Federal Reserve Bulletin, 1924-09

FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Bank Credit and Money Rates Business Conditions in the United States Regulations of the Federal Reserve Board WASHINGTON GOVERNMENT PRINTING OFFICE 1924 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD Ex ofiicio members: D. R. CRISSINGER, Governor. EDMUND PLATT, Vice Governor. A. W. MELLON, Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. HENRY M. DAWBS, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDT, Secretary. WALTER WYATT, General Counsel. J. C. NOELI;, Assistant Secretary. WALTER W. STEWART, W. M. IMLAT, 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. MOBSS. District No. 2 (NEW YORK) PAUL M. WARBURG, President. District No. 3 (PHILADELPHIA) L. L. RUE. District No. 4 (CLEVELAND) „ C. E. SULLIVAN. District No. 5 (RICHMOND) . JOHN M. MILLER, Jr. District No. 6 (ATLANTA) OSCAR WELLS. District No. 7 (CHICAGO) JOHN J. MITCHELL. District No. 8 (ST. LOUIS) FESTUS J. WADE. District No. 9 (MINNEAPOLIS) G. H. PRINCE. District No. 10 (KANSAS CITY) .. E. F. SWINNEY, Vice President. District No. 11 (DALLAS) W. M. MCGREGOR. District No. 12 (SAN FRANCISCO) D. W. TWOHY. II Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston Frederic H. Cnrtiss W. P. G.Harding.. W. W. Paddock... W. Wlllett. Benj. Strong J. H. Case L. H. Hendricks.i New York., Pierre Jay L. F. Sailer A. W. Gilbart.i G. L. Harrison J. W. Jones.' E. R. Kenzel G. E. Chapin.1 Ray M. Gidney. 1. Philadelphia. B. 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 Wm. W. Hoxton.... George J. Seay.. C. A. Peple Geo. 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.' John H. Blair K. C. Childs.' J. H. DiUard.i D. A. Jones.i O. J. Netterstrom.' Clarke Washburne.1 St. Louis Wm. McC Martin. D. C. 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. McClure 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. U. Calkins Wm. A. Day W. N. Ambrose. Ira Clerk » L. C. Pontious2 1 Controller. * Assistant deputy governor. MANAGERS OF BRANCHES OF FEDERAL RESERVE BANES 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 0. 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—Bank credit and money rates 681 Business conditions in the United States , 686 The international conference in London . 704 Official: Regulations of the Federal Reserve Board, series of 1924 705 State banks admitted to system , 727 Fiduciary powers granted to national banks 727 Charters issued to national banks . 727 Business statistics: Industrial statistics in the United States 728 Estimate of production of crops, by Federal reserve districts 726 Wholesale and retail trade 734 Industrial statistics for foreign countries 736 Foreign trade of principal countries 737 Financial statistics for principal foreign countries 738 Price movements in principal countries : Federal Reserve Board wholesale price indexes 739 Comparative wholesale prices in principal countries 741 Comparative retail prices and cost of living in principal countries 742 Banking and financial statistics: Federal reserve banks— Condition of Federal reserve banks 743 Federal reserve note account , -747 Holdings of earning assets—- 748 Discount and open-market operations of Federal reserve banks 749 Gold settlement fund .' 760 Discount rates of Federal reserve banks — 758 Member banks— Condition of member banks in leading cities : i 750 Deposits of all member banks 760 Abstract of condition reports of member banks, June 30, 1924.^ . •___ 752 Bank debits - 759 Money rates in principal cities :— 761 Money in circulation - 758 Gold and silver imports and exports . 762 Foreign exchange rates and index 763 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN VOL. 10 SEPTEMBER, 1924 No. 9 REVIEW OF THE MONTH spects similar to those prevailing in recent months. In the spring of 1922, as now, money Banking developments during the past two rates were low, demand for commercial loans months have been characterized by a rapid was limited, and bank funds were seeking emgrowth of demand deposits Recent banking , ployment in loans on stocks and bonds and in and yolume of securit developments. & J investment securities. Under these circumpurchases by member banks. stances, in 1922, as in 1924, there was a rapid The total volume of bank credit in use, not- growth of deposits at member banks and a withstanding the absence of growth in com- flow of funds to the financial centers, reflected mercial loans, has been at a record high level, in increased balances of banks in the interior and the continued decline in money rates has with their city correspondents. A factor in not been due to a reduced volume of commer- the increase of these balances has been the precial borrowing but has reflected an abundance vailing low level of rates on call loans, which of loanable funds. The increased volume of has diminished the inducement for country funds at the banks has arisen largely from the banks to loan their funds in the market. With return flow of currency from circulation and the narrowing and practical disappearance of the continued^ though somewhat diminished, the margin between the rate of interest paid by imports of gold from abroad. These funds city banks on bankers' balances and the marhave in large part been added to bank deket rate on demand loans, there has been a posits in financial centers and have been emtendency on the part of country banks to keep ployed hi the purchase of investments and in a larger portion of their available funds as balan increased volume of loans on stocks and ances with correspondents rather than to have bonds. With current credit requirements of them loaned on demand. business relatively constant, the increased volume of loanable funds has resulted in an Analysis of the growth of demand deposits exceptionally low level of rates on short-term of member banks since the opening of the year, loans, and these rates have declined con- by Federal reserve districts and by size of city, siderably below the level of long-term rates. indicates that the increase has been entirely Recent changes in the banking situation are in the industrial and financial sections of the in general characteristic of a period when the country and within those sections in the cities volume of business activity is not increasing, having a population of over 100,000. In Auwhen bank funds are abundant, and easy con- gust, however, there has been some increase in ditions prevail in the money market. demand deposits at reporting member banks Demand deposits of member banks in lead- in agricultural districts in consequence of the ing cities increased by more than $1,000,000,000 crop movement. The table following shows during the past four months, the increase in net demand deposits of all mem- Growth of de- fa greater part of the increase ber banks for the first half of 1924, by size of posits. e occurring since June. Ims city, for the Federal reserve districts of Bosgrowth of bank deposits is comparable to the ton, New York, Philadelphia, Cleveland, and increase which occurred during April and May, Chicago, which include the principal financial 1922, when credit conditions were in some re- centers, and for the remainder of the country. 681 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

682 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 NET DEMAND DEPOSITS OF ALL MEMBER BANKS reserve districts in response to local conditions and practices, but in all districts is found the [In millions of dollars] contrast in this respect between the country Increase (+) or decrease (—) for first towns and the large centers. This difference half of 1924 is due in part to the fact that in the larger Banks in cities having a population of— cities, and particularly in the financial centers, All banks t 5 L h ,0 e a s 0 n s 0 5 1 , 4 0 ,9 0 9 0 9 - 1 9 5 9 , , 0 9 0 9 0 9 - 10 o a 0 v n ,0 e d 0 r 0 a o f c b o a n l s a i n d c e e r s a b h le e ld p r o o n po d r e ti m on a nd o f f o d r e p c o o s r i r t e s sp c o o n n d si e s n ts t banks in smaller towns and in country dis- Total for system +571 -154 -69 -42 +836 Federal reserve districts of tricts. The relatively more rapid growth of Boston, New York, Philadelphia, Cleveland, and demand than of time deposits during this Chicago +871 -12 -7 +18 +872 Federal reserve districts of year, therefore, is explained in part by the Richmond, Atlanta, St. Louis, Minneapolis, Kan- fact that the increase of deposits has been sas City, Dallas, and San Francisco -300 -142 -62 -60 -36 largely at the banks in the financial centers. Increased deposit liabilities of the member Demand deposits during the past few months banks in recent months have resulted in the have grown at a more rapid rate than time requirement for larger reserves deposits. This difference in the Growth of reand in a consequent growth oi Demand and _ pate of th betweeQ de serve balances. time deposits. , . . .. member-bank balances with the mand and tune deposits is in Federal reserve banks. These balances, after contrast with 1923, when demand deposits were increasing by more than $150,000,000 since .declining, while time deposits increased, and the beginning of June, reached a total of with the first half of 1922, when both classes of $2,105,000,000 on August 13, the largest figure deposits increased, but time deposits expanded since the organization of the system. The more rapidly than demand deposits. One fac- growth in reserve balances at a more rapid rate tor in the relationship between the volume of than usual in relation to member-bank deposits demand and time deposits is the size of the has been due in part to the character of the cities where the banks are located. Following recent increase in these deposits. As has been is a statement of the volume of net demand pointed out earlier, it was in demand deposits, and time deposits of all member banks, by size which carry heavier reserve requirements, that of city, at the end of June, 1924: the recent advance has been the largest, and the growth has been chiefly in banks at central ALL MEMBEK BANKS reserve and reserve cities, where 13 and 10 per [In millions of dollars] cent reserves are required by law compared Eatio of with 7 per cent for banks in country districts. Net Time net demand Cities having a population of— d de e p m o a s n it d s deposits d to e p t o i s m it e s Moreover, the fact that a larger proportion (per cent) of deposits in these financial centers are All cities—- 16,402 9,150 179 demand deposits, results in an even larger dif- Under 5,000 1,512 1,588 95 ference between the several classes of cities in 5,000 to 15,000.... 1,022 1,016 101 15,000 to 100,000.. 2,012 1,892 106 the ratio of reserve balances to net demand and 100,000 and over _ 11,856 4,653 255 time deposits combined than would be caused Time deposits, the statement shows, are by the legal provisions alone. Thus, for inlarger than demand deposits in towns of the stance, this ratio on a recent date was 11.8 per smallest population group; in the next two cent for central reserve cities, 7.3 per cent for groups the difference in the volume of the two reserve cities, and 5.3 per cent for so-called classes of deposits is not pronounced, while in country banks. The increase in the volume the largest cities demand deposits are over two of reserve balances at the Federal reserve and one-half times as large as time deposits. banks during recent months has been due, This relationship varies in the different Federal therefore, not only to the extent but also to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 683 the geographical location and composition of Gold and gold certificates in circulation inthe growth in the deposits of member banks. creased by $383,000,000 during the year as In meeting their increased reserve require- the result of the policy of certain Federal ments the member banks have not been called reserve banks of paying gold into circulation, upon, however, to increase their borrowings at and Federal reserve notes decreased by $415,the reserve banks, as shown by the fact that 000,000, with the consequence that at the the earning assets of these banks have declined present time more than one-fourth of the since the beginning of June. Funds arising total money in circulation consists of gold out of the continued importation of gold and and gold certificates and less than two-fifths out of the return flow of currency from circu- of Federal reserve notes. The net amount of lation have been more than sufficient to furnish gold paid into circulation during the past the additional reserves required by the member year has been nearly as large as net gold banks on account of their increased deposit imports for the same period. liabilities. Gold imports in 1924 have been on a larger Demand for currency during the first half of scale than in either of the two preceding years, 1924 declined in consequence of decreased though they declined considerably in June production and employment, reduced pay rolls, and July. Gold exports, on the other hand, _ , , and diminished volume of re- have been much smaller, largely because British Reduced cur- India, which last year imported substantial rency demand tail trade, r urthermore, conamounts of gold from the United States, has and gold inn- iderable amounts of United s had no gold imports from this country dur- States currency have recently ing the first seven months of the current year. been returned from certain European countries, British India has also received a much reduced notably Germany, where increased public conamount of gold from England during the first fidence in domestic paper money has resulted half of this year as compared with 1923, and during the past few months in the release of this has increased the amount of gold available American and other stable foreign currencies in England for shipment to the United States. which prior to that time had been in general Gold imports into this country from England use both for savings and for current monetary during the first seven months of 1924 were transactions. Total currency in circulation $124,000,000, compared with $55,000,000 for in the United States on August 1 was about the corresponding period of 1923, partly be- $286,000,000 less than at the beginning of this cause of the smaller demand from India during year, but only about $30,000,000 less than a this year and partly because of the increased year ago. A comparison of the volume and demand for dollar exchange in London arising composition of currency in circulation on Janout of the semiannual payments beginning uary 1 and August 1, 1924, and on August 1, in June of last year on account of England's 1923, is shown below: war debt to the United States. In 1924 this MONET IN CIRCULATION country, in addition to receiving a large part [In millions of dollars] Increase Per- of the newly mined gold, has had considerable c ( r + ea ) se o r (— de ) - c a e g n e t- imports from certain European countries, nota- Aug. Jan. Aug. distri- bly the Netherlands and Sweden, which have Kind of money 1,1923 1,1924 1,1924 Jan.- A 19 u 2 g 3 . - , bu b t y ion shipped gold out of their central reserves as a Aug., Aug., kinds, 1924 1924 Aug. means of supporting the exchange value of 1,1924 Gold and gold certificates.. 815 997 1,198 +201 +383 25.7 their currencies. Tables showing gold move- Silver and silver certificates 675 696 680 -16 +5 14.6 ments in and out of the United States and United States notes 300 307 302 -5 +2 6.5 Federal-reserve notes 2,161 2,224 1,746 -478 -415 37.4 Great Britain for 1923 and 1924 and a brief Federal reserve bank notes. 19 14 10 -4 -9 0.2 National-bank notes 726 713 729 +16 +3 15.6 discussion of these figures appear elsewhere in Total 4,696 4,951 4,665 -286 -31 100.0 this issue. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

684 FEDERAL EESEBVE BULLETIN SEPTEMBEBJ 1924, Funds arising out of gold imports, inflow BILUONS OF DOLLARS BILHON5 OF DOLLARS of currency, and accumulation of bankers' bal- MEMBER BANKS IN NEW YORK CITY ances have not been required Use made of by member banks to meet additional funds. ,-, . j n , j the current needs of trade and industry and, consequently, have been available for use in the purchase of investment securities and in the making of loans on stocks and bonds. Between the end of May and the middle of August loans on stocks and bonds of reporting member banks increased by more than $400,000,000 and their investments by about $375,000,000. The increase in loans and investments was composed almost entirely of Government and other securities and of loans on stocks and bonds, while commercial loans showed only a relatively small advance. These changes, as well as the growth of demand deposits referred to earlier in this review, have been similar to those in the early part of 1922, when the money market and banking situation 1922 1923 1924 were in many respects not unlike that prevailsiderably, while in the present year their level ing during the current year. During the past in August was higher than in January and only two months investments by reporting member slightly lower than at the maximum reached in banks have been larger in United States securi- April. ties than in corporate stocks and bonds, but That these developments at reporting memwhen the entire period since the opening of the ber banks in leading cities have been repreyear is considered, Government security holdsentative of general trends for all member banks ings have increased much less than the banks' is indicated in the following table, which shows investments in corporate obligations. This is the changes in the volume of loans, investin contrast with 1922, when Government sements, and demand deposits at all member curities represented by far the larger part of banks, by class of city, between the close of investment purchases by member banks. last year and the middle of 1924. The table Of the increase in investments and of loans brings out the fact that during the six months upon securities during the past two months the there was a considerable increase in demand larger part occurred in the financial centers, deposits, though deposits were exceptionally where the growth in deposits was also most large on account of seasonal influences at the pronounced. In fact, it was at New York City close of the year. Between March 31 and banks that security purchases and so-called June 30 the increase in demand deposits has street loans showed the greatest increase for been $590,000,000. Loans and investments the period. The growth of investments, loans show a substantial growth for the half year, on stocks and bonds, and of demand deposits at and a large part of the increase has occurred at member banks in New York City, as shown on the chart, has been more rapid since the banks in central reserve cities. Investments opening of the present year than in the early in Government obligations declined, while months of 1922. At that time, furthermore, about $350,000,000 was added to the banks' loans for commercial purposes decreased con- holdings of corporate securities. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

J 1824 FEDERAL RESERVE BULLETIN 685 ALL MEMBER BANKS commercial paper, in August the bond yield [In millions of dollars] was nearly 1 per cent higher than the commercial paper rate. In keeping with the con- Loans and investments tinued decline in money rates the Federal Investments De- Reserve Bank of New York on August 8 remand de- duced its discount rate from 3j^ to 3 per cent, Total Loans U S n ta i t t e e s d Other posits and the Cleveland bank on August 15 and the Total se t c ie u s ri- se t c ie u s ri- San Francisco bank on August 25 reduced their rates from 4 to 3}4 per cent. Dec. 31, 1923: These recent developments in the banking System 26,738 19,052 7,e 3,641 4,045 15,164 Banks in central re- situation and in the money market are typical serve cities 6,529 4,850 1,679 1,022 657 4,643 Banks in reserve cities. 9,027 6,677 2,350 1,116 1,234 4,961 of a period of reduced industrial and trade Country banks. _ 11,182 7, 525 3,657 1,503 2,154 5,560 activity and of a consequent absence of de- June 30, 1924: System I...27, 262 19, 264 3,608 4,390 15,309 Banks in central reserve cities 5,038 1,926 1,088 4,940 Banks in reserve cities. 9,135 6,713 2,422 1,130 1, 292 5,096 Country banks 11,163 7,513 3,650 1,390 2,260 5,723 Increase (+) or decrease System +524 +212 +312 -33 +345 +145 Banks in central reserve cities +435 +188 +247 +66 + 181 +297 Banks in reserve cities. +108 +36 +72 +14 +58 +135 Country banks. -19 -12 -7 -113 +106 -287 Investment operations by the banks during the past two months and the low level of interest rates have been reflected in increased activity in the bond market and in a substantial advance in the price of high-grade bonds. Liberty bonds of all classes have been selling at a premium and in August reached the highest quotation on record. The pre- 1922 1923 1924 vailing ease in the money market has led to a considerably larger volume of capital flotations mand for additional credit to finance current during the first half of this year than for the business. The limited demand for commercial corresponding period in 1923. credit has been accompanied by a decline in the demand for currency for pay-roll and till- Money rates on all classes of loans have money purposes and thus by a smaller volume continued to decline in July and August, as of currency withdrawals from the banks. is shown by the chart. This Surplus funds accumulating at the banks have m decline, however, as is usual money been transferred in part to the financial centers, during periods of increasing where they have sought employment in loans ease in the money market, has been more on collateral and in the purchase of securities. rapid in short-term than in long-term rates. The concentration of funds in the financial Compared with the peak of money rates centers, together with the continuous inflow reached in October, 1923, commercial paper of gold from abroad, has resulted in extreme rates have declined from about 5}4 to Z\i per ease in the money market and in a decline of cent and yields on short-term Treasury obliga- money rates to the lowest level in more than a tions from 4J4 to less than 2 per cent, while decade. During this period of easy money the average yield on Liberty bonds declined the member banks have rapidly increased from 43^2 per cent to less than 4 per cent. their loans on securities and their investments, Thus, while last October Liberty bond yields with the result that the present volume of memwere about 1 per cent below the rate on prime ber-bank credit in use is the largest on record. 7911—24f 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

686 FEDERAL KESEKVE BULLETIN SEPTEMBER, 1924 BUSINESS CONDITIONS IN THE UNITED STATES Production in basic industries, after a considerable decline in recent months, was maintained in July at the same level as in June. Factory employment continued to decline. Wholesale prices increased for the first time since early in the year, reflecting chiefly the advance in the prices of farm products. Production.—The Federal Reserve Board's index of production in basic industries, which had declined 22 per cent between February and June, remained practically unchanged during July. Iron and steel and woolen industries showed further curtailment, while production^of flour, cement, coal, and copper was larger than in June. Factory employment decreased 4 per cent in July, owing to further reduction of forces in the textile, metal, and automobile industries. Building contract awards showed more than the usual seasonal decline in July, but were 10 per cent larger than a year ago. Crop conditions, as reported by the Department of Agriculture, were higher on August 1 than a month earlier. Estimated production of nearly all of the principal crops except tobacco was larger than in July and the yields of wheat, oats, rye, and cotton are expected to be considerably larger than last year. Trade.—Railroad shipments increased in July, owing to larger loadings of miscellaneous merchandise, grain, and coal. Wholesale trade was 3 per cent larger than in June, owing to increased sales of meat, dry goods, and drugs, but was 3 per cent smaller than a year ago. Retail trade showed the usual seasonal decline in July, and department-store sales were 1 per cent greater and mail-order sales 7 per cent less than a year ago. Merchandise stocks at department stores continued to decline during July and were only slightly larger at the end of the month than a year earlier. Prices.—Wholesale prices, as measured by the index of the Bureau of Labor Statistics, increased more than 1 per cent in July. Prices of farm products, foods, and clothing increased, while prices of building materials again declined sharply, and prices of metals, fuel, and house furnishings also decreased. During the first half of August quotations on corn, beef, sugar, silk, copper, rubber, and anthracite advanced, while prices of cotton, flour, and brick declined. Bank credit.—Commercial loans of member banks in leading cities, owing partly to seasonal influences, increased considerably early in August. Loans secured by stocks and bonds and investments continued to increase, so that at the middle of August total loans and investments of those banks were larger than at any previous time. Further growth of demand deposits carried them also to the highest level on record. PRODUCTION IN BASIC INDUSTRIES WHOLESALE PRICES PER CENT PER CENT PER CENT PER CENT 150 150 JOO JOO \ J\ 100 Vv 1 100 200 200 \ V 50 50 100 100 o n o n 1919 1920 1921 1922 1923 1924- 1919 1920 1921 1922 1923 192A- Index of 22 basic commodities adjusted for seasonal variations. (1919=100.) Latest figure, July, 94. Index of U. S. Bureau of Labor Statistics. (1913=100, base adopted by bureau.) Latest figure, July, 147. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTBHBBE, 1924 FEDERAL. RESERVE BULLETIN 687 MEMBER BANK CREDIT FACTORY EMPLOYMENT BILLIONS OF DOLLARS BILLIONS OF DOLLARS PER CENT 16 1 16 150 150 Demand . 12 Deposits w^. 100 V 1 SO . n 1919 1920 1921 1922 1913 1920 1921 1922 1923 1924 Weekly figures for member banks in 101 leading cities. Latest fig- Index for 33 manufacturing industries. (1919=100.) Latest figure, 87. ures, August 13. Between the middle of July and the middle of August Federal reserve bank discounts for member banks declined further and their holdings of acceptances decreased somewhat. United States security holdings increased, however, and total earning assets of Federal reserve banks remained practically unchanged. Continued easing in money rates in the New York market during July and early Augustjis indicated by a decline of one-fourth of 1 per cent in prevailing rates for commercial paper to 3-334 percent. After the middle of August there was some advance in open-market rates for bankers' acceptances and short-term Government securities. During August the discount rate at the Federal Reserve Bank of New York was reduced from 3 J^ to 3 per cent, and at the Federal Reserve Bank of Cleveland and of San Francisco from 4 to SV^ per cent. BUSINESS INDEXES OF THE FEDERAL RESERVE BOARD [Monthly average 1919=100] Produc- Kail- Department store Department store tion in Factory Building road Whole- sales* stocks l Bank ibnadsuisc- emmpelnoty- caownatrrdacetds' locaadr- trsaaldee Unad- Ad- Unad- Addebits • tries 1 ings ! justed justed justed justed 1923 January 121 99 132 117 78 101 114 107 120 106 February... 120 101 143 117 76 90 116 118 126 110 March _ 125 103 140 120 86 124 124 128 127 111 April _ 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 September 114 101 128 112 92 112 123 139 129 101 October 118 101 151 117 97 148 132 146 131 105 November 116 100 167 120 85 142 126 149 133 105 December 110 99 172 113 72 202 125 123 133 105 1924 January 120 98 170 118 80 109 125 115 130 105 February 120 99 163 131 78 102 127 127 135 110 March 116 99 164 115 79 115 115 138 137 109 April 114 97 150 121 77 132 130 140 136 112 May 103 93 129 117 76 127 123 134 134 109 June , 94 90 125 103 75 119 121 127 133 103 July 94 87 121 111 77 91 104 122 129 108 i 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

688 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 BANK CREDIT financial and industrial districts. The increase in collateral loans was in fact almost entirely Since the beginning of June there has been at banks in New York City. little change in the demand for credit for com- Changes in the condition of the reserve mercial purposes, and the commercial loans of banks during the past seven months have been member banks in leading cities have fluctuated influenced chiefly by the decrease in the dewithin a narrow range at a level somewhat mand for currency and the inflow of gold from below the peak reached in April. Net demand abroad. Net gold imports since the opening deposits of these banks have continued throughof the year have totaled $240,000,000, and the out July and the first week in August the rapid decline in money in circulation for the same rise which began in June, and on August 6 period has been about $286,000,000. This is reached a record level. This increase occurred in contrast with conditions in 1923, when the principally in the eastern industrial and finanincrease in currency requirements was sufficial districts and in the Chicago district, and cient to absorb the funds arising from gold represents an accumulation of funds in the imports, with the consequence that total earnfinancial centers, largely the result of continued ing assets of the reserve banks remained relagold imports, the return flow of currency from tively constant. During the past seven circulation, and the growth of balances held by months, on the contrary, gold imports were country banks with their city correspondents. accompanied by a decline in circulation, with Member banks in these districts have employed the result that member banks have been able the additional funds from these sources in the to meet the increased reserve requirements granting of loans secured by stocks and bonds caused by the growth in their deposit liabilities and in the purchase of investment securities. and in addition have had sufficient funds to The following table shows changes in loans and reduce the volume of reserve bank credit in investments and in demand deposits of member use. Thus deposits of the reserve banks have banks between June 4 and August 6, for two increased by $114,000,000 and their earning groups of Federal reserve districts: assets have declined by $447,000,000 since the opening of this year. REPORTING MEMBER BANKS [In millions of dollars] AGRICULTURE Increase (+) or Considerable improvement was evidenced in decrease (—) the agricultural situation as a result of generally favorable conditions in July and August. In Satisfactory weather in most sections resulted June Aug. finan- 4,1924 13,1924 cial In in increased yields and enabled harvesting to Total in a d n u d s- o d th is e - r advance rapidly. The composite condition of trial tricts2 all crops was 2 per cent higher on August 1 districts i than a month earlier, but was 4 per cent lower than the average condition for the past 10 Loans and investments, total. 16, 662 17, 436 +774 +783 -9 years. Despite the general improvement, all Loans, total 11,942 12,403 +461 +489 -2i Secured by United districts were not affected to the same extent. States obligations 219 190 -29 -23 -f With an exceptionally heavy yield of wheat Secured by stocks and bonds __ 3,897 4,279 +382 +379 +; and other grain crops in the Kansas City dis- Other... 7,826 7,934 +108 +133 -25 4,720 5,033 +313 +294 +19 trict, the economic condition of the producers B D a e n m k a e n r d s' b d a e l p a o n s c i e ts s a 1 2 1, , 0 5 7 6 7 9 1 2 2 , , 6 4 3 2 6 5 + + 8 5 5 5 6 9 + +4 7 3 6 2 9 + + 1 8 27 7 has been considerably improved and the increased spring wheat and flax crops in the ' Boston, New York, Philadelphia, Cleveland, and Chicago. Minneapolis district are resulting in improve- ' Richmond, Atlanta, St. Louis, Minneapolis, Kansas City, Dallas, ment-in economic conditions there which have and San Francisco. 3 Banks in Federal reserve bank cities. been serious during the past two years. A larger cotton crop in the Atlanta and St. Louis The table shows that during the period comdistricts will result in considerable improvemercial loans of banks in the industrial and ment in certain areas that experienced almost financial districts increased slightly, while at total failures last year. A smaller crop of banks in the other districts these loans detobacco and cotton in the Richmond district clined. The figures bring out the fact that and poor crops on account of drought in the practically the entire advance in net demand San Francisco district, on the other hand, have deposits, in security holdings, and in loans seadversely affected conditions in those areas. cured by stocks and bonds occurred in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 689 Following summer harvesting, marketing began crop and a desire on the part of the producers to increase in July and was in heavier volume to sell it on the advancing market resulted in than last year. Eapid marketing of the large a greater volume of sales than for any July wheat crop in the Kansas City district was since 1921. The volume of corn marketed largely responsible for the increased crop was also larger than in June but smaller than movement over last year. Slight increases last year. Contrary to the usual seasonal inwere also noted in the shipments of livestock, crease in the marketing of oats in July, sales livestock products, fruit, and cotton, but the were considerably smaller than in June or marketing of vegetables declined. than in July a year ago. Prices of crops advanced rapidly in July According to reports to the Department of and, according to the index of farm prices Agriculture by farmers intending to plant prepared by the Department of Agriculture, winter wheat and rye in the autumn of 1924, were higher in July than in any month since the acreage of winter wheat will be increased October, 1920. Livestock prices, on the other 7.5 per cent and the acreage of rye will be 14 hand, declined slightly, but early in August per cent larger than in 1923. the price of hogs began to advance. Cotton. Grain. During July and the first weeks of August Unusually favorable weather for maturing cotton made fairly satisfactory progress, and harvesting in July and August resulted in although in some sections of Louisiana and substantial improvement in the prospects for Texas the crop suffered from a continuation most of the grain crops. Official estimates on of dry weather. Despite the lateness of the August 1 indicated a final yield of wheat season throughout the Cotton Belt, the boll amounting to 814,000,000 bushels, an increase weevils have not done a great amount of of 74,000,000 bushels over the July estimate damage, and on the basis of the condition of and 28,000,000 bushels over the final yield in the crop on August 16, forecasts by the De- 1923. The greater part of this increase is due partment of Agriculture indicate a yield of to a larger yield of winter wheat in the Kansas 12,956,000 bales, an increase of 605,000 bales City district and spring wheat in the Minneover prospects as reflected by reports on apolis district, where the crops are 71 and 29 August 1. Compared with preceding years, per cent larger, respectively. An increase of the estimated yield is the largest since 1920, 61,000,000 bushels in the production of corn when 13,440,000 bales were produced. Inwas forecasted, but the estimated yield is still creases over 1923 are noted for all producing decidedly smaller than last year, and in view States except Virginia and North Carolina. of the lateness of the crop it is subject to considerable damage by an early frost. While In North Carolina, however, it is to be rememthe cool weather in July adversely affected bered that the yield in 1923 was the largest on the corn crop, it was favorable for oats, and record. The most significant increases over the forecast on August 1 was 83,000,000 bushels last year are in the States comprising the larger than a month earlier. Unlike wheat, Atlanta, St. Louis, and Kansas City Federal rewhere the increased production is concentrated serve districts, as shown in the following table. in a few areas, heavier yields of oats are reported from practically all of the principal PRODUCTION OF COTTON, BY FEDERAL RESERVE producing sections. Despite increased yields DISTRICTS of wheat in the United States the world pro- [Thousands of bales] duction is reported to be approximately lu per cent smaller than in 1923, and in view of this Final Estimated f 1 a 5 c w to i r n te p r r i w ce h s e a h t a w v a e s a q d u v o a te n d c e a d t $ a 1 n .3 d 5 i o n n C A hi u c g ag u o st , District yie 19 ld 2 3 in A y u 1 i g 9 e . 2 l d 4 16, compared with $1.02 a year earlier. Since that time, however, the market has weakened Richmond 1,899 1,636 somewhat and the quotation was $1.30 on Atlanta 1,502 2,607 St. Louis 1,311 2,278 August 22. Corn prices also advanced rapidly Kansas City.. 678 1,264 Dallas 4,686 5,005 in July and August under the stimulus of a San Francisco 125 166 small available supply and prospects of a TotaL-. 10,171 12,956 much smaller crop. The volume of grain marketed in July was During the crop year ending July 31 the seasonally larger than in June, but the increased total consumption of American cotton was ap- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

690 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 proximately the same as for the preceding in August distribution was lighter than during year, but it is interesting to note that while the corresponding weeks in July. Shipments domestic consumption was approximately of peaches, watermelons, and cantaloupes, 1,000,000 bales less than in the previous season, which are seasonally large, contributed to the exports were 1,000,000 bales more and offset increased volume of July marketing. Late in the reduced consumption in the United States. July the apple season opened and marketing Stocks, on the other hand, as reflected by began. Forecasts by the Department of Agristocks at mills and warehouses, were 370,000 culture indicated a decrease in the crop prosbales and 265,000 bales smaller, respectively, pects from the previous estimate and the total than a year earlier. yield is 13,000,000 bushels smaller than last In view of the increase in production, prices year. The severest declines during July were began to decline late in July, and on August 22 in New York and Virginia, where two-thirds of spot cotton middling grade at New Orleans was the total decrease was indicated. Decided quoted at 26.3 cents, as compared with 30 cents improvement was noted in the condition of on July 25. citrus fruit in Florida during July, and the outlook for oranges and grapefruit is con- Tobacco. siderably better than earlier in the year, but In contrast to the improvement in the pros- the condition of the lime crop was lower than pects of almost all of the other principal crops a month earlier, due mainly to the dry weather during July, the condition of the tobacco crop in the lime-growing sections. A continuation declined more than is customary in that month of the dry weather in the San Francisco district and the estimated yield was reduced to 1,202,- resulted in further deterioration of the principal 000,000 pounds, as compared with the final har- fruit crops, and for the season to July 31 shipvest of 1,491,000,000 pounds last year. Unfa- ments of deciduous and citrus fruits from the vorable weather in the tobacco-growing States district were considerably smaller than for the of the Richmond district and heavy rains same period in 1923. which delayed cultivation in the St. Louis dis- Livestock. trict were the principal factors contributing to the decline in the condition in those areas. In Further deterioration of pastures and ranges the tobacco-growing sections of Connecticut occurred in July in the principal range areas. the worst drought experienced in many years In Utah, Nevada, Arizona, and Oregon the occurred late in July and the crop is reported drought was particularly severe and the cattle to have suffered severe losses. Rains in August suffered the greatest losses, but these were brought some relief and saved a considerable offset in part by gains in other States, and portion of the crop, but the quality of the prod- the average condition of all cattle was 89 compared with 90 a month earlier and 91 on uct will be seriously affected. Tobacco mar- August 1 last year. Ranges are reported to kets in Georgia opened in July, the yields were have sufficient feed for present needs, but with good, and the crop was sold for satisfactory a continuation of the drought the supply for prices. In South Carolina the markets opened the remainder of the year will be endangered. early in August and the prices received by the Sheep remained in good condition in practigrowers were fairly satisfactory, although they cally all States except in those mentioned above, were lower than a year ago. where the drought was most severe. Accord- Increased activity was evident in the cigar ing to reports to the Department of Agriculmanufacturing industry in the Philadelphia disture from the sheep-raising sections of the trict in August. The demand for 5-cent cigars West, the number of sheep marketed from increased substantially during July and August August 1 to the end of the year will be 775,000 and producers are operating their plants at head more than during the same period last an average rate of 73 per cent of capacity, year. This reflects a continuation of the exwhich is slightly higher than a month ago. pansion in the industry that has been accen- Prices of cigars are practically unchanged from tuated by the relatively higher prices for sheep the preceding month. Stocks of cigars are during the past two years than for other livemoderate but stationary, while supplies of stock. raw materials are reported to be gradually A seasonal increase in the marketing of catbecoming lighter. tle and sheep from the summer grass ranges Fruit. occurred in July, but the number marketed was Marketingfof summer fruits was substan- slightly smaller than in July a year ago. The tially heavier in July than in June, but early number of hogs marketed was smaller than in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 691 June and also smaller than in the same month butter turned upward later in the month and a year ago. A decline in the number of hogs reached 39 cents on August 22 compared with reaching the markets as compared with the 38.5 cents a month earlier and 44.5 cents on same month last year reflects the smaller sup- the same date last year. plies available, and as a result of reduced sup- MINING plies the price of hogs advanced rapidly in Coal and coke. July and reached the highest levels since 1922. The probability of a short corn crop and high No significant change has occurred in the prices was temporarily a counteracting factor bituminous coal industry during the past month. In some sections consumers are buyin the rising hog prices. Producers were ining more freely. Weekly production has inclined to market the hogs rather than feed creased at little more than the usual seasonal them the high-priced corn. Prices declined rate and continues at the same level as in 1921, slightly, but they are still above the levels of a year of business depression. Prices, too, reearlier months of the year and those of a year main low, although a slight rise in the Coal ago. Age composite index from $1.98 a ton to $2 a Dairy products. ton was noted in the week ending August 18. In the dairy sections of the country pastures This index has not varied over 5 cents a ton since early in June. The movement of coal to continued in good condition in July and the Great Lakes has shown a little increase August. Harvesting of hay was well adrecently. vanced in August and the yields are good, although the July estimate of the production Demand for anthracite has decreased to such of hay was 89,000,000 tons, compared with an extent that mines have had to curtail pro- 90,100,000 tons a month earlier and a final duction in order to prevent the congestion at harvest of 89,100,000 tons last year. A the mines of loaded cars. Output during the gradual increase in dairy herds during the week ending August 16 totaled only-1,386,000 past two years has resulted in a heavy produc- tons, a decrease of 17 per cent from that of the tion of milk, particularly in the metropolitan previous week and the lowest aggregate for a areas of the East, and the price of milk has full week in recent years. Stove coal is pracundergone some recessions. Although milk tically the only one of the domestic sizes which receipts at consuming centers increase sea- has been in demand recently. Company circusonally in the summer months, it is significant lar prices were raised from 10 to 15 cents a ton to compare the total volume received during on August 1. Independent prices are also the first seven months of 1924 with the corre- generally higher than a month ago, although sponding months in 1922 and 1923. recently some scattering reductions have been made. RECEIPTS OP MILK AT NEW YORK Coke demand continues dull and output has [Thousands of cans, 40 quarts each] been further curtailed. Although total production has been reduced over 2,000,000 tons, 1922 1924 or about 32 per cent, since last year, the decline in behive coke has been relatively greater, January J 2,460 2,600 2,837 equaling over 1,100,000 tons, or 70 per cent. February j 2,334 2,439 2,736 By-product production was only 28 per cent March ! 2,787 2,880 3,124 April I 2,868 3,011 3,165 less. Weekly data of beehive output in August May j 3,524 3, S86 3,600 June .-I 3,577 3,932 3,759 showed further recessions during the first two July __..J.._, ! 3,360 3,562 3,755 weeks and a small increase in the third week. Total '. _.J 20,910 22, 010 22,976 Prices have changed little from the low levels prevailing recently, spot furnace coke being Contrary to the usual seasonal developments quoted at 13 per ton. in June, when the production of creamery Petroleum. butter and cheese reaches a peak, the output in July was slightly greater than in June and Despite efforts to curtail production the substantially greater than in July last year. daily average output of crude petroleum con- A continuous increase in the production of tinued to increase in July and August and for butter in excess of consumption since April the week ending August 16 daily average prohas resulted in an increase in stocks, which on duction reached 2,029,650 barrels, the largest August 1 were the largest on record. After volume since last November. Drilling of new declining in July and early in August, prices of wells continued to increase, but the decline Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

692 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 in prices which has been evident in the industry 1922. Purchases by galvanizers are reported for several months is reported to have checked to have been large and some zinc continues to " wildcatting" to some extent. Prices of be bought for export. The price of common crude petroleum were again affected by heavy lead advanced further during August and production and large stocks of refined oil smelter output is at a high rate. and, according to the "Oil, Paint, and Drug Silver production in July aggregated Keporter," they declined to $2 a barrel, as 4,492,000 ounces, which was 14 per cent less compared with $2.15 in June and $1.85 in than in June and the smallest monthly total July, 1923. since July, 1922. Silver quotations advanced Activity in the refined products industry was about 1 cent an ounce during the first half of well sustained in June and July. The pro- August, but this upward movement was folduction of gasoline declined slightly in June, lowed by some recession. Buying for India but it continued in larger volume than last year. is still reported to be large. Stocks continued heavy, but consumption, which exceeded all previous records in June, was MANUFACTURING in excess of production, and for the first time Food products. since October, 1923, stocks of gasoline were Production of food products increased in reduced. An increase in gasoline consumption July and the output of meat and sugar was in the summer months is a seasonal occurrence, greater than in July a year ago, while flour and it usually exceeds production, but in view PERCENT PERCEKT of the weakness of the market since early in PRICES the spring, the excess of consumption over 200 Vl \ zoo production added considerable strength to the 180 lao market and refinery prices declined only 2 per "A cent, as compared with 5 per cent in June. 160 16a Y\ FLOUR j. Reductions of prices at refineries were soon 140 140 \ f r ^ followed by lower tank-wagon quotations, and 120 120 the average price for 30 principal cities at the beginning of August was 15.6 cents a gallon, 1OO 100 as compared with 12.7 cents, the average low 80 BO price for 1923, and 21 cents the high for the same year. 60 eo 40 4O Metals. 20 20 Mine and smelter output of nonferrous n metals was at a somewhat lower daily rate in ° 1921 1922 1923 1924 July, while prices advanced. Production of Monthly average relative prices of spring wheat and flour. (1913 average—100.) copper mines totaled 129,500,000 pounds during the month, which was 2 per cent more than was produced in slightly smaller volume. Folin June, but smaller than in any other month lowing the harvesting of the new wheat crop in of 1924. The price of refined electrolytic July, the production of flour reflected a seacopper delivered at New York increased by sonal increase and activity of mills in the over 1J4 cents a pound in the period from Kansas-Nebraska territory increased rapidly. July 9 to August 15, but showed a slight Late in the month and early in August the recession in the third week of August. The spring wheat mills in the Minneapolis district rise in price was due to anticipated improve- began to receive wheat from that territory. ment in European conditions, while the recent Under the influence of rising wheat prices flour decline was caused by the realizing of some prices became firmer early in July and began speculative profits and a decline in foreign to advance and are now approximately $1 a demand. barrel higher than a year ago. The accom- Shipments of zinc ore from the Joplin fields panying chart shows the fluctuations in the increased during July, while lead ore shipprices of spring wheat and flour since 1921. ments declined to the lowest rate for the year. From the chart it will be noted that flour There was some increase in stocks of both zinc quotations follow closely the changes in the and lead ores, but prices advanced. Producprices of wheat. tion of slab zinc, though smaller than in June, The output of sugar was 12 per cent larger continued to exceed shipments, and stocks than June and 82 per cent larger than in July were larger than at any time since March, a year ago. Stocks declined further during, the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER., 1924 FEDERAL, RESERVE BULLETIN 693 month and were also slightly smaller than on this activity was noticeably diminished. the same date a year ago. Estimates by the Although mill consumption of raw cotton Department of Agriculture indicate a sugar declined from 350,277 bales in June to 346,871 beet crop 6 per cent larger than last year and bales in July, this decrease was less than that the cane sugar crop in Louisiana is also re- which usually occurs at that time of the year, ported to be larger, though the drought in and in the States of Massachusetts, New July caused a serious decline in the condition Hampshire, and South Carolina increases were of the crop. Prices of both refined and raw noted. The number of spindles and of spindlesugars advanced in July and August, but they hours active during July likewise decreased for are still below quotations a year ago. the country as a whole, while in Massachusetts The volume of meat packing as indicated by and North Carolina active hours were slightly animals slaughtered was slightly greater in July more numerous. Reporting mills in the Atlanta Federal Reserve District showed substantial inthan in June and 5 per cent larger tiifn in creases in orders for cotton goods during July July, 1923. A seasonal increase in the marketas compared with June and with July of last ing of summer cattle and sheep was responsible year. Stocks were also larger, despite increased for the increase in the total slaughter, since the shipments and decreased output. Yarn mills number of hogs slaughtered was slightly reported more orders but fewer shipments. smaller than in June. Compared with July a year ago, all animals were slaughtered in Of chief interest to the wool industry was the larger numbers, but the percentage increase opening on August 18 of the 1924 lightweight, of hogs was comparatively small. The do- men's-wear lines by the American Woolen Co. mestic demand for meat products as reflected in The prices announced averaged about 2}/o, per sales by 42 meat-packing companies reporting cent lower than those on. comparable heavyto the Chicago Federal Reserve Bank was 9 per weight lines in the 1924 fall opening and 7J4 cent greater than in June and 4 per cent larger per cent less than a year ago. Activity in than a year ago. Exports of beef and beef both men's and women's wear has been limited products declined in July and were considerably for the past several weeks, awaiting the smaller than last year. Hog products, which openings. The heavyweight season just closed was not an entirely satisfactory one, and openhad been exported in a declining volume for ings were postponed a little later than usual several months, increased, although all products with the hope of disposing of some more of except lard were exported in smaller volume the fall stocks on hand. Clothing manufacturthan last ers have also had a poor season and are awaiting the beginning of fall retail trade in cloth- Textiles. ing. Slight improvement in purchases by Moderate improvement in demand with retailers has been reported from some sections firm or advancing prices was noted in markets recently. Consumption of wool by reporting for textile products during July and August. mills was slightly greater in July than in Buying of finished products, however, either did June, but active machinery hours declined not increase to any remarkable degree because considerably for all types of machines, worsted the season for really active buying has not yet spindles being well over 50 per cent idle. The begun or the increase was soon checked because raw-wool market has been much more active of uncertainty in raw material markets. in recent weeks and since early in July market Advancing raw cotton prices during July quotations have risen rather steadily. Manuconsiderably stimulated interest in cotton facturers are thought to have taken advantage yarns and goods, and for awhile buying was of the lower prices and purchased much of rather active and quotations advanced. The their season's supply. The June 30 stock Fairchild cotton goods index rose from 15.541 report showed a decrease in manufacturers' on July 19, the lowest figure since 192,2, to raw-wool inventories since March 31 to the 16.125 on August 9. Since that date, lowest amount reported within the last two however, it has declined slightly. The years. Dealers' stocks increased some in the movements in the cotton-yarn index were second quarter. Prices in domestic markets similar but seemed to occur a week earlier. continue below foreign quotations and July The recent declines in these quotations have imports totaled only about 6,000,000 pounds, been attributed to sharp recessions in raw as compared with over 13,000,000 pounds and cotton prices. Sales during the latter part nearly 34,000,000 pounds in the corresponding of July were the largest in several months month of 1923 and 1922, respectively. and inquiries were numerous, but in August 7911—241 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

694 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 Great activity has been noticed recently in been opened, with price reductions on the latter the silk industry. The buying of raw silk is which somewhat unsettled the market. Prequite active, prices have advanced consider- liminary reports for July indicate declines in ably, the demand for silk goods is much better, the production of practically all types of hoand mills are increasing operations. At present siery as compared with June. Orders showed a strike of silk-mill operatives in Paterson is a some increase, particularly for children's and deterrent factor. Imports of raw silk and de- infants' and for men's seamless lines, and shipliveries to mills increased considerably during ments of the latter were a little larger. July and were the largest since January. Iron and steel. Warehouse stocks were diminished to the Unmistakable signs of improvement in the smallest amount in a year. Reports from the demand for iron and steel appeared during Paterson and North Hudson, N. J., sections July and August. Although available statisshowed substantial increases in the percentage tics for July were not generally favorable, of loom hours operated to total available in reports of inquiries and orders received, firmer the four weeks ending August 9. The recent prices of pig iron, and increased output since rise in raw silk prices, reflecting the activity of the beginning of August indicate the turn in the market, is shown on the accompanying the market. Production of pig iron in July chart. In June quotations fell to the lowest was the smallest since February, 1922, and steel ingot output fell to the lowest point since 1DO2LLARS PER POUND DOLLARS PER POUN 1 D 2 December, 1921, the decline from the maximum of last March being the most rapid ever recorded. Unfilled orders of the United States Steel Corporation, which on June 30 were the lowest since 1911, in July showed a further decrease, which, however, was at a smaller rate than in any month since the decline began last March. Iron ore movement from Lake Superior ports has been smaller to date than during the same period of last year, or of 1918, 1919, and 1920, but, as shown by the table below, it was more than in 1921 and 1922, which were affected respectively by the general business depression and by the coal strike. A decline in July, such as occurred this year, is 1922 1923 unusual. Weekly fluctuations in price of raw silk, Sinshui No. 1, on the New York market. point in the post-war period and trailed along 1924 1923 1922 1921 the bottom for a few weeks, but since early in July an almost steady rise has been in progress, April 659,3S7 14,184 136,161 176, 211 May. 6, 583,815 6, 671, 7051, 585, 3052, 594,027 and during the third week of August the quo- June. 7, 583, 926 9, 499, 5016, 629, 7113, 600,989 tation was above 6 cents for the first time since July. 7,280, 014 10,411,248 8,942, 336 4, 047, 687 April. Even this price is lower than any recorded in 1922 or 1923. Similar advances and Bookings by steel- companies in July were great activity have been recently noted in the reported to be heavier than in June, and during Yokohama market. August further increases were noted in most Knit goods conditions have been some- lines. The curtailment of operations ceased what varied during recent weeks, with occa- in July, and early in August mills were prosional short periods of active buying for certain ducing at close to 50 per cent of capacity as products and dullness in others and with price! compared with under 40 per cent a month rather uncertain. The underwear market is before. Output was further augmented later awaiting the opening of spring lines, expected in August. Pig iron buying has been particuearly in September. Some belated buying of larly active, and many blast furnaces nave reheavy weights has been reported at the reduced sumed production. At first inquiries for pig prices announced last month, but in general iron brought further price recessions to enwinter goods have moved slowly. Children's courage the placing of orders, but more recently and infants' hosiery lines for next season have quotations have stiffened and in many cases Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 695 have risen. The Iron Age composite pig iron the former for both July and for the first seven price advanced during the second and third months of the year, indicating a reduction in weeks of August to $19.46 per gross ton from dealers' stocks. $19.29, the lowest figure recorded in 28 months. Definite improvement has been noted in the The steel composite, on the otherhand, declined tire industry in recent weeks. During July 28 cents per net ton during the same two weeks shipments of pneumatic tires increased over and was 2.51 cents per pound for the week 25 per cent above June and shipments of inner ending August 19, the lowest figure since early tubes were more than 35 per cent higher. In in 1923. both cases previous records were exceeded. Structural steel bookings were particularly Production of inner tubes showed a small inlarge during July, totaling about 182,000 tons, crease in July, but reports for August indicate and, although not so large in August, they have that factories have begun to increase operanevertheless continued to be a strong factor tions. New workers are being employed in in the market. Kailroad demand has shown large numbers and output has risen well above that of June and July. Crude-rubber some promise, as evidenced by a number of prices advanced steadily until early in August, inquiries for steel for bridges and for rolling but in the second week of that month the stock and the prospect of releases on rail New York quotation on latex cr6pe fell from contracts. Actual buying, however, was lim- 28.3 cents a pound, the highest since last Deited. July car orders, although slightly larger cember, to 25.8 cents. It recovered the folthan those for June, were still small, and lowing week to 28 cents. unfilled orders for locomotives showed a decline. Scrap iron and steel has continued Lumber. rather active. Since the first week in July an almost steady Automobiles. increase in orders received has been noted by Sharp curtailment in factory output and lumber manufacturers, weekly figures mounting shipments of automobiles during the second to the highest point since last February, when quarter of the year was evidently effective in the buying movement for spring needs was in reducing dealers' inventories, for in July both progress. In the intervening period since Feboutput and shipments increased, which is con- ruary orders had been rather light and much trary to the seasonal trend noted in previous below production and shipments, consequently years. , Both shipments and production, how- unfilled orders had fallen to a low point. In the ever, were smaller than in July of last year. same time shipments have been less than cut, Many producers placed their new models on signifying an increase in stocks held by manuthe market in July, and sales of these models facturers. Under such circumstances prices were partially responsible for better business also fell. The large volume of building in during recent weeks. The new models were process during the year has required much in several cases offered at prices higher than lumber, and dealers' stocks must have been those of previous models. Such increases, reduced to a rather low point. however, have not been general, and, in fact, Lower prices, small dealers' stocks, and have usually been only on particular models. prospects for continued construction evidently According to statistics collected by the Fed- served to stimulate buying by dealers, and the eral Reserve Bank of Chicago from certain increase in orders resulted. Shipments have Middle Western dealers and according to not been enlarged to the same extent, but were figures reported by the General Motors Cor- nevertheless greater than in June and exceeded poration, retail distribution of automobiles the July cut, which was the smallest since during July continued the decline noted in January. Shipments and orders are also previous months and was likewise much less greater than a year ago, but production is than at the same time last year. Used-car smaller. Lumber prices, according to Lumber's sales were less than in June but much greater indexes, reached the lowest point since 1922 in than a year ago. Dealers' inventories of both the week ending August 8. During the follownew and old cars were reduced substantially ing week a slight increase in hardwoods and a during July, but as compared with July 31, rather substantial one in softwoods were re- 1923, they were still considerably larger. The corded. General Motors Corporation figures show that In nearly all sections of the country both retail sales to consumers declined during July, manufacturers and dealers seem to be sharing while manufacturers' deliveries to dealers in- in the betterment. The Southern Pine and creased; the latter, however, were less than West Coast Lumberman's (Douglas fir) Asso- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

