Federal Reserve Bulletin, 1924-08

!i AUGUST, 1924 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Business Conditions in Europe Business Conditions in the United States Currency Reorganization in Germany WASHINGTON GOVERNMENT PRINTING OFFICE 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex officio members: D. R. CRISSINGEE, Governor. EDMUND PLATT, Vice Governor. A. W. 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. HERSON, Chief, Division of Examination, and Chief Federal E. A. GOLDENWEISER, 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. MILLEH, Jr. District No.6 (ATLANTA) OSCAR WELLS. District No. 7 (CHICAGO) JOHN J. MITCHELL. District No.8 (ST. LOUIS) FBSTUS 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 Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Curtiss. _ _ W. P. Q.Harding W. W. Paddock W. Willett. J. E. Case L. H. Hendricks.i New York.. Pierre Jay Benj. Strong L. F. Sailer... A. W. Gilbart.1 G. L. Harrison- J. W. Jones.1 E. R. Kenzel G. E. Chapin.1 Ray M. Gidney. 1 Philadelphia, _ R. L.Austin Geo. W. Norris.. Wm. H. Hutt W. A. Dyer. Cleveland E. R. Fancher... M. J Fleming J. C. Nevin. D. C.Wills Frank J. Zurlinden.. Richmond Win. W. Hoxton.___\_ George J. Seay C. A Peple Qeo. H. Keesee. R. 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. R. McKay W. C. Bachman.1 JohnH. Blair K. C. Childs.i J. H. Dillard.i D. A.Jones.1 O. 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._- R. A. Young. B. V. Moore Frank C. Dunlop.1 Harry Yaeger' Kansas City- M. L. MeClure W. J. Bailey. C. A. Worthington... J. W. Helm. Dallas R. R. Gilbert R. B. Coleman. Lynn P. Talley B. A. McKinney.. Val. J. Grand. San Francisco. John Perrin J. TJ. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk' L. O. Pontions2 1 Controller. 2 Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Manager Federal Reserve Bank of— Manager New York: Minneapolis: Buffalo branch W. W. Schneckenburger. Helena branch R. E. Towle. Cleveland: Kansas City: Cincinnati branch L. W. Manning. Omaha branch L. H. Earhart. Pittsburgh branch Geo. DeCamp. Denver branch J. E. Olson. Richmond: Oklahoma City branch C. E. Daniel. Baltimore branch. A. H. Dudley. Dallas: Atlanta: El Paso branch D. P. Reordan. New Orleans branch Marcus Walker. Houston branch Fred Harris. Jacksonville branch Geo. R. De Saussure. San Francisco: Birmingham branch A. E. Walker. Los Angeles branch _ C. J. Shepherd. Nashville branch J. B. McNamara. Portland branch.. Frederick Greenwood. Chicago: Salt Lake City branch R. B. Motherwell. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch W. L. Partner. Louisville branch W. P. Kincheloe. Memphis branch V. S. Fuqua. 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. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

TABLE OF CONTENTS The month: p age Review of the month—Business conditions in Europe 613 Business conditions in the United States 619 Currency reorganization in Germany 636 Official: Rulings of the Federal Reserve Board— Bankers' acceptances covering American cotton in foreign countries after export transaction completed 638 Calculation of interest or discount 639 Law department— Opinion of Supreme Court of Rhode Island on right of national banks to exercise fiduciary powers in State of Rhode Island 639 Opinion of Supreme Judicial Court of Massachusetts on right of national bank converted from State trust company to act as executor under will naming trust company 641 State banks admitted to system 645 Fiduciary powers granted to national banks 645 Charters issued to national banks 645 Business statistics: Industrial statistics in the United States 646 Wholesale and retail trade 652 Industrial statistics for foreign countries 654 Foreign trade of principal countries 655 Financial statistics for principal foreign countries 656 Price movements in principal countries: Federal Reserve Board wholesale price indexes 657 Comparative wholesale prices in principal countries 659 Comparative retail prices and cost of living in principal countries 660 Banking and financials tatistics: Federal reserve banks— Condition of Federal reserve banks 661 Federal reserve note account - 665 Holdings of earning assets 666 Discount and open-market operations of Federal reserve banks 667 Earnings and expenses of Federal reserve banks for six months ending June 30 670 Gold settlement fund 672 Discount rates of Federal reserve banks 673 Member banks— Condition of member banks in leading cities 668 "Deposits of all member banks... 672 Bank debits 674 Money rates in principal cities 675 Gold and silver imports and exports 676 Foreign exchange rates and index : 677 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 10 AUGUST, 1924 No. 8 REVIEW OF THE MONTH period of the previous year and, after a general Economic conditions in Europe during the growth extending over more than two years, first half of 1924 have been characterized reached a peak figure last March. Coal proby an increase in industrial duction was maintained during 1924 at about the level of the previous year, in spite of considerably smaller exports than in 1923, when the and foreign trade, and in many Continent purchased an unusually large amount countries by smaller fluctuations in prices and of British coal, owing to the reduced production exchange rates. Countries whose currencies in the Ruhr district. Growth in the industrial depreciated violently in 1922 and 1923 have consumption of coal in England during this since adopted financial reforms resulting duryear is partly accounted for by the increased ing this year in greater currency stability, activity of the iron and steel industry. Pigand in consequence business in these countries iron production, while below the peak of 1923, was no longer under the constant necessity of is still at a high level compared with the prereadjusting itself to wide uncertainties in moneceding years, and steel production in May was tary values, and was conducted more directly close to a maximum figure. In the textile with reference to general economic developindustry an indication of activity is furnished ments. Beginning with the latter part of 1923 by the volume of imports of raw wool and and continuing until May of this year unemcotton and of exports of cotton cloth, which ployment throughout a large part of Europe has been larger during the current year than has diminished, production in basic industries for the corresponding months of last year. has increased, and in contrast to preceding years the time and character of change in the British foreign trade, expressed both in business situation in the different countries value and in physical volume, has increased have shown a considerable degree of unisteadily during the past three years. Exports formity. More recently there have been indihave been larger than last year, in spite of the cations of a slackening in production and considerable decline in the exports of coal. trade, but for the first half year as a whole Imports, particularly of materials for manufacbusiness has been more active than for correture, have increased more than exports, and sponding periods in either 1922 or 1923. the physical volume of goods imported, which In Great Britain increased business activity has been increasing during the past three years, has been reflected in a decrease of unemploy- was, during the first quarter of 1924, larger ment, a larger volume of rail- than the pre-war average. British indus- y traffic, greater production On the Continent international trade and wa in basic industries, and in domestic production and distribution have ina growth of foreign trade. Unemployment creased. In France and Geramong trade-unionists, which had declined Conditions in many the value of foreign trade France and Ger- •> •• , . ,, almost continuously during the past three y_ has been greater since the openman years, fell from 16.4 per cent in May, 1922, to ing of this year than in 1923, 7 per cent in May, 1924, and was at that time and in May the shipping tonnage at French largely confined to the shipbuilding and and German ports was exceptionally large. engineering trades. Traffic on British rail- Unemployment in France has continued as in ways during the first quarter of the year, as 1923 at a relatively low level, and in Germany > indicated by the net ton-miles carried, was in where unemployment increased rapidly during larger volume than for the corresponding the second half of 1923 and became so wide- 613 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

614 FEDERAL RESERVE BULLETIN AUGUST, 1924 spread that at the end of the year about movements during the greater part of last year 1,500,000 unemployed persons were receiving were similar to those in the United States, a State aid, the number of persons out of work rise during the first five months of 1923 being has decreased during the first five months of the followed by a decline. In August, however, present year. Further evidence of expansion of British prices began a rise not paralleled by the domestic trade in France is the continued growth course of prices in this country, and by the of railway traffic. Disturbed conditions in the spring of 1924 the price level in England had coal and steel industries on the Continent make advanced by 10 per cent. Prices in Italy over it difficult to determine their present position, the period were remarkably stable and their but available statistics indicate that in France slight fluctuations were in the same direction there has been a continued increase in the out- as the more pronounced price changes in France put of iron and steel since early in 1923. and England. In each of these European Larger imports of raw wool, cotton, and silk countries prices during the first half of this into France and Germany and increased ex- year have averaged higher than in 1923, while ports of cotton goods from Italy during the in the United States they have been lower. In current year point to a growth in the activity June prices in England and Italy, as well as in of the textile industry. the United States, declined, while in France Prices in England, France, and Italy, be- they advanced. ginning in the autumn of 1923 and until recent During the time when currency prices in months, advanced at a time France, England, and Italy were advancing when Prices in the United at a rate more rapid than in the United States were unchanged or de- States, the exchanges in these clining slightly. As shown by the chart, the of countries were declining and ••PER cart in each country the extent 7OO' PBJCES f 1913 = too) 700 of the decline in exchange roughly corre- BOO =^ Italy. : 600 sponded to the degree of price advance. The course of rates on these three countries and 5OO 500 of the general foreign exchange index since Franre, 1922 is shown in the chart. The general, A.O0 index, which is an average of exchanges on 17 leading countries, exclusive of Germany, and 300 300 thus measures the position of important foreign currencies with reference to the dollar, was at a lower level in the beginning of 1924 than at any time in the past three years; the 200 200 advance and decline this year reflect primarily the fluctuations in the value of the franc. Throughout the year 1923 there was a general downward movement of European exchanges, so that in January, 1924, the pound sterling and the Italian lira were considerably below their 100 100 level of a year earlier and in March French francs 1922 1923 1924most marked increase was in France, where were at the lowest point on record. The sharp prices advanced almost continuously for more recovery in French exchange, which occurred than two years until March, 1924, when there in March and April, was connected with the was a sharp decline, coincident with a rise in establishment of foreign credits by the Bank the exchange, to a level only slightly above that of France. This advance has been followed at the opening of the year. In England price by a decline in recent months, but the present Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUOUST, 1924 FEDERAL RESERVE BULLETIN 615 level is still above the rate at the begin- months has been a longer period of stability in ning of the year. In Italy exchange rates German exchange than has prevailed at any as well as prices have fluctuated within a time since the more extreme depreciation began. narrow range, partly in consequence of foreign During this period the exchange value of the credit arrangements made by commercial new Kussian currency, the chervonetz, which banks in Italy for the purpose of steadying was introduced late in 1922 after the ruble had the exchange market. The pound sterling, lost all its value in foreign markets, has also from its low in January, has had a general been maintained at a relatively constant level. upward movement and in July reached the The exchange value of the Austrian krone has highest point of the year. remained for about two years close to the rate More striking than the developments in the fixed in September, 1922, when foreign credits exchange of these countries, however, has been were arranged for Austria; more recently the greater stability during the past six somewhat similar arrangements have been months in the values of currencies of countries made for the maintenance of the exchange that have undertaken currency reforms. Most value of the Hungarian krone. Exchange rates on Czechoslovakia and Finland, where fiscal 140 EXCHANGES (PER CENT OF PAR ) and currency reforms were begun earlier than 120 120 elsewhere, and on Yugoslavia, have fluctuated within a comparatively narrow range since the 100 England 100 beginning of 1923. Exchanges of certain other countries, including Esthonia, Latvia, and 80 80 Lithuania, which have organized central banks of issue with restrictions on advances to the 60 SO Government and have adopted new currencies with reserves consisting chiefly of stable foreign exchanges, have also remained relatively constant. In May, 1924, Poland undertook a financial reform including the establishment of a new bank of issue for the purpose of restora- France tion of currency stability. Important factors in maintaining the value of these new or reformed currencies have been foreign credits obtained by the governments or 20 ZO 1922 1923 1924- the banks of issue. In view of the shortness of of these currencies during 1922 and 1923 had the period during which the exchanges have undergone a depreciation so extreme that their been tending toward stability and the difficulty relation to pre-war parities lost all significance. of the task to be accomplished, these methods Thus, the exchange value of the German mark, of currency stabilization must still be regarded after a practically continuous fall during the as experimental. Also it should be borne in five years following the war, collapsed com- mind that the volume of dealings in some of pletely during the closing months of 1923. At these exchanges is relatively small and that the that time the rentenmark, secured by mort- quoted rates do not always correspond exactly gages imposed on certain classes of property, with the rates at which actual transactions are was introduced and its value fixed at one gold made. The chief significance of the accommark; the ratio of the paper mark to the ren- plishment of the past six months is in the contenmark was determined at one trillion to one, trast between the earlier period of unrestricted and this ratio has been substantially main- currency expansion and wide fluctuations in tained for aboutjeight months. This eight exchange rates and the recent relative stability Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

616 FEDERAL, RESERVE BULLETIN AUGUST, 1924 of these exchanges. Stability of an individual of credit allotted to the Government was excurrency can be maintained with less difficulty hausted within a few months, and by the beginas the exchanges of other countries with which it ning of June industry and agriculture had also has trade relations become stable, and as the used all but 300,000,000 of the amount legally maintenance of the value of the currency over available. a longer period results in more general confi- As part of the plan the Reichsbank received dence in its continued stability. in retirement of treasury bills 200,000,000 of the Restoration of sound currency and credit Rentenbank's credit to the Government, and conditions, while presenting a considerable with the liquidation of these obligations further problem in all the countries, is especially diffiborrowing by the Government from the Reichscult in Germany, where curbank was discontinued. The bank received a Credit and rency disorganization was excurrency in Ger- J • . ° ,. , further amount of 800,000,000 as a direct admany, treme and where credit shortage vance from the Rentenbank, to be used as a is particularly acute. The ex- basis of loans in rentenmarks. By the end of isting shortage of credit and of working capital the first quarter of 1924, however, the credit is in part the result of the conversion of an ex- made available through the organization of the cessive proportion of business assets into capi- Rentenbank was largely exhausted and the tal goods during the period of rapidly rising Reichsbank adopted a more rigorous policy prices and currency depreciation, when the hold- of credit curtailment. It undertook on April 7 ing of funds entailed severe losses and the pur- to restrict the credit extended to each customer chase of durable goods was a means of sharing to the amount of his borrowing on that day, in the gains of price advances. As a conse- with certain adjustments to allow for the arbiquence, while German factory and railroad trary nature of the date selected. This policy equipment has been improved, there is an acute of rationing credit rather than of endeavoring shortage in the supply of working capital. to control the credit situation through an The financial problem confronting Germany advance of discount rates was adopted in during the past six or eight months has been to view of the existing credit and currency confind a means of reorganizing the currency and of ditions and the extraordinarily high level of meeting the demand for commercial credit. market rates for money. As one step in dealing with this situation, the A policy of rationing has also been pursued Government in November, 1923, organized the for some time in the distribution among appli- Eentenbank and turned over to it mortgages on cants of the limited supply of bills of exchange agricultural land and business enterprises to be on foreign countries. The organization in used as security for the issue of a new currency, April of the German Gold Discount Bank, by the rentenmark. Of the total amount of establishing credit connections in foreign mar- 3,200,000,000 rentenmarks of mortgages au- kets, was instrumental in somewhat relieving thorized by law, 800,000,000 has not been the shortage of foreign credits. These credits, placed, owing to the fact that the Government however, were extended only to borrowers has not been in a position to impose mortgages whose business would put them in a position in the occupied territory. Of the 2,400,000,000 to repay advances made them in foreign rentenmark credits at the disposal of the Ren- currencies. tenbank, 1,200,000,000 was turned over to the A discussion of currency reorganization in Government and was used in the retirement of Germany and of the relation between the its obligations to the Reichsbank and for meet- Reichsbank, the Rentenbank, and the Gold ing current expenses and the remaining Discount Bank, together with recent state- 1,200,000,000 was available, largely through ments of condition of each of these banks, is the Reichsbank, to meet the credit requirements presented elsewhere in this issue. This subof agriculture and industry. The entire amount ject is of particular interest at this time, since Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL, RESERVE BULLETIN 617 under the proposals of the Dawes report these crease of 2,900,000,000 francs since November, banks are to be reorganized into one new bank 1923, and on July 10 the total circulation was of issue. only 800,000,000 below the legal maximum. In Currency conditions in Germany since the England the volume of bank notes in circulation discontinuance of the unrestricted issue of has remained practically constant, while paper marks have been characterized by a changes in currency demand have been recontinued increase in the demand for currency flected in changes in the volume of currency and by a more gradual growth in the volume of notes. The limitation upon the fiduciary money in circulation. The additional cur- issue of these notes, as recommended by the rency has been furnished in large part by the issue of rentenmarks, but also by further issues BANK OF FRANCE NOTES of Reichsbank notes. These notes have chiefly Legal Limit taken the place of various kinds of emergency 40000 currency, the bulk of which has been retired since the beginning of the year, and also of foreign currencies circulating in Germany. 35OQO 35000 A factor in the demand for currency has been the greater confidence in the value of the rentenmark and the consequent greater willing- 30000 3O0GQ ness of the public to keep currency in its Millions MILLIONS POUNDS BRITISH CURRENCY NOTES POUNDS possession. An evidence of this increased confidence on the part of the German public in its own currency has been an outflow from 300 | LegalMaximum Germany of foreign currencies which were in i of Fiduciary Issue general use during the period of currency depreciation. At the end of May Doctor Schacht, 250 250 the president of the Reichsbank, stated that the total volume of money in circulation, which 200 200 had increased from 2,700,000,000 gold marks 1323 1923 1924 on January 1 to about 3,000,000,000 at the Cunliffe report and adopted by the treasury, end of the first quarter, had by the end of May is that the volume for any year may not returned to the level at the beginning of the exceed the maximum reached during the preyear. Since that time the circulation, parceding year. This limit has been lower in each ticularly of Reichsbank notes, has again insuccessive year since the arrangement went into creased. effect. The limit for 1924 is 248,190,000 Larger demands for currency have also been pounds, and the volume of fiduciary issue was felt in France and England, and since the first on July 16 only about 6,000,000 pounds below of the year there has been an the maximum. Currency posi- increase in circulation in these An important factor in the immediate future tion in France , . . and England. countri es, par ; t 1 ly in response to of financial reconstruction in Europe will be the growth in industrial and the outcome of the interallied Inter-allied conference now in session in trade activity, to which reference has already conference at , , . , . . . . x been made. The growth in circulation in London. London, which is considering both of these countries, as shown by the the method of putting into chart, has carried the volume to a level not far effect the experts' recommendations to the below the present legal limits. In France, Reparation Commission. One phase of the where the legal limit on bank-note circulation problem is the arrangement for satisfactory is 41,000,000,000 francs, there has been an in- security for the proposed international loan to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

618 FEDERAL RESERVE BULLETIN AUGUST, 1924 Germany of 800,000,000 gold marks. The pur- connection with deliveries in kind, which do not pose of this loan, as outlined in the report of the involve payments outside of Germany. It has experts, was to raise funds which would con- been recognized that to provide acceptable tribute to the gold reserves of the proposed new security for this loan and thus to assure its bank and thus enlarge the basis of its currency notation is an essential condition of the mainteissues. It is also expected to play an important nance of currency stability in Germany and of part in enabling Germany to meet her more Germany's ability in the next year to make the urgent obligations to the Allies, particularly in required reparation payments to the Allies. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 619 BUSINESS CONDITIONS IN THE UNITED STATES Production of basic commodities and factory employment showed further large declines during June. Trade, both at wholesale and retail, also decreased during the month and was in smaller volume than a year ago. Production.—The Federal Reserve Board's index of production in basic industries, adjusted to allow for seasonal variations, declined about 9 per cent in June to a point 22 per cent below the level of the first two months of the year. Iron and steel and cotton manufacturing industries continued to show the most marked curtailment of activity, and decreases were general in other industries. Factory employment decreased 3 per cent in June, the metal, automobile, textile, and leather industries reporting the largest reductions in forces. Value of building contracts awarded in June was 8 per cent smaller than in May, though 4 per cent larger than in June of last year. Condition of the corn crop on July 1, as reported by the Department of Agriculture, was the lowest on record for that date and indicated a probable yield about 500,000,000 bushels less than last year. Condition of the cotton crop was reported less satisfactory than a month earlier, while forecasts for wheat and oats were larger than in June. Trade.—Railroad shipments decreased in June and were about 15 per cent less than a year ago, owing to smaller loadings of all classes of freight except gram and livestock. Wholesale trade showed a further slight decline in June and was 11 per cent smaller than a year ago. Sales of hardware, drugs, shoes, and dry goods decreased, while sales of groceries and meat increased slightly. Sales of department stores and chain stores showed more than the usual seasonal decrease during June and were smaller than last year. Mail-order sales in June showed less than the usual seasonal decline and were larger than a year ago. Department stores further reduced their stocks of merchandise and slightly increased their outstanding orders. Prices.—Wholesale prices, as measured by the index of the Bureau of Labor Statistics, declined more than 1 per cent in June to a level 5 per cent below the high point for this year. Prices of all groups of commodities, except clothing, showed declines, and decreases were particularly large for building materials. During the first three weeks of July quotations on wheat, corn, and hogs advanced sharply, while prices of sugar, cotton goods, and iron and steel products were lower. Bank credit.—Commercial loans at member banks in leading cities during June and the first two weeks of July remained at a relatively constant level, considerably below the peak reached in April, while investment holdings and loans secured by stocks and bonds increased rapidly and carried total loans and investments to the high point for the year. Demand deposits, PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES PER CENT PERCENT 150 "1150 J00 300 100 200 - 50 50 100 100 0 0 1913 1920 1921 1922 1923 1924 1919 1920 1921 t922. 1923 1924 Index of 22 basic commodities adjusted tor seasonal variations. (1919~ Index of U. S. Bureau of Labor Statistics. (1913=100, base adopted by 100.) Latest figure, June, 94. bureau.) Latest figure, June, 145. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

620 FEDERAL RESERVE BULLETIN AUGUST, 1924 RESERVE BANK CREDIT FACTORY EMPLOYMENT MILLIONS Or DOLLARS MILLIONS OF DOLLARS PEH CENT PER CENT «>00| 150 100 100 *\ 2000 so SO 1000 0 o o 1919 1922 1923 1924 1919 1920 1921 1922 1923 1924 Weekly figures for 12 Federal reserve banks. Latest figures for July 23. Index for 33 manufacturing industries. (1919=100.) Latest figure, . June, 90. owing partly to the growth of bankers' balances at financial centers, advanced to a record level. At the reserve banks there was a continued decline in discounts and an increase in purchases of Government securities in the open market. As a consequence, total earning assets in the middle of July were only slightly less than at the beginning of June. Member bank reserve balances increased rapidly, reflecting a return flow of currency from circulation and further imports of gold; total deposits at the reserve banks on July 16 were larger than at any time since the organisation of the system. Money rates in July were comparatively steady, but continued to show a somewhat easier tendency. Discount rates at the Federal Reserve Banks of Kansas City and Dallas were reduced during July from 4}^ to 4 per cent. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919=100] P ti b r o o a n d s i u i c n c- e F m ac p t l o o r y y - c B o u n i t l r d a i c n t g s E ro c a a a i r d l- W s h a o le le- Depar s t a m le e s n ! t store Depa s r t t o m ck en s t ! store Bank i t n ri d e u s s 1 - ment awarded > i l n o g a s d - i trade Unad- Ad- Unad- Ad- debits i justed justed justed justed 1923 121 99 132 117 78 101 114 107 120 106 120 101 143 117 76 90 116 118 126 110 March 125 103 140 120 86 124 124 128 127 111 1 124 103 130 124 79 119 115 132 129 111 May 127 103 130 127 81 128 125 129 130 113 June___ .- _- _ 122 103 117 121 83 127 127 122 128 110 July 121 101 112 119 80 89 120 119 127 105 August -- . 120 101 112 123 89 100 129 129 129 105 114 101 128 112 92 112 123 139 429 101 October 118 101 151 117 97 148 132 146 131 105 November _ _ „._ 116 100 167 120 85 142 126 149 133 105 110 99 172 113 72 202 125 123 133 105 1924 January 120 98 170 118 80 110 124 116 130 105 February . 120 99 163 131 78 102 127 126 135 110 116 99 164 115 79 115 115 138 137 109 April. 114 97 150 121 77 132 127 140 136 112 May - _ 103 93 129 117 76 126 123 134 135 109 June 94 90 125 103 75 120 121 127 132 103 1 The indexes of production in basic industries, building contracts, car loadings, and bank debits are adjusted to allow for seasonal variations,, The indexes of department 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

AUGUST, 1924 FEDERAL. RESERVE BULLETIN 621 AGRICULTURE output in 1923. Although the total crop is During the month of June and July harvest- smaller than that of last year the yields in the Ing and marketing of the small grain crops Minneapolis, Kansas City, and Dallas Federal began and summer fruits were distributed m reserve districts, which include the principal large volume. The weather was very satis- winter wheat growing areas, are decidedly factory for harvesting winter wheat in the larger than in 1923. In the Kansas City dis- Kansas City and Dallas Federal reserve dis- trict alone the estimated yield is 84,000,000 tricts, but it was too dry for pastures, ranges, bushels more than last year. Other district and livestock. In the Minneapolis district comparisons are given in the table on page 644. moderate temperatures and frequent rains Despite the lateness of the season, moderate were very beneficial and resulted in decided temperatures and ample rainfall have been improvement in the prospects for the spring beneficial to the spring wheat crop in the Minwheat crop. A continuation of the drought I neapolis district and the outlook there is much in the San Francisco district has resulted in a better than early expectations, although harscarcity of water for irrigation purposes, and vesting in that district did not begin until late crops which are being harvested show a smaller in July. The effects of the cold and late spring yield per acre and frequently poorer quality on the corn crop were reflected in the first conthan last year. Reports showing the composite, condition of all crops on July 1 indicated some CENTS PER BUSHEL CENTS PER BUSHEL 1<tO improvement during June, but the condition was 6 per cent below the average on that date for the past 10 years. Owing principally to 120 a decline in the marketing of cotton, livestock, fruits, and vegetables, the total volume of agricultural products distributed in June was smaller than in May. Prices of crops began to advance early in June and continued through the first three weeks in July, and, according to the Department of Agriculture index, crop prices on June 15 reached the highest level since November, 1920, Livestock prices, on the other hand, were slightly lower than in May, but were 2 per cent higher than in June a year ago. The advance in the prices of crops was accompanied by a further decline in the prices of other commodities and the purchasing 20 20 power of farm products, which is an expression of the relationship between prices of farm products and other commodities, reached the July 'Aug.'Sept! Oct.' Nov.' Dec'Jan.' Feb.'Mar.' Apr.' May'June'July' Au§. highest level since October, 1920. The recent 1923 1924advance in wheat prices, together with a large Prices of grains since the beginning of the 1923 harvesting season crop in the principal producing districts, is dition report, which showed the poorest corn resulting in greater returns to the producers outlook on record, and the estimated yield was and in liquidation of indebtedness, especially about 500,000,000 bushels smaller than last in the sections that suffered a crop failure last year, and, with the exception of 1918, the year. smallest crop in the past 10 years. Following the issuance of the first official report on the Grain. Canadian wheat crop, which showed a decline Under generally favorable weather condi- of 32 per cent from the final production in 1923, tions in June and July harvesting in the winter together with reports of a smaller world prowheat areas in the Southwest advanced rapidly duction than last year, grain prices began to and the prospects for heavy yields in that advance, and on July 18 winter wheat on the territory are the best in several years. Fore- Chicago market advanced to $1.25, as comcasts by the Department of Agriculture as of pared with $1.15 a month ago and $1.02 a year July 1 showed an increase of 50,000,000 bushels earlier. Other grain prices, especially corn, in the total yield of wheat from the estimates a had substantial rises, as shown on the accommonth earlier, but production is still below the panying chart. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

622 FEDERAL RESERVE BUIxLETIN AUGUST, 1924 The volume of grain marketed in June as and the short crop in 1923, stocks are low. reflected by receipts at 17 interior cities was Despite indications of an increased yield the slightly larger than in the preceding month or small supplies have added considerable strength in June a year ago. Early in July the new to the raw cotton market and prices are about wheat crop began to reach the markets and 4 cents a pound higher than a year ago. After reports indicate a considerable increase in the publication of the July 16 cotton condition wheat receipts, due to the larger crop in the report, which placed the yield at slightly less early marketing areas together with a desire by than 12,000,000 bales, the market, especially the producers to market the crop rapidly on contract prices for the new crop, advanced a rising market. rapidly and October futures closed at 27.90 cents on July 25 compared with 25.47 cents Cotton. a month earlier. On July 21 the Department of Agriculture issued its first mid-month cotton condition Tobacco. report giving the condition of the crop as of Effects of the unsatisfactory weather con- July 16 and showing the change since June 25. ditions prevailing during the spring in the According to the first estimate the yield was to principal tobacco-growing sections were rebe 12,144,000 bales, but due to excessive rains flected in the condition report on July 1, which in North and South Carolina and a protracted showed a condition of 79, compared with 83 a drought in Louisiana during the first two weeks year ago, and an average of 81 for the past 10 in July the crop in those States deteriorated years. In view of the heavy production in rapidly and the estimated yield on July 16 was 1923, active efforts were made to reduce the reduced to 11,934,000 bales. Contrary to con- acreage in 1924, which is now reported to be ditions a year ago, when the North Carolina 7 per cent less than that harvested last year. and Texas prospects were exceedingly good A crop of 1,294,000,000 pounds is estimated, and those for the Atlanta and St. Louis dis- which is a reduction of 197,000,000 pounds tricts very unfavorable, the situation this year from the yield last year. Smaller production is practically the reverse. Of the principal is reported from almost all Federal reserve disproducing States the condition of the crop in tricts except Atlanta, where many cotton grow- Oklahoma, Georgia, Mississippi, and Alabama ers have turned to growing tobacco in place of was the highest, but as no yield figures for cotton. With the exception of a few sales in States are yet available, no direct comparisons sections of the St. Louis district, the tobacco can be made. Boll weevils are reported from markets were closed in June. Late in July all sections of the belt, but active efforts to harvesting began in Georgia, and early in apply poison where possible are being made August marketing begins in South Carolina. in most States, particularly in the Atlanta and Marketing associations and dealers had heavier Richmond districts. Damage by other in- stocks onhand at the end of June than a year sects is reported from the Western States, and ago, and some of the cooperative marketing in Texas and Oklahoma such damage is more associations still have on hand small amounts serious than that of the weevils. The domestic of the highest grades of the 1922 crop. demand for the old crop declined further in Reports from cigar manufacturers in the June, when consumption and takings by Philadelphia Federal reserve district indicated spinners were sharply reduced. In fact spinthat the industry was less active in June than ners' takings were the smallest on record and in May or than in June a year ago, with consumption was the smallest since the low operations only about 60 per cent of capacity. point of December, 1920. Exports also de- Price quotations were generally unchanged clined in June and reached the low point of the from the preceding month, stocks were light, year, but they continued larger than in the corand most of the orders were for delivery within responding month a year ago. Total exports 60 or 90 days. for the 11 months ending June 30 were 868,000 bales larger than for the corresponding 11 Fruit. months ending a year earlier. But domestic consumption was 862,000 bales smaller than Weather conditions in June and early July in the previous season, which made possible continued satisfactory for harvesting and mara greater volume of cotton available for export. keting the summer fruit crops, although the In view, however, of approximately the same drought in California has seriously damaged volume of cotton demanded as a year ago the crops there. Condition reports of the deciduous fruit crops in that State were con- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDEBAL RESERVE BULLETIN 623 siderably lower on July 1 than a year earlier, and the 1924 spring pig crop is estimated to but they were slightly higher than on June 1. be 8,000,000 head smaller than last spring. Considerable improvement in transportation A total production of about 32,000,000 hogs facilities for moving the crops has been made in the Corn Belt is shown from the 1924 during the past year and there is a greater spring crop, as compared with 48,000,000 in number of refrigerator cars to serve California 1923 and 38,000,000 in 1922. and the Pacific Northwest than in 1923. The The total number of animals marketed in present commercial estimate of the canned June was slightly smaller than in May, but fruit pack in California is about 35 per cent was larger than in June last year. All animals smaller than last year and the carry-over from were received at stockyards in greater numbers the previous season is substantially smaller than last June, but only hogs and sheep were than a year ago. The July forecasts by the sold in larger numbers than in May. Since Department of Agriculture showed an apple the beginning of the year the marketing of crop of 196,000,000 bushels, compared with hogs has been in smaller volume each month 197,000,000 bushels in 1923. The amount than in the preceding month, as is pointed out available for commercial purposes is 32,000,000 in the table, and in March receipts fell below barrels, compared with a commercial crop of those of the corresponding month a year ago. 34,000,000 barrels in 1923. These factors indicate a smaller volume of hogs On account of a sharp seasonal decline in the for market than last year, which is brought out marketing of apples and citrus fruits in June, in the survey mentioned above. The upward the total volume of fruit distributed was movement in the price of corn, which started smaller than in May, but it was considerably in June, put the feeder in a more unfavorable larger than a year ago. Although the forecast position, and the increase in marketing in of the peach crop in Georgia was decidedly that month over a year ago is significant of larger than the 1923 yield, the season is approx- his desire to further reduce his supplies without imately ten days late, which caused many of additional feeding. the early varieties to ripen late and come into serious competition with the later varieties. RECEIPTS OP HOGS AT STOCKYARDS AT 42 MARKETS This resulted in a large supply in July, and as a consequence the markets became overstocked, 1924 1923 prices declined sharply, and returns to the growers in many sections are not sufficient to January.. 6,102,000 5,190, 000 pay the shipping expenses. February 5, 214, 000 4, 393,000 March... 4, 726,000 4, 832, 000 April 4, 275, 000 4, 232, 000 Livestock. May 4, 233, 000 4, 435,000 June 4, 202,000 4,125, 0C0 The continued drought in the grazing areas of the West and Southwest caused further Prices of all animals declined during the deterioration in ranges in June, and the average month, but they advanced during the first condition in 17 western States on July 1 was weeks of July, and on July 18 hogs reached the 81 per cent of normal, compared with 84 on highest level for the year. Cattle prices were June 1 and 94 on July 1, 1923. The most unchanged, while sheep were higher than at serious declines were in California, Nevada, the beginning of the month, but lower than a New Mexico, and Oklahoma. After suffering year earlier. from dry and cold weather earlier in the year, marked improvement took place in Montana, Dairy products. Nebraska, and North and South Dakota, Pasture and grazing conditions continued where frequent rains were beneficial. Despite excellent during June and July in the the decline in the condition of the ranges, principal dairy regions of the country, and cattle and sheep showed practically no bad in most sections dairy cattle are in good coneffects, although they are not in as good con- dition. Forecasts by the Department of dition as a year ago. Lambing in the Kansas Agriculture indicate a tame hay crop, which City district was completed by July 1, and a is an important factor in dairy feeds, of 90,good crop was reported. According to the 000,000 tons, an increase of 1,000,000 tons Department of Agriculture in its June pig over the harvest in 1923 and 4,000,000 over survey, jbhe production of hogs reached a high the average production for the past 10 years. point in the spring pig crop of 1923 which was As a result of the recent efforts to encourage ready for market in the winter of 1923 and 1924. dairy farming and diversified agriculture in Production declined in the autumn of 1923, the one-crop areas of the West, reports indicate Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

624 FEDERAL RESERVE BULLETIN AUGUST, 1924 that dairying is increasing perceptibly in the July. Consumers show little inclination to Kansas City district. supply future needs, although prices are auto- Owing to seasonal influences a sharp increase matically raised at the first of each month. in the production of butter and cheese occurred Mines, with some exceptions, continue operain June. The month of June is the heaviest tions at about the same rate as in previous producing month in the year, and because of months, and for some time weekly production a gradual expansion of the industry in recent has undergone practically no change, except years the output was the largest monthly such as may have been caused by holidays. volume on record. Production is greatly in Company circular prices are from 10 to 15 excess of consumption during the summer cents higher than they were a month ago, but months and the surplus goes into storage. some independent operators have made no In addition to exceeding the holdings a month advances, and in fact a few quotations were earlier, cold-storage stocks of butter on July lowered in the New York market during July. . 1 were 19 per cent and cheese 24 per cent No improvement was noticed in the demand for coke during June and July. Production of heavier than a year ago, and were also larger both beehive and by-prodtict coke was further than on the same date in any previous year. reduced in June, and output of the former was Despite the unusually heavy production and only about one-third as much as a year ago. steady increase in stocks, butter prices were Further recessions were noted in weekly beefairly stable during the month, but declined hive coke production during July, and the slightly after the 1st of July, and reached 41 daily average for the week ending July 12 was cents for 92-score butter at New York on less than in any week since the 1922 coal strike. July 18, as compared with 42 cents a month Furnace grades have been nominally quoted earlier and 39 cents last year. Receipts of at $3 a ton, but many sales have been made at milk at New York also showed a seasonal inas low as $2.75. crease in June and amounted to 3,758,745 gallons, as compared with 3,599,562 gallons the previous Petroleum. months and 3,932,283 gallons in June, 1923. Failure of summer demand to cut heavily MINING into stocks of crude petroleum and gasoline o€ al and coke. and a continuation of large production of crude Bituminous coal markets continue to be ex- oil resulted in further price reductions in ceedingly dull, production shows practically no practically all branches of the industry in increase, and prices are weak. This slow move- June and July. Since the beginning of the ment of soft coal has continued for so long a year stocks of gasoline have been increasing time that the Interstate Commerce Commis- steadily and contraiy to usual developments sion has issued a notice, advising consumers to in May, when consumption generally exceeds supply themselves with fall and winter needs production and stocks of gasoline are drawn now in order to avoid too great a strain on rail- upon, the supply increased, and for the five road facilities during the fall. Railroads, indus- months' period ending May 31 it was trial plants, and domestic users are largely out 572,000,000 gallons, 53 per cent larger than of the market, and the greatest demand now at the beginning of the year and 24 per cent comes from public utilities. Production of larger than on May 31 a year ago. Although bituminous coal during June was 30,447,000 the production of crude petroleum has been tons, showing little change from that of the greater than a year ago and has been responpreceding two months. In the week of July 12 sible in part for the larger production of output was greater than in any week since gasoline, an additional factor has been the March, but this only offset the loss of produc- introduction of the "cracking process," which tion because of the holiday in the preceding has improved refinery methods and increased week. The Coal Age index of bituminous coal the amount of gasoline produced from a prices during July ranged between $1.96 and given quantity of crude oil. Heavy stocks $1.99 a ton, a decline of only a few cents from of crude oil and refined products have led June. Fluctuations of this index since early refiners to make efforts to check production April have ranged within limits of 15 cents a by adopting a pro rata buying policy, which ton. Unemployment at mines in many dis- became effective July 1, but comparatively tricts is rather severe and in some sections little has been accomplished. After the midwages have been reduced to the 1917 level. dle of June the daily average production declined for about three weeks. The daily Largely for seasonal reasons, demand for anaverage output for the week ending July 12, thracite decreased somewhat during June and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

J 1924 FEDERAL RESERVE BULLETIN 625 however, amounted to 1,992,850 barrels, the a year ago and was the largest June output largest production for any period since the since 1919. Curtailment during the month second week in December. was not noted in all Federal reserve districts. According to the Oil, Paint, and Drug In the Chicago and San Francisco districts in- Reporter, the weighted average price of crude creased demand resulted in greater activity oil declined to $2.15 a barrel in June, com- than in the preceding month, but in the St. pared with $2.39 a barrel for the previous Louis, Kansas City, and Minneapolis districts month and $1.97 a barrel for June a year ago. the output was smaller. Following the rapid Average gasoline quotations at refineries de- advance in the price of wheat early in July, clined to 11.52 cents a gallon, compared with flour prices increased sharply and by the mid- 12.17 cents in May and 12.77 cents a year ago. dle of the month standard patents at Minneapolis had risen approximately 55 cents a Metals. barrel since the same date a month earlier and were $1.60 higher than a year ago. After de- Production of nonferrous metals was mainclining steadily since the beginning of the year, tained at about the same daily rate in June as foreign demand for flour improved in June and in May and prices showed little change, either the volume of exports was heavier than for in June or the first half of July. Mine output June in either of the past two years. of copper totaled 127,000,000 pounds in June, which was less than in any other month since Contrary to the decline in the production of September, 1923. The reduction from May flour and meat products the output of sugar production amounted to about 3 per cent, showed an 8 per cent increase over May and which may be largely ascribed to the fact was 40 per cent larger than the output in June that there was one less working-day in June. a year ago. Despite the larger output, stocks Stocks of metal are still comparatively small at the end of the month were considerably and the price of refined copper was advanced lighter than at the end of the previous month. somewhat in the third week of July. Demand According to the Department of Agriculture from England, France, and Germany has the production of beet sugar is estimated at continued in large volume, and ari increase in 838,000 long tons, as compared with 786,608 orders from American brass manufacturers has long tons last year. Further price recessions also been reported. were noted early in July, when raw sugar reached $5.02 per 100 pounds on July 18, com- Shipments of zinc and lead ore from the pared with $5.28 a month ago. The price de- Joplin section were smaller in June than in cline was due in part to large offerings of dutyany previous month this year. Plans were free sugar from Porto Rico and the Philippines. announced to close the mines during the first Refined sugar quotations declined slightly durweek of July, but this arrangement was not ing the period, though stocks at refineries are generally followed and the actual curtailment small and the summer demand for fruit canning proved small. Production of slab zinc deis expected to be large. clined during June, but continued to be in excess of shipments, so that stocks were in- Activity in the meat-packing industry was creased by about 7,300 tons. Quotations for seasonally less than in May, but compared prime western zinc advanced about one-eighth with a year ago the total number of animals of a cent during July, while lead prices showed slaughtered was unchanged. Early summer a slight decline. marketing of hogs and sheep resulted in an increased slaughter, but the number of cattle and Silver production totaled 5,227,751 ounces in calves slaughtered was smaller than in May. June, which was 10 per cent less than in May, The domestic demand for meat products, as and silver prices advanced from 65% cents on reflected by sales of meat-packing companies June 30 to 6734 cents on July 16. reporting to the Chicago Federal Reserve MANUFACTURING Bank, was 2 per cent greater than in May and 3 per cent heavier than in June last year. The Food products. export demand for all meat products except During June the production of food products lard was fairly well sustained in June, but comcontinued in large volume, although there were pared with a year ago all products were exslight declines from the preceding month in the ported in decidedly smaller volume. Despite output of flour and meat products. Produc- the reduced foreign demand and comparatively tion of wheat flour was 4 per cent smaller than little change in the rate of production, stocks in May but was 12 per cent larger than in June on July 1 showed no great change from a year 3145—24t 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

626 FEDERAL RESERVE BULLETIK AUGUST, 1924 ago. Stocks are, however, considerably heav- as the prices were rather high. Imports of ier than in June, 1922, particularly lard and wool totaled 16,397,418 pounds in June, someother pork products, which is due to the what less than in previous months. Total exceptionally heavy volume of production imports for the first six months of this year were since that time. about 174,500,000 pounds, as compared with 331,500,000 pounds during the same period in 1923, whereas reexports, although a million Textiles. pounds less in June than in May, continued The extreme dullness prevailing in most rather heavy. Dun's average of 98 wool textile markets during June and early July has quotations, after declining since April, turned recently been lightened somewhat, according to upward in the week ending July 18, advancing unofficial reports. This slight improvement is from 73.3 cents to 73.9 cents a pound. Conevidenced more by firm and advancing prices, trasted to the active raw wool market is the particularly of raw materials, rather than by any dullness now prevailing in woolen and worsted noteworthy increase in actual sales. Buyers yarns and fabrics. Manufactureres are securcontinue to be hesitant about placing orders, ing little business, as buyers are awaiting the particularly for the future, and manufacturing opening of light-weight lines, expected early in operations are still curtailed. August. Producers nave accordingly curtailed production to a considerable extent. Less wool Recent advances in raw-cotton prices seem was consumed by reporting mills during June to have strengthened goods and yarn markets. than in any month since early 1921, and Buying of these products has become somewhat worsted spindle activity was correspondingly more active, and the almost continuous decline reduced. Looms and woolen spindles are in prices noted for several weeks has been likewise less active than in earlier months, but checked. The Fairchild cotton-yarn index have not been curtailed to the same degree as advanced in the week of July 19, the first up- Worsted spindles. Employment among woolen ward movement since April 19. The cottonand worsted mills has declined in recent goods index, however, declined slightly in the months to the lowest level since 1922. The week ending July 19 to the lowest level of the clothing industries have recently been affected year, but turned sharply upward in the followby strikes in New York, first among the clothing week. Production in cotton mills is at an ing workers and later among garment workers. exceedingly low point, June raw-cotton con- Both, however, have been settled amicably. sumption was the smallest since December, Employment increased considerably in the 1920, the minimum in the depression of that men's clothing industry between May 15 and year, and fewer spindles were active than in June 15, but in women's clothing a sharp any month of the postwar period. Particularly decline was noted. Both of these movements drastic has been the curtailment in the New were partially seasonal. England States, where cotton consumption totaled only 84,360 bales in June, a decrease of Raw silk has made a slight turn for the over 17 per cent from May and of 57 per cent better, since the first of June quotations have from March, 1923, the previous high point. moved generally upward with minor fluctua- The decline in cotton-growing States has been tions, and buying has been more active both 37 per cent from the maximum. Among the in this country and in Japan. Sinshiu, No. 1, important manufacturing States, the smallest on the New York market advanced from $4.80 decline from the peak (32 per cent) was noted on June 1 to $5,375 on July 25. This compared in Alabama, while the greatest (68 per cent) with $7,025 on August 1, 1923, the low point occurred in New Hampshire. Current reports of last year. Deliveries to American mills do not indicate any increase in production totaled only 23,164 bales in June, the smallest during July. Similar reductions were noted in since February, 1922, yet imports were so operations of cotton finishers. Export's of cot- small that stocks were reduced to the lowest ton cloth from Great Britain to the United States point in 11 months. The slight betterment in declined in June to 10,774,200 square yards, raw silk has improved sentiment regarding the smallest figure since December, 1922. silk goods, but as yet demand for broad silks Raw wool has been in greater demand since is generally poor, and production is curtailed. July, for manufacturers have shown more Mills in New Jersey and Pennsylvania are interest in the market, and prices have operating at an exceedingly low rate, but, strengthened or advanced. Fine wools were except for closing several days around the particularly strong. Americans were not Fourth of July, further declines in production active buyers at London auctions early in July, have been about checked. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDEEAI. RESERVE BULLETIN 627 AUGUST, 1924 In knit goods price reductions have been corded only a slight decline in July, standing prevalent during recent weeks. Quotations on at $19.29 per ton on July 22, compared with hosiery continued the decline previously noted, $19.54 on June 24. Steel, prices, however, deand underwear prices, which had remained clined rather sharply during the third week of firm, were reduced about the middle of July July and the composite dropped to the lowest approximately 10 per cent by certain southern point in 18 months. Recessions in bars, manufacturers of men's heavy-weight ribbed plates, sheets, and wire were responsible for goods. Later several northern manufacturers this decline. Production of steel ingots in announced similar reductions. In the mean- June was smaller than in any month since time the price of raw cotton has risen con- January, 1922. Ingot activity in July is residerably. Openings of 1925 light-weight goods ported to be at the rate of about 40 per cent of will not occur until sometime in August, and capacity, compared with 47 per cent in June. buyers are now purchasing little. Lack of Unfilled orders of the United States Steel Cororders has compelled manufacturers to curtail poration were further decreased during June output. Production of hosiery was somewhat and totaled less than at any time since 1911. less in June than in May, according to pre- This indicates that such buying as is being done liminary reports, decreases in men's seamless, is strictly for current needs. women's full-fashioned, and childrens' and Demand for certain steel products has reinfants' hosiery, particularly in the Philadel- cently shown a little improvement. Contracts phia district, more than offsetting slight in- for structural steel were enlarged in the third creases in output of other classifications. Ship- week of July by a 24,000-ton award on the Philaments, orders, and unfilled orders were also delphia-Camden bridge, and totaled more than smaller, whereas stocks were slightly larger. in any week since early in the spring. Railroads are buying little. Locomotive comple- Iron and steel. tions were greater in June than in May, but unfilled orders declined. Automobile pro- Further recessions in production and prices ducers are said to be releasing some of the of iron and steel were noted during June and tonnage on contracts previously placed, and July, but the declines in July were generally at electric and public utility companies are rela somewhat smaller rate than in previous atively active buyers. Merchant pig iron months. The volume of buying, although was reported to be in greater demand during light, showed a slight advance from its pre- July, but in June production and shipments vious low point. As shown by the accompanyfell off and stocks were the largest on record. ing chart production and prices of pig iron fell Sales of scrap iron and steel have recently shown some increase. Inactivity in pig iron THOUSANDS OF TONS DOLLARS PER TON is reflected by the shipments of iron ore from 5000 50 the Lake Superior region, which were less in June than in the corresponding month of any of the previous six years. 4000 Automobiles. Movement of automobiles from manufac- 3000 turers to dealers declined steadily in recent months, and consequently producers have substantially reduced output and employment. 2000 June statistics show a decline in production to 217,845 passenger cars and 27,040 trucks, which was less than in any month since January, 1923. 1000 10 Carload shipments from factories, furthermore, were curtailed in June to the lowest point since February, 1924. In July the closing of many factories for several days around the Fourth cut 1920 1921 1922 1923 down output considerably'; but toward the end Monthly production of pig iron, in gross tons, and monthly average of the month work on new models caused an price of basic pig iron, in dollars per gross ton, since 1920 increase in operations in some plants. The in June to the lowest levels since 1922. Prices, decline in employment in Detroit factories, in fact, are near their postwar minimum. The which was sharp in May and June, has some- Iron Age weekly composite pig-iron price re- what slackened. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

628 FEDERAL RESERVE BULLETIN AUGUST, 1924 Retail sales of cars, although probably in this time is seasonal, but in neither of the past excess of current production, have not in gen- two years did they become larger than produceral been up to the level of last year, nor have tion. Prices appear to have been relatively they been sufficient to remove all surplus stocks stable since the sharp decline in June. from the market. Certain de&lers and dis- The recent increase in new business was retributers in the Middle West reported to the ported chiefly by mills in the Southern Pine and •Chicago Federal Reserve Bank that June sales West Coast Lumbermen's Associations. In fact, both at wholesale and retail were less than in during the week ending July 19, these were May and likewise considerably below those of the only two of the reporting associations that June, 1923. Stocks of new cars were reduced showed orders in excess of shipments and shipduring the month, but were over 80 per cent ments larger than the cut. Inactivity in June larger than a year ago. Used cars on hand was general throughout the country and was were about a third more numerous than at the reported by both manufacturers and wholesalend of June, 1923. Figures reported by one of ers. Although logging operations in the Pacific the largest automobile manufacturers shows Northwest were further curtailed, supplies of that June sales both by the company to dealers logs were reported to be sufficient to maintam and by dealers to consumers were substantially lumber mills at the present rate of activity for less than during the preceding two months, as some time. A substantial increase in the well as below those for the same month last foreign demand for lumber was noted on the year. Sales by these dealers for June, however, Pacific coast. were double their takings from the manufacturer and for the last three months were 70 per Hides, leather, and shoes. <cent greater, as compared with an excess of Greater activity and rising prices characteronly 20 per cent in the corresponding period ized packer hide markets during June. For last year. This indicates that for the cars six weeks ending July 5, buying had been made by this company dealers' stocks have been limited and prices practically unchanged, but substantially reduced, although at an immesince that date sales have increased and diate sacrifice to the manufacturer in producquotations have advanced about a cent a pound. tion and sales. Available statistics showed an increase in dis- Production of automobile tires and tubes position of cattle hides during May, accomdeclined in June and for the first time this year panied by a further decline in stocks to were less than shipments, causing a decrease in 4,122,000 hides, 35 per cent fewer than were stocks held by manufacturers. Shipments held a year before. Stocks held by leather tanwere larger than during June of last year, ners declined over 50 per cent in the year. Calfwhereas output and stocks were both smaller. skin stocks showed a seasonal increase in May, The price of crude rubber has advanced steadily but together with those of other kinds of hides since the latter part of June. and skins were much smaller than a year ago. Stocks of leather, likewise, are generally Lumber. lower than they have been in recent years, During July improvement began to be no- although a few classifications showed increases ticed in lumber markets, following rather un- in May. The chief of these exceptions was in favorable conditions in June, when production tanners' supplies of cattle upper leather, which •was the smallest since February, shipments were larger than at any time since the fall of were less than at any time this year, and 1922. This increase was partially offset by prices declined sharply. Orders, however, decreases in stocks held by leather dealers and Began to increase during the month, and shoe manufacturers. June statistics for sole during July weekly totals rose to the highest leather indicated further reductions from the point since March and exceeded both cut and previous low point in tanners' stocks and in shipments. Weekly shipments showed no sub- output. Some improvement in buying of stantial increase over June figures, but ex- leather was noted in July, but markets were by ceeded the cut because of a great decline in no means active. Judging by statistics of that item. The present relative position of stocks of finished leather, up until the end of the figures for cut, shipments, and orders in- May shoe manufacturers had shown no tendicates that for the first time since February dency to supply themselves with material for stocks are being reduced and that unfilled or- fall production. ders, which have been declining since January, Output of shoes continued to decline in June are now increasing. An increase in orders at and, excepting. two seasonally low months, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 *SRAL RESERVE BULLETIN 629 was the smallest of the past three years. All Contract awards in June (according to siatis-important producing sections, except the St. tics compiled by the F. W. Dodge Co.) totaled' Louis district, and practically all kinds of shoes $415,000,000 for 11 Federal reserve districts, shared in the decline from May to June. which was 8 per cent less than in May, but 4- In July many factories closed over the holiday per cent more than a year ago. Awards were period for inventory and repairs. Manu- smaller than in May in the Boston, New York, facturers reported increases in unfilled orders Philadelphia, Cleveland, Atlanta, and Kansas during July, as customers began buying for fall City districts, but were larger in the other five requirements. Sales of shoes by wholesalers reporting districts. June contracts were during June were about a third less than in smaller than those of May for all classes of May and 11 per cent below those of June, 1923. construction except social and recreational Retail sales were about 2 per cent less than a buildings. Statistics of contract awards and; year ago. building permits, by geographical districts and! classes of construction, are published on page 651. BUILDING Prices of building materials declined 4 per Building operations in June showed seasonal cent in June, according to the Bureau of Labor reductions, but both contract awards and per- Statistics index, and were 11. per cent lower mits were in larger volume than a year ago. than a year ago. Consumption of most mate- The accompanying chart, which is adjusted to rials continued to be large, however, and cement shipments reached a higher total in June than in any previous month on record. Production of building materials was in somewhat smaller volume than in May, and there was little change in the aggregate size of stocks. TRANSPORTATION Further curtailment of railroad shipments in June resulted from reduced operations in many lines of business. . Railroad car loadings totaled 3,777,000 for the month, which was 6 per cent less than in May and 15 per cent 50 less than a year ago. Loadings declined in all railroad operating districts during June and for all classes of commodities except ore. The reduction in volume of railroad traffic this 1919 1920 1922 year is not fully measured by the decline in Building contract awards, adjusted for seasonal variations, by months car loadings, since there has also been a refrom January, 1919, to June, 1924. (Average month 1919=100.) duction in the average load per car. allow for the usual seasonal changes, shows the As a result of the smaller volume of shiptrend of contract awards in seven Federal re- ments in June, the number of idle freigM> serve districts since January, 1919. This cars increased by about 30,000. This inchart indicates that there was very little new creased surplus was chiefly confined to box: building in the early part of 1919; that awards cars, and there was a slight decline in the* rose to a peak in January, 1920, from which number of idle coal cars. During June" &.& they declined rapidly until December, and that number of bad-order cars increased for the* another advance commenced in March, 1921, eighth consecutive month. This increase has which continued with only brief recessions probably been caused by the lessened demand until February, 1923. Following a decline in for equipment, and the present total of cars awards lasting from March until August, there awaiting repair (195,000) continues to be was another increase in the volume of opera- considerably less than the average for the tions during the last five months of 1923. past five years. Only 438 new cars were After reaching the highest level on record in ordered by railroads from manufacturers in December, 1923, contracts declined during the June, the smallest monthly total in several first half of 1924, but the volume in June con- years. tinued to be much above the average for the Gross revenues and operating expenses inprevious five years. creased slightly during May. Net operating Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

630 FEDERAL. RESERVE BULLETIN AUGUST, 1924 income totaled $60,595,000, 2 per cent less usual seasonal changes sales of department than in April and 33 per cent less than a stores decreased 5 per cent, sales of cigar stores year ago. Earnings in the first five months 5 per cent, and sales of candy stores 4 per cent. of 1924 in all operating districts have been Mail-order business, on the contrary, showed at a lower annual rate than the 5.75 per cent less than the usual decline in June and was 3 which the Interstate Commerce Commission per cent larger than a year ago. has designated as a fair return on railroad Department-store trade was smaller in most property. districts during June than in May, but the decrease in sales was more marked in cities west TRADE of the Mississippi River than in the East. Wholesale trade. Trade was smaller than in June of last year in The Federal Reserve Board's wholesale trade all Federal reserve districts except Dallas. index declined 1 per cent during June and Analysis of sales by departments (made by the was 11 per cent lower than a year ago. The National Retail Dry Goods Association) shows reduction in sales between May and June, that sales of silks, dress goods, women's and which was contrary to the usual seasonal trend, misses' ready-to-wear, hosiery, underwear, and was due to the continued cold weather, to the shoes each averaged over 10 per cent less than hand-to-mouth buying of retailers, and to a year ago, and most other departments showed the fact that there was one less working-day smaller reductions. Sales of art needlework, in the month than in May. Sales of hardware, laces and embroideries, and floor covering were drugs, shoes, dry goods, clothing, furniture, larger than in June of last year in most reportstationery, agricultural implements, and maing districts. chine tools were smaller than in May, while sales of groceries, meat, automobile supplies, Merchandise stocks at department stores jewelry, and diamonds showed small increases. were reduced in June slightly more than usual Comparison with trade a year ago indicates for that season, especially in the Atlanta and that sales of dry goods, shoes, hardware, Philadelphia districts. Stocks on June 30 avwomen's clothing, stationery, electrical sup- eraged 3 per cent more than last year for the plies, agricultural implements, and machine entire United States, but were slightly smaller tools were substantially reduced in volume, than a year ago in the Kansas City, Minneapand trade in all other reporting lines except olis, and Richmond districts. diamonds also showed a moderate curtailment. Department stores slightly modified their The smaller dollar volume of trade this June policy of hand-to-mouth buying in June, and may be ascribed to the one less working-day, outstandings increased from 5.3 per cent of last the unfavorable weather, and the fact that year's purchases on May 31 to 5. 8 per cent on commodity prices averaged 5 per cent lower June 30. The ratio of collections to accounts than last year. outstanding at the beginning of the month was smaller in June than in May in the three dis- Merchandise stocks at wholesale warehouses tricts for which data were collected—Chicago, declined during June in the four districts for Kansas City, and Dallas—and was smaller than which statistics are collected, but were in about a year ago except in the Dallas district. Stathe same volume as a year ago. Stocks of tistics of wholesale and retail trade, by lines froceries and hardware were reduced during and districts, are published on pages 652 and 653. une in all reporting districts, while stocks of dry goods showed some accumulation. The most significant change from last year was a PRICES general reduction in volume of shoe stocks. Collections were somewhat smaller in June Wholesale prices declined 1.4 per cent in than last year, but outstandings at the end of June, according to the index of the Bureau of the month were less than a year ago. Labor Statistics, and reached a level 9 per cent below the 1923 peak but still 5 per cent above Retail trade. the 1922 low point. Prices of building ma- Sales of retailers showed more than the usual terials declined 4 per cent, and there were less seasonal decline in June, except in rural dis- pronounced declines in all other groups except tricts, as a result of the continued wet weather clothing and chemicals. in many sections, the fact that June had one Regrouping of this index, by stage of less working-day than usual, and the further manufacture of commodities, indicates that decrease in factory employment and the reduc- during June prices of raw materials and tion of pay rolls. Alter adjustment for the producers' goods declined 3 per cent and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL. RESERVE BULLETIN 631 2 per cent, respectively, while prices of con- ported in the lumber and men's clothing sumers' goods remained unchanged. Of the industries. raw materials, forest products and animal Decreases in number employed were noted products showed the largest decreases from in all but 6 of the 33 industries represented in May levels. Prices of commodities in all the employment index. Seasonal factors were stages of manufacture were lower in June than responsible for the exceptions, which were men's a year ago. clothing, cigars and cigarettes, and the four Prices continued to decline during the first industries making up the food-products group. part of July, but this was followed by a sharp Among the various industrial groups, the upward movement of many agricultural com- greatest declines were noted in iron and steel, modities in the third week of the month. automobiles, and leather and shoes. There During the first three weeks of July quotations were 10 per cent fewer employees in the autoon wheat, corn, hogs, silk, and rubber increased, mobile industry on June 15 than on May 15 while prices of sugar, potatoes, cotton goods, and 20 per cent less than on April 15. Weekly iron and steel products, and brick declined. figures of employment in Detroit factories indicate that more recently the decline has been COST OF LIVING checked. In textiles as a group the reduction in June amounted to only about 2 per cent, an In the month ending June 15 the cost of increase of 14 per cent in men's clothing about living in the United States showed an increase offsetting a similar decline in women's clothing. of 0.2 per cent, as compared with decreases in Other large decreases were noted in woolens and all the earlier months of 1924. The principal worsteds and knit goods. Contrary t6 the retail price changes, according to the National usual seasonal trend, employment in building Industrial Conference Board, were an increase material industries declined somewhat in June. in food prices and a decrease in prices of The low output of bituminous coal is an inclothing. No changes were reported in the dicator of the limited employment in that average prices of shelter, fuel, light, and sun- industry, and miners' wages have been reduced dries. in some sections. The labor market index, Comparison with a year ago indicates an which reflects the relation between the demand increase of about 1 per cent in the average cost for labor and its supply, declined in June to of living, due to the higher cost of shelter, the lowest point since 1921. clothing, and sundries. Prices of fuel and food products, on the other hand, were somewhat COMMERCIAL FAILURES AND BANK lower than in June, 1923. SUSPENSIONS EMPLOYMENT Commercial failures numbering 1,607, with liabilities amounting to 134,099,031, were Further decrease in the volume of employ- reported by R. G. Dun & Co. for the month ment is shown by recent sharp declines in the of June. These totals represent declines of number of employees on factory pay rolls. about 12 and 7 per cent, respectively, from The index of employment in manufacturing those of the previous month, although both industries dropped from 93 in May to 90 in are about 20 per cent higher than correspond- June, the third successive month of decline. ing figures for the same month last year. Of The present figure is close to the level prevailing the total number of insolvencies, about 27 per in 1922 before the beginning of the great indus- cent occurred in the manufacturing class of trial activity noted in the fall of that year. enterprises and 68 per cent in the trading class, The Bureau of Labor Statistics reported sub- whereas of the total indebtedness in default stantial declines during June in total wage about 49 per cent was attendant upon manupayments and in average weekly earnings as facturing and 43 per cent upon trading insolcompared both with May and with June of last vencies. These proportions were practically year. Most of the recent decrease in average the same as for the preceding month. earnings is due to shorter working hours, as During the second quarter of the year 5,130 the per cent of full-time operations in reporting failures, with indebtedness amounting to establishments decreased from 90 in May to $119,594,000, compare with 5,655, irivolving 88 in April, and the similar percentages of full $184,866,000, during the previous quarter, and capacity were, respectively, 77 and 76. Yet, 4,408, with indebtedness amounting to $121,for the first time in several months, wage 192,000, during the second quarter of last year. changes had some effect on average earnings, Comparing the second quarters of this year as rather general decreases in wages were re- and last, the number of insolvencies was larger Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

632 FEDERAL RESERVE BULLETIN AUGUST, 1924 this year for all of the three groups into which MONEY RATES the reports are classified, the manufacturing, During the latter part of July money rates and the trading enterprises, and "agents, in the New York market fell below the levels brokers, etc." The indebtedness in default reached at the end of June, the lowest since was less, however, for both the manufacturing 1916. The rate on commercial paper of 4—6 class and agents and brokers. months' maturity declined to 334 Per cent, Insolvencies were more numerous in June while the offering rate on 90-day bankers' this year than in the same month of last year acceptances, after a temporary recovery during in all except the Minneapolis, Dallas, and San the third week in July, returned to 2 per cent Francisco districts. Liabilities, however, were the following week. The yield on short-term smaller this year in the Richmond, St. Louis, Government securities, which fell nearly one- Kansas City, Dallas, and San Francisco dishalf per cent the first week in July, declined tricts. Comparative data by districts for the considerably below 2 per cent toward the end month of June are presented in the accompanyof the month. The weekly average yield on ing table: Liberty bonds was almost unchanged for the first three weeks of July, but was somewhat FAILURES DURING JUNE, 1924 lower for the fourth week. The table below Number Liabilities shows the rates prevailing in the New York District market compared with the corresponding 1924 1923 1924 1923 months of a year ago: 154 104 $2, 724, 380 $1, 261,171 No. 2—New York 334 288 10, 967, 752 8, 276, 970 No. 3—Philadelphia ..- ... 81 60 1, 323, 953 1, 074, 915 [Per cent] No. 4—Cleveland --- ... .-. 149 105 3, 685, 790 2,466, 216 No. 5—Richmond... __ _- . 126 91 2, 701,150 3,488, 755 No. 6—Atlanta 103 91 1, 805, 051 1, 294, 943 N N N N N N o o o o o o . . . . . 9 8 7 1 1 1 2 0 — — — 1 — — — C M S S K t D h a . i a i n n a L c n n l a o l s F e a g a u s a r o s i a p s n o C c l i i i t s s y co- . . . . . . . . . 1 1 1 8 7 5 9 5 1 1 0 0 4 2 3 1 1 6 7 6 9 5 5 8 6 3 7 6 9 5 1 1 1 , , , , 9 7 3 3 0 4 6 7 8 1 1 3 5 5 7 3 7 2 , , , , , , 1 0 2 3 5 5 5 7 6 6 8 1 5 1 6 1 8 4 2 2 1 1 1 1 , , , , , , 4 8 2 3 2 5 5 5 9 7 9 5 0 4 3 4 0 1 , , , , , , 0 9 8 3 2 8 1 6 3 0 9 8 8 3 9 9 6 1 m m p P c e a 4 r o o r p i - n m c m 6 e i t a r h - e , l s a P a b c n e r a c 9 i c r n e 0 m s e k p - ' s e - t , - i e c c n Y d a e d 4 t n o r i e - e e t e n i s 6 b l f s d i o s t - - , f L o A y i c n a p b i v e e 4 g e e n e l M e r r d r t t - y n l r o e c R a o a a w e t n n l e - l a s l Total 1,607 1,358 34,099, 031 28, 678, 276 days months bonds As shown by reports to the Federal reserve June, 1923 3.84 4.44 5.00 banks, there were 41 banks having an aggre- July, 1923 3.91 4.43 5.06gate capital and surplus of $8,612,000, closed June, 1924 2.44 4.01 2.25 Average for week endingduring June. Of the total, 29, with capital and July 5, 1924 3J- 2 1.98 3.95 2.25 July 12,1924 3M 2 1.96 3.95 2.20 surplus of $5,791,000, were nonmember banks, July 19,1924 3M-3M 2% 1.97 3.96 2.00 11, with capital and surplus of $2,771,000, were July 26,1924 3M 2 1.88 3.92 2.00' national banks, and 1, with capital and surplus of $50,000, was a nonnational member. Al- In the London market rates advanced at the though it is not known how many of these beginning of July from the low level for the institutions may ultimately prove to be sol- year reached early in June to the highest point vent, the figures represent, as far as could be since February. During the first week in July determined, banks which were closed by order 3-months bank bills were quoted at Z% per of supervisory authorities and not reopened cent and the average rate on Treasury bills during the month. Detailed figures appear in allotted was 3.32 per cent. These rates comthe following table: pare with 2ff and 2.92 per cent, respectively, for the second week in June. The sharp in- BANKS CLOSED DURING JUNE, 1924 crease in rates has been generally attributed [Capital and surplus in thousands of dollars] to the market's anticipation of a rise in the Member Nonmember official rate of the Bank of England, which has All banks banks• banks remained at 4 per cent since July of last year. District N b u e m r - C su a a r n p p d i l t u a s l N b u e m r - C su a a r n p p d i l t u a s lN b u e m r -C su a a r n p p d i l t u a s l ACCEPTANCE MARKET All districts.. 41 8,612 12 2,821 5,791 Continued easy money rates during the four- A Ne tl w an Y ta ork 7,25 6 0 1 2,25 5 0 0 5,00 1 0 1 week period ending July 9 was the most sig- Chicago 215 215 nificant factor affecting the acceptance market. Minneapolis 653 318 335 Kansas City 271 113 158 During the closing weeks in June the call- D Sa a n ll a F s rancisco 15 1 1 1 90 1 6 1 1 money rate continued at 2 per cent, and as acceptances were offered to yield a slightly 1 Includes one State bank closed in the Atlanta district and 10 national banks in other districts. higher rate the demand was in excess of the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BT 633 supply of new bills coming into the market, [In thousands of dollars] which continued in only moderate volume. The result of these conditions was a substantial reduction in dealers' portfolios in the latter Fe> dserve district N be u r m o - f Ju 1 l 9 y 2 4 1, Ju 1 n 9 e 2 4 1, Ju 1 l 9 y 2 3 1, part of June and a gradual reduction in dealers' banks rates from 2^ per cent bid and 2J^ per cent offered to 2% per cent bid and 2 per cent N Bo e- s 5 i Tork-__. 30 1 1 , , 9 2 8 5 1 6 , , 7 6 0 2 0 4 1 1 , , 2 9 4 45 9 , , 6 0 9 6 7 4 1 1 , , 1 8 8 5 8 9 , , 8 5 5 0 4 3 offered. Late in June, however, call money Philadelphia __ 78 487, 460 456, 910 Cleveland 66 772, 633 778, 324 702, 882 advanced to 2J^ per cent, and this was imme- Richmond 91 315, 352 309, 589 291, 721 diately reflected in a very substantial falling A Ch tl i a c n ag ta o 2 9 0 4 2 2 9 3 1 3 9 , , 5 7 3 9 S 1 2 9 2 0 8 7 , , 8 9 0 1 3 8 8 2 7 1 3 8 , , 1 5 2 2 4 8 off in the demand for bills, while the supply St. Louis 32 138,550 139, 262 129, 907 Minneapolis.. 14 87,148 86, 039 85, 477 continued in about the same moderate volume. Kansas City.. 60 111,438 109, 831 107, 321 The period closed with a slight increase in Dallas 112 101, 276 98, 277 89, 762 San Francisco. 72 1, 019, 515 999, 232 932,217 dealers' portfolios from the preceding four weeks, but rates were lower. The closing Total... 915 7, 426, 382 7, 264, 0547, 011, 648 quotations by dealers in New York for bills with 30 to 90 day maturities were 2^g to 2% per cent bid and 2 per cent offered, as com- FOREIGN TRADE pared with 2% per cent bid and 2J^ offered for the period ending June 11. The demand Imports of merchandise during June were for bills came principally from banks in the valued at $274,000,000, a decline of 129,000,000 larger centers, and the volume offered to the from $303,000,000, the total shown for May. reserve banks was considerably smaller than The June total is the lowest figure shown for in the preceding four weeks. Bills coming merchandise imports since last September; into the market were drawn principally against $58,000,000 less than in February, when imgrain, silk, sugar, cotton, wool, and provisions. ports were at their peak for the last 12 months, and $46,000,000 less than in June, 1923. Between May and June exports declined SAVINGS DEPOSITS from $335,000,000 to $306,000,000, the lowest figures shown since last July, and $14,000,000 Savings deposits, reported by 915 banks less than the total for last June. Net exports distributed throughout the United States, infor June increased by $500,000, as compared creased over 2 per cent between June 1 and with May. July 1,1924, partly as the result of semiannual in^ terest payments received by depositors at the end of the month. The total volume of savings MEBCHANDISE TRADE BALANCE OF THE UNITED STATES deposits was $7,426,382,000 on July 1, compared with $7,264,054,000 for June 1. The in- [In thousands of dollars] creases were most marked in New York, Richmond, Kansas City, and San Francisco districts, while the Cleveland and St. Louis dis- Month Imports Exports E im xc p e o ss r ts of E e x x c p e o ss rt o s f tricts showed decreases over the month. Savings deposits reported increased about 6 1923 January... 329,254 335,417 6,163 per cent from July 1, 1923, to July 1, 1924, February 303, 407 306, 957 3,550 with San Francisco and Cleveland showing the M Ap a r r i c l h __ 3 36 9 4 7 , , 9 2 2 5 8 2 3 3 4 2 1 5 , ,4 3 9 7 2 7 5 3 6 8 , , 7 5 6 5 0 1 largest increases, of over 9 per cent, and Dallas May 372, 545 316, 359 56,186 June .. 320, 234 319,957 277 and Minneapolis the smallest, of 1.3 per cent July 287, 434 302,186 14, 752 and 0.2 per cent, respectively. A comparison A Se u p g t u e s m t ber 2 2 5 7 3 5 , , 6 4 4 3 5 8 3 3 1 8 0 1 , , 4 9 3 6 4 6 1 3 2 5 7 , ,7 5 8 2 9 8 of savings deposits by Federal reserve districts October. ._ 308, 291 399,199 90, 908 November 291, 333 401, 484 110, 151 on July 1, 1924, with deposits on June 1, 1924, December.. .. .. 288, 305 426, 665 138, 360 and July 1,1923, is shown in the following table. Year.... 3, 792, 066 4,167,493 375,427 In the Boston and New York districts the fig- 1924 ures represent only deposits of mutual savings January 295, 506 395,271 99, 765 banks; in all other districts, where there are but February 332, 323 365, 765 33,442 March 320, 503 339, 755 19, 252 few mutual savings banks, savings deposits of April ._ .. .. 324, 370 346, 951 22, 581 other banks are included. June. 3 27 0 4 3 , , 0 0 0 1 0 5 3 3 3 0 4 6 , , 9 4 5 7 0 5 3 3 1 2 , ,4 9 6 5 t 0 t Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

634 FEDERAL RESERVE BULLETIN AUGUST, 1924 FOREIGN EXCHANGE •June, July, 1924 July, 1924 1923 Sterling exchange during the first three weeks of July showed a considerable advance First Second Third Fourth over the rates prevailing during June. It Month week week week week Month rose from $4.3209 on July 1 to $4.3851 on July 14, as compared with a range of $4.3076 Average quotations to $4.3379, and a monthly average of $4.3199 (cents): Sterling 431.99 432. 83 435. 53 437.51 440. 09 458.34 for June. French and Belgian francs and the French franc 5.25 5.12 5.13 5.14 5.13 5.89 Italian lira showed narrower fluctuations on a I N ta e li t a h n e l r i l r a a. nds 4.33 4.28 4.28 4.31 4.32 4.33 somewhat lower level than during June. The florin.. _._ 37.44 37.66 37.79 37.94 38.24 39.23 Swedish krona.- 26.54 26.54 26.59 26.61 26.63 26.53 French franc rose from 5.03 cents on July 5 Canadian dollar. 98.44 98.96 99.22 99.25 99.33 97.42 to 5.23 cents on the 14th, compared with a A Sh rg an e g n h ti a n i e t p a e e s l o .. . . . 7 71 3 . . 3 8 7 9 7 71 3 . . 0 8 3 6 7 7 3 1 . . 9 3 1 8 7 71 3 . . 7 9 5 5 7 72 4 . . 0 3 4 7 7 70 7 . . 0 7 3 4 range of 4.95 to 5.53 cents and a monthly aver- Percentages of par: Sterling 89.5 89.9 90.4 94.2 age of 5.25 cents for June. The Belgian franc French franc 27.2 26.5 26.6 26.6 26.6 30.5 fluctuated between 4.44 and 4.61 cents, com- Italian lira 22.5 22.2 22.2 22.3 22.4 22.4 Netherlands pared with a range of 4.33 to 4.80 cents, and florin- 93.1 93.7 93.9 94.4 95.1 97.6 a monthly average of 4.56 cents for June. S C w an e a d d is i h a n k d ro o n ll a a - r . . 9 9 9 8 . . 0 4 9 9 9 9 . . 0 0 9 9 9 9 . . 2 2 9 9 9 9 . . 3 3 9 9 9 9. . 4 3 9 97 9 . . 4 0 The Italian lira averaged 4.29 cents for the Argentine peso.. 76.6 76.6 76.6 76.7 . 77.1 80.6 Shanghai tael 106.8 106.3 106.8 107.3 107.8 104.8 first three weeks of July, compared with 4.33 General index of 17 cents for the month of June. countries 60 60 59 59 60 63 The Swedish krona rose from 26.53 cents per Monetary unit and par of exchange in cents, for the countries listed: krona on July 3 to 26.62 cents on the 14th, Found=486.65; franc=19.30; lira=19.30; florin=40.20; krona=26.80; dollar=100; Argentine gold peso=96.48; Shanghai tael=66.85. and averaged 26.58 cents for the first three weeks of July, compared with an average of 26.54 cents for June. The Netherlands florin GOLD MOVEMENT averaged 37.74 cents, as compared with 37.44 for the month of June. The Swiss franc rose UNITED STATES sharply from 17.76 cents per franc on July 1 to 18.47 cents on the 14th, compared with a Net gold imports into the. United States in range of 17.57 to 17.76 cents, and a monthly June were about $15,000,000 smaller than in average of 17.66 cents for June. The Danish May. Total gold imports during June were and the Norwegian krone and the Spanish $25,181,000, as compared with $41,074,000 peseta declined in July. during May and $19,434,000 during June, 1923. Canadian exchange for July 1 to 21 averaged Imports from Great Britain were $8,000,000 99.13 cents per dollar, as compared with 98.44 smaller than in May; imports from Sweden, cents for June. Of the South American coun- which were in excess of $6,000,000 in May, tries, the Argentine peso averaged 73.91 cents, were merely nominal in June, and imports from compared with 73.89 cents for June, while the the Netherlands declined from $5,055,000 in Chilean peso and the Brazilian milreis declined May to $2,381,000 in June. On the other from their June levels. hand, there was $3,950,000 of gold imported Of the Far Eastern exchanges, the Shanghai from Argentina in June, as against practitael fluctuated somewhat less widely than dur- cally none in May. ing June, and averaged 71.36 cents, as com- Exports during June totaled $268,000, the pared with an average of 71.37 cents for the lowest figure shown since December, 1914, preceding month. The Indian rupee rose when exports of gold amounted to $132,000. from 30.58 cents per rupee on July 1 to 31.34 For the six months ending June, 1924, gold cents on the 17th, and averaged 30.84 cents, imports were $226,000,000, an increase of compared with a range of 30.24 to 30.70 cents, $94,000,000 compared with the corresponding and an average of 30.49 cents for June. The period of 1923. Exports for the later period Japanese yen declined from 41.83 cents on were smaller by $18,000,000, chiefly because July 1 to 41.04 cents on the 18th, but averaged of the cessation of exports to British India and 41.59 cents for the three weeks of July, com- to France, and of considerable decreases in pared with 41.08 cents for June. exports to Mexico and to Hongkong. Net Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 635 imports for the first six months of 1924 were GEEAT BRITAIN $222,000,000, more than double the amount Imports of gold into Great Britain during for the first half of last year. May amounted to £3,367,000, a decline of Silver imports declined from $5,640,000 in £1,422,000 from the total shown for April, May to $4,870,000 during June, and compare reflecting chiefly smaller imports from the with $6,066,000 in June, 1923. Of the June Transvaal. Exports rose from £5,343,000 to imports,by far the greatest amount, $3,681,000, £6,279,000, that is, by about £940,000. The came from Mexico, and $625,000 from Canada. greatest increase is shown for India, £1,100,000. Exports of silver amounted to $8,648,000, a Exports to the United States fell off by decrease of $1,000,000 as compared with. May, £280,000 as compared with the April figure. and an increase of $3,000,000 compared with Net exports for the month totaled £2,900,000 June of last year. Of the exports for June and were more than five times as large as of the present year, $4,000,000 were consigned during April. to England, $3,000,000 to India, and $1,000,000 Totals for the five-month period ending to China. May, 1923 and 1924, show gold imports smaller by £2.000,000 and gold exports larger GOLD IMPORTS INTO AND EXPORTS FROM THE UNITED by £5,800,000, with the consequence that STATES net exports were more than three times as large during the first five months of 1924 as [In thousands of dollars] during the corresponding period of last year. 6 months 6 months GOLD IMPORTS INTO AND EXPORTS FROM GREAT BRITAIN Country June, May, ending ending 1924 1924 June, June, 1924 1923 Five Five Country May, 1924 April, 1924 m e o nd n e th d s m en o d n e th d s IMPORTS May, 1924 May, 1923 Great Britain .. _ .. 13,236 20,993 110,492 44,653 France 404 86 9,749 7,670 IMPORTS Germany -- ~ 9 1,900 4,820 26,889 2,381 5,055 34,499 6,009 Netherlands £20, 512 £27, 957 £76,975 £17,565 Sweden . . 65 6,084 6,191 3 United States 6,065 2,837 14, 594 2,606,900 Canada . . 2,649 2,479 26,454 31,623 Egypt 10, 525 437 427 2,856 2,643 Rhodesia 214,194 191, 917 983, 629 877,958 Argentina . 3,950 22 8,464 104 Transvaal 2,952,726 4,411,478 16,535,560 16,720,278 Colombia.. 173 116 1,164 2,166 West Africa 120,663 140,197 623,110 602,697 Peru . 136 254 1, 417 996 Allother 53,185 14,175 85, 626 101,315 919 753 2,745 2,190 Hongkong 400 1,900 2,500 319 Total _ 3,367,345 4,788,561 18,330,019 20, 926,713 All other 425 1,005 14,891 6,667 EXPORTS Total . - - 25,181 41,074 226, 242 131,932 Belgium £4,865 £4,100 £50, 311 £45, 342 EXPORTS France 120, 745 2,762 205,875 29,282 Netherlands 32,400 940,211 248,121 France . - 2,660 132, 384 14,300 Canada - „ 164 143 776 630 United States _ 4,028,433 4,307,715 22,023,581 9,661,066 Mexico 60 446 1,693 2,961 British India 1, 889,115 782,139 5,206, 239 14, 358, 959 Venezuela _ .. -_ 1,102 Java 10,000 213,023 British India--. _. 13,327 Straits Settlements. _. 6,406 12, 347 168, 322 229,510 Hongkong 19 4 102 1,049 Egypt 31, 975 14,000 1, 330,975 23,100 All other _.. 25 182 1,665 Allother 164,958 220,181 628, 034 105, 982 Total 268 593 3,855 22, 292 Total 6,278, 897 5, 343, 244 30,695, 932 24, 928, 685 24,913 40, 481 222, 387 109,640 Net exports 2,911,652 554, 683 12,365,913 4,001,972 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

636 FEDERAL BESEEVE BULLETIN" AUGUST, 1924 CURRENCY REORGANIZATION IN GERMANY Unrestricted issues of paper money in Ger- dition of the three banks, together with many, which had continued throughout the their actual balance sheets on June 30, 1924, post-war period, brought the German mark to is, therefore, here presented. It is indicative a complete collapse in October and November, of the transitional state of Germany's finan- 1923, when the value of the paper mark fell to cial and monetary system that the condition one-trillionth of its pre-war parity. The fall of reports of each of the banks are stated in differthe value of the mark during the months immed- ent units—the Reichsbank uses the paper iately precedingits final collapsehadbeenso rapid mark, the Rentenbank the rentemnark, which that, though the Reichsbank put into circulation has a value of one gold mark equivalent to a a const antly growing volume of b ank notes, trade trillion paper marks, and the Gold Discount and industry were suffering from an acute short- Bank the pound sterling, with a value of about age of currency. Thus at the beginning of 20 rentenmarks. November the total value of money in circula- Tlie Eentenbank.—In the balance sheet of the tion in Germany, when expressed in gold, was Rentenbank the first item is the mortgage of only 300,000,000goldmarks, or about 5 per cent 3,200,000,000 imposed upon agricultural land of the total pre-war circulation. In these cirand upon enterprises. On the liability side cumstances a reorganization of currency became 2,400,000,000 of this amount is charged to an essential requirement for the continuance of capital and 800,000,000 to a reserve fund. German industrial and commercial activity. The mortgages to be imposed on property in A temporary reorganization for the purpose the unoccupied territory have been estimated of supplying the immediate needs of the to aggregate 2,400,000,000 rentenmarks and country was effected in November through the this amount represents the limit of the establishment of the Rentenbank, which de- Rentenbank's present note-issuing power. rived its lending power from the imposition of a The Rentenbank's loans to the Government mortgage on agricultural land and on industrial aggregate about 1,200,000,000, the maximum and commercial enterprises.1 The chief func- permitted by law, of which about 200,000,000 tions of the Rentenbank were to provide a stable was used to pay off the treasury's obligations to domestic currency that would command the the Reichsbank, and 1,000,000,000 was emconfidence of the public and to assist the ployed to meet the Government's current ex- Government to pay off its obligations to the penses. Loans for commercial, industrial, and Reichsbank and to meet its current require- agricultural purposes, made largely through ments pending a more complete reorganization the Reichsbank, totaled about 870,000,000. of the entire fiscal and financial system of Rentenmark notes in circulation aggregated Germany. Borrowing by the treasury from 2,050,000,000 on June 30, of which, however, the Reichsbank, which had been the principal a portion was held as a cash reserve by the occasion for the issue of Reichsbank notes, came Reichsbank. Even after subtracting this reto an end with the creation of the Rentenbank. serve rentenmarks constituted about 56 per cent of the total currency in circulation, With the domestic demand for currency and while Reichsbank notes were 36 per cent. the fiscal needs of the Government thus tem- Following is the statement of the Rentenbank porarily- provided for through the Rentenas of June 30, 1924: bank, a further step was taken in April, 1924, when the German Gold Discount Bank was organized for the purpose of assisting German Rentenbank, June SO, 1924 industry and trade in securing necessary foreign ASSETS Eentenmarks credits. One-half of the capital of the Gold Mortgage on agriculture and industry in favor of the Discount Bank was subscribed by the Reichs- Eentenbank 3,200,000,000.00 Eentenbank debentures on hand 2,399,804,000 bank on the basis of a foreign loan, and one-half Loans to the Government: by a consortium of German banking institutions. Without interest _ 196,459,959.99 With interest 1,000,000,000.00 The relationship between the Reichsbank, For emergency purposes 3,000,000.00 Loans for commercial, industrial, and agricultural the Rentenbank, and the Gold Discount Bank purposes: To the Reichsbank 800,000,000.00 is of particular interest at the present time, as To other banks of issue _ 70,203,052.43 the three institutions are expected soon to be Temporarily on deposit with the Reichsbank for purpose of inaugurating clearings in rentenmarks 100,000,000.00 consolidated and reorganized into one new Gash, postal orders, and due from banks 74,967,273.71 Furniture and fixtures 67,326.86 bank of issue along the lines proposed in the Dawes report.2 A brief discussion of the con- LIABILITIES Capital .-_ 2,400,000,000.00 Reserve fund 800,000,000.00 1 See FEDERAL RESERVE BULLETIN for December, 1923, p. 1281. Eentenmark notes in circulation 2,049,788,266.00 2 See FEDERAL RESERVE BULLETIN for May 1924, p. 382. Rentenbank debentures in circulation 196,000.00 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 637 The Beichsbank.—In the Eeichsbank's weekly LIABILITIES Marks statement for June 30, in reading which 12 11. Capital- ... 180,000,000 12. Surplus _ 160,502,000 ciphers should be omitted in order to convert 13. Notes in circulation 1,097,308,572,181,648,408,000 it into terms of gold marks, the principal items 14. Other demand liabilities: (a) Deposits of the Reich and of are bills of exchange and checks in renten- the several States (including deposits in rentenmarks, marks, amounting to over 1,000,000,000, a con- 263,528,715,750,000,000,000).. 493, 043,147, 640,091,005,000 siderable part of which represents accommoda- (6) Private deposits (including deposits in rentenmarks, tion to agriculture; bills of exchange and 124,798,405,450,000,000,000) _. 280, 884,170, 633,040,, 550,000 checks in paper marks totaling 840,000,000, and 15. Due to the Rentenbank 800,000,000,000,000,,000,000 16. Other liabilities (including liabilities rentenmarks in vault amounting to 278,000,000, in rentenmarks, 307,185,180,000,- 000,000) 416,582,471,796,711,220,000 a decided reduction from the total of 474,000,000 Contingent liability on indorsed domestic on June 23. The item "other assets," amount- bills of exchange sold, 35,000,000,000,- 000,000,000. ing to 702,000,000, is significant, because it The Gold Discount Bank.—This bank, also includes the R eichsb ank' s holdings of foreign exknown as the Schacht Bank, began operations change bills. The item of 462,000,000 of gold is in April of the current year. Of its subscribed shown on the basis of its nominal pre-war value, capital of £10,000,000, about two-thirds has and therefore appears entirely out of proportion been paid in and this amount practically to the other items on the asset side. Of this represents the volume of the bank's loans. gold reserve nearly one-half is regarded as a Though the bank has authority to issue notes special cover for the $50,000,000 loan issued at against a 100 per cent cover in foreign credits, the time of the Reichsbank's first effort at exit has not availed itself of this privilege. It change stabilization early in 1923. The most has established banking credits of £5,000,000 important item on the liability side is note in London and $25,000,000 in the United States circulation totaling 1,097,000,000, which is to and has been in a position to assist German be compared with 224,000,000 on November 23, manufacturers to obtain banking accommoda- 1923. The large increase in note circulation tion abroad. This service has been extended, has been due to a considerable extent to the however, only to those whose business operaretirement of the bulk of the emergency notes tions would enable them to repay in foreign of various kinds which were in circulation at currencies such obligations as they incur the close of 1923. The other principal liability abroad. is the 800,000,000 gold marks which the Eeichsbank owes to the Eentenbank. Perhaps the With the scope of the operations of the most striking thing about the balance sheet, Gold Discount Bank thus limited, with the given below, next to the absolute amounts utilization of existing resources of the Eentenwhich run into sextillions, is the fact that bank approaching its legal limit, and with the operations in rentenmarks and accounts with Eeichsbank endeavoring to maintain currency the Eentenbank, in spite of their relatively stability by means of credit control, German recent origin, are actually larger in volume credit and currency developments in the imthan most of the other items shown in the mediate future depend upon the action taken statement. in connection with the proposed establishment of a new bank of issue and the notation of a Reichsbank, June SO, 1924 foreign loan, both of which are at present the ASSETS subjects of discussion at the international con- 1. Metallic reserve (including German coins as well as gold in bars and for- ference meeting in London. eign coins, the kilogram of fine gold Marks being reckoned at 2,784 marks) 462,187 000 (a) Gold— German Gold Discount Bank, June SO, 1924 In vault 431,869,000 Gold deposits (unhypothe- ASSETS cated) with • £ s. d. foreign banks 1. Gold 9,000 0 0 ofissue 30,318,000 2. Foreign bank notes.. _._ 5,893 15 0 (6) Subsidiary coin _ 23,498,431,000,000,000,000 3. Foreign credits subject to call 178,235 11 8 2. Treasury notes and Darlehnskassens- 4. Discounts (including short-term £69,660/15/0) 6,789,582 17 6 cheine 697,999,999,399,232,000 5. Subscribed capital not paid in _ _. __ 3,557,550 0 0 3. Eentenbank notes 278,188,072,000,000,000,000 6. Other assets 17,038 0 3 4. Notes of other banks 452,280,000,000,000 5. Bills of exchange and checks, in marks. 840,404,929,349,245,233,000 Total _. 10,557,300 4 5 6. Bills of exchange and checks, in rentenmarks 1,057,554,176,690,000,000,000 LIABILITIES 7. Advances on collateral, in marks (in- 1. Capital 10,000,000 0 0 cluding those secured by bills of ex- 2. Reserve 0 0 0 change, M.12,999,450,000,000,COO,OCO)_ 21, 748, 210,000, 000, 000,000 3. Note circulation . •_ _ 0 00 8. Advances on collateral, in renten- 4. Demand deposits... 292,114 5 2 marks. 87,041,100,000,000,000,000 5. Other liabilities 265,185 19 3 9. Securities _ 76,377,578,940,000,000,000 10. Other assets (including assets in rent- Total _ 10,557,300 4 h enmarks, 17,809,999,200,000,000,000) . 702,307,411,992,725,033,000 Contingent liability on indorsed bills, £3,995,173/7/11 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

638 FEDERAL RESERVE BULLETIN AUGUST, 1924 RULINGS OF THE FEDERAL RESERVE BOARD Bankers' acceptances covering American cotton in foreign warehouse receipts covering readily marketcountries after export transaction completed able staples stored in independent warehouses The attention of the Federal Reserve as provided in the Federal reserve act and the Board has been called to the embarrassment board's regulations. of American banks and bankers as the result One solution which has been suggested is of acceptance credits opened on them by the establishment of acceptance credits in the their foreign banking connections to finance United States, secured by cotton in warehouses the sale of American cotton to German spinners in Germany, with the substitution of trade after the importation of the relative cotton acceptances as security when the cotton has into Germany had been completed. Such been sold out of the warehouse and delivered embarrassment results from the differences to the buyer. The board has held in a ruling between the European and American prac- published on page 740 of the FEDERAL RESERVE tices. BULLETIN for August, 1919, that a draft The board recognizes the legitimate com- drawn abroad, payable in the United States in mercial demand for dollar credits in foreign dollars and secured by a warehouse receipt countries, particularly at this time, and covering readily marketable staples stored in desires to impose no unnecessary obstacle a warehouse located in a foreign country, is to American bankers in extending the use of eligible for acceptance by a member bank dollar credit in furthering the exportation of and after acceptance is eligible for rediscount American products or in assisting foreign by a Federal reserve bank. Of course, Secmerchants and manufacturers to provide tion X, Regulation A, also requires that, in themselves with American goods and materials order for an acceptance covering the storage which it is necessary for them to import. of readily marketable staples to be eligible for rediscount, the acceptor must remain secured The regulations and rulings of the board throughout the life of the acceptance. have been and are intended to be liberal within the clear language and intent of the law in The board has also held, in a ruling published these regards. In addition to dollar exchange on page 1065 of the October, 1920, BULLETIN, bills, however, the law authorizes member that a trade acceptance, after acceptance by banks to accept only three classes of time bills the drawee, constitutes " actual security" withdrawn on them— in the meaning of the provision of section 13 (1) Those "which grow out of transactions relating to acceptances in excess of 10 per cent. involving the importation or exportation of Such a trade acceptance after acceptance by goods"; the drawee would also constitute such substi- (2) Those "which grow out of transactions tute security as would comply with this proinvolving the domestic shipment of goods"; and vision of the board's regulations. In other (3) Those "which are secured at the time of words, it might be substituted for the wareacceptance by a warehouse receipt or other such house receipt subsequent to the acceptance of document conveying or securing title covering the bankers' acceptance drawn to finance the readily marketable staples." storage. There is nothing in the law or the Under the established rulings of the board a boaroVs regulations, therefore, to preclude the transaction involving merely the sale of goods working out of the solution of this problem in within a foreign country can not be construed the manner described above should the Ameras involving importation or exportation. ican shippers and the American bankers con- The board is further of the opinion that the clude to do business on these terms. provision as to acceptances growing out of In stating that trade acceptances constitute transactions involving the domestic shipment a substitute security the board is expressing no of goods relates exclusively to shipments opinion as to the quality or the adequacy of the domestic within the United States. security. That is a question for the judgment This seems to confine American bank dollar of the parties to the transaction. The board acceptance credits for financing cotton and is considering here only the compliance of such other readily marketable staples beyond the paper with the requirements of the law and stage of their original export to credits which the regulations. might be established against the security of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ACGUST, 1924 FEDERAL RESERVE BULLETIN 639 Calculation of interest or discount. of May 27, 1919, to the effect that, beginning On page 109 of the FEDERAL RESERVE BUL- July 1, 1919, computations of interest, both on LETIN for February, 1918, the board published discount transactions with Federal reserve a ruling to the effect that the rates of interest banks and rediscount transactions between on rediscount transactions between Federal re- Federal reserve banks, should be made on the serve banks should be based upon 365 days to basis of 365 days to the year. This last rulthe year. In a subsequent ruling published on ing, however, was never published in the BULpage 744 of the BULLETIN for August, 1918, LETIN and the purpose of the present announcethe board revoked the above ruling and an- ment is to advise that since July 1, 1919, innounced that the computation of interest on terest on discounts with Federal reserve banks such rediscount transactions should be based and rediscounts between Federal reserve banks on 360 days to the year. This ruling was in has been computed on a 365-day basis. turn superseded by a ruling issued under date LAW DEPARTMENT Exercise of fiduciary powers by national banks located the national bank is located. Whenever the laws of in Rhode Island. such State authorize or permit the exercise of any or all of the foregoing powers by State banks, trust com- There \s printed below an unofficial copy of panies, or other corporations which compete with the opinion of the Supreme Court of Rhode national banks, the granting to and the exercise of Island rendered July 9, 1924, in the case of such powers by national banks shall not be deemed to be in contravention of State or local law within the Carpenter, Attorney General v. Aquidneck meaning of this act." National Bank, upholding the right of national The defendant shows that in conformity with the banks to act in fiduciary capacities in the State Federal reserve act as amended it has been granted of Rhode Island. by the Federal Reserve Board the right to act, under the rules of the board, as trustee, executor, adminis- SUPREME COURT OF RHODE ISLAND trator, or in any other fiduciary capacity in which trust companies which come into competition with it are HERBERT L. CARPENTER, ATTORNEY GENERAL V. permitted to act under the laws of the State oi Rhode AQUIDNBCK NATIONAL BANK. M. P. No. 417 Island. By the provisions of the statutes of this State, now OPINION chapter 271, general laws 1923, a trust company, established in accordance with our laws and which has SWEETLAND, C. /.: The above-entitled proceeding conformed to the regulations therein prescribed, is emis an information in the nature of quo warranto, powered, among other things, to accept and execute prosecuted by the Attorney General for and in behalf all trusts committed to it by any person, corporation of the State. Therein the court is informed that the de- or court of this State, or of the United States, and to fendant, although prohibited by the laws of this State, accept and execute the office of executor, administrahas been and is, by usurpation, exercising the powers tor, guardian of the estate and other offices, in the of an executor, and also has been and is acting as chapter named, having similar fiduciary character. trustee and in other fiduciary capacities. The in- Any court of probate in this State is empowered in formant prays that judgment be entered against the its discretion to appoint such a trust company to either defendant excluding and ousting it from the further of said offices of trust. The power to act in such exercise of such powers. fiduciary capacity is not conferred by our law upon a In its plea the defendant admits that it is acting as State bank, savings bank, or any other corporation in executor and as trustee as alleged in the information; this State; and probate courts are without jurisdiction but sets up that it is not acting in contravention of under our statutes to appoint any corporation except the laws of this State; because such laws authorize such a trust company to the offices of executor, adminand permit the exercise of similar powers by trust istrator, guardian, or the like. companies organized in the State, which trust compa- When a national bank has the permission of the nies compete with national banks located in the State. Federal Reserve Board, Congress has conferred upon For support of its plea the defendant relies upon the such bank authority to act in a fiduciary capacity, provisions of the Federal reserve act of December 23, and the authority to so act becomes a part of the 1913, section 11, subsection k, as amended September corporate powers of the bank. Without question 26, 1918, conferring upon the Federal Reserve Board a national bank can exercise such corporate powers in authority " to grant by special permit to national this State when their exercise is not in contravention of banks applying therefor, when not in contravention our domestic law. Certain of the corporate powers of State or local law, the right to act as trustee, ex- which Congress has thus conferred upon national ecutor, administrator, registrar of stocks and bonds, banks relate to trusts which arise in connection with guardian of estates, assignee, receiver, committee of offices requiring for their exercise the appointment of estates of lunatics, or in any other fiduciary capacity in a probate court. Save as such trusts we see no reason which State banks, trust companies, or other corpora- to question that a national bank may exercise in this tions which come into competition with national banks State its corporate powers of a fiduciary nature which are permitted to act under the laws of the State in which it has acquired in conformity with the act of Congress. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

640 FEDERAL BESEBVE BULLETIN ACCOST, 1924 In Aquidneck National Bank v. Jennings, 44 R. I. 435,did contravene the local law. Apparently to meet this the defendant here, in an attempt to place itself on a situation, in the interest of national banks, Congress parity with the trust companies of the State, sought by in 1918 amended the Federal reserve act by passing mandamus to compel the State treasurer to accept from the extraordinary amendment which became the last it United States bonds in a certain amount, to be held sentence of that portion of the act quoted above as by the treasurer as security for the performance by the follows: "Whenever the laws of such State authorize defendant of its duties in a fiduciary capacity. The or permit the exercise of any or all of the foregoing Federal reserve act provides that when the laws of a powers by State banks, trust companies, or other cor- State require that a trust company of such State shall porations which compete with national banks, the deposit securities for the protection of trusts held by granting to and the exercise of such powers by national that company, national banks in such State shall be banks shall not be deemed to be in contravention of required to make similar deposit of securities for the State or local law within the meaning of this act." Our protection of private and court trusts held by them in statutory provisions regulating the jurisdiction of their fiduciary capacity. In that petition for man- probate courts in the issuing of letters testamentary damus, without passing upon the corporate powers and of administration, and in appointing guardians of this defendant bank to act as a trustee in this State, are not of doubtful interpretation. It is the practice of the court denied the petition. The denial was prin- the Federal Supreme Court to adopt the construction cipally upon the ground that, without the sanction of placed upon a State statute by the court of last resort the general assembly, nothing in the Federal reserve of that State. We felt confident that the United States act can be regarded as regulating or extending the duties Supreme Court would not hold as valid and constiof the treasurer as one of the general officers of the State tutional the amendment of 1918, which assumed and that Congress can not give the national banks in arbitrarily to place a legislative construction upon the State the right to demand that the general treasurer statutes of a State, regardless of their positive terms, shall perform for their benefit the same duties which, or the construction placed upon them by the Supreme under our law, he performs for trust companies in this Court of such State. In Aquidneck National Bank v. State. Jennings, supra, we said that "we do not admit the power of Congress to control this court in the construc- In Aquidneck Bank v. Jennings, supra, we have held tion of the State laws of Rhode Island." It appears that a national bank can not be admitted to an apparent that we were not justified in our confidence as to the standing of equality with trust companies. We can position which the Supreme Court would take in the not say, however, that the exercise in this State by the matter. defendant bank of its power to act in a fiduciary capacity is in contravention of our State law, save as to In the recent case of State of Missouri v. Duncan, the execution of those trusts which arise in probate 257 S. W. 784, the Supreme Court of Missouri, in a proceedings. In Aquidneck National Bank v. Jennings,carefully considered opinion, held that under the prosupra, we declared that "the devolution of the estates bate law of that State a national bank having a permit of decedents, the control of the property of infants and from the Federal Reserve Board could not be appointed lunatics, the jurisdiction of our probate courts, and the and act as executor, and that the exercise of such fidulegal regulation of the trusts which arise in the admin- ciary functions is "in contravention of the law of istration of probate law are matters which pertain exclu- Missouri, the legislative policy and the express statsively to the powers of a State over its domestic affairs. ute." The court further held in relation to the amend- Under the State law no corporation other than a trust ment of 1918, that: "It can not be contended that company, organized under the Rhode Island statute, Congress by this amendment took away from the may be appointed executor, administrator, or guardian courts of a State the right to interpret its own statby our probate court or may accept and execute the utes and to determine this particular question." Upon duties of such office. * * * In the absence of the review in the United States Supreme Court it was express sanction of the general assembly the appoint- held, in a majority opinion, that notwithstanding the ment of a national bank to execute the trusts which provisions of the probate law of Missouri a national arise in probate proceedings, or the attempted execution bank having a permit from the Federal Reserve Board of such trusts by a national bank, would be in contra- may act as an executor if State trust companies comvention of our State law." In the case before us now, peting with it have that power, and that "the State where the matter is directly pertinent to the issues, we can not lay hold of its general control of administraare still of the same opinion. In conformity with its tion to deprive national banks of their power to comconclusion often stated, the Supreme Court of the pete that Congress is authorized to sustain." From United States declared in Tilt v. Kelsey, 207 U. S. 43, the majority opinion Mr. Justice Sutherland and Mr. that "in respect to the settlement of the succession to Justice McReynolds dissented. The vigorous opinion property on death the States of the Union are of Mr. Justice Sutherland, based upon the former sovereign." Yonley v. Lavender, 88 U. S. 276; Uniteddecisions of the Supreme Court, and the just relation States v. Fox, 94 U. S. 315. which exists under the Constitution between the powers of Congress and those of the State authorities In the Federal reserve act when first enacted it was in matters of local concern, appears to us_ to be emiprovided that the Federal Reserve Board may grant nently sound and convincing. In conclusion he says, national banks the right to act as trustees, executors, "The probate courts of a State have only such powers administrators, guardians, etc., "when not in contraas the State legislature gives them. They are wholly vention of State or local law." This provision still beyond the jurisdiction of Congress, and it does not Temains. In People v. Brady, 271 111. 100, the court seem to me to be within the competency of that held that authority given by the Federal Reserve body, on any pretext, to compel such courts to appoint Board to a national bank to act as trustee or the as executor or administrator one whom the State law personal representative of a decedent was in contrahas declared shall not be appointed. The particular vention of the law of Illinois. In First National Bank v. invasion here sanctioned may not be of great moment; Union Trust Co., 244 U. S. 416, the Supreme Court but it is a precedent, which, if carried to the logical •appeared to recognize the authority of the court of extreme, would go far toward reducing the States of the last resort of a State to construe the statutes of such Union to the status of mere geographical subdivisions. State and to determine whether such authorization Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 641 The case is one, to use the phrase of Mr. Justice Brewer order of Leggat, J., dismissing a petition for proof of in Fairbank v. United States, 181 U. S. 283, 291-2, for the will of Edward E. Parks, late of Belmont, and the the application of the maxim obsta principiis, not de appointment of the petitioner and the widow of the minimis non curat lex." testator as executors; also a reservation and report by The final determination of the constitutional va- White, J., of a petition by The First National Bank of lidity of congressional action is in the Federal Supreme Boston for the proof of the will of B. Parker Babbidge, Court. The matter presented here is in all respects late of Salem, and the appointment of the petitioner as identical with that before the Supreme Court of Mis- executor. souri and the United States Supreme Court in the cases RTJGG, C. J.: These two cases present the same we have just considered. In the case before us we are fundamental question. Each is a petition, by a national constrained to be governed by the majority opinion banking association possessing a special permit to act in State of Missouri v. Duncan, supra. Therefore our as executor of wills under act of September 26, 1918, determination is that the defendant should not be c. 177, sec. 2, 40 U. S. Sts. at Large, 967, amending c. 6, ousted from the further exercise of the power alleged sec. 11 (k), of the Federal reserve act of December 23, in the information. 1913, 38 U. S. Sts. at Large, 262, for the proof of a will Judgment is entered for the defendant. of a deceased resident of this Commonwealth and the issuance of letters testamentary to it, where in the instrument offered for probate as the will there was named as executor a then existing Massachusetts Right of national bank converted from State trust trust company which later than the date of the said company to act as executor under will naming trust instrument became converted into a national bank company under the provisions of Rev. Sts. of U. S., sec. 5154, In the cases of the Commonwealth-Atlantic and thereafter consolidated with another national bank under the charter of such other national bank with the National Bank of Boston, petitioner, and the approval of the Comptroller of the Currency, into one First National Bank of Boston, petitioner, national banking association, in conformity with act decided by the Supreme Court of Massachu- of Congress of November 7, 1918, c. 209, 40 U. S. Sts, setts on June 14, 1924, a State trust company at Large, 1043, such consolidated national banking association being the petitioner. In one case the which had been designated as executor under national bank into which the trust company was a will was subsequently converted into a converted was granted a special permit under the national bank under section 5154 of the United national bank law to act as executor before its consolida- States Revised Statutes and thereafter con- tion with the other national bank, and in the other case it was not. We do not regard that factor as of solidated with another national bank under significance in this connection. The question is the act of Congress of November 7, 1918. whether such national bank is entitled to the issuance The consolidated national bank having permis- of letters testamentary to it as the person named as sion to act as executor under section 11 (k) of executor in the will, although the testator named as his executor a State trust company, which thereafter the Federal reserve act, upon the death of the became converted into a national bank and still later testator, petitioned the court for letters testa- effected a consolidation with the petitioner under its mentary under the will. The court denied charter. the'petition on the ground that the consolidated A trust company organized under the laws of this national bank was not the executor named in Commonwealth may be appointed executor of a will the will within the meaning of the Massachu- "under the same circumstances, in the same manner and subject to the same control by the court having setts statute. jurisdiction of the same as a legally qualified indi- The board is advised that counsel to the vidual." G. L. c. 172, sec. 52. There is no statute of this Commonwealth touching the appointment of a national banks are planning to take these cases national bank as executor. By virtue of act of Septo the Supreme Court of the United States. tember 26, 1918, c. 177, sec. 2, 40 U. S. Sts. at Large' The opinion of the Massachusetts court 967, amending the Federal reserve act of December 23' follows: 1913, 38 U. S. Sts..at Large, 262, c. 6, sec. 11 (k), as interpreted by First National Bank of Bay City v. Fellows, 244 U. S. 416, and State of Missouri v. Duncan, SUPREME JUDICIAL COURT OF MASSACHU- 266 U. S. —, decided April 28, 1924, the courts of this SETTS Commonwealth are required to appoint national banks as executors upon the same conditions as they THE COMMONWEALTH-ATLANTIC NATIONAL BANK OF would appoint trust companies organized under the BOSTON, PETITIONER; THE FIRST NATIONAL BANK laws of this Commonwealth. Of course we accept, as OF BOSTON, PETITIONER we are bound to accept, that principle in all its Middlesex. Essex. Argued December 14, 1923. amplitude and with all its implications. That principle Opinion filed June 14, 1924. does not reach to the facts here presented. It seems Present: Rugg, C. J.; Braley, Crosby, Pierce, and to us to have no controlling effect on the principle on Carroll, J. J. which the cases at bar ought to be decided. Probate court. Jurisdiction. Will. Identity of Express and detailed provision is made by U. S. corporation designated as executor. Trust company. Rev. Sts., sec. 5154, for the conversion of a State bank National bank. Executor and administrator. into a, national banking association. There has been Appeal by the petitioner, The Commonwealth-Atlan- compliance with all provisions of that act and the tic National Bank of Boston, from a decree, entered in issuance of the certificate to that effect by the Compthe probate court for the county of Middlesex, by troller of the Currency in each case. There is now no 314&—24t 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

642 FEDERAL RESERVE BULLETIN AUGUST, 1924 provision in our statutes, such as formerly existed, there has been no interpretation of this statute by authorizing a State bank or trust company to become the Supreme Court of the United States. We do not converted into a national bank. Our earlier statutes regard it necessary for the purposes of this case to on that subject were repealed by Pub. Sts., c. 224. make a critical analysis of the meaning of this statute. That is not a decisive consideration. We attribute It may be assumed that its purpose was to continue no weight to it because in Casey v. Oalli, 94 U. S. 673, the identity of the old bank in the bank into which it it was said at 678 that "No authority from the State is consolidated. See Proprietors of Locks & Canals was necessary to enable the bank so to change its v. Boston & Maine Railroad, 245 Mass. 52, 58, 59, organization. The option to do that was given by and cases there collected; City National Bank v. the forty-fourth section of the banking act of Congress, Phelps, 97 N. Y. 44; Matter of Bergdorf, 206 N. Y. 13 Stat. 112. The power there conferred was ample, 309; Chicago Title & Trust Co. v. Zinser, 264 111. 31; and its validity can not be doubted. The act is silent Chicago Title & Trust Co. v. Doyle, 259 111. 489; Coffey as to any assent or permission by the State. It was v. National Bank of State of Missouri, 46 Mo. 140. as competent for Congress to authorize the trans- The record does not disclose to what extent the remutation as to create such institutions originally." sponsible management, the directors and executive That proposition must be regarded as settled and officers of either of the original trust companies is controlling in all cases to which it is applicable. continued in the petitioning national bank. The It is provided by U. S. Rev. Sts., sec. 5154, as capital stock of each petitioner is largely in excess_ of amended by the act of December 23, 1913, c. 6, sec. that of the original trust company. Inferences of im- 8, 38 U. S. Sts. at Large, 258, 259, that upon the portant changes in executive control might be warconversion of the State bank into the national bank, ranted by this fact. This circumstance is not regarded the latter "shall have the same powers and privileges, as decisive. and shall be subject to the same duties, liabilities, and The naming of the trust company as executor in the regulations, in all respects, as shall have been pre- will was not a thing which, under the terms of the scribed by the Federal reserve act and by the national several statutes passed as property or an asset when banking act for associations originally organized as the trust company was converted into a national national banking associations." bank or when that bank was consolidated into the The force and effect' of the Federal statutes con- petitioner. The designation in a will of one as execerning the conversion of a State bank into a national cutor does not confer a property right upon the person bank have been adjudged in several cases. It was so designated. However precious may be the mark held in Atlantic National Bank v. Harris, 118 Mass. of confidence bestowed by such nomination, it does not 147, an action of contract on a claim running to a amount to property. There is nothing tangible about State bank which had been converted into the plain- it. Nothing vests in a person so nominated by the tiff national bank, that the completion of the con- mere execution of the will. It can stand on no firmer version without further action carried to the national ground than a devise or bequest in the will of a living bank by operation of law the right to all the property, person. The will is ambulatory and may be changed, and the assignment and transfer of all personal prop- revoked, or canceled by the maker at any time during erty and rights of action and the liability to pay all his life. Even under the strict rules of the common debts of the State bank. The case of Metropolitan law as to the disqualification of witnessess on the National Bank v. Claggett, 141 U. S. 530, was an action ground of interest, it was held that an executor who brought on bills issued by a State bank against the was not a legatee might be a witness to prove the national bank into which it had been converted. The execution of the will and the sanity of the testator. He action was in the nature of a contract. It was held only became disqualified by accepting the trust and that the change or conversion did not close the busi- thus rendering himself liable under the statute to the ness of banking by the State institution, "nor destroy possibility of costs. Sears v. Dillingham, 12 Mass. its identity or its. corporate existence, but simply 358, 360; Wyman v. Symmes, 10 Allen, 153. Those resulted in a continuation of the same body with the decisions are at varience with the idea of a property same officers and stockholders, the same property, interest of any nature arising from a designation as assets, and banking business under a changed juris- executor. Persons executing a trust of this character diction; that it remained one and the same bank and have been held to have no such interest in the emoluwent on doing business uninterruptedly." In Michigan ments likely to flow from their continued administra- Insurance Bank v. Eldred, 143 U. S. 293, action was tion of the trust as to constitute them on that ground brought on a judgment. With reference to the effect persons "aggrieved" by an order terminating the trust of the conversion it was said that the State bank had for reasons not connected with their wrongdoing. "become a national bank and its name had been Ensign v. Faxon, 224 Mass. 145, 150; Hayden v. changed accordingly without effecting its identity or Keown, 232 Mass. 259. its right to sue upon obligations or liabilities incurred The situation is that a trust company organized to it by its former name." under the laws of this Commonwealth was named as The effect of the consolidation of two national banks his executor by a man in executing his will. That is stated in act of Congress of November 7, 1918, c. 209, trust company became converted first into a national sec. 2, 40 U. S. Sts. at Large, 1043, in these words: bank organized under the laws of the United States "And all the rights, franchises, and interests of the and then that national bank consolidated into another said national bank so consolidated in and to every national bank under other laws of the Unites States. species of property, personal and mixed, and choses in That last bank petitions for appointment of executor of action thereto belonging, shall be deemed to be trans- the will of the man, who in the meantime has died. ferred to and vested in such national bank into which There is no explicit provision in any of the governing it is consolidated without any deed or other transfer, statutes to the precise effect that the converted or and the said consolidated national bank shall hold and consolidated national bank shall succeed to all the enjoy the same and all rights of property, franchises, privileges and rights with respect to unproved wills and interests in the same manner and to the same ex- which any of its predecessors named as executors may tent as was held and enjoyed by the national bank so have had. Since testamentary rights are derived from consolidated therewith." So far as we are aware, legislation, the argument would be strong that a Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESEKVE BULLETIN 643 statute of that kind by a legislative body of competent Commissioner of Banks v. Cosmopolitan Trust Co. 240 jurisdiction would be effective. That question is not Mass. 254; Commissioner of Banks in re Prudential presented on this record. No such legislation exists Trust Co. 240 Mass. 478. It is provided in act of in this Commonwealth. There is no statute which December 23, 1913, c. 6, sec. 11 (k), 38 TJ. S. Sts. at by fair implication covers such a situation. The Large, 262, that national banks "shall segregate all testator in his will named a trust company organized assets held in any fiduciary capacity from the general under the laws of this Commonwealth to act as his assets of the bank * * * funds * * * held in executor. After he is dead a corporation under a trust by the bank awaiting investment shall be carried different name organized under the laws of the United in a separate account and shall not be used by the bank States comes forward and contends that it is entitled to in the conduct of its business unless it shall first set appointment as executor because of the nomination aside in the trust department United States bonds or of the testator. Confessedly it is not named in the other securities approved by the Federal Reserve will. That contention is grounded on the proposition Board." We do not know how this provision may be that the last corporation is the same in the eye of the interpreted. Its only significance in this connection law as the corporation named as executor in the will, is that it is materially different from the governing though bearing now a different designation. For statute of this Commonwealth respecting trust commany purposes the new corporation is the successor panies. of the old and continues its business identity. By G. L. c. 172, sec. 55, the capital stock of a trust There are fundamental distinctions between a trust company "with the liability of the stockholders therecompany organized under the laws of this Common- under shall be held as security for the faithful perwealth and a national bank organized under the acts of formance" of the trust of executor or trustee. Similar Congress with respect to being executor. provisions, sec. 63, for the protection of deposits in They are organized under the laws of different juris- savings departments of trust companies have been dictions. They owe allegiance to different sovereign- found to be a genuine security in case of liquidation of ties. They are controlled by different laws. a trust company. Commissioner of Banks in re Pru- Trust companies are governed in respect to their dential Trust Co. 244 Mass. 64. There is no provision administration of trusts, including what they may do similar to this in the Federal statutes. There is, as executors, by G. L. c. 172, sees. 49 to 59, both inclu- however, a clause in sec. 11 (k) to the effect that, in the sive. In reviewing these sections it will be convenient event of failure of a bank, "the owners of funds held to consider executors and trustees together, since the in trust for investment shall have a lien on bonds or same principles govern and in one of the wills here other securities so set apart (under the clause last involved the trust company was named as trustee as quoted from that section as condition for using trust well as executor. funds in its business) in addition to their claim against A trust company may be appointed executor or the estate of the bank." trustee "subject to the same control by the court We do not undertake to determine whether the having jurisdiction of the same, as a legally qualified statutes of this Commonwealth or the Federal statutes individual." There is no similar provision in the acts afford greater security in these particulars to the of Congress on this subject. We do not pause to dis- estate of a testator and its beneficiaries. The relevancy cuss whether a national bank once appointed executor of this comparative review of their several provisions is can be made so subject in every particular. That ques- that the statutes differ in essential aspects one from tion may some time require discussion. the other. There are in G. L. c. 172, sees. 49 to 59, specific limi- The supervision of a national bank and its periodic tations and definite directions as to the investment, examinations are under the general direction of the care and security of funds so held by a trust company. Comptroller of the Currency under powers conferred There is express provision that it ma}' invest such funds and mandates imposed by Congress. See, Rev. Sts. "in the same way, to the same extent, and under the of U. S., sec. 5240, as amended by act of December 23, same restrictions as an individual" in a like position. 1913, c. 6, sec. 21, 38 U. S. Sts. at Large/271. The Sec. 53. These rules are fairly well settled for this supervision of trust companies is vested in the com- Commonwealth. Harvard College v. Amory, 9 Pick. missioner of banks under G. L. c. 167, sees. 1 to 11, both 446; Kimball v. Whitney, 233 Mass. 321, 331. It is inclusive. These provisions of the statutes in the two matter of common knowledge that different rules exist jurisdictions are divergent in important ways. in other jurisdictions. What rules may be adopted The liquidation of a national bank in case of failure with respect to national banks can not be foretold with under the Federal laws is different in material parcertainty. Although it may be that, when appointed ticulars from that of a trust company under the by our courts to trust positions, national banks may be statutes of this Commonwealth. Compare Rev. Sts. held to the same degree of responsibility as our indi- of U. S. sees. 5234 to 5242, and acts in amendment and vidual executors, there is now no provision on this in addition, with G. L. c. 167, sees. 22 to 36. subject in the acts of Congress. How far the jurisdic- By G. L. c. 192, sec. 4, when a will has been proved tion of Congress over this subject by future enactments and allowed, "the probate court shall issue letters may be held to extend is wholly problematical. thereon to the executor named therein. * * *" It is provided in sec. 54 that money, property or Our law has held with some strictness that the person securities received by a trust company in a trust actually named as executor is the one to serve. The capacity shall be "a special deposit" and the accounts provincial and common law practice of making the kept separate. "Such funds and the investments or executor of a deceased executor the executor of the loans thereof shall be specially appropriated to the first testator was early changed. Davis, petitioner, security and payment of such deposits, shall not be 237 Mass. 47, 49. The only ground on which the mingled with the investments of capital stock or other petitioner in each of these cases can seek proof of the money or property belonging to such corporation, or will and appointment as executor is that it is desigbe liable for the debts or obligations thereof." Similar nated in the will as executor. Nomination of a person provisions in sees. 61, 62, as to investments in savings to act as his executor by one making his will imports departments of trust companies have been interpreted signal trust and confidence in the particular person so so as to be a genuine protection to such special deposits. named. Such nominations with respect to natural Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

644 FEDERAL RESERVE BULLETIN AUGUST, 1924 persons as matter of common knowledge are inserted executor of the will of a person who named the trust infa will because the one executing the will reposes company organized under the laws of this Commonspecial reliance upon the individual integrity, sagacity, wealth, the petitioner can not rightly be treated as the capacity, good faith, friendliness, and sympathy with person so named in the will. The petitioner is a testamentary wishes on the part of the specified per- national bank and not a trust company. The petison. A trust company or bank, although a corpora- tioner in each case is not the person actually named as tion, is not in this respect utterly impersonal. One executor in the will. It possesses powers different making his will well may ,be thought to have a prefer- from those possessed by the person so named. It is ence between such institutions as to the one to carry governed by laws unlike those controlling the kind of out his testamentary desires. One naming a corpora- corporation named in the will. It is created by and tion to act as executor or trustee can not rely upon the subject of a different sovereignty. The petitioner continuance of the same management. Capital stock is not governed by the policy of this commonwealth may change hands. Officers may die or be dismissed as to its corporate powers, duties and responsibilities. and others of widely varying characteristics and tem- Those are and must continue to be delimited by a legisperaments be substituted. Policies may be altered. lative body over which this Commonwealth has no Reputation may fluctuate. All these and like hazards jurisdiction. The duty of courts commonly is to carry must be taken by a person who nominates a corpora- out the purposes of testators as expressed in their wills. tion as his executor or trustee. These factors do not This principle applies to the appointment of executors. constitute a change in the legal person, however much All these considerations lead to the conclusion that they may affect the actual character of the institution. the petitioner is not the "executor named" within the It must be recognized, also, that significant modifica- meaning of those words in G. L. c. 192, sec. 4, in the tions may be wrought by the law governing or affecting instrument offered for probate as the last will of each a corporation without interrupting its continued decedent. identity. Proprietors of Locks & Canals v. Boston & In The Commonwealth-Atlantic National Bank of Maine Railroad, 245 Mass. 52, 59. The petitioner in Boston, petitioner, the decree dismissing the petition is each of the cases at bar for most, perhaps for all, affirmed. In The First National Bank of Boston, business purposes under the authority of decisions petitioner, a decree may be entered dismissing the already cited, is identical with the trust company of petition. whose property and assets it has become possessed. Nevertheless, it seems to us that, with regard to being So ordered. ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS On the basis of the July estimates by the leading crops in the'different Federal reserve Department of Agriculture, the following table districts. A more detailed report of conhas been prepared showing the production of ditions in each district is given on pages 621-623. [In thousands of units! Corn Total wheat Winter wheat Spring wheat Oats Tobacco Potatoes (bushels) (bushels) (bushels) (bushels) (bushels) (pounds) (bushels) Federal reserve district. m E 19 s a 2 t t i e 3 - , J F u c 1 o l a 9 y r 2 s e t 4 1 - , m E 19 s a 2 t t i e 3 - , J F u c 1 o l a 9 y r 2 s e t 4 1 - , m E 19 a s 2 t t i e 3 - , J F u c 1 o l 9 a y r 2 s e t 4 1 - , m E 19 a s 2 t t i e 3 - , J F u c 1 o l 9 a y r 2 s e t 4 1 - , m E 19 a s 2 t t i e 3 - , J F u c 1 o l 9 a y r 2 s e t 4 1 - , m E 19 a s 2 t t i e 3 - , J F u c 1 o l a 9 y r s 2 e t 1 4 - , m E 19 a s 2 t t i e 3 - , J F u c 1 o l 9 a y r 2 s e t 4 1 - , Boston 10,756 11,450 240 209 240 209 8,914 14,503 15,622 46,485 40,356 New York 29,684 30,430 9,151 8,264 8,887 8,032 264 232 34,245 29,563 42,099 41,034 43,902 40,216 Philadelphia.. 57,007 48,265 22,110 18, 799 21, 972 18, 673 138 126 21,382 20,725 58,950 52, 853 25,036 23,335 Cleveland 208,310 162, 287 49,779 42, 612 49, 552 42,426 227 186 67, 790 71,245 181,143 153,505 21,710 18,350 Richmond 188, 751 153,110 32, 202 24,503 32,202 24,503. 24,917 21,531 638, 568 533, 633 30,440 32,885 Atlanta- 187, 968 218, 528 5,960 3,854 6,960 3,854 19, 439 13,384 101, 404 113,877 11,157 12,728 Chicago 976,124 751,224 82,965 61,401 79,815 68,856 3,150 2,545 490, 254 534, 773 50, 354 47,279 70, 752 58,850 St. Louis 394,972 329,530 83,426 60,879 83,164 50, 693 262 186 52,072 59,416 896, 737 329, 679 18,223 16,342 - ; ^ K S D M a a a n n i l n l s a F n a s r e s a a n C p c o i i t l s i y c s . o . . . 5 3 1 1 1 5 1 4 4 1 2 , , , , 6 8 1 1 3 5 5 6 0 2 8 6 4 2 1 0 1 1 9 2 0 1 6 , , , ,1 8 6 0 1 8 1 5 6 5 2 8 1 1 1 8 5 1 4 0 9 6 2 , , , , 9 8 3 7 7 2 3 7 6 3 3 6 2 17 2 6 6 7 2 5 4 , , , , 4 1 2 6 9 2 5 2 5 3 3 0 16 8 1 1 8 9 5 6 , , , , 8 6 6 6 5 1 8 3 1 6 6 5 25 2 4 1 2 1 3 7 , , , , 9 4 4 7 7 1 0 1 6 7 4 7 1 5 1 4 2 1 4 , , , 2 1 9 6 9 6 7 9 0 0 2 8 1 1 2 6 1 2 0 , , , 2 0 2 4 7 0 1 7 7 6 6 8 3 15 4 3 3 8 9 9 3 , , , , 0 3 5 7 8 2 7 5 4 3 3 6 3 1 4 5 2 72 7 4 2 , , , , 4 4 3 4 9 9 0 9 7 5 0 5 4 2 , , 4 88 2 6 2 3 2 , , 4 5 7 0 4 1 8 3 7 3 3 7 3 2 5 2 , , , , 5 5 8 7 3 4 4 6 5 4 2 6 3 3 6 0 0 2 6 , , , , 8 8 1 3 8 1 7 1 5 9 7 6 Total... 3,046, 277 2, 615,385785, 741740, 012572,340 542, 551213, 401197, 461 1, 299,823 1, 366,338 1, 491,O66il, 294,411520, 392 372, 968 Total cotton production estimated at 12,144,000 bales, as compared with 10,128,000 tales in 1923. Figures by districts not yet available. Figures ,or a! hay not yet available. Tame hay production estimated at 90,0T6,000 tons, as compared with 89,098,000 tons in 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1924 FEDERAL RESERVE BULLETIN 645 State Banks and Trust Companies Fiduciary Powers Granted to National Banks The following list shows the State banks and trust During the period June 21 to July 21, 1924, the companies which were admitted to membership in Federal Reserve Board approved applications of the the Federal reserve system during the month ended national banks listed below for permission to exercise July 21, 1924, on which date 1,592 State institutions one or more of the fiduciary powers named in section were members of the system. 11 (k) of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) ADMISSIONS registrar of stocks and bonds; (5) guardian of estates; (6) assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which Capital Surplus Total State banks, trust companies, or other corporations which come into competition with national banks are permitted to act under the laws of the State in which District No. 3 the national bank is located. Peoples Trust Co., Wyomissing, Pa $500,000 $250,000 $2,523,168 District No. 4 Dis- Powers Union Trust Co., Greensburg, Pa_ 400,000 1, 642, 559 Location t N ri o c . t Name of bank granted District No. S First State Bank, Buffalo, S. Dak 25,000 5,000 160, 741 Franklin, N. H 1 Franklin National Bank... 1. Closter, N.J 2 Closter National Bank 1 to 9. Troy, N. Y _ 2 United National Bank . _. .. 1 to 9. CHANGES B Le e b ll a e n fo o n n t , e , P P a a ._ 3 3 F Pe ir o s p t le N s a N tio a n ti a o l n a B l a B nk ank.. 1 It t o o 9 9 . . Uniontown, Pa 4 Second National Bank.. Ito9. Jacksonville, Fla 6 Barnett National Bank _ 5 to 9. District No. 2 Montezuma, Ind._ - 7 First National Bank _ _1 to 8. Erie County Trust Co, East Aurora, Poseyville, Ind 8 Bo B z a e n m k a . n Waters National 1,3 a , n d 5 ,6 9 , . 8 N. Y. (withdrawn) $100,000 $50,000 $1, 755,232 Rochester, Minn 9 First National Bank Ito9. Ordway, Colo 10 First National Bank 1. District No. 4 Lawrence, Kans 10 Watkins National Bank- 1 to 9. Fi B O rs a h t n io k N , a N ( t a i e b o w s n o a t r o l b n e B d F a a n l b l k s y , , O N N h e e io w w , t t a o o n m n e F m S a t b l a l e t s e r , , W C L o in i r t c p c o u h l s i n t a , C , N h K r e i a b s n t r i . s , Tex _ .. . 1 1 1 0 1 0 L C F i o o n u r c p r o u t l h s n C N S h a ta r ti t i o s e t n i N a N l a t a B i t o i a o n n n a k a l l B B a a n n k k , . I 1 1 t t t o o o 9 7 9 . . . which changed its title to First State Bank)._ _ 100,000 20,000 1,157, 111 Pemberville Savings Bank Co., Pemberville, Ohio (withdrawn) 50,000 1,250 414, 819 New National Bank Charters District No. 5 The Comptroller of the Currency reports the fol- Salisbury Bank & Trust Co., Salisbury, lowing increases and reductions in the number and N. C, nonmember (absorbed by capital of national banks during the period from June? Wachovia Bank & Trust Co., Winston-Salem, N. C, a member) 100,000 '24,000 1,132, 000 21 to July 18, 1924, inclusive: District No. S Alabama Bank & Trust Co., Cullman, Num- Amount Ala. (merged with a nonmember) 50,000 10,000 ber of ef Bank of Iota, Iota, La. (closed) 25,000 10,000 i9,438 banks eapital Bank of Camilla, Camilla, Ga. (reopened) 50,000 50,000 645, 212 New charters issued $890,000 District No. 7 Restored to solvency... 0' Increase of capital approvedl. 2,050,000' American State Bank, Chicago, 111., nonmember (consolidated with Kas- Aggregate of new charters, banks restored to par State Barik, Chicago, 111., a mem- solvency, and banks increasing capital 31 2,740,OOC ber, which changed its title to Kaspar- American State Bank) 600,000 1 461, 900 6, 455, 580 Liquidations 3,180,000- State Bank of Mosinee, Mosinee, Wis. Reducing capital3 ] 125,000' (withdrawn) 50,000 30,000 646,516 Total liquidations and reductions of capital ' 25. 3) 305,000' District No. 10 Consolidations of national banks under act of Security State Bank, Sallisaw, Okla. Nov. 7,1918 _ ' 2,650,. 0001 (converted into a national bank) 30,000 5,000 268,466 Aggregate increased capital for period 2, 740(000 District No. IB Reduction of capital owing to liquidations, etc. 3^.305,000 Farmers & Stockgrowers Bank, Mon- Net decrease. 565,000 tour, Idaho (withdrawn) 25,000 1,600 100, 000 1 Includes one increase in capital of $300,000 incident toa- consolidation, l Surplus and profits. under act of Nov. 7,1918. Change of title.—The American Bank of Commerce & Trust Co., ! Includes one reduction in capital of $100,000 incident tsaoousolidation Little Rock, Ark., has changed its title to the American Trust Co. under act of Nov. 7, 1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

646 FEDERAL RESERVE BULLETIN AUGUST, 1924 BUSINESS STATISTICS INDUSTRIAL STATISTICS IN THE UNITED STATES During June the downward movement of which seasonal increases have been noted. business activity continued at almost the same Even lumber and some of the other building rapid rate as in May. The general nature materials have slackened in activity at a time and extent of this recession can be seen from when construction is still most active. The the following table showing the percentages of most important industrial groups—iron and change in various industrial indexes fom May steel and textiles—have undergone the greatest and from April: curtailment. In general manufacturing activity is about at the level reached in the middle of 1922, before the great rise in the later months Per cent change of that year, but many of the textile industries June from— and leather and shoes are close to the low points Index of the 1920-21 depression. May April Mining activity varies considerably among Production in basic industries -18 the different commodities. Bituminous coal Factory employment. -3 -7 and iron ore are being produced in unusually Manufacturing production -13 -20 Mineral production -4 0 small amounts, but the production of anthracite, Agricultural movements -1 +11 petroleum, and the nonferrous metals has de- Railroad-car loadings' -12 -14 Bank debitsi clined only slightly from recent high points. Building contracts awarded>_ -3 -17 Nevertheless because of the importance of 1 Adjusted for seasonal variations. bituminous coal the mineral index is about as low as it has been at any time since the 1922 The only increase shown on the above table, coal strikes. The directions of the changes in that of agricultural movements from April to the index of agricultural movements were en- June, was due entirely to seasonal causes. tirely seasonal and offset each other, so that the Among the manufactures practically all composite index remained practically the same. industries shared in these declines, the only Cotton sight receipts were the smallest ever important exception being in food products, in recorded in the post-war period. INDEXES OF INDUSTRIAL ACTIVITY f MONTHLY AVERAGE, 1919 "100 ) 175 —— MANUFACTURING PRODUCTION — — MINERAL PRODUCTION 150 — AGRICULTURAL MOVEMENTS 150 125 100 100 75 50 50 25 1919 1920 1921 1922 1923 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST^ 1924 FEDERAL RESERVE BULLETIN 647 INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES' [Not adjusted for seasonal variations. Monthly average, 1919=100] i G n e d r e a e n l x - G in M r d o p e u e r x t o p a d l u s c a I a t r n s n o d d n G i T n r d e o x e u t x p iles F a r n i a c d b s - prod P u u r c o c t d t s s - L p u a b r u c n o e m t d d r s - - M v c e l o h e t i s o - r p a b n a u C i i d n i r a l i g d n r re - g - p P a r i a n i n p n g d e t- r F p u a o r n c o o t d d d s - s L p e u a r a n c o t t d d h s e - r S c g a t l l o n a a n s y d e s , , b p u T a r c o c o t c d - s o - C p u c a h r a c n o e l t d d m s s - isteel 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 89 99 95 73 1923 average.. 101 93 93 102 103 101 120 98 101 105 103 91 110 91 7S 1923 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 1924 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 78 April 97 91 90 92 89 94 123 101 89 105 98 82 115 83 77 May _. 93 85 85 87 86 89 119 90 »87 104 97 79 117 82 74 June . - 90 86 80 85 85 86 117 81 886 103 99 73 115 83 70 1 This table contains for certain months the index numbers of employment, together with group indexes for its important industrial components The general index is a weighted average of relatives for 33 individual industries. The method of construction was described in detail and indexes for the above groups since January, 1919, were published on pages 1272-1279 of the BULLETIN for December. 1923. 2 Revised. 3 Preliminary. INDEX OF PRODUCTION IN BASIC INDUSTRIES i [Index and relatives for each industry adjusted for seasonal variations.2 Monthly average 191S=1CO] Iron and steel Textiles Food products General Year and month index Animals slaughtered Lumber Pig Steel Wheat Sugar iron ingots Cotton Wool flour meltings Cattle Calves Sheep Hogs 1919 average 100 100 100 100 100 100 100 100 100 100 100 100 1920 average 105 119 118 98 84 90 86 103 86 91 101 1921 average 80 55 92 92 97 76 97 103 95 75 1922 average 98 88 102 103 95 132 86 106 87 106 102 -1923 average 120 131 128 110 110 111 91 114 92 131 124 1923 May 127 149 147 120 117 122 105 110 111 125 122 June 122 147 136 108 114 79 94 103 117 122 1924 J F a e n b u r a u r a y ry !_. 1 1 2 2 0 0 1 1 3 2 2 0 1 1 3 4 0 5 1 9 0 9 0 1 8 0 9 0 127 1 1 3 3 3 7 93 1 11 1 6 9 1 1 3 3 6 0 March 116 131 145 101 107 115 112 90 132 124 April 114 127 121 97 105 115 116 102 136 127 May 103 101 92 93 105 109 111 109 124 117 June 94 81 74 107 111 108 102 116 104 Coal Nonferrous metals Tobacco products Sole News- Petro- Manufac- Year and month B n it o u u m s i- An c t i h te ra- Copper Zinc leather print Cement leum Cigars Ciga- to tu ba re c d co 1919 average 100 100 100 100 100 100 100 100 100 100 100 1920 average 121 101 105 102 82 110 127 117 114 100 93 1921 average 69 99 39 46 79 89 121 124 113 90 1922 average 87 82 79 79 105 139 146 100 119 1923 average 120 122 113 84 108 174 191 144 1923 May 129 111 120 121 84 120 161 193 150 100 June 123 112 122 109 81 114 158 196 95 147 99 1924 January 122 111 132 126 73 106 239 183 176 113 February2 123 118 134 112 71 107 192 189 140 98 March 101 111 123 122 66 103 187 186 143 91 April 92 97 127 114 62 111 169 189 157 91 May _ 87 101 125 121 57 116 172 192 173 96 June _.- 83 100 123 111 54 103 173 187 ' This table contains (or certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 619, 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 14l41421 of the BULLETIN for December, 1922. 1 Industry relativres and general index for February, 1924, given an additional adjustment to allow for 29th day Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

648 FEDERAL RESERVE BULLETIN AUGUST, 1924 INDEXES OF INDUSTRIAL ACTIVITY I COMMODITY MOVEMENTS—Continued [No seasonal adjustment. Monthly average 1919=100] June, May, June 1924 1923 1924 1924 1923 June May April June May Grain and Flour—Continued Receipts at 9- seaboard centers (000 omitted): Agricultural movements 84 86 77 85 85 Wheat (bushels). 9,749 22,483 12,382 Livestock 92 96 94 90 100 Corn (bushels).... 1,199 1,526 2,381 Animal products 160 148 129 168 150 Oats (bushels) _ 1,783 2,980 1,147 67 63 54 66 58 Rye (bushels). _ 1,944 1 050 3,459 Cotton 19 34 34 23 31 Barley (bushels). 1,185 1,374 584 Vegetables... 111 119 113 131 115 Fruits 140 178 93 117 171 Total grain (bushels) 15,860 29, 412 19,953 Tobacco . _ 10 6 9 1 2 1 0 3 10 17 9 135 1 13 3 7 Flour (barrels) _ 1,555 1,816 1,377 105 106 93 118 117 Total grain and flour (bushels) 22,858 37, 585 26,149 Bituminous 78 81 76 117 119 189 196 189 195 197 Stocks at 8 seaboard centers at close of Pig iron... 79 103 127 U44 152 month (000 omitted): 126 130 131 124 124 Wheat (bushels) 2,416 3,372 2,325 Zinc . HI 121 114 109 121 Corn (bushels) 342 644 883 Lead . .. ... 144 2 137 125 108 145 Oats (bushels) 690 960 1,488 Silver 111 123 97 129 127 Rye (bushels) __ 912 542 542 Manufacturing production... »97 111 121 128 138 Barley (bushels) «. 1,505 1,363 736 75 96 122 136 150 Automobiles _ 151 193 231 233 242 Total grain (bushels) 5,865 6,879 5,973 Textiles •75 88 96 109 120 Wheat-flour production (barrels), (000 Food products - - 97 100 98 90 99 omitted) 9,332 9,765 8,331 Lumber 8 143 162 149 156 165 Paper and printing '105 111 117 116 131 Livestock Leather and shoes.. ! 77 82 89 104 112 171 181 157 159 Receipts at 57 principal markets (head, Cement and brick.. 156 167 154 156 164 000 omitted): 122 106 120 117 Cattle and calves _. 1,639 1,849 1,601 3120 144 152 140 172 Hogs 4,202 4,233 4,125 Sheep 1,507 1,302 1,412 1 For description and early figures see BUMETIN for March ,1924. Horses and mules (43 markets) 13 14 12 2 3 B Pr e e v l i i s m ed in . ary. Total. 7,361 7,399 7,150 COMMODITY MOVEMENTS Shipments at 52 principal markets (head, 000 omitted): Cattle and calves 621 731 629 June, May, June, 1,389 1,587 1,388 1924 1924 1923 Sheep. _ 635 605 632 Horses and mules (43 markets). 12 13 12 Grain and Flour Total. 2,657 2,937 2,661 Receipts at 17 interior centers (000 omit- Shipments of stockers and feeders from ted): 33 markets (head, 000 omitted): Wheat (bushels) 17,882 16,899 19,316 Cattle and calves. 190 258 216 Corn (bushels) 17,642 16, 356 15, 099 Hogs 27 45 54 Oats (bushels)... _ 15, 752 15, 479 15,681 150 118 121 Eye (bushels) 3,972 2,542 Barley (bushels) 1,674 2,204 2,162 Total- 367 421 391 Total grain (bushels) 56,923 53,426 54,800 Slaughter at principal markets under Flour (barrels) 2,522 2,520 2,064 Fe C de a r tt a l l e inspection (head, 000 omitted): 773 727 Total grain and flour (bushels) 68,271 64, 767 64,087 Calves. __ 406 470 Hogs 1,288 4,278 4,303 Shipments at 14 interior centers (000 Sheep _ 975 959 914 omitted): Wheat (bushels) 14,738 17,187 16, 732 Total . 6,332 6,480 6,332 Corn (bushels) __ 13, 522 16,388 11,524 Oats (bushels).._. 13,497 15, 788 15, 348 Meats, cold-storage holdings, first of fol- Rye (bushels). _ 5,422 4,532 3,722 lowing month (pounds, 000 omitted): Barley (bushels) 1,284 1,724 1,604 Beef.. 59, 343 66, 063 57, 220 Pork products 1, 022, 670 1,020,811 1, 032, 401 Total grain (bushels) 48,464 55,619 48,930 Lamb and mutton 1... 2,919 2,272 3,556 Flour (barrels). _ 3,378 3,489 3,520 Exports of certain meat products Total grain and flour (bushels) 63,664 71, 318 64,771 (pounds, 000 omitted): Beef- Stocks at 11 interior centers at close of Canned 74 151 176 month (000 omitted): Fresh. 117 144 139 Wheat (bushels) 29, 576 35,471 22, 568 Pickled or other cured 1,902 1,725 2,107 Corn (bushels) 6,230 8,631 1,877 Hog products- Oats (bushels) 2,787 4,681 6,802 Bacon. 13, 033 14,940 28, 641 Rye (bushels) 14,201 16,436 13,065 Hams and shoulders... 28,335 27, 380 30,749 Barley (bushels) 360 506 691 Lard 59,475 62,648 64,605 Pork, pickled... _ 2,007 1,952 2,977 Total grain (bushels) 53,154 65, 724 45,004 Dairy Products Total visible supply of grain east of the Rocky Mountains at close of month Receipts at 5 principal markets (000 (000 omitted): omitted): Wheat (bushels).. 36,496 45, 258 27,688 Butter (pounds) 92,155 65, 366 90, 415 Corn (bushels) 9,184 13, 459 3,847 Cheese (pounds) 21,639 19,010 25, 421 Oats (bushels) 6,322 7,427 9,234 1,823 2,610 2,072 Poultry (pounds). 17,824 17,742 16, 562 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 649 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued June, May, June, June, May, June, 1924 1924 1923 1924 1924 1923 Dairy Products—Continued Fuel and Power—Continued Cold-storage holdings first of following Petroleum, crude (barrels, 000 omitted): month (000omitted): Production _ 59,439 61,653 61,491 Creamery butter (pounds) 74,446 22,328 62,768 Stocks at close of month.. 351,218 346,751 283,651 American cheese (pounds) 45,517 27,148 36,834 Producing oil wells completed Eggs (cases) 8,697 6,944 10,222 (number) 1,501 1,657 1,830 Poultry (pounds) 34,832 39,247 49,100 Oil reflneries:i Production (000,000 omitted)— Other Agricultural Products Crude-oil run (barrels) 55 53 48 Cottonseed (tons): Gasoline (gallons) 780 755 632 R C St e r o u c c e s k h iv s e e d a d t m at il m ls i l a ls t close of month 2 2 5 2 9 8 , , , 0 2 8 0 8 4 3 5 5 10 3 6 3 8 6 , , , 4 1 3 4 2 6 3 7 9 3 2 1 3 3 3 , , , 8 7 53 7 3 6 6 7 K L G u e a b r s o r a s ic n e a d n t e i f n u ( g e g l a o l o l i o i l l n s ( s g ( ) a g l a lo ll n o s n ) s) 1,1 2 1 5 0 0 6 0 4 1,1 2 1 0 9 7 3 7 9 1 1 6 8 0 6 9 5 O Co le t o t S P o m t r n o o a s c d r e k g e u s a d c r t i i o n o i e l n (p c o o u n n s d u s m , p 0 t 0 i 0 o n o < m . i ( t p t o e u d n ): d -. s - , . 2 1 3 7 , , 3 9 3 2 8 2 3 52 2 , , 7 3 3 3 5 3 1 11 1 , , 8 4 3 8 3 9 Stoc K C G ks r e a u r s ( o d o 0 s e l 0 i e - 0 n o n , e 0 e i l 0 ( 0 ( r g g u a o a n l l m l l o o ( i n b n t s t a s e ) r ) d re )— ls) i 1,6 2 4 4 8 7 0 8 40 1, 2 3 3 7 2 2 3 9 000 omitted) .... 17, 493 14,361 Gas and fuel oils (gallons) 1,530 1,555 1,247 Tobacco sales at loose-leaf warehouses Lubricating oils (gallons) 244 253 (pounds, 000 omitted): Burley 100 180 206 Electric power produced by public util- Western dark 4,879 139 ity plants (kilowatt hours, 000,000 Sale of revenue stamps for manufacture omitted): of tobacco, excluding Porto Eico and Produced by water power 1,765 1,948 1,764 Philippine Islands (000 omitted): Produced by fuels 2,798 2,849 2,766 Cigars (large) 553,320 591, 514 Cigars (small)... _ 49,700 40,724 Total.... 4,797 4,530 Cigarettes (small) j, 391,992 5,836, 468 Manufactured tobacco (pounds) 31, 737 32, 539 Metals Fruit shipments (carloads): Grapefruit 2,379 616 Iron and steel: Oranges __ 6,473 Iron-ore shipments at Lake Superior Lemons 1,965 1,376 (long tons, 000 omitted) 2,572 2,009 9,500 Apples 2,201 468 Pig-iron production (long tons, 000 Vegetable shipments: omitted) 2,026 2,615 3,676 White potatoes (carloads) 17,506 19,849 Steel-ingot production (long tons, 000 Onions (carloads) 3,752 683 omitted) 2,056 2,628 3,767 Rice (pounds, 000 omitted) 30,600 34,837 Unfilled orders, United States Steel Sugar, all ports Gong tons): Corporation (long tons, 000 Receipts. 480,303 354, 739 omitted) 3,263 6,386 Meltingsrr 428, 000 328,400 Fabricated structural steel orders Raw stocks close of month 453,969 411,152 (tonnage) 171,600 153,400 130,000 Steel castings bookings (net tons) 48, 718 56, 581 84,878 Fishery Products Silver production (troy ounces, 000 omit- Fi t s o h t a la l n c d a e tc d h b ( y p A ou m n e d r s i , c a 0 n 0 0 f i o s m hi i n t g te v d e ) ssels, 15,904 18,614 C Zi o t n e p c d p ) ( e p r o p u r n o d d s u , c 0 t 0 io 8 n o ( m p i o t u te n d d ) s : , 000 omitted) 12 8 6 , , 2 9 2 4 8 8 130 5, , 8 6 3 4 3 4 12 5 5 , , 1 4 0 7 1 9 Cold-storage holdings, frozen and cured Production... __ 95,332 85,680 o fi m sh i , t te o d n ) 15th of month (pounds, 000 32,122 34, 891 S S t h o i c p k m s, e n cl t o s s .. e _ of month , 9 72 9 , , 3 2 6 4 8 4 8 7 4 6 , , 1 7 6 2 0 8 8 7 4 7 , , 3 3 4 7 6 2 Tin (pounds, 000 omitted): Lumber: Forest Prodacts Deliveries to factories 9,654 11, 738 12,118 Number of mills- Stocks, close of month 9,110 9,110 4,787 National Lumber Manufacturers' Association 557 552 590 Textiles Southern Pine Association 181 182 181 West Coast Lumbermen's Cotton (bales, 000 omitted): Association 114 113 118 Sight receipts _\ 220 406 275 Production (feet, 000,000 omitted)— American spinners' takings 127 306 254 National Lumber Manufac- Stocks at mills. 951 1,158 1,347 turers' Association 1,247 1,469 1,459 Stocks at warehouses 882 1,127 1,227 Southern Pine Association 370 423 402 Visible supply 1,223 1,541 1,108 West Coast Lumbermen's Consumption by mills 350 Association ' 355 452 420 Spindles active during month (000 414 542 Ship N m a e t n io ts n a ( l f eet, L 0 u 0 m 0, b 00 er 0 om M it a te n d u ) f — ac- Sp o i m nd it le te d h ) ours active during month 29,216 30,493 34,856 So t u u t r h e e rs rn ' A P s i s n o e c i A at s i s o o n ciation 1,1 3 0 5 6 4 1,3 4 0 2 6 5 372 Finish ( e 0 d 0 0 c o o t m to i n t t f e a d b ) r . i . c . s: S,336 5,908 8,385 West Coast Lumbermen's Finished yards billed (yards, 000 Association 377 467 424 omitted)... 64C, 761 76,574 90,302 Naval stores at three southern ports: Orders received (yards, 000 omitted). 55,955 65,610 74,146 Spirits of turpentine (casks)— Shipments (cases) 33,397 39,035 41,588 Receipts _ 39,620 34,949 39,014 Finished stocks (cases).. 43,395 48,155 Stocks at close of month 82,499 23, 595 13,176 Wool: Rosin (barrels)— Consumption (pounds, 000 omitted). 36,507 52, 649 Receipts 110,088 112, 571 116, 902 Percentage of active machinery to Stocks at close of month 241,108 234,644 215,100 total reported— Looms wider than 50-inch reed Fuel and Power 66.4 69.1 84.0 Looms 50-inch reed space or less. 73.1 78.4 84.6 Coal and coke (short tons, 000 omitted): Sets of cards 79 8 81.0 88.8 Bituminous coal production 30,447 31,236 45,490 Combs i. 61.9 68.5 83.6 Anthracite coal production 7,704 7,745 8,665 Spinning spindles, woolen 78.0 79.3 87.2 Coke- Spinning spindles, worsted 58.4 64.6 90.2 Beehive coke production 555 761 1,755 By-product coke production 2,493 2,786 3,166 ' Figures for May, 1924; April, 1924; May, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

650 FEDERAL RESERVE BULLETIN AUGUST, 1924 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued June, May, June, June, May, June, 1924 1924 1923 1924 1924 1923 Textiles—Continued Building Materials—Continued Wool—Continued. Brick (number OOOomitted)—Continued. Percentage of active hours to total Silica brickreported- Production 9,612 14,346 15, 264 Looms wider than 50-inch reed Shipments 10,475 13,751 16,056 space 61.6 68.1 88.0 Stocks at close of month 43,349 44,211 41, 504 Looms 50-inch reed space or less.. 56.7 61.9 83.8 Paving brick- Sets of cards _ 84.5 89.2 105.9 Production _ 28, 563 27,310 36,016 Combs ___ 52.6 61.1 102.4 Shipments 31,995 29,795 34,992 Spinning spindles, woolen 79.0 82.7 93.0 Stocks, close of month 128.267 137,889 98,917 Spinning spindles, worsted- 48.1 56.7 94.5 Orders received 50,399 41, 746 Men's and boys' garments cut: Unfilled orders, close of month... 107,920 107, 248 120,196 Men's suits, wholly or partly wool... 832,178 720, 897 Cement (barrels, OOOomitted): Men's suits, all other materials 127,670 88,959 Production _ 13, 538 13, 777 12, 382 Men's separate trousers, wholly or Shipments _ 15, 036 14, 551 13, 307 partly wool 664,791 Stocks, close of month 14,095 16,403 9,168 Men's trousers, all other materials... 462,231 343, 744 Oak flooring (feet, 000 omitted): Men's overcoats__ 303,503 350, 530 Production .... 37,769 34,342 Boys' suits and separate pants 685, 404 781, 289 Shipments 38,185 28,067 Boys' overcoats and reefers 87,207 89, 788 Or ders hooked 30,853 15, 081 Raw silk: Stocks at close of month.. 49, 706 33, 793 Consumption (bales) 23,164 28,272 27, 824 Unfilled orders 41,164 38, 530 Stocks at close of month (bales) 24,843 27,074 25, 865 Maple flooring (feet, 000 omitted): Imports (pounds, 000 omitted) _. 3,091 3,485 2,970 Production 7,492 8,349 10,509 Hosiery (dozen pairs, 000 omitted): * Shipments _ 7,425 6,472 11, 033 Total, all classes 4,251 4,412 Orders booked 6,436 4,769 4,987 Men's 1,656 1,802 Stocks, close of month 25, 406 25, 243 18,867 "Women's 1,696 1,643 Unfilled orders... _. 9,596 10, 736 28,265 Enameled ware (number): Hides, Leather, and Shoes Baths- Raw hides and skins (000 omitted): Shipments... 77, 653 93,084 74, 457 Stocks at close of month—1 Stocks, close of month 56, 767 56,433 28,411 Cattle hides 4,122 4,278 6,347 New orders 67,279 68,482 63,748 Calf and kip skins 3,068 2,799 4,166 Lavatories- Goat and kid skins 8,690 8,344 Shipments _ 101,140 94,312 Sheep and lamb skins 6,034 5,752 9,193 Stocks, close of month 131, 550 124, 580 41,440 Stocks disposed oi during month— i New orders 70, 775 66,263 74,193 Cattle hides 1,651 1,323 1,355 Sinks- Calf and kip skins 1,179 999 1,331 Shipments 101,641 114,009 101,85 Goat and kid skins 1,048 1, 754 1,486 Stocks, close of month 115,856 103, 221 44,335 Sheep and lamb skins 2,217 2,690 2,730 New orders 76,377 71,662 73, 761 Sole leather, cattle (backs, bends, and Miscellaneous waresides) (number, 000 omitted): Shipments _ 56,694 65,216 56,388 Production 1,109 1,157 1,651 Stocks, close of month 70, 803 73, 334 •45, 865 Stocks in process 4,928 4,911 6,426 New orders 42, 623 39, 284 42, 745 Tanners' finished stocks 7,428 7,538 8,330 Upper leather:' Miscellaneous Manufactures Cattle (sides)— Production .. 860 946 1,652 Chemicals: Stocks in process 2,660 2,444 2,921 Acetate of lime (pounds, 000 omitted) 11,539 14, 439 Total finished stocks 6,081 5,790 6,269 Methanol (gallons) 559,202 736,806 Calf and kip skins— J Wood pulp (short tons): Production 1,032 1,202 1,498 Production 193, 334 213, 224 193, 482 Stocks in process 3,581 3,717 3,789 Consumption 173,087 174,000 165,155 Total finished stocks «... 7,031 7,470 8,520 Shipments 17,008 16, 529 18,109 Goat and kid skins— ' Stocks, close of month 191,235 193,537 127, 282 Production 3,042 3,071 4,197 Paper (short tons): Stocks in process 5,371 6,016 8,107 Newsprint- Total finished stocks.— 23, 678 23,348 20, 901 Production ._ 120, 723 134, 219 133, 692 Sheep and lamb skins—' Shipments 122, 229 131, 289 132,311 Production 1,402 1,744 1,659 Stocks, close of month... 33, 428 34, 479 19,514 Stocks in process 2,131 2,186 2,828 Book paper— Total finished stocks. 5,760 5,854 7,006 Production 79, 597 86, 291 50, 964 Boots and shoes, output (pairs, 000 omit- Stocks, close of month 37,611 34,899 26,965 ted):' Paper board— Men's 6,009 6,719 8,408 Production 96, 835 98, 481 109,628 Women's. _ 8,089 9, 262 9,665 Stocks, close of month 36, 032 31, 248 27,552 All other 10,992 11,866 12,853 Wrapping paper- Total 25,090 27, 847 30,926 Production 40, 711 45, 607 54,996 Building Materials Fine S t p o a c p ks e , r - close of month.. 61, 857 61, 638 39, 548 Brick (number, 000 omitted): Production 22, 573 25, 522 27,637 Clay fire brick— Stocks, close of month 40,684 39,357 35,316 Production 50, 734 58, 900 63, 861 Advertising (agate lines, 000 omitted): Shipments 45,015 54, 027 60, 321 Magazines 2,212 2,411 2,108 Stocks at close of month. _ 227, 233 221. 583 162,404 Newspapers 97, 668 105, 560 98, 359 New orders 37,101 43, 728 46.244 Rubber (pounds, 000 omitted): Unfilled orders, close of month.. 62,920 70, 938 93, 274 Imports (pounds, OOOomitted) 50,132 62,167 79,189 Face brick—2 C onsumption by tire manufacturers.. 35, 474 32,003 Production 38, 458 39, 974 38, 138 Tires and tubes (number, 000 omitted):' Shipments 36, 560 44, 254 36, 587 Pneumatic tires— Stocks in sheds 74, 018 75, 727 89, 075 Production 3,039 3,307 3,660 Unfilled orders, close of month.. 58,230 60, 934 73,112 Shipments, domestic 2,679 2,920 2,758 Stocks, close of month 6,331 6,164 6,907 •Figures for May, 1924; April, 1924; May, 1923. 2 Not comparable with previous years after September, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 651 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued June, May, June, June, May, June, 1924 1924 1923 1924 1924 1923 Miscellaneous Manufactures—Cont. Transportation—Continued Tires and tubes (number, 000 omitted)— Vessels cleared in foreign trade (tons, Continued. 000 omitted): Inner tubes- 2,489 3,242 2,649 3,744 4,035 4,318 Foreign 3,572 3,222 3,476 Shipments, domestic 3,559 3,521 3,414 Stocks, close of month 8,762 8,627 9,292 Total 6,061 6,464 6,165 Solid tires- Percentage of American to total 41.1 50.1 41.7 Production _ . , 50 59 77 Commerce of canals at Sault Ste. Marie Shipments, domestic .. 47 46 67 (000 omitted): Stocks, close of month 188 185 268 Eastbound 9,158 8,459 10,435 Automobiles: Westbound 1,919 1,414 3,315 Production (number)— '• Passenger cars :.. 217,845 279, 385 337,048 Total 11,077 9,873 13,750 i Trucks 39, 945 32, 326 39,945 Shipments— By railway carloads 25, 988 35,510 40,291 Driveaways (number) 25,142 32, 756 59,110 BUILDING STATISTICS By boat (machines)... 7,300 8, 338 13,494 Building permits issued in 168 cities, Locomotives (number): grouped by Federal reserve districts: Domestic shipped 134 93 221 Number of permits— Foreign completed 11 18 11 Boston (14 cities). 3,327 4,158 3,230 New York (22 cities) 10,393 12,153 9,934 Total 145 111 232 Philadelphia (14 cities) - . 3,604 • 4,283 3,428 Cleveland (12 cities) 5,929 7,483 5,931 Unfilled orders— Richmond (15 cities) -_ - - 4.179 5, 422 3,760 Domestic . 462 589 1,854 Atlanta (15 cities) 3,123 3,700 3,082 69 54 104 Chicago (19 cities) 13, 414 16, 365 13, 598 St. Louis (5 cities) 2,624 3,090 2,923 Total 531 643 1,958 Minneapolis (9 cities) 2.046 2,601 2,438 Kansas City (14 cities). .- 2,645 3, 279 2,704 Vessels built in United States and offi- Dallas (9 cities) 2, 365 2, 397 2,337 cially numbered by the Bureau of San Francisco (20 cities) 9,980 10,956 11, 825 Navigation: Number . . . . .. . 117 129 126 Total 63,629 75,887 65.190 22,951 26,972 54,161 Value of permits (dollars, 000 omitted)— Transportation Boston (14 cities)___ 11,360 15, 066 13, 777 New York (22 cities) 81, 756 94, 277 72, 518 Freight carried by Class I railways:' Philadelphia (14 cities). 16, 059 16, 085 12,904 Net ton-miles, revenue and non- Cleveland (12 cities) 19,412 22,865 17,281 revenue (000,000 omitted) 31,900 39,598 Richmond (15 cities) 16, 543 17,206 11,328 681 726 Atlanta (15 cities) 7,594 9,594 8,012 25.7 28.0 Chicago (19 cities) 59,337 62, 655 42,544 St. Louis (5 cities) 5,690 8,415 5,884 Revenue freight loaded and received Minneapolis (9 cities) 4, 537 6,033 6,627 from connections (cars loaded, 000 Kansas City (14 cities) 8,738 8,388 8,766 omitted): Dallas (9 cities).. _ • 5,218 6,023 6,163 Classified by nature of products- San Francisco (20 cities) 28,198 31,909 39,492 Grain and grain products 159 175 152 Livestock 125 138 131 Total 264,442 298, 516 245,296 Coal 589 595 814 Building contracts awarded: Coke 31 40 65 By Federal reserve districts (dollars, Forest products 283 326 341 000 omitted)— Ore... 247 234 348 31,345 37,089 28,817 Merchandise, 1. c. 1 1,005 1,085 1,061 New York 93,409 112, 287 84,843 Miscellaneous... 1,337 1,425 1,509 Philadelphia . 28, 721 34,494 19,801 Cleveland 41, 868 47, 538 36,960 Total . 3,777 4,018 4,421 Richmond.. - 29,398 26,640 24,146 33, 741 42,014 31,003 Clas A S si o l f l i u e e t d g h h e b r e y n n g y e . o . gr ! aphic . a . l d . ivisions— 8 7 1 5 9 7 6 2 7 8 9 3 8 1 5 9 2 7 8 5 6 0 3 8 1,0 9 1 5 9 8 7 8 2 8 9 0 K D S C t h a a . l i n L l c s a a o a s g s u o i C s ity __ _ .. _ - 3 7 2 1 7 1 7 7 3 , , , , , 4 5 0 0 8 4 0 5 9 4 5 6 2 7 1 2 6 2 1 1 3 9 2 2 8 , , , , . 2 8 0 0 3 1 0 0 0 6 3 0 8 0 8 8 2 1 1 3 6 5 7 , , , , 2 9 0 4 3 0 0 0 0 2 7 7 Northwestern-_ 603 620 736 Central western 562 592 599 Total (11 districts) 415, 423 445,451 •368,116 Southwestern 246 269 246 By classes of construction (square feet, 000 omitted)— Total 3,777 4,018 4,421 Residential buildings 28,346 34,428 25,254 2,891 3,755 4,817 Freight-car surplus (number): Business . - . . 7,827 9,245 8,387 Total 358,929 328,356 53,850 4,188 5,378 3,717 Box 151, 647 119,003 31,271 Hospitals and institutions 854 1,560 . 1,346 167, 776 171,809 3,706 Social and recreational 1,746 1,071 1,589 Freight-car shortage (number): Religious and memorial. l,Jl0 1,508 1,007 Total 74 209 12,220 Public 363 447 161 Box 43 68 1,791 Coal 9 67 8,450 Total (27 States) < 48,064 57,709 46,344 Bad-order cars (total)2 194,869 189,219 190,411 '{Figures for May, 1924; April, 1924; May, 1923 H-,' Total 10 districts, no figures available for Dallas district. Condition first day of following month * Includes miscellaneous building contracts as well as groups shown. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

652 FBDEEAL, BESBRVE BULLETIN AUGUST, 1924 WHOLESALE AND RETAIL TRADE STATISTICS OF THE UNITED STATES WHOLESALE TRADE IN THE UNITED STATES, BY LINES CHANGE IN CONDITION OF WHOLESALE TEADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919=100] Percentage changei 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 i s w n a i l t e h s — J a u s n c e o , mp 19 a 2 re 4 d , 1923 May, June, January 78 75 61 101 61 89 113 1924 1923 February... 76 74 60 95 60 83 107 March 86 81 65 108 86 109 121 Shoes—Continued April 79 80 62 86 67 112 106 -32.3 -29.6 May 80 81 64 83 73 118 107 Atlanta district .. . -21.8 -35.8 June 83 88 62 88 68 114 107 -13.9 -52.6 July 80 81 66 88 56 100 106 St. Louis district _ —16.9 4.3 August 89 86 70 114 74 106 111 -7.0 -29.4 September.. 92 90 75 117 76 106 115 San Francisco district -11.8 -20.9 October 97 99 76 112 81 117 129 Hardware: November.. 85. 93 65 90 63 102 111 United States -7.4 -16.6 December _. 72 76 65 66 51 90 New York district -12.3 -15.0 Philadelphia district -6.3 -9.1 1924 Cleveland district- . .. . -8.4 -14.5 January 80 79 . 66 98 51 91 116 Richmond district -14.3 -19.8 February... 78 76 63 99 49 90 110 Atlanta district .. . -8.2 -15.2 March 79 79 62 90 66 101 118 -6.8 -15.4 April 77 78 61 81 68 106 115 St. Louis district . -8.7 -10.9 May . 76 80 64 73 55 102 111 Minneapolis district _. 1.9 -15.9 June 75 81 65 70 48 95 106 Kansas City district -2.1 -18.5 Dallas district -1.2 -2.3 -7.8 -19.1 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Drugs: AND DISTRICTS United States -4.5 -0.7 New York district -4.0 7.8 Percentage change Philadelphia district .... -3.4 0.1 in June, 1924, Cleveland district -3.5 -5.3 sales as compared Richmond district -6.1 1.4 with— Atlanta district . .. -5.2 -7.S Chicago district -5.3 -9.8 May, June, St. Louis district . -6.8 -9.1 1924 1923 D K a a l n l s a a s s d C is i t t r y ic d t istrict - - 3 6 . . 6 2 -1 7 . . 9 6 San Francisco district.. -3.0 -2.9 Groceries: Furniture: United States 1.0 -8.4 Richmond district. . -14.5 -9.6- Boston district. 4.1 -10.3 Atlanta district -24.4 -37.3 New York district -4.6 -12.6 St. Louis district... _ . .. . _ -7.1 -34.2 Philadelphia district 1.9 -6.9 Kansas City district -8.3 -8.8 Cleveland district -3.4 —14.3 Dallas district . -12.8 -0.7 Richmond district -5.2 -1.5 -10.4 -20.3 Atlanta district -7.6 —4.3 Agricultural implements: Chicago district 8.3 -9.2 United States -7.3 -17.0 St. Louis district -4.3 -1.6 Minneapolis district- ... . .... 12.7 -13.3 Minneapolis district 11.3 -5.2 Dallas district -27.6 5.4 Kansas City district -0.2 12.7 2.7 -16. 5- Dallas district -3.3 3.1 Stationery: San Francisco district 8.5 —5.5 New York district -7.6 -6.1 Dry goods: -16.9 ,-22. 6 United States. . -3.7 -20.3 Atlanta district -17.0 -18.3 New York district -0.7 —23.3 San Francisco district -5.4 —15.9 Philadelphia district -8.5 -20.7 Auto supplies: Cleveland district 1.0 -20.3 San Francisco district . .. . . 7.1 -7.4 Richmond district -7.8 -31.3 Men's clothing: Atlanta district.. .. -10.4 -17.3 New York district —18.1 -13.3 Chicago district —0.6 —16.9 Women's clothing: St. Louis district -2.7 -29.7 New York district .... -47.3 -32.2 Minneapolis district 4.6 -8.1 Machine tools: Kansas City district -4.2 -22.5 New York district -30.9 -41.5 Dallas district —12 4 —4 4 Diamonds: San Francisco district -9.7 —12.8 New York district. . 9.1 10.1 Shoes: Jewelry: United States . —11.2 — 28.9 New York district 2.4 -8.5 Boston district.... -11.2 • -31.3 Philadelphia district ... 5.2 -16. S New York district . . ... 2.9 Electrical supplies: Philadelphia district -12.9 -20.1 Philadelphia district -5.8 -20.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 653 BETAIL TEADE, BY EEPOKTING LINES [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment •a a •31 "S'5 HI j'S'S •2-S as c3 c3 gs •O a i O t? o 5 Of 1923 January 171 115 129 116 95 132 114 170 158 134 133 113 116 157 February 169 117 126 110 72 133 116 176 156 138 130 107 107 157 March 112 205 162 145 135 145 187 124 189 169 143 139 145 107 185 April 103 179 142 135 125 125 159 115 177 182 139 130 107 116 159 May 98 189 154 142 137 143 100 170 125 188 162 144 134 124 120 176 June.. 86 183 154 149 136 144 97 176 127 101 186 168 152 140 135 122 188 July 74 177 143 141 128 102 82 176 120 100 184 158 139 129 112 111 180 August 73 179 163 145 135 95 103 179 129 97 187 161 145 138 121 115 179 September 92 182 151 143 140 127 102 176 123 97 191 162 145 140 133 102 178 October 134 200 180 152 138 139 137 185 132 104 193 166 149 132 123 113 181 November 122 201 176 141 134 131 149 174 126 200 168 150 135 121 119 183 December 118 201 331 185 193 171 214 261 125 192 179 152 143 130 113 178 1924 J F M A a e p n a b r r u i r c l a u h r a y ry 1 1 0 1 5 4 2 1 1 2 0 9 0 9 3 8 8 7 1 1 1 1 2 7 6 4 6 8 3 0 1 1 1 1 4 4 4 4 1 3 9 5 1 1 1 1 2 3 1 3 4 6 9 0 1 1 9 1 7 3 8 8 2 1 1 1 0 8 5 6 8 1 4 6 1 1 1 1 1 2 2 2 5 7 4 7 1 1 1 0 1 0 9 1 1 0 1 2 2 1 1 0 0 9 8 2 5 8 2 1 1 1 1 7 7 7 9 3 9 0 0 1 1 1 1 4 4 4 5 6 7 9 0 1 M 1 1 3 3 4 0 7 6 0 1 1 1 1 5 3 3 1 3 0 2 8 1 1 1 1 0 1 1 0 2 2 0 4 1 1 2 1 8 8 0 7 3 8 8 9 May 90 211 174 150 143 150 189 123 ]00 210 183 153 141 130 99 196 June 196 162 143 131 140 176 120 105 200 177 145 134 132 94 188 DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Number District o p f o r r t e - - 1924 1923 1924 ing firms June May Apr. Mar. Feb. June May June May Apr. Mar. Feb. June May UnitedTS tates 333 120 126 132 115 102 126 128 . 121 123 127 115 127 127 125 Boston 24 131 132 137 113 101 136 133 123 125 130 114 132 129 126 New York 64 126 130 136 117 101 128 129 126 127 129 116 125 129 126 Philadelphia 22 123 124 136 120 111 133 128 120 120 120 130 130 130 125 Cleveland 27 133 133 145 124 116 143 136 131 134 139 123 141 141 138 Richmond 19 116 112 125 105 86 115 112 112 110 119 103 112 110 109 35 95 104 107 94 83 102 109 101 98 102 97 105 108 102 Chicago 67 123 133 142 122 112 137 136 125 127 139 121 135 139 130 Minneapolis 23 95 107 109 93 74 109 113 94 104 105 96 102 107 111 Dallas 21 95 106 101 94 82 92 106 99 107 104 88 98 93 108 San Francisco 31 126 146 139 134 121 128 147 133 145 143 135 152 13S 146 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Stocks without seasonal adjustment Stocks with seasonal adjustment Number District o p f o r r t e - - 1924 1923 1924 1923 ing firms June May Apr. Mar. Feb. June May June May Apr. Mar. Feb. June May United States 286 127 134 140 138 126 122 129 132 135 136 137 135 128 130 Boston 24 119 126 128 128 115 116 124 124 125 125 128 122 121 123 New York _ 64 119 128 134 129 118 116 125 123 128 129 136 124 123 126 Philadelphia 13 145 152 161 164 152 143 • 148 150 157 161 162 162 147 153 Cleveland 26 129 140 143 138 126 121 127 132 139 140 136 136 124 126 Richmond- 19 122 130 134 134 121 116 122 129 132 131 127 129 121 123 Atlanta 22 111 119 122 123 119 113 121 116 124 121 123 122 119 125 Chicago 55 14S 152 159 ISO 144 137 145 152 162 152 163 156 144 146 Minneapolis 15 102 102 108 109 102 108 113 103 99 107 107 165 169 109 Dallas 19 113 120 125 126 118 110 117 119 119 126 126 127 115 116 San Francisco 29 1S5 143 148 143 131 125 130 142 143 144 142 138 131 130 1 Number of grocery chains has been reduced from 32 to 28, by three combinations, and the fact that one chain has ceased to report. 2 Number of chains reduced from 10 to 9 by a combination of two reporting chaims. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

654 FEDERAL RESERVE BULLETIN AUGTJST, 1924 INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES ENGLAND CANADA 1924 1923 1924 1923 June May April June June May April June Production: Production: Opal (thousand long tons),.. 18,699 1 27,308 20, 840 28,021 Pig iron (thousand tons) 57 85 99 Pig iron (thousand long tons) 608 651 618 693 Crude steel (thousand tons) 69 108 104 96 Steel ingots and castings (thou- Railway receipts (thousand dollars).. 34,103 33,255 32, 351 34, 584 sand long tons) . 652 810 712 768 Unemployment among trade-union- Eaw cotton, visible supply2 ists (per cent) 5.1 3.4 (thousand bales) 715 807 602 Business failures (number) * 41 37 43 58 Exports: Authorized capital of new companies Iron and steel and manufactures (thousand dollars) ! 10, 922 18, 430 14,893 13,882 (thousand long tons) 324 407 337 365 Bond sales (thousand dollars) 31, 635 14,146 24, 578 29, 638 Cotton manufactures (million Security prices, average market prices, yards) 350 398 381 305 20 industrial stocks 89.2 88.7 89.5 97.4 Coal (thousand long tons) 4,882 5,480 5,063 6, 589 Receipts of wheat at Fort William Imports: and Port Arthur (thousand bushels). 15, 781 6,443 6,907 Raw cotton (million pounds) 75 104 42 36 Receipts of livestock at stock yards in Raw wool (million pounds) 49 125 85 80 Toronto and Winnipeg: Raw hides, wet (thousandpounds). 15, 921 11, 846 5,362 5,460 Cattle (number) 46, 854 46,038 34, 531 Transportation: Hogs (number). 65, 601 77, 558 38,962 Ships cleared with cargo 3 (thousand tons) 5,290 5,884 6,348 Freight-train receipts (thousand May April March May pounds sterling) 9,159 Freight-train traffic (million tonmiles) _ 1,605 1,606 Exports: Une I A m n m p i l n o o s n y u g m r e tr e d a n d t t: r e a - d u e n s i o ( n p i e s r t s c e (p n e t) r cent). 7 9 , . 2 4 7 9. . 5 0 9 7 . . 7 5 1 10 1 . . 3 1 W P P l r a o e n s o e d k r s v p a e u d n l p d f i b s ( h t o h a ( o r t u d h s s o a u ( n m s d a i n l p l d i o o p n u o n f u d e n s e d ) t) s .. . ) . . 1 9 0 3 7 7 , , , 9 9 2 1 0 4 5 4 7 2 1 1 1 5 5 1 2 , , , 3 1 0 3 5 4 4 9 5 2 1 1 1 8 7 9 , , , 6 9 8 9 3 4 2 5 3 In 1 d 0 ex 0 . o .. f . security prices, Dec, 1921= 115.5 115.3 115.6 118.0 Imp W ort h s e : at (thousand bushels) 6,085 13,446 11,932 Ca li p n i g t ) al issues (thousand pounds ster- 19,149 40,085 6,592 38, 252 C R o aw al c ( o th tt o o u n s a ( n th d o u to s n a s n ) d pounds)... 1 5 , , 1 8 8 7 7 1 2 8 , , 1 1 2 0 2 1 1 7 , , 6 5 2 6 0 7 Machinery (thousand dollars) 2,147 2,810 2,397 i Five weeks. 3 3 E Fi n g d u r o e f s m in o c n lu th d e f i I g r u is r h e s. Free State. 1 Average for weeks reported. GERMANY FRANCE 1924 1923 1924 1923 May April March May June May April June Exports: Iron and its manufactures Prod C u o c a ti l o 1 n ( : thousand metric tons).... -- 3,693 4,765 4,352 Ma (m ch e i t n ri e c r y to ns a ) nd electrical 118,303 123,268 134, 223 133,463 P C i r g u d ir e o n s ( t t e h e o l us ( a th nd o u m sa e n t d ri c t m o e n t s r ) i _ c _ ; . 658 651 428 Dy su es p p a li n e d s d (m ye e s t t r u ic ff t s o n ( s m ) etric 29,280 29,988 26, 947 30,464 Expo C r o t s t o a s tt : n n o s d n ) b s a t l o e c s k ) s at Havre 3 (thou- 95,349 118, 5 6 9 4 9 9 126,9 5 2 6 4 7 63, 4 5 2 3 7 2 Impo C R r o a t t o w a s: n l s w ( ) m oo et l r i ( G m e to tr n ic s) t _ o _ n s) _ 2 7 8 6 8 , , , 2 5 5 2 5 6 3 8 2 8 2 4 6 1 , , , 7 2 0 6 1 3 1 4 9 6 1 8 6 2 , , , 4 6 7 6 0 5 6 7 0 9 1 9 2 0 , , , 9 7 2 9 3 2 8 5 3 Total volume (thousand metric Silk, half manufactured tons) 2,468 2,171 2,500 1,784 (metric tons) .. . 442 595 447 249 Imports: Cotton (metric tons) 29, 811 34,070 21, 856 16, 380 To to ta n l s ) volume (thousand metric 1,582 5,485 4,924 I C r o o a n l o ( r m e e ( t m ri e c tr t i o c n t s o ) n .. s). 8 2 9 2 7 3 , , 3 5 8 4 4 1 79 7 2 2 , , 9 4 7 9 0 3 9 1 8 8 0 , , 0 6 1 6 2 7 2,4 1 9 0 5 0 , , 6 0 4 6 9 3 Raw cotton for consumption (metric tons) 16, 056 24, 067 24,743 12, 550 R Co aw al s ( i t l h k o u (m sa e n t d ri c m t e o t n r s ic ) tons) 1 2 , , 4 3 8 6 3 0 3 1 , ,8 1 4 9 1 3 2,2 3 2 9 8 5 2,5 2 6 7 1 6 June May April June Transportation: Ships cleared with cargo (thousand tons) 2,975 3,090 2,507 2,804 Ship arrivals in Hamburg (thou- Railway receipts (thousand sand net reg. tons) 1,232 1,594 1,382 1,313 francs) 669,002 674,126 542,148 Unemployment: Freight-car loadings (average Applicants for every 100 daily number) 58,960 59, 777 59,126 56, 757 235 260 206 Unemployment: Number receiving State aid. 209,101 310, 547 185,982 Number in Paris receiving aid 4__ 87 105 142 166 Business failures ..... 586 326 139 35 Demands for employment not Capital issues (billion marks) . _. 2 20.4 384 filled (number men in France)4. 6,040 5,296 6,099 6,063 Index of security prices: i 25 domestic stocks, January 5, 1923-1. 1, 227. 9 1, 429. 4 1, 299. 5 1 Coal and lignite, including Lorraine and the Saar. 1 Excluding the Saar district. J Bale of 50 kilos. End of month figures. 1 Last week of month figures; in millions. * End of month figures. 2 In millions of gold marks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 655 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] [Thousands of dollars] 1923 1924 1923 Cumu- Cumulative lative June May thr l o as u t gh th l r a o s u t gh C la u t m iv u e - C la u ti m v u e month month through through noted noted June May last last month month IMPORTS noted noted By classes of commodities: Total 274, 015 302,946 1,8-19,690 2,087,626 Crude materials for manufac- France (million francs): turing 88, 625 104,120 628,416 816,851 Imports -. _. 3,178 3,177 19,871 14,659 Foodstuffs in crude condition.. 34, 234 37,484 204, 670 181, 870 Exports 2,922 3,360 21,282 14,149 Foodstuffs partly or wholly Netherlands (million guilders): manufactured.._ 41, 734 50, 582 315, 611 314, 407 Imports 219 1,148 990 M f a a n c u tu fa ri c n t g ures for use in manu- 48, 420 48, 650 332, 536 393, 557 Unit E ed xp K or in ts gdom (thou. £ sterling): 111 136 757 592 Manufactures ready for con- Imports 88, 501 122, 087 598, 424 538, 876 sumption. _ _ 60, 587 61,679 361, 294 375,164 Exports 62, 024 70, 261 388, 465 382, 679 Miscellaneous 415 432 8,528 5,778 Reexports 10,024 13, 091 74,128 By countries: Canada (thousands of dollars): Total Europe..... 80,189 84,270 521,125 611, 822 Imports 66, 396 72,247 414,470 462, 354 France 9,393 11,283 71, 066 76, 396 Exports 88,238 105,311 475, 369 428,683 Germany 10. 611 9,831 03, 959 77, 758 Japan (million yen): Italy 4,832 4,924 34,049 46, 341 Imports.. _ 176 223 1,466 1,108 United Kingdom 24, 480 26,128 173, 331 235, 617 Exports _ 146 176 807 714 Total North America 80, 019 93, 054 555, 893 560, 352 Canada... 33, 031 33,343 200, 267 198, 811 May April Total South America 38, 368 38,883 230,145 268, 811 Argentina... . 7,108 7,511 43, 538 80, 475 Belgium and Luxembourg (million Total Asia and Oceania 70, 605 83, 537 499, 922 585,956 francs): Japan 21,829 27,184 150, 815 172, 392 Imports 1,514 1,286 7,192 4,591 Total Africa 4,834 3,208 43, 968 60, 684 Exports 1,287 1,064 5,645 3,061 EXPORTS Denmark (million kroner): By classes of commodities: Imports 219 202 950 811 Total 306, 475 334,950 2,089,2041,945,559 Exports. 187 180 854 636 Crude materials for manufac- Germany (thousand metric tons): turing. 62, 387 76,855 551, 909 451,901 Imports. . 870 803 3,661 2,664, Foodstuffs in crude condition.. 15, 021 10, 638 81, 682 135,817 Exports _ 516 2,352 2,140 Foodstuffs partly or wholly Italy (million lire): M m an a u n f u a f c a t c u t r u e r s e d for use in manu- 34, 035 37,480 275, 627 297, 035 I E m xp p o o r r t t s s 1 1 , , 5 0 4 7 2 7 1 1 , , 1 5 9 6 9 5 7 5, , 4 3 3 5 5 7 3 7 , , 9 10 4 4 1 facturing 50, 462 53,078 309, 581 277, 723 Norway (million kroner): Manufactures ready for con- Imports. 140 133 618 sumption 136, 450 147,456 817,438 740, 487 Exports 62 347 342 M Re i e s x ce p l o l r a t n s eous.. 327 251 2,990 3,432 Swe I d m en p o ( r m ts i llion krone . r): 132 74 655 510 By c T o o u t n a F t l r r i E a e n u s c : r e ope.. 1 2 4 1 7 1 , , , 7 9 3 9 4 2 9 3 1 2 9 2 , , 1 0 9 6 2 7 1, 1 4 0 2 9 5 8 7 , , , 9 2 1 7 5 6 9 6 0 9 1 4 3 2 8 0 9 , , , 1 4 0 6 9 8 2 7 5 Braz I E i m l x p p (m o o r r il t t s l s i . o n mil _ reis)1: 1 1 5 0 4 9 1 18 0 7 9 341 3 5 4 5 2 0 Germany 18,033 28,302 205, 422 143, 800 Exports 281 325 499 I U ta ni ly ted Kingdom 5 1 1 2 , , 7 0 7 4 8 2 1 62 1 , , 4 2 0 0 9 3 39 8 5 4, , 2 9 3 0 9 7 3 7 8 6 0 , , 5 4 8 5 6 8 Aust I r m al p ia o r ( ts t housand _ £ sterling): 12,700 10, 050 59,513 55, 588 Total North America 84,427 88,371 489,413 539,137 Exports 8,100 9,456 57,495 52, 089 Canada _. 47,762 48,162 279, 222 329, 457 India (million rupees): Total South America.. 25,860 24,764 147, 372 135, 235 Imports 206 203 . 1,010 997 Argentina 8,987 8,841 52,713 58,804 Exports _ 291 307 1, 738 1,547 T T o ot t a a J l l a . A p A a f s n r i i a c a and Oceania 48 9 5 , , , 3 5 9 2 6 1 5 3 3 5 1 5 4 6 , , , 0 6 9 9 7 3 1 1 8 3 1 5 2 3 9 4 5 , , , 2 1 5 1 0 9 6 0 0 2 1 9 1 3 0 1 1 , , , 8 1 4 5 3 6 9 3 7 Sout I E h m x A p p f o o r r r ic t t s s a (thousand £ sterling): 5 6, , 4 2 2 5 4 1 6 5 , , 7 0 3 0 7 6 2 31 6 , , 4 7 3 8 3 1 2 29 1 , , 1 0 8 9 1 6 i Figures for January and February, and cumulative through February, 1924 and 1923. The following tables present the Federal Reserve Board's index numbers of the monthly volume of foreign trade of the United States and monthly fluctuations in ocean freight rates prevailing between this country and principal European trade regions. For methods of construction of these indexes, reference may be made to the FEDERAL RESERVE BULLETINS for July, 1920, and August, 1921. FOREIGN TRADE INDEX INDEX OF OCEAN FREIGHT RATES [1913-100] [January, 1920=100] 1924 1923 1924 1923 June May April March June July June May April July Imports: United States Atlantic ports Total 171.3 193.2 224.9 195.3 206.0 to- Raw materials 131.3 142.8 156.9 151.1 167.0 United Kingdom 22.8 25.0 28.4 28.1 20.2 Producers' goods 233.9 276.9 343.0 269.4 292.0 French Atlantic 23.4 24.5 26.7 26.5 21.5 153.6 160.6 169.1 165.3 134.6 Netherlands and Bel- Exports: gium 20.3 21.4 25.4 24.5 18.1 Total 86.1 87.2 91.7 90.4 82.3 Scandinavia 23.5 23.5 23.5 23.7 22.3 59.1 62.2 66.2 69.1 63.6 20.5 20.8 21.3 20.5 18.9 Producers'goods 204.7 187.1 203.1 155.8 145.8 All Europe - 22.1 23.3 25.7 25.3 19.9 Consumers' goods 118.1 121.5 122.1 129.3 113.3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

656 FEDERAL RESERVE BULLETIN AUGUST, 1924 FINANCIAL STATISTICS FOR PRINCIPAL FOREIGN COUNTRIES ENGLAND CANADA [Millions of pounds sterling] [Millions of dollars] 1924 1923 1924 1923 May April March May June May April June Chartered banks: 54 54 54 68 Current loans and discounts 1,163 1,185 1,186 1,236 Ban I B k s a s o u n f e N k B G G G E i o a o o o n d n n t l l v g e e d d g k e p s l r n d c a a a n i o n o n e s r m i d t d p t s n e m : e u a s s n a e r i e l n t t d v n m d s . e t . e - r e . b c n u c u o t l r - l i i i t n o ie n s 1 1 2 4 4 2 2 0 8 6 6 1 1 2 4 2 4 0 2 2 6 6 1 1 2 4 4 2 2 0 3 6 6 1 4 2 2 6 3 0 G B Ba a o n n ld I N k M P k n u r o d c o d e b t l i n s e e e l v e b i e a i c r c y i r d v t i i s a n u r e a c n g a t u a d l s g c l a 2 d a r a . t a l e i i l n i o p l s a w n o t n s a d i D y t s o s s h m . e o c i . r n u t . i r o n i . t n o i . e . ti s n c o e tes. 2 2 1 , , , 2 4 0 3 4 1 2 3 9 1 0 9 6 9 1 0 0 1 2 7 9 5 7 2 2 1 , , ,2 0 0 3 2 4 1 3 2 5 9 1 2 8 6 8 3 5 7 4 9 4 2 2 1 1, , , 9 1 0 4 3 1 2 6 5 2 9 7 1 1 7 6 4 3 9 0 7 3 1 2 1 , ,5 0 2 3 3 1 1 1 6 4 2 0 9 5 7 7 4 6 9 7 7 Other securities 81 73 74 81 Public deposits 20 15 11 14 1 Not including gold held abroad. 1 Total for month. Other deposits 113 105 111 114 Eatio of gold and note re- FRANCE serve to deposit liabilities. 16.3 18.5 18.4 17.4 [Millions of francs] Bank notes in circulation 104 103 103 103 Currency notes and certificates 290 290 287 1924 1923 Nine London clearing banks: Money at call and short notice... 108 101 113 Discounts and advances 1,037 1,024 1,015 1,018 June May April June Investments. 324 327 332 331 Total deposits 1,652 1,618 1,615 1,638 Bank of France: Total clearings. , 3,125 3,410 3,454 2,960 Gold reserve1 3,679 3,679 3,678 3,673 Government floating debt: Silver reserve 300 299 299 293 Total 742 755 War advances to the Government 23,000 22,700 22, 700 23,100 Treasury bills.. 570 545 604 Note circulation 39,665 39, 556 39, 824 36,689 Temporary advances 218 172 210 215 Total deposits _ 2,151 2,225 2,437 2,162 Index number of foreign exchange Commercial bank loans 14,669 14, 813 13,950 value of the pound sterling 125.1 124.4 123.5 124.6 Commercial bank deposits. 14,496 14,7Q5 13,807 Clearings, daily average of Paris banks 1,296 1,386 733 Savings banks, excess of deposits (+) ITALY or withdrawals (—) +1 -7 + 10 + 22 Price of 3 per cent perpetual rente.... 54.45 62.00 54.00 S5.90 [Millions of lire] i Not including gold held abroad. 1924 1923 JAPAN [Millions of yen] May April March May 1924 1923 Banks of issue: June May April June Gold reserve ._ 1,127 1,126 1,126 1,130 Total reserve 1,830 1,830 1,832 1,985 Bank of Japan: Loans and discounts 6,596 6,926 7,264 8,851 Reserve for notes i 1,061 1,062 1,061 1,053 Note circulation for commerce 9,063 9,226 9,212 8,525 Loans and discounts 400 449 527 311 Note circulation for the State"... 7,484 7,532 7,607 7,763 Advances on foreign bills. 90 83 126 52 Total deposits.. _ _ 3,002 2,804 2,763 2,350 Note circulation. 1,389 1,287 1,333 1,371 ^Leading private banks: Government deposits 309 411 479 371 Cash 1,001 1, 048 771 Private deposits 56 46 36 49 Loans and discounts... 7,978 8,199 9,168 Tokyo banks: Due from correspondents 3,795 3,681 3,393 Cash on hand. 122 128 117 133 Participations. 350 306 239 Total loans 2,585 2,556 2,467 2,024 Total deposits 11,866 11,947 12, 250 Total deposits 1,897 1,888 1,839 1,850 :State note issue 2,428 2,428 2,428 2.503 Total clearings 2,610 2,636 2,318 Index of security prices. 237.12 207.02 203.39 150.77 1 Gold abroad, gold coin and bullion in Japan. DISCOUNT RATES OF CENTRAL BANKS [Prevailing rates with date of last change] Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Kate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect P.ct. P.tt. P.ct. P.ct. Austria 12 June 5,1924 Esthonia Jan. —,1919 Italy July 11,1922 Portugal 9 Sept. 12,1923 Belgium &iA Jan. 22,1923 Finland 9 Mar. 6,1924 Japan .. 8.03 Nov. —, 1923 Rumania 6 Sept. 4,1920 Bulgaria June 14,1919 France 6 Jan. 17,1924 Latvia 8 Feb. 16,1924 South Africa 6 Dec. 29,1922 C z e c h o s lo- VA Germany l 10 Dec. 23,1923 Lithuania.. 6 Sept. 27,1922 Spain 5 Mar. 23,1923 vakia 6 May 28,1924 Greece Jan. 1,1923 Netherlands 5 Jan. 24,1924 Sweden SH Nov. 9,192S Denmark 7 Jan. 17,1924 Hungary.... 18 July 25,1925 Norway 7 Nov. 10,1923 Switzerland. 4 July 14,1923 England 4 July 5,1923 India 5 July 3,1924 Poland 12 Apr. L28,1924 Yugoslavia.. 6 June 23,1922 i On Remtenmark and stable currency loans. Ohanges for the month.—Imperial Bank of India, July 3, 1924, from 6 to a per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 657 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES FEDERAL RESERVE BOARD WHOLESALE PRICE INDEX The Federal Reserve Board's wholesale France, and Canada show declines for the year price index numbers show that in June prices roughly equivalent to that indicated by the in the United States declined 1.3 per cent and in American index. England 1.7 per cent. In France they rose Considered by groups of commodities prices 3.3 per cent and in Canada 1.4 per cent. of raw materials and producers' goods in the When these indexes are converted to a gold United States continued to decline in June, so basis by making allowance for the depreciation that raw material prices were approximately of their respective currencies from their gold- at the level prevailing last July and producers' parities of exchange, prices in England de- goods were materially below the figure of a year clined 1.9 per cent and in France 6.2 per cent, ago. On the other hand, the prices of conwhile in Canada they advanced seven-tenths sumers' goods, which in April had declined to of 1 per cent. In each of the four countries within less than 1 per cent of their post-war the June index number on a currency basis is low figure, advanced by about 1 per cent in materially below the high figure for the first June. In England also raw materials and prosix months of the year. For the United States ducers' goods continued to decline in June, while the decline is 5.5 per cent; in England, 3.9 per consumers' goods advanced; and in Canada procent; in France, 8.5 per cent; and in Canada, ducers' goods declined, while advances were 2 per cent. shown for raw materials and consumers' goods. Compared with June, 1923, prices in the In France currency prices of all commodity United States have fallen 6 per cent and in groups advanced in June, reflecting the decline Canada 5.2 per cent. In England they have in the exchange rate of the franc, the largest advanced 1.8 per cent and in France 12.2 perincrease being shown for the group of commodicent. On the gold basis prices in England, ties entering into the export trade. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES 1913 = 100 5S0 500 ON PAPER CURRENCY BASIS CONVERTED TO GOLD BASIS *50 400 350 300 250 ZOO 150 Canada 100 100 1920 1921 1922 1923 1920 1921 1922 1923 3145—241- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

658 FEDERAL RESERVE BULLETIN AuGBST, 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 U S n ta i t t e e s d England France Canada Japan U S n ta i t t e e s d England France Canada Japan 100 100 100 100 100 100 100 100 100 100 211 241 207 235 211 219 198 241 1920, average 239 310 512 250 240 239 233 187 223 242 1921, average _ 149 198 344 167 181 149 156 133 150 175 158 165 319 149 182 158 150 136 147 175 1923, average 164 170 394 150 188 164 159 124 147 183 1923 January . 166 3 165 346 148 176 166 158 120 147 172 February 166 168 380 152 183 166 162 121 150 178 169 173 398 155 185 169 166 131 152 180 April 170 175 390 156 185 170 167 135 153 181 May ._ ... _ _ 167 173 386 155 187 167 164 133 152 184 June 164 171 394 153 186 164 162 129 150 183 July 159 168 391 151 183 159 158 119 147 179 159 164 391 150 179 159 154 115 146 176 September 163 165 404 149 190 163 154 123 145 186 October 163 166 404 147 196 163 154 125 145 192 163 171 416 145 199 163 154 119 142 193 December _ . 163 177 427 144 205 163 159 116 140 193 1924 January 163 178 445 146 205 163 156 108 142 185 163 180 469 148 200 163 160 107 144 182 March . 160 180 483 147 200 160 158 117 143 172 April 158 181 428 143 201 158 162 137 140 165 156 177 428 143 200 156 158 128 141 161 June _ .- 154 174 442 145 189 154 155 120 142 156 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES' Grouped by stage of Grouped by Grouped by stage of Grouped by manufacture oriSin manufacture origin All Ex- Year and month R m a a w - du P c ro e - rs' C su o m n- - m D ti e o c s - - po I r m te - d g p o o o r d t s Year and month m c t o i o e m d s i - - R m a a w - du P c ro e - rs' s C u o m n - - m D e o s - - p I o m rt - ed g p o o o r d t s terials goods ers lie goods terials goods ers' tic goods goods goods goods goods UNITED STATES FRANCE—contd 1923—June. 171 164 157 166 148 182 1924—April 428 430 446 421 418 480 434 1924—January... 169 156 160 165 143 196 May. 428 430 437 425 417 481 425 February.. 169 158 157 164 148 189 June 442 443 451 441 431 498 447 March 166 157 154 161 145 179 April 165 155 151 159 140 182 CANADA May 163 151 151 158 133 183 June 160 147 152 157 129 179 1923—June 153 141 168 167 151 166 146 1924—January... 146 128 166 166 143 166 133 ENGLAND February.. 148 131 168 168 146 167 135 March 147 129 167 168 145 165 132 1923—June 177 158 175 173 167 185 April 143 126 164 162 141 159 130 1924—January... 178 169 186 177 179 186 May 143 127 160 162 141 159 132 February.. 182 167 191 180 182 185 June 145 128 157 165 143 156 138 March 183 167 187 180 178 185 April 186 169 187 183 178 1 188 JAPAN May 178 166 185 179 171 181 June 173 164 186 176 170 179 1923—June 186 186 185 187 187 184 19S 1924—January... 205 222 203 196 204 211 215 FRANCE February.. 200 214 202 192 199 205 211 March 200 211 203 193 200 199 207 1923—June 394 418 419 351 386 434 385 April 201 220 199 191 199 214 198 1924—January... 445 459 469 416 423 548 489 May 200 214 199 193 197 216 192 February.. 478 485 453 443 595 522 June 189 199 190 184 186 208 175 Maroti 483 483 507 474 460 596 524 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

AUGUST, 1924 FEDERAL, RESERVE BULLETIN 659 WHOLESALE PRICES IN THE UNITED STATES INDEX OF THE BUREAU OF LABOR STATISTICS [1913= 100] Bureau of Labor Statistics groups Federal Reserve Board groups All Raw materials m c i o t o i m e d s - - F p u r a c o r t d m s - Foods C c a l i l o n n o t g d t h h - s l F i a i g n u n h g e d t l - M m p u a r e e c n o t t t d a d a s l - l sB 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 l g m s s -H g n f o i o u i n o u s r g h d - se s n c M e e o l i l s u a - s - Crops p A u m r c o n a t i d s l - - F p u o r c r o e t d s s - t p M u e r r c o i a n t d l s - - m T r r i o a a a w t t l a e s l - g d P e o u r r o o s c d ' - - s g s C e o u o r o m s n d ' - - s 1922 average. 149 133 138. 181 218 122 168 124 176 117 145 125 185 207 158 128 151 1923 average 154 141 144 200 185 144 189 131 183 123 168 122 210 185 159 141 156 1923—June 153 138 142 198 186 148 194 131 187 123 165 119 215 184 158 144 155 1924—January 151 144 143 200 169 142 181 132 176 117 182 115 194 170 155 136 156 February 152 142 143 196 180 143 182 131 176 114 176 116 195 177 156 139 154 March 150 137 141 191 181 144 182 130 175 113 165 118 194 179 154 137 153 April 148 139 137 189 179 139 182 128 175 113 166 119 195 174 154 135 151 May.. 147 136 137 187 177 134 180 127 173 112 167 115 195 171 152 133 150 145 134 136 187 175 132 173 127 172 111 165 109 182 168 147 130 150 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [Pre-war=100] EITKOPI Englanc1 Year and month Germany; Norg B iu e m l- g B a u r l i - a va S k lo i - a1 • m D a e rk n * - Bo o a f rd Statist France S F t B a e u t d i r s e e t r i a a c u l al 4 Italy N l e a t n h d e s r- ( t C i w a h n a r y i i a s ) - Poland Trade 1923 Gold basis Zloty basis June - - - 484 2,545 1,002 202 159 150 409 74.0 569 149 230 July _ 504 2,408 969 207 157 147 407 88.8 566 145 235 1924 580 2,711 991 210 165 161 495 117.3 571 156 250 642 2,658 1,028 223 167 163 544 116.2 573 158 260 625i 2,612 1,036 227 165 161 499 120.7 579 111 266 April 555 2,798 1,022 228 165 161 450 124.1 579 154 267 109 May 557 2,551 1,015 225 164 161 459 122.5 571 153 263 104 565 981 219 163 160 465 115.9 152 264 July _ 965 220 EUKOPE—continued NORTH AMERICA ASIA AND OCEANIA AFRICA United Year and month States Spain Sweden Sw la i n tz d e ! r- ( o B S f t u L a r t a e i b s a - o u r Canada Au l s ia tra- (S C h h h a a i i n n ) g a - D In E u d a t i s c e t h s c I ( u n C t d a t i a l a - ) (T Ja o p k a y n o) Ze N a e la w nd ( E C g a y ir p o t ) A So fr u ic th a tics) 1923 June - - 170 164 181 153 155 178 155 200 175 198 177 128 July 170 162 180 151 154 180 155 194 170 192 176 123 124 1924 January . .. ... 178 161 183 151 157 174 156 205 172 211 175 133 131 February 180 162 183 152 157 170 160 205 178 208 180 135 180 162 180 150 154 167 1W 204 179 206 180 136 April . . 184 161 182 148 151 166 154 174 207 178 134 126 May 160 180 147 151 165 154 176 205 179 135 158 178 145 1V 176 199 131 July . . . 163 • First of month figures. 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 base periods, sources, number of commodities, and period of the month to which the figures refer may be found on page 48 of the January, 1924, issue of the BULLETIN. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

660 FEDERAL RESERVE BULLETIN AUGUST, 1924 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES [Pre-war=100] European countries Other countries United ci ( ti 5 e 1 s) ( A V u ie s n tr n i a a ) i P g n B r i c ( u o e e 9 m l v s - ) - v C o a z s k e l c i o a h - 1 - to l E a ( w 6 n n 0 n g d 0 s - ! ) F (P r a a r n i c s e ) c m G i ( t a i 7 e e n 1 r s - y ) I ( l t M a a n l i ) y - c N la it e e n ( i r e 6 t d - h s s ) - to N w w (3 o a n 1 r y s - ) S d ( p M r a id i a n ) - t d o S e w n w n e (4 s - ) 8 to S l z w a ( w e 3 n n r i 3 d - t s - ) c C i a t ( i a 6 d e n 0 a s - ) to t A r w ( a 3 u l n 0 s ia - s) ( I B b n a o d y m i ) a - to N l Z a w ( e e 2 n n a w 5 d - s' to A S w o f ( r 9 u n ic t s h a ) INDEX NUMBERS OF RETAIL FOOD PRICES 1923 noli basis June- 141 1,413,200 98 160 331 502 145 213 165 138 162 146 142 118 July . 144 1,291,100 103 162 321 496 145 218 164 137 164 148 142 116 Aug 143 1,233, 500 109 165 328 490 143 220 162 142 165 149 143 115 •Sept 146 1,250,900 115 168 339 496 142 218 163 141 161 149 145 115 •Oct 147 1,263,600 117 172 349 502 145 217 162 144 157 147 146 117 Nov 148 1,264,700 121 173 355 503 149 221 166 144 156 147 147 120 Dec 147 1, 286,000 124 176 365 151 499 149 226 167 145 156 152 147 118 1924 Jan. 146 1,352,700 126 175 376 127 515 150 230 168 145 155 154 150 120 Feb 144 1,382,100 130 177 384 117 516 151 234 167 145 153 151 149 122 Mar 141 1,393, 000 128 176 392 120 523 152 241 167 143 152 147 150 122 Apr 138 1, 383,800 121 167 380 123 524 152 240 165 137 150 143 150 123 138 1,416,900 113 163 378 126 519 151 241 165 133 151 143 150 122 140 1,445,700 118 160 370 151 241 168 147 120 July 1,436,200 162 INDEX NUMBERS OF COST OF LIVING 1923 <•> June 156 1,151,300 419 933 169 334 491 174 236 170 161 166 146 151 145 131 ffuly 1 1 5 5 7 6 1 1 ,0 0 9 4 0 9 , , 3 6 0 0 0 0 4 4 2 3 9 9 9 8 2 9 1 2 1 17 6 1 9 4 5 5 4 4 48 8 3 7 1 17 7 8 2 1 1 6 6 0 1 1 1 6 6 6 4 1 1 4 4 6 8 1 1 5 5 3 4 1 1 4 4 5 6 1 1 3 3 0 0 •Sept 157 1,084,100 453 903 173 331 64 487 173 230 178 165 164 148 154 147 131 Oct 158 1102 700 458 901 175 61 502 174 165 164 149 152 147 132 Nov 157 1114,900 463 898 175 126 502 177 164 167 150 153 148 133 Dec 158 1124,900 470 909 177 345 125 499 178 231 182 164 168 150 157 149 133 19°24 157 1174,000 480 917 177 110 510 178 163 169 150 158 150 133 Feb 156 1194,000 495 917 179 104 517 190 162 168 149 156 151 134 156 1199,600 510 908 178 365 107 521 179 236 180 162 168 148 153 152 134 154 1197,300 498 907 173 112 522 195 159 166 145 150 134 May____ 154 1220,90O 485 916 171 115 518 159 166 143 150 134 June 154 I244, 200 492 923 169 173 244 168 153 133 July 1239,100 493 170 ' First of the month figures. 2 New series: 1921=100. 3 Massachusetts Commission on the Necessaries of Life. Information as to the number of foods included and the items entering into the cost of living indexes is available in the board's office, The original bases of the indexes have been shifted to July, 1914, wherever possible. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL, RESERVE BULLETIN 661 BANKING AND FINANCIAL STATISTICS CONDITION OF FEDERAL RESERVE BANKS EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESERVE NOTE CIRCULATION, AND RESERVE PERCENT- AGES FOR JUNE AND MAY, 1924 [Daily averages. Amounts in thousands of dollars] Total earning assets Total cash reserves Total deposits Fede in ra c l i r re c s u e la rv ti e o n notes pe R rc e e se n r t v ag e es Federal reserve bank June May June May June May June May June May t Boston 54,045 51,075 294,872 296,940 134,095 129,791 201, 093 203,861 88.0 89.0 New York 172,397 150,757 1,019,569 990,769 811,337 750,344 345,323 348,981 88.1 90.1 Philadelphia 67, 526 66,764 265, 049 268,223 121,870 118, 318 189,034 193,976 85.3 85.9 Cleveland 85,153 91,497 318, 382 312, 580 167, 390 163, 258 215, 480 220,104 83.2 81.5 Richmond 56,788 62, 416 89, 372 84, 292 63,858 62,477 • 73,933 76, 500 64.9 60.7 Atlanta 41,886 47,053 158, 070 152, 359 58, 634 58,288 139, 548 140, 699 79.8 76.6 Chicago 116,873 120, 558 467,403 474,005 302, 723 293,530 262,415 279,848 82.7 82.7 St. Louis 33,148 37,552 112,222 109, 200 73,367 72, 885 62,887 65, 492 82.4 78.9 Minneapolis 40,893 41,081 80, 072 81, 083 49,122 47,821 68, 692 70, 281 68.0 68.7 Kansas City 50,844 47, 698 92, 284 98,509 77, 542 77,413 63, 442 63, 373 65.5 70.0 Dallas 43, 443 40, 881 55,883 61,312 51, 596 52,628 41, 707 44,490 59.9 63.1 SanjFrancisco... 79, 967 82,239 293,819 292, 537 152, 998 153, 457 207, 269 207,844 81.6 81.0 Total: 1924 842,963 839, 571 3, 246, 997 3, 221, 809 2, 064, 532 1, 980, 210 1, 870, 823 1, 915, 449 82.5 82.7 1923 1,124, 891 1,173,194 3, 204,303 3,180,433 1, 931, 212 1, 948, 878 2, 246, 535 2, 243,195 76.7 75. & 1922 1,166, 617 1,188,849 3,136,308 3,126, 773 1,892, 591 1,877,269 2,138, 430 2,153, 053 77.8 77. e 1921 2,175,175 2, 353, 794 2, 605, 779 2,541,640 1, 723, 271 1, 717,423 2, 682,560 2, 787, 379 59.1 56.4 1920 3,209,650 3, 255,859 2,102,985 2, 078,822 1, 974,537 1,987,323 3,113, 949 3, 089, 737 «43.3 "42.4 1919 2,323,992 2,391,774 2, 248, 265 2, 246, 087 1,940, 647 1,944, 547 2, 500,969 2, 534,112 '52.6 •51.8 ' Calculated on basis of net deposits and Federal reserve notes in circulation. KESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 25 TO JULY 16, 1924 RESOURCES [In thousands of dollars] Tota Boston Y Ne o w rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - Atlanta Chicago L S 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 - Gold with Federal reserve agents: June 25 2,118,093 211,083 635,262 187,836 210, 859 38,272 124, 697 279, 782 57,537 56,488 29,278 224,906 July 2. 2,126,686 207,731 635,223 190, 279 213,496 123,441 279,725 61,628 57,607 57,901 28,811 231,936 July9 2,099,835 209,960 595, 201 192,798 214,517 37,848 127, 700 279, 711 60, 372 57,756 56,942 238,804 July 16 2, 111, 173 211,683 620,153 192,492 216, 651 41,390 126, 722 264, 659 61,589 57,372 56,500 25,858 236,104 Gold redemption fund with U. S. Treasury: June 25 38,491 3,779 4,074 11,166 1,288 4,344 2,066 2,177 2,561 1,520 1,500 1,179 2,837- July 2 33,134 6,218 2,789 3,702 914 2,324 2,562 6,173 2,465 1,151 1,652 1,048 2,136 • July9 _ 37,433 3,194 6,541 5,316 2,590 2,394 1,633 5,207 3,173 •1,201 2,192 1,641 2,351; July 16.... 37,657 5,680 5,209 7,479 2,908 2,777 1,906 4,037 1,440 1,238 2,145 1,495 1,343J Gold held exclusively against Federal reserve notes: June 25 2,156,584 214, 862 199,002 )212,147 42,616 126, 763 281,959 64,654 59,057 57,988 30,457 227,743- July 2 2,159,820 213,949 638,012 193,981 214,410 41,232 126,003 286,898 64,093 58,758 59,553 29,859 234,072 July 9 2,137,268 213,154 601,742 198,114 217,107 40, 242 129,333 284, 918 63,545 58,957 59,134 29,867 241,155 July 16 2,148,830 217,363 625,362 199,971 219, 559 44,167 128,628 63,029 58,610 58, 645 27,353 237,447 Gold settlement fund with Federal Reserve Board: June 25 579, 518 51,559 148,845 30,914 85,572 30,935 17,136 115,514 28, 670 7,639 21,307 8,181 33,246 July 2 577, 616 68,429 92,294 41,368 81,377 35, 787 13,821 124,964 37,237 7,466 36,209 7,729 Ju]y9.__ 595,604 58,492 151, 897 37,130 89,770 36,993 14,919 99,743 35,726 10,463 29,778 6,413 24,280 July 16 ^ 574,339 55,487 149,792 34,455 79,288 33,556 12,151 112,776 30,424 5,765 29,190 3,618 27,837 Gold and gold certificates held by banks: June 25 419,468 19,490 195,377 34,815 19, 018 8,784 7,803 68,599 8,187 9,707 5,105 8,625 33.95S July 2 _.. 383,219 18,972 173,445 33,935 18,925 7,907 56,042 7,669 9,731 4,941 8,641 34,031 July 9 410, 530 19,687 196,08* 34,476 19,039 9,360 8,169 59,212 7,889 4,099 8,706 34,203 July 16 437,381 19,650 208,264 30,356 18,588 9,685 8,383 75,585 8,261 3,941 10,651 34,328- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

662 FEDERAL RESERVE BULLETIN AUGUST, 1924 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANE ON WEDNESDAYS JUNE 25 TO JULY 16,1924—Continued EESOURCES—Continued [In thousands of dollars] Total Boston Y Ne o w rk 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 Louis M ap in o n li e s - K C an it s y as Dallas F c r is a c n o - Total gold reserves: June 25 3,155,570 285,911 983, 558 264, 731 316, 737 82,335 151, 702 466, 072 101, 511 76,403 84,400 47,263 294, 947 July 2 1,120, 655 301,350 903, 751 314, 712 85,999 147, 731 466, 904 108,999 75, 955 100, 703 46, 229 299,038 July 9 5,143,402 291,333, 949,720 269,720 325,916 86, 595 152,421 443, 873 107,160 79,029 93,011 44,986 299, 638 July 16 1,160, 550 292, 500 983,418 264,782 317, 435 87, 408 149,162 457, 057 101,714 74,064 91, 776 41,622 299, 612 Reservesjpther than gold:!** , June 25 115,833 11,232 28, 571 3,552 9,612 4,280 13,643 15,074 12,458 1,754 4,700 7,012 3,945 July2 98,963 9,090 27,148 3,194 7,616 2,660 11,680 11,967 10,019 1,305 4,063 6,748 3,473 July 9 101,904 10,053 29,134 3,570 6,075 3,877 11,316 11, 667 11.106 1,402 3,873 6,478 3,353 July 16 ----- 105,864 10,478 29,431 3,248 6,062 4,125 11,989 14, 279 10;684 1,890 3,718 6,418 3,542 Total reserves: June 25 3,271,403 297,143 ,012,129 326,349 86,615 165,345 481,146 113,969 78,157 89,100 54,275 298,892 July2 3,219,618 310,440 930,899 272,478 322,328 159,411 478,871 119,018 77,260 104, 766 52, 977 302, 511 July 9 3,245,306 301,386 978,854 273,290 331,991 90,472 163, 737 455,540 118, 266 80,431 51,464 302, 991 July 16 3, 266,414 302,978 ,012,849 268,030 323,497 91,533 161,151 471,336 112,398 75,954 95,494 48,040 303,154 Nonreserve cash: June 25 54,006 3,562 14,934 1,775 2,969 2,517 4,326 4,099 3,319 2,602 3,507 July 2.... 2,430 16,837 1,580 2,655 2,012 3,355 7,076 3,617 2,673 2,236 3,469 July 9 j -— 54,574 3,411 17,660 1,696 2,530 2,818 4,159 7,316 4,230 1,277 2,932 2,664 3,881 July 16 57,312 4,053 16,415 1,423 4,784 2,774 3,921 8,792 4,332 1,416 2,643 2,420 4,339 Bills discounted: Secured by U.S. Government obligations- June 25 118,117 10, 286 25,703 17,867 15,842 5,120 9,245 5,271 695 1,731 1,462 5,912 July 2 142,338 56,368 17,977 14, 782 15,582 2,724 9,585 4,380 717 1,820 1,294 8,431 July 9 94,607 6,323 17,096 16,746 11,791 13,809 2,757 10,620 3,532 771 1,817 1,713 7,632 July 16 97,235 5,850 25,417 17,475 11,763 12,415 2,778 10,043 3,887 692 1,075 1,?26 4,114 Other bills discounted— June 25 232,014 5,497 16,217 8,267 11,467 28,453 35, 568 13,622 18,261 14,220 25, 580 July2 226,663 5,352 16,962 9,591 10,506 36,904 28,837 33, 869 16, 720 13,381 15,835 13,463 25,243 July 9 216,106 5,508 16,708 8,277 8,851 34,143 27,097 33,140 15, 783 13, 671 15, 927 15,057 21,944 July 16 4,654 15,274 8,616 8,856 33,258 26,854 30, 897 15, 277 13, 776 15, 219 17,033 18,294 Total bills discounted: June 25 350,131 15,783 41,920 27, 260 29,324 54,305 33, 573 44, 813 21,670 14, 317 19,992 15, 682 31,492 July 2 369,001 14,030 73,330 27, 568 25,288 52,486 31, 561 43,454 21,100 14,098 17,655 14, 757 33, 674 July9 310,713 11,831 33,804 25,023 20,642 47,952 29,854 43,760 19,315 14,442 17; 744 16,770 29, 576 July 16 305,243 10,504 40,691 26,091 20, 619 45,673 29, 632 40,940 19,164 14, 468 16,294 18, 759 22,408 Bills bought in open market: June 25 , 45, 034 1,817 12, 733 2,485 4,415 769 2,238 3,758 844 1,187 2,036 8,379 4,373 July2_ 52,811 3,486 24, 309 1,937 3,355 660 2,189 2,535 410 934 1,677 7,823 3,496 July9_ 58,509 8,164 26,332 1,625 3,077 449 1, 416 3,052 232 1,069 1,720 8,015 3,358 July 16 37,428 3,584 11,990 1,750 2,780 259 1,293 2,642 224 846 1,558 7,344 3,158 U.. S. Government securities: Bonds— June 25 22,542 541 1,202 549 2,915 1,191 4,426 7,536 2,003 1,780 10 July 2 21,113 541 1,202 549 2,915 1 1,191 81 4,426 7,791 627 1,780 10 July9 20,862 541 1,202 549 : 2, 915 1,191 157 4,426 7,422 669 1,780 10 Julyl6 20, 752 541 1, 202 549 2,915 1,191 34 4,426 7,427 675 1,780 12 Treasury notes— June 25 4308,552 23,806 102,453 23,721 28,192 2, 949 42, 676 6,529 13, 348 19,969 14,163 30,746 July 2. 320,802 24, 646 108, 614 23,961 29,168 3,030 1 44, 201 6,736 13,103 20, 570 14,964 31,808 July9 330, 061 25, 288 112, 571 23, 961 29,922 3,029 52 45, 272 6,843 13, 412 21,110 15,820 32,771 i July 16 344,857 25, 823 115, 425 24, 578 33, 201 3,030 331 47, 296 8,527 13,849 21, 815 16, 328 34, 654 Certificates of indebtedness- June 25 98,700 8,392 32, 582 4,661 9,467 13, 808 1,560 3,859 5,815 4,665 12,886 July 2 93, 573 7,936 31,185 4,421 904 12, 922 1,411 3,495 5,584 4,376 12,400 July9 99,587 8,296 34,245 4,421 9,359 905 13,522 1,477 3,676 5,884 4,856 12, 940 July 16.--.. 100,965 8,233 33, 363 4,547 10, 825 904 13, 648 1,792 3,875 5,919 4,730 13, 066 Total U. S. Government securities: June 25 429,794 32, 739 136, 237 28, 931 40, 574 . 5,125 409 60, 910 24,743 27,787 20, 608 43,642 July 2 435, 488 33,123 141,001 28, 931 41, 022 5,125 82 61, 549 8,147 24, 389 26, 781 21,120 44, 218 July 9 450,500 34,125 148, 018 28, 931 42,196 5,125 215 63, 220 8,320 24, 510 27, 663 22,456 45, 721 July 16 466, 574 34, 597 149, 990 29, 674 46, 941 5,125 428 65. 370 10, 319 25,151 28, 409 22, 838 47, 732 All other earning assets: June 25 1,301 1,301 July 2 1,250 1,250 July 9 1,250 1,250 July 16 , 1,250 1,250 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL. RESERVE BULLETIN 663 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 25 TO JULY 16, 1924—Continued RESOURCES—Continued [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Total earning assets: June 25 826, 260 50, 339 190, 890 59, 977 74, 313 60,199 36, 220 109, 481 30, 603 40, 247 49, 815 44, 669 79, 507 July 2 _•_ 858, 550 50, 639 238, 640 59, 686 69, 665 58, 271 33,832 107, 538 29, 657 39, 421 46,113 43, 700 81,388 July 9... 820, 972 54,120 208,154 56,829 65,915 53,526 31, 485 110, 032 27,867 40,021 47,127 47, 241 78, 655 July 16 810, 495 48, 685 202, 671 58, 765 70, 340 51, 057 31, 353 108, 952 29, 707 40, 465 46, 261 48,941 73, 298 Uncollected items: June 25 556, 584 48, 043 131, 971 53, 410 53, 579 47,105 20, 698 74, 347 28, 527 11, 718 32, 635 19, 460 34, 501 July2 617, 800 59, 613 151, 561 58,628 58,447 50, 993 24,099 78, 540 28, 617 12,190 37, 501 20, 612 36, 999 Julys 604,433 54,250 138, 421 55, 861 54, 225 60,974 24,578 71, 594 32,848 13, 438 36, 217 22,381 39, 646 July 16 655, 099 59, 624 162, 952 58, 955 62,493 53, 762 26, 813 81,391 32,908 13, 374 37,584 22, 764 42,479 Bank premises: June 25 57, 772 4,312 15, 549 1,113 9,129 2,528 2,728 8,264 2,006 2,781 4,595 1,912 2,855 July 2 57, 787 4,312 15, 551 1,110 9,129 2,528 2,728 8,264 2,006 2,789 4,595 1,912 2,863 July9 57, 907 4,312 15, 551 1,110 9,129 2,528 2,728 8,264 2,115 2,800 4,595 1,912 2,863 July 16 57, 932 4,312 15, 552 1,110 9,129 2,528 2,728 8,264 2,116 2,806 4,595 1,912 2,880 All other resources: June 25 24, 746 62 7,310 195 205 1,693 338 134 5,566 4,045 4,041 July 2 25,158 84 7,530 223 212 256 1,704 374 136 5,553 933 4,155 July9 26,412 79 8,107 307 226 215 1,925 388 141 5,500 1,423 3,930 4,171 July 16. _ _.. 27,023 83 248 277 228 1,913 337 140 5,516 1, 379 3,824 4,180 Total resources: June 25 ... 4,790, 781 404, 061 1,372, 783 384, 753 466, 544 199,172 231, 010 683, 074 179, 338 139, 357 180, 423 126,963 423, 303 Ju]y2 827, 722 427, 518 1,361,018 393, 705 462,436 202,719 225,129 680, 663 183,051 138, 082 196, 581 125,435 431, 385 July 9 , 809, 604 417, 558 1, 366, 747 389, 093 464,016 210, 533 228, 612 653,134 185, 467 143, 467 189,178 129, 592 432, 207 July 16 , 874, 275 419, 735 1,419,337 388, 531 470, 520 201, 882 227, 879 679, 072 181, 601 139, 531 187,956 127, 901 430, 330 LIABILITIES Federal reserve notes in actual circulation: June 25 1,843,922 199, 079 341, 286 185,824 213, 931 72,073 137, 739 256, 591 61, 387 67, 773 40,548 205, 207 July 2 1,874,270 205, 029 347,169 191, 262 212, 718 74,136 138, 511 255, 256 62,183 68,490 64,474 41, 226 213, 816 July9 1, 855, 005 202,329 340,993 184, 576 217, 086 72. 228 136,939 253,178 61,156 69,129 64,027 41,025 212, 339 July 16 1,812, 712 197, 858 334, 962 179, 853 209,490 70; 759 136, 211 245, 373 60, 430 67, 487 64,202 40, 239 205,848 Deposits: Member banks— reserve account- June 25 2, 035, 342 126, 594 813,381 114,146 162, 765 61, 509 57, 322 311,157 72,340 45,388 72, 850 48, 479 149,411 July 2. 2, 016,128 138, 780 779, 418 120, 668 160, 769 62,408 53, 941 303, 652 72,012 43, 609 84,452 46,844 149, 575 July 9. ~ 036,852 137, 734 808,159 122, 318 160, 586 62, 292 58, 033 289, 875 74, 381 47,328 77,807 49, 685 148,654 July 16 2,085, 203 139,808 849, 652 123,072 61, 394 65,040 302, 408 70, 741 44, 552 74,096 48, 034 150,318 Government- June 25 52,110 6,029 5,475 4,022 3,244 6,074 6, 336 2,346 1, 705 1,847 2,861 3,903 July 2. 32, 203 1,519 6,104 1,687 640 825 958 8,735 4,626 1,069. 1,633 1,864 2,543 July 9.. 19,151 668 3,976 1,782 1,913 993 1,559 787 1,830 1,161 1,222 1,199 2,061 July 16 34, 514 1,248 5,233 3,342 1,496 1,324 1,816 9, 890 2,170 1,481 1,971 1,592 2,961 Other deposits- June 25... . 21,007 217 12,173 234 1,117 152 111 1,028 450 304 284 4,569 July 2.. 26,161 227 17, 232 261 1,234 125 104 1,104 425 364 309 189 4,587 July 9.. 22,907 143 13,833 326 1,470 117 98 1,023 565 341 304 224 4,463 JuJy 16 24, 288 136 13, 501 401 1,472 169 143 1,908 422 363 383 213 5,177 Total deposits- June 25 2,108,459 132, 840 833, 822 119,855 167,904 64,905 63, 507 318,521 75,136 47,461 75, 001 51,621 167,883 July 2.. 2, 074,492 140, 526 802, 754 122, 616 162, 643 63,358 55,003 313,491 77, 063 45,042 86, 394 48,897 156, 705 July 9.. 2,078,910 138, 545 825,968 124,426 163, 969 63,402 9, 690 291, 685 76, 776 48,830 79,333 51,108 155,178 July 16 2,144, 005 141,192 126,815 169,056 62,887 314,206 73,333 46,396 76, 450 49,839 158, 446 Deferred availability items: June 25. . _ . 490, 757 47, 341 105, 560 48, 212 47,033 14, 636 26, 972 11, 868 28,256 21, 248 35,381 July 2 535,024 57,422 119,980 49,292 49, 797 4 11 16,639 65,087 28,154 12, 403 31,193 21,913 36, 333 July 9_ 531, 328 52,106 108, 545 49, 539 45,696 *,, 80 17,006 61,372 31,876 13,338 31, 239 24, 035 40,117 July 16 573,337 56,127 124,598 51,289 54,747 49,819 19, 708 72,630 32,209 .13,488 32, 799 24,400 41, 523 Capital paid in: June 25 _._ 111, 420 7,972 29,983 10,208 12,644 5,851 4,580 15.152 5,066 3,391 4,415 4,139 July 2 111, 407 7,971 29,978 10, 208 12, 656 5,849 4,580 15,155 5,066 3,386 4,398 4,139 8,021 July 9 111,400 7,972 29, 978 10, 210 12,655 5,849 4,578 15.153 5,064 3,387 4,395 4,138 8,021 July 16_. 111, 405 7,972 29,983 10, 229 12, 655 5,844 4,578 15,155 5O64 3,378 4,39.2 4,134 8,021 Surpius: June 25 220, 915 16, 390 59,929 19, 927 23, 691 11, 672 8,950 30, 426 10,072 7,484 7,577 15,301 JuJy2 220, 91« 16, 390 59,929 19,927 23, 691 11, 672 8,950 30,426 l!0,072 7,484 9,496 7,577 15,301 July 9 220,915 16, 390 59,929 19,927 23, 691 11, 672 8,950 30,426 10,072 7,484 9,496 7,577 15,301 July 16 220,915 16,390 59, 929 IS, 927 23,691 11,672 8,950 30, 426 10, 072 7,484 9,496 7,577 15, 301 All other liabilities: June 25- 16, 30* 439 2,203 727 1,341 1,087 1,598 1,718 7.05 1,380 771 1,827 1,512 July 2.._ 11, 614 180 1,208 400 931 893 1,446 1,248 513 1,277 626 1,683 1,209 July 9. _. 12,046 216 1,334 415 919 922 1,450 1,320 523 1,299 688 1,709 1,261 July 16 11,9011 196 1,479 418 881 901 1,433 1,282 493 1, 298 617 1', 712 1,191 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

664 FEDERAL RESERVE BULLETIN AUGUST, 1924 RESOURCES AND LUBILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JUNE 25 TO JULY 16,1924—Continued 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 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 S r a a n ncisco Total liabilities: June 25 4,790,781 404,061 1,372,783 384, 7S3 466, 544 199,172 231,010 683, 074 179,338 139,357 180,423 126,963 423, 303 July 2 4,827,722 427,518 1, 361,018 393, 705 462, 436 202, 719 225,129 680, 663 183,051 196,581 125,435 431,385 July? 4,809,604 417,558 1,366, 747 389,093 464, 016 210, 533 228, 612 653,134 185,467 143,467 189,178 129, 592 432,207 July 16 4,874,275 419, 735 1,419,337 388, 531 470,520 201,882 227,879 679, 072 181,601 139,531 187,956 127,901 430,330 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined— per cent: June 25 82.8 89.5 86. X 87.8 85.5 63.2 82.2 83.7 83.5 67.8 64.8 58.9 82.3 July 2 81.5 81.0 85.9 64.5 82.4 84.2 85.5 68.1 69.4 58.8 81.6 July9 82.5 88.4 83.9 88.4 87.1 66.7 83.3 83.6 85.7 68.2 67.6 55.9 82.4 July 16 82.6 89.4 84.2 87.4 85.5 68.5 83.4 84.2 84.0 66.7 67.9 53.3 83.2 Contingent liability on bills purchased tor foreign correspondents: June 25 38,897 11,312 3,774 4,552 2,218 1,712 5,797 1,906 1,401 1,790 1,478 2,957 July 2 38,743 11, 256 3,761 4,535 2,210 1,706 5,777 1,900 1,396 1,783 1,473 2,946 July 9 38,587 1,1,100 3,761 4,535 2,210 1,706 5,777 1,900 1,396 1,783 1,473 2,946 July 16 38,358 11,128 3,725 4,493 2,189 1,690 5,723 1,882 1,383 1,767 1,459 2,919 MATURITY DISTRIBUTION OF BILLS, CERTIFICATES OF INDEBTEDNESS, AND MUNICIPAL WARRANTS HELD BY THE 12 FEDERAL RESERVE BANKS COMBINED [In thousands of dollars ] From 91 Total Wi d th ay in s IS 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 d m ay o s n t t h o s 6 m O o v n e t r h 6 s Bills discounted: June 25 350,131 175,793 35,038 55,717 44,345 84$ July 2 369,001 200, 418 34,814 50,114 38,166 45,014 475- July 9 310,713 142,880 34, 589 51,289 43,752 37,696 507 July 16 305,243 139, 731 34, 534 49,766 43,178 37,580 454 Bills bought in open market: June 25 -_ 45,034 18, 390 11,907 4,074 1,694 July 2 52,811 27,657 9,725 10,467 3,070 1,892 July 9 . 58,509 33,118 10, 405 10,210 2,834 1,942 July 16... .' 37,428 15,677 8,749 8,149 2,331 2,522 United States certificates of indebtedness: June 25 98,700 93, 361 5, 339' July 2.. 93,573 91,155 2, 418 July 9 99, 587 97,163 2,424 July 16 100,965 98,161 2,804 Municipal warrants: June 25 51 July 2 July 9— -. --- July 16 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 665 FEDERAL RESERVE NOTES FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JUNE 25 TO JULY 16, 1924 [In thousands of dollars] San 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 Ch icago L S o t u . is M ap in o n li e s - City Dallas F ci r s a c n o - Net amount of Federal reserve notes received from Comptroller of the Currency: June 25 3,281,912 310,370 889,145 260,144 294,171 120,131 223,937 493,032 99,352 94,108 104,445 72,166 320,911 July2 3,263,924 307,018 884, 574 256, 587 293, 308 119,727 222,681 490,766 93,478 103,858 71,699 321, 340 July9 3,256,108 304, 246 882,406 259,945 292,229 120,167 224,119 487,916 97,632 92,627 103,099 71,114 320,608 July 16. 3, 246,931 300,970 877, 360 262, 639 290,364 118, 709 223,142 486,020 97,348 92,243 104,456 70,672 323,008 Federal reserve notes on hand: June 25 941,921 91, 700 251,980 47,760 58, 470 40,065 74,680 206,720 26,100 23,036 28,093 23,317 70,000 July 2 923, 561 88,300 244,120 42,760 56, 870 39,125 73,750 206, 920 26,100 22,126 31,533 22,957 69,000 July9 915,356 83,400 244,120 46,600 56,870 38,725 74,400 204,420 26,100 20,711 33,153 21,857 65,000 July 16 928, 421 83,400 241,120 47,000 54, 870 38,725 74,110 215, 820 26,100 21,666 33,753 21,857 70,000 Federal reserve notes outstanding: June 25 2,339,991 218, 670 637,165 212, 384 235,701 80,066 149,257 286,312 73,252 71,072 76,352 48,849 250,911 July 2 2,340, 363 218,718 640,454 213,827 80,602 148,931 283,846 72,788 71,352 72, 325 48, 742 252,340 July9.._ 2,340,752 220,846 638, 286 213,345 235,359 81,442 149,719 283,496 71, 532 71,916 69,946 49,257 255,608 July 16 !, 318,510217,570 636,240 215,639 235,494 79,984 149,032 270,200 71,248 70,577 70,703 48,815 253,008 Collateralsecurity for Federal reserve notes outstanding: Gold and gold certificates- June 25 334,604 35,300 238, 531 14,000 8,780 2,400 9,985 13,052 12,556 July2_ 334,604 35,300 238, 531 14,000 8,780 2,400 13,052 12, 556 July 9 333,604 35,300 238, 531 13,000 8,780 2,400 13,052 12,556 July 16 334,679 35,300 238,531 16,000 8,780 2,400 9,985 13,052 10,631 Gold redemption fund- June 25 108,817 12,783 30,731 13, 447 12,079 2,977 5,297 6,137 3,608 1,485 3,128 3,222 13,923 July 2. 110,410 9,431 30, 692 14,890 11,716 1,613 4,041 6,080 3,143 1,555 4,541 2,755 19,953 July 9. 120,299 16,660 30,670 12,409 12,737 3,553 8,300 6,067 3,887 1,204 3,582 3,170 18,060 July 16 113, 690 13,383 30,622 14,103 12,871 2,095 7,322 6,014 3,604 1,320 3,140 2,727 Gold fund—Federal Reserve Board- June 25. 1,674,672 163,000 366,000 160,389 190,000 35, 295 117,000 273,645 48,500 43,000 53,360 13,500 210,983 July 2. 1, 681, 672 163,000 366,000 161,389 193,000 37, 295 117, 000 273, 645 48, 500 43,000 53,360 13,500 211,983 July 9. 1,645,932 158,000 326,000 167,389 193,000 34,295 117,000 273,644 46, 500 43,500 53, 360 12,500 220,744 July 16 1,662,804 163,000 351,000 195,000 39, 295 117, 000 258, 645 48,000 43, 000 53,360 12,500 219, 615 Eligible paper- Amount required- June 25.. 221,898 7,587 1,903 24,548 24,842 41,794 24,560 6,530 11,159 13,535 19,864 19, 571 26,005 July 2... 213,677 10,987 5,231 23,548 22,942 41,694 25,490 4,121 11,160 13,745 14,424 19,931 20,404 July 9... 240,917 10,886 43,085 20,547 20,842 43,594 22,019 3,785 11,160 14,160 13,004 21,031 16,804 July 16. 207,337 6,887 16,087 23,147 18,843 38, 594 22,310 5,541 13,205 14,203 22,957 16,904 Excess amount held— June 25.. 161,012 10, 013 716 8,850 13,060 11,167 41, 554 11,192 1,601 1,917 4,678 8,184 July 2... 191,911 6,529 84,913 912 5,515 10,971 8,242 41,551 10,321 927 4,697 2,803 14,530 July9... 120, 773 9,109 16,183 3,072 4,354 9,237 42,684 8,374 903 6,227 3,801 13,966 July 16.. 123,952 8,201 31,154 1,547 4,538 7,141 8,587 37,710 9,717 1,731 3,461 3,208 6,957 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

666 FEDERAL RESERVE BULLETIN AUGUST, 1924 EARNING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON, JUNE, 1924 [Amounts in thousands of dollars] Total Boston Y N o e r w k P p d h h e i i l l a - a- C la le n v d e- m R o ic n h d - la A n t t - a Chicago L S ou t. is M ap in o n li e s - K C s a a it n s y - Dallas F c S r is a a c n n o - HOLDINGS ON JUNE 30,1924 Total earning assets 802,864 50,766 194,818 58,635 66,215 57,646 33,660 106,389 30,620 41,400 48,037 43,926 70, 752 Bills discounted for members 333.954 16, 631 48, 716 26,255 22,662 51, 811 31,418 42,839 21,968 14,230 18,379 16,446 23,599 Bills bought in open market 36,524 1,396 9,865 2,148 2,979 710 2,149 2,640 663 1,044 1,647 7,872 3,511 431, 085 32,739 136,237 28,931 40,574 5,125 93 60,910 8,089 26,126 28,011 20,608 43, 642 All other earning assets 1,301 1,301 Bills Discounted Customers* paper secured by Government obligations 1,636 380 1 80 275 289 225 75 135 1 63 63 49 Member bank collateral notes: Secured by Government obligations 113, 944 10,794 31, 392 17, 861 12, 874 15, 634 2,516 9,616 5,215 717 1,991 1,439 3,995 Otherwise secured 4,489 20 25 49 228 2 289 150 140 3,586 Commercial paper, n. e. s 122, 636 4,807 16, 071 7,603 7,802 27, 656 17, 705 17, 024 6,859 1,997 3,385 4,622 7,105 Agricultural paper - - 72, 019 533 744 657 817 7,350 9,950 15, 377 8,339 9,848 4,846 6,683 6,975 14. 605 24 1 297 35 498 593 1,196 7,944 2,422 1,595 Bankers' acceptances, domestic- 9 9 Trade acceptances, domestic 4,616 93 508 53 577 822 475 619 816 182 177 294 Total discounted bills 333,954 16,631 48,716 26, 255 22, 662 51,811 31,418 42,839 21,968 14, 230 18,379 15,446 23,599 Bills Bought Bankers' acceptances: 15,101 446 4,287 320 2,008 24 927 373 273 801 3,784 1,858 Foreign, exports 13, 683 385 3,537 679 723 710 1,662 1,248 141 568 626 2,497 1,007 6,790 565 1,666 774 248 563 465 49 203 220 1,391 646 925 350 375 200 Trade acceptances, foreign, im- 25 25 Total purchased bills 36, 624 1,396 9,865 2,148 2,979 710 2,149 2,640 563 1,044 1,647 7,872 3,511 Purchased Bankers' Acceptances by Classes of Acceptors 8,798 711 2,202 909 619 497 835 195 188 254 1,473 915 10,136 310 2,304 570 592 1,246 1,503 70 194 496 2,078 774 Nonmember banks and bank- 7,993 141 2,443 408 462 710 406 302 248 379 610 1,271 613 6,822 183 1,911 132 992 27 88 119 2,429 941 Branches and agencies of foreign 2, 750 61 980 129 314 23 195 169 621 268 V. S. Securities U s bonds 22,264 641 1,202 549 2,915 1,191 61 4,426 7,362 2,227 1,780 10 Treasury notes _ 314, 028 24,280 104,003 23, 961 28, 741 3,030 32 43, 592 6,676 13, 764 20,215 14, 476 31,259 Certificates of indebtedness 94, 793 7,918 31,032 4,421 8,918 904 12,892 1,414 5,000 5,569 4,352 12,373 Total U. S. securities 431, 085 32, 739 136, 237 28,931 40, 574 5,125 93 60,910 8,089 26,126 28, 011 20, 608 43, 642 DAILY AVERAGE HOLD- INGS DURING JUNE 842,963 54,045 172,397 67, 526 85,153 56,788 41,886 116, 873 33,148 40, 893 50, 844 43, 443 79,967 Bills discounted 374, 592 17,108 41, 512 30,117 35, 661 50, 655 38, 460 48,806 24, 068 14, 995 23, 812 15, 938 33, 460 Bills bought 51,125 3,038 14,608 3,477 5,280 1,061 3,257 5,907 1,510 1,376 1,650 4,720 4, 341 XJ. S. securities. 415,970 32,999 116,277 32,656 44,212 5,072 169 62,160 7,570 24, 522 25, 382 22, 785 42,166 EARNINGS DURING JUNE 2,792 172 527 230 279 202 153 392 117 139 177 139 265 Bills discounted 1,339 60 133 107 124 183 141 180 88 66 88 59 120 Bills bought 154 11 43 11 16 4 11 18 5 4 5 12 14 1,295 101 351 108 139 15 1 194 24 79 S4 68 131 ANNUAL RATE OF EARN- INGS 4.03 3.87 3.72 4.13 3.98 4 32 4 44 4.08 4.30 4.13 424 3.89 4.04 Bills discounted 4 35 4.29 3.89 4.30 4.23 4.40 4 46 4.48 4.48 4 60 4.51 4.50 4.36 Bills bought 3 66 3.61 3.55 3.85 3.73 3.96 4.17 3.60 3.71 3.53 3.34 3.17 3.95 3.79 3.70 3.68 4.00 3.81 3.56 4 21 3.80 3.86 3.94 4 04 3.61 3.79 1 Including municipal warrants, as follows: Philadelphia, average daily holdings, $51,398; earnings, $193, annual rate of earnings, 4.57 per cent; also including Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $1,226,000; earnings, $4,308; rate of earnings, 4.27 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL RESERVE BULLETIN 667 DISCOUNT AND OPEN-MARKET OPERATIONS OF FEDERAL RESERVE BANKS, JUNE, 1924 [Amounts in thousands of dollars] Total B to o n s- Y N o e r w k P p h d h e i i l l a a - - C l l a e n v d e- m Ri o c n h d - la A n t t - a C ca h g i o - L S ou t. is M ap i o n l n is e - K C an it s y as Dallas F S c r i a a s n n c - o Volume of Operations Total discount and open-market operations '1,072,871 71,490 283,227 ' 99,826 130,402 96, 595 48,316 112,513 38,933 26,497 26, 754 36,620 101,698 Bills discounted for member banks 702,890 40, 703 135,502 79,551 102,148 96,067 45, 932 65,101 30, 634 6,492 13,397 12,409 74, 954 Bills bought in open market.. _. 52,017 3,201 20,601 3,111 3,232 682 4,848 746 1,519 2,305 6,804 4,968 Bills bought from other Federal 2,506 2,506 U. 8. securities bought in open market - - --- 278,940 27,279 100,121 16,414 24,664 528 1,702 42,052 6,563 18,333 9,763 10,206 21,315 CJ. S. securities bought from other Federal reserve banks 35, 768 307 27,003 358 512 990 153 1,289 4,695 461 Bills Discounted Customers' paper secured by Government obligations 1,022 149 1 96 215 170 189 9 90 39 35 29 Member bank collateral notes: Secured by Government ob- 466, 926 28, 588 108,890 62,108 80,750 64,966 15, 927 39, 715 18,405 1,655 4,386 5,141 36,395 8 988 20 114 111 245 3 449 350 287 7,409 Commercial paper, n. e. s 192,688 11,570 25,543 16, 910 20,106 27,053 26,366 18,988 9,704 1,171 3,770 3,360 28,147 23,748 254 499 396 199 2,958 2,768 5,994 1,814 2,900 1,533 2,219 2,214 Livestock paper. _-i 5,629 54 1 1 88 84 156 271 3,308 1,136 523 Demand and sight drafts (based on agricultural products) 364 4 26 147 46 11 110 20 Bankers' acceptances, domestic- 10 10 Trade acceptances, domestic 3,515 88 568 40 766 799 461 160 305 121 217 Total bills discounted 702, 890 40, 703 135, 502 79,551 102,148 96,067 45, 932 65,101 30, 634 6,492 13, 397 12,409 74, 954 Average rate (365-day basis)— 4.16 3.87 3.67 4.13 4.00 4.18 4.26 4.24 4.36 4.50 4.50 4.50 4.18 Average maturity (in days) 20. 27 13.18 13.11 12.53 11.26 17.14 37.35 33.49 29.55 84.60 59.62 52.61 18.02 Total reduced to a common maturity basis (exclusive of demand and sight drafts) 702, 526 26,464 87, 588 49,171 56,705 81,230 84, 579 107, 537 44,434 26,914 39, 367 31,916 66,621 Per cent of total 100.0 3.8 12.5 7.0 8.1 11.6 12.0 15.3 6.3 3.8 5.6 4.5 9.5 Number of member banks on June 30- - .. 9,763 421 851 732 874 627 530 1,427 631 940 1,103 842 785 Number of banks accommodated 3,706 174 335 282 302 356 284 587 260 265 321 290 250 Per cent accommodated 38.0 41.3 39.4 38.5 34.6 56.8 53.6 41.1 41.2 • 28.2 29.1 34.4 31.8 Bills Bought in Open Market • Bankers' acceptances: Foreign - 40,777 1,687 16, 314 2,303 2,603 472 4,018 530 1,099 2,085 5,501 4,165 Domestic 10,212 1,514 3,669 ,633 629 210 795 216 420 220 1,103 803 Dollar exchange 1,028 618 175 35 200 Total bills bought 52, 017 3,201 20, 601 3,111 3,232 682 4,848 746 1,519 2,305 6,804 4,968 Distribution, by rates charged (360-day basis): 2)4 per cent 113 107 6 2% per cent 2 2 23-*s per cent, 604 30 150 310 16 8 90 852 319 200 8 101 17 46 161 2% per cent 210 152 26 22 10 2J| per cent 62 62 20,070 1,799 5,480 1,684 1,893 22 3,587 723 567 885 1,409 2,021 3J^ per cent 28,269 806 14,230 917 1,205 139 1,160 23 936 1,395 5,327 2,131 484 293 135 46 10 3% per cent 332 100 127 54 51 3H per cent 4 4 4 4 M pe p r e c r e c n e t nt 6 35 6 4 1 - 1 3 6 5 7 4 494 Average rate (365-day basis)— percent 3.15 3.13 3.13 3.01 3.13 4.07 3.08 3.06 3.13 3.13 3.15 3.14 Average maturity (in days) 33.37 23.56 33.27 31.70 36.51 61.87 28.40 18.65 32.02 36.32 40. 71 31.26 Total reduced to a common maturity basis.- _ - .-- 52,017 2,260 20,539 2,955 3,536 1,264 4,126 417 1,458 2,508 8,300 4,654 Per cent of total 100.0 4.4 39.5 5.7 6.8 2.4 7.9 .8 2.8 4.8 16.0 8.9 U. S. Securities Bought in Open Market U.S. bonds 9,848 2,000 1,258 1,113 3,774 1, 699 4 101,032 8,745 32, 408 5,893 10, 212 187 269 17, 251 1,042 6,627 4,646 3,939 9,813 Certificates of indebtedness 168,060 18,534 67,713 10,521 12,452 341 175 23,688 5,521 7,932 3,418 6,267 11,489 Total V. S. securities 278,940 27,279 100,121 16,414 24 664 528 1,702 42,052 6,563 18,333 9,763 10,206 21,31 1 Includes $750,000 Federal Intermediate Credit Bank debentures. 1 Excludes Treasury notes sold under repurchase agreement June 16 and repurchased June 17-18, as follows: Boston $8,240,000, New York $36 - 050,000, Philadelphia $3,090,000, Cleveland $9,270,000, Richmond $1,030,000, Atlanta none, Chicago $15,450,000, St. Louis, $2,060,000, Minneapolis $5,160,000, Kansas City $5,150,000, Dallas $7,210,000, San Francisco $10,300,000. Total $103,000,0003 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

668 FEDERAL RESERVE BULLETIN AUGBST, 1924 CONDITION OF REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM JUNE 18 TO JULY 9, 1924 [In thousands of dollars] Total Boston Y N o e r w k d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S i r s a a c n n o - Number of reporting banks— June 18 749 108 104 June 25 748 108 104 July 2 748 108 104 July 9 748 108 104 Loans and discounts, gross: Secured by U. S. Government obligations- June 18 - 214,639 10,008 92,665 11,086 21,790 7,517 7, 33,412 7,757 2,800 6,064 3,188 10,563 June 25 .._ 217,806 9,834 96,335 11,079 21,131 7,644 7,667 33,892 7,725 2,799 5,942 3,274 10,484 ' July 2 215,936 13,130 93,147 11,435 20,465 7,521 7,656 32,677 7,905 2,876 6,132 3,063 9,929 July9 - 213,999 10,265 94,844 18,848 7,072 7,771 35,395 8,277 2,800 5,756 3,140 9,836 Secured by stocks and bonds— June 18 4,021,215 227,071 ,810,163 269,247 409,678 123,613 65,806 595, 604 143,807 37, 502 81,879 60,560 196,385 June 25 4,050,434 228,577 ,833,878 269,953 408,082 123,497 66, 763 602,012 141,396 37,819 82,157 60,123 196,177 July 2 4,112, 881 234, 721 ,889,429 274,702 411,139 120, 340 68,071 601,663 141,028 38, 336 79,105 59,639 194,708 July 9 4,106,479 245,697 ,841,750 279,058 415,062 122,260 67,330 611,947 142,915 40,858 79,085 61,408 199,008 All other loans and discounts— June 18 _ 7,875,646 612,138 509,690 360,884 715,847 336, 392344,933 ,178,147 308,670 185, 762315,420 199,797 807,966 June 25 7,873,864 610,9312;,542,290 363,938 715,986 337,193 339,904 ,156,848 306,571 185,995 315,412 199,243 799,553 July2 7,821,389 606,815 2,496; 233362, 599 710,758 337,791 340,334 ,169,461 303,756 183,078 316,622 196,911 797,031 July 9 .._ 7,877,141 609,394f,536,795 370,500 709,036 338,293 335,363 ,167,013 309,040 182,653 316,408 197,637 805,009 Total loans and discounts: June 18 .2, 111, 500 217 4,412, 518641,217 ,147,315 467,522 418, 528 ,807,063 460,234 226,064 403,363 263,545 ,014,914 June 25 .2,142,104 849,3424,472, 503644,970 ,145,199 468,334 414,334 ,792,752 455,692 226, 613403, 511262, 640 ,006,214 July 2 .2,150,206 854, 666 4':;, 478, 809648,736 ,142,362 465,652 416,061 ,803,801 452,689 224,290 401, 859259, 613 ,001, 668 July9_._ .2,197,619 865i,, "3"56 :4,, 473,389659, 553 ,142,946 467,625 410, 464 ,814,355 460,232 226,411 401,249 262,186 ,013,853 U.S. pre-war bonds: June 18 272,824 13,520 51,341 10,675 47,492 29,432 14,756 23,781 14,809 8,398 11,329 19,019 28,272 June 25 - 270,920 13, 520 51,290 10, 675 46,392 29, 732 14,746 23,628 14,809 8,348 11,929 19,024 26,827 July2 --.- 271, 403 13,520 - 51, 539 10, 675 46,462 29,432 14,744 23,623 14,809 8,373 11,929 19,024 27,273 July 9 - 271,846 13,718 52,065 10, 675 46,629 29,446 14,788 23,614 14,""" 8,338 11,974 19,034 26, 756 U. S. Liberty bonds: June 18. .- 1,186,031 80,549 571, 252 47,473 132,920 24,875 11,423 123,576 23,424 15,184 37,066 11, 547 106,742 June 25 - 1, 203,939 82,007 578,739 49,926 135,53" 25,058 11,404 125,972 23,580 15,230 36,738 11,675 108,073 July 2 ._ 1,240,026 86,979 589,85" 49,774 150,449 24,396 7,'" 132,980 22,222 19,583 37, 642 12,185 105,993 July9 1,236,514 86,867 578,406 47,923 159,680 24,721 8,325 130,442 23,091 20,476 38,655 12,315 105,613 U.S. Treasury bonds: June 18 - 69, 309 6,053 26,08: 2,304 2,213 1,022 629 11,686 3,492 380 2,770 1,187 11,486 June 25 71,057 B,179 25, 226 2,314 2,150 967 629 11, 604 3,491 590 2,747 1,187 13,973 July2 70,055 5,998 23,162 2,3ir 2,111 1,022 630 11, 308 4,188 590 2,515 1,224 14,995 July9 69,177 5,996 21,844 2,31' 3,144 1,022 721 11,049 3,""" 590 2,312 1,197 15,296 U. S. Treasury notes: June 18 632, 643 17,138 319,185 30,207 44,129 4,899 3,724 112, 596 14,995 27,346 13,989 10,943 33,492 June 25 - 634, 298 15,853 320,573 29,293 44,248 4,408 4,726 113, 935 15, 583 27, 350 13,850 11,793 32,686 July2 --. 660,999 15, 703 326, 697 28, 627 42, 643 4,381 3,843 136,489 15, 233 25, 574 17,461 10,548 33,800 July9 630, 835 15,358 321,164 26,823 44,152 4,208 3,725 115, 536 15,087 24, 694 17, 669 9,316 33,103 U.S. certificates of indebtedness: June 18 -- 134,318 16,268 55, 413 8,644 7,160 2,453 2,808 16, 202 2,868 4,520 2,026 3,333 12,633 June 25 _ 132, 660 16, 251 59,046 6,983 5,924 2,35V 1,556 15,449 2,680 4,625 2,035 3,273 12,581 July 2 131,048 16,151 56, 721 8,317 2,330 2,364 15, 394 1,897 1,680 1,949 3,572 13,843 July9 - -- 126,463 16, 539 55,823 6,314 8,098 2,349 1,282 15,164 1,380 1,680 1,762 3,493 12, 579 Other brads, stocks, and securities: June 18. —-- 2, 464,15' 189, 372 958, 747209,397 317, 880 51,879 41,296 348,814 91, 536 23,422 56,816 13,351 161,647 June 25 - 2, 513,782 191, 533 984,233 213,949 321,826 52,529 41,069 359,295 92,443 23,353 57,300 12, 879 163, 373 July 2 — 2, 532, 722 201,601 987,467 216,273 320,4ir 52, 408 41,036 363, 538 92,124 24,096 57, 471 13,428 162,861 July9 , 2,522, 63" 193, 25C 990, 746216,066 320,54 52, 649 40, 999 360, 635 91,993 24, 207 55, 768 13,174 162,609 Total loans and discounts and investments: June 18 -. 16,870, 7821,172, II1 1,394, 54? 949,91' 1, 699,10E 582, 082493., 16412,443,718 611,348 305,31' 527,359 322,9251, 369,186 June 25. 16, 968, 7601,174, 685 6i,, 491, 61f 958,1101, 701,27 583,385 488,464 2,442, 635 608,278 306,009 528,110 322,471:1, 363,727 July2 17,056, 45911,194,618 66,, 514, 25' 963,227 I1!, 712,763 579, 621486, 64412,487,13" 603,162 304,186 530,826 319, 594'., 360,433 July9 17,055,0911,197,084 6,493,43' 969,67. 1,725,19 582,02C 480,3"04 22,, 470,79 610, 281306, 396529,389 320,7151., 369,809 Reserve balance with Federal reserve banks: Junel8._ 1, 596, 232 76,258 794, 76: 71,175 110, 72C 35, 418 36,23C 235, 62! 44, 763 20,428 48, 776 24,459 97,617 June 25 1, 544, 661 84,987 69, 576 110, 092 35, 963 35,743 236,473 43,853 20,246 43, 966 23,867 101,199 July2 - 1,520,871 96,811 702, 51 74, 294 108,025 37,252 32, 33J 230, 07* 43,834 18,509 54,446 22,394 100,377 July9 1, 94,199 728,98£ 76, 224 107, 565 35,459 36,34S 216, 66S 45,834 22,193 50, 277 24,922 Cash in vault: Junel8_ 274, 700 19,425 76,67 14,959 30, 252 13, 344 10, 66£ 53, 50S 7,198 6,03 12, 787 8,824 21,029 June 25 _ 278, 636 19,157 79, 306 15, 276 29, 604 13,394 10, 25£ 53,780 6,912 6,238 13,935 9,342 21, 437 July 2 - 292, 001 19,667 87, 935 16, 555 29,685 13,670 11,23S 55,404 8,149 5,764 12,448 9,635 21,850 July9 298, 584 20, 336 85, 22C 15, 542 32, 73e 13,712 11,351 58, 610 V 6,800 13,146 9,634 23,928 Net demand deposits: June 18. 11, 882,986 817,451 5,387,307 694, 555 909,88E 326, 01 267,3981,., 682,713 358, 256 194, 79 401,47: 213, 62 729, 622 June 25 11,837,14( 820,017766 5,360,05f 910, 54C 263,41 1, 576,88f 353,371 193,40C 402, 59 212,167 726,767 July2 --- 11, 994,33C 847,449 5,387,46E 710, 830 923, 54E 327, 957 264, 86(1, 626, 046 353,44: 194,240 417,203 212, 359 728,932 July9 ... 12,021,35' 842,089 5, 407,46: 719,307 936,10a 332,10C 268,44S1, 595, 744 363,25! 199,754 411,909 213,84 731,344 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGCST, 1924 FEDERAL RESERVE BULLETIN 669 PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM JUNE 18 TO JULY 9,1924—Continued fin 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 - AtlantaiChicago L S ou t. is M ap i o n l n is e- K C a i n t s y as Dallas F c S r is a a c n n o - Time deposits: June 18 _ 4,379,316 293,388 975, 252132, 435 670,127 169, 533 185, 927 197,911 84,438 134,982 87,838 610,794 June 25 4,414,306 297,397 988,050 133,741 673,924 169,475 187,321 841,976 198, 840 85,009 135, 571 88, 200 614, 802 July 2 __ _ 4,418,377 311,960 972,340 137, 088 677, 505171, 592 191, 249 839,995 196, 596 85, 343132, 531 87, 813 614,365 July9 4,437,143 312, 258 976,276 139, 596 676,759 172, 072 189, 041 839, 931197,826 85, 770134,959 87, 502 625,153 Government deposits: June 18 __ 129,485 20,560 27, 546 15, 761 17, 005 5,493 6,115 16,545 2,860 2,843 1,520 3,797 9,440 Jane 25 129,423 20,560 27, 546 15,716 17,005 5,493 6,115 16,545 2,860 2,843 1,520 3,805 9,415 July2 _, 129,415 20, 561 27, 546 15, 761 16, 996 5,493 6,076 16, 545 2,860 2,843 1,520 3,798 9,416 July 9 113,559 19,584 23, 039 13, 771 14,813 4,917 5,579 14,274 2,467 1,255 3,231 8,141 Bills payable and rediscounts with Federal reserve banks: Secured by U. S. Government obligations- June 18 41,791 1,181 9,884 4,025 7,390 3,807 3,846 4,744 1,103 160 671 525 4,455 June 25 _ 40,008 1,556 12,444 5,220 6,635 4,531 4,244 1,461 1,371 280 636 185 1,445 July 2 , 70,478 974 44,728 4,457 5,254 5,072 1,245 662 375 229 4,925 July 9 425 7,853 4,427 2,042 4,144 1^853 2,212 242 165 737 3,525 All other- June 18 74,443 600 6,899 1,992 5,843 14, 741 8,816 8,404 4,374 1,001 8,145 3,685 June 25 . 66,136 435 6,525 2,299 4,387 16,120 7,815 6,780 2,550 784 4,136 3,668 10, 637 July 2 62, 586 745 7,455 3,738 3,718 13, 818 7,947 5,344 3,248 624 2,290 2,888 10,771 July9 55,383 7,907 2,804 3,067 12,126 6,329 4,575 2,796 1,526 2,877 3,087 7,623 BANE BALANCES IN FEDERAL RESERVE BANK CITIES Due to banks: June 18 2,323,543 132,5631,173,603 188, 277 46,474 28,534 11,660 412,148 84,767 43,805 84,981 20,700 96,031 June 25...... 2,291,217 128, 218 "1.,131,700 189,443 45,165 27,092 11,815 420,157 88,620 43,175 92,818 19,784 93, 230 July 2 2,392,279 144, 536 1:, 179, 749 195,788 47,567 28,903 11,488 438, 879 84,274 45,244 92,117 21,464 102,270 July 9 2,415,210 148,889 1:,. 182, 014 197, 818 50,913 34,035 13,126 418,811 93,441 45,895 98, 007 20,527 111, 734 Due from banks: June 18 671,297 50, 754 78,887 88,633 34,157 13,189 11, 889 204,052 34,817 32,161 40,664 22,064 60,030 June 25... 51,298 83,048 80,794 37, 776 15, 335 9,433 194,456 42,150 30,80,r 53, 017 19,431 51, 093 July2 645,691 42,196 77,331 82,483 36,115 13, 386 10,114 187,174 39,055 36,910 43,871 20,100 56,953 July 9 663,065 46,705 80,779 83,245 27, 505 14,572 12,147 193,526 40,309 27, 083 49,777 19,976 67,441 REPORTING MEMBER BANES IN NEW YORK CITY AND CHICAGO [Amounts in thousands of dollars] Banks in New York City Banks in city of Chicago June 18 { June 25 July 2 July 9 June 18 June 25 July 2 July9 Number of reporting banks 67 67 67 67 48 48 48 48 Loans and discounts, gross: Secured by United States Government obligations.__ .. .. 85, 457 89,004 86,266 87, 518 25,601 26,232 25, 074 27, 823 1, 609,052 1,637,605 1,683,381 1,644,943 440,531 446,589 446,144 454,843 All other loans and discounts 2, 203,561 2,236,264 2,194,368 2,234, 865 688,964 680,125 684, 995 687,984 Total loans and discounts 3,898,070 3,962,873 3, 964,015 3, 967, 326 1,155,096 1,152,946 1,156,213 1,170, 650 United States pre-war bonds . ... 39,927 39, 776 40,025 40,135 4,189 4,188 4,136 4,136 504, 397 510,875 523,302 514, 076 60, 761 61,426 67,773 64,280 United States Treasury bonds _. . 18, 702 17,841 15, 777 14,926 4,355 4,268 4,006 3,747 296, 354 298,331 304, 466 298, 882 77,866 78,982 101,516 80, 596 United States certificates of indebtedness 53, 737 58,090 55, 765 54,867 6,499 6,062 6,664 6,390 Other bonds, stocks, and securities 732,495 753,024 752,333 753, 798 164,184 173,036 176,080 172,633 Total loans, discounts, and investments. 5,543,682 5,640,810 5,655, 683 5, 644, 010 1,472, 950 1,480, 908 1, 516,388 1, 502,432 Reserve balance with Federal reserve bank... 742, 072 688, 566 646,352 676,429 171,853 172,994 162,928 151,688 Cash in vault . 62,149 63, 535 71,117 69,069 27,355 27, 845 29,080 30, 977 4,865,141 4, 852, 870 4,855, 415 4,890, 907 1,076, 235 1,078,852 1,113,000 1,083,421 Time deposits 664,090 679,954 661,934 667,139 386,554 390,945 391,606 390,582 Government deposits' 23, 614 23,614 23,614 19, 686 8,082 8,082 8,082 7,090 Bills payable and rediscounts with Federal reserve bank: Secured by United States Government 5,650 6,225 35,534 4,009 668 200 340 350 All other 1,027 1,822 2,129 2,666 2,167 2,043 1,439 1,540 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EARNINGS AND EXPENSES OF EACH FEDERAL RESERVE BANK FOR THE SIX MONTHS ENDING JUNE 30, 1924 OS EARNINGS O 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 St. Louis M ap in o n li e s - K C an it s y as Dallas Fra S n a c n isco Discounted bills $10,708,918 $562,831 $1,880,728 $861,644 $915,788 $1,173,817 $990,267 $1,325,681 $753,966 $355,951 $643,141 $264,686 $980,418 Purchased bills 3,814,954 364,282 771,837 320, 813 502,630 44,558 174, 532 532,189 64,259 72,647 87,037 510, 774 369,396 United States securities 5,035,498 382,804 1,095,393 517,076 577,161 80, 471 41, 346 709, 499 105,679 337,125 340, 629 327,127 521,188 Deficient reserve penalties 213,890 2,910 14, 715 5,069 10,724 34, 232 23, 231 21, 567 15, 763 24, 765 19, 387 27, 395 14,132 629,920 49, 559 86,056 13, 935 50,847 7,147 8,889 132,486 4,428 24,880 113,104 110,192 28, 397 -20, 403,180 1,362,386 3,848,729 1, 718, 537 2,057,150 1, 340, 225 1, 238, 265 2, 721, 422 944,095 815, 368 1, 203, 298 1, 240,174 1,913, 531 CURRENT EXPENSES Salaries: Bank officers $1,272,567 $65,250 $238,850 $65,333 $112, 500 $86, 733 $104, 5S8 $175, 005 $82, 715 $61,483 $80,171 $71,304 $128,635 Clerical staff 6,784,369 452,951 1,743,849 493,995 559, 584 359, 964 221, 552 937, 043 365,114 225, 635 380, 257 304,419 740, 006 T D A G F F r e e s i o a d d r s v v e e e e A S e c e s r r p r s l t a a l n l o i m e l l n o c r o r A g e s i r t e a n ' s h m s d l e ' t e e v x s o c e r r p i o f v e s f f e n i e o t o c n i f r n e e r a s y r r e g g s e F s s C e n a e n 1 c o d n e t u s e s d n ' r c c a w o i l l a n t f R c e h r e e m s n e c e rv e n s e Board 4 8 1 1 0 5 2 6 4 7 8 , , , , , 5 2 7 0 4 4 6 1 3 4 7 5 7 6 3 5 7 8 4 1 7 3 3 5 , , , , 3 4 6 0 1 7 2 0 3 1 4 7 3 2 6 1 4 0 1 1 8 4 1 5 7 9 1 , , , , 4 2 9 3 3 6 1 1 0 4 1 0 5 3 3 7 4 2 4 2 4 3 5 9 , , , , 2 5 5 0 5 1 3 4 9 5 7 3 9 2 5 4 6 8 1 5 1 1 1 4 1 9 , , , , 2 7 1 9 5 7 9 5 5 6 9 6 6 6 7 2 3 1 4 1 3 1 , , , , 5 1 1 0 9 5 4 1 7 8 3 2 3 8 7 0 6 4 1 1 12 9 8 8 , , , , 2 5 7 3 9 9 5 1 4 5 7 1 9 1 8 3 7 4 1 5 1 4 4 4 2 1 , , , , 5 3 1 1 0 6 5 5 8 8 4 5 7 1 5 3 8 9 5 0 1 2 1 0 6 5 9 , , , , 2 1 6 1 1 4 5 3 5 6 0 7 3 8 2 4 0 7 4 6 3 3 2 12 4 3 1 , , , , 9 3 6 6 3 6 2 0 4 4 9 2 1 4 4 7 2 8 3 7 13 9 8 7 , , , , 3 3 5 8 7 2 7 3 4 6 3 3 2 1 2 0 9 0 5 1 1 2 5 1 8 , , , , 9 3 7 7 7 6 7 7 9 1 8 6 0 7 4 4 7 2 1 0 1 6 4 1 , , , , , 0 2 4 2 7 0 9 0 1 7 0 1 8 0 8 9 3 360,830 26,465 97,385 32, 556 39, 267 19, 062 14, 584 49, 709 16, 438 11,971 15, 316 12, 829 25,248 Legal fees 58,707 1,914 7,080 3,610 5,398 1,687 7,296 1,206 12, 693 4,949 2,463 5,752 Insurance (other than on currency and security shipments) 210,151 13,640 35,445 17, 895 21, 256 13, 619 11, 304 20, 705 8,263 14, 528 18, 785 13,139 21,572 Insurance on currency and security shipments 282,812 36,219 42,828 34,315 15, 712 17, 372 30, 289 8,423 8,149 8,310 11,345 15,161 Taxes on banking house 401,968 55, 575 15,941 11, 563 101,022 20,834 23, 741 115,004 1,127 798 38,206 16,600 1,557 Light, heat, and power 142, 468 11,089 11,848 12, 307 21, 814 6,104 5,791 23, 396 1,754 879 28, 566 12, 031 6,889 Repairs and alterations, banking house 83,506 1,476 590 5,584 10, 251 2,039 6,679 9,227 11 60 45, 506 1,963 120 Rent 358,618 3,065 166,986 1,386 25,504 1,259 8,069 21,955 36,648 21, 897 9,203 674 61,972 Office and other supplies 249, 782 9,463 48,730 21,069 28,159 11, 241 13, 756 42, 632 9,437 9,785 14, 752 11,930 28, 828 Printing and stationery , 304,069 24,945 41,940 26, 438 32, 926 21, 703 15,468 37,187 11,896 19, 448 20,844 11, 334 39, 940 Telephone 102,265 9,872 23,947 12,796 7,391 2,746 2,126 14, 834 3,556 4,415 3,987 6,653 9,942 Telegraph 293,918 4,214 33,090 10, 767 17, 830 21, 510 40, 539 30, 276 21, 479 12,930 35,160 24,981 41,142 Postage 837,759 81, 761 127,202 73, 658 74, 723 60,107 49, 703 103, 790 57,162 39,827 70, 433 39, 318 60, 075 Expressage 18,960 43,772 24,493 13,977 14,581 11, 639 25, 811 6,270 3,973 5,035 11, 289 9,303 Federal reserve currency: Original cost, including shipping charges 132, 551 250,036 153, 920 66, 282 41,932 7,189 147, 504 4,420 5,753 16,168 68, 746 Cost of redemption, Including shipping charges 133, 822 13,468 27,119 19, 666 12, 306 13,453 1,996 22,056 4,354 854 4,308 2,920 11, 322 Taxes on Federal reserve bank note circulation 815 815 All other expenses 268,778 20,167 51,672 18,158 19,505 11,112 15, 713 34,021 I 14,509 14, 357 24,005 28,566 Total expenses 14, 703, 361 1,053, 331 3,284,965 1,131,166 1,392,250 796, 776 639, 867 058, 154 717,128 542,971 964,035 664, 243 1, 458, 475 RE CAPITULATION Earnings _ $20,403,180 $1,362, 386 $3, 848, 729 $1, 718, 537 $2, 057,150 $1,340, 225 $1, 238, 265 $2, 721,422 $944,095 $815, 368 $1, 203, 298 $1, 240,174 $1, 913, 531 Current expenses 14, 703,361 1,053, 331 3, 284,965 1,131,166 1, 392,250 796, 776 639, 867 2,058,154 717,128 542,971 964, 035 664, 243 1, 458,475 Current net earnings 5,699,819 309,055 563,764 587,371 664,900 543,449 663,268 226, 967 272,397 239,263 575,931 455,056 Dividends paid 3,325,910 237, 960 892, 255 303, 338 374, 791 174, 919 135,197 453, 699 151, 615 103, 572 134, 800 125, 549 238,215 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REIMBURSABLE EXPENDITURES OF FISCAL AGENCY DEPARTMENT Expenditures during 1924: $286,945 $12, 755 $29, 288 $14,464 $41,030 $16, 363 $17,049 $43,430 $22, 273 $31, 670 $25, 385 $15,923 $17,315 All other - - 49,086 2,160 8,092 1,067 9,544 2,014 2,874 4,872 3,689 6,248 1, 491 2,522 4,513 Amounts reimbursable Jan. 1, 1924 126, 680 4,149 18,198 4,713 19, 743 6,260 7,690 22, 655 8,104 11, 453 8,416 4,068 11,201 Total -..-'. — - 462, 681 19, 064 55, 578 20,244 70,317 24,637 27,613 70,957 34,066 49, 371 35,292 22, 513 33,029 Reimbursements received during 1924- 414,645 16, 893 50, 837 17,904 62,399 21, 520 24, 411 65, 714 30,717 45,643 30,326 18,797 29,484 Balances reimbursable July 1,1924... 48,036 2,171 4,741 2, 340 7,918 3,117 3,202 5,243 3,349 3,728 4,966 3,716 3,545 1 Other than those connected with governors' and agents' conferences and^meetings of directors and of the advisory council 1 S tr1 I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

672 FEDERAL KESEB.VE BULLETIN AUGUST, 1924 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— m T b o e a t m a n l b k a e s l r l Le 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 a 1 n 0 d 0 , o 0 v 00 er T m b o e a t m a n l k b a s e l r l Les 5 s ,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 a 1 n 0 d 0 , o 00 v 0 er Increase (+) or decrease (—) since preceding Amount on June 25,1924 monthly report KET DEMAND DEPOSITS Boston 1,249,512 39,265 65,898 196,198 948,151 +21,153 -96 +1,190 -291 +20,350 5,982,997 161,863 106,083 288,151 5,426,900 +359,663 +5,102 -605 +5,534 +349,632 Philadelphia. . 1,067,178 122,034 70, 387 129, 508 745, 249 +13,516 +809 +213 +3,088 +9,406 Cleveland _. .. 1,385,052 147,123 122, 303 191,895 923, 731 +13,509 +9 +2,380 +742 +10,378 Richmond 531,197 90,563 58, 682 137, 227 244, 725 -12,805 -974 -981 -13,175 +2, 325 Atlanta 477,319 63,999 59,322 159,119 194,879 -8,712 -3,014 -3,208 -1,681 -869 2,216, 745 189, 634 116,056 347,392 1, 563,663 +24,101 -4,347 -2, 938 -5, 769 +37,155 St. Louis.. „ 641,034 U0, 846 66,973 85,400 377,815 +7,001 -1,159 -1,815 -831 +10, 806 396, 739 102,010 73,113 71,541 150, 075 -1,032 -4,976 +3, 458 +1,224 -738 Kansas City 727,746 175, 360 115, 325 165,127 271,934 +13,425 +2, 502 +8, 692 +1, 246 +985 Dallas 519,950 154,458 90,265 111, 701 163,526 -2,870 -4,968 -1,041 +5,329 -2,190 1,206,298 155,325 77,157 128, 536 845, 280 -5,235 -388 -2,209 -4, 930 +2,292 Total: June 25,1924 16,401, 767 1, 512,480 1,021, 564 2,011, 795 11,855,928 +421,714 -11, 500 + 3,136 -9, 514 +439, 592 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, 730 11,299,210 +128,979 -26, 541 +552 +10,321 +144, 647 TIME DEPOSITS Boston 656, 959 51,399 69,933 160,898 374, 729 +10,333 +152 +661 +1, 578 +7,942 New York : 1,812, 215 247,027 145,994 373, 741 1,045, 453 +30,300 +1, 533 +1, 666 +827 +26, 274 Philadelphia 695,498 214, 560 114,214 196, 907 169,817 +6,990 +1, 399 +305 +1, 632 +3,654 Cleveland . __ . I, 226,845 186,277 134,093 188, 256 718, 219 +26, 331 +302 +243 +2,146 +23,640 461,243 132,101 83, 890 130,487 114,765 +1, 658 -291 +256 +872 +821 Atlanta __ . 347,419 52,214 47,839 131, 791 115, 575 +799 -868 +91 +2,077 -501 1,636, 533 243,032 149,510 376,170 867,821 +16,648 +1,198 +1,929 +3, 568 +9,953 St. Louis.- 406,117 70,142 44,089 66, 705 225,181 -5,613 +345 +214 -71 -6,101 Minneapolis 398,800 183,843 95,447 58,251 61,259 +3,131 +38 +902 +460 +1,731 Kansas City 297,67' 89,677 56,683 63,898 87,421 +1,020 +60 -947 +357 +1,550 Dallas 159,052 18, 554 27, 775 53, 759 58, 964 +4,967 -175 +667 +2,352 +2,123 San Francisco 1,051,859 99, 617 46,962 91,077 814, 203 +12,409 +132 -623 -1,120 +14,020 Total: June 25,1924 9,150,219 1, 588,443 1,016,429 1,891,940 4, 653, 407 +108,973 +3, 825 +5, 364 +14, 678 +85,106 May 28,1924 9, 041,246 1, 584, 618 1,011, 065 1,877,262 4, 568, 301 +66, 655 +2, 036 " +3, 031 +13,435 +48.153 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 GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM JUNE 19, 1924, TO JULY 16, 1924, INCLUSIVE [In thousands of dollars] Changes in ownership Transfers Daily settlements of gold through trans- Balance in Federal reserve bank fers and settlements fund at close of period Debits Credits Debits Credits Decrease Increase Boston . 9,000 2,000 664,384 55,486 New York... 14,000 32,000 2,193,476 2,122, 227 53, 249 149,792 Philadelphia _ 6,500 2,500 634,128 648, 737 10,609 34,454 Cleveland 8,000 2,000 539, 283 560,052 14,769 79, 287 Richmond 6,000 1,000 405, 738 414, 772 4,034 33, 55« Atlanta 4,000 5,000 233,926 232, 339 587 12,152 Chicago 22, 500 2,500 1,120,593 1,138,955 1,638 112,776 St. Louis 3,500 14, 000 463, 768 450, 389 2,879 30,424 Minneapolis 500 1,500 150,151 150, 420 1,269 5,765 Kansas City _ _ 500 6,500 354,912 349,365 453 29,190 Dallas _ 1,000 192,023 183, 602 7,421 3,619 San Francisco , 4,500 260,044 263, 286 7,742 27,837 Total four weeks ending— July 16,1924 74, 500 74, 500 7,178, 528 7,178,528 65, 774 65,774 574,338 June 18,1924 _.. 76, 000 76, 600 7, 235,418 7, 235,418 574,152 July 19,1923 73, 500 73,500 6, 829,965 6,829,965 649,035 June 21,1923 _ 158,050 158,050 6,819,205 6,819,205 694, 763 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL. RESERVE BULLETIN 673 MONEY IN CIRCULATION JULY 1, 1924 [Source: United States Treasury Department circulation statement) Money in circulation Money held by the United Kind of money Stock of money' States Treasury July 1, 1924 and the Federal reserve system! June 1,1924 July 1, 1923 Amount Per capita Gold coin and bullion.. 8 $4,490, 716, 239 $4,094,301,422 $396,414,817 $3.52 $402,121,981 $404,181,003 Gold certificates .. * (1,218,350,659) 416,969,840 801,380,819 7.11 779,169,139 386,456,089 Standard silver dollars _. 503, 756,769 449, 739,968 54,016,801 .48 54,078, 252 57,261,801 Silver certificates ' (408,365,410) 43,951,198 364, 414, 212 3.23 373, 381,041 364, 257,981 Treasury notes of 1890 < (1, 422, 626) 1,422, 626 .01 1, 425, 026 1, 460,383 277, 590,246 24, 619,402 252,970,844 2.25 252, 557,088 247,307,489 United States notes. . - 346, 681,016 48,890, 524 297,790,492 2.64 305,965,593 302, 749,451 Federal reserve notes. ... _. ... 2, 339, 048,030 495,956, 992 1,843,091,038 16.36 1,897,635, 751 2,234,659,226 Federal reserve bank notes 10, 596,170 529, 822 10,066,348 .09 10,438, 586 19, 969,203 National bank notes.. . 778, 011, 779 44,176, 741 733, 835,038 6.51 738,628,998 711,075,890 Total 8, 746,400,249 « 5,619,135, 909 4, 755,403,035 42.20 4, 815, 401, 455 4, 729,378, 516 Comparative totals: June 1, 1924 8, 750, 765,284 > 5, 531, 542,938 4,815,401,455 42.78 May 1,1924 . 8,776, 575,139 • 5, 564,987,852 4, 760,113, 559 42.33 Apr. 1, 1924 8,757, 501, 955 •5,433,529,484 4,812,861,042 42.85 Mar. 1, 1924 8,797, 775, 557 8 5,436,695, 553 4,807,777, 746 42.85 Feb. 1, 1924 8,800,088, 564 •5,524,291,506 4, 681,707, 784 41.77 Nov. 1,1920 8, 326, 338, 267 1 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 ' 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. 4 These amounts are not included in the total since the money held in trust against gold and silver certificates and Treasury notes of 1890 is included under gold coin and bullion and standard silver dollars, respectively. 'Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this statement are shown in parentheses in the first column. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT JULY 31, 1924 Paper maturing— After 90 days After 6 but Within 90 days but within 6 within 9 Federal reserve bank months months p a C a n a g o p d r m e i l c r i m , u v l n e e t s r . u c t e r o i a . a c l l s k , , . U G S o n o b e i v c t l e i u e g d r r a e n t S d m io t b a e n t n y 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 p i l c a iv u p e l e t s r u to r c a k l' a A n g d r p i l a c iv 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 34 34 34 34 Philadelphia 34 34 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 Chicago 4 4 4 4 4 4 St. Louis - - 4 4 4 4 4 4 Minneapolis 44 44 44 44 44 44 Kansas City .. 4 4 4 4 4 4 Dallas 4 4 4 4 4 4 San Francisco. 4 4 4 4 4 4 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. 3145—24f 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

674 FEDERAL RESERVE BULLETIN AUOUST, 192-i DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES [In thousands of dollars] MONTHLY SUMMARY FOR BANKS IN 141 CENTERS 1024. 1923 Number Federal reserve district of centers April May June April May JUDC No. 1—Boston__ 2, 118, 054 052,772 2, 040. 544 2, 119, 787 2, 139, 645 2, 172. 872 No. 2—New York 21,356,913 124,834 22, 039', 521 21,180, 741 21, 399, 850 21, 7S9, 805 No. 3—Philadelphia-_ 1, 942, 356 894, 928 1, 936, 205 1, 863, 477 1,973. 625 2,083,113 No. 4—Cleveland 2, 275, 246 122, 402 2,105,227 2, 227, 570 2. 266, 888 2, 278, 941 No. 5—Richmond 672, 896 665, 057 673, 372 676, 260 701,164 - 742,692 No. 6—Atlanta 970,084 916, 882 872, 788 886, 328 922, 450 902, 403 No. 7—Chicago 4, 643, 076 746, 250 4, 582, 549 4, 737, 859 4, 899, 390 4, 772, 812 No. 8—St. Louis 1. 033, 484 057, 603 1,035,196 1, 039, 549 1, 076, 560 1,104, 142 No. 9—Minneapolis .. ' 552, 910 596,115 613, 515 596, 914 634,217 652, 341 No. 10—Kansas City.. 1,012; 890 COO, 236 963, 496 1,130,015 1,142.172 1, 155, 879 No. 11—Dallas 483, 944 466, 066 447, 735 488, 255 486, 003 465, 461 No. 12—San Francisco. 2, 456, 815 401, 209 2,319,693 2, 347. 653 2, 429, 942 2, 453,134 Total 39, 518, 668 40, 044, 354 40, 229, 841 39, 294, 408 40, 071, 906 40, 573, 595 New York City 1 20, 653,978 21, 405, 560 21,925,659 20. 478. 562 20, 703 871 21, 041. 296 Other cities 140 18, 864, 660 18,638,794 18,304,182 i 18,815,846 19. 368, 035 19, 532, 299 i WEEKLY SUMMARY FOR BANKS IN 241 CENTERS 1924 1923 Week ending- Week ending— Number Federal reserve district of centers June 25 July 2 July 9 July 16 June 27 July 3 July 11 July 18 I No. 1—Boston.. 497, 316 615,686 459, 458 560, 095 496, 941 556, 477 529. 595 541, 019 No. 2—New York 5, 087, 651 6, 235,106 4, 282, 575 5,291,881 4, 899, 847 5, 442,122 4, 954,106 4, 474, 846 No. 3—Philadelphia... 512, 465 557, 030 407, 498 511,418 515,959 500, 372 486, 271 501, 361 No. 4—Cleveland 556, 947 680, 175 527, 725 607, 944 607, 028 643,436 664, 451 655, 191 No. 5—Richmond 260, 343 305, 869 241, 571 277,793 261, 062 290, 881 296, 909 278, 531 No. 6—Atlanta 197, 060 239, 914 204, 651 230, 733 199, 905 223, 970 233,491 212, 533 No. 7—Chicago 1, 020, 785 1, 298, 208 944, 535 1,179,934 1, 121, 696 1, 130, 412 1,130, 082 1, 162, 066 No. 8—St. Louis 235, 095 283, 399 221, 372 267, 983 243, 114 254,7)2 271, 776 270, 469 No. 9—Minneapolis.-. 140, 643 176,102 136, 063 166, 051 145, 665 145, 028 167, 883 152,971 No. 10—Kansas City_- 223, 447 2S7, 992 225, 797 285, 395 251, 620 250, 577 284, 044 279, 208 No. 11—Dallas 110, 280 121,158 105, 916 118, 372 102, 551 108, 400 120,064 109, 983 No. 12—San Francisco 530, 025 607, 871 495, 747 623, 459 547, 367 531, 264 632, 648 623, 880 Total 241 9, 372, 057 11, 388, 510 8, 252, 908 10,121.058 9, 392, 755 10, 082, 651 9,771,320 9, 262, 058 BANK DEBITS FOR FEDERAL RESERVE BANKS AND BRANCH CITIES June 25 July 2 July < July 16 June 27 July 3 No. 1—Boston 337,110 411, 727 300, 993 377, 855 328, 428 374, 734 341, 641 355, 325 No. 2—New York t, 814, 567 5, 870, 941 4, 012, 572 4, 989, 282 4, 648, 323 5, 121, J76 i, 646, 543 4,196, 053 Buffalo 62, 681 89, 088 62, 349 76, 276 66,489 81,732 82,-171 76, 252 No. 3—Philadelphia .. 392, 896 416, 900 292, 883 381, 201 396,911 371, 786 349, 572 366, 489 No. 4—Cleveland 134, 523 166. 623 124, 607 152, 779 140, 852 162, 454 162, 897 165, 334 Cincinnati 69.098 11, 038 64, 707 81,119 77, 460 75, 655 82, 457 82, 515 Pittsburgh 182, 047 234, 758 171, 712 190, 058 201, 435 223, 051 208, 449 203, 685 No. 5—Richmond 24,428 33, 408 26, 385 30, 641 27, 749 31, 802 30, 083 27, 574 Baltimore 84, 965 104, 750 68, 553 90, 501 85,500 S2, 200 97, 500 94, 700 No. 6—Atlanta 29, 961 32, 407 25, 221 32, 680 27, 424 30, 230 31,190 28, 620 Birmingham 23, 066 27, 665 25, 010 26, 333 23, 947 25, 872 27, 758 24, 788 Jacksonville . -. 12, 523 12, 974 11, 524 14, 231 11,708 12, 539 12, 887 13, 202 Nashville 14, 447 17, 630 15, 708 17,205 15,313 17, 646 17, 393 17, 585 New Orleans .. 55, 347 77, 474 60,711 67, 272 58, 231 65, 924 66, 620 58, 996 No. 7—Chicago 685, 440 828, 442 563, 589 718, 607 658, 344 703, 212 665, 147 702, 326 Detroit 172,044 164,954 117, 951 162, 022 186,116 142, 326 144, 739 157, 377 No. 8—St. Louis 136,114 169, 020 124, 094 158, 809 142, 671 150, 041 159,187 160, 304 Little Rock.... 12, 067 12, 978 11, 250 13, 629 9,500 i 9,542 12, 041 12, 952 Louisville 36, 902 46, 361 35,195 40, 577 36, 415 40, 218 41, 077 39, 487 Memphis 23, 763 27, 676 24, 277 26, 537 25,030 28, 499 25,997 26, 629 No. 9—Minneapolis ... 70, 036 89, 603 66, 796 87, 372 60, 6G2 65, 683 79, 706 73, 500 Helena 1,865 2, 412 2,385 2,671 1,728 1, 896 2,866 2,015 No. 10—Kansas City ... 63, 990 70, 782 60, 842 94,610 71, 241 68,908 77,282 79, 249 Denver... 34, 102 43,170 31, 476 37, 523 32, 465 37, 085 39,697 37, 261 Oklahoma City 14, 112 21,131 16, 298 17, 952 18, 357 17, 924 20, 356 20, 743 Omaha 40,771 41, 621 37, 677 43, 315 46, 327 41,690 51, 804 51, 528 No. 11—Dallas 33,147 34,863 30, 760 34, 864 30, 027 31, 580 33,066 30, 813 El Paso 8,422 9,098 7,908 8,005 6,310 6,352 8, 496 6, 373 Houston 23, 014 25, 051 19,903 24,651 | 21, 327 21,185 28, 508 24, 113 No. 12—San Francisco . 171, 748 195, 110 156, 981 205,595 178,849 172. 257 188,483 193, 80S Los Angeles. _ 161,651 172, 515 134, 763 170, 174 156,058 151, C09 180,085 183,254 Portland 34, 547 34, 494 31, 194 38, 247 31, 2f.4 25, 594 45, 704 i 37, 780 Salt Lake City 14,513 16,509 12, 545 14, 951 13, 897 14,571 15, 4C8 | 14,037 Seattle 28, 709 47, 833 34, 089 51,521 36, 010 35, 097 39,305 "14,283 Spokane 10, 329 12, 010 9, 813 12, 469 10, 541 11,563 12,786 12,304 I 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 entire month while the latest figures cover only a week. Attention is discounts in the various cities in which Federal reserve banks and their also called to the fact that the method of reporting the rates has been branches are located, as reported by representative banks. These rates somewhat modified and that slight changes in the rates may reflect are not averages but are those rates at which the bulk of paper of each these modifications. class is handled by reporting banks. Where it appears from the reports In general, rates were lower during the seven-day period ending that no one rate clearly covers the bulk of the paper handled, a range July 15 than during the corresponding period in June. In many of the rates most commonly charged is given. In making comparisons cities certain banks reported lower rates while others reported, the between the rates charged during 1924 and rates charged at earlier same rates, so that wider ranges are shown for these cities than preperiods it should be borne in mind that the earlier rates refer to an viously. Customers' prime commercial peper Loans secured by stocksand bonds Interbank loans Lo L a i n b s e r s t e y c u b r o e n d d s by w L a o r a e n h s o u se se c u r r e e c d e i b p y ts Cattle lo 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 m I July July Julv July July July July July July June 15, July June 15, July June 15, July June 15, July June 15, July June 15, Julv June 15, July June 15, 15, 15, 1023 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1923 15, 15, 1.923 15, 15, 1923 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 > 44-41 44-5 5 4-5-4| 41-5 5 4 4J 5 5 F 5 3 3 -34 5 5 ,. 54 I No. 2—New York 4 -5 44-5 4 -5 4}-5 5J-5} 4 -4} 4J-5 5 -5-14 -4J 44-5 5 2 -4j 2 -6 5 -5+ 3 -4} 5 -54 54 4 -5 5 -55 Buffalo 5 -6 5 -6 6 41-6 6 5 -6 5 6 5 -6 5 -0 6 5 -6 5 -6 6 5 -6 54-6 0 6 No. 3—Philadelphia . 4 -5 44-5 5} 4 -4* 44-5 5 4 -4| 44 5 4 -4} 4} 5 34-5 44-5 5i 4 -6 41-5S pi %j 0 4— P C i l t e ts v b el u a r n g d h . 6}-6 6 5-6 6 6 6 6 6 5 -8 6 6 6 5 6 5 6 5 6 5 -6 6 5 -8 0 8 6 6 6 54-6 6 f 6 i 6 6 54 " -6 8 6 6 * 54 * - 6 8 54-6 6 6 Cincinnati . 0 6 8 6 6 0 54 6 5 -5* 54-6 s* 5 -54 54-6 6 54-6 5j-6 6 5-2—6 6 6 6 No. 5—Richmond . . 5 -54 5 -54 6 5 -6 54-6 6 o 5 44-6 64-6 5J-6 6 54-6 .54-6 6 6 41-6 6 Baltimore - . 5 -54 5-51 51 5 -5* 51 45-5J 41-51 51 4J-5 51-5} 51 4J-54 5 -54 55 4J-5-I- 5i-5i 5} 54-6 51-6 6 5 -6 44-6 6 5 -6 5 -6 5 -6 6 5 -6 6 5 -7 5 -7 6 5 -7 5 7 6 5 -7 fj 6 Birmingham.. 5 -6 5 -6 6 5 -8 5 -6 6 5 -6 5 -6 6 6 6 a 6 6 6 fi 6 6 8 6 6 Jacksonville . 6 6 6 6 6 6 6 6 6 6 6 6 6 6 6 -7 6 6 6 -7 6 6 New Orleans 5 -6 5 -6 6 5J-6 5*-6 61 4—54 5 -6 si 5 -6 5-6 5} 5 -6 54-6 51 5 -6 54-6 6 -61 54-7 6 6 Nashville. _ _ 5}-6 54-6 7 6 6 5J-6 54-6 6 5 -6 5 -6 6 54-6 54-6 54-6 54-6 6 -7 •54-6 54-6 7 No 7 Chicago 44-5 5 -6 4J-54 5 -6 5 -54 5 -54 5 -54 5-54 44-5i 5 -5} 44-5 44-5 54 44-54 44-5J 54 5 5 54-6 54 54 54-6 No. 8—St. Louis ... -. 5 4 2 - - 5 6 6 } ! 5 -6 5 6 6 6' 4 4 4 - - 5 6 6 4 * 6 5 - - 6 5 6 i 5 5 6 4 4 5 -6 54 5 51 - - 5 5 5 4 4 5 5 5 4 4 5 5 - - 5 6 5 4 5 5 - - 5 6 6 4 6 5 6 4 4 4 1 4 - - 6 6 6 4 5 J - - 5 6 6 4 8 6 54 4 5 1 - - 6 6 6 5 5 - - 5 f 6 l 4 6 5 6 4 5 5 * - - 6 6 6 5 5 4 4 - - 6 6 6 6 6 6 6 6 6 Little Rock I 6 6 6 6 6 6 6 6 5 -7 6 6 6 -7 6 6 6 -7 6 h 6 6 -7 6 6 7 No. 9—Minneapolis 5 54 5-54 5J-54 54-6 5J-6 6 54 5 -54 Si-Si 54 5 -54 5i-54 54 ? 8 lf 8 8 8 8 7 -8 7 8 8 8 8 8 8 g 8 9 No. 10—Kansas City .. 5 -6 6 6 6 6 6 6 6 6 o -6 6 6 5 -0 6 6 5 -6 6 6 5 -6 6 6 6 -7 7 6 44-6 5 -6 6 44-6 5 -6 6 54-64 5J-6 6 5 -6 5 -6 64 4 -6 6 5 3J-6 6 6 6 6 7 7 -8 6 -7 7 Denver .. . . 54-6 6 8 6 8 6 -8 6 -7 7 6 6 8 54-6 6 6 54-6 6 7 -8 6 -7 6 -7 8 6 -8 6-7 8 Oklahoma City 6 -7 6 -7 7 ' 6 6 8 6 -7 6 -7 6 6 6 8 0 6 -7 7 6 -7 6 -7 7 6 -8 6 -8 .8 7 -8 7 -8 a No. 11— E D l a P ll a a s s o . . ... 4 -6 8 4}-6 8 6 8 5 -6 8 4i-6 6 8 4 6 4 - - 8 6 6 5 - - 7 6 8 6 5 -7 8 5 -8 8 6 8 5 -7 8 6 -7 8 6 8 6 -7 8 6 -8 8 8 7 54-8 8 54-7 6 8 4 8 6 - 1 - 0 8 7 8 8 8 Houston , . .. 5 -6 5 -6 6 5 -6 5 -6 6 44-5 4J-54 54 5 -6 5 -6 6 5 -6 5 -6 5 -6 5 -6 6 6 7 7 -8 7-8 i 5 44-6 54 5 44-0 54 5 -6 5 -6 5 -54 5 -6 5 -6 54-6 5 -6 54-6 54-6 5 -6 54-6 6 5 -6 6 6 6 Portland 6 -7 6 6 -7 6 6 6 . 7 6 -7 G 7 6 -7 6 -7 7 6 -7 6 -7 7 6 -7 6 -7 7 6 -64 6 64 Seattle 6 6 6 6 0 6 6 6 6 6 6 6 6 6 6 -7 6 -7 6 -7 6 -7 6 -7 7 6 6 Spokane.. .. .. 6 -7 6 7 6 -7 6 7 6 -7 6 7 6 -7 7 7 6 -7 8 6 -7 7 -8 6 -8 64-8 8 7 -8 Salt Lake City 4J-6 6 61 6 4 4 - - 7 6 0 6t 6 -7 6 61 6 -7 6 -7 65 6 -7 6 -7 61 « 6 -7 \ 6 -7 64 6J-7 7 6J 74 7 6 -7 7} Oi Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

676 FEDEKAli RESERVE BULLETIN AUGUST, 1924 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Twelve months ending Twelve months ending COUNTRIES June— June— June— June— 1923 1924 1923 1924 1923 1924 1923 1924 Denmark.. $1,115, 469 $3, 561,829 $987 France $712,199 $403, 675 22, 391,027 21,114,498 $57, 236 $13,383 215,167 $119, 530 Germany.. 12, 699,999 8,560 26, 918, 284 27,482, 036 87, 507 8 145,332 1, 226,150 Greece.. 4, 798, 294 21,156 Netherlands 62, 875 2, 381,095 15, 957,122 41, 781, 818 512 2,303 Norway 543, 592 697 11, 732 2, 558 Spain 6,244 60, 026 54,396 12,282 117, 954 106, 398 Sweden 65, 211 1, 329, 788 6,194, 051 1,180 1,926 England 1, 449, 547 13, 235, 752139,162,159 215, 511, 546 ~53,~037' 257, 069 137, 839 Scotland . 2, 560, 382 Canada 2,173, 894 2, 648, 326 34, 254, 897 44, 204, 261 398,477 624,852 7, 363, 694 6, 587, 577 Central America 473, 561 54,121 2,983, 503 2,169, 301 286,837 24,134 1, 716,422 1,436, 259 Mexico 375, 045 437,189 5, 505, 541 6, 794, 586 3,499, 327 3, 680, 55641, 292,951 53,418,848 West Indies 3,658 14, 580 552, 412 670, 557 7,450 2,533 212,399 135, 395 Argentina : . 40,430 3, 950, 000 120,486 13, 696, 438 28, 850 59, 002 54,082 Bolivia 3,478 227 9,791 18, 666 66, 480 9,961 766,728 403,231 Chile 16,610 7,799 185, 416 337, 724 126, 570 118,002 1, 701,931 1, 354, 514 Colombia 301, 028 172, 902 5, 269, 769 3, 449, 965 9,978 11, 917 176, 581 140,124 Peru 272,263 135, 320 1, 897,765 2, 490,180 1, 283, 926 336,040 9, 669, 264 13,335,971 Venezuela 48, 661 18, 209 616, 600 553, 620 40 37 1,968 6,192 China 60, 000 918, 402 7, 513, 517 6,142, 510 407 17, 889 19,901 Dutch East Indies.. 153, 514 51, 677 1, 938, 595 2,421,061 61, 812 38, 815 742, 628 1, 001, 215 Philippine Islands.. 71, 679 185, 608 1,168,173 4, 776, 054 801 2,796 16, 931 25, 500 British Oceania 148, 623 78, 036 1, 713, 278 3, 027,170 302 93 2,030 3,676 Egypt 3, 271, 242 2,149,256 12, 730 15, 802 Portuguese Africa.. 171, 602 4,075 795,976 604,545 I 14, 863 6, 326 199, 997 93, 873 Allother 188, 629 410, 353 1,456,446 7, 818, 873 70,172 17 223, 303 311,121 Total 19, 433, 539 25,181,117 284, 089, 550 417, 025, 638 6, 065, 947 4,870, 389 64, 947; 025 79, 939, 985 France 2, 660, 0G0 107,000 Netherlands 19, 000 90, 000 1,645 1,225 Spain 500 20, 500 140, 000 1,500 Switzerland 10, 426 20, 000 1, 372, 633 49, 703 622 622 England _. 151, 355 7,884 99, 720 4, 095, 718 7, 763, 793 13, 087,426 Canada 81,148 163,195 22,192,021 1, 849, 733 148, 876 180681 1, 747, 736 1, 637, 370 Central America 1,000 11, 700 22, 294 87, 775 Mexico . 376,960 60,340 5, 032, 034 3, 439, 703 194, 224 150, 594 1, 918, 807 1, 805, 877 West Indies 899 798 2,485 57, 909 52,361 Colombia 500,000 700,000 1,407 10,000 8,573 Peru 300, 000 300,000 1, 277, 000 Venezuela 1,101, 600 655, 340 British India 20,000 13,431, 518 1, 310, 728 829, 749 3,051,488 13, 607, 649 42, 252, 565 China 20,000 420, 205 40, 000 1, 793, 774 1, 065,483 23,143, 712 34,497, 844 Dutch East Indies- 135,010 Hongkong 39, 450 18,900 3, 030, 270 1,431,070 201, 900 100, 021 7, 289,897 1,970, 258 Japan. 35, 500 1, 277, 898 Allother 4,"880 56, 530 45,520 340 7,514 66, 452. Total.. 548, 484 268,015 49,021,975 10,206, 941 3, 581, 081 8, 648, 49955, 906, 956 98, 785, 586 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

AUGUST, 1924 FEDERAL. RESERVE BULLETIN 677 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] COUNTRIES INCLUDED IN COMPUTATION OF INDEX Per cent of par1 July 1 to 21, inclusive June Par of June July Monetary unit exchange Low High Average Low High Average Month 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 60 60 60 59 59 Belgium. . Franc. 19.30 4.4400 4.6200 4.5394 4. 3300 4.8000 4.5648 23.65 23.90 23.35 23.81 23. 68 26.80 15. 7600 16. 2100 15.9929 15.9900 16. 9100 16. 7776 62.60 62.25 59.10 59.68 60.16 France Franc . __ _ _. 19.30 5.0300 5.2300 5.1312 4.8500 5. 5300 5. 2528 27.22 27.46 26.53 26.60 26.62 486. 65432.0900 438. 8400 435. 4324 430. 7600 433. 7800 431. 9880 88.77 88.91 88.94 89.49 89.90 Italy Lira 19.30 4.2600 4. 3300 4.2924 4. 3100 4. 3500 4.3328 22.45 22.40 22.19 22.18 22.34 Netherlands Florin 40.20 37.5900 38.2300 37. 7935 37. 3100 37. 6400 37. 4352 93.12 93.39 93.68 93.92 94.39 Norway Krone 26.80 13.2900 13. 4700 13.3976 13. 4200 13. 5800 13. 5132 50.42 50.37 49.97 49.86 50.14 Spain Peseta .. 19.30 13.1200 13. 3600 13. 2653 13. 3800 13. 5800 13. 4552 69.72 69.62 68.45 68.85 68.85 Sweden . .. Krona 26.80 26. 5300 26. 6200 26.5806 26. 5000 26. 5700 26. 5416 99.04 99.09 89. C3 99.20 99.28 Switzerland Franc 19.30 17. 7600 18. 4700 18. 0671 17. 5700 17. 7600 17. 6604 91.50 91.93 92.28 93.83 94.50 Canada Dollar _ 100. 00 98. 8482 99. 3073 99.1538 98. 2234 99. 0125 98. 4401 98.44 98.71 98.96 99.22 99.25 Peso (gold).. 96.48 73. 6500 74. 2300 73.9071 73. 3900 74.1500 73.8912 76.59 76.44 76.55 76.60 76.65 Brazil Milreis 32.44 9.1400 10. 8400 10. 0500 10. 6300 10. 9500 10. 7488 33.13 33.37 33.26 30. 50 29.57 Chile Peso (paper) »19.53 10. 0400. 10. 3300 10.1365 10. 3700 10. 7400 10. 5956 54.25 53.73 52.08 51.89 51.77 China Shanghai tael. . » 66.85 70. 9100 71. 9000 71.4065 70. 5700 71. 7500 71. 3724 106. 76 106. 05 106.25 106.78 107. 32 India Rupee 48.66 30. 5800 31. 5600 30. 9394 30. 2400 30. 7000 30. 4876 62.65 62.89 62.89 63.38 64.37 Japan. Yen .. 49.85 40. 7000 41. 9400 41. 4935 40. 3100 41. 8400 41. 0824 82.41 83.51 83.88 83.49 82.45 OTHER COUNTRIES 20.26 0. 0014 0.0014 0. 0014 0. 0014 0. 0014 0.0014 0.01 0.01 0.01 0.01 0.01 Bulgaria Lev.. 19.30 .7170 .7282 .7227 .7083 .7250 .7173 3.72 3.71 3.74 3.75 3.75 2. 9260 2. 9661 2.9445 2.9193 2. 9571 2. 9364 Finland Markka 19.30 2. 5022 2. 5106 2. 5059 2.5031 2. 5114 2. 5068 12.99 12.98 12.97 12.98 13.00 23.82 3. 0238 3. 0240 3. 0239 J. 0230 s. 0239 I 0234 19.30 1.6904 1. 7242 1. 7101 1. 6683 1. 8153 1. 7343 8.99 8.93 8.88 8.88 8.82 Hungary . Krone.. . 20.26 .0012 .0012 .0012 .0011 .0012 .0011 .01 .01 .01 .01 .01 Poland Zloty 19.30 19. 2200 19. 3000 19. 2535 19.2400 19. 3700 19. 2928 99.96 99.90 99.85 99.81 99.63 Portugal Escudo 108.05 2.7400 2. 8300 2. 7888 2.7900 2. 9600^ 2. 8600 2.65 2.62 2.60 2.56 2.58 Rumania Leu ... __ 19.30 .4054 . 4589 .4296 .4223 .4396 .4311 2.23 2.24 2.12 2.20 2.33 Yugoslavia Dinar 19.30 1.1531 1.1894 1.1812 1.1419 1. 2216 1.1850 6.14 6.02 6.10 6.12 6.14 Cuba Peso 100.00 99.9375 99. 9938 99.9529 99. 9805 100. 0469 100. 0143 100. 01 99.99 99.97 99.95 99.94 do 49.85 48. 2938 48. 7031 48. 4900 48.1250 48. 3333 48. 2199 96.73 96.79 96.94 97.29 97.52 Uruguay _ . ... do 103.42 75.8900 77. 6900 76. 9688 76. 6300 78. 4600 77. 5880 75.02 74.81 74.63 74 71 73.96 China 2 48.11 50. 8300 51. 6500 51. 2500 50. 6200 51. 7500 51. 2844 106. 60 105. 89 105.93 106.54 107. 01 Hongkong... . ._ Dollar 2 47. 77 51. 7700 52. 4500 52. 0947 51. 6200 52. 1000 51. 9368 108. 72 108. 42 108. 47 109.14 109.44 Straits Settlements. Singapore dollar. 56.78 50.1300 50. 7500 50. 3959 50. 0800 50. 3800 50.1892 88.39 88.39 88.38 88.72 89.11 SILVER [Average price per fine ounce] June London (converted at average rate of exchange) $0.67640 New York .67045 ' Based on average. 1923 average. In cents per billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX Acceptances: Discount and open-market operations of Fed- Pag" Bankers' acceptances covering American eral reserve banks 667 cotton in foreign countries after export Discount rates: transaction completed 638 Central banks^ 656 Held and purchased by Federal reserve Federal reserve banks 673 banks 666 Prevailing in various centers. 675 Market for 632 Dutch East Indies, wholesale prices in 659 Agricultural movements, index of 648 Earning assets of Federal reserve banks 666 Agriculture, monthly statistics 621 Earnings and expenses of Federal reserve banks 670 Australia: Egypt, wholesale prices in 659 Foreign trade 655 Employment, United States 631 Cost of living 660 Index of 647 Wholesale prices 659 England. (See Great Britain.) Austria, cost of living in 660 Failures, commercial and bank_ 631 Automobiles, production of 627, 651 Federal reserve banks: Bank credits . 619 Condition of - __ 661. Bank debits 674 Discount and open-market operations of__ 667 Bank suspensions 632 Earnings and expenses of 670 Belgium: Federal reserve note account 665 Cost of living and retail food prices 660 Fiduciary powers: Foreign trade 655 Granted to national banks 645 Wholesale prices 659 Opinion of Supreme Court of Rhode Island Brazil, foreign trade of 655 on right of national banks to exercise Building statistics 629, 651 trust powers in Rhode Island. 639 Bulgaria, wholesale prices in 659 Opinion of Supreme Judicial Court of Mas- Business and financial conditions: sachusetts on right of a national bank Abroad 613 converted from a State trust. company United States 619-635,646 to act as executor under a will naming Business failures 631 trust company 641 Canada: Financial statistics of principal foreign countries 656 Cost of living and retail food prices 660 Fishery products : 649 Financial statistics 656 Food manufacturing * 625 Foreign trade 655 Food prices in foreign countries 660 Industrial statistics '. 654 Foreign exchange___ 634, 677 Wholesale prices 658, 659 Foreign trade: Chain-store statistics 630, 653 Principal foreign countries 655 Charters issued to national banks 645 United States 633, 655 China, wholesale prices in 659 Index of 655 Clearing-house bank debits 674 France: Coal and coke production 624, 649 Cost of living and retail food prices 660 Commercial failures 631 Financial statistics - 656 Commodity movements 648-651 Foreign trade 655 Condition statements: Industrial statistics 654 Federal reserve banks 661 Wholesale prices 658, 659 German Rentenbank, Reichsbank, and Freight rates, ocean 655 Gold Discount Bank 636, 637 Fruit crop and shipments 622, 649 Member banks in leading cities 668 Germany: Corn-crop estimate 644 Condition of Rentenbank, Reichsbank, and Cost of living 631, 660 Gold Discount Bank 636, 637 Cotton manufacturing 649 Cost of living and retail food prices 660 Cotton, raw 622 Currency reorganization 636 Crops: Foreign trade L _ 655 Condition . 619, 621-623 Industrial statistics 654 Estimate of production, by Department of Wholesale prices :________ 659 Agriculture 644 Gold imports and exports. _ _. 634, 676 Currency in circulation 673 Gold settlement fund transactions 672 Currency reorganization in Germany 636 Grain 621, 648 Czechoslovakia: Great Britain: Retail food prices 660 Financial statistics 656 Wholesale prices 659 Foreign trade 655 Dairy products 623, 648 Gold imports and exports 635 Debits to individual account 674 Industrial statistics 654 Denmark: Retail food prices and cost of living 660 Foreign trade 655 Wholesale prices 658, 659 Wholesale prices 659 Imports and exports of gold and silver 634, 676 Department-store business 1 630, 653 Index numbers: Deposits: Agricultural movements 648 Savings 633 Business 620 Time and demand, of member banks 672 Cost of living 660 Deposits, note circulation, and reserves of Fed- Department-store sales and stocks 653 - eral reserve banks 661 Employment 647 678 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDEX. 679 Index numbers—Continued. Page Netherlands: Pag° Foreign exchange 677 Cost of liying and retail food prices 660 Foreign trade -__ 655 Foreign trade 655 Industrial statistics— Wholesale prices 659 Foreign countries 654 New Zealand: United States 646 Retail food prices and cost of living 660 Manufacturing 648 Wholesale prices 659 Mineral production ;. 648 Norway: Ocean freight rates 655 Cost of living and retail food prices 660 Production in basic industries 647 Foreign trade 655 Retail food prices _ 660 Wholesale prices 659 Retail trade. 653 Oats crop estimate 644 Wholesale prices— Ocean freight rates 655 Bureau of Labor Statistics index 659 Per capita circulation 673 Federal Reserve Board index 657 Petroleum industry 624, 649 Group index numbers—United States, Poland, wholesale prices in 659 England, France, Canada, and Potato crop estimates 644 Japan 658 Principal countries . 659 Prices: Wholesale trade 652 . Food, in principal countries 660 India: Wholesale— Cost of living ,. 660 Bureau of Labor Statistics index 619, Foreign trade 655 630, 659 Wholesale prices 659 Federal Reserve Board index 657 Industrial statistics: Group index numbers—United States, Foreign countries 654 England, France, Canada, and Japan 658 United States--.: 646 Principal countries 659 Interest on rediscount transactions computed Production in basic industries, index of 619, 647 on 365-day basis 639 Reserve ratio of Federal reserve banks 661 Interest rates prevailing in various centers 675 Resources and liabilities: Iron and steel production.^ 627, 649 Federal reserve banks 661 Italy: Member banks in leading cities 668 Financial statistics. 656 Retail food prices 660 Foreign trade 655 Retail trade : 619, 630, 653 Retail food prices and cost of living 660 Rulings of the Federal Reserve Board: Wholesale prices 659 Bankers' acceptances covering American Japan: „ cotton in foreign countries after export Financial statistics '. _ _.' 656 transaction completed 638 Foreign trade 655 Interest on rediscount transactions com- Wholesale prices 658, 659 puted on 365-day basis 639 Law department: Savings deposits 633 Opinion of Supreme Court of Rhode Island Shoe industry . 628, 650 on right of national banks to act in Silver: fiduciary capacities in State of Rhode Imports and exports 635, 676 Island 639 Price of _• 676 Opinion of Supreme Judicial Court of Massachusetts on right of a national South Africa: bank converted from a State trust com- Foreign trade „_ 655 pany to act as executor under will Retail food prices and cost of living 660 naming trust Company . 641 Wholesale prices 659 Leather industry-. 628, 650 Spain: Livestock industry 623,648 Cost of living 660 Lumber industry. 628, 649 Wholesale prices 659 Mail-order houses, retail trade of _ -. 630, 653 State banks admitted to system 645 Manufacturing: Sweden: Condition, by industries.-__ . 625 Cost of living 660 Index of production 648 Foreign trade 655 Member banks: Wholesale prices 659 Condition of 668 Switzerland: Number discounting 667 Retail food prices and cost of living 660 Number in each district 667 Wholesale prices 659 State banks admitted to system 645 Textile industry 626, 649 Metals.... 625, 649 Time deposits of member banks 672 Mineral products, index of 648 Tobacco crop estimate 622, 644 Mining .___ .624 Tobacco industry 622, 649 Money in circulation 673 Money rates.. . - 620,632,675 Trade: National banks: Foreign. (See Foreign trade.) Charters issued to 645 Retail _. ... 619,653 Fiduciary powers granted to 645 Wholesale 619, 630, 652 Right of, to act as executor in Massa- Transportation...- .._- 629, 651 chusetts . 639 Wheat crop estimate 621, 644 Right of, to act in fiduciary capacities in Wholesale prices. (See Prices.) Wholesale trade _• 619, 630, 652 Rhode Island,,..-.-.....-.-. 641 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE DiSTRSCTS ' MINNEAPOLIS', i DALLAS® iv Paso—j Jil —•BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ®- FEDERAL RESERVC 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