Federal Reserve Bulletin, 1924-07

FEDERAL RESERVE BULLETIN JULY, 1924 ISSUED M THE FEDERAL RESERVE BOARD AT WASHINGTON i Credit Condition* and ihe Business Situation I ! British Banking Di'ce'opmeni.t Mid-Year Review of Bankina Statistics II i i I ! ! I WASHINGTON GOYEK.N'KiiVr PRINTING OU'ICK Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. Wi MELLON, ADOLPH C. MILLER. Secretary of the Treasury, Chairman. CHARLES S. HAMLIN. HENRY M. DAWES, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. J. C. NOELL, Assistant Secretary. WALTER W. STEWART, W. M. IMLAY, Fiscal Agent. Director, Division of Research and Statistics- J. F. HBRSON, 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. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Eeserve Bank of— Chairman Governor Deputy governor Cashier Boston. Frederic H. Curtiss W. P. G.Harding.. W. W. Paddock. W. Willett. Benj. Strong J. H. Case L. H. Hendricks.i New York Pierre Jay L. F. Sailer A. W. Gilbart.i G.L.Harrison J. W. Jones.1 E. R. KenzeL G. E. Chapin.1 Philadelphia R. L. Austin Geo. W. Norris Wm. H. Hutt W. A. Dyer. Cleveland E. E. Fancher.. M. J. Fleming J. C. Nevin. D. C.Wills Frank J. Zurlinden Richmond Wm. W. Hoxton.. George J. Seay. C. A. Peple Geo. H. Keesee. E. H. Broaddus John S. Walden, jr." Atlanta Joseph A. McCord. M. B. Wellborn J. L. Campbell M. W. Bell. Creed Taylor Chicago Wm. A. Heath J. B. McDougal. C. E. McKay W. 0. Bachman.1 John H. Blair K. C. Childs.i J. H. DiUard.i D. A. Jones.1 0. J. Netterstrom.1 Clarke Washburne.1 St. Louis Wm. McC. Martin. D. C. Biggs O. M. Attebery J. W. White. W. B. Geery Gray Warren. Minneapolis E. A. Young B. V. Moore Frank C. Dunlop.1 Harry Yaeger ! Kansas City. M. L. McClure W. J. Bailey C. A. Worthington.. J. W. Helm. Dallas.... Lynn P. Talley B. A. McKinney- V E a . l E . J . . G G il r b a e n r d t E. B. Coleman. San Francisco John Perrin. J. U. Calkins I W ra m C . l A er . k D 2 ay W. N. Ambrose, L. C. Pontiouss 1 Controller. ' Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Beserve Bank of— Manager Federal Reserve Bank of— Manager New York: Minneapolis: Buffalo branch... W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Oinri'.iTiTiftt.i hrflTich 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. McNamara. Portland branch.. Frederick Greenwood. Chicago: Salt Lake City branch E. B. Motherwell. Detroit branch W. R. Cation. Seattle branch . C. E. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch.._ . W. P. Kincheloe. Memphis branch V. S. Fugua. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN THE FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. It contains, in addition to the regular official announcements, the national review of business conditions, detailed analyses of business conditions, research studies, reviews of foreign banking, and complete statistics showing the condition of Federal reserve banks and member banks. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is $2. Single copies will be sold at 20 cents. in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: p age Review of the month—Credit conditions and the business situation • _ _ 529 : Treasury finance 533 Business conditions in the United States j 535 British banking developments 552 Articles: Statistical work of the Federal Reserve Board in 1923-24 1 554 Seasonal adjustment of bank debits 555 Official: State banks admitted to system : 558 Fiduciary powers granted to national banks 558 Charters issued to national banks 558 Banks granted authority to accept up to 100 per cent of capital and surplus 558 Mid-year review of banking statistics: Earning assets held by Federal reserve banks, June, 1922-May, 1924 559 Deposits, Federal reserve note circulation, reserves, and reserve percentages of the Federal reserve banks, June, 1922-May, 1924 560 Discount and open-market operations of the Federal reserve banks, June, 1923-May, 1924 560 Resources and liabilities of member banks in leading cities on the last report date in each month since June, 1923 561 Bankers' balances at reporting member banks in Federal reserve bank cities 562 Abstract of condition reports of all member banks, 1922-1924 563 Assets and liabilities of all member banks, 1922-1924 563 Earnings and expenses of member banks, 1919-1923 565 Condition of all banks in the United States at the end of March, 1924 567 Money in circulation 570 Gold imports and exports, 1914-1924. 571 Business'statistics: Industrial statistics in the United States 573 Wholesale and retail trade 579 Industrial statistics for foreign countries 581 Foreign trade of principal countries 583 Financial statistics for principal foreign countries 585 Price movements in principal countries: Federal Reserve Board wholesale indexes 589 Comparative wholesale prices in principal countries ^ 591 Comparative retail prices and cost of living in principal countries 592 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 594 Federal reserve note account 598 Holdings of earning assets 599 Discount and open-market operations of Federal reserve banks 1 600 Federal reserve clearing system 601 Gold settlement fund 802 Discount rates of Federal reserve banks - — 602 Member banks— Condition of member banks in leading cities 603 Changes in membership of the Federal reserve system 605 Deposits of all member banks 607 Bank debits --, 608 Money rates in principal cities 609 Gold and silver imports and exports 610 Foreign exchange rates and index . — 611 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 10 JULY, 1924 No. 7 REVIEW OF THE MONTH the continued receipt of gold from abroad, In the current banking and credit situation which has been in excess of the demand for curthe outstanding developments have been the rency. This additional gold has supplied mem- Credit and pronounced ease in the money ber banks with funds available for the increase business con- market, the diminished volume of their reserve balances and for the reduction ditions. f borrowing at member banks of their indebtedness at the reserve banks. o for commercial purposes, and the decreased de- The developments during the first six months mand for reserve bank credit. These develop- of this year have been in contrast with those ments have been brought about chiefly by a during the first half of 1923, when the increasfurther slackening in business activity, with a ing demand for currency was sufficient to abconsequent decrease in current credit require- sorb the gold imports of the period, which were ments, and by additions to loanable funds then on a somewhat smaller scale. It was the arising out of gold imports. The further easing coincidence during 1923 of a volume of gold of money rates during the month has been in imports roughly equivalent to the increased response to the continued influence of the fac- demand for currency that accounted for the tors described in the last month's review. In relative constancy of reserve bank assets, and accordance with earlier practice, this mid-year it is the inflow of gold in excess of present cur- BULLETIN presents in more detail than in other rency demands which largely explains the reissues the statistics of banking and business cent decline in earning assets. during the past year, and the review discusses When the earning assets are considered with the changes in the banking position and the reference to their composition, the most immore important business developments since portant change since the beginning of the year the opening of 1924. has been the increase in the volume of Govern- At the Federal reserve banks the decline in ment securities. Holdings of these securities the total of earning assets during the past six since early in January have increased by about months has brought the volume $300,000,000 and at mid-year they constituted Reserve bank of reserve bank credit in use to more than one-half of the total earning assets. assets. the lowest level in more than This increase in the volume of Government six years. On June 18 the earning assets of securities has been accompanied by a nearly the 12 banks combined were $836,000,000, equivalent decrease in the holdings of acceptor $436,000,000 less than at the seasonal high ances, with the result that the total volume of point in January, and $222,000,000 less than open-market holdings has undergone little for the corresponding date of 1923. Declines change during the past six months. The chart in earning assets have occurred at practically shows for the 12 Federal reserve banks comall of the reserve banks, but have been par- bined the changes in the volume of acceptances, ticularly large at the New York bank. During Government securities, and discounts, and the early months of 1924 the decline in earning their total for the two-year period ending in assets was chiefly the result of a seasonal return June, 1924. Reference has been made in flow of currency, and the further decline in earlier reviews to the fact that when the reserve recent months has been largely influenced by banks make purchases in the open market the 529 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

530 PBDEEAL KBSEEVE BULLETIN JULY, 1924 tendency is for member banks to use the funds increase in deposits is partly accounted for by thus put into the market in the reduction of the fact that these member banks are the their borrowings. During the recent period, principal holders of bankers' balances and however, with discounts, especially in the that recently, as a result of the inactive definancial centers, at a low level, this compensa- mand for funds, the surplus has accumulated tory tendency appears to have resulted in a in these banks and has been reflected in a rapid decrease in the use of reserve bank credit by growth of the deposits they hold for other the acceptance market. In view of the pre- banks. Some of the funds released by the vailing ease in the money market and the active reduction in commercial loans and arising out of the growth in deposits have been used for MILLIONS OF DOLLARS MILLIONS OF DOLLARS making loans on stocks and bonds, but a much larger increase has taken place in the investments of member banks in corporate securities. While this shift of funds from loans to investments has been general through- !20O out the country, it has been much more pronounced at member banks in New York City. As a consequence of the net increase in investments, total loans and investments of report- 600 ing member banks in June were not only higher than at the opening of 1924, but higher than at any time jn the past three years. The abundance of funds in the money 1922 1923 market, the reduced demand for commercial demand for acceptances, dealers have had less credit, and the increased acoccasion to dispose of their bills to the reserve Money rates tivity m the bon( j mar k et h ave banks. It is not possible to determine to what been reflected during May and extent the increased purchases by the reserve June in a further decline in banks of Government securities, by placing money rates and a rapid advance in bond funds in the market, have been a factor in prices. This recent decline in money rates decreasing their bill holdings, but it seems not brought them to a lower level than has preunlikely that these purchases have resulted in vailed at any time during the past six years. some net addition to total earning assets, and Money rates in the New York market and have thus enabled the reserve banks to mainyields on Government securities at the high tain a fuller operating contact with the market. point in October, 1923, on March 14, when At member banks in larger cities the dethe recent market decline began, and on June creased demand for credit during the past two 18 are shown in the following table: months has been reflected in a °i_SI \° i practically continuous decline Class of paper Oct. 9, Mar. 14, June 18, member banks, f ^ 1923 1924 1924 jn the volume of borrowing for Commercial paper, prime, 4-6 months, Per cent Per cent Per cent commercial purposes throughout the country rate. -. 51 f 31-4 Call loans, renewal, rate __ _. 51 and in an increase in demand deposits in the Bankers' acceptances, prime, 90 days, a 41 31-21 financial centers. Between the high point Certificates of indebtedness, 4-6 months, yield 4.26 3.60 2.37 reached early in April and the middle of June, Liberty bonds, 4J per cent, average yield. 4.53 4.30 3.98 commercial loans at reporting member banks decreased by more than $100,000,000 and their The ease of the money market is reflected net demand deposits increased by over $600,- not only by the lower rates on commercial 000,000 to the highest point on record. This paper and call loans but also by the lower Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY,1924 FEDERAL RESERVE BULLETIN 531 yield on Treasury certificates. The extent of The chart shows the discount rate at the New change in the position of the money market York reserve bank compared with the course during the past year is further indicated by the of the open-market rate on prime commercial •successful offering by the Treasury on June paper and the yield on Treasury certificates. 15 of $150,000,000 of certificates of indebted- Slackening of business activity, which acness of six months' maturity bearing a rate of counts for the decreased demand for credit, is '.2f per cent, while a similar issue in June, 1923, also indicated by the recent Industrial and •carried 4 per cent. Details of Treasury further declines in production trade activity. financing in June are presented elsewhere in and employment. Large facthe BULLETIN. tors in the sustained demand for basic materials during the past three years have been the PER CENT PER CEN1 •6 MILLIONS OF DOLLARS MILLI CmS OF DOLLARS Comrnercial Paper 500 I ' 500 Rate f-i BUILDING CONTRACTS 5 r---—-' --„, 5 AWARDED / F R. Bank Discount Pate h v .. _ .I y /N - v—-' r\ ^ h it 400 1924 400 Treasury Certificate ^\ 3 Yield 3 300 300 2 2 ! 1 ZOO 200 O 0 1922 1923 1924 100 100 Discount rates at many of the Federal reserve banks were reduced during June. Reference was made in last month's review to the Jan. Feb. Mar. Apr. May June July AuJ. Sept. Oct. Nov. Dec. reduction on May 1 of the rate at the New rapid and almost continuous growth in build- York Federal Eeserve Bank from 4J to 4 per ing construction and in the output of autocent. On June 2 the Cleveland Federal Re- mobiles. In the spring of 1923 activity in serve Bank also reduced its rate from A.\ to 4 these industries was at record height, and per cent, and between June 10 and June 19 a reached even higher levels during the first four number of additional reductions were made. THOUSANDS OF CABS THOUSAHPS OF CABS The rates at the New York, Boston, and Phila- too AUT(3MOI31LE PRODUCTION delphia banks were reduced to 3\ per cent, and 192' (»\SSEMGER CARS ) the rates at the Chicago, Richmond, Atlanta,St. s 192 •x\ Louis, and San Francisco banks were reduced 300 V - I 300 \ — from 4^ to 4 per cent. This series of reductions / has followed upon a period of 14 months beginning with March, 1923, during which a uniform 200 / discount rate of 4| per cent prevailed at all the 1921 Federal reserve banks. The present rate of A 3^ per cent at the reserve banks in the three *N N 100^y 100 eastern districts is the lowest that has been in effect since 1917. These reductions have brought discount rates into better alignment n with rates prevailing in the market and repre- Jan. Feb. Mar. Apr. May June July Au|. Sept. Oct. Nov. Dec. sent an adjustment of the discount rates to months of this year. In May, however, as existing credit and business conditions. shown by the charts, there was a marked re- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

532 FEDERAL, BESEKVE BULLETIN JULY, 1024 duction in the volume of building contracts women's clothing industries. Total pay roll awarded and in the number of automobiles pro- of factory workers declined more than emduced, and activity in these industries was less ployment in May, owing chiefly to part-time than a year ago. These industries make use work, and was about 12 per cent below May, of a large volume of products of other indus- 1923. tries and consequently changes in the volume Reduced earnings of industrial workers have of their activity have an important influence resulted in a lessened buying power of conon employment and on the market for mate- sumers, with the consequence that purchases rials. While during the past month recessions at department stores decreased during May in these industries have been considerable, to a lower level than a year ago. Sales of their present level is still high and the change mail-order houses, whose trade is chiefly with in their position accounts only in part for the agricultural communities, also decreased durdecreased output in basic industries. ing May. The general recession of business The production of 22 basic commodities, as activity has been reflected also in a continuous measured by the Federal Reserve Board's decline since the beginning of the year in the index, was 9 per cent lower in May than in volume of wholesale trade, the index for May April and 19 per cent below the peak figure being about 5 per cent lower than for January for May, 1923. The decrease in May was the and also lower than for May of last year. third consecutive monthly decline in produc- Prices of commodities at wholesale, accordtion and was much larger than for the pre- ing to the index of the Bureau of Labor Statisceding months. Most of the industries in- tics, declined further by 1 per cluded in the index shared in the decline, which Price Move- cent in May, to a level 6 per ments was particularly heavy in the iron and steel cent below May, 1023. With industry and in the manufacture of cotton the exception of food prices, which remained textiles. The production index for the past unchanged, the decline in prices for the month five months and for a year ago, together with was shared by all groups of commodities. other industrial and trade indexes, is shown in Compared with a year ago, the largest price the following table: decreases were in building materials, metals, and house furnishings, while prices of farm [1919 average = 100] products and foods, which did not increase in d b P t u a i r s o s o t i n d r c i u e i i c n s n - - x e F m m ac p e t l n o o t r y y - D s m s e a t l p o e e a n r s e r t t i - W tr s h a a o l d e l e e- g th r e o u e p a s r l o y f p c a o r m t o m f o 1 d 9 i 2 ti 3 e s w w he e n re p r r a ic p e id s l o y f a m d o v s a t n o ci t n h g er , showed much smaller declines for the year, but 1923—May 127 103 126 were still below the average level for all com- 1924—January... 120 124 February. 120 127 modities. The following table shows the rela- March 116 115 April 114 127 tive movement of prices by commodity groups May 103 123 for May, 1924, compared with a month and i Adjusted for seasonal variations. a year ago: Employment at industrial establishments, [Bureau of Labor Statistics average for 1913=100] as shown by the index of factory employment, which includes a wider range of industries Group M 1 a 9 y 2 , 4 Ap 1 r 92 il 4 , M 19 a 2 y 3 , than are represented in the production index, decreased about 4 per cent in May and was All commodities. 147 148 166 about 9 per cent below the high point of a Farm products 136 139 139 Foods 137 137 144 year ago. Practically all industries covered Cloths and clothing _. 187 189 201 Fuel and lighting 177 179 190 by the index showed smaller employment in Metals 134 139 152 Building materials.._ 180 182 202 May than in April, and the largest reductions Chemicals and drugs 127 128 134 House furnishings.. _ 173 175 187 were in the automobile, iron and steel, and Miscellaneous 112 113 125 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

\ 1924 FEDERAL. RESERVE BULLETIN 533 Since the opening of the year, and particu- $76,000,000. Income-tax payments due on larly during the past three months, business June 16, together with the proceeds of the latest has been undergoing a read- offering and the Treasury balances on hand, are Business re" justment characterized by de- expected to provide for all financial requireadjustment. creases in industrial and trade ments of the Government until the next tax activity and by declining prices. The consid- payment date in September. erable expansion of production during the early Subscription books for the latest Treasury months of 1924 was followed by a sharp cur- offering opened on June 9 and closed two days tailment in certain basic industries, in response later. The new issue was heavily oversubto a lessened volume of current purchases and a scribed, total subscriptions amounting to hesitancy on the part of manufacturers in plac- 1609,102,500, of which $124,608,400 represented ing forward orders. In fact, there has been in exchanges for Treasury notes and Treasury recent months a larger decrease in the produc- certificates maturing on the income-tax date. tion of certain commodities than in their cur- AH exchange subscriptions were allotted in full, rent consumption, and in consequence stocks while allotments on other subscriptions were of these commodities have been reduced. The made on a graduated scale, preference being recession in business activity has been accom- given to smaller subscriptions and no allotpanied since April by a decreased demand for ments being made on cash subscriptions in credit for commercial purposes, and this, to- amounts exceeding $100,000 for any one subgether with the continued influence of gold im- scriber. ports, has brought about an unusual ease in Total allotments, including exchanges, were the money market. The decrease in the vol- $193,065,500, and their distribution by Federal ume of commercial borrowing, however, has reserve districts is given in the following table: been less than the additional purchases of investments by member banks, so that the total Total sub- Total subof member-bank credit in use is not only larger Treasury and Federal reserve districts scriptions scriptions received allotted than at the beginning of the year but larger than at any previous period. Treasury $1,133,000 $1,133,000 Boston 59, 525,000 26,699,000 New York.._ 235,421, 000 59,045, 50C Philadelphia- 69,351, 500 12, 637, 50( Cleveland 37, 612, 500 14, 961, 000 Richmond.... 17, 957, 000 3, 794, 000 TREASURY FINANCE Atlanta 13, 550,000 4,044,000 Chicago 61, 039, 000 33, 804, 500 St. Louis 8,441, 500 2, 573,000 In connection with the June 16 financial Minneapolis.. 15, 380, 500 7,963, 000 requirements the Treasury made an offering K D a a n ll s a a s s City. 2 1 2 2 , , 6 5 5 1 0 4 , , 5 5 0 00 0 3 7, , 9 8 8 4 8 1 , , 6 0 0 0 0 0 San Francisco 54, 616, 500 14, 581, 500 of $150,000,000 of certificates of indebtedness Total.. 609,192, 500 193, 065, 500 maturing December 15, 1924. The rate of interest borne by these certificates was 2f per cent, the lowest for any Government issue open SEMIANNUAL INTEREST RECEIVED ON FOREIGN for public subscription since the beginning of GOVERNMENT LOANS the World War. The change which has taken On June 16 the British Government, under place in credit conditions during the past year the terms of the debt settlement approved by is indicated by the fact that a year ago an equal the act of February 28, 1923, made the third amount of tax certificates, also of six-months' semiannual interest payment of $68,655,000 at maturity, bore a rate of 4 per cent the rate of 3 per cent per annum on the out- The Treasury's obligations on June 16 standing indebtedness of $4,577,000,000. Of included about $134,000,000 of maturing cer- the total amount paid, $49,655,000 was in cash tificates of indebtedness and about $311,000,000 and $19,000,000 in Treasury certificates maturof maturing Treasury notes, in addition to ing June 16. On the same date the Treasury interest on the public debt amounting to about received from the Government of Finland pay- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

534 FEDERAL RESERVE BULLETIN JULY, 1924 ment of $134,325 of semiannual interest at the itor nations holding obligations of the Hunrate of 3 per cent on the outstanding principal garian Government similar to that held by the indebtedness of $8,955,000 under the terms of United States will also agree to waive their the funding agreement dated May 1, 1923. prior claims. Payment of semiannual interest amounting to $29,085, one-half in cash and one-half in NOTE bonds of the Government of Hungary, in ac- New Edition of Index-Digest of the Federal Reserve cordance with the settlement agreement, was Act. also made by the Government of Hungary The Federal Reserve Board has had preon its indebtedness to the United States of pared, through Mr. C. S. Hamlin, a member $1,939,000. This indebtedness arose out of of the board, a third edition of the Index Digest food purchases of $1,685,835 from the United of the Federal Reserve Act. The first edition States Grain Corporation, together with was published in 1915 and the second in 1918. $253,917.43 accrued interest for the period Since the publication of the second edition the from May 29, 1920, to December 15, 1923, at Federal reserve act has been amended in many the rate of 4J per cent, less a small cash pay- important particulars. The new edition conment made by the Hungarian Government on tains the text of the Federal reserve act as April 25, 1924. The funding agreement made amended to date and the text of other acts with Hungary follows in substance those made which either amend it or have relation to it. with the British and Finnish Governments, the Each line of the text is numbered for ready principal of debt being payable in 62 annual reference, and there is contained an alphabetinstallments, and interest on the unpaid bal- ical table of words and phrases contained in ances semiannually at the rate of 3 per cent per all the various acts, with a concise digest showannum to December, 1933, and at the rate of ing the use of each word and phrase and the 3J per cent per annum thereafter. corresponding use in other sections of the respective acts, the references being to section, The only important difference between the line, and page of the text. The price of the Hungarian funding agreement and those made digest is $2 per volume. with Great Britain and Finland is contained in section 7, which provides that the Secretary of All who desire copies of this digest should the Treasury may waive priority of lien on the send their subscriptions at once to the Federal resources of Hungary held under the original reserve bank of their district. In order that food loan and subordinate the newly funded the board may know how many copies to print, debt to the rehabilitation loan of $50,000,000 it is urged that these subscriptions be sent in which is to be floated, provided all other cred- as soon as possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESEKVE BULLETIN 535 BUSINESS CONDITIONS IN THE UNITED STATES Production of basic commodities and factory employment showed unusually large declines in May and were considerably below the level of a year ago. Purchases at wholesale and retail also declined during the month and were somewhat below last year's volume. Commercial loans at member banks decreased and there was a further decline in money rates. Production.—The Federal Eeserye Board's index of production in basic industries, adjusted to allow for seasonal variations, declined about 10 per cent in May to a point about 19 per cent below the peak reached a year ago. Particularly marked decreases were shown for production of iron and steel and mill consumption of cotton. Output of anthracite, cement, and tobacco products, on the other hand, was slightly larger than in April. Factory employment declined 4 per cent in May, the number of employees being reduced in almost all reporting industries. The largest reduction of working forces occurred in the textile, metal, automobile, and leather industries. The value of building contracts awarded in May was 13 per cent less than the month before and for the first time since the beginning of the year fell below the corresponding month in 1923. The Department of Agriculture forecasts as of June 1 indicated smaller yields of wheat, oats, and barley as compared with the harvests of 1923. The condition of the cotton crop on May 25 was 5 per cent lower than a year ago and 7 per cent below the average condition for the past 10 years. Trade.—Railroad shipments showed a slight increase in May, but were 8 per cent smaller than a year ago. Car loadings of all classes of freight, with the exception of gram and livestock, were smaller than in May, 1923. Wholesale trade decreased slightly in May and was 6 per cent less than in May, 1923. Sales of dry goods, shoes, and hardware were much smaller than a year ago, while drug sales were slightly larger. Retail trade at department stores and mail-order houses declined during May more than is usual at that season and was smaller than last year. Department-store stocks were 4 per cent smaller in May than in April and 3 per cent larger than a year earlier. Prices.—Wholesale prices, as measured by the index of the Bureau of Labor Statistics, declined 1 per cent during May to a level about 8 per cent below the high point reached in the spring of 1923. Prices of all commodity groups, with the exception of food, declined in May. During the first half of June quotations on wheat, corn, rye, and silk increased, while prices of hogs, beef, cotton, and lumber declined. Bank credit.—Decreased demand for credit for current business requirements between the middle of May and the middle of June was reflected in a smaller volume of borrowing for commercial purposes at member banks in leading cities. Further purchases of corporate securities by these banks and larger loans on stocks and bonds, however, resulted in an increase PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES PER CENT PER CENT PER CENT JUO k 300 \ AT / 1 too 200 v 200 \ 50 100 100 0 i9ir. 1320 1921 1922 1923 1919 1920 1921 1922 1923 1924 Index of 22 basic commodities corrected for seasonal variations. (1919= I Index ol U. S. Bureau of Labor Statistics. (1913=100, base adopted by 100.) Latest figure, May, 103. I bureau.) Latest figure, May, 147, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

536 FEDERAL RESERVE BULLETIN r, 1924 MEMBER BANK CREDIT FACTORY EMPLOYMENT BILLIONS OF DOLLARS 3ILUONS OF DOLLARS PER CENT PER CENT 16 1 16 150 I 1150 si; Investments, Time Deposits 1919 1921 1922 1923 1919 1922 1923 Weekly figures for member banks in 101 leading cities. Latest figures, Index for 33 manufacturing industries, (1919=100.) Latest figure, June 11. May, 93. for the month in their total loans and investments. There was an unusually large increase in net demand deposits of these banks, which carried the total of these deposits to the highest figure on record. At the Federal reserve banks between May 21 and June 18 there was a further decline in discounts for member banks and in acceptances purchased in the open market. Government security holdings, on the other hand, increased and total earning assets were somewhat larger than a month ago. The prevailing ease in the money market was reflected in a further decline from 4J to 3-J—3f per cent in rates on prime commercial paper in New York. The June 15 issue of sixmonth Treasury certificates bore a rate of 2| per cent, compared with 4 per cent on a similar offering last December. Discount rates at the Federal reserve banks of Cleveland, Richmond, Atlanta, Chicago, St. Louis, and San Francisco were reduced from 4^ to 4 per cent during June, and the rates in Boston, New York, and Philadelphia were reduced to 3J per cent. BUSINESS INDEXES OF THE FEDERAL EESEEVE BOARD [Monthly average 1919=100] Department store Department store P ti r o o n d u in c- Factory K ro a a i d l- Whole- sales i stocks i Bank basic employ- car sale i t n ri d e u s s i - ment i l n o g a s d - i trade Unad- Ad- Unad- Ad- debits i justed justed justed justed 1923 January - 121 99 117 78 101 114 107 120 106 February ^ - . . ^ 120 101 117 76 90 116 118 126 110 March : . . _ ^ 125 103 120 86 124 124 128 127 111 April 124 103 124 79 119 115 132 129 111 May - - 127 103 127 80 128 125 129 130 113 122 103 121 84 127 127 122 128 110 July 121 101 119 80 89 120 119 127 105 August 120 101 123 89 100 129 129 129 105 September - .. .... _ ^ . - . 114 101 112 92 112 123 139 129 101 October 118 101 117 97 148 132 146 131 105 November _ .. 116 100 120 85 142 126 149 133 105 December _ - , 110 99 113 72 202 125 123 133 105 1924 January 120 98 118 80 110 124 116 130 105 February 120 99 131 78 102 127 126 135 114 March , . _ ,. _ . .- . 116 99 115 79 115 115 138 137 109 April 114 97 121 77 132 127 140 136 112 May 103 93 117 .76 126 123 134 135 109 * The indexes of production in basic industries, car loadings, and bank debits are adjusted to allow for seasona variations. The indexes of deoartment store sales and stocks are shown both with and without seasonal adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN 537 AGRICULTURE The acreage and production of the small grains are given in the following table: During May and the early weeks in June weather conditions continued unsatisfactory for ACREAGE AND PRODUCTION OF GBAIN the growing crops in almost all of the Federal reserve districts. In the districts east of the Rocky [In thousands! Mountains the average temperature was considerably below normal, and in most areas it Acr"age ProductiorI (bushels) was reported to be the coldest May in 30 years, with the exception of 1907 and 1917. Frequent 1924 1923 1924 1923 (planted) (harvested) (forecast) (harvested) rainfall, in addition to low temperatures, seriously delayed planting and growth of early Winter wheat 36,898 39,522 509,000 573,340 seeded crops and the season is from two to Spring wheat. _ 16,920 18, 786 184,000 213,401 three weeks late. Contrary to developments 53, 818 58, 308 693,000 786,741 Oats 41,625 40,833 1,232,000 1, 299,823 in the eastern districts, there were abnormally Barley 7,552 7,905 160,000 198,185 Rye 4,237 5,157 62, 500 63, 023 high temperatures and a scarcity of rainfall in the San Francisco district, which have caused a considerable decline in the prospect for The abnormally low temperatures which prespring crops. vailed in the Corn Belt were decidedly unfavor- As a result of the unfavorable weather during able for the corn crop, and on the 1st of June the spring months, the condition of all crops much planting remained to be done in the was approximately 7 per cent below the 10- States east of the Mississippi River. The year average condition on that date. Late in crop has had a very late start and in some of May harvesting began in the southernmost the principal corn-producing States progress sections of the winter-wheat areas, and the to date has been the poorest in many years. yields are reported to be good. The volume of Under the influence of an increase in the products marketed began to increase in May, receipts of wheat and corn at the principal although this increase was partly seasonal, interior centers, marketing was 34 per cent and marketing was also heavier than in May a heavier than in April and 35 per cent larger year ago. Shipments of fruits, vegetables, than in May a year ago. The heavy marketing grain, and animal products were larger than in of corn was particularly significant, as it was April. Prices of crops declined slightly in May, the largest volume for any May on record. but they remained near the levels of a year ago. Following the crop reports early in June, Livestock prices continued to increase during which indicated smaller yields in the United the month but were still slightly below the States and in the world, and a continuation of levels of the spring of 1923. the unfavorable weather conditions in the Corn Belt, the prices of wheat and corn began Grain. to advance. From $1.03 a bushel at the The harvesting season began late in May in beginning of June the price of winter wheat the southern sections of winter wheat areas, advanced rapidly and reached $1.16 on June and early in June more definite information as 20, while the price of corn advanced from 78 to the acreage and probable yields became cents a bushel to 89 cents a bushel during the available. Estimates by the Department of same period. Agriculture on June 1 indicated a reduction from 1923 in the acreage of all of the small Cotton. grains except oats, and smaller yields of all Unsatisfactory weather tor the growing cotton grains. During May the condition of winter crop, which has been noted through the spring wheat declined from 84.8 per cent to 74 per months, continued in May and the crop is cent and the forecast indicated a reduction of from two to three weeks late in all sections of 44,000,000 bushels from the estimate on May the belt. The effects of the late season, to- 1. The total production of wheat in the gether with other unfavorable factors, were re- United States is 93,000,000 bushels smaller flected in the low condition report by the Dethan last year, and early estimates indicate a partment of Agriculture as of May 25. With considerable reduction in world production. the exception of 1920, the condition was the Notwithstanding a slight increase in the acre- lowest on record for that date, and amounted age of oats, the forecast shows a slightly to only 65.6 per cent of a normal, as compared smaller yield than in 1923, as the condition on with 62.4 per cent in 1920. Unseasonable June 1 was the lowest on record for that date. weather continued through May, but the early Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDEBAL BESEB.VE BULLETIN JSJL.T, 1924 weeks of June were more favorable, and, in good. In Kentucky planting is practically fact, the week ending June 10 was probably completed. No acreage figures are yet availthe most satisfactory of the season for growth able, but early reports indicate a curtailment and cultivation. In addition to the late season on account of the large crop in 1923, which a shortage of labor for cultivating is reported brought lower prices than the previous crop. from the Richmond and Atlanta districts, es- Production of tobacco products showed a pecially in those sections where the smaller seasonal increase in May, and in fact the outfarmers have been forced to seek employment put of cigarettes was the largest on record. in other industries on account of almost com- In the Philadelphia district the demand for plete crop failures in recent years. cigars improved during the month and was Work stock are in poor condition in many also better than a year ago. Manufacturers States because of a shortage of feed crops of cigars indicate that plants are operating at harvested last year and an almost complete about 80 per cent of capacity, which is slightly failure of the oat crop this spring. Through- higher than in the preceding month. Stocks out the belt an increased effort is being made of finished goods and raw materials in the to combat the boll weevil, and all States showed hands of manufacturers vary from moderate a greater use of fertilizers than in the previous to heavy, but have been decreasing. season. A continuation of the depression in the textile Fruits. industry was reflected in the less active domes- On account of the unsatisfactory spring tic demand for the old crop. Spinners' takings weather the fruit crops in all sections of the in May were slightly smaller than in April, but country were adversely affected, and the condiwere 25 per cent smaller than in May, 1923. tions all fruits except prunes, peaches, and pears were lower on June 1 than a year ago. In The greatest curtailment was in the New California the prolonged dry weather injured England States, where receipts at the principal the crops, and in other sections the abnormally consuming cities during the month were 52 per low temperatures were very unfavorable and cent smaller than in the same month a year ago. resulted in considerable losses. Despite a less Exports continued in large volume in May and favorable outlook for most fruits than a year amounted to 326,000 bales, compared with ago, the peach crops in the South and East are 321,000 bales in April and 160,000 bales in large. Estimates by the Department of Agri- May, 1923. Prices remained fairly stable durculture on June 1 indicated a crop of 52,500,000 ing the month and, with the exception of a bushels, as compared with 45,700,000 bushels small advance early in June, after the issue last year and an average of 44,100,000 bushels of the low condition report, quotations refor the five years 1918-1922. The outlook in mained at approximately the same levels as the South is particularly good, but in sections in May. of the Cleveland and Chicago districts the Tobacco. crops were materially injured by late freezes. Practically all of the 1923 tobacco crop in Marketing of summer fruits increased in May the Richmond district has been delivered by over the preceding month and was in larger the growers to their marketing association or volume than in May a year ago. The movesold, and the markets have closed. In the St. ment of citrous fruits from Florida was prac- Louis district the weather delayed deliveries tically completed in May, and one of the largest in the dark-tobacco sections earlier in the year, crops on record was shipped from the State. and the volume of sales in May were 51 per Shipments of citrous fruits from Florida for the cent larger than in April, and 634 per cent season through May, 1923 and 1924, are shown larger than in May a year ago. An increase in the following table: in May over April is contrary to the usual seasonal trend, and the heavy increase over May, 1923, is significant in that it indicates a CABLOT SHIPMENTS OF CITROUS FRUITS FOR THE considerable delay in marketing as compared SEASON ENDING IN MAY with 1923. Preparations for the new crop, although delayed by the unseasonable weather 1924 1923 in all districts, are making rapid progress. Approximately 75 per cent of the crop in Oranges 30,309 24,189 Virginia has been transplanted, and in North G Ta ra n p g e e f r r i u n i e t s _ • . 1 1 9 , , 0 3 2 9 7 9 17,819 Carolina the plants are small but stands are 1 Tangerines for 1923 are included in the orange figure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Y, 1924 FEDERAL RESERVE BULLETIN 539 Livestock. products exceeds the demand and the surplus Prolonged dry and unseasonably cold is placed in cold storage. As a result of this weather in the Minneapolis, Kansas City, and seasonal movement stocks of butter and San Francisco districts caused considerable cheese increased rapidly in May, and in addideterioration in the pastures and ranges in tion to exceeding the volume in storage at the May. On June 1 the average condition of the beginning of May stocks of butter were 120 ranges in 17 Western States was 84 per cent of per cent and stocks of cheese 54 per cent normal, as compared with 91 per cent on heavier than a year ago. In the San Francisco May 1 and 92 per cent on June 1 a year ago. district practically all of the surplus butter in During the winter and spring months the Moun- May was placed in cold storage at the principal tain and Pacific Coast States suffered from a markets, in anticipation of an early decline in lack of rain, and it is in these States that the production because of relatively poor feed and greatest deterioration was noted in May. On pasture conditions, particularly in California, account, however, of the generally favorable which normally supplies a large percentage of weather and comparatively little feeding dur- the district needs. Prices of butter continued ing the winter and early spring, the stock have to advance in May. From a low point of 36.5 not been seriously affected by the decline in cents reached near the middle of April quotathe condition of the ranges. Compared with tions on 92 score creamery butter advanced the previous month and June, 1923, both cattle rapidly and reached 42 cents on June 20, which and sheep are in good condition. was 3 cents-higher than a year ago. Receipts Shipments of cattle from the ranges in the of milk in the New York market were 14 per Dallas district to the summer grass ranges in cent larger in May than in April and also the Kansas City district began early in the slightly larger than in May, 1923. spring and continued through May. Accord- Final estimates by the Department of Agriing to estimates by the Department of Agricul- culture on the total production of manufacture, total shipments of cattle from Texas, tured dairy products in 1923 recently became New Mexico, and Arizona to the summer available and showed an increase for all of the ranges farther north will be smaller than last principal products, as shown in the following spring. Receipts, however, at the principal table. markets in those districts during March, April, and May were greater than the year previous, ANNUAL PRODUCTION OF MANUFACTURED DAIRY but this is probably due to an earlier movement PRODUCTS than a year ago, since June receipts at some [Thousands of pounds! of the centers are reported to be falling below receipts a year ago. The hoof-and-mouth 1923 1922 disease, which became serious in California in Creamery butter 1, 252, 214 1,153, 515 February, was brought under control in May, Cheese ., 1 430,224 402, 369 although there are a few remaining cases, con- Condensed and evaporated milk 1,774,881 1,431, 349 fined to relatively small areas. Total losses from the disease up to June 1 amounted to MINING Coal and coke. more than 93,000 head, valued roughly at Little change has been noted in the bitumi- $3,732,000. nous-coal industry in several weeks—produc- Marketing of livestock, although in slightly tion has shown but a negligible increase above greater volume than in April, was materially the low rate recorded in April, and prices have less than in May a year ago. The number of continued with onlyminor changes at the lowest cattle and calves marketed was approximately level since 1916. Buying is light and no imthe same as a year ago, but the numbers of provement has been noted. Large stocks built hogs, sheep, and horses were decidedly smaller. up early in the year seem to be sufficient to Contrary to the usual seasonal increase in the supply railroad and industrial demands, espereceipts of sheep the number marketed de- cially since the freight movement has declined clined from 1,334,878 head in April to 1,302,356 and industrial activity has fallen to so great in May. Compared with May, 1923, receipts an extent. May output of bituminous coal was of sheep were 25 per cent smaller. slightly greater than that of April, but, except- Dairy products. ing the strike year, 1922, it was smaller than Production and distribution of dairy products during the corresponding month of any year continued to expand in May and were in heav- since 1915. Moreover, the capacity of the inier volume than in May a year ago. During dustry is over 35 per cent greater now than it the spring and summer production of dairy was in May, 1915. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

540 FEDERAL RESERVE BULLETIN JUDY, 1924 Demand for domestic sizes of anthracite, record. Under the effects of increasing prowhich was fairly good in May, has slackened duction and heavy stocks prices moved lower since June 1. Unusually cold weather in May during the month in all producing fields. somewhat stimulated, buying, which has nat- Large quantities of crude oil resulted in urally been lessened by more recent warm heavy production of refined products, especially weather. On June 1 circular prices on domes- gasoline. Demand for gasoline has not intic sizes of anthracite were increased by from 10 creased, however, to the same extent as proto 20 cents a ton, and customers have shown duction, which has been attributed in part to some resistance to paying the higher quotations. the late season. Stocks are large and prices A reduction in buying, however, is usual at this are declining. Early in May price recessions, time of the year, and, considering this, some reaching 9£ cents at times, were noted in companies report that the call for stove sizes many western centers where supplies were continues fairly strong. Steam sizes, having particularly heavy, and by the second week to compete with bituminous, are in poor re- in June weakness was noted in some eastern quest. Weekly production continues at prac- markets. tically the same rate as that prevailing last month and slightly below that of a year ago. THOUSANDS OF BAHHELS THOUSANDS OF BAFtR 2400 Coke is naturally little in demand as long as activity in the iron and steel industry continues to be reduced. Production is further 2200 curtailed each week, and totaled less during May than for any month since September, 1922. It continues, however, at a higher rate than during the depression of 1921. Wage 2000 rates have been lowered by many independent producers in the Connellsville region to the 1917 level, and prices have been further re- 1S00 duced, some spot sales being made at as low as $3 a ton. 1500 1600 Petroleum. Further increases in the production of crude petroleum and refined products and a recession in the prices of these products were the signifi- Jan. Feb. Mar. Apr. May June July /\u£. Sept. Oct. Nov. Dec. cant factors affecting the industry in May and Comparison of daily average production of petroleum in 1923 and June. The daily average output of crude pe- 1924. troleum increased continually during May and Since the beginning of the year the producreached a total of 1,988,200 barrels for the week tion of gasoline has been decidedly greater ending June 14, the highest level since Decem- than in 1923 and, despite larger consumption ber. Production, however, did not increase in and exports, stocks have accumulated month all fields. In California the output continued by month and are considerably heavier than to decline, but increases in the other areas a year ago. The following table shows the were sufficiently great to offset the California trend of production, consumption, exports, reductions. Although the total volume of and stocks of gasoline during the first five crude petroleum produced in May was ap- months in 1923 and 1924: proximately the same as a year ago, the position of the industry is decidedly different from [Thousands of gallons] last year. From the accompanying chart it will be noted that during the first months of du P c r t o i - on s C um on p - - I Exports Stocks i 1923 the daily average production was rapidly tion increasing, but during the same period this 1924 year the daily volume increased much less January.. 695,323 478,843 86, 019 1, 202, 547 February. 677,740 402,529 102,797 1, 374, 222 rapidly. The increase in total production from March 743, 248 461,263 80,308 1, 571, 405 January to May, 1923, was 20 per cent, but April 754, 773 601, 450 114, 646 1,607, 786 the increase from January to May, 1924, was 1923 January 623,823 443,150 58, 605 1,002,857 only 9 per cent. Heavy production resulted February | 568,652 373, 564 67,118 1,130, 341 in a further increase in stocks, which amounted March 630,701 432,447 68,736 1, 259, 209 April :._. 619,043 474,188 65, 705 1, 336, 418 to 346,751,000 barrels on May 31, a new high i At the close of the month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN 541 Metals. May, 1923. Exports of flour declined in May Production of all nonferrous metals contin- and were smaller than in any month since July, ued in large volume during May, and prices 1923. For the 11 months ending in May the were practically unchanged. Output of blister total volume of flour exported amounted to copper totaled 131,000,000 pounds, as com- 16,079,000 barrels, compared with 14,076,000 pared with 132,000,000 pounds in April and barrels for the same period ending May 1, 1923. 125,000,000 pounds in May, 1923. Despite The output of sugar was 9 per cent smaller the closing of some high-cost mines, copper pro- in May than in April and was also 9 per cent duction in the first five months of 1924 was 13 less than a year ago. Contrary to the usual per cent larger than in the corresponding period seasonal movement stocks at the end of May of 1923. Copper stocks are estimated to have were heavier than at the end of April and were 10 per cent larger than in May, 1923. Since increased 4,000,000 pounds in May, but are early in the year the price of sugar has declined only equivalent to about one month's consumpcontinuously, and on June 6 raw sugar was tion. Copper consumption in the United quoted at 4.77 cents in New York, compared States has continued to be large, and foreign with 5.02 cents in May and 8.16 cents a year buying has been in substantial volume. The earlier. On June 20, however, the price reprice of refined electrolytic copper delivered at covered to 5.28 cents, but it is still lower than New York declined from 12f cents on May 31 a year ago. Unfavorable weather in the United to 12i cents on June 18. States, which has resulted in decreased con- Reports from the Joplin section indicate that sumption, together with very favorable weather shipments of zinc and lead ores were smaller in in Cuba and practically ideal conditions for May than in the previous month or the correthe crop, have been the principal factors which sponding month a year ago. The price of lead have contributed to the decline. ore declined $12.50 per ton during the month, while there was little change in the price of zinc The volume of meat packing in May was ore. Smelter output of lead was 11 per cent seasonally larger than in April, but it was larger in May than in April, and production of slightly smaller than in May a year ago. In slab zinc increased 6 per cent. As zinc produc- March the number of hogs slaughtered began tion was 9,586 tons in excess of consumption, to decline from the high levels of 1923, and this movement continued through May, when it stocks reached a higher level than at any other was 2 per cent smaller than in May, 1923. time in the past two years. The price of prime Cold-storage holdings of all meat products western zinc at St. Louis was 5 cents per 100 were considerably heavier on June 1 than for pounds lower on June 18 than on May 31, the same date a year ago, but they were slightly while quotations for common lead were 5 cents smaller than holdings on May 1. The demand higher per 100 pounds. for meat products, as indicated by sales of 40 Production of silver totaled 5,832,680 ounces meat-packing companies reporting to the Chiin May, which was the largest monthly aggrecago Federal Reserve Bank, was 3 per cent gate since the cessation of purchases under the greater in May than in April, but sales were Pittman Act in May, 1923. Quotations for bar 3 per cent smaller than in May, 1923. Exsilver showed a slight further advance in June, ports of all meat products except canned beef, due to European buying. hams, and shoulders, were less than in April and, compared with a year ago, there was a MANUFACTURING marked decrease in all products except cured beef. Since the beginning of the year exports Food products. of pork and lard have been declining steadily During May there was an increase in the and at a much faster rate than during the same production of flour and meat products, but a period in 1923. decline in the output of sugar. Production of flour was 3 per cent larger than in April and Textiles. 8 per cent heavier than in May a year ago. Demand for textile products continued to Increased production occurred in all districts be light during May and June; prices were except the Kansas City district. Early in June unchanged or lower, production was curtailed the low crop condition report added consider- in some industries to the lowest levels since able strength to the grain markets, and in re- early 1921, and working forces were materially sponse to a rise in wheat prices flour prices reduced. Although buying has been largely advanced and reached the highest levels since limited to small orders to cover current needs, 106382— 24t 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

542 FEDERAL. RESERVE BULLETIN JULY, 1924 in some industries price reductions have for nearly a year, continued, but were smaller brought an increase in cancellations. in volume during recent weeks. Sharp cur- Curtailment in cotton manufacturing ac- tailment was noted in woolen and worsted tivity was reflected in various statistics for spinning during May. Mill consumption of May. Consumption of raw cotton by mills raw wool was 18 per cent less than in April. in practically every important State was less Activity of worsted spindles and of combs was in May than in April and totaled for the further reduced, and the percentage active, country only 413,649 bales, the smallest both as to number and as to hours of operation, figure recorded since July, 1921. The num- was less than in any month since early in 1921. ber of cotton spindles reported active during The activity of woolen spindles declined but May, 30,493,163, was less than at any time was still above the level of last December. in the post-war period except in December, Although in number a smaller percentage of 1920, the month of greatest depression. Mill looms were active, in hours there was a seasonal consumption in the principal cotton-manu- increase. Demand for woolen and worsted facturing States during May showed declines yarns and fabrics has been light and some price from months of maximum activity within the concessions have been reported. Clothing past 18 months, ranging from around 25 per manufacturers report that business is slack and cent in the South to nearly 50 per cent in that production has been considerably re- New England and averaging about 34 per duced. Unemployment in the clothing induscent for the country. Employment in the intry was further increased during May. Since dustry continued to decline and was lower the sharp cut in carpet and rug prices in May, than at any time since the 1922 strike. Reoperations have been curtailed considerably. ports indicate that some further curtailment The number of active loom hours in identical has occurred in June. The price decline in establishments was 15 per cent less in May cotton goods was checked during May, and than in April, and employment in the industry the Fairchild weekly cotton goods index, decreased over 5 per cent. which fell continuously from the 1st of Poor demand, falling prices, and curtailed January until late in March, has remained production continue to characterize the marfairly steady for several weeks at about the kets for raw silk and its products. Prices low point reached last August. The Fairdropped sharply, and the latter part of May child index of yarn prices, however, although steady in May, fell rather sharply during the quotations in Sinshiu No. 1 in New York June. Cotton-cloth imports were less in May fell to $4.80 a pound, the lowest figure rethan in previous months, totaling 10,899,458 corded in the post-war period. A year ago square yards, as compared with 13,108,417 this quotation ranged between $8 and $9. In square yards in April and 14,631,196 square June prices have moved a little higher. Buyyards in March. Cotton finishers also re- ing of thrown silk and silk fabrics has also ported declines in business during May, but been poor, and prices have been lowered. DebiEings, orders, and shipments were some- liveries of raw silk to manufacturers during what above those for July, the low month May were somewhat greater than in April or of last year, and finished stocks have been than in May, 1923, but other data denoted materially reduced since that time. reductions in productive activity. Employment on May 15 was 3 per cent less than Buying of the new wool clip in the West a month before and at about the same level progressed during May and June, and, although as in August, 1922, the previous low point. some resistance on the part of growers to the Preliminary data for June 15 from Pennsylprices offered was reported, a large percentage vania and New Jersey indicate further subof the clip has been contracted for at prices stantial reductions in number employed. below those paid last year. All markets have Knit-goods markets are dull, and buying is been weak and Dun's average of 98 raw-wool limited to current needs. Substantial reducquotations on June 20 was 75.8 cents, comtions have been made in hosiery prices, but pared with 82.5 in April and 83.9 in June, 1923. underwear producers have announced no Foreign markets have also been weaker, but changes. Operations have been reduced by prices continue above those in American marunderwear manufacturers, and May produckets. Imports of raw wool in May were only tion was less than that for April. Data from 17,353,190 pounds, as compared with 47,172,- 24 producers of knit underwear reported smaller 652 pounds in May, 1923. Reexports of forshipments in May than in any month of the eign wool, which have been unusually large past two years. New orders, which in pre- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN 543 vious months had been very small, increased chart on page 531 shows the production ofpasand brought up the total of unfilled orders senger cars, by months, for recent years. Even on hand. Cancellations, however, were unu- greater declines were noted in shipments than sually large. Preliminary reports from hosiery in output. Employment in the industry was manufacturers for May showed reductions in reduced about 12 per cent from April 15 to production, shipments, orders, and stocks on May 15, and weekly figures of number emhand, as compared with April. Cancellations ployed in Detroit factories, which are mostly increased, as in underwear. Price reductions automobile plants, show further rapid declines have not as yet materially stimulated buying. later in May and more moderate decreases in June. Reports from dealers and warehouses Iron and steel. in the Chicago district indicate a reduction of Owing to declines in pig-iron and steel-ingot cars in storage during May, but dealers' stocks production to the lowest points since 1922, a were more than double those held a year ago. decrease in the unfilled orders of the United Sales of new cars at both wholesale and retail States Steel Corporation to a total less than and of used cars were over 10 per cent less in at any time since 1914, and further recessions May than in April, and retail sales were less in prices, May was a poor month for the iron than in May, 1923. and steel industry. In June some increase in In June several large manufacturers of autoinquiries has been reported, and actual bookmobile tires announced reductions in prices ings have probably exceeded those of the ranging from 10 to 20 per cent. One producer corresponding period in May. Price concessions are frequently necessary to secure orders, offered wheels and rims free with balloon tires, and quotations on both pig iron and steel which amounts to a substantial reduction. products were frequently reduced during May Production and shipments of tires and tubes and June. The Iron Age composite pig-iron were somewhat less in May than in April. price dropped steadily from $21.79 on May 6 Stocks on hand were increased during May. to $19.54 on June 24, falling below $20 for the Reports indicate curtailment in production by first time since April, 1922. The steel index many companies during June in order to declined to a smaller extent in the same period. reduce inventories. Pig iron is in slightly better demand and Lumber. orders have shown some increase in tonnage. Light buying for this season of the year and No blast furnaces were blown out during the sharp declines in prices marked the lumber first three weeks of June, and furnace activity industry during May and June. Although remained at about 65 per cent of capacity, but in most of the important associations reported the fourth week several more furnaces stopped larger production in May than in April, the operations. Steel-ingot production was further increase was not as great as is usually noted at reduced, and about the middle of June plants that time. Shipments increased in fewer inwere operating at only 46 per cent of capacity. stances and totaled over 160,000,000 feet less Demand for fabricated steel for bridge building than production, denoting an increase in and buying for the oil industry have shown stocks. Those associations reporting orders some improvement recently, but in general showed decreases as compared with April, there is little activity in the market. Railroads and also indicated that bookings continue well have not called for deliveries of rails against below both cut and shipments, consequently contracts previously placed as freely as was unfilled orders have declined. Weekly figures expected. Orders for locomotives, although a indicate reductions in output, shipments, and little more numerous, are still small, and railorders during June with the relationship between road-car orders are considerably reduced. the three items unchanged. Lumber's price Automobiles. indexes show a continuation of the steady Following an unusually large winter produc- decline in softwoods for the week of June 20 tion of automobiles and a spring selling season to the lowest figure recorded since May, 1922, and a sharp drop in hardwoods to the lowest not sufficiently active to dispose of cars acculevel since November, 1922. mulated in warehouses, manufacturers considerably curtailed output during May. The Manufacturers report that the market for number of passenger cars produced in that lumber continues to be dull. The large promonth, totaling about 279,000, was 17 per cent duction since the first of the year seems to be less than in April, and 20 per cent below the sufficient to care for building demands, and record-breaking output of May, 1923. The the recent recession in. industrial activity has Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

544 FEDERAL KESERVE BULLETIN JULY,1924 curtailed buying from that source. The box, much less than in April and the former were automobile, and furniture industries, for exam- well below those of May, 1923. ple, are purchasing hardwoods only for their limited current needs. The two largest asso- MILLIONS OF PAIRS MILLIONS OF PAIRS ciations, Southern Pine and West Coast 4b HOE PR(DDU(:TIO\| Lumbermen's (Douglas fir), had a little better 40 demand for products in May than the others, 40 and production and shipments of Douglas fir, 35 particularly, showed a rather substantial in- 35 \ crease over April. The cut of California white and sugar pine was also much greater, but 30 NJ923 **> / s v 30 shipments declined. Logging operations in v' / 25 the Pacific Northwest during recent weeks -A 322 \/ 25 have been materially curtailed. The domestic markets on the Pacific coast were relatively 20 20 inactive, but export demand more than doubled during May. 15 15 Leather and shoes. 10 Quietness prevailed generally in the hide, 10 leather, and shoe markets during June. Buy- 5 ing of packer hides in the Chicago market was 5 rather active during May, but tanners evin n dently covered their requirements at that time, JAN. FEB. MAR. APR. MAY JUKE JULY AUG. SEPT..OCT. NOV. DEC. as the market has been less active in June. Production of boots and shoes, by months, 1922-1924. Seasonal move- Prices, however, have remained unchanged at ments were not so pronounced in 1924 because of the extra day in February and the lateness of Easter in April. the higher levels reached in May. According to the latest available statistics, sales and BUILDING stocks of cattle hides decreased in April, whereas stocks of calfskins increased. Tan- New building operations were maintained in ners' stocks of cattle hides were only about large volume during May. The value of perhalf of those held a year ago. mits granted in 168 cities was 0.5 per cent more Slackening in the leather industry is indicated than in April, while the contracts awarded in by May statistics of production, stocks in 10 Federal reserve districts declined 13 per process, and tanners' finished stocks of sole cent. This decline in value of contracts was leather, which in May were the smallest since confined to the New York, Philadelphia, Clevethe records began in September, 1920. April land, St. Louis, and Kansas City districts, as statistics showed a similar situation in- cattle increases were reported from the other five disupper leather production, stocks in process, tricts. The total value of contract awards and total stocks. Buying of leather is light (compiled by the F. W. Dodge Co.) was $416,and prices are barely steady. 000,000 in May, as compared with $477,000,000 Shoe production, as shown by the accom- in April and $427,000,000 in May, 1923. Companying chart, declined during May and totaled parisons with a year ago indicate that awards less than in May of last ye'ar and about the have been larger in eastern districts but same as in the corresponding month of 1922. smaller in southern and western districts. This decline was due to a smaller output of An analysis of May buildings, by classes of practically all kinds of shoes and was noted in construction, indicates that the volume of resiall important producing sections of the country dential and industrial buildings for which conexcept the Cleveland Federal reserve district. tracts were let was less than in April, while the Employment in shoe factories also showed sub- volume of business, educational, and public stantial decreases between April 15 and May buildings increased. A chart showing the value of building contracts by months since 15. This is a between-seasons period in the January, 1923, is published on page 531, and shoe market and buying is consequently light. statistics of new building divided by geo- Wholesalers and retailers have not yet placed graphical districts and classes of construction any appreciable volume of orders for the next are published on page 578. season. Wholesale and retail shoe sales were Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN 545 Production and shipments of building ma- The reduction in value of trade as compared terials were larger in May than in April. with a year ago may be largely ascribed to a Stocks were slightly reduced during the month, decline in the level of wholesale prices of about but were larger than a year ago. The volume equal magnitude. Dollar sales of dry goods, of unfilled orders of oak flooring, maple floor- shoes, hardware, agricultural implements, clothing, face brick, and clay fire brick declined ing, jewelry, automobile supplies, electrical during May, while there was a substantial in- supplies, and machine tools showed decreases crease in orders for paving brick. of over 10 per cent as compared with a year ago, and sales in all other reporting lines except TRANSPORTATION drugs were also smaller this year. Sales by Recent developments in the railroad situa- wholesale druggists were 3 per cent larger than tion include a moderate seasonal increase in in May, 1923. volume of traffic, a further accumulation of Merchandise stocks at wholesale warehouses surplus cars, a sharp reduction in orders for decreased during May, but were somewhat new equipment, and a reduction in net earn- larger in volume at the end of the month than ings of railroads. a year earlier. Stocks of groceries, hardware, Car loadings of freight totaled 4,018,000 and shoes were less than at the end of April in during May, as compared with 3,813,000 in all reporting districts, while stocks of drugs April and 4,344,000 in May, 1923. The in- showed some increase. Stocks of hardware crease during May was chiefly due to the large and dry goods were larger on May 31 than a seasonal gain in ore shipments. In comparison year ago, but stocks of shoes and drugs were with a year ago there was a reduction in ship- in smaller volume. ments of all groups of commodities except Collections were smaller in May than last grain and livestock. year in the three districts for which figures were The number of idle freight cars increased collected, but outstandings were slightly refrom 309,000 to 328,000 during May, due to a duced during the month and were smaller tin smaller demand for box cars. Railroads only May 31 than a year earlier for all reporting placed orders for 511 new cars with manu- lines except drugs. facturers, which was the smallest monthly Retail trade. total since December, 1921. Retail business showed more than the usual Net operating income of Class I railways seasonal decrease in May. This was largely amounted to $61,821,900 in April, the latest the result of cold and rainy weather during month for which complete returns are availthe month, but was accentuated by the fact: able. This was 22 per cent less than in that April sales were large on account of the March and 26 per cent smaller than in April, late date of Easter. The reduction of in- 1923. Earnings during the first four months dustrial employment, and pay rolls in May, of 1924 have been at a substantially higher moreover, probably caused some reduction rate in the eastern and southern operating in the purchasing power of consumers. May regions than in the western regions. sales of department stores and mail-order houses were considerably smaller than a year TRADE ago, but chain sales were larger in most lines Wholesale trade. which was in part the result of an increase Sales at wholesale during May, according to during the year in number of stores operated. the index of the Federal Reserve Board, were 2 per cent smaller than in April and 6 per cent Department-store sales in May were 1.5 less than in May, 1923. This reduction in per cent less than in the corresponding month wholesale trade, which reflects in part the of 1923. A smaller volume of trade was policy of retail dealers in limiting the volume of reported from all Federal reserve districts new orders and reducing stocks on shelves, was except New York. Analysis of sales, by noted in almost all lines and in all sections of departments (made by the National Retail the United States. Sales of shoes, dry goods, Dry Goods Association), shows that sales of men's and women's clothing, furniture, and silk goods, dress goods, men's furnishings, electrical supplies were much smaller than in women's and misses' ready-to-wear, and shoes April. The only reporting lines which showed were much smaller than a year ago. Sales by improvement during May were groceries, meat, the lace, ribbon, and leather goods departjewelry, and machine tools. ments were larger than in May, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

546 FEDERAL RESERVE BULLETIN Juki, 1924 The accompanying chart indicates that three of these groups have fallen, but the redepartment-store stocks declined in May duction has been much more marked in the after reaching a peak in April. This decrease ase of producers' goods than for raw materials was somewhat larger than usual in May, as a or consumers' goods. Among the raw materesult of particularly large reductions of rials, prices of crops were slightly higher than inventories at stores in the Philadelphia, in May, 1923, while prices of forest products, Minneapolis, and Dallas districts. Stocks of mineral products, and animal products were merchandise on retail shelves at the end of lubstantially lower. May were 4 per cent larger than a year ago, Increases and decreases in commodity prices due to increases in all districts except Minne- were about equal in number during the first apolis and Kansas City. three weeks of June and consequently there was little change in the general level. Quotations on wheat, corn, rye, flour, anthracite DEF'ARTMENT STORE STOC:KS coal, and cottonseed oil advanced, while A prices of beef, sheep, cotton, lumber, and coke • - -A 1*0 declined. A COST OF LIVING 120 / The cost of living in the United States (ac- 100 cording to figures compiled by the National So, Industrial Conference Board) has shown a downward tendency in each month of 1924, IM..- With seasonal adjustment and on May 15 was 1.9 per cent lower than on Without seasonal adjustment January 15, 1924. In this four-month period declines of 8 per cent in fuel prices and 5 per cent in food prices occurred, cost of shelter increased 3 per cent, and changes in cost of 1919 1920 1322 1923 Merchandise stocks at 286 department stores, which in March reached clothing, light, and sundries were very small. the highest level since 1920 after adjustment (or seasonal variations, From April 15 to May 15 there was an averdeclined in April and May. age reduction of 0.3 per cent in the cost of Retailers continued to be very cautious in living. Decreases of 2.2 per cent in the cost placing orders during May, as was indicated of fuel, 0.4 per cent in the cost of clothing, and by the fact that department-store orders at of 0.2 per cent in retail food prices were noted, the end of the month averaged only 5.3 per while the average cost of shelter, light, and cent of 1923 purchases, as compared with 5.7 sundries was unchanged. per cent on April 30, 6.6 per cent on March 31, and 7.9 per cent on February 29. The EMPLOYMENT ratio of collections to accounts outstanding Factory employment throughout the counwere larger in May than in April at stores in try decreased about 4 per cent between April the two districts where these data were col- 15 and May 15, according to the index of lected—Chicago and Dallas. employment in manufacturing industries. This was the sharpest decline in number em- PRICES ployed noted in any one month since July, Wholesale prices showed a further decrease 1922. Pay-roll totals decreased about 5 per of 1 per cent in May, according to the index of cent and average weekly earnings were consethe Bureau of Labor Statistics, and were at the quently somewhat smaller, reflecting shorter lowest level of the past two years. Prices of working hours. Preliminary statistics from all groups of commodities except foods were Pennsylvania and New Jersey and from Detroit lower than in April, the declines ranging from 4 indicate that during the month ending June 15 per cent for metals to 1 per cent for chemicals equally as great declines were noted in number and drugs. on pay rolls, particularly in the iron and steel, silk, and automobile industries. The general Regrouping of this index by stage of manuindex of employment has declined 6 per cent facture of commodities shows that prices of since February and 10 per cent from the high raw materials and producers' goods declined point reached in the spring of 1923, and in over 1 per cent in May, while consumers' May was at about the same level as in the goods showed a smaller recession. Compariearly fall of 1922. sons with a year ago indicate that prices of all Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOLT, 1924 FEDERAL RESERVE BULLETIN 547 Iron and steel and automobile manufac- stone, clay, and glass products index up to a turers reported the greatest declines during new high point. This was the only group May. In automobiles the decrease amounted showing an increase. An increase in the gento about 11 per cent from April, 15 per cent eral supply of labor relative to the number of from February, and 16 per cent from last jobs available is shown by a further decline year's high point. The iron and steel group in the board's labor market index from —0.59 index was 12 per cent below its maximum, in April to -0.76 in May, the lowest point while textiles and leather have fallen nearly since the spring of 1922. Pay-roll totals, as 19 per cent. Employment in these latter two reported by the Bureau of Labor Statistics, industries seems to be at the lowest point since were 11.5 per cent less than in May, 1923. 1921. Lumber "showed a decline of 3 per cent This bureau also reported declines in full-time in May, contrary to usual seasonal trends, but and full-capacity operations as compared with the cement and brick industries brought the April. INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES' [Not adjusted for seasonal variations. Monthly average, 1919=100] Metals and i G n e d r e a e n l x - G in r d o p e u r x p oduc s I a t t r s n e o e d n l G i T n r e d o x e u x t p iles F a r n i a c b d s - prod P u u r c c o t t d s s - L p u a b r u c n o e m t d r d s - -- M v c e o l h e t s o i- r p a b a n u C i i d n r i a l i g r r d n e - g - P p a r i a n n i p n g d e t- r F p u a o r c n o o t d d d s - s L p e u a r a c n o t t d d h s - er S c g a t l l o n a a n y d s e s , , b p u T a r c o c o t d c - s o -. C p u a c h r c a n o e l t d d m s s - i- 1919 average 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 1920 average. 104 110 110 100 98 103 96 102 107 110 101 92 103 99 101 1921 average. 83 67 67 96 97 94 81 62 78 96 96 83 86 98 76 1922 average 90 76 75 96 93 101 107 77 76 99 96 73 1923 average. 101 93 93 102 103 101 120 98 101 105 103 91 110 91 79 1923 January 99 90 89 105 106 102 115 88 99 104 96 98 96 80 February... 101 92 92 105 106 104 118 95 99 104 99 97 98 94 80 March 103 95 94 107 107 107 121 99 101 106 99 96 104 94 81 April 103 96 95 106 107 105 122 103 100 106 96 94 110 91 79 May 103 96 96 105 107 102 120 104 102 105 97 92 115 89 78 June 103 97 97 103 105 100 122 102 104 105 100 88 .115 89 78 July 101 95 95 99 100 97 121 98 104 105 103 87 114 87 77 August 101 94 93 98 98 98 121 98 104 104 104 91 115 84 78 September.. 101 93 93 99 99 100 119 97 103 104 106 90 114 90 78 October 101 92 92 99 99 100 120 97 102 105 109 90 114 90 79 November.. 100 91 91 98 100 96 119 98 101 106 110 89 111 92 78 December... 99 90 89 98 100 96 118 97 94 107 108 86 109 92 78 1924 January 98 89 89 97 96 98 118 103 90 106 104 86 105 88 78 February 99 91 90 98 97 100 123 105 89 106 102 87 106 87 78 March 99 92 91 97 94 100 124 107 89 106 101 87 110 85 April 97 91 90 92 89 94 123 101 2 89 105 82 115 83 77 May 93 85 85 87 88 89 119 90 '89 104 79 117 82 74 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. a Revised. 3 Preliminary. ACCEPTANCE MARKET vious period. Cotton, silk, grain, wool, sugar, oil, coffee, and merchandise were the princi- During the four weeks ending June 11 the pal commodities against which bills were acceptance market was influenced primarily by drawn. a continuous decline in interest rates. The vol- At the beginning of the period rates on 30 to ume of purchases by dealers in the principal 90 day bills were 3f per cent bid and 34 per money centers, which is indicative of the sup- cent offered. After the middle of May there ply of new bills which came into the market, was a series of rapid reductions, which were reached the lowest point since early in October. accelerated by an easing in call-money rates, The demand for bills, as reflected by sales by which reached 2 per cent early in June. By dealers, was 25 per cent smaller than in the the c lose of the period rates on acceptances had preceding period, owing in part to the low declined to 2\ per cent offered and 2f per cent rate borne by acceptances compared yields on bid, which was appr oximately 1 per cent lower other high-grade investments. Despite the than a month earlier and \\ per cent lower than smaller volume of purchases and a less active a year ago. These reductions brought rates demand, dealers' aggregate portfolios were down to a level substantially below the comslightly heavier than at the close of the pre- parable rates in the London market. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

548 FEDERAL RESERVE BULLETIN" JULY, 1924 MONEY RATES 1924, and $6,825,854,000 on June 1, 1923. This represents an increase of 7 per cent from Money rates in the New York market con- June 1, 1923, to June 1, 1924. During the tinued to decline in June and at the end of the month of May, 1924, 9 out of 12 districts month were at the lowest level since 1917. showed increases which were proportionally The rate on prime commercial paper of four to the largest in Cleveland, St. Louis, and Kansas six months' maturity declined to 3^ per cent, City. A comparison of savings deposits by and the offering rate on 90-day prime bankers' Federal reserve districts on June 1, 1924, acceptances declined to 2-2 J per cent, the lowwith deposits on May 1, 1924, and June 1, est since the establishment of a bill market 1923, is shown in the following table. In the in this country. Under the influence of con- Boston and New York disfeflcts the figures tinued ease in the money market the average represent only deposits of mutual savings yield on four to six months' Government securibanks; in all other districts, where there are ties fell to 2.24 during the week ending June 28 but few mutual savings banks, savings deposits and on Liberty bonds to below 4 per cent the of other banks are included. last two weeks of the month, establishing in each case levels lower than those in May, when the yield on these securities was below that of SAVINGS DEPOSITS BY FEDERAL RESERVE DISTRICTS any period since the war. The table below shows the rates prevailing in the New York [In thousands of dollars] market during the last two months compared with the corresponding months of a year ago. Num- June 1, May 1, June 1, Federal reserve district ber of 1924 1924 1923 banks P c r o i m m - e b P an ri k m er e s' o Y c n t a i i f e t c i e l e - d s r- A y a i v e g e l e r d - ne E w e- al N B Ph o ew i s l t a o Y d n e o l r p k hia. 3 7 6 0 8 4 1 1 , ,9 4 2 4 8 4 5 7 9 , , , 4 0 6 6 6 9 0 4 7 1 1 , , 2 9 4 4 4 8 T 1 7 , , , 9 6 6 6 3 2 4 9 8' 1 1, , 8 1 4 2 7 54 5 8 , , , 5 1 7 8 8 4 4 8 4 m m p e o a 4 r p n - c e 6 t i h r a , s l 9 a a 0 c n c c d e e a p s y t , - s de o n b 4 f e - t s i 6 e n s d , - - L o i c p b n e e e n 4 r r t i ty o l n r o a a c t n e a s ll A C R Ch l i t e c l i a v c h n a e m g t l a a o o n n d d 2 9 9 0 6 1 4 2 7 9 3 2 7 0 0 2 72 7 9 7 , , , , 9 5 9 8 1 8 5 3 8 9 7 2 3 9 7 0 0 6 4 8 3 , , , 2 9 9 7 3 4 5 5 1 8 6 2 2 5 1 9 9 6 1 8 3 , , , , 1 3 4 7 2 4 7 1 4 5 4 6 months bonds St. Louis 32 139, 262 137, 545 128, 605 Minneapolis _. 14 89,138 84,417 Kansas City.. 58 101,933 100,630 May, 1923 ..._ i 3.95 4.70 Dallas 109 94,192 93,904 84,901 June, 1923 . 3.84 4.44 4.99 San Francisco 72 999, 232 1,002,532 911,259 May, 1924 3 -3£ 2.99 4.15 3.34 Average lor week ending- Total... 911 7,321,175 7,304,630 6,825, 854 June 7, 1924 i 21 2.60 4.10 2.95 June 14, 1924 3|-4 2i-2| 2.30 4.01 2.10 June 21, 1924 . 21-2S 2.37 3.99 2.00 June 28, 1924_ 2 -2J 2.24 3.96 2.00 COMMERCIAL FAILURES AND BANK SUSPENSIONS In the London money market money rates For the month of May R. G. Dunn & Co. advanced somewhat during the week ending report 1,816 commercial failures, with liabili- May 24 from the low levels that characterized ties amounting to $36,590,905. Although the the preceding three weeks, but fell off again number of failures exceeded the totals both for at the end of the month. Three-months bank the same month of last year and for the prebills rose from 3 to 3J per cent during the week ceding month of this year, the defaulted ending May 24, but receded again, so that the liabilities were less than in either of these two May average of 3.032 was the lowest since the months, the reduction from the April figure advance in the bank rate last July. This was amounting to about 25 per cent. This dethe third successive month in which a new crease resulted principally from the fact that low average was registered. Treasury bills the number of large failures, as well as the were allotted at an average rate of 2.98 per average of the indebtedness involved therein, cent during May, as compared with 2.96 per were both considerably smaller in May than in cent in April, the lowest point since June, April, 71 of such failures in April with a 1923. total indebtedness of $29,060,961 comparing SAVINGS DEPOSITS with 59 in May with total liabilities of Savings deposits reported by 911 banks $15,237,425. Manufacturing insolvencies accounted for almost 49 per cent of the month's distributed throughout the United States indebtedness in default and trading insolamounted to $7,321,175,000 on June 1, 1924, vencies for about 42 per cent. These proporas compared with $7,304,630,000 on May 1, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY,1924 FEDERAL RESERVE BULLETIN 549 tions compare with 41 per cent and 46 per FOREIGN TRADE cent, respectively, in May a year ago. Imports of merchandise into the United The number of insolvencies was larger in May States during May totaled $305,000,000, a of this year than in the same month last year decrease of $19,000,000 as compared with April, in all except the Philadelphia, St. Louis, and and the lowest monthly total since January of Dallas districts. Liabilities, however, were smaller in all except the New York, Chicago, this year. Exports during May totaled $336,- Kansas City, and San Francisco districts, the 000,000, a decline of $21,000,000 as compared total for both the St. Louis and Dallas districts with April, and the lowest monthly total since being the lowest since the district record has August, 1923. Net exports for May amounted been kept. Comparative data by districts for to $31,000,000, an increase of $8,500,000 over the month of May are presented in the accom- April. panying table: The total trade balance including merchandise and precious metals for the five months of FAILURES DURING MAY, 1924 1924 showed excess exports of $22,000,000 compared with a net import balance of $234,000,000 Number Liabilities for the corresponding period of 1923. On mer- District chandise account alone the first five months of 1924 1923 1924 1923 this year showed an excess of exports amounting to $206,000,000, while for the same period of No. 1—Boston 136 130 $1,863,187 $2,042, 698 1923 imports exceeded exports by $142,000,000. No. 2—New York 392 303 9,019,248 7, 004, 657 No. 3—Philadelphia .. 55 79 1, 283, 641 1,814,176 Net gold imports were more than twice as large No. 4—Cleveland 147 128 4, 514, 298 7, 754, 229 No. 5—Richmond.. 126 119 3, 682,106 4, 318, 872 in the five months of 1924 as in 1923. No. 6—Atlanta 113 101 1, 717, 606 1,960, 346 No. 7—Chicago- ._ 236 229 5, 369,806 4, 677, 843 No. 8—St. Louis 62 63 174,163 760, 293 MERCHANDISE TRADE BALANCE OF THE UNITED No. 9—Minneapolis.. _ 104 77 3,254, 555 3,976,970 STATES No. 10—Kansas City. 172 54 2, 528,904 1,084,360 No. 11—Dallas 58 78 720, 652 3, 779,959 [In thousands of dollars] No. 12—San Francisco._•_ 215 169 2,462,739 1, 847,874 Total 1,816 1,530 36, 590, 905 41, 022, 277 Excess of Excess of Months Imports Exports imports exports Reports to the Federal reserve banks indicate that during the month of May there were 80 January 329,254 335,417 6,163 banks closed, with an aggregate capital and sur- February.. 303,412 306, 957 3,545 March 397, 928 341, 376 56, 552 plus of $4,470,000. Nine of these, with a total April __ 364, 252 325, 492 38,760 May 372, 545 316, 360 56,185 capital and surplus of $1,481,000, were national June 320,234 319,957 277 banks and the remaining 71, with capital and July 287,434 302,186 14, 752 August 275,438 311,263 35, 825 surplus amounting to $2,989,000, were non- September. 253, 645 381,433 127, 788 member institutions. It should be pointed out N O o ct v o e b m er ber. 3 2 0 9 8 1 , , 4 2 3 9 8 1 4 3 0 9 0 9 , , 5 1 0 9 7 9 110, 069 that although it is not known how many of December.. 288,067 426, 799 138, 732 these closed banks may ultimately prove to be Year. 3, 791, 938 4,167,946 376,008 solvent, the figures represent, as far as could be determined, banks which were closed by order January... 295, 551 395,170 99,619 February. 332, 540 366,134 33, 594 of the supervisory authorities and not reopened. March 320, 616 339,674 19,058 Detailed figures appear in the following table: April 324,428 346, 859 22,431 May. 302, 946 334,950 32,004 BANKS CLOSED DURING MAY, 1924 COMPARATIVE TRADE BALANCE OF THE UNITED [Capital and surplus in thousands of dollars] STATES FOR FIVE MONTHS ENDING MAY, 1923 AND 1924 Member (na- Nonmember [In thousands of dollars] All banks . tional banks) banks Merchandise Gold Silver Total Num- C a a n p d ital Num- Ca an pi d tal Num- Ca a p n i d tal ber surplus ber surplus ber surplus 1923 Imports 1, 767,386 112,499 22, 966 1, 902, Sol Exports 1,625,602 21, 743 21, 679 1, 669, 024 All districts 80 4,470 9 1,481 71 2,989 Net imports (—) or exports (+) -141,784 -90, 756 —1,287 -233, 827 New York.. 1 38 1 38 Chicago... . 12 675 12 575 1924 St. Louis 8 461 I 205 7 256 Imports 1, 576,081 201, 061 29,649 1,806, 791 Minneapolis. 39 1,854 1 29 38 1,825 Exports 1, 782,787 3,587 42, 929 1, 829, 303 Kansas City. 17 528 3 195 14 333 Net imports (—) or Dallas 4 1,015 3 1,015 exports (+) +206, 706 —197,474 +13, 280 +22, 512 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

550 FEDERAL RESERVE BULLETIN , 1924 GOLD MOVEMENTS GOLD IMPOKTS INTO AND EXPORTS FHOM THE UNITED STATES UNITED STATES Gold imports into the United States during [In thousands of dollars] the month of May totaled $41,074,000, compared with $45,418,000 for the preceding month 5 months 5 months and a monthly average of $40,279,000 for the Country May, April, ending ending 1924 1924 May, May, current calendar year. Slightly over one-half 1924 1923 of the gold imported during the month under review came from England, about 15 per cent IMPORTS from Sweden, over 12 per cent from the Nether- England 20,993 14,292 97, 256 43,203 lands, over 6 per cent from Canada, and France 86 742 9,345 6,958 Germany 1,900 29 4,811 14,186 slightly less than 5 per cent each from Germany Netherlands 5, 055 21,146 32,118 5,946 6,084 6,126 3 and Hongkong. Gold imports from Sweden Canada 2,479 4,041 23,805 29,449 followed the recent resumption of gold pay- Mexico „ 427 549 2,419 2,268 Argentina.. ._ .. _ 22 5 4,514 64 ments by the Swedish Central Bank, which Colombia 116 198 991 1,865 reports a corresponding reduction in its gold P C e h r i u na 2 7 5 53 4 3 7 51 6 1 1, , 8 2 2 8 6 1 2,1 7 3 2 0 4 reserve. Gold exports for the month, $593,000, Egypt . 1,450 1,037 Allother 2,905 3,989 15, 452 4,665 were consigned to Canada, Mexico, and Hongkong. Total . 41,074 45, 418 201,394 112, 498 EXPORTS Net gold imports for the five months of the France 2,660 present year were $197,807,000, compared with Canada _ _ _ _ 143 83 612 549 $90,756,000 for the corresponding period in V M e e n x e ic zu o ela - 446 6 5 0 4 0 4 1 1, , 1 6 0 3 2 3 . 2,584 1923. Larger imports from Europe, particu- 13,306 Hongkong 4 24 83 1,009 larly from England, the Netherlands, and All other. „ 140 157 1,634 Sweden, also smaller exports, account for most Total _ ._ 593 1,391 3,587 21, 742 of the increase in net imports for the five 40,481 44, 027 197, 807 90,756 months of the present year. Silver imports during May totaled $5,640,- 000, compared with $3,908,000 for April and an GREAT BRITAIN average of slightly over $6,000,000 for the preceding four months. About 95 per cent of Total gold imports into Great Britain during the imports for the month came from Mexico, April amounted to £4,800,000, almost double Peru, and Canada. Exports during May, the total for March. Increases are -shown for $9,687,000, were larger than for any month all the countries listed with the exception of since April, 1920, and were consigned largely to Egypt, the chief item of change being, in im- British India, England, and China. It may be ports from the Transvaal, which more than noted that since October, 1923, monthly silver doubled in April as compared with March, and exports have regularly exceeded imports. made up somewhat more than 92 per cent of Gold imports and exports by principal the April total. Exports from Great Britain countries for May and April, 1924, and the five during April declined by £290,000 as compared months ending May, 1924 and 1923, are shown with March, while exports to the United States in the following table. A detailed table of the rose by £150,000. Net exports declined from foreign trade n gold and silver appears on £3,152,000 in March to £555,000 in April, a page 610. decrease of 83 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOLT, 1924 FEDERAL RESERVE BULLETIN 551 GOLD IMPOSTS INTO AND EXPOBTS FROM GREAT florin rose from 37.31 cents on June 2 to 37.42 BRITAIN cents on the 30th, while the Danish crown rose from 16.81 cents on the 2d to 16.91 cents on the 20th, and then declined to 15.99 cents on Four Four Country April, March, months months the 30th. Italian lire fluctuated between 4.31 1924 1924 Ap e ri n l d , e 1 d 924 Ap e r n il d , e 1 d 923 and 4.35 cents per lira. The Swedish crown advanced from 26.50 cents at the beginning of the month to 26.57 cents on the 16th and IMPORTS remained stable at about that level. Netherlands. . £27,957 £16,748 £56,463 £16,004 United States 2,837 600 8,529 2,606,900 Canadian and South American exchanges Egypt 2,200 10, 525 Rhodesia _. .. .. 191,917 172, 654 769, 435 759,422 fluctuated within narrow ranges. Of the Far Transvaal 4, 411, 478 2,160,303 13, 582,834 12,831, 660 Eastern exchanges, the Shanghai tael remained West Africa. .. 140,197 122, 243 502,447 474, 441 Allother 14,175 8,200 32,441 89,904 relatively stable, while the Indian rupee and Japanese yen made slight advances. Total._._ 4, 788, 561 2,482,948 14,962, 674 16, 778, 331 EXPORTS B F N r e e a l t g n h i c e u e r m l an _ d s __ 4 2 , , 1 7 0 6 0 2 12 7 3 8 , , , 1 0 6 4 0 9 7 0 0 9 4 8 0 5 5 7 , , , 4 1 8 4 3 1 6 0 1 4 2 7 3 8 0 , , , 8 3 9 0 0 9 0 0 5 M 19 a 2 y 4 , June, 1924 J 1 u 9 n 2 e 3 , Switzerland 132,384 14,300 United States _.. 4, 307, 715 4,155, 429 17, 995,148 3, 723, 667 B Ja r v it a is . h . India 782,139 888,840 3,31 1 7 0 , , 1 0 2 00 4 13,2 2 5 1 1 3 , , 0 5 2 0 3 6 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 Straits Settlements... 12, 347 38,040 161,916 229, 510 Egypt 14,000 285,000 1,299,000 22,800 Allother 220,181 129,095 463,076 38,964 Average quotations (cents): Total 5, 343, 244 5, 635, 241 24,417,035 17, 636,865 Sterling 436.08 431.26 431. 26 432.70 432.08 461.47 French franc 5.79 5.05 5.24 5.42 5.30 6.30 Net exports. 554, 683 3,152,293 9,454,361 858,534 Italian lira 4.44 4.34 4.35 4.32 4.32 4 57 Netherlands florin 37.41 37.37 37.39 37.42 37.54 39.20 Swedish krona.. 26.50 26.51 26.54 26.56 26.56 26.56 FOREIGN EXCHANGE Canadian dollar. 98.30 98.36 98.29 98.30 98.71 97.66 Argentine peso.. 74.63 73.91 73.99 73.91 73.78 80.47 Shanghai tael... 70.88 71.68 71.53 71.44 70.90 72.17 Exchanges of several leading European Percentages of par: Sterling 89.6 88.6 88.6 88.9 88.9 94.8 countries showed considerable advances during French franc 30.0 26.2 27.2 28.1 27.5 32.7 June. Sterling rose from $4.3076 on June 2 to Italian lira 23.0 22.5 22.5 22.4 22.4 23.7 Netherlands $4.3379 on the 20th; and stood at $4.3221 on florin 93.1 93.0 93.0 93.1 93.4 97.5 the 30th. The French franc rose from 4.95 S C w an e a d d is i h an k d ro o n ll a ar .. . 9 9 8 8 . . 9 3 9 9 8 8 . . 9 4 9 9 9 8 . . 0 3 9 9 9 8 . . 1 3 9 98 9 . . 7 1 9 9 9 7 . . 1 7 cents per franc on June 2 to 5.53 cents on the Argentine peso. _ 77.4 76.6 76.7 76.6 76.4 83.4 Shanghai tael 106.0 107.2 107.0 106.9 106.1 108.0 16th and stood at 5.28 cents on the 30th; the General index of 17 Belgian franc rose from 4.33 cents per franc on countries . 62 59 60 61 60 66 the 2d to 4.80 cents on the 16th and on the Monetary unit and par of exchange in cents, for the countries listed; 30th stood at 4.61 cents. The Netherlands Pound=486.65; franc=19.30; lira=19.30; florin=40 20- krona=26 80dollar=100; Argentine gold peso=96.48; Shanghai tael=66.85. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

552 FEDERAL BESERVE BULLETIN JULY, 1924 BRITISH BANKING DEVELOPMENTS On the other hand, "other securities," which reached their lowest monthly average for the Publication by the British financial press in year in April at £69,228,000, rose to £76,387,- May of complete bank statistics for the year 000 in December, a substantial increase over 1923 makes it opportune to present a brief the average of £69,728,000 in December, 1922. summary of banking developments in Great The combined holdings of securities reached Britain in that year, together with some com- their lowest point on May 9 at £110,835,051. ment upon changes in the situation in the first These figures appear to reflect a period of five months of 1924, as reflected in the reports reduction in the use of the bank's funds termiof the Bank of England and of the London nating about the middle of the first semester, clearing banks. followed by an increased use of these funds, The year 1923 was relatively uneventful in chiefly for commercial purposes. The rela- British banking. The condition of the Bank tively small volume of Government bills purof England was little changed from the year chased by the bank is particularly to be noted, before, though during the latter half of the in view of the large and rapid increase in the year important items showed an upward issue of Treasury bills which marked the last tendency. Among the commercial banks half of the year. deposits were almost unchanged at the year The ease of the money market was reflected end. Contraction in bills was offset by an in the discount rate, which was 3 per cent until increase in advances, which left total loans and July 5 and 4 per cent after that date. The discounts almost unchanged. Investments were average rate for the year works out to £3 9s. 9d. reduced, but acceptances increased. These per cent, the lowest annual average since 1911. changes, small though they were, apparently The reserve ratio reported by the banking reflect a quickening of trade. Money was department fluctuated between 13J on Januavailable at relatively low rates and bank ary 3 and 201 on October 24—the very low profits in general were smaller than in the two figure for the first week of the year being, of preceding years. course, seasonal. The average for the year The Bank of England.—Compared with the was 18.375 per cent, the highest since 1919, previous year, the balance sheets of the Bank and comparing with 18.150 per cent for of England showed no great changes during 1922. The circulation underwent no importhe year 1923, the average figure for most items tant changes, though the amount outstanding being appreciably lower than in any postwar was slightly larger at the end of 1923 than in year. The year's average of " public deposits" 1922. By an order in council the fiduciary was £15,442,000, compared with £16,702,000 in circulation was raised£l,300,000to£19,750,000 1922 and £23,990,000, the average for 1919. in February, and the additional notes were in "Other deposits" were £109,517,000, against the same month added to the currency note £117,707,000 in 1922 and £126,039,000 in reserve. 1920. Among the assets, the average holdings Commercial hanks.—In British commercial of Government securities amounted to £47,- banking the process of bank amalgamation 909,000, compared with £52,201,000 in 1922 continued, resulting in the reduction in the and £59,655,000 in 1920. "Other securities" number of joint-stock banks in England from were £72,087,000, compared with £76,658,000 20 to 19, and of private banks from 8 to 5; at the year before and £84,717,000 in 1921, the the same time the number of branches was inhighest average post-war year. creased from 7,840 to 8,075. The rapid During the year 1923,1 changes in the items, progress made by bank consolidations is indiwhile not large, were in an upward direction. cated by the fact that the number of joint-stock "Other deposits," after having fallen at the banks in 1900 was 77 and in 1914, 38. end of February to £97,030,000, the lowest The net changes for the year in the principal point since 1919, showed slight increases over items of the combined balance sheets of the this figure later in the year. Holdings of English joint-stock banks are remarkably small. "Government securities" declined from an Between December 31,1922, and the end of 1923 average of £60,061,000 in January to £42,- deposits declined £12,000,000 to £1,822,000,000, 187,000 in October, rising to £54,000,000 in and acceptances rose £26,000,000 to £111,- December, which was somewhat under the 490,000. Cash in hand plus money at call and average for December, 1922 (£56,177,000). short notice decreased £9,500,000 to £413,- 532,000. Investments declined £20,000,000 1 A table showing important items of the Bank of England and the to £404,392,000 and loans and discounts rose clearing banks, by months, for 1923, appears on page 585. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 19*24 FEDERAL RESERVE BULLETIN 553 £14,000,000 to £1,116,866,000. The com- tion of net profits to various items, is therefore bined deposits of the joint-stock and private of particular interest: banks of England and Wales (excluding the Bank of England) amounted to £836,000,000 Proportion of net profits to— in 1913, £1,930,000,000 in 1919, £2,023,000,000 in 1921, and £1,855,000,000 at the end of 1923. Capital Total This item is, therefore, about 220 per cent of Capital and working reserves resources 1913, and shows a decline of only some 10 per cent from its peak years. Similarly, dis- Midland bank . . .. 20.1 10.2 0.5 counts and advances are up to 200 per cent of Lloyds . 14.3 8.4 .5 Barclays 12.2 7.9 .6 1913 and down only about 14 per cent from Westminister . 20.0 10.0 .6 the high year, 1921. These figures are con- 19.3 9.8 .6 trasted with a price level only 50 or 60 per cent above 1913, and a general state of trade In this connection it may be noted that while and production generally considered to be both deposits and loans and discounts of the rather lower than in pre-war years. The joint-stock banks have more than doubled volume of outstanding Treasury bills, which is since 1913, combined capital and reserves of major importance in the present British have not increased in the same proportion, credit system, declined between February 10 being only about 60 per cent larger than in the and May 5 by £131,000,000, from £716,000,000 pre-war year. to £585,000,000. During the summer there Recent developments.—Since the opening of was very little change in the volume of these 1924 the Bank of England's holdings of "other bills, but after mid-August they increased securities" have increased and are at present rapidly, rising from £596,000,000 (August 11) in larger volume than a year ago, thus continuto £652,000,000 in the last week of December, ing the tendency noted during 1923. The making the net reduction for the year about bank's reserve ratio for each of the first five £67,000,000. months and for almost every week in 1924 has During the year there was a marked increase continued to be somewhat lower than for the in acceptances and advances. On the other corresponding period in 1923. hand, bills discounted declined during the early For the nine London clearing banks monthly part of the year and, although there was a sharp reports for 1924 show smaller average holdings recovery from May through July, they did not of cash in hand and of money at call and short again during the year rise to the February fig- notice. Deposits showed- a sharp decline in ure. Advances of the clearing banks rose rather February and March of both 1923 and 1924, steadily throughout the year, from about £749,- but the figures for March of this year did not 900,000 in December, 1922, to £773,700,000 at reach the low point of the preceding year and, the end of 1923. This tendency toward de- as a year ago, deposits increased during the creases in bills discounted and increases in ad- two following months. The course of bill vances has continued to an even greater extent holdings has been parallel to that of deposits, in the first quarter of the current year. The but the figure for March was about £25,000,000 ratio of cash in hand and with the Bank of below that of March, 1923. Investments England to deposits fluctuated very little, which had increased substantially between the figure for the clearing banks ranging May, 1923, and January, 1924, declined from a low of 11.5 per cent in February to a steadily during the first five months of the high of 12.1 per cent in December, the latter present year and in May were lower than at figures representing in part normal seasonal any time in 1923. Bills discounted, however, requirements. whose movement earlier in the year had been Banking profits.—As might be expected similar to that of investments, increased during from a year of easy money, bank profits were April and May, while investments continued generally smaller than in the two preceding to decline. The steady increase in advances, years. The reductions were not so great, which was pronounced in 1923, continued however, as to prevent the maintenance of the during the first four months of this year, but usual rate of dividend among leading institu- in May advances declined, while acceptances, tions. which had expanded rapidly during the final The following table, taken from the London quarter of last year, have declined steadily Stock Exchange Gazette, showing the propor- since January of this year. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

554 FEDERAL EESEEVE BULLETIN JULY, 1924 To sum up the condition of the clearing house adjustment of indexes of retail sales for banks at the end of May, deposits showed a seasonal variations was described in the small increase compared with the year before, BULLETIN for January, 1924, and the adjustcash, money at call, discounts, and invest- ment of the index of department-store stocks ments were lower than in the previous May, in the BULLETIN for March, 1924. An effort while acceptances and advances were both has also been made during the past year to substantially higher than at any time in 1923. increase the scope of the wholesale trade statistics and in particular to secure monthly data showing value of merchandise stocks held by wholesale dealers. The Federal Re- STATISTICAL WORK OF THE FEDERAL serve Banks of Philadelphia, Richmond, Chi- RESERVE BOARD IN 1923-24 cago, and Dallas are now publishing percentage changes in stocks for several lines of wholesale During the year ending in June, 1924, the business and certain other reserve banks have Federal Reserve Board constructed a new undertaken the collection of information on index, the index of employment, and made this subject. many revisions in existing series, among which the adjustment of retail trade indexes and Bank debits to individual accounts which debits to individual accounts for seasonal are available for groups of cities in each variations were the most important. The Federal reserve district since 1919 have also board also issued a special bulletin entitled been adjusted to allow for seasonal variations "Prices in the United States and Abroad." and the result of this study are published on The index of employment in manufacturing page 555 of this BULLETIN. It is believed that industries was compiled from monthly data of these adjusted debits are valuable indicators number of employees on factory pay rolls of changes in the volume of business in differcollected by 10 Federal and State organiza- ent sections of the United States. tions for 33 industries. These figures, which Early in 1924 the Federal Reserve Board were in the form of percentage changes from issued a bulletin entitled "Prices in the United month to month, were linked into continuous States and Abroad" which contains a brief series with the year 1919 as a base and com- description of the commodities used in each of bined into 10 industrial groups. In con- the board's price indexes, the method of structing both the group indexes and the final weighting and combining, and the monthly index weights based upon the census of manu- index numbers since 1919. Wholesale price factures of 1919 and 1921 were used. Census indexes issued by foreign Governments and figures of monthly employment in those two private organizations for 24 different countries, years were used to check and adjust several of retail price indexes for 20 countries, and foreign the series of relatives. The methods used in exchange rates for 34 countries are also shown this study, together with complete results, in this bulletin. were presented in the BULLETIN for Decem- Publication of reports for all banks in the ber, 1923. Supplementary information* con- United States, except mutual savings banks cerning employment conditions is furnished and private banks, which was commenced in by an index of the labor market, which was 1923, is being continued at quarterly intervals constructed from statistics of jobs offered by and a detailed report on numerical changes in employers and number of workers applying membership of the Federal reserve system and for jobs, collected by the public employment the character of these changes is being issued offices of five States. This labor market in- after every call date. dex was described in the BULLETIN for Febru- Other statistical developments of the year ary, 1924. that might be mentioned are a revision of the Indexes of monthly sales of department board's three indexes of industrial activity stores, mail-order houses, grocery chains, through the addition of several series of data 5-and-10-cent chains, drug chains, cigar chains, to each index; a revision of the wholesale trade shoe chains, and music chains were first index for the years 1921, 1922, and 1923; and published by the Federal Reserve Board about substantial improvements in the monthly two years ago. During the past year an report on money rates in leading cities. Conindex of sales of candy chains has also been siderable work has also been done in compiling constructed and a study was made of seasonal statistics of settlements through the gold fluctuations of sales for each group of report- settlement fund to show the transactions of ing retailers and of merchandise stocks. The each Federal reserve bank with every other Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN 555 Federal reserve bank by months since 1919. agricultural movements, or building operations, These statistics when compiled will constitute but varies somewhat more widely than mana basis for a study of the effect of interdistrict ufacturing production in many lines or factory payments upon the reserves of the Federal employment. The seasonal movement is most reserve banks. clearly defined in the Minneapolis and Dallas districts. In all districts debits to individual accounts reach their smallest volume in Febru- SEASONAL ADJUSTMENT OF BANK DEBITS ary, July, or August, and their largest volume in December or October. The low level in Statistics of debits to individual accounts, February is due to the short month, while that which have been collected weekly by the Fedin July and August is influenced by the smaller eral reserve banks for a large number of cities volume of retail buying in those months. The since 1918, have come to be so widely used as December peak is caused by the large volume indicators of the volume of business transof Christmas trade, and the large volume of actions that it has been considered desirable debits in October in western districts reflect to publish them on a monthly basis and to payments in connection with the harvesting make an adjustment for regularly occurring and marketing of crops. seasonal fluctuations. The table on page 556 shows the trend of Monthly statistics of debits to individual monthly debits to individual accounts, after accounts are calculated from the weekly stateadjustment for seasonal variations, since Janments after allocating the volume of debits for uary, 1919, for each Federal reserve district weeks falling into two months in accordance and for the United States. The index for the with the number of working days of the divided United States is obtained by aggregating the week in .each month. In adjusting these dollar figures for the 12 districts and adjusting monthly totals for seasonal variations the these totals for seasonal variations. In these method used was that described in the presnational totals debits at New York City are entation of the index of department store omitted for the reason that they are generally sales in the FEDERAL RESERVE BULLETIN for considered to be largely influenced by changes January, 1924, except that data for five instead in the volume of transactions on the stock of four years were used and an arithmetic exchange. Debits to individual accounts in average was made of the three middle links. 140 cities (not including New York) situated The distribution of the volume of bank debits in all parts of the United States, which are between the twelve months of the year is shown for each Federal reserve district and shown by Chart A, increased from March, 1919, for the United States in the following table: PER CENT CHART A 140 SEASONAL VARIATIONS IN DEBITS TO INDIVIDUAL ACCOUNTS «2O [Average month=100] J / too 80 60 DEBITS TO Boston INDIVIDUAL ACCOUNTS New York 40 Philadelphia ADJUSTED FOR SEA5OHALVARIATIONS Cleveland 1»O CENTERS-EXCLUDIKG N.Y.CITY Richmond £0 Atlanta Chicago St. Louis M inneapolis 1919 1920 1922 1923 192* Kansas City Dallas Debits to individual accounts at 140 cities is a measure of the dollar San Francisco volume of business in the United States. United States 106 88 101 97 98 102 99 94 97 107 100 111 to March, 1920, showed a downward tendency from July, 1920, to January, 1922, and in- These figures indicate that the volume of creased from January, 1922, to May, 1923. bank transactions has less marked seasonal Debits decreased during the summer of 1923, fluctuations than retail trade, wholesale trade, but increased again in the early months of 1924, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

556 FEDERAL RESERVE BULLETIN Y, 1924 reaching a peak in April which was only slightly volume of transactions commenced to decline lower than a year earlier. Debits to individual about six months earlier in the Kansas City accounts for May of this year, after adjustment district than in the Cleveland district, and that for seasonal influences, were slightly smaller the period of decline was almost twice as long than those of April. in the Kansas City district, although the rel- Month to month changes in bank debits have ative decline in volume during 1920 and 1921 been quite similar during the past five years in did not differ greatly between the two districts. the various Federal reserve districts, but there Since October, 1921, on the other hand, there has been sufficient differences in the magnitude has been a noticeable divergence in the longof these changes to indicate marked differences time trend of debits in these districts. During in long-time trends between districts. Chart B 1922 and the early months of 1923 the volume of debits increased in both the Cleveland and Kansas City districts, but the advance was CHART B about twice as great in the Cleveland district. The subsequent decline which extended throughout the remainder of 1923 reached about the same proportions in both districts, but the advance in the first four months of 1924 was much larger in the Cleveland district. As a cumulative effect of these changes debits in the Cleveland district for May, 1924, were 12 per cent higher than their average for 1919, while debits in the Kansas City district were 18 per cent lower than in 1919. Debits to individual account in the Philadelphia and Chicago districts have had a similar trend to those in the Cleveland district, while the 1919 1920 1322 1923 trends in the Minneapolis and Richmond dis- Since 1921 there has been a much larger increase in the volume of tricts have corresponded closely to that in the debits to individual accounts in the Cleveland district than in the Kansas City district. Kansas City district. In the San Francisco district there has been a particularly large compares the trend of debits in the Cleveland growth in the volume of debits and in May, and Kansas City districts from January, 1919, 1924, they were 29 per cent higher than in 1919. to date. The chart shows that in 1920 the DEBITS TO INDIVIDUAL ACCOUNTS, ADJUSTED FOR SEASONAL VARIATIONS c U S en n ( t 1 a t i 4 e t t e e r 0 s s d )1 c B en o ( t s 1 e t 1 o rs n )2 Y ce N o n r t e k e w r ( s 7 ) c d P e e n h l ( p t 1 i e l h 0 a r i s - a ) l c a C e n n l d e te v r ( e s 1 - ) 3 c m e R n o i ( t c e n 7 h r d s - ) c A e t n l (1 a te n 5 r t s a ) C ce h n ( i t 2 c e a 1 r g s o ) ce L n S o ( t u t e 5 . i r s s)3 c M e a n p in ( t o e 9 n l r i e s s - )4 c K e C a n ( n t 1 i e t s 4 y r a s s ) c D en a ( t 1 l e l 1 a rs s ) c c i e s F S n c r t o a a e n n r ( s 1 - ) 8 191& 90 87 83 93 90 88 90 92 98 108 92 82 87 February 89 86 83 90 89 89 89 89 97 90 94 80 87 March. _ 87 85 80 92 93 81 83 85 91 93 91 78 83 \pril 90 85 86 91 93 87 87 90 94 100 94 87 86 May.. 97 95 97 97 97 91 96 97 95 100 100 100 96 99 102 101 98 102 100 99 99 98 94 92 106 93 Julv.. .. 107 109 113 106 106 109 101 106 111 101 108 115 106 107 109 113 105 104 108 102 106 106 100 107 108 109 September 106 105 110 109 107 109 101 107 101 104 103 98 109 October. 107 110 114 106 105 112 115 107 101 102 102 108 113 108 109 112 107 104 112 115 111 103 99 106 117 HI December 111 117 109 108 107 111 118 111 104 105 110 118 117 1920 January... 117 116 108 116 113 121 128 118 117 111 117 122 122 115 112 102 112 113 118 123 115 117 113 116 117 122 March _. 119 113 107 115 121 117 125 123 116 112 117 120 122 April 120 118 105 118 120 119 129 119 114 111 112 125 125 115 112 94 111 114 113 119 114 106 107 110 122 122 June.. 115 108 93 112 118 111 117 116 104 106 109 120 128 July 120 113 97 114 122 115 119 122 106 111 108 127 135 August 114 109 98 116 116 108 115 114 104 101 106 123 122 September 116 113 96 112 118 110 113 119 104 107 112 117 123 October . 111 103 96 110 107 105 103 114 95 111 108 114 119 November 111 100 98 115 120 106 101 110 94 115 108 109 122 December.. 105 98 98 110 115 103 94 107 90 98 97 101 119 1 Does not include figures for New York City, which were, however, used in constructing relatives for the New York district. 2 Base used for Boston district adjusted for all months after January, 1921, to allow for large increase in number of reporting banks in the city of Boston. * 3 Base used for St. Louis district adjusted for all months after February, 1921. to allow for increases in number of reporting banks at St. Louis and Louisville. 1 Base used for Minneapolis district adjusted for all months after January, 1922, to allow for increase in number of reporting banks at St. Paul. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

557 , 1924 FEDERAL RESERVE BULLETIN DEBITS TO INDIVIDUAL ACCOUNTS, ADJUSTED FOB SEASONAL VARIATIONS—Continued United Boston New d P e h lp il h a i - a Cleve- 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 a n n cen (1 t 4 er 0 s) cen ( t 1 e 1 rs) Y ce o n r t k e r ( s 7 ) cen (1 te 0 rs) l c a e n n d te ( r 1 s) 3 cen ( t 7 ers) cen ( t 1 e 5 r s) cen (2 te 1 rs) cen ( t 5 ers) cen ( t 9 ers) cen (1 te 4 rs) cen (1 te 1 rs) c ci e s n c t o e r (1 s) 8 1921 January.. 90 92 108 110 February 87 86 102 107 March 84 83 97 110 April 86 81 95 108 May 84 83 91 100 June 83 84 86 102 July 81 83 80 97 August 85 85 82 100 September 84 87 S3 104 October 83 83 83 103 November 86 107 December 83 90 108 1922 January 84 87 93 83 84 92 101 February 87 94 101 90 94 98 103 March 99 86 101 101 103 April 84 102 99 90 99 105 May 86 104 101 92 101 107 June. 90 103 101 95 99 108 July '..___ 88 100 103 95 95 107 August 85 102 104 99 95 108 September 97 89 104 105 98 100 110 October 89 106 111 99 100 97 109 November 97 88 92 107 98 98 111 December 101 88 02 107 110 101 91 91 114 1923 January 106 96 101 112 111 99 110 101 106 121 February 110 102 108 117 113 102 100 117 99 105 124 March 111 103 108 117 114 105 106 111 103 105 129 April 111 101 101 117 115 99 100 115 101 - 102 126 May _ 113 101 99 123 120 100 103 117 102 101 130 June 110 122 112 101 100 110 102 96 129 July 105 92 94 112 111 95 94 105 95 92 127 August 105 94 91 113 112 97 94 102 95 97 125 September. „.-. 101 91 92 107 104 97 93 101 92 86 100 122 October 105 92 Si 113 110 97 100 105 100 104 129 November 105 95 97 110 105 102 107 103 128 December 105 95 97 110 105 107 107 101 127 1924 January.. 105 95 101 113 104 107 97 132 February. 114 102 108 117 112 100 110 107 101 143 March 109 100 103 113 113 99 105 111 95 133 April 112 101 102 122 117 98 110 113 100 102 132 May 109 97 103 118 112 94 102 113 100 97 129 106382—24f- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

558 FEDERAL BESEB.VE BULLETIN JULY, 1924 State Banks and Trust Companies one or more of the fiduciary powers named in section 11 (k) of the Federal reserve act as amended, as fol- The following list shows the State banks and trust lows: (1) Trustee; (2) executor; (3) administrator; (4) companies which were admitted to membership in the registrar of stocks and bonds; (5) guardian of estates; Federal reserve system during the period May 29 to (6) assignee; (7) receiver; (8) committee of estates of June 21, 1924. On the latter date 1,596 State insti- lunatics; (9) in any other fiduciary capacity in which tutions were members of the system. State banks, trust companies, or other corporations which come into competition with national banks are ADMISSIONS permitted to act under the laws of the State in which the national bank is located. Total Capital Surplus resources Dis- District No. S Place t N ri o c . t Name of bank g P r o a w nt e e r d s Miners Trust Co., Nanticoke, Pa... 125,000 150,000 1,637,840 District No. 11 New York, N. Y... Grace National Bank 1 to 9. Columbia, Pa First-Columbia National 1 to 9. Sudan State Bank, Sudan, Tex 17,500 1,750 104,440 Bank. Hamburg, Pa First National Bank 1 to 9. Philadelphia, Pa_. Northern National Bank Ito9. South Boston, Va__ Planters and Merchants Na- 5 to 9. CHANGES tional Bank. Blackstone, Va First National Bank Ito9. Jacksonville, Fla__ Florida National Bank 9. District No. % Chicago, 111 Austin National Bank Ito9. Bartlesville, Okla.. Union National Bank _ 4. W. R. Grace & Co.'s Bank, New Houston, Tex Second National Bank 1 to 7 and 9. York, N. Y. (converted into national bank) _ $500, 000 $1, 200, 000 $11,106,951 District No. 6 New National Bank Charters Farmers Bank, Canon, Ga. (with- Ba d n ra k w n o ) f Grayson, Grayson, Ga. 25,000 1,250 94,392 The Comptroller of the Currency reports the fol- (closed) .- 40,000 10,000 129, 330 lowing increases and reductions in the number and capital of national banks during the period from May District No. 7 24 to June 20, 1924, inclusive: Steuben County State Bank, Angola, Ind. (voluntary withdrawal). 40,000 17,600 404, 996 State Bank of Armstrong, Armstrong, Iowa (absorbed by First Num- Amount National B ank of Armstrong) 25,000 5,000 261, 624 ber of of banks capital District No. 8 Peoples State Bank, Cabot, Ark. 13 $2,785,000 (voluntary withdrawal) 25,000 3,250 114, 000 Restored to solvency . .. . 2 100,000 Increase of capital approved.. _ . . . 8 500, 000 District No. 11 Aggregate of new charters, banks restored to Farmers & Merchants State Bank solvency, and banks increasing capital 23 3, 385, 000 Shamrock, Tex. (voluntary withdrawal) 50,000 25,000 556, 257 Liquidations . .. 21 1,165,000 Reducing capital . . 2 75,000 District No. IB Total liquidations and reductions of capital.. 23 1, 240, 000 First Bank o£ Homedale, Homedale, Idaho (voluntary withdrawal) 25,000 104, 316 Consolidations of national banks under act of Nov. 7, 1918 0 0 Change of title.—The United Banking & Savings Co.,Aggregate increased capital for period _ _ 3,385, 000 Cleveland, Ohio, has changed its title to the United Reduction of capital owing to liquidations, etc - . 1,240, 000 Banking & Trust Co. 2,145, 000 The Gold & Co. State Bank, Big Stone City, S. Dak., has changed its title to Big Stone City State Bank. Acceptances to 100 Per Cent Fiduciary Powers Granted to National Banks Since the issuance of the June BULLETIN the following member institution has been authorized by the During the period June 1 to June 21, 1924, the Fed- Federal Reserve Board to accept drafts and bills of eral Reserve Board approved applications of the exchange up to 100 per cent of its capital and surplus: national banks listed below for permission to exercise Grace National Bank of New York, New York, N. Y. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY,1924 FEDERAL RESERVE BULLETIN 559 MID-YEAR REVIEW OF BANKING STATISTICS In accordance with the custom followed for Bankers' balances at reporting member banks in some years past, this mid-year issue of the Federal reserve bank cities for the last report date of each month from December, 1922, to May, 1924. FEDERAL RESERVE BULLETIN presents tables Abstract of condition reports of ail member banks showing the principal developments at Federal of the Federal reserve system for call dates from June, reserve banks, at member banks, and at all 1922, to March, 1924. banks in the United States over a longer period Principal assets and liabilities of all member banks, than is covered in the regular monthly issues by Federal reserve districts, for call dates between of the BULLETIN. There is also included an June, 1922, and March, 1924. account of gold movements into and out of the Member banks' earnings and expenses from 1919 to United States between 1914 and 1924, illus- 1923, by Federal reserve districts. Classification of expenses and distribution of earnings, together with trated by a chart. Following is a list of certain ratios. topics covered in the review: All banks in the United States: Federal reserve banks: Condition of all banks in the United States at the Earning assets held by the twelve Federal reserve end of March, 1924, compared with earlier dates. banks combined at the end of each month from June, 1922, to May, 1924. Gold movements: Deposits, Federal reserve note circulation, reserves, and reserve percentage of the twelve Federal reserve Gold movements into and out of the United States banks combined at the end of each month from June, between 1914 and 1924. 1922, to May, 1924. Volume of discount and open-market operations of Many of the tables in the regular statistical the twelve Federal reserve banks combined for each part of this issue, particularly foreign indusmonth from June, 1923, to May, 1924. trial and financial statistics, also include data Member banks: for a number of earlier months. Principal resources and liabilities of member banks in leading cities on the last report date in each month from June, 1923, to May, 1924. EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS [In thousands of dollars] Bills discounted Bills bought in open market Mem- Bankers' acceptances Date e T ar o n t i a n l g Total S o m e t G b e i c b l o r e o u i y n g n n v r - a s e t - - d n p C m . c a o i e p e a m . r e l - s r - . c p u A s l a t a i l o v g t n p u c e r d e r i k - - r al a B a c e n a c r c n e s e p ' k s t - - a T a c n r c a c e d e p s e t- s b c n e y o e b c o l r u e t l e a e a r r l l e s t i - - d Total m D e o st - ic F ei o g r n - c D h o e a x l n l - a g r e a T a c r n c a c e d e p e s t- U s S e t n t c i a i e u t t s r e e i s d - e a o a s A r t s h n e l e i l t n r s g gible paper 1922 June 30 1,177,995 461, 418167, 241147,123 130, 626 3,757 12, 590161,112 31, 655124,142 4,535 780 555, 465 July 31 1,082, 961406,178 132, 390126, 030132, 279 35 3,654 11, 790140, 111 21, 876114,407 2,799 1,029 536, 669 Aug. 31 1, 084, 776397, 448 126,113 123, 316132, 307 43 3,295 12, 374180,176 29, 544143,963 5,817 852 507,131 21 Sept. 30 1,190, 762463, 696 162, 780164,408 120, 280 33 3, "" 12,499 244, 375 46,382 189,688 6,814 1,491 482, 676 15 Oct. 31 1,197, 263576, 435269,042 188, 77^ 103, 33 352 4,661 10, 266258,165 67,033 181, 005 8,796 1,331 362, 639 24 Nov. 30 1, 213, 807650, 096315,280 225, 250 94, 532 475 5,053 9,506 259, 226 65,491 183, 504 8,633 1,598 304,461 24 Dec. 30 1, 326, 096 617, 780331, 790185, 616 85,165 330 4,844 10,035 272,122 65, 280195,921 9,743 1,178 436,155 39 1923 Jan. 31 1,139,552 597,251 377, 48! 131,367 75,997 677 3,319 8,409 188, 566 36,1811145,195 6,Q52 1,138 353, 735 Feb. 28.. 1,166,512 595,760 356,039 157,244 69,098 1,567 3,022 8,790 207,678 42,122 157, 267 6,917 1,372 363,074 Mar. 31. 1, 212, 673698, 914372, 768242,134 71,843 396 3,124 8,649 263,358 48, 579201,907 10, 756 2,116 250,360 Apr. 30... 1,181,871 724, 993386, 079249, 021 78,084 104 3,664 8,041 271,573 46,135 211,244 12,472 1,722 185,305 May 31. 1,221,433 770, 734406, 824263,372 89, 419 41 3,804 7,274 258,""" 48, 365197, 569 11, 557 1,189 191,964 55- June 30... 1,144,117 836, 949407, 356317,308 100,187 4,705 7,393 205,600 37,115 160,117 7,833 535 101,503 65 July 31- 1,107,125 825, " 391, 937311,165 110,480 234 4,873 7,247 183,096 34,808 140,058 8,090 140 98,083 10' Aug. 31 _. 1,138,184 864, 562412,318 330,145 109, 566 102 5,029 7,402 171, "- 33,188 132,120 6,128 171 101,995 20 Sept. 29. 1,153,413 883, 553401, 371, 200 97, 734 34 7,532 173,258 36, 581128,283 8,123 271 96,285 317 Oct. 31... 1,180,652 425, 650359, 434 85,176 23 6,' 540 6,977204,698 48,885 144,521 10,464 828 91,837 317 Nov. 30. 1,207,884 803, 354406, 533306, 233 77,151 31 6,746 6,660 300, 207 75,131 208,850 14,634 1,592 104,169 151 Dec. 31- 1,211,322 723, i 353,' 285,."" " 70,217 233 7,042 6,292354,637 90,445 241,077 20,452 2,663 133,566 51 1924 Jan. 31 944, 682532, 260267,978 181,261 70, 931 275 6,170 5,645 286,041 59, 299210, 216 14,191 2,335 126,371 10 Feb.29 962,406 528, 963257,215 194, 564 66,481 217 5,856 4,630 267,880 48, 362203, 727 13, 558 2,233 165, 463 100 Mar. 31.... 1,009,050 517, 885228,949 208, 320 70, 216 5,529 4,603 228,247 40,842 174,746 11,402 1,257 262,867 51 Apr. 30 873, 381447,185 161,164 195, 571 79,611 179 6,216 4,444 124,485 19, 554 99,410 4,470 1,051 301, 660 51 May 31 874,323 441, 366 164,149 178, 525 88, 574 92 5,461 4,565 79,549 12,203 64,381 2,823 142 352,857 551 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

560 FEDERAL. BESBBVE BULLETIN 1924 DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, RESERVES, AND RESERVE PERCENTAGES OF THE FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Deposits Total de- Federal posits and Date Total G m ov e e n rn t - M a r c e b e c s a m e o n r u b k v n e e t r d O ep t o h s e i r ts ci n T rc o e u t s e l e s a r y t i i n e on re c c s i o F r e c m e r u v d b l e e a i r n t n a i e o l o d n te re T se o r t v a e l s re G se o r l v d es pe R r e c s e e n r t v a e ge 1922 June 30.. 1,883,329 33,093 1,820,377 29,859 2,152,962 4, 036, 291 3,144,542 3, 021, 767 77.9 July 31... 1,846. 582 58,583 1, 760, 824 27,175 2,132,145 3,978, 727 3,178,652 3, 047,949 79.9 Aug. 31.. 1,874,688 48, 446 1, 803,622 22, 620 2,155, 515 4, 030, 203 3, 195, 558 3, 061, 049 79.3 Sept.30.. 1, 897,182 14, 511 1, 857, 260 25, 411 2, 268,652 4,165,834 3, 207, 494 3, 077, 210 77.0 Oct. 31.. 1,875,436 34,355 1, 812, 570 28, 511 2, 301, 777 4,177, 213 3, 217,882 3, 079,966 77.0 Nov. 30. 1, 860, 223 33,449 1,807,631 19,143 2, 329, 814 4,190, 037 3, 202, 810 3, 072, 858 76.4 Dec. 30.. 1,973, 532 10, 756 1,933,888 2, 395, 789 4,369,321 3,176, 872 3, 047, 393 72.7 1923 Jan. 31— 1, 991, 062 46, 014 1,913,465 31, 583 2, 203, 701 4,194, 763 3, 227,132 3, 075, 810 76.9 Feb. 28- 1,952,317 43, 401 1, 887, 552 21, 364 2, 246,943 4,199, 260 3,201, 600 3, 072,813 76.2 Mar. 31.. 1, 961, 651 79,354 1,862,676 19, 621 2,247, 257 4,208, 908 3.167, 446 3, 059, 592 75.3 Apr. 30.. 1, 926,109 40,290 1,864, 756 21, 083 2, 235, 435 4,161, 544 3,179, 666 3, 082,282 76.4 May 31.. 1, 964,128 28,130 1, 899,810 36,188 2, 245, 829 4,209,957 3, 201, 333 3,112,106 76.0 June 30.. 1,914,043 33, 544 1,851,938 28,561 2, 253, 033 4,167, 076 3,194, 665 3, 095,217 76.7 July 31- 1,936,938 35,811 1,878,367 22,760 2,177,743 4,114,681 3,190,932 3,100, 814 77.6 Aug. 31.. 1,911,730 46, 551 1,844, 718 20, 461 2, 226, 998 4,138, 728 3.188, 541 3,105, 903 77.0 Sept. 29. 1,912,460 50,304 1,839,142 23,014 2,267, 620 4,180, 080 3.189, 598 3,112, 717 76.3 Oct. 31... 1, 958, 660 40,334 1,895, 265 23, 061 2, 224, 865 4,183, 525 3,191,145 3, 111, 078 76.3 Nov. 30. 1,919,214 32, 501 1,864,794 21,919 2, 252, 492 4,171, 706 3,185, 277 3,101,158 76.4 Dec. 31-- 1, 959,579 38, 074 1,898,315 23,190 2, 246, 673 4,206, 252 3.168, 934 3, 080, 032 75.3 1924 Jan. 31.. 2, 010, 322 37, 582 1,950, 702 22, 038 2,026, 469 4, 036, 791 3, 261,161 3,142, 575 80.8 Feb. 29.. 1,964, 541 43,095 1, 900,149 21,207 2, 042,665 4, 007, 206 3, 220,804 3,119,652 80.4 Mar. 31. 2, 006,372 99,581 1, 885, 237 21, 554 2, 002, 785 4,009,157 3,193, 887 3,094,988 79.7 Apr. 30.. 2,005, 381 32, 503 1,944, 952 27,926 1,926, 013 3, 931,394 3, 222,609 3,120, 389 82.0 May 31. 1,974, 807 47, 477 1, 21, 237 1, 911,440 3, 886, 247 3,205, 513 3,112, 629 82.5 VOLUME OF DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS Bills discounted Bills purchased United States securities Munici- Month T c o la ta ss l e a s ll Amount A ch v r a e a r r t g a e e g d e m A a v t e u ra ri g ty e m N o a f o u c c b d m o a a b m n te e k - d r s Amount A ch v r a e a r r t g a e e g d e m A a v t e u r r a i g ty e Bonds Tr n e o a t s e u s ry in c C d a n e e t r e e b t s s i t f s e i o d - f - pa r l a n w ts ar- 1923 Jane 3,580,386 3,098,131 4.50 11.17 4,009 183,733 4.18 36.07 1,046 76,025 221,441 10 July 3,765,951 3,487,407 4.50 10.08 4,110 186,828 4.20 40.51 771 53,568 37,377 August 3, 296,502 3, 052,050 4.50 10.65 3,960 160, 373 4.20 38.85 1,627 54,889 28,153 10 September 2,981,349 2,621,961 4.50 12.56 3,600 159,420 4.21 40.32 1,458 58,163 140,060 297 October 3, 098,430 2, 794,852 4.50 13.14 3,752 215,351 4.21 39.87 1,286 52,001 34,940 November 1 11J 479 2,676,799 4.50 11.97 3,732 327,696 4.19 38.26 550 41, 755 67,676 103 December 3,574, s;. 2, 893, 638 4.50 11.77 3,698 339,136 4.18 35.38 12,199 83,062 246, 819 20 1924 January 2,612,540 2,295, 566 4.50 10.64 3,663 231,941 4.18 35.72 1,658 53,881 29,494 February 2,811,386 2, 462,407 4.50 9.27 . 3,465 289,139 4.16 30.82 3,606 47,084 9,150 JVIarch 2,489,195 1, 709,329 4.50 14. 03 3,516 197, 714 4.16 31.53 3,833 75, 778 502,490 51 April 2,164,952 1, 935,590 4.50 12.05 3,744 148,457 4.14 24.38 6,258 56, 777 17,870 May— 1, 559,461 1, 403, 502 4.42 14.23 3, 795 83,492 3.48 18.51 6,523 47,461 18,483 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN 561 PRINCIPAL RESOURCES AND LIABILITIES OF MEMBER BANKS IN LEADING CITIES ON THE LAST REPORT DATE IN EACH MONTH SINCE JUNE, 1923 [Amounts in thousands of dollars] 1923 1924 June 27 July 25 Aug. 29 Sept. 26 Oct. 31 Nov. 28 Dec. 26 Jan. 30 Feb. 27 Mar. 26 Apr, 30 May 28 Number of reporting banks. 774 772 769 770 769 767 761 760 759 756 755 749 Loans and discounts, gross: Secured by United States Government obligations 250,827 231,407 230,001 258,121 232,936 226,939 228, 365 214, 289 227,14£ 207, 564 213,615 215,064 Secured by stocks and bonds (other than United States Government obligations) 3, 806, 394 3, 741, 557 3, 641, 374 3, 676, 508 3, 706, 245 3, 732, 015 3, 857, 662 3, 862, 865 3,805,100 3, 859, 638 3,972,900 3, 859,890 and discounts. 7, 793,196 7, 742,762 7,836,176 7,912, 376 8,004, 253 7,945,033 7, 848, 307 7, 806, 435 7, 814,981 7,997,853 7,934, 746 7, 876, 217 Total loans counts -11, 850,41711, 715, 72611, 707, 55111,877,00511,913,13411, 903,98711, 934,33411,883,58911, 877, 52912,065, 05512,121, 26111, 951,171 United States bonds 1, 417,030 1,424, 307 1, 428, 338 1, 415, 543 1,397, 986 1, 368, 502 1, 372, 791 1,361, 600 1, 380, 353 1, 396, 339 1, 437,090 1, 488,447 United States Treasury notes 973, 848 912,057 881,155 855, 601 863, 735 841, 944 852,965 822, 613 794,273 758, 327 660, 284 662,513 tificatesofindebt- 113, 352 106,857 83, 362 115,963 78,117 68 668 123 464 104 802 101 765 132 566 101 037 86,975 Other bonds, stocks, and securities 2,158,134 2,185,085 2,143,933 2,157, 761 2,190,425 2,184, 472 2, 206, 111 2,190,901 2, 220, 483 2, 227,470 2, 336, 466 2, 421, 074 Total investments 4, 692, 364 4,528,306 4, 536, 788 4, 544, 861 4, 530, 263 1, 463, 586 4, 555, 331 4, 479, 916 4, 496, 874 4, 514, 702 4, 534, 877 4,659,009 Total loans and discounts and investments16, 542. 78116,344, 03216, 214, 33916, 421,86616,473, 69716, 367, 57316,489, 66516,363, 50516,374, 40316, 579,75716, 656,13816, 610,180 eral reserve banks. 1, 390, 388 1, 355, 902 1,365, 588 1, 365, 732 1,388, 387 1, 385, 302 1, 378, 672 1, 425, 331 1, 419, 223 1,414, 945 1,454, 687 1, 446, 754 Cash in vault 282,040 282, 945 282, 805 283,824 283,104 296, 516 355, 454 272, 966 280,301 280, 773 268, 509 286, 650 11 104, 20111, 077, 87010, 880,10510,891 33011 158 31611 106 66711 034 06311 239 09711 167 42811 170 96811 438 QS411 103 193 Time deposits 1,000, 009 4,005,773 i, 019, 613 4,031, 675 1,018,142 4,072,029 4,097, 307 1,183, 680 4, 235, 397 4, 288,324 4, 322,630 posits... 255,839 115,920 121,612 238, 222 98,344 49,296 185,938 138,719 124,094 237,430 206, 855 89,055 Bills payable and and rediscounts with Federal reserve banks: Secured by United States Government obligations 270, 704 255,449 269,918 294, 531 304,362 256,178 305, 620 152, 693 162, 621 124, 560 80,463 81, 351 All other - 220, 357 216, 689 251, 335 278, 770 288, 520 252,066 269,178 120,421 134, 831 128,726 123, 790 100,110 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

562 FEDERAL RESERVE BULLETIN JULY, 1924 BANKERS' BALANCES AT REPORTING MEMBER BANKS IN FEDERAL RESERVE BANK CITIES DUE TO BANKS AND BANKERS [In thousands of dollars] Date 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 r is a a c n n o - 1922 Dec. 27 1,991,007 112, 76 910, 261 159,308 35,176 30, 790 15,549 348,175 85,897 48,175 116,012 27, 264 101,642 1923 Jan. 31 2,060, 668 110, 936 156,141 45,905 34, 244 17, 483 357, 379 93,885 49, 309 117,041 28,054 83,929 Feb. 28 2,161, 780 109, 748 1,058,851 162, 242 44,623 32, 791 15,812 366, 577 91,381 49, 588 113, 275 26, 222 90, 670 Mar. 28 1,948, 786 103,632 929,839 153, 231 41,283 29, 087 15, 965 342, 962 79, 045 47, 685 103,869 21, 630 80, 658 Apr. 25 1, 904,459 110, 248 908, 503 158, 240 40, 384 26,887 13,108 332, 712 73,062 44,000 100,641 17,405 79,269 May 29-30-. 1, 862, 252 103, 576 864, 289 156, 224 45, 329 24,963 11, 528 341,411 79, 391 41,017 96, 707 15, 691 82,126 June 27 1,821,976 100, 339 853, 466 153, 686 42,064 25, 395 11,138 340,418 70, 657 35,936 95,943 13, 548 79,386 July 25 1, 808, 257 103, 742 864, 879 154, 218 43, 294 25,141 11,483 319, 569 68, 704 35, 521 89,244 11,752 80,710 Aug. 29 1,807, 068 98,160 833, 246 150, 401 43,053 24, 355 11,011 337,942 68,965 37,852 98, 686 16,384 87,013 Sept. 26 1, 835,117 103,204 854,994 153, 674 41, 791 26, 773 11,850 311,057 69,450 41, 885 95,205 34,191 91, 043 Oct. 31 1,932,823 108, 791 955,146 155,551 39,418 31,071 14,106 298, 728 67,868 42,448 93,944 37,012 88, 740 Nov. 28....: 1,849,894 99,948 880,074 152,159 39, 458 32,060 15,166 295,308 71, 360 40, 586 91,998 43, 272 88,505 Dec. 26 1,929,121 100, 753 918, 235 157, 204 39,451 32,944 16, 413 329,344 70,193 42,822 96, 616 38, 519 86, 627 1924 Jan. 30 1, 982, 010 110, 221 982,186 156, 529 41, 964 31,982 13,835 320, 224 78, 298 41,716 94,413 30, 574 Feb. 27 1,970, 023 109, 441 954, 336 155, 639 41, 597 29, 363 12, 658 347, 651 73, 248 46,958 93, 532 24, 931 Mar. 26 .1,984, 873 112, 238 963,972 158,457 42,108 27,259 10, 721 364,175 72,104 48,412 82, 474 26, 597 76, 356 Apr. 30 2,092,345 121,916 1,093, 291 161,511 41, 575 25, 515 13,470 346,366 70, 860 39, 892 80, 453 20, 801 76,695 May 28 1,931, •'"" 111, 310 941, 555 156, 787 42,444 26,328 11, 275 351, 645 72, 579 38, 481 78, 791 19,097 81,116 DUE FROM BANKS AND BANKERS [In thousands of dollars] Date Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - 1922 Dec. 27 552,253 38,463 82,181 51,991 20, 059 12, 504 6,845 161, 357 31,227 21, 731 50, 743 21, 920 53, 232 1923 Jan. 31 520, 338 38, 551 75,106 51,965 18, 400 12, 439 7,186 138, 875 26,083 18,163 49, 810 22,035 63, 725 Feb. 28 528, 691 42,106 57,525 20, 749 13, 767 7,962 149, 815 24, 087 19, 537 45, 931 21, 357 • Mar. 28 .... 480,842 33, 253 79, 257 51,320 16, 321 11, 540 8,925 142,120 19,983 13,130 41, 250 19, 303 44, 440 Apr. 25 483, 756 35, 231 74, 797 51, 028 19,477 11,813 5,991 150, 242 21, 508 16, 042 39, 934 16, 423 41, 270 May 29-30.. 500, 062 34, 547 80,335 51, 662 20, 768 11, 495 6,669 158, 531 22, 698 15, 495 38, 812 13, 217 45,833 June 27 472, 777 32, 516 73, 733 52,993 16, 786 12, 389 5,718 145, 310 21, 507 18, 503 36, 948 14, 985 41, 389 July 25 460,846 31,126 72, 055 51,168 21,916 11, 784 6,048 137,820 21, 638 13, 376 35, 614 12, 725 45, 577 Aug. 29 452,129 28,755 69, 405 48,152 19, 015 11,321 5,444 133, 799 21, 262 13, 582 37, 847 16,084 47, 463 Sept. 26 495,451 31,072 70, 218 53, 219 21,719 13, 614 5; 782 22,115 16, 514 39, 428 29, 857 53, 529 Oct. 31 542,131 55, 895 78, 569 56, 376 24, 850 14, 597 7,438 142,826 23,937 20,179 39,464 28,170 49,830 Nov. 28 503,352 30,179 74, 285 52,834 18, 963 14, 558 7,124 142, 629 24, 058 19, 428 37, 630 30, 760 50,904 Dec. 26 513,934 29,935 75, 742 56, 986 19, 985 14, 871 7,234 144,990 24, 967 18, 637 41, 557 26, 404 52, 626 1924 Jan.30 473, 389 28,982 73, 760 54,196 17, 681' 12, 502 8,142 137,488 21, 581 17, 078 36, 227 21, 013 44, 749 Feb. 27 475, 552 28,922 68,991 50,186 19,916 13, 350 9,244 141, 856 23, 320 21, 004 36, 728 20,084 41, 951 Mar. 26 478, 819 38,619 68,324 50,499 24, 337 12,806 8,360 132, 972 23,857 19, 780 33, 690 20,405 45,170 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 28 504, 218 30,861 78, 524 54, 646 25,113 13,190 8,233 158,183 23, 807 16, 280 33,692 16, 479 45, 210 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY., 1924 FEDERAL RESERVE BULLETIN 563 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM . [In thousands of dollars] June 30 Dec. 29, Apr. 3 June 30, Sept. 14, Dec. 31, Mar. 31, 1922 (9,892 1922 (9,859 1923 (9,850 1923 (9,856 1923 (9,843 1923 (9,774 1924 (9,681 banks) banks) banks) banks) banks) banks) RESOURCES Loans and discounts 17,282,290 18, 061,459 18, 554,983 18, 864, 321 18, 838,478 19, 034, 996 19,158,195 Overdrafts • 13,653 19,328 16,842 15, 737 18, 622 16, 690 17, 518 United States Government securities 3, 246, 824 3, 788, 377 3, 883, 266 3,870, 232 3, 722, 441 3, 641,132 3, 569, 653 Other bonds, stocks, and securities 3,815, 247 3, 899, 339 3, 877,102 3, 924, 715 3, 918, 011 4, 045, 312 4, 086, 668 Total loans and investments 24, 358, 014 25, 768, 503 36, S32,193 26,675, 005 26,497,553 36, 738,130 36,832, 034 Customers liability on account of acceptances 299,179 ' 372,550 378,159 334, 383 295, 841 391, 595 387, 292 Banking house, furniture and fixtures 680, 225 711,917 731, 082 752,048 767, 651 786, 792 813, 880 Other real estate owned 108, 695 123, 354 134,143 145,180 145, 279 147, 634 156,089 Cash in vault -. 464, 614 561, 576 518,112 428,911 523, 407 561,433 494, 223 Reserve with Federal reserve banks 1, 835,116 1,939, 028 1, " i,586 1,871,015 1, 868, 926 1, 900,153 1, 893, 301 Items Federal reserve bank in process of collection 493, 335 635, 926 601, 519 559, 308 654, 791 665, 709 549,087 Due from banks, bankers, and trust companies 1, 646, 773 1, 805, 579 1, 774, 287 1, 596,184 1, 640,178 1, 824, 348 1, 643, 739 Exchanges for clearing house, also checks on other banks in same place 1, 350, 390 1,405,121 989, 629 946,179 1, 709, 537 1, 582, 343 Outside checks and other cash items 110, 377 117, 963 103, 242 128,907 105,965 140, 987 107, 798 Redemption fund and due from United States Treasurer.. 36,741 36,800 37, 084 36,909 36, 720 37,141 United States securities borrowed l 20,353 19,471 18,449 15, 629 15,188 14,969 16, 478 Other securities borrowed ' 488 2,012 1,954 2,048 2,186 2,232 2,420 Other assets 319,650 382, 771 323,817 303, 445 287, 755 318, 367 304, 398 Total. 31,723,950 33, 882, 571 33, 852,041 33, 795, 326 33, 728,424 35,238, 606 34, 820, 223 Capital stock paid in 1, 912,227 1, 940, 916 1,979,953 1,998, 295 2, 004,140 2,003, 054 2, 022,169 Surplus fund. -_. 1, 584,092 1, 625, 765 1, 630, 553 1, 631, 702 1, 626, 922 1, 641, 319 1, 649, 880 Undivided profits less expenses and taxes paid 717,600 797, 233 745, 076 737, 081 805,170 733, 193 796, 395 Due to Federal reserve banks 26,644 39,610 34,477 33, 472 37, 771 36,674 32,978 Due to banks, bankers, and trust companies 3,123, 741 3,452, 773 3, 473, 760 3,183,978 3,165, 502 3, 475, 656 3, 446, 737 Certified and cashiers' or treasurers' checks outstanding.. 783, 324 857, 234 601,465 468,154 534, 642 922, 549 867,420 Demand deposits 14,251,855 14, 815, 507 14, 525, 756 14, 692, 905 14, 565, 909 15,164, 182 14, 719, 256 Time deposits 7,175, 005 7, 644, 881 8,142, 574 8, 378, 211 8, 466, 416 8, 650, 610 8, 889, 923 United States deposits 156,118 461, 799 404, 427 296,482 144,478 236,942 291, 767 Total deposits 25, 516, 687 37,271,804 27,183,459 27,053, 202 26,914,718 28,486, 613 28, 248, 081 Bills payable (including all obligations representing money borrowed other than rediscounts) 297,135 429,930 494, 412 522, 989 516,637 444, 983 315,979 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) ^ 425,609 447, 597 473,407 550, 222 604, 725 572, 661 428, 536 Cash letters of credit and travelers checks outstanding 29, 560 15, 628 17, 723 34, 577 27, 112 20, 350 22, 457 Acceptances executed for customers 297, 683 366, 539 380, 245 319, 381 291, 713 400, 200 375, 768 Acceptances executed by other banks for account of r< porting bank 23,087 33, 652 41,126 45, 819 26,679 26,197 37,451 National bank notes outstanding 725, 265 723, 317 727,574 719,489 730,980 725, 441 725, 986 United States securities borrowed 65,037 54,138 52,542 50, 586 52,175 53, 256 52, 263 Other securities borrowed _., 3,385 4,960 6,115 5,025 4,936 5,270 4,952 Other liabilities 126, 583 171,092 120, 856 126, 958 122, 517 126, 069 140, 306 Total. 31, 723,950 33,882, 571 33, 852, 041 33, 795, 326 33, 728,424 35,238, 606 34,820, 223 1 Exclusive of securities borrowed by national banks. PRINCIPAL ASSETS AND LIABILITIES OF ALL MEMBER BANKS [In thousands of dollars] Federal reserve district and date L d o is a c n o s u a n n ts d Investments T an o d m ta i e l n n l v o t e s a s n t s - Demand de T p i o m s e its B r i e l d ls i a s p c n a o d y u a n b ts le All Federal reserve districts: June 30, 1922 17,295, 943 7,062,071 24, 358, 014 14,251,855 7,175, 005 722,744 Dec. 29,1922 18,080, 787 7, 687, 716 25, 768, 503 14, 815, 507 7, 644, 881 877, 527 Apr. 3,1923 18, 571, 825 7, 760; 368 26, 332,193 14, 525,756 8,142, 574 967,819 June 30, 1923 • 18, 880.058 7, 794, 947 26, 675,005 14, 692, 905 8, 378, 211 1, 073, 211 Sept. 14, 1923. 18,857,100 7, 640,452 26, 497, 552 14, 565,909 8, 466, 416 1,121, 362 Dec. 31, 1923 19, 051, 686 7, 686, 444 26, 738,130 15,164,182 8, 650, 610 1, 017, 644 Mar. 31, 1924 19,175, 713 7, 656, 321 26, 832, 034 14, 719, 256 8, 889,923 744, 515 Boston: June 30,1922 1, 308,057 551,086 1,859,143 1,163, 535 480, 337 50, 839 Dec. 29,1922 1, 387, 617 581,422 1,969,039 1.210, 365 510,961 Apr. 3, 1923 1, 416, 805 575, 377 1,992,182 1,179,963 551, 328 85,104 June 30, 1923 1,463, 290 588, 211 2,051, 501 1, 202,291 574,781 90,695 Sept. 14,1923 1,480, 730 581,430 2,062,160 1.211, 231 593, 934 94,835 Dec. 31,1923.... 1, 471, 337 577,677 2,049,014 1, 234, 553 599,437 105,130 Mar. 31,1924 1, 458,170 568,058 2,026, 228 1,173,196 633, 558 57, 657 New York: June 30, 1922 4, 798, 996 2, 411, 483 7,210, 479 5,104,448 1, 343, 726 148,084 Dec. 29, 1922 5,037,496 2, 536, 630 7, 574,126 5,104,682 1,438,246 271,963 Apr. 3, 1923... 5,094, 225 2, 476, 363 7, 570, 588 4,681,979 1, 578, 708 350,548 June 30, 1923 5,113, 647 2, 482, 820 7, 596,467 4, 806,477 1, 610, 560 300,166 Sept. 14,1923 5,015,419 2,393, 232 7, 408, 651 4,627,068 1, 639, 550 321, 731 Dec. 31,1923 5, 224, 915 2, 430, 622 7, 655, 537 5,049,946 1, 666, 420 324,951 Mar. 31,1924 ..._ 5, 278, 016 2, 414,435 7,692, 451 4, 941,881 1, 744, 610 206,068 1 Exclusive of amounts due to banks, certified and chashiers' or treasurers' checks ,and U. S Government deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

564 FEDERAL RESERVE BULLETIN 1924 PRINCIPAL ASSETS AND LIABILITIES OF ALL MEMBER BANKS—Continued [In thousands of dollars] L d o is a c n o s u a n n ts d Investments T an o m d ta e i l n n l v t o s e a s n t s - D de e p m o a s n it d s' de T p i o m si e ts B r i e l d ls i a s p c n a o d y u a n b t l s e Philadelphia: June 30, 1922... 1,021,827 713,091 1,734,918 939,738 495,846 54,852 Dec. 29,1922... 1,078,426 758,963 1,837; 389 1,002,140 521,677 56,386 Apr. 3,1923—. 1,136,690 780,151 1,916, 841 1,010,023 575, 226 72, 435 June 30,1923.. 1,176, 394 790, 434 1, 966,828 1,006,010 613, 728 88,558 Sept. 14,1923. 1,195,034 775,652 1,970,686 1,017,200 628,441 65, 457 Dec. 31,1923... 1,191,732 780, 755 1,972, 487 1,039,929 645,252 70, 447 Mar. 31,1924.. 1, 219, 605 774, 467 1,994,072 970, 262 679, 593 56,341 Cleveland: June 30, 1922... 1, 623, 893 804, 073 2, 427,966 1, 202,845 915,898 47,375 Dec. 29,1922... 1, 675, 682 904,142 2, 579, 824 1, 242,257 1, 005, 547 57, 936 Apr. 3,1923.-. 1, 738,260 911, 652 2, 649,912 1,320,990 1, 024, 774 44,112 June 30,1923... 1, 839, 076 908,856 2, 748,532 1,340,262 1,068, 268 85,242 Sept. 14, 1923.. 1, 830, 725 918,069 2, 748, 794 1,341,640 1,104, 348 65, 366 Dec. 31,1923... 1,842, 931 899,426 2, 742, 357 1, 289, 850 1,135, 752 59, 259 Mar. 31,1924.. 1,863,958 934, 622 2, 798, 580 1,312, 278 1,172,043 47, 726 Richmond: June 30,1922._. 855, 378 239,819 1,095,197 501, 236 395, 235 54,388 Dec. 29, 1922... 896,025 257, 551 1,153, 576 532,809 399,175 66, 810 Apr. 3, 1923—. 911, 680 262,373 1,174,053 543, 453 422, 732 63, 080 June 30,1923... 925, 002 263,342 1,188,344 530, 563 432, 936 85, 479 Sept. 14, 1923.. 933, 871 265, 607 1,199,478 537, 515 432, 629 94, 642 Dec. 31, 1923... 949,964 260,376 1,210,340 580,418 441,388 65, 753 Mar. 31,1924.. 959,012 257, 422 1, 216, 434 546,248 455,391 73, 522 Atlanta: June 30, 1922... 654,457 153, 766 808, 223 428,729 264, 680 38,285 Dec. 29, 1922... 715, 494 169, 284 884, 778 281,241 40,921 Apr. 3, 1923— 730, 923 177, 616 908, 539 498, 070 306, 252 28, 435 June 30, 1923... 737,877 183, 598 921, 475 479, 929 317, 947 44,110 Sept. 14, 1923 _. 740,175 185,603 925, 778 470, 941 316,151 70, 095 Dec. 31,1923... 797, 743 187,362 985,105 533, 778 323, 934 68, 542 Mar. 31, 1924.. 787, 053 182, 800 969, 853 504, 245 334, 010 62,146 Chicago: June 30, 1922... 2, 701,147 875, 328 3, 576, 475 1,834, 952 1, 108,888 Dec. 29, 1922... 2, 761,051 1, 000, 864 3, 761, 915 1,888, 796 1,433,100 116, 559 Apr. 3, 1923 2,866, 741 1, 021, 230 3, 887, 971 1,910, 021 1,483, 743 130, 052 June 30, 1923— 2, 885, 472 1, 029, 823 3, 915, 295 1, 961, 321 1, 530, 721 94,805 Sept. 14,1923.- 2, 890, 904 1, 014, 825 3, 905, 729 1, 946,429 1, 535,188 97, 651 Dec. 31, 1923— 2,877,982 1, 031, 452 3, 909, 434 1, 977,003 1, 572, 311 117, 225 Mar. 31,1924.. 2, 922, 200 1, 018, 601 3, 940, 801 1, 895,130 1, 589, 791 73, 621 St. Louis: June 30, 1922... 739, 259 1, 005, 345 524, 251 313, 782 27,165 Dec. 29,1922... 803,191 319, 773 1,122, 964 603, 323 340, 447 37, 827 Apr. 3, 1923— 821, 430 336, 775 1,158, 205 610, 596 362,186 35, 627 June 30,1923— 820, 005 340, 268 1, 160, 273 588, 971 367, 882 51, 364 Sept. 14, 1923. . 844, 077 332, 528 1,176. 605 588, 802 381, 404 71,417 Dec. 31, 1923— 854, 233 333, 584 1,187, 817 609, 914 384, 646 65, 308 Mar. 31, 1924.. 856,155 324, 639 1,180,794 578, 424 408, 703 47, 905 Minneapolis: June 30, 1922... 687, 190 172, 988 860,178 361, 889 373, 566 50,944 Dec. 29, 1922— 694, 346 190,122 385, 660 390, 583 38, 260 Apr. 3, 1923 696, 213 203,276 380, 767 408, 234 31, 885 June 30, 1923— 690, 715 206, 241 • 896,956 379,104 416, 088 43, 134 Sept. 14, 1923. . 684, 231 205, 476 889, 707 374, 799 417, 529 41,964 Dec. 31, 1923— 655, 794 208, 265 864, 059 375, 979 413, 926 27, 102 Mar. 31, 1924.. 639, 310 214, 852 854,162 374, 987 404, 271 17, 835 Kansas City: June 30, 1922— 842, 236 228, 362 1, 070, 598 705, 776 262, 921 31, 238 Dec. 29, 1922— 866,688 251, 046 1,117,734 723, 724 273,040 35, 873 Apr. 3, 1923 876, 800 259, 414 1, 136, 214 738, 841 285, 648 32, 607 June 30, 1923— 886,116 261, 657 1,147, 773 716,897 300, 687 58, 657 Sept. 14, 1923. . 872, 614 259, 563 1,132,177 717, 616 299, 566 48,862 Dec. 31, 1923— 849, 063 249,105 1,098,168 690, 652 291,930 53, 396 Mar. 31, 1924.. 822, 704 236, 583 1, 059, 287 678,181 293, 850 24,914 Dallas: June 30, 1922— 587, 799 120, 681 708, 480 480, 258 116, 888 46, 516 Dec. 29, 1922... 609, 481 140, 606 750, 087 540, 408 120, 460 20, 000 Apr. 3, 1923 620, 089 151,039 771,128 528, 546 133, 776 26, 475 June 30, 1923— 601,138 144, 479 745, 617 490, 813 136, 750 47, 075 Sept. 14, 1923. . 636, 701 144, 306 781, 007 539, 220 137, 250 54, 754 Dec. 31, 1923— 649, 704 161, 754 811, 458 596, 528 143, 250 13,028 Mar. 31, 1924.. 629, 246 148,189 777, 435 544, 032 149, 971 17,084 San Francisco: June 30, 1922... 1, 475, 704 525, 308 2, 001, 012 1, 004,198 875, 762 64,170 Dec. 29, 1922... 1, 555, 290 577, 313 2,132. 603 1, 090, 457 930, 404 48, 223 Apr. 3, 1923— 1, 661,969 605,102 2, 267; 071 1,122, 507 1, 009, 967 67, 459 June 30, 1923... 1, 740, 726 595,218 2, 335, 944 1,190, 267 1, 007, 863 83, 926 Sept. 14, 1923.. 1, 732, 619 564, 161 2, 296, 780 1,193, 448 980. 426 94, 588 Dec. 31, 1923... 1, 686, 288 566, 066 2, 252, 354 1,185, 632 1, 032; 364 47, 508 Mar. 31, 1924.. 1, 740, 284 581, 653 2, 321, 937 1,200,392 1, 024,132 59, 696 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN 565 MEMBER BANK EARNINGS AND EXPENSES, 1919 TO 1923 The accompanying table comprises sum- Gross earnings include all of the banks' maries of national bank and State bank and income with the exception of amounts recovtrust company member abstracts of earnings ered on assets previously charged off, and conand dividends. Heretofore reports for national sist largely of interest received, income from banks have been published annually in the this source averaging nearly 90 per cent of the report of the Comptroller of the Currency and total during the period. The principal charges for State bank and trust company members against the banks' income are the operating semiannually in the FEDERAL RESERVE BUL- expenses, which are classified in columns 4-8. LETIN. The data presented include for the The remainder, after subtracting the total of fiscal years 1919 to 1923 aggregate capital and these expenses from gross earnings, represents surplus of all member banks submitting re- net earnings, which appear in column 9. The ports, their total gross income, and the distri- losses are in turn charged against net earnings. bution of this income. The growth in capital They are presented in column 10 as net losses, and surplus, it should be noted, as well as the recoveries on assets previously charged off increase, in other items included in the table, having been, for the sake of conciseness, are to some extent due to the growth in mem- regarded as offsets against total losses. The bership. The following figures show the total amount available for the payment of dividends number of member banks and the total of or for addition to the banks' surplus or capital their1 resources on June 30 of each of the five account is given in column 11. years: Ratios presented in the last five columns of the table throw light upon the relation of the Total primary earning factors. The first is the ratio Number of resources between gross earnings and the average of the member (in banks millions banks' loans and investments during the year of dollars) and indicates in a general way the rate of earnings on their income-bearing assets. In June 30— 1919 . . . 8,822 29,244 the following three columns the percentage 1920 9,399 32,194 distribution of the gross earnings is given, and 1921 9,745 30,936 1922 9,892 31, 724 in the last the ratio of net addition to profits 1923 9,856 33, 795 to capital and surplus. ABSTRACT OF EARNINGS AND DIVIDEND REPORTS OF ALL MEMBER BANES, BY FEDERAL RESERVE DISTRICTS, FOR THE YEARS ENDING JUNE 30, 1919 TO 1923 [In thousands of dollars] Expenses §3 an Sf ss 2.2 § m a .a District a a s 8 '3 g a "•a •g B, 8 •3 So %2 10 11 12 Per Per Per Per Per All member banks cent cent cent cent cent 1919 2, 776,490 1, 291, 001 876,613 195,19675,166 389,185 87, 80,056 334,332 191,297 6.01 67.9 6.2 25.9 12.04 1920 3,193,337(1, 636,141 1,097,471 256, 745 114, 411 453,100 107,093 1659,57 538; 670 129,062 409, 6082 f1 8",353 6.47 67.1 7.9 25.0 12.83 1921 3' ,415,72211, 829, 6711,267,705 308, 652 1.6655,, 449955 447722,,0000331 12233,1,111881 19988,, 250 561, 9662W, 309 345, 657 238,667 7. 69.3 11.8 18.9 10.12 1922 - ^ 4~2 9 1* 156* 417 307^ 84568, 660 483, 204" 1- 151,0170178 118,16,0 1605113,012221133,,886633 229999,,149 246,050 7.02 69.3 12.8 17. 8.56 Bost 1 o 9 n 2 . 3 1 3, 629,468 1,683,5 1521 21 11,8198 97,3 723 32 2342343,833836, 209 531, 465 381198,339 493, 780148, 643 345,137 270, 862 6.42 70.7 8.8 20. S 9.51 1919.,.. 229, 922 91, 248 61,445 13,450 3,622 29,323 >, 717 8,33329, 803 5,320 24,483 13,169 5.49 67.4 5.8 26.8 10.65 1920.... 254, 379 109,194 72,970 16, 613 4,462 32,497 i, 72610, 67236,224 8,601 27,623 14, 603 6.00 66.8 7.9 25.3 10.86 1921.... 263, 512 127,160 83, 541 6,053 36,375 1,356 12, 82843, 61917, 520 26,1""- 16,048i 7.04 65.7 13.8 20.5 9.90 1922.... 269, 961 115,159 80, 70019, 254 2,586 37,391 1,638 11,831 34,459 19, 200 15, 259 18, 604 6.44 70.1 16.7 13.2 5.65 1923.... 270,376 114, f 83, 74019, 707 2,033 41, 339 1,023 12, 63831,168 22,340 18, 299 5.73 72.9 7.7 19.4 8.26 New York: 1919.... 715,511 394,506 261, 03847, 24824, 733 130,186 660 32, 211 133, 468 24, 847 108, 621 49, 356 5.75 66.2 6.3 27.5 15.18 1920... 835, 536 485,096 315,082 65, 71735, 886 142,179 107 42,193 170, 014 54, 554 116, 460 49,040 6.37 65.0 11.2 23.8 13. 82 1921.... 897,474 357,369 80, 84550, 648 139, 723 , 53,325181,439 77, 897|lO3, 54270, 629 7.44 66.3 14.5 19.2 11.54 1922.... 914,893 465, 257 301,4"" 77,113 10,4591143,415 32,82846,336 163,' 69,345 94,443 74, 918 6.75 64.8 14.9 20.3 10.32 1923.... 959, 646 460,! 81,109 7,231ll49,,lll 24,146 50, 466 154, 946 35, 005119, 94178, 897 6.08 66.4 7.6 26.0 12.50 18,116 1 Total losses less recoveries on assets previously charged off. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

t W o t t O o h to -O to S 38§2»S 1 — tcODctOOCtODC'-O'^o tCOO .t COO t OCO M CDi -CMO tS° c MOO» g U O H O ^ O W O H j O -' i ^ O -C t C H MO .CpOp SOJOO --I O-JrfiO tO C Capita o l f a J n u d n s e u 3 rp 0 lus as O-<l iO-ltW tO OCOC I—n> Mggabo J' I MCVOH J tO^ H HOM W -J O tO> S rO fM'Ot*O - O tOOi C VO- O C t 0CO 0 ->Q—I O» tO C> OJiO - i £* . t O O- JI 0 M 0OiX M Oi**i- 1* -—- . J O' COO O O--O1j Oifr Oi Oi M Oi Cn —-I -J •<! Oi en --.1 Oi Oi rf*. tO HKHOOO Gross earnings ^J-* Oi ^ Oi Oi CJ" l—^vf^OO I—' co en Oi^l O Oi I—' CO C7i (X O 3 > k 4^ J !-• O CO t t C 'l O -'- i O v — l i U ' C I C OC* n -O r c t-i o >^ C c - n C g c ^ o — C - O J c O o S c n *^ J c o 00 hi C ** O C 0 D 1 G O o C tO JI f O r^ i Oit*O-i -IJO -1 C h pJ-1 iO - t <Cu f ^OO i CCO OD > O ^r T fO*OO I C HtO 0Q 0Q Q CD tO Oi 00 tO CO tO -4 CD ~4 ^ O) Or Cnt Total • D I O ti t- h 1 - C - 5©CC©M O tO O tO O C O J O i p O a t f Q i. 56H SO K3 00 e £S -1 OS to CO tO tJ OO •-• OJ CO CO tO I—' OtO» OO O OtO tO*' >1— CO> J <CI O —nl 1 C «O0 O 0 0 t C 0 0O O 0 O ti Of ~ * J O S C Ct O OO t ~CO Jo CeO DnO Ci— O t 1t J0o O0 O i0 0 Q 1— i w' C OtO o C OoO i j CoC Q ni --O4J O CO J O CO 5 tO O • O C i I O M — ' O C O K C C O O J O i^ t O C O C0 O t O O O O pi i^ O p i J ~4 Sala w ri a e g s e s and Interest and disi.-^j>|i.l—' tO i£>-00 Oi CO count on bor- CO tO >P>- -J I—' O 00r f^OJO 51 C- O- O• H"nO G CO O O W - C -] rO O )' O ' --1 < S i C CO T ^ C O O ^ t G O O (O 0 S C 00 D 1 t - O J C tO O rowed money WKh-O-J t * o > * to £- * to £- * to O S to O O 0 t tO O C to O t I o — I— '00 ' I— tO " i ' W i— ' - cc -4 OO 4- t - t - OO -II O » O »J OO JO O O O ; C C;C O n cO tO O **- O Intere p s o t si o ts n de- O Wco O O t o > - e • i— n ! - ' • O e 0 On 0 tc t o O o Oi ^ CD I—' O o n Z> c -J C o O t C o O r o i f r t * O f i o . > e -• nOW CO ^ Q OO Q iW© COC -OJ O tHO 'I IW' -'OO + i OOC I—jeO • • OooScoO coI Oo5M co GO CO 00 **J vt*- *•• cn en Oi CO i •<! ~3 Q) )f*- CO^-enrf^^ cnCiCntfiCO CO to >—' C> Co CnCnCnrf^CO ^•^'' Cn Cn CO CO O O.G0 Taxes ! C h - - n • L 0 ~ C 0 J O ^ c C o O c f O c I O — i— C ' l • -4 88888 C C to O O O •— tO S « | C c ( R o i C - H « O i O 0 tO 0 a. 00 GO >-* O V Q C tO OH M -' O tO Q OC C I oi to o JsS JO tO I—1 (O 00-^IOOMOi CO O0 ^CO ~JCn 0 - -c t n o D .C t - o Ji^ .cJ t oC o jO w rCO GOOOO--IOi ^00 -.1 ~-I ~ _pOpiJOpijND ^PPpCC All p o en th s e e r s e „ xe tO n ~ t J o O p S O co i H c -' o 0 - 0 C - O O C ^ O ^ C -O D CO 5^0 K 1 0 1 O O i O 0 * Is * t t • O O 0 C C 0 D O t O C C O D t O . Ci C^ Cn CO CJ CJt O 00 CO ^- H t !- o • o to ^c t o o i - - q ' 5 e ° n i^ e n ( t - n1 t J j d ic o oo JJJJSS tOjO^-1 Total net earnings I - O C O O C tO O - O 4 i C O : ^5 f M t O C O O fO f C -O O S O s S I - " tO (t OX O i b-O - >i CC W00O3H00 OO OO OO h-' 00 Net losses charged off '> MOOOMO CtO T>4 OOO I<XQ - JO i~J ^HQ MO ^bOOO t^Oq H Cnj<I OcDtO WOtOCOM % J C i- W C JO O IC C FI O J> r 0 f i r . f= C » O CO CO bO tO tO Net addition to profits C h M^ - O - C C O O O O - - O < 4 r l v O J C i i O t 0 t O 0 O 030 OO I i - tO ~OI 4 tO tOi O iC 0 §Ss§g ^1 co 4* co <i Or tO tO OCO KMKH COCOCOCOtO I-1 ""^ "-1 MHHH tO tO tO tO I-1 cO cO cO .f-^ co CO 1—* h-' I—* cOr f1*C O CO CO *^T CO cD O O ^l CO ^—' I—1 O CO Oi Cn tO w 00 £ Dividends declared Ol_i C ~ O J C C n O tO C O < F tO Oi bo cn to to 00 ~-i . i n . . C * J = J W t O o S O o1—o ( 1c I C JT SI— M»r fC.O.t OCD II-— "--J-'^3 CJ COC O O - ^ 1 i < J _ i- ^ 0O ^ C ^ OO S ha I Gross earnings to loans Oi Oi Oi ^ en oi os os os cn OS oi os en en 1 ^ j • and investments 0 CO -«J en --J ( WcCHOH*. CO C -It-- tOCO 00 < to to co rf* ~J oc M ^J ~4 Oi Oi to co to co ps M -^1 --1 -vj ~J 0000-J OS CO tO CO -4 <i pc pi top I-- CD 00 CO tO Oi tOCO -J I-1 CD -I l-t toco to pop to to ^ 5S ? MlOWOOi ^J tOCn COCO 00 cn co cn *^i h-i CO bO i-^ to to P* topMpi -J Oi CO tO CO at QO rf* CO CO CO CO CO h-1 Zft -~J CO Cn 77.1 18.9 74.2 21.4 -J <I OS Oi Ot> K co e O n 0 tO 0 c S O Q to O h to ^ C to O C -< O I ~ p J i c O o O CO CD Cn CO COtO Cn O CO tO OOtDMM O tO I C - O 1 I C -1 O t O -- J t O <I IC-O' pMO ttOO OtOi tCOO Oi COCO \-> O 00 00 rf* Oi HX 69.7 70.1 72.1 OS OS to to Oi -JOia^ to 22.7 22.2 19.3 27.4 26.6 JOJDtEOpss C^i1 GOOOCnOi Cn 62.7 63.0 64.2 pi p 01 tO M O rfi (-1 ^ CO 32. 3 28.1 22.2 24.6 27.9 cent cent cent Per Per Per > § I > 0 H CO Total expenses to gross 1 earnings H 0 Net losses to gross earnings Net additions to prof- its to gross earnings Net addition to profits Ci M OOCOp n O CO co 00 tf* co Oh—[-J pOOCOCOp COCOtOfop pOOOpOtOp p p CD tO H to capital and surplus OCOJ-OJ SOH atO C COGO^ Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1&24 FEDERAL RESERVE BULLETIN 567 CONDITION OF ALL BANKS IN THE UNITED STATES ON MARCH 31, 1924 Comparative figures showing the condition under State supervision, arranged by Federal of all banks in the United States, other than reserve districts or territorial groups. mutual savings banks and private banks not [In millions of dollars] under State supervision, which have been compiled by the board and are presented in the accompanying tables, indicate that between Num- Loans and inyestments de T p o o t s a i l ts, December 31, 1923, and March 31, 1924, loans ber of exclubanks sive of f a r n o d m d $ i 2 s 7 c , o 0 u 1 n 1 t , s 0 00 in ,0 c 0 re 0 a s t e o d $ 2 b 7 y ,1 7 $ 3 1 ,0 6 0 2 0 ,0 ,0 0 0 0 0 ,0 . 0$ D , u o r r - re i p n o g rt- Total Loans I m nv e e n s ts t- de b p a o n s k its ing the same period investments increased by $190,000,000. On the other hand, total de- All banks: ' June, 1920 28, 715 36,813 28,177 8,636 32,642 posits, exclusive of bank deposits, declined from June, 1921 29, 477 34,318 25,857 8,461 31,134 $35,834,000,000 to $35,534,000,000. This de- June, 1922 29, 092 34,166 24,647 9,519 31,944 June, 1923 29, 342 37, 359 26, 793 10, 566 34, S12 cline is largely accounted for by the large September, 1923 29, 325 37, 300 26, 923 10, 377 34, 467 December, 1923 3_.._ 28, 980 37, 439 27, 011 10, 428 35, 834 amount of checks in process of collection at March, 1924 28,676 37, 791 27, 173 10, 618 35, 534 the end of last year, which were included in Member banks: June, 1920 9,399 25,945 19, 784 6,161 21, 887 depositors' balances. Borrowings from Federal June, 1921 9,745 24,311 18, 206 6,105 21, 612 reserve and other banks aggregated $984,000,000 J Ju u n n e e , , 1 1 9 9 2 2 2 3 9 9 , , 8 8 9 5 2 6 2 26 4 , , 3 6 5 7 8 5 1 17 8 , , 8 2 8 9 0 6 7 7 , , 7 0 9 6 5 2 2 22 3 , , 3 8 6 3 6 7 on March 31, 1924, as compared with September, 1923 9,843 26,497 18, 857 7,640 23, 712 December, 1923 9,774 26, 738 19, 052 7,686 24,971 $1,225,000,000 on December 31, 1923. March, 1924 9,681 26, 832 19,176 7,656 24, 768 Nonmember banks: The following table shows in summary form June, 1920. _. 19, 316 10,868 8,393 2,475 10, 755 June, 1921 19, 732 10, 007 7,651 2,356 9,522 the changes in loans, investments, and de- June, 1922 19, 200 9,808 7,351 2,457 9,578 posits of the banks for recent dates for which June, 1923 19, 486 10,684 7,913 2,771 10,675 September, 1923 19, 482 10,803 8,066 2,737 10, 755 figures are available. December, 1923 19, 283 10, 671 7,921 2,750 10, 790 March, 1924 _ 18,995 10,9S9 7,997 2,962 10,766 There are also given herewith figures showing principal assets and liabilities of all banks, ex- 1 Exclusive of mutual savings banks and private banks not under cept mutual savings and private banks not State supervision. 2 Eevised figures. PRINCIPAL RESOURCE3 AND LIABILITIES OF ALL BANKS, OTHER THAN MUTUAL SAVINGS AND PRIVATE BANKS NOT ONDER STATE SUPERVISION, BY FEDERAL RESERVE DISTRICTS, ON MARCH 31, 1924 [In thousands of dollars] Federal reserve district N re u b p m a o n b r k t e i s r n g of L o d in v i o s c e a c l r n u o d s d u r a a i n n f n t t g s d s , Investments i T nv o e ta a s l t n m d lo e a n n t s s p s o i T v d s e o i e t t p s o a , o f l e s d b x it e a c s - n lu k - Re a p d n a i d y s c a b o b il u l l e n s ts Boston 677 1, 719, 925 761, 825 2, 481, 750 2, 270, 338 73, 013 New York 1,303 6,032,153 2, 957, 317 8, 989,470 8, 587, 662 149,160 Philadephia 1,261 1,865,024 1,078,078 2,943,102 2, 553,992 78,922 Cleveland 1 1,804 2, 595, 483 1, 298, 889 3,894,372 3, 615, 436 61,881 Richmond 2,078 1,691,095 408,994 2,100,089 1,849,181 105,746 Atlanta3 2,032 1,289,612 246, 506 1,536,118 1,448,851 87,167 Chicago 3 „ 5,796 4, 658, 888 1, 788, 338 6,447, 226 6,147, 378 138, 683 St. Louis' 3,186 1,482,183 458, 051 1, 940, 234 1, 728, 204 88, 981 Minneapolis 3,344 1,193, 562 299, 868 1, 493, 430 1, 459, 255 55,036 Kansas City5 j 3,730 1, 295, 753 271, 505 1, 567,258 1, 531, 719 51, 352 Dallas 1,750 827,016 177,024 1,004,040 961,324 22,995 San Francisco 1,715 2, 522, 550 871, 320 3,393, 870 3, 380,349 70, 566 Total March 31,1924 28,676 27,173,244 '10,617,715 37,790,959 35,533, 689 983, S02 Total December, 31, 1923. 28,980 27,011,196 10, 427,442 37, 438,638 35,834, 432 1, 224, 777 1 Exclusive of State banks in the eastern part of Kentucky. 2 Exclusive of State banks in the southern part of Mississippi and including all of Tennessee 3 Including all State banks in Illinois and Indiana. * Exclusive of State banks in the southern parts of Illinois and Indiana and the western part of Tennessee, and including State banks in all of Kentucky, Mississippi and Missouri. 5 Exclusive of State banks in the western part of Missouri. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

568 FEDERAL RESERVE BULLETIN JULY, 1924 Calls for condition reports by the banking latest available figures. Where the figures for departments of several of the States were not any State do not represent the condition of made as of March 31, 1924, and consequently State banks and trust companies as of March in compiling the figures shown in the tables 31, 1924, the date of the condition reports that presented herewith it was necessary to use the were used has been indicated in a footnote. PRINCIPAL RESOURCES AND LIABILITIES OF ALL STATE BANKS AND TRUST COMPANIES ON DECEMBER 31, 1923, AND MARCH 31, 1924, OR DATES NEAREST THERETO FOR WHICH FIGURES ARE AVAILABLE [In thousands of dollars] Number of re- Loans and discounts Total loans and Total deposits, exclu- Rediscounts and porting banks (including overdrafts) Investments investments sive of bank deposits bills payable D b 1 e 9 c e 2 e r, 3 m- M 1 a 9 r 2 c 4 h b D e e r, c 1 e 9 m 2 - 3 M 1 a 9 r 2 c 4 h, b D e e r, c e 19 m 2 - 3 M 1 a 9 r 2 c 4 h, b D e e r, c e 1 m 92 - 3 M 1 a 9 r 2 c 4 h, b D e e r, c e 19 m 2 - 3 M 1 a 9 r 2 c 4 h, b D er e , c 1 e 9 m 2 - 3 M 1 a 9 r 2 c 4 h, Maine 53 72, 200 74,874 16, 412 69, 564 138,612 144,438 132,772 132,988 5,157 6,481 New Hampshire.. Vermont 40 40 51, 969 52,739 13, 314 15,620 65,283 68,359 65, 343 65,104 1,036 1,418 Massachusetts 95 95 499, 376 380,394 127,221 89,907 626, 597 470,301 603, 640 445, 510 29,924 210,334 Rhode Island 13 14 112, 885 113,586 96, 271 99, 951 209,156 213, 537 209,115. 211, 303 50 2,046 Connecticut 81 82 101, 405 104,440 114, 060 115, 826 215, 465 220, 266 209,422 210, 646 4,232 4,265 New York 444 447 2,819, 678 2,901,9*07 1,163,743 ,285, 242 3,983,421 4,187,149 4, 058,804 4,138,898 68, 024 22,703 New Jersey... 202 203 480,324 496,208 287,665 280,503 767,989 776, 711 778,762 753, 798 16,577 15,162 Delaware 127 27 37. 923 40,495 21, 986 21, 566 59,909 62,061 53,087 53,361 262 141 Pennsylvania 774 782 1,165^ 374 1,193,824 704, 952 751, 461 1, 870,326 1, 945, 285 1, 721,737 1, 728, 940 40,331 30,279 Ohio 748 750 1, 095, 951 1,110,474 316, 339 328, 712 1,412, 290 1,439,186 1,429,103 -1,458,472 26,968 19,897 Distriet of Columbia 35 32 71, 966 72,162 26,689 25,798 98,655 97,960 96,225 96, 006 1,618 802 Maryland 148 148 191,924 193, 025 88,102 280,026 281, 064 268, 790 262,258 6,251 6,920 Virginia 336 340 167, 265 171,038 17,979 17,800 185, 244 153, 794 150,992 11, 346 12,439 West Virginia 223 226 170, 674 171, 846 26, 854 28,811 197,528 200,657 185,195 190,938 9,407 5,882 North Carolina 1476 472 207, 996 212,289 15, 615 17,944 223, 611 230,233 231, 339 216,247 8,643 15,712 South Carolina 350 330 106,958 112,359 12, 031 11,152 118,989 123,511 126,505 115,283 2,535 6,502 Georgia 577 563 215,376 193, 944 17,406 15,690 232, 782 209, 634 198,444 172, 324 25,472 23,548 Florida 233 233 95, 779 107,054 17, 387 22,853 113,166 129,907 126, 822 156,736 4,459 1,642 Alabama.. 259 96, 862 9,950 106,812 119, 877 3,626 Mississippi 328 320 105,659 106,696 23,608 20,984 129,267 127,680 143, 733 132,649 4,563 5,798 Indiana 851 352,707 82,783 435,490 436,764 13,466 Illinois 1,407 1,405 1,321, 971 1,331,424 435, 886 457, 830 1, 757, 857 1,789,254 1,789,773 1, 808,159 28, 782 24,313 Michigan 593 375,415 399,042 603,800 616,633 979,215 1, 015, 675 986,158 1,039, 111 17,773 5,626 Wisconsin 837 347, 828 347,261 95, 691 98,074 443, 519 445,385 452,829 459,601 8,037 6,336 Iowa 1,312 617,652 25,332 635,914 36,464 Tennessee 464 461 188, 295 181,073 19,708 19,238 208, 003 200,311 203, 091 204,341 24, OSS 10,717 Arkansas 398 110,827 110,855 9,206 9,701 120, 033 120, 556 120,032 113, 726 8,828 8,576 Missouri 1,494 570, 063 177, 703 747,766 697,608 35, 782 Kentucky 478 175, 784 38, 566 214,350 195,126 9,124 Minnesota 1.124 1,098 317,788 308, 299 61,885 60, 674 379, 673 368,973 384,940 377, 041 14,114 11,161 North Dakota '569 543 83,467 78, 257 5,619 5,198 89, 086 83,455 79,724 75,632 14, 324 13, 227 South Dakota 535 480 141,116 112, 497 3,249 2,632 144, 365 115,129 182,199 125, 970 14, 397 10,128 Montana 187 162 38,867 12, 679 10, 641 61, 505 49, 508 65,953 53, 901 3,305 2,614 Nebraska 938 220,021 10, 627 230, 648 234, 572 9,946 Kansas 1,057 1,042 209, 518 201, 682 24, 611 20, 369 234,129 222, 051 231, 726 228, 744 11,175 10,946 Oklahoma 418 403 51,317 48,581 10, 461 10,260 61, 778 58, 841 69, 846 63, 088 2,900 3,754 Colorado 213 204 56, 542 49, 508 21, 669 17, 287 78, 211 66, 795 85, 430 72,401 2,146 1,340 Wyoming 83 20,191 18, 303 1,396 1,232 21, 587 19, 535 23,715 20, 478 580 906 Louisiana 227 224 241, 848 236, 747 44, 010 41, 975 285, 858 278, 722 292, 220 272,153 13, 028 16, 457 Texas.... 950 943 204, 019 213, 487 27,147 26, 963 231,166 240, 450 305, 071 258,659 4, 014 5,608 New Mexico 50 44 11, 5-58 1,048 905 12, 606 9,795 11, 651 8,736 1,192 1,214 Arizona.; 50 47 32, 606 32,399 6,938 6,902 39, 544 39, 301 ' 44, 854 2 42, 561 3 1, 884 3 2,120 Utah. 95 95 66, 932 67,187 14, 894 15, 635 81, 826 82, 822 75, 999 75, 287 1,395 1,329 Idaho 108 108 20, 716 19, 967 5,886 5,099 26, 602 25,066 29,965 27, 688 1,600 1,834 Nevada 23 23 14, 773 14, 626 2,371 2,514 17,144 17,140 19, 960 19,034 California- 424 416 1, 286. 941 1, 383,428 400,045 458,050 1, 841,478 1, 788, 239 1,894, 792 13,062 19, 880 Oregon 179 180 70; 452 71,318 27, 042 26, 221 97, 494 97, 539 104, 205 101, 532 1,724 2,703 Washington 267 264 79,984 76, 783 32, 858 33,119 112, 842 109,902 115,791 118,974 3,157 1,803 Total. 20,801 20,566 15,127,006 515,213,229 '5,387,429 js5,616,271 20,514,435 520,829,500 '20,609,367 520,577,426 566, 715 s 472,969 1 Revised figures. 2 Includes amounts due to banks. 3 Includes miscellaneous liabilities. ' Includes June 30,1923, figures for New Hampshire. s Includes June 30,1923, figures for New Hampshire and December figures for other States for which later figures are not available. NOTE.—All figures used in December column are for December, 31, except as follows: Maine, December 29, 1923; New York, November 15, 1923; Georgia, December 28, 1923; Tennessee, October 30, 1923; South Dakota, October 15, 1923; Kansas, November 15, 1923; Oklahoma, December 29, 1923. All figures used in March column are for March 31, except as follows: Maine, March 19, 1924; Rhode Island, February 29, 1924; New York, March 20, 1924; Maryland, March 4, 1924; Tennessee, May 15, 1924; Minnesota, April 22, 1924; North Dakota, March 15, 1924; Kansas, February 18, 1924: Utah, March 29, 1924. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JOLT, 1924 FEDEBAL RESERVE BULLETIN 569 PRINCIPAL RESOURCES AND LIABILITIES OF ALL BANKS OTHER THAN MUTUAL SAVINGS AND PRIVATE BANKS, NOT UNDER STATE SUPERVISION, ON DECEMBER 31, 1923, AND MARCH 31, 1924, OR DATES NEAREST THERETO FOR WHICH FIGURES ARE AVAILABLE [In thousands of dollars] Number of re- Loans and discpunts Total loans and Total deposits, ex- Rediscounts and porting banks (including overdrafts) Investments investments clusive of bank bills payable deposits Decem-March Decem- March, Decem- March, Decem- March, Decem- March, Decem- March, ber,1923 1924 ber, 1923 1924 ber, 1923 1924 ber, 1923 1924 ber, 1923 1924 ber, 1923 1924 Maine,. 113 114 132,673 135, 897 118,44' 121,795 251,120 257, 692 235,226 234,806 7,673 8,541 New Hampshire Vermont 86 82,832 83,069 34,832 37,181 117, 664 120, 250 108,024 106,145 3,218 3,617 Massachusetts 253 251 1, 216, 759 1,091, 597 364, 530 313, 746 1, 581, 289 1.405, 343 1, 454, 566 1, 287, 595 93,790 48, 371 Rhode Island 30 31 151, 651 154, 487 118, 244 122,614 269, 895 277, 101 258, 578 262, 468 814 2,318 C onnecticut 143 144 235,428 242,180 179, 400 180, 885 414, 828 423,065 396,071 390,486 7,263 7,736 New York 963 970 5, 240,943 5,337, 2592,331, 3632, 455, 007 7, 572, 306 7, 792, 266 7, 352,438 7, 431, 807 214, 639 129, 593 New Jersey 446 448 824, 409 841,089 557, 515 548, 07^ 1, 381, 924 1, 389,166 1,367, 957 1, 328, 624 41, 273 34, 662 Delaware 145 45 48,650 51, 299 30, 023 29, 684 78, 673 80,983 68, 584 739 788 Pennsylvania 1,636 1,645 2,417, 230 2, 480,0941, 584, 7281, 640,108 4,001,958 4.120, 202 3. 603, 891 3, 593, 323 88,028 77, 697 Ohio 1,113 1,113 1, 588,967 1, 613,964 549, 706 569,098 2,138, 673 2,183, 062 2,046,924 2,099, 456! 54,624 District of Columbia 49 46 141,688 140, 636 57, 877 55,923 199, 565 196, 559 189,258 191,070 9,299 4,870 Maryland 233 233 333, 500 339, 288 156, 527 153,076 490, 027 492, 364 451, 279 442, 308 13, 3C4 14, 222 Virginia. 517 522 429, 243 433, 804 78,463 76, 391 507, 706 510,195 406, 30f 398, 561 32, 658 36, 245 West Virginia 348 351 304,064 303,031 65,817 70, 369, 881 373, * * 332, 850 342, 022 20, 753 13, 684 North Carolina •560 555 330, 965 336,871 36, 925 38, 976 367, " 375, 847 358, 352 338, 894 16, 478 27,055 South Carolina 433 412 191,231 197,643 33,265 31, 400 224, 496 229, 043 228, 670 207,809 3,392 12, 221 Georgia 674 658 330,067 318,703 38, 359 34,912 368, 426 353, 615 310,184 289,930 32,977 32, 440 Florida 287 287 173,250 196, 365 58,061 63,725 231, 311 260,090 243, 817 286,630 7,700 3,257 Alabama 365 196,112 41, 613 237, 725 241, 362 7, Mississippi. 360 354 144, 692 150,159 37,049 35, 526 181, 741 185, e 190, 437 183, 871 8,023 9,795 Indiana 1,101 571,074 184, 438 755, 512 714, 306 25, 637 Illinois 1,— 1,908 2, 233,671 2,234, 819 745, 434 761, 658 2, 979,105 2,996, 477 2,820, 523 2, 779, 377 69,944 49,026 Michigan- 708 714 606,136 646, 560 713, 830 724,449 1, 319,966 1,371,009 1, 323, 842 1, 387, 221 23,913 7,847 Wisconsin. 995 990 577,404 598,389 171, 280 176,015 748, 684 774, 404 732, 710 760,123 17, 580 12, 749 Iowa 1,660 871,869 83, 878 955, 747 56, 347 Tennessee _ 571 568 330, 350 323,613 55, 628 52,370 385,978 375, 983 344, 775 35, 942 20,465 Arkansas. _ 487 166,868 164,980 24,457 24, 634 191, 325 189,614 185,161 175, 876 12, 014 U,499 Missouri... 1,627 884,173 280, 826 1,164,999 1, 018,875 57, 334 Kentucky. 616 349,789 92.143 441, 932 376, 746 25,358 Minnesota 1,465 1,436 672,635 673,825 181,462 183,976 854,097 857, 801 811, 636 811, 204 24,442 17,073 North Dakota 743 713 145,070 137,768 19,146 19,176 164, 216 156,944 151,313 146, 841 18,416 17,192 South Dakota 662 596 202,807 164,996 14,947 14,409 217,754 179,405 249,759 189, 535 20,047 13, 642 Montana 256 96,017 78,635 27, 541 25, 404 123, 558 104,039 129, 717 109, 877 6,163 5,100 Nebraska- 1,118 382,439 40,126 422, 565 388,177 30, 679 Kansas 1,323 1,306 340, 319 328, 827 59,876 53, 211 400,195 382,038 390,243 378,117 16,350 15,075 Oklahoma- 852 827 250,142 243,922 75,018 70,191 325,160 314,113 342,951 327, 747 12,180 10,644 Colorado. . 356 346 189,059 184, 235 81, 298 80,544 270. 357 264,779 280,420 276,416 5,482 4,319 Wyoming.. 131 122 59,640 85,710 8,485 8,334 68,125 64,044 71, 811 65, 574 1,445 2,125 Louisiana 261 258 320,917 310,631 62.144 58,455 383,061 378,895 351, 270 21,996 23,604 Texas 1,523 1, 517 713,434 717,528 164, 470 157,467 877,904 874, 995 910, 838 832, 506 11, 557 17,572 New Mexico.. 90 75 36, 219 26,415 5,296 4,280 41, 515 30, 695 38,118 29, 275 4,451 2,483 Arizona 70 48, 338 12,051 11, 599 60,520 59,937 70,289 65, 736 2,072 2,509 Utah 116 115 95, 774 95, 569 24,566 25,814 120,340 121, 383 114,147 111, 357 1,505 1,379 Idaho 181 180 57, 610 55, 412 16, 746 14, 764 74, 356 70,176 78, 387 71, 812 5,154 5,288 Nevada 34 34 23,883 23, 674 6,035 29,918 29,962 32,240 30,943 124 California 698 686 1,820, 718 1,915, 676 583,323 637,590 2, 404,041 2, 553, 266 2,456,589 2, 526, 664 39,633 52,388 Oregon 277 277 167,130 169,064 74,648 73,121 241, 778 242,185 249,102 242, 768 4,555 5,391 Washington 383 377 227, 731 230, 504 105,101 106, 926 332, 832 337, 430 343, 509 353, 869 7,309 4,274 Total. 128,980 28,676 227,011,196 s 27,173,244 210,427,442 a10,617,715 !37,438,638 337,790,959 '35,834,432 "35,533,689 !1,224,777 3983,502 1 Revised figures. 2 Include figures as of June, 1923, for banks im New Hampshire. 3 Include figures as of June, 1923, for banks in New Hampshire and figures as of Becember, 1923, for other States for which later figures are not available for State banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

570 FEDEBAL RESERVE BULLETIN J 1924 MONEY IN CIRCULATION MONEY IN CIRCULATION JUNE 1, 1924 [Source: United States Treasury Department circulation statement] Money in circulation Money held by the United Stock of States Treas- June 1, 1924 Kind of money- money' ury and the se F rv ed e e S ra y l s R te e m - 2 Per May 1, 1924 June 1, 1923 Amount capita Gold coin and bullion -- _ _ -_ __-_-- 3 $4,460,181,615 $4, 058, 059, 634 $402,121,981 $3.57 $403, 618, 561 $407, 256, 724 <(1,189,195,659) 410,326, 520 779,169,139 6.92 726,179, 259 338, 884, 659 Standard silver dollars 503, 619, 769 449, 541, 517 54, 078, 252 .48 54, 823,121 57,974,746 Silver certificates ------ - -- < (405,258,424) 31, 877, 383 373, 381, 011 3.32 370,093, 061 365,129, 875 Treasury notes of 1890 _ _ < (1,425,026) 1, 425, 026 .01 1,428, 026 1,462, 583 Subsidiary silver 277, 316, 407 24, 759, 319 252, 557, 088 2.25 252, 701, 988 245,493, 559 United States notes - - - - - 346,681,016 40, 715,423 305,965, 593 2.72 301,110, 496 306, 002, 708 2, 374, 529,180 476, 893, 429 1, 897, 635, 751 16.86 1,909,142, 655 2, 228,122, 698 Federal reserve bank notes 10,947,170 508, 584 10, 438, 586 .09 11, 024, 543 21, 584, 343 National bank notes- _ , - - 777,490,127 38, 861,129 738, 628,998 6.56 729,961, 849 734, 011, 504 Total . . .. 8, 750, 765, 284 5 5, 531, 542,938 4, 815,401,455 42.78 4, 760,113, 559 4, 705,923, 399 Comparative totals: May 1 1924 8, 776, 575,139 5 5, 564,987, 552 4, 760,113, 559 42 33 Apr 1, 1924 8, 757, 501, 955 5 5,433, 529, 484 4, 812, 861, 042 42.85 Mar. 1, 1924 8, 797,775, 557 5 5, 436, 695, 553 4, 807, 777, 716 42.85 Feb. 1, 1924 8,800, 088, 564 5 5, 524, 291, 506 4, 681,707, 784 41.77 Jan 1, 1924 8,977,466,356 5 5, 414,155,793 4,951, 085, 383 44.22 Nov. 1, 1920 8, 326,338, 267 6 3,394, 764, 761 5, 628,427,732 52.36 Apr. 1, 1917. . . . .. 5,312,109, 272 5 3, 896, 318, 653 4,100,590, 704 39.54 1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve banks. 2 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. 5 Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and money in circulation tp 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. MONEY IN CIRCULATION JULY, 1922, TO JUNE, 1924 [In thousands of dollars] (Figures are for the first of each month) ; G ol o d c l a d c t e e a r s n ti d fi- S si t i l i l v f v i e e c r r a c t a e e n s r d - U S n n t o a i t t t e e e s s d F r n e e s o d e t e r e r v s a e l ba F r n e e k s d e e n rv r o a e t l es b N an a k ti o n n o a te l s Total 1922 July 590, 468 554, 482 292, 343 2,138, 713 71,868 727, 681 4,375, 553 August 588, 267 558, 644 284, 343 2,115, 350 65, 032 725, 782 4, 337, 418 September 610, 375 564, 955 285,001 2,141, 306 60,159 731, 711 4, 393, 507 October 627, 851 576,217 281, 493 2, 249,856 55, 527 729,951 4, 520, 895 November 662,118 578,987 277, 201 2, 281, 430 48, 721 721, 824 4, 570,281 December 670, 373 590,415 277,854 2, 312,424 42, 502 722,940 4,616, 508 1923 January , 731, 936 597, 517 2, 372,865 36, 728 707,647 4, 732,899 February 1 702, 482 596, 317 278,864 2,184,452 32, 867 714,146 4, 509,128 March . _ 725, 552 619,396 283, 491 2, 226, 694 29, 981 725, 522 4,610,636 April 729,170 641, 429 294, 308 2, 232, 448 25,870 732,451 4, 655, 676 May 737,871 655, 696 299, 507 2, 218, 511 24,002 732, 454 4, 668,041 June 746, 141 670,061 306,003 2, 228,123 21, 584 734,011 4,705, 923 July 790, 386 670, 263 302, 749 2, 235,316 19,969 711,076 4, 729,789 August 815,155 675, 266 300, 011 2,160,449 18, 901 725,987 4,695, 769 September 838, 497 683, 446 304, 577 2, 201,824 17, 613 728,950 4, 777,907 October 863, 260 687, 579 306, 291 2, 245, 542 16, 501 730, 748 4,849,921 November 897, 599 685,154 302, 976 2, 207, 230 15, 312 726, 982 4,835, 253 December 933, 309 698, 546 306, 377 2, 236, 637 14,249 734,040 4, 923,158 1924 January 997, 349 696,139 306,822 2, 223,674 13, 611 713, 490 4,951,085 February 976,954 667, 624 294,470 2, 008, 877 12, 729 721,054 4,681, 708 March 1,049, 300 677, 634 302,404 2, 030,818 12,091 735, 531 4,807, 778 April 1, 095, 314 675,387 304, 846 1,988, 585 11, 588 737,141 4, 812, 861 May 1,129, 828 679, 046 301,110 1, 909,143 11, 025 729, 962 4, 760,114 June 1,181,291 681,441 305, 966 1,897, 636 10, 438 738, 629 4,815,40L Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN 571 GOLD MOVEMENTS, 1914-1924 years 1915 and 1916 and the early part of 1917. Considerable net exports were shown immedi- Gold movements into and out of the United ately preceding and following the outbreak of States from the beginning of 1914 to May, 1924, the World War and immediately following the. are shown by months on the chart. Total entry of the United States into the war. gold imports during the period covered by the Statistics of gold imports, by countries, prior chart amounted to $3,795,000,000 and "total to 1919 do not indicate the countries from which exports to $1,606,000,000, so that net imports the gold was originally sent, for the reason for the period were $2,189,000,000. that a large part of the gold sent by the bel- The gold movement for the decade can be ligerents to the United States in payment for divided into two periods—one extending from supplies went through Canada and appears as the beginning of 1914 to June, 1919, when the imports from that country. The following gold embargo was removed, and the other table shows gold imports and exports into the from that date to the present time. During United States for the later period, from June 1,, the first period net gold imports amounted to 1919, prior to the removal of the gold embargo, $1,000,000,000, and came largely during the to May .31, 1924. GOLD IMPORTS AND EXPORTS 1914--192A MILLIONS OF DOLLARS MILLIONS OF DCLLAR3 BARS ABOVE BASE LINE REPRESENT IMPORTS • BARS BELOW BASE LINE REPRESENT EXPORTS BLACK PORTIONS REPRESENT EXCESS IMPORTS OR EXPORTS 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

572 FEDERAL RESERVE BULLETIN 1924 GOLD MOVEMENT INTO AND OUT OP THE UNITED STATES, England, about 14 per cent from France, 10 per JUNE 1, 1919-MAY 31, 1924 cent from Canada, 5 per cent from Sweden, and [In thousands of dollars] 4 per cent each from Germany and Netherlands. The following table shows gold imports and Country Amount Per to c t e a n l t o] exports and net imports, by months, from January, 1923, to May, 1924. The table brings out the fact that imports in 1924 are on a con- IMPORTS siderably larger scale than in 1923, so that net 26, 763 1.37 France 277, 284 14. 15 imports for the 12 months ending in May Germany 74, 324 3.79 855, 801 43.67 amounted to $400,000,000, compared with less Netherlands 77,360 3.95 than $300,000,000 for the calendar year 1923: Norway .. 9,960 3,959 .20 107,409 5.48 Canada. 191, 313 9.76 GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED 33, 777 1.72 STATES China 34, 266 1.75 India 32, 010 1.63 [In thousands of dollars] All other 235, 594 12.02 Total 1, 959, 820 100. 00 Net im- Date Imports Exports ports EXPORTS 38, 237 4.98 146, 555 19.05 1923 China . 67, 857 8.82 January- 32,820 8,472 24,348 61,315 7.97 February • 8,383 1,399 6,984 Japan. 195, 414 25.40 March 15,951 10, 392 5,559 Allother 259, 861 33.78 April 9,189 655 8,534 May 46,156 824 45, 332 Total 769, 239 100. 00 June 19, 434 548 18,886 July.... 27, 930 523 27, 407 August.-. 32,856 2,201 30, 655 September 27,804 863 26,941 During the postwar period gold imports October 29, 795 1,307 28,488 amounted to nearly $2,000,000,000 and ex-N De o c v e e m m b b e e r r 3 3 2 9 , ,7 6 5 4 7 1 • 7 7 4 1 7 2 3 3 9 1 , , 9 0 2 1 9 0 ports to $750,000,000. A large proportion of Year 322, 716 28, 643 294,073 • the exports occurred during the 10 months following the removal of the embargo, when South 1924 January 45,469 281 45,188 American and Oriental countries withdrew February 35, 111 505 34, 606 March 34, 322 817 33, 505 balances accumulated during the war. Of the April _. 45,418 1,391 44, 027 imports, somewhat less than one-half came from May 41, 074 593 40, 481 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1»24 FEDERAL RESERVE BULLETIN 573 BUSINESS STATISTICS INDUSTRIAL STATISTICS IN THE UNITED STATES Available statistics for May indicate sharp crease is usual in May. The cotton, wool, silk, reductions in industrial activity during that knit goods, and clothing industries all showed month. The index of production in basic in- decreases in production and employment, and dustries, adjusted for seasonal variations, de- some of the industries in the textile group clined 10 per cent from April, the sharpest drop appear to have reached a lower stage of activity shown in any one month during the past 10 than at any time since 1921. Similar curtailyears, and the unadjusted manufacturing index ment has been noted in leather and shoes. The showed a corresponding decline. The employ- output of most building materials showed ment index fell from 97 to 93, a monthly de- seasonal increases and continued rather large. cline exceeded in the postwar period only by The recovery in the mineral index was due those of 1920. These indexes indicate that to a less than seasonal increase in bituminous manufacturing activity is now at about the coal output, as the combined influence of same level as in the early fall of 1922 at the greater production in anthracite, crude pestart of the sharp rise which led to the high troleum, zinc, lead, and silver was more than records of 1923. The indexes of mineral pro- offset by the sharp recession in pig-iron output. duction and agricultural movements showed Marketing of all groups of agricultural products increases which were largely, if not fully, was greater in May than in April, except cotton, seasonal in nature. which was unchanged, and all the indexes, ex- Iron and steel, automobiles, and textiles were cept those for livestock and their products, were responsible for the sharp breaks in industrial greater than for May, 1923. Most of the recent activity during May. The production of pig changes were largely seasonal and without iron and steel ingots underwent previously un- particular significance, except the unusually equaled reductions, and the output of auto- large sales of western dark tobacco. mobiles declined 1/7 per cent, although an in- INDEXES OF INDUSTRIAL ACTIVITY PER CENT ( MONTHLY AVERAGE, 1319 = 100 ) 175 —— MANUFACTURING PRODUCTION MINERAL PRODUCTION 150 AGRICULTURAL MOVEMENTS 150 125 75 75 50 50 25 25 1919 1920 192f 1322 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

574 FEDERAL RESERVE BULLETIN JDDY, 1924 INDEX OF PRODUCTION IN BASIC INDUSTRIES I [Index and relatives for each industry adjusted for seasonal variations.3 Monthly average 1919=100] Iron and steel Textiles Food products Year and month General Animals slaughtered Lumber i P ro ig n in S g te o e t l s Cotton Wool W fl h o e u a r t m S e u lt g in a g r s Cattle Calves Sheep Hogs 1919 average. 100 100 100 100 100 100 100 100 100 100 100 100 1920 average 105 119 118 98 89 ' 84 90 86 103 86 91 101 1921 average. ... 80 55 58 92 98 92 97 76 97 103 95 75 1922 average 98 88 102 103 98 95 132 86 106 87 106 102 1923 average 120 131 128 110 110 96 111 91 114 92 131 124 1923 January 121 128 138 119 110 82 121 87 125 93 104 126 February... .. 120 134 139 119 113 96 127 93 123 89 102 110 March 125 134 142 118 116 108 121 93 109 102 140 132 April 124 139 141 117 118 99 118 99 100 113 140 119 127 149 147 120 117 97 122 105 110 111 125 122 June 122 147 136 108 114 95 79 94 103 96 * 117 122 July 121 144 126 95 112 122 68 90 105 91 136 115 120 130 127 100 106 102 72 99 127 82 157 127 September 114 121 118 103 105 96 107 87 103 78 149 121 118 118 119 111 106 91 165 89 126 85 150 134 116 111 109 113 104 84 138 82 122 79 141 137 December 110 117 107 97 100 88 98 81 121 87 116 129 1924 January . ... 120 120 130 112 99 89 97 95 133 98 119 136 February 2_ 120 132 145 102 100 100 127 94 137 93 116 130 March 116 131 145 92 101 107 115 90 112 90 132 124 April .... . 114 127 121 97 97 105 115 98 116 102 136 127 May. ._ ._ 103 101 92 80 93 105 109 107 111 109 124 117 Coal Nonferrous metals Tobacco products Year and month B n it o u u m s i- An c t i h te ra- Copper Zinc le S a o th le e r .. N p e r w in s t - Cement P le e u tr m o- Cigars r C e i t g te a s - M to t a u b n a r u e c f d c a o c- 1919 average 100 100 100 100 100 100 100 100 100 100 100 121 101 105 102 82 110 127 117 114 100 93 1921 average 69 99 39 46 79 89 121 124 98 113 90 1922 average 87 60 82 79 79 105 139 146 100 119 98 1923 average 120 109 122 113 84 108 174 191 99 144 96 1923 January. .1 .. 121 122 111 118 87 105 217 168 109 151 110 February 118 126 110 108 87 109 192 170 99 139 96 118 128 115 124 92 112 178 176 99 137 93 April 132 114 114 119 88 101 164 186 95 139 95 129 111 128 121 84 120 161 193 98 150 100 June . 123 112 122 109 81 114 158 196 95 147 99 July 120 113 129 110 91 112 173 198 96 137 97 119 118 131 106 93 115 163 203 101 145 95 September _. . 112 40 127 100 79 101 168 208 98 143 90 October 112 108 128 107 80 104 165 207 106 153 95 106 103 131 113 80 107 180 210 104 145 98 100 105 130 118 72 101 174 189 88 138 85 1924 January 122 111 132 126 73 106 239 183 98 176 113 February 2. 123 118 134 112 71 107 192 189 94 140 98 101 111 123 122 66 103 187 186 90 143 91 April 92 97 127 114 3 62 111 169 »189 88 157 91 May 87 101 125 121 57 116 172 192 95 173 96 • 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 535, 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 methods of construction were described in detail and all relatives for each series since January, 1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. 2 Industry relatives and general index for February, 1924, given an additional adjustment to allow for 29th day. 'Revised. Note—The table showing the index of employment in manufacturing industries appears on page 548 of this issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

575 JULY,1924 FEDERAL RESERVE BXJIxLETIN INDEXES OF INDUSTRIAL ACTIVITY' COMMODITY MOVEMENTS—Continued [No seasonal adjustment. Monthly average 1919=100] May, 1924 April, 1924May, 1923 1924 1923 Grain and Flour—Continued May April March May April Receipts at 9 seaboard centers (000 omitted): Wheat (bushels) - 13, 559 12,950 Agricultural movements 86 77 80 85 78 Corn (bushels) 1,526 1,402 96 94 93 100 92 Oats (bushels) 2,980 1,800- Animal products 148 129 90 150 112 Rye (bushels) .. 1,050 1,244 1, 287 Cotton . 3 6 4 3 3 5 4 4 8 3 7 3 5 3 8 1 7 2 8 6 Barley (bushels) 1,374 878 901 Vegetables . 119 113 138 115' 141 Total grain (bushels) 29,412 17, 556 18,341 Fruits 178 93 92 171 77 Flour (barrels) 1,816 1,861 1, 549 Tobacco . , 20 17 75 3 16 Total grain and flour (bushels).. 37,585 25,932 25,311 Mineral production. __ 113 109 126 137 128 Anthracite 106 93 110 117 110 Stocks at 8 seaboard centers at close B Pe it t u ro m le in u o m u s _ _ __ . 1 8 9 1 6 2 1 7 8 6 9 S1 1 8 0 9 3 1 19 1 7 9 1 1 1 8 0 5 of W m h o e n a th t ( ( b 0 u 0 s 0 h o el m s) itted): 3,372 2, 686 3,466- Pig iron. 103 127 136 152 139 Corn (bushels) 643 1,002 720 Copper..-.. _ . . 130 131 129 124 117 Oats (bushels) 960 713. 1,92& Zinc 121 114 122 121 119 Rye (bushe.s) 541 645s 1,871 Lead 140 2 125 134 145 121 Barley (bushels).. 1,363 1,786 584 Silver 123 97 121 127 140 Manufacturing production... »111 '121 127 138 131 Total grain (bushels) 6,879 6,832 8,567 Iron and steel - 96 122 145 150 140 Automobiles 193 231 237 242 • 236 Wheat flour production (barrels, 000 Textiles 88 96 100 120 123 omitted) 9,765 9,521 9,007 Food products.... . . 100 98 105 99 96 T.nmhp.T 162 149 141 165 138 Livestock Paper and printing 3 111 «117 2 120 131 122 Leather and shoes 2 89 94 112 112 Receipts at 57 principal markets Petroleum refining 181 180 159 154 (head, 000 omitted): Cement and brick 167 154 140 164 149 Cattle and calves 1,849 1,720 1, 871 Tobacco 122 106 109 1'17 104 Hogs 4,233 4,275 4,435 152 162 172 167 Sheep 1,303 1,335 1,765 Horses and mules (43 markets).. 14 24 20 ' For description and early figures see Bulletin for March, 1924. Total.. 7,3 7,354 8,091 'Revised. 3 Preliminary. Shipments at 52 principal markets COMMODITY MOVEMENTS (h C ea a d t , t l 0 e 0 a 0 n o d m c i a t l t v e e d s ): 731 617 706;' Hogs 1,587 1,637 1,419- May, 1924 April, 1924May, 1923 Sheep 606 610 889 Horses and mules (43 markets). _ 13 23 Total 2,937 2,787 3,033. Grain and Flour Receipts at 17 interior centers (000 Shipments of stackers and feeders from omitted): 33 markets (head, 000 omitted): Wheat (bushels) 16,899 10,847 18,095 Cattle and calves 258 233 282 Corn (bushels) 16,356 18,107 11, 663 Hogs 45 55 64 Oats (bushels) 15,479 16,004 14, 593 Sheep 118 105 R Ba y r e l e ( y b u ( s b h u e s ls h ) els)... _ 2 2 , , 2 4 0 8 4 8 2,8 9 0 6 4 0 2 1, , 8 3 0 8 6 8 Total 421 393 554 Fl T ou o r t a ( l b g a r r a re in ls ) (bushels) 5 2 3 , ,4 5 2 2 6 0 48 1 , , 9 7 5 2 7 2 48 2 , , 0 5 0 4 9 4 Sl t F a e u e d g d ): h e t r e a r l i a n t s p p r e i c n t c io ip n a l ( h m e a ad rk , e 0 t 0 s 0 u o n m de it r - Total grain and flour (bushels) _. 64,767 57, 528 57, 583 ' C C a al t v tl e e s 4 7 7 7 0 3 466 4 7 6 6 7 2 Shipments at 14 interior centers (000 Hogs 4,278 4,073 4,325 omitted): 959 972 Wheat (bushels) 17,187 12,933 20, 982 Total. 6,480 6,527 Corn (bushels) . _ 16,388 14,927 14,527 Oats (bushels) 15,788 16,207 15, 835 Meats, cold-storage holdings, first of Rye (bushels) ... 4,532 999 4,516 following month (pounds, 00 omit- Barley (bushels) _ 1,724 2,121 1,707 ted): Beef 66,063 78,177 64, 922 Total grain (bushels) .- 55, 619 47,187 57, 567 . Pork products 1,020, 811 1,007, 215 906, 496 Flour (barrels) _ . 3,489 2,656 3,332 Lamb and mutton 2,272 2,085 4,582 Exports of certain meat products Total grain and flour (bushels).. 71,318 59,137 72,562 (pounds, 000 omitted): Beef- Stocks at 11 interior centers at close of Canned 151 115 222 month (000 omitted): Fresh 144 180 440 Wheat (bushels). 35, 470 44, 477 27, 851 Pickled or other cured 1,725 1,848 1,612 Corn (bushels) _ .. 8,631 15, 010 6,585 Hog products- Oats (bushels) 4,681 8,793 11,372 Bacon 14,940 26, 390 34,524 Rye (bushels) 16,436 18, 602 14, 373 Hams and shoulders 27,380 25,849 30,032 Barley (bushels) _ .. 506 701 881 Lard 62,648 73,307 93,199 Pork, pickled 1, 9o2 2,332 2,443 Total grain (bushels) 65,724 87, 583 61,063 Dairy Products Total visible supply of grain east of the Rocky Mountains at close of Receipts at 5 principal markets (000 month (000 omitted): omitted)): Wheat (bushels) 45, 258 53,914 34, 531 BButttter (pounds) 65, 366 52, 344 65,0201 Corn (bushels) _ 13, 459 19,735 7,649 Cheese (pounds) 19,010 16, 440 18, 815 Oats (bushels) __ . 7,427 11, 568 14,492 Eggs (cases) 2,610 2,487 2,909 Poultry (pounds). 17, 742 15, 608 13, 392 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

576 FEDERAL RESERVE BULLETIN JULY, 1924 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued May, 1924 April, 1924 May, 1923 May, 1924 April, 1924 May, 1923 Daily Products—Continued Fuel and Power Cold-storage holdings first of follow- Coal and coke (short tons, 000 omiting month (000 omitted): ted): Creamery butter (pounds),. 22,328 8,977 10,112 Bituminous coal production 31,236 29, 517 46, 076 American cheese (pounds) 27,148 26,159 17, 507 Anthracite coal production 7,745 6,811 8,573 6,944 3,689 7,890 Coke- Poultry (pounds) 39,247 52,068 57,274 Beehive coke production 761 1,079 1,829 By-product coke production.. 2,786 3,010 Other Agricultural Products Petroleum, crude (barrels, 000 omitted): Cottonseed (tons): Production 61,542 59, 433 61, 962 Received at mills 38,443 44,229 24, 822 Stocks at close of month 346, 751 341,928 273,157 Crushed - 103,369 147,297 62, 676 Producing oil wells completed Stocks at mills at close of month.. 66,127 130, 953 23,675 (number) 1,657 1,429 1,871 Cottonseed oil (pounds, 000 omitted): Oil refineries:1 Production 32, 735 45,104 20,592 Production (000,000 omitted)— Stocks 52, 333 73,112 23,714 Crude-oil run (barrels) 53 53 47 Oleomargar^te consumption (pounds, Gasoline (gallons) 755 743 619 000 omitted) 17,493 20,083 18,454 Kerosene (gallons) 203 200 182 Tobacco sales at loose-leaf warehouses Gas and fuel oils (gallons) 1,117 1,114 977 (pounds, 000 omitted): Lubricating oils (gallons) 97 101 91 Dark belt, Virginia 772 49 Stocks (000,000 omitted)— Burley 180 975 191 Crude-oil run (barrels) 40 31 Western dark... _ 4,879 3,053 Gasoline (gallons) 1,608 1,571 1,336 Sale of revenue stamps for manu- Kerosene (gallons) 306 345 273 facture of tobacco, excluding Porto Gas and fuel oils (gallons) 1,555 1,509 1,273 fftico and Phillippine Islands (000 Lubricating oils (gallons) 253 251 235 <omitted): Cigars (large) 553,320 501,422 575,916 Electric power produced by public Cigar (small) 49,700 34,591 45, 550 utility plants (kilowatt hours, Cigarettes (small) _ 6,391,992 5,323, 295 5, 554, 990 000,000 omitted): Manufactured tobacco (pounds).. 31,737 29, 540 32,997 Produced by water power. 1,947 1,846 1,921 Fruit shipments (carloads): Produced by fuels 2,842 2,905 2,732 Grapefruit 2,379 2,053 1,801 Oranges 6,473 9,373 6,629 Total. 4,788 4,751 4,653 Lemons 1,965 1,254 1,301 Apples 2,201 3,373 1,529 Metals Vegetable shipments: Iron and steel: White potatoes (carloads) 17,506 18,406 15,123 Iron ore shipments at Lake Su- Onions (carloads). 2,752 2,270 2,514 perior (long tons, 000 omitted).. 2,008 224 6,671 Rice (pounds, 000 omitted) 30,600 47,050 56,004 Pig-iron production (long tons, Sugar, all ports (long tons): 000 omitted) _ 2,615 3,233 Receipts 480,303 486,803 469, 510 Steel-ingot production (long tons, Meltings 428,000 468, 600 479,100 000 omitted) 3,334 4,216 Raw stocks, close of month 453,969 452, 771 413, 248 Unfilled orders, United States Steel Corporation (long tons, Fishery Products 000 omitted) _._ 3,628 4,208 6,981 Fabricated structural steel orders Fish landed by American fishing ves- (tonnage) 153,400 169,000 148,200 sels, total catch (pounds, 000 omit- Steel castings bookings (net tons). 55, 837 66,670 93,445 15,904 16,686 18,004 Silver production (troy ounces, 000 •Cold-storage holdings, frozen and omitted) , 5,833 4, 588 6,835 cured fish, on 15th of month (pounds, Copper production (pounds, 000 000 omitted) 32,057 31,959 29, 781 omitted).. _. 131,054 131,928 125,438 Zinc (pounds, 000 omitted):" Forest Products Production 95,332 89, 898 94,694 Lumber: Stocks, close of month 84,728 65, 556 26,038 Number of mills— Shipments _" 76,160 National Lumber Manufac- Tin (pounds, 000omitted): turers' Association 552 572 586 Deliveries to factories 11, 738 17,002 13, 518 Southern Pine Association 182 183 181 Stocks, close of month 9,110 9,681 7,016 West Coast Lumbermen's Association 113 120 121 Textiles. Production (feet, 000,000 omitted)— Cotton (bales, 000 omitted): National Lumber Manufac- Sight receipts 406 403 375 turers' Association 1,469 1,537 American spinners' takings 306 311 406 Southern Pine Association..., 423 419 427 Stocks at mills. _ 1,158 1,328 1,634 West Coast , Lumbermen's Stocks at warehouses 1,127 1,512 1,580 Association 452 383 Visible supply ..._ 1,541 1,834 1,432 Shipments (feet, 000,000 omit- Consumption by mills ted)— Spindles active during month 414 480 621 National Lumber Manufac- (000 omitted) turers' Association 1,306 1,274 1,448 Spindle hours active during 30, 493 31, 872 35, 374 Southern Pine Association 425 414 455 month (000,000 omitted) West Coast Lumbermen's Finished cotton fabrics: 5,908 6,770 9,309 Association 467 425 494 Finished yards billed (yards, 000 Naval stores at three southern ports: omitted) 76,574 79,776 104,340 Spirits of turpentine (casks)— Orders received (yards, 000 omit- Receipts 34,949 15, 581 34,130 ted) 65,610 80, 530 79, 819 Stocks at close of month 23,595 22,456 18,224 Shipments (cases) 39,035 42,170 51, 569 Rosin (barrels)— Finished stocks (cases) 43,395 44, 959 44,445 Receipts 112,571 57,310 105,626 Stocks at close of month 234, 644 203,159 211, 063 'Figures for April, March, 1924, April, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESEEVE BULIiETTN COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued May, 1924 April, 192- May, 1923 May, 192 April, 1924 May, 1923: Textiles—Continued Building Materials Knit underwear (dozens): Brick (number, 000 omitted) : Production 317,152 347, 933 395, 274 Clay fire brick— New orders received 260, 705 173, 674 256, 249 Production 58,900 62,708 67,242 Shipments 229, 605 270, 532 333, 832 Shipments 54,027 57,204 Cancellations 19,082 7,351 8,281 Stocks at close of month _. 221, 583 216, 710 158, 864 Unfilled orders end of month 701,867 689,849 1,175,188 New orders 43, 728 56,095 53, 086 Wool: Unfilled orders, close of month 70,938 81, 237 107,352 Consumption (pounds, 000 omit- Face brick a— ted) 36, 507 44,361 59, 682 Production.. 39, 974 26, 057 Percentage of active machinery to Shipments.. 44, 254 41, 692 29, 421 total reported— Stocks in sheds 75,727 87, 55f 60,939* Looms wider than 50-inch Unfilled orders, close of month 60,934 57,363reed space 69.1 71.0 86.5 Silica brick— Looms 50-inch reed space or Production 14,346 17,180 16, 684 less.. _ 78.4 79.2 85.3 Shipments 13,751 17, 658 17,995 Sets of cards 81.0 84.3 91.2 Stocks, at close of month ii, 211 43,615 42, 29? Combs 68.5 76.6 88.1 Paving brick— Spinning spindles, woolen... 79.3 82.2 89.6 Production 27,310 24,537 37,623" Spinning spindles, worsted __ 64.6 71.9 94.1 Shipments 29, 795 21, 841 33,424 Percentage of active hours to total Stocks, close of month 137,889 140, 519 95,677 reported— Orders received 50,399 26, 579 40, 268 Looms wider than 50-inch Unfilled orders, close of montt 107,248 108,188 reed space 68.1 65.7 91.3 Cement (barrels, 000 omitted): Looms 50-inch reed space 0" Production 13, 777 11, 726 12,910 61.9 52.5 84.4 Shipments 14, 551 12, 771 14,257 Sets of cards 89.2 90.9 101.4 Stocks, close of month. 16,385 17,159 10,144 Combs 61.1 77.7 112.6 Oak flooring (feet, 000 omitted): Spinning spindels, woolen 82.7 88.3 Production 37, 769 33, 927 34, 636 Spinning spindles, worsted... 56.7 67.1 Shipments 38,185 32, 442 32,009 Men's and boys' garments, cut: Orders booked.. 30, 853 25,867 22, 677 Men's suits, wholly or partly wool 832,178 517,065 707, 335 Stocks at close of month 49, 706 44, 677 26,816- Men's suits, all other materials.. 127,670 80,244 132, 531 Unfilled orders 41,164 45,938 49, 54» Men's separate trousers, wholly Maple flooring (feet, 000 omitted): or partly wool 664, 791 492, 415 710,469 Production 8,349 9,900 12, 069' Men's trousers, all other materials 462,231 404, 834 475, 632 Shipments _ 6,472 8,225 12, °m Men's overcoats 303,503 138, 554 292, 973 Orders booked 4,819 8,034. Boys' suits and separate pants 685,404 549,171 701, 614 Stocks, close of month 25, 243 24, 383 19,131 Boys' overcoats and reefers 87,207 23, 999 56, 897 Unfilled orders « 10,736 13,902 34,578 Raw silk: Enameled ware (number): Consumption (bales) 28,272 25, 985 24, 509 Baths- Stocks at close of month (bales) _._ 27, 074 25,662 29,962 Shipments 94,021 88,005 Imports (pounds, 000 omitted)... 3,485 3,463 3,994 Stocks, close of month 56, 433 57,577 32,771 Hosiery (dozen pairs, 000 omitted) :i New orders 68,482 88,677 74, 585 Total, all classes 4,410 4,787 Lavatories— Men's _ _ 1,802 1,980 Shipments 101,140 118, 602 103, 242 Women's 1,642 1,716 Stocks, close of month 124,580 116, 017 39,481 New orders 66,263 95,437 98,272 Hides Leather, and Shoes Sink S s h - ipments 114,009 120,138 105, 076 Kaw S h to id c e k s s a at n d c l s o k se in o s f (0 m 00 o n om th i - tted):' S N t e o w ck o s, r d cl e o r s s e . . of month 1 7 0 1 3 , , 2 6 2 6 1 2 1 8 45 9 , , 7 5 2 5 9 7 1 4 03 8 , ,3 7 7 8 8 1 S G C C h a a o e l t a f e t t l p a e a n a n h d n d i d d k k e i l s p i a d m s s k b k i i n s n s k s ins 4 2 7 5 , , , , 7 9 7 2 5 9 5 7 9 8 7 2 6 4 2 7 , , , , 1 1 5 6 9 9 1 8 3 5 6 9 9 8 6 3 , , , , 2 8 8 2 0 7 3 2 1 5 0 9 Misc S N S e t h e l o l w i c a p k n m o s e , r o e d c u n e l s o r t s s w s e . a . o r .. e f — month 3 6 7 5 3 9 , , , 2 3 2 8 3 1 4 4 6 4 6 54 5 6 , , , 3 4 6 7 2 0 8 0 7 4 6 5 0 5 7 , , ,6 3 2 5 5 3 0 4 4 Stocks disposed of during month: Cattle hides _ 1,323 1,512 1,566 Miscellaneous Manufactures Calf and kip skins 999 915 1,271 Goat and kid skins 1,754 1,324 1,565 Chemicals: Sheep and lamb skins 2,690 2,808 3,657 Acetate of lime (pounds, 000 Sole leather, cattle (backs, bends, and omitted) ... 11,539 12, 650 14,823 sides) (number, 000 omitted): Methanol (gallons) 559,202 673, 746 798,369 Production 1,125 1,200 1,696 Wood pulp (short tons): Stocks in process 4,821 4,974 6,439 Production 213, 224 255,110 371,499' Tanners' finished stocks 7,520 7,631 8,113 Consumption 174,000 205, 227 279,468 • Upper leather:' Shipments.. 16,529 23, 262 50,383- Cattle (sides)— Stocks, close of month 193. 537 167, 728 175,463i Production 1,176 1,558 Paper (short tons): Stocks in process 2,444 2,525 2,902 Newsprint- Total finished stocks 5,790 6,130 6,142 Production 134, 219 128, 249 138; 868" Calf and kip skins- Shipments 131, 289 127, 505 136,979 Production 1,202 1,476 1,385 Stocks, close of month 34,479 31, 699 20,832 Stocks in process 3,717 3,964 3,7i5 Book paper- Total finished stocks 7,470 7,774 8,449 Production 86, 291 84, 310 97, 221 Goat and kid skins- Stocks, close of month 34, 899 31,029 40,614 Production 3,071 3,461 4,123 Paper board- Stocks in process 6,016 6,343 8,432 Production... 98,481 100, 633 199,93ff Total finished stocks 23, 348 23,090 20, 421 Stocks, close of month 31, 246 32, 583 56,10? Sheep and lamb skins- Wrapping paper- Production 1, 744 . 1, 696 1,931 Production 45, .607 50,538 Stocks in process _. 2,186 2,421 Stocks, close of month 61, 638 60, 285 44,015 Total finished stocks 5,854 5,928 7,114 Production 25, 522 26, 749 35,19© Boots and shoes, output (pairs, 000 Stocks, close of month 39, 357 39,038 40,957 omitted):! Advertising (agate lines, 600 omitted): Men's 6,705 7,550 9,015 Magazines 2,411 - 2,483 2,27G> Women's. 9,361 9,894 9,918 Newspapers.. 105, 560 107, 309 109,559 All other 11,854 11,420 12, 935 Total. 27,921 28,864 31,868 i Figures for April, 1924, March, 1924, April, 1923, 2 Condition first of following month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

578 FEDEBAL RESERVE BULLETIN JULY1, 1921 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued May, 1924April, 1924 day, 1923 May, 1924 April, 1924 May, 1923 Miscellaneous Manufacture -Con. Transportation—Continued Rubber (pounds, 000 omitted): Vessels cleared in foreign trade (tons, Imports (pounds, 000 omitted) 62,167 85, 043 80,107 000 omitted): Consumption by tire manufac- American 3,242 2,470 2,547 turers 37,238 36,909 38,348 Foreign 3,222 2,839 3,372 Tires and tubes (number, OOOomitted): Pneumatic tires— Total 6,464 5,961 Production 3,307 3,428 3,539 Shipments, domestic 2,920 2,902 2,976 Percentage of American to total- 50.1 46.5 43.0 Stocks, close of month 6,164 5,763 Commerce at Sault Ste. Marie (tons, Inner tubes— 000 omitted): Production 4,035 4,219 4,260 Total 9,872 1,610 10,645 Shipments, domestic 3,377 3,421 3,536 Eastbound 8,459 1,063 7,544 Stocks, close of month.. 8,307 8,158 8,394 Westbound 1,414 548 3,102 Solid tires- Production.. 40 61 71 Shipments, domestic... 42 50 73 BUILDING STATISTICS Stocks, close of month 141 174 261 Automobiles: Production (number)— Building permits issued in 168 cities, Passenger cars 279, 385 336,968 350, 073 grouped by Federal reserve districts: Tracks 32, 326 34,977 42, 373 Number of permits— .Ship B m y e n ra ts il — way carloads 35, 400 48, 030 45, 402 B N o ew st o Y n o ( r 1 k 4 ( c 2 it 2 ie c s i ) t i _ e s) _. 1 4 2 , , 1 7 5 9 8 1 12 4 , , 0 4 7 0 9 2 1 4 1, , 0 2 8 8 0 7 Driveaways (number) 32, 700 37, 741 62, 357 Philadelphia (14 cities) 4,283 4,505 4,031 By boat (machines) 8,295 4,156 12, 818 Cleveland (12 cities). 7,483 8,195 7,494 Iiooomotives (number): Richmond (15 cities) 5,422 4,691 4,409 Pomestic, shipped 228 Atlanta (15 cities). ... _ 3,700 4,026 3,529 Foreign, completed 10 Chicago (19 cities) 16, 365 17,131 16, 738 St. Louis (5 cities) 3,090 3,892 3,517 Total ... 111 73 238 Minneapolis (9 cities)... 2,601 2,605 3,225 Kansas City (14 cities).. .. _ 3,279 3,614 3,426 Unfilled orders— Pallas (9 cities) 2,397 2,842 2,847 Pomestic 589 2,045 San Francisco (20 cities) 10,956 12, 382 12, 541 Foreign 54 105 Total 76, 525 80, 364 77,124 Total- 643 640 2,150 Vessels built in United States and offi Value of permits (dollars, 000 daily numbered by the Bureau of omitted)— Navigation: Boston (14 cities) . 15,066 13,910 13,645 Number ... 129 120 125 New York (22 cities) 94, 590 69, 543 58, 588 Gross tonnage. . 26,972 36, 510 15, 518 Philadelphia (14 cities) 16, 085 28, 052 18, 691 Cleveland (12 cities) 22, 865 22,233 20, 732 Transportation Richmond (15 cities) _ _ 17, 206 16, 453 12,149 Atlanta (15 cities) 9,594 11,102 8,384 Freight carried by Class I railways:' Chicago (19 cities) 62, 655 69, 650 60, 758 Net ton-miles, revenue and non- St. Louis (5 cities) _ ..... _ 8,415 10,170 8,407 revenue (000,000 omitted) 31,900 36,421 38,298 Minneapolis (9 cities). ... 6,033 5,408 7,977 Net tons per train 681 703 722 Kansas City (14 cities). 8,388 9,277 10, 685 Net tons per loaded car ... 25.7 26.6 27.6 Pallas (9 cities).. . . 6,023 6,899 6,642 San Francisco (20 cities) 31,909 34, 556 39, 270 Bevenue freight loaded and received f o r m om it te c d o ) n : nections (cars loaded, 000 Total 298, 829 297, 253 265, 928 Clas L G C C F O M s M i o i o o f r r e v i i e r a a k s e r e e i l e c d c n s s e h t t l b a a o l p y a n n c r n d d k o n e i d . a g s . o u e t r u u , c a s i t r 1 . n s e . c p . o . r f o 1 p d r u o c d ts ucts- 1 1 , , 3 1 1 5 2 0 4 4 2 7 9 3 8 3 2 0 6 5 5 8 4 5 5 1 1 , , 4 3 1 1 5 0 3 3 6 2 4 9 3 8 0 0 0 8 4 9 7 5 1 1 , , 3 7 1 2 1 1 5 3 6 9 4 7 3 2 6 7 8 9 3 6 2 Buil B di y l n a g r F B N A P C s e c , h o l e t d e o l 0 i w s a e l v n t 0 a o r n e t 0 d a Y r n t l l a a a e o o c n l m r p r e t d k s . h i s t e i t a a r e w v d e a ) — r d d i e s d tr : ic . t _ s ( . d . o _ l- 1 3 3 4 1 2 4 2 7 6 7 4 2 , , , , , , 0 4 0 2 6 5 8 9 1 8 4 3 9 4 4 7 0 8 1 3 3 4 2 3 6 8 1 4 9 5 9 , , , , , , 6 8 7 3 5 5 3 8 7 0 1 1 7 6 8 5 3 6 3 8 2 4 3 5 5 7 8 3 1 9 , , , , , , 1 8 3 8 7 8 3 7 6 6 0 6 7 2 2 2 0 5 Total 4,018 3,813 4,344 C St h . i L ca o g u o is . .. 6 2 8 3 , , 0 0 0 0 8 0 6 34 6 , , 5 7 6 5 2 9 7 3 0 1 , , 7 2 1 2 4 9 .Classified by geographical divr Minneapolis 12,368 11, 347 22,754 sjons— Kansas City. 12,800 15,074 15,309 Eastern 958 928 1,079 Dallas . 29, 213 Allegheny 826 793 971 Pocahontas 170 157 179 Total (10 districts)3 416, 238 477,377 426, 804 .Southern 583 583 604 Northwestern 620 513 667 By classes of construction (square Central western 592 571 596 feet, 000 omitted)— Southwestern 268 248 Residential buildings- 34, 428 42, 009 34, 332 Industrial 3,755 4,488 8,826 Total.. 4,018 3,813 4,344 Business 9,245 7,954 9,759 Educational. _ . 5,378 4,836 3,949 Freig T B C h o o o t x - a t c a l a l r . .. s urplus (num - b — er): 3 1 1 2 1 7 8 9 1 , , , 3 0 8 5 0 0 6 3 9 3 1 9 0 80 4 9 , , , 0 9 6 0 8 8 7 4 0 22 9 3 , , , 0 1 4 7 8 1 5 4 1 H S R P o u e o c l b s i i p g a li l i i c t o a a u l n s s d a a r n n e d d cr m i e n a e s t t i m i o t n o u a r ti l i o a n l. s . .. 1 1 1 , , , 5 0 5 4 6 7 0 4 0 1 8 7 1 1 1 , , , 1 0 4 1 8 4 2 2 6 2 0 1 1 1 , , 7 0 5 2 4 6 0 1 3 8 2 6 Freight-car shortage (number): T B o ox tal 20 6 9 8 3 1 0 1 7 3 22 5 , , 4 2 1 3 1 5 Total (27 States)-*. 57,709 63,347 60, 430 Coal 67 133 14,584 Bad-order cars (total) 2_ 189, 219 179, 275 211, 766 3 Pallas district not included in total. 4 Includes miscellaneous building contracts as well as groups shown. 1 Figures for April, 1924, March, 1924, April, 1923. 2 Condition first of following month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY,1924 FEDERAL. RESERVE BULLETIN 579 WHOLESALE AND RETAIL TRADE STATISTICS OF THE UNITED STATES WHOLESALE TRADE IN THE UNITED STATES, BY LINES CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919=100] Percentage change i G n e d r e a e n l x - c G er r i o e - s Meat g D oo ry ds Shoes H w a a r r d e - Drugs s w in a i l t e h s — M as a c y o , m p 1 a 9 r 2 e 4 d , - 1923 April, May, January 78 75 61 101 57 89 113 1924 1923 76 74 60 95 57 83 107 March. . . 86 81 65 108 82 109 121 79 80 62 86 62 112 106 Shoes—Continued J J M A S u u e u a l n p g y y e t u e s m . t . b . er 8 8 8 9 8 9 0 0 9 7 4 2 8 8 8 9 9 8 1 1 6 0 9 8 6 6 6 7 7 7 4 8 6 5 6 0 1 1 1 8 8 8 1 1 1 3 8 8 2 4 7 5 6 7 6 6 7 1 9 1 8 4 5 1 1 1 1 1 1 0 1 1 0 0 1 6 4 7 0 6 8 1 1 1 1 1 12 0 0 0 1 1 9 7 7 5 6 1 Hard A S M S C w a t h t . i n l a i n a L c r n n F a e o e g t r : u a a a o i p n s d o c d i d l i i s s i s i s t c t s r r o t i i r d c c i i c t d t s . t i t s ri t . c r i t ct . .. - - - - 2 1 7 9 7 8 3 . . . . . 3 2 9 5 2 - - - - 1 3 - 2 2 1 4 6 9 7 . . . . . 7 9 8 9 5 November 8 7 5 2 9 7 3 6 6 6 5 5 9 6 0 6 5 4 9 8 1 9 0 0 2 1 9 1 9 1 U Ne n w it e Y d o S rk ta t d e i s s trict. - -2 3 . . 2 3 - - 1 7 2 . . 9 9 Philadelphia district 0.4 -8.3 J A M M a p a n a r y r u i c l a h ry 1924 8 7 7 7 7 6 0 7 8 9 8 7 7 7 7 0 6 9 8 9 6 6 6 6 6 1 4 6 3 2 9 9 9 8 72 8 9 0 1 4 4 6 6 5 7 7 2 5 2 1 1 1 9 9 0 0 0 1 0 2 6 1 1 1 1 1 1 1 1 1 1 1 5 1 6 8 0 A R M C C St i h l t . i e c l n i a v h L c n n a e m o e g t l u a a a o o i n p n s d d o d d i d l i s i s d i s d t t s r i r i t i s d s i r c c t t i i r t c r t s . i i t t c c r t i t . c . . . t . . . - - - 1 - - - 6 2 5 2 6 0 . . . . . . 5 5 0 3 8 8 - - - - - 1 2 1 1 1 -8 6 2 3 5 5 . . . . . . 7 9 8 4 4 3 Kansas City district -4.9 -16.5 Dallas district -3 7 — 5 3 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES San Francisco district . ... . _. 1.9 -12.5 AND DISTRICTS Drugs: United States -3.7 3.2 New York district. -0.8 12.6 Percentage change Philadelphia district -4.7 -0.8 in May, 1924, Cleveland district -7.0 -3.2 sales as compared Richmond district. -2.0 0.5 with— Atlanta district -3 8 -0 5 Chicago district -3.8 -5.6 St. Louis district.. -5.8 -6.2 Kansas City district -3.9 -3.0 Dallas district —2 7 15 8 San Francisco district -6.9 7 7 Groceries: Furniture: United States Richmond district. -7.6 8.1 Boston district Atlanta district —8 1 —20 0 New York district St. Louis district .. -12.7 —30 7 Philadelphia district.. Kansas City district -0.8 -17.9 Cleveland district Dallas district 9 J 14 2 Richmond district San Francsico district .... -2.6 —3.6 Atlanta district Agricultural implements: Chicago district United States —2 7 — 13 0 St. Louis district Minneapolis district 17.6 1 7 Minneapolis district.. Dallas district —20 3 28 6 Kansas City district.. San Francisco district —19 3 —20 i Dallas district. Stationery: San Francisco district New York district —7 6 0 2 Dry goods: Philadelphia district —3 8 12 5 United States Atlanta district —5 4 17 8 New York district San Francisco district 5.5 -1.2 Philadelphia district.. Auto supplies: Cleveland district San Francisco district . -4.8 — 13 4 Richmond district Men's clothing: Atlanta district New York district —43 9 —26 7 Chicago district Women's clothing: St. Louis district New York district. —71 6 —8 3 Minneapolis district.. Machine tools: Kansas City district.. New York district 31 4 20 5 Dallas district Diamonds: San Francisco district. New York district —0 7 —17 1 Jewelry: United States New York district .. 25 1 —9 0 New York district Philadelphia district ._ 2.4 -13.7 Philadelphia district.. Electrical supplies: Richmond district Philadelphia district -14.3 -12.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

580 FEDERAL KESEKVE BTJI*LETIN JULY, 1924 RETAIL TRADE, BY REPORTING LINES (Average monthly sales 1919= 100] Sales without seasonal adjustment Sales with seasonal adjustment 3% s a o3 a •S-S OJCO •fa •si •-3 R ill •§•§ II Mo .So" o O 1923 January 101 172 115 129 116 95 132 114 91 171 158 134 133 113 116 157 February 90 84 169 117 126 110 72 133 116 92 177 156 138 130 107 107 157 March 124 112 205 162 145 135 145 187 124 97 190 169 143 139 145 107 185 April 119 103 180 142 135 125 125 159 115 100 177 152 139 130 107 116 159 May 128 189 154 142 137 143 100 170 125 110 189 162 144 134 124 120 176 June 127 183 154 149 136 144 97 176 127 101 186 168 152 140 135 122 188 July 89 74 178 143 141 128 102 82 176 120 100 185 158 139 129 112 111 180 August _. 100 73 179 153 145 135 95 103 179 129 97 188 161 145 138 121 115 179 September 112 92 183 151 143 140 127 102 176 123 97 192 162 145 140 133 102 178 October 148 134 200 180 152 138 139 137 185 132 104 194 166 149 132 123 113 181 November.. 142 122 202 176 141 134 131 149 174 126 200 168 150 135 121 119 183 December 202 118 201 331 185 193 171 214 261 125 193 179 152 143 130 113 178 1924 January ___ 110 204 126 141 119 154 124 100 203 173 146 137 130 102 183 February 102 96 199 140 143 124 93 166 127 101 199 179 150 140 132 112 188 March 115 105 163 149 136 118 181 115 91 183 170 147 140 118 110 179 April 132 114 209 178 145 130 178 208 127 111 206 190 149 136 153 109 208 May 126 90 212 174 150 143 150 82 189 100 211 183 153 141 130 99 196 DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Number District of re- 1924 1923 1924 1923 portfirms May Apr. Mar. Feb. Jan. May Apr. May Apr. Mar. Feb. Jan. May Apr. United States 333 126 132 115 102 110 128 119 123 127 115 127 124 125 115 24 132 137 113 101 120 133 128 125 130 114 132 132 126 121 New York 64 130 135 117 101 118 129 122 127 129 115 125 129 126 116 Philadelphia . ... 22 124 136 120 111 111 128 115 120 120 130 130 122 125 102 27 133 145 124 116 115 136 129 134 139 123 141 123 138 124 19 112 125 105 86 88 112 101 110 119 103 112 109 109 96 Atlanta 35 104 107 94 83 85 109 101 98 102 97 105 104 102 97 Chicago 67 133 142 122 112 112 136 131 127 139 121 135 132 130 129 23 107 109 93 74 87 113 114 104 105 96 102 102 111 110 Dallas 21 106 101 94 82 85 106 89 107 104 88 98 99 108 92 San Francisco 31 146 139 134 121 132 147 124 145 143 135 152 148 146 128 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Stocks without seasonal adjustment Stocks with seasonal adjustment Number District of re- 1924 1923 1924 1923 porting firms May Apr. Mar. Feb. Jan. May Apr. May Apr. Mar. Feb. Jan. May Apr. United States 286 134 140 138 126 116 129 132 135 136 137 135 130 130 129 24 126 128 128 115 111 124 125. 125 125 128 122 122 123 122 New York . . 64 128 134 129 118 112 125 127 128 129 125 124 124 126 123 Philadelphia 13 152 161 164 152 133 148 153 157 161 162 162 145 153 152 26 140 143 138 126 114 127 128 139 140 136 136 132 126 125 19 130 134 134 121 104 122 126 132 131 127 129 123 123 123 Atlanta . . . _ . 22 -119 122 123 119 109 121 121 124 121 123 122 121 125 120 55 152 159 160 144 128 145 150 152 152 163 156 142 146 14S Minneapolis 15 102 108 109 102 95 113 111 99 107 107 105 108 109 110 Dallas 19 120 125 126 118 107 117 119 119 126 126 127 125 116 120 San Francisco 29 143 148 143 131 125 130 136 143 144 142 138 136 130 132 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Jui/E, 1924 FEDERAL RESERVE BULLETIN 581 INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES GREAT BRITAIN Unemploy- Production Exports Imports Transportation ment Y m ea o r n a t n h d Coal Pig S c g i a n i a t o n n e g s t d - e t s s - l c v o p R s is u t l a i t p y b o w - 2 l n e , m u t s I a u t r f n e a a r o e e n c d n s l - - Coal m u t C t u f o a a r o n e c n t - - s - - c R ot a to w n w R o a o w l h R w id a e w e t s s V c t t s u d i r o e e o n e u n l s n r - s c - - - c V i s l n e e e a g l s s r ' - - m t N o il e n r e B a t - s i r l i w ti f a s T r h y e r o s i e g t - a h l t A u t m n r i a i s o o d ts n n e g - I t s r n u a r d i e n e d - s I p s n r r e i i d o c t c e f y u e x - s i C s i s t a u a p e l - s ceipts Thou t s o . n o s f long T b h a o le u s s. T lo h n o g u t s o . n o s f o l M y i f o d s i n s q l- s . . M o i f l li l o bs n . s Th lb o o s f u . s.T g t h o r o o o n f u s s s s.T t h n o o o e n u f t s s. m M t l o i i o n l i e n l - - s p T o s l h u i t o n o e n f r g u d - s s . , I Per cent 1 D 9 1 2 e 0 c 1 0 . = p T l o s h i t u n o o e n g f r u - d s s . Monthly average: 1913... 23,953 855 1,175 414 6,117 <596 2,174 7,757 2,003 5,652 2.1 3.6 20,686 1920.__ 19,074 670 756 1,397 271 2,078 374 158 4,508 3,603 3,061 1,546 2.4 3.7 40,104 1921... 18,623 218 309 1,234 141 2,055 244 98 5,367 3,313 3,033 1,108 9,132 15.3 13.9 99.2 32, 733 1922,_ 20, 988 409 490 1,072 283 5,350 352 119 5,500 1,810 4.S74 1,401 9,636 15.4 14.0 111.7 48, 746 1923._ 23,108 620 707 787 360 6,204 319 108 7,169 1,374 5,891 1,580 9,185 11.5 11.6 115.6 23,830 1923 May 20,464 714 821 712 425 7,684 414 54 5,520 6,263 1,598 9,470 11.3 11.2 118.0 35, 607 June i 28,021 693 768 602 365 6,589 305 36 5,460 1,338 6,339 1, 606 9,159 11.1 10.3 118.0 38,252 July 20,060 655 640 535 308 6,767 320 46 8,476 5,540 1,473 11.1 11.5 114.1 20,143 August 19,108 600 568 451 324 6,580 333 55 12,666 6,048 1,492 8,407 11.4 11.8 114.4 1,216 September i 26,925 559 695 538 334 6,316 348 63 1,271 6,080 1,558 8,657 11.3 11.7 115.5 7,254 October... 22, 507 596 702 618 389 7,433 375 175 10, 456 6,534 1,732 9,821 10.9 11.7 115.5 40,282 November. 22, 467 598 750 802 395 6,670 353 171 9,081 6,057 1,659 9,235 10.5 11.5 113.6 14, 246 December. I 26,643 627 653 1,011 355 5,874 326 241 12, Oil i,"§95 5,510 1,511 9.7 10.7 112. 8 4,176 1924 January. _. 20,788 637 694 1,117 338 5,441 357 222 61 6,338 5,101 1,434 8,074 8.9 11.9 112.2 6,995 February.. 22,672 613 768 1,033 331 5,075 400 145 84 9,148 4,868 1,714 9,270 8.1 10.7 114.3 33,189 March l 28,754 669 817 885 288 5,190 357 97 115 8,500 1,474 5,096 1,784 9,646 7.8 9.9 114.2 20, 708 April 20,840 618 712 807 337 5,063 381 42 85 5,362 5,288 7.5 9.7 115.6 6, 592 May 27,308 651 810 715 407 5,480 398 104 125 11,846 5,884 7.0 9.5 115.3 40, 085 i Figures for five weeks. 2 End of month figures. 8 Figures include Irish Free State. i Expressed in yards. FRANCE Production Exports Imports Transportation Unem- De- Aver- ployed mands Year and month Coali Pig C s r te u e d l e s H C to a o c v t k t r o e a n 2 t Total Total f c s o R u o t r i a m t o t w c o n p o n n - - f s o R u t s r i m i a o l c w k n p on - -f s o C u t r i m o o c a n o p l n - -V cl e e s a s r e e l d s fr a l d e o c g a i a a e g i d r l h y - t R o p f e a w c p l a e r r i i y a n p s i c t l s - i- i n r P a n e i i a g c c d r e i m p i i i s v a n u - < l - f f o m p il n r l l e e o o e d n y t m * t - ings Thousand metric tons T s h an o d u- m T e h t o ri u c s a to n n d s Metric tons m T s h a e n o tr d u ic - T s t h o a o n n u d s - A n d a u a v g i m e l e r y - - T f s r h a a n n o c d u s - Number tons ber Monthly average: 1913 3,404 750 582 274 1,840 3,685 27,428 629 1,558 2,176 165,892 1920. . 2,890 286 254 225 1,071 4,211 19, 577 390 2,005 1,412 32,916 479,894 1,963 1921 3,213 280 259 169 1,333 3,165 16, 666 206 1,472 1,803 37,359 516,397 19,032 1922 3,596 427 373 148 1,884 4,281 21,923 480 1,861 2,229 51,087 565,750 1,652 9,139 1923 3,896 442 415 2,066 4,577 21, 793 532 2,339 2,552 56,916 273 6,982 1923 May- 3,507 393 388 84 1,876 4,510 17, 093 298 2,193 2,832 64,272 530,590 199 5,694 June 4,352 428 427 64 1,799 4,932 12,550 276 2,561 2,804 56,757 542,148 166 6,063 July. 4,312 436 400 47 1,921 4,864 14, 292 205 2,473 2,817 55, 073 a 697,863 171 6,418 August 4,517 486 452 26 1,645 4,803 12,497 610 2,239 2,841 54,964 680,796 146 6,546 September- 4,410 482 447 48 2,681 5,063 11,101 971 2,946 2,592 59,025 ' 768,893 111 6,243 October 4,863 514 477 64 2,170 4,360 32,379 1,137 2,272 2,800 60,517 600, 615 52 7,258 November- 4,583 536 493 121 2,309 4,975 33,047 908 2,804 2,419 61,976 576,447 70 7,465 December.. 4,303 565 526 135 2,663 5,165 39,744 1,044 2,784 2,534 57,995 722,335 4,914 1924 January . 4,928 586 541 128 1,770 3,933 31,779 271 1,824 2,238 57,362 519,061 596 8,454 February.. 4,807 590 555 151 2,325 4,395 30,125 283 1,978 2,046 61,609 558,968 395 8,438 March 5,017 640 573 132 2,484 4,822 22,841 373 4,664 2,473 63,228 3 792,453 250 7,113 April 3,641 651 567 127 2,500 4,924 24,744 1, 2,507 59,126 674,126 142 6,099 May 119 2,171 5,485 24,067 1,841 3,193 69, 777 105 5,296 1 Coal and lignite, including Lorraine and the Saar. • Five weeks. » Excluding the Saar district. i Bales of 50 kilos. End of month figures. > End of month figures. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

582 FEDEBAL RESERVE "BTTT.T.F.TTW 1924 GERMANY Production Exports Imports o n Year and month •a 1$ Thousand metric tons Metric tons Month] y average: 1913..,. 11,729 7, 269 541,175 60,919 21,812 2, 881,126 1 19 9 2 2 1 0 . . 2 1 0 4 3 5 , , 6 8 8 8 1 3 139 > ,0 ,7 3 7 7 2 8 8 - , , 4 5 . 3 6— 0 2 5 60 1 8 8 , , 7 9 4 3 9 7 1922.... 9,929 11, 423 235,106 48, 681 12, 731 421, 835 1923..__ 5,185 " "854 152,137 33, 422 10, 086 100, 721 1923 May 4,202 9, 807 135, 605 30, 464 101,,223 92, 735 June 510 10, 548 107,151 24, 9,716 75, 315 July 3, 443 11.,, 016 131, 87037, 482 8,924 68, 633 August 3,114 8, 803 132, 789 32,053 9,743 70, 675 September. 3,316 9, 791117,913 27, " 7,568 146, 316 October 3,839 7, 734 121, 396 35, 079 110,,804 133, 565 November. 3,433 7, 918 122, 396 32, 309 8,900 103, 744 December.. 6,302 8, 265 134, 411 37, 676 8,739 129, 638 1924 January 8,785 9, 5531129,190 27,039 7,670 96, 544 February __ 9,762 8, 328 147, 029| 26,695 8,663 68, 923 March 10, 825 10,391 134, 223 26, 947 8, 466 62,750 April _ _ _ 10,439 10, 247 1?3. 268 29, 988] 6, 761 84,039 May nam d xs kliS o ttoC norI Unemploy- ment I? If I fl 111 Thou- Metric tons g n i s s e a t t e n r r d e e d - Number N b u e m r - M m i a ll r i k o s n J 1 a = 9 n 2 1 . 3 5 tons 16,608 9J99 43, 424 1,,224,951 878, 335 1,182 141 815 » 4,025 12,490 537, 535 30, 236 374 169 355, 801 110 '11, — '393 130,894 619,194 1 78, 545 794 165 310, 319 258 2, 655L 15,892 407 21, 022 1, 002, 782 1, 049, " 1,084 129 76,668 84 6, 7261. 11, 054 284 16, 268 221, 498 2!,, 101, 033 1,282 384 392,121 22 9,998 249 16, 380 100I,, 063 2!,, 495, 649 1,314 211 266, 966 32 115,813 11,867 455 11, 950 208, 230 2!,, 977,179 1,313 197 253, 529 35 384,256' 15,129 316 16, 598 144, 445 *286, 010 1,411 172 185, 982 18 441,248: 11, 837 223 10, 735 130, 588 2, 2"8 01;,952 1,364 257 139, 016 13 1, 883, 675' 9,399 256 12,062 287, "" "i 601, 913 1,351 395 249,192 "149,925 9,595 284 11,685 121, , 493,995 1,187 572 534, 360 '934,117 2,373 280 18,014 165, 614 L•,864* "" 1,222 902 954, 664 8 108,543 5,958 374 22, 302 70I,, 299 ..,1 541, 716 1,348 9411,., 473, 688 '41,170,089 2,116.2 12, 310 317 15, 509 87,5601L, 086, 728 1,179 614 1, 533, 489 29 l» 147, 8 2,405i.. 7 19, 217 450 28,193 43,8771L, 232, 244 1,134 545 1, 439, 843 46 10).. 0 2i ,398. 0 16, 607 447 21. 856 18, 667 980, 012 1,072 33111., 170, 180 58 54..2 2!,, 037. 8 21,214 34,070 72,970 792, •" 1,382 260 702, 510 139 201..41,, 299. 5 1,594 310, — 326 1, 429. 4 1 Export and import figures for first 4 months of 1921 not available; 6 Does not include 167 million gold marks, stable value loans. 1921 averages based on 8 months. 7 Does not include 165 million gold marks, stable value loans. 2 Average based on six months. 8 In billions. Does not include 22.3 million gold marks, stable value loans. 3 Not including coal for reparations account. 9 In billions. Does not include 24.5 million gold marks, stable value loans. 4 Includes linters. 10 Beginning January, 1924, in million gold marks. 5 Includes manganese ore. i' End of month figures; in millions. CANADA Receipts at Pr t o io d n uc- s T to o c ro k n y t a o r d a s n i d n Exports Imports •3S Winnipeg Year and month 09 o't-< .2 "C ft M I 3§ Thou- Thou- Tho to u n s s and b s u e a s l n s h d - Number M f i e l e li t on T p h o o u u n sa d n s d b s u a el n s s h d - T s t h a o n o n d u s - p T o s h a u o n n d u d - s d T s o h a l n o la d u r - s d T s o h a l n o la d u r - ; c P e e n r t N b u e m r - Th d o o u ll s a a r n s d, c P e e n r t Monthly average: • 1921 50 56 14, 447j 39,904 34,165 85, 352 87,871 11,007 12,238 1, 525 7, 269 2,292 33,885 12.5 14,970 32, 647 1922 32 40 20,363 49,832 40,473 166,129 136,3751 9,"'" 17, 445 1,085 9,:"" 1,1"" 34, 799 7.1 14,975 41, 033 1923 73 74 22,807 51,413 51, 322 197,798 145,893 9, 20, 235 1,749 9,367 2,394 36, 834 4.9 14, 917 42, 475 94.9 1923 May 102 104 10, 561 48, 493 59, 044 217,945 119, 832 8, 69311, 932 1,620 7,567 2,397 34,675 4. 60 24,313 21, 682 99.1 June ' 96 6,907 34, 531 38, 962 227, 831 177, 996] 7, 30022, 229 1,794 6,520 2,608 33, 802 3.4 58 13,882 29, 638 97.4 July 74 6,032 53, 089 44, 096 259, 019 177, 996] 7, 300 12, 665 1,905 4,810 2,541 36,145 2.9 59, 15,248 32, 841 90.2 August 105 2,036 65, 796 40, 224 224, 212 167,846 7, 11.419 2,070 3,699 2,361 37, 898 2.2 52 10,206 2,292 88.5 September 66 28, 318 61, 456 35, 923 201, 280 183,114 11, 661 5; 300 2,090 1,697 2,293 38,944 2.0 56 10,961 211, 659 90.0 N O o ct v o e b m er ber. 6 5 7 5 6 72 7 , , 4 05 8 0 2 8 6 5 7 , , 4 0 2 7 4 6 5 6 1 6 , , 9 5 3 2 9 5 2 21 1 3 9 , , 0 2 2 7 8 5 1 15 5 8 9 , , 0 8 6 6 6 8 1 1 5 5 , , 9 4 6 4 7 3 2 6 9 4 , , 1 0 9 7 7 1 1 1 , , 1 599 1 8 2, , 3 2 5 1 1 3 2 2 , , 4 55 4 0 5 4 4 9 6 , , 1 9 6 3 0 5 4 6 . . 8 2 6 5 0 5 1 " 3,666 63 4 , , 1 5 8 6 2 0 8 92 9 . . 6 8 December 41 51, 910 46, 246 64,856 161, 597 146, 005 10, 478 57, 3"' 1,416 11, 097 2,169 41, 391 7.2 13,876 16, 803 96.5 1924 143, 347 January 41 12, 662 41, 81,037 121,959 111,406 10, 519 12,322 1,344 13,798 1,919 31,412 7.5 17, 81186, 361 92.3 February. 71 3,874 33,439 69,915 140,360 107,388 8,606 11, 770 1, 420; 8, 111 1,767 30, 429 7.8 13, 22212, 255 94.1 March... 95 2,542 38, 572 73, 325 211,334 152,159 15,045 13,446 2,122: 8,101 2,810 35,144 6.7 9,777 15,153 94.5 April 104 6,443 46, 038 77, 558 32,351 5.1 14,893 24,578 89.5 May 85 108 33,255 18,430 88.7 1 Average for weeks reported. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1924 FEDERAL RESERVE BULLETIN 583 FOREIGN TRADE OF PRINCIPAL COUNTRIES FOREIGN COUNTRIES B Lu e ( l x g m e i m u il m l b io o n a u n rg d D ( k m e r n o i m l n l e i a o r r ) n k ( F f m r r a a i n l n l c i c s o e ) n g G o ( l m e d r i m m lli a a o n r n k y s) (m I l t i i r a l e l l i y ) on Ne g ( t u m h il e i d l r l e l io a rs n n ) ds N ( k m r o o r i n l w l e io a r y ) n ( k S m r w o i e n ll d o io e r n n ) francs) Year and month Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Tl- Exports ports ports ports ports ports ports ports ports ports ports ports ports ports rts ports Monthly averages: 1913 303 71 60 702 573 934 850 304 209 326 257 49 71 68 1920 930 725 262 151 4,159 2,241 2,235 981 278 142 253 2X1 191 1921 838 595 137 124 1,962 1,796 1,439 690 187 114 122 106 91 1922 756 505 126 103 1,992 1, 782 517 331 1,314 775 169 102 109 63 93 96 1923-..- 738 164 135 2,717 2,536 507 507 1,433 922 167 109 113 112 95 1923 May 897 578 158 138 2,524 2,664 1512 1580 1,587 785 160 104 111 105 June.. -.- 1,19S 756 145 142 2,558 2,479 •512 1580 1,956 943 160 111 112 July 1,022 730 170 131 2,616 2,424 1512 1580 1,293 792 157 103 105 August 1,107 727 177 146 2,634 2,543 1512 •580 1,187 842 151 108 113 112 September 1,098 820 173 144 2,613 2,435 l 512 '580 1,136 803 166 128 127 111 October 1,106 881 182 156 3,069 2,814 436 568 1,306 1,075 193 126 140 11t! .November.._. 1,124 865 188 175 3,161 2,941 434 515 1,384 1,058 177 126 12H Ill December 1,297 1,046 185 149 3,833 3,114 492 561 1,837 1,606 175 128 109 125 1924 January 1,336 167 147 2,700 568 431 1,168 840 178 117 100 103 89 February 1,438 1,082 169 167 3,714 3,918 719 466 1,565 1,103 186 125 105 91 5i March 1,619 1,346 195 172 3,623 4,355 695 457 1,518 1,216 187 132 141 90 6E April.. 1,286 1,064 201 180 3,292 4,027 803 482 1,564 1,198 190 136 133 62 139 74 May ... 3,177 3,360 r (th U o n u i s t a e n d d K £ in s g te d r o li m ng) (tho C u a s n a a n d d a s of (mi B lli r o a n zi l mil- (t A ho u u s s tr a a n l d ia £ (mi I l n li d o i n a ru- (mil J l a io p n a n yen) S (t o h u o t u h s A an f d ri c £ a dollars) reis) sterling) sterling) Year and month Be- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Imports Exports exports Imports Exports ports ports ports ports ports ports ports ports ports ports Monthly average: 1913 64, 061 43, 770 9,131 54,922 38, 377 84 6,548 134 205 61 53 3,486 5,547 1920 161, 387 111,206 18, 563 111, 410 108, 567 174 146 11,814 10,672 173 272 195 162 7,784 6,483 1921 . . . . 90, 458 58,617 8,910 66,623 68, 058 140 142 9,795 10,040 214 135 104 4,157 4,830 1922 83, 592 59, 959 8,641 63, 534 74, 848 138 194 10,165 10,367 201 244 158 136 3,936 4,752 1923... 91, 501 63, 944 75, 294 85, 693 189 275 11,356 9,224 189 285 165 121 4,628 6,072 1923 May 71, 555 11,773 84,265 76,049 185 223 11,428 193 301 203 115 4,461 5,656 June. — 89,308 62,884 10, 955 84, 633 158 194 10, 596 i, 465 180 299 209 110 4,162 5,714 July 76,818 59,504 77, 074 84, 478 184 179 11, 922 5,096 164 261 161 120 4,848 3,634 August.. . | 88,743 60,104 6,129 81,330 165 287 11, 748 4,613 170 234 156 136 5,235 7,960 September i 83,""" 8,110 71, 351 68, 758 191 309 9,217 5,783 187 234 83 75 4,713 I 5,662 October 99,915 71, 323 11,147 76,341 101, 300 217 379 13, 009 10, 921 206 255 145 137 5,556 6,471 November 101, 585 65, 768 10,171 72,084 139, 005 228 353 13, 485 12,040 211 276 155 119 5,378 7,733 December. 109,190 64,115 10,397 65, 456 124, 916 219 10, 708 13, 683 154 309 176 146 4,465 6,588 January... 101, 259 64,235 13,311 66, 568 70, 355 187 269 13, 555 10, 712 226 370 214 111 4,932 7,366 February. 96, 705 67,974 13, 231 62,134 68, 332 154 281 12, 053 15, 512 182 357 294 105 4,920 6,973 March 103, 729 61,103 12,701 86, 922 93, 615 11,155 13, 715 193 413 311 120 4,941 5,664 April. 86, 166 62, 867 11, 771 60,203 49, 518 10,049 9,679 203 307 248 148 5,737 5,006 May. 122, 087 70, 261 13,091 72, 247 105, 311 223 76 i Average of five months. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

584 FEDERAL. RESERVE BULLETIN 1924 FOREIGN TRADE OF THE UNITED STATES FOREIGN TRADE OF THE UNITED STATES—Continued [Thousands of dollars] [Thousands of dollars] 1924 1924 1923 1924 1924 1923 Cumu- Cumu- Cumu- Cumulative lative lative lative through through through through May April last last May April last last month month month month noted noted noted noted EXPORTS IMPORTS By classes of commodities: By classes of commodities: Total _ 334,950 346,859 1,782,813 1,625,602 Total- 302,946 324, 427 1,575,818 1, 767, 392 Crude materials for manu- Crude materials for manu- facturing 76,855 80, 620 489,522 383,623 facturing 104,120 110, 558 539,791 Foodstuffs in crude condition 10,638 13,336 114,481 Foodstuffs in crude condition 37, 484 35, 316 170, 436 157,213 Foodstuffs partly or wholly Foodstuffs partly or wholly manufactured _ 37,480 42, 681 241, 592 255, 506 manufactured 50, 581 58, 652 273,876 261,079 Manufactures for use in man- Manufactures for use in man- ufacturing 53, 078 50, 981 259,119 228, 518 ufacturing 48, 650 54, 609 284,116 331,135 Manufactures ready for con- Manufactures ready for con- sumption 147, 456 147, 574 608, 944 By c M o s u is u n c m t e r l p i l e a t s i n o : e n ous 61, 6 4 7 3 9 2 64 1, , 1 1 8 0 9 4 300 8 , , 1 7 1 0 3 7 317 5 , , 3 7 6 5 2 2 By c M R o e u i e s n c x t e r p i l o e la r s t n '. s eous, _ 9,1 2 9 5 2 1 11, 4 2 5 1 4 4 4 2 2 , , 6 2 6 4 3 0 3 3 7 , , 1 3 4 8 5 3 Total Europe 84, 270 83, 970 440, 936 522,157 Total Europe 162,086 180, 278 808, 577 915,211 France... 11, 283 12, 731 61, 673 65,713 France 22, 067 19,915 100, 375 106,935 Germany 9,831 9,604 53, 348 65, 666 Germany. 28, 302 32, 874 124,817 187, 389 Italy 4,924 7,199 29, 217 39, 342 Italy _._ 11, 203 15,120 63, 375 72,197 United Kingdom 26,128 122, 723 159, 664 United Kingdom _... 62, 409 65, 711 325, 539 344,129 Total North America 93,054 ,395 475,874 470, 743 Total North America 88, 371 84,706 439, 652 404, 986 Canada 33, 343 33,178 167, 236 163, 480 Canada 48,162 48, 319 266, 998 231, 460 Total South America 38,883 34,528 191, 777 232, 368 Total South America 24,764 25, 206 110, 530 121, 512 Argentina 7,511 7,444 36, 430 67,896 Argentina 8,841 8,903 47, 710 43, 726 Total Asia and Oceania 83, 537 104, 501 429, 317 486, 944 Total Asia and Oceania 54,091 49,287 240,973 305,187 Japan _ 27,184 24,728 128, 986 148, 281 Japan. 15,971 13, 953 93,475 120,027 Total Africa 3,203 7,033 39,134 55,179 Total Africa 5,638 7,382 25,872 29, 891 The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreign trade of the United States and monthly fluctuations in ocean freight rates prevailing between this country and principal European trade regions. For methods of construction of these indexes, reference may be made to the FEDERAL RBSBHVE BULLETINS for July, 1920, and August, 1921. FOREIGN TRADE INDEX INDEX OF OCEAN FREIGHT RATES [1913=100] [January, 1920=100) 1924 1923 1924 1923 May April March Fe a b ry ru- May June May April March June [mports: United States Atlantic ports Total 193.2 224.9 195.3 222.7 236.4 to- Raw materials 142.8 156.9 151.1 168.0 201.1 United Kingdom 25.0 28.4 28.1 29.6 21.2 Producers' goods _ _ _276.9 343.0 269.4 323.7 326.6 French Atlantic 24.5 26.7 26.5 25.9 23.5 Consumers' goods , 160.6 169.1 165.3 165.1 144.7 Netherlands and Bel- Exports: gium _ 21.4 25.4 24.5 21.1 19.9- Total 87.2 91.7 90.4 98.1 81.0 Scandinavia 23.5 23.5 23.7 23.8 22.3 62 2 66.2 69.1 74.4 56.0 Mediterranean 20.8 21.3 20.5 20.5 20.6 Producers' goods __ _ If 7.1 203.1 155.8 184.9 149.4 All Europe 23.3 25.7 25.3 24.8 21.3 Consumers'goods -_. 121.5 122.1 129.3 134.7 130.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1924 FEDEBAL EESEBVE BULLETIN 585 FINANCIAL STATISTICS FOR PRINCIPAIrTOREIGN COUNTRIES ENGLAND [Amounts in millions of pounds sterling] Bank of England Issue department Banking department Bank notes in Ratio of circulagold and tion' G b o u a ld l n l i d c o o n in i N ss o u t e e d s Go s c i l l o d v i e n a r nd B no a t n e k s m G cu o e r n v i t t e i r s e n e s - - O c t u h r e it r i e s s e d P e u p b o l s i i c ts Ot p h o e s r i t d s e- d s n e e p o r o t v e s e i r t e t o l - i abilities Average of end of month figures: 1913 37 55 1 26 13 35 14 43 49.4 29 1920 117 135 1 18 70 83 19 126 13.6 103 1921... 127 145 2 18 54 85 17 123 14.6 108 1922 126 145 2 22 52 77 17 118 18.2 103 1923.. 126 145 2 21 48 72 15 110 18.4 102 1923, end of— May 126 145 2 21 43 70 21 98 19.0 102 June . . . 126 146 2 20 46 71 14 114 17.4 103 July 126 146 2 20 46 77 10 109 18.0 103 August.. . . .. 126 146 2 21 48 69 17 104 19.0 102 126 146 2 22 46 71 14 105 19.9 102 October. _. 126 146 2 21 42 72 11 108 19.0 102 November 126 146 2 21 43 73 21 100 18.6 103 December. 126 146 2 18 54 76 16 117 14.9 106 1924, end of— January 126 146 2 19 48 70 16 105 17.5 104 126 146 2 20 51 68 13 110 18.0 103 March 126 146 2 21 48 75 27 101 17.6 103 April 128 146 2 20 43 74 11 111 18.4 103 May 126 146 2 20 42 73 15 105 18.5 103 Nine London clearing banks Government floating debt Index numberof Currency foreign no c c t e e a r s t t i e a f s i n 2 - d M c n a o s l o h n l t o e i a c y r n t e d atD a v i n s a c d n o c a u e d n s - ts I m nv e e n s ts t- T p o o ta s l i t d s e- cl T ea o r t i a n l gs Total Tre b a il s ls ury r T v a e a r m y nc p a e o d s - - t e h v s x e t a e c p l r h u o l a e i u n n o n g g f d e Average of end of month figures: 1913.. 1,370 15 1920.....': 348 3,252 1,297 1,078 219 99.6 1921 327 97 1,176 309 1,768 2,911 1,322 1,139 183 110.1 1922 • 296 107 1,068 372 1,727 3,097 961 796 165 120.6 1923 286 106 1,016 338 1,631 3,052 827 634 193 126.4 1923, end of— 287 109 1,005 325 1,608 3,067 776 592 184 123.8 287 113 1,018 331 1, 638 2,960 819 604 206 124.6 July 289 104 1,024 338 1,638 3,004 802 602 200 129.4 August. 285 99 1,007 339 1,611 2,721 789 603 186 130.6 283 102 1,005 337 1,609 2,603 804 626 178 129.2 280 101 1,021 336 1,629 3,243 810 635 175 125.5 November .. 282 105 1,019 337 1,630 3 192 804 646 158 127.7 299 111 1,033 340 1,673 2,914 860 652 208 127.2 1924, end of— January. 280 100 1,053 346 1,674 3,467 827 651 176 125.4 277 92 1,032 341 1,633 3,205. 797 628 169 127.6 March ._ 282 94 1,009 336 1,603 3,379 774 588 186 127.7 April 290 98 1,015 332 1,615 3,454 755 545 210 123.5 286 101 1,024 327 1,618 3,410 742 570 172 124.4 ' Notes issued less amount held in banking department, and since January, 1923, £22,450,000 in currency notes account. 2 Against these notes the Exchequer has held since June, 1922, £27,000,000 in gold. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

586 FEDERAL RESERVE BULLETIN 1924 FRANCE [Amounts in millions of francs] Bank of France Savings banks, Clearings, excess of Price of War daily deposits 3 per advances average of (+)or cent per- Gold Silver to the Note Total Paris with- petual reserve ' reserve Govern- circulation deposits banks drawals rente ment Average of end of month figures: 1913 3,343 629 5,565 830 59 -65 86.77 1920 3,586 253 26,000 38,066 3,527 554 +48 57.34 1921 3,568 274 25,300 37,404 2,927 550 +67 56. 56 1922 .. 3,597 285 23,042 36,177 2,307 525 +53 58.48 1923 3,673 293 23,281 37,347 2,153 788 +14 56.89 1923, end of— May - 3,673 292 23,000 36, 741 2,200 680 +14 57.85 .Time 3,673 293 23,100 36, 689 2,162 733 +22 55.90 July 3,674 294 23,000 36,929 2,072 765 +11 57.15 3 674 294 23, 400 37,364 1,971 764 +35 57.45 September ._ . _ 3,674 295 23,700 37, 626 1,992 761 +19 57. IS October . 3,675 296 23,400 37,670 2,033 877 -33 55.70 November . . 3,675 296 22, 800 37,329 2,204 919 -41 54.00 December 3,676 297 23,300 37,905 2,384 935 +2 53.60 1924, end of— 3,677 297 22,800 38, 834 2,346 1,417 +17 54.00 February 3,677 298 23,100 39, 345 2,331 1,490 +18 56.60 March _ ._ .. . , „ 3,677 298 22,700 39, 950 3,242 1,794 +8 55.32 April 3,678 299 22,700 39,824 2,437 1,386 +10 54. 0C May 3,679 299 22,700 39, 556 2,225 -7 53.00 1 Not including gold held abroad. CANADA [Amounts in millions of dollars! Chartered banks Gold reserve Dominion Bank c b o u G i l n l o i o a ld n n d i l d o C i a s u n c r s o r u e a n n n t t d s M c n a o s l o h n l t o e i a c y r n t e d at P s u r e a b c i u l l i w r c i t a i a e y n s d N cu o l t a e t io ci n r- I d n e d p i o v s i i d ts u — al D a o n g m o a t i i e n n s s io t n n cu o l te a t c io ir n - clearings ' Average of end of month figures: 1921 72 1,403 282 369 195 2,125 85 272 1,454 1922 75 1,272 280 332 166 2,009 90 240 1,353 1923 66 1,214 297 402 170 1,998 121 241 1,443 1923, end of— April . 68 1,251 305 403 166 2,084 126 239 1,168 May 68 1,236 309 397 157 2,067 126 244 1,514 68 1,222 316 403 175 2,081 121 234 1,465 July . 68 1,201 287 400 163 2,004 121 234 1,332 63 1,199 302 412 170 2,013 114 235 1,307 September.- . . 61 1,219 283 417 184 1,997 114 243 1,220 67 1,241 300 434 185 1,989 112 242 1,220 November 54 1,190 325 410 181 2,030 109 241 1,910 December . 54 1,183 291 427 180 2,040 114 249 1,574 1924, end of— January— 54 1,177 289 436 157 1, 993 103 231 1,387 54 1,173 300 465 163 2,000 102 227 1,272 March _ . _. 54 1,186 313 470 171 2,023 99 217 1,154 April .. 54 1,185 314 484 162 2.055 97 229 1,238 1,430 1 Not including gold held abroad. 2 Total for month. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN 587 ITALY [Amounts in millions of lire] Banks of issue Leading private banks ' Note Reserve circulation Index num- L a o n a d ns Total L a o n a d ns f D ro u m e Par- Total s b e e c r u s r i o t f y dis- For ac- de- Cash dis- corre- ticipa- de- prices Gold Total counts co o u f nt posits counts sp e o n n ts d- tions posits commerce Average of end of month figures: 1913_ 1,376 1,661 857 2,284 318 129 1,093 914 55 1,674 1920 1,043 6,335 7,035 10, 581 2,474 1,308 10,594 5,945 446 15,810 1921 . 1,074 2,020 7,586 9,304 9,064 2,475 1,200 10,677 5,575 465 16,001 1922 1,120 1,998 9,466 9,734 8,214 2,759 917 8,594 3,265 318 11,810 102.83 1923 1,129 1,937 9,510 9,234 7,935 2,503 830 8,936 3,623 248 12,223 154. 89 1923, end of— April 1,129 1,983 10,102 8,661 8,024 2,461 753 9,271 3,537 230 12, 388 153.94 May 1,130 1,985 8,851 8,525 7,763 2,350 771 9,168 3,393 239 12, 250 150. 77 June 1,130 1,977 9,860 9,571 7,764 2,691 833 9,340 3,697 251 12, 627 153. 22 July 1,133 1,978 9,721 9,619 7,763 2,511 776 9,231 3,707 251 12, 507 155. 43 August 1,133 1, 917 9,982 9,274 7,761 2,316 756 9,223 252 12, 514 161. 61 September 1,134 1,853 10,421 9,387 7,758 2,520 751 8,741 3,935 252 12,454 160.05 October. _ 1,134 1,853 10, 618 9,482 7,756 2,285 736 8,684 4,027 254 I 12,362 162. 33 November 1,130 1,857 10, 813 9,292 7,756 2,544 1,011 8,075 3,357 280 11,273 169. 08 December 1,118 1,848 8,144 9,491 7,754 2,581 1,116 7,953 292 11,277 179.64 1924, end of— January 1,120 1,832 7,569 9,019 7,750 2,573 182.16 February 1,122 1,838 7,484 8,852 7,749 2,517 196. 29 March 1,126 1,832 7,264 9,212 7,607 2,763 8,199 3,681 306 11,947 April 1,126 1,830 6,926 9,226 7,532 2,804 JAPAN tAmounts in millions of yen.] Bank of Japan Tokyo banks f R or e s n e o r t v e e s1 a c L n o d o u a d n n i t s s s - A on d b v f i o a l r n l e s c ig e n s ci N t r i c o o u n t l e a- d G e m o p v e o e n s r t i n ts - d P e r p iv o a si t t e s C h a a sh n d on T lo o a t n a s l de T p o o t s a i l ts cl T ea o r t i a n l gs Average of end of month figures: 1913 216 47 33 363 7 333 364 1921. 1,200 107 39 1, 226 297 50 1,932 2,572 1922 1,172 208 94 1,291 409 36 129 1,961 1,789 2,834 1923 1,057 326 103 1,352 397 47 1923, end of— May 1,053 236 77 1,225 452 28 121 1,984 1,854 3,518 June 1,053 311 52 1,371 371 49 133 2,024 1,850 3,486 July 1,053 244 46 1,278 361 32 139 2,195 1,870 3,220 August 1,053 296 50 1,287 386 38 September 1,060 518 76 1,460 331 125 October 1,062 499 86 1,449 350 68 110 2,226 1,816 1,460 November 1,061 491 133 1,415 416 49 131 2,326 1,826 2,003 December 1,057 654 207 1,697 360 63 133 2,381 1,879 2,418 1924, end of— January . 1,057 589 181 1,520 372 45 118 2,372 1,828 1,975 February 1,058 469 192 1,349 471 39 106 2,451 1,820 2,300 March 1,061 501 202 1,347 511 46 127 2,449 1,838 2,228 April 1,061 527 126 1,333 479 36 117 2,467 1,839 2,318 May. 1,062 449 83 1,287 411 128 2,556 1,888 2, 636 1 Gold abroad, gold coin and bullion in Japan. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

588 FEDERAL RESERVE BULLETIN , 1924 ISCOUNT RATES OF CENTRAL BANKS E fi a r t s e t i o n f e e f a f c e h ct m on o n t t h h e s C lo z v ec a h k o ia - m D a e r n k - E la n n g d - France m G a e n r y - Italy Japan N l e a t n h d e s r- Norway Poland Spain Sweden Sw la i n tz d er- 1923 January. 10 8.03 February 12 8.03 March 12 8.03 April 12 8.03 May 18 8.03 June 18 8.03 July 18 8.03 August 18 8.03 September... 30 8.03 October 90 8.03 November... 108 8.03 December 108 8.03 1924 January 8.03 February 8.03 March 8.03 April 8.03 May 8.03 June 8.03 Changes during period.—Bank of England—July 5, 1923, from 3 to 4 per cent; Czechoslovakia—January 14, 1923, from 7 to 5 per cent; May 28; 1923, from 5 to 4| per cent; November 29,1923, from 4J to 5J per cent; January 28,1924, from 5J to 5 per cent; March 10,1924, from 5 to 6$ per cent, May 28,1924, from 6| to 6 per cent. Denmark—May 1,1923, from 5 to 6 per cent; January 17,1924, from 6 to 7 per cent. Bank of France—January 10, 1924, from 5 to 5J per cent; January 17, from 5§ to 6 per cent. Germany—January 18,1923, from 10 to 12 per cent; April 23, 1923, from 12 to 18 per cent; August 2, 1923, from 18 to 30 per cent; September 15, 1923, from 30 to 90 per cent; October 8, 1923, from 90 to 108 per cent; December 23, 1923, new rate on rentenmark and stable currency loans. Netherlands—December 13,1923, from 4 to 4j per cent; January 24,1924, from 4J to 5 per cent. Norway—May 2,1923, from 5 to 6 per cent; November 10,1923, from 6 to 7 per cent. Poland—February 5,1923, from 7 to 12 per cent; October 1,1923, from 12 to 24 per cent; November 12,1923, from 24 to 48 per cent; January 25,1924, from 48 to 96 per cent; April 28,1924, Bank of Poland established rate, 12 per cent. Spain—March 23,1923, from 5J to 5 per cent; Sweden—November 9,1923, from 4J to 51 per cent. Switzerland—July 14,1923, from 3 to 4 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN" 589 PRICE- MOVEMENTS IN PRINCIPAL COUNTRIES FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES The Federal Reserve Board's wholesale In England the decline of prices in May price index numbers show that in May prices followed upon eight months of rising prices. in the United States declined 1.3 per cent Decreases occurred in the indexes for each and in England by 2.2 per cent, while in France commodity group, and were most marked in and Canada they remained unchanged. When the raw materials, and imported and export these indexes are converted to a gold basis goods groups. by making allowance for the depreciation of In France the absence of change in the allforeign currencies from their gold parities, commodities index was the net result of diverprices in England declined by 2.5 per cent and gent movements in the indexes for the several in France by 6.6 per cent, while prices in commodity groups. Prices of export goods Canada advanced seven-tenths of 1 per cent. declined by 2.2 per cent, the largest change In the United States prices of goods enter- for any group, while prices of imported goods ing largely into export trade, the export goods rose slightly; the index for raw materials did group, advanced slightly as a result chiefly not change; for producers' goods it declined of a rise in prices of wheat and cotton. Prices by 1.8 per cent, while for consumers' goods it of imported goods decreased 5 per cent, owing advanced by 1.4 per cent. largely to declines in the prices of sugar, rubber, In Canada price changes were relatively and silk. When grouped by stage of manu- small, advances in some groups approximately facture, prices of raw materials show a decline offsetting declines in other groups. The most of six-tenths of 1 per cent and prices of pro- an considerable changes were the declines of 2.5 ducers' goods of 2.6 per cent, while prices of exportper cent in prices of producers' goods and consumers' goods remained unchanged. advance of 1.5 per cent in the prices of goods. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES 60 soe ON PAPER CURRENCY BASIS CONVERTED TO GOLD BASIS 50 EtOO 350 250^ 150 Canada 100 100 1920 1921 1922 1923 1920 1921 1922 1923 106382—24f 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

590 FEDERAL, RESERVE BULLETIN Y, 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 BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES On paper currency basis Converted to gold basis Year and month United England France Canada Japan United England France Canada States States 1913, average 100 100 100 100 100 100 100 100 100 100 1919, average 211 241 207 235 211 219 I 198 241 1920, average 239 310 512 250 240 239 233 187 223 242 1921, average 149 198 344 167 181 149 156 133 150 175 1922, average 158 165 319 149 182 158 150 136 147 175 1923, average 164 170 394 150 164 159 124 147 183 1923 January ,. 186 165 346 148 176 166 158 120 147 172 February 166 168 152 183 166 162 121 150 178 March 169 173 155 185 169 166 131 152 180 April 170 175 390 156 185 170 167 135 153 181 May.... 167 173 386 155 187 167 161 133 152 184 June 164 171 394 153 186 164 162 129 150 1&3 July 159 168 391 151 183 159 158 119 147 179 August 159 164 391 150 179 159 154 115 146 176 September..: 163 165 404 149 190 163 154 123 145 186 October 163 166 404 147 196 163 154 125 145 192 November 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 February 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 May 156 177 428 143 ' 156 158 128 141 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES i Grouped Dy stage of Grouped by Grouped by stage of | Grouped by manufacture origin manufacture origin All All com- Ex- com- Ex- Year and month m t o ie d s i- te R m r a i a a w - ls d g u P o c r o o e d - r s s' g C s e o o u r o s n m d ' - - s g m D o t e o o i s - c d - s p g o I o r m o te d - d s g p o o o r d t s Year and month m ti o e d s i- te E m r a i a a w - ls d g u P o c r o o e - d rs s s C e u o rs m n ' - - g m D o t e o i o s c - d - s p g I o o m r o t d - e s d m po o r d t s UNITED STATES FEANCE—contd. 1923—May 167 176 167 158 169 155 179 1924—Mard 483 483 507 474 460 596 524 December-. 163 167 157 162 165 148 199 April. 428 430 446 421 418 480 434 1924—January 163 169 156 160 165 143 196 May.- 428 430 436 427 418 481 426 February... 163 169 158 157 164 148 189 March 160 166 158 154 161 146 179 April 158 165 155 151 159 140 182 May. 156 164 151 151 159 133 183 1923—May 155 144 166 152 171 148 December.. 144 126 168 161 139 165 131 ENGLAND 1924—January 146 128 166 166 143 166 133 February... 148 131 168 168 146 167 135 1923—May 173 179 159 177 175 167 189 March 147 129 167 168 145 165 132 December „ 177 179 168 183 175 184 187 April.. 143 126 164 162 141 159 130 1924—January... 178 178 169 186 177 179 186 May 143 127 160 161 141 159 132 February.. 180 182 167 191 180 182 185 Mareh 180 183 167 187 180 178 185 JAPAN April 181 186 169 187 183 178 188 May 177 178 185 178 171 181 1923—May 187 190 189 185 188 180 213 December. 205 213 201 201 205 205 211 FKANCE 1924—January... 205 222 203 196 204 211 215 February.. 200 214 202 192 199 205 211 1923—May 417 426 379 420 381 March 200 211 203 193 200 199 207 December . 427 442 456 395 410 460 April 201 220 199 191 199 214 1924—January.. . 445 459 469 416 423 548 May February.. 478 485 453 443 595 522 1 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

JULY, 1924 FEDERAL. RESERVE BULLETIN 591 WHOLESALE PRICES IN THE UNITED STATES INDEX OF THE BUREAU OF LABOR STATISTICS [1913=100] Bureau of Labor Statistics groups - Federal Eeserve Board groups All Raw materials m c it o o i m e d s - - F p u r a c o r t m d s - Foods C c a l i l o n o n t g d t h h - s l F i a i g u n n h g d e t l - M m p u a r e e c n o t t t d a d a s l - l s B m r u i i a n a i t l g l e d s - - C d i a h r c n u a e d g l m s s - H g n f o o i i u n s o u r g h d - s - e s n c M e e o l i l s u a - s - Crops p A m ro n a d i l - - F p o u r r c o e t d s s - t p M e r r o i a n d l - - m T r o a a w t t a e l - g P c 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 ucts ucts rials 1922 average 149 133 138 181 21S 122 168 124 176 117 145 125 185 207 158 128 151 1923 average 151 141 144 200 185 144 189 131 183 123 168 122 210 185 159 141 156 1923 156 143 110 196 218 133 188 131 184 124 164 125 215 213 168 136 155 February 157 142 141 199 212 139 192 132 184 126 170 123 220 207 167 141 155 March 159 143 143 201 206 149 198 135 185 127 174 123 227 202 167 148 156 April 159 141 144 205 200 154 204 136 187 126 172 123 232 198 166 150 157 May 156 139 144 201 190 152 202 134 187 125 167 122 226 189 161 148 156 153 138 142 198 186 148 194 131 187 123 165 119 215 184 158 . 144 155 July • -. 151 135 141 193 182 145 190 128 187 121 154 120 209 179 153 141 154 August 150 139 141 193 178 145 186 127 183 120 152 125 203 177 153 137 154 September 154 144 147 202 176 144 182 128 183 121 163 131 196 176 158 139 158 October 153 144 148 199 172 142 182 129 183 120 172 122 197 171 155 • 139 159 152 146 148 201 167 141 181 130 176 118 179 115 196 167 154 138 159 December - - - 151 145 146 203 162 142 178 130 176 116 181 115 191 165 153 136 158 1924 January _ 151 144 143 200 169 142 181 132 176 117 182 . 115 194 170 155 136 156 152 142. 143 196 180 143 182 131 176 114 176 116 195 177 156 139 154 March. 150 137 141 191 181 144 182 130 175 113 165 118 194 179 154 137 153 148 139 137 189 179 139 182 128 175 113 166 119 195 174 154 135 151 147 136 137 187 177 134 180 127 173 112 168 115 195 171 152 133 150 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [Pre-war=100] England Germany, Fed- Year and month eral g B iu e m l- g B a u ri l a - Cz s e lo c - ho- m D a e r n k - Bo o a f rd Econo- Statist l F a i n n d - France tis S B t t i u a c - - al Italy N la e e n r t d - h s - N w o a r y - Poland Trade mist reau. Gold basis 1919. 1 1,166 .294 235 242 356 364 304 '322 1920- 1,940 382 307 283 295 1,183 510 106 631 292 382 1921. 2,006 250 197 181 182 1,263 345 83 578 182 i 57,046 1922- 367 2,473 1,356 179 159 159 154 1,219 327 82 562 160 233 137, 579 1923. 497 2,525 201 159 162 152 1,095 419 95 575 151 233 21, 708, 900 1923 May 474 2,613 1,030 204 160 164 156 1,093 407 580 149 233 1,125,350 June 484 2,545 1,002 202 159 160 150 1,095 409 569 149 230 1,884,110 July 504 2,408 969 207 157 155 147 1,080 407 566 145 235 3,069, 972 August 529 2,292 959 207 155 155 147 1,080 413 567 142 231 5,356,943 September 514 2,265 958 202 158 160 150 1,089 424 102 569 145 234 7,302,200 October _. 515 2,263 974 205 158 160 150 1,077 421 118 563 148 237 27, 380, 680 November 531 2,412 965 207 161 169 156 1,070 443 139 571 153 242 68,642,700 December 545 2,597 210 163 170 157 1,096 459 126 577 154 244 142,300,700 1924 January. 580 2,711 991 210 165 173 161 1,071 494 117 571 156 250 252,610,900 February.. 642 2,658 1,028 223 167 173 163 1,078 544 116 573 158 260 248,429,600 March 625 2,612 1,036 227 165 172 161 1,094 499 121 579 155 266 245, 278,00 April 555 2,798 1,022 228 165 172 161 1,095 450 124 579 154 267 242,320,000 May 557 1,015 225 164 168 459 123 153 263 U04 June 219 264 1 December figure. On basis of Zloty, 1914=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

•592 FEDEBAL BESERVE BTJLIAETIN JULY, 1924 ALL-COMMODITIES INDEX NUMBERS—Continued [Pre-war=100] EUEOPE—continued A N M O E R R T IC H A ASIA AND OCEANIA Sweden Year and month Spain G b H o o a r t n g e - - s Bo o a f rd S l z a w e n r i d - t- U St n a i t t e e s d C a a d n a - t A r u al s i - a ( C S h h h a a i i n n ) a g-. D I n E u d a t i c s e t h s c I ( n u C d t a t i a l a - ) J k ( a y T p o o a ) - n N l Z a e e n a w d - (Cairo) A So fr u ic th a dels- Trade tidning 1919. 204 330 206 208 180 145 261 .198 236 178 225 165 1920. 221 347 359 3 326 226 241 218 152 289 204 259 212 299 223 1921. 190 211 218 197 147 170 167 150 198 181 200 201 171 161 1922. 176 162 •173 168 149 152 154 146 197 180 196 177 145 129 1923-, 172 1S7 163 180 154 153 170 156 195 176 199 175 131 127 1923 May. 171 158 166 187 156 155 170 158 177 199 176 134 June 170 160 164 181 153 155 178 155 200 175 198 177 128 July 170 157 162 180 151 154 180 155 194 170 192 176 123 124 August . 171 163 162 175 150 154 175 153 191 171 190 175 120 September. 174 155 162 173 154 155 172 157 193 174 210 177 123 October 171 153 161 181 153 153 171 156 194 174 212 176 129 125 November. 173 151 160 182 152 153 173 157 197 177 209 175 134 December.. 176 150 160 183 151 154 174 158 207 179 210 173 136 1924 January. 178 152 161 183 151 157 174 156 205 172 211 175 133 131 February- 180 153 162 183 152 157 170 160 205 178 208 180 135 March 180 154 162 180 150 154 167 158 204 179 206 180 136 April 184 156 161 182 148 151 166 154 174 207 178 134 126 May 151 160 181 147 151 154 176 205 135 June...... 178 152 8 January figure. The foreign index numbers of wholesale prices are cabled to the Federal Reserve Board by the various foreign statistical offices. Index numbers of commodity groups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and may be had upon request. Wherever possible the indexes have been shifted from original bases to a 1913 base. Further information as to sources, base periods, number of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN . INDEX NUMBERS OF RETAIL FOOD PRICES [Pre-war=100] - 1 TEAR AND MONTH 1919 1920 1921 1922 1923 1923 July October - „«. 1924 March April June 15( setatS detinU EUROPEAN COUNTRIES 182 199 150 139 143 140 141 144 143 146 147 148 147 146 144 141 138 138 )anneiV( airtsuA > 57,900 541,200 1,250,100 1,391,000 1, 413, 200 1, 291,100 1,233,500 1 250 900 1, 263, 600 1, 264, 700 1, 286,000 1,352, 700 1,382,100 1,393, 000 1, 383, 800 1 416 900 1,445, 700 -vorP 9( muigleB )secni 100 90 107 96 98 103 109 115 117 121 124 126 130 128 121 113 airagluB 1,322 1,653 1,765 2,459 2,484 2,562 2,495 2,361 2,247 2,221 2,219 2,365 2,547 2,674 2,537 2,497 2,501 006( dnalgnE )snwot 219 256 230 176 169 162 160 162 165 168 172 173 176 175 177 176 167 163 ainohtsE 100 85 102 101 101 102 109 102 106 104 107 111 113 115 115 )siraP( ecnarF Germany 260 371 337 301 332 325 331 321 328 339 349 355 365 376 384 392 380 378 )seitic 17( Gold 151 127 117 120 123 120 )nilreB( basis 147 127 111 113 116 121 )naliM( ylatI c 2 310 M45 '506 2 492 * 496 499 502 496 490 496 502 503 499 515 516 523 524 cnalrehteN )seitic 212 234 179 157 145 147 145 145 143 142 145 149 149 150 151 152 152 151 yawroN snwot 290 319 295 231 217 214 213 218 220 218 217 221 226 230 239 241 240 241 33( i OTHER COUNTKIES o CO || '% 209 159 161 161 165 164 162 163 162 166 167 168 167 167 165 165 adanaC )seitic 187 215 164 140 142 140 138 137 142 141 144 144 145 145 145 143 137 133 03^ ailartsuA snwot 148 181 164 145 154 148 162 164 165 161 157 156 156 155 153 152 150 )yabmoB( aidnI 1 178 174 159 149 148 146 148 149 149 147 147 152 154 151 147 143 143 52( dnalaeZ weN )snwot 146 168 162 142 143 143 142N 142 143 145 146 147 147 150 149 150 150 9( acirfA htuoS )snwot 178 145 119 117 118 118 116 115 115 117 12C 118 120 122 122 123 122 1 December figure. i July figure. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY,1924 FEDERAL RESERVE BULLETIN 593 COST OF LIVING INDEX NUMBERS EtTEOPEAN COUNTBIES OTHER COUNTRIES Germany TEAS AND MONTH "1 Gold Gold basis basis 1919 216 '280 194 175 321 157 175 133 »128 1920. 191 455 249 •441. 221 1302 191 .298 182 183 148 '155 1921 160 399 1,423 226 1494 202 367 189 237 210 160 173 157 »137 1922 153 461,400 374 1,289 183 296 501 183 248 181 180 162 147 164 146 = 121 1923 156 1,072, 700 428 918 174 334 494 174 234 177 163 163 149 154 145 131 1923 May 156 1,144,000 413 170 490 178 161 163 147 153 144 131 June 156 1,151,300 419 933 169 334 491 174 236 170 161 166 146 151 145 131 July 157 1,090,300 429 921 169 45 487 172 160 166 146 153 145 130 August 156 1,049,600 439 892 171 54 178 161 164 148 154 146 130 September- 157 1,-084,100 453 903 173 331 64 487 173 230 178 165 164 148 154 147 131 October 158 1,102,700 458 901 175 61 502 174 165 164 149 152 147 132 November- 157 1,114,900 463 175 126 502 177 164 167 150 153 148 133 December. . 158 1,124,900 470 177 "345' 125 107 499 178 231 182 164 168 150 157 149 1924 January... 157 1,174, 000 480 917 177 110 96 510 178 163 169 150 158 150 133 February- 156 1,194,000 495 917 179 104 92 517 190 162 168 149 156 151 134 March 156 1,199,600 510 178 365 107 93 521 179 ISO 162 168 148 153 152 134 April 154 1,197,300 498 907 173 112 99 522 195 159 166 145 150 134 May...... 1,220,900 485 916 171 110 101 166 143 150 134 June 1,244,200 492 •July. ' Without sundries. Information as to the number of foods included and the items entering into the cost of living indexes is available in the board's offlce. 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

594 FEDERAL RESERVE BULLETIN , 1924 BANKING AND FINANCIAL STATISTICS CONDITION OF FEDERAL RESERVE BANKS EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PER- CENTAGES FOR MAY AND APRIL, 1924 [Daily averages. Amounts in thousands of dollars] Total earning assets Total cash reserves . Total deposits Federal reserve notes Reserve percentin circulation ages . Federal reserve bank May April May April May April May April May April Boston 51,075 61,127 296,940 293, 694 129,791 132,547 203,861 207,374 89.0 86.4 150,757 186, 515 990, 769 963, 788 750, 344 746, 270 348,981 361, 463 90.1 87.0 Philadelphia _. 66, 764 75,619 268,223 271,422 118,318 119,173 193,976 205, 759 85.9 83.5 91, 497 98,976 312, 580 313,052 163, 258 166,826 220,104 224, 795 81.5 79.9 Richmond 62,416 66,564 84, 292 86, 766 62,477 64,196 76, 500 81, 491 60.7 59.6 47,053 52, 616 152,359 146,948 58, 288 60,724 140, 699 139, 405 76.6 73.4 Chicago . - 120, 558 129,192 474,005 500, 716 293, 530 301,921 279,848 305, 272 82.7 82.5 St. Louis 37, 552 45,520 109,200 103,600 72,885 73, 795 65,492 66,849 78.9 73.7 Minneapolis 41,081 38,226 81, 083 82,474 47, 821 50,126 70, 281 66,686 68.7 70.6 Kansas City 47,698 48,098 98, 509 101,208 77,413 79, 738 63, 373 64,116 70.0 70.4 "Dallas 40,881 50, 240 61, 312 54,942 52, 628 55,035 44,490 43, 796 63.1 55.6 San Francisco - 82,239 87,800 292, 537 283,153 • 153,457 154,040 207,844 204,178 81.0 79.0 Total: 1924 839, 571 940,493 3, 221,809 3, 201, 763 1,980,210 2, 004, 391 1,915,449 1,971,184 82.7 80.5 1923 1,173,194 1,164, 606 3,180, 433 3,176, 630 1, 948,878 1, 944,805 2, 243,195 2,236, 378 75.9 76.0 1922 1,188,849 1,190,004 3,126, 773 3,114,928 1,877, 269 1, 822,788 2,153,053 2,190, 447 77.6 77.6 1921 2, 353, 794 2,527, 253 2, 541, 640 2,485, 079 1, 717, 423 1, 749, 568 2, 787,379 2, 870, 645 66.4 53.8 1920 3, 255, 859 3,191,945 2, 078,822 2, 084, 077 1,987, 323 1,998, 732 3, 089,737 3,071, 754 1 42. 4 143.0 1919 2, 391, 774 2, 341, 724 2, 246, 087 2, 224, 948 1, 944, 547 1, 878, 879 2, 534,112 2,547, 535 •51.8 152.0 i Calculated on basis of net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANE ON WEDNESDAYS, MAY 28 TO JUNE 18, 1924 RESOURCES [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 - Gold with Federal reserve agents: May 28 2,103,863 204,067 635,429 186,003 200,771 39,002 115,397 279,995 63,814 57,770 57,237 37,761 226,627 Jiinp. 4 2,089,133 201,045 635,392 185,432 198,528 37,567 114,009 279,934 62,789 57,770 56,527 36,134 224,006 June 11 2,091,061 202,515 635,351 184, 561 201,533 41,142 113,681 279,890 61,736 58,031 55,734 35, 560 221,327 June 18 2,118, 962 209,371 635, 299 187, 397 205,634 39,730 122, 388 279,825 63,118 57, 689 55,195 29,819 233, 597 Gold redemption fund with U. S. Treasury: May 28.... 46,465 4,428 5,177 10,764 1,103 3,565 2,915 6,361 3,190 1,510 2,590 1,305 3,557 .Tnna 4 48,439 6,649 3,705 12,402 2,003 3,788 2,603 5,433 3,695 1,204 2,885 1,603 2,569 June 11 37, 532 4,264 1,962 6,166 3,373 3,927 2,076 4,254 4,111 1,614 1,189 1,373 3,223 June 18 42,249 6,470 5,432 8,620 3,019 4,069 2,624 3,278 2,084 1,724 1,230 1,227 2,472 Gold held exclusively against Federal reserve notes: May 28 2,150,328 208,495 640,606 196,767 201,874 42,567 118,312 286,356 67,004 59,280 59,827 39,056 230,184 2,137,572 207,694 639,097 197, 834 200, 531 41, 355 116,612 285,367 66,484 58,974 59,412 37,637 226,575 June 11 2,128,593 206,779 637,313 190,727 204,906 45,069 115,757 284,144 65,847 59,645 56,923 36,933 224,550 June 18 2,161, 211 215, 841 640, 731 196, 017 208,653 43,799 125,012 283,103 65,202 59,313 56,425 31,046 236,069 Gold settlement fund with Federal Reserve Board: May 28 594,007 59,673 150,667 34,584 85, 391 35,743 14, 516 109, 749 . 20,702 9,874 33,661 8,205 31,242 593,872 52,282 155,035 25,175 87,352 35,711 20,881 107, 257 26,899 12,746 26,479 10,753 33,302 June 11 601,165 50,885 197,610 38,063 77,457 36,014 18,965 85,510 24,700 5,493 24,668 4,869 36,931 June 18 574,150 33,588 196,440 28,082 79,018 30, 269 17, 237 104,415 29,304 4,996 23,737 10,039 17,025 Gold and gold certificates held by banks: May 28 373,478 19,053 172,235 32,106 18,085 7,383 7,477 58,067 8,147 9,623 3,896 6,966 30,440 June 4 393,648 18,950 188,687 33,955 18,318 7,704 7,339 58,871 7,378 9,611 5,647 6,924 30,264 June 11 424,690 19,107 202,784 34,422 18,434 8,220 7,473 74,160 7,580 9,655 5,424 7,135 30,296 June 18 422,280 19,007 198,969 34,537 18,878 8,711 7,641 68,443 7,780 9,682 5,370 8,489 34,773 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDEEAL RESERVE BULLETIN 595 RESOURCES AND LIABIUTIES OF EACH FEDERAL RESERVE BANE ON WEDNESDAYS, MAY 28 TO JUNE 18, 1924—Contd. RESOURCES—Continued [In thousands of dollars) New Phila- Cleve- Rich- St. Minne- Kansas San Total Boston York delphia land mond Atlanta Chicago. Louis apolis City Dallas Francisco Total gold reserves: May 28 117,813 287,221 963,508 263, 467 305,350 85,693 140,305 454,172 95, 853 78,777 97,384 54,227 291.866 June 4 125,092 278,926 256,964 306, 201 84,770 144,832 451, 495 100, 761 81,331 91,538 55,314 290,141 June 11 '.. 164,448 276, 771 ,037,707 263,212 300, 797 89,303 142,195 443,814 98,127 74, 793 87,015 48,937 291,777 June 18 157,641 268,436 ,036,140 268,636 306, 549 82, 779 149,890 455, 961 102,286 73, 991 85,532 49,574 287.867 Reserves ottier than gold: May 28 96,461 10,018 21,860 3,411 4,522 4,833 11, 558 10, 997 13,080 1,333 4,446 6,930 3,473 June 4 99,827 10,643 23,919 3,609 5,471 4,577 11,102 11,377 13,075 1,435 3,805 6,722 4,092 June 11 105,047 11,174 24,831 4,089 6,650 4,233 11,240 13,381 12,849 1,555 4,183 6,848 4,014 June 18 114,503 12,402 28,031 3,930 4,590 12,114 15,583 11,924 1,576 4,551 6,994 3,942 Total reserves: May 28—- 214,274 297,239 309,872 90,526 151,863 465,169 108,933 80,110 101,830 61,157 295,339 June 4 224,919 289,569 006,738 260,573 311,672 89,347 155,934 462, 872 113,836 82,766 95,343 62,036 294,233 June 11 259, 495 287,945 062,538 267,301 307,447 93, 536 153, 435 457,195 110, 976 76,348 91,198 55, 785 295, 791 June 18_ _ 272,144 280,838 064,171 262, 566 315,415 87,369 162, 004 471, 544 114,210 75,567 90,083 56,568 291,809 Nonreserve cash: May 28 46,238 3,565 1,813 2,557 2,550 5,053 7,265 3,816 916 2,729 3,051 3,224 June 4 49,611 3,608 13,103 1,698 3,499 2,384 3,568 8,476 3,995 1,032 2,684 2,216 3,348 June 11_._ 55, 944 3,810 16,120 1,866 3,052 2,628 4, 748 9,079 4,112 1,296 2,905 2,712 3,616 June 18 56,641 3,400 16, 519 1,870 4,125 2,521 4,257 9,756 4,164 3,152 2,579 3/370 Bills discounted: Secured by U.S. Government obligations— May 28 164, 566 11,637 44,424 22,924 12,822 6,487 17, 570 7,182 1,098 2,040 1,714 8,005 June 4 135,323 11,405 24,055 22,684 22,068 12,880 13, 605 7,609 1,040 2,037 2,419 8,552 June 11 131,268 10,121 20,844 20,683 31,719 11, 631 7, 12,451 5,533 584 1,738 2,130 5,868 June 18 114,439 8,777 20,717 18,292 18,457 13,145 4,810 12, 609 5,198 482 2,020 1,758 8,174 Other bills discounted— May 28 265,034 8,744 15,438 10, 267 21,357 37, 211 33, 694 37, 072 19, 737 15,176 22, 365 13, 081 30, 892 June 4 8,121 13,934 9,752 21, 317 37, 678 34,953 36, 269 20,300 14,807 23,814 13,319 31,833 June 11 244,724 6,825 14,310 9,561 15,526 33,924 31, 530 36,858 •17, 620 14,452 23,499 12,904 27,815 June 18 236,941 5,426 15,728 7,955 12,638 36,810 28,880 36,945 17, 717 13,781 22,691 13,805 24,565 Total bills discounted: May 28.. 429, 600 20, 381 59, 862 33,191 60,020 50, 033 40,181 54,642 26,919 16,274 24, 405 14, 795 June 4 401,420 19, 526 37, 989 32,436 43,385 50,558 41, 922 49,874 27, 909 15,847 25,851 15,738 40,385 June 11 375,992 16,946 35,154 30,244 47,245 45, 555 49,309 23,053 15,036 25,237 15,034 33,683 June 18 .... 361, 380 14)203 36,445 26, 247 31,095 49,955 33, 690 49, 554 22, 915 14,263 24,711 15, 563 32,739 Bills bought in open market: May 28 86,760 5,281 41, 504 4,014 7,556 1,447 4,134 9,185 2,548 1,732 1,461 2,450 5,448 June 4 _.. 55, 632 5,876 16,985 4,100 5,379 1,296 4,135 6,551 2,200 1,444 1,101 1,909 4,656 June 11 44,381 3,754 8,163 4,128 5,814 1,106 3,610 6,800 1,743 1,305 1,240 2,009 4,709 June 18 57,322 2,977 18, 414 3,484 5,638 969 2,992 5,590 1,196 1,586 2,369 5,381 TJ. S. Government securities: Bonds^- May28 17, 409 542 1,202 549 916 1,191 71 4,426 6,218 508 1,780 June 4 20,098 542 1,202 549 1,916 1,191 4,425 6,814 1,587 1,780 6 June ll.». 22,190 542 1,202 549 2, 915 1,191 131 4,426 7,855 1,590 1,780 9 June 18 21, 969 541 1,202 549 2, 915 1,191 194 4,426 7,372 1,789 1,780 10 Treasury notes— May 28 245,722 20,367 55, 823 25,886 29,172 2,962 35,434 5,136 10,707 15,097 17,142 27,996 June 4 25,335 71,813 30,699 34,916 2,962 10 5,136 11,527 17,196 18,695 33,378 June 11 334,024 28,862 83,180 32,824 39,004 2,962 51,825 5,701 14,036 18,626 19,800 37,204 June 18 300,216 22,847 101,299 23,493 27,076 2,873 40, 961 6,303 12,861 19, 311 13,697 29,495 Certificates of indebtedness— May 28 70,151 5,868 18,905 3,071 8,754 972 140 11,512 1,830 4,458 3,581 6,368 June 4 81,126 6,943 22,366 4,113 9,997 972 1 13,504 1,830 4,811 5,139 3,917 7,533 June 11 66,691 5,610 18,060 4,113 8,445 972 10,979 1,265 3,064 4,603 3,497 6,083 June 18 103, 717 8,845 34,043 9,990 1,061 14,686 1,701 4,107 6,051 4,966 13,378 Total U. S. Government securities: May 28.- 333, 282 26,777 75, 930 29,506 38,842 5,125 211 51,372 21,383 20,297 22,503 34,370 June 4 397,890 32,820 95,381 35,361 46,829 5,126 97 62,928 23,152 23,922 24,392 40,917 June 11 422,905 35,014 102,442 37,486 50,364 5,125 131 67,230 24,955 24,819 25,077 43,296 June 18... 425, 902 32,233 136,644 28,931 39,981 5,125 194 60,073 8,004 24,340 27,151 20,443 42,883 All other earning assets: May 28 551 551 June 4 1,301 1,301 June 11 1,301 1,301 June 18 1,301 1,301 Total earning assets: May 28 850,193 52,439 177,296 67,262 96,418 56,605 44,526 115,199 36,433 39,389 46,163 39,748 78, )lS June4_ 856,243 58,222 150,355 73,198 95, 593 56,979 46,154 119,353 37,075 40,443 50,874 42,039 85,958 June 11.- 844,579 55,714 145,759 73,159 103,423 51,786 43,237 123,339 31,762 41,296 51,296 42,120 81,688 June 18 835,905 49.413 191,403 58,963 76,714 56,049 36,876 115,217 32,115 40,189 54,231 42,732 81,003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

596 FEDERAL RESERVE BULLETIN JULY, 1924 RESOURCES A1SID LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAY 28 TO JUNE 18, 1924—Contd, 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 Bi 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 r is a a c n n o - 6% redemption fund—Federal reserve bank notes: May 28 28 28 UncoUected items: May 28 531,954 47,140 117,689 50,596 55,272 46,166 22,544 67,041 30,088 11,185 29,674 19,617 34,942 573, 797 53,200 134,991 55,611 55,558 51,375 19,176 73,738 30,964 11,449 31,605 20,718 35,412 June 11 573,457 52,463 127,954 53,383 53,013 49,782 24,328 72,957 30,878 13,289 33,253 22,550 39,607 June 18 685,234 54,960 164,422 70,185 68,116 59,944 28,904 88,648 33,495 15,429 37,273 23,855 40,003 Bank premises: May 28.... 57,139 4,312 15,159 1,112 9,117 2,528 2,720 8,264 1,887 2,699 4,595 1,912 2,834 57,174 4,312 15,160 1,112 9,117 2,528 2,728 8,264 1,910 2,699 4,595 1,912 2,837 June 11 57,274 4,312 15,160 1,112 9,118 2,528 2,728 8,264 1,920 2,781 4,595 1,912 2,844 June 18 57,374 4,312 15,174 1,113 9,120 2,528 2,728 8,264 1,994 2,781 4,595 1,912 2,853 All other resources: May 28 25,207 101 6,245 363 340 400 1,676 433 220 5,637 1,120 4,540 4,132 •26,779 83 7,786 384 360 507 1,670 412 206 5,633 1,096 4,513 4,130 June 11 _.. 27,773 93 9,015 434 396 334 1,694 420 200 5,609 1,061 4,428 4,089 Junel8_ 25,151 74 6,.757 178 203 340 1,690 846 139 5,686 984 4,287 3,967 Total resources: May 28 4,725, 033 404, 796 1, 311, 456 388, 014 473, 576 198, 775 228, 382 663, 371 181,377 139,936 186, 111 130, 063 419,186 June 4 . 4, 788, 523 408,994 1,328,132 392, 576 475, 799 203,120 229,230 673,115 187,986 144, 022 186,197 133,434 425, 918 June 11 4,818, 522 404,337 1, 376, 546 397, 255 476,449 200,594 230,170 671,254 179,848 140,619 184,308 129, 507 427,635 June 18 ... _.:.4,932,449 392,997 1, 458,446 395,875 473, 693 208, 751 236,459 694, 275 186,117 140, 580 190, 318 131, 933 423,500 LIABILITIES Federal reserve notes in actual circulation: May 28 1, 891,147 203,440 342,248 194,660 220, 489 73,876 139, 254 271,198 64,537 69, 562 63,096 42, 532 206, 255 June 4 4,039 203,802 344, 308 186,616 215,415 74,439 140,168 269, 596 64,085 69,782 63,818 43,199 208, 811 June 11 0,518 198, 734 342, 616 188,270 218,252 73,549 139, 715 264, 381 62,627 69, 222 63,879 41,808 207, 465 June 18 „ . 1,842 199, 663 344,007 185,644 210,989 73, 053 138, 740 259, 010 62, 225 68, 499 63, 432 41, 221 205, 359 Federal reserv nk notes in c ulation—net: May 28 317 317 Deposits: Member bank reserve acaccount— May 28 1, 936, 074 126,545 756, 558 113,191 162, 583 59, 923 53,417 279,635 69, 016 45,177 75,949 49, 421 144,659 June 4 1,988, 047 126, 469 767,812 122,996 170,538 61, 685 56,292 286, 750 73,475 48,440 76,937 48, 520 148,133 June 11 2, 031,905 126, 531 818, 077 128,129 168, 848 59,934 55, 960 290,726 68,333 44,399 73,963 48,666 148, 339 June 18 2,103, 815 118,114 879, 229 117, 792 164,141 60,309 59,025 310, 733 73,411 45, 537 77,975 50,231 147,318 Government- May 28 40,384 3,670 6,752 3,218 3,125 3,830 3,484 3,622 2,495 1,296 2,470 2,812 3,610 June 4 31,866 2,193 4,019 3,518 2,510 358 4,127 4,096 2,200 1,392 2,499 1,899 3,055 June 11 35,172 3,524 7,315 1,792 3,384 2,521 1,866 4,895 2,115 1,269 2,055 1,837 2,699 June 18 9,648 659 2,641 560 326 980 1,007 57 1,234 272 747 381 784 Other deposit: May 28 20,982 151 12,369 225 894 119 146 1,173 476 267 299 187 4,676 June 4 21,221 181 11,322 316 1,442 108 106 1,116 388 353 249 293 5,347 June 11 _ 19,802 175 10,291 287 1,451 84 90 1,144 378 320 319 257 5,006 June 18 22,013 295 11,167 896 1,226 251 119 1,465 381 469 389 450 4,905 Total deposits: May 28 1,997,440 130,366 775, 679 116,634 166,602 63,872 57, 047 284,430 71,987 46, 740 78, 718 52,420 152,945 June 4 2, 041,134 128,843 783,153 126,830 174,490 62,151 60,525 291,962 76,063 50,185 79,685 50, 712 156,535 June 11 2,086,879 130,230 835,683 130,208 173,683 62, 539 57,916 296,765 70,826 45,988 76,337 50, 760 155,944 June 18 2,135,476 119,068 893,037 119,248 165,693 61,540 60,151 312,255 75,026 46,278 79,111 51,062 153,007 Deferred availability items: May 28 488, 715 46,217 101,443 45,933 48,764 42,411 16,952 60,490 28,973 11,419 29,646 21, 346 35,121 June 4 516,199 51,571 108,708 48, 319 .48,213 47,886 13,403 64,383 31,981 11,829 28,025 26,102 35,779 June 11 513, 620 50,607 106,165• 47,929 46, 782 45,881 17,398 62,829 30,533 13,187 29,401 23,497 39, 411 June 18 597, 744 49,476 129,365 60,136 59,373 55,496 22,451 75,759 33,029 13, 581 33,068 26,160 39,850 Capital paid in: May 28 111, 493 7,974 29,959 10,199 12,645 5,838 4,582 15,191 5,073 3,422 4,418 4,166 8,026 June 4 _. 111,456 7,974 29,980 10,199 12,644 5,838 4,582 15,159 5,073 3,408 4,418 4,155 8,026 June 11 111,442 7,974 29,972 10,199 12,644 5,838 4,682 15,159 5,072 3,390 4,433 4,155 8,024 June 18 „... 111,472 7,974 29,983 10,208 12, 645 - 5,851 4,582 15,155 5,072 3,390 4,435 4,153 8,024 Surplus: May 28. 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 June 4 220,915 16,390 59,929 19, 927 23,691 11, 672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 June 11 220,915 16, 390 59,929 19, 927 23,691 11,672 8,950 30, 426 10,072 7,484 9,496 7,577 15,301 June 18 220,915 16,390 59,929 19,927 23,691 11,672 8,950 30, 426 10,072 7,484 9, 496 7,577 15,301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1»24 FEDERAL RESERVE BULLETIN 597 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, MAY 28 TO JUNE 18,1924—Contd, 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 u v d e- m R o ic 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 F c S i r s a a c n n o - All other liabilities: May 28 15,006 409 2,198 661 1,385 1,106 1,597 1,636 735 1,309 737 1,695 1,538 14,780 414 2,054 685 1,346 1,134 1,602 1,589 712 1,334 755 1,689 1,466 June 11 15,148 402 2,181 722 1,397 1,115 1,609 1,694 718 1,348 762 1,710 1,490 June 18 15,000 426 2,125 712 1,302 1,139 1,585 1,670 693 1,348 776 1,760 1,464 Total liabilities: May 28 _4,725,033 404,796 1,311,456 388,014 473,576 198,775 228,382 663,371 181,377 139,936 186, 111 130,053 419,186 4, 788, 523 408,994 1,328,132 392, 576 475,799 203,120 229,230 673,115 187,986 144,022 186,197 133,434 425,918 June 11 4,818, 522 404,337 1,376,546 397, 255 476,449 200, 594 230,170 671,254 179,848 140,619 184,308 129,507 427,635 June 18 4,932,449 392,997 1,458,446 395,875 473,693 208,751 236, 459 694,275 186,117 140,580 190,318 131,933 423.005 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined— per cent: May 28.... 82.7 89.0 88.1 85.7 • 80.1 65.7 77.4 83.7 79.8 68.9 71.8 64.4 82.2 June 4 . . 82.2 87.1 89.3 83.1 79.9 65.4 77.7 82.4 81.2 69.0 66.4 66.1 80.5 June 11 82.4 87.5 90.2 83.9 78.4 68.7 77.6 81.5 83.2 66.3 65.0 60.3 81.4 June 18 82.1 88.1 86.0 86.1 83.7 64.9 81.5 82.5 83.2 65.8 63.2 61.3 81.4 Contingent liability on bills purchased for foreign correr spondents: May 28 39,857 11,557 3,872 4,670 2,275 1,756 5,947 1,956 1,437 1,836 1,517 3,034 June 4 40,118 11,784 3,877 4, 676 2,278 1,758 5,955 1,958 1,438 1,838 1,519 3,037 June 11 39,628 11,294 3,877 4,676 2,278 1,758 5,955 1,958 1,438 1,838 1,519 3,037 June 18 38,909 11,324 3,774 4,552 2,218 1,712 5,797 1,906 1,401 1,790 1,478 2,957 MATURITY DISTRIBUTION OF BILLS CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED [In thousands of dollars] Total Wi d th a i y n s 15 16 d a to y s 30 31 d a t y o s 60 61 d a t y o s 90 d F m a r y o o s m n t t h o 9 s 1 6 m O o v n e t r h 6 s Bills discounted: May 28 429,600 234,773 42,400 66,669 42,688 40,049 3,021 401,420 208,935 43,215 66,268 38,315 42,699 1,988 June 11 . . 375,992 194,504 41,214 57,778 37,679 43,011 1,806 June 18 351,380 • 175,118 37,750 54,109 36,710 46,838 855 Bills bought in open market: May28 86,760 66,995 8,349 8,638 2,274 504 55,632 35,901 10, 495 6,790 1,774 672 44,381 24,494 12,138 5,125 1,940 684 June 18 57,322 25,696 9,659 15,554 4,790 1,623 United States certificates of indebtedness: May 28 70,151 21 116 49,035 June 4 81,126 31, 311 944 48,871 66,691 31,312 944 34,435 .Time 18 _ 103, 717 1,100 92,297 10,320 Municipal warrants: May 28. 51 51 Jnnfl 4 ,._ .. 51 51 June 11—: • . 51 51 June 18 51 51 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

598 FEDERAL, RESERVE BULLETIN JUDY, 1924 FEDERAL RESERVE NOTES FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, MAY 28 TO JUNE 18, 1924 [In thousands of dollars New Phila- Cleve- Rich- Chi- St. Minne- Kansas San- Total Boston York delphia land mond Atlanta cago Louis apolis City Dallas Francisco Net amount of Federal reserve, notes received from Comptroller of the Currency: May28___ 3,337,600 323, 354897, 010262, 811300, 584123, 401225,176 503, 064103, 073 95,841 104,194 74,380 324,712 June 4 ___ 3,335,043 320,332 266,239 299,840 121,966 225, 648504, 757102, 049 95,841 103, 484 73, 763324,131 June 11 _ 3, 318,336 316,802 896,775 261, 369298,945 121, 541225,321 500, 456100,996 95,102 104,890 73,188 322,951 June 18 3, 305, 455 313,658 894, 314263, 705297,246 121, 588224,628 496, 277100,378 104,952 72,708 321, 341 Federal reserve notes on hand: May 28 -. 960, 892 101, 700255, 060 46,760 68,470 41,005 74,447 209, 220 26,100 23,730 27, 893 21,247 75, 260 June* 960,100 99,100 255,060 50,560 58,970 39, 505 75, 370210,920 26,100 22,715 27,093 21,047 73,660 June 11 954,670 96,900 255, 060 48, 560 59, 970 39, 305 73,240 209,820 26,100 22,450 28,093 21, 512 73, 660 June 18 949, 231 94,300 251,980 50,160 59,470 40,065 73,240 209,220 26,100 23,236 28,093 21,667 71,700 Federal reserve notes outstanding: May 28 2,376,708 221,654 641,950 216,051 242,114 82, 396150, 729293,844 76,973 72, 111 76, 301 53,133 249, 452 June 4 2.374, 943 221, 232641,933 215, 679240,870 82, 461150, 278293,837 75,949 73,126 76,391 52, 716250,471 June 11 _ 2,363,666 219, 902641, 715212, 809238, 975 82,236 152, 081290, 636 74,896 72, 652 76, 797 51, 676249,291 June 18 2,356,224 219,358 642, 334213, 545237,776 81, 523151,388 287,057 74,278 71,424 76,859 51,041 249,641 Collateral security for Federal reserve notes outstanding: Gold and gold certificates- May 28 _. 335,864 35,300 238, 531 14,000 8,780 2,400 13,052 13, 816 June 4 335, 864 35, 300238, 531 14,000 8,780 2,400 9,985 13,052 13, 816 June 11 335,864 35,300 238, 531 14,000 8,780 2,400 13,052 13,816 June 18 _ 334,604 35,300 238, 531 14,000 8,780 2,400 9,985 13, 052 12, 556 Gold redemption fund— May28 _.. 113,172 15, 767 30,898 .13,114 13,991 2,707 3,997 6,351 3,329 1,718 3,877 3,435 13,988 June4_ 113,963 12, 745 30,861 10,543 13,748 1,272 7,609 6,290 4,304 1,718 3,167 2,818 June 11 110, 243 9 215 30,820 10,672 12, 753 2,847 7,281 6,246 3,251 1,979 4,374 3,244 17, 561 June 18 _ 115,986 ie, 07i 30, 768 12, 008 11,854 4, 435 5,988 6,181 4,633 1,537 3,835 2,763 15,913 Gold fund, Federal Reserve Board- May 28. _. 1, 654,827153, 000366, 000158, 889178, 000 36,295 109,000 273, 644 50,500 43,000 53,360 20,500 212,639 June4_ 1, 639, 306153,000 366,000 160, 889176,000 36, 295104,000 273, 644 48,500 43,000 53,360 19,500 205,118 June 11 1,644,954 158,000 366,000 159,889 180,000 38,295 104, 000273,644 48, 500 43,000 51, 360 18,500 203,766 June 18 1, 668, 372158, 000366,000 161,389 185,000 35,295 114,000 273,644 48,500 43,000 51, 360 14,500 217,684 Eligible paper— Amount required- May 28 272,845 17,587 6,521 30,048 41,343 43, 394 13, 849 13.159 14,341 19,064 15,382 22,825 June 4 285,810 20,187 6,541 30,24r 42,342 44,894 36,269 13, 903 13.160 15,356 19,864 16, 582 26,465 June 11 272, 605 17, 387 6,364 28,248 37,442 41,094 38,400 10,746 13,160 14, 621 21,063 16,116 27,964 June 18 _ 237,262 7,035 26,148 32,142 41, 793 29,000 7,232 11,160 13, 835 21,664 21,^22 16, 044 Excess amount held— May 28 222,615 8,075 86,165 681 15,482 7,645 8,491 49, 455 14,981 3,204 6,479 2, 213 19,744 June 4 151,824 5,215 38,881 1,617 5,561 6,472 9,423 41,973 16,232 1, 514 6,727 1,371 16,838 June 11 132,051 3,313 31,356 1,033 14,966 4,858 4,435 44, 900 10,922 1,226 5,132 1,181 8,729 June 18 159, 836 7,193 42, 964 1,353 3,545 7, 5Sr 47, 491 12, 777 1,504 5,156 1,273 20,333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE BULLETIN 599 EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON, MAY, 1924 [Amounts in thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a- ia C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S o t u . is M ap in o n li e s - K C an it s y as Dallas F S r a a n ncisco HOLDINGS ON MAY 31, 1924 Total earning assets 874,323 58,973 174,171 70,582 92,185 60,808 48,293 118,837 40,326 39,678 47,832 41,237 81,401 Bills discounted for members 441,366 22,383 62,095 34,495 43,256 54,236 43,869 54,263 30,666 16,408 25,035 15, 418 39,242 Bills bought in open market 79,549 7,893 29,966 4,169 7,868 1,447 4,346 9,391 2,694 1,702 1,648 2,716 5,709 TJ. S. securities 352,857 28,697 82, 110 31, 367 41,061 5,125 78 55,183 6,966 21,568 21,149 23,103 36,450 All other earning assets 551 551 Bills Discounted Customers' paper secured by Government obligations 2,273 424 1 164 408 340 432 101 233 6 53 72 39 Member banks' collateral notes: Secured by Government obligations 161,876 12, 382 43, 383 23,631 22,048 13, 334 6, 939 15,855 9,266 1,056 2,158 1,861 9,963 4,565 11 26 193 312 175 142 3,706 Commercial paper, n. e. s_ 178, 525 8,941 17, 412 9,992 18, 470 32, 871 26,908 19, 769 11,645 3,804 7,376 5,660 15,677 Agricultural paper ' 70,477 578 743 616 886 6,500 8,606 17, 768 8,067 9,603 5,012 4,941 7,157 Livestock paper 18, 097 2 1 287 35 490 503 1,445 10, 261 2,680 2,393 Bankers' acceptances, domestic. 92 50 6 36 Trade acceptances: Imports. .. 31 31 Domestic... . _ _ 5,430 56 556 91 1,157 1,095 468 577 946 182 62 240 Total discounted bills 441, 366 22,383 62,095 34,495 43, 256 54, 236 43,869 54,263 30,666 16, 408 25,035 15, 418 39,242 Bills Bought Bankers' acceptances: Foreign, imports 37, 060 4,035 14, 823 952 4,701 • 8 493 4,451 1,436 806 937 1,364 3,054 Foreign, exports . 27, 321 1,838 10,960 1,328 2,466 53 3,146 2,785 746 767 637 970 1,625 Domestic . 12,203 1 460 3,223 1,464 571 1,386 707 1,605 392 74 74 357 890 2,823 560 868 425 80 550 120 55 25 140 Trade acceptances: Foreign, imports 142 92 50 Total purchased bills 79, 549 7,893 29, 966 4,169 7,868 1,447 4,346 9,391 2,694 1,702 1,648 2,716 5, 709 Purchased Bankers' acceptances, by Classes of Acceptors National banks. 22,651 4,387 7,270 1,653 1,307 996 3,664 798 390 224 422 1 540 Other member banks 25, 292 1,341 10, 277 672 1,215 2,170 5,258 811 345 660 685 1 858 Nonmember banks and banking corporations 16, 301 1,435 6,482 835 1,458 1,364 1,115 436 728 524 257 790 877 Private banks. 10,150 623 4,095 686 2,506 83 33 232 121 245 425 1 101 Branches and agencies of foreign banks 5, 013 107 1,750 323 1,332 65 125 322 262 394 333 V. S. Securities U. S. bonds 17,832 542 1,202 549 916 1 191 78 4 426 6,615 528 1,779 6 Treasury notes 262, 228 22,023 61,153 27, 491 31,086 2,962 38,712 5,136 10, 394 15, 821 17,660 29, 790 Certificates of indebtedness .. 72, 797 6,132 19, 755 3,327 9,059 972 12,045 1,830 4, 559 4,800 3,664 6,654 Total U. 8; securities 352,857 28,697 82,110 31, 367 41,061 5,125 78 55,183 6,966 .21, 568 21,149 23,103 36,450 DAILY AVERAGE HOLDINGS DURING MAY Total earning assets 1 839, 571 51, 075 150,757 66, 764 91,497 62, 416 47, 053 120,558 37, 552 41,081 47,698 40,881 82, 239 Bills discounted 435,429 17,887 62, 285 32,946 43,807 55,808 41,123 57,511 27,325 16,460 24,832 14,195 41, 250 Bills bought 80,814 7,604 15, 810 4,965 10,048 1,483 5,824 13,856 3,261 2,671 3,017 4,566 7,709 322,986 25, 584 72, 662 28,511 37, 642 5,125 106 49,191 6,966 21,950 19,849 22,120 33,280 EARNINGS DURING MAY Total earning assets l 3,039 183 517 245 332 235 179 436 140 149 176 147 300 Bills discounted . 1,647 68 219 126 167 214 157 220 105 63 95 55 158 Bills bought 278 26 51 17 36 5 21 49 11 9 10 16 27 U. S. securities 1,112 89 247 101 129 16 167 24 77 71 76 115 ANNUAL RATE OF EARNINGS Total earning assets ' . 4.26 4.22 4.04 4.33 4 27 4.42 4.47 4.26 4.39 4.27 4.35 4.22 4.30 Bills discounted 4.45 4.50 4.14 4.50 4.50 4 50 4.50 4 50 4 50 4 50 4 50 4.50 4 50 Bills bought . 4.05 4.02 3.79 4.13 418 4.13 4 24 • 4 14 412 4.13 4.13 4.17 4 17 U. S. securities. 4.05 4.09 4.01 4.18 4.04 3.68 4 05 4 00 4 08 412 4.20 406 4 09 1 Including municipal warrants as follows: Philadelphia—daily average holdings, $51,398; earnings, $199; annual rate of earnings, 4.56 per cent; also including Federal intermediate credit bank debentures, as follows: Philadelphia—daily average holdings, $290,323; earnings, $1,052; annual rate of earnings, 4.26 per cent. s Less than $500. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

600 FEDERAL RESERVE BULLETIN JULY, 1924 DISCOUNT AND OPEN-MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS FOR MAY, 1924 [Amounts in thousands of dollars] Total Boston Y N o e r w k d P el h p i h la i - a C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i o - L S ou t. is M ap 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 1,559,961 65,393 694,177 102,230 147,483 114,722 57,340 148,282 59, 531 30,244 22,530 17,818 100,211 Bills discounted for member banks,. . 1,403,502 51,355 625,130 92,800 139,278 113,847 53,484 129,838 58,554 15,294 19,099 14,174 90,649 Bills bought in open market 83,492 8,892 51,283 3,945 2,242 875 2,728 4,643 977 828 1,075 2,020 3,984 U. S. securities bought in open market- . 72, 467 5,146 17,764 4,985 5,963 1,128 13,801 14,122 2,356 1,624 5,573 Bills Discounted Customers' paper secured by Government obligations. - .. 1,062 143 1 165 223 224 64 106 6 49 75 6 Member bank collateral notes: Secured by Government obligations 1,062,689 27,641 587, 215 65,396 104,364 69,329 16,996 90,513 37, 435 7,227 7,298 4,559 44,716 8 626 11 64 296 555 350 280 7,070 Commercial paper n. e. s _ . 292, 421 23,190 36,768 27,006 33,313 40,777 32,356 32,978 16,486 3,983 4,256 5,523 35,785 Agricultural paper ... - _. 25,079 330 540 348 297 2,997 3,172 5,916 2,723 3,042 1,677 1,997 2,041 8,583 3 94 30 101 202 426 5,460 1,472 79S Demand and sight drafts (based 1,235 32 48 892 50 9 181 23 Bankers' acceptances, domestic. 72 5 30 37 Trade acceptances, domestic 3,735 51 603 50 1,01 480 523 72 705 5 57 176 Total bills discounted 1, 403, 502 51, 355 625,130 92,800 39, 278 113, 847 53, 484 129,838 58, 554 15, 294 19,099 14,174 90, 649 Average rate (365-day basis)— 4.42 4.50 4.00 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 Average maturity (in days). 14.23 12.89 5.12 12.19 11.01 15.45 42.26 25.02 24.98 53.65 59.49 57.07 21.69 Total reduced to a common maturity basis (exclusive of demand and sight drafts) 1,402,267 46, 531 225, 028 79,511 107, 766 123,626 158, 701 228, 318 101, 226 57, 474 79,812 56,120 138,154 100.0 3.3 16.0 5.7 7.7 8.8 11.3 16.3 7.2 4.1 5.7 4.0 9.9 Number of member banks on May 31 . .. 9, 785 421 850 731 874 627 532 1,433 633 945 1,105 846 • 788 Number of banks accommodated during the month 3,795 179 360 308 302 355 287 620 268 268 334 264 250 Per cent accommodated... 38.8 42.5 42.4 42.1 34.6 56.6 53.9 43.3 42.3 28.4 30.2 31.2 • 31.7 Bills Bought in Open Market Bankers' acceptances: Foreign.... 63, 632 6,192 41, 696 2,386 1,570 2,032 3,112 612 670 906 1,606 2,950 Domestic 16,843 2,695 7,650 1,494 592 875 696 881 315 128 169 414 934 2,148 5 1,168 65 80 650 50 30 100 Trade acceptances, foreign 869 869 Total bills bought 83,492 8,892 51,283 3,945 2,242 875 2,728 4,643 977 828 1,075 2,020 3,984 Distribution, by rates charged (360-day basis): 1,685 1,685 7,487 1,654 272 993 1,717 432 309 466 769 875 3i per cent 3,393 1,102 653 100 173 885 37 13 178 252 361 201 92 25 7 36 4,593 3,334 193 905 10 86 22 43 3,180 575 35 2,350 220 31 per cent ... 9,371 332 2,732 318 620 875 59 1,544 411 400 521 818 741 3f per cent 1,979 6 190 421 497 75 119 75 203 393 5,459 3 4,107 298 2 1,049 i\ per cent 43,858 43,281 577 4i per cent 61 61 2,065 2,065 Average (365-day basis)—per cent 3.48 3.39 3.29 3.65 3.54 3.75 4.38 3.45 3.56 3.61 3.54 3.57 3.77 Average maturity (in days) 18.61 16.95 15.55 20.49 21.70 48.41 49.76 31.79 21.07 14.17 13.64 16.86 15.35 Total, reduced to a common maturity basis 83,492 8,143 43,072 4,368 2,630 2,288 7,334 7,974 1,112 634 792 1,841 3,304 Percent of total... 100.0 9.8 51.6 5.2 3.1 2.7 8.8 9.6 1.3 .8 .9 2.2 4.0 U. S. Securities Bought in Open Market U, S. bonds 6 523 470 6,002 48 Treasury notes . 47,461 3,971 13,597 3,847 4,602 97 9,419 4,720 1,665 1,241 4,302 Certificates of indebtedness 18,483 1,175 4,167 1,138 1,361 561 4,382 3,400 643 383 1,273 Total TJ. S. securities bought 72, 467 5,146 17,764 4,985 5,963 1,128 13,801 14,122 2,356 1,624 5,573 1 Includes $500,000 Federal Intermediate Credit Bank debentures Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPERATIONS OF THE FEDERAL RESERVE CLEARING SYSTEM DURING MAY, 1924 [Numbers in thousands. Amounts in thousands of dollars] Number of nonmern- Items drawn on banks located Total items handled, including ber banks at end of in own district w Ite a m rd s e d fo t r o - Items for- duplications Number month Items drawn Total items han- other Federal warded to of memon Treasurer of dled, exclusive of reserve banks parent banks ber banks Fe o t d r r i e c r b t a r l n a r u n e c m s h e b r e v a r e n d b a d n is k - I s n e b r r v F a e n e c d b h e a r n a c k l i t r y o e- r b O a e n r u a k ts l i o r d r e e s b e F r r a e v n d e c - h 1 , United States duplications a b n ra d n t c h h e e i s r o in r s t a o m b e r a d n is c t h r e ic s t Number Amount at m e o n n d th of On par list p N ar o t l i o st n 1 city N b u e m r - Amount N b u e m r - Amount N b u e m r - Amount N b u e m r - Amount N b u e m r - Amount N b u e m r - Amount 1924 1923 1924 1923 1924 1923 1924 1923 1924 1923 1—Boston 752 766,295 4, 694 488,932! 154 16, 285 5,600 1, 271, 512 226 45, 860 5,826 5,517 1,317,372 1, 343, 694 429 232 232 2—New York. 2,587 4, 312, 589 5,387 743,387 1,073 130, 619 9,047 5,186. 5951,357 151, 287 5,168 10\ , 433!9,698 5,343,050 5, 482, 548 761 736 281 269 Buffalo.. 209 123,523 530 61, 968 17 3,026 756 188, 517 119 23,045 17, 716 9041 951 229,278 246, 272 89 88 81 79 3—Philadelphia. 1,337 1, 378,913 2,802 330,077 157 24,970 4,296! 1,733,960 632 97,794 4,928 4,335 1, 831, 7541, 371, 778 731 718 516 495 4—Cleveland 718 454,906 1,613 174, 474 72 7,013 2, 403 75 8,144 10,429 2,519 2,436 654,966 798, 814 310 314 513 515 Cincinnati 273 361,761 965 84, 967 72 9,265 ' 1, 321 ' 457, 511 36 8,078 5,297 1,374 1,268 470,886 518,654 221 225 314 314 Pittsburgh. _. 507 681,989 1,093 112, 434 49: 6,813 1,649 801, 216 100 42, 429 11,311 1,787 1,824 854, 956 934, 796 343 347 251 253 5—Richmond 148 333,729 2,068 301, 318 54| 5,234 2, 260) 640, 281 171 63, 849 7,863 2,474 2,653 711,993 719, 723 466 474 556 667 556 Baltimore.. ,. 310 238,941 859 76,187 59! 6,244 1, 228 j 321,372 141 37,061 7,201 1,434 1,411 365,634 377, 588 161 161 268 2 8 6 9 7 — — — — H B J N N D L M L S C M A a o i e i e a t e c h e r t . l u t i w s t m t k i m e n l r l c h i L a s n e o s n a i v o p n O v n o a g i e i E n t h t i a g u l o r l a l v i p o l h l i e s . e e i o s c - a l a . . l l k m . i e n s s . . . _ . _ _ 1,2 4 3 3 1 1 1 9 7 5 3 2 6 8 2 8 8 5 7 5 4 1 8 7 4 6 0 1 0 8 2 0 1,0 3 4 1 1 1 1 0 5 7 5 4 3 9 9 0 7 1 2 4 8 0 4 2 1 3 1 3 6 4 9 5 6 , , , , , , , , , , , , , 4 8 9 3 6 5 4 2 6 9 5 5 7 0 4 3 3 9 9 9 7 3 9 9 4 4 1 0 1 1 5 8 9 7 6 6 1 ] 4 4 1 1 , , ,7 4 2 3 2 8 5 6 2 1 1 1 4 5 4 3 2 2 6 6 3 3 9 4 1 8 5 2 0 6 9 7 0 8 1 6 2 9 7 36 4 9 2 1 7 2 1 7 2 2 1 9 7 7 8 0 1 8 6 2 7 8 0 6 , , , , , , , , , , , , , 7 2 2 1 5 5 4 4 2 3 0 8 7 6 8 3 2 1 5 6 7 2 2 7 8 2 4 4 2 6 4 2 5 8 2 4 9 7 5 1 3 1 7 2 4 3 4 3 7 1 1 1 1 1 1 4 3 5 S 6 4 8 4 1 3 2 1 [ ! 5 1 3 1 4 4 3 7 0 1 1 1 1 1 0 , , , , , , , , , , , , , 4 3 7 7 3 0 0 3 2 4 1 4 1 1 7 4 5 2 5 4 9 4 2 7 8 7 8 1 9 9 6 6 6 3 8 4 3 3 0 11, 6 1 2 , , , 2 3 2 3 6 4 2 3 3 2 6 1 3 1 2 0 9 6 8 1 9 9 4 6 7 4 6 1 5 2 2 7 7 8 5 4 0 9 ! 1 1 ' , 4 5 2 1 1 1 1 2 0 0 6 7 4 4 5 2 2 1 6 4 3 0 6 9 2 4 1 4 7 9 5 3 8 6 , , , , , , , , 2 , , , , , 7 2 9 7 8 7 5 2 5 4 9 3 9 6 4 2 2 8 2 9 9 0 0 6 2 6 5 9 3 6 5 5 9 5 1 9 8 0 3 43 3 2 5 3 2 6 8 1 8 0 3 3 6 1 0 7 9 0 o 1 1 3 1 1 5 9 9 4 9 2 6 6 2 1 , , , , , , , , , , 7 9 4 1 2 0 1 0 3 1 7 0 9 6 0 3 4 6 6 4 4 1 5 2 4 8 3 7 7 3 9 1 0 0 0 2 0 8 8 34 4 1 2 2 , , , , , 7 4 4 4 4 6 3 2 9 5 1 1 7 8 9 7 4 9 4 2 9 4 5 0 6 5 5 5 6 8 2 7 3 2 1 0 8 5 9 6 2 2 1 1 , , , , , 2 2 3 8 9 3 6 3 3 4 2 3 7 1 1 9 7 4 3 9 0 7 7 7 4 0 2 5 0 6 4 9 7 5 4 9 4 3 9 1 7 2 6 2 2 1 , , , , 1 1 1 3 6 3 3 3 3 4 3 7 1 0 5 5 2 5 6 4 2 6 4 2 0 8 2 1 1 2 4 2 9 4 0 6 1 0 0 1, 1 1 4 5 2 2 1 1 1 5 4 2 7 0 7 1 2 3 6 5 6 2 0 6 4 0 1 3 3 2 2 1 6 3 7 9 , , , , , , , , , , , , , 3 4 7 3 4 7 9 9 7 4 4 4 7 5 9 3 7 8 1 9 8 6 5 0 3 7 8 0 4 9 6 5 3 0 8 4 9 4 41, 1 4 4 2 1 1 1 1 1 5 5 8 2 9 1 0 9 2 5 7 5 2 7 4 8 3 7 3 5 6 6 7 0 0 9 , , , 6 , , , , , , , , , , 4 8 8 9 8 6 4 6 5 3 8 6 0 1 7 6 4 8 8 2 3 3 3 3 2 2 8 5 4 4 4 6 8 2 9 9 5 4 0 1 2 3 4 1 7 1 , 9 2 0 6 9 5 7 9 6 0 2 9 4 4 0 0 7 2 9 4 3 0 5 8 8 7 1, 2 3 8 1 1 9 3 2 8 7 8 5 9 6 2 2 8 7 3 1 3 7 6 9 6 5 0 3 2 2 1 53 1 1 , , , 3 2 7 6 1 1 1 1 6 3 7 4 5 4 6 7 4 9 1 5 0 1 4 9 6 1 2 1 5 9 5 5 8 2 5 3 1 2 , , , 9 S 2 2 3 1 1 1 7 3 8 6 5 7 4 9 3 9 6 6 7 0 0 9 3 0 3 2 l 0 | i 6 2 1 1 1 1 2 4 2 5 4 8 1 5 5 7 0 1 5 5 6 9 5 8 0 8 'i 1 2 1 1 1 1 h 4 2 4 5 5 7 5 3 8 6 9 5 l 7 10—Kansas City 336 269,294 1,681 102,929 9,237 2,115 371,460 78 17,033 5,013 673 2,153 393, 506 370, ~"~ 319 327 1,352 1,403 10 Denver 164 , 55,180 380 33, 510 4,322 571 93,012 61 13, 675 12, 763 1,268 675 119,350 119,186 158 161 216 242 Oklahoma 77 49, 542 1,102 70,816 1,549 1,190 121,907 55 8,879 10,162 800 1,188 140, 948 142, 351 394 419 361 409 5 Omaha 112 51, 382 598 33, 043 3,612 »746 ' 88, 317 37 4,831 5,517 1,887 844 98,665 116," 234 247 850 887 173 158 11—Dallas 144 153,199 1, 611 154, 342 4,082 1,789 311, 623 57 7,029 4,293 212 1,763 322,945 328, 654 661 634 707 102 58 El Paso 54 12, 930 120 8,847 1,915 189 23,692 16 2,174 719 553 222 26, 586 30, 499 53! 62 35 55 7 Houston.. | 68 71,639 450 41, 258 1,193 114, 090 16 2,848 1,058 1,024 494 117,! 105,101 139j 140 236 252 12 12—San Francisco j 324 455, 720 572 42, 325 15, 907 513,952 18| 1, 924 5,961 3,079 1,146 521, 837 474, 294 180l 190 218 265 Los Angeles ! 516 221, 704 2,379 143, 325 10,182 2, 955 375, 211 75i 12,070! 7,405 443 2,554 394, 686 396, 034 15* 157 196 196 Portland ! 70 92, 302 299 16,609 3,387 392 112, 298 7 4,307 5,855 658 391 122, 460 123,800 137 136 131 134 28 Salt Lake City i 73 36,180 443 25, 792 2,570 533 64, 542 14 1,503 497 537 68, 528 66, 345 147 158 102 100 Seattle 137 57, 373 .271 18, 916 4, 741 436 81,030 17 4, 467 5,577 324 491 91,074 92, 528 65 66 79! 93 Spokane 21, 994 210 10, 204 1,279 289 33,477 14 2,822 2,831 284 39, 130 40, 610 105 110 137 146 "I Total: May 12,155 12,911,145 41,337 3, 896,312 2,967 365, 061'56, 466 17,179, 2964,1031 679, 967 748 183,123 61,317 58, 256 18, 042, 386 17, 992, 746 9, 785 9,927 15, 981 17, 643 3, 240 2, 379 April 12, 609 12, 967, 702 41,078 3, 939,485 3,392 382,976 57, 09717, 297, 5654,256 728, 642 738 180, 465 62,091 57, 065 18, 206, 672 17, 229,176 9, 806 9, 923 16,119J17, 663 3,185 2, 280 1 Incorporated banks other than mutual savings banks. 1 Includes items drawn on banks in other Federal reserve districts forwarded direct to drawee banks as follows: Cincinnati ,ll,000items, $1,518,000; Minneapolis, 5,000items, $-1,980,000. Omaha, 1,000 items, $280,000; total, 17,000 items, $6,778,000. NOTE.—Number of business days in period for San Francisco, Los Angeles, and Portland was 26, for Atlanta, Birmingham, Jacksonville, New Orleans, and Little Eock was 27, and for other Federal reserve bank and branch cities 26 days O Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

602 FEDERAL RESERVE BULLETIN JULY, 1924 GOLD SETTLEMENT FUND INTERBANK THANSACTIONS FROM MAY 21, 1924, TO JUNE 18, 1924, INCLUSIVE [In thousands of dollars] Changes in ownership Federal reserve bank Transfers Daily settlements o t m r f a e n n s t f s g e o rs ld and t h s r e o t u tl g e h - B i a n t a l c a f l u n o n c s d e e of period Debits Credits Debits Credits Decrease Increase Boston 1,000 6,000 635,785 617,410 13,375 33,588 New York 25,500 37,000 2, 258, 505 2, 263, 675 16, 670 196,440 Philadelphia... 1,000 1,000 640, 949 637,256 3,693 28, 082 Cleveland 5,000 5,000 563,941 572,393 8,452 79, 019 Richmond 4,000 417,412 425,174 3, 762 30,270 Atlanta 4,000 210,815 231, 740 16, 925 17,237 Chicago 27,500 3,000 1,080,957 1,095,993 9,464 104, 415 St. Louis 7,500 455, 296 452,191 4,395 29,304 Minneapolis... 1,500 164,325 162, 277 4,996 Kansas City.-. 3,500 327, 820 314,436 9,884 23,737 Dallas. 5,500 200, 111 2, 692 10,040 San Francisco.. 8,000 6,000 271, 310 262, 762 10, 548 17,025 Total four weeks ending- June 18,1924 - 76, 000 76, 000 7, 235,418 7, 235, 418 50, 204 50, 204 574,152 May 21,1924 66, 500 66,500 7, 376,282 7,376,282 595,676 June 21,1923 158, 050 158,050 6,819, 205 6,819, 205 694, 763 May 17,1923 56, 500 56,500 7,186, 914 7,186, 914 696, 707 DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JUNE 30, 1924 Paper maturing— After 90 days After 6 but Within 90 days but within 6 within 9 Federal reserve bank months months Commercial, Secured by p a a n a g p d r e i c l r i u , v l e n t s u . t r e o a . c l s k , . U G o n o b i v t l e i e g d r a n t S m io ta n e t n s e t s ac B c a e n pt k a e n r c s e ' s acc T ep ra ta d n e ces A an g d r i p c l a u iv p lt e e u s r r t a o l c > k a A n g d r p l i i a c v p u e e l s t r u to r c a k l Boston 34 . 34 34 34 34 34 New York 34 34 3J 34 34 34 Philadelphia _ - 34 3* 34 34 34 34 Cleveland 4 4 4 4 4 4 Richmond _ _ - 4 4 4 4 4 4 Atlanta _- _ _ 4 4 4 4 4 4 4 4 4 4 4 4 St. Louis 4 4 4 4 4 4 Minneapolis - __ __ 44 44 44 - 44 44 44 Kansas City__ -- _- 44 44 44 44 44 44 Dallas 44 44 44 44 44 44 San Francisco. - _. 4 4 4 4 4 4 i Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Changes in discount rates between January 1, 1922, and June 30, 1924, were as follows: Boston.—On June 23, 1922, from 4J to 4 per cent; on February 23, 1923, from 4 to 44 per cent; on April 7, 1923, established a rate of 5 per cent on paper maturing between 6 and 9 months; on June 12, 1924, from 44 to 34 per cent on paper matruing up to 6 months, and from 5 to 34 per cent on paper maturing between 6 and 9 months. New York.—On June 22, 1922, from 44 to 4 per cent; on February 23, 1923, from 4 to 44 per cent; on May 1, 1924, from 44 to 4 per cent; on June 12, 1924, from 4 to 34 per cent. Philadelphia.—On April 19, 1923, established a rate of 5 per cent on paper maturing between 6 and 9 months; on June 19, 1924, from 44 to 34 per cent on paper maturing within 90 days; on June 26, 1924, from 44 to 34 per cent on paper maturing between 90 days and 6 months and from 5 to 34 per cent on paper maturing between 6 and 9 months. Cleveland.—On February 14, 1922, from 5 to 44 per cent; on June 2, 1924, from 44 to 4 per cent. Richmond.—On April 14, 1922, from 5 to 44 per cent; on June 14, 1924, from 44 to 4 per cent. Atlanta.—On March 15, 1922, from 5 to 4J per cent; on June 18, 1924, from 44 to 4 per cent. Chicago.—On March 25, 1922, from 5 to 44 per cent; on June 14, 1924, from 44 to 4 per cent. St. Louis.—On April 6, 1922, from 5 to 44 per cent; on June 19, 1924, from 44 to 4 per cent. Minneapolis.—On January 11, 1922, from 54 to 5 per cent; on August 15, 1922, from 5 to 44 per cent. Kansas City.—On August 12, 1922, from 5 to 44 per cent. Dallas.—On January 9, 1922, from 54 to 5 per cent; on July 12, 1922, from 5 to 4| per cent. San Francisco.—On January 23, 1922, from 5 to 44 per cent; on July 8, 1922, from 44 to 4 per cent; on March 6, 1923, from 4 to 44 per cent; on June 10, 1924, from 44 to 4 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDEEAL KESERVE BULLETIN 603 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 MAY 21 TO JUNE 11, 1924 [In thousands of dollars] d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago Lo S u t i . s M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Number of reportingbanks: May 21 749 108 104 66 May 28 749 108 104 June 4 749 108 104 June 11 749 108 104 66 Loans and discounts gross: Secured by U. S. Government obligations— May 21 230, 10,754 103,880 11,353 21,72; 8,133 8,101 34,348 9,044 2,909 6,279 3,514 10,906 May 28 215,064 10,931 87,402 11,659 21,902 8,152 8,063 35,420 8,226 2,771 6,308 3,526 10,704 June 4 . 218,481 10, 362 87,14l! 11,407 22,161 10,151 8,049 37, 773 8,222 2,816 6,337 3,316 10,746 June 11 214,177 10,""" 11,091 22,117 7,""" 7,915 34,316 8,168 2,798 6,187 3,31." 10,697 Secured by stocks and bonds— May 21.... 3,877,678 236, 8031, 636,315 267, 999 415,320 121, 648 69,261 606,099 145,473 36,226 84,410 63,718 194,406 May 28 _. 3,859,890 228, 1481,, 633,022 269, 746 420,082 120, 975 67,193 598,881 143,371 36,013 86,009 62, 786 193, 664 June 4 3,897,030 228, 57i 1, 671,816 273, 608 416, 925122,288 67,413 592,099 144,166 36,406 86,181 62,911 194,642 June 11 3,966, 483 226, 6"991,,756,062 269, ""' 124,306 66, 371 591,960 145,625 36,692 84, 726 60,177 195,210 All other loans and discounts- May 21.... 7,871,167 596,308 2!,, 523, 713360,056 725,063 336,666 346,588 1,156,886 310,054 186,319 318,668 195, 589 815, 257 May 28 7,876,217 595,777:2, 533, 734361,027 719,93" 336, 390 347,6511,160,185 308,623 184,909 317,834 199,595 810,555 June 4 7,826,430 596,94! 2, S00, 570356,401 716, 003336,569 347, 159,44" 300, 950187,845 317, 945 196,668 809,144 June 11 7,896; 121 602, 777 2, 545,337359, 939 717,835 335,522 346,916 1,167,959 304,145 186,512 315, 750200,506 812,923 Total loans and discounts: May 21.... 11,979, 791 843,865 4, 263,908639,408 1,. 162,108466,447 423,9501, 797,333464, 571225,454 409,357 262, 8211,020, 569 May 28 . 11, 951,171 834, 856 4, 254,158642,432 1,,161, 921465, 51' 422,90' 1, 794,486460,220 223,693 410,151 -365,907 1,014,923 June 4.... 11,941,941 835,884 4,, 225599,, 552277641, , 155,089469,008 423,403 i.;, 789,319453,338 227,067 410, 463262,8951, 014, 532 June 11 12,076,781 839,844 4,339900,,708 640,6971,, 148,940467,724 421,,2—0 21",794,235 457,938 226,002 406,663 263,9981, 018,830 0. S. pre-war bonds: May 21. 271, 738 13,619 51, 512 10, 675 47,194 29,132 14, 746 23,835 14,810 9,203 11, 19,084 25,961 May 28.... _. 271,867 14,060 51, 51r 10,675 47, 214 29,132 14, 746 23,543 14,810 9,203 11,927 19,084 25,961 June 4 271,78C 13,520 51,662 10, 675 47,214 29, 232 14, 746 23, 537 14, 310 9,203 11,927 18,984 26,770 June 11 270,133 13,520 51, 264 10, 675 47,449 29,132 14, 756 23, 619 14, 309 8,298 11,329 19,009 26, 773 IT. S. Liberty bonds: May 21. 1,137, 792 79,650 552, 796 46, 426 115, 462 25, 355 12, 470 115,050 22,245 12,689 37,339 12, 797 105, 513 May 28 1,149,371 79, 71 564,928 46, 316 117,107 24,345 12, 265 117,171 22,238 13, 530 37,860 12, 561 101,336 June 4 1,157, 26E 80,166 572,262 46,831 117,848 24,765 12,193 118,182 21,060 13,907 37,823 11, 656 100, 572 June li 1,168, 71" 81,688 564, 487 47,366 131, 765 24,913 11,705 117,925 22,805 13, 433 38,069 11,606 102,955 V. S. Treasury hands: May 21 4,146 25, 791 2,320 2,341 1, 64! 11,121 4,208 480 1,991 1,142 12,857 May 28.. 67, 209 4, 530 26,438 2,331 2,336 1,390 637 11,068 1,996 480 2,274 1,295 12, 434 June 4 69,045 4,137 26, 350 2,389 2,324 1,022 63: 11, 291 4,621 380 2,218 1,295 12,381 June 11 .. 69,433 4,152 26,062 2,392 2,241 1,022 637 11,470 5,049 380 2,648 1,179 12,201 V.S. Treasury notes: May 21... _. 669,140 17, 323 340,853 31, 546 44,928 5,867 4,333 117,899 13,786 29,193 15, 477 12, 749 35,186 May 28 . 662, 513 16, 546 337, 616 31, 660 44, 588 5,868 4,346 118, 243 12,925 15, 304 11,7"" 35,245 June 4 662, 81i 17,027 338,311 31,269 45,091 4,802 3,947 118, 561 13,473 28,043 15, 335 11,810 35,147 June 11 __!__ 662, 81- 17,176 340,948 29,819 44,350 5,328 3,779 118,829 13, 763 27, 945 15,123 11, 545 34,209 U. S. certificates of indebtedness: May 21.. 91, 2241 7,082 24,899 6,116 3, 1,249 2,440 22, 352 2,700 2,8811 2,042 4,371 11, 405 May 28 86,975 7,017 22,493 6,346 3,481 1,001 2,334 22,375 2,597 2,881 1,742 4,038 10,670 June 4 83, 056 7,116 20,061 5,782 3,447 1,001 2,420 22,486 2,052 2,881 1, 742 3,554 10, 514 June 11 85, 516 5,994 20,590 5,492 3,475 970 2,385 22, 715 1~" 2,881 1,612 3,716 13,821 Other boards, stocks, and securities: May 21 2, 382,130 183, 401 205,260 313, 213 52, 345 44, 361 345, 482 92,394 23,783 57, 205 13, 068 162, 635 May 28 , 2, 421,074 186,602 906,391 206, 217 313,318 52,81' 41,342 347,236 110,793 23,589 57, 377 13,114 162,278 June 4 2, 476,436 185, 700 976,096 206,944 316, 222 53,058 41, 728 345,452 94,038 23, 730 57, 689 13,924 161, 855 June 11 2,463,092 186,626 959,102 207, 795 319, 451 52, 60; 41,380 348, 219 92,023 23,829 57,875 13,240 160,945 Total loans and discounts and investments: May 21 16, 600, 756 1,149,086 6,148, 742941, 7511L, 688,933 682,292 502,9472,433,072 614, 71 303,683 535,378 326,0321, 374,126 May 28 16,610,18C 1,143, 325!6,163, 536945,9771;1,689,965 580,070 498, 5772, 434,122625, 579 301,761 536, 635327,"" :, 362,847 June4__ __ 16,662, 33S 1,143,550 6,244,269945,3061[, 687,235 582,888 499,07'2,428,828 602,892 305, 211 537,197 324,118 1., 361, 771 June 11- 16, 796, 486 1,149,000:6,353,161 944, 2361;1,697, 671581, 696495,8"44 "2, 4"37,,012 607,752 302,768 533, 319324,:, 293 1, 369, 734 Beserve balance with Federal reserve banks: May 21... 1,452, 798 87,3111 676,067 73,828 109, 693 35, 57' 33,355 211,456 41,422 19, 547 42, 723 23,832 97,990 May 28 1, 446,754 85,144 683,194 69,154 110,786 35,031 29,860 205,945 40,584 21,034 46, 559 24,244 95, 216 June 4 1, 489,196 84,855 690, 386 76,274 118,070 36,980 33,816 211,968 44,396! 23, 886 47,804 23,036 97, 725 June 11 1, 539, 492 85,893 743, 744 83,665 116,274 34,942 33,071 216, 227 39,937 19,330 23,143 98,580 Cash in vault: May 21 277, 56J 19,653 79,081 15,130 29.73C 12, 966 10,168 53, 793 7, 306 7,247 12,036 9,225 21,230 May 28. 286,65C 18,926 84, 733 17,299 29,69E 13,029 10, 441 54,102 7,658 6, 581 12, 584 9,599 22,003 June4___ 287,114 19, 650| 81, 550 15,272 31, 23" 13, 007 11,724 55, 492 7,914 6, 511 12,640 11,019 21, 098 June 11 287, 07 19, 965! 80, 653' 15, 277 30, 545 14, 205' 10, 8 56, 568' 7,504 6,822 12, 860 9,956 21,935 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

604 FEDERAL RESERVE BULLETIN JULY, 1924 PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM MAY 21 TO JUNE 11, 1924—Continued [In thousands of dollars New Phila- Cleve- Rich- St. Minne-Kansas dan- Total Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas F ci r s a c n o - . Net demand deposits: May21___ 11,402,862 809,416 4,9,8,6,130 681,423 898, 792322, 770268, 225 1, 552, 873353,451 188, 819399, 675215,570 725, 718 May 28- 11,403,193 800,224 5,,001122,, 991144684, 521 902, 050325, 640 540,145 344, 760191, 941398, 776215, 236 721,475 J J u u n n e e 4 11 1 11 1 , , 7 5 8 6 4 8 , , 7 7 5 1 7 3 8 81 0 4 5 , , 3 7 5 1 0 6 5 5 ,, ,2 11 2 4 8 4 8 77 6 , 6 , 8 , 5 98 53 99 33 9 36 7 8 0 6 2 , , 4 2 1 7 1 8 9 9 0 0 8 7 , , 1 7 9 9 0 03 3 3 3 3 5 , , 8 4 0 5 5 9 269; 4 5 4 9 3 4 1 1 , , 5 5 3 6 5 9 , , 9 6 7 5 2 6 3 3 4 5 6 5 , , 4 6 6 8 4 32 20 0 0 0 , , 0 6 3 3 9 6 3 3 9 9 9 2 , , 1 8 5 8 4 52 2 1 1 5 7 , , 1 4 5 4 8 3 7 73 1 2 6 , , 7 1 8 2 9 3 Time deposits: May 21 _ 4,315, 506 290, 699 957, 372131,806 652, 554166, 183, 577 828, 668 202, 446 82, 914133, 528 85,200 590,973 May 28 ;___. 4, 322, 630 290,735 961, 327131, 232 650, 801166,198 185, 943 831, 864 202, 488 83, 082133,932 85, 451 599, 577 June 4 4, 326, 320 290, 620 951, 688136, 986 655, 538166, 974185,081 835,064 195,13" 83,199 133, 414 86,102 606, 517 June 11 4, 347, 826 290,921 954, 587131,197 668, 580167,305 185, 979 836,300 197,049 83, 804135, i"" 610, 024 Government deposits: May 21 117, 771 7,261 32,335 14, 535 15, 710 4,200 4,237 16,288 2,702 3,1 2,006 4,199 11, 214 May 28 89, 055 5,499 24,566 11,044 11, 934 3, 3,173 12, 388 2,054 1,! 1,522 3,202 8,520 June 4.-_ 89,168 5,499 24,566 11,144 11,894 3, 3,217 12, 397 2,054 1,964 1, 522 3,202 8,520 June 11 80,194 22,109 9,939 10, 737 2,867 2,881 11,178 1,849 1,767 1,370 2,879 7,670 Bills payable and rediscounts with Federal reserve banks: Secured by U. S. Government obligations— May 21 68, 710 1,415 27, 274 5,455 10,031 5,262 5,406 5,447 1,121 1,402 1,327 3, 575 May 28 81,351 2,346 28,049 6,385 16,699 V" 5,171 9,504 2,001 627 1,158 794 3,990 June 4 58,063 2,565 11,040 10,074 4,: 5,642 6,083 3,250 931 958 1,414 4,625 June 11 55, 276 1,735 10, 389 4,990 18,266 3,287 6,790 4,821 1,114 152 . 2,265 All other- May 21_ _ 105,113 2,246 6,163 3,681 11,964 19,886 16,903 9,621 4,760 2,273 7,713 4,312 15, 591 May28 100,110 1,954 6,032 4,109 13, 731 16,102 13, 795 8,535 5,885 2,355 8,093 4,611 14,908 June 4 101,972 2,240 4,836 3,609 14,035 16, 462 14,983 7,769 5,619 1,1" 9,639 4,319 16,764 June 11 85,048 2,015 5,608 3,465 10,161 13,162 11, 930 3,847 1,635 8,985 3,373 12,607 BANKS BALANCES IN FEDERAL RESERVE BANK CITIES Due to banks: May 21 1,967,142 115, 787 958,218 159,151 41, 049 26,277 10, 748 360, 580 75, 610 38, 010 80, 701 19, 580 81,431 May 28 1, 931,408 111, 310 941,555 156, 787 42, 444 26,328 11, 275 351, 645 72,579 38,481 78, 791 19,097 81,116 June 4 2,077, 111 122,0751,030,459 167,525 43,083 27, 791 11,534 367,031 74,487 44,017 81,635 20, 814 86, 660 June 11 2,177,850 127,0971,086,741 172,112 43, 974 28,075 12,246 393,949 81,328 43,019 82,034 18,694 88,581 Due from banks: May 21 524,090 33,755 83,588 56, 571 25, 598 12,926 8,404 167, 466 26,047 16,140 35,320 16, 761 41, 514 May 28 504,218 30,861 78,524 54,646 25,113 13,190 8,233 158,183 23,807 16,280 33,692 16,479 45,210 June 4 :. 524, 346 33,098 77,058 60,522 21, 731 14,144 9,113 161, 258 25, 434 19,776 34,431 20,191 47, 590 June 11 621, 504 47,227 83, 749 66, 015 28,154 14, 006 9,062 199, 821 38,881 22,522 40,746 20,197 51,124 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO [Amounts in thousands of dollars] Banks in New York City Banks in city of Chicago May 21 May 28 June 4 June 11 May 21 May 28 June 4 June 11 Number of reporting banks 1 67 67 67 67 48 Loans and discounts, gross: Secured by United States Government obligations 96,991 80, 396 80,264 82, 587 26,140 27,035 29, 728 26,377 Secured by stocks and bonds 1,427,685 1, 420,376 1, 465,302 1,553, 757 450,152 443,168 436,421 436,574 All other loans and discounts. _. 2, 211, 638 2,225,917 2,192, 739 2, 237, 787 661, 466 667, 829 674,476 Total loans and discounts 3,736,314 3,726, 689 3,738,305 3,874,131 1,137,758 1,138,032 1,133,135 1,137, 427 United States pre-war bonds 39,957 39, 957 39, 757 39,750 4,196 4,194 4,188 4,188 United States Liberty bonds 489,294 501,929 510,215 500,646 54,176 56,145 57,073 56,593 United States Treasury bonds - 18, 773 19,411 19,328 18, 674 4,391 4,106 4,348 4,350 United States Treasury notes 317,471 313, 755 314, 364 317,426 79,714 80, 432 80,676 80, 525 United States certificates of indebtedness 23, 938 21, 532 18,974 19,504 13,333 13,353 13,449 13, 338 Other bonds, stocks, and securities 667, 602 685,085 752, 410 733, 400 162, 558 164, 687 162, 793 164,859 Total loans, discounts, and investments. 5, 293,349 5, 308,358 5,393,353 5, 503,531 1,456,126 1,460,949 1, 455,662 1,461,280 Reserve balance with Federal reserve bank... 621, 720 634, 961 637,338 692,004 146,005 142,306 148, 567 150, 071 Cash in vault 63,207 69,409 65,858 65, 582 27,138 27, 614 28,532 28,445 Net demand deposits 4,471,000 4, 499, 507 4,631, 772 4,771, 360 1,043,358 1,043,891 1,037, 825 1,051, 877 Time deposits — 654, 762 658,241 642, 751 644,305 380, 710 383,307 383, 610 386, 036 Government deposits 28,688 21, 797 21, 797 19,617 7,107 5,383 5,408 4,874 Bills payable and rediscounts with Federal reserve banks: Secured by United States Government obligations.— 16,075 16, 575 2,125 2,850 2,193 865 458 370 Allother— .".... 1,554 1,918 2,001 1,895 2,484 2,165 2,464 2,221 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY, 1924 FEDERAL RESERVE 605 CHANGES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM BETWEEN DECEMBER 31, 1923, AND MARCH 31, 1924 In the accompanying table are shown the 5 among national banks and 4 among nonchanges in membership in the Federal reserve national banks. Mergers accounted for the system between December 31, 1923, and March ioss of 31 member banks, 21 of them among 31, 1924. The result of these changes was a national banks and 10 among State banks and decrease in the number of operating member trust companies. banks from 9,774 to 9,681, and in their total Insolvencies during the period numbered 64, resources from $35,238,606,000 to $34,820,- of which 55 occurred among national banks and 223,000, a net reduction of 93 in the number 9 among State banks and trust companies. In of banks and of $418,383,000 in total resources. addition to these, 4 national banks and 8 non- The decrease in the number of national banks national banks were closed by order of superwas 69 and in their aggregate resources $342,- visory authorities. Of the 76 losses in mem- 105,000, and the number of State bank and bership thus accounted for, 35 occurred in the trust company members decreased by 24 and Minneapolis district, 16 in the Kansas City their resources by $76,278,000. Membership district, and 10 in the Dallas district. in the system on March 31, as indicated by the Absorption by nonmember banks took 17 reports of condition required of active operat- national banks from the system and 2 noning banks on that date, comprised 8,110 national banks. In addition, 5 State bank and national banks with resources totaling $22,- trust company members availed themselves of 053,198,000, and 1,571 State banks and trust their option of withdrawal from membership companies with resources amounting to upon prior notice of six months. $12,767,025,000. With regard to the movement of banks into The net change in membership was the result and out of the Federal reserve system (apart of 47 additions and 140 losses, excluding from from the organization of new banks, consolidathese figures compensatory1 gains and losses tion among members, and the termination of between the two classes of banks as indicated member-bank operations, whether by voluntary in the second and third footnotes to the table. action or by suspension), it may be noted that Of the additions, 31 were national banks and 19 nonmember banks joined the system, as 16 State banks or trust companies, and of the mentioned above. As against these, 17 national losses 102 occurred among national banks and banks and 2 nonnational banks were absorbed 38 among nonnational members. by nonmembers and 5 State bank and trust companies withdrew from the system, making Of the 47 additional members, 23 were newly a total of 24 banks. The total resources of the organized national banks and 19 were formerly 24 members lost to the system exceeded the nonmember State banks or trust companies, resources of the 19 member banks added to the 15 of them retaining their status as nonnational system, including the resources of 1 nonbanks and 4 becoming national banks. In member bank which was absorbed by a member addition, 4 national banks previously suspended bank, by $2,540,000. were restored to solvency and 1 State bank was organized in succession to a national bank Consideration of the data with regard to the which Was nonreporting on December 31, as movement of banks between the national and mentioned in the footnote. State banking systems indicates a net loss to Among the losses in membership there were the national banking system in numbers, but a 9 voluntary liquidations which terminated the net gain in resources. Thus national banks existence of the institutions concerned as far gained, by conversion of nonmember and memas could be determined.2 Of these there were ber State banks and trust companies and by absorption of nonnational members, a total of 1 The succession or absorption of a bank in one class by one of the 13 banks with resources amounting to $47,034,other, [or example, the absorption ol a State bank by a national bank does not aflect the total membership in the system, and such items are 000, while national banks succeeded by or compensatory, as noted in footnote 2 relating to the table. As therein absorbed by member and nonmember State noted, however, the appearance during the period of a new nonnational bank in the twelfth district in succession to a national bank, had the banks and trust companies totaled 24, with effect of a net increase of one among nonnational banks, in as much as the national bank which was succeeded was nonreporting on December resources of $28,110,000. 31 and was therefore among the national bank losses in the preceding period. As explained in footnote 3, the absorption of one bank by another The data in the accompanying table were results in no addition to the number of member banks. In the case of classified with a view to showing the changes in an absorption of one member bank by another, the number of banks is reduced and total resources remain unchanged, the resources lost to operating membership as indicated by the reone class of members being added to the resources of the other class. ! Where the ultimate purpose of voluntary liquidation could be deter- quired reports of condition at the beginning and mined as other than the final termination of a bank's operations, the bank end of the period. was classified according to its ultimate status, 106382—24|-—6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

606 FEDERAL RESERVE BULLETIN JULY, 1924 CHANSES IN MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM, BY DISTRICTS AND BY CLASS OF BANES, DECEMBER 31, 1923-MARCH 31, 1924 Kumber •a -s « H £ Total membership: Dec. 31, 1923.-.. 35, 238, 606 9,774 424 722 877 627 625 427 624 940 1,122 802 Mar. 31, 1924... 34, 820, 223 9, 681 421 843 724 876 626 519 423 628 903 835 785 Net increase (+) or decrease (—) - i -418,383 -93 + 8 +2 -1 -1 +4 -37 -24 -14 -17 National bank membership: Dec. 31, 1923 22, 395, 303 8,179 388 692 656 759 561 385 058 831 1,086 659 607 Mar. 31, 1924 22, 053,198 8,110 656 758 560 385 056 803 1,064 652 Net increase ( + ) or decrease (—). -342,105 -3 -28 -22 -7 Nonnational bank membership: Dec. 31, 1923 12,843,303 1,595 143 118 140 369 127 109 190 195 Mar. 31,1924 12, 767, 025 1,571 146 118 134 367 130 100 183 189 Net increase (+) or decrease (—). i -76,278 -24 + 3 +2 -2 + 3 -2 -7 Changes in national bank membership: Total additions 54,857 34 3 2 4 Primary organization 5,936 23 3 1 3 Conversion of nonnational member banks '• 32,821 3 0 0 1 Conversion of nonmember banks 6,378 4 0 0 0 Absorption of nonnational member banks s 7,835 (6) (1) (1) (1) (3) Reopened following suspension 1,887 0 0 Total losses ._ 84,058 103 12 Voluntary liquidation terminal 9,710 5 1 Insolvency 41, 782 55 4 Merger between national * (50, 322) 15 2 Absorption by nonnational member banks 16, 711 Succession by nonnational member banks2 1,786 Absorption by nonmember bank 9,612 Suspensions 4,457 Changes in nonnational bank membership: Totafl'additions 172, 591 17 1 1 Nonnational banks joining 21,395 15 1 0 Succession to national banks 2 133, 637 2 0 1 Absorption of national banks 3 16, 711 (6) 0 (4) Absorption of nonmembers 848 0) (1) 0 Total losses 76,728 7 Voluntary liquidation (terminal) 2,950 1 . Suspension 4,306 1 Insolvency 8, 115 0 Merger between nonnational banks 4. (56, 431) 3 Absorption by national banks 7,835 0 Conversion to national banks 2 32, 821 0 Voluntary withdrawal 19,924 1 Absorption by nonmembers 777 1 i Includes changes in resources due to growth, reorganization, etc., in addition to changes listed. 3 Membership in the Federal reserve system as a whole not affected by succession or conversion between members. The difference of 1 between these otherwise compensatory items is due to the loss to national banks in the twelfth district having been effective prior to December 31. 3 Number not increased, only resources; both number and resources appear under losses by absorption in the other class of banks, ' Counted only among losses in number; resources of members not diminished. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

, 1S24 FEDERAL, &ESEBVE BULUBTlif 607 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— T m o b e t a m a n l k , b s a er ll L . e 5 ss ,0 0 th 0 an 5 1 ,0 4 0 ,9 0 9 t 9 o 15 9 , 9 0 , 0 9 0 9 9 to an 10 d 0 , o 0 v 0 e 0 r T m b o e a t m a n l k b , s e a r ll 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 a 1 n 0 d 0 , o 0 v 0 e 0 r Amount on May 28,1924 Increase (+) or m d o e n c t r h ea ly se r e (— po ) r t since preceding NET DEMAND DEPOSITS Boston..-- _.. 1, 228, 359 39, 361 64, 708 196,489 927,801 +4, 610 -412 —962 +3, 079 +2,905 New York— _._ 5, 623,334 156, 761 106, 688 282, 617 5, 077, 268+77,474 +223 +1,463 +5, 610 +70,178 Philadelphia _._. 1,063, 662 121,225 70,174 126,420 735,843 +18, 822 —2,445 —1, 236 +25, 111 Cleveland 1, 371, 543 147,114 119,923 191,163 913,353 —591 —3, 833 —2, 541 —3,620 +9, 403 Kichmorid 544, 002 91, 537 59, 663 150, 402 242, 400 —9,190 -^,878 —3,828 —1,050 +566 Atlanta _ 486, 031 67,013 62, 530 160,800 195, 688 -21,818 -3, 439 -2,612 -7, 854 -7,913 Chicago 2,192, 644 193, 981 118,994 353,161 1, 526, 508+22,832 —3, 614 —503 —6,065 +33, 014 St. Louis _.. 634, 033 112,005 68, 788 86,231 367, 009 —4,375 —1,362 —1, 698 +491 —1,806 Minneapolis 397, 771 69, 655 70,317 150,813 —8, 660 +5, 653 —3,458 +2,133 —12,988 Kansas City 714, 321 172, 858 106, 633 163, 881 270,949 -4, 975 -3, 077 -7, 738 -2, 623 +8, 363 Dallas 522, 820 159,426 91, 306 106, 372 165, 716 —26, 247 —9, 772 —5,119 —4,829 —6,627 San Francisco 1, 211, 533 155, 713 79, 366 133, 466 —11, 436 -4,060 —2, 011 —2,185 —3,180 Total: May 28, 1924 15,980,053 1, 523,980 1,018,428 2,021, 309 11, 416, 336 +36, 446 -31,016 -30, 243 -19,421 +117,126 Apr. 23,1924-..;. 15, 943, 607 1, 554, 996 1,048, 671 2, 040, 73011, 299, 210+128, 979 —26, 541 +552 +10, 321 +144, 647 Mar. 26,1924 15, 814, 628 1, 681, 537 1, 048,119 2, 030,409 11,154, 563 —31, 656 —19, 079 —7, 554 —6,391 +1, 368 TIME DEPOSITS Boston 646,626 51,247 69, 272 169,320 366, 787 +10, 559 +90 +458 +3, 735 +6, 276 New York 1,781,915 245,494 144, 328 372, 914 1, 019,179 +2, 350 —94 +811 +5, 598 —3,905 Philadelphia 688, 508 213,161 113,909 195, 275 166,163 +1, 539 +741 +559 +1,148 —909 Cleveland 1, 200, 514 185, 975 133, 850 186,110 694, 579 +26, 627 +1,201 +1,076 +1, 773 +22,577 Richmond 459, 685 132,392 83,634 129, 615 113, 944 +279 —299 —211 —1, 628 +2,417 Atlanta 346,620 53,082 47, 748 129, 714 116, 076 +4,190 +671 +1,141 -516 +2,994 Chicago _.. 1, 619, 885 241,834 147, 581 372, 602 857, 868 +18, 279 +874 +575 +2, 637 +14,193 St. Louis... _. 411,730 69,797 43,875 66,776 231, 282 +6,048 +773 —59 +2, 001 +2,383 Minneapolis 183, 805 94,545 57,791 59, 528 —3, 874 —1,903 —1, 618 +47 +100 Kansas City 296, 659 89, 617 57,630 63,541 85, 871 +2.97T -448 +604 +1,607 +1,214 Dallas 154,085 18,72? 27,108 51,407 56,841 —2, 611 +157 —646 —1, 59.4 —528 San Francisco 1,039,460 99,485 47, 585 92,197 800,183 +792 +373 +341 —1, 373 +1,451 Total: May 28,1924 9,041, 246 1, 684, 618 1, 011, 065 1,877, 262 4, 568, 301 +66, 655 +2,036 +3,031 +13,435 +48,163 Apr. 23, 1924 8, 974, 591 1, 582, 582 1,008,034 1,863,827 4, 520,148 +78, 428 +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 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

608 FEDERAL RESERVE BUKLETIN JUL.Y, 1924 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES [In thousands of dollars] MONTHLY SUMMAEY FOR BANKS IN 141 OENTEES 1924 1923 Number Federal reserve district of centers March April May March April May No. 1—Boston 2,147,057 2,118,054 2, 052,772 2,222,086 2,119,787 2,139,645 No. 2—New York 22, 227,152 21,356, 913 22,124,834 23, 231, 535 21,180,741 21,399,850 No. 3-PhUadelphia... 1, 873, 812 1, 942, 356 1,894, 928 1, 926, 493 1,863,477 1,973,625 No. 4—Cleveland 2,173, 881 2, 275, 246 2,122,402 2, 206,665 2, 227, 570 No. 5—Richmond 699, 209 672, 896 665,057 737,293 676,260 701,164 No. 6—Atlanta 987, 094 970, 084 916,882 991, 806 886,328 922,450 No. 7—Chicago 4, 807, 897 4,643,076 4, 746, 250 4, 828, 041 4, 737, 859 4,899, 390 No. 8—St. Louis 1, 062, 671 1, 033, 484 1,057, 603 1,112,395 1,039, 549 1,076, 560 No. 9—Minneapolis 584,754 552,910 596,115 600,805 596,914 634,217 No. 10—Kansas City.. 1,020, 873 1, 012, 890 1, 000, 236 1,199, 481 1,130, 015 1,142,172 No. 11—Dallas... 492,894 466, 066 547,188 488, 255 486,003 No. 12—San Francisco 2, 662,187 2,456, 815 2,401, 209 2, 581, 355 2,347,653 2, 429,942 Total 141 40, 739, 481 39, 518, 668 40, 044, 354 42,185,143 39, 294,408 40, 071, 906 New York City 1 21, 546, 482 20, 653,978 21, 405, 560 22, 541, 298 20,478, 562 20,703,871 Other cities 140 19,192, 999 18, 864, 690 18, 638, 794 19, 643, 845 18, 815,846 19,368,035 WEEKLY SUMMARY FOR BANKS IN 247 CENTERS 1924 1923 Number Week ending- Week ending— Federal reserve district ofcenters May 28 June 4 June 11 June 18 May 30 June 6 June 13 June 20 No. 1—Boston 471,994 486, 772 489, 491 526, 055 434, 482 584, 995 495,039 555, 516 No. 2—New York 4, 895,769 4, 830, 711 5, 048, 711 6,015, 207 3,985, 595 5, 225,977 4,436,933 5,381,756 No. 3—Philadelphia... 463, 256 434,199 450, 215 548, 536 405,344 528,260 467,630 584,683 No. 4—Cleveland 556,367 542, 086 570, 265 618,859 493,149 655,868 578,948 641, 560 No. 5—Richmond 240, 765 250,359 265,113 293, 222 236,109 302, 045 266, 824 300,665 No. 6—Atlanta 197, 402 204, 640 219, 730 223, 787 188,900 228,392 212, 950 219, 869 No. 7—Chicago.- 1, 066, 532 1,021,044 1,023,854 1,164, 852 985,170 1,107, 294 1, 086, 208 1,185,468 No. 8—St. Louis 237, 578 279, 755 255, 473 274, 617 224, 626 325,103 257, 958 288, 223 No. 9—Minneapolis... 122,137 144, 847 141, 756 157, 277 127, 710 173, 712 152, 242 159, 524 No. 10—Kansas City.. 228,037 232, 801 233, 295 247,937 225, 473 316, 281 266, 214 287,214 No. 11—Dallas 112, 523 108, 254 124, 715 127, 646 109,124 146,445 130,807 138,889 No. 12—San Francisco 540, 380 523, 364 544, 385 622, 868 462, 678 618,128 555, 485 611,799 Total 247 9,132, 740 9,058,832 9,367,003 10,820,863 7,878,360 10,212, 500 8,907,238 10, 355,166 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston 311,515 326, 296 324,493 348,094 287, 618 380,573 322,363 362,308 No. 2—New York 4,623,301 4, 540,627 4, 769,462 5,703, 293 3, 762, 678 4,905, 612 4,164, 387 5,067,690 Buffalo 67,919 65,694 64, 783 76,257 56,367 75,162 64,576 76,186 No. 3—Philadelphia 350,294 323,246 326, 225 419,960 303, 936 397, 760 349,429 451,940 No. 4—Cleveland 130,457 129, 689 139,001 156,101 118, 032 169, Oil 150, 987 162,241 Cincinnati 66,625 66,068 63,514 75,050 60,155 81,467 69,609 84,087 Pittsburgh 189,676 183, 646 181,667 191,197 155,460 204,402 162, 200 186,151 No. 5—Richmond 23,361 25,466 28,221 27,681 22,450 32,082 28,008 29,408 Baltimore 77,940 79,470 80,425 94,600 69,400 102,700 84,100 101,277 No.«—Atlanta 27,811 27,063 29,631 30, 512 26,442 38, 535 29,357 31,211 Birmingham 21,145 22, 726 24,270 25, 743 22,023 23, 767 23,446 23,756 Jacksonville 11,902 12,279 * 13,937 15,839 10,835 12,235 11,971 13,613 Nashville 14,605 14,883 17,790 18,509 13, 272 19,188 17,789 17, 692 New Orleans 58,118 61,853 62,848 62,027 56,337 62,187 58,973 61, 111 No. 7—Chicago 651, 543 634,'987 603,972 704,802 592,331 619,832 639,652 704,938 Detroit 151,030 131,245 136,045 167,387 146,455 162,334 151,051 163,080 No. 8—St. Louis 141, 448 187,113 153,400 165, 800 133,849 194,734 146,261 177,973 Little Rock 12, 338 11,612 12,074 12,990 11, 269 12,414 12,061 11,888 Louisville 33,364 32,153 34,626 39,914 29,178 47,905 36,345 37,393 Memphis 23, 684 23, 772 27,497 28,324 21,918 33,615 30,133 28,854 No. 9—Minneapolis 62, 047 68,108 69, 555 76,814 63,627 77,629 71,459 75,676 Helena 1,527 2,151 1,989 1,897 1,501 2,021 2,354 2,183 No. 10—Kansas City 65, 628 65, 639 63,223 71,476 60,005 94,318 74,900 86, 544 Denver 32, 525 34,197 34,337 35, 535 34, 594 41,823 35,443 41,116 Oklahoma City. 14, 999 17,252 15,750 15, 784 15,208 26,810 16,369 17,378 Omaha 38,987 34,848 39,811 43,797 39,708 51,509 49,315 47,992 No. 11—Dallas 31, 700 29, 713 34, 228 37, 074 25,196 36,172 30,388 36,909 El Paso 7,019 7,822 8,640 8,505 5,653 11,021 7,220 6,937 Houston 22,450 21,057 23, 378 26,055 18,618 24,632 21,250 27,664 No. 12—San Francisco... 175,495 180,637 165, 526 201, 987 139,668 200,996 172,793 207,054 Los Angeles 166,958 141, 281 158,877 179, 949 141,944 170,192 149,981 168,156 Portland 31, 536 31, 544 34,8"13 38,188 24, 737 34,987 35,924 38,381 Salt Lake City.. 12,433 13,138 14,876 14,644 11,931 16,150 15, 426 15,115 Seattle 36,485 39, 994 44,826 50,337 31,341 44,043 42,431 41,889 Spokane 8,792 10, 779 11,254 11,217 8,237 12, 726 11,401 11,959 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MONEY RATES PREVAILING IN LEADING CITIES The following table shows the customary rates charged on loans and periods, it should be borne in mind that the earlier rates refer to an discounts in the various cities in which Federal reserve banks and their entire month, while the latest figures cover only a week. branches are located, as reported by representative banks. These rates In the East and South rates on customers' prime commercial paper are not averages but are those rates at which the bulk of paper of each and on loans secured by stocks and bonds were generally lower for the class is handled by reporting banks. Where it appears from the reports week ending June 15, 1924, than for the corresponding week of the that no one rate clearly covers the bulk of the paper handled, a range of preceding month. Other rates charged by banks showed little change the rates most commonly charged is given. In making comparisons for the period. between the rates charged during 1924 and rates charged at earlier Customers' prime commercial paper Loans secured by stocks and bonds • Interbank loans IBSCS!' Loans secured by Cattle 'oans warehouse receipts 30-90 days 4-6 months Demand Time District and city Week Week Week Week Week Week Week Week ending— Month ending- Month ending- Month ending- Month ending- Month ending— Month ending— Month ending- Month ending ending ending ending ending ending ending ending June June June June June June June June June May 15, June May 15, June May 15, June May 15, June May 15, June May 15, June May 15, June May 15, 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1923 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 N N o o . . 2 1 — — N B e o w sto Y n o rk .. - - 4 4 1 4 - - 5 5 5 5-5 6 4 44^5 5 5J-5 5 * 41- 4 5 3 5 5 5-5 6 4 44-5 41- 5 5 5 5 3 * - -< 34 31-5 44 4J-5 5 1 |5f-5 5 1 5 5 - - 5 5 1 1 5-54 5-54 5-54 Buffalo 54-6* 6 * g 6 6 * rj 5 6* 5-6 5-6 6 5-6 51-6 6 8 No. 3—Philadelphia 41-5 "• 5 tl 5 4£~5 5 5 5 5-51 "? 5 ? 5-54 5 No. 4—Cleveland 5-6 5*-6 6 51-6 6 5 5-6 5 5-6 5-6 6 51-6 6 6 51-6 N N o o . . 6 5 — — P A R i i t t c l t a s h n b m t u a o r n g d h .. . U 6 6 f 5 5 4 - - 6 6 6 6 6 6 6 5 4 5 1 1 - - - 5 6 6 6 8 1 5 5 5 J- - - 6 6 6 6 6 6 6 6 6 6 5_ 5 5 - - 5 6 6 5 5 4 " i 5-5 f 6 1 5 5 5 - - 6 6 51 5 5 5 5 - - - - 5 6 6 6 5 1 i 5-5 6 6 6 5 4 * 1 5 5 5 1 - - - 5 7 6 0 6 4. 5J-6 6 g 54 1 - ( 6 6 ? , 54— 6 a 6 fil 6 a l 5 A 4 6 -6 6 4 5J j- - e 6 6 a 5M 6 6 6 6 6 a 7 Birmingham 6-7 6 5-6 6-7 6 5-6 5-6 56 6 6 6 6 6-7 6 6 6-7 6 6 6-7 7 6 7 6-7 6 7 6-7 6 6 6 6 6 6-7 6 6 6-7 6 6 6-8 6 6 6-7 5-6 5-6 6 54-6 51-6 5-6 54-6 5-6 51-6 6 51-6 6 6i 6 6-6i 6 6 6 51-6 4 7 6 6 7* 6 6 5-6 5-6 6 51-6 6 6 7 51-6 5J-6 7 No. 7— D Ch e i t c r a o g it o 4 5 4 - - 6 5 5-6 6 5-6 4 6H 1- > 51 5-5 6 1 5-51 5-5 5 1 1 5-5J t? 5 5 1 - - 5 6 J 5-5 6 * 4 4 J- 4 6 -5 5-51 f 4 5 1 - -5 6 * 5-51 51 51-6 5 51-6 51 54-6 6 51 51 No. 8—St. Louis.. 5 ti 5-5 6 * ? 5-5 6 1 5-5 6 J ? 5 5}-6 5 5-54. 5-5 6 1 ? 5-5 6 1 5-5 6 1 f 5-5 6 * 6 ? 51-6 51-6 6 ? 6 6 6 Little Rock. 6 6 6 6 6 6 6 6 6 6 6-7 6 6 6-7 6 6 6-7 7 6-7 6-7 6 7 6 a No. 9—Minneapolis 51 5f-6 51-6 6 2* 5i-5i 5* 5 2* No. 10— Kansas City 6 8 6 8 6 8 6 8 6 8 6 7 6 6 8 6 6 6 8 s 6 8 6 8 6 8 6 8 6 6 6 8 6 8 7 8 7 6- 8 7 Omaha 5-6 6 0 6 6-8 6 5-6 6 6 6 6-8 8 51 6 - - 6 7 6-7 6 a7 5-6 6 5-6 6 6-8 6} 6 6-7 6 5-8 5 a 6 6-7 6 6-7 6 6 6 - - 7 7 7-8 7 6 6 - - 7 7 6 6 - - 8 8 7 a Oklahoma City.—_ 6-7 6-7 ? 6 6 P 6-7 6-7 6 6 6 7 6-7 6 7 6-7 6-8 6-8 6-8 8 7-8 7-8 8 No. 11—Dallas 4,-6 5-6 5-6 6-6 5-6 ? 5-8 41-6 6 6-7 6 6 6-8 6-7 51-7 6-8 7 7 7-8 El Paso 8 " 8 8 6-7 8 8 8 8 8 8 8 8 8 8 8 g 5-6 5-6 5-6 5-6 44-5 6 5-6 5-6 5* 5-6 6 6 5-6 6 a 6-7 7 7-8 6-8 7 ? 6 44.-6 f ? 5-6 6 54-6 51-6 51-6 51-6 6 6 6 6 P Portland 6 6 6 6 6 6-7 6-7 " 6 6-7 7 • 6-7 6-7 7 6 6-6J Seattle 6 6 6 6 ? 6 6 6 6 6 7 6 6 6 6-7 7 7 6-7 7 7 6 6 Spokane 6 6-7 7 6 6-8 6 6-7 6 7 7 8 7 7 7-8 7 7 61-8 7 8 7 8 6-7 6 6 61 6 6 6i 6 6 5* 6-7 6-7 61 6-7 6-7 « 6-7 6-7 6J 7 6-7 61 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

610 FEDERAL RESERVE BULLETIN JULY, 1924 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES GOLD SILVER .COUNTEIE8 May— Eleven m M o a n y t — bs ending May— Eleven M m a o y n — tbs ending 1923 1924 1923 1924 1923 1924 1923 1924 IMPORTS $1,115,469 $3,561, 829 $987 $854,002 $85,948 21,678,828 20,710,823 $9,343 $20,191 157,931 $106,147 Germany _. - - _ . 14,188,578 1,899,645 14,218, 285 27,473,476 2,061 57,825 1,226,142 4,798,294 21,156 Netherlands . - 5,055,110 15,894,247 39,400,723 1,791 Norway,- .. . . 529 543,592 697 1,947 11,732 2,568 2,527 14,383 53,782 54,396 4,876 27,644 105,672 106,398 Sweden.. 2,850 6,084,414 1,329,788 6,128,840 1,180 1,926 England 26,806,215 20,992,852 137,712,612 202, 275,794 702 27,279 204,032 137,839 Scotland 2,560,382 Canada.- - - . 1,424,794 2, 479,020 32, 081,003 41, 555,935 208, 482 433,677 6,965,217 5,962,725 Central America 142,693 267,493 2, 509, 942 2,115,180 169,248 34, 526 1,429, 585 1,412,125 Mexico... . 686,355 426,791 5,130, 496 6,357, 397 3,029,981 3, 272, 005 37,793, 624 49,738, 292 6,156 4,618 548, 754 655, 977 3,103 204,949 132,862 Argentina 21,906 80,056 9,746,438 5,711 30,152 54,082 Bolivia .. 711 6,313 18,439 62,503 3,719 700,248 393,270 Chile 3,245 56,761 168,806 329,925 15,501 35, 477 1, 575,361 1,236,512 Colombia.. 254,877 116,128 4,968,741 3,277,063 6,756 1,528 166,603 128,207 Peru 128,649 254, 111 1,625,502 2,354,860 941,537 1,625,060 8,385,338 12,999,931 Venezuela 18,677 13, 591 567,939 535,411 26 23 1,928 6,155 China 1,277,814 753,484 7,453,517 5,224,108 615 3,567 17,889 19,494 Dutch East Indies 277,016 1, 785,081 2,369,384 112, 502 680,816 962,400 Philippine Islands. .. 163,905 120, 792 1,096,494 4, 590,446 2,015 1,598 16,130 22, 704 British Oceania 181,565 81,247 1, 564,655 2,949,134 262 1,451 1,728 3,583 Egypt 3,271,242 2,149,256 12,730 15,802 Portuguese Africa .. 3,164 76,921 624,374 600,470 6,263 11,621 185,134 87, 547 All other . .. 9,518 1,990,890 1,267,817 7,408, 520 975 16,953 153,131 311,104 Total ,.. 46,156,195 41,073, 650 264, 656, 011391,844,521 4,461,146 5,639,582 58,881, 078 75,069,596 EXPORTS 2,660, 000 107 000 107,000 Netherlands . . . . .. 19,000 90, 000 700 1,645 1,225 Spain 20, 000 140, 000 1,500 1,362,207 29,703 England 7,527 151,355 7,884 96, 641 3,415, 700 7, 664,073 8,991, 708 Canada. 101,322 143,147 22,110,873 1,685, 838 114,916 109,954 1,598,860 1, 456, 689 Central America 1,000 3,200 3,100 10, 594 87,775 Mexico. 561,120 446,143 4,655, 074 3,379,363 189,304 279,449 1,724,583 1,655,283 West Indies 899 1,940 1,265 57, 111 49,876 Colombia 500,000 700,000 1,100 10,000 7,166 Peru 28, 000 1,277,000 1,101, 600 655,340 13,411, 518 1,310,728 686,751 4, l04,184 12,777,900 39,201, 077 China- 50, 005 400, 205 40,000 2,166,877 1, 571,725 21,349,938 33,432,361 Dutch East Indies 20,000 135,010 Hongkong 84,470 4,000 2,990,820 1,412,170 239,729 64,340 7,087,997 1,870,237 Japan 1,277,898 All other 56,530 40,640 35, 500 66,452 Total . 824,444 593,290 48,473,491 9,938,926 3,499,358 9,686, 517 52,325,875 90,137,087 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

JULY., 1024 FEDERAL RESERVE BULLETIN 611 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' June 1 to 21, inclusive May Par May June Monetary unit of exchange May Low High A a v g e e r- Low High A a v g e e r- F w o e u e r k th 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 General index 61 59 60 61 62 Belgium Franc,.- 19.30 4.3300 4.8000 4.5461 4. 4300 5. 3900 4.8646 23.98 22.81 23.46 24.40 25.21 Denmark. 26 80 16. 8100 16. 9100 16.8528 16. 7900 17.0400 16. 9242 62.92 62.77 62.89 62.99 63.15 France Franc 19.30 4.9500 5.5300 5. 2356 5.1100 6. 5000 5. 7919 28.05 26.15 27.16 28.07 30.01 Great Britain Pound _ 486. 65 430. 7600 433. 7900 431. 7439 430. 9200 438. 6400 436. 0808 89.25 88.62 88.62 88.91 89.61 Italy 19.30 4. 3100 4. 3500 4. 3372 4. 3400 4. 4900 4. 4396 22.89 22.49 22.53 22.40 23.00 Netherlands Florin - - 40.20 37. 3100 37. 4500 37. 3922 37. 3300 37. 5000 37.4058 93.03 92.96 93.01 93.07 93.05 26 80 13. 4600 13.5800 13. 5233 13. 6900 14. 0300 13. 8662 51.74 50.60 50.39 50.39 51.74 Spain Peseta 19.30 13, 3800 13. 5800 13. 4633 13. 6100 13. 8800 13. 7962 71. IS 69.97 69.72 69.58 71.48 Sweden Krona . . - 26.80 26.5000 26. 5700 26. 5367 26. 3700 26. 5600 26. 5000 99.04 98.92 99.02 99.10 98.88 Switzerland Franc 19.30 17. 5700 17. 7400 17. 6272 17. 6100 17. 8100 17. 7246 91.55 91.05 91.23 91.71 91.84 Canada Dollar - 100.00 98. 2234 98.4178 98. 3180 98.1948 98. 5077 98. 3048 98.34 98.36 98.29 98.30 98.30 96 48 73. 6400 74.1500 73.9345 74. 2000 75. 3300 74. 6308 77.16 76.60 76.69 76.60 77.35 Brazil.. . Milreis 32.44 10. 6300 10. 8900 10. 7117 10. 4900 11. 4100 11. 0458 33.13 32.98 32.98 33.10 34.05 Chile ! 19 53 10. 4700 10. 7400 10. 6422 10. 5900 11.1400 10. 9719 55.58 54.31 54.54 54.63 56.18 China-. Shanghai tael... • 66.85 71. 3500 71. 7500 71. 5500 69. 7700 71. 9200 70. 8777 107. 01 107.23 107. 00 108. 87 106. 02 48 66 30. 2400 30. 7000 30. 4422 30. 3200 30. 7200 30. 5796 62.78 62.33 62.46 62.90 62.84 Japan Yen 49.85 40. 3100 41.3000 40. 8578 39. 8400 40. 3700 40.1865 80.80 81. 27 82.40 82.22 80.61 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 .7133 .7233 .7174 .7178 .7309 .7231 3.74 3.72 3 71 3 72 3 75 Czechoslovakia. - . 2. 9193 2. 9554 2. 9305 2. 9279 2. 9576 2. 9392 Finland.__ Markka 19.30 2. 5043 2. 5114 2. 5075 2.5009 2. 5109 2. 5067 12.99 12.99 12.99 12.99 12.99 Germany 23.82 3 0. 0230 > .0238 » . 0233 ». 0224 '. 0233 ». 0223 Greece Drachma 19.30 1. 6683 1. 8153 Z. 7391 1. 8571 2.1679 2.0091 9.99 9.23 8.83 8.97 10.41 Hungary 20 26 .0011 .0012 .0011 .0011 .0013 .0012 .01 .01 01 01 01 Poland . - ZIoty' 19.30 19.2500 19. 3700 19. 2983 99.97 100 09 99 91 Portugal Escudo - 108. 05 2. 8200 2. 9600 2.8711 2. 9400 3.1200 3.0373 2.76 2.69 2.65 2.63 2.81 Rumania . Leu 19.30 .4223 .4396 .4308 .4236 .5219 .4902 2 41 2.21 2 23 2 26 2 54 Yugoslavia Dinar - 19.30 1.1805 1. 2216 1.1952 1. 2236 1. 2479 1. 2353 6.38 6.27 6.1* 6.15 6.40 Cuba Peso 100. 00 100. 0078 100. 0469 100. 0238 100. 0094 100. 0625 100.0375 100 04 100 03 100 03 100 02 100 04 Mexico. do . 49.85 48.1250 48.3000 48. 2030 48.1458 48.3125 48. 2265 96.70 96.65 96.71 96.73 96.74 do 103. 42 76. 6300 78. 4600 77. 6878 77. 5700 78. 3400 78. 0273 75. 36 75.18 75.55 74.63 75.45 China Mexican dollar. » 48.11 51.0200 51. 7500 51. 4228 50. 6800 51. 9600 51. 3058 107.37 107. 38 106. 79 106. 49 106. 64 Dollar » 47. 77 51.8300 52.1000 51. 9956 51. 4500 52. 3600 51. 7965 108. 73 108. 89 108. 71 108. 94 108. 43 Straits Settlements. Singapore dollar. 56.78 60. 0800 50. 3800 50.1933 50. 0000 50. 7500 50.5312 88.84 88.34 88.38 88.48 88.99 1 Based on average. 21913 average. ' In cents per billion. < Beginning with May 26, 1924, quotations for the Polish mark were discontinued, and quotations for the zloty, the new Polish currency, were begun. SILVER [Average price per fine ounce June May London (converted at average rate of exchange) . $0.67640 $0.66442 New York .67045 . 65860 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Page Page Abstract of condition reports of member banks, June, 1922-March, Dutch East Indies, wholesale prices in 592 1924 _.._ 663 Earning assets of Federal reserve banks 599 Acceptance market. _._ 547 June, 1922-May, 1924 559 Acceptances held and purchased by Federal reserve banks 599 Earnings and expenses of member banks, 1919-1923 565 Agricultural movements, index of.-_ _ _ S75 Egypt, wholesale prices in 592 Agriculture, monthly statistics ._ . _. 575 Employment, United States 546 Australia: England. (See Great Britain.) Foreign trade 583 Failures, commercial 548 Retail food prices and cost of living 592 Federal reserve banks: Wholesale prices 592 Condition of 594 Austria, cost of living in_ 592 Discount and open-market operations of 600 Automobiles, production of -_ 531,543,578 Mid-year review of operations •-... 559 Bank credit 529 Federal reserve note account 598 Bank debits 608 Fiduciary powers granted to national banks 558 Adjusted for seasonal variations. 555 Financial statistics of principal foreign countries 585 Years 1919-1924 556 Food manufacturing. _ 541 Bankers' balances at reporting member banks in Federal reserve Food prices in foreign countries 592 bank cities, December, 1922-May, 1924 562 Foreign exchange- 551 Banks granted authority to accept up to 100 per cent of capital and Index of '. 611 surplus. 558 Foreign trade: Belgium: Principal foreign countries 583 Cost of living and retail food prices 592,593 United States.. 549,584 Foreign trade : : 583 France: Wholesale prices 591 Cost of living and retail food prices 592,593 Brazil, foreign trade of „. 583 Exchange rates. _ 611 Building statistics 544,578 Financial statistics 586 Bulgaria, wholesale prices in 591 Foreign trade 583 Business and financial conditions; Industrial statistics 581 Abroad-. 581 Wholesale prices 591 United States ,... 535 Freight rates, ocean 584 Business failures 548 Fruit crop and shipments 538 Canada: Germany: Cost of living and retail food prices 592, 593 Cost of living and retail food prices 592,593 Financial statistics . 586 Foreign trade 583 Foreign trade-_ . 583 Industrial statistics 582 Industrial statistics- 582 Wholesale prices 591 Wholesale prices 592 Gold imports and exports 550 Certificates of indebtedness, issue of 533 Years 1919-1924 571 Chain-store statistics 580 Gold settlement fund transactions 602 Changes in membership of Federal reserve system 605 Grain.. . . . 537 Charters issued to national banks 558 Great Britain: Check clearing and collection 601 Financial statistics 585 China, wholesale prices in—_ 592 Foreign trade ... 583 Clearing-house bank debits 608 Gold imports and exports 550 Coal and coke production 539 Industrial statistics 581 Commercial failures 548 Interest payment to United States 833 Commodity movements 575 Ketail food prices and cost of living 592,593 Condition statements: Review of banking developments 552 Abstract of condition reports of member banks, June, 1922- Wholesale prices 591 March, 1924 _._ . 563 Hungary, interest payment to United States 534 All banks in the United States on March 31, 1924 567 Imports and exports of gold and silver 550,571 Federal reserve banks - 594 Index-digest of Federal reserve act, publication of 534 Member banks in leading cities 603 Index numbers: Each month since June, 1923 561 Agricultural movements 575 Cos t of living, principal countries 593 Business 536 Cotton manufacturing 538, 576 Cost of living, . 593 Cotton, raw 537 Department-store stocks 580 Credit situation, discussion of 529 Employment 547 Currency in circulation 570 Foreign exchange 611 Czechoslovakia: Foreign trade 583 Ketail food prices 592,593 Industrial activity— Wholesale prices 591 Foreign countries 581 Dairy products 539 United States 575 Debits to individual account 655,608 Manufacturing.. 575 Adjusted for seasonal variations . 555 Mineral production 575 Years 1919-1924 556 Ocean freight rates 584 Denmark: Production in basic industries 574 Foreign trade. 583 Eetail food prices 592 Wholesale prices 591 Retail trade . 679 Department-store business 580 Wholesale prices— Deposits: Bureau of Labor Statistics index.'. 591 Savings . 547 Federal Reserve Board index 589 Time and demand, of member banks 563,607 Group index numbers—United States, England, France, Deposits, note circulation, and reserves of Federal reserve banks: Canada, and Japan 590 May, 1924 594 Principal countries 591 June, 1922-May, 1924 560 Wholesale trade 579 Discount and open-market operations of the Federal reserve India: banks 560,600 Cost of living 593 Discount rates: Foreign trade ; 583 Central banks 588 Wholesale prices 592 Federal reserve banks 530,602 Industrial statistics: Changes in, January, 1922-June, 1924 602 Foreign countries J. 581 Prevailing in various centers . 609 United States. 573 106382—24f 7 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

II INDEX. Pege Page Interest payments to United States by Great Britain and Hun- Petroleum industry 540 gary 533 Poland, wholesale prices in... 591 Interest rates prevailing in various centers 609 Prices: Iron and steel production 543 Food, principal countries 592 Italy: Wholesale— Financial statistics 587 Bureau of Labor Statistics index 591 Foreign trade 583 Federal Reserve Board index 589 Retail food prices and cost of living 592,593 Group index numbers—United States, England, France, Wholesale prices 591 Canada, and Japan 590 Japan: Principal countries 591 Exchange rates ^ 611 Production in basic industries, index of 575 Financial statistics 587 Reserve ratio of Federal reserve banks 594 Foreign trade : 583 Resources and liabilities: . Wholesale prices 592 All banks in the United States on March 31, 1924 567 Leather industry 544 Federal reserve banks 594 Livestock industry 539 Member banks in leading cities 561,603 Lumber industry . 543 June, 1922-March, 1924 563 Mail-order houses, retail trade of 580 Retail food prices 592 Manufacturing: Retail trade 579 Condition, by industries 541 Review of banking statistics, mid-year 559 Index of production 575 Savings deposits.. 548 Shoe industry 544 Member banks: Silver imports and exports 610 Abstract of condition reports, June, 1922-March, 1924 563 South Africa: Assets and liabilities, June, 1922-March, 1924.. 563 Foreign trade 583 Condition of 603 Retail food prices and cost of living 592,593 Earnings and expenses of, 1919^1923 565 Wholesale prices 592 Number discounting : 601 Spain: Number in each district 601 Cost of living.. 593 State banks admitted to system 558 Wholesale prices 592 Membership in Federal reserve system, changes in 605 State banks: Mineral products, index of---. 557 Admission to system 558 Mining... 539 Condition of, on March 31,1924 567 Money in circulation: Earnings and dividends of 565 June, 1924 570 Statistical work of the Federal Reserve Board, 1923-24 . 554 July, 1922-June, 1924 570 Sweden: Money rates.. 548,609 Cost of living 593 National banks: Foreign exchange 611 Charters issued to 558 Foreign trade , 583 Fiduciary powers granted to 558 Wholesale prices 592 Netherlands: Switzerland: Cost of living and retail food prices 592,593 Retail food prices and cost of living 592, 593 Foreign trade 583 Wholesale prices 592 Wholesale prices 591 Textile industry 541 New Zealand: Time deposits of member banks 563,607 Retail food prices and cost of living 592,593 Tobacco industry 538 Wholesale prices 592 Trade: Norway: Foreign. (See Foreign trade.) Cost of living and retail food prices 592,593 Retail 545,579 Foreign trade 583 Wholesale 545,579 Wholesale prices 1 . 591 Transportation 545 Ocean freight rates 1 584 Treasury financing 633 Par list, number of banks on 601 Wholesale prices. (See Prices.) Per capita circulation 570 Wholesale trade _. 545,579 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DISTRICTS >— BOUNDARIES OF FEDERAL RESERVE DISTRICTS .... BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ®f 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