696 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 ciations in particular have reported improve- Strength in the hide and skin markets and ment. Hardwoods have been in better request seasonal buying by shoe manufacturers has at the chief markets. Furniture manufacturers brought considerable improvement to the received an increase in orders during July and leather industry recently. Prices have been have shown more interest in lumber supplies. firmer or advancing on practically all classifi- Logging companies in the Pacific Northwest cations. According to preliminary reports procontinued to curtail production during July, duction of sole leather during July totaled partly because of the summer fire hazard and 1,159,421 backs, bends, and sides, a slight inpartly because of a poor market. crease as compared with June, but a decrease of about 30 per cent since last July. Tanners' Hides, leather, and shoes. finished stocks declined further while stocks in Improvement which was first evident during process increased. June figures showed in- July in hide and leather markets has continued, creases in production of cattle and calf and kip and a fairly good volume of business has been upper leather, accompanied by declines in total noted. Hide markets have been particularly stocks. In goat and kid and sheep and lamb active and prices have advanced steadily. The leathers, however, production decreased and stocks increased. Tanners' stocks were in gen- MILLIONS OF SIDES MILLIONS OF SIOES eral rather small, and supplies of nearly all leathers held by shoe manufacturers on June 30 were much less than at the same time in the previous years. The accompanying chart shows the trend of production and stocks of cattle and upper leather by months within recent years. Since the middle of July increased buying of shoes has been noted. Production of shoes showed a slight seasonal decline during July, although in the Boston, Cleveland, and St. Louis districts small increases were noted. Totals for June and July were smaller than for any month since the statistics began in November, 1921. Sales of shoes during July at both wholesale and retail showed'seasonal declines, and sales at wholesale were less than a 1921 1922 1323 192* Monthly fluctuations in tanners' finished stocks,'stocks"in process, and year ago. production of upper leather and cattle sides since 1921 BUILDING quotation on packer hides of light native cows Construction operations in July showed rose in May from 9 cents to 103^ cents, remore than the usual seasonal reduction, but mained unchanged until early in July, and has continued to be larger than a year ago. Consince advanced to 14 cents, the highest point tract awards (according to statistics compiled since June, 1923. Similar increases have been by the F. W. Dodge Co.) totaled $345,000,000 noted throughout the market. Sales of all in 10 Federal reserve districts, which was 10 types of hides and skins were less in June than per cent less than in June and 10 per cent more in May, and stocks increased, except in the case than in July, 1923. Awards were in less volume of cattle hides, which reached the lowest level than in June in all reporting districts, except recorded since figures became available in 1920. Atlanta and Kansas City. The following table shows the decline which has Contracts awarded in July showed a larger taken place in stocks of all hides and skins percentage of reduction in floor space than in within recent years. value. This was due to a substantial decline in the volume of residential buildings con- [000 omitted! tracted and smaller reductions in the volume Calf and Goat and Sheep of contracts for industrial, business, and Cattle kip kid and lamb recreational buildings. Awards for educational, religious, and public buildings were in larger June 30, 1924 3,963 3,197 9,196 6,321 volume than in June. Statistics of contract Dec. 31, 1923. 5,086 2,927 9,926 7,400 June 30, 1923 6,086 4,360 10,187 9,916 awards and building permits, by geographical J J u u n n e e 3 30 0 , , 1 1 9 9 2 2 1 2 5 7 . , 3 0 4 7 7 8 4 4. , 9 4 1 7 7 4 1 9 0 , , 6 7 8 9 0 9 1 1 0 3 , , 9 7 7 5 1 5 districts and classes of construction, are pub- June 30, 1920 6,213 4,023 14,624 10,993 lished on page 733. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 697 Prices of building materials, according to TRADE. the index of the Bureau of Labor Statistics, Wholesale trade. declined 2 per cent further during July and Sales of wholesale dealers increased 3 per were 11 per cent lower than a year ago. Ship- cent in July, according to the Federal Reserve ments were in excess of production in July, Board's index, which is contrary to the usual which caused a reduction in the volume of trend at that season of the year. The instored stocks. Consumption of cement, pav- creased purchases of retailers were due to the ing brick, oak flooring, and sanitary ware was fact that there was one more working-day than in larger volume than in the previous July, in June and to the prevalence of warm weather, while consumption of maple flooring and which encouraged demand for summer mersilica brick was smaller. Stocks of all types chandise. Sales of dry goods, drugs, meat, of material continued to be larger than a year men's and women's clothing, stationery, and diamonds increased in volume during July, while sales of hardware, shoes, electrical sup- TRANSPORTATION plies, and jewelry were smaller. Railroad shipments of all types of com- July wholesale trade was 3 per cent less than modities except forest products increased a year ago. Sales ot dry goods, shoes, hardduring July, which is, in the case of shipments ware, women's clothing, men's clothing, staof most industrial products, contrary to their tionery, machine tools, and electrical supplies usual seasonal movement. Car loadings were in smaller volume than last year, whereas totaled 4,005,000 for the month, which was sales of meat, hardware, and diamonds were 6 per cent more than in June, but 7 per cent larger. The decrease in value of trade as comless than a year ago. Loadings increased pared with a year ago may be ascribed in part during July in all railroad operating districts to the fact that commodity prices were almost and were slightly larger than in July, 1923, in 3 per cent lower and in part to the more cauthe Southern, Pocahontas, Central Western, tious attitude of buyers, who desired to reduce and Southwestern districts. The number of the stocks on their shelves. cars loaded in the Eastern, Allegheny, and Stocks of merchandise at wholesale ware- Northwestern districts, on the other hand, houses increased somewhat in July, according was much smaller than a year ago. to reports from lour districts, but were smaller than a year ago. Dry goods inventories July was the first month since February to showed the largest gains as compared with show a decrease in the number of surplus i June, while stocks of shoes were smaller in freight cars. This surplus averaged 345,600 all reporting districts. cars, as compared with 358,900 cars in June. Collections were smaller in July than in The number of idle coal cars continued to be June, but the total value of accounts outexceptionally large and railroads fear that the standing at the end of the month continued delay in shipping coal may cause serious conto be less than a year earlier. gestion in the autumn. More cars were in bad order on August 1 than on any date since Retail trade. June 1, 1923, and there was also an increase Trade at retail stores showed less than the during July in the number of locomotives usual seasonal decrease in July. Among the awaiting repairs. factors which contributed to a favorable com- Gross revenues of Class I railroads were parison of July with June were an additional smaller in June than in May, but net reve- working day in July and the prevalence of nues showed a slight increase. Both gross warm, dry weather in most sections of the and net revenues were substantially smaller country, which caused demand for summer goods. The further decline in factory emthan a year ago. According to the Bureau of Railway Economics net revenues of Class I filoyment and pay rolls was an unfavorable actor. After adjustment for the usual searailroads showed an annual rate of return of sonal changes, sales of department stores, 4.13 per cent on property investment during variety stores, drug stores, and music stores the first six months of 1924, as compared with increased in July, while sales of shoe stores 4.94 per cent in the corresponding period of and cigar stores declined. Mail-order business 1923. The rate of return continued to average showed an exceptionally large decline from much higher for southern and eastern systems the June level and was 7 per cent less than in than for those in the West. July, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

698 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 Department-store sales showed large reduc- copper, hides, and rubber were higher than at tions in all Federal reserve districts, but the the end of July, while prices of cotton, flour, decline was less than usual for the season of steel, and bricks declined. the year, especially in the New York and San Francisco districts. Trade averaged 1.4 per COST OF LIVING cent larger than a year ago, owing to increased Surveys by the Special Commission on the sales in all districts except Boston, Cleveland, Necessities of Life for Massachusetts and by Atlanta, St. Louis, and Kansas City. An the National Industrial Conference Board for analysis of department-store business by the the entire United States show practically no Federal Eeserve Bank of Boston indicates change in the cost of living during July. The that sales of women's dresses, men's clothing, latter survey reports increases of 0.7 per cent in boys' wear, knit underwear, and millinery the cost of food, of 0.6 per cent in the cost of were substantially larger than in July, 1923, fuel, and of 0.5 per cent in the cost of shelter, while sales of women's suits and coats, both woolen and cotton dress goods, furs, gloves, which were largely offset by decreases of 1.8 carpets, linens, art goods, and books were in per cent in the cost of clothing and of 0.6 per smaller volume. cent in the cost of sundries. Cost of living is also at about the same level Merchandise stocks on department-store as a year ago. The average retail prices of fuel shelves were reduced 4 per cent in July, as a and food are about 6 per cent and 3 per cent, result of substantial curtailment at stores in respectively, below their level in July, 1923, the Richmond, Cleveland, Chicago, New York, while the cost of shelter has increased 6 per and San Francisco districts. At the end of cent. The retail price of clothing is slightly July inventories were smaller than a year ago higher than last year, while the average price in five districts, but averaged 1.7 per cent of sundries is unchanged. larger for the entire United States. Department stores considerably increased EMPLOYMENT their buying for fall delivery during July, During the period between June 15 and July which was indicated by the fact that their 15, for the fourth consecutive month, there outstanding orders at the end of the month were sharp declines in employment in manuamounted to 7.7 per cent of 1923 purchases, facturing industries. The index of employas compared with 5.8 per cent at the end of ment fell from 90.3 in June to 86.5 in July, or June. Statistics of wholesale and retail trade, 4 per cent. Reports from various States also by lines and districts, are published on pages indicated recessions of about 4 per cent dur- 734 and 735. ing the same period. Among the 33 industries PRICES included in the index only three showed in- Advances in the prices of agricultural com- creases in number employed during the month— modities resulted in an increase of 1.7 per cent flour, cement, and shoes. The iron and steel in the index of the Bureau of Labor Statistics group had a general decline of about 6 per during July. Prices of farm products increased cent, which was fairly uniform among its com- 5 per cent and prices of the food group 2 per ponent industries. The recessions in the cent, while prices of building materials, metals, textile group last month were the largest fuel, house furnishings, and chemicals declined. recorded this year, averaging 8 pef cent and When grouped by stage of manufacture the ranging from 0.5 per cent in men's clothing to indexes show that prices of raw materials ad- 14 per cent in knit goods. Most of the textile industries seem to have a volume of employvanced 3 per cent and prices of consumers' ment lower than at any time since early 1921. goods more than 1 per cent, while the average Employment in automobile establishments was of producers' goods was unchanged from June. 6 per cent less than in June, declining less than The increase in raw materials was due to higher during the preceding two months. The glass prices of crops and animal products, as prices and lumber industries showed declines despite of forest products and mineral products receded. the continued building activity. Food product In comparison with a year ago, prices of proindustries, excepting bakeries, remained unducers' goods are 8 per cent lower, while prices changed or increased employment in accordof raw materials and consumers' goods show ance with usual seasonal trends. The larger very little change. number of workers in boot and shoe factories, During the first three weeks of August prices particularly in Massachusetts, is indicative of of many commodities increased. Quotations some betterment in that industry. on corn, beef, hogs, silk, wool, anthracite, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL, RESERVE BULLETIN 699 Recessions in total pay rolls, as reported by bank bills were quoted at 3f§ per cent for the the Bureau of Labor Statistics, equaled 7.8 week ending August 15, and the average rate per cent and in per capita earnings 4 per cent. on Treasury bills allotted was 3.76 per cent. These declines were partially due to wage de- The official Bank of England discount rate creases, particularly in lumber and in iron and remains at 4 per cent. steel, but were principally caused by temporary curtailment of operations. Curtailment is ACCEPTANCE MARKET usual in July, especially to allow for inventory Continuation of low money rates was the taking and vacations, but was probably more most important factor affecting the acceptance extensive this year because of prevailing dull- market during the four-week period ending ness in business. Since the middle of July August 13. Late in July, when call loan rates business in certain lines has improved some- were steady at 2 per cent and discount market what and preliminary reports indicate an in- call rates were fluctuating around 1J^ and 1% crease in employment. The labor market per cent, the demand for acceptances was exindex for July turned slightly upward, moving ceptionally good. After the 1st of August, to —1.00 from -1.05 in June. however, acceptance rates were lowered to 1J4 per cent for 30-day maturities and 2 per MONEY RATES cent for 60-90 day bills, and a smaller demand Money conditions in the New York market for bills for short-period investments resulted. continued to grow easier through the first half The supply of new bills coming into the market of August, as indicated by a decline in the open- was likewise influenced by the exceedingly low market rate on prime commercial paper from money rates and was less than the demand, 3}4 to 3-3^ per cent, but after the middle but by the close of the period dealers' aggreof the month a distinct hardening of rates gate holdings had increased from the low point occurred. The supply of commercial paper reached in July. Considerable demand for and of bankers' acceptances in the market in- funds was evident for harvesting and marketcreased, due to seasonal demands, and the ing the grain crops in July, but on account of offering rate on 90-day acceptances advanced the low rates the borrowers were reported to from 2 per cent, the lowest rate in the history be relying on direct loans rather than acceptof the bill market, to 234 Per cent. Prices of ances, which was responsible in part for the both short and long term Government securities smaller supply of new bills entering the during the latter half of August reflected the market. After the turn of August, however, slightly firmer conditions in the money market. grain bills began to appear again, and con- The yield on Treasury certificates maturing in siderable drawings against sugar, coffee, cotfrom four to six months averaged one-tenth of ton, hides, and leather were also noted. On 1 per cent higher for the week ending August 23 the Pacific coast bills drawn to finance canned than for the preceding week, and the average products were particularly significant and indiyield on Liberty bonds also advanced some- cated a considerable volume of goods in warewhat. The table below shows the rates pre- houses awaiting distribution. vailing in the New York market during the last two months, compared with the corre- Rates in the New York market at the close sponding months of a year ago. of the period ranged from 2 to 1% per cent bid and 1% to \% per cent offered for 30-day bills to 2 % per cent bid and 2 per cent offered [Per cent) for 90-day bills. Longer maturities were dec m o p P 4 m a o c r t p i i n m o m a e t l h r e 6 e , s r- b 9 a a P a 0 c n n r c i c k d e m e e p a s r e y t , - s s ' Y m c i e c n i a 4 d e e o d t n r e l n t e t d e o s i t b f s h i o s t o 6 - - s , f n A y L 4 b i i v J e c o b i e l e n d e r n p a d r t e t g o s y r e n r n l a o e c t R e a a w e n ll - a o s l n m 3 v 0 o a l n u to d m in e 9 g 0 o f s d l a i b g y i h s l S l . t A s l y V w I h N a i s G g h S is e s r D u E e ra d P t O e w S s, I i T t b h S u t m t a h t e u r g it r i e e a s t e o r f July, 1923. 3.91 4.43 5.06 The total of savings deposits reported by August, 1923 3.86 4.43 4.97 July, 1924 1.92 3.94 2.10 903 banks distributed throughout the United Average for week ending— States was $7,406,296,000 on August 1, 1924, Aug. 2,1924 1.83 3.89 2.00 as compared with $7,419,319,000 on July 1. Aug. 9, 1924 3-3M 1.86 3.90 2.00 Aug. 16,1924.... 3-3K 1.86 3.90 2.00 The slight decrease occurring between these Aug. 23, 1924 3-3M 1.96 3.92 2.00 dates followed an unusually large increase In the London market money rates continued the preceding month, which reflected semithe advance which began in June and reached annual-interest payments on the 1st of July. the highest levels since 1921. Three-months The Richmond, Atlanta, Kansas City, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

700 FEDERAL RESERVE BULLETIN SEPTEIIBEE, 1924 Dallas districts showed particularly large ton, Philadelphia, Richmond, Atlanta, Chipercentage decreases during July, while in the cago, and the Dallas districts, the total for the Cleveland district there was an increase of latter being the lowest since this record has nearly 2J^ per cent. Savings deposits reported been kept. Comparative data, by districts, were nearly 7 per cent greater on -August 1, for the month of July are presented in the ac- 1924, than a year earlier. A comparison of companying table: savings deposits by Federal reserve districts FAILURES DURING JULY, 1924 on August 1, 1924, with deposits on July 1, 1924, and August 1, 1923, is shown in the Number Liabilities following table. In the Boston and New York District 1924 1923 1924 1923 districts the figures represent only deposits of mutual savings banks; in all other districts, N N o o . . 2 1 — — N Bo ew sto Y n ork 3 1 2 3 9 1 2 9 9 1 8 $ 1 1 2 , , 5 7 3 1 9 7 , , 9 7 9 9 6 7 $ 7 1 , ,6 0 4 4 4 9 , , 9 0 3 6 1 6 where there are but few mutual savings banks, No. 3—Philadelphia... 74 40 3,057,246 3,979,044 No. 4—Cleveland 155 91 6,947,876 0, 763,981 savings deposits of other banks are included. No. 6—Richmond.. _.. 123 76 2,675,646 1,301,279 No. 6—Atlanta 102 82 1,299,886 1,743,761 No. 7—Chicago 213 136 3, 777, 361 5,382, 698 SAVINGS DEPOSITS, BY FEDERAL RESERVE DISTRICTS No. 8—St. Louis 64 47 579,643 563, 872 [In thousands of dollars] No. 9—Minneapolis.. 81 71 1,427,184 1,163, 446 No. 10—Kansas City- 106 66 1,150,169 2, 795,103 District N b b e a u r n m k o - s f Au 1 g 9 . 2 4 1, Ju 1 l 9 y 2 4 1, Au 1 g 9 . 2 3 1, N N o o . . 1 1 2 1 — — S D a a n l l F as r . ancisco. 1 4 9 0 7 1 8 5 1 2 2, 2 3 4 9 2 8 , , 4 2 0 4 10 2 1 , , 5 7 7 5 6 8 , , 0 0 0 1 0 7 Total 1,615 1,231 36,813,238 36,721,188 Boston ... 64 1, 256,927 1, 256, 6241,192, 585 New York 30 1,974,972 1, 981, 7001,854, 810 During the month of July, 54 closed banks, Philadelphia... 78 489,114 488,816 461,876 Cleveland...... 66 791, 722 772, 633 711, 231 with aggregate capital and surplus of $2,- Richmond 91 317, 903 316,352 289, 348 597,000, were reported to the Federal reserve Atlanta. 94 228, 800 236, 270 215, 600 Chicago-_ 202 906, 084 919, 791 867, 466 banks. This total includes five banks actually St. Louis 32 138,176 138, 650 129, 740 Minneapolis-_. 14 86, 922 87,148 85,180 closed in previous months, concerning which ad- Kansas City._. 55 106,100 109, 043 103, 238 vice had not been previously received. During Dallas 106 96, 047 97,787 86, 699 San Francisco.. 71 1,013, 823 1, 016, 605 932, 354 this month also reports indicated a total of Total 903 7, 406, 590 7,419, 319 6,930,117 nine banks reopened, four of which had been COMMERCIAL FAILURES AND BANK SUSPEN- closed during the latter months of 1923 and SIONS five early in 1924. Of the banks reported A total of 1,615 commercial failures with closed, 45, with capital and surplus of $1,595,liabilities amounting to $36,813,238 is reported 000, were nonmember banks, eight, with capifor the month of July by E. G. Dun & Co. tal and surplus of $961,000, were national Although insolvencies were slightly more nu- banks, and one, having a capital and surplus merous than in June, and the indebtedness in- of $41,000, was a member State bank. The volved somewhat larger, owing principally to figures represent, as far as could be determined, an increase in the number and average indebt- banks which were closed by order of superedness of the larger manufacturing failures visory authorities and not reopened during yet the number of insolvencies was below that the month, and it is not known how many of for any one of the eight months preceding these institutions may ultimately prove to be June and the liabilities were considerably be- solvent. Detailed figures appear in the follow the level of the first of the year and the lowing table: high month of March. Defaults in July were about 31 per cent more numerous than in the BANKS CLOSED DURING JULY, 1924 same month last year, which showed the small- [Amounts in thousands of dollars] est aggregate for any month since November, All banks Member l Nonmember 1920. Moreover, the indebtedness in default in J v u e l n y c , i e 1 s 9 , 2 w 3 a , s d e o s n p l i y te s t l h ig e h s t m ly a l b le e r lo n w u m th b e e r t o o f t a i l n s f o o l r - N b u e m r - C su a a r p n p i d l t u al s N b u e m r - C su a a r p n p i d 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 l July of this year, since the average indebted- All districts 2354 * «2, 597 9 1,002 2! 45 2 31,595 ness per failure was appreciably larger for July Richmond. - -- 4 213 4 [213 of last year than for July, 1924. Atlanta 6 368 i 41 5 1327 Chicago 8 323 8 T323 Insolvencies were more numerous in July of S M t. i n L n o e u a i p s olis '1 2 2 6 2 3 1 3 89 75 2 76 3 ! 6 10 2 ' 1 2 8 9 9 9 this year than a year ago in all but the Dallas Kansas City 14 918 4 760 10 '158 San Francisco... 4 211 2 125 2 86 district, while the liabilities involved were larger this year in only the New York, Cleve- 1 Includes one member State bank in Atlanta district and eight nationai banks in other districts. land, Richmond, St. Louis, Minneapolis, and 2 Includes three banks with capital and surplus of $46,600 closed in San Francisco districts. Total liabilities in Ju 3 n I e n a c n lu d d e n s o t o n p e re b v a io n u k s l w y i r t e h p c o a r p te it d a . l and surplus of $15,000 closed in June default were the lowest for the year in the Bos- and one with capital and surplus of $12,000 closed in February, and not previously reported. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL, RESEBVE BULLETIN 701 FOREIGN TRADE currencies. During that period sterling advanced from $4.41 to $4.55, the French franc Imports of merchandise into the United from 5.13 to 5.70 cents, the Belgian franc from States during July were valued at $276,800,000, 4.64 to 5.25 cents, the Italian lira from 4.33 to an increase of $2,800,000 as compared with 4.52 cents, and the Netherlands florin from June, and a decrease of $10,600,000 compared 38.23 to 39.14 cents. with July, 1923. Exports of merchandise during July were valued at $276,700,000, a During the four days between August 18 and decline of $29,700,000 as compared with June, 21 there was a sharp decline in all European and with the exception of February, 1922, exchanges. On the 20th sterling stood at the lowest figure shown for any month since $4.49, French francs at 5.39 cents, Belgian August, 1915, when exports were valued at francs at 4.98 cents, Italian lire 4.43 cents, and $250,600,000. The resulting balance, $80,000 Netherlands florins at 38.90 cents. The levels net imports, compares with $32,460,000 net maintained by these exchanges are generally exports during June, and was the first net higher than have prevailed since October, 1923, import balance since June, 1923. during which month sterling ranged between $4.48 and $4.57 and averaged $4.52. MERCHANDISE TRADE BALANCE OF THE UNITED STATES Canadian exchange has practically returned [In thousands of dollars) to parity and during the period August 1 to 21 maintained a higher level than at any time Excess of Excess of Month Imports Exports imports exports since November, 1922. Of the South American exchanges Argentine 1923 pesos advanced somewhat during the first January 329, 254 335,117 6,163 February 303,407 306, 957 3,550 three weeks of August as compared with the March 397,928 341, 377 56,551 month of July, while Brazilian milreis and April 364, 252 325, 492 38,760 May 372, 545 316, 359 56,186 Chilean pesos showed moderate recessions. In June.rr... ... 320, 234 319, 957 277 July 287,434 302,186 14, 752 the Far East, the Shanghai tael advanced as August. 27S, 438 310, 966 35, 528 compared with July and averaged higher than September... 253, 645 381, 434 127, 789 October 308, 291 399,199 90,908 at any tune since May, 1923. The Indian November... 291, 333 401, 484 110,151 December 288,305 426, 665 138, 360 rupee showed a gradual advance, which brought it to a higher average than it had reached since Year... 3, 792, 066 4,167, 493 375,427 September, 1920. The Japanese yen showed 1924 January 295, 506 395, 271 99, 765 little change as compared with recent months. February 332, 323 365, 765 33,442 March 320, 503 339, 755 19,252 April 324, 370 346, 951 22, 581 J M un ay e 3 27 0 4 3 , , 0 0 0 1 0 5 3 3 3 0 4 6 , , 9 4 5 7 0 5 3 32 1 , ,9 4 5 6 0 0 J 1 u 9 l 2 y 4 , August, 1924 Au 1 g 92 u 3 st, July 276,819 276,739 30 First Second Third Fourth Month week week week week Month COMPARATIVE TRADE BALANCE OF THE UNITED STATES FOR SEVEN MONTHS ENDING JULY, 1923 AND 1924 Average quotations [In thousands of dollars] (cents): Sterling 437.04 444.87 454.09 452.23 448.89 456.03 French franc 5.12 5.36 5.60 5.53 5.39 5.65 Merchan- Gold Silver Total I N ta e li t a h n e l r ir l a ands 4.30 4.38 4.51 4.47 442 4.31 florin - 37.94 38.49 39.05 38.97 38.73 39.34 Swedish krona.. 26.64 26.64 26.59 26.59 26.63 Canadian dollar. 99.26 99.75 99.75 99.91 99.96 97.67 1923 Argentine peso. - 74.12 75.53 76.70 76.77 77.01 74. 46 Imports 2,375,054 159, 862 2, 574, 015 Shanghai tael.-. 71.67 72.67 73.34 73.33 73.64 69.71 Exports 2, 247, 745 22,814 31, 494 2, 302, 053 Percentages of par: Ne e t x p i o m rt p s o ( rt + s ) (—) or -127, 309 -137, 048 -7, 605 -271, 962 S Fr te e r n l c in h g f . ranc 9 27 1 . . 4 .8 9 29 3 . . 0 3 9 2 2 8 . . 9 6 9 2 2 7 . . 2 9 9 29 3 . . 3 7 1924 Italian lira 22.3 22.7 23.4 23.2 22.9 22.3 Netherlands I E m xp p o o r r t t s s.. 2 2, , 1 3 2 6 6 5 , , 5 9 3 0 6 6 245 4 , , 18 0 2 76 4 6 1 0 , , 6 7 4 6 7 8 2 2, , 4 4 3 1 0 3 , , 8 2 5 5 6 9 Sw fl e o d r i i s n h krona.. 9 9 9 4 . . 2 4 9 9 9 5 . . 4 8 9 99 7 . . 4 2 9 9 9 7 . . 2 0 9 9 6 9 . . 4 2 9 9 9 7 . . 4 9 Ne e t x p i o m rt p s o r ( t + s ) (—) or +239,370 -240,894 +19,121 +17, 597 A Ca rg n e a n d t i i a n n e d p o e l s l o ar .. . 9 7 9 6 . . 3 8 9 7 9 8 . . 8 3 9 7 9 9 . . 8 5 9 7 9 9 . . 9 6 1 7 0 9 0 . . 8 0 9 7 7 7 . . 7 2 Shanghai tael... 107.2 108.7 109.7 109.7 110.2 104.3 General index of 17 FOREIGN EXCHANGE countries 59 61 62 61 62 Rising exchange rates from August 1 to 16 Monetary unit and par of exchange in cents, for the countries listed: were shown for almost all leading European Pound=486.65; franc=19.30; lira=19.30; florin=40.20; krona=26.8O; dollar=100; Argentine gold peso=96.48; Shanghai tael=66.85. 7911—24t 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

702 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 GOLD MOVEMENT ceding month, the Transvaal accounting for about 82 per cent of the total decrease. Exports UNITED STATES of gold declined during June to £3,674,000, Total gold imports into the United States compared with £6,279,000 during May. The during July were valued at $18,800,000, a de- greatest decrease is shown for exports to India, cline of more than $6,000,000 compared with which declined from £1,889,000 during May the month preceding, and the lowest figure re- to £640,000 during June, and for exports to the ported since April, 1923, when gold imports United States, which declined from £4,028,000 amounted to $9,000,000. The decrease in July to £3,051,000. Net exports, accordingly, were reflected chiefly the fact that during that month lower by more than £2,000,000. there were no imports from Argentina or from the Netherlands, which in June sent more than GOLD IMPORTS INTO AND EXPORTS FROM GREAT $6,300,000 of gold to the United States. Im- BRITAIN ports from Great Britain showed a slight increase. Exports of gold during July totaled $327,000, 6 months 6 months an increase of about $60,000 over the June Country June, 1924 May, 1924 ended ended June, 1924 June, 1923 figure. An increase of $108,000 was shown for Mexico, while there was a decrease of IMPORTS $40,000 for Canada and of $13,000 for Hongkong. Net imports amounted to $18,500,000, Netherlands . £10,106 £20,512 £87,081 £17,565 United States 2,329 6,065 16,923 2,609,064 as compared with $24,900,000 during June and 10,525 Ehodesia 214,665 214,194 1,198,294 1,069,418 $27,400,000 during July, 1923. Transvaal 2,599, 475 2,952,726 19,135,035 19, 551,522 West Africa... 102,296 120,663 725,406 701,067 Allother 4,775 53,185 90,401 108, 217 GOLD IMPOSTS INTO AND EXPORTS FROM THE UNITED Total-- 2,933, 646 3,367,345 21,263,665 24,056,853 STATES [In thousands of dollars] EXPORTS Belgium... 4,770 4,865 55,081 45,342 7 months 7 months 33,163 120,745 239,038 35,132 Country July, June, ending ending 32,400 940,211 263,454 1924 1924 July, July, 132,384 14,300 1924 1923 United States 3,050, 589 4,028,433 25,074,170 9,962,666 British India 640,071 1,889,115 5,846,310 15,507,715 4,045 14,045 213,023 IMPORTS Straits Settlements... 3,799 6,406 172,121 230,010 Egypt 31,975 1,330,975 523,100 Great Britain 13,640 13,238 $124,132 $54, 854 Allother _ 27,840 164,958 655,874 263,000 353 404 10,102 8,949 9 4,820 34, 220 Total 3, 764, 277 6, 278,897 34,460,209 27,057,742 2,381 34,499 6,009 Net exports 830,631 2,911, 552 13,196, 544 3,000,889 65 6,191 3 2,024 2,649 28,478 33,057 429 437 3,285 4,314 Following is a table showing exports of gold 3,950 R. 4fi4 104 201 173 i 1.365 2,523 from Great Britain, by years since 1920, the Peru 350 136 1,767 1,143 China 732 919 3,477 3,161 movement to the United States and to India, 400 2,500 319 and the excess of exports over imports: Allother 1,105 425 15,996 11,206 Total 18,834 25,181 245,076 159,862 GOLD EXPORTS FROM GREAT BRITAIN EXPORTS France - 2,660 123 164 899 766 Exports Mexico .. 168 60 1,861 3,268 Venezuela -_ 1,102 British India 13,359 Per cent Excess of H A o ll n o gk th o e n r g - 3 6 0 2 1 5 9 2 1 1 0 2 8 1 1 , , 0 68 8 0 1 Year oftotal ex o p v o e r r ts Total 327 268 4,182 22, 814 Total To S U ta n te it s ed To India imports To To Net imports 18, 507 24,913 240, 894 137, 048 U.S. India 1920 £92,565,137 £52,833,423 £23,629,272 57.1 25.5 £41,886,854 GREAT BRITAIN 1921 59,348,158 55,456,340 1, 539,987 93.4 2.6 9,672, 111 1922 44, 348,158 26,632,645 12,949,424 59.4 28.9 10, 308, 326 Imports of gold into Great Britain during 1923 57,434,355 33, 005,253 19,092, 740 57.5 33.2 13,447,700 1924 i.... 34,460, 209 25, 074,170 5,846,310 72.8 17.0 13,196,544 June were £2,934,000, compared with £3,367,- 000 during May. All the countries listed, ex- Total .288,659,776 193,001,831 63, 057, 733 66.9 21.8 88, 511, 535 cept Rhodesia, showed declines from the pre- 1 January to June, inclusive. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 703 Exports to the United States constituted of 1924 exports to the United States were on a throughout the period more than one-half of larger scale than in either 1922 or 1923 and total gold exports from Great Britain, while exports to India were smaller in proportion exports to India varied from 2.6 per cent in than for the two preceding years. For the 1921 to33.2percentinl923. The exceptionally entire period of 4^ years exports to the United large total of gold'exports in 1920 was due in States constituted about two-thirds of the total part to the export of earmarked gold tempora- and exports to India about one-fifth. rily held by the Bank of England on its way The excess of about £88,500,000, or 30 per from Germany to the United States in pay- cent, of gold exports over gold imports for the ment for food supplies purchased from the period is due in part to the fact that imports are United States Grain Corporation. Exports entered at the mint value of gold and exports to the United States were the largest and ex- at its market value, and in part to the export ports to India the smallest, both absolutely to the United States of gold previously held in and relatively, in 1921. During the first half Great Britain on behalf of foreign governments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

704 FEDERAL, RESERVE BULLETIN SEPTEMBEE, 1924 THE INTERNATIONAL CONFERENCE IN LONDON Agreement reached on August 16 at the in- The German delegates undertook to promote ternational conference in London opens the the enactment of the laws necessary to carry way for putting into operation the plan pro- out the experts' plan relative to the establishposed last spring by the committee of experts ment of the new bank of issue, the levying of a appointed by the Eeparation Commission to mortgage on German railways and industrial inquire into fiscal and monetary conditions in enterprises, and the pledge of certain revenues to guarantee budget payments on reparation Germany and their relation to the problem of account. The Reparation Commission in turn reparations. The experts' recommendations, agreed to facilitate the placing of the foreign which were published, together with an analyloan by the segregation of special pledges for sis, in the FEDERAL RESERVE BULLETIN for the service of the loan from the general lien on May, had been accepted in principle by the German property which the commission holds. governments concerned prior to the confer- Some of the necessary laws, including the act ence in London, and the purpose of this concreating the new bank of issue, have already ference was to devise practical means for the been passed by the German Reichstag, and it execution of the proposals. is expected that the machinery for carrying out From the financial point of view the greatest the entire proposal of the experts will be cominterest attaches to that phase of the conference pleted early this autumn. which dealt with the problem of obtaining suf- The agreement reached in London also proficient security for the foreign loan to be granted vides for the restoration of Germany's ecoto Germany for the double purpose of serving nomic and fiscal unity, for the military evacuaas a basis for the currency to be issued by the tion of the Ruhr region within a maximum penew German Gold Bank and of enabling Ger- riod of one year, and for the establishment of many to meet the payments required in the machinery for the settlement by arbitration of first year of the plan's operation. On the sub- all disputes that may arise in the actual carryject of this loan the London agreement pro- ing out of the proposals. The agreement provides, first, that when the Reparation Commisvides that it is to be a first lien upon all Gersion is considering the question of a default on man resources available for the payment of the part of Germany, an American member reparations, and, further, that in case sancshall be added, both to take part in the discustions have to be applied in consequence of the sions and to vote, and second, that any memdefault by Germany the allied powers will ber of the Reparation Commission who has parsafeguard any specific securities which may be ticipated in the vote concerning such default pledged to the service of the loan and will conmay appeal from the majority decision to a sider this service as "entitled to absolute prispecial arbitral commission. This commission, ority in relation to any resources of Germany whose decisions are to be final, will be comon which a general lien may have been given posed of three impartial and independent perto the loan as well as in relation to any resons, under the presidency of an American sources that may arise as a result of a plan of citizen. The members are to be appointed for sanctions." On this basis preparations are terms of five years by a unanimous vote of the being made for the issuance of the securities Reparation Commission or, failing unanimity, and their flotation in the international market by the president of the Permanent Court of next October. International Justice at The Hague. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTBMBEE, 1924 FEDERAL RESERVE BULLETIN 705 REGULATIONS OF THE FEDERAL RESERVE BOARD WASHINGTON, August 15, 1924. (a) It has a definite maturity at the time of dis- The Federal Reserve Board transmits herewith a count of not more than 90 days, exclusive of days of new issue of all of its regulations applicable to member grace; except that (1) if drawn or issued for an agribanks. Since the issuance of the last edition of the cultural purpose or based on livestock, it may have a board's regulations under date of July 10, 1923, Regu- maturity at the time of discount of not more than lations H and J of that issue have been superseded by nine months, exclusive of days of grace, and (2) certain new regulations, and the prime purpose of this edition bills of exchange payable at sight or on demand are is to provide a complete edition of the board's regula- eligible even though they have no definite maturity tions under one cover. No very material changes have (see Section VII, below); been made in this issue of the regulations except the (6) It has been issued or drawn for an agricultural, incorporation therein of the new Regulations H and J, industrial, or commercial purpose, or the proceeds but a few minor changes have been made which are have been used or are to be used for such a purpose, summarized below. or it is a note, draft, or bill of exchange of a factor Regulation A has been amended so as to provide issued as such making advances exclusively to proexpressly for the rediscount of paper secured by bonds ducers of staple agricultural products in their raw or notes of the War Finance Corporation and also so state; as to require that whenever the makers of notes (c) It was not issued for carrying or trading in offered for rediscount have closely affiliated or sub- stocks, bonds, or other investment securities, except sidiary corporations or firms, separate financial state- bonds and notes of the Government of the United ments of such corporations or firms must accompany States or unless it is secured by bonds or notes of the the financial statement of the borrower which is War Finance Corporation; required to be filed with the member bank under (d) The aggregate of notes, drafts, and bills bearing certain circumstances. the signature or indorsement of any one borrower, Regulation D has been rewritten under a new title, whether a person, company, firm, or corporation, "Reserves of Member Banks," and there has been discounted for any one member bank, whether State transferred to it that part of Regulation J which deals or National, shall at no time exceed 10 per cent of the with the subject of penalties for deficiencies in reserves. unimpaired capital and surplus of such bank; but this Certain other material has also been added to the restriction shall not apply to the discount of bills of" regulations to provide a more complete discussion of exchange drawn in good faith against actually existing the subject of reserves. The new regulation, however, values; makes no substantial changes in the existing regula- (e) It is indorsed by a member bank; and tions of the board and will require no changes in the if) It conforms to all applicable provisions of this practice of Federal reserve banks or member banks regulation. nor in the forms now in use. No Federal reserve bank may discount for any Regulation H is in the form adopted on April 7, 1924. member State bank or trust company any of the notes, Regulation J is in the form adopted on May 9, 1924, drafts, or bills of exchange of any one borrower who is except that Section VI thereof which dealt with liable for borrowed money to such State bank or trust penalties for deficiencies in reserves has been trans- company in an amount greater than that which could ferred to Regulation D, as explained above, and Sec- be borrowed lawfully from such State bank or trust tion VII has been redesignated Section VI. company under the terms of section 5200 of the United Regulation L has been amended by the addition States Revised Statutes, as amended, were it a national thereto of a new paragraph with reference to the burden banking association. of proving the absence of substantial competition in Any Federal reserve bank may make advances to connection with applications for interlocking direc- its member banks on their promissory notes for a torates under the Clayton Act. period not exceeding 15 days, provided that they are No material changes have been made in Regulations secured by notes, drafts, bills of exchange, or bankers' B, C, E, F, G, I, or K. acceptances which are eligible for discount or for pur- This issue of the board's regulations becomes effec- chase by Federal reserve banks or by the deposit or tive on September 1, 1924. The Federal reserve pledge of bonds or notes of the United States, or bonds banks are requested to see that each member bank in or notes of the War Finance Corporation. their respective districts receive at least one copy of this official edition of the board's regulations before SECTION II.—[General character of notes, drafts, and bills the effective date. of exchange eligible Instructions which govern only Federal reserve The Federal Reserve Board, exercising its statutory agents or Federal reserve banks will be covered in right to define the character of a note, draft, or bill of separate letters or regulations, as in the past. exchange eligible for discount at a Federal reserve By order of the Federal Reserve Board. bank has determined that-^ WALTER L. EDDY, Secretary. (a) It must be a negotiable note, draft, or bill of exchange which has been issued or drawn, or the proceeds of which have been used or are to be used in the REGULATION A, SERIES OF 1924 first instance, in producing, purchasing, carrying, or (Superseding Regulation A of 1923) marketing goods : in one or more of the steps of the DISCOUNTS UNDER SECTIONS 13 AND 13a process of production, manufacture, or distribution, or AKTICLE A. NOTES, DRAFTS, AND BILLS OF EXCHANGE for the purpose of carrying or trading in bonds or notes SECTION I.—General statutory provisions of the United States or of the War Finance Corpora- Any Federal reserve bank may discount for any of its member banks any note, draft, or bill of exchange: i When used in this regulation the word "goods" shall beconstrued to include goods, wares, merchandise, or agricultural products, including Provided— livestock. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

706 FEDERAL. EESEBVE BULLETIN SEPTEMBER, 1924 tion, and the name of a party to such transaction must 10 per cent of the paid-in capital of the member bank appear upon it as maker, drawer, acceptor, or indorser: and is less than $5,000. Provided, however, That if the purpose is the carrying Whenever the borrower has closely affiliated or or trading in bonds or notes of the War Finance Cor- subsidiary corporations or firms, the borrower's finanporation, such note, draft, or bill of exchange must be ial statement shall be accompanied by separate secured by same. financial statements of such affiliated or subsidiary (6) It must not be a note, draft, or bill of exchange orporations or firms, unless the statement of the borthe proceeds of which have been or are to be advanced rower clearly indicates that such note is both eligible or loaned to some other borrower, except as to paper from a legal standpoint and acceptable from a credit described below under Sections VI (6) and VIII. standpoint: Provided, however, That the Federal (c) It must not be a note, draft, or bill of exchange reserve bank to which such note is offered for rediscount the proceeds of which have been used or are to be used may waive this requirement until May 1, 1925, in any for permanent or fixed investments of any kind, such use where such borrower and the affiliated or subas lands, buildings, or machinery, or for any other sidiary corporations or firms have not issued separate capital purpose. financial statements prior thereto. (d) It must not be a note, draft, or bill of exchange A Federal reserve bank shall use its discretion in the proceeds of which have been used or are to be used taking the steps necessary to satisfy itself as to eligifor investments of a purely speculative character. bility. Compliance of a note with Section II (c) may (e) It may be secured by the pledge of goods or col- be evidenced by a statement of the borrower showing lateral of any nature, including paper which is ineligible a reasonable excess of quick assets over current liafor discount, provided it (the note, draft, or bill of ex- bilities. A Federal reserve bank may, in all cases, rechange) is otherwise eligible. quire the financial statement of the borrower to be filed with it. SECTION III.—Applications for discount SECTION V.—Drafts, bills of exchange, and trade Every application for the discount of notes, drafts, acceptances or bills of exchange must contain a certificate of the member bank, in form to be prescribed by the Federal (a) Definition.—A draft or bill of exchange, within reserve bank, that, to the best of its knowledge and the meaning of this regulation, is defined as an unconbelief, such notes, drafts, or bills of exchange have been ditional order in writing, addressed by one person to issued or drawn, or the proceeds thereof have been or another, signed by the person giving it, requiring the are to be used, for such a purpose as to render them >erson to whom it is addressed to pay in the United eligible for discount under the terms of this regulation, Itates, at a fixed or determinable future time, a sum and, in the case of a member State bank or trust com- certain in dollars to the order of a specified person; pany, every application must contain a certificate or and a trade acceptance is defined as a draft or bill of guaranty to the effect that the borrower is not liable, exchange, drawn by the seller on the purchaser of and will not be permitted to become liable during the goods sold,2 and accepted by such purchaser. time hie paper is held by the Federal reserve bank, to (6) Evidence of eligibility and requirement of statesuch bank or trust company for borrowed money in an ments.—A Federal reserve bank shall take such steps amount greater than that which could be borrowed as it deems necessary to satisfy itself as to the eligilawfully from such State bank or trust company under bility of the draft, bill, or trade acceptance offered for the terms of section 5200 of the United States Revised discount and may require a recent financial statement Statutes, as amended, were it a national banking asso- of one or more parties to the instrument. The draft, ciation. bill, or trade acceptance should be drawn so as to evidence the character of the underlying transaction, SECTION IV.—Promissory notes but if it is not so drawn evidence of eligibility may con- (a) Definition.—A promissory note, within the sist of a stamp or certificate affixed by the acceptor or meaning of this regulation, is defined as an uncondi- drawer in a form satisfactory to the Federal reserve tional promise, in writing, signed by the maker, to pay bank. in the United States, at a fixed or determinable future SECTION VI.—Agricultural paper time, a sum certain in dollars to order or to bearer. (6) Evidence of eligibility and requirement of state- (a) Definition.—Agricultural paper, within the meanments.—A Federal reserve bank must be satisfied by ing of this regulation, is defined as a negotiable note, reference to the note or otherwise that it is eligible for draft, or bill of exchange issued or drawn, or the prodiscount. The member bank shall certify in its appli- ceeds of which have been or are to be used, for agrication whether the note offered for discount has been cultural purposes, including the production of agriculdiscounted for a depositor other than a bank or for a tural products, the marketing of agricultural products nondeposltor and, if discounted for a bank, whether for by the growers thereof, or the carrying of agricultural a member or a nonmember bank. The member bank products by the growers thereof pending orderly must also certify whether a financial statement of the marketing, and the breeding, raising, fattening, or borrower is on file with it. marketing of livestock, and which has a maturity at A recent financial statement of the borrower must be the time of discount of not more than nine months, on file with the member bank in all cases, unless the exclusive of days of grace. note was discounted by a member bank for a depositor (&) Paper of cooperative marketing associations.— (other than a bank) or for another member bank, and— Under the express terms of section 13a, notes, drafts, (1) It is secured by a warehouse, terminal, or other bills of exchange, or acceptances issued or drawn by similar receipt covering goods in storage, by a valid cooperative marketing associations composed of proprior lien on livestock which is being marketed or fat- ducers of agricultural products are deemed to have tened for market, or by bonds or notes of the United States; or ! A consignment of goods or a conditional sale of goods can not be (2) The aggregate of obligations of the borrower dis- considered "goods sold" within the meaning of this clause. The purchase price of goods plus the cost of labor in effecting their installacounted and offered for discount at the Federal reserve tion may be included in the amount for which the trade acceptance is bank by the member bank is less than a sum equal to drawn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER 1924 FEDERAL RESERVE BULLETIN 707 been issued or drawn for an agricultural purpose, if (a) Are drawn to finance the domestic shipment of the proceeds thereof have been or are to be— nonperishable, readily marketable, staple agricultural (1) Advanced by such association to any members products, and thereof for an agricultural purpose, or (6) Are secured by bills of lading or other shipping (2) Used by such association in making payments to documents conveying or securing title to such staples. any members thereof on account of agricultural prod- All such bills of exchange shall be forwarded promptly ucts delivered by such members to the association, or for collection, and demand for payment shall be made (3) Used by such association to meet expenditures promptly unless the drawer instructs that they be held incurred or to be incurred by the association in con- until arrival of car, in which event they must be prenection with the grading, processing, packing, prepa- sented for payment within a reasonable time after notice ration for market, or marketing of any agricultural of arrival of such staples at their destination has been reproduct handled by such association for any of its ceived. In no event shall any such bill be held by or members. for the account of a Federal reserve bank for a period These are not the only classes of paper of such asso- in excess of 90 days. ciations which are eligible for discount, however, and In discounting such bills Federal reserve banks may any other paper of such associations which complies compute the interest to be deducted on the basis of the with the applicable requirements of this regulation estimated life of each bill and adjust the amount thus may be discounted on the same terms and conditions deducted after payment of such bills to conform to the as the paper of any other person or corporation. actual life thereof. Paper of cooperative marketing associations the proceeds of which have been or are to be used (1) to defray SECTION VIII.—Factors' paper the expenses of organizing such associations, or (2) for the acquisition of warehouses, for the purchase or Notes, drafts, and bills of exchange of factors issued improvement of real estate, or for any other permanent as such for the purpose of making advances exclusively or fixed investment of any kind, are not eligible for to producers of staple agricultural products in their discount, even though such warehouses or other prop- raw state are eligible for discount with maturities not erty are to be used exclusively in connection with the in excess of 90 days, exclusive of days of grace, irrespecordinary operations of the association. tive of the requirements of Sections II (a) and. II (6). (c) Eligibility.—To be eligible for discount, agricultural paper, whether a note, draft, bill of exchange, or trade acceptance, must comply with the respective ARTICLE B. BANKERS' ACCEPTANCES 3 sections of this regulation which would apply to it if SECTION IX.—Definition its maturity were 90 days or less. (d) Discounts for Federal intermediate credit A banker's acceptance within the meaning of this banks.—Any Federal reserve bank may discount regulation is defined as a draft or bill of exchange, agricultural paper for any Federal intermediate credit whether payable in the United States or abroad and bank; but no Federal reserve bank shall discount for whether payable in dollars or some other money, of any Federal intermediate credit bank any such paper which the acceptor is a bank or trust company, or a which bears the indorsement of any nonmember State firm, person, company, or corporation engaged generally bank or trust company which is eligible for member- in the business of granting bankers' acceptance credits. ship in the Federal reserve system under the terms of section 9 of the Federal reserve act as amended. In SECTION X.—Eligibility discounting such paper each Federal reserve bank shall give preference to the demands of its own member A Federal reserve bank may discount any such bill banks and shall have due regard to the probable future bearing the indorsement of a member bank and having needs of its own member banks; and no Federal reserve a maturity at the time of discount not greater than bank shall discount paper for any Federal intermediate that prescribed by Section XI (a), which has been credit bank when its own reserves amount to less than drawn under a credit opened for the purpose of con- 50 per cent of its own aggregate liabilities for deposits ducting or settling accounts resulting from a transand Federal reserve notes in actual circulation. The action or transactions involving any one of the followaggregate amount of paper discounted by all Federal ing: reserve banks for any one Federal intermediate credit (1) The shipment of goods between the United bank shall at no time exceed an amount equal to the States and any foreign country, or between the United paid-up and unimpaired capital and surplus of such States and any of its dependencies or insular posses- Federal intermediate credit bank. sions, or between foreign countries, or between depend- (e) limitations.—The Federal Reserve Board pre- encies or insular possessions and foreign countries; scribes no limitation on the aggregate amount of notes, (2) The shipment of goods within the United States, drafts, bills of exchange, and acceptances with maturi- provided shipping documents conveying security title ties in excess of three months, but not exceeding six are attached at the time of acceptance; or months, exclusive of days of grace, which may be dis- (3) The storage of readily marketable staples,4 procounted by any Federal reserve bank; but the aggre- vided that the bill is secured at the time of acceptance gate amount of notes, drafts, bills of exchange, and by a warehouse, terminal, or other similar receipt, acceptances with maturities in excess of six months, conveying security title to such staples, issued by a but not exceeding nine months, which may be dis- party independent of the customer, and provided counted by any Federal reserve bank, shall not exceed further that the acceptor remains secured throughout 10 per cent of its total assets. For regulations governing the acceptance by member banks of drafts SECTION VII.—Sight drafts secured by bills of lading an 1 d A b i r l e ls a d o i f l y e x m ch a a r n k g e e ta d b r l a e w s n ta p o l n e t w he it m hi , n s e t e h e R m eg e u a l n a i t n io g n o C f t , h p e . s e 7 0 r 9 e . gulations may be defined as an article of commerce, agriculture, or industry of A Federal reserve bank may discount for any of its such uses as to make it the subject of constant dealings in ready markets member banks bills of exchange payable at sight or on with such frequent quotations of price as to make (a) the price easily and definitely aseertainable and (b) the staple itself easy to realize upon demand which— by sale at any time. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

708 FEDERAL KESERVE BULLETIN SEPTEMBER, 1924 the life of the acceptance. In the event that the goods the acceptance is eligible for discount under the terms must be withdrawn from storage prior to the maturity of the law and the provisions of this regulation. The of the acceptance or the retirement of the credit, a bill itself should be drawn so as to evidence the chartrust receipt or other similar document covering the acter of the underlying transaction, but if it is not so goods may be substituted in lieu of the original docu- drawn evidence of eligibility may consist of a stamp ment, provided that such substitution is conditioned or certificate affixed by the acceptor in form satisfacupon a reasonably prompt liquidation of the credit. tory to the Federal reserve bank. In order to insure compliance with this condition it should be required, when the original document is released, either (o) that the proceeds of the goods will be applied within a specified time toward a liquidation REGULATION B, SERIES OF 1924 of the acceptance credit or (b) that a new document, (Superseding Regulation B of 1923) similar to the original one, will be resubstituted within a specified time. OPEN MARKET PURCHASES OF BILLS OF EXCHANGE, Provided, That acceptances for any one customer in TRADE ACCEPTANCES, AND BANKERS' ACCEPTANCES excess of 10 per cent of the capital and surplus of the UNDER SECTION 14 accepting bank must remain actually secured throughout the life of the acceptance, and in the case of the SECTION I.—General statutory provisions acceptances of member banks this security must consist of shipping documents, warehouse receipts, or other Section 14 of the Federal reserve act provides that, such documents, or some other actual security growing under rules and regulations to be prescribed by the out of the same transaction as the acceptance, such as Federal Reserve Board, Federal reserve banks may documentary drafts, trade acceptances, terminal re- purchase and sell in the open market, at home or ceipts, or trust receipts which have been issued under abroad, from or to domestic or foreign banks, firms, such circumstances, and which cover goods of such a corporations, or individuals, bills of exchange of the character, as to insure at all times a continuance of kinds and maturities made eligible by the act for disan effective and lawful lien in favor of the accepting count and bankers' acceptances, with or without the bank, other trust receipts not being considered such indorsement of a member bank. actual security if they permit the customer to have access to or control over the goods. SECTION II.—General character of bills and acceptances A Federal reserve bank may also discount any bill eligible drawn by a bank or banker in a foreign country or The Federal Reserve Board, exercising its statutory dependency or insular possession of the United States right to regulate the purchase of bills of exchange and for the purpose of furnishing dollar exchange as proacceptances, prescribes that— vided in Regulation C, provided that it has a maturity (a) Any banker's acceptance or bill of exchange at the time of discount of not more than three months, which is eligible for discount under the terms of Regulaexclusive of days of grace. tion A is eligible for purchase by Federal reserve banks in the open market, with or without the indorsement of SECTION XI.—Maturities a member bank, if— (a) legal requirements.—No such acceptances is (1) It has been accepted by the drawee prior to pureligible for discount which has a maturity at the time of chase; or discount in excess of 90 days' sight, exclusive of days of (2) It is accompanied or secured by shipping docugrace, except that acceptances drawn for agricultural ments or by warehouse, terminal, or other similar repurposes and secured at the time of acceptance by ceipts conveying security title; or warehouse receipts or other such documents con- (3) It bears a satisfactory bank indorsement; veying or securing title covering readily marketable (b) A banker's acceptance growing out of a transacstaples may be discounted with maturities at the time tion involving the importation or exportation of goods of discount of not more than six months' sight, exclu- may be purchased if it has a maturity not in excess of sive of days of grace. six months, exclusive of days of grace, provided that it (6) General conditions as to maturity of domestic conforms in other respects to the applicable requireacceptances.—Although a Federal reserve bank may ments of Regulation A; and legally discount an acceptance having a maturity at (c) A banker's acceptance growing out of a transthe time of discount not greater than that prescribed action involving the storage within the United States under (a), it may decline to discount any acceptance of goods actually under contract for sale and not yet the maturity of which is in excess of the usual or cus- delivered or paid for may be purchased, provided that tomary period of credit required to finance the under- the acceptor is secured by the pledge of such goods, and lying transaction or which is in excess of that period provided further, that the acceptance conforms in reasonably necessary to finance such transaction. other respects to the applicable requirements of Regu- Since the purpose of permitting the acceptance of lation A. drafts secured by warehouse receipts or other such SECTION III.—Statements documents is to permit of the temporary holding of readily marketable staples in storage pending a rea- A bill of exchange, unless indorsed by a member bank, sonably prompt sale, shipment, or distribution, no is not eligible for purchase until a satisfactory statesuch acceptance should have a maturity in excess of ment has been furnished of the financial condition of the time ordinarily necessary to effect a reasonably one or more of the parties thereto. prompt sale, shipment, or distribution into the process A banker's acceptance, unless accepted or indorsed of manufacture or consumption. by a member bank, is not eligible for purchase until the acceptor has furnished a satisfactory statement of its SECTION XII.—Evidence of eligibility financial condition in form to be approved by the Federal reserve bank and has agreed in writing with a A Federal reserve bank must be satisfied, either by Federal reserve bank to inform it upon request conreference to the acceptance itself or otherwise, that cerning the transaction underlying the acceptance. 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SEPTEMBER, 1924 FEDERAL. RESERVE BULLETIN 709 REGULATION C, SERIES OF 1924 may file an application for that purpose with the Federal Reserve Board. Such application must be for- (Superseding Regulation C of 1923) warded through the Federal reserve bank of the dis- ACCEPTANCE BY MEMBER BANKS OF DRAFTS AND BILLS trict in which the applying bank is located. or EXCHANGE 6 (2) The Federal reserve bank shall report to the Federal Reserve Board upon the standing of the ARTICLE A. ACCEPTANCE OF DRAFTS OR BILLS OF applying bank, stating whether the business and bank- EXCHANGE DRAWN AGAINST DOMESTIC OR FOREIGN conditions pevailing in its district warrant the grant- SHIPMENTS OF GOODS OR SECURED BY WAREHOUSE ing of such application. RECEIPTS COVERING READILY MARKETABLE STAPLES (3) The approval of any such application may be rescinded upon 90 days' notice to the bank affected. SECTION I.—Statutory provisions ARTICLE B. ACCEPTANCE OP DRAFTS OR BILLS OF EX- Under the provisions of the sixth paragraph of section CHANGE DRAWN FOR THE PUBPOSE . OF CREATING 13 of the Federal reserve act, as amended, any member DOLLAR EXCHANGE bank may accept drafts or bills of exchange drawn upon it, having not more than six months' sight to run, SECTION III.—Statutory provisions exclusive of days of grace, which grow out of transactions involving the importation or exportation of goods; Section 13 of the Federal reserve act also provides or which grow out of transactions involving the domes- that any member bank may accept drafts or bills of tic shipment of goods, provided shipping documents exchange diawn upon it having not more than three conveying or securing title are attached at the time of months' sight to run, exclusive of days of grace, drawn, acceptance; or which are secured at the time of accept- under regulations to be prescribed by the Federal ance by a warehouse receipt or other such document Reserve Board, by banks or bankers in foreign counconveying or securing title covering readily marketable tries or dependencies or insular possessions of the staples.6 This paragraph limits the amount which any United States for the purpose of furnishing dollar bank shall accept for any one person, company, firm, exchange as required by the usages of trade in the or corporation, whether in a foreign or domestic trans- respective countries, dependencies, or insular possesaction, to an amount not exceeding at any time, in the sions. aggregate, more than 10 per cent of its paid-up and No member bank shall accept such drafts or bills of unimpaired capital stock and surplus. This limit, exchange for any one bank to an amount exceeding in however, does not apply in any case where the accept- the aggregate 10 per cent of the paid-up and uniming bank remains secured either by attached documents paired capital and surplus of the accepting bank unless or by some other actual security growing out of the the draft or bill of exchange is accompanied by docusame transaction as the acceptance. A trust receipt ments conveying or securing title or by some other which permits the customer to have access to or con- adequate security. No member bank shall accept trol over the goods will not be considered by Federal such drafts or bills in an amount exceeding at any time reserve banks to be "actual seeurit}'" within the mean- in the aggregate one-half of its paid-up and unimpaired ing of section 13. A bill of lading draft, however, is capital and surplus. This 50 per cent limit is separate "actual security" even after the documents have been and distinct from and not included in the limits placed released, provided that the draft is accepted by the upon the acceptance of drafts and bills of exchange as drawee upon or before the surrender of the documents. described under Article A of this regulation. The law also provides that any bank may accept such bills up to an amount not exceeding at any time, in the aggregate, more than one-half of its paid-up and unim- SECTION IV.—Regulations paired capital stock and surplus; or, with the approval of the Federal Reserve Board, up to an amount not Any member bank desiring to accept drafts drawn exceeding at any time, in the aggregate, more than 100 by banks or bankers in foreign countries or dependper cent of its paid-up and unimpaired capital stock encies or insular possessions of the United States for and surplus. In no event, however, shall the aggre- the purpose of furnishing dollar exchange shall first gate amount of acceptances growing out of domestic make an application to the Federal Reserve Board transactions exceed 50 per cent of such capital stock setting forth the usages of trade in the respective and surplus. countries, dependencies, or insular possessions in which such banks or bankers are located. SECTION II.—Regulations If the Federal Reserve Board should determine that the usages of trade in such countries, dependencies, or (1) Under the provisions of the law referred to above possessions require the granting of the acceptance the Federal Reserve Board has determined that any facilities applied for it will notify the applying bank of member bank, having an unimpaired surplus equal to its approval and will also publish in the Federal Reat least 20 per cent of its paid-up capital, which desires serve Bulletin the name or names of those countries, to accept drafts or bills of exchange drawn for the dependencies, or possessions in which banks or bankers purposes described above, up to an amount not exceed- are authorized to draw on member banks whose appliing at any time in the aggregate 100 per cent of its cations have been approved for the purpose of furpaid-up and unimpaired capital stock and surplus, nishing dollar exchange. The Federal Reserve Board reserves the right to • For regulations governing the rediscount of bankers' acceptances by modify or on 90 days' notice to revoke its approval Federal reserve banks, see Regulation A, page 705. either as to any particular member bank or as to any • A readily marketable staple within the meaning of these regulations may be denned as an article of commerce, agriculture, or industry of foreign country or dependency or insular possession of such uses as to make it the subject of constant dealings in ready mar- the United States in which it has authorized banks or kets with such frequent quotations of price as to make (a) the price bankers to draw on member banks for the purpose of easily and definitely ascertainable, and (5) the staple itself easy to realize upon by sale at any time. furnishing dollar exchange. 7911—24t 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

710 FEDERAL. BESEBVE BULLETIN SEPTEMBER, 1924 REGULATION D, SERIES OF 1924 (d) Savings accounts.—The term "savings accounts " shall mean those deposits in respect to which— (Superseding Regulation D of 1923) (1) The pass book, certificate, or other similar form RESERVES OF MEMBEB BANKS of receipt must be presented to the bank whenever a withdrawal is made, SECTION I.—Statutory provisions (2) The depositor may at any time be required by the bank to give notice of an intended withdrawal not Section 19 of the Federal reserve act provides, in less than 30 days before a withdrawal is made, and part, as follows: (3) The bank's printed regulations, accepted by the BANE KESEKVES depositor at the time the account is opened, include SEC. 19. Demand deposits within the meaning of this act shall com- the above requirements. prise all deposits payable within thirty days, and time deposits shall com- 0) Time certificates of deposit.—A "time certificate prise all deposits payable after thirty days, all savings accounts and cer- of deposit" is defined as an instrument evidencing the tificates of deposit which are subject to not less than thirty days' notice before payment, and all postal savings deposits. deposit with a bank, either with or without interest, of Every bank, banking association, or trust company which is or which a certain sum specified on the face of the certificate becomes a member of any Federal reserve bank shall establish and main- payable in whole or in part to the depositor or on his tain reserve balances with its Federal reserve bank as follows: order— (a) If not in a reserve or central reserve city, as now or hereafter defined, it shall hold and maintain with the Federal reserve bank of its (1) On a certain date, specified on the certificate, not district an actual net balance equal to not less than seven per centum less than 30 days after the date of the deposit, or of the aggregate amount of its demand deposits and three per centum of its time deposits. (2) After the lapse of a certain specified time subse- (t) If in a reserve city, as now or hereafter defined, it shall hold and quent to the date of the certificate, in no case less than maintain with the Federal reserve bank of its district an actual net bal- 30 days, or ance equal to not less than ten per centum of the aggregate amount of its demand deposits and three per centum of its time deposits: Provided, (3) Upon written notice, which the bank may at its however, That if located in the outlying districts of a reserve city or inoption require to be given a certain specified number territory added to such a city by the extension of its corporate charter, of days, not less than 30 days, before the date of reit may, upon the affirmative vote of five members of the Federal Reserve Board, hold and maintain the reserve balances specified in paragraph (o) payment; and hereof. (4) In all cases only upon presentation of the certifi- (c) If in a central reserve city, as now or hereafter defined, it shall hold cate at each withdrawal for proper indorsement or and maintain with the Federal reserve bank of its district an actual net balance equal to not less than thirteen per centum of the aggregate surrender. amount of its demand deposits and three per centum of its time deposits: (/) Postal savings deposits.—The term "postal Provided, however, That if located in the outlying districts of a centralsavings deposits" shall mean deposits of postal savings reserve city or in territory added to such city by the extension of its corporate charter, it may, upon the affirmative vote of five members of the •funds in banks under the terms of the postal savings Federal Reserve Board, hold and maintain the reserve balances specified act, approved June 25, 1910, as amended. in paragraphs (o) or (b) thereof. (g) Government deposits.—The term "Government The required balance carried by a member bank with a Federal re- deposits" shall mean deposits of public moneys by the serve bank may, under the regulations and subject to such penalties as United States in designated depositaries.7 may be prescribed by the Federal Reserve Board, be checked against and withdrawn by such member bank for the purpose of meeting existing liabilities: Provided, however, That no bank shall at any time make SECTION III.—Computation of reserves new loans or shall pay any dividends unless and until the total balance required by law is fully restored. In estimating the balances required by this act, the net difference of (a) Amounts of reserves to be maintained.—Every amounts due to and from other banks shall be taken as the basis for member bank of the Federal reserve system is required ascertaining the deposits against which required balances with Federal by law to maintain on deposit with the Federal reserve reserve banks shall be determined. bank of its district an actual net balance equal to 3 The various Liberty bond acts (act of April 24, 1917, per cent of its time deposits plus— sec. 7; act of September 24, 1917, sec. 8; act of April 4, Seven per cent of its demand deposits if not in a 1918, sec. 8) provide, in part, as follows: reserve or central reserve city. That the provisions * * * with reference to the reserves required Ten per cent of its demand deposits if in a reserve to be kept by national banking associations and other member banks city, except that if located in an outlying district of a of the Federal Reserve System, shall not apply to deposits of public reserve city, or in territory added to such city by the moneys by the United States in designated depositaries. extension of the city's corporate limits, such bank may, upon the affirmative vote of five members of the Federal SECTION II.—Definitions Reserve Board, be permitted to maintain 7 per cent (a) Demand deposits.—The term "demand de- reserves against its demand deposits. posits" shall include all deposits which are payable Thirteen per cent of its demand deposits if located within 30 days except "savings accounts," "time in a central reserve city, except that if located in an certificates of deposit," and "postal savings deposits," outlying district of a central reserve city or in territory as defined below. added to such city by the extension of the city's cor- (b) Time deposits.—The term "time deposits" shall porate limits, such bank may, upon the affirmative include all "time deposits, open accounts," all "savings accounts," all "time certificates of deposit," and all 7 Deposits made by United States postmasters of Government funds, "postal savings deposits," as defined below. other than postal savings deposits, received by them in their official (c) Time deposits, open accounts.—The term "time capacity, constitute "Government deposits" within the meaning of this regulation and, when made in designated depositaries, are exempt from deposits, open accounts" shall mean deposits not the reserve requirements of section 19. The following classes of deposits, evidenced by certificates of deposit or savings pass however, are not "Government deposits" within such meaning and books, in respect to which a written contract is entered are not exempt from reserve requirements: (1) Deposits of Philippine funds made by the Philippine Government into with the depositor at the time the deposit is made and carried under the title, "Treasurer of the Philippine Islands curthat neither the whole nor any part of such deposit rency reserve fund account." may be withdrawn, by check or otherwise, except on a (2) Deposits of Porto Rican funds made by the Porto Rican Government. given date, not less than 30 days after the date of the (3) Deposits of Indian funds under the control of the Department deposit, or on written notice which must be given by of the Interior. the depositor a certain specified number of days in (4) Deposits of States, counties, or municipalities. advance, in no case less than 30 days. (5) Deposits of the United States Shipping Board and the Emergency Fleet Corporation. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 711 vote of five members of the Federal Reserve Board, provided that the maximum penalty charged will not be permitted to maintain 7 per cent or 10 per cent exceed 10 per cent. reserves against its demand deposits. (2) When a member bank outside of a central re- No reserves are required to be maintained against serve or reserve city has had an average deficiency in Government deposits as defined above. reserves for three consecutive semimonthly periods, a (6) Deductions allowed in computing reserves.— progressive penalty, increasing at the rate of one-half Member banks in determining the amount against of 1 per cent for each half month thereafter during which reserves must be carried may deduct: which the average reserve balance is deficient, will be (1) From gross demand deposits, all Government assessed on semimonthly deficiencies until the redeposits as defined above. quired reserve has been restored and maintained for (2) From the amount of balances due to other two consecutive semimonthly periods, provided that banks, the amount of balances due from other banks the maximum penalty charged will not exceed 10 per cent. (except Federal reserve banks and foreign banks), including in the amount due from banks, out of town SECTION "V.—Loans and dividends while reserves are items placed in the mail and charged to the account deficient of correspondent banks, items with a Federal reserve bank in process of collection, checks drawn on banks It is unlawful.for any member bank the reserves of located in the same city, and exchanges for clearing which are at any time deficient to make any new loans houses. or pay any dividends unless and until the total reserves (c) Availability of checks as reserve.—Checks for- required by law are fully restored, and the payment warded to a Federal reserve bank for collection or of penalties for deficiencies in reserves does not exempt credit can not be counted as part of the minimum member banks from this prohibition of law. As proreserve balance to be carried by a member bank with vided above, penalties for deficiencies in reserves are its Federal bank until such time as may be specified in computed on the basis of the average reserve balances the appropriate time schedule referred to in Section for weekly or semimonthly periods; but this prohibition IV of Regulation J. If a member bank draw against of law applies whenever the reserves are deficient for checks before such time, the draft will be charged one day or more, regardless of whether or not the against its reserve balance if such balance be sufficient average reserve balances for the weekly or semiin amount to pay it; but any resulting impairment monthly period are deficient. of reserve balances will be subject to all the penalties provided by the act. REGULATION E, SERIES OF 1924 SECTION IV.—Penalties for deficiencies in reserves (Superseding Eegulation E of 1923) (a) Basic penalty.—Inasmuch as it is essential that the law in respect to the maintenance by member PURCHASE OP WARRANTS banks of the required minimum reserve balance shall be strictly complied with, the Federal Reserve Board SECTION I.—Statutory requirements under authority vested in it by section 19 of the Federal reserve act, hereby prescribes a basic penalty Section 14 of the Federal reserve act reads in part as for deficiencies in reserves according to the following follows: rules: Every Federal reserve bank shall have power— (1) Deficiencies in reserve balances of member banks (b) To buy and sell, at home or abroad, bonds and notes of the United in central reserve and reserve cities will be computed States, and bills, notes, revenue bonds, and warrants with a maturity on the basis of average daily net deposit balances from date of purchase of not exceeding six months, issued in anticipation of the collection of taxes or in anticipation of the receipt of assured revecovering a weekly period of seven days. Deficiencies nues by any State, county, district, political subdivision, or municipality in reserve balances of other member banks will be in the continental United States, including irrigation, drainage and reccomputed on the basis of average daily net deposit amation districts, such pur-chases to be made in accordance with rules land regulations prescribed by the Federal Reserve Board. balances covering a semimonthly period. (2) Penalties for deficiencies in reserves will be SECTION II.—Definitions assessed monthly on the basis of average daily deficiencies during each of the reserve computation periods Within the meaning of this regulation— ending in the preceding month. The term "warrant" shall be construed to mean (3) A basic rate of 2 per cent per annum above the "bills, notes, revenue bonds, and warrants with a Federal reserve bank discount rate on 90-day com- maturity from date of purchase of not exceeding six mercial paper will be assessed as a penalty on defi- months." ciencies in reserves of member banks. The term "municipality" shall be construed to mean (6) Progressive penalty.—The Federal Reserve "State, county, district, political subdivision, or Board will also prescribe for any Federal reserve dis- municipality in the continental United States, includtrict, upon the application of the Federal reserve bank ing irrigation, drainage, and reclamation districts." of that district, an additional progressive penalty for The term "net funded indebtedness" shall be concontinued deficiencies in reserves, in accordance with strued to mean the legal gross indebtedness of the the following rules: municipality (including the amount of any school dis- (1) When a member bank in a central reserve or trict or other bonds which depend for their redemption reserve city has had an average deficiency in reserves upon taxes levied upon property within the municipalfor six consecutive weekly periods, a progressive ity) less the aggregate of the following items: penalty, increasing at the rate of one-fourth of 1 per (1) The amount of outstanding bonds or other debt cent for each week thereafter during which the average obligations made payable from current revenues; reserve balance is deficient, will be assessed on weekly (2) The amount of outstanding bonds issued for the deficiencies until the required reserve has been restored purpose of providing the inhabitants of a municipality and maintained for four consecutive weekly periods, with public utilities, such as waterworks, docks, electric Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

712 FEDERAL RESERVE BULLETIN SEPTEMBERJ 1924 plants, transportation facilities, etc.: Provided, That that of such original political division or of any other evidence is submitted showing that the income from political division so succeeded, is equal to a period of such utilities is sufficient for maintenance, for payment 10 years will be deemed to be warrants of such sucof interest on such bonds, and for the accumulation of ceeding political division: Provided, That during such a sinking fund sufficient for their redemption at ma- period none of such political divisions shall have deturity; faulted for a period exceeding 15 days in the payment (3) The amount of outstanding improvement bonds, of any part of either principal or interest of any funded issued under laws which provide for the levying of debt authorized to be contracted by it: And provided special assessments against abutting property in further, That such warrants were assumed by such new amounts sufficient to insure the payment of interest on political division under statutes and appropriate prothe bonds and the redemption thereof at maturity: ceedings the effect of which is to make such warrants Provided, That such bonds are direct obligations of the general obligations of such assuming political division municipality and included in the gross indebtedness of and payable, either directly or ultimately, without the municipality; and limitation to a special fund from the proceeds of taxes (4) The total of all sinking funds accumulated for levied upon all the taxable real and personal property the redemption of the gross indebtedness of the munic- within its territorial limits. ipality, except sinking funds applicable to bonds (3) Warrants issued by or in behalf of any municidescribed in (1), (2), and (3) above. pality which, prior to such issuance, became the successor of one or more, or was formed by the consolida- SECTION III.—Class of warrants eligible for purchase tion or merger of two or more, preexisting political divisions, the term of existence of one or more of which, Any Federal reserve bank may purchase warrants added to that of such succeeding or consolidated issued by a municipality in anticipation of the collec- political division, is equal to a period of 10 years, will tion of taxes or in anticipation of the receipt of assured be deemed to be warrants of a political division which revenues, provided— has been in existence for a period of 10 years: Provided, (a) They are the general obligations of the entire That during such period none of such original, succeedmunicipality; it being intended to exclude as ineligible ing, or consolidated political divisions shall have for purchase all such obligations as are payable from defaulted for a period exceeding 15 days in the pay- "local benefit" and "special assessment" taxes when ment of any part of either principal or interest of any the municipality at large is not directly or ultimately funded debt authorized to be contracted by it. liable; (6) They are issued in anticipation of taxes or reve- SECTION V.—Limitations nues which are due and payable on or before the date (a) Except with the approval of the Federal Reserve of maturity of such warrants; but the Federal Preserve Board, no Federal reserve bank shall purchase and Board may waive this condition in specific cases. For hold an amount in excess of 25 per cent of the total the purposes of this regulation, taxes shall be conamount of warrants outstanding at any time and sidered as due and payable on the last day on which issued in conformity with provisions of section 14(b), they may be paid without penalty; above quoted, and actually sold by a municipality. (c) They are issued by a municipality— (b) Except with the approval of the Federal Reserve (1) Which has been in existence for a period of 10 Board, the aggregate amount invested by any Federal years; reserve bank in warrants of all kinds shall not exceed (2) Which for a period of 10 years previous to the at the time of purchase a sum equal to 10 per cent of purchase has not defaulted for longer than 15 days in the deposits kept by its member banks with such the payment of any part of either principal or interest Federal reserve bank. of any funded debt authorized to be contracted by it; (c) Except with the approval of the Federal Reserve (3) Whose net funded indebtedness does not exceeed Board, the maximum amount which may be invested 10 per centum of the valuation of its taxable property, at the time of purchase by any Federal reserve bank in to be ascertained by the last preceding valuation of warrants of any single municipality shall be limited to property for the assessment of taxes. the following percentages of the deposits kept in such Federal reserve bank by its member banks: SECTION IV.—"Existence" and "nondefault" Five per cent of such deposits in warrants of a municipality of 50,000 population or over; Warrants will be construed to comply with that Three per cent of such deposits in warrants of a mupart of Section III (c) relative to term of existence and nicipality of over 30,000 population, but less than nondefault, under the following conditions: 50,000; (1) Warrants issued by or in behalf of any munici- One per cent of such deposits in warrants of a mupality which was, subsequent to the issuance of such nicipality of over 10,000 population, but less than warrants, consolidated with or merged into an existing 30,000. political division which meets the requirements of (d) Any Federal reserve bank may purchase from these regulations, will be deemed to be the warrants any of its member banks warrants of any municipality of such political division: Provided, That such warrants indorsed by such member bank, with waiver of demand, were assumed by such political division under statutes notice, and protest if such warrants comply with Secand appropriate proceedings, the effect of which is tions III and V (b) of these regulations, except that to make such warrants general obligations of such where a period of 10 years is mentioned in III (c) assuming political division and payable, either directly hereof a period of 5 years shall be substituted for the or ultimately, without limitation to a special fund from purposes of this clause. the proceeds of taxes levied upon all the taxable real and personal property within its territorial limits. SECTION VI.—Warrants of small municipalities (2) Warrants issued by or in behalf of any municipality which was, subsequent to the issuance of such Warrants of a municipality of 10,000 population or warrants, wholly succeeded by a newly organized less shall be purchased only with the special approval political division whose term of existence, added to of the Federal Reserve Board. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SBPTEMBEB, 1924 FEDERAL RESERVE BULLETIN 713 The population of a municipality shall be determined be issued to any national banking association having a capital and surby the last Federal or State census. Where it can not plus less than the capital and surplus required by State law of State banks, trust companies, and corporations exercising such powers. be exactly determined the Federal Reserve Board will make special rulings. SECTION II.—Applications SECTION VII. Opinion of counsel A national bank desiring to exercise any or all of the powers authorized by section 11 (ft) of the Federal Opinion of recognized counsel on municipal issues orreserve act, as amended by the act of September 26, of the regularly appointed counsel of the municipality 1918, shall make application to the Federal Reserve as to the legality of the issue shall be secured and ap- Board, on a form approved by said board, for a special proved in each case by counsel for the Federal reserve permit authorizing it to exercise such powers. In bank. the case of an original application—that is, where the applying bank has never been granted the right to exercise any of the powers authorized by section REGULATION F, SERIES OP 1924 11 (k)— the application should be made on F. R. B. Form 61. In the case of a supplemental application—that (Superseding Regulation F of 1923) is, where the applying bank has already been granted the right to exercise one or more of the powers author- TRUST POWERS OF NATIONAL BANKS ized by section 11 (fc)—the application should be made on F. R. B. Form 61-6. Both forms are made a part SECTION I.—Statutory provisions of this regulation and may be obtained from the Fed- The Federal reserve act as amended by the act of eral Reserve Board or any Federal reserve bank. September 26, 1918, provides in part: SEC. 11. The Federal Reserve Board shall be SECTION III;—Separate departments authorized and empowered: Every national bank permitted to act under this (k) To grant by special permit to national banks applying therefor, when not in contravention of State or local law, the right to act as trustee,section shall establish a separate trust department, executor, administrator, registrar of stocks and bonds, guardian of and shall place such department under the manageestates, assignee, receiver, committee of estates of lunatics, or in anyment of an officer or officers, whose duties shall be other fiduciary capacity in which State banks, trust companies, or other corporations which come into competition with national banks prescribed by the board of directors of the bank. are permitted to act under the laws of the State in which the national bank is located. Whenever the laws of such State authorize or permit the exercise of SECTION IV.—Custody of trust securities and investments any or all of the foregoing powers by State banks, trust companies, or other corporations which compete with national banks, the granting The securities and investments held in each trust to and the exercise of such powers by national banks shall not be deemed shall be kept separate and distinct from the securities to be in contravention of State or local law within the meaning of this act. National banks exercising any or all of the powers enumerated in this owned by the bank and separate and distinct one subsection shall segregate all assets held in any fiduciary capacity from from another. Trust securities and investments shall the general assets of the bank and shall keep a separate set of books and be placed in the joint custody of two or more officers records showing in proper detail all transactions engaged in under authority of this subsection. Such books and records shall be open to or other employees designated by the board of directors inspection by the State authorities to the same extent as the books and of the bank and all such officers and employees shall records of corporations organized under State law which exercise fiduciary powers, but nothing in this act shall be construed as authorizing the be bonded. State authorities to examine the books, records, and assets of the national bank which are not held in trust under authority of this subsection. SECTION V.—Deposit of funds awaiting investment or No national bank shall receive in its trust department deposits of cur- distribution rent funds subject to check or the deposit of checks, drafts, bills of exchange, or other items for collection or exchange purposes. Funds deposited or held in trust by the bank awaiting investment shall be Funds received or held in the trust department of a carried in a separate account and shall not be used by the bank in thenational bank awaiting investment or distribution may conduct of its business unless it shall first set aside in the trust depart- be deposited in the commercial department of the bank ment United States bonds or other securities approved by the Federal Reserve Board. to the credit of the trust department, provided that the In the event of the failure of such bank the owners of the funds held bank first delivers to the trust department, as collateral in trust for investment shall have a lien on the bonds or other securities security, United States bonds, or other readily marketso set apart in addition to their claim against the estate of the bank. Whenever the laws of a State require corporations, acting in a fiduciaryable securities owned by the bank, which collateral capacity, to deposit securities with the State authorities for the protection security shall at all times be at least equal in market of private or court trusts, national banks so acting shall be required to value to the amount of the funds so deposited.3 make similar deposits and securities so deposited shall be held for the protection of private or court trusts, as provided by the State law. assail National banks in such cases shall not be required to execute the bond usually required of individuals if State corporations under similar cir- SECTION VI.—Investment of trust funds cumstances are exempt from this requirement. (a) Private trusts.—Funds held in trust must be in- National banks shall have power to execute such bond when so required by the laws of the State. vested in strict accordance with the terms of the will, In any case in which the laws of a State require that a corporation deed, or other instrument creating the trust. Where acting as trustee, executor, administrator, or in any capacity specified the instrument creating the trust contains provisions in this section, shall take an oath or make an affidavit, the president, authorizing the bank, its officers, or its directors to vice president, cashier, or trust officer of such national bank may take the necessary oath or execute the necessary affidavit. exercise their discretion in the matter of investments, It shall be unlawful for any national banking association to lend any funds held in trust may be invested only in those classes officer, director, or employee any funds held in trust under the powers of securities which are approved by the directors of the conferred by this section. Any officer, director, or employee making such loan, or to whom such loan is made, may be fined not more than bank. Where the instrument creating the trust does $5,000, or imprisoned not more than five years, or may be both fined and imprisoned, in the discretion of the court. In passing upon applications for permission to exercise the powers » The act requires that the bank shall set aside in the trust department enumerated in this subsection, the Federal Reserve Board may take into "United States bonds or other securities approved by the Federal Reconsideration the amount of capital and surplus of the applying bank, serve Board." This provision of the regulations is intended as a general whether or not such capital and surplus is sufficient under the circum- approval by the Federal Reserve Board of all securities which comply stances of the case, the needs of the community to be served, any andwith the requirements thereof and specific approval by the Federal Reother facts and circumstances that seem to it proper, and may grant serve Board is unnecessary as to such securities. The board will not or refuse the application accordingly: Provided, That no permit shallapprove any securities which do not comply with these requirements. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

714 FEDERAL RESERVE BULLETIN SEPTEMBER^ 1924 not specify the character or class of investments to be REGULATION G, SERIES OF 1924 made and does not expressly vest in the bank, its officers, or its directors a discretion in the matter of in- (Superseding Regulation G of 1923) vestments, funds held in trust shall be invested in any securities in which corporate or individual fiduciaries in LOANS ON FARM LAND AND OTHER REAL ESTATE the State in which the bank is located may lawfully Section 24 of the Federal reserve act provides in invest. part that— (6) Court trusts.—Except as hereinafter provided, a national bank acting as executor, administrator, or in Any national banking association not situated in a central reserve city may make loans secured by improved and unencumbered farm land any other fiduciary capacity, under appointment by a situated within its Federal reserve district or within a radius of one court of competent jurisdiction, shall make all invest- hundred miles of the place in which such bank is located, irrespective of ments under an order of that court, and copies of alldistrict lines, and may also make loans secured by improved and unencumbered real estate located within one hundred miles of the place such orders shall be filed and preserved with the records in which such bank is located, irrespective of district lines; but no loan of the trust department of the bank. If the court by made upon the security of such farm land shall be made for a longer time general order vests a discretion in the national bank to than five years, and no loan made upon the security of such real estate as distinguished from farm land shall be made for a longer time than one invest funds held in trust, or if under the laws of theyear nor shall the amount of any such loan, whether upon such farm land State in which the bank is located corporate fiduciaries or upon such real estate, exceed fifty per centum of the actual value of appointed by the court are permitted to exercise such the property offered as security. Any such bank may make such loans, whether secured by such farm land or such real estate, in an aggregate discretion, the national bank so appointed may invest sum equal to twenty-five per centum of its capital and surplus or to onesuch funds in any securities in which corporate or in-third of its time deposits and such banks may continue hereafter as heredividual fiduciaries in the State in which the bank is tofore to receive time deposits and to pay interest on the same. located may lawfully invest. National banks not located in central reserve cities may, therefore, legally make loans secured by improved and unencumbered farm land or other real SECTION VII.—Books and accounts estate as provided by this section. Certain conditions and restrictions must, however, All books and records of the trust department shall be observed— be kept separate arid distinct from other books and (a) There must be no prior lien on the land; that is, records of the bank. All accounts opened shall be sothe lending bank must hold an absolute first mortgage kept as to enable the national bank at any time to or deed of trust. furnish information or reports required by the Federal (6) The amount of the loan must not exceed 50 per or State authorities, and such books and records shall cent of the actual value of the land by which it is be open to the inspection of such authorities. secured. / (c) The maximum amount of loans which a national SECTION VIII.—Examinations bank may make on real estate, whether on farm land or on other real estate as distinguished from farm land, Examiners appointed by the Comptroller of the is limited under the terms of the act to an amount not Currency or designated by the Federal Reserve Board in excess of one-third of its time deposits at the time of will be instructed to make thorough and complete the making of the loan, and not in excess of one-third audits of the cash, securities, accounts, and investments of its average time deposits during the preceding of the trust department of the bank at the same time calendar year: Provided, however, That if one-third of that examination is made of the banking department. such time deposits as of the date of making the loan or one-third of the average time deposits for the preceding calendar year is less than one-fourth of the capital and SECTION IX.—Conformity with State laws surplus of the bank as of the date of making the loan, the bank in such event shall have authority to make Nothing in these regulations shall be construed to loans upon real estate under the terms of the act to the give a national bank exercising the powers permitted extent of one-fourth of the bank's capital and surplus under the provisions of section 11 (A;) of the Federalas of that date. reserve act, as amended, any rights or privileges in (<2) Farm land to be eligible as security for a loan by a contravention of the laws of the State in which the national bank must be situated within the Federal bank is located within the meaning of that act. reserve district in ¥/hich such bank is located or within a radius of 100 miles of such bank irrespective of district lines. SECTION X.—Revocation of permits (e) Real estate as distinguished from farm land to The Federal Reserve Board reserves the right to be eligible as security for a loan by a national bank revoke permits granted under the provisions of section must be located within a radius of 100 miles of such ll(fc), as amended, in any case where in the opinion of bank irrespective of district lines. the board a bank has willfully violated the provisions (/) The right of a national bank to "make loans" of the Federal reserve act or of these regulations or the under section 24 includes the right to purchase or dislaws of any State relating to the operations of such bank count loans already made as well as the right to make when acting in any of the capacities permitted under such loans in the first instance: Provided, however, the pro%'isions of section 11 (ft), as amended. That no loan secured by farm land shall have a maturity of more than five years from the date on which it was purchased or made by the national bank and that SECTION XI.—Changes in regulations no loan secured by other real estate shall have a maturity of more than one year from such date. These regulations are subject to change by the Fed- (g) Though no national bank is authorized under eral Reserve Board; provided, however, that no such the provisions of section 24 to make a loan on the change shall prejudice any obligation undertaken in security of real estate, other than farm land, for a good faith under regulations in effect at the time the period exceeding one year, nevertheless, at the end of obligation was assumed. the year, the maturing note may be renewed or ex- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 715 tended for another year, and in order to obviate the required under (a). For the purpose of providing necessity of making a new mortgage or deed of trust for such increase, every such bank shall set aside each for each renewal the original mortgage or deed of trust year in a fund exclusively applicable to such capital may be so drawn in the first instance as to cover increase not less than 50 per cent of its net earnings for possible future renewals of the original note. Under the preceding year prior to the payment of dividends, no circumstances, however, must the bank obligate it- and if such net earnings exceed 12 per cent of the paidself in advance to make such a renewal. It must in all up capital of such bank, then all net earnings in cases preserve the right to require payment at the end excess of 6 per cent of the paid-up capital shall be of the year and to foreclose the mortgage should that carried to such fund, until such fund is large enough to action become necessary. The same principles apply provide for the necessary increase in capital. Whenever to loans of longer maturities secured by farm lands. such fund shall be large enough to provide for the neces- (h) In order that real estate loans held by a bank sary increase in capital, or at such other time as the may be readily classified, a statement signed by the Federal Reserve Board may require, such fund or as much officers making a loan and having knowledge of the thereof as may be necessary shall be converted into capifacts upon which it is based must be attached to each tal by a stock dividend or used in any other manner pernote secured by a first mortgage on the land by which mitted by State law to increase the capital of such bank the loan is secured, certifying in detail as of the date of to the amount required under (a): Provided, however, the loan that all of the requirements of law have been That such bank may be excused in whole or in part from duly observed. compliance with the terms of this paragraph if it increases its capital through the sale of additional stock: Provided, further, That nothing herein contained shall REGULATION H, SERIES OF 1924 be construed as requiring any such bank to violate any provision of State law, and in any case in which the (Superseding Regulation H of 1923) requirements of this paragraph are inconsistent with the requirements of State law the requirements of this MEMBERSHIP OF STATE BANKS AND TBUST COMPANIES paragraph may be waived and the subject covered by a SECTION I.—Banks eligible for membership special condition of membership to be prescribed by the Federal Reserve Board, 1. Incorporation.—In order to be eligible for membership in a Federal reserve bank, a State bank or trust SECTION II.—Application for membership company must have been incorporated under a special or general law of the State or district in which it is Any eligible State bank or trust company may located. make, application on F. R. B. Form 83a, made a part of 2. Capital stock.—Under the terms of section 9 of this regulation, to the Federal Reserve Board for an the Federal reserve act as amended, no applying bank amount of capital stock in the Federal reserve bank can be admitted to membership in a Federal reserve of its district equal to 6 per cent of the paid-up capital bank unless— • stock and surplus of such State bank or trust company. (a) It possesses a paid-up, unimpaired capital This application must be forwarded direct to the Federal sufficient to entitle it to become a national banking reserve agent of the district in which the applying bank association in the place where it is situated, under the or trust company is located and must be accompanied provisions of the national bank act, or by Exhibits I, II, and III, referred to on page 1 of the (6) It possesses a paid-up, unimpaired capital of at application blank. least 60 per cent of such amount, and, under penalty of loss of membership, complies with the rules and regulations herein prescribed by the Federal Reserve SECTION III.—Approval of application Board fixing the time within which and the method by which the unimpaired capital of such bank shall be In passing upon an application the Federal Reserve increased out of net income to equal the capital required Board will consider especially— under (a). (1) The financial condition of the applying bank or In order to become a member of the Federal reserve trust company and the general character of its managesystem, therefore, any State bank or trust company ment; must have a minimum paid-up capital stock at the (2) Whether the corporate powers exercised by the time it becomes a member, as follows: applying bank or trust company are consistent with the purposes of the Federal reserve act; and (3) Whether the laws of the State or district in which Minimum Minimum the applying bank or trust company is located con- If located in a city or town with a population capital if capital if tain provisions likely to prevent proper compliance of— admitted admitted with the provisions of the Federal reserve act and the under under clause (a) clause (6) regulations of the Federal Reserve Board made in conformity therewith. If, in the judgment of the Federal Reserve Board, an Not exceeding 3,000 inhabitants _ $25,000 $15,000 applying bank or trust company conforms to all the Exceeding 3,000 but not exceeding 6,000 inhabitants 50,000 30,000 requirements of the Federal reserve act and these Exceeding 6,000 but not exceeding 50,000 in- regulations, and is otherwise qualified for membership, habitants 100,000 60,000 the board will issue a certificate of approval subject to Exceeding 50,000 inhabitants 200,000 120,000 such conditions as it may deem necessary. When the conditions imposed by the board have been accepted by Any bank admitted to membership under clause (6) the applying bank or trust company the board will must also, as a condition of membership, the violation issue a certificate of approval, whereupon the applying of which will subject it to expulsion from the Federal bank or trust company shall make a payment to the reserve system, increase its paid-up and unimpaired Federal bank of its district of one-half of the amount capital within five years after the approval of its of its subscription, i. e., 3 per cent of the amount of its application by the Federal Reserve Board to the amount paid-up capital and surplus, and upon receipt of this Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

716 FEDERAL. RESERVE BTJIiLETTN SEPTEMBER, 1924 payment the appropriate certificate of stock will be Reserve Board, upon the application of such bank or issued by the Federal reserve bank. The remaining trust company, may increase this limit from 50 per half of its subscription shall be subject to call when cent to 100 per cent of its capital and surplus: Prodeemed necessary by the Federal Reserve Board. vided, however, That in no event shall the aggregate amount of domestic acceptances outstanding at any SECTION IV.—Conditions of membership one time exceed 50 per cent of the capital and surplus of such bank or trust company. Pursuant to the authority contained in the first para- (9) The board of directors of said bank or trust comgraph of section 9 of the Federal reserve act, which propany shall adopt a resolution authorizing the intervides that the Federal Reserve Board may permit apchange of reports and information between the Federal plying banks to become members of the Federal reserve reserve bank of the district in which such bank or system "subject to such conditions as it may prescribe," trust company is located and the banking authorities the Federal Reserve Board will prescribe the following of the State in which such bank is located. conditions of membership for each bank or trust company hereafter applying for admission to the Federal Each baak or trust company applying for memberreserve system, in addition to such other conditions as ship hereafter will be required to agree to the above the board may consider necessary or advisable in the conditions and any other conditions which the board particular case— may prescribe, prior to the admission of such bank or trust company to the Federal reserve system. (1) Except with the permission of the Federal Reserve Board, such bank or trust company shall not cause or permit any change to be made in the general char- SECTION V.-—Permission necessary prior to making acter of its assets or in the scope of the functions exer- changes in assets or scope of functions cised by it at the time of admission to membership, such as will tend to affect materially the standard Each bank or trust company hereafter admitted to maintained at the time of its admission to the Federal the Federal reserve system and each bank or trust reserve system and required as a condition of member- company which has heretofore been admitted subject ship. to condition No. 1 of Section IV or subject to any (2) Such bank or trust company shall at all times similar condition shall, through the Federal reserve conduct its business and exercise its powers with due agent, request the permission of the Federal Reserve regard to the safety of its customers. Board prior to taking any action which may result in a (3) Such bank or trust company shall not reduce its change in the general character of its assets or in the capital stock except with the permission of the Federal scope of the functions exercised by it at the time of Reserve Board. admission to membership, such as will tend to affect materially the standard maintained at the time of its (4) Such bank or trust company shall not, except admission to the Federal reserve system and required after applying for and receiving the permission of the as a condition of membership. Federal Reserve Board, establish any branch, agency, or additional office. The board considers that among the actions which (5) Such bank or trust company, except after apply- may result in changes of the kind referred to in this ing for and receiving the permission of the Federal Re- section are the establishment of branches, agencies, or serve Board, shall not consolidate with or absorb or pur- additional offices and consolidations or mergers with chase the assets of any other bank or branch bank for or purchases of the assets of other banks or branch the purpose of operating such bank or branch bank as a banks. branch of the applying bank; nor directly or indirectly, through affiliated corporations or otherwise, acquire an SECTION VI.—Principles governing establishment of interest in another bank in excess of 20 per cent of the branches capital stock of such other bank; nor directly or indirectly promote the establishment of any new bank for In passing upon applications by State banks and the purpose of acquiring such an interest in it; nor trust companies for permission to establish branches, make any arrangement to acquire such an interest. agencies, or additional offices, under condition No. 4 (6) Such bank or trust company shall reduce to, and of Section IV, or under any similar condition which maintain within, the limits prescribed by the laws of may have been prescribed by the Federal Reserve the State in which it is located, any loan which may be Board and agreed to by any bank or trust company in excess of such limits. heretofore admitted to the Federal reserve system, the (7) Such bank or trust company shall reduce to an Federal Reserve Board will observe the following amount equal to 10 per cent of its capital and surplus principles— all balances in excess thereof, if any, which are carried (1) The Federal Reserve Board will as a general with banks or trust companies which are not members principle restrict the establishment of branches, of the Federal reserve system, and shall at all times agencies, or additional offices by such banks or trust maintain such balances within such limits. companies to the city of location of the parent bank (8) Such bank or trust company may accept drafts and the territorial area within the State contiguous and bills of exchange drawn upon it of any character thereto, as said territory has been defined in the board's permitted by the laws of the State of its incorporation; resolution of November 7, 1923,9 excepting in instances but the aggregate amount of all acceptances outstanding where the State banking authorities have certified and at any one time shall not exceed the limitations im- the board finds that public necessity and advantage posed by section 13 of the Federal reserve act, that is, render a departure from the principle necessary or the aggregate amount of acceptances outstanding at desirable. any one time which are drawn for the purpose of fur- (2) The Federal Reserve Board as a general principle nishing dollar exchange in countries specified by the will not consider an application by such bank or trust Federal Reserve Board shall not exceed 50 per cent of company for a permit to establish a branch, agency, or its capital and surplus, and the aggregate amount of all other acceptances, whether domestic or foreign, • The term "contiguous territory" is defined in the board's resolution outstanding at any one time shall not exceed 50 per of Nov. 7, 1923, to mean: "The territory of a city or town whose corpocent of its capital and surplus, except that the Federal rate limits at some point coincide with the corporate limits of the city or town in which the parent bank is located." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BTJKLETIN 717 additional office, unless the authorities of the State banks and trust companies which have become memin which such bank is located regularly make simulta- ber banks; and neous examinations of the head office and all branches, (4) Shall comply at all times with any and all conagencies, or additional offices of such bank, nor unless ditions of membership prescribed by the Federal the examinations made by the State authorities are, Reserve Board at the time of the admission of such in the judgment of the Federal Reserve Board, of such member bank to the Federal reserve system. character in every respect as to furnish the Federal Reserve Board with sufficient information as to the SECTION VIII.—Examinations and reports condition of such bank and the character of its management to enable the Federal Reserve Board fully to Every State bank or trust company, while a member protect the interests of the public. of the Federal reserve system, shall be subject to (3) The Federal Reserve Board as a general prin- examinations made by direction of the Federal Reciple will require each bank or trust company which serve Board or of the Federal reserve bank by examiners establishes or maintains branches, agencies, or addi- selected or approved by the Federal Reserve Board. tional offices to maintain for itself and such branches, In order to avoid duplication, examinations of State agencies, or additional offices an adequate ratio of banks and trust companies made by State authorities capital to total liabilities and an adequate percentage will be accepted in lieu of examinations by examiners of its total investments in the form of paper or securities selected or approved by the board wherever these are eligible for discount or purchase by Federal reserve satisfactory to the directors of the Federal reserve banks. bank, and examiners from the staff of the board or of the Federal reserve banks will, whenever desirable, be (4) The Federal Reserve Board will not consider designated by the board to act with the examination any application to establish a branch, agency, or addistaff of the State in order that uniformity in the tional office until the State banking authorities have standard of examination may be assured.. approved the establishment of such branch, agency, or additional office, and the directors or executive com- Every State bank or trust company, while a member mittee and the Federal reserve agent of the Federal of the Federal reserve system, shall be required to make reserve bank of the district in which such bank or trust in each year not less than three reports of condition on company is located have made a report upon the F. R. B. Form 105. Such reports shall be made to the financial condition of the applying bant or trust com- Federal reserve bank of its district on call of such pany, the general character of its management, what bank, on dates to be fixed by the Federal Reserve effect the establishment of such branch, agency, or Board. They shall also make semiannual reports of additional office would have upon other banks or earnings and dividends on F. R. B. Form 107. As branches in the locality in which it is to be established, dividends may be declared from time to time, each and whether, in their opinion, it would be in the interest State bank or trust company member shall also furnish of the public in such locality, together with their recom- to the Federal reserve bank of its district a special mendation as to whether or not the application should notification of dividend declared on F. R. B. Form be granted. 107a. F. R. B. Forms 105, 107, and 107a are made a part of this regulation. (5) When permission is granted for the establishment of such branch, agency, or additional office, same shall be established and opened for business within six months after such permission is granted. If such REGULATION I, SERIES OF 1924 branch, agency, or additional office is not established (Superseding Regulation I of 1923) within such time the permit shall become void, unless the time is extended by the board for good cause. INCREASE OR DECREASE OF CAPITAL STOCK OP (6) The Federal Reserve Board reserves the right to FEDERAL RESERVE BANKS AND CANCELLATION OF cancel any permit which it may grant hereafter to OLD AND ISSUE OF NEW STOCK CERTIFICATES establish any branch, agency, or additional office whenever it shall appear, after hearing, that such branch, SECTION I.—Increase of capital stock agency, or additional office is being operated in a manner contrary to the interest of the public in the (a) New national banks.—Each new national bank, locality in which it is established. while in process of organization (including each nonmember State bank converting into a national bank,10 while in process of such conversion), shall file with SECTION VII.—Powers and restrictions the Federal reserve bank of its district an application to the Federal Reserve Board on F. R. B. Form 30 Every State bank or trust company while a member (or as to a nonmember State bank converting into of the Federal reserve system— a national bank, on F. R. B. Form 30a), made a part (1) Shall retain its full charter and statutory rights of this regulation, for an amount of capital stock of as a State bank or trust company, subject to the prothe Federal reserve bank of its district equal to 6 visions of the Federal reserve act,' to the regulations per cent of the paid-up capital stock and surplus of of the Federal Reserve Board, and to the conditions such new national bank. Such application shall be prescribed by the Federal Reserve Board and agreed forwarded promptly to the Federal Reserve Board, to by such State bank or trust company prior to its and if it is found to be in proper form the Federal admission; (2) Shall maintain such improvements and changes in its banking practice as may have been specifically i° Whenever any State member bank is converted into a national bank under sec. 5154 of the Revised Statutes, as amended by sec. 8 of required of it by the Federal Reserve Board as a con- the Federal reserve act, it may continue to hold as a national bank its dition of its admission and shall not lower the standard shares of Federal reserve bank stock previously held as a State bank, of banking then required of it; and need not file any application for Federal reserve bank stock, unless the aggregate amount of its capital and surplus is increased, in which (3) Shall enjoy all the privileges and observe all event it should file an application for additional stock, as provided in those requirements of the Federal reserve act and of Section I (c). The certificate of stock issued in the old name of the the regulations of the Federal Reserve Board made in member bank, however, should be surrendered and canceled, and a new certificate should be issued in lieu thereof, in the new name of the conformity therewith which are applicable to State member bank, as provided in Section III. 7911—24t—6 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

718 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 Reserve Board will grant its approval effective if and iwned by the other consolidating bank or banks, and when the Comptroller of the Currency issues to such which also results in the consolidated bank having an bank his certificate of authority to commence busi- aggregate capital and surplus in excess of the aggregate ness. If its application is approved, the applying capital and surplus of the consolidating member bank shall thereupon make a payment to the Federal banks, such consolidated bank shall file an application reserve bank of its district of one-half of the amount for additional stock, as provided in Section I (c). of its subscription, i. e., 3 per cent of the amount of (e) Certifying increases of Federal reserve bank its paid-up capital and surplus; and upon receipt of stock.—Whenever the capital stock of any Federal this payment the Federal reserve bank will issue a reserve bank shall be increased the board of directors receipt therefor, place the amount in a suspense of such Federal reserve bank shall certify such increase account, and notify the Federal Reserve Board that to the Comptroller of the Currency on F. R. B. Form it has been received. When the Comptroller of the 58, which is made a part of this regulation. Such Currency issues to such applying bank his certificate certifications shall be made quarterly as of the last of authority to commence business the Federal reserve days of December, March, June, and September of bank shall issue a stock certificate to the applying :ach year. A duplicate copy of each certificate shall bank, and the capital stock of the Federal reserve be forwarded to the Federal Reserve Board. bank represented by such certificate shall be considered as issued as of the date upon which the Comp- SECTION II.—Decrease of capital slock troller of the Currency issues his certificate of authority to commence business. The remaining half of the (a) Reduction of capital by member bank.—Whensubscription of the applying bank shall be subject to ever a member bank reduces the amount of its paid-up call when deemed necessary by the Federal Reserve :apital stock and, in the case of reduction of the paid- Board. up capital of a national-bank, such reduction has been approved by the Comptroller of the Currency and by (6) State banks becoming members.—Any State the Federal Reserve Board in accordance with the bank or trust company desiring to become a member provisions of section 28 of the Federal reserve act, it of the Federal reserve system shall make application shall file with the Federal reserve bank of which it is as provided in Regulation H, and when such applica- a member an application for the surrender and cantion has been approved by the Federal Reserve Board cellation of stock on F. R. B. Form 60, which is made and all requirements of Regulation H have been a part of this regulation. When this application has complied with the Federal reserve bank shall issue an been approved by the Federal reserve agent and the appropriate certificate of stock as provided in Regula- Federal Reserve Board, the Federal reserve bank shall tion H. accept and cancel the stock which the applying bank (c) Increase of capital or surplus by member is entitled to surrender and shall refund to the membanks.-—Whenever any member bank shall increase ber bank the proportionate amount due such bank the aggregate amount of its paid-up capital stock and on account of the stock canceled. surplus, it shall file with the Federal reserve bank (b) Insolvency of member bank.—Whenever a memof which it is a member an application on F. R. B. ber bank shall be declared insolvent and a receiver Form 56, made a part of this regulation, for an addi- appointed by the proper authorities, such receiver tional amount of the capital stock of the Federal shall, within six months from the date of his appointreserve bank of its district equal to 6 per cent of such ment, file with the Federal reserve bank of which the increase. After such application has been approved insolvent bank is a member an application on F. R. B. by the Federal reserve agent and by the Federal Re- Form 87, which is made a part of this regulation, for serve Board, the applying member bank shall pay to the surrender and cancellation of the stock held by the Federal reserve bank of its district one-half of the such insolvent member bank, and for the refund of all amount of its additional subscription, and when this balances due to it. If the receiver shall fail to make amount has been paid the appropriate certificate of such application within the time specified, the Federal stock shall be issued by the Federal reserve bank. The reserve agent shall report the facts to the Federal remaining half of such additional subscription shall be Reserve Board with a recommendation as to the action subject to call when deemed necessary by the Federal to be taken, whereupon the Federal Reserve Board Reserve Board. will either issue an order to cancel such stock or, if (d) Consolidation of member banks.—Whenever the circumstances warrant it, grant the receiver additwo or more member banks consolidate and such tional time in which to file such an application. Upon consolidation results in the consolidated bank acquiring approval of such an application by the Federal reserve by • operation of law u the Federal reserve bank stock agent and the Federal Reserve Board, or upon the issuance of such an order by the Federal Reserve 11 Section 5 of the Federal reserve act provides that "Shares of the Board, the Federal reserve bank shall cancel such capital stock of Federal reserve banks owned by member banks shall not stock and shall adjust accounts between the membe transferred or hypothecated." This provision prevents a transfer ber bank and the Federal reserve bank by applying of Federal reserve bank stock by purchase, but does not prevent a transfer to any indebtedness of the insolvent member bank to by operation of law. When there is a merger of member banks involving the liquidation of one of such banks and the purchasing of the assets of such Federal reserve bank all cash-paid subscriptions the liquidating bank by the bank continuing in existence, it is necessary made by it on the stock canceled with one-half of 1 for the liquidating bank to surrender its Federal reserve bank stock and per cent per month from the period of last dividend, for the purchasing bank to apply for new stock. On the other hand, if member banks consolidate, under a statute which- does not require the if earned, not to exceed the book value thereof, and liquidation of any of the consolidating banks, and the assets and obliga- the balance, if any, shall be paid to the duly authorized tions of the consolidating banks are transferred to the consolidated bank receiver of such insolvent member bank. by operation of law, the consolidated bank becomes the owner of the Federal reserve bank stock of the consolidating banks as soon as the (c) Voluntary liquidation of member bank.—Whenconsolidation takes effect and such stock technically need not be sur- ever a member bank goes into voluntary liquidation rendered. The certificates of stock issued in the names of the consolidati ng banks, however, should be surrendered and canceled, and a new and a liquidating agent is appointed, such agent shall, certificate should be issued in lieu thereof, in the new name of the con- within six months from the date of his appointment, file solidated bank, as provided in Section III. A consolidation of national with the Federal reserve bank of which the liquidating banks under the act of Congress entitled "An act to provide for the consolidation of national banking associations," approved November 7, bank is a member an application on F. R. B Form 86, 1918, meets all of these conditions. if a national bank, and on F. R. B- Form 143, if a State Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SBPMMBHR, 1924 FEDERAL KESERVE BULLETIN 719 bank, which forms are made a part of this regulation, the certificate so surrendered and shall issue in lieu for the surrender and cancellation of the stock held by thereof to and in the name of the member bank surit and for the refund of all balances due to such liquidat- rendering it a new certificate for the number of shares ing member bank. If the liquidating agent shall fail to represented by the certificate so surrendered, or if the make such application within the time specified, the member bank is entitled to surrender some of the stock Federal reserve agent shall report the facts to the which is represented by the surrendered certificate, and Federal Reserve Board with a recommendation as to an application for the surrender and cancellation of such the action to be taken, whereupon the Federal Reserve stock is at the same time made in accordance with this Board will either issue an order to cancel such stock, regulation, the new certificate shall be for the number of or, if the circumstances warrant it, grant the liqui- shares represented by the surrendered certificate less dating agent additional time in which to file such an the number of shares canceled pursuant to such appliapplication. Upon approval of such an application by cation. All cases where certificates of stock are surthe Federal reserve agent and the Federal Reserve rendered and new certificates issued hi lieu thereof and Board, or upon the issuance of such an order by the in a different name shall be reported to the Federal Federal Reserve Board, the Federal reserve bank shall Reserve Board by the Federal reserve agent. cancel such stock and shall adjust accounts between the liquidating member bank and the Federal reserve bank by applying to the indebtedness of the liqui- REGULATION J, SERIES OF 1924 dating member bank to such Federal reserve bank all cash-paid subscriptions made by it on the stock can- (Superseding Regulation J of 1920) celed with one-half of 1 per cent per month from the period of last dividend, if earned, not to exceed the CHECK CLBAEING AND COLLECTION book value thereof, and the balance, if any, shall be paid to the duly authorized liquidating agent of such SECTION I.—Statutory provisions liquidating member bank. Section 16 of the Federal reserve act authorizes the (d) Consolidation of member banks.—Whenever Federal Reserve Board to require each Federal reserve there is a consolidation of two or more member banks bank to exercise the function of a clearing house for its which results in the consolidated bank acquiring by member banks, and section 13 of the Federal reserve operation of law (see note 11 on p. 718) the Federal act, as amended by the act approved June 21, 1917, reserve bank stock owned by the other consolidating authorizes each Federal reserve bank to receive from banks, and which also results in the consolidated bank any nonmember bank or trust company, solely for the having a paid-up capital less than the aggregate paid- purposes of exchange or of collection, deposits of up capital of the consolidating member banks, the current funds in lawful money, national-bank notes, consolidated bank shall file with the Federal reserve Federal reserve notes, checks and drafts payable upon bank of which it is a member an application for the presentation, or maturing notes and bills, provided surrender and cancellation of stock on F. R. B. Form such nonmember bank or trust company maintains 60a, which is made a part of this regulation. Upon with its Federal reserve bank a balance sufficient to the approval of this application by the Federal reserve offset the items in transit held for its account by the agent and the Federal Reserve Board, the Federal Federal reserve bank. reserve bajak shall accept and cancel the stock which the applying bank is entitled to surrender, and shall SECTION II.—General requirements refund to the applying bank the proportionate amount due such bank on account of the stock canceled. In pursuance of the authority vested in it under («) Certifying reductions of Federal reserve bank these provisions of law, the Federal Reserve Board, stock.—All reductions of the capital stock of a Federal desiring to afford both to the public and to the various reserve bank shall, in accordance with the provisions of banks of the country a direct, expeditious, and ecosection 6 of the Federal reserve act, be certified to the nomical system of1 check collection and settlement of Comptroller of the Currency by the board of directors balances, has arranged to have each Federal reserve of such Federal reserve bank on F. R. B. Form 59, bank exercise the functions of a clearing house and which is made a part of this regulation. Such certifica- collect checks for such of its member banks as desire tions shall be made quarterly as of the last days of to avail themselves of its privileges and for such non- December, March, June, and September of each year. member State banks and trust companies as may A duplicate copy of each certificate shall be forwarded maintain with the Federal reserve bank balances to the Federal Reserve Board. sufficient to qualify them under the provisions of section 13 to send items to Federal reserve banks for SECTION III.—Cancellation of old and issue of new purposes of exchange or of collection. Such nonstock certificates member State banks and trust companies will hereinafter be referred to as nonmember clearing banks. Whenever a member bank changes its name or, by Each Federal reserve bank shall exercise the functions consolidation with another member bank, acquires by of a clearing house and collect cheeks under the general operation of law (see note 11 on p. 718) the Federal re- terms and conditions hereinafter set forth. serve bank stock previously held by such other member bank, it shall surrender to the Federal reserve bank the SECTION III.—Checks received for collection certificate of Federal reserve bank stock which waa issued to it under its old name, or which was issued to (1) Each Federal reserve bank will receive at par such other member bank. The certificate so sur- from its member banks and from nonmember clearing rendered shall be indorsed by the member bank sur- banks in its district checks n drawn on all member and rendering it or by the member bank to which it was originally issued and shall be accompanied by proper 12 A check is generally denned as a draft or order upon a bank or bank proof of the change of name or consolidation. Upon ing house, purporting to be drawn upon a deposit of funds, for the payreceipt of such certificate of stock so indorsed, together ment at all events of a certain sum of money to the order of a certain with such proof, the Federal reserve bank shall cancel person therein named, or to him or his order, or to bearer, and payable on demand. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

720 FEDERAL; RESEB.VE BULLETIN SEPTEMBER, 1924 nonmember clearing banks, and cheeks drawn on all payable, or in its discretion may forward them to other nonmember banks which are collectable at par in another agent with authority to present them for payfunds acceptable to the Federal reserve bank of the ment or send them for collection direct to the bank on district in which such nonmember banks are located. which they are drawn or at which they are payable. (2) Each Federal reserve bank will receive at par (3) A Federal reserve bank may in its discretion and from other Federal reserve banks, and from all member at its option, either directly or through an agent, accept and nonmember clearing banks in other Federal reserve either cash or bank drafts in payment of or in remitdistricts which are authorized to route direct for the tance for such checks and shall not be held liable for credit of their respective Federal reserve banks, checks any loss resulting from the acceptance of bank drafts drawn on all member and nonmember clearing banks in lieu of cash, nor for the failure of the drawee bank of its district, and checks drawn on all other nonmember or any agent to remit for such checks, nor for the nonbanks of its district which are collectable at par in payment of any bank draft accepted in payment or as funds acceptable to the collecting Federal reserve bank. a remittance from the drawee bank or any agent. (3) No Federal reserve bank shall receive on deposit (4) Cheeks received by a" Federal reserve bank on or for collection any check drawn on any nonmember its member or nonmember clearing banks will ordinarily bank which can not be collected at par in funds accept- be forwarded or presented direct to such banks, and able to the Federal reserve bank of the district in which such banks will be required to remit or pay therefor at such nonmember bank is located. par in cash or bank draft acceptable to the collecting Federal reserve bank, or at the option of such Federal SECTION IV.—Time schedule and availability of credits reserve bank to authorize such Federal reserve bank to charge their reserve accounts or clearing accounts; (1) Each Federal reserve bank will publish a time provided, however, that any Federal reserve bank may schedule showing the time at which any item sent to it reserve the right in its check collection circular to will be counted as reserve and become available for charge such items to the reserve account or clearing withdrawal or other use by the sending bank. For all account of any such bank at any time when in any checks received, the sending bank will be given immedi- particular case the Federal reserve bank deems it necesate credit, or deferred credit, in accordance with such sary to do so. time schedule, and as provided below. (5) Checks received by a Federal reserve bank pay- (2) For all such'checks as are received for immediate able in other districts will be forwarded for collection credit in accordance with such time schedule, immediate upon the terms and conditions herein provided to the credit, subject to final payment, will be given upon the Federal reserve bank of the district in which such books of the Federal reserve bank at full face value in checks are payable. the reserve account or clearing account upon day of (6) The amount of any check for which payment in receipt, and the proceeds will at once be counted as actually and finally collected funds is not received shall reserve and become available for withdrawal or other be charged back to the forwarding bank, regardless of use by the sending bank. whether or not the check itself can be returned. (3) For all such checks as are received for deferred credit in accordance with such time schedule, deferred SECTION VI.—Other rules and regulations credit, subject to final payment, will be entered upon the books of the Federal reserve bank at full face value, Each Federal reserve bank shall also promulgate rules but the proceeds will not be counted as reserve nor and regulations not inconsistent with the terms of the become available for withdrawal or other use by the law or of this regulation governing the details of its sending bank until such time as may be specified in check clearing and collection operations. Such rules such time schedule,13 at which time credit will be trans- and regulations shall be set forth by the Federal reserve ferred from the deferred account to the reserve account banks in their letters of instruction to their member or clearing account subject to final payment and will and nonmember clearing banks and shall be binding then be counted as reserve and become available for upon any member or nonmember clearing bank which withdrawal or other use by the sending bank. sends any check to such Federal reserve bank for collection or to any other Federal reserve bank for the SECTION V.;—Terms of collection account of such Federal reserve bank for collection. The Federal Reserve Board hereby authorizes the Federal reserve banks to handle such checks subject to the following terms and conditions; and each member REGULATION K, SEEIES OF 1924 and nonmember clearing bank which sends checks to any Federal reserve bank for deposit or collection shall (Superseding Regulation K of 1923) by such action be deemed (a) to authorize the Federal reserve banks to handle such checks subject to the fol- BANKING COEPOEATIONS AUTHORIZED TO DO FOREIGN lowing terms and conditions, (6) to warrant its own BANKING BUSINESS UNDEE THE TEEMS OF SECTION authority to give the Federal reserve banks such author- 25 (a) OF THE FEDEBAL RESEBVE ACT ity, and (c) to agree to indemnify any Federal reserve bank for any loss resulting from the failure of such SECTION I.—Organization sending bank to have such authority. Any number of natural persons, not less in' any case (1) A Federal reserve bank will act only as agent of than five, may form a Corporation " under the prothe bank from which it receives such cheeks and will visions of section 25 (a) for the purpose of engaging in assume no liability except for its own negligence and international or foreign banking or other international its guaranty of prior indorsements. or foreign financial operations or in banking or other (2) A Federal reserve bank may present such checks financial operations in a dependency or insular posfor payment or send such checks for collection direct to session of the United States either directly or through the bank on which they are drawn or at which they are "Whenever these regulations refer to a corporation spelled with a 13 For rules of computation of reserves and penalties for deficiencies capital C, they relate to a corporation organized under section 25(a) of in reserves, see Begulation D, Sections III and IV, pp. 710 and 711. the Federal reserve act. 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SEPTEMBER, 1924 FEDERAL KESEBVE BULLETIN 121 the agency, ownership, or control of local institutions SECTION V.—Authority to commence business in foreign countries or in such dependencies or insular After the articles of association and organization possessions. certificate have been made and filed with the Federal Reserve Board, and after they have been approved by SECTION II.—Articles of Association the Federal Reserve Board and a preliminary permit to begin business has been issued by the Federal Reserve Any persons desiring to organize a corporation for Board, the association shall become and be a body any of the purposes denned in section 25 (a) shall enter corporate, but none of its powers except such as are into articles, of association (see F. R. B. Form 151 which incidental and preliminary to its organization shall be is suggested as a satisfactory form of articles of associaexercised until it has been formally authorized by the tion) which shall specify in general terms the objects Federal Reserve Board by a final permit generally to for which the Corporation is formed, and may contain commence business. any other provisions not inconsistent with law which the Corporation may see fit to adopt for the regulation Before the Federal Reserve Board will issue its final of its business and the conduct of its affairs. The permit to commence business, the president or cashier, articles of association shall be signed by each person together with at least three of the directors, must intending to participate in the organization of the Cor- certify (a) that each director elected is a citizen of the poration and when signed shall be forwarded to the United States; (6) that a majority of the shares of Federal Reserve Board in whose office they shall be stock is owned by citizens of the United States, by filed. corporations the controlling interest in which is owned by citizens of the United States chartered under the laws of the United States, or by firms or companies the SECTION III.—Organization Certificate controlling interest in which is owned by citizens of the United States; and (c) that of the authorized capital All of the persons signing the articles of association stock specified in the articles of association at least 25 shall under their hands make an organization certificate per cent has been paid in in cash and that each shareon F. R. B. Form 152, which is made a part of this holder has individually paid in in cash at least 25 per regulation, and which shall state specifically: cent of his stock subscription. Thereafter the cashier First. The name assumed by the Corporation. shall certify to the payment of the remaining install- Second. The place or places where its operations are ments as and when each is paid in, in accordance with to be carried on. law. Third. The place in the United States where its home office is to be located. SECTION VI.—Capital stock Fourth. The amount of its capital stock and the No Corporation may be organized under the terms of number of shares into which it shall be divided. section 25 (a) with a capital stock of less than $2,000,- Fifth. The names and places of business or residences 000. The par value of each share of stock shall be of persons executing the organization certificate and specified in the articles of association, and no Corporathe number of shares to which each has subscribed. tion will be permitted to issue stock of no par value. If Sixth. The fact that the certificate is made to enable there is more than one class of stock, the name and the persons subscribing the same and all other persons, amount of each class and the obligations, rights, and firms, companies, and corporations who or which may privileges attaching thereto shall be set forth fully in thereafter subscribe to or purchase shares of the capital the articles of association. Each class of stock shall be stock of such Corporation to avail themselves of the so named as to indicate to the investor as nearly as advantages of this section. possible what is its character and to put him on notice The persons signing the organization certificate shall of any unusual attributes. acknowledge the execution thereof before a judge of some court of record or notary public who shall certify SECTION VII.—Transfer of stock thereto under the seal of such court or notary. There- Section 25 (a) provides in part that— after the certificate shall be forwarded to the Federal A majority ol the shares of the capital stock of any such corporation shall at all times be held and owned by the citizens of the United States, Reserve Board to be filed in its office. by corporations the controlling interest in which is owned by citizens of the United States, chartered under the laws of the United States or of a State of the United States, or by firms or companies the controlling inter- SECTION IV.—Title est in which is owned by citizens of the United States. Inasmuch as the name of the Corporation is subject In order to insure compliance at all times with the to- the approval of the Federal Reserve Board, a pre- requirements of this provision after the organization liminary application for that approval should be filed of the Corporation, shares of stock shall be issuable and with the Federal Reserve Board on F. R. B. Form 150, transferable only on the books of the Corporation. which is made a part of this regulation. This applica- Every application for the issue or transfer of stock tion should state merely that the organization of a shall be accompanied by an affidavit of the party to Corporation under the proposed name is contemplated whom it is desired to issue or transfer stock, or by his and may request the approval of that name and its or its duly authorized agent, stating— reservation for a period of 30 days. No Corporation In the case of an individual.—(a) Whether he is or which issues its own bonds, debentures, or other such is not a citizen of the United States and, if a citizen of obligations will be permitted to have the word "bank" the United States, whether he is a natural-born citizen as a part of its title. No Corporation which has the or a citizen by naturalization, and if naturalized, word "Federal" in its title will be permitted also to whether he remains for any purpose in the allegiance have the word "bank" as a part of its title. So far as of any foreign sovereign or State; (6) whether there is possible the title of the Corporation should indicate the or is not any arrangement under which he is to hold nature or reason of the business contemplated and the shares or any of the shares which he desires to have should in no case resemble the name of any other issued or transferred to him, in trust for or in any way corporation to the extent that it might result in mis- under the control of any foreign State or any foreigner, leading or deceiving the public as to its identity, pur- foreign corporation, or any corporation under foreign pose, connections, or affiliations. control; and if so, the nature thereof. 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722 FEDERAL RESERVE SEPTBMBER, 1924 In the case of a corporation.—(a) Whether such to its international or foreign business. Agencies corporation is or is not chartered under the laws of may be established in the United States with the apthe United States or of a State of the United States. proval of the Federal Reserve Board for specific pur- If it is not, no further declaration is necessary, but if poses, but not generally to carry on the business of the it is, it must also be stated (b) whether the controlling Corporation. interest in such corporation is or is not owned by citizens of the United States, and (c) whether there is SECTION IX.—Investments in the stock of other' corpoor is not any arrangement under which such corpora- rations tion will hold the shares or any of the shares if issued or transferred to such corporation in trust for or in It is contemplated by the law that a Corporation any way under the control of any foreign State or any shall conduct its business abroad either directly or inforeigner or foreign corporation or any corporation directly through the ownership or control of corpounder foreign control; and if so, the nature thereof. rations, and it is accordingly provided that with the In the case of a firm or company.—(a) Whether the consent of the Federal Reserve Board a Corporation controlling interest in such firm or company is or is may invest in the stock, or other certificates of ownernot owned by citizens of the United States; and if so, ship, of any other corporation organized— (b) whether there is or is not any arrangement under (a) Under the provisions of section 25 (a) of the which such firm or company will hold the shares or Federal reserve act; any of the shares if issued or transferred to such firm (b) Under the laws of any foreign country or a or company in trust for or in any way under the con- colony or dependency thereof; trol of any foreign State or any foreigner or foreign (c) Under the laws of any State, dependency, or corporation or any corporation under foreign control; insular possession of the United States; and if so, the nature thereof. provided, first, that such other corporation is not en- The board of directors of the Corporation, whether gaged in the general business of buying or selling goods, acting directly or through an agent, may, before mak- wares, merchandise, or commodities in the United ing any issue or transfer of stock, require such further States; and second, that it is not transacting any busievidence as in their discretion they may think neces- ness in the United States except such as is incidental sary in order to determine whether or not the issue or to its international or foreign business. transfer of the stock would result in a violation of the Except with the approval of the Federal Reserve law. No issue or transfer of stock which would cause Board, no Corporation shall invest an amount in excess 50 per cent or more of the total amount of stock issued of 15 per cent of its capital and surplus in the stock or outstanding to be held contrary to the provisions of of any corporation engaged in the business of banking, the law or these regulations shall be made upon the or an amount in excess of 10 per cent of its capital and books of the Corporation. The decision of the board surplus in the stock of any other kind of corporation. of directors in each case shall be final and conclusive No Corporation shall purchase any stock in any other and not subject to any question by any person, firm, corporation organized under the terms of section 25 (a) or corporation on any ground whatsoever. or under the laws of any State, which is in substantial If at any time by reason of the fact that the holder competition therewith, or which holds stock or cerof any shares of the Corporation ceases to be a citizen tificates of ownership in corporations which are in of the United States, or, in the opinion of the board of substantial competition with the purchasing Corporadirectors, becomes subject to the control of any foreign tion. This restriction, however, does not apply to State or foreigner or foreign corporation or corporation corporations organized under foreign laws. under foreign control, 50 per cent or more of the total amount of capital stock issued or outstanding is held SECTION X.—Branches contrary to the provisions of the law or these regulations, the board of directors may, when apprised of No Corporation shall establish any branches except that fact, forthwith serve on the holder of the shares in with the approval of the Federal Reserve Board, and question a notice in writing requiring such holder in no case shall any branch be established in the United within two months to transfer such shares to a citizen States. of the United States, or to a firm, company, or corporation approved by the board of directors as an eligible SECTION XI.—Issue of debentures, bonds, and promisstockholder. When such notice has been given by the sory notes board of directors the shares of stock so held shall cease to confer any vote until they haye been transferred as Approval of the Federal Reserve Board.—No Corporarequired above; and if on the expiration of two months tion shall make any public or private issue of its debenafter such notice the shares shall not have been so tures, bonds, notes, or other such obligations without transferred, the shares shall be forfeited to the Corporathe approval of the Federal Reserve Board, but this retion. striction shall not apply to notes issued by the Corpora- The board of directors shall prescribe in the bytion in borrowing from banks or bankers for temporary laws of the Corporation appropriate regulations for the purposes not to exceed one year. The approval of the registration of the shares of stock in accordance with Federal Reserve Board will be based solely upon the the terms of the law and these regulations. The byright of the Corporation to make the issue under the laws must also provide that the certificates of stock terms of this regulation and shall not be understood in issued by the Corporation shall contain provisions any way to imply that the Federal Reserve Board has sufficient to put the holder on notice of the terms of the approved or passed upon the merits of such obligations law and the regulations of the Federal Reserve Board as an investment. The Federal Reserve Board will defining the limitations upon the rights of transfer. consider the general character and scope of the business of the Corporation in determining the amount of deben- SECTION VIII.—Operations in the United States tures, bonds, notes, or other such obligations of the Corporation which may be issued by it. No Corporation shall carry on any part of its business Application.—Every application for the approval of in the United States except such as shall be incidental any such issue by a Corporation shall be accompanied Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SBPTBMBBE, 1924 FEDERAL RESERVE BULLETIN 723 by (1) a statement of the condition of the Corporation limitations.—(1) Individual drawers: No acceptin such form and as of such date as the Federal Reserve ances shall be made for the account of any one drawer Board may require; (2) a detailed list of the securities in an amount aggregating at any time in excess of by which it is proposed to secure such issue, stating 10 per cent of the subscribed capital and surplus of the their maturities, indorsements, guaranties, or collateral, Corporation, unless the transaction be fully secured or if any, and in general terms the nature of the trans- represents an exportation or importation of commodiaction or transactions upon which they were based; ties and is guaranteed by a bank or banker of undoubted and (3) such other data as the Federal Reserve Board solvency. (2) Aggregates: Whenever the aggregate of may from time to time require. acceptances outstanding at any time (a) exceeds the Advertisements.—No circular, letter, or other docu- amount of the subscribed capital and surplus, 50 per ment advertising the issue of the obligations of a Corpo- cent of all the acceptances in excess of the amount ration shall state or contain any reference to the fact shall be fully secured; or (5) exceeds twice the amount that the Federal Reserve Board has granted its approval of the subscribed capital and surplus, all the acceptances of the issue to which the advertisement relates. This outstanding in excess of such amount shall be fully requirement will be enforced strictly in order that there secured. (The Corporation shall elect whichever remay be no possibility of the public's misconstruing quirement (a) or (6) calls for the smaller amount of such a reference to be an approval by the Federal Re- secured acceptances.) In no event shall any Corposerve Board of the merits or desirability of the obliga-ration have outstanding at any one time acceptances tions as an investment. drawn for the purpose of furnishing dollar exchange in an amount aggregating more than 50 per cent of its subscribed capital and surplus. SECTION XII.—Sale of foreign securities Reserves.—Against all acceptances outstanding which mature in 30 days or less a reserve of at least Approval of the Federal Eeserve Board.—No Corpo" 15 per cent shall be maintained, and against all acceptration shall offer for sale any foreign securities with its ances outstanding which mature in more than 30 days indorsement or guaranty, except with the approval of a reserve of at least 3 per cent shall be maintained. the Federal Reserve Board, but such approval will be Reserves against acceptances must be in liquid assets based solely upon the right of the Corporation to make of any or all of the following kinds: (1) Cash; (2) such a sale under the terms of this regulation and shall balances with other banks; (3) bankers' acceptances; not be understood in any way to imply that the Federal and (4) such securities as the Federal Reserve Board Reserve Board has approved or passed upon the merits may from time to time permit. of such securities as an investment. Application.—Every application for the approval of such sale shall be accompanied by a statement of the SECTION XIV.—Deposits character and amount of the securities proposed to be sold, their indorsements, guaranties, or collateral, if In the United States.—No Corporation shall receive any, and such other data as the Federal Reserve Board in the United States any deposits except such as are may from time to time require. incidental to or for the purpose of carrying out transactions in foreign countries or dependencies of the Advertisements.—No circular, letter, or other docu- United States where the Corporation has established ment advertising the sale of foreign securities by a agencies, branches, correspondents, or where it oper- Corporation with its indorsement or guarant}' shall ates through the ownership or control of subsidiary state or contain any reference to the fact that the corporations. Deposits of this character may be made Federal Reserve Board has granted its approval of by individuals, firms, banks, or other corporations, the sale of the securities to which the advertisement whether foreign or domestic, and ma3? be time deposits relates. or on demand. Outside the United States.—Outside the United SECTION XIII.—Acceptances States a Corporation may receive deposits of any kind from individuals, firms, banks, or other corporations, Kinds.—Any Corporation may accept (1) drafts and provided, however, that if such corporation has any bills of exchange drawn upon it which grow out of of its bonds, debentures, or other such obligations transactions involving the importation or exportation outstanding it may receive abroad only such deposits of goods, and (2) drafts and bills of exchange which as are incidental to the conduct of its exchange, disare drawn by banks or bankers located in foreign count, or loan operations. countries or dependencies or insular possessions of the Seserves.—Against all deposits received in the United States for the purpose of furnishing dollar United States a reserve of not less than 13 per cent exchange as required by the usages of trade in such must be maintained. This reserve may consist of countries, dependencies, and possessions: Provided, cash in vault, a balance with the Federal reserve however, That, except with the approval of the Federalbank of the district in which the head office of the Reserve Board and subject to such limitations as it Corporation is located, or a balance with any member may prescribe, no Corporation shall exercise its power bank. Against all deposits received abroad the Corto accept drafts or bills of exchange if at the time such poration shall maintain such reserves as may be redrafts or bills are presented for acceptance it has out-quired by local laws and by the dictates of sound standing any debentures, bonds, notes, or other such business judgment and banking principles. obligations issued by it. Maturity.—Except with the approval of the Federal SECTION XV.—General limitations and restrictions Reserve Board, no Corporation shall accept any draft or bill of exchange which grows out of a transaction liabilities of one borrower.—The total liabilities to involving the importation or exportation of goods a Corporation of any person, company, firm, or corwith a maturity in excess of six months, or shall accept poration for money borrowed, including in the liabiliany draft or bill of exchange drawn for the purpose of ties of a company or firm the liabilities of the several furnishing dollar exchange with a maturity in excess members thereof, shall at no time exceed 10 per cent of three months. of the amount of its subscribed capital and surplus, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

724 FEDERAL RESERVE BULIiETIN SEPTEMBER, 1924 except with the approval of the Federal Reserve REGULATION L, SERIES OF 1924 Board: Provided, however, That the discount of bills_ of (Superseding Regulation L of 1923) exchange drawn in good faith against actually existing values and the discount of commercial or business INTERLOCKING BANK DIRECTORATES UNDER THE paper actually owned by the person negotiating the CLAYTON ACT same shall not be considered as money borrowed within the meaning of this paragraph. The liability SECTION I.—Definitions of a customer on account of an acceptance made by Within the meaning of this8 regulation— the Corporation for his account is not a liability for The term "member bank" shall apply to any namoney borrowed within the meaning of this paragraph tional bank and any State bank or trust company unless and until he fails to place the Corporation in which is a member of the Federal reserve system. funds to cover the payment of the acceptance at The term "national bank" shall be construed to maturity or unless the Corporation itself holds the apply not only to national banking associations but acceptance. also to banks, banking associations, and trust com- Aggregate liabilities of the Corporation.—The aggre- panies organized or operating under the laws of the gate of the Corporation's liabilities outstanding on United States, including all banks and trust companies account of acceptances, average domestic and foreign doing business in the District of Columbia, regardless deposits, debentures, bonds, notes, guaranties, indorse- of the sources of their charters. ments, and other such obligations shall not exceed at The term "resources" shall be construed to mean any one time ten times the amount of the Corporation's an amount equal to the sum of the deposits, capital, subscribed capital and surplus except with the ap- surplus, and undivided profits. proval of the Federal Reserve Board. In determining The term "State bank" shall include any bank, the amount of the liabilities within the meaning of banking association, or trust company incorporated this paragraph, indorsements of bills of exchange under State law. having not more than six months to run, drawn and The term "private banker" shall apply to any accepted by others than the^Corporation, shall not be unincorporated individual engaging in one or more included. phases of the banking business as that term is gen- Operations abroad.—Except as otherwise provided erally understood and to any member of an uninin the law and these regulations, a Corporation may corporated firm engaging in such business. exercise abroad not only the powers specifically set The term "Edge Act" shall mean section 25(o) of forth in the law but also such incidental powers as the Federal reserve act, as amended December 24, may be usual in the determination of the Federal 1919. Reserve Board in connection with the transaction of The term "Edge corporation" shall mean any corthe business of banking or other financial operations poration organized under the provisions of the Edge in the countries in which it shall transact business. Act. In the exercise of any of these powers abroad a Corpora- The term "city of over 200,000 inhabitants" intion must be guided by the laws of the country in cludes any city, incorporated town, or village of more which it is operating and by sound business judgment than 200,000 inhabitants, as shown by the last preand banking principles. ceding decennial census of the United States. Any bank located anywhere within the corporate limits of SECTION XVI.—Management such city is located in a city of over 200,000 inhabitants within the meaning of the Clayton Act, even though The directors, officers, or employees of a Corporation it is located in a suburb or an outlying district, at some shall exercise their rights and perform their duties distance from the principal part of the city. as directors, officers, or employees, with due regard to both the letter and the spirit of the law and these SECTION II.—Prohibitions of Clayton Act regulations. For the purpose of these regulations the Corporation shall, of course, be responsible for all Under section 8 of the Clayton Antitrust Act— acts of omission or commission of any of its directors, (1) No person who is a director or other officer or officers, employees, or representatives in the conduct employee of a national bank having resources aggreof their official duties. The character of the manage- gating more than $5,000,000 can legally serve at the ment of a Corporation and its general attitude toward same time as director, officer, or employee of any the purpose and spirit of the law and these regulations other national bank, regardless of its location. will be considered by the Federal Reserve Board in (2) No person who is a director in a State bank or acting upon any application made under the terms trust company having resources aggregating more of these regulations. than $5,000,000 or who is a private banker having resources aggregating more than $5,000,000 can legally SECTION XVII.—Reports and examinations serve at the same time as director of any national bank, regardless of its location. Reports.—Each Corporation shall make at least (3) No person can legally be a director, officer, or two reports annually to the Federal Reserve Board at employee of a national bank located in a city of more such times and in such form as it may require. than 200,000 inhabitants who is at the same time a Examinations.—Each Corporation shall be examined private banker in the same city or a director, officer, or at least once a year by examiners appointed by the Federal Reserve Board. The cost of examinations -employee of any other bank (State or national) located shall be paid by the Corporation examined. in the same city, regardless of the size of such bank. The eligibility of a director, officer, or employee under the foregoing provisions is determined by the SECTION XVIII.— Amendments to. regulations average amount of deposits, capital, surplus, arid un- These regulations are subject to amendment by divided profits as shown in the official statements of the Federal Reserve Board from time to time, pro- such bank, banking association, or trust company filed vided, however, that no such amendment shall prej- as provided by law during the fiscal year next preceding udice obligations undertaken in good faith under the date set for the annual election of directors, and regulations in effect at the time they were assumed. when a director, officer, or employee has been elected Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL. RESERVE BULLETIN 725 •or selected in accordance with the provisions of the any private banker or any officer, director, or employee Clayton Act it is lawful for him to continue as such for of any member bank or class A director of a Federal one year thereafter under said election or employment. reserve bank to serve as director, officer, or employee When any person elected or chosen as a director, of not more than two other banks, banking associaofficer, or employee of any bank is eligible at the time tions, or trust companies coming within the prohibiof his election or selection to act for such bank in such tions of the Clayton Act, provided such other banks are capacity his eligibility to act in such capacity is not not in substantial competition with such private banker affected by reason of any change in the affairs of such or member bank. bank from whatsoever cause until the expiration of one Substantial competition.—If the institutions inyear from the date of his election or employment. volved are not in substantial competition, the board is authorized, in its discretion, to grant, withhold, or SECTION III.—Exceptions revoke such consent; but if they are in substantial competition, the board has no discretion in the matter The provisions of section 8 of the Clayton Act— and must refuse such consent. (1) Do not apply to mutual savings banks not hav- The board has adopted the following statement of ing a capital stock represented by shares. general principles for its guidance in determining (2) Do not prohibit a person from being at the same whether banks are in substantial competition within the time a director, officer, or employee of a national bank meaning of the Kern amendment to the Clayton Act: and not more than one other national bank, State bank, "In general, two banks will be deemed to be in subor trust company, where the entire capital stock of stantial competition if they actually compete for a one is owned by the stockholders of the other. considerable amount of business, i. e., if a considerable (3) Do not prohibit a person from being at the same portion of the business of each is of the same character time a class A director of a Federal reserve bank and and in doing or seeking such business they actually also an officer or director, or both an officer and a compete for the same customers or prospective customdirector, in one member bank. ers, regardless of whether or not it is probable or possible (4) Do not prohibit a person who is serving as that an interlocking directorate between them would director, officer, or employee of a national bank, even result in injury to the public by making credit less though it has resources aggregating over $5,000,000, available. If the statements of two banks show that from serving at the same time as director, officer, or each has a considerable amount of the same class of employee of any number of State banks and trust com- deposits or loans and it appears from the evidence panies, provided such State institutions are not located submitted that they are so located as to be in a posiin the same city of over 200,000 inhabitants as the tion to serve the same customers conveniently, the national bank and do not have resources aggregating board will presume, in the absence of evidence to the in the case of any one bank more than $5,000,000. contrary, that they are in substantial competition. (5) Do not prohibit a person from serving at the This presumption may be rebutted, however, by any same time as director, officer, or employee of any evidence showing that they are not actually competing number of national banks, provided no two of them for such business, e. g., that they actually serve difare located in the same city of over 200,000 inhabitants ferent classes of customers, that the business in question and no one of them has resources aggregating over is not actually sought by one bank but is merely $5,000,000. incidental to its other business, or that competition (6) Do not prohibit a person who is not a director, has already been eliminated through common stock officer, or employee of any national bank from serving ownership. The existence of substantial competition, at the same time as officer, director, or employee of however, may be shown by evidence other than that any number of State banks or trust companies, regard- described above." less of their locations and resources. This is not intended as a precise definition of the (7) Do not prohibit a person who is an officer or term "substantial competition," but merelyas a broad employee but not a director of a State bank from statement of the general principles which will be serving as director, officer, or employee of a national observed by the Federal Reserve Board in determinbank, even though either or both of such banks have ing whether banks are in substantial competition. resources aggregating over $5,000,000, provided both Whether or not substantial competition exists in any banks are not located in the same city of over 200,000 particular case is a question of fact which must be inhabitants. determined in the light of all facts and circumstances (8) Do not prohibit a person who is an officer or involved in such case. employee but not a director of a national bank from Burden of proof.—Inasmuch as the Federal Reserve serving at the same time as director, officer, or em- Board has no power to permit a person to serve two or ployee of a State bank, even though either or both of more banks coming within the prohibitions of the such banks have resources aggregating over $5,000,000, Clayton Act unless the institutions involved are not in provided both banks are not located in the same city substantial competition, the applicant for such permisof over 200,000 inhabitants. sion has the burden of proving to the board that such (9) Do not apply to persons who have obtained the institutions are not in substantial competition. consent or approval of the Federal Reserve Board When obtained.—Inasmuch as the Kern amendment under the provisions of the Kern amendment, section excepts from the prohibitions of the Clayton Act only 25 of the Federal reserve act, or the Edge Act, as those "who shall first procure the consent of the Federal hereinafter provided. Reserve Board," it is a violation of the law to serve two Exceptions cumulative.—The above exceptions are or more institutions in the prohibited classes before cumulative. such consent has been obtained. Such consent should be obtained, therefore, before becoming an officer, SECTION IV.—Permission of the Federal Reserve Board director, or employee of more than one bank in the prounder Kern amendment hibited classes. Such consent may be procured before By the Kern amendment, approved May 15,1916, as the person applying therefor has been elected as a class amended May 26, 1920, the Clayton Act was amended A director of a Federal reserve bank or as a director of so as to authorize the Federal Reserve Board to permit any member bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

726 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 Applications for permission.—A person wishing to SECTION V.—Permits under section 25 of the Federal obtain the permission of the Federal Reserve Board reserve act to serve banks coming within the prohibitions of the With the approval of the Federal Reserve Board, any Clayton Act should: director, officer, or employee of a member bank which (1) Make formal application on F. R. B. Form 94, has invested in the stock of any corporation principally or, if a private banker, on F. R. B. Form 94d. Each engaged in international or foreign banking or financial of these forms is made a part of this regulation. operations or banking in a dependency or insular posses- (2) Obtain from each of the banks involved a statesion of the United States, under the provisions of secment on F. R. B. Form 94a, which is made a part of tion 25 of the Federal reserve act, may serve as directhis regulation, showing the character of its business, tor, officer, or employee of any such foreign bank or together with a copy of its last published statement of financial'Corporation. condition, and, if a private banker, make a statement Applications for approval.—The approval of the on F. R. B. Form 94e showing the character of his or Federal Reserve Board for such interlocking directohis firm's business. rates may be obtained through an informal applica- (3) Forward all these papers to the Federal reserve tion in the form of a letter addressed to the Federal agent of his district, who will attach his recommenda- Reserve Board either by the officer, director, or emtion on F. R. B. Form 94b, which is made a part of this ployee involved, or in his behalf by one of the banks regulation, and forward them in due course to the which he is serving. Such application should be sent Federal Reserve Board. directly to the Federal Reserve Board. Approval or disapproval.—As soon as an application isjacted upon by the board, the applicant will be ad- SECTION VI.—Permits to serve Edge corporations vised of the action taken. If the board approves the application, a formal cer- With the approval of the Federal Reserve Board— tificate of permission to serve on the banks involved (1) Any officer, director, or employee of any member will be issued to the applicant. bank may serve at the same time as director, officer, or employee of any Edge corporation in whose capital Rehearing.—If the board decides that the banks are stock the member bank shall have invested. in substantial competition and that it can not approve (2) Any officer, director, or employee of any Edge the application, it will, upon petition of the applicant, corporation may serve at the same time as officer, direconsider its decision and afford him every opportunity rector, or employee of any other corporation in whose to present any additional facts or arguments bearing capital stock such Edge corporation shall have invested on the subject. under the provisions of the Edge Act. Effect of permits.—Permission once granted is con- Applications for approval.—Such approval may be tinuing until revoked, and need not be renewed. obtained through an informal application in the form Revocation.—All permits, however, are subject to of a letter addressed to the Federal Reserve Board revocation at any time in the discretion of the Federal either by the director, officer, or employee involved, or Reserve Board. The issuance of a permit to any per- in his behalf by one of the banks or corporations inson shall have the effect of revoking any or all permits volved. Such applications should be sent directly to which may have been issued previously to that person. the Federal Reserve Board. ESTIMATE OF PRODUCTION OF CROPS, BY FEDERAL RESERVE DISTRICTS On the basis of the August estimates by the. leading crops in the different Federal reserve Department of Agriculture, the following table districts. A discussion of agricultural conhas been prepared showing the production of ditions in each district is given on page 688. [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 a s 2 t t i e 3 - , A F c 1 u o 9 a g r 2 s . e t 4 - 1, m E 19 a s 2 t t i e 3 - , A F c 1 u o 9 a g 2 r s . e t 4 - 1, m E 1 a 9 s 2 t t i e 3 - , A F c 1 u o a 9 g r s 2 . e t 4 - 1, m E 1 s a 9 t 2 t i e 3 - , A F c 1 u o 9 a g r 2 s . e t 4 1 - , m E 19 s a 2 t t i e 3 - , A F c u 1 o 9 a g r 2 s . e t 4 - 1, m E 19 s a 2 t t i e 3 - , A F c 1 u o a 9 g r s 2 . e t 4 - 1, m E 19 a s 2 t te i 3 - , A F c 1 o u 9 a r g 2 s e . t 4 - 1, Boston 10,756 11,216 240 212 240 212 8,988 8,764 14,503 12,576 46, 485 39,043 New York 29,684 28,973 9,151 7,718 8,887 7,468 264 250 34, 245 30,620 42,099 33,491 43, 902 42, 539 Philadelphia.. 57. 007 47, 467 22,110 18, 226 21, 972 18,097 138 129 21, 382 21,630 58, 950 75, 653 25,036 25, 087 Cleveland 208; 310 142, 801 49, 779 44, 620 49, 552 44, 422 227 198 67, 790 73; 786 181,143 129, 073 21, 710 23, 567 Richmond 188, 751 139, 428 32,202 24,948 32, 202 24,948 24,917 22,130 622,288 472, 548 30, 440 31,227 Atlanta 187,968 196, 459 5,960 3,997 5,960 3,997 19,439 13, 340 101, 404 121, 263 11,157 12,775 Chicago 976,124 790, 429 82, 965 64, 707 79, 815 61,945 3,150 2,762 490, 254 574,109 50, 354 41, 415 70, 752 68,301 St. Louis 403, 090 349, 046 83,426 55, 239 83,164 55, 052 262 187 52, 072 61,761 396, 737 309, 448 18,223 18,152 Minneapolis... 351,852 292,864 159, 776 201, 685 15, 616 16,191 144,160 185, 494 333, 084 376, 520 2,886 2,643 72,842 73, 726 Kansas City... 514, 530 471, 705 180, 333 300, 314 168, 635 288, 388 11,698 11, 926 158, 756 176,637 4,422 3,842 33, 766 31, 407 Dallas. 112,165 94, 447 16,976 23, 438 16, 686 23,128 290 310 49, 573 • 52,195 398 2,535 2,875 San Francisco. 14,158 11, 605 142, 823 69, 013 89, 851 45,714 52,972 23, 299 39,323 27,547 35, 544 30,122 Total.... 3, 054, 3952, 576,440 785, 741 814,117 572, 340 589,350 213, 401 224, 767 1, 299, 8231,439, 041 1,474, 786 1, 202,350 412, 392 398, 821 Total cotton production estimated at 12,956,000 bales as compared with 10,128,000 bales in 1923. See table on page 689 for district figures. Figures for all hay not yet available. Tame hay production estimated at 89,017,000 tons as compared with 89,098,000 tons in 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 727 State Banks and Trust Companies Fiduciary Powers Granted to National Banks The following list shows the State banks and trust During the month ended August 21, 1924, the companies which were admitted to membership in the Federal Reserve Board approved applications of the Federal reserve system during the month ended August national banks listed below for permission to exercise 21, 1924, on which date 1,588 State institutions were one or more of the fiduciary powers named in section members of the system: 11 (fc) 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 Capital Surplus re T so o u t r a c l es lunatics; (9) in any other fiduciary capacity in which State banks, trust companies, or other corporations District No. 1 which come into competition with national banks are Columbus Exchange Bank, Provi- permitted to act under the laws of the State in which dence, R. I. . - $150,000 $50,000 $2,691,196 the national bank is located. District No. 2 Centra] Mercantile Bank, New York, N. Y 1,500,000 810,000 9,775,534 Dis- Powers CHANGES Location t N ri o c . t Name of bank granted District No. % St. Lawrence Trust Co., Ogdens- Shippensburg, Pa 3 Peoples National Bank 1 to 9 burg, N. Y. (absorbed by non- Newport News, Va 5 First National Bank 5 to 9 member) $100,000 $10, 000 $1,098,997 Gaffney, S. C 5 Merchants & Planters Ito9 National Bank. District No. S Alexandria, Va 5 Alexandria National Bank Ito9 Security Title & Trust Co., York, Charles City, Iowa.* 7 Commercial National 1 to 9 Pa., a nonmember (merged with Bank. Guardian Trust Co. of York, a Miller, S. Dak 9 First National Bank Ito9 member) 250,000 1140,210 1,934,370 Park Rapids, Minn 9 First National Bank 1 to 9 District No. S Hamilton Bank, Baltimore, Md. (voluntary withdrawal) 30,000 22,500 1,149,652 New National Bank Charters District No. 6 Rutherford County State Bank, The Comptroller of the Currency reports the fol- Murfreesboro, Tenn. (absorbed lowing increases and reductions in the number and by a nonmember) 50,000 25,000 236,860 capital of national banks during the period from July District No. 7 19 to August 22, 1924, inclusive: Brighton State Bank, Brighton, Iowa (closed) 50,000 444,516 District No. 8 Num- Amount Guaranty Bank & Trust Co., Mem- ber of of phis, Tenn., a member (absorbed banks capital by Union & Planters Bank & Trust Co., Memphis, Tenn., a member) _ 600,000 120,000 10, 470,341 New charters issued 11 $1,175,000 District No. 9 Restored to solvency 2 55,000 Increase of capital approved 11 86C, 000 Empire & State Bank, Lewistown, Mont, (succeeded by the Central Aggregate of new charters, banks restored to Bank & Trust Co., Lewistown, solvency, and banks increasing capital 24 2,090,000 Mont., a nonmember) _. 150,000 25,000 1, 638,279 District No. 10 R Li e q d u u i c d i a n t g i o c n a s pital i 1 3 5 1,3 2 0 5 0 0 , , 0 0 0 00 0 Progressive State Bank, Winfleld, Kans., a nonmember (absorbed Total liquidations and reductions of capital 18 1,550,000 by State Bank of Winfleld, Kans., a member) 25, 000 119, 500 594, 500 Consolidations of national banks under act of District No. 11 Nov. 7,1918 ?. 2 250,000 Alto State Bank, Alto, Tex., suc- Aggregate increased capital for period 2,090,000 ceeded by anonmember 25, 000 4,893 201,790 Reduction of capital owing to liquidations, etc 1, 550,000 District No. 12 Net increase 540,000 Zillah State Bank, Zillah, Wash, (absorbed by a national bank) 25,000 513 67, 990 'Includes one reduction in capital of $50,000 incident to a consolidation ' Surplus and profits. under act of Nov. 7,1918. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

728 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 BUSINESS STATISTICS INDUSTRIAL STATISTICS IN THE UNITED STATES Improvement in business conditions was indi- offsetting influence, and the various production cated by the turn upward in many of the cur- indexes turned upward for the first time since rent business indexes for July, whereas in the early in the year. The marked decline in preceding month declines had occurred in employment was partially due to prolonged practically every case. The following table closures for inventory taking and for vacations. shows the percentages of change in certain of Increased output of coal, petroleum, and copper these indexes since June and since July of last caused the advance in the mineral index. year. Employment and building contracts Movements of agricultural commodities by continued to decline, but increases were noted groups were largely in accordance with usual in production—indicated by the indexes of seasonal trends, except in the case of animal production in basic industries, and of manufac- products which generally decline. Vegetable turing and mineral output—in distribution of and fruit shipments were remarkably well maincommodities, as shown by the indexes of tained. freight-car loadings and of agricultural movements, and in the value of general business Per cent change in July since transactions—indicated by the index of bank debits (volume of check payments). As com- June, July, pared with a year ago, however, declines were 1924 1923 rather pronounced except in cases of bank debits, building contracts, and agricultural Production in basic industries. +0.6 -22.0 movements. M Fa a c n to u r f y ac e tu m ri p n lo g y p m ro en d t uction - + 4. . 2 7 - - 1 1 4 7. . 5 i Mineral production +3.0 -18.1 Production of pig iron and steel ingots was Agricultural movements +15.6 +10.4 considerably curtailed during July, but in- R B a a i n lr k o a d d e - b c i a ts r loadings __. + + 7 4 . . 6 9 + -6 2 . . 6 S creases in many of the other industries were an Building contracts -3.4 +7.6 INDEXES OF INDUSTRIAL ACTIVITY ( MONTHLY AVERAGE, 1319 • 100 ) ^—— MANUFACTURING PRODUCTION MINERAL PRODUCTION ISO : AGRICULTURAL MOVEMENTS 150 125 100 1OQ 75 50 50 25 25 1919 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BTTLJLETIN' 729 INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES 1 [Not adjusted for seasonal variations. Monthly average, 1919=«100] Metals and Textiles and products i G n er d e a e n l x - G in r d o p e u r x p oduc I a t r s n o d n G in r d o e u x p F r a i b c - s P u r c o t d s - L p u a b r u c n o e m t d r d s - - M v c e o l h e t s i o - r p a b a n u C i i d n i r a l g i d r n re - g - P p a r a in n i p n g d e t r - F p u a o r c n o o t d d d s - s L p e u a r a c n o t t d d h s - er S c g a t l l o n a a n s d y s e , , 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 73 101 93 93 102 103 101 120 98 101 105 103 91 110 91 79 1923 June. 103 97 97 103 105 100 122 102 104 105 100 88 115 89 78 July - 101 95 95 99 100 97 121 98 104 106 103 87 114 87 77 1924 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 93 85 86 87 86 89 119 90 87 104 97 79 117 82 74 June 90 80 80 85 85 86 117 81 2 85 103 99 73 115 83 70 July ....... 87 76 76 78 78 79 113 76 3 85 101 99 74 111 82 67 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. • Revised. ! Preliminary. INDEX OF PRODUCTION IN BASIC INDUSTRIES' [Index and relatives for each ndustry adjusted for seasonal variations. Monthly average 1919=100] Iron and steel Textiles Food products General Year and month Animals slaughtered Lumber index -i P r i o g n i S n t g e o e t l s Cotton Wool W fl h o e u a r t m S e u lt g in ar gs Cattle Calves Sheep Hogs 1919 average 100 100 100 100 100 100 100 100 100 100 100 100 1920 average.. . 105 119 118 98 89 84 90 86 103 86 91 101 1921 average 80 55 58 92 98 92 97 76 97 103 95 75 1922 average 98 88 102 103 98 95 132 86 106 87 106 102 1923 average. 120 131 128 110 110 96 111 91 114 92 131 124 1923 June 122 147 136 108 114 95 79 94 103 96 117 122 July. .. 121 144 126 95 112 122 68 90 105 91 136 115 1924 116 131 146 92 101 107 115 90 112 90 132 124 April 114 127 121 97 97 105 115 98 116 102 136 127 May 103 101 92 80 93 105 109 107 111 109 124 117 June 94 81 74 70 88 107 111 86 108 102 116 104 July 94 70 67 71 83 118 125 95 117 99 141 !107 Coal Nonferrous metals Tobacco products Manufac- Year and month B n it o u u m s i- An c t i h te ra- Copper Zinc le S a o th le er N p e ri w n s t - Cement P le e u tr m o- Cigars r C e i t g te a s - to tu b r a e 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 69 99 39 46 79 89 121 124 98 113 90 1922 average 87 60 82 79 79 105 139 146 100 119 98 1923 average... 120 109 122 113 84 108 174 191 99 144 96 1923 June 123 112 122 109 81 114 158 196 95 147 99 July.. 120 113 129 110 91 112 173 198 96 137 97 1924 March . 101 111 123 122 66 103 187 186 90 143 91 April ... 92 97 127 114 62 111 169 189 88 157 91 May ._ 87 101 125 121 S7 116 172 192 95 173 96 83 100 »124 111 54 103 173 187 91 163 94 July 86 106 132 109 63 102 193 185 98 155 97 i This table contains for certain months the index numbers of production in basic industries which are shown in the chart at the bottom of page 686, together with the series of relatives used in constructing the index. In making the final index the relatives are adjusted to allow for seasonal fluctuations and are weighted. The methods of construction were described in detail and all relatives for each series since January,1913, were published on pages 1414-1421 of the BULLETIN for December, 1922. ' Preliminary. 3 Kevised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

730 FEDERAL. RESERVE BULLETIN SEPTEMBER, 1&24 INDEXES OF INDUSTRIAL ACTIVITY ' COMMODITY MOVEMENTS—Continued [No seasonal adjustment. Monthly average 1919—100] July, June, July, 1924 1923 1924 1924 1923 July June May July June Grain and Flour—Continued Receipts at 9 seaboard centers (000 Agricultural movements 100 2 86 86 90 85 omitted): 94 92 96 98 90 Wheat (bushels) 7,942 9,749. 9,448 166 3165 148 137 168 Corn (bushels) 1,101 1,199 1,004 Grains ._ 118 67 63 111 66 Oats (bushels) 3,349 1,783 1,153 Cotton 21 19 34 24 23 Rye (bushels). 1,476 1,944 1,871 Vegetables — . - 137 2 146 119 93 131 Barley (bushels). 1,755 1,185 1,944 Fruits 148 140 178 120 117 2 6 20 1 1 Total grain (bushels) 15,622 15, 860 15,419 112 109 113 136 135 Flour (barrels) 1,434 1,555 1,436 106 105 106 113 118 83 78 81 116 117 Total grain and flour (bushels). _. 22,076 22,8 21,879 194 a188 196 209 70 79 103 144 144 Stocks at 8 seaboard centers at close of 129 '127 130 124 124 month (000 omitted): Zinc 109 111 121 110 109 Wheat (bushels) 3,554 2,416 5,401 142 2143 137 122 129 Corn (bushels). 266 342 120 Silver 95 111 123 114 108 Oats (bushels) 553 690 924 Manufacturing production... '97 96 111 118 128 Rye (bushels) 857 912 609 67 75 96 130 136 Barley (bushels) 3,241 1,505 2,390 162 151 193 203 233 Textiles '79 75 88 99 109 Total grain (bushels)... 8,472 5,865 9,444 103 97 100 96 90 Wheat flour production (barrels) (000 139 162 140 156 omitted) , 10,105 9,332 10, 408 Paper and printing '98 104 111 101 116 '74 76 82 97 104 Livestock '177 176 171 160 157 154 156 167 157 156 Receipts at 57 principal markets (head) 127 123 122 119 120 (000 omitted): '125 126 144 95 140 Cattle and calves 1,765 1,639 1,870 Hogs 3,990 4,202 4,088 Sheep 1,632 1,507 1,650 1 For description and early figures see BULLETIN for March, 1924. Horses and mules (43 markets) 16 13 17 > Revised. 3 Preliminary. Total 7,402 7,361 7,625 COMMODITY MOVEMENTS Shipments at 52 principal markets (head,) (000 omitted): July, June, July, Cattle and calves _ 634 621 741 1924 1924 1923 Hogs. 1,447 1,389 1,480 Sheep 635 707 Horses and mules (43 markets) 12 1 Grain and Flour Total. 2,783 2,657 2,943 Receipts at 17 interior centers (000 omitted): Shipments of stockers and feeders from Wheat (bushels) 46,625 17,882 42,043 33 markets (head, 000 omitted): Corn (bushels) 18,051 17,642 18, 505 Cattle and calves 163 190 220 Oats (bushels) 11,189 15,752 16, 587 Hogs 21 27 32 Rye (bushels) 4,954 3,972 1,458 Sheep 226 150 304 Barley (bushels)... 1,498 1,674 2,018 Total 410 367 Total grain (bushels) 82, 315 56,923 80, 611 Flour (barrels). 2,739 2,522 2,427 Slaughter at principal markets under Federal inspection (head, 000 omitted): Total grain and flour (bushels)... 94,642 68, 271 91, 533 Cattle 764 663 725 Calves 421 406 379 Shipments at 14 interior centers (000 ogs__ _ 4,114 3,983 omitted): leep 1,051 975 962 Wheat (bushels) 21, 762 14,738 20,582 Corn (bushels) 9,663 13, 522 10,259 Total 6,350 6,332 6,049 Oats (bushels) 8,212 13,497 13,534 Rye (bushels).__ 8,138 5,422 4,078 Meats, cold-storage holdings, first of Barley (bushels). _ 1,155 1,284 1,349 following month (pounds, 000 omitted): Beef 49, 615 59, 343 45, 893 Total grain (bushels). _ 48,464 49, 801 Pork products 960, 501 1,022,670 1,009, 738 Flour (barrels). 3,378 3,686 Lamb and mutton _ 2,254 2,919 2,752 Exports of certain meat products Total grain and flour (bushels) 64, 636 63,664 (pounds, 000 omitted): Beef- Stocks at 11 interior centers at close of Canned 65 74 174 month (000 omitted): Fresh _ 152 117 271 Wheat (bushels) 29, 576 21,403 Pickled or other cured 1,620 1,902 2,016 Corn (bushels) 2,977 6,230 1,242 Hog products— Oats (bushels) 1,776 2,787 4,131 • Bacon 21,728 13,033 27, 581 Rye (bushels) 10,746 14,201 10, 223 Hams and shoulders 28,589 28, 335 36, 683 Barley (bushels) 243 360 564 Lard 86, 706 59, 475 69, 478 Pork, pickled 2,367 2,007 3,376 Total grain (bushels) 46,127 53,154 37, 563 Dairy Products Total visible supply of grain east of the Rocky mountains at close of Receipts at 5 principal markets (000 month (000omitted): omitted): Wheat (bushels) 75,085 36,496 45, 084 Butter (pounds) 94,977 92,155 75,692 Corn (bushels) 5,487 9,184 2,346 Cheese (pounds) 25,544 21,639 23, 312 Oats (bushels) 22,795 6,322 11,975 Eggs (cases) 1,445 1, 823 1,338 Poultry (pounds) 19, 780' 17,824 16,696 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER., 1924 FEDERAL RESERVE BULLETIN 731 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued July, June, July, July, June, July, 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 (000 omitted): Production 61,143 59,292 65, 925 Creamery butter (pounds) 133,402 74,446 101, 774 Stocks at close of month 356, 240 351, 218 299,368 American cheese (pounds) 65,716 45, 517 55, 839 Producing oil wells completed Eggs (cases) _ 9,264 8,697 10, 509 (number) 1,593 1,521 1,733 Poultry (pounds) 33, 542 34,832 41,260 Oil refineries: Production (000,000 omitted) i— Other Agricultural Products Crude-oil run (barrels) _ 52 55 48 Gasoline (gallons) 737 780 637 Cottonseed (tons): Kerosene (gallons) 183 200 179 Received at mills 11,601 22, 003 14, 037 Gas and fuel oils (gallons) 1,107 1,156 971 Crushed _ 19, 352 58,845 14, 786 Lubricating oil (gajlons) 104 Stocks at mills at close of month.... 21,531 29, 285 12, 786 Stocks (000,000 omitted) i— Cottonseed oil (pounds, 000 omitted): Crude-oil run (barrels) 41 40 32 Production,. 6,636 17,922 8,659 Gasoline (gallons) 1,599 1,650 1,264 Stocks __ 4,058 23,338 5,103 Kerosene (gallons) 293 304 264 Oleomargarine consumption (pounds, Gas and fuel oils (gallons) 1,619 1,556 1,324 000 omitted).. _• 11, 616 Lubricating oils (gallons) 249 244 225 Tobacco sales at loose-leaf warehouses (pounds, 000 omitted): Electric power produced by public- Burley 113 100 177 utility plants (kilowatt hours, 000,000 Western dark 478 70 omitted): Sale of revenue stamps for manufacture Produced by water power 1,765 1,653 of tobacco, excluding Porto Eico and Produced by fuels 2,814 2,884 Philippine Islands (000 omitted): Cigars (large) 595,063 562,732 689,176 Total. 4,579 4, 536 Cigars (small) 45,015 40,831 36,620 Cigarettes (small) _ , 583,2406,455,228 5,839, 708 Manufactured tobacco (pounds) 31,311 31,032 31,210 Metals Fruit shipments (carloads): Grapefruit _-_ 202 574 187 Iron and steel: Oranges 2,862 5,437 3,862 Iron-ore shipments at Lake Superior Lemons 1,036 1,800 838 (long tons, 000 omitted) 7,280 7,584 10, 411 Apples 2,312 866 3,153 Pig-iron production (long tons, 000 Vegetable shipments: omitted) _ 1,785 2,026 3,678 White potatoes (carloads).- 22, 938 20,470 15, 853 Steel-ingot production (long tons, Onions (carloads) _ 2,057 981 1,396 000 omitted) 1,869 2,056 3,531 Eice (pounds, 000 omitted). 13, 526 13, 509 34, 558 Unfilled orders, United States Steel Sugar, all ports (long tons): Corporation (long tons, 000 Eeceipts : 498, 546 444,766 266,172 omitted). ___ 3,187 3,263 5,911 Meltings- 515,400 461, 500 282,100 Fabricated structural steel orders Eaw stocks close of month 323, 715 376, 013 348, 653 (tonnage) 182, 000 171, 600 130, 000 Steel castings bookings (net tons)"-" 37,339 48, 718 52, 066 Fishery Products Silver production (troy ounces, 000 omitted) _. 4,493 5,228 5,406 Fish landed by American fishing vessels, Copper production (pounds, 000 total catch (pounds, 000 omitted) 23, 215 19, 236 21, 367 omitted) 129, 486 127, 506 131, 731 Cold-storage holdings, frozen and cured Zinc (pounds, 000 omitted): fish, on 15th of month (pounds, 000 Production: _.. 85, 826 86,130 omitted)..- » 51,125 38, 832 46, 983 Stocks, close of month.I..II""I." 105, 410 99, 368 42,480 Shipments _ 79,784 72,244 77,996 Tin (pounds, 000 omitted)- Lum N b u e m r: ber F o o f r e m st i lls P — roducts D St e o l c iv k e s r , i c e l s o s to e o fa f c m to o ri n e t s h 1 8 1, , 7 3 5 3 8 2 9 9, , 1 6 1 5 0 4 1 4 1 , , 5 88 6 3 3 National Lumber Manufacturers' Association 557 570 Textiles Southern Pine Association 179 181 181 West Coast Lumbermen's As- Cotton (bales, 000 omitted): sociation 111 114 114 Sight receipts 254 220 292 Production (feet, 000,000 omitted)— American spinners'takings ._ 168 127 271 National Lumber Manufactur- Stocks at mills 720 951 1,094 ers' Association 1,247 1,297 Stocks at warehouses 674 882 939 Southern Pine Association 370 405 Visible supply__ _ 933 1,223 837 West Coast Lumbermen's As- Consumption by mills 347 350 462 sociation 334 355 332 Spindles active during month" (000 Shipments (feet, 000,000 omitted)— omitted) 28, 710 29, 216 34,244 National Lumber Manufactur- Spindle hours active during month ers' Association _ 1,106 1,115 (000,000 omitted) 5,158 5,336 7,136 Southern Pine Association 408 354 394 Finished cotton fabrics: * West Coast Lumbermen's As- Finished yards billed (yards, 000 sociation 403 377 336 omitted) ._ 58, 322 64, 761 70,931 Naval stores at 3 southern ports: Orders received (yards, 000 omitted) 59,514 55, 955 61,451 Spirits of turpentine (casks)— Shipments (cases) _ 33, 514 33, 397 35,361 Eeceipts 45,440 39,620 40, 580 Finished stocks (cases) _. 42, 378 43, 586 50, 279 Stocks at close of month 34,200 32, 499 21,285 Wool: Eosi E S n t e o ( c b c e k a i r s p r t e a s l t . s - ) c — lose of month 1 27 2 0 9 , , 2 6 1 0 8 7 2 11 4 0 1 , , 1 0 0 8 8 8 2 1 1 2 9 7 , , 1 0 3 9 5 8 P C e o t r o n c t s e a u n l m t r a e p g p t e i o o r o n te f d ( a — p c o ti u v n e d s m , a 00 c 0 h i m ne i r t y te d to ) 30,972 46, 347 Looms wider than 50-inch reed Fuel and Power space __ _ 61.9 66.4 81.8 Looms 50-inch reed space or less. 72.8 73.1 82.9 Coal and coke (short tons, 000 omitted): Sets of cards _ 75.9 79.8 88.8 Bituminous-coal production 32,284 30,447 45,126 Combs _ 62.2 61.9 81.6 Anthracite-coal production 7,782 7,704 8,320 Spinning spindles, woolen 74.0 78.0 86.3 Coke- Spinning spindles, worsted 54.8 58.4 90.5 Beehive coke production 555 1,582 By-product coke production-.,. 2,352 2,416 3,267 1 Figures for June and May, 1924, and June, 1923. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

732 FEDERAL BESEKVE BULLETIN SEPTEMBER, COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued July, June, July, July, June, July, 1924 1924 1923 1924 1924 1923 Textiles—Continued Building Materials—Continued Wool—Continued. Brick—Continued. Percentage of active hours to total Silica brickreported— Production 11,555 9,612 14,499- Looms wider than 50-inch reed Shipments _ 12,720 10,475 14, 581 space 58.4 61.6 80.7 Stocks at close of month 42,184 43, 349 41,450> Looms 50-inch reed space or less. 50.2 56.7 73.8 Paving brick— S S C S p e p o t i i m s n n n n o b i i s f n n c g g a s r s d p p s i i - n n ' d - d l l e e s s , , w w o o o rs le te n d 7 7 4 5 4 1 6 3 . . . . 1 5 8 4 8 7 4 5 8 4 9 2 . . . . 1 5 0 6 9 9 9 8 4 0 9 7 , . . . 2 3 7 2 P S S O f r h r c o i d o p d e c m u r k s c e s t r , n i e c o t l c s n o e s i e v e o d f month _. 1 3 3 3 2 6 4 4 5 , , , , 7 9 4 2 9 5 5 7 2 9 8 8 1 2 3 2 2 1 8 8 8 , , , , 2 5 9 9 6 6 9 0 7 3 5 8 3 3 9 3 6 9 3 2 , , , , 5 0 5 7 4 6 6 0 f 2 4 3 r Men's and boys' garments, cut: Unfilled orders, close of month.. 100,714 107, 920 112,353 Men's suits, wholly or partly wool.. 884,905 630,825 Cement (barrels, 000 omitted): Men's suits, all other materials 97, 810 49,052 Production. 14,029 13, 538 12,620 Men's separate trousers, wholly or Shipments 16, 614 15, 036 13,712 partly wool 630, 346 716,194 Stocks, close of month 12,318 14,903 8,081 Men's trousers, all other materials.. 306,355 369,269 Oak flooring (feet, 000 omitted): Men's overcoats. _. 382, 251 367,239 Production 34, 057 32, 935 Boys' suits and separate pants 747,729 658, 746 Shipments. 33, 713 33, 713 22, 501 Boys' overcoats and reefers 114, 027 66, 492 Orders booked 30, 824 17, 924 Eaw silk: Stocks at close of month 48, 842 50,189 40, 708 Consumption (bales).. 30,952 23,164 28,573 Unfilled orders 41,852 36,093 32,000 Stocks at close of month (bales) 23, 213 24, 843 22,914 Maple flooring (foot, 000 omitted): Imports (pounds, 000 omitted) 4,047 3,091 5,218 Production _ 7,604 7,492 10, 590 Hosiery (dozen pairs, 000 omitted): Shipments 7,546 7,425 10,515 Total, all classes 3,825 3,478 Orders booked 7,331 6,436 5,671 Men's.._ _. 1,501 1,376 Stocks, close of month 25, 557 25,406 18, 829 Women's. 1,534 1,418 Unfilled orders 9,074 9,596 21, 715 Enameled ware (number): Hides, Leather, and Shoes Baths- Shipments 86,923 77, 653 76,479 Eaw hides and skins (000 omitted): Stocks, close of month 61,001 56, 767 26,428 Stocks at close of month •— New orders _ 83,792 67, 279 64,979 S C C G h a a o e l t a f e t t l p a e a n a h n d n i d d d k e k i s l i p a d m s s k b k i n i s n s k s ins _ 3 3 6 9 , , , , 3 9 1 1 2 6 9 9 1 3 6 7 4 3 8 6, , , , 0 0 1 6 3 6 2 9 4 8 2 0 1 9 6 4 0 , , , , 9 0 3 1 1 8 6 8 6 6 0 7 Lav N S S at h t e o o i w c p r k i m e o s e s , r d - n c e t lo s rs se of month _ 1 8 6 5 4 7 2 , , , 9 7 8 0 8 1 5 9 4 13 7 1 0, , 7 5 7 5 5 0 . 9 4 7 4 2 5 , , , 4 7 9 9 6 7 4 9 3 Stocks disposed of during month '— Sinks- C C G a a o l t a f t t l e a a n n h d i d d k k e i i s p d . s s k k in in s s 1 1 , , 2 8 1 8 8 1 1 0 5 1 1 1 , , , 6 1 0 7 5 4 9 1 8 1 1 1 , , , 0 1 2 5 8 7 8 1 2 S S N t h e o i w c p k m o s, e r d n c e l t o s rs s e of month _ 1 1 0 8 3 3 1 9 , , , ^ 2 3 9 4 3 4 8 1 8 1 1 0 1 7 1 5 6 , , , 3 6 8 7 4 5 7 1 6 9 4 7 9 5 5 , , , 5 4 2 3 7 4 9 S 1 Sheep and lamb skins 2,166 2,217 2,690 Miscellaneous ware- Sole leather, cattle (backs, bends, and Shipments 56, 225 56, 694 51,067 sides) (number, 000 omitted): Stocks, close of month 76,414 70, 803 45,457 Production 1,159 1,108 1,669 New orders 35,633 42, 623 47, 597 Stocks in process 4,991 4,925 6,400 Miscellaneous Manufactures Tanners' finished stocks 7,197 7,425 8,562 Upper leather:1 Chemicals: Cattle (sides)— Acetate of lime (pounds, 000 omitted). 9,396 13,180 P T St r o o o t c a d k l u s f c i i t n n i i o s p h n r e . o d c e s s t s ocks 2 6, , 9 0 5 9 6 6 2 6 8 2 6 , , 0 9 6 8 6 6 1 0 0 2 1 6 , , , 5 9 1 6 S 8 3 4 6 Woo M P d r e o p t d u h u l a p c n t o i ( o l s n h ( o g r a t l l t o o n n s s ) ): _ 148,656 4 1 9 8 2 4 , , 9 65 0 3 2 16 6 2 5 , 2 , 2 4 9 6 5 Z 5 Calf and kip skins '— Consumption 152,013 174,217 155,195 S P t r o o c d k u s c i t n io p n rocess 3 1 , , 6 12 1 3 1 3 1 , , 5 03 8 2 1 3 1 , , 7 3 4 3 8 3 S St h o i c p k m s, e n cl t o s se of month _ _ .. 17 1 4 7 , , 0 4 4 2 3 8 19 1 1 7, , 0 8 1 3 2 5 13 1 4 9 , , 3 5 0 0 7 7 Total finished stocks 6,987 7,031 8,370 Paper (short tons): Goa T P S t t r o a o o t n c a d d k l u s f c k i t i i n i n d o is n p s h k r e o i d n c s e s t s i o — _ s c . ks 2 2 4 4 , , , 6 0 5 3 5 2 1 3 8 23 3 5 , , , 3 0 6 7 4 7 1 2 8 21 4 7 , , , 7 1 0 7 5 1 3 5 8 New P S S s r t h p o o i r c p d in k m u t s c — , e t n i c o l t o s n se of month 1 1 1 2 1 3 8 7 , , , 4 9 9 2 1 5 7 6 2 1 1 2 3 2 2 0 3 , , , 4 2 7 2 2 2 8 9 3 1 1 2 2 2 f 4 1 i , , , 2 3 7 3 2 6 7 2 8 Shee P S p r t o o a c d n k u d s c l t i a i n o m n p b ro s c k e i s n s s . l _ — 1 2 , , 2 1 5 0 6 8 1 2 , , 4 1 0 3 2 1 1 2 , , 6 5 7 6 3 5 Book P S r t p o o a c d p k u e s c r , — t i c o lo n se of month 3 7 6 5 , , 1 3 3 1 2 4 7 3 9 7 , , 6 5 1 9 1 7 4 2 5 3 , , 1 2 5 1 6 4 Total finished stocks , 5,970 5,760 7,030 Pape P r r o b d o u ar c d ti — on 98,835 96,971 Boots and shoes, output (pairs, 000 Stocks, close of month 36,319 38,032 28, 714 omitted): i Wrapping paper— Men's 5,647 6,087 7,443 Production 39,179 40,849 48,052 Women's _ 7,055 8,145 8,848 Stocks, close of month 61,188 63,604 43,451 Allother 9,702 11,008 11,982 Fine paper— Production 21,070 22, 573 21, 711 Total 22, 404 25, 240 28, 273 Stocks, close of month 39,836 40,684 37,819 Advertising (agate lines, 000 omitted): Magazines 1,658 2,212 1,726 Building Materials Newspapers 76, 408 97,668 83,757 P.ubber (pounds, 000 omitted): 43,623 Brick (number, 000 omitted): Imports (pounds, 000 omitted) 50,132 44,635 Clay fire brick. Consumption by tire manu- Production , 45,199 50, 734 facturers 31,229 21,367 Shipments _ 44, 510 45,015 57,569 Tires and tubes (number, 000 omitted): Stocks at close of month 227,954 227, 233 166,493 Pneumatic tires— New orders _ 44, 990 37,101 47, C59 Production 2,630 1,993 Unfilled orders, close of month. 80, 334 62,920 84, 308 Shipments, domestic. 2,663 2,539 Face brick- Stocks, close of month 6,156 6,471 Production 60,449 38,458 36,803 Inner tubes— Shipments 54,411 36, 560 33, 540 Production 3,493 2,625 Stocks in sheds 117,802 74, 018 98,651 Shipments, domestic 3,858 3,942 Unfilled orders, close of month.. 74,063 58,230 69,161 Stocks, close of month... 8,166 7,396 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL EESERVE BULLETIN 733 COMMODITY MOVEMENTS—Continued COMMODITY MOVEMENTS—Continued July, June, July, July, June, July, 1924 1924 1923 1924 1924 1923 Miscellaneous Manufactures—Con. Transportation—Continued Tires and tubes—Continued, Solid tires— Commerce of Canals at Sault Ste. Marie, Production . 38 42 (to E n a s s , t 0 b 0 o 0 u o nd mitted): 8,710 9,158 10,983 46 45 Westbound... . 2,429 1,919 3,406 176 264 Auto P m ro o d b u il c e t s io : n (number)— Total 11,139 11,077 14,389 237,431 217,845 297,173 Trucks 24,895 27,040 29, 712 Shipments— BUILDING STATISTICS 28,055 25,988 32,623 Driveaways (number) 26,090 25,142 46,837 By boat (machines).. 7, 500 7,300 10,131 Building permits issued in 168 cities, Locomotives (number): grouped by Federal reserve districts: 130 134 211 Number of permits- Foreign completed 10 11 • 28 Boston (14 cities) , 3,093 3,327 3,036 New York (22 cities) 9,287 10,393 9,436 Total 140 145 239 Philadelphia (14 cities) 3,394 3,604 3,053 Cleveland (12 cities). _ 5,786 5,929 5,807 Unfilled orders— Richmond (15 cities) 4,363 4,179 3,694 416 462 1,652 Atlanta (15 cities) 3,290 3,123 2,893 Foreign 67 69 86 Chicago (19 cities) 12,909 13,414 12,527 St. Louis (5 cities) 2,698 2,624 2,591 Total 483 531 1 738 Minneapolis (9 cities 1,880 2,046 2,078 Vessels built in TJnited States and Kansas City (14 cities) 2,544 2,645 2,412 officially numbered by the Bureau of Dallas (9 cities) 2,375 2,365 2,330 Navigation: San Francisco (20 cities) 10,331 9,980 10,938 104 117 116 18,070 22,951 9,760 Total 61,950 63, 629 60,795 Transportation Value of permits (dollars, 000 Freight carried by Class I railways: omitted)— Ne re t v t e o n n u - e m ( i 0 le 0 s 0 , , 00 r 0 e v o e m nu it e t e a d n ). d .. non- 33,891 38, 001 B N o ew sto Y n o ( r 1 k 4 ( c 2 it 2 i e c s i ) ties) 1 5 1 5 , , 3 0 6 4 5 3 8 1 1 1 , , 3 7 6 5 0 6 1 5 1 5 , , 0 2 2 6 7 7 703 731 Philadelphia (14 cities).. 16,584 16,059 14,882 Net tons per loaded car 26.4 28.2 Cleveland (12 cities) 17,911 19,412 21,339 Richmond (15 cities) 15,290 16,543 12,008 Revenue freight loaded and received Atlanta (15 cities) 9,996 7,594 7,922 from connections (cars loaded, 000 Chicago (19 cities) 45, 023 59, 337 36, 745 omitted): St. Louis (5 cities) 6,220 5,690 5,490 Classified by nature of products- Minneapolis (9 cities) 6,287 4,537 9,138 Grain and grain products _ _ . 205 159 188 Kansas City (14 cities) 7,457 8,738 7,954 Livestock 131 125 130 Dallas (9 cities) 7,185 5,218 4,428 Coal 624 589 798 San Francisco (20 cities) 30,844 28,198 31,952 Coke -- 31 31 62 273 283 305 Total 229,205 264, 442 218,152 Ore 247 247 359 Merchandise, 1. c. 1 1,035 1,005 1,011 Miscellaneous 1,458 1,337 1,432 Building contracts awarded: Federal reserve districts (dollars, Total 4,004 3,777 4,285 000 omitted)— 27,996 31, 345 25, 719 Classified by geographical divi- 90, 681 93, 409 82,940 sions— Philadelphia.. _. ... . 27,918 28, 721 19, 497 Eastern . _ _. 940 897 1,029 37, 721 41,868 43,922 Allegheny .- 812 778 946 26, 031 29, 398 18, 559 182 169 182 Atlanta 38, 665 33, 741 25,054 Southern _. 560 523 551 54, 610 77, 841 53,268 605 603 711 22, 415 27, 506 23, 345 622 562 606 Minneapolis . . 9,373 13, 052 11, 165 285 246 260 5 13, 006 7,445 9,794 Dallas . .. ... .. 13, 676 31, 097 Total 4,005 3,777 4,285 Freight-car surplus (number): Total (11 districts).. 362, 091 415, 423 3 313, 264 Total 345, 583 358,929 76,110 Box 145, 341 151, 647 56,466 By classes of construction (square Coal 161,188 167, 776 5,300 feet, 000 omitted)— Freight-car shortage (number): Residential buildings 20, 891 28, 346 23, 698 Total 96 74 7,481 Industrial 2,416 2,891 3,861 Box 41 43 1,762 Business .. . .. 7,436 7,827 7,094 Bad- C o o rd al er cars (total) 3 202,86 2 4 0 194, 86 9 9 18 3 9 , , 7 0 5 1 4 4 Hospitals and institutions 4,8 8 4 3 6 7 4,1 8 8 5 8 4 4,1 9 3 3 1 1 Social and recreational. __ 1,269 1,746 1,210 Vessels cleared in foreign trade (tons, Religious and memorial 1,173 1,110 885 000 omitted): Public 1,432 363 153 . 2,724 2,489 2,612 Foreign. 3,905 3,572 4,348 Total (27 States)' 41,179 48, 064 42, 021 Total -- . 6,630 6,060 6,960 Percentage of American to total 41.1 41.1 37.5 3 Total 10 districts. No figures available for Dallas district. 4 Includes miscellaneous building contracts as well as groups shown. > Figures for June and May, 1924, and June 1923. 1 District No. 10 includes figures for Colorado. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

734 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 WHOLESALE AND RETAIL TRADE STATISTICS OF THE UNITED STATES WHOLESALE TRADE IN THE UNITED STATES, BY LINES CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES AND DISTRICTS—Continued [Average monthly sales 1919=100] Percentage change Meat g D oo ry ds Shoes H w a a r r d e - Drugs s in a les J a u s l y co , mp 1 a 9 r 2 e 4 d , with- 1923 January 61 101 61 89 113 June, July, February... 60 95 60 83 107 1924 1923 March 65 108 86 109 121 April 62 86 67 112 106 Shoes—Continued May 64 S3 73 118 107 Richmond district . . -12.9 —19.3 June 62 88 68 114 107 Atlanta district ... . -2.8 -24.7 A Ju u l g y ust 7 6 0 6 1 8 1 8 4 7 5 4 6 1 10 0 6 0 1 1 1 0 1 6 S C t h . i L ca o g u o i s d d is is tr t i r c ic t t - - 2 1 2 5 . . 6 3 -4 3 1 4 . . 0 2 S O N e c o p t v o t e e b m m er b b e e r r - - 7 7 6 6 5 5 1 1 9 1 1 0 2 7 7 8 6 6 3 1 1 1 1 0 1 0 6 7 2 1 1 12 1 1 1 5 9 Hard M S w a i n n a T r F H e r : m an pn c l i i s R c o d d is i t s r t i r c i t ct .. . - - 1 1 7 4 . . 6 6 - - 2 2 8 2 . . 0 8 December. _ 65 66 51 90 99 United States -4.0 -8.6 1924 New York district -4.8 -4.6 J J F M A M J a u u e p n a l a n b y r y r u e i r c l a u h r a y ry... 7 7 8 7 7 7 7 5 0 9 7 8 6 7 7 8 8 7 7 7 8 6 2 9 9 8 0 1 6 6 6 6 6 6 6 6 2 3 3 8 1 4 9 9 9 8 7 7 7 9 0 8 4 3 1 0 5 4 6 6 4 4 5 9 1 6 4 8 8 5 1 1 1 9 9 9 0 0 0 9 0 1 1 6 2 1 5 1 1 1 1 1 1 1 1 1 1 1 0 1 1 6 8 0 5 6 1 1 A P C R S M C K h t l i t h a . i e c l i i n n a l v L h c a n s n e a m o d a e t l g u s a a e a o o i n l p n C s d p d d o d i h i d i l s t d i s i i y d t a s s t r i i r t s i s d d i r c d t c t i i r t i i r c t s s i s i t c t t c t r r t r t i i i c c c t t t - - - - 1 1 4 4 9 6 4 . . . . . . . . 9 4 6 2 9 3 3 6 -1 - - - - - 9 9 2 5 6 9 1 . . . . . . . . 0 0 9 3 5 3 6 9 Dallas district 1.4 5.8 San Francisco district -7.8 -13.9 CHANGE IN CONDITION OF WHOLESALE TRADE, BY LINES Drugs: AND DISTRICTS United States 5.0 5.4 New York district 1.3 7.5 Percentage change Philadelphia district 6.3 9 3 in July, 1924, Cleveland district 4.4 .8 sales as compared Richmond district . 6.4 6 1 with— Atlanta district 9.9 1.6 Chicago district 2.5 -3.4 June, July, St. Louis district .. 10.7 —• 9 1924 1923 Kansas City district 8.3 .2 Dallas district 8.8 10.3 San Francisco district . 22.4 9.3 Groceries: Furniture: United States 0.5 0.7 Richmond district 25.1 13 4 Boston district 12.1 2.1 Atlanta district -8.2 -21.1 New York district 4.6 -2.3 St. Louis district . . 2.3 -14.5 Philadelphia district... -.1 -4.2 Kansas City district -21.1 -9.9 Cleveland district 4.8 -2.2 San Francisco district .. -2.2 3.3 Richmond district -2.6 -4.2 Agricultural implements: A C S M K t h t a . i l i n n a c L n s n a o a e g t u s a a o i p s C d d o i d i i l s t s i i y t s t s r r t i i d r d c c i i t i c t s s t t t r r ic ic t t... - - 3 3 3 6 . . . . . 9 1 3 6 7 -2 3 5 3 1 . . . . . 4 2 8 8 5 Stati U M D S o a n a n i n n l i e l t r r a e F i y f s d r i : a a d S p n i n s c ta t l i r i s t s i e c c s o < t ii d sf i c s r t ic r | i : ct. — 1 1 1 1 2 6 9 8 . . . . 4 5 1 8 — 1 2 3 1 5 6 .4 2 3 4 Dry U N S D g a e n o a n w l i o l t d a F e Y s s d r : a o d S n r i c t s k a i t s r t d e i c c i s o s t t d ri i c s t trict.. -5 6 2 8 . . . . 8 5 6 5 - - 1 1 - 1 2 6 0 1 . . . 7 . 0 8 5 Auto A N P S a h s t e n l u i w a l p a n F p d Y t r l a e a i o l n e d p r s c k i h : i s s i t d a c r i o i s c d t t d i r s i i c t s r t t i r c i t ct . _ .. . 1 — 9 5 2 . . . . 0 3 4 7 — — — 5 9 7 4 .4 9 3 0 P C h le il v a e d l e an lp d h i d a i s d tr i i s c t t rict... - - 1 6 3 . . 3 1 - -2 1 4 0 . . 7 5 Men S 's a n c l F o r t a h n in c g is : co district. 1.2 —4.3 A R C M D S K S t a h i t a a . i c l n i n l n a c h L l n s a n a F m o a e s g t r u s a a o o a d i p n n C s i d d o s d c i i d i t l i s t s r i s i y d t s i t s c r c r i t o i d s i t r d c c t i i t i r c d t s s i t t i c t r s r t i t i c r c t i t c . t . . . - 3 2 2 1 1 2 1 8 6 S 3 8 4 4 2 . . . . . . . 1 . 6 9 4 3 4 4 8 - - - - - 1 1 1 1 - 2 1 3 8 7 4 8 1 1 2 . . . . . . . 5 9 . 8 0 0 8 5 1 W M Di a o a c m m N N N N h e o i e e e e n n w w w w n e ' d s Y Y s Y Y t c o : o o o o l o o r r r r l k t k k k s h : i d d d d n i i i i g s s s s t : t t t r r r r i i i ic c c c t t t t ... . . 5 5 1 3 1 0 3 . . . . 3 7 9 6 — — - 2 4 8 6 1 1 5 . 3 .2 8 2 Shoes: Jewelry: United States -8.8 -20.8 New York district -22.3 —9.4 Boston district -.7 -22.8 Philadelphia district -8.1 .3.3 New York district -10.6 -.2 Electrical supplies: Philadelphia district... -13.8 -13.3 Philadelphia district. -9.5 -12.8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL. RESERVE BULLETIN 735 RETAIL TRADE. BY REPORTING LINES [Average monthly sales 1919=100) Sales without seasonal adjustment Sales with seasonal adjustment w April May June. July August September. October November. December January February March April May __ June j 119 July | 91 iaho snia u 2% •o o 33 1* O 116 159 120 176 122 188 111 180 115 179 102 178 113 181 119 183 113 178 102 183 112 188 110 179 104 208 99 196 94 188 97 188 DEPARTMENT STORE SALES, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919=100] Sales without seasonal adjustment Sales with seasonal adjustment Number District ofre- 1924 1923 1924 1923 portflrms July June May Apr. Mar. July June July June May Apr. Mar. July June United States 333 91 119 127 132 115 89 127 120 121 123 130 115 119 117 Boston 24 89 131 132 137 113 90 136 124 123 125 130 112 126 128 New York 64 91 126 130 135 117 85 128 131 125 126 132 115 122 127 Philadelphia 22 83 123 124. 136 120 82 133 122 119 120 124 129 121 129 Cleveland 27 94 126 133 145 120 97 143 124 131 134 139 123 128 141 Richmond 19 82 116 112 125 105 78 115 100 126 121 130 105 100 124 Atlanta 35 73 95 104 107 94 77 102 96 101 99 104 95 101 108 Chicago 67 98 124 135 145 123 96 137 127 125 127 139 121 125 139 Minneapolis. 23 78 95 107 109 93 79 109 94 94 104 105 96 96 107 Dallas 21 71 95 106 101 94 77 92 101 100 104 106 89 95 97 San Francisco 31 116 126 146 139 134 116 128 139 133 141 145 135 139 136 DEPARTMENT STORE STOCKS, BY FEDERAL RESERVE DISTRICTS [Average monthly sales 1919—100] Stocks without seasonal adjustment Stocks with seasonal adjustment District 1924 1923 July June May Apr. Mar. July June May Apr. Mar. July June United States 129 133 134 136 137 127 128 Boston 126 125 126 125 129 118 122 New York.... 123 125 127 129 126 121 123 Philadelphia 151 151 156 159 160 147 148 Cleveland 127 132 139 140 136 . 126 124 Richmond... ... 120 130 132 130 128 129 123 Atlanta 116 119 124 122 124 119 119 Chicago..! 147 152 152 152 163 143 144 Minneapolis. 102 103 99 107 107 108 109 Dallas i 118 119 120 125 125 115 115 San Francisco 137 141 141 143 141 130 131 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

736 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 INDUSTRIAL STATISTICS FOR FOREIGN COUNTRIES ENGLAND GERMANY 1924 1923 1924 1923 July June May July June May April June Production: Exports: Coal (thousand long tons) 19,382 18,699 27,308 20,060 Iron and its manufactures Pig iron (thousand long tons) 612 608 651 (metric tons) 107,260 118,303 123, 268 102,502 Steel ingots and castings (thou- 655 Machinery and electrical sand long tons) 693 652 810 supplies (metric tons) 26,740 29,280 29,988 24,856 Eaw cotton, visible supplyi 640 Dyes and dyestuffs (metric (thousand bales) 656 715 tons). . . . 8,662 8,223 6,761 9,716 Exports: 535 Coal (metric tons) 65, 465 76,562 84,039 75,315 Iron and steel and manufactures Imports: (thousand long tons) 340 324 407 308 Eaw wool (metric tons) 17,004 28,558 21,214 11,867 Cotton manufactures (million Silk, half manufactured yards) _ 350 398 320 (metric tons) 411 442 595 449 Coal (thousand long tons).- 5,480 6,767 Cotton (metric tons) _. 22, 864 29,811 34,070 11,950 Imports: Iron ore (metric tons) 257,053 223,384 72,970 208,230 Raw cotton (million pounds) 79 75 104 46 Coal (metric tons) _1,191, 527 897, 541 792,493 2,977,179 Eaw wool (million pounds) 43 49 125 40 Eaw hides, Wet (thousand pounds) 18,488 15,921 11,846 8,476 Transportation: July June May July Ships cleared with cargo 3 (thousand tons) - 6,790 5,290 5,884 5,547 Freight-train receipts (thousand Ship arrivals in Hamburg (thoupounds sterling) 9,384 sand net reg. tons) 1,252 1,232 1,594 1,411 Freight-train traffic (million ton- Unemployment: miles) - 1,678 1,473 Applicants for every 100 Unemployment: positions 288 235 180 Among trade-unionists (per cent). 7.4 7.2 7.0 11.1 Number receiving State aid 239,500 208,258 139,016 In insured trades (per cent) 9.9 9.4 9.5 11.5 Business failures 1,125 586 326 18 Index of security prices, Dec, 1921= Capital issues (billion marks) a 24. 8 >21.6 441 100 - 116.2 115.5 115.3 114.1 Index of security prices:' Capital issues (thousand pounds ster- 25 domestic stocks, January ing) -.- - 23,756 19,149 40, 085 20,143 5,1923=1 1,257.4 1, 227.9 1, 429. 4 1 Five weeks. 1 Last week of month figures; in millions. * End of month figures. 1 In millions of gold marks. > Figures include Irish Free State. FRANCE CANADA 1924 1923 1924 1923 July June May July July June May July Production: Production: Coal i (thousand metric tons) 4,865 4,312 Pig iron (thousand tons) _. 45 57 85 82 C Pi r g u d ir e o n s ( te th el o us ( a th n o d u m sa e n t d r ic m to e n tr s i ) c .. 639 658 436 Rail C w r a u y d e re s c t e e i e p l ts (thousand dollars).. 34,30 5 8 2 34,10 6 3 9 33,2 1 5 0 5 8 35,93 74 8 Co t s o t a t n n o s d n ) b s a t l o e c s k ) s at H _ avre ! _ (thou- 74,589 95, 3 5 4 5 9 5 118, 6 5 4 9 9 9 47,2 4< 8 X 0 ) U Bu n is s e t i m s n e ( p s p l s e o r f y a m c il e u e n r n t e ) t s a ( m nu o m ng b e t r r ) a 1 de-union- 39 5 4 .8 1 7 3 .3 7 2 5 .9 9 Exp T or o t t s a : l volume (thousand "metric Au (t t h h o o u ri s z a e n d d c d a o p l i l t a a r l s o )1 f new comp _ anies 14, 041 10,922 18,430 15,248 tons) 2,317 2,468 2,171 1,917 Bond sales (thousands dollars) 53, 513 31,635 14,146 32,841 Imp T or o t t s a : l volume (thousand metric Se 2 c 0 u i r n it d y u p s r t i r c ia es l , s a to v c e k rage market prices, 90.7 89.2 88.7 90.2 tons) 5,410 4,582 5,485 4,925 Eeceipts of wheat at Fort William Eaw cotton for consumption and Port Arthur (thousand bushels) 21,243 15,781 6,032 (metric tons) 15,692 16,056 24,067 14, 292 Eeceipts of livestock at stock yards in Raw silk (metric tons) 1,645 1,483 564 205 Toronto and Winnepeg: Coal (thousand metric tons) 3,170 2,360 2,594 2,473 Cattle (number) 39,575 46,854 53,089 Transportation: Hogs (number) 67,020 65,601 44,096 Ships cleared with cargo (thousand tons) 3,658 2,975 3,090 2,817 Railway receipts (thousand June May April June francs) '851,911 669, 002 1697, 863 Freight-car loadings (average daily number) 59,189 59, 597 59, 777 55,073 Exports: Unemployment: Planks and boards (million feet)..178, 668 158,372 107,247 227,831 Number in Paris receiving aid '.. 62 87 105 171 Preserved fish (thousand pounds). 7,963 5,676 3,915 7,300 Demands for employment not Wood pulp (thousand pounds)...116, 285 124,988 97,904 177,996 filled (number men in France)3. 5,946 6,040 5,296 6,418 Wheat (thousand bushels) 24,075 41, 228 6,085 22,229 Imports: Coal (thousand tons) 1,303 1,057 1,187 1,794 1 Coal and lignite, including Lorraine and the Saar. Raw cotton (thousand pounds). _ 2,790 5,457 5,871 6,520 > Bale of 50 kilos. End of month figures. Machinery (thousand dollars)... 2,239 2,512 2,147 2,606 3 End of month figures. *Five weeks. Average for weeks reported. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 737 FOREIGN TRADE OF PRINCIPAL COUNTRIES UNITED STATES FOREIGN COUNTRIES [Thousands of dollars] 1924 1923 1924 1923 Cumu- Cumu- Cumu lative lative lative through through July June th l r a o s u t gh July June m l o a n st th m l o a n st th month noted noted noted France (million francs): IMPOKTS Imports 3,100 3,178 22,971 17,311 JBy classes of commodities: Exports _ 3,014 2,922 24,296 16,561 Total .... 276, 819 274,015 2,126,5042, 375,054 United Kingdom (thousand £ Crude materials for manufac- sterling): turing... 89,171 717,379 923, 721 Imports... 108,115 88, 501 706,487 615,617 Foodstuffs in crude condition 39,145 34,234 243,674 205,641 Exports 71. 283 62, 024 459, 748 442,183 Foodstuffs partly or wholly Reexports 10,175 10, 024 84, 303 72, 619 manufactured 40, 389 41, 734 355, 611 351, 960 Canada (thousands of dollars): Manufactures for use in man- Imports _. 72, 631 486,944 539,473 ufacturing 45,270 48,420 377,765 449, 887 Exports 88, 221 88, 238 563, 590 513,161 Manufactures ready, for con- Japan (million yen): sumption 62,108 60,587 422, 811 437, 716 Imports 152 176 1,618 1,269 Miscellaneous... 736 415 926 6,130 Exports 126 146 933 834 By countries: South Africa (thousand £ ster- Total Europe _. 82,040 602,352 ling): France.. _. 10, 720 9,393 81,676 86,183 Imports 5,505 5,366 37, 652 30,191 Germany... 12, 502 10, 511 75,883 90,924 Exports 4,470 4,820 40, 723 38,444 Italy 5,049 4,832 39, 056 52,070 United Kingdom 23, 050 24,480 196,351 263, 768 June May T T T o o o t t t a a a A C l l l r a N A S g n o e o s a i u n r a d t t t h i h a a n . n A a . A d m m O e e r r c i i c e c a a a n ia _. 6 8 3 4 9 1 1 2 , , , , 3 1 3 1 2 3 6 1 6 8 8 5 8 3 7 3 0 0 7 , , , , 1 0 0 6 0 1 3 0 8 9 1 5 6 2 2 5 7 3 6 5 3 2 5 8 0 2 , , , , , 2 8 0 9 3 0 2 2 4 8 5 3 8 6 9 6 6 2 3 7 3 0 9 3 6 4 1 2 7 , , , , , 3 8 5 3 0 7 5 5 8 8 0 1 7 4 3 B D e e li l n o g I E m n i m u x a m f p p r r o a o k n r r a t t c ( n s s m s d ) i : l L lio u _ n x e k m ro b _ n o e u r r ) g : (mil _ - . 1 1, , 0 3 7 8 6 0 1 1 , , 2 5 8 1 5 3 8 6, , 7 5 1 7 9 0 3 5 , , 8 7 1 8 7 6 Tota J l a p A a f n rica 26 2 , , 9 7 4 5 7 5 2 4 1 , ,8 8 2 4 9 3 1 4 77 6 , , 9 5 8 4 9 5 2 6 02 4 , , 7 5 8 7 3 0 E Im xp p o o r r t t s s __ 1 1 4 9 7 9 2 1 1 8 9 7 1 1 , , 1 0 4 0 9 1 9 7 6 78 0 EXPORTS Germany (thousand metric tons): By classes of commodities: Imports _ 753 870 4,881 3,176 Total 276, 739 306,475 2,366,4682, 247, 745 Exports 475 516 2,827 2,458 Crude materials for manufac- Italy (million lire): turing.. 55, 972 62, 387 512,432 Imports 1,547 9,060 Foodstuffs in crude condition. 12, 673 15, 021 94, 378 155, 327 Exports 1,095 4,885 Foodstuffs partly or wholly Netherlands (million guilders): manufactured 37, 367 34,034 312, 962 334, 552 Imports _ _ 189 219 1,148 990 Manufactures for use in man- Exports 111 136 757 592 facturing.. 46,240 50,462 355,809 327, 060 Norway (million kroner): Manufactures ready for con- Imports 119 140 737 sumption 118,126 136,450 935, 644 869,128 Exports _. 85 62 432 406 Miscellaneous 320 327 3,310 3,623 Sweden (million kroner): By c T R o o e u t e n a x t l r p i E o e u r s t : r s ope.. 12 6 6 , ,0 0 7 4 1 3 14 7 1, , 9 7 4 9 9 3 1,1 5 8 6 3 , , 1 0 5 7 4 2 1,07 4 5 5 , , 7 6 8 2 9 3 Braz I E i m l x p p (m o o r r i t l t l s s i on milreis)1: _ _ 1 1 2 0 7 9 1 1 0 3 9 2 6 50 6 8 4 6 45 2 4 1 France 13,179 21,321 141,499 136, 664 Imports 174 211 726 724 Germany 12,836 18, 033 218,118 168, 734 Exports 207 274 1,031 1,002 Italy --- ..-. 8,142 12,042 92, 391 85,606 Australia (thousand £ sterling): United Kingdom _. 56,608 51, 778 452, 528 425,591 Imports _ _ 11,200 12,700 70, 712 66,184 Total North America 83,337 84, 427 579, 740 634, 509 Exports 7,217 8,100 64, 712 58,554 Canada 45, 213 47, 762 324,865 388, 312 India (million rupees): Total South America.. 23,352 25,860 170,726 158,838 Imports. 188 206 1,198 1,177 Argentina 8,778 8,987 61,491 68,408 Exports. _ 291 2,034 1,846 Total Asia and 0 ceania 39,024 48, 913 392, 674 341,889 Japan 8,423 9,563 137,979 128,748 Total Africa 4,956 5,325 40,174 36, 720 and F 1 ig 92 u 3 r . es for March and April, and cumulative through April, 1924 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 FBDEBAL RESERVE BULLETINS for July, 1920, and August, 1921. FOREIGN TRADE INDEX INDEX OF OCEAN FREIGHT KATES [1913-100] [January, 1920=100] 1924 1923 1924 1923 July June May April July August July June May August Imports: Total 173.4 171.3 193.2 224.9 165.6 United States Atlantic ports 125.4 131.3 142.8 156.9 156.2 to- 234.5 233.9 276.9 343.0 198.9 United Kingdom 22.8 25.0 28.4 20.1 182.6 153.6 160.6 169.1 121.1 French Atlantic- - 23 4 24.5 26.7 22.2 Exports: Netherlands and Bel- Total 78.0 86.1 87.2 91.7 77.9 20 3 21.4 25.4 17.7 51.2 59.1 62.2 66.2 57.4 Scandinavia. . 23 5 23.5 23.5 22.3 Producers' goods 171.9 204.7 187.1 203.1 159.6 Mediterranean 20.5 20.8 21.3 19.6 Consumers' goods 121.3 118.1 121.5 122.1 106.2 22.1 23.3 25.7 20.0 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

738 FEDERAL, EESEBVE BULLETIN SEPTEMBER, 1924 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES ENGLAND CANADA [Millions of pounds sterling] [Millions of dollars] 1923 1924 1923 July June May July Chartered banks: Gold coin and bullion '_._ Current loans and discounts....... Bank of England: Money at call and short notice Issue department- Public and railway securities Gold coin and bullion ... ... 126 126 126 126 Note circulation. Notes issued 146 146 146 146 Individual deposits Banking department- Gold reserve against Dominion notes. Gold and silver coin .. 2 2 2 2 Dominion note circulation Bank notes 19 20 20 20 Bank clearings 2. _- Government securities. _ 46 48 42 46 Bank debits _ Other securities 75 81 73 71 Public deposits.. „ 12 20 15 10 1 Not including gold held abroad. 1 Total for month. Other deposits 112 113 105 109 Eatio of gold and note re- FRANCE serve to deposit liabilities.. 16.9 16.3 18.5 18 105 104 103 103 [Millions of francs] Currency notes and certificates. 296 290 286 289 Nine London clearing banks: 1924 1923 Money at call and short notice 98 108 101 104 Discounts and advances. 1,051 1,037 1,024 1,024 July Juno May July 323 324 327 338 Total deposits 1,643 1,652 1,618 1,638 Government floating debt: 3,398 3,125 3,410 3,004 Bank G o o l f d F r r e a s n er c v e e : I.__ 3, 079 3,679 3,679 3,674 Total 782 798 742 802 Silver reserve 300 300 299 294 599 580 570 602 War advances to the Government. 23, 000 23,000 22,700 23,000 183 218 172 200 Note circulation 40,325 39, 665 39, 556 36, 929 Index number of foreign exchange Total deposits __ 2,158 2,151 2,226 2,072 value of the pound sterling • 127,8 125.1 124.4 129.4 Commercial bank loans 14.815 14,669 13, 821 Commercial bank deposits 14.878 14, 496 13, 688 Clearings, daily average of Paris banks 1,294 1,296 765 ITALY Savings banks, excess of deposits (+) or withdrawals (—) + 1 -7 +12 [Millions of lire] Price of 3 per cent perpetual rente... 54.45 52.00 57.15 1924 1923 1 Not including gold held abroad. JAPAN June May April June [Millions of yenj 1924 1923 Banks of issue: Gold reserve 1,159 1,127 1,126 1,130 July June May July Total reserve - _ 1,808 1,830 1,830 1,977 Loans and discounts 6,620 6,596 6,926 9,860 Bank of Japan: Lead N N T L C D i o o n a o o u a t g s e t t a e e n h l p f s . c c r r d o i i a i e r r m v n c c p a d u u o t c l l e s d a a o i i t t t r b i i s s r o o a c e n n n o s k p u f f o o o s n : n r r t s d t c . h e o ._ n e m ts S m t e a rc t e e'... 9 7 3, , , 0 4 3 1 9 7 8 1 6 9 3 7 , , , 4 0 0 8 0 6 4 2 3 9 7 2 7 3 1 , , , , , , 8 2 5 0 9 7 0 3 0 2 7 9 4 2 1 6 8 5 9 7 2 9 3 , , , , , 7 5 6 6 3 6 7 9 9 4 4 1 1 7 0 Tok L A R N G P yo o r e d o o i a s v t v v b e e n a e a a r s n r c t v n e n c a i e k r e m n d c s s f d : u o e e o l p r n d a n t o n i t s i s o f d o c i o t e n t o e r s p e s u . o i . n g ' s t n i s t s bills 1 1 . , 2 0 3 3 1 2 6 2 0 0 3 0 2 7 2 2 5 1 1 0 4 3 3 0 8 0 6 9 5 0 9 9 1 0 6 1 1 , , 2 0 4 4 8 6 8 4 1 7 2 3 9 1 1 1 , , 0 2 2 3 5 7 4 4 6 3 8 3 4 6 1 2 I S n t d at e e T P x a o n o r t o t a f i t l e s c e i d i p c e s a u s p t u r o i i e o s ty i n t s s prices.. 2 2 3 , 7 4 . 2 1 8 2 1 2 2 1 0 , , 7 8 4 3 . 6 2 0 5 6 8 2 0 1 1 2 2 5 , , 3 4 6 2 . 2 2 2 5 7 8 2 1 T C T T o o o as t t t a a a h l l l o c l d n o l e e a p h a n o r a s i s n n i d g ts . s . 2 2 1 , , ,8 5 5 1 4 3 4 1 6 3 7 7 2 1 2 ,5 1 8 6 8 2 9 1 2 7 0 5 2 1 2 , , . 5 8 6 1 8 5 3 2 8 6 6 8 2 3 1 , , , 1 8 2 1 7 9 2 3 0 5 0 9 • Not including gold held abroad. ' 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 in e c f e f — ect Country Rate I s n in e c f e f — ect Country Rate I s n i n e c f e f — ect P.ct. P.ct. P.ct. P.ct. Austria 15 Aug. 13,1924 Esthonia... Jan. —,1919 Italy &A. July 11,1922 Portugal 9 Sept. 12,1923 Belgium 5Ji Jan. 22,1923 Finland. ... 9 Mar. 6,1924 Japan 8.03 Nov. 18,1919 Rumania 6 Sept. 4,1920 Bulgaria.. 6H June 14,1919 France 6 Jan. 17,1924 Latvia 8 Feb. 16,1924 South Africa 6 Dec. 29,1922 Czechoslo- Germany. . i 10 Dec. 23,1923 Lithuania... 6 Sept. 27,1922 Spain 5 Mar. 23,1923 De v n a m ki a a rk 6 7 J M an a . y 1 2 7 8 , , 1 1 9 9 2 2 4 4 H G u re n e g c a e r y r. 1 W 8 % J J u an ly . 2 1 5 , , 1 1 9 9 2 23 3 N N o et r h w e a r y lands 5 7 J N a o n v . . 2 1 4 0 , , 1 1 9 9 2 2 4 3 S S w w e it d z e e n rland- SH J N u o ly v . 1 9 4 , , 1 1 9 9 2 2 3 3 England 4 July 5,1923 India 5 Aug. 21,1924 Poland 12 Apr. ,28,1924 Yugoslavia. . 6 June 23,1922 1 On Eentenmark and stable currency loans. Changes for the month.—Oesterreichische Nationalbank, August 13, 1924, from 12 to 15 per cent. Imperial Bank of India, July 31,1924, from 5 to 4 per cent; August 21, 1924, from 4 to 5 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDEEAL BESEBVE BULLETIN 739 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES FEDERAL RESERVE BOARD WHOLESALE PRICE INDEX Wholesale prices in July, according to the In June, 1923, Japanese currency prices and Federal Reserve Board's index numbers, rose gold prices were very nearly the same, as the 1.3 per cent in the United States and 1.3 per yen averaged 98.4 per cent of its par value. cent in Canada, while in England prices The gold index for Japan, however, was about remained unchanged and in France they de- 11 per cent above the American index and clined 0.9 per cent. When these indexes are nearly 13 per cent above the British gold index converted to a gold basis by making allowance for the same month. for the depreciation of the foreign currencies Following the earthquake in September, from their respective gold parities of exchange, Japanese prices rose rapidly, from 179 in prices in England rose 0.8 per cent and in August to 205 in December, an advance of Canada 2.2 per cent, while in France they over 14 per cent in four months. The Japadeclined 3.5 per cent. nese gold index for that month stood at 193, The movement of prices in Japan during the or over 18 per cent above the American and past year and especially since the earthquake of more than 21 per cent above the British gold last September has presented certain features index. Since early this year Japanese prices not found in other countries. The following have fallen 8 per cent, but as this was accomtable presents significant figures: panied by a material decline in the exchange, gold prices fell 1.9 per cent between December Japanese prices Yen ex- and June. As a result, the Japanese gold United British change, States gold per index is now substantially the same as those In cur- In prices prices cent of of England and the United States, and yen rency gold par exchange is approximately at its purchasing June, 1923... 186 183 164 2 98.4 power parity with the dollar and the pound December, 1923 205 193 163 159 94.3 June, 1924 189 156 154 155 82.4 sterling. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES 500 ON PAPER CURRENCY BASIS CONVERTED TO GOLD BASIS «O 400 350 300 250 150 1920 1921 1922 1923 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

740 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 The tables below give the all-commodities converted to a gold basis. The latter figure and group index numbers of wholesale prices in takes into account the depreciation of the the five countries included in the Federal Re- foreign currency in terms of the American serve Board's indexes. In the first table the dollar (or gold) and the series indicates relaall-commodities index for each country is tive price levels in the several countries when shown both in terms of paper currency and all prices are expressed in dollars. FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR ALL COMMODITIES On paper currency basis Converted to gold basis Year and month United England France Canada Japan U S n ta i t t e e s d England France Canada Japan 1913, average 100 100 100 100 100 100 100 100 100 100 1919, average 211 241 207 235 211 219 198 241 1920, average 239 310 512 250 240 239 233 187 223 242 1921, average 149 198 344 167 181 149 156 133 150 175 1922, average 158 165 319 149 182 158 150 136 147 175 1923, average 164 170 394 150 188 164 159 124 147 183 1923 January 166 165 346 148 176 166 158 120 147 172 February 166 168 380 152 183 166 162 121 150 178 March 169 173 155 185 169 166 131 152 180 April 170 175 390 156 185 170 167 135 153 181 May 167 173 155 187 167 164 133 152 184 June 164 171 153 186 164 162 129 150 183 July...... 159 168 391 151 183 159 158 119 147 179 August 159 164 391 150 179 159 154 115 146 176 September 163 165 404 149 190 163 154 123 145 186 October 163 166 404 147 196 163 154 125 145 192 November 163 171 416 145 199 163 154 119 142 193 December 163 177 427 144 205 159 116 140 193 1924 January 163 178 445 146 205 163 156 108 142 185 February 163 180 469 148 200 163 160 107 144 182 March 160 180 483 147 200 160 158 117 143 172 April 158 181 428 143 201 158 162 137 140 165 May 156 177 428 143 200 156 158 128 141 161 June 154 174 442 145 154 155 120 142 156 July 156 174 147 156 156 116 145 FEDERAL RESERVE BOARD WHOLESALE PRICE INDEXES FOR GROUPS OF COMMODITIES » Grouped by stage of Grouped by Grouped by stage of Grouped by manufacture origin manufacture origin Year and month m c t A o i o e m l d l s i - - te R m r a i a a w - ls d g u P o c r o e o d r - s s ' g s C e o u o r o m s n d ' - - s g m D o ti o e c o s d - - s p g o I o r m o te d - d s g p o E o o x r d - t s Year and month m c A t o i o e m l d l s i - - t R e m r a i a a w - ls d g u P o c r o o e d - r s s' g s C e o u r o o m s n d ' - - s g m D o t e i o o c s d - - s p g I o o m r o t d - e s d g p o E o o x r d - t s UNITED STATES FEANCE—contd. 1923-July 159 163 160 155 161 141 170 1924—April 428 430 446 421 418 480 434 1924—February 163 169 168 157 164 148 189 May 423 430 437 425 417 481 425 March 160 166 157 154 161 145 179 June 442 444 450 441 431 496 445 April 158 165 155 151 159 140 182 July 438 444 449 429 426 498 448 May 156 163 151 151 158 133 183 June 154 160 147 152 157 129 179 CANADA July 156 163 147 154 159 132 180 1923—July 151 137 168 168 149 164 142 ENGLAND 1924—February 148 131 168 168 146 167 135 March. 147 129 167 168 145 165 132 1923—July 168 171 153 178 169 164 173 April 143 126 164 162 141 159 130 1924—February 180 182 167 191 180 182 185 May 143 127 160 162 141 159 132 March 180 183 167 187 180 178 185 June 145 128 157 165 144 156 138 April 181 186 169 187 183 178 188 July 147 133 154 163 146 156 148 May 177 178 166 185 179 171 181 June 174 173 164 186 176 170 179 JAPAN July 174 171 163 188 175 171 177 1923—July 183 179 176 188 185 173 192 FRANCE 1924—February 200 214 202 192 199 205 211 March 200 211 203 193 200 199 207 1923-July 391 417 418 345 382 434 384 April 201 220 199 191 199 214 198 1924—February 469 478 485 453 443 595 522 May 200 214 199 193 197 216 192 March 483 483 507 474 460 596 524 June 189 199 190 184 186 208 175 July 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

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 741 WHOLESALE PRICES IN THE UNITED STATES INDEX OF THE BUREAU OF LABOR STATISTICS [1913=1001 Bureau of Labor Statistics groups Federal Reserve Board groups All Raw materials m c it o o i m e d s - - F p u r a c o r t d m s - Foods C c a l i l o n n o t g t d h h - s l F i a i g n n u h g d e t l - M m p u a r e e c n o t t t d a d a s l - l s B m r u i i n a a il t g l d e s - - C d i a r h c u n a o g d l m s s -H g n f o i o i u n s o u r g h d - s - e s n c M e e l o i l s u a - - s Crops p A m ro n a d i l - - F p o r r o e d s - t p M e r r o i a n d l - - T r o aw tal 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 ucts ucts ucts rials 1922 average 149 133 138 181 218 122 124 176 117 145 125 185 207 158 128 151 1923 average 154 141 144 200 185 144 189 131 183 123 168 122 210 185 159 141 156 1923—July... 151 135 141 193 182 145 190 128 187 121 154 120 209 179 l.W 141 154 1924—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 June 145 134 130 187 175 132 173 127 172 111 165 109 182 168 147 130 151 July 147 141 139 173 130 169 126 171 112 176 114 175 167 152 130 153 WHOLESALE PRICE LEVELS IN PRINCIPAL COUNTRIES ALL-COMMODITIES INDEX NUMBERS [Pre-war=100] England Year and month Austria g B iu e m l- g B a u ri l a - C v z a s e l k o c i - h a o 1 - m D a en rt - 1 Bo o a f rd Statist France G S F t B e a e r u t m d i r s e e t a r i a n a c u l a y l ; Italy N la e n th d e s r- ( t C N i w a h o n a r r i y i a - s ) - Poland Trade 1923 Gold basis Zloly basis July—- 1,789,300 504 2,408 207 157 147 407 566 145 235 August. 1,657,400 529 2,292 959 207' 155 147 413 567 142 231 1924 February.. 1, 915, 800 642 2,658 1,028 223 167 163 544 116.2 573 158 262 March 1,912, 000 625 2,612 1,036 227 165 161 499 120.7 579 155 266 April 1, 946, 500 555 2,798 1,022 228 165 161 450 124.1 579 154 267 109 May 1, 946, 500 557 2,551 1,015 225 164 161 459 122.5 571 153 263 104 June 1, 828, 200 565 2,811 981 219 163 160 465 115.9 566 151 264 101 July 1,913,300 566 965 220 163 163 481 115.0 567 271 102 August.... 233 EUROPE—continued NOBTH AMERICA ASIA AND OCEANIA United Year and month Spain Sweden Sw la it n z d er ' - ( o B S S f t t u L a a r t t a e i e b s a s - o u r Canada Au l s ia tra- ( C S 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 t a 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 July.. 170 162 180 151 154 180 155 194 170 192 176 123 124 August.. 171 162 175 150 154 175 153 191 171 190 175 120 1924 February. 180 162 183 152 157 170 160 205 178 180 135 March 180 162 180 150 154 167 158 204 179 206 180 136 April 184 161 182 148 151 166 154 174 207 178 134 126 May 179 160 180 147 151 165 154 176 205 179 135 June 179 158 178 145 152 163 152 176 199 131 July 157 173 147 153 152 179 195 13? August 171 1 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 poups for most of the countries are also available in the office of the Division of Research and Statistics of the board, and maybe 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

742 FEDERAL. RESERVE BULLETIN SEPTEMBER., 1924 RETAIL FOOD PRICES AND COST OF LIVING IN PRINCIPAL COUNTRIES [Pre-war=100] European countries Other countries United S ci t ( t a 5 ie t 1 e s s ) ( A V u ie s n tr n i a a ) P g B i r ( u o e 9 m l v - - C v 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 ra a n ri c s e ) c m G i ( t a 7 i e e n 1 r s y - ) I ( l t M a a n l i y ) - c N l i a e t e n ( i r 6 t e d - h s s - ) to N w w (3 o a n 1 r y s - ) S d ( p M ri a d 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 r n i 3 d t - s * ) c C i a ( t d a i 6 e n a 0 s - ) to t A r w ( a u 3 l n s 0 i - a s) ( I B b n a o d y m i ) a - to N l Z w a ( e 2 e 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 « basis Jntip 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 nno 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 NOT 148 1,264,700 121 173 355 503 149 221 166 144 157 147 147 120 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 , 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 ,383,800 121 167 380 123 524 152 240 165 137 150 143 150 123 May. 138 L, 416,900 113 163 378 126 519 151 241 165 133 151 143 150 122 June 140 , 445, 700 118 160 370 120 518 151 241 168 133 149 147 150 120 July 140 . 43fl. 200 162 360 126 248 168 134 151 117 Aug. 1,565, 200 164 INDEX NUMBERS OF COST OF LIVING 1923 CO June 156 1,151,300 419 933 169 334 491 174 236 170 161 166 146 151 145 131 July.. . 157 1,090,300 429 921 169 45 487 172 160 166 146 153 145 130 Aug - 156 1, 049,600 439 892 171 54 483 178 161 164 148 154 146 130 Sept.... 157 1,084,100 453 903 173 331 64 487 173 230 178 165 164 148 156 154 147 131 Oct 158 1,102,700 458 901 175 61 502 174 165 164 149 152 147 132 Nov 157 1,114,900 463 898 175 126 502 177 164 167 150 153 148 133 Dec... 158 1,124,900 470 909 177 345 125 499 178 231 182 164 168 150 152 157 149 133 1924 Jan 157 1,174, 000 480 917 177 110 510 178 163 169 150 158 150 133 Feb 156 1,194,000 495 917 179 104 517 190 162 168 149 156 151 134 Mar.— 156 1,199,600 510 908 178 365 107 521 179 236 180 162 168 148 ISO 153 152 134 Apr 154 1,197,300 498 907 173 112 522 195 159 166 145 150 134 May... 154 1,220,900 485 916 171 115 518 180 159 166 143 150 134 154 1 244 200 492 923 169 366 112 518 173 244 186 158 168 143 153 133 July 155 1,239,100 493 170 116 143 156 132 1,314,200 498 171 ' First of the month figures. » New series: 1921=100. 8 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

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 743 BANKING AND FINANCIAL STATISTICS CONDITION OF FEDERAL RESERVE BANKS EARNING ASSETS, CASH RESERVES, TOTAL DEPOSITS, FEDERAL RESjERVE NOTE CIRCULATION, AND RESERVE PERCENT. AGES FOE JULY AND JUNE, 1924 [Daily averages. Amounts in thousands of dollarsl Federal reserve notes Eeserve Total earning assets Total cash reserves Total deposits in circulation percentages Federal reserve bank July June July June July June July June July June Boston. 49,844 54,045 302,203 294,872 138,866 134,095 199,708 201,093 89.3 88.0 New York 215,294 172,397 978,512 1,019,569 834,027 811,337 345,323 83.6 88.1 Philadelphia 57,885 67,526 270,033 265,049 123, 951 121,870 182, 600 189,034 88.1 85.3 Cleveland 68,970 85,153 332,224 318,382 171,623 167,390 210,069 215,480 87.0 83.2 Eichmond 52,647 56,788 91, 504 89,372 64,070 63,858 71,515 73,933 67.5 64.9 Atlanta 32,666 41,886 161,015 158,070 56,817 58,634 136,481 139. 548 83.3 79.8 Chicago 108,508 116,873 467, 584 467,403 307,753 302, 723 247,201 262,415 84.3 82.7 St. Louis 29,462 33,148 114,891 112,222 74,938 73, 367 62,887 84.7 82,4 Minneapolis 40,833 40,893 78,340 80,072 48,352 49,122 67, 621 67.6 68.0 Kansas City 46,380 50,844 101,462 92,284 82,358 77,542 63,833 63,442 69,4 65.5 Dallas 47,832 43,443 49,158 55,883 49,963 51, 596 40,653 41, 707 54.2 59.9 San Francisco... 75,678 79,967 301,787 293,819 156,834 152,998 208,129 207, 269 82.7 81.6 Total: 1924, 825,999 842,963 3,248,713 3,246,997 2,109,552 2,064,532 1,825,260 1,870,823 82.6 82.5 1923 1,119,787 1,124,891 3,181,220 3,204,303 1,919,779 1,931,212 2,242,143 2,246,535 76.4 76.7 1922. 1,127,888 1,166,617 3,158,276 3,136, 308 1,882,118 1,892,591 2,157,405 2,138,430 78.2 77.8 1921 2,012,699 2,175,175 2,655,179 2, 605,779 1,696,481 1,723,271 2,604,750 2,682, 560 61.7 59.1 1920, 3,200,973 3,209, 650 2,118,899 2,102, 985 1,909,221 1, 974,537 3,143,465 3,113,949 M3.7 143.3 1919 2,478,863 2, 323,992 2,176, 779 2,248, 265 1,959,758 1,940,647 2,523,960 2,500,969 '50.4 •52.6 ' Calculated on basis of net deposits and Federal reserve notes in circulation. RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JULY 23 TO AUGUST 20, 1924 RESOURCES [In thousands of dollarsl 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 L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - Gold with Federal reserve agents: July 23 2,100,426 212,472 620,122 192,890 215,512 40,012 125,803 259,626 60,380 56,300 55,764 25,130 236,415 July 30 2,080,047 208,976 620, 078 187,141 214,449 43, 647 249, 575 59,970 55,000 24, 615 233,060 Aug. 6 2, 079, 415 210,798 620,051 187,860 214,839 47,449 121,393 249,562 59,132 54, 647 60,260 21,476 231, 948 Aug. 13 2,080, 982 212, 087 620, 019 189, 728 216,379 51, 447 120, 336 244,524 58, 272 53,859 59,694 22, 486 232,151 Aug. 20 2, 075,614 208, 515 619, 989 216,459 50,310 119,576 244,506 67, 750 63, 722 24,010 233,174 Gold redemption fundSwith U. S. Treasury: July 23 36, 684 4,047 3,922 9,119 2,564 2,959 2,126 3,016 2,181 1,512 2,440 1,660 1,149 July 30 43, 732 6,470 2,162 11, 874 2,044 3,167 2,090 7,016 2,126 1,556 1,967 1,648 1,612 Aug. 6 35,799 3,691 5,710 4,207 1,889 3,073 2,614 5,863 2,420 1,041 2,115 1,501 1,675 Aug. 13 32,157 1,624 4,270 6,411 1,063 3,001 1,930 4,678 2,684 1,514 2,136 1,633 1,213 Aug. 20 39,947 4,324 7,932 1,335 2,962 1,921 3,542 2,756 1,864 2,413 1,599 830 Gold held exclusively against Federal reserve notes: July 23 2,137,110 216, 519 624,044 202,009 218, 066 42,971 127, 929 262, 641 62, 561 57, 812 58, 204 26, 790 237, 564 July 30 2,123, 779 215, 446 622, 240 199,015 216,493 46, 814 124, 778 256, 591 62,096 56, 556 62,815 26,263 234,672 Aug. 6 2, 115, 214 214, 489 625, 761 192, 067 216, 728 50, 522 124, 007 255, 425 61, 552 55, 688 62,375 22,977 233, 623 Aug. 13 2,113,139 213, 711 624, 289 196,139 217, 442 54, 448 122, 266 249, 202 60, 956 55, 373 61,830 24, 119 233, 364 Aug. 20 2,115, 661 212, 839 627,921 195, 073 217, 794 53, 272 121,497 248,048 60, 506 55, 586 63, 412 25, 609 234,004 Gold settlement fund with Federal Reserve Board: July 23 53,468 164, 718 28, 977 78, 815 32, 822 6,908 113,276 29, 855 5,841 37,738 5,697 26,373 July 30 590,814 60, 414 142, 021 30,853 88,270 38, 337 10, 451 112, 935 32, 751 6,136 34, 632 4,645 29, 369 Aug. 6 589, 472 51, 877 152,981 36,624 72,432 37,014 11, 293 122, 743 31,426 4,280 36,067 5,566 27,169 Aug. 13..._ 612,076 52, 202 176, 551 35,971 83,812 35,883 14,426 115, 341 19,883 8,835 37, 665 24, 651 Aug. 20 604,190 54,158 141, 660 35,373 86, 322 36, 343 13, 953 127, 503 27,534 7,285 34, 367 7,239 32,453 Gold and gold certificates held by banks: July 23 445,929 19,699 210,088 30.044 18, 627 10,141 83, 449 8,645 9,734 3,802 34,407 July 30 _ 440, 312 19,830 202, 970 32,283 18,842 10, 341 7,291 83, 078 9,106 9,659 3,536 8,681 34, 695 Aug. 6. 421, 054 18, 963 194, 273 30, 469 18,828 10, 697 7,319 76,150 9,351 9,753 3,275 7,185 34, 791 Aug. 13 419, 210 19, 791 196, 606 27,918 18,546 11,149 7,309 75,023 9,432 9,128 3,163 6,658 34, 587 Aug. 20 - 406, 897 19,878 183, 936 29, 676 18, 662 11, 525 7,381 71,485 9,268 8,970 5,117 6,689 34,310 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

744 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JULY 23 TO AUGUST 20, 1924-Con. RESOURCES—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 ChicaS° Lo Q u J. is M ap in o n li e s - K C an it s y as Dallas F c S i r a s a c n n o - Total goid reserves: July 23 ..... 167, 527 289,686 998, 850 261, 030 315, 508 85,934 143,435 459, 366 101,061 73,387 i,744 41,182 298, 344 July 30 154,905 295,690 967,231 262,151 323, 605 95,492 142, 520 452, 604 103,953 72,351 100,983 39,589 298,736 Aug. 6 125,740 285, 329 973,015 259,160 307,988 98,233 142, 619 454,318 102, 329 69, 721 101, 717 35, 728 295,583 Aug. 13 144,425 285, 704 997, 346 260,028 319, 800 101, 480 144,001 439, 566 90, 271 73,336 102, 658 37, 633 292,802 Aug. 20 " 126,648 286,875 953,517 260,122 322, 778 101,140 142,831 447, 036 97,308 71,841 102,896 39, 537 300, 767 Reserves other than gold: July 23 106, 015 28, 728 2,534 6,283 4,656 12, 372 15, 071 11, 467 2,095 3,597 6,434 3,310 July 30 105,093 9,575 28,152 2,159 6,775 4,220 12,369 13,377 11,819 2,181 3,662 6,815 3,983 Aug. 6 103, 309 10, 540 26,474 3,121 6,501 3,619 12,188 12, 348 12, 236 1,940 3,018 6,773 4,551 Aug. 13 89,012 8,922 17,514 2,773 4,897 3,181 11, 577 12, 221 12, 492 1,845 3,141 6,869 3, 580 Aug. 20 9,037 17, 501 2,511 4,654 3,332 11, 005 11,198 12,579 1,751 2,523 0,782 3,427 Total reserves: July 23 3,273, 542 299,154 027, 578 263, 564 321,781 90, 590 155, 807 474,437 112, 528 75,482 103, 341 47,616 301,654 July 30 3, 259, 998 305,265 995,383 264, 310 330, 380 99,712 154, 889 465,981 115, 772 74, 532 104, 645 46, 404 302, 725 Aug. 6 3,229,049 295, 869 999, 489 262, 281 314,489 101,852 154, 807 466, 666 114, 565 71, 661 104,735 42, 501 300,134 Aug. 13 3, 233,437 294, 626 014,860 262,801 324,697 104,661 155, 578 451, 787 102, 763 75,181 105,799 44,502 296,182 Aug. 20 3, 212, 948 295,912 971, 018 262, 633 327,432 104,472 153,836 458, 234 109,887 73,592 105,419 46, 319 304,194 Nonreserve cash: July 23 55, 456 4,431 16, 054 1,458 3,277 2,562 4, 280 8,816 4,721 1,043 2,806 2,300 3,708 July 30 49, 947 3,924 13,635 1,401 3,619 2,369 4,334 6,800 4,300 1,167 2,649 2,351 3,398 Aug. 6. 47, 746 3,051 14, 362 1,361 2,759 2,170 4,004 6,553 4,189 1,036 2,472 2,239 3,550 Aug. 13 48, 556 3,691 15,081 1,399 2, 772 2,183 4,194 6,175 3,705 1,010 2,595 2,352 3,39* .Aug. 20 45, 854 3,519 13,155 1,443 2,931 2, 258 4,084 6,279 3,863 2,433 2,047 2,953- Bills discounted: Secured by U.S. Government obligations- July 23 85, 271 4,939 17,360 15, 471 10,733 12,180 3,228 9,540 3,959 731 1,004 2,013 4,113 July 30 92, 052 5,065 24,615 16, 055 13,124 9,813 3,193 8,410 4,082 911 951 2,137 3,696- Aug. 6 78, 796 4,894 18,279 14,184 11, 763 8,657 2, E81 8,780 3,264 349 858 2,602 2,585 Aug. 13 81, 988 5,179 17,473 14, 201 16, 715 8,188 2,884 7,888 3,937 343 612 2,375 2,193 Aug. 20 70, 570 5,094 14,952 13, 379 10, 263 7,754 2,801 7,254 3,674 356 579 2,349 2,115 Other bills discounted— July 23 205, 561 4,371 14, 459 7,830 8,154 33, 251 28, 472 29,428 14,204 14, 015 15, 236 17,820 18, 321 July 30 201,843 5,200 14, 531 8,301 7,027 30,885 27,-204 28,746 14, 681 14, 422 13,698 18, 853 18, 295 Aug. 6 194,842 6,661 13,441 7,052 6,715 26,960 26,905 28, 077 14, 775 14, 091 12, 718 19,854 17, 593 Aug. 13 184, 211 6,339 12, 082 6,846 5,879 24, 707 26, 760 26,133 13, 538 13, 670 12, 006 19, 351 16,900 Aug. 20 188, 714 6,526 12, 644 6,352 25,922 27,921 26,527 15,455 13,698 11,436 19, 346 16,399 Total bills discounted: July 23 290,832 9,310 31, 819 23,301 18,887 45,431 31,700 38,968 18,163 14, 746 16, 240 19,833 22,434 July 30 293,895 10, 265 39,146 24, 356 20,151 40, 698 30, 397 37,156 18, 763 15, 333 14,649 20,990 21,991 Aug. 6 273,638 11, 555 31,720 21, 236 18,478 35, 617 29,486 36,857 18, 039 14,440 13, 576 22,456 20,17& Aug. 13... 266,199 11, 518 29, 555 21,047 22, 594 32,895 29, 644 34, 021 17, 475 14, 013 12, 618 21, 726 19,098 Aug. 20 259,284 11,620 27, 596 19,867 16, 615 33, 676 30, 722 33, 781 19,129 14,054 12,015 21, 695 18, 514 Bills bought in open market: July 23 31,530 2,961 10,444 1,436 2,175 232 1,465 1,901 124 715 1,452 5,802 2,823 July 30 24, 441 2,537 7,567 1,287 1,686 1,406 1,542 49 345 1,186 4,987 1,849 Aug. 6 22, 097 2,498 6,996 1,088 1,429 1,095 1,498 27 290 962 4,653 1, 561 Aug. 13 18, 028 2,039 6,827 . 921 862 1,260 19 213 436 3,211 1,272 Aug. 20 25, 724 4,387 11, 502 789 1,234 2,776 16 158 243 2,503 1,151 U. S. Government securities: Bonds- July 23 20,303 541 1,202 549 2,915 1,191 141 4,426 7,389 703 1,234 12 July 30 30,378 540 11, 202 549 2,915 1,191 220 4,436 7,363 716 1,234 12 Aug. 6 29,634 1,040 4,902 749 4,115 1,191 423 4,759 600 7,662 1,247 1,834 1,112 Aug. 13 30,118 1,040 4,902 749 4,115 1,191 522 4,870 600 7,735 1,447 1,834 1,113 Aug. 20 31, 666 1,040 4,902 749 4,115 1,191 650 6,281 600 7,739 1,451 1,834 1,114 Treasury notes- July 23 353,531 25,823 123,510 24, 578 33, 520 3,030 518 47, 296 8,527 14, 632 21, 215 16,328 34, 654 July 30 369, 655 25, 823 140, 059 24, 578 33, 586 3,030 536 47, 296 8,627 14, 023 21, 215 16, 328 34, 654 Aug. 6 394,419 27,805 137,839 25, 371 38,348 3,030 959 53,252 10,905 15, 985 23,205 18, 706 39,014 Aug. 13 398, 467 28,445 134, 826 25, 627 39, 756 3,030 1,084 54, 788 11, 801 15,241 23, 845 19, 346 40, 678 Aug. 20 391, 569 27,906 133, 092 25, 355 39,322 2,939 1,101 52, 546 11, 634 15, 025 23, 565 18, 990 40, 094 Certificates of indebtedness— July 23 103, 377 8,233 35,863 4,547 10, 825 904 149 13, 648 1,792 3,700 5,919 4,731 13, 066 July 30 105, 248 8,233 36, 983 4,547 10, 915 904 246 13, 648 1,792 4,265 5,919 4,730 13,066 Aug. 6. 111, 464 8,564 39, 613 4,680 11, 709 904 312 14,443 2,189 3,873 6,255 5,127 13, 795 Aug. 13 111, 740 8,767 37,311 4,761 12, X55 904 352 14,928 2,473 5,330 14, 321 Aug. 20 117,875 9,305 39, 045 5,033 12, 779 995 352 15, 971 2,640 4^425 6,739 5,686 14, 905 Total U. S. Government securities: July 23 477, 211 34, 597 160,575 29, 674 47,260 5,125 65, 370 10,319 25, 621 27, 837 22, 293 47, 732 July 30 605,281 34, 596 188, 244 29, 674 47, 416 5,125 1,002 65, 380 10, 319 25, 651 27,860 22, 292 47, 732 Aug. 6 535, 517 37,409 182, 354 30, 800 54,172 5,125 1,694 72, 454 13, 694 27, 520 30, 707 25, 667 53,921 Aug. 13 540, 325 38, 252 177, 039 31,137 56, 026 5,125 1,958 74, 586 14, 874 26, 955 31, 751 26, 510 56.112 Aug. 20 541,110 38, 251 177, f"" 31,137 I 56, 216 5,125 2,103 74, 798 14, 874 27,189 31, 755 26, 510 56.113 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 745 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JULY 23 TO AUGUST 20, 1924—Con. RESOURCES—Continued [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S i r s a a c n n o - All other earning assets: July 23 1,250 1,250 July 30 1,250 1,250 Aug 6 1,250 1 250 Aug. 13 1,250 1,250 Aug. 20 1,750 1,750 Total earning assets: July 23 800, 823 46,868 202,838 55,661 68,322 50,788 33,973 106,239 28,606 41,082 45, 529 47,928 72,989 July 30 824,867 47,398 234,957 56,567 69, 253 45,823 32,805 104,078 29,131 41,329 43,685 48,269 71,572 Aug. 6. 832, 502 51, 462 221,070 54,374 74,079 40,742 32,275 110, 809 31,760 42,250 45,245 52,776 75,660 Aug. 13 _ 825, 802 51,809 213,421 54,355 79, 588 38,020 32, 464 109, 867 32,368 41,181 44, 805 51,447 76,477 • Aug. 20 827, 868 54, 258 216,137 53, 543 73,796 38, 801 34,059 111,355 34,019 41,401 44,013 50,708 75,778 TJncoUected items: July 23 560, 613 48,187 130,852 51, 891 57,666 47, 216 22, 203 70, 579 28, 879 12,906 . 35,127 19,988 35,119 July 30 518,145 47,716 120, 006 46,708 47, 623 44,373 21, 747 62, 394 26,916 10,752 34,058 22,885 32,967 Aug. 6... .. _. 514, 880 46,588 118, 544 46,407 48, 071 45, 314 21, 941 63, 405 22, 784 11,732 35, 464 22,047 32, 583 Aug. 13 586,953 54, 509 139,522 53,214 53,118 47,432 24,057 70, 410 30,609 12, 527 38,807 23,914 38,834 Aug. 20,. 572,931 50,888 135,384 51,387 54,407 48,168 23,782 75, 676 29,168 11,995 36,842 21, 268 33,966 Bank premises: July 23 58,371 4,312 15,932 1,110 9,129 2,528 2,739 8,264 2,116 2, 854 4,595 1,912 2,880 July 30 ... 58, 573 4,312 15,972 1,110 9,129 2,528 2,864 8,264 2,118 2,889 4,595 1,912 2,880 Aug. 6 58,668 4,312 15,974 1,110 9,129 2,528 2,875 8,264 2,155 2,893 4,595 1,912 2,921 Aug. 13 58, 771 4,312 15,975 1,110 9,129 2,528 2,875 8,264 2,251 2,893 4,595 1,912 2,927 Aug. 20... 59,290 4,312 16, 419 1,110 9,129 2,528 2,875 8,264 2,250 2,941 4,595 1,912 2,955 All other resources: July 23 27,661 86 9.403 254 298 237 1,915 457 140 5,508 1,359 3,773 4,231 July 30 28,778 85 10,730 259 303 194 1,914 472 144 5,459 1,296 3,670 4,252 Aug. 6 30,070 119 11,883 282 333 197 1,927 495 144 5,475 1,289 3,633 4,293 Aug. 13 31, 308 108 12, 551 289 323 307 1,928 507 148 5,376 1,282 3,632 4,857 Aug. 20 31, 517 147 12,905 322 333 192 1,932 516 142 5,336 1,261 3,565 4,866 Total resources: July 23 4,776,466 403,038 1,402,657 373,938 460,483 193,921 220,917 668,792 176,990 138,875 192,757 123,517 420,581 July 30 4, 740,308 408,700 1, 390, 683 370,355 460,307 194,999 218, 553 647, 989 178,381 136,128 190, 928 125,491 417,794 Aug. 6 4, 712,915 401,401 1,381,322 365,815 448,860 192,803 217,829 656,192 175,597 135,047 193,800 125,108 419,141 Aug. 13 4,784,827 409,055 1,411,410 373,168 469,627 195,131 221,096 647,010 171,844 138,168 197,883 127, 759 422,676 Aug. 20 4,750,408 409,036 1,365,018 370, 438 468,028 196,419 220, 568 660,324 179, 329 136,154 194, 563 125,819 424,712 LIABILITIES Federal reserve notes in actual circulation: July 23 1,782,626 194, 586 329, 484 172, 909 205, 733 69,083 134,996 241, 789 59,183 66,504 63, 594 40, 048 204, 717 July 30 1, 761, 569 195, 370 323, 686 172, 886 202, 499 68, 294 133,105 237,164 59, 077 65, 376 62, 782 39, 584 201, 746 Aug. 6 1, 756, 014 196,663 320, 577 169, 229 200, 807 68, 584 132, 346 234, 835 58, 691 65,028 63,504 40,328 205,422 Aug. 13 1, 752,025 196, 392 317, 338 171, 671 206, 883 68, 556 131, 296 231,067 58,053 63, 736 63, 670 40, 312 203, 051 Aug. 20. 1, 738, 057 197, 243 313, 533 164, 370 202, 978 68,977 131,149 229,129 57, 493 63, 972 64, 267 41, 676 203, 270 Deposits: Member bank— reserve account— July 23 2, 074,636 135, 053 849,842 122,698 163,262 59,470 53,420 308,468 69,498 44, 404 74, 629 46, 277 147, 615 July 30 2, 087, 395 138, 919 843,120 121, 329 174, 178 63, 379 52,817 303, 551 73,784 46, 000 75, 647 44, 849 149, 822 Aug. 6..._._.2,092, 696 134,468 843,442 124,340 165, 919 62, 658 53, 421 315, 536 74, 354 45, 047 77, 541 46,372 149, 598 Aug. 13 2,105,484 135, 069 857, 531 123, 020 175, 397 61, 841 57, 285 303, 398 66, 103 48, 791 80, 814 47,139 149, 096 Aug. 20 2,095, 368 137,392 819, 451 125, 535 175, 340 61,947 56, 579 318,838 74,127 46, 587 78, 346 45, 275 155, 951 Government— July 23 40,118 1,997 7,767 946 3,060 2,556 1,285 10, 021 2,752 1,819 3,079 1,752 3,084 July 30 45, 385 3,799 12, 475 2,690 3,060 3,273 2,073 4,114 2,691 1,577 4,314 1,854 3,465 Aug. 6 35, 075 1,248 11,462 1,459 2,318 1,168 1,938 5,280 2,184 1,355 2,844 1,584 2,235 Aug. 13 24,995 1,142 7,705 1,234 1,436 1,509 1,115 1,805 2,060 824 2,107 1,589 2,469 Aug. 20 28,287 1,451 8,713 2,598 1,307 830 1,125 1,379 2,492 967 3,461 1,520 2,444 Other deposits- July 23 30,097 171 16, 691 431 1,167 194 181 1,114 714 339 3,786 241 5,068 July 30 _ 32, 015 121 19,354 395 1,214 165 166 1,078 838 340 3,352 227 4,765 Aug. 6 :.. 31, 885 134 19,375 387 1,046 140 125 1,784 547 279 3,157 178 4,733 Aug. 13 35, 023 130 23, 651 581 992 198 117 940 349 309 2,798 173 4,785 Aug. 20 33, 993 227 22,163 463 1,150 208 143 1,345 407 315 2,665 165 4,742 Total deposits: July 23 2,144,851 137, 221 874, 300 124, 075 167,489 62, 220 54, 886 319, 603 72,964 46, 562 81,494 48,270 155, 767 July 30 _2.164, 795 142, 839 874, 949 124, 414 178, 452 66, 817 55, 056 308, 743 77, 313 47, 917 83,313 46, 930 158, 052 Aug. 6 2,159,656 135, 850 874, 279 126,186 169, 283 63,966 55,484 322, 600 77,085 46, 681 83, 542 48,134 156, 586 Aug. 13 2.165, 502 136, 341 888, 887 124,835 177, 825 63, 548 68,517 306,143 68, 512 49,924 85, 719 48,901 156, 350 Aug. 20 2,157, 648 139, 070 850, 327 128, 596 177, 797 62, 985 57, 847 321, 562 77, 026 47,869 84, 472 46, 960 163,137 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

746 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 RESOURCERS AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON WEDNESDAYS, JULY 23 TO AUGUST 20,1924—Con. 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 c S r is a a c n n o - Deferred availability items: July 23 504,600 46,656 107,621 46,359 50,021 44,166 16,050 60,473 29, 216 13,625 33,139 21,725 35,549 July 30 469,415 45,900 100,688 42,485 42,084 41,461 15,402 55,149 26, 350 10,646 30,325 25,462 33,463 Aug. 6 452, 831 44,290 95,105 39,826 41,556 41,816 15,015 51,858 24, 214 11,146 32,251 23,131 32,628 Aug. 13 _.-. 522, 516 61, 741 113, 737 45,978 47, 626 44, 589 16, 303 62,853 29, 655 12,292 34, 016 25,016 38,710 Aug. 20 509,847 48,119 109, 680 46, 763 49,974 45,987 16, 598 62,700 29,137 12,104 31,332 23,664 33,789 Capital paid in: July 23 111, 409 7,972 10, 229 12, 655 5,844 4,583 15,167 5,053 3,377 4,391 4,137 8,021 July 30 111,487 8,002 29,980 10, 232 12, 655 5,844 4,588 15,173 5,053 3,376 4,138 8,058 Aug. 6 111, 493 8,006 29,976 10, 232 12, 655 5,843 4,597 15,173 5,053 3,370 4,383 4,146 8,059 Aug. 13..._ 111,867 8,006 30,103 10,382 12, 699 5,869 4,597 15,181 5,064 3,374 4,383 4,149 8,060 Aug. 20 112, 009 8,006 30,187 10,382 12, 705 5,876 4,596 15,183 5,118 3,374 4,385 4,149 8,048 Surplus: July 23 220, 915 16, 390 59,929 19,927 23,691 11,672 8,950 30, 426 10,072 7,484 7,577 15, 301 July 30 220, 915 16, 390 59, 929 19, 927 23,691 11, 672 8,950 30,426 10,072 7,484 9,496 7,577 15, 301 Aug. 6. 220, 915 16,390 59,929 19,927 23, 691 11, 672 8,950 30,426 10, 072 7,484 7,577 15, 301 Aug. 13 220,915 16, 390 59, 929 19,927 23, 691 11, 672 8,950 30,426 10,072 7,484 7,577 15,301 Aug. 20..._ 220,915 16, 390 59,929 19, 927 23,691 11,672 8,950 30,426. 10,072 7,484 7,577 15,301 All other liabilities: July 23 12,065 213 1,343 439 1,452 1,334 502 1,323 643 1,760 1,22ft July30_ 12,127 199 1,451 411 911 1,452 1,334 516 1,329 624 1,800 1,174 Aug. 6 12, 006 202 1,456 415 922 1,437 1,300 482 1,338 624 1,792 1,170 Aug. 18 12, 002 185 1,416 375 903 897 1,433 1,340 488 1,358 599 1,804 1,204 Aug. 20 11,932 1,362 400 922 1,428 1,324 483 1,351 611 1,793 1,167 Total liabilities: July 23 4,776,466 403,038 1, 402,657 373, 938 460, 483 193,921 220,917 668,792 176,990 138,875 192,757 123, 517 420,581 July 30 4, 740, 308 408, 7001, 390, 683370, 355 460,307 194,999 218, 553 647,989 178,381 136,128 190,928 125,491 417, 794 Aug. 6._ 4, 712,915 401,401 1, 381,322 365,815 448,860 192,803 217,829 656,192 175, 597 135,047 193,800 125,108 419.141 Aug. 13 4,784,827 409,055 1,411,410 373,168 469, 627 195,131 221,096 647,010 171,844 138,168 197,883 127, 759 422,676 Aug. 20 4,750,408 409,036 1,365,018 370, 438 196,419 220,568 660,324 179,329 136,154 194, 563 125,819 424, 712 MEMORANDA Ratio of total reserves to deposit and Federal reserve note liabilities combined— per cent: July 23 _... 83.3 60.2 85.4 88.7 69.0 82.1 84.5 85.2 71.2 53.9 83.7 July 30 83.0 90.3 83.0 88.9 86.7 73.8 82.3 85.4 84.9 65.8 71.6 53.6 84.1 Aug. 6 82.5 89.0 83.6 85.0 76.8 82.4 83.7 84.4 64.1 71.2 48.0 82.9 Aug. 13 82.5 88.5 84.1 88.6 84.4 79.2 82.0 84.1 81.2 66.1 70.8 49.9 82.4 Aug. 20 82.5 88.0 83.4 86.0 79.2 81.4 83.2 81.7 65.8 70.9 52.3 83.0- Contingent liability on bills purchased for foreign correspondents: July 23 11,162 3,717 4,484 2,185 1,686 5,710 1,878 1,380 1,763 1,456 2,91» July 30 38,054 10,882 3,717 4,484 2,185 1,686 5,710 1,878 1,380 1,763 1,456 2,913 Aug. 6 34,816 9,415 3,475 4,192 2,042 1,576 5,338 1,756 1,290 1,648 1,361 2,723 Aug. 13 _. 31,177 8,774 3,065 3,697 1,801 1,390 4,708 1,548 1,138 1,454 1,201 2,401 Aug. 20... 30, 262 8,742 2,944 3,551 1,730 1,336 4,523 1,487 1,093 1,396 1,153 2,307 MATURITY DISTRIBUTION OF BILLS AND CERTIFICATES OF INDEBTEDNESS HELD BY THE 12 FEDERAL RESERVE BANES COMBINED [In thousands of dollars] Total Wi d th ay in s 15 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 d F m a r y o o s m n t t h o 9 s 1 6 m O o v n e t r h 6 s Bills discounted: July 23 290,832 127,698 30,065 51,432 47, 726 33,468 44J July 30 293,895 135,605 27,653 50,017 48,649 31, 543 428- Aug. 6 273,638 118,629 28,718 56,950 44,039 24,911 391 Aug. 13 266,199 119,415 54,795 40, 345 22,549 407 Aug.20._ 259,284 112,209 30,229 59,497 38,073 18,879 397 Bills bought in open market: July 23 31, 530 14,075 6,075 6,890 2,229 2,261 July 30 24,441 10,243 5,657 4,099 2,287 2,155 Aug. 6 22,097 9,500 5,628 3,355 2,040 1,574 Aug. 13 18,028 7,523 4,647 2,730 1,676 1,452 Aug. 20 25,724 10,873 5,025 3,692 3,142 2,992 United States certificates of indebtedness: July 23 103,377 98,164 5,213 July 30 105,248 1,001 99,129 5,118 Aug.'6 111,464 99,284 12,180 Aug. 13._ •- 111, 740. 99,309 12,431 Aug. 20 117,875 102,944 14,931 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 747 FEDERAL RESERVE NOTES FEDERAL RESERVE AGENTS' ACCOUNTS ON WEDNESDAYS, JULY 23 TO AUGUST 20, 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 - la A n t t - a Chi- 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 Net amount of Federal reserve notes received from Comptroller of the Currency: July23__ .-3,238,866 305,759 872,159 266,038 287,524 117,331 223,223 483,496 96,140 91,671 104,121 69,943 321, 460 July 30 -3,219,531 308,663 868,475 262,289 282,761 116, 566 222,007 480,011 95,730 91,011 103,405 69, 429 319,184 Aug. 6 3,195,113 305, 485 863,425 259,008 279,162 116, 828 220,713 475,999 94,892 90,658 102,817 317, 272 Aug. 13 3,177, 644 301, 774 255,875 279, 292 117,626 219, 656.475,194 94,032 89,870 102, 251 68,374 314,835 Aug. 20 3,168,360 859,235 252,951 277,372 219,895 475, 684 89, 232 101,956 313, 537 Federal reserve notes on hand: July 23... _ 948,105 90,200 241,120 53,000 54,370 38,150 74,985 224,240 26,100 21,750 33,753 21,937 68,500 July 30 ...- 945,968 89, 500 238,120 53,000 54,370 37,650 77,283 223,240 26,100 22,515 33, 753 21,937 68, 500 Aug. 6 945,953 89,500 238,120 53,000 64, 770 39,110 76,303 223,840 26,100 21,980 32, 493 22,237 Aug. 13 928,413 83,500 235,120 49,000 52,870 39,410 75,153 225,240 26,100 22,790 31, 293 21, 437 66,500 Aug. 20 _ 932,055 79,850 235,120 49,000 52,120 39,610 75,175 227,940 26,100 22,310 22,437 71,500 Federal reserve notes outstanding: July 23 290,760 215, 559 631,039 213,038 233,154 79,181 148, 238 259,256 70,040 69.921 70,368 48,006 252,960 July 30 273,563 219,163 630, 355 209,289 228,391 78,916 144, 724 256,771 69,630 68,496 69,652 47,492 250,684 Aug. 1 249,160 215,985 625,305 206, 008 224,382 77, 718 144,410 252,159 68,792 68,678 70,324 46, 627 248,772 Aug. 13 249,231 218, 274 623,745 206,875 226,422 78,216 144,503 249,954 67,932 67,080 70, 958 46,937 248,335 Aug. 20 236,305 218,352 624,115 203,951 225, 252 77,378 144, 720 247,644 67,409 66.922 71,063 47,462 242,037 Collateral security for Federal reserve notes outstanding: Gold and gold certificates— July 23 336, 679 35,300 238, 531 16,000 8,780 2,400 9,985 13,052 12, 631 July 30 _. 334,779 35,300 238,531 13,000 8,780 3,500 9,985 13,052 12,631 Aug. 6 - 335, 704 35, 300 238,531 13,000 8,780 3,500 9,985 12, 552 14, 056 Aug. 13 334,704 35, 300 238, 531 11,000 8,780 3,500 13,052 14, 556 Aug. 20 331, 504 35,300 238,531 7,800 8,780 3,500 13,052 14, 556 Gold redemption fund- July 23 115,993 19,172 30, 591 11, 501 11,732 3,717 6,403 5,982 3,395 1,248 4,404 2,999 14,849 July 30 107,927 15,676 30, 547 12, 752 10,669 2,352 5,188 5,931 3,985 948 3,484 12,907 Aug. 6 _. 112,602 12,498 30,520 14,471 11,059 4,154 3,893 5,917 3,147 1,095 4,900 2,920 18,028 Aug. 13 117,676 18,787 30,488 11,339. 12, 599 3,152 6,836 5,880 3,287 807 4,334 3,430 16, 737 Aug. 20 113,621 15, 215 30,458 13,415 12,679 2,015 6,076 5,861 3,765 1,170 3,639 2,954 16,374 Gold fund Federal Beserve Board- July 23 1,647, 754 158, 000 351, 000 165, 389 195, 000 36, 295 117, 000 253, 644 47,000 42,000 51, 360 9,500 221, 566 July 30 1, 637, 341 158, 000 351,000 161, 389 195,000 41,295 114,000 243, 644 46,000 41,000 57,360 8,500 220,153 Aug. 6-._ 1, 631,109 163, 000 351,000 160, 389 195, 000 43,295 114,000 243,645 46,000 41,000 55, 360 4,500 213,920 Aug. 13 1, 628,602 158,000 351, 000 195,000 48, 295 110,000 238,644 45,000 40,000 55,360 4,500 215,414 Aug. 20 1,630,489 158,000 351,000 165,389 195,000 48,295 110,000 238,645 44,000 39,500 57, 360 6,500 216,800 Eligible paper— Amount required— July 23... 190,704 3,087 10,917 20,148 17,642 39,169 22,435 13, 621 14,604 22.876 16, 545 July30... 193, 516 10,187 10, 277 22,148 13,942 35, 269 22,036 7,196 9,660 13,496 8,804 22.877 17,624 Aug 6-.. 169, 745 5,187 5,254 18,148 9,543 30, 269 23,017 2,597 9, 660 14,031 10, 064 25,151 16,824 Aug. 13... 168,249 6,187 3,726 17,147 10,043 26, 769 24,167 5,430 9,660 13, 221 11,264 24,451 16,184 Aug. 20... 160, 691 9,837 4,126 17,347 8, 793 27,068 25,144 3,138 9,659 13,200 10,064 23,452 8,863 Excess amt. held— July 23.. 123, 017 9,184 28,600 1,265 3,403 6,240 10,704 40,686 8,618 1,636 2,898 2,785 July 30... 111,615 2,615 28,777 851 7,878 4,946 9,755 31,322 9,149 1,937 6,813 3,120 4,452 Aug. 6 115,240 8,866 28,911 820 10, 346 4,963 7,542 35, 601 8,372 404 4,269 1,909 3,237 Aug. 13.. 108, 688 7,370 30,479 2,263 13, 501 5,825 6,318 29, 716 7,830 815 1,587 459 2,525 Aug 20.. 116, 802 6,170 31,088 2,036 8,720 6,581 33,294 9,477 740 1,992 726 9,172 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

748 FEDERAL RESERVE BULLETIN SEPTEMBER, 1924 EAENING ASSETS HELD BY THE FEDERAL RESERVE BANKS AND EARNINGS THEREON, JULY, 1924 [Amounts in thousands of dollars.] Total Boston Y N o ew rk - d P e h lp il h a i - a C la le n v d e- m Ri o c n h d - lanta 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 - HOLDINGS ON JULY 31,1924 Total earning assets. 840,663 51,103 217, 052 58, 087 73,322 46,042 33,814 111, 270 31,764 42, 270 46, 356 52,201 77, 382 Bills discounted for members 293, 047 11, 362 39,138 24, 750 17,469 40,917 30, 827 37,361 18, 040 15, 271 14, 562 21, 662 21, 688 Bills bought in open market 23,469 2,332 7,110 1,287 1,686 1,391 1,541 30 318 1,128 4,872 1,774 U. S. securities 522, 897 37, 409170, 804 30, 800 54,167 5,125 1,596 72, 368 13, 694 26, 681 30, 666 25, 667 53, 920 All other earning assets 1,250 1,250 Bills Discounted Customers' paper secured by Government obligations 1,617 334 127 370 312 192 38 32 73 55 Member bank collateral notes: Secured by Government obligations 87,807 5,337 24,220 16,344 10,167 9,615 3,016 8,203 3,644 882 917 2,175 3,287 Otherwise secured 8,124 26 1,748 424 1,288 102 163 125 330 185 196 3,537 Commercial paper, n. e. s 102, 842 4,962 12, 230 7,589 4,787 21, 003 15, 522 14, 261 4,527 2,330 2,344 8,181 5,106 Agricultural paper 74, 533 615 527 626 852 8,016 11, 002 14, 021 8,783 10, 597 4,048 7,613 7,833 Livestock paper 14, 537 4 20 224 33 618 679 1,113 7,036 3,249 1,561 Trade acceptances, domestic 3,587 84 412 44 645 650 375 634 244 15 175 309 Total discounted bills 293, 047 11, 362 39,13S 24,750 17,469 40,917 30, 827 37, 361 18,040 15, 271 14, 562 21, 662 21,688 Bills Bought Bankers' acceptances: Foreign, imports... 6,323 928 3,994 499 902 Foreign, exports... 9,357 1,123 2,043 162 589 1,118 535 115 531 1,933 1,182 Domestic 5,350 281 823 626 135 273 751 140 352 1,616 349 Dollar exchange 2,259 250 60 255 63 215 1,173 243 Trade acceptances 180 30 150 Total purchased bills 23,469 2,332 7,110 1,287 1,391 1,541 30 318 1,128 4,872 1,774 Purchased Bankers Acceptances, by Classes of Acceptances National banks 6,060 774 1,570 750 399 226 412 27 241 951 707 Other member banks 6,533 419 1,522 510 285 598 1,102 126 399 1,157 403 Nonmember banks and banking corporations 5,445 886 2,393 283 567 27 340 694 187 Private banks 3,642 184 720 27 415 50 324 Branches and agencies of foreign banks.. J 1,789 69 905 98 176 153 U. S. Securities U. S. bonds... 30, 589 1, 040 4,902 749 4,115 1,191 349 5,673 600 7,806 1,218 1,834 1,112 Treasury notes 384, 634 27,805 130, 089 25, 371 38, 343 3,030 935 52, 252 10,905 14, 987 23,197 IS, 706 39, 014 Certificates of indebtedness 107, 674 8,564 35, S13 4,680 11, 709 904 312 14, 443 2,189 3,888 6,251 5,127 13, 794 Total U. S securities 522, 897 37,409 170, 804 30, 800 54,167 5,125 1,596 72,368 13, 694 26, 681 30, 666 25, 667 53,920 DAILY AVERAGE HOLDINGS DURING JULY Total earning assets 1. 825, 999 49,844 215,294 57, 885 68,970 52, 647 32, 666 108, 508 29, 462 40, 833 46, 380 47, 832 75, 678 Bills discounted 318, 252 11,172 45, 537 25, 615 20,990 47, 165 30,582 41, 665 19, 728 14, 783 16, 906 18, 345 25, 764 Bills bought 44, 132 4,390 18,295 1, 646 2,642 357 1,547 2,547 218 849 1, 595 7,100 2,946 V. S. securities _. 462, 365 34, 282151, 462 29, 374 45, 338 5,125 537 64, 296 9,516 25, 201 27, 879 22, 387 46,968 EARNINGS DURING JULY Total earning assets L 2,666 152 632 190 222 183 118 363 104 142 161 156 243 Bills discounted 1,110 35 138 79 72 167 111 152 73 57 65 70 91 Bills bought 105 9 41 4 7 1 5 6 1 2 4 18 7 XJ. S. securities.. 1,446 108 453 102 143 15 2 205 30 83 92 68 145 ANNUAL RATE OF EARNINGS Total earning assets* 3.80 3.69 3.46 3.86 3.80 4.10 4.24 3.94 4.14 4.10 4.09 3.83 3.79 Bills discounted 4.11 3.64 3.57 3.61 4.07 4.17 4.26 4.30 4.33 4.50 4.5.Q 4.47 4.14 Bills bought 2.80 2.44 2.63 3.21 3.10 3.97 4.11 2.85 3.60 3.03 3.05 2.90 2.96 TJ. S. securities 3.68 3.72 3.52 4.09 3.71 3.45 3.82 3.74 3.75 3.90 3.89 3.60 3.65 i 1 Including Federal intermediate credit bank debentures, as follows: Philadelphia, average daily holdings, $1,250,000; earnings, $5,000; rate of earnings, 4.28 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 749 DISCOUNT AND OPEN MARKET OPERATIONS OF THE FEDERAL RESERVE BANKS FOR JULY, 1924 [Amounts in thousands of dollars] Total Boston Y N o ew rk d P e h l i p l h a- ia C l l a e n v d e- m Bi o c n b d - la A n t t - a Chicago L S o t u . is M a i p n o n l e is - K C an it s y as Dallas F c S r is a a c n n o - Volume of Operations Total discount and open-market operations 907,528 43,680 384, 472 75, 422 67, 645 98,650 25,602 58,375 33,432 20,190 15,467 23, 467 61,126 Bills discounted for member 733,458 28, 764 305,042 72, 817 52, 663 98,650 22,179 44,554 27, 752 6,799 9,201 15, 949 49,088 Bills bought in open market 60,136 9,916 40, 262 737 1,389 1,203 2,363 ' 75 466 811 1,155 1,759 U. S. securities bought in open 108,347 5,000 39,168 1,211 11,950 1,891 10, 801 3,962 12,925 5,455 6,363 9, 621 U. S. securities bought from other Federal reserve banks... 5,587 657 1,643 329 657 1,643 658 Bills Discounted Customers' paper secured by Government obligations __ -. 956 188 127 131 178 153 50 19 3 23 53 31 Member bank collateral notes: Secured by Government 553, 552 17,446 279, 592 58,399 40,168 75,148 6,168 27, 519 15,175 1,868 2,738 4,138 25,193 Otherwise secured 21, 746 26 4,232 3,943 4,228 197 264 299 536 416 544 7,061 Commercial paper, n. e. s. 128,024 10, 642 20,037 13,880 7,227 15,986 12,361 12,507 9,925 1,971 1,976 7,634 13,878 Agricultural paper - 20, 722 398 347 352 277 2,751 2,860 4,102 2,050 2,128 1,081 2,123 2,253 5,164 3 42 19 44 8 122 159 250 2,820 1,223 474 Demand and sight drafts (based on agricultural products) 323 21 29 43 147 64 19 Trade acceptances, domestic 2,971 61 792 40 873 351 297 112 96 170 179 Total bills discounted 733,458 28, 764 305, C42 72,817 52,663 98,650 22,178 44, 554 | 27, 752 6,799 9,201 15, 949 49,088 Average rate (365-day basis)— per cent 3.89 3.50 3.50 3.50 4.00 4.00 4.00 4.00 4.00 4.50 4.00 4.25 4.00 Average maturity (in days) 16.26 13.79 7.41 12.48 13.87 14.14 48.78 34.67 29.69 60.03 58.75 51.94 20.63 Total reduced to a common maturity basis (exclusive of demand and sight drafts) _ _ 732, 813 24, 398 138,972 55,900 44,933 85,829 66,487 95, 004 50,624 24,944 32, 715 50, 747 62,260 Per cent of total 100.0 3.3 19.0 7.6 6.1 11.7 9.1 13.0 6.9 3.4 4.5 6.9 8.5 Number of member banks on July 31 - - .. 9,741 422 849 731 874 627 527 1,428 629 930 1,097 842 785 Number of banks accommodated during the month _ 3,432 130 283 262 274 330 273 553 244 254 262 311 250 Per cent accommodated 35.2 30.8 33.3 35.8 31.4 52.6 51.8 38.7 38.8 27.3 23.9 36.9 32.6 Bills Bought in Open Market Bankers' acceptances: Foreign... , .. 48, 606 7,625 33,754 325 953 1,110 1,575 75 411 391 935 1,452 10, 576 2,131 5,873 412 354 93 788 55 390 218 262 Dollar exchange 954 160 635 82 30 2 45 Total bills bought 60,136 9,916 40,262 737 1,389 1,203 2,363 75 466 811 1,155 1,759 Distribution, by rates charged (360-day basis): 2 per cent.__ 4,476 4,476 ^percent 1,372 1,143 229 50,688 3,609 39, 340 535 1,152 25 2,310 75 466 636 1,132 1,408 2 ^per cent 1,633 423 704 125 53 23 305 2^ per cent - 532 187 214 77 8 46 2V% per cent . .... 57 53 4 7 7 1 2% per cent .. 3 3 j 15 15 . . .. .. 4percent... 1,353 1,178 175 Average rate (365-day basis)— per cent 2.35 2.25 2.30 2.32 2.27 4.05 2.29 2.28 2.28 3.05 2.29 2.34 Average maturity (in days) 22.99 34.89 17.60 46.49 35.65 31.34 38.25 11.09 11.13 36.87 27.43 25.17 Total, reduced to a common maturity basis. - . 60,136 15,047 30, 824 1,491 2,154 1,622 3,931 36 428 1,300 1,378 1,925 100.0 25.0 51.2 2.5 3. 6 2.7 6.5 .1 .7 2.2 2.3 3.2 V. S. Securities Bought in Open Market U. S. bonds ... 16, 592 500 3,700 200 1,200 631 1,247 600 6,221 591 600 1,102 Treasury notes 76,094 3,791 29, 806 879 8,273 871 8,129 2,902 5,175 4,182 4,862 7,224 Certificates of indebtedness 15, 661 709 5,662 132 2,477 389 1,425 460 1,529 682 901 1,295 Total United States securities bought 108, 347 5,000 39,168 1,211 11,950 1,891 10,801 3,962 12,925 5,455 6,363 9,621 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

750 FEDEBAL RESERVE BTJLtETIN SEPTEMBER, 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 JULY 16 TO AUGDST 13, 1924 [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ri o c n h d - la A n t t - a 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 - Number of reporting banks: July 16 _ 748 108 104 66 July 23 _ 747 108 104 66 July 3O._ 747 108 104 66 Aug. 6 747 108 104 Aug. 13 747 108 104 Loans and discounts, gross: Secured by U. 8. Government obligations— July 16 194,690 9,052 81, 402 9,731 18, 321 6,718 7,610 32,124 7,657 3,486 5,460 3,184 9,945 July 23 19S, 205 9,164 78, 834 9,724 18, 060 6,500 7,638 34, 986 8,229 3,373 5,703 3,166 July 30 _ 189, 628 8,781 74, 569 9,676 18,151 6,309 7,516 34, 307 8,788 3,045 5,350 3, 253 Aug. 6 137, 568 8,560 74, 926 9,679 18, 683 6,294 7,588 32, 275 8,040 3,031 5,418 3,272 9,802 Aug. 13 190, 272 8,678 74, 681 9, 553 18, 67' 6,379 7,730 33, 948 9,049 3,193 5,384 3,257 9,743 Secured by stocks and A bonds— July 16 4,182, 946 244,0161, 906, 413273, 413, 763120, 736 66, 248 628,846 145, 881 39, 795 81, 060 60,619 201,960 July 23 4,187, 849 241, 8231, 921, 828273, 500 411,858 120, 652 65, 443 625,446 147,102 40, 591 81,141 60, 905 197, 560 July 30 4, 241,131 252, "" , 958, 001271,149 410,407 121, 784 64, 927 631, 206 146, 552 46, 990 79, 804 59, 758 198,456 Aug. B 4, 219,109 255, 7631, 913,185273,830 414, 790123, 749 64, 044 640, 451 146, 758 47, 024 80, 261 61,024 198, 230 Aug. 13 4, 279,161 256,0351, 962, 351275, 562 417,122 122, 483 61, 792 650, 788 146,973 46,820 79, 916 60, 607 198, 712 All other loans and discounts— July 16 7, 842, 415 616, 7452, 503,308372,862 708, 834334, 082 334, 7731,171, 682307,484 181, 905 313, 957 198,429 798, 354 July 23 7,834, 245 628, 98!"2, 500,108372, 589 706,100 332, 560 333,1471.175, 386305, 687 179, T"" 313, 596 200, 244 786, 480 July 30... 7, 834,186 634,12'2, 500, 570372, 636 705, 763331,717 333,1061,169, 695303, 719 170, 636 317, 207 199,697 795, 313 Aug. 6 7,941,006 626,1482, 605, 806370, 838 704, 386330, 658 334, 44889911..176, 535306, 216 174, 615 316, 823 200,033 794,459 Aug. 13.. 7, 933, 603 632, 3942, 557, 541375,161 710, 589330, 675 336,3551,186, 528313, 709 174,186 317,115 200, 800 798, 550 Total loans and discounts; July 16 12, 220, 051 869, 8134,491,123 656, 2021,140,918 461,536 408,631 1, 832, 652461, 022 225, 186400, 477 262,232 1, 010, 259 July 23. 12, 217, 299 879,9724, 500, 770655, 8ir1,136,018 459,712 406, 228 1,,835,818 461, 018 223, 327 400, 440 264,315 993, 868 July 30 12,264, 945 895, 0054, 533,140653, 46111,,113344,,321 459,810 405, "" , 835, 208459, 059 230, 671402, 361 262,7081,,, 003, 652 Aug. 6 12, 347, 683 890,47144,, 593, 917654,3471, 137, 859 460, 701406,1211,849, 261461, 014 224, 670 402, 502 264,3291, 002, 491 Aug. 13 12, 403,036 897,1074, 594, 573660,2761,146, 388| 459, 537405, S77 1, 871,264469, 731 224,199 402,415 264,6641,, 007,005 V. S. pre-war bonds: July 16 „ 273,041 13, 725 51, 891 10,682 46, 989 29,446 14, 743 23, 959 14,809 8,473 11,929 19, 534 26,861 July 23.. 272, 633 13, 725 52, 226 10, 682 47,136 29,146 15,103 23, 420 14,809 8,138 11,964 19, 534 26, 750 July 30 271, 32' 13, 725 52, 224 10,692 47, 058 28, 531 15, 203 23,421 14,809 8,398 11, 929 18, 585 26, 752 A A u u g g . . 6 1 3 _ _ _ __. 2 2 7 7 6 1 , , 0 5 6 2 3 5 1 1 5 5 , , 0 0 2 2 5 5 5 51 6 , , 4 2 9 5 6 3 1 10 0 , , 6 6 9 9 2 2 4 4 7 7 , , 0 0 9 9 5 5 2 2 8 8 , , 1 3 5 3 6 9 1 1 4 4 , , 8 7 1 7 4 4 2 2 3 3 , , 3 3 7 3 3 5 Hi""" 8 8 , , 4 4 8 4 3 8 1 1 1 1 , , 6 6 2 2 9 9 1 1 8 8 , , 8 5 4 3 4 4 2 26 7 , , 9 0 4 1 9 8 15,082 U. S. Liberty bonds: July 16 1,248,481 86, 899 580,023 49,354 161, 687 24, 848 9,709 131,514 22,605 21,331 38,815 11, 813 109,883 July 23 1,284,454 88,115 605,151 47,104 172,800 24,599 9,234 131,883 22,401 21, 920 39,010 11, 784 110,363 July 30 1,300,438 86,167 609,452 48,842 180,313 24, 572 8,858 137, 291 22,035 22, 499 38, 753 12,520 109,136 Aug. 6 1,314,985 84,720 615,257 49, 654 183,204 26,183 9,599 141, 261 21,940 22, 672 38, 848 12,182 109, 465 Aug. 13 1,352, 245 83, 609 645,135 47,203 180,337 27,182 9,595 148, 665 22,978 22,348 39, 233 11, 971 113,989 U. S. Treasury bonds: July 16 69,439 5,996 21,535 2,32 3,035 967 629 10,951 3,687 590 2,309 1,199 16, 217 July 23 68,201 5,894 20,262 2,482 2,038 1.267 62! 11,104 3,710 590 2,422 1,233 16,570 July 30 64, 779 5,868 18, 988 2,624 2,028 '967 62; 11,158 3,077 380 1,941 1,233 15, 888 Aug. 6 64,719 5,868 17, 661 2,424 2,070 1,232 6Z 11, 300 2,509 380 2,872 1,213 16, 563 Aug. 13 62,126 6,870 15, 720 2,36" 1,971 1,307 630 11,145 2,509 2, 271 1,223 16,715 V. S. Treasury notes: July 16 645,120 15,371 332,028 26,310 47,488 4,168 3,49; 116,897 15,090 23,882 17,603 9,164 33,622 July 23 649,522 12,177 330, 383 26, 784 54,033 5,641 3,459 119,647 14,'- 22, 552 17,483 9,009 33, 365 July 30 645,074 12,113 330, 288 26,404 57,111 5,734 3,424 118,448 9,969 21,832 17, 549 9,019 33,183 A A u u g g . . 1 6 3 6 6 4 3 3 2 , , 8 0 6 4 8 4 1 1 1 2 , , 8 1 1 3 6 1 3 33 2 2 2 , . 0 4 5 5 5 4 24S 890 5 54 5 , , 7 4 7 7 2 9 5 5 , ,1 0 0 4 6 3 3 3, , 4 4 2 2 f 2 1 1 1 1 8 9 , , 0 3 6 7 3 8 9 9 , , 4 4 1 1 1 1 2 2 0 1 , , 8 5 3 9 6 0 1 17 7 , , 8 5 7 6 7 7 9 9 , , 2 2 5 4 0 9 3 3 3 4 , , 4 3 3 2 5 2 U. S. certificates of indebtedness: July 16 122, 697 14,685 54,730 6,223 8,082 2,349 1, 14, 795 1,382 1,665 1,838 3,264 12,401 July 23 126,886 14,709 61,284 5,74' 6,147 2,405 1,280 14,954 1,184 1,685 1,838 3,260 12,413 July 30 120,467 14,148 56,315 5,194 6,039 2,587 1,285 14, 898 1,266 1,665 1,700 3,241 12,129 Aug.6 107,514 6,474 50,749 5,250 6,895 2,382 1,304 14,815 1,201 2,663 1,425 3,131 12,225 Aug. 13 99,158 6,774 40, 609 5,259 5,925 2,432 1,283 14,673 1,205 3,263 2,449 3,102 12,184 Other bonds, stocks, and securities: July 16 2,543,348 195,610 222,552 322,002 53, 482 40, 672 365, 493 90,296 24,415 57,061 12, 774 162, 299 July 23... 2,539,755 195,413 983,804 225, 745 325,721 54,287 40,768 365, 665 91,823 24, 561 58, 528 12, 690 160,750 July 30 2,584,985 198, 2641,012,863 228,218 328,462 54, 202 41,027 372,534 92, 794 24,917 58,388 13,152 160,164 Aug.6 2, 587,077 197, 7711,012,184 231,153 328,054 54,514 41,575 371,359 92,875 24,962 58,273 13,333 161,024 Aug. 13 2,603,75' 199,694 1,014,421 235,115 332,506 55,128 41,802 374,538 92,133 25,875 59,283 12,341 160,921 Total loans and discounts and investments: July 16 17,122,177 1,202,099 6,528(,,022 973, 6471,730,201 576,796 479,1642,496,261 305,542 530,032 319,9801,371,542 July 23 17,158,750 1,2101,,005 6i,, 553, 880974,3571,743,893 577,057 476,70122,,502,591 609,934 302,753 531,685 321,825 1,354, 069 July 30 _. 17,252,015 1,225i,, 290 i6,, 613,270975,4351,755,332 576,403 475,9732, 512,958603,009 300,362 532,621 320, 458 1,360,904 Aug.6 17,330,0851, 2121,,460 6i,, 668,475978, 41"0 1•.,, 759,656578,457 477,4622, 529,432603,758 304,666 533,116 3"2"1", 9"7"2"1 ,362,221 Aug. 13 17,435,7151,219,8956,694,009 985,8451,768,994 578,785 477,3832, 562,998613,049 306,121 535,157 321,3941,, 372,085 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 751 PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON WEDNESDAYS FROM JULY 16 TO AUGTST 13, 1924—Continued [In thousands of dollars] Total Boston Y N o ew rk d P e h lp il h a i - a C l l a e n v d e- m Ki o c n h d - Atlanta Chicago L S ou t. is M ap in o n li e s - K C an it s y as Dallas F c S r is a a c n n o - Reserve balance with Federal reserve bank: July 16 ,586,387 96, 897 772, 931 75,458 112, 915 36,295 33,333 228,960 42,187 19,362 44,482 24,157 99,410 July 23 , 569,101 92, 896 763, 580 76,050 108, 764 34,558 32,368 235,096 41, 621 19,490 44, 886 22,892 96,900 July 30 , 590,684 96, 936 761, 795 75, 695 119, 504 37, 606 31,875 230,623 46, 360 21,549 45, 925 21,325 101,491 Aug. 6. , 595, 284 90, 955 763,107 78,261 112,936 36,539 32,349 242,139 46,143 20,460 47,755 23,230 101, 410 Aug. 13 _._. ., 617,623 91, 733 788,706 76,236 120, 831 36,616 35,874 229, 949 38, 667 23, 714 50,422 23, r 101,481 Cash in vault: July 16 273, 674 19,449 77,891 14, 838 29,487 12, 572 10,465 53,957 7,363 5,833 11, 9,437 20,391 July 23 273, 956 18, 725 76, 793 14, 995 30,510 13,219 10,251 63,185 7,191 5,923 12,680 9,343 21,141 July 30 _. 284, 753 18, 794 87,041 14,720 29,462 13,397 10,253 53,500 7,295 6,112 12, 775 10,209 21,195 Aug. 6 275,917 19, 029 78, 609 14,602 29,181 12,573 10,906 53,274 7,832 6,120 13,910 9,387 20,494 Aug. 13 277,964 18,747 78,310 14,845 29, 714 13,136 10,662 54,907 7,473 6,419 12,661 21,281 Net demand deposits: July 16 161, 603 852,773 5;,, 477,711718, 793 939, 633326, 013 271,8661, 636,427 359,676 194,272 414,404 214,113 755', 922 July 23 : 135,262 855,2405, 485, 980718,405 948, 980323, 242 263,9881,629 079 358,050 192,863 407, 267210, 603 741, 565 July 30-. 232,751 861,0775, 531,578718,471 964, 563330,534 265,5521,644 477 356, 514 192, 261 414,930 210,334 742,460 Aug. 6 290, 559 842,"864 5i,, 574,185718,20; 965,004 333,433 268,4121, 666,395 355,689 192,957 418, 677211,435 743,303 Aug. 13.... 425,297 852,759 5i, 597, 785724,266 975,277 337,015 274 1591,703 264 359,912 198,189 422,896 215,152 764,623 Time deposits: July 16 481,539 314,3581,006,021 139,150 173,300 186 727 843330 198,868 87,796 135,252 86, 872 625,329 July 23 489, 661 315,0931,014,045 138, 512 684,221 174,115 187 732 843 912 198,491 88,484 135,002 87, 645 622,409 July 30 491, 956 315,014 1, 010,120141.046 687,988 174,482 187 927 839,382 201,398 88,536 135,054 87, 539 623,470 Aug. 6 523,041 323,5761,023,082 142,056 692,861 174,297 187 746 841 119 203,157 88, 935 135,620 87,246 623,346 Aug. 13. 553, 538 323,7131, 040,113144,981 695, 795176,832 187206 846,346 202,948 89, 615 135, 91, 618,744 Government deposits: July 16 ._ 100,518 18.800 19,501 12,180 13,145 4,468 5,190 12,317 2,170 2,203 1,026 2,771 6,747 July23 100,009 18.801 19, 501 11, 669 13,116 4,461 5,192 12,275 2,140 2,203 1,027 2,877 6,747 July 30 . 95, 911 14, 255 19, 501 12,180 13,125 4,461 5,192 12, 275 2,170 2,203 1,022 2,770 6,757 Aug. 6 96,151 14,255 19, 501 12,180 13,145 4,461 5 192 12515 2,170 2,203 1,012 2,770 6,747 Aug. 13 95,631 14, 255 19,501 12,118 13,145 4,461 5 196 12 515 2,170 2,203 1,027 2,771 6,169 Bills payable and rediscounts with Federal reserve banks: Secured by U. S. Government obligations— July 16 33,751 850 15,625 4,392 2,623 3,505 1 823 3067 267 400 27 53' 635 July 23 24,275 500 7,282 2,732 1,803! 3,737 1872 2812 369 540 32 702 1,894 July 30 29,361 350 12,604 3,077 3,828 3,309 1784 1 812 467 500 11 719 900 Aug. 6 23, 206 250 9,780 1,952 2,875 2,491 1096 2 764 61 1,017 920 Aug. 13 27,816 440 9,002 2,349 8,142 2,623 1788 2 084 630 11 747 All other- July 16.. 50,543 907 7, 2,981 3,452 11,370 6093 3 383 2,915 830 2,194 5,156 3,421 July 23 45,465 811 7, 468 2,280 2,612 11,259 6844 2 519 1,454 653 2,456 5,455 1,654 July 30 43, 026 675 7,907 2,797 1,912 10,109 4 640 2 061 1,473 1,054 6,265 2,867 Aug. 6 38,766 1,275 8,048 2,343 1,985 0,740 4 655 2 091 1,578 716 l|ll3 1,334 Aug. 13. -. 36,404 846 7,794 2,933 1,246 5,582 5,241 1 976 405 533 1,026 6,632 2,191 BANK BALANCES IN FEDERAL RESERVE BANK CITIES i Due to banks: July 16 2,481,714 131,092 1,236,805 215,916 51, 322 31,226 12,958 432,195 44,004 101,750 19,145 118,420 July 23 2,447,963 135,390 1, 208,658203,262 52, 810 29, 670 11, 985 435, 662 93,130 44,099 101,354 18, 444 113,699 July 30 2, 463, 587 135,116 1,215, 600193,258 54,026 29,836 11,077 441, 669 44,909 110,306 19,788 114, 969 Aug. 6 2,585,728 137,387 1, 266, 622202,272 55,990 31,915 12,275 466, 671 101, 514 45,887 122,580 20, 041 122, 574 Aug. 13 2,635, 591 139,174 1,293,179 200,474 60,147 34,785 13, 587 468,410 100,341 45, 818127,422 18, 920 133,334 Due from banks: July 16 725,463 70,085 94,742 86,906 28,875 14, 290 19, 237 199,463 34,201 32,010 52, 749 20,232 72,673 July 23. 703,125 55, 611 93,266 89,793 36,225 13,496 12, 240 194,037 35,799 32,470 49, 567 18,916 71,705 July 30 716,201 51,153 93,339 85,130 36,092 16,187 13, 641 195,337 43,723 33, 564 53,654 21, 680 72,701 Aug. 6 743, 524 56,601 93, 596 90,767 33, 581 15,399 15,058 193,450 51, 799 32,066 68,485 22,057 70, 665 Aug. 13 769,477 55,833 91,349 98,105 34,767 20,216 16,304 199,209 53,000 22,997 73,160 23,251 81,286 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

752 FEDEKAL RESERVE BULLETIN SEPTEMBER, 1924 REPORTING MEMBER BANKS IN NEW YORK CITY AND CHICAGO [Amounts in thousands of dollars] Banks in New York City Banks in city of Chicago July 16 July 23 July 30 Aug. 6 Aug. 13 July 16 July 23 July 30 Aug. 6 Aug. 13 Number of reporting banks 67| 67 67 48 48 48 Loans and discounts, gross: Secured by United States Government obligations 74,132 72,048 67,975 68,310 67,820 24,442 27,172 26,773 24,680 26, 328 Secured by stocks and bonds 1,712, 284 1,730,830 1, 764,487 1, 723,053 1, 769, 327 472, 327 469,189 476,095 484, 075 492, 719 All other loans and discounts _ _.2, 201, 809 2,202,127 2, 203, 750 2,305, 666 2, 251, 993 695,168 701,1"- 707, 780 Total loans and discounts.- 3,988, 225 4,005, 005 4, 036,212;4,097,029 4,088,940 1,187,128! 1,195,230 1,198, 026 1,209,843 1, 226, 827 United States pre-war bonds 40, 221 40,219 40,477 41,037 4,136 4,137 4,138 4,137 4,133 United States Liberty bonds 511,232 532,994 536,166 536, 259 561, 440 62,677 62,948 69, 037 70,046 76,329 United States Treasury bonds 14, 566 13, 293 11,869 10, 542 8,573 3,684 3,637 3,779 3,678 United States Treasury notes 310, 648 309, 504 309,405 302, 581 312,235 82,852 85, 872 85,282 86,124 87, 817 United States certificates of indebtedness 53,774 60,328 55. 359 49,783 39, 643 6,053 6,165 6,096 6,017 5,872 Other bonds, stocks, and securities 757, 511 742, 864 767, 205 769, 824 775, 543 174, 777 175, 526 180, 882 178,823 179,966 Total loans, discounts, and investments 5, 675,942 5, 704, 209 5, 756,435 5,806, 495 5, 827,41ljl, 521,307 1, 533, 515Jl, 547,152 1, 558, 769 1, 584, 622 Reserve balance with Federal reserve bank 719,931 712, 590 710,474 712, 470 735,650 162,193 168,917 164,692 172,672 161,036 Cash in vault 63, 720 62, 810 73,001 63,920 64, 327 27, 684 27, 801 27,895 27,980 27,908 Net demand deposits 4,953,221 4,,969,681 , 016, 424 55,. 057, 290 ,073,6541,111,5831,, 124, 289., 132, l1,148,109., 162, 592 Time deposits 692, 702, 321 699,913 711,771 726, 278 395, 248 395,724 391,982 393, 254 393, 242 Government deposits 16,546 16,546 16,546 16,546 16, 546 6,126 6,084 6,084 6,324 6,324 Bills payable and rediscounts with Federal Reserve bank: Secured by United States Government obligations 9,665 2,659 2,325 2,775 2,925 460 200 250 268 Allother 2,821 2,285 3,389 4,150 4,322 1,251 266 101 79 261 CONDITION OF MEMBER BANKS AS OF JUNE 30, 1924 Condition reports as of June 30, 1924, which company members and of all member banks have now become available, indicate that on June 30, 1924. The following statement total loans and investments of all member shows changes in the principal resources and banks on that date were $27,262,000,000, liabilities of all member banks on the last call marking a further increase of $430,000,000 date compared with three months and with a over the record amount shown for March 31, year ago: 1924. The increase for the period was chiefly in the banks' investments, which advanced by $342,000,000, while loans increased by Increase (+) or decrease (—) on June 30, 1924, since— $88,000,000. Of the growth in investments, $38,000,000 represented additional purchases March 31,1924 June 30,1923 of United States securities and $304,000,000 additions to the banks' holdings of corporate Loans and discounts (including overobligations. A rapid growth of demand de- drafts). +$88,000,000 +$384,000,000 posits, including certified and cashiers' checks, U O n th it e e r d b o S n ta d t s e , s s s t e o c c u k r s i , t i a e n s d securities _ + + 3 3 0 8 4 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 + -2 4 6 6 2 5 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 carried their total to $16,293,000,000, the Total loans and investments +430, 000, 000 +587,000,000 largest amount on record, and time deposits Demand deposits (including certified increased to $9,203,000,000, also a larger total Ti a m n e d d c e a p s o h s ie it r s s 'checks) ._ _ + +3 7 1 0 3 7 , , 0 0 0 0 0 0 , , 0 0 0 0 0 0 +1 + ,1 8 3 2 2 6 , , 0 0 0 0 0 0 , , 0 00 0 0 0 than at any previous time. Bills payable and rediscounts. .. _. -242,000,000 -570,000,000 Acceptances outstanding _ -108,000,000 -60,000,000 The tables herewith presented give figures showing the condition of State bank and trust Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 PEDEEAL RESERVE BULLETIN" 753 ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS IN EACH FEDERAL RESERVE DIS- TRICT ON JUNE 30, 1924 [In thousands of dollars] Dis- . Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Dis- Total trict trict trict trict trict trict trict trict trict trict trict trict United No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States (36 (144 (70 (120 (65 (133 (364 (130 (101 (33 (186 (188 • (1,570 banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) RESOURCES Loans and discounts 472,6812,592, 817 279,151 861,529 152,435 266,168 1, 245,347 331,855 57,664 65,411 69, 760 878, 688 273, 506 Overdrafts _. 280 1,019 165 250 136 1,093 520 500 102 133 253 845 5,296 United States Government securities 72, 428 520, 515 46,872 99,151 5,678 6,010 201,164 35,452 5,274 15,033 3,471 118,310 129,358 Stock of Federal reserve banks _. 2,168 13. 059 5,381 984 1,506 6, 061 1,918 295 360 485 3,339 38,452 Other bonds, stocks, and securities 111, 610 616, 710 153, 463 216,107 20,197 28, 800 312, 961 77, 089 10,040 9,386 2,815 132, 801 692,009 Total loans and inveslments..- 659,167 3,744, 483, 547 1,, 183,418 179, 430 303, 577 1, 766,053 446,814 73, 375 90,323 76,8141.1,133, 983 10,138,631 Customers' liability on account of acceptances 6,569 108, 761 311 2,032 2,082 5,195 19,027 3 5,613 150, 001 Banking house, furniture, and fixtures 13, 203 82, 055 14, 766 48, 070 17, 747 51, 308 13, 474 2,009 2,861 3,967 18,020 304,119 Other real estate owned 1,565 5,752 4,119 11, 545 1,709 4,159 6,427 3,181 1,626 1,429 7,233 51,138 Gold and gold certificates 1,""" 9,212 313 742 145 383 2,795 299 231 102 97 1, 16, 983 All other cash in vault 11,605 39,169 6,378 17,167 3,266 5,433 30,135 6,978 2,293 1,394 2,035 16, 236 142, 089 Keserve with Federal reserve banks. 44,901 382,138 29, 741 67, 293 17, 461 112,093 25, 660 6,272 4,769 63,804 766, 783 Items with Federal reserve banks in process of collection 13, 939 72, 823 10, 781 22, 942 7,323 6,334 22,460 11,198 397 6, 491 905 9,542 185,135 Due from banks, bankers, and trust companies 26, 019 91, 922 25, 313 56,799 13,467 34, 368 104, 737 31, 972 1,506 22,185 7,342 73,045 496, 675 Exchanges for clearing house, also checks on other banks in same place 15, 413 575, 782 10, 574 18, 399 4,289 9,191 71, 060 9, 275 564 3,710 627 20, 911 739, 795 Outside checks and other cash items 2,262 19, 544 544 5, 396 1,662 10, 456 1,558 237 498 256 20, 652 63, 745 United States securities borrowed _. 189 6,380 188 737 6,213 4,524 100 1 432 120 18, 884 Other securities borrowed 123 50 1,478 60 11 65 1,787 Other assets 4,352 88, 376 4, t 9,121 2,751 8,171 12,954 3,083 322 2,308 2,636 7,505 146, 228 TotaL 800, 2615, 219, 654 590, 225 1, 448, 711230,451 414, 468 2, 217,196 558, 484 91, 515 137, 574 102, 287 1,108,127 13, 221,983 LIABIL1TIES Capital stock paid in 33,450 229, 729 38, 426 82, 790 19, 337 31,885 112, 908 40, 569 6,777 8,635 12, 250 80, 319 697,075 Surplus fund _ 39,433 196,066 70, 265 96, 844 13, 428 18,363 88,838 24,049 2,878 3,315 3,' 32,102 Undivided profits, less expenses and taxes paid 19,947 114,198 23,161 25,003 5,180 7,338 54,099 1,241 1,820 1,619 21, 837 285,041 Due to Federal reserve banks. 497 3,427 1,527 330 583 525 317 215 1 46 63 7,531 Due to banks, bankers, and trust companies 24,397 591,180 31,750 67,966 19, 366 42, 681 121,299 31, 313 4,877 27,784 4,003 56,837 1, 026,453 Certified and cashiers' or treasurers' checks outstanding 7,303 312, 681 4, 293 11, 474 4,464 2,503 25,023 5,115 734 1, 799 27,118 433,766 Demand deposits 137, !, 669,239 272,192 497, 502 83,463 159, 023 772,520 218,149 31,850 69,124 58,724 451, 301 5,720,242 Time deposits 219, 768 815, 809 131, 554 638, 337 66, 222 120,186 972, 843 190, 647 43,""" 21, 262 14, 647 709, 659 3,944,831 United States deposits 3,387 19, 212 6, 708 7,443 653 2, 484 7,294 3,625 124 992 40 5,413 57,375 Total deposits __ 692,507 41,441,551 448,0241,223,052 174,751 327,402 1,899,28f"6 451'2,364 81,483 121,088 78,2591,250,421 11,190,198 Bills payable (including all obligations representing money borrowed other than rediscounts) 2,942 21, 529 4,789 4,633 5,190 7,528 1,487 733 2,320 2,284 61,378 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 2,216 32,230 2,051 3,226 9,399 15, 371 10, 613 10, 546 1,280 511 3,153 10,308 100,904 C ash letters of credit and travelers' checks outstanding-_ 10 23, 640 241 118 19 1,595 361 51 1 20 546 26,602 Acceptances executed for customers 6,418 104, 615 153 2,027 I,1 5,663 19,017 398 5,279 145, 557 Acceptances executed by other banks for account of reporting banks . 64: 8,901 158 115 26 481 10, 339 United States securities borrowed 189 188 737 6,212 4,524 100 1 432 120 18, 883 Other securities borrowed 123 50 1,478 60 11 65 1,787 Other liabilities 2,691 17,195 2,76 4,510 857 1,200 16,820 11, 838 52 2,119 435 4,065 91, 550 Total. 800, 261 5i,, 219, 654 590, 225 1,448, 711 230, 451 414, 468 2, 217,196 558, 484 94, 545 137,5741 102,2871,408,127 13, 221, I Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

754 FEDBBAL, BESERVE BTJIJJETIN SEPTEMBER, 1924 ABSTRACT OF CONDITION REPORTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE: SYSTEM ON JUNE 30, 1924, BY CLASSES OF BANKS [In thousands of dollars] Central reserve city banks Total United States Other Country reserve banks N (3 e 0 w b a Y n o k r s k ) (1 C 1 h b ic a a n g k o s) (41 T b o a ta n l ks) c (1 i 8 ty 9 b b a a n n k ks s) b ( a 1 n ,3 k 4 s 0 ) 19 J 2 u 4 n (1 e , l 5 , 70 1 M 92 a 4 r. ( 1 3 ,5 1 7 , 1 banks) banks) RESOUKCES Loans and discounts 1,963,512 469, 579 2,433,091 3,093,002 1,747,413 7,273,506 7,208,994 Overdrafts _ .-_ 868 96 964 2,670 1,662 5,296 6,704 United States Government securities 397,032 81,441 478,473 427,024 223,861 1,129,358 1,078,861 Stock of Federal reserve banks 9,819 2,309 12,128 16,917 9,407 38,452 38,144 Other bonds, stocks, and securities _ 359, 870 92, 761 452, 631 739, 402 499,976 1,692,009 1, 537,872 Total loans and Investments. _ 2,731,101 646,186 8,877,287 4,279,015 2,482,319 10,138,621 9,870,575 Customers' liability on account of acceptances 107, 737 18,991 126,728 19, 758 3,515 150,001 184,720 Banking house, furniture, and fixtures 51, 549 14,068 68,617 156,043 79, 459 304,119 288,683 Other real estate owned __ 2,912 2,912 29,345 18,881 51,138 56,006 Gold and gold certificates 6,389 1,406 7,795 5,502 16, 983 14, 556 All other cash in vault _.. 22.849 5,914 28, 763 63,376 49,950 142,089 137,251 Reserve with Federal reserve banks _ _ 325; 637 52, 728 378, 365 266,275 122,143 766,783 732, 535 Items with Federal reserve banks in process of collection-.. 52,224 11, 629 63, 853 96,863 24,419 185,135 169,780 Due from banks, bankers, and trust companies. 49,049 40, 387 89, 436 257,766 149,473 496,675 422, 792 Exchanges for clearing house, also checks on other banks in same place 559,092 53,669 612, 761 106,468 20, 566 739, 795 672,616 Outside.checks and other cash items 15,944 5,021 20,965 36,894 5,886 63, 745 51,406 United States securities borrowed 10,950 7,934 18,884 16, 478 Other securities borrowed 1 1 372 1,414 1,787 2,420 Other assets 80, 766 7,236 88,002 37,921 20, 305 146, 228 147,207 Total. 4, 008,249 857,236 4,865, 485 5,364, 732 2,991,766 13, 221,983 12, 767,025 LIABILITIES Capital stock paid in... 167,050 39,650 206, 700 295,895 194,480 697,075 687,347 Surplus fund 148, 832 37, 314 186,146 281,497 122,026 589, 669 577,170 Undivided profits, less expenses and taxes paid 87, 346 34, 807 122,153 100,041 62,847 285,041 288,612 Due to Federal reserve banks 212 212 1,864 5,455 7,531 7,650 Due to banks, bankers, and trust companies 550,396 84, 844 635, 240 323,942 67, 271 1,026,453 907,283 Certified and cashiers' or treasurers' checks outstanding... 335, 806 11,021 346, 827 69, 606 17,333 433, 766 417,957 Demand deposits 2,117, 504 361,665 2, 479,169 2,069,337 1,171,736 5,720,242 5, 431,016 Time deposits 374, 360 250, 809 625,169 2, 076,309 1,243, 353 3,944,831 3, 782,092 United States deposits _'„ 13, 814 3,269 17, 083 34,842 5,450 57,375 111, 038 Total deposits 3,392,092 711,608 4,103,700 4,575,900 2,510,598 11,190,198 10,657,036 Bills payable (including all obligations representing money borrowed other than rediscounts) 6,950 6,950 16,023 38, 405 61,378 77,091 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) 27, 579 1,694 29,273 30,045 41,586 100,904 156,891 Cash letters of credit and travelers' checks outstanding 23,483 256 23,739 2,665 198 26, 602 16,249 Acceptances executed for customers 103, 716 18,973 122, 689 19, 526 3,342 145, 557 182,528 Acceptances executed by other banks for account of reporting banks 8,853 18 8,871 1,463 5 10,339 11,996 United States securities borrowed 1C, 950 7,933 18,883 16, 579 Other securities borrowed 1 1 372 1,414 1,787 2,420 Other liabilities __ 42,348 12, 915 55,263 30, 355 94,550 93,106 Total. 4,008,249 857,236 4,865,485 5,364,732 2,991,766 13,221,983 12,767,025 Eatio of reserve with Federal reserve banks to net deposit liability (per cent) 13.2 12.3 13.1 9.7 7.1 10.4 10.5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDEBAL. RESERVE BULLETIN 755 CLASSIFICATION OF LOANS AND DISCOUNTS OF STATE BANK AND TRUST COMPANY MEMBERS OF THE FEDERAL RESERVE SYSTEM ON JUNE 30, 1924 [In thousands of dollars] D b N a is ( n o 3 t . k r 6 i s 1 c ) t D b N i a ( s n 1 o t 4 k . r 4 i s 2 c ) t D b N a is ( n o 7 t k . r 0 i s 3 c ) . tD b N a i ( s 1 n o t 2 . k r 0 i s 4 c ) tD b N a is ( n o 6 t k . r 5 i s 5 c ) tD b N a i ( s 1 n o t 3 k . r 3 i s 6 c ) t D b N a i ( s 3 n o t 6 k . r 4 i s 7 c ) t D b N a i ( s 1 n o t 3 k r . 0 i s 8 c ) tD b N a i ( s 1 n o t 0 k . r 1 i s 9 c ) tD b N a is o ( n 3 t . k r 3 1 i s c 0 ) t D b N a i ( o s 1 n . t 8 k r 6 1 i s c 1 ) t D b N a i ( o s 1 n t . 8 k r 8 1 i s c ) 2 t U b S T ( a 1 n t o n a , i 5 t k t t 7 a e e s l 0 s d ) On demand: Not secured by collateral. 31,231 94,151 18,199 43,548 4,588 6,896 35,426 17,792 3,482 1,042 1,682 37,306 295, 346 Secured by U. S. Government obligations _ 2,211 28,280 4,452 4,733 267 484 4,092 1,355 50 6 35 697 46,662 Secured by other collateral . 74,422 754,080 120,712 167, 307 15,440 35, 680 168,179 51,520 4,284 3,399 2,450 52,993 1,450,466 On time: Not secured by collateral. 192, 375 949, 085 72, 387 238, 617 78, 069 103,482 422,429 110,656 19, 677 21,267 20,884 244,156 2, 473,084 Secured by U. S Government obligations. 4,467 18,430 1,023 9,642 1,108 6,237 14, 801 2,196 137 1,124 800 3,220 63,185 Secured by other collateral... . 67,936 497, 792 30, 822 121,807 39, 257 83, 480 265,997 89, 527 17,178 31,100 33,788 98, 398 1, 377,082 Secured by real estate deeds of trust, or other real estate liens 97,252 154,878 31,288 272,474 12, 434 29,136 329, 479 58, 539 12,851 7,460 10,016 438,984 1,454,791 Acceptances of other banks discounted 1,963 71, 474 50 1,001 1,240 466 1,791 5 5 95 2, 666 80, 756 Acceptances of reporting banks purchased or discounted 821 23, 748 2,400 32 302 3 265 224 27, 795 Customers' liability on account of drafts paid under letters of credit 899 218 5 53 44 1,219 Loans and discounts not classified. 3,097 13 10 3,120 Total loans and discounts 472,681 2, 592,817 279,151 861, 529 152,435 266,168 1, 245,347 331,855 57, 664 65, 411 69, 760 878,688 7,273,506 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON JUNE 30, 1924 (INCLUDING 8,080 NATIONAL BANKS AND 1,570 STATE BANKS AND TRUST COMPANIES) [In thousands of dollars] D N i ( s 4 o t 2 . r 1 i 1 ct D N i ( s 8 o t 4 . r 0 i 2 ct D N i ( s 7 o t 3 . r 0 i 3 ct D N i ( s 8 o t 7 . r 3 i 4 ct D N i ( s 6 o t 2 . r 4 i 5 ct D N i ( s 5 o t 1 . r 8 i 6 ct D ( N i 1 s , o 4 t . r 2 i 7 2 ct D N i ( s 6 o t 2 . r 7 i 8 ct D N i ( s 8 o t 9 . r 5 i 9 ct D N ( i 1 o s , t 0 . r 8 1 i 7 c 0 t D N i ( o s 8 t . 3 r 1 i 7 c 1 t D N i ( o s 7 t . 7 r 1 6 ic 2 t U S T (9 n t o a , i 6 t t t 5 a e e 0 l s d banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) RESOURCES Loans and discounts..1,449,149 5,450,0861,241,24011,876, 595 952,903 762, 758 2,949,814 842,898 609, 842 798,334 595,207 11.,719,824 191,,248, 650 Overdrafts 639 1,772 346 822 1,645 1, 1,165 1,102 1,471 1,674 2,020 15, 369 United States Gov- 724 ernment securities.. 249, 740 1,229,288 237,033 392,286 83,155 496,285 134,429 116,912 135,290 104,274 301,569 3,607,797 Other bonds, stocks, 127, 536 and securities 1,439,990 554,655 569,807 89,890 565, 726 183,255 104, 721 31,560 276,794 4,389,743 Total loans and in- 116,246 Cu v s e t s o t m m e e r n s' ts liability 3,059,936 8, 131, 136 2,033;274 2, 839,510 1 , 197,109 937,418 4,013,8111, 161, 747 824, 5171,039,816 732,715 3, 300,207 27,361,559 on account of acceptances 36,081 174,760 9,932 3, 719 6,682 5,974 28,167 2,745 384 1,076 15,423 285,830 Banking house, furniture, and fixtures. 55,804 155,426 58,086 115,300 48,503 44,987 129, 339 34, 819 25,442 40, 571 36,917 91,405 836,699 Other real estate owned 9,421 11,463 9,369 19,956 10,160 9,211 21, 563 7,542 14, 757 13,216 13, 380 15, 715 155, 753 Cash in vault. _. 40,348 107,089 36, 974 53,677; 24,113 21,220 88, 302 20, 614 20,039 27,612 19,851 43, 716 503,555 Reserve with Federal reserve banks 158,172 63, 376 Items with Federal 130,161 756, 506 121, 313 61,079 56,482 298,035 47,410 78,241 49, 293 145, 385 1,965,453 reserve banks in Du p e ro ce f s r s o m of co b ll a e n ct k i s o , n. 50,941 173,628 52, 506 56, 743 39,211 17, 960 68,063 30, 292 7,762 31, 259 21,484 32,626 582.475 bankers, and trust Ex c c o h m a p n a g n e i s e s for clear- 102, 631 189, 547 132, 372 178,200 87,187 116,989 372,892 117,085 123, 707 201,079 105,145 213, 363 1, 940,197 ing house, also checks on other banks in same place- 49,001 1,305,257 52, 291 37,981 28,095 18,127 135,620 19, 773 10,606 21,178 9,961 53,183 1,741,073 Outside checks and other cash items 11,339 34,972 5,208 9,567, 3,590 3,924 18,232 3,444 5,690 4,618 3,327 29,500 133, 411 Redemption fund and due from United States Treasurer 2,734 4,903 5,053, 3,293 2,207 4,620 2,186 1,687 2,201 2,387 2,844 37,104 United States securities borrowed' 189 188 737 6,213 4,524 100 1 432 120 18,884 Other securities borrowed * 123. 50 1,478 60 11 65 1,787 Other assets 21, 349 192,753 9,634 14,479 7,8 9,313 23,925 5,080 4,273 3,921 3,953 16,938 313.476 Total 2,569.846 11,227, 440 2, 524, 137 3,498,860 1, 517, 368 1, 244,629 5,210, 263 1,471,429 1,088, 765; 1,464,097999,932 2,960, 490 35,777,256 'Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

756 FEDERAL, RESERVE BULLETIN SEPTEMBER 1924 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT ON JUNE 30, 1924 (INCLUDING 8,080 NATIONAL BANKS AND 1,570 STATE BANKS AND TRUST COMPANIES)—Continued [In thousands of dollars] District District District District District District District District District District District District U T n o i t t a e l d No. 1 No. 2 No. 3 No. 4 No. 5 No. 6 No. 7 No. 8 No. 9 No. 10 No. 11 No. 12 States (421 (840 (730 (873 (624 (518 (1,422 (627 (895 (1,087 (837 (776 (9,650 banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) banks) LIABILITIES Capital stock paid in. 142,331 486,835 134,733 210,615 H2,423 94,915 295,000 111,228 70,313 93, 507 181,537 2,030,336 Surplus fund 124,470 498,159 218,457 212,084 82,465 56,258 208,721 58,050 37,275 46,407 42,834 84,412 1,669, 592 Undivided profits, less expenses and taxes paid 74,909 254, 673 72,075 81,903 34,113 23,975 115,345 27,823 15, 788 19,087 20,161 46, 695 786, 547 Due to Federal reserve banks 3,489 11,123 4,311 1,443 7,935 1,631 1,557 551 2 1,266 33, 976 Due to banks, bankers, and trust companies 160,279 1, 572, 620 225,704 227,477 115,852 112,687 619,382 160,722 103,985 215,477 91,081 214,859 3,820,125 C ertifled and cashiers' ortreasurers' checks outstanding 21, 383 756, 976 14,162 20,325 14,927 6,176 50,160 10,383 11, 755 18,127 11,122 48,483 983,979 Demand deposits ,233,984 5, 345,004 1,016, 1—231, 331, 336 526,098 483,068 043,463 590,287 383,934 690,144 505,805 1,, 159,74415,308,990 Time deposits- 657,438 1,786,274 705,706 I., 233,441 466,110 353, 746 1', 645,284 407,587 403, 578 298,607 152,4541,, 093,320 9, 203, 545 United States de- 25,119 36,472 20,906 19,129 10,635 7,113 22,736 5,945 5,692 6,504 6,452 12, 243 178, 946 Total deposits ,101, 693 9, 508,169 1,986, 913 3, 833,1511,141,557 961,1311,383,583 1,175,175 908,916 1, 338, 859 768,180 3, 539, 317 39, 539, 561 Bills payable (including all obligations representing money borrowed other than rediscounts), _. 14,885 44,659 24, 512 20, 593 28,055 11,246 16,473 11,917 5,514 5,360 9,696 12, 315 205,225 Notes and bills rediscounted (including acceptamces of other banks and foreign bills of exchange or drafts sold with indorsement) 13,129 65,140 9,299 11,434 40,815 35,259 35,657 20,185 13,470 17,455 14, 620 21, 219 297, 682 Cash letters of credit and travelers' checks outstanding. 1,563 26,904 401 750 119 1,601 3,151 106 74 97 114 1,161 36,041 Acceptances executed for customers- 36,264 165, 350 8,853 3,851 7,070 6,841 28, 695 878 2,331 386 1,073 15, 376 276,968 Acceptances executed by other banks for account of reporting banks 2,623 19, 303 2,949 285 54 739 422 1,340 27,720 National bank notes outstanding 52, 783 96,170 58,706 99, 313 63, 539 43,680 91, 703 43, 321 32,830 43,679 47,170 56,292 729,186 United States securities borrowed 408 2,306 922 17, 771 3,396 3,395 8,506 313 1, 731 3,102 51, 425 Other securities borrowed 27 50 507 90 449 1,527 115 1 606 126 754 4,252 Other liabilities 4,762 59,422 6,318 6,883 3,441[ 2,535 21, 587 13,825 3,770 1,720 6,970 132,721 Total. 2, 569,84611,227,440 2, 524,137 3,498, 8601,517, 368 1,244,629 5, 210,263 1,471,4 S, 7651,464,097 999,932 2, 960, 490 35, 777,256 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBER, 1924 FEDERAL RESERVE BULLETIN 757 ABSTRACT OF CONDITION REPORTS OF ALL MEMBER BANKS OF THE FEDERAL RESERVE SYSTEM ON JUNE 30, 1924, BY CLASSES OF BANKS (INCLUDING 8,080 NATIONAL BANKS AND 1,570 STATE BANKS AND TRUST COMPANIES) [In thousands of dollars] Central reserve city banks Total United States Other Country reserve banks N (6 e 4 w b a Y n o k r s k ) (2 C 6 h b ic a a n g k o s) (90 T b o a ta n l ks) ( c 5 i 5 ty 2 b b a a n n k k s) s b ( a 9 n ,0 k 0 s 8 ) 19 J b 2 u a 4 n n e ( k 9 3 s ,6 0 ) 5 , 0 1 M 9 b 2 a a 4 r n ( . k 9 3 s ,6 1 ) 8 , 1 EES0UECE3 Loans and discounts _ 3,972,612 1,064,243 5,036,855 6,707,973 7, 503, 822 19,248, 650 19,158,195 Overdrafts.. 1,277 188 1,465 5,241 8, 663 15,369 17, 518 United States Government securities. 921,023 167,036 1,088,059 1,129,922 1,389, 816 3,607,797 3, 569,653 Other bonds, stocks, and securities. _ _ 700,153 137,473 837,626 1,291,876, 2,260,241 4,389,743 4,086,668 Total loans and investments. 5, 59S, 065 1,368,910 6, 964, 005 », 135,013 ii, in, 54? 37,861,559 36,833, 031 Customers' liability on account of acceptances. 172,453 27,141 199,594 77,167 9,069 285,830 387,292 Banking house, furniture, and fixtures... 91, 552 29,865 121,417 325,166 390,116 836,699 813,880 Other real estate owned 3,494 62 3,556 52, 684 99,513 155,753 156,089 Cash in vault. 57,308 22, 261 79, 569 150,022 273, 964 503,555 494,223 Reserve with Federal reserve banks. 618,600 152,413 771,013 635, 372 559,068 1,965,453 1, 893, 301 Items with Federal reserve banks in process of collection.. 119,234 34,197 153,431 341,535 87,509 582,475 549,087 Due from banks, bankers, and trust companies 76,602 160,100 236, 702 842,107 1,940,197 1,643,739 Exchanges for clearing house, also checks on other banks in same place... 1,279,372 95, 540 1, 374, 912 291,125 75,036 1,741,073 1, 582, 343 Outside checks and other cash items 24,017 7,704 31,721 73,168 28,522 133,411 107, 798 Redemption fund and due from United States Treasurer.. 2,014 143 2,157 9,106 25,841 37,104 37,141 United States securities borrowed i 10,950 7,934 18,884 16,478 Other securities borrowed i.._ 1 1 372 1,414 1,787 2,420 Other assets 181,035 14,178 195, 213 78, 008 40, 255 313, 476 304, 398 Total. 8,220,746 1, 912, 545 10,133,291 12, 041,075 13,602,890 35,777,256 34,820,223 LIABILITIES Capital stock paid in... _ 333,600 92,900 426, 500 681,402 922,434 2,030,336 2,022,169 Surplus fund 376,682 79,570 456,252 573,026 640,314 1,669, 592 1,649,880 Undivided profits, less expenses and taxes paid _. 188,677 58,690 247,367 242, 339 296,841 786, 547 796,395 Due to Federal reserve banks _. 212 212 7,363 26,401 33,976 32,978 Due to banks, bankers, and trust companies 1,481,730 1, 910,425 1,543,851 365,849 3,820,125 3,446,737 Certified and cashiers' or treasurers' checks outstanding... 742,711 25,839 768, 550 143, 797 71,632 983, 979 867,420 Demand deposits... 4,065,873 874,350 4,940,223 5,095,705 5,273,062 15, 308,990 14, 719,256 Time deposits 635,914 293,173 929,087 3, 200, 727 5,073,731 9, 203, 545 8,889,923 United States deposits 35, 682 110,252 33,012 178,946 291, 767 Total deposits 6,953,138 1,631,041 8,584,179 10,101, 695 10,843,687 39,539,561 38,348,081 Bills payable (including all obligations representing money borrowed other than rediscounts) 15,303 15,303 36, 262 153,660 205, 225 315,979 Notes and bills rediscounted (including acceptances of other banks and foreign bills of exchange or drafts sold with indorsement) _ 50,628 1,724 52, 352 60, 076 185,254 297, 682 428,536 Cash letters of credit and travelers' checks outstanding 26,679 2,894 29, 573 5,987 481 36,041 22,457 Acceptances executed for customers._ 163,296 27,669 190,965 77,352 8,651 276,968 375,768 Acceptances executed by other banks for account of reporting banks 19,071 623 19, 694 7,562 464 27, 720 37,451 National bank notes outstanding 39,357 2,810 42,167 177, 361 509, 658 729,186 725,986 United States securities borrowed . 2,178 2,178 29, 318 19,929 51,425 52,263 Other securities borrowed.__ 1 1 1,333 2,918 4,252 4,952 Other liabilities _ 52,137 14,623 66, 760 47, 362 18, 599 132, 721 140, 306 Total. 8,220, 746 1,912, 545 10,133,291 12,041,075 13,602,890 35,777,256 34,820,223 Ratio of reserve with Federal reserve banks to net deposi t liability (per cent) 12.3 13.5 12.6 7.4 9.8 1 Exclusive of securities borrowed by national banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

758 FEDERAL. RESERVE BULLETIN SEPTEMBER, 1924 MONEY IN CIRCULATION AUGUST 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 Aug. 1, 1924 r a e n s d e r t v h e e s F y e s d t e e r m al 2 July 1,1924 Aug. 1, 1923 Amount Per capita Gold coin and bullion 3 $4,517,483,901 $4,118,985,175 $398,498, 726 $3.53 $396,414,817 $403,217,779 Gold certificates < (1, 257,459,419) 457, 334, 880 800,124,539 7.09 801,380,819 411,937,589 Standard silver dollars 503,946, 769 450,303,093 53,643, 676 .48 54,016,801 56,999,291 Silver certificates < (412,482,114) 39, 799,167 372,682,947 3.30 364, 414,212 368,938,481 Treasury notes of 1890 4 (1,419,626) 1,419,626 .01 1,422, 626 1,458,123 277, 604, 580 25,197,318 252,407,262 2.24 252,970,844 247,869,821 United States notes 346, 681,016 45, 014, 251 301,666,765 2.67 297, 790, 492 300,010,892 Federal reserve notes 2, 271,118,230 525, 297,776 1,745, 820,454 15.48 1,843, 091,038 2,160,449,086 Federal reserve bank notes 10, 226,170 591, 241 9,634,929 .09 10,066,348 18,900,554 National bank notes 777,087,589 47, 799, 245 729, 288,344 6.47 733,835, 038 725,987, 509 Total 8,704,148,255 « 6, 710,322,146 4,665,187, 268 41.36 4,755,403, 035 4, 695,769,125 Comparative totals: July 1,1924 8, 746, 400,249 5 5, 619,135, 909 4, 755, 403, 035 42.20 June 1 1924 8, 750, 765,284 6 5, 531, 542, 938 4,815,401,455 42.78 May 1 1924 8, 776,575,139 » 5, 564,987, 552 4, 760,113,559 42.33 Apr. 1,1924 8,757,501,955 s 5,433, 529,484 4,812, 861,042 42.85 Mar. 1, 1924 8, 797, 775, 557 s 5,436,695, 553 4,807, 777,746 42.85 Nov 1 1920 8,326,338, 267 ' » 3,394, 764, 761 5,628, 427,732 52.36 Apr. 1,1917 5,312,109,272 » 3,896,318,653 4,100, 590, 704 39.54 1 Includes United States paper currency in circulation in foreign countries and the amount held by the Cuban agencies of the Federal reserve banks. 2 Includes money held by the Cuban agencies of the Federal reserve banks of Boston and Atlanta. 3 Does not include gold bullion or foreign coin outside of vaults of the Treasury, Federal reserve banks, and Federal reserve agents. 1 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 dollars, respectively. 5 Includes gold held in trust against gold certificates and standard silver dollars held in trust against silver certificates and Treasury notes of 1890, the aggregate of which should be deducted from the sum of money held by the United States Treasury and the Federal reserve system and money in circulation to arrive at the stock of money in the United States. The amounts of such gold and silver held in trust as of the date of this statement are shown in parentheses in the first column. DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT AUGUST 31, 1924 Paper maturing— After 90 days After 6 but Within 90 days but within 6 within 9 months months Federal reserve bank Commercial, Secured by Agricultural' Agricultural p a a n a g p d r e i l c r i u v , e l n t s u . t o r e a . c l k s , . U G o n o b i v t l e i e g d r a n t S m io ta e n t n s e t s ac B c a e n p k ta e n r c s e ' s acc T ep ra ta d n e ces and p li a v p e e s r tock and p li a v p e e s r tock Boston 34 34 34 34 34 34 New York - 3 3 3 3 3 3 Philadelphia 34 34 34 34 31 Cleveland 34 34 34 34 34 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 34 34 34 34 34 34 1 Including bankers' acceptances drawn for an agricultural purpose and secured by warehouse receipts, etc. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEFTEMBFR, ^924 PEDEEAL EESERVE BULLETIN 759 DEBITS TO INDIVIDUAL ACCOUNTS BY BANKS IN SELECTED CITIES [In thousands of dollars] MONTHLY SUMMARY FOR BANKS IN 141 CENTERS 1924 1923 Number Federal reserve district ofcenters May June July May June July No. 1—Boston 2,052,772 2,040, 544 2, 111, 283 2,139,645 2,172,872 1,983,223 No. 2—New York 22,124,834 22,639, 521 22,184, 731 21, 399,850 21, 789,805 19,008, 372 No. 3—Philadelphia- 1,894, 928 1, 936, 205 1, 902, 728 1, 973,625 2, 083,113 1,826, 560 No. 4—Cleveland 2,122, 402 2,105, 227 2,139,964 2, 266, 888 2, 278,941 2, 237, 042 No. 5—Richmond 665, 057 673,372 676,364 701,164 742, 692 681,119 No. 6—Atlanta. 916,882 872, 788 914,053 922,450 902,403 837, 023 No. 7—Chicago 4, 746,250 4, 682, 549 4, 654,974 4,899,390 4, 772, 812 4, 509,455 No. 8—St. Louis 1, 057, 603 1, 035,196 994,401 1,076, 560 1,104,142 980,103 No. 9—Minneapolis.. 596,115 613,515 634, 515 634, 217 652, 341 593,964 No. 10—Kansas City.. 1,000,236 963, 496 1, 070, 984 1,142,172 1,155,879 1, 081, 943 No. 11—Dallas.. 466, 066 447, 735 455,924 486,003 465,461 420,874 No. 12—San Francisco 2,401, 209 2,319, 693 2, 391,152 2,429, 942 2,453,134 2, 344, 597 Total. 141 40, 044, 364 40, 229,841 40,131,073 40,071, 906 40, 573, 595 36, 504, 275 New York City 1 21,405, 560 21,925, 659 21,468, 874 20,703,871 21,041, 296 18,320,626 Other cities 140 18, 638, 794 18, 304,182 18, 662,199 19, 368,035 19, 532,299 18,183,649 WEEKLY SUMMARY FOR BANKS IN 242 CENTERS 1924 1923 Week ending— Week ending— Number Federal reserve district ofeenters July 23 July 30 Aug. 6 Aug. 13 Aug. 20 July 25 Aug. 1 Aug. 8 Aug. 15 Aug. 22 No. 1—Boston . . 16 492,998 484,137 566, 289 493, 549 489,219 462,610 482, 699 458,072 411, 580 438, 794 No. 2—New York 13 4,980, 681 5,186,973 5, 586,423 5,086,099 4,722,555 4, 246,429 4, 385,880 4,109,124 3,400,410 3, 923, 920 No. 3—Philadelphia 18 473,275 461,454 476, 570 439,894 444,300 466, 761 457, 448 429,864 416,460 446,057 No. 4—Cleveland _ 23 578, 286 542,260 572, 569 557,869 549,365 614, 894 595,498 565,256 544,309 556, 797 No. 5—Richmond 23 255, 513 244, 219 281, 648 244,279 255,065 243, 807 264,420 265, 691 234,280 250,494 No. 6—Atlanta 23 214, 688 200, 770 217, 794 197,124 203,054 188, 019 194, 202 197,510 177,629 187,776 No. 7—Chicago 35 1,122,387 1,006,898 1,098,116 1,055,007 1,087,197 1, 089,774 1,068,761 998,400 962,812 1, 022,803 No. 8—St. Louis 13 240,044 222,438 231,304 246, 714 258,395 237,198 236,054 222, 275 229,497 242, 733 No. 9—Minneapolis 15 147, 213 137, 348 144. 294 142, 682 148,857 138, 072 134, 983 136,188 133,284 148,233 No. 10—Kansas City 23 243,719 234, 627 267; 514 264,815 260,822 247,033 254,828 259, 510 242,022 259,922 No. 11—Dallas 14 114, 004 99, 512 112, 870 103, 835 116,240 99, 567 101,456 101, 520 100, 856 111,955 No. 12—San Francisco.. . ... 26 553, 512 519,244 578,858 559, 941 604,848 527, 918 527,821 532, 749 522,372 558,703 Total 242 9,416,320 9,339,880 10,134,249 9,391,808 9,139,917 8, 562,082 8, 704,050 8, 276,159 7, 375, 511 8,148,187 BANK DEBITS FOR FEDERAL RESERVE BANK AND BRANCH CITIES No. 1—Boston 329,184 329,801 392, 797 338,133 330,109 304, 385 320,031 295,083 258, 517 281,312 No. 2—New York 4, 712, 008 4,914,109 5, 303, 541 4,830,311 4,446,699 !, 990, 4474,126, 791 3,867, 814 3,171,086 3,670,919 Buffalo.. 64, 516 67,901 66,032 62,138 67,291 66, 076 ), 455 64,416 64, 228 67,199 No. 3—Philadelphia. — 352, 454 345, 927 355,237 325, 242 330, 792 348, 546 297, 735 291,365 325,830 No. 4—Cleveland 143,134 125, 462 137,007 139,141 137,853 139,836 154, 917 154,942 140,980 134,383 Cincinnati 73,688 60,271 66,616 64,049 69,527 77, 308 64, 647 61,247 60, 508 68,327 Pittsburgh 182,674 197,674 191, 594 185.698 176,481 212,268 196,953 172,405 170,396 178, 310 No. 5—Richmond 24,564 25, 418 27,573 26, 277 29,555 23, 818 25,869 27,107 25, 352 26, 737 Baltimore 81,917 79,301 101,103 80,203 82,100 79,100 94,900 88,700 74,900 82, 500 No. 6—Atlanta 27, 788 24,263 28,187 26,151 29,517 28,078 25, 706 25,492 24, 748 27,542 Birmingham... 23, 487 22,883 24, 643 24,007 24,028 21,362 23,341 22,277 21, 680 22,295 Jacksonville 12, 680 11, 200 13,803 13,412 12,983 11,145 11,941 10,896 10, 578 10,842 Nashville 16, 376 13,438 16, 684 14,922 16,878 13, 608 15,131 15,784 14,689 14,693 New Orleans... 68,793 71,085 67,171 57, 914 54,319 54, 213 59,020 59, 266 48, 003 51, 563 No. 7—Chicago 674,021 630,093 684,680 646, 570 660,006 646,478 676, 546 600,186 572, 949 583,822 Detroit 175, 381 128,153 138, 523 141,458 151,713 170, 614 130,604 127,738 132,913 173,941 No. 8—St. Louis 139, 404 129,942 139, 526 147.699 154,769 139, 203 141,827 129,494 133, 867 142, 783 Little Rock.... 13, 256 11,529 12,596 11,906 12,702 12, 027 10, 662 10, 518 10, 817 11,300 Louisville 38, 023 32,048 35,911 36,674 37,265 33, 296 30,275 32, 545 32, 800 33,816 Memphis 23,072 23,132 16,605 23,170 25,133 22, 510 24,785 19, 852 21,943 24,500 No. 9—Minneapolis 71, 611 69,045 72, 574 73,147 74,637 61, 239 67,472 60,416 63, 308 Helena 2,362 1,649 2,052 2,327 2,258 1,883 1,981 2,529 1,811 2,582 No.10—Kansas City... 75,638 74, 962 83, 721 87,178 87,121 71, 918 83,587 76, 406 74,874 Denver 37,060 35,970 38,404 38,192 38,088 33,164 33, 091 43, 780 30,398 Oklahoma City 15, 950 14,019 16,281 16, 962 15,480 16,835 16,084 16, 479 15, 699 15,553 Omaha 41,467 36,796 45,114 43,168 46,468 43, 753 43, 726 44, 945 42, 754 46,867 No. 11—Dallas 33, 838 30,544 33, 905 30,045 34,822 28,036 28,308 34,186 El Paso 7,574 5,960 7,411 7,029 6,659 5,882 5,952 6,464 5, 792 6,166 Houston 26, 313 21,321 24,836 21,629 25,881 22, 814 24, 806 21,663 22, 753 23,052 No. 12—San Francisco.. 178, 594 170,378 190,603 173,932 207,756 162, 979 164,634 159,113 161,255 174,942 Los Angeles 158,906 155, 093 161,198 159,442 161,367 153, 543 154, 916 152,720 143, 507 157, 752 Portland 34, 865 31, 553 36, 611 35,206 36,984 32,640 31,470 33, 566 35, 601 35,162 Salt Lake City. 13,886 11, 695 14, 014 13,518 14,711 12,191 13, 591 12, 743 11,128 14,406 Seattle 38, 783 35,532 38,723 39,063 42,688 38, 339 37,030 36, 585 36, 509 38,915 Spokane 10, 261 8,181 11, 012 10, 652 10,870 10,819 9,693 11,359 11, 502 11,109 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

760 FEDERAL, RESERVE BULLETIN SEPTEMBER, 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— Total all Total all member Less than 5,000 to ! 15,000 to 100,000 member Less than 5,000 to 15,000 to 100,000 banks 5,000 14,999 | 99,999 and over banks 5,000 14,999 and over I Increase (+) or decrease (—) since preceding Amount due on July 23,1924 monthly report NET DEMAND DEPOSITS Boston 1,295,088 42,909 67,290 199,913 984,976 +45, 576 +3,644 +1,392 +3, 715 +36,825 New York 6,127,421 170,632 108,834 5, 555, 267 +144,424 +8, 769 +2,751 +4, 537 +128,367 Philadelphia.. 1,095,670 123,825 70,681 131,116 770,048 +28,492 +1,791 +294 +1,608 +24,799 Cleveland 1, 438, 359 149,066 124,996 197, 743 966, 554 +53,307 +1,943 +2,693 +5, 848 +42, 823 Richmond 512, 590 88,573 57,896 141,790 224,331 -18,607 -1,990 -786 +4, 563 -20,394 Atlanta 472,523 61,211 57,435 159,133 194,744 -4,796 -2,788 -1,887 +14 -135 Chicago 2,263,296 186, 690 114, 660 347,419 1, 614,527 +46, 551 -2,944 -1, 396 +27 +50, 864 St. Louis 642,807 109,082 66, 083 85, 235 382,407 +1, 773 -1,764 -890 -165 +4,592 Minneapolis... 391, 789 99,788 71, 399 71, 537 149,065 -4,950 -2, 222 -1,714 -4 -1, 010 Kansas City... 729,803 177, 389 109, 621 160, 791 282,002 + 2,057 + 2,029 -5,704 -4, 336 +10,068 Dallas 502, 763 150, 791 87,191 101,102 163, 679 -9,802 -3, 667 -3,074 -3, 214 +153 San Francisco. 1, 219,372 154,150 76,265 128,429 860,528 +13,074 -1,175 -892 -107 +15,248 Total: July 23, 1924.. 16, 691, 481 1, 514,106 1,012,351 2,016, 89612,148,128 +297,099 +1,626 -9, 213 +12, 486 +292,200 June 25, 1924. 16,394,382 1, 512, 480 1, 021, 5642,004,410 11, 855,928 +414,329 -11,500 +3,136 -16,899 +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 TIME DEPOSITS Boston _. 679,410 51,471 70, 701 162,333 394,905 +22,451 +72 +768 +1,435 +20,176 New York 1,842,634 250,700 142, 212 377,672 1,072,050 +30,419 +3,673 -3,782 +3, 931 +26, 597 Philadelphia.. 708,003 217,213 116,034 199,432 175,324 +12,505 +2,653 +1,820 +2,525 +5, 507 Cleveland 1, 239,961 186,845 135,016 189, 637 728,463 +13,116 +568 +923 +1,381 +10,244 Richmond 471,670 132,838 84,657 134, 582 119, 593 +10,427 +737 +767 +4,095 +4,828 Atlanta _ 350,271 53,373 47,924 133,772 115,202 +2,852 +1,159 +85 +1, 981 -373 Chicago -. 1,642,854 245,226 150,873 377,379 869,376 +6,321 +2,194 +1,363 +1,209 +1,555 St. Louis 410,834 70,121 44,387 68, 203 228,123 +4,717 -21 +1,498 +2,942 Minneapolis... 405,140 185,011 96,112 59,479 64,538 +6,340 +1,168 +665 +1, 228 +3, 279 Kansas City... 298,465 91,447 55, 618 65, 934 85,466 +786 +1, 770 -1,066 +2,036 -1, 955 Dallas 157, 714 19, 029 27, 977 51, 851 58, 857 +561 +475 +202 -9 -107 San Francisco. 1,064,922 102,144 47, 418 91, 557 823,803 +13,063 +2, 527 +456 +480 +9,600 Total: July 23,1924.. 9,271,878 1, 605,418 1, 018,929 1,911,831 4, 735, 700 +123, 558 +16, 975 +2,500 +21, 790 +82, 293 June 25, 1924 _ 9,148,320 1, 588,443 1,016,429 1, 890,041 4,653,407 +107, 074 +3, 825 +5,364 +12, 779 +85,106 May 28, 1924. 9, 041, 246 1, 584, 618 1,011,065 1, 877, 2624, 568, 301 +66, 655 +2,036 +3,031 +13,435 +48,153 GOLD SETTLEMENT FUND INTERBANK TRANSACTIONS FROM JULY 17, 1924, TO AUGUST 20, 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 942,942 938,114 4,828 54,158 New York 570 8,000 2, 685, 352 2, 681, 390 3,468 141, 660 Philadelphia 796, 881 800, 298 3,417 35, 372 674, 754 684, 290 9,536 86, 322 Richmond . . ... ..... 1,000 1,500 497,116 509,124 12,508 tB, 342 Atlanta 282, 633 275, 773 6,860 13,954 11,500 1, 279, 695 1, 288, 923 2,272 127,503 St Louis 579, 205 573 316 5 889 27 535 182,415 180,936 1,479 7,286 1,000 444,310 449,488 6,178 34, 367 Dallas 570 231, 031 228, 381 2,080 7,239 2,000 325, 781 312,082 11,699 32,453 Total 5 weeks ending— Aug. 20, 1924 13, 070 13,070 8,922,115 8,922,115 35,107 35,107 604,191 July 16, 1924 124, 000 124, 000 9, 410, 518 9, 410, 518 574, 338 Aug. 23, 1923 22, 000 22,000 7,803, 766 7,803, 766 618,195 July 19, 1923 149, 000 149, 000 8, 739, 047 8, 739,047 649, 035 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 at earlier periods, it should be borne in mind that the earlier rates refer and discounts in the various cities in which Federal reserve banks and to an entire month, while the latest figures cover only a week. Attentheir branches are located, as reported by representative banks. These tion is also called to the fact that the method of reporting the rates has rates are not averages but are those rates at which the bulk of paper of been somewhat modified and that slight changes in the rates may each class is handled by reporting banks. Where it appears from the reflect these modifications. reports that no one rate clearly covers the bulk of the paper handled, Rates reported for the seven-day period ending August 15 were in a range of the rates most commonly charged is given. In making many instances lower than for the corresponding period in July. comparisons between the rates charged during 1924 and rates charged Customers prime commercial paper Loans secured by stocks and bonds Interbank loans Lo L a i n b s e r s t e y c u b r o e n d ds by w L a o r a e n h s o u s s e e c ur r e e d c e b ip 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 H Aug. Aug. Aug. Aug,, Aug. Aug. Aug. Aug. O A 1 u 6 g , . Ju 15 ly , 1 1 9 5 2 , 3 A 1 u 5 g , . Ju 15 ly , 1 1 9 5 2 , 3 ' A 1 u 5 g , . Ju 15 ly , 1 1 9 5 2 , 3 A 1 u 5 g , . J 1 u 5 iy , 1 1 9 5 2 , 3 A 1 u 5 g , . Ju 15 ly , 1 1 9 5 2 , 3 A 1 u 5 g , . J 1 u 5 ly , 1 1 9 5 2 , 3 A 1 u 5 g , . 1 1 9 5 2 , 3 A 1 u 5 g , . J 1 u 5 lv , 1 1 9 5 2 , 3 w > 192-1 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 1924 w No. 2—New York 4-4 4 1 4 4 4 - - 5 4} 5 6 4 } ti! 4 4 4- - 4 5 J 5 5 i 1 4 4 -4 4 J 5 -5 5 1 4 4 1 4-ti 5 4,-r 2 - 3 41 2 - 3 4j 41-6 5 4 4 4 5 4 3 -4 5 3 5 - 5 5 1 1 41-5 4 -5 No. 3— B P u h f i f l a a l d o elphia 5 • - 6 41 5 -6 41 0 6 41 4 4 S -5 6 6 51 4 -41 4 5 -4 6 J 54-6 4 5 - -6 41 6 51 5 4 6 4 5 - 6 a 5 - 6 51 31-5 3 5 1 - 6 5 6 54 41-6 4 -6 6 51-6 51-6 6 51-6 6 6 5 5 5 5°-62 5 -6 6 6 6 6 6 6 0 S4-6 54-6 6 Pittsburg- 5 -6 6 C 5 -6 6 6 5 -6 6 6 5 -6 6 6 6 6 6 6 6 6 6 6 6 51-6 6 6 54-6 6 6 5 -6 51 5 -51 51-6. 54-6 5-51 5 -6 51-6 54-6 5 -6 51-6 51-6 51-7 6 6 51-6 5 -51 6 54-6 5 -6 6 5 -6 5 6 S -6 44-6 6 51-6 51-6 0 51 51-6 ?» 54 6 6 No. 6— J B A a i c t r l k m a s n i o n t n a g v h i a ll m e . .. 5 5 - - 6 6 0 * 5 5 - - 6 6 6 6-7 5 6 6 ! 5 5 - - 6 0 6 5i 5 5 - - 6 6 i 6-7 5 6 6 ! 5 5 5 - - - 6 6 6 Si 4 5 5 2 - - - 5 6 6 6 1 6 6 6 * 41-6 6 6 4 5 J- - 5 7 6 6 5 6 6 6 1 5 2 4- - 6 6 6 51 4 5 J - - 5 7 6 6 4 0 - 5 6 7 6 1 5 2 4- - 7 6 6 51 5*- 6 6 7' 6 -7 6 6 * 5 5 1- - 5 0 6 6 } 5 5 1- - 0 7 6 6 7 6 6 6} 5 -6 5 -6 S'i 5J-6 5}-6 61 4J-5i 4J-51 64 5 -6 5 -6 55 5i~6 5 -6 51 5J-6* 5 -6 5J-64 5J-7 51-7 51 Nashville . 51-6 51-6 6 6 54-6 51 6 5.-6 5 -6 54-6 5j-6 5J-6 51-6 51-6 51-6 No. 7—Chicago 4 -5 41-51 51-6 4-4J 41-51 51-6 •44-S4 5 -51 5 -6 4 -5 5 -51 5 -51 4'-4} 44-5 5J-6 4 -5 44-54 51-6 44-6 5 51-6 5-51 5} 61 Detroit 5 -51 5 -6 6 5 -51 41-6 5} 5 -51 51 51 41-51 5 -6 6 5 -6 41-6 5 5 -6 5 -6 6 5-6 54-6 6 No. 8—St. Louis 4 -5 4 -51 51 4 -5 4-51 51 5 -51 5 -6 51 5 -51 5 -51 51 44-54 41-6 51 41-5J 44-6 51-6 5 -6 5 -6 6 6 6 f* Little Eock 6 6 6 6 6 6 6 6 6 6-7 5 -7 6 6 6 -7 6 6 -7 6 -7 7 6 6 6 6 6 No. 9—Minneapolis... ... 5 5 51 5-5J 5 -5} 51 54-6 54-6 51 5 5 -54 5 -51 51 5 5-54 51 51 61 8 8 7 7 -8 8 8 8 8 8 8 8 No. 10—Kansas City- 5 -6 5 -6 6 5 -6 6 6 51-6 6 6 5 5 -6 6 5 -6 5 -6 6 51-6 5 -6 6 54-6 5 -6 6 6-7 6- 7 6-7 Omaha ._ 41-6 41-6 6 41-6 41-6 6 51-7 51-61 6 5 5 -6 6 4 -6 5 3}-6 54 6 -7 fl 7 7 7- 8 7 No. 11— E H D O D l o k e a u n l l P l a a s v a h t s e s o o r o n m - a _ city 4 6 4 6 5 1- - - - - 5 6 6 8 7 4 5 5 6 4 - - - 6 7 - 6 8 6 f 6 8 3 4 6 5 1 1 - - - - 6 8 6 6 5 5 5 5 1- - - 6 6 6 6 8 8 7 5 8 6 ! 4 6 5 6 6 1 - - - - - 7 7 6 8 5 6 6 4 6 4 1 1 - - - - - 5 6 7 8 8 6 8 5 8 51 1 4 -6 6 8 6 6 5 5 - - 6 7 6 6 8 8 8 6 6 6 5 5 - - - 7 6 6 6 5 5 5 1 - - - 6 6 8 7 6 8 6 8 8 7 5 6 0 5 - - - - 6 7 6 7 8 5 6 6 5 4- - - - 6 6 8 7 7 6-8 7 8 6 7 6 6 5 5 - - - - 6 8 7 8 8 6 6 5 1- - - 8 7 8 6 8 8 8 8 7 7 8 6 6 6 7 - - - - 7 8 8 8 -10 6 6 8 7 7 - - - - - 1 0 8 8 8 8 6 8 8 7 71 No. 12—San Francisco 5 51 41-51 5 54 5 -6 5 -6 51 5 -fl 5 -6 51-62 5 -6 5 -6 51-6 5 -6 5 -6 6 6 5 -6 6 S S Sa p e l a o t t k t L a le n a . e k e . C . ity 4 6 2 - - 6 6 7 6 44 - -6 7 6 6 7 7 6 -7 6 6 6 6 6 4 1- - - 6 7 7 6 6 7 7 6 -7 6 6 6 6 6 - - 7 6 6 7 6 6 7 6 6 6 - - 6 6 7 7 6 6 5 - - - 7 7 6 6 7 7 7 7 6 - 6 7 6 6 - - 7 7 6 6 6 6 6 7 6 6 - - 7 7 7 6 6 - - 7 7 7 7 7 7 6 6 1- - 7 7 6 6 - - 7 7 8 7 -8 7 7 7 74-8 7 0 7 7 - - - 8 0 8 , 6 7 4 6 -7 6 -7 61 6 -7 6 -7 61 6 6 -7 Hi 6-7 6 -7 61 6 -7 « -7 61 6 -7 6 -7 6! 6 -7 61-7 6! 6- 7 C5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

762 FEDERAL. RESERVE BULLETIN SEPTEMBER, 1924 GOLD AND SILVER IMPORTS AND EXPORTS IMPORTS INTO AND EXPORTS FROM THE UNITED STATES, DISTRIBUTED BY COUNTRIES Gold Silver Countries July— Seven m Ju o l n y t — hs ending July— Seven m Ju o l n y t — hs ending 1923 1924 1923 1924 1923 1924 1923 1924 IMPORTS $3, 561,829 $3,561,829 1, 278, 269 $352,490 8, 948,601 $10,101,019 $3,171 $3,923 $161, 555 $55,552 7,332,000 34,220, 577 4,819,027 111,319 1,221,035 Italy 51,882 75,431 2, 735, 792 42,247 66, 569 2,232 Netherlands 6,009,148 34, 499,147 512 Spain 23,844 42, 401 43,845 82,797 2,865 6,191, 559 143 England 10,201,163 13, 639, 631 52,293,459 124,131,515 10,973 205,393 156,338 255, 594 2, 560,382 1,433,476 2,024,072 33,056,878 28,477,186 330,673 549,604 3,255,260 3,558, 782 Central America 140,639 260,529 1,457, 548 1,303,119 29,427 425,056 1,017,077 1,118 286 1,670,843 429,143 4,313,997 3,285,444 6,812,702 3,742,660 24,369,311 24, 669,070 West Indies 22, 934 3,486 164,340 267,825 10,532 4,976 71,381 50,979 104, 695 8,463,219 58,420 26,471 Chile 24,388 108,247 121,185 299,765 256,229 138,678 837,690 770,610 357, 354 201,335 2, 523,227 1,365, 594 5,391 22,473 71,002 83,666 Ecuador 81,696 91,259 467,010 509,902 3,656 5,224 26,255 26,661 146,132 350,485 1,142,804 1,764,964 2,290,127 1,804,445 7, 640, 705 8,787,035 2,685 35,992 265,204 166,002 20 85 307 2,147 971, 258 731,620 3,161,272 3, 476,129 653 365 7,893 16,361 386,305 181,430 1,455, 571 1,341,645 188, 956 70, 479 594,968 539,988 318,640 2,500,000 154, 725 141, 572 822,315 4,013r356 1,433 1,629 11,613 14,174 79,354 97, 517 1,021,437 2,410,207 223 134 1,274 2,320 1,037,314 1,449, 906 183 7,920 139,005 528,721 332,049 9,654 20,859 88,041 80,171 All other 24, 595 46, 610 203, 613 1,129, 937 70, 396 131, 630 508,002 281, 661 Total 27,929,447 18,831,423 159,861,907 245,076,709 10,066,463 7,127,613 39,098,825 41,646,430 EXPOETS 2, 660,000 107,000 5,000 5,000 700 25, 000 500 165, 000 1,500 7,216 1, 357, 470 20,000 622 418 130, 783 511, 452 4, 045,198 3, 564, 484 13,866, 223 135,141 123,116 765, 625 898,728 106,077 133, 689 831, 789 917, 548 1,000 3,400 1,900 22,844 32,275 307, 320 167, 550 3, 268, 414 1,861,872 148, S37 147,180 1,058, 321 1,197, 7S1 West Indies 15 318 1.345 48,325 48, 078 2,937 11, 510 24,000 324, 000 878,000 1,101, 600 655, 340 32, 631 13, 359,149 2,351,148 4, 722, 254 8,958, 388 29, 861,130 China 70,005 2,897,101 64, 914 15, 444, 630 11, 217,071 60,010 32, 500 6,000 1, 081, 255 107,910 191,130 68, 645 1, 200, 211 630,282 35,500 1, 275, 970 2,600 5,512 56, 150 26,142 2,300 3,714 68,202 Total 522,826 327,178 22, 814, 376 4, 182, 252 6, 233,163 9, 190, 362 31, 493, 706 60, 767, 702 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SEPTEMBEB, 1924 FEDEKAL, RESERVE BULLETIN 763 FOREIGN EXCHANGE RATES [Noon buying rates for cable transfers in New York as published by Treasury. In cents per unit of foreign currency] OOUNTEIES INCLUDED IN COMPUTATION OF INDEX Per cent of par • August 1 to 21, inclusive July Par of Monetary unit ex- July August Low High A a v g e e r- Low High A a v g e e r- Month F w ou ee rt k h 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 59 60 61 62 62 Belgium Franc- - - _ 19.30 4.6400 5. 2500 5. 0350 4.4400 4.6400 4. 5558 23.61 23.84 25.23 26.68 26.45 26 80 16 1000 16 3100 16.1967 15. 7600 16. 2100 16. 0473 59.88 60.30 60.31 60 43 60 57 19.30 5 1300 5.7000 5. 4922 4. 9900 5. 2300 5.1185 26.52 26.56 27.75 28.99 28.63 Great Britain Pound . 486. 65441. 0100 455. 7000 450.3956 432. 0900 441. 0100 437.0388 89.81 90.43 91.42 93.31 92.93 Italy _._. Lira 4 1 0 9 . . 2 3 0 0 3 4 8. . 3 2 3 3 0 0 0 0 3 4 9 . . 1 5 4 3 0 0 0 0 3 4 8. . 4 8 5 3 4 9 4 4 3 4 7. . 2 5 6 9 0 0 0 0 3 4 8 . . 3 3 3 2 0 0 0 0 3 4 7 . . 3 94 0 1 3 9 5 2 9 2 4 . . 3 3 0 8 9 2 5 2 . . 1 4 1 0 2 95 2 . . 7 7 5 0 9 2 7 3 . . 1 3 5 6 9 2 6 3 . . 9 18 5 Krone - . 26.80 13. 5700 14. 0200 13. 8817 13. 2900 13. 5800 13. 4235 50.09 50.10 51.31 52.08 62.01 Spain - - ^ _ Peseta. 19.30 13.3300 13. 6300 13. 4567 13.1200 13.4000 13.2996 68.91 69.31 69.63 69.91 69.63 26.80 26 5600 26. 6700 26. 6244 26. 5300 26. 6500 26. 5950 99.24 99.35 99.41 99.41 99.22 Franc 19.30 18. 5900 19. 0100 18. 8444 17. 7600 18. 5900 18.1946 94.27 95.34 97.20 98.05 97.67 Canada - - Dollar 100.00 99. 6834 99. 9477 99. 8037 98. 8482 99. 7051 99. 2555 99.26 99.33 99.75 99.75 99.91 Argentina Peso (gold) 96.48 74. 7700 77. 3200 76. 3322 73. 6500 74. 9200 74.1188 76.82 77.08 78.29 79.49 79.57 Brazil 32.44 9. 5800 10. 0900 9. 8739 9.1400 10.8400 9. 9219 30.59 29.69 30.12 30.79 30.41 Chile .- Peso (paper) ._ .1 19. 53 9.7800 10. 2300 9.9983 9.7200 10. 3300 10.1100 51.77 52.11 50.44 51.73 51.41 1 66. 85 72. 4800 73. 5600 73.1133 70.9100 72. 4800 71. 6708 107. 21 107. 76 108. 70 109.71 109.70 Rupee 48.66 31. 9900 32. 4300 32. 2544 30. 5800 31. 9600 31.2531 64.23 65.37 66.24 66.14 66.47 Japan.., _ Yen _ 49.85 41. 0600 41. 5500 41. 2972 40. 7000 41. 9400 41.3492 82.95 82.41 82.57 83.16 82.80 OTHER COUNTRIES 20 26 0.0014 0.0014 0.0014 0.0014 0. 0014 0.0014 0.01 0.01 0.01 0.01 0.01 19.30 .7233 .7430 .7334 .7170 .7285 .7239 3.76 3.76 3.77 3.81 3.82 2.9495 2. 9988 2. 9705 2. 9260 2. 9765 2.9528 Markka 19.30 2.5090 2. 5161 2. 5134 2. 5022 2. 5106 2.5068 12.99 13.00 13.01 13.03 13.03 23 82 ' 0237 3.0239 3 .0238 8.0238 3.0240 3.0239 Greece Drachma 19.30 1. 7167 1. 8598 1. 7882 1. 6904 1.7291 1. 7140 8.88 8.92 8.98 9.28 9.53 Hungary Krone _. 20.26 .0012 .0013 .0013 .0012 .0012 .0012 .01 .01 .01 .01 .01 Poland Zloty 19.30 19.1800 19.2700 19. 2261 19. 2200 19. 3000 19. 2465 99.72 99.68 99.63 99.59 99.64 108. 05 2.8600 3. 0200 2. 9378 2. 7400 2.8500 2. 7996 2.59 2.60 2.67 2.73 2.76 19.30 .4369 .4589 .4518 .4054 .4589 .4322 2.24 2.27 2.30 2.36 2.37 Yugoslavia Dinar 19.30 1.1920 1. 2528 1.2729 1.1531 1.1894 1.1825 6.13 6.13 6.90 6.45 6.44 Cuba-- _ Peso. 100. 00 99. 8750 99. 9313 99. 9161 99. 9000 99. 9938 99.9436 99.94 99.93 99.91 99.92 99.92 do 49.85 48.7500 48. 9792 48. 8925 48.2938 48.8594 48.6047 97.50 97. 90 98.12 98.05 98.07 Mexico do 103.42 76.2500 78.8700 78. 0467 75.7800 77. 6900 76.6392 74.10 73.38 74.63 75.85 75.92 Mexican dollar - J48.11 51.6400 52.9000 52. 4711 50. 8300 52.1300 51.4646 106.97 107.64 108. 30 109. 53 109. 36 Hongkong Dollar » 47.77 52.7200 53.7000 53. 3133 51. 7700 52. 7900 52. 2962 109.47 110.19 110.80 112.04 111. 98 Straits Settlements.' Singapore dollar- 56. 78 50.7800 52. 3300 51. 5817 50.1300 50. 7800 50. 5196 88.97 89.39 89.88 91.22 91.43 SILVER [Average price per fine ounce] July June t average rate of exchange) $0.67937 $0. 67640 67497 .67045 1 Based on average. ' 1923 average. 3 In cents per billion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

EEDER'AL RESERVEiDISTRICTS ;«•'• • BOUNDARIES OF FEDERAfyRESERVE DISTRICTS '"•—BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES *»' • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVEiBANK AGENCY o Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis