189, 603 40, 786 12,583 6,026 7,107 53,65S 7,064 9,532 3,679 10, 447 28,405 April 30 370, 701 18,015 171,897 39, 698 12, 492 5,740 7,140 S9,775 7,446 9,633 3,665 6,596 May 7 377, 309 18,452 176, 226 37, 767 12, 528 6,152 7,228 7,652 9,629 3,732 6,570 29,325 May 14 388,439 18, 780 183, 844 35,051 12,264 6,580 7,349 66,862 7,636 9,685 3,833 6,799 29,756 May 21. 392,934 19,155 184, 550 34,581 18,391 7,004 7,476 63,359 7,936 9,605 3,910 6,863 30,104 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

508 FEDERAL RESERVE BULLETIN JUNE, 1924 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, APRIL 23 TO MAY 21, 1924—Contd. 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 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 - Total gold reserves: April 23 3,113,890 283,842 991, 574 262,874 298,464 75, 531 133,192 473, 094 87, 621 77, 772 89, 736 54, 285 285,905 April 30 5,120,389 283,168 018,932 267,161 299, 291 77, 506 132,138 465, 976 88,451 77, 522 90,123 50, 530 269, 591 May 7-_ 1,129, 606 287, 550 975,403 268, 811 305, 232 79, 505 142, 528 451, 452 96, 557 84,106 93, 270 56, 013 289,179 May 14 i, 138,476 284,153 975, 774 265,744 306,064 80,163 144, 573 463,130 95, 874 79, 505 95, 519 53, 808 289,169 May 21 i, 138,166 285, 527 993, 550 260, 297 303,466 77, 957 135, 658 464, 727 97, 959 75,815 94, 504 54, 487 294, 219 Reserves other than gold: Apr. 23 100,937 9,523 26,628 2,617 5,505 4,954 10, 825 9,600 15, 063 1,341 3,997 6,557 4,327 Apr. 30 102,220 11, 025 24, 453 2,177 6,246 5,168 10,889 11, 563 14,627 1,190 4,204 6,570 4,108 May7 102,502 11, 551 24, 072 2,639 6,184 4,596 10, 433 11, 598 15, 091 1,259 4,428 6,441 4,210 May 14. 102, 810 11, 528 23,994 2,832 5,984 5,030 10,720 12, 526 14,078 1,321 4,198 6, 528 4,071 May 21 101, 819 11,233 23,905 3,058 5,594 4,722 10,931 12,344 13, 776 1,433 4,404 6,699 3,720 Total reserves: Apr. 23 3,214,827 293,365 018,202 265,491 303,969 80,485 144,017 482, 694 102,684 79,113 93, 733 60,842 290,232 Apr. 30 3, 222,609 294,193 , 043,385 269,338 305, 537 82, 674 143, 027 477, 539 103, 078 78, 712 94,327 57,100 273, 699 May 7 3, 232,108 299,101 999, 475 271,450 311,416 84,101 152, 961 463, 050 111, 648 85,365 97, 698 62, 454 293,389 May 14 ;, 241,286295, 681 999,768 268, 576 312, 048 85,193 155, 293 480,656 109, 952 80, 826 •9, 717 60,336 293,240 May 21 ;, 239,985 296, 760 017,455 263, 355 309, 060 82, 679 146, 589 477, 071 111, 735 77, 248 81,186 297,939 Nonreserve cash: Apr. 23 51,624 3,622 12,827 1,801 3,657 3,049 5,797 5,976 4,584 1,017 2,834 2,833 3,627 Apr. 30. , 49, 811 3,893 10,912 1,687 3,633 2,960 4,916 7,421 4,034 808 2,823 3,090 3,634 May 7 51,243 3,841 12,889 1,684 3,286 2,858 4,940 7,580 4,278 789 3,023 2,895 3,180 May 14 52,177 3,922 12,243 1,733 3,528 2,718 4,744 8,075 3,972 1,018 3,124 3,664 3,436 May 21 51,135 4,005 11,539 1,818 3,635 2,854 4,800 7,960 4,112 953 2,749 3,313 3,397 Bills discounted: Secured by U. S. Government obligations- Apr. 23 187,914 10,135 39,758 25, 525 30, 576 20, 686 8,700 18, 090 11,4)3 4,947 2,936 1,362 13, 786 Apr. 30 161,164 11,398 31,366 23,650 25,916 16,173 7,536 16, 752 8,618 845 2,777 1,158 14, 975 May 7 167, 556 8,803 51,738 20,658 23,734 15,427 4,405 23,460 6,680 1,202 2,566 1,285 7,598 May 14 155,536 8,932 41, 608 21,464 24,441 15, 515 4,901 14, 455 6,963 2,422 2,439 1,247 11,149 May 21 149,669 8,590 40,992 21, 757 22,105 13, 514 13, 707 6,647 2,021 2,192 2,123 7,713 Other bills discounted— Apr. 23 284,929 10,425 22,180 12, 566 21, 211 42, 453 37, 852 37, 405 23, 074 12, 343 22, 655 10, 798 31, 967 Apr. 30 286, 021 10,935 16,495 12,403 19,216 43,807 36, 257 39, 086 22, 286 12,846 22,617 11,817 38, 256 May 7 272, 729 7,889 15, 205 11, 052 19, 658 42, 090 33, 111 41, 746 19,427 13, 367 11,527 35,249 May 14 255, 645 7,040 14,138 10,368 18,471 42,004 31, 301 36, 553 17,086 14, 477 22, 229 12,182 29, 796 May 21 264,946 7,721 14, 542 9,577 19,198 40, 540 36,903 37, 754 18,459 14,896 21, 532 12,346 31,478 Total bills discounted— Apr. 23 , 472,843 20, 560 61,938 38, 091 51, 787 63,139 46, 552 55, 495 34,487 17, 290 25, 591 12,160 45, 753 Apr. 30 447,185 22,333 47,861 36, 053 45,132 59,980 43, 793 55, 838 30,904 13, 691 25, 394 12, 975 53, 231 May 7 440,285 16, 692 66,943 31, 710 43, 392 57, 517 37, 516 65, 206 26,107 14, 569 24, 974 12, 812 42, 847 May 14... 411,181 15,972 55, 746 81,832 42,912 57, 519 36, 202 51,008 24,049 16, 899 24,668 13, 429 40, 945 May 21 414,615 16, 311 55,534 31, 334 41, 303 54,054 45, 211 51, 461 25,106 16,917 23,724 14, 469 39,191 Bills bought in open market: Apr. 23 140,424 12, 652 25,728 16, 550 1,856 7,362 25,171 5,200 3,981 5,657 12,996 13,991 Apr. 30... 124, 485 11,419 27,165 7,079 13,672 2,058 7,123 20,353 4,241 3,731 4,887 10,178 12, 579 May 7 87,287 7,657 10, 527 4,811 12,376 1,025 7,299 17, 032 3,836 4,104 5,303 9,918 May 14 75,361 7,997 8,415 5,389 10,374 1,165 5,930 14,771 3,418 2,920 3,093 3,960 7,929 May 21 55,692 4,849 6,421 4,837 1,680 5,239 9,777 2,723 1,844 1,699 2,498 6,029 U. S. Government securities: Bonds- Apr. 23 18,892 542 1,202 549 916 1,191 139 4,426 7,252 892 1,780 Apr. 30 19,269 542 1,202 549 916 1,191 108 4,426 7,571 1,780 May 7.... 18,353 542 1,202 549 917 1,191 103 4,426 7,155 1,780 May 14 18,463 542 1,202 549 916 1,191 51 4,426 7,317 483 1,780 May 21 19,522 542 1,202 549 916 1,191 54 4,426 8,348 508 1,780 Treasury notes- Apr. 23 201,158 16,153 42, 259 21,804 24,289 2,962 27,309 5,136 8,359 13,628 15,825 23, 430 Apr. 30 221, 771 18, 052 48,371 23,643 26,485 2,962 31, 597 5,136 9,462 14,156 16, 419 25,488 May 7_._. 232,091 19,117 51,799 24,675 27, 726 2,962 33, 026 5,136 9,669 14, 589 16, 751 26, 641 May 14. 241, 721 20, 016 54,695 25, 547 2,962 34, 726 5,136 10, 269 14, 955 17, 033 27, 616 May 21 241,688 20, 031 54, 741 25, 561 2,961 34,897 5,136 14, 961 17,037 27,632 Certificates of indebtedness- Apr. 23 54,245 4,351 14,020 1, 602 972 72 8,539 1,830 4,139 3,910 3,090 4,724 Apr. 30 60,620 4,957 15,974 2,189 7,697 972 9,843 1,830 4,340 4,156 3,281 5,381 May 7.... 60,438 16,010 2,200 7,711 972 9,629 1,830 4,125 4,313 3,285 5,394 May 14 62,980 5,197 16,742 2,420 7,975 972 10,170 1,830 4,273 4,405 3,356 5,640 May 21 63,431 5,196 16, 742 2,420 7, 976 973 10,153 1,830 4,720 4,410 3,371 5,640 Total TJ. S. Government securities- Apr. 23... 274, 295 21,046 57,481 23,955 32,201 5,125 215 40,274 6,966 19, 750 18,430 20, 695 28,157 Apr. 30 301,660 23,551 65,547 26,381 5,125 108 45, 866 6,966 21, 373 19,292 21, 480 30, 873 May 7.... 310,882 24,628 69,011 27,424 36,354 5,125 103 47, 081 6,966 20,949 19, 385 21,816 32,040 May 14 323,164 25, 755 72, 639 28,516 37, 657 5,125 51 49, 322 21, 859 19,843 22,169 33, 262 May 21... 324,641 25, 769 72,685 28,530 37, 675 5,125 54 49, 476 23, 016 19, 879 22,188 33, 278 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNB., 1924 FEDERAL RESERVE BULLETIN 509 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANE ON WEDNESDAYS, APRIL 23 TO MAY 21. 1924—Continued EESOUECES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri 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 - All other earning assets: Apr. 23 51 51 Apr. 30 51 51 May 7 — 51 51 May 14 _... 551 551 May 21 551 551 Total earning assets: Apr. 23 887, 613 54,258 145,147 71,377 100,538 70,120 54,129 120,940 46,653 41,021 49,678 45, 851 87.901 Apr. 30_ 873,381 57,303 140,573 69, 564 93,902 67,163 51,024 122, 057 42, 111 38,795 49,573 44,633 96,6S3 838, 505 48,977 146,481 63,996 92,122 63,667 44,918 129,319 36,909 38,917 48, 463 39, 931 84, 805 May 14 810, 257 49,724 136,800 66, 288 90,943 63,809 42,183 115,101 34,433 41, 678 47,604 39, 558 82,136 May 21 795,499 46,929 134, 640 65, 252 87, 074 60,859 50, 504 110,714 34,795 41, 777 45,302 39,155 78, 498 5% redemption fund—Federal reserve bank notes: Apr. 23 28 28 Apr. 30 28 28 May 7 28 28 May 14.._ 28 28 May 21 28 28 Uncollected items: Apr. 23 611,729 '*57, 518 131, 023 58,298 59,166 51,397 26,508 78,751 35,478 14,140 33,852 26,829 38, 763 Apr. 30 586,350 51,786 137,430 51,276 55,865 50, 522 27,717 82,271 32, 505 10, 725 31,492 20,074 34, 687 May 7 566,511 49,170 121,593 50,876 53,004 50,935 25,873 73, 299 34,135 11, 676 33,512 27,374 35, 064 May 14 673,130 63,087 162, 740 63,539 66,155 55,302 27,061 84,249 37,200 12,439 35,772 24,339 41, 247 May 21 598, 587 52,776 135,968 57,090 61,170 51,744 25,344 77,603 32,702 12,091 31,871 22,009 38, 21S Bank premises: Apr. 23 56,480 4,312 14, 676 1,113 9,117 2,528 2,717 8,264 1,792 2,628 4,595 1,911 2,827 Apr. 30 56,494 4,312 14,678 1,113 9,118 2,528 2,718 8,264 1,792 2,631 4,595 1,912 2,833 56, 540 4,312 14,696 1,113 9,117 2,528 2,718 8,264 1,821 2,631 4,595 1,912 2,833 May 14 56, 687 4,312 14,697 1,113 9,117 2,528 2,718 8,264 1,898 2,699 4,595 1,912 2,834 May 21 56,679 4,312 14,699 1,113 9,117 2,528 2,718 8,264 1,887 2,699 4,595 1,912 2,835 All other resources: Apr. 23 22,114 85 3,894 307 313 398 1,763 456 149 5,688 1,065 3,856 4,140 Apr. 30 22, 530 82 4,413 308 310 442 1,747 459 131 5,657 1,064 3,788 4,129 23,730 79 5,214 324 320 319 1,708 430 139 5,592 1,040 4,455 4,110 May 14 24,813 91 5,740 339 335 342 1,693 435 141 5,837 1,067 A, 695 4,098 May 21 24,568 85 5,795 349 336 341 1,682 431 220 5,535 1,065 4,603 4,126 Total resources: Apr. 23 4, 844, 415 413,160 1,325, 769 398, 387 476,760 207,977 234, 931 697,081 191, 340 143, 607 185, 757 142,150 427, 496 Apr. 30 4,811, 203 411,569 1,351,391 393, 286 468, 365 206,289 231,149 698,011 183, 651 137,328 183, 874 130, 625 415,665 May 7 .. 4, 768, 665 405, 480 1, 300, 348 389,443 469, 265 204,408 233,118 681, 942 188, 930 144, 970 188, 331 139, 049 423, 381 May 14... 4,858,378 416,817 1, 331, 988 401, 588 482,126 209,892 233,692 696, 780 187, 596 144, 497 191,879 134, 532 426,991 May 21 4, 766,481 404,867 1, 320, 096 388, 977 470, 392 201, 005 231, 637 682,043 185,451 140, 303 184, 490 132,206 425, 014 LIABILITIES Federal reserve notes in actual circulation: Apr. 23., 1,940,821 206,278 357,566 197, 409 223,974 79, 465 140, 384 294,041 65,493 65,904 63, 880 43, 758 Apr. 30... 1,926, 013 205, 579 352,005 197, 573 221,090 78,198 139, 828 290,447 65, 582 65, 430 63, 386 43, 685 203, 210 May 7 _ 1,927, 027 204,427 349, 757 192, 755 219, 423 76,959 140, 293 284,852 65,400 71,263 63, 604 50, 357 207,937 May 14 1,911,875 203,179 347, 312 192,830 221,147 76, 226 140,233 280,327 65, 331 71,694 62, 772 44,167 206, 657 May 21 1,886,429 201,234 344, 294 186, 330 214, 772 74,412 140,437 275,478 64,975 70,304 63,298 43,660 207,235 Federal reserve bank notes in circulation—net: Apr. 23 350 350 Apr. 30 343 343 May 7__ 338 338 May 14 332 332 May2l.._ 322 322 :posits: Member bank reserve accouni Apr. 23 1,935,113 124,517 743,095 114, 675 158, 539 61,138 59, 710 275,154 73, 565 48, 795 71,180 53, 365 151, 380 Apr. 30 _1,944, 952 128,175 763,689 116,311 156, 599 60, 349 56,342 284, 713 69,331 45,165 71,142 48, 622 144, 514 May 7. 1,953, 532 126, 872 743, 049 119, 041 163, 952 60, 605 S7,472 286,403 74,602 47,447 75, 211 49,764 149,114' May 14 1,939, 598 125, 844 740, 260 114, 888 161,800 61,899 56, 561 288, 680 69, 283 46, 515 76,820 49, 072 147, 976 May 21 1,941,285 126, 077 750,180 119, 039 162, 098 59,489 55,371 288, 034 70,159 44,038 72,218 49, 203 145, 379 Government— Apr. 23 44,567 2,386 9,006 2,445 2,650 1,2S6 1,936 10,550 2,419 2,060 1,415 2,236 6,208 Apr. 30 32, 503 2,391 9,169 2,020 2,738 2,300 867 1,869 2,121 2,151 1,906 1,804 3,167 May 7. 18, 381 1,560 2,226 1,587 841 504 1,295 1,698 1,641 1,694 1,755 850 2,730 May 14 30, 375 1,995 4,058 2, 582 2,561 2,421 2,315 5,038 1,681 1,317 2,201 1,451 2,755 May 21 19, 053 1,360 2,556 1,124 1,357 519 1,884 519 2,538 1,345 2, 064 1,204 2,583 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

510 FEDERAL RESERVE BULLETIN JUNE, 192# RESOURCES AND LIABILITIES OP EACH FEDERAL RESERVE BANK ON WEDNESDAYS, APRIL 23 TO MAY 21,1924-Contlnuedi LIABILITIES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S o t u . is M ap in o n li e s - K C an it s y as Dallas I ! F S r a a n n- • Cisco Deposits—Contd. Other deposits- Apr. 23 21,176 164 II, 952 257 1,228 105 1,208 331 707 322 200 4,614 Apr. 30 27, 926 149 18,107 256 1,174 110 113 1,059 460 1,434 311 217 4, 536 May 7.... 32, 439 162 13, 218 268 1,154 121 1,170 441 408 393 159 4,859 May 14 24, 961 254 14,982 751 1,093 104 125 1,439 749 318 302 181 4,663 May 21 24, 996 121 14,486 235 925 87 167 1,40-4 329 247 203 6,524 Total deposits- Apr. 23 000,856 127,067 I 764,053 I 117,377 162,417 62, 482 61, 751 286,912 76,315 51, 562 72,917 55,801 162, 202 Apr. 30 005, 381 130, 716 790,965 118, 587 160, 611 62,759 57, 322 287, 641 71, 912 48, 750 73,359 50,643 152, 217 May 7. 994, 352 128, 594 758, 493 120, 896 165,947 61,195 58,888 289,271 76,684 49,549 77,359 50, 773 156,703 May 14 X994,934 128,093 759, 300 118, 221 165, 454 64,424 59,001 295,157 71,713 48,150 79,323 50,704 155, 394 May 21 \i,985, 334 127, 558 767,222 120, 398 164,380 60, 095 57,422 289,957 73,026 45, 030 74,550 50,610 154,486 Deferred availability items: Apr. 23 - 556,051 55, 071 112,114 52,860 |52, 869 47, 496 17, 799 69,061 33,659 13,997 34, 307 28,857 37,961 Apr. 30.. 533,466 50, 574 116, 494 46,430 49, 304 46,793 18, 977 72,890 30,305 11,002 32, 501 22,589 35, 607 May 7 500,211 47, 682 100,153 45,068 46, 410 47, 681 18, 867 60, 667 30,892 11,989 32,710 24,183 33, 919 May 14 604,329 60, 791 133, 326 59, 77.5 57, 933 50, 672 19, 390 74,115 34, 685 12,446 35,135 25, 910 40,151 May 21.., 547,313 51, 313 116, 030 51,444 53, 578 47,868 18, 667 69,416 31, 697 12,108 31, 980 24,200 38,446 Capital paid in: Apr. 23 110,865 7,915 29, 799 10,154 12, 557 5,836 4,524 15,105 5,068 3,431 4,442 4,188 7,846 Apr. 30..._ 110,927 7,915 29, 799 10,154 12, 557 6,842 4, 558 15,150 5,071 »8,431 4,440 4,178 7,832 May 7 111,231 7,975 29, 909 10,156 12, 512 5, 842 4,567 15,163 5,071 3,427 4,432 4,176 8,001 May 14 111,369 7,975 29, 939 10,199 12, 569 5,842 4,504 15,169 5,075 3,434 4,432 4,171 8,000 May 21... - 111,378 7,956 29,914 10,199 12, 645 5,838 4,579 15,172 5,073 3,416 4,429 4,162 7,995 Surplus: Apr. 23 220,915 16, 390 59, 929 19,927 23, 691 11, 672 8,950 30,426 10,072 7,484 7,577 15,301 Apr. 30 220,915 16, 390 59, 929 19, 927 23, 691 11, 672 8,950 30, 426 10,072 7,484 9,496 7,577 15, 301 May 7. 220,915 16, 390 59, 929 19, 927 23, 691 11,072 8, 950 30,426 10, 072 7,484 9,496 7, 577 15,30L May 14 220,915 16, 390 59, 929 . 19,927 23, 691 11, 672 8, 950 30,426 10, 072 7,484 9,496 7,677 15, 301. May 21 220,915 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: Apr. 23 | 14,557 439 2,308 660 1,262 1,026 1,523 1,536 733 1,229 I 715 1,619 ! 1,517 Apr. 30 : 14,158 396 2,199 615 1,212 1,025 1,514 1,457 709 1,231 . 692 1,610 I 1,498 May 7 ! 14,591 412 2,107 651 1,282 1,059 1,553 1,563 811 1,258 I 730 1,645 i 1,520 May 14 I 14,624 389 2,182 636 1,332 1,056 1,554 1,686 720 1,239 , 721 1,671 I 1,488 May 21... , 14,790 416 2,107 679 1,326 1,120 1,582 1,594 1,301 I 737 1,669 j 1.551 -I- Total liabilities: Apr. 23 ,4,844,415 413,160 1,325, 709 398,387 476, 760 207,977 234,931 697,081 191, 340 143,607 j 185,757 142,160 427,496 Apr. 30 -...4,811,203 411, 569 1,351, 391 393, 286 468, 365 206,289 231,149 698, 011 183, 651 137, 328! 183,874 130, 625 415, 665 May 7.. 4,768, 665 405,480 1,300,348 389,443 469, 265 204, 408 233,118 681,942 188,930 144,970 i 188,331 139, 049 423,381 May 14.. 4,858, 378 416, 817 I, 331,988 401, 588 482,126 209, 892 233,692 696, 780 187, 596 144, 497I 191,879 134, 532 I 426, 991 May 21.. 4, 766, 481 404,867 1,320, 096 388, 977 470, 392 201, 005 231, 637 682, 043 185,451 140,303 I 184,490 132, 206 ! 425,014 MEMOEANDA Eatio of total reserves to deposit and Federal reserve note'iability comb in ed—per cent: Apr. 23..... 81.6 88.0 90.8 84.3 78.7 56.7 71.2 83.1 72.4 67.3 68.5 61.1 79.5 Apr. 30 82.0 87,5 91.3 85.2 80.1 58.7 72.5 82.6 75.0 68.9 69.0 60.5 77.0 May 7 82.4 90.2 86.5 80.8 60.9 76.8 80.7 78.6 70.7 69.3 61.8 80.5 May 14... 83.0 89.3 90.3 86.3 80.7 60.6 77.9 83.5 80.2 67.4 70.2 63.6 81.0 May 21. 90.3 91.5 85.9 81.5 61.5 74.1 84.4 81.0 71.8 64.9 82.4 Contingent liability on bills purchased for foreign correspondents: Apr. 23 17, 276 4,981 1,682 2,029 763 2,584 850 624 659 1,318 Apr. 30.... 20, 505 8,210 1,682 2,029 763 2,584 850 624 798 659 1,318 May 7— 21,388 6,133 2,087 2,517 1,226 947 3,206 1,054 775 990 818 1,635 May 14 25, 763 7,529 2,494 3,009 1,466 1,132 3,832 1,260 926 1,183 977 1,955 May 21 39,910 11,610 3,872 4,670 2,275 1,756 6,947 1,956 1,437 1,836 1,517 3,034 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL EESEBVB BULLETIN" 511 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] From 91 Total Within 16 to 30 31 to 60 61 to 90 days to 6 Over 6 15 days days days days months months Bills discounted: Apr. 23 472,843 274,219 44,666 71,919 49,451 26,761 5,827 Apr. 30 447,185 245,805 40,070 79,690 46,979 28,289 6,352 May 7 440,285 240,328 45,882 72,862 44,369 32,284 4,560 May 14. . 411,181 224,458 43, 632 67,281 37,290 34,026 4,494 May 21 414,615 213,700 46,365 71, 417 41,651 38,228 3,254 Bills bought in open market: Apr. 23. . 140,424 69,400 29,108 32, 750 8,806 360 Apr. 30 124,485 63,564 24,120 29,141 7,228 432 May 7 ' 87,287 37,309 24,895 19,685 5,098 - 300 May 14 75, 361 36,178 22,003 13,465 3,448 267 May 21 55 692 29 892 11 331 11, 481 2,720 268 United States certificates of indebtedness: Apr. 23... _^ 54, 245 9,339 1,007 43,899 Apr. 30 60 620 205 11,822 943 47,650 May 7 60,438 12,059 943 47,436 May 14 62,980 13,247 943 48,790 May 21 63 431 14,055 49,376 Municipal warrants: Apr. 23 51 51 Apr. 30 51 51 May7_. 51 51 Mayl4 51 51 May 21 51 51 GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM APRIL 17, 1924, TO MAY 21, 1924, INCLUSIVE [In thousands of dollars] Changes in ownership Transfers Daily settlements of gold through trans- Balance fa fers and settlements fund at Federal reserve bank close of period Debits Credits Debits Credits Decrease Increase Boston 3,500 897,234 2,753 56,96.3 New York 2,000 43,000 2, 828, 622 2,807,328 19,706 171,569 Philadelphia.. 7,000 2,500 835,508 838, 295 1,713 27,912 •Cleveland 7,000 2,500 706, 592 726, 496 15,404 81, 566 Richmond 2,000 3,000 589, 063 579, 294 8,769 32,198 Atlanta _. 5,000 1,500 308,114 . 310,263 1,351 9,099 Chicago— 38,500 1,500 1, 349, 394 1, 357, 897 28,497 118,880 St. Louis. 5,000 587, 023 585,865 3,842 22,429 Minneapolis... 4,000 177, 727 176, 513 5,214 4,543 Kansas City... 500 6,000 418, 990 413, 072 418 30,281 Dallas 1,000 259, 015 264,150 6,135 8,025 San Francisco . 2,000 5,500 333,801 328,423 1,878 32, 211 Total five weeks ending— May 21,1924 71,500 71,500 9, 284,830 9, 284,830 47, 840 47, 840 595, 676 Apr. 24, 1924 89,000 89,000 8,306, 784 9,306,784 623,181 May 24, 1923 183, 500 183, 500 9, 003, 797 9, 003,797 696,472 Apr. 19, 1923 60,000 60,000 8, 797. 559 8, 797, 559 668, 588 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

512 FEDERAL RESERVE BULLETIN JUNE, 1924 FEDERAL RESERVE NOTES FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, APRIL 2S TO MAY 21, 1924 [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C l l a e n v d e- m Ri 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 - Nefamount of Federal reserve notes received from Comptroller of the Currency: Apr. 23 3,390,352 324, 254 913,835 278,810 288, 551 128. 609 227,443 521,199 107,322 88,507 105,266 76,141 330, 415 Apr. 30 3,379,820 330,307 911, 817 273, 451 287, 814 126, 587 227, 276 516, 256 106,278 88,164 105,577 75,580 330,713 May 7 3,371,678 333, 589 909,429 284, 480 126, 342 227,044 511, 600 104,999 96,731 104,692 74,865 329,008 May 14 3,358,102 329, 731 904, 355 270, 641 282, 33J 125,497 227,450 507,819 104,945 97,586 104, 850 75, 548 327,649 May 21 3,354,727 326,482 901, 722 266, 904 296,852 124, 685 225,922 505,377 103,644 96,959 103,497 74,958 327, 725 Federal reserve notes on band: Apr. 23 951,672 98,500 282,060 50, 520 40,835 38,360 73,317 187,780 27,300 18,000 28,943 24,897 81,160 Apr. 30 935, 747 104,450 255, 060 49, 720 43,235 37, 360 75,932 192,180 26, 900 18,000 29,593 22,157 81,160 May 7 931,372 108, 050 255, 060 46, 720 40,935 37,820 75,157 197,140 26, 500 19,240 28,993 17,477 78,280 May 14 939,047 106, 250 255, 060 49, 760 40,185 39, 660 74,902 202,480 26,100 18,820 19,177 77,960 May 21 958,252 106,250 255,060 47,760 55,370 39,895 75, 327 206,280 26,100 20,810 21,447 75,260 Federalreserve notes outstanding: Apr. 23 225, 754 631, 775 228,290 247, 716 90,249 154,126 333,419 80,022 70, 507 76,323 51,244 249, 255 Apr. 30 2,444,073 225,857 656, 757 223,731 244, 579 89, 227 151,344 324,076 79,378 70,164 75,984 53,423 249,553 May 7 2,440,306 225, 539 654,369 222,179 243, 545 88, 522 151, 887 314,460 78,499 77,491 75,699 57,388 250, 728 May 14 2,419,055 223,481 649,295 220,881 242,146 85, 837 162, 548 305,339 78,845 78,766 75,857 56,371 249,689 May 21 " 396,475 220,232 646,662 219,144 241,482 84, 790 150, 595 299,097 77,544 76,149 74,804 53, 511 252,465 Collateral security for Federal reserve notes outstanding: Gold and gold certificates- Apr. 23 331,939 35,300 238, 531 14,000 8,780 2,400 9,985 13,052 9,891 Apr. 30 335,864 35,300 238, 531 14,000 8,780 2.400 9,985 13, 052 13,816 May 7. 335,864 35,300 238, 531 14,000 8,780 2,400 9,985 13,052 13, 816 May 14 335,864 35,300 238, 531 14,000 8,780 2,400 9,985 13,052 13,816 May 21 335,864 35,300 238, 531 14,000 8,780 2,400 13,052 13, 816 Gold redemption fund- Apr. 23 112,153 12,067 31,164 14, 993 13, 558 2,835 4,263 6,666 3,777 1, 544 2,396 15,801 Apr. 30 123,869 19,120 31,120 14, 635 13,922 3,813 8,096 6,600 3,733 1,201 4,400 2,835 14,394 May 7_ 114,397 16, 002 31,049 15, 082 11,987 2,109 6,509 3,455 1,408 3, 515 4,121 12, 296 May 14 112,704 12,144 10,945 13, 639 3,263 6,270 6,478 3,200 1,463 3,173 3,603 17, 530 May 21...... 118, 743 18, 895 30, 944 12, 207 13,859 1,491 4,743 6,400 3,899 2,836 4,120 3,013 16,336 Gold fund, Federal Reserve Board- Apr. 23 1, 603,378 148,000 316,000 159, 389 182,000 35, 295 107,000 293, 645 50, 000 44,000 50, 360 14,500 203,189 Apr. 30 1, 628, 584 143,000 366,000 158,389 182, 000 32,295 101, 000 293, 645 49,000 42,000 50, 360 15,500 May 7, 1, 660, 515 153,000 366,000 163,889 182,000 37,295 106, 000 293, 644 50,500 47,000 50, 360 23,500 187,327 May 14 1, 686, 644 158,000 366,000 164,889 180,000 34, 295 109, 000 293,645 50, 500 47,000 55, 360 23,000 204,956 May21 1, 658, 733 148,000 366,000 163,889 180,000 34, 295 109,000 273, 644 50,500 45,000 53,360 21,500 213, 545 Eligible paper— Amount required- Apr. 23.. 391, 210 30, 387 46,080 39,908 43,378 52,119 40,463 33,108 16,260 11,911 22, 874 24,457 30,265 Apr. 30._ 355, 756 28,437 21,106 36, 707 39,877 53,119 39,848 23, 831 16, 660 13,911 21,224 21, 272 39, 764 May 7__. 329,530 21,237 18,789 29,208 40, 778 49,118 36, 623 14,307 14, 559 16,031 21, 824 15,951 51,105 May 14.. 283,843 18,037 13, 768 31,047 39, 727 48, 279 34,878 5,216 15, 160 17, 251 17,324 15, 952 27,204 May 21.. 283,135 18,037 11,187 29,048 38,843 49,004 34,452 19,053 13,160 15, 261 17,324 15,182 22,584 Excess amount held— Apr. 23.. 200,392 2,825 31,451 4,398 24,956 11,154 12,331 47,208 21,169 8,835 7,781 288 27,996 Apr. 30.. 190,275 5,315 42,171 616 18, 753 8,546 9,871 51,952 15,935 2,846 8,330 1,497 24,443 May 7.. 176,699 3,112 49, 620 3,207 14,440 7,953 7,362 67, 494 13,465 1,432 1,805 11 May 14. 185,410 5,932 44, 817 2,108 13, 559 8,815 6,448 60, 010 10, 321 2,131 10,006 1,264 19,999 May 21. 165, 849 3,123 41,193 373 10, 529 6,337 15, 409 41, 726 13, 314 3,010 7,752 2,141 20,942 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL RESERVE BULLETIN 513 EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON, APRIL, 1924 [Amounts in thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - la A n t t - a C ca h g i- o L S ou t. is M a i p n o n li e s - K C a i n t s y as Dallas F c S i r s a a c n n o - HOLDINGS ON APR. 30, 1924 Total earning assets 873,381 57,303 140,573 69,564 93,902 67,163 51,024 122,057 42, 111 38,795 49,573 44,633 96,683 Bills discounted for members 447,185 22,333 47,861 36,053 45,132 59,980 43,793 55,838 30,904 13,691 25,394 12, 975 53,231 124,485 11, 419 27,165 7,079 13, 672 2,058 7,123 20,353 4,241 3, 731 4,887 10,178 12, 579 U. S. securities 301,660 23, 551 65, 547 26,381 35,098 5,125 108 45,866 6,966 21, 373 19, 292 21,480 30,873 All other earning assets . 51 51 Bills Discounted Customers' paper secured by Gov- 2,411 544 217 465 280 425 108 192 5 98 29 48 Member bank collateral notes: Secured by Government obligations 158, 753 10,854 31, 366 23,433 25,451 15,893 7,111 16,644 8,426 840 2,679 1,129 14,927 Otherwise secured 4,444 65 20 26 115 245 173 163 3,637 Commercial paper, n.e.s. 195, 571 10,285 15,429 11, 693 16, 786 36, 736 27,811 21,886 13, 933 2,178 8,284 5,101 25,449 Agricultural paper 61, 868 566 623 696 771 5,127 7,276 16,480 7,039 8,455 5,036 3,380 6,519 17. 743 3 1 405 23 412 542 1,791 9,124 3,152 2,290 Bankers' acceptances: 79 19 60 100 100 Trade acceptances: Imports 108 108 Domestic _ 6,108 81 424 113 1,189 1,801 732 605 772 177 21 193 Total discounted bills 447,185 22,333 47,861 36,053 45,132 59,980 43, 793 55, 838 30,904 13,691 25,394 12,975 53,231 Bills Bought Bankers' acceptances: 58, 527 5,626 12, 781 2,236 10, 521 69 1,340 9,304 2,057 1,722 2,665 3,847 6,359 Foreign, exports 40,883 2,648 8,596 2,709 1,740 566 4,708 6,166 1,609 1,578 1,551 4,799 4,21 Domestic 19,554 2,516 4,213 1,709 1,197 1,423 1,075 3,661 365 310 391 890 1,804 4,470 629 574 425 164 1 222 210 121 280 642 203 Trade acceptances: 1,051 1,001 50 Domestic. Total purchased bills 124,485 11, 419 27,165 7,079 13, 672 2,058 7,123 20,353 4,241 3,731 4,887 10,178 12, 579 Purchased Bankers* Acceptances, by Classes of Acceptors National banks _ 35, 360 5,749 6,872 2,309 2,911 1,831 7,789 957 841 1,194 1,880 3,027 38,893 2,335 7,822 1,756 2,355 2,788 11,046 1,386 1,112 1,303 2,630 4,360 Nonmember banks and banking corporations 25,128 2,086 6,009 1,447 2,459 1,820 2,265 1,434 1,262 1,217 1,201 2,149 1,779 Private banks 16,463 990 3,694 •1, 067 4,424 238 109 • 84 290 139 754 1,938 2,736 Branches and agencies of foreign banks 7,590 259 1,767 500 1,473 130 346 422 435 1,581 677 U. S. Securities U.S bonds 19 269 542 1,202 549 916 1,191 108 4 426 7,571 980 1,780 4 Treasury notes 221, 771 18,052 48, 371 23,643 26,485 2,962 31, 597 5,136 9,462 14,156 16,419 25,488 Certificates of indebtedness- 60, 620 4,957 15,974 2,189 7,697 972 9,843 1,830 4,340 4,156 3,281 5,381 Total XT. S. securities _.301, 660 23,551 65,547 26, 381 35,098 6,125 108 45, 866 6,966 21,373 19,292 21,480 30,873 DAILY AVERAGE HOLDINGS DURING APRIL 940,493 61,127 186, 515 75, 619 98,976 66,564 52, 616 129,192 45,520 38, 226 48, 098 50,240 87, 800 Bills discounted 494, 537 23,417 87, 590 40, 546 49, 745 59,278 43,811 60,627 33,290 14, 936 24, 340 11, 784 45,173 Bills bought 173, 666 16, 201 41, 331 11, 337 17,995 2,160 7,614 27, 560 5,277 4,870 6,598 17, 979 14,744 U. S. securities 272, 238 21, 509 57, 594 23, 685 31, 236 5,125 1,191 41,005 6,953 18,420 17,160 20, 477 27,883 EARNINGS DURING APRIL Total earning assets1... .. 3,346 215 657 272 353 242 192 455 165 135 173 174 313 Bills discounted 1,829 86 324 150 184 219 162 224 123 56 90 44 167 Bills bought 593 55 139 39 62 8 26 94 18 16 23 62 51 924 74 194 83 107 15 4 137 24 63 60 88 95 ANNUAL RATE OF EARNINGS Total earning assets1 4.34 4.29 4.28 4.37 4.34 4.43 4.46 4.29 4.40 4.30 4.38 4.21 4.34 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 4.17 4.12 4.10 4.18 4.21 4.29 4.24 4.17 4.17 4.15 4.16 4.17 4.20 TJ. S. securities 4.14 4.18 4.09 4.24 4.17 3.68 4.16 4.06 4.08 4.17 4 29 4.08 4.15 1 Figures include average daily holdings of municipal warrants, earnings, and annual rate of earnings thereon, as follows: Philadelphia, $51,398, !, and 4.56 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

514 FEDERAL RESERVE BULLETIN JUNE, 1924 DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS FOR APRIL, 1924 [Amounts in thousands of dollars) Total Boston Y N o ew rk P p d h h e i i l l a - a- C la le n v d e- m Ri o c n h d - Atlanta C ca h g i o - 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 - Volume of Operations Total discount and open-market operations 2,170,181 117,495 1,050,169 140,148 186,163 171,431 70,162 138,700 73,837 29,832 33,742 18,446 140,056 Bills discounted for member 1,935,590 87,500 949,737 131,204 175,423 169,591 65,369 107,125 71, 556 13,414 26,466 13, 545 124,660 Bills bought in open market 148,457 21,176 81,151 5,034 5,567 1,581 3,906 10,681 1,842 1,764 1,991 3,206 10, 558 Bills bought from other Federal 25 25 U. S. securities bought in open 80,905 8,819 19, 256 3,910 5,173 259 887 20,894 439 12,052 2,683 1,695 4,838 V. S. securities bought from other Federal reserve hanks _ 5,204 2,602 2,602 Bills Discounted Customers' paper secured by Government obligations 1,744 293 169 81 124 181 53] 46 199 2 74 29 15 Member bank collateral notes: Secured by Government 1, 404,982 54,024 792,773 93, 519 123, 980 118,460 22,408 63,068 42,066 8,640 10, 555 4,925 70, 564 8,796 130 47 126 241 412 210 320 7 310 Commercial paper, n. e. s 479,118 32, 840 155,954 37, 211 49, 512 46, 760 38,311 37,219 24,338 1,589 ' 7,727 5,073 42,584 24,558 292 436 316 373 2,553 3,104 6,401 2,906 2,498 1,775 1,247 12,657 8,699 2 34 128 5 233 120 251 6,112 989 825 Demand and sight drafts (based on agricultural products) 2,542 11 40 1,499 22 8 950 12 Bankers' acceptances: 97 37 60 50 50 Trade acceptances, domestic.. 5,004 49 334 77 1,165 1,535 616 150 428 5 12 633 Total bills discounted. _. 1,935, 590 87,500 949,737 131, 204 175, 423 169,591 65,369 107,125 71, 556 13, 414 26,466 13,545 124, 660 Average rate (365-day basis)— per cent 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 Average maturity (in days) 12.05 9.57 4.21 10.75 10.59 12.61 41.78 32.69 27.58 48.00 52.12 46.74 18.24 Total reduced to a common maturity basis (exclusive of demand and sight drafts) 1,933,049 69,522 332,160 117,087 154,144 177,409 226, 507 290,599 160,365 53,348 114,422 48,851 188, 635 Per cent of total 100.0 3.6 17.2 6.1 8.0 9.2 11.7 15.0 8.3 • 2.8 5.9 2.5 9.7 Number of member banks on April 30. 9,806 421 848 730 877 627 533 1,432 633 950 1,115 849 791 Number of banks accommodated during the month 3,744 199 355 308 308 344 274 639 275 236 347 196 263 Per cent accommodated.. 38.2 47.3 41.7 42.2 35.1 54.9 51.4 44.6 43.4 24.8 31.1 23.1 33.2 Bills Bought in Open Market Bankers' acceptances: Foreign 108, 560 14,176 59,470 3,127 4,497 580 3,593 7,890 1,417 1,513 1,801 2,348 8,148 Domestic 33,231 5,465 17, 524 1,707 950 1,001 313 2,626 405 172 135 758 2,175 5,254 1,535 2,745 200 120 165 20 79 55 100 235 Trade acceptances, foreign 1,412 1,412 Total bills bought 148,457 21,176 81,151 5,034 5,567 1,581 3,906 10,681 1,842 1,764 1,991 3,206 10, 558 Distribution, by rates charged (360-day basis): 1,853 1,853 6,313 4,209 1,255 36 362 20 74 50 58 249 108, 703 11,696 76,542 3,670 2,817 1,431 5,017 933 802 1,250 2,082 2,463 4| per cent 21,393 3,214 1,805 1,364 2,091 817 1,501 3,699 889 888 691 983 3,451 6,407 184 52 623 764 373 75 4,336 1,293 20 85 1 121 8 59 2,386 1,412 974 4§ per cent. 109 109 Average rate (365-day basis)— per cent. 4.14 4.00 4.07 4.11 4.17 4.25 4.23 4.24 4.14 4.14 4.11 4.13 4.19 Average maturity (in days) 24.38 18.13 15.40 42.93 46.53 36.17 50.04 57.40 45.19 46.15 36.56 39.23 26.71 Total reduced to a common maturity basis 148, 457 15,744 51,251 8,864 10,624 2,345 8,017 25,148 3,414 3,340 2,985 5,159 11, 566 . Per cent of total 100.0 10.6 34.5 6.0 7.2 1.6 5.4 16.9 2.3 2.2 2.0 3.5 7.8 C S. Securities Bought in Open Market TT fi bonds 6,258 527 655 4 475 598 3 Treasury notes 56, 777 5,879 16,296 3,323 4,450 259 130 13, 052 435 5,630 1,835 1,320 4,168 Certificates of indebtedness 17,870 2,940 2,960 587 723 230 7,187 4 1,947 250 375 667 Total tr. S. securities bought 80,905 8,819 19,256 3,910 5,173 259 887 20,894 439 12,052 2,683 1,695 4,838 1 Includes $750,000 discoanted for the Federal Intermediate Credit Bank of Berkeley, Calif. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM DURING APRIL, 1924 [Numbers in thousands. Amounts in thousands of dollars] Number of nonmem- Items drawn on banks located Total items handled, including ber banks at end , Fe o t d r r i e c b r t a r l a n r n e u c s m h e r b a v e n e r d b d a i n s k - res I e n r v F e e b d i a n e n r k a o l w o n r di O s e t u r r b a i t c l s a t i n r d e k e s e o F r r e v d e - I o t n e o m f T S U s r ta e n d t a e i r s t a s u e w r d e n r d T l o e d t d a u , l p e l i x i t c e c a m lu ti s s o i n v h s e a n o - f r o e t w s h I a b t e e n e a r r r a d m r v d n e F s e c t h e h b d f d e e o a i e t r s n r o r - k a s l o p r a w I t t r i d o e a n e i m r n s b d s t t a r e s r a m b i d c f n a o e t c t n r o h - k e s s Number duplicatio A n m s ount b a N o m e t f u r e o m m n b n d a e b t m n h e o k r - f s On li s p t o a f r mont p N h a o r t l o is n t' branch city branch city Nurn- Num- Num-; Num- Num- Num- Amount Amount ber Amount ber Amount ber Amount ber Amount; 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 No. 1—Boston 488, 707 162 16,911 5,527 1,338,547 223 48,127 5,750 5,005 1,386,674 1,272,933 421 429 232 232 No. 2—New York 737, 7301,152 133,682 9,070 5, 240, 377 1,403 160, 538 5, 559 10, 502 9,797 5, 406, 474 5,299,401 761 728 279 265 Buffalo 63, 247 20 2, 967 771 193,639 117 22, 029 17,391 918 892 233, 059 235,4411 87 81 79 No. 3—Philadelphia, 1,350 340, 937 170 26,136 4,202 1, 742, 344 616: 112, 335 4,818 4,217 1,854, 679 1, 311,1301 730 518 494 No. 4—Cleveland 743 183,467 96 6,858 2,434 693,601 84 8,506 10, 805 2,560 2,528 712, 972 702, 873! 312 316 512 516 Cincinnati™!— 27i 90, 250 89 11,097 2 1,339 1 476,182 39 8,294 5,508 1,397 1,284 489, 984 505, 295 222 226 313 314 Pittsburgh _ _ • 112, 948 62 6,069 1,807 780, 935 95; 45, 344 11,038 1,941 1,755 837, 317 874, 126 343 347 251 254 No. 5—Richmond-..: 311, 025 63 5,758 2,312 667, 322 181! 63,162 7,963 2,535 2,546 738, 447 694, 621 472 559 663 558 Baltimore '• 75, 771 65 6,804 1,235 326, 913 150! 40, 416 7,119 1,453 1, 358 374, 448 339, 991 161! 162 2671 262 2 No. 6— J N N B A a i a e t c r l w s k m a h n s v i O o t n a i n l r g l l v h e e i a a l m n le s . . . ! ; ' 4 2 2 1 1 7 9 5 7 9 , , , , , 5 5 8 2 5 3 2 2 9 3 7 7 6 4 3 4 3 1 1 1 9 8 7 5 9 4 4 1 1 1 , , , , , 1 3 9 4 8 7 2 1 5 6 2 0 4 3 2 : 1 6 3 3 3 2 1 0 9 7 2 5 0 0 9 1 1 1 1 1 4 2 7 2 5 8 2 6 7 5 , , , , , 0 3 7 9 1 7 8 6 4 5 6 8 9 8 0 2 4 2 6 9 5 3 8 5 1 1 1 1 8 2 2 6 , , , , , 5 9 9 4 3 3 7 2 2 3 8 6 7 2 2 36 4 1 , , , 1 7 5 2 4 ? 7 8 2 7 6 3 i | , 3 3 3 3 6 7 4 9 8 5 5 2 8 1 7 6 3 3 3 3 3 3 1 3 4 3 7 7 8 5 1 1 1 1 1 4 3 6 2 6 8 5 1 0 0 , , , , , 0 2 5 7 2 7 9 1 6 6 6 7 0 8 9 1 1 1 1 1 1 1 8 5 6 6 1 , , , , 0 1 3 2 2 0 5 4 7 7 2 7 . 2 9 6 9 2 5 2 9 4 7 1 1 | 2 9 7 5 2 3 7 6 4 1 7 3 7 4 4 6 9 5 8 4 ; ; . ! 1 9 3 6 4 5 0 3 1 6 3 4 1 1 1 2 4 4 4 5 2 0 6 9 8 2 "4 2 1 1 1 5 2 5 4 4 4 0 7 5 8 No. 7—Chicago 373,603 481 54, 376: 6,515 1,457, 398 457 35, 533j 1,91;33 6,987 6,172 1, 494, 864 1, 515, 269 ,1 ,3041, 3153,794 3,978 132 Detroit 79,456 50 4,430: 1,231 434, 481 21 4, 836i 1, 908! 1,256 951 441, 225 455,324 128! 123 249 260 18 No. 8—St. Louis 93,092 1731 10, 239i 2,378 476, 964 69 6, 279; 630! 2,456 2,160 483, 873 471,679 406! 3961, 1,686 49 Little Eock.. 21, 700 12 1,115' 419 64,706 1 238; 391 426 469 65, 335 73, 527 74j 71 237 40 Louisville 27, 216 48 3,665 705 . 181,538 11 999i 272 718; 096 182, 809 186, 336| 94! 95 344 350 5 Memphis 12, 624 14 1,461 306 48, 600 1 249! 185: 310 324 49,094 54, 7441 59| 60 160 186 186 159 No. 9—Minneapolis. 80,137 74 21, 921 2 239,314 99 20. 627! 131| 2,022 2,129 200, 072 245, 972: 803! ; 1,669 2,393 602 173 Helena 6,097 9 1,047 136 18, 347 5 1, 634! 646 142 175 20,627 28, 838: 147J 127 183 6 7 No. 10—Kansas City 89, 827 135[ 11,503 2,160 357, 903 81 19, 893 5,407 2,203 2,296 383, 203 384,125; 322j 326 1,359 1,401 10 2 Denver 33, 643 291 3,862 552 88, 647 63 16, 390J 12, 798 655 701 117, 835 117,122! 159 162 217 244 5 1-3 Oklahoma i—I City. 47, 7871,076 67, 527 1,643 1,162 116, 957 54 10,3051 8,799 1, 235J 1,181 136, 061 146,558! 399[ 417371 410 6 !2S Omaha 52, 111 606 33, 673 4,973 »766 2 91,074 40 6, 592^ 4,371 824! 845 102, 037 111, 099! 235247 851 888 173 160 No. 11—Dallas 163, 0471,618 159, 336 4, 954 1,806 327, 337; 58 1,903 1,697 338, 993 344,825! 655 660 637 714 102 57 El Paso 12, 449 114 8,224 1,685 183 22, 358; 17 2,177| 691 207 219 25, 220 31,402; 54 63 35 56 7 Houston.... 81,429 453 42,390 1,453 531 125, 272; 17 2,919| 1,193 554 129, 384 104,812| 140 139 253 No. 12—San Francis eo 457,452 600 45,956 15, 631 992 519, 039 41 4, 250' 2,123 1,057 1,142 525, 412 430, 761 183 190 219 265 Los Angeles. 185,868 2,433 149, 064 11,795 3,065 346, 727 89 14,401! 8,060 3, 206| 2,437 369,188 374, 954 153 156 198 195 Portland 97,094 297 16,339 3,337 390 116, 770 7 4, 117| 6,709 443 381 127, 596 111, 280 137 136 131 135 Salt Lake City 449 25,217! 16 2, 552 534 63, 768 14 2, 024! 1,557 559 512 67, 349 65, 625 147! 158 102 100 Seattle 271 19,726! 30 5,077 461 75,203 18 3, 967 -5, 875 5131 470 85, 045 84, 065 66 82 93 Spokane 210 10,839! 12 1,306 292 34, 911 15 3, 234 3,325 328i 287 41, 470 37, 976 105 110 137 146 Total: April... 12, 609 IS, 807,702 41,078 3,939, 485 3, 393282,976' 4,256 728, 642 738| 180,465 62,0911 57, 065 18, 206,072 17,229,176 9, 806 9, 923 16,119 17,663 3,185 2, 280 March. 13, 59112, 709,883 40,832 3, 974, 476 2, 953873, 273 57,399! 17,065,015 4,295 726,923 190, 326 62, 502! 60, 928 17,982, 634 18, 603, 330 9,819 9, 922116, 246 17,692 3,142 2, 285 1 Incorporated banks other than mutual savings banks. 2 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati, 12,000 items, $1,603,000: Minneapolis, 5,000 items, $5,482,000:"Omaha, 1,000 items, $317,000. Total 18,000 items and $7,402,000. NOTE.—Number of business days in period for Birmingham, Jacksonville and New Orleans was 24, for Boston, Philadelphia, Pittsburgh, Baltimore, Atlanta, Nashville, Detroit, Memphis, Minneapolis, Kansas City, Oklahoma City, Omaha, Dallas, El Paso, Houston and Salt Lake City was 25, and for other Federal reserve bank and branch cities 26 days. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

516 FEDERAL RESERVE BULLETIN JUNE, 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 APRIL 16 TO MAY U, 1924 [In thousands of dollars] Total Boston Y N o e r w k d P e h l i p l h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. i s ! I M ap i o n l n is e- K C a i n ty sas Dallas F c r is a c n o - Number of reporting tanks: Apr. 16 - 755 110 104 67 Apr. 23 755 110 104 26 67 Apr. 30 755 110 104 26i 67 May 7 752 110 104 25! 67 May 14 751 109 104 25! 67 Loans and discounts, gross: Secured by TJ. S. Government obligations- Apr. 16 218,929 13, 255 84,316 11,885 23,439 9,164 34,108 9,457 3,41 6,473 3,579 11,198 Apr. 23 ----- 213, 052 11,850 81, 297 11,767 22,831 8,800 8,415 34,638 9,322 3,280 6,132 3,477 11,243 Apr. 30 213, 61" 12, 589 83,409 11,360 23, 022 9,091 8,051 32, 951 9,093 3,235 6,136 3,558 11,117 May 7 210, 577 10, 945 82,506 11, 013 22, 363 8,409 33, 785 9,241 3,039 6,092 3,399 11, 089 Apr. 14 219,415 10, 814 93, 295 11,002 22, 510 8,313 8,019 32,830 9,199 2,801 5,963 3,513 11,096 Secured by stocks and bonds- Apr. 16 3, 866, 328 252, 245 606, 655 266, 017 410,099; 126,614 71,251 599,809 145,491 13, 616 84, 966 63,606 195,956 Apr. 23 3,882, 241 244, 844 ,631,044 265, 710 409,814 126, 756 71, 052 598,007 146,634 42, 297 85,046 63,164 197,883 Apr. 30 3, 972, 900 245, 663 ,708,410 271, 259 413, 402 126, 555 70,532!' 601,366 117,413 41, 976 84,741 60, 572 198, 011 May 7 3,939, 329 245, 017 ,664, 876 278, 903 413,893 125, 342 69, 081 611,665 148, 878 37,702 84,870 60,940 195, 662 May 14_ _.i3,888,211: 239,700 , 628, 517 278, 582 418, 091 121,682 ,9,864 609,069 147, 231 35,979 86,732 60,767 192,991 All other loans and discounts— Apr. 16 7, 976, 879 603, 01' 2, 581, 481363, 748 720,210: 340,834 348, 6351,161, 821 315, 592 193,827 322, 698 210,725 814, 291 Apr. 23 7, 958, 772 597,"351 22,. 579, 206362,081 720,706! 342,936 349, 099 1,168, 658 311, 010 190,182 319, 284 206,165 812, 094 Apr. 30 . 7,934, 746 593, 7802, 566,809362,137 719,800| 341,852 346, 228 1,163,861 306, 724 185,314 321,903 207,141 819, 200 May 7 7,924, 710 595, 9392, 545, 664363, 733 725,443: 337,489 346, 045 1,168, 838 310, 615 186,118 319, 953 199, 575 825, 328 May 14 7,947,492 602, 280~ 547,969 361, 771 722,495: 337,842 347,420:1,171,640 312,64r 189, 579 320, 892 200,204 832,758 Total loans and discounts: Apr. 16.. 12,062,136 868, 5174, 272,452641,, 650 1.,, 153, 744876,612 428, 534 1,795, 738 470, 640240,853 414,137 277,910 021, 445 Apr. 23 -... 12, 054, 065 854,0154, 291, 547639, 5581,153, 351478,492 428, 566 1, 801, 303 466, 966 235, 759 410,462 272, 796 021, 220 Apr. 30 12,121, 261 852, 0324, 358, 628644, 7561,156,224 477, 501 424,808 1,801,178 463, 230 230, 525 412,780 271,271 028,328 May7 12, 074,646 851, 90144., 293, 046653,649 11,,161,199 471, 524 423,5351,817,288 468, 737 410,915 263, 914 032,079 May 14 --12,055,118 852,8004, 269, 781651, 355 1j,163, 096467,867 425, 303 1,813, 539 469, 072 228,359 412, 5871 264, 514 036, 845 U. S. pre-war bonds: Apr. 16 --.. 271, 295 13, 519 51,414 10, 679 48,178 28,822 14, 726 23, 834 14, 981 9,071 12,129; 19, 384 24, 558 Apr. 23 272,464 13,508 51, 389 10, 679 48,194 28, 832 15, 025 23, 833 14, 810 9,071 12,131! 19, 084 25, 908 Apr. 30 271,915 13,684 50, 939 10, 679 48, 216 29, 032 14, 726 23, 830 14,810 9,044 12, 076 19, 084 25,896 May 7 ; --. 271,427 13, 584 50, 912 10, 674 47, 205 29, 032 15, 026; 23,833 14,810 9,278 12, 076 19,059 25,908 May H 271, 501 13, 619 51, 201 10, 675 47, 202 29, 032 14, 746: 23,834 14, 810 12,091 19, 059 25, 914 U. S. Liberty bonds: Apr. 16 1,072,844 78,229 510,154 48,424 108, 246 26,391 14, 565 100, 760 24,193 15,844 36, 516 12,463 97,059 Apr. 23.-.-.- 1,082,654 78, 202 519,814 46, 253 109, 064 26,946 14,175 103,669! 23,845 16,427 34,337 12,761 97,261 Apr. 30 _._ 1,095,447 77, 735 517,356 46,601 111, !"""28, 787 13,361 107,717 26,984 13, 214 37,308 12, 981 102, 520 May 7 1,113,096 77,833 533,402 45,878 113,219 29,166 13,039 111, 668 22, 706 13, 233 37,365 12,979 102, 608 May 14 _. 1,137,441 79,028 545,885 46, 785 115,113 29,132 12,818 114,027 22, 361 13,462 37, 663 12,941 108,226 U. S. Treasury bonds: Apr. 16 -. 70,646 4,341 21, 711 2,593 3,707 2,161 1,004 12,195 4,371 780 2,834 1,439 13, 510 Apr. 23 _ 70, 293 4,221 22, 065 2, 595 3,607 2,102 1,018 12,396 4,371 680 2,348 1,454 13,436 Apr. 30 69,728 4,250 24, 583( 2,443 2,680 2,021 967 12, 237 2,631 580 2,157 1,439 13, 734 May 7 71, 81f 4,237 26, 003 2, 374 2,578 2,021 701 11, 740 1,462 480 2,080 1,439 13, 697 May 14 _... 71, 088 4,239 25, 616 2,330 2,574 2,017 707 11, 706 4, 378| 480 1 r~ 1,152 13, 905 U. S. Treasury notes: Apr. 16 _._ 729, 773 18,406 382,234 32,578 51, 537 7,539 4,846 120,350 14, 748 28, 575 16, 302 13,874 38,784 Apr. 23 _._ 721, 621 17, 967 371, 606 32,408 51,079 8,374 5,224 119, 361 14, 504 28,234 18, 353 13,901 40, 610 Apr. 3O..._ _ 660,284 18, 011 325, 830 31,345 47,441 6,256 1, 99r 116, 248 12, 792 15, 458 14, 404 39,466 May 7 685, 746 17,466 348, 499 31, 758 47, 395 6,282 5,09! 117,437 11, 095 29,197 15, 527 14,429 38, 566 May 14 679, 719 17, 426 347,163 31,280 45,806 5,740 4,603 118,161 14, 111 29,190 15, 630 14,419 36,190 U. S. certificates of indebtedness: Apr. 16 113,966 7,103 30, 060 6,976 8,133 2,715 4,743 22, 512 3,995 3,543 1,570 4,928 17,688 Apr. 23 106,125 7,138 28, 796 6,960 6,741 2,981 3,347 22, 544 3,787 3,543 1,488 4,974 13,826 Apr. 30 101,037 7,024 26,021 6,579 5,882 983 3,129 23, 316 3,298 3,228 1,566 6,344 14,667 May 7 6,955 26,450 6,292 6,671 990 2,892 22, 695 3,234 3,205 1,568 4,721 14,162 May 14_ _. 93, 388 6,959 25,696 6,282 4,334 2,622 22,436 3,313 3,205 1,555 4,688 11,308 Other bonds, stocks, and securities: Apr. 16 2,291, 455 171, 26 826,697 196, 476 305,961 52,739 42,700 346, 830 89, 745 24,414 55, 540 15, 523 163,569 Apr. 23 2,299, 645 172, 237 829,964 200,670 306, 507 52,731 41,454 346, 673 90,804 24,370 55,434 13,824 164,977 Apr. 30 2,336,466 176,124 855,452 200,052 311,174 52, 649 41,908 349,145 90,448 24,948: 55, 519 13,247 165,800 May 7.. 2,348,295 177,873 868,857 198,759 310,854 51, 277 41,374 349, 279 90,782 25,274 65,947 13,182 161,837 May 14 , 2,398,962 182,913 909,098 203, 767 311,030; 51, 958 42, 781 347, 756; 92,049 24,946 56,074 13,230 163,360 Total loans and discounts and investments: Apr. 16 16,612,1151,161, 3716,094, 722939, 376l,679,510i 596,979 511,118 2,422, 219:622, 573 323, 080 539,028 345, 5211, 376, 613 Apr.23 _... 16, 606, 86'1,147, 3186,115,181939,1231, 678, 543600, 458 508,809 2,429',, 6"7"9 619,087 318,084 634, 553 338,79411,377,238 Apr. 30 16, 656,1381,148,7606,158, 809941,455 1, 683, 505597, 229 503,898 2:,' ,— 433, 676114,193 309, 573 536,864 337,7701,390,411 May 7 16, 663, 8571,149, 84S6,147,199 1, 688,121590, 292.501, 6622,453,940 618,826 307, 526 535, 478 329,7231,391,857 May 14 , 16, 707, 21'1,156,9& 6,174, 440952, 4741, 689,155586, 736 503;"," "5810, 24,51,459 620, 094 637, 584 330,0031,395,778 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JCNE, 1924 FEDERAL RESERVE BULLETIN 517 PRINCIPAL RESOURCES AND LIABIUTIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM APRIL 16 TO MAY 14, 1924—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 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 - Reserve balance with Federal reserve banks: Apr. 16 1,442,186 87,346 665, 048 71, 509 109,092 36,232 32, 232 206,899 43,019 23,966 43, 280 25,666 97,897 Apr. 23____ 1,437,810 85,011 69,624 104, 980 35,446 36, 902 199,820 44,941 23,760 41,324 27,142 100,018 Apr. 30 __. 1, 454,687 84,158 70,023 102,896 34,956 33,479 219,090 40,603 20,274 41,400 22, 754 96,961 May7 1,459,466 84,481 667,787 73,523 115, 575 34, 819 34,854 210,373 45,416 22,477 45, 758 23,603 100,800 May 14 1,449,481 85,818 670,003 69,694 108,491 36, 935 34, 483 213,415 21, 255 46, 363 23,461 98, 474 Cash in vault: Apr. 16 273,425 20,119 77, 296 15, 591 28, 567 13,257 10, 876 53,039 7,484 5,805 11, 543 9,377 20,471 Apr. 23 ._._...._. 283,254 19, 809 78, 814 15, 633 32,523 12,841 11,389 56, 245 7,136 6,012 12, 444 9,652 20,756 Apr. 30 18, 711 74,295 14,867 28,418 12, 604 10, 535 7,463 5,960 12, 091 9,752 20,525 May 7 ..._ 285,141 19,002 81, 528 14,976 30,670 12, 947 10,832 54, 713 7,401 12, 337 10,482 22,215 May 14 19, 083 80,361 15,060 30,438 13,408 10,946 54,918 7,676 8,043 12,455 22,096 Net demand deposits: Apr. 16. -._ 11, 339, 752 822, 899 4,889,972 664, 298 886,297 333,194 282,296 1,, 523,438360,215 206,441 396,398 232, 224 742, 080 - Apr. 23 11,289, 398 797',/ 892 4,931,892 660, 538 888,927 275,475 1., 509, 433255, 809200, 622394, 802 225.232 720,155 Apr. 30 11,438,934 810I,, 208 5,036,492 668,126 902,358 330,057 274, 279 .1, 534, 523352, 597 193,595 395,853 220, 774 720,072 May7._ ._.. 11,378,807 809I,, 354 4,941, 451687, 206 900, 595325,816 275,028 1., 545, 713957,123 195,931 396,125 219.233 725, 226 May 14 _.11,495,555 811, 734 5,001100,; 290688, 239 902,273 326,880 278,622 1.., 570, 793758, 761192, 886398, 787 220,167 736,119 Time deposits: Apr. 16 4, 250, 751 286,304 851,482 132,188 623,230 164,994 181, 816 816,372 200,061 83,010 131, 590 86,419 593, 285 Apr. 23... 4, 265, 014 285,606 961, 675 132, 260 626, 537165, 409 183,180 820,001 200,169 82, 357 130, 491 87, 587 589, 742 Apr. 30 4,288, 324 286,334 962,162 133, 978 631,194 166, 703182, 861 818,079 199,445 82, 230 130, 808 87,112 608,418 May. 7. 4, 300,615 289,057 954,176 133, 209 644, 048 165,018 183,379 823, 218 199, 831 82, 562 131,686 85,384 609, 047 May 14 4, 303, 735 954, 948 131, 787 644,922 165, 370183, 051 825,490 201, 493 82,748 132,295 85,265 606, 870 Government deposits: Apr. 16 _._ 224, 298 14,504 61, 918 26,764 29,951 7,931 8,360 30,352 5,324 5,710 3,697 8,341 21,446 Apr. 23 204, 337 12,508 56, 032 25,191 27, 228 7,269 7,223 28,340 4,688 5,487 3,463 7,491 19, 417 Apr. 30 _- 206, 855 12, 508 56, 032 25,191 27,228 7,269 7,323 28,340 4,686 5,487 3,463 7,490 21,838 May 7... 204,162 12,508 56, 032 25,191 27,188 7,269 7,323 28, 307 4,686 5,487 3,463 7,291 19,417 May 14 183,116 11, 289 50, 554 22, 725 24, 567 5,717 25,465 4,222 4,947 3,125 6,580 17,367 Bills payable and rediscounts with Federal reserve banks: Secured by U. S. Government obligations— Apr. 16 106,490 2,947 36,960 7,529 16,085 9,079 5,249 10, 572 5,257 2,262 1,' 1,175 7,379 Apr. 23.. 101, 658 3,437 24,200 7,416 17,885 10,919 7,349 10,556 5,429 2,303 1,556 773 9,835 Apr. 30. 80, 463 3,837 15,310 5,874 12,839 7,137 6,087 8,073 2,254 496 1,433 698 16, 425 May 7 90,479 1,825 39,575 4,429 11, 337 7,153 2,954 15, 051 1,547 1,120 1,283 650 3,555 May 14. 1,670 28,180 5,092 11,942 3,416 6,974 1,600 950 1,470 650 7,815 All other- Apr. 16 .. 135,935 6,652 17,190 7,193 21, 397 22, 675 14,753 10,698 1,093 9,920 3,461 11, 255 Apr. 23 136,121 4,723 13, 762 5,653 13, 647 23,766 19, 738 11,014 11,346 1,151 9,508 3,841 17,972 Apr. 30 123, 790 7,508 6,153 11, 742 24,351 17, 887 11,938 10,447 376 9,233 15, 380 May 7 117, 583 2,304 6,626- 4,959 12, 236 22, 563 14, 373 13, 988 7,441 792 9,206 3,747 19, 348 May 14 101, 751 1,872 6,019 4,627 11, 737 22, 383 12, 561 8,913 4,656 2,576 8,822 4,524 13,061 BANKERS' BALANCES IN FEDERAL RESERVE BANK CITIES Due to banks: Apr. 16 1,982, 902 116,193 970,628 167,162 40, 749 27,805 12,704 342,438 73, 601 43, 774 81,861 24,454 81, 533 Apr. 23 1,939, 025 107, 567 948,116 157, 207 40,899 26, 664 12, 210 346, 723 73,985 42,166 84,193 22, 892 76, 403 Apr. 30 2,092,345 121, 9161, 093,291161, 511 41, 575 25, 515 13,470 346, 366 70,860 39,892 80,453 20, 801 76, 695 May 7 2, 024, 827 118, 261 977,192 166, 079 40, 471 27,492 12, 518 376,040 77, 701 43, 039 82,702 20,979 82,353 May 14 2, 026, 886 116,329 982, 243 165, 959 43,835 27, 556 11,828 373, 835 74,834 39,429 82, 718 20, 787 87, 733 Due from banks: Apr. 16 521, 418 37, 947 81, 035 58, 787 25, 778 12, 769 10, 352 151, 536 24,395 15,288 38, 348 20,813 44, 370 Apr. 23. 512, 934 43,652 73,994 55,149 25,835 12,624 8,780 147, 817 25, 560 13,145 46, 541 19,677 40,160 Apr. 30 516, 825 44,125 75,644 58,679 25, 712 11, 869 11, 557 151,075 28,093 17,371 33,193 17,883 41,624 May 7 522,293 32,432 70,302 61,141 24,972 13,005 8,827 165,268 27, 873 16,522 35, 745 19, 634 46,572 May 14 546,445 32,058 76,283 61,319 29,098 12,834 9,123 179,581 28,070 15,078 35,434 19,277 48, 290 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

518 FEDERAL EESEB.VE BULLETIN JnNE, 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 Apr. 16 Apr. 23 Apr. 30 May 7 May 14 Apr. 16 Apr. 23 Apr. 30 May 7 May 14 Number of reporting banks 67 67 67 67 67 48 48 48 48 48 Loans and discounts, gross: Secured by United States Government obligations.. 77,256 73,914 76,415 75, 727 86,371 25,782 26,347 24,904 25,828 24,819 Secured by stocks and bonds 1,404,489 1,421,250 1, 493,351 1,448,782 1,417,841 442,971 439,319 448,866 460,971 451,127 All other loans and discounts 2,265,108 2, 263,787 2, 248, 349 2, 226, 436 2, 232,865 657, 578 670,085 663,569 669,03'5 671,677 Total loans and discounts -. 3,746,853 3,758,951 3,818,115 3,750,945 3,737, 077 1,126, 331 1,135,751 1,137,339 1,155,834 1,147, 623 United States pre-war bonds 40,109 ' 40,084 39,634 39,637 39,646 4,195 4,195 4,192 4,195 4,196 United States Liberty bonds. _. 446,934 457,108 456,478 471, 289 483,981 44, 490 46,809 50,901 52,892 53, 246 United States Treasury bonds.. 14, 582 16,136 18, 000 18,643 18, 382 4,601 4,709 4,706 4,707 4,707 United States Treasury notes... 356, 597 345,947 300,508 324,388 323,281 80, 495 79,177 76,106 77,245 79,952 United States certificates of indebtedness 27,919 26,734 24,059 24,788 24, 734 13,839 13,873 13, 569 13, 484 13,204 Other bonds, stocks, and securi- 605,913 606, 542 632,893 645,817 689,158 166, 573 166, 047 167, 771 168, 445 166,113 Total loans and discounts and investments 5, 238,907 5,251, 502 5,289, 687 5,275, 507 5,316,259 1, 440,524 1,450, 561 1, 464, 584 1,476, 802 1, 469,041 Reserve balance with Federal reserve bank 611, 495 617, 259 635, 690 616, 823 611,600 145, 035 135,747 152,876 ' 145, 293 148, 013 62, 559 63, 867 60, 685 65, 462 64, 320 27, 412 29, 506 27,078 27,865 27, 605 Net demand deposits _ . .. 4,368, 942 4, 405, 068 4, 513,869 4, 417, 243 4, 482, 374 1, 002, 457 1, 006,434 1, 028,866 1, 048,681 1, 060, 284 Time deposits ... 649, 616 659,132 659, 426 653, 927 653,779 373,391 376,199 374, 058 376,798 378, 331 Government deposits . _ 55,125 49,707 49, 707 49, 707 44, 848 13,343 12,361 12,361 12, 345 11,114 Bills payable and rediscounts with Federal reserve banks: Secured by United States Government obligations.- 26, 640 10, 550 1,250 28, 050 16,875 8,462 8,023 3,565 10,418 2,115 All other 14, 701 9,487 3,083 3,155 2,922 3,565 2,680 2,364 6,006 2,642 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 o b e a t m a n l k b , s e a r ll Les 5 s ,0 0 th 0 an 5 1 ,0 4 0 ,9 0 9 9 to 15 9 , 9 0 , 0 9 0 9 9 to a 1 n 0 d 0 , o 00 v 0 er T m o b e t a m a n l b k , e s r all Les 5 s , 0 t 0 h 0 an 5 1 ,0 4 0 ,9 0 9 t 9 o 15 9 , 9 0 , 0 9 0 9 9 to 10 o a 0 v n ,0 e d 0 r 0 Increase (+) or decrease (—) since preceding Amount on Apr. 23, 1924 monthly report NET DEMAND DEPOSITS Boston 1, 223, 749 39,773 65, 670 193, 410 924, 896 +25, 598 +487 +1, 700 +3,007 +20, 404 New York - 5, 545, 860 156, 538 105, 225 -277,007 5,007, 090+138, 887 +767 +4, 205 +8, 007 +125, 908 Philadelphia. 1, 034, 840 123, 670 71,410 129, 028 710,732 -793 -5, 534 +894 +2, 481 +1, 366 Cleveland 1, 372,134 150,947 122,464 194, 773 903, 950 -890 -2, 552 -1,351 + 1,524 + 1,489 Richmond 553,192 96, 415 63, 491 151, 452 241,834 +2, 736 -3,032 -1,435 -5, 667 +12, 870 Atlanta.._- 507,849 70, 452 65,142 168, 654 203, 601 +4, 374 -1,988 -835 +2, 389 +4, 808 Chicago. .-• 2,169, 812 197, 595 119, 497 359, 226 1,493, 494 -2, 725 -600 +491 +4, 731 -7, 347 St. Louis 638, 408 113, 367 70, 486 85,740 368, 815 +2,412 -269 +339 +1, 517 +825 M K D Sa a a i n n l n l n s a F a e s r s a a p n C o c i l i t i s y s co 1, 4 7 5 2 0 1 4 2 6 9 9 2 , , , , 0 9 4 2 6 6 9 3 7 9 6 1 1 1 1 1 7 0 5 6 5 1 9 9 , , , , 3 7 1 9 3 7 9 3 3 3 8 5 11 7 9 8 4 1 3 6 , , , , 1 4 3 3 1 2 7 7 3 5 7 1 1 1 1 6 1 6 3 1 8 6 5 , , , , 1 6 4 2 5 8 0 0 1 4 4 1 2 8 1 1 6 7 6 4 2 2 3 6 , , , , 1 5 2 8 6 8 4 0 8 6 3 1 - - + - 1 1 6 7 9 9 , , , , 7 4 5 0 3 1 2 4 3 2 1 6 - - -7 1 4 , , - , 1 7 3 5 4 8 7 1 9 1 6 4 + - - 1 2 1 - , , , 3 3 8 1 1 8 8 2 2 5 2 3 - - - - 2 2 1 1 , , , , 0 3 2 9 6 7 6 6 4 6 1 7 -1 + - -7 5 1 9 , , , , 9 5 6 5 7 0 1 9 3 9 6 0 Total: Apr. 23, 1924 15,943,607 1,554, 996 1,048,671 2,040,730 11, 299,210+ 128,979 -26, 541 +552 +10,321 +144,647 Mar. 26,1924 15, 814, 628 1, 581, 537 1,048,119 2, 030,409 11,154, 563 -31,656 -19,079 -7,554 -6, 391 +1, 368 Feb. 27,1924 15, 846, 284 1, 600, 616 1,055, 673 2, 036, 800 11,153,195 -96,562 -25, 603 -17,471 -9, 674 -43, 814 TIME DEPOSITS Boston 636, 067 51,157 68, 814 155, 585 360, 511 -1, 325 +381 +385 +1,176 -3,267 New York 1, 779, 565 245, 588 143, 517 367, 316 1,023,144 +28,902 +342 +2, 390 +4, 491 +21, 679 Philadelphia 212, 420 113, 350 194,127 167,072 +10, 264 +1, 687 +862 +4,691 +3,024 Cleveland 1,173,887 184,774 132,774 184,337 672,002 +4, 885 -408 +154 +362 +4.777 Richmond 459, 306 132, 691 83, 845 131, 243 111, 527 +4, 843 +200 -502 +3, 291 +1,854 Atlanta _ 342, 430 52, 511 46, 607 130, 230 113,082 +7, 380 +506 +1, 460 +4,718 Chicago. 1, 601, 606 240,960 147, 006 369, 965 843, 675 +11,818 +42 -84 +1,623 +10,237 St. Louis 406, 682 69,024 43, 934 64, 775 228, 949 -1,193 +52 +297 +58 -1,600 Minneapolis 399, 043 185, 708 96,163 57, 744 59, 428 -1, 809 -1,167 -49 +929 -1, 522 Kansas City 293, 682 90,065 57,026 61,934 84,657 +313 +841 -321 -613 +406 Dallas _. 156, 696 18, 572 27, 754 53,001 57, 369 +1, 439 -168 +3,064 -1,717 +260 San Francisco- 1,038, 658 99,112 47, 244 93, 570 798, 732 +12,911 +166 +1,254 +12,476 Total: Apr. 23, 1924 8, 974, 591 1,582, 582 1,008,034 1,863,827 4, 520,148 +78,128 + 1,513 +6,868 +17,005 +53,042 Mar. 26, 1924 8, 896,163 1, 581,069 1, 001,166 1, 846, 822 4, 467,106 +90, 963 +6, 501 +8, 472 +17,358 +58, 632 Feb. 27, 1924 8, 805, 200 1, 574, 568 992, 694 1, 829, 464 4, 408, 474+111, 407 +5,105 +10, 745 +21, 753 +73,804 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE, 1924 FEDERAL BESEBVE BULLETIN 519 CONDITION OF'MEMBER BANKS ABSTRACT OF CONDITION REP ORTS OF STATE BANK AND TEUST COMPANY MEMBERS IN EACH FEDERAL DISTRICT ON MARCH 31, 1924 [In thousands of dollars] I Total District District District District District District District District Distric District District District United No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States (36 (146 (68 (118 (66 (134 (367 (130 (100 (34 (183 (189 (1,571 banks) banks) banks) banks) banks) banks) banks) banks banks) banks) banks) banks) banks) RESOURCES Loans and discounts 466, 289 2, 569, 759 279,80: 824, SSI154, 382 272, 274 1, 237,162 336, 879 57,127 67,309 70, 933 872, 493 7, 208, 994 Overdrafts 179 101 174 1,337 686 491 91 107 305 1,458 6,704 United States Govern- 1,490 285 ment securities 72,633 47, 658 5,607 10, 642 178, 496 36, 474 5,186 15, 247 3,259 121, 78: 1,078, 861 Stock of Federal reserve 491, 767 90, 111 banks 2,149 2,881 98S 1,457 6,023 1,906 293 359 491 3,271 38,144 Other bonds, stocks, and 13,122 5,197 securities _ _. 100,960 132,912 20,910 29, 264 305, 073 75,162 9,973 9,320 2,605 130,056 1,537,872 Total loans and invest- 514,422 207, 215 ments 642, 210 483, 357 182,061 314, 974 1, 727,440 450,912 72, 670 92,342 77, 593 1,129, 066 9,870, 575 Customers' liability on 3, 590, 580 1,127, 390 account of acceptances- 10, 200 104 2,485 6,539 19, 741 656 52 5,889 184, 720 Banking house, furniture, 136, 558 2,496 and fixtures 12, • 83, 216 14, 323 6,730 17, 772 49,45' 13, 364 1,964 2,863 3,743 47,086 Other real estate owned.. 1,776 5,626 3,481 35, 56' 1,266 3,809 5,837 3,298 1,506 1,221 2,384 6,174 56,006 Gold and gold certificates. 1,406 7,823 312 19,628 172 458 1,948 294 108 88 96 1,417 14, 556 All other cash in vault 11, 583 35,843 5,824 434 3,457 5,584 29, 613 6,674 2,843 1,310 2,160 15, 774 137,251 Eeserve with Federal re- 16,586 serve banks 41,492; 360,112 26, 738 63,166 8,500 17, 214 106, 274 26,142 3,688 7,058 5,548 66,603 732,535 Items with Federal reserve banks in process of collection 11, 573 67, 570 9, 595 22,807 6,24: 7,261 19,090 10,840 462 4,615 476 9,248 169, 780 Due from banks, bankers, and trust companies 17, 231 81, 263 12, 7601 45, 522 13,381 32, 073 95, 570 27, 238 13, 443 13,163 62,902 422, 792 Exchanges for clearing house, also checks on other banks in same place 15, 969 539, 219 10,849 20,376 3,425 14, 063 36, 564 7,654 609 2,124 21,121 672,616 Outside checks and other cash items 1,692 15,878 513 4, 405 1,358 7,073 1,325 207 589 194 17,188 51,406 United States securities borrowed 35 207 1,451 624 745 8,095 4,719 113 1 432 56 16, 478 Other securities borrowed 123 61 2,105 60 11 60 2,420 Other assets „ 5,591 89, 265 4,445 7,785 1, 839 10, 000 12, 203 3,437 370 2,530 2,843 6,899 147,207 ' Total.. 773,321 5,012,968 552,508 1, 368, 315 230, 588 431,911 2,121, 010 556, 613 92, 786 128,184 109,338 1,389,483 .2, 767,025 :•-••- — LIABILITIES Capital stock paid in 33,350 230,420 35, 849 79, 652 19,458 30, 625 112, 588 38, 905 6,792 8,665 12,210 687.347 Surplus fund: 38, 790 19a, 349 60,468 94, 480 13, 435 18, 038 88,733 24, 487 2,894 3,320 3,948 i% 228 577; 170 Undivided profits, less expenses and taxes paid. 20, 316 114, 522 22, 095 25, 772 5,122 53, 822 9,5346 1,192 2,691 1,791 24,085 - 288,612 • Due to Federal reserve banks 370 3,244 1,187 119 937 1,308 322 48 23 70 7,650 Due to banks, bankers, and trust companies... 22,838 519, 633 25,934 59,375 19, 773 46,126 91, 693 5,070 25,145 6,200 51,834 907, 283 Certified and cashiers' or 33, 662 treasurers' checks outstanding _. 6,647 343,309 4, 510 9,704 2,735 3,694 20,837 4,530 904 1,771 905 18,411 417,957 Demand deposits 408, 855 2,487,701 249,886 462,975 85, 292 168,094 717, " • 207, 306 29, 638 61,121 67,100 485, 364 15,431,016 Time deposits. ., 207,390 791,739 127,828 600, 746 64, 008 109,820 198, 436 44, 033 20,786 14,006 656, 392 ,3, 782,092 United States deposits. _. 3,784 39, 239 12, 461 14,402 1,348 4,104 12,881 5,534 288 2,780 114 14,103 111,038 Total deposits 349, 8844,184,865 421,808 1,147, 321 174,093 333,146 1, 790,325 449,489 79, 981 111,603 88, 348 1, 226,174 0, 657, 036 Bills payable (including all obligations representing money borrowed other than rediscounts). 3,965 20,455 6,728 7,120 5,319 8,927 7,347 6,681 708 797 8,932 77,091 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement). 13, 679 2,720 5,367 9,674 21,083 12, 082 11, 521. 935 593 1,410 9,279 156,891 Cash letters of credit and travelers' checks outstanding ... 14,063 5 62 1,512 207 11 371 16,249 Acceptances executed for customers 9,612 132, 863 64 2,495 2,479 8,776 19,644 656 5,949 182,528 Acceptances executed by other banks for account of reporting banks. 1,025 10, 626 51 70 13 52 159 11,996 United States securities borrowed 35 207 1,451 624 745 8,196 4,719 432 56 16, 579 Other securities borrowed 123 61 2,105 60 11 60 2,420 Othertliabilities 2,672 40,222 2,525 4,482 314 1,317 25,909 10, 547 171 1,199 391 3,357 93,106 Total.. 773,321 5,012,968 552,508 1, 368, 315 230, 588 431,911 2,121,010 556, 613 92, 786 128,184 109,338 1,389,48312,767,025 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

520 FEDERAL RESERVE BULLETIN JUNE, 1924 ABSTRACT OF CONDITION REPORTS OF STATE BANE AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYS- TEM ON MARCH 31, 1924, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks Total United States Other re- Country serve city banks N (3 e 0 w b a Y n o k r s k ) (1 C 1 h b ic a a n g k o s) (41 T b o a ta n l ks) ba b n a k n s k s (1 ) 88 b ( a 1 n ,3 k 4 s 2 ) 1 M 92 a 4 r c ( h 1 , 3 5 1 71 , D 3 e 1 ( c 1 , e , 1 5 m 9 9 2 b 5 3 er banks) banks) RESOURCES Loans and discounts 459,312 2, 392,605 3,068,746 1, 747, 643 7,161,274 Overdrafts : 1|299 101 1,400 3,350 1,954 6; 704 6,222 United States Government securities _ 363,258 61,619 424,877 427, 037 226,947 1, 078, 861 1,077, 773 Stock of Federal reserve banks.. • • 9,865 2,309 12,174 16, 633 9,337 38,144 37,691 Other bonds, stocks, and securities _ 277, 888 90,442 368, 300 694,035 475, 537 1, 537,872 1, 530,967 Total loans and investments 2, 585, 573 613, 783 3,199,356 4, 209, 801 2,461,418 9,870, 575 9, 813,927 Customers' liability on account of acceptances 134, 786 19, 556 154, 342 24,608 5, 770 184,720 184,158 Banking house, furniture, and fixtures 56,139 12, 583 68,722 141, 580 78,381 288,683 274,014 Other real estate owned _ 2,845 2,845 35,751 17,410 56,006 53, 768 Gold and gold certificates _ _ 700 6,638 3,100 4,818 14, 556 13, 749 All other cash in vault 21, 350 5,849 27,199 60,802 49,250 137, 251 162,438 Reserve with Federal reserve banks 306, 315 48,153 354, 468 257,905 120,162 732,535 719, 315 Items with Federal reserve banks in process of collection. 48,636 9,877 58, 513 87,788 23,479 169,780 205, 536 Due from banks, bankers, and trust companies. 45, 657 33,407 79, 064 205,19S 422, 792 476, 640 Exchanges for clearing house, also checks on other banks in same place 525,692 19, 262 544,954 109,460 18,202 672, 616 Outside checks and other cash items 12,737 2,470 15,207 30,887 5,312 51,406 67, 388 United States securities borrowed 2,509 2,509 5,991 7,978 16,478 • 14,969 Other securities borrowed __ 363 2,057 2,420 2,232 . Other assets _ 82, 237 7,009 89,246 41, 760 16, 201 147,207 156,483 Total. 3, 827,905 775,158 4, 603, 063 5,214,991 2,948, 971 12, 767,025 12,843,303 LIABILITIES Capital stock paid in _ 167,300 39,650 206, 950 286, 568 193,829 687, 347 677,979 Surplus fund 150,119 37, 314 187, 433 269,918 119,819 577,170 573,610 Undivided profits, less expenses and taxes paid 86,210 34,080 120, 290 103, 630 64, 692 288, 612 259, 342 Due to Federal reserve banks ... 336 336 2,534 4, 780 7, 650 9,709 Due to banks, bankers, and trust companies 483, 475 54, 223 537, 698 304,167 65,418 907,283 907,610 Certified and cashiers' or treasurers' checks outstanding... 334,810 10, 089 344,899 56,800 16, 258 417,957 388, 524 Demand deposits. _ 1,961, 548 311,509 2, 273, 057 1,996,065 1,161,894 5, 431,016 1 5, 575, 521 Time deposits... 356, 287 236, 406 592, 693 1,969, 493 1, 219,906 3, 782, 092 i 3,703, 712 , United States deposits 29, 773 3,717 33, 490 68, 605 111, 038 81,461 Total deposits _ _ _ 3,166, 229 615, 944 8, 782,178 4, 397, 664 2, 477,199 10, 657,036 10,686, 637 Bills payable (including all obligations representing money borrowed other than rediscounts) 2,550 2,550 40,308 34, 233 77,091 120,817 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement)-_ _ 64, 469 3,629 68,098 53,155 35,638 156,891 238, 765 OashlsUers 6l credii, and travelers' checks outstanding.... 13,955 75 14,030 2,121 98 16,249 14,877 Acceptances executed for customers 131, 279 19, 540 150,819 26,132 5,577 182, 528 Acceptances executed by other banks for account of reporting banks 10, 526 16 10, 542 1,439 15 11, 996 8,567 United States securities borrowed 2,509 2,509 5,991 8,079 16, 579 14,969 Other securities borrowed i _. 363 2,057 2,420 2,232 Other liabilities... _ 22,401 57,6 27, 702 7,735 93,106 69,839 Total- 3,827,905 775,158 4, 603,063 5, 214, 991 2, 948,971 12,767,025 12,843, 303 Ratio of reserve with Federal reserve banks to net deposit liability (per cent)... _ 13.5 12.9 13.4 7.1 10.5 10.2 i Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JUNE., 1924 FEDERAL RESERVE BULLETIN 521 CLASSIFICATION OF LOANS AND DISCOUNTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON MAECH 31, 1924 [In thousands of dollars] D b N a is ( n o 3 t . k r 6 i s 1 c ) t D b N a i ( s 1 n o t 4 . k r 6 i s 2 c ) t D b N a is ( n o 6 t . k r 8 i s 3 c ) tit D b N a ( i n 1 s o 1 t . k r 8 s 4 ic ) tD b N a i ( s n o 6 t . k r 6 i s 6 c ) t D b N a i ( s 1 n o t 3 . k r 4 i s 6 c ) t D b N a i ( s 3 n o t 6 . k r 7 i s 7 c ) t D b N a i ( s 1 n o t 3 k . r 0 s i 8 c ) t D b N a i ( s 1 n o t 0 . k r 0 s i 9 c ) tD b N a i o s ( n 3 . t k r 4 1 i s c 0 ) t D b N a i ( o s 1 n . t 8 k r 1 3 i s c 1 ) t D b N a i ( o s 1 n . t 8 k r 1 9 i s c 2 ) t U b S T ( a 1 n t o n a , i 5 t k t t 7 a e e s 1 l s d ) On demand: Not secured by collateral. 29,377 90,400 17, 469 46,236 4,726 8,272 32,615 21,263 3,360 1,192 1,944 40,337 297,191 Secured by U. S. Government obligations 2,066 16,377 4,297 5,041 485 516 2,312 2,796 41 7 20 794 34,752 Secured by other collater- 70, 320 679, 634 118, 729 139, 766 16,872 38,018 184, 515 48,472 4,658 2,444 3,700 52,010 1, 359,138 On time: Not secured by collateral. 191,847 999,136 72,322 235,405 79, 491 104, 398 431, 658 118, 328 18,847 22, 718 22,425 241,831 2,538,406 Secured by U. S. Government obligations 4,524 20,904 1,267 8,469 1,426 4,217 8,636 2,738 501 1,331 395 3,876 68,184 Secured by other eollaterl 66,832 503, 350 35,125 125, 630 83,301 260,162 14,678 32,286 32,214 101,448 1, 380,071 Secured by real estate deeds of trust, or other real estate 95, 239 157, 637 29,972 259,891 12,374 30, 885 308, 583 55,539 13,330 7,331 9,726 426,910 1,407,317 liens _._ Acceptances of other banks 5,789 83,954 620 24 1,993 3,864 724 1,046 4,948 104,024 discounted Acceptances of reporting banks purchased or dis- 295 - 18,123 4,109 674 842 290 270 26,029 counted : Customers' liability on account of drafts paid under 344 51 376 868 letters of credit Loans and discounts not 4,024 4,024 classified __ Total loans and discounts 466,289 2,569,759 279,802 824, 585 154, 382 272, 274 1, 237,162 336,879 57,127 67,309 70, 933 7, 208,994 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON MAKGH 31, 1924 (INCLUDING 8,110 NATIONAL BANKS AND 1,571 STATE BANKS AND TRUST COMPANIES) [In thousands'of dollars] Total District District District District District i District District District District District District District United EEKOUECES N ( o 4 . 2 1 1 N ( o 8 . 4 2 3 N (7 o 2 . 4 3 N (8 o 7 . 6 4 N (6 o 2 . 6 6 i N (5 o 1 . 9 6 N (1 o ,4 . 2 7 3 N (6 o 2 . 8 8 N (9 o 0 . 3 9 N (1 o , . 0 9 1 8 0 N ( o 8 . 3 1 5 1 M ( o 7 . 8 5 12 S (9 ta ,6 t 8 e 1 s banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) Loans and discounts-1,457,653 5, 275,819 1,219, 294 1i,. 863,138 958, 270 784, 9612, 919i,,789 854,971 638,222 821,258 627,380 1,, 737,44019i,, 158,195 Overdrafts.. _ . .517 2,197 311 820 742 2,092 2,411 1,184 1,446 1, 2,844 17,518 United States Govt. securities 238,648 1,175, 578 251,881 376,161 136,488 97,558 469, 758 144,127 121,494 137,399 114, 605 305,956 3,569,653 Other bonds, stocks, and securities 329,410 1, 238,857 522, 586 568, 461 .. 120, 934 85,242 548, 843 180,512 99,184 33,584 275,697 4,086,668 Total loans and investments 2, 026,228 7, 692,4511,994,072 2, 798, 680 1,216,434 S69,853 3,940,8011, 180,794 864,162 1., 059,287 777,435 2,, 321,937 261,,832,034 Customers' liability on account of acceptances-- 55, 321 237,133 12, 601 6,858 8,378 8,413 33,981 1,483 4,788 704 784 16,848 387,292 Banking house, furniture, and fixtures • 55, 539 154,711 56,712 100,570 49,060 44,578 126,451 34,530 25,934 39,997 36,446 89,352 813,880 Other real estate owned 9,396 11,676 8,193 27,637 9,343 8,377 19, 524 7,419 13,945 12, 762 13,233 14, 584 156,089 Cash in vault 39, 873 100,239 36, 771 63,499 24,280 21,172 85, 702 20,106 20,287 27,812 20,858 43,624 494,223 Reserve with Federal reserve banks,.- 121,920 738, 616 114, 381 156,029 61,505 55,143 261,675 68,304 46,235 74,998 52, 319 142,176 1,893,301 Items with Federal reserve banks in process of collection 48, 342 159,390 50, 570 53, 616 36,534 20,017 63, 737 31, 550 6,632 21, 047 31, 264 549,087 Due from banks, bankers, and trust companies 73, 729 155, 082 98,310 159, 580 §1,830 106,991 295,935 87, 826 106,392 168,733 119,535 189,796 1,643,739 Exchanges for clearing house; also checks on other banks in same place 1,195,720 53,420 40,780 21, 558 24,210 99, 273 17,147 . 8,500 16,425 9,145 " 51,257 1,582,343 Outside checks and other cash items. __ 7,931 3,823 7,' 4, 293 5,323 12,829 2,818 5,812 3,871 3,103 23,967 107,798 Eedemption fund and due from United States Treasurer 2,639 4,786 2, QSOj 5,094 3,300 2,288 4,563 2,209 1,716 2,229 2,398 2,939 37,141 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

522 FEDERAL, RESERVE BULLETIN JUNE, 1924 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON MARCH 31. 1924 (INCLUDING 8,110 NATIONAL BANES AND 1,571 STATE BANKS AND TRUST COMPANIES)—Continued [In thousands of dollars] KESOUECES D b N a i ( s n 4 o t 2 . k r 1 i s 1 c ) t D b N a i ( s 8 n o t 4 k . r 3 i s 2 c ) t D b N a i ( s n 7 o t 2 k . r 4 i s 3 c ) t D b N a i ( s 8 n o t 7 k . r 6 i s 4 c ) t D b N a i ( s 6 n o t 2 k . r 6 i s 5 c ) t D b N a i ( s n 5 o t 1 k . r 9 i s 6 c ) t D b N ( a i 1 s n o , t 4 . k r 2 i s 7 3 c ) t D b N a i ( s n 6 o t 2 k . r 8 i s 8 c ) t D b N a i ( s 9 n o t 0 k . r 3 i s 9 c ) t D b N ( a i 1 o s n , . t 0 k r 9 1 i s 8 c 0 ) t D N i ( o s 8 t . 3 r 1 5 ic 1 t D b N a i ( o s n 7 t . 8 k r 1 5 i s c 2 ) t U b S T ( a 9 n t o n , a i 6 t k t t 8 a e e s l 1 s d ) United States securities borrowed.. 207 1,451 624 745 8,095 4,719 113 432 56 16,478 Other securities borrowed ' 123 61 2,105 60 11 60 2,420 Other assets 19,114 186,222 10,640 12,785 6,625 11,2 21, 890 5,293 4,339 4,599 4,102 17,503 304,398 Total, 2,504,94010,662,141 442, 680 3,424,550 523, 7641, 278,457 976, 5611,464,258 098, 855 1,437, 806 1,060,848 2,945, 363 34,820,223 LIABILITIES Capital stock paid in. 141,706 486,93! 131, 708 208,404 112,517 293, 556 109,879 72,058 97,423 94,092 180, 265 2,022,169 Surplus fund 122,352 495, 265 206,897 208, 775 82,106 55, 565 207,822 58, 653 37,644 47,212 43, 057 84, 532 1, 649, 880 Undivided profits less expenses and taxes paid 76,336 252, 231 71,457 84,658 35,648 24,379 115,89: 27,913 21, 031 20,801 49, 060 796,395 Due to Federal reserve banks 3,594 9,209 4,431 1,204 7,050 3,770 1,683 182 49 5 1,140 661 32,978 Due to banks, bankers, and trust companies.. 135,913 1,358,638 194, 293 209,304 108,889 120,648 544, 470 147, t 113, 895 200, 649 116,034 196,179 3, 446, 737 Certified and cashiers' or treasurers' checks outstanding 22,142 664, 789 15, 389 17, 689 9,778 7,762 44, 383 8,35' 11, 078 16, 537 11,566 37, 950 867,420 Demand deposits 1,173,196 4, 941, 881 970, 2621, 312, 278 546, 248 504,245 895,130 578, 424 374, 678,181 544, 0321, 200,39214, 719, 256 Time deposits 633, 558 1, 744,610 679, 5931,172,043 455,391 334,010 589, 791 408, 703 404, 271 293,850 149,9""711",., 024,132 8,889,923 United States deposits 21,555 74,248 33, 448 34, 566 14, 25: 38, 552 9,41' 9,521 8,404 13,192 25,643 291, 767 Total deposits 1, 989, 958 8, 793, 3751, 897,416 2, 747, 0841,141, 813 979, 3994,114, 009 1,153, 908 913,8011,197,626 835,9352, 484, 95r28, 248, 081 Bills payable (including all obligations representing money borrowed counts) 16(5 31,181 17, 234 28, 332 9, 646 5, 771 5,101 6,202 22,122 315, 979 .Totes and bills re-' discounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 36, 497 113, 763 15, 554 21, 58; 42, 34: 44, 912 45, 288 28,259 12, 064 19,813 10,882 37, 574 428, 536 Cash letters of credit and travelers' checks outstanding 949 16,04! 50 54' 115 1, 512 2,014 52! 78 108 22, 457 Acceptances exe- I cuted for customers 52, 710 225, 768 11, 083 6,83; 8,443 ll,00£ 33,697 4,398 707 18,905 375,768 Acceptances executed by other banks for account of reporting banks. 5,684 26.99E 2,421 156 236 1, 081 390 324 37, 461 National bank notes outstanding 51,905 94,35 58,453 100,10? 63, 353 43,'85' 90,145 43, 86: 33,611 43,845 46, 757 55,734 725,986 United States securities borrowed.. 1, 2,79 1,022 12.62C 4,138 3,885 11, 213 9,028 717 1,816 601 3,337 52, 263 Other securities bor rowed 27 5C 5 62i 40 304 2,181 6f 1 770 129 755 4,952 Other liabilities 4,558 62, 25S 5,827 2,113 2,54' 31, 330 12,44f 1,359 2,384 1,552 6,861 140,306 Total-.. 2, 504, 940 10,662,14: 2,442, 680 3,424, 55( 1, 523, 764 1, 278, 45:4, 976, 5611, 464, 25S1, 098, 855 1, 437,806 1,060,848 2, 945, 363 34,820, 223 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

J UNB, 1924 FEDERAL EESEBVE BULLETIN 523 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON MARCH 31, 1924, BY CLASSES OF BANKS (INCLUDING 8,110 NATIONAL BANKS AND 1,571 STATE BANKS AND TRUST COMPANIES) [In thousands of dollars] Central reserve city banks Total United States Other Country reserve banks N (6 e 4 w b a Y n o k r s k ) (2 C 5 h b ic a a n g k o s) (89 T b o a ta n l ks) (55 b 4 c a i n b ty a k n s ks) b ( a 9 n ,0 k 3 s 8 ) 1 M 92 a 4 r ( . 9 3 ,6 1 8 , 1 19 D b 2 a e 3 c n ( . k 9 3 s ,7 ) 1 7 , 4 RESOURCES Loans and discounts ... 3,807,083 1, 024, 798 4,831, 881 6, 800, 071 7, 526, 243 19,158,195 19, 034, 996 Overdrafts _ 1,700 220 1,920 6,091 9,507 17, 518 16, 690 United States Government securities .--. 854,449 141, 766 996, 215 1,116, 274 1,457,164 3, 569, 653 3, 641,132 Other bonds, stocks, and securities 549,948 128, 742 678, 690 1, 221,118 ?., 186, 860 4, 086, 668 4, 045, 312 Total loans and investments __ 5, 213,180 1, 395, 528 8, 508, 708 9,143, 564 11,179, 774 28, 832, 034 28, 738,130 Customers' liability on account of acceptances 233, 229 32, 385 265, 614 107,157 14, 521 387, 292 391, 595 Banking house, furniture, and fixtures 92, 525 27,848 120,373 307,887 385, 620 813, 880 786, 792 Other real estate owned 3,525 64 3,589 58, 767 93, 733 156,089 147,634 Cash in vault 55, 515 21, 751 77,266 145,903 271,054 494, 223 561, 433 Reserve with Federal reserve banks 608. 661 119, 790 728, 451 616, 457 548,393 1, 893, 301 1, 900,153 Items with Federal reserve banks in process of collection 118, 363 30,863 149, 226 315, 836 84,025 549, 087 665, 709 Due from banks, bankers, and trust companies .-.--.. 65,943 101,145 167,088 674,010 802, 641 1, 643, 739 1,824,348 Exchanges for clearing house, also checks on other banks in same place 1,172,856 62, 736 1, 235, 592 276, 207 70, 544 1, 582, 343 1, 709, 537 Outside checks and other cash items 19, 955 3,712 23, 667 58, 354 25, 777 107, 798 140, 987 Redemption fund and due from United States Treasurer.. 1,984 144 2,128 9,119 25, 894 37,141 36,720' United States securities borrowed 2,509 2,509 5,991 7,978 16, 478 14,969 Other securities borrowed 363 2,057 2,420 2,232 Other assets. 175,196 12,464 187, 6 81, 742 34, 996 304,398 318, 367 Total.. 7,760,932 1,710, 937 9, 471,8 11, 801, 347 13, 547, 007 34, 820, 223 35, LIABILITIES Capital stock paid in 332,750 92,700 425, 450 673, 675 923, 044 2, 022,169 2, 003,054 Surplus fund 376,019 79, 540 455, 559 561, 348 632, 973 1, 649, 880 1,641,319 Undivided profits, less expenses and taxes paid 182,833 57, 667 240, 500 246, 662 309, 233 796, 395 733,193 Due to Federal reserve banks. 336 336 8,639 24,003 32, 978 36, 674 Due to banks, bankers, and trust companies 1, 282,176 350,117 1, 632,293 1,438,522 375,922 3, 446,737 3, 475, 656 Certified and cashiers' or treasurers' checks outstanding 649, 528 22, 647 672,175 123,035 72, 210 867, 420 922, 549 Demand deposits 3, 740,166 741, 351 4, 481, 517 4,942,157 5,295, 582 14, 719, 256 > 15,164,182 Time deposits 624, 987 271,401 896, 388 3, 021, 385 4, 972,150 8, 889, 923 1 8,650, 610 United States deposits.. 59,178 14,008 73,186 173, 378 45, 203 291, 767 2ou, 542 Total deposits. 6, 888, 371 1, 399, 524 7, 755, 895 9, 707,116 10, 785, 070 28, 248, CCi 28,486, 813 Bills payable (including all obligations representing money borrowed other than rediscounts) 51,047 11,000 62,047 91, 218 162, 714 315, 979 444,983 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange of drafts sold with indorsement); 101, 200 6, 511 107, 711 153,089 167, 736 428, 536 572, 661 Cash letters of credit and travelers' cheeks outstanding 15, 806 1,768 17, 574 4,505 378 22, 457 20, 350 Acceptances executed for customers 222,421 32,056 254, 477 107,380 13,911 37.5, 76» 400,200 Acceptances executed by other banks for account of reporting banks..,. 26, 399 911 27, 310 9,330 811 37,451 26,197 National-bank notes outstanding 39,142 2,638 41, 780 174, 732 509, 474 725, 986 725,441 United States securities borrowed 2,478 2,509 4,987 26, 312 20, 964 52, 263 53, 256 Other securities borrowed 1,427 3,525 4,952 5,270 Other liabilities 54,466 24,113 78, 57! 44, 553 17, 174 140, 306 126, 069 Total. 7,760,932 1, 710,937 1,471, E 11,801,347 13, 547,007 34,820, 223 35, 238, 606 Ratio of reserve with Federal reserve banks to net deposit liability (per cent) 13.5 13.2 9.8 7.3 9.7 1 Revised figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

524 FEDERAL. BBSERVE BULLETIN JUNE, 1924 MONEY IN CIRCULATION MAY 1, 1924 [Source: United States Treasury Department circulation statement] Money in circulation Money held by the United Stock of States Treas- Kind of money money' ury and the May 1,1924 Federal re- April 1,1924 May 1,1933 serve system' Amount j Per capita Gold coin and bullion 3 $4, 417, 401,937 !, 013, 753, 376 $403, 648, 561 $3.59 $408,061,873 $408, 971, 292 Gold certificates (1,140,199, 279) 414,020, 020 726,179, 259 6.46 687, 252,519 328,899, 769 Standard silver dollars 501,919, 769 447, 096, 648 54,823,121 .49 55, 201,998 58,496,783 Silver certificates <(4O6, 898, 667) 36, 805, 606 370, 093, 061 3.29 367,112, 777 352,877,680 Treasury notes of 1890 '(1,428,026) 1,428, 026 .01 1, 433, 426 1,468, 683 Subsidiary silver 277, 510, 375 24, 808, 387 252, 701, 988 2.24 251, 639,121 United States notes 346, 681,016 45, 570, 520 301,110,490 2.68 304,846, 047 299, 506,645 Federal reserve notes 2,444, 073,880 534,931, 225 1,909,142, 655 16.98 1,988,584,552 2,218, 511, 302 Federal reserve bank notes 11, 581,170 556, 627 11,024,543 .10 11, 587, 602 24,001,667 National bank notes 777,406,992 47, 445,143 729, 961, 849 6.49 737,141,127 732,454,289 Total _ 8,776,575,139 « 5,564,987, 552 4, 760,113,559 42.33 i 4,812,861,042 4, 668,041,079 Comparative totals: April 1, 1921 8, 757,501,955 5 5, 433, 529, 484 4, 812, 861, 042 42.85 May 1,1923.._. 8, 470, 504, 689« 4,893,724, 505 4, 668, 041,079 42.04 Nov. 1,1920 8, 326, 338, 267« 3,394, 764,761 5,628, 427, 732 52.36 1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve banks. * Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta. 3 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. * These amounts are not included in the total, since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. • Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this statement are shown in parentheses in the first column. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT MAY 31, 1924 Paper maturing— After 90 days After 6 but Within 90 days but within 6 within 9 months months Federal reserve bank p a C a a n g o p d r m e ic l r m i , u v n l e e t . r s u c t e r o i a . a c l l s k , , . U G S o n o b e i v t c l e i u e g d r r a e n t S d m io ta b e n t n y s e t s ac B c a e n p k ta e n r c s e ' s acc T e r p a ta d n e ces A an g d r p i l c a iv u p e l e t s r u to r c a k l' a A nd g r p l i a i c v p u e e l s t r u to ra c l k Boston _. New York.... Philadelphia.. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City- Dallas San Francisco ' 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

JUNE, 1924 FEDERAL RESERVE BULLETIN 525 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES [In thousands of dollars] MONTHLY SUMMARY FOE BANKS IN 141 CENTERS 1921 1928 Number Federal reserve district of centers February March April February March April No. 1—Boston 1,973,432 2,147,057 2,118,054 1, 889,899 2,222,086 2,119,787 No. 2—New York 20,611,867 22, 227,152 21,356,913 19, 595, 761 23, 231,635 21,180,741 No. 3—Philadelphia.. 1,723,139 1,873,812 1,942,356 1, 648,925 1,926,493 1,863,477 No. 4—Cleveland 2,006, 249 2,173,881 2,275,246 1,949,930 2,206, 665 2,227, 570 No. 5—Richmond 660, 035 699,209 672, 896 631, 628 737,293 No. 6—Atlanta 947, 847 987,094 970,084 827,440 991,806 No. 7—Chicago 4,178, 246 4,807,897 4, 643,076 4,383,817 4,828, 041 4,737,859 No. 8—St. Louis 981, 669 1,062,671 1,033,484 952,802 1,112,395 1,039,649 No. 9—Minneapolis-., 523, 317 684, 754 552,910 510, 811 600,805 596,914 No. 10—Kansas City.. 937, 931 1,020, 873 1, 012,890 1,199,481 1,130,015 No. 11—Dallas 493,840 492,894 483,944 494, 600 547,188 No. 12—San Francisco 2,470,230 2,662,187 2,456,815 2,043,173 2, 581,355 2,347,653 Total 141 37,397, 792 40, 739,481 35,926, 212 42,185,143 39,294,408 New York City 1 19, 886,015 21, 546,482 20,653,978 19,019,491 22, 541, 298 20, 478, 562 Other cities 140 17, 511, 777 19,192,999 18,864, 690 16,905, 721 19,643, 845 18,815,846 WEEKLY SUMMARY FOR BANKS IN 247 CENTERS ,1924 1923 Num- Week ending- Week ending- Federal reserve district ber of centers Apr. 23 Apr. 30 May 7 May 14 May 21 Apr. 25 May 2 May 9 May 16 May 23 No. 1—Boston 490,358 502,406 544, 753 503, 243 518, 592 500, 837 552,184 511, 327 564, 342 540,199 No. 2—New York. 4,477,821 5,363,076 5,683,959 4,883,957 5, 301, 9544,906,295 5,902,046 4,899, 357 5, 262, 0394,914,234 No. 3—Philadelphia... 516,282 480, 946 497,803 473.871 492, 657 476,883 537,103 485,445 531,353 502, 616 No. 4—Cleveland 617, 681 618, 673 603, 506 572,902 601, 815 615,705 645, 549 617, 556 672, 583 • 641,113 No. 5—Richmond 251,002 263,112 292, 982 257, 368 262, 593 268,251 300,008 275,298 282,200 267,366 No. 6—Atlanta 219,102 225, 577 239, 291 220, 827 238, 598 221, 701 224,754 226, 237 230, 589 21? "'H> No. 7—Chicago 1,147, 3431,092, 494 1,241, 5011,078, 5051,161,612 1,138,019 1, 408, 2021,149, 276 1,183,352 1,148,482 No. 8—St. Louis 259,943 244,204 266, 519 265, 435 271, 390 258,989 272,889 259,867 287, 811 276,320 No. 9—Minneapolis 136,063 130, 309 155, 673 143, 476 148,187 144, 224 156,944 143, 660 162,046 155, 351 No. 10—Kansas City.. 249,439 ,.243,497 264, 036 238.872 246, 586 263, 263 298, 603 281, 717 285, 614 268,376 No. 11—Dallas _.. 130, 355 119, 456 129, 300 120, 624 130, 693 136,398 144,976 135,386 137,366 143,929 No. 12—San Francisco 587,966 571,036 549,975 595, 569 569,211 632, 457 564,474 619, 337 567,118 2479,083,345 9,854, 78610,469,298 9,363, 380 K 970, 2469, 489, 77611,075,715 9,549,600 10, 218,632 9, 641,460 BANE DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston 321,093 329,298 362, 292 330,552 341, 354 334,532 360, 584 335, 836 376,289 360, 523 No. 2—New York 4,210,818 5,066,364 5, 365, 599 4,604, 878 4,995, 531 4,634, 575 5, 601, 223 4, 631,027 4, 977, 211 4, 648, 279 Buffalo ' 67,623 67,292 71, 377 71,364 74,442 69,276 74,040 66,838 76, 553 68,770 No. 3—Philadelphia... 399,634 354,743 373,219 351,233 367,772 358, 975 401, 618 359, 008 397, 309 382,160 No. 4—Cleveland _ 169,397 161,010 152, 331 130, 569 138, 598 137, 656 161,770 151, 427 162,302 164, 642 Cincinnati 78,024 64,331 65,662 68,235 76, 246 78,154 79, 784 74, 244 97, 565 79, 738 Pittsburgh _ 195,783 219,121 202,047 181,484 202,307 207, 790 198, 731 200, 854 203, 318 213, 473 No. 5—Richmond 25, 032 26,195 30, 519 25,835 27,642 23, 896 34,707 27,869 27,531 25,126 Baltimore 77,930 84,290 95, 470 81,370 78,360 80,900 102,400 85,600 92,800 88,000 No. 6—Atlanta 32,186 32,027 29,860 29,623 37, 049 29,639 29,191 29,253 32,090 32,131 Birmingham 28,727 26,756 27,241 25,075 26,262 24,043 25,917 23, 250 26,288 23,885 Jacksonville 13, 770 13;707 16,049 15,052 15,109 14,130 12, 811 13, 206 13,438 12 930 Nashville 17, 352 15, 046 18,184 16,243 17, 336 16,486 17,337 21,251 18, 539 17^ 052 New Orleans 57, 965 72,504 69,037 64,924 69,803 63,896 67, 501 64,845 63, 232 62,791 No. 7—Chicago 667, 019 678, 830 786,400 640,136 686, 589 671, 638 950, 537 711, 671 711,863 664, 618 Detroit 194,895 151, 013 155, 047 155, 214 201,331 183, 459 161, 326 137, 095 161,017 183,709 No. 8—St. Louis.. .. 145,018 141,423 151,879 154,627 156, 330 150,495 162,280 146,418 172, 254 162, 217 Little Rock 14,099 11, 959 14,644 13,933 13, 434 13,740 12,420 14, 073 13, 582 14,974 Louisville 42, 989 35, 529 36,474 40,381 44, 111 34, 364 36,152 34, 699 37,788 37, 306 Memphis 31,464 28,281 31,984 27, 798 28,277 27,925 29,289 30,230 28,706 25,972 No. 9—Minneapolis 69,486 68,581 79,023 73,186 77, 850 73, 387 74, 550 69,964 79,902 75,133 Helena 1,962 1,483 2,202 1,949 1,723 1,381 2,018 2,203 2,113 2,149 No. 10—Kansas City 71, 400 68, 010 76,478 62,234 70,606 75, 725 88,053 78,938 81, 522 78, 741 Denver 42,008 34,342 39,935 34,092 34, 018 35,128 37,694 39, 880 36,660 35,343 Oklahoma City. 16,392 16,704 17,996 15, 719 17, 376 15, 799 20, 659 19, 451 17,947 17,009 Omaha 40,597 43,509 42,001 41, 549 42,323 46,058 51, 387 49,132 48, 647 48,356 No. 11-Dallas 37,078 34, 085 39, 047 34,923 33,753 34,805 34, 550 33, 458 38,204 El Paso 7,047 7,696 6,905 7,735 6,974 7,248 6,769 7,189 6,859 Houston _._ 23,731 26,143 23,979 23,395 26, 667 26, 240 30, 089 24, 670 24,943 28, 574 No. 12—San Francisco... 183, 097 181, 838 172,076 180,905 190, 080 178,332 216,639 176, 417 212,404 175, 439 Los Angeles 175, 682 175,928 152,761 181, 549 174, 427 156, 872 178,814 156,093 164, 208 163, 677 Portland 37,663 37,165 40, 776 37, 908 36, 620 40,774 35,891 34,955 38,883 34, 749 Salt Lake City.. 16,061 13, 482 15, 628 13, 564 15, 203 14, 793 16,106 13, 617 14, 566 15,377 Seattle 40,792 36,638 39, 710 42,924 41,935 38, 363 36, 691 34, 742 42, 486 40, 513 Spokane 10,311 9,109 11, 210 10, 474 10, 752 10,981 10,329 11, 551 11, 636 10, 652 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES PREVAILING IN LEADING CITIES te The following table shows the customary rates charged on loans and "j parisons between the rates charged during 1924 and rates charged at discounts in the various cities in which Federal reserve banks and their earlier periods, it should be borne in mind that the earlier rates refer to branches are located, as reported by representative banks. These an entire month, while the latest figures cover only a week. rates are not averages but are those rates at which the bulk of paper of Rates on customers' commercial paper and interbank loans for the each class is handled by reporting banks. Where it appears from the week ending May 15, 1924, were somewhat lower than those prevailing reports that no one rate clearly covers the bulk of the paper handled, a month earlier throughout the South and West. Otherwise the rates a range of the rates most commonly charged is given. In making com- charged by banks showed little change for the month. Customers' prime commercial paper Loans secured by stocks and bonds Interbank loans Lo L a i n b s e r s t e y c u b r o e n d d b s y w L a o r a e n h s o u se se c u r r e e c d e i b p y ts Cattle loans 30-90 days District and city Week Week Week Week Week Week ending— 'Month Month ending— ; Month!ending— Month] ending- | Month I ending— Month ending— Month ending ending | ending .! ending! ; ending ending ending May May May ! May i 1 May May May May I Apr. 15, 15, May Apr. i 15, May Apr. 15, -May Apr. j 15, May Apr. 15, May! Apr. 15, I 4 15, ! 15, 1923 1923 15, 15, j 1923 15, 1923 15, 15, ' 1923 15, 15, 1923 15, ; 15, 1923 a 1924 | 192-1 1924 1924 | 1924 i 1924 1924 1924 ! 1924 1924 1924 ! 1924 No. I—Boston 5 5 5 41' 5J| 5-51 i: No. 2—New York 5-5* 4J-5 5 4f-5 3J-5 44-5-J: 5-5J- 5-54; i4 5-5J 5-5i N N o o . . 3 4— — B P C C P i u i h l t n e f t i f s v c l a a b i e l d n l o u a e n r n l a g p d t h h i ia — _ 5- 6 5 6 5 5^ ' * 5 5 5 - - - 6 6 5 a 5 J 5 5 - - 6 6 6 5 Si 5-5 6 4; 5|-6 f 6 6 : 5 * 1 -6 5 G 6 6 I ' ' ' 4 5 J J - - 5 6 6 6 6 5 54 J- - 6 8 5 . ' fii-6 8 6 6 Si 5 5 i- -5 6 6 -1 6 0 H I 5 S 2 d l No. 5—Richmond 6' 5-5J 5-6 5J-6 6 I 5J-6 Sj-6 6 6 Baltimore. _._ 55 5-6 5-6 5|! SJ-5J Siro 51-6 5J-6 No. 6— B A i t r l m an i t n a gham 6 6 S-6 6 5 5 - - 6 6 6 6-7 6 6 6 I 1 6-7 6 6-7 6 6 6-7 6-7 6 6 6 Cj Jacksonville 6-7 6 6 7-8 6-7 I 6 6 7-8 7-8 6 New Orleans 5} 5J-6 5J-6 6 6-6i 6 Nashville 6 5-6 5-6 .:._ 6 6 5J-6 J 1 7 No. 7—Chicago.. ... 5-51 5-5* 5-5J 5 5-5J 5-55-1 5 5j! 5-5-J 61 5*-6 5* 5*1 5J-6 5-5$ 5J-6 r-3 No. 8— D L S o t e . u t r L i o s o i v u t i i l s le. i 5 5 i- - 6 5 g J 5 5 i- - 6 6 3 5 6 § J 5 5 i- - 6 5 .ii i 54- 5 6 5 •65* i 5 6 § 51-6 6 ! , Little Eock fi 6-7 6 6 6-7 i 6-7 6-7 6-7 7 6-7 6-7 1 6 6-7 No. 9—Minneapolis 6 5§ 511 5* 5-1 5i 5 Helena 8 8 8 I 8 No. 10—Kansas City 6 6 6 6 6 I 7 6-7 Omaha 6 5-6 5J-6 6* 6-7 6-7 6-7 8i| 6-8 8i Denver 7 6 6 6" 6 fl 6-7 6-7 6-8 6-7 Oklahoma City 7 6 6 7 6 6 6-8 6-8 8 i 7-8 7-8 8 No. 11— E D l a P lla as s o 8 51 41-6 8 6 8 8 6 6 8 0 8 6-7 6-8 8 *l 7-8 7-i Houston 15 5-6 5^-6 5J-6 6 5|-7 6-7 7 6-8 6-8 No."12—San Francisco Si 6 ' 6 6 6 4-6 6 6 Portland 6 6^7 6-7 7 7 6-7 6-7 6-7 7 6-61 6-6-J Seattle.. — 6 6 6 6 7 6 7 1 6 Spokane 7 7 6-7 7 7-8 7 ' 7-8 7 7-8 7-8 ~6-7 7-8 Salt Lake City 6 6 6 7 7 7 7 7 7 7 7 7 Los Angeles 6 6-7 6-7 6-7 6-7 0-7 6-7 6-7 6-7 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1924 FEDERAL RESERVE BULLETIN 527 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES GOLD SILVER Ten months ending Ten months ending • COUNTRIES April— April— April— April— 1923 1924 1923 1924 1923 1924 1923 1924 IMPORTS $1,115,469 $3, 561, 829 $987 France $35, 679 $742,113 20, 824, 826 20, 624, 875 $15, 313 $3, 001 148, 588 $85,956 29, 265 29, 707 25,573, 831 55, 764 1,226,142 4, 798,294 21,156 Netherlands, - . - . _ - 250, COO 21,145, 536 15,894, 247 34, 345, 613 1,791 543, 592 168 11,732 611 Spain - - _ - 2, 600 51, 255 40, 013 1,863 100, 796 78, 754 1, 326,938 44,426 1,180 1,926 United Kingdom: England -_ - _ 2,994,800 14, 292,179 110,906, 397 181, 282, 942 17, 599 1,515 203, 330 110, 560 Scotland 2, 560, 382 2, 560, 382 Canada: - - - - 988, 231 4, 041,268 30, 656, 209 39,076,915 476,392 637, 245 6,756, 735 5, 529,048 Central America _ - , _ - 170, 863 209,935 2,367, 249 1, 847, 687 129,318 31,994 1,260,337 1, 377,599 Mexico.- -. 399,045 549,490 4,444,141 5, 930, 606 2, 556, 849 2, 721, 520 34, 763, 643 46,466, 287 51,054 43, 069 542, 598 651,359 12,000 59 204,949 129, 759 Argentina - 5,029 80, 056 9, 724, 532 342 30,152 48,371 Bolivia-, -_. - __-.- 419 163 5,602 18, 439 43,100 37,829 637, 745 389, 551 Chile 49, 520 8,236 165, 561 273,164 47,478 111, 432 1, 559, 860 1, 201, 035 Colombia- 474, 739 197,903 4, 713,864 3,160, 935 15,168 9,983 159, 847 126, 679 Peru 185, 591 76,123 1, 496,953 2,100, 749 839,438 225, 503 7,443, 801 11,374,871 Venezuela 52,483 20, 092 549,262 521, 820 42 53 1,902 6,132 China .-. - 279,807 350, 507 6,175, 703 4, 470, 624 350 187 17, 274 15, 927 Dutch East Indies 198,412 187,234 1,785,081 2,092,368 61,676 110, 591 680, 816 849,898 Philippine Islands 119,663 3, 096, 761 932, 589 4, 469, 654 3,190 1,294 14,115 21,106 30,694 117, 226 1, 383,090 2, 867,887 36 117 1,466 2,132 Egypt - 3, 271,242 2,149, 256 12,730 15,802 Portuguese Africa- . 8,391 7,172 621, 210 523,549 16,711 10,418 178, 871 75,926 All other 336, 097 298, 814 1,258, 299 5,417,630 25 346 152,156 294,151 Total - 9,188, 470 45, 418,115 218,499,816 350,770, 871 4, 261,869 j 3, 907, 745 54,419, 932 69, 430, 014 EXPORTS France - -- - 2, 660,000 Netherland ,_ . - 19,000 90,000 1,645 525 Spain - - 140,000 20,000 140, 000 1,500 Switzerland -- -- -- 3,762 1, 362, 207 29,703 United Kingdom—England 143, 828 7,884 188, 742 97, 610 7, 567, 432 5, 576,008 Canada . - _ . _ . 136,938 . 82,367 22,009, 551 1, 542, 691 95,904 93,007 1,483,944 1,346, 735 Central America 1,000 2,900 26,000 7,394 84, 675 413,475 544, 350 4, 093,954 2,933,220 • 141, 461 191,424 1, 535, 279 1,375,834 West Indies 899 17, 544 25, 635 55,171 48, 611 Colombia - _ - 500,000 ' 700,000 1,328 10,000 6,066 Peru 274,000 1, 249,000 Venezuela- _ _ 600,000 1,101, 600 9,340 655,340 British India . . .. 17, 500 13,411,518 1, 310, 728 "l,"035,"660" 4, 925,305 12, 091,149 35,096, 893 China --- _-.. -- 350, 200 40,000 2, 510, 555 2, 030,177 19,183, 061 31, 860, 636 Dutch East Indies 40,010 115,010 Hongkong . ---. 43, 550 23,820 2,006,350 1, 408,170 342,972 127, 863 6,848, 268 1,805,897 Japan ._ 35, 500 1, 277,898 Allother 56, 530 40, 640 600 6,174 66, 452 Total 655,235 1,390, 537 47, 649, 047 9, 345, 636 4, 336, 338 7,801, 689 48,826, 517 80, 450, 570 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

528 FEDERAL RESERVE BULLETIN JUNE, 1924 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] COUNTRIES INCLUDED IN COMPUTATION OF INDEX Per cent of par ' May 1 to 21, inclusive April Par Monetary unit of ex- April May change April Low High Aver- Low High Aver- Fourth First Second Third age age week week week week General Index 63 63 62 61 63 Belgium. Franc . J 19.30 4. 6100 5. 3900 4.9828 4. 7200 5. 7200 5.2319 28.70 27.56 25.28 24.61 27.11 Denmark 26 80 16.9100 17 0400 16.9583 16. 4400 16. 8700 16. 6446 62.59 63.25 63.42 63.16 62.11 France . . Franc 19.30 5.3500 6.5000 5.9794 5. 6600 6.7200 6.1573 33.67 33.53 30.34 29.08 31.90 Great Britain Pound : . 486. 65 435. 9400 438. 6400 437.1767 430. 2000 439. 4000 435.1281 90.11 90.11 89.71 89.68 89.41 Italy Lira 19.30 4. 4300 4.4900 4. 4550 4.3600 4.5000 4. 4408 23.17 23.22 23.03 23.00 23.01 Netherlands . Florin 40.20 37. 3300 37. 5000 37. 4094 36.9800 37. 4000 37.1931 92.54 93.19 92.95 93.03 92.52 Norway Krone 26.80 13. 7800 14. 0300 13. 8822 13. 6200 13. 9500 13. 7942 51.85 51.70 51.85 51.85 51.47 19.30 13. 7300 13. 8800 13. 8350 13. 0300 14.1600 13. 6435 72.29 71.67 71.57 71.81 70.69 S S p w a e in den.. .. P K e r s o e n t a a 26.80 26. 3700 26. 5600 26. 4861 26. 4900 26.4900 26. 3804 98.14 98.58 98. 86 99.05 98.43 Switzerland Franc 19.30 17. 7100 17. 8100 17. 7544 17. 3800 17. 8300 17. 5996 91.84 92.22 91.94 91.81 91.19 Canada 100.00 98.1948 98.4554 98. 2974 97. 8678 98.4914 98.0871 98.24 98.40 98.26 98.22 98.09 Argentina. D Pe o s l o la r ( go . ld)... _ 96.48 74. 3400 75. 3300 74. 7383 72. 9000 75. 6900 74. 8019 76.75 77.62 77.44 77.34 77.53 Brazil Milreis 32.44 10. 7200 11. 4100 11.1622 11. 0200 11. 4400 11. 2288 34.72 34.94 34.66 33.62 34.61 Chile- Peso (paper) .. 119.' 53 10. 9200 11.1400 11. 0467 9.8400 11.1900 10. 5354 56.41 56.53 56.71 56.45 53.94 China Shanghai tael 2 6ft. 85 69. 7700 71. 9200 70. 5828 69.1600 70. 2200 69. 7423 104.71 104.69 105.64 106.42 104.33 India Rupee 48.66 30. 4900 30. 7200 30. 6144 29. 8600 30. 8700 30. 4035 63.33 62.84 62.99 62.91 62.48 Japan Yen 49.85 39.8400 40. 3700 40.1456 39. 0900 42.1200 40.9300 79.13 80.24 80.53 80.83 82.11 OTHER COUNTRIES Austria. Krone .. .. 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 .7178 .7309 .7241 .7131 .7378 .7278 3.77 3.74 3.77 3.74 3.77 2 9290 2. 9576 2. 9382 2. 9263 2.9805 2.9567 Finland 19.30 2. 5009 2. 5109 2.5071 2. 5027 2. 5118 2. 5080 13.01 12.99 13.00 12.99 12.99 23 82 '.0224 '.0233 >. 0227 ». 0215 ». 0228 '.0220 19.30 1. 9365 2.1679 2. 0501 1. 7054 2.0061 1.8413 10.32 10.94 10.68 10.25 9.54 Hungary Krone . 20.26 .0011 .0013 .0012 .0012 .0015 .0014 .01 .01 .01 .01 .01 Poland '. 0110 4.0115 '. 0113 1.0109 1. 0116 4.0114 Portugal Escudo 108. 05 3. 0200 3.1200 3. 0661 3.1000 3.2300 3.1354 2.89 2.86 2.85 2.80 2.90 Rumania Leu .. 19.30 - .4864 .5219 .5055 .5083 .5230 .5188 2.69 2.68 2.63 2.55 2.69 19.30 1.2304 1.2479 1. 2376 1.2327 1. 2472 1. 2391 6.43 6.45 6.40 6.39 6.42 Cuba Peso 100.00 100.0094 100. 0500 100. 0348 100. 0031 100. 0625 100. 0396 100. 02 100.02 100.04 100.04 100.04 do 49.85 48.1458 48. 2917 48. 2333 48.1667 48. 3125 48. 2652 96.80 96.85 96.72 96.71 96.82 do- 103.42 77. 7600 78. 3400 78. 0672 77. 0000 78.1300 77. 5073 75.23 75.42 75.54 75.50 74.94 China Mexican dollar. 2 48.11 50. 6800 51.9600 51.1550 50.1100 51. 2100 50. 5235 105.65 105. 63 106. 21 107.15 105. 02 Hongkong Dollar 2 47. 77. 51.4500 52. 3600 51. 7278 50.4600 51. 7000 51.1292 107.84 107. 86 108.19 108. 81 107. 03 Straits Settlements. Singapore dollar. 56.78 50. 4700 50. 7500 50. 6000 50. 0600 50. 9500 50. 5012 89.46 89.22 89.06 89.07 88.94 1 Based on average. 21913 average. 3 In cents per billion. * In cents per thousand. SILVER [Average price per fine ounce] April London (converted at average rate of exchange). $0. 64766 New York .64403 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Page Abstract of condition reports of member banks 519-523 Gold imports and exports 477,527 Acceptance market 475 Gold, payments in, resumed by Swedish Kiksbank 483 Acceptances held and purchased by Federal reserve banks 513,514 Gold settlement fund transactions 511 Agriculture.- 464,494,495 Governors of Federal reserve banks, conferenceof 461 Aiken, Alfred L., resignation of, as member of advisory council.._ 461 Grain and flour 464,494 Automobiles, production of- _ 470,497 Great Britain: Bank credit 456,463 Financial statistics 502 Banks of issue established in Poland and Hungary 486-487 Foreign trade _ 501 Belgium: Gold imports and exports _ 477,527 Cost of living and retail food prices 506 Industrial statistics 500 Foreign trade 501 Retail food prices and cost of living..-. 506 Wholesale prices _ 505 Wholesale prices 504,505 Building statistics ;. 471,496,497 Hungary, new bank of issue established in 487 Business and financial conditions: Industrial statistics: Abroad. ..-.. 482 Foreign countries.- 600 United States ._.._ _ 462-478 United States 492,494 Business failures _ _ 474 Iron and steel production 470,495 Canada: Cost of living and retail food prices 506 Italy: Financial statistics : 502 Financial statistics. 502 Foreign trade 501 Foreign trade _ 501 Industrial statistics •_ 500 . Retail food prices and cost of living _ 506 Wholesale prices . 504,505 Wholesale prices. _. 505 Chain-store statistics _ 499 Japan: Charters issued to national banks 477 Financial statistics 502 Check clearing and collection: Foreign trade _ _ 501 Begulation J, revision of 489 Wholesale prices 504,505 Operations of system _.__. 515 Law department: Coal and coke production. __ 466,495 Revision of Regulation J relating to check clearing and collec- Commodity movements _ 495 tion 489 Condition statements: Leather industry '..... 471,496 Abstract of condition reports of member banks 519-523 Livestock industry 465,494 Federal reserve banks 507-511 Lumber industry _ _. _.. 470,495,496 Member banks in leading cities 516-518 Mail-order houses, retail trade of 499 Cost of living, principal countries. 506 Manufacturing. 468,494 Cotton, raw and manufactured 464,468,495 Credit situation _ 456,463 Member banks: Crissinger, D. R., reappointed governor of Federal Reserve Abstract of condition reports 519-523 Board 461 Condition of _ 516-518 Dairy products 466,495 Metals. 467,495 Dawes report, comments of advisory council on 458,459 Miller, A. C, reappointed member of Federal Reserve Board 461 Debits to individual account 525 Mining _ _ 466,494 Department-Store business _ • 457,473,499 Money in circulation 524 Deposits: Money rates _ „ 455,463,474,524,526 Savings I 476 Morss, Charles A., elected member of advisory council- 461 Time and demand, of member banks 518 National banks: Discount and open-market operations of the Federal reserve banks. 514 Capital required of banks in Wisconsin in order to obtain per- Discount rates: mission to exercise trust powers 488 Central banks.... _.. 502 Charters issued to 477 Federal reserve banks. '. 524 Fiduciary powers granted to 491 Prevailing in various centers 474, 526 Ocean freight rates ._ 501 Dollar credits _ 459 Petroleum industry 467,495 Earning assets held by Federal reserve banks 513 Poland: Employment, United States 457,473,493 New bank of issue established in 486 England. (See Great Britain.) Wholesale prices in 505 Failures, commercial _ 474 Prices: Federal Advisory Council: Food, in principal countries. 506 Comments on Dawes report _ 458,459 Wholesale _ 457,463,473,503-505 Morss, Chas. A., elected member.. 461 Production in basic industries, index of 457,462,493 Resignation of Alfred L. Aiken as member 461 Regulation J relating to check clearing and collection 489 Swinney, E. F., elected vice president 461 Reserve ratio of Federal reserve banks- 507 Federal reserve note account- 512 Retail trade 472,499 Fiduciary powers: Rich, John H., Federal reserve agent, at Minneapolis, death of... 461 Capital required of national banks in Wisconsin in order to Riksbank, Swedish, resumption of gold payments by 483 obtain permission to exercise 488 Rulings of the Federal Reserve Board: Granted to national banks 491 Capital required of national banks in Wisconsin in order to Financial statistics of principal foreign countries 502 obtain permission to exercise trust powers _ 488 Food manufacturing 468,494 German trade bills, eligibility of, for purchase by Federal Food prices in foreign countries _. 506 reserve banks 488 Foreign exchange. _-. 476,528 Savings deposits 475 Foreign trade: Silver imports and exports 477,527 American trade statistics for first quarter of 1924 479 State banks: Principal foreign countries 501 Abstract of condition reports of member banks 519-523 United States 475 Admission to system _ 491 France: Cost of living and retail food prices 506 Sweden: Financial statistics - 502 Cost of living 506 Foreign trade - 501 Foreign exchange 484 Industrial statistics _ 500 Foreign trade .._ 483 Wholesale prices 504,505 Merchandise trade balance 483 Freight rates, ocean 501 Resumption of gold payments by Riksbank __ 483 Fruit crop and shipments 465,495 Wholesale prices 505 Germany: Swinney, E. F., elected vice president of advisory council 461 Cost of living and retail food prices 506 Textile industry 468,495 Foreign trade 501 Time deposits of member banks _• 5)^ Industrial statistics _ -. 500 Tobacco industry 4 Trade bills, eligibility of, for purchase by Federal reserve Transportation 47r banks—.. - - 459,488 Wholesale trade 457,462,477 Wholesale prices — 505 Wool and woolen industry 4' I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS MO ST. LOUIS •"—BOUNDARIES OF FEDERAL RESERVE DISTRICTS »*-- BOUNfDARIES OF FEDERAL RESERVE B'RANCH.TERRITORIES ® FEDERAL RESERVE BANK CITIES > FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